VBR vs. IWS ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to iShares Russell Mid-cap Value ETF (IWS)

VBR

Vanguard Small-Cap Value ETF - DNQ

VBR Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$214.02

Average Daily Volume

435,439

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$138.63

Average Daily Volume

282,879

Number of Holdings ^*

707

* may have additional holdings in another (foreign) market

Performance

Period	VBR	IWS
30 Days	7.07%	5.17%
60 Days	7.22%	5.63%
90 Days	8.68%	7.53%
12 Months	33.95%	31.74%

303 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in IWS	Overlap
AA	B	0.3%	0.12%	0.12%
AAL	B	0.26%	0.1%	0.1%
AAP	C	0.06%	0.02%	0.02%
ACHC	F	0.11%	0.04%	0.04%
ACI	C	0.17%	0.09%	0.09%
ACM	A	0.42%	0.16%	0.16%
ADC	B	0.22%	0.08%	0.08%
AES	F	0.34%	0.11%	0.11%
AFG	A	0.28%	0.11%	0.11%
AGCO	D	0.19%	0.06%	0.06%
AGNC	D	0.21%	0.08%	0.08%
AGO	B	0.12%	0.05%	0.05%
AIZ	A	0.29%	0.13%	0.13%
AL	B	0.13%	0.06%	0.06%
ALB	C	0.16%	0.13%	0.13%
ALK	C	0.18%	0.07%	0.07%
ALLE	D	0.36%	0.13%	0.13%
ALLY	C	0.28%	0.1%	0.1%
ALSN	B	0.27%	0.11%	0.11%
AM	A	0.14%	0.04%	0.04%
AMED	F	0.09%	0.03%	0.03%
AMG	B	0.16%	0.06%	0.06%
AMKR	D	0.08%	0.03%	0.03%
AN	C	0.15%	0.05%	0.05%
APA	D	0.26%	0.09%	0.09%
APG	B	0.25%	0.09%	0.09%
AR	B	0.11%	0.1%	0.1%
ARMK	B	0.29%	0.11%	0.11%
ARW	D	0.18%	0.07%	0.07%
ASH	D	0.11%	0.04%	0.04%
ATO	A	0.58%	0.24%	0.24%
ATR	B	0.33%	0.12%	0.12%
AVT	C	0.14%	0.05%	0.05%
AXS	A	0.17%	0.07%	0.07%
AXTA	A	0.24%	0.1%	0.1%
AYI	B	0.27%	0.11%	0.11%
AZTA	D	0.06%	0.02%	0.02%
BBWI	D	0.18%	0.08%	0.08%
BC	C	0.15%	0.06%	0.06%
BEN	C	0.1%	0.07%	0.07%
BERY	B	0.22%	0.08%	0.08%
BG	F	0.35%	0.14%	0.14%
BHF	B	0.08%	0.03%	0.03%
BIO	D	0.2%	0.07%	0.07%
BJ	A	0.33%	0.13%	0.13%
BLDR	D	0.58%	0.21%	0.21%
BOKF	B	0.07%	0.03%	0.03%
BPOP	B	0.19%	0.07%	0.07%
BRX	A	0.24%	0.1%	0.1%
BWA	D	0.22%	0.09%	0.09%
BXP	D	0.33%	0.14%	0.14%
BYD	C	0.07%	0.06%	0.06%
CACI	D	0.36%	0.11%	0.11%
CAR	C	0.04%	0.01%	0.01%
CBSH	A	0.21%	0.09%	0.09%
CC	C	0.08%	0.03%	0.03%
CCK	C	0.33%	0.12%	0.12%
CFR	B	0.21%	0.09%	0.09%
CG	A	0.34%	0.12%	0.12%
CHRD	D	0.23%	0.09%	0.09%
CHRW	C	0.34%	0.14%	0.14%
CLF	F	0.18%	0.04%	0.04%
CMA	A	0.25%	0.1%	0.1%
CNXC	F	0.07%	0.02%	0.02%
COHR	B	0.21%	0.14%	0.14%
COLB	A	0.17%	0.07%	0.07%
COLM	B	0.04%	0.03%	0.03%
COTY	F	0.08%	0.03%	0.03%
CPRI	F	0.06%	0.03%	0.03%
CPT	B	0.36%	0.14%	0.14%
CR	A	0.22%	0.09%	0.09%
CRI	D	0.05%	0.02%	0.02%
CRUS	D	0.17%	0.06%	0.06%
CSL	C	0.57%	0.19%	0.19%
CUZ	B	0.14%	0.05%	0.05%
CWEN	C	0.03%	0.01%	0.01%
CWEN	C	0.07%	0.01%	0.01%
CWEN	C	0.03%	0.03%	0.03%
CWEN	C	0.07%	0.03%	0.03%
CXT	B	0.08%	0.03%	0.03%
DCI	B	0.26%	0.1%	0.1%
DDS	B	0.05%	0.01%	0.01%
DINO	D	0.18%	0.07%	0.07%
DJT	C	0.01%	0.01%	0.01%
DKS	C	0.23%	0.11%	0.11%
DNB	B	0.12%	0.04%	0.04%
DOC	D	0.23%	0.16%	0.16%
DTM	B	0.26%	0.11%	0.11%
DXC	B	0.1%	0.04%	0.04%
EGP	F	0.24%	0.09%	0.09%
EHC	B	0.29%	0.11%	0.11%
ELAN	D	0.18%	0.08%	0.08%
EME	C	0.61%	0.15%	0.15%
EMN	D	0.36%	0.13%	0.13%
ENOV	C	0.07%	0.03%	0.03%
EPAM	C	0.3%	0.13%	0.13%
EPR	D	0.1%	0.04%	0.04%
ESAB	B	0.21%	0.08%	0.08%
ESI	A	0.17%	0.07%	0.07%
EVR	B	0.28%	0.12%	0.12%
EVRG	A	0.19%	0.16%	0.16%
EWBC	A	0.39%	0.16%	0.16%
FAF	A	0.18%	0.07%	0.07%
FBIN	D	0.3%	0.1%	0.1%
FCN	D	0.2%	0.08%	0.08%
FCNCA	A	0.61%	0.29%	0.29%
FFIV	B	0.4%	0.15%	0.15%
FHB	A	0.09%	0.04%	0.04%
FHN	A	0.27%	0.12%	0.12%
FLO	D	0.12%	0.04%	0.04%
FLS	B	0.2%	0.09%	0.09%
FMC	D	0.24%	0.07%	0.07%
FNB	A	0.15%	0.06%	0.06%
FR	C	0.2%	0.08%	0.08%
FRT	B	0.27%	0.1%	0.1%
FTRE	D	0.04%	0.02%	0.02%
FYBR	D	0.26%	0.09%	0.09%
G	B	0.2%	0.09%	0.09%
GAP	C	0.15%	0.05%	0.05%
GL	B	0.28%	0.11%	0.11%
GLPI	C	0.38%	0.14%	0.14%
GME	C	0.25%	0.11%	0.11%
GO	C	0.04%	0.02%	0.02%
GPK	C	0.25%	0.09%	0.09%
GTES	A	0.13%	0.05%	0.05%
HAS	D	0.25%	0.01%	0.01%
HAYW	B	0.07%	0.03%	0.03%
HII	D	0.21%	0.08%	0.08%
HIW	D	0.1%	0.04%	0.04%
HOG	D	0.11%	0.04%	0.04%
HRB	D	0.24%	0.07%	0.07%
HSIC	B	0.26%	0.1%	0.1%
HUBB	B	0.33%	0.26%	0.26%
HUN	F	0.11%	0.04%	0.04%
IAC	D	0.1%	0.04%	0.04%
IDA	A	0.16%	0.07%	0.07%
IEX	B	0.47%	0.19%	0.19%
INFA	D	0.06%	0.02%	0.02%
INGR	B	0.25%	0.1%	0.1%
IPG	D	0.32%	0.11%	0.11%
IPGP	D	0.06%	0.02%	0.02%
ITT	A	0.33%	0.14%	0.14%
IVZ	B	0.22%	0.07%	0.07%
JAZZ	B	0.19%	0.08%	0.08%
JBL	B	0.39%	0.14%	0.14%
JEF	A	0.27%	0.1%	0.1%
JHG	A	0.15%	0.06%	0.06%
JLL	D	0.38%	0.09%	0.09%
JNPR	F	0.37%	0.13%	0.13%
JWN	C	0.09%	0.03%	0.03%
KBR	F	0.26%	0.08%	0.08%
KD	B	0.15%	0.07%	0.07%
KEX	C	0.19%	0.08%	0.08%
KIM	A	0.47%	0.18%	0.18%
KMPR	B	0.11%	0.05%	0.05%
KMX	B	0.33%	0.13%	0.13%
KNX	B	0.23%	0.1%	0.1%
KRC	C	0.14%	0.05%	0.05%
KSS	F	0.06%	0.02%	0.02%
LAD	A	0.26%	0.11%	0.11%
LAMR	D	0.17%	0.09%	0.09%
LDOS	C	0.36%	0.24%	0.24%
LEA	D	0.16%	0.06%	0.06%
LEG	F	0.04%	0.02%	0.02%
LKQ	D	0.28%	0.11%	0.11%
LNC	B	0.17%	0.07%	0.07%
LPX	B	0.18%	0.02%	0.02%
LYFT	C	0.13%	0.02%	0.02%
M	D	0.12%	0.05%	0.05%
MAN	D	0.09%	0.03%	0.03%
MAT	D	0.2%	0.07%	0.07%
MDU	D	0.16%	0.04%	0.04%
MGM	D	0.12%	0.1%	0.1%
MHK	D	0.21%	0.08%	0.08%
MIDD	C	0.2%	0.08%	0.08%
MKSI	C	0.2%	0.07%	0.07%
MOS	F	0.25%	0.09%	0.09%
MPW	F	0.08%	0.03%	0.03%
MSA	D	0.18%	0.07%	0.07%
MSM	C	0.1%	0.04%	0.04%
MTG	C	0.19%	0.07%	0.07%
MTZ	B	0.11%	0.09%	0.09%
NFG	A	0.16%	0.06%	0.06%
NI	A	0.23%	0.18%	0.18%
NNN	D	0.23%	0.08%	0.08%
NRG	B	0.55%	0.12%	0.12%
NVST	B	0.11%	0.04%	0.04%
NVT	B	0.36%	0.13%	0.13%
NWL	B	0.1%	0.04%	0.04%
NXST	C	0.16%	0.03%	0.03%
NYT	C	0.25%	0.09%	0.09%
OC	A	0.45%	0.18%	0.18%
OGE	B	0.23%	0.09%	0.09%
OGN	D	0.14%	0.04%	0.04%
OHI	C	0.32%	0.11%	0.11%
OLN	D	0.14%	0.05%	0.05%
OMF	A	0.17%	0.07%	0.07%
ORI	A	0.24%	0.1%	0.1%
OSK	B	0.19%	0.08%	0.08%
OVV	B	0.3%	0.13%	0.13%
OZK	B	0.14%	0.06%	0.06%
PAG	B	0.09%	0.03%	0.03%
PARA	C	0.17%	0.07%	0.07%
PB	A	0.19%	0.08%	0.08%
PENN	C	0.09%	0.03%	0.03%
PFGC	B	0.37%	0.12%	0.12%
PII	D	0.11%	0.04%	0.04%
PINC	B	0.06%	0.03%	0.03%
PK	B	0.08%	0.03%	0.03%
PNFP	B	0.11%	0.1%	0.1%
PNR	A	0.48%	0.19%	0.19%
PNW	B	0.29%	0.11%	0.11%
POST	C	0.07%	0.06%	0.06%
PPC	C	0.05%	0.02%	0.02%
PR	B	0.13%	0.08%	0.08%
PRGO	B	0.1%	0.04%	0.04%
PRI	A	0.27%	0.11%	0.11%
PSN	D	0.15%	0.05%	0.05%
PVH	C	0.16%	0.06%	0.06%
QRVO	F	0.2%	0.07%	0.07%
R	B	0.18%	0.08%	0.08%
REG	B	0.38%	0.15%	0.15%
REYN	D	0.04%	0.02%	0.02%
RGA	A	0.41%	0.17%	0.17%
RHI	B	0.2%	0.08%	0.08%
RIVN	F	0.13%	0.09%	0.09%
RL	B	0.22%	0.09%	0.09%
RLI	B	0.2%	0.08%	0.08%
RNR	C	0.4%	0.15%	0.15%
RPM	A	0.48%	0.15%	0.15%
RRC	B	0.2%	0.09%	0.09%
RRX	B	0.32%	0.12%	0.12%
RS	B	0.46%	0.2%	0.2%
RYN	D	0.14%	0.05%	0.05%
SAIC	F	0.22%	0.07%	0.07%
SCI	B	0.33%	0.13%	0.13%
SEB	F	0.02%	0.01%	0.01%
SEE	C	0.12%	0.03%	0.03%
SEIC	B	0.26%	0.09%	0.09%
SF	B	0.29%	0.13%	0.13%
SIRI	C	0.17%	0.07%	0.07%
SJM	D	0.34%	0.12%	0.12%
SLGN	A	0.12%	0.05%	0.05%
SLM	A	0.14%	0.06%	0.06%
SMG	D	0.11%	0.04%	0.04%
SNDR	B	0.03%	0.02%	0.02%
SNV	B	0.2%	0.09%	0.09%
SNX	C	0.22%	0.1%	0.1%
SOLV	C	0.29%	0.1%	0.1%
SON	D	0.15%	0.05%	0.05%
SPB	C	0.07%	0.03%	0.03%
ST	F	0.15%	0.05%	0.05%
STAG	F	0.2%	0.07%	0.07%
STLD	B	0.28%	0.23%	0.23%
STWD	C	0.18%	0.07%	0.07%
SW	A	0.78%	0.29%	0.29%
TAP	C	0.28%	0.12%	0.12%
TFX	F	0.28%	0.1%	0.1%
THC	D	0.43%	0.16%	0.16%
THG	A	0.14%	0.06%	0.06%
THO	B	0.15%	0.06%	0.06%
TKR	D	0.15%	0.05%	0.05%
TNL	A	0.09%	0.04%	0.04%
TOL	B	0.44%	0.17%	0.17%
TPG	A	0.16%	0.05%	0.05%
TPR	B	0.32%	0.14%	0.14%
TTEK	F	0.38%	0.1%	0.1%
UA	C	0.03%	0.02%	0.02%
UAA	C	0.05%	0.02%	0.02%
UGI	A	0.15%	0.06%	0.06%
UHAL	D	0.19%	0.04%	0.04%
UHAL	D	0.19%	0.0%	0.0%
UHAL	D	0.02%	0.04%	0.02%
UHAL	D	0.02%	0.0%	0.0%
UHS	D	0.34%	0.13%	0.13%
UNM	A	0.28%	0.15%	0.15%
USFD	A	0.44%	0.16%	0.16%
UTHR	C	0.49%	0.17%	0.17%
VAC	B	0.07%	0.03%	0.03%
VFC	C	0.24%	0.08%	0.08%
VIRT	B	0.07%	0.03%	0.03%
VMI	B	0.18%	0.07%	0.07%
VNO	B	0.22%	0.08%	0.08%
VNT	B	0.17%	0.07%	0.07%
VOYA	B	0.23%	0.09%	0.09%
VSTS	C	0.05%	0.02%	0.02%
WAL	B	0.25%	0.11%	0.11%
WBA	F	0.1%	0.07%	0.07%
WBS	A	0.26%	0.11%	0.11%
WCC	B	0.28%	0.1%	0.1%
WEN	D	0.1%	0.02%	0.02%
WHR	B	0.17%	0.07%	0.07%
WLK	D	0.07%	0.05%	0.05%
WSM	B	0.39%	0.07%	0.07%
WTFC	A	0.23%	0.09%	0.09%
WTM	A	0.13%	0.05%	0.05%
WTRG	B	0.28%	0.11%	0.11%
WU	D	0.11%	0.03%	0.03%
X	C	0.23%	0.09%	0.09%
XRAY	F	0.14%	0.04%	0.04%
Z	A	0.27%	0.13%	0.13%
ZG	A	0.06%	0.04%	0.04%
ZION	B	0.22%	0.1%	0.1%

VBR Overweight 495 Positions Relative to IWS

Symbol	Grade	Weight
BAH	F	0.69%
EQH	B	0.42%
SFM	A	0.38%
MLI	C	0.27%
AIT	A	0.26%
FLR	B	0.26%
MUSA	A	0.26%
SSB	B	0.22%
JXN	C	0.22%
UFPI	B	0.21%
XPO	B	0.21%
ANF	C	0.2%
TMHC	B	0.2%
LUMN	C	0.19%
MTH	D	0.19%
ESNT	D	0.18%
CADE	B	0.18%
ONB	B	0.18%
CMC	B	0.18%
BECN	B	0.17%
NSIT	F	0.17%
SRCL	C	0.17%
SUM	B	0.17%
DVA	B	0.17%
CBT	C	0.17%
GBCI	B	0.17%
COOP	B	0.16%
MOG.A	B	0.16%
KNF	A	0.16%
SIGI	C	0.16%
NCLH	B	0.16%
KBH	D	0.15%
UBSI	B	0.15%
BCC	B	0.15%
VVV	F	0.15%
MATX	C	0.15%
WTS	B	0.15%
RDN	C	0.15%
GPI	A	0.14%
BDC	B	0.14%
KTB	B	0.14%
PIPR	B	0.14%
MDGL	B	0.14%
AUR	C	0.14%
POR	C	0.14%
CNX	A	0.14%
SLG	B	0.14%
HOMB	A	0.14%
GATX	A	0.14%
ZWS	B	0.14%
BCO	D	0.13%
EAT	A	0.13%
FFIN	B	0.13%
SWX	B	0.13%
HWC	B	0.13%
MUR	D	0.13%
SBRA	C	0.13%
UMBF	B	0.13%
NJR	A	0.13%
ABG	B	0.13%
ACA	A	0.13%
ICUI	D	0.12%
FUL	F	0.12%
OGS	A	0.12%
MAC	B	0.12%
ABCB	B	0.12%
EDR	A	0.12%
HASI	D	0.12%
VLY	B	0.12%
BKH	A	0.12%
ITGR	B	0.12%
CRC	B	0.12%
AVNT	B	0.12%
TPH	D	0.11%
SKYW	B	0.11%
CDP	C	0.11%
SKT	B	0.11%
SANM	B	0.11%
PBH	A	0.11%
AX	A	0.11%
ASO	F	0.11%
GVA	A	0.11%
ESGR	B	0.11%
KFY	B	0.11%
ALE	A	0.11%
NUVL	D	0.11%
HL	D	0.11%
SIG	B	0.11%
ENS	D	0.11%
ASGN	F	0.11%
PLXS	B	0.11%
PNM	F	0.11%
MGEE	C	0.1%
NWE	B	0.1%
PCH	D	0.1%
OTTR	C	0.1%
TEX	D	0.1%
FULT	A	0.1%
HCC	B	0.1%
BNL	D	0.1%
ABM	B	0.1%
SEM	B	0.1%
BGC	C	0.1%
NHI	D	0.1%
UCB	A	0.1%
AUB	B	0.1%
ASB	B	0.1%
IBOC	A	0.1%
CNO	A	0.1%
AEO	F	0.1%
SR	A	0.1%
WD	D	0.1%
GMS	B	0.1%
RUSHA	C	0.1%
TCBI	B	0.1%
GNW	A	0.09%
WSFS	A	0.09%
AVA	A	0.09%
BRC	D	0.09%
DEI	B	0.09%
SATS	D	0.09%
MIR	A	0.09%
PTEN	C	0.09%
NPO	A	0.09%
ADTN	A	0.09%
ATKR	C	0.09%
APAM	B	0.09%
AWR	B	0.09%
TDC	D	0.09%
CWK	B	0.09%
BTU	B	0.09%
CATY	B	0.09%
FBP	B	0.09%
EBC	B	0.09%
PRIM	A	0.09%
SXT	B	0.09%
APLE	B	0.09%
COMP	B	0.09%
CBU	B	0.09%
AROC	B	0.09%
FHI	A	0.09%
ESE	B	0.09%
FIBK	A	0.08%
AKR	B	0.08%
CVBF	A	0.08%
LXP	D	0.08%
ABR	C	0.08%
BKU	A	0.08%
NSP	D	0.08%
PBF	D	0.08%
TDS	B	0.08%
IOSP	B	0.08%
UE	C	0.08%
UNF	B	0.08%
TGNA	B	0.08%
SYNA	C	0.08%
DBRG	F	0.08%
REZI	A	0.08%
PRGS	A	0.08%
GHC	C	0.08%
WAFD	B	0.08%
SFNC	B	0.08%
ALIT	C	0.08%
GFF	A	0.08%
MGRC	B	0.08%
RNG	B	0.08%
TRN	C	0.08%
IOVA	F	0.08%
BOH	B	0.08%
ATGE	B	0.08%
OMCL	C	0.07%
GT	C	0.07%
ENR	B	0.07%
CDE	D	0.07%
PFS	B	0.07%
PECO	A	0.07%
FFBC	A	0.07%
HBI	B	0.07%
RNA	D	0.07%
VSCO	B	0.07%
SM	B	0.07%
DY	D	0.07%
MTX	B	0.07%
PPBI	B	0.07%
ARCB	C	0.07%
BFH	B	0.07%
BXMT	C	0.07%
OUT	A	0.07%
PRK	B	0.07%
URBN	C	0.07%
ARCH	B	0.07%
INDB	B	0.07%
HUBG	A	0.07%
PFSI	D	0.07%
NMRK	B	0.06%
NATL	B	0.06%
CGON	F	0.06%
TRMK	B	0.06%
LRN	A	0.06%
IMVT	F	0.06%
RXO	C	0.06%
PHIN	A	0.06%
HI	C	0.06%
BLKB	B	0.06%
KMT	B	0.06%
BANF	B	0.06%
MHO	D	0.06%
NBTB	B	0.06%
AIR	B	0.06%
WLY	B	0.06%
GEO	B	0.06%
EQC	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
PSMT	C	0.06%
SFBS	B	0.06%
VIAV	B	0.06%
SHO	C	0.06%
IBTX	B	0.06%
HURN	B	0.06%
FRME	B	0.06%
RNST	B	0.06%
ZD	C	0.06%
EVTC	B	0.06%
LAUR	A	0.06%
MTRN	C	0.06%
VSH	D	0.06%
CAKE	C	0.06%
AIN	C	0.06%
IVT	B	0.06%
TOWN	B	0.06%
B	B	0.06%
OSIS	B	0.06%
AZZ	B	0.06%
WERN	C	0.06%
TTMI	B	0.06%
JOBY	B	0.06%
SXI	B	0.06%
FL	F	0.06%
BANR	B	0.06%
HNI	B	0.06%
SCL	C	0.05%
SHOO	D	0.05%
MLKN	D	0.05%
LZB	B	0.05%
FCF	A	0.05%
HEES	B	0.05%
CHCO	B	0.05%
CNK	B	0.05%
APOG	B	0.05%
LTC	B	0.05%
PDCO	D	0.05%
DRH	B	0.05%
HE	C	0.05%
NWBI	B	0.05%
THS	D	0.05%
NBHC	B	0.05%
GOLF	B	0.05%
PZZA	D	0.05%
KAR	B	0.05%
EPC	D	0.05%
OI	C	0.05%
STEP	B	0.05%
GBX	A	0.05%
PRG	C	0.05%
WSBC	A	0.05%
SUPN	C	0.05%
GNL	F	0.05%
CRGY	B	0.05%
LGND	B	0.05%
VYX	B	0.05%
MCY	A	0.05%
OFG	B	0.05%
ROIC	A	0.05%
EIG	B	0.04%
PBI	B	0.04%
ARI	C	0.04%
AAT	B	0.04%
FDP	B	0.04%
DYN	F	0.04%
PDM	D	0.04%
SPNT	A	0.04%
IART	C	0.04%
VC	D	0.04%
WS	B	0.04%
DNOW	B	0.04%
VRE	B	0.04%
BKE	B	0.04%
NNI	D	0.04%
LADR	B	0.04%
RRR	D	0.04%
WABC	B	0.04%
CSGS	B	0.04%
REVG	B	0.04%
VRNT	C	0.04%
SBH	C	0.04%
LCII	C	0.04%
ALEX	C	0.04%
NX	C	0.04%
STBA	B	0.04%
ESRT	C	0.04%
HTH	B	0.04%
CODI	B	0.04%
BLMN	F	0.04%
WT	B	0.04%
HOPE	B	0.04%
NTCT	C	0.04%
VCTR	B	0.04%
TROX	D	0.04%
UPBD	B	0.04%
AMN	F	0.04%
CXW	B	0.04%
SMR	B	0.04%
HELE	C	0.04%
KN	B	0.04%
VRTS	B	0.04%
WKC	D	0.04%
ANDE	D	0.04%
JBGS	D	0.04%
NWN	A	0.04%
ELME	D	0.04%
BHE	B	0.04%
HP	B	0.04%
CENTA	C	0.04%
LC	A	0.04%
HMN	B	0.04%
NGVT	B	0.04%
NHC	C	0.04%
GEF	A	0.04%
GTY	B	0.04%
HLIO	B	0.04%
NPAB	B	0.04%
CABO	C	0.04%
AVNS	F	0.03%
MMI	B	0.03%
THR	B	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
SCSC	B	0.03%
BV	B	0.03%
OMI	F	0.03%
JACK	D	0.03%
MYGN	F	0.03%
BRKL	B	0.03%
DK	C	0.03%
DNUT	D	0.03%
RWT	D	0.03%
USM	B	0.03%
ODP	F	0.03%
MRC	B	0.03%
DAN	D	0.03%
CARS	B	0.03%
WMK	C	0.03%
SCS	C	0.03%
KWR	C	0.03%
INSW	F	0.03%
ECPG	B	0.03%
TRS	B	0.03%
INVA	D	0.03%
CBRL	C	0.03%
MD	B	0.03%
ACT	D	0.03%
KFRC	D	0.03%
FBRT	C	0.03%
CSR	B	0.03%
ATSG	B	0.03%
OXM	D	0.03%
HTLF	B	0.03%
VSAT	F	0.03%
NAVI	C	0.03%
SAFT	C	0.03%
RBRK	A	0.03%
CNNE	B	0.03%
MSGE	F	0.03%
KALU	C	0.03%
AIV	C	0.03%
JELD	F	0.03%
UNFI	A	0.03%
WOR	F	0.03%
VSTO	A	0.03%
GIII	D	0.03%
WWW	B	0.03%
BHLB	B	0.03%
PMT	D	0.03%
BKD	D	0.03%
UNIT	B	0.03%
AMRX	C	0.03%
UVV	B	0.03%
CMPR	D	0.02%
SVC	F	0.02%
ATUS	C	0.02%
DAWN	F	0.02%
CVI	F	0.02%
FOR	F	0.02%
NAPA	B	0.02%
CWH	B	0.02%
BASE	C	0.02%
HPP	F	0.02%
PUMP	B	0.02%
KELYA	F	0.02%
HY	D	0.02%
AXL	C	0.02%
BGS	F	0.02%
RGR	F	0.02%
KOP	C	0.02%
SWI	B	0.02%
MODG	F	0.02%
BMBL	C	0.02%
MATW	C	0.02%
KREF	D	0.02%
PRLB	A	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ETWO	F	0.02%
XHR	B	0.02%
HLF	C	0.02%
ASTE	B	0.02%
CFFN	B	0.02%
PCRX	C	0.02%
WNC	C	0.02%
CMTG	F	0.02%
TMP	B	0.02%
SAH	A	0.02%
PRAA	C	0.02%
FG	B	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HAIN	C	0.02%
BRSP	B	0.02%
MATV	D	0.02%
HCSG	C	0.02%
LEVI	F	0.02%
EMBC	C	0.02%
EYE	C	0.02%
DLX	B	0.02%
BDN	C	0.02%
JBLU	F	0.02%
OLPX	D	0.01%
OPK	C	0.01%
TWKS	D	0.01%
DIN	C	0.01%
CENT	C	0.01%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	D	0.01%
TGI	B	0.01%
VREX	C	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
ZIP	F	0.01%
TRTX	B	0.01%
SRCL	C	0.01%
HTZ	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
NVRI	F	0.01%
INN	D	0.01%
RUSHB	B	0.01%
WRLD	C	0.01%
VMEO	B	0.01%
RMR	F	0.01%
EGBN	B	0.01%
GRC	A	0.01%
EE	A	0.01%
NABL	F	0.01%
SSTK	F	0.01%
PTVE	B	0.01%
BJRI	B	0.01%
FWRD	D	0.01%
USNA	C	0.01%
CCO	C	0.01%
CLB	B	0.01%
CLBK	B	0.01%
HTLD	B	0.01%
ARRY	C	0.01%
BFS	C	0.01%
SCHL	D	0.01%
TILE	B	0.01%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	0.01%
CAL	D	0.01%
GES	F	0.01%
SCWX	B	0.0%
AC	C	0.0%
AMCX	C	0.0%
ACDC	C	0.0%
TASK	C	0.0%
LESL	C	0.0%
LDI	C	0.0%
GEF	A	0.0%
NUS	D	0.0%
BRCC	F	0.0%

VBR Underweight 408 Positions Relative to IWS

Symbol	Grade	Weight
WMB	A	-0.76%
OKE	A	-0.7%
AFL	B	-0.68%
AJG	B	-0.65%
BK	A	-0.64%
DLR	B	-0.64%
KMI	A	-0.58%
MSTR	C	-0.55%
O	D	-0.54%
CMI	A	-0.54%
FIS	C	-0.54%
DHI	D	-0.53%
LHX	C	-0.51%
CCI	D	-0.5%
KVUE	A	-0.5%
PRU	A	-0.5%
PEG	A	-0.49%
AME	A	-0.49%
PCG	A	-0.49%
SPG	B	-0.48%
ALL	A	-0.48%
DFS	B	-0.48%
HWM	A	-0.47%
BKR	B	-0.47%
EA	A	-0.47%
URI	B	-0.46%
DAL	C	-0.45%
IR	B	-0.45%
CBRE	B	-0.44%
OTIS	C	-0.44%
LEN	D	-0.44%
CTVA	C	-0.43%
XEL	A	-0.43%
EXC	C	-0.43%
FERG	B	-0.42%
CTSH	B	-0.42%
KR	B	-0.42%
A	D	-0.41%
CHTR	C	-0.4%
ACGL	D	-0.4%
NUE	C	-0.39%
GIS	D	-0.39%
ROST	C	-0.39%
GLW	B	-0.39%
MTB	A	-0.39%
RCL	A	-0.39%
WAB	B	-0.38%
DD	D	-0.38%
EXR	D	-0.38%
HIG	B	-0.38%
HUM	C	-0.37%
FANG	D	-0.37%
MCHP	D	-0.37%
ED	D	-0.37%
GEHC	F	-0.37%
MLM	B	-0.37%
GRMN	B	-0.36%
NDAQ	A	-0.36%
AVB	B	-0.36%
PWR	A	-0.36%
VICI	C	-0.36%
ETR	B	-0.35%
EIX	B	-0.35%
WTW	B	-0.35%
FITB	A	-0.35%
TTWO	A	-0.34%
IQV	D	-0.34%
DOW	F	-0.34%
WEC	A	-0.34%
EBAY	D	-0.34%
GPN	B	-0.33%
HLT	A	-0.33%
ROK	B	-0.33%
UAL	A	-0.33%
CNC	D	-0.33%
RJF	A	-0.33%
PPG	F	-0.32%
STT	A	-0.32%
CSGP	D	-0.32%
ANSS	B	-0.32%
XYL	D	-0.32%
PAYX	C	-0.32%
ON	D	-0.31%
EQR	B	-0.31%
SQ	B	-0.3%
HPQ	B	-0.3%
HPE	B	-0.3%
VMC	B	-0.3%
DOV	A	-0.3%
TROW	B	-0.29%
KEYS	A	-0.29%
HAL	C	-0.29%
AWK	D	-0.29%
FTV	C	-0.29%
PHM	D	-0.29%
CHD	B	-0.29%
ADM	D	-0.28%
HBAN	A	-0.28%
VTR	C	-0.28%
SYF	B	-0.28%
NVR	D	-0.28%
CCL	B	-0.27%
DVN	F	-0.27%
RF	A	-0.27%
AEE	A	-0.27%
EFX	F	-0.27%
RMD	C	-0.27%
DTE	C	-0.27%
MTD	D	-0.27%
PPL	B	-0.27%
YUM	B	-0.26%
CINF	A	-0.26%
BIIB	F	-0.26%
EQT	B	-0.26%
SBAC	D	-0.26%
LNG	B	-0.26%
FE	C	-0.26%
WBD	C	-0.25%
WY	D	-0.25%
ZBH	C	-0.25%
HSY	F	-0.24%
ZM	B	-0.24%
HOOD	B	-0.24%
NTRS	A	-0.24%
EXE	B	-0.24%
ILMN	D	-0.24%
LYB	F	-0.24%
TDY	B	-0.24%
STE	F	-0.24%
ES	D	-0.24%
IFF	D	-0.24%
WDC	D	-0.23%
INVH	D	-0.23%
PKG	A	-0.23%
CBOE	B	-0.23%
K	A	-0.23%
CFG	B	-0.23%
LH	C	-0.22%
PFG	D	-0.22%
BBY	D	-0.22%
IP	B	-0.22%
CMS	C	-0.22%
FSLR	F	-0.22%
MKC	D	-0.21%
OMC	C	-0.21%
BALL	D	-0.21%
CTRA	B	-0.21%
IBKR	A	-0.21%
ESS	B	-0.21%
MSCI	C	-0.21%
COO	D	-0.21%
LUV	C	-0.21%
CNP	B	-0.21%
KEY	B	-0.2%
DGX	A	-0.2%
WRB	A	-0.2%
HOLX	D	-0.2%
WSO	A	-0.2%
TSN	B	-0.2%
ARE	D	-0.2%
MAA	B	-0.2%
SNA	A	-0.2%
CVNA	B	-0.19%
GPC	D	-0.19%
TRMB	B	-0.19%
MAS	D	-0.19%
J	F	-0.19%
TRU	D	-0.19%
CF	B	-0.18%
FNF	B	-0.18%
MRO	B	-0.18%
GEN	B	-0.18%
BAX	D	-0.18%
DG	F	-0.18%
MKL	A	-0.18%
L	A	-0.17%
VTRS	A	-0.17%
SUI	D	-0.17%
ZBRA	B	-0.17%
LNT	A	-0.17%
SSNC	B	-0.17%
TXT	D	-0.17%
SYY	B	-0.16%
EXPD	D	-0.16%
IRM	D	-0.16%
VRSN	F	-0.16%
HES	B	-0.16%
APTV	D	-0.16%
NDSN	B	-0.16%
UDR	B	-0.16%
BRO	B	-0.16%
AMCR	D	-0.16%
JBHT	C	-0.16%
GGG	B	-0.16%
TWLO	A	-0.15%
NTAP	C	-0.15%
EG	C	-0.15%
SWKS	F	-0.15%
RVTY	F	-0.15%
CW	B	-0.15%
VLTO	D	-0.15%
AVTR	F	-0.15%
JKHY	D	-0.14%
CLH	B	-0.14%
AMH	D	-0.14%
CAG	D	-0.14%
DLTR	F	-0.14%
AFRM	B	-0.14%
ELS	C	-0.14%
AKAM	D	-0.14%
SWK	D	-0.14%
INCY	C	-0.13%
CAH	B	-0.13%
CDW	F	-0.13%
FDS	B	-0.13%
SOFI	A	-0.13%
BMRN	D	-0.13%
HST	C	-0.13%
FTI	A	-0.13%
NTNX	A	-0.13%
WPC	D	-0.13%
CASY	A	-0.13%
FOXA	B	-0.12%
TECH	D	-0.12%
CTLT	B	-0.12%
CUBE	D	-0.12%
FWONK	B	-0.12%
NWSA	B	-0.12%
CRL	C	-0.11%
DOX	D	-0.11%
CIEN	B	-0.11%
COIN	C	-0.11%
MKTX	D	-0.11%
DPZ	C	-0.11%
AVY	D	-0.11%
NLY	C	-0.11%
RPRX	D	-0.11%
BLD	D	-0.11%
DAY	B	-0.11%
WWD	B	-0.11%
GWRE	A	-0.1%
AOS	F	-0.1%
HLI	B	-0.1%
PTC	A	-0.1%
RBC	A	-0.1%
WST	C	-0.1%
TW	A	-0.1%
REXR	F	-0.1%
GMED	A	-0.1%
RGLD	C	-0.1%
BWXT	B	-0.1%
DRI	B	-0.1%
BRBR	A	-0.1%
CNH	C	-0.1%
MTCH	D	-0.09%
CZR	F	-0.09%
TKO	B	-0.09%
LECO	B	-0.09%
FICO	B	-0.09%
CPB	D	-0.09%
WAT	B	-0.09%
TTC	D	-0.09%
HRL	D	-0.09%
WYNN	D	-0.09%
DAR	C	-0.08%
MTSI	B	-0.08%
GXO	B	-0.08%
FND	C	-0.08%
SSD	D	-0.08%
ALGN	D	-0.08%
ATI	D	-0.08%
GNTX	C	-0.08%
CART	C	-0.08%
SKX	D	-0.08%
COKE	C	-0.08%
FAST	B	-0.08%
LBRDK	C	-0.08%
LW	C	-0.08%
ROKU	D	-0.08%
CHE	D	-0.08%
RGEN	D	-0.07%
CE	F	-0.07%
S	B	-0.07%
COLD	D	-0.07%
MTDR	B	-0.07%
NOV	C	-0.07%
MOH	F	-0.07%
CGNX	C	-0.07%
LSTR	D	-0.07%
BILL	A	-0.07%
OKTA	C	-0.07%
HR	C	-0.07%
WEX	D	-0.07%
AZPN	A	-0.07%
GWW	B	-0.07%
WH	B	-0.07%
AMP	A	-0.06%
BFAM	D	-0.06%
CCCS	B	-0.06%
SN	D	-0.06%
EXAS	D	-0.06%
GNRC	B	-0.06%
LITE	B	-0.06%
RITM	C	-0.06%
OLLI	D	-0.06%
DOCS	C	-0.06%
FOX	A	-0.06%
H	B	-0.06%
WMS	D	-0.06%
SAIA	B	-0.06%
ONTO	D	-0.06%
LFUS	F	-0.06%
DLB	B	-0.05%
PAYC	B	-0.05%
EEFT	B	-0.05%
AWI	A	-0.05%
WSC	D	-0.05%
DBX	B	-0.05%
ROIV	C	-0.05%
CROX	D	-0.05%
FRPT	B	-0.05%
HXL	D	-0.05%
ALNY	D	-0.04%
MASI	A	-0.04%
W	F	-0.04%
NWS	B	-0.04%
VNOM	A	-0.04%
CIVI	D	-0.04%
NEU	C	-0.04%
MSGS	A	-0.04%
PLNT	A	-0.04%
RH	B	-0.04%
OLED	D	-0.04%
TYL	B	-0.04%
LINE	F	-0.04%
SITE	D	-0.04%
GFS	C	-0.04%
YETI	C	-0.03%
ULTA	F	-0.03%
ALGM	D	-0.03%
BR	A	-0.03%
EXP	A	-0.03%
MP	B	-0.03%
HHH	B	-0.03%
AGR	B	-0.03%
CNM	D	-0.03%
ECG	C	-0.03%
U	C	-0.03%
NSA	D	-0.03%
IRDM	D	-0.03%
SNRE	D	-0.03%
LLYVK	A	-0.03%
BROS	B	-0.03%
SPR	D	-0.03%
AMTM	D	-0.03%
LOPE	B	-0.03%
ZI	D	-0.03%
TER	D	-0.02%
TRIP	F	-0.02%
EXEL	B	-0.02%
QS	F	-0.02%
CLVT	F	-0.02%
BIRK	D	-0.02%
LEN	D	-0.02%
ALAB	B	-0.02%
PSTG	D	-0.02%
RKT	F	-0.02%
AZEK	A	-0.02%
LCID	F	-0.02%
ETSY	D	-0.02%
LBTYK	A	-0.02%
QDEL	F	-0.02%
LBTYA	B	-0.02%
BRKR	D	-0.02%
GLOB	B	-0.02%
SHC	F	-0.02%
ADT	C	-0.02%
RCM	F	-0.02%
SAM	C	-0.02%
TXG	F	-0.01%
PLTK	B	-0.01%
CHH	A	-0.01%
CACC	D	-0.01%
PATH	C	-0.01%
TFSL	A	-0.01%
UI	A	-0.01%
WOLF	F	-0.01%
LSCC	D	-0.01%
FIVE	F	-0.01%
HCP	B	-0.01%
MTN	C	-0.01%
CNA	B	-0.01%
LBRDA	C	-0.01%
FWONA	B	-0.01%
PYCR	C	-0.01%
AS	B	-0.01%
CERT	F	-0.01%
DV	C	-0.01%
LLYVA	A	-0.01%
NCNO	B	-0.01%
LOAR	A	-0.0%
PARAA	B	-0.0%
UWMC	D	-0.0%
SEG	B	-0.0%
NFE	D	-0.0%
GRAL	C	-0.0%
LAZ	B	-0.0%
IONS	F	-0.0%