VBR vs. MFUS ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS)

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

$197.19

Average Daily Volume

429,197

Number of Holdings ^*

795

* may have additional holdings in another (foreign) market

MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUS Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor U.S. Index. The underlying index is constructed by RAFI Indices, LLC (the index provider) using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size.

Grade (RS Rating)

Last Trade

$49.84

Average Daily Volume

7,858

Number of Holdings ^*

809

* may have additional holdings in another (foreign) market

Performance

Period	VBR	MFUS
30 Days	0.40%	1.13%
60 Days	5.89%	7.14%
90 Days	9.73%	6.07%
12 Months	31.22%	35.58%

377 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in MFUS	Overlap
AA	B	0.17%	0.01%	0.01%
AAP	F	0.08%	0.01%	0.01%
ABG	D	0.15%	0.07%	0.07%
ABM	D	0.11%	0.04%	0.04%
ACA	C	0.13%	0.02%	0.02%
ACI	F	0.2%	0.01%	0.01%
ACM	C	0.4%	0.03%	0.03%
ADC	B	0.22%	0.01%	0.01%
AEO	B	0.11%	0.09%	0.09%
AES	B	0.18%	0.02%	0.02%
AGCO	D	0.17%	0.02%	0.02%
AGNC	C	0.22%	0.04%	0.04%
AIR	D	0.07%	0.02%	0.02%
AIZ	A	0.3%	0.08%	0.08%
ALEX	D	0.04%	0.01%	0.01%
ALLY	F	0.35%	0.05%	0.05%
ALSN	A	0.24%	0.09%	0.09%
AMED	D	0.09%	0.01%	0.01%
AMG	B	0.16%	0.06%	0.06%
AMKR	F	0.11%	0.03%	0.03%
AMWD	B	0.02%	0.01%	0.01%
AN	C	0.17%	0.07%	0.07%
ANDE	D	0.05%	0.02%	0.02%
ANF	F	0.22%	0.24%	0.22%
APAM	C	0.08%	0.03%	0.03%
APG	F	0.26%	0.02%	0.02%
APLE	D	0.09%	0.03%	0.03%
APOG	B	0.04%	0.02%	0.02%
AR	B	0.12%	0.04%	0.04%
ARCH	D	0.07%	0.01%	0.01%
ARI	F	0.04%	0.01%	0.01%
ARMK	A	0.28%	0.01%	0.01%
AROC	B	0.09%	0.04%	0.04%
ARW	C	0.21%	0.05%	0.05%
ASO	D	0.12%	0.04%	0.04%
ATGE	D	0.08%	0.05%	0.05%
ATO	A	0.54%	0.02%	0.02%
ATR	A	0.3%	0.08%	0.08%
AVA	D	0.09%	0.03%	0.03%
AVT	C	0.15%	0.04%	0.04%
AXTA	C	0.24%	0.02%	0.02%
AYI	A	0.23%	0.08%	0.08%
BAH	A	0.6%	0.15%	0.15%
BBWI	F	0.2%	0.01%	0.01%
BC	D	0.16%	0.06%	0.06%
BCC	C	0.16%	0.07%	0.07%
BDC	B	0.13%	0.04%	0.04%
BERY	C	0.22%	0.06%	0.06%
BHE	C	0.04%	0.02%	0.02%
BHF	F	0.08%	0.04%	0.04%
BJ	D	0.31%	0.03%	0.03%
BKE	D	0.04%	0.03%	0.03%
BKU	D	0.08%	0.03%	0.03%
BLDR	B	0.62%	0.04%	0.04%
BRC	C	0.09%	0.01%	0.01%
BRO	A	0.35%	0.11%	0.11%
BTU	B	0.08%	0.05%	0.05%
BWA	B	0.23%	0.01%	0.01%
BXP	C	0.31%	0.02%	0.02%
CACC	F	0.08%	0.01%	0.01%
CACI	A	0.32%	0.09%	0.09%
CADE	D	0.17%	0.01%	0.01%
CBSH	D	0.22%	0.01%	0.01%
CBT	B	0.17%	0.05%	0.05%
CC	D	0.09%	0.02%	0.02%
CCK	C	0.32%	0.06%	0.06%
CENTA	F	0.05%	0.01%	0.01%
CFR	D	0.19%	0.01%	0.01%
CG	C	0.28%	0.02%	0.02%
CHRW	A	0.34%	0.14%	0.14%
CLF	D	0.18%	0.01%	0.01%
CMA	C	0.22%	0.04%	0.04%
CMC	D	0.18%	0.05%	0.05%
CNO	C	0.11%	0.04%	0.04%
CNX	A	0.12%	0.06%	0.06%
COHR	B	0.17%	0.03%	0.03%
COOP	B	0.17%	0.05%	0.05%
CPRI	B	0.12%	0.01%	0.01%
CPT	C	0.39%	0.06%	0.06%
CR	B	0.23%	0.01%	0.01%
CRI	D	0.07%	0.06%	0.06%
CRUS	D	0.23%	0.04%	0.04%
CSGS	C	0.04%	0.01%	0.01%
CSL	A	0.59%	0.02%	0.02%
CTLT	A	0.15%	0.02%	0.02%
CVI	F	0.03%	0.01%	0.01%
CWEN	C	0.03%	0.02%	0.02%
CWEN	C	0.07%	0.02%	0.02%
CXW	F	0.04%	0.02%	0.02%
DAN	D	0.04%	0.02%	0.02%
DBRG	D	0.03%	0.04%	0.03%
DCI	B	0.26%	0.04%	0.04%
DDS	D	0.03%	0.03%	0.03%
DEI	A	0.08%	0.01%	0.01%
DINO	F	0.24%	0.01%	0.01%
DK	F	0.04%	0.03%	0.03%
DKS	D	0.28%	0.09%	0.09%
DNOW	F	0.04%	0.02%	0.02%
DRH	C	0.05%	0.03%	0.03%
DTM	A	0.22%	0.01%	0.01%
DVA	C	0.21%	0.17%	0.17%
DXC	D	0.11%	0.01%	0.01%
DY	C	0.07%	0.01%	0.01%
ECPG	F	0.03%	0.01%	0.01%
EHC	B	0.28%	0.09%	0.09%
ELAN	D	0.22%	0.01%	0.01%
EME	C	0.54%	0.04%	0.04%
EMN	C	0.35%	0.04%	0.04%
EPC	F	0.06%	0.02%	0.02%
EQH	C	0.41%	0.08%	0.08%
ESAB	C	0.18%	0.01%	0.01%
ESI	B	0.17%	0.01%	0.01%
ESNT	C	0.19%	0.01%	0.01%
EVR	C	0.25%	0.11%	0.11%
EVRG	C	0.19%	0.02%	0.02%
EWBC	D	0.34%	0.02%	0.02%
FAF	B	0.18%	0.02%	0.02%
FCN	C	0.24%	0.06%	0.06%
FCNCA	D	0.65%	0.05%	0.05%
FDP	C	0.03%	0.01%	0.01%
FFIV	B	0.35%	0.06%	0.06%
FHI	C	0.08%	0.03%	0.03%
FHN	D	0.27%	0.01%	0.01%
FL	F	0.09%	0.04%	0.04%
FLO	D	0.13%	0.04%	0.04%
FLR	D	0.25%	0.01%	0.01%
FR	C	0.22%	0.02%	0.02%
FYBR	C	0.21%	0.01%	0.01%
G	A	0.21%	0.05%	0.05%
GAP	F	0.16%	0.05%	0.05%
GATX	F	0.15%	0.04%	0.04%
GBX	C	0.04%	0.03%	0.03%
GEF	D	0.0%	0.02%	0.0%
GEF	D	0.04%	0.02%	0.02%
GEO	F	0.05%	0.03%	0.03%
GES	F	0.02%	0.02%	0.02%
GHC	B	0.07%	0.02%	0.02%
GIII	C	0.03%	0.01%	0.01%
GLPI	A	0.39%	0.07%	0.07%
GME	F	0.22%	0.01%	0.01%
GMS	C	0.1%	0.03%	0.03%
GNW	C	0.09%	0.03%	0.03%
GOLF	F	0.06%	0.01%	0.01%
GPI	C	0.14%	0.09%	0.09%
GPK	C	0.27%	0.08%	0.08%
GT	F	0.07%	0.01%	0.01%
GVA	A	0.1%	0.04%	0.04%
HBI	B	0.06%	0.05%	0.05%
HCC	B	0.09%	0.07%	0.07%
HE	F	0.03%	0.01%	0.01%
HII	F	0.33%	0.03%	0.03%
HNI	B	0.07%	0.02%	0.02%
HOG	D	0.13%	0.03%	0.03%
HP	F	0.04%	0.02%	0.02%
HRB	C	0.26%	0.08%	0.08%
HSIC	D	0.27%	0.03%	0.03%
HTH	D	0.04%	0.01%	0.01%
HUBB	A	0.32%	0.03%	0.03%
HUBG	D	0.08%	0.04%	0.04%
HUN	B	0.11%	0.01%	0.01%
ICUI	B	0.11%	0.01%	0.01%
IDCC	A	0.05%	0.01%	0.01%
IEX	D	0.46%	0.08%	0.08%
INGR	A	0.26%	0.06%	0.06%
IOSP	F	0.08%	0.01%	0.01%
IPG	C	0.36%	0.04%	0.04%
ITT	B	0.34%	0.08%	0.08%
IVZ	A	0.21%	0.03%	0.03%
JBGS	C	0.05%	0.01%	0.01%
JBL	D	0.37%	0.03%	0.03%
JBLU	B	0.05%	0.02%	0.02%
JEF	A	0.26%	0.02%	0.02%
JELD	D	0.04%	0.01%	0.01%
JHG	C	0.14%	0.04%	0.04%
JLL	B	0.36%	0.06%	0.06%
JNPR	B	0.37%	0.13%	0.13%
JWN	D	0.06%	0.04%	0.04%
JXN	A	0.2%	0.09%	0.09%
KALU	D	0.03%	0.01%	0.01%
KBH	C	0.16%	0.04%	0.04%
KBR	C	0.27%	0.02%	0.02%
KD	F	0.16%	0.04%	0.04%
KEX	C	0.21%	0.02%	0.02%
KIM	C	0.46%	0.02%	0.02%
KMPR	D	0.11%	0.02%	0.02%
KN	C	0.05%	0.01%	0.01%
KNX	D	0.24%	0.01%	0.01%
KSS	D	0.06%	0.03%	0.03%
KTB	B	0.12%	0.05%	0.05%
LAD	C	0.24%	0.02%	0.02%
LADR	D	0.04%	0.01%	0.01%
LAMR	C	0.16%	0.05%	0.05%
LAUR	C	0.07%	0.01%	0.01%
LDOS	A	0.31%	0.11%	0.11%
LEA	F	0.19%	0.01%	0.01%
LEG	D	0.05%	0.02%	0.02%
LNC	D	0.16%	0.03%	0.03%
LPX	A	0.18%	0.08%	0.08%
LUMN	C	0.16%	0.05%	0.05%
LXP	D	0.09%	0.02%	0.02%
LZB	C	0.05%	0.03%	0.03%
M	F	0.13%	0.02%	0.02%
MAC	C	0.1%	0.04%	0.04%
MAN	D	0.1%	0.03%	0.03%
MATX	C	0.13%	0.03%	0.03%
MC	C	0.07%	0.03%	0.03%
MCY	B	0.05%	0.02%	0.02%
MDU	C	0.15%	0.03%	0.03%
MHK	B	0.25%	0.01%	0.01%
MKSI	F	0.24%	0.01%	0.01%
MLI	C	0.23%	0.07%	0.07%
MLKN	F	0.06%	0.01%	0.01%
MOG.A	A	0.17%	0.04%	0.04%
MOS	D	0.27%	0.01%	0.01%
MSA	F	0.2%	0.03%	0.03%
MSM	D	0.11%	0.06%	0.06%
MTG	B	0.2%	0.03%	0.03%
MTH	C	0.2%	0.07%	0.07%
MUR	F	0.16%	0.01%	0.01%
MUSA	D	0.28%	0.15%	0.15%
NAVI	D	0.04%	0.02%	0.02%
NFG	A	0.16%	0.05%	0.05%
NI	A	0.22%	0.02%	0.02%
NNI	C	0.03%	0.01%	0.01%
NNN	A	0.25%	0.01%	0.01%
NRG	A	0.52%	0.07%	0.07%
NSIT	B	0.21%	0.07%	0.07%
NSP	F	0.1%	0.02%	0.02%
NTCT	B	0.04%	0.02%	0.02%
NWL	D	0.08%	0.02%	0.02%
NXST	D	0.16%	0.05%	0.05%
NYT	A	0.25%	0.04%	0.04%
OC	C	0.43%	0.02%	0.02%
ODP	F	0.03%	0.02%	0.02%
OGN	F	0.17%	0.05%	0.05%
OHI	C	0.29%	0.02%	0.02%
OI	D	0.06%	0.03%	0.03%
OLN	D	0.15%	0.04%	0.04%
OMF	F	0.17%	0.02%	0.02%
OMI	F	0.03%	0.01%	0.01%
ONB	D	0.19%	0.01%	0.01%
OSIS	B	0.07%	0.02%	0.02%
OSK	F	0.21%	0.03%	0.03%
OUT	C	0.07%	0.01%	0.01%
PAG	D	0.1%	0.02%	0.02%
PARA	F	0.16%	0.01%	0.01%
PB	D	0.2%	0.01%	0.01%
PBF	F	0.1%	0.02%	0.02%
PDCO	F	0.05%	0.02%	0.02%
PECO	C	0.07%	0.01%	0.01%
PFSI	C	0.08%	0.02%	0.02%
PHIN	C	0.06%	0.02%	0.02%
PINC	F	0.06%	0.02%	0.02%
PK	D	0.09%	0.06%	0.06%
PLXS	B	0.1%	0.03%	0.03%
PMT	C	0.04%	0.02%	0.02%
PNM	B	0.11%	0.02%	0.02%
PNR	C	0.43%	0.02%	0.02%
PNW	A	0.29%	0.01%	0.01%
POST	C	0.08%	0.05%	0.05%
PPC	B	0.05%	0.01%	0.01%
PRG	C	0.06%	0.03%	0.03%
PRIM	C	0.08%	0.03%	0.03%
PSMT	B	0.06%	0.01%	0.01%
PSN	A	0.13%	0.02%	0.02%
PTEN	F	0.11%	0.01%	0.01%
PVH	F	0.16%	0.02%	0.02%
QRVO	F	0.16%	0.01%	0.01%
R	C	0.18%	0.07%	0.07%
RDN	D	0.16%	0.01%	0.01%
REZI	D	0.08%	0.01%	0.01%
RGA	C	0.43%	0.06%	0.06%
RHI	D	0.18%	0.02%	0.02%
RL	B	0.18%	0.03%	0.03%
RLI	A	0.2%	0.03%	0.03%
RPM	A	0.44%	0.12%	0.12%
RRC	D	0.2%	0.02%	0.02%
RS	D	0.48%	0.04%	0.04%
RUSHA	D	0.1%	0.03%	0.03%
RYN	C	0.13%	0.03%	0.03%
SAH	D	0.02%	0.01%	0.01%
SAIC	A	0.2%	0.01%	0.01%
SANM	D	0.11%	0.03%	0.03%
SATS	C	0.06%	0.02%	0.02%
SBH	C	0.04%	0.02%	0.02%
SCI	C	0.32%	0.06%	0.06%
SCL	D	0.05%	0.01%	0.01%
SCS	D	0.04%	0.01%	0.01%
SEB	D	0.02%	0.05%	0.02%
SEE	C	0.15%	0.06%	0.06%
SEIC	B	0.23%	0.07%	0.07%
SEM	D	0.11%	0.03%	0.03%
SF	A	0.25%	0.01%	0.01%
SFM	A	0.31%	0.2%	0.2%
SHO	D	0.06%	0.01%	0.01%
SHOO	A	0.05%	0.03%	0.03%
SIG	C	0.1%	0.04%	0.04%
SIGI	D	0.16%	0.01%	0.01%
SJM	C	0.17%	0.04%	0.04%
SKYW	B	0.09%	0.05%	0.05%
SLG	C	0.13%	0.08%	0.08%
SLGN	C	0.12%	0.05%	0.05%
SLM	C	0.14%	0.05%	0.05%
SM	F	0.08%	0.03%	0.03%
SMG	A	0.09%	0.04%	0.04%
SNDR	C	0.03%	0.02%	0.02%
SNV	D	0.19%	0.01%	0.01%
SON	D	0.16%	0.04%	0.04%
SPB	C	0.08%	0.01%	0.01%
SPR	D	0.06%	0.01%	0.01%
SR	C	0.1%	0.01%	0.01%
SRCL	B	0.16%	0.04%	0.04%
SRCL	B	0.01%	0.04%	0.01%
SSB	C	0.22%	0.01%	0.01%
STLD	B	0.26%	0.04%	0.04%
STRA	F	0.06%	0.01%	0.01%
SVC	F	0.02%	0.01%	0.01%
SWX	C	0.15%	0.01%	0.01%
SXT	C	0.1%	0.02%	0.02%
TAP	D	0.28%	0.08%	0.08%
TDC	D	0.08%	0.02%	0.02%
TDS	B	0.06%	0.04%	0.04%
TEX	F	0.11%	0.05%	0.05%
TFX	C	0.34%	0.03%	0.03%
TGNA	B	0.07%	0.04%	0.04%
THC	C	0.48%	0.29%	0.29%
THG	C	0.14%	0.04%	0.04%
THO	B	0.16%	0.07%	0.07%
THS	C	0.06%	0.03%	0.03%
TKR	D	0.16%	0.04%	0.04%
TMHC	C	0.2%	0.09%	0.09%
TOL	A	0.44%	0.06%	0.06%
TPH	C	0.12%	0.06%	0.06%
TPR	B	0.28%	0.01%	0.01%
TRN	C	0.08%	0.04%	0.04%
TTEK	B	0.37%	0.02%	0.02%
TTMI	D	0.06%	0.01%	0.01%
UFPI	C	0.21%	0.07%	0.07%
UGI	C	0.16%	0.01%	0.01%
UHAL	A	0.02%	0.01%	0.01%
UHAL	A	0.19%	0.01%	0.01%
UHAL	A	0.02%	0.04%	0.02%
UHAL	A	0.19%	0.04%	0.04%
UHS	D	0.4%	0.07%	0.07%
UNF	A	0.08%	0.03%	0.03%
UNM	A	0.26%	0.04%	0.04%
URBN	F	0.07%	0.05%	0.05%
USFD	C	0.43%	0.05%	0.05%
UTHR	C	0.47%	0.18%	0.18%
UVV	D	0.04%	0.01%	0.01%
VFC	B	0.19%	0.02%	0.02%
VIRT	B	0.08%	0.05%	0.05%
VNO	A	0.17%	0.07%	0.07%
VNT	F	0.16%	0.01%	0.01%
VSCO	C	0.05%	0.02%	0.02%
VSH	F	0.07%	0.02%	0.02%
VSTO	D	0.03%	0.02%	0.02%
VVV	D	0.16%	0.02%	0.02%
WAFD	D	0.09%	0.01%	0.01%
WAL	C	0.25%	0.02%	0.02%
WBS	D	0.24%	0.01%	0.01%
WCC	C	0.25%	0.07%	0.07%
WEN	D	0.09%	0.05%	0.05%
WERN	D	0.07%	0.02%	0.02%
WHR	B	0.16%	0.03%	0.03%
WMK	D	0.03%	0.01%	0.01%
WOR	F	0.04%	0.01%	0.01%
WSM	B	0.4%	0.21%	0.21%
WTFC	D	0.21%	0.01%	0.01%
WTM	D	0.13%	0.04%	0.04%
WU	D	0.12%	0.07%	0.07%
X	F	0.23%	0.03%	0.03%
XHR	B	0.02%	0.02%	0.02%
XPO	F	0.19%	0.03%	0.03%
XRAY	D	0.15%	0.03%	0.03%
XRX	D	0.04%	0.01%	0.01%
ZION	D	0.21%	0.01%	0.01%

VBR Overweight 420 Positions Relative to MFUS

Symbol	Grade	Weight
SW	C	0.72%
BG	F	0.42%
RNR	A	0.4%
KMX	F	0.39%
REG	C	0.39%
ALLE	A	0.36%
OVV	F	0.34%
PFGC	A	0.34%
RRX	C	0.33%
RIVN	F	0.33%
NVT	D	0.33%
APA	F	0.31%
FRT	D	0.28%
AFG	C	0.28%
WTRG	D	0.28%
GL	C	0.28%
PRI	A	0.27%
CHK	D	0.27%
Z	C	0.26%
ORI	B	0.26%
CHRD	F	0.26%
SOLV	C	0.26%
EGP	D	0.26%
HAS	A	0.26%
FMC	B	0.24%
BRX	C	0.24%
DOC	C	0.23%
AIT	B	0.23%
OGE	A	0.23%
SNX	C	0.23%
STAG	D	0.22%
BPOP	D	0.22%
SWN	D	0.21%
VOYA	A	0.21%
ACHC	F	0.21%
BIO	B	0.2%
AAL	D	0.2%
JAZZ	F	0.2%
MAT	D	0.19%
FLS	A	0.19%
AXS	A	0.18%
STWD	C	0.18%
BECN	F	0.17%
VMI	B	0.17%
ST	F	0.17%
GBCI	C	0.16%
FNB	D	0.16%
WTS	C	0.16%
EPAM	F	0.16%
LKQ	F	0.16%
SUM	D	0.15%
POR	C	0.15%
AM	A	0.15%
HOMB	D	0.15%
IDA	C	0.15%
UBSI	D	0.15%
COLB	C	0.15%
HWC	D	0.14%
FUL	F	0.14%
BCO	C	0.14%
AL	D	0.14%
OZK	F	0.14%
KRC	C	0.13%
ASH	F	0.13%
CUZ	C	0.13%
ITGR	C	0.13%
FFIN	D	0.13%
KNF	C	0.13%
MDGL	F	0.13%
AVNT	C	0.13%
ZWS	A	0.13%
PII	D	0.13%
NJR	C	0.13%
ALK	B	0.13%
PIPR	B	0.13%
LYFT	D	0.12%
SBRA	C	0.12%
PRGO	F	0.12%
TPG	B	0.12%
ESGR	D	0.12%
DNB	D	0.12%
UMBF	C	0.12%
ABCB	C	0.12%
ENS	D	0.12%
BKH	C	0.12%
AGO	B	0.12%
GTES	C	0.12%
ASGN	D	0.12%
CNXC	F	0.12%
PR	F	0.12%
AUR	C	0.12%
CRC	B	0.11%
EPR	C	0.11%
MTZ	B	0.11%
BGC	C	0.11%
UCBI	B	0.11%
PNFP	D	0.11%
ALE	A	0.11%
HASI	C	0.11%
PBH	D	0.11%
VLY	C	0.11%
MIDD	D	0.11%
KFY	C	0.11%
IAC	C	0.11%
NCLH	C	0.11%
OGS	C	0.11%
COTY	F	0.1%
NUVL	B	0.1%
ASB	F	0.1%
WSFS	D	0.1%
EBC	D	0.1%
SKT	A	0.1%
NWE	B	0.1%
RXO	D	0.1%
NHI	C	0.1%
AX	D	0.1%
NPO	C	0.1%
FBP	D	0.1%
ATKR	F	0.1%
HIW	C	0.1%
WD	C	0.1%
BNL	C	0.1%
PCH	C	0.1%
FULT	D	0.1%
HL	C	0.1%
IBOC	D	0.1%
OTTR	F	0.1%
AUB	D	0.1%
IOVA	F	0.09%
AIN	F	0.09%
GFF	C	0.09%
TNL	B	0.09%
CNK	C	0.09%
AWR	A	0.09%
CATY	D	0.09%
ALIT	D	0.09%
ESE	B	0.09%
FHB	D	0.09%
TCBI	C	0.09%
MGEE	C	0.09%
NVST	D	0.09%
EAT	A	0.09%
SYNA	D	0.09%
CBU	D	0.09%
INDB	D	0.08%
PRK	D	0.08%
ENOV	F	0.08%
RNG	F	0.08%
LSXMK	D	0.08%
BOH	D	0.08%
MGRC	D	0.08%
MPW	C	0.08%
FIBK	D	0.08%
WLK	C	0.08%
ADTN	B	0.08%
CWK	C	0.08%
PENN	D	0.08%
ZD	D	0.07%
TOWN	D	0.07%
FRME	D	0.07%
HI	F	0.07%
AKR	C	0.07%
ENR	B	0.07%
VAC	D	0.07%
AZZ	C	0.07%
PFS	D	0.07%
ARCB	D	0.07%
BOKF	D	0.07%
FFBC	D	0.07%
MTRN	F	0.07%
MYGN	D	0.07%
ABR	C	0.07%
CVBF	B	0.07%
PPBI	F	0.07%
MTX	B	0.07%
KRYS	D	0.07%
UE	C	0.07%
PRGS	B	0.07%
BXMT	C	0.07%
COMP	C	0.07%
AZTA	F	0.07%
SFNC	C	0.07%
KAR	D	0.06%
HURN	D	0.06%
IVT	C	0.06%
ZG	C	0.06%
VIAV	B	0.06%
B	C	0.06%
BANF	D	0.06%
LITE	A	0.06%
JOBY	D	0.06%
GNL	D	0.06%
WLY	A	0.06%
SFBS	D	0.06%
VGR	B	0.06%
AMN	F	0.06%
MIR	B	0.06%
IMVT	F	0.06%
KMT	C	0.06%
OMCL	C	0.06%
IBTX	D	0.06%
BANR	C	0.06%
FTRE	F	0.06%
NATL	D	0.06%
EQC	D	0.06%
HAYW	B	0.06%
RNST	D	0.06%
SXI	C	0.06%
CTRE	B	0.06%
BLKB	C	0.06%
OFG	D	0.06%
NBTB	D	0.06%
CDE	C	0.06%
EVTC	D	0.06%
GTY	C	0.05%
STBA	D	0.05%
REVG	D	0.05%
INFA	D	0.05%
LTC	D	0.05%
STEP	A	0.05%
TROX	D	0.05%
REYN	D	0.05%
NBHC	D	0.05%
CHCO	D	0.05%
FCF	D	0.05%
LRN	C	0.05%
GO	F	0.05%
CRGY	B	0.05%
NWBI	D	0.05%
NMRK	A	0.05%
VSAT	F	0.05%
NHC	D	0.05%
CAKE	A	0.05%
LGND	D	0.05%
WSBC	D	0.05%
TRMK	D	0.05%
SUPN	D	0.05%
VRNT	F	0.05%
VSTS	D	0.05%
ROIC	C	0.05%
IPGP	D	0.05%
EDR	A	0.05%
BHLB	D	0.04%
PBI	C	0.04%
AMRX	B	0.04%
PDM	C	0.04%
AIV	C	0.04%
KFRC	F	0.04%
EIG	B	0.04%
INSW	B	0.04%
VCTR	B	0.04%
AAT	C	0.04%
SAFT	D	0.04%
WS	D	0.04%
MSGE	A	0.04%
HELE	D	0.04%
LC	B	0.04%
OXM	F	0.04%
BKD	D	0.04%
WABC	F	0.04%
CAR	D	0.04%
PWSC	C	0.04%
CODI	D	0.04%
IART	F	0.04%
SPNT	D	0.04%
ESRT	C	0.04%
UA	B	0.04%
VRTS	F	0.04%
NGVT	D	0.04%
UAA	B	0.04%
HMN	B	0.04%
HOPE	D	0.04%
RRR	D	0.04%
HEES	D	0.04%
BLMN	F	0.04%
NWN	C	0.04%
UNFI	B	0.03%
DNUT	D	0.03%
BDN	A	0.03%
CGON	C	0.03%
BRKL	D	0.03%
FG	B	0.03%
PRAA	F	0.03%
CBRL	D	0.03%
LGF.A	F	0.03%
LEVI	B	0.03%
BV	B	0.03%
DLX	F	0.03%
MD	B	0.03%
NX	F	0.03%
MMI	C	0.03%
RBRK	F	0.03%
EMBC	F	0.03%
CMTG	F	0.03%
SIRI	C	0.03%
ETWO	F	0.03%
FA	A	0.03%
MATV	F	0.03%
UNIT	B	0.03%
RWT	C	0.03%
RKLB	B	0.03%
HTLF	C	0.03%
INVA	B	0.03%
TRS	D	0.03%
WWW	A	0.03%
ATSG	B	0.03%
THR	F	0.03%
MRC	D	0.03%
CNNE	F	0.03%
AVNS	D	0.03%
CSR	D	0.03%
ACT	C	0.03%
CARS	F	0.03%
SCSC	D	0.03%
TILE	C	0.02%
HTLD	F	0.02%
FOR	D	0.02%
MXL	F	0.02%
KREF	C	0.02%
SMR	B	0.02%
CNDT	B	0.02%
SCHL	F	0.02%
HY	F	0.02%
BGS	D	0.02%
BMBL	F	0.02%
SWI	C	0.02%
KELYA	D	0.02%
CFFN	D	0.02%
SMMT	D	0.02%
PRA	B	0.02%
CAL	F	0.02%
TMP	D	0.02%
AMC	F	0.02%
AXL	F	0.02%
HAIN	B	0.02%
USM	C	0.02%
PUMP	F	0.02%
HPP	F	0.02%
RGR	F	0.02%
HLIO	B	0.02%
MATW	F	0.02%
BASE	F	0.02%
ECVT	F	0.02%
ASTE	F	0.02%
MNRO	B	0.02%
PRLB	F	0.02%
HLF	F	0.02%
BRSP	D	0.02%
PZZA	D	0.02%
CABO	F	0.02%
KOP	F	0.02%
PEB	D	0.02%
HCSG	D	0.02%
EYE	F	0.02%
WNC	F	0.02%
MEI	D	0.01%
UFCS	D	0.01%
PACB	F	0.01%
RDUS	D	0.01%
OPK	D	0.01%
NPK	F	0.01%
OLPX	C	0.01%
WOOF	A	0.01%
BRCC	F	0.01%
ALX	C	0.01%
ZIP	D	0.01%
KRO	B	0.01%
DJT	F	0.01%
CRCT	C	0.01%
TGI	F	0.01%
TRTX	D	0.01%
EE	A	0.01%
AMCX	F	0.01%
EGBN	B	0.01%
RUSHB	D	0.01%
SWBI	F	0.01%
HTZ	F	0.01%
NAPA	F	0.01%
CENT	F	0.01%
BJRI	D	0.01%
WRLD	D	0.01%
PCRX	F	0.01%
INN	A	0.01%
CMP	D	0.01%
FWRD	D	0.01%
RMR	B	0.01%
VMEO	C	0.01%
AMK	B	0.01%
ATUS	B	0.01%
GRC	B	0.01%
NABL	F	0.01%
NUS	F	0.01%
PTVE	D	0.01%
UDMY	F	0.01%
DAWN	D	0.01%
TWKS	B	0.01%
CCO	D	0.01%
CWH	C	0.01%
GCMG	A	0.01%
CLB	D	0.01%
DIN	D	0.01%
USNA	F	0.01%
CLBK	F	0.01%
JACK	F	0.01%
NVRI	D	0.01%
LGF.A	F	0.01%
BFS	A	0.01%
AMBC	F	0.01%
VREX	F	0.01%
SSP	F	0.0%
SCWX	B	0.0%
AC	B	0.0%
TTEC	D	0.0%
CRNC	F	0.0%
SAVE	F	0.0%
CHGG	F	0.0%
ACDC	D	0.0%
UHT	C	0.0%
DBI	F	0.0%
LDI	C	0.0%

VBR Underweight 437 Positions Relative to MFUS

Symbol	Grade	Weight
LLY	D	-2.87%
META	A	-2.37%
BRK.A	C	-2.37%
AVGO	C	-1.68%
WMT	A	-1.68%
NVDA	C	-1.64%
AMZN	C	-1.6%
ABBV	A	-1.56%
ORCL	B	-1.38%
COST	C	-1.36%
JNJ	D	-1.28%
KO	C	-1.16%
IBM	B	-1.14%
VZ	A	-1.11%
PG	C	-1.04%
AMGN	D	-1.01%
MRK	F	-1.0%
AAPL	C	-0.97%
JPM	D	-0.88%
PM	C	-0.83%
LMT	A	-0.82%
QCOM	D	-0.8%
UNH	B	-0.79%
GILD	A	-0.79%
TGT	C	-0.77%
PEP	D	-0.77%
T	A	-0.74%
WFC	D	-0.73%
CVS	D	-0.71%
MO	D	-0.66%
PFE	D	-0.64%
C	B	-0.63%
MMM	C	-0.63%
GE	C	-0.61%
CSCO	A	-0.61%
HD	A	-0.6%
PGR	C	-0.6%
AMAT	B	-0.59%
MCD	A	-0.55%
UNP	D	-0.54%
MCK	F	-0.5%
REGN	D	-0.49%
NFLX	A	-0.46%
XOM	A	-0.42%
CL	D	-0.41%
BAC	D	-0.39%
TJX	C	-0.38%
TMUS	A	-0.38%
EBAY	A	-0.38%
NOC	B	-0.38%
KR	C	-0.37%
MPC	F	-0.36%
CVX	B	-0.36%
BMY	B	-0.36%
BKNG	C	-0.36%
GS	C	-0.35%
LOW	A	-0.34%
AIG	F	-0.34%
TMO	C	-0.33%
MET	A	-0.32%
GM	D	-0.32%
NOW	C	-0.31%
TXN	C	-0.3%
HCA	B	-0.3%
ICE	A	-0.3%
HPQ	C	-0.29%
AZO	D	-0.29%
DHR	C	-0.28%
KLAC	B	-0.28%
V	C	-0.28%
MA	A	-0.27%
SPGI	C	-0.27%
ALL	B	-0.26%
MDLZ	C	-0.26%
WM	B	-0.26%
CHTR	D	-0.25%
UPS	D	-0.25%
ADM	D	-0.25%
NEE	A	-0.25%
SYF	B	-0.24%
GD	A	-0.24%
COF	C	-0.24%
CAH	B	-0.24%
PRU	C	-0.23%
RTX	A	-0.23%
UBER	C	-0.23%
AON	A	-0.23%
BBY	B	-0.23%
PSX	D	-0.23%
LHX	A	-0.23%
ISRG	A	-0.23%
ACN	B	-0.23%
NEM	C	-0.22%
LII	C	-0.22%
AFL	A	-0.22%
PANW	D	-0.22%
VRTX	D	-0.22%
SHW	B	-0.22%
VST	A	-0.21%
FICO	A	-0.21%
AXP	A	-0.21%
BSX	A	-0.2%
WSO	C	-0.2%
TRV	C	-0.2%
ELV	F	-0.2%
CAT	A	-0.2%
GIS	C	-0.2%
CMG	C	-0.2%
CTAS	B	-0.19%
LRCX	D	-0.19%
MMC	D	-0.19%
INTC	D	-0.19%
GWW	A	-0.19%
GLW	B	-0.19%
ORLY	A	-0.19%
LYB	D	-0.18%
MS	B	-0.18%
KMB	B	-0.18%
MSI	A	-0.18%
CB	A	-0.17%
TDG	A	-0.17%
RMD	C	-0.17%
BK	C	-0.17%
BLK	A	-0.17%
VRSK	D	-0.17%
CMCSA	B	-0.16%
VLO	F	-0.16%
SPG	A	-0.16%
BR	B	-0.16%
EA	D	-0.16%
KHC	D	-0.16%
AMT	C	-0.16%
TSN	D	-0.16%
CI	D	-0.15%
DECK	B	-0.15%
HWM	A	-0.15%
F	D	-0.15%
CASY	D	-0.15%
K	B	-0.15%
MU	D	-0.15%
AJG	D	-0.14%
KKR	A	-0.14%
CME	A	-0.14%
DUK	A	-0.14%
SMCI	F	-0.14%
ANET	A	-0.14%
IT	C	-0.14%
PLTR	A	-0.14%
CMI	B	-0.13%
EXR	C	-0.13%
EFX	C	-0.13%
CEG	B	-0.13%
SYY	B	-0.13%
DPZ	D	-0.13%
RSG	D	-0.13%
VTRS	D	-0.13%
PH	A	-0.13%
SO	A	-0.13%
TSCO	A	-0.12%
XYL	C	-0.12%
MCO	D	-0.12%
YUM	A	-0.12%
BDX	B	-0.12%
AMP	A	-0.12%
CLX	B	-0.12%
IRM	A	-0.12%
PNC	C	-0.11%
PHM	A	-0.11%
DD	B	-0.11%
CSX	D	-0.11%
BX	C	-0.11%
WBA	F	-0.11%
FAST	B	-0.11%
PWR	B	-0.11%
PYPL	C	-0.11%
APH	D	-0.11%
WELL	C	-0.11%
MPWR	B	-0.1%
AOS	B	-0.1%
CW	A	-0.1%
NVR	A	-0.1%
MTD	B	-0.1%
USB	C	-0.1%
DG	F	-0.1%
ITW	A	-0.1%
WTW	B	-0.1%
NTAP	D	-0.1%
FOXA	A	-0.1%
CRS	C	-0.1%
AVY	C	-0.1%
HPE	B	-0.1%
JKHY	A	-0.1%
PSA	C	-0.1%
ADP	A	-0.1%
GDDY	D	-0.1%
DGX	B	-0.09%
AEP	C	-0.09%
OKE	B	-0.09%
TRGP	B	-0.09%
LSTR	D	-0.09%
URI	C	-0.09%
KMI	A	-0.09%
HLT	A	-0.09%
EXPD	C	-0.09%
DASH	A	-0.09%
SBUX	B	-0.09%
BWXT	A	-0.09%
OTIS	A	-0.08%
SRE	A	-0.08%
BIIB	F	-0.08%
IP	C	-0.08%
TFC	D	-0.08%
TYL	B	-0.08%
CCI	C	-0.08%
CPRT	B	-0.08%
BALL	C	-0.08%
ADSK	B	-0.08%
RCL	C	-0.08%
STE	D	-0.08%
GEHC	C	-0.08%
TROW	D	-0.08%
DFS	C	-0.08%
WDC	C	-0.08%
DLR	C	-0.08%
ARES	A	-0.08%
IR	A	-0.08%
WMB	A	-0.08%
NUE	D	-0.08%
KDP	C	-0.08%
ECL	B	-0.08%
NSC	C	-0.07%
MLM	D	-0.07%
COP	D	-0.07%
BKR	B	-0.07%
CHD	C	-0.07%
TTC	D	-0.07%
PKG	C	-0.07%
ROL	B	-0.07%
NKE	D	-0.07%
ALNY	C	-0.07%
MNST	D	-0.07%
FIS	C	-0.07%
LEN	B	-0.07%
EXC	A	-0.07%
EMR	B	-0.07%
D	A	-0.07%
POOL	B	-0.07%
DHI	C	-0.07%
CALM	B	-0.07%
HLI	C	-0.07%
CNC	F	-0.06%
ZTS	C	-0.06%
TXRH	A	-0.06%
HSY	D	-0.06%
STZ	B	-0.06%
L	D	-0.06%
COIN	F	-0.06%
HIG	A	-0.06%
FTNT	A	-0.06%
ERIE	A	-0.06%
ED	A	-0.06%
IDXX	D	-0.06%
JCI	B	-0.06%
PEG	A	-0.06%
OMC	C	-0.06%
MKC	C	-0.06%
MMS	B	-0.06%
O	A	-0.06%
MSCI	B	-0.06%
TTWO	F	-0.06%
CHE	C	-0.06%
ROP	C	-0.06%
EXP	C	-0.06%
MAS	A	-0.06%
MHO	C	-0.05%
NDSN	B	-0.05%
CBRE	A	-0.05%
CUBE	C	-0.05%
NDAQ	C	-0.05%
PPG	D	-0.05%
FANG	D	-0.05%
IBKR	A	-0.05%
CAG	D	-0.05%
VLTO	A	-0.05%
GNRC	B	-0.05%
CPB	D	-0.05%
SQ	D	-0.05%
ATI	B	-0.05%
GNTX	D	-0.05%
ANSS	D	-0.05%
WAT	B	-0.05%
BAX	D	-0.05%
LPLA	D	-0.05%
WAB	A	-0.05%
MTN	D	-0.05%
APP	A	-0.05%
A	B	-0.05%
EIX	A	-0.05%
LECO	D	-0.05%
CARR	A	-0.05%
TW	A	-0.05%
SUI	D	-0.05%
FIX	A	-0.05%
LANC	F	-0.04%
AVTR	D	-0.04%
PAYX	A	-0.04%
IFF	C	-0.04%
BLD	C	-0.04%
MANH	C	-0.04%
PPL	A	-0.04%
TER	C	-0.04%
CVLT	C	-0.04%
CDW	D	-0.04%
ES	C	-0.04%
EXEL	B	-0.04%
NWSA	D	-0.04%
EQR	C	-0.04%
CLH	C	-0.04%
ADBE	F	-0.04%
CTVA	A	-0.04%
FDS	C	-0.04%
COLD	D	-0.04%
SLVM	C	-0.04%
NBIX	F	-0.04%
PSTG	F	-0.04%
PTC	D	-0.04%
ELS	D	-0.04%
AMH	D	-0.04%
CPNG	C	-0.04%
FITB	C	-0.04%
FLEX	C	-0.04%
INVH	D	-0.04%
MAR	B	-0.04%
VRSN	B	-0.04%
FTI	B	-0.04%
ULTA	D	-0.04%
HEI	A	-0.04%
CRBG	C	-0.04%
SCHW	D	-0.04%
VTR	C	-0.04%
CE	D	-0.04%
LOPE	D	-0.04%
ETR	A	-0.04%
RGLD	C	-0.04%
WST	D	-0.04%
NTRS	C	-0.03%
NEU	F	-0.03%
STC	C	-0.03%
LW	D	-0.03%
HXL	F	-0.03%
DELL	C	-0.03%
ADNT	D	-0.03%
MRO	D	-0.03%
COKE	B	-0.03%
FNF	A	-0.03%
DLTR	F	-0.03%
AKAM	D	-0.03%
HBAN	D	-0.03%
SBAC	B	-0.03%
CPAY	A	-0.03%
VC	F	-0.03%
MASI	B	-0.03%
DRI	C	-0.03%
BURL	D	-0.03%
UDR	C	-0.03%
WPC	C	-0.03%
HOOD	C	-0.03%
BFAM	C	-0.03%
MTB	C	-0.03%
WH	C	-0.03%
GGG	B	-0.03%
AWI	A	-0.03%
AVB	C	-0.03%
RPRX	B	-0.03%
MORN	C	-0.03%
CMS	A	-0.03%
HOLX	D	-0.03%
CFG	D	-0.03%
DOX	B	-0.03%
TPX	C	-0.03%
FE	B	-0.03%
ALGN	D	-0.02%
SSNC	C	-0.02%
BEN	F	-0.02%
ODFL	D	-0.02%
CROX	C	-0.02%
CCL	C	-0.02%
DORM	C	-0.02%
ZBRA	A	-0.02%
SAM	D	-0.02%
ESS	C	-0.02%
HST	D	-0.02%
LNW	F	-0.02%
DTE	A	-0.02%
HRL	F	-0.02%
GWRE	A	-0.02%
LNT	A	-0.02%
DOV	C	-0.02%
YELP	D	-0.02%
CINF	A	-0.02%
MAA	C	-0.02%
BRKR	D	-0.02%
DOW	B	-0.02%
RLJ	D	-0.02%
MKTX	C	-0.02%
DLB	D	-0.02%
SKX	B	-0.02%
HAE	D	-0.02%
GMED	D	-0.02%
JBHT	D	-0.02%
KEY	C	-0.02%
WMS	D	-0.02%
WRB	B	-0.02%
LBRDK	B	-0.02%
ORA	C	-0.02%
NOV	F	-0.01%
IGT	F	-0.01%
WGO	D	-0.01%
UAL	B	-0.01%
CNXN	C	-0.01%
IMKTA	F	-0.01%
CNS	C	-0.01%
RKT	C	-0.01%
INCY	B	-0.01%
PFG	C	-0.01%
CNM	F	-0.01%
FELE	C	-0.01%
WWD	B	-0.01%
RBC	C	-0.01%
TNET	F	-0.01%
H	C	-0.01%
SLB	D	-0.01%
RF	C	-0.01%
BMRN	F	-0.01%
SCCO	B	-0.0%
NOMD	D	-0.0%
WOLF	F	-0.0%