VBR vs. SMLF ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to iShares FactorSelect MSCI USA Small-Cap ETF (SMLF)

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

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. 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. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$73.06

Average Daily Volume

71,849

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

Performance

Period	VBR	SMLF
30 Days	7.07%	10.53%
60 Days	7.22%	10.49%
90 Days	8.68%	11.95%
12 Months	33.95%	40.74%

413 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in SMLF	Overlap
AA	B	0.3%	0.13%	0.13%
ABG	B	0.13%	0.15%	0.13%
ACA	A	0.13%	0.1%	0.1%
ACHC	F	0.11%	0.04%	0.04%
ACI	C	0.17%	0.05%	0.05%
ACM	A	0.42%	0.19%	0.19%
AEO	F	0.1%	0.05%	0.05%
AGCO	D	0.19%	0.2%	0.19%
AGNC	D	0.21%	0.16%	0.16%
AGO	B	0.12%	0.27%	0.12%
AIN	C	0.06%	0.01%	0.01%
AIT	A	0.26%	0.12%	0.12%
AIV	C	0.03%	0.06%	0.03%
AIZ	A	0.29%	0.17%	0.17%
ALIT	C	0.08%	0.09%	0.08%
ALLE	D	0.36%	0.16%	0.16%
ALSN	B	0.27%	0.56%	0.27%
ALX	D	0.01%	0.1%	0.01%
AM	A	0.14%	0.37%	0.14%
AMBC	C	0.01%	0.05%	0.01%
AMCX	C	0.0%	0.06%	0.0%
AMG	B	0.16%	0.23%	0.16%
AMN	F	0.04%	0.03%	0.03%
AMRX	C	0.03%	0.07%	0.03%
AN	C	0.15%	0.24%	0.15%
ANF	C	0.2%	0.3%	0.2%
APA	D	0.26%	0.22%	0.22%
APG	B	0.25%	0.09%	0.09%
APOG	B	0.05%	0.11%	0.05%
AR	B	0.11%	0.21%	0.11%
ARCB	C	0.07%	0.02%	0.02%
ARCH	B	0.07%	0.03%	0.03%
AROC	B	0.09%	0.12%	0.09%
ARRY	C	0.01%	0.04%	0.01%
ARW	D	0.18%	0.18%	0.18%
ASB	B	0.1%	0.1%	0.1%
ASGN	F	0.11%	0.01%	0.01%
ASH	D	0.11%	0.07%	0.07%
ASO	F	0.11%	0.06%	0.06%
ATKR	C	0.09%	0.2%	0.09%
AVNT	B	0.12%	0.18%	0.12%
AWR	B	0.09%	0.12%	0.09%
AX	A	0.11%	0.0%	0.0%
AXS	A	0.17%	0.01%	0.01%
AXTA	A	0.24%	0.03%	0.03%
AYI	B	0.27%	0.35%	0.27%
BANF	B	0.06%	0.14%	0.06%
BASE	C	0.02%	0.12%	0.02%
BBWI	D	0.18%	0.2%	0.18%
BC	C	0.15%	0.09%	0.09%
BCC	B	0.15%	0.22%	0.15%
BCO	D	0.13%	0.06%	0.06%
BDC	B	0.14%	0.08%	0.08%
BDN	C	0.02%	0.13%	0.02%
BECN	B	0.17%	0.1%	0.1%
BERY	B	0.22%	0.1%	0.1%
BFH	B	0.07%	0.0%	0.0%
BJ	A	0.33%	0.16%	0.16%
BKD	D	0.03%	0.03%	0.03%
BKE	B	0.04%	0.12%	0.04%
BKH	A	0.12%	0.01%	0.01%
BKU	A	0.08%	0.0%	0.0%
BLKB	B	0.06%	0.13%	0.06%
BLMN	F	0.04%	0.05%	0.04%
BMBL	C	0.02%	0.02%	0.02%
BOH	B	0.08%	0.0%	0.0%
BPOP	B	0.19%	0.53%	0.19%
BRC	D	0.09%	0.17%	0.09%
BRSP	B	0.02%	0.03%	0.02%
BRX	A	0.24%	0.37%	0.24%
BYD	C	0.07%	0.01%	0.01%
CACI	D	0.36%	0.02%	0.02%
CAKE	C	0.06%	0.01%	0.01%
CAL	D	0.01%	0.08%	0.01%
CAR	C	0.04%	0.09%	0.04%
CARS	B	0.03%	0.08%	0.03%
CBSH	A	0.21%	0.24%	0.21%
CBT	C	0.17%	0.12%	0.12%
CC	C	0.08%	0.06%	0.06%
CDP	C	0.11%	0.03%	0.03%
CENTA	C	0.04%	0.05%	0.04%
CFFN	B	0.02%	0.04%	0.02%
CFR	B	0.21%	0.25%	0.21%
CHCO	B	0.05%	0.0%	0.0%
CHRD	D	0.23%	0.03%	0.03%
CMA	A	0.25%	0.0%	0.0%
CMC	B	0.18%	0.14%	0.14%
CMPR	D	0.02%	0.1%	0.02%
CNDT	C	0.01%	0.02%	0.01%
CNO	A	0.1%	0.16%	0.1%
CNX	A	0.14%	0.06%	0.06%
COOP	B	0.16%	0.41%	0.16%
COTY	F	0.08%	0.06%	0.06%
CR	A	0.22%	0.35%	0.22%
CRC	B	0.12%	0.1%	0.1%
CRUS	D	0.17%	0.11%	0.11%
CSL	C	0.57%	0.41%	0.41%
CUZ	B	0.14%	0.08%	0.08%
CVBF	A	0.08%	0.05%	0.05%
CVI	F	0.02%	0.03%	0.02%
CWEN	C	0.07%	0.15%	0.07%
CWEN	C	0.03%	0.15%	0.03%
CWK	B	0.09%	0.01%	0.01%
CXT	B	0.08%	0.09%	0.08%
CXW	B	0.04%	0.11%	0.04%
DAN	D	0.03%	0.02%	0.02%
DAWN	F	0.02%	0.04%	0.02%
DCI	B	0.26%	0.18%	0.18%
DDS	B	0.05%	0.31%	0.05%
DEI	B	0.09%	0.0%	0.0%
DIN	C	0.01%	0.04%	0.01%
DINO	D	0.18%	0.01%	0.01%
DKS	C	0.23%	0.38%	0.23%
DLX	B	0.02%	0.08%	0.02%
DNB	B	0.12%	0.03%	0.03%
DNOW	B	0.04%	0.1%	0.04%
DTM	B	0.26%	0.2%	0.2%
DY	D	0.07%	0.02%	0.02%
DYN	F	0.04%	0.02%	0.02%
EDR	A	0.12%	0.02%	0.02%
EGBN	B	0.01%	0.0%	0.0%
EGP	F	0.24%	0.09%	0.09%
EHC	B	0.29%	0.05%	0.05%
EIG	B	0.04%	0.0%	0.0%
ELAN	D	0.18%	0.08%	0.08%
EMBC	C	0.02%	0.03%	0.02%
EME	C	0.61%	0.94%	0.61%
ENR	B	0.07%	0.01%	0.01%
ENS	D	0.11%	0.04%	0.04%
EPC	D	0.05%	0.01%	0.01%
EPR	D	0.1%	0.02%	0.02%
EQC	B	0.06%	0.07%	0.06%
ESAB	B	0.21%	0.18%	0.18%
ESI	A	0.17%	0.15%	0.15%
EVR	B	0.28%	0.81%	0.28%
EVTC	B	0.06%	0.03%	0.03%
EWBC	A	0.39%	0.39%	0.39%
FAF	A	0.18%	0.16%	0.16%
FBP	B	0.09%	0.0%	0.0%
FCN	D	0.2%	0.04%	0.04%
FCNCA	A	0.61%	0.27%	0.27%
FFIN	B	0.13%	0.05%	0.05%
FHB	A	0.09%	0.08%	0.08%
FHI	A	0.09%	0.11%	0.09%
FHN	A	0.27%	0.04%	0.04%
FL	F	0.06%	0.03%	0.03%
FLO	D	0.12%	0.06%	0.06%
FLR	B	0.26%	0.08%	0.08%
FR	C	0.2%	0.31%	0.2%
FULT	A	0.1%	0.0%	0.0%
FYBR	D	0.26%	0.13%	0.13%
GAP	C	0.15%	0.23%	0.15%
GATX	A	0.14%	0.15%	0.14%
GEF	A	0.0%	0.01%	0.0%
GEF	A	0.04%	0.01%	0.01%
GEO	B	0.06%	0.12%	0.06%
GES	F	0.01%	0.15%	0.01%
GFF	A	0.08%	0.12%	0.08%
GIII	D	0.03%	0.02%	0.02%
GLPI	C	0.38%	0.18%	0.18%
GME	C	0.25%	0.16%	0.16%
GMS	B	0.1%	0.08%	0.08%
GNW	A	0.09%	0.0%	0.0%
GO	C	0.04%	0.01%	0.01%
GOLF	B	0.05%	0.13%	0.05%
GPI	A	0.14%	0.22%	0.14%
GPK	C	0.25%	0.26%	0.25%
HAIN	C	0.02%	0.01%	0.01%
HAS	D	0.25%	0.19%	0.19%
HASI	D	0.12%	0.07%	0.07%
HCC	B	0.1%	0.06%	0.06%
HE	C	0.05%	0.06%	0.05%
HEES	B	0.05%	0.09%	0.05%
HELE	C	0.04%	0.04%	0.04%
HI	C	0.06%	0.09%	0.06%
HIW	D	0.1%	0.18%	0.1%
HLF	C	0.02%	0.04%	0.02%
HNI	B	0.06%	0.03%	0.03%
HOG	D	0.11%	0.15%	0.11%
HP	B	0.04%	0.1%	0.04%
HPP	F	0.02%	0.04%	0.02%
HRB	D	0.24%	0.4%	0.24%
HTH	B	0.04%	0.11%	0.04%
HTZ	C	0.01%	0.01%	0.01%
HUN	F	0.11%	0.1%	0.1%
HURN	B	0.06%	0.25%	0.06%
HWC	B	0.13%	0.08%	0.08%
IBOC	A	0.1%	0.11%	0.1%
IDA	A	0.16%	0.46%	0.16%
INVA	D	0.03%	0.09%	0.03%
IOSP	B	0.08%	0.04%	0.04%
ITGR	B	0.12%	0.05%	0.05%
ITT	A	0.33%	0.31%	0.31%
IVT	B	0.06%	0.16%	0.06%
IVZ	B	0.22%	0.1%	0.1%
JACK	D	0.03%	0.09%	0.03%
JBL	B	0.39%	0.55%	0.39%
JEF	A	0.27%	0.4%	0.27%
JELD	F	0.03%	0.02%	0.02%
JHG	A	0.15%	0.31%	0.15%
JOBY	B	0.06%	0.01%	0.01%
JXN	C	0.22%	0.0%	0.0%
KALU	C	0.03%	0.01%	0.01%
KBR	F	0.26%	0.12%	0.12%
KD	B	0.15%	0.06%	0.06%
KFRC	D	0.03%	0.16%	0.03%
KFY	B	0.11%	0.02%	0.02%
KIM	A	0.47%	0.16%	0.16%
KN	B	0.04%	0.08%	0.04%
KNF	A	0.16%	0.07%	0.07%
KRC	C	0.14%	0.12%	0.12%
KREF	D	0.02%	0.04%	0.02%
KSS	F	0.06%	0.08%	0.06%
LADR	B	0.04%	0.06%	0.04%
LAMR	D	0.17%	0.33%	0.17%
LGND	B	0.05%	0.09%	0.05%
LPX	B	0.18%	0.41%	0.18%
LRN	A	0.06%	0.16%	0.06%
LUMN	C	0.19%	0.2%	0.19%
LXP	D	0.08%	0.07%	0.07%
LYFT	C	0.13%	0.1%	0.1%
M	D	0.12%	0.19%	0.12%
MAC	B	0.12%	0.31%	0.12%
MAN	D	0.09%	0.04%	0.04%
MAT	D	0.2%	0.12%	0.12%
MATV	D	0.02%	0.07%	0.02%
MATX	C	0.15%	0.21%	0.15%
MCY	A	0.05%	0.06%	0.05%
MDGL	B	0.14%	0.11%	0.11%
MDU	D	0.16%	0.04%	0.04%
MIDD	C	0.2%	0.08%	0.08%
MKSI	C	0.2%	0.08%	0.08%
MLI	C	0.27%	0.49%	0.27%
MOG.A	B	0.16%	0.03%	0.03%
MPW	F	0.08%	0.06%	0.06%
MRC	B	0.03%	0.09%	0.03%
MSA	D	0.18%	0.02%	0.02%
MSM	C	0.1%	0.02%	0.02%
MTG	C	0.19%	0.09%	0.09%
MTRN	C	0.06%	0.1%	0.06%
MUR	D	0.13%	0.19%	0.13%
NATL	B	0.06%	0.04%	0.04%
NAVI	C	0.03%	0.19%	0.03%
NBTB	B	0.06%	0.0%	0.0%
NFG	A	0.16%	0.13%	0.13%
NGVT	B	0.04%	0.01%	0.01%
NHI	D	0.1%	0.04%	0.04%
NJR	A	0.13%	0.14%	0.13%
NNN	D	0.23%	0.1%	0.1%
NSIT	F	0.17%	0.06%	0.06%
NSP	D	0.08%	0.11%	0.08%
NTCT	C	0.04%	0.11%	0.04%
NUS	D	0.0%	0.02%	0.0%
NUVL	D	0.11%	0.13%	0.11%
NVST	B	0.11%	0.06%	0.06%
NVT	B	0.36%	0.49%	0.36%
NWL	B	0.1%	0.02%	0.02%
NWN	A	0.04%	0.01%	0.01%
NX	C	0.04%	0.03%	0.03%
NXST	C	0.16%	0.07%	0.07%
NYT	C	0.25%	0.12%	0.12%
OC	A	0.45%	0.18%	0.18%
ODP	F	0.03%	0.11%	0.03%
OFG	B	0.05%	0.0%	0.0%
OGE	B	0.23%	0.12%	0.12%
OGS	A	0.12%	0.13%	0.12%
OHI	C	0.32%	0.09%	0.09%
OI	C	0.05%	0.03%	0.03%
OLN	D	0.14%	0.09%	0.09%
OLPX	D	0.01%	0.01%	0.01%
OMF	A	0.17%	0.16%	0.16%
OMI	F	0.03%	0.04%	0.03%
ORI	A	0.24%	0.41%	0.24%
OSIS	B	0.06%	0.02%	0.02%
OTTR	C	0.1%	0.06%	0.06%
OUT	A	0.07%	0.04%	0.04%
OVV	B	0.3%	0.25%	0.25%
OXM	D	0.03%	0.06%	0.03%
OZK	B	0.14%	0.08%	0.08%
PARA	C	0.17%	0.11%	0.11%
PBF	D	0.08%	0.02%	0.02%
PBH	A	0.11%	0.09%	0.09%
PCH	D	0.1%	0.01%	0.01%
PDCO	D	0.05%	0.02%	0.02%
PDM	D	0.04%	0.17%	0.04%
PFSI	D	0.07%	0.04%	0.04%
PHIN	A	0.06%	0.09%	0.06%
PII	D	0.11%	0.01%	0.01%
PIPR	B	0.14%	0.34%	0.14%
PK	B	0.08%	0.05%	0.05%
PNFP	B	0.11%	0.1%	0.1%
POR	C	0.14%	0.07%	0.07%
PR	B	0.13%	0.02%	0.02%
PRG	C	0.05%	0.17%	0.05%
PRGO	B	0.1%	0.04%	0.04%
PRGS	A	0.08%	0.18%	0.08%
PRI	A	0.27%	0.28%	0.27%
PTEN	C	0.09%	0.11%	0.09%
PVH	C	0.16%	0.17%	0.16%
PZZA	D	0.05%	0.05%	0.05%
R	B	0.18%	0.28%	0.18%
RBRK	A	0.03%	0.01%	0.01%
RDN	C	0.15%	0.06%	0.06%
REVG	B	0.04%	0.03%	0.03%
RHI	B	0.2%	0.17%	0.17%
RL	B	0.22%	0.15%	0.15%
RLI	B	0.2%	0.03%	0.03%
RNG	B	0.08%	0.19%	0.08%
RNR	C	0.4%	0.21%	0.21%
RPM	A	0.48%	0.22%	0.22%
RRC	B	0.2%	0.19%	0.19%
RRX	B	0.32%	0.2%	0.2%
RS	B	0.46%	0.49%	0.46%
RUSHA	C	0.1%	0.06%	0.06%
RYN	D	0.14%	0.06%	0.06%
SAH	A	0.02%	0.04%	0.02%
SANM	B	0.11%	0.22%	0.11%
SATS	D	0.09%	0.12%	0.09%
SCI	B	0.33%	0.14%	0.14%
SCS	C	0.03%	0.08%	0.03%
SEE	C	0.12%	0.0%	0.0%
SF	B	0.29%	0.17%	0.17%
SFBS	B	0.06%	0.13%	0.06%
SFM	A	0.38%	0.6%	0.38%
SHO	C	0.06%	0.01%	0.01%
SIG	B	0.11%	0.26%	0.11%
SKT	B	0.11%	0.24%	0.11%
SLG	B	0.14%	0.49%	0.14%
SLM	A	0.14%	0.16%	0.14%
SM	B	0.07%	0.07%	0.07%
SMG	D	0.11%	0.19%	0.11%
SNV	B	0.2%	0.05%	0.05%
SOLV	C	0.29%	0.31%	0.29%
SON	D	0.15%	0.09%	0.09%
SPB	C	0.07%	0.15%	0.07%
SR	A	0.1%	0.12%	0.1%
SSB	B	0.22%	0.02%	0.02%
SSTK	F	0.01%	0.11%	0.01%
STAG	F	0.2%	0.04%	0.04%
STWD	C	0.18%	0.06%	0.06%
SUPN	C	0.05%	0.03%	0.03%
SVC	F	0.02%	0.02%	0.02%
SWI	B	0.02%	0.01%	0.01%
SWX	B	0.13%	0.01%	0.01%
SYNA	C	0.08%	0.1%	0.08%
TCBI	B	0.1%	0.03%	0.03%
TDC	D	0.09%	0.01%	0.01%
TDS	B	0.08%	0.04%	0.04%
TEX	D	0.1%	0.19%	0.1%
TGNA	B	0.08%	0.09%	0.08%
THC	D	0.43%	0.31%	0.31%
THO	B	0.15%	0.13%	0.13%
THR	B	0.03%	0.05%	0.03%
TILE	B	0.01%	0.05%	0.01%
TKR	D	0.15%	0.17%	0.15%
TMHC	B	0.2%	0.09%	0.09%
TNL	A	0.09%	0.16%	0.09%
TOL	B	0.44%	0.16%	0.16%
TPG	A	0.16%	0.2%	0.16%
TPH	D	0.11%	0.14%	0.11%
TPR	B	0.32%	0.3%	0.3%
TRMK	B	0.06%	0.0%	0.0%
TRN	C	0.08%	0.06%	0.06%
TTEK	F	0.38%	0.29%	0.29%
UA	C	0.03%	0.14%	0.03%
UFPI	B	0.21%	0.23%	0.21%
UGI	A	0.15%	0.1%	0.1%
UMBF	B	0.13%	0.14%	0.13%
UNFI	A	0.03%	0.02%	0.02%
UNIT	B	0.03%	0.07%	0.03%
UNM	A	0.28%	0.0%	0.0%
UPBD	B	0.04%	0.09%	0.04%
USFD	A	0.44%	0.18%	0.18%
USNA	C	0.01%	0.02%	0.01%
UTHR	C	0.49%	0.38%	0.38%
UVV	B	0.03%	0.06%	0.03%
VAC	B	0.07%	0.07%	0.07%
VC	D	0.04%	0.08%	0.04%
VFC	C	0.24%	0.08%	0.08%
VIAV	B	0.06%	0.03%	0.03%
VIRT	B	0.07%	0.03%	0.03%
VMEO	B	0.01%	0.13%	0.01%
VMI	B	0.18%	0.15%	0.15%
VNO	B	0.22%	0.41%	0.22%
VNT	B	0.17%	0.05%	0.05%
VOYA	B	0.23%	0.17%	0.17%
VRE	B	0.04%	0.01%	0.01%
VSH	D	0.06%	0.09%	0.06%
VSTO	A	0.03%	0.14%	0.03%
VSTS	C	0.05%	0.02%	0.02%
WAFD	B	0.08%	0.12%	0.08%
WAL	B	0.25%	0.1%	0.1%
WBA	F	0.1%	0.05%	0.05%
WBS	A	0.26%	0.05%	0.05%
WCC	B	0.28%	0.2%	0.2%
WD	D	0.1%	0.02%	0.02%
WEN	D	0.1%	0.12%	0.1%
WLY	B	0.06%	0.07%	0.06%
WNC	C	0.02%	0.07%	0.02%
WOOF	D	0.01%	0.02%	0.01%
WOR	F	0.03%	0.08%	0.03%
WS	B	0.04%	0.22%	0.04%
WSM	B	0.39%	0.42%	0.39%
WTFC	A	0.23%	0.02%	0.02%
WTM	A	0.13%	0.16%	0.13%
WTS	B	0.15%	0.12%	0.12%
X	C	0.23%	0.1%	0.1%
XHR	B	0.02%	0.03%	0.02%
XPO	B	0.21%	0.17%	0.17%
XRAY	F	0.14%	0.2%	0.14%
XRX	F	0.03%	0.18%	0.03%
ZION	B	0.22%	0.24%	0.22%
ZIP	F	0.01%	0.05%	0.01%

VBR Overweight 381 Positions Relative to SMLF

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
BLDR	D	0.58%
ATO	A	0.58%
NRG	B	0.55%
PNR	A	0.48%
IEX	B	0.47%
EQH	B	0.42%
RGA	A	0.41%
FFIV	B	0.4%
JLL	D	0.38%
REG	B	0.38%
PFGC	B	0.37%
JNPR	F	0.37%
EMN	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
BG	F	0.35%
SJM	D	0.34%
CHRW	C	0.34%
UHS	D	0.34%
CG	A	0.34%
AES	F	0.34%
ATR	B	0.33%
CCK	C	0.33%
KMX	B	0.33%
BXP	D	0.33%
HUBB	B	0.33%
IPG	D	0.32%
EPAM	C	0.3%
FBIN	D	0.3%
ARMK	B	0.29%
PNW	B	0.29%
TAP	C	0.28%
TFX	F	0.28%
GL	B	0.28%
WTRG	B	0.28%
STLD	B	0.28%
ALLY	C	0.28%
LKQ	D	0.28%
AFG	A	0.28%
Z	A	0.27%
FRT	B	0.27%
SEIC	B	0.26%
AAL	B	0.26%
LAD	A	0.26%
HSIC	B	0.26%
MUSA	A	0.26%
MOS	F	0.25%
INGR	B	0.25%
FMC	D	0.24%
DOC	D	0.23%
NI	A	0.23%
KNX	B	0.23%
SAIC	F	0.22%
SNX	C	0.22%
ADC	B	0.22%
BWA	D	0.22%
COHR	B	0.21%
MHK	D	0.21%
HII	D	0.21%
QRVO	F	0.2%
G	B	0.2%
FLS	B	0.2%
BIO	D	0.2%
JAZZ	B	0.19%
MTH	D	0.19%
EVRG	A	0.19%
UHAL	D	0.19%
PB	A	0.19%
KEX	C	0.19%
OSK	B	0.19%
ALK	C	0.18%
ESNT	D	0.18%
CLF	F	0.18%
CADE	B	0.18%
ONB	B	0.18%
WHR	B	0.17%
SRCL	C	0.17%
SUM	B	0.17%
SIRI	C	0.17%
DVA	B	0.17%
GBCI	B	0.17%
LNC	B	0.17%
COLB	A	0.17%
LEA	D	0.16%
SIGI	C	0.16%
ALB	C	0.16%
NCLH	B	0.16%
KBH	D	0.15%
UBSI	B	0.15%
PSN	D	0.15%
ST	F	0.15%
VVV	F	0.15%
FNB	A	0.15%
KTB	B	0.14%
AVT	C	0.14%
THG	A	0.14%
OGN	D	0.14%
AUR	C	0.14%
HOMB	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
EAT	A	0.13%
AL	B	0.13%
SBRA	C	0.13%
GTES	A	0.13%
ICUI	D	0.12%
FUL	F	0.12%
ABCB	B	0.12%
VLY	B	0.12%
SLGN	A	0.12%
MGM	D	0.12%
SKYW	B	0.11%
WU	D	0.11%
GVA	A	0.11%
ESGR	B	0.11%
ALE	A	0.11%
KMPR	B	0.11%
HL	D	0.11%
MTZ	B	0.11%
PLXS	B	0.11%
PNM	F	0.11%
BEN	C	0.1%
MGEE	C	0.1%
NWE	B	0.1%
BNL	D	0.1%
ABM	B	0.1%
SEM	B	0.1%
BGC	C	0.1%
UCB	A	0.1%
AUB	B	0.1%
IAC	D	0.1%
DXC	B	0.1%
WSFS	A	0.09%
AVA	A	0.09%
JWN	C	0.09%
MIR	A	0.09%
PENN	C	0.09%
PAG	B	0.09%
NPO	A	0.09%
ADTN	A	0.09%
APAM	B	0.09%
AMED	F	0.09%
BTU	B	0.09%
CATY	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%
ESE	B	0.09%
FIBK	A	0.08%
AKR	B	0.08%
ABR	C	0.08%
UE	C	0.08%
UNF	B	0.08%
DBRG	F	0.08%
REZI	A	0.08%
GHC	C	0.08%
SFNC	B	0.08%
MGRC	B	0.08%
AMKR	D	0.08%
IOVA	F	0.08%
BHF	B	0.08%
ATGE	B	0.08%
OMCL	C	0.07%
GT	C	0.07%
ENOV	C	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%
CNXC	F	0.07%
VSCO	B	0.07%
BOKF	B	0.07%
MTX	B	0.07%
HAYW	B	0.07%
PPBI	B	0.07%
BXMT	C	0.07%
PRK	B	0.07%
URBN	C	0.07%
INDB	B	0.07%
HUBG	A	0.07%
WLK	D	0.07%
POST	C	0.07%
NMRK	B	0.06%
CGON	F	0.06%
AZTA	D	0.06%
IMVT	F	0.06%
RXO	C	0.06%
KMT	B	0.06%
MHO	D	0.06%
AIR	B	0.06%
PINC	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
PSMT	C	0.06%
ZG	A	0.06%
IBTX	B	0.06%
FRME	B	0.06%
RNST	B	0.06%
ZD	C	0.06%
LAUR	A	0.06%
INFA	D	0.06%
AAP	C	0.06%
TOWN	B	0.06%
B	B	0.06%
IPGP	D	0.06%
AZZ	B	0.06%
WERN	C	0.06%
TTMI	B	0.06%
SXI	B	0.06%
BANR	B	0.06%
CPRI	F	0.06%
SCL	C	0.05%
SHOO	D	0.05%
MLKN	D	0.05%
LZB	B	0.05%
FCF	A	0.05%
UAA	C	0.05%
CNK	B	0.05%
LTC	B	0.05%
DRH	B	0.05%
NWBI	B	0.05%
THS	D	0.05%
NBHC	B	0.05%
KAR	B	0.05%
PPC	C	0.05%
STEP	B	0.05%
GBX	A	0.05%
WSBC	A	0.05%
GNL	F	0.05%
CRGY	B	0.05%
VYX	B	0.05%
ROIC	A	0.05%
CRI	D	0.05%
PBI	B	0.04%
ARI	C	0.04%
AAT	B	0.04%
FDP	B	0.04%
SPNT	A	0.04%
IART	C	0.04%
COLM	B	0.04%
NNI	D	0.04%
RRR	D	0.04%
WABC	B	0.04%
CSGS	B	0.04%
VRNT	C	0.04%
SBH	C	0.04%
LCII	C	0.04%
ALEX	C	0.04%
STBA	B	0.04%
ESRT	C	0.04%
CODI	B	0.04%
WT	B	0.04%
REYN	D	0.04%
HOPE	B	0.04%
VCTR	B	0.04%
TROX	D	0.04%
SMR	B	0.04%
VRTS	B	0.04%
WKC	D	0.04%
ANDE	D	0.04%
JBGS	D	0.04%
ELME	D	0.04%
BHE	B	0.04%
LC	A	0.04%
FTRE	D	0.04%
HMN	B	0.04%
NHC	C	0.04%
LEG	F	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%
FA	C	0.03%
LGF.A	C	0.03%
SCSC	B	0.03%
BV	B	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%
WMK	C	0.03%
KWR	C	0.03%
INSW	F	0.03%
ECPG	B	0.03%
TRS	B	0.03%
SNDR	B	0.03%
CBRL	C	0.03%
MD	B	0.03%
ACT	D	0.03%
FBRT	C	0.03%
CSR	B	0.03%
ATSG	B	0.03%
HTLF	B	0.03%
VSAT	F	0.03%
SAFT	C	0.03%
CNNE	B	0.03%
MSGE	F	0.03%
WWW	B	0.03%
BHLB	B	0.03%
PMT	D	0.03%
ATUS	C	0.02%
FOR	F	0.02%
NAPA	B	0.02%
CWH	B	0.02%
PUMP	B	0.02%
KELYA	F	0.02%
HY	D	0.02%
AXL	C	0.02%
BGS	F	0.02%
UHAL	D	0.02%
RGR	F	0.02%
KOP	C	0.02%
MODG	F	0.02%
SEB	F	0.02%
MATW	C	0.02%
PRLB	A	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ETWO	F	0.02%
ASTE	B	0.02%
PCRX	C	0.02%
CMTG	F	0.02%
TMP	B	0.02%
PRAA	C	0.02%
FG	B	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HCSG	C	0.02%
LEVI	F	0.02%
EYE	C	0.02%
JBLU	F	0.02%
OPK	C	0.01%
TWKS	D	0.01%
CENT	C	0.01%
CMP	C	0.01%
KRO	D	0.01%
TGI	B	0.01%
VREX	C	0.01%
SWBI	C	0.01%
TRTX	B	0.01%
SRCL	C	0.01%
CRCT	F	0.01%
NVRI	F	0.01%
INN	D	0.01%
RUSHB	B	0.01%
WRLD	C	0.01%
RMR	F	0.01%
GRC	A	0.01%
EE	A	0.01%
NABL	F	0.01%
PTVE	B	0.01%
BJRI	B	0.01%
FWRD	D	0.01%
CCO	C	0.01%
CLB	B	0.01%
CLBK	B	0.01%
HTLD	B	0.01%
BFS	C	0.01%
SCHL	D	0.01%
DJT	C	0.01%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	0.01%
SCWX	B	0.0%
AC	C	0.0%
ACDC	C	0.0%
TASK	C	0.0%
LESL	C	0.0%
LDI	C	0.0%
BRCC	F	0.0%

VBR Underweight 399 Positions Relative to SMLF

Symbol	Grade	Weight
APP	B	-1.49%
MSTR	C	-0.73%
DECK	A	-0.72%
AXON	A	-0.66%
NTNX	A	-0.56%
MANH	D	-0.5%
CVNA	B	-0.46%
IBKR	A	-0.45%
FIX	A	-0.44%
DUOL	A	-0.44%
COCO	B	-0.43%
PCOR	B	-0.42%
IOT	A	-0.41%
NTRA	B	-0.4%
LBRDA	C	-0.4%
GTLB	B	-0.39%
POWL	C	-0.38%
MEDP	D	-0.38%
WING	D	-0.36%
CNM	D	-0.36%
WFRD	D	-0.35%
CAVA	B	-0.34%
WK	B	-0.34%
HSII	B	-0.31%
WSO	A	-0.31%
FLEX	A	-0.31%
ALKS	B	-0.3%
SPXC	A	-0.3%
CORT	B	-0.3%
CHE	D	-0.3%
GGG	B	-0.3%
EXE	B	-0.29%
STRL	B	-0.29%
PSTG	D	-0.29%
INTA	A	-0.27%
SN	D	-0.27%
SMAR	A	-0.26%
ESTC	C	-0.26%
AMH	D	-0.25%
MOD	A	-0.25%
TPX	B	-0.24%
CPRX	C	-0.24%
TREX	C	-0.24%
RMBS	C	-0.24%
HALO	F	-0.24%
EXEL	B	-0.24%
IMKTA	C	-0.24%
CW	B	-0.23%
ENTG	D	-0.23%
LSCC	D	-0.23%
YOU	D	-0.23%
EXLS	B	-0.23%
COKE	C	-0.22%
AXSM	B	-0.22%
TOST	B	-0.21%
BLD	D	-0.21%
AZPN	A	-0.21%
SRPT	D	-0.2%
ETSY	D	-0.2%
LIVN	F	-0.2%
RDDT	B	-0.2%
ELF	C	-0.2%
DNLI	D	-0.2%
HAE	C	-0.2%
JOE	F	-0.19%
CROX	D	-0.19%
GH	B	-0.19%
HLI	B	-0.18%
KNSL	B	-0.18%
TDOC	C	-0.18%
NDSN	B	-0.18%
VCYT	B	-0.18%
FROG	C	-0.18%
MMYT	B	-0.17%
ACLX	C	-0.17%
LNW	D	-0.17%
LNTH	D	-0.17%
KRG	B	-0.17%
EXTR	B	-0.17%
PRKS	C	-0.17%
JBSS	D	-0.17%
SRCE	B	-0.16%
BL	B	-0.16%
BMI	B	-0.16%
CVCO	A	-0.16%
PGRE	F	-0.16%
LBTYA	B	-0.15%
GNRC	B	-0.15%
SBGI	B	-0.15%
ONON	A	-0.15%
XNCR	B	-0.15%
ONTO	D	-0.15%
W	F	-0.15%
FTAI	B	-0.15%
DOCS	C	-0.15%
SKY	A	-0.15%
AMR	C	-0.14%
RGLD	C	-0.14%
ATI	D	-0.14%
IGT	F	-0.14%
MMSI	B	-0.14%
NOVT	D	-0.14%
IONS	F	-0.14%
PI	D	-0.14%
BRKR	D	-0.14%
ENSG	D	-0.14%
TTC	D	-0.14%
YEXT	A	-0.14%
PCTY	B	-0.14%
AY	B	-0.14%
SPT	C	-0.14%
SSD	D	-0.14%
BPMC	C	-0.13%
IPAR	B	-0.13%
TNET	D	-0.13%
ACCO	C	-0.13%
BRZE	C	-0.13%
BWXT	B	-0.13%
RYAN	B	-0.13%
KAI	A	-0.13%
QLYS	C	-0.13%
INSP	D	-0.12%
SAIA	B	-0.12%
ACLS	F	-0.12%
WH	B	-0.12%
NOV	C	-0.12%
BSY	D	-0.12%
CYTK	F	-0.11%
TXNM	A	-0.11%
LAZ	B	-0.11%
OII	B	-0.11%
DFIN	D	-0.11%
LOVE	B	-0.11%
CUBE	D	-0.11%
MFA	D	-0.11%
ACAD	D	-0.11%
CARG	C	-0.11%
SPSC	C	-0.11%
BAND	B	-0.11%
CHX	C	-0.11%
MCB	B	-0.11%
BCRX	D	-0.11%
KW	B	-0.1%
CHDN	B	-0.1%
EXPI	C	-0.1%
CRDO	B	-0.1%
VECO	F	-0.1%
LSTR	D	-0.1%
ICFI	F	-0.1%
HOV	D	-0.1%
AGM	C	-0.1%
KLIC	B	-0.1%
INSM	C	-0.1%
WMS	D	-0.1%
VRNS	D	-0.1%
HIMS	B	-0.1%
EEFT	B	-0.09%
MTSI	B	-0.09%
WSC	D	-0.09%
MTN	C	-0.09%
PCVX	D	-0.09%
ATEN	B	-0.09%
VERA	B	-0.09%
LZ	D	-0.09%
FLG	C	-0.09%
IDCC	A	-0.09%
PLNT	A	-0.09%
COUR	F	-0.09%
DVAX	C	-0.09%
AMLX	C	-0.09%
WEX	D	-0.09%
CUBI	C	-0.09%
CRS	A	-0.09%
EXPO	D	-0.09%
FIVN	C	-0.08%
TENB	C	-0.08%
LILA	D	-0.08%
OPCH	D	-0.08%
CVLT	B	-0.08%
VIR	D	-0.08%
RGEN	D	-0.08%
PEGA	A	-0.08%
OSCR	D	-0.08%
PD	C	-0.08%
YETI	C	-0.08%
MASI	A	-0.08%
CACC	D	-0.08%
BOX	B	-0.08%
NSSC	D	-0.08%
AGX	B	-0.08%
ALV	C	-0.08%
CSWI	A	-0.08%
CNMD	C	-0.07%
AFRM	B	-0.07%
CLH	B	-0.07%
DH	D	-0.07%
PEN	B	-0.07%
EYPT	F	-0.07%
WYNN	D	-0.07%
RIG	D	-0.07%
AMPH	D	-0.07%
AMPL	C	-0.07%
FLNC	C	-0.07%
NBR	C	-0.07%
EPAC	B	-0.07%
NTB	B	-0.07%
GKOS	B	-0.07%
DOMO	C	-0.07%
GCO	B	-0.07%
PLUS	F	-0.07%
TXRH	C	-0.07%
SNEX	B	-0.07%
NARI	C	-0.07%
CEIX	A	-0.07%
AVXL	B	-0.06%
YELP	C	-0.06%
AVDX	B	-0.06%
GPMT	C	-0.06%
S	B	-0.06%
FN	D	-0.06%
TNC	D	-0.06%
NXT	C	-0.06%
ILPT	D	-0.06%
HWKN	B	-0.06%
CTBI	B	-0.06%
BRBR	A	-0.06%
ITCI	C	-0.06%
VKTX	F	-0.06%
FUN	C	-0.06%
SOFI	A	-0.06%
WTTR	B	-0.06%
CASY	A	-0.06%
IRTC	D	-0.06%
ADEA	D	-0.06%
SFL	D	-0.06%
ADMA	B	-0.06%
APPF	B	-0.06%
AZEK	A	-0.06%
MED	F	-0.06%
FOLD	F	-0.05%
AVAV	D	-0.05%
SONO	C	-0.05%
ITRI	B	-0.05%
LBTYK	A	-0.05%
BEAM	D	-0.05%
SITE	D	-0.05%
CERS	C	-0.05%
PATH	C	-0.05%
HOUS	D	-0.05%
MERC	F	-0.05%
KOS	F	-0.05%
TARS	B	-0.05%
SMTC	B	-0.05%
APLS	D	-0.05%
LFUS	F	-0.05%
ASAN	C	-0.05%
MDXG	B	-0.05%
WGO	C	-0.05%
LECO	B	-0.05%
ARWR	F	-0.04%
CORZ	A	-0.04%
LPG	F	-0.04%
FLYW	C	-0.04%
AGS	A	-0.04%
IDT	B	-0.04%
SANA	F	-0.04%
TPB	B	-0.04%
ANAB	F	-0.04%
RVMD	C	-0.04%
KLG	C	-0.04%
CELH	F	-0.04%
AGYS	A	-0.04%
ROKU	D	-0.04%
BILL	A	-0.04%
ANGI	D	-0.04%
IBP	D	-0.04%
HSTM	B	-0.04%
MMS	F	-0.04%
BCPC	B	-0.04%
RCUS	F	-0.04%
JANX	C	-0.03%
SWIM	C	-0.03%
GMED	A	-0.03%
ALHC	C	-0.03%
ALRM	C	-0.03%
RDFN	D	-0.03%
ADT	C	-0.03%
LTH	C	-0.03%
VNDA	C	-0.03%
RGNX	F	-0.03%
VCEL	B	-0.03%
TGTX	B	-0.03%
BBIO	F	-0.03%
QXO	D	-0.03%
OFIX	B	-0.03%
CIEN	B	-0.03%
QDEL	F	-0.03%
SNBR	F	-0.03%
RYI	C	-0.03%
CHWY	B	-0.03%
IESC	B	-0.03%
UDMY	F	-0.03%
SLAB	D	-0.03%
MGNI	A	-0.03%
ACCD	D	-0.03%
VITL	D	-0.03%
CGEM	F	-0.03%
IVR	F	-0.03%
RPD	C	-0.03%
SPRY	D	-0.03%
ATRC	C	-0.03%
CNS	B	-0.03%
RKT	F	-0.03%
UVE	B	-0.03%
NRC	F	-0.03%
OLED	D	-0.03%
RXT	C	-0.02%
ERAS	C	-0.02%
SLVM	B	-0.02%
TSE	F	-0.02%
KVYO	C	-0.02%
ARCT	F	-0.02%
OMER	A	-0.02%
BRY	F	-0.02%
EVH	F	-0.02%
PRO	C	-0.02%
RAMP	C	-0.02%
QRTEA	F	-0.02%
GPRO	F	-0.02%
SAFE	D	-0.02%
KRNY	B	-0.02%
DOCN	D	-0.02%
ALAB	B	-0.02%
EVRI	A	-0.02%
OPI	F	-0.02%
IRWD	F	-0.02%
FSS	B	-0.02%
MTW	C	-0.02%
DBI	F	-0.02%
LMAT	A	-0.02%
CLVT	F	-0.02%
RLJ	C	-0.02%
CRSP	D	-0.02%
TLRY	F	-0.02%
SITC	D	-0.02%
TWO	D	-0.02%
OPEN	D	-0.02%
SNDX	F	-0.02%
AKRO	B	-0.02%
PTCT	B	-0.02%
LANC	C	-0.02%
CALX	D	-0.02%
ALGM	D	-0.01%
VAL	D	-0.01%
PGEN	F	-0.01%
ARR	D	-0.01%
PEB	D	-0.01%
JAMF	F	-0.01%
SFIX	B	-0.01%
POWI	D	-0.01%
FLWS	F	-0.01%
XPRO	F	-0.01%
MBC	D	-0.01%
BIGC	C	-0.01%
MLAB	D	-0.01%
UTL	B	-0.01%
WTI	F	-0.01%
ZUO	B	-0.01%
CRAI	B	-0.01%
MITK	C	-0.01%
NTLA	F	-0.01%
TR	B	-0.01%
ROIV	C	-0.01%
TTGT	C	-0.01%
HCAT	D	-0.01%
OIS	C	-0.01%
HQY	B	-0.01%
ENVA	B	-0.01%
HMST	D	-0.01%
STGW	B	-0.01%
BSIG	A	-0.01%
GWRE	A	-0.01%
RHP	B	-0.01%
PYCR	C	-0.01%
MBLY	C	-0.01%
OSUR	F	-0.01%
SWTX	C	-0.01%
NEXA	C	-0.01%
UPWK	B	-0.01%
HXL	D	-0.01%
NFBK	B	-0.01%
AEIS	B	-0.01%
MAGN	F	-0.0%
MC	C	-0.0%
GDOT	D	-0.0%
PFBC	B	-0.0%
CASH	A	-0.0%
TBBK	B	-0.0%
PRDO	B	-0.0%