VBR vs. SPMD ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to SPDR Portfolio Mid Cap ETF (SPMD)

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

$193.97

Average Daily Volume

380,318

Number of Holdings ^*

800

* may have additional holdings in another (foreign) market

SPMD

SPDR Portfolio Mid Cap ETF

SPMD Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 1000 Index. The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index measures the performance of the small- and mid-capitalization segments of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.18

Average Daily Volume

1,020,139

Number of Holdings ^*

391

* may have additional holdings in another (foreign) market

Performance

Period	VBR	SPMD
30 Days	6.85%	4.27%
60 Days	3.81%	1.94%
90 Days	5.87%	4.04%
12 Months	15.01%	14.47%

250 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in SPMD	Overlap
AA	F	0.23%	0.21%	0.21%
ACHC	D	0.19%	0.22%	0.19%
ACM	B	0.38%	0.44%	0.38%
ADC	A	0.2%	0.25%	0.2%
AFG	B	0.28%	0.3%	0.28%
AGCO	F	0.2%	0.23%	0.2%
AIT	C	0.24%	0.3%	0.24%
ALE	A	0.11%	0.13%	0.11%
ALLY	B	0.35%	0.43%	0.35%
AM	C	0.16%	0.18%	0.16%
AMED	A	0.1%	0.11%	0.1%
AMG	B	0.16%	0.2%	0.16%
AMKR	F	0.14%	0.14%	0.14%
AN	B	0.16%	0.16%	0.16%
ANF	D	0.29%	0.28%	0.28%
AR	D	0.15%	0.31%	0.15%
ARMK	B	0.28%	0.31%	0.28%
ARW	C	0.2%	0.23%	0.2%
ASB	C	0.1%	0.13%	0.1%
ASGN	D	0.12%	0.15%	0.12%
ASH	D	0.14%	0.17%	0.14%
ATR	A	0.3%	0.35%	0.3%
AVNT	B	0.13%	0.15%	0.13%
AVT	D	0.15%	0.17%	0.15%
AXTA	A	0.24%	0.27%	0.24%
AYI	D	0.24%	0.27%	0.24%
AZTA	B	0.09%	0.12%	0.09%
BC	C	0.16%	0.19%	0.16%
BCO	B	0.14%	0.17%	0.14%
BDC	A	0.12%	0.13%	0.12%
BERY	B	0.2%	0.26%	0.2%
BHF	B	0.09%	0.11%	0.09%
BJ	C	0.37%	0.42%	0.37%
BKH	A	0.12%	0.14%	0.12%
BLKB	C	0.06%	0.12%	0.06%
BRX	B	0.22%	0.26%	0.22%
CACC	D	0.09%	0.11%	0.09%
CACI	A	0.31%	0.36%	0.31%
CADE	C	0.16%	0.22%	0.16%
CAR	F	0.05%	0.07%	0.05%
CBSH	B	0.21%	0.27%	0.21%
CBT	C	0.16%	0.19%	0.16%
CC	F	0.11%	0.13%	0.11%
CCK	B	0.29%	0.36%	0.29%
CFR	C	0.19%	0.27%	0.19%
CG	B	0.3%	0.36%	0.3%
CHK	F	0.33%	0.31%	0.31%
CHRD	D	0.32%	0.38%	0.32%
CLF	F	0.23%	0.26%	0.23%
CMC	B	0.2%	0.25%	0.2%
CNO	B	0.09%	0.12%	0.09%
CNX	B	0.11%	0.14%	0.11%
CNXC	C	0.11%	0.11%	0.11%
COHR	C	0.18%	0.33%	0.18%
COLB	C	0.13%	0.2%	0.13%
COTY	F	0.11%	0.13%	0.11%
CPRI	D	0.12%	0.14%	0.12%
CR	B	0.22%	0.28%	0.22%
CRI	F	0.07%	0.07%	0.07%
CRUS	C	0.22%	0.25%	0.22%
CSL	C	0.61%	0.72%	0.61%
CUZ	A	0.11%	0.15%	0.11%
DCI	B	0.27%	0.32%	0.27%
DINO	D	0.28%	0.27%	0.27%
DKS	D	0.27%	0.43%	0.27%
DTM	A	0.22%	0.25%	0.22%
EGP	A	0.26%	0.32%	0.26%
EHC	A	0.27%	0.33%	0.27%
EME	D	0.55%	0.61%	0.55%
ENOV	C	0.08%	0.09%	0.08%
ENS	B	0.13%	0.16%	0.13%
EPR	B	0.1%	0.12%	0.1%
EQH	B	0.42%	0.47%	0.42%
ESAB	C	0.17%	0.2%	0.17%
ESNT	B	0.18%	0.24%	0.18%
EVR	B	0.23%	0.31%	0.23%
EWBC	C	0.32%	0.44%	0.32%
FAF	B	0.17%	0.22%	0.17%
FCN	C	0.24%	0.28%	0.24%
FFIN	C	0.11%	0.18%	0.11%
FHI	C	0.08%	0.1%	0.08%
FHN	C	0.27%	0.33%	0.27%
FLO	C	0.13%	0.15%	0.13%
FLR	C	0.24%	0.29%	0.24%
FLS	B	0.2%	0.24%	0.2%
FNB	B	0.16%	0.2%	0.16%
FR	A	0.2%	0.25%	0.2%
FYBR	A	0.21%	0.22%	0.21%
G	B	0.18%	0.2%	0.18%
GATX	C	0.15%	0.18%	0.15%
GBCI	C	0.13%	0.19%	0.13%
GEF	B	0.04%	0.06%	0.04%
GEF	B	0.0%	0.06%	0.0%
GHC	C	0.07%	0.1%	0.07%
GLPI	B	0.37%	0.48%	0.37%
GME	D	0.25%	0.23%	0.23%
GPK	B	0.26%	0.3%	0.26%
GPS	D	0.18%	0.17%	0.17%
GT	F	0.1%	0.12%	0.1%
HELE	F	0.07%	0.05%	0.05%
HOG	B	0.13%	0.16%	0.13%
HOMB	B	0.14%	0.19%	0.14%
HRB	A	0.24%	0.28%	0.24%
HWC	C	0.13%	0.18%	0.13%
IBOC	C	0.1%	0.13%	0.1%
IDA	A	0.15%	0.18%	0.15%
INGR	A	0.24%	0.28%	0.24%
IPGP	F	0.07%	0.09%	0.07%
ITT	B	0.34%	0.41%	0.34%
JAZZ	C	0.2%	0.25%	0.2%
JEF	B	0.23%	0.34%	0.23%
JHG	B	0.14%	0.17%	0.14%
JLL	B	0.31%	0.42%	0.31%
JWN	B	0.07%	0.08%	0.07%
KBH	B	0.14%	0.22%	0.14%
KBR	B	0.27%	0.31%	0.27%
KD	C	0.19%	0.22%	0.19%
KEX	C	0.22%	0.25%	0.22%
KMPR	B	0.12%	0.14%	0.12%
KNF	C	0.13%	0.16%	0.13%
KNX	B	0.24%	0.29%	0.24%
KRC	C	0.12%	0.14%	0.12%
LAD	B	0.22%	0.25%	0.22%
LAMR	B	0.17%	0.38%	0.17%
LEA	C	0.21%	0.25%	0.21%
LITE	C	0.05%	0.13%	0.05%
LPX	B	0.17%	0.22%	0.17%
M	D	0.17%	0.16%	0.16%
MAN	B	0.11%	0.13%	0.11%
MAT	B	0.18%	0.23%	0.18%
MDU	B	0.16%	0.2%	0.16%
MIDD	B	0.1%	0.25%	0.1%
MKSI	D	0.28%	0.28%	0.28%
MSA	C	0.22%	0.25%	0.22%
MSM	C	0.11%	0.14%	0.11%
MTG	B	0.18%	0.24%	0.18%
MTZ	D	0.11%	0.24%	0.11%
MUR	F	0.19%	0.21%	0.19%
MUSA	A	0.28%	0.34%	0.28%
NFG	A	0.16%	0.19%	0.16%
NJR	A	0.13%	0.17%	0.13%
NNN	A	0.25%	0.3%	0.25%
NSP	C	0.1%	0.13%	0.1%
NVST	F	0.09%	0.1%	0.09%
NVT	D	0.4%	0.42%	0.4%
NWE	B	0.1%	0.12%	0.1%
NXST	B	0.16%	0.2%	0.16%
NYT	B	0.25%	0.31%	0.25%
OC	B	0.48%	0.56%	0.48%
OGE	A	0.23%	0.27%	0.23%
OGS	B	0.11%	0.14%	0.11%
OHI	A	0.27%	0.32%	0.27%
OLN	F	0.18%	0.19%	0.18%
ONB	B	0.17%	0.23%	0.17%
ORI	A	0.24%	0.3%	0.24%
OSK	D	0.23%	0.27%	0.23%
OVV	F	0.4%	0.41%	0.4%
OZK	C	0.15%	0.18%	0.15%
PAG	B	0.1%	0.11%	0.1%
PB	B	0.18%	0.25%	0.18%
PBF	F	0.15%	0.15%	0.15%
PCH	C	0.1%	0.12%	0.1%
PFGC	D	0.33%	0.37%	0.33%
PII	D	0.13%	0.16%	0.13%
PK	F	0.1%	0.11%	0.1%
PNFP	B	0.09%	0.27%	0.09%
PNM	A	0.11%	0.13%	0.11%
POR	A	0.14%	0.17%	0.14%
POST	A	0.08%	0.19%	0.08%
PPC	B	0.04%	0.06%	0.04%
PR	F	0.12%	0.28%	0.12%
PRGO	C	0.11%	0.14%	0.11%
PRI	A	0.26%	0.31%	0.26%
PVH	F	0.19%	0.2%	0.19%
R	B	0.16%	0.21%	0.16%
RGA	A	0.43%	0.52%	0.43%
RLI	A	0.19%	0.21%	0.19%
RNR	A	0.38%	0.42%	0.38%
RPM	B	0.44%	0.54%	0.44%
RRC	F	0.25%	0.27%	0.25%
RRX	B	0.29%	0.37%	0.29%
RS	C	0.52%	0.62%	0.52%
RYN	B	0.14%	0.15%	0.14%
SAIC	C	0.19%	0.22%	0.19%
SBRA	B	0.11%	0.14%	0.11%
SCI	B	0.31%	0.4%	0.31%
SEIC	B	0.24%	0.24%	0.24%
SF	B	0.26%	0.32%	0.26%
SFM	A	0.27%	0.31%	0.27%
SIGI	D	0.18%	0.2%	0.18%
SLGN	A	0.11%	0.14%	0.11%
SLM	C	0.15%	0.18%	0.15%
SMG	B	0.09%	0.11%	0.09%
SNV	B	0.18%	0.25%	0.18%
SNX	D	0.24%	0.33%	0.24%
SON	D	0.16%	0.18%	0.16%
SR	B	0.1%	0.14%	0.1%
SRCL	A	0.17%	0.19%	0.17%
SRCL	A	0.01%	0.19%	0.01%
SSB	B	0.19%	0.27%	0.19%
ST	D	0.18%	0.2%	0.18%
STAG	A	0.21%	0.26%	0.21%
STWD	B	0.18%	0.21%	0.18%
SWN	F	0.24%	0.26%	0.24%
SWX	B	0.15%	0.16%	0.15%
SYNA	F	0.11%	0.13%	0.11%
TCBI	C	0.09%	0.11%	0.09%
TDC	F	0.11%	0.11%	0.11%
TEX	C	0.11%	0.16%	0.11%
TGNA	C	0.08%	0.1%	0.08%
THC	B	0.41%	0.53%	0.41%
THG	A	0.13%	0.17%	0.13%
THO	C	0.15%	0.2%	0.15%
TKR	B	0.16%	0.2%	0.16%
TMHC	B	0.18%	0.25%	0.18%
TNL	C	0.1%	0.12%	0.1%
TOL	B	0.38%	0.52%	0.38%
TTEK	A	0.35%	0.4%	0.35%
UA	D	0.04%	0.05%	0.04%
UAA	D	0.04%	0.05%	0.04%
UBSI	B	0.14%	0.19%	0.14%
UFPI	B	0.21%	0.28%	0.21%
UGI	A	0.16%	0.18%	0.16%
UMBF	B	0.1%	0.16%	0.1%
UNM	A	0.26%	0.34%	0.26%
USFD	C	0.41%	0.42%	0.41%
UTHR	B	0.45%	0.53%	0.45%
VAC	F	0.09%	0.1%	0.09%
VLY	C	0.1%	0.13%	0.1%
VMI	B	0.18%	0.22%	0.18%
VNO	B	0.14%	0.17%	0.14%
VNT	F	0.19%	0.22%	0.19%
VOYA	F	0.23%	0.26%	0.23%
VSH	C	0.09%	0.11%	0.09%
VVV	B	0.18%	0.21%	0.18%
WBS	C	0.24%	0.3%	0.24%
WCC	F	0.26%	0.27%	0.26%
WEN	C	0.09%	0.1%	0.09%
WHR	C	0.18%	0.19%	0.18%
WLK	D	0.09%	0.16%	0.09%
WSM	C	0.46%	0.71%	0.46%
WTFC	C	0.19%	0.24%	0.19%
WTRG	A	0.29%	0.36%	0.29%
WTS	B	0.16%	0.2%	0.16%
WU	D	0.13%	0.15%	0.13%
X	B	0.24%	0.32%	0.24%
XPO	B	0.19%	0.45%	0.19%
XRAY	C	0.16%	0.2%	0.16%
ZD	F	0.08%	0.08%	0.08%
ZION	C	0.2%	0.27%	0.2%

VBR Overweight 550 Positions Relative to SPMD

Symbol	Grade	Weight
BAH	D	0.63%
FCNCA	B	0.58%
BLDR	C	0.54%
NRG	D	0.52%
ATO	A	0.52%
BG	C	0.48%
IEX	D	0.48%
KIM	A	0.42%
WRK	C	0.41%
JBL	F	0.4%
PNR	B	0.4%
JNPR	A	0.38%
REG	A	0.37%
KMX	C	0.37%
EMN	B	0.37%
CPT	A	0.37%
APA	C	0.35%
IPG	B	0.35%
RIVN	C	0.34%
ALLE	B	0.33%
UHS	A	0.33%
TFX	B	0.32%
FFIV	B	0.32%
BRO	A	0.32%
STLD	C	0.31%
HII	C	0.31%
CHRW	A	0.31%
HUBB	C	0.31%
TPR	D	0.31%
LDOS	C	0.31%
MOS	D	0.3%
APG	D	0.3%
TAP	C	0.29%
PNW	A	0.28%
BXP	B	0.28%
BBWI	F	0.28%
FRT	A	0.27%
AIZ	B	0.27%
HSIC	B	0.26%
HAS	B	0.25%
AAL	F	0.24%
GL	C	0.24%
ELAN	D	0.23%
FMC	B	0.23%
Z	D	0.23%
SOLV	B	0.23%
BWA	C	0.23%
CMA	B	0.22%
ACI	F	0.22%
DOC	A	0.22%
AGNC	B	0.22%
NI	A	0.21%
NSIT	C	0.21%
WAL	C	0.21%
ALSN	A	0.21%
DVA	D	0.21%
MLI	B	0.2%
MHK	B	0.2%
AES	D	0.2%
IVZ	B	0.2%
RHI	F	0.2%
BPOP	B	0.2%
RL	D	0.2%
UHAL	B	0.19%
ESI	C	0.19%
LKQ	F	0.18%
QRVO	C	0.18%
PARA	D	0.18%
MTH	B	0.18%
JXN	B	0.18%
BECN	B	0.18%
EVRG	A	0.18%
OMF	C	0.18%
LNC	B	0.17%
OGN	B	0.17%
ETRN	D	0.17%
AXS	B	0.17%
BIO	B	0.17%
SJM	B	0.17%
ATKR	F	0.16%
COOP	C	0.16%
AL	C	0.16%
SEE	B	0.16%
MDGL	C	0.16%
ALK	F	0.16%
EPAM	C	0.16%
ABG	B	0.15%
RDN	B	0.15%
BCC	C	0.15%
VFC	B	0.15%
LYFT	F	0.15%
MOG.A	B	0.15%
CTLT	A	0.15%
MATX	B	0.14%
WIRE	A	0.14%
WTM	C	0.14%
SUM	B	0.14%
ASO	F	0.13%
AGO	C	0.13%
NCLH	D	0.13%
ACA	B	0.13%
ZWS	C	0.13%
PTEN	D	0.13%
FUL	B	0.13%
CRC	D	0.12%
SEM	B	0.12%
OTTR	B	0.12%
KTB	A	0.12%
ESGR	B	0.12%
SLG	B	0.12%
HUN	D	0.12%
AAP	D	0.12%
SIG	F	0.12%
GPI	B	0.12%
PIPR	B	0.12%
ITGR	C	0.12%
PSN	B	0.12%
ABCB	C	0.11%
GTES	B	0.11%
MAC	C	0.11%
TPH	C	0.11%
HASI	B	0.11%
IAC	C	0.11%
DXC	C	0.11%
PBH	B	0.11%
SANM	B	0.11%
KFY	B	0.11%
AEO	D	0.11%
BNL	B	0.1%
AROC	C	0.1%
BGC	C	0.1%
UCBI	B	0.1%
ALIT	D	0.1%
NPO	C	0.1%
DNB	C	0.1%
RXO	B	0.1%
IOSP	C	0.1%
FULT	C	0.1%
SKYW	C	0.1%
SXT	C	0.1%
WD	C	0.1%
APLE	C	0.1%
ABM	A	0.1%
GMS	C	0.1%
EAT	D	0.1%
TPG	B	0.1%
HCC	C	0.1%
URBN	C	0.09%
MTX	D	0.09%
AWR	B	0.09%
MGEE	A	0.09%
ESE	B	0.09%
AVA	A	0.09%
REZI	C	0.09%
SITC	B	0.09%
GVA	B	0.09%
APAM	C	0.09%
ICUI	B	0.09%
BRC	A	0.09%
AX	C	0.09%
HIW	A	0.09%
NHI	A	0.09%
HI	D	0.09%
WSFS	C	0.09%
PLXS	B	0.09%
GFF	C	0.09%
HL	C	0.09%
FBP	B	0.09%
NUVL	C	0.09%
ADTN	B	0.09%
AUB	C	0.09%
PENN	D	0.09%
SKT	A	0.09%
KRYS	C	0.08%
NYCB	F	0.08%
BXMT	C	0.08%
SPB	D	0.08%
CNK	B	0.08%
ARCB	B	0.08%
PFSI	C	0.08%
KSS	D	0.08%
LSXMK	D	0.08%
ATGE	B	0.08%
AIR	F	0.08%
TRN	A	0.08%
STRA	D	0.08%
FIBK	C	0.08%
SM	D	0.08%
CBU	B	0.08%
HUBG	B	0.08%
NWL	B	0.08%
PRIM	B	0.08%
LXP	B	0.08%
ABR	D	0.08%
MPW	D	0.08%
UNF	A	0.08%
RUSHA	A	0.08%
CATY	C	0.08%
MGRC	D	0.08%
AIN	C	0.08%
ARCH	F	0.08%
BTU	D	0.08%
GNW	B	0.08%
FHB	C	0.08%
CWEN	A	0.07%
INDB	C	0.07%
PRK	C	0.07%
BOKF	C	0.07%
FTRE	C	0.07%
SFNC	C	0.07%
MYGN	B	0.07%
ENR	C	0.07%
SATS	B	0.07%
SHO	D	0.07%
AUR	C	0.07%
EVTC	C	0.07%
WERN	B	0.07%
AZZ	C	0.07%
BKU	B	0.07%
UE	B	0.07%
LAUR	B	0.07%
RNG	C	0.07%
PPBI	C	0.07%
EBC	C	0.07%
OSIS	B	0.07%
DEI	B	0.07%
MTRN	C	0.07%
CWK	C	0.07%
BOH	C	0.07%
CVBF	C	0.07%
WAFD	B	0.07%
DY	B	0.07%
PRGS	B	0.07%
FL	B	0.07%
NBTB	C	0.06%
OI	C	0.06%
THS	B	0.06%
IMVT	C	0.06%
OFG	C	0.06%
PFS	C	0.06%
COMP	C	0.06%
CTRE	A	0.06%
TOWN	B	0.06%
SCL	D	0.06%
KAR	B	0.06%
PHIN	B	0.06%
GOLF	B	0.06%
CAKE	D	0.06%
EDR	A	0.06%
AKR	B	0.06%
KMT	C	0.06%
TROX	D	0.06%
GEO	C	0.06%
TDS	B	0.06%
TTMI	C	0.06%
VIRT	C	0.06%
VRNT	C	0.06%
MLKN	B	0.06%
SXI	B	0.06%
SPR	B	0.06%
AMN	B	0.06%
PDCO	C	0.06%
NATL	C	0.06%
FRME	C	0.06%
IART	F	0.06%
PINC	B	0.06%
JBLU	C	0.06%
INFA	D	0.06%
EQC	A	0.06%
JOBY	D	0.06%
GO	F	0.06%
PSMT	B	0.06%
EPC	C	0.06%
B	C	0.06%
PECO	B	0.06%
MC	C	0.06%
MIR	C	0.06%
FFBC	C	0.06%
OUT	B	0.06%
CDE	C	0.06%
IOVA	D	0.06%
HNI	B	0.06%
NHC	B	0.05%
PRG	B	0.05%
WOR	F	0.05%
HTH	C	0.05%
LGND	B	0.05%
VSAT	C	0.05%
LRN	A	0.05%
LEG	D	0.05%
GBX	C	0.05%
DNOW	B	0.05%
REYN	C	0.05%
NWBI	B	0.05%
IDCC	A	0.05%
MCY	A	0.05%
KN	C	0.05%
SHOO	C	0.05%
NBHC	C	0.05%
OXM	D	0.05%
CHCO	B	0.05%
LTC	B	0.05%
ROIC	B	0.05%
DK	D	0.05%
VRTS	D	0.05%
VIAV	D	0.05%
SFBS	B	0.05%
WSBC	C	0.05%
DAN	D	0.05%
NGVT	F	0.05%
LZB	B	0.05%
BANF	B	0.05%
IVT	A	0.05%
IBTX	C	0.05%
ANDE	C	0.05%
HP	C	0.05%
VSTS	C	0.05%
ZG	D	0.05%
RNST	C	0.05%
HBI	B	0.05%
TRMK	C	0.05%
CENTA	D	0.05%
BLMN	C	0.05%
WLY	B	0.05%
HURN	A	0.05%
DRH	F	0.05%
GNL	C	0.05%
BANR	C	0.05%
HAYW	B	0.05%
LGF.A	D	0.04%
SBH	D	0.04%
LUMN	B	0.04%
UVV	C	0.04%
BKE	B	0.04%
NAVI	C	0.04%
SPNT	A	0.04%
KFRC	C	0.04%
JELD	C	0.04%
CSGS	C	0.04%
WS	C	0.04%
DBRG	D	0.04%
CRGY	D	0.04%
PMT	C	0.04%
STBA	B	0.04%
REVG	B	0.04%
WABC	C	0.04%
HOPE	B	0.04%
ALEX	A	0.04%
ESRT	B	0.04%
CARS	B	0.04%
NTCT	C	0.04%
OMCL	C	0.04%
BKD	B	0.04%
XRX	F	0.04%
LADR	B	0.04%
GTY	B	0.04%
PWSC	B	0.04%
NMRK	B	0.04%
HMN	C	0.04%
CODI	C	0.04%
ODP	D	0.04%
KALU	F	0.04%
FCF	C	0.04%
DDS	F	0.04%
BHE	B	0.04%
STEP	B	0.04%
HEES	C	0.04%
CXW	D	0.04%
NWN	A	0.04%
VSCO	F	0.04%
INSW	D	0.04%
APOG	B	0.04%
ARI	C	0.04%
RRR	C	0.04%
SUPN	C	0.04%
JBGS	C	0.04%
VGR	A	0.04%
PUMP	C	0.03%
HLIO	F	0.03%
CABO	C	0.03%
HTLF	C	0.03%
SIRI	D	0.03%
FA	B	0.03%
DNUT	F	0.03%
RBRK	C	0.03%
SMR	D	0.03%
PEB	F	0.03%
FDP	B	0.03%
SVC	D	0.03%
RWT	C	0.03%
PBI	C	0.03%
ATSG	C	0.03%
INVA	A	0.03%
MATV	B	0.03%
AMRX	C	0.03%
LC	B	0.03%
SNDR	B	0.03%
LEVI	F	0.03%
PDM	A	0.03%
AVNS	B	0.03%
NX	C	0.03%
WNC	F	0.03%
CBRL	D	0.03%
ECPG	C	0.03%
CVI	D	0.03%
ECVT	F	0.03%
CMTG	D	0.03%
MSGE	C	0.03%
ETWO	C	0.03%
ACT	B	0.03%
CNNE	C	0.03%
OMI	C	0.03%
SCSC	C	0.03%
HLF	D	0.03%
BHLB	B	0.03%
VSTO	A	0.03%
DLX	C	0.03%
HE	C	0.03%
BMBL	F	0.03%
CSR	A	0.03%
WMK	A	0.03%
AAT	B	0.03%
NWLI	A	0.03%
WWW	B	0.03%
EYE	D	0.03%
GIII	D	0.03%
THR	C	0.03%
TRS	D	0.03%
MRC	B	0.03%
SAFT	B	0.03%
AIV	A	0.03%
EIG	B	0.03%
VCTR	C	0.03%
SCS	B	0.03%
CLB	C	0.02%
JACK	C	0.02%
NABL	D	0.02%
NUS	F	0.02%
CNDT	B	0.02%
USNA	F	0.02%
DIN	F	0.02%
UHAL	B	0.02%
HTLD	C	0.02%
AMBC	F	0.02%
CAL	B	0.02%
TMP	C	0.02%
FOR	F	0.02%
LGF.A	D	0.02%
GES	C	0.02%
VREX	F	0.02%
BGS	D	0.02%
SWI	D	0.02%
CFFN	C	0.02%
HAIN	C	0.02%
AMWD	B	0.02%
PRA	D	0.02%
PCRX	F	0.02%
MD	C	0.02%
KELYA	C	0.02%
UNIT	C	0.02%
ASTE	D	0.02%
MNRO	B	0.02%
HPP	C	0.02%
SCHL	F	0.02%
HY	B	0.02%
BASE	F	0.02%
BRKL	C	0.02%
SAH	B	0.02%
FG	C	0.02%
EMBC	C	0.02%
RGR	C	0.02%
USM	B	0.02%
MATW	C	0.02%
MMI	B	0.02%
XHR	D	0.02%
BDN	B	0.02%
CGON	D	0.02%
PRAA	C	0.02%
AMC	D	0.02%
UNFI	C	0.02%
KOP	F	0.02%
BRSP	D	0.02%
MXL	F	0.02%
BV	A	0.02%
SEB	D	0.02%
RKLB	C	0.02%
PZZA	F	0.02%
CWEN	A	0.02%
NNI	B	0.02%
HCSG	C	0.02%
AXL	F	0.02%
PRLB	C	0.02%
MEI	D	0.01%
PACB	D	0.01%
UFCS	C	0.01%
RDUS	D	0.01%
NPK	C	0.01%
FWRD	D	0.01%
ALX	B	0.01%
ZIP	F	0.01%
RUSHB	B	0.01%
WOOF	D	0.01%
VMEO	D	0.01%
TRTX	C	0.01%
EGBN	D	0.01%
CRCT	C	0.01%
TWKS	C	0.01%
KRO	D	0.01%
TGI	C	0.01%
AMCX	F	0.01%
EE	B	0.01%
INN	B	0.01%
SWBI	B	0.01%
BRCC	D	0.01%
CENT	D	0.01%
RMR	C	0.01%
NVRI	A	0.01%
WRLD	D	0.01%
CWH	C	0.01%
NAPA	F	0.01%
HTZ	F	0.01%
GRC	B	0.01%
BJRI	F	0.01%
AMK	B	0.01%
CLBK	B	0.01%
PTVE	D	0.01%
TILE	C	0.01%
GCMG	B	0.01%
SMMT	B	0.01%
CCO	C	0.01%
DAWN	C	0.01%
CMP	D	0.01%
UDMY	D	0.01%
KREF	B	0.01%
BFS	A	0.01%
DJT	F	0.01%
ATUS	F	0.01%
SSP	D	0.0%
SCWX	B	0.0%
AC	B	0.0%
TTEC	D	0.0%
CRNC	F	0.0%
SAVE	F	0.0%
LDI	D	0.0%
ACDC	C	0.0%
UHT	B	0.0%
DBI	D	0.0%
OPK	C	0.0%
CHGG	F	0.0%
OLPX	C	0.0%

VBR Underweight 143 Positions Relative to SPMD

Symbol	Grade	Weight
ILMN	B	-0.68%
LII	B	-0.65%
PSTG	D	-0.63%
AVTR	B	-0.62%
WSO	C	-0.58%
MANH	B	-0.57%
BURL	B	-0.57%
BMRN	C	-0.57%
TPL	B	-0.54%
BLD	C	-0.53%
NBIX	A	-0.53%
CASY	B	-0.52%
RBA	C	-0.52%
GGG	C	-0.51%
FNF	A	-0.5%
SRPT	C	-0.49%
WPC	C	-0.47%
IBKR	D	-0.45%
ELS	A	-0.44%
LECO	C	-0.43%
WMS	C	-0.42%
AMH	C	-0.41%
WWD	D	-0.4%
CLH	A	-0.4%
TXRH	A	-0.4%
FIX	C	-0.39%
DT	F	-0.38%
REXR	B	-0.38%
CUBE	B	-0.38%
CW	A	-0.38%
WING	D	-0.38%
FND	F	-0.37%
ERIE	A	-0.37%
SAIA	F	-0.37%
TTC	C	-0.36%
ELF	D	-0.36%
KNSL	B	-0.35%
OLED	C	-0.35%
CHDN	B	-0.34%
CNM	C	-0.33%
ONTO	F	-0.33%
LNW	A	-0.33%
RGLD	A	-0.32%
TREX	D	-0.32%
MEDP	D	-0.32%
BWXT	C	-0.32%
TPX	C	-0.32%
WFRD	C	-0.31%
CHE	B	-0.3%
RBC	B	-0.3%
EXP	B	-0.3%
MORN	B	-0.3%
CGNX	D	-0.3%
SKX	D	-0.3%
GMED	B	-0.29%
SSD	C	-0.29%
LNTH	C	-0.28%
NOV	B	-0.28%
HLI	B	-0.28%
CROX	D	-0.28%
WEX	D	-0.27%
LSCC	F	-0.27%
ALV	D	-0.26%
GNTX	F	-0.26%
CIEN	B	-0.26%
RGEN	B	-0.26%
PEN	F	-0.25%
MTN	D	-0.25%
HQY	D	-0.25%
MTDR	D	-0.25%
HALO	B	-0.25%
CELH	F	-0.25%
NOVT	C	-0.24%
GXO	C	-0.24%
H	C	-0.24%
GTLS	C	-0.24%
EXEL	A	-0.24%
CYTK	D	-0.24%
LSTR	B	-0.24%
TKO	C	-0.23%
RMBS	F	-0.23%
DUOL	F	-0.23%
LFUS	B	-0.23%
PCTY	C	-0.23%
BRBR	D	-0.23%
BRKR	D	-0.23%
CIVI	D	-0.23%
PLNT	C	-0.23%
CHX	C	-0.23%
WH	C	-0.22%
RYAN	A	-0.22%
DAR	C	-0.22%
DBX	D	-0.21%
OLLI	B	-0.21%
AAON	C	-0.21%
MTSI	D	-0.2%
EXLS	C	-0.2%
MMS	B	-0.2%
COKE	A	-0.19%
KRG	A	-0.19%
HXL	D	-0.19%
EXPO	B	-0.19%
CVLT	B	-0.19%
OPCH	C	-0.19%
QLYS	D	-0.19%
VAL	C	-0.18%
ALTR	D	-0.18%
HAE	C	-0.17%
DLB	F	-0.17%
APPF	D	-0.17%
MASI	F	-0.17%
EEFT	F	-0.16%
LOPE	A	-0.16%
BYD	C	-0.15%
POWI	F	-0.15%
ORA	A	-0.15%
WMG	F	-0.15%
IRT	A	-0.15%
RH	B	-0.15%
LANC	B	-0.14%
SLAB	F	-0.14%
NEU	B	-0.14%
FIVE	F	-0.14%
ARWR	D	-0.13%
IRDM	C	-0.13%
ZI	F	-0.12%
YETI	D	-0.12%
NEOG	B	-0.12%
DOCS	C	-0.12%
NSA	C	-0.11%
CHH	B	-0.11%
VC	C	-0.11%
LIVN	F	-0.1%
HGV	D	-0.1%
PGNY	D	-0.09%
WOLF	F	-0.09%
RCM	B	-0.09%
COLM	D	-0.09%
SAM	F	-0.09%
ADNT	F	-0.08%
MP	F	-0.07%
SHC	B	-0.06%
ALGM	F	-0.06%