VBR vs. VFH ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Vanguard Financials ETF - DNQ (VFH)

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

VFH

Vanguard Financials ETF - DNQ

VFH Description

The investment seeks to track the performance of a benchmark index. The fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Financials 25/50, an index made up of stocks of large, mid-size, and small U.S. companies within the financials sector, as classified under the Global Industry Classification Standard (GICS). 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. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$124.79

Average Daily Volume

334,507

Number of Holdings ^*

381

* may have additional holdings in another (foreign) market

Performance

Period	VBR	VFH
30 Days	7.07%	9.01%
60 Days	7.22%	13.11%
90 Days	8.68%	16.11%
12 Months	33.95%	49.19%

166 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in VFH	Overlap
ABCB	B	0.12%	0.05%	0.05%
ABR	C	0.08%	0.04%	0.04%
AC	C	0.0%	0.0%	0.0%
AFG	A	0.28%	0.12%	0.12%
AGNC	D	0.21%	0.09%	0.09%
AGO	B	0.12%	0.06%	0.06%
AIZ	A	0.29%	0.13%	0.13%
ALLY	C	0.28%	0.13%	0.13%
AMBC	C	0.01%	0.01%	0.01%
AMG	B	0.16%	0.08%	0.08%
APAM	B	0.09%	0.04%	0.04%
ARI	C	0.04%	0.02%	0.02%
ASB	B	0.1%	0.05%	0.05%
AUB	B	0.1%	0.05%	0.05%
AX	A	0.11%	0.05%	0.05%
AXS	A	0.17%	0.08%	0.08%
BANF	B	0.06%	0.03%	0.03%
BANR	B	0.06%	0.03%	0.03%
BEN	C	0.1%	0.08%	0.08%
BFH	B	0.07%	0.03%	0.03%
BGC	C	0.1%	0.05%	0.05%
BHF	B	0.08%	0.04%	0.04%
BHLB	B	0.03%	0.02%	0.02%
BKU	A	0.08%	0.04%	0.04%
BOH	B	0.08%	0.04%	0.04%
BOKF	B	0.07%	0.04%	0.04%
BPOP	B	0.19%	0.09%	0.09%
BRKL	B	0.03%	0.01%	0.01%
BRSP	B	0.02%	0.01%	0.01%
BXMT	C	0.07%	0.04%	0.04%
CADE	B	0.18%	0.08%	0.08%
CATY	B	0.09%	0.04%	0.04%
CBSH	A	0.21%	0.1%	0.1%
CBU	B	0.09%	0.04%	0.04%
CFFN	B	0.02%	0.01%	0.01%
CFR	B	0.21%	0.1%	0.1%
CG	A	0.34%	0.16%	0.16%
CHCO	B	0.05%	0.02%	0.02%
CMA	A	0.25%	0.11%	0.11%
CMTG	F	0.02%	0.01%	0.01%
CNNE	B	0.03%	0.01%	0.01%
CNO	A	0.1%	0.05%	0.05%
CODI	B	0.04%	0.02%	0.02%
COLB	A	0.17%	0.08%	0.08%
COOP	B	0.16%	0.08%	0.08%
CVBF	A	0.08%	0.04%	0.04%
DBRG	F	0.08%	0.04%	0.04%
EBC	B	0.09%	0.04%	0.04%
ECPG	B	0.03%	0.01%	0.01%
EGBN	B	0.01%	0.01%	0.01%
EIG	B	0.04%	0.02%	0.02%
EQH	B	0.42%	0.2%	0.2%
ESGR	B	0.11%	0.05%	0.05%
ESNT	D	0.18%	0.09%	0.09%
EVR	B	0.28%	0.13%	0.13%
EVTC	B	0.06%	0.03%	0.03%
EWBC	A	0.39%	0.18%	0.18%
FAF	A	0.18%	0.09%	0.09%
FBP	B	0.09%	0.04%	0.04%
FBRT	C	0.03%	0.01%	0.01%
FCF	A	0.05%	0.02%	0.02%
FCNCA	A	0.61%	0.26%	0.26%
FFBC	A	0.07%	0.03%	0.03%
FFIN	B	0.13%	0.06%	0.06%
FHB	A	0.09%	0.04%	0.04%
FHI	A	0.09%	0.04%	0.04%
FHN	A	0.27%	0.13%	0.13%
FIBK	A	0.08%	0.04%	0.04%
FNB	A	0.15%	0.07%	0.07%
FRME	B	0.06%	0.03%	0.03%
FULT	A	0.1%	0.04%	0.04%
GBCI	B	0.17%	0.08%	0.08%
GL	B	0.28%	0.13%	0.13%
GNW	A	0.09%	0.04%	0.04%
HASI	D	0.12%	0.05%	0.05%
HMN	B	0.04%	0.02%	0.02%
HOMB	A	0.14%	0.07%	0.07%
HOPE	B	0.04%	0.02%	0.02%
HTH	B	0.04%	0.02%	0.02%
HTLF	B	0.03%	0.03%	0.03%
HWC	B	0.13%	0.06%	0.06%
IBOC	A	0.1%	0.05%	0.05%
IBTX	B	0.06%	0.03%	0.03%
INDB	B	0.07%	0.04%	0.04%
IVZ	B	0.22%	0.08%	0.08%
JEF	A	0.27%	0.14%	0.14%
JHG	A	0.15%	0.07%	0.07%
JXN	C	0.22%	0.1%	0.1%
KMPR	B	0.11%	0.05%	0.05%
KREF	D	0.02%	0.01%	0.01%
LADR	B	0.04%	0.02%	0.02%
LC	A	0.04%	0.02%	0.02%
LNC	B	0.17%	0.08%	0.08%
MCY	A	0.05%	0.03%	0.03%
MTG	C	0.19%	0.09%	0.09%
NATL	B	0.06%	0.02%	0.02%
NAVI	C	0.03%	0.02%	0.02%
NBHC	B	0.05%	0.02%	0.02%
NBTB	B	0.06%	0.03%	0.03%
NNI	D	0.04%	0.02%	0.02%
NWBI	B	0.05%	0.02%	0.02%
OFG	B	0.05%	0.02%	0.02%
OMF	A	0.17%	0.08%	0.08%
ONB	B	0.18%	0.08%	0.08%
ORI	A	0.24%	0.12%	0.12%
OZK	B	0.14%	0.06%	0.06%
PB	A	0.19%	0.09%	0.09%
PFS	B	0.07%	0.03%	0.03%
PFSI	D	0.07%	0.06%	0.06%
PIPR	B	0.14%	0.07%	0.07%
PMT	D	0.03%	0.02%	0.02%
PNFP	B	0.11%	0.11%	0.11%
PPBI	B	0.07%	0.03%	0.03%
PRA	C	0.02%	0.01%	0.01%
PRAA	C	0.02%	0.01%	0.01%
PRG	C	0.05%	0.03%	0.03%
PRI	A	0.27%	0.13%	0.13%
PRK	B	0.07%	0.04%	0.04%
RDN	C	0.15%	0.07%	0.07%
RGA	A	0.41%	0.19%	0.19%
RLI	B	0.2%	0.09%	0.09%
RNR	C	0.4%	0.19%	0.19%
RNST	B	0.06%	0.03%	0.03%
RWT	D	0.03%	0.01%	0.01%
SAFT	C	0.03%	0.02%	0.02%
SEIC	B	0.26%	0.11%	0.11%
SF	B	0.29%	0.14%	0.14%
SFBS	B	0.06%	0.06%	0.06%
SFNC	B	0.08%	0.04%	0.04%
SIGI	C	0.16%	0.07%	0.07%
SLM	A	0.14%	0.06%	0.06%
SNV	B	0.2%	0.1%	0.1%
SPNT	A	0.04%	0.02%	0.02%
SSB	B	0.22%	0.1%	0.1%
STBA	B	0.04%	0.02%	0.02%
STEP	B	0.05%	0.05%	0.05%
STWD	C	0.18%	0.08%	0.08%
TCBI	B	0.1%	0.05%	0.05%
THG	A	0.14%	0.07%	0.07%
TMP	B	0.02%	0.01%	0.01%
TOWN	B	0.06%	0.03%	0.03%
TPG	A	0.16%	0.07%	0.07%
TRMK	B	0.06%	0.03%	0.03%
TRTX	B	0.01%	0.01%	0.01%
UBSI	B	0.15%	0.07%	0.07%
UCB	A	0.1%	0.04%	0.04%
UMBF	B	0.13%	0.07%	0.07%
UNM	A	0.28%	0.16%	0.16%
VCTR	B	0.04%	0.03%	0.03%
VIRT	B	0.07%	0.03%	0.03%
VLY	B	0.12%	0.05%	0.05%
VOYA	B	0.23%	0.11%	0.11%
VRTS	B	0.04%	0.02%	0.02%
WABC	B	0.04%	0.02%	0.02%
WAFD	B	0.08%	0.04%	0.04%
WAL	B	0.25%	0.12%	0.12%
WBS	A	0.26%	0.12%	0.12%
WD	D	0.1%	0.05%	0.05%
WRLD	C	0.01%	0.01%	0.01%
WSBC	A	0.05%	0.02%	0.02%
WSFS	A	0.09%	0.04%	0.04%
WT	B	0.04%	0.02%	0.02%
WTFC	A	0.23%	0.1%	0.1%
WTM	A	0.13%	0.06%	0.06%
WU	D	0.11%	0.05%	0.05%
ZION	B	0.22%	0.1%	0.1%

VBR Overweight 628 Positions Relative to VFH

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
EME	C	0.61%
BLDR	D	0.58%
ATO	A	0.58%
CSL	C	0.57%
NRG	B	0.55%
UTHR	C	0.49%
RPM	A	0.48%
PNR	A	0.48%
KIM	A	0.47%
IEX	B	0.47%
RS	B	0.46%
OC	A	0.45%
TOL	B	0.44%
USFD	A	0.44%
THC	D	0.43%
ACM	A	0.42%
FFIV	B	0.4%
JBL	B	0.39%
WSM	B	0.39%
SFM	A	0.38%
JLL	D	0.38%
REG	B	0.38%
GLPI	C	0.38%
TTEK	F	0.38%
PFGC	B	0.37%
JNPR	F	0.37%
ALLE	D	0.36%
EMN	D	0.36%
CACI	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
NVT	B	0.36%
BG	F	0.35%
SJM	D	0.34%
CHRW	C	0.34%
UHS	D	0.34%
AES	F	0.34%
ATR	B	0.33%
SCI	B	0.33%
BJ	A	0.33%
CCK	C	0.33%
KMX	B	0.33%
ITT	A	0.33%
BXP	D	0.33%
HUBB	B	0.33%
TPR	B	0.32%
OHI	C	0.32%
IPG	D	0.32%
RRX	B	0.32%
EPAM	C	0.3%
FBIN	D	0.3%
OVV	B	0.3%
AA	B	0.3%
ARMK	B	0.29%
PNW	B	0.29%
EHC	B	0.29%
SOLV	C	0.29%
WCC	B	0.28%
TAP	C	0.28%
TFX	F	0.28%
WTRG	B	0.28%
STLD	B	0.28%
LKQ	D	0.28%
Z	A	0.27%
AYI	B	0.27%
FRT	B	0.27%
MLI	C	0.27%
ALSN	B	0.27%
APA	D	0.26%
DTM	B	0.26%
AAL	B	0.26%
DCI	B	0.26%
AIT	A	0.26%
LAD	A	0.26%
FYBR	D	0.26%
HSIC	B	0.26%
KBR	F	0.26%
FLR	B	0.26%
MUSA	A	0.26%
APG	B	0.25%
GPK	C	0.25%
GME	C	0.25%
MOS	F	0.25%
INGR	B	0.25%
NYT	C	0.25%
HAS	D	0.25%
VFC	C	0.24%
FMC	D	0.24%
BRX	A	0.24%
AXTA	A	0.24%
HRB	D	0.24%
EGP	F	0.24%
CHRD	D	0.23%
DKS	C	0.23%
DOC	D	0.23%
X	C	0.23%
NI	A	0.23%
NNN	D	0.23%
KNX	B	0.23%
OGE	B	0.23%
SAIC	F	0.22%
SNX	C	0.22%
ADC	B	0.22%
VNO	B	0.22%
RL	B	0.22%
CR	A	0.22%
BWA	D	0.22%
BERY	B	0.22%
ESAB	B	0.21%
UFPI	B	0.21%
COHR	B	0.21%
MHK	D	0.21%
XPO	B	0.21%
HII	D	0.21%
MKSI	C	0.2%
ANF	C	0.2%
RHI	B	0.2%
QRVO	F	0.2%
TMHC	B	0.2%
STAG	F	0.2%
G	B	0.2%
RRC	B	0.2%
FLS	B	0.2%
MAT	D	0.2%
BIO	D	0.2%
FR	C	0.2%
MIDD	C	0.2%
FCN	D	0.2%
AGCO	D	0.19%
JAZZ	B	0.19%
LUMN	C	0.19%
MTH	D	0.19%
EVRG	A	0.19%
UHAL	D	0.19%
KEX	C	0.19%
OSK	B	0.19%
R	B	0.18%
ALK	C	0.18%
CLF	F	0.18%
CMC	B	0.18%
MSA	D	0.18%
BBWI	D	0.18%
ELAN	D	0.18%
LPX	B	0.18%
DINO	D	0.18%
ARW	D	0.18%
VMI	B	0.18%
WHR	B	0.17%
BECN	B	0.17%
VNT	B	0.17%
NSIT	F	0.17%
SRCL	C	0.17%
ACI	C	0.17%
LAMR	D	0.17%
PARA	C	0.17%
SUM	B	0.17%
SIRI	C	0.17%
DVA	B	0.17%
CRUS	D	0.17%
ESI	A	0.17%
CBT	C	0.17%
LEA	D	0.16%
NXST	C	0.16%
MOG.A	B	0.16%
PVH	C	0.16%
KNF	A	0.16%
IDA	A	0.16%
NFG	A	0.16%
ALB	C	0.16%
NCLH	B	0.16%
MDU	D	0.16%
KBH	D	0.15%
GAP	C	0.15%
UGI	A	0.15%
SON	D	0.15%
PSN	D	0.15%
BCC	B	0.15%
ST	F	0.15%
VVV	F	0.15%
MATX	C	0.15%
WTS	B	0.15%
TKR	D	0.15%
AN	C	0.15%
THO	B	0.15%
BC	C	0.15%
KD	B	0.15%
GPI	A	0.14%
BDC	B	0.14%
RYN	D	0.14%
CUZ	B	0.14%
XRAY	F	0.14%
KRC	C	0.14%
KTB	B	0.14%
AVT	C	0.14%
MDGL	B	0.14%
OLN	D	0.14%
OGN	D	0.14%
AM	A	0.14%
AUR	C	0.14%
POR	C	0.14%
CNX	A	0.14%
SLG	B	0.14%
GATX	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
PR	B	0.13%
BCO	D	0.13%
EAT	A	0.13%
LYFT	C	0.13%
AL	B	0.13%
SWX	B	0.13%
MUR	D	0.13%
SBRA	C	0.13%
NJR	A	0.13%
ABG	B	0.13%
GTES	A	0.13%
ACA	A	0.13%
DNB	B	0.12%
ICUI	D	0.12%
FUL	F	0.12%
M	D	0.12%
OGS	A	0.12%
MAC	B	0.12%
EDR	A	0.12%
BKH	A	0.12%
SLGN	A	0.12%
ITGR	B	0.12%
CRC	B	0.12%
MGM	D	0.12%
FLO	D	0.12%
SEE	C	0.12%
AVNT	B	0.12%
TPH	D	0.11%
NVST	B	0.11%
HUN	F	0.11%
SKYW	B	0.11%
CDP	C	0.11%
SKT	B	0.11%
SANM	B	0.11%
PBH	A	0.11%
ASO	F	0.11%
GVA	A	0.11%
KFY	B	0.11%
ALE	A	0.11%
PII	D	0.11%
SMG	D	0.11%
ACHC	F	0.11%
NUVL	D	0.11%
HOG	D	0.11%
AR	B	0.11%
HL	D	0.11%
SIG	B	0.11%
MTZ	B	0.11%
ENS	D	0.11%
ASGN	F	0.11%
ASH	D	0.11%
PLXS	B	0.11%
PNM	F	0.11%
WBA	F	0.1%
MGEE	C	0.1%
NWE	B	0.1%
PCH	D	0.1%
OTTR	C	0.1%
TEX	D	0.1%
WEN	D	0.1%
HCC	B	0.1%
BNL	D	0.1%
ABM	B	0.1%
SEM	B	0.1%
NHI	D	0.1%
EPR	D	0.1%
AEO	F	0.1%
IAC	D	0.1%
NWL	B	0.1%
PRGO	B	0.1%
SR	A	0.1%
GMS	B	0.1%
RUSHA	C	0.1%
MSM	C	0.1%
HIW	D	0.1%
DXC	B	0.1%
AVA	A	0.09%
JWN	C	0.09%
BRC	D	0.09%
DEI	B	0.09%
MAN	D	0.09%
SATS	D	0.09%
MIR	A	0.09%
PENN	C	0.09%
PTEN	C	0.09%
PAG	B	0.09%
NPO	A	0.09%
ADTN	A	0.09%
ATKR	C	0.09%
AWR	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	B	0.09%
BTU	B	0.09%
TNL	A	0.09%
PRIM	A	0.09%
SXT	B	0.09%
APLE	B	0.09%
COMP	B	0.09%
AROC	B	0.09%
ESE	B	0.09%
AKR	B	0.08%
COTY	F	0.08%
CXT	B	0.08%
LXP	D	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%
CC	C	0.08%
TGNA	B	0.08%
SYNA	C	0.08%
REZI	A	0.08%
PRGS	A	0.08%
GHC	C	0.08%
PK	B	0.08%
MPW	F	0.08%
ALIT	C	0.08%
GFF	A	0.08%
MGRC	B	0.08%
RNG	B	0.08%
AMKR	D	0.08%
TRN	C	0.08%
IOVA	F	0.08%
ATGE	B	0.08%
BYD	C	0.07%
OMCL	C	0.07%
GT	C	0.07%
ENR	B	0.07%
ENOV	C	0.07%
CDE	D	0.07%
PECO	A	0.07%
HBI	B	0.07%
CWEN	C	0.07%
RNA	D	0.07%
CNXC	F	0.07%
VSCO	B	0.07%
SPB	C	0.07%
SM	B	0.07%
DY	D	0.07%
MTX	B	0.07%
VAC	B	0.07%
HAYW	B	0.07%
ARCB	C	0.07%
OUT	A	0.07%
URBN	C	0.07%
ARCH	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%
LRN	A	0.06%
IMVT	F	0.06%
RXO	C	0.06%
PHIN	A	0.06%
HI	C	0.06%
BLKB	B	0.06%
KSS	F	0.06%
KMT	B	0.06%
MHO	D	0.06%
AIR	B	0.06%
WLY	B	0.06%
GEO	B	0.06%
EQC	B	0.06%
PINC	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
PSMT	C	0.06%
ZG	A	0.06%
VIAV	B	0.06%
SHO	C	0.06%
HURN	B	0.06%
ZD	C	0.06%
LAUR	A	0.06%
MTRN	C	0.06%
VSH	D	0.06%
CAKE	C	0.06%
AIN	C	0.06%
INFA	D	0.06%
IVT	B	0.06%
AAP	C	0.06%
B	B	0.06%
OSIS	B	0.06%
IPGP	D	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%
HNI	B	0.06%
CPRI	F	0.06%
SCL	C	0.05%
SHOO	D	0.05%
MLKN	D	0.05%
LZB	B	0.05%
DDS	B	0.05%
UAA	C	0.05%
HEES	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%
THS	D	0.05%
GOLF	B	0.05%
PZZA	D	0.05%
KAR	B	0.05%
PPC	C	0.05%
EPC	D	0.05%
OI	C	0.05%
GBX	A	0.05%
VSTS	C	0.05%
SUPN	C	0.05%
GNL	F	0.05%
CRGY	B	0.05%
LGND	B	0.05%
VYX	B	0.05%
ROIC	A	0.05%
CRI	D	0.05%
PBI	B	0.04%
AAT	B	0.04%
FDP	B	0.04%
DYN	F	0.04%
PDM	D	0.04%
IART	C	0.04%
VC	D	0.04%
WS	B	0.04%
DNOW	B	0.04%
GO	C	0.04%
VRE	B	0.04%
BKE	B	0.04%
COLM	B	0.04%
RRR	D	0.04%
CSGS	B	0.04%
REVG	B	0.04%
VRNT	C	0.04%
CAR	C	0.04%
SBH	C	0.04%
LCII	C	0.04%
ALEX	C	0.04%
NX	C	0.04%
ESRT	C	0.04%
BLMN	F	0.04%
REYN	D	0.04%
NTCT	C	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%
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%
FTRE	D	0.04%
NGVT	B	0.04%
NHC	C	0.04%
GEF	A	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%
THR	B	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
SCSC	B	0.03%
CWEN	C	0.03%
BV	B	0.03%
OMI	F	0.03%
JACK	D	0.03%
MYGN	F	0.03%
DK	C	0.03%
DNUT	D	0.03%
USM	B	0.03%
ODP	F	0.03%
MRC	B	0.03%
DAN	D	0.03%
CARS	B	0.03%
UA	C	0.03%
WMK	C	0.03%
SCS	C	0.03%
KWR	C	0.03%
INSW	F	0.03%
TRS	B	0.03%
INVA	D	0.03%
SNDR	B	0.03%
CBRL	C	0.03%
MD	B	0.03%
ACT	D	0.03%
KFRC	D	0.03%
CSR	B	0.03%
ATSG	B	0.03%
OXM	D	0.03%
VSAT	F	0.03%
RBRK	A	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%
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%
UHAL	D	0.02%
RGR	F	0.02%
KOP	C	0.02%
SWI	B	0.02%
MODG	F	0.02%
SEB	F	0.02%
BMBL	C	0.02%
MATW	C	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%
PCRX	C	0.02%
WNC	C	0.02%
SAH	A	0.02%
FG	B	0.02%
MNRO	D	0.02%
HAIN	C	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%
KRO	D	0.01%
TGI	B	0.01%
VREX	C	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
ZIP	F	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%
VMEO	B	0.01%
RMR	F	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%
DJT	C	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%
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 215 Positions Relative to VFH

Symbol	Grade	Weight
JPM	A	-8.51%
BRK.A	B	-7.98%
MA	C	-5.54%
V	A	-4.17%
BAC	A	-3.93%
WFC	A	-3.02%
GS	A	-2.23%
AXP	A	-2.08%
SPGI	C	-2.05%
BLK	C	-1.95%
PGR	A	-1.9%
MS	A	-1.89%
C	A	-1.63%
BX	A	-1.6%
FI	A	-1.55%
CB	C	-1.46%
MMC	B	-1.44%
SCHW	B	-1.43%
ICE	C	-1.19%
KKR	A	-1.15%
CME	A	-1.08%
PYPL	B	-1.05%
USB	A	-1.01%
MCO	B	-1.0%
PNC	B	-1.0%
AON	A	-0.96%
COF	B	-0.83%
AJG	B	-0.82%
TFC	A	-0.77%
AFL	B	-0.76%
APO	B	-0.76%
TRV	B	-0.75%
BK	A	-0.74%
AMP	A	-0.68%
FIS	C	-0.67%
AIG	B	-0.67%
ALL	A	-0.66%
MET	A	-0.63%
MSCI	C	-0.6%
PRU	A	-0.59%
SQ	B	-0.54%
DFS	B	-0.5%
ACGL	D	-0.49%
COIN	C	-0.46%
HIG	B	-0.44%
NDAQ	A	-0.43%
MTB	A	-0.43%
ARES	A	-0.42%
WTW	B	-0.41%
FITB	A	-0.4%
RJF	A	-0.39%
STT	A	-0.37%
GPN	B	-0.35%
BRO	B	-0.34%
TROW	B	-0.33%
CBOE	B	-0.3%
HBAN	A	-0.3%
SYF	B	-0.29%
RF	A	-0.29%
CPAY	A	-0.29%
CINF	A	-0.29%
LPLA	A	-0.28%
MKL	A	-0.27%
NTRS	A	-0.27%
CFG	B	-0.26%
PFG	D	-0.26%
FDS	B	-0.23%
WRB	A	-0.23%
KEY	B	-0.22%
EG	C	-0.21%
IBKR	A	-0.21%
FNF	B	-0.21%
TW	A	-0.2%
L	A	-0.2%
JKHY	D	-0.18%
HOOD	B	-0.17%
MKTX	D	-0.15%
SOFI	A	-0.15%
ERIE	D	-0.15%
AFRM	B	-0.14%
OWL	A	-0.14%
TOST	B	-0.14%
KNSL	B	-0.13%
CRBG	B	-0.12%
MORN	B	-0.12%
HLI	B	-0.12%
WEX	D	-0.1%
RYAN	B	-0.09%
HLNE	B	-0.09%
FOUR	B	-0.07%
EEFT	B	-0.06%
MC	C	-0.06%
UPST	B	-0.05%
OSCR	D	-0.04%
CNS	B	-0.04%
CACC	D	-0.04%
NMIH	D	-0.04%
PJT	A	-0.04%
FLYW	C	-0.03%
STC	B	-0.03%
FRHC	B	-0.03%
TFIN	A	-0.03%
EFSC	B	-0.03%
RKT	F	-0.03%
BANC	A	-0.03%
PLMR	B	-0.03%
MQ	F	-0.03%
SBCF	A	-0.03%
ENVA	B	-0.03%
TBBK	B	-0.03%
PAYO	A	-0.03%
SNEX	B	-0.03%
GSHD	A	-0.03%
RC	D	-0.02%
GABC	B	-0.02%
LMND	B	-0.02%
LOB	B	-0.02%
QCRH	A	-0.02%
NIC	B	-0.02%
TCBK	B	-0.02%
BUSE	B	-0.02%
CUBI	C	-0.02%
VBTX	B	-0.02%
SKWD	A	-0.02%
SASR	B	-0.02%
DFIN	D	-0.02%
LKFN	B	-0.02%
FBNC	A	-0.02%
AGM	C	-0.02%
SYBT	B	-0.02%
CASH	A	-0.02%
TRUP	B	-0.02%
FBK	B	-0.02%
HIFS	B	-0.01%
KRNY	B	-0.01%
FFIC	B	-0.01%
MPB	B	-0.01%
DHIL	A	-0.01%
SPFI	B	-0.01%
UFCS	B	-0.01%
PAY	B	-0.01%
CARE	C	-0.01%
PX	A	-0.01%
HONE	B	-0.01%
SMBK	B	-0.01%
THFF	B	-0.01%
TIPT	B	-0.01%
AROW	B	-0.01%
BHB	B	-0.01%
NFBK	B	-0.01%
CCBG	B	-0.01%
PGC	C	-0.01%
FMNB	B	-0.01%
MCB	B	-0.01%
MSBI	B	-0.01%
GDOT	D	-0.01%
IIIV	C	-0.01%
CCNE	B	-0.01%
CASS	B	-0.01%
UVE	B	-0.01%
GSBC	B	-0.01%
AMAL	B	-0.01%
LPRO	C	-0.01%
NRDS	C	-0.01%
IMXI	B	-0.01%
UWMC	D	-0.01%
WASH	C	-0.01%
SMBC	B	-0.01%
EQBK	A	-0.01%
HTBK	A	-0.01%
EZPW	A	-0.01%
CAC	B	-0.01%
TRST	A	-0.01%
BFST	C	-0.01%
RPAY	D	-0.01%
TREE	F	-0.01%
MBWM	B	-0.01%
IBCP	B	-0.01%
CFB	B	-0.01%
CCB	A	-0.01%
HBNC	B	-0.01%
FCBC	B	-0.01%
HAFC	A	-0.01%
AMTB	B	-0.01%
BY	B	-0.01%
OSBC	A	-0.01%
CPF	A	-0.01%
MBIN	D	-0.01%
FMBH	B	-0.01%
CTBI	B	-0.01%
BSIG	A	-0.01%
HFWA	B	-0.01%
UVSP	B	-0.01%
PFC	A	-0.01%
BFC	B	-0.01%
CNOB	B	-0.01%
SBSI	B	-0.01%
DX	B	-0.01%
HCI	C	-0.01%
OBK	B	-0.01%
FBMS	B	-0.01%
PEBO	A	-0.01%
EFC	C	-0.01%
AMSF	B	-0.01%
DCOM	A	-0.01%
OCFC	B	-0.01%
PFBC	B	-0.01%
SRCE	B	-0.01%
RILY	F	-0.0%
HMST	D	-0.0%
JRVR	F	-0.0%
DGICA	A	-0.0%
ACRE	C	-0.0%
BMRC	B	-0.0%
FFWM	C	-0.0%