VBR vs. VFMO ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Vanguard U.S. Momentum Factor ETF (VFMO)

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

VFMO

Vanguard U.S. Momentum Factor ETF

VFMO Description

The investment seeks to provide long-term capital appreciation by investing in stocks with strong recent performance as determined by the advisor. The fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with strong recent performance as determined by the advisor. The portfolio will include a diverse mix of companies representing many different market sectors and industry groups. Under normal circumstances, at least 80% of the fund's assets will be invested in securities issued by U.S. companies.

Grade (RS Rating)

Last Trade

$177.06

Average Daily Volume

39,351

Number of Holdings ^*

575

* may have additional holdings in another (foreign) market

Performance

Period	VBR	VFMO
30 Days	7.07%	8.49%
60 Days	7.22%	10.60%
90 Days	8.68%	11.86%
12 Months	33.95%	49.80%

180 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in VFMO	Overlap
AA	B	0.3%	0.02%	0.02%
ACT	D	0.03%	0.05%	0.03%
AGO	B	0.12%	0.2%	0.12%
AIT	A	0.26%	0.13%	0.13%
AIZ	A	0.29%	0.07%	0.07%
ALLY	C	0.28%	0.07%	0.07%
ALSN	B	0.27%	0.38%	0.27%
AM	A	0.14%	0.08%	0.08%
AMRX	C	0.03%	0.15%	0.03%
ANF	C	0.2%	0.27%	0.2%
AROC	B	0.09%	0.28%	0.09%
ATGE	B	0.08%	0.14%	0.08%
AX	A	0.11%	0.04%	0.04%
AXS	A	0.17%	0.28%	0.17%
AYI	B	0.27%	0.13%	0.13%
AZZ	B	0.06%	0.2%	0.06%
BAH	F	0.69%	0.1%	0.1%
BFH	B	0.07%	0.11%	0.07%
BGC	C	0.1%	0.12%	0.1%
BHE	B	0.04%	0.02%	0.02%
BJ	A	0.33%	0.02%	0.02%
BKD	D	0.03%	0.2%	0.03%
BKU	A	0.08%	0.1%	0.08%
BPOP	B	0.19%	0.33%	0.19%
BRCC	F	0.0%	0.02%	0.0%
BV	B	0.03%	0.12%	0.03%
CACI	D	0.36%	0.02%	0.02%
CAL	D	0.01%	0.04%	0.01%
CBSH	A	0.21%	0.11%	0.11%
CDE	D	0.07%	0.2%	0.07%
CENT	C	0.01%	0.04%	0.01%
CHCO	B	0.05%	0.07%	0.05%
CMPR	D	0.02%	0.08%	0.02%
CNK	B	0.05%	0.11%	0.05%
CNO	A	0.1%	0.09%	0.09%
CNX	A	0.14%	0.04%	0.04%
COHR	B	0.21%	0.15%	0.15%
COMP	B	0.09%	0.14%	0.09%
COOP	B	0.16%	0.17%	0.16%
CR	A	0.22%	0.22%	0.22%
CRUS	D	0.17%	0.2%	0.17%
CSL	C	0.57%	0.19%	0.19%
CXW	B	0.04%	0.08%	0.04%
DAWN	F	0.02%	0.02%	0.02%
DDS	B	0.05%	0.02%	0.02%
DKS	C	0.23%	0.17%	0.17%
DTM	B	0.26%	0.12%	0.12%
DVA	B	0.17%	0.38%	0.17%
DYN	F	0.04%	0.13%	0.04%
EAT	A	0.13%	0.03%	0.03%
EHC	B	0.29%	0.22%	0.22%
EME	C	0.61%	0.48%	0.48%
ESAB	B	0.21%	0.16%	0.16%
EVR	B	0.28%	0.2%	0.2%
EWBC	A	0.39%	0.06%	0.06%
FBP	B	0.09%	0.31%	0.09%
FCF	A	0.05%	0.03%	0.03%
FCNCA	A	0.61%	0.1%	0.1%
FG	B	0.02%	0.09%	0.02%
FHN	A	0.27%	0.02%	0.02%
FOR	F	0.02%	0.02%	0.02%
FULT	A	0.1%	0.04%	0.04%
GAP	C	0.15%	0.1%	0.1%
GBCI	B	0.17%	0.1%	0.1%
GBX	A	0.05%	0.02%	0.02%
GEO	B	0.06%	0.08%	0.06%
GFF	A	0.08%	0.18%	0.08%
GMS	B	0.1%	0.05%	0.05%
GOLF	B	0.05%	0.02%	0.02%
GPI	A	0.14%	0.03%	0.03%
GTES	A	0.13%	0.02%	0.02%
HASI	D	0.12%	0.11%	0.11%
HCC	B	0.1%	0.11%	0.1%
HL	D	0.11%	0.14%	0.11%
HNI	B	0.06%	0.11%	0.06%
HRB	D	0.24%	0.12%	0.12%
HUBB	B	0.33%	0.02%	0.02%
HY	D	0.02%	0.09%	0.02%
IBOC	A	0.1%	0.08%	0.08%
INGR	B	0.25%	0.14%	0.14%
INSW	F	0.03%	0.15%	0.03%
INVA	D	0.03%	0.2%	0.03%
ITGR	B	0.12%	0.1%	0.1%
JEF	A	0.27%	0.15%	0.15%
JLL	D	0.38%	0.21%	0.21%
JXN	C	0.22%	0.22%	0.22%
KBH	D	0.15%	0.3%	0.15%
KD	B	0.15%	0.18%	0.15%
KEX	C	0.19%	0.17%	0.17%
KMPR	B	0.11%	0.02%	0.02%
KTB	B	0.14%	0.08%	0.08%
LAUR	A	0.06%	0.07%	0.06%
LDOS	C	0.36%	0.2%	0.2%
LPX	B	0.18%	0.2%	0.18%
LRN	A	0.06%	0.22%	0.06%
LUMN	C	0.19%	0.13%	0.13%
M	D	0.12%	0.03%	0.03%
MATX	C	0.15%	0.11%	0.11%
MCY	A	0.05%	0.17%	0.05%
MDGL	B	0.14%	0.02%	0.02%
MHK	D	0.21%	0.31%	0.21%
MIR	A	0.09%	0.03%	0.03%
MLI	C	0.27%	0.1%	0.1%
MLKN	D	0.05%	0.16%	0.05%
MOG.A	B	0.16%	0.17%	0.16%
MSA	D	0.18%	0.02%	0.02%
MTG	C	0.19%	0.11%	0.11%
MTX	B	0.07%	0.08%	0.07%
MUSA	A	0.26%	0.19%	0.19%
NBHC	B	0.05%	0.05%	0.05%
NBTB	B	0.06%	0.08%	0.06%
NHC	C	0.04%	0.13%	0.04%
NMRK	B	0.06%	0.06%	0.06%
NPAB	B	0.04%	0.19%	0.04%
NPO	A	0.09%	0.09%	0.09%
NUVL	D	0.11%	0.11%	0.11%
NVRI	F	0.01%	0.06%	0.01%
OC	A	0.45%	0.03%	0.03%
OFG	B	0.05%	0.08%	0.05%
OMF	A	0.17%	0.08%	0.08%
ORI	A	0.24%	0.23%	0.23%
OSIS	B	0.06%	0.04%	0.04%
PBI	B	0.04%	0.05%	0.04%
PFGC	B	0.37%	0.02%	0.02%
PFSI	D	0.07%	0.03%	0.03%
PHIN	A	0.06%	0.1%	0.06%
PNR	A	0.48%	0.09%	0.09%
PPC	C	0.05%	0.22%	0.05%
PRG	C	0.05%	0.03%	0.03%
PRI	A	0.27%	0.11%	0.11%
PRIM	A	0.09%	0.12%	0.09%
PRK	B	0.07%	0.11%	0.07%
PSN	D	0.15%	0.16%	0.15%
PTVE	B	0.01%	0.12%	0.01%
RDN	C	0.15%	0.07%	0.07%
REVG	B	0.04%	0.2%	0.04%
RGA	A	0.41%	0.07%	0.07%
RL	B	0.22%	0.18%	0.18%
RNA	D	0.07%	0.16%	0.07%
SAFT	C	0.03%	0.03%	0.03%
SCS	C	0.03%	0.11%	0.03%
SCSC	B	0.03%	0.02%	0.02%
SEM	B	0.1%	0.1%	0.1%
SFBS	B	0.06%	0.06%	0.06%
SFM	A	0.38%	0.57%	0.38%
SHOO	D	0.05%	0.04%	0.04%
SKYW	B	0.11%	0.34%	0.11%
SLM	A	0.14%	0.16%	0.14%
SMMT	D	0.06%	0.23%	0.06%
SMR	B	0.04%	0.13%	0.04%
SNV	B	0.2%	0.16%	0.16%
SPB	C	0.07%	0.05%	0.05%
SPNT	A	0.04%	0.09%	0.04%
STBA	B	0.04%	0.09%	0.04%
STEP	B	0.05%	0.05%	0.05%
SXI	B	0.06%	0.07%	0.06%
TDS	B	0.08%	0.11%	0.08%
TGI	B	0.01%	0.03%	0.01%
THC	D	0.43%	0.22%	0.22%
THR	B	0.03%	0.02%	0.02%
TILE	B	0.01%	0.1%	0.01%
TOL	B	0.44%	0.19%	0.19%
TOWN	B	0.06%	0.03%	0.03%
TPG	A	0.16%	0.23%	0.16%
TRMK	B	0.06%	0.04%	0.04%
TRN	C	0.08%	0.03%	0.03%
TTEK	F	0.38%	0.13%	0.13%
UHAL	D	0.02%	0.03%	0.02%
UHAL	D	0.19%	0.03%	0.03%
UHS	D	0.34%	0.2%	0.2%
UMBF	B	0.13%	0.15%	0.13%
USFD	A	0.44%	0.06%	0.06%
UTHR	C	0.49%	0.2%	0.2%
VCTR	B	0.04%	0.19%	0.04%
VIRT	B	0.07%	0.12%	0.07%
WAL	B	0.25%	0.06%	0.06%
WSM	B	0.39%	0.22%	0.22%
WTFC	A	0.23%	0.15%	0.15%
WWW	B	0.03%	0.03%	0.03%
XPO	B	0.21%	0.23%	0.21%

VBR Overweight 614 Positions Relative to VFMO

Symbol	Grade	Weight
SW	A	0.78%
BLDR	D	0.58%
ATO	A	0.58%
NRG	B	0.55%
RPM	A	0.48%
KIM	A	0.47%
IEX	B	0.47%
RS	B	0.46%
ACM	A	0.42%
EQH	B	0.42%
FFIV	B	0.4%
RNR	C	0.4%
JBL	B	0.39%
REG	B	0.38%
GLPI	C	0.38%
JNPR	F	0.37%
ALLE	D	0.36%
EMN	D	0.36%
CPT	B	0.36%
NVT	B	0.36%
BG	F	0.35%
SJM	D	0.34%
CHRW	C	0.34%
CG	A	0.34%
AES	F	0.34%
ATR	B	0.33%
SCI	B	0.33%
CCK	C	0.33%
KMX	B	0.33%
ITT	A	0.33%
BXP	D	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%
ARMK	B	0.29%
PNW	B	0.29%
SOLV	C	0.29%
SF	B	0.29%
WCC	B	0.28%
TAP	C	0.28%
TFX	F	0.28%
GL	B	0.28%
WTRG	B	0.28%
UNM	A	0.28%
STLD	B	0.28%
LKQ	D	0.28%
AFG	A	0.28%
Z	A	0.27%
FRT	B	0.27%
APA	D	0.26%
SEIC	B	0.26%
AAL	B	0.26%
DCI	B	0.26%
WBS	A	0.26%
LAD	A	0.26%
FYBR	D	0.26%
HSIC	B	0.26%
KBR	F	0.26%
FLR	B	0.26%
APG	B	0.25%
CMA	A	0.25%
GPK	C	0.25%
GME	C	0.25%
MOS	F	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%
EGP	F	0.24%
CHRD	D	0.23%
DOC	D	0.23%
X	C	0.23%
NI	A	0.23%
VOYA	B	0.23%
NNN	D	0.23%
KNX	B	0.23%
OGE	B	0.23%
SAIC	F	0.22%
SNX	C	0.22%
IVZ	B	0.22%
SSB	B	0.22%
ADC	B	0.22%
VNO	B	0.22%
BWA	D	0.22%
BERY	B	0.22%
ZION	B	0.22%
UFPI	B	0.21%
HII	D	0.21%
AGNC	D	0.21%
CFR	B	0.21%
MKSI	C	0.2%
RHI	B	0.2%
QRVO	F	0.2%
RLI	B	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%
MTH	D	0.19%
EVRG	A	0.19%
PB	A	0.19%
OSK	B	0.19%
R	B	0.18%
ALK	C	0.18%
ESNT	D	0.18%
CLF	F	0.18%
CADE	B	0.18%
ONB	B	0.18%
CMC	B	0.18%
BBWI	D	0.18%
ELAN	D	0.18%
DINO	D	0.18%
STWD	C	0.18%
FAF	A	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%
ESI	A	0.17%
CBT	C	0.17%
LNC	B	0.17%
COLB	A	0.17%
LEA	D	0.16%
NXST	C	0.16%
AMG	B	0.16%
PVH	C	0.16%
KNF	A	0.16%
IDA	A	0.16%
SIGI	C	0.16%
NFG	A	0.16%
ALB	C	0.16%
NCLH	B	0.16%
MDU	D	0.16%
UBSI	B	0.15%
UGI	A	0.15%
SON	D	0.15%
BCC	B	0.15%
ST	F	0.15%
VVV	F	0.15%
FNB	A	0.15%
WTS	B	0.15%
TKR	D	0.15%
AN	C	0.15%
THO	B	0.15%
JHG	A	0.15%
BC	C	0.15%
BDC	B	0.14%
RYN	D	0.14%
CUZ	B	0.14%
XRAY	F	0.14%
OZK	B	0.14%
KRC	C	0.14%
PIPR	B	0.14%
AVT	C	0.14%
THG	A	0.14%
OLN	D	0.14%
OGN	D	0.14%
AUR	C	0.14%
POR	C	0.14%
SLG	B	0.14%
HOMB	A	0.14%
GATX	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
PR	B	0.13%
BCO	D	0.13%
WTM	A	0.13%
FFIN	B	0.13%
LYFT	C	0.13%
AL	B	0.13%
SWX	B	0.13%
HWC	B	0.13%
MUR	D	0.13%
SBRA	C	0.13%
NJR	A	0.13%
ABG	B	0.13%
ACA	A	0.13%
DNB	B	0.12%
ICUI	D	0.12%
FUL	F	0.12%
OGS	A	0.12%
MAC	B	0.12%
ABCB	B	0.12%
EDR	A	0.12%
VLY	B	0.12%
BKH	A	0.12%
SLGN	A	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%
CDP	C	0.11%
SKT	B	0.11%
WU	D	0.11%
SANM	B	0.11%
PBH	A	0.11%
ASO	F	0.11%
GVA	A	0.11%
ESGR	B	0.11%
KFY	B	0.11%
ALE	A	0.11%
PII	D	0.11%
SMG	D	0.11%
ACHC	F	0.11%
HOG	D	0.11%
AR	B	0.11%
PNFP	B	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%
BEN	C	0.1%
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%
BNL	D	0.1%
ABM	B	0.1%
NHI	D	0.1%
UCB	A	0.1%
AUB	B	0.1%
ASB	B	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%
WD	D	0.1%
RUSHA	C	0.1%
MSM	C	0.1%
HIW	D	0.1%
TCBI	B	0.1%
DXC	B	0.1%
GNW	A	0.09%
WSFS	A	0.09%
AVA	A	0.09%
JWN	C	0.09%
BRC	D	0.09%
DEI	B	0.09%
MAN	D	0.09%
SATS	D	0.09%
PENN	C	0.09%
PTEN	C	0.09%
PAG	B	0.09%
ADTN	A	0.09%
ATKR	C	0.09%
APAM	B	0.09%
AWR	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	B	0.09%
BTU	B	0.09%
CATY	B	0.09%
FHB	A	0.09%
TNL	A	0.09%
EBC	B	0.09%
SXT	B	0.09%
APLE	B	0.09%
CBU	B	0.09%
FHI	A	0.09%
ESE	B	0.09%
FIBK	A	0.08%
AKR	B	0.08%
CVBF	A	0.08%
COTY	F	0.08%
CXT	B	0.08%
LXP	D	0.08%
ABR	C	0.08%
NSP	D	0.08%
PBF	D	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%
DBRG	F	0.08%
REZI	A	0.08%
PRGS	A	0.08%
GHC	C	0.08%
PK	B	0.08%
WAFD	B	0.08%
SFNC	B	0.08%
MPW	F	0.08%
ALIT	C	0.08%
MGRC	B	0.08%
RNG	B	0.08%
AMKR	D	0.08%
IOVA	F	0.08%
BOH	B	0.08%
BHF	B	0.08%
BYD	C	0.07%
OMCL	C	0.07%
GT	C	0.07%
ENR	B	0.07%
ENOV	C	0.07%
PFS	B	0.07%
PECO	A	0.07%
FFBC	A	0.07%
HBI	B	0.07%
CWEN	C	0.07%
CNXC	F	0.07%
VSCO	B	0.07%
BOKF	B	0.07%
SM	B	0.07%
DY	D	0.07%
VAC	B	0.07%
HAYW	B	0.07%
PPBI	B	0.07%
ARCB	C	0.07%
BXMT	C	0.07%
OUT	A	0.07%
URBN	C	0.07%
ARCH	B	0.07%
INDB	B	0.07%
HUBG	A	0.07%
WLK	D	0.07%
POST	C	0.07%
NATL	B	0.06%
CGON	F	0.06%
AZTA	D	0.06%
IMVT	F	0.06%
RXO	C	0.06%
HI	C	0.06%
BLKB	B	0.06%
KSS	F	0.06%
KMT	B	0.06%
BANF	B	0.06%
MHO	D	0.06%
AIR	B	0.06%
WLY	B	0.06%
EQC	B	0.06%
PINC	B	0.06%
STRA	C	0.06%
PSMT	C	0.06%
ZG	A	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%
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%
IPGP	D	0.06%
WERN	C	0.06%
TTMI	B	0.06%
JOBY	B	0.06%
FL	F	0.06%
BANR	B	0.06%
CPRI	F	0.06%
SCL	C	0.05%
LZB	B	0.05%
UAA	C	0.05%
HEES	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%
PZZA	D	0.05%
KAR	B	0.05%
EPC	D	0.05%
OI	C	0.05%
VSTS	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%
ROIC	A	0.05%
CRI	D	0.05%
EIG	B	0.04%
ARI	C	0.04%
AAT	B	0.04%
FDP	B	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%
NNI	D	0.04%
LADR	B	0.04%
RRR	D	0.04%
WABC	B	0.04%
CSGS	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%
HTH	B	0.04%
CODI	B	0.04%
BLMN	F	0.04%
WT	B	0.04%
REYN	D	0.04%
HOPE	B	0.04%
NTCT	C	0.04%
TROX	D	0.04%
UPBD	B	0.04%
AMN	F	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%
HP	B	0.04%
CENTA	C	0.04%
LC	A	0.04%
FTRE	D	0.04%
HMN	B	0.04%
NGVT	B	0.04%
GEF	A	0.04%
LEG	F	0.04%
GTY	B	0.04%
HLIO	B	0.04%
CABO	C	0.04%
AVNS	F	0.03%
MMI	B	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
CWEN	C	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%
UA	C	0.03%
WMK	C	0.03%
KWR	C	0.03%
ECPG	B	0.03%
TRS	B	0.03%
SNDR	B	0.03%
CBRL	C	0.03%
MD	B	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%
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%
BHLB	B	0.03%
PMT	D	0.03%
UNIT	B	0.03%
UVV	B	0.03%
SVC	F	0.02%
ATUS	C	0.02%
CVI	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%
AXL	C	0.02%
BGS	F	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%
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%
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%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	D	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%
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%
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%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	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%

VBR Underweight 396 Positions Relative to VFMO

Symbol	Grade	Weight
ANET	C	-1.27%
C	A	-1.21%
KKR	A	-1.17%
META	D	-1.15%
GE	D	-1.14%
NFLX	A	-1.12%
LLY	F	-1.07%
T	A	-1.02%
PGR	A	-0.97%
KLAC	D	-0.94%
TT	A	-0.94%
COST	B	-0.89%
BSX	B	-0.89%
CMG	B	-0.82%
RTX	C	-0.79%
MMM	D	-0.77%
DHI	D	-0.77%
TDG	D	-0.76%
CTAS	B	-0.73%
TFC	A	-0.73%
APH	A	-0.72%
HCA	F	-0.72%
BK	A	-0.71%
NVDA	C	-0.71%
CL	D	-0.7%
ISRG	A	-0.7%
AVGO	D	-0.68%
WMT	A	-0.66%
PLTR	B	-0.66%
APP	B	-0.66%
AXP	A	-0.65%
MCK	B	-0.63%
TMUS	B	-0.57%
VRTX	F	-0.57%
REGN	F	-0.54%
SPOT	B	-0.52%
AFL	B	-0.49%
VRT	B	-0.48%
WING	D	-0.47%
NEM	D	-0.46%
CVLT	B	-0.4%
NTRA	B	-0.4%
NTAP	C	-0.39%
AWI	A	-0.38%
PNC	B	-0.37%
MTB	A	-0.37%
NU	C	-0.37%
GDDY	A	-0.37%
DELL	C	-0.36%
HBAN	A	-0.35%
GM	B	-0.35%
FIX	A	-0.35%
FITB	A	-0.34%
DECK	A	-0.33%
CVNA	B	-0.33%
LMT	D	-0.33%
GRMN	B	-0.32%
WTW	B	-0.32%
PSTG	D	-0.32%
STC	B	-0.31%
INSM	C	-0.3%
HLT	A	-0.3%
FANG	D	-0.29%
PCVX	D	-0.28%
MSI	B	-0.27%
PM	B	-0.27%
VITL	D	-0.27%
TJX	A	-0.27%
RCL	A	-0.27%
MPWR	F	-0.26%
ADMA	B	-0.26%
IESC	B	-0.26%
POWL	C	-0.26%
URI	B	-0.26%
GD	F	-0.26%
FRPT	B	-0.26%
GKOS	B	-0.26%
SN	D	-0.25%
CNM	D	-0.24%
CRS	A	-0.24%
FICO	B	-0.23%
WAB	B	-0.23%
DHT	F	-0.22%
EWTX	C	-0.22%
ASPN	F	-0.22%
COKE	C	-0.22%
MSTR	C	-0.22%
ALL	A	-0.22%
CSWI	A	-0.21%
TRGP	B	-0.21%
IBM	C	-0.21%
OSCR	D	-0.21%
PH	A	-0.2%
RMD	C	-0.2%
HOOD	B	-0.2%
LMB	A	-0.2%
BRBR	A	-0.2%
ALNY	D	-0.2%
CRBG	B	-0.2%
GWRE	A	-0.2%
CFG	B	-0.19%
SKX	D	-0.19%
HIG	B	-0.19%
AXON	A	-0.19%
PHM	D	-0.19%
FTI	A	-0.19%
HALO	F	-0.19%
BPMC	C	-0.19%
MO	A	-0.18%
SCCO	F	-0.18%
BLBD	D	-0.18%
VKTX	F	-0.18%
GS	A	-0.18%
LNTH	D	-0.18%
COR	B	-0.18%
HIMS	B	-0.17%
TNK	F	-0.17%
RSI	B	-0.17%
AJG	B	-0.17%
ARES	A	-0.17%
PI	D	-0.17%
AVAV	D	-0.17%
GWW	B	-0.17%
SFL	D	-0.17%
BFAM	D	-0.17%
EVER	F	-0.16%
CRDO	B	-0.16%
RKT	F	-0.16%
ACGL	D	-0.16%
SKWD	A	-0.16%
BURL	A	-0.16%
CLH	B	-0.16%
WULF	C	-0.16%
TPC	C	-0.16%
APLT	B	-0.16%
LBPH	A	-0.16%
ENSG	D	-0.15%
CRNX	C	-0.15%
STRL	B	-0.15%
OWL	A	-0.15%
CASH	A	-0.15%
TREE	F	-0.15%
TNDM	F	-0.15%
JANX	C	-0.15%
SGBX	F	-0.15%
CW	B	-0.14%
ZETA	D	-0.14%
RVMD	C	-0.14%
ROAD	A	-0.14%
COIN	C	-0.13%
HWKN	B	-0.13%
LII	A	-0.13%
CDRE	D	-0.13%
EXP	A	-0.13%
IBKR	A	-0.13%
MOD	A	-0.13%
PNTG	D	-0.13%
BLD	D	-0.13%
VERA	B	-0.13%
IBP	D	-0.13%
CPNG	D	-0.13%
ANAB	F	-0.13%
YMAB	F	-0.13%
MEDP	D	-0.13%
IMNM	F	-0.12%
LNW	D	-0.12%
AMSC	B	-0.12%
RUN	F	-0.12%
ABUS	D	-0.12%
EOLS	D	-0.12%
PTGX	C	-0.12%
CASY	A	-0.12%
GRBK	D	-0.12%
PAHC	C	-0.12%
ATI	D	-0.12%
COLL	F	-0.12%
PHAT	F	-0.12%
CDNA	D	-0.12%
UTI	A	-0.12%
GPOR	B	-0.12%
NVR	D	-0.12%
RYTM	C	-0.12%
NR	B	-0.11%
BAC	A	-0.11%
RXST	F	-0.11%
PRMW	C	-0.11%
AGX	B	-0.11%
ETN	A	-0.11%
LQDA	D	-0.11%
IBCP	B	-0.11%
TPB	B	-0.11%
CPF	A	-0.11%
TDW	F	-0.11%
NNBR	C	-0.11%
ANNX	F	-0.11%
LTH	C	-0.1%
HCI	C	-0.1%
LPG	F	-0.1%
KRYS	B	-0.1%
ACLX	C	-0.1%
WRB	A	-0.1%
SPRY	D	-0.1%
SOUN	C	-0.1%
HROW	D	-0.1%
PRDO	B	-0.1%
MAX	F	-0.1%
NRIX	D	-0.1%
ZIMV	D	-0.1%
OCUL	D	-0.1%
TMDX	F	-0.1%
SLVM	B	-0.1%
ALHC	C	-0.1%
CADL	F	-0.1%
VERX	B	-0.1%
NVAX	F	-0.1%
UWMC	D	-0.1%
PRCT	B	-0.1%
TNC	D	-0.1%
RVLV	B	-0.1%
ACIC	B	-0.1%
AMAL	B	-0.1%
AQST	D	-0.1%
CBZ	B	-0.09%
NEU	C	-0.09%
TWST	D	-0.09%
OII	B	-0.09%
SAVA	D	-0.09%
WWD	B	-0.09%
PLSE	C	-0.09%
HUMA	F	-0.09%
PWR	A	-0.09%
GOGL	F	-0.09%
CRAI	B	-0.09%
DOLE	D	-0.09%
GNK	D	-0.09%
SHAK	C	-0.09%
BELFB	C	-0.09%
UVE	B	-0.09%
GRND	A	-0.09%
CALM	A	-0.09%
BLX	C	-0.08%
CENX	B	-0.08%
HEI	B	-0.08%
PFBC	B	-0.08%
MNMD	C	-0.08%
CGEM	F	-0.08%
RYAN	B	-0.08%
GERN	D	-0.08%
EGY	D	-0.08%
CECO	A	-0.08%
STNG	F	-0.08%
NKTX	F	-0.08%
QNST	B	-0.08%
RDNT	B	-0.08%
WSO	A	-0.08%
PRM	C	-0.08%
TK	D	-0.08%
AORT	B	-0.08%
OCGN	F	-0.08%
ALKT	B	-0.08%
PATK	D	-0.08%
UFPT	B	-0.07%
AGIO	C	-0.07%
INOD	B	-0.07%
AGYS	A	-0.07%
AOSL	C	-0.07%
USAP	B	-0.07%
HWM	A	-0.07%
CNA	B	-0.07%
ICFI	F	-0.07%
KURA	F	-0.07%
GCI	D	-0.07%
BRO	B	-0.07%
KALV	D	-0.07%
STOK	F	-0.07%
DORM	B	-0.07%
CROX	D	-0.07%
VRNS	D	-0.06%
TYL	B	-0.06%
KLG	C	-0.06%
ANET	C	-0.06%
SWTX	C	-0.06%
HRTX	F	-0.06%
SIGA	F	-0.06%
TKO	B	-0.06%
CSTL	D	-0.06%
LRMR	F	-0.06%
NUVB	C	-0.06%
IP	B	-0.06%
VSEC	C	-0.06%
REX	D	-0.06%
OSW	A	-0.06%
ACVA	B	-0.06%
CBOE	B	-0.06%
TGTX	B	-0.06%
ADUS	D	-0.06%
DAKT	B	-0.06%
VNDA	C	-0.05%
TSHA	C	-0.05%
ARLO	C	-0.05%
FBK	B	-0.05%
IDYA	F	-0.05%
CRVL	A	-0.05%
NTNX	A	-0.05%
WDFC	B	-0.05%
FSS	B	-0.05%
CRMD	C	-0.05%
IT	C	-0.05%
AGM	C	-0.05%
IFF	D	-0.05%
LEN	D	-0.05%
FNF	B	-0.05%
SRCE	B	-0.05%
HRTG	C	-0.05%
BAND	B	-0.05%
DXPE	B	-0.04%
SPOK	C	-0.04%
TERN	F	-0.04%
HNST	B	-0.04%
FN	D	-0.04%
NSSC	D	-0.04%
CYH	F	-0.04%
IDT	B	-0.04%
TFIN	A	-0.04%
ELEV	D	-0.04%
VCEL	B	-0.04%
OUST	C	-0.04%
BALL	D	-0.04%
EU	D	-0.04%
OLLI	D	-0.04%
TPL	A	-0.04%
UVSP	B	-0.04%
APPF	B	-0.04%
KTOS	B	-0.04%
GABC	B	-0.04%
RYAM	C	-0.04%
CLSK	C	-0.04%
ARQT	C	-0.04%
NWSA	B	-0.03%
MBWM	B	-0.03%
AIG	B	-0.03%
DJCO	B	-0.03%
ITOS	F	-0.03%
MBIN	D	-0.03%
LOPE	B	-0.03%
UBER	D	-0.03%
QTWO	A	-0.03%
WVE	C	-0.03%
EPAC	B	-0.03%
ELVN	D	-0.03%
SB	F	-0.03%
SCVL	F	-0.03%
BLND	B	-0.03%
REAX	D	-0.03%
NMIH	D	-0.03%
HOV	D	-0.03%
ACIW	B	-0.03%
CTS	C	-0.03%
CMRE	C	-0.03%
INO	F	-0.03%
LMAT	A	-0.03%
IMMR	C	-0.03%
DFIN	D	-0.03%
PACK	B	-0.03%
SRRK	B	-0.02%
ABSI	F	-0.02%
WMB	A	-0.02%
BDTX	F	-0.02%
DCO	C	-0.02%
INGN	C	-0.02%
SVRA	D	-0.02%
ASC	F	-0.02%
HEAR	C	-0.02%
LXRX	F	-0.02%
LBRT	D	-0.02%
LFMD	D	-0.02%
ATEX	D	-0.02%
SPNS	F	-0.02%
HLX	B	-0.02%
ITRI	B	-0.02%
JPM	A	-0.02%
AIOT	B	-0.02%
METC	C	-0.02%
FNKO	D	-0.02%
MRSN	D	-0.02%
PLMR	B	-0.02%
ANIP	F	-0.02%
QCRH	A	-0.02%
CELC	F	-0.02%
USLM	A	-0.02%
ROST	C	-0.02%
AAON	B	-0.02%
PAR	B	-0.02%
EFSC	B	-0.02%
EXEL	B	-0.0%
APEI	B	-0.0%