VLU vs. FFLC ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to Fidelity Fundamental Large Cap Core ETF (FFLC)

VLU

SPDR S&P 1500 Value Tilt ETF

VLU Description

The investment seeks investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 1500 Low Valuation Tilt Index (the "index"). The fund employs a sampling strategy in seeking to track the index. It generally invests substantially all, but at least 80%, of its total assets in the securities. The index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively low valuations are overweight relative to the S&P Composite 1500 Index and stocks with relatively high valuations are underweight. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$193.82

Average Daily Volume

10,085

Number of Holdings ^*

1419

* may have additional holdings in another (foreign) market

FFLC

Fidelity Fundamental Large Cap Core ETF

FFLC Description

FFLC seeks to achieve long-term capital growth by investing in a global core equity portfolio of large-cap stocks. The adviser generally defines large caps as companies with similar market capitalizations to Russell 1000 or S&P 500 companies. Stocks are selected using fundamental analysis of factors such as financial condition and industry position of each issuer, as well as market and economic conditions. The adviser then incorporates a quantitative portfolio construction process to emphasize securities in which the adviser has high conviction, subject to risk, liquidity, and trading characteristics. The portfolio includes stocks with growth and/or value characteristics. Despite its large-cap focus, the fund's strategy can lead to investments in small- and mid-cap companies. Before February 26, 2024, the fund traded as Fidelity New Millennium ETF under the ticker FMIL. The fund previously used a semitransparent ETF structure.

Grade (RS Rating)

Last Trade

$47.24

Average Daily Volume

103,927

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VLU	FFLC
30 Days	4.78%	2.14%
60 Days	5.81%	3.92%
90 Days	7.82%	6.30%
12 Months	31.37%	37.29%

70 Overlapping Holdings

Symbol	Grade	Weight in VLU	Weight in FFLC	Overlap
AAPL	C	2.4%	4.26%	2.4%
ABBV	D	0.37%	0.61%	0.37%
ABNB	C	0.06%	0.33%	0.06%
AJG	B	0.06%	0.41%	0.06%
AMT	D	0.13%	0.43%	0.13%
AMZN	C	2.04%	2.89%	2.04%
APH	A	0.06%	0.85%	0.06%
AVGO	D	0.42%	1.98%	0.42%
BA	F	0.16%	0.72%	0.16%
BAC	A	1.57%	2.18%	1.57%
BMY	B	0.35%	0.92%	0.35%
BSX	B	0.11%	1.35%	0.11%
CB	C	0.34%	0.73%	0.34%
CCI	D	0.1%	0.61%	0.1%
CEG	D	0.04%	1.06%	0.04%
CI	F	0.34%	1.23%	0.34%
CMCSA	B	0.62%	1.69%	0.62%
COR	B	0.36%	0.37%	0.36%
COST	B	0.28%	0.63%	0.28%
CSCO	B	0.51%	1.1%	0.51%
DKS	C	0.03%	0.19%	0.03%
EIX	B	0.1%	1.31%	0.1%
ELV	F	0.29%	0.63%	0.29%
ETN	A	0.12%	1.02%	0.12%
FDX	B	0.25%	0.58%	0.25%
FI	A	0.16%	1.34%	0.16%
GD	F	0.21%	0.38%	0.21%
GE	D	0.27%	1.61%	0.27%
GEN	B	0.05%	0.37%	0.05%
GILD	C	0.35%	0.27%	0.27%
GOOGL	C	0.72%	3.2%	0.72%
HII	D	0.02%	0.29%	0.02%
HLT	A	0.02%	0.52%	0.02%
HRB	D	0.02%	0.64%	0.02%
INTU	C	0.06%	1.0%	0.06%
IP	B	0.17%	0.18%	0.17%
KBR	F	0.01%	0.17%	0.01%
KDP	D	0.11%	1.0%	0.11%
KNX	B	0.03%	0.59%	0.03%
KO	D	0.36%	0.94%	0.36%
KVUE	A	0.23%	1.04%	0.23%
LEN	D	0.13%	0.36%	0.13%
LIN	D	0.19%	0.2%	0.19%
LLY	F	0.19%	1.85%	0.19%
LOW	D	0.23%	1.06%	0.23%
MA	C	0.13%	0.85%	0.13%
MAR	B	0.09%	0.42%	0.09%
META	D	1.68%	4.7%	1.68%
MLM	B	0.03%	0.49%	0.03%
MSFT	F	1.41%	6.98%	1.41%
NOC	D	0.15%	0.25%	0.15%
NVDA	C	0.36%	5.71%	0.36%
ORCL	B	0.45%	0.97%	0.45%
PNC	B	0.41%	1.01%	0.41%
REGN	F	0.1%	0.75%	0.1%
SO	D	0.3%	1.72%	0.3%
SPG	B	0.06%	0.18%	0.06%
TMO	F	0.14%	1.18%	0.14%
TMUS	B	0.43%	0.2%	0.2%
TRV	B	0.18%	0.87%	0.18%
UBER	D	0.08%	0.61%	0.08%
UNH	C	1.15%	1.72%	1.15%
UPS	C	0.37%	0.78%	0.37%
URI	B	0.07%	0.92%	0.07%
USB	A	0.39%	0.94%	0.39%
V	A	0.45%	1.31%	0.45%
WFC	A	1.25%	1.82%	1.25%
WSM	B	0.02%	0.4%	0.02%
WSO	A	0.04%	0.56%	0.04%
XOM	B	1.99%	2.88%	1.99%

VLU Overweight 1349 Positions Relative to FFLC

Symbol	Grade	Weight
BRK.A	B	2.43%
WMT	A	1.82%
JPM	A	1.53%
VZ	C	1.5%
T	A	1.4%
CVX	A	1.36%
GOOG	C	1.15%
C	A	1.13%
JNJ	D	0.78%
PFE	D	0.7%
MS	A	0.63%
TSLA	B	0.62%
COF	B	0.61%
GS	A	0.59%
CVS	D	0.58%
PM	B	0.56%
GM	B	0.55%
TFC	A	0.54%
HD	A	0.52%
PG	A	0.48%
PSX	C	0.47%
MPC	D	0.45%
KMI	A	0.45%
RTX	C	0.44%
MET	A	0.42%
COP	C	0.41%
IBM	C	0.41%
MCK	B	0.39%
PRU	A	0.39%
VLO	C	0.38%
F	C	0.37%
MO	A	0.36%
AXP	A	0.35%
DAL	C	0.35%
NEE	D	0.34%
INTC	D	0.33%
DUK	C	0.33%
CHTR	C	0.33%
PEP	F	0.33%
KR	B	0.33%
MDT	D	0.32%
DIS	B	0.32%
LMT	D	0.32%
ACN	C	0.31%
HPQ	B	0.31%
MRK	F	0.3%
BK	A	0.29%
MMM	D	0.27%
CRM	B	0.27%
UAL	A	0.26%
CNC	D	0.26%
SCHW	B	0.26%
ABT	B	0.25%
CAH	B	0.25%
KHC	F	0.24%
TXN	C	0.24%
CAT	B	0.24%
EOG	A	0.24%
D	C	0.24%
AIG	B	0.24%
HON	B	0.23%
AMGN	D	0.23%
HPE	B	0.23%
QCOM	F	0.22%
DE	A	0.22%
SW	A	0.22%
UNP	C	0.22%
ADM	D	0.22%
TGT	F	0.22%
BLK	C	0.22%
SYF	B	0.22%
CCL	B	0.21%
AFL	B	0.21%
NFLX	A	0.19%
WMB	A	0.19%
EXC	C	0.19%
MTB	A	0.18%
HCA	F	0.18%
CFG	B	0.18%
PGR	A	0.18%
MDLZ	F	0.18%
LYB	F	0.18%
SRE	A	0.18%
PYPL	B	0.18%
HUM	C	0.17%
LUV	C	0.17%
OXY	D	0.17%
ADBE	C	0.17%
DD	D	0.17%
WBD	C	0.17%
BBY	D	0.16%
TSN	B	0.16%
EMR	A	0.16%
ETR	B	0.16%
JCI	C	0.16%
ALL	A	0.16%
AEP	D	0.16%
PFG	D	0.16%
DFS	B	0.16%
TJX	A	0.16%
XEL	A	0.15%
APD	A	0.15%
MCD	D	0.15%
DOW	F	0.15%
KEY	B	0.15%
CMI	A	0.14%
PEG	A	0.14%
OKE	A	0.14%
BX	A	0.14%
SBUX	A	0.14%
STT	A	0.14%
PCG	A	0.13%
EQT	B	0.13%
HBAN	A	0.13%
MU	D	0.13%
L	A	0.13%
RGA	A	0.13%
HIG	B	0.13%
VTRS	A	0.13%
NEM	D	0.13%
PLD	D	0.13%
SLB	C	0.13%
SYY	B	0.12%
MMC	B	0.12%
BKNG	A	0.12%
ACGL	D	0.12%
AMD	F	0.12%
NKE	D	0.12%
FITB	A	0.12%
SPGI	C	0.12%
BKR	B	0.12%
RF	A	0.12%
DVN	F	0.12%
AMP	A	0.12%
PCAR	B	0.12%
WELL	A	0.12%
NSC	B	0.12%
ED	D	0.12%
ADI	D	0.12%
FIS	C	0.11%
CTSH	B	0.11%
DHR	F	0.11%
O	D	0.11%
UNM	A	0.11%
ICE	C	0.11%
VST	B	0.11%
PFGC	B	0.11%
BG	F	0.11%
NUE	C	0.11%
WEC	A	0.1%
WM	A	0.1%
PH	A	0.1%
KMB	D	0.1%
LHX	C	0.1%
OVV	B	0.1%
GIS	D	0.1%
GLW	B	0.1%
ISRG	A	0.1%
VRTX	F	0.1%
CME	A	0.1%
FANG	D	0.1%
AMAT	F	0.1%
CSX	B	0.1%
DHI	D	0.1%
AFG	A	0.09%
LAD	A	0.09%
ADP	B	0.09%
FOXA	B	0.09%
RSG	A	0.09%
AEE	A	0.09%
TRGP	B	0.09%
VICI	C	0.09%
CL	D	0.09%
DTE	C	0.09%
PPL	B	0.09%
ITW	B	0.09%
SYK	C	0.09%
TAP	C	0.09%
SNX	C	0.08%
ORLY	B	0.08%
CNP	B	0.08%
FNF	B	0.08%
CMA	A	0.08%
FCX	D	0.08%
LUMN	C	0.08%
USFD	A	0.08%
EQR	B	0.08%
CARR	D	0.08%
STLD	B	0.08%
EG	C	0.08%
K	A	0.08%
TT	A	0.08%
AAL	B	0.08%
CTVA	C	0.08%
NTRS	A	0.08%
MRO	B	0.08%
BDX	F	0.08%
VTR	C	0.08%
ALLY	C	0.08%
CBRE	B	0.08%
ES	D	0.08%
EBAY	D	0.08%
RCL	A	0.08%
FE	C	0.07%
LVS	C	0.07%
JXN	C	0.07%
GRMN	B	0.07%
CHRD	D	0.07%
WTW	B	0.07%
PSA	D	0.07%
BWA	D	0.07%
NXPI	D	0.07%
IVZ	B	0.07%
LRCX	F	0.07%
ATO	A	0.07%
X	C	0.07%
NDAQ	A	0.07%
PANW	C	0.07%
ANET	C	0.07%
AVB	B	0.07%
AON	A	0.07%
CINF	A	0.07%
HRL	D	0.07%
EVRG	A	0.07%
BIIB	F	0.07%
EQH	B	0.07%
MOS	F	0.07%
HAL	C	0.07%
EQIX	A	0.07%
TROW	B	0.07%
ZION	B	0.07%
PARA	C	0.06%
BEN	C	0.06%
BXP	D	0.06%
FHN	A	0.06%
GWW	B	0.06%
LH	C	0.06%
CMS	C	0.06%
VFC	C	0.06%
ROST	C	0.06%
NVR	D	0.06%
ALK	C	0.06%
VNO	B	0.06%
THC	D	0.06%
PHM	D	0.06%
PAYX	C	0.06%
OMC	C	0.06%
IBKR	A	0.06%
DINO	D	0.06%
CTRA	B	0.06%
PPG	F	0.06%
HES	B	0.06%
R	B	0.06%
NI	A	0.06%
SHW	A	0.06%
JEF	A	0.06%
CF	B	0.06%
CAG	D	0.06%
GPN	B	0.06%
RJF	A	0.06%
WY	D	0.06%
CHRW	C	0.06%
MHK	D	0.06%
AZO	C	0.06%
DVA	B	0.06%
NOW	A	0.06%
ALB	C	0.05%
LYV	A	0.05%
WPC	D	0.05%
UHS	D	0.05%
JBL	B	0.05%
KMX	B	0.05%
PKG	A	0.05%
APTV	D	0.05%
JLL	D	0.05%
LDOS	C	0.05%
DOC	D	0.05%
LEA	D	0.05%
DG	F	0.05%
GPI	A	0.05%
BLDR	D	0.05%
ARE	D	0.05%
GPC	D	0.05%
IFF	D	0.05%
FOX	A	0.05%
EA	A	0.05%
ARMK	B	0.05%
OC	A	0.05%
EXPE	B	0.05%
STZ	D	0.05%
SWK	D	0.05%
ZBH	C	0.05%
TOL	B	0.05%
CNX	A	0.05%
RS	B	0.05%
JHG	A	0.05%
BAX	D	0.05%
ROP	B	0.05%
LNC	B	0.05%
RNR	C	0.05%
PNW	B	0.05%
WRB	A	0.05%
WBA	F	0.05%
WHR	B	0.05%
MNST	C	0.05%
COOP	B	0.05%
ARW	D	0.05%
STWD	C	0.05%
HSY	F	0.05%
NRG	B	0.05%
DGX	A	0.05%
EWBC	A	0.05%
AWK	D	0.05%
COLB	A	0.05%
AMCR	D	0.05%
J	F	0.04%
DOV	A	0.04%
XPO	B	0.04%
OGS	A	0.04%
BRO	B	0.04%
NOG	A	0.04%
CPT	B	0.04%
KIM	A	0.04%
UTHR	C	0.04%
TXT	D	0.04%
M	D	0.04%
EW	C	0.04%
SF	B	0.04%
AN	C	0.04%
CNO	A	0.04%
BKH	A	0.04%
NTAP	C	0.04%
OHI	C	0.04%
SANM	B	0.04%
EXPD	D	0.04%
DLTR	F	0.04%
MOH	F	0.04%
MUSA	A	0.04%
AME	A	0.04%
GL	B	0.04%
TMHC	B	0.04%
AES	F	0.04%
SWKS	F	0.04%
REG	B	0.04%
HST	C	0.04%
FYBR	D	0.04%
KRC	C	0.04%
SNA	A	0.04%
BERY	B	0.04%
TKO	B	0.04%
MKC	D	0.04%
GAP	C	0.04%
HWM	A	0.04%
VLY	B	0.04%
MCHP	D	0.04%
APA	D	0.04%
PWR	A	0.04%
ROK	B	0.04%
FAST	B	0.04%
BALL	D	0.04%
MAA	B	0.04%
MUR	D	0.04%
SNV	B	0.04%
CIVI	D	0.04%
AA	B	0.04%
CTAS	B	0.04%
GLPI	C	0.04%
INVH	D	0.04%
DLR	B	0.04%
MCO	B	0.04%
AVT	C	0.04%
TPR	B	0.04%
VOYA	B	0.04%
ON	D	0.04%
WBS	A	0.04%
CPB	D	0.04%
LNT	A	0.04%
ROIV	C	0.04%
CPAY	A	0.04%
CMG	B	0.04%
IQV	D	0.04%
AR	B	0.04%
SJM	D	0.04%
ESS	B	0.04%
IRM	D	0.04%
AIZ	A	0.04%
WDC	D	0.04%
AL	B	0.04%
MGM	D	0.04%
UGI	A	0.04%
OZK	B	0.04%
ECL	D	0.04%
STX	D	0.04%
ZTS	D	0.04%
SNPS	B	0.04%
EXR	D	0.04%
WCC	B	0.04%
DRI	B	0.04%
WAB	B	0.04%
KLAC	D	0.04%
FTNT	C	0.04%
EMN	D	0.04%
ORI	A	0.04%
MSI	B	0.04%
ABG	B	0.04%
CLH	B	0.03%
TGNA	B	0.03%
SSB	B	0.03%
MTG	C	0.03%
HAS	D	0.03%
FMC	D	0.03%
INCY	C	0.03%
LAMR	D	0.03%
DAR	C	0.03%
MAN	D	0.03%
NXST	C	0.03%
ARCH	B	0.03%
CADE	B	0.03%
JNPR	F	0.03%
MAS	D	0.03%
CSL	C	0.03%
PK	B	0.03%
TRN	C	0.03%
BURL	A	0.03%
MTDR	B	0.03%
RDN	C	0.03%
SFNC	B	0.03%
ILMN	D	0.03%
FSLR	F	0.03%
ULTA	F	0.03%
BXMT	C	0.03%
CUZ	B	0.03%
TDS	B	0.03%
PENN	C	0.03%
AKAM	D	0.03%
POST	C	0.03%
PAG	B	0.03%
HBI	B	0.03%
COKE	C	0.03%
WAFD	B	0.03%
WTFC	A	0.03%
GPK	C	0.03%
HSIC	B	0.03%
CR	A	0.03%
WTRG	B	0.03%
BRX	A	0.03%
DTM	B	0.03%
GNW	A	0.03%
FLR	B	0.03%
GEHC	F	0.03%
NFG	A	0.03%
BHF	B	0.03%
HUBB	B	0.03%
HWC	B	0.03%
CEIX	A	0.03%
APLE	B	0.03%
CWK	B	0.03%
HP	B	0.03%
PBF	D	0.03%
BKU	A	0.03%
CDW	F	0.03%
THO	B	0.03%
AGCO	D	0.03%
CNK	B	0.03%
UDR	B	0.03%
FNB	A	0.03%
CBOE	B	0.03%
ABM	B	0.03%
PR	B	0.03%
CFR	B	0.03%
EME	C	0.03%
PNFP	B	0.03%
GHC	C	0.03%
ODFL	B	0.03%
IT	C	0.03%
BTU	B	0.03%
DEI	B	0.03%
CHD	B	0.03%
RRC	B	0.03%
OGE	B	0.03%
NWSA	B	0.03%
PB	A	0.03%
RL	B	0.03%
ACM	A	0.03%
MTZ	B	0.03%
GEO	B	0.03%
COHR	B	0.03%
GDDY	A	0.03%
CACI	D	0.03%
EL	F	0.03%
HIW	D	0.03%
HCC	B	0.03%
SFM	A	0.03%
CLX	B	0.03%
NWL	B	0.03%
CALM	A	0.03%
KD	B	0.03%
FTV	C	0.03%
LULU	C	0.03%
VMC	B	0.03%
YUM	B	0.03%
LKQ	D	0.03%
A	D	0.03%
JBHT	C	0.03%
CATY	B	0.03%
BJ	A	0.03%
KEYS	A	0.03%
GME	C	0.03%
WU	D	0.03%
MLI	C	0.03%
DXC	B	0.03%
TDY	B	0.03%
OGN	D	0.03%
ONB	B	0.03%
IPG	D	0.03%
CASY	A	0.03%
FAF	A	0.03%
CCK	C	0.03%
ASB	B	0.03%
CMC	B	0.03%
TSCO	D	0.03%
INGR	B	0.03%
ADSK	A	0.03%
WLK	D	0.03%
CPRT	A	0.03%
NCLH	B	0.03%
OTIS	C	0.03%
AYI	B	0.02%
INDB	B	0.02%
GMED	A	0.02%
ITT	A	0.02%
EPAM	C	0.02%
VVV	F	0.02%
HUBG	A	0.02%
KTB	B	0.02%
CNXC	F	0.02%
MGY	A	0.02%
FLO	D	0.02%
ADNT	F	0.02%
MAC	B	0.02%
VMI	B	0.02%
VSTS	C	0.02%
MRNA	F	0.02%
GATX	A	0.02%
ERIE	D	0.02%
NSIT	F	0.02%
AIT	A	0.02%
ATI	D	0.02%
PLXS	B	0.02%
VLTO	D	0.02%
AX	A	0.02%
LPX	B	0.02%
CABO	C	0.02%
ELS	C	0.02%
NWBI	B	0.02%
VYX	B	0.02%
KMPR	B	0.02%
UAA	C	0.02%
MHO	D	0.02%
LITE	B	0.02%
FICO	B	0.02%
MSM	C	0.02%
TXRH	C	0.02%
EFX	F	0.02%
MOG.A	B	0.02%
KRG	B	0.02%
MCY	A	0.02%
SIGI	C	0.02%
POR	C	0.02%
WFRD	D	0.02%
NDSN	B	0.02%
GEF	A	0.02%
AXTA	A	0.02%
SEIC	B	0.02%
CVBF	A	0.02%
SLM	A	0.02%
NWE	B	0.02%
NATL	B	0.02%
FLS	B	0.02%
TNL	A	0.02%
CBT	C	0.02%
ABCB	B	0.02%
NVT	B	0.02%
KSS	F	0.02%
RRX	B	0.02%
WWD	B	0.02%
BCC	B	0.02%
OI	C	0.02%
FULT	A	0.02%
MTD	D	0.02%
PRG	C	0.02%
BHE	B	0.02%
PII	D	0.02%
FL	F	0.02%
BC	C	0.02%
LII	A	0.02%
SAIC	F	0.02%
SBAC	D	0.02%
CRC	B	0.02%
SR	A	0.02%
ALE	A	0.02%
CAR	C	0.02%
AXON	A	0.02%
BYD	C	0.02%
KAR	B	0.02%
ESNT	D	0.02%
LNW	D	0.02%
SLG	B	0.02%
MDU	D	0.02%
RUSHA	C	0.02%
PRGO	B	0.02%
AGO	B	0.02%
IDA	A	0.02%
OLN	D	0.02%
PTC	A	0.02%
REZI	A	0.02%
AUB	B	0.02%
WYNN	D	0.02%
WAT	B	0.02%
AAP	C	0.02%
PPC	C	0.02%
PVH	C	0.02%
BANC	A	0.02%
IDXX	F	0.02%
SWX	B	0.02%
CWEN	C	0.02%
AM	A	0.02%
HOG	D	0.02%
TYL	B	0.02%
GXO	B	0.02%
FBIN	D	0.02%
PNM	F	0.02%
EAT	A	0.02%
UMBF	B	0.02%
AVNT	B	0.02%
GBX	A	0.02%
TTWO	A	0.02%
RNST	B	0.02%
BBWI	D	0.02%
GBCI	B	0.02%
PRI	A	0.02%
TCBI	B	0.02%
TPH	D	0.02%
CIEN	B	0.02%
MTH	D	0.02%
AVY	D	0.02%
URBN	C	0.02%
CLF	F	0.02%
RVTY	F	0.02%
MATX	C	0.02%
CW	B	0.02%
EHC	B	0.02%
BANF	B	0.02%
SBRA	C	0.02%
FHB	A	0.02%
JWN	C	0.02%
JBLU	F	0.02%
IBTX	B	0.02%
SIG	B	0.02%
ADC	B	0.02%
H	B	0.02%
KEX	C	0.02%
EVR	B	0.02%
SLGN	A	0.02%
HOMB	A	0.02%
STE	F	0.02%
KBH	D	0.02%
RHI	B	0.02%
BANR	B	0.02%
VRSN	F	0.02%
GNRC	B	0.02%
CBSH	A	0.02%
SEM	B	0.02%
ALGN	D	0.02%
THG	A	0.02%
RPM	A	0.02%
DECK	A	0.02%
IBOC	A	0.02%
OSK	B	0.02%
UFPI	B	0.02%
PNR	A	0.02%
AMKR	D	0.02%
TRMB	B	0.02%
IR	B	0.02%
CRS	A	0.02%
SKYW	B	0.02%
CXW	B	0.02%
CUBE	D	0.02%
ALV	C	0.02%
G	B	0.02%
BR	A	0.02%
ABR	C	0.02%
SATS	D	0.02%
NOV	C	0.02%
FFIV	B	0.02%
PFS	B	0.02%
CSGP	D	0.02%
TDG	D	0.02%
HOLX	D	0.02%
ENVA	B	0.02%
FFBC	A	0.02%
AMG	B	0.02%
ZBRA	B	0.02%
SNEX	B	0.02%
CG	A	0.02%
NNN	D	0.02%
XYL	D	0.02%
MPW	F	0.02%
JAZZ	B	0.02%
SCI	B	0.02%
UBSI	B	0.02%
RMD	C	0.02%
SON	D	0.02%
VSCO	B	0.02%
GT	C	0.02%
BIO	D	0.02%
SM	B	0.02%
ANSS	B	0.02%
BFH	B	0.02%
CE	F	0.02%
SKX	D	0.02%
CZR	F	0.02%
CDNS	B	0.02%
AMH	D	0.02%
GDOT	D	0.01%
RES	D	0.01%
TRST	A	0.01%
HTZ	C	0.01%
CHE	D	0.01%
PRA	C	0.01%
AVNS	F	0.01%
HFWA	B	0.01%
MSGS	A	0.01%
AIN	C	0.01%
TFIN	A	0.01%
FBNC	A	0.01%
CVI	F	0.01%
AEIS	B	0.01%
OLED	D	0.01%
GO	C	0.01%
KELYA	F	0.01%
VRTS	B	0.01%
SMCI	F	0.01%
MCRI	A	0.01%
PFBC	B	0.01%
SCHL	D	0.01%
AAT	B	0.01%
XHR	B	0.01%
UCTT	D	0.01%
EZPW	A	0.01%
MMI	B	0.01%
AWR	B	0.01%
SAFT	C	0.01%
CHEF	A	0.01%
AZZ	B	0.01%
RGEN	D	0.01%
EFC	C	0.01%
PAYO	A	0.01%
MATV	D	0.01%
HAIN	C	0.01%
PRDO	B	0.01%
POWL	C	0.01%
ONTO	D	0.01%
EPC	D	0.01%
VIR	D	0.01%
SHAK	C	0.01%
TDC	D	0.01%
UFCS	B	0.01%
CVLT	B	0.01%
INN	D	0.01%
FWRD	D	0.01%
HCSG	C	0.01%
CWT	D	0.01%
HLX	B	0.01%
AMWD	C	0.01%
MRCY	B	0.01%
WRLD	C	0.01%
MP	B	0.01%
CENX	B	0.01%
NBHC	B	0.01%
HALO	F	0.01%
MEDP	D	0.01%
HAE	C	0.01%
CUBI	C	0.01%
CHCO	B	0.01%
DRH	B	0.01%
FIZZ	C	0.01%
PLAB	C	0.01%
APOG	B	0.01%
HWKN	B	0.01%
FSS	B	0.01%
ELME	D	0.01%
HAFC	A	0.01%
CHH	A	0.01%
PLUS	F	0.01%
SYNA	C	0.01%
ESAB	B	0.01%
RCM	F	0.01%
WST	C	0.01%
STRA	C	0.01%
GTY	B	0.01%
NGVT	B	0.01%
JJSF	B	0.01%
LGND	B	0.01%
SMPL	B	0.01%
BLMN	F	0.01%
HXL	D	0.01%
GFF	A	0.01%
NHC	C	0.01%
JBT	B	0.01%
KNF	A	0.01%
MCW	B	0.01%
CPK	A	0.01%
ZD	C	0.01%
RDNT	B	0.01%
AMED	F	0.01%
CGNX	C	0.01%
ESE	B	0.01%
SHO	C	0.01%
YELP	C	0.01%
ACHC	F	0.01%
TPX	B	0.01%
NOVT	D	0.01%
DNOW	B	0.01%
HASI	D	0.01%
SPTN	D	0.01%
KN	B	0.01%
VRE	B	0.01%
MMSI	B	0.01%
KWR	C	0.01%
IBP	D	0.01%
SBCF	A	0.01%
CRI	D	0.01%
ASIX	A	0.01%
FCPT	C	0.01%
BRKR	D	0.01%
AHCO	F	0.01%
EXP	A	0.01%
LNTH	D	0.01%
ENPH	F	0.01%
BKE	B	0.01%
SCVL	F	0.01%
SKT	B	0.01%
VC	D	0.01%
EIG	B	0.01%
MORN	B	0.01%
CORT	B	0.01%
TREX	C	0.01%
LANC	C	0.01%
OSIS	B	0.01%
ALKS	B	0.01%
ENR	B	0.01%
NBR	C	0.01%
FELE	B	0.01%
KALU	C	0.01%
CFFN	B	0.01%
MYRG	B	0.01%
AWI	A	0.01%
HQY	B	0.01%
BOOT	D	0.01%
KLIC	B	0.01%
NSP	D	0.01%
MNRO	D	0.01%
LXP	D	0.01%
OPCH	D	0.01%
STC	B	0.01%
PCTY	B	0.01%
MC	C	0.01%
PUMP	B	0.01%
OII	B	0.01%
VTLE	C	0.01%
LGIH	D	0.01%
TBBK	B	0.01%
ALGT	B	0.01%
WD	D	0.01%
FND	C	0.01%
DIOD	D	0.01%
PAYC	B	0.01%
CWEN	C	0.01%
CVCO	A	0.01%
IOSP	B	0.01%
CPF	A	0.01%
WEN	D	0.01%
CASH	A	0.01%
XRAY	F	0.01%
LPG	F	0.01%
CARG	C	0.01%
MGEE	C	0.01%
BRBR	A	0.01%
IPGP	D	0.01%
AXL	C	0.01%
OMCL	C	0.01%
ARCB	C	0.01%
ODP	F	0.01%
ETSY	D	0.01%
BCPC	B	0.01%
AVAV	D	0.01%
TMP	B	0.01%
VNT	B	0.01%
XRX	F	0.01%
WMS	D	0.01%
RUN	F	0.01%
RWT	D	0.01%
LTC	B	0.01%
HI	C	0.01%
ROIC	A	0.01%
MPWR	F	0.01%
B	B	0.01%
SHOO	D	0.01%
SSD	D	0.01%
NBIX	C	0.01%
ALGM	D	0.01%
UE	C	0.01%
EGBN	B	0.01%
EXLS	B	0.01%
OFG	B	0.01%
PJT	A	0.01%
THS	D	0.01%
CPRI	F	0.01%
MKSI	C	0.01%
OMI	F	0.01%
ENOV	C	0.01%
SXT	B	0.01%
EXPI	C	0.01%
SHC	F	0.01%
MTSI	B	0.01%
FTDR	A	0.01%
DORM	B	0.01%
MASI	A	0.01%
ORA	B	0.01%
DAY	B	0.01%
CENTA	C	0.01%
AROC	B	0.01%
WGO	C	0.01%
UNF	B	0.01%
INVA	D	0.01%
DAN	D	0.01%
PARR	D	0.01%
GTLS	B	0.01%
CCS	D	0.01%
ANF	C	0.01%
OTTR	C	0.01%
DLB	B	0.01%
CHX	C	0.01%
PCH	D	0.01%
MTX	B	0.01%
CBRL	C	0.01%
ITGR	B	0.01%
BDN	C	0.01%
FCF	A	0.01%
CNXN	C	0.01%
NMIH	D	0.01%
DLX	B	0.01%
BRKL	B	0.01%
IRT	A	0.01%
HMN	B	0.01%
ENSG	D	0.01%
PHIN	A	0.01%
SXC	A	0.01%
VAL	D	0.01%
AKR	B	0.01%
NPO	A	0.01%
FBK	B	0.01%
RXO	C	0.01%
KMT	B	0.01%
DXCM	D	0.01%
VSTO	A	0.01%
KLG	C	0.01%
EGP	F	0.01%
PATK	D	0.01%
DOCS	C	0.01%
SFBS	B	0.01%
NEU	C	0.01%
NYT	C	0.01%
CNM	D	0.01%
MAT	D	0.01%
BRC	D	0.01%
WTS	B	0.01%
APAM	B	0.01%
ROL	B	0.01%
PECO	A	0.01%
UA	C	0.01%
NSA	D	0.01%
SBSI	B	0.01%
RYN	D	0.01%
PINC	B	0.01%
PODD	C	0.01%
HGV	B	0.01%
STBA	B	0.01%
BWXT	B	0.01%
NWS	B	0.01%
DCOM	A	0.01%
SAH	A	0.01%
DPZ	C	0.01%
TEX	D	0.01%
LZB	B	0.01%
FUL	F	0.01%
OLLI	D	0.01%
POOL	C	0.01%
SCSC	B	0.01%
RH	B	0.01%
PSTG	D	0.01%
CTRE	D	0.01%
FCN	D	0.01%
RC	D	0.01%
AEO	F	0.01%
DEA	D	0.01%
BCO	D	0.01%
VSH	D	0.01%
LOPE	B	0.01%
EPR	D	0.01%
MKTX	D	0.01%
NBTB	B	0.01%
TTC	D	0.01%
LCII	C	0.01%
PRK	B	0.01%
KW	B	0.01%
CDP	C	0.01%
FN	D	0.01%
OUT	A	0.01%
FIX	A	0.01%
GRBK	D	0.01%
SAIA	B	0.01%
PIPR	B	0.01%
CAKE	C	0.01%
RLI	B	0.01%
BHLB	B	0.01%
ITRI	B	0.01%
WSFS	A	0.01%
KFY	B	0.01%
PSMT	C	0.01%
PBH	A	0.01%
BGC	C	0.01%
CRUS	D	0.01%
RBC	A	0.01%
PBI	B	0.01%
CRK	B	0.01%
IIPR	D	0.01%
ECPG	B	0.01%
MD	B	0.01%
FFIN	B	0.01%
BOH	B	0.01%
WEX	D	0.01%
DT	C	0.01%
PMT	D	0.01%
GVA	A	0.01%
SMG	D	0.01%
GIII	D	0.01%
UNFI	A	0.01%
TTMI	B	0.01%
WOR	F	0.01%
SBH	C	0.01%
BDC	B	0.01%
LSTR	D	0.01%
LFUS	F	0.01%
ARI	C	0.01%
CRL	C	0.01%
LRN	A	0.01%
ASGN	F	0.01%
SABR	C	0.01%
IDCC	A	0.01%
GMS	B	0.01%
GGG	B	0.01%
CROX	D	0.01%
WH	B	0.01%
WERN	C	0.01%
WS	B	0.01%
FDP	B	0.01%
CCOI	B	0.01%
NAVI	C	0.01%
LECO	B	0.01%
EPRT	B	0.01%
LBRT	D	0.01%
ACIW	B	0.01%
FHI	A	0.01%
PTEN	C	0.01%
ICUI	D	0.01%
VRSK	A	0.01%
GNTX	C	0.01%
MTCH	D	0.01%
NWN	A	0.01%
ENS	D	0.01%
ASH	D	0.01%
JKHY	D	0.01%
HNI	B	0.01%
CHDN	B	0.01%
PEB	D	0.01%
LW	C	0.01%
ASO	F	0.01%
NVST	B	0.01%
FBP	B	0.01%
GNL	F	0.01%
COTY	F	0.01%
QRVO	F	0.01%
TRMK	B	0.01%
LEG	F	0.01%
MSCI	C	0.01%
CTLT	B	0.01%
UPBD	B	0.01%
TFX	F	0.01%
ACA	A	0.01%
FDS	B	0.01%
CBU	B	0.01%
AMR	C	0.01%
UVV	B	0.01%
TTEK	F	0.01%
STAG	F	0.01%
MMS	F	0.01%
DCI	B	0.01%
HTH	B	0.01%
CC	C	0.01%
TALO	C	0.01%
PDCO	D	0.01%
EEFT	B	0.01%
UCB	A	0.01%
TER	D	0.01%
JBGS	D	0.01%
REXR	F	0.01%
IEX	B	0.01%
AOS	F	0.01%
DY	D	0.01%
ATR	B	0.01%
BLD	D	0.01%
RGLD	C	0.01%
WKC	D	0.01%
SEE	C	0.01%
AVA	A	0.01%
FRT	B	0.01%
DBX	B	0.01%
FR	C	0.01%
ANDE	D	0.01%
SLVM	B	0.01%
NJR	A	0.01%
ATGE	B	0.01%
PPBI	B	0.01%
TKR	D	0.01%
HLI	B	0.01%
WWW	B	0.01%
MLKN	D	0.01%
MTN	C	0.01%
VAC	B	0.01%
COLM	B	0.01%
VBTX	B	0.01%
EXEL	B	0.01%
MIDD	C	0.01%
HOPE	B	0.01%
ST	F	0.01%
SPNT	A	0.01%
ALLE	D	0.01%
AORT	B	0.0%
NPK	B	0.0%
WOLF	F	0.0%
XPEL	C	0.0%
NARI	C	0.0%
LESL	C	0.0%
AGYS	A	0.0%
VCEL	B	0.0%
PGNY	F	0.0%
GOGO	C	0.0%
MSEX	B	0.0%
EMBC	C	0.0%
STAA	F	0.0%
PCRX	C	0.0%
TNDM	F	0.0%
CELH	F	0.0%
RGNX	F	0.0%
CLB	B	0.0%
CERT	F	0.0%
ARWR	F	0.0%
SEDG	F	0.0%
NABL	F	0.0%
COHU	C	0.0%
TTGT	C	0.0%
ELF	C	0.0%
CRSR	C	0.0%
SSTK	F	0.0%
HCI	C	0.0%
JBSS	D	0.0%
BMI	B	0.0%
MYE	F	0.0%
SNCY	C	0.0%
LQDT	B	0.0%
ICHR	C	0.0%
CEVA	B	0.0%
SITM	B	0.0%
TGI	B	0.0%
NXRT	B	0.0%
BJRI	B	0.0%
MXL	C	0.0%
AAON	B	0.0%
GKOS	B	0.0%
SHEN	F	0.0%
COLL	F	0.0%
GPRE	F	0.0%
CYTK	F	0.0%
DGII	B	0.0%
IIIN	C	0.0%
SLAB	D	0.0%
AHH	D	0.0%
MGPI	F	0.0%
THRY	F	0.0%
WING	D	0.0%
CARS	B	0.0%
WT	B	0.0%
DV	C	0.0%
IRWD	F	0.0%
VECO	F	0.0%
CTS	C	0.0%
EPAC	B	0.0%
WSR	A	0.0%
ASTE	B	0.0%
CPRX	C	0.0%
CENT	C	0.0%
RGR	F	0.0%
JACK	D	0.0%
HRMY	D	0.0%
PZZA	D	0.0%
TRUP	B	0.0%
THRM	D	0.0%
TNC	D	0.0%
PEN	B	0.0%
VICR	B	0.0%
USNA	C	0.0%
SXI	B	0.0%
SPSC	C	0.0%
PRLB	A	0.0%
YETI	C	0.0%
XNCR	B	0.0%
LNN	B	0.0%
MTUS	C	0.0%
PRVA	B	0.0%
POWI	D	0.0%
SONO	C	0.0%
VVI	C	0.0%
HSII	B	0.0%
KOP	C	0.0%
IRDM	D	0.0%
MYGN	F	0.0%
KNSL	B	0.0%
SJW	D	0.0%
EXTR	B	0.0%
AMPH	D	0.0%
CALX	D	0.0%
HTLD	B	0.0%
ALG	B	0.0%
ASTH	D	0.0%
UFPT	B	0.0%
FLGT	F	0.0%
WNC	C	0.0%
ACLS	F	0.0%
WDFC	B	0.0%
DFIN	D	0.0%
MATW	C	0.0%
BLKB	B	0.0%
GDEN	B	0.0%
ALRM	C	0.0%
AOSL	C	0.0%
OXM	D	0.0%
CNMD	C	0.0%
JOE	F	0.0%
LIVN	F	0.0%
EYE	C	0.0%
RCUS	F	0.0%
NVEE	F	0.0%
QLYS	C	0.0%
LSCC	D	0.0%
AZTA	D	0.0%
USPH	B	0.0%
REX	D	0.0%
UHT	D	0.0%
EXPO	D	0.0%
CSGS	B	0.0%
SMP	B	0.0%
HLIT	D	0.0%
VIAV	B	0.0%
FTRE	D	0.0%
WABC	B	0.0%
BSIG	A	0.0%
CXT	B	0.0%
FOXF	F	0.0%
BGS	F	0.0%
NX	C	0.0%
RAMP	C	0.0%
AMSF	B	0.0%
HZO	D	0.0%
SVC	F	0.0%
NVRI	F	0.0%
ETD	C	0.0%
MRTN	C	0.0%
HAYN	C	0.0%
MANH	D	0.0%
TWI	F	0.0%
VRRM	D	0.0%
FBRT	C	0.0%
AIR	B	0.0%
CNSL	C	0.0%
PLMR	B	0.0%
NEO	C	0.0%
DVAX	C	0.0%
NEOG	F	0.0%
TRIP	F	0.0%
ENV	B	0.0%
ROG	D	0.0%
BOX	B	0.0%
ZI	D	0.0%
EVTC	B	0.0%
TECH	D	0.0%
GES	F	0.0%
NTCT	C	0.0%
RMBS	C	0.0%
PRGS	A	0.0%
SMTC	B	0.0%
HAYW	B	0.0%
CRVL	A	0.0%
ADUS	D	0.0%
FIVE	F	0.0%
LKFN	B	0.0%
DXPE	B	0.0%
VTOL	B	0.0%
HPP	F	0.0%
AMN	F	0.0%
UTL	B	0.0%
TR	B	0.0%
AMBC	C	0.0%
PRAA	C	0.0%
PLAY	D	0.0%
PLNT	A	0.0%
MTRN	C	0.0%
SAM	C	0.0%
CSR	B	0.0%
TILE	B	0.0%
IPAR	B	0.0%
BFS	C	0.0%
QNST	B	0.0%
VSAT	F	0.0%
PAHC	C	0.0%
ROCK	C	0.0%
KREF	D	0.0%
HELE	C	0.0%
SUPN	C	0.0%
IART	C	0.0%
FORM	D	0.0%
ALEX	C	0.0%
SCL	C	0.0%
MODG	F	0.0%
SOLV	C	0.0%
MSA	D	0.0%
UNIT	B	0.0%
CAL	D	0.0%

VLU Underweight 17 Positions Relative to FFLC

Symbol	Grade	Weight
SAP	B	-1.15%
TSM	B	-0.97%
GEV	B	-0.87%
MOD	A	-0.84%
ALSN	B	-0.83%
RPRX	D	-0.76%
VRT	B	-0.66%
APO	B	-0.61%
NVO	D	-0.53%
DOX	D	-0.53%
DEO	F	-0.43%
GSK	F	-0.3%
MELI	D	-0.2%
SPR	D	-0.19%
ASML	F	-0.18%
LNG	B	-0.03%
MRVL	B	-0.02%