VLU vs. FNDA ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to Schwab Fundamental U.S. Small Company Index ETF (FNDA)

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

$173.59

Average Daily Volume

10,498

Number of Holdings ^*

1425

* may have additional holdings in another (foreign) market

FNDA

Schwab Fundamental U.S. Small Company Index ETF

FNDA Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Small Company Index. The index selects, ranks, and weights securities by fundamental measures of company size - adjusted sales, retained operating cash flow, and dividends plus buybacks - rather than market capitalization. Under normal circumstances, the fund will invest at least 90% of its net assets in stocks included in the index. It may invest up to 10% of its net assets in securities not included in the index.

Grade (RS Rating)

Last Trade

$56.40

Average Daily Volume

299,511

Number of Holdings ^*

1003

* may have additional holdings in another (foreign) market

Performance

Period	VLU	FNDA
30 Days	0.51%	3.11%
60 Days	1.47%	1.02%
90 Days	3.11%	2.70%
12 Months	16.23%	8.73%

687 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in FNDA	Overlap
	AAL	F	0.06%	0.05%	0.05%
	AAON	B	0.0%	0.06%	0.0%
	AAT	A	0.01%	0.06%	0.01%
	ABCB	C	0.02%	0.12%	0.02%
	ABNB	F	0.07%	0.11%	0.07%
	ABR	D	0.02%	0.08%	0.02%
	ACA	D	0.01%	0.17%	0.01%
	ACHC	C	0.01%	0.16%	0.01%
	ACIW	A	0.01%	0.16%	0.01%
	ACLS	F	0.01%	0.05%	0.01%
	ADC	A	0.02%	0.06%	0.02%
	ADUS	B	0.0%	0.05%	0.0%
	AEIS	C	0.01%	0.1%	0.01%
	AEO	D	0.01%	0.06%	0.01%
	AGO	B	0.02%	0.23%	0.02%
	AHCO	B	0.01%	0.04%	0.01%
	AIN	D	0.01%	0.1%	0.01%
	AIR	D	0.0%	0.12%	0.0%
	AIT	B	0.01%	0.22%	0.01%
	AKR	A	0.01%	0.07%	0.01%
	ALE	A	0.02%	0.17%	0.02%
	ALEX	A	0.01%	0.09%	0.01%
	ALG	D	0.0%	0.07%	0.0%
	ALGM	F	0.01%	0.0%	0.0%
	ALGT	F	0.01%	0.02%	0.01%
	ALK	F	0.05%	0.06%	0.05%
	ALKS	A	0.01%	0.03%	0.01%
	ALRM	B	0.0%	0.04%	0.0%
	AM	C	0.02%	0.09%	0.02%
	AMBC	F	0.0%	0.03%	0.0%
	AMCX	F	0.0%	0.09%	0.0%
	AMED	A	0.01%	0.13%	0.01%
	AMH	A	0.03%	0.17%	0.03%
	AMKR	F	0.04%	0.24%	0.04%
	AMN	B	0.01%	0.17%	0.01%
	AMPH	C	0.0%	0.0%	0.0%
	AMR	F	0.02%	0.15%	0.02%
	AMSF	C	0.0%	0.01%	0.0%
	AMWD	B	0.01%	0.14%	0.01%
	ANDE	C	0.02%	0.07%	0.02%
	ANF	D	0.01%	0.47%	0.01%
	AOSL	C	0.01%	0.01%	0.01%
	APAM	D	0.01%	0.14%	0.01%
	APLE	C	0.03%	0.16%	0.03%
	APOG	B	0.01%	0.12%	0.01%
	ARCB	D	0.01%	0.2%	0.01%
	ARI	B	0.02%	0.09%	0.02%
	AROC	C	0.01%	0.14%	0.01%
	ASB	C	0.03%	0.2%	0.03%
	ASH	D	0.02%	0.21%	0.02%
	ASIX	B	0.01%	0.05%	0.01%
	ASTE	C	0.0%	0.05%	0.0%
	ASTH	B	0.0%	0.02%	0.0%
	ATGE	B	0.01%	0.19%	0.01%
	ATI	B	0.02%	0.09%	0.02%
	AUB	B	0.02%	0.05%	0.02%
	AVA	A	0.02%	0.17%	0.02%
	AVNS	A	0.0%	0.04%	0.0%
	AVNT	C	0.02%	0.21%	0.02%
	AWI	B	0.01%	0.21%	0.01%
	AWR	A	0.01%	0.06%	0.01%
	AX	B	0.02%	0.11%	0.02%
	AXL	F	0.01%	0.1%	0.01%
	AZTA	C	0.01%	0.06%	0.01%
	AZZ	C	0.01%	0.11%	0.01%
	B	C	0.01%	0.16%	0.01%
	BANF	B	0.01%	0.03%	0.01%
	BANR	B	0.02%	0.11%	0.02%
	BCO	C	0.01%	0.17%	0.01%
	BCPC	B	0.01%	0.1%	0.01%
	BDC	B	0.01%	0.13%	0.01%
	BDN	B	0.01%	0.1%	0.01%
	BGC	C	0.01%	0.12%	0.01%
	BGS	C	0.01%	0.07%	0.01%
	BHE	B	0.02%	0.22%	0.02%
	BHLB	B	0.01%	0.01%	0.01%
	BIO	A	0.03%	0.16%	0.03%
	BJRI	F	0.0%	0.04%	0.0%
	BKE	B	0.01%	0.09%	0.01%
	BKH	A	0.04%	0.22%	0.04%
	BKU	B	0.03%	0.29%	0.03%
	BLD	B	0.02%	0.07%	0.02%
	BLKB	D	0.0%	0.06%	0.0%
	BLMN	C	0.01%	0.09%	0.01%
	BMI	B	0.0%	0.06%	0.0%
	BOH	B	0.01%	0.13%	0.01%
	BOOT	C	0.01%	0.1%	0.01%
	BRBR	D	0.01%	0.04%	0.01%
	BRC	B	0.01%	0.04%	0.01%
	BRKL	B	0.01%	0.03%	0.01%
	BRKR	C	0.01%	0.11%	0.01%
	BSIG	B	0.0%	0.09%	0.0%
	BWXT	C	0.01%	0.22%	0.01%
	BXMT	D	0.03%	0.13%	0.03%
	BYD	C	0.02%	0.16%	0.02%
	CABO	C	0.02%	0.11%	0.02%
	CACC	D	0.0%	0.08%	0.0%
	CACC	D	0.0%	0.19%	0.0%
	CADE	B	0.02%	0.2%	0.02%
	CAKE	D	0.01%	0.06%	0.01%
	CAL	B	0.01%	0.07%	0.01%
	CALM	A	0.03%	0.16%	0.03%
	CALX	B	0.0%	0.02%	0.0%
	CARG	D	0.01%	0.05%	0.01%
	CARS	C	0.0%	0.04%	0.0%
	CASH	B	0.01%	0.06%	0.01%
	CATY	B	0.03%	0.15%	0.03%
	CBRL	F	0.01%	0.1%	0.01%
	CBSH	B	0.02%	0.2%	0.02%
	CBT	C	0.02%	0.21%	0.02%
	CBU	B	0.01%	0.11%	0.01%
	CCOI	B	0.01%	0.07%	0.01%
	CCRN	C	0.0%	0.02%	0.0%
	CCS	B	0.01%	0.21%	0.01%
	CEIX	D	0.02%	0.13%	0.02%
	CENT	F	0.0%	0.0%	0.0%
	CENTA	D	0.01%	0.09%	0.01%
	CFFN	B	0.01%	0.04%	0.01%
	CFR	B	0.02%	0.19%	0.02%
	CGNX	D	0.01%	0.17%	0.01%
	CHCO	B	0.01%	0.05%	0.01%
	CHDN	C	0.01%	0.15%	0.01%
	CHE	A	0.01%	0.06%	0.01%
	CHEF	C	0.01%	0.05%	0.01%
	CHH	B	0.01%	0.07%	0.01%
	CHRD	D	0.1%	0.12%	0.1%
	CHX	C	0.01%	0.12%	0.01%
	CIVI	F	0.06%	0.11%	0.06%
	CLB	B	0.0%	0.04%	0.0%
	CLH	A	0.02%	0.25%	0.02%
	CLW	B	0.01%	0.08%	0.01%
	CMP	D	0.0%	0.03%	0.0%
	CNK	A	0.02%	0.11%	0.02%
	CNM	C	0.01%	0.12%	0.01%
	CNMD	F	0.0%	0.05%	0.0%
	CNSL	A	0.0%	0.06%	0.0%
	CNX	C	0.03%	0.06%	0.03%
	CNXC	C	0.03%	0.12%	0.03%
	CNXN	A	0.01%	0.08%	0.01%
	COHU	F	0.0%	0.05%	0.0%
	COKE	A	0.02%	0.13%	0.02%
	COLB	B	0.05%	0.18%	0.05%
	COLM	D	0.01%	0.17%	0.01%
	COOP	B	0.06%	0.22%	0.06%
	CORT	B	0.01%	0.07%	0.01%
	COTY	F	0.02%	0.07%	0.02%
	CPF	B	0.01%	0.04%	0.01%
	CPK	A	0.01%	0.06%	0.01%
	CR	C	0.03%	0.2%	0.03%
	CRC	D	0.02%	0.15%	0.02%
	CRK	F	0.01%	0.05%	0.01%
	CRL	A	0.02%	0.06%	0.02%
	CROX	D	0.02%	0.19%	0.02%
	CRS	A	0.02%	0.24%	0.02%
	CRUS	C	0.02%	0.29%	0.02%
	CRVL	B	0.0%	0.01%	0.0%
	CSGP	D	0.03%	0.17%	0.03%
	CSGS	C	0.0%	0.07%	0.0%
	CSR	A	0.0%	0.03%	0.0%
	CTRE	A	0.01%	0.02%	0.01%
	CTS	D	0.0%	0.05%	0.0%
	CUBE	A	0.02%	0.18%	0.02%
	CUBI	B	0.01%	0.08%	0.01%
	CUZ	A	0.02%	0.17%	0.02%
	CVBF	B	0.02%	0.1%	0.02%
	CVCO	B	0.01%	0.13%	0.01%
	CVGW	F	0.0%	0.04%	0.0%
	CVI	F	0.01%	0.07%	0.01%
	CVLT	A	0.0%	0.12%	0.0%
	CWEN	A	0.02%	0.08%	0.02%
	CWEN	A	0.01%	0.08%	0.01%
	CWK	B	0.02%	0.21%	0.02%
	CWT	A	0.01%	0.08%	0.01%
	CXW	D	0.02%	0.2%	0.02%
	DAY	C	0.01%	0.02%	0.01%
	DBI	D	0.0%	0.04%	0.0%
	DBX	C	0.01%	0.06%	0.01%
	DEA	B	0.01%	0.06%	0.01%
	DEI	B	0.03%	0.19%	0.03%
	DFIN	B	0.0%	0.07%	0.0%
	DIN	F	0.0%	0.02%	0.0%
	DIOD	D	0.01%	0.15%	0.01%
	DLB	F	0.01%	0.13%	0.01%
	DLX	C	0.01%	0.12%	0.01%
	DNOW	B	0.01%	0.16%	0.01%
	DORM	A	0.01%	0.1%	0.01%
	DRH	D	0.01%	0.11%	0.01%
	DRQ	F	0.0%	0.02%	0.0%
	DT	F	0.01%	0.02%	0.01%
	DTM	B	0.02%	0.19%	0.02%
	DXCM	F	0.01%	0.1%	0.01%
	DXPE	B	0.0%	0.05%	0.0%
	DY	C	0.01%	0.27%	0.01%
	EAT	D	0.01%	0.12%	0.01%
	ECPG	B	0.01%	0.12%	0.01%
	EEFT	D	0.01%	0.17%	0.01%
	EGBN	C	0.01%	0.04%	0.01%
	EGP	B	0.01%	0.09%	0.01%
	EIG	B	0.01%	0.09%	0.01%
	ELS	A	0.02%	0.2%	0.02%
	EMBC	B	0.0%	0.1%	0.0%
	ENOV	D	0.01%	0.1%	0.01%
	ENPH	F	0.01%	0.06%	0.01%
	ENR	B	0.01%	0.09%	0.01%
	ENS	C	0.02%	0.22%	0.02%
	ENSG	B	0.01%	0.13%	0.01%
	ENV	C	0.0%	0.06%	0.0%
	ENVA	B	0.02%	0.17%	0.02%
	EPAC	C	0.0%	0.05%	0.0%
	EPC	C	0.01%	0.12%	0.01%
	EPR	B	0.01%	0.14%	0.01%
	EPRT	B	0.01%	0.05%	0.01%
	EQT	F	0.11%	0.0%	0.0%
	ERIE	A	0.02%	0.03%	0.02%
	ESAB	C	0.01%	0.14%	0.01%
	ESE	B	0.01%	0.08%	0.01%
	ESNT	B	0.02%	0.18%	0.02%
	ETH	D	0.0%	0.04%	0.0%
	ETSY	D	0.01%	0.12%	0.01%
	EVTC	C	0.0%	0.04%	0.0%
	EXEL	A	0.01%	0.14%	0.01%
	EXLS	B	0.01%	0.11%	0.01%
	EXPI	B	0.01%	0.06%	0.01%
	EXPO	B	0.0%	0.07%	0.0%
	EYE	D	0.0%	0.07%	0.0%
	FBK	B	0.01%	0.01%	0.01%
	FBNC	B	0.01%	0.05%	0.01%
	FBP	B	0.01%	0.09%	0.01%
	FCF	B	0.01%	0.07%	0.01%
	FCN	B	0.01%	0.22%	0.01%
	FCPT	A	0.01%	0.05%	0.01%
	FDP	A	0.01%	0.16%	0.01%
	FDS	D	0.01%	0.17%	0.01%
	FELE	B	0.01%	0.12%	0.01%
	FFBC	B	0.02%	0.11%	0.02%
	FFIN	B	0.01%	0.09%	0.01%
	FHB	B	0.02%	0.2%	0.02%
	FHI	B	0.01%	0.05%	0.01%
	FICO	A	0.01%	0.28%	0.01%
	FIVE	F	0.0%	0.05%	0.0%
	FIX	D	0.01%	0.18%	0.01%
	FIZZ	B	0.01%	0.03%	0.01%
	FLGT	B	0.0%	0.02%	0.0%
	FLS	C	0.02%	0.26%	0.02%
	FN	D	0.01%	0.15%	0.01%
	FNB	B	0.03%	0.22%	0.03%
	FND	D	0.01%	0.11%	0.01%
	FORM	F	0.01%	0.08%	0.01%
	FOXF	D	0.01%	0.06%	0.01%
	FR	B	0.02%	0.11%	0.02%
	FRT	A	0.01%	0.23%	0.01%
	FSLR	D	0.03%	0.07%	0.03%
	FSS	B	0.01%	0.13%	0.01%
	FTDR	A	0.01%	0.06%	0.01%
	FUL	B	0.01%	0.19%	0.01%
	FULT	B	0.02%	0.14%	0.02%
	FWRD	D	0.01%	0.1%	0.01%
	GATX	C	0.02%	0.21%	0.02%
	GBCI	B	0.02%	0.15%	0.02%
	GBX	D	0.02%	0.16%	0.02%
	GDEN	D	0.0%	0.02%	0.0%
	GDOT	F	0.0%	0.03%	0.0%
	GEF	B	0.02%	0.14%	0.02%
	GEO	C	0.02%	0.27%	0.02%
	GES	B	0.01%	0.08%	0.01%
	GFF	B	0.01%	0.1%	0.01%
	GHC	C	0.03%	0.21%	0.03%
	GIII	F	0.01%	0.16%	0.01%
	GME	D	0.02%	0.29%	0.02%
	GMED	B	0.01%	0.16%	0.01%
	GMS	B	0.01%	0.2%	0.01%
	GNL	B	0.02%	0.09%	0.02%
	GO	F	0.01%	0.08%	0.01%
	GPRE	C	0.0%	0.07%	0.0%
	GRBK	B	0.01%	0.03%	0.01%
	GTLS	D	0.01%	0.02%	0.01%
	GTY	B	0.01%	0.02%	0.01%
	GVA	A	0.01%	0.19%	0.01%
	H	D	0.02%	0.14%	0.02%
	HAE	B	0.01%	0.1%	0.01%
	HAFC	B	0.01%	0.03%	0.01%
	HAIN	C	0.01%	0.07%	0.01%
	HALO	B	0.01%	0.07%	0.01%
	HASI	C	0.01%	0.03%	0.01%
	HAYN	A	0.0%	0.01%	0.0%
	HCC	C	0.04%	0.31%	0.04%
	HCSG	C	0.01%	0.08%	0.01%
	HELE	F	0.0%	0.08%	0.0%
	HFWA	B	0.0%	0.03%	0.0%
	HGV	D	0.01%	0.1%	0.01%
	HI	D	0.01%	0.13%	0.01%
	HIW	A	0.03%	0.21%	0.03%
	HLI	B	0.01%	0.16%	0.01%
	HLX	C	0.01%	0.09%	0.01%
	HMN	D	0.01%	0.06%	0.01%
	HNI	B	0.01%	0.19%	0.01%
	HOMB	B	0.02%	0.07%	0.02%
	HOPE	B	0.02%	0.12%	0.02%
	HP	D	0.04%	0.24%	0.04%
	HPP	C	0.01%	0.14%	0.01%
	HQY	D	0.01%	0.06%	0.01%
	HRB	B	0.03%	0.07%	0.03%
	HSII	A	0.0%	0.03%	0.0%
	HTH	B	0.02%	0.12%	0.02%
	HTLD	B	0.0%	0.05%	0.0%
	HVT	C	0.0%	0.04%	0.0%
	HWC	B	0.03%	0.21%	0.03%
	HWKN	A	0.01%	0.07%	0.01%
	HXL	D	0.01%	0.17%	0.01%
	HZO	C	0.01%	0.08%	0.01%
	IART	F	0.01%	0.08%	0.01%
	IBKR	D	0.04%	0.08%	0.04%
	IBOC	B	0.02%	0.11%	0.02%
	IBP	B	0.01%	0.11%	0.01%
	IBTX	B	0.02%	0.09%	0.02%
	ICHR	F	0.0%	0.05%	0.0%
	ICUI	B	0.01%	0.1%	0.01%
	IDA	A	0.02%	0.18%	0.02%
	IDCC	A	0.01%	0.1%	0.01%
	IIIN	C	0.0%	0.01%	0.0%
	IIPR	B	0.01%	0.01%	0.01%
	INCY	B	0.02%	0.19%	0.02%
	INDB	B	0.01%	0.08%	0.01%
	INVA	A	0.01%	0.06%	0.01%
	IOSP	C	0.01%	0.13%	0.01%
	IPAR	B	0.01%	0.04%	0.01%
	IPGP	F	0.01%	0.12%	0.01%
	IRDM	C	0.0%	0.07%	0.0%
	IRT	A	0.01%	0.06%	0.01%
	IRWD	C	0.0%	0.01%	0.0%
	ITGR	C	0.01%	0.11%	0.01%
	ITRI	D	0.01%	0.13%	0.01%
	JACK	C	0.0%	0.11%	0.0%
	JAZZ	C	0.02%	0.06%	0.02%
	JBGS	B	0.02%	0.13%	0.02%
	JBLU	D	0.02%	0.12%	0.02%
	JBSS	A	0.0%	0.06%	0.0%
	JBT	D	0.01%	0.1%	0.01%
	JJSF	B	0.01%	0.08%	0.01%
	JWN	C	0.02%	0.06%	0.02%
	KALU	F	0.01%	0.11%	0.01%
	KAR	B	0.02%	0.13%	0.02%
	KELYA	B	0.01%	0.15%	0.01%
	KEX	D	0.02%	0.2%	0.02%
	KFY	B	0.01%	0.21%	0.01%
	KLG	C	0.01%	0.07%	0.01%
	KLIC	F	0.01%	0.07%	0.01%
	KMPR	B	0.02%	0.28%	0.02%
	KMT	C	0.01%	0.16%	0.01%
	KN	C	0.01%	0.08%	0.01%
	KNF	B	0.01%	0.17%	0.01%
	KNSL	A	0.0%	0.01%	0.0%
	KOP	F	0.0%	0.07%	0.0%
	KRC	B	0.04%	0.2%	0.04%
	KREF	B	0.01%	0.03%	0.01%
	KRG	A	0.02%	0.09%	0.02%
	KTB	B	0.01%	0.12%	0.01%
	KW	B	0.01%	0.08%	0.01%
	KWR	D	0.01%	0.06%	0.01%
	LANC	A	0.01%	0.1%	0.01%
	LBRT	C	0.02%	0.15%	0.02%
	LCII	C	0.01%	0.18%	0.01%
	LESL	F	0.0%	0.01%	0.0%
	LFUS	C	0.01%	0.17%	0.01%
	LGIH	C	0.01%	0.14%	0.01%
	LGND	B	0.01%	0.01%	0.01%
	LITE	D	0.01%	0.14%	0.01%
	LIVN	F	0.0%	0.05%	0.0%
	LKFN	B	0.0%	0.04%	0.0%
	LNN	C	0.0%	0.04%	0.0%
	LNW	B	0.02%	0.2%	0.02%
	LOPE	B	0.01%	0.22%	0.01%
	LPG	F	0.01%	0.05%	0.01%
	LRN	A	0.01%	0.1%	0.01%
	LSCC	F	0.0%	0.04%	0.0%
	LTC	B	0.01%	0.05%	0.01%
	LXP	B	0.01%	0.09%	0.01%
	LYV	D	0.03%	0.02%	0.02%
	LZB	B	0.01%	0.16%	0.01%
	MAC	C	0.01%	0.25%	0.01%
	MANH	B	0.0%	0.11%	0.0%
	MASI	F	0.01%	0.11%	0.01%
	MAT	A	0.01%	0.18%	0.01%
	MATV	C	0.01%	0.07%	0.01%
	MATW	C	0.0%	0.04%	0.0%
	MATX	A	0.02%	0.05%	0.02%
	MC	B	0.01%	0.19%	0.01%
	MCY	A	0.01%	0.13%	0.01%
	MD	C	0.0%	0.07%	0.0%
	MEDP	D	0.01%	0.07%	0.01%
	MERC	F	0.0%	0.04%	0.0%
	MGEE	A	0.01%	0.08%	0.01%
	MGPI	B	0.0%	0.01%	0.0%
	MGY	C	0.02%	0.08%	0.02%
	MHO	B	0.02%	0.27%	0.02%
	MKTX	A	0.01%	0.11%	0.01%
	MLKN	B	0.02%	0.19%	0.02%
	MMI	B	0.01%	0.06%	0.01%
	MMS	B	0.02%	0.07%	0.02%
	MMSI	A	0.01%	0.08%	0.01%
	MNRO	A	0.01%	0.05%	0.01%
	MODG	C	0.01%	0.09%	0.01%
	MOG.A	C	0.02%	0.22%	0.02%
	MORN	B	0.01%	0.11%	0.01%
	MOV	D	0.0%	0.02%	0.0%
	MP	F	0.0%	0.01%	0.0%
	MPWR	C	0.01%	0.16%	0.01%
	MRCY	B	0.01%	0.06%	0.01%
	MRTN	C	0.0%	0.07%	0.0%
	MSA	C	0.01%	0.11%	0.01%
	MSM	C	0.02%	0.06%	0.02%
	MTCH	B	0.01%	0.15%	0.01%
	MTDR	D	0.03%	0.16%	0.03%
	MTRN	D	0.01%	0.08%	0.01%
	MTUS	D	0.0%	0.06%	0.0%
	MTX	D	0.01%	0.17%	0.01%
	MXL	F	0.0%	0.02%	0.0%
	MYE	D	0.0%	0.02%	0.0%
	MYGN	B	0.01%	0.05%	0.01%
	MYRG	F	0.01%	0.1%	0.01%
	NBHC	B	0.01%	0.01%	0.01%
	NBIX	A	0.01%	0.08%	0.01%
	NBR	B	0.01%	0.09%	0.01%
	NBTB	B	0.01%	0.08%	0.01%
	NEOG	B	0.01%	0.05%	0.01%
	NEU	C	0.01%	0.14%	0.01%
	NGVT	F	0.01%	0.11%	0.01%
	NHC	B	0.01%	0.11%	0.01%
	NJR	A	0.02%	0.17%	0.02%
	NMIH	B	0.01%	0.07%	0.01%
	NNN	A	0.03%	0.17%	0.03%
	NOG	C	0.03%	0.03%	0.03%
	NOVT	C	0.01%	0.05%	0.01%
	NOW	B	0.06%	0.07%	0.06%
	NPK	D	0.0%	0.02%	0.0%
	NPO	B	0.01%	0.1%	0.01%
	NSA	B	0.01%	0.07%	0.01%
	NSP	C	0.01%	0.09%	0.01%
	NTCT	C	0.0%	0.09%	0.0%
	NUS	F	0.0%	0.07%	0.0%
	NVEE	C	0.0%	0.04%	0.0%
	NVRI	A	0.01%	0.08%	0.01%
	NVST	D	0.01%	0.13%	0.01%
	NWBI	B	0.02%	0.08%	0.02%
	NWE	A	0.02%	0.16%	0.02%
	NWN	B	0.01%	0.08%	0.01%
	NX	C	0.0%	0.07%	0.0%
	NYT	B	0.01%	0.19%	0.01%
	OFG	B	0.01%	0.06%	0.01%
	OGS	B	0.04%	0.18%	0.04%
	OHI	A	0.04%	0.25%	0.04%
	OII	B	0.01%	0.09%	0.01%
	OLED	D	0.01%	0.09%	0.01%
	OLLI	B	0.01%	0.18%	0.01%
	OMCL	B	0.01%	0.05%	0.01%
	OMI	C	0.01%	0.17%	0.01%
	ONB	B	0.03%	0.16%	0.03%
	ONTO	F	0.01%	0.08%	0.01%
	OPCH	A	0.01%	0.11%	0.01%
	ORA	B	0.01%	0.09%	0.01%
	OSIS	C	0.01%	0.09%	0.01%
	OTTR	B	0.01%	0.11%	0.01%
	OUT	B	0.01%	0.14%	0.01%
	OXM	D	0.0%	0.07%	0.0%
	OZK	B	0.04%	0.19%	0.04%
	PARR	F	0.01%	0.05%	0.01%
	PATK	B	0.01%	0.17%	0.01%
	PAYC	C	0.01%	0.07%	0.01%
	PB	B	0.03%	0.21%	0.03%
	PBH	B	0.01%	0.1%	0.01%
	PBI	B	0.01%	0.13%	0.01%
	PCH	B	0.01%	0.16%	0.01%
	PCRX	D	0.0%	0.0%	0.0%
	PDCO	C	0.02%	0.19%	0.02%
	PEB	F	0.02%	0.08%	0.02%
	PECO	A	0.01%	0.1%	0.01%
	PEN	F	0.0%	0.03%	0.0%
	PFBC	B	0.01%	0.01%	0.01%
	PFS	B	0.02%	0.1%	0.02%
	PHIN	C	0.01%	0.15%	0.01%
	PINC	A	0.01%	0.18%	0.01%
	PIPR	B	0.01%	0.16%	0.01%
	PJT	B	0.01%	0.06%	0.01%
	PLAB	F	0.01%	0.07%	0.01%
	PLAY	F	0.0%	0.05%	0.0%
	PLNT	B	0.0%	0.11%	0.0%
	PLUS	B	0.01%	0.13%	0.01%
	PLXS	B	0.01%	0.22%	0.01%
	PMT	C	0.01%	0.09%	0.01%
	PNFP	B	0.02%	0.2%	0.02%
	PNM	A	0.02%	0.17%	0.02%
	PODD	B	0.01%	0.03%	0.01%
	POWI	F	0.0%	0.08%	0.0%
	PPBI	B	0.02%	0.1%	0.02%
	PPC	A	0.02%	0.13%	0.02%
	PR	F	0.03%	0.06%	0.03%
	PRA	D	0.0%	0.04%	0.0%
	PRAA	B	0.01%	0.07%	0.01%
	PRDO	B	0.01%	0.09%	0.01%
	PRFT	A	0.0%	0.05%	0.0%
	PRG	A	0.02%	0.24%	0.02%
	PRGS	B	0.0%	0.05%	0.0%
	PRK	B	0.01%	0.09%	0.01%
	PRLB	D	0.0%	0.04%	0.0%
	PRVA	C	0.0%	0.02%	0.0%
	PSMT	B	0.01%	0.17%	0.01%
	PSTG	D	0.01%	0.06%	0.01%
	PTC	D	0.02%	0.11%	0.02%
	PTEN	F	0.02%	0.19%	0.02%
	PUMP	F	0.01%	0.07%	0.01%
	PZZA	D	0.0%	0.03%	0.0%
	QLYS	D	0.0%	0.06%	0.0%
	RAMP	F	0.0%	0.08%	0.0%
	RBC	C	0.01%	0.08%	0.01%
	RC	B	0.02%	0.03%	0.02%
	RCL	C	0.06%	0.37%	0.06%
	RDN	B	0.03%	0.28%	0.03%
	RDNT	C	0.01%	0.04%	0.01%
	RES	C	0.01%	0.04%	0.01%
	REX	C	0.0%	0.01%	0.0%
	REXR	B	0.02%	0.08%	0.02%
	RGEN	C	0.01%	0.03%	0.01%
	RGLD	B	0.01%	0.13%	0.01%
	RGR	C	0.0%	0.05%	0.0%
	RH	D	0.01%	0.12%	0.01%
	RILY	F	0.0%	0.03%	0.0%
	RLI	A	0.01%	0.1%	0.01%
	RMBS	F	0.01%	0.02%	0.01%
	RNR	A	0.05%	0.17%	0.05%
	RNST	B	0.02%	0.02%	0.02%
	ROCK	D	0.01%	0.09%	0.01%
	ROG	D	0.01%	0.08%	0.01%
	ROIC	A	0.01%	0.06%	0.01%
	ROL	C	0.01%	0.14%	0.01%
	RRC	F	0.03%	0.11%	0.03%
	RUN	B	0.02%	0.02%	0.02%
	RWT	B	0.01%	0.04%	0.01%
	RXO	B	0.01%	0.26%	0.01%
	RYN	A	0.01%	0.13%	0.01%
	SABR	C	0.01%	0.07%	0.01%
	SAFT	B	0.01%	0.08%	0.01%
	SAH	C	0.01%	0.14%	0.01%
	SAIA	F	0.01%	0.21%	0.01%
	SAM	D	0.0%	0.08%	0.0%
	SATS	B	0.02%	0.47%	0.02%
	SBCF	B	0.01%	0.02%	0.01%
	SBH	D	0.01%	0.16%	0.01%
	SBRA	B	0.02%	0.18%	0.02%
	SBSI	B	0.01%	0.04%	0.01%
	SCHL	F	0.01%	0.07%	0.01%
	SCL	D	0.01%	0.14%	0.01%
	SCSC	B	0.01%	0.14%	0.01%
	SCVL	B	0.01%	0.06%	0.01%
	SEDG	F	0.0%	0.01%	0.0%
	SEM	C	0.02%	0.24%	0.02%
	SF	C	0.03%	0.24%	0.03%
	SFBS	B	0.01%	0.02%	0.01%
	SFNC	B	0.02%	0.15%	0.02%
	SGH	F	0.0%	0.05%	0.0%
	SHEN	B	0.0%	0.05%	0.0%
	SHO	D	0.01%	0.11%	0.01%
	SHOO	C	0.01%	0.18%	0.01%
	SIG	F	0.02%	0.19%	0.02%
	SIGI	D	0.02%	0.14%	0.02%
	SITC	B	0.01%	0.12%	0.01%
	SJW	A	0.0%	0.05%	0.0%
	SKT	B	0.01%	0.09%	0.01%
	SKYW	C	0.02%	0.15%	0.02%
	SLAB	F	0.0%	0.15%	0.0%
	SLCA	B	0.01%	0.01%	0.01%
	SLG	B	0.02%	0.07%	0.02%
	SLGN	A	0.02%	0.09%	0.02%
	SLVM	C	0.01%	0.26%	0.01%
	SMCI	F	0.02%	0.3%	0.02%
	SMG	A	0.01%	0.2%	0.01%
	SMP	C	0.0%	0.05%	0.0%
	SMPL	D	0.01%	0.05%	0.01%
	SMTC	D	0.0%	0.09%	0.0%
	SNEX	B	0.02%	0.01%	0.01%
	SONO	F	0.0%	0.05%	0.0%
	SPSC	B	0.0%	0.04%	0.0%
	SR	B	0.02%	0.19%	0.02%
	SRCL	A	0.01%	0.19%	0.01%
	SSB	B	0.03%	0.05%	0.03%
	SSD	B	0.01%	0.17%	0.01%
	SSTK	C	0.0%	0.04%	0.0%
	STAG	A	0.02%	0.12%	0.02%
	STBA	B	0.01%	0.07%	0.01%
	STC	B	0.01%	0.2%	0.01%
	STRA	D	0.01%	0.11%	0.01%
	SUPN	B	0.0%	0.05%	0.0%
	SVC	C	0.01%	0.18%	0.01%
	SWX	B	0.02%	0.27%	0.02%
	SXC	D	0.01%	0.07%	0.01%
	SXI	B	0.0%	0.07%	0.0%
	SXT	C	0.01%	0.16%	0.01%
	SYNA	F	0.01%	0.09%	0.01%
	TALO	D	0.02%	0.08%	0.02%
	TBBK	B	0.01%	0.01%	0.01%
	TCBI	C	0.02%	0.11%	0.02%
	TDC	F	0.01%	0.13%	0.01%
	TECH	A	0.01%	0.11%	0.01%
	TEX	D	0.01%	0.23%	0.01%
	THRM	A	0.0%	0.08%	0.0%
	THRY	F	0.0%	0.06%	0.0%
	THS	B	0.01%	0.15%	0.01%
	TILE	A	0.0%	0.08%	0.0%
	TKO	A	0.03%	0.02%	0.02%
	TMP	B	0.01%	0.03%	0.01%
	TNC	C	0.0%	0.08%	0.0%
	TNL	C	0.02%	0.06%	0.02%
	TREX	D	0.01%	0.13%	0.01%
	TRIP	F	0.01%	0.07%	0.01%
	TRMK	B	0.01%	0.11%	0.01%
	TRN	A	0.02%	0.19%	0.02%
	TTEK	A	0.01%	0.22%	0.01%
	TTMI	C	0.01%	0.21%	0.01%
	TWI	C	0.01%	0.0%	0.0%
	TXRH	C	0.01%	0.25%	0.01%
	TYL	A	0.02%	0.14%	0.02%
	UAA	F	0.01%	0.17%	0.01%
	UAL	F	0.14%	0.22%	0.14%
	UBSI	B	0.02%	0.18%	0.02%
	UCBI	B	0.01%	0.1%	0.01%
	UCTT	F	0.01%	0.1%	0.01%
	UE	A	0.01%	0.09%	0.01%
	UFCS	B	0.01%	0.03%	0.01%
	UMBF	B	0.02%	0.15%	0.02%
	UNF	B	0.01%	0.17%	0.01%
	UNIT	C	0.0%	0.14%	0.0%
	URBN	C	0.03%	0.22%	0.03%
	USNA	F	0.0%	0.04%	0.0%
	USPH	D	0.0%	0.02%	0.0%
	UTHR	B	0.04%	0.3%	0.04%
	UTL	A	0.0%	0.04%	0.0%
	UVV	B	0.01%	0.16%	0.01%
	VAL	D	0.02%	0.05%	0.02%
	VBTX	B	0.01%	0.05%	0.01%
	VC	F	0.01%	0.11%	0.01%
	VGR	A	0.02%	0.09%	0.02%
	VIAV	C	0.0%	0.07%	0.0%
	VIR	D	0.01%	0.02%	0.01%
	VLTO	A	0.02%	0.24%	0.02%
	VLY	C	0.03%	0.15%	0.03%
	VMI	B	0.01%	0.23%	0.01%
	VNT	F	0.01%	0.16%	0.01%
	VREX	F	0.0%	0.02%	0.0%
	VRRM	B	0.01%	0.06%	0.01%
	VRSN	B	0.02%	0.06%	0.02%
	VRTS	D	0.01%	0.02%	0.01%
	VSAT	C	0.01%	0.12%	0.01%
	VSCO	F	0.01%	0.14%	0.01%
	VSH	D	0.02%	0.07%	0.02%
	VSTO	A	0.01%	0.13%	0.01%
	VSTS	C	0.01%	0.12%	0.01%
	VTOL	C	0.0%	0.01%	0.0%
	VVV	B	0.02%	0.18%	0.02%
	WABC	B	0.0%	0.03%	0.0%
	WAFD	B	0.02%	0.16%	0.02%
	WBS	C	0.04%	0.2%	0.04%
	WD	B	0.01%	0.16%	0.01%
	WDFC	B	0.0%	0.06%	0.0%
	WEN	D	0.01%	0.12%	0.01%
	WEX	D	0.01%	0.12%	0.01%
	WFRD	F	0.03%	0.06%	0.03%
	WGO	D	0.01%	0.15%	0.01%
	WH	B	0.01%	0.18%	0.01%
	WING	D	0.0%	0.05%	0.0%
	WMS	C	0.01%	0.15%	0.01%
	WNC	F	0.0%	0.08%	0.0%
	WOLF	F	0.0%	0.02%	0.0%
	WOR	F	0.02%	0.1%	0.02%
	WRLD	D	0.01%	0.05%	0.01%
	WSFS	B	0.01%	0.1%	0.01%
	WTFC	B	0.02%	0.2%	0.02%
	WTRG	A	0.03%	0.07%	0.03%
	WTS	B	0.01%	0.13%	0.01%
	WWD	D	0.02%	0.27%	0.02%
	WWW	B	0.01%	0.13%	0.01%
	WYNN	F	0.02%	0.16%	0.02%
	XHR	D	0.01%	0.1%	0.01%
	XPO	B	0.03%	0.26%	0.03%
	YELP	F	0.01%	0.14%	0.01%
	YETI	D	0.0%	0.07%	0.0%
	ZD	F	0.01%	0.12%	0.01%
	ZEUS	D	0.0%	0.04%	0.0%
	ZI	F	0.01%	0.03%	0.01%

VLU Overweight 739 Positions Relative to FNDA

	Symbol	Grade	Weight
	BRK.A	B	2.37%
	AAPL	B	2.34%
	XOM	A	2.1%
	AMZN	D	1.91%
	WMT	B	1.57%
	MSFT	D	1.54%
	VZ	B	1.54%
	BAC	C	1.5%
	META	C	1.5%
	CVX	D	1.43%
	JPM	C	1.42%
	T	A	1.24%
	GOOG	D	1.21%
	UNH	A	1.17%
	C	C	1.14%
	WFC	D	1.11%
	PFE	A	0.92%
	JNJ	A	0.86%
	GOOGL	D	0.74%
	CVS	C	0.7%
	CMCSA	B	0.62%
	PSX	D	0.55%
	MPC	F	0.55%
	GS	B	0.54%
	TFC	B	0.54%
	PM	A	0.53%
	PG	A	0.52%
	COF	C	0.52%
	MS	C	0.52%
	HD	B	0.48%
	VLO	C	0.47%
	GM	D	0.46%
	CSCO	D	0.45%
	RTX	A	0.45%
	TSLA	C	0.45%
	INTC	F	0.44%
	ABBV	A	0.44%
	COP	F	0.43%
	KO	A	0.42%
	PRU	C	0.41%
	MRK	D	0.41%
	ELV	B	0.41%
	IBM	A	0.41%
	MCK	A	0.41%
	MET	C	0.41%
	F	F	0.4%
	AVGO	D	0.39%
	CI	B	0.39%
	V	C	0.38%
	PNC	B	0.38%
	PEP	A	0.38%
	CB	A	0.37%
	UPS	F	0.37%
	USB	B	0.37%
	KMI	B	0.37%
	NEE	A	0.36%
	ORCL	C	0.36%
	TMUS	A	0.36%
	MO	A	0.35%
	CNC	A	0.35%
	LMT	A	0.34%
	BMY	A	0.34%
	AXP	C	0.33%
	CHTR	A	0.33%
	DUK	A	0.33%
	KR	A	0.33%
	GILD	A	0.32%
	NVDA	D	0.31%
	MDT	A	0.31%
	SO	A	0.3%
	ACN	C	0.3%
	HPQ	C	0.29%
	ADM	D	0.29%
	AMGN	B	0.29%
	MMM	A	0.28%
	AIG	C	0.27%
	COST	D	0.27%
	FDX	B	0.27%
	GE	C	0.27%
	QCOM	F	0.26%
	DAL	F	0.26%
	BK	B	0.26%
	DIS	F	0.26%
	EOG	C	0.25%
	TXN	C	0.25%
	HUM	D	0.25%
	ABT	A	0.24%
	KHC	A	0.24%
	LYB	D	0.23%
	TGT	F	0.23%
	SCHW	D	0.23%
	SW	F	0.23%
	D	A	0.23%
	CRM	D	0.23%
	CAT	C	0.23%
	HPE	D	0.23%
	UNP	B	0.23%
	CAH	B	0.22%
	LOW	A	0.22%
	DE	D	0.22%
	HCA	A	0.21%
	OXY	D	0.21%
	LLY	D	0.21%
	HON	D	0.21%
	GD	A	0.2%
	AFL	A	0.2%
	MDLZ	A	0.2%
	LIN	A	0.2%
	KVUE	C	0.19%
	SYF	C	0.19%
	ADBE	C	0.19%
	EXC	A	0.19%
	BLK	B	0.19%
	DOW	D	0.19%
	DD	C	0.18%
	CFG	B	0.18%
	TMO	A	0.18%
	WBD	C	0.17%
	AEP	A	0.17%
	BA	D	0.17%
	MU	F	0.16%
	DVN	F	0.16%
	NFLX	D	0.16%
	CCL	D	0.16%
	TSN	A	0.16%
	NEM	A	0.16%
	SLB	D	0.16%
	TRV	A	0.16%
	PFG	D	0.16%
	PGR	A	0.16%
	SRE	A	0.16%
	TJX	A	0.16%
	REGN	A	0.15%
	AMT	A	0.15%
	ALL	A	0.15%
	IP	B	0.15%
	LUV	F	0.15%
	BG	D	0.15%
	NOC	A	0.15%
	BBY	C	0.15%
	MTB	B	0.15%
	PLD	B	0.15%
	WMB	B	0.15%
	EMR	C	0.15%
	DHR	A	0.14%
	MCD	A	0.14%
	PYPL	B	0.14%
	JCI	D	0.14%
	KEY	C	0.14%
	DFS	C	0.14%
	LEN	B	0.14%
	ADI	D	0.14%
	PEG	A	0.13%
	XEL	A	0.13%
	ETR	A	0.13%
	APD	B	0.13%
	HIG	A	0.13%
	AMD	F	0.13%
	NUE	F	0.13%
	VTRS	A	0.13%
	ED	A	0.13%
	L	B	0.13%
	RGA	C	0.13%
	AMAT	F	0.13%
	STT	B	0.13%
	PCAR	F	0.12%
	BX	B	0.12%
	KDP	A	0.12%
	VRTX	B	0.12%
	O	A	0.12%
	CMI	A	0.12%
	FANG	C	0.12%
	NKE	F	0.12%
	ACGL	C	0.12%
	SYY	A	0.12%
	MA	A	0.12%
	MMC	A	0.12%
	DHI	A	0.12%
	SPGI	B	0.12%
	NSC	A	0.12%
	OVV	F	0.11%
	WELL	A	0.11%
	TEL	C	0.11%
	CCI	A	0.11%
	ALLY	B	0.11%
	CSX	C	0.11%
	ETN	D	0.11%
	CTSH	B	0.11%
	RF	B	0.11%
	OKE	C	0.11%
	KMB	A	0.11%
	ICE	B	0.11%
	BKR	B	0.11%
	GIS	A	0.11%
	SBUX	D	0.11%
	FITB	B	0.11%
	PCG	A	0.11%
	HBAN	B	0.11%
	VICI	A	0.1%
	DTE	A	0.1%
	LHX	B	0.1%
	CME	C	0.1%
	FIS	C	0.1%
	GLW	C	0.1%
	EIX	A	0.1%
	BSX	D	0.1%
	BIIB	F	0.1%
	AMP	D	0.1%
	CL	A	0.1%
	MAR	D	0.09%
	MRO	D	0.09%
	SNX	D	0.09%
	PPL	A	0.09%
	CTVA	D	0.09%
	RSG	A	0.09%
	EG	D	0.09%
	FCX	F	0.09%
	WEC	A	0.09%
	MOS	F	0.09%
	UNM	B	0.09%
	ES	A	0.09%
	ISRG	A	0.09%
	HAL	F	0.09%
	TAP	C	0.09%
	ITW	C	0.09%
	BKNG	D	0.09%
	LRCX	F	0.09%
	BDX	A	0.09%
	WM	C	0.09%
	PFGC	D	0.09%
	CAG	A	0.08%
	CARR	C	0.08%
	AFG	A	0.08%
	CBRE	A	0.08%
	UBER	F	0.08%
	WBA	F	0.08%
	DG	D	0.08%
	MHK	A	0.08%
	CHK	F	0.08%
	ADP	A	0.08%
	STLD	D	0.08%
	EQR	B	0.08%
	FOXA	B	0.08%
	AEE	A	0.08%
	PH	C	0.08%
	SYK	D	0.08%
	X	A	0.08%
	EBAY	A	0.08%
	HRL	A	0.08%
	NXPI	D	0.08%
	SWN	F	0.07%
	TRGP	B	0.07%
	HES	D	0.07%
	PPG	F	0.07%
	DVA	C	0.07%
	EQIX	A	0.07%
	AVB	A	0.07%
	AZO	A	0.07%
	BWA	D	0.07%
	EVRG	A	0.07%
	WY	A	0.07%
	TT	C	0.07%
	FE	A	0.07%
	URI	B	0.07%
	ZION	B	0.07%
	EQH	C	0.07%
	IVZ	B	0.07%
	VTR	A	0.07%
	DINO	F	0.07%
	NTRS	B	0.07%
	CNP	D	0.07%
	FNF	A	0.07%
	ORLY	A	0.07%
	TROW	D	0.07%
	MNST	B	0.06%
	STZ	D	0.06%
	CMS	A	0.06%
	VST	D	0.06%
	MGM	F	0.06%
	SWKS	C	0.06%
	NI	A	0.06%
	IQV	A	0.06%
	JXN	C	0.06%
	SPG	B	0.06%
	AJG	A	0.06%
	NDAQ	A	0.06%
	NVR	A	0.06%
	CF	D	0.06%
	LVS	F	0.06%
	SWK	A	0.06%
	MCHP	F	0.06%
	IFF	C	0.06%
	GPN	F	0.06%
	GPC	A	0.06%
	APA	D	0.06%
	PANW	C	0.06%
	INTU	B	0.06%
	AMCR	A	0.06%
	BAX	C	0.06%
	ARW	C	0.06%
	APH	D	0.06%
	K	A	0.06%
	KLAC	D	0.06%
	GRMN	B	0.06%
	SHW	A	0.06%
	ROST	D	0.06%
	THC	B	0.06%
	AWK	A	0.06%
	USFD	A	0.06%
	OMC	B	0.06%
	CINF	A	0.06%
	LEA	F	0.06%
	BEN	F	0.06%
	ATO	A	0.06%
	DLTR	F	0.06%
	ANET	D	0.06%
	APTV	D	0.06%
	CMA	B	0.06%
	PHM	B	0.06%
	CTRA	F	0.06%
	PSA	A	0.06%
	WTW	A	0.06%
	HSY	A	0.06%
	AON	A	0.06%
	LAD	A	0.06%
	STX	C	0.05%
	LDOS	C	0.05%
	ORI	A	0.05%
	NRG	D	0.05%
	CE	F	0.05%
	EA	A	0.05%
	ARMK	B	0.05%
	AL	D	0.05%
	ECL	C	0.05%
	JBL	F	0.05%
	EMN	C	0.05%
	UGI	A	0.05%
	EXR	A	0.05%
	JLL	B	0.05%
	ABG	C	0.05%
	BLDR	C	0.05%
	ZTS	B	0.05%
	OC	C	0.05%
	ON	D	0.05%
	TOL	B	0.05%
	CPB	A	0.05%
	SNPS	D	0.05%
	RJF	D	0.05%
	WRB	A	0.05%
	PARA	D	0.05%
	GWW	B	0.05%
	VFC	B	0.05%
	EWBC	B	0.05%
	WDC	F	0.05%
	AES	F	0.05%
	WHR	D	0.05%
	SJM	A	0.05%
	FHN	C	0.05%
	PNW	A	0.05%
	JEF	B	0.05%
	LNC	C	0.05%
	OGN	C	0.05%
	UHS	A	0.05%
	DOC	A	0.05%
	ZBH	C	0.05%
	KMX	B	0.05%
	RS	D	0.05%
	EL	F	0.05%
	PAYX	A	0.05%
	WPC	B	0.05%
	DGX	A	0.05%
	MUR	F	0.05%
	R	B	0.05%
	BXP	B	0.05%
	ARE	D	0.05%
	STWD	B	0.05%
	ROP	D	0.05%
	MRNA	F	0.05%
	CHRW	A	0.05%
	OTIS	D	0.04%
	DLR	A	0.04%
	EW	F	0.04%
	WSO	C	0.04%
	LKQ	F	0.04%
	REG	A	0.04%
	AIZ	A	0.04%
	EXPE	D	0.04%
	CPAY	B	0.04%
	CPT	A	0.04%
	DKS	D	0.04%
	SNV	B	0.04%
	FAST	B	0.04%
	A	A	0.04%
	CMC	C	0.04%
	SANM	C	0.04%
	MUSA	A	0.04%
	TMHC	B	0.04%
	MSI	A	0.04%
	CTAS	B	0.04%
	CMG	D	0.04%
	WAB	D	0.04%
	MAA	A	0.04%
	IRM	A	0.04%
	J	B	0.04%
	WCC	D	0.04%
	CDW	D	0.04%
	BERY	B	0.04%
	VOYA	D	0.04%
	PBF	F	0.04%
	GPI	A	0.04%
	IPG	C	0.04%
	DRI	D	0.04%
	EXPD	B	0.04%
	WU	D	0.04%
	HST	F	0.04%
	LNT	A	0.04%
	ROK	D	0.04%
	PKG	A	0.04%
	M	F	0.04%
	MCO	A	0.04%
	WLK	D	0.04%
	TXT	C	0.04%
	NTAP	C	0.04%
	FOX	B	0.04%
	AN	B	0.04%
	GPS	D	0.04%
	MKC	A	0.04%
	VNO	B	0.04%
	ESS	B	0.04%
	ALB	F	0.04%
	AVT	D	0.04%
	GLPI	A	0.04%
	AR	F	0.04%
	INVH	A	0.04%
	JHG	B	0.04%
	BALL	B	0.04%
	MOH	B	0.04%
	HOLX	A	0.03%
	CZR	F	0.03%
	OSK	D	0.03%
	BURL	B	0.03%
	GDDY	A	0.03%
	NCLH	D	0.03%
	RL	D	0.03%
	QRVO	C	0.03%
	CSL	C	0.03%
	MTZ	D	0.03%
	PENN	D	0.03%
	LULU	F	0.03%
	GEHC	A	0.03%
	CLX	A	0.03%
	MTG	B	0.03%
	SON	D	0.03%
	FLR	B	0.03%
	HOG	B	0.03%
	WSM	C	0.03%
	MAS	B	0.03%
	MLI	B	0.03%
	ACM	C	0.03%
	HAS	A	0.03%
	SM	F	0.03%
	NFG	A	0.03%
	JNPR	A	0.03%
	SKX	D	0.03%
	GPK	A	0.03%
	ULTA	F	0.03%
	PAG	A	0.03%
	PK	D	0.03%
	FTNT	F	0.03%
	BHF	C	0.03%
	IT	A	0.03%
	OGE	A	0.03%
	POST	A	0.03%
	THO	C	0.03%
	CBOE	A	0.03%
	UDR	B	0.03%
	TGNA	B	0.03%
	MDU	B	0.03%
	XYL	D	0.03%
	FMC	B	0.03%
	ADSK	D	0.03%
	CHD	D	0.03%
	ODFL	C	0.03%
	HSIC	C	0.03%
	GL	C	0.03%
	CLF	F	0.03%
	GNW	B	0.03%
	CNO	A	0.03%
	NXST	B	0.03%
	NOV	C	0.03%
	NWSA	C	0.03%
	HWM	A	0.03%
	TPR	D	0.03%
	AKAM	C	0.03%
	TDY	B	0.03%
	MPW	C	0.03%
	ABM	B	0.03%
	INGR	A	0.03%
	CACI	A	0.03%
	VMC	A	0.03%
	KEYS	F	0.03%
	SNA	B	0.03%
	MLM	B	0.03%
	FTV	F	0.03%
	CEG	D	0.03%
	JBHT	C	0.03%
	HII	B	0.03%
	YUM	B	0.03%
	FAF	A	0.03%
	FYBR	B	0.03%
	KD	C	0.03%
	AAP	D	0.03%
	KIM	A	0.03%
	KNX	C	0.03%
	CPRT	C	0.03%
	MAN	B	0.03%
	DXC	C	0.03%
	PWR	D	0.03%
	AGCO	F	0.03%
	GT	F	0.03%
	CCK	A	0.03%
	NWL	B	0.03%
	CASY	B	0.03%
	BRO	A	0.03%
	BJ	C	0.03%
	DOV	C	0.03%
	TSCO	D	0.03%
	AME	D	0.03%
	HUBG	C	0.02%
	KBR	B	0.02%
	SPNT	A	0.02%
	AXTA	A	0.02%
	MIDD	A	0.02%
	ASO	F	0.02%
	ALLE	B	0.02%
	CIEN	D	0.02%
	SEE	C	0.02%
	LEG	C	0.02%
	RUSHA	A	0.02%
	OI	C	0.02%
	MTN	D	0.02%
	RRX	B	0.02%
	SLM	C	0.02%
	TFX	A	0.02%
	FLO	B	0.02%
	NDSN	C	0.02%
	CW	C	0.02%
	LUMN	B	0.02%
	AOS	C	0.02%
	REZI	C	0.02%
	NVT	F	0.02%
	LII	B	0.02%
	TKR	C	0.02%
	WAT	A	0.02%
	POR	A	0.02%
	PRI	B	0.02%
	TTWO	D	0.02%
	BANC	D	0.02%
	BCC	B	0.02%
	TER	D	0.02%
	HLT	C	0.02%
	SBAC	A	0.02%
	FFIV	A	0.02%
	BC	C	0.02%
	TRMB	F	0.02%
	G	B	0.02%
	TDS	C	0.02%
	CC	F	0.02%
	EVR	B	0.02%
	SAIC	C	0.02%
	EFX	A	0.02%
	ST	D	0.02%
	THG	A	0.02%
	RHI	F	0.02%
	GXO	C	0.02%
	PNR	B	0.02%
	PVH	F	0.02%
	DECK	D	0.02%
	NATL	C	0.02%
	CAR	F	0.02%
	SFM	A	0.02%
	GNRC	C	0.02%
	RPM	A	0.02%
	EHC	A	0.02%
	KSS	F	0.02%
	PRGO	C	0.02%
	TDG	D	0.02%
	COHR	D	0.02%
	ADNT	F	0.02%
	FL	B	0.02%
	HBI	B	0.02%
	OLN	F	0.02%
	ZBRA	B	0.02%
	RMD	A	0.02%
	LAMR	C	0.02%
	BTU	F	0.02%
	MTD	B	0.02%
	IDXX	D	0.02%
	BR	A	0.02%
	EME	D	0.02%
	BBWI	F	0.02%
	IR	C	0.02%
	PII	D	0.02%
	ALGN	F	0.02%
	AVY	D	0.02%
	SCI	B	0.02%
	TPH	B	0.02%
	UFPI	B	0.02%
	CG	B	0.02%
	CDNS	F	0.02%
	ARCH	F	0.02%
	AA	F	0.02%
	AMG	B	0.02%
	MTH	B	0.02%
	STE	A	0.02%
	KBH	B	0.02%
	BRX	A	0.02%
	DAR	D	0.02%
	ALV	F	0.02%
	ILMN	C	0.02%
	NSIT	D	0.02%
	ANSS	D	0.02%
	HUBB	D	0.02%
	MSGS	B	0.01%
	TRST	B	0.01%
	MCRI	B	0.01%
	FTRE	C	0.01%
	HTZ	F	0.01%
	RCM	B	0.01%
	INN	A	0.01%
	DOCS	D	0.01%
	WST	F	0.01%
	EXP	A	0.01%
	PCTY	C	0.01%
	EFC	B	0.01%
	TPX	C	0.01%
	AVAV	D	0.01%
	MTSI	D	0.01%
	CRI	F	0.01%
	SPTN	B	0.01%
	DCOM	B	0.01%
	SHC	C	0.01%
	UNFI	B	0.01%
	NWS	C	0.01%
	AXON	C	0.01%
	LW	F	0.01%
	LNTH	B	0.01%
	DPZ	D	0.01%
	MKSI	F	0.01%
	XRX	F	0.01%
	POOL	C	0.01%
	UA	F	0.01%
	XRAY	D	0.01%
	WS	B	0.01%
	AYI	D	0.01%
	GGG	C	0.01%
	WERN	C	0.01%
	MSCI	A	0.01%
	ATR	B	0.01%
	LSTR	B	0.01%
	LECO	C	0.01%
	IEX	D	0.01%
	VRSK	C	0.01%
	JKHY	A	0.01%
	TTC	C	0.01%
	ASGN	D	0.01%
	NAVI	C	0.01%
	DAN	F	0.01%
	ODP	C	0.01%
	GNTX	D	0.01%
	DCI	C	0.01%
	CTLT	A	0.01%
	EPAM	C	0.01%
	LPX	B	0.01%
	CPRI	F	0.01%
	VAC	F	0.01%
	SEIC	C	0.01%
	ITT	B	0.01%
	VICR	C	0.0%
	UHT	B	0.0%
	SPWR	F	0.0%
	DDD	D	0.0%
	XPEL	D	0.0%
	CHUY	B	0.0%
	NARI	D	0.0%
	AGYS	B	0.0%
	VCEL	B	0.0%
	MSEX	A	0.0%
	GOGO	F	0.0%
	HCI	F	0.0%
	CEVA	F	0.0%
	SNCY	D	0.0%
	SITM	C	0.0%
	LQDT	B	0.0%
	TTGT	C	0.0%
	STAA	D	0.0%
	TNDM	C	0.0%
	TGI	B	0.0%
	TRUP	B	0.0%
	RGNX	D	0.0%
	GKOS	C	0.0%
	NXRT	A	0.0%
	NABL	D	0.0%
	DGII	C	0.0%
	CRSR	F	0.0%
	PGNY	D	0.0%
	ARWR	C	0.0%
	CERT	D	0.0%
	CPRX	B	0.0%
	CHCT	F	0.0%
	CELH	F	0.0%
	ELF	D	0.0%
	VVI	D	0.0%
	WSR	B	0.0%
	AHH	B	0.0%
	DV	C	0.0%
	CYTK	C	0.0%
	COLL	A	0.0%
	HRMY	B	0.0%
	XNCR	F	0.0%
	EXTR	C	0.0%
	POWL	C	0.0%
	VECO	D	0.0%
	MCW	C	0.0%
	RCUS	F	0.0%
	BOX	B	0.0%
	PLMR	B	0.0%
	HLIT	A	0.0%
	PAHC	C	0.0%
	SHAK	B	0.0%
	DVAX	F	0.0%
	CENX	F	0.0%
	NEO	A	0.0%
	SOLV	B	0.0%
	TR	C	0.0%
	JOE	B	0.0%
	QNST	B	0.0%
	BFS	B	0.0%
	EZPW	A	0.0%

VLU Underweight 317 Positions Relative to FNDA

	Symbol	Grade	Weight
	COIN	D	-0.4%
	EBS	B	-0.36%
	TPC	C	-0.3%
	WAL	B	-0.26%
	SPOT	A	-0.24%
	HE	C	-0.24%
	SPR	B	-0.24%
	DHC	B	-0.22%
	SCCO	D	-0.22%
	HEI	B	-0.22%
	AGNC	A	-0.22%
	COLD	A	-0.21%
	DBRG	D	-0.21%
	ESI	C	-0.21%
	SPB	D	-0.21%
	ENTG	F	-0.2%
	ADTN	B	-0.19%
	ELAN	F	-0.19%
	JELD	C	-0.19%
	IMKTA	B	-0.19%
	VIRT	B	-0.19%
	HRI	D	-0.19%
	RPRX	B	-0.19%
	WMK	B	-0.18%
	VRT	D	-0.17%
	HLF	D	-0.17%
	TROX	F	-0.17%
	PFSI	B	-0.17%
	SCS	B	-0.17%
	WTM	B	-0.16%
	NOMD	A	-0.16%
	Z	D	-0.16%
	SUM	B	-0.15%
	ZM	F	-0.15%
	AGR	A	-0.15%
	MOD	C	-0.15%
	ATKR	F	-0.15%
	AXS	A	-0.15%
	BFAM	A	-0.14%
	RIG	D	-0.14%
	LAUR	C	-0.14%
	APG	D	-0.14%
	SITE	C	-0.14%
	SN	C	-0.14%
	SNDR	A	-0.13%
	TPG	B	-0.13%
	VEEV	D	-0.13%
	GTES	B	-0.13%
	SIRI	C	-0.13%
	ARES	C	-0.13%
	HIBB	A	-0.12%
	DOLE	A	-0.12%
	RLJ	F	-0.12%
	IGT	C	-0.12%
	PDM	B	-0.12%
	IAC	C	-0.12%
	NMRK	B	-0.12%
	TNET	F	-0.12%
	SKY	B	-0.12%
	PINS	F	-0.11%
	DNB	A	-0.11%
	WSBC	B	-0.11%
	WSC	F	-0.11%
	FIBK	B	-0.11%
	DASH	C	-0.11%
	BOKF	B	-0.11%
	MWA	B	-0.11%
	TPL	B	-0.11%
	DDS	F	-0.11%
	RYI	D	-0.1%
	WDAY	D	-0.1%
	ESRT	B	-0.1%
	PGRE	B	-0.1%
	AMRK	C	-0.1%
	TWLO	A	-0.1%
	HEES	D	-0.1%
	BMRN	C	-0.1%
	BKD	B	-0.1%
	ICFI	A	-0.09%
	RHP	D	-0.09%
	MGRC	D	-0.09%
	RNG	A	-0.09%
	KFRC	C	-0.09%
	GCI	C	-0.09%
	PSN	A	-0.09%
	ESGR	B	-0.09%
	FRME	B	-0.09%
	SASR	B	-0.09%
	CDE	C	-0.09%
	RRR	D	-0.09%
	CSTM	F	-0.09%
	CBZ	C	-0.09%
	HTLF	B	-0.09%
	NHI	B	-0.09%
	APP	D	-0.09%
	KOS	F	-0.09%
	CNA	A	-0.08%
	PTVE	D	-0.08%
	OPEN	D	-0.08%
	PLTR	C	-0.08%
	KAI	B	-0.08%
	LGF.A	C	-0.08%
	CODI	C	-0.08%
	GTN	C	-0.08%
	TW	A	-0.08%
	CCO	D	-0.08%
	OEC	F	-0.08%
	LADR	B	-0.08%
	GOLF	B	-0.08%
	MRC	B	-0.08%
	TOWN	B	-0.08%
	HL	C	-0.08%
	REVG	B	-0.08%
	ROKU	F	-0.07%
	CPNG	D	-0.07%
	ZIMV	C	-0.07%
	SFL	F	-0.07%
	BXC	C	-0.07%
	BUSE	B	-0.07%
	NNI	B	-0.07%
	FTI	B	-0.07%
	CMPR	B	-0.07%
	CNS	B	-0.07%
	SWBI	B	-0.07%
	LILAK	A	-0.07%
	STRL	D	-0.07%
	ATSG	C	-0.07%
	BV	A	-0.07%
	PAGS	C	-0.07%
	MELI	A	-0.07%
	CNDT	B	-0.07%
	AY	A	-0.07%
	NTB	B	-0.07%
	AZEK	D	-0.07%
	ROAD	C	-0.06%
	WHD	B	-0.06%
	EFSC	B	-0.06%
	GCO	C	-0.06%
	GWRE	B	-0.06%
	BNL	B	-0.06%
	BSY	F	-0.06%
	TTD	D	-0.06%
	AAN	B	-0.06%
	NTGR	B	-0.06%
	HHH	D	-0.06%
	SNBR	D	-0.06%
	GLNG	B	-0.06%
	REYN	B	-0.06%
	APO	D	-0.06%
	RDUS	D	-0.06%
	EBC	B	-0.06%
	ACCO	F	-0.06%
	GFS	F	-0.06%
	TBI	C	-0.06%
	CSWI	A	-0.06%
	TRS	D	-0.06%
	ZUMZ	B	-0.06%
	ILPT	B	-0.06%
	DHT	C	-0.06%
	BZH	D	-0.06%
	COMM	B	-0.06%
	STNG	D	-0.06%
	AGX	C	-0.05%
	TUP	F	-0.05%
	LBRDK	B	-0.05%
	CBL	B	-0.05%
	VRNT	C	-0.05%
	SFIX	B	-0.05%
	STNE	D	-0.05%
	HMST	A	-0.05%
	CWH	C	-0.05%
	SENEA	B	-0.05%
	GLOB	C	-0.05%
	CMCO	D	-0.05%
	COMP	B	-0.05%
	W	F	-0.05%
	CPS	C	-0.05%
	SBLK	D	-0.05%
	LYFT	F	-0.05%
	ALIT	D	-0.05%
	TRTX	C	-0.05%
	TRNO	B	-0.05%
	AGRO	F	-0.05%
	KTOS	C	-0.05%
	HURN	B	-0.05%
	CWST	A	-0.05%
	ZWS	C	-0.05%
	ECVT	F	-0.05%
	TCBK	B	-0.04%
	IRBT	D	-0.04%
	SEB	B	-0.04%
	OPI	C	-0.04%
	TEN	F	-0.04%
	GLDD	C	-0.04%
	EBF	B	-0.04%
	TSE	D	-0.04%
	CRAI	C	-0.04%
	STEP	B	-0.04%
	CMRE	D	-0.04%
	BRY	F	-0.04%
	DAC	D	-0.04%
	EAF	F	-0.04%
	UVE	B	-0.04%
	CLVT	C	-0.04%
	IHRT	C	-0.04%
	TDOC	F	-0.04%
	MTW	D	-0.04%
	TNK	D	-0.04%
	CNNE	A	-0.04%
	WTTR	B	-0.04%
	XP	F	-0.04%
	PRIM	C	-0.04%
	INSW	D	-0.04%
	UIS	D	-0.04%
	IVT	A	-0.03%
	DHIL	C	-0.03%
	TITN	D	-0.03%
	FLWS	D	-0.03%
	CSV	B	-0.03%
	CTRN	F	-0.03%
	OPK	B	-0.03%
	BRSP	D	-0.03%
	HAYW	A	-0.03%
	XPRO	C	-0.03%
	RKT	A	-0.03%
	AVO	B	-0.03%
	CMTG	C	-0.03%
	WASH	B	-0.03%
	PTON	F	-0.03%
	SGRY	B	-0.03%
	RGP	C	-0.03%
	SRI	C	-0.03%
	SNOW	F	-0.03%
	ALTO	C	-0.03%
	AMC	F	-0.03%
	CNOB	B	-0.03%
	ARCO	C	-0.03%
	WOW	B	-0.03%
	MEI	C	-0.03%
	DO	C	-0.03%
	SRCE	B	-0.03%
	WOOF	D	-0.03%
	TPIC	D	-0.03%
	PFC	B	-0.03%
	AGL	D	-0.03%
	EXAS	C	-0.03%
	DCO	B	-0.03%
	SHYF	A	-0.03%
	OCFC	B	-0.03%
	BBSI	A	-0.03%
	GNK	F	-0.03%
	PEGA	A	-0.03%
	GPMT	F	-0.02%
	USM	D	-0.02%
	MED	D	-0.02%
	AVD	C	-0.02%
	MODV	F	-0.02%
	ATNI	C	-0.02%
	SSYS	F	-0.02%
	RYAM	B	-0.02%
	JRVR	C	-0.02%
	OIS	C	-0.02%
	VSEC	C	-0.02%
	SNAP	F	-0.02%
	AGM	B	-0.02%
	OKTA	D	-0.02%
	CRGY	F	-0.02%
	CRMT	D	-0.02%
	DENN	F	-0.02%
	PLOW	A	-0.02%
	KRNY	B	-0.02%
	ARKO	C	-0.02%
	VCTR	C	-0.02%
	CLDT	C	-0.02%
	SSP	C	-0.02%
	TOST	C	-0.02%
	CCSI	B	-0.02%
	HLIO	F	-0.02%
	EVRI	A	-0.02%
	INMD	F	-0.01%
	GSM	F	-0.01%
	MSBI	D	-0.01%
	HY	B	-0.01%
	SPWH	F	-0.01%
	THR	D	-0.01%
	PEBO	B	-0.01%
	NIC	B	-0.01%
	LXU	C	-0.01%
	HLNE	B	-0.01%
	CMTL	D	-0.01%
	ONEW	F	-0.01%
	AMRC	D	-0.01%
	PRM	A	-0.01%
	HOV	B	-0.01%
	MBUU	D	-0.01%
	TK	D	-0.01%
	NR	C	-0.01%
	SBOW	D	-0.01%
	TTEC	D	-0.01%
	WMG	F	-0.01%
	NU	D	-0.01%
	EDR	A	-0.01%
	PKST	C	-0.01%
	PETS	F	-0.01%
	GSL	D	-0.01%
	GPRO	D	-0.01%
	KE	D	-0.01%
	PLCE	F	-0.01%
	CLOV	B	-0.01%
	BMBL	F	-0.01%
	LEVI	F	-0.01%
	CHGG	D	-0.0%
	EVH	C	-0.0%
	GIC	C	-0.0%
	WTI	D	-0.0%
	CRNC	F	-0.0%
	DNUT	F	-0.0%

VLU: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Software - Application Oil & Gas E&P Semiconductors Packaged Foods Biotechnology Business Services Specialty Chemicals REIT - Diversified Asset Management Specialty Retail Utilities - Regulated Electric Diagnostics & Research Insurance - Property & Casualty REIT - Retail Restaurants Building Materials Aerospace & Defense Capital Markets

Keywords: S&P 500 Bank Banking Nasdaq 100 Natural Gas Real Estate Investment Trust Insurance Chemical Computing Aerospace Electronics Mining Medicine Semiconductor Electricity Deposit Products Telecommunications Transport Clothing Commercial Banking

FNDA: Top Represented Industries & Keywords

Industries: Banks - Regional - US Software - Application Diversified Industrials REIT - Diversified Business Services Oil & Gas E&P Specialty Chemicals Asset Management Oil & Gas Equipment & Services Packaged Foods Specialty Retail Biotechnology REIT - Retail Engineering & Construction Insurance - Property & Casualty Semiconductors Building Materials Capital Markets Restaurants Shipping & Ports

Keywords: Bank Banking Real Estate Investment Trust Deposit Products Chemical Computing Construction Insurance Mining Real Estate Loans Natural Gas Commercial Banking Electronics Aerospace Telecommunications S&P 500 Medicine Oil And Gas Semiconductor Transport