VLU vs. HKND ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to Humankind US Stock ETF (HKND)

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

$181.56

Average Daily Volume

12,092

Number of Holdings ^*

1421

* may have additional holdings in another (foreign) market

HKND

Humankind US Stock ETF

HKND Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Humankind US Equity Index (the ?Index?). The index is primarily comprised of domestic (U.S.) equity securities and may not be comprised of greater than 5% of foreign securities (including ADRs). The fund invests in the common stock of each company in the index in approximately the same proportion as represented in the index itself. Under normal conditions, it will invest at least 90% of its net assets, including borrowings for investment purposes, in securities contained in the index.

Grade (RS Rating)

Last Trade

$33.06

Average Daily Volume

3,697

Number of Holdings ^*

954

* may have additional holdings in another (foreign) market

Performance

Period	VLU	HKND
30 Days	2.22%	2.63%
60 Days	1.82%	3.11%
90 Days	6.23%	6.01%
12 Months	23.48%	18.88%

710 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in HKND	Overlap
	A	C	0.04%	0.15%	0.04%
	AAP	F	0.02%	0.02%	0.02%
	AAPL	D	2.38%	2.14%	2.14%
	ABBV	B	0.46%	1.96%	0.46%
	ABCB	B	0.02%	0.01%	0.01%
	ABM	D	0.03%	0.02%	0.02%
	ABNB	D	0.06%	0.01%	0.01%
	ABT	B	0.25%	1.12%	0.25%
	ACHC	C	0.01%	0.01%	0.01%
	ACIW	B	0.01%	0.01%	0.01%
	ACM	B	0.03%	0.08%	0.03%
	ADBE	D	0.2%	0.05%	0.05%
	ADI	D	0.14%	0.04%	0.04%
	ADM	D	0.27%	1.58%	0.27%
	ADP	A	0.08%	0.07%	0.07%
	ADSK	B	0.03%	0.01%	0.01%
	ADUS	B	0.0%	0.01%	0.0%
	AEIS	D	0.0%	0.0%	0.0%
	AEO	F	0.01%	0.01%	0.01%
	AFG	B	0.08%	0.04%	0.04%
	AFL	B	0.23%	0.09%	0.09%
	AGCO	D	0.03%	0.65%	0.03%
	AHCO	B	0.01%	0.11%	0.01%
	AIG	D	0.26%	0.23%	0.23%
	AIT	C	0.01%	0.01%	0.01%
	AIZ	C	0.04%	0.12%	0.04%
	AJG	A	0.06%	0.04%	0.04%
	AKAM	D	0.03%	0.01%	0.01%
	ALB	D	0.04%	0.01%	0.01%
	ALG	D	0.0%	0.08%	0.0%
	ALGM	D	0.0%	0.0%	0.0%
	ALGN	D	0.02%	0.02%	0.02%
	ALL	A	0.16%	0.22%	0.16%
	ALLY	F	0.1%	0.05%	0.05%
	AMAT	D	0.12%	0.14%	0.12%
	AMD	D	0.13%	0.06%	0.06%
	AME	D	0.03%	0.01%	0.01%
	AMED	D	0.01%	0.03%	0.01%
	AMG	C	0.02%	0.01%	0.01%
	AMGN	B	0.28%	1.08%	0.28%
	AMH	B	0.03%	0.03%	0.03%
	AMKR	D	0.03%	0.02%	0.02%
	AMN	F	0.01%	0.01%	0.01%
	AMP	B	0.1%	0.07%	0.07%
	AMPH	C	0.0%	0.01%	0.0%
	AMT	B	0.16%	0.04%	0.04%
	AMZN	C	1.86%	0.58%	0.58%
	ANET	C	0.07%	0.02%	0.02%
	ANF	D	0.01%	0.0%	0.0%
	ANSS	D	0.02%	0.01%	0.01%
	AOS	D	0.02%	0.01%	0.01%
	APAM	C	0.01%	0.01%	0.01%
	APD	B	0.14%	0.02%	0.02%
	APH	D	0.06%	0.04%	0.04%
	ARE	B	0.05%	0.01%	0.01%
	ARW	C	0.06%	0.03%	0.03%
	ARWR	F	0.0%	0.02%	0.0%
	ASB	D	0.03%	0.01%	0.01%
	ASGN	D	0.01%	0.01%	0.01%
	ASH	D	0.02%	0.01%	0.01%
	ASIX	C	0.01%	0.01%	0.01%
	ASTH	B	0.0%	0.01%	0.0%
	ATR	A	0.01%	0.02%	0.01%
	AVB	B	0.07%	0.07%	0.07%
	AVGO	C	0.39%	0.1%	0.1%
	AVNS	B	0.0%	0.05%	0.0%
	AVT	D	0.04%	0.02%	0.02%
	AWK	A	0.06%	0.38%	0.06%
	AWR	B	0.01%	0.04%	0.01%
	AXP	B	0.33%	0.2%	0.2%
	AXTA	C	0.02%	0.01%	0.01%
	AYI	B	0.01%	0.05%	0.01%
	AZO	C	0.07%	0.04%	0.04%
	AZTA	D	0.0%	0.02%	0.0%
	AZZ	D	0.01%	0.0%	0.0%
	BAC	D	1.44%	0.51%	0.51%
	BAX	C	0.07%	0.88%	0.07%
	BBWI	F	0.02%	0.01%	0.01%
	BBY	B	0.17%	0.28%	0.17%
	BC	D	0.02%	0.01%	0.01%
	BCC	C	0.02%	0.01%	0.01%
	BCO	B	0.01%	0.01%	0.01%
	BDX	D	0.09%	1.15%	0.09%
	BEN	D	0.05%	0.03%	0.03%
	BERY	B	0.04%	0.06%	0.04%
	BG	F	0.13%	0.94%	0.13%
	BGC	B	0.01%	0.01%	0.01%
	BGS	D	0.01%	0.01%	0.01%
	BHE	C	0.02%	0.01%	0.01%
	BHF	F	0.03%	0.02%	0.02%
	BIIB	F	0.1%	0.3%	0.1%
	BIO	C	0.03%	0.09%	0.03%
	BK	A	0.27%	0.11%	0.11%
	BKNG	B	0.09%	0.06%	0.06%
	BKU	C	0.03%	0.01%	0.01%
	BLDR	C	0.05%	0.02%	0.02%
	BLK	A	0.2%	0.1%	0.1%
	BMY	C	0.33%	0.88%	0.33%
	BR	B	0.02%	0.02%	0.02%
	BRC	B	0.01%	0.01%	0.01%
	BRKR	D	0.01%	0.06%	0.01%
	BRO	B	0.04%	0.02%	0.02%
	BRX	B	0.03%	0.01%	0.01%
	BSX	B	0.11%	0.73%	0.11%
	BURL	B	0.03%	0.01%	0.01%
	BXP	A	0.06%	0.01%	0.01%
	C	D	1.06%	0.39%	0.39%
	CABO	F	0.01%	0.01%	0.01%
	CACC	F	0.0%	0.01%	0.0%
	CADE	C	0.02%	0.01%	0.01%
	CAG	B	0.08%	0.37%	0.08%
	CAH	B	0.25%	0.31%	0.25%
	CARR	A	0.08%	0.0%	0.0%
	CATY	C	0.03%	0.0%	0.0%
	CBRE	B	0.08%	0.11%	0.08%
	CBSH	B	0.02%	0.01%	0.01%
	CBT	B	0.02%	0.0%	0.0%
	CC	F	0.01%	0.01%	0.01%
	CCI	B	0.11%	0.02%	0.02%
	CCRN	F	0.0%	0.01%	0.0%
	CCS	B	0.01%	0.02%	0.01%
	CDNS	D	0.02%	0.01%	0.01%
	CDW	D	0.04%	0.08%	0.04%
	CE	D	0.04%	0.01%	0.01%
	CENTA	D	0.01%	0.02%	0.01%
	CF	C	0.06%	0.91%	0.06%
	CFG	C	0.18%	0.04%	0.04%
	CFR	C	0.02%	0.01%	0.01%
	CG	D	0.02%	0.03%	0.02%
	CHD	B	0.03%	0.37%	0.03%
	CHE	C	0.01%	0.03%	0.01%
	CHH	C	0.01%	0.0%	0.0%
	CHTR	D	0.3%	0.17%	0.17%
	CI	B	0.4%	1.12%	0.4%
	CIEN	C	0.02%	0.01%	0.01%
	CINF	B	0.07%	0.04%	0.04%
	CL	C	0.11%	1.41%	0.11%
	CLH	B	0.03%	0.01%	0.01%
	CLX	B	0.03%	0.24%	0.03%
	CMA	B	0.07%	0.02%	0.02%
	CMC	D	0.03%	0.01%	0.01%
	CMCSA	D	0.62%	0.66%	0.62%
	CME	B	0.11%	0.03%	0.03%
	CMI	C	0.12%	0.05%	0.05%
	CNC	C	0.35%	0.32%	0.32%
	CNM	F	0.01%	0.01%	0.01%
	CNMD	D	0.0%	0.06%	0.0%
	CNO	B	0.03%	0.01%	0.01%
	CNXC	D	0.03%	0.02%	0.02%
	CNXN	B	0.01%	0.03%	0.01%
	COF	D	0.49%	0.16%	0.16%
	COHR	C	0.02%	0.01%	0.01%
	COLB	C	0.05%	0.0%	0.0%
	COLL	C	0.0%	0.01%	0.0%
	COOP	B	0.05%	0.02%	0.02%
	CORT	B	0.0%	0.02%	0.0%
	COST	B	0.3%	0.11%	0.11%
	COTY	D	0.02%	0.01%	0.01%
	CPB	B	0.05%	0.08%	0.05%
	CPRX	B	0.0%	0.01%	0.0%
	CPT	B	0.04%	0.03%	0.03%
	CR	C	0.02%	0.03%	0.02%
	CRL	D	0.01%	0.09%	0.01%
	CRM	D	0.22%	0.07%	0.07%
	CRSR	F	0.0%	0.01%	0.0%
	CRUS	D	0.02%	0.01%	0.01%
	CRVL	B	0.0%	0.01%	0.0%
	CSCO	C	0.46%	0.16%	0.16%
	CSGP	D	0.03%	0.01%	0.01%
	CSL	C	0.02%	0.02%	0.02%
	CSX	D	0.11%	0.01%	0.01%
	CTAS	B	0.04%	0.04%	0.04%
	CTLT	B	0.01%	0.15%	0.01%
	CTS	D	0.0%	0.0%	0.0%
	CTSH	B	0.11%	0.08%	0.08%
	CTVA	B	0.09%	1.41%	0.09%
	CVCO	B	0.01%	0.01%	0.01%
	CVS	D	0.66%	0.45%	0.45%
	CWT	A	0.01%	0.08%	0.01%
	CYTK	D	0.0%	0.03%	0.0%
	DAR	F	0.02%	0.03%	0.02%
	DAY	C	0.01%	0.01%	0.01%
	DBX	D	0.01%	0.01%	0.01%
	DCI	D	0.01%	0.0%	0.0%
	DD	B	0.18%	0.3%	0.18%
	DE	B	0.22%	1.95%	0.22%
	DFIN	B	0.0%	0.0%	0.0%
	DFS	C	0.13%	0.07%	0.07%
	DGX	B	0.06%	0.62%	0.06%
	DHI	B	0.13%	0.17%	0.13%
	DHR	B	0.13%	0.59%	0.13%
	DIOD	F	0.01%	0.01%	0.01%
	DIS	D	0.26%	0.19%	0.19%
	DKS	D	0.04%	0.02%	0.02%
	DLB	D	0.01%	0.01%	0.01%
	DLR	A	0.04%	0.02%	0.02%
	DOC	B	0.05%	0.01%	0.01%
	DORM	B	0.01%	0.0%	0.0%
	DOV	B	0.03%	0.01%	0.01%
	DOW	F	0.19%	0.2%	0.19%
	DVA	A	0.07%	0.12%	0.07%
	DVAX	D	0.0%	0.01%	0.0%
	DXC	C	0.04%	0.07%	0.04%
	DXCM	F	0.01%	0.13%	0.01%
	EA	C	0.05%	0.02%	0.02%
	EBAY	A	0.09%	0.05%	0.05%
	ECL	A	0.05%	0.91%	0.05%
	EEFT	F	0.01%	0.01%	0.01%
	EFX	B	0.02%	0.02%	0.02%
	EHC	B	0.02%	0.07%	0.02%
	EL	F	0.05%	0.03%	0.03%
	ELS	B	0.02%	0.03%	0.02%
	ELV	B	0.42%	0.43%	0.42%
	EMBC	C	0.0%	0.08%	0.0%
	EME	A	0.02%	0.02%	0.02%
	EMN	A	0.05%	0.01%	0.01%
	EMR	D	0.13%	0.03%	0.03%
	ENOV	F	0.01%	0.15%	0.01%
	ENPH	D	0.01%	0.12%	0.01%
	ENR	D	0.01%	0.03%	0.01%
	ENS	D	0.01%	0.01%	0.01%
	ENSG	A	0.01%	0.03%	0.01%
	EPAM	D	0.01%	0.01%	0.01%
	EQH	C	0.07%	0.05%	0.05%
	EQIX	B	0.07%	0.02%	0.02%
	EQR	B	0.09%	0.07%	0.07%
	ERIE	B	0.02%	0.01%	0.01%
	ESAB	C	0.0%	0.01%	0.0%
	ESS	A	0.05%	0.04%	0.04%
	EVR	B	0.02%	0.01%	0.01%
	EW	D	0.04%	0.28%	0.04%
	EWBC	D	0.05%	0.01%	0.01%
	EXEL	A	0.02%	0.04%	0.02%
	EXLS	B	0.01%	0.01%	0.01%
	EXPE	C	0.04%	0.04%	0.04%
	EXPI	C	0.01%	0.01%	0.01%
	EXR	A	0.05%	0.01%	0.01%
	FAF	A	0.04%	0.05%	0.04%
	FAST	C	0.03%	0.03%	0.03%
	FCN	C	0.01%	0.02%	0.01%
	FDP	B	0.01%	0.49%	0.01%
	FDS	C	0.01%	0.01%	0.01%
	FDX	C	0.26%	0.01%	0.01%
	FELE	D	0.01%	0.25%	0.01%
	FFIV	A	0.02%	0.01%	0.01%
	FHB	C	0.02%	0.0%	0.0%
	FHI	B	0.01%	0.01%	0.01%
	FHN	C	0.05%	0.01%	0.01%
	FICO	A	0.01%	0.01%	0.01%
	FIS	A	0.11%	0.04%	0.04%
	FITB	B	0.11%	0.04%	0.04%
	FIVE	D	0.0%	0.01%	0.0%
	FIX	B	0.01%	0.01%	0.01%
	FL	D	0.02%	0.01%	0.01%
	FLGT	D	0.0%	0.03%	0.0%
	FLO	C	0.02%	0.1%	0.02%
	FLS	D	0.01%	0.01%	0.01%
	FMC	C	0.03%	0.74%	0.03%
	FNB	D	0.03%	0.01%	0.01%
	FND	C	0.01%	0.01%	0.01%
	FNF	B	0.08%	0.07%	0.07%
	FORM	F	0.01%	0.0%	0.0%
	FOX	C	0.04%	0.06%	0.04%
	FRT	B	0.02%	0.0%	0.0%
	FSLR	D	0.03%	0.15%	0.03%
	FTNT	B	0.04%	0.01%	0.01%
	FTRE	F	0.0%	0.1%	0.0%
	FTV	C	0.03%	0.01%	0.01%
	FULT	D	0.02%	0.0%	0.0%
	FYBR	C	0.04%	0.04%	0.04%
	GAP	F	0.04%	0.02%	0.02%
	GBCI	C	0.02%	0.0%	0.0%
	GDDY	D	0.03%	0.01%	0.01%
	GEHC	C	0.03%	0.93%	0.03%
	GGG	C	0.01%	0.0%	0.0%
	GILD	B	0.32%	0.74%	0.32%
	GIS	B	0.13%	0.31%	0.13%
	GKOS	D	0.0%	0.02%	0.0%
	GL	C	0.03%	0.02%	0.02%
	GLW	C	0.09%	0.09%	0.09%
	GME	F	0.02%	0.03%	0.02%
	GMED	D	0.01%	0.06%	0.01%
	GMS	C	0.01%	0.01%	0.01%
	GNRC	D	0.02%	0.01%	0.01%
	GNW	B	0.03%	0.03%	0.03%
	GOOGL	D	0.7%	3.6%	0.7%
	GPC	D	0.06%	0.05%	0.05%
	GPN	C	0.06%	0.04%	0.04%
	GRBK	B	0.01%	0.01%	0.01%
	GS	D	0.52%	0.33%	0.33%
	GT	F	0.02%	0.01%	0.01%
	GWW	B	0.05%	0.05%	0.05%
	GXO	D	0.02%	0.05%	0.02%
	H	D	0.02%	0.01%	0.01%
	HAE	D	0.01%	0.06%	0.01%
	HAIN	D	0.01%	0.02%	0.01%
	HALO	B	0.01%	0.03%	0.01%
	HAS	B	0.03%	0.01%	0.01%
	HBAN	B	0.11%	0.03%	0.03%
	HCA	A	0.23%	0.96%	0.23%
	HD	B	0.49%	0.36%	0.36%
	HGV	D	0.01%	0.01%	0.01%
	HIG	B	0.14%	0.1%	0.1%
	HLI	A	0.01%	0.01%	0.01%
	HLT	B	0.02%	0.02%	0.02%
	HMN	C	0.01%	0.01%	0.01%
	HOLX	B	0.03%	0.28%	0.03%
	HOMB	C	0.02%	0.0%	0.0%
	HPE	F	0.21%	0.19%	0.19%
	HPQ	D	0.27%	0.75%	0.27%
	HRB	C	0.03%	0.01%	0.01%
	HRMY	B	0.0%	0.01%	0.0%
	HSIC	D	0.03%	0.13%	0.03%
	HSII	C	0.0%	0.0%	0.0%
	HST	D	0.04%	0.02%	0.02%
	HSY	B	0.07%	0.06%	0.06%
	HTH	C	0.01%	0.01%	0.01%
	HUBB	B	0.02%	0.01%	0.01%
	HUM	F	0.23%	0.28%	0.23%
	HWC	D	0.03%	0.01%	0.01%
	HWKN	C	0.01%	0.03%	0.01%
	HZO	C	0.0%	0.0%	0.0%
	IART	F	0.0%	0.08%	0.0%
	IBKR	B	0.04%	0.02%	0.02%
	IBM	A	0.43%	0.25%	0.25%
	IBP	C	0.01%	0.0%	0.0%
	ICE	B	0.12%	0.03%	0.03%
	ICUI	B	0.01%	0.1%	0.01%
	IDXX	C	0.02%	0.02%	0.02%
	IEX	D	0.01%	0.0%	0.0%
	IFF	B	0.06%	0.06%	0.06%
	ILMN	C	0.03%	0.09%	0.03%
	INCY	C	0.02%	0.09%	0.02%
	INGR	B	0.04%	0.49%	0.04%
	INTC	F	0.27%	1.39%	0.27%
	INTU	C	0.06%	0.03%	0.03%
	INVA	B	0.01%	0.01%	0.01%
	INVH	B	0.05%	0.05%	0.05%
	IOSP	D	0.01%	0.01%	0.01%
	IPG	C	0.04%	0.03%	0.03%
	IPGP	F	0.01%	0.01%	0.01%
	IQV	C	0.06%	0.52%	0.06%
	IR	D	0.02%	0.01%	0.01%
	IRDM	D	0.0%	0.03%	0.0%
	IRM	A	0.04%	0.01%	0.01%
	IRT	A	0.01%	0.01%	0.01%
	IRWD	F	0.0%	0.01%	0.0%
	ISRG	B	0.1%	0.32%	0.1%
	IT	B	0.03%	0.03%	0.03%
	ITGR	B	0.01%	0.08%	0.01%
	ITRI	C	0.01%	0.0%	0.0%
	ITT	C	0.01%	0.0%	0.0%
	ITW	B	0.09%	0.03%	0.03%
	IVZ	C	0.07%	0.03%	0.03%
	J	D	0.04%	0.29%	0.04%
	JBL	D	0.04%	0.12%	0.04%
	JBSS	F	0.0%	0.01%	0.0%
	JEF	B	0.05%	0.04%	0.04%
	JJSF	D	0.01%	0.02%	0.01%
	JKHY	A	0.01%	0.01%	0.01%
	JLL	B	0.05%	0.04%	0.04%
	JNJ	B	0.89%	2.19%	0.89%
	JNPR	B	0.03%	0.01%	0.01%
	JPM	D	1.45%	0.7%	0.7%
	JXN	B	0.05%	0.02%	0.02%
	K	A	0.08%	0.26%	0.08%
	KBH	B	0.02%	0.03%	0.02%
	KD	D	0.03%	0.07%	0.03%
	KDP	B	0.13%	0.04%	0.04%
	KELYA	D	0.01%	0.02%	0.01%
	KEX	C	0.02%	0.01%	0.01%
	KEY	B	0.14%	0.03%	0.03%
	KEYS	C	0.03%	0.01%	0.01%
	KFY	B	0.01%	0.01%	0.01%
	KIM	B	0.04%	0.01%	0.01%
	KLAC	D	0.06%	0.05%	0.05%
	KLG	C	0.01%	0.05%	0.01%
	KMB	C	0.12%	0.1%	0.1%
	KMPR	D	0.01%	0.02%	0.01%
	KNF	B	0.01%	0.01%	0.01%
	KO	B	0.44%	0.01%	0.01%
	KR	B	0.32%	0.21%	0.21%
	KVUE	B	0.23%	0.43%	0.23%
	KWR	D	0.01%	0.01%	0.01%
	L	C	0.13%	0.06%	0.06%
	LAMR	A	0.02%	0.01%	0.01%
	LANC	D	0.01%	0.01%	0.01%
	LCII	C	0.01%	0.01%	0.01%
	LECO	D	0.01%	0.02%	0.01%
	LEN	B	0.15%	0.14%	0.14%
	LFUS	D	0.01%	0.01%	0.01%
	LGIH	C	0.01%	0.01%	0.01%
	LGND	C	0.01%	0.01%	0.01%
	LKQ	D	0.04%	0.04%	0.04%
	LLY	C	0.24%	2.04%	0.24%
	LNC	D	0.05%	0.04%	0.04%
	LNN	C	0.0%	0.03%	0.0%
	LNTH	C	0.01%	0.03%	0.01%
	LOW	B	0.22%	0.23%	0.22%
	LRCX	F	0.08%	0.09%	0.08%
	LUMN	C	0.05%	0.1%	0.05%
	LYV	C	0.03%	0.03%	0.03%
	MA	A	0.13%	0.12%	0.12%
	MAA	A	0.04%	0.05%	0.04%
	MAN	D	0.03%	0.1%	0.03%
	MAR	D	0.08%	0.05%	0.05%
	MAS	B	0.03%	0.02%	0.02%
	MASI	D	0.01%	0.07%	0.01%
	MAT	C	0.01%	0.01%	0.01%
	MC	B	0.01%	0.01%	0.01%
	MCHP	D	0.05%	0.02%	0.02%
	MCK	F	0.35%	0.44%	0.35%
	MCO	B	0.04%	0.03%	0.03%
	MCY	C	0.02%	0.02%	0.02%
	MD	C	0.01%	0.03%	0.01%
	MDLZ	B	0.22%	0.33%	0.22%
	MEDP	D	0.01%	0.04%	0.01%
	MET	B	0.42%	0.2%	0.2%
	MHO	B	0.02%	0.02%	0.02%
	MIDD	D	0.02%	0.03%	0.02%
	MKC	B	0.05%	0.05%	0.05%
	MLI	B	0.03%	0.0%	0.0%
	MMC	A	0.13%	0.13%	0.13%
	MMI	C	0.01%	0.0%	0.0%
	MMM	A	0.29%	0.06%	0.06%
	MMS	D	0.02%	0.02%	0.02%
	MMSI	A	0.01%	0.07%	0.01%
	MODG	F	0.01%	0.0%	0.0%
	MOH	C	0.04%	0.07%	0.04%
	MORN	C	0.01%	0.01%	0.01%
	MOS	F	0.08%	1.58%	0.08%
	MPWR	C	0.01%	0.01%	0.01%
	MRK	D	0.39%	1.81%	0.39%
	MRNA	F	0.03%	0.29%	0.03%
	MS	D	0.5%	0.34%	0.34%
	MSCI	C	0.01%	0.01%	0.01%
	MSEX	C	0.0%	0.01%	0.0%
	MSFT	C	1.47%	2.3%	1.47%
	MSGS	B	0.0%	0.0%	0.0%
	MSI	B	0.04%	0.02%	0.02%
	MSM	D	0.02%	0.01%	0.01%
	MTB	B	0.15%	0.03%	0.03%
	MTCH	C	0.02%	0.01%	0.01%
	MTD	D	0.02%	0.08%	0.02%
	MTG	B	0.03%	0.01%	0.01%
	MTH	B	0.02%	0.03%	0.02%
	MTN	D	0.02%	0.01%	0.01%
	MU	F	0.13%	0.1%	0.1%
	MYGN	C	0.01%	0.01%	0.01%
	NARI	F	0.0%	0.01%	0.0%
	NATL	D	0.02%	0.02%	0.02%
	NBIX	D	0.01%	0.07%	0.01%
	NDAQ	B	0.07%	0.02%	0.02%
	NDSN	C	0.02%	0.0%	0.0%
	NEO	C	0.0%	0.03%	0.0%
	NFLX	B	0.17%	0.08%	0.08%
	NGVT	F	0.01%	0.01%	0.01%
	NHC	D	0.01%	0.01%	0.01%
	NOVT	D	0.01%	0.04%	0.01%
	NOW	B	0.06%	0.02%	0.02%
	NSC	C	0.13%	0.01%	0.01%
	NSIT	C	0.02%	0.01%	0.01%
	NSP	F	0.01%	0.03%	0.01%
	NTAP	D	0.04%	0.03%	0.03%
	NTRS	B	0.07%	0.04%	0.04%
	NVDA	D	0.29%	0.08%	0.08%
	NVEE	F	0.0%	0.0%	0.0%
	NVR	B	0.06%	0.05%	0.05%
	NVST	D	0.01%	0.01%	0.01%
	NWL	C	0.03%	0.02%	0.02%
	NWS	D	0.01%	0.03%	0.01%
	NX	D	0.0%	0.01%	0.0%
	NXST	D	0.03%	0.01%	0.01%
	NYT	C	0.01%	0.01%	0.01%
	O	B	0.13%	0.01%	0.01%
	OGN	C	0.05%	0.11%	0.05%
	OMC	B	0.07%	0.05%	0.05%
	OMI	D	0.01%	0.05%	0.01%
	ON	D	0.05%	0.03%	0.03%
	ONB	C	0.03%	0.01%	0.01%
	ONTO	D	0.01%	0.0%	0.0%
	OPCH	C	0.01%	0.04%	0.01%
	ORCL	B	0.36%	0.17%	0.17%
	ORI	B	0.05%	0.04%	0.04%
	ORLY	B	0.08%	0.04%	0.04%
	OTIS	C	0.03%	0.02%	0.02%
	OZK	D	0.04%	0.01%	0.01%
	PANW	C	0.06%	0.01%	0.01%
	PAYC	D	0.01%	0.01%	0.01%
	PAYX	B	0.05%	0.02%	0.02%
	PB	B	0.03%	0.01%	0.01%
	PBH	B	0.01%	0.01%	0.01%
	PCRX	F	0.0%	0.01%	0.0%
	PCTY	D	0.01%	0.0%	0.0%
	PDCO	D	0.02%	0.01%	0.01%
	PEN	D	0.0%	0.04%	0.0%
	PEP	B	0.39%	0.41%	0.39%
	PFE	C	0.85%	1.63%	0.85%
	PFG	C	0.16%	0.06%	0.06%
	PG	A	0.53%	4.15%	0.53%
	PGNY	F	0.0%	0.01%	0.0%
	PGR	B	0.19%	0.22%	0.19%
	PH	B	0.08%	0.03%	0.03%
	PHM	B	0.06%	0.07%	0.06%
	PII	D	0.02%	0.01%	0.01%
	PINC	C	0.01%	0.01%	0.01%
	PIPR	B	0.01%	0.01%	0.01%
	PJT	C	0.01%	0.0%	0.0%
	PLAB	D	0.01%	0.0%	0.0%
	PLAY	F	0.0%	0.0%	0.0%
	PLD	B	0.16%	0.03%	0.03%
	PLUS	B	0.01%	0.01%	0.01%
	PLXS	B	0.01%	0.01%	0.01%
	PNC	B	0.38%	0.1%	0.1%
	PNFP	B	0.02%	0.01%	0.01%
	PODD	B	0.01%	0.07%	0.01%
	POOL	C	0.01%	0.0%	0.0%
	POST	C	0.03%	0.08%	0.03%
	PPG	C	0.07%	0.04%	0.04%
	PRG	B	0.02%	0.01%	0.01%
	PRLB	D	0.0%	0.01%	0.0%
	PRU	C	0.39%	0.17%	0.17%
	PRVA	F	0.0%	0.01%	0.0%
	PSA	A	0.07%	0.01%	0.01%
	PSTG	D	0.01%	0.01%	0.01%
	PTC	D	0.02%	0.0%	0.0%
	PWR	C	0.03%	0.02%	0.02%
	PYPL	B	0.17%	0.08%	0.08%
	QCOM	D	0.23%	0.14%	0.14%
	QRVO	F	0.02%	0.01%	0.01%
	R	B	0.05%	0.02%	0.02%
	RCM	C	0.01%	0.01%	0.01%
	RCUS	C	0.0%	0.0%	0.0%
	RDN	C	0.03%	0.01%	0.01%
	RDNT	B	0.01%	0.07%	0.01%
	REG	B	0.04%	0.01%	0.01%
	REGN	C	0.15%	0.61%	0.15%
	REZI	D	0.01%	0.02%	0.01%
	RF	C	0.11%	0.03%	0.03%
	RGA	B	0.13%	0.06%	0.06%
	RGEN	F	0.01%	0.01%	0.01%
	RGNX	D	0.0%	0.01%	0.0%
	RHI	D	0.02%	0.03%	0.02%
	RJF	C	0.05%	0.05%	0.05%
	RLI	B	0.01%	0.01%	0.01%
	RMD	B	0.03%	0.21%	0.03%
	ROG	D	0.0%	0.0%	0.0%
	ROK	D	0.04%	0.02%	0.02%
	ROP	B	0.05%	0.01%	0.01%
	ROST	C	0.07%	0.03%	0.03%
	RRX	C	0.02%	0.01%	0.01%
	RS	D	0.05%	0.03%	0.03%
	RSG	B	0.09%	0.04%	0.04%
	RUN	C	0.02%	0.12%	0.02%
	SAFT	C	0.01%	0.0%	0.0%
	SANM	D	0.03%	0.03%	0.03%
	SATS	B	0.02%	0.01%	0.01%
	SBAC	B	0.02%	0.01%	0.01%
	SBH	C	0.01%	0.01%	0.01%
	SCHL	D	0.01%	0.01%	0.01%
	SCHW	D	0.22%	0.07%	0.07%
	SCI	A	0.02%	0.01%	0.01%
	SCSC	D	0.01%	0.04%	0.01%
	SEE	D	0.01%	0.01%	0.01%
	SEIC	C	0.01%	0.01%	0.01%
	SEM	D	0.02%	0.1%	0.02%
	SF	B	0.03%	0.02%	0.02%
	SFM	B	0.02%	0.0%	0.0%
	SFNC	B	0.02%	0.0%	0.0%
	SHW	A	0.06%	0.04%	0.04%
	SIGI	C	0.02%	0.01%	0.01%
	SJM	C	0.05%	0.51%	0.05%
	SJW	C	0.0%	0.05%	0.0%
	SLAB	D	0.0%	0.0%	0.0%
	SMCI	F	0.01%	0.02%	0.01%
	SMG	C	0.01%	0.05%	0.01%
	SMPL	D	0.01%	0.02%	0.01%
	SNA	B	0.03%	0.01%	0.01%
	SNEX	C	0.02%	0.03%	0.02%
	SNPS	D	0.04%	0.02%	0.02%
	SNV	C	0.03%	0.01%	0.01%
	SNX	D	0.08%	0.06%	0.06%
	SOLV	C	0.01%	0.17%	0.01%
	SONO	F	0.0%	0.0%	0.0%
	SPG	B	0.06%	0.03%	0.03%
	SPGI	A	0.13%	0.03%	0.03%
	SPTN	C	0.01%	0.01%	0.01%
	SRCL	A	0.01%	0.02%	0.01%
	SSB	B	0.02%	0.01%	0.01%
	STC	B	0.01%	0.02%	0.01%
	STT	B	0.13%	0.09%	0.09%
	SUPN	D	0.0%	0.01%	0.0%
	SWK	B	0.06%	0.04%	0.04%
	SWKS	F	0.05%	0.02%	0.02%
	SXT	D	0.01%	0.01%	0.01%
	SYF	D	0.18%	0.07%	0.07%
	SYK	B	0.09%	1.15%	0.09%
	SYNA	F	0.01%	0.01%	0.01%
	SYY	C	0.13%	0.07%	0.07%
	T	A	1.35%	0.88%	0.88%
	TCBI	B	0.02%	0.01%	0.01%
	TDC	F	0.01%	0.01%	0.01%
	TDS	B	0.02%	0.03%	0.02%
	TECH	D	0.0%	0.06%	0.0%
	TER	D	0.02%	0.01%	0.01%
	TEX	D	0.01%	0.01%	0.01%
	TFC	D	0.52%	0.1%	0.1%
	TFX	B	0.02%	0.18%	0.02%
	TGNA	C	0.02%	0.01%	0.01%
	TGT	C	0.23%	0.13%	0.13%
	THC	B	0.06%	0.3%	0.06%
	THG	A	0.02%	0.02%	0.02%
	THO	C	0.03%	0.01%	0.01%
	THS	C	0.01%	0.02%	0.01%
	TJX	B	0.17%	0.06%	0.06%
	TKO	B	0.04%	0.0%	0.0%
	TKR	D	0.02%	0.0%	0.0%
	TMHC	B	0.04%	0.03%	0.03%
	TMO	B	0.18%	0.89%	0.18%
	TMUS	A	0.41%	0.37%	0.37%
	TNC	D	0.0%	0.01%	0.0%
	TNDM	C	0.0%	0.04%	0.0%
	TNL	F	0.01%	0.01%	0.01%
	TOL	B	0.05%	0.05%	0.05%
	TPH	C	0.02%	0.02%	0.02%
	TRIP	F	0.0%	0.0%	0.0%
	TRMB	C	0.02%	0.01%	0.01%
	TROW	D	0.07%	0.04%	0.04%
	TRUP	B	0.0%	0.01%	0.0%
	TRV	A	0.17%	0.17%	0.17%
	TSCO	B	0.04%	0.02%	0.02%
	TSLA	C	0.48%	0.15%	0.15%
	TTC	D	0.01%	0.04%	0.01%
	TTEK	B	0.02%	0.02%	0.02%
	TTMI	D	0.01%	0.01%	0.01%
	TTWO	D	0.02%	0.01%	0.01%
	TWI	D	0.0%	0.03%	0.0%
	TXN	D	0.25%	0.1%	0.1%
	TYL	B	0.02%	0.01%	0.01%
	UBSI	C	0.02%	0.01%	0.01%
	UCBI	B	0.01%	0.0%	0.0%
	UCTT	F	0.01%	0.01%	0.01%
	UDR	B	0.03%	0.03%	0.03%
	UFCS	D	0.0%	0.0%	0.0%
	UFPI	C	0.02%	0.01%	0.01%
	UHS	B	0.06%	0.21%	0.06%
	ULTA	D	0.03%	0.02%	0.02%
	UMBF	B	0.02%	0.01%	0.01%
	UNF	B	0.01%	0.01%	0.01%
	UNFI	C	0.01%	0.04%	0.01%
	UNH	C	1.22%	0.98%	0.98%
	UNM	B	0.09%	0.03%	0.03%
	UNP	B	0.25%	0.03%	0.03%
	UPS	D	0.37%	0.03%	0.03%
	URBN	D	0.02%	0.01%	0.01%
	URI	C	0.06%	0.01%	0.01%
	USB	C	0.37%	0.12%	0.12%
	USPH	F	0.0%	0.01%	0.0%
	UTHR	C	0.04%	0.08%	0.04%
	V	A	0.4%	0.16%	0.16%
	VAC	F	0.01%	0.01%	0.01%
	VCEL	F	0.0%	0.01%	0.0%
	VIR	F	0.01%	0.01%	0.01%
	VLTO	B	0.02%	0.35%	0.02%
	VLY	C	0.03%	0.01%	0.01%
	VNO	A	0.05%	0.01%	0.01%
	VNT	D	0.01%	0.01%	0.01%
	VOYA	A	0.04%	0.03%	0.03%
	VRSK	D	0.01%	0.01%	0.01%
	VRSN	D	0.02%	0.01%	0.01%
	VRTX	C	0.11%	0.6%	0.11%
	VSAT	F	0.01%	0.01%	0.01%
	VSH	F	0.01%	0.01%	0.01%
	VTR	B	0.08%	0.06%	0.06%
	VTRS	C	0.13%	0.23%	0.13%
	VZ	A	1.58%	0.91%	0.91%
	WAFD	B	0.02%	0.0%	0.0%
	WAT	C	0.02%	0.06%	0.02%
	WBA	F	0.06%	0.21%	0.06%
	WBD	D	0.15%	0.06%	0.06%
	WBS	D	0.03%	0.01%	0.01%
	WCC	D	0.03%	0.01%	0.01%
	WD	B	0.01%	0.01%	0.01%
	WDC	D	0.05%	0.1%	0.05%
	WELL	B	0.12%	0.02%	0.02%
	WFC	F	1.05%	0.41%	0.41%
	WGO	D	0.01%	0.01%	0.01%
	WH	B	0.01%	0.01%	0.01%
	WHR	D	0.05%	0.04%	0.04%
	WLK	D	0.04%	0.05%	0.04%
	WM	D	0.1%	0.05%	0.05%
	WMS	D	0.01%	0.02%	0.01%
	WMT	B	1.73%	1.07%	1.07%
	WPC	B	0.05%	0.01%	0.01%
	WRB	C	0.05%	0.04%	0.04%
	WSFS	D	0.01%	0.0%	0.0%
	WSO	C	0.03%	0.02%	0.02%
	WST	F	0.01%	0.06%	0.01%
	WTFC	C	0.02%	0.01%	0.01%
	WTRG	D	0.03%	0.08%	0.03%
	WTS	C	0.01%	0.02%	0.01%
	WU	F	0.04%	0.03%	0.03%
	XNCR	C	0.0%	0.01%	0.0%
	XRAY	D	0.01%	0.02%	0.01%
	XRX	F	0.01%	0.03%	0.01%
	XYL	D	0.03%	0.01%	0.01%
	ZBH	D	0.05%	0.44%	0.05%
	ZBRA	C	0.02%	0.03%	0.02%
	ZEUS	F	0.0%	0.0%	0.0%
	ZION	D	0.06%	0.01%	0.01%

VLU Overweight 711 Positions Relative to HKND

	Symbol	Grade	Weight
	BRK.A	C	2.52%
	XOM	D	2.02%
	META	B	1.67%
	CVX	D	1.27%
	GOOG	D	1.14%
	PM	B	0.58%
	MPC	F	0.54%
	PSX	F	0.5%
	GM	C	0.5%
	RTX	C	0.48%
	COP	F	0.42%
	VLO	F	0.4%
	CB	B	0.39%
	KMI	B	0.38%
	NEE	B	0.38%
	F	D	0.38%
	MO	C	0.37%
	DUK	B	0.36%
	LMT	B	0.36%
	MDT	B	0.35%
	SO	A	0.32%
	ACN	C	0.31%
	KHC	C	0.26%
	GE	A	0.26%
	DAL	C	0.25%
	D	B	0.25%
	EOG	D	0.23%
	LYB	F	0.22%
	CAT	C	0.22%
	LIN	B	0.21%
	HON	D	0.21%
	SW	B	0.21%
	EXC	A	0.2%
	GD	B	0.2%
	OXY	F	0.19%
	NEM	B	0.18%
	AEP	A	0.18%
	TSN	C	0.17%
	SRE	B	0.17%
	MCD	B	0.16%
	LUV	C	0.16%
	WMB	A	0.16%
	NOC	B	0.16%
	CCL	C	0.15%
	BA	F	0.15%
	IP	B	0.15%
	ETR	A	0.14%
	SLB	F	0.14%
	ACGL	A	0.14%
	XEL	B	0.14%
	SBUX	C	0.14%
	JCI	B	0.14%
	DVN	F	0.14%
	ED	B	0.14%
	PCG	B	0.13%
	NKE	D	0.13%
	PEG	A	0.13%
	UAL	C	0.13%
	OKE	A	0.12%
	PCAR	D	0.11%
	FANG	F	0.11%
	EIX	B	0.11%
	BX	A	0.11%
	NUE	D	0.11%
	LHX	C	0.1%
	WEC	B	0.1%
	TEL	D	0.1%
	BKR	D	0.1%
	DTE	A	0.1%
	EQT	D	0.1%
	PFGC	B	0.1%
	VICI	B	0.1%
	ETN	C	0.1%
	AEE	A	0.09%
	FOXA	C	0.09%
	EG	B	0.09%
	OVV	F	0.09%
	TAP	C	0.09%
	PPL	A	0.09%
	ES	B	0.09%
	CHRD	F	0.08%
	HAL	F	0.08%
	NXPI	F	0.08%
	FCX	D	0.08%
	MRO	D	0.08%
	HRL	C	0.08%
	UBER	C	0.08%
	WY	C	0.07%
	ATO	A	0.07%
	APTV	F	0.07%
	WTW	B	0.07%
	STLD	F	0.07%
	BWA	F	0.07%
	USFD	A	0.07%
	CNP	C	0.07%
	LAD	C	0.07%
	AON	B	0.07%
	MHK	B	0.07%
	TT	A	0.07%
	CHK	D	0.07%
	EVRG	A	0.07%
	TRGP	B	0.07%
	FE	B	0.07%
	HES	F	0.06%
	CTRA	F	0.06%
	LVS	D	0.06%
	LEA	F	0.06%
	VST	C	0.06%
	NI	A	0.06%
	CMS	A	0.06%
	X	D	0.06%
	SWN	D	0.06%
	GRMN	D	0.06%
	RCL	B	0.06%
	CHRW	C	0.06%
	AAL	D	0.06%
	AMCR	B	0.06%
	DINO	F	0.06%
	BALL	C	0.05%
	PARA	F	0.05%
	GLPI	B	0.05%
	MUR	F	0.05%
	UGI	B	0.05%
	CIVI	F	0.05%
	LDOS	B	0.05%
	MGM	D	0.05%
	AES	C	0.05%
	NRG	C	0.05%
	APA	F	0.05%
	ZTS	B	0.05%
	KMX	D	0.05%
	ARMK	B	0.05%
	MNST	C	0.05%
	DG	F	0.05%
	PNW	A	0.05%
	VFC	C	0.05%
	STWD	B	0.05%
	STZ	C	0.05%
	RNR	B	0.05%
	OGS	A	0.04%
	HWM	B	0.04%
	CCK	A	0.04%
	KRC	C	0.04%
	M	D	0.04%
	BKH	A	0.04%
	CPAY	C	0.04%
	AR	D	0.04%
	CNX	B	0.04%
	MUSA	B	0.04%
	OHI	B	0.04%
	AN	D	0.04%
	WAB	B	0.04%
	TXT	D	0.04%
	EXPD	D	0.04%
	CMG	C	0.04%
	AL	D	0.04%
	DLTR	F	0.04%
	OC	C	0.04%
	PKG	B	0.04%
	ABG	F	0.04%
	LNT	A	0.04%
	ALK	C	0.04%
	GPI	B	0.04%
	STX	D	0.04%
	JHG	B	0.04%
	DRI	C	0.04%
	SM	F	0.03%
	PENN	D	0.03%
	CALM	B	0.03%
	CUBE	A	0.03%
	CUZ	B	0.03%
	GHC	C	0.03%
	FLR	D	0.03%
	NOV	F	0.03%
	CZR	D	0.03%
	MDU	B	0.03%
	XPO	D	0.03%
	LULU	D	0.03%
	APLE	D	0.03%
	RL	B	0.03%
	RRC	D	0.03%
	HCC	D	0.03%
	PK	F	0.03%
	DEI	A	0.03%
	CNK	B	0.03%
	HP	F	0.03%
	ODFL	D	0.03%
	HOG	C	0.03%
	VMC	D	0.03%
	SON	C	0.03%
	PAG	D	0.03%
	MLM	D	0.03%
	BXMT	C	0.03%
	NFG	A	0.03%
	NNN	B	0.03%
	MPW	B	0.03%
	GPK	A	0.03%
	AA	D	0.03%
	SKX	C	0.03%
	OGE	B	0.03%
	NOG	F	0.03%
	NWSA	D	0.03%
	BJ	D	0.03%
	TPR	C	0.03%
	JBHT	D	0.03%
	TDY	B	0.03%
	HII	D	0.03%
	PBF	F	0.03%
	CPRT	F	0.03%
	CEG	C	0.03%
	KNX	C	0.03%
	CBOE	B	0.03%
	HIW	A	0.03%
	CACI	B	0.03%
	CASY	C	0.03%
	YUM	B	0.03%
	NJR	A	0.02%
	SLM	D	0.02%
	GBX	C	0.02%
	CPRI	D	0.02%
	KBR	D	0.02%
	LBRT	D	0.02%
	COLM	B	0.02%
	NVT	D	0.02%
	SPNT	C	0.02%
	VVV	D	0.02%
	NWBI	C	0.02%
	ALLE	A	0.02%
	ASO	C	0.02%
	AVA	B	0.02%
	GEF	D	0.02%
	ANDE	D	0.02%
	BYD	C	0.02%
	BLD	D	0.02%
	STAG	B	0.02%
	RUSHA	C	0.02%
	SKYW	C	0.02%
	GEO	D	0.02%
	SLG	B	0.02%
	FR	B	0.02%
	KAR	D	0.02%
	CRC	C	0.02%
	VSCO	C	0.02%
	GNL	C	0.02%
	KRG	B	0.02%
	WYNN	D	0.02%
	AGO	C	0.02%
	JBGS	B	0.02%
	JBLU	D	0.02%
	WWD	D	0.02%
	OI	D	0.02%
	LII	A	0.02%
	IDA	B	0.02%
	NWE	A	0.02%
	BANC	C	0.02%
	ATI	D	0.02%
	REXR	C	0.02%
	AUB	C	0.02%
	MATX	C	0.02%
	PPC	D	0.02%
	SIG	C	0.02%
	CROX	C	0.02%
	ST	F	0.02%
	VSTS	D	0.02%
	POR	A	0.02%
	BANR	B	0.02%
	PRI	B	0.02%
	CRS	B	0.02%
	CW	B	0.02%
	ADNT	F	0.02%
	MLKN	D	0.02%
	PNM	B	0.02%
	SWX	C	0.02%
	SR	A	0.02%
	ALE	B	0.02%
	PNR	A	0.02%
	DECK	C	0.02%
	VGR	C	0.02%
	RNST	D	0.02%
	AVNT	B	0.02%
	PVH	D	0.02%
	AM	B	0.02%
	RPM	B	0.02%
	WFRD	D	0.02%
	IBTX	B	0.02%
	OLN	D	0.02%
	IBOC	C	0.02%
	ENVA	C	0.02%
	KSS	F	0.02%
	PRGO	C	0.02%
	ARCH	D	0.02%
	CWEN	A	0.02%
	G	B	0.02%
	SAIC	B	0.02%
	SBRA	A	0.02%
	SLGN	B	0.02%
	OSK	D	0.02%
	TDG	B	0.02%
	BTU	D	0.02%
	PFS	C	0.02%
	HBI	B	0.02%
	JWN	C	0.02%
	DTM	B	0.02%
	FFBC	C	0.02%
	ADC	B	0.02%
	ESNT	B	0.02%
	CEIX	C	0.02%
	ABR	C	0.02%
	WSM	C	0.02%
	CWK	B	0.02%
	LNW	B	0.02%
	JAZZ	D	0.02%
	PR	D	0.02%
	CLF	F	0.02%
	COKE	C	0.02%
	AVY	B	0.02%
	TRN	C	0.02%
	NCLH	C	0.02%
	MTZ	B	0.02%
	ALV	F	0.02%
	STE	B	0.02%
	MTDR	F	0.02%
	CSR	C	0.01%
	SCL	D	0.01%
	JBT	D	0.01%
	MCRI	C	0.01%
	BFS	B	0.01%
	GES	F	0.01%
	XHR	C	0.01%
	ALEX	B	0.01%
	GDOT	C	0.01%
	GO	F	0.01%
	CVLT	B	0.01%
	NBHC	D	0.01%
	MSA	D	0.01%
	AMWD	C	0.01%
	ESE	C	0.01%
	AAT	B	0.01%
	KREF	B	0.01%
	CUBI	F	0.01%
	RES	F	0.01%
	HCSG	C	0.01%
	CHCO	B	0.01%
	EXP	A	0.01%
	GFF	C	0.01%
	MRCY	C	0.01%
	EZPW	D	0.01%
	ZD	D	0.01%
	FIZZ	F	0.01%
	AIN	F	0.01%
	DRH	C	0.01%
	SBSI	C	0.01%
	DNOW	D	0.01%
	CHEF	C	0.01%
	FSS	D	0.01%
	OLED	C	0.01%
	WRLD	D	0.01%
	HLX	F	0.01%
	HQY	C	0.01%
	INN	C	0.01%
	AWI	C	0.01%
	EFC	A	0.01%
	TPX	C	0.01%
	CPK	A	0.01%
	HPP	F	0.01%
	STRA	D	0.01%
	TMP	C	0.01%
	BKE	B	0.01%
	SKT	B	0.01%
	BRBR	C	0.01%
	CFFN	D	0.01%
	CARG	B	0.01%
	GTY	A	0.01%
	YELP	F	0.01%
	GTLS	F	0.01%
	SBCF	C	0.01%
	KALU	D	0.01%
	EGBN	C	0.01%
	HXL	F	0.01%
	CVI	F	0.01%
	NVRI	D	0.01%
	CGNX	D	0.01%
	TREX	F	0.01%
	KN	D	0.01%
	KLIC	D	0.01%
	SHO	D	0.01%
	EIG	B	0.01%
	EPC	F	0.01%
	MGEE	A	0.01%
	SVC	F	0.01%
	SXC	F	0.01%
	CAL	F	0.01%
	MNRO	D	0.01%
	BDC	B	0.01%
	CASH	B	0.01%
	B	D	0.01%
	RYN	C	0.01%
	OSIS	C	0.01%
	OUT	B	0.01%
	ALKS	C	0.01%
	NBR	F	0.01%
	CPF	B	0.01%
	TBBK	B	0.01%
	FCPT	A	0.01%
	OII	D	0.01%
	MTSI	D	0.01%
	ROIC	B	0.01%
	DOCS	B	0.01%
	WEN	C	0.01%
	ARCB	D	0.01%
	CBRL	F	0.01%
	PUMP	F	0.01%
	BOOT	B	0.01%
	AVAV	D	0.01%
	AROC	D	0.01%
	BRKL	C	0.01%
	AXL	F	0.01%
	HI	F	0.01%
	UE	B	0.01%
	VC	F	0.01%
	OMCL	C	0.01%
	FTDR	B	0.01%
	DCOM	B	0.01%
	CWEN	A	0.01%
	BCPC	C	0.01%
	LTC	B	0.01%
	BWXT	D	0.01%
	BLMN	F	0.01%
	SSD	C	0.01%
	FBK	B	0.01%
	DLX	D	0.01%
	SCVL	C	0.01%
	HASI	B	0.01%
	SFBS	B	0.01%
	ORA	C	0.01%
	LXP	B	0.01%
	FCF	C	0.01%
	SAIA	D	0.01%
	CRK	D	0.01%
	KMT	B	0.01%
	MATV	B	0.01%
	FWRD	C	0.01%
	RH	C	0.01%
	MTX	F	0.01%
	SHOO	B	0.01%
	DT	C	0.01%
	VSTO	B	0.01%
	NPO	D	0.01%
	PHIN	C	0.01%
	RWT	A	0.01%
	CRI	C	0.01%
	OFG	C	0.01%
	ODP	F	0.01%
	AKR	B	0.01%
	GVA	B	0.01%
	CHX	D	0.01%
	ETSY	F	0.01%
	OTTR	D	0.01%
	MKSI	F	0.01%
	CAKE	D	0.01%
	IDCC	B	0.01%
	WS	D	0.01%
	BDN	B	0.01%
	WWW	B	0.01%
	SABR	D	0.01%
	SAH	D	0.01%
	PCH	C	0.01%
	PATK	A	0.01%
	LOPE	D	0.01%
	PRK	C	0.01%
	PECO	B	0.01%
	NEU	C	0.01%
	BHLB	C	0.01%
	DPZ	D	0.01%
	RXO	D	0.01%
	BOH	C	0.01%
	LZB	C	0.01%
	LRN	B	0.01%
	OLLI	C	0.01%
	SHC	B	0.01%
	FFIN	C	0.01%
	STBA	C	0.01%
	ROL	B	0.01%
	NBTB	D	0.01%
	RBC	D	0.01%
	PARR	F	0.01%
	CTRE	A	0.01%
	FN	D	0.01%
	PBI	D	0.01%
	EGP	B	0.01%
	NSA	A	0.01%
	MKTX	C	0.01%
	LPG	F	0.01%
	LW	D	0.01%
	AXON	A	0.01%
	LITE	C	0.01%
	FUL	D	0.01%
	ECPG	C	0.01%
	KW	C	0.01%
	ACA	C	0.01%
	VAL	F	0.01%
	WERN	D	0.01%
	CCOI	C	0.01%
	TRMK	C	0.01%
	PSMT	B	0.01%
	CBU	C	0.01%
	EPR	B	0.01%
	DAN	F	0.01%
	AMR	F	0.01%
	LSTR	D	0.01%
	GIII	C	0.01%
	DEA	B	0.01%
	WEX	C	0.01%
	ATGE	D	0.01%
	EAT	B	0.01%
	VMI	D	0.01%
	EPRT	A	0.01%
	UA	C	0.01%
	RC	F	0.01%
	KTB	A	0.01%
	PMT	C	0.01%
	MAC	B	0.01%
	VBTX	B	0.01%
	HNI	C	0.01%
	BANF	B	0.01%
	NWN	B	0.01%
	UAA	C	0.01%
	WOR	F	0.01%
	INDB	C	0.01%
	CAR	F	0.01%
	AX	D	0.01%
	GNTX	F	0.01%
	DY	C	0.01%
	PPBI	D	0.01%
	CVBF	C	0.01%
	CHDN	B	0.01%
	FBP	D	0.01%
	SLVM	B	0.01%
	NAVI	C	0.01%
	LPX	B	0.01%
	PTEN	F	0.01%
	TALO	F	0.01%
	LEG	D	0.01%
	UVV	D	0.01%
	PEB	D	0.01%
	IIPR	A	0.01%
	TXRH	D	0.01%
	NMIH	B	0.01%
	GATX	C	0.01%
	HOPE	C	0.01%
	MGY	D	0.01%
	ARI	F	0.01%
	HUBG	C	0.01%
	CXW	D	0.01%
	RGLD	B	0.01%
	MOG.A	B	0.01%
	VICR	F	0.0%
	UHT	B	0.0%
	DDD	F	0.0%
	NPK	C	0.0%
	XPEL	D	0.0%
	CHUY	B	0.0%
	WOLF	F	0.0%
	AGYS	D	0.0%
	LESL	F	0.0%
	VREX	F	0.0%
	RILY	F	0.0%
	GOGO	F	0.0%
	CLB	D	0.0%
	CMP	F	0.0%
	SNCY	F	0.0%
	SITM	C	0.0%
	TTGT	F	0.0%
	CHCT	F	0.0%
	STAA	F	0.0%
	AAON	A	0.0%
	TGI	F	0.0%
	HCI	C	0.0%
	COHU	D	0.0%
	BMI	A	0.0%
	CERT	F	0.0%
	CELH	F	0.0%
	LQDT	B	0.0%
	CEVA	C	0.0%
	BJRI	D	0.0%
	NABL	D	0.0%
	ELF	F	0.0%
	ICHR	F	0.0%
	HVT	D	0.0%
	SSTK	F	0.0%
	NXRT	B	0.0%
	DGII	D	0.0%
	MXL	F	0.0%
	MYE	F	0.0%
	EPAC	B	0.0%
	ASTE	F	0.0%
	NUS	F	0.0%
	CARS	D	0.0%
	WSR	D	0.0%
	VVI	D	0.0%
	SXI	D	0.0%
	DV	F	0.0%
	IIIN	D	0.0%
	AHH	B	0.0%
	SHEN	F	0.0%
	PZZA	D	0.0%
	CENT	D	0.0%
	JACK	F	0.0%
	USNA	F	0.0%
	SEDG	F	0.0%
	WING	B	0.0%
	GPRE	F	0.0%
	RGR	F	0.0%
	YETI	D	0.0%
	EXTR	C	0.0%
	CVGW	B	0.0%
	VECO	F	0.0%
	SPSC	D	0.0%
	THRM	D	0.0%
	POWI	F	0.0%
	THRY	D	0.0%
	SGH	F	0.0%
	MCW	D	0.0%
	MERC	F	0.0%
	QLYS	F	0.0%
	KNSL	C	0.0%
	MTUS	F	0.0%
	BSIG	C	0.0%
	WDFC	C	0.0%
	VIAV	D	0.0%
	KOP	F	0.0%
	LSCC	D	0.0%
	HTLD	D	0.0%
	LIVN	D	0.0%
	CSGS	C	0.0%
	WNC	F	0.0%
	EYE	F	0.0%
	AMSF	C	0.0%
	ALRM	F	0.0%
	POWL	C	0.0%
	GDEN	D	0.0%
	WABC	D	0.0%
	DBI	F	0.0%
	REX	D	0.0%
	DXPE	C	0.0%
	MOV	F	0.0%
	BLKB	B	0.0%
	CENX	D	0.0%
	MATW	F	0.0%
	RMBS	F	0.0%
	AMCX	F	0.0%
	TILE	B	0.0%
	SMP	C	0.0%
	RAMP	F	0.0%
	HTZ	F	0.0%
	MANH	A	0.0%
	OXM	D	0.0%
	PRGS	B	0.0%
	EXPO	B	0.0%
	PAHC	B	0.0%
	PRFT	A	0.0%
	MGPI	C	0.0%
	PLMR	B	0.0%
	EVTC	D	0.0%
	JOE	D	0.0%
	HAYN	D	0.0%
	CALX	D	0.0%
	DIN	F	0.0%
	HELE	D	0.0%
	PLNT	B	0.0%
	AMBC	F	0.0%
	LKFN	C	0.0%
	MRTN	D	0.0%
	NTCT	D	0.0%
	ALGT	F	0.0%
	SAM	F	0.0%
	CNSL	A	0.0%
	BOX	A	0.0%
	AIR	C	0.0%
	ZI	D	0.0%
	PRA	C	0.0%
	ETH	F	0.0%
	ENV	C	0.0%
	SMTC	C	0.0%
	CLW	F	0.0%
	AOSL	D	0.0%
	HLIT	C	0.0%
	MTRN	F	0.0%
	PRAA	F	0.0%
	MP	D	0.0%
	HFWA	C	0.0%
	VTOL	D	0.0%
	TR	C	0.0%
	VRTS	D	0.0%
	IPAR	D	0.0%
	ROCK	D	0.0%
	HAFC	C	0.0%
	ACLS	F	0.0%
	UTL	B	0.0%
	QNST	C	0.0%
	SHAK	C	0.0%
	FOXF	F	0.0%
	MYRG	F	0.0%
	NEOG	D	0.0%
	PFBC	C	0.0%
	VRRM	D	0.0%
	APOG	C	0.0%
	PRDO	D	0.0%
	TRST	C	0.0%
	FBNC	C	0.0%
	UNIT	C	0.0%

VLU Underweight 244 Positions Relative to HKND

	Symbol	Grade	Weight
	DELL	D	-0.89%
	SPB	B	-0.28%
	ZWS	B	-0.16%
	AVTR	B	-0.15%
	RPRX	C	-0.11%
	TITN	F	-0.1%
	BMRN	F	-0.09%
	ALNY	C	-0.09%
	UAN	D	-0.07%
	LXU	D	-0.07%
	CRBG	D	-0.06%
	SRPT	F	-0.06%
	ACI	D	-0.06%
	PCVX	B	-0.05%
	OPK	C	-0.05%
	SQ	D	-0.05%
	MKL	C	-0.05%
	SUI	B	-0.05%
	WMG	D	-0.04%
	VKTX	C	-0.04%
	EXAS	C	-0.04%
	IONS	F	-0.04%
	HUN	D	-0.04%
	ROKU	C	-0.04%
	OPEN	D	-0.03%
	APLS	D	-0.03%
	SMMT	C	-0.03%
	OFIX	C	-0.03%
	RVMD	C	-0.03%
	BBIO	D	-0.03%
	AMRX	B	-0.03%
	LBRDA	D	-0.03%
	BPMC	F	-0.03%
	ITCI	D	-0.03%
	RKT	B	-0.03%
	LPLA	F	-0.03%
	SGRY	C	-0.03%
	PTCT	C	-0.02%
	MRVI	C	-0.02%
	IOVA	D	-0.02%
	CLDX	C	-0.02%
	GH	D	-0.02%
	SWTX	D	-0.02%
	ADTN	F	-0.02%
	FOLD	D	-0.02%
	UTZ	C	-0.02%
	TPG	B	-0.02%
	AMRK	C	-0.02%
	CRNX	C	-0.02%
	AXSM	C	-0.02%
	ATRC	D	-0.02%
	DOX	C	-0.02%
	ALIT	D	-0.02%
	OMF	D	-0.02%
	TXG	D	-0.02%
	INSM	D	-0.02%
	ACAD	F	-0.02%
	MDGL	F	-0.02%
	ZG	B	-0.02%
	COMP	B	-0.02%
	ADV	C	-0.02%
	RARE	B	-0.02%
	PFSI	B	-0.02%
	BKD	D	-0.02%
	ENTG	D	-0.02%
	LILAK	C	-0.02%
	KRYS	D	-0.02%
	TNET	D	-0.02%
	GFS	F	-0.02%
	SSNC	A	-0.02%
	USM	B	-0.02%
	SIRI	C	-0.02%
	APO	C	-0.02%
	CHWY	C	-0.02%
	NUVL	B	-0.02%
	TOST	C	-0.01%
	KE	F	-0.01%
	SRRK	F	-0.01%
	UI	B	-0.01%
	YORW	C	-0.01%
	FRPT	B	-0.01%
	BXC	D	-0.01%
	VZIO	B	-0.01%
	SSYS	F	-0.01%
	SAGE	F	-0.01%
	MIRM	D	-0.01%
	RLAY	D	-0.01%
	AVO	B	-0.01%
	SIBN	D	-0.01%
	LFST	C	-0.01%
	SILK	A	-0.01%
	WTM	D	-0.01%
	BCRX	C	-0.01%
	APG	D	-0.01%
	HURN	C	-0.01%
	KIDS	C	-0.01%
	GSAT	F	-0.01%
	CGEM	D	-0.01%
	DAWN	F	-0.01%
	DYN	D	-0.01%
	FDMT	F	-0.01%
	AKRO	C	-0.01%
	MDXG	F	-0.01%
	TVTX	B	-0.01%
	SKY	B	-0.01%
	ACT	A	-0.01%
	FG	C	-0.01%
	KURA	C	-0.01%
	KFRC	F	-0.01%
	COIN	F	-0.01%
	TDOC	D	-0.01%
	VEEV	C	-0.01%
	MNKD	B	-0.01%
	PTGX	B	-0.01%
	IDT	C	-0.01%
	RYAN	C	-0.01%
	BECN	D	-0.01%
	BEAM	F	-0.01%
	IMVT	D	-0.01%
	TARS	C	-0.01%
	SITE	D	-0.01%
	FNA	F	-0.01%
	AXNX	B	-0.01%
	RXRX	F	-0.01%
	AGIO	D	-0.01%
	ADMA	C	-0.01%
	SNDX	F	-0.01%
	IAC	C	-0.01%
	EWTX	D	-0.01%
	UHAL	B	-0.01%
	ANIP	F	-0.01%
	DFH	C	-0.01%
	NTLA	F	-0.01%
	LMAT	B	-0.01%
	SANA	F	-0.01%
	ARDX	D	-0.01%
	AIV	B	-0.01%
	RNA	D	-0.01%
	NMRK	B	-0.01%
	RCKT	F	-0.01%
	WAL	B	-0.01%
	GERN	D	-0.01%
	BOKF	B	-0.01%
	ICFI	B	-0.01%
	VRT	C	-0.01%
	TWST	D	-0.01%
	STGW	B	-0.01%
	CSTL	B	-0.01%
	ARVN	F	-0.01%
	CGON	C	-0.01%
	VERA	C	-0.01%
	HHH	C	-0.01%
	ESI	D	-0.01%
	FCNCA	D	-0.01%
	RYTM	C	-0.01%
	LGF.A	D	-0.01%
	BZH	B	-0.01%
	KROS	C	-0.01%
	EVH	C	-0.01%
	AGL	F	-0.01%
	KYMR	B	-0.01%
	UWMC	C	-0.01%
	NTRA	B	-0.01%
	TRU	A	-0.01%
	HOV	C	-0.01%
	NVAX	D	-0.01%
	ATEC	F	-0.01%
	ACLX	B	-0.01%
	JANX	C	-0.01%
	CNDT	C	-0.01%
	TGTX	B	-0.01%
	UFPT	C	-0.01%
	ARES	C	-0.01%
	IDYA	F	-0.01%
	DNLI	B	-0.01%
	EDR	A	-0.01%
	MRVL	C	-0.01%
	INSP	C	-0.01%
	WDAY	D	-0.01%
	SCLX	F	-0.0%
	VIRT	B	-0.0%
	OABI	D	-0.0%
	BLFS	B	-0.0%
	QTRX	F	-0.0%
	PRME	F	-0.0%
	ABSI	F	-0.0%
	ABUS	C	-0.0%
	CELC	F	-0.0%
	ALT	D	-0.0%
	APLT	D	-0.0%
	LYEL	F	-0.0%
	ORIC	D	-0.0%
	CTKB	F	-0.0%
	OLMA	D	-0.0%
	LQDA	F	-0.0%
	MNMD	F	-0.0%
	STOK	C	-0.0%
	SVRA	F	-0.0%
	OSCR	C	-0.0%
	TW	A	-0.0%
	SIGA	D	-0.0%
	EYPT	F	-0.0%
	CRAI	C	-0.0%
	YMAB	C	-0.0%
	ALEC	D	-0.0%
	NUVB	D	-0.0%
	PHAT	B	-0.0%
	BSY	D	-0.0%
	CNS	A	-0.0%
	SPRY	C	-0.0%
	STEP	B	-0.0%
	IRON	D	-0.0%
	TTD	B	-0.0%
	ANAB	C	-0.0%
	ARCT	F	-0.0%
	LBPH	D	-0.0%
	VRDN	C	-0.0%
	MLYS	F	-0.0%
	ETNB	F	-0.0%
	PLRX	F	-0.0%
	GOLF	D	-0.0%
	COGT	C	-0.0%
	CBZ	F	-0.0%
	VCYT	B	-0.0%
	GIC	D	-0.0%
	SAVA	C	-0.0%
	NRIX	B	-0.0%
	TMCI	F	-0.0%
	OCUL	C	-0.0%
	REYN	C	-0.0%
	CNA	C	-0.0%
	VCTR	B	-0.0%
	IMNM	D	-0.0%
	BBSI	B	-0.0%
	TYRA	D	-0.0%
	APP	B	-0.0%
	EOLS	C	-0.0%
	GTES	C	-0.0%
	UVE	B	-0.0%
	PNTG	B	-0.0%
	ARQT	C	-0.0%
	FOUR	C	-0.0%
	IRTC	F	-0.0%
	ELVN	D	-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 Restaurants REIT - Retail 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

HKND: Top Represented Industries & Keywords

Industries: Biotechnology Banks - Regional - US Diversified Industrials Software - Application Diagnostics & Research Asset Management Medical Devices Business Services Semiconductors Capital Markets Medical Instruments & Supplies Packaged Foods Insurance - Property & Casualty Residential Construction Specialty Chemicals Specialty Retail Medical Care Drug Manufacturers - Specialty & Generic Telecom Services REIT - Residential

Keywords: S&P 500 Medicine Nasdaq 100 Biopharmaceutical Biotechnology Bank Insurance Banking Computing Cancer Electronics Telecommunications Life Sciences Semiconductor Chemical Aerospace Mining Pharmaceutical Clinical Medicine Disease