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

$192.38

Average Daily Volume

7,709

Number of Holdings ^*

1418

* 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

$32.97

Average Daily Volume

1,910

Number of Holdings ^*

959

* may have additional holdings in another (foreign) market

Performance

Period	VLU	HKND
30 Days	2.71%	-0.30%
60 Days	6.94%	0.62%
90 Days	9.13%	3.18%
12 Months	31.59%	20.55%

715 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in HKND	Overlap
	A	F	0.03%	0.15%	0.03%
	AAP	D	0.02%	0.02%	0.02%
	AAPL	C	2.41%	2.14%	2.14%
	ABBV	D	0.45%	1.98%	0.45%
	ABCB	B	0.02%	0.01%	0.01%
	ABM	B	0.03%	0.02%	0.02%
	ABNB	C	0.07%	0.01%	0.01%
	ABT	C	0.24%	1.12%	0.24%
	ACHC	F	0.01%	0.01%	0.01%
	ACIW	B	0.01%	0.01%	0.01%
	ACM	B	0.03%	0.09%	0.03%
	ADBE	C	0.16%	0.04%	0.04%
	ADI	F	0.14%	0.04%	0.04%
	ADM	F	0.21%	1.36%	0.21%
	ADP	A	0.09%	0.07%	0.07%
	ADSK	A	0.03%	0.01%	0.01%
	ADUS	D	0.0%	0.01%	0.0%
	AEIS	C	0.01%	0.0%	0.0%
	AEO	F	0.01%	0.01%	0.01%
	AFG	A	0.08%	0.03%	0.03%
	AFL	C	0.2%	0.08%	0.08%
	AGCO	F	0.03%	0.64%	0.03%
	AHCO	D	0.01%	0.09%	0.01%
	AIG	B	0.24%	0.23%	0.23%
	AIT	A	0.02%	0.01%	0.01%
	AIZ	A	0.04%	0.11%	0.04%
	AJG	A	0.05%	0.04%	0.04%
	AKAM	F	0.03%	0.01%	0.01%
	ALB	B	0.04%	0.01%	0.01%
	ALG	B	0.0%	0.08%	0.0%
	ALGM	F	0.01%	0.0%	0.0%
	ALGN	F	0.02%	0.01%	0.01%
	ALL	A	0.15%	0.21%	0.15%
	ALLY	C	0.09%	0.04%	0.04%
	AMAT	F	0.12%	0.14%	0.12%
	AMD	F	0.13%	0.06%	0.06%
	AME	A	0.04%	0.01%	0.01%
	AMED	F	0.01%	0.02%	0.01%
	AMG	B	0.02%	0.01%	0.01%
	AMGN	F	0.26%	1.04%	0.26%
	AMH	C	0.02%	0.03%	0.02%
	AMKR	F	0.02%	0.02%	0.02%
	AMN	F	0.01%	0.01%	0.01%
	AMP	A	0.12%	0.08%	0.08%
	AMPH	C	0.0%	0.02%	0.0%
	AMT	F	0.13%	0.03%	0.03%
	AMZN	A	2.1%	0.64%	0.64%
	ANET	C	0.08%	0.02%	0.02%
	ANF	D	0.01%	0.0%	0.0%
	ANSS	B	0.03%	0.01%	0.01%
	AORT	C	0.0%	0.02%	0.0%
	AOS	F	0.01%	0.01%	0.01%
	APAM	B	0.01%	0.01%	0.01%
	APD	B	0.14%	0.02%	0.02%
	APH	B	0.06%	0.05%	0.05%
	ARE	F	0.05%	0.01%	0.01%
	ARW	F	0.06%	0.03%	0.03%
	ARWR	C	0.0%	0.01%	0.0%
	ASB	B	0.03%	0.01%	0.01%
	ASGN	C	0.01%	0.01%	0.01%
	ASH	F	0.01%	0.01%	0.01%
	ASIX	B	0.01%	0.01%	0.01%
	ASTH	F	0.0%	0.01%	0.0%
	ATR	A	0.01%	0.02%	0.01%
	AVB	A	0.07%	0.06%	0.06%
	AVGO	C	0.46%	0.12%	0.12%
	AVNS	F	0.01%	0.04%	0.01%
	AVT	C	0.04%	0.02%	0.02%
	AWK	D	0.05%	0.35%	0.05%
	AWR	B	0.01%	0.04%	0.01%
	AXP	B	0.35%	0.22%	0.22%
	AXTA	A	0.02%	0.01%	0.01%
	AYI	B	0.01%	0.06%	0.01%
	AZO	C	0.06%	0.04%	0.04%
	AZTA	F	0.0%	0.02%	0.0%
	AZZ	B	0.01%	0.0%	0.0%
	BAC	A	1.49%	0.54%	0.54%
	BAX	F	0.06%	0.8%	0.06%
	BBWI	C	0.02%	0.02%	0.02%
	BBY	D	0.15%	0.26%	0.15%
	BC	C	0.02%	0.01%	0.01%
	BCC	B	0.02%	0.01%	0.01%
	BCO	F	0.01%	0.01%	0.01%
	BDX	D	0.08%	1.13%	0.08%
	BEN	C	0.05%	0.04%	0.04%
	BERY	C	0.04%	0.05%	0.04%
	BG	D	0.11%	0.79%	0.11%
	BGC	C	0.01%	0.01%	0.01%
	BGS	F	0.0%	0.01%	0.0%
	BHE	C	0.02%	0.01%	0.01%
	BHF	B	0.03%	0.02%	0.02%
	BIIB	F	0.08%	0.26%	0.08%
	BIO	C	0.03%	0.1%	0.03%
	BK	B	0.28%	0.12%	0.12%
	BKNG	A	0.12%	0.08%	0.08%
	BKU	B	0.03%	0.01%	0.01%
	BLDR	D	0.05%	0.02%	0.02%
	BMY	B	0.34%	1.0%	0.34%
	BR	A	0.02%	0.02%	0.02%
	BRC	A	0.01%	0.01%	0.01%
	BRKR	F	0.01%	0.05%	0.01%
	BRO	A	0.04%	0.02%	0.02%
	BRX	A	0.03%	0.01%	0.01%
	BSX	A	0.11%	0.75%	0.11%
	BURL	C	0.03%	0.01%	0.01%
	BXP	D	0.06%	0.02%	0.02%
	C	A	1.11%	0.41%	0.41%
	CABO	B	0.02%	0.01%	0.01%
	CADE	B	0.03%	0.01%	0.01%
	CAG	F	0.07%	0.33%	0.07%
	CAH	A	0.25%	0.31%	0.25%
	CARR	C	0.08%	0.0%	0.0%
	CATY	B	0.03%	0.0%	0.0%
	CBRE	A	0.08%	0.12%	0.08%
	CBSH	A	0.02%	0.01%	0.01%
	CBT	C	0.02%	0.0%	0.0%
	CC	C	0.01%	0.01%	0.01%
	CCI	F	0.1%	0.02%	0.02%
	CCS	F	0.01%	0.02%	0.01%
	CDNS	B	0.03%	0.01%	0.01%
	CDW	F	0.03%	0.07%	0.03%
	CE	F	0.03%	0.01%	0.01%
	CENTA	C	0.01%	0.02%	0.01%
	CF	B	0.06%	0.99%	0.06%
	CFG	B	0.18%	0.04%	0.04%
	CFR	B	0.03%	0.01%	0.01%
	CG	C	0.02%	0.03%	0.02%
	CHD	B	0.03%	0.35%	0.03%
	CHE	D	0.01%	0.02%	0.01%
	CHH	B	0.01%	0.0%	0.0%
	CHTR	B	0.33%	0.2%	0.2%
	CI	D	0.33%	0.98%	0.33%
	CIEN	B	0.02%	0.01%	0.01%
	CINF	A	0.07%	0.04%	0.04%
	CL	F	0.09%	1.22%	0.09%
	CLH	B	0.03%	0.01%	0.01%
	CLX	A	0.03%	0.24%	0.03%
	CMA	A	0.08%	0.02%	0.02%
	CMC	B	0.03%	0.01%	0.01%
	CMCSA	B	0.64%	0.7%	0.64%
	CME	A	0.1%	0.03%	0.03%
	CMI	A	0.13%	0.06%	0.06%
	CNC	F	0.28%	0.29%	0.28%
	CNM	D	0.01%	0.01%	0.01%
	CNMD	C	0.0%	0.06%	0.0%
	CNO	B	0.04%	0.01%	0.01%
	CNXC	F	0.02%	0.01%	0.01%
	CNXN	C	0.01%	0.03%	0.01%
	COF	B	0.6%	0.19%	0.19%
	COHR	B	0.04%	0.01%	0.01%
	COLB	B	0.05%	0.0%	0.0%
	COLL	F	0.0%	0.01%	0.0%
	COOP	B	0.05%	0.02%	0.02%
	COR	A	0.37%	0.33%	0.33%
	CORT	B	0.01%	0.02%	0.01%
	COST	B	0.28%	0.1%	0.1%
	COTY	F	0.01%	0.0%	0.0%
	CPB	F	0.04%	0.07%	0.04%
	CPRX	B	0.0%	0.01%	0.0%
	CPT	C	0.04%	0.03%	0.03%
	CR	B	0.03%	0.04%	0.03%
	CRL	C	0.01%	0.09%	0.01%
	CRM	B	0.26%	0.09%	0.09%
	CRSR	C	0.0%	0.01%	0.0%
	CRUS	F	0.01%	0.0%	0.0%
	CRVL	B	0.0%	0.01%	0.0%
	CSCO	A	0.51%	0.18%	0.18%
	CSGP	D	0.02%	0.01%	0.01%
	CSL	B	0.03%	0.03%	0.03%
	CSX	B	0.1%	0.01%	0.01%
	CTAS	A	0.04%	0.04%	0.04%
	CTLT	D	0.01%	0.14%	0.01%
	CTS	B	0.0%	0.0%	0.0%
	CTSH	A	0.11%	0.08%	0.08%
	CTVA	C	0.09%	1.54%	0.09%
	CVCO	B	0.01%	0.01%	0.01%
	CVS	F	0.61%	0.44%	0.44%
	CWT	D	0.01%	0.07%	0.01%
	CXT	D	0.0%	0.01%	0.0%
	CYTK	C	0.0%	0.03%	0.0%
	DAR	B	0.02%	0.03%	0.02%
	DAY	C	0.01%	0.01%	0.01%
	DBX	B	0.01%	0.01%	0.01%
	DCI	A	0.01%	0.0%	0.0%
	DD	D	0.18%	0.32%	0.18%
	DE	D	0.22%	1.98%	0.22%
	DFIN	D	0.0%	0.0%	0.0%
	DFS	B	0.16%	0.07%	0.07%
	DGX	A	0.05%	0.61%	0.05%
	DHI	F	0.11%	0.15%	0.11%
	DHR	F	0.11%	0.53%	0.11%
	DIOD	F	0.01%	0.01%	0.01%
	DIS	B	0.27%	0.21%	0.21%
	DKS	F	0.03%	0.02%	0.02%
	DLB	C	0.01%	0.01%	0.01%
	DLR	C	0.04%	0.02%	0.02%
	DOC	C	0.05%	0.01%	0.01%
	DORM	B	0.01%	0.01%	0.01%
	DOV	A	0.04%	0.01%	0.01%
	DOW	F	0.17%	0.18%	0.17%
	DVA	C	0.06%	0.12%	0.06%
	DVAX	B	0.0%	0.01%	0.0%
	DXC	B	0.03%	0.07%	0.03%
	DXCM	C	0.01%	0.13%	0.01%
	EA	A	0.05%	0.02%	0.02%
	EBAY	C	0.08%	0.05%	0.05%
	ECL	C	0.04%	0.89%	0.04%
	EEFT	C	0.01%	0.01%	0.01%
	EFX	D	0.02%	0.01%	0.01%
	EHC	A	0.02%	0.08%	0.02%
	EL	F	0.03%	0.03%	0.03%
	ELS	C	0.02%	0.03%	0.02%
	ELV	F	0.31%	0.33%	0.31%
	EMBC	B	0.0%	0.08%	0.0%
	EME	B	0.03%	0.02%	0.02%
	EMN	D	0.04%	0.01%	0.01%
	EMR	A	0.16%	0.04%	0.04%
	ENOV	C	0.01%	0.15%	0.01%
	ENPH	F	0.01%	0.1%	0.01%
	ENR	B	0.01%	0.03%	0.01%
	ENS	D	0.01%	0.01%	0.01%
	ENSG	C	0.01%	0.03%	0.01%
	EPAM	B	0.01%	0.01%	0.01%
	EQH	B	0.07%	0.05%	0.05%
	EQIX	B	0.07%	0.02%	0.02%
	EQR	C	0.08%	0.07%	0.07%
	ERIE	F	0.02%	0.01%	0.01%
	ESAB	B	0.01%	0.02%	0.01%
	ESS	C	0.04%	0.04%	0.04%
	EVR	B	0.02%	0.02%	0.02%
	EW	D	0.03%	0.28%	0.03%
	EWBC	B	0.05%	0.01%	0.01%
	EXEL	B	0.02%	0.06%	0.02%
	EXLS	B	0.01%	0.01%	0.01%
	EXPE	B	0.05%	0.04%	0.04%
	EXPI	C	0.01%	0.01%	0.01%
	EXR	D	0.04%	0.0%	0.0%
	FAF	C	0.03%	0.04%	0.03%
	FAST	A	0.04%	0.03%	0.03%
	FCN	F	0.01%	0.01%	0.01%
	FDP	B	0.01%	0.57%	0.01%
	FDS	A	0.01%	0.01%	0.01%
	FDX	B	0.24%	0.01%	0.01%
	FELE	A	0.01%	0.26%	0.01%
	FFIV	A	0.02%	0.01%	0.01%
	FHB	B	0.02%	0.0%	0.0%
	FHI	A	0.01%	0.01%	0.01%
	FHN	A	0.05%	0.02%	0.02%
	FI	A	0.15%	0.06%	0.06%
	FICO	B	0.02%	0.01%	0.01%
	FIS	B	0.1%	0.04%	0.04%
	FITB	A	0.12%	0.04%	0.04%
	FIVE	F	0.0%	0.01%	0.0%
	FIX	B	0.01%	0.01%	0.01%
	FL	F	0.02%	0.01%	0.01%
	FLGT	F	0.0%	0.03%	0.0%
	FLO	F	0.02%	0.09%	0.02%
	FLS	B	0.02%	0.01%	0.01%
	FMC	F	0.03%	0.75%	0.03%
	FNB	A	0.03%	0.01%	0.01%
	FND	F	0.01%	0.01%	0.01%
	FNF	C	0.07%	0.07%	0.07%
	FORM	F	0.01%	0.0%	0.0%
	FOX	A	0.05%	0.06%	0.05%
	FRT	C	0.01%	0.0%	0.0%
	FSLR	F	0.03%	0.15%	0.03%
	FTNT	B	0.04%	0.01%	0.01%
	FTRE	D	0.0%	0.09%	0.0%
	FTV	D	0.03%	0.01%	0.01%
	FULT	B	0.02%	0.0%	0.0%
	FYBR	D	0.04%	0.04%	0.04%
	GAP	B	0.04%	0.02%	0.02%
	GBCI	B	0.02%	0.0%	0.0%
	GDDY	A	0.03%	0.01%	0.01%
	GEHC	F	0.03%	0.95%	0.03%
	GEN	A	0.05%	0.01%	0.01%
	GGG	B	0.01%	0.0%	0.0%
	GILD	C	0.38%	0.83%	0.38%
	GIS	F	0.1%	0.27%	0.1%
	GKOS	A	0.0%	0.02%	0.0%
	GL	B	0.04%	0.02%	0.02%
	GLW	C	0.1%	0.11%	0.1%
	GME	C	0.03%	0.03%	0.03%
	GMED	B	0.02%	0.06%	0.02%
	GMS	B	0.01%	0.01%	0.01%
	GNRC	B	0.02%	0.01%	0.01%
	GNW	B	0.03%	0.03%	0.03%
	GOOGL	B	0.75%	4.05%	0.75%
	GPC	D	0.05%	0.04%	0.04%
	GPN	B	0.06%	0.03%	0.03%
	GRBK	D	0.01%	0.01%	0.01%
	GS	B	0.57%	0.35%	0.35%
	GT	C	0.03%	0.01%	0.01%
	GWW	B	0.06%	0.06%	0.06%
	GXO	B	0.02%	0.05%	0.02%
	H	B	0.02%	0.01%	0.01%
	HAE	B	0.01%	0.06%	0.01%
	HAIN	F	0.01%	0.02%	0.01%
	HALO	B	0.01%	0.03%	0.01%
	HAS	D	0.03%	0.01%	0.01%
	HBAN	B	0.12%	0.03%	0.03%
	HCA	D	0.18%	0.9%	0.18%
	HD	B	0.5%	0.39%	0.39%
	HGV	B	0.01%	0.01%	0.01%
	HIG	C	0.13%	0.1%	0.1%
	HLI	B	0.01%	0.01%	0.01%
	HLT	A	0.02%	0.02%	0.02%
	HMN	B	0.01%	0.01%	0.01%
	HOLX	D	0.02%	0.26%	0.02%
	HOMB	A	0.02%	0.0%	0.0%
	HPE	B	0.24%	0.21%	0.21%
	HPQ	B	0.31%	0.79%	0.31%
	HRB	D	0.03%	0.01%	0.01%
	HRMY	D	0.0%	0.01%	0.0%
	HSIC	F	0.03%	0.13%	0.03%
	HSII	B	0.0%	0.0%	0.0%
	HST	C	0.04%	0.02%	0.02%
	HSY	D	0.05%	0.06%	0.05%
	HTH	B	0.01%	0.01%	0.01%
	HUBB	B	0.03%	0.01%	0.01%
	HUM	D	0.17%	0.21%	0.17%
	HWC	B	0.03%	0.01%	0.01%
	HWKN	C	0.01%	0.02%	0.01%
	HZO	F	0.0%	0.0%	0.0%
	IART	D	0.01%	0.11%	0.01%
	IBKR	A	0.05%	0.02%	0.02%
	IBM	C	0.43%	0.25%	0.25%
	IBP	F	0.01%	0.0%	0.0%
	ICE	D	0.11%	0.03%	0.03%
	ICUI	D	0.01%	0.11%	0.01%
	IDXX	D	0.02%	0.02%	0.02%
	IEX	B	0.01%	0.01%	0.01%
	IFF	F	0.05%	0.06%	0.05%
	ILMN	C	0.03%	0.11%	0.03%
	INCY	B	0.03%	0.11%	0.03%
	INGR	B	0.04%	0.55%	0.04%
	INTC	C	0.35%	1.67%	0.35%
	INTU	A	0.06%	0.03%	0.03%
	INVA	B	0.01%	0.01%	0.01%
	INVH	D	0.04%	0.04%	0.04%
	IOSP	B	0.01%	0.01%	0.01%
	IPG	F	0.04%	0.03%	0.03%
	IPGP	C	0.01%	0.01%	0.01%
	IQV	F	0.05%	0.45%	0.05%
	IR	A	0.02%	0.01%	0.01%
	IRDM	C	0.0%	0.03%	0.0%
	IRM	D	0.04%	0.01%	0.01%
	IRT	A	0.01%	0.01%	0.01%
	IRWD	D	0.0%	0.01%	0.0%
	ISRG	A	0.1%	0.34%	0.1%
	IT	A	0.03%	0.03%	0.03%
	ITGR	B	0.01%	0.08%	0.01%
	ITRI	B	0.01%	0.0%	0.0%
	ITT	A	0.01%	0.0%	0.0%
	ITW	A	0.09%	0.03%	0.03%
	IVZ	C	0.07%	0.03%	0.03%
	J	B	0.04%	0.28%	0.04%
	JBL	C	0.05%	0.14%	0.05%
	JBSS	F	0.0%	0.01%	0.0%
	JEF	A	0.06%	0.04%	0.04%
	JJSF	B	0.01%	0.02%	0.01%
	JKHY	C	0.01%	0.01%	0.01%
	JLL	C	0.05%	0.05%	0.05%
	JNJ	D	0.79%	2.05%	0.79%
	JNPR	D	0.03%	0.01%	0.01%
	JPM	B	1.46%	0.71%	0.71%
	JXN	B	0.07%	0.03%	0.03%
	K	A	0.08%	0.26%	0.08%
	KBH	D	0.02%	0.03%	0.02%
	KD	A	0.03%	0.07%	0.03%
	KDP	D	0.12%	0.03%	0.03%
	KELYA	F	0.01%	0.02%	0.01%
	KEX	B	0.02%	0.01%	0.01%
	KEY	B	0.15%	0.04%	0.04%
	KEYS	C	0.04%	0.01%	0.01%
	KFY	B	0.01%	0.01%	0.01%
	KIM	A	0.04%	0.01%	0.01%
	KLAC	F	0.05%	0.04%	0.04%
	KLG	D	0.01%	0.04%	0.01%
	KMB	F	0.1%	0.09%	0.09%
	KMPR	A	0.01%	0.02%	0.01%
	KNF	C	0.01%	0.01%	0.01%
	KO	F	0.37%	0.01%	0.01%
	KR	A	0.34%	0.23%	0.23%
	KVUE	B	0.22%	0.42%	0.22%
	KWR	C	0.01%	0.01%	0.01%
	L	A	0.13%	0.05%	0.05%
	LAMR	D	0.03%	0.01%	0.01%
	LANC	C	0.01%	0.01%	0.01%
	LCII	C	0.01%	0.01%	0.01%
	LECO	C	0.01%	0.02%	0.01%
	LEN	D	0.13%	0.14%	0.13%
	LFUS	D	0.01%	0.01%	0.01%
	LGIH	F	0.01%	0.01%	0.01%
	LGND	B	0.01%	0.01%	0.01%
	LH	A	0.06%	0.9%	0.06%
	LKQ	D	0.03%	0.03%	0.03%
	LLY	F	0.2%	1.78%	0.2%
	LNC	B	0.05%	0.05%	0.05%
	LNN	C	0.0%	0.03%	0.0%
	LNTH	F	0.01%	0.04%	0.01%
	LOW	B	0.23%	0.25%	0.23%
	LRCX	F	0.08%	0.09%	0.08%
	LUMN	B	0.08%	0.13%	0.08%
	LYV	B	0.04%	0.03%	0.03%
	MA	B	0.13%	0.12%	0.12%
	MAA	C	0.04%	0.05%	0.04%
	MAN	F	0.03%	0.09%	0.03%
	MAR	A	0.09%	0.06%	0.06%
	MAS	D	0.03%	0.02%	0.02%
	MASI	B	0.01%	0.1%	0.01%
	MAT	C	0.01%	0.01%	0.01%
	MC	B	0.01%	0.01%	0.01%
	MCHP	F	0.05%	0.02%	0.02%
	MCK	A	0.39%	0.45%	0.39%
	MCO	C	0.04%	0.02%	0.02%
	MCY	B	0.02%	0.02%	0.02%
	MD	C	0.01%	0.04%	0.01%
	MDLZ	F	0.18%	0.3%	0.18%
	MEDP	C	0.01%	0.04%	0.01%
	MET	C	0.41%	0.2%	0.2%
	MHO	D	0.02%	0.02%	0.02%
	MIDD	C	0.02%	0.03%	0.02%
	MKC	D	0.04%	0.05%	0.04%
	MLI	B	0.03%	0.0%	0.0%
	MMC	C	0.12%	0.12%	0.12%
	MMI	B	0.01%	0.0%	0.0%
	MMM	C	0.28%	0.06%	0.06%
	MMS	D	0.02%	0.02%	0.02%
	MMSI	B	0.01%	0.07%	0.01%
	MODG	F	0.01%	0.0%	0.0%
	MOH	F	0.04%	0.07%	0.04%
	MORN	B	0.01%	0.01%	0.01%
	MOS	D	0.08%	1.74%	0.08%
	MPWR	F	0.01%	0.0%	0.0%
	MRK	F	0.31%	1.57%	0.31%
	MRNA	F	0.02%	0.2%	0.02%
	MS	A	0.6%	0.4%	0.4%
	MSCI	B	0.01%	0.01%	0.01%
	MSEX	C	0.0%	0.02%	0.0%
	MSFT	C	1.43%	2.29%	1.43%
	MSGS	C	0.01%	0.0%	0.0%
	MSI	B	0.04%	0.03%	0.03%
	MSM	B	0.02%	0.01%	0.01%
	MTB	B	0.17%	0.04%	0.04%
	MTCH	F	0.01%	0.01%	0.01%
	MTD	F	0.02%	0.08%	0.02%
	MTG	C	0.02%	0.01%	0.01%
	MTH	D	0.02%	0.03%	0.02%
	MTN	D	0.01%	0.01%	0.01%
	MU	D	0.15%	0.13%	0.13%
	MYGN	F	0.0%	0.01%	0.0%
	NARI	C	0.0%	0.01%	0.0%
	NATL	B	0.02%	0.02%	0.02%
	NBIX	C	0.01%	0.06%	0.01%
	NDAQ	A	0.07%	0.02%	0.02%
	NDSN	B	0.02%	0.0%	0.0%
	NEO	B	0.0%	0.03%	0.0%
	NFLX	A	0.18%	0.09%	0.09%
	NGVT	B	0.01%	0.01%	0.01%
	NHC	B	0.01%	0.01%	0.01%
	NOVT	C	0.01%	0.04%	0.01%
	NOW	A	0.06%	0.02%	0.02%
	NSC	B	0.13%	0.0%	0.0%
	NSIT	F	0.02%	0.01%	0.01%
	NSP	F	0.01%	0.03%	0.01%
	NTAP	D	0.04%	0.03%	0.03%
	NTRS	A	0.08%	0.04%	0.04%
	NVDA	B	0.37%	0.1%	0.1%
	NVEE	C	0.0%	0.0%	0.0%
	NVR	D	0.06%	0.05%	0.05%
	NVST	C	0.01%	0.01%	0.01%
	NWL	B	0.03%	0.02%	0.02%
	NWS	B	0.01%	0.03%	0.01%
	NX	C	0.0%	0.01%	0.0%
	NXST	C	0.03%	0.01%	0.01%
	NYT	C	0.01%	0.01%	0.01%
	O	D	0.11%	0.01%	0.01%
	OGN	F	0.03%	0.09%	0.03%
	OMC	B	0.06%	0.05%	0.05%
	OMI	F	0.01%	0.04%	0.01%
	ON	F	0.05%	0.03%	0.03%
	ONB	B	0.03%	0.01%	0.01%
	ONTO	F	0.01%	0.0%	0.0%
	OPCH	F	0.01%	0.03%	0.01%
	ORCL	A	0.45%	0.2%	0.2%
	ORI	A	0.04%	0.04%	0.04%
	ORLY	A	0.08%	0.04%	0.04%
	OTIS	C	0.04%	0.02%	0.02%
	OZK	B	0.04%	0.01%	0.01%
	PANW	A	0.07%	0.02%	0.02%
	PAYC	B	0.01%	0.01%	0.01%
	PAYX	B	0.06%	0.02%	0.02%
	PB	B	0.03%	0.01%	0.01%
	PBH	A	0.01%	0.01%	0.01%
	PCRX	D	0.0%	0.02%	0.0%
	PCTY	A	0.01%	0.01%	0.01%
	PDCO	F	0.01%	0.01%	0.01%
	PEN	B	0.0%	0.05%	0.0%
	PEP	D	0.34%	0.38%	0.34%
	PFE	F	0.77%	1.53%	0.77%
	PFG	C	0.16%	0.06%	0.06%
	PG	C	0.46%	3.85%	0.46%
	PGNY	F	0.0%	0.0%	0.0%
	PGR	A	0.18%	0.21%	0.18%
	PH	A	0.09%	0.04%	0.04%
	PHM	D	0.06%	0.07%	0.06%
	PII	F	0.02%	0.01%	0.01%
	PINC	A	0.01%	0.01%	0.01%
	PIPR	B	0.01%	0.01%	0.01%
	PJT	B	0.01%	0.01%	0.01%
	PLAB	C	0.01%	0.0%	0.0%
	PLAY	C	0.0%	0.01%	0.0%
	PLD	D	0.13%	0.02%	0.02%
	PLUS	F	0.01%	0.01%	0.01%
	PLXS	C	0.02%	0.02%	0.02%
	PNC	B	0.4%	0.1%	0.1%
	PNFP	B	0.03%	0.01%	0.01%
	PODD	B	0.01%	0.08%	0.01%
	POOL	D	0.01%	0.01%	0.01%
	POST	D	0.03%	0.08%	0.03%
	PPG	F	0.06%	0.03%	0.03%
	PRG	B	0.02%	0.01%	0.01%
	PRLB	B	0.0%	0.01%	0.0%
	PRU	B	0.38%	0.17%	0.17%
	PRVA	B	0.0%	0.01%	0.0%
	PSA	C	0.07%	0.01%	0.01%
	PSTG	D	0.01%	0.01%	0.01%
	PTC	B	0.02%	0.0%	0.0%
	PWR	B	0.04%	0.02%	0.02%
	PYPL	A	0.17%	0.09%	0.09%
	QCOM	F	0.23%	0.15%	0.15%
	QRVO	F	0.01%	0.01%	0.01%
	R	A	0.06%	0.02%	0.02%
	RCM	B	0.01%	0.01%	0.01%
	RCUS	D	0.0%	0.0%	0.0%
	RDN	C	0.03%	0.01%	0.01%
	RDNT	B	0.01%	0.08%	0.01%
	REG	A	0.04%	0.01%	0.01%
	REGN	F	0.11%	0.43%	0.11%
	REZI	A	0.02%	0.03%	0.02%
	RF	B	0.11%	0.03%	0.03%
	RGA	A	0.12%	0.06%	0.06%
	RGEN	C	0.01%	0.01%	0.01%
	RGNX	D	0.0%	0.0%	0.0%
	RHI	B	0.02%	0.03%	0.02%
	RJF	A	0.06%	0.06%	0.06%
	RLI	A	0.01%	0.01%	0.01%
	RMD	C	0.03%	0.2%	0.03%
	ROG	D	0.0%	0.0%	0.0%
	ROK	B	0.04%	0.02%	0.02%
	ROP	A	0.05%	0.01%	0.01%
	ROST	F	0.06%	0.02%	0.02%
	RRX	C	0.02%	0.01%	0.01%
	RS	B	0.05%	0.03%	0.03%
	RSG	A	0.09%	0.04%	0.04%
	RUN	F	0.01%	0.12%	0.01%
	RVTY	C	0.02%	0.12%	0.02%
	SAFT	B	0.01%	0.0%	0.0%
	SANM	B	0.04%	0.03%	0.03%
	SATS	C	0.03%	0.01%	0.01%
	SBAC	D	0.02%	0.01%	0.01%
	SBH	C	0.01%	0.01%	0.01%
	SCHL	D	0.01%	0.0%	0.0%
	SCHW	A	0.24%	0.08%	0.08%
	SCI	B	0.02%	0.02%	0.02%
	SCSC	B	0.01%	0.04%	0.01%
	SEE	C	0.01%	0.02%	0.01%
	SEIC	A	0.02%	0.01%	0.01%
	SEM	B	0.02%	0.11%	0.02%
	SF	B	0.04%	0.03%	0.03%
	SFM	B	0.03%	0.01%	0.01%
	SFNC	B	0.03%	0.01%	0.01%
	SHW	A	0.06%	0.05%	0.05%
	SIGI	B	0.02%	0.01%	0.01%
	SJM	F	0.05%	0.48%	0.05%
	SJW	F	0.0%	0.05%	0.0%
	SLAB	F	0.0%	0.0%	0.0%
	SMCI	F	0.01%	0.01%	0.01%
	SMG	D	0.01%	0.06%	0.01%
	SMPL	B	0.01%	0.02%	0.01%
	SNA	A	0.04%	0.01%	0.01%
	SNEX	B	0.02%	0.03%	0.02%
	SNPS	B	0.05%	0.02%	0.02%
	SNV	B	0.04%	0.01%	0.01%
	SNX	C	0.08%	0.06%	0.06%
	SOLV	D	0.01%	0.18%	0.01%
	SONO	C	0.0%	0.01%	0.0%
	SPG	B	0.06%	0.03%	0.03%
	SPGI	C	0.12%	0.03%	0.03%
	SPTN	F	0.01%	0.01%	0.01%
	SSB	B	0.03%	0.01%	0.01%
	STC	C	0.01%	0.01%	0.01%
	STT	B	0.14%	0.09%	0.09%
	SUPN	B	0.0%	0.01%	0.0%
	SWK	F	0.05%	0.04%	0.04%
	SWKS	F	0.04%	0.02%	0.02%
	SXT	B	0.01%	0.01%	0.01%
	SYF	B	0.22%	0.08%	0.08%
	SYK	A	0.09%	1.16%	0.09%
	SYNA	D	0.01%	0.01%	0.01%
	SYY	B	0.12%	0.07%	0.07%
	T	A	1.35%	0.89%	0.89%
	TCBI	B	0.02%	0.01%	0.01%
	TDC	D	0.01%	0.01%	0.01%
	TDS	B	0.03%	0.04%	0.03%
	TECH	B	0.0%	0.07%	0.0%
	TER	F	0.02%	0.01%	0.01%
	TEX	D	0.01%	0.01%	0.01%
	TFC	B	0.53%	0.1%	0.1%
	TFX	F	0.01%	0.15%	0.01%
	TGNA	B	0.03%	0.01%	0.01%
	TGT	C	0.22%	0.13%	0.13%
	THC	B	0.06%	0.32%	0.06%
	THG	A	0.02%	0.03%	0.02%
	THO	B	0.03%	0.01%	0.01%
	THS	F	0.01%	0.02%	0.01%
	TJX	B	0.16%	0.06%	0.06%
	TKO	D	0.04%	0.0%	0.0%
	TKR	F	0.01%	0.0%	0.0%
	TMHC	C	0.04%	0.04%	0.04%
	TMO	F	0.16%	0.79%	0.16%
	TMUS	A	0.42%	0.42%	0.42%
	TNC	F	0.0%	0.01%	0.0%
	TNDM	F	0.0%	0.03%	0.0%
	TNL	A	0.02%	0.01%	0.01%
	TOL	C	0.05%	0.05%	0.05%
	TPH	D	0.02%	0.02%	0.02%
	TRIP	D	0.0%	0.01%	0.0%
	TRMB	B	0.02%	0.01%	0.01%
	TROW	B	0.07%	0.04%	0.04%
	TRUP	B	0.0%	0.01%	0.0%
	TRV	B	0.18%	0.17%	0.17%
	TSCO	C	0.04%	0.02%	0.02%
	TSLA	B	0.57%	0.17%	0.17%
	TTC	F	0.01%	0.04%	0.01%
	TTEK	C	0.02%	0.02%	0.02%
	TTMI	B	0.01%	0.01%	0.01%
	TTWO	A	0.02%	0.01%	0.01%
	TWI	F	0.0%	0.02%	0.0%
	TXN	C	0.25%	0.1%	0.1%
	TYL	B	0.02%	0.01%	0.01%
	UBSI	B	0.02%	0.01%	0.01%
	UCB	B	0.01%	0.0%	0.0%
	UCTT	F	0.01%	0.01%	0.01%
	UDR	C	0.03%	0.03%	0.03%
	UFCS	A	0.01%	0.0%	0.0%
	UFPI	B	0.02%	0.01%	0.01%
	UFPT	C	0.0%	0.01%	0.0%
	UHS	D	0.05%	0.19%	0.05%
	ULTA	C	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%	0.05%	0.01%
	UNH	B	1.17%	0.92%	0.92%
	UNM	A	0.1%	0.04%	0.04%
	UNP	C	0.22%	0.02%	0.02%
	UPBD	B	0.01%	0.01%	0.01%
	UPS	C	0.37%	0.03%	0.03%
	URBN	C	0.02%	0.01%	0.01%
	URI	B	0.07%	0.01%	0.01%
	USB	A	0.38%	0.13%	0.13%
	USPH	C	0.0%	0.01%	0.0%
	UTHR	B	0.04%	0.09%	0.04%
	V	A	0.44%	0.17%	0.17%
	VAC	B	0.02%	0.01%	0.01%
	VCEL	B	0.0%	0.01%	0.0%
	VIR	C	0.01%	0.02%	0.01%
	VLTO	C	0.02%	0.32%	0.02%
	VLY	B	0.04%	0.01%	0.01%
	VNO	C	0.06%	0.01%	0.01%
	VNT	B	0.01%	0.01%	0.01%
	VOYA	B	0.04%	0.03%	0.03%
	VRSK	A	0.01%	0.01%	0.01%
	VRSN	C	0.02%	0.01%	0.01%
	VRTX	B	0.11%	0.63%	0.11%
	VSAT	F	0.01%	0.01%	0.01%
	VSH	F	0.01%	0.01%	0.01%
	VTR	C	0.08%	0.06%	0.06%
	VTRS	B	0.13%	0.23%	0.13%
	VYX	B	0.02%	0.03%	0.02%
	VZ	C	1.46%	0.87%	0.87%
	WAFD	B	0.03%	0.0%	0.0%
	WAT	A	0.02%	0.07%	0.02%
	WBA	D	0.06%	0.23%	0.06%
	WBD	B	0.18%	0.07%	0.07%
	WBS	A	0.04%	0.01%	0.01%
	WCC	B	0.04%	0.02%	0.02%
	WD	D	0.01%	0.01%	0.01%
	WDC	D	0.05%	0.1%	0.05%
	WELL	B	0.12%	0.03%	0.03%
	WFC	A	1.17%	0.47%	0.47%
	WGO	B	0.01%	0.01%	0.01%
	WH	A	0.01%	0.01%	0.01%
	WHR	B	0.05%	0.04%	0.04%
	WLK	F	0.04%	0.05%	0.04%
	WM	A	0.1%	0.06%	0.06%
	WMS	F	0.01%	0.02%	0.01%
	WMT	A	1.8%	1.14%	1.14%
	WPC	F	0.05%	0.01%	0.01%
	WRB	B	0.05%	0.04%	0.04%
	WSFS	B	0.01%	0.0%	0.0%
	WSO	A	0.04%	0.02%	0.02%
	WST	B	0.01%	0.07%	0.01%
	WTFC	B	0.03%	0.01%	0.01%
	WTRG	C	0.03%	0.09%	0.03%
	WTS	B	0.01%	0.03%	0.01%
	WU	F	0.03%	0.02%	0.02%
	XNCR	B	0.0%	0.01%	0.0%
	XRAY	F	0.01%	0.02%	0.01%
	XRX	F	0.01%	0.02%	0.01%
	XYL	D	0.02%	0.01%	0.01%
	ZBH	C	0.05%	0.45%	0.05%
	ZBRA	A	0.02%	0.03%	0.02%
	ZION	B	0.07%	0.02%	0.02%

VLU Overweight 703 Positions Relative to HKND

	Symbol	Grade	Weight
	BRK.A	B	2.36%
	XOM	B	2.01%
	META	B	1.78%
	CVX	B	1.32%
	GOOG	B	1.2%
	PM	C	0.54%
	GM	A	0.53%
	PSX	D	0.45%
	KMI	B	0.44%
	MPC	D	0.44%
	RTX	C	0.44%
	COP	C	0.41%
	VLO	D	0.37%
	F	C	0.36%
	MO	A	0.34%
	LMT	C	0.33%
	DAL	A	0.33%
	NEE	D	0.33%
	MDT	D	0.32%
	DUK	D	0.32%
	CB	C	0.32%
	ACN	C	0.31%
	SO	D	0.3%
	GE	C	0.27%
	KHC	F	0.25%
	CAT	C	0.25%
	UAL	B	0.24%
	D	D	0.23%
	GD	A	0.22%
	EOG	A	0.22%
	SW	C	0.22%
	HON	B	0.21%
	CCL	A	0.2%
	WMB	B	0.19%
	EXC	C	0.19%
	LYB	F	0.19%
	LIN	D	0.19%
	SRE	A	0.18%
	BA	F	0.17%
	OXY	D	0.17%
	IP	C	0.17%
	LUV	B	0.16%
	AEP	D	0.16%
	MCD	C	0.15%
	NOC	C	0.15%
	JCI	A	0.15%
	ETR	B	0.15%
	SBUX	B	0.14%
	XEL	A	0.14%
	TSN	C	0.14%
	NEM	F	0.14%
	PEG	C	0.13%
	OKE	A	0.13%
	SLB	C	0.13%
	BX	A	0.13%
	NKE	F	0.12%
	EQT	B	0.12%
	BKR	B	0.12%
	PCG	A	0.12%
	DVN	F	0.12%
	NUE	C	0.12%
	PCAR	B	0.12%
	ETN	A	0.12%
	ED	D	0.12%
	FANG	D	0.11%
	PFGC	B	0.11%
	ACGL	D	0.11%
	EIX	C	0.1%
	LHX	A	0.1%
	VST	B	0.1%
	LAD	B	0.09%
	FOXA	A	0.09%
	TRGP	B	0.09%
	FCX	F	0.09%
	PPL	A	0.09%
	VICI	D	0.09%
	DTE	D	0.09%
	WEC	B	0.09%
	OVV	C	0.09%
	AAL	B	0.08%
	EG	D	0.08%
	TT	A	0.08%
	X	C	0.08%
	RCL	A	0.08%
	USFD	A	0.08%
	MRO	B	0.08%
	ES	D	0.08%
	STLD	B	0.08%
	AEE	A	0.08%
	UBER	F	0.08%
	TAP	B	0.08%
	ATO	A	0.07%
	GRMN	A	0.07%
	WTW	A	0.07%
	BWA	B	0.07%
	EVRG	A	0.07%
	CHRD	F	0.07%
	LVS	C	0.07%
	AON	A	0.07%
	CNP	B	0.07%
	HAL	C	0.07%
	NXPI	F	0.07%
	HRL	F	0.07%
	NRG	B	0.06%
	CTRA	B	0.06%
	NI	A	0.06%
	DINO	D	0.06%
	PARA	C	0.06%
	HES	C	0.06%
	VFC	C	0.06%
	CHRW	A	0.06%
	WY	F	0.06%
	FE	D	0.06%
	MHK	D	0.06%
	PKG	B	0.05%
	OC	A	0.05%
	LEA	F	0.05%
	STX	D	0.05%
	STZ	D	0.05%
	DG	F	0.05%
	APTV	D	0.05%
	CNX	B	0.05%
	PNW	B	0.05%
	JHG	B	0.05%
	ARMK	B	0.05%
	RNR	D	0.05%
	STWD	D	0.05%
	CMS	C	0.05%
	ALK	A	0.05%
	AMCR	D	0.05%
	LDOS	B	0.05%
	MNST	B	0.05%
	MUSA	B	0.04%
	HCC	C	0.04%
	NCLH	B	0.04%
	NOG	B	0.04%
	DLTR	F	0.04%
	AES	F	0.04%
	EXPD	D	0.04%
	XPO	B	0.04%
	AN	C	0.04%
	CACI	C	0.04%
	TPR	B	0.04%
	OHI	C	0.04%
	TXT	C	0.04%
	M	D	0.04%
	LNT	C	0.04%
	APA	F	0.04%
	HWM	A	0.04%
	BALL	D	0.04%
	AR	B	0.04%
	CPAY	A	0.04%
	KRC	C	0.04%
	MUR	F	0.04%
	GLPI	D	0.04%
	CEG	D	0.04%
	AL	B	0.04%
	CMG	B	0.04%
	AA	C	0.04%
	CIVI	F	0.04%
	UGI	D	0.04%
	MGM	D	0.04%
	ZTS	D	0.04%
	ROIV	C	0.04%
	DRI	B	0.04%
	KMX	C	0.04%
	WAB	A	0.04%
	ABG	B	0.04%
	GPI	A	0.04%
	BFH	B	0.03%
	MTDR	C	0.03%
	PENN	B	0.03%
	TRN	B	0.03%
	SKX	F	0.03%
	DTM	B	0.03%
	COKE	C	0.03%
	PK	B	0.03%
	ARCH	B	0.03%
	PAG	B	0.03%
	NFG	C	0.03%
	CUZ	C	0.03%
	HBI	B	0.03%
	CZR	F	0.03%
	GPK	D	0.03%
	BXMT	D	0.03%
	GEO	B	0.03%
	APLE	B	0.03%
	PBF	F	0.03%
	CNK	B	0.03%
	CEIX	B	0.03%
	CBOE	D	0.03%
	GHC	B	0.03%
	RRC	B	0.03%
	OGE	B	0.03%
	PR	C	0.03%
	CWK	B	0.03%
	HP	C	0.03%
	ODFL	B	0.03%
	NWSA	B	0.03%
	CALM	B	0.03%
	FLR	C	0.03%
	LULU	C	0.03%
	DEI	C	0.03%
	MTZ	B	0.03%
	RL	B	0.03%
	YUM	B	0.03%
	BTU	B	0.03%
	MLM	B	0.03%
	BJ	B	0.03%
	VMC	B	0.03%
	HIW	D	0.03%
	JBHT	B	0.03%
	TDY	A	0.03%
	CASY	B	0.03%
	CPRT	A	0.03%
	OGS	A	0.03%
	BKH	B	0.03%
	CCK	D	0.03%
	KNX	B	0.03%
	KTB	B	0.02%
	BLD	F	0.02%
	ATGE	B	0.02%
	LPX	B	0.02%
	ALLE	D	0.02%
	KBR	B	0.02%
	ADNT	D	0.02%
	MAC	B	0.02%
	AX	B	0.02%
	MGY	B	0.02%
	VMI	B	0.02%
	GATX	A	0.02%
	VSTS	D	0.02%
	VVV	B	0.02%
	ST	F	0.02%
	NWBI	B	0.02%
	JBGS	F	0.02%
	ATI	D	0.02%
	CVBF	B	0.02%
	SLVM	C	0.02%
	TXRH	A	0.02%
	NWE	C	0.02%
	SLM	B	0.02%
	GEF	A	0.02%
	POR	D	0.02%
	KRG	B	0.02%
	OI	D	0.02%
	MOG.A	B	0.02%
	CAR	C	0.02%
	SR	C	0.02%
	KSS	F	0.02%
	AGO	B	0.02%
	MDU	F	0.02%
	IDA	A	0.02%
	WWD	B	0.02%
	WFRD	D	0.02%
	UAA	B	0.02%
	LII	B	0.02%
	CRC	B	0.02%
	KAR	B	0.02%
	WYNN	F	0.02%
	JBLU	C	0.02%
	NVT	B	0.02%
	BYD	A	0.02%
	ALE	A	0.02%
	ESNT	D	0.02%
	SWX	B	0.02%
	PRGO	C	0.02%
	EAT	B	0.02%
	AUB	B	0.02%
	PNM	B	0.02%
	BANC	B	0.02%
	RUSHA	B	0.02%
	OLN	D	0.02%
	CWEN	D	0.02%
	PPC	B	0.02%
	AM	B	0.02%
	PRI	A	0.02%
	HOG	F	0.02%
	GBX	A	0.02%
	SLG	C	0.02%
	PVH	C	0.02%
	RNST	B	0.02%
	LNW	F	0.02%
	AVNT	B	0.02%
	BANF	B	0.02%
	ADC	A	0.02%
	MATX	A	0.02%
	FBIN	F	0.02%
	STE	F	0.02%
	JWN	B	0.02%
	AVY	F	0.02%
	BANR	B	0.02%
	SIG	B	0.02%
	IBTX	B	0.02%
	SLGN	A	0.02%
	G	B	0.02%
	DECK	B	0.02%
	PNR	A	0.02%
	SAIC	C	0.02%
	CW	B	0.02%
	HII	D	0.02%
	IBOC	B	0.02%
	RPM	A	0.02%
	WSM	F	0.02%
	SBRA	C	0.02%
	CRS	B	0.02%
	CUBE	D	0.02%
	SKYW	B	0.02%
	FFBC	B	0.02%
	OSK	B	0.02%
	PFS	B	0.02%
	ALV	C	0.02%
	ENVA	B	0.02%
	JAZZ	B	0.02%
	NNN	F	0.02%
	CXW	B	0.02%
	VSCO	B	0.02%
	NOV	C	0.02%
	ABR	B	0.02%
	SON	D	0.02%
	SM	C	0.02%
	CLF	D	0.02%
	TDG	B	0.02%
	MPW	F	0.02%
	KREF	D	0.01%
	FBNC	B	0.01%
	HFWA	B	0.01%
	PRDO	B	0.01%
	QNST	C	0.01%
	UNIT	C	0.01%
	PFBC	B	0.01%
	AIN	D	0.01%
	SCL	C	0.01%
	VRTS	B	0.01%
	MCRI	A	0.01%
	EZPW	B	0.01%
	XHR	B	0.01%
	RES	F	0.01%
	CUBI	B	0.01%
	AAT	C	0.01%
	HPP	F	0.01%
	EFC	C	0.01%
	CENX	B	0.01%
	ZD	B	0.01%
	CVLT	A	0.01%
	GFF	A	0.01%
	CHEF	B	0.01%
	HAFC	B	0.01%
	HCSG	B	0.01%
	CHCO	B	0.01%
	OLED	F	0.01%
	INN	C	0.01%
	NBHC	B	0.01%
	HLX	D	0.01%
	EPC	F	0.01%
	AMWD	B	0.01%
	GDOT	C	0.01%
	FSS	C	0.01%
	FIZZ	B	0.01%
	WRLD	C	0.01%
	FWRD	D	0.01%
	APOG	B	0.01%
	GTY	B	0.01%
	CPK	A	0.01%
	SHAK	C	0.01%
	MRCY	B	0.01%
	DRH	B	0.01%
	ESE	B	0.01%
	DNOW	B	0.01%
	MP	C	0.01%
	ELME	D	0.01%
	STRA	C	0.01%
	MATV	F	0.01%
	JBT	A	0.01%
	HXL	D	0.01%
	VRE	B	0.01%
	TPX	B	0.01%
	YELP	C	0.01%
	BKE	A	0.01%
	FCPT	C	0.01%
	CRI	D	0.01%
	SBCF	B	0.01%
	MCW	C	0.01%
	POWL	B	0.01%
	SHO	C	0.01%
	SKT	B	0.01%
	ALGT	B	0.01%
	CGNX	C	0.01%
	EIG	A	0.01%
	OSIS	B	0.01%
	KN	B	0.01%
	VC	D	0.01%
	EXP	B	0.01%
	HQY	B	0.01%
	MYRG	B	0.01%
	MGEE	A	0.01%
	AWI	B	0.01%
	CARG	B	0.01%
	BOOT	D	0.01%
	ALKS	B	0.01%
	CFFN	B	0.01%
	TBBK	B	0.01%
	KALU	B	0.01%
	BRBR	A	0.01%
	VTLE	C	0.01%
	TREX	C	0.01%
	CPF	B	0.01%
	SCVL	D	0.01%
	MNRO	B	0.01%
	CASH	B	0.01%
	AXL	C	0.01%
	CWEN	D	0.01%
	LXP	C	0.01%
	KLIC	C	0.01%
	HI	C	0.01%
	HASI	F	0.01%
	TMP	B	0.01%
	PUMP	D	0.01%
	BLMN	F	0.01%
	BCPC	B	0.01%
	OII	B	0.01%
	PARR	F	0.01%
	NBR	C	0.01%
	ROIC	A	0.01%
	ARCB	C	0.01%
	B	A	0.01%
	LPG	F	0.01%
	EGBN	B	0.01%
	LTC	B	0.01%
	RWT	D	0.01%
	WEN	C	0.01%
	UE	B	0.01%
	OFG	B	0.01%
	ETSY	C	0.01%
	SSD	D	0.01%
	DOCS	B	0.01%
	ODP	F	0.01%
	AROC	B	0.01%
	SHOO	D	0.01%
	AVAV	C	0.01%
	GTLS	A	0.01%
	CPRI	F	0.01%
	OMCL	C	0.01%
	FTDR	B	0.01%
	DLX	A	0.01%
	BRKL	B	0.01%
	CHX	D	0.01%
	PHIN	B	0.01%
	FCF	B	0.01%
	NMIH	C	0.01%
	ORA	C	0.01%
	FBK	B	0.01%
	OTTR	C	0.01%
	MKSI	C	0.01%
	CBRL	C	0.01%
	MTX	B	0.01%
	PCH	F	0.01%
	NPO	B	0.01%
	SXC	B	0.01%
	PATK	D	0.01%
	SHC	D	0.01%
	VSTO	A	0.01%
	BWXT	A	0.01%
	AKR	C	0.01%
	BDN	D	0.01%
	DAN	D	0.01%
	SFBS	B	0.01%
	ROL	B	0.01%
	EGP	C	0.01%
	LZB	C	0.01%
	SBSI	B	0.01%
	STBA	B	0.01%
	PECO	A	0.01%
	MTSI	B	0.01%
	KMT	B	0.01%
	NSA	D	0.01%
	DCOM	B	0.01%
	VAL	F	0.01%
	RXO	C	0.01%
	NEU	C	0.01%
	SAH	B	0.01%
	RYN	F	0.01%
	RC	D	0.01%
	NBTB	B	0.01%
	CTRE	C	0.01%
	FUL	F	0.01%
	EPR	D	0.01%
	DPZ	C	0.01%
	PRK	B	0.01%
	BHLB	B	0.01%
	CAKE	B	0.01%
	LOPE	B	0.01%
	OUT	C	0.01%
	RH	C	0.01%
	UA	B	0.01%
	CRK	B	0.01%
	OLLI	C	0.01%
	MKTX	C	0.01%
	KW	C	0.01%
	SABR	B	0.01%
	FFIN	B	0.01%
	RBC	B	0.01%
	BOH	B	0.01%
	PSMT	C	0.01%
	ECPG	B	0.01%
	GVA	B	0.01%
	SAIA	B	0.01%
	CDP	C	0.01%
	WEX	D	0.01%
	DEA	D	0.01%
	PMT	D	0.01%
	LRN	B	0.01%
	IDCC	B	0.01%
	DT	C	0.01%
	GIII	D	0.01%
	FN	B	0.01%
	ARI	D	0.01%
	EPRT	C	0.01%
	IIPR	F	0.01%
	LSTR	B	0.01%
	WOR	F	0.01%
	WERN	B	0.01%
	NAVI	D	0.01%
	NWN	B	0.01%
	PBI	C	0.01%
	BDC	C	0.01%
	CROX	F	0.01%
	WS	B	0.01%
	HNI	B	0.01%
	GNTX	C	0.01%
	UVV	B	0.01%
	FBP	B	0.01%
	PTEN	C	0.01%
	CBU	B	0.01%
	TRMK	B	0.01%
	CCOI	C	0.01%
	LBRT	F	0.01%
	DY	C	0.01%
	CHDN	C	0.01%
	LEG	F	0.01%
	AMR	C	0.01%
	ACA	B	0.01%
	SPNT	C	0.01%
	AVA	C	0.01%
	LW	C	0.01%
	STAG	D	0.01%
	AXON	B	0.01%
	NJR	A	0.01%
	REXR	F	0.01%
	PEB	D	0.01%
	ASO	F	0.01%
	GNL	D	0.01%
	WKC	D	0.01%
	TALO	C	0.01%
	ANDE	D	0.01%
	FR	C	0.01%
	LITE	A	0.01%
	HUBG	A	0.01%
	PPBI	B	0.01%
	WWW	B	0.01%
	INDB	B	0.01%
	VBTX	B	0.01%
	HOPE	B	0.01%
	RGLD	C	0.01%
	MLKN	D	0.01%
	COLM	B	0.01%
	VICR	B	0.0%
	NPK	B	0.0%
	XPEL	C	0.0%
	WOLF	F	0.0%
	LESL	D	0.0%
	AGYS	B	0.0%
	GOGO	C	0.0%
	STAA	F	0.0%
	CLB	C	0.0%
	CELH	F	0.0%
	CERT	F	0.0%
	ELF	C	0.0%
	TTGT	B	0.0%
	NABL	F	0.0%
	TGI	B	0.0%
	COHU	C	0.0%
	HCI	C	0.0%
	LQDT	B	0.0%
	MYE	F	0.0%
	BMI	B	0.0%
	SNCY	B	0.0%
	SSTK	D	0.0%
	AAON	B	0.0%
	NXRT	C	0.0%
	SEDG	F	0.0%
	BJRI	B	0.0%
	ICHR	C	0.0%
	CEVA	B	0.0%
	MXL	C	0.0%
	SHEN	F	0.0%
	WT	B	0.0%
	IIIN	D	0.0%
	SITM	B	0.0%
	MGPI	F	0.0%
	CARS	B	0.0%
	DGII	B	0.0%
	AHH	D	0.0%
	GPRE	F	0.0%
	DV	C	0.0%
	WING	D	0.0%
	WSR	A	0.0%
	CENT	C	0.0%
	THRY	F	0.0%
	ASTE	B	0.0%
	EPAC	B	0.0%
	PAYO	B	0.0%
	VECO	F	0.0%
	RGR	F	0.0%
	USNA	C	0.0%
	JACK	D	0.0%
	THRM	F	0.0%
	VVI	B	0.0%
	SXI	B	0.0%
	YETI	C	0.0%
	SPSC	D	0.0%
	KNSL	C	0.0%
	PZZA	D	0.0%
	GDEN	B	0.0%
	MTUS	C	0.0%
	HTLD	C	0.0%
	POWI	C	0.0%
	KOP	C	0.0%
	ALRM	C	0.0%
	WDFC	B	0.0%
	AOSL	F	0.0%
	WNC	C	0.0%
	EXTR	B	0.0%
	MATW	C	0.0%
	BLKB	C	0.0%
	OXM	D	0.0%
	LIVN	C	0.0%
	CALX	F	0.0%
	EYE	D	0.0%
	JOE	F	0.0%
	WABC	B	0.0%
	HLIT	D	0.0%
	BSIG	B	0.0%
	UHT	D	0.0%
	CSGS	B	0.0%
	REX	C	0.0%
	QLYS	B	0.0%
	PLMR	C	0.0%
	AMSF	A	0.0%
	SMP	B	0.0%
	EXPO	D	0.0%
	ACLS	F	0.0%
	RAMP	C	0.0%
	AIR	C	0.0%
	VIAV	B	0.0%
	ETD	D	0.0%
	HTZ	C	0.0%
	LSCC	D	0.0%
	HAYN	A	0.0%
	VRRM	F	0.0%
	NVRI	F	0.0%
	FOXF	F	0.0%
	CNSL	C	0.0%
	AMBC	C	0.0%
	MRTN	B	0.0%
	ENV	B	0.0%
	FBRT	C	0.0%
	MANH	C	0.0%
	BOX	A	0.0%
	EVTC	C	0.0%
	NTCT	B	0.0%
	TR	C	0.0%
	LKFN	B	0.0%
	PRGS	A	0.0%
	HAYW	C	0.0%
	GES	F	0.0%
	UTL	C	0.0%
	NEOG	F	0.0%
	SVC	F	0.0%
	PLNT	A	0.0%
	SAM	B	0.0%
	CVI	F	0.0%
	PAHC	B	0.0%
	TILE	B	0.0%
	CSR	C	0.0%
	HELE	C	0.0%
	VTOL	B	0.0%
	DXPE	B	0.0%
	RMBS	B	0.0%
	MTRN	B	0.0%
	IPAR	B	0.0%
	PRAA	B	0.0%
	ZI	D	0.0%
	BFS	C	0.0%
	ROCK	C	0.0%
	PRA	B	0.0%
	SMTC	B	0.0%
	MSA	D	0.0%
	ALEX	B	0.0%
	TRST	B	0.0%
	CAL	D	0.0%
	TFIN	B	0.0%
	GO	C	0.0%

VLU Underweight 244 Positions Relative to HKND

	Symbol	Grade	Weight
	DELL	B	-1.1%
	SPB	B	-0.28%
	ZWS	B	-0.18%
	AVTR	F	-0.13%
	RPRX	F	-0.1%
	TITN	D	-0.1%
	LXU	B	-0.09%
	ALNY	D	-0.09%
	BMRN	F	-0.07%
	UAN	B	-0.07%
	SRPT	F	-0.06%
	SQ	B	-0.06%
	CRBG	C	-0.06%
	ACI	C	-0.06%
	ROKU	C	-0.05%
	OPK	B	-0.05%
	LBRDA	C	-0.05%
	SUI	D	-0.05%
	MKL	A	-0.05%
	HUN	F	-0.04%
	RVMD	B	-0.04%
	ITCI	C	-0.04%
	WMG	B	-0.04%
	VKTX	D	-0.04%
	EXAS	F	-0.04%
	LPLA	B	-0.04%
	PCVX	D	-0.04%
	NUVL	D	-0.03%
	MDGL	C	-0.03%
	CHWY	B	-0.03%
	RKT	F	-0.03%
	SMMT	D	-0.03%
	AMRX	B	-0.03%
	IONS	F	-0.03%
	OFIX	B	-0.03%
	APO	B	-0.03%
	SGRY	F	-0.03%
	BPMC	B	-0.03%
	VRT	B	-0.02%
	GH	B	-0.02%
	ARES	B	-0.02%
	UTZ	F	-0.02%
	JANX	C	-0.02%
	AXSM	B	-0.02%
	SRRK	C	-0.02%
	FOLD	D	-0.02%
	ADTN	B	-0.02%
	ALIT	B	-0.02%
	ACAD	C	-0.02%
	INSM	D	-0.02%
	EWTX	C	-0.02%
	MRVL	B	-0.02%
	BKD	F	-0.02%
	APLS	F	-0.02%
	RARE	D	-0.02%
	IOVA	D	-0.02%
	KRYS	B	-0.02%
	ATEC	C	-0.02%
	ADV	F	-0.02%
	PFSI	D	-0.02%
	DOX	C	-0.02%
	TNET	D	-0.02%
	ENTG	D	-0.02%
	CRNX	B	-0.02%
	PTCT	B	-0.02%
	OMF	A	-0.02%
	TPG	B	-0.02%
	LILAK	F	-0.02%
	ZG	B	-0.02%
	SSNC	C	-0.02%
	COMP	B	-0.02%
	GFS	C	-0.02%
	SIRI	D	-0.02%
	ATRC	B	-0.02%
	BBIO	F	-0.02%
	OPEN	F	-0.02%
	USM	C	-0.02%
	YORW	F	-0.01%
	VCTR	B	-0.01%
	EOLS	F	-0.01%
	SIBN	D	-0.01%
	CGEM	F	-0.01%
	MIRM	B	-0.01%
	VZIO	D	-0.01%
	OCUL	C	-0.01%
	LFST	B	-0.01%
	BCRX	C	-0.01%
	KE	C	-0.01%
	DYN	C	-0.01%
	FOUR	B	-0.01%
	CCRN	F	-0.01%
	WTM	A	-0.01%
	GTES	B	-0.01%
	FRPT	B	-0.01%
	ELVN	C	-0.01%
	KIDS	F	-0.01%
	IRTC	C	-0.01%
	SANA	F	-0.01%
	KURA	D	-0.01%
	ACT	C	-0.01%
	LBPH	A	-0.01%
	VRDN	C	-0.01%
	KFRC	C	-0.01%
	TOST	A	-0.01%
	APG	B	-0.01%
	SSYS	B	-0.01%
	FNA	B	-0.01%
	VEEV	B	-0.01%
	DAWN	C	-0.01%
	BXC	B	-0.01%
	AVO	B	-0.01%
	UI	B	-0.01%
	FG	B	-0.01%
	HURN	B	-0.01%
	SKY	B	-0.01%
	NTLA	F	-0.01%
	IMVT	D	-0.01%
	PTGX	C	-0.01%
	MDXG	B	-0.01%
	BEAM	C	-0.01%
	AKRO	C	-0.01%
	RYAN	A	-0.01%
	AXNX	A	-0.01%
	ADMA	B	-0.01%
	GSAT	B	-0.01%
	RCKT	F	-0.01%
	IAC	F	-0.01%
	ANIP	C	-0.01%
	MNKD	C	-0.01%
	SNDX	D	-0.01%
	UWMC	F	-0.01%
	AGIO	B	-0.01%
	COIN	B	-0.01%
	SITE	D	-0.01%
	EVH	F	-0.01%
	NVAX	F	-0.01%
	TDOC	C	-0.01%
	APP	B	-0.01%
	AGL	F	-0.01%
	AIV	C	-0.01%
	BECN	B	-0.01%
	RXRX	C	-0.01%
	TVTX	B	-0.01%
	CLDX	F	-0.01%
	ARDX	F	-0.01%
	GERN	D	-0.01%
	DFH	F	-0.01%
	IDT	B	-0.01%
	UHAL	C	-0.01%
	NMRK	B	-0.01%
	WAL	B	-0.01%
	BOKF	B	-0.01%
	RNA	B	-0.01%
	LMAT	B	-0.01%
	CGON	D	-0.01%
	STGW	B	-0.01%
	ICFI	C	-0.01%
	IDYA	D	-0.01%
	CSTL	C	-0.01%
	FCNCA	B	-0.01%
	ARVN	D	-0.01%
	TARS	C	-0.01%
	BZH	D	-0.01%
	LGF.A	F	-0.01%
	HOV	F	-0.01%
	TWST	F	-0.01%
	KYMR	C	-0.01%
	ESI	B	-0.01%
	HHH	B	-0.01%
	NTRA	B	-0.01%
	RYTM	B	-0.01%
	TRU	D	-0.01%
	SWTX	D	-0.01%
	CNDT	B	-0.01%
	KROS	C	-0.01%
	INSP	F	-0.01%
	VERA	B	-0.01%
	MRVI	F	-0.01%
	WDAY	B	-0.01%
	TGTX	B	-0.01%
	TXG	F	-0.01%
	ACLX	B	-0.01%
	EDR	C	-0.01%
	AMRK	F	-0.01%
	DNLI	B	-0.01%
	SCLX	F	-0.0%
	VIRT	B	-0.0%
	OABI	D	-0.0%
	ABUS	D	-0.0%
	ANAB	F	-0.0%
	BLFS	C	-0.0%
	CELC	D	-0.0%
	PRME	D	-0.0%
	STOK	B	-0.0%
	QTRX	D	-0.0%
	ABSI	F	-0.0%
	ORIC	C	-0.0%
	SVRA	F	-0.0%
	ALT	C	-0.0%
	NUVB	B	-0.0%
	CTKB	B	-0.0%
	OLMA	F	-0.0%
	LYEL	F	-0.0%
	SIGA	D	-0.0%
	MNMD	B	-0.0%
	ALEC	C	-0.0%
	LQDA	D	-0.0%
	OSCR	F	-0.0%
	RLAY	F	-0.0%
	GIC	D	-0.0%
	TW	C	-0.0%
	TYRA	F	-0.0%
	ARCT	F	-0.0%
	PHAT	F	-0.0%
	FDMT	F	-0.0%
	ZEUS	C	-0.0%
	COGT	D	-0.0%
	BSY	F	-0.0%
	REYN	D	-0.0%
	YMAB	D	-0.0%
	SAVA	D	-0.0%
	CRAI	B	-0.0%
	GOLF	B	-0.0%
	APLT	C	-0.0%
	STEP	B	-0.0%
	CNS	C	-0.0%
	IMNM	F	-0.0%
	CNA	C	-0.0%
	ARQT	B	-0.0%
	ETNB	D	-0.0%
	SAGE	F	-0.0%
	IRON	B	-0.0%
	TTD	B	-0.0%
	CBZ	B	-0.0%
	EYPT	D	-0.0%
	MLYS	D	-0.0%
	NRIX	B	-0.0%
	SPRY	C	-0.0%
	PLRX	C	-0.0%
	UVE	B	-0.0%
	TMCI	C	-0.0%
	PNTG	D	-0.0%
	BBSI	A	-0.0%
	VCYT	B	-0.0%

VLU: Top Represented Industries & Keywords

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

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

HKND: Top Represented Industries & Keywords

Industries: Biotechnology Banks - Regional - US Diversified Industrials Software - Application Diagnostics & Research Business Services Medical Devices Asset Management 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 Pharmaceutical Clinical Medicine Disease Mining