VLU vs. IWD ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to iShares Russell 1000 Value ETF (IWD)

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

$191.64

Average Daily Volume

7,505

Number of Holdings ^*

1420

* may have additional holdings in another (foreign) market

IWD

iShares Russell 1000 Value ETF

IWD Description

The investment seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell 1000 Value Index (the "underlying index"), which measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000® Index, which measures the performance of the large-capitalization sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$195.35

Average Daily Volume

1,497,584

Number of Holdings ^*

864

* may have additional holdings in another (foreign) market

Performance

Period	VLU	IWD
30 Days	4.03%	2.88%
60 Days	8.38%	6.50%
90 Days	11.35%	10.37%
12 Months	36.21%	33.92%

733 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in IWD	Overlap
	A	D	0.03%	0.15%	0.03%
	AA	B	0.04%	0.04%	0.04%
	AAL	C	0.08%	0.03%	0.03%
	AAP	F	0.02%	0.01%	0.01%
	ABBV	B	0.47%	0.82%	0.47%
	ABT	B	0.25%	0.78%	0.25%
	ACGL	D	0.12%	0.14%	0.12%
	ACHC	F	0.01%	0.02%	0.01%
	ACM	B	0.03%	0.06%	0.03%
	ACN	C	0.31%	0.87%	0.31%
	ADC	B	0.02%	0.03%	0.02%
	ADI	D	0.14%	0.44%	0.14%
	ADM	F	0.23%	0.11%	0.11%
	ADP	A	0.09%	0.03%	0.03%
	AEE	A	0.09%	0.09%	0.09%
	AEP	D	0.17%	0.21%	0.17%
	AES	F	0.04%	0.05%	0.04%
	AFG	B	0.08%	0.04%	0.04%
	AFL	D	0.21%	0.23%	0.21%
	AGCO	D	0.03%	0.02%	0.02%
	AGO	B	0.02%	0.02%	0.02%
	AIG	C	0.25%	0.2%	0.2%
	AIZ	A	0.04%	0.04%	0.04%
	AJG	C	0.05%	0.23%	0.05%
	AKAM	F	0.03%	0.06%	0.03%
	AL	B	0.04%	0.02%	0.02%
	ALB	C	0.04%	0.04%	0.04%
	ALGM	F	0.01%	0.01%	0.01%
	ALGN	F	0.02%	0.03%	0.02%
	ALK	B	0.05%	0.02%	0.02%
	ALL	B	0.16%	0.17%	0.16%
	ALLE	C	0.02%	0.05%	0.02%
	ALLY	C	0.09%	0.03%	0.03%
	AM	B	0.02%	0.01%	0.01%
	AMAT	D	0.12%	0.05%	0.05%
	AMCR	D	0.06%	0.06%	0.06%
	AMD	F	0.13%	0.32%	0.13%
	AME	A	0.03%	0.17%	0.03%
	AMED	C	0.01%	0.01%	0.01%
	AMG	C	0.03%	0.02%	0.02%
	AMGN	C	0.26%	0.15%	0.15%
	AMH	D	0.03%	0.05%	0.03%
	AMKR	F	0.02%	0.01%	0.01%
	AMP	B	0.11%	0.02%	0.02%
	AN	D	0.04%	0.02%	0.02%
	ANSS	B	0.03%	0.11%	0.03%
	AON	B	0.07%	0.29%	0.07%
	AOS	F	0.02%	0.04%	0.02%
	APA	F	0.04%	0.03%	0.03%
	APD	B	0.15%	0.28%	0.15%
	APH	B	0.06%	0.13%	0.06%
	APTV	F	0.06%	0.06%	0.06%
	AR	C	0.04%	0.03%	0.03%
	ARE	D	0.05%	0.08%	0.05%
	ARMK	B	0.05%	0.04%	0.04%
	ARW	F	0.06%	0.03%	0.03%
	ASH	F	0.02%	0.02%	0.02%
	ATI	D	0.02%	0.03%	0.02%
	ATO	A	0.07%	0.08%	0.07%
	ATR	B	0.01%	0.04%	0.01%
	AVB	A	0.07%	0.13%	0.07%
	AVT	B	0.05%	0.02%	0.02%
	AVY	F	0.02%	0.04%	0.02%
	AWI	A	0.01%	0.02%	0.01%
	AWK	D	0.06%	0.11%	0.06%
	AXP	B	0.35%	0.38%	0.35%
	AXTA	A	0.02%	0.03%	0.02%
	AYI	A	0.01%	0.04%	0.01%
	AZO	D	0.06%	0.02%	0.02%
	AZTA	F	0.0%	0.01%	0.0%
	BA	F	0.15%	0.34%	0.15%
	BAC	B	1.46%	1.14%	1.14%
	BALL	F	0.04%	0.07%	0.04%
	BAX	F	0.06%	0.07%	0.06%
	BBWI	D	0.02%	0.03%	0.02%
	BBY	D	0.16%	0.08%	0.08%
	BC	C	0.02%	0.02%	0.02%
	BDX	F	0.09%	0.27%	0.09%
	BEN	C	0.05%	0.02%	0.02%
	BERY	C	0.04%	0.03%	0.03%
	BG	F	0.11%	0.05%	0.05%
	BHF	B	0.03%	0.01%	0.01%
	BIIB	F	0.08%	0.1%	0.08%
	BIO	B	0.03%	0.03%	0.03%
	BJ	B	0.03%	0.04%	0.03%
	BK	B	0.28%	0.22%	0.22%
	BKNG	B	0.11%	0.04%	0.04%
	BKR	B	0.11%	0.15%	0.11%
	BLD	F	0.01%	0.04%	0.01%
	BLDR	D	0.05%	0.07%	0.05%
	BMY	C	0.34%	0.45%	0.34%
	BR	A	0.02%	0.01%	0.01%
	BRBR	A	0.01%	0.03%	0.01%
	BRK.A	C	2.41%	3.3%	2.41%
	BRKR	F	0.01%	0.01%	0.01%
	BRO	B	0.04%	0.06%	0.04%
	BRX	A	0.03%	0.03%	0.03%
	BSX	A	0.11%	0.49%	0.11%
	BWA	D	0.07%	0.03%	0.03%
	BWXT	B	0.01%	0.04%	0.01%
	BXP	B	0.06%	0.05%	0.05%
	BYD	A	0.02%	0.02%	0.02%
	C	B	1.08%	0.49%	0.49%
	CACI	B	0.04%	0.05%	0.04%
	CAG	F	0.07%	0.06%	0.06%
	CAH	B	0.23%	0.04%	0.04%
	CAR	D	0.02%	0.0%	0.0%
	CARR	D	0.08%	0.24%	0.08%
	CASY	B	0.03%	0.05%	0.03%
	CAT	B	0.24%	0.63%	0.24%
	CB	D	0.34%	0.46%	0.34%
	CBOE	D	0.03%	0.09%	0.03%
	CBRE	A	0.09%	0.16%	0.09%
	CBSH	A	0.02%	0.03%	0.02%
	CC	C	0.01%	0.01%	0.01%
	CCI	D	0.1%	0.19%	0.1%
	CCK	C	0.04%	0.04%	0.04%
	CCL	B	0.19%	0.09%	0.09%
	CDW	F	0.03%	0.05%	0.03%
	CE	F	0.04%	0.04%	0.04%
	CEG	D	0.05%	0.28%	0.05%
	CERT	D	0.0%	0.0%	0.0%
	CF	B	0.06%	0.06%	0.06%
	CFG	B	0.17%	0.08%	0.08%
	CFR	B	0.03%	0.03%	0.03%
	CG	B	0.02%	0.04%	0.02%
	CGNX	C	0.01%	0.03%	0.01%
	CHD	C	0.03%	0.1%	0.03%
	CHE	F	0.01%	0.03%	0.01%
	CHH	B	0.01%	0.0%	0.0%
	CHRD	F	0.07%	0.03%	0.03%
	CHRW	B	0.06%	0.05%	0.05%
	CHTR	B	0.29%	0.12%	0.12%
	CI	F	0.34%	0.32%	0.32%
	CIEN	A	0.02%	0.04%	0.02%
	CINF	B	0.07%	0.09%	0.07%
	CIVI	D	0.04%	0.01%	0.01%
	CL	F	0.1%	0.14%	0.1%
	CLF	D	0.03%	0.02%	0.02%
	CLH	B	0.02%	0.05%	0.02%
	CMA	B	0.07%	0.03%	0.03%
	CMCSA	B	0.63%	0.67%	0.63%
	CME	B	0.11%	0.32%	0.11%
	CMI	B	0.13%	0.18%	0.13%
	CMS	D	0.06%	0.08%	0.06%
	CNC	F	0.29%	0.13%	0.13%
	CNM	D	0.01%	0.01%	0.01%
	CNP	B	0.07%	0.07%	0.07%
	CNXC	F	0.02%	0.01%	0.01%
	COF	B	0.56%	0.25%	0.25%
	COHR	B	0.03%	0.05%	0.03%
	COKE	D	0.03%	0.03%	0.03%
	COLB	B	0.05%	0.02%	0.02%
	COLM	C	0.01%	0.01%	0.01%
	COP	C	0.39%	0.51%	0.39%
	COTY	F	0.01%	0.01%	0.01%
	CPB	D	0.05%	0.04%	0.04%
	CPRI	F	0.01%	0.01%	0.01%
	CPRT	B	0.03%	0.01%	0.01%
	CPT	C	0.04%	0.05%	0.04%
	CR	A	0.03%	0.03%	0.03%
	CRI	F	0.01%	0.01%	0.01%
	CRL	D	0.01%	0.04%	0.01%
	CRM	A	0.26%	0.17%	0.17%
	CROX	F	0.01%	0.02%	0.01%
	CRUS	F	0.01%	0.02%	0.01%
	CSCO	A	0.5%	0.89%	0.5%
	CSGP	D	0.02%	0.12%	0.02%
	CSL	C	0.03%	0.07%	0.03%
	CSX	B	0.1%	0.26%	0.1%
	CTAS	A	0.04%	0.01%	0.01%
	CTLT	D	0.01%	0.04%	0.01%
	CTRA	C	0.06%	0.07%	0.06%
	CTSH	B	0.11%	0.15%	0.11%
	CTVA	C	0.09%	0.17%	0.09%
	CUBE	D	0.02%	0.04%	0.02%
	CUZ	B	0.03%	0.02%	0.02%
	CVS	F	0.63%	0.28%	0.28%
	CVX	B	1.28%	1.03%	1.03%
	CW	A	0.02%	0.05%	0.02%
	CWEN	D	0.02%	0.0%	0.0%
	CWEN	D	0.01%	0.0%	0.0%
	CWEN	D	0.01%	0.01%	0.01%
	CWEN	D	0.02%	0.01%	0.01%
	CXT	D	0.0%	0.01%	0.0%
	CZR	D	0.03%	0.03%	0.03%
	D	C	0.25%	0.2%	0.2%
	DAL	B	0.33%	0.15%	0.15%
	DAR	C	0.02%	0.02%	0.02%
	DAY	A	0.01%	0.04%	0.01%
	DBX	C	0.01%	0.02%	0.01%
	DCI	A	0.01%	0.04%	0.01%
	DD	D	0.18%	0.14%	0.14%
	DE	C	0.23%	0.41%	0.23%
	DFS	B	0.15%	0.15%	0.15%
	DG	F	0.05%	0.07%	0.05%
	DGX	B	0.05%	0.07%	0.05%
	DHI	D	0.11%	0.2%	0.11%
	DHR	F	0.12%	0.63%	0.12%
	DINO	F	0.06%	0.02%	0.02%
	DIS	C	0.27%	0.71%	0.27%
	DKS	D	0.03%	0.04%	0.03%
	DLB	C	0.01%	0.02%	0.01%
	DLR	B	0.04%	0.23%	0.04%
	DLTR	F	0.04%	0.05%	0.04%
	DOC	B	0.05%	0.06%	0.05%
	DOCS	B	0.01%	0.02%	0.01%
	DOV	B	0.03%	0.1%	0.03%
	DOW	F	0.17%	0.14%	0.14%
	DPZ	C	0.01%	0.04%	0.01%
	DRI	B	0.04%	0.04%	0.04%
	DTE	D	0.1%	0.1%	0.1%
	DTM	A	0.03%	0.04%	0.03%
	DUK	D	0.34%	0.36%	0.34%
	DV	D	0.0%	0.0%	0.0%
	DVN	F	0.12%	0.1%	0.1%
	DXC	C	0.03%	0.01%	0.01%
	EA	B	0.05%	0.16%	0.05%
	EBAY	D	0.09%	0.12%	0.09%
	ECL	D	0.05%	0.03%	0.03%
	ED	D	0.13%	0.14%	0.13%
	EEFT	C	0.01%	0.02%	0.01%
	EFX	D	0.02%	0.1%	0.02%
	EG	D	0.08%	0.05%	0.05%
	EGP	D	0.01%	0.03%	0.01%
	EHC	B	0.02%	0.04%	0.02%
	EIX	D	0.1%	0.13%	0.1%
	EL	F	0.04%	0.04%	0.04%
	ELS	C	0.02%	0.05%	0.02%
	ELV	F	0.31%	0.32%	0.31%
	EME	B	0.03%	0.05%	0.03%
	EMN	D	0.05%	0.05%	0.05%
	EMR	B	0.14%	0.25%	0.14%
	ENOV	C	0.01%	0.01%	0.01%
	EOG	B	0.22%	0.28%	0.22%
	EPAM	C	0.01%	0.04%	0.01%
	EPR	D	0.01%	0.01%	0.01%
	EQIX	B	0.08%	0.33%	0.08%
	EQR	D	0.08%	0.11%	0.08%
	EQT	B	0.12%	0.08%	0.08%
	ES	D	0.09%	0.09%	0.09%
	ESAB	B	0.01%	0.03%	0.01%
	ESS	C	0.04%	0.07%	0.04%
	ETN	A	0.12%	0.53%	0.12%
	ETR	B	0.15%	0.13%	0.13%
	ETSY	D	0.01%	0.01%	0.01%
	EVR	B	0.02%	0.04%	0.02%
	EVRG	B	0.07%	0.05%	0.05%
	EW	F	0.04%	0.13%	0.04%
	EWBC	B	0.05%	0.05%	0.05%
	EXC	D	0.2%	0.16%	0.16%
	EXEL	B	0.01%	0.01%	0.01%
	EXP	B	0.01%	0.01%	0.01%
	EXPD	D	0.04%	0.06%	0.04%
	EXR	D	0.05%	0.14%	0.05%
	F	D	0.36%	0.16%	0.16%
	FAF	D	0.03%	0.03%	0.03%
	FANG	D	0.11%	0.13%	0.11%
	FAST	B	0.04%	0.03%	0.03%
	FBIN	D	0.02%	0.04%	0.02%
	FCN	F	0.01%	0.03%	0.01%
	FCX	C	0.09%	0.26%	0.09%
	FDS	B	0.01%	0.04%	0.01%
	FDX	B	0.24%	0.25%	0.24%
	FE	D	0.07%	0.1%	0.07%
	FFIV	B	0.02%	0.05%	0.02%
	FHB	B	0.02%	0.01%	0.01%
	FHN	B	0.05%	0.04%	0.04%
	FI	B	0.15%	0.31%	0.15%
	FICO	B	0.01%	0.03%	0.01%
	FIS	C	0.11%	0.2%	0.11%
	FITB	B	0.11%	0.12%	0.11%
	FIVE	F	0.0%	0.0%	0.0%
	FLO	F	0.02%	0.02%	0.02%
	FLS	A	0.02%	0.03%	0.02%
	FMC	D	0.03%	0.03%	0.03%
	FNB	B	0.03%	0.02%	0.02%
	FND	F	0.01%	0.03%	0.01%
	FNF	C	0.08%	0.06%	0.06%
	FOX	B	0.04%	0.02%	0.02%
	FOXA	B	0.08%	0.04%	0.04%
	FR	D	0.02%	0.03%	0.02%
	FRT	C	0.01%	0.04%	0.01%
	FSLR	F	0.03%	0.08%	0.03%
	FTNT	A	0.04%	0.04%	0.04%
	FTRE	D	0.0%	0.01%	0.0%
	FTV	F	0.03%	0.1%	0.03%
	FYBR	C	0.04%	0.04%	0.04%
	G	B	0.02%	0.03%	0.02%
	GAP	C	0.04%	0.02%	0.02%
	GD	B	0.22%	0.32%	0.22%
	GE	C	0.27%	0.59%	0.27%
	GEHC	D	0.03%	0.14%	0.03%
	GEN	B	0.05%	0.06%	0.05%
	GGG	C	0.01%	0.05%	0.01%
	GILD	B	0.35%	0.44%	0.35%
	GIS	F	0.11%	0.15%	0.11%
	GL	C	0.03%	0.04%	0.03%
	GLPI	D	0.04%	0.05%	0.04%
	GLW	B	0.11%	0.15%	0.11%
	GM	B	0.51%	0.23%	0.23%
	GME	C	0.03%	0.03%	0.03%
	GMED	B	0.01%	0.03%	0.01%
	GNRC	A	0.02%	0.02%	0.02%
	GNTX	D	0.01%	0.03%	0.01%
	GO	D	0.0%	0.01%	0.0%
	GPC	F	0.05%	0.06%	0.05%
	GPK	C	0.03%	0.03%	0.03%
	GPN	C	0.06%	0.11%	0.06%
	GRMN	B	0.07%	0.12%	0.07%
	GS	B	0.53%	0.48%	0.48%
	GWW	A	0.05%	0.03%	0.03%
	GXO	C	0.02%	0.03%	0.02%
	H	C	0.02%	0.02%	0.02%
	HAL	D	0.07%	0.1%	0.07%
	HAS	D	0.03%	0.0%	0.0%
	HAYW	C	0.0%	0.01%	0.0%
	HBAN	B	0.11%	0.09%	0.09%
	HCA	D	0.19%	0.2%	0.19%
	HD	B	0.51%	0.32%	0.32%
	HES	C	0.06%	0.05%	0.05%
	HIG	C	0.13%	0.13%	0.13%
	HII	F	0.03%	0.03%	0.03%
	HIW	B	0.03%	0.01%	0.01%
	HLI	B	0.01%	0.03%	0.01%
	HLT	A	0.02%	0.11%	0.02%
	HOG	F	0.02%	0.02%	0.02%
	HOLX	D	0.02%	0.07%	0.02%
	HON	B	0.21%	0.45%	0.21%
	HPE	B	0.23%	0.1%	0.1%
	HPQ	B	0.31%	0.11%	0.11%
	HRB	D	0.03%	0.03%	0.03%
	HRL	F	0.08%	0.04%	0.04%
	HSIC	F	0.03%	0.04%	0.03%
	HST	C	0.04%	0.05%	0.04%
	HSY	F	0.06%	0.09%	0.06%
	HUBB	B	0.03%	0.09%	0.03%
	HUM	F	0.16%	0.12%	0.12%
	HWM	B	0.04%	0.15%	0.04%
	HXL	D	0.01%	0.02%	0.01%
	IBKR	B	0.05%	0.06%	0.05%
	IBM	D	0.42%	0.76%	0.42%
	ICE	D	0.12%	0.35%	0.12%
	IDA	A	0.02%	0.02%	0.02%
	IEX	B	0.01%	0.07%	0.01%
	IFF	F	0.06%	0.1%	0.06%
	ILMN	B	0.03%	0.09%	0.03%
	INCY	A	0.03%	0.04%	0.03%
	INGR	B	0.03%	0.03%	0.03%
	INTC	C	0.3%	0.37%	0.3%
	INVH	D	0.04%	0.08%	0.04%
	IP	B	0.15%	0.08%	0.08%
	IPG	F	0.04%	0.04%	0.04%
	IPGP	C	0.01%	0.01%	0.01%
	IQV	F	0.05%	0.13%	0.05%
	IR	B	0.02%	0.15%	0.02%
	IRDM	C	0.0%	0.01%	0.0%
	IRM	C	0.05%	0.06%	0.05%
	ITT	A	0.01%	0.05%	0.01%
	ITW	B	0.09%	0.19%	0.09%
	IVZ	B	0.07%	0.03%	0.03%
	J	C	0.04%	0.07%	0.04%
	JAZZ	B	0.02%	0.03%	0.02%
	JBHT	B	0.03%	0.06%	0.03%
	JBL	C	0.05%	0.05%	0.05%
	JCI	A	0.15%	0.2%	0.15%
	JEF	B	0.06%	0.03%	0.03%
	JHG	A	0.05%	0.02%	0.02%
	JKHY	C	0.01%	0.05%	0.01%
	JLL	C	0.05%	0.04%	0.04%
	JNJ	D	0.84%	1.54%	0.84%
	JNPR	C	0.03%	0.05%	0.03%
	JPM	B	1.44%	2.55%	1.44%
	JWN	C	0.02%	0.01%	0.01%
	K	A	0.08%	0.08%	0.08%
	KBR	A	0.02%	0.03%	0.02%
	KD	B	0.03%	0.02%	0.02%
	KDP	F	0.11%	0.15%	0.11%
	KEX	C	0.02%	0.03%	0.02%
	KEY	B	0.14%	0.06%	0.06%
	KEYS	A	0.03%	0.1%	0.03%
	KHC	F	0.26%	0.12%	0.12%
	KIM	A	0.04%	0.06%	0.04%
	KMB	D	0.1%	0.11%	0.1%
	KMI	A	0.42%	0.19%	0.19%
	KMPR	A	0.01%	0.02%	0.01%
	KMX	F	0.04%	0.04%	0.04%
	KNX	B	0.03%	0.03%	0.03%
	KO	D	0.4%	0.43%	0.4%
	KR	A	0.33%	0.15%	0.15%
	KRC	B	0.04%	0.02%	0.02%
	KSS	F	0.02%	0.01%	0.01%
	KVUE	A	0.22%	0.18%	0.18%
	L	A	0.13%	0.06%	0.06%
	LAD	B	0.08%	0.04%	0.04%
	LAMR	C	0.03%	0.03%	0.03%
	LDOS	A	0.05%	0.1%	0.05%
	LEA	F	0.05%	0.02%	0.02%
	LECO	C	0.01%	0.03%	0.01%
	LEG	F	0.01%	0.01%	0.01%
	LEN	D	0.13%	0.01%	0.01%
	LEN	D	0.13%	0.16%	0.13%
	LFUS	C	0.01%	0.02%	0.01%
	LH	A	0.06%	0.08%	0.06%
	LHX	A	0.1%	0.19%	0.1%
	LIN	D	0.2%	0.88%	0.2%
	LITE	B	0.01%	0.02%	0.01%
	LKQ	F	0.03%	0.04%	0.03%
	LMT	D	0.34%	0.32%	0.32%
	LNC	B	0.05%	0.02%	0.02%
	LNT	D	0.04%	0.06%	0.04%
	LOPE	A	0.01%	0.01%	0.01%
	LOW	B	0.23%	0.6%	0.23%
	LPX	B	0.01%	0.01%	0.01%
	LSCC	C	0.0%	0.0%	0.0%
	LSTR	C	0.01%	0.03%	0.01%
	LUV	B	0.16%	0.07%	0.07%
	LW	C	0.01%	0.03%	0.01%
	LYB	F	0.2%	0.09%	0.09%
	M	C	0.04%	0.02%	0.02%
	MAA	C	0.04%	0.07%	0.04%
	MAN	F	0.03%	0.01%	0.01%
	MAR	A	0.09%	0.24%	0.09%
	MAS	D	0.03%	0.07%	0.03%
	MASI	B	0.01%	0.01%	0.01%
	MAT	C	0.01%	0.03%	0.01%
	MCD	D	0.15%	0.79%	0.15%
	MCHP	F	0.05%	0.16%	0.05%
	MCK	B	0.33%	0.15%	0.15%
	MDLZ	F	0.2%	0.37%	0.2%
	MDT	C	0.33%	0.46%	0.33%
	MDU	F	0.03%	0.02%	0.02%
	MET	C	0.43%	0.18%	0.18%
	MGM	F	0.05%	0.03%	0.03%
	MHK	D	0.06%	0.03%	0.03%
	MIDD	C	0.02%	0.03%	0.02%
	MKC	D	0.04%	0.08%	0.04%
	MKSI	D	0.01%	0.03%	0.01%
	MKTX	C	0.01%	0.04%	0.01%
	MLM	B	0.03%	0.14%	0.03%
	MMC	C	0.12%	0.37%	0.12%
	MMM	C	0.27%	0.23%	0.23%
	MNST	B	0.05%	0.03%	0.03%
	MO	B	0.33%	0.37%	0.33%
	MOH	F	0.04%	0.03%	0.03%
	MOS	C	0.08%	0.03%	0.03%
	MP	B	0.01%	0.01%	0.01%
	MPC	F	0.43%	0.21%	0.21%
	MPW	D	0.03%	0.01%	0.01%
	MRNA	F	0.02%	0.07%	0.02%
	MRO	B	0.08%	0.06%	0.06%
	MS	B	0.57%	0.51%	0.51%
	MSA	D	0.0%	0.02%	0.0%
	MSCI	B	0.01%	0.07%	0.01%
	MSGS	B	0.01%	0.02%	0.01%
	MSI	A	0.04%	0.16%	0.04%
	MSM	C	0.02%	0.01%	0.01%
	MTB	B	0.17%	0.13%	0.13%
	MTCH	F	0.02%	0.04%	0.02%
	MTD	F	0.02%	0.11%	0.02%
	MTDR	C	0.02%	0.02%	0.02%
	MTG	D	0.03%	0.03%	0.03%
	MTN	D	0.01%	0.0%	0.0%
	MTSI	B	0.01%	0.03%	0.01%
	MTZ	A	0.03%	0.03%	0.03%
	MU	C	0.14%	0.44%	0.14%
	NDAQ	B	0.07%	0.12%	0.07%
	NDSN	C	0.02%	0.06%	0.02%
	NEE	D	0.36%	0.65%	0.36%
	NEM	D	0.15%	0.21%	0.15%
	NEU	D	0.01%	0.01%	0.01%
	NFG	C	0.03%	0.02%	0.02%
	NI	A	0.06%	0.06%	0.06%
	NKE	F	0.12%	0.14%	0.12%
	NNN	D	0.03%	0.03%	0.03%
	NOC	C	0.15%	0.28%	0.15%
	NOV	D	0.02%	0.02%	0.02%
	NRG	B	0.05%	0.04%	0.04%
	NSA	D	0.01%	0.01%	0.01%
	NSC	B	0.12%	0.23%	0.12%
	NTAP	C	0.04%	0.05%	0.04%
	NTRS	B	0.08%	0.08%	0.08%
	NUE	C	0.11%	0.14%	0.11%
	NVR	D	0.06%	0.11%	0.06%
	NVST	C	0.01%	0.01%	0.01%
	NVT	B	0.02%	0.05%	0.02%
	NWL	B	0.03%	0.01%	0.01%
	NWS	B	0.01%	0.01%	0.01%
	NWSA	B	0.03%	0.04%	0.03%
	NXST	C	0.03%	0.01%	0.01%
	NYT	B	0.01%	0.04%	0.01%
	O	D	0.12%	0.21%	0.12%
	OC	B	0.05%	0.06%	0.05%
	OGE	A	0.03%	0.03%	0.03%
	OGN	F	0.04%	0.02%	0.02%
	OHI	B	0.04%	0.04%	0.04%
	OKE	A	0.12%	0.23%	0.12%
	OLED	F	0.01%	0.02%	0.01%
	OLLI	C	0.01%	0.02%	0.01%
	OLN	F	0.02%	0.02%	0.02%
	OMC	B	0.06%	0.08%	0.06%
	ON	D	0.05%	0.12%	0.05%
	ONTO	F	0.01%	0.03%	0.01%
	ORI	B	0.04%	0.03%	0.03%
	ORLY	B	0.07%	0.02%	0.02%
	OSK	B	0.02%	0.03%	0.02%
	OTIS	B	0.04%	0.16%	0.04%
	OVV	D	0.09%	0.04%	0.04%
	OXY	F	0.17%	0.13%	0.13%
	OZK	B	0.04%	0.02%	0.02%
	PAG	C	0.03%	0.01%	0.01%
	PARA	C	0.06%	0.03%	0.03%
	PAYC	B	0.01%	0.02%	0.01%
	PAYX	A	0.06%	0.11%	0.06%
	PB	B	0.03%	0.03%	0.03%
	PCAR	B	0.12%	0.21%	0.12%
	PCG	B	0.12%	0.17%	0.12%
	PEG	D	0.14%	0.18%	0.14%
	PENN	C	0.03%	0.01%	0.01%
	PEP	F	0.36%	0.19%	0.19%
	PFE	F	0.82%	0.64%	0.64%
	PFG	C	0.16%	0.08%	0.08%
	PFGC	B	0.11%	0.04%	0.04%
	PG	D	0.49%	1.21%	0.49%
	PGR	B	0.18%	0.09%	0.09%
	PH	B	0.09%	0.32%	0.09%
	PHM	D	0.06%	0.11%	0.06%
	PII	F	0.02%	0.01%	0.01%
	PINC	B	0.01%	0.01%	0.01%
	PK	C	0.03%	0.01%	0.01%
	PKG	B	0.05%	0.08%	0.05%
	PLD	F	0.14%	0.42%	0.14%
	PLNT	B	0.0%	0.01%	0.0%
	PM	C	0.59%	0.83%	0.59%
	PNC	A	0.39%	0.3%	0.3%
	PNFP	B	0.03%	0.03%	0.03%
	PNR	B	0.02%	0.07%	0.02%
	PNW	B	0.05%	0.04%	0.04%
	POST	D	0.03%	0.02%	0.02%
	PPC	B	0.02%	0.01%	0.01%
	PPG	F	0.06%	0.12%	0.06%
	PPL	B	0.09%	0.1%	0.09%
	PR	C	0.03%	0.03%	0.03%
	PRGO	D	0.02%	0.01%	0.01%
	PRI	A	0.02%	0.04%	0.02%
	PRU	C	0.4%	0.18%	0.18%
	PSA	D	0.07%	0.18%	0.07%
	PSTG	C	0.01%	0.01%	0.01%
	PSX	F	0.45%	0.2%	0.2%
	PTC	B	0.02%	0.03%	0.02%
	PVH	C	0.02%	0.02%	0.02%
	PWR	A	0.04%	0.12%	0.04%
	PYPL	A	0.17%	0.32%	0.17%
	QCOM	C	0.23%	0.05%	0.05%
	QRVO	F	0.02%	0.03%	0.02%
	R	A	0.06%	0.03%	0.03%
	RBC	A	0.01%	0.03%	0.01%
	RCL	B	0.08%	0.13%	0.08%
	RCM	B	0.01%	0.01%	0.01%
	REG	B	0.04%	0.05%	0.04%
	REGN	F	0.12%	0.32%	0.12%
	REXR	F	0.02%	0.04%	0.02%
	RF	B	0.11%	0.09%	0.09%
	RGA	B	0.12%	0.06%	0.06%
	RGEN	F	0.01%	0.03%	0.01%
	RGLD	B	0.02%	0.04%	0.02%
	RH	B	0.01%	0.02%	0.01%
	RHI	B	0.02%	0.03%	0.02%
	RJF	B	0.06%	0.11%	0.06%
	RL	B	0.03%	0.03%	0.03%
	RLI	A	0.01%	0.02%	0.01%
	RMD	B	0.03%	0.1%	0.03%
	RNR	B	0.05%	0.05%	0.05%
	ROIV	C	0.05%	0.02%	0.02%
	ROK	B	0.04%	0.11%	0.04%
	ROP	B	0.05%	0.23%	0.05%
	ROST	D	0.06%	0.14%	0.06%
	RPM	B	0.02%	0.05%	0.02%
	RRC	C	0.03%	0.03%	0.03%
	RRX	B	0.02%	0.04%	0.02%
	RS	B	0.05%	0.07%	0.05%
	RSG	B	0.09%	0.16%	0.09%
	RTX	C	0.47%	0.64%	0.47%
	RVTY	B	0.02%	0.06%	0.02%
	RYN	D	0.01%	0.02%	0.01%
	SAIA	C	0.01%	0.02%	0.01%
	SAIC	B	0.02%	0.03%	0.02%
	SAM	C	0.0%	0.01%	0.0%
	SBAC	D	0.02%	0.1%	0.02%
	SBUX	B	0.14%	0.1%	0.1%
	SCHW	B	0.24%	0.38%	0.24%
	SCI	A	0.02%	0.05%	0.02%
	SEE	C	0.01%	0.01%	0.01%
	SEIC	B	0.02%	0.03%	0.02%
	SF	B	0.03%	0.04%	0.03%
	SHC	C	0.01%	0.01%	0.01%
	SHW	B	0.06%	0.03%	0.03%
	SJM	D	0.05%	0.05%	0.05%
	SKX	F	0.03%	0.03%	0.03%
	SLB	D	0.13%	0.23%	0.13%
	SLGN	B	0.02%	0.02%	0.02%
	SLM	B	0.02%	0.02%	0.02%
	SMG	D	0.01%	0.01%	0.01%
	SNA	A	0.04%	0.07%	0.04%
	SNV	B	0.04%	0.03%	0.03%
	SNX	B	0.08%	0.04%	0.04%
	SO	D	0.31%	0.4%	0.31%
	SOLV	C	0.01%	0.04%	0.01%
	SON	F	0.03%	0.02%	0.02%
	SPG	A	0.06%	0.16%	0.06%
	SPGI	D	0.12%	0.6%	0.12%
	SRCL	A	0.01%	0.02%	0.01%
	SRE	A	0.17%	0.21%	0.17%
	SSD	C	0.01%	0.03%	0.01%
	ST	F	0.02%	0.02%	0.02%
	STAG	D	0.01%	0.03%	0.01%
	STE	F	0.02%	0.09%	0.02%
	STLD	B	0.08%	0.08%	0.08%
	STT	B	0.14%	0.11%	0.11%
	STWD	D	0.06%	0.02%	0.02%
	STZ	F	0.05%	0.15%	0.05%
	SW	B	0.22%	0.11%	0.11%
	SWK	F	0.05%	0.06%	0.05%
	SWKS	F	0.04%	0.06%	0.04%
	SYF	B	0.2%	0.09%	0.09%
	SYK	A	0.09%	0.36%	0.09%
	SYY	C	0.12%	0.06%	0.06%
	T	B	1.39%	0.65%	0.65%
	TAP	B	0.09%	0.04%	0.04%
	TDG	C	0.03%	0.23%	0.03%
	TDY	A	0.03%	0.08%	0.03%
	TECH	B	0.0%	0.05%	0.0%
	TER	F	0.02%	0.01%	0.01%
	TFC	B	0.51%	0.23%	0.23%
	TFX	F	0.02%	0.04%	0.02%
	TGT	F	0.22%	0.28%	0.22%
	THC	B	0.06%	0.06%	0.06%
	THG	A	0.02%	0.02%	0.02%
	THO	C	0.03%	0.02%	0.02%
	TJX	C	0.16%	0.21%	0.16%
	TKO	D	0.04%	0.03%	0.03%
	TKR	F	0.02%	0.02%	0.02%
	TMO	F	0.16%	0.83%	0.16%
	TMUS	A	0.42%	0.43%	0.42%
	TNL	A	0.02%	0.01%	0.01%
	TOL	B	0.05%	0.06%	0.05%
	TPR	A	0.04%	0.04%	0.04%
	TRIP	D	0.0%	0.01%	0.0%
	TRMB	A	0.02%	0.06%	0.02%
	TROW	B	0.07%	0.1%	0.07%
	TRV	B	0.18%	0.22%	0.18%
	TSN	D	0.15%	0.07%	0.07%
	TT	A	0.08%	0.22%	0.08%
	TTC	D	0.01%	0.03%	0.01%
	TTEK	C	0.02%	0.04%	0.02%
	TTWO	B	0.02%	0.11%	0.02%
	TXN	A	0.25%	0.65%	0.25%
	TXT	D	0.04%	0.06%	0.04%
	TYL	B	0.02%	0.02%	0.02%
	UA	C	0.01%	0.01%	0.01%
	UAA	C	0.01%	0.01%	0.01%
	UAL	A	0.23%	0.1%	0.1%
	UDR	C	0.03%	0.06%	0.03%
	UGI	D	0.04%	0.02%	0.02%
	UHS	D	0.05%	0.05%	0.05%
	ULTA	C	0.03%	0.01%	0.01%
	UNH	B	1.12%	1.94%	1.12%
	UNM	B	0.1%	0.05%	0.05%
	UNP	D	0.22%	0.3%	0.22%
	UPS	D	0.38%	0.39%	0.38%
	URI	B	0.07%	0.16%	0.07%
	USB	B	0.39%	0.3%	0.3%
	USFD	B	0.08%	0.06%	0.06%
	UTHR	B	0.04%	0.07%	0.04%
	VAC	B	0.01%	0.01%	0.01%
	VFC	B	0.06%	0.03%	0.03%
	VICI	D	0.1%	0.13%	0.1%
	VLO	D	0.36%	0.17%	0.17%
	VLTO	D	0.02%	0.06%	0.02%
	VMC	B	0.03%	0.11%	0.03%
	VMI	B	0.01%	0.02%	0.01%
	VNO	A	0.06%	0.03%	0.03%
	VNT	B	0.01%	0.02%	0.01%
	VOYA	B	0.04%	0.03%	0.03%
	VRSN	D	0.02%	0.06%	0.02%
	VRTX	A	0.11%	0.25%	0.11%
	VSTS	F	0.02%	0.01%	0.01%
	VTR	B	0.09%	0.11%	0.09%
	VTRS	B	0.12%	0.06%	0.06%
	VZ	D	1.53%	0.71%	0.71%
	WAB	A	0.04%	0.13%	0.04%
	WAT	B	0.02%	0.03%	0.02%
	WBA	F	0.06%	0.03%	0.03%
	WBD	C	0.15%	0.08%	0.08%
	WBS	B	0.04%	0.04%	0.04%
	WCC	B	0.04%	0.03%	0.03%
	WDC	C	0.05%	0.09%	0.05%
	WEC	B	0.1%	0.12%	0.1%
	WELL	B	0.13%	0.33%	0.13%
	WEN	C	0.01%	0.01%	0.01%
	WEX	F	0.01%	0.03%	0.01%
	WFC	B	1.13%	0.91%	0.91%
	WH	A	0.01%	0.02%	0.01%
	WHR	B	0.05%	0.02%	0.02%
	WLK	F	0.04%	0.02%	0.02%
	WMB	B	0.18%	0.26%	0.18%
	WMS	D	0.01%	0.03%	0.01%
	WMT	A	1.8%	1.42%	1.42%
	WOLF	F	0.0%	0.01%	0.0%
	WPC	D	0.05%	0.05%	0.05%
	WRB	B	0.05%	0.07%	0.05%
	WSM	F	0.02%	0.03%	0.02%
	WSO	B	0.04%	0.07%	0.04%
	WST	C	0.01%	0.04%	0.01%
	WTFC	B	0.02%	0.03%	0.02%
	WTRG	B	0.03%	0.04%	0.03%
	WTW	B	0.06%	0.12%	0.06%
	WU	F	0.03%	0.01%	0.01%
	WWD	B	0.02%	0.04%	0.02%
	WY	D	0.07%	0.09%	0.07%
	WYNN	D	0.02%	0.04%	0.02%
	X	C	0.08%	0.03%	0.03%
	XEL	B	0.14%	0.15%	0.14%
	XOM	B	2.0%	2.1%	2.0%
	XRAY	F	0.01%	0.02%	0.01%
	XYL	F	0.03%	0.12%	0.03%
	YETI	F	0.0%	0.01%	0.0%
	YUM	C	0.03%	0.09%	0.03%
	ZBH	C	0.05%	0.09%	0.05%
	ZBRA	B	0.02%	0.06%	0.02%
	ZI	C	0.0%	0.01%	0.0%
	ZION	B	0.07%	0.03%	0.03%
	ZTS	F	0.05%	0.06%	0.05%

VLU Overweight 690 Positions Relative to IWD

	Symbol	Grade	Weight
	AAPL	B	2.52%
	AMZN	B	1.99%
	META	B	1.84%
	MSFT	C	1.51%
	GOOG	B	1.2%
	GOOGL	B	0.75%
	TSLA	B	0.51%
	AVGO	B	0.46%
	V	B	0.43%
	ORCL	A	0.43%
	NVDA	B	0.36%
	COR	B	0.35%
	MRK	F	0.33%
	COST	B	0.28%
	LLY	D	0.22%
	NFLX	A	0.18%
	ADBE	F	0.17%
	MA	A	0.14%
	AMT	F	0.14%
	BX	A	0.13%
	VST	B	0.1%
	WM	B	0.1%
	ISRG	A	0.1%
	UBER	F	0.09%
	ANET	C	0.08%
	LRCX	D	0.08%
	NXPI	D	0.08%
	TRGP	A	0.08%
	PANW	A	0.07%
	JXN	B	0.07%
	EQH	B	0.07%
	LVS	C	0.07%
	INTU	A	0.06%
	DVA	D	0.06%
	NOW	B	0.06%
	LUMN	B	0.06%
	ABNB	D	0.06%
	SNPS	B	0.05%
	STX	D	0.05%
	CNX	B	0.05%
	COOP	A	0.05%
	KLAC	F	0.05%
	BKH	C	0.04%
	TMHC	A	0.04%
	VLY	B	0.04%
	CPAY	B	0.04%
	MUR	F	0.04%
	MCO	C	0.04%
	CMG	C	0.04%
	ABG	B	0.04%
	LYV	B	0.04%
	GPI	B	0.04%
	EXPE	B	0.04%
	CEIX	B	0.03%
	TRN	B	0.03%
	CDNS	B	0.03%
	BURL	C	0.03%
	WAFD	C	0.03%
	BKU	B	0.03%
	TDS	B	0.03%
	SFNC	B	0.03%
	HWC	B	0.03%
	GNW	C	0.03%
	SATS	C	0.03%
	SFM	A	0.03%
	RDN	D	0.03%
	PBF	F	0.03%
	GHC	A	0.03%
	BXMT	B	0.03%
	GDDY	A	0.03%
	CNK	B	0.03%
	BTU	B	0.03%
	APLE	B	0.03%
	CWK	B	0.03%
	FLR	C	0.03%
	ODFL	B	0.03%
	HP	C	0.03%
	ABM	B	0.03%
	CATY	B	0.03%
	CLX	B	0.03%
	HCC	A	0.03%
	IT	B	0.03%
	DEI	B	0.03%
	ONB	B	0.03%
	LULU	D	0.03%
	MLI	B	0.03%
	ASB	B	0.03%
	CALM	B	0.03%
	CMC	B	0.03%
	NCLH	B	0.03%
	NOG	B	0.03%
	XPO	B	0.03%
	CNO	B	0.03%
	MUSA	C	0.03%
	ADSK	A	0.03%
	TSCO	C	0.03%
	SANM	B	0.03%
	OGS	C	0.03%
	VVV	B	0.02%
	CVBF	B	0.02%
	MGY	A	0.02%
	IIPR	F	0.02%
	SLVM	A	0.02%
	MOG.A	B	0.02%
	FULT	B	0.02%
	PDCO	D	0.02%
	KAR	B	0.02%
	PLXS	B	0.02%
	VYX	C	0.02%
	CXW	B	0.02%
	MAC	B	0.02%
	OI	D	0.02%
	ABCB	B	0.02%
	SIGI	B	0.02%
	MMS	C	0.02%
	NATL	C	0.02%
	GEF	B	0.02%
	ADNT	F	0.02%
	MHO	C	0.02%
	WFRD	F	0.02%
	TXRH	B	0.02%
	PRG	C	0.02%
	KRG	B	0.02%
	MCY	A	0.02%
	JBGS	D	0.02%
	NWE	D	0.02%
	BCC	B	0.02%
	CRC	B	0.02%
	POR	D	0.02%
	BHE	B	0.02%
	JBLU	C	0.02%
	AUB	B	0.02%
	FL	F	0.02%
	CBT	B	0.02%
	MATX	B	0.02%
	ERIE	D	0.02%
	LII	A	0.02%
	SR	D	0.02%
	EAT	B	0.02%
	RUSHA	B	0.02%
	TCBI	B	0.02%
	ALE	A	0.02%
	UMBF	B	0.02%
	PNM	B	0.02%
	BANC	B	0.02%
	GEO	B	0.02%
	GBX	B	0.02%
	SWX	B	0.02%
	LNW	C	0.02%
	RNST	B	0.02%
	SLG	B	0.02%
	BANF	B	0.02%
	GBCI	B	0.02%
	AVNT	B	0.02%
	VSCO	B	0.02%
	BANR	B	0.02%
	SEM	B	0.02%
	HOMB	B	0.02%
	TPH	D	0.02%
	URBN	D	0.02%
	SKYW	B	0.02%
	IBOC	B	0.02%
	IBTX	B	0.02%
	MTH	D	0.02%
	ESNT	F	0.02%
	SIG	B	0.02%
	CRS	B	0.02%
	IDXX	F	0.02%
	ENVA	B	0.02%
	PFS	B	0.02%
	UFPI	C	0.02%
	NSIT	F	0.02%
	FFBC	B	0.02%
	DECK	B	0.02%
	GT	C	0.02%
	KBH	C	0.02%
	BFH	B	0.02%
	UBSI	B	0.02%
	ALV	C	0.02%
	SNEX	B	0.02%
	SBRA	B	0.02%
	ARCH	B	0.02%
	HBI	B	0.02%
	CADE	B	0.02%
	SSB	B	0.02%
	TGNA	B	0.02%
	ABR	B	0.02%
	SM	C	0.02%
	SCL	C	0.01%
	KREF	D	0.01%
	UNIT	B	0.01%
	QNST	C	0.01%
	CAL	F	0.01%
	VRTS	B	0.01%
	RES	F	0.01%
	AVNS	F	0.01%
	SAFT	C	0.01%
	MCRI	B	0.01%
	AEIS	B	0.01%
	POWL	B	0.01%
	MMI	B	0.01%
	BGS	F	0.01%
	AZZ	B	0.01%
	HPP	F	0.01%
	CHEF	B	0.01%
	GDOT	D	0.01%
	EZPW	B	0.01%
	AWR	B	0.01%
	CHCO	B	0.01%
	HLX	D	0.01%
	DNOW	C	0.01%
	VIR	C	0.01%
	XHR	B	0.01%
	RDNT	A	0.01%
	GFF	C	0.01%
	CVLT	A	0.01%
	HAFC	B	0.01%
	HCSG	B	0.01%
	NBHC	B	0.01%
	AMWD	B	0.01%
	APOG	A	0.01%
	SCHL	F	0.01%
	AAT	B	0.01%
	ZD	C	0.01%
	NGVT	C	0.01%
	FIZZ	B	0.01%
	EFC	D	0.01%
	HWKN	C	0.01%
	FORM	F	0.01%
	FSS	C	0.01%
	STRA	D	0.01%
	SHAK	B	0.01%
	MODG	F	0.01%
	NVRI	F	0.01%
	MYRG	C	0.01%
	UCTT	D	0.01%
	CWT	D	0.01%
	SMPL	C	0.01%
	ESE	B	0.01%
	EPC	D	0.01%
	WRLD	C	0.01%
	INN	D	0.01%
	SYNA	D	0.01%
	DRH	B	0.01%
	TPX	C	0.01%
	PLAB	C	0.01%
	NHC	C	0.01%
	MEDP	D	0.01%
	CPK	B	0.01%
	LGND	B	0.01%
	FWRD	D	0.01%
	ALGT	C	0.01%
	VRE	B	0.01%
	KWR	D	0.01%
	GTY	B	0.01%
	YELP	C	0.01%
	MMSI	A	0.01%
	BKE	B	0.01%
	SBCF	B	0.01%
	ELME	C	0.01%
	TDC	D	0.01%
	JBT	B	0.01%
	JJSF	B	0.01%
	EIG	B	0.01%
	HQY	A	0.01%
	CORT	B	0.01%
	OSIS	C	0.01%
	HALO	C	0.01%
	KN	B	0.01%
	ASIX	B	0.01%
	FELE	C	0.01%
	VSAT	F	0.01%
	SHO	B	0.01%
	ALKS	C	0.01%
	SKT	B	0.01%
	CPF	B	0.01%
	VTLE	D	0.01%
	KNF	B	0.01%
	SXC	A	0.01%
	HAIN	D	0.01%
	FCPT	D	0.01%
	MGEE	A	0.01%
	GTLS	B	0.01%
	MC	B	0.01%
	PCTY	B	0.01%
	NOVT	B	0.01%
	KALU	C	0.01%
	ENR	B	0.01%
	CARG	B	0.01%
	CFFN	B	0.01%
	BOOT	D	0.01%
	CVCO	A	0.01%
	CASH	B	0.01%
	TBBK	C	0.01%
	HI	C	0.01%
	OII	B	0.01%
	SCVL	D	0.01%
	MORN	A	0.01%
	TMP	B	0.01%
	STC	C	0.01%
	MNRO	B	0.01%
	IOSP	B	0.01%
	PUMP	F	0.01%
	MATV	F	0.01%
	AXL	D	0.01%
	LANC	B	0.01%
	IBP	F	0.01%
	VC	F	0.01%
	TREX	C	0.01%
	KLIC	C	0.01%
	ROIC	A	0.01%
	PLUS	C	0.01%
	LGIH	D	0.01%
	NBR	C	0.01%
	AMN	F	0.01%
	KELYA	F	0.01%
	PJT	B	0.01%
	BCPC	B	0.01%
	DORM	B	0.01%
	AHCO	F	0.01%
	LXP	D	0.01%
	AROC	B	0.01%
	ARCB	C	0.01%
	SPTN	F	0.01%
	EGBN	B	0.01%
	DLX	B	0.01%
	EXLS	A	0.01%
	OFG	C	0.01%
	XRX	F	0.01%
	PARR	F	0.01%
	OPCH	F	0.01%
	WD	B	0.01%
	BLMN	F	0.01%
	PHIN	B	0.01%
	NSP	F	0.01%
	B	B	0.01%
	FTDR	A	0.01%
	CENTA	D	0.01%
	UE	A	0.01%
	LTC	B	0.01%
	EXPI	C	0.01%
	WGO	C	0.01%
	UNF	B	0.01%
	FCF	B	0.01%
	CHX	D	0.01%
	HASI	F	0.01%
	NPO	C	0.01%
	KMT	B	0.01%
	AVAV	B	0.01%
	ANF	C	0.01%
	SHOO	D	0.01%
	HMN	B	0.01%
	FBK	B	0.01%
	SXT	B	0.01%
	BRKL	B	0.01%
	DIOD	D	0.01%
	MTX	B	0.01%
	SFBS	B	0.01%
	LPG	F	0.01%
	RWT	D	0.01%
	NBIX	C	0.01%
	IRT	B	0.01%
	PODD	B	0.01%
	ORA	B	0.01%
	OTTR	D	0.01%
	CNXN	C	0.01%
	OMCL	B	0.01%
	HGV	C	0.01%
	ITGR	B	0.01%
	DXCM	D	0.01%
	STBA	C	0.01%
	SBSI	B	0.01%
	DAN	F	0.01%
	WTS	C	0.01%
	PCH	F	0.01%
	OMI	F	0.01%
	INVA	B	0.01%
	ROL	C	0.01%
	DCOM	B	0.01%
	PIPR	B	0.01%
	LZB	C	0.01%
	SMCI	F	0.01%
	CBRL	D	0.01%
	SAH	B	0.01%
	BDN	C	0.01%
	DT	C	0.01%
	SCSC	C	0.01%
	CCS	D	0.01%
	AKR	B	0.01%
	VAL	F	0.01%
	ENPH	F	0.01%
	KLG	C	0.01%
	BRC	B	0.01%
	APAM	B	0.01%
	VSTO	B	0.01%
	PECO	B	0.01%
	ODP	F	0.01%
	THS	F	0.01%
	FIX	A	0.01%
	LNTH	D	0.01%
	WSFS	B	0.01%
	NMIH	D	0.01%
	IDCC	A	0.01%
	TTMI	A	0.01%
	NBTB	B	0.01%
	GVA	A	0.01%
	PRK	B	0.01%
	PBH	B	0.01%
	BHLB	B	0.01%
	ITRI	A	0.01%
	FUL	D	0.01%
	PATK	D	0.01%
	TEX	C	0.01%
	FFIN	B	0.01%
	RXO	B	0.01%
	MD	B	0.01%
	ENSG	C	0.01%
	BGC	A	0.01%
	POOL	B	0.01%
	KFY	B	0.01%
	RC	F	0.01%
	CRK	B	0.01%
	WWW	A	0.01%
	FDP	B	0.01%
	BOH	B	0.01%
	CAKE	B	0.01%
	ECPG	B	0.01%
	LCII	D	0.01%
	WS	A	0.01%
	OUT	C	0.01%
	GMS	B	0.01%
	UNFI	B	0.01%
	KW	B	0.01%
	LRN	B	0.01%
	CTRE	C	0.01%
	WOR	D	0.01%
	AEO	F	0.01%
	UPBD	C	0.01%
	PSMT	C	0.01%
	PBI	C	0.01%
	WERN	B	0.01%
	RUN	F	0.01%
	ACIW	B	0.01%
	FN	B	0.01%
	BDC	B	0.01%
	HNI	B	0.01%
	SBH	C	0.01%
	ARI	D	0.01%
	CDP	C	0.01%
	AMR	C	0.01%
	GIII	C	0.01%
	GRBK	D	0.01%
	BCO	D	0.01%
	VSH	F	0.01%
	FHI	B	0.01%
	DEA	D	0.01%
	CBU	B	0.01%
	FBP	C	0.01%
	PMT	D	0.01%
	TRMK	B	0.01%
	EPRT	C	0.01%
	UCB	B	0.01%
	PTEN	D	0.01%
	NAVI	F	0.01%
	TALO	C	0.01%
	NWN	B	0.01%
	VRSK	A	0.01%
	ACA	B	0.01%
	LBRT	F	0.01%
	CCOI	B	0.01%
	UVV	C	0.01%
	AX	B	0.01%
	DY	C	0.01%
	ASGN	B	0.01%
	KTB	A	0.01%
	ENS	F	0.01%
	AXON	B	0.01%
	SABR	C	0.01%
	MPWR	F	0.01%
	CABO	C	0.01%
	HTH	C	0.01%
	ICUI	C	0.01%
	INDB	B	0.01%
	HUBG	B	0.01%
	CHDN	B	0.01%
	PEB	D	0.01%
	WKC	D	0.01%
	SPNT	C	0.01%
	PPBI	B	0.01%
	ANDE	D	0.01%
	ATGE	B	0.01%
	HOPE	B	0.01%
	AIT	A	0.01%
	VBTX	B	0.01%
	ASO	F	0.01%
	NJR	C	0.01%
	MLKN	F	0.01%
	AVA	D	0.01%
	GATX	B	0.01%
	GNL	D	0.01%
	NWBI	B	0.01%
	REZI	A	0.01%
	AORT	B	0.0%
	VICR	B	0.0%
	NPK	B	0.0%
	XPEL	C	0.0%
	NARI	C	0.0%
	LESL	D	0.0%
	AGYS	C	0.0%
	VCEL	B	0.0%
	GOGO	C	0.0%
	MSEX	B	0.0%
	PGNY	F	0.0%
	EMBC	C	0.0%
	RGNX	D	0.0%
	PCRX	D	0.0%
	CLB	C	0.0%
	STAA	F	0.0%
	TNDM	F	0.0%
	ELF	D	0.0%
	ARWR	C	0.0%
	CELH	F	0.0%
	SNCY	C	0.0%
	COHU	C	0.0%
	LQDT	A	0.0%
	TTGT	C	0.0%
	TGI	B	0.0%
	CRSR	F	0.0%
	BMI	C	0.0%
	NABL	F	0.0%
	HCI	B	0.0%
	CEVA	B	0.0%
	ICHR	C	0.0%
	MYE	F	0.0%
	SSTK	D	0.0%
	SITM	B	0.0%
	AAON	B	0.0%
	JBSS	F	0.0%
	NXRT	C	0.0%
	CARS	C	0.0%
	IIIN	F	0.0%
	BJRI	C	0.0%
	MXL	C	0.0%
	WT	B	0.0%
	PRLB	B	0.0%
	GKOS	B	0.0%
	DGII	B	0.0%
	WING	F	0.0%
	PAYO	A	0.0%
	SEDG	F	0.0%
	ASTE	C	0.0%
	AHH	D	0.0%
	CYTK	D	0.0%
	EPAC	B	0.0%
	IRWD	D	0.0%
	GPRE	F	0.0%
	SHEN	F	0.0%
	CENT	D	0.0%
	CTS	B	0.0%
	THRY	F	0.0%
	WSR	B	0.0%
	PEN	C	0.0%
	USNA	C	0.0%
	SLAB	F	0.0%
	COLL	F	0.0%
	MGPI	F	0.0%
	PRVA	C	0.0%
	VVI	B	0.0%
	CPRX	B	0.0%
	XNCR	B	0.0%
	SXI	B	0.0%
	HRMY	D	0.0%
	THRM	F	0.0%
	SPSC	F	0.0%
	RGR	F	0.0%
	TRUP	C	0.0%
	HSII	A	0.0%
	VECO	F	0.0%
	LNN	B	0.0%
	TNC	F	0.0%
	PZZA	C	0.0%
	MTUS	C	0.0%
	JACK	D	0.0%
	KOP	D	0.0%
	KNSL	D	0.0%
	HTLD	C	0.0%
	ALG	C	0.0%
	SONO	C	0.0%
	QLYS	C	0.0%
	UFPT	C	0.0%
	POWI	C	0.0%
	GDEN	C	0.0%
	WNC	D	0.0%
	BLKB	C	0.0%
	ALRM	C	0.0%
	CNMD	C	0.0%
	SJW	D	0.0%
	EXTR	B	0.0%
	MCW	B	0.0%
	WDFC	B	0.0%
	CSGS	B	0.0%
	EYE	D	0.0%
	MATW	C	0.0%
	OXM	F	0.0%
	DXPE	B	0.0%
	USPH	C	0.0%
	BSIG	B	0.0%
	TILE	A	0.0%
	LIVN	C	0.0%
	WABC	B	0.0%
	RAMP	C	0.0%
	DFIN	F	0.0%
	REX	C	0.0%
	AMPH	D	0.0%
	VIAV	B	0.0%
	UHT	D	0.0%
	RCUS	C	0.0%
	HLIT	F	0.0%
	EXPO	D	0.0%
	JOE	F	0.0%
	CLW	F	0.0%
	AMSF	A	0.0%
	MRTN	C	0.0%
	PLMR	C	0.0%
	FLGT	F	0.0%
	NX	C	0.0%
	NEO	C	0.0%
	SMP	C	0.0%
	NVEE	D	0.0%
	AIR	C	0.0%
	CALX	F	0.0%
	HTZ	D	0.0%
	CRVL	B	0.0%
	PRAA	C	0.0%
	EVTC	C	0.0%
	HZO	C	0.0%
	MANH	C	0.0%
	HAYN	A	0.0%
	ACLS	F	0.0%
	ETD	F	0.0%
	BOX	B	0.0%
	LKFN	B	0.0%
	DVAX	C	0.0%
	CNSL	B	0.0%
	AOSL	F	0.0%
	VTOL	C	0.0%
	NEOG	C	0.0%
	IART	C	0.0%
	NTCT	B	0.0%
	RMBS	C	0.0%
	ENV	C	0.0%
	PRGS	B	0.0%
	ROG	C	0.0%
	FBRT	B	0.0%
	TR	C	0.0%
	AMBC	C	0.0%
	MTRN	C	0.0%
	TWI	F	0.0%
	FOXF	F	0.0%
	ASTH	D	0.0%
	GES	F	0.0%
	UTL	C	0.0%
	MYGN	F	0.0%
	UFCS	B	0.0%
	VRRM	F	0.0%
	CENX	B	0.0%
	HFWA	B	0.0%
	PRA	B	0.0%
	ADUS	D	0.0%
	AIN	D	0.0%
	CSR	B	0.0%
	SMTC	A	0.0%
	PAHC	B	0.0%
	ROCK	C	0.0%
	IPAR	C	0.0%
	TRST	B	0.0%
	PLAY	C	0.0%
	PRDO	B	0.0%
	SUPN	B	0.0%
	CVI	F	0.0%
	HAE	B	0.0%
	BFS	B	0.0%
	HELE	D	0.0%
	TFIN	B	0.0%
	SVC	F	0.0%
	FBNC	B	0.0%
	ALEX	B	0.0%
	MRCY	B	0.0%
	CUBI	C	0.0%
	PFBC	B	0.0%

VLU Underweight 133 Positions Relative to IWD

	Symbol	Grade	Weight
	BLK	B	-0.58%
	GEV	A	-0.33%
	KKR	B	-0.27%
	CRH	B	-0.26%
	MRVL	B	-0.25%
	FERG	B	-0.15%
	MSTR	B	-0.14%
	DELL	C	-0.11%
	LNG	A	-0.09%
	FCNCA	B	-0.09%
	SQ	C	-0.09%
	APO	B	-0.08%
	EXE	B	-0.08%
	ZM	A	-0.08%
	COO	D	-0.08%
	SUI	F	-0.07%
	CVNA	B	-0.07%
	TRU	C	-0.07%
	SSNC	C	-0.06%
	MKL	B	-0.06%
	AVTR	F	-0.06%
	HOOD	A	-0.06%
	FTI	B	-0.05%
	BMRN	F	-0.05%
	TW	B	-0.04%
	WAL	B	-0.04%
	ALSN	A	-0.04%
	Z	B	-0.04%
	NLY	C	-0.04%
	SOFI	A	-0.04%
	CNH	D	-0.04%
	DOX	A	-0.04%
	AFRM	B	-0.04%
	RPRX	F	-0.04%
	FWONK	B	-0.04%
	NTNX	B	-0.04%
	TWLO	A	-0.04%
	ELAN	D	-0.03%
	AZPN	B	-0.03%
	OKTA	D	-0.03%
	SIRI	D	-0.03%
	HR	D	-0.03%
	BFAM	F	-0.03%
	LBRDK	B	-0.03%
	ROKU	C	-0.03%
	DASH	A	-0.03%
	AGNC	D	-0.03%
	COLD	F	-0.03%
	CART	B	-0.03%
	ACI	C	-0.03%
	EXAS	F	-0.03%
	APG	B	-0.03%
	GWRE	B	-0.03%
	RIVN	F	-0.03%
	ALNY	B	-0.02%
	UHAL	B	-0.02%
	SITE	C	-0.02%
	GTES	B	-0.02%
	W	F	-0.02%
	FRPT	B	-0.02%
	TPG	B	-0.02%
	WSC	C	-0.02%
	BILL	B	-0.02%
	LINE	F	-0.02%
	WTM	B	-0.02%
	CCCS	B	-0.02%
	SN	C	-0.02%
	PSN	B	-0.02%
	RITM	D	-0.02%
	OMF	A	-0.02%
	COIN	B	-0.02%
	BPOP	D	-0.02%
	S	B	-0.02%
	ESI	B	-0.02%
	AXS	A	-0.02%
	SNDR	A	-0.01%
	LYFT	C	-0.01%
	REYN	F	-0.01%
	ALAB	A	-0.01%
	BIRK	F	-0.01%
	INFA	D	-0.01%
	AZEK	B	-0.01%
	QS	F	-0.01%
	QDEL	C	-0.01%
	ADT	B	-0.01%
	LCID	F	-0.01%
	GLOB	B	-0.01%
	BROS	B	-0.01%
	RKT	D	-0.01%
	HHH	B	-0.01%
	BOKF	B	-0.01%
	SPB	C	-0.01%
	VIRT	A	-0.01%
	AGR	C	-0.01%
	CLVT	F	-0.01%
	LLYVK	B	-0.01%
	ZG	B	-0.01%
	SPR	F	-0.01%
	LBTYA	D	-0.01%
	LBTYK	D	-0.01%
	U	D	-0.01%
	IAC	C	-0.01%
	HUN	F	-0.01%
	DNB	B	-0.01%
	GFS	C	-0.01%
	AMTM	C	-0.01%
	VNOM	B	-0.01%
	LOAR	B	-0.0%
	UWMC	F	-0.0%
	SEG	D	-0.0%
	PARAA	C	-0.0%
	NFE	F	-0.0%
	UHAL	B	-0.0%
	GRAL	C	-0.0%
	LAZ	B	-0.0%
	IONS	F	-0.0%
	PLTK	B	-0.0%
	TXG	F	-0.0%
	CACC	F	-0.0%
	UI	B	-0.0%
	TFSL	B	-0.0%
	SEB	F	-0.0%
	DJT	D	-0.0%
	PATH	D	-0.0%
	PYCR	C	-0.0%
	AS	B	-0.0%
	HCP	A	-0.0%
	CNA	D	-0.0%
	FWONA	B	-0.0%
	LBRDA	B	-0.0%
	DDS	C	-0.0%
	LLYVA	B	-0.0%
	NCNO	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

IWD: Top Represented Industries & Keywords

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

Keywords: S&P 500 Nasdaq 100 Natural Gas Insurance Real Estate Investment Trust Bank Electronics Banking Computing Chemical Aerospace Electricity Mining Telecommunications Insurance Products Semiconductor Medicine Beverage Biotechnology Dow Jones Component