VLU vs. MFUS ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS)

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

$179.71

Average Daily Volume

10,410

Number of Holdings ^*

1425

* may have additional holdings in another (foreign) market

MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUS Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor U.S. Index. The underlying index is constructed by RAFI Indices, LLC (the index provider) using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size.

Grade (RS Rating)

Last Trade

$48.78

Average Daily Volume

4,256

Number of Holdings ^*

782

* may have additional holdings in another (foreign) market

Performance

Period	VLU	MFUS
30 Days	4.59%	3.24%
60 Days	4.63%	5.06%
90 Days	7.58%	9.12%
12 Months	19.02%	21.54%

715 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in MFUS	Overlap
	A	C	0.04%	0.05%	0.04%
	AA	D	0.02%	0.02%	0.02%
	AAP	F	0.03%	0.01%	0.01%
	AAPL	B	2.34%	0.68%	0.68%
	ABBV	A	0.44%	1.2%	0.44%
	ABG	B	0.05%	0.07%	0.05%
	ABM	A	0.03%	0.04%	0.03%
	ACA	B	0.01%	0.03%	0.01%
	ACM	C	0.03%	0.04%	0.03%
	ACN	C	0.3%	0.18%	0.18%
	ADBE	C	0.19%	0.04%	0.04%
	ADM	D	0.29%	0.34%	0.29%
	ADNT	F	0.02%	0.03%	0.02%
	ADP	B	0.08%	0.08%	0.08%
	ADSK	C	0.03%	0.08%	0.03%
	AEO	C	0.01%	0.1%	0.01%
	AES	D	0.05%	0.04%	0.04%
	AFG	B	0.08%	0.01%	0.01%
	AFL	A	0.2%	0.17%	0.17%
	AGCO	F	0.03%	0.02%	0.02%
	AIG	A	0.27%	0.44%	0.27%
	AIR	F	0.0%	0.02%	0.0%
	AIT	B	0.01%	0.02%	0.01%
	AIZ	B	0.04%	0.07%	0.04%
	AJG	A	0.06%	0.08%	0.06%
	AKAM	D	0.03%	0.03%	0.03%
	ALGN	F	0.02%	0.02%	0.02%
	ALL	C	0.15%	0.34%	0.15%
	ALLY	A	0.11%	0.14%	0.11%
	AMAT	D	0.13%	0.52%	0.13%
	AMED	A	0.01%	0.01%	0.01%
	AMG	B	0.02%	0.05%	0.02%
	AMGN	C	0.29%	1.06%	0.29%
	AMH	D	0.03%	0.03%	0.03%
	AMKR	D	0.04%	0.04%	0.04%
	AMP	D	0.1%	0.08%	0.08%
	AMWD	B	0.01%	0.01%	0.01%
	AMZN	D	1.91%	1.29%	1.29%
	AN	B	0.04%	0.09%	0.04%
	ANDE	C	0.02%	0.02%	0.02%
	ANET	C	0.06%	0.13%	0.06%
	ANF	D	0.01%	0.32%	0.01%
	ANSS	F	0.02%	0.06%	0.02%
	AON	B	0.06%	0.17%	0.06%
	AOS	C	0.02%	0.11%	0.02%
	APAM	B	0.01%	0.02%	0.01%
	APH	D	0.06%	0.1%	0.06%
	APLE	D	0.03%	0.04%	0.03%
	APOG	B	0.01%	0.02%	0.01%
	AR	D	0.04%	0.05%	0.04%
	ARCB	C	0.01%	0.01%	0.01%
	ARCH	F	0.02%	0.01%	0.01%
	AROC	C	0.01%	0.04%	0.01%
	ARW	D	0.06%	0.06%	0.06%
	ASO	D	0.02%	0.03%	0.02%
	ATGE	B	0.01%	0.05%	0.01%
	ATI	B	0.02%	0.05%	0.02%
	ATR	B	0.01%	0.07%	0.01%
	AVA	B	0.02%	0.03%	0.02%
	AVGO	D	0.39%	1.38%	0.39%
	AVT	B	0.04%	0.05%	0.04%
	AVY	D	0.02%	0.1%	0.02%
	AWI	B	0.01%	0.03%	0.01%
	AXP	A	0.33%	0.19%	0.19%
	AXTA	B	0.02%	0.02%	0.02%
	AYI	C	0.01%	0.07%	0.01%
	AZO	B	0.07%	0.28%	0.07%
	BAC	D	1.5%	0.42%	0.42%
	BALL	D	0.04%	0.07%	0.04%
	BAX	D	0.06%	0.03%	0.03%
	BBWI	F	0.02%	0.02%	0.02%
	BBY	C	0.15%	0.22%	0.15%
	BC	D	0.02%	0.06%	0.02%
	BCC	C	0.02%	0.06%	0.02%
	BDC	D	0.01%	0.04%	0.01%
	BDX	C	0.09%	0.09%	0.09%
	BEN	D	0.06%	0.05%	0.05%
	BERY	B	0.04%	0.05%	0.04%
	BHE	A	0.02%	0.01%	0.01%
	BHF	C	0.03%	0.04%	0.03%
	BIIB	F	0.1%	0.09%	0.09%
	BJ	C	0.03%	0.03%	0.03%
	BK	A	0.26%	0.25%	0.25%
	BKE	B	0.01%	0.02%	0.01%
	BKNG	D	0.09%	0.48%	0.09%
	BKR	A	0.11%	0.17%	0.11%
	BKU	B	0.03%	0.03%	0.03%
	BLD	B	0.02%	0.04%	0.02%
	BLDR	C	0.05%	0.03%	0.03%
	BMY	C	0.34%	0.26%	0.26%
	BR	A	0.02%	0.15%	0.02%
	BRC	A	0.01%	0.01%	0.01%
	BRK.A	C	2.37%	1.92%	1.92%
	BRKR	D	0.01%	0.03%	0.01%
	BRO	A	0.03%	0.12%	0.03%
	BSX	D	0.1%	0.18%	0.1%
	BTU	F	0.02%	0.04%	0.02%
	BURL	A	0.03%	0.03%	0.03%
	BWA	D	0.07%	0.05%	0.05%
	BWXT	C	0.01%	0.09%	0.01%
	BX	B	0.12%	0.23%	0.12%
	BXP	B	0.05%	0.01%	0.01%
	C	B	1.14%	1.36%	1.14%
	CACC	B	0.0%	0.01%	0.0%
	CACI	A	0.03%	0.09%	0.03%
	CADE	B	0.02%	0.01%	0.01%
	CAG	B	0.08%	0.04%	0.04%
	CAH	D	0.22%	0.3%	0.22%
	CALM	A	0.03%	0.06%	0.03%
	CARR	B	0.08%	0.11%	0.08%
	CASY	B	0.03%	0.15%	0.03%
	CAT	C	0.23%	0.42%	0.23%
	CB	A	0.37%	0.14%	0.14%
	CBRL	D	0.01%	0.01%	0.01%
	CBSH	B	0.02%	0.01%	0.01%
	CBT	B	0.02%	0.04%	0.02%
	CC	F	0.02%	0.02%	0.02%
	CCK	B	0.03%	0.06%	0.03%
	CCL	D	0.16%	0.05%	0.05%
	CDW	D	0.04%	0.06%	0.04%
	CE	F	0.05%	0.08%	0.05%
	CEG	D	0.03%	0.09%	0.03%
	CENTA	F	0.01%	0.01%	0.01%
	CFG	B	0.18%	0.07%	0.07%
	CG	B	0.02%	0.03%	0.02%
	CHD	F	0.03%	0.06%	0.03%
	CHDN	B	0.01%	0.02%	0.01%
	CHE	D	0.01%	0.06%	0.01%
	CHRD	D	0.1%	0.03%	0.03%
	CHRW	C	0.05%	0.08%	0.05%
	CHTR	C	0.33%	0.24%	0.24%
	CI	B	0.39%	0.14%	0.14%
	CINF	A	0.06%	0.02%	0.02%
	CL	B	0.1%	0.3%	0.1%
	CLH	A	0.02%	0.04%	0.02%
	CLX	F	0.03%	0.12%	0.03%
	CMA	B	0.06%	0.03%	0.03%
	CMC	B	0.04%	0.08%	0.04%
	CMCSA	C	0.62%	0.24%	0.24%
	CME	F	0.1%	0.18%	0.1%
	CMG	D	0.04%	0.21%	0.04%
	CMI	B	0.12%	0.11%	0.11%
	CNM	C	0.01%	0.01%	0.01%
	CNO	A	0.03%	0.04%	0.03%
	CNX	B	0.03%	0.06%	0.03%
	COF	A	0.52%	0.45%	0.45%
	COHR	C	0.02%	0.02%	0.02%
	COKE	A	0.02%	0.02%	0.02%
	COOP	B	0.06%	0.04%	0.04%
	COP	F	0.43%	0.33%	0.33%
	COST	D	0.27%	1.14%	0.27%
	CPAY	C	0.04%	0.05%	0.04%
	CPB	B	0.05%	0.01%	0.01%
	CPRI	F	0.01%	0.01%	0.01%
	CPRT	D	0.03%	0.2%	0.03%
	CPT	C	0.04%	0.05%	0.04%
	CR	A	0.03%	0.01%	0.01%
	CRI	F	0.01%	0.05%	0.01%
	CRM	D	0.23%	0.36%	0.23%
	CRS	B	0.02%	0.1%	0.02%
	CRUS	C	0.02%	0.05%	0.02%
	CSCO	C	0.45%	0.41%	0.41%
	CSGS	D	0.0%	0.01%	0.0%
	CSL	C	0.03%	0.02%	0.02%
	CSX	C	0.11%	0.08%	0.08%
	CTAS	A	0.04%	0.16%	0.04%
	CTLT	A	0.01%	0.02%	0.01%
	CTRA	F	0.06%	0.03%	0.03%
	CTVA	B	0.09%	0.03%	0.03%
	CUBE	C	0.02%	0.04%	0.02%
	CVI	D	0.01%	0.01%	0.01%
	CVLT	B	0.0%	0.03%	0.0%
	CVS	D	0.7%	0.84%	0.7%
	CVX	B	1.43%	0.9%	0.9%
	CW	A	0.02%	0.08%	0.02%
	CWEN	C	0.02%	0.01%	0.01%
	CWEN	C	0.01%	0.01%	0.01%
	CXW	D	0.02%	0.02%	0.02%
	DAN	D	0.01%	0.02%	0.01%
	DCI	B	0.01%	0.04%	0.01%
	DD	B	0.18%	0.22%	0.18%
	DECK	D	0.02%	0.16%	0.02%
	DEI	B	0.03%	0.01%	0.01%
	DFS	B	0.14%	0.08%	0.08%
	DG	F	0.08%	0.08%	0.08%
	DGX	C	0.05%	0.06%	0.05%
	DHR	A	0.14%	0.26%	0.14%
	DINO	F	0.07%	0.03%	0.03%
	DKS	C	0.04%	0.09%	0.04%
	DLB	F	0.01%	0.03%	0.01%
	DLR	C	0.04%	0.08%	0.04%
	DLTR	F	0.06%	0.04%	0.04%
	DNOW	B	0.01%	0.02%	0.01%
	DORM	B	0.01%	0.02%	0.01%
	DOV	B	0.03%	0.02%	0.02%
	DOW	D	0.19%	0.04%	0.04%
	DPZ	F	0.01%	0.19%	0.01%
	DRH	D	0.01%	0.02%	0.01%
	DRI	D	0.04%	0.02%	0.02%
	DTM	A	0.02%	0.01%	0.01%
	DUK	A	0.33%	0.13%	0.13%
	DVA	D	0.07%	0.17%	0.07%
	DXC	D	0.03%	0.02%	0.02%
	DY	B	0.01%	0.01%	0.01%
	EA	B	0.05%	0.09%	0.05%
	EBAY	A	0.08%	0.31%	0.08%
	ECL	D	0.05%	0.08%	0.05%
	ECPG	B	0.01%	0.01%	0.01%
	EFX	A	0.02%	0.08%	0.02%
	EHC	B	0.02%	0.08%	0.02%
	ELS	B	0.02%	0.03%	0.02%
	ELV	C	0.41%	0.08%	0.08%
	EME	C	0.02%	0.03%	0.02%
	EMN	B	0.05%	0.06%	0.05%
	EMR	B	0.15%	0.17%	0.15%
	EOG	C	0.25%	0.11%	0.11%
	EPC	D	0.01%	0.02%	0.01%
	EQH	B	0.07%	0.07%	0.07%
	EQIX	C	0.07%	0.03%	0.03%
	ERIE	A	0.02%	0.07%	0.02%
	ESAB	C	0.01%	0.01%	0.01%
	ESNT	B	0.02%	0.01%	0.01%
	ETN	D	0.11%	0.19%	0.11%
	EVR	B	0.02%	0.12%	0.02%
	EVRG	A	0.07%	0.01%	0.01%
	EWBC	B	0.05%	0.02%	0.02%
	EXC	C	0.19%	0.11%	0.11%
	EXEL	B	0.01%	0.02%	0.01%
	EXP	B	0.01%	0.05%	0.01%
	EXPD	B	0.04%	0.07%	0.04%
	EXR	C	0.05%	0.07%	0.05%
	F	D	0.4%	0.44%	0.4%
	FAF	B	0.03%	0.02%	0.02%
	FANG	B	0.12%	0.05%	0.05%
	FAST	C	0.04%	0.1%	0.04%
	FCN	C	0.01%	0.07%	0.01%
	FCX	D	0.09%	0.1%	0.09%
	FDS	F	0.01%	0.05%	0.01%
	FELE	B	0.01%	0.01%	0.01%
	FFIV	A	0.02%	0.03%	0.02%
	FHI	C	0.01%	0.04%	0.01%
	FHN	B	0.05%	0.01%	0.01%
	FICO	B	0.01%	0.2%	0.01%
	FIS	B	0.1%	0.07%	0.07%
	FITB	A	0.11%	0.05%	0.05%
	FIX	C	0.01%	0.05%	0.01%
	FL	C	0.02%	0.05%	0.02%
	FLO	D	0.02%	0.04%	0.02%
	FLR	B	0.03%	0.01%	0.01%
	FLS	B	0.02%	0.02%	0.02%
	FND	F	0.01%	0.03%	0.01%
	FNF	B	0.07%	0.02%	0.02%
	FOXA	A	0.08%	0.08%	0.08%
	FR	B	0.02%	0.03%	0.02%
	FTNT	F	0.03%	0.04%	0.03%
	FYBR	A	0.03%	0.01%	0.01%
	G	C	0.02%	0.05%	0.02%
	GATX	C	0.02%	0.04%	0.02%
	GBX	C	0.02%	0.03%	0.02%
	GD	B	0.2%	0.16%	0.16%
	GDDY	B	0.03%	0.09%	0.03%
	GE	B	0.27%	1.08%	0.27%
	GEF	C	0.02%	0.02%	0.02%
	GEHC	C	0.03%	0.02%	0.02%
	GEO	D	0.02%	0.04%	0.02%
	GES	C	0.01%	0.02%	0.01%
	GGG	C	0.01%	0.04%	0.01%
	GHC	C	0.03%	0.02%	0.02%
	GILD	C	0.32%	0.71%	0.32%
	GIS	C	0.11%	0.1%	0.1%
	GLPI	A	0.04%	0.07%	0.04%
	GLW	C	0.1%	0.21%	0.1%
	GM	D	0.46%	0.59%	0.46%
	GMED	C	0.01%	0.02%	0.01%
	GMS	B	0.01%	0.04%	0.01%
	GNRC	C	0.02%	0.05%	0.02%
	GNTX	F	0.01%	0.07%	0.01%
	GNW	B	0.03%	0.04%	0.03%
	GOOGL	D	0.74%	1.37%	0.74%
	GPC	C	0.06%	0.02%	0.02%
	GPI	B	0.04%	0.08%	0.04%
	GPK	B	0.03%	0.09%	0.03%
	GPS	D	0.04%	0.08%	0.04%
	GS	B	0.54%	0.48%	0.48%
	GT	D	0.03%	0.05%	0.03%
	GVA	B	0.01%	0.04%	0.01%
	GWW	B	0.05%	0.17%	0.05%
	H	D	0.02%	0.01%	0.01%
	HAE	C	0.01%	0.03%	0.01%
	HAL	D	0.09%	0.04%	0.04%
	HBAN	B	0.11%	0.03%	0.03%
	HBI	B	0.02%	0.03%	0.02%
	HCA	A	0.21%	0.12%	0.12%
	HCC	C	0.04%	0.08%	0.04%
	HD	B	0.48%	0.38%	0.38%
	HELE	F	0.0%	0.01%	0.0%
	HIG	B	0.13%	0.05%	0.05%
	HII	B	0.03%	0.02%	0.02%
	HLI	B	0.01%	0.07%	0.01%
	HLT	C	0.02%	0.08%	0.02%
	HNI	B	0.01%	0.02%	0.01%
	HOG	C	0.03%	0.02%	0.02%
	HOLX	A	0.03%	0.03%	0.03%
	HP	C	0.04%	0.04%	0.04%
	HPE	D	0.23%	0.25%	0.23%
	HPP	D	0.01%	0.01%	0.01%
	HPQ	C	0.29%	0.31%	0.29%
	HRB	A	0.03%	0.08%	0.03%
	HRL	C	0.08%	0.01%	0.01%
	HSIC	C	0.03%	0.03%	0.03%
	HST	F	0.04%	0.02%	0.02%
	HSY	C	0.06%	0.06%	0.06%
	HUBB	C	0.02%	0.08%	0.02%
	HUBG	B	0.02%	0.04%	0.02%
	HWM	A	0.03%	0.11%	0.03%
	HXL	D	0.01%	0.04%	0.01%
	IBKR	D	0.04%	0.05%	0.04%
	IBM	B	0.41%	1.2%	0.41%
	ICE	A	0.11%	0.27%	0.11%
	IDXX	F	0.02%	0.06%	0.02%
	IEX	D	0.01%	0.08%	0.01%
	IFF	B	0.06%	0.03%	0.03%
	INCY	C	0.02%	0.01%	0.01%
	INGR	A	0.03%	0.05%	0.03%
	INTC	F	0.44%	0.61%	0.44%
	INTU	B	0.06%	0.26%	0.06%
	INVH	B	0.04%	0.06%	0.04%
	IOSP	B	0.01%	0.02%	0.01%
	IP	B	0.15%	0.12%	0.12%
	IPG	C	0.04%	0.07%	0.04%
	IR	A	0.02%	0.1%	0.02%
	IRM	A	0.04%	0.1%	0.04%
	IT	B	0.03%	0.14%	0.03%
	ITT	B	0.01%	0.08%	0.01%
	ITW	C	0.09%	0.08%	0.08%
	IVZ	B	0.07%	0.06%	0.06%
	JAZZ	D	0.02%	0.01%	0.01%
	JBGS	C	0.02%	0.01%	0.01%
	JBHT	D	0.03%	0.02%	0.02%
	JBL	F	0.05%	0.07%	0.05%
	JEF	A	0.05%	0.03%	0.03%
	JHG	A	0.04%	0.03%	0.03%
	JKHY	B	0.01%	0.1%	0.01%
	JLL	A	0.05%	0.05%	0.05%
	JNJ	B	0.86%	0.97%	0.86%
	JNPR	A	0.03%	0.12%	0.03%
	JPM	B	1.42%	0.93%	0.93%
	JWN	B	0.02%	0.03%	0.02%
	JXN	B	0.06%	0.09%	0.06%
	K	D	0.06%	0.07%	0.06%
	KALU	D	0.01%	0.01%	0.01%
	KBH	B	0.02%	0.04%	0.02%
	KBR	C	0.02%	0.02%	0.02%
	KD	C	0.03%	0.07%	0.03%
	KDP	B	0.12%	0.06%	0.06%
	KEX	B	0.02%	0.01%	0.01%
	KEY	B	0.14%	0.02%	0.02%
	KHC	C	0.24%	0.15%	0.15%
	KLAC	C	0.06%	0.25%	0.06%
	KMB	D	0.11%	0.16%	0.11%
	KMI	B	0.37%	0.08%	0.08%
	KMPR	B	0.02%	0.02%	0.02%
	KN	C	0.01%	0.01%	0.01%
	KNX	C	0.03%	0.01%	0.01%
	KO	B	0.42%	0.56%	0.42%
	KR	B	0.33%	0.36%	0.33%
	KSS	F	0.02%	0.06%	0.02%
	KTB	B	0.01%	0.05%	0.01%
	L	B	0.13%	0.08%	0.08%
	LAD	C	0.06%	0.01%	0.01%
	LAMR	C	0.02%	0.05%	0.02%
	LANC	C	0.01%	0.05%	0.01%
	LDOS	D	0.05%	0.08%	0.05%
	LEA	D	0.06%	0.04%	0.04%
	LECO	D	0.01%	0.09%	0.01%
	LEG	D	0.02%	0.02%	0.02%
	LEN	B	0.14%	0.08%	0.08%
	LHX	C	0.1%	0.2%	0.1%
	LII	B	0.02%	0.22%	0.02%
	LLY	D	0.21%	2.4%	0.21%
	LMT	A	0.34%	0.48%	0.34%
	LNC	B	0.05%	0.05%	0.05%
	LNW	B	0.02%	0.02%	0.02%
	LOPE	A	0.01%	0.05%	0.01%
	LOW	B	0.22%	0.22%	0.22%
	LPX	B	0.01%	0.06%	0.01%
	LRCX	D	0.09%	0.34%	0.09%
	LSTR	B	0.01%	0.09%	0.01%
	LUMN	C	0.02%	0.02%	0.02%
	LVS	F	0.06%	0.01%	0.01%
	LW	F	0.01%	0.03%	0.01%
	LXP	B	0.01%	0.02%	0.01%
	LYB	B	0.23%	0.22%	0.22%
	LZB	B	0.01%	0.02%	0.01%
	M	F	0.04%	0.05%	0.04%
	MA	C	0.12%	0.71%	0.12%
	MAC	C	0.01%	0.05%	0.01%
	MAN	B	0.03%	0.04%	0.03%
	MANH	B	0.0%	0.03%	0.0%
	MAR	F	0.09%	0.12%	0.09%
	MAS	B	0.03%	0.05%	0.03%
	MASI	F	0.01%	0.02%	0.01%
	MATX	B	0.02%	0.03%	0.02%
	MC	B	0.01%	0.03%	0.01%
	MCD	C	0.14%	0.35%	0.14%
	MCK	A	0.41%	0.6%	0.41%
	MCO	A	0.04%	0.03%	0.03%
	MCY	B	0.01%	0.02%	0.01%
	MDLZ	C	0.2%	0.19%	0.19%
	MDU	A	0.03%	0.03%	0.03%
	MET	A	0.41%	0.37%	0.37%
	META	D	1.5%	1.87%	1.5%
	MHK	B	0.08%	0.01%	0.01%
	MHO	B	0.02%	0.05%	0.02%
	MKC	C	0.04%	0.07%	0.04%
	MKSI	D	0.01%	0.01%	0.01%
	MKTX	D	0.01%	0.02%	0.01%
	MLI	B	0.03%	0.06%	0.03%
	MLKN	B	0.02%	0.01%	0.01%
	MLM	B	0.03%	0.06%	0.03%
	MMC	A	0.12%	0.18%	0.12%
	MMM	A	0.28%	0.33%	0.28%
	MMS	A	0.02%	0.06%	0.02%
	MNST	D	0.06%	0.06%	0.06%
	MO	C	0.35%	0.48%	0.35%
	MOG.A	B	0.02%	0.04%	0.02%
	MOH	D	0.04%	0.02%	0.02%
	MORN	B	0.01%	0.03%	0.01%
	MOS	D	0.09%	0.04%	0.04%
	MPC	D	0.55%	0.67%	0.55%
	MPWR	B	0.01%	0.08%	0.01%
	MRK	F	0.41%	0.96%	0.41%
	MRO	C	0.09%	0.11%	0.09%
	MSA	C	0.01%	0.04%	0.01%
	MSCI	C	0.01%	0.07%	0.01%
	MSI	A	0.04%	0.13%	0.04%
	MSM	D	0.02%	0.06%	0.02%
	MTB	B	0.15%	0.03%	0.03%
	MTD	B	0.02%	0.08%	0.02%
	MTDR	C	0.03%	0.01%	0.01%
	MTG	B	0.03%	0.04%	0.03%
	MTH	B	0.02%	0.08%	0.02%
	MTN	D	0.02%	0.05%	0.02%
	MU	D	0.16%	0.19%	0.16%
	MUR	D	0.05%	0.06%	0.05%
	MUSA	C	0.04%	0.17%	0.04%
	NAVI	C	0.01%	0.03%	0.01%
	NBIX	C	0.01%	0.05%	0.01%
	NDAQ	B	0.06%	0.02%	0.02%
	NDSN	C	0.02%	0.04%	0.02%
	NEM	A	0.16%	0.09%	0.09%
	NEU	C	0.01%	0.02%	0.01%
	NFG	A	0.03%	0.04%	0.03%
	NFLX	D	0.16%	0.42%	0.16%
	NKE	F	0.12%	0.04%	0.04%
	NOC	A	0.15%	0.19%	0.15%
	NOV	B	0.03%	0.05%	0.03%
	NOW	B	0.06%	0.32%	0.06%
	NRG	D	0.05%	0.07%	0.05%
	NSIT	B	0.02%	0.07%	0.02%
	NSP	D	0.01%	0.02%	0.01%
	NTAP	B	0.04%	0.09%	0.04%
	NTCT	D	0.0%	0.02%	0.0%
	NTRS	B	0.07%	0.02%	0.02%
	NUE	D	0.13%	0.08%	0.08%
	NVDA	D	0.31%	1.71%	0.31%
	NVR	A	0.06%	0.07%	0.06%
	NVT	D	0.02%	0.03%	0.02%
	NWL	C	0.03%	0.01%	0.01%
	NWSA	B	0.03%	0.07%	0.03%
	NXST	A	0.03%	0.05%	0.03%
	NYT	C	0.01%	0.05%	0.01%
	OC	B	0.05%	0.08%	0.05%
	ODFL	C	0.03%	0.02%	0.02%
	ODP	D	0.01%	0.02%	0.01%
	OGN	B	0.05%	0.08%	0.05%
	OI	D	0.02%	0.03%	0.02%
	OKE	B	0.11%	0.07%	0.07%
	OLLI	C	0.01%	0.01%	0.01%
	OLN	F	0.02%	0.04%	0.02%
	OMC	A	0.06%	0.05%	0.05%
	OMI	D	0.01%	0.01%	0.01%
	ONB	B	0.03%	0.01%	0.01%
	ORA	B	0.01%	0.02%	0.01%
	ORCL	B	0.36%	1.02%	0.36%
	ORLY	B	0.07%	0.17%	0.07%
	OSIS	C	0.01%	0.02%	0.01%
	OSK	D	0.03%	0.07%	0.03%
	OTIS	D	0.04%	0.07%	0.04%
	PAG	B	0.03%	0.05%	0.03%
	PANW	C	0.06%	0.24%	0.06%
	PARA	D	0.05%	0.02%	0.02%
	PAYX	A	0.05%	0.03%	0.03%
	PBF	F	0.04%	0.08%	0.04%
	PCAR	F	0.12%	0.08%	0.08%
	PDCO	D	0.02%	0.04%	0.02%
	PECO	B	0.01%	0.01%	0.01%
	PEG	B	0.13%	0.05%	0.05%
	PEP	B	0.38%	0.59%	0.38%
	PFE	C	0.92%	0.54%	0.54%
	PFG	C	0.16%	0.01%	0.01%
	PG	D	0.52%	0.84%	0.52%
	PGR	C	0.16%	0.44%	0.16%
	PH	A	0.08%	0.12%	0.08%
	PHIN	B	0.01%	0.01%	0.01%
	PHM	B	0.06%	0.16%	0.06%
	PINC	C	0.01%	0.02%	0.01%
	PK	D	0.03%	0.06%	0.03%
	PKG	A	0.04%	0.05%	0.04%
	PLXS	B	0.01%	0.02%	0.01%
	PM	A	0.53%	0.5%	0.5%
	PMT	C	0.01%	0.02%	0.01%
	PNC	A	0.38%	0.1%	0.1%
	PNM	B	0.02%	0.02%	0.02%
	PNR	B	0.02%	0.08%	0.02%
	POOL	C	0.01%	0.06%	0.01%
	POST	A	0.03%	0.05%	0.03%
	PPG	F	0.07%	0.04%	0.04%
	PR	D	0.03%	0.05%	0.03%
	PRG	B	0.02%	0.03%	0.02%
	PRU	B	0.41%	0.27%	0.27%
	PSA	C	0.06%	0.03%	0.03%
	PSMT	B	0.01%	0.01%	0.01%
	PSTG	D	0.01%	0.04%	0.01%
	PSX	C	0.55%	0.6%	0.55%
	PTC	D	0.02%	0.05%	0.02%
	PTEN	D	0.02%	0.02%	0.02%
	PVH	F	0.02%	0.04%	0.02%
	PWR	D	0.03%	0.13%	0.03%
	QCOM	D	0.26%	0.71%	0.26%
	QRVO	C	0.03%	0.01%	0.01%
	R	B	0.05%	0.06%	0.05%
	RBC	B	0.01%	0.01%	0.01%
	RCL	C	0.06%	0.08%	0.06%
	REGN	B	0.15%	0.43%	0.15%
	REZI	B	0.02%	0.02%	0.02%
	RGA	A	0.13%	0.05%	0.05%
	RGLD	B	0.01%	0.04%	0.01%
	RHI	F	0.02%	0.02%	0.02%
	RJF	D	0.05%	0.01%	0.01%
	RL	D	0.03%	0.03%	0.03%
	RLI	A	0.01%	0.03%	0.01%
	RMD	B	0.02%	0.1%	0.02%
	ROL	D	0.01%	0.05%	0.01%
	ROP	D	0.05%	0.06%	0.05%
	ROST	D	0.06%	0.07%	0.06%
	RPM	A	0.02%	0.11%	0.02%
	RRC	F	0.03%	0.04%	0.03%
	RS	C	0.05%	0.09%	0.05%
	RSG	C	0.09%	0.12%	0.09%
	RUSHA	B	0.02%	0.03%	0.02%
	RYN	C	0.01%	0.02%	0.01%
	SAH	B	0.01%	0.01%	0.01%
	SAIA	D	0.01%	0.04%	0.01%
	SAIC	C	0.02%	0.01%	0.01%
	SAM	F	0.0%	0.02%	0.0%
	SANM	B	0.04%	0.06%	0.04%
	SATS	C	0.02%	0.01%	0.01%
	SBAC	C	0.02%	0.02%	0.02%
	SBH	C	0.01%	0.03%	0.01%
	SBUX	D	0.11%	0.05%	0.05%
	SCHL	F	0.01%	0.01%	0.01%
	SCHW	F	0.23%	0.17%	0.17%
	SCI	A	0.02%	0.06%	0.02%
	SCL	D	0.01%	0.01%	0.01%
	SEE	C	0.02%	0.07%	0.02%
	SEIC	B	0.01%	0.07%	0.01%
	SEM	B	0.02%	0.04%	0.02%
	SF	A	0.03%	0.01%	0.01%
	SFM	B	0.02%	0.16%	0.02%
	SHO	C	0.01%	0.03%	0.01%
	SHOO	B	0.01%	0.03%	0.01%
	SHW	B	0.06%	0.19%	0.06%
	SIG	F	0.02%	0.05%	0.02%
	SIGI	F	0.02%	0.01%	0.01%
	SITC	C	0.01%	0.03%	0.01%
	SJM	C	0.05%	0.03%	0.03%
	SKX	D	0.03%	0.02%	0.02%
	SKYW	C	0.02%	0.05%	0.02%
	SLB	D	0.16%	0.11%	0.11%
	SLG	B	0.02%	0.06%	0.02%
	SLGN	A	0.02%	0.04%	0.02%
	SLM	C	0.02%	0.07%	0.02%
	SLVM	B	0.01%	0.03%	0.01%
	SM	D	0.03%	0.03%	0.03%
	SMCI	F	0.02%	0.25%	0.02%
	SMG	B	0.01%	0.04%	0.01%
	SNV	B	0.04%	0.01%	0.01%
	SON	F	0.03%	0.04%	0.03%
	SPG	B	0.06%	0.14%	0.06%
	SPGI	C	0.12%	0.06%	0.06%
	SRCL	B	0.01%	0.04%	0.01%
	SSD	C	0.01%	0.03%	0.01%
	STC	C	0.01%	0.02%	0.01%
	STE	A	0.02%	0.12%	0.02%
	STLD	C	0.08%	0.05%	0.05%
	STRA	D	0.01%	0.01%	0.01%
	STZ	F	0.06%	0.04%	0.04%
	SWN	F	0.07%	0.01%	0.01%
	SWX	C	0.02%	0.01%	0.01%
	SXT	C	0.01%	0.02%	0.01%
	SYF	B	0.19%	0.32%	0.19%
	SYNA	F	0.01%	0.01%	0.01%
	SYY	B	0.12%	0.06%	0.06%
	T	B	1.24%	1.1%	1.1%
	TAP	D	0.09%	0.08%	0.08%
	TDC	F	0.01%	0.03%	0.01%
	TDG	C	0.02%	0.15%	0.02%
	TDS	C	0.02%	0.03%	0.02%
	TER	D	0.02%	0.04%	0.02%
	TEX	C	0.01%	0.08%	0.01%
	TFC	A	0.54%	0.09%	0.09%
	TFX	C	0.02%	0.03%	0.02%
	TGNA	B	0.03%	0.04%	0.03%
	TGT	C	0.23%	0.68%	0.23%
	THC	B	0.06%	0.26%	0.06%
	THG	A	0.02%	0.04%	0.02%
	THO	C	0.03%	0.06%	0.03%
	THS	C	0.01%	0.02%	0.01%
	TJX	B	0.16%	0.32%	0.16%
	TKR	C	0.02%	0.05%	0.02%
	TMHC	B	0.04%	0.08%	0.04%
	TMUS	B	0.36%	0.29%	0.29%
	TOL	B	0.05%	0.09%	0.05%
	TPH	C	0.02%	0.06%	0.02%
	TPR	D	0.03%	0.01%	0.01%
	TPX	C	0.01%	0.06%	0.01%
	TREX	C	0.01%	0.01%	0.01%
	TRGP	B	0.07%	0.12%	0.07%
	TRN	B	0.02%	0.03%	0.02%
	TROW	D	0.07%	0.08%	0.07%
	TRV	B	0.16%	0.28%	0.16%
	TSCO	D	0.03%	0.07%	0.03%
	TSN	A	0.16%	0.21%	0.16%
	TTC	C	0.01%	0.08%	0.01%
	TTEK	B	0.01%	0.01%	0.01%
	TTMI	D	0.01%	0.01%	0.01%
	TTWO	F	0.02%	0.07%	0.02%
	TXN	B	0.25%	0.21%	0.21%
	TXRH	A	0.01%	0.05%	0.01%
	TXT	B	0.04%	0.03%	0.03%
	TYL	B	0.02%	0.07%	0.02%
	UAL	D	0.14%	0.01%	0.01%
	UBER	F	0.08%	0.2%	0.08%
	UDR	C	0.03%	0.03%	0.03%
	UFPI	B	0.02%	0.07%	0.02%
	UHS	B	0.05%	0.08%	0.05%
	ULTA	F	0.03%	0.04%	0.03%
	UNF	B	0.01%	0.03%	0.01%
	UNM	A	0.09%	0.1%	0.09%
	UNP	B	0.23%	0.45%	0.23%
	UPS	F	0.37%	0.19%	0.19%
	URBN	C	0.03%	0.07%	0.03%
	URI	B	0.07%	0.1%	0.07%
	USB	C	0.37%	0.11%	0.11%
	USFD	C	0.06%	0.08%	0.06%
	UTHR	C	0.04%	0.16%	0.04%
	UVV	C	0.01%	0.01%	0.01%
	V	F	0.38%	0.77%	0.38%
	VC	C	0.01%	0.04%	0.01%
	VFC	C	0.05%	0.01%	0.01%
	VLO	C	0.47%	0.6%	0.47%
	VMC	B	0.03%	0.07%	0.03%
	VNO	B	0.04%	0.05%	0.04%
	VNT	C	0.01%	0.03%	0.01%
	VRSK	D	0.01%	0.21%	0.01%
	VRSN	D	0.02%	0.04%	0.02%
	VRTX	B	0.12%	0.22%	0.12%
	VSH	C	0.02%	0.04%	0.02%
	VST	D	0.06%	0.25%	0.06%
	VSTO	A	0.01%	0.02%	0.01%
	VTRS	C	0.13%	0.14%	0.13%
	VVV	B	0.02%	0.03%	0.02%
	VZ	B	1.54%	0.92%	0.92%
	WAB	D	0.04%	0.04%	0.04%
	WAFD	B	0.02%	0.01%	0.01%
	WAT	C	0.02%	0.04%	0.02%
	WBA	F	0.08%	0.18%	0.08%
	WBS	B	0.04%	0.01%	0.01%
	WCC	C	0.04%	0.08%	0.04%
	WDC	D	0.05%	0.18%	0.05%
	WELL	B	0.11%	0.1%	0.1%
	WEN	D	0.01%	0.05%	0.01%
	WERN	C	0.01%	0.02%	0.01%
	WFC	C	1.11%	1.56%	1.11%
	WGO	D	0.01%	0.01%	0.01%
	WH	B	0.01%	0.03%	0.01%
	WHR	D	0.05%	0.04%	0.04%
	WM	D	0.09%	0.25%	0.09%
	WMB	C	0.15%	0.08%	0.08%
	WMS	B	0.01%	0.02%	0.01%
	WMT	C	1.57%	1.7%	1.57%
	WOLF	F	0.0%	0.01%	0.0%
	WOR	F	0.02%	0.01%	0.01%
	WPC	C	0.05%	0.05%	0.05%
	WRB	B	0.05%	0.02%	0.02%
	WSM	C	0.03%	0.25%	0.03%
	WSO	C	0.04%	0.22%	0.04%
	WST	F	0.01%	0.05%	0.01%
	WTFC	C	0.02%	0.01%	0.01%
	WTS	B	0.01%	0.03%	0.01%
	WTW	A	0.06%	0.04%	0.04%
	WU	D	0.04%	0.08%	0.04%
	WWD	D	0.02%	0.01%	0.01%
	X	C	0.08%	0.08%	0.08%
	XHR	D	0.01%	0.02%	0.01%
	XOM	B	2.1%	1.04%	1.04%
	XPO	C	0.03%	0.04%	0.03%
	XRAY	D	0.01%	0.04%	0.01%
	XRX	F	0.01%	0.02%	0.01%
	XYL	D	0.03%	0.12%	0.03%
	YELP	F	0.01%	0.03%	0.01%
	YUM	D	0.03%	0.1%	0.03%
	ZION	B	0.07%	0.03%	0.03%
	ZTS	C	0.05%	0.04%	0.04%

VLU Overweight 710 Positions Relative to MFUS

	Symbol	Grade	Weight
	MSFT	D	1.54%
	GOOG	D	1.21%
	UNH	A	1.17%
	MS	B	0.52%
	TSLA	C	0.45%
	RTX	A	0.45%
	NEE	C	0.36%
	CNC	B	0.35%
	MDT	C	0.31%
	SO	A	0.3%
	FDX	B	0.27%
	DIS	F	0.26%
	DAL	D	0.26%
	HUM	D	0.25%
	ABT	C	0.24%
	D	A	0.23%
	SW	F	0.23%
	DE	D	0.22%
	HON	D	0.21%
	OXY	F	0.21%
	LIN	B	0.2%
	BLK	A	0.19%
	KVUE	F	0.19%
	TMO	A	0.18%
	BA	D	0.17%
	AEP	A	0.17%
	WBD	D	0.17%
	SRE	A	0.16%
	DVN	D	0.16%
	PLD	B	0.15%
	BG	D	0.15%
	LUV	F	0.15%
	AMT	A	0.15%
	ADI	D	0.14%
	JCI	C	0.14%
	PYPL	C	0.14%
	STT	A	0.13%
	ED	A	0.13%
	AMD	F	0.13%
	APD	D	0.13%
	ETR	A	0.13%
	XEL	B	0.13%
	NSC	B	0.12%
	DHI	B	0.12%
	ACGL	D	0.12%
	O	B	0.12%
	PCG	B	0.11%
	RF	C	0.11%
	CTSH	B	0.11%
	CCI	B	0.11%
	EQT	F	0.11%
	TEL	B	0.11%
	OVV	F	0.11%
	EIX	A	0.1%
	DTE	A	0.1%
	VICI	B	0.1%
	PFGC	C	0.09%
	ISRG	B	0.09%
	ES	B	0.09%
	WEC	A	0.09%
	EG	B	0.09%
	PPL	A	0.09%
	SNX	D	0.09%
	NXPI	D	0.08%
	SYK	D	0.08%
	AEE	B	0.08%
	EQR	C	0.08%
	CHK	F	0.08%
	CBRE	B	0.08%
	CNP	F	0.07%
	VTR	A	0.07%
	ABNB	F	0.07%
	FE	A	0.07%
	TT	B	0.07%
	WY	C	0.07%
	AVB	C	0.07%
	HES	C	0.07%
	APTV	F	0.06%
	AAL	F	0.06%
	ATO	A	0.06%
	AWK	A	0.06%
	GRMN	C	0.06%
	CIVI	C	0.06%
	AMCR	A	0.06%
	APA	D	0.06%
	GPN	D	0.06%
	MCHP	D	0.06%
	SWK	B	0.06%
	CF	D	0.06%
	IQV	B	0.06%
	NI	A	0.06%
	SWKS	C	0.06%
	MGM	C	0.06%
	CMS	A	0.06%
	MRNA	D	0.05%
	STWD	C	0.05%
	ARE	D	0.05%
	EL	F	0.05%
	KMX	B	0.05%
	ZBH	D	0.05%
	DOC	B	0.05%
	COLB	B	0.05%
	PNW	A	0.05%
	SNPS	D	0.05%
	ON	C	0.05%
	RNR	B	0.05%
	UGI	B	0.05%
	AL	B	0.05%
	ARMK	A	0.05%
	ORI	A	0.05%
	ALK	F	0.05%
	STX	C	0.05%
	OZK	C	0.04%
	ALB	F	0.04%
	ESS	C	0.04%
	FOX	A	0.04%
	WLK	D	0.04%
	ROK	C	0.04%
	LNT	A	0.04%
	VOYA	D	0.04%
	J	C	0.04%
	MAA	C	0.04%
	KRC	C	0.04%
	BKH	A	0.04%
	EXPE	D	0.04%
	REG	B	0.04%
	LKQ	D	0.04%
	OGS	C	0.04%
	EW	F	0.04%
	OHI	B	0.04%
	AME	B	0.03%
	VLY	C	0.03%
	TKO	C	0.03%
	NOG	A	0.03%
	FSLR	D	0.03%
	KIM	B	0.03%
	ASB	C	0.03%
	FTV	F	0.03%
	HIW	A	0.03%
	SNA	B	0.03%
	KEYS	D	0.03%
	MPW	D	0.03%
	TDY	B	0.03%
	LYV	C	0.03%
	CLF	F	0.03%
	WTRG	C	0.03%
	GL	D	0.03%
	CATY	B	0.03%
	RDN	B	0.03%
	FMC	C	0.03%
	FNB	B	0.03%
	HWC	C	0.03%
	CBOE	C	0.03%
	CNXC	D	0.03%
	OGE	A	0.03%
	PB	B	0.03%
	HAS	C	0.03%
	CSGP	D	0.03%
	BXMT	D	0.03%
	NNN	C	0.03%
	LULU	F	0.03%
	PENN	D	0.03%
	MTZ	C	0.03%
	BIO	C	0.03%
	NCLH	C	0.03%
	SSB	B	0.03%
	WFRD	D	0.03%
	CZR	D	0.03%
	SFNC	B	0.02%
	CUZ	B	0.02%
	PNFP	B	0.02%
	ILMN	C	0.02%
	ALV	F	0.02%
	DAR	D	0.02%
	BRX	B	0.02%
	FFBC	B	0.02%
	CWK	B	0.02%
	UBSI	B	0.02%
	CEIX	D	0.02%
	CDNS	F	0.02%
	ABR	D	0.02%
	PII	D	0.02%
	IBOC	B	0.02%
	CFR	B	0.02%
	PFS	B	0.02%
	SNEX	A	0.02%
	GME	F	0.02%
	ZBRA	B	0.02%
	FHB	B	0.02%
	CNK	A	0.02%
	IBTX	B	0.02%
	HOMB	B	0.02%
	PRGO	D	0.02%
	ENVA	B	0.02%
	ADC	A	0.02%
	CAR	F	0.02%
	SBRA	C	0.02%
	NATL	C	0.02%
	JBLU	C	0.02%
	TCBI	C	0.02%
	AUB	B	0.02%
	GXO	C	0.02%
	AM	D	0.02%
	SR	C	0.02%
	COTY	F	0.02%
	ALE	A	0.02%
	BANR	C	0.02%
	ST	D	0.02%
	AVNT	B	0.02%
	RNST	C	0.02%
	TRMB	D	0.02%
	AMR	F	0.02%
	LBRT	B	0.02%
	BANC	C	0.02%
	WYNN	F	0.02%
	PRI	B	0.02%
	AGO	C	0.02%
	POR	B	0.02%
	KAR	C	0.02%
	CROX	D	0.02%
	GBCI	B	0.02%
	REXR	C	0.02%
	GNL	C	0.02%
	FULT	C	0.02%
	CRC	C	0.02%
	ASH	D	0.02%
	NWE	B	0.02%
	UMBF	B	0.02%
	VLTO	A	0.02%
	VAL	B	0.02%
	CABO	D	0.02%
	RRX	C	0.02%
	NWBI	B	0.02%
	PPC	B	0.02%
	IDA	B	0.02%
	VGR	B	0.02%
	STAG	B	0.02%
	BYD	C	0.02%
	MGY	A	0.02%
	CRL	C	0.02%
	CIEN	C	0.02%
	AX	C	0.02%
	HOPE	B	0.02%
	ABCB	B	0.02%
	CVBF	C	0.02%
	KRG	B	0.02%
	PEB	F	0.02%
	ENS	B	0.02%
	RUN	C	0.02%
	HTH	C	0.02%
	ALLE	B	0.02%
	PPBI	C	0.02%
	MIDD	D	0.02%
	SPNT	B	0.02%
	NJR	A	0.02%
	TNL	C	0.02%
	ARI	B	0.02%
	TALO	D	0.02%
	RC	C	0.02%
	FRT	B	0.01%
	VSTS	D	0.01%
	MTCH	C	0.01%
	VAC	F	0.01%
	KFY	B	0.01%
	VMI	B	0.01%
	ENPH	D	0.01%
	IIPR	B	0.01%
	EPAM	D	0.01%
	FBP	B	0.01%
	EEFT	D	0.01%
	COLM	C	0.01%
	BANF	B	0.01%
	INDB	B	0.01%
	UCBI	B	0.01%
	NMIH	B	0.01%
	ASGN	C	0.01%
	VSAT	C	0.01%
	LFUS	B	0.01%
	DBX	D	0.01%
	PARR	D	0.01%
	VBTX	B	0.01%
	NWN	B	0.01%
	BCO	B	0.01%
	LPG	D	0.01%
	CBU	B	0.01%
	TRMK	B	0.01%
	DEA	B	0.01%
	VSCO	F	0.01%
	INVA	A	0.01%
	AMN	C	0.01%
	GRBK	B	0.01%
	WEX	D	0.01%
	EPRT	C	0.01%
	FUL	B	0.01%
	DIOD	C	0.01%
	ACHC	F	0.01%
	OTTR	B	0.01%
	WS	B	0.01%
	SABR	C	0.01%
	UAA	D	0.01%
	HI	C	0.01%
	WSFS	B	0.01%
	LCII	C	0.01%
	RXO	B	0.01%
	FFIN	B	0.01%
	NBTB	B	0.01%
	UA	D	0.01%
	EPR	B	0.01%
	SLCA	B	0.01%
	STBA	B	0.01%
	KW	C	0.01%
	SCSC	B	0.01%
	EAT	D	0.01%
	CCOI	C	0.01%
	CCS	B	0.01%
	EGP	C	0.01%
	OPCH	D	0.01%
	PBI	C	0.01%
	PRK	C	0.01%
	NVST	F	0.01%
	CHX	C	0.01%
	GIII	D	0.01%
	FN	D	0.01%
	BOH	B	0.01%
	LITE	C	0.01%
	BGC	C	0.01%
	HGV	C	0.01%
	MAT	C	0.01%
	BHLB	B	0.01%
	NSA	C	0.01%
	NBR	C	0.01%
	ITRI	D	0.01%
	ACIW	B	0.01%
	LNTH	C	0.01%
	ETSY	D	0.01%
	DLX	B	0.01%
	NPO	B	0.01%
	WWW	B	0.01%
	KLG	D	0.01%
	PBH	C	0.01%
	EXPI	C	0.01%
	PATK	B	0.01%
	PCH	C	0.01%
	ENSG	B	0.01%
	BLMN	D	0.01%
	AXON	C	0.01%
	RH	C	0.01%
	FCF	B	0.01%
	MTX	D	0.01%
	CTRE	A	0.01%
	MODG	C	0.01%
	CNXN	B	0.01%
	IPGP	F	0.01%
	BDN	B	0.01%
	NWS	B	0.01%
	PIPR	B	0.01%
	OFG	B	0.01%
	ENOV	D	0.01%
	FDP	C	0.01%
	AXL	D	0.01%
	LRN	A	0.01%
	CRK	F	0.01%
	IBP	B	0.01%
	GTLS	C	0.01%
	PUMP	D	0.01%
	KMT	B	0.01%
	CAKE	C	0.01%
	SXC	A	0.01%
	MATV	B	0.01%
	RWT	C	0.01%
	IRT	C	0.01%
	KELYA	B	0.01%
	UNFI	C	0.01%
	SHC	C	0.01%
	SFBS	B	0.01%
	OII	A	0.01%
	SCVL	B	0.01%
	SVC	D	0.01%
	ITGR	D	0.01%
	LTC	C	0.01%
	DXCM	F	0.01%
	FBK	B	0.01%
	IDCC	A	0.01%
	BCPC	B	0.01%
	CGNX	C	0.01%
	BRKL	B	0.01%
	HASI	B	0.01%
	AHCO	C	0.01%
	AKR	B	0.01%
	HMN	C	0.01%
	LGIH	C	0.01%
	WD	C	0.01%
	DCOM	B	0.01%
	CLW	B	0.01%
	SPTN	C	0.01%
	DT	F	0.01%
	VIR	C	0.01%
	KLIC	F	0.01%
	PODD	C	0.01%
	MYRG	F	0.01%
	UCTT	D	0.01%
	KWR	D	0.01%
	UE	B	0.01%
	B	C	0.01%
	MEDP	D	0.01%
	NOVT	B	0.01%
	OLED	C	0.01%
	MTSI	D	0.01%
	CUBI	B	0.01%
	HALO	B	0.01%
	TBBK	B	0.01%
	HLX	C	0.01%
	BOOT	C	0.01%
	ALKS	C	0.01%
	PLUS	B	0.01%
	CVCO	B	0.01%
	AVAV	D	0.01%
	PJT	B	0.01%
	CFFN	C	0.01%
	FWRD	D	0.01%
	NHC	B	0.01%
	TMP	B	0.01%
	MNRO	C	0.01%
	CASH	B	0.01%
	IART	F	0.01%
	ONTO	D	0.01%
	FSS	B	0.01%
	FCPT	B	0.01%
	EGBN	D	0.01%
	FORM	D	0.01%
	SBCF	C	0.01%
	EXLS	A	0.01%
	ENR	C	0.01%
	CPF	B	0.01%
	MGEE	B	0.01%
	PLAB	F	0.01%
	ICUI	C	0.01%
	JJSF	B	0.01%
	NVRI	A	0.01%
	GFF	B	0.01%
	OUT	B	0.01%
	ASIX	C	0.01%
	EIG	A	0.01%
	DAY	D	0.01%
	RGEN	C	0.01%
	NGVT	D	0.01%
	GTY	C	0.01%
	FIZZ	C	0.01%
	RES	C	0.01%
	CAL	C	0.01%
	FTDR	B	0.01%
	GO	F	0.01%
	ROIC	B	0.01%
	HQY	D	0.01%
	CPK	B	0.01%
	FOXF	D	0.01%
	LGND	B	0.01%
	WRLD	D	0.01%
	AIN	B	0.01%
	CWT	A	0.01%
	EFC	C	0.01%
	CHEF	C	0.01%
	SMPL	F	0.01%
	ZD	F	0.01%
	HAIN	D	0.01%
	SBSI	B	0.01%
	PCTY	D	0.01%
	PAYC	D	0.01%
	MMSI	C	0.01%
	SAFT	C	0.01%
	DOCS	D	0.01%
	INN	B	0.01%
	HCSG	C	0.01%
	CHCO	B	0.01%
	SKT	B	0.01%
	RCM	C	0.01%
	ESE	B	0.01%
	CARG	D	0.01%
	JBT	D	0.01%
	ROCK	C	0.01%
	AZZ	D	0.01%
	ACLS	D	0.01%
	KNF	B	0.01%
	BRBR	F	0.01%
	MYGN	B	0.01%
	MMI	C	0.01%
	AWR	B	0.01%
	TRIP	F	0.01%
	CHH	C	0.01%
	VRTS	C	0.01%
	AEIS	B	0.01%
	PFBC	B	0.01%
	PRDO	B	0.01%
	VRRM	C	0.01%
	NBHC	C	0.01%
	ALGT	D	0.01%
	MRCY	C	0.01%
	HWKN	C	0.01%
	AOSL	C	0.01%
	BGS	D	0.01%
	AZTA	C	0.01%
	IPAR	C	0.01%
	HTZ	F	0.01%
	FTRE	D	0.01%
	OMCL	D	0.01%
	MCRI	B	0.01%
	AAT	B	0.01%
	TECH	B	0.01%
	RDNT	D	0.01%
	PRAA	C	0.01%
	TWI	D	0.01%
	ALEX	B	0.01%
	ROG	C	0.01%
	UFCS	C	0.01%
	NEOG	C	0.01%
	FBNC	C	0.01%
	TRST	B	0.01%
	RMBS	F	0.01%
	CORT	B	0.01%
	KREF	C	0.01%
	HZO	C	0.01%
	MTRN	C	0.01%
	HAFC	B	0.01%
	ALGM	F	0.01%
	ZI	F	0.01%
	MSGS	B	0.01%
	AMBC	F	0.0%
	EZPW	C	0.0%
	BFS	B	0.0%
	UTL	B	0.0%
	VTOL	A	0.0%
	HFWA	B	0.0%
	CSR	B	0.0%
	DIN	F	0.0%
	EYE	D	0.0%
	OXM	C	0.0%
	ADUS	C	0.0%
	QNST	B	0.0%
	MP	F	0.0%
	ZEUS	D	0.0%
	MOV	D	0.0%
	GDOT	D	0.0%
	MRTN	C	0.0%
	PLAY	F	0.0%
	JOE	C	0.0%
	LKFN	C	0.0%
	FLGT	C	0.0%
	TR	C	0.0%
	SOLV	C	0.0%
	MTUS	C	0.0%
	DBI	D	0.0%
	EVTC	D	0.0%
	ETH	D	0.0%
	SUPN	C	0.0%
	NVEE	C	0.0%
	ENV	D	0.0%
	RAMP	F	0.0%
	NEO	C	0.0%
	MERC	F	0.0%
	CNSL	A	0.0%
	ASTH	B	0.0%
	AMCX	F	0.0%
	CENX	D	0.0%
	LSCC	F	0.0%
	DVAX	F	0.0%
	CRVL	B	0.0%
	HAYN	B	0.0%
	USPH	C	0.0%
	CALX	C	0.0%
	EXPO	B	0.0%
	MATW	D	0.0%
	ALRM	C	0.0%
	PRFT	A	0.0%
	MD	D	0.0%
	REX	C	0.0%
	IRWD	D	0.0%
	PRGS	B	0.0%
	DFIN	B	0.0%
	SHAK	D	0.0%
	PAHC	B	0.0%
	HLIT	B	0.0%
	FIVE	F	0.0%
	PLMR	B	0.0%
	WABC	C	0.0%
	PLNT	C	0.0%
	QLYS	D	0.0%
	PRA	D	0.0%
	MGPI	D	0.0%
	SMP	D	0.0%
	WNC	D	0.0%
	LIVN	F	0.0%
	SGH	C	0.0%
	BOX	C	0.0%
	RCUS	D	0.0%
	MCW	C	0.0%
	VECO	D	0.0%
	DXPE	B	0.0%
	POWI	F	0.0%
	SEDG	F	0.0%
	HTLD	C	0.0%
	SJW	C	0.0%
	GPRE	D	0.0%
	AMSF	D	0.0%
	UNIT	D	0.0%
	CNMD	F	0.0%
	TILE	B	0.0%
	SHEN	C	0.0%
	NX	C	0.0%
	BSIG	A	0.0%
	TNC	C	0.0%
	GDEN	D	0.0%
	KOP	D	0.0%
	BLKB	C	0.0%
	SPSC	B	0.0%
	ALG	D	0.0%
	WDFC	B	0.0%
	JACK	D	0.0%
	THRY	D	0.0%
	THRM	C	0.0%
	IRDM	D	0.0%
	SMTC	D	0.0%
	AVNS	B	0.0%
	SONO	F	0.0%
	VIAV	D	0.0%
	AMPH	D	0.0%
	RILY	F	0.0%
	KNSL	C	0.0%
	RGR	C	0.0%
	POWL	D	0.0%
	CCRN	D	0.0%
	YETI	D	0.0%
	LNN	B	0.0%
	USNA	F	0.0%
	CVGW	F	0.0%
	EXTR	C	0.0%
	PRVA	C	0.0%
	NUS	F	0.0%
	SLAB	D	0.0%
	XNCR	F	0.0%
	WING	D	0.0%
	CENT	F	0.0%
	HRMY	C	0.0%
	PRLB	C	0.0%
	COLL	B	0.0%
	CYTK	C	0.0%
	SXI	B	0.0%
	IIIN	C	0.0%
	DV	D	0.0%
	HSII	B	0.0%
	CARS	B	0.0%
	AHH	B	0.0%
	CTS	D	0.0%
	WSR	C	0.0%
	DRQ	F	0.0%
	ASTE	D	0.0%
	VVI	D	0.0%
	ELF	D	0.0%
	PZZA	F	0.0%
	SSTK	C	0.0%
	CELH	F	0.0%
	CHCT	F	0.0%
	CPRX	C	0.0%
	EPAC	C	0.0%
	MYE	D	0.0%
	PEN	F	0.0%
	JBSS	B	0.0%
	CERT	D	0.0%
	ICHR	F	0.0%
	ARWR	C	0.0%
	HVT	D	0.0%
	PGNY	D	0.0%
	CRSR	F	0.0%
	DGII	C	0.0%
	NABL	D	0.0%
	NXRT	B	0.0%
	CMP	D	0.0%
	GKOS	C	0.0%
	RGNX	D	0.0%
	MXL	F	0.0%
	TRUP	B	0.0%
	COHU	F	0.0%
	BJRI	F	0.0%
	TGI	C	0.0%
	TNDM	D	0.0%
	STAA	D	0.0%
	TTGT	C	0.0%
	BMI	B	0.0%
	LQDT	B	0.0%
	CLB	B	0.0%
	SITM	C	0.0%
	SNCY	D	0.0%
	CEVA	D	0.0%
	AAON	C	0.0%
	PCRX	F	0.0%
	HCI	D	0.0%
	GOGO	F	0.0%
	EMBC	C	0.0%
	VREX	F	0.0%
	MSEX	C	0.0%
	VCEL	C	0.0%
	AGYS	B	0.0%
	LESL	F	0.0%
	NARI	D	0.0%
	CHUY	C	0.0%
	XPEL	D	0.0%
	DDD	D	0.0%
	SPWR	F	0.0%
	NPK	C	0.0%
	UHT	B	0.0%
	VICR	C	0.0%

VLU Underweight 68 Positions Relative to MFUS

	Symbol	Grade	Weight
	BAH	D	-0.14%
	APO	A	-0.12%
	FTI	A	-0.12%
	KKR	B	-0.12%
	ARES	A	-0.1%
	COIN	D	-0.1%
	LPLA	F	-0.08%
	ALSN	A	-0.08%
	DASH	D	-0.07%
	DELL	F	-0.06%
	FLEX	C	-0.06%
	ENTG	F	-0.05%
	TW	B	-0.05%
	SUI	B	-0.05%
	PINS	F	-0.05%
	FCNCA	B	-0.05%
	WTM	C	-0.04%
	COLD	C	-0.04%
	APG	C	-0.04%
	SEB	D	-0.04%
	AGNC	C	-0.04%
	OMF	B	-0.04%
	CRBG	C	-0.04%
	DDS	D	-0.04%
	VIRT	C	-0.04%
	SNAP	F	-0.03%
	HOOD	D	-0.03%
	AVTR	B	-0.03%
	CPNG	D	-0.03%
	APP	D	-0.03%
	LSXMK	D	-0.03%
	PRIM	B	-0.03%
	DK	F	-0.03%
	DOX	B	-0.03%
	RPRX	C	-0.03%
	UHAL	B	-0.03%
	MKL	B	-0.03%
	OKTA	C	-0.03%
	DBRG	D	-0.03%
	HEI	A	-0.03%
	SNDR	C	-0.02%
	TNET	D	-0.02%
	GWRE	B	-0.02%
	PSN	A	-0.02%
	IGT	C	-0.02%
	LBRDK	C	-0.02%
	BMRN	D	-0.02%
	PFSI	C	-0.02%
	RLJ	F	-0.02%
	BFAM	B	-0.02%
	UHAL	B	-0.01%
	ELAN	F	-0.01%
	LYFT	F	-0.01%
	SCCO	D	-0.01%
	ESI	B	-0.01%
	ACI	F	-0.01%
	SPB	D	-0.01%
	HUN	D	-0.01%
	JELD	D	-0.01%
	BECN	B	-0.01%
	WMK	B	-0.01%
	NNI	A	-0.01%
	LADR	C	-0.01%
	LAUR	B	-0.01%
	WAL	B	-0.01%
	GOLF	B	-0.01%
	SCS	B	-0.01%
	NOMD	B	-0.0%

VLU: Top Represented Industries & Keywords

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

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

MFUS: Top Represented Industries & Keywords

Industries: Diversified Industrials Asset Management Banks - Regional - US Software - Application Business Services Packaged Foods Specialty Chemicals Specialty Retail Building Materials Capital Markets Insurance - Property & Casualty Oil & Gas E&P Aerospace & Defense Credit Services Packaging & Containers Engineering & Construction Information Technology Services Semiconductors Medical Instruments & Supplies REIT - Diversified

Keywords: S&P 500 Nasdaq 100 Insurance Chemical Aerospace Computing Mining Natural Gas Electronics Bank Banking Real Estate Investment Trust Telecommunications Transport Building Materials Retailing Construction Beverage Dow Jones Component Plastic