VLU vs. SPGM ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to SPDR Portfolio MSCI Global Stock Market ETF (SPGM)

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

$190.52

Average Daily Volume

7,926

Number of Holdings ^*

1418

* may have additional holdings in another (foreign) market

SPGM

SPDR Portfolio MSCI Global Stock Market ETF

SPGM Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI ACWI IMI Index. The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in depositary receipts based on securities comprising the index. The index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets.

Grade (RS Rating)

Last Trade

$64.64

Average Daily Volume

53,606

Number of Holdings ^*

1002

* may have additional holdings in another (foreign) market

Performance

Period	VLU	SPGM
30 Days	2.48%	-0.09%
60 Days	6.20%	2.90%
90 Days	7.81%	4.38%
12 Months	30.10%	25.88%

487 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in SPGM	Overlap
	A	F	0.03%	0.21%	0.03%
	AA	C	0.04%	0.04%	0.04%
	AAON	B	0.0%	0.01%	0.0%
	AAPL	C	2.41%	3.64%	2.41%
	ABBV	F	0.45%	0.43%	0.43%
	ABBV	F	0.45%	0.19%	0.19%
	ABNB	C	0.07%	0.05%	0.05%
	ABR	B	0.02%	0.01%	0.01%
	ABT	C	0.24%	0.34%	0.24%
	ACLS	F	0.0%	0.0%	0.0%
	ACN	B	0.31%	0.28%	0.28%
	ADBE	C	0.16%	0.33%	0.16%
	ADI	D	0.14%	0.17%	0.14%
	ADM	F	0.21%	0.08%	0.08%
	ADNT	D	0.02%	0.0%	0.0%
	ADP	A	0.09%	0.23%	0.09%
	ADSK	B	0.03%	0.01%	0.01%
	ADUS	D	0.0%	0.0%	0.0%
	AEP	D	0.16%	0.16%	0.16%
	AES	F	0.04%	0.01%	0.01%
	AFL	C	0.2%	0.25%	0.2%
	AGYS	B	0.0%	0.02%	0.0%
	AHH	D	0.0%	0.02%	0.0%
	ALB	C	0.04%	0.01%	0.01%
	ALEX	B	0.0%	0.01%	0.0%
	ALGN	D	0.02%	0.01%	0.01%
	ALL	B	0.15%	0.15%	0.15%
	ALLE	D	0.02%	0.04%	0.02%
	ALLY	C	0.09%	0.02%	0.02%
	AMAT	F	0.12%	0.26%	0.12%
	AMD	F	0.13%	0.24%	0.13%
	AMG	B	0.02%	0.0%	0.0%
	AMGN	F	0.26%	0.23%	0.23%
	AMR	C	0.01%	0.0%	0.0%
	AMT	F	0.13%	0.16%	0.13%
	AMZN	A	2.1%	2.14%	2.1%
	ANET	C	0.08%	0.08%	0.08%
	ANF	C	0.01%	0.0%	0.0%
	AON	B	0.07%	0.08%	0.07%
	AOSL	D	0.0%	0.0%	0.0%
	APA	F	0.04%	0.01%	0.01%
	APD	B	0.14%	0.08%	0.08%
	APH	B	0.06%	0.01%	0.01%
	APTV	F	0.05%	0.0%	0.0%
	AR	B	0.04%	0.0%	0.0%
	ARWR	C	0.0%	0.01%	0.0%
	ASTH	F	0.0%	0.0%	0.0%
	AVGO	C	0.46%	0.93%	0.46%
	AVNS	F	0.01%	0.0%	0.0%
	AX	B	0.02%	0.0%	0.0%
	AXON	B	0.01%	0.04%	0.01%
	AXP	B	0.35%	0.37%	0.35%
	BA	F	0.17%	0.11%	0.11%
	BAC	A	1.49%	0.5%	0.5%
	BAX	F	0.06%	0.06%	0.06%
	BBWI	C	0.02%	0.01%	0.01%
	BDX	F	0.08%	0.17%	0.08%
	BEN	C	0.05%	0.05%	0.05%
	BHF	B	0.03%	0.01%	0.01%
	BIIB	F	0.08%	0.07%	0.07%
	BJRI	B	0.0%	0.0%	0.0%
	BK	B	0.28%	0.19%	0.19%
	BKNG	A	0.12%	0.31%	0.12%
	BKR	B	0.12%	0.03%	0.03%
	BLDR	C	0.05%	0.01%	0.01%
	BMY	B	0.34%	0.14%	0.14%
	BOOT	C	0.01%	0.0%	0.0%
	BRBR	A	0.01%	0.0%	0.0%
	BRK.A	B	2.36%	0.71%	0.71%
	BSX	A	0.11%	0.14%	0.11%
	BTU	C	0.03%	0.01%	0.01%
	BURL	C	0.03%	0.0%	0.0%
	BX	A	0.13%	0.06%	0.06%
	C	B	1.11%	0.26%	0.26%
	CAG	F	0.07%	0.05%	0.05%
	CALX	F	0.0%	0.0%	0.0%
	CAR	C	0.02%	0.0%	0.0%
	CARR	C	0.08%	0.06%	0.06%
	CARS	B	0.0%	0.0%	0.0%
	CASH	B	0.01%	0.01%	0.01%
	CAT	B	0.25%	0.32%	0.25%
	CB	C	0.32%	0.26%	0.26%
	CC	C	0.01%	0.0%	0.0%
	CCL	B	0.2%	0.02%	0.02%
	CCS	F	0.01%	0.01%	0.01%
	CDNS	B	0.03%	0.07%	0.03%
	CEG	D	0.04%	0.13%	0.04%
	CEIX	B	0.03%	0.0%	0.0%
	CELH	F	0.0%	0.01%	0.0%
	CENX	B	0.01%	0.01%	0.01%
	CERT	F	0.0%	0.0%	0.0%
	CEVA	B	0.0%	0.0%	0.0%
	CF	B	0.06%	0.02%	0.02%
	CFG	B	0.18%	0.02%	0.02%
	CHD	A	0.03%	0.07%	0.03%
	CHEF	B	0.01%	0.0%	0.0%
	CHRD	D	0.07%	0.0%	0.0%
	CHRW	A	0.06%	0.09%	0.06%
	CHTR	B	0.33%	0.11%	0.11%
	CHX	C	0.01%	0.02%	0.01%
	CI	D	0.33%	0.07%	0.07%
	CL	F	0.09%	0.12%	0.09%
	CLF	F	0.02%	0.0%	0.0%
	CLX	A	0.03%	0.12%	0.03%
	CMCSA	B	0.64%	0.19%	0.19%
	CME	B	0.1%	0.09%	0.09%
	CMG	B	0.04%	0.1%	0.04%
	CMI	A	0.13%	0.25%	0.13%
	CNC	F	0.28%	0.0%	0.0%
	COF	B	0.6%	0.15%	0.15%
	COHR	C	0.04%	0.01%	0.01%
	COLL	F	0.0%	0.01%	0.0%
	COP	C	0.41%	0.18%	0.18%
	COST	B	0.28%	0.55%	0.28%
	COTY	D	0.01%	0.0%	0.0%
	CPRX	C	0.0%	0.01%	0.0%
	CRM	B	0.26%	0.46%	0.26%
	CROX	F	0.01%	0.01%	0.01%
	CRSR	C	0.0%	0.0%	0.0%
	CSCO	A	0.51%	0.35%	0.35%
	CSGP	F	0.02%	0.0%	0.0%
	CSX	B	0.1%	0.2%	0.1%
	CTSH	A	0.11%	0.13%	0.11%
	CTVA	C	0.09%	0.08%	0.08%
	CUBI	B	0.01%	0.0%	0.0%
	CVS	F	0.61%	0.14%	0.14%
	CVX	A	1.32%	0.34%	0.34%
	CYTK	C	0.0%	0.0%	0.0%
	CZR	F	0.03%	0.01%	0.01%
	DAN	D	0.01%	0.0%	0.0%
	DD	D	0.18%	0.08%	0.08%
	DE	D	0.22%	0.18%	0.18%
	DEA	D	0.01%	0.06%	0.01%
	DFS	B	0.16%	0.21%	0.16%
	DGII	B	0.0%	0.0%	0.0%
	DHI	D	0.11%	0.0%	0.0%
	DHR	F	0.11%	0.3%	0.11%
	DIS	B	0.27%	0.25%	0.25%
	DLR	C	0.04%	0.01%	0.01%
	DLTR	F	0.04%	0.04%	0.04%
	DNOW	B	0.01%	0.0%	0.0%
	DOC	C	0.05%	0.05%	0.05%
	DOCS	B	0.01%	0.01%	0.01%
	DOW	F	0.17%	0.06%	0.06%
	DRH	C	0.01%	0.0%	0.0%
	DT	C	0.01%	0.01%	0.01%
	DUK	D	0.32%	0.1%	0.1%
	DVAX	B	0.0%	0.01%	0.0%
	DVN	F	0.12%	0.01%	0.01%
	DXC	B	0.03%	0.01%	0.01%
	DXCM	C	0.01%	0.02%	0.01%
	EA	A	0.05%	0.0%	0.0%
	EBAY	C	0.08%	0.1%	0.08%
	ECL	C	0.04%	0.14%	0.04%
	EFC	C	0.01%	0.01%	0.01%
	EGBN	B	0.01%	0.0%	0.0%
	EIX	C	0.1%	0.11%	0.1%
	EL	F	0.03%	0.04%	0.03%
	ELF	C	0.0%	0.0%	0.0%
	ELV	F	0.31%	0.18%	0.18%
	EMBC	C	0.0%	0.0%	0.0%
	EMR	A	0.16%	0.2%	0.16%
	ENPH	F	0.01%	0.01%	0.01%
	ENS	D	0.01%	0.01%	0.01%
	ENVA	B	0.02%	0.0%	0.0%
	EOG	A	0.22%	0.15%	0.15%
	EPAM	B	0.01%	0.01%	0.01%
	EPRT	C	0.01%	0.01%	0.01%
	EQIX	B	0.07%	0.04%	0.04%
	EQR	C	0.08%	0.06%	0.06%
	EQT	B	0.12%	0.0%	0.0%
	ETN	B	0.12%	0.23%	0.12%
	ETSY	D	0.01%	0.0%	0.0%
	EXC	C	0.19%	0.06%	0.06%
	EXPE	B	0.05%	0.01%	0.01%
	EXPI	C	0.01%	0.01%	0.01%
	EXTR	C	0.0%	0.0%	0.0%
	EYE	C	0.0%	0.0%	0.0%
	F	C	0.36%	0.07%	0.07%
	FAST	B	0.04%	0.14%	0.04%
	FBK	B	0.01%	0.01%	0.01%
	FBRT	C	0.0%	0.0%	0.0%
	FCX	F	0.09%	0.04%	0.04%
	FDX	B	0.24%	0.17%	0.17%
	FE	D	0.06%	0.07%	0.06%
	FI	A	0.15%	0.05%	0.05%
	FICO	B	0.02%	0.02%	0.02%
	FIS	B	0.1%	0.01%	0.01%
	FIZZ	C	0.01%	0.0%	0.0%
	FLGT	F	0.0%	0.0%	0.0%
	FOXA	A	0.09%	0.05%	0.05%
	FSLR	F	0.03%	0.02%	0.02%
	FTNT	B	0.04%	0.02%	0.02%
	FTV	C	0.03%	0.06%	0.03%
	GD	C	0.22%	0.24%	0.22%
	GDOT	C	0.01%	0.0%	0.0%
	GE	D	0.27%	0.14%	0.14%
	GEHC	D	0.03%	0.02%	0.02%
	GILD	B	0.38%	0.19%	0.19%
	GIS	F	0.1%	0.05%	0.05%
	GKOS	B	0.0%	0.0%	0.0%
	GLW	B	0.1%	0.15%	0.1%
	GM	B	0.53%	0.09%	0.09%
	GME	C	0.03%	0.01%	0.01%
	GMS	B	0.01%	0.01%	0.01%
	GNRC	B	0.02%	0.01%	0.01%
	GOGO	C	0.0%	0.0%	0.0%
	GOOG	C	1.2%	1.11%	1.11%
	GOOGL	C	0.75%	1.11%	0.75%
	GPN	B	0.06%	0.0%	0.0%
	GRBK	D	0.01%	0.01%	0.01%
	GS	B	0.57%	0.37%	0.37%
	GXO	B	0.02%	0.0%	0.0%
	HAE	B	0.01%	0.0%	0.0%
	HAL	C	0.07%	0.05%	0.05%
	HASI	F	0.01%	0.01%	0.01%
	HAYN	A	0.0%	0.0%	0.0%
	HAYW	B	0.0%	0.0%	0.0%
	HCA	D	0.18%	0.02%	0.02%
	HD	B	0.5%	0.53%	0.5%
	HES	B	0.06%	0.11%	0.06%
	HOG	D	0.02%	0.0%	0.0%
	HON	B	0.21%	0.2%	0.2%
	HPE	B	0.24%	0.07%	0.07%
	HPQ	B	0.31%	0.11%	0.11%
	HSII	B	0.0%	0.0%	0.0%
	HST	D	0.04%	0.0%	0.0%
	HSY	F	0.05%	0.12%	0.05%
	IBM	D	0.43%	0.28%	0.28%
	IBP	F	0.01%	0.0%	0.0%
	ICE	C	0.11%	0.1%	0.1%
	ICHR	C	0.0%	0.0%	0.0%
	IDXX	F	0.02%	0.0%	0.0%
	IFF	F	0.05%	0.02%	0.02%
	IIIN	C	0.0%	0.0%	0.0%
	IIPR	F	0.01%	0.02%	0.01%
	ILMN	C	0.03%	0.01%	0.01%
	INN	D	0.01%	0.0%	0.0%
	INTC	C	0.35%	0.14%	0.14%
	INTU	A	0.06%	0.35%	0.06%
	IR	A	0.02%	0.13%	0.02%
	ISRG	A	0.1%	0.17%	0.1%
	ITRI	B	0.01%	0.01%	0.01%
	ITW	B	0.09%	0.14%	0.09%
	JCI	A	0.15%	0.17%	0.15%
	JNJ	D	0.79%	0.4%	0.4%
	JNPR	D	0.03%	0.06%	0.03%
	JPM	A	1.46%	0.95%	0.95%
	K	A	0.08%	0.06%	0.06%
	KD	A	0.03%	0.01%	0.01%
	KEX	A	0.02%	0.01%	0.01%
	KEYS	C	0.04%	0.13%	0.04%
	KHC	F	0.25%	0.0%	0.0%
	KIM	A	0.04%	0.0%	0.0%
	KLAC	F	0.05%	0.04%	0.04%
	KLG	F	0.01%	0.0%	0.0%
	KMB	D	0.1%	0.11%	0.1%
	KMI	B	0.44%	0.03%	0.03%
	KO	F	0.37%	0.29%	0.29%
	KOP	C	0.0%	0.01%	0.0%
	KREF	D	0.01%	0.0%	0.0%
	KSS	D	0.02%	0.01%	0.01%
	KVUE	A	0.22%	0.03%	0.03%
	LDOS	C	0.05%	0.04%	0.04%
	LESL	D	0.0%	0.0%	0.0%
	LGIH	F	0.01%	0.0%	0.0%
	LIN	D	0.19%	0.33%	0.19%
	LLY	F	0.2%	0.71%	0.2%
	LMT	D	0.33%	0.25%	0.25%
	LNTH	F	0.01%	0.03%	0.01%
	LNW	F	0.02%	0.03%	0.02%
	LOW	B	0.23%	0.3%	0.23%
	LRCX	F	0.08%	0.07%	0.07%
	LSCC	D	0.0%	0.0%	0.0%
	LULU	B	0.03%	0.02%	0.02%
	LUMN	C	0.08%	0.01%	0.01%
	LVS	C	0.07%	0.04%	0.04%
	LW	B	0.01%	0.04%	0.01%
	LYB	F	0.19%	0.07%	0.07%
	M	C	0.04%	0.01%	0.01%
	MA	B	0.13%	0.43%	0.13%
	MAT	C	0.01%	0.0%	0.0%
	MATX	B	0.02%	0.01%	0.01%
	MCD	C	0.15%	0.23%	0.15%
	MCK	B	0.39%	0.22%	0.22%
	MCO	C	0.04%	0.02%	0.02%
	MCRI	A	0.01%	0.01%	0.01%
	MDLZ	F	0.18%	0.05%	0.05%
	MDT	D	0.32%	0.23%	0.23%
	MET	C	0.41%	0.2%	0.2%
	META	B	1.78%	1.45%	1.45%
	MGPI	F	0.0%	0.0%	0.0%
	MHO	D	0.02%	0.01%	0.01%
	MKC	D	0.04%	0.11%	0.04%
	MMC	D	0.12%	0.17%	0.12%
	MMM	C	0.28%	0.11%	0.11%
	MO	A	0.34%	0.09%	0.09%
	MOS	D	0.08%	0.02%	0.02%
	MP	C	0.01%	0.0%	0.0%
	MPC	D	0.44%	0.16%	0.16%
	MPWR	F	0.01%	0.03%	0.01%
	MRK	F	0.31%	0.32%	0.31%
	MRNA	F	0.02%	0.02%	0.02%
	MRO	B	0.08%	0.07%	0.07%
	MS	A	0.6%	0.31%	0.31%
	MSFT	C	1.43%	3.34%	1.43%
	MTB	A	0.17%	0.13%	0.13%
	MTCH	F	0.01%	0.0%	0.0%
	MTDR	B	0.03%	0.01%	0.01%
	MU	D	0.15%	0.08%	0.08%
	MXL	C	0.0%	0.0%	0.0%
	NABL	F	0.0%	0.0%	0.0%
	NARI	C	0.0%	0.0%	0.0%
	NBR	C	0.01%	0.01%	0.01%
	NCLH	B	0.04%	0.0%	0.0%
	NEE	D	0.33%	0.24%	0.24%
	NEM	F	0.14%	0.04%	0.04%
	NEO	B	0.0%	0.0%	0.0%
	NEOG	D	0.0%	0.0%	0.0%
	NFLX	A	0.18%	0.35%	0.18%
	NKE	F	0.12%	0.18%	0.12%
	NMIH	D	0.01%	0.0%	0.0%
	NOC	D	0.15%	0.17%	0.15%
	NOV	C	0.02%	0.01%	0.01%
	NOW	A	0.06%	0.15%	0.06%
	NSC	B	0.13%	0.17%	0.13%
	NTAP	D	0.04%	0.1%	0.04%
	NUE	D	0.12%	0.02%	0.02%
	NVDA	A	0.37%	4.05%	0.37%
	NVRI	F	0.0%	0.0%	0.0%
	NVT	C	0.02%	0.0%	0.0%
	NWSA	B	0.03%	0.01%	0.01%
	NX	C	0.0%	0.0%	0.0%
	NXPI	F	0.07%	0.01%	0.01%
	NXRT	B	0.0%	0.07%	0.0%
	ODFL	B	0.03%	0.01%	0.01%
	OGN	F	0.03%	0.0%	0.0%
	OII	B	0.01%	0.02%	0.01%
	OMI	F	0.01%	0.01%	0.01%
	ON	F	0.05%	0.01%	0.01%
	ORA	B	0.01%	0.01%	0.01%
	ORCL	A	0.45%	0.42%	0.42%
	ORLY	A	0.08%	0.22%	0.08%
	OTIS	D	0.04%	0.04%	0.04%
	OVV	C	0.09%	0.0%	0.0%
	OXY	F	0.17%	0.05%	0.05%
	PANW	B	0.07%	0.11%	0.07%
	PARA	B	0.06%	0.02%	0.02%
	PARR	F	0.01%	0.0%	0.0%
	PAYO	B	0.0%	0.0%	0.0%
	PBF	F	0.03%	0.01%	0.01%
	PCG	A	0.12%	0.0%	0.0%
	PCH	F	0.01%	0.01%	0.01%
	PEG	C	0.13%	0.14%	0.13%
	PEN	C	0.0%	0.01%	0.0%
	PENN	B	0.03%	0.0%	0.0%
	PEP	D	0.34%	0.26%	0.26%
	PFE	F	0.77%	0.19%	0.19%
	PG	C	0.46%	0.45%	0.45%
	PGR	A	0.18%	0.17%	0.17%
	PH	A	0.09%	0.17%	0.09%
	PLAB	C	0.01%	0.0%	0.0%
	PLAY	C	0.0%	0.02%	0.0%
	PLD	D	0.13%	0.22%	0.13%
	PLMR	A	0.0%	0.01%	0.0%
	PM	B	0.54%	0.2%	0.2%
	PNC	B	0.4%	0.16%	0.16%
	PNR	A	0.02%	0.01%	0.01%
	PODD	B	0.01%	0.0%	0.0%
	POWL	C	0.01%	0.02%	0.01%
	PPL	A	0.09%	0.08%	0.08%
	PRG	B	0.02%	0.0%	0.0%
	PRU	B	0.38%	0.15%	0.15%
	PRVA	B	0.0%	0.0%	0.0%
	PSA	D	0.07%	0.21%	0.07%
	PSX	C	0.45%	0.05%	0.05%
	PTEN	C	0.01%	0.01%	0.01%
	PUMP	C	0.01%	0.0%	0.0%
	PYPL	A	0.17%	0.14%	0.14%
	QCOM	F	0.23%	0.28%	0.23%
	QNST	C	0.01%	0.0%	0.0%
	RAMP	C	0.0%	0.0%	0.0%
	RCL	A	0.08%	0.03%	0.03%
	RCUS	F	0.0%	0.01%	0.0%
	RDNT	B	0.01%	0.01%	0.01%
	REG	A	0.04%	0.0%	0.0%
	REGN	F	0.11%	0.1%	0.1%
	REZI	A	0.02%	0.0%	0.0%
	RGEN	C	0.01%	0.0%	0.0%
	RGNX	D	0.0%	0.0%	0.0%
	ROCK	C	0.0%	0.0%	0.0%
	ROIC	A	0.01%	0.12%	0.01%
	ROIV	D	0.04%	0.0%	0.0%
	ROST	D	0.06%	0.17%	0.06%
	RRC	B	0.03%	0.0%	0.0%
	RTX	D	0.44%	0.33%	0.33%
	RUN	F	0.01%	0.0%	0.0%
	SABR	B	0.01%	0.0%	0.0%
	SAM	B	0.0%	0.0%	0.0%
	SBUX	B	0.14%	0.19%	0.14%
	SCHW	B	0.24%	0.16%	0.16%
	SEDG	F	0.0%	0.0%	0.0%
	SHC	D	0.01%	0.0%	0.0%
	SHEN	F	0.0%	0.0%	0.0%
	SHW	A	0.06%	0.03%	0.03%
	SITM	B	0.0%	0.0%	0.0%
	SJM	F	0.05%	0.07%	0.05%
	SLB	C	0.13%	0.07%	0.07%
	SM	C	0.02%	0.0%	0.0%
	SMCI	F	0.01%	0.01%	0.01%
	SNCY	B	0.0%	0.0%	0.0%
	SNPS	C	0.05%	0.05%	0.05%
	SO	D	0.3%	0.07%	0.07%
	SOLV	C	0.01%	0.01%	0.01%
	SONO	C	0.0%	0.0%	0.0%
	SPG	A	0.06%	0.14%	0.06%
	SPGI	C	0.12%	0.23%	0.12%
	STAA	F	0.0%	0.0%	0.0%
	STT	B	0.14%	0.08%	0.08%
	STX	D	0.05%	0.07%	0.05%
	SVC	F	0.0%	0.0%	0.0%
	SYF	B	0.22%	0.06%	0.06%
	SYK	A	0.09%	0.19%	0.09%
	SYY	D	0.12%	0.12%	0.12%
	T	A	1.35%	0.21%	0.21%
	TBBK	B	0.01%	0.03%	0.01%
	TDG	D	0.02%	0.02%	0.02%
	TFIN	B	0.0%	0.01%	0.0%
	TGI	B	0.0%	0.01%	0.0%
	TGT	C	0.22%	0.12%	0.12%
	THO	B	0.03%	0.0%	0.0%
	THRM	F	0.0%	0.0%	0.0%
	TJX	A	0.16%	0.33%	0.16%
	TMO	F	0.16%	0.41%	0.16%
	TMUS	A	0.42%	0.06%	0.06%
	TNDM	F	0.0%	0.0%	0.0%
	TPR	A	0.04%	0.04%	0.04%
	TREX	C	0.01%	0.01%	0.01%
	TRUP	B	0.0%	0.0%	0.0%
	TRV	B	0.18%	0.2%	0.18%
	TSLA	B	0.57%	0.89%	0.57%
	TSN	B	0.14%	0.07%	0.07%
	TT	B	0.08%	0.18%	0.08%
	TTGT	C	0.0%	0.02%	0.0%
	TTWO	A	0.02%	0.0%	0.0%
	TXN	B	0.25%	0.39%	0.25%
	UBER	F	0.08%	0.13%	0.08%
	UCTT	F	0.01%	0.0%	0.0%
	UNH	B	1.17%	0.67%	0.67%
	UNIT	C	0.01%	0.0%	0.0%
	UNP	D	0.22%	0.27%	0.22%
	UPS	C	0.37%	0.11%	0.11%
	URI	B	0.07%	0.02%	0.02%
	USB	B	0.38%	0.13%	0.13%
	UVV	B	0.01%	0.0%	0.0%
	V	A	0.44%	0.68%	0.44%
	VICR	C	0.0%	0.01%	0.0%
	VIR	C	0.01%	0.0%	0.0%
	VLO	C	0.37%	0.11%	0.11%
	VLTO	D	0.02%	0.04%	0.02%
	VNT	C	0.01%	0.01%	0.01%
	VRE	B	0.01%	0.0%	0.0%
	VRTX	B	0.11%	0.08%	0.08%
	VSCO	B	0.02%	0.0%	0.0%
	VSTO	A	0.01%	0.01%	0.01%
	VTLE	C	0.01%	0.0%	0.0%
	VTRS	B	0.13%	0.01%	0.01%
	VVI	B	0.0%	0.0%	0.0%
	VZ	D	1.46%	0.13%	0.13%
	WBA	D	0.06%	0.01%	0.01%
	WBD	B	0.18%	0.02%	0.02%
	WDC	D	0.05%	0.07%	0.05%
	WFC	A	1.17%	0.42%	0.42%
	WGO	B	0.01%	0.0%	0.0%
	WM	A	0.1%	0.22%	0.1%
	WMB	B	0.19%	0.08%	0.08%
	WMT	A	1.8%	0.4%	0.4%
	WOLF	F	0.0%	0.0%	0.0%
	WRLD	C	0.01%	0.0%	0.0%
	WSR	B	0.0%	0.01%	0.0%
	XHR	B	0.01%	0.0%	0.0%
	XOM	B	2.01%	0.68%	0.68%
	XPO	B	0.04%	0.01%	0.01%
	YETI	D	0.0%	0.01%	0.0%
	YUM	B	0.03%	0.11%	0.03%
	ZI	C	0.0%	0.0%	0.0%
	ZTS	D	0.04%	0.09%	0.04%

VLU Overweight 932 Positions Relative to SPGM

	Symbol	Grade	Weight
	TFC	B	0.53%
	COR	B	0.37%
	KR	A	0.34%
	DAL	A	0.33%
	CAH	B	0.25%
	UAL	A	0.24%
	AIG	B	0.24%
	D	D	0.23%
	SW	B	0.22%
	SRE	B	0.18%
	IP	B	0.17%
	HUM	D	0.17%
	LUV	B	0.16%
	PFG	C	0.16%
	BBY	C	0.15%
	KEY	B	0.15%
	ETR	B	0.15%
	XEL	A	0.14%
	L	A	0.13%
	HIG	C	0.13%
	OKE	A	0.13%
	LEN	D	0.13%
	FITB	A	0.12%
	KDP	C	0.12%
	AMP	A	0.12%
	PCAR	B	0.12%
	WELL	B	0.12%
	HBAN	A	0.12%
	RGA	A	0.12%
	ED	D	0.12%
	FANG	C	0.11%
	O	D	0.11%
	BG	D	0.11%
	PFGC	B	0.11%
	RF	A	0.11%
	ACGL	C	0.11%
	CCI	F	0.1%
	LHX	B	0.1%
	UNM	A	0.1%
	VST	B	0.1%
	LAD	B	0.09%
	TRGP	B	0.09%
	RSG	B	0.09%
	VICI	D	0.09%
	MAR	A	0.09%
	DTE	D	0.09%
	WEC	B	0.09%
	AAL	B	0.08%
	CMA	A	0.08%
	EG	D	0.08%
	X	D	0.08%
	NTRS	A	0.08%
	USFD	B	0.08%
	SNX	C	0.08%
	ES	D	0.08%
	AFG	A	0.08%
	STLD	C	0.08%
	VTR	C	0.08%
	AEE	B	0.08%
	CBRE	B	0.08%
	TAP	B	0.08%
	ATO	B	0.07%
	GRMN	A	0.07%
	WTW	A	0.07%
	NDAQ	B	0.07%
	BWA	B	0.07%
	EVRG	A	0.07%
	CINF	A	0.07%
	IVZ	B	0.07%
	AVB	B	0.07%
	ZION	B	0.07%
	CNP	B	0.07%
	JXN	C	0.07%
	EQH	B	0.07%
	HRL	F	0.07%
	TROW	A	0.07%
	FNF	C	0.07%
	ARW	F	0.06%
	GWW	B	0.06%
	NRG	C	0.06%
	CTRA	B	0.06%
	LH	B	0.06%
	NI	A	0.06%
	JEF	B	0.06%
	DINO	D	0.06%
	BXP	D	0.06%
	DVA	C	0.06%
	NVR	D	0.06%
	R	B	0.06%
	PHM	D	0.06%
	VFC	C	0.06%
	PAYX	B	0.06%
	RJF	A	0.06%
	PPG	F	0.06%
	THC	B	0.06%
	VNO	C	0.06%
	OMC	A	0.06%
	WY	F	0.06%
	AZO	B	0.06%
	MHK	D	0.06%
	WPC	F	0.05%
	PKG	B	0.05%
	FOX	A	0.05%
	OC	A	0.05%
	JLL	C	0.05%
	MCHP	F	0.05%
	LEA	F	0.05%
	UHS	D	0.05%
	ZBH	C	0.05%
	STZ	D	0.05%
	IQV	F	0.05%
	DG	F	0.05%
	GPC	D	0.05%
	JBL	C	0.05%
	CNX	B	0.05%
	TOL	B	0.05%
	PNW	A	0.05%
	JHG	A	0.05%
	ARMK	B	0.05%
	WRB	B	0.05%
	WHR	B	0.05%
	LNC	B	0.05%
	GEN	B	0.05%
	ARE	F	0.05%
	RS	C	0.05%
	RNR	D	0.05%
	SWK	F	0.05%
	STWD	C	0.05%
	ROP	A	0.05%
	DGX	B	0.05%
	EWBC	B	0.05%
	FHN	A	0.05%
	COLB	A	0.05%
	COOP	B	0.05%
	AWK	D	0.05%
	AJG	A	0.05%
	CMS	D	0.05%
	ALK	A	0.05%
	AMCR	D	0.05%
	IBKR	A	0.05%
	MNST	B	0.05%
	MUSA	B	0.04%
	CPT	C	0.04%
	HCC	C	0.04%
	DOV	A	0.04%
	BRO	B	0.04%
	NOG	B	0.04%
	CNO	B	0.04%
	AME	A	0.04%
	SF	A	0.04%
	TSCO	D	0.04%
	IPG	F	0.04%
	J	D	0.04%
	EXPD	C	0.04%
	INGR	B	0.04%
	GL	B	0.04%
	AN	C	0.04%
	CACI	C	0.04%
	WLK	F	0.04%
	OHI	C	0.04%
	TXT	D	0.04%
	SNA	A	0.04%
	TMHC	B	0.04%
	TKO	D	0.04%
	FYBR	D	0.04%
	BERY	D	0.04%
	LNT	C	0.04%
	ROK	B	0.04%
	VLY	B	0.04%
	HWM	B	0.04%
	MAA	C	0.04%
	BALL	D	0.04%
	WSO	B	0.04%
	SANM	C	0.04%
	PWR	B	0.04%
	UTHR	B	0.04%
	WBS	A	0.04%
	AIZ	A	0.04%
	GAP	B	0.04%
	CPAY	A	0.04%
	KRC	C	0.04%
	INVH	D	0.04%
	SNV	B	0.04%
	MUR	D	0.04%
	SWKS	F	0.04%
	GLPI	D	0.04%
	CTAS	B	0.04%
	VOYA	B	0.04%
	AL	B	0.04%
	ESS	C	0.04%
	MOH	F	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	UGI	D	0.04%
	MSI	B	0.04%
	ORI	A	0.04%
	MGM	D	0.04%
	IRM	D	0.04%
	CPB	F	0.04%
	LYV	A	0.04%
	EXR	D	0.04%
	AVT	C	0.04%
	DRI	B	0.04%
	WCC	B	0.04%
	KMX	B	0.04%
	WAB	B	0.04%
	ABG	B	0.04%
	EMN	D	0.04%
	GPI	B	0.04%
	RMD	C	0.03%
	BFH	B	0.03%
	RDN	C	0.03%
	SSB	B	0.03%
	CADE	B	0.03%
	TRN	B	0.03%
	GT	C	0.03%
	WTFC	B	0.03%
	SKX	F	0.03%
	HAS	D	0.03%
	GNW	B	0.03%
	CSL	B	0.03%
	HRB	D	0.03%
	DTM	A	0.03%
	CLH	B	0.03%
	SFNC	B	0.03%
	COKE	C	0.03%
	PK	C	0.03%
	ARCH	B	0.03%
	MAS	D	0.03%
	ANSS	B	0.03%
	PAG	B	0.03%
	WAFD	B	0.03%
	BRX	A	0.03%
	SATS	D	0.03%
	NFG	D	0.03%
	BKU	A	0.03%
	CUZ	B	0.03%
	HBI	B	0.03%
	POST	D	0.03%
	CR	B	0.03%
	MAN	F	0.03%
	HSIC	F	0.03%
	LAMR	D	0.03%
	WTRG	C	0.03%
	TDS	C	0.03%
	TGNA	B	0.03%
	INCY	B	0.03%
	GPK	D	0.03%
	BXMT	D	0.03%
	HWC	B	0.03%
	GEO	B	0.03%
	ULTA	C	0.03%
	FMC	F	0.03%
	PNFP	B	0.03%
	APLE	B	0.03%
	FNB	B	0.03%
	BIO	C	0.03%
	CNK	B	0.03%
	UDR	C	0.03%
	AGCO	F	0.03%
	PB	B	0.03%
	CBOE	D	0.03%
	GHC	B	0.03%
	CFR	B	0.03%
	OGE	B	0.03%
	HUBB	C	0.03%
	PR	C	0.03%
	EME	B	0.03%
	NXST	C	0.03%
	GDDY	B	0.03%
	CE	F	0.03%
	CWK	C	0.03%
	HP	C	0.03%
	ABM	B	0.03%
	SFM	B	0.03%
	IT	B	0.03%
	CALM	B	0.03%
	FLR	C	0.03%
	DEI	B	0.03%
	AKAM	F	0.03%
	CATY	B	0.03%
	ACM	B	0.03%
	FAF	C	0.03%
	LKQ	C	0.03%
	WU	F	0.03%
	MTZ	B	0.03%
	RL	B	0.03%
	DKS	D	0.03%
	NWL	B	0.03%
	MLM	B	0.03%
	CDW	F	0.03%
	BJ	B	0.03%
	VMC	B	0.03%
	HIW	D	0.03%
	JBHT	C	0.03%
	ONB	B	0.03%
	TDY	B	0.03%
	CASY	B	0.03%
	CPRT	A	0.03%
	ASB	B	0.03%
	MLI	B	0.03%
	OGS	B	0.03%
	BKH	A	0.03%
	CCK	D	0.03%
	KNX	C	0.03%
	CMC	B	0.03%
	EW	F	0.03%
	KTB	A	0.02%
	TER	F	0.02%
	BLD	F	0.02%
	ATGE	C	0.02%
	CABO	B	0.02%
	LPX	A	0.02%
	GMED	B	0.02%
	KBR	D	0.02%
	EXEL	B	0.02%
	MAC	B	0.02%
	MIDD	D	0.02%
	AIT	A	0.02%
	MGY	B	0.02%
	VAC	B	0.02%
	MMS	F	0.02%
	VMI	B	0.02%
	ELS	B	0.02%
	GATX	B	0.02%
	VSTS	D	0.02%
	VVV	B	0.02%
	ST	F	0.02%
	TTEK	F	0.02%
	FLO	F	0.02%
	NWBI	B	0.02%
	JBGS	F	0.02%
	VYX	B	0.02%
	ATI	F	0.02%
	CVBF	B	0.02%
	NATL	B	0.02%
	SLVM	C	0.02%
	TXRH	A	0.02%
	NWE	C	0.02%
	SLM	A	0.02%
	ERIE	F	0.02%
	SIGI	B	0.02%
	GEF	B	0.02%
	MCY	B	0.02%
	POR	D	0.02%
	FULT	B	0.02%
	AXTA	A	0.02%
	FLS	B	0.02%
	TNL	A	0.02%
	KRG	B	0.02%
	SEIC	A	0.02%
	ABCB	B	0.02%
	PLXS	C	0.02%
	OI	C	0.02%
	MOG.A	B	0.02%
	NDSN	B	0.02%
	BCC	B	0.02%
	SR	C	0.02%
	CNXC	F	0.02%
	MSM	C	0.02%
	AGO	B	0.02%
	MDU	D	0.02%
	IDA	A	0.02%
	WWD	B	0.02%
	NSIT	F	0.02%
	EFX	F	0.02%
	WFRD	F	0.02%
	RRX	B	0.02%
	UAA	B	0.02%
	SBAC	D	0.02%
	LII	B	0.02%
	CRC	B	0.02%
	KAR	B	0.02%
	WYNN	C	0.02%
	CBT	C	0.02%
	JBLU	C	0.02%
	BYD	A	0.02%
	ALE	A	0.02%
	PII	F	0.02%
	ESNT	D	0.02%
	BC	D	0.02%
	FL	F	0.02%
	SWX	B	0.02%
	PRGO	C	0.02%
	EAT	B	0.02%
	AUB	A	0.02%
	PTC	B	0.02%
	PNM	B	0.02%
	BHE	C	0.02%
	TCBI	B	0.02%
	BANC	B	0.02%
	RUSHA	B	0.02%
	OLN	F	0.02%
	CWEN	D	0.02%
	PPC	C	0.02%
	AM	B	0.02%
	PRI	B	0.02%
	GBX	A	0.02%
	SLG	C	0.02%
	PVH	C	0.02%
	AAP	C	0.02%
	HLT	A	0.02%
	UMBF	B	0.02%
	RNST	B	0.02%
	GBCI	B	0.02%
	URBN	C	0.02%
	TYL	B	0.02%
	TPH	C	0.02%
	AVNT	B	0.02%
	WAT	B	0.02%
	HOMB	A	0.02%
	BANF	B	0.02%
	ADC	A	0.02%
	FHB	B	0.02%
	MTD	F	0.02%
	CBSH	A	0.02%
	FBIN	F	0.02%
	STE	D	0.02%
	JWN	B	0.02%
	AVY	F	0.02%
	BANR	B	0.02%
	THG	A	0.02%
	CIEN	B	0.02%
	MTH	D	0.02%
	H	B	0.02%
	SIG	B	0.02%
	IBTX	B	0.02%
	SLGN	B	0.02%
	G	B	0.02%
	DECK	B	0.02%
	EHC	B	0.02%
	SAIC	D	0.02%
	CW	C	0.02%
	HII	F	0.02%
	IBOC	B	0.02%
	RPM	A	0.02%
	EVR	B	0.02%
	WSM	F	0.02%
	SBRA	C	0.02%
	KBH	D	0.02%
	RHI	B	0.02%
	VRSN	C	0.02%
	CRS	B	0.02%
	BR	A	0.02%
	CUBE	D	0.02%
	SEM	C	0.02%
	SKYW	B	0.02%
	FFBC	B	0.02%
	OSK	B	0.02%
	TRMB	B	0.02%
	UFPI	B	0.02%
	PFS	B	0.02%
	ALV	C	0.02%
	RVTY	C	0.02%
	JAZZ	B	0.02%
	NNN	F	0.02%
	CXW	B	0.02%
	UBSI	B	0.02%
	SNEX	B	0.02%
	HOLX	D	0.02%
	FFIV	B	0.02%
	DAR	B	0.02%
	XYL	F	0.02%
	ZBRA	B	0.02%
	AMH	C	0.02%
	SCI	B	0.02%
	CG	B	0.02%
	SON	F	0.02%
	AMKR	F	0.02%
	MTG	C	0.02%
	MPW	F	0.02%
	FBNC	B	0.01%
	HFWA	B	0.01%
	CHE	D	0.01%
	PRDO	B	0.01%
	PFBC	B	0.01%
	AIN	C	0.01%
	SCL	C	0.01%
	VRTS	B	0.01%
	UFCS	B	0.01%
	EZPW	A	0.01%
	MMI	B	0.01%
	IART	C	0.01%
	MSGS	B	0.01%
	AWR	C	0.01%
	FORM	F	0.01%
	RES	F	0.01%
	SAFT	B	0.01%
	AAT	B	0.01%
	AZZ	B	0.01%
	AEIS	B	0.01%
	HPP	F	0.01%
	MODG	F	0.01%
	TDC	F	0.01%
	ZD	B	0.01%
	HAIN	F	0.01%
	CVLT	B	0.01%
	SCHL	F	0.01%
	GFF	B	0.01%
	CWT	D	0.01%
	HAFC	B	0.01%
	HCSG	B	0.01%
	CHCO	B	0.01%
	OLED	F	0.01%
	HWKN	C	0.01%
	NBHC	B	0.01%
	HLX	C	0.01%
	EPC	F	0.01%
	AMWD	B	0.01%
	CHH	B	0.01%
	FSS	C	0.01%
	SYNA	C	0.01%
	SMPL	B	0.01%
	FWRD	C	0.01%
	APOG	B	0.01%
	VSAT	F	0.01%
	GTY	C	0.01%
	CPK	A	0.01%
	RCM	B	0.01%
	SHAK	C	0.01%
	MRCY	B	0.01%
	NGVT	B	0.01%
	ONTO	F	0.01%
	ESE	B	0.01%
	ELME	D	0.01%
	STRA	C	0.01%
	MATV	F	0.01%
	WST	B	0.01%
	JBT	B	0.01%
	HXL	F	0.01%
	ESAB	B	0.01%
	TPX	B	0.01%
	NHC	B	0.01%
	YELP	C	0.01%
	BKE	A	0.01%
	KELYA	F	0.01%
	JJSF	C	0.01%
	MEDP	D	0.01%
	FCPT	C	0.01%
	MMSI	B	0.01%
	CRI	D	0.01%
	SBCF	B	0.01%
	MCW	C	0.01%
	KWR	C	0.01%
	KNF	C	0.01%
	SHO	D	0.01%
	AMED	F	0.01%
	SKT	A	0.01%
	ALGT	B	0.01%
	AHCO	F	0.01%
	ENR	A	0.01%
	CGNX	C	0.01%
	EIG	A	0.01%
	OSIS	B	0.01%
	KN	B	0.01%
	NOVT	C	0.01%
	VC	F	0.01%
	ASIX	B	0.01%
	EXP	B	0.01%
	HQY	B	0.01%
	MYRG	B	0.01%
	LGND	C	0.01%
	ACHC	F	0.01%
	MGEE	B	0.01%
	STC	C	0.01%
	AWI	B	0.01%
	MORN	B	0.01%
	SPTN	F	0.01%
	CARG	B	0.01%
	ALKS	C	0.01%
	CFFN	B	0.01%
	XRAY	F	0.01%
	FELE	B	0.01%
	CORT	B	0.01%
	KALU	C	0.01%
	CPF	B	0.01%
	SCVL	D	0.01%
	FND	F	0.01%
	MNRO	B	0.01%
	HALO	C	0.01%
	PLUS	F	0.01%
	CVCO	B	0.01%
	LANC	C	0.01%
	AXL	C	0.01%
	CWEN	D	0.01%
	AMN	F	0.01%
	LXP	D	0.01%
	KLIC	C	0.01%
	IOSP	B	0.01%
	MC	B	0.01%
	OPCH	F	0.01%
	HI	C	0.01%
	TMP	B	0.01%
	PAYC	B	0.01%
	BLMN	F	0.01%
	BCPC	B	0.01%
	WD	D	0.01%
	PCTY	B	0.01%
	BRKR	F	0.01%
	NSP	F	0.01%
	ARCB	C	0.01%
	B	A	0.01%
	LPG	D	0.01%
	LTC	B	0.01%
	RWT	D	0.01%
	WEN	C	0.01%
	UE	B	0.01%
	OFG	B	0.01%
	SSD	F	0.01%
	EXLS	B	0.01%
	XRX	F	0.01%
	ODP	F	0.01%
	PJT	B	0.01%
	AROC	B	0.01%
	DORM	B	0.01%
	SHOO	D	0.01%
	NBIX	C	0.01%
	MASI	B	0.01%
	CENTA	C	0.01%
	AVAV	C	0.01%
	UNF	B	0.01%
	ENOV	C	0.01%
	GTLS	B	0.01%
	CPRI	F	0.01%
	OMCL	C	0.01%
	DIOD	F	0.01%
	SXT	B	0.01%
	IPGP	C	0.01%
	FTDR	B	0.01%
	DLX	B	0.01%
	BRKL	B	0.01%
	IRT	A	0.01%
	PHIN	B	0.01%
	FCF	B	0.01%
	OTTR	C	0.01%
	MKSI	C	0.01%
	CBRL	C	0.01%
	MTX	B	0.01%
	NPO	B	0.01%
	ITGR	B	0.01%
	INVA	C	0.01%
	SXC	B	0.01%
	HMN	B	0.01%
	DAY	B	0.01%
	PATK	C	0.01%
	BWXT	B	0.01%
	AKR	B	0.01%
	DLB	D	0.01%
	ALGM	F	0.01%
	BDN	D	0.01%
	SFBS	B	0.01%
	WTS	B	0.01%
	ROL	C	0.01%
	CNXN	C	0.01%
	ENSG	C	0.01%
	EGP	D	0.01%
	LZB	B	0.01%
	SBSI	B	0.01%
	STBA	B	0.01%
	WMS	F	0.01%
	PECO	B	0.01%
	MTSI	B	0.01%
	KMT	B	0.01%
	NSA	D	0.01%
	HGV	B	0.01%
	DCOM	B	0.01%
	VAL	D	0.01%
	THS	F	0.01%
	NWS	B	0.01%
	RXO	C	0.01%
	NEU	C	0.01%
	BRC	B	0.01%
	APAM	B	0.01%
	SAH	B	0.01%
	PINC	B	0.01%
	NYT	C	0.01%
	RLI	A	0.01%
	RYN	F	0.01%
	RC	D	0.01%
	NBTB	B	0.01%
	CTRE	C	0.01%
	FUL	F	0.01%
	POOL	D	0.01%
	CNM	D	0.01%
	EPR	D	0.01%
	DPZ	C	0.01%
	SCSC	B	0.01%
	WSFS	B	0.01%
	PRK	B	0.01%
	BHLB	B	0.01%
	PBH	A	0.01%
	LCII	D	0.01%
	CAKE	B	0.01%
	LOPE	B	0.01%
	OUT	B	0.01%
	AEO	F	0.01%
	PIPR	B	0.01%
	RH	C	0.01%
	FIX	B	0.01%
	UA	B	0.01%
	FCN	F	0.01%
	TEX	D	0.01%
	CRK	B	0.01%
	OLLI	C	0.01%
	MKTX	C	0.01%
	KW	C	0.01%
	FFIN	B	0.01%
	SMG	D	0.01%
	RBC	B	0.01%
	SBH	A	0.01%
	BOH	B	0.01%
	UNFI	B	0.01%
	TTC	F	0.01%
	KFY	B	0.01%
	PSMT	D	0.01%
	ECPG	C	0.01%
	CRUS	F	0.01%
	GVA	B	0.01%
	SAIA	B	0.01%
	BCO	F	0.01%
	PSTG	D	0.01%
	CDP	C	0.01%
	WEX	D	0.01%
	PMT	D	0.01%
	GGG	B	0.01%
	LRN	B	0.01%
	IDCC	B	0.01%
	WH	A	0.01%
	GIII	C	0.01%
	FN	C	0.01%
	ARI	C	0.01%
	BGC	C	0.01%
	LSTR	B	0.01%
	VSH	F	0.01%
	FDP	B	0.01%
	WOR	F	0.01%
	FHI	A	0.01%
	WERN	B	0.01%
	NAVI	D	0.01%
	NWN	B	0.01%
	PBI	C	0.01%
	TTMI	B	0.01%
	VRSK	A	0.01%
	BDC	C	0.01%
	WS	B	0.01%
	LFUS	D	0.01%
	HNI	B	0.01%
	GNTX	C	0.01%
	MD	C	0.01%
	LECO	C	0.01%
	FBP	B	0.01%
	MSCI	B	0.01%
	FDS	A	0.01%
	CBU	B	0.01%
	TRMK	B	0.01%
	CCOI	C	0.01%
	UCB	B	0.01%
	LBRT	F	0.01%
	DY	C	0.01%
	CRL	C	0.01%
	JKHY	C	0.01%
	ASH	F	0.01%
	ICUI	D	0.01%
	NVST	C	0.01%
	CTLT	D	0.01%
	ASGN	D	0.01%
	CHDN	B	0.01%
	ACIW	B	0.01%
	LEG	F	0.01%
	DCI	A	0.01%
	ACA	B	0.01%
	SPNT	B	0.01%
	AVA	C	0.01%
	UPBD	B	0.01%
	TFX	F	0.01%
	HTH	B	0.01%
	STAG	D	0.01%
	IEX	B	0.01%
	EEFT	C	0.01%
	SEE	C	0.01%
	NJR	A	0.01%
	REXR	F	0.01%
	PEB	F	0.01%
	ASO	F	0.01%
	GNL	F	0.01%
	FRT	B	0.01%
	WKC	C	0.01%
	TALO	C	0.01%
	ANDE	D	0.01%
	QRVO	F	0.01%
	FR	D	0.01%
	LITE	B	0.01%
	MTN	C	0.01%
	HLI	B	0.01%
	HUBG	A	0.01%
	PPBI	B	0.01%
	KMPR	A	0.01%
	AOS	F	0.01%
	WWW	B	0.01%
	INDB	B	0.01%
	ATR	A	0.01%
	VBTX	B	0.01%
	DBX	B	0.01%
	HOPE	B	0.01%
	PDCO	F	0.01%
	RGLD	C	0.01%
	TKR	F	0.01%
	AYI	A	0.01%
	MLKN	D	0.01%
	ITT	A	0.01%
	COLM	B	0.01%
	AORT	C	0.0%
	NPK	B	0.0%
	XPEL	B	0.0%
	VCEL	B	0.0%
	MSEX	C	0.0%
	PGNY	F	0.0%
	PCRX	C	0.0%
	CLB	C	0.0%
	COHU	C	0.0%
	HCI	B	0.0%
	LQDT	B	0.0%
	MYE	F	0.0%
	BMI	B	0.0%
	JBSS	F	0.0%
	SSTK	D	0.0%
	WT	B	0.0%
	GPRE	F	0.0%
	DV	C	0.0%
	WING	D	0.0%
	CENT	C	0.0%
	THRY	F	0.0%
	ASTE	B	0.0%
	SLAB	F	0.0%
	IRWD	D	0.0%
	EPAC	B	0.0%
	VECO	F	0.0%
	CTS	C	0.0%
	RGR	F	0.0%
	HRMY	D	0.0%
	USNA	C	0.0%
	JACK	C	0.0%
	TNC	F	0.0%
	SXI	B	0.0%
	XNCR	B	0.0%
	PRLB	C	0.0%
	SPSC	F	0.0%
	LNN	B	0.0%
	KNSL	C	0.0%
	PZZA	D	0.0%
	GDEN	B	0.0%
	MTUS	D	0.0%
	HTLD	B	0.0%
	IRDM	B	0.0%
	SJW	F	0.0%
	POWI	D	0.0%
	ALRM	C	0.0%
	AMPH	C	0.0%
	WDFC	B	0.0%
	ALG	B	0.0%
	WNC	C	0.0%
	MATW	C	0.0%
	BLKB	C	0.0%
	DFIN	D	0.0%
	OXM	D	0.0%
	LIVN	C	0.0%
	FTRE	D	0.0%
	MYGN	F	0.0%
	CNMD	C	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%
	UFPT	C	0.0%
	REX	C	0.0%
	QLYS	B	0.0%
	USPH	C	0.0%
	AMSF	B	0.0%
	CXT	F	0.0%
	SMP	B	0.0%
	EXPO	D	0.0%
	AIR	B	0.0%
	AZTA	F	0.0%
	VIAV	C	0.0%
	ETD	D	0.0%
	HTZ	C	0.0%
	VRRM	D	0.0%
	BGS	F	0.0%
	NVEE	F	0.0%
	FOXF	F	0.0%
	CNSL	C	0.0%
	AMBC	C	0.0%
	MRTN	C	0.0%
	ENV	B	0.0%
	TWI	F	0.0%
	MANH	C	0.0%
	BOX	A	0.0%
	HZO	F	0.0%
	EVTC	C	0.0%
	NTCT	B	0.0%
	TR	B	0.0%
	LKFN	B	0.0%
	PRGS	A	0.0%
	GES	F	0.0%
	UTL	C	0.0%
	ROG	D	0.0%
	CRVL	B	0.0%
	PLNT	A	0.0%
	CVI	F	0.0%
	PAHC	B	0.0%
	TRIP	D	0.0%
	TILE	B	0.0%
	FIVE	F	0.0%
	CSR	B	0.0%
	HELE	C	0.0%
	VTOL	B	0.0%
	DXPE	B	0.0%
	RMBS	C	0.0%
	MTRN	B	0.0%
	IPAR	B	0.0%
	PRAA	C	0.0%
	TECH	D	0.0%
	BFS	C	0.0%
	SUPN	C	0.0%
	PRA	B	0.0%
	SMTC	C	0.0%
	MSA	D	0.0%
	TRST	B	0.0%
	CAL	D	0.0%
	GO	C	0.0%

VLU Underweight 515 Positions Relative to SPGM

	Symbol	Grade	Weight
	TSM	C	-1.01%
	TM	F	-0.26%
	NVS	F	-0.23%
	SONY	C	-0.21%
	BABA	D	-0.21%
	HSBH	A	-0.2%
	IBN	C	-0.18%
	UL	D	-0.17%
	INFY	C	-0.16%
	MUFG	A	-0.16%
	CNI	F	-0.13%
	RDY	F	-0.12%
	PLTR	B	-0.11%
	KKR	B	-0.11%
	SHOP	B	-0.11%
	MELI	D	-0.11%
	TD	D	-0.11%
	UMH	C	-0.09%
	SMFG	A	-0.08%
	AZN	F	-0.08%
	TCOM	C	-0.08%
	CHT	D	-0.08%
	CRWD	B	-0.08%
	PDD	F	-0.08%
	DEO	F	-0.07%
	BCS	B	-0.07%
	VRT	B	-0.07%
	HDB	C	-0.07%
	GEV	B	-0.07%
	VALE	F	-0.07%
	UMC	F	-0.06%
	MFG	A	-0.06%
	WIT	B	-0.06%
	NMR	B	-0.05%
	STLA	F	-0.05%
	COIN	B	-0.05%
	MOD	D	-0.05%
	LYG	D	-0.05%
	GOOD	B	-0.05%
	ITUB	F	-0.05%
	PKX	F	-0.05%
	E	F	-0.05%
	MRVL	B	-0.05%
	TTD	B	-0.05%
	MSTR	B	-0.04%
	SE	B	-0.04%
	YUMC	C	-0.04%
	KB	C	-0.04%
	AXNX	A	-0.03%
	FTI	B	-0.03%
	TEAM	B	-0.03%
	HMC	F	-0.03%
	DDOG	B	-0.03%
	ITCI	B	-0.03%
	WTTR	B	-0.03%
	TAC	B	-0.03%
	PBR	D	-0.03%
	BBD	F	-0.03%
	NU	B	-0.03%
	SQ	B	-0.03%
	HIMS	C	-0.03%
	BIDU	F	-0.03%
	NET	B	-0.03%
	CVNA	B	-0.03%
	BRSP	B	-0.03%
	SNOW	C	-0.03%
	DX	B	-0.03%
	DASH	A	-0.03%
	APP	B	-0.03%
	INSP	F	-0.02%
	VERX	B	-0.02%
	ACEL	B	-0.02%
	RYTM	C	-0.02%
	DDD	D	-0.02%
	VEEV	B	-0.02%
	TAL	D	-0.02%
	AFRM	B	-0.02%
	SRRK	C	-0.02%
	GGB	B	-0.02%
	AIV	D	-0.02%
	PINS	F	-0.02%
	AZEK	B	-0.02%
	SKY	B	-0.02%
	HUBS	B	-0.02%
	ABEV	D	-0.02%
	ZM	B	-0.02%
	RBLX	B	-0.02%
	DKNG	B	-0.02%
	CHCT	C	-0.02%
	ZS	B	-0.02%
	GOLD	F	-0.02%
	MDB	C	-0.02%
	TMDX	F	-0.02%
	ADMA	C	-0.02%
	MT	C	-0.02%
	HOV	F	-0.02%
	WDAY	B	-0.02%
	BABA	D	-0.02%
	LI	F	-0.02%
	DELL	C	-0.02%
	SHG	D	-0.02%
	QTWO	B	-0.02%
	W	F	-0.01%
	FRO	D	-0.01%
	BASE	C	-0.01%
	DMRC	C	-0.01%
	EVH	F	-0.01%
	CMPR	C	-0.01%
	WEAV	C	-0.01%
	PRCT	C	-0.01%
	XMTR	B	-0.01%
	MITK	C	-0.01%
	ALLO	D	-0.01%
	ACMR	D	-0.01%
	AI	C	-0.01%
	LAZR	C	-0.01%
	PGC	B	-0.01%
	CCO	C	-0.01%
	NRIX	B	-0.01%
	TIGR	C	-0.01%
	CTLP	B	-0.01%
	CLOV	C	-0.01%
	LC	B	-0.01%
	LEU	C	-0.01%
	NR	C	-0.01%
	AAOI	B	-0.01%
	PIXY	F	-0.01%
	AUPH	B	-0.01%
	GDYN	C	-0.01%
	BILL	B	-0.01%
	GATO	C	-0.01%
	CYH	F	-0.01%
	ZLAB	C	-0.01%
	RLX	D	-0.01%
	BLBD	F	-0.01%
	PHI	F	-0.01%
	KYMR	C	-0.01%
	PACK	C	-0.01%
	VKTX	F	-0.01%
	SLP	F	-0.01%
	ALKT	C	-0.01%
	BCRX	D	-0.01%
	GTLB	B	-0.01%
	SMAR	A	-0.01%
	BLFS	C	-0.01%
	VERV	D	-0.01%
	IDYA	F	-0.01%
	PCT	C	-0.01%
	VMEO	B	-0.01%
	PRTA	F	-0.01%
	JKS	D	-0.01%
	CLDX	F	-0.01%
	IMVT	D	-0.01%
	LASR	D	-0.01%
	AGNC	C	-0.01%
	MGNI	A	-0.01%
	CIFR	C	-0.01%
	BGNE	D	-0.01%
	PNTG	D	-0.01%
	CCB	A	-0.01%
	U	F	-0.01%
	RIOT	C	-0.01%
	Z	B	-0.01%
	AMSC	B	-0.01%
	USLM	B	-0.01%
	MCB	B	-0.01%
	PHR	D	-0.01%
	SEMR	F	-0.01%
	SRPT	F	-0.01%
	EXAS	F	-0.01%
	DQ	C	-0.01%
	CLNE	C	-0.01%
	LIND	B	-0.01%
	BZH	B	-0.01%
	ALNY	D	-0.01%
	PACB	F	-0.01%
	DH	D	-0.01%
	AUR	D	-0.01%
	OSW	B	-0.01%
	ULH	B	-0.01%
	SID	F	-0.01%
	RDFN	D	-0.01%
	LOB	B	-0.01%
	PTCT	C	-0.01%
	UPST	B	-0.01%
	MBIN	D	-0.01%
	PAY	B	-0.01%
	ROKU	C	-0.01%
	INMD	B	-0.01%
	CLDT	B	-0.01%
	RNA	B	-0.01%
	SDGR	C	-0.01%
	AKO.A	D	-0.01%
	CLSK	C	-0.01%
	THR	C	-0.01%
	OKTA	C	-0.01%
	RIVN	F	-0.01%
	MARA	B	-0.01%
	FLNG	C	-0.01%
	FUTU	C	-0.01%
	FOUR	B	-0.01%
	TWST	F	-0.01%
	TME	F	-0.01%
	LWLG	D	-0.01%
	SQ	B	-0.01%
	DOCU	B	-0.01%
	TREE	D	-0.01%
	TTI	B	-0.01%
	MNDY	C	-0.01%
	MRC	B	-0.01%
	HSTM	B	-0.01%
	SCCO	F	-0.01%
	CLBT	C	-0.01%
	GERN	F	-0.01%
	ERJ	B	-0.01%
	INTA	B	-0.01%
	MDGL	C	-0.01%
	RVLV	B	-0.01%
	TDOC	C	-0.01%
	NIO	F	-0.01%
	KOS	D	-0.01%
	TWLO	B	-0.01%
	IMXI	B	-0.01%
	GSAT	B	-0.01%
	LBRDK	C	-0.01%
	XPEV	C	-0.01%
	BBIO	F	-0.01%
	SNAP	C	-0.01%
	CNH	D	-0.01%
	SOFI	B	-0.01%
	TOST	A	-0.01%
	ZETA	F	-0.01%
	PTON	C	-0.01%
	AKRO	C	-0.01%
	COMP	B	-0.01%
	VIPS	F	-0.01%
	GMRE	F	-0.01%
	BEKE	C	-0.01%
	TGTX	B	-0.01%
	RKLB	B	-0.01%
	TEVA	D	-0.01%
	DYN	D	-0.01%
	KRYS	C	-0.0%
	XPEV	C	-0.0%
	LI	F	-0.0%
	SMWB	A	-0.0%
	AGL	F	-0.0%
	SCLX	F	-0.0%
	OEC	D	-0.0%
	JOBY	B	-0.0%
	JAMF	F	-0.0%
	TH	C	-0.0%
	BMBL	C	-0.0%
	CRCT	F	-0.0%
	FLWS	D	-0.0%
	CGEM	F	-0.0%
	HDSN	F	-0.0%
	MLCO	F	-0.0%
	ZEUS	C	-0.0%
	FNA	B	-0.0%
	BOC	D	-0.0%
	PKST	F	-0.0%
	DENN	C	-0.0%
	SPRY	C	-0.0%
	SAGE	F	-0.0%
	KE	C	-0.0%
	MLNK	C	-0.0%
	TPB	B	-0.0%
	OLPX	D	-0.0%
	ITOS	F	-0.0%
	MAX	F	-0.0%
	KRNT	B	-0.0%
	MNSO	D	-0.0%
	RENB	D	-0.0%
	FIGS	F	-0.0%
	OLO	B	-0.0%
	MRVI	F	-0.0%
	PD	C	-0.0%
	BVN	F	-0.0%
	GRPN	F	-0.0%
	ORLA	D	-0.0%
	FSBC	B	-0.0%
	REPL	C	-0.0%
	TMCI	C	-0.0%
	XPOF	B	-0.0%
	PFC	B	-0.0%
	CECO	C	-0.0%
	HE	F	-0.0%
	SWBI	D	-0.0%
	CTKB	C	-0.0%
	HUMA	F	-0.0%
	SAVA	D	-0.0%
	ZUO	B	-0.0%
	IRTC	C	-0.0%
	CNDT	B	-0.0%
	SGRY	F	-0.0%
	LYEL	D	-0.0%
	BROS	B	-0.0%
	MBAVU	C	-0.0%
	GDS	C	-0.0%
	CXM	C	-0.0%
	APLS	F	-0.0%
	LPRO	C	-0.0%
	RIG	C	-0.0%
	LAND	F	-0.0%
	TLRY	F	-0.0%
	MDXG	A	-0.0%
	KRUS	C	-0.0%
	OLMA	F	-0.0%
	ELVN	C	-0.0%
	PDFS	C	-0.0%
	QFIN	C	-0.0%
	APPN	C	-0.0%
	DBI	F	-0.0%
	MQ	F	-0.0%
	ETNB	C	-0.0%
	NCNO	B	-0.0%
	SHLS	F	-0.0%
	XPRO	F	-0.0%
	FDMT	F	-0.0%
	PUBM	C	-0.0%
	ENIC	C	-0.0%
	ATEN	A	-0.0%
	HURN	B	-0.0%
	ATEC	C	-0.0%
	AMRC	F	-0.0%
	ESTA	D	-0.0%
	VNET	D	-0.0%
	QTRX	D	-0.0%
	RXST	F	-0.0%
	NOVA	F	-0.0%
	LILAK	F	-0.0%
	DJT	C	-0.0%
	ATRO	F	-0.0%
	GH	B	-0.0%
	PRO	C	-0.0%
	ULCC	B	-0.0%
	MERC	F	-0.0%
	IDT	B	-0.0%
	ARLO	C	-0.0%
	NNDM	F	-0.0%
	TASK	C	-0.0%
	LXRX	F	-0.0%
	NEXT	B	-0.0%
	S	B	-0.0%
	AMRK	F	-0.0%
	KRNY	B	-0.0%
	EB	C	-0.0%
	ARQT	B	-0.0%
	ORIC	D	-0.0%
	SIBN	D	-0.0%
	FIVN	C	-0.0%
	ATHM	D	-0.0%
	FVRR	C	-0.0%
	TITN	C	-0.0%
	YY	C	-0.0%
	HL	D	-0.0%
	ARRY	C	-0.0%
	GLBE	B	-0.0%
	SOUN	B	-0.0%
	LMND	B	-0.0%
	CDNA	D	-0.0%
	YMAB	D	-0.0%
	BIGC	C	-0.0%
	SKE	D	-0.0%
	VCYT	B	-0.0%
	VZIO	D	-0.0%
	GNK	C	-0.0%
	CYRX	D	-0.0%
	MNTK	D	-0.0%
	INDI	C	-0.0%
	DHC	F	-0.0%
	ALHC	C	-0.0%
	HTHT	C	-0.0%
	METC	C	-0.0%
	IAS	D	-0.0%
	NTLA	F	-0.0%
	ARDX	F	-0.0%
	IOVA	D	-0.0%
	YOU	D	-0.0%
	CDMO	B	-0.0%
	NVCR	D	-0.0%
	STOK	B	-0.0%
	FRSH	B	-0.0%
	RKT	F	-0.0%
	CFLT	B	-0.0%
	OSPN	B	-0.0%
	UWMC	F	-0.0%
	PCVX	D	-0.0%
	MEG	F	-0.0%
	AMC	C	-0.0%
	SIGA	F	-0.0%
	MTW	C	-0.0%
	CRMT	F	-0.0%
	APPF	B	-0.0%
	NTRA	B	-0.0%
	FSLY	D	-0.0%
	IIIV	B	-0.0%
	BHB	B	-0.0%
	SANA	F	-0.0%
	GRAB	A	-0.0%
	ALT	C	-0.0%
	TXG	F	-0.0%
	HRI	C	-0.0%
	BEAM	C	-0.0%
	RVNC	F	-0.0%
	MOMO	C	-0.0%
	GDRX	F	-0.0%
	HUYA	F	-0.0%
	FUBO	C	-0.0%
	FC	F	-0.0%
	TRNS	D	-0.0%
	FROG	C	-0.0%
	TUYA	D	-0.0%
	OSCR	D	-0.0%
	DFH	F	-0.0%
	BRZE	C	-0.0%
	WOOF	D	-0.0%
	INSW	F	-0.0%
	AXSM	B	-0.0%
	BXC	B	-0.0%
	NVAX	F	-0.0%
	EYPT	C	-0.0%
	ARCT	F	-0.0%
	EWCZ	D	-0.0%
	ACHR	B	-0.0%
	ATUS	C	-0.0%
	DIN	C	-0.0%
	JANX	C	-0.0%
	AMPS	C	-0.0%
	CCBG	B	-0.0%
	LMB	B	-0.0%
	YEXT	B	-0.0%
	ESTC	C	-0.0%
	PFSI	D	-0.0%
	SNDX	D	-0.0%
	UEC	C	-0.0%
	VPG	F	-0.0%
	NUVB	B	-0.0%
	WRBY	A	-0.0%
	VRNS	C	-0.0%
	LCID	F	-0.0%
	LSPD	B	-0.0%
	RXRX	C	-0.0%
	RVMD	C	-0.0%
	PL	B	-0.0%
	DCO	B	-0.0%
	IQ	F	-0.0%
	CHGX	A	-0.0%
	NSSC	F	-0.0%
	ERAS	C	-0.0%
	ACVA	B	-0.0%
	LYFT	B	-0.0%
	ENFN	B	-0.0%
	SPT	C	-0.0%
	DUOL	A	-0.0%
	PLPC	B	-0.0%
	NUVL	D	-0.0%
	SPR	F	-0.0%
	RLJ	C	-0.0%
	ATKR	C	-0.0%
	CIG	C	-0.0%
	DOCN	C	-0.0%
	CASS	B	-0.0%
	CSTL	C	-0.0%
	RCKT	F	-0.0%
	JELD	F	-0.0%
	ALEC	D	-0.0%
	HCP	A	-0.0%
	RNG	C	-0.0%
	IBUY	B	-0.0%
	ASPN	F	-0.0%
	KEP	B	-0.0%
	SITE	D	-0.0%
	FATE	F	-0.0%
	BLND	B	-0.0%
	JBI	F	-0.0%
	ARVN	D	-0.0%
	BYND	F	-0.0%
	REPX	A	-0.0%
	NPAB	F	-0.0%
	PLUG	D	-0.0%
	MNMD	B	-0.0%
	PAR	B	-0.0%
	RPAY	D	-0.0%
	RLAY	F	-0.0%
	CIB	D	-0.0%
	APLD	D	-0.0%
	PTGX	D	-0.0%
	ELAN	C	-0.0%
	WIX	B	-0.0%
	EVRI	A	-0.0%
	UPWK	C	-0.0%
	FLYW	B	-0.0%
	PATH	C	-0.0%
	KC	B	-0.0%
	VRDN	C	-0.0%
	ASAN	C	-0.0%
	BE	B	-0.0%
	CDE	D	-0.0%
	ENVX	F	-0.0%
	VITL	F	-0.0%
	BZ	F	-0.0%
	FLNC	C	-0.0%
	QS	F	-0.0%
	SQM	F	-0.0%
	CHPT	F	-0.0%
	PHAT	F	-0.0%
	SMR	B	-0.0%
	EDIT	F	-0.0%
	WULF	C	-0.0%
	HEES	B	-0.0%
	OPEN	F	-0.0%
	LEGH	D	-0.0%
	BILI	C	-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

SPGM: Top Represented Industries & Keywords

Industries: Biotechnology Software - Application Software - Infrastructure Information Technology Services Medical Devices Semiconductors Diagnostics & Research Oil & Gas E&P Internet Content & Information Specialty Retail Aerospace & Defense Banks - Regional - US Credit Services Diversified Industrials Telecom Services Oil & Gas Equipment & Services Auto Manufacturers Capital Markets Medical Instruments & Supplies Building Materials

Keywords: S&P 500 Nasdaq 100 Computing Medicine Biopharmaceutical Biotechnology Natural Gas Banking Bank Cancer Telecommunications Cloud Computing Life Sciences Real Estate Investment Trust Electricity Semiconductor Mining Transport Dow Jones Component IBD 50