VTWG vs. FESM ETF Comparison

Comparison of Vanguard Russell 2000 Growth ETF (VTWG) to Fidelity Enhanced Small Cap ETF (FESM)

VTWG

Vanguard Russell 2000 Growth ETF

VTWG Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the Russell 2000Â® Growth Index. The index is designed to measure the performance of small-capitalization growth stocks in the United States. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$223.58

Average Daily Volume

33,079

Number of Holdings ^*

967

* may have additional holdings in another (foreign) market

FESM

Fidelity Enhanced Small Cap ETF

FESM Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 2000® Index, which is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$34.92

Average Daily Volume

123,580

Number of Holdings ^*

567

* may have additional holdings in another (foreign) market

Performance

Period	VTWG	FESM
30 Days	6.52%	7.42%
60 Days	7.41%	7.32%
90 Days	8.38%	8.30%
12 Months	36.87%	39.28%

336 Overlapping Holdings

Symbol	Grade	Weight in VTWG	Weight in FESM	Overlap
ABSI	F	0.02%	0.02%	0.02%
ABUS	D	0.04%	0.02%	0.02%
ACAD	C	0.13%	0.11%	0.11%
ACIW	B	0.38%	0.05%	0.05%
ACLX	C	0.27%	0.09%	0.09%
ACMR	D	0.05%	0.09%	0.05%
ADMA	B	0.27%	0.1%	0.1%
ADUS	D	0.06%	0.1%	0.06%
AEO	F	0.21%	0.6%	0.21%
AGS	A	0.03%	0.1%	0.03%
AIN	C	0.04%	0.08%	0.04%
AIR	B	0.03%	0.5%	0.03%
AIT	B	0.66%	0.48%	0.48%
AKBA	C	0.0%	0.08%	0.0%
AKRO	B	0.03%	0.05%	0.03%
ALEC	F	0.03%	0.02%	0.02%
ALHC	C	0.09%	0.06%	0.06%
ALKS	C	0.31%	0.21%	0.21%
ALRM	C	0.19%	0.17%	0.17%
ALT	C	0.02%	0.02%	0.02%
ALTR	B	0.44%	0.11%	0.11%
ALX	D	0.04%	0.04%	0.04%
AMBA	B	0.08%	0.09%	0.08%
AMPH	F	0.14%	0.07%	0.07%
AMRX	C	0.08%	0.12%	0.08%
AMSC	B	0.06%	0.11%	0.06%
AMSF	B	0.03%	0.15%	0.03%
ANF	F	0.49%	0.8%	0.49%
ANIK	D	0.0%	0.03%	0.0%
ANIP	F	0.06%	0.02%	0.02%
AORT	B	0.06%	0.18%	0.06%
APOG	C	0.04%	0.38%	0.04%
APPN	B	0.11%	0.05%	0.05%
ARAY	C	0.01%	0.07%	0.01%
ARCT	F	0.03%	0.05%	0.03%
ARLO	C	0.07%	0.17%	0.07%
AROC	A	0.25%	0.4%	0.25%
ARQT	B	0.06%	0.09%	0.06%
ARRY	F	0.07%	0.03%	0.03%
ARVN	F	0.12%	0.06%	0.06%
ARWR	D	0.17%	0.05%	0.05%
ATRC	C	0.08%	0.13%	0.08%
AUR	C	0.19%	0.11%	0.11%
AWR	B	0.13%	0.17%	0.13%
AX	B	0.03%	0.29%	0.03%
AXGN	C	0.04%	0.21%	0.04%
AXSM	B	0.24%	0.07%	0.07%
BAND	B	0.03%	0.35%	0.03%
BANF	B	0.02%	0.43%	0.02%
BASE	B	0.05%	0.04%	0.04%
BBIO	F	0.15%	0.07%	0.07%
BBSI	B	0.06%	0.33%	0.06%
BCC	B	0.19%	0.17%	0.17%
BCO	F	0.34%	0.24%	0.24%
BCPC	B	0.4%	0.1%	0.1%
BCRX	D	0.12%	0.1%	0.1%
BDC	C	0.18%	0.29%	0.18%
BDTX	F	0.01%	0.03%	0.01%
BECN	B	0.41%	0.04%	0.04%
BKD	F	0.08%	0.06%	0.06%
BL	B	0.23%	0.2%	0.2%
BLBD	D	0.1%	0.04%	0.04%
BLKB	B	0.23%	0.07%	0.07%
BMI	B	0.44%	0.4%	0.4%
BOOT	C	0.27%	0.06%	0.06%
BPMC	B	0.41%	0.16%	0.16%
BRY	F	0.01%	0.02%	0.01%
BSIG	A	0.05%	0.12%	0.05%
BVS	D	0.01%	0.18%	0.01%
CALM	A	0.02%	0.23%	0.02%
CDMO	A	0.04%	0.08%	0.04%
CDNA	D	0.02%	0.11%	0.02%
CDXS	B	0.0%	0.06%	0.0%
CECO	B	0.05%	0.38%	0.05%
CERS	D	0.02%	0.06%	0.02%
CHRS	D	0.0%	0.01%	0.0%
CHX	C	0.4%	0.11%	0.11%
CLDX	F	0.1%	0.03%	0.03%
CMPR	D	0.06%	0.36%	0.06%
CNK	C	0.19%	0.15%	0.15%
CNMD	C	0.16%	0.35%	0.16%
COGT	D	0.07%	0.05%	0.05%
COLL	F	0.08%	0.07%	0.07%
COMP	B	0.18%	0.57%	0.18%
CORT	B	0.29%	0.22%	0.22%
COUR	F	0.07%	0.04%	0.04%
CPRX	C	0.18%	0.13%	0.13%
CRAI	C	0.09%	0.21%	0.09%
CRDO	B	0.36%	0.33%	0.33%
CRGY	B	0.03%	0.61%	0.03%
CRNX	C	0.36%	0.12%	0.12%
CRS	B	0.53%	0.86%	0.53%
CRVL	B	0.2%	0.04%	0.04%
CSGS	B	0.1%	0.6%	0.1%
CSWI	B	0.43%	0.17%	0.17%
CTRE	C	0.03%	0.2%	0.03%
CVLT	B	0.47%	0.79%	0.47%
CWCO	C	0.01%	0.03%	0.01%
CWT	C	0.06%	0.15%	0.06%
CXM	C	0.07%	0.04%	0.04%
CYTK	F	0.04%	0.16%	0.04%
DAKT	C	0.01%	0.05%	0.01%
DBRG	F	0.05%	0.17%	0.05%
DIN	C	0.0%	0.02%	0.0%
DIOD	D	0.02%	0.09%	0.02%
DK	C	0.02%	0.12%	0.02%
DNLI	D	0.14%	0.06%	0.06%
DOMO	B	0.02%	0.15%	0.02%
DVAX	C	0.09%	0.02%	0.02%
DXPE	C	0.0%	0.16%	0.0%
DY	D	0.37%	0.16%	0.16%
DYN	F	0.17%	0.11%	0.11%
EAT	A	0.3%	0.12%	0.12%
EB	C	0.02%	0.02%	0.02%
EGHT	B	0.02%	0.29%	0.02%
ENS	F	0.26%	0.62%	0.26%
ENSG	C	0.64%	0.03%	0.03%
EOLS	D	0.07%	0.07%	0.07%
EPAC	C	0.18%	0.23%	0.18%
EWTX	C	0.18%	0.14%	0.14%
EXLS	B	0.48%	0.53%	0.48%
EXPI	D	0.08%	0.14%	0.08%
EXTR	C	0.07%	0.13%	0.07%
FBP	C	0.02%	0.28%	0.02%
FFIN	B	0.35%	0.36%	0.35%
FIZZ	C	0.08%	0.03%	0.03%
FLNC	D	0.1%	0.17%	0.1%
FLR	B	0.61%	0.35%	0.35%
FLYW	B	0.15%	0.1%	0.1%
FN	C	0.65%	0.7%	0.65%
FOLD	F	0.25%	0.14%	0.14%
FORM	D	0.22%	0.09%	0.09%
FSS	B	0.36%	0.09%	0.09%
FTDR	B	0.29%	0.08%	0.08%
FUL	F	0.08%	0.54%	0.08%
GERN	D	0.12%	0.04%	0.04%
GFF	A	0.18%	0.34%	0.18%
GH	B	0.19%	0.36%	0.19%
GIC	D	0.03%	0.06%	0.03%
GKOS	B	0.48%	0.1%	0.1%
GRC	A	0.06%	0.03%	0.03%
HAE	C	0.26%	0.14%	0.14%
HALO	F	0.47%	0.16%	0.16%
HBI	B	0.18%	0.07%	0.07%
HCAT	D	0.0%	0.11%	0.0%
HCI	C	0.07%	0.11%	0.07%
HIMS	B	0.26%	0.03%	0.03%
HLIT	D	0.09%	0.09%	0.09%
HLX	B	0.02%	0.24%	0.02%
HNI	B	0.08%	0.2%	0.08%
HNST	A	0.01%	0.05%	0.01%
HQY	A	0.53%	0.25%	0.25%
HROW	D	0.1%	0.02%	0.02%
HRTX	F	0.0%	0.03%	0.0%
HSTM	B	0.02%	0.2%	0.02%
HUMA	F	0.03%	0.03%	0.03%
HURN	C	0.15%	0.21%	0.15%
HWKN	B	0.15%	0.54%	0.15%
HY	D	0.03%	0.2%	0.03%
IBP	D	0.38%	0.6%	0.38%
ICFI	F	0.23%	0.03%	0.03%
IDT	B	0.04%	0.03%	0.03%
IDYA	F	0.17%	0.04%	0.04%
IGT	F	0.02%	0.32%	0.02%
IMVT	F	0.13%	0.01%	0.01%
INSM	C	0.78%	0.42%	0.42%
INTA	B	0.15%	0.17%	0.15%
IOVA	F	0.2%	0.04%	0.04%
IRTC	C	0.17%	0.25%	0.17%
IRWD	F	0.01%	0.07%	0.01%
ITRI	C	0.34%	0.47%	0.34%
JAMF	F	0.1%	0.07%	0.07%
JBSS	F	0.05%	0.02%	0.02%
KALV	F	0.03%	0.04%	0.03%
KBH	D	0.05%	0.21%	0.05%
KLG	B	0.08%	0.04%	0.04%
KNF	B	0.41%	0.37%	0.37%
KREF	C	0.01%	0.12%	0.01%
KRYS	C	0.32%	0.1%	0.1%
KTB	B	0.35%	0.08%	0.08%
KTOS	B	0.11%	0.3%	0.11%
KURA	F	0.09%	0.1%	0.09%
KYMR	D	0.15%	0.02%	0.02%
LANC	C	0.25%	0.47%	0.25%
LKFN	C	0.01%	0.53%	0.01%
LMAT	A	0.13%	0.04%	0.04%
LMB	B	0.06%	0.14%	0.06%
LMND	B	0.07%	0.41%	0.07%
LNTH	D	0.56%	0.06%	0.06%
LPG	F	0.04%	0.05%	0.04%
LUNR	B	0.0%	0.08%	0.0%
LYTS	B	0.02%	0.11%	0.02%
MCRI	A	0.07%	0.06%	0.06%
MCY	A	0.02%	0.03%	0.02%
MDGL	B	0.34%	0.14%	0.14%
MGNX	F	0.01%	0.03%	0.01%
MLNK	C	0.03%	0.04%	0.03%
MMSI	A	0.42%	0.42%	0.42%
MOG.A	B	0.4%	0.26%	0.26%
MQ	D	0.17%	0.02%	0.02%
MRSN	D	0.01%	0.02%	0.01%
MRTN	D	0.01%	0.26%	0.01%
MTRN	C	0.15%	0.03%	0.03%
MWA	B	0.25%	0.61%	0.25%
MXL	C	0.07%	0.45%	0.07%
MYE	F	0.03%	0.07%	0.03%
NABL	F	0.06%	0.02%	0.02%
NARI	C	0.19%	0.06%	0.06%
NBR	C	0.02%	0.23%	0.02%
NGVC	A	0.0%	0.1%	0.0%
NMIH	C	0.02%	0.34%	0.02%
NRDS	C	0.04%	0.05%	0.04%
NRIX	C	0.08%	0.12%	0.08%
NSP	F	0.21%	0.04%	0.04%
NSSC	D	0.1%	0.04%	0.04%
NUVL	C	0.23%	0.04%	0.04%
NVAX	F	0.08%	0.06%	0.06%
OABI	F	0.0%	0.04%	0.0%
OPCH	D	0.14%	0.21%	0.14%
OPEN	F	0.0%	0.07%	0.0%
ORGO	B	0.0%	0.06%	0.0%
ORIC	F	0.01%	0.06%	0.01%
OSCR	D	0.24%	0.14%	0.14%
OTTR	C	0.11%	0.12%	0.11%
OUT	A	0.08%	0.56%	0.08%
PAHC	C	0.01%	0.05%	0.01%
PAYO	A	0.14%	0.69%	0.14%
PBI	B	0.03%	0.19%	0.03%
PBYI	C	0.0%	0.02%	0.0%
PCRX	C	0.0%	0.08%	0.0%
PCVX	D	0.94%	0.33%	0.33%
PD	C	0.12%	0.17%	0.12%
PDCO	F	0.02%	0.03%	0.02%
PDFS	C	0.07%	0.23%	0.07%
PECO	A	0.05%	0.36%	0.05%
PGEN	F	0.0%	0.02%	0.0%
PHR	F	0.08%	0.27%	0.08%
PJT	A	0.24%	0.18%	0.18%
PKE	B	0.01%	0.03%	0.01%
PLAB	C	0.04%	0.21%	0.04%
PLPC	B	0.0%	0.16%	0.0%
PLXS	B	0.09%	0.23%	0.09%
PRG	C	0.02%	0.56%	0.02%
PRGS	A	0.2%	0.26%	0.2%
PRO	C	0.07%	0.18%	0.07%
PTCT	B	0.17%	0.16%	0.16%
PTGX	D	0.2%	0.04%	0.04%
PTON	A	0.2%	0.05%	0.05%
QLYS	B	0.33%	0.54%	0.33%
QTRX	F	0.0%	0.05%	0.0%
QTWO	A	0.37%	0.73%	0.37%
RCKT	F	0.08%	0.03%	0.03%
RCKY	F	0.0%	0.01%	0.0%
RDFN	D	0.09%	0.09%	0.09%
REPX	A	0.0%	0.13%	0.0%
RKLB	A	0.28%	0.1%	0.1%
RM	C	0.0%	0.06%	0.0%
RMBS	B	0.38%	0.19%	0.19%
RNA	C	0.34%	0.19%	0.19%
ROCK	C	0.07%	0.21%	0.07%
RVMD	C	0.39%	0.25%	0.25%
RVNC	F	0.05%	0.06%	0.05%
RXO	D	0.28%	0.06%	0.06%
RXRX	F	0.11%	0.08%	0.08%
RYTM	C	0.19%	0.15%	0.15%
SAH	C	0.02%	0.16%	0.02%
SANA	F	0.03%	0.03%	0.03%
SEM	B	0.18%	0.07%	0.07%
SFBS	C	0.09%	0.18%	0.09%
SFL	D	0.02%	0.1%	0.02%
SFM	A	0.96%	0.99%	0.96%
SHAK	C	0.34%	0.21%	0.21%
SIGI	C	0.35%	0.44%	0.35%
SKT	A	0.1%	0.11%	0.1%
SLVM	B	0.05%	0.1%	0.05%
SMMT	D	0.11%	0.01%	0.01%
SMTC	B	0.21%	0.19%	0.19%
SNCY	C	0.02%	0.05%	0.02%
SNDX	F	0.11%	0.06%	0.06%
SNEX	B	0.02%	0.27%	0.02%
SPCE	D	0.0%	0.01%	0.0%
SPSC	D	0.45%	0.71%	0.45%
SPT	C	0.1%	0.09%	0.09%
SRRK	C	0.13%	0.13%	0.13%
SSTK	F	0.05%	0.02%	0.02%
STEP	C	0.28%	0.32%	0.28%
STNE	F	0.12%	0.01%	0.01%
SUPN	C	0.01%	0.01%	0.01%
SVRA	F	0.02%	0.02%	0.02%
SWTX	C	0.15%	0.02%	0.02%
SXT	C	0.22%	0.33%	0.22%
TARS	C	0.12%	0.08%	0.08%
TDOC	C	0.02%	0.08%	0.02%
TENB	C	0.35%	0.43%	0.35%
TERN	F	0.0%	0.03%	0.0%
TGTX	B	0.26%	0.1%	0.1%
THR	B	0.01%	0.08%	0.01%
TILE	B	0.01%	0.23%	0.01%
TMCI	C	0.02%	0.05%	0.02%
TNC	D	0.05%	0.17%	0.05%
TNDM	D	0.15%	0.09%	0.09%
TNET	F	0.2%	0.02%	0.02%
TNYA	D	0.0%	0.02%	0.0%
TPH	D	0.08%	0.36%	0.08%
TREE	F	0.04%	0.11%	0.04%
TRN	B	0.19%	0.27%	0.19%
TRUP	B	0.13%	0.12%	0.12%
TSHA	C	0.02%	0.03%	0.02%
TWST	F	0.17%	0.14%	0.14%
UCTT	D	0.11%	0.54%	0.11%
UEC	B	0.22%	0.06%	0.06%
UFPI	C	0.31%	0.03%	0.03%
UHT	D	0.03%	0.05%	0.03%
UPBD	B	0.12%	0.51%	0.12%
URBN	C	0.05%	0.08%	0.05%
USLM	A	0.09%	0.12%	0.09%
UVE	B	0.01%	0.05%	0.01%
VCEL	B	0.16%	0.03%	0.03%
VCTR	B	0.18%	0.04%	0.04%
VERA	C	0.12%	0.02%	0.02%
VICR	C	0.04%	0.33%	0.04%
VRTS	B	0.09%	0.15%	0.09%
VSCO	C	0.04%	0.03%	0.03%
WEAV	C	0.04%	0.06%	0.04%
WK	B	0.3%	0.29%	0.29%
WKC	C	0.01%	0.24%	0.01%
WT	A	0.11%	0.58%	0.11%
WTS	B	0.39%	0.41%	0.39%
WVE	C	0.07%	0.07%	0.07%
XNCR	B	0.04%	0.02%	0.02%
YELP	C	0.17%	0.57%	0.17%
YEXT	B	0.06%	0.29%	0.06%
YMAB	F	0.04%	0.02%	0.02%
YOU	D	0.24%	0.31%	0.24%
ZIP	D	0.05%	0.04%	0.04%
ZUO	B	0.1%	0.21%	0.1%

VTWG Overweight 631 Positions Relative to FESM

Symbol	Grade	Weight
MLI	B	0.63%
HLNE	B	0.51%
RHP	B	0.46%
CWST	A	0.45%
MOD	A	0.45%
NOVT	D	0.45%
HRI	C	0.44%
CBT	D	0.43%
AVAV	C	0.42%
VRNS	D	0.41%
MMS	F	0.39%
GTLS	A	0.38%
ZETA	D	0.37%
NSIT	F	0.36%
PIPR	A	0.36%
ZWS	B	0.36%
STRL	A	0.35%
MC	C	0.35%
EXPO	D	0.35%
BOX	B	0.33%
RDNT	B	0.32%
VRRM	F	0.32%
FELE	B	0.32%
PI	D	0.32%
MGY	A	0.3%
AEIS	C	0.3%
WHD	B	0.29%
KAI	B	0.29%
CWAN	B	0.29%
LRN	A	0.29%
UPST	B	0.28%
MARA	B	0.28%
IDCC	B	0.28%
PRCT	B	0.28%
CCOI	B	0.26%
SGBX	F	0.26%
WDFC	B	0.26%
AXNX	A	0.26%
SLAB	F	0.25%
ROAD	B	0.25%
POWI	F	0.25%
CVCO	A	0.25%
ENV	B	0.24%
GMS	B	0.24%
SHOO	F	0.24%
CBZ	B	0.24%
GVA	A	0.23%
SMPL	B	0.23%
PRIM	A	0.23%
SITM	B	0.23%
ATKR	D	0.23%
TDW	F	0.22%
DORM	B	0.22%
MGRC	B	0.21%
APAM	B	0.21%
ACLS	F	0.21%
ITGR	B	0.21%
EVH	F	0.2%
CNS	B	0.2%
PATK	C	0.2%
HGV	C	0.2%
CARG	B	0.2%
LCII	C	0.2%
JJSF	C	0.19%
WD	D	0.19%
ACVA	B	0.19%
DOCN	C	0.19%
TMDX	F	0.19%
POWL	C	0.18%
TBBK	B	0.18%
KLIC	B	0.18%
FRSH	B	0.18%
CLSK	C	0.18%
GSHD	A	0.18%
ARCB	C	0.18%
VC	F	0.18%
OII	B	0.18%
RPD	B	0.18%
CAKE	C	0.17%
SKY	A	0.17%
VERX	A	0.17%
AGYS	A	0.17%
AMR	C	0.17%
IOSP	C	0.17%
ENR	B	0.17%
ASTH	F	0.17%
EVTC	B	0.16%
KWR	C	0.16%
MYRG	B	0.16%
PLMR	A	0.16%
IPAR	B	0.16%
OSIS	A	0.15%
PAR	A	0.15%
VAL	F	0.15%
COOP	B	0.15%
BRZE	C	0.15%
AI	B	0.15%
AZZ	A	0.14%
LAUR	A	0.14%
JOE	F	0.14%
PRVA	C	0.14%
NATL	B	0.14%
JOBY	B	0.14%
LBPH	A	0.14%
UFPT	C	0.14%
VYX	B	0.13%
KROS	D	0.13%
ALG	B	0.13%
BE	B	0.13%
OSW	B	0.13%
KOS	D	0.13%
GOLF	B	0.13%
TFIN	B	0.13%
IESC	C	0.13%
RXST	F	0.13%
HEES	C	0.12%
PLUS	F	0.12%
ESE	B	0.12%
NVCR	C	0.12%
AGX	B	0.12%
SXI	B	0.12%
OCUL	D	0.12%
ALKT	B	0.12%
RAMP	B	0.12%
UPWK	B	0.12%
WULF	C	0.11%
STAA	F	0.11%
MNKD	C	0.11%
CSTM	F	0.11%
AMN	F	0.11%
PFSI	C	0.11%
SOUN	B	0.11%
WRBY	A	0.11%
AGM	B	0.11%
MIRM	B	0.11%
JANX	C	0.11%
SMR	B	0.11%
NGVT	B	0.11%
TGLS	B	0.11%
CALX	D	0.11%
PSMT	D	0.1%
BKE	B	0.1%
THRM	F	0.1%
AESI	B	0.1%
VECO	F	0.1%
INFN	D	0.1%
ARDX	F	0.1%
ENVX	F	0.1%
SONO	C	0.1%
CHEF	A	0.1%
MGNI	B	0.1%
MGEE	B	0.1%
RRR	F	0.09%
CTS	C	0.09%
PLAY	D	0.09%
LOB	C	0.09%
USPH	B	0.09%
WWW	A	0.09%
PGNY	F	0.09%
PZZA	F	0.09%
ERII	D	0.08%
CGON	F	0.08%
CWH	B	0.08%
ATEN	A	0.08%
SAVA	C	0.08%
JBI	F	0.08%
IMAX	B	0.08%
LEU	C	0.08%
HLIO	B	0.08%
REVG	C	0.08%
WOR	F	0.08%
KFRC	D	0.08%
QNST	B	0.08%
KALU	C	0.08%
VITL	D	0.08%
SPNS	F	0.08%
CLB	B	0.07%
DRVN	B	0.07%
CDRE	F	0.07%
PNTG	D	0.07%
SHLS	F	0.07%
ASGN	F	0.07%
GPOR	B	0.07%
ELVN	D	0.07%
WLY	B	0.07%
CENX	B	0.07%
ASO	F	0.07%
RVLV	A	0.07%
JACK	C	0.07%
DFIN	D	0.07%
ASAN	B	0.07%
HRMY	D	0.07%
SDGR	C	0.07%
DNUT	F	0.07%
XPEL	B	0.07%
VZIO	A	0.07%
VRDN	D	0.07%
UDMY	D	0.06%
OXM	F	0.06%
BLFS	C	0.06%
UTZ	D	0.06%
VVI	C	0.06%
AGL	F	0.06%
PAGS	F	0.06%
ATEC	C	0.06%
SM	B	0.06%
MRVI	F	0.06%
RSI	A	0.06%
MEG	F	0.06%
XMTR	B	0.06%
RCUS	F	0.06%
DFH	D	0.06%
BLND	A	0.06%
IE	C	0.06%
TRNS	D	0.06%
OEC	C	0.06%
NNBR	C	0.06%
MCW	C	0.05%
PUBM	C	0.05%
SGHC	A	0.05%
LQDA	F	0.05%
PAX	C	0.05%
LNN	B	0.05%
GSAT	C	0.05%
HI	C	0.05%
UTI	B	0.05%
CCB	A	0.05%
NEXT	C	0.05%
MGPI	F	0.05%
DAWN	D	0.05%
GDYN	B	0.05%
IBUY	B	0.05%
BLMN	F	0.05%
TPB	B	0.05%
ACHR	B	0.05%
AUPH	B	0.05%
CGEM	F	0.05%
SPRY	C	0.05%
TTGT	B	0.05%
FSLY	D	0.05%
CASS	C	0.04%
DJCO	B	0.04%
CVI	F	0.04%
BBW	C	0.04%
CTLP	B	0.04%
CASH	B	0.04%
PRMW	C	0.04%
HLF	C	0.04%
CRMD	C	0.04%
APLT	C	0.04%
MAX	F	0.04%
FWRG	C	0.04%
EU	D	0.04%
REAX	D	0.04%
INOD	B	0.04%
APLD	B	0.04%
PTLO	F	0.04%
ATGE	B	0.04%
HCKT	B	0.04%
IBTA	C	0.04%
IMXI	B	0.04%
ACEL	C	0.04%
AIV	C	0.04%
EVRI	A	0.04%
OSPN	A	0.04%
LPRO	B	0.04%
GRBK	D	0.04%
KRUS	B	0.04%
IMNM	F	0.04%
CIFR	C	0.04%
TYRA	F	0.03%
LRMR	D	0.03%
DSGR	C	0.03%
RIOT	C	0.03%
URGN	F	0.03%
WRLD	C	0.03%
NVEC	B	0.03%
BYND	F	0.03%
MNTK	F	0.03%
BIGC	B	0.03%
BFS	C	0.03%
ARHS	F	0.03%
LWLG	D	0.03%
BJRI	C	0.03%
PX	A	0.03%
MDXG	B	0.03%
MIR	A	0.03%
CSV	B	0.03%
SKWD	A	0.03%
AEHR	F	0.03%
CELC	F	0.03%
IRMD	C	0.03%
PPTA	C	0.03%
MITK	C	0.03%
ESQ	B	0.03%
EAF	C	0.03%
CBL	B	0.03%
FA	C	0.03%
TTI	B	0.03%
JELD	F	0.03%
PRTA	F	0.03%
GCMG	B	0.03%
ANAB	F	0.03%
PLOW	D	0.03%
LFST	B	0.03%
SLP	D	0.03%
ENFN	B	0.03%
CAPR	C	0.03%
STOK	F	0.03%
FC	F	0.03%
DMRC	B	0.03%
FLNG	C	0.03%
XERS	C	0.03%
EVER	D	0.03%
SIBN	F	0.03%
MNMD	C	0.03%
AHCO	F	0.03%
THRY	D	0.03%
CEVA	B	0.03%
LQDT	B	0.03%
SEMR	C	0.03%
SYNA	C	0.02%
HTLD	C	0.02%
NATH	C	0.02%
INSE	C	0.02%
WTI	F	0.02%
SERA	F	0.02%
NOG	B	0.02%
LOVE	A	0.02%
PRME	F	0.02%
EWCZ	F	0.02%
TRAK	B	0.02%
LAZR	D	0.02%
IIIN	C	0.02%
ASPN	F	0.02%
CBRL	C	0.02%
OCGN	F	0.02%
DENN	D	0.02%
LIND	C	0.02%
LUNG	F	0.02%
CYRX	F	0.02%
IGMS	F	0.02%
NVEE	F	0.02%
NTST	C	0.02%
TH	C	0.02%
SIGA	F	0.02%
JBT	B	0.02%
FNA	B	0.02%
BYRN	B	0.02%
CRCT	F	0.02%
SABR	C	0.02%
OLO	A	0.02%
ULCC	D	0.02%
RCEL	B	0.02%
CHPT	F	0.02%
BMEA	F	0.02%
FDMT	F	0.02%
VSEC	C	0.02%
EYPT	D	0.02%
SKYT	D	0.02%
BWMN	C	0.02%
CYH	F	0.02%
METC	C	0.02%
NRC	F	0.02%
CENTA	C	0.02%
ICHR	C	0.02%
INST	B	0.02%
GHM	A	0.02%
BLZE	F	0.02%
CSTL	D	0.02%
WERN	C	0.02%
NNOX	C	0.02%
ATEX	F	0.02%
LESL	D	0.02%
XPOF	C	0.02%
PCT	C	0.02%
CCS	D	0.02%
CAL	F	0.02%
NIC	B	0.02%
PLSE	C	0.02%
CMPO	B	0.02%
NPO	A	0.02%
GRND	A	0.02%
SRCL	B	0.02%
AMRC	F	0.02%
RDVT	A	0.02%
SRDX	B	0.02%
DHIL	B	0.02%
CCO	C	0.01%
NWPX	A	0.01%
CVGW	D	0.01%
FOR	F	0.01%
STKS	F	0.01%
REKR	F	0.01%
ODC	B	0.01%
AKYA	F	0.01%
VERU	F	0.01%
GCO	C	0.01%
OMER	A	0.01%
INMB	F	0.01%
EMBC	C	0.01%
ACCD	D	0.01%
AIRS	C	0.01%
EP	C	0.01%
GLSI	F	0.01%
EVI	F	0.01%
FULC	F	0.01%
XFOR	F	0.01%
MLYS	F	0.01%
BLNK	F	0.01%
DC	D	0.01%
LXRX	F	0.01%
AMWD	C	0.01%
LFMD	D	0.01%
NPCE	C	0.01%
CTGO	D	0.01%
MODV	C	0.01%
OPRX	F	0.01%
GNE	F	0.01%
PEPG	F	0.01%
STGW	A	0.01%
INVA	D	0.01%
SSTI	C	0.01%
EGAN	C	0.01%
EVEX	D	0.01%
GOOD	B	0.01%
IRON	B	0.01%
PRTH	B	0.01%
ACHV	F	0.01%
STXS	C	0.01%
SCWO	F	0.01%
NTIC	B	0.01%
IAS	C	0.01%
MRAM	D	0.01%
ULH	C	0.01%
PFIS	A	0.01%
QUIK	F	0.01%
CADL	F	0.01%
ESPR	B	0.01%
TRVI	F	0.01%
LAW	F	0.01%
AQST	D	0.01%
TAYD	D	0.01%
INBK	B	0.01%
MVIS	F	0.01%
SPNT	B	0.01%
KFS	B	0.01%
GRPN	F	0.01%
FHTX	C	0.01%
JILL	C	0.01%
SCPH	F	0.01%
PSTL	D	0.01%
QUAD	C	0.01%
PAYS	F	0.01%
PLUG	F	0.01%
OLMA	F	0.01%
TIPT	C	0.01%
FFWM	C	0.01%
LWAY	C	0.01%
LCTX	F	0.01%
SKIN	D	0.01%
JYNT	C	0.01%
RILY	F	0.01%
INFU	B	0.01%
BBAI	C	0.01%
DESP	B	0.01%
SKYH	C	0.01%
KLTR	B	0.01%
PHAT	F	0.01%
ACIC	B	0.01%
SMTI	B	0.01%
TSQ	D	0.01%
BTMD	B	0.01%
CHCO	B	0.01%
CDZI	C	0.01%
ZYXI	D	0.01%
AVXL	B	0.01%
QRHC	D	0.01%
MSEX	C	0.01%
CTOS	B	0.01%
ADCT	F	0.01%
NEO	C	0.01%
SMLR	B	0.01%
MDWD	D	0.01%
GWRS	B	0.01%
OMI	F	0.01%
MGTX	C	0.01%
TCX	D	0.01%
BRCC	F	0.01%
REX	D	0.01%
LGIH	F	0.01%
XOMA	C	0.01%
AEYE	C	0.01%
SMID	B	0.01%
MLP	B	0.01%
LBRT	D	0.01%
SCL	C	0.01%
HEAR	D	0.01%
EVCM	B	0.01%
GAMB	A	0.01%
PRCH	B	0.01%
AVAH	B	0.01%
INDI	C	0.01%
LIVN	F	0.01%
CDXC	B	0.01%
INMD	C	0.01%
ALTG	C	0.01%
CDLX	D	0.01%
CVRX	C	0.01%
SGHT	F	0.01%
UMH	B	0.01%
KNTK	A	0.01%
ANDE	D	0.01%
DSP	A	0.01%
RGR	F	0.01%
GOGO	C	0.01%
OFLX	D	0.01%
KRT	B	0.01%
PFMT	F	0.01%
RICK	B	0.01%
LNZA	F	0.01%
PESI	B	0.01%
ZURA	F	0.01%
MLAB	F	0.01%
GCBC	C	0.01%
REAL	B	0.01%
PBPB	C	0.01%
QRTEB	F	0.0%
SES	F	0.0%
LYRA	F	0.0%
TDUP	C	0.0%
MASS	F	0.0%
BSVN	B	0.0%
RSVR	B	0.0%
QIPT	F	0.0%
ATLC	A	0.0%
ULBI	F	0.0%
GRWG	D	0.0%
HLVX	F	0.0%
VIRC	B	0.0%
RMNI	C	0.0%
VGAS	B	0.0%
RENB	F	0.0%
FBIZ	B	0.0%
CZFS	B	0.0%
ELEV	D	0.0%
HOWL	F	0.0%
APEI	B	0.0%
BOC	C	0.0%
EVC	C	0.0%
LSEA	D	0.0%
FENC	D	0.0%
SST	F	0.0%
CTV	A	0.0%
RGLS	F	0.0%
MEC	F	0.0%
DIBS	F	0.0%
AMPX	C	0.0%
DLHC	F	0.0%
CIX	D	0.0%
ALRS	D	0.0%
HBIO	F	0.0%
ANET	C	0.0%
SHYF	C	0.0%
VRCA	F	0.0%
CLBK	C	0.0%
ALDX	D	0.0%
ORN	B	0.0%
SGC	C	0.0%
ATOS	F	0.0%
GALT	C	0.0%
AVTE	D	0.0%
IIIV	C	0.0%
LASR	D	0.0%
STTK	F	0.0%
NATR	C	0.0%
MITT	D	0.0%
CABA	F	0.0%
INNV	F	0.0%
VALU	C	0.0%
AOMR	F	0.0%
MPX	C	0.0%
CENT	C	0.0%
CHCT	C	0.0%
CMRE	C	0.0%
FUBO	D	0.0%
OOMA	B	0.0%
FG	A	0.0%
METCB	F	0.0%
USCB	B	0.0%
MYFW	B	0.0%
MCBS	B	0.0%
MLR	C	0.0%
CURV	D	0.0%
EPM	A	0.0%
FIGS	F	0.0%
NGS	B	0.0%
PSTX	D	0.0%
RDW	A	0.0%
CRDF	F	0.0%
ALXO	F	0.0%
HDSN	F	0.0%
SWBI	C	0.0%
OUST	C	0.0%
GMGI	C	0.0%
QBTS	B	0.0%
AHH	D	0.0%
OBIO	C	0.0%
BOOM	F	0.0%
FLWS	D	0.0%
EYE	C	0.0%
ITIC	A	0.0%
PTVE	B	0.0%
ARKO	C	0.0%
EGY	D	0.0%
ATNM	F	0.0%
HOV	D	0.0%
SHBI	B	0.0%
HQI	B	0.0%
CRSR	C	0.0%
AVO	C	0.0%
BMBL	C	0.0%
VTSI	C	0.0%
MAPS	B	0.0%
DCGO	B	0.0%
CLPR	D	0.0%
YORW	F	0.0%
TTSH	F	0.0%
OVID	F	0.0%
PLL	C	0.0%
NRDY	C	0.0%

VTWG Underweight 231 Positions Relative to FESM

Symbol	Grade	Weight
SKYW	C	-0.7%
LUMN	C	-0.69%
BGC	C	-0.67%
MHO	D	-0.61%
JXN	C	-0.61%
MTX	B	-0.59%
NWBI	B	-0.59%
FIX	A	-0.57%
EME	A	-0.56%
CVNA	B	-0.55%
FHI	B	-0.52%
VMEO	B	-0.5%
TMHC	C	-0.49%
CODI	B	-0.46%
MTDR	B	-0.41%
REZI	A	-0.4%
GT	C	-0.4%
BHE	C	-0.4%
MATX	C	-0.39%
ACA	A	-0.39%
SANM	B	-0.39%
CBU	B	-0.38%
ESRT	C	-0.37%
ABCB	B	-0.37%
AAT	B	-0.37%
VREX	B	-0.35%
GNW	A	-0.35%
TEX	F	-0.35%
UMBF	B	-0.34%
ATI	C	-0.33%
SF	B	-0.33%
COKE	C	-0.33%
NJR	A	-0.32%
PFS	B	-0.32%
KAR	B	-0.32%
SWX	B	-0.32%
ABM	B	-0.32%
MTH	D	-0.31%
SXC	A	-0.29%
CNO	B	-0.28%
WOOF	D	-0.28%
CEIX	A	-0.26%
WSBC	B	-0.26%
LNW	F	-0.26%
EZPW	B	-0.25%
CPF	B	-0.24%
BUSE	B	-0.24%
CDP	C	-0.24%
HP	C	-0.24%
TRNO	F	-0.24%
FRME	B	-0.23%
MAC	B	-0.23%
HWC	B	-0.22%
PBH	A	-0.22%
SJW	F	-0.22%
CRC	A	-0.22%
RNST	B	-0.22%
DCO	C	-0.22%
HL	D	-0.21%
TDS	B	-0.21%
WABC	B	-0.21%
AXL	C	-0.21%
OI	C	-0.21%
PSN	D	-0.21%
COMM	D	-0.2%
UBSI	B	-0.2%
FULT	A	-0.2%
MUR	D	-0.2%
CNXN	C	-0.19%
SBH	C	-0.19%
AVNS	F	-0.18%
TRTX	C	-0.18%
CADE	B	-0.18%
XRX	F	-0.18%
PRK	B	-0.17%
OFG	B	-0.16%
STNG	F	-0.16%
BOH	B	-0.16%
FLXS	B	-0.15%
ETD	C	-0.15%
VCYT	B	-0.15%
NFBK	C	-0.15%
UCB	A	-0.15%
TVTX	C	-0.15%
AMAL	B	-0.15%
GEO	B	-0.14%
CPS	C	-0.14%
VRE	B	-0.14%
FBK	C	-0.14%
SLG	B	-0.14%
GHC	B	-0.14%
CMC	B	-0.13%
WS	C	-0.13%
WSR	A	-0.13%
SRCE	B	-0.13%
ZEUS	C	-0.12%
AUB	B	-0.11%
VTOL	B	-0.11%
BRC	D	-0.11%
INSW	F	-0.11%
ODP	F	-0.1%
ALE	A	-0.1%
INDB	B	-0.1%
LADR	B	-0.1%
GMRE	F	-0.1%
FFBC	B	-0.1%
PL	B	-0.09%
VSTO	A	-0.09%
TCMD	B	-0.09%
MRC	B	-0.09%
LGND	C	-0.09%
VBTX	B	-0.09%
MYGN	F	-0.09%
EQC	B	-0.09%
TRUE	C	-0.09%
WGO	C	-0.08%
PRLB	B	-0.08%
WSBF	C	-0.08%
BSRR	B	-0.08%
KOD	B	-0.08%
FDP	B	-0.08%
CDE	C	-0.08%
CATY	B	-0.08%
RUSHA	C	-0.08%
LTH	C	-0.08%
SCS	C	-0.08%
MEDP	D	-0.07%
KE	C	-0.07%
UNIT	B	-0.07%
LGF.A	C	-0.07%
REPL	D	-0.07%
AVD	C	-0.07%
NBTB	B	-0.07%
FISI	B	-0.07%
NTCT	C	-0.07%
ATNI	F	-0.07%
SNBR	F	-0.07%
PGC	B	-0.07%
CTBI	B	-0.07%
HRTG	C	-0.07%
ADPT	C	-0.07%
EBS	C	-0.07%
DEA	D	-0.07%
WMK	C	-0.07%
CVBF	A	-0.06%
SGMO	C	-0.06%
BGS	F	-0.06%
CTKB	C	-0.06%
HURC	B	-0.06%
AGIO	C	-0.06%
NUVB	C	-0.06%
LGF.A	C	-0.05%
AOSL	C	-0.05%
TXRH	B	-0.05%
CCCC	F	-0.05%
NPAB	F	-0.05%
ATRO	D	-0.05%
ANNX	F	-0.05%
RIG	D	-0.05%
VNDA	C	-0.05%
OPY	B	-0.05%
ONTO	F	-0.05%
BY	B	-0.05%
STBA	B	-0.05%
OIS	B	-0.05%
ERAS	C	-0.05%
EE	A	-0.05%
IART	C	-0.05%
LPSN	F	-0.04%
STRO	F	-0.04%
CSR	B	-0.04%
ZNTL	F	-0.04%
WFRD	D	-0.04%
UNFI	A	-0.04%
ALLK	D	-0.04%
MSBI	B	-0.04%
SAGE	F	-0.04%
NXRT	B	-0.04%
DSGN	C	-0.04%
BRSP	C	-0.04%
ETNB	C	-0.04%
RLAY	F	-0.03%
BEAM	D	-0.03%
ENTA	F	-0.03%
RLMD	F	-0.03%
GIII	D	-0.03%
RMAX	C	-0.03%
NPK	B	-0.03%
MED	D	-0.03%
MBWM	B	-0.03%
SHEN	F	-0.03%
FSTR	B	-0.03%
TSVT	F	-0.03%
PRTS	C	-0.03%
EDIT	F	-0.03%
UVSP	B	-0.03%
FNKO	D	-0.03%
ASC	F	-0.03%
ETWO	F	-0.03%
VYGR	F	-0.03%
BHLB	B	-0.03%
CHGG	C	-0.03%
FATE	F	-0.03%
CCBG	B	-0.02%
ANGO	C	-0.02%
CTMX	F	-0.02%
NTLA	F	-0.02%
ONTF	C	-0.02%
NKTR	F	-0.02%
ZIMV	D	-0.02%
CRBU	D	-0.02%
UPLD	B	-0.02%
NKTX	F	-0.02%
MCB	B	-0.02%
TCBK	C	-0.02%
ONB	C	-0.02%
SPOK	B	-0.02%
GPRE	F	-0.02%
ACET	F	-0.02%
TSE	F	-0.02%
PRAA	D	-0.02%
DOC	C	-0.02%
KPTI	D	-0.02%
FCF	B	-0.02%
GCI	D	-0.02%
INO	F	-0.01%
ALVR	F	-0.01%
ZDGE	F	-0.01%
FGEN	D	-0.01%
ADAP	F	-0.01%
XBIT	F	-0.01%