VTWO vs. FESM ETF Comparison

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

VTWO

Vanguard Russell 2000 ETF

VTWO Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the Russell 2000® Index. The index is designed to measure the performance of small-capitalization 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

$93.83

Average Daily Volume

1,712,403

Number of Holdings ^*

1757

* 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

$34.33

Average Daily Volume

108,559

Number of Holdings ^*

562

* may have additional holdings in another (foreign) market

Performance

Period	VTWO	FESM
30 Days	4.01%	5.44%
60 Days	7.36%	9.02%
90 Days	9.50%	11.62%
12 Months	31.64%

527 Overlapping Holdings

	Symbol	Grade	Weight in VTWO	Weight in FESM	Overlap
	AAT	B	0.05%	0.36%	0.05%
	ABCB	B	0.15%	0.36%	0.15%
	ABM	B	0.12%	0.32%	0.12%
	ABSI	F	0.01%	0.05%	0.01%
	ABUS	D	0.02%	0.02%	0.02%
	ACA	B	0.17%	0.37%	0.17%
	ACAD	C	0.07%	0.11%	0.07%
	ACIW	B	0.2%	0.05%	0.05%
	ACLX	C	0.13%	0.03%	0.03%
	ADMA	C	0.17%	0.11%	0.11%
	ADPT	C	0.02%	0.09%	0.02%
	ADUS	D	0.08%	0.1%	0.08%
	AEO	F	0.15%	0.5%	0.15%
	AGIO	B	0.09%	0.14%	0.09%
	AGS	A	0.02%	0.09%	0.02%
	AIN	C	0.1%	0.08%	0.08%
	AIR	B	0.08%	0.49%	0.08%
	AIT	A	0.31%	0.47%	0.31%
	AKBA	C	0.01%	0.08%	0.01%
	AKRO	C	0.07%	0.06%	0.06%
	ALE	A	0.14%	0.1%	0.1%
	ALEC	D	0.01%	0.02%	0.01%
	ALHC	C	0.04%	0.02%	0.02%
	ALKS	C	0.17%	0.21%	0.17%
	ALRM	C	0.1%	0.16%	0.1%
	ALT	C	0.02%	0.02%	0.02%
	ALTR	C	0.2%	0.1%	0.1%
	ALX	D	0.02%	0.04%	0.02%
	AMAL	B	0.02%	0.09%	0.02%
	AMBA	C	0.08%	0.09%	0.08%
	AMPH	C	0.07%	0.1%	0.07%
	AMRX	B	0.05%	0.12%	0.05%
	AMSC	B	0.03%	0.12%	0.03%
	AMSF	B	0.03%	0.15%	0.03%
	ANF	C	0.26%	0.74%	0.26%
	ANGO	C	0.01%	0.02%	0.01%
	ANIK	D	0.01%	0.03%	0.01%
	ANIP	C	0.04%	0.08%	0.04%
	ANNX	C	0.02%	0.06%	0.02%
	AORT	C	0.04%	0.22%	0.04%
	AOSL	D	0.03%	0.04%	0.03%
	APOG	B	0.06%	0.38%	0.06%
	APPN	C	0.05%	0.06%	0.05%
	ARAY	D	0.01%	0.08%	0.01%
	ARCT	F	0.02%	0.06%	0.02%
	ARLO	C	0.04%	0.17%	0.04%
	AROC	B	0.12%	0.39%	0.12%
	ARQT	B	0.04%	0.09%	0.04%
	ARRY	C	0.04%	0.03%	0.03%
	ARVN	D	0.06%	0.06%	0.06%
	ARWR	C	0.08%	0.05%	0.05%
	ASC	F	0.03%	0.03%	0.03%
	ATNI	F	0.01%	0.07%	0.01%
	ATRC	C	0.05%	0.13%	0.05%
	ATRO	F	0.02%	0.05%	0.02%
	AUB	A	0.12%	0.1%	0.1%
	AUR	D	0.2%	0.09%	0.09%
	AVD	C	0.0%	0.06%	0.0%
	AVNS	F	0.04%	0.18%	0.04%
	AVTE	D	0.0%	0.01%	0.0%
	AWR	C	0.11%	0.3%	0.11%
	AX	B	0.13%	0.29%	0.13%
	AXGN	D	0.02%	0.21%	0.02%
	AXL	C	0.03%	0.21%	0.03%
	AXNX	A	0.13%	0.03%	0.03%
	AXSM	B	0.12%	0.07%	0.07%
	BAND	C	0.02%	0.36%	0.02%
	BANF	B	0.08%	0.43%	0.08%
	BASE	C	0.02%	0.04%	0.02%
	BBIO	F	0.13%	0.07%	0.07%
	BBSI	B	0.04%	0.33%	0.04%
	BCC	B	0.2%	0.16%	0.16%
	BCO	F	0.19%	0.24%	0.19%
	BCPC	B	0.21%	0.09%	0.09%
	BCRX	D	0.06%	0.1%	0.06%
	BDC	C	0.17%	0.29%	0.17%
	BDTX	F	0.01%	0.04%	0.01%
	BEAM	C	0.07%	0.03%	0.03%
	BECN	B	0.2%	0.03%	0.03%
	BGC	C	0.12%	0.66%	0.12%
	BGS	F	0.03%	0.06%	0.03%
	BHE	C	0.06%	0.41%	0.06%
	BHLB	B	0.04%	0.03%	0.03%
	BKD	F	0.05%	0.06%	0.05%
	BL	B	0.12%	0.2%	0.12%
	BLBD	F	0.06%	0.04%	0.04%
	BLKB	C	0.13%	0.07%	0.07%
	BMI	B	0.24%	0.4%	0.24%
	BOH	B	0.09%	0.16%	0.09%
	BOOT	C	0.18%	0.05%	0.05%
	BPMC	C	0.21%	0.16%	0.16%
	BRSP	B	0.03%	0.04%	0.03%
	BSIG	B	0.03%	0.07%	0.03%
	BSRR	B	0.01%	0.08%	0.01%
	BUSE	B	0.05%	0.23%	0.05%
	BVS	C	0.02%	0.18%	0.02%
	BY	B	0.03%	0.05%	0.03%
	CADE	B	0.21%	0.18%	0.18%
	CALM	B	0.11%	0.22%	0.11%
	CATY	B	0.11%	0.08%	0.08%
	CBU	B	0.11%	0.37%	0.11%
	CCBG	B	0.02%	0.01%	0.01%
	CCCC	F	0.01%	0.06%	0.01%
	CDE	D	0.1%	0.07%	0.07%
	CDMO	B	0.03%	0.08%	0.03%
	CDNA	D	0.06%	0.11%	0.06%
	CDP	C	0.13%	0.25%	0.13%
	CDXS	C	0.01%	0.06%	0.01%
	CECO	C	0.03%	0.35%	0.03%
	CEIX	B	0.11%	0.25%	0.11%
	CERS	C	0.01%	0.06%	0.01%
	CHGG	D	0.01%	0.03%	0.01%
	CHRS	F	0.0%	0.01%	0.0%
	CHX	C	0.21%	0.11%	0.11%
	CLDX	F	0.08%	0.06%	0.06%
	CMC	B	0.23%	0.06%	0.06%
	CMPR	C	0.05%	0.39%	0.05%
	CNK	B	0.11%	0.14%	0.11%
	CNMD	C	0.08%	0.35%	0.08%
	CNO	B	0.14%	0.27%	0.14%
	CNXN	C	0.03%	0.18%	0.03%
	CODI	B	0.05%	0.44%	0.05%
	COGT	D	0.04%	0.05%	0.04%
	COLL	F	0.05%	0.07%	0.05%
	COMM	D	0.05%	0.22%	0.05%
	COMP	B	0.09%	0.58%	0.09%
	CORT	B	0.14%	0.23%	0.14%
	COUR	F	0.04%	0.04%	0.04%
	CPF	B	0.03%	0.23%	0.03%
	CPRX	C	0.08%	0.14%	0.08%
	CPS	C	0.01%	0.15%	0.01%
	CRAI	C	0.04%	0.22%	0.04%
	CRBU	D	0.01%	0.02%	0.01%
	CRC	B	0.13%	0.22%	0.13%
	CRDO	C	0.15%	0.36%	0.15%
	CRGY	A	0.06%	0.58%	0.06%
	CRNX	B	0.15%	0.13%	0.13%
	CRS	B	0.28%	0.81%	0.28%
	CRVL	B	0.11%	0.04%	0.04%
	CSGS	B	0.05%	0.59%	0.05%
	CSR	B	0.04%	0.03%	0.03%
	CSWI	B	0.22%	0.17%	0.17%
	CTBI	B	0.03%	0.07%	0.03%
	CTKB	C	0.02%	0.07%	0.02%
	CTRE	C	0.16%	0.2%	0.16%
	CVBF	B	0.09%	0.05%	0.05%
	CVLT	B	0.25%	0.77%	0.25%
	CWCO	F	0.01%	0.03%	0.01%
	CWT	D	0.12%	0.2%	0.12%
	CXM	C	0.04%	0.04%	0.04%
	CYTK	C	0.22%	0.16%	0.16%
	DAKT	B	0.02%	0.05%	0.02%
	DCO	B	0.03%	0.17%	0.03%
	DEA	D	0.05%	0.08%	0.05%
	DIN	C	0.02%	0.02%	0.02%
	DIOD	F	0.11%	0.1%	0.1%
	DK	D	0.04%	0.12%	0.04%
	DNLI	C	0.13%	0.07%	0.07%
	DOMO	B	0.01%	0.15%	0.01%
	DSGN	C	0.01%	0.05%	0.01%
	DVAX	B	0.05%	0.02%	0.02%
	DXPE	B	0.02%	0.16%	0.02%
	DY	C	0.21%	0.15%	0.15%
	DYN	D	0.11%	0.11%	0.11%
	EAT	B	0.12%	0.11%	0.11%
	EB	C	0.01%	0.02%	0.01%
	EDIT	F	0.01%	0.03%	0.01%
	EE	B	0.01%	0.05%	0.01%
	EGHT	B	0.01%	0.29%	0.01%
	ENS	D	0.15%	0.61%	0.15%
	ENSG	C	0.29%	0.03%	0.03%
	ENTA	F	0.01%	0.03%	0.01%
	EOLS	F	0.03%	0.06%	0.03%
	EPAC	B	0.08%	0.23%	0.08%
	EQC	C	0.08%	0.31%	0.08%
	ERAS	C	0.02%	0.06%	0.02%
	ESRT	D	0.05%	0.34%	0.05%
	ETD	D	0.03%	0.14%	0.03%
	ETNB	C	0.02%	0.05%	0.02%
	ETWO	F	0.03%	0.03%	0.03%
	EWTX	C	0.07%	0.16%	0.07%
	EXLS	B	0.22%	0.54%	0.22%
	EXPI	C	0.04%	0.16%	0.04%
	EXTR	C	0.07%	0.13%	0.07%
	FATE	F	0.01%	0.03%	0.01%
	FBK	B	0.06%	0.06%	0.06%
	FBP	B	0.13%	0.28%	0.13%
	FCF	B	0.06%	0.02%	0.02%
	FDP	B	0.04%	0.08%	0.04%
	FFBC	B	0.09%	0.1%	0.09%
	FFIN	B	0.18%	0.35%	0.18%
	FISI	B	0.01%	0.07%	0.01%
	FIZZ	C	0.04%	0.03%	0.03%
	FLNC	C	0.05%	0.17%	0.05%
	FLR	C	0.3%	0.5%	0.3%
	FLXS	C	0.01%	0.14%	0.01%
	FLYW	B	0.07%	0.05%	0.05%
	FN	C	0.32%	0.74%	0.32%
	FNKO	D	0.01%	0.03%	0.01%
	FOLD	F	0.12%	0.14%	0.12%
	FORM	F	0.13%	0.12%	0.12%
	FRME	B	0.08%	0.18%	0.08%
	FSS	C	0.21%	0.08%	0.08%
	FSTR	B	0.01%	0.02%	0.01%
	FTDR	B	0.14%	0.08%	0.08%
	FUL	F	0.16%	0.52%	0.16%
	FULT	B	0.12%	0.19%	0.12%
	GATX	B	0.17%	0.01%	0.01%
	GCI	D	0.03%	0.03%	0.03%
	GEO	B	0.06%	0.22%	0.06%
	GERN	F	0.1%	0.04%	0.04%
	GFF	B	0.1%	0.3%	0.1%
	GH	B	0.1%	0.35%	0.1%
	GHC	B	0.1%	0.14%	0.1%
	GIC	F	0.02%	0.06%	0.02%
	GIII	C	0.05%	0.03%	0.03%
	GKOS	B	0.23%	0.1%	0.1%
	GMRE	F	0.02%	0.1%	0.02%
	GNW	B	0.11%	0.33%	0.11%
	GPRE	F	0.03%	0.02%	0.02%
	GRC	B	0.03%	0.03%	0.03%
	GT	C	0.09%	0.39%	0.09%
	HAE	B	0.15%	0.14%	0.14%
	HALO	C	0.26%	0.21%	0.21%
	HBI	B	0.1%	0.07%	0.07%
	HCAT	B	0.02%	0.11%	0.02%
	HCI	B	0.03%	0.11%	0.03%
	HIMS	C	0.13%	0.03%	0.03%
	HL	D	0.14%	0.19%	0.14%
	HLIT	D	0.06%	0.09%	0.06%
	HLX	C	0.06%	0.23%	0.06%
	HNI	B	0.09%	0.2%	0.09%
	HNST	B	0.01%	0.03%	0.01%
	HP	C	0.11%	0.25%	0.11%
	HQY	B	0.25%	0.24%	0.24%
	HROW	C	0.05%	0.03%	0.03%
	HRTG	C	0.01%	0.07%	0.01%
	HRTX	F	0.01%	0.04%	0.01%
	HSTM	B	0.03%	0.2%	0.03%
	HUMA	F	0.02%	0.03%	0.02%
	HURN	B	0.07%	0.21%	0.07%
	HWC	B	0.16%	0.22%	0.16%
	HWKN	C	0.09%	0.53%	0.09%
	HY	F	0.03%	0.18%	0.03%
	IART	C	0.05%	0.06%	0.05%
	IBP	F	0.22%	0.57%	0.22%
	ICFI	C	0.11%	0.04%	0.04%
	IDT	B	0.02%	0.03%	0.02%
	IDYA	F	0.1%	0.04%	0.04%
	IGT	F	0.09%	0.49%	0.09%
	IMVT	D	0.06%	0.01%	0.01%
	INDB	B	0.09%	0.1%	0.09%
	INO	F	0.01%	0.01%	0.01%
	INSM	C	0.42%	0.42%	0.42%
	INTA	B	0.07%	0.17%	0.07%
	IOVA	D	0.09%	0.04%	0.04%
	IRTC	C	0.09%	0.17%	0.09%
	IRWD	D	0.02%	0.07%	0.02%
	ITRI	B	0.18%	0.47%	0.18%
	JAMF	F	0.05%	0.07%	0.05%
	JBSS	F	0.03%	0.02%	0.02%
	JXN	C	0.26%	0.64%	0.26%
	KALV	F	0.02%	0.04%	0.02%
	KAR	B	0.07%	0.31%	0.07%
	KBH	D	0.21%	0.2%	0.2%
	KE	C	0.02%	0.07%	0.02%
	KNF	C	0.19%	0.13%	0.13%
	KOD	B	0.0%	0.07%	0.0%
	KREF	D	0.03%	0.12%	0.03%
	KRYS	C	0.17%	0.11%	0.11%
	KTB	A	0.17%	0.08%	0.08%
	KTOS	B	0.13%	0.31%	0.13%
	KURA	F	0.05%	0.1%	0.05%
	KYMR	C	0.08%	0.03%	0.03%
	LADR	B	0.05%	0.1%	0.05%
	LANC	C	0.13%	0.45%	0.13%
	LGF.A	D	0.02%	0.05%	0.02%
	LGF.A	D	0.03%	0.05%	0.03%
	LGF.A	D	0.02%	0.07%	0.02%
	LGF.A	D	0.03%	0.07%	0.03%
	LGND	C	0.06%	0.09%	0.06%
	LIVN	C	0.11%	0.07%	0.07%
	LKFN	B	0.06%	0.52%	0.06%
	LMAT	B	0.07%	0.03%	0.03%
	LMB	B	0.03%	0.17%	0.03%
	LMND	B	0.03%	0.51%	0.03%
	LNTH	F	0.28%	0.07%	0.07%
	LTH	D	0.05%	0.08%	0.05%
	LUMN	C	0.26%	0.86%	0.26%
	LUNR	B	0.01%	0.07%	0.01%
	LYTS	B	0.02%	0.11%	0.02%
	MAC	B	0.15%	0.22%	0.15%
	MATX	B	0.18%	0.32%	0.18%
	MBWM	B	0.03%	0.03%	0.03%
	MCB	B	0.02%	0.02%	0.02%
	MCRI	A	0.04%	0.05%	0.04%
	MCY	B	0.06%	0.03%	0.03%
	MDGL	C	0.14%	0.15%	0.14%
	MDXG	A	0.03%	0.02%	0.02%
	MED	D	0.01%	0.03%	0.01%
	MGNX	D	0.01%	0.04%	0.01%
	MHO	D	0.17%	0.59%	0.17%
	MLNK	C	0.02%	0.05%	0.02%
	MMSI	B	0.21%	0.4%	0.21%
	MOG.A	B	0.21%	0.25%	0.21%
	MQ	F	0.08%	0.02%	0.02%
	MRC	B	0.04%	0.08%	0.04%
	MRSN	C	0.01%	0.02%	0.01%
	MRTN	C	0.04%	0.23%	0.04%
	MSBI	B	0.02%	0.04%	0.02%
	MTH	D	0.27%	0.3%	0.27%
	MTRN	B	0.08%	0.08%	0.08%
	MTX	B	0.09%	0.56%	0.09%
	MUR	D	0.18%	0.19%	0.18%
	MWA	B	0.12%	0.6%	0.12%
	MXL	C	0.04%	0.48%	0.04%
	MYE	F	0.02%	0.07%	0.02%
	MYGN	F	0.09%	0.09%	0.09%
	NABL	F	0.03%	0.06%	0.03%
	NARI	C	0.08%	0.03%	0.03%
	NBR	C	0.02%	0.24%	0.02%
	NBTB	B	0.07%	0.07%	0.07%
	NFBK	B	0.02%	0.15%	0.02%
	NGVC	B	0.01%	0.1%	0.01%
	NJR	A	0.17%	0.3%	0.17%
	NKTR	D	0.01%	0.02%	0.01%
	NKTX	F	0.01%	0.02%	0.01%
	NMIH	D	0.12%	0.33%	0.12%
	NOVA	F	0.04%	0.01%	0.01%
	NPAB	F	0.13%	0.04%	0.04%
	NPK	B	0.01%	0.03%	0.01%
	NRIX	B	0.05%	0.14%	0.05%
	NSSC	F	0.05%	0.04%	0.04%
	NTLA	F	0.07%	0.02%	0.02%
	NUVB	B	0.02%	0.07%	0.02%
	NUVL	D	0.13%	0.04%	0.04%
	NVAX	F	0.07%	0.07%	0.07%
	NWBI	B	0.06%	0.57%	0.06%
	NXRT	B	0.04%	0.04%	0.04%
	OABI	D	0.01%	0.05%	0.01%
	ODP	F	0.04%	0.09%	0.04%
	OFG	B	0.08%	0.15%	0.08%
	OI	C	0.07%	0.21%	0.07%
	OIS	B	0.01%	0.05%	0.01%
	ONTF	C	0.01%	0.02%	0.01%
	OPCH	F	0.2%	0.14%	0.14%
	OPEN	F	0.05%	0.07%	0.05%
	ORGO	B	0.01%	0.05%	0.01%
	ORIC	D	0.02%	0.07%	0.02%
	OSCR	D	0.15%	0.1%	0.1%
	OTTR	C	0.12%	0.11%	0.11%
	OUT	B	0.1%	0.53%	0.1%
	PACB	F	0.02%	0.08%	0.02%
	PAHC	B	0.02%	0.05%	0.02%
	PAYO	B	0.08%	0.65%	0.08%
	PBH	A	0.13%	0.21%	0.13%
	PBI	C	0.04%	0.19%	0.04%
	PBYI	C	0.0%	0.02%	0.0%
	PCRX	C	0.03%	0.08%	0.03%
	PCVX	D	0.5%	0.36%	0.36%
	PD	C	0.06%	0.18%	0.06%
	PDCO	F	0.06%	0.02%	0.02%
	PDFS	C	0.04%	0.24%	0.04%
	PECO	B	0.17%	0.34%	0.17%
	PFS	B	0.09%	0.31%	0.09%
	PGC	B	0.02%	0.07%	0.02%
	PGEN	F	0.0%	0.02%	0.0%
	PHR	D	0.05%	0.29%	0.05%
	PJT	B	0.12%	0.18%	0.12%
	PKE	B	0.01%	0.02%	0.01%
	PL	B	0.02%	0.07%	0.02%
	PLAB	C	0.06%	0.22%	0.06%
	PLPC	B	0.01%	0.25%	0.01%
	PLXS	C	0.14%	0.23%	0.14%
	PRAA	C	0.03%	0.02%	0.02%
	PRG	B	0.07%	0.54%	0.07%
	PRGS	A	0.11%	0.26%	0.11%
	PRK	B	0.09%	0.17%	0.09%
	PRLB	C	0.03%	0.08%	0.03%
	PRO	C	0.03%	0.18%	0.03%
	PTCT	C	0.1%	0.17%	0.1%
	PTGX	D	0.1%	0.08%	0.08%
	QLYS	B	0.18%	0.56%	0.18%
	QTRX	D	0.02%	0.06%	0.02%
	QTWO	B	0.17%	0.8%	0.17%
	RAMP	C	0.06%	0.02%	0.02%
	RCKT	F	0.04%	0.03%	0.03%
	RCKY	F	0.01%	0.02%	0.01%
	RDFN	D	0.05%	0.1%	0.05%
	REPL	C	0.02%	0.07%	0.02%
	REPX	A	0.01%	0.12%	0.01%
	REZI	A	0.11%	0.46%	0.11%
	RIG	C	0.11%	0.01%	0.01%
	RLAY	F	0.03%	0.03%	0.03%
	RM	D	0.01%	0.06%	0.01%
	RMAX	D	0.01%	0.03%	0.01%
	RMBS	C	0.17%	0.19%	0.17%
	RNA	B	0.18%	0.21%	0.18%
	RNST	B	0.07%	0.22%	0.07%
	ROCK	C	0.08%	0.21%	0.08%
	RUSHA	B	0.12%	0.08%	0.08%
	RVMD	C	0.25%	0.26%	0.25%
	RVNC	F	0.02%	0.06%	0.02%
	RXO	C	0.14%	0.06%	0.06%
	RXRX	C	0.06%	0.09%	0.06%
	RYTM	C	0.11%	0.16%	0.11%
	SAGE	F	0.01%	0.05%	0.01%
	SAH	B	0.03%	0.15%	0.03%
	SANA	F	0.02%	0.03%	0.02%
	SANM	C	0.14%	0.39%	0.14%
	SBH	A	0.05%	0.18%	0.05%
	SCS	B	0.05%	0.08%	0.05%
	SEM	C	0.14%	0.07%	0.07%
	SFBS	B	0.15%	0.18%	0.15%
	SFL	D	0.05%	0.02%	0.02%
	SFM	B	0.41%	0.97%	0.41%
	SHAK	C	0.14%	0.23%	0.14%
	SHEN	F	0.03%	0.03%	0.03%
	SIGI	B	0.21%	0.44%	0.21%
	SJW	F	0.07%	0.21%	0.07%
	SKT	A	0.13%	0.11%	0.11%
	SKYW	B	0.12%	0.69%	0.12%
	SLG	C	0.17%	0.13%	0.13%
	SLVM	C	0.11%	0.18%	0.11%
	SMMT	D	0.07%	0.01%	0.01%
	SMTC	C	0.11%	0.19%	0.11%
	SNBR	F	0.01%	0.05%	0.01%
	SNDX	D	0.06%	0.06%	0.06%
	SNEX	B	0.08%	0.25%	0.08%
	SPCE	F	0.0%	0.01%	0.0%
	SPNS	F	0.04%	0.02%	0.02%
	SPOK	B	0.01%	0.02%	0.01%
	SPSC	F	0.27%	0.72%	0.27%
	SPT	C	0.05%	0.08%	0.05%
	SRCE	B	0.04%	0.13%	0.04%
	SRRK	C	0.02%	0.13%	0.02%
	SSTK	D	0.03%	0.08%	0.03%
	STBA	B	0.06%	0.03%	0.03%
	STEP	B	0.13%	0.32%	0.13%
	STNE	F	0.12%	0.03%	0.03%
	STNG	F	0.12%	0.15%	0.12%
	STRO	D	0.01%	0.05%	0.01%
	SUPN	C	0.06%	0.02%	0.02%
	SVRA	F	0.02%	0.02%	0.02%
	SWTX	C	0.08%	0.02%	0.02%
	SWX	B	0.16%	0.31%	0.16%
	SXC	B	0.03%	0.28%	0.03%
	SXT	B	0.12%	0.32%	0.12%
	TCBK	B	0.05%	0.02%	0.02%
	TCMD	B	0.01%	0.08%	0.01%
	TDOC	C	0.06%	0.08%	0.06%
	TDS	C	0.08%	0.17%	0.08%
	TENB	C	0.18%	0.36%	0.18%
	TERN	F	0.02%	0.04%	0.02%
	TEX	D	0.13%	0.34%	0.13%
	TGTX	B	0.12%	0.09%	0.09%
	THR	C	0.04%	0.07%	0.04%
	TILE	B	0.04%	0.22%	0.04%
	TMCI	C	0.01%	0.05%	0.01%
	TMHC	B	0.26%	0.47%	0.26%
	TNC	F	0.07%	0.19%	0.07%
	TNDM	F	0.1%	0.04%	0.04%
	TNET	C	0.11%	0.02%	0.02%
	TNYA	D	0.0%	0.02%	0.0%
	TPH	C	0.15%	0.34%	0.15%
	TREE	D	0.02%	0.06%	0.02%
	TRN	B	0.1%	0.26%	0.1%
	TRNO	F	0.23%	0.28%	0.23%
	TRTX	B	0.02%	0.15%	0.02%
	TRUE	C	0.01%	0.1%	0.01%
	TRUP	B	0.05%	0.12%	0.05%
	TSHA	D	0.01%	0.06%	0.01%
	TSVT	F	0.01%	0.04%	0.01%
	TVTX	B	0.04%	0.16%	0.04%
	TWST	F	0.1%	0.14%	0.1%
	UBSI	B	0.18%	0.19%	0.18%
	UCB	B	0.13%	0.14%	0.13%
	UCTT	F	0.06%	0.37%	0.06%
	UEC	C	0.09%	0.06%	0.06%
	UFPI	B	0.29%	0.03%	0.03%
	UHT	D	0.02%	0.05%	0.02%
	UMBF	B	0.17%	0.34%	0.17%
	UNIT	C	0.05%	0.11%	0.05%
	UPBD	B	0.06%	0.5%	0.06%
	URBN	C	0.09%	0.08%	0.08%
	URGN	F	0.02%	0.01%	0.01%
	USLM	B	0.04%	0.03%	0.03%
	UVE	B	0.02%	0.04%	0.02%
	UVSP	B	0.03%	0.03%	0.03%
	VBTX	B	0.05%	0.09%	0.05%
	VCEL	B	0.08%	0.03%	0.03%
	VCYT	B	0.1%	0.15%	0.1%
	VERA	B	0.06%	0.02%	0.02%
	VICR	C	0.04%	0.35%	0.04%
	VMEO	B	0.03%	0.51%	0.03%
	VNDA	B	0.01%	0.05%	0.01%
	VRE	B	0.05%	0.18%	0.05%
	VREX	C	0.02%	0.29%	0.02%
	VRTS	B	0.05%	0.14%	0.05%
	VSCO	B	0.07%	0.03%	0.03%
	VTOL	B	0.03%	0.1%	0.03%
	VYGR	D	0.01%	0.04%	0.01%
	WABC	B	0.05%	0.21%	0.05%
	WEAV	C	0.02%	0.07%	0.02%
	WK	B	0.15%	0.28%	0.15%
	WKC	C	0.07%	0.14%	0.07%
	WMK	B	0.04%	0.07%	0.04%
	WOOF	D	0.01%	0.3%	0.01%
	WS	B	0.04%	0.13%	0.04%
	WSBC	B	0.06%	0.15%	0.06%
	WSBF	C	0.01%	0.07%	0.01%
	WSR	B	0.02%	0.13%	0.02%
	WT	B	0.05%	0.51%	0.05%
	WTS	B	0.21%	0.39%	0.21%
	WVE	B	0.02%	0.08%	0.02%
	XBIT	D	0.01%	0.01%	0.01%
	XNCR	B	0.04%	0.02%	0.02%
	XRX	F	0.04%	0.18%	0.04%
	YELP	C	0.08%	0.58%	0.08%
	YEXT	B	0.03%	0.28%	0.03%
	YMAB	D	0.02%	0.03%	0.02%
	YOU	D	0.11%	0.32%	0.11%
	ZEUS	C	0.01%	0.12%	0.01%
	ZIMV	F	0.02%	0.02%	0.02%
	ZIP	D	0.03%	0.05%	0.03%
	ZNTL	C	0.01%	0.04%	0.01%
	ZUO	B	0.04%	0.2%	0.04%

VTWO Overweight 1232 Positions Relative to FESM

	Symbol	Grade	Weight
	MLI	B	0.3%
	SSB	B	0.27%
	ESNT	D	0.25%
	MOD	D	0.25%
	NOVT	C	0.24%
	HLNE	B	0.24%
	VRNS	C	0.23%
	RHP	B	0.23%
	ONB	B	0.22%
	COOP	B	0.22%
	EPRT	C	0.22%
	NSIT	F	0.22%
	CBT	C	0.22%
	CWST	B	0.22%
	MMS	F	0.21%
	KRG	B	0.21%
	EXPO	D	0.21%
	ZETA	F	0.2%
	GTLS	B	0.2%
	TMDX	F	0.19%
	GPI	B	0.19%
	SKY	B	0.19%
	HOMB	A	0.19%
	ZWS	B	0.19%
	GBCI	B	0.19%
	AVAV	C	0.19%
	RDN	C	0.19%
	CNX	B	0.18%
	ABG	B	0.18%
	MC	B	0.18%
	POR	D	0.18%
	PIPR	B	0.18%
	PI	D	0.18%
	AVNT	B	0.17%
	SM	C	0.17%
	RDNT	B	0.17%
	BOX	A	0.17%
	VRRM	D	0.17%
	IRT	A	0.17%
	SUM	B	0.17%
	FELE	B	0.17%
	MGY	B	0.16%
	SBRA	C	0.16%
	ITGR	B	0.16%
	STRL	B	0.16%
	SIG	B	0.16%
	MARA	B	0.16%
	HRI	C	0.16%
	KAI	B	0.15%
	PRMW	C	0.15%
	ESGR	B	0.15%
	ASO	F	0.15%
	ORA	B	0.15%
	OGS	B	0.15%
	BKH	A	0.15%
	ASGN	D	0.15%
	SLAB	F	0.14%
	IIPR	F	0.14%
	SR	C	0.14%
	CWAN	B	0.14%
	HASI	F	0.14%
	KFY	B	0.14%
	ICUI	D	0.14%
	VLY	B	0.14%
	WHD	B	0.14%
	AEIS	B	0.14%
	PNM	B	0.14%
	RUN	F	0.14%
	NPO	B	0.13%
	ACLS	F	0.13%
	GVA	B	0.13%
	VAL	D	0.13%
	SGBX	F	0.13%
	TDW	F	0.13%
	WDFC	B	0.13%
	NOG	B	0.13%
	NHI	D	0.13%
	NWE	C	0.13%
	SHOO	D	0.13%
	BNL	D	0.13%
	PCH	F	0.13%
	IDCC	B	0.13%
	CVCO	B	0.13%
	GMS	B	0.13%
	POWI	D	0.13%
	LRN	B	0.13%
	GLNG	C	0.13%
	WD	D	0.13%
	NEOG	D	0.13%
	SITM	B	0.12%
	ALIT	C	0.12%
	NSP	F	0.12%
	EBC	B	0.12%
	ENV	B	0.12%
	SMPL	B	0.12%
	PBF	F	0.12%
	CBZ	B	0.12%
	ASB	B	0.12%
	IBOC	B	0.12%
	EVH	F	0.12%
	BXMT	D	0.12%
	HCC	C	0.12%
	TCBI	B	0.12%
	MGEE	B	0.12%
	ESE	B	0.12%
	CCOI	C	0.12%
	BTU	C	0.12%
	RKLB	B	0.12%
	APLE	B	0.12%
	PRCT	C	0.12%
	ABR	B	0.11%
	CCS	F	0.11%
	LXP	D	0.11%
	DORM	B	0.11%
	PTEN	C	0.11%
	LCII	D	0.11%
	UNF	B	0.11%
	ROAD	B	0.11%
	ACVA	B	0.11%
	WSFS	B	0.11%
	SATS	D	0.11%
	SYNA	C	0.11%
	AVA	C	0.11%
	PFSI	D	0.11%
	PATK	C	0.11%
	UPST	B	0.11%
	LBRT	F	0.11%
	PRIM	B	0.11%
	ATKR	C	0.11%
	CWK	C	0.11%
	JBT	B	0.11%
	PLUS	F	0.1%
	AMR	C	0.1%
	GRBK	D	0.1%
	VC	F	0.1%
	UE	B	0.1%
	PRFT	A	0.1%
	JJSF	C	0.1%
	CNS	C	0.1%
	DOCN	C	0.1%
	CARG	B	0.1%
	BUR	D	0.1%
	SFNC	B	0.1%
	TBBK	B	0.1%
	RRR	F	0.1%
	HGV	B	0.1%
	TGNA	B	0.1%
	FCPT	C	0.1%
	BKU	A	0.1%
	APAM	B	0.1%
	CPK	A	0.1%
	HUBG	A	0.1%
	SQSP	A	0.1%
	IOSP	B	0.1%
	ATGE	C	0.1%
	DEI	B	0.1%
	PLMR	A	0.09%
	TOWN	B	0.09%
	WAFD	B	0.09%
	IPAR	B	0.09%
	KWR	C	0.09%
	BFH	B	0.09%
	FRSH	B	0.09%
	WERN	B	0.09%
	VSH	F	0.09%
	HTLF	B	0.09%
	PPBI	B	0.09%
	AKR	B	0.09%
	AZZ	B	0.09%
	ARCH	B	0.09%
	FIBK	B	0.09%
	KLIC	C	0.09%
	AGYS	B	0.09%
	OSIS	B	0.09%
	RPD	C	0.09%
	SGRY	F	0.09%
	LGIH	F	0.09%
	ASTH	F	0.09%
	OII	B	0.09%
	ARCB	C	0.09%
	MGRC	B	0.09%
	BANR	B	0.08%
	BANC	B	0.08%
	JBLU	C	0.08%
	AI	C	0.08%
	KMT	B	0.08%
	STRA	C	0.08%
	NATL	B	0.08%
	POWL	C	0.08%
	NMRK	B	0.08%
	INSW	F	0.08%
	VERX	B	0.08%
	IBTX	B	0.08%
	SHO	D	0.08%
	BE	B	0.08%
	JOE	F	0.08%
	CSTM	F	0.08%
	RIOT	C	0.08%
	BRZE	C	0.08%
	ROG	D	0.08%
	SXI	B	0.08%
	CLSK	C	0.08%
	ENVA	B	0.08%
	FL	F	0.08%
	EVTC	C	0.08%
	VGR	B	0.08%
	ZD	B	0.08%
	MIR	B	0.08%
	LAUR	B	0.08%
	DBRG	F	0.08%
	SBCF	B	0.08%
	VCTR	C	0.08%
	CALX	F	0.08%
	ENR	A	0.08%
	VSTO	A	0.08%
	UFPT	C	0.08%
	PSMT	D	0.08%
	RXST	F	0.07%
	EPC	F	0.07%
	PZZA	D	0.07%
	PRM	C	0.07%
	LZB	B	0.07%
	DRH	C	0.07%
	STAA	F	0.07%
	VECO	F	0.07%
	TTMI	B	0.07%
	GOLF	B	0.07%
	ALG	B	0.07%
	PRVA	B	0.07%
	B	A	0.07%
	NEO	B	0.07%
	KOS	D	0.07%
	PAR	B	0.07%
	EFSC	B	0.07%
	IVT	B	0.07%
	TRMK	B	0.07%
	ROIC	A	0.07%
	HI	C	0.07%
	CAKE	B	0.07%
	GPOR	B	0.07%
	VYX	B	0.07%
	CABO	B	0.07%
	VIAV	C	0.07%
	OMCL	C	0.07%
	PHIN	B	0.07%
	THS	F	0.07%
	GSHD	B	0.07%
	JOBY	B	0.07%
	ADNT	D	0.07%
	STC	C	0.07%
	MRCY	B	0.07%
	NTCT	B	0.06%
	XHR	B	0.06%
	SKWD	A	0.06%
	SONO	C	0.06%
	MIRM	B	0.06%
	AMC	C	0.06%
	TALO	C	0.06%
	TGLS	B	0.06%
	VRNT	D	0.06%
	ELME	D	0.06%
	NWN	B	0.06%
	NBHC	B	0.06%
	MODG	F	0.06%
	GBX	A	0.06%
	KN	B	0.06%
	HEES	B	0.06%
	NHC	B	0.06%
	GTY	C	0.06%
	GEF	B	0.06%
	LTC	B	0.06%
	PEB	F	0.06%
	HLIO	C	0.06%
	SYBT	B	0.06%
	HE	F	0.06%
	PTON	C	0.06%
	ARDX	F	0.06%
	AMN	F	0.06%
	NNI	C	0.06%
	ASPN	F	0.06%
	PAGS	F	0.06%
	GOGL	C	0.06%
	XPRO	F	0.06%
	CENTA	C	0.06%
	ANDE	D	0.06%
	LOB	B	0.06%
	IESC	B	0.06%
	WGO	B	0.06%
	SCL	C	0.06%
	CASH	B	0.06%
	OSW	B	0.06%
	NVCR	D	0.06%
	FBNC	B	0.06%
	MNKD	C	0.06%
	PLUG	D	0.06%
	MYRG	B	0.06%
	GNL	F	0.06%
	DFIN	D	0.06%
	KROS	C	0.06%
	NTB	B	0.06%
	CHCO	B	0.06%
	AGM	B	0.06%
	MLKN	D	0.06%
	KNTK	B	0.06%
	TROX	F	0.06%
	WLY	A	0.06%
	MGNI	A	0.06%
	FOXF	F	0.06%
	TFIN	B	0.06%
	CGON	D	0.06%
	NX	C	0.05%
	NAVI	D	0.05%
	RC	D	0.05%
	PMT	D	0.05%
	PDM	D	0.05%
	LC	B	0.05%
	LPG	D	0.05%
	AGX	C	0.05%
	KW	C	0.05%
	USPH	C	0.05%
	NIC	B	0.05%
	JANX	C	0.05%
	UMH	C	0.05%
	UVV	B	0.05%
	NTST	F	0.05%
	AIV	D	0.05%
	OXM	D	0.05%
	UPWK	C	0.05%
	WOR	F	0.05%
	BLMN	F	0.05%
	VSEC	B	0.05%
	ARI	C	0.05%
	NVEE	F	0.05%
	INMD	B	0.05%
	LNN	B	0.05%
	OCUL	C	0.05%
	JELD	F	0.05%
	BKE	A	0.05%
	SOUN	B	0.05%
	DNOW	B	0.05%
	INFN	D	0.05%
	CUBI	B	0.05%
	DAN	D	0.05%
	SABR	B	0.05%
	SASR	A	0.05%
	WWW	B	0.05%
	TNK	F	0.05%
	CXW	B	0.05%
	ALEX	B	0.05%
	RLJ	C	0.05%
	ALKT	C	0.05%
	HELE	C	0.05%
	SPNT	B	0.05%
	PGNY	F	0.05%
	NGVT	B	0.05%
	WRBY	A	0.05%
	VRDN	C	0.05%
	ENVX	F	0.05%
	JBI	F	0.05%
	HMN	B	0.05%
	REVG	B	0.05%
	HOPE	B	0.05%
	AMWD	B	0.05%
	PRDO	B	0.05%
	CTS	C	0.05%
	THRM	F	0.05%
	JBGS	F	0.05%
	CHEF	B	0.05%
	VSAT	F	0.05%
	AESI	F	0.05%
	DHT	D	0.05%
	HTH	B	0.05%
	SBSI	B	0.04%
	SHLS	D	0.04%
	IRON	C	0.04%
	APLD	D	0.04%
	UTL	C	0.04%
	LFST	B	0.04%
	FSLY	D	0.04%
	FBMS	B	0.04%
	MD	C	0.04%
	DGII	B	0.04%
	UNFI	B	0.04%
	PARR	F	0.04%
	AUPH	B	0.04%
	ERII	B	0.04%
	CDRE	F	0.04%
	VZIO	D	0.04%
	PFBC	B	0.04%
	CBRL	C	0.04%
	QNST	C	0.04%
	FA	D	0.04%
	DFH	F	0.04%
	BZH	B	0.04%
	HOV	F	0.04%
	WTTR	B	0.04%
	RWT	D	0.04%
	PNTG	D	0.04%
	CMCO	C	0.04%
	ATEN	A	0.04%
	DCOM	B	0.04%
	OEC	D	0.04%
	CWH	C	0.04%
	CRK	B	0.04%
	ACMR	D	0.04%
	SDGR	C	0.04%
	TRS	D	0.04%
	EVRI	A	0.04%
	PEBO	A	0.04%
	ICHR	C	0.04%
	EFC	C	0.04%
	ACT	C	0.04%
	INVA	C	0.04%
	OCFC	B	0.04%
	FBRT	C	0.04%
	CNNE	C	0.04%
	LBPH	A	0.04%
	IMKTA	B	0.04%
	TRNS	D	0.04%
	XPEL	B	0.04%
	WULF	C	0.04%
	CARS	B	0.04%
	GABC	A	0.04%
	WINA	B	0.04%
	ECPG	C	0.04%
	PLAY	C	0.04%
	KLG	F	0.04%
	CAL	D	0.04%
	AHCO	F	0.04%
	VITL	F	0.04%
	KFRC	C	0.04%
	UTZ	F	0.04%
	MSEX	C	0.04%
	KALU	C	0.04%
	PCT	C	0.04%
	MSGE	F	0.04%
	TPC	C	0.04%
	SCSC	B	0.04%
	MGPI	F	0.04%
	OMI	F	0.04%
	EIG	A	0.04%
	COHU	C	0.04%
	SAVA	D	0.04%
	SAFT	B	0.04%
	HRMY	D	0.04%
	TARS	C	0.04%
	AGL	F	0.04%
	QCRH	B	0.04%
	AMRC	F	0.04%
	LILAK	F	0.04%
	DOLE	C	0.04%
	RGR	F	0.03%
	IBUY	B	0.03%
	MATW	C	0.03%
	GLDD	B	0.03%
	SMP	B	0.03%
	CIFR	C	0.03%
	ACHR	B	0.03%
	SWI	B	0.03%
	UDMY	C	0.03%
	IE	C	0.03%
	PRTA	F	0.03%
	REX	C	0.03%
	SPRY	C	0.03%
	AHH	D	0.03%
	HLF	C	0.03%
	DAWN	D	0.03%
	INN	D	0.03%
	CFFN	B	0.03%
	PTLO	F	0.03%
	ASTE	B	0.03%
	FCBC	B	0.03%
	EU	F	0.03%
	VVI	B	0.03%
	RPAY	D	0.03%
	TMP	B	0.03%
	CSTL	C	0.03%
	TPB	B	0.03%
	SCHL	F	0.03%
	HFWA	B	0.03%
	NAT	F	0.03%
	KOP	C	0.03%
	IMNM	F	0.03%
	HAYN	A	0.03%
	SVC	F	0.03%
	CFB	B	0.03%
	SPTN	F	0.03%
	HZO	F	0.03%
	DESP	B	0.03%
	CYH	F	0.03%
	PRA	B	0.03%
	VTLE	C	0.03%
	HAIN	F	0.03%
	XMTR	B	0.03%
	ASIX	B	0.03%
	LEU	C	0.03%
	AMRK	F	0.03%
	FLNG	C	0.03%
	IAS	D	0.03%
	HSII	B	0.03%
	SCVL	D	0.03%
	MBUU	C	0.03%
	CVI	F	0.03%
	ECVT	C	0.03%
	GDYN	C	0.03%
	MBIN	D	0.03%
	APLT	C	0.03%
	EMBC	C	0.03%
	NVRI	F	0.03%
	HCSG	B	0.03%
	RSI	B	0.03%
	GNK	C	0.03%
	BHRB	B	0.03%
	ATSG	A	0.03%
	PFC	B	0.03%
	RCUS	F	0.03%
	PETQ	A	0.03%
	FG	B	0.03%
	MEG	F	0.03%
	WNC	C	0.03%
	EYE	C	0.03%
	BELFB	C	0.03%
	DRVN	A	0.03%
	ALGT	B	0.03%
	MNRO	B	0.03%
	CENX	B	0.03%
	CGEM	F	0.03%
	BLND	B	0.03%
	DLX	B	0.03%
	CLB	C	0.03%
	BXC	B	0.03%
	IMAX	B	0.03%
	FIGS	F	0.03%
	BLX	A	0.03%
	FWRD	C	0.03%
	BRKL	B	0.03%
	FMBH	B	0.03%
	BFC	B	0.03%
	ELVN	C	0.03%
	GSAT	B	0.03%
	BLFS	C	0.03%
	CNOB	B	0.03%
	PGRE	C	0.03%
	PLYM	F	0.03%
	BV	C	0.03%
	JACK	C	0.03%
	DHC	F	0.03%
	MATV	F	0.03%
	MRVI	F	0.03%
	SMR	B	0.03%
	DNUT	D	0.03%
	BDN	D	0.03%
	MMI	B	0.03%
	ASAN	C	0.03%
	TGI	B	0.03%
	OBK	B	0.03%
	DX	B	0.03%
	RVLV	B	0.03%
	MNMD	B	0.02%
	DMRC	C	0.02%
	CLDT	B	0.02%
	BIGC	C	0.02%
	BALY	A	0.02%
	AURA	C	0.02%
	CMP	C	0.02%
	MOFG	B	0.02%
	FUBO	C	0.02%
	BTBT	B	0.02%
	CTO	B	0.02%
	MEI	F	0.02%
	SHYF	C	0.02%
	CCSI	B	0.02%
	DHIL	A	0.02%
	WLFC	C	0.02%
	AVXL	C	0.02%
	LXU	C	0.02%
	SHBI	A	0.02%
	CTLP	B	0.02%
	CCRN	F	0.02%
	PFIS	B	0.02%
	NWPX	B	0.02%
	OLP	B	0.02%
	USNA	C	0.02%
	PX	B	0.02%
	STOK	B	0.02%
	BBW	B	0.02%
	LMNR	C	0.02%
	UFCS	B	0.02%
	RUSHB	B	0.02%
	FLGT	F	0.02%
	TWKS	B	0.02%
	SNCY	B	0.02%
	BFS	C	0.02%
	CRMD	B	0.02%
	KIDS	F	0.02%
	CSV	B	0.02%
	MPB	B	0.02%
	ANET	C	0.02%
	INOD	B	0.02%
	GTN	F	0.02%
	FPI	B	0.02%
	ESQ	B	0.02%
	BHB	B	0.02%
	CLW	F	0.02%
	SMBK	B	0.02%
	FC	F	0.02%
	GOGO	C	0.02%
	IBTA	D	0.02%
	PTVE	C	0.02%
	ENFN	B	0.02%
	LAND	F	0.02%
	CLBK	B	0.02%
	CLFD	F	0.02%
	AIOT	B	0.02%
	AROW	B	0.02%
	FWRG	C	0.02%
	TYRA	F	0.02%
	CVGW	C	0.02%
	OLMA	F	0.02%
	KRUS	C	0.02%
	RGNX	D	0.02%
	GCMG	B	0.02%
	IIIV	B	0.02%
	OPK	B	0.02%
	AMBC	C	0.02%
	RDUS	D	0.02%
	LQDT	B	0.02%
	LASR	D	0.02%
	CHCT	C	0.02%
	TIPT	B	0.02%
	GSBC	B	0.02%
	FSBC	B	0.02%
	CCNE	B	0.02%
	HONE	B	0.02%
	PKST	F	0.02%
	HTBI	B	0.02%
	NRDS	C	0.02%
	THFF	A	0.02%
	NBN	B	0.02%
	SLP	F	0.02%
	ACCO	B	0.02%
	INST	B	0.02%
	WLDN	C	0.02%
	OLO	B	0.02%
	TK	D	0.02%
	OFIX	C	0.02%
	EVER	D	0.02%
	AAOI	B	0.02%
	CLNE	C	0.02%
	REAX	C	0.02%
	YORW	F	0.02%
	CHPT	F	0.02%
	SMBC	B	0.02%
	SRDX	D	0.02%
	MAX	F	0.02%
	RES	F	0.02%
	SGHC	B	0.02%
	RBCAA	B	0.02%
	WASH	B	0.02%
	FDMT	F	0.02%
	NEXT	B	0.02%
	RYAM	B	0.02%
	FMNB	B	0.02%
	THRY	F	0.02%
	SRCL	B	0.02%
	AVO	B	0.02%
	HAFC	B	0.02%
	RYI	B	0.02%
	NNBR	C	0.02%
	CEVA	B	0.02%
	CASS	B	0.02%
	MCBS	B	0.02%
	CCO	C	0.02%
	ARKO	D	0.02%
	SIBN	D	0.02%
	LESL	D	0.02%
	NTGR	B	0.02%
	SEMR	F	0.02%
	HTLD	B	0.02%
	NR	C	0.02%
	CBL	B	0.02%
	ATEC	C	0.02%
	LQDA	D	0.02%
	IIIN	C	0.02%
	IMXI	B	0.02%
	EQBK	A	0.02%
	HTBK	B	0.02%
	SWBI	D	0.02%
	EGY	F	0.02%
	ACEL	B	0.02%
	CAC	B	0.02%
	CCB	A	0.02%
	STGW	B	0.02%
	MCW	C	0.02%
	PAX	C	0.02%
	TRST	B	0.02%
	BFST	B	0.02%
	BMBL	C	0.02%
	FOR	F	0.02%
	BJRI	B	0.02%
	PHAT	F	0.02%
	EBF	C	0.02%
	LPRO	C	0.02%
	GDOT	C	0.02%
	PUBM	C	0.02%
	PLOW	C	0.02%
	TTGT	C	0.02%
	AMTB	B	0.02%
	OSPN	B	0.02%
	ARHS	F	0.02%
	MTUS	D	0.02%
	CNDT	B	0.02%
	PLRX	D	0.02%
	GDEN	B	0.02%
	CMTG	F	0.02%
	UTI	B	0.02%
	CHUY	B	0.02%
	GOOD	B	0.02%
	HPP	F	0.02%
	ANAB	F	0.02%
	INDI	C	0.02%
	BBUC	B	0.02%
	ORRF	B	0.02%
	KELYA	F	0.02%
	IBCP	B	0.02%
	HCKT	B	0.02%
	MLAB	F	0.02%
	EGBN	B	0.02%
	VIR	C	0.02%
	HBNC	A	0.02%
	CMRE	B	0.02%
	DJCO	B	0.02%
	MLR	C	0.02%
	PUMP	C	0.02%
	OSBC	A	0.02%
	STTK	F	0.01%
	JILL	C	0.01%
	QRHC	F	0.01%
	CLAR	D	0.01%
	BBCP	F	0.01%
	CADL	F	0.01%
	TWIN	D	0.01%
	VRA	C	0.01%
	ESCA	B	0.01%
	MDWD	D	0.01%
	HFFG	C	0.01%
	QUAD	C	0.01%
	BSVN	B	0.01%
	GWRS	C	0.01%
	STRS	B	0.01%
	BBAI	C	0.01%
	FF	D	0.01%
	RELL	B	0.01%
	FRGE	F	0.01%
	BTMD	B	0.01%
	ACDC	C	0.01%
	SMID	C	0.01%
	VIRC	C	0.01%
	MFIN	B	0.01%
	RDW	B	0.01%
	MHLD	D	0.01%
	RSVR	B	0.01%
	DXLG	C	0.01%
	MODV	D	0.01%
	FFNW	D	0.01%
	ATLO	C	0.01%
	MBI	B	0.01%
	GPMT	C	0.01%
	CHMG	A	0.01%
	AEYE	C	0.01%
	USCB	B	0.01%
	MYFW	B	0.01%
	ESSA	B	0.01%
	PLL	C	0.01%
	DC	D	0.01%
	MGTX	B	0.01%
	EPM	B	0.01%
	ACHV	F	0.01%
	RXT	C	0.01%
	SAMG	A	0.01%
	FLL	D	0.01%
	BLNK	F	0.01%
	EML	F	0.01%
	TCX	F	0.01%
	PVBC	C	0.01%
	MLP	C	0.01%
	ASLE	C	0.01%
	GPRO	D	0.01%
	JOUT	F	0.01%
	BLDE	C	0.01%
	FSP	C	0.01%
	AFCG	F	0.01%
	LAW	D	0.01%
	DSP	B	0.01%
	NKSH	B	0.01%
	IBEX	B	0.01%
	GAMB	B	0.01%
	NATR	B	0.01%
	CTOS	B	0.01%
	ACTG	F	0.01%
	SEVN	C	0.01%
	ORN	B	0.01%
	ZURA	D	0.01%
	OFLX	C	0.01%
	VEL	B	0.01%
	PESI	C	0.01%
	BRCC	F	0.01%
	CDXC	B	0.01%
	KRT	B	0.01%
	PYXS	B	0.01%
	NNBR	C	0.01%
	STHO	F	0.01%
	LXRX	F	0.01%
	ISTR	B	0.01%
	ALTG	C	0.01%
	FET	D	0.01%
	OVLY	B	0.01%
	BCBP	B	0.01%
	RGCO	C	0.01%
	OB	B	0.01%
	RNGR	A	0.01%
	LFMD	C	0.01%
	TTSH	D	0.01%
	FCEL	B	0.01%
	BWFG	A	0.01%
	IHRT	B	0.01%
	CTV	D	0.01%
	ATOS	C	0.01%
	HOFT	B	0.01%
	LCNB	B	0.01%
	TG	C	0.01%
	TLS	D	0.01%
	VABK	B	0.01%
	TRVI	F	0.01%
	JRVR	F	0.01%
	BRT	B	0.01%
	ATLC	A	0.01%
	PSTX	B	0.01%
	CTGO	F	0.01%
	NWFL	B	0.01%
	ALCO	F	0.01%
	HPK	D	0.01%
	NVRO	F	0.01%
	SGC	B	0.01%
	INSE	B	0.01%
	BHR	B	0.01%
	NXDT	F	0.01%
	SLDP	F	0.01%
	PCB	B	0.01%
	NGS	B	0.01%
	FLWS	D	0.01%
	WEYS	B	0.01%
	JAKK	C	0.01%
	MBCN	C	0.01%
	FORR	D	0.01%
	TPIC	F	0.01%
	CABA	F	0.01%
	GNE	F	0.01%
	BLFY	B	0.01%
	WTI	D	0.01%
	LNZA	F	0.01%
	XOMA	C	0.01%
	FVCB	B	0.01%
	SERA	D	0.01%
	ASUR	D	0.01%
	MITT	D	0.01%
	BARK	C	0.01%
	GENC	C	0.01%
	TRAK	B	0.01%
	GCBC	B	0.01%
	GLUE	C	0.01%
	PRME	D	0.01%
	PKBK	A	0.01%
	EVCM	C	0.01%
	SGHT	F	0.01%
	LYEL	D	0.01%
	LSEA	F	0.01%
	OMER	B	0.01%
	PCYO	B	0.01%
	UTMD	D	0.01%
	FULC	F	0.01%
	MVBF	B	0.01%
	NATH	C	0.01%
	ULCC	B	0.01%
	PANL	F	0.01%
	TSBK	B	0.01%
	PLBC	A	0.01%
	CIO	F	0.01%
	DGICA	A	0.01%
	PINE	D	0.01%
	RLGT	C	0.01%
	GRPN	F	0.01%
	PBPB	B	0.01%
	EWCZ	D	0.01%
	INGN	B	0.01%
	APEI	B	0.01%
	SMHI	F	0.01%
	FDBC	B	0.01%
	FHTX	C	0.01%
	MG	F	0.01%
	MVIS	F	0.01%
	HNRG	A	0.01%
	TBI	F	0.01%
	REI	F	0.01%
	CBNK	B	0.01%
	DH	D	0.01%
	CRMT	F	0.01%
	RRBI	A	0.01%
	AMPS	C	0.01%
	UNTY	B	0.01%
	LE	C	0.01%
	BCML	B	0.01%
	FRST	B	0.01%
	JMSB	B	0.01%
	SKYT	F	0.01%
	AVNW	F	0.01%
	IRBT	F	0.01%
	IGMS	F	0.01%
	HBB	F	0.01%
	SFIX	B	0.01%
	BOOM	F	0.01%
	OCGN	F	0.01%
	BLZE	D	0.01%
	ADCT	F	0.01%
	SSBK	B	0.01%
	AMPY	B	0.01%
	COFS	B	0.01%
	TH	C	0.01%
	CBAN	B	0.01%
	HEAR	C	0.01%
	SFST	B	0.01%
	IPI	C	0.01%
	PKOH	B	0.01%
	REFI	A	0.01%
	SAVE	F	0.01%
	WOW	B	0.01%
	PFMT	D	0.01%
	CZFS	B	0.01%
	ALDX	F	0.01%
	IMMR	F	0.01%
	MEC	D	0.01%
	THRD	C	0.01%
	INZY	F	0.01%
	AVAH	B	0.01%
	KRO	D	0.01%
	ITOS	F	0.01%
	ACIC	C	0.01%
	OUST	C	0.01%
	SWIM	D	0.01%
	RCEL	B	0.01%
	CIVB	B	0.01%
	VLGEA	B	0.01%
	FLIC	B	0.01%
	GNTY	A	0.01%
	LRMR	C	0.01%
	AMCX	C	0.01%
	BMEA	F	0.01%
	ACCD	F	0.01%
	BWB	B	0.01%
	INBK	B	0.01%
	PACK	C	0.01%
	HBT	B	0.01%
	OOMA	B	0.01%
	FNLC	B	0.01%
	MOV	C	0.01%
	ONEW	D	0.01%
	KODK	D	0.01%
	TITN	C	0.01%
	HMST	D	0.01%
	NEWT	B	0.01%
	SLQT	C	0.01%
	SENEA	B	0.01%
	CZNC	B	0.01%
	BYRN	B	0.01%
	GRND	B	0.01%
	RBBN	B	0.01%
	APPS	F	0.01%
	ULH	B	0.01%
	TBPH	B	0.01%
	XPOF	B	0.01%
	GCO	B	0.01%
	FSBW	B	0.01%
	LAZR	C	0.01%
	TCBX	B	0.01%
	MTRX	B	0.01%
	OBT	B	0.01%
	LEGH	D	0.01%
	SRI	F	0.01%
	MCFT	B	0.01%
	GHM	B	0.01%
	WTBA	B	0.01%
	REAL	B	0.01%
	AAN	B	0.01%
	OSUR	F	0.01%
	NAPA	A	0.01%
	DBI	F	0.01%
	METC	C	0.01%
	ILPT	F	0.01%
	HBCP	B	0.01%
	CRSR	C	0.01%
	ESPR	C	0.01%
	LINC	B	0.01%
	RDVT	B	0.01%
	GRNT	B	0.01%
	SB	F	0.01%
	VPG	F	0.01%
	SIGA	F	0.01%
	RGP	D	0.01%
	LUNG	F	0.01%
	FNA	B	0.01%
	PSTL	C	0.01%
	EBTC	B	0.01%
	LILA	F	0.01%
	FRBA	C	0.01%
	BWMN	C	0.01%
	BMRC	A	0.01%
	PLSE	D	0.01%
	ITIC	B	0.01%
	DENN	C	0.01%
	NECB	B	0.01%
	OLPX	D	0.01%
	CRCT	F	0.01%
	LIND	B	0.01%
	NNOX	D	0.01%
	LWLG	D	0.01%
	USAP	B	0.01%
	MTW	C	0.01%
	ODC	C	0.01%
	DCGO	B	0.01%
	EAF	B	0.01%
	CMPO	C	0.01%
	GEF	B	0.01%
	MNTK	D	0.01%
	VERV	D	0.01%
	MLYS	D	0.01%
	LOCO	C	0.01%
	LGTY	B	0.01%
	ZUMZ	C	0.01%
	NRC	F	0.01%
	CYRX	D	0.01%
	CENT	C	0.01%
	FMAO	B	0.01%
	LXFR	B	0.01%
	AEHR	F	0.01%
	CNSL	C	0.01%
	BCAL	B	0.01%
	ALLO	D	0.01%
	PPTA	C	0.01%
	MCS	A	0.01%
	DDD	D	0.01%
	ACNB	B	0.01%
	FBIZ	B	0.01%
	IAUX	F	0.01%
	FARO	B	0.01%
	ADV	F	0.01%
	TRC	F	0.01%
	NUS	C	0.01%
	BOC	D	0.01%
	HDSN	F	0.01%
	AQST	C	0.01%
	NRIM	A	0.01%
	UIS	B	0.01%
	ACRE	B	0.01%
	HIFS	B	0.01%
	KRNY	B	0.01%
	GLRE	C	0.01%
	RICK	B	0.01%
	NVEC	D	0.01%
	RBB	A	0.01%
	CAPR	C	0.01%
	TTI	B	0.01%
	ATEX	F	0.01%
	FFWM	B	0.01%
	BRY	F	0.01%
	RMR	F	0.01%
	SD	D	0.01%
	HVT	F	0.01%
	TRDA	B	0.01%
	CARE	B	0.01%
	FRPH	B	0.01%
	EYPT	C	0.01%
	CELC	D	0.01%
	SPFI	B	0.01%
	XERS	C	0.01%
	FFIC	B	0.01%
	MITK	C	0.01%
	DSGR	B	0.01%
	BYND	F	0.01%
	HTZ	C	0.01%
	TWI	F	0.01%
	LOVE	B	0.01%
	WRLD	C	0.01%
	IRMD	B	0.01%
	ALRS	C	0.01%
	QRTEB	F	0.0%
	PWSC	C	0.0%
	LYRA	F	0.0%
	VGAS	D	0.0%
	AMPX	C	0.0%
	RENB	D	0.0%
	ARL	F	0.0%
	SST	F	0.0%
	PRLD	F	0.0%
	VRCA	F	0.0%
	ELEV	F	0.0%
	TCI	F	0.0%
	VALU	B	0.0%
	LLAP	F	0.0%
	CIX	B	0.0%
	GOCO	B	0.0%
	GMGI	C	0.0%
	CURV	D	0.0%
	STEM	F	0.0%
	HLVX	D	0.0%
	METCB	C	0.0%
	GALT	C	0.0%
	ATNM	F	0.0%
	PRPL	F	0.0%
	SWKH	F	0.0%
	RAPT	F	0.0%
	ALXO	F	0.0%
	NL	C	0.0%
	BKSY	C	0.0%
	GOEV	F	0.0%
	HOWL	F	0.0%
	VTSI	C	0.0%
	TDUP	C	0.0%
	AIRS	C	0.0%
	CLPR	C	0.0%
	OVID	D	0.0%
	NRDY	F	0.0%
	AKYA	C	0.0%
	INMB	D	0.0%
	MAPS	C	0.0%
	EP	C	0.0%
	TLYS	F	0.0%
	EEX	D	0.0%
	RMBL	C	0.0%
	STKS	F	0.0%
	HQI	B	0.0%
	IPSC	F	0.0%
	DLHC	F	0.0%
	CPSS	C	0.0%
	VHI	C	0.0%
	LCUT	F	0.0%
	MASS	F	0.0%
	ACRV	C	0.0%
	AMTX	C	0.0%
	SES	F	0.0%
	REKR	F	0.0%
	MPX	C	0.0%
	GLSI	F	0.0%
	QBTS	B	0.0%
	SCWO	D	0.0%
	QSI	F	0.0%
	WALD	F	0.0%
	ULBI	F	0.0%
	PNRG	A	0.0%
	CSTE	F	0.0%
	NPCE	C	0.0%
	SBT	C	0.0%
	EGAN	C	0.0%
	EVEX	D	0.0%
	NTIC	C	0.0%
	RMNI	C	0.0%
	EVI	D	0.0%
	TUSK	F	0.0%
	RGLS	F	0.0%
	NRGV	C	0.0%
	BLUE	F	0.0%
	VERU	F	0.0%
	ABOS	D	0.0%
	CRDF	C	0.0%
	QUIK	F	0.0%
	KFS	C	0.0%
	RILY	F	0.0%
	SKIN	C	0.0%
	CVGI	F	0.0%
	FREY	B	0.0%
	HBIO	F	0.0%
	PEBK	B	0.0%
	RGTI	B	0.0%
	STXS	D	0.0%
	DIBS	F	0.0%
	SMLR	B	0.0%
	XFOR	F	0.0%
	INNV	C	0.0%
	SSTI	F	0.0%
	TTEC	F	0.0%
	MRAM	D	0.0%
	NC	C	0.0%
	III	C	0.0%
	CVRX	C	0.0%
	FENC	F	0.0%
	BH	B	0.0%
	LWAY	D	0.0%
	PRCH	B	0.0%
	TAYD	F	0.0%
	CTRN	D	0.0%
	QIPT	F	0.0%
	GRWG	F	0.0%
	OBIO	C	0.0%
	SMTI	B	0.0%
	PAYS	F	0.0%
	GBIO	F	0.0%
	PRTH	B	0.0%
	NODK	B	0.0%
	AOMR	D	0.0%
	JYNT	D	0.0%
	ZYXI	D	0.0%
	SKYH	C	0.0%
	COOK	D	0.0%
	CDZI	C	0.0%
	EVC	B	0.0%
	NREF	B	0.0%
	POWW	F	0.0%
	CMT	D	0.0%
	PBFS	B	0.0%
	CDLX	F	0.0%
	CRNC	D	0.0%
	SCPH	F	0.0%
	GEOS	B	0.0%
	VTYX	F	0.0%
	KLTR	B	0.0%
	PEPG	F	0.0%
	MYPS	C	0.0%
	TSQ	C	0.0%
	BELFA	C	0.0%
	INFU	B	0.0%
	LCTX	D	0.0%
	OPRX	F	0.0%
	SSP	F	0.0%

VTWO Underweight 37 Positions Relative to FESM

	Symbol	Grade	Weight
	EME	B	-0.55%
	CVNA	B	-0.55%
	FIX	B	-0.55%
	MTDR	B	-0.51%
	FHI	A	-0.5%
	SF	A	-0.32%
	ATI	F	-0.32%
	COKE	C	-0.32%
	LNW	F	-0.28%
	PSN	C	-0.24%
	EZPW	A	-0.23%
	BRC	B	-0.12%
	EBS	C	-0.09%
	SGMO	C	-0.08%
	EGP	D	-0.08%
	MEDP	D	-0.07%
	HURC	B	-0.06%
	ALLK	C	-0.05%
	OPY	B	-0.05%
	ONTO	F	-0.05%
	LPSN	F	-0.04%
	TXRH	A	-0.04%
	PRTS	C	-0.03%
	ACET	F	-0.03%
	RLMD	F	-0.03%
	UPLD	C	-0.02%
	CTMX	F	-0.02%
	DOC	C	-0.02%
	TSE	F	-0.02%
	KPTI	C	-0.02%
	BOLT	D	-0.01%
	CARA	C	-0.01%
	WFRD	F	-0.01%
	ALVR	F	-0.01%
	ZDGE	F	-0.01%
	FGEN	D	-0.01%
	ADAP	F	-0.01%

VTWO: Top Represented Industries & Keywords

Industries: Biotechnology Banks - Regional - US Software - Application Medical Devices Software - Infrastructure REIT - Diversified Diversified Industrials Business Services Oil & Gas E&P Oil & Gas Equipment & Services Specialty Chemicals Specialty Retail Asset Management Electronic Components Medical Instruments & Supplies Restaurants Savings & Cooperative Banks Aerospace & Defense Insurance - Property & Casualty Conglomerates

Keywords: Bank Banking Medicine Deposit Products Biopharmaceutical Biotechnology Real Estate Investment Trust Cancer Real Estate Loans Computing Commercial Banking Clinical Medicine Natural Gas Insurance Mortgage Loan Loan Life Sciences Construction Mining Telecommunications

FESM: Top Represented Industries & Keywords

Industries: Biotechnology Banks - Regional - US Software - Application Drug Manufacturers - Specialty & Generic Medical Devices Software - Infrastructure Electronic Components Specialty Retail Diagnostics & Research Diversified Industrials Insurance - Property & Casualty Medical Instruments & Supplies Aerospace & Defense Building Materials Business Services REIT - Retail Telecom Services Asset Management Oil & Gas Equipment & Services REIT - Office

Keywords: Medicine Biopharmaceutical Biotechnology Bank Banking Cancer Clinical Medicine Deposit Products Life Sciences Computing Disease Real Estate Investment Trust Commercial Banking Insurance Pharmaceutical Telecommunications Biology Immune System Construction Mining