SMLF vs. VBR ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Vanguard Small-Cap Value ETF - DNQ (VBR)

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$71.68

Average Daily Volume

70,611

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

VBR

Vanguard Small-Cap Value ETF - DNQ

VBR Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. 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

$211.20

Average Daily Volume

430,349

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	VBR
30 Days	7.55%	5.18%
60 Days	8.72%	6.13%
90 Days	9.84%	7.24%
12 Months	38.08%	32.19%

413 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in VBR	Overlap
AA	A	0.13%	0.3%	0.13%
ABG	C	0.15%	0.13%	0.13%
ACA	A	0.1%	0.13%	0.1%
ACHC	F	0.04%	0.11%	0.04%
ACI	C	0.05%	0.17%	0.05%
ACM	B	0.19%	0.42%	0.19%
AEO	F	0.05%	0.1%	0.05%
AGCO	D	0.2%	0.19%	0.19%
AGNC	C	0.16%	0.21%	0.16%
AGO	B	0.27%	0.12%	0.12%
AIN	C	0.01%	0.06%	0.01%
AIT	B	0.12%	0.26%	0.12%
AIV	C	0.06%	0.03%	0.03%
AIZ	A	0.17%	0.29%	0.17%
ALIT	C	0.09%	0.08%	0.08%
ALLE	C	0.16%	0.36%	0.16%
ALSN	B	0.56%	0.27%	0.27%
ALX	D	0.1%	0.01%	0.01%
AM	A	0.37%	0.14%	0.14%
AMBC	C	0.05%	0.01%	0.01%
AMCX	C	0.06%	0.0%	0.0%
AMG	B	0.23%	0.16%	0.16%
AMN	F	0.03%	0.04%	0.03%
AMRX	C	0.07%	0.03%	0.03%
AN	C	0.24%	0.15%	0.15%
ANF	F	0.3%	0.2%	0.2%
APA	D	0.22%	0.26%	0.22%
APG	B	0.09%	0.25%	0.09%
APOG	C	0.11%	0.05%	0.05%
AR	B	0.21%	0.11%	0.11%
ARCB	C	0.02%	0.07%	0.02%
ARCH	B	0.03%	0.07%	0.03%
AROC	A	0.12%	0.09%	0.09%
ARRY	F	0.04%	0.01%	0.01%
ARW	D	0.18%	0.18%	0.18%
ASB	B	0.1%	0.1%	0.1%
ASGN	F	0.01%	0.11%	0.01%
ASH	F	0.07%	0.11%	0.07%
ASO	F	0.06%	0.11%	0.06%
ATKR	D	0.2%	0.09%	0.09%
AVNT	B	0.18%	0.12%	0.12%
AWR	B	0.12%	0.09%	0.09%
AX	B	0.0%	0.11%	0.0%
AXS	A	0.01%	0.17%	0.01%
AXTA	B	0.03%	0.24%	0.03%
AYI	B	0.35%	0.27%	0.27%
BANF	B	0.14%	0.06%	0.06%
BASE	B	0.12%	0.02%	0.02%
BBWI	C	0.2%	0.18%	0.18%
BC	C	0.09%	0.15%	0.09%
BCC	B	0.22%	0.15%	0.15%
BCO	F	0.06%	0.13%	0.06%
BDC	C	0.08%	0.14%	0.08%
BDN	C	0.13%	0.02%	0.02%
BECN	B	0.1%	0.17%	0.1%
BERY	C	0.1%	0.22%	0.1%
BFH	C	0.0%	0.07%	0.0%
BJ	A	0.16%	0.33%	0.16%
BKD	F	0.03%	0.03%	0.03%
BKE	B	0.12%	0.04%	0.04%
BKH	A	0.01%	0.12%	0.01%
BKU	A	0.0%	0.08%	0.0%
BLKB	B	0.13%	0.06%	0.06%
BLMN	F	0.05%	0.04%	0.04%
BMBL	C	0.02%	0.02%	0.02%
BOH	B	0.0%	0.08%	0.0%
BPOP	C	0.53%	0.19%	0.19%
BRC	D	0.17%	0.09%	0.09%
BRSP	C	0.03%	0.02%	0.02%
BRX	A	0.37%	0.24%	0.24%
BYD	B	0.01%	0.07%	0.01%
CACI	D	0.02%	0.36%	0.02%
CAKE	C	0.01%	0.06%	0.01%
CAL	F	0.08%	0.01%	0.01%
CAR	C	0.09%	0.04%	0.04%
CARS	C	0.08%	0.03%	0.03%
CBSH	B	0.24%	0.21%	0.21%
CBT	D	0.12%	0.17%	0.12%
CC	C	0.06%	0.08%	0.06%
CDP	C	0.03%	0.11%	0.03%
CENTA	C	0.05%	0.04%	0.04%
CFFN	C	0.04%	0.02%	0.02%
CFR	B	0.25%	0.21%	0.21%
CHCO	B	0.0%	0.05%	0.0%
CHRD	D	0.03%	0.23%	0.03%
CMA	B	0.0%	0.25%	0.0%
CMC	B	0.14%	0.18%	0.14%
CMPR	D	0.1%	0.02%	0.02%
CNDT	C	0.02%	0.01%	0.01%
CNO	B	0.16%	0.1%	0.1%
CNX	A	0.06%	0.14%	0.06%
COOP	B	0.41%	0.16%	0.16%
COTY	F	0.06%	0.08%	0.06%
CR	A	0.35%	0.22%	0.22%
CRC	A	0.1%	0.12%	0.1%
CRUS	D	0.11%	0.17%	0.11%
CSL	C	0.41%	0.57%	0.41%
CUZ	B	0.08%	0.14%	0.08%
CVBF	A	0.05%	0.08%	0.05%
CVI	F	0.03%	0.02%	0.02%
CWEN	C	0.15%	0.07%	0.07%
CWEN	C	0.15%	0.03%	0.03%
CWK	C	0.01%	0.09%	0.01%
CXT	C	0.09%	0.08%	0.08%
CXW	C	0.11%	0.04%	0.04%
DAN	D	0.02%	0.03%	0.02%
DAWN	D	0.04%	0.02%	0.02%
DCI	B	0.18%	0.26%	0.18%
DDS	B	0.31%	0.05%	0.05%
DEI	B	0.0%	0.09%	0.0%
DIN	C	0.04%	0.01%	0.01%
DINO	D	0.01%	0.18%	0.01%
DKS	D	0.38%	0.23%	0.23%
DLX	B	0.08%	0.02%	0.02%
DNB	B	0.03%	0.12%	0.03%
DNOW	B	0.1%	0.04%	0.04%
DTM	A	0.2%	0.26%	0.2%
DY	D	0.02%	0.07%	0.02%
DYN	F	0.02%	0.04%	0.02%
EDR	A	0.02%	0.12%	0.02%
EGBN	B	0.0%	0.01%	0.0%
EGP	D	0.09%	0.24%	0.09%
EHC	B	0.05%	0.29%	0.05%
EIG	B	0.0%	0.04%	0.0%
ELAN	D	0.08%	0.18%	0.08%
EMBC	C	0.03%	0.02%	0.02%
EME	A	0.94%	0.61%	0.61%
ENR	B	0.01%	0.07%	0.01%
ENS	F	0.04%	0.11%	0.04%
EPC	F	0.01%	0.05%	0.01%
EPR	C	0.02%	0.1%	0.02%
EQC	B	0.07%	0.06%	0.06%
ESAB	C	0.18%	0.21%	0.18%
ESI	B	0.15%	0.17%	0.15%
EVR	B	0.81%	0.28%	0.28%
EVTC	B	0.03%	0.06%	0.03%
EWBC	A	0.39%	0.39%	0.39%
FAF	A	0.16%	0.18%	0.16%
FBP	C	0.0%	0.09%	0.0%
FCN	F	0.04%	0.2%	0.04%
FCNCA	A	0.27%	0.61%	0.27%
FFIN	B	0.05%	0.13%	0.05%
FHB	B	0.08%	0.09%	0.08%
FHI	B	0.11%	0.09%	0.09%
FHN	A	0.04%	0.27%	0.04%
FL	F	0.03%	0.06%	0.03%
FLO	D	0.06%	0.12%	0.06%
FLR	B	0.08%	0.26%	0.08%
FR	D	0.31%	0.2%	0.2%
FULT	A	0.0%	0.1%	0.0%
FYBR	C	0.13%	0.26%	0.13%
GAP	C	0.23%	0.15%	0.15%
GATX	A	0.15%	0.14%	0.14%
GEF	A	0.01%	0.0%	0.0%
GEF	A	0.01%	0.04%	0.01%
GEO	B	0.12%	0.06%	0.06%
GES	F	0.15%	0.01%	0.01%
GFF	A	0.12%	0.08%	0.08%
GIII	D	0.02%	0.03%	0.02%
GLPI	C	0.18%	0.38%	0.18%
GME	C	0.16%	0.25%	0.16%
GMS	B	0.08%	0.1%	0.08%
GNW	A	0.0%	0.09%	0.0%
GO	C	0.01%	0.04%	0.01%
GOLF	B	0.13%	0.05%	0.05%
GPI	B	0.22%	0.14%	0.14%
GPK	C	0.26%	0.25%	0.25%
HAIN	D	0.01%	0.02%	0.01%
HAS	D	0.19%	0.25%	0.19%
HASI	D	0.07%	0.12%	0.07%
HCC	B	0.06%	0.1%	0.06%
HE	C	0.06%	0.05%	0.05%
HEES	C	0.09%	0.05%	0.05%
HELE	C	0.04%	0.04%	0.04%
HI	C	0.09%	0.06%	0.06%
HIW	C	0.18%	0.1%	0.1%
HLF	C	0.04%	0.02%	0.02%
HNI	B	0.03%	0.06%	0.03%
HOG	D	0.15%	0.11%	0.11%
HP	C	0.1%	0.04%	0.04%
HPP	F	0.04%	0.02%	0.02%
HRB	D	0.4%	0.24%	0.24%
HTH	C	0.11%	0.04%	0.04%
HTZ	C	0.01%	0.01%	0.01%
HUN	F	0.1%	0.11%	0.1%
HURN	C	0.25%	0.06%	0.06%
HWC	B	0.08%	0.13%	0.08%
IBOC	B	0.11%	0.1%	0.1%
IDA	A	0.46%	0.16%	0.16%
INVA	D	0.09%	0.03%	0.03%
IOSP	C	0.04%	0.08%	0.04%
ITGR	B	0.05%	0.12%	0.05%
ITT	A	0.31%	0.33%	0.31%
IVT	A	0.16%	0.06%	0.06%
IVZ	B	0.1%	0.22%	0.1%
JACK	C	0.09%	0.03%	0.03%
JBL	C	0.55%	0.39%	0.39%
JEF	A	0.4%	0.27%	0.27%
JELD	F	0.02%	0.03%	0.02%
JHG	B	0.31%	0.15%	0.15%
JOBY	B	0.01%	0.06%	0.01%
JXN	C	0.0%	0.22%	0.0%
KALU	C	0.01%	0.03%	0.01%
KBR	F	0.12%	0.26%	0.12%
KD	B	0.06%	0.15%	0.06%
KFRC	D	0.16%	0.03%	0.03%
KFY	B	0.02%	0.11%	0.02%
KIM	A	0.16%	0.47%	0.16%
KN	B	0.08%	0.04%	0.04%
KNF	B	0.07%	0.16%	0.07%
KRC	B	0.12%	0.14%	0.12%
KREF	C	0.04%	0.02%	0.02%
KSS	F	0.08%	0.06%	0.06%
LADR	B	0.06%	0.04%	0.04%
LAMR	C	0.33%	0.17%	0.17%
LGND	C	0.09%	0.05%	0.05%
LPX	B	0.41%	0.18%	0.18%
LRN	A	0.16%	0.06%	0.06%
LUMN	C	0.2%	0.19%	0.19%
LXP	D	0.07%	0.08%	0.07%
LYFT	C	0.1%	0.13%	0.1%
M	F	0.19%	0.12%	0.12%
MAC	B	0.31%	0.12%	0.12%
MAN	F	0.04%	0.09%	0.04%
MAT	D	0.12%	0.2%	0.12%
MATV	D	0.07%	0.02%	0.02%
MATX	C	0.21%	0.15%	0.15%
MCY	A	0.06%	0.05%	0.05%
MDGL	B	0.11%	0.14%	0.11%
MDU	D	0.04%	0.16%	0.04%
MIDD	C	0.08%	0.2%	0.08%
MKSI	C	0.08%	0.2%	0.08%
MLI	B	0.49%	0.27%	0.27%
MOG.A	B	0.03%	0.16%	0.03%
MPW	F	0.06%	0.08%	0.06%
MRC	B	0.09%	0.03%	0.03%
MSA	F	0.02%	0.18%	0.02%
MSM	C	0.02%	0.1%	0.02%
MTG	C	0.09%	0.19%	0.09%
MTRN	C	0.1%	0.06%	0.06%
MUR	D	0.19%	0.13%	0.13%
NATL	B	0.04%	0.06%	0.04%
NAVI	F	0.19%	0.03%	0.03%
NBTB	B	0.0%	0.06%	0.0%
NFG	A	0.13%	0.16%	0.13%
NGVT	B	0.01%	0.04%	0.01%
NHI	D	0.04%	0.1%	0.04%
NJR	A	0.14%	0.13%	0.13%
NNN	C	0.1%	0.23%	0.1%
NSIT	F	0.06%	0.17%	0.06%
NSP	F	0.11%	0.08%	0.08%
NTCT	C	0.11%	0.04%	0.04%
NUS	D	0.02%	0.0%	0.0%
NUVL	C	0.13%	0.11%	0.11%
NVST	B	0.06%	0.11%	0.06%
NVT	B	0.49%	0.36%	0.36%
NWL	C	0.02%	0.1%	0.02%
NWN	A	0.01%	0.04%	0.01%
NX	C	0.03%	0.04%	0.03%
NXST	C	0.07%	0.16%	0.07%
NYT	D	0.12%	0.25%	0.12%
OC	A	0.18%	0.45%	0.18%
ODP	F	0.11%	0.03%	0.03%
OFG	B	0.0%	0.05%	0.0%
OGE	A	0.12%	0.23%	0.12%
OGS	A	0.13%	0.12%	0.12%
OHI	C	0.09%	0.32%	0.09%
OI	C	0.03%	0.05%	0.03%
OLN	F	0.09%	0.14%	0.09%
OLPX	D	0.01%	0.01%	0.01%
OMF	A	0.16%	0.17%	0.16%
OMI	F	0.04%	0.03%	0.03%
ORI	A	0.41%	0.24%	0.24%
OSIS	A	0.02%	0.06%	0.02%
OTTR	C	0.06%	0.1%	0.06%
OUT	A	0.04%	0.07%	0.04%
OVV	B	0.25%	0.3%	0.25%
OXM	F	0.06%	0.03%	0.03%
OZK	B	0.08%	0.14%	0.08%
PARA	C	0.11%	0.17%	0.11%
PBF	D	0.02%	0.08%	0.02%
PBH	A	0.09%	0.11%	0.09%
PCH	F	0.01%	0.1%	0.01%
PDCO	F	0.02%	0.05%	0.02%
PDM	D	0.17%	0.04%	0.04%
PFSI	C	0.04%	0.07%	0.04%
PHIN	A	0.09%	0.06%	0.06%
PII	F	0.01%	0.11%	0.01%
PIPR	A	0.34%	0.14%	0.14%
PK	C	0.05%	0.08%	0.05%
PNFP	B	0.1%	0.11%	0.1%
POR	C	0.07%	0.14%	0.07%
PR	B	0.02%	0.13%	0.02%
PRG	C	0.17%	0.05%	0.05%
PRGO	C	0.04%	0.1%	0.04%
PRGS	A	0.18%	0.08%	0.08%
PRI	B	0.28%	0.27%	0.27%
PTEN	C	0.11%	0.09%	0.09%
PVH	C	0.17%	0.16%	0.16%
PZZA	F	0.05%	0.05%	0.05%
R	B	0.28%	0.18%	0.18%
RBRK	A	0.01%	0.03%	0.01%
RDN	D	0.06%	0.15%	0.06%
REVG	C	0.03%	0.04%	0.03%
RHI	C	0.17%	0.2%	0.17%
RL	C	0.15%	0.22%	0.15%
RLI	A	0.03%	0.2%	0.03%
RNG	C	0.19%	0.08%	0.08%
RNR	C	0.21%	0.4%	0.21%
RPM	A	0.22%	0.48%	0.22%
RRC	B	0.19%	0.2%	0.19%
RRX	B	0.2%	0.32%	0.2%
RS	B	0.49%	0.46%	0.46%
RUSHA	C	0.06%	0.1%	0.06%
RYN	D	0.06%	0.14%	0.06%
SAH	C	0.04%	0.02%	0.02%
SANM	B	0.22%	0.11%	0.11%
SATS	D	0.12%	0.09%	0.09%
SCI	B	0.14%	0.33%	0.14%
SCS	C	0.08%	0.03%	0.03%
SEE	C	0.0%	0.12%	0.0%
SF	B	0.17%	0.29%	0.17%
SFBS	C	0.13%	0.06%	0.06%
SFM	A	0.6%	0.38%	0.38%
SHO	D	0.01%	0.06%	0.01%
SIG	B	0.26%	0.11%	0.11%
SKT	A	0.24%	0.11%	0.11%
SLG	B	0.49%	0.14%	0.14%
SLM	A	0.16%	0.14%	0.14%
SM	B	0.07%	0.07%	0.07%
SMG	C	0.19%	0.11%	0.11%
SNV	C	0.05%	0.2%	0.05%
SOLV	D	0.31%	0.29%	0.29%
SON	F	0.09%	0.15%	0.09%
SPB	C	0.15%	0.07%	0.07%
SR	A	0.12%	0.1%	0.1%
SSB	B	0.02%	0.22%	0.02%
SSTK	F	0.11%	0.01%	0.01%
STAG	D	0.04%	0.2%	0.04%
STWD	C	0.06%	0.18%	0.06%
SUPN	C	0.03%	0.05%	0.03%
SVC	F	0.02%	0.02%	0.02%
SWI	C	0.01%	0.02%	0.01%
SWX	B	0.01%	0.13%	0.01%
SYNA	C	0.1%	0.08%	0.08%
TCBI	C	0.03%	0.1%	0.03%
TDC	D	0.01%	0.09%	0.01%
TDS	B	0.04%	0.08%	0.04%
TEX	F	0.19%	0.1%	0.1%
TGNA	B	0.09%	0.08%	0.08%
THC	D	0.31%	0.43%	0.31%
THO	B	0.13%	0.15%	0.13%
THR	B	0.05%	0.03%	0.03%
TILE	B	0.05%	0.01%	0.01%
TKR	D	0.17%	0.15%	0.15%
TMHC	C	0.09%	0.2%	0.09%
TNL	A	0.16%	0.09%	0.09%
TOL	B	0.16%	0.44%	0.16%
TPG	A	0.2%	0.16%	0.16%
TPH	D	0.14%	0.11%	0.11%
TPR	B	0.3%	0.32%	0.3%
TRMK	C	0.0%	0.06%	0.0%
TRN	B	0.06%	0.08%	0.06%
TTEK	F	0.29%	0.38%	0.29%
UA	C	0.14%	0.03%	0.03%
UFPI	C	0.23%	0.21%	0.21%
UGI	C	0.1%	0.15%	0.1%
UMBF	B	0.14%	0.13%	0.13%
UNFI	A	0.02%	0.03%	0.02%
UNIT	B	0.07%	0.03%	0.03%
UNM	A	0.0%	0.28%	0.0%
UPBD	B	0.09%	0.04%	0.04%
USFD	A	0.18%	0.44%	0.18%
USNA	C	0.02%	0.01%	0.01%
UTHR	C	0.38%	0.49%	0.38%
UVV	B	0.06%	0.03%	0.03%
VAC	C	0.07%	0.07%	0.07%
VC	F	0.08%	0.04%	0.04%
VFC	C	0.08%	0.24%	0.08%
VIAV	C	0.03%	0.06%	0.03%
VIRT	A	0.03%	0.07%	0.03%
VMEO	B	0.13%	0.01%	0.01%
VMI	B	0.15%	0.18%	0.15%
VNO	C	0.41%	0.22%	0.22%
VNT	C	0.05%	0.17%	0.05%
VOYA	B	0.17%	0.23%	0.17%
VRE	B	0.01%	0.04%	0.01%
VSH	F	0.09%	0.06%	0.06%
VSTO	A	0.14%	0.03%	0.03%
VSTS	C	0.02%	0.05%	0.02%
WAFD	B	0.12%	0.08%	0.08%
WAL	B	0.1%	0.25%	0.1%
WBA	F	0.05%	0.1%	0.05%
WBS	A	0.05%	0.26%	0.05%
WCC	B	0.2%	0.28%	0.2%
WD	D	0.02%	0.1%	0.02%
WEN	D	0.12%	0.1%	0.1%
WLY	B	0.07%	0.06%	0.06%
WNC	C	0.07%	0.02%	0.02%
WOOF	D	0.02%	0.01%	0.01%
WOR	F	0.08%	0.03%	0.03%
WS	C	0.22%	0.04%	0.04%
WSM	C	0.42%	0.39%	0.39%
WTFC	A	0.02%	0.23%	0.02%
WTM	A	0.16%	0.13%	0.13%
WTS	B	0.12%	0.15%	0.12%
X	B	0.1%	0.23%	0.1%
XHR	B	0.03%	0.02%	0.02%
XPO	B	0.17%	0.21%	0.17%
XRAY	F	0.2%	0.14%	0.14%
XRX	F	0.18%	0.03%	0.03%
ZION	B	0.24%	0.22%	0.22%
ZIP	D	0.05%	0.01%	0.01%

SMLF Overweight 399 Positions Relative to VBR

Symbol	Grade	Weight
APP	B	1.49%
MSTR	B	0.73%
DECK	A	0.72%
AXON	A	0.66%
NTNX	B	0.56%
MANH	D	0.5%
CVNA	B	0.46%
IBKR	A	0.45%
FIX	A	0.44%
DUOL	A	0.44%
COCO	A	0.43%
PCOR	B	0.42%
IOT	A	0.41%
NTRA	A	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
POWL	C	0.38%
MEDP	D	0.38%
WING	D	0.36%
CNM	D	0.36%
WFRD	D	0.35%
CAVA	B	0.34%
WK	B	0.34%
HSII	B	0.31%
WSO	A	0.31%
FLEX	B	0.31%
ALKS	C	0.3%
SPXC	A	0.3%
CORT	B	0.3%
CHE	D	0.3%
GGG	B	0.3%
EXE	A	0.29%
STRL	A	0.29%
PSTG	D	0.29%
INTA	B	0.27%
SN	D	0.27%
SMAR	B	0.26%
ESTC	C	0.26%
AMH	C	0.25%
MOD	A	0.25%
TPX	B	0.24%
CPRX	C	0.24%
TREX	C	0.24%
RMBS	B	0.24%
HALO	F	0.24%
EXEL	B	0.24%
IMKTA	C	0.24%
CW	C	0.23%
ENTG	D	0.23%
LSCC	D	0.23%
YOU	D	0.23%
EXLS	B	0.23%
COKE	C	0.22%
AXSM	B	0.22%
TOST	B	0.21%
BLD	D	0.21%
AZPN	A	0.21%
SRPT	F	0.2%
ETSY	D	0.2%
LIVN	F	0.2%
RDDT	A	0.2%
ELF	C	0.2%
DNLI	D	0.2%
HAE	C	0.2%
JOE	F	0.19%
CROX	D	0.19%
GH	B	0.19%
HLI	A	0.18%
KNSL	B	0.18%
TDOC	C	0.18%
NDSN	B	0.18%
VCYT	B	0.18%
FROG	C	0.18%
MMYT	B	0.17%
ACLX	C	0.17%
LNW	F	0.17%
LNTH	D	0.17%
KRG	B	0.17%
EXTR	C	0.17%
PRKS	B	0.17%
JBSS	F	0.17%
SRCE	B	0.16%
BL	B	0.16%
BMI	B	0.16%
CVCO	A	0.16%
PGRE	F	0.16%
LBTYA	F	0.15%
GNRC	C	0.15%
SBGI	B	0.15%
ONON	A	0.15%
XNCR	B	0.15%
ONTO	F	0.15%
W	D	0.15%
FTAI	A	0.15%
DOCS	C	0.15%
SKY	A	0.15%
AMR	C	0.14%
RGLD	C	0.14%
ATI	C	0.14%
IGT	F	0.14%
MMSI	A	0.14%
NOVT	D	0.14%
IONS	F	0.14%
PI	D	0.14%
BRKR	D	0.14%
ENSG	C	0.14%
TTC	C	0.14%
YEXT	B	0.14%
PCTY	C	0.14%
AY	A	0.14%
SPT	C	0.14%
SSD	F	0.14%
BPMC	B	0.13%
IPAR	B	0.13%
TNET	F	0.13%
ACCO	C	0.13%
BRZE	C	0.13%
BWXT	B	0.13%
RYAN	A	0.13%
KAI	B	0.13%
QLYS	B	0.13%
INSP	D	0.12%
SAIA	B	0.12%
ACLS	F	0.12%
WH	B	0.12%
NOV	C	0.12%
BSY	F	0.12%
CYTK	F	0.11%
TXNM	A	0.11%
LAZ	B	0.11%
OII	B	0.11%
DFIN	D	0.11%
LOVE	A	0.11%
CUBE	C	0.11%
MFA	D	0.11%
ACAD	C	0.11%
CARG	B	0.11%
SPSC	D	0.11%
BAND	B	0.11%
CHX	C	0.11%
MCB	B	0.11%
BCRX	D	0.11%
KW	C	0.1%
CHDN	B	0.1%
EXPI	D	0.1%
CRDO	B	0.1%
VECO	F	0.1%
LSTR	D	0.1%
ICFI	F	0.1%
HOV	D	0.1%
AGM	B	0.1%
KLIC	B	0.1%
INSM	C	0.1%
WMS	F	0.1%
VRNS	D	0.1%
HIMS	B	0.1%
EEFT	B	0.09%
MTSI	B	0.09%
WSC	F	0.09%
MTN	C	0.09%
PCVX	D	0.09%
ATEN	A	0.09%
VERA	C	0.09%
LZ	C	0.09%
FLG	D	0.09%
IDCC	B	0.09%
PLNT	A	0.09%
COUR	F	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
WEX	D	0.09%
CUBI	B	0.09%
CRS	B	0.09%
EXPO	D	0.09%
FIVN	C	0.08%
TENB	C	0.08%
LILA	D	0.08%
OPCH	D	0.08%
CVLT	B	0.08%
VIR	D	0.08%
RGEN	D	0.08%
PEGA	B	0.08%
OSCR	D	0.08%
PD	C	0.08%
YETI	D	0.08%
MASI	B	0.08%
CACC	D	0.08%
BOX	B	0.08%
NSSC	D	0.08%
AGX	B	0.08%
ALV	C	0.08%
CSWI	B	0.08%
CNMD	C	0.07%
AFRM	A	0.07%
CLH	C	0.07%
DH	F	0.07%
PEN	B	0.07%
EYPT	D	0.07%
WYNN	C	0.07%
RIG	D	0.07%
AMPH	F	0.07%
AMPL	B	0.07%
FLNC	D	0.07%
NBR	C	0.07%
EPAC	C	0.07%
NTB	B	0.07%
GKOS	B	0.07%
DOMO	B	0.07%
GCO	C	0.07%
PLUS	F	0.07%
TXRH	B	0.07%
SNEX	B	0.07%
NARI	C	0.07%
CEIX	A	0.07%
AVXL	B	0.06%
YELP	C	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
S	B	0.06%
FN	C	0.06%
TNC	D	0.06%
NXT	C	0.06%
ILPT	F	0.06%
HWKN	B	0.06%
CTBI	B	0.06%
BRBR	A	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
FUN	C	0.06%
SOFI	B	0.06%
WTTR	A	0.06%
CASY	A	0.06%
IRTC	C	0.06%
ADEA	C	0.06%
SFL	D	0.06%
ADMA	B	0.06%
APPF	B	0.06%
AZEK	A	0.06%
MED	D	0.06%
FOLD	F	0.05%
AVAV	C	0.05%
SONO	C	0.05%
ITRI	C	0.05%
LBTYK	A	0.05%
BEAM	D	0.05%
SITE	F	0.05%
CERS	D	0.05%
PATH	C	0.05%
HOUS	F	0.05%
MERC	F	0.05%
KOS	D	0.05%
TARS	C	0.05%
SMTC	B	0.05%
APLS	F	0.05%
LFUS	D	0.05%
ASAN	B	0.05%
MDXG	B	0.05%
WGO	C	0.05%
LECO	C	0.05%
ARWR	D	0.04%
CORZ	B	0.04%
LPG	F	0.04%
FLYW	B	0.04%
AGS	A	0.04%
IDT	B	0.04%
SANA	F	0.04%
TPB	B	0.04%
ANAB	F	0.04%
RVMD	C	0.04%
KLG	B	0.04%
CELH	F	0.04%
AGYS	A	0.04%
ROKU	D	0.04%
BILL	A	0.04%
ANGI	F	0.04%
IBP	D	0.04%
HSTM	B	0.04%
MMS	F	0.04%
BCPC	B	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	0.03%
GMED	A	0.03%
ALHC	C	0.03%
ALRM	C	0.03%
RDFN	D	0.03%
ADT	C	0.03%
LTH	C	0.03%
VNDA	C	0.03%
RGNX	D	0.03%
VCEL	B	0.03%
TGTX	B	0.03%
BBIO	F	0.03%
QXO	D	0.03%
OFIX	C	0.03%
CIEN	C	0.03%
QDEL	F	0.03%
SNBR	F	0.03%
RYI	C	0.03%
CHWY	B	0.03%
IESC	C	0.03%
UDMY	D	0.03%
SLAB	F	0.03%
MGNI	B	0.03%
ACCD	D	0.03%
VITL	D	0.03%
CGEM	F	0.03%
IVR	F	0.03%
RPD	B	0.03%
SPRY	C	0.03%
ATRC	C	0.03%
CNS	B	0.03%
RKT	F	0.03%
UVE	B	0.03%
NRC	F	0.03%
OLED	F	0.03%
RXT	C	0.02%
ERAS	C	0.02%
SLVM	B	0.02%
TSE	F	0.02%
KVYO	C	0.02%
ARCT	F	0.02%
OMER	A	0.02%
BRY	F	0.02%
EVH	F	0.02%
PRO	C	0.02%
RAMP	B	0.02%
QRTEA	F	0.02%
GPRO	F	0.02%
SAFE	F	0.02%
KRNY	C	0.02%
DOCN	C	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
OPI	F	0.02%
IRWD	F	0.02%
FSS	B	0.02%
MTW	C	0.02%
DBI	F	0.02%
LMAT	A	0.02%
CLVT	D	0.02%
RLJ	C	0.02%
CRSP	D	0.02%
TLRY	F	0.02%
SITC	D	0.02%
TWO	F	0.02%
OPEN	F	0.02%
SNDX	F	0.02%
AKRO	B	0.02%
PTCT	B	0.02%
LANC	C	0.02%
CALX	D	0.02%
ALGM	D	0.01%
VAL	F	0.01%
PGEN	F	0.01%
ARR	D	0.01%
PEB	D	0.01%
JAMF	F	0.01%
SFIX	B	0.01%
POWI	F	0.01%
FLWS	D	0.01%
XPRO	D	0.01%
MBC	F	0.01%
BIGC	B	0.01%
MLAB	F	0.01%
UTL	B	0.01%
WTI	F	0.01%
ZUO	B	0.01%
CRAI	C	0.01%
MITK	C	0.01%
NTLA	F	0.01%
TR	B	0.01%
ROIV	C	0.01%
TTGT	B	0.01%
HCAT	D	0.01%
OIS	B	0.01%
HQY	A	0.01%
ENVA	B	0.01%
HMST	F	0.01%
STGW	A	0.01%
BSIG	A	0.01%
GWRE	A	0.01%
RHP	B	0.01%
PYCR	B	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
SWTX	C	0.01%
NEXA	B	0.01%
UPWK	B	0.01%
HXL	F	0.01%
NFBK	C	0.01%
AEIS	C	0.01%
MAGN	D	0.0%
MC	C	0.0%
GDOT	D	0.0%
PFBC	B	0.0%
CASH	B	0.0%
TBBK	B	0.0%
PRDO	B	0.0%

SMLF Underweight 381 Positions Relative to VBR

Symbol	Grade	Weight
SW	A	-0.78%
BAH	F	-0.69%
BLDR	D	-0.58%
ATO	A	-0.58%
NRG	B	-0.55%
PNR	A	-0.48%
IEX	C	-0.47%
EQH	C	-0.42%
RGA	A	-0.41%
FFIV	B	-0.4%
JLL	D	-0.38%
REG	A	-0.38%
PFGC	B	-0.37%
JNPR	D	-0.37%
EMN	C	-0.36%
LDOS	C	-0.36%
CPT	B	-0.36%
BG	D	-0.35%
SJM	D	-0.34%
CHRW	B	-0.34%
UHS	D	-0.34%
CG	B	-0.34%
AES	F	-0.34%
ATR	B	-0.33%
CCK	D	-0.33%
KMX	B	-0.33%
BXP	C	-0.33%
HUBB	B	-0.33%
IPG	D	-0.32%
EPAM	B	-0.3%
FBIN	D	-0.3%
ARMK	B	-0.29%
PNW	A	-0.29%
TAP	C	-0.28%
TFX	F	-0.28%
GL	C	-0.28%
WTRG	B	-0.28%
STLD	B	-0.28%
ALLY	C	-0.28%
LKQ	F	-0.28%
AFG	A	-0.28%
Z	A	-0.27%
FRT	B	-0.27%
SEIC	B	-0.26%
AAL	B	-0.26%
LAD	A	-0.26%
HSIC	C	-0.26%
MUSA	B	-0.26%
MOS	F	-0.25%
INGR	C	-0.25%
FMC	D	-0.24%
DOC	C	-0.23%
NI	A	-0.23%
KNX	C	-0.23%
SAIC	F	-0.22%
SNX	D	-0.22%
ADC	A	-0.22%
BWA	D	-0.22%
COHR	B	-0.21%
MHK	D	-0.21%
HII	F	-0.21%
QRVO	F	-0.2%
G	B	-0.2%
FLS	B	-0.2%
BIO	C	-0.2%
JAZZ	B	-0.19%
MTH	D	-0.19%
EVRG	A	-0.19%
UHAL	D	-0.19%
PB	B	-0.19%
KEX	B	-0.19%
OSK	C	-0.19%
ALK	B	-0.18%
ESNT	F	-0.18%
CLF	F	-0.18%
CADE	B	-0.18%
ONB	C	-0.18%
WHR	B	-0.17%
SRCL	B	-0.17%
SUM	B	-0.17%
SIRI	C	-0.17%
DVA	C	-0.17%
GBCI	B	-0.17%
LNC	C	-0.17%
COLB	B	-0.17%
LEA	F	-0.16%
SIGI	C	-0.16%
ALB	B	-0.16%
NCLH	B	-0.16%
KBH	D	-0.15%
UBSI	B	-0.15%
PSN	D	-0.15%
ST	F	-0.15%
VVV	D	-0.15%
FNB	A	-0.15%
KTB	B	-0.14%
AVT	C	-0.14%
THG	A	-0.14%
OGN	F	-0.14%
AUR	C	-0.14%
HOMB	A	-0.14%
ZWS	B	-0.14%
RIVN	F	-0.13%
EAT	A	-0.13%
AL	B	-0.13%
SBRA	C	-0.13%
GTES	A	-0.13%
ICUI	D	-0.12%
FUL	F	-0.12%
ABCB	B	-0.12%
VLY	B	-0.12%
SLGN	A	-0.12%
MGM	D	-0.12%
SKYW	C	-0.11%
WU	F	-0.11%
GVA	A	-0.11%
ESGR	B	-0.11%
ALE	A	-0.11%
KMPR	A	-0.11%
HL	D	-0.11%
MTZ	B	-0.11%
PLXS	B	-0.11%
PNM	B	-0.11%
BEN	C	-0.1%
MGEE	B	-0.1%
NWE	B	-0.1%
BNL	D	-0.1%
ABM	B	-0.1%
SEM	B	-0.1%
BGC	C	-0.1%
UCB	A	-0.1%
AUB	B	-0.1%
IAC	F	-0.1%
DXC	B	-0.1%
WSFS	B	-0.09%
AVA	A	-0.09%
JWN	D	-0.09%
MIR	A	-0.09%
PENN	C	-0.09%
PAG	B	-0.09%
NPO	A	-0.09%
ADTN	A	-0.09%
APAM	B	-0.09%
AMED	F	-0.09%
BTU	B	-0.09%
CATY	B	-0.09%
EBC	B	-0.09%
PRIM	A	-0.09%
SXT	C	-0.09%
APLE	B	-0.09%
COMP	B	-0.09%
CBU	B	-0.09%
ESE	B	-0.09%
FIBK	B	-0.08%
AKR	B	-0.08%
ABR	C	-0.08%
UE	B	-0.08%
UNF	B	-0.08%
DBRG	F	-0.08%
REZI	A	-0.08%
GHC	B	-0.08%
SFNC	C	-0.08%
MGRC	B	-0.08%
AMKR	D	-0.08%
IOVA	F	-0.08%
BHF	C	-0.08%
ATGE	B	-0.08%
OMCL	C	-0.07%
GT	C	-0.07%
ENOV	C	-0.07%
CDE	C	-0.07%
PFS	B	-0.07%
PECO	A	-0.07%
FFBC	B	-0.07%
HBI	B	-0.07%
RNA	C	-0.07%
CNXC	F	-0.07%
VSCO	C	-0.07%
BOKF	B	-0.07%
MTX	B	-0.07%
HAYW	B	-0.07%
PPBI	C	-0.07%
BXMT	C	-0.07%
PRK	B	-0.07%
URBN	C	-0.07%
INDB	B	-0.07%
HUBG	A	-0.07%
WLK	D	-0.07%
POST	C	-0.07%
NMRK	C	-0.06%
CGON	F	-0.06%
AZTA	D	-0.06%
IMVT	F	-0.06%
RXO	D	-0.06%
KMT	B	-0.06%
MHO	D	-0.06%
AIR	B	-0.06%
PINC	B	-0.06%
SMMT	D	-0.06%
STRA	C	-0.06%
PSMT	D	-0.06%
ZG	A	-0.06%
IBTX	B	-0.06%
FRME	B	-0.06%
RNST	B	-0.06%
ZD	B	-0.06%
LAUR	A	-0.06%
INFA	D	-0.06%
AAP	D	-0.06%
TOWN	B	-0.06%
B	A	-0.06%
IPGP	D	-0.06%
AZZ	A	-0.06%
WERN	C	-0.06%
TTMI	C	-0.06%
SXI	B	-0.06%
BANR	B	-0.06%
CPRI	F	-0.06%
SCL	C	-0.05%
SHOO	F	-0.05%
MLKN	F	-0.05%
LZB	B	-0.05%
FCF	B	-0.05%
UAA	C	-0.05%
CNK	C	-0.05%
LTC	B	-0.05%
DRH	B	-0.05%
NWBI	B	-0.05%
THS	D	-0.05%
NBHC	C	-0.05%
KAR	B	-0.05%
PPC	C	-0.05%
STEP	C	-0.05%
GBX	A	-0.05%
WSBC	B	-0.05%
GNL	F	-0.05%
CRGY	B	-0.05%
VYX	B	-0.05%
ROIC	A	-0.05%
CRI	F	-0.05%
PBI	B	-0.04%
ARI	C	-0.04%
AAT	B	-0.04%
FDP	B	-0.04%
SPNT	B	-0.04%
IART	C	-0.04%
COLM	C	-0.04%
NNI	D	-0.04%
RRR	F	-0.04%
WABC	B	-0.04%
CSGS	B	-0.04%
VRNT	C	-0.04%
SBH	C	-0.04%
LCII	C	-0.04%
ALEX	B	-0.04%
STBA	B	-0.04%
ESRT	C	-0.04%
CODI	B	-0.04%
WT	A	-0.04%
REYN	D	-0.04%
HOPE	C	-0.04%
VCTR	B	-0.04%
TROX	D	-0.04%
SMR	B	-0.04%
VRTS	B	-0.04%
WKC	C	-0.04%
ANDE	D	-0.04%
JBGS	F	-0.04%
ELME	D	-0.04%
BHE	C	-0.04%
LC	A	-0.04%
FTRE	D	-0.04%
HMN	B	-0.04%
NHC	C	-0.04%
LEG	F	-0.04%
GTY	A	-0.04%
HLIO	B	-0.04%
NPAB	F	-0.04%
CABO	B	-0.04%
AVNS	F	-0.03%
MMI	C	-0.03%
FA	C	-0.03%
LGF.A	C	-0.03%
SCSC	C	-0.03%
BV	C	-0.03%
MYGN	F	-0.03%
BRKL	B	-0.03%
DK	C	-0.03%
DNUT	F	-0.03%
RWT	D	-0.03%
USM	B	-0.03%
WMK	C	-0.03%
KWR	C	-0.03%
INSW	F	-0.03%
ECPG	C	-0.03%
TRS	B	-0.03%
SNDR	B	-0.03%
CBRL	C	-0.03%
MD	C	-0.03%
ACT	C	-0.03%
FBRT	D	-0.03%
CSR	B	-0.03%
ATSG	B	-0.03%
HTLF	B	-0.03%
VSAT	F	-0.03%
SAFT	B	-0.03%
CNNE	B	-0.03%
MSGE	F	-0.03%
WWW	A	-0.03%
BHLB	B	-0.03%
PMT	C	-0.03%
ATUS	B	-0.02%
FOR	F	-0.02%
NAPA	A	-0.02%
CWH	B	-0.02%
PUMP	C	-0.02%
KELYA	F	-0.02%
HY	D	-0.02%
AXL	C	-0.02%
BGS	F	-0.02%
UHAL	D	-0.02%
RGR	F	-0.02%
KOP	C	-0.02%
MODG	F	-0.02%
SEB	F	-0.02%
MATW	C	-0.02%
PRLB	B	-0.02%
ECVT	C	-0.02%
AMWD	C	-0.02%
ETWO	F	-0.02%
ASTE	C	-0.02%
PCRX	C	-0.02%
CMTG	F	-0.02%
TMP	B	-0.02%
PRAA	D	-0.02%
FG	A	-0.02%
PRA	C	-0.02%
MNRO	D	-0.02%
HCSG	C	-0.02%
LEVI	F	-0.02%
EYE	C	-0.02%
JBLU	F	-0.02%
OPK	C	-0.01%
TWKS	B	-0.01%
CENT	C	-0.01%
CMP	C	-0.01%
KRO	C	-0.01%
TGI	B	-0.01%
VREX	B	-0.01%
SWBI	C	-0.01%
TRTX	C	-0.01%
SRCL	B	-0.01%
CRCT	F	-0.01%
NVRI	D	-0.01%
INN	D	-0.01%
RUSHB	C	-0.01%
WRLD	C	-0.01%
RMR	F	-0.01%
GRC	A	-0.01%
EE	A	-0.01%
NABL	F	-0.01%
PTVE	B	-0.01%
BJRI	C	-0.01%
FWRD	D	-0.01%
CCO	C	-0.01%
CLB	B	-0.01%
CLBK	C	-0.01%
HTLD	C	-0.01%
BFS	C	-0.01%
SCHL	F	-0.01%
DJT	C	-0.01%
GCMG	B	-0.01%
MXL	C	-0.01%
LGF.A	C	-0.01%
SCWX	C	-0.0%
AC	B	-0.0%
ACDC	B	-0.0%
TASK	C	-0.0%
LESL	D	-0.0%
LDI	C	-0.0%
BRCC	F	-0.0%