VBR vs. FAB ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to First Trust Multi Cap Value AlphaDEX Fund (FAB)

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

$214.02

Average Daily Volume

435,439

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

FAB

First Trust Multi Cap Value AlphaDEX Fund

FAB Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Value Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Value Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$88.95

Average Daily Volume

2,527

Number of Holdings ^*

665

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FAB
30 Days	7.07%	6.40%
60 Days	7.22%	5.80%
90 Days	8.68%	6.32%
12 Months	33.95%	27.56%

387 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FAB	Overlap
AAP	C	0.06%	0.18%	0.06%
ABCB	B	0.12%	0.1%	0.1%
ABG	B	0.13%	0.14%	0.13%
ABM	B	0.1%	0.05%	0.05%
ABR	C	0.08%	0.1%	0.08%
ACA	A	0.13%	0.09%	0.09%
ADTN	A	0.09%	0.18%	0.09%
AEO	F	0.1%	0.11%	0.1%
AFG	A	0.28%	0.05%	0.05%
AGCO	D	0.19%	0.08%	0.08%
AGO	B	0.12%	0.25%	0.12%
AIN	C	0.06%	0.02%	0.02%
AIR	B	0.06%	0.03%	0.03%
AIZ	A	0.29%	0.09%	0.09%
AL	B	0.13%	0.23%	0.13%
ALEX	C	0.04%	0.05%	0.04%
ALIT	C	0.08%	0.05%	0.05%
ALK	C	0.18%	0.15%	0.15%
ALLY	C	0.28%	0.36%	0.28%
AMG	B	0.16%	0.23%	0.16%
AMKR	D	0.08%	0.15%	0.08%
AMN	F	0.04%	0.06%	0.04%
AMWD	C	0.02%	0.1%	0.02%
AN	C	0.15%	0.12%	0.12%
ANDE	D	0.04%	0.09%	0.04%
APA	D	0.26%	0.2%	0.2%
APLE	B	0.09%	0.13%	0.09%
AR	B	0.11%	0.09%	0.09%
ARCB	C	0.07%	0.08%	0.07%
ARI	C	0.04%	0.05%	0.04%
ARW	D	0.18%	0.15%	0.15%
ASB	B	0.1%	0.06%	0.06%
ASGN	F	0.11%	0.08%	0.08%
ASH	D	0.11%	0.12%	0.11%
ASO	F	0.11%	0.18%	0.11%
ATKR	C	0.09%	0.23%	0.09%
ATO	A	0.58%	0.36%	0.36%
AUB	B	0.1%	0.05%	0.05%
AVA	A	0.09%	0.12%	0.09%
AVNS	F	0.03%	0.04%	0.03%
AVNT	B	0.12%	0.04%	0.04%
AVT	C	0.14%	0.17%	0.14%
AXS	A	0.17%	0.14%	0.14%
BANR	B	0.06%	0.09%	0.06%
BBWI	D	0.18%	0.17%	0.17%
BC	C	0.15%	0.12%	0.12%
BCC	B	0.15%	0.17%	0.15%
BECN	B	0.17%	0.1%	0.1%
BEN	C	0.1%	0.18%	0.1%
BERY	B	0.22%	0.14%	0.14%
BFH	B	0.07%	0.15%	0.07%
BG	F	0.35%	0.4%	0.35%
BHE	B	0.04%	0.05%	0.04%
BHF	B	0.08%	0.03%	0.03%
BHLB	B	0.03%	0.03%	0.03%
BJ	A	0.33%	0.05%	0.05%
BKE	B	0.04%	0.08%	0.04%
BKH	A	0.12%	0.18%	0.12%
BKU	A	0.08%	0.08%	0.08%
BLDR	D	0.58%	0.24%	0.24%
BLMN	F	0.04%	0.02%	0.02%
BMBL	C	0.02%	0.16%	0.02%
BNL	D	0.1%	0.09%	0.09%
BOKF	B	0.07%	0.09%	0.07%
BPOP	B	0.19%	0.04%	0.04%
BTU	B	0.09%	0.13%	0.09%
BV	B	0.03%	0.1%	0.03%
BWA	D	0.22%	0.2%	0.2%
BYD	C	0.07%	0.15%	0.07%
CABO	C	0.04%	0.14%	0.04%
CADE	B	0.18%	0.21%	0.18%
CAL	D	0.01%	0.11%	0.01%
CAR	C	0.04%	0.06%	0.04%
CATY	B	0.09%	0.09%	0.09%
CBU	B	0.09%	0.03%	0.03%
CC	C	0.08%	0.02%	0.02%
CENTA	C	0.04%	0.1%	0.04%
CHRD	D	0.23%	0.22%	0.22%
CLF	F	0.18%	0.15%	0.15%
CMA	A	0.25%	0.1%	0.1%
CMC	B	0.18%	0.23%	0.18%
CMTG	F	0.02%	0.02%	0.02%
CNO	A	0.1%	0.19%	0.1%
CNX	A	0.14%	0.25%	0.14%
CNXC	F	0.07%	0.17%	0.07%
COLB	A	0.17%	0.15%	0.15%
COLM	B	0.04%	0.09%	0.04%
COOP	B	0.16%	0.18%	0.16%
CRC	B	0.12%	0.1%	0.1%
CRGY	B	0.05%	0.13%	0.05%
CRI	D	0.05%	0.06%	0.05%
CSGS	B	0.04%	0.06%	0.04%
CUZ	B	0.14%	0.09%	0.09%
CVBF	A	0.08%	0.09%	0.08%
CVI	F	0.02%	0.1%	0.02%
CWEN	C	0.07%	0.02%	0.02%
CWEN	C	0.03%	0.02%	0.02%
CXT	B	0.08%	0.05%	0.05%
CXW	B	0.04%	0.21%	0.04%
DAN	D	0.03%	0.08%	0.03%
DBRG	F	0.08%	0.11%	0.08%
DDS	B	0.05%	0.19%	0.05%
DEI	B	0.09%	0.03%	0.03%
DINO	D	0.18%	0.21%	0.18%
DK	C	0.03%	0.05%	0.03%
DNB	B	0.12%	0.05%	0.05%
DNOW	B	0.04%	0.14%	0.04%
DOC	D	0.23%	0.16%	0.16%
DRH	B	0.05%	0.1%	0.05%
DXC	B	0.1%	0.18%	0.1%
EBC	B	0.09%	0.11%	0.09%
ECVT	C	0.02%	0.15%	0.02%
EIG	B	0.04%	0.14%	0.04%
EMN	D	0.36%	0.12%	0.12%
ENOV	C	0.07%	0.05%	0.05%
ENS	D	0.11%	0.12%	0.11%
EPAM	C	0.3%	0.05%	0.05%
EPC	D	0.05%	0.12%	0.05%
EQC	B	0.06%	0.1%	0.06%
ESNT	D	0.18%	0.19%	0.18%
EVRG	A	0.19%	0.17%	0.17%
EVTC	B	0.06%	0.02%	0.02%
FAF	A	0.18%	0.04%	0.04%
FBIN	D	0.3%	0.04%	0.04%
FCF	A	0.05%	0.08%	0.05%
FDP	B	0.04%	0.03%	0.03%
FFBC	A	0.07%	0.11%	0.07%
FHB	A	0.09%	0.06%	0.06%
FHI	A	0.09%	0.06%	0.06%
FHN	A	0.27%	0.17%	0.17%
FIBK	A	0.08%	0.08%	0.08%
FLR	B	0.26%	0.05%	0.05%
FMC	D	0.24%	0.18%	0.18%
FNB	A	0.15%	0.15%	0.15%
FOR	F	0.02%	0.11%	0.02%
FRME	B	0.06%	0.09%	0.06%
FUL	F	0.12%	0.04%	0.04%
FULT	A	0.1%	0.08%	0.08%
G	B	0.2%	0.2%	0.2%
GBX	A	0.05%	0.16%	0.05%
GEF	A	0.04%	0.13%	0.04%
GEF	A	0.0%	0.13%	0.0%
GEO	B	0.06%	0.1%	0.06%
GES	F	0.01%	0.1%	0.01%
GHC	C	0.08%	0.11%	0.08%
GIII	D	0.03%	0.13%	0.03%
GL	B	0.28%	0.13%	0.13%
GMS	B	0.1%	0.14%	0.1%
GNW	A	0.09%	0.03%	0.03%
GO	C	0.04%	0.05%	0.04%
GPI	A	0.14%	0.18%	0.14%
GT	C	0.07%	0.13%	0.07%
HAYW	B	0.07%	0.03%	0.03%
HCC	B	0.1%	0.22%	0.1%
HELE	C	0.04%	0.13%	0.04%
HII	D	0.21%	0.1%	0.1%
HIW	D	0.1%	0.09%	0.09%
HLF	C	0.02%	0.05%	0.02%
HLIO	B	0.04%	0.03%	0.03%
HMN	B	0.04%	0.06%	0.04%
HOG	D	0.11%	0.18%	0.11%
HOPE	B	0.04%	0.08%	0.04%
HP	B	0.04%	0.24%	0.04%
HSIC	B	0.26%	0.04%	0.04%
HTH	B	0.04%	0.05%	0.04%
HTZ	C	0.01%	0.15%	0.01%
HUBG	A	0.07%	0.08%	0.07%
HWC	B	0.13%	0.1%	0.1%
HY	D	0.02%	0.08%	0.02%
IAC	D	0.1%	0.04%	0.04%
IART	C	0.04%	0.13%	0.04%
IDA	A	0.16%	0.1%	0.1%
IEX	B	0.47%	0.09%	0.09%
INDB	B	0.07%	0.12%	0.07%
INGR	B	0.25%	0.14%	0.14%
INVA	D	0.03%	0.12%	0.03%
IOSP	B	0.08%	0.05%	0.05%
IPG	D	0.32%	0.08%	0.08%
IPGP	D	0.06%	0.07%	0.06%
IVT	B	0.06%	0.03%	0.03%
IVZ	B	0.22%	0.04%	0.04%
JAZZ	B	0.19%	0.19%	0.19%
JBGS	D	0.04%	0.02%	0.02%
JBL	B	0.39%	0.14%	0.14%
JEF	A	0.27%	0.05%	0.05%
JWN	C	0.09%	0.09%	0.09%
JXN	C	0.22%	0.24%	0.22%
KALU	C	0.03%	0.08%	0.03%
KAR	B	0.05%	0.06%	0.05%
KBH	D	0.15%	0.16%	0.15%
KFRC	D	0.03%	0.02%	0.02%
KFY	B	0.11%	0.09%	0.09%
KIM	A	0.47%	0.19%	0.19%
KMT	B	0.06%	0.14%	0.06%
KNX	B	0.23%	0.09%	0.09%
KRC	C	0.14%	0.18%	0.14%
KSS	F	0.06%	0.11%	0.06%
KWR	C	0.03%	0.05%	0.03%
LAD	A	0.26%	0.2%	0.2%
LADR	B	0.04%	0.1%	0.04%
LAUR	A	0.06%	0.08%	0.06%
LC	A	0.04%	0.07%	0.04%
LCII	C	0.04%	0.05%	0.04%
LEA	D	0.16%	0.19%	0.16%
LKQ	D	0.28%	0.13%	0.13%
LNC	B	0.17%	0.19%	0.17%
LPX	B	0.18%	0.09%	0.09%
LXP	D	0.08%	0.02%	0.02%
LZB	B	0.05%	0.1%	0.05%
M	D	0.12%	0.17%	0.12%
MAT	D	0.2%	0.04%	0.04%
MATX	C	0.15%	0.2%	0.15%
MDU	D	0.16%	0.16%	0.16%
MGM	D	0.12%	0.04%	0.04%
MHO	D	0.06%	0.19%	0.06%
MIDD	C	0.2%	0.08%	0.08%
MLI	C	0.27%	0.1%	0.1%
MLKN	D	0.05%	0.1%	0.05%
MODG	F	0.02%	0.08%	0.02%
MOS	F	0.25%	0.17%	0.17%
MRC	B	0.03%	0.11%	0.03%
MSGE	F	0.03%	0.02%	0.02%
MSM	C	0.1%	0.09%	0.09%
MTG	C	0.19%	0.21%	0.19%
MTH	D	0.19%	0.19%	0.19%
MTRN	C	0.06%	0.03%	0.03%
MTX	B	0.07%	0.05%	0.05%
MUR	D	0.13%	0.21%	0.13%
MUSA	A	0.26%	0.05%	0.05%
NAVI	C	0.03%	0.1%	0.03%
NBTB	B	0.06%	0.03%	0.03%
NFG	A	0.16%	0.17%	0.16%
NI	A	0.23%	0.27%	0.23%
NJR	A	0.13%	0.04%	0.04%
NMRK	B	0.06%	0.02%	0.02%
NNI	D	0.04%	0.02%	0.02%
NSP	D	0.08%	0.04%	0.04%
NWBI	B	0.05%	0.05%	0.05%
NWE	B	0.1%	0.1%	0.1%
NWN	A	0.04%	0.1%	0.04%
NX	C	0.04%	0.08%	0.04%
NXST	C	0.16%	0.13%	0.13%
OC	A	0.45%	0.39%	0.39%
ODP	F	0.03%	0.04%	0.03%
OFG	B	0.05%	0.05%	0.05%
OGE	B	0.23%	0.13%	0.13%
OGN	D	0.14%	0.1%	0.1%
OGS	A	0.12%	0.13%	0.12%
OI	C	0.05%	0.02%	0.02%
OLN	D	0.14%	0.11%	0.11%
OLPX	D	0.01%	0.02%	0.01%
OMF	A	0.17%	0.15%	0.15%
OMI	F	0.03%	0.06%	0.03%
ORI	A	0.24%	0.09%	0.09%
OSK	B	0.19%	0.24%	0.19%
OTTR	C	0.1%	0.18%	0.1%
OVV	B	0.3%	0.25%	0.25%
OXM	D	0.03%	0.02%	0.02%
OZK	B	0.14%	0.19%	0.14%
PAG	B	0.09%	0.13%	0.09%
PB	A	0.19%	0.1%	0.1%
PBF	D	0.08%	0.22%	0.08%
PBH	A	0.11%	0.06%	0.06%
PDCO	D	0.05%	0.09%	0.05%
PFGC	B	0.37%	0.05%	0.05%
PFS	B	0.07%	0.03%	0.03%
PHIN	A	0.06%	0.11%	0.06%
PII	D	0.11%	0.1%	0.1%
PINC	B	0.06%	0.14%	0.06%
PK	B	0.08%	0.13%	0.08%
PNFP	B	0.11%	0.05%	0.05%
PNM	F	0.11%	0.09%	0.09%
PNW	B	0.29%	0.18%	0.18%
POR	C	0.14%	0.17%	0.14%
POST	C	0.07%	0.12%	0.07%
PPBI	B	0.07%	0.03%	0.03%
PRG	C	0.05%	0.1%	0.05%
PRGO	B	0.1%	0.04%	0.04%
PSMT	C	0.06%	0.05%	0.05%
PTEN	C	0.09%	0.23%	0.09%
PTVE	B	0.01%	0.08%	0.01%
PVH	C	0.16%	0.22%	0.16%
R	B	0.18%	0.2%	0.18%
RDN	C	0.15%	0.21%	0.15%
REYN	D	0.04%	0.08%	0.04%
REZI	A	0.08%	0.13%	0.08%
RGA	A	0.41%	0.18%	0.18%
RHI	B	0.2%	0.05%	0.05%
RNR	C	0.4%	0.2%	0.2%
RNST	B	0.06%	0.08%	0.06%
ROIC	A	0.05%	0.03%	0.03%
RRC	B	0.2%	0.19%	0.19%
RS	B	0.46%	0.47%	0.46%
RUSHA	C	0.1%	0.2%	0.1%
RYN	D	0.14%	0.04%	0.04%
SAFT	C	0.03%	0.03%	0.03%
SAH	A	0.02%	0.11%	0.02%
SANM	B	0.11%	0.15%	0.11%
SBH	C	0.04%	0.1%	0.04%
SCL	C	0.05%	0.05%	0.05%
SCSC	B	0.03%	0.1%	0.03%
SEB	F	0.02%	0.11%	0.02%
SEE	C	0.12%	0.04%	0.04%
SEIC	B	0.26%	0.1%	0.1%
SEM	B	0.1%	0.05%	0.05%
SFNC	B	0.08%	0.08%	0.08%
SHO	C	0.06%	0.12%	0.06%
SHOO	D	0.05%	0.02%	0.02%
SIG	B	0.11%	0.16%	0.11%
SJM	D	0.34%	0.12%	0.12%
SLGN	A	0.12%	0.09%	0.09%
SLM	A	0.14%	0.09%	0.09%
SM	B	0.07%	0.24%	0.07%
SNDR	B	0.03%	0.08%	0.03%
SNX	C	0.22%	0.12%	0.12%
SOLV	C	0.29%	0.17%	0.17%
SON	D	0.15%	0.12%	0.12%
SPB	C	0.07%	0.07%	0.07%
SPNT	A	0.04%	0.13%	0.04%
SR	A	0.1%	0.17%	0.1%
SSB	B	0.22%	0.05%	0.05%
SSTK	F	0.01%	0.06%	0.01%
STBA	B	0.04%	0.05%	0.04%
STLD	B	0.28%	0.48%	0.28%
STWD	C	0.18%	0.04%	0.04%
SUM	B	0.17%	0.16%	0.16%
SWX	B	0.13%	0.13%	0.13%
SYNA	C	0.08%	0.05%	0.05%
TAP	C	0.28%	0.23%	0.23%
TCBI	B	0.1%	0.03%	0.03%
TDS	B	0.08%	0.13%	0.08%
TEX	D	0.1%	0.21%	0.1%
TGNA	B	0.08%	0.14%	0.08%
THO	B	0.15%	0.13%	0.13%
TKR	D	0.15%	0.08%	0.08%
TMHC	B	0.2%	0.22%	0.2%
TOL	B	0.44%	0.43%	0.43%
TOWN	B	0.06%	0.05%	0.05%
TPH	D	0.11%	0.2%	0.11%
TPR	B	0.32%	0.05%	0.05%
TRMK	B	0.06%	0.12%	0.06%
TTMI	B	0.06%	0.07%	0.06%
UBSI	B	0.15%	0.1%	0.1%
UCB	A	0.1%	0.05%	0.05%
UFPI	B	0.21%	0.09%	0.09%
UGI	A	0.15%	0.2%	0.15%
UHAL	D	0.19%	0.07%	0.07%
UHAL	D	0.02%	0.07%	0.02%
UHS	D	0.34%	0.15%	0.15%
UMBF	B	0.13%	0.05%	0.05%
UNF	B	0.08%	0.07%	0.07%
UNM	A	0.28%	0.21%	0.21%
UPBD	B	0.04%	0.02%	0.02%
URBN	C	0.07%	0.22%	0.07%
USM	B	0.03%	0.11%	0.03%
UVV	B	0.03%	0.12%	0.03%
VAC	B	0.07%	0.13%	0.07%
VC	D	0.04%	0.12%	0.04%
VLY	B	0.12%	0.14%	0.12%
VNT	B	0.17%	0.1%	0.1%
VOYA	B	0.23%	0.04%	0.04%
VRTS	B	0.04%	0.08%	0.04%
VSAT	F	0.03%	0.06%	0.03%
VSCO	B	0.07%	0.1%	0.07%
VSH	D	0.06%	0.11%	0.06%
VSTS	C	0.05%	0.09%	0.05%
WAFD	B	0.08%	0.05%	0.05%
WAL	B	0.25%	0.05%	0.05%
WBS	A	0.26%	0.17%	0.17%
WCC	B	0.28%	0.16%	0.16%
WD	D	0.1%	0.04%	0.04%
WERN	C	0.06%	0.08%	0.06%
WHR	B	0.17%	0.14%	0.14%
WKC	D	0.04%	0.11%	0.04%
WLK	D	0.07%	0.15%	0.07%
WMK	C	0.03%	0.11%	0.03%
WS	B	0.04%	0.13%	0.04%
WSBC	A	0.05%	0.09%	0.05%
WSFS	A	0.09%	0.08%	0.08%
WTFC	A	0.23%	0.1%	0.1%
WTRG	B	0.28%	0.09%	0.09%
WTS	B	0.15%	0.04%	0.04%
WU	D	0.11%	0.11%	0.11%
XHR	B	0.02%	0.07%	0.02%
XRX	F	0.03%	0.08%	0.03%
ZD	C	0.06%	0.12%	0.06%
ZION	B	0.22%	0.16%	0.16%

VBR Overweight 407 Positions Relative to FAB

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
EME	C	0.61%
FCNCA	A	0.61%
CSL	C	0.57%
NRG	B	0.55%
UTHR	C	0.49%
RPM	A	0.48%
PNR	A	0.48%
USFD	A	0.44%
THC	D	0.43%
ACM	A	0.42%
EQH	B	0.42%
FFIV	B	0.4%
WSM	B	0.39%
EWBC	A	0.39%
SFM	A	0.38%
JLL	D	0.38%
REG	B	0.38%
GLPI	C	0.38%
TTEK	F	0.38%
JNPR	F	0.37%
ALLE	D	0.36%
CACI	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
NVT	B	0.36%
CHRW	C	0.34%
CG	A	0.34%
AES	F	0.34%
ATR	B	0.33%
SCI	B	0.33%
CCK	C	0.33%
KMX	B	0.33%
ITT	A	0.33%
BXP	D	0.33%
HUBB	B	0.33%
OHI	C	0.32%
RRX	B	0.32%
AA	B	0.3%
ARMK	B	0.29%
EHC	B	0.29%
SF	B	0.29%
TFX	F	0.28%
EVR	B	0.28%
Z	A	0.27%
AYI	B	0.27%
FRT	B	0.27%
ALSN	B	0.27%
PRI	A	0.27%
DTM	B	0.26%
AAL	B	0.26%
DCI	B	0.26%
AIT	A	0.26%
FYBR	D	0.26%
KBR	F	0.26%
APG	B	0.25%
GPK	C	0.25%
GME	C	0.25%
NYT	C	0.25%
HAS	D	0.25%
VFC	C	0.24%
BRX	A	0.24%
AXTA	A	0.24%
HRB	D	0.24%
EGP	F	0.24%
DKS	C	0.23%
X	C	0.23%
NNN	D	0.23%
SAIC	F	0.22%
ADC	B	0.22%
VNO	B	0.22%
RL	B	0.22%
CR	A	0.22%
ESAB	B	0.21%
COHR	B	0.21%
MHK	D	0.21%
XPO	B	0.21%
CBSH	A	0.21%
AGNC	D	0.21%
CFR	B	0.21%
MKSI	C	0.2%
ANF	C	0.2%
QRVO	F	0.2%
RLI	B	0.2%
STAG	F	0.2%
SNV	B	0.2%
FLS	B	0.2%
BIO	D	0.2%
FR	C	0.2%
FCN	D	0.2%
LUMN	C	0.19%
KEX	C	0.19%
ONB	B	0.18%
MSA	D	0.18%
ELAN	D	0.18%
VMI	B	0.18%
NSIT	F	0.17%
SRCL	C	0.17%
ACI	C	0.17%
LAMR	D	0.17%
PARA	C	0.17%
SIRI	C	0.17%
DVA	B	0.17%
CRUS	D	0.17%
ESI	A	0.17%
CBT	C	0.17%
GBCI	B	0.17%
MOG.A	B	0.16%
KNF	A	0.16%
SIGI	C	0.16%
TPG	A	0.16%
ALB	C	0.16%
NCLH	B	0.16%
GAP	C	0.15%
PSN	D	0.15%
ST	F	0.15%
VVV	F	0.15%
JHG	A	0.15%
KD	B	0.15%
BDC	B	0.14%
XRAY	F	0.14%
KTB	B	0.14%
PIPR	B	0.14%
MDGL	B	0.14%
THG	A	0.14%
AM	A	0.14%
AUR	C	0.14%
SLG	B	0.14%
HOMB	A	0.14%
GATX	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
PR	B	0.13%
BCO	D	0.13%
WTM	A	0.13%
EAT	A	0.13%
FFIN	B	0.13%
LYFT	C	0.13%
SBRA	C	0.13%
GTES	A	0.13%
ICUI	D	0.12%
MAC	B	0.12%
EDR	A	0.12%
HASI	D	0.12%
ITGR	B	0.12%
FLO	D	0.12%
NVST	B	0.11%
HUN	F	0.11%
SKYW	B	0.11%
CDP	C	0.11%
SKT	B	0.11%
AX	A	0.11%
GVA	A	0.11%
ESGR	B	0.11%
ALE	A	0.11%
SMG	D	0.11%
ACHC	F	0.11%
NUVL	D	0.11%
KMPR	B	0.11%
HL	D	0.11%
MTZ	B	0.11%
PLXS	B	0.11%
WBA	F	0.1%
MGEE	C	0.1%
PCH	D	0.1%
WEN	D	0.1%
BGC	C	0.1%
NHI	D	0.1%
IBOC	A	0.1%
EPR	D	0.1%
NWL	B	0.1%
BRC	D	0.09%
MAN	D	0.09%
SATS	D	0.09%
MIR	A	0.09%
PENN	C	0.09%
NPO	A	0.09%
APAM	B	0.09%
AWR	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	B	0.09%
FBP	B	0.09%
TNL	A	0.09%
PRIM	A	0.09%
SXT	B	0.09%
COMP	B	0.09%
AROC	B	0.09%
ESE	B	0.09%
AKR	B	0.08%
COTY	F	0.08%
UE	C	0.08%
PRGS	A	0.08%
MPW	F	0.08%
GFF	A	0.08%
MGRC	B	0.08%
RNG	B	0.08%
TRN	C	0.08%
IOVA	F	0.08%
BOH	B	0.08%
ATGE	B	0.08%
OMCL	C	0.07%
ENR	B	0.07%
CDE	D	0.07%
PECO	A	0.07%
HBI	B	0.07%
RNA	D	0.07%
DY	D	0.07%
BXMT	C	0.07%
OUT	A	0.07%
PRK	B	0.07%
ARCH	B	0.07%
PFSI	D	0.07%
VIRT	B	0.07%
NATL	B	0.06%
CGON	F	0.06%
AZTA	D	0.06%
LRN	A	0.06%
IMVT	F	0.06%
RXO	C	0.06%
HI	C	0.06%
BLKB	B	0.06%
BANF	B	0.06%
WLY	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
SFBS	B	0.06%
ZG	A	0.06%
VIAV	B	0.06%
IBTX	B	0.06%
HURN	B	0.06%
CAKE	C	0.06%
INFA	D	0.06%
B	B	0.06%
OSIS	B	0.06%
AZZ	B	0.06%
JOBY	B	0.06%
SXI	B	0.06%
FL	F	0.06%
HNI	B	0.06%
CPRI	F	0.06%
UAA	C	0.05%
HEES	B	0.05%
CHCO	B	0.05%
CNK	B	0.05%
APOG	B	0.05%
LTC	B	0.05%
HE	C	0.05%
THS	D	0.05%
NBHC	B	0.05%
GOLF	B	0.05%
PZZA	D	0.05%
PPC	C	0.05%
STEP	B	0.05%
SUPN	C	0.05%
GNL	F	0.05%
LGND	B	0.05%
VYX	B	0.05%
MCY	A	0.05%
PBI	B	0.04%
AAT	B	0.04%
DYN	F	0.04%
PDM	D	0.04%
VRE	B	0.04%
RRR	D	0.04%
WABC	B	0.04%
REVG	B	0.04%
VRNT	C	0.04%
ESRT	C	0.04%
CODI	B	0.04%
WT	B	0.04%
NTCT	C	0.04%
VCTR	B	0.04%
TROX	D	0.04%
SMR	B	0.04%
KN	B	0.04%
ELME	D	0.04%
FTRE	D	0.04%
NGVT	B	0.04%
NHC	C	0.04%
LEG	F	0.04%
GTY	B	0.04%
NPAB	B	0.04%
MMI	B	0.03%
THR	B	0.03%
FA	C	0.03%
LGF.A	C	0.03%
JACK	D	0.03%
MYGN	F	0.03%
BRKL	B	0.03%
DNUT	D	0.03%
RWT	D	0.03%
CARS	B	0.03%
UA	C	0.03%
SCS	C	0.03%
INSW	F	0.03%
ECPG	B	0.03%
TRS	B	0.03%
CBRL	C	0.03%
MD	B	0.03%
ACT	D	0.03%
FBRT	C	0.03%
CSR	B	0.03%
ATSG	B	0.03%
HTLF	B	0.03%
RBRK	A	0.03%
CNNE	B	0.03%
AIV	C	0.03%
JELD	F	0.03%
UNFI	A	0.03%
WOR	F	0.03%
VSTO	A	0.03%
WWW	B	0.03%
PMT	D	0.03%
BKD	D	0.03%
UNIT	B	0.03%
AMRX	C	0.03%
CMPR	D	0.02%
SVC	F	0.02%
ATUS	C	0.02%
DAWN	F	0.02%
NAPA	B	0.02%
CWH	B	0.02%
BASE	C	0.02%
HPP	F	0.02%
PUMP	B	0.02%
KELYA	F	0.02%
AXL	C	0.02%
BGS	F	0.02%
RGR	F	0.02%
KOP	C	0.02%
SWI	B	0.02%
MATW	C	0.02%
KREF	D	0.02%
PRLB	A	0.02%
ETWO	F	0.02%
ASTE	B	0.02%
CFFN	B	0.02%
PCRX	C	0.02%
WNC	C	0.02%
TMP	B	0.02%
PRAA	C	0.02%
FG	B	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HAIN	C	0.02%
BRSP	B	0.02%
MATV	D	0.02%
HCSG	C	0.02%
LEVI	F	0.02%
EMBC	C	0.02%
EYE	C	0.02%
DLX	B	0.02%
BDN	C	0.02%
JBLU	F	0.02%
OPK	C	0.01%
TWKS	D	0.01%
DIN	C	0.01%
CENT	C	0.01%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	D	0.01%
TGI	B	0.01%
VREX	C	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
ZIP	F	0.01%
TRTX	B	0.01%
SRCL	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
NVRI	F	0.01%
INN	D	0.01%
RUSHB	B	0.01%
WRLD	C	0.01%
VMEO	B	0.01%
RMR	F	0.01%
EGBN	B	0.01%
GRC	A	0.01%
EE	A	0.01%
NABL	F	0.01%
BJRI	B	0.01%
FWRD	D	0.01%
USNA	C	0.01%
CCO	C	0.01%
CLB	B	0.01%
CLBK	B	0.01%
HTLD	B	0.01%
ARRY	C	0.01%
BFS	C	0.01%
SCHL	D	0.01%
DJT	C	0.01%
TILE	B	0.01%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	0.01%
SCWX	B	0.0%
AC	C	0.0%
AMCX	C	0.0%
ACDC	C	0.0%
TASK	C	0.0%
LESL	C	0.0%
LDI	C	0.0%
NUS	D	0.0%
BRCC	F	0.0%

VBR Underweight 281 Positions Relative to FAB

Symbol	Grade	Weight
UAL	A	-0.7%
SYF	B	-0.57%
DAL	C	-0.56%
GM	B	-0.56%
PCAR	B	-0.51%
FOXA	B	-0.49%
CVX	A	-0.48%
CINF	A	-0.48%
TROW	B	-0.48%
EOG	A	-0.48%
COP	C	-0.47%
HPE	B	-0.46%
F	C	-0.46%
CTRA	B	-0.46%
XOM	B	-0.45%
WFC	A	-0.45%
AIG	B	-0.45%
HAL	C	-0.45%
VLO	C	-0.45%
CMCSA	B	-0.45%
DVN	F	-0.44%
T	A	-0.44%
NUE	C	-0.43%
COF	B	-0.43%
OXY	D	-0.43%
PSX	C	-0.43%
HBAN	A	-0.42%
KMI	A	-0.42%
MPC	D	-0.42%
EG	C	-0.41%
EQT	B	-0.41%
LNG	B	-0.41%
LEN	D	-0.4%
CFG	B	-0.4%
ETR	B	-0.39%
PHM	D	-0.39%
LYB	F	-0.38%
SRE	A	-0.38%
VTRS	A	-0.38%
C	A	-0.38%
CVS	D	-0.38%
ADM	D	-0.38%
CTSH	B	-0.37%
CRBG	B	-0.37%
L	A	-0.37%
XEL	A	-0.37%
FANG	D	-0.37%
INTC	D	-0.37%
FDX	B	-0.37%
CNP	B	-0.36%
AEE	A	-0.36%
KR	B	-0.36%
SLB	C	-0.36%
HIG	B	-0.35%
CB	C	-0.35%
CF	B	-0.35%
ZBH	C	-0.35%
APTV	D	-0.33%
EXC	C	-0.33%
SNA	A	-0.32%
VZ	C	-0.32%
DG	F	-0.32%
ED	D	-0.32%
ON	D	-0.32%
MS	A	-0.32%
MTB	A	-0.31%
CHTR	C	-0.31%
BAC	A	-0.3%
SWKS	F	-0.3%
IP	B	-0.3%
DHI	D	-0.3%
BKR	B	-0.3%
RF	A	-0.29%
TDY	B	-0.28%
LUV	C	-0.28%
TRV	B	-0.28%
USB	A	-0.28%
FITB	A	-0.28%
STT	A	-0.27%
CNC	D	-0.27%
PPL	B	-0.26%
MTDR	B	-0.26%
DGX	A	-0.26%
TXT	D	-0.25%
D	C	-0.25%
NOG	A	-0.25%
LNT	A	-0.25%
AFL	B	-0.25%
EQR	B	-0.25%
ULTA	F	-0.25%
TGT	F	-0.25%
DTE	C	-0.24%
CE	F	-0.24%
DE	A	-0.24%
EBAY	D	-0.24%
HRL	D	-0.24%
DUK	C	-0.24%
SYY	B	-0.24%
BBY	D	-0.23%
STX	D	-0.23%
RJF	A	-0.23%
KHC	F	-0.23%
AEP	D	-0.23%
AMR	C	-0.22%
BIIB	F	-0.22%
NFE	D	-0.22%
NOV	C	-0.22%
CIVI	D	-0.22%
AKAM	D	-0.22%
OKE	A	-0.21%
ZM	B	-0.21%
DOW	F	-0.21%
LBRT	D	-0.2%
PNC	B	-0.2%
DIS	B	-0.2%
RIOT	C	-0.2%
KEY	B	-0.2%
LBRDK	C	-0.2%
JBHT	C	-0.19%
TSN	B	-0.19%
CSCO	B	-0.19%
DAR	C	-0.19%
NWSA	B	-0.19%
PKG	A	-0.19%
MGY	A	-0.19%
GBDC	C	-0.18%
HRI	B	-0.18%
HPQ	B	-0.18%
DRI	B	-0.18%
CSX	B	-0.18%
PRU	A	-0.18%
CMS	C	-0.17%
NVR	D	-0.17%
HST	C	-0.17%
FNF	B	-0.17%
WEC	A	-0.17%
SSNC	B	-0.17%
MOH	F	-0.16%
KDP	D	-0.16%
HUM	C	-0.16%
ARE	D	-0.16%
FE	C	-0.16%
CARR	D	-0.16%
PPG	F	-0.16%
HSY	F	-0.16%
JNJ	D	-0.16%
EIX	B	-0.16%
CTOS	C	-0.15%
CUBI	C	-0.15%
JBT	B	-0.15%
GIS	D	-0.15%
GPC	D	-0.15%
RIG	D	-0.14%
ELV	F	-0.14%
TALO	C	-0.14%
ULH	B	-0.14%
VTLE	C	-0.14%
KOS	F	-0.13%
RLJ	C	-0.13%
GPOR	B	-0.13%
RES	D	-0.12%
BY	B	-0.12%
PEBO	A	-0.12%
PRDO	B	-0.12%
IMKTA	C	-0.12%
PARR	D	-0.12%
PLAB	C	-0.12%
CCS	D	-0.11%
CMI	A	-0.1%
ODFL	B	-0.1%
OEC	C	-0.1%
HGV	B	-0.1%
HOV	D	-0.1%
CMCO	B	-0.1%
HD	A	-0.09%
PFG	D	-0.09%
TNET	D	-0.09%
FIVE	F	-0.09%
CRL	C	-0.09%
PFBC	B	-0.09%
OMC	C	-0.09%
CLX	B	-0.09%
SBUX	A	-0.09%
ACN	C	-0.09%
ALKS	B	-0.09%
CRK	B	-0.09%
SASR	B	-0.09%
CASH	A	-0.09%
LHX	C	-0.09%
WRB	A	-0.09%
PLYA	B	-0.09%
ADNT	F	-0.09%
APD	A	-0.09%
LH	C	-0.09%
J	F	-0.09%
PYPL	B	-0.09%
BUSE	B	-0.08%
MDLZ	F	-0.08%
WPC	D	-0.08%
WGO	C	-0.08%
AWK	D	-0.08%
MCRI	A	-0.08%
CPB	D	-0.08%
WY	D	-0.08%
LMT	D	-0.08%
EXPD	D	-0.08%
ALG	B	-0.08%
SKX	D	-0.08%
DD	D	-0.08%
CI	F	-0.08%
SRCE	B	-0.08%
MAS	D	-0.08%
HOLX	D	-0.08%
MDT	D	-0.08%
FTV	C	-0.08%
TCBK	B	-0.08%
VBTX	B	-0.08%
KEYS	A	-0.08%
GD	F	-0.08%
PEP	F	-0.08%
UPS	C	-0.08%
CTVA	C	-0.08%
NDSN	B	-0.08%
MAA	B	-0.08%
EFSC	B	-0.08%
LOW	D	-0.08%
LILAK	D	-0.07%
SJW	D	-0.07%
PEB	D	-0.07%
MRTN	C	-0.07%
CAG	D	-0.07%
NKE	D	-0.07%
KLG	C	-0.07%
DIOD	D	-0.07%
MMS	F	-0.07%
SBCF	A	-0.06%
GOGO	C	-0.06%
FBNC	A	-0.06%
DFH	D	-0.06%
NIC	B	-0.06%
SNEX	B	-0.06%
GRBK	D	-0.06%
SCVL	F	-0.06%
LGIH	D	-0.06%
ROG	D	-0.05%
PATK	D	-0.05%
DFIN	D	-0.05%
DEA	D	-0.05%
SHEN	F	-0.05%
THRM	D	-0.05%
YETI	C	-0.05%
GXO	B	-0.05%
LNN	B	-0.05%
ROCK	C	-0.05%
UPWK	B	-0.04%
MYRG	B	-0.04%
FOXF	F	-0.04%
CZR	F	-0.04%
LFUS	F	-0.04%
TTC	D	-0.04%
LSTR	D	-0.04%
FELE	B	-0.04%
SKY	A	-0.04%
XPEL	C	-0.03%
CVCO	A	-0.03%
SAM	C	-0.03%
FBK	B	-0.03%
MCW	B	-0.03%
MGPI	F	-0.03%
OPCH	D	-0.03%
PLUS	F	-0.02%
GIC	D	-0.02%
GPRE	F	-0.02%
RC	D	-0.02%
SHLS	F	-0.02%
CNXN	C	-0.02%
NVEE	F	-0.02%
STC	B	-0.02%
CNMD	C	-0.02%
MSEX	B	-0.02%
PGRE	F	-0.02%