VBR vs. FESM ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Fidelity Enhanced Small Cap ETF (FESM)

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

$213.68

Average Daily Volume

430,349

Number of Holdings ^*

794

* 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

$35.12

Average Daily Volume

123,580

Number of Holdings ^*

567

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FESM
30 Days	5.18%	7.42%
60 Days	6.13%	7.32%
90 Days	7.24%	8.30%
12 Months	32.19%	39.28%

204 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FESM	Overlap
AAT	B	0.04%	0.37%	0.04%
ABCB	B	0.12%	0.37%	0.12%
ABM	B	0.1%	0.32%	0.1%
ACA	A	0.13%	0.39%	0.13%
AEO	F	0.1%	0.6%	0.1%
AIN	C	0.06%	0.08%	0.06%
AIR	B	0.06%	0.5%	0.06%
AIT	B	0.26%	0.48%	0.26%
ALE	A	0.11%	0.1%	0.1%
ALX	D	0.01%	0.04%	0.01%
AMRX	C	0.03%	0.12%	0.03%
ANF	F	0.2%	0.8%	0.2%
APOG	C	0.05%	0.38%	0.05%
AROC	A	0.09%	0.4%	0.09%
ARRY	F	0.01%	0.03%	0.01%
AUB	B	0.1%	0.11%	0.1%
AUR	C	0.14%	0.11%	0.11%
AVNS	F	0.03%	0.18%	0.03%
AWR	B	0.09%	0.17%	0.09%
AX	B	0.11%	0.29%	0.11%
AXL	C	0.02%	0.21%	0.02%
BANF	B	0.06%	0.43%	0.06%
BASE	B	0.02%	0.04%	0.02%
BCC	B	0.15%	0.17%	0.15%
BCO	F	0.13%	0.24%	0.13%
BDC	C	0.14%	0.29%	0.14%
BECN	B	0.17%	0.04%	0.04%
BGC	C	0.1%	0.67%	0.1%
BGS	F	0.02%	0.06%	0.02%
BHE	C	0.04%	0.4%	0.04%
BHLB	B	0.03%	0.03%	0.03%
BKD	F	0.03%	0.06%	0.03%
BLKB	B	0.06%	0.07%	0.06%
BOH	B	0.08%	0.16%	0.08%
BRC	D	0.09%	0.11%	0.09%
BRSP	C	0.02%	0.04%	0.02%
CADE	B	0.18%	0.18%	0.18%
CATY	B	0.09%	0.08%	0.08%
CBU	B	0.09%	0.38%	0.09%
CDE	C	0.07%	0.08%	0.07%
CDP	C	0.11%	0.24%	0.11%
CMC	B	0.18%	0.13%	0.13%
CMPR	D	0.02%	0.36%	0.02%
CNK	C	0.05%	0.15%	0.05%
CNO	B	0.1%	0.28%	0.1%
CODI	B	0.04%	0.46%	0.04%
COMP	B	0.09%	0.57%	0.09%
CRC	A	0.12%	0.22%	0.12%
CRGY	B	0.05%	0.61%	0.05%
CSGS	B	0.04%	0.6%	0.04%
CSR	B	0.03%	0.04%	0.03%
CVBF	A	0.08%	0.06%	0.06%
DBRG	F	0.08%	0.17%	0.08%
DIN	C	0.01%	0.02%	0.01%
DK	C	0.03%	0.12%	0.03%
DOC	C	0.23%	0.02%	0.02%
DY	D	0.07%	0.16%	0.07%
DYN	F	0.04%	0.11%	0.04%
EAT	A	0.13%	0.12%	0.12%
EE	A	0.01%	0.05%	0.01%
EME	A	0.61%	0.56%	0.56%
ENS	F	0.11%	0.62%	0.11%
EQC	B	0.06%	0.09%	0.06%
ESRT	C	0.04%	0.37%	0.04%
ETWO	F	0.02%	0.03%	0.02%
FBP	C	0.09%	0.28%	0.09%
FCF	B	0.05%	0.02%	0.02%
FDP	B	0.04%	0.08%	0.04%
FFBC	B	0.07%	0.1%	0.07%
FFIN	B	0.13%	0.36%	0.13%
FHI	B	0.09%	0.52%	0.09%
FLR	B	0.26%	0.35%	0.26%
FRME	B	0.06%	0.23%	0.06%
FUL	F	0.12%	0.54%	0.12%
FULT	A	0.1%	0.2%	0.1%
GEO	B	0.06%	0.14%	0.06%
GFF	A	0.08%	0.34%	0.08%
GHC	B	0.08%	0.14%	0.08%
GIII	D	0.03%	0.03%	0.03%
GNW	A	0.09%	0.35%	0.09%
GRC	A	0.01%	0.03%	0.01%
GT	C	0.07%	0.4%	0.07%
HBI	B	0.07%	0.07%	0.07%
HL	D	0.11%	0.21%	0.11%
HNI	B	0.06%	0.2%	0.06%
HP	C	0.04%	0.24%	0.04%
HURN	C	0.06%	0.21%	0.06%
HWC	B	0.13%	0.22%	0.13%
HY	D	0.02%	0.2%	0.02%
IART	C	0.04%	0.05%	0.04%
IMVT	F	0.06%	0.01%	0.01%
INDB	B	0.07%	0.1%	0.07%
INSW	F	0.03%	0.11%	0.03%
IOVA	F	0.08%	0.04%	0.04%
JXN	C	0.22%	0.61%	0.22%
KAR	B	0.05%	0.32%	0.05%
KBH	D	0.15%	0.21%	0.15%
KNF	B	0.16%	0.37%	0.16%
KREF	C	0.02%	0.12%	0.02%
KTB	B	0.14%	0.08%	0.08%
LADR	B	0.04%	0.1%	0.04%
LGF.A	C	0.01%	0.07%	0.01%
LGF.A	C	0.03%	0.05%	0.03%
LGF.A	C	0.01%	0.05%	0.01%
LGF.A	C	0.03%	0.07%	0.03%
LGND	C	0.05%	0.09%	0.05%
LUMN	C	0.19%	0.69%	0.19%
MAC	B	0.12%	0.23%	0.12%
MATX	C	0.15%	0.39%	0.15%
MCY	A	0.05%	0.03%	0.03%
MDGL	B	0.14%	0.14%	0.14%
MHO	D	0.06%	0.61%	0.06%
MOG.A	B	0.16%	0.26%	0.16%
MRC	B	0.03%	0.09%	0.03%
MTH	D	0.19%	0.31%	0.19%
MTRN	C	0.06%	0.03%	0.03%
MTX	B	0.07%	0.59%	0.07%
MUR	D	0.13%	0.2%	0.13%
MXL	C	0.01%	0.45%	0.01%
MYGN	F	0.03%	0.09%	0.03%
NABL	F	0.01%	0.02%	0.01%
NBTB	B	0.06%	0.07%	0.06%
NJR	A	0.13%	0.32%	0.13%
NPAB	F	0.04%	0.05%	0.04%
NSP	F	0.08%	0.04%	0.04%
NTCT	C	0.04%	0.07%	0.04%
NUVL	C	0.11%	0.04%	0.04%
NWBI	B	0.05%	0.59%	0.05%
ODP	F	0.03%	0.1%	0.03%
OFG	B	0.05%	0.16%	0.05%
OI	C	0.05%	0.21%	0.05%
ONB	C	0.18%	0.02%	0.02%
OTTR	C	0.1%	0.12%	0.1%
OUT	A	0.07%	0.56%	0.07%
PBH	A	0.11%	0.22%	0.11%
PBI	B	0.04%	0.19%	0.04%
PCRX	C	0.02%	0.08%	0.02%
PDCO	F	0.05%	0.03%	0.03%
PECO	A	0.07%	0.36%	0.07%
PFS	B	0.07%	0.32%	0.07%
PLXS	B	0.11%	0.23%	0.11%
PRAA	D	0.02%	0.02%	0.02%
PRG	C	0.05%	0.56%	0.05%
PRGS	A	0.08%	0.26%	0.08%
PRK	B	0.07%	0.17%	0.07%
PRLB	B	0.02%	0.08%	0.02%
PSN	D	0.15%	0.21%	0.15%
REZI	A	0.08%	0.4%	0.08%
RNA	C	0.07%	0.19%	0.07%
RNST	B	0.06%	0.22%	0.06%
RUSHA	C	0.1%	0.08%	0.08%
RXO	D	0.06%	0.06%	0.06%
SAH	C	0.02%	0.16%	0.02%
SANM	B	0.11%	0.39%	0.11%
SBH	C	0.04%	0.19%	0.04%
SCS	C	0.03%	0.08%	0.03%
SEM	B	0.1%	0.07%	0.07%
SF	B	0.29%	0.33%	0.29%
SFBS	C	0.06%	0.18%	0.06%
SFM	A	0.38%	0.99%	0.38%
SIGI	C	0.16%	0.44%	0.16%
SKT	A	0.11%	0.11%	0.11%
SKYW	C	0.11%	0.7%	0.11%
SLG	B	0.14%	0.14%	0.14%
SMMT	D	0.06%	0.01%	0.01%
SSTK	F	0.01%	0.02%	0.01%
STBA	B	0.04%	0.05%	0.04%
STEP	C	0.05%	0.32%	0.05%
SUPN	C	0.05%	0.01%	0.01%
SWX	B	0.13%	0.32%	0.13%
SXT	C	0.09%	0.33%	0.09%
TDS	B	0.08%	0.21%	0.08%
TEX	F	0.1%	0.35%	0.1%
THR	B	0.03%	0.08%	0.03%
TILE	B	0.01%	0.23%	0.01%
TMHC	C	0.2%	0.49%	0.2%
TPH	D	0.11%	0.36%	0.11%
TRN	B	0.08%	0.27%	0.08%
TRTX	C	0.01%	0.18%	0.01%
UBSI	B	0.15%	0.2%	0.15%
UCB	A	0.1%	0.15%	0.1%
UFPI	C	0.21%	0.03%	0.03%
UMBF	B	0.13%	0.34%	0.13%
UNFI	A	0.03%	0.04%	0.03%
UNIT	B	0.03%	0.07%	0.03%
UPBD	B	0.04%	0.51%	0.04%
URBN	C	0.07%	0.08%	0.07%
VCTR	B	0.04%	0.04%	0.04%
VMEO	B	0.01%	0.5%	0.01%
VRE	B	0.04%	0.14%	0.04%
VREX	B	0.01%	0.35%	0.01%
VRTS	B	0.04%	0.15%	0.04%
VSCO	C	0.07%	0.03%	0.03%
VSTO	A	0.03%	0.09%	0.03%
WABC	B	0.04%	0.21%	0.04%
WKC	C	0.04%	0.24%	0.04%
WMK	C	0.03%	0.07%	0.03%
WOOF	D	0.01%	0.28%	0.01%
WS	C	0.04%	0.13%	0.04%
WSBC	B	0.05%	0.26%	0.05%
WT	A	0.04%	0.58%	0.04%
WTS	B	0.15%	0.41%	0.15%
XRX	F	0.03%	0.18%	0.03%
ZIP	D	0.01%	0.04%	0.01%

VBR Overweight 592 Positions Relative to FESM

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
FCNCA	A	0.61%
BLDR	D	0.58%
ATO	A	0.58%
CSL	C	0.57%
NRG	B	0.55%
UTHR	C	0.49%
RPM	A	0.48%
PNR	A	0.48%
KIM	A	0.47%
IEX	C	0.47%
RS	B	0.46%
OC	A	0.45%
TOL	B	0.44%
USFD	A	0.44%
THC	D	0.43%
ACM	B	0.42%
EQH	C	0.42%
RGA	A	0.41%
FFIV	B	0.4%
RNR	C	0.4%
JBL	C	0.39%
WSM	C	0.39%
EWBC	A	0.39%
JLL	D	0.38%
REG	A	0.38%
GLPI	C	0.38%
TTEK	F	0.38%
PFGC	B	0.37%
JNPR	D	0.37%
ALLE	C	0.36%
EMN	C	0.36%
CACI	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
NVT	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%
SCI	B	0.33%
BJ	A	0.33%
CCK	D	0.33%
KMX	B	0.33%
ITT	A	0.33%
BXP	C	0.33%
HUBB	B	0.33%
TPR	B	0.32%
OHI	C	0.32%
IPG	D	0.32%
RRX	B	0.32%
EPAM	B	0.3%
FBIN	D	0.3%
OVV	B	0.3%
AA	A	0.3%
AIZ	A	0.29%
ARMK	B	0.29%
PNW	A	0.29%
EHC	B	0.29%
SOLV	D	0.29%
WCC	B	0.28%
TAP	C	0.28%
TFX	F	0.28%
GL	C	0.28%
WTRG	B	0.28%
UNM	A	0.28%
STLD	B	0.28%
ALLY	C	0.28%
EVR	B	0.28%
LKQ	F	0.28%
AFG	A	0.28%
JEF	A	0.27%
Z	A	0.27%
AYI	B	0.27%
FRT	B	0.27%
FHN	A	0.27%
MLI	B	0.27%
ALSN	B	0.27%
PRI	B	0.27%
APA	D	0.26%
SEIC	B	0.26%
DTM	A	0.26%
AAL	B	0.26%
DCI	B	0.26%
WBS	A	0.26%
LAD	A	0.26%
FYBR	C	0.26%
HSIC	C	0.26%
KBR	F	0.26%
MUSA	B	0.26%
APG	B	0.25%
CMA	B	0.25%
GPK	C	0.25%
GME	C	0.25%
MOS	F	0.25%
INGR	C	0.25%
NYT	D	0.25%
HAS	D	0.25%
WAL	B	0.25%
VFC	C	0.24%
FMC	D	0.24%
BRX	A	0.24%
ORI	A	0.24%
AXTA	B	0.24%
HRB	D	0.24%
EGP	D	0.24%
WTFC	A	0.23%
CHRD	D	0.23%
DKS	D	0.23%
X	B	0.23%
NI	A	0.23%
VOYA	B	0.23%
NNN	C	0.23%
KNX	C	0.23%
OGE	A	0.23%
SAIC	F	0.22%
SNX	D	0.22%
IVZ	B	0.22%
SSB	B	0.22%
ADC	A	0.22%
VNO	C	0.22%
RL	C	0.22%
CR	A	0.22%
BWA	D	0.22%
BERY	C	0.22%
ZION	B	0.22%
ESAB	C	0.21%
COHR	B	0.21%
MHK	D	0.21%
XPO	B	0.21%
CBSH	B	0.21%
HII	F	0.21%
AGNC	C	0.21%
CFR	B	0.21%
MKSI	C	0.2%
RHI	C	0.2%
QRVO	F	0.2%
RLI	A	0.2%
STAG	D	0.2%
G	B	0.2%
SNV	C	0.2%
RRC	B	0.2%
FLS	B	0.2%
MAT	D	0.2%
BIO	C	0.2%
FR	D	0.2%
MIDD	C	0.2%
FCN	F	0.2%
AGCO	D	0.19%
BPOP	C	0.19%
JAZZ	B	0.19%
MTG	C	0.19%
EVRG	A	0.19%
UHAL	D	0.19%
PB	B	0.19%
KEX	B	0.19%
OSK	C	0.19%
R	B	0.18%
ALK	B	0.18%
ESNT	F	0.18%
CLF	F	0.18%
MSA	F	0.18%
BBWI	C	0.18%
ELAN	D	0.18%
LPX	B	0.18%
DINO	D	0.18%
STWD	C	0.18%
FAF	A	0.18%
ARW	D	0.18%
VMI	B	0.18%
WHR	B	0.17%
VNT	C	0.17%
NSIT	F	0.17%
SRCL	B	0.17%
ACI	C	0.17%
LAMR	C	0.17%
PARA	C	0.17%
SUM	B	0.17%
SIRI	C	0.17%
DVA	C	0.17%
CRUS	D	0.17%
ESI	B	0.17%
CBT	D	0.17%
GBCI	B	0.17%
LNC	C	0.17%
AXS	A	0.17%
OMF	A	0.17%
COLB	B	0.17%
LEA	F	0.16%
NXST	C	0.16%
COOP	B	0.16%
AMG	B	0.16%
PVH	C	0.16%
IDA	A	0.16%
NFG	A	0.16%
TPG	A	0.16%
ALB	B	0.16%
NCLH	B	0.16%
MDU	D	0.16%
GAP	C	0.15%
UGI	C	0.15%
SON	F	0.15%
ST	F	0.15%
VVV	D	0.15%
FNB	A	0.15%
TKR	D	0.15%
AN	C	0.15%
RDN	D	0.15%
THO	B	0.15%
JHG	B	0.15%
BC	C	0.15%
KD	B	0.15%
GPI	B	0.14%
RYN	D	0.14%
CUZ	B	0.14%
XRAY	F	0.14%
OZK	B	0.14%
KRC	B	0.14%
PIPR	A	0.14%
AVT	C	0.14%
SLM	A	0.14%
THG	A	0.14%
OLN	F	0.14%
OGN	F	0.14%
AM	A	0.14%
POR	C	0.14%
CNX	A	0.14%
HOMB	A	0.14%
GATX	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
PR	B	0.13%
WTM	A	0.13%
LYFT	C	0.13%
AL	B	0.13%
SBRA	C	0.13%
ABG	C	0.13%
GTES	A	0.13%
DNB	B	0.12%
ICUI	D	0.12%
M	F	0.12%
OGS	A	0.12%
EDR	A	0.12%
HASI	D	0.12%
VLY	B	0.12%
BKH	A	0.12%
SLGN	A	0.12%
ITGR	B	0.12%
AGO	B	0.12%
MGM	D	0.12%
FLO	D	0.12%
SEE	C	0.12%
AVNT	B	0.12%
NVST	B	0.11%
HUN	F	0.11%
WU	F	0.11%
ASO	F	0.11%
GVA	A	0.11%
ESGR	B	0.11%
KFY	B	0.11%
PII	F	0.11%
SMG	C	0.11%
ACHC	F	0.11%
HOG	D	0.11%
KMPR	A	0.11%
AR	B	0.11%
PNFP	B	0.11%
SIG	B	0.11%
MTZ	B	0.11%
ASGN	F	0.11%
ASH	F	0.11%
PNM	B	0.11%
BEN	C	0.1%
WBA	F	0.1%
MGEE	B	0.1%
NWE	B	0.1%
PCH	F	0.1%
WEN	D	0.1%
HCC	B	0.1%
BNL	D	0.1%
NHI	D	0.1%
ASB	B	0.1%
IBOC	B	0.1%
EPR	C	0.1%
IAC	F	0.1%
NWL	C	0.1%
PRGO	C	0.1%
SR	A	0.1%
WD	D	0.1%
GMS	B	0.1%
MSM	C	0.1%
HIW	C	0.1%
TCBI	C	0.1%
DXC	B	0.1%
WSFS	B	0.09%
AVA	A	0.09%
JWN	D	0.09%
DEI	B	0.09%
MAN	F	0.09%
SATS	D	0.09%
MIR	A	0.09%
PENN	C	0.09%
PTEN	C	0.09%
PAG	B	0.09%
NPO	A	0.09%
ADTN	A	0.09%
ATKR	D	0.09%
APAM	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	C	0.09%
BTU	B	0.09%
FHB	B	0.09%
TNL	A	0.09%
EBC	B	0.09%
PRIM	A	0.09%
APLE	B	0.09%
ESE	B	0.09%
FIBK	B	0.08%
AKR	B	0.08%
COTY	F	0.08%
CXT	C	0.08%
LXP	D	0.08%
ABR	C	0.08%
BKU	A	0.08%
PBF	D	0.08%
IOSP	C	0.08%
UE	B	0.08%
UNF	B	0.08%
CC	C	0.08%
TGNA	B	0.08%
SYNA	C	0.08%
PK	C	0.08%
WAFD	B	0.08%
SFNC	C	0.08%
MPW	F	0.08%
ALIT	C	0.08%
MGRC	B	0.08%
RNG	C	0.08%
AMKR	D	0.08%
BHF	C	0.08%
ATGE	B	0.08%
BYD	B	0.07%
OMCL	C	0.07%
ENR	B	0.07%
ENOV	C	0.07%
CWEN	C	0.07%
CNXC	F	0.07%
BOKF	B	0.07%
SPB	C	0.07%
SM	B	0.07%
VAC	C	0.07%
HAYW	B	0.07%
PPBI	C	0.07%
ARCB	C	0.07%
BFH	C	0.07%
BXMT	C	0.07%
ARCH	B	0.07%
HUBG	A	0.07%
WLK	D	0.07%
PFSI	C	0.07%
POST	C	0.07%
VIRT	A	0.07%
NMRK	C	0.06%
NATL	B	0.06%
CGON	F	0.06%
AZTA	D	0.06%
TRMK	C	0.06%
LRN	A	0.06%
PHIN	A	0.06%
HI	C	0.06%
KSS	F	0.06%
KMT	B	0.06%
WLY	B	0.06%
PINC	B	0.06%
STRA	C	0.06%
PSMT	D	0.06%
ZG	A	0.06%
VIAV	C	0.06%
SHO	D	0.06%
IBTX	B	0.06%
ZD	B	0.06%
EVTC	B	0.06%
LAUR	A	0.06%
VSH	F	0.06%
CAKE	C	0.06%
INFA	D	0.06%
IVT	A	0.06%
AAP	D	0.06%
TOWN	B	0.06%
B	A	0.06%
OSIS	A	0.06%
IPGP	D	0.06%
AZZ	A	0.06%
WERN	C	0.06%
TTMI	C	0.06%
JOBY	B	0.06%
SXI	B	0.06%
FL	F	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%
DDS	B	0.05%
UAA	C	0.05%
HEES	C	0.05%
CHCO	B	0.05%
LTC	B	0.05%
DRH	B	0.05%
HE	C	0.05%
THS	D	0.05%
NBHC	C	0.05%
GOLF	B	0.05%
PZZA	F	0.05%
PPC	C	0.05%
EPC	F	0.05%
GBX	A	0.05%
VSTS	C	0.05%
GNL	F	0.05%
VYX	B	0.05%
ROIC	A	0.05%
CRI	F	0.05%
EIG	B	0.04%
ARI	C	0.04%
PDM	D	0.04%
SPNT	B	0.04%
VC	F	0.04%
DNOW	B	0.04%
GO	C	0.04%
BKE	B	0.04%
COLM	C	0.04%
NNI	D	0.04%
RRR	F	0.04%
REVG	C	0.04%
VRNT	C	0.04%
CAR	C	0.04%
LCII	C	0.04%
ALEX	B	0.04%
NX	C	0.04%
HTH	C	0.04%
BLMN	F	0.04%
REYN	D	0.04%
HOPE	C	0.04%
TROX	D	0.04%
AMN	F	0.04%
CXW	C	0.04%
SMR	B	0.04%
HELE	C	0.04%
KN	B	0.04%
ANDE	D	0.04%
JBGS	F	0.04%
NWN	A	0.04%
ELME	D	0.04%
CENTA	C	0.04%
LC	A	0.04%
FTRE	D	0.04%
HMN	B	0.04%
NGVT	B	0.04%
NHC	C	0.04%
GEF	A	0.04%
LEG	F	0.04%
GTY	A	0.04%
HLIO	B	0.04%
CABO	B	0.04%
MMI	C	0.03%
FA	C	0.03%
SCSC	C	0.03%
CWEN	C	0.03%
BV	C	0.03%
OMI	F	0.03%
JACK	C	0.03%
BRKL	B	0.03%
DNUT	F	0.03%
RWT	D	0.03%
USM	B	0.03%
DAN	D	0.03%
CARS	C	0.03%
UA	C	0.03%
KWR	C	0.03%
ECPG	C	0.03%
TRS	B	0.03%
INVA	D	0.03%
SNDR	B	0.03%
CBRL	C	0.03%
MD	C	0.03%
ACT	C	0.03%
KFRC	D	0.03%
FBRT	D	0.03%
ATSG	B	0.03%
OXM	F	0.03%
HTLF	B	0.03%
VSAT	F	0.03%
NAVI	F	0.03%
SAFT	B	0.03%
RBRK	A	0.03%
CNNE	B	0.03%
MSGE	F	0.03%
KALU	C	0.03%
AIV	C	0.03%
JELD	F	0.03%
WOR	F	0.03%
WWW	A	0.03%
PMT	C	0.03%
UVV	B	0.03%
SVC	F	0.02%
ATUS	B	0.02%
DAWN	D	0.02%
CVI	F	0.02%
FOR	F	0.02%
NAPA	A	0.02%
CWH	B	0.02%
HPP	F	0.02%
PUMP	C	0.02%
KELYA	F	0.02%
UHAL	D	0.02%
RGR	F	0.02%
KOP	C	0.02%
SWI	C	0.02%
MODG	F	0.02%
SEB	F	0.02%
BMBL	C	0.02%
MATW	C	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
XHR	B	0.02%
HLF	C	0.02%
ASTE	C	0.02%
CFFN	C	0.02%
WNC	C	0.02%
CMTG	F	0.02%
TMP	B	0.02%
FG	A	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HAIN	D	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%
OLPX	D	0.01%
OPK	C	0.01%
TWKS	B	0.01%
CENT	C	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	C	0.01%
TGI	B	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
SRCL	B	0.01%
HTZ	C	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%
EGBN	B	0.01%
PTVE	B	0.01%
BJRI	C	0.01%
FWRD	D	0.01%
USNA	C	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%
CAL	F	0.01%
GES	F	0.01%
SCWX	C	0.0%
AC	B	0.0%
AMCX	C	0.0%
ACDC	B	0.0%
TASK	C	0.0%
LESL	D	0.0%
LDI	C	0.0%
GEF	A	0.0%
NUS	D	0.0%
BRCC	F	0.0%

VBR Underweight 365 Positions Relative to FESM

Symbol	Grade	Weight
CRS	B	-0.86%
CVLT	B	-0.79%
QTWO	A	-0.73%
SPSC	D	-0.71%
FN	C	-0.7%
PAYO	A	-0.69%
MWA	B	-0.61%
IBP	D	-0.6%
YELP	C	-0.57%
FIX	A	-0.57%
CVNA	B	-0.55%
UCTT	D	-0.54%
QLYS	B	-0.54%
HWKN	B	-0.54%
LKFN	C	-0.53%
EXLS	B	-0.53%
LANC	C	-0.47%
ITRI	C	-0.47%
TENB	C	-0.43%
INSM	C	-0.42%
MMSI	A	-0.42%
LMND	B	-0.41%
MTDR	B	-0.41%
BMI	B	-0.4%
CECO	B	-0.38%
GH	B	-0.36%
CNMD	C	-0.35%
BAND	B	-0.35%
NMIH	C	-0.34%
ATI	C	-0.33%
CRDO	B	-0.33%
PCVX	D	-0.33%
BBSI	B	-0.33%
VICR	C	-0.33%
COKE	C	-0.33%
IGT	F	-0.32%
YOU	D	-0.31%
KTOS	B	-0.3%
YEXT	B	-0.29%
EGHT	B	-0.29%
SXC	A	-0.29%
WK	B	-0.29%
SNEX	B	-0.27%
PHR	F	-0.27%
MRTN	D	-0.26%
CEIX	A	-0.26%
LNW	F	-0.26%
EZPW	B	-0.25%
RVMD	C	-0.25%
IRTC	C	-0.25%
HQY	A	-0.25%
HLX	B	-0.24%
CPF	B	-0.24%
BUSE	B	-0.24%
TRNO	F	-0.24%
EPAC	C	-0.23%
CALM	A	-0.23%
PDFS	C	-0.23%
NBR	C	-0.23%
SJW	F	-0.22%
CORT	B	-0.22%
DCO	C	-0.22%
OPCH	D	-0.21%
ROCK	C	-0.21%
AXGN	C	-0.21%
SHAK	C	-0.21%
ZUO	B	-0.21%
CRAI	C	-0.21%
ALKS	C	-0.21%
PLAB	C	-0.21%
COMM	D	-0.2%
BL	B	-0.2%
CTRE	C	-0.2%
HSTM	B	-0.2%
CNXN	C	-0.19%
SMTC	B	-0.19%
RMBS	B	-0.19%
PRO	C	-0.18%
AORT	B	-0.18%
BVS	D	-0.18%
PJT	A	-0.18%
ALRM	C	-0.17%
ARLO	C	-0.17%
CSWI	B	-0.17%
PD	C	-0.17%
TNC	D	-0.17%
FLNC	D	-0.17%
INTA	B	-0.17%
HALO	F	-0.16%
PTCT	B	-0.16%
STNG	F	-0.16%
CYTK	F	-0.16%
BPMC	B	-0.16%
PLPC	B	-0.16%
DXPE	C	-0.16%
DOMO	B	-0.15%
FLXS	B	-0.15%
ETD	C	-0.15%
VCYT	B	-0.15%
NFBK	C	-0.15%
RYTM	C	-0.15%
TVTX	C	-0.15%
CWT	C	-0.15%
AMSF	B	-0.15%
AMAL	B	-0.15%
CPS	C	-0.14%
LMB	B	-0.14%
TWST	F	-0.14%
FBK	C	-0.14%
FOLD	F	-0.14%
HAE	C	-0.14%
OSCR	D	-0.14%
EXPI	D	-0.14%
EWTX	C	-0.14%
EXTR	C	-0.13%
ATRC	C	-0.13%
SRRK	C	-0.13%
CPRX	C	-0.13%
WSR	A	-0.13%
REPX	A	-0.13%
SRCE	B	-0.13%
NRIX	C	-0.12%
USLM	A	-0.12%
BSIG	A	-0.12%
TRUP	B	-0.12%
ZEUS	C	-0.12%
CRNX	C	-0.12%
HCAT	D	-0.11%
TREE	F	-0.11%
ACAD	C	-0.11%
CDNA	D	-0.11%
VTOL	B	-0.11%
CHX	C	-0.11%
HCI	C	-0.11%
ALTR	B	-0.11%
AMSC	B	-0.11%
LYTS	B	-0.11%
KURA	F	-0.1%
RKLB	A	-0.1%
SFL	D	-0.1%
BCPC	B	-0.1%
SLVM	B	-0.1%
AGS	A	-0.1%
BCRX	D	-0.1%
GKOS	B	-0.1%
ADMA	B	-0.1%
NGVC	A	-0.1%
ADUS	D	-0.1%
KRYS	C	-0.1%
GMRE	F	-0.1%
TGTX	B	-0.1%
FLYW	B	-0.1%
PL	B	-0.09%
TNDM	D	-0.09%
TCMD	B	-0.09%
FSS	B	-0.09%
ACLX	C	-0.09%
SPT	C	-0.09%
VBTX	B	-0.09%
AMBA	B	-0.09%
ARQT	B	-0.09%
ACMR	D	-0.09%
DIOD	D	-0.09%
HLIT	D	-0.09%
FORM	D	-0.09%
TRUE	C	-0.09%
RDFN	D	-0.09%
WGO	C	-0.08%
FTDR	B	-0.08%
WSBF	C	-0.08%
TDOC	C	-0.08%
BSRR	B	-0.08%
LUNR	B	-0.08%
KOD	B	-0.08%
RXRX	F	-0.08%
AKBA	C	-0.08%
CDMO	A	-0.08%
TARS	C	-0.08%
LTH	C	-0.08%
MEDP	D	-0.07%
AXSM	B	-0.07%
EOLS	D	-0.07%
IRWD	F	-0.07%
AMPH	F	-0.07%
KE	C	-0.07%
OPEN	F	-0.07%
JAMF	F	-0.07%
MYE	F	-0.07%
REPL	D	-0.07%
AVD	C	-0.07%
FISI	B	-0.07%
WVE	C	-0.07%
ATNI	F	-0.07%
ARAY	C	-0.07%
SNBR	F	-0.07%
PGC	B	-0.07%
BBIO	F	-0.07%
CTBI	B	-0.07%
COLL	F	-0.07%
HRTG	C	-0.07%
ADPT	C	-0.07%
EBS	C	-0.07%
DEA	D	-0.07%
MCRI	A	-0.06%
ALHC	C	-0.06%
SGMO	C	-0.06%
BOOT	C	-0.06%
ORGO	B	-0.06%
ARVN	F	-0.06%
RVNC	F	-0.06%
ORIC	F	-0.06%
CERS	D	-0.06%
CTKB	C	-0.06%
CDXS	B	-0.06%
SNDX	F	-0.06%
HURC	B	-0.06%
GIC	D	-0.06%
NARI	C	-0.06%
LNTH	D	-0.06%
DNLI	D	-0.06%
RM	C	-0.06%
AGIO	C	-0.06%
WEAV	C	-0.06%
UEC	B	-0.06%
NUVB	C	-0.06%
NVAX	F	-0.06%
TMCI	C	-0.05%
COGT	D	-0.05%
AOSL	C	-0.05%
UVE	B	-0.05%
ARWR	D	-0.05%
ACIW	B	-0.05%
TXRH	B	-0.05%
CCCC	F	-0.05%
ATRO	D	-0.05%
PTON	A	-0.05%
PAHC	C	-0.05%
ANNX	F	-0.05%
DAKT	C	-0.05%
LPG	F	-0.05%
UHT	D	-0.05%
RIG	D	-0.05%
QTRX	F	-0.05%
VNDA	C	-0.05%
ARCT	F	-0.05%
NRDS	C	-0.05%
OPY	B	-0.05%
ONTO	F	-0.05%
HNST	A	-0.05%
BY	B	-0.05%
OIS	B	-0.05%
SNCY	C	-0.05%
ERAS	C	-0.05%
AKRO	B	-0.05%
APPN	B	-0.05%
LMAT	A	-0.04%
LPSN	F	-0.04%
STRO	F	-0.04%
ZNTL	F	-0.04%
IDYA	F	-0.04%
BLBD	D	-0.04%
PTGX	D	-0.04%
WFRD	D	-0.04%
ALLK	D	-0.04%
KALV	F	-0.04%
GERN	D	-0.04%
CXM	C	-0.04%
MSBI	B	-0.04%
OABI	F	-0.04%
SAGE	F	-0.04%
NXRT	B	-0.04%
KLG	B	-0.04%
DSGN	C	-0.04%
ETNB	C	-0.04%
CRVL	B	-0.04%
COUR	F	-0.04%
NSSC	D	-0.04%
MLNK	C	-0.04%
RLAY	F	-0.03%
FIZZ	C	-0.03%
BEAM	D	-0.03%
ENTA	F	-0.03%
SANA	F	-0.03%
PKE	B	-0.03%
TSHA	C	-0.03%
RLMD	F	-0.03%
RCKT	F	-0.03%
RMAX	C	-0.03%
ANIK	D	-0.03%
NPK	B	-0.03%
MED	D	-0.03%
MBWM	B	-0.03%
IDT	B	-0.03%
ENSG	C	-0.03%
SHEN	F	-0.03%
HIMS	B	-0.03%
FSTR	B	-0.03%
HUMA	F	-0.03%
TSVT	F	-0.03%
PRTS	C	-0.03%
EDIT	F	-0.03%
CWCO	C	-0.03%
CLDX	F	-0.03%
UVSP	B	-0.03%
FNKO	D	-0.03%
BDTX	F	-0.03%
ASC	F	-0.03%
ICFI	F	-0.03%
TERN	F	-0.03%
MGNX	F	-0.03%
VYGR	F	-0.03%
CHGG	C	-0.03%
FATE	F	-0.03%
VCEL	B	-0.03%
HRTX	F	-0.03%
CCBG	B	-0.02%
ANGO	C	-0.02%
CTMX	F	-0.02%
EB	C	-0.02%
SVRA	F	-0.02%
ALEC	F	-0.02%
NTLA	F	-0.02%
ONTF	C	-0.02%
TNYA	D	-0.02%
NKTR	F	-0.02%
DVAX	C	-0.02%
MQ	D	-0.02%
PGEN	F	-0.02%
TNET	F	-0.02%
ZIMV	D	-0.02%
ALT	C	-0.02%
CRBU	D	-0.02%
UPLD	B	-0.02%
NKTX	F	-0.02%
ABUS	D	-0.02%
MCB	B	-0.02%
TCBK	C	-0.02%
SPOK	B	-0.02%
MRSN	D	-0.02%
JBSS	F	-0.02%
XNCR	B	-0.02%
PBYI	C	-0.02%
GPRE	F	-0.02%
ACET	F	-0.02%
TSE	F	-0.02%
KPTI	D	-0.02%
ABSI	F	-0.02%
VERA	C	-0.02%
KYMR	D	-0.02%
YMAB	F	-0.02%
SWTX	C	-0.02%
HROW	D	-0.02%
GCI	D	-0.02%
BRY	F	-0.02%
ANIP	F	-0.02%
SPCE	D	-0.01%
STNE	F	-0.01%
INO	F	-0.01%
ALVR	F	-0.01%
ZDGE	F	-0.01%
FGEN	D	-0.01%
ADAP	F	-0.01%
CHRS	D	-0.01%
XBIT	F	-0.01%
RCKY	F	-0.01%