VBR vs. FSMD ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Fidelity Small-Mid Factor ETF (FSMD)

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

$207.03

Average Daily Volume

431,704

Number of Holdings ^*

797

* may have additional holdings in another (foreign) market

FSMD

Fidelity Small-Mid Factor ETF

FSMD Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Small-Mid Factor Index℠. The fund normally invests at least 80% of its assets in securities included in the Fidelity Small-Mid Factor Index℠, which is designed to reflect the performance of stocks of small- and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market, as represented by the Fidelity U.S. Extended Investable Market Index℠.

Grade (RS Rating)

Last Trade

$42.67

Average Daily Volume

91,263

Number of Holdings ^*

578

* may have additional holdings in another (foreign) market

Performance

Period	VBR	FSMD
30 Days	1.03%	1.09%
60 Days	5.45%	5.37%
90 Days	8.32%	8.16%
12 Months	30.83%	32.15%

300 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in FSMD	Overlap
AAT	C	0.04%	0.1%	0.04%
ABG	A	0.14%	0.16%	0.14%
ACA	B	0.13%	0.15%	0.13%
ACI	C	0.17%	0.19%	0.17%
ACM	B	0.4%	0.31%	0.31%
ACT	C	0.03%	0.1%	0.03%
ADC	A	0.22%	0.2%	0.2%
ADTN	A	0.08%	0.11%	0.08%
AEO	F	0.11%	0.12%	0.11%
AFG	A	0.29%	0.23%	0.23%
AGCO	D	0.18%	0.15%	0.15%
AIT	A	0.25%	0.25%	0.25%
AIZ	A	0.3%	0.26%	0.26%
ALE	A	0.11%	0.16%	0.11%
ALLE	D	0.37%	0.26%	0.26%
ALLY	C	0.28%	0.22%	0.22%
ALSN	B	0.24%	0.25%	0.24%
ALX	D	0.01%	0.08%	0.01%
AMCX	C	0.0%	0.08%	0.0%
AMED	F	0.09%	0.12%	0.09%
AMG	A	0.15%	0.17%	0.15%
AMKR	F	0.1%	0.11%	0.1%
AMN	F	0.05%	0.05%	0.05%
AMRX	C	0.03%	0.12%	0.03%
AN	D	0.17%	0.13%	0.13%
ANDE	C	0.05%	0.08%	0.05%
ANF	C	0.21%	0.19%	0.19%
APAM	A	0.09%	0.14%	0.09%
APOG	B	0.04%	0.11%	0.04%
ARCH	B	0.07%	0.13%	0.07%
AROC	A	0.09%	0.17%	0.09%
ARW	D	0.2%	0.16%	0.16%
ASB	A	0.09%	0.16%	0.09%
ASGN	D	0.11%	0.15%	0.11%
ASH	F	0.12%	0.12%	0.12%
ASO	F	0.12%	0.13%	0.12%
ATGE	B	0.08%	0.14%	0.08%
ATR	B	0.31%	0.27%	0.27%
AVA	C	0.09%	0.13%	0.09%
AVT	C	0.14%	0.15%	0.14%
AX	A	0.1%	0.16%	0.1%
AXS	A	0.17%	0.19%	0.17%
AXTA	A	0.23%	0.21%	0.21%
AYI	A	0.24%	0.24%	0.24%
AZZ	B	0.07%	0.11%	0.07%
BCC	B	0.16%	0.15%	0.15%
BCO	F	0.14%	0.12%	0.12%
BERY	D	0.21%	0.19%	0.19%
BFH	A	0.07%	0.13%	0.07%
BGC	B	0.09%	0.16%	0.09%
BHE	B	0.04%	0.11%	0.04%
BJ	B	0.32%	0.25%	0.25%
BKE	A	0.04%	0.11%	0.04%
BKH	A	0.12%	0.16%	0.12%
BNL	D	0.1%	0.13%	0.1%
BPOP	C	0.21%	0.18%	0.18%
BRC	C	0.09%	0.12%	0.09%
BRX	A	0.24%	0.22%	0.22%
BTU	B	0.09%	0.15%	0.09%
BWA	A	0.24%	0.2%	0.2%
BXP	D	0.33%	0.26%	0.26%
BYD	A	0.06%	0.17%	0.06%
CACI	C	0.32%	0.27%	0.27%
CATY	A	0.08%	0.15%	0.08%
CBSH	A	0.2%	0.22%	0.2%
CBT	C	0.18%	0.18%	0.18%
CHCO	A	0.05%	0.12%	0.05%
CHRD	F	0.23%	0.2%	0.2%
CHRW	A	0.35%	0.26%	0.26%
CMA	A	0.23%	0.24%	0.23%
CMC	B	0.18%	0.19%	0.18%
CNO	A	0.1%	0.16%	0.1%
CNX	A	0.13%	0.23%	0.13%
CNXC	F	0.08%	0.07%	0.07%
COLM	B	0.04%	0.12%	0.04%
COOP	B	0.16%	0.19%	0.16%
CPT	D	0.38%	0.28%	0.28%
CR	A	0.22%	0.21%	0.21%
CRUS	F	0.19%	0.15%	0.15%
CUZ	B	0.13%	0.16%	0.13%
CXT	D	0.08%	0.11%	0.08%
CXW	B	0.04%	0.14%	0.04%
DCI	B	0.26%	0.21%	0.21%
DDS	B	0.05%	0.1%	0.05%
DEI	B	0.08%	0.13%	0.08%
DINO	D	0.21%	0.18%	0.18%
DKS	D	0.24%	0.25%	0.24%
DTM	A	0.22%	0.28%	0.22%
DVA	C	0.2%	0.22%	0.2%
DXC	C	0.11%	0.15%	0.11%
DY	C	0.08%	0.15%	0.08%
EHC	B	0.28%	0.25%	0.25%
EIG	A	0.03%	0.11%	0.03%
ELAN	C	0.21%	0.2%	0.2%
EME	B	0.58%	0.46%	0.46%
ENS	D	0.12%	0.12%	0.12%
EQC	A	0.06%	0.11%	0.06%
EQH	B	0.39%	0.32%	0.32%
ESAB	B	0.18%	0.2%	0.18%
ESGR	B	0.11%	0.14%	0.11%
ESI	B	0.17%	0.17%	0.17%
ESNT	D	0.19%	0.17%	0.17%
EVR	A	0.27%	0.27%	0.27%
EWBC	A	0.33%	0.33%	0.33%
FBP	A	0.1%	0.14%	0.1%
FCN	F	0.24%	0.17%	0.17%
FHI	A	0.08%	0.15%	0.08%
FHN	A	0.24%	0.26%	0.24%
FLO	D	0.13%	0.13%	0.13%
FLS	A	0.2%	0.2%	0.2%
FR	D	0.21%	0.18%	0.18%
FRT	B	0.28%	0.21%	0.21%
FUL	F	0.12%	0.13%	0.12%
FULT	A	0.09%	0.15%	0.09%
G	A	0.2%	0.2%	0.2%
GEO	A	0.05%	0.16%	0.05%
GHC	A	0.08%	0.15%	0.08%
GIII	D	0.03%	0.11%	0.03%
GL	B	0.27%	0.23%	0.23%
GNW	A	0.09%	0.13%	0.09%
GOLF	A	0.05%	0.11%	0.05%
GPI	A	0.14%	0.17%	0.14%
GPK	D	0.26%	0.21%	0.21%
GTES	B	0.12%	0.13%	0.12%
HCC	B	0.1%	0.13%	0.1%
HCSG	B	0.02%	0.08%	0.02%
HE	D	0.05%	0.07%	0.05%
HII	F	0.3%	0.17%	0.17%
HIW	D	0.1%	0.13%	0.1%
HMN	A	0.04%	0.12%	0.04%
HNI	A	0.07%	0.11%	0.07%
HOG	D	0.13%	0.13%	0.13%
HRB	D	0.26%	0.21%	0.21%
HSIC	D	0.27%	0.21%	0.21%
HUBG	A	0.08%	0.11%	0.08%
IBOC	A	0.1%	0.15%	0.1%
INFA	F	0.06%	0.09%	0.06%
INGR	B	0.26%	0.24%	0.24%
INSW	F	0.04%	0.1%	0.04%
INVA	C	0.03%	0.1%	0.03%
IOSP	C	0.08%	0.12%	0.08%
ITGR	B	0.13%	0.17%	0.13%
ITT	A	0.35%	0.26%	0.26%
JLL	C	0.37%	0.27%	0.27%
JNPR	D	0.37%	0.27%	0.27%
JXN	B	0.2%	0.22%	0.2%
KBH	D	0.16%	0.16%	0.16%
KD	A	0.15%	0.19%	0.15%
KELYA	F	0.02%	0.05%	0.02%
KFRC	D	0.03%	0.07%	0.03%
KFY	B	0.11%	0.13%	0.11%
KNF	B	0.15%	0.17%	0.15%
KRC	C	0.13%	0.15%	0.13%
KTB	A	0.13%	0.17%	0.13%
LAMR	D	0.17%	0.26%	0.17%
LEVI	F	0.03%	0.1%	0.03%
LGND	B	0.05%	0.13%	0.05%
LRN	A	0.05%	0.17%	0.05%
LTC	B	0.05%	0.11%	0.05%
LZB	A	0.05%	0.11%	0.05%
MATX	B	0.14%	0.17%	0.14%
MCY	A	0.05%	0.12%	0.05%
MDU	D	0.15%	0.1%	0.1%
MGRC	B	0.07%	0.11%	0.07%
MHK	D	0.25%	0.19%	0.19%
MHO	D	0.06%	0.14%	0.06%
MIR	A	0.06%	0.15%	0.06%
MLI	B	0.24%	0.25%	0.24%
MOG.A	B	0.17%	0.17%	0.17%
MSA	D	0.19%	0.16%	0.16%
MSM	C	0.11%	0.13%	0.11%
MTG	C	0.19%	0.18%	0.18%
MTH	D	0.21%	0.17%	0.17%
MTX	B	0.07%	0.11%	0.07%
MUSA	A	0.26%	0.23%	0.23%
NFG	A	0.16%	0.18%	0.16%
NHC	B	0.05%	0.11%	0.05%
NHI	D	0.11%	0.14%	0.11%
NNN	D	0.26%	0.19%	0.19%
NRG	B	0.54%	0.41%	0.41%
NSIT	F	0.2%	0.13%	0.13%
NVT	B	0.34%	0.26%	0.26%
NWE	C	0.1%	0.15%	0.1%
NXST	D	0.15%	0.17%	0.15%
NYT	D	0.25%	0.24%	0.24%
OC	A	0.44%	0.32%	0.32%
OFG	B	0.06%	0.11%	0.06%
OGE	A	0.24%	0.24%	0.24%
OGN	F	0.14%	0.12%	0.12%
OHI	C	0.3%	0.24%	0.24%
OMF	A	0.16%	0.18%	0.16%
ORI	A	0.24%	0.23%	0.23%
OSIS	A	0.07%	0.12%	0.07%
OSK	C	0.19%	0.18%	0.18%
OTTR	C	0.09%	0.13%	0.09%
OZK	A	0.13%	0.16%	0.13%
PAG	A	0.09%	0.12%	0.09%
PBF	D	0.08%	0.12%	0.08%
PBH	A	0.1%	0.16%	0.1%
PDM	D	0.04%	0.1%	0.04%
PHIN	A	0.06%	0.13%	0.06%
PINC	B	0.06%	0.12%	0.06%
PIPR	A	0.14%	0.18%	0.14%
PLXS	B	0.11%	0.16%	0.11%
PNR	A	0.47%	0.34%	0.34%
POST	D	0.08%	0.16%	0.08%
PPC	B	0.05%	0.12%	0.05%
PRGS	B	0.08%	0.14%	0.08%
PRI	A	0.26%	0.26%	0.26%
PRIM	A	0.09%	0.16%	0.09%
PSN	C	0.14%	0.15%	0.14%
R	A	0.17%	0.19%	0.17%
RDN	C	0.15%	0.15%	0.15%
REG	A	0.38%	0.27%	0.27%
REYN	D	0.05%	0.09%	0.05%
RGA	A	0.41%	0.31%	0.31%
RHI	B	0.19%	0.2%	0.19%
RL	B	0.21%	0.22%	0.21%
RLI	A	0.19%	0.2%	0.19%
RMR	F	0.01%	0.07%	0.01%
RNR	D	0.41%	0.3%	0.3%
RPM	A	0.45%	0.35%	0.35%
RUSHA	B	0.1%	0.13%	0.1%
SAIC	D	0.21%	0.2%	0.2%
SANM	B	0.1%	0.15%	0.1%
SBH	A	0.04%	0.11%	0.04%
SCHL	F	0.02%	0.09%	0.02%
SCI	B	0.31%	0.28%	0.28%
SCS	A	0.03%	0.08%	0.03%
SCSC	B	0.03%	0.1%	0.03%
SEIC	A	0.23%	0.22%	0.22%
SEM	B	0.1%	0.15%	0.1%
SF	A	0.26%	0.29%	0.26%
SFM	A	0.32%	0.33%	0.32%
SHO	D	0.06%	0.11%	0.06%
SHOO	D	0.05%	0.13%	0.05%
SIGI	A	0.16%	0.18%	0.16%
SIRI	C	0.15%	0.1%	0.1%
SKYW	A	0.09%	0.16%	0.09%
SLGN	B	0.12%	0.14%	0.12%
SLM	A	0.14%	0.17%	0.14%
SNV	A	0.18%	0.23%	0.18%
SNX	D	0.22%	0.22%	0.22%
SOLV	C	0.28%	0.25%	0.25%
SON	D	0.15%	0.14%	0.14%
SPNT	A	0.04%	0.1%	0.04%
SR	A	0.11%	0.15%	0.11%
SSTK	F	0.01%	0.08%	0.01%
STAG	D	0.21%	0.17%	0.17%
STRA	C	0.06%	0.11%	0.06%
SUM	B	0.14%	0.18%	0.14%
SUPN	B	0.05%	0.14%	0.05%
SW	A	0.74%	0.28%	0.28%
SXT	C	0.1%	0.13%	0.1%
TAP	A	0.29%	0.25%	0.25%
TDS	B	0.06%	0.18%	0.06%
TFX	F	0.34%	0.21%	0.21%
TGNA	B	0.08%	0.16%	0.08%
THC	C	0.46%	0.34%	0.34%
THG	A	0.14%	0.18%	0.14%
TKR	F	0.15%	0.13%	0.13%
TMHC	B	0.2%	0.2%	0.2%
TNL	A	0.09%	0.15%	0.09%
TOL	B	0.46%	0.33%	0.33%
TPH	D	0.12%	0.13%	0.12%
TPR	A	0.31%	0.28%	0.28%
TTEK	D	0.36%	0.27%	0.27%
UE	B	0.07%	0.13%	0.07%
UFPI	C	0.22%	0.19%	0.19%
UGI	C	0.15%	0.16%	0.15%
UHS	D	0.37%	0.27%	0.27%
UMBF	A	0.13%	0.18%	0.13%
UNF	A	0.09%	0.11%	0.09%
UNM	A	0.25%	0.29%	0.25%
UPBD	B	0.05%	0.09%	0.05%
URBN	C	0.08%	0.1%	0.08%
USM	B	0.03%	0.12%	0.03%
UTHR	B	0.46%	0.38%	0.38%
VCTR	B	0.04%	0.14%	0.04%
VIRT	A	0.07%	0.15%	0.07%
VMI	B	0.17%	0.18%	0.17%
VNT	C	0.15%	0.18%	0.15%
VOYA	A	0.22%	0.22%	0.22%
VSH	F	0.07%	0.08%	0.07%
VSTO	A	0.03%	0.12%	0.03%
VVV	B	0.16%	0.16%	0.16%
WABC	A	0.04%	0.11%	0.04%
WAL	A	0.26%	0.25%	0.25%
WBS	A	0.23%	0.26%	0.23%
WEN	C	0.09%	0.13%	0.09%
WKC	C	0.05%	0.13%	0.05%
WLK	F	0.08%	0.12%	0.08%
WSBC	A	0.05%	0.12%	0.05%
WTFC	A	0.21%	0.22%	0.21%
WTS	A	0.16%	0.15%	0.15%
WU	F	0.12%	0.12%	0.12%
XHR	B	0.02%	0.1%	0.02%
ZD	B	0.06%	0.16%	0.06%
ZION	A	0.2%	0.23%	0.2%
ZWS	B	0.14%	0.16%	0.14%

VBR Overweight 497 Positions Relative to FSMD

Symbol	Grade	Weight
BLDR	D	0.65%
BAH	D	0.61%
CSL	B	0.6%
ATO	A	0.58%
FCNCA	A	0.57%
IEX	B	0.47%
RS	B	0.46%
WSM	F	0.45%
KIM	A	0.45%
USFD	B	0.43%
AES	F	0.41%
GLPI	D	0.39%
BG	D	0.39%
EMN	C	0.38%
FFIV	B	0.37%
JBL	C	0.37%
KMX	B	0.35%
PFGC	B	0.35%
SJM	F	0.35%
IPG	F	0.34%
HUBB	B	0.33%
CCK	D	0.33%
LDOS	C	0.32%
RRX	B	0.32%
FBIN	D	0.32%
EPAM	B	0.31%
LKQ	D	0.3%
AA	A	0.29%
CG	B	0.29%
PNW	A	0.29%
OVV	C	0.29%
ARMK	C	0.29%
HAS	D	0.28%
QRVO	F	0.28%
Z	A	0.28%
STLD	B	0.27%
WTRG	C	0.27%
JEF	A	0.26%
APA	F	0.26%
EGP	D	0.26%
MOS	D	0.25%
KBR	D	0.25%
GME	C	0.25%
FYBR	C	0.25%
APG	C	0.24%
FLR	B	0.24%
AGNC	C	0.24%
FMC	F	0.24%
WCC	A	0.24%
KNX	B	0.24%
LAD	A	0.24%
SWN	C	0.23%
DOC	D	0.23%
MIDD	D	0.22%
IVZ	B	0.22%
VFC	B	0.22%
NI	A	0.22%
VNO	B	0.21%
X	D	0.21%
LUMN	C	0.21%
MKSI	D	0.21%
AAL	B	0.21%
SSB	A	0.21%
LPX	A	0.2%
COHR	B	0.2%
UHAL	D	0.2%
BBWI	C	0.2%
RRC	B	0.2%
KEX	A	0.2%
CFR	A	0.19%
FAF	C	0.19%
STWD	D	0.19%
MAT	C	0.19%
BIO	C	0.19%
PB	A	0.19%
JAZZ	A	0.19%
EVRG	A	0.19%
LEA	F	0.18%
CADE	A	0.17%
WHR	A	0.17%
XPO	B	0.17%
ONB	B	0.17%
CLF	F	0.17%
ST	F	0.16%
COLB	A	0.16%
XRAY	F	0.16%
IDA	A	0.16%
AUR	D	0.16%
BC	D	0.16%
THO	B	0.16%
ALB	C	0.16%
ACHC	F	0.16%
PVH	C	0.16%
OLN	F	0.16%
PARA	C	0.16%
SRCL	B	0.16%
ALK	A	0.16%
AM	A	0.15%
FNB	A	0.15%
GBCI	A	0.15%
BECN	B	0.15%
LNC	A	0.15%
GAP	C	0.15%
TPG	B	0.14%
GATX	A	0.14%
CPRI	F	0.14%
RIVN	F	0.14%
BDC	B	0.14%
RYN	D	0.14%
MUR	F	0.14%
JHG	A	0.14%
HOMB	A	0.14%
POR	D	0.14%
UBSI	A	0.14%
LYFT	B	0.13%
SBRA	C	0.13%
SIG	B	0.13%
NUVL	D	0.13%
PII	F	0.13%
HWC	A	0.13%
MGM	D	0.13%
SWX	A	0.13%
FFIN	A	0.13%
NCLH	B	0.13%
SLG	B	0.13%
AL	A	0.13%
AVNT	A	0.13%
NJR	A	0.13%
HASI	F	0.12%
ABCB	A	0.12%
M	C	0.12%
WTM	A	0.12%
OGS	A	0.12%
ICUI	D	0.12%
SEE	B	0.12%
CRC	B	0.12%
AR	B	0.12%
PR	C	0.12%
SMG	D	0.11%
EPR	D	0.11%
KMPR	A	0.11%
DNB	B	0.11%
IAC	D	0.11%
MTZ	B	0.11%
MDGL	C	0.11%
VLY	A	0.11%
MAC	A	0.11%
EDR	A	0.11%
PNM	B	0.11%
AGO	A	0.11%
HUN	F	0.11%
HL	D	0.11%
TCBI	A	0.1%
MGEE	A	0.1%
ABM	B	0.1%
ESE	A	0.1%
TEX	D	0.1%
AUB	A	0.1%
NVST	C	0.1%
NPO	A	0.1%
CDP	C	0.1%
GVA	A	0.1%
UCB	A	0.1%
MAN	F	0.1%
MPW	F	0.1%
PCH	D	0.1%
GMS	A	0.1%
PRGO	C	0.1%
PNFP	A	0.1%
SKT	A	0.1%
WD	D	0.1%
SATS	D	0.09%
FHB	A	0.09%
ALIT	C	0.09%
NSP	F	0.09%
PTEN	D	0.09%
WSFS	A	0.09%
CC	C	0.09%
NWL	B	0.09%
ATKR	C	0.09%
CBU	A	0.09%
SYNA	C	0.09%
COMP	B	0.09%
WBA	F	0.09%
GFF	A	0.09%
AWR	A	0.09%
CWK	B	0.09%
BEN	C	0.09%
EBC	A	0.09%
APLE	B	0.09%
COTY	F	0.09%
EAT	A	0.09%
BKU	A	0.08%
BHF	A	0.08%
AIN	C	0.08%
ABR	C	0.08%
PK	C	0.08%
REZI	A	0.08%
LXP	D	0.08%
WAFD	A	0.08%
TRN	A	0.08%
PENN	B	0.08%
TDC	F	0.08%
PFSI	D	0.08%
JWN	A	0.08%
WERN	B	0.07%
ENR	A	0.07%
SM	C	0.07%
FFBC	A	0.07%
PFS	A	0.07%
PECO	A	0.07%
HAYW	A	0.07%
VAC	B	0.07%
MTRN	C	0.07%
AAP	D	0.07%
BOKF	A	0.07%
CVBF	A	0.07%
SMMT	D	0.07%
INDB	A	0.07%
ENOV	C	0.07%
PPBI	A	0.07%
PRK	A	0.07%
FL	F	0.07%
DBRG	D	0.07%
HBI	A	0.07%
RNG	B	0.07%
AKR	B	0.07%
CDE	D	0.07%
BOH	A	0.07%
GT	C	0.07%
SPB	C	0.07%
CWEN	D	0.07%
RNA	C	0.07%
ARCB	C	0.07%
IOVA	D	0.07%
FIBK	A	0.07%
SFNC	B	0.07%
OUT	C	0.07%
BXMT	D	0.07%
BANF	A	0.06%
RXO	C	0.06%
HURN	B	0.06%
GNL	D	0.06%
PRG	A	0.06%
HI	C	0.06%
VSTS	F	0.06%
NMRK	B	0.06%
THS	F	0.06%
RNST	A	0.06%
WLY	B	0.06%
IPGP	D	0.06%
VYX	C	0.06%
SFBS	A	0.06%
JOBY	B	0.06%
NBTB	A	0.06%
VGR	B	0.06%
VIAV	B	0.06%
OMCL	C	0.06%
VSCO	A	0.06%
KMT	B	0.06%
CGON	D	0.06%
LAUR	A	0.06%
IBTX	A	0.06%
OI	C	0.06%
IVT	B	0.06%
BANR	A	0.06%
NATL	B	0.06%
FRME	A	0.06%
SXI	A	0.06%
TOWN	A	0.06%
EVTC	C	0.06%
ZG	A	0.06%
BLKB	D	0.06%
AIR	B	0.06%
KSS	F	0.06%
CRI	D	0.06%
PSMT	D	0.06%
AZTA	F	0.06%
VRNT	D	0.05%
CABO	B	0.05%
HLIO	B	0.05%
NBHC	A	0.05%
CENTA	C	0.05%
CRGY	A	0.05%
STEP	A	0.05%
SCL	D	0.05%
FCF	A	0.05%
NPAB	F	0.05%
UAA	B	0.05%
NWBI	A	0.05%
DRH	B	0.05%
MLKN	F	0.05%
PDCO	F	0.05%
TROX	F	0.05%
LEG	F	0.05%
TRMK	A	0.05%
PZZA	D	0.05%
TTMI	B	0.05%
FTRE	D	0.05%
EPC	F	0.05%
KAR	A	0.05%
B	A	0.05%
CAKE	A	0.05%
IMVT	D	0.05%
ROIC	A	0.05%
PBI	C	0.04%
AIV	C	0.04%
PMT	D	0.04%
UVV	B	0.04%
WOR	F	0.04%
JELD	F	0.04%
ARI	D	0.04%
BKD	F	0.04%
OXM	F	0.04%
NNI	C	0.04%
UNIT	B	0.04%
NX	C	0.04%
VC	F	0.04%
LADR	A	0.04%
WWW	A	0.04%
HP	C	0.04%
VSAT	F	0.04%
CSGS	A	0.04%
WT	A	0.04%
DNOW	A	0.04%
DAN	F	0.04%
RRR	D	0.04%
REVG	A	0.04%
ALEX	B	0.04%
VRE	A	0.04%
BLMN	F	0.04%
CAR	C	0.04%
VRTS	A	0.04%
HELE	C	0.04%
NGVT	B	0.04%
CODI	A	0.04%
HOPE	A	0.04%
ESRT	D	0.04%
LCII	D	0.04%
HTH	B	0.04%
NTCT	B	0.04%
GBX	A	0.04%
HEES	B	0.04%
JBGS	D	0.04%
KN	B	0.04%
STBA	A	0.04%
CNK	A	0.04%
DYN	F	0.04%
GEF	A	0.04%
GO	C	0.04%
ELME	D	0.04%
GTY	C	0.04%
NWN	A	0.04%
MATV	F	0.03%
SMR	B	0.03%
CMTG	D	0.03%
JACK	D	0.03%
BDN	D	0.03%
BV	C	0.03%
LGF.A	F	0.03%
DNUT	D	0.03%
MMI	A	0.03%
ODP	F	0.03%
UNFI	A	0.03%
JBLU	C	0.03%
CWEN	D	0.03%
TRS	D	0.03%
MD	B	0.03%
CBRL	C	0.03%
THR	C	0.03%
FA	D	0.03%
ATSG	A	0.03%
RWT	D	0.03%
MRC	B	0.03%
HTLF	A	0.03%
CARS	B	0.03%
SNDR	B	0.03%
UA	B	0.03%
ECPG	A	0.03%
FBRT	C	0.03%
CNNE	B	0.03%
CSR	A	0.03%
ETWO	F	0.03%
AVNS	F	0.03%
KALU	C	0.03%
WMK	B	0.03%
WS	B	0.03%
KWR	C	0.03%
FDP	A	0.03%
XRX	F	0.03%
OMI	F	0.03%
DK	D	0.03%
SAFT	A	0.03%
BHLB	A	0.03%
MYGN	F	0.03%
NAVI	D	0.03%
MSGE	D	0.03%
IART	C	0.03%
LC	B	0.03%
TILE	A	0.02%
HTLD	B	0.02%
ATUS	C	0.02%
MXL	C	0.02%
CAL	D	0.02%
FOR	F	0.02%
GES	F	0.02%
BMBL	C	0.02%
BASE	C	0.02%
CMPR	F	0.02%
HY	F	0.02%
CFFN	A	0.02%
PCRX	C	0.02%
SWI	B	0.02%
TMP	A	0.02%
BGS	F	0.02%
MATW	C	0.02%
HPP	F	0.02%
PUMP	F	0.02%
UHAL	D	0.02%
HLF	C	0.02%
AXL	C	0.02%
RGR	F	0.02%
KOP	C	0.02%
ECVT	C	0.02%
AMWD	B	0.02%
KREF	D	0.02%
ASTE	B	0.02%
BRSP	B	0.02%
PRLB	B	0.02%
SVC	F	0.02%
MODG	F	0.02%
SEB	F	0.02%
PRA	A	0.02%
SAH	A	0.02%
HAIN	F	0.02%
WNC	C	0.02%
CVI	D	0.02%
EMBC	C	0.02%
MNRO	B	0.02%
PRAA	C	0.02%
FG	A	0.02%
BRKL	A	0.02%
EYE	C	0.02%
DLX	A	0.02%
RBRK	B	0.02%
NUS	C	0.01%
LDI	C	0.01%
BRCC	F	0.01%
OPK	A	0.01%
TWKS	B	0.01%
DJT	C	0.01%
DIN	C	0.01%
OLPX	D	0.01%
VREX	C	0.01%
CENT	C	0.01%
TGI	A	0.01%
CMP	B	0.01%
AMBC	C	0.01%
TRTX	B	0.01%
SWBI	D	0.01%
KRO	D	0.01%
SRCL	B	0.01%
ZIP	D	0.01%
NAPA	A	0.01%
CNDT	B	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
EGBN	A	0.01%
RUSHB	B	0.01%
WRLD	D	0.01%
HTZ	C	0.01%
INN	D	0.01%
VMEO	B	0.01%
BJRI	A	0.01%
EE	A	0.01%
GRC	B	0.01%
PTVE	C	0.01%
NVRI	F	0.01%
FWRD	D	0.01%
NABL	F	0.01%
USNA	C	0.01%
CLB	C	0.01%
CLBK	B	0.01%
CCO	D	0.01%
ARRY	C	0.01%
GCMG	B	0.01%
LGF.A	F	0.01%
CWH	B	0.01%
BFS	C	0.01%
DAWN	D	0.01%
PWSC	C	0.0%
SCWX	B	0.0%
AC	B	0.0%
TASK	C	0.0%
ACDC	D	0.0%
LESL	C	0.0%
GEF	A	0.0%

VBR Underweight 278 Positions Relative to FSMD

Symbol	Grade	Weight
TPL	A	-0.57%
LYV	A	-0.42%
IBKR	A	-0.42%
NTNX	A	-0.38%
LII	B	-0.37%
SNA	A	-0.37%
MANH	D	-0.36%
NTRA	B	-0.35%
GWRE	B	-0.35%
FIX	A	-0.34%
NWSA	B	-0.33%
DUOL	B	-0.33%
WSO	A	-0.33%
CASY	B	-0.32%
TW	B	-0.32%
L	A	-0.31%
CW	B	-0.31%
GGG	A	-0.3%
INCY	B	-0.3%
PSTG	F	-0.3%
ROL	A	-0.29%
TXRH	A	-0.29%
FTI	A	-0.29%
DOCS	C	-0.28%
NDSN	B	-0.28%
EXEL	B	-0.28%
ELS	B	-0.28%
NBIX	D	-0.27%
CLH	C	-0.27%
LECO	C	-0.26%
PCVX	D	-0.26%
BSY	D	-0.26%
BWXT	A	-0.26%
OWL	A	-0.26%
AMH	C	-0.26%
CIEN	B	-0.26%
AAON	A	-0.25%
EXP	B	-0.25%
HLI	A	-0.25%
DOX	D	-0.25%
WWD	B	-0.24%
BLD	F	-0.24%
BRBR	A	-0.24%
KNSL	C	-0.24%
CUBE	C	-0.24%
GMED	A	-0.24%
HLNE	A	-0.23%
PLNT	A	-0.23%
MORN	B	-0.23%
SRPT	F	-0.23%
MASI	A	-0.23%
TPX	A	-0.23%
FN	C	-0.23%
ERIE	F	-0.23%
ADMA	C	-0.22%
RGLD	C	-0.22%
ENSG	D	-0.22%
WING	F	-0.22%
WH	A	-0.22%
CHDN	C	-0.22%
HALO	D	-0.21%
QTWO	A	-0.21%
CORT	B	-0.21%
MEDP	D	-0.21%
EXLS	B	-0.21%
EWTX	C	-0.21%
ONTO	F	-0.21%
GKOS	B	-0.21%
RBC	A	-0.21%
MTSI	B	-0.21%
CHE	D	-0.21%
CRBG	B	-0.2%
MMSI	A	-0.2%
SKX	D	-0.2%
CPB	D	-0.2%
STRL	B	-0.2%
REXR	F	-0.2%
MTCH	F	-0.2%
HRL	D	-0.2%
CVLT	B	-0.2%
RDNT	B	-0.2%
WMS	F	-0.19%
BMI	B	-0.19%
ACIW	B	-0.19%
ALV	C	-0.19%
TTC	D	-0.19%
PRCT	B	-0.19%
AOS	F	-0.19%
RGEN	D	-0.19%
ACLX	C	-0.19%
DBX	C	-0.19%
WMG	B	-0.18%
WFRD	F	-0.18%
OLED	F	-0.18%
ESTC	C	-0.18%
TREX	C	-0.18%
IDCC	A	-0.18%
HIMS	C	-0.18%
SN	C	-0.18%
POWL	C	-0.18%
MGY	A	-0.18%
AWI	A	-0.18%
SSD	D	-0.18%
ALTR	B	-0.18%
CSWI	B	-0.18%
GNTX	C	-0.18%
MTN	C	-0.18%
FTDR	B	-0.17%
DORM	B	-0.17%
LSTR	D	-0.17%
PI	D	-0.17%
BPMC	D	-0.17%
QLYS	C	-0.17%
BFAM	F	-0.17%
CEIX	A	-0.17%
NOVT	D	-0.17%
EPRT	C	-0.17%
SPSC	D	-0.17%
CROX	F	-0.16%
IESC	B	-0.16%
ZETA	F	-0.16%
HAE	A	-0.16%
AGX	B	-0.16%
PEGA	B	-0.16%
APPF	C	-0.16%
COKE	C	-0.16%
OLLI	D	-0.16%
LNTH	F	-0.16%
BCPC	B	-0.16%
ROAD	B	-0.16%
CNM	F	-0.16%
VRNS	D	-0.16%
LOPE	B	-0.16%
ALKS	B	-0.16%
MMS	D	-0.15%
CVCO	A	-0.15%
CRVL	B	-0.15%
KRYS	D	-0.15%
KAI	A	-0.15%
CALM	A	-0.15%
AXNX	A	-0.15%
EEFT	C	-0.15%
TENB	D	-0.15%
CPRX	C	-0.15%
BRKR	F	-0.15%
PJT	A	-0.15%
CTRE	D	-0.15%
CRNX	C	-0.15%
SLVM	B	-0.14%
VCEL	A	-0.14%
YELP	C	-0.14%
USLM	A	-0.14%
MWA	A	-0.14%
ENVA	A	-0.14%
WDFC	A	-0.14%
DLB	D	-0.14%
CHH	A	-0.14%
IBP	F	-0.14%
EXPO	D	-0.14%
IDT	B	-0.14%
SMLR	B	-0.14%
FSS	C	-0.14%
CIVI	F	-0.14%
PLMR	A	-0.13%
NMIH	D	-0.13%
CBZ	B	-0.13%
SKWD	A	-0.13%
NEU	C	-0.13%
CASH	A	-0.13%
LMAT	A	-0.13%
LANC	D	-0.13%
GPOR	A	-0.13%
SNEX	A	-0.13%
AGR	A	-0.13%
FELE	B	-0.13%
TPB	A	-0.12%
FORM	F	-0.12%
CTS	B	-0.12%
ICFI	F	-0.12%
LBRT	F	-0.12%
PAHC	A	-0.12%
NSA	C	-0.12%
AMPH	F	-0.12%
ADUS	D	-0.12%
PLUS	F	-0.12%
PATK	C	-0.12%
QCRH	A	-0.12%
EPAC	B	-0.12%
UFPT	C	-0.12%
HCKT	A	-0.11%
UVSP	A	-0.11%
PLAB	D	-0.11%
AMAL	B	-0.11%
CPF	A	-0.11%
VRRM	D	-0.11%
PFBC	A	-0.11%
HCI	B	-0.11%
TWST	F	-0.11%
CTBI	A	-0.11%
HWKN	C	-0.11%
SPOK	B	-0.11%
ALRM	C	-0.11%
PLTK	A	-0.11%
MCB	A	-0.11%
ATEN	A	-0.11%
GNE	F	-0.1%
ASTH	F	-0.1%
TPC	C	-0.1%
CUBI	B	-0.1%
UTI	A	-0.1%
KURA	F	-0.1%
DEA	D	-0.1%
UVE	A	-0.1%
ROCK	C	-0.1%
THFF	A	-0.1%
USPH	C	-0.1%
SRCE	A	-0.1%
HSTM	B	-0.1%
WINA	B	-0.1%
SXC	A	-0.1%
AMR	C	-0.1%
IBCP	A	-0.1%
MSBI	A	-0.1%
STNG	F	-0.1%
REX	C	-0.1%
UTL	C	-0.1%
MCRI	A	-0.1%
CSV	B	-0.1%
CRAI	B	-0.1%
PRDO	B	-0.1%
PEBO	A	-0.1%
ZYXI	D	-0.09%
CNXN	D	-0.09%
UTMD	D	-0.09%
MLR	B	-0.09%
PGRE	C	-0.09%
CWCO	C	-0.09%
KLG	F	-0.09%
CFB	B	-0.09%
SMP	C	-0.09%
FF	F	-0.09%
FIZZ	B	-0.09%
HSII	B	-0.09%
WSR	B	-0.09%
ANIP	D	-0.09%
OLP	A	-0.09%
BBSI	A	-0.09%
CASS	B	-0.09%
NVEC	D	-0.08%
LPG	F	-0.08%
VECO	F	-0.08%
OSUR	F	-0.08%
IMKTA	C	-0.08%
TNC	F	-0.08%
ETD	D	-0.08%
STAA	F	-0.08%
COLL	F	-0.08%
VNDA	C	-0.08%
EGY	F	-0.08%
SCVL	F	-0.08%
SIGA	F	-0.07%
CECO	C	-0.07%
BRY	F	-0.07%
NSSC	F	-0.07%
METC	C	-0.07%
EBF	D	-0.07%
JBSS	F	-0.07%
NPK	B	-0.07%
KRT	A	-0.07%
SLP	F	-0.07%
TRNS	F	-0.07%
IMMR	F	-0.06%
GIC	F	-0.06%
MRVI	F	-0.06%
ASC	F	-0.06%
PANL	F	-0.06%
CLW	F	-0.04%
JBI	F	-0.04%