VBR vs. IVOO ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Vanguard S&P Mid-Cap 400 ETF (IVOO)

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

$201.60

Average Daily Volume

403,375

Number of Holdings ^*

795

* may have additional holdings in another (foreign) market

IVOO

Vanguard S&P Mid-Cap 400 ETF

IVOO Description

The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the S&P MidCap 400® Index. The index measures the performance of mid-capitalization stocks. 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

$106.10

Average Daily Volume

67,435

Number of Holdings ^*

391

* may have additional holdings in another (foreign) market

Performance

Period	VBR	IVOO
30 Days	5.14%	3.97%
60 Days	5.22%	4.03%
90 Days	10.72%	7.02%
12 Months	26.47%	24.86%

250 Overlapping Holdings

	Symbol	Grade	Weight in VBR	Weight in IVOO	Overlap
	AA	D	0.17%	0.28%	0.17%
	ACHC	C	0.21%	0.27%	0.21%
	ACM	B	0.4%	0.48%	0.4%
	ADC	C	0.22%	0.26%	0.22%
	AFG	B	0.28%	0.31%	0.28%
	AGCO	D	0.17%	0.2%	0.17%
	AIT	A	0.23%	0.28%	0.23%
	ALE	B	0.11%	0.13%	0.11%
	ALLY	F	0.35%	0.41%	0.35%
	AM	C	0.15%	0.18%	0.15%
	AMED	C	0.09%	0.11%	0.09%
	AMG	C	0.16%	0.19%	0.16%
	AMKR	F	0.11%	0.12%	0.11%
	AN	D	0.17%	0.15%	0.15%
	ANF	D	0.22%	0.26%	0.22%
	AR	F	0.12%	0.28%	0.12%
	ARMK	B	0.28%	0.34%	0.28%
	ARW	C	0.21%	0.25%	0.21%
	ASB	D	0.1%	0.12%	0.1%
	ASGN	D	0.12%	0.15%	0.12%
	ASH	D	0.13%	0.16%	0.13%
	ATR	B	0.3%	0.36%	0.3%
	AVNT	B	0.13%	0.16%	0.13%
	AVT	C	0.15%	0.17%	0.15%
	AXTA	B	0.24%	0.28%	0.24%
	AYI	B	0.23%	0.27%	0.23%
	AZTA	F	0.07%	0.09%	0.07%
	BC	C	0.16%	0.19%	0.16%
	BCO	B	0.14%	0.17%	0.14%
	BDC	B	0.13%	0.15%	0.13%
	BERY	B	0.22%	0.28%	0.22%
	BHF	F	0.08%	0.1%	0.08%
	BJ	D	0.31%	0.37%	0.31%
	BKH	B	0.12%	0.14%	0.12%
	BLKB	C	0.06%	0.12%	0.06%
	BRX	B	0.24%	0.29%	0.24%
	CACC	F	0.08%	0.1%	0.08%
	CACI	B	0.32%	0.38%	0.32%
	CADE	C	0.17%	0.21%	0.17%
	CAR	F	0.04%	0.05%	0.04%
	CBSH	C	0.22%	0.26%	0.22%
	CBT	B	0.17%	0.2%	0.17%
	CC	F	0.09%	0.1%	0.09%
	CCK	A	0.32%	0.38%	0.32%
	CFR	C	0.19%	0.25%	0.19%
	CG	D	0.28%	0.3%	0.28%
	CHK	D	0.27%	0.29%	0.27%
	CHRD	F	0.26%	0.32%	0.26%
	CLF	F	0.18%	0.22%	0.18%
	CMC	D	0.18%	0.22%	0.18%
	CNO	B	0.11%	0.13%	0.11%
	CNX	B	0.12%	0.15%	0.12%
	CNXC	F	0.12%	0.12%	0.12%
	COHR	C	0.17%	0.36%	0.17%
	COLB	B	0.15%	0.18%	0.15%
	COTY	F	0.1%	0.12%	0.1%
	CPRI	D	0.12%	0.15%	0.12%
	CR	C	0.23%	0.27%	0.23%
	CRI	D	0.07%	0.08%	0.07%
	CRUS	D	0.23%	0.27%	0.23%
	CSL	B	0.59%	0.7%	0.59%
	CUZ	B	0.13%	0.15%	0.13%
	DCI	C	0.26%	0.31%	0.26%
	DINO	F	0.24%	0.26%	0.24%
	DKS	D	0.28%	0.48%	0.28%
	DTM	B	0.22%	0.27%	0.22%
	EGP	B	0.26%	0.31%	0.26%
	EHC	C	0.28%	0.33%	0.28%
	EME	B	0.54%	0.65%	0.54%
	ENOV	D	0.08%	0.08%	0.08%
	ENS	D	0.12%	0.14%	0.12%
	EPR	B	0.11%	0.13%	0.11%
	EQH	C	0.41%	0.45%	0.41%
	ESAB	C	0.18%	0.21%	0.18%
	ESNT	B	0.19%	0.24%	0.19%
	EVR	A	0.25%	0.3%	0.25%
	EWBC	D	0.34%	0.41%	0.34%
	FAF	B	0.18%	0.23%	0.18%
	FCN	D	0.24%	0.28%	0.24%
	FFIN	B	0.13%	0.16%	0.13%
	FHI	A	0.08%	0.1%	0.08%
	FHN	D	0.27%	0.32%	0.27%
	FLO	C	0.13%	0.16%	0.13%
	FLR	D	0.25%	0.3%	0.25%
	FLS	D	0.19%	0.23%	0.19%
	FNB	C	0.16%	0.19%	0.16%
	FR	B	0.22%	0.26%	0.22%
	FYBR	C	0.21%	0.23%	0.21%
	G	C	0.21%	0.23%	0.21%
	GAP	F	0.16%	0.17%	0.16%
	GATX	D	0.15%	0.18%	0.15%
	GBCI	B	0.16%	0.19%	0.16%
	GEF	D	0.04%	0.06%	0.04%
	GEF	D	0.0%	0.06%	0.0%
	GHC	B	0.07%	0.1%	0.07%
	GLPI	C	0.39%	0.49%	0.39%
	GME	F	0.22%	0.22%	0.22%
	GPK	B	0.27%	0.32%	0.27%
	GT	F	0.07%	0.09%	0.07%
	HELE	D	0.04%	0.04%	0.04%
	HOG	C	0.13%	0.16%	0.13%
	HOMB	B	0.15%	0.18%	0.15%
	HRB	C	0.26%	0.31%	0.26%
	HWC	D	0.14%	0.16%	0.14%
	IBOC	D	0.1%	0.12%	0.1%
	IDA	C	0.15%	0.18%	0.15%
	INGR	B	0.26%	0.31%	0.26%
	IPGP	F	0.05%	0.07%	0.05%
	ITT	B	0.34%	0.4%	0.34%
	JAZZ	D	0.2%	0.26%	0.2%
	JEF	B	0.26%	0.36%	0.26%
	JHG	B	0.14%	0.17%	0.14%
	JLL	B	0.36%	0.42%	0.36%
	JWN	C	0.06%	0.08%	0.06%
	KBH	A	0.16%	0.22%	0.16%
	KBR	D	0.27%	0.33%	0.27%
	KD	D	0.16%	0.19%	0.16%
	KEX	C	0.21%	0.24%	0.21%
	KMPR	D	0.11%	0.13%	0.11%
	KNF	B	0.13%	0.16%	0.13%
	KNX	C	0.24%	0.3%	0.24%
	KRC	B	0.13%	0.14%	0.13%
	LAD	D	0.24%	0.29%	0.24%
	LAMR	B	0.16%	0.39%	0.16%
	LEA	F	0.19%	0.23%	0.19%
	LITE	B	0.06%	0.14%	0.06%
	LPX	B	0.18%	0.22%	0.18%
	M	F	0.13%	0.15%	0.13%
	MAN	C	0.1%	0.12%	0.1%
	MAT	C	0.19%	0.23%	0.19%
	MDU	C	0.15%	0.18%	0.15%
	MIDD	D	0.11%	0.26%	0.11%
	MKSI	F	0.24%	0.26%	0.24%
	MSA	D	0.2%	0.24%	0.2%
	MSM	D	0.11%	0.13%	0.11%
	MTG	B	0.2%	0.24%	0.2%
	MTZ	B	0.11%	0.24%	0.11%
	MUR	F	0.16%	0.19%	0.16%
	MUSA	D	0.28%	0.34%	0.28%
	NFG	B	0.16%	0.19%	0.16%
	NJR	B	0.13%	0.16%	0.13%
	NNN	C	0.25%	0.3%	0.25%
	NSP	F	0.1%	0.12%	0.1%
	NVST	D	0.09%	0.11%	0.09%
	NVT	D	0.33%	0.39%	0.33%
	NWE	B	0.1%	0.12%	0.1%
	NXST	D	0.16%	0.19%	0.16%
	NYT	C	0.25%	0.31%	0.25%
	OC	D	0.43%	0.51%	0.43%
	OGE	C	0.23%	0.28%	0.23%
	OGS	B	0.11%	0.14%	0.11%
	OHI	B	0.29%	0.34%	0.29%
	OLN	D	0.15%	0.18%	0.15%
	ONB	C	0.19%	0.22%	0.19%
	ORI	B	0.26%	0.32%	0.26%
	OSK	F	0.21%	0.25%	0.21%
	OVV	F	0.34%	0.37%	0.34%
	OZK	D	0.14%	0.16%	0.14%
	PAG	D	0.1%	0.12%	0.1%
	PB	B	0.2%	0.25%	0.2%
	PBF	F	0.1%	0.13%	0.1%
	PCH	C	0.1%	0.12%	0.1%
	PFGC	B	0.34%	0.41%	0.34%
	PII	D	0.13%	0.16%	0.13%
	PK	D	0.09%	0.11%	0.09%
	PNFP	B	0.11%	0.27%	0.11%
	PNM	B	0.11%	0.13%	0.11%
	POR	C	0.15%	0.17%	0.15%
	POST	C	0.08%	0.2%	0.08%
	PPC	D	0.05%	0.07%	0.05%
	PR	F	0.12%	0.26%	0.12%
	PRGO	D	0.12%	0.14%	0.12%
	PRI	B	0.27%	0.32%	0.27%
	PVH	F	0.16%	0.2%	0.16%
	R	A	0.18%	0.22%	0.18%
	RGA	C	0.43%	0.51%	0.43%
	RLI	B	0.2%	0.22%	0.2%
	RNR	C	0.4%	0.47%	0.4%
	RPM	B	0.44%	0.52%	0.44%
	RRC	D	0.2%	0.25%	0.2%
	RRX	C	0.33%	0.39%	0.33%
	RS	D	0.48%	0.58%	0.48%
	RYN	C	0.13%	0.15%	0.13%
	SAIC	C	0.2%	0.23%	0.2%
	SBRA	C	0.12%	0.14%	0.12%
	SCI	B	0.32%	0.4%	0.32%
	SEIC	C	0.23%	0.24%	0.23%
	SF	A	0.25%	0.32%	0.25%
	SFM	B	0.31%	0.37%	0.31%
	SIGI	D	0.16%	0.19%	0.16%
	SLGN	B	0.12%	0.15%	0.12%
	SLM	D	0.14%	0.17%	0.14%
	SMG	C	0.09%	0.1%	0.09%
	SNV	C	0.19%	0.24%	0.19%
	SNX	D	0.23%	0.33%	0.23%
	SON	C	0.16%	0.19%	0.16%
	SR	B	0.1%	0.13%	0.1%
	SRCL	A	0.16%	0.19%	0.16%
	SRCL	A	0.01%	0.19%	0.01%
	SSB	B	0.22%	0.26%	0.22%
	ST	D	0.17%	0.2%	0.17%
	STAG	C	0.22%	0.26%	0.22%
	STWD	B	0.18%	0.22%	0.18%
	SWN	D	0.21%	0.25%	0.21%
	SWX	C	0.15%	0.15%	0.15%
	SYNA	F	0.09%	0.11%	0.09%
	TCBI	B	0.09%	0.11%	0.09%
	TDC	F	0.08%	0.1%	0.08%
	TEX	F	0.11%	0.13%	0.11%
	TGNA	D	0.07%	0.08%	0.07%
	THC	A	0.48%	0.57%	0.48%
	THG	B	0.14%	0.19%	0.14%
	THO	D	0.16%	0.2%	0.16%
	TKR	D	0.16%	0.19%	0.16%
	TMHC	A	0.2%	0.25%	0.2%
	TNL	D	0.09%	0.11%	0.09%
	TOL	B	0.44%	0.52%	0.44%
	TTEK	C	0.37%	0.44%	0.37%
	UA	D	0.04%	0.05%	0.04%
	UAA	C	0.04%	0.05%	0.04%
	UBSI	B	0.15%	0.18%	0.15%
	UFPI	C	0.21%	0.26%	0.21%
	UGI	C	0.16%	0.18%	0.16%
	UMBF	B	0.12%	0.16%	0.12%
	UNM	B	0.26%	0.35%	0.26%
	USFD	B	0.43%	0.47%	0.43%
	UTHR	C	0.47%	0.56%	0.47%
	VAC	F	0.07%	0.08%	0.07%
	VLY	C	0.11%	0.13%	0.11%
	VMI	D	0.17%	0.2%	0.17%
	VNO	B	0.17%	0.19%	0.17%
	VNT	F	0.16%	0.19%	0.16%
	VOYA	B	0.21%	0.25%	0.21%
	VSH	F	0.07%	0.09%	0.07%
	VVV	D	0.16%	0.19%	0.16%
	WBS	D	0.24%	0.28%	0.24%
	WCC	D	0.25%	0.25%	0.25%
	WEN	C	0.09%	0.1%	0.09%
	WHR	D	0.16%	0.19%	0.16%
	WLK	D	0.08%	0.16%	0.08%
	WSM	D	0.4%	0.6%	0.4%
	WTFC	B	0.21%	0.25%	0.21%
	WTRG	D	0.28%	0.34%	0.28%
	WTS	C	0.16%	0.19%	0.16%
	WU	F	0.12%	0.14%	0.12%
	X	F	0.23%	0.3%	0.23%
	XPO	D	0.19%	0.47%	0.19%
	XRAY	D	0.15%	0.18%	0.15%
	ZD	D	0.07%	0.08%	0.07%
	ZION	D	0.21%	0.26%	0.21%

VBR Overweight 545 Positions Relative to IVOO

	Symbol	Grade	Weight
	SW	B	0.72%
	FCNCA	D	0.65%
	BLDR	C	0.62%
	BAH	C	0.6%
	ATO	B	0.54%
	NRG	C	0.52%
	IEX	D	0.46%
	KIM	C	0.46%
	PNR	B	0.43%
	BG	D	0.42%
	UHS	B	0.4%
	KMX	D	0.39%
	CPT	B	0.39%
	REG	C	0.39%
	JBL	D	0.37%
	JNPR	B	0.37%
	ALLE	B	0.36%
	IPG	C	0.36%
	FFIV	B	0.35%
	BRO	C	0.35%
	EMN	B	0.35%
	CHRW	B	0.34%
	TFX	C	0.34%
	HII	D	0.33%
	RIVN	F	0.33%
	HUBB	B	0.32%
	APA	F	0.31%
	BXP	B	0.31%
	LDOS	B	0.31%
	AIZ	B	0.3%
	PNW	C	0.29%
	TPR	C	0.28%
	FRT	C	0.28%
	TAP	D	0.28%
	GL	C	0.28%
	HSIC	C	0.27%
	MOS	F	0.27%
	Z	B	0.26%
	APG	D	0.26%
	SOLV	C	0.26%
	STLD	F	0.26%
	HAS	B	0.26%
	MHK	C	0.25%
	WAL	B	0.25%
	FMC	C	0.24%
	ALSN	B	0.24%
	BWA	D	0.23%
	DOC	C	0.23%
	MLI	A	0.23%
	BPOP	C	0.22%
	NI	B	0.22%
	AGNC	B	0.22%
	CMA	B	0.22%
	ELAN	D	0.22%
	NSIT	D	0.21%
	DVA	B	0.21%
	IVZ	B	0.21%
	BIO	C	0.2%
	ACI	F	0.2%
	MTH	A	0.2%
	JXN	A	0.2%
	BBWI	F	0.2%
	AAL	D	0.2%
	VFC	C	0.19%
	EVRG	B	0.19%
	UHAL	A	0.19%
	AXS	B	0.18%
	AES	C	0.18%
	RHI	D	0.18%
	RL	C	0.18%
	MOG.A	B	0.17%
	OGN	D	0.17%
	BECN	D	0.17%
	COOP	C	0.17%
	SJM	C	0.17%
	ESI	D	0.17%
	OMF	D	0.17%
	LUMN	C	0.16%
	BCC	B	0.16%
	RDN	C	0.16%
	LNC	D	0.16%
	EPAM	F	0.16%
	QRVO	F	0.16%
	LKQ	F	0.16%
	PARA	F	0.16%
	SUM	D	0.15%
	ABG	D	0.15%
	SEE	D	0.15%
	CTLT	B	0.15%
	FUL	C	0.14%
	GPI	B	0.14%
	AL	D	0.14%
	ITGR	A	0.13%
	SLG	B	0.13%
	ACA	B	0.13%
	MDGL	F	0.13%
	ZWS	A	0.13%
	MATX	B	0.13%
	WTM	D	0.13%
	PSN	B	0.13%
	ALK	C	0.13%
	PIPR	B	0.13%
	LYFT	D	0.12%
	TPG	B	0.12%
	ESGR	D	0.12%
	DNB	C	0.12%
	TPH	C	0.12%
	ABCB	B	0.12%
	ASO	C	0.12%
	AGO	C	0.12%
	GTES	C	0.12%
	KTB	B	0.12%
	AUR	B	0.12%
	CRC	C	0.11%
	BGC	B	0.11%
	ABM	D	0.11%
	HUN	D	0.11%
	UCBI	B	0.11%
	AEO	F	0.11%
	SANM	D	0.11%
	HASI	C	0.11%
	DXC	C	0.11%
	PTEN	F	0.11%
	PBH	B	0.11%
	SEM	D	0.11%
	KFY	B	0.11%
	IAC	C	0.11%
	ICUI	B	0.11%
	NCLH	C	0.11%
	RUSHA	C	0.1%
	NUVL	C	0.1%
	WSFS	D	0.1%
	EBC	B	0.1%
	SXT	C	0.1%
	GVA	B	0.1%
	SKT	B	0.1%
	RXO	D	0.1%
	NHI	C	0.1%
	AX	D	0.1%
	NPO	D	0.1%
	FBP	C	0.1%
	ATKR	F	0.1%
	HIW	B	0.1%
	WD	A	0.1%
	MAC	B	0.1%
	BNL	B	0.1%
	GMS	D	0.1%
	PLXS	A	0.1%
	FULT	D	0.1%
	HL	C	0.1%
	OTTR	F	0.1%
	AUB	D	0.1%
	SIG	C	0.1%
	LXP	B	0.09%
	IOVA	C	0.09%
	FL	D	0.09%
	AIN	D	0.09%
	GFF	D	0.09%
	SKYW	C	0.09%
	WAFD	C	0.09%
	CNK	C	0.09%
	AVA	C	0.09%
	AWR	B	0.09%
	CATY	C	0.09%
	GNW	B	0.09%
	ALIT	D	0.09%
	ESE	B	0.09%
	BRC	C	0.09%
	FHB	D	0.09%
	MGEE	B	0.09%
	APLE	D	0.09%
	EAT	A	0.09%
	HCC	F	0.09%
	AROC	D	0.09%
	CBU	C	0.09%
	INDB	C	0.08%
	PRK	C	0.08%
	VIRT	C	0.08%
	RNG	F	0.08%
	SPB	C	0.08%
	LSXMK	D	0.08%
	SM	F	0.08%
	BOH	D	0.08%
	MGRC	F	0.08%
	DEI	B	0.08%
	MPW	C	0.08%
	AAP	F	0.08%
	TRN	D	0.08%
	ATGE	C	0.08%
	PFSI	C	0.08%
	FIBK	B	0.08%
	APAM	C	0.08%
	HUBG	C	0.08%
	REZI	D	0.08%
	NWL	C	0.08%
	BTU	D	0.08%
	ADTN	D	0.08%
	CWK	B	0.08%
	PENN	D	0.08%
	UNF	C	0.08%
	BKU	C	0.08%
	IOSP	D	0.08%
	PRIM	B	0.08%
	AIR	C	0.07%
	WERN	D	0.07%
	PECO	B	0.07%
	LAUR	C	0.07%
	TOWN	B	0.07%
	FRME	D	0.07%
	HI	F	0.07%
	AKR	B	0.07%
	ENR	D	0.07%
	MC	B	0.07%
	AZZ	D	0.07%
	PFS	B	0.07%
	ARCH	F	0.07%
	ARCB	D	0.07%
	BOKF	B	0.07%
	URBN	F	0.07%
	CWEN	C	0.07%
	FFBC	D	0.07%
	MTRN	F	0.07%
	OUT	C	0.07%
	HNI	C	0.07%
	OSIS	D	0.07%
	DY	B	0.07%
	MYGN	C	0.07%
	ABR	B	0.07%
	CVBF	D	0.07%
	PPBI	D	0.07%
	MTX	D	0.07%
	KRYS	D	0.07%
	UE	B	0.07%
	PRGS	C	0.07%
	BXMT	C	0.07%
	COMP	C	0.07%
	SFNC	B	0.07%
	KAR	D	0.06%
	TTMI	D	0.06%
	HURN	C	0.06%
	GOLF	D	0.06%
	IVT	B	0.06%
	ZG	B	0.06%
	PRG	B	0.06%
	VIAV	D	0.06%
	B	D	0.06%
	BANF	B	0.06%
	THS	C	0.06%
	JOBY	F	0.06%
	OI	D	0.06%
	GNL	C	0.06%
	WLY	C	0.06%
	SFBS	B	0.06%
	EPC	F	0.06%
	VGR	B	0.06%
	AMN	F	0.06%
	MIR	D	0.06%
	IMVT	D	0.06%
	KMT	B	0.06%
	KSS	F	0.06%
	OMCL	C	0.06%
	IBTX	B	0.06%
	SPR	D	0.06%
	BANR	B	0.06%
	FTRE	D	0.06%
	NATL	D	0.06%
	EQC	C	0.06%
	HAYW	C	0.06%
	RNST	D	0.06%
	MLKN	D	0.06%
	SXI	C	0.06%
	HBI	B	0.06%
	CTRE	C	0.06%
	SHO	C	0.06%
	TDS	C	0.06%
	PINC	C	0.06%
	STRA	F	0.06%
	OFG	C	0.06%
	PHIN	B	0.06%
	NBTB	D	0.06%
	PSMT	B	0.06%
	CDE	C	0.06%
	EVTC	D	0.06%
	SATS	C	0.06%
	GTY	B	0.05%
	STBA	B	0.05%
	REVG	D	0.05%
	SHOO	B	0.05%
	KN	D	0.05%
	INFA	D	0.05%
	LTC	C	0.05%
	JBGS	C	0.05%
	LEG	D	0.05%
	STEP	B	0.05%
	JBLU	D	0.05%
	ANDE	D	0.05%
	TROX	F	0.05%
	REYN	C	0.05%
	NBHC	D	0.05%
	SCL	D	0.05%
	CHCO	B	0.05%
	FCF	C	0.05%
	LRN	B	0.05%
	GO	F	0.05%
	CRGY	D	0.05%
	CENTA	F	0.05%
	LZB	C	0.05%
	IDCC	B	0.05%
	DRH	C	0.05%
	NWBI	C	0.05%
	NMRK	A	0.05%
	VSAT	F	0.05%
	NHC	D	0.05%
	GEO	F	0.05%
	CAKE	C	0.05%
	LGND	C	0.05%
	PDCO	F	0.05%
	WSBC	D	0.05%
	TRMK	C	0.05%
	MCY	D	0.05%
	SUPN	C	0.05%
	VSCO	C	0.05%
	VRNT	F	0.05%
	VSTS	D	0.05%
	ROIC	B	0.05%
	EDR	A	0.05%
	BHLB	B	0.04%
	SCS	D	0.04%
	PBI	D	0.04%
	AMRX	B	0.04%
	PDM	B	0.04%
	AIV	B	0.04%
	KFRC	D	0.04%
	EIG	C	0.04%
	INSW	D	0.04%
	JELD	D	0.04%
	PMT	C	0.04%
	VCTR	B	0.04%
	DK	F	0.04%
	AAT	B	0.04%
	SAFT	D	0.04%
	WS	D	0.04%
	XRX	D	0.04%
	MSGE	B	0.04%
	UVV	D	0.04%
	BKE	B	0.04%
	LC	D	0.04%
	OXM	F	0.04%
	BKD	D	0.04%
	WABC	D	0.04%
	PWSC	C	0.04%
	NAVI	C	0.04%
	SBH	B	0.04%
	CODI	D	0.04%
	IART	F	0.04%
	CSGS	C	0.04%
	WOR	D	0.04%
	DNOW	D	0.04%
	SPNT	C	0.04%
	LADR	B	0.04%
	ESRT	B	0.04%
	VRTS	F	0.04%
	GBX	C	0.04%
	NGVT	D	0.04%
	ALEX	B	0.04%
	HP	F	0.04%
	BHE	D	0.04%
	CXW	F	0.04%
	NTCT	C	0.04%
	HMN	D	0.04%
	HOPE	B	0.04%
	DAN	F	0.04%
	RRR	D	0.04%
	APOG	B	0.04%
	HEES	D	0.04%
	HTH	C	0.04%
	ARI	F	0.04%
	BLMN	F	0.04%
	NWN	C	0.04%
	UNFI	C	0.03%
	DNUT	D	0.03%
	BDN	B	0.03%
	CGON	C	0.03%
	BRKL	C	0.03%
	FG	D	0.03%
	PRAA	D	0.03%
	CBRL	D	0.03%
	NNI	B	0.03%
	LGF.A	F	0.03%
	CVI	F	0.03%
	LEVI	C	0.03%
	BV	C	0.03%
	DLX	D	0.03%
	MD	C	0.03%
	NX	F	0.03%
	MMI	C	0.03%
	CWEN	C	0.03%
	RBRK	D	0.03%
	EMBC	C	0.03%
	CMTG	D	0.03%
	SIRI	C	0.03%
	ETWO	C	0.03%
	FA	B	0.03%
	MATV	C	0.03%
	UNIT	C	0.03%
	RWT	B	0.03%
	RKLB	C	0.03%
	SNDR	B	0.03%
	GIII	C	0.03%
	HTLF	B	0.03%
	INVA	B	0.03%
	DDS	F	0.03%
	TRS	D	0.03%
	WWW	B	0.03%
	ODP	F	0.03%
	VSTO	C	0.03%
	ATSG	D	0.03%
	THR	D	0.03%
	MRC	D	0.03%
	CNNE	D	0.03%
	DBRG	D	0.03%
	WMK	C	0.03%
	AVNS	B	0.03%
	CSR	B	0.03%
	ACT	B	0.03%
	CARS	D	0.03%
	FDP	C	0.03%
	ECPG	D	0.03%
	OMI	D	0.03%
	SCSC	D	0.03%
	KALU	F	0.03%
	HE	F	0.03%
	TILE	B	0.02%
	HTLD	D	0.02%
	FOR	C	0.02%
	MXL	F	0.02%
	KREF	B	0.02%
	SMR	D	0.02%
	CNDT	C	0.02%
	GES	F	0.02%
	SCHL	D	0.02%
	HY	F	0.02%
	BGS	D	0.02%
	BMBL	F	0.02%
	UHAL	A	0.02%
	SWI	B	0.02%
	KELYA	D	0.02%
	CFFN	D	0.02%
	SMMT	C	0.02%
	PRA	C	0.02%
	CAL	F	0.02%
	TMP	C	0.02%
	AMC	F	0.02%
	AMWD	D	0.02%
	AXL	F	0.02%
	HAIN	D	0.02%
	USM	C	0.02%
	PUMP	D	0.02%
	XHR	B	0.02%
	HPP	D	0.02%
	RGR	D	0.02%
	HLIO	D	0.02%
	MATW	F	0.02%
	BASE	F	0.02%
	SEB	D	0.02%
	ECVT	F	0.02%
	ASTE	D	0.02%
	MNRO	D	0.02%
	PRLB	F	0.02%
	HLF	F	0.02%
	SVC	D	0.02%
	BRSP	D	0.02%
	PZZA	D	0.02%
	CABO	F	0.02%
	KOP	F	0.02%
	PEB	D	0.02%
	HCSG	C	0.02%
	SAH	D	0.02%
	EYE	F	0.02%
	WNC	F	0.02%
	MEI	D	0.01%
	UFCS	D	0.01%
	PACB	D	0.01%
	RDUS	D	0.01%
	OPK	C	0.01%
	NPK	D	0.01%
	OLPX	C	0.01%
	WOOF	C	0.01%
	BRCC	F	0.01%
	ALX	B	0.01%
	ZIP	D	0.01%
	KRO	D	0.01%
	DJT	F	0.01%
	CRCT	C	0.01%
	TGI	F	0.01%
	TRTX	C	0.01%
	EE	B	0.01%
	AMCX	F	0.01%
	EGBN	C	0.01%
	RUSHB	C	0.01%
	SWBI	F	0.01%
	HTZ	F	0.01%
	NAPA	F	0.01%
	CENT	F	0.01%
	BJRI	D	0.01%
	WRLD	D	0.01%
	PCRX	F	0.01%
	INN	A	0.01%
	CMP	D	0.01%
	FWRD	C	0.01%
	RMR	C	0.01%
	VMEO	C	0.01%
	AMK	B	0.01%
	ATUS	C	0.01%
	GRC	D	0.01%
	NABL	D	0.01%
	NUS	F	0.01%
	PTVE	D	0.01%
	UDMY	D	0.01%
	DAWN	D	0.01%
	TWKS	C	0.01%
	CCO	C	0.01%
	CWH	C	0.01%
	GCMG	B	0.01%
	CLB	D	0.01%
	DIN	F	0.01%
	USNA	F	0.01%
	CLBK	C	0.01%
	JACK	F	0.01%
	NVRI	D	0.01%
	LGF.A	F	0.01%
	BFS	B	0.01%
	AMBC	D	0.01%
	VREX	F	0.01%
	SSP	F	0.0%
	SCWX	C	0.0%
	AC	C	0.0%
	TTEC	F	0.0%
	CRNC	F	0.0%
	SAVE	F	0.0%
	CHGG	F	0.0%
	ACDC	F	0.0%
	UHT	B	0.0%
	DBI	F	0.0%
	LDI	C	0.0%

VBR Underweight 143 Positions Relative to IVOO

	Symbol	Grade	Weight
	ILMN	C	-0.73%
	LII	B	-0.66%
	BMRN	F	-0.61%
	AVTR	B	-0.61%
	BURL	B	-0.6%
	TPL	B	-0.57%
	MANH	B	-0.57%
	PSTG	F	-0.55%
	RBA	B	-0.55%
	FNF	B	-0.54%
	WSO	C	-0.53%
	GGG	C	-0.49%
	IBKR	B	-0.48%
	CASY	D	-0.47%
	ELS	C	-0.47%
	WPC	C	-0.46%
	NBIX	F	-0.45%
	AMH	C	-0.45%
	SRPT	D	-0.45%
	FIX	B	-0.44%
	ERIE	B	-0.44%
	DT	C	-0.43%
	CLH	A	-0.43%
	BLD	D	-0.43%
	FND	C	-0.42%
	CW	B	-0.42%
	CUBE	B	-0.41%
	WING	B	-0.4%
	LECO	F	-0.39%
	REXR	C	-0.39%
	TXRH	C	-0.39%
	KNSL	C	-0.38%
	ONTO	D	-0.37%
	WMS	D	-0.37%
	WWD	D	-0.36%
	LNW	B	-0.35%
	SAIA	D	-0.35%
	TTC	D	-0.34%
	CHDN	C	-0.33%
	BWXT	D	-0.33%
	SKX	D	-0.32%
	TPX	C	-0.32%
	RGLD	C	-0.32%
	CROX	D	-0.31%
	CHE	C	-0.31%
	EXP	B	-0.31%
	OLED	C	-0.3%
	RBC	C	-0.3%
	MORN	C	-0.29%
	GMED	D	-0.29%
	HLI	B	-0.29%
	CNM	F	-0.29%
	ELF	F	-0.29%
	CIEN	C	-0.29%
	MEDP	F	-0.29%
	DUOL	B	-0.28%
	WEX	C	-0.28%
	HALO	C	-0.28%
	EXEL	C	-0.27%
	WFRD	F	-0.27%
	SSD	D	-0.27%
	PEN	D	-0.27%
	RGEN	F	-0.27%
	BRBR	C	-0.26%
	LNTH	D	-0.26%
	ALV	F	-0.26%
	PCTY	C	-0.25%
	NOV	F	-0.25%
	PLNT	B	-0.25%
	GNTX	F	-0.25%
	CVLT	B	-0.24%
	LFUS	C	-0.24%
	H	C	-0.24%
	MTN	D	-0.24%
	HQY	C	-0.24%
	TREX	D	-0.24%
	CGNX	F	-0.24%
	TKO	B	-0.24%
	LSCC	D	-0.23%
	AAON	B	-0.23%
	LSTR	D	-0.23%
	BRKR	D	-0.23%
	CYTK	F	-0.23%
	NOVT	D	-0.23%
	MTDR	F	-0.23%
	RYAN	D	-0.23%
	DAR	F	-0.23%
	COKE	C	-0.22%
	WH	B	-0.22%
	CHX	F	-0.21%
	EXLS	B	-0.21%
	GXO	D	-0.21%
	MTSI	D	-0.21%
	DBX	D	-0.21%
	MMS	C	-0.2%
	CIVI	F	-0.2%
	CELH	F	-0.2%
	KRG	B	-0.2%
	EXPO	A	-0.19%
	OLLI	C	-0.19%
	OPCH	C	-0.19%
	GTLS	F	-0.18%
	ALTR	C	-0.18%
	MASI	F	-0.18%
	HXL	F	-0.18%
	RMBS	F	-0.17%
	APPF	D	-0.17%
	DOCS	B	-0.16%
	QLYS	F	-0.16%
	IRT	B	-0.16%
	EEFT	D	-0.16%
	FIVE	D	-0.15%
	LOPE	D	-0.15%
	DLB	D	-0.15%
	RH	B	-0.14%
	NEU	D	-0.14%
	ORA	C	-0.14%
	BYD	C	-0.14%
	WMG	D	-0.14%
	SLAB	D	-0.13%
	VAL	F	-0.13%
	POWI	F	-0.13%
	HAE	F	-0.13%
	NEOG	D	-0.12%
	YETI	D	-0.12%
	LANC	D	-0.12%
	CHH	C	-0.11%
	IRDM	D	-0.11%
	NSA	B	-0.11%
	COLM	C	-0.1%
	LIVN	D	-0.1%
	VC	F	-0.1%
	RCM	C	-0.1%
	ZI	D	-0.1%
	ARWR	F	-0.1%
	SAM	F	-0.09%
	HGV	F	-0.09%
	ALGM	F	-0.08%
	SHC	C	-0.07%
	PGNY	F	-0.07%
	ADNT	F	-0.07%
	MP	D	-0.06%
	WOLF	F	-0.03%

VBR: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials REIT - Diversified Asset Management REIT - Retail Software - Application Specialty Chemicals Oil & Gas E&P Apparel Manufacturing Information Technology Services Specialty Retail Biotechnology Building Materials Packaging & Containers Business Services Packaged Foods REIT - Office Auto & Truck Dealerships Engineering & Construction Insurance - Property & Casualty

Keywords: Bank Banking Real Estate Investment Trust S&P 500 Deposit Products Insurance Mining Natural Gas Chemical Real Estate Loans Aerospace Commercial Banking Telecommunications Transport Clothing Construction Commercial Bank Electronics Computing Insurance Products

IVOO: Top Represented Industries & Keywords

Industries: Banks - Regional - US Oil & Gas E&P Diversified Industrials Biotechnology Business Services Software - Application Semiconductors Specialty Chemicals Building Materials Packaging & Containers Asset Management Engineering & Construction Specialty Retail Apparel Manufacturing Diagnostics & Research Medical Care Packaged Foods REIT - Diversified REIT - Industrial Scientific & Technical Instruments

Keywords: Bank Banking Mining Natural Gas Chemical Insurance Real Estate Investment Trust Electronics Aerospace Semiconductor Beverage Computing Construction Supply Chain Management Telecommunications Deposit Products Commercial Banking Insurance Products Building Materials Electricity