VBR vs. IVOV ETF Comparison

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

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

$213.47

Average Daily Volume

424,590

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

IVOV

Vanguard S&P Mid-Cap 400 Value ETF

IVOV Description

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

$103.46

Average Daily Volume

15,333

Number of Holdings ^*

284

* may have additional holdings in another (foreign) market

Performance

Period	VBR	IVOV
30 Days	6.79%	7.33%
60 Days	6.95%	8.59%
90 Days	8.40%	9.69%
12 Months	33.61%	31.86%

215 Overlapping Holdings

	Symbol	Grade	Weight in VBR	Weight in IVOV	Overlap
	AA	B	0.3%	0.73%	0.3%
	AAL	B	0.26%	0.62%	0.26%
	ACM	B	0.42%	0.54%	0.42%
	ADC	B	0.22%	0.53%	0.22%
	AFG	A	0.28%	0.66%	0.28%
	AGCO	D	0.19%	0.44%	0.19%
	ALE	A	0.11%	0.26%	0.11%
	ALLY	C	0.28%	0.68%	0.28%
	AM	A	0.14%	0.14%	0.14%
	AMED	F	0.09%	0.13%	0.09%
	AMG	B	0.16%	0.41%	0.16%
	AMKR	D	0.08%	0.2%	0.08%
	AN	C	0.15%	0.29%	0.15%
	AR	B	0.11%	0.53%	0.11%
	ARMK	B	0.29%	0.7%	0.29%
	ARW	D	0.18%	0.44%	0.18%
	ASB	B	0.1%	0.25%	0.1%
	ASGN	F	0.11%	0.29%	0.11%
	ASH	D	0.11%	0.29%	0.11%
	ATR	B	0.33%	0.32%	0.32%
	AVNT	B	0.12%	0.3%	0.12%
	AVT	C	0.14%	0.34%	0.14%
	AYI	B	0.27%	0.32%	0.27%
	AZTA	D	0.06%	0.05%	0.05%
	BC	C	0.15%	0.15%	0.15%
	BDC	B	0.14%	0.33%	0.14%
	BERY	B	0.22%	0.57%	0.22%
	BHF	B	0.08%	0.2%	0.08%
	BIO	D	0.2%	0.48%	0.2%
	BJ	A	0.33%	0.79%	0.33%
	BKH	A	0.12%	0.29%	0.12%
	BLKB	B	0.06%	0.08%	0.06%
	BRX	A	0.24%	0.32%	0.24%
	CACI	D	0.36%	0.55%	0.36%
	CADE	B	0.18%	0.43%	0.18%
	CBSH	A	0.21%	0.3%	0.21%
	CBT	C	0.17%	0.14%	0.14%
	CC	C	0.08%	0.19%	0.08%
	CCK	C	0.33%	0.42%	0.33%
	CDP	C	0.11%	0.16%	0.11%
	CFR	B	0.21%	0.33%	0.21%
	CG	A	0.34%	0.39%	0.34%
	CLF	F	0.18%	0.43%	0.18%
	CMC	B	0.18%	0.44%	0.18%
	CNO	A	0.1%	0.26%	0.1%
	CNXC	F	0.07%	0.14%	0.07%
	COHR	B	0.21%	1.0%	0.21%
	COLB	A	0.17%	0.42%	0.17%
	COLM	B	0.04%	0.1%	0.04%
	CPRI	F	0.06%	0.09%	0.06%
	CRI	D	0.05%	0.14%	0.05%
	CRUS	D	0.17%	0.18%	0.17%
	CUZ	B	0.14%	0.33%	0.14%
	CXT	B	0.08%	0.19%	0.08%
	DCI	B	0.26%	0.27%	0.26%
	DINO	D	0.18%	0.44%	0.18%
	DKS	C	0.23%	0.38%	0.23%
	DTM	B	0.26%	0.23%	0.23%
	EGP	F	0.24%	0.22%	0.22%
	EHC	B	0.29%	0.39%	0.29%
	ENOV	C	0.07%	0.16%	0.07%
	ENS	D	0.11%	0.16%	0.11%
	EPR	D	0.1%	0.09%	0.09%
	EQH	B	0.42%	0.48%	0.42%
	ESNT	D	0.18%	0.45%	0.18%
	EVR	B	0.28%	0.21%	0.21%
	EWBC	A	0.39%	0.44%	0.39%
	FAF	A	0.18%	0.46%	0.18%
	FBIN	D	0.3%	0.44%	0.3%
	FFIN	B	0.13%	0.2%	0.13%
	FHI	A	0.09%	0.22%	0.09%
	FHN	A	0.27%	0.65%	0.27%
	FLO	D	0.12%	0.31%	0.12%
	FLR	B	0.26%	0.63%	0.26%
	FLS	B	0.2%	0.27%	0.2%
	FNB	A	0.15%	0.37%	0.15%
	FR	D	0.2%	0.25%	0.2%
	FYBR	D	0.26%	0.56%	0.26%
	G	B	0.2%	0.44%	0.2%
	GAP	B	0.15%	0.32%	0.15%
	GATX	A	0.14%	0.22%	0.14%
	GBCI	B	0.17%	0.42%	0.17%
	GEF	A	0.04%	0.11%	0.04%
	GEF	A	0.0%	0.11%	0.0%
	GHC	C	0.08%	0.2%	0.08%
	GLPI	C	0.38%	0.55%	0.38%
	GME	C	0.25%	0.61%	0.25%
	GPK	C	0.25%	0.6%	0.25%
	GT	C	0.07%	0.16%	0.07%
	HOG	D	0.11%	0.27%	0.11%
	HOMB	A	0.14%	0.36%	0.14%
	HWC	B	0.13%	0.15%	0.13%
	IBOC	A	0.1%	0.13%	0.1%
	IDA	A	0.16%	0.24%	0.16%
	INGR	B	0.25%	0.39%	0.25%
	IPGP	D	0.06%	0.09%	0.06%
	JAZZ	B	0.19%	0.28%	0.19%
	JEF	A	0.27%	0.73%	0.27%
	JHG	A	0.15%	0.37%	0.15%
	JLL	D	0.38%	0.91%	0.38%
	JWN	C	0.09%	0.15%	0.09%
	KBH	D	0.15%	0.2%	0.15%
	KBR	F	0.26%	0.34%	0.26%
	KD	B	0.15%	0.37%	0.15%
	KEX	C	0.19%	0.27%	0.19%
	KMPR	B	0.11%	0.27%	0.11%
	KNF	A	0.16%	0.11%	0.11%
	KNX	B	0.23%	0.59%	0.23%
	KRC	C	0.14%	0.3%	0.14%
	LAD	A	0.26%	0.42%	0.26%
	LAMR	D	0.17%	0.34%	0.17%
	LEA	D	0.16%	0.38%	0.16%
	LPX	B	0.18%	0.15%	0.15%
	M	D	0.12%	0.3%	0.12%
	MAN	D	0.09%	0.21%	0.09%
	MAT	D	0.2%	0.27%	0.2%
	MIDD	C	0.2%	0.25%	0.2%
	MKSI	C	0.2%	0.24%	0.2%
	MSM	C	0.1%	0.12%	0.1%
	MTG	C	0.19%	0.28%	0.19%
	MTZ	B	0.11%	0.53%	0.11%
	MUR	D	0.13%	0.18%	0.13%
	NFG	A	0.16%	0.39%	0.16%
	NJR	A	0.13%	0.32%	0.13%
	NNN	D	0.23%	0.35%	0.23%
	NSP	D	0.08%	0.1%	0.08%
	NVST	B	0.11%	0.25%	0.11%
	NWE	A	0.1%	0.23%	0.1%
	NXST	C	0.16%	0.38%	0.16%
	OGE	B	0.23%	0.57%	0.23%
	OGS	A	0.12%	0.28%	0.12%
	OHI	C	0.32%	0.46%	0.32%
	OLN	D	0.14%	0.2%	0.14%
	ONB	B	0.18%	0.43%	0.18%
	ORI	A	0.24%	0.59%	0.24%
	OSK	B	0.19%	0.47%	0.19%
	OZK	B	0.14%	0.16%	0.14%
	PAG	B	0.09%	0.2%	0.09%
	PB	A	0.19%	0.49%	0.19%
	PBF	D	0.08%	0.2%	0.08%
	PCH	D	0.1%	0.21%	0.1%
	PFGC	B	0.37%	0.89%	0.37%
	PII	D	0.11%	0.26%	0.11%
	PNFP	B	0.11%	0.34%	0.11%
	PNM	F	0.11%	0.28%	0.11%
	POR	C	0.14%	0.34%	0.14%
	POST	C	0.07%	0.36%	0.07%
	PPC	C	0.05%	0.14%	0.05%
	PRGO	B	0.1%	0.25%	0.1%
	PSN	D	0.15%	0.1%	0.1%
	PVH	C	0.16%	0.39%	0.16%
	R	B	0.18%	0.45%	0.18%
	RGA	A	0.41%	0.98%	0.41%
	RLI	B	0.2%	0.16%	0.16%
	RNR	C	0.4%	0.43%	0.4%
	RPM	A	0.48%	0.53%	0.48%
	RRX	B	0.32%	0.78%	0.32%
	RYN	D	0.14%	0.18%	0.14%
	SAIC	F	0.22%	0.34%	0.22%
	SBRA	C	0.13%	0.32%	0.13%
	SCI	B	0.33%	0.41%	0.33%
	SEIC	B	0.26%	0.26%	0.26%
	SF	B	0.29%	0.75%	0.29%
	SFM	A	0.38%	0.53%	0.38%
	SIGI	C	0.16%	0.18%	0.16%
	SLGN	A	0.12%	0.3%	0.12%
	SLM	A	0.14%	0.2%	0.14%
	SMG	D	0.11%	0.16%	0.11%
	SNV	B	0.2%	0.51%	0.2%
	SNX	C	0.22%	0.62%	0.22%
	SON	D	0.15%	0.36%	0.15%
	SR	A	0.1%	0.26%	0.1%
	SRCL	C	0.01%	0.4%	0.01%
	SRCL	C	0.17%	0.4%	0.17%
	SSB	B	0.22%	0.52%	0.22%
	ST	F	0.15%	0.37%	0.15%
	STAG	F	0.2%	0.24%	0.2%
	STWD	C	0.18%	0.44%	0.18%
	SWX	B	0.13%	0.31%	0.13%
	SYNA	C	0.08%	0.11%	0.08%
	TCBI	B	0.1%	0.25%	0.1%
	TEX	D	0.1%	0.11%	0.1%
	THC	D	0.43%	1.05%	0.43%
	THG	A	0.14%	0.38%	0.14%
	THO	B	0.15%	0.39%	0.15%
	TKR	D	0.15%	0.23%	0.15%
	TMHC	B	0.2%	0.5%	0.2%
	TNL	A	0.09%	0.07%	0.07%
	UA	B	0.03%	0.07%	0.03%
	UAA	C	0.05%	0.11%	0.05%
	UBSI	B	0.15%	0.36%	0.15%
	UGI	A	0.15%	0.36%	0.15%
	UMBF	B	0.13%	0.34%	0.13%
	UNM	A	0.28%	0.77%	0.28%
	USFD	A	0.44%	1.06%	0.44%
	UTHR	C	0.49%	0.64%	0.49%
	VAC	B	0.07%	0.18%	0.07%
	VC	D	0.04%	0.1%	0.04%
	VLY	B	0.12%	0.29%	0.12%
	VMI	B	0.18%	0.44%	0.18%
	VNO	B	0.22%	0.48%	0.22%
	VOYA	B	0.23%	0.33%	0.23%
	VSH	D	0.06%	0.14%	0.06%
	WAL	B	0.25%	0.31%	0.25%
	WBS	A	0.26%	0.63%	0.26%
	WCC	B	0.28%	0.6%	0.28%
	WEN	D	0.1%	0.11%	0.1%
	WHR	B	0.17%	0.4%	0.17%
	WTFC	A	0.23%	0.54%	0.23%
	WTRG	B	0.28%	0.36%	0.28%
	WU	D	0.11%	0.26%	0.11%
	X	C	0.23%	0.61%	0.23%
	XPO	B	0.21%	0.57%	0.21%
	XRAY	F	0.14%	0.33%	0.14%
	ZION	B	0.22%	0.54%	0.22%

VBR Overweight 579 Positions Relative to IVOV

	Symbol	Grade	Weight
	SW	A	0.78%
	BAH	F	0.69%
	EME	C	0.61%
	FCNCA	A	0.61%
	BLDR	D	0.58%
	ATO	A	0.58%
	CSL	C	0.57%
	NRG	B	0.55%
	PNR	A	0.48%
	KIM	A	0.47%
	IEX	B	0.47%
	RS	B	0.46%
	OC	A	0.45%
	TOL	B	0.44%
	FFIV	B	0.4%
	JBL	B	0.39%
	WSM	B	0.39%
	REG	B	0.38%
	TTEK	F	0.38%
	JNPR	F	0.37%
	ALLE	D	0.36%
	EMN	D	0.36%
	LDOS	C	0.36%
	CPT	B	0.36%
	NVT	B	0.36%
	BG	F	0.35%
	SJM	D	0.34%
	CHRW	C	0.34%
	UHS	D	0.34%
	AES	F	0.34%
	KMX	B	0.33%
	ITT	A	0.33%
	BXP	D	0.33%
	HUBB	B	0.33%
	TPR	B	0.32%
	IPG	D	0.32%
	EPAM	C	0.3%
	OVV	B	0.3%
	AIZ	A	0.29%
	PNW	B	0.29%
	SOLV	C	0.29%
	TAP	C	0.28%
	TFX	F	0.28%
	GL	B	0.28%
	STLD	B	0.28%
	LKQ	D	0.28%
	Z	A	0.27%
	FRT	B	0.27%
	MLI	C	0.27%
	ALSN	B	0.27%
	PRI	A	0.27%
	APA	D	0.26%
	AIT	A	0.26%
	HSIC	B	0.26%
	MUSA	A	0.26%
	APG	B	0.25%
	CMA	A	0.25%
	MOS	F	0.25%
	NYT	C	0.25%
	HAS	D	0.25%
	VFC	C	0.24%
	FMC	D	0.24%
	AXTA	A	0.24%
	HRB	D	0.24%
	CHRD	D	0.23%
	DOC	D	0.23%
	NI	A	0.23%
	IVZ	B	0.22%
	JXN	C	0.22%
	RL	B	0.22%
	CR	A	0.22%
	BWA	D	0.22%
	ESAB	B	0.21%
	UFPI	B	0.21%
	MHK	D	0.21%
	HII	D	0.21%
	AGNC	D	0.21%
	ANF	C	0.2%
	RHI	B	0.2%
	QRVO	F	0.2%
	RRC	B	0.2%
	FCN	D	0.2%
	BPOP	B	0.19%
	LUMN	C	0.19%
	MTH	D	0.19%
	EVRG	A	0.19%
	UHAL	D	0.19%
	ALK	C	0.18%
	MSA	D	0.18%
	BBWI	D	0.18%
	ELAN	D	0.18%
	BECN	B	0.17%
	VNT	B	0.17%
	NSIT	F	0.17%
	ACI	C	0.17%
	PARA	C	0.17%
	SUM	B	0.17%
	SIRI	C	0.17%
	DVA	B	0.17%
	ESI	A	0.17%
	LNC	B	0.17%
	AXS	A	0.17%
	OMF	A	0.17%
	COOP	B	0.16%
	MOG.A	B	0.16%
	TPG	A	0.16%
	ALB	C	0.16%
	NCLH	B	0.16%
	MDU	D	0.16%
	BCC	B	0.15%
	VVV	F	0.15%
	MATX	C	0.15%
	WTS	B	0.15%
	RDN	C	0.15%
	GPI	A	0.14%
	KTB	B	0.14%
	PIPR	B	0.14%
	MDGL	B	0.14%
	OGN	D	0.14%
	AUR	C	0.14%
	CNX	A	0.14%
	SLG	B	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%
	LYFT	C	0.13%
	AL	B	0.13%
	ABG	B	0.13%
	GTES	A	0.13%
	ACA	A	0.13%
	DNB	B	0.12%
	ICUI	D	0.12%
	FUL	F	0.12%
	MAC	B	0.12%
	ABCB	B	0.12%
	EDR	A	0.12%
	HASI	D	0.12%
	ITGR	B	0.12%
	AGO	B	0.12%
	CRC	A	0.12%
	MGM	D	0.12%
	SEE	C	0.12%
	TPH	D	0.11%
	HUN	F	0.11%
	SKYW	B	0.11%
	SKT	B	0.11%
	SANM	B	0.11%
	PBH	A	0.11%
	AX	A	0.11%
	ASO	F	0.11%
	GVA	A	0.11%
	ESGR	B	0.11%
	KFY	B	0.11%
	ACHC	F	0.11%
	NUVL	D	0.11%
	HL	D	0.11%
	SIG	B	0.11%
	PLXS	B	0.11%
	BEN	C	0.1%
	WBA	F	0.1%
	MGEE	C	0.1%
	OTTR	C	0.1%
	FULT	A	0.1%
	HCC	B	0.1%
	BNL	D	0.1%
	ABM	B	0.1%
	SEM	B	0.1%
	BGC	C	0.1%
	NHI	D	0.1%
	UCB	A	0.1%
	AUB	B	0.1%
	AEO	F	0.1%
	IAC	D	0.1%
	NWL	B	0.1%
	WD	D	0.1%
	GMS	B	0.1%
	RUSHA	C	0.1%
	HIW	D	0.1%
	DXC	B	0.1%
	GNW	A	0.09%
	WSFS	A	0.09%
	AVA	A	0.09%
	BRC	D	0.09%
	DEI	B	0.09%
	SATS	D	0.09%
	MIR	A	0.09%
	PENN	C	0.09%
	PTEN	C	0.09%
	NPO	A	0.09%
	ADTN	A	0.09%
	ATKR	C	0.09%
	APAM	B	0.09%
	AWR	B	0.09%
	TDC	D	0.09%
	CWK	B	0.09%
	BTU	B	0.09%
	CATY	B	0.09%
	FBP	B	0.09%
	FHB	A	0.09%
	EBC	B	0.09%
	PRIM	A	0.09%
	SXT	B	0.09%
	APLE	B	0.09%
	COMP	B	0.09%
	CBU	B	0.09%
	AROC	B	0.09%
	ESE	B	0.09%
	FIBK	A	0.08%
	AKR	B	0.08%
	CVBF	A	0.08%
	COTY	F	0.08%
	LXP	D	0.08%
	ABR	C	0.08%
	BKU	A	0.08%
	TDS	B	0.08%
	IOSP	B	0.08%
	UE	C	0.08%
	UNF	B	0.08%
	TGNA	B	0.08%
	DBRG	F	0.08%
	REZI	A	0.08%
	PRGS	A	0.08%
	PK	B	0.08%
	WAFD	B	0.08%
	SFNC	B	0.08%
	MPW	F	0.08%
	ALIT	C	0.08%
	GFF	A	0.08%
	MGRC	B	0.08%
	RNG	B	0.08%
	TRN	B	0.08%
	IOVA	F	0.08%
	BOH	B	0.08%
	ATGE	B	0.08%
	BYD	C	0.07%
	OMCL	C	0.07%
	ENR	B	0.07%
	CDE	D	0.07%
	PFS	B	0.07%
	PECO	A	0.07%
	FFBC	A	0.07%
	HBI	B	0.07%
	CWEN	C	0.07%
	RNA	D	0.07%
	VSCO	B	0.07%
	BOKF	B	0.07%
	SPB	C	0.07%
	SM	B	0.07%
	DY	D	0.07%
	MTX	B	0.07%
	HAYW	B	0.07%
	PPBI	B	0.07%
	ARCB	C	0.07%
	BFH	B	0.07%
	BXMT	C	0.07%
	OUT	A	0.07%
	PRK	B	0.07%
	URBN	C	0.07%
	ARCH	B	0.07%
	INDB	B	0.07%
	HUBG	A	0.07%
	WLK	D	0.07%
	PFSI	D	0.07%
	VIRT	B	0.07%
	NMRK	B	0.06%
	NATL	B	0.06%
	CGON	F	0.06%
	TRMK	B	0.06%
	LRN	A	0.06%
	IMVT	F	0.06%
	RXO	C	0.06%
	PHIN	A	0.06%
	HI	C	0.06%
	KSS	F	0.06%
	KMT	B	0.06%
	BANF	B	0.06%
	MHO	D	0.06%
	NBTB	B	0.06%
	AIR	B	0.06%
	WLY	B	0.06%
	GEO	B	0.06%
	EQC	B	0.06%
	PINC	B	0.06%
	SMMT	D	0.06%
	STRA	C	0.06%
	PSMT	C	0.06%
	SFBS	B	0.06%
	ZG	A	0.06%
	VIAV	B	0.06%
	SHO	C	0.06%
	IBTX	B	0.06%
	HURN	B	0.06%
	FRME	B	0.06%
	RNST	B	0.06%
	ZD	B	0.06%
	EVTC	B	0.06%
	LAUR	A	0.06%
	MTRN	C	0.06%
	CAKE	C	0.06%
	AIN	C	0.06%
	INFA	D	0.06%
	IVT	B	0.06%
	AAP	C	0.06%
	TOWN	B	0.06%
	B	B	0.06%
	OSIS	B	0.06%
	AZZ	B	0.06%
	WERN	C	0.06%
	TTMI	B	0.06%
	JOBY	B	0.06%
	SXI	B	0.06%
	FL	F	0.06%
	BANR	B	0.06%
	HNI	B	0.06%
	SCL	C	0.05%
	SHOO	D	0.05%
	MLKN	D	0.05%
	LZB	B	0.05%
	DDS	B	0.05%
	FCF	A	0.05%
	HEES	B	0.05%
	CHCO	B	0.05%
	CNK	B	0.05%
	APOG	B	0.05%
	LTC	B	0.05%
	PDCO	D	0.05%
	DRH	B	0.05%
	HE	C	0.05%
	NWBI	B	0.05%
	THS	D	0.05%
	NBHC	B	0.05%
	GOLF	B	0.05%
	PZZA	D	0.05%
	KAR	B	0.05%
	EPC	D	0.05%
	OI	C	0.05%
	STEP	B	0.05%
	GBX	A	0.05%
	PRG	C	0.05%
	VSTS	C	0.05%
	WSBC	B	0.05%
	SUPN	C	0.05%
	GNL	F	0.05%
	CRGY	B	0.05%
	LGND	B	0.05%
	VYX	B	0.05%
	MCY	A	0.05%
	OFG	B	0.05%
	ROIC	A	0.05%
	EIG	B	0.04%
	PBI	B	0.04%
	ARI	C	0.04%
	AAT	B	0.04%
	FDP	B	0.04%
	DYN	F	0.04%
	PDM	D	0.04%
	SPNT	A	0.04%
	IART	C	0.04%
	WS	B	0.04%
	DNOW	B	0.04%
	GO	C	0.04%
	VRE	B	0.04%
	BKE	B	0.04%
	NNI	D	0.04%
	LADR	B	0.04%
	RRR	D	0.04%
	WABC	B	0.04%
	CSGS	B	0.04%
	REVG	B	0.04%
	VRNT	C	0.04%
	CAR	C	0.04%
	SBH	C	0.04%
	LCII	C	0.04%
	ALEX	C	0.04%
	NX	C	0.04%
	STBA	B	0.04%
	ESRT	C	0.04%
	HTH	B	0.04%
	CODI	B	0.04%
	BLMN	F	0.04%
	WT	B	0.04%
	REYN	D	0.04%
	HOPE	B	0.04%
	NTCT	C	0.04%
	VCTR	B	0.04%
	TROX	D	0.04%
	UPBD	B	0.04%
	AMN	F	0.04%
	CXW	B	0.04%
	SMR	B	0.04%
	HELE	C	0.04%
	KN	B	0.04%
	VRTS	B	0.04%
	WKC	D	0.04%
	ANDE	D	0.04%
	JBGS	D	0.04%
	NWN	A	0.04%
	ELME	D	0.04%
	BHE	B	0.04%
	HP	B	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%
	LEG	F	0.04%
	GTY	B	0.04%
	HLIO	B	0.04%
	NPAB	B	0.04%
	CABO	C	0.04%
	AVNS	F	0.03%
	MMI	B	0.03%
	THR	B	0.03%
	FA	C	0.03%
	XRX	F	0.03%
	LGF.A	C	0.03%
	SCSC	B	0.03%
	CWEN	C	0.03%
	BV	B	0.03%
	OMI	F	0.03%
	JACK	D	0.03%
	MYGN	F	0.03%
	BRKL	B	0.03%
	DK	C	0.03%
	DNUT	D	0.03%
	RWT	D	0.03%
	USM	B	0.03%
	ODP	F	0.03%
	MRC	B	0.03%
	DAN	D	0.03%
	CARS	B	0.03%
	WMK	C	0.03%
	SCS	C	0.03%
	KWR	C	0.03%
	INSW	F	0.03%
	ECPG	B	0.03%
	TRS	B	0.03%
	INVA	D	0.03%
	SNDR	B	0.03%
	CBRL	C	0.03%
	MD	B	0.03%
	ACT	D	0.03%
	KFRC	D	0.03%
	FBRT	C	0.03%
	CSR	B	0.03%
	ATSG	B	0.03%
	OXM	D	0.03%
	HTLF	B	0.03%
	VSAT	F	0.03%
	NAVI	C	0.03%
	SAFT	C	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%
	UNFI	A	0.03%
	WOR	F	0.03%
	VSTO	A	0.03%
	GIII	D	0.03%
	WWW	B	0.03%
	BHLB	B	0.03%
	PMT	D	0.03%
	BKD	D	0.03%
	UNIT	B	0.03%
	AMRX	C	0.03%
	UVV	B	0.03%
	CMPR	D	0.02%
	SVC	F	0.02%
	ATUS	C	0.02%
	DAWN	F	0.02%
	CVI	F	0.02%
	FOR	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%
	HY	D	0.02%
	AXL	C	0.02%
	BGS	F	0.02%
	UHAL	D	0.02%
	RGR	F	0.02%
	KOP	C	0.02%
	SWI	B	0.02%
	MODG	F	0.02%
	SEB	F	0.02%
	BMBL	D	0.02%
	MATW	C	0.02%
	KREF	D	0.02%
	PRLB	A	0.02%
	ECVT	C	0.02%
	AMWD	C	0.02%
	ETWO	F	0.02%
	XHR	B	0.02%
	HLF	C	0.02%
	ASTE	B	0.02%
	CFFN	B	0.02%
	PCRX	C	0.02%
	WNC	C	0.02%
	CMTG	F	0.02%
	TMP	B	0.02%
	SAH	A	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%
	OLPX	D	0.01%
	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%
	HTZ	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%
	SSTK	F	0.01%
	PTVE	B	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	D	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%
	CAL	D	0.01%
	GES	F	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 71 Positions Relative to IVOV

	Symbol	Grade	Weight
	ILMN	D	-1.62%
	FNF	B	-1.1%
	DOCU	A	-1.0%
	WPC	D	-0.86%
	CNH	C	-0.69%
	AVTR	F	-0.62%
	GMED	A	-0.59%
	TPL	A	-0.51%
	IBKR	A	-0.48%
	DAR	C	-0.44%
	BURL	A	-0.44%
	NOV	C	-0.43%
	KRG	B	-0.4%
	REXR	F	-0.4%
	BMRN	D	-0.39%
	CIEN	B	-0.38%
	CUBE	D	-0.34%
	CW	B	-0.33%
	ELS	C	-0.33%
	RGLD	C	-0.32%
	LITE	B	-0.31%
	TTC	D	-0.31%
	IRT	A	-0.31%
	TKO	B	-0.31%
	AMH	D	-0.31%
	ORA	B	-0.3%
	BRBR	A	-0.28%
	CGNX	C	-0.27%
	HQY	B	-0.26%
	CNM	D	-0.26%
	CHE	D	-0.23%
	CYTK	F	-0.23%
	NEOG	F	-0.2%
	EXLS	B	-0.2%
	GXO	B	-0.19%
	ALV	C	-0.19%
	CVLT	B	-0.19%
	BRKR	D	-0.18%
	GNTX	C	-0.18%
	NOVT	D	-0.18%
	DOCS	C	-0.18%
	RH	B	-0.18%
	EXPO	D	-0.17%
	WH	B	-0.17%
	MTSI	B	-0.17%
	SRPT	D	-0.17%
	MASI	A	-0.17%
	HXL	D	-0.17%
	RCM	F	-0.16%
	ALGM	D	-0.15%
	MTN	C	-0.15%
	ZI	D	-0.15%
	LSTR	D	-0.14%
	LFUS	F	-0.13%
	DLB	B	-0.13%
	EEFT	B	-0.13%
	ROIV	C	-0.13%
	POWI	D	-0.12%
	IRDM	D	-0.12%
	LANC	C	-0.12%
	LIVN	F	-0.12%
	OPCH	D	-0.12%
	CHX	C	-0.12%
	NSA	D	-0.11%
	CHH	A	-0.11%
	SAM	C	-0.1%
	MMS	F	-0.1%
	HAE	C	-0.1%
	YETI	C	-0.08%
	WMG	C	-0.07%
	HGV	B	-0.06%

VBR: Top Represented Industries & Keywords

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

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

IVOV: Top Represented Industries & Keywords

Industries: Banks - Regional - US Packaging & Containers Asset Management Diversified Industrials Apparel Manufacturing Biotechnology Business Services Packaged Foods REIT - Diversified REIT - Industrial Semiconductors Specialty Chemicals Medical Care REIT - Retail Scientific & Technical Instruments Software - Application Utilities - Regulated Electric Utilities - Regulated Gas Auto Parts Diagnostics & Research

Keywords: Bank Banking Real Estate Investment Trust Insurance Mining Chemical Natural Gas Deposit Products Commercial Banking Semiconductor Aerospace Beverage Telecommunications Insurance Products Real Estate Loans Supply Chain Management Trust Services Electricity Electronics Medicine