VBR vs. IWS ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to iShares Russell Mid-cap Value ETF (IWS)

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

$200.47

Average Daily Volume

402,248

Number of Holdings ^*

795

* may have additional holdings in another (foreign) market

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$132.00

Average Daily Volume

306,447

Number of Holdings ^*

706

* may have additional holdings in another (foreign) market

Performance

Period	VBR	IWS
30 Days	2.57%	2.86%
60 Days	2.52%	4.51%
90 Days	10.32%	9.81%
12 Months	27.97%	28.17%

304 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in IWS	Overlap
AA	C	0.17%	0.1%	0.1%
AAL	D	0.2%	0.08%	0.08%
AAP	F	0.08%	0.03%	0.03%
ACHC	D	0.21%	0.08%	0.08%
ACI	F	0.2%	0.09%	0.09%
ACM	B	0.4%	0.15%	0.15%
ADC	C	0.22%	0.08%	0.08%
AES	C	0.18%	0.15%	0.15%
AFG	C	0.28%	0.11%	0.11%
AGCO	D	0.17%	0.07%	0.07%
AGNC	B	0.22%	0.09%	0.09%
AGO	D	0.12%	0.05%	0.05%
AIZ	B	0.3%	0.11%	0.11%
AL	C	0.14%	0.05%	0.05%
ALK	B	0.13%	0.06%	0.06%
ALLE	B	0.36%	0.14%	0.14%
ALLY	F	0.35%	0.09%	0.09%
ALSN	B	0.24%	0.09%	0.09%
AM	B	0.15%	0.04%	0.04%
AMED	D	0.09%	0.04%	0.04%
AMG	C	0.16%	0.06%	0.06%
AMKR	F	0.11%	0.04%	0.04%
AN	C	0.17%	0.05%	0.05%
APA	F	0.31%	0.1%	0.1%
APG	F	0.26%	0.09%	0.09%
AR	C	0.12%	0.09%	0.09%
ARMK	B	0.28%	0.11%	0.11%
ARW	B	0.21%	0.08%	0.08%
ASH	F	0.13%	0.05%	0.05%
ATO	B	0.54%	0.23%	0.23%
ATR	B	0.3%	0.12%	0.12%
AVT	B	0.15%	0.05%	0.05%
AXS	B	0.18%	0.07%	0.07%
AXTA	B	0.24%	0.09%	0.09%
AYI	B	0.23%	0.1%	0.1%
AZTA	F	0.07%	0.03%	0.03%
BBWI	D	0.2%	0.07%	0.07%
BC	C	0.16%	0.06%	0.06%
BERY	B	0.22%	0.09%	0.09%
BG	F	0.42%	0.16%	0.16%
BHF	F	0.08%	0.03%	0.03%
BIO	C	0.2%	0.07%	0.07%
BJ	D	0.31%	0.12%	0.12%
BLDR	C	0.62%	0.24%	0.24%
BOKF	C	0.07%	0.03%	0.03%
BPOP	C	0.22%	0.07%	0.07%
BRO	C	0.35%	0.15%	0.15%
BRX	C	0.24%	0.09%	0.09%
BWA	C	0.23%	0.09%	0.09%
BXP	C	0.31%	0.14%	0.14%
CACC	F	0.08%	0.01%	0.01%
CACI	B	0.32%	0.12%	0.12%
CAR	D	0.04%	0.01%	0.01%
CBSH	D	0.22%	0.08%	0.08%
CC	D	0.09%	0.03%	0.03%
CCK	B	0.32%	0.12%	0.12%
CFR	C	0.19%	0.08%	0.08%
CG	C	0.28%	0.11%	0.11%
CHK	C	0.27%	0.12%	0.12%
CHRD	F	0.26%	0.1%	0.1%
CHRW	B	0.34%	0.14%	0.14%
CLF	F	0.18%	0.04%	0.04%
CMA	C	0.22%	0.09%	0.09%
CNXC	F	0.12%	0.03%	0.03%
COHR	C	0.17%	0.13%	0.13%
COLB	B	0.15%	0.06%	0.06%
COTY	D	0.1%	0.04%	0.04%
CPRI	D	0.12%	0.05%	0.05%
CPT	C	0.39%	0.15%	0.15%
CR	B	0.23%	0.08%	0.08%
CRI	D	0.07%	0.03%	0.03%
CRUS	D	0.23%	0.08%	0.08%
CSL	B	0.59%	0.2%	0.2%
CTLT	B	0.15%	0.12%	0.12%
CUZ	C	0.13%	0.05%	0.05%
CWEN	A	0.07%	0.01%	0.01%
CWEN	A	0.07%	0.03%	0.03%
CWEN	A	0.03%	0.03%	0.03%
CWEN	A	0.03%	0.01%	0.01%
DCI	C	0.26%	0.1%	0.1%
DDS	D	0.03%	0.01%	0.01%
DINO	F	0.24%	0.08%	0.08%
DJT	F	0.01%	0.0%	0.0%
DKS	D	0.28%	0.12%	0.12%
DNB	D	0.12%	0.04%	0.04%
DOC	B	0.23%	0.17%	0.17%
DTM	C	0.22%	0.09%	0.09%
DXC	D	0.11%	0.04%	0.04%
EGP	C	0.26%	0.1%	0.1%
EHC	B	0.28%	0.1%	0.1%
ELAN	D	0.22%	0.08%	0.08%
EME	B	0.54%	0.14%	0.14%
EMN	B	0.35%	0.14%	0.14%
ENOV	F	0.08%	0.03%	0.03%
EPAM	F	0.16%	0.12%	0.12%
EPR	C	0.11%	0.04%	0.04%
ESAB	C	0.18%	0.07%	0.07%
ESI	C	0.17%	0.07%	0.07%
EVR	B	0.25%	0.1%	0.1%
EVRG	B	0.19%	0.15%	0.15%
EWBC	C	0.34%	0.13%	0.13%
FAF	B	0.18%	0.07%	0.07%
FCN	C	0.24%	0.09%	0.09%
FCNCA	D	0.65%	0.27%	0.27%
FFIV	B	0.35%	0.14%	0.14%
FHB	D	0.09%	0.03%	0.03%
FHN	D	0.27%	0.1%	0.1%
FLO	C	0.13%	0.05%	0.05%
FLS	C	0.19%	0.07%	0.07%
FMC	B	0.24%	0.09%	0.09%
FNB	D	0.16%	0.06%	0.06%
FR	C	0.22%	0.08%	0.08%
FRT	C	0.28%	0.11%	0.11%
FTRE	F	0.06%	0.02%	0.02%
FYBR	C	0.21%	0.1%	0.1%
G	C	0.21%	0.08%	0.08%
GAP	F	0.16%	0.05%	0.05%
GL	D	0.28%	0.11%	0.11%
GLPI	C	0.39%	0.15%	0.15%
GME	D	0.22%	0.09%	0.09%
GO	F	0.05%	0.02%	0.02%
GPK	C	0.27%	0.1%	0.1%
GTES	C	0.12%	0.04%	0.04%
HAS	B	0.26%	0.01%	0.01%
HAYW	C	0.06%	0.02%	0.02%
HII	F	0.33%	0.12%	0.12%
HIW	C	0.1%	0.04%	0.04%
HOG	C	0.13%	0.05%	0.05%
HRB	C	0.26%	0.08%	0.08%
HSIC	C	0.27%	0.1%	0.1%
HUBB	B	0.32%	0.26%	0.26%
HUN	C	0.11%	0.04%	0.04%
IAC	C	0.11%	0.05%	0.05%
IDA	B	0.15%	0.06%	0.06%
IEX	C	0.46%	0.18%	0.18%
INFA	D	0.05%	0.02%	0.02%
INGR	B	0.26%	0.1%	0.1%
IPG	C	0.36%	0.13%	0.13%
IPGP	D	0.05%	0.02%	0.02%
ITT	B	0.34%	0.13%	0.13%
IVZ	B	0.21%	0.07%	0.07%
JAZZ	D	0.2%	0.08%	0.08%
JBL	C	0.37%	0.13%	0.13%
JEF	C	0.26%	0.09%	0.09%
JHG	B	0.14%	0.06%	0.06%
JLL	B	0.36%	0.1%	0.1%
JNPR	A	0.37%	0.14%	0.14%
JWN	C	0.06%	0.03%	0.03%
KBR	D	0.27%	0.09%	0.09%
KD	F	0.16%	0.06%	0.06%
KEX	C	0.21%	0.08%	0.08%
KIM	C	0.46%	0.17%	0.17%
KMPR	D	0.11%	0.04%	0.04%
KMX	D	0.39%	0.13%	0.13%
KNX	C	0.24%	0.09%	0.09%
KRC	C	0.13%	0.05%	0.05%
KSS	D	0.06%	0.02%	0.02%
LAD	B	0.24%	0.09%	0.09%
LAMR	B	0.16%	0.1%	0.1%
LDOS	A	0.31%	0.24%	0.24%
LEA	D	0.19%	0.07%	0.07%
LEG	D	0.05%	0.02%	0.02%
LITE	B	0.06%	0.05%	0.05%
LKQ	F	0.16%	0.12%	0.12%
LNC	C	0.16%	0.06%	0.06%
LPX	B	0.18%	0.02%	0.02%
LYFT	D	0.12%	0.02%	0.02%
M	F	0.13%	0.05%	0.05%
MAN	C	0.1%	0.04%	0.04%
MAT	D	0.19%	0.07%	0.07%
MDU	B	0.15%	0.06%	0.06%
MHK	B	0.25%	0.09%	0.09%
MIDD	C	0.11%	0.09%	0.09%
MKSI	F	0.24%	0.08%	0.08%
MOS	F	0.27%	0.09%	0.09%
MPW	C	0.08%	0.04%	0.04%
MSA	D	0.2%	0.08%	0.08%
MSM	D	0.11%	0.04%	0.04%
MTG	B	0.2%	0.07%	0.07%
MTZ	C	0.11%	0.09%	0.09%
NFG	B	0.16%	0.06%	0.06%
NI	B	0.22%	0.17%	0.17%
NNN	B	0.25%	0.1%	0.1%
NRG	B	0.52%	0.12%	0.12%
NVST	D	0.09%	0.04%	0.04%
NVT	C	0.33%	0.13%	0.13%
NWL	C	0.08%	0.03%	0.03%
NXST	D	0.16%	0.04%	0.04%
NYT	B	0.25%	0.1%	0.1%
OC	C	0.43%	0.17%	0.17%
OGE	B	0.23%	0.09%	0.09%
OGN	D	0.17%	0.06%	0.06%
OHI	C	0.29%	0.11%	0.11%
OLN	D	0.15%	0.06%	0.06%
OMF	D	0.17%	0.06%	0.06%
ORI	B	0.26%	0.1%	0.1%
OSK	F	0.21%	0.07%	0.07%
OVV	F	0.34%	0.12%	0.12%
OZK	F	0.14%	0.05%	0.05%
PAG	D	0.1%	0.03%	0.03%
PARA	D	0.16%	0.07%	0.07%
PB	D	0.2%	0.07%	0.07%
PENN	D	0.08%	0.03%	0.03%
PFGC	B	0.34%	0.11%	0.11%
PII	D	0.13%	0.05%	0.05%
PINC	D	0.06%	0.02%	0.02%
PK	D	0.09%	0.04%	0.04%
PNFP	C	0.11%	0.09%	0.09%
PNR	B	0.43%	0.18%	0.18%
PNW	C	0.29%	0.12%	0.12%
POST	B	0.08%	0.06%	0.06%
PPC	D	0.05%	0.02%	0.02%
PR	F	0.12%	0.08%	0.08%
PRGO	F	0.12%	0.04%	0.04%
PRI	B	0.27%	0.1%	0.1%
PSN	B	0.13%	0.05%	0.05%
PVH	D	0.16%	0.06%	0.06%
QRVO	F	0.16%	0.11%	0.11%
R	C	0.18%	0.07%	0.07%
REG	C	0.39%	0.15%	0.15%
REYN	C	0.05%	0.02%	0.02%
RGA	C	0.43%	0.16%	0.16%
RHI	D	0.18%	0.08%	0.08%
RIVN	F	0.33%	0.11%	0.11%
RL	B	0.18%	0.08%	0.08%
RLI	B	0.2%	0.07%	0.07%
RNR	B	0.4%	0.15%	0.15%
RPM	B	0.44%	0.14%	0.14%
RRC	D	0.2%	0.08%	0.08%
RRX	C	0.33%	0.13%	0.13%
RS	D	0.48%	0.18%	0.18%
RYN	C	0.13%	0.05%	0.05%
SAIC	C	0.2%	0.08%	0.08%
SCI	C	0.32%	0.13%	0.13%
SEB	D	0.02%	0.01%	0.01%
SEE	C	0.15%	0.03%	0.03%
SEIC	B	0.23%	0.08%	0.08%
SF	B	0.25%	0.1%	0.1%
SIRI	C	0.03%	0.07%	0.03%
SJM	C	0.17%	0.14%	0.14%
SLGN	B	0.12%	0.05%	0.05%
SLM	C	0.14%	0.05%	0.05%
SMG	B	0.09%	0.04%	0.04%
SNDR	B	0.03%	0.01%	0.01%
SNV	D	0.19%	0.07%	0.07%
SNX	C	0.23%	0.1%	0.1%
SOLV	D	0.26%	0.11%	0.11%
SON	D	0.16%	0.06%	0.06%
SPB	B	0.08%	0.03%	0.03%
SPR	D	0.06%	0.04%	0.04%
SRCL	B	0.01%	0.06%	0.01%
SRCL	B	0.16%	0.06%	0.06%
ST	D	0.17%	0.06%	0.06%
STAG	D	0.22%	0.08%	0.08%
STLD	C	0.26%	0.2%	0.2%
STWD	B	0.18%	0.07%	0.07%
SW	B	0.72%	0.28%	0.28%
SWN	C	0.21%	0.08%	0.08%
TAP	D	0.28%	0.11%	0.11%
TFX	B	0.34%	0.13%	0.13%
THC	C	0.48%	0.18%	0.18%
THG	C	0.14%	0.06%	0.06%
THO	C	0.16%	0.06%	0.06%
TKR	C	0.16%	0.06%	0.06%
TNL	C	0.09%	0.03%	0.03%
TOL	A	0.44%	0.17%	0.17%
TPG	C	0.12%	0.04%	0.04%
TPR	A	0.28%	0.11%	0.11%
TTEK	C	0.37%	0.11%	0.11%
UA	C	0.04%	0.02%	0.02%
UAA	C	0.04%	0.02%	0.02%
UGI	B	0.16%	0.06%	0.06%
UHAL	B	0.02%	0.05%	0.02%
UHAL	B	0.19%	0.0%	0.0%
UHAL	B	0.02%	0.0%	0.0%
UHAL	B	0.19%	0.05%	0.05%
UHS	C	0.4%	0.16%	0.16%
UNM	B	0.26%	0.12%	0.12%
USFD	C	0.43%	0.16%	0.16%
UTHR	B	0.47%	0.17%	0.17%
VAC	D	0.07%	0.03%	0.03%
VFC	B	0.19%	0.07%	0.07%
VIRT	C	0.08%	0.03%	0.03%
VMI	C	0.17%	0.06%	0.06%
VNO	B	0.17%	0.08%	0.08%
VNT	F	0.16%	0.06%	0.06%
VOYA	B	0.21%	0.09%	0.09%
VSTS	D	0.05%	0.02%	0.02%
WAL	B	0.25%	0.11%	0.11%
WBS	C	0.24%	0.09%	0.09%
WCC	C	0.25%	0.08%	0.08%
WEN	C	0.09%	0.02%	0.02%
WHR	C	0.16%	0.06%	0.06%
WLK	C	0.08%	0.05%	0.05%
WSM	C	0.4%	0.09%	0.09%
WTFC	C	0.21%	0.08%	0.08%
WTM	F	0.13%	0.05%	0.05%
WTRG	D	0.28%	0.11%	0.11%
WU	C	0.12%	0.03%	0.03%
X	F	0.23%	0.1%	0.1%
XRAY	D	0.15%	0.06%	0.06%
Z	C	0.26%	0.12%	0.12%
ZG	C	0.06%	0.04%	0.04%
ZION	D	0.21%	0.08%	0.08%

VBR Overweight 495 Positions Relative to IWS

Symbol	Grade	Weight
BAH	B	0.6%
EQH	C	0.41%
SFM	B	0.31%
MUSA	D	0.28%
FLR	D	0.25%
MLI	B	0.23%
AIT	B	0.23%
SSB	C	0.22%
ANF	D	0.22%
NSIT	C	0.21%
UFPI	C	0.21%
DVA	B	0.21%
TMHC	B	0.2%
MTH	C	0.2%
JXN	B	0.2%
ONB	D	0.19%
XPO	D	0.19%
ESNT	B	0.19%
CMC	D	0.18%
MOG.A	B	0.17%
BECN	F	0.17%
COOP	C	0.17%
CBT	B	0.17%
CADE	C	0.17%
LUMN	C	0.16%
BCC	C	0.16%
GBCI	C	0.16%
WTS	C	0.16%
KBH	C	0.16%
MUR	F	0.16%
VVV	D	0.16%
RDN	D	0.16%
SIGI	D	0.16%
SUM	D	0.15%
SWX	C	0.15%
ABG	D	0.15%
POR	B	0.15%
GATX	D	0.15%
HOMB	D	0.15%
UBSI	D	0.15%
HWC	D	0.14%
FUL	D	0.14%
BCO	B	0.14%
GPI	B	0.14%
ITGR	C	0.13%
BDC	B	0.13%
SLG	C	0.13%
FFIN	C	0.13%
ACA	B	0.13%
KNF	C	0.13%
MDGL	F	0.13%
AVNT	B	0.13%
ZWS	B	0.13%
MATX	B	0.13%
NJR	C	0.13%
PIPR	B	0.13%
SBRA	C	0.12%
ESGR	D	0.12%
TPH	C	0.12%
CNX	B	0.12%
UMBF	C	0.12%
ABCB	C	0.12%
ENS	C	0.12%
BKH	B	0.12%
ASO	D	0.12%
KTB	B	0.12%
ASGN	D	0.12%
AUR	C	0.12%
CRC	C	0.11%
CNO	C	0.11%
BGC	D	0.11%
TEX	F	0.11%
ABM	D	0.11%
UCBI	B	0.11%
AEO	D	0.11%
SANM	D	0.11%
ALE	A	0.11%
HASI	C	0.11%
PNM	B	0.11%
PTEN	F	0.11%
PBH	C	0.11%
SEM	D	0.11%
VLY	D	0.11%
KFY	C	0.11%
ICUI	C	0.11%
NCLH	B	0.11%
OGS	B	0.11%
RUSHA	C	0.1%
NUVL	D	0.1%
ASB	D	0.1%
WSFS	D	0.1%
EBC	C	0.1%
SXT	B	0.1%
GVA	B	0.1%
SKT	B	0.1%
NWE	A	0.1%
SR	B	0.1%
RXO	D	0.1%
NHI	C	0.1%
AX	D	0.1%
NSP	F	0.1%
NPO	C	0.1%
FBP	C	0.1%
ATKR	F	0.1%
WD	B	0.1%
PBF	F	0.1%
MAC	B	0.1%
BNL	B	0.1%
PCH	C	0.1%
GMS	C	0.1%
PLXS	B	0.1%
FULT	D	0.1%
HL	C	0.1%
IBOC	D	0.1%
OTTR	F	0.1%
AUB	D	0.1%
SIG	C	0.1%
LXP	C	0.09%
IOVA	F	0.09%
FL	F	0.09%
AIN	F	0.09%
GFF	C	0.09%
SKYW	C	0.09%
WAFD	D	0.09%
CNK	C	0.09%
AVA	B	0.09%
AWR	C	0.09%
CATY	C	0.09%
GNW	C	0.09%
ALIT	D	0.09%
ESE	B	0.09%
BRC	B	0.09%
TCBI	C	0.09%
MGEE	C	0.09%
APLE	C	0.09%
EAT	C	0.09%
HCC	D	0.09%
AROC	D	0.09%
SYNA	D	0.09%
CBU	D	0.09%
INDB	D	0.08%
PRK	D	0.08%
RNG	F	0.08%
LSXMK	D	0.08%
SM	F	0.08%
BOH	D	0.08%
MGRC	D	0.08%
DEI	B	0.08%
TRN	C	0.08%
ATGE	C	0.08%
TDC	D	0.08%
PFSI	C	0.08%
FHI	B	0.08%
FIBK	C	0.08%
APAM	C	0.08%
HUBG	C	0.08%
REZI	D	0.08%
BTU	C	0.08%
ADTN	C	0.08%
CWK	B	0.08%
UNF	B	0.08%
BKU	D	0.08%
IOSP	F	0.08%
PRIM	B	0.08%
AIR	D	0.07%
WERN	C	0.07%
ZD	D	0.07%
PECO	C	0.07%
LAUR	C	0.07%
TOWN	D	0.07%
FRME	D	0.07%
HI	F	0.07%
AKR	B	0.07%
ENR	D	0.07%
MC	C	0.07%
AZZ	C	0.07%
TGNA	C	0.07%
PFS	C	0.07%
ARCH	D	0.07%
ARCB	D	0.07%
URBN	F	0.07%
FFBC	D	0.07%
MTRN	D	0.07%
OUT	B	0.07%
HNI	C	0.07%
OSIS	C	0.07%
DY	C	0.07%
MYGN	D	0.07%
ABR	B	0.07%
CVBF	D	0.07%
PPBI	D	0.07%
GHC	B	0.07%
MTX	D	0.07%
KRYS	D	0.07%
GT	F	0.07%
UE	C	0.07%
PRGS	A	0.07%
VSH	F	0.07%
BXMT	C	0.07%
COMP	C	0.07%
SFNC	C	0.07%
KAR	D	0.06%
TTMI	D	0.06%
HURN	C	0.06%
GOLF	F	0.06%
IVT	D	0.06%
PRG	C	0.06%
VIAV	C	0.06%
B	C	0.06%
BANF	C	0.06%
THS	C	0.06%
JOBY	F	0.06%
OI	D	0.06%
GNL	D	0.06%
WLY	B	0.06%
SFBS	C	0.06%
EPC	F	0.06%
VGR	C	0.06%
AMN	F	0.06%
MIR	C	0.06%
IMVT	F	0.06%
KMT	B	0.06%
OMCL	C	0.06%
IBTX	C	0.06%
BANR	C	0.06%
NATL	D	0.06%
EQC	D	0.06%
RNST	D	0.06%
MLKN	F	0.06%
SXI	C	0.06%
HBI	A	0.06%
CTRE	C	0.06%
SHO	C	0.06%
TDS	B	0.06%
STRA	F	0.06%
BLKB	C	0.06%
OFG	C	0.06%
PHIN	C	0.06%
NBTB	D	0.06%
PSMT	B	0.06%
CDE	C	0.06%
EVTC	D	0.06%
SATS	C	0.06%
GTY	C	0.05%
STBA	D	0.05%
REVG	D	0.05%
SHOO	B	0.05%
KN	D	0.05%
LTC	C	0.05%
JBGS	C	0.05%
STEP	B	0.05%
JBLU	C	0.05%
ANDE	D	0.05%
TROX	D	0.05%
NBHC	D	0.05%
SCL	D	0.05%
CHCO	D	0.05%
FCF	D	0.05%
LRN	B	0.05%
CRGY	D	0.05%
CENTA	F	0.05%
LZB	C	0.05%
IDCC	B	0.05%
DRH	C	0.05%
NWBI	D	0.05%
NMRK	B	0.05%
VSAT	F	0.05%
NHC	D	0.05%
GEO	F	0.05%
CAKE	B	0.05%
LGND	D	0.05%
PDCO	F	0.05%
WSBC	D	0.05%
TRMK	D	0.05%
MCY	C	0.05%
SUPN	D	0.05%
VSCO	C	0.05%
VRNT	F	0.05%
ROIC	C	0.05%
EDR	A	0.05%
BHLB	C	0.04%
SCS	D	0.04%
PBI	C	0.04%
AMRX	C	0.04%
PDM	C	0.04%
AIV	C	0.04%
KFRC	F	0.04%
EIG	C	0.04%
INSW	C	0.04%
JELD	D	0.04%
PMT	C	0.04%
VCTR	B	0.04%
DK	F	0.04%
AAT	C	0.04%
SAFT	D	0.04%
WS	D	0.04%
XRX	D	0.04%
MSGE	B	0.04%
UVV	D	0.04%
HELE	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	D	0.04%
SBH	B	0.04%
CODI	C	0.04%
IART	F	0.04%
CSGS	C	0.04%
WOR	F	0.04%
DNOW	F	0.04%
SPNT	D	0.04%
LADR	D	0.04%
ESRT	C	0.04%
VRTS	F	0.04%
GBX	D	0.04%
NGVT	D	0.04%
ALEX	C	0.04%
HP	F	0.04%
BHE	C	0.04%
CXW	F	0.04%
NTCT	C	0.04%
HMN	C	0.04%
HOPE	D	0.04%
DAN	D	0.04%
RRR	D	0.04%
APOG	B	0.04%
HEES	D	0.04%
HTH	D	0.04%
ARI	F	0.04%
BLMN	F	0.04%
GEF	C	0.04%
NWN	B	0.04%
UNFI	B	0.03%
DNUT	F	0.03%
BDN	C	0.03%
CGON	C	0.03%
BRKL	C	0.03%
FG	C	0.03%
PRAA	F	0.03%
CBRL	D	0.03%
NNI	C	0.03%
LGF.A	F	0.03%
CVI	F	0.03%
LEVI	C	0.03%
BV	C	0.03%
DLX	F	0.03%
MD	C	0.03%
NX	F	0.03%
MMI	C	0.03%
RBRK	F	0.03%
EMBC	D	0.03%
CMTG	F	0.03%
ETWO	D	0.03%
FA	B	0.03%
MATV	D	0.03%
UNIT	C	0.03%
RWT	C	0.03%
RKLB	C	0.03%
GIII	D	0.03%
HTLF	C	0.03%
INVA	C	0.03%
TRS	C	0.03%
WWW	A	0.03%
ODP	F	0.03%
VSTO	C	0.03%
ATSG	C	0.03%
THR	F	0.03%
MRC	D	0.03%
CNNE	F	0.03%
DBRG	D	0.03%
WMK	D	0.03%
AVNS	C	0.03%
CSR	D	0.03%
ACT	C	0.03%
CARS	F	0.03%
FDP	C	0.03%
ECPG	D	0.03%
OMI	D	0.03%
SCSC	D	0.03%
KALU	D	0.03%
HE	F	0.03%
TILE	C	0.02%
HTLD	F	0.02%
FOR	D	0.02%
MXL	D	0.02%
KREF	C	0.02%
SMR	C	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%
SWI	B	0.02%
KELYA	D	0.02%
CFFN	D	0.02%
SMMT	D	0.02%
PRA	C	0.02%
CAL	F	0.02%
TMP	D	0.02%
AMC	F	0.02%
AMWD	C	0.02%
AXL	F	0.02%
HAIN	C	0.02%
USM	C	0.02%
PUMP	F	0.02%
XHR	B	0.02%
HPP	F	0.02%
RGR	F	0.02%
HLIO	C	0.02%
MATW	F	0.02%
BASE	F	0.02%
ECVT	F	0.02%
ASTE	F	0.02%
MNRO	C	0.02%
PRLB	F	0.02%
HLF	F	0.02%
SVC	F	0.02%
BRSP	D	0.02%
PZZA	D	0.02%
CABO	F	0.02%
KOP	F	0.02%
PEB	D	0.02%
HCSG	D	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	D	0.01%
NPK	D	0.01%
OLPX	D	0.01%
WOOF	C	0.01%
BRCC	F	0.01%
ALX	B	0.01%
ZIP	D	0.01%
KRO	C	0.01%
CRCT	C	0.01%
TGI	F	0.01%
TRTX	D	0.01%
EE	A	0.01%
AMCX	F	0.01%
EGBN	D	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	B	0.01%
CMP	D	0.01%
FWRD	D	0.01%
RMR	C	0.01%
VMEO	C	0.01%
AMK	B	0.01%
ATUS	C	0.01%
GRC	D	0.01%
NABL	F	0.01%
NUS	F	0.01%
PTVE	D	0.01%
UDMY	F	0.01%
DAWN	D	0.01%
TWKS	C	0.01%
CCO	D	0.01%
CWH	C	0.01%
GCMG	B	0.01%
CLB	D	0.01%
DIN	D	0.01%
USNA	F	0.01%
CLBK	D	0.01%
JACK	F	0.01%
NVRI	D	0.01%
LGF.A	F	0.01%
BFS	B	0.01%
AMBC	F	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	C	0.0%
DBI	F	0.0%
GEF	C	0.0%
LDI	D	0.0%

VBR Underweight 407 Positions Relative to IWS

Symbol	Grade	Weight
AFL	A	-0.68%
DHI	C	-0.64%
AJG	D	-0.63%
OKE	C	-0.62%
WMB	C	-0.62%
O	B	-0.61%
BK	B	-0.6%
DLR	B	-0.58%
CCI	C	-0.57%
FIS	C	-0.53%
KVUE	B	-0.5%
LHX	C	-0.5%
PEG	B	-0.49%
LEN	B	-0.49%
PRU	C	-0.49%
CMI	B	-0.48%
KMI	C	-0.48%
ALL	C	-0.48%
PCG	C	-0.48%
GIS	B	-0.47%
EXC	B	-0.46%
CTVA	B	-0.46%
MCHP	D	-0.46%
ACGL	B	-0.46%
A	C	-0.46%
URI	B	-0.45%
AME	C	-0.45%
CNC	D	-0.45%
SPG	B	-0.45%
OTIS	B	-0.44%
IQV	D	-0.44%
ROST	C	-0.44%
IR	B	-0.44%
CTSH	B	-0.43%
EXR	C	-0.43%
KR	B	-0.42%
FERG	D	-0.42%
HWM	B	-0.42%
CBRE	B	-0.42%
EA	D	-0.42%
HUM	F	-0.42%
BKR	C	-0.41%
GEHC	B	-0.41%
DOW	C	-0.41%
NUE	D	-0.4%
DFS	C	-0.4%
XEL	B	-0.4%
ED	B	-0.4%
GLW	B	-0.39%
VICI	C	-0.39%
DD	B	-0.39%
HIG	B	-0.38%
EIX	B	-0.37%
XYL	C	-0.37%
AVB	C	-0.37%
MLM	D	-0.36%
EBAY	B	-0.36%
FANG	F	-0.36%
NDAQ	C	-0.35%
CHTR	D	-0.35%
WAB	B	-0.35%
CSGP	D	-0.35%
MTD	C	-0.34%
ON	D	-0.34%
MTB	C	-0.34%
WEC	B	-0.34%
DAL	C	-0.34%
EQR	C	-0.33%
BIIB	F	-0.33%
ADM	D	-0.33%
PHM	B	-0.33%
PWR	B	-0.33%
EFX	C	-0.33%
WTW	B	-0.33%
FITB	B	-0.33%
PPG	C	-0.33%
ANSS	D	-0.32%
GPN	D	-0.32%
AWK	C	-0.32%
NVR	B	-0.31%
ROK	D	-0.31%
PAYX	C	-0.31%
ETR	A	-0.31%
IFF	A	-0.3%
GRMN	D	-0.3%
KEYS	B	-0.3%
STT	B	-0.3%
FTV	C	-0.3%
HLT	B	-0.3%
RCL	B	-0.3%
CHD	C	-0.29%
FE	B	-0.29%
FSLR	C	-0.29%
DVN	F	-0.29%
TTWO	D	-0.29%
SBAC	C	-0.29%
HPQ	C	-0.29%
DTE	A	-0.29%
RMD	C	-0.29%
DOV	B	-0.29%
HAL	F	-0.29%
HPE	C	-0.28%
LYB	D	-0.28%
HSY	D	-0.28%
VMC	C	-0.28%
VTR	C	-0.28%
ES	B	-0.27%
RJF	C	-0.27%
TROW	C	-0.27%
PPL	A	-0.27%
WY	C	-0.27%
AEE	B	-0.26%
STE	B	-0.26%
SQ	D	-0.25%
WDC	C	-0.25%
ZBH	F	-0.25%
CBOE	C	-0.25%
INVH	D	-0.25%
YUM	B	-0.25%
ILMN	D	-0.24%
MKC	C	-0.24%
BBY	A	-0.24%
ARE	C	-0.24%
K	A	-0.24%
MSTR	C	-0.24%
RF	B	-0.24%
HBAN	B	-0.24%
COO	C	-0.24%
SYF	C	-0.23%
WBD	D	-0.23%
TDY	B	-0.23%
LNG	D	-0.23%
BALL	C	-0.23%
CINF	C	-0.23%
CMS	B	-0.23%
GPC	D	-0.22%
APTV	D	-0.22%
EQT	C	-0.22%
TRU	B	-0.22%
ESS	C	-0.22%
BAX	C	-0.22%
PFG	B	-0.22%
OMC	B	-0.22%
AVTR	C	-0.21%
NTRS	C	-0.21%
J	A	-0.21%
HOLX	D	-0.21%
LH	D	-0.21%
CFG	D	-0.21%
MAA	C	-0.21%
DG	F	-0.21%
PKG	B	-0.21%
CCL	C	-0.21%
SUI	C	-0.2%
LUV	C	-0.2%
CTRA	F	-0.2%
ZM	C	-0.2%
MSCI	C	-0.2%
CNP	C	-0.2%
MAS	B	-0.2%
SWK	B	-0.19%
TXT	D	-0.19%
WRB	D	-0.19%
IP	C	-0.19%
DGX	B	-0.19%
TSN	D	-0.19%
WSO	C	-0.19%
UAL	B	-0.19%
MRO	D	-0.18%
SWKS	F	-0.18%
AMCR	B	-0.18%
FNF	B	-0.18%
KEY	C	-0.18%
SSNC	C	-0.18%
SNA	B	-0.17%
ZBRA	B	-0.17%
CF	B	-0.17%
VLTO	B	-0.17%
UDR	C	-0.17%
CDW	D	-0.17%
AKAM	D	-0.17%
HOOD	C	-0.17%
RVTY	B	-0.17%
LNT	A	-0.17%
CAG	B	-0.17%
MKL	C	-0.17%
JBHT	D	-0.16%
NTAP	D	-0.16%
EG	B	-0.16%
IBKR	B	-0.16%
L	D	-0.16%
GGG	C	-0.16%
SYY	C	-0.16%
TRMB	C	-0.16%
VRSN	C	-0.16%
GEN	A	-0.16%
IRM	C	-0.16%
NDSN	C	-0.16%
DLTR	F	-0.16%
EXPD	B	-0.16%
HST	D	-0.15%
ELS	D	-0.15%
HES	F	-0.15%
BMRN	F	-0.15%
AMH	D	-0.15%
WPC	C	-0.15%
VTRS	D	-0.15%
CUBE	C	-0.14%
TECH	C	-0.14%
CVNA	B	-0.14%
CW	B	-0.14%
CLH	C	-0.14%
JKHY	B	-0.14%
CAH	C	-0.13%
CASY	D	-0.13%
FDS	C	-0.13%
FTI	D	-0.13%
BLD	C	-0.13%
FWONK	C	-0.12%
CE	D	-0.12%
AFRM	D	-0.12%
NLY	B	-0.12%
CRL	F	-0.12%
AVY	C	-0.12%
NTNX	D	-0.12%
FBIN	B	-0.12%
RPRX	C	-0.12%
REXR	C	-0.12%
MTCH	C	-0.11%
DPZ	D	-0.11%
RGLD	C	-0.11%
CNH	C	-0.11%
MKTX	D	-0.11%
DRI	C	-0.11%
CPB	C	-0.11%
INCY	C	-0.11%
DOX	C	-0.11%
AOS	B	-0.11%
NWSA	D	-0.11%
ALB	D	-0.11%
WWD	C	-0.11%
CIEN	B	-0.1%
TWLO	C	-0.1%
MGM	D	-0.1%
TTC	F	-0.1%
WST	D	-0.1%
CZR	C	-0.1%
HRL	F	-0.1%
FOXA	B	-0.1%
WYNN	C	-0.09%
BWXT	A	-0.09%
MOH	D	-0.09%
SKX	C	-0.09%
HLI	C	-0.09%
COKE	C	-0.09%
WEX	C	-0.09%
WAT	B	-0.09%
EXAS	D	-0.09%
CHE	C	-0.09%
GWRE	B	-0.09%
ALGN	D	-0.09%
ATI	C	-0.09%
GMED	D	-0.09%
BRBR	B	-0.09%
DAY	D	-0.09%
FND	C	-0.09%
COLD	D	-0.09%
PTC	C	-0.09%
ROKU	D	-0.09%
TKO	A	-0.09%
RBC	B	-0.09%
TW	B	-0.09%
NOV	F	-0.08%
OKTA	F	-0.08%
CROX	C	-0.08%
BFAM	C	-0.08%
RGEN	F	-0.08%
HR	B	-0.08%
GNTX	D	-0.08%
SOFI	D	-0.08%
FICO	B	-0.08%
SSD	C	-0.08%
ONTO	C	-0.08%
CART	C	-0.08%
LECO	D	-0.08%
H	B	-0.07%
MTSI	C	-0.07%
DAR	F	-0.07%
GWW	B	-0.07%
BEN	F	-0.07%
GXO	D	-0.07%
OLLI	C	-0.07%
WBA	F	-0.07%
FAST	C	-0.07%
AZPN	B	-0.07%
LFUS	C	-0.07%
LW	D	-0.07%
LSTR	D	-0.07%
CGNX	F	-0.07%
WMS	D	-0.07%
OLED	D	-0.06%
FOX	B	-0.06%
W	C	-0.06%
CCCS	D	-0.06%
LINE	F	-0.06%
HXL	F	-0.06%
LBRDK	C	-0.06%
ROIV	D	-0.06%
WSC	D	-0.06%
COIN	F	-0.06%
WH	B	-0.06%
SN	B	-0.06%
S	D	-0.06%
MTDR	F	-0.06%
RITM	D	-0.06%
AMP	B	-0.05%
RH	C	-0.05%
DBX	C	-0.05%
BILL	D	-0.05%
SITE	D	-0.05%
GNRC	D	-0.05%
DLB	D	-0.05%
EEFT	F	-0.05%
BYD	C	-0.05%
FRPT	C	-0.05%
DOCS	B	-0.05%
SAIA	D	-0.05%
IRDM	C	-0.04%
PAYC	D	-0.04%
ZI	D	-0.04%
NWS	D	-0.04%
VNOM	D	-0.04%
NSA	C	-0.04%
PLNT	C	-0.04%
LBTYK	B	-0.04%
U	D	-0.04%
LBTYA	B	-0.04%
MSGS	B	-0.04%
NEU	D	-0.04%
TYL	C	-0.04%
AWI	B	-0.04%
ALNY	C	-0.04%
GFS	F	-0.04%
CIVI	F	-0.04%
BROS	D	-0.03%
EXP	B	-0.03%
YETI	D	-0.03%
HHH	C	-0.03%
QDEL	D	-0.03%
SHC	C	-0.03%
MASI	C	-0.03%
ULTA	D	-0.03%
AGR	C	-0.03%
RKT	C	-0.03%
BRKR	D	-0.03%
COLM	C	-0.03%
ALGM	D	-0.03%
CLVT	D	-0.03%
LOPE	D	-0.03%
CNM	F	-0.03%
CXT	F	-0.03%
LCID	C	-0.03%
TRIP	F	-0.02%
TER	C	-0.02%
MP	C	-0.02%
LEN	B	-0.02%
BIRK	F	-0.02%
GLOB	D	-0.02%
SAM	D	-0.02%
PSTG	F	-0.02%
LLYVK	B	-0.02%
QS	F	-0.02%
AZEK	C	-0.02%
ADT	D	-0.02%
BR	C	-0.02%
ETSY	D	-0.02%
RCM	C	-0.02%
IONS	F	-0.01%
UI	B	-0.01%
PLTK	C	-0.01%
CHH	B	-0.01%
TFSL	D	-0.01%
LBRDA	C	-0.01%
PATH	D	-0.01%
LLYVA	B	-0.01%
TXG	D	-0.01%
AS	C	-0.01%
PYCR	D	-0.01%
LSCC	D	-0.01%
NCNO	F	-0.01%
WOLF	F	-0.01%
HCP	A	-0.01%
ALAB	C	-0.01%
FWONA	C	-0.01%
DV	F	-0.01%
FIVE	D	-0.01%
MTN	D	-0.01%
CNA	D	-0.01%
CERT	F	-0.01%
EXEL	C	-0.01%
SEG	F	-0.0%
LOAR	C	-0.0%
PARAA	D	-0.0%
NFE	F	-0.0%
UWMC	D	-0.0%
LAZ	B	-0.0%
GRAL	F	-0.0%