VBR vs. PFF ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to iShares US Preferred Stock ETF (PFF)

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

$211.20

Average Daily Volume

430,349

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

PFF

iShares US Preferred Stock ETF

PFF Description

The investment seeks to track the investment results of an index composed of U.S. preferred stocks. 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 S&P U.S. Preferred Stock IndexTM (the "underlying index"), which measures the performance of a select group of preferred stocks listed on the New York Stock Exchange (" NYSE"), NYSE Arca, Inc. ("NYSE Arca"), NYSE Amex, NASDAQ Global Select Market, NASDAQ Select Market or NASDAQ Capital Market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$32.64

Average Daily Volume

3,786,026

Number of Holdings ^*

227

* may have additional holdings in another (foreign) market

Performance

Period	VBR	PFF
30 Days	5.18%	-1.37%
60 Days	6.13%	-1.53%
90 Days	7.24%	2.37%
12 Months	32.19%	15.55%

66 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in PFF	Overlap
ABR	C	0.08%	0.07%	0.07%
ADC	A	0.22%	0.08%	0.08%
AGNC	C	0.21%	0.14%	0.14%
ALB	B	0.16%	1.35%	0.16%
AMG	B	0.16%	0.09%	0.09%
ASB	B	0.1%	0.05%	0.05%
AUB	B	0.1%	0.11%	0.1%
AXS	A	0.17%	0.31%	0.17%
BC	C	0.15%	0.08%	0.08%
BFS	C	0.01%	0.06%	0.01%
BHF	C	0.08%	0.15%	0.08%
BOH	B	0.08%	0.08%	0.08%
CADE	B	0.18%	0.09%	0.09%
CFR	B	0.21%	0.08%	0.08%
CG	B	0.34%	0.24%	0.24%
CNO	B	0.1%	0.08%	0.08%
CODI	B	0.04%	0.06%	0.04%
DBRG	F	0.08%	0.13%	0.08%
DRH	B	0.05%	0.07%	0.05%
EPR	C	0.1%	0.06%	0.06%
EQC	B	0.06%	0.07%	0.06%
EQH	C	0.42%	0.14%	0.14%
FBRT	D	0.03%	0.14%	0.03%
FCNCA	A	0.61%	0.2%	0.2%
FG	A	0.02%	0.23%	0.02%
FHN	A	0.27%	0.07%	0.07%
FRT	B	0.27%	0.08%	0.08%
FULT	A	0.1%	0.1%	0.1%
GL	C	0.28%	0.14%	0.14%
GNL	F	0.05%	0.06%	0.05%
HPP	F	0.02%	0.14%	0.02%
HTLF	B	0.03%	0.07%	0.03%
HWC	B	0.13%	0.11%	0.11%
INN	D	0.01%	0.05%	0.01%
JXN	C	0.22%	0.37%	0.22%
KIM	A	0.47%	0.12%	0.12%
KMPR	A	0.11%	0.09%	0.09%
KREF	C	0.02%	0.17%	0.02%
LNC	C	0.17%	0.35%	0.17%
LXP	D	0.08%	0.06%	0.06%
NAVI	F	0.03%	0.15%	0.03%
ONB	C	0.18%	0.07%	0.07%
PBI	B	0.04%	0.23%	0.04%
PMT	C	0.03%	0.07%	0.03%
PNFP	B	0.11%	0.14%	0.11%
REG	A	0.38%	0.07%	0.07%
RNR	C	0.4%	0.15%	0.15%
SF	B	0.29%	0.1%	0.1%
SHO	D	0.06%	0.05%	0.05%
SIGI	C	0.16%	0.1%	0.1%
SLG	B	0.14%	0.12%	0.12%
SNV	C	0.2%	0.13%	0.13%
SR	A	0.1%	0.15%	0.1%
TCBI	C	0.1%	0.16%	0.1%
TDS	B	0.08%	0.23%	0.08%
TPG	A	0.16%	0.26%	0.16%
TRTX	C	0.01%	0.1%	0.01%
USM	B	0.03%	0.29%	0.03%
VLY	B	0.12%	0.1%	0.1%
VNO	C	0.22%	0.12%	0.12%
VOYA	B	0.23%	0.19%	0.19%
WAFD	B	0.08%	0.14%	0.08%
WAL	B	0.25%	0.16%	0.16%
WBS	A	0.26%	0.08%	0.08%
WCC	B	0.28%	0.35%	0.28%
WSBC	B	0.05%	0.1%	0.05%

VBR Overweight 728 Positions Relative to PFF

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
EME	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%
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%
RGA	A	0.41%
FFIV	B	0.4%
JBL	C	0.39%
WSM	C	0.39%
EWBC	A	0.39%
SFM	A	0.38%
JLL	D	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%
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%
TAP	C	0.28%
TFX	F	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%
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%
AIT	B	0.26%
LAD	A	0.26%
FYBR	C	0.26%
HSIC	C	0.26%
KBR	F	0.26%
FLR	B	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%
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%
DOC	C	0.23%
X	B	0.23%
NI	A	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%
RL	C	0.22%
CR	A	0.22%
BWA	D	0.22%
BERY	C	0.22%
ZION	B	0.22%
ESAB	C	0.21%
UFPI	C	0.21%
COHR	B	0.21%
MHK	D	0.21%
XPO	B	0.21%
CBSH	B	0.21%
HII	F	0.21%
MKSI	C	0.2%
ANF	F	0.2%
RHI	C	0.2%
QRVO	F	0.2%
RLI	A	0.2%
TMHC	C	0.2%
STAG	D	0.2%
G	B	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%
LUMN	C	0.19%
MTH	D	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%
CMC	B	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%
BECN	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%
OMF	A	0.17%
COLB	B	0.17%
LEA	F	0.16%
NXST	C	0.16%
COOP	B	0.16%
MOG.A	B	0.16%
PVH	C	0.16%
KNF	B	0.16%
IDA	A	0.16%
NFG	A	0.16%
NCLH	B	0.16%
MDU	D	0.16%
KBH	D	0.15%
GAP	C	0.15%
UBSI	B	0.15%
UGI	C	0.15%
SON	F	0.15%
PSN	D	0.15%
BCC	B	0.15%
ST	F	0.15%
VVV	D	0.15%
MATX	C	0.15%
FNB	A	0.15%
WTS	B	0.15%
TKR	D	0.15%
AN	C	0.15%
RDN	D	0.15%
THO	B	0.15%
JHG	B	0.15%
KD	B	0.15%
GPI	B	0.14%
BDC	C	0.14%
RYN	D	0.14%
CUZ	B	0.14%
XRAY	F	0.14%
OZK	B	0.14%
KRC	B	0.14%
KTB	B	0.14%
PIPR	A	0.14%
AVT	C	0.14%
MDGL	B	0.14%
SLM	A	0.14%
THG	A	0.14%
OLN	F	0.14%
OGN	F	0.14%
AM	A	0.14%
AUR	C	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%
BCO	F	0.13%
WTM	A	0.13%
EAT	A	0.13%
FFIN	B	0.13%
LYFT	C	0.13%
AL	B	0.13%
SWX	B	0.13%
MUR	D	0.13%
SBRA	C	0.13%
UMBF	B	0.13%
NJR	A	0.13%
ABG	C	0.13%
GTES	A	0.13%
ACA	A	0.13%
DNB	B	0.12%
ICUI	D	0.12%
FUL	F	0.12%
M	F	0.12%
OGS	A	0.12%
MAC	B	0.12%
ABCB	B	0.12%
EDR	A	0.12%
HASI	D	0.12%
BKH	A	0.12%
SLGN	A	0.12%
ITGR	B	0.12%
AGO	B	0.12%
CRC	A	0.12%
MGM	D	0.12%
FLO	D	0.12%
SEE	C	0.12%
AVNT	B	0.12%
TPH	D	0.11%
NVST	B	0.11%
HUN	F	0.11%
SKYW	C	0.11%
CDP	C	0.11%
SKT	A	0.11%
WU	F	0.11%
SANM	B	0.11%
PBH	A	0.11%
AX	B	0.11%
ASO	F	0.11%
GVA	A	0.11%
ESGR	B	0.11%
KFY	B	0.11%
ALE	A	0.11%
PII	F	0.11%
SMG	C	0.11%
ACHC	F	0.11%
NUVL	C	0.11%
HOG	D	0.11%
AR	B	0.11%
HL	D	0.11%
SIG	B	0.11%
MTZ	B	0.11%
ENS	F	0.11%
ASGN	F	0.11%
ASH	F	0.11%
PLXS	B	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%
OTTR	C	0.1%
TEX	F	0.1%
WEN	D	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%
IBOC	B	0.1%
AEO	F	0.1%
IAC	F	0.1%
NWL	C	0.1%
PRGO	C	0.1%
WD	D	0.1%
GMS	B	0.1%
RUSHA	C	0.1%
MSM	C	0.1%
HIW	C	0.1%
DXC	B	0.1%
GNW	A	0.09%
WSFS	B	0.09%
AVA	A	0.09%
JWN	D	0.09%
BRC	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%
AWR	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	C	0.09%
BTU	B	0.09%
CATY	B	0.09%
FBP	C	0.09%
FHB	B	0.09%
TNL	A	0.09%
EBC	B	0.09%
PRIM	A	0.09%
SXT	C	0.09%
APLE	B	0.09%
COMP	B	0.09%
CBU	B	0.09%
AROC	A	0.09%
FHI	B	0.09%
ESE	B	0.09%
FIBK	B	0.08%
AKR	B	0.08%
CVBF	A	0.08%
COTY	F	0.08%
CXT	C	0.08%
BKU	A	0.08%
NSP	F	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%
REZI	A	0.08%
PRGS	A	0.08%
GHC	B	0.08%
PK	C	0.08%
SFNC	C	0.08%
MPW	F	0.08%
ALIT	C	0.08%
GFF	A	0.08%
MGRC	B	0.08%
RNG	C	0.08%
AMKR	D	0.08%
TRN	B	0.08%
IOVA	F	0.08%
ATGE	B	0.08%
BYD	B	0.07%
OMCL	C	0.07%
GT	C	0.07%
ENR	B	0.07%
ENOV	C	0.07%
CDE	C	0.07%
PFS	B	0.07%
PECO	A	0.07%
FFBC	B	0.07%
HBI	B	0.07%
CWEN	C	0.07%
RNA	C	0.07%
CNXC	F	0.07%
VSCO	C	0.07%
BOKF	B	0.07%
SPB	C	0.07%
SM	B	0.07%
DY	D	0.07%
MTX	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%
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	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%
IMVT	F	0.06%
RXO	D	0.06%
PHIN	A	0.06%
HI	C	0.06%
BLKB	B	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%
PINC	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
PSMT	D	0.06%
SFBS	C	0.06%
ZG	A	0.06%
VIAV	C	0.06%
IBTX	B	0.06%
HURN	C	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%
VSH	F	0.06%
CAKE	C	0.06%
AIN	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%
HNI	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%
FCF	B	0.05%
UAA	C	0.05%
HEES	C	0.05%
CHCO	B	0.05%
CNK	C	0.05%
APOG	C	0.05%
LTC	B	0.05%
PDCO	F	0.05%
HE	C	0.05%
NWBI	B	0.05%
THS	D	0.05%
NBHC	C	0.05%
GOLF	B	0.05%
PZZA	F	0.05%
KAR	B	0.05%
PPC	C	0.05%
EPC	F	0.05%
OI	C	0.05%
STEP	C	0.05%
GBX	A	0.05%
PRG	C	0.05%
VSTS	C	0.05%
SUPN	C	0.05%
CRGY	B	0.05%
LGND	C	0.05%
VYX	B	0.05%
MCY	A	0.05%
OFG	B	0.05%
ROIC	A	0.05%
CRI	F	0.05%
EIG	B	0.04%
ARI	C	0.04%
AAT	B	0.04%
FDP	B	0.04%
DYN	F	0.04%
PDM	D	0.04%
SPNT	B	0.04%
IART	C	0.04%
VC	F	0.04%
WS	C	0.04%
DNOW	B	0.04%
GO	C	0.04%
VRE	B	0.04%
BKE	B	0.04%
COLM	C	0.04%
NNI	D	0.04%
LADR	B	0.04%
RRR	F	0.04%
WABC	B	0.04%
CSGS	B	0.04%
REVG	C	0.04%
VRNT	C	0.04%
CAR	C	0.04%
SBH	C	0.04%
LCII	C	0.04%
ALEX	B	0.04%
NX	C	0.04%
STBA	B	0.04%
ESRT	C	0.04%
HTH	C	0.04%
BLMN	F	0.04%
WT	A	0.04%
REYN	D	0.04%
HOPE	C	0.04%
NTCT	C	0.04%
VCTR	B	0.04%
TROX	D	0.04%
UPBD	B	0.04%
AMN	F	0.04%
CXW	C	0.04%
SMR	B	0.04%
HELE	C	0.04%
KN	B	0.04%
VRTS	B	0.04%
WKC	C	0.04%
ANDE	D	0.04%
JBGS	F	0.04%
NWN	A	0.04%
ELME	D	0.04%
BHE	C	0.04%
HP	C	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%
NPAB	F	0.04%
CABO	B	0.04%
AVNS	F	0.03%
MMI	C	0.03%
THR	B	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
SCSC	C	0.03%
CWEN	C	0.03%
BV	C	0.03%
OMI	F	0.03%
JACK	C	0.03%
MYGN	F	0.03%
BRKL	B	0.03%
DK	C	0.03%
DNUT	F	0.03%
RWT	D	0.03%
ODP	F	0.03%
MRC	B	0.03%
DAN	D	0.03%
CARS	C	0.03%
UA	C	0.03%
WMK	C	0.03%
SCS	C	0.03%
KWR	C	0.03%
INSW	F	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%
CSR	B	0.03%
ATSG	B	0.03%
OXM	F	0.03%
VSAT	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%
UNFI	A	0.03%
WOR	F	0.03%
VSTO	A	0.03%
GIII	D	0.03%
WWW	A	0.03%
BHLB	B	0.03%
BKD	F	0.03%
UNIT	B	0.03%
AMRX	C	0.03%
UVV	B	0.03%
CMPR	D	0.02%
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%
BASE	B	0.02%
PUMP	C	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	C	0.02%
MODG	F	0.02%
SEB	F	0.02%
BMBL	C	0.02%
MATW	C	0.02%
PRLB	B	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ETWO	F	0.02%
XHR	B	0.02%
HLF	C	0.02%
ASTE	C	0.02%
CFFN	C	0.02%
PCRX	C	0.02%
WNC	C	0.02%
CMTG	F	0.02%
TMP	B	0.02%
SAH	C	0.02%
PRAA	D	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HAIN	D	0.02%
BRSP	C	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%
DIN	C	0.01%
CENT	C	0.01%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	C	0.01%
TGI	B	0.01%
VREX	B	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
ZIP	D	0.01%
SRCL	B	0.01%
HTZ	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
NVRI	D	0.01%
RUSHB	C	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	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%
ARRY	F	0.01%
SCHL	F	0.01%
DJT	C	0.01%
TILE	B	0.01%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	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 161 Positions Relative to PFF

Symbol	Grade	Weight
C	A	-1.68%
HPE	B	-1.13%
NEE	C	-1.08%
ARES	A	-1.0%
T	A	-0.88%
TBB	C	-0.79%
T	A	-0.64%
DUK	C	-0.62%
SOJD	D	-0.55%
TBC	C	-0.51%
SREA	D	-0.46%
RZC	C	-0.46%
NEE	C	-0.42%
JPM	A	-0.41%
APO	B	-0.4%
CMSD	C	-0.38%
MET	A	-0.37%
SO	C	-0.37%
F	C	-0.37%
CHSCO	B	-0.36%
PRS	C	-0.35%
BTSG	C	-0.35%
SYF	B	-0.33%
CHSCL	B	-0.33%
BANC	B	-0.32%
GTLS	A	-0.32%
QRTEP	F	-0.32%
CTDD	B	-0.31%
DUKB	D	-0.31%
CHSCM	D	-0.31%
SCHW	B	-0.31%
WFC	A	-0.31%
STT	B	-0.31%
UZE	B	-0.29%
FITBI	B	-0.29%
BAC	A	-0.28%
BPYPM	D	-0.28%
NLY	C	-0.27%
CHSCN	D	-0.27%
SOJC	D	-0.27%
PFH	D	-0.25%
RZB	C	-0.25%
MS	A	-0.25%
KEY	B	-0.25%
CFG	B	-0.24%
KKR	A	-0.24%
DTW	D	-0.23%
HIG	B	-0.22%
NTRS	A	-0.22%
CHSCP	F	-0.22%
EAI	D	-0.22%
AGNCN	A	-0.21%
USB	A	-0.21%
RLJ	C	-0.2%
ESGRP	D	-0.2%
UNMA	C	-0.19%
ATHS	D	-0.19%
ACGLO	D	-0.19%
RF	A	-0.19%
PRU	A	-0.19%
UMH	B	-0.18%
MGR	D	-0.18%
WTFCP	A	-0.18%
NGL	D	-0.18%
CMSC	C	-0.17%
ALL	A	-0.16%
MTB	A	-0.16%
TVC	C	-0.15%
ELC	D	-0.15%
NRUC	D	-0.15%
GPJA	D	-0.15%
OZKAP	D	-0.15%
AIZN	D	-0.14%
EMP	D	-0.14%
DDT	B	-0.13%
KMI	A	-0.13%
NSA	C	-0.13%
WRB	A	-0.12%
TVE	C	-0.12%
EIX	B	-0.12%
SLMBP	C	-0.12%
GS	A	-0.12%
CMSA	C	-0.12%
FCNCO	C	-0.12%
FITB	B	-0.12%
SFB	D	-0.12%
SITC	D	-0.11%
LBRDP	C	-0.11%
CMS	C	-0.11%
DTE	C	-0.11%
AFGC	D	-0.11%
DLR	B	-0.11%
NYMTM	A	-0.11%
SPLP	D	-0.1%
AFGE	D	-0.1%
RITM	C	-0.1%
DHC	F	-0.1%
TFC	A	-0.1%
HBAN	A	-0.1%
CIM	D	-0.09%
GPMT	C	-0.09%
ZIONO	D	-0.09%
ARR	D	-0.09%
AGNCL	B	-0.09%
AFGD	C	-0.09%
CION	C	-0.09%
AHH	D	-0.09%
BNRE.A	A	-0.09%
QVCD	D	-0.08%
ATLC	A	-0.08%
TWO	F	-0.08%
GAIN	B	-0.08%
CTVA	C	-0.08%
AFGB	C	-0.08%
LANDO	C	-0.08%
NYMTL	A	-0.08%
ARGD	C	-0.08%
WTFCM	A	-0.08%
MBIN	F	-0.08%
NYMTN	D	-0.08%
RILY	F	-0.07%
PSA	C	-0.07%
ACR	A	-0.07%
ENO	D	-0.07%
AMH	C	-0.07%
BPOPM	C	-0.07%
PCG	A	-0.07%
CLDT	B	-0.07%
IVR	F	-0.07%
FCRX	A	-0.07%
CTO	B	-0.07%
MHNC	C	-0.07%
FTAI	A	-0.07%
VLYPP	A	-0.07%
NEWT	C	-0.07%
MFA	D	-0.07%
NMFC	D	-0.07%
MSBI	B	-0.07%
TRIN	A	-0.07%
SNCR	F	-0.07%
DX	B	-0.07%
RILYN	C	-0.06%
PEB	D	-0.06%
COF	C	-0.06%
CNOB	B	-0.06%
PSEC	D	-0.06%
VLYPO	B	-0.06%
EFC	C	-0.06%
BW	D	-0.06%
SAR	A	-0.06%
BAC	A	-0.06%
DCOMP	D	-0.06%
FATBP	F	-0.05%
MHLA	B	-0.05%
CIO	C	-0.05%
FOSL	C	-0.05%
RC	D	-0.05%
SLNHP	B	-0.04%
OPI	F	-0.04%
BHR	C	-0.03%
XELAP	F	-0.0%