VBR vs. QVMM ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

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

$214.02

Average Daily Volume

435,439

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

QVMM

Invesco S&P MidCap 400 QVM Multi-factor ETF

QVMM Description

The investment seeks to track the investment results of the S&P MidCap 400 Â® Quality, Value & Momentum Top 90% Multi- Factor Index (the âunderlying indexâ). The fund will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, which is designed to track the performance of a subset of securities from the S&P MidCap 400 Â® Index that exhibit the investment style criteria of quality, value and momentum. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Grade (RS Rating)

Last Trade

$30.95

Average Daily Volume

1,061

Number of Holdings ^*

352

* may have additional holdings in another (foreign) market

Performance

Period	VBR	QVMM
30 Days	7.07%	7.21%
60 Days	7.22%	7.30%
90 Days	8.68%	8.34%
12 Months	33.95%	33.49%

237 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in QVMM	Overlap
AA	B	0.3%	0.38%	0.3%
ACHC	F	0.11%	0.14%	0.11%
ACM	A	0.42%	0.54%	0.42%
ADC	B	0.22%	0.26%	0.22%
AFG	A	0.28%	0.33%	0.28%
AGCO	D	0.19%	0.2%	0.19%
AIT	A	0.26%	0.38%	0.26%
ALE	A	0.11%	0.13%	0.11%
ALLY	C	0.28%	0.46%	0.28%
AM	A	0.14%	0.19%	0.14%
AMG	B	0.16%	0.22%	0.16%
AMKR	D	0.08%	0.1%	0.08%
AN	C	0.15%	0.16%	0.15%
ANF	C	0.2%	0.29%	0.2%
AR	B	0.11%	0.32%	0.11%
ARMK	B	0.29%	0.34%	0.29%
ARW	D	0.18%	0.23%	0.18%
ASB	B	0.1%	0.15%	0.1%
ASGN	F	0.11%	0.16%	0.11%
ASH	D	0.11%	0.15%	0.11%
ATR	B	0.33%	0.42%	0.33%
AVNT	B	0.12%	0.18%	0.12%
AVT	C	0.14%	0.18%	0.14%
AXTA	A	0.24%	0.33%	0.24%
AYI	B	0.27%	0.36%	0.27%
AZTA	D	0.06%	0.09%	0.06%
BC	C	0.15%	0.2%	0.15%
BCO	D	0.13%	0.15%	0.13%
BDC	B	0.14%	0.19%	0.14%
BERY	B	0.22%	0.28%	0.22%
BHF	B	0.08%	0.12%	0.08%
BJ	A	0.33%	0.42%	0.33%
BKH	A	0.12%	0.15%	0.12%
BRX	A	0.24%	0.3%	0.24%
BYD	C	0.07%	0.18%	0.07%
CACI	D	0.36%	0.4%	0.36%
CADE	B	0.18%	0.26%	0.18%
CBSH	A	0.21%	0.31%	0.21%
CBT	C	0.17%	0.22%	0.17%
CCK	C	0.33%	0.38%	0.33%
CDP	C	0.11%	0.12%	0.11%
CFR	B	0.21%	0.33%	0.21%
CHRD	D	0.23%	0.32%	0.23%
CLF	F	0.18%	0.22%	0.18%
CMC	B	0.18%	0.27%	0.18%
CNO	A	0.1%	0.16%	0.1%
CNX	A	0.14%	0.21%	0.14%
CNXC	F	0.07%	0.07%	0.07%
COHR	B	0.21%	0.49%	0.21%
COLB	A	0.17%	0.24%	0.17%
COLM	B	0.04%	0.1%	0.04%
COTY	F	0.08%	0.1%	0.08%
CPRI	F	0.06%	0.07%	0.06%
CR	A	0.22%	0.32%	0.22%
CRI	D	0.05%	0.07%	0.05%
CRUS	D	0.17%	0.2%	0.17%
CSL	C	0.57%	0.8%	0.57%
CUZ	B	0.14%	0.16%	0.14%
CXT	B	0.08%	0.1%	0.08%
DCI	B	0.26%	0.34%	0.26%
DINO	D	0.18%	0.25%	0.18%
DKS	C	0.23%	0.47%	0.23%
DTM	B	0.26%	0.36%	0.26%
EGP	F	0.24%	0.29%	0.24%
EHC	B	0.29%	0.36%	0.29%
EME	C	0.61%	0.84%	0.61%
ENOV	C	0.07%	0.09%	0.07%
ENS	D	0.11%	0.15%	0.11%
EPR	D	0.1%	0.12%	0.1%
EQH	B	0.42%	0.56%	0.42%
ESAB	B	0.21%	0.27%	0.21%
ESNT	D	0.18%	0.22%	0.18%
EVR	B	0.28%	0.39%	0.28%
EWBC	A	0.39%	0.55%	0.39%
FAF	A	0.18%	0.23%	0.18%
FBIN	D	0.3%	0.33%	0.3%
FCN	D	0.2%	0.25%	0.2%
FFIN	B	0.13%	0.19%	0.13%
FHI	A	0.09%	0.12%	0.09%
FHN	A	0.27%	0.42%	0.27%
FLO	D	0.12%	0.15%	0.12%
FLR	B	0.26%	0.34%	0.26%
FLS	B	0.2%	0.3%	0.2%
FNB	A	0.15%	0.23%	0.15%
FR	C	0.2%	0.25%	0.2%
FYBR	D	0.26%	0.22%	0.22%
G	B	0.2%	0.27%	0.2%
GAP	C	0.15%	0.19%	0.15%
GATX	A	0.14%	0.2%	0.14%
GBCI	B	0.17%	0.25%	0.17%
GEF	A	0.0%	0.06%	0.0%
GEF	A	0.04%	0.06%	0.04%
GHC	C	0.08%	0.12%	0.08%
GLPI	C	0.38%	0.47%	0.38%
GME	C	0.25%	0.29%	0.25%
GPK	C	0.25%	0.32%	0.25%
GT	C	0.07%	0.11%	0.07%
HOG	D	0.11%	0.15%	0.11%
HOMB	A	0.14%	0.21%	0.14%
HRB	D	0.24%	0.29%	0.24%
HWC	B	0.13%	0.2%	0.13%
IBOC	A	0.1%	0.14%	0.1%
IDA	A	0.16%	0.2%	0.16%
INGR	B	0.25%	0.34%	0.25%
IPGP	D	0.06%	0.08%	0.06%
ITT	A	0.33%	0.47%	0.33%
JAZZ	B	0.19%	0.3%	0.19%
JEF	A	0.27%	0.47%	0.27%
JHG	A	0.15%	0.22%	0.15%
JLL	D	0.38%	0.44%	0.38%
JWN	C	0.09%	0.08%	0.08%
KBH	D	0.15%	0.21%	0.15%
KBR	F	0.26%	0.32%	0.26%
KD	B	0.15%	0.24%	0.15%
KEX	C	0.19%	0.28%	0.19%
KMPR	B	0.11%	0.16%	0.11%
KNF	A	0.16%	0.19%	0.16%
KNX	B	0.23%	0.33%	0.23%
KRC	C	0.14%	0.15%	0.14%
LAD	A	0.26%	0.41%	0.26%
LAMR	D	0.17%	0.4%	0.17%
LEA	D	0.16%	0.22%	0.16%
LPX	B	0.18%	0.26%	0.18%
M	D	0.12%	0.16%	0.12%
MAN	D	0.09%	0.11%	0.09%
MAT	D	0.2%	0.24%	0.2%
MIDD	C	0.2%	0.28%	0.2%
MSA	D	0.18%	0.24%	0.18%
MSM	C	0.1%	0.15%	0.1%
MTG	C	0.19%	0.24%	0.19%
MTZ	B	0.11%	0.31%	0.11%
MUR	D	0.13%	0.19%	0.13%
MUSA	A	0.26%	0.35%	0.26%
NFG	A	0.16%	0.19%	0.16%
NJR	A	0.13%	0.16%	0.13%
NNN	D	0.23%	0.26%	0.23%
NSP	D	0.08%	0.1%	0.08%
NVST	B	0.11%	0.13%	0.11%
NVT	B	0.36%	0.46%	0.36%
NWE	B	0.1%	0.12%	0.1%
NXST	C	0.16%	0.19%	0.16%
NYT	C	0.25%	0.33%	0.25%
OC	A	0.45%	0.63%	0.45%
OGE	B	0.23%	0.29%	0.23%
OGS	A	0.12%	0.14%	0.12%
OHI	C	0.32%	0.34%	0.32%
OLN	D	0.14%	0.19%	0.14%
ONB	B	0.18%	0.26%	0.18%
ORI	A	0.24%	0.35%	0.24%
OSK	B	0.19%	0.28%	0.19%
OVV	B	0.3%	0.44%	0.3%
OZK	B	0.14%	0.19%	0.14%
PAG	B	0.09%	0.13%	0.09%
PB	A	0.19%	0.28%	0.19%
PBF	D	0.08%	0.13%	0.08%
PCH	D	0.1%	0.12%	0.1%
PFGC	B	0.37%	0.49%	0.37%
PII	D	0.11%	0.14%	0.11%
PK	B	0.08%	0.12%	0.08%
PNFP	B	0.11%	0.37%	0.11%
PNM	F	0.11%	0.15%	0.11%
POR	C	0.14%	0.17%	0.14%
POST	C	0.07%	0.19%	0.07%
PPC	C	0.05%	0.08%	0.05%
PR	B	0.13%	0.3%	0.13%
PRGO	B	0.1%	0.14%	0.1%
PRI	A	0.27%	0.38%	0.27%
PVH	C	0.16%	0.22%	0.16%
R	B	0.18%	0.28%	0.18%
RGA	A	0.41%	0.56%	0.41%
RLI	B	0.2%	0.25%	0.2%
RNR	C	0.4%	0.48%	0.4%
RPM	A	0.48%	0.61%	0.48%
RRC	B	0.2%	0.29%	0.2%
RRX	B	0.32%	0.46%	0.32%
RS	B	0.46%	0.66%	0.46%
RYN	D	0.14%	0.14%	0.14%
SAIC	F	0.22%	0.22%	0.22%
SBRA	C	0.13%	0.14%	0.13%
SCI	B	0.33%	0.43%	0.33%
SEIC	B	0.26%	0.29%	0.26%
SF	B	0.29%	0.44%	0.29%
SFM	A	0.38%	0.52%	0.38%
SIGI	C	0.16%	0.22%	0.16%
SLGN	A	0.12%	0.16%	0.12%
SLM	A	0.14%	0.2%	0.14%
SNV	B	0.2%	0.31%	0.2%
SNX	C	0.22%	0.35%	0.22%
SON	D	0.15%	0.18%	0.15%
SR	A	0.1%	0.14%	0.1%
SSB	B	0.22%	0.3%	0.22%
ST	F	0.15%	0.19%	0.15%
STAG	F	0.2%	0.24%	0.2%
STWD	C	0.18%	0.22%	0.18%
SWX	B	0.13%	0.17%	0.13%
SYNA	C	0.08%	0.12%	0.08%
TCBI	B	0.1%	0.14%	0.1%
TEX	D	0.1%	0.14%	0.1%
THC	D	0.43%	0.59%	0.43%
THG	A	0.14%	0.21%	0.14%
THO	B	0.15%	0.23%	0.15%
TKR	D	0.15%	0.18%	0.15%
TMHC	B	0.2%	0.27%	0.2%
TNL	A	0.09%	0.14%	0.09%
TOL	B	0.44%	0.59%	0.44%
TTEK	F	0.38%	0.39%	0.38%
UAA	C	0.05%	0.15%	0.05%
UBSI	B	0.15%	0.21%	0.15%
UFPI	B	0.21%	0.31%	0.21%
UGI	A	0.15%	0.18%	0.15%
UMBF	B	0.13%	0.19%	0.13%
UNM	A	0.28%	0.47%	0.28%
USFD	A	0.44%	0.54%	0.44%
UTHR	C	0.49%	0.64%	0.49%
VAC	B	0.07%	0.12%	0.07%
VC	D	0.04%	0.1%	0.04%
VLY	B	0.12%	0.16%	0.12%
VMI	B	0.18%	0.26%	0.18%
VNO	B	0.22%	0.23%	0.22%
VNT	B	0.17%	0.24%	0.17%
VOYA	B	0.23%	0.27%	0.23%
VSH	D	0.06%	0.08%	0.06%
VVV	F	0.15%	0.21%	0.15%
WBS	A	0.26%	0.39%	0.26%
WCC	B	0.28%	0.34%	0.28%
WEN	D	0.1%	0.11%	0.1%
WHR	B	0.17%	0.23%	0.17%
WLK	D	0.07%	0.15%	0.07%
WSM	B	0.39%	0.59%	0.39%
WTFC	A	0.23%	0.32%	0.23%
WTRG	B	0.28%	0.34%	0.28%
WTS	B	0.15%	0.21%	0.15%
WU	D	0.11%	0.13%	0.11%
X	C	0.23%	0.32%	0.23%
XPO	B	0.21%	0.68%	0.21%
XRAY	F	0.14%	0.13%	0.13%
ZION	B	0.22%	0.34%	0.22%

VBR Overweight 557 Positions Relative to QVMM

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
FCNCA	A	0.61%
BLDR	D	0.58%
ATO	A	0.58%
NRG	B	0.55%
PNR	A	0.48%
KIM	A	0.47%
IEX	B	0.47%
FFIV	B	0.4%
JBL	B	0.39%
REG	B	0.38%
JNPR	F	0.37%
ALLE	D	0.36%
EMN	D	0.36%
LDOS	C	0.36%
CPT	B	0.36%
BG	F	0.35%
SJM	D	0.34%
CHRW	C	0.34%
UHS	D	0.34%
CG	A	0.34%
AES	F	0.34%
KMX	B	0.33%
BXP	D	0.33%
HUBB	B	0.33%
TPR	B	0.32%
IPG	D	0.32%
EPAM	C	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%
APA	D	0.26%
AAL	B	0.26%
HSIC	B	0.26%
APG	B	0.25%
CMA	A	0.25%
MOS	F	0.25%
HAS	D	0.25%
WAL	B	0.25%
VFC	C	0.24%
FMC	D	0.24%
DOC	D	0.23%
NI	A	0.23%
IVZ	B	0.22%
JXN	C	0.22%
RL	B	0.22%
BWA	D	0.22%
MHK	D	0.21%
HII	D	0.21%
AGNC	D	0.21%
MKSI	C	0.2%
RHI	B	0.2%
QRVO	F	0.2%
BIO	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%
BBWI	D	0.18%
ELAN	D	0.18%
BECN	B	0.17%
NSIT	F	0.17%
SRCL	C	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%
PSN	D	0.15%
BCC	B	0.15%
MATX	C	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%
SLG	B	0.14%
ZWS	B	0.14%
RIVN	F	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	B	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%
SMG	D	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%
AMED	F	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%
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%
CC	C	0.08%
TGNA	B	0.08%
DBRG	F	0.08%
REZI	A	0.08%
PRGS	A	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	C	0.08%
IOVA	F	0.08%
BOH	B	0.08%
ATGE	B	0.08%
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%
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%
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%
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	C	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	A	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%
UA	C	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	C	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%
SRCL	C	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	C	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 116 Positions Relative to QVMM

Symbol	Grade	Weight
TPL	A	-0.99%
LII	A	-0.73%
IBKR	A	-0.71%
BURL	A	-0.61%
RBA	A	-0.61%
WSO	A	-0.61%
MANH	D	-0.6%
FIX	A	-0.59%
PSTG	D	-0.58%
FNF	B	-0.57%
GGG	B	-0.54%
CASY	A	-0.52%
CW	B	-0.51%
TXRH	C	-0.49%
AVTR	F	-0.49%
BMRN	D	-0.47%
CLH	B	-0.46%
NBIX	C	-0.46%
LECO	B	-0.46%
SAIA	B	-0.45%
BLD	D	-0.44%
BWXT	B	-0.44%
AMH	D	-0.42%
FND	C	-0.41%
WPC	D	-0.41%
KNSL	B	-0.4%
DUOL	A	-0.4%
EXP	A	-0.38%
CIEN	B	-0.38%
CUBE	D	-0.37%
WWD	B	-0.37%
TPX	B	-0.36%
EXEL	B	-0.35%
HLI	B	-0.35%
WING	D	-0.34%
GMED	A	-0.34%
TTC	D	-0.34%
WMS	D	-0.34%
CHDN	B	-0.33%
RGLD	C	-0.33%
AAON	B	-0.33%
RBC	A	-0.33%
BRBR	A	-0.32%
PCTY	B	-0.32%
MORN	B	-0.32%
REXR	F	-0.32%
CHE	D	-0.31%
HQY	B	-0.31%
CNM	D	-0.31%
ONTO	D	-0.31%
SKX	D	-0.3%
SSD	D	-0.29%
MEDP	D	-0.29%
LNW	D	-0.29%
WH	B	-0.28%
CVLT	B	-0.28%
DAR	C	-0.28%
TREX	C	-0.27%
RGEN	D	-0.27%
ALV	C	-0.27%
MTDR	B	-0.27%
GXO	B	-0.26%
CGNX	C	-0.26%
MASI	A	-0.26%
LSCC	D	-0.26%
HALO	F	-0.26%
H	B	-0.26%
MTSI	B	-0.26%
RYAN	B	-0.26%
EXLS	B	-0.26%
GNTX	C	-0.26%
WEX	D	-0.26%
WFRD	D	-0.25%
NOV	C	-0.25%
LFUS	F	-0.24%
LSTR	D	-0.24%
CROX	D	-0.24%
OLED	D	-0.24%
DOCS	C	-0.23%
CHX	C	-0.23%
NOVT	D	-0.23%
RMBS	C	-0.22%
ALTR	B	-0.22%
KRG	B	-0.21%
COKE	C	-0.21%
QLYS	C	-0.2%
BRKR	D	-0.2%
LNTH	D	-0.2%
MMS	F	-0.19%
CIVI	D	-0.19%
LOPE	B	-0.18%
APPF	B	-0.18%
EXPO	D	-0.18%
HXL	D	-0.18%
OLLI	D	-0.18%
IRT	A	-0.17%
WMG	C	-0.17%
HAE	C	-0.17%
EEFT	B	-0.17%
DLB	B	-0.16%
CELH	F	-0.16%
ORA	B	-0.15%
NEU	C	-0.14%
ROIV	C	-0.14%
LANC	C	-0.13%
SLAB	D	-0.13%
OPCH	D	-0.13%
VAL	D	-0.12%
YETI	C	-0.12%
LIVN	F	-0.11%
ZI	D	-0.11%
NEOG	F	-0.11%
HGV	B	-0.11%
RCM	F	-0.1%
NSA	D	-0.1%
SAM	C	-0.1%