VBR vs. SPMD ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to SPDR Portfolio Mid Cap ETF (SPMD)

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

$207.50

Average Daily Volume

429,586

Number of Holdings ^*

797

* may have additional holdings in another (foreign) market

SPMD

SPDR Portfolio Mid Cap ETF

SPMD Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 1000 Index. The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index measures the performance of the small- and mid-capitalization segments of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$56.41

Average Daily Volume

1,180,890

Number of Holdings ^*

392

* may have additional holdings in another (foreign) market

Performance

Period	VBR	SPMD
30 Days	1.19%	0.64%
60 Days	3.38%	3.09%
90 Days	8.69%	7.18%
12 Months	29.74%	28.65%

250 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in SPMD	Overlap
AA	A	0.29%	0.35%	0.29%
AAL	B	0.21%	0.31%	0.21%
ACHC	F	0.16%	0.12%	0.12%
ACM	B	0.4%	0.47%	0.4%
ADC	A	0.22%	0.25%	0.22%
AFG	A	0.29%	0.34%	0.29%
AGCO	D	0.18%	0.19%	0.18%
AIT	A	0.25%	0.34%	0.25%
ALE	A	0.11%	0.12%	0.11%
ALLY	C	0.28%	0.33%	0.28%
AM	A	0.15%	0.17%	0.15%
AMED	F	0.09%	0.1%	0.09%
AMG	A	0.15%	0.18%	0.15%
AMKR	F	0.1%	0.1%	0.1%
AN	D	0.17%	0.14%	0.14%
ANF	C	0.21%	0.24%	0.21%
AR	B	0.12%	0.29%	0.12%
ARMK	C	0.29%	0.34%	0.29%
ARW	D	0.2%	0.2%	0.2%
ASB	B	0.09%	0.13%	0.09%
ASGN	F	0.11%	0.14%	0.11%
ASH	F	0.12%	0.13%	0.12%
ATR	B	0.31%	0.38%	0.31%
AVNT	B	0.13%	0.15%	0.13%
AVT	C	0.14%	0.15%	0.14%
AXTA	A	0.23%	0.29%	0.23%
AYI	B	0.24%	0.33%	0.24%
AZTA	F	0.06%	0.07%	0.06%
BC	D	0.16%	0.18%	0.16%
BCO	F	0.14%	0.14%	0.14%
BDC	B	0.14%	0.16%	0.14%
BERY	C	0.21%	0.25%	0.21%
BHF	B	0.08%	0.1%	0.08%
BIO	D	0.19%	0.22%	0.19%
BJ	B	0.32%	0.38%	0.32%
BKH	A	0.12%	0.14%	0.12%
BLKB	C	0.06%	0.11%	0.06%
BRX	A	0.24%	0.28%	0.24%
BYD	B	0.06%	0.17%	0.06%
CACI	C	0.32%	0.36%	0.32%
CADE	B	0.17%	0.23%	0.17%
CAR	C	0.04%	0.06%	0.04%
CBSH	A	0.2%	0.28%	0.2%
CBT	C	0.18%	0.2%	0.18%
CC	C	0.09%	0.1%	0.09%
CCK	D	0.33%	0.35%	0.33%
CDP	C	0.1%	0.11%	0.1%
CFR	B	0.19%	0.29%	0.19%
CG	B	0.29%	0.35%	0.29%
CHRD	D	0.23%	0.27%	0.23%
CLF	F	0.17%	0.18%	0.17%
CMC	B	0.18%	0.23%	0.18%
CNO	A	0.1%	0.14%	0.1%
CNX	A	0.13%	0.19%	0.13%
CNXC	F	0.08%	0.06%	0.06%
COHR	C	0.2%	0.51%	0.2%
COLB	B	0.16%	0.21%	0.16%
COLM	B	0.04%	0.09%	0.04%
COTY	F	0.09%	0.09%	0.09%
CPRI	F	0.14%	0.08%	0.08%
CR	B	0.22%	0.28%	0.22%
CRI	F	0.06%	0.06%	0.06%
CRUS	F	0.19%	0.18%	0.18%
CSL	C	0.6%	0.69%	0.6%
CUZ	B	0.13%	0.15%	0.13%
CXT	D	0.08%	0.09%	0.08%
DCI	B	0.26%	0.31%	0.26%
DINO	D	0.21%	0.23%	0.21%
DKS	D	0.24%	0.38%	0.24%
DTM	A	0.22%	0.32%	0.22%
EGP	D	0.26%	0.27%	0.26%
EHC	B	0.28%	0.34%	0.28%
EME	B	0.58%	0.77%	0.58%
ENOV	C	0.07%	0.08%	0.07%
ENS	D	0.12%	0.13%	0.12%
EPR	D	0.11%	0.11%	0.11%
EQH	B	0.39%	0.5%	0.39%
ESAB	B	0.18%	0.24%	0.18%
ESNT	D	0.19%	0.2%	0.19%
EVR	B	0.27%	0.35%	0.27%
EWBC	A	0.33%	0.47%	0.33%
FAF	C	0.19%	0.22%	0.19%
FBIN	F	0.32%	0.31%	0.31%
FCN	F	0.24%	0.23%	0.23%
FFIN	A	0.13%	0.18%	0.13%
FHI	A	0.08%	0.11%	0.08%
FHN	A	0.24%	0.36%	0.24%
FLO	D	0.13%	0.14%	0.13%
FLR	B	0.24%	0.29%	0.24%
FLS	A	0.2%	0.26%	0.2%
FNB	A	0.15%	0.2%	0.15%
FR	D	0.21%	0.23%	0.21%
FYBR	C	0.25%	0.25%	0.25%
G	A	0.2%	0.24%	0.2%
GAP	C	0.15%	0.16%	0.15%
GATX	A	0.14%	0.18%	0.14%
GBCI	A	0.15%	0.21%	0.15%
GEF	B	0.04%	0.06%	0.04%
GEF	B	0.0%	0.06%	0.0%
GHC	B	0.08%	0.11%	0.08%
GLPI	C	0.39%	0.44%	0.39%
GME	C	0.25%	0.35%	0.25%
GPK	D	0.26%	0.28%	0.26%
GT	C	0.07%	0.09%	0.07%
HOG	D	0.13%	0.13%	0.13%
HOMB	A	0.14%	0.19%	0.14%
HRB	D	0.26%	0.27%	0.26%
HWC	B	0.13%	0.17%	0.13%
IBOC	A	0.1%	0.13%	0.1%
IDA	A	0.16%	0.21%	0.16%
INGR	B	0.26%	0.32%	0.26%
IPGP	D	0.06%	0.07%	0.06%
ITT	A	0.35%	0.41%	0.35%
JAZZ	B	0.19%	0.25%	0.19%
JEF	A	0.26%	0.39%	0.26%
JHG	A	0.14%	0.19%	0.14%
JLL	C	0.37%	0.41%	0.37%
JWN	C	0.08%	0.07%	0.07%
KBH	D	0.16%	0.19%	0.16%
KBR	D	0.25%	0.26%	0.25%
KD	A	0.15%	0.22%	0.15%
KEX	A	0.2%	0.25%	0.2%
KMPR	A	0.11%	0.14%	0.11%
KNF	B	0.15%	0.18%	0.15%
KNX	B	0.24%	0.3%	0.24%
KRC	C	0.13%	0.14%	0.13%
LAD	A	0.24%	0.33%	0.24%
LAMR	D	0.17%	0.37%	0.17%
LEA	F	0.18%	0.18%	0.18%
LPX	A	0.2%	0.23%	0.2%
M	D	0.12%	0.14%	0.12%
MAN	F	0.1%	0.1%	0.1%
MAT	D	0.19%	0.21%	0.19%
MIDD	C	0.22%	0.24%	0.22%
MKSI	C	0.21%	0.25%	0.21%
MSA	D	0.19%	0.22%	0.19%
MSM	D	0.11%	0.13%	0.11%
MTG	C	0.19%	0.21%	0.19%
MTZ	B	0.11%	0.28%	0.11%
MUR	D	0.14%	0.16%	0.14%
MUSA	A	0.26%	0.32%	0.26%
NFG	A	0.16%	0.18%	0.16%
NJR	A	0.13%	0.15%	0.13%
NNN	C	0.26%	0.25%	0.25%
NSP	F	0.09%	0.09%	0.09%
NVST	C	0.1%	0.11%	0.1%
NVT	C	0.34%	0.41%	0.34%
NWE	C	0.1%	0.11%	0.1%
NXST	D	0.15%	0.17%	0.15%
NYT	D	0.25%	0.29%	0.25%
OC	A	0.44%	0.56%	0.44%
OGE	A	0.24%	0.28%	0.24%
OGS	A	0.12%	0.14%	0.12%
OHI	C	0.3%	0.34%	0.3%
OLN	F	0.16%	0.16%	0.16%
ONB	B	0.17%	0.23%	0.17%
ORI	A	0.24%	0.29%	0.24%
OSK	B	0.19%	0.24%	0.19%
OVV	C	0.29%	0.39%	0.29%
OZK	A	0.13%	0.17%	0.13%
PAG	B	0.09%	0.1%	0.09%
PB	A	0.19%	0.26%	0.19%
PBF	D	0.08%	0.1%	0.08%
PCH	D	0.1%	0.1%	0.1%
PFGC	B	0.35%	0.44%	0.35%
PII	F	0.13%	0.12%	0.12%
PK	D	0.08%	0.1%	0.08%
PNFP	A	0.1%	0.31%	0.1%
PNM	B	0.11%	0.14%	0.11%
POR	C	0.14%	0.16%	0.14%
POST	D	0.08%	0.17%	0.08%
PPC	B	0.05%	0.07%	0.05%
PR	B	0.12%	0.32%	0.12%
PRGO	C	0.1%	0.12%	0.1%
PRI	A	0.26%	0.33%	0.26%
PSN	C	0.14%	0.15%	0.14%
PVH	C	0.16%	0.19%	0.16%
R	B	0.17%	0.24%	0.17%
RGA	A	0.41%	0.5%	0.41%
RLI	A	0.19%	0.24%	0.19%
RNR	D	0.41%	0.44%	0.41%
RPM	A	0.45%	0.58%	0.45%
RRC	B	0.2%	0.27%	0.2%
RRX	B	0.32%	0.38%	0.32%
RS	B	0.46%	0.56%	0.46%
RYN	D	0.14%	0.13%	0.13%
SAIC	D	0.21%	0.21%	0.21%
SBRA	C	0.13%	0.14%	0.13%
SCI	A	0.31%	0.4%	0.31%
SEIC	A	0.23%	0.27%	0.23%
SF	A	0.26%	0.39%	0.26%
SFM	B	0.32%	0.47%	0.32%
SIGI	B	0.16%	0.2%	0.16%
SLGN	A	0.12%	0.14%	0.12%
SLM	A	0.14%	0.17%	0.14%
SMG	D	0.11%	0.1%	0.1%
SNV	B	0.18%	0.26%	0.18%
SNX	C	0.22%	0.29%	0.22%
SON	D	0.15%	0.16%	0.15%
SR	A	0.11%	0.13%	0.11%
SSB	B	0.21%	0.27%	0.21%
ST	F	0.16%	0.16%	0.16%
STAG	D	0.21%	0.22%	0.21%
STWD	C	0.19%	0.2%	0.19%
SWX	A	0.13%	0.15%	0.13%
SYNA	D	0.09%	0.1%	0.09%
TCBI	A	0.1%	0.14%	0.1%
TDC	F	0.08%	0.09%	0.08%
TEX	D	0.1%	0.12%	0.1%
THC	C	0.46%	0.51%	0.46%
THG	A	0.14%	0.19%	0.14%
THO	B	0.16%	0.19%	0.16%
TKR	F	0.15%	0.16%	0.15%
TMHC	B	0.2%	0.24%	0.2%
TNL	A	0.09%	0.12%	0.09%
TOL	B	0.46%	0.52%	0.46%
TTEK	F	0.36%	0.36%	0.36%
UA	B	0.03%	0.04%	0.03%
UAA	B	0.05%	0.06%	0.05%
UBSI	A	0.14%	0.19%	0.14%
UFPI	C	0.22%	0.27%	0.22%
UGI	C	0.15%	0.16%	0.15%
UMBF	B	0.13%	0.18%	0.13%
UNM	A	0.25%	0.41%	0.25%
USFD	B	0.43%	0.53%	0.43%
UTHR	C	0.46%	0.57%	0.46%
VAC	C	0.07%	0.1%	0.07%
VC	F	0.04%	0.08%	0.04%
VLY	A	0.11%	0.16%	0.11%
VMI	B	0.17%	0.23%	0.17%
VNO	C	0.21%	0.23%	0.21%
VNT	C	0.15%	0.2%	0.15%
VOYA	A	0.22%	0.26%	0.22%
VSH	F	0.07%	0.06%	0.06%
VVV	B	0.16%	0.18%	0.16%
WAL	B	0.26%	0.33%	0.26%
WBS	A	0.23%	0.34%	0.23%
WCC	B	0.24%	0.31%	0.24%
WEN	C	0.09%	0.1%	0.09%
WHR	A	0.17%	0.21%	0.17%
WLK	F	0.08%	0.14%	0.08%
WSM	D	0.45%	0.55%	0.45%
WTFC	A	0.21%	0.29%	0.21%
WTRG	B	0.27%	0.32%	0.27%
WTS	A	0.16%	0.19%	0.16%
WU	F	0.12%	0.12%	0.12%
X	C	0.21%	0.27%	0.21%
XPO	B	0.17%	0.57%	0.17%
XRAY	F	0.16%	0.12%	0.12%
ZION	A	0.2%	0.29%	0.2%

VBR Overweight 547 Positions Relative to SPMD

Symbol	Grade	Weight
SW	A	0.74%
BLDR	D	0.65%
BAH	D	0.61%
ATO	A	0.58%
FCNCA	A	0.57%
NRG	B	0.54%
PNR	A	0.47%
IEX	B	0.47%
KIM	A	0.45%
AES	F	0.41%
BG	D	0.39%
EMN	C	0.38%
REG	A	0.38%
CPT	D	0.38%
ALLE	D	0.37%
JNPR	D	0.37%
FFIV	B	0.37%
JBL	C	0.37%
UHS	D	0.37%
KMX	B	0.35%
SJM	D	0.35%
CHRW	A	0.35%
TFX	F	0.34%
IPG	F	0.34%
BXP	D	0.33%
HUBB	B	0.33%
LDOS	C	0.32%
EPAM	B	0.31%
TPR	A	0.31%
AIZ	A	0.3%
HII	F	0.3%
LKQ	F	0.3%
TAP	B	0.29%
PNW	A	0.29%
HAS	D	0.28%
FRT	C	0.28%
SOLV	C	0.28%
QRVO	F	0.28%
Z	A	0.28%
HSIC	C	0.27%
STLD	B	0.27%
GL	B	0.27%
APA	F	0.26%
MOS	D	0.25%
MHK	D	0.25%
APG	C	0.24%
AGNC	C	0.24%
FMC	F	0.24%
BWA	B	0.24%
ALSN	A	0.24%
MLI	B	0.24%
SWN	C	0.23%
CMA	B	0.23%
DOC	D	0.23%
IVZ	B	0.22%
VFC	C	0.22%
NI	A	0.22%
LUMN	C	0.21%
BPOP	D	0.21%
ELAN	D	0.21%
RL	B	0.21%
MTH	D	0.21%
JXN	B	0.2%
DVA	C	0.2%
UHAL	D	0.2%
BBWI	C	0.2%
NSIT	F	0.2%
RHI	C	0.19%
EVRG	A	0.19%
MOG.A	B	0.17%
ACI	C	0.17%
ESI	B	0.17%
AXS	A	0.17%
BCC	A	0.16%
AUR	C	0.16%
ALB	C	0.16%
OMF	A	0.16%
PARA	D	0.16%
COOP	B	0.16%
SRCL	B	0.16%
ALK	A	0.16%
SIRI	D	0.15%
RDN	D	0.15%
MDU	D	0.15%
BECN	A	0.15%
LNC	B	0.15%
TPG	A	0.14%
ABG	B	0.14%
RIVN	F	0.14%
PIPR	A	0.14%
MATX	B	0.14%
SUM	B	0.14%
GPI	B	0.14%
ZWS	B	0.14%
OGN	F	0.14%
LYFT	B	0.13%
ITGR	B	0.13%
SIG	C	0.13%
NUVL	D	0.13%
MGM	D	0.13%
NCLH	B	0.13%
SLG	B	0.13%
AL	A	0.13%
KTB	A	0.13%
ACA	A	0.13%
HASI	F	0.12%
TPH	D	0.12%
ABCB	B	0.12%
GTES	A	0.12%
WTM	A	0.12%
ASO	F	0.12%
ICUI	D	0.12%
SEE	D	0.12%
CRC	A	0.12%
FUL	F	0.12%
ESGR	B	0.11%
NHI	D	0.11%
PLXS	B	0.11%
DXC	D	0.11%
DNB	B	0.11%
IAC	F	0.11%
MDGL	C	0.11%
KFY	B	0.11%
MAC	A	0.11%
EDR	A	0.11%
AEO	F	0.11%
AGO	A	0.11%
HUN	F	0.11%
HL	D	0.11%
MGEE	A	0.1%
RUSHA	B	0.1%
ABM	B	0.1%
ESE	A	0.1%
HCC	B	0.1%
AUB	A	0.1%
AX	A	0.1%
SXT	C	0.1%
NPO	A	0.1%
GVA	A	0.1%
UCB	A	0.1%
FBP	B	0.1%
MPW	F	0.1%
HIW	D	0.1%
SANM	B	0.1%
GMS	B	0.1%
BNL	D	0.1%
PBH	A	0.1%
SEM	B	0.1%
SKT	A	0.1%
WD	D	0.1%
GNW	A	0.09%
SATS	D	0.09%
FHB	B	0.09%
PRIM	A	0.09%
ALIT	C	0.09%
UNF	B	0.09%
PTEN	C	0.09%
WSFS	A	0.09%
APAM	A	0.09%
NWL	B	0.09%
ATKR	C	0.09%
AVA	C	0.09%
CBU	B	0.09%
COMP	B	0.09%
WBA	F	0.09%
GFF	B	0.09%
AWR	A	0.09%
CWK	B	0.09%
BEN	C	0.09%
BTU	B	0.09%
EBC	A	0.09%
BRC	C	0.09%
APLE	B	0.09%
SKYW	B	0.09%
AROC	A	0.09%
EAT	A	0.09%
OTTR	C	0.09%
BGC	B	0.09%
FULT	A	0.09%
TGNA	B	0.08%
HUBG	A	0.08%
URBN	C	0.08%
ATGE	B	0.08%
BKU	A	0.08%
DY	C	0.08%
AIN	C	0.08%
ABR	B	0.08%
ADTN	A	0.08%
REZI	A	0.08%
LXP	D	0.08%
IOSP	C	0.08%
WAFD	B	0.08%
TRN	A	0.08%
PENN	C	0.08%
PRGS	B	0.08%
PFSI	D	0.08%
DEI	B	0.08%
CATY	A	0.08%
WERN	B	0.07%
ENR	A	0.07%
SM	C	0.07%
FFBC	A	0.07%
PFS	A	0.07%
PECO	A	0.07%
HAYW	A	0.07%
MTRN	C	0.07%
AAP	C	0.07%
AZZ	A	0.07%
BOKF	A	0.07%
BFH	B	0.07%
CVBF	A	0.07%
ARCH	B	0.07%
SMMT	D	0.07%
INDB	A	0.07%
HNI	B	0.07%
PPBI	B	0.07%
PRK	B	0.07%
FL	F	0.07%
DBRG	F	0.07%
HBI	A	0.07%
OSIS	A	0.07%
RNG	C	0.07%
AKR	A	0.07%
CDE	C	0.07%
MTX	B	0.07%
BOH	B	0.07%
VIRT	A	0.07%
SPB	C	0.07%
CWEN	C	0.07%
RNA	C	0.07%
ARCB	C	0.07%
IOVA	D	0.07%
FIBK	A	0.07%
SFNC	B	0.07%
MGRC	B	0.07%
OUT	A	0.07%
BXMT	D	0.07%
UE	B	0.07%
PHIN	A	0.06%
BANF	B	0.06%
RXO	C	0.06%
HURN	B	0.06%
GNL	D	0.06%
PRG	B	0.06%
HI	C	0.06%
VSTS	F	0.06%
NMRK	A	0.06%
THS	F	0.06%
RNST	B	0.06%
INFA	D	0.06%
WLY	B	0.06%
VYX	C	0.06%
SFBS	B	0.06%
JOBY	C	0.06%
NBTB	B	0.06%
VGR	B	0.06%
VIAV	B	0.06%
PINC	B	0.06%
OMCL	C	0.06%
VSCO	A	0.06%
KMT	B	0.06%
CGON	D	0.06%
LAUR	A	0.06%
EQC	A	0.06%
IBTX	B	0.06%
OI	D	0.06%
IVT	A	0.06%
BANR	A	0.06%
NATL	C	0.06%
FRME	A	0.06%
OFG	B	0.06%
TDS	B	0.06%
SHO	D	0.06%
STRA	C	0.06%
SXI	A	0.06%
TOWN	B	0.06%
EVTC	C	0.06%
ZD	B	0.06%
ZG	A	0.06%
AIR	B	0.06%
KSS	F	0.06%
MHO	D	0.06%
MIR	A	0.06%
PSMT	D	0.06%
VRNT	D	0.05%
CABO	C	0.05%
UPBD	C	0.05%
HLIO	B	0.05%
HE	D	0.05%
LTC	B	0.05%
NBHC	B	0.05%
CENTA	C	0.05%
AMN	F	0.05%
CRGY	A	0.05%
ANDE	C	0.05%
SUPN	B	0.05%
REYN	D	0.05%
STEP	B	0.05%
CHCO	B	0.05%
DDS	B	0.05%
NHC	B	0.05%
SCL	D	0.05%
FCF	A	0.05%
NPAB	F	0.05%
WSBC	A	0.05%
SHOO	D	0.05%
NWBI	A	0.05%
GEO	A	0.05%
DRH	B	0.05%
MLKN	F	0.05%
PDCO	D	0.05%
TROX	F	0.05%
WKC	D	0.05%
LEG	F	0.05%
LGND	C	0.05%
MCY	A	0.05%
TRMK	B	0.05%
LRN	A	0.05%
PZZA	D	0.05%
TTMI	B	0.05%
GOLF	B	0.05%
FTRE	D	0.05%
EPC	D	0.05%
LZB	A	0.05%
KAR	A	0.05%
B	A	0.05%
CAKE	B	0.05%
IMVT	F	0.05%
ROIC	A	0.05%
PBI	C	0.04%
AIV	C	0.04%
INSW	F	0.04%
AAT	C	0.04%
PMT	D	0.04%
UVV	B	0.04%
WOR	F	0.04%
PDM	D	0.04%
WABC	B	0.04%
JELD	F	0.04%
ARI	C	0.04%
BKD	F	0.04%
OXM	F	0.04%
NNI	C	0.04%
UNIT	B	0.04%
NX	C	0.04%
LADR	B	0.04%
VCTR	B	0.04%
WWW	A	0.04%
CXW	B	0.04%
BKE	A	0.04%
SPNT	A	0.04%
HP	C	0.04%
VSAT	F	0.04%
CSGS	B	0.04%
WT	A	0.04%
DNOW	B	0.04%
DAN	F	0.04%
RRR	F	0.04%
REVG	B	0.04%
SBH	A	0.04%
ALEX	B	0.04%
VRE	A	0.04%
BLMN	F	0.04%
VRTS	B	0.04%
HELE	C	0.04%
NGVT	B	0.04%
CODI	A	0.04%
HMN	B	0.04%
HOPE	B	0.04%
ESRT	D	0.04%
LCII	D	0.04%
HTH	B	0.04%
NTCT	B	0.04%
GBX	A	0.04%
HEES	B	0.04%
JBGS	F	0.04%
KN	B	0.04%
BHE	B	0.04%
STBA	B	0.04%
CNK	A	0.04%
DYN	F	0.04%
APOG	B	0.04%
GO	C	0.04%
ELME	D	0.04%
GTY	A	0.04%
NWN	A	0.04%
USM	B	0.03%
MATV	F	0.03%
SMR	A	0.03%
CMTG	D	0.03%
JACK	C	0.03%
BDN	D	0.03%
BV	C	0.03%
LGF.A	F	0.03%
DNUT	D	0.03%
MMI	B	0.03%
ODP	F	0.03%
UNFI	A	0.03%
JBLU	D	0.03%
CWEN	C	0.03%
TRS	D	0.03%
MD	B	0.03%
CBRL	C	0.03%
THR	B	0.03%
FA	D	0.03%
ATSG	A	0.03%
RWT	D	0.03%
INVA	C	0.03%
VSTO	A	0.03%
LEVI	F	0.03%
MRC	B	0.03%
HTLF	B	0.03%
SCSC	B	0.03%
CARS	B	0.03%
SNDR	B	0.03%
ECPG	B	0.03%
FBRT	C	0.03%
CNNE	B	0.03%
CSR	B	0.03%
ETWO	F	0.03%
AVNS	F	0.03%
KALU	C	0.03%
WMK	B	0.03%
WS	B	0.03%
KFRC	D	0.03%
ACT	D	0.03%
KWR	C	0.03%
FDP	A	0.03%
SCS	B	0.03%
XRX	F	0.03%
OMI	F	0.03%
DK	D	0.03%
SAFT	B	0.03%
BHLB	B	0.03%
AMRX	C	0.03%
GIII	D	0.03%
MYGN	F	0.03%
EIG	A	0.03%
NAVI	F	0.03%
MSGE	F	0.03%
IART	C	0.03%
LC	A	0.03%
TILE	B	0.02%
HTLD	B	0.02%
ATUS	C	0.02%
MXL	D	0.02%
CAL	F	0.02%
FOR	F	0.02%
GES	F	0.02%
BMBL	C	0.02%
BASE	C	0.02%
SCHL	F	0.02%
CMPR	F	0.02%
HY	D	0.02%
KELYA	F	0.02%
CFFN	B	0.02%
PCRX	C	0.02%
SWI	B	0.02%
TMP	A	0.02%
BGS	F	0.02%
MATW	C	0.02%
HPP	F	0.02%
PUMP	C	0.02%
UHAL	D	0.02%
HLF	C	0.02%
AXL	C	0.02%
RGR	F	0.02%
KOP	C	0.02%
ECVT	C	0.02%
AMWD	B	0.02%
KREF	D	0.02%
ASTE	C	0.02%
BRSP	B	0.02%
PRLB	B	0.02%
XHR	B	0.02%
SVC	F	0.02%
MODG	F	0.02%
SEB	F	0.02%
PRA	B	0.02%
SAH	B	0.02%
HAIN	F	0.02%
WNC	C	0.02%
CVI	D	0.02%
EMBC	C	0.02%
HCSG	B	0.02%
MNRO	B	0.02%
PRAA	C	0.02%
FG	B	0.02%
BRKL	B	0.02%
EYE	C	0.02%
DLX	A	0.02%
RBRK	B	0.02%
NUS	C	0.01%
LDI	C	0.01%
BRCC	F	0.01%
OPK	A	0.01%
TWKS	B	0.01%
DJT	C	0.01%
DIN	C	0.01%
OLPX	F	0.01%
VREX	C	0.01%
CENT	C	0.01%
TGI	A	0.01%
ALX	D	0.01%
CMP	B	0.01%
AMBC	C	0.01%
TRTX	B	0.01%
SWBI	D	0.01%
KRO	D	0.01%
SRCL	B	0.01%
ZIP	D	0.01%
NAPA	A	0.01%
CNDT	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
EGBN	B	0.01%
RUSHB	B	0.01%
WRLD	D	0.01%
HTZ	C	0.01%
INN	D	0.01%
VMEO	B	0.01%
BJRI	B	0.01%
EE	A	0.01%
RMR	F	0.01%
GRC	B	0.01%
PTVE	C	0.01%
NVRI	F	0.01%
FWRD	D	0.01%
NABL	F	0.01%
USNA	C	0.01%
CLB	C	0.01%
SSTK	F	0.01%
CLBK	B	0.01%
CCO	D	0.01%
ARRY	D	0.01%
GCMG	B	0.01%
LGF.A	F	0.01%
CWH	C	0.01%
BFS	C	0.01%
DAWN	D	0.01%
PWSC	C	0.0%
SCWX	B	0.0%
AC	B	0.0%
AMCX	C	0.0%
TASK	C	0.0%
ACDC	C	0.0%
LESL	C	0.0%

VBR Underweight 143 Positions Relative to SPMD

Symbol	Grade	Weight
TPL	A	-0.85%
ILMN	C	-0.75%
LII	A	-0.65%
IBKR	A	-0.64%
WSO	A	-0.6%
BURL	A	-0.56%
RBA	A	-0.56%
MANH	D	-0.56%
DOCU	B	-0.54%
DT	C	-0.53%
FIX	A	-0.52%
FNF	C	-0.52%
PSTG	F	-0.51%
CASY	B	-0.5%
GGG	A	-0.5%
SAIA	C	-0.48%
AVTR	F	-0.47%
CW	B	-0.46%
TXRH	B	-0.44%
ELS	B	-0.44%
CLH	C	-0.42%
NBIX	D	-0.41%
BMRN	F	-0.41%
WPC	D	-0.4%
DUOL	B	-0.4%
BWXT	A	-0.39%
LECO	C	-0.39%
AMH	C	-0.39%
CUBE	C	-0.36%
BLD	F	-0.36%
FND	F	-0.36%
KNSL	B	-0.35%
EXP	B	-0.34%
WWD	B	-0.34%
CHDN	C	-0.34%
SRPT	F	-0.34%
EXEL	B	-0.33%
CIEN	B	-0.33%
WING	F	-0.32%
HLI	B	-0.32%
MORN	B	-0.31%
CNH	C	-0.31%
BRBR	A	-0.31%
TPX	A	-0.31%
AAON	B	-0.3%
PEN	B	-0.3%
FN	C	-0.3%
RBC	A	-0.3%
REXR	F	-0.3%
GMED	A	-0.3%
WMS	F	-0.3%
RGLD	A	-0.3%
PCTY	B	-0.29%
CHE	D	-0.28%
MEDP	D	-0.28%
TTC	D	-0.28%
CNM	C	-0.27%
ONTO	F	-0.27%
PLNT	A	-0.27%
SKX	F	-0.27%
LNW	F	-0.27%
ENSG	D	-0.27%
HQY	A	-0.27%
TKO	C	-0.26%
HLNE	B	-0.26%
WEX	F	-0.25%
CVLT	B	-0.25%
WH	B	-0.25%
SSD	D	-0.25%
TREX	C	-0.25%
GXO	B	-0.24%
COKE	D	-0.24%
ALV	C	-0.24%
RYAN	B	-0.24%
MTSI	B	-0.24%
EXLS	B	-0.24%
OLED	F	-0.24%
RGEN	F	-0.24%
HALO	D	-0.23%
MTDR	B	-0.23%
ELF	C	-0.23%
CGNX	D	-0.23%
LSCC	D	-0.23%
GNTX	D	-0.23%
MASI	B	-0.23%
H	B	-0.23%
GTLS	A	-0.23%
DAR	B	-0.22%
DBX	C	-0.22%
LSTR	D	-0.22%
MTN	C	-0.22%
NOV	D	-0.21%
CYTK	D	-0.21%
DOCS	B	-0.21%
CROX	F	-0.2%
BRKR	F	-0.2%
NOVT	D	-0.2%
WFRD	F	-0.2%
ALTR	B	-0.2%
LFUS	D	-0.2%
LNTH	F	-0.19%
OLLI	D	-0.19%
RMBS	C	-0.19%
LITE	B	-0.19%
CHX	C	-0.19%
KRG	B	-0.19%
APPF	C	-0.18%
QLYS	C	-0.18%
EXPO	D	-0.17%
ROIV	D	-0.17%
WMG	B	-0.16%
LOPE	B	-0.16%
RH	C	-0.16%
FIVE	F	-0.16%
MMS	D	-0.16%
HXL	F	-0.16%
CHWY	B	-0.15%
HAE	B	-0.15%
CIVI	C	-0.15%
IRT	A	-0.15%
NEU	D	-0.14%
CELH	F	-0.14%
ORA	B	-0.14%
EEFT	C	-0.14%
DLB	D	-0.14%
IRDM	D	-0.12%
POWI	D	-0.12%
LANC	D	-0.12%
OPCH	F	-0.12%
YETI	F	-0.11%
CHH	A	-0.11%
VAL	F	-0.11%
SLAB	F	-0.11%
NEOG	D	-0.1%
NSA	C	-0.1%
ZI	D	-0.1%
ALGM	F	-0.1%
ARWR	D	-0.09%
HGV	C	-0.09%
SAM	C	-0.09%
LIVN	C	-0.09%
SHC	D	-0.08%
RCM	A	-0.07%