VBR vs. TMSL ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF (TMSL)

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 ^*

797

* may have additional holdings in another (foreign) market

TMSL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF

TMSL Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in assets issued by small- or mid-cap companies. The fund may at times invest significantly in certain sectors, such as the information technology sector.

Grade (RS Rating)

Last Trade

$34.10

Average Daily Volume

71,985

Number of Holdings ^*

256

* may have additional holdings in another (foreign) market

Performance

Period	VBR	TMSL
30 Days	5.18%	5.15%
60 Days	6.13%	5.62%
90 Days	7.24%	6.97%
12 Months	32.19%	34.59%

101 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in TMSL	Overlap
ACM	B	0.4%	0.12%	0.12%
AGCO	D	0.18%	0.5%	0.18%
APG	B	0.24%	0.48%	0.24%
ARMK	B	0.29%	0.28%	0.28%
ASGN	F	0.11%	0.28%	0.11%
AVNT	B	0.13%	0.16%	0.13%
AYI	B	0.24%	0.27%	0.24%
BBWI	C	0.2%	0.38%	0.2%
BCO	F	0.14%	0.39%	0.14%
BDC	C	0.14%	0.59%	0.14%
BERY	C	0.21%	0.28%	0.21%
BFS	C	0.01%	0.16%	0.01%
BJ	A	0.32%	0.28%	0.28%
BLDR	D	0.65%	0.25%	0.25%
BPOP	C	0.21%	1.14%	0.21%
BRX	A	0.24%	0.43%	0.24%
COOP	B	0.16%	0.47%	0.16%
CWEN	C	0.03%	0.2%	0.03%
CWEN	C	0.07%	0.2%	0.07%
DRH	B	0.05%	0.32%	0.05%
EHC	B	0.28%	0.45%	0.28%
ELAN	D	0.21%	0.26%	0.21%
EME	A	0.58%	0.54%	0.54%
ENS	F	0.12%	0.17%	0.12%
EPR	C	0.11%	0.21%	0.11%
EQH	C	0.39%	0.46%	0.39%
ESAB	C	0.18%	0.81%	0.18%
ESNT	F	0.19%	0.13%	0.13%
EVRG	A	0.19%	0.2%	0.19%
EWBC	A	0.33%	0.48%	0.33%
FBP	C	0.1%	0.52%	0.1%
FCN	F	0.24%	0.28%	0.24%
FLO	D	0.13%	0.33%	0.13%
FMC	D	0.24%	0.41%	0.24%
GEO	B	0.05%	0.32%	0.05%
HII	F	0.3%	0.75%	0.3%
HUBB	B	0.33%	0.43%	0.33%
JBL	C	0.37%	0.42%	0.37%
KEX	B	0.2%	0.2%	0.2%
KFY	B	0.11%	0.41%	0.11%
KMPR	A	0.11%	0.32%	0.11%
KRC	B	0.13%	0.26%	0.13%
LAMR	C	0.17%	0.79%	0.17%
LDOS	C	0.32%	0.65%	0.32%
LPX	B	0.2%	0.3%	0.2%
LRN	A	0.05%	0.41%	0.05%
MDGL	B	0.11%	0.11%	0.11%
MIDD	C	0.22%	0.44%	0.22%
MKSI	C	0.21%	1.19%	0.21%
MTX	B	0.07%	0.24%	0.07%
NCLH	B	0.13%	0.37%	0.13%
NFG	A	0.16%	0.19%	0.16%
NI	A	0.22%	0.59%	0.22%
NWE	B	0.1%	0.19%	0.1%
NXST	C	0.15%	0.35%	0.15%
OC	A	0.44%	0.3%	0.3%
OFG	B	0.06%	0.28%	0.06%
OMF	A	0.16%	0.45%	0.16%
PBH	A	0.1%	0.17%	0.1%
PFGC	B	0.35%	0.25%	0.25%
PHIN	A	0.06%	0.37%	0.06%
PK	C	0.08%	0.2%	0.08%
POR	C	0.14%	0.3%	0.14%
PR	B	0.12%	0.36%	0.12%
REG	A	0.38%	0.36%	0.36%
RGA	A	0.41%	0.51%	0.41%
RL	C	0.21%	0.63%	0.21%
RNA	C	0.07%	0.34%	0.07%
RNR	C	0.41%	0.95%	0.41%
RPM	A	0.45%	0.77%	0.45%
RRC	B	0.2%	0.43%	0.2%
RS	B	0.46%	0.61%	0.46%
RYN	D	0.14%	0.39%	0.14%
SCI	B	0.31%	0.25%	0.25%
SEM	B	0.1%	1.35%	0.1%
SHOO	F	0.05%	0.29%	0.05%
ST	F	0.16%	0.46%	0.16%
STEP	C	0.05%	0.26%	0.05%
STLD	B	0.27%	0.54%	0.27%
SUM	B	0.14%	0.5%	0.14%
SWN	C	0.23%	0.2%	0.2%
TDC	D	0.08%	0.14%	0.08%
TFX	F	0.34%	0.61%	0.34%
THC	D	0.46%	1.13%	0.46%
THG	A	0.14%	0.2%	0.14%
TKR	D	0.15%	0.42%	0.15%
TNL	A	0.09%	0.4%	0.09%
TOL	B	0.46%	0.6%	0.46%
UFPI	C	0.22%	0.22%	0.22%
UHS	D	0.37%	0.34%	0.34%
USFD	A	0.43%	0.32%	0.32%
VFC	C	0.22%	0.39%	0.22%
VNO	C	0.21%	0.58%	0.21%
VNT	C	0.15%	0.26%	0.15%
VOYA	B	0.22%	0.67%	0.22%
VRNT	C	0.05%	0.21%	0.05%
VRTS	B	0.04%	0.25%	0.04%
WAL	B	0.26%	1.15%	0.26%
WBS	A	0.23%	0.8%	0.23%
WU	F	0.12%	0.62%	0.12%
XRAY	F	0.16%	0.15%	0.15%

VBR Overweight 696 Positions Relative to TMSL

Symbol	Grade	Weight
SW	A	0.74%
BAH	F	0.61%
CSL	C	0.6%
ATO	A	0.58%
FCNCA	A	0.57%
NRG	B	0.54%
PNR	A	0.47%
IEX	C	0.47%
UTHR	C	0.46%
WSM	C	0.45%
KIM	A	0.45%
AES	F	0.41%
GLPI	C	0.39%
BG	D	0.39%
EMN	C	0.38%
CPT	B	0.38%
ALLE	C	0.37%
JLL	D	0.37%
JNPR	D	0.37%
FFIV	B	0.37%
TTEK	F	0.36%
KMX	B	0.35%
ITT	A	0.35%
SJM	D	0.35%
CHRW	B	0.35%
NVT	B	0.34%
IPG	D	0.34%
BXP	C	0.33%
CCK	D	0.33%
RRX	B	0.32%
SFM	A	0.32%
FBIN	D	0.32%
CACI	D	0.32%
ATR	B	0.31%
EPAM	B	0.31%
TPR	B	0.31%
AIZ	A	0.3%
OHI	C	0.3%
LKQ	F	0.3%
AA	A	0.29%
TAP	C	0.29%
CG	B	0.29%
PNW	A	0.29%
OVV	B	0.29%
AFG	A	0.29%
HAS	D	0.28%
FRT	B	0.28%
SOLV	D	0.28%
ALLY	C	0.28%
QRVO	F	0.28%
Z	A	0.28%
EVR	B	0.27%
HSIC	C	0.27%
WTRG	B	0.27%
GL	C	0.27%
JEF	A	0.26%
HRB	D	0.26%
DCI	B	0.26%
GPK	C	0.26%
NNN	C	0.26%
INGR	C	0.26%
PRI	B	0.26%
APA	D	0.26%
MUSA	B	0.26%
EGP	D	0.26%
SF	B	0.26%
MOS	F	0.25%
AIT	B	0.25%
MHK	D	0.25%
NYT	D	0.25%
KBR	F	0.25%
GME	C	0.25%
UNM	A	0.25%
FYBR	C	0.25%
FLR	B	0.24%
AGNC	C	0.24%
OGE	A	0.24%
ORI	A	0.24%
WCC	B	0.24%
BWA	D	0.24%
DKS	D	0.24%
KNX	C	0.24%
FHN	A	0.24%
ALSN	B	0.24%
MLI	B	0.24%
LAD	A	0.24%
AXTA	B	0.23%
CMA	B	0.23%
DOC	C	0.23%
CHRD	D	0.23%
SEIC	B	0.23%
IVZ	B	0.22%
ADC	A	0.22%
DTM	A	0.22%
SNX	D	0.22%
CR	A	0.22%
STAG	D	0.21%
SAIC	F	0.21%
ANF	F	0.21%
X	B	0.21%
WTFC	A	0.21%
LUMN	C	0.21%
DINO	D	0.21%
AAL	B	0.21%
FR	D	0.21%
SSB	B	0.21%
MTH	D	0.21%
FLS	B	0.2%
COHR	B	0.2%
JXN	C	0.2%
DVA	C	0.2%
CBSH	B	0.2%
TMHC	C	0.2%
ZION	B	0.2%
G	B	0.2%
UHAL	D	0.2%
NSIT	F	0.2%
ARW	D	0.2%
CFR	B	0.19%
FAF	A	0.19%
STWD	C	0.19%
MAT	D	0.19%
BIO	C	0.19%
PB	B	0.19%
OSK	C	0.19%
JAZZ	B	0.19%
MSA	F	0.19%
CRUS	D	0.19%
MTG	C	0.19%
RHI	C	0.19%
RLI	A	0.19%
SNV	C	0.18%
CBT	D	0.18%
LEA	F	0.18%
CMC	B	0.18%
MOG.A	B	0.17%
CADE	B	0.17%
VMI	B	0.17%
WHR	B	0.17%
ACI	C	0.17%
ESI	B	0.17%
XPO	B	0.17%
ONB	C	0.17%
CLF	F	0.17%
R	B	0.17%
AXS	A	0.17%
AN	C	0.17%
VVV	D	0.16%
COLB	B	0.16%
KBH	D	0.16%
BCC	B	0.16%
IDA	A	0.16%
AUR	C	0.16%
BC	C	0.16%
THO	B	0.16%
ALB	B	0.16%
ACHC	F	0.16%
PVH	C	0.16%
OLN	F	0.16%
PARA	C	0.16%
SRCL	B	0.16%
SIGI	C	0.16%
WTS	B	0.16%
ALK	B	0.16%
AMG	B	0.15%
KNF	B	0.15%
AM	A	0.15%
FNB	A	0.15%
GBCI	B	0.15%
SIRI	C	0.15%
RDN	D	0.15%
MDU	D	0.15%
KD	B	0.15%
BECN	B	0.15%
LNC	C	0.15%
SON	F	0.15%
UGI	C	0.15%
GAP	C	0.15%
TPG	A	0.14%
GATX	A	0.14%
CPRI	F	0.14%
ABG	C	0.14%
RIVN	F	0.14%
PIPR	A	0.14%
AVT	C	0.14%
MATX	C	0.14%
MUR	D	0.14%
JHG	B	0.14%
HOMB	A	0.14%
GPI	B	0.14%
ZWS	B	0.14%
OGN	F	0.14%
PSN	D	0.14%
SLM	A	0.14%
UBSI	B	0.14%
LYFT	C	0.13%
UMBF	B	0.13%
ITGR	B	0.13%
SBRA	C	0.13%
SIG	B	0.13%
NUVL	C	0.13%
PII	F	0.13%
HWC	B	0.13%
MGM	D	0.13%
CUZ	B	0.13%
SWX	B	0.13%
FFIN	B	0.13%
SLG	B	0.13%
AL	B	0.13%
KTB	B	0.13%
HOG	D	0.13%
ACA	A	0.13%
OZK	B	0.13%
CNX	A	0.13%
NJR	A	0.13%
HASI	D	0.12%
TPH	D	0.12%
ASH	F	0.12%
ABCB	B	0.12%
M	F	0.12%
GTES	A	0.12%
WTM	A	0.12%
SLGN	A	0.12%
ASO	F	0.12%
OGS	A	0.12%
ICUI	D	0.12%
SEE	C	0.12%
CRC	A	0.12%
AR	B	0.12%
BKH	A	0.12%
FUL	F	0.12%
ESGR	B	0.11%
NHI	D	0.11%
SR	A	0.11%
SMG	C	0.11%
ALE	A	0.11%
PLXS	B	0.11%
DXC	B	0.11%
DNB	B	0.11%
MSM	C	0.11%
IAC	F	0.11%
MTZ	B	0.11%
VLY	B	0.11%
MAC	B	0.11%
EDR	A	0.11%
PNM	B	0.11%
AEO	F	0.11%
AGO	B	0.11%
HUN	F	0.11%
HL	D	0.11%
TCBI	C	0.1%
MGEE	B	0.1%
RUSHA	C	0.1%
ABM	B	0.1%
ESE	B	0.1%
HCC	B	0.1%
IBOC	B	0.1%
TEX	F	0.1%
AUB	B	0.1%
AMKR	D	0.1%
NVST	B	0.1%
AX	B	0.1%
SXT	C	0.1%
NPO	A	0.1%
CDP	C	0.1%
GVA	A	0.1%
UCB	A	0.1%
MAN	F	0.1%
MPW	F	0.1%
CNO	B	0.1%
HIW	C	0.1%
SANM	B	0.1%
PCH	F	0.1%
GMS	B	0.1%
BNL	D	0.1%
PRGO	C	0.1%
PNFP	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%
NSP	F	0.09%
UNF	B	0.09%
PTEN	C	0.09%
WSFS	B	0.09%
WEN	D	0.09%
APAM	B	0.09%
CC	C	0.09%
NWL	C	0.09%
ATKR	D	0.09%
AVA	A	0.09%
CBU	B	0.09%
SYNA	C	0.09%
ASB	B	0.09%
COMP	B	0.09%
WBA	F	0.09%
GFF	A	0.09%
AWR	B	0.09%
CWK	C	0.09%
AMED	F	0.09%
BEN	C	0.09%
BTU	B	0.09%
EBC	B	0.09%
BRC	D	0.09%
APLE	B	0.09%
SKYW	C	0.09%
AROC	A	0.09%
PAG	B	0.09%
COTY	F	0.09%
EAT	A	0.09%
OTTR	C	0.09%
BGC	C	0.09%
FULT	A	0.09%
TGNA	B	0.08%
HUBG	A	0.08%
GHC	B	0.08%
URBN	C	0.08%
ATGE	B	0.08%
POST	C	0.08%
BKU	A	0.08%
CXT	C	0.08%
DY	D	0.08%
BHF	C	0.08%
AIN	C	0.08%
ABR	C	0.08%
ADTN	A	0.08%
REZI	A	0.08%
LXP	D	0.08%
IOSP	C	0.08%
WAFD	B	0.08%
CNXC	F	0.08%
TRN	B	0.08%
PENN	C	0.08%
PRGS	A	0.08%
WLK	D	0.08%
PBF	D	0.08%
PFSI	C	0.08%
DEI	B	0.08%
CATY	B	0.08%
JWN	D	0.08%
FHI	B	0.08%
WERN	C	0.07%
ENR	B	0.07%
SM	B	0.07%
FFBC	B	0.07%
PFS	B	0.07%
PECO	A	0.07%
HAYW	B	0.07%
VAC	C	0.07%
MTRN	C	0.07%
AAP	D	0.07%
AZZ	A	0.07%
BOKF	B	0.07%
VSH	F	0.07%
BFH	C	0.07%
CVBF	A	0.07%
ARCH	B	0.07%
SMMT	D	0.07%
INDB	B	0.07%
ENOV	C	0.07%
HNI	B	0.07%
PPBI	C	0.07%
PRK	B	0.07%
FL	F	0.07%
DBRG	F	0.07%
HBI	B	0.07%
OSIS	A	0.07%
RNG	C	0.07%
AKR	B	0.07%
CDE	C	0.07%
BOH	B	0.07%
GT	C	0.07%
VIRT	A	0.07%
SPB	C	0.07%
ARCB	C	0.07%
IOVA	F	0.07%
FIBK	B	0.07%
SFNC	C	0.07%
MGRC	B	0.07%
OUT	A	0.07%
BXMT	C	0.07%
UE	B	0.07%
BANF	B	0.06%
RXO	D	0.06%
HURN	C	0.06%
GNL	F	0.06%
PRG	C	0.06%
HI	C	0.06%
VSTS	C	0.06%
NMRK	C	0.06%
THS	D	0.06%
RNST	B	0.06%
INFA	D	0.06%
WLY	B	0.06%
IPGP	D	0.06%
VYX	B	0.06%
SFBS	C	0.06%
JOBY	B	0.06%
NBTB	B	0.06%
VGR	B	0.06%
VIAV	C	0.06%
PINC	B	0.06%
OMCL	C	0.06%
VSCO	C	0.06%
KMT	B	0.06%
CGON	F	0.06%
LAUR	A	0.06%
EQC	B	0.06%
IBTX	B	0.06%
OI	C	0.06%
IVT	A	0.06%
BANR	B	0.06%
NATL	B	0.06%
FRME	B	0.06%
BYD	B	0.06%
TDS	B	0.06%
SHO	D	0.06%
STRA	C	0.06%
SXI	B	0.06%
TOWN	B	0.06%
EVTC	B	0.06%
ZD	B	0.06%
ZG	A	0.06%
BLKB	B	0.06%
AIR	B	0.06%
KSS	F	0.06%
CRI	F	0.06%
MHO	D	0.06%
MIR	A	0.06%
PSMT	D	0.06%
AZTA	D	0.06%
CABO	B	0.05%
UPBD	B	0.05%
HLIO	B	0.05%
HE	C	0.05%
LTC	B	0.05%
NBHC	C	0.05%
CENTA	C	0.05%
AMN	F	0.05%
CRGY	B	0.05%
ANDE	D	0.05%
SUPN	C	0.05%
REYN	D	0.05%
PPC	C	0.05%
CHCO	B	0.05%
DDS	B	0.05%
NHC	C	0.05%
SCL	C	0.05%
FCF	B	0.05%
NPAB	F	0.05%
WSBC	B	0.05%
UAA	C	0.05%
NWBI	B	0.05%
MLKN	F	0.05%
PDCO	F	0.05%
TROX	D	0.05%
WKC	C	0.05%
LEG	F	0.05%
LGND	C	0.05%
MCY	A	0.05%
TRMK	C	0.05%
PZZA	F	0.05%
TTMI	C	0.05%
GOLF	B	0.05%
FTRE	D	0.05%
EPC	F	0.05%
LZB	B	0.05%
KAR	B	0.05%
B	A	0.05%
CAKE	C	0.05%
IMVT	F	0.05%
ROIC	A	0.05%
PBI	B	0.04%
AIV	C	0.04%
INSW	F	0.04%
AAT	B	0.04%
PMT	C	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	D	0.04%
UNIT	B	0.04%
NX	C	0.04%
VC	F	0.04%
LADR	B	0.04%
VCTR	B	0.04%
WWW	A	0.04%
CXW	C	0.04%
BKE	B	0.04%
COLM	C	0.04%
SPNT	B	0.04%
HP	C	0.04%
VSAT	F	0.04%
CSGS	B	0.04%
WT	A	0.04%
DNOW	B	0.04%
DAN	D	0.04%
RRR	F	0.04%
REVG	C	0.04%
SBH	C	0.04%
ALEX	B	0.04%
VRE	B	0.04%
BLMN	F	0.04%
CAR	C	0.04%
HELE	C	0.04%
NGVT	B	0.04%
CODI	B	0.04%
HMN	B	0.04%
HOPE	C	0.04%
ESRT	C	0.04%
LCII	C	0.04%
HTH	C	0.04%
NTCT	C	0.04%
GBX	A	0.04%
HEES	C	0.04%
JBGS	F	0.04%
KN	B	0.04%
BHE	C	0.04%
STBA	B	0.04%
CNK	C	0.04%
DYN	F	0.04%
GEF	A	0.04%
APOG	C	0.04%
GO	C	0.04%
ELME	D	0.04%
GTY	A	0.04%
NWN	A	0.04%
USM	B	0.03%
MATV	D	0.03%
SMR	B	0.03%
CMTG	F	0.03%
JACK	C	0.03%
BDN	C	0.03%
BV	C	0.03%
LGF.A	C	0.03%
DNUT	F	0.03%
MMI	C	0.03%
ODP	F	0.03%
UNFI	A	0.03%
JBLU	F	0.03%
TRS	B	0.03%
MD	C	0.03%
CBRL	C	0.03%
THR	B	0.03%
FA	C	0.03%
ATSG	B	0.03%
RWT	D	0.03%
INVA	D	0.03%
VSTO	A	0.03%
LEVI	F	0.03%
MRC	B	0.03%
HTLF	B	0.03%
SCSC	C	0.03%
CARS	C	0.03%
SNDR	B	0.03%
UA	C	0.03%
ECPG	C	0.03%
FBRT	D	0.03%
CNNE	B	0.03%
CSR	B	0.03%
ETWO	F	0.03%
AVNS	F	0.03%
KALU	C	0.03%
WMK	C	0.03%
WS	C	0.03%
KFRC	D	0.03%
ACT	C	0.03%
KWR	C	0.03%
FDP	B	0.03%
SCS	C	0.03%
XRX	F	0.03%
OMI	F	0.03%
DK	C	0.03%
SAFT	B	0.03%
BHLB	B	0.03%
AMRX	C	0.03%
GIII	D	0.03%
MYGN	F	0.03%
EIG	B	0.03%
NAVI	F	0.03%
MSGE	F	0.03%
IART	C	0.03%
LC	A	0.03%
TILE	B	0.02%
HTLD	C	0.02%
ATUS	B	0.02%
MXL	C	0.02%
CAL	F	0.02%
FOR	F	0.02%
GES	F	0.02%
BMBL	C	0.02%
BASE	B	0.02%
SCHL	F	0.02%
CMPR	D	0.02%
HY	D	0.02%
KELYA	F	0.02%
CFFN	C	0.02%
PCRX	C	0.02%
SWI	C	0.02%
TMP	B	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	C	0.02%
KREF	C	0.02%
ASTE	C	0.02%
BRSP	C	0.02%
PRLB	B	0.02%
XHR	B	0.02%
SVC	F	0.02%
MODG	F	0.02%
SEB	F	0.02%
PRA	C	0.02%
SAH	C	0.02%
HAIN	D	0.02%
WNC	C	0.02%
CVI	F	0.02%
EMBC	C	0.02%
HCSG	C	0.02%
MNRO	D	0.02%
PRAA	D	0.02%
FG	A	0.02%
BRKL	B	0.02%
EYE	C	0.02%
DLX	B	0.02%
RBRK	A	0.02%
NUS	D	0.01%
LDI	C	0.01%
BRCC	F	0.01%
OPK	C	0.01%
TWKS	B	0.01%
DJT	C	0.01%
DIN	C	0.01%
OLPX	D	0.01%
VREX	B	0.01%
CENT	C	0.01%
TGI	B	0.01%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
TRTX	C	0.01%
SWBI	C	0.01%
KRO	C	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	C	0.01%
WRLD	C	0.01%
HTZ	C	0.01%
INN	D	0.01%
VMEO	B	0.01%
BJRI	C	0.01%
EE	A	0.01%
RMR	F	0.01%
GRC	A	0.01%
PTVE	B	0.01%
NVRI	D	0.01%
FWRD	D	0.01%
NABL	F	0.01%
USNA	C	0.01%
CLB	B	0.01%
SSTK	F	0.01%
CLBK	C	0.01%
CCO	C	0.01%
ARRY	F	0.01%
GCMG	B	0.01%
LGF.A	C	0.01%
CWH	B	0.01%
DAWN	D	0.01%
PWSC	C	0.0%
SCWX	C	0.0%
AC	B	0.0%
AMCX	C	0.0%
TASK	C	0.0%
ACDC	B	0.0%
LESL	D	0.0%
GEF	A	0.0%

VBR Underweight 156 Positions Relative to TMSL

Symbol	Grade	Weight
SWK	D	-1.44%
FTI	A	-1.23%
CPAY	A	-1.23%
TXT	D	-1.17%
DT	D	-0.87%
REXR	F	-0.84%
SSNC	B	-0.75%
GDDY	A	-0.75%
DOCU	B	-0.71%
BFAM	D	-0.65%
GEN	B	-0.64%
INSM	C	-0.59%
CUBE	C	-0.59%
NTNX	B	-0.59%
CRBG	B	-0.58%
ZBRA	B	-0.57%
SAIA	B	-0.56%
HBAN	A	-0.56%
PATK	C	-0.56%
SITE	F	-0.55%
OPCH	D	-0.54%
CF	A	-0.53%
BURL	B	-0.53%
ENTG	D	-0.52%
XPRO	D	-0.52%
STNG	F	-0.52%
MNDY	C	-0.51%
WYNN	C	-0.51%
MWA	B	-0.51%
WING	D	-0.5%
CVNA	B	-0.5%
VTRS	A	-0.5%
CW	C	-0.49%
IOT	A	-0.49%
CLH	C	-0.48%
WSC	F	-0.48%
DUOL	A	-0.47%
BLX	B	-0.46%
EXAS	D	-0.45%
TYL	B	-0.45%
TTC	C	-0.45%
MORN	B	-0.44%
TOST	B	-0.43%
PLNT	A	-0.41%
NVR	D	-0.41%
HOLX	D	-0.4%
EG	C	-0.4%
AEE	A	-0.39%
AWI	A	-0.39%
FND	D	-0.39%
DKNG	B	-0.39%
SUI	C	-0.38%
DPZ	C	-0.38%
VRRM	F	-0.37%
PTC	B	-0.36%
FITB	B	-0.35%
NWS	A	-0.35%
PCVX	D	-0.34%
UPWK	B	-0.33%
STGW	A	-0.33%
ULTA	F	-0.33%
BPMC	B	-0.32%
DOLE	D	-0.32%
MAIN	A	-0.31%
DOX	D	-0.31%
SKWD	A	-0.31%
RVTY	F	-0.31%
MANH	D	-0.3%
MOH	F	-0.3%
HWM	A	-0.29%
EVRI	A	-0.29%
NBIX	C	-0.29%
TECH	F	-0.28%
LSTR	D	-0.28%
LPLA	A	-0.27%
FTDR	B	-0.27%
ATEN	A	-0.27%
PAYO	A	-0.27%
ELS	C	-0.26%
CASY	A	-0.26%
CPA	D	-0.26%
ELF	C	-0.26%
PLAB	C	-0.25%
HST	C	-0.25%
KYMR	D	-0.25%
CHDN	B	-0.25%
NTRA	A	-0.25%
AZEK	A	-0.24%
PCTY	C	-0.24%
MCB	B	-0.24%
GLOB	B	-0.24%
RVMD	C	-0.24%
BLBD	D	-0.24%
BOX	B	-0.24%
CBOE	C	-0.23%
CRNX	C	-0.23%
BLD	D	-0.23%
OIS	B	-0.23%
RDDT	A	-0.23%
EEFT	B	-0.23%
CTLT	C	-0.23%
TREX	C	-0.23%
WFRD	D	-0.22%
TDW	F	-0.22%
CELH	F	-0.22%
CRL	D	-0.22%
ESS	B	-0.22%
ALV	C	-0.22%
ALKS	C	-0.21%
ONON	A	-0.21%
LSCC	D	-0.21%
BRZE	C	-0.21%
RGEN	D	-0.21%
WFG	C	-0.21%
LPRO	B	-0.21%
PRDO	B	-0.2%
TXRH	B	-0.2%
OLLI	D	-0.19%
HAFC	B	-0.19%
BGNE	D	-0.18%
AHH	D	-0.18%
LUV	C	-0.18%
LEGN	D	-0.18%
RARE	F	-0.18%
TW	A	-0.17%
WDC	D	-0.17%
PLUS	F	-0.16%
AVY	F	-0.16%
REPL	D	-0.16%
SRPT	F	-0.16%
BWXT	B	-0.16%
VERA	C	-0.16%
FIX	A	-0.16%
GMRE	F	-0.15%
HIG	B	-0.15%
CVLT	B	-0.15%
CNP	A	-0.15%
WTTR	A	-0.15%
NRIX	C	-0.14%
AMAL	B	-0.14%
XNCR	B	-0.12%
ASND	F	-0.12%
NTLA	F	-0.11%
ACAD	C	-0.11%
CLDX	F	-0.11%
IONS	F	-0.11%
AKRO	B	-0.11%
IDYA	F	-0.1%
ANET	C	-0.1%
APPF	B	-0.08%
RCKT	F	-0.08%
BXC	B	-0.08%
PRTA	F	-0.07%
SRRK	C	-0.06%
PLRX	D	-0.06%
SWTX	C	-0.04%