VLU vs. FNDA ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to Schwab Fundamental U.S. Small Company Index ETF (FNDA)

VLU

SPDR S&P 1500 Value Tilt ETF

VLU Description

The investment seeks investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 1500 Low Valuation Tilt Index (the "index"). The fund employs a sampling strategy in seeking to track the index. It generally invests substantially all, but at least 80%, of its total assets in the securities. The index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively low valuations are overweight relative to the S&P Composite 1500 Index and stocks with relatively high valuations are underweight. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$193.82

Average Daily Volume

10,085

Number of Holdings ^*

1419

* may have additional holdings in another (foreign) market

FNDA

Schwab Fundamental U.S. Small Company Index ETF

FNDA Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Small Company Index. The index selects, ranks, and weights securities by fundamental measures of company size - adjusted sales, retained operating cash flow, and dividends plus buybacks - rather than market capitalization. Under normal circumstances, the fund will invest at least 90% of its net assets in stocks included in the index. It may invest up to 10% of its net assets in securities not included in the index.

Grade (RS Rating)

Last Trade

$31.86

Average Daily Volume

497,487

Number of Holdings ^*

996

* may have additional holdings in another (foreign) market

Performance

Period	VLU	FNDA
30 Days	4.78%	8.26%
60 Days	5.81%	7.50%
90 Days	7.82%	8.41%
12 Months	31.37%	30.58%

672 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in FNDA	Overlap
	AAL	B	0.08%	0.05%	0.05%
	AAON	B	0.0%	0.09%	0.0%
	AAT	B	0.01%	0.06%	0.01%
	ABCB	B	0.02%	0.13%	0.02%
	ABNB	C	0.06%	0.13%	0.06%
	ABR	C	0.02%	0.1%	0.02%
	ACA	A	0.01%	0.19%	0.01%
	ACHC	F	0.01%	0.1%	0.01%
	ACIW	B	0.01%	0.18%	0.01%
	ACLS	F	0.0%	0.03%	0.0%
	ADC	B	0.02%	0.07%	0.02%
	ADUS	D	0.0%	0.05%	0.0%
	AEIS	B	0.01%	0.11%	0.01%
	AEO	F	0.01%	0.1%	0.01%
	AGO	B	0.02%	0.16%	0.02%
	AHCO	F	0.01%	0.02%	0.01%
	AIN	C	0.01%	0.09%	0.01%
	AIR	B	0.0%	0.12%	0.0%
	AIT	A	0.02%	0.28%	0.02%
	AKR	B	0.01%	0.08%	0.01%
	ALE	A	0.02%	0.17%	0.02%
	ALEX	C	0.0%	0.09%	0.0%
	ALG	B	0.0%	0.07%	0.0%
	ALGM	D	0.01%	0.0%	0.0%
	ALGT	B	0.01%	0.08%	0.01%
	ALK	C	0.06%	0.05%	0.05%
	ALKS	B	0.01%	0.02%	0.01%
	ALRM	C	0.0%	0.04%	0.0%
	AM	A	0.02%	0.1%	0.02%
	AMBC	C	0.0%	0.02%	0.0%
	AMED	F	0.01%	0.12%	0.01%
	AMH	D	0.02%	0.18%	0.02%
	AMKR	D	0.02%	0.17%	0.02%
	AMN	F	0.0%	0.07%	0.0%
	AMPH	D	0.0%	0.0%	0.0%
	AMR	C	0.01%	0.13%	0.01%
	AMSF	B	0.0%	0.01%	0.0%
	AMWD	C	0.01%	0.14%	0.01%
	ANDE	D	0.01%	0.12%	0.01%
	ANF	C	0.01%	0.34%	0.01%
	AOSL	C	0.0%	0.0%	0.0%
	APAM	B	0.01%	0.15%	0.01%
	APLE	B	0.03%	0.17%	0.03%
	APOG	B	0.01%	0.14%	0.01%
	ARCB	C	0.01%	0.19%	0.01%
	ARI	C	0.01%	0.08%	0.01%
	AROC	B	0.01%	0.14%	0.01%
	ASB	B	0.03%	0.21%	0.03%
	ASH	D	0.01%	0.17%	0.01%
	ASIX	A	0.01%	0.04%	0.01%
	ASTE	B	0.0%	0.03%	0.0%
	ASTH	D	0.0%	0.03%	0.0%
	ATGE	B	0.01%	0.19%	0.01%
	ATI	D	0.02%	0.08%	0.02%
	AUB	B	0.02%	0.07%	0.02%
	AVA	A	0.01%	0.16%	0.01%
	AVNS	F	0.01%	0.02%	0.01%
	AVNT	B	0.02%	0.22%	0.02%
	AWI	A	0.01%	0.23%	0.01%
	AWR	B	0.01%	0.06%	0.01%
	AX	A	0.02%	0.11%	0.02%
	AXL	C	0.01%	0.06%	0.01%
	AZTA	D	0.0%	0.04%	0.0%
	AZZ	B	0.01%	0.1%	0.01%
	B	B	0.01%	0.16%	0.01%
	BANF	B	0.02%	0.02%	0.02%
	BANR	B	0.02%	0.12%	0.02%
	BCO	D	0.01%	0.14%	0.01%
	BCPC	B	0.01%	0.09%	0.01%
	BDC	B	0.01%	0.17%	0.01%
	BDN	C	0.01%	0.07%	0.01%
	BGC	C	0.01%	0.12%	0.01%
	BGS	F	0.0%	0.03%	0.0%
	BHE	B	0.02%	0.21%	0.02%
	BHLB	B	0.01%	0.01%	0.01%
	BIO	D	0.02%	0.19%	0.02%
	BJRI	B	0.0%	0.02%	0.0%
	BKE	B	0.01%	0.1%	0.01%
	BKH	A	0.04%	0.23%	0.04%
	BKU	A	0.03%	0.29%	0.03%
	BLD	D	0.01%	0.11%	0.01%
	BLKB	B	0.0%	0.06%	0.0%
	BLMN	F	0.01%	0.07%	0.01%
	BMI	B	0.0%	0.07%	0.0%
	BOH	B	0.01%	0.14%	0.01%
	BOOT	D	0.01%	0.1%	0.01%
	BRBR	A	0.01%	0.05%	0.01%
	BRC	D	0.01%	0.07%	0.01%
	BRKL	B	0.01%	0.02%	0.01%
	BRKR	D	0.01%	0.09%	0.01%
	BSIG	A	0.0%	0.07%	0.0%
	BWXT	B	0.01%	0.26%	0.01%
	BXMT	C	0.03%	0.14%	0.03%
	BYD	C	0.02%	0.21%	0.02%
	CABO	C	0.02%	0.13%	0.02%
	CADE	B	0.03%	0.22%	0.03%
	CAKE	C	0.01%	0.07%	0.01%
	CAL	D	0.0%	0.06%	0.0%
	CALM	A	0.03%	0.2%	0.03%
	CALX	D	0.0%	0.02%	0.0%
	CARG	C	0.01%	0.08%	0.01%
	CARS	B	0.0%	0.04%	0.0%
	CASH	A	0.01%	0.07%	0.01%
	CATY	B	0.03%	0.17%	0.03%
	CBRL	C	0.01%	0.15%	0.01%
	CBSH	A	0.02%	0.21%	0.02%
	CBT	C	0.02%	0.22%	0.02%
	CBU	B	0.01%	0.11%	0.01%
	CCOI	B	0.01%	0.08%	0.01%
	CCS	D	0.01%	0.19%	0.01%
	CDP	C	0.01%	0.14%	0.01%
	CEIX	A	0.03%	0.15%	0.03%
	CENT	C	0.0%	0.01%	0.0%
	CENTA	C	0.01%	0.09%	0.01%
	CFFN	B	0.01%	0.03%	0.01%
	CFR	B	0.03%	0.23%	0.03%
	CGNX	C	0.01%	0.14%	0.01%
	CHCO	B	0.01%	0.05%	0.01%
	CHDN	B	0.01%	0.15%	0.01%
	CHE	D	0.01%	0.11%	0.01%
	CHEF	A	0.01%	0.05%	0.01%
	CHH	A	0.01%	0.09%	0.01%
	CHRD	D	0.07%	0.12%	0.07%
	CHX	C	0.01%	0.12%	0.01%
	CIVI	D	0.04%	0.11%	0.04%
	CLB	B	0.0%	0.02%	0.0%
	CLH	B	0.03%	0.26%	0.03%
	CNK	B	0.03%	0.14%	0.03%
	CNM	D	0.01%	0.12%	0.01%
	CNMD	C	0.0%	0.05%	0.0%
	CNSL	C	0.0%	0.04%	0.0%
	CNX	A	0.05%	0.17%	0.05%
	CNXC	F	0.02%	0.04%	0.02%
	CNXN	C	0.01%	0.09%	0.01%
	COHU	C	0.0%	0.04%	0.0%
	COKE	C	0.03%	0.13%	0.03%
	COLB	A	0.05%	0.19%	0.05%
	COLM	B	0.01%	0.18%	0.01%
	COOP	B	0.05%	0.22%	0.05%
	CORT	B	0.01%	0.1%	0.01%
	COTY	F	0.01%	0.06%	0.01%
	CPF	A	0.01%	0.03%	0.01%
	CPK	A	0.01%	0.07%	0.01%
	CR	A	0.03%	0.22%	0.03%
	CRC	B	0.02%	0.19%	0.02%
	CRK	B	0.01%	0.07%	0.01%
	CRL	C	0.01%	0.11%	0.01%
	CROX	D	0.01%	0.14%	0.01%
	CRS	A	0.02%	0.25%	0.02%
	CRUS	D	0.01%	0.21%	0.01%
	CRVL	A	0.0%	0.0%	0.0%
	CSGP	D	0.02%	0.17%	0.02%
	CSGS	B	0.0%	0.09%	0.0%
	CSR	B	0.0%	0.02%	0.0%
	CTRE	D	0.01%	0.03%	0.01%
	CTS	C	0.0%	0.06%	0.0%
	CUBE	D	0.02%	0.18%	0.02%
	CUBI	C	0.01%	0.07%	0.01%
	CUZ	B	0.03%	0.19%	0.03%
	CVBF	A	0.02%	0.11%	0.02%
	CVCO	A	0.01%	0.14%	0.01%
	CVI	F	0.01%	0.06%	0.01%
	CVLT	B	0.01%	0.14%	0.01%
	CWEN	C	0.02%	0.09%	0.02%
	CWEN	C	0.01%	0.09%	0.01%
	CWK	B	0.03%	0.22%	0.03%
	CWT	D	0.01%	0.07%	0.01%
	CXT	B	0.0%	0.07%	0.0%
	CXW	B	0.02%	0.28%	0.02%
	DAY	B	0.01%	0.02%	0.01%
	DBX	B	0.01%	0.13%	0.01%
	DEA	D	0.01%	0.05%	0.01%
	DEI	B	0.03%	0.22%	0.03%
	DFIN	D	0.0%	0.06%	0.0%
	DIOD	D	0.01%	0.11%	0.01%
	DLB	B	0.01%	0.13%	0.01%
	DLX	B	0.01%	0.08%	0.01%
	DNOW	B	0.01%	0.15%	0.01%
	DORM	B	0.01%	0.13%	0.01%
	DRH	B	0.01%	0.12%	0.01%
	DT	C	0.01%	0.03%	0.01%
	DTM	B	0.03%	0.23%	0.03%
	DXCM	D	0.01%	0.09%	0.01%
	DXPE	B	0.0%	0.04%	0.0%
	DY	D	0.01%	0.24%	0.01%
	EAT	A	0.02%	0.19%	0.02%
	ECPG	B	0.01%	0.12%	0.01%
	EEFT	B	0.01%	0.17%	0.01%
	EGBN	B	0.01%	0.03%	0.01%
	EGP	F	0.01%	0.08%	0.01%
	EIG	B	0.01%	0.09%	0.01%
	ELME	D	0.01%	0.06%	0.01%
	ELS	C	0.02%	0.2%	0.02%
	EMBC	C	0.0%	0.06%	0.0%
	ENOV	C	0.01%	0.11%	0.01%
	ENPH	F	0.01%	0.04%	0.01%
	ENR	B	0.01%	0.1%	0.01%
	ENS	D	0.01%	0.19%	0.01%
	ENSG	D	0.01%	0.14%	0.01%
	ENV	B	0.0%	0.06%	0.0%
	ENVA	B	0.02%	0.19%	0.02%
	EPAC	B	0.0%	0.06%	0.0%
	EPC	D	0.01%	0.11%	0.01%
	EPR	D	0.01%	0.13%	0.01%
	EPRT	B	0.01%	0.05%	0.01%
	ERIE	D	0.02%	0.06%	0.02%
	ESAB	B	0.01%	0.17%	0.01%
	ESE	B	0.01%	0.09%	0.01%
	ESNT	D	0.02%	0.15%	0.02%
	ETD	C	0.0%	0.02%	0.0%
	ETSY	D	0.01%	0.12%	0.01%
	EVTC	B	0.0%	0.03%	0.0%
	EXEL	B	0.01%	0.2%	0.01%
	EXLS	B	0.01%	0.14%	0.01%
	EXPI	C	0.01%	0.06%	0.01%
	EXPO	D	0.0%	0.07%	0.0%
	EYE	C	0.0%	0.07%	0.0%
	FBK	B	0.01%	0.01%	0.01%
	FBNC	A	0.01%	0.05%	0.01%
	FBP	B	0.01%	0.06%	0.01%
	FBRT	C	0.0%	0.04%	0.0%
	FCF	A	0.01%	0.07%	0.01%
	FCN	D	0.01%	0.19%	0.01%
	FCPT	C	0.01%	0.04%	0.01%
	FDP	B	0.01%	0.23%	0.01%
	FDS	B	0.01%	0.21%	0.01%
	FELE	B	0.01%	0.12%	0.01%
	FFBC	A	0.02%	0.11%	0.02%
	FFIN	B	0.01%	0.09%	0.01%
	FHB	A	0.02%	0.2%	0.02%
	FHI	A	0.01%	0.11%	0.01%
	FICO	B	0.02%	0.36%	0.02%
	FIVE	F	0.0%	0.1%	0.0%
	FIX	A	0.01%	0.25%	0.01%
	FIZZ	C	0.01%	0.02%	0.01%
	FLGT	F	0.0%	0.01%	0.0%
	FLS	B	0.02%	0.29%	0.02%
	FN	D	0.01%	0.11%	0.01%
	FNB	A	0.03%	0.23%	0.03%
	FND	C	0.01%	0.13%	0.01%
	FORM	D	0.0%	0.06%	0.0%
	FOXF	F	0.0%	0.05%	0.0%
	FR	C	0.01%	0.11%	0.01%
	FRT	B	0.01%	0.23%	0.01%
	FSLR	F	0.03%	0.12%	0.03%
	FSS	B	0.01%	0.11%	0.01%
	FTDR	A	0.01%	0.09%	0.01%
	FUL	F	0.01%	0.17%	0.01%
	FULT	A	0.02%	0.14%	0.02%
	FWRD	D	0.01%	0.15%	0.01%
	GATX	A	0.02%	0.22%	0.02%
	GBCI	B	0.02%	0.17%	0.02%
	GBX	A	0.02%	0.2%	0.02%
	GDEN	B	0.0%	0.03%	0.0%
	GDOT	D	0.01%	0.02%	0.01%
	GEF	A	0.02%	0.16%	0.02%
	GEO	B	0.03%	0.42%	0.03%
	GES	F	0.0%	0.06%	0.0%
	GFF	A	0.01%	0.1%	0.01%
	GHC	C	0.03%	0.23%	0.03%
	GIII	D	0.01%	0.18%	0.01%
	GME	C	0.03%	0.31%	0.03%
	GMED	A	0.02%	0.15%	0.02%
	GMS	B	0.01%	0.21%	0.01%
	GNL	F	0.01%	0.07%	0.01%
	GO	C	0.01%	0.08%	0.01%
	GPRE	F	0.0%	0.06%	0.0%
	GRBK	D	0.01%	0.04%	0.01%
	GTLS	B	0.01%	0.06%	0.01%
	GTY	B	0.01%	0.02%	0.01%
	GVA	A	0.01%	0.25%	0.01%
	H	B	0.02%	0.14%	0.02%
	HAE	C	0.01%	0.1%	0.01%
	HAFC	A	0.01%	0.02%	0.01%
	HAIN	C	0.01%	0.04%	0.01%
	HALO	F	0.01%	0.06%	0.01%
	HASI	D	0.01%	0.02%	0.01%
	HAYN	C	0.0%	0.0%	0.0%
	HAYW	B	0.0%	0.05%	0.0%
	HCC	B	0.03%	0.27%	0.03%
	HCSG	C	0.01%	0.06%	0.01%
	HELE	C	0.0%	0.13%	0.0%
	HFWA	B	0.01%	0.02%	0.01%
	HGV	B	0.01%	0.12%	0.01%
	HI	C	0.01%	0.11%	0.01%
	HIW	D	0.03%	0.21%	0.03%
	HLI	B	0.01%	0.19%	0.01%
	HLX	B	0.01%	0.07%	0.01%
	HMN	B	0.01%	0.07%	0.01%
	HNI	B	0.01%	0.18%	0.01%
	HOMB	A	0.02%	0.1%	0.02%
	HOPE	B	0.01%	0.12%	0.01%
	HP	B	0.03%	0.19%	0.03%
	HPP	F	0.0%	0.11%	0.0%
	HQY	B	0.01%	0.07%	0.01%
	HRB	D	0.02%	0.13%	0.02%
	HSII	B	0.0%	0.03%	0.0%
	HTH	B	0.01%	0.11%	0.01%
	HTLD	B	0.0%	0.05%	0.0%
	HWC	B	0.03%	0.21%	0.03%
	HWKN	B	0.01%	0.07%	0.01%
	HXL	D	0.01%	0.17%	0.01%
	HZO	D	0.0%	0.04%	0.0%
	IART	C	0.0%	0.07%	0.0%
	IBKR	A	0.06%	0.11%	0.06%
	IBOC	A	0.02%	0.11%	0.02%
	IBP	D	0.01%	0.09%	0.01%
	IBTX	B	0.02%	0.09%	0.02%
	ICHR	C	0.0%	0.05%	0.0%
	ICUI	D	0.01%	0.14%	0.01%
	IDA	A	0.02%	0.21%	0.02%
	IDCC	A	0.01%	0.13%	0.01%
	IIIN	C	0.0%	0.01%	0.0%
	IIPR	D	0.01%	0.0%	0.0%
	INCY	C	0.03%	0.23%	0.03%
	INDB	B	0.02%	0.09%	0.02%
	INVA	D	0.01%	0.04%	0.01%
	IOSP	B	0.01%	0.13%	0.01%
	IPAR	B	0.0%	0.04%	0.0%
	IPGP	D	0.01%	0.12%	0.01%
	IRDM	D	0.0%	0.08%	0.0%
	IRT	A	0.01%	0.07%	0.01%
	IRWD	F	0.0%	0.02%	0.0%
	ITGR	B	0.01%	0.12%	0.01%
	ITRI	B	0.01%	0.13%	0.01%
	JACK	D	0.0%	0.09%	0.0%
	JAZZ	B	0.02%	0.14%	0.02%
	JBGS	D	0.01%	0.12%	0.01%
	JBLU	F	0.02%	0.19%	0.02%
	JBSS	D	0.0%	0.04%	0.0%
	JBT	B	0.01%	0.12%	0.01%
	JJSF	B	0.01%	0.07%	0.01%
	JWN	C	0.02%	0.12%	0.02%
	KALU	C	0.01%	0.11%	0.01%
	KAR	B	0.02%	0.14%	0.02%
	KELYA	F	0.01%	0.06%	0.01%
	KEX	C	0.02%	0.2%	0.02%
	KFY	B	0.01%	0.21%	0.01%
	KLG	C	0.01%	0.08%	0.01%
	KLIC	B	0.01%	0.05%	0.01%
	KMPR	B	0.02%	0.28%	0.02%
	KMT	B	0.01%	0.18%	0.01%
	KN	B	0.01%	0.07%	0.01%
	KNF	A	0.01%	0.19%	0.01%
	KNSL	B	0.0%	0.03%	0.0%
	KOP	C	0.0%	0.07%	0.0%
	KRC	C	0.04%	0.22%	0.04%
	KREF	D	0.0%	0.02%	0.0%
	KRG	B	0.02%	0.1%	0.02%
	KTB	B	0.02%	0.15%	0.02%
	KW	B	0.01%	0.08%	0.01%
	KWR	C	0.01%	0.06%	0.01%
	LANC	C	0.01%	0.1%	0.01%
	LBRT	D	0.01%	0.12%	0.01%
	LCII	C	0.01%	0.19%	0.01%
	LESL	C	0.0%	0.01%	0.0%
	LFUS	F	0.01%	0.17%	0.01%
	LGIH	D	0.01%	0.15%	0.01%
	LGND	B	0.01%	0.01%	0.01%
	LITE	B	0.02%	0.25%	0.02%
	LIVN	F	0.0%	0.05%	0.0%
	LKFN	B	0.0%	0.04%	0.0%
	LNN	B	0.0%	0.04%	0.0%
	LNW	D	0.02%	0.16%	0.02%
	LOPE	B	0.01%	0.23%	0.01%
	LPG	F	0.01%	0.03%	0.01%
	LRN	A	0.01%	0.12%	0.01%
	LSCC	D	0.0%	0.04%	0.0%
	LTC	B	0.01%	0.04%	0.01%
	LXP	D	0.01%	0.08%	0.01%
	LYV	A	0.05%	0.03%	0.03%
	LZB	B	0.01%	0.15%	0.01%
	MAC	B	0.02%	0.28%	0.02%
	MANH	D	0.0%	0.11%	0.0%
	MASI	A	0.01%	0.16%	0.01%
	MAT	D	0.01%	0.19%	0.01%
	MATV	D	0.01%	0.03%	0.01%
	MATW	C	0.0%	0.02%	0.0%
	MATX	C	0.02%	0.04%	0.02%
	MC	C	0.01%	0.2%	0.01%
	MCY	A	0.02%	0.14%	0.02%
	MD	B	0.01%	0.08%	0.01%
	MEDP	D	0.01%	0.06%	0.01%
	MGEE	C	0.01%	0.1%	0.01%
	MGPI	F	0.0%	0.0%	0.0%
	MGY	A	0.02%	0.09%	0.02%
	MHO	D	0.02%	0.25%	0.02%
	MKTX	D	0.01%	0.14%	0.01%
	MLKN	D	0.01%	0.14%	0.01%
	MMI	B	0.01%	0.06%	0.01%
	MMS	F	0.01%	0.11%	0.01%
	MMSI	B	0.01%	0.09%	0.01%
	MNRO	D	0.01%	0.03%	0.01%
	MODG	F	0.0%	0.05%	0.0%
	MOG.A	B	0.02%	0.22%	0.02%
	MORN	B	0.01%	0.11%	0.01%
	MP	B	0.01%	0.03%	0.01%
	MPWR	F	0.01%	0.11%	0.01%
	MRCY	B	0.01%	0.07%	0.01%
	MRTN	C	0.0%	0.07%	0.0%
	MSA	D	0.0%	0.09%	0.0%
	MSM	C	0.02%	0.12%	0.02%
	MTCH	D	0.01%	0.15%	0.01%
	MTDR	B	0.03%	0.17%	0.03%
	MTRN	C	0.0%	0.07%	0.0%
	MTUS	C	0.0%	0.02%	0.0%
	MTX	B	0.01%	0.15%	0.01%
	MXL	C	0.0%	0.03%	0.0%
	MYE	F	0.0%	0.01%	0.0%
	MYGN	F	0.0%	0.03%	0.0%
	MYRG	B	0.01%	0.11%	0.01%
	NBHC	B	0.01%	0.01%	0.01%
	NBIX	C	0.01%	0.06%	0.01%
	NBR	C	0.01%	0.04%	0.01%
	NBTB	B	0.01%	0.07%	0.01%
	NEOG	F	0.0%	0.04%	0.0%
	NEU	C	0.01%	0.14%	0.01%
	NGVT	B	0.01%	0.11%	0.01%
	NHC	C	0.01%	0.1%	0.01%
	NJR	A	0.01%	0.17%	0.01%
	NMIH	D	0.01%	0.07%	0.01%
	NNN	D	0.02%	0.15%	0.02%
	NOG	A	0.04%	0.04%	0.04%
	NOVT	D	0.01%	0.05%	0.01%
	NOW	A	0.06%	0.17%	0.06%
	NPK	B	0.0%	0.02%	0.0%
	NPO	A	0.01%	0.09%	0.01%
	NSA	D	0.01%	0.06%	0.01%
	NSP	D	0.01%	0.07%	0.01%
	NTCT	C	0.0%	0.1%	0.0%
	NVEE	F	0.0%	0.04%	0.0%
	NVRI	F	0.0%	0.03%	0.0%
	NVST	B	0.01%	0.19%	0.01%
	NWBI	B	0.02%	0.08%	0.02%
	NWE	B	0.02%	0.17%	0.02%
	NWN	A	0.01%	0.08%	0.01%
	NX	C	0.0%	0.07%	0.0%
	NYT	C	0.01%	0.18%	0.01%
	OFG	B	0.01%	0.04%	0.01%
	OGS	A	0.04%	0.19%	0.04%
	OHI	C	0.04%	0.26%	0.04%
	OII	B	0.01%	0.08%	0.01%
	OLED	D	0.01%	0.07%	0.01%
	OLLI	D	0.01%	0.16%	0.01%
	OMCL	C	0.01%	0.08%	0.01%
	OMI	F	0.01%	0.14%	0.01%
	ONB	B	0.03%	0.17%	0.03%
	ONTO	D	0.01%	0.07%	0.01%
	OPCH	D	0.01%	0.08%	0.01%
	ORA	B	0.01%	0.09%	0.01%
	OSIS	B	0.01%	0.09%	0.01%
	OTTR	C	0.01%	0.09%	0.01%
	OUT	A	0.01%	0.16%	0.01%
	OXM	D	0.0%	0.06%	0.0%
	OZK	B	0.04%	0.2%	0.04%
	PARR	D	0.01%	0.04%	0.01%
	PATK	D	0.01%	0.18%	0.01%
	PAYC	B	0.01%	0.1%	0.01%
	PB	A	0.03%	0.23%	0.03%
	PBH	A	0.01%	0.11%	0.01%
	PBI	B	0.01%	0.09%	0.01%
	PCH	D	0.01%	0.17%	0.01%
	PCRX	C	0.0%	0.0%	0.0%
	PDCO	D	0.01%	0.15%	0.01%
	PEB	D	0.01%	0.07%	0.01%
	PECO	A	0.01%	0.11%	0.01%
	PEN	B	0.0%	0.04%	0.0%
	PFBC	B	0.01%	0.0%	0.0%
	PFS	B	0.02%	0.1%	0.02%
	PHIN	A	0.01%	0.17%	0.01%
	PINC	B	0.01%	0.21%	0.01%
	PIPR	B	0.01%	0.17%	0.01%
	PJT	A	0.01%	0.07%	0.01%
	PLAB	C	0.01%	0.07%	0.01%
	PLAY	D	0.0%	0.06%	0.0%
	PLNT	A	0.0%	0.13%	0.0%
	PLUS	F	0.01%	0.11%	0.01%
	PLXS	B	0.02%	0.24%	0.02%
	PMT	D	0.01%	0.08%	0.01%
	PNFP	B	0.03%	0.24%	0.03%
	PNM	F	0.02%	0.2%	0.02%
	PODD	C	0.01%	0.05%	0.01%
	POWI	D	0.0%	0.08%	0.0%
	PPBI	B	0.01%	0.11%	0.01%
	PPC	C	0.02%	0.14%	0.02%
	PR	B	0.03%	0.07%	0.03%
	PRA	C	0.01%	0.04%	0.01%
	PRAA	C	0.0%	0.04%	0.0%
	PRDO	B	0.01%	0.09%	0.01%
	PRG	C	0.02%	0.25%	0.02%
	PRGS	A	0.0%	0.06%	0.0%
	PRK	B	0.01%	0.08%	0.01%
	PRLB	A	0.0%	0.03%	0.0%
	PRVA	B	0.0%	0.03%	0.0%
	PSMT	C	0.01%	0.17%	0.01%
	PSTG	D	0.01%	0.05%	0.01%
	PTC	A	0.02%	0.12%	0.02%
	PTEN	C	0.01%	0.16%	0.01%
	PUMP	B	0.01%	0.04%	0.01%
	PZZA	D	0.0%	0.03%	0.0%
	QLYS	C	0.0%	0.07%	0.0%
	RAMP	C	0.0%	0.09%	0.0%
	RBC	A	0.01%	0.09%	0.01%
	RC	D	0.01%	0.03%	0.01%
	RCL	A	0.08%	0.45%	0.08%
	RDN	C	0.03%	0.24%	0.03%
	RDNT	B	0.01%	0.04%	0.01%
	RES	D	0.01%	0.04%	0.01%
	REX	D	0.0%	0.0%	0.0%
	REXR	F	0.01%	0.07%	0.01%
	RGEN	D	0.01%	0.04%	0.01%
	RGLD	C	0.01%	0.13%	0.01%
	RGR	F	0.0%	0.03%	0.0%
	RH	B	0.01%	0.16%	0.01%
	RLI	B	0.01%	0.13%	0.01%
	RMBS	C	0.0%	0.03%	0.0%
	RNR	C	0.05%	0.13%	0.05%
	RNST	B	0.02%	0.04%	0.02%
	ROCK	C	0.0%	0.09%	0.0%
	ROG	D	0.0%	0.07%	0.0%
	ROIC	A	0.01%	0.08%	0.01%
	ROL	B	0.01%	0.15%	0.01%
	RRC	B	0.03%	0.14%	0.03%
	RUN	F	0.01%	0.02%	0.01%
	RWT	D	0.01%	0.03%	0.01%
	RXO	C	0.01%	0.21%	0.01%
	RYN	D	0.01%	0.14%	0.01%
	SABR	C	0.01%	0.07%	0.01%
	SAFT	C	0.01%	0.08%	0.01%
	SAH	A	0.01%	0.14%	0.01%
	SAIA	B	0.01%	0.24%	0.01%
	SAM	C	0.0%	0.1%	0.0%
	SATS	D	0.02%	0.38%	0.02%
	SBCF	A	0.01%	0.03%	0.01%
	SBH	C	0.01%	0.2%	0.01%
	SBRA	C	0.02%	0.18%	0.02%
	SBSI	B	0.01%	0.02%	0.01%
	SCHL	D	0.01%	0.06%	0.01%
	SCL	C	0.0%	0.13%	0.0%
	SCSC	B	0.01%	0.09%	0.01%
	SCVL	F	0.01%	0.03%	0.01%
	SEDG	F	0.0%	0.0%	0.0%
	SEM	B	0.02%	0.22%	0.02%
	SF	B	0.04%	0.31%	0.04%
	SFBS	B	0.01%	0.04%	0.01%
	SFNC	B	0.03%	0.16%	0.03%
	SHEN	F	0.0%	0.02%	0.0%
	SHO	C	0.01%	0.1%	0.01%
	SHOO	D	0.01%	0.17%	0.01%
	SIG	B	0.02%	0.23%	0.02%
	SIGI	C	0.02%	0.16%	0.02%
	SJW	D	0.0%	0.05%	0.0%
	SKT	B	0.01%	0.11%	0.01%
	SKYW	B	0.02%	0.24%	0.02%
	SLAB	D	0.0%	0.14%	0.0%
	SLG	B	0.02%	0.15%	0.02%
	SLGN	A	0.02%	0.14%	0.02%
	SLVM	B	0.01%	0.25%	0.01%
	SMCI	F	0.01%	0.07%	0.01%
	SMG	D	0.01%	0.19%	0.01%
	SMP	B	0.0%	0.03%	0.0%
	SMPL	B	0.01%	0.06%	0.01%
	SMTC	B	0.0%	0.13%	0.0%
	SNEX	B	0.02%	0.01%	0.01%
	SONO	C	0.0%	0.06%	0.0%
	SPSC	C	0.0%	0.03%	0.0%
	SR	A	0.02%	0.19%	0.02%
	SSB	B	0.03%	0.1%	0.03%
	SSD	D	0.01%	0.17%	0.01%
	SSTK	F	0.0%	0.03%	0.0%
	STAG	F	0.01%	0.11%	0.01%
	STBA	B	0.01%	0.06%	0.01%
	STC	B	0.01%	0.19%	0.01%
	STRA	C	0.01%	0.09%	0.01%
	SUPN	C	0.0%	0.05%	0.0%
	SVC	F	0.0%	0.09%	0.0%
	SWX	B	0.02%	0.26%	0.02%
	SXC	A	0.01%	0.05%	0.01%
	SXI	B	0.0%	0.07%	0.0%
	SXT	B	0.01%	0.14%	0.01%
	SYNA	C	0.01%	0.08%	0.01%
	TALO	C	0.01%	0.08%	0.01%
	TBBK	B	0.01%	0.0%	0.0%
	TCBI	B	0.02%	0.15%	0.02%
	TDC	D	0.01%	0.14%	0.01%
	TECH	D	0.0%	0.11%	0.0%
	TEX	D	0.01%	0.18%	0.01%
	THRM	D	0.0%	0.07%	0.0%
	THRY	F	0.0%	0.03%	0.0%
	THS	D	0.01%	0.13%	0.01%
	TILE	B	0.0%	0.07%	0.0%
	TKO	B	0.04%	0.03%	0.03%
	TMP	B	0.01%	0.02%	0.01%
	TNC	D	0.0%	0.06%	0.0%
	TNL	A	0.02%	0.15%	0.02%
	TREX	C	0.01%	0.12%	0.01%
	TRIP	F	0.0%	0.06%	0.0%
	TRMK	B	0.01%	0.11%	0.01%
	TRN	C	0.03%	0.2%	0.03%
	TTEK	F	0.01%	0.2%	0.01%
	TTMI	B	0.01%	0.22%	0.01%
	TWI	F	0.0%	0.0%	0.0%
	TXRH	C	0.02%	0.28%	0.02%
	TYL	B	0.02%	0.14%	0.02%
	UAA	C	0.02%	0.25%	0.02%
	UAL	A	0.26%	0.42%	0.26%
	UBSI	B	0.02%	0.19%	0.02%
	UCB	A	0.01%	0.1%	0.01%
	UCTT	D	0.01%	0.08%	0.01%
	UE	C	0.01%	0.1%	0.01%
	UFCS	B	0.01%	0.02%	0.01%
	UMBF	B	0.02%	0.17%	0.02%
	UNF	B	0.01%	0.17%	0.01%
	UNIT	B	0.0%	0.2%	0.0%
	UPBD	B	0.01%	0.13%	0.01%
	URBN	C	0.02%	0.18%	0.02%
	USNA	C	0.0%	0.03%	0.0%
	USPH	B	0.0%	0.01%	0.0%
	UTHR	C	0.04%	0.32%	0.04%
	UTL	B	0.0%	0.02%	0.0%
	UVV	B	0.01%	0.15%	0.01%
	VAL	D	0.01%	0.03%	0.01%
	VBTX	B	0.01%	0.06%	0.01%
	VC	D	0.01%	0.09%	0.01%
	VIAV	B	0.0%	0.11%	0.0%
	VIR	D	0.01%	0.03%	0.01%
	VLTO	D	0.02%	0.23%	0.02%
	VLY	B	0.04%	0.2%	0.04%
	VMI	B	0.02%	0.25%	0.02%
	VNT	B	0.01%	0.17%	0.01%
	VRE	B	0.01%	0.05%	0.01%
	VRRM	D	0.0%	0.05%	0.0%
	VRSN	F	0.02%	0.12%	0.02%
	VRTS	B	0.01%	0.05%	0.01%
	VSAT	F	0.0%	0.05%	0.0%
	VSCO	B	0.02%	0.29%	0.02%
	VSH	D	0.01%	0.09%	0.01%
	VSTO	A	0.01%	0.14%	0.01%
	VSTS	C	0.02%	0.17%	0.02%
	VTLE	C	0.01%	0.04%	0.01%
	VTOL	B	0.0%	0.01%	0.0%
	VVV	F	0.02%	0.17%	0.02%
	VYX	B	0.02%	0.16%	0.02%
	WABC	B	0.0%	0.02%	0.0%
	WAFD	B	0.03%	0.16%	0.03%
	WBS	A	0.04%	0.26%	0.04%
	WD	D	0.01%	0.15%	0.01%
	WDFC	B	0.0%	0.06%	0.0%
	WEN	D	0.01%	0.13%	0.01%
	WEX	D	0.01%	0.13%	0.01%
	WFRD	D	0.02%	0.04%	0.02%
	WGO	C	0.01%	0.17%	0.01%
	WH	B	0.01%	0.23%	0.01%
	WING	D	0.0%	0.04%	0.0%
	WMS	D	0.01%	0.13%	0.01%
	WNC	C	0.0%	0.08%	0.0%
	WOLF	F	0.0%	0.01%	0.0%
	WOR	F	0.01%	0.08%	0.01%
	WRLD	C	0.01%	0.03%	0.01%
	WSFS	A	0.01%	0.1%	0.01%
	WTFC	A	0.03%	0.23%	0.03%
	WTRG	B	0.03%	0.12%	0.03%
	WTS	B	0.01%	0.14%	0.01%
	WWD	B	0.02%	0.25%	0.02%
	WWW	B	0.01%	0.12%	0.01%
	WYNN	D	0.02%	0.18%	0.02%
	XHR	B	0.01%	0.11%	0.01%
	XPO	B	0.04%	0.3%	0.04%
	YELP	C	0.01%	0.14%	0.01%
	YETI	C	0.0%	0.08%	0.0%
	ZD	C	0.01%	0.16%	0.01%
	ZI	D	0.0%	0.04%	0.0%

VLU Overweight 747 Positions Relative to FNDA

	Symbol	Grade	Weight
	BRK.A	B	2.43%
	AAPL	C	2.4%
	AMZN	C	2.04%
	XOM	B	1.99%
	WMT	A	1.82%
	META	D	1.68%
	BAC	A	1.57%
	JPM	A	1.53%
	VZ	C	1.5%
	MSFT	F	1.41%
	T	A	1.4%
	CVX	A	1.36%
	WFC	A	1.25%
	UNH	C	1.15%
	GOOG	C	1.15%
	C	A	1.13%
	JNJ	D	0.78%
	GOOGL	C	0.72%
	PFE	D	0.7%
	MS	A	0.63%
	CMCSA	B	0.62%
	TSLA	B	0.62%
	COF	B	0.61%
	GS	A	0.59%
	CVS	D	0.58%
	PM	B	0.56%
	GM	B	0.55%
	TFC	A	0.54%
	HD	A	0.52%
	CSCO	B	0.51%
	PG	A	0.48%
	PSX	C	0.47%
	ORCL	B	0.45%
	V	A	0.45%
	MPC	D	0.45%
	KMI	A	0.45%
	RTX	C	0.44%
	TMUS	B	0.43%
	AVGO	D	0.42%
	MET	A	0.42%
	COP	C	0.41%
	PNC	B	0.41%
	IBM	C	0.41%
	USB	A	0.39%
	MCK	B	0.39%
	PRU	A	0.39%
	VLO	C	0.38%
	F	C	0.37%
	UPS	C	0.37%
	ABBV	D	0.37%
	MO	A	0.36%
	COR	B	0.36%
	NVDA	C	0.36%
	KO	D	0.36%
	GILD	C	0.35%
	AXP	A	0.35%
	DAL	C	0.35%
	BMY	B	0.35%
	CI	F	0.34%
	CB	C	0.34%
	NEE	D	0.34%
	INTC	D	0.33%
	DUK	C	0.33%
	CHTR	C	0.33%
	PEP	F	0.33%
	KR	B	0.33%
	MDT	D	0.32%
	DIS	B	0.32%
	LMT	D	0.32%
	ACN	C	0.31%
	HPQ	B	0.31%
	MRK	F	0.3%
	SO	D	0.3%
	BK	A	0.29%
	ELV	F	0.29%
	COST	B	0.28%
	GE	D	0.27%
	MMM	D	0.27%
	CRM	B	0.27%
	CNC	D	0.26%
	SCHW	B	0.26%
	ABT	B	0.25%
	CAH	B	0.25%
	FDX	B	0.25%
	KHC	F	0.24%
	TXN	C	0.24%
	CAT	B	0.24%
	EOG	A	0.24%
	D	C	0.24%
	AIG	B	0.24%
	HON	B	0.23%
	KVUE	A	0.23%
	AMGN	D	0.23%
	LOW	D	0.23%
	HPE	B	0.23%
	QCOM	F	0.22%
	DE	A	0.22%
	SW	A	0.22%
	UNP	C	0.22%
	ADM	D	0.22%
	TGT	F	0.22%
	BLK	C	0.22%
	SYF	B	0.22%
	CCL	B	0.21%
	GD	F	0.21%
	AFL	B	0.21%
	LLY	F	0.19%
	LIN	D	0.19%
	NFLX	A	0.19%
	WMB	A	0.19%
	EXC	C	0.19%
	MTB	A	0.18%
	HCA	F	0.18%
	CFG	B	0.18%
	PGR	A	0.18%
	MDLZ	F	0.18%
	LYB	F	0.18%
	SRE	A	0.18%
	TRV	B	0.18%
	PYPL	B	0.18%
	HUM	C	0.17%
	LUV	C	0.17%
	OXY	D	0.17%
	ADBE	C	0.17%
	DD	D	0.17%
	IP	B	0.17%
	WBD	C	0.17%
	FI	A	0.16%
	BBY	D	0.16%
	TSN	B	0.16%
	BA	F	0.16%
	EMR	A	0.16%
	ETR	B	0.16%
	JCI	C	0.16%
	ALL	A	0.16%
	AEP	D	0.16%
	PFG	D	0.16%
	DFS	B	0.16%
	TJX	A	0.16%
	NOC	D	0.15%
	XEL	A	0.15%
	APD	A	0.15%
	MCD	D	0.15%
	DOW	F	0.15%
	KEY	B	0.15%
	CMI	A	0.14%
	PEG	A	0.14%
	OKE	A	0.14%
	BX	A	0.14%
	SBUX	A	0.14%
	STT	A	0.14%
	TMO	F	0.14%
	PCG	A	0.13%
	EQT	B	0.13%
	AMT	D	0.13%
	HBAN	A	0.13%
	MU	D	0.13%
	LEN	D	0.13%
	L	A	0.13%
	RGA	A	0.13%
	HIG	B	0.13%
	VTRS	A	0.13%
	NEM	D	0.13%
	PLD	D	0.13%
	SLB	C	0.13%
	MA	C	0.13%
	SYY	B	0.12%
	MMC	B	0.12%
	BKNG	A	0.12%
	ACGL	D	0.12%
	AMD	F	0.12%
	NKE	D	0.12%
	FITB	A	0.12%
	SPGI	C	0.12%
	BKR	B	0.12%
	RF	A	0.12%
	DVN	F	0.12%
	AMP	A	0.12%
	PCAR	B	0.12%
	WELL	A	0.12%
	NSC	B	0.12%
	ETN	A	0.12%
	ED	D	0.12%
	ADI	D	0.12%
	FIS	C	0.11%
	CTSH	B	0.11%
	DHR	F	0.11%
	O	D	0.11%
	UNM	A	0.11%
	ICE	C	0.11%
	VST	B	0.11%
	BSX	B	0.11%
	PFGC	B	0.11%
	KDP	D	0.11%
	BG	F	0.11%
	NUE	C	0.11%
	WEC	A	0.1%
	WM	A	0.1%
	PH	A	0.1%
	CCI	D	0.1%
	KMB	D	0.1%
	LHX	C	0.1%
	REGN	F	0.1%
	OVV	B	0.1%
	EIX	B	0.1%
	GIS	D	0.1%
	GLW	B	0.1%
	ISRG	A	0.1%
	VRTX	F	0.1%
	CME	A	0.1%
	FANG	D	0.1%
	AMAT	F	0.1%
	CSX	B	0.1%
	DHI	D	0.1%
	AFG	A	0.09%
	LAD	A	0.09%
	ADP	B	0.09%
	FOXA	B	0.09%
	RSG	A	0.09%
	AEE	A	0.09%
	MAR	B	0.09%
	TRGP	B	0.09%
	VICI	C	0.09%
	CL	D	0.09%
	DTE	C	0.09%
	PPL	B	0.09%
	ITW	B	0.09%
	SYK	C	0.09%
	TAP	C	0.09%
	SNX	C	0.08%
	ORLY	B	0.08%
	CNP	B	0.08%
	FNF	B	0.08%
	CMA	A	0.08%
	FCX	D	0.08%
	LUMN	C	0.08%
	USFD	A	0.08%
	EQR	B	0.08%
	CARR	D	0.08%
	STLD	B	0.08%
	EG	C	0.08%
	K	A	0.08%
	TT	A	0.08%
	CTVA	C	0.08%
	NTRS	A	0.08%
	MRO	B	0.08%
	BDX	F	0.08%
	VTR	C	0.08%
	ALLY	C	0.08%
	CBRE	B	0.08%
	ES	D	0.08%
	EBAY	D	0.08%
	UBER	D	0.08%
	FE	C	0.07%
	LVS	C	0.07%
	JXN	C	0.07%
	GRMN	B	0.07%
	WTW	B	0.07%
	PSA	D	0.07%
	BWA	D	0.07%
	NXPI	D	0.07%
	IVZ	B	0.07%
	LRCX	F	0.07%
	ATO	A	0.07%
	X	C	0.07%
	NDAQ	A	0.07%
	PANW	C	0.07%
	ANET	C	0.07%
	AVB	B	0.07%
	AON	A	0.07%
	CINF	A	0.07%
	HRL	D	0.07%
	EVRG	A	0.07%
	BIIB	F	0.07%
	URI	B	0.07%
	EQH	B	0.07%
	MOS	F	0.07%
	HAL	C	0.07%
	EQIX	A	0.07%
	TROW	B	0.07%
	ZION	B	0.07%
	AJG	B	0.06%
	PARA	C	0.06%
	BEN	C	0.06%
	BXP	D	0.06%
	FHN	A	0.06%
	GWW	B	0.06%
	LH	C	0.06%
	CMS	C	0.06%
	VFC	C	0.06%
	ROST	C	0.06%
	NVR	D	0.06%
	VNO	B	0.06%
	THC	D	0.06%
	PHM	D	0.06%
	PAYX	C	0.06%
	OMC	C	0.06%
	DINO	D	0.06%
	CTRA	B	0.06%
	PPG	F	0.06%
	HES	B	0.06%
	INTU	C	0.06%
	R	B	0.06%
	NI	A	0.06%
	SHW	A	0.06%
	JEF	A	0.06%
	CF	B	0.06%
	APH	A	0.06%
	SPG	B	0.06%
	CAG	D	0.06%
	GPN	B	0.06%
	RJF	A	0.06%
	WY	D	0.06%
	CHRW	C	0.06%
	MHK	D	0.06%
	AZO	C	0.06%
	DVA	B	0.06%
	ALB	C	0.05%
	WPC	D	0.05%
	UHS	D	0.05%
	JBL	B	0.05%
	KMX	B	0.05%
	PKG	A	0.05%
	APTV	D	0.05%
	JLL	D	0.05%
	LDOS	C	0.05%
	DOC	D	0.05%
	LEA	D	0.05%
	DG	F	0.05%
	GPI	A	0.05%
	BLDR	D	0.05%
	ARE	D	0.05%
	GPC	D	0.05%
	IFF	D	0.05%
	FOX	A	0.05%
	EA	A	0.05%
	ARMK	B	0.05%
	OC	A	0.05%
	EXPE	B	0.05%
	STZ	D	0.05%
	SWK	D	0.05%
	ZBH	C	0.05%
	TOL	B	0.05%
	RS	B	0.05%
	JHG	A	0.05%
	BAX	D	0.05%
	ROP	B	0.05%
	LNC	B	0.05%
	PNW	B	0.05%
	GEN	B	0.05%
	WRB	A	0.05%
	WBA	F	0.05%
	WHR	B	0.05%
	MNST	C	0.05%
	ARW	D	0.05%
	STWD	C	0.05%
	HSY	F	0.05%
	NRG	B	0.05%
	DGX	A	0.05%
	EWBC	A	0.05%
	AWK	D	0.05%
	AMCR	D	0.05%
	J	F	0.04%
	DOV	A	0.04%
	BRO	B	0.04%
	CPT	B	0.04%
	KIM	A	0.04%
	TXT	D	0.04%
	M	D	0.04%
	EW	C	0.04%
	AN	C	0.04%
	CNO	A	0.04%
	NTAP	C	0.04%
	SANM	B	0.04%
	EXPD	D	0.04%
	DLTR	F	0.04%
	MOH	F	0.04%
	MUSA	A	0.04%
	AME	A	0.04%
	GL	B	0.04%
	TMHC	B	0.04%
	AES	F	0.04%
	SWKS	F	0.04%
	REG	B	0.04%
	HST	C	0.04%
	FYBR	D	0.04%
	SNA	A	0.04%
	BERY	B	0.04%
	CEG	D	0.04%
	MKC	D	0.04%
	WSO	A	0.04%
	GAP	C	0.04%
	HWM	A	0.04%
	MCHP	D	0.04%
	APA	D	0.04%
	PWR	A	0.04%
	ROK	B	0.04%
	FAST	B	0.04%
	BALL	D	0.04%
	MAA	B	0.04%
	MUR	D	0.04%
	SNV	B	0.04%
	AA	B	0.04%
	CTAS	B	0.04%
	GLPI	C	0.04%
	INVH	D	0.04%
	DLR	B	0.04%
	MCO	B	0.04%
	AVT	C	0.04%
	TPR	B	0.04%
	VOYA	B	0.04%
	ON	D	0.04%
	CPB	D	0.04%
	LNT	A	0.04%
	ROIV	C	0.04%
	CPAY	A	0.04%
	CMG	B	0.04%
	IQV	D	0.04%
	AR	B	0.04%
	SJM	D	0.04%
	ESS	B	0.04%
	IRM	D	0.04%
	AIZ	A	0.04%
	WDC	D	0.04%
	AL	B	0.04%
	MGM	D	0.04%
	UGI	A	0.04%
	ECL	D	0.04%
	STX	D	0.04%
	ZTS	D	0.04%
	SNPS	B	0.04%
	EXR	D	0.04%
	WCC	B	0.04%
	DRI	B	0.04%
	WAB	B	0.04%
	KLAC	D	0.04%
	FTNT	C	0.04%
	EMN	D	0.04%
	ORI	A	0.04%
	MSI	B	0.04%
	ABG	B	0.04%
	TGNA	B	0.03%
	MTG	C	0.03%
	HAS	D	0.03%
	FMC	D	0.03%
	LAMR	D	0.03%
	DAR	C	0.03%
	MAN	D	0.03%
	NXST	C	0.03%
	ARCH	B	0.03%
	JNPR	F	0.03%
	MAS	D	0.03%
	CSL	C	0.03%
	PK	B	0.03%
	BURL	A	0.03%
	ILMN	D	0.03%
	ULTA	F	0.03%
	TDS	B	0.03%
	PENN	C	0.03%
	AKAM	D	0.03%
	POST	C	0.03%
	PAG	B	0.03%
	HBI	B	0.03%
	GPK	C	0.03%
	HSIC	B	0.03%
	BRX	A	0.03%
	GNW	A	0.03%
	FLR	B	0.03%
	GEHC	F	0.03%
	NFG	A	0.03%
	BHF	B	0.03%
	HUBB	B	0.03%
	PBF	D	0.03%
	CDW	F	0.03%
	THO	B	0.03%
	AGCO	D	0.03%
	UDR	B	0.03%
	CBOE	B	0.03%
	ABM	B	0.03%
	EME	C	0.03%
	ODFL	B	0.03%
	IT	C	0.03%
	BTU	B	0.03%
	CHD	B	0.03%
	OGE	B	0.03%
	NWSA	B	0.03%
	RL	B	0.03%
	ACM	A	0.03%
	MTZ	B	0.03%
	COHR	B	0.03%
	MLM	B	0.03%
	GDDY	A	0.03%
	CACI	D	0.03%
	EL	F	0.03%
	SFM	A	0.03%
	CLX	B	0.03%
	NWL	B	0.03%
	KD	B	0.03%
	FTV	C	0.03%
	LULU	C	0.03%
	VMC	B	0.03%
	YUM	B	0.03%
	LKQ	D	0.03%
	A	D	0.03%
	JBHT	C	0.03%
	DKS	C	0.03%
	BJ	A	0.03%
	KEYS	A	0.03%
	WU	D	0.03%
	MLI	C	0.03%
	DXC	B	0.03%
	TDY	B	0.03%
	OGN	D	0.03%
	IPG	D	0.03%
	CASY	A	0.03%
	FAF	A	0.03%
	CCK	C	0.03%
	KNX	B	0.03%
	CMC	B	0.03%
	TSCO	D	0.03%
	INGR	B	0.03%
	ADSK	A	0.03%
	WLK	D	0.03%
	CPRT	A	0.03%
	NCLH	B	0.03%
	OTIS	C	0.03%
	AYI	B	0.02%
	ITT	A	0.02%
	EPAM	C	0.02%
	HUBG	A	0.02%
	FLO	D	0.02%
	ADNT	F	0.02%
	MRNA	F	0.02%
	NSIT	F	0.02%
	LPX	B	0.02%
	EFX	F	0.02%
	POR	C	0.02%
	NDSN	B	0.02%
	AXTA	A	0.02%
	SEIC	B	0.02%
	SLM	A	0.02%
	NATL	B	0.02%
	NVT	B	0.02%
	KSS	F	0.02%
	RRX	B	0.02%
	BCC	B	0.02%
	OI	C	0.02%
	MTD	D	0.02%
	PII	D	0.02%
	FL	F	0.02%
	BC	C	0.02%
	LII	A	0.02%
	SAIC	F	0.02%
	SBAC	D	0.02%
	CAR	C	0.02%
	AXON	A	0.02%
	MDU	D	0.02%
	RUSHA	C	0.02%
	PRGO	B	0.02%
	OLN	D	0.02%
	REZI	A	0.02%
	WAT	B	0.02%
	AAP	C	0.02%
	PVH	C	0.02%
	BANC	A	0.02%
	IDXX	F	0.02%
	HOG	D	0.02%
	GXO	B	0.02%
	FBIN	D	0.02%
	TTWO	A	0.02%
	BBWI	D	0.02%
	PRI	A	0.02%
	HLT	A	0.02%
	TPH	D	0.02%
	CIEN	B	0.02%
	MTH	D	0.02%
	AVY	D	0.02%
	CLF	F	0.02%
	RVTY	F	0.02%
	CW	B	0.02%
	EHC	B	0.02%
	HII	D	0.02%
	EVR	B	0.02%
	STE	F	0.02%
	WSM	B	0.02%
	KBH	D	0.02%
	RHI	B	0.02%
	GNRC	B	0.02%
	ALGN	D	0.02%
	THG	A	0.02%
	RPM	A	0.02%
	DECK	A	0.02%
	OSK	B	0.02%
	UFPI	B	0.02%
	PNR	A	0.02%
	TRMB	B	0.02%
	IR	B	0.02%
	ALV	C	0.02%
	G	B	0.02%
	BR	A	0.02%
	NOV	C	0.02%
	FFIV	B	0.02%
	TDG	D	0.02%
	HOLX	D	0.02%
	AMG	B	0.02%
	ZBRA	B	0.02%
	CG	A	0.02%
	XYL	D	0.02%
	MPW	F	0.02%
	SCI	B	0.02%
	RMD	C	0.02%
	SON	D	0.02%
	GT	C	0.02%
	SM	B	0.02%
	ANSS	B	0.02%
	BFH	B	0.02%
	CE	F	0.02%
	SKX	D	0.02%
	CZR	F	0.02%
	CDNS	B	0.02%
	TRST	A	0.01%
	HTZ	C	0.01%
	MSGS	A	0.01%
	TFIN	A	0.01%
	MCRI	A	0.01%
	EZPW	A	0.01%
	EFC	C	0.01%
	PAYO	A	0.01%
	POWL	C	0.01%
	SHAK	C	0.01%
	INN	D	0.01%
	CENX	B	0.01%
	RCM	F	0.01%
	WST	C	0.01%
	MCW	B	0.01%
	TPX	B	0.01%
	SPTN	D	0.01%
	CRI	D	0.01%
	EXP	A	0.01%
	LNTH	D	0.01%
	PCTY	B	0.01%
	XRAY	F	0.01%
	ODP	F	0.01%
	AVAV	D	0.01%
	XRX	F	0.01%
	CPRI	F	0.01%
	MKSI	C	0.01%
	SHC	F	0.01%
	MTSI	B	0.01%
	DAN	D	0.01%
	DOCS	C	0.01%
	UA	C	0.01%
	NWS	B	0.01%
	DCOM	A	0.01%
	DPZ	C	0.01%
	POOL	C	0.01%
	TTC	D	0.01%
	UNFI	A	0.01%
	LSTR	D	0.01%
	ASGN	F	0.01%
	GGG	B	0.01%
	WERN	C	0.01%
	WS	B	0.01%
	NAVI	C	0.01%
	LECO	B	0.01%
	KBR	F	0.01%
	VRSK	A	0.01%
	GNTX	C	0.01%
	JKHY	D	0.01%
	LW	C	0.01%
	ASO	F	0.01%
	QRVO	F	0.01%
	LEG	F	0.01%
	MSCI	C	0.01%
	CTLT	B	0.01%
	TFX	F	0.01%
	DCI	B	0.01%
	CC	C	0.01%
	TER	D	0.01%
	IEX	B	0.01%
	AOS	F	0.01%
	ATR	B	0.01%
	WKC	D	0.01%
	SEE	C	0.01%
	TKR	D	0.01%
	MTN	C	0.01%
	VAC	B	0.01%
	MIDD	C	0.01%
	ST	F	0.01%
	SPNT	A	0.01%
	ALLE	D	0.01%
	AORT	B	0.0%
	XPEL	C	0.0%
	NARI	C	0.0%
	AGYS	A	0.0%
	VCEL	B	0.0%
	PGNY	F	0.0%
	GOGO	C	0.0%
	MSEX	B	0.0%
	STAA	F	0.0%
	TNDM	F	0.0%
	CELH	F	0.0%
	RGNX	F	0.0%
	CERT	F	0.0%
	ARWR	F	0.0%
	NABL	F	0.0%
	TTGT	C	0.0%
	ELF	C	0.0%
	CRSR	C	0.0%
	HCI	C	0.0%
	SNCY	C	0.0%
	LQDT	B	0.0%
	CEVA	B	0.0%
	SITM	B	0.0%
	TGI	B	0.0%
	NXRT	B	0.0%
	GKOS	B	0.0%
	COLL	F	0.0%
	CYTK	F	0.0%
	DGII	B	0.0%
	AHH	D	0.0%
	WT	B	0.0%
	DV	C	0.0%
	VECO	F	0.0%
	WSR	A	0.0%
	CPRX	C	0.0%
	HRMY	D	0.0%
	TRUP	B	0.0%
	VICR	B	0.0%
	XNCR	B	0.0%
	VVI	C	0.0%
	EXTR	B	0.0%
	UFPT	B	0.0%
	JOE	F	0.0%
	RCUS	F	0.0%
	UHT	D	0.0%
	HLIT	D	0.0%
	FTRE	D	0.0%
	PLMR	B	0.0%
	NEO	C	0.0%
	DVAX	C	0.0%
	BOX	B	0.0%
	TR	B	0.0%
	BFS	C	0.0%
	QNST	B	0.0%
	PAHC	C	0.0%
	SOLV	C	0.0%

VLU Underweight 325 Positions Relative to FNDA

	Symbol	Grade	Weight
	COIN	C	-0.34%
	APP	B	-0.3%
	HRI	B	-0.28%
	WAL	B	-0.28%
	Z	A	-0.25%
	VRT	B	-0.24%
	HEI	B	-0.24%
	SPB	C	-0.23%
	ESI	A	-0.22%
	SPOT	B	-0.22%
	VIRT	B	-0.22%
	ZM	B	-0.22%
	ELAN	D	-0.21%
	TPC	C	-0.21%
	SCCO	F	-0.2%
	TWLO	A	-0.19%
	DASH	A	-0.19%
	ADTN	A	-0.19%
	AGNC	D	-0.19%
	WMK	C	-0.18%
	RPRX	D	-0.18%
	DBRG	F	-0.18%
	TPL	A	-0.18%
	IMKTA	C	-0.18%
	LAUR	A	-0.17%
	SUM	B	-0.17%
	WTM	A	-0.17%
	SPR	D	-0.17%
	SN	D	-0.17%
	EBS	C	-0.16%
	PLTR	B	-0.16%
	SKY	A	-0.16%
	COLD	D	-0.16%
	VEEV	C	-0.16%
	APO	B	-0.16%
	GTES	A	-0.16%
	ENTG	D	-0.16%
	PFSI	D	-0.16%
	AGR	B	-0.15%
	ARES	A	-0.15%
	NOMD	D	-0.15%
	MOD	A	-0.15%
	SCS	C	-0.15%
	SITE	D	-0.15%
	NMRK	B	-0.14%
	SNDR	B	-0.14%
	APG	B	-0.14%
	TPG	A	-0.14%
	CACC	D	-0.14%
	HE	C	-0.14%
	DNB	B	-0.13%
	ATKR	C	-0.13%
	IGT	F	-0.13%
	FTI	A	-0.13%
	RYI	C	-0.13%
	PRIM	A	-0.12%
	COMP	B	-0.12%
	IAC	D	-0.12%
	AXS	A	-0.12%
	HEES	B	-0.12%
	JELD	F	-0.12%
	TROX	D	-0.12%
	RLJ	C	-0.12%
	RIG	D	-0.12%
	MWA	B	-0.12%
	WDAY	B	-0.12%
	SASR	B	-0.11%
	PSN	D	-0.11%
	WSBC	A	-0.11%
	CPNG	D	-0.11%
	STRL	B	-0.11%
	BOKF	B	-0.11%
	DDS	B	-0.11%
	HLF	C	-0.11%
	BFAM	D	-0.11%
	FIBK	A	-0.11%
	TNET	D	-0.11%
	SIRI	C	-0.1%
	WSC	D	-0.1%
	HTLF	B	-0.1%
	COMM	D	-0.1%
	DHC	F	-0.1%
	BXC	B	-0.1%
	LBRDK	C	-0.09%
	PDM	D	-0.09%
	PINS	D	-0.09%
	NHI	D	-0.09%
	RNG	B	-0.09%
	ESRT	C	-0.09%
	ICFI	F	-0.09%
	MGRC	B	-0.09%
	FRME	B	-0.09%
	RHP	B	-0.09%
	TW	A	-0.09%
	ROKU	D	-0.09%
	CNS	B	-0.08%
	RRR	D	-0.08%
	REVG	B	-0.08%
	DOLE	D	-0.08%
	GOLF	B	-0.08%
	KFRC	D	-0.08%
	CSWI	A	-0.08%
	HL	D	-0.08%
	TTD	B	-0.08%
	PTON	B	-0.08%
	KOS	F	-0.08%
	BMRN	D	-0.08%
	LILAK	D	-0.08%
	CBZ	B	-0.08%
	TOWN	B	-0.08%
	KAI	A	-0.08%
	AZEK	A	-0.08%
	ALIT	C	-0.08%
	CNA	B	-0.07%
	HHH	B	-0.07%
	EBC	B	-0.07%
	GWRE	A	-0.07%
	OPEN	D	-0.07%
	PTVE	B	-0.07%
	LYFT	C	-0.07%
	ZWS	B	-0.07%
	CDE	D	-0.07%
	LADR	B	-0.07%
	ROAD	A	-0.07%
	AGX	B	-0.06%
	CWST	A	-0.06%
	BNL	D	-0.06%
	TOST	B	-0.06%
	NTGR	B	-0.06%
	ECVT	C	-0.06%
	WHD	B	-0.06%
	TDOC	C	-0.06%
	SEB	F	-0.06%
	GCI	D	-0.06%
	KTOS	B	-0.06%
	GFS	C	-0.06%
	TRS	B	-0.06%
	REYN	D	-0.06%
	BSY	D	-0.06%
	BUSE	B	-0.06%
	OEC	C	-0.06%
	EFSC	B	-0.06%
	HURN	B	-0.06%
	NNI	D	-0.06%
	PGRE	F	-0.06%
	ATSG	B	-0.06%
	LGF.A	C	-0.06%
	CWH	B	-0.06%
	BKD	D	-0.06%
	EAF	C	-0.06%
	UIS	B	-0.05%
	ACCO	C	-0.05%
	CNDT	C	-0.05%
	TRNO	F	-0.05%
	AY	B	-0.05%
	NTB	B	-0.05%
	CODI	B	-0.05%
	MRC	B	-0.05%
	SNBR	F	-0.05%
	CCO	C	-0.05%
	AMRK	F	-0.05%
	CMCO	B	-0.05%
	MELI	D	-0.05%
	BV	B	-0.05%
	ESGR	B	-0.05%
	AMCX	C	-0.05%
	SENEA	B	-0.04%
	SWBI	C	-0.04%
	INSW	F	-0.04%
	IHRT	C	-0.04%
	CPS	C	-0.04%
	GLOB	B	-0.04%
	SFL	D	-0.04%
	GLNG	C	-0.04%
	RDUS	C	-0.04%
	ZUMZ	C	-0.04%
	GCO	B	-0.04%
	CSTM	F	-0.04%
	DHT	F	-0.04%
	GTN	F	-0.04%
	EXAS	D	-0.04%
	AGRO	D	-0.04%
	IVT	B	-0.04%
	CMPR	D	-0.04%
	SNAP	C	-0.04%
	HLIO	B	-0.04%
	VCTR	B	-0.04%
	W	F	-0.04%
	BZH	B	-0.04%
	CRGY	B	-0.04%
	CMRE	C	-0.03%
	DAC	B	-0.03%
	XP	F	-0.03%
	BBSI	B	-0.03%
	CRAI	B	-0.03%
	PAGS	F	-0.03%
	CNNE	B	-0.03%
	ZIMV	D	-0.03%
	CVGW	D	-0.03%
	HMST	D	-0.03%
	AGM	C	-0.03%
	ILPT	D	-0.03%
	UVE	B	-0.03%
	PEGA	A	-0.03%
	SBLK	F	-0.03%
	GLDD	B	-0.03%
	RKT	F	-0.03%
	STNG	F	-0.03%
	AMC	C	-0.03%
	CBL	A	-0.03%
	WTTR	B	-0.03%
	LEVI	F	-0.03%
	VRNT	C	-0.03%
	CMTG	F	-0.03%
	TSE	F	-0.03%
	SGRY	F	-0.03%
	USM	B	-0.03%
	NUS	D	-0.03%
	STEP	B	-0.03%
	TRTX	B	-0.03%
	SNOW	C	-0.03%
	VSEC	C	-0.03%
	PLCE	C	-0.02%
	ARKO	C	-0.02%
	CTRN	D	-0.02%
	CLDT	B	-0.02%
	BRY	F	-0.02%
	CLOV	D	-0.02%
	CLVT	F	-0.02%
	ALTO	F	-0.02%
	BRSP	B	-0.02%
	RYAM	C	-0.02%
	KRNY	B	-0.02%
	CMP	C	-0.02%
	CCSI	C	-0.02%
	ARCO	F	-0.02%
	DHIL	A	-0.02%
	DBI	F	-0.02%
	TEN	F	-0.02%
	OPK	C	-0.02%
	GNK	D	-0.02%
	CSV	B	-0.02%
	WOW	B	-0.02%
	SRCE	B	-0.02%
	EDR	A	-0.02%
	HVT	D	-0.02%
	AVO	C	-0.02%
	MTW	C	-0.02%
	EBF	F	-0.02%
	MERC	F	-0.02%
	XPRO	F	-0.02%
	CNOB	B	-0.02%
	WASH	C	-0.02%
	ZEUS	C	-0.02%
	SHYF	C	-0.02%
	TCBK	B	-0.02%
	STNE	F	-0.02%
	WMG	C	-0.02%
	PFC	A	-0.02%
	EVRI	A	-0.02%
	DCO	C	-0.02%
	TBI	F	-0.02%
	CLW	F	-0.02%
	WOOF	D	-0.02%
	OKTA	C	-0.02%
	OCFC	B	-0.02%
	SFIX	B	-0.02%
	RILY	F	-0.01%
	GPRO	F	-0.01%
	MBUU	C	-0.01%
	PKST	D	-0.01%
	KE	C	-0.01%
	HLNE	B	-0.01%
	AVD	D	-0.01%
	JRVR	F	-0.01%
	PRM	C	-0.01%
	GSL	F	-0.01%
	SSP	F	-0.01%
	SRI	F	-0.01%
	MODV	C	-0.01%
	ATNI	F	-0.01%
	NU	C	-0.01%
	CRMT	C	-0.01%
	BMBL	C	-0.01%
	PETS	C	-0.01%
	MED	F	-0.01%
	CCRN	F	-0.01%
	MOV	C	-0.01%
	GPMT	C	-0.01%
	TPIC	F	-0.01%
	OPI	F	-0.01%
	IRBT	F	-0.01%
	DENN	D	-0.01%
	SSYS	C	-0.01%
	AGL	F	-0.01%
	DIN	C	-0.01%
	VREX	C	-0.01%
	TITN	C	-0.01%
	RGP	F	-0.01%
	OIS	C	-0.01%
	FLWS	F	-0.01%
	PLOW	D	-0.01%
	MEI	D	-0.01%
	CHGG	D	-0.0%
	EVH	F	-0.0%
	GIC	D	-0.0%
	SEG	B	-0.0%
	HY	D	-0.0%
	WTI	F	-0.0%
	GSM	D	-0.0%
	CRNC	C	-0.0%
	SPWH	F	-0.0%
	DNUT	D	-0.0%
	ONEW	D	-0.0%
	THR	B	-0.0%
	INMD	C	-0.0%
	TTEC	F	-0.0%
	MSBI	B	-0.0%
	AMRC	F	-0.0%
	CMTL	F	-0.0%
	HOV	D	-0.0%
	PEBO	A	-0.0%
	LXU	B	-0.0%
	NR	B	-0.0%
	NIC	B	-0.0%

VLU: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Software - Application Semiconductors Oil & Gas E&P Biotechnology Business Services Packaged Foods Specialty Chemicals REIT - Diversified Asset Management Specialty Retail Diagnostics & Research Utilities - Regulated Electric Insurance - Property & Casualty REIT - Retail Building Materials Restaurants Aerospace & Defense Capital Markets

Keywords: S&P 500 Bank Nasdaq 100 Banking Natural Gas Real Estate Investment Trust Insurance Chemical Computing Aerospace Electronics Mining Medicine Semiconductor Electricity Deposit Products Telecommunications Transport Commercial Banking Clothing

FNDA: Top Represented Industries & Keywords

Industries: Banks - Regional - US Software - Application Diversified Industrials REIT - Diversified Business Services Specialty Chemicals Asset Management Oil & Gas E&P Packaged Foods Biotechnology Oil & Gas Equipment & Services Specialty Retail Engineering & Construction Insurance - Property & Casualty REIT - Retail Semiconductors Building Materials Capital Markets REIT - Office Restaurants

Keywords: Bank Banking Real Estate Investment Trust Deposit Products Chemical Computing Construction Insurance Mining Real Estate Loans Commercial Banking Electronics Natural Gas Aerospace Telecommunications Medicine S&P 500 Semiconductor Transport Clothing