VLU vs. FNDX ETF Comparison

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

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

$171.85

Average Daily Volume

6,254

Number of Holdings ^*

1436

* may have additional holdings in another (foreign) market

FNDX

Schwab Fundamental U.S. Large Company Index ETF

FNDX Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Large 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

$67.24

Average Daily Volume

402,952

Number of Holdings ^*

710

* may have additional holdings in another (foreign) market

Performance

Period	VLU	FNDX
30 Days	0.41%	0.98%
60 Days	2.21%	3.38%
90 Days	-0.88%	0.12%
12 Months	21.27%	21.47%

672 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in FNDX	Overlap
	A	C	0.03%	0.06%	0.03%
	AA	C	0.02%	0.06%	0.02%
	AAP	F	0.04%	0.04%	0.04%
	AAPL	B	2.4%	4.36%	2.4%
	ABBV	B	0.43%	0.53%	0.43%
	ABG	C	0.05%	0.02%	0.02%
	ABM	B	0.03%	0.02%	0.02%
	ABT	C	0.24%	0.3%	0.24%
	ACGL	A	0.13%	0.06%	0.06%
	ACM	C	0.02%	0.04%	0.02%
	ACN	C	0.27%	0.27%	0.27%
	ADBE	C	0.19%	0.19%	0.19%
	ADI	B	0.15%	0.14%	0.14%
	ADM	F	0.3%	0.21%	0.21%
	ADNT	F	0.02%	0.02%	0.02%
	ADP	B	0.08%	0.13%	0.08%
	ADSK	B	0.03%	0.03%	0.03%
	AEE	D	0.08%	0.06%	0.06%
	AEO	C	0.01%	0.02%	0.01%
	AEP	D	0.16%	0.16%	0.16%
	AES	D	0.05%	0.07%	0.05%
	AFG	D	0.08%	0.04%	0.04%
	AFL	A	0.19%	0.19%	0.19%
	AGCO	F	0.03%	0.03%	0.03%
	AIG	C	0.28%	0.31%	0.28%
	AIZ	D	0.04%	0.03%	0.03%
	AJG	B	0.05%	0.05%	0.05%
	AKAM	F	0.03%	0.03%	0.03%
	AL	C	0.05%	0.02%	0.02%
	ALB	F	0.05%	0.02%	0.02%
	ALGN	F	0.03%	0.02%	0.02%
	ALL	C	0.14%	0.28%	0.14%
	ALLE	D	0.01%	0.02%	0.01%
	ALLY	B	0.1%	0.13%	0.1%
	ALV	D	0.03%	0.04%	0.03%
	AMAT	B	0.17%	0.36%	0.17%
	AMD	B	0.15%	0.09%	0.09%
	AME	D	0.04%	0.05%	0.04%
	AMG	C	0.02%	0.03%	0.02%
	AMGN	B	0.27%	0.48%	0.27%
	AMP	A	0.11%	0.13%	0.11%
	AMT	C	0.14%	0.12%	0.12%
	AMZN	B	1.98%	1.43%	1.43%
	AN	D	0.04%	0.05%	0.04%
	ANDE	D	0.02%	0.01%	0.01%
	ANET	B	0.07%	0.04%	0.04%
	ANSS	D	0.02%	0.02%	0.02%
	AON	C	0.06%	0.11%	0.06%
	AOS	D	0.02%	0.03%	0.02%
	APA	D	0.06%	0.04%	0.04%
	APD	C	0.14%	0.11%	0.11%
	APH	B	0.07%	0.1%	0.07%
	APTV	F	0.07%	0.06%	0.06%
	AR	B	0.05%	0.03%	0.03%
	ARCH	D	0.03%	0.01%	0.01%
	ARE	C	0.05%	0.03%	0.03%
	ARMK	A	0.05%	0.03%	0.03%
	ARW	C	0.06%	0.08%	0.06%
	ASGN	D	0.01%	0.02%	0.01%
	ASO	F	0.02%	0.02%	0.02%
	ATO	B	0.06%	0.03%	0.03%
	ATR	C	0.01%	0.02%	0.01%
	AVB	A	0.07%	0.05%	0.05%
	AVGO	C	0.48%	0.82%	0.48%
	AVT	B	0.05%	0.08%	0.05%
	AVY	B	0.03%	0.05%	0.03%
	AWK	C	0.06%	0.04%	0.04%
	AXP	C	0.32%	0.37%	0.32%
	AXTA	C	0.02%	0.02%	0.02%
	AYI	D	0.01%	0.04%	0.01%
	AZO	B	0.07%	0.06%	0.06%
	BA	D	0.17%	0.16%	0.16%
	BAC	B	1.51%	1.38%	1.38%
	BALL	D	0.05%	0.06%	0.05%
	BAX	D	0.06%	0.07%	0.06%
	BBWI	D	0.03%	0.04%	0.03%
	BBY	B	0.17%	0.19%	0.17%
	BC	F	0.02%	0.03%	0.02%
	BCC	D	0.02%	0.03%	0.02%
	BDX	D	0.1%	0.11%	0.1%
	BEN	D	0.06%	0.04%	0.04%
	BERY	C	0.04%	0.04%	0.04%
	BG	B	0.14%	0.1%	0.1%
	BIIB	C	0.11%	0.12%	0.11%
	BJ	A	0.04%	0.02%	0.02%
	BK	B	0.24%	0.24%	0.24%
	BKNG	A	0.11%	0.22%	0.11%
	BKR	B	0.1%	0.14%	0.1%
	BLD	D	0.02%	0.02%	0.02%
	BLDR	F	0.04%	0.02%	0.02%
	BLK	B	0.18%	0.24%	0.18%
	BMY	D	0.29%	0.27%	0.27%
	BR	B	0.02%	0.03%	0.02%
	BRK.A	B	2.3%	2.18%	2.18%
	BRO	B	0.03%	0.02%	0.02%
	BRX	B	0.02%	0.02%	0.02%
	BSX	A	0.11%	0.09%	0.09%
	BTU	D	0.02%	0.02%	0.02%
	BURL	A	0.03%	0.03%	0.03%
	BWA	F	0.07%	0.05%	0.05%
	BX	B	0.1%	0.1%	0.1%
	BXP	B	0.05%	0.04%	0.04%
	C	C	1.09%	1.23%	1.09%
	CACI	A	0.03%	0.03%	0.03%
	CAG	C	0.07%	0.06%	0.06%
	CAH	B	0.24%	0.07%	0.07%
	CAR	D	0.02%	0.02%	0.02%
	CARR	B	0.08%	0.12%	0.08%
	CASY	B	0.03%	0.06%	0.03%
	CAT	C	0.23%	0.4%	0.23%
	CB	B	0.37%	0.28%	0.28%
	CBOE	D	0.03%	0.02%	0.02%
	CBRE	C	0.06%	0.09%	0.06%
	CC	F	0.02%	0.02%	0.02%
	CCI	D	0.1%	0.09%	0.09%
	CCK	D	0.03%	0.03%	0.03%
	CCL	B	0.15%	0.05%	0.05%
	CDNS	B	0.03%	0.04%	0.03%
	CDW	D	0.04%	0.06%	0.04%
	CE	D	0.05%	0.07%	0.05%
	CEG	B	0.04%	0.13%	0.04%
	CF	D	0.06%	0.05%	0.05%
	CFG	C	0.15%	0.1%	0.1%
	CG	D	0.02%	0.03%	0.02%
	CHD	C	0.03%	0.05%	0.03%
	CHE	D	0.01%	0.02%	0.01%
	CHK	D	0.09%	0.01%	0.01%
	CHRW	B	0.05%	0.06%	0.05%
	CHTR	C	0.26%	0.26%	0.26%
	CI	C	0.4%	0.51%	0.4%
	CIEN	D	0.02%	0.02%	0.02%
	CINF	C	0.06%	0.06%	0.06%
	CL	A	0.11%	0.16%	0.11%
	CLF	F	0.03%	0.03%	0.03%
	CLX	D	0.03%	0.03%	0.03%
	CMA	C	0.06%	0.05%	0.05%
	CMC	C	0.03%	0.03%	0.03%
	CMCSA	D	0.6%	0.69%	0.6%
	CME	D	0.1%	0.07%	0.07%
	CMG	B	0.05%	0.05%	0.05%
	CMI	C	0.12%	0.17%	0.12%
	CMS	D	0.05%	0.06%	0.05%
	CNC	D	0.34%	0.22%	0.22%
	CNO	C	0.03%	0.03%	0.03%
	CNP	B	0.08%	0.07%	0.07%
	CNX	C	0.03%	0.02%	0.02%
	COF	D	0.49%	0.41%	0.41%
	COP	D	0.44%	0.43%	0.43%
	COST	B	0.3%	0.75%	0.3%
	CPAY	D	0.03%	0.04%	0.03%
	CPB	D	0.05%	0.03%	0.03%
	CPRI	F	0.01%	0.02%	0.01%
	CPRT	C	0.04%	0.03%	0.03%
	CPT	A	0.04%	0.02%	0.02%
	CRI	F	0.01%	0.02%	0.01%
	CRL	F	0.02%	0.02%	0.02%
	CRM	D	0.21%	0.11%	0.11%
	CSCO	C	0.45%	0.7%	0.45%
	CSL	B	0.03%	0.06%	0.03%
	CSX	D	0.11%	0.21%	0.11%
	CTAS	A	0.04%	0.08%	0.04%
	CTLT	B	0.01%	0.02%	0.01%
	CTSH	C	0.1%	0.16%	0.1%
	CTVA	C	0.08%	0.08%	0.08%
	CVS	D	0.73%	0.66%	0.66%
	CVX	C	1.45%	1.18%	1.18%
	CW	B	0.02%	0.03%	0.02%
	CZR	C	0.03%	0.01%	0.01%
	D	D	0.23%	0.17%	0.17%
	DAL	D	0.3%	0.03%	0.03%
	DAN	F	0.02%	0.02%	0.02%
	DAR	D	0.02%	0.02%	0.02%
	DBX	D	0.01%	0.01%	0.01%
	DCI	D	0.01%	0.02%	0.01%
	DD	B	0.19%	0.19%	0.19%
	DE	D	0.23%	0.21%	0.21%
	DECK	C	0.02%	0.04%	0.02%
	DFS	B	0.13%	0.22%	0.13%
	DG	D	0.09%	0.12%	0.09%
	DGX	B	0.05%	0.07%	0.05%
	DHI	D	0.1%	0.15%	0.1%
	DHR	C	0.13%	0.16%	0.13%
	DINO	D	0.08%	0.05%	0.05%
	DIS	C	0.31%	0.44%	0.31%
	DKS	B	0.04%	0.05%	0.04%
	DLR	B	0.04%	0.08%	0.04%
	DLTR	F	0.07%	0.07%	0.07%
	DOC	B	0.05%	0.04%	0.04%
	DOV	B	0.04%	0.06%	0.04%
	DOW	D	0.21%	0.21%	0.21%
	DPZ	B	0.01%	0.05%	0.01%
	DRI	C	0.04%	0.04%	0.04%
	DTE	D	0.09%	0.08%	0.08%
	DUK	C	0.32%	0.3%	0.3%
	DVA	B	0.07%	0.07%	0.07%
	DVN	C	0.16%	0.08%	0.08%
	DXC	C	0.03%	0.04%	0.03%
	EA	B	0.05%	0.08%	0.05%
	EBAY	B	0.09%	0.18%	0.09%
	ECL	A	0.05%	0.1%	0.05%
	ED	D	0.13%	0.12%	0.12%
	EFX	C	0.02%	0.03%	0.02%
	EG	B	0.09%	0.04%	0.04%
	EHC	B	0.02%	0.02%	0.02%
	EIX	D	0.09%	0.09%	0.09%
	EL	F	0.06%	0.05%	0.05%
	ELV	B	0.43%	0.5%	0.43%
	EME	B	0.03%	0.06%	0.03%
	EMN	C	0.05%	0.08%	0.05%
	EMR	D	0.15%	0.17%	0.15%
	EOG	C	0.24%	0.2%	0.2%
	EPAM	D	0.01%	0.01%	0.01%
	EQH	A	0.07%	0.05%	0.05%
	EQIX	D	0.07%	0.07%	0.07%
	EQR	A	0.08%	0.05%	0.05%
	EQT	D	0.09%	0.02%	0.02%
	ES	D	0.08%	0.08%	0.08%
	ESS	B	0.04%	0.03%	0.03%
	ETN	D	0.12%	0.26%	0.12%
	ETR	D	0.12%	0.09%	0.09%
	ETRN	C	0.02%	0.03%	0.02%
	EVR	B	0.02%	0.04%	0.02%
	EVRG	D	0.07%	0.06%	0.06%
	EW	B	0.05%	0.05%	0.05%
	EWBC	C	0.04%	0.03%	0.03%
	EXC	D	0.19%	0.16%	0.16%
	EXP	D	0.01%	0.02%	0.01%
	EXPE	B	0.04%	0.03%	0.03%
	EXR	B	0.05%	0.04%	0.04%
	F	C	0.43%	0.35%	0.35%
	FAF	D	0.03%	0.04%	0.03%
	FANG	C	0.12%	0.05%	0.05%
	FAST	D	0.04%	0.06%	0.04%
	FCX	C	0.1%	0.16%	0.1%
	FDX	C	0.24%	0.29%	0.24%
	FE	D	0.07%	0.09%	0.07%
	FFIV	D	0.02%	0.03%	0.02%
	FHN	C	0.04%	0.03%	0.03%
	FIS	B	0.11%	0.14%	0.11%
	FITB	C	0.1%	0.12%	0.1%
	FL	B	0.02%	0.03%	0.02%
	FLO	C	0.02%	0.02%	0.02%
	FLR	B	0.03%	0.03%	0.03%
	FMC	D	0.03%	0.02%	0.02%
	FNF	D	0.07%	0.06%	0.06%
	FOXA	A	0.08%	0.08%	0.08%
	FSLR	C	0.04%	0.03%	0.03%
	FTNT	F	0.03%	0.02%	0.02%
	FTV	D	0.03%	0.03%	0.03%
	FYBR	B	0.03%	0.03%	0.03%
	G	D	0.02%	0.02%	0.02%
	GD	B	0.21%	0.24%	0.21%
	GDDY	A	0.03%	0.02%	0.02%
	GE	D	0.27%	0.2%	0.2%
	GEHC	C	0.03%	0.03%	0.03%
	GGG	D	0.01%	0.02%	0.01%
	GILD	C	0.27%	0.26%	0.26%
	GIS	C	0.12%	0.12%	0.12%
	GL	C	0.02%	0.02%	0.02%
	GLPI	C	0.04%	0.02%	0.02%
	GLW	A	0.1%	0.14%	0.1%
	GM	B	0.52%	0.77%	0.52%
	GNRC	D	0.02%	0.02%	0.02%
	GNTX	D	0.02%	0.03%	0.02%
	GNW	D	0.03%	0.03%	0.03%
	GOOG	A	1.33%	1.25%	1.25%
	GOOGL	A	0.81%	1.42%	0.81%
	GPC	D	0.06%	0.06%	0.06%
	GPI	C	0.04%	0.04%	0.04%
	GPK	C	0.03%	0.03%	0.03%
	GPN	F	0.06%	0.06%	0.06%
	GPS	C	0.05%	0.06%	0.05%
	GRMN	B	0.06%	0.05%	0.05%
	GS	B	0.51%	0.59%	0.51%
	GT	F	0.03%	0.04%	0.03%
	GWW	D	0.05%	0.07%	0.05%
	GXO	F	0.02%	0.02%	0.02%
	HAL	D	0.09%	0.07%	0.07%
	HAS	C	0.03%	0.03%	0.03%
	HBAN	C	0.1%	0.06%	0.06%
	HBI	C	0.02%	0.03%	0.02%
	HCA	A	0.21%	0.23%	0.21%
	HD	C	0.5%	0.76%	0.5%
	HES	C	0.07%	0.05%	0.05%
	HIG	A	0.13%	0.15%	0.13%
	HII	C	0.03%	0.04%	0.03%
	HLT	A	0.02%	0.06%	0.02%
	HOG	F	0.03%	0.02%	0.02%
	HOLX	D	0.02%	0.04%	0.02%
	HON	A	0.23%	0.37%	0.23%
	HPE	B	0.27%	0.24%	0.24%
	HPQ	B	0.3%	0.22%	0.22%
	HRB	A	0.02%	0.02%	0.02%
	HRL	F	0.08%	0.03%	0.03%
	HSIC	D	0.03%	0.04%	0.03%
	HST	D	0.04%	0.04%	0.04%
	HSY	D	0.06%	0.04%	0.04%
	HTZ	F	0.0%	0.0%	0.0%
	HUBB	D	0.03%	0.03%	0.03%
	HUBG	B	0.01%	0.02%	0.01%
	HUM	C	0.23%	0.2%	0.2%
	HWM	B	0.03%	0.06%	0.03%
	IBM	B	0.38%	0.52%	0.38%
	ICE	A	0.1%	0.11%	0.1%
	IDXX	D	0.03%	0.03%	0.03%
	IEX	D	0.01%	0.02%	0.01%
	IFF	B	0.06%	0.06%	0.06%
	ILMN	D	0.02%	0.02%	0.02%
	INGR	D	0.03%	0.04%	0.03%
	INTC	F	0.45%	0.91%	0.45%
	INTU	C	0.06%	0.1%	0.06%
	INVH	A	0.04%	0.03%	0.03%
	IP	A	0.15%	0.15%	0.15%
	IPG	F	0.04%	0.04%	0.04%
	IQV	D	0.05%	0.08%	0.05%
	IR	C	0.02%	0.03%	0.02%
	IRM	A	0.04%	0.06%	0.04%
	ISRG	A	0.09%	0.08%	0.08%
	IT	B	0.03%	0.03%	0.03%
	ITT	D	0.01%	0.03%	0.01%
	ITW	D	0.09%	0.15%	0.09%
	IVZ	C	0.06%	0.04%	0.04%
	J	D	0.04%	0.05%	0.04%
	JAZZ	F	0.02%	0.02%	0.02%
	JBHT	F	0.03%	0.04%	0.03%
	JBL	F	0.06%	0.06%	0.06%
	JCI	B	0.15%	0.15%	0.15%
	JEF	B	0.04%	0.05%	0.04%
	JHG	B	0.04%	0.03%	0.03%
	JKHY	C	0.01%	0.02%	0.01%
	JLL	B	0.04%	0.08%	0.04%
	JNJ	F	0.81%	0.88%	0.81%
	JNPR	B	0.02%	0.05%	0.02%
	JPM	B	1.37%	2.01%	1.37%
	JWN	C	0.02%	0.03%	0.02%
	JXN	B	0.05%	0.03%	0.03%
	K	D	0.06%	0.05%	0.05%
	KBH	B	0.02%	0.03%	0.02%
	KBR	C	0.02%	0.02%	0.02%
	KD	B	0.03%	0.06%	0.03%
	KDP	A	0.12%	0.08%	0.08%
	KEY	C	0.12%	0.09%	0.09%
	KEYS	D	0.03%	0.03%	0.03%
	KHC	D	0.25%	0.1%	0.1%
	KIM	B	0.03%	0.03%	0.03%
	KLAC	B	0.07%	0.12%	0.07%
	KMB	B	0.12%	0.12%	0.12%
	KMI	A	0.36%	0.19%	0.19%
	KMX	C	0.05%	0.06%	0.05%
	KNX	C	0.03%	0.03%	0.03%
	KO	A	0.41%	0.39%	0.39%
	KR	D	0.33%	0.29%	0.29%
	KSS	C	0.02%	0.08%	0.02%
	L	C	0.13%	0.05%	0.05%
	LAD	F	0.07%	0.05%	0.05%
	LAMR	B	0.02%	0.02%	0.02%
	LDOS	A	0.05%	0.08%	0.05%
	LEA	F	0.06%	0.06%	0.06%
	LECO	F	0.01%	0.02%	0.01%
	LEG	F	0.01%	0.01%	0.01%
	LEN	D	0.13%	0.16%	0.13%
	LHX	A	0.1%	0.16%	0.1%
	LII	B	0.02%	0.03%	0.02%
	LIN	B	0.2%	0.33%	0.2%
	LKQ	F	0.04%	0.05%	0.04%
	LLY	A	0.25%	0.27%	0.25%
	LMT	A	0.31%	0.32%	0.31%
	LNC	B	0.05%	0.07%	0.05%
	LNT	C	0.04%	0.04%	0.04%
	LOW	D	0.22%	0.38%	0.22%
	LPX	C	0.01%	0.04%	0.01%
	LRCX	B	0.12%	0.24%	0.12%
	LSTR	B	0.01%	0.02%	0.01%
	LULU	F	0.03%	0.03%	0.03%
	LUMN	F	0.01%	0.1%	0.01%
	LUV	B	0.16%	0.02%	0.02%
	LVS	F	0.07%	0.03%	0.03%
	LW	C	0.02%	0.02%	0.02%
	LYB	C	0.23%	0.16%	0.16%
	M	C	0.05%	0.07%	0.05%
	MA	C	0.13%	0.27%	0.13%
	MAA	B	0.04%	0.03%	0.03%
	MAN	D	0.03%	0.05%	0.03%
	MAR	B	0.09%	0.09%	0.09%
	MAS	D	0.03%	0.05%	0.03%
	MCD	D	0.14%	0.3%	0.14%
	MCHP	D	0.07%	0.06%	0.06%
	MCK	A	0.43%	0.12%	0.12%
	MCO	A	0.04%	0.07%	0.04%
	MDLZ	D	0.21%	0.21%	0.21%
	MDT	D	0.33%	0.34%	0.33%
	MDU	A	0.03%	0.02%	0.02%
	MET	C	0.41%	0.26%	0.26%
	META	B	1.68%	1.91%	1.68%
	MGM	B	0.06%	0.06%	0.06%
	MHK	D	0.06%	0.06%	0.06%
	MIDD	D	0.02%	0.02%	0.02%
	MKC	D	0.04%	0.03%	0.03%
	MKSI	B	0.01%	0.02%	0.01%
	MLI	C	0.02%	0.02%	0.02%
	MLM	D	0.03%	0.05%	0.03%
	MMC	B	0.12%	0.14%	0.12%
	MMM	B	0.23%	0.32%	0.23%
	MMS	B	0.02%	0.02%	0.02%
	MNST	D	0.05%	0.04%	0.04%
	MO	A	0.33%	0.34%	0.33%
	MOH	F	0.04%	0.04%	0.04%
	MOS	D	0.08%	0.05%	0.05%
	MPC	C	0.6%	0.44%	0.44%
	MPW	C	0.03%	0.02%	0.02%
	MRK	A	0.44%	0.59%	0.44%
	MRNA	C	0.06%	0.07%	0.06%
	MRO	B	0.09%	0.08%	0.08%
	MS	B	0.51%	0.36%	0.36%
	MSCI	C	0.01%	0.02%	0.01%
	MSFT	A	1.67%	2.72%	1.67%
	MSI	A	0.04%	0.06%	0.04%
	MSM	D	0.02%	0.02%	0.02%
	MTB	C	0.13%	0.09%	0.09%
	MTD	B	0.02%	0.04%	0.02%
	MTG	B	0.02%	0.02%	0.02%
	MTH	D	0.02%	0.03%	0.02%
	MTN	F	0.02%	0.01%	0.01%
	MTZ	B	0.02%	0.03%	0.02%
	MU	C	0.23%	0.69%	0.23%
	MUR	D	0.05%	0.02%	0.02%
	MUSA	A	0.04%	0.05%	0.04%
	NAVI	F	0.01%	0.02%	0.01%
	NDAQ	C	0.05%	0.03%	0.03%
	NDSN	D	0.02%	0.02%	0.02%
	NEE	B	0.35%	0.26%	0.26%
	NEM	B	0.15%	0.17%	0.15%
	NFG	C	0.03%	0.02%	0.02%
	NFLX	B	0.18%	0.15%	0.15%
	NI	B	0.05%	0.04%	0.04%
	NKE	C	0.16%	0.21%	0.16%
	NOC	F	0.14%	0.18%	0.14%
	NOV	C	0.03%	0.03%	0.03%
	NOW	B	0.05%	0.02%	0.02%
	NRG	B	0.06%	0.12%	0.06%
	NSC	D	0.12%	0.18%	0.12%
	NSIT	B	0.02%	0.03%	0.02%
	NTAP	B	0.04%	0.1%	0.04%
	NTRS	D	0.07%	0.07%	0.07%
	NUE	F	0.13%	0.19%	0.13%
	NVDA	C	0.38%	0.48%	0.38%
	NVR	C	0.05%	0.07%	0.05%
	NVT	C	0.02%	0.03%	0.02%
	NWL	F	0.03%	0.02%	0.02%
	NWSA	A	0.03%	0.04%	0.03%
	NXPI	B	0.09%	0.13%	0.09%
	NXST	C	0.03%	0.03%	0.03%
	NYCB	F	0.02%	0.01%	0.01%
	O	D	0.11%	0.04%	0.04%
	OC	C	0.05%	0.07%	0.05%
	ODFL	D	0.03%	0.04%	0.03%
	ODP	F	0.01%	0.02%	0.01%
	OGE	C	0.03%	0.03%	0.03%
	OGN	B	0.05%	0.07%	0.05%
	OI	F	0.02%	0.01%	0.01%
	OKE	B	0.11%	0.12%	0.11%
	OLN	D	0.02%	0.03%	0.02%
	OMC	D	0.06%	0.08%	0.06%
	ON	D	0.05%	0.03%	0.03%
	ORCL	B	0.39%	0.43%	0.39%
	ORI	C	0.04%	0.04%	0.04%
	ORLY	B	0.07%	0.1%	0.07%
	OSK	D	0.02%	0.04%	0.02%
	OTIS	C	0.04%	0.05%	0.04%
	OVV	D	0.11%	0.05%	0.05%
	OXY	C	0.22%	0.13%	0.13%
	PAG	D	0.03%	0.02%	0.02%
	PANW	B	0.06%	0.03%	0.03%
	PARA	F	0.04%	0.09%	0.04%
	PAYX	B	0.05%	0.06%	0.05%
	PBF	D	0.04%	0.03%	0.03%
	PCAR	D	0.13%	0.15%	0.13%
	PCG	C	0.12%	0.03%	0.03%
	PEG	B	0.13%	0.11%	0.11%
	PENN	C	0.03%	0.02%	0.02%
	PEP	C	0.38%	0.43%	0.38%
	PFE	C	0.85%	0.66%	0.66%
	PFG	C	0.16%	0.08%	0.08%
	PFGC	C	0.1%	0.05%	0.05%
	PG	A	0.53%	0.84%	0.53%
	PGR	C	0.17%	0.24%	0.17%
	PH	D	0.08%	0.11%	0.08%
	PHM	D	0.06%	0.11%	0.06%
	PII	F	0.02%	0.02%	0.02%
	PK	D	0.03%	0.03%	0.03%
	PKG	B	0.04%	0.06%	0.04%
	PLD	C	0.14%	0.07%	0.07%
	PM	A	0.49%	0.43%	0.43%
	PNC	D	0.34%	0.27%	0.27%
	PNR	D	0.02%	0.03%	0.02%
	PNW	C	0.05%	0.04%	0.04%
	POOL	F	0.01%	0.02%	0.01%
	POR	C	0.02%	0.02%	0.02%
	POST	C	0.03%	0.02%	0.02%
	PPG	D	0.07%	0.08%	0.07%
	PPL	C	0.09%	0.11%	0.09%
	PRGO	F	0.02%	0.02%	0.02%
	PRI	B	0.02%	0.02%	0.02%
	PRU	A	0.39%	0.26%	0.26%
	PSA	B	0.07%	0.05%	0.05%
	PSX	C	0.55%	0.4%	0.4%
	PVH	C	0.02%	0.05%	0.02%
	PWR	B	0.04%	0.07%	0.04%
	PYPL	D	0.15%	0.16%	0.15%
	QCOM	C	0.34%	0.69%	0.34%
	QRVO	B	0.03%	0.05%	0.03%
	R	B	0.05%	0.06%	0.05%
	REG	B	0.03%	0.02%	0.02%
	REGN	A	0.15%	0.14%	0.14%
	REZI	D	0.02%	0.02%	0.02%
	RF	C	0.1%	0.07%	0.07%
	RGA	B	0.13%	0.05%	0.05%
	RHI	D	0.02%	0.03%	0.02%
	RJF	C	0.05%	0.04%	0.04%
	RL	B	0.03%	0.03%	0.03%
	RMD	D	0.02%	0.03%	0.02%
	ROK	D	0.04%	0.05%	0.04%
	ROP	A	0.06%	0.05%	0.05%
	ROST	A	0.07%	0.08%	0.07%
	RPM	C	0.02%	0.03%	0.02%
	RRX	F	0.02%	0.03%	0.02%
	RS	D	0.05%	0.08%	0.05%
	RSG	A	0.09%	0.07%	0.07%
	RTX	C	0.43%	0.33%	0.33%
	RUSHA	D	0.01%	0.02%	0.01%
	SAIC	D	0.02%	0.02%	0.02%
	SANM	B	0.04%	0.03%	0.03%
	SBAC	F	0.02%	0.02%	0.02%
	SBUX	F	0.13%	0.21%	0.13%
	SCHW	C	0.26%	0.13%	0.13%
	SCI	B	0.02%	0.02%	0.02%
	SEE	C	0.02%	0.03%	0.02%
	SEIC	C	0.02%	0.02%	0.02%
	SFM	A	0.02%	0.04%	0.02%
	SHW	D	0.05%	0.07%	0.05%
	SJM	F	0.05%	0.06%	0.05%
	SKX	B	0.03%	0.03%	0.03%
	SLB	C	0.15%	0.12%	0.12%
	SLG	B	0.02%	0.03%	0.02%
	SLM	C	0.02%	0.04%	0.02%
	SM	C	0.03%	0.02%	0.02%
	SNA	D	0.03%	0.04%	0.03%
	SNPS	B	0.06%	0.04%	0.04%
	SNV	C	0.03%	0.02%	0.02%
	SNX	C	0.1%	0.03%	0.03%
	SO	B	0.29%	0.26%	0.26%
	SOLV	F	0.0%	0.04%	0.0%
	SON	D	0.03%	0.03%	0.03%
	SPG	B	0.06%	0.11%	0.06%
	SPGI	B	0.11%	0.12%	0.11%
	SPTN	F	0.01%	0.02%	0.01%
	SRE	B	0.16%	0.11%	0.11%
	ST	D	0.02%	0.02%	0.02%
	STE	D	0.02%	0.03%	0.02%
	STLD	D	0.08%	0.1%	0.08%
	STT	C	0.12%	0.09%	0.09%
	STWD	D	0.05%	0.02%	0.02%
	STX	B	0.05%	0.11%	0.05%
	STZ	B	0.06%	0.08%	0.06%
	SWK	D	0.05%	0.07%	0.05%
	SWKS	B	0.05%	0.05%	0.05%
	SWN	D	0.07%	0.03%	0.03%
	SYF	B	0.17%	0.28%	0.17%
	SYK	B	0.09%	0.13%	0.09%
	SYY	C	0.12%	0.1%	0.1%
	T	A	1.22%	1.21%	1.21%
	TAP	F	0.09%	0.04%	0.04%
	TDG	B	0.02%	0.09%	0.02%
	TDS	C	0.02%	0.04%	0.02%
	TDY	D	0.03%	0.02%	0.02%
	TEL	B	0.11%	0.11%	0.11%
	TER	B	0.02%	0.06%	0.02%
	TFC	C	0.46%	0.21%	0.21%
	TFX	D	0.01%	0.02%	0.01%
	TGNA	D	0.02%	0.02%	0.02%
	TGT	C	0.23%	0.38%	0.23%
	THC	B	0.06%	0.08%	0.06%
	THG	D	0.02%	0.02%	0.02%
	THO	F	0.03%	0.03%	0.03%
	TJX	A	0.17%	0.23%	0.17%
	TKR	D	0.02%	0.02%	0.02%
	TMHC	D	0.03%	0.03%	0.03%
	TMO	D	0.18%	0.27%	0.18%
	TMUS	B	0.38%	0.21%	0.21%
	TNL	B	0.02%	0.02%	0.02%
	TOL	D	0.04%	0.05%	0.04%
	TPH	D	0.02%	0.03%	0.02%
	TPR	C	0.03%	0.04%	0.03%
	TPX	D	0.01%	0.02%	0.01%
	TRGP	A	0.06%	0.05%	0.05%
	TRMB	D	0.02%	0.03%	0.02%
	TROW	B	0.08%	0.13%	0.08%
	TRV	D	0.16%	0.28%	0.16%
	TSCO	C	0.04%	0.07%	0.04%
	TSLA	C	0.4%	0.12%	0.12%
	TSN	C	0.15%	0.19%	0.15%
	TT	B	0.08%	0.12%	0.08%
	TTC	C	0.01%	0.02%	0.01%
	TTWO	B	0.02%	0.02%	0.02%
	TXN	B	0.25%	0.36%	0.25%
	TXT	D	0.04%	0.06%	0.04%
	UBER	B	0.09%	0.04%	0.04%
	UDR	B	0.03%	0.02%	0.02%
	UFPI	D	0.02%	0.03%	0.02%
	UGI	D	0.04%	0.04%	0.04%
	UHS	B	0.05%	0.09%	0.05%
	ULTA	D	0.03%	0.03%	0.03%
	UNFI	C	0.01%	0.02%	0.01%
	UNH	D	1.03%	1.01%	1.01%
	UNM	C	0.08%	0.05%	0.05%
	UNP	D	0.23%	0.37%	0.23%
	UPS	F	0.4%	0.25%	0.25%
	URI	C	0.06%	0.12%	0.06%
	USB	C	0.33%	0.29%	0.29%
	USFD	A	0.07%	0.07%	0.07%
	V	C	0.41%	0.35%	0.35%
	VAC	F	0.02%	0.01%	0.01%
	VFC	C	0.04%	0.04%	0.04%
	VICI	D	0.09%	0.02%	0.02%
	VLO	C	0.48%	0.43%	0.43%
	VMC	D	0.03%	0.05%	0.03%
	VNO	B	0.04%	0.04%	0.04%
	VOYA	B	0.04%	0.03%	0.03%
	VRSK	A	0.01%	0.04%	0.01%
	VRSN	C	0.02%	0.01%	0.01%
	VRTX	B	0.11%	0.07%	0.07%
	VSH	F	0.02%	0.02%	0.02%
	VST	B	0.07%	0.15%	0.07%
	VTR	A	0.07%	0.07%	0.07%
	VTRS	D	0.11%	0.08%	0.08%
	VZ	B	1.59%	1.27%	1.27%
	WAB	D	0.04%	0.06%	0.04%
	WAT	D	0.02%	0.04%	0.02%
	WBA	F	0.11%	0.23%	0.11%
	WBD	F	0.15%	0.05%	0.05%
	WCC	D	0.04%	0.03%	0.03%
	WDC	B	0.06%	0.19%	0.06%
	WEC	D	0.08%	0.07%	0.07%
	WELL	B	0.1%	0.09%	0.09%
	WERN	F	0.01%	0.02%	0.01%
	WFC	D	1.16%	1.36%	1.16%
	WHR	F	0.05%	0.06%	0.05%
	WLK	D	0.05%	0.02%	0.02%
	WM	B	0.1%	0.16%	0.1%
	WMB	A	0.16%	0.14%	0.14%
	WMT	B	1.58%	1.33%	1.33%
	WPC	D	0.05%	0.02%	0.02%
	WRB	B	0.05%	0.03%	0.03%
	WRK	D	0.12%	0.13%	0.12%
	WSM	C	0.03%	0.07%	0.03%
	WSO	B	0.04%	0.04%	0.04%
	WST	F	0.01%	0.02%	0.01%
	WTRG	C	0.03%	0.02%	0.02%
	WTW	B	0.06%	0.06%	0.06%
	WU	D	0.04%	0.04%	0.04%
	WY	F	0.07%	0.08%	0.07%
	X	F	0.08%	0.08%	0.08%
	XEL	D	0.12%	0.09%	0.09%
	XOM	C	2.04%	1.92%	1.92%
	XRAY	F	0.01%	0.02%	0.01%
	XRX	F	0.01%	0.03%	0.01%
	XYL	C	0.03%	0.04%	0.03%
	YUM	D	0.04%	0.09%	0.04%
	ZBH	D	0.05%	0.05%	0.05%
	ZBRA	C	0.02%	0.03%	0.02%
	ZION	C	0.06%	0.05%	0.05%
	ZTS	C	0.05%	0.07%	0.05%

VLU Overweight 764 Positions Relative to FNDX

	Symbol	Grade	Weight
	KVUE	D	0.19%
	UAL	D	0.15%
	CHRD	C	0.1%
	ABNB	C	0.08%
	CTRA	C	0.07%
	AAL	F	0.07%
	CIVI	D	0.06%
	AMCR	B	0.06%
	RCL	A	0.06%
	RNR	B	0.05%
	ALK	D	0.05%
	COOP	C	0.05%
	COLB	F	0.04%
	OZK	D	0.04%
	FOX	A	0.04%
	EXPD	B	0.04%
	AMKR	B	0.04%
	IBKR	B	0.04%
	FNB	C	0.03%
	CLH	A	0.03%
	BHF	D	0.03%
	RDN	B	0.03%
	WFRD	C	0.03%
	CNXC	F	0.03%
	NNN	B	0.03%
	INCY	B	0.03%
	CSGP	F	0.03%
	URBN	B	0.03%
	AMH	B	0.03%
	PR	C	0.03%
	ONB	C	0.03%
	XPO	D	0.03%
	HIW	B	0.03%
	SMCI	C	0.03%
	SF	B	0.03%
	MTDR	D	0.03%
	ASB	D	0.03%
	VLY	F	0.03%
	APLE	D	0.03%
	BXMT	C	0.03%
	HP	D	0.03%
	WBS	D	0.03%
	LYV	D	0.03%
	OGS	D	0.03%
	NOG	C	0.03%
	OHI	A	0.03%
	UTHR	A	0.03%
	BKH	C	0.03%
	RRC	D	0.03%
	HCC	D	0.03%
	KRC	F	0.03%
	STAG	C	0.02%
	ERIE	C	0.02%
	FLS	C	0.02%
	JBGS	C	0.02%
	GATX	C	0.02%
	RNST	C	0.02%
	ENPH	D	0.02%
	TXRH	A	0.02%
	BANR	B	0.02%
	TTEK	B	0.02%
	CABO	F	0.02%
	ENS	C	0.02%
	VAL	C	0.02%
	ELS	C	0.02%
	MGY	C	0.02%
	CRUS	A	0.02%
	IBTX	B	0.02%
	EEFT	D	0.02%
	COLM	C	0.02%
	PFS	F	0.02%
	REXR	C	0.02%
	BHE	C	0.02%
	GEO	C	0.02%
	PSTG	C	0.02%
	KAR	C	0.02%
	DXCM	D	0.02%
	PEB	D	0.02%
	TYL	B	0.02%
	LBRT	D	0.02%
	WIRE	B	0.02%
	EAT	B	0.02%
	PNM	D	0.02%
	WOR	F	0.02%
	CBT	D	0.02%
	BANC	D	0.02%
	GEF	F	0.02%
	SIGI	F	0.02%
	FHB	C	0.02%
	VVV	B	0.02%
	WAFD	D	0.02%
	ATI	D	0.02%
	VLTO	B	0.02%
	MATX	A	0.02%
	GBX	D	0.02%
	PTEN	D	0.02%
	MLKN	D	0.02%
	AGO	C	0.02%
	SR	C	0.02%
	TCBI	D	0.02%
	NATL	B	0.02%
	CRC	C	0.02%
	CBSH	C	0.02%
	SKYW	B	0.02%
	SBRA	A	0.02%
	ASH	C	0.02%
	PRG	B	0.02%
	PTC	C	0.02%
	JBLU	D	0.02%
	IBOC	C	0.02%
	AVNT	D	0.02%
	FFBC	C	0.02%
	ADC	B	0.02%
	COKE	A	0.02%
	SSB	D	0.02%
	ENVA	C	0.02%
	AMR	F	0.02%
	SNEX	C	0.02%
	CWK	C	0.02%
	SATS	C	0.02%
	SLGN	D	0.02%
	SFNC	D	0.02%
	CFR	D	0.02%
	ALE	B	0.02%
	AIRC	A	0.02%
	PDCO	D	0.02%
	CNK	A	0.02%
	WTFC	C	0.02%
	UBSI	D	0.02%
	COTY	D	0.02%
	PNFP	D	0.02%
	CWEN	C	0.02%
	AM	A	0.02%
	WYNN	D	0.02%
	ESNT	B	0.02%
	WWD	B	0.02%
	DTM	A	0.02%
	SWX	C	0.02%
	CADE	C	0.02%
	LNW	B	0.02%
	BKU	C	0.02%
	KEX	B	0.02%
	SEM	A	0.02%
	SIG	D	0.02%
	CUZ	D	0.02%
	CROX	B	0.02%
	COHR	B	0.02%
	CALM	B	0.02%
	GME	C	0.02%
	H	B	0.02%
	CUBE	B	0.02%
	TRN	B	0.02%
	HWC	C	0.02%
	PB	D	0.02%
	DEI	C	0.02%
	CEIX	B	0.02%
	BIO	D	0.02%
	CR	B	0.02%
	GHC	D	0.02%
	NCLH	B	0.02%
	CATY	C	0.02%
	ABR	B	0.02%
	APOG	D	0.01%
	VRRM	B	0.01%
	AWR	D	0.01%
	LTC	B	0.01%
	SEDG	F	0.01%
	AMBC	F	0.01%
	SVC	F	0.01%
	MYGN	B	0.01%
	TBBK	C	0.01%
	ESE	D	0.01%
	TECH	C	0.01%
	ESAB	D	0.01%
	RDNT	C	0.01%
	RMBS	F	0.01%
	CHCO	C	0.01%
	EZPW	D	0.01%
	SCHL	D	0.01%
	UFCS	D	0.01%
	NVRI	C	0.01%
	AZTA	C	0.01%
	NEOG	C	0.01%
	AMWD	F	0.01%
	CUBI	C	0.01%
	CHH	B	0.01%
	ZI	F	0.01%
	ROCK	D	0.01%
	KNF	C	0.01%
	ROG	C	0.01%
	SAFT	D	0.01%
	EGBN	D	0.01%
	HCSG	D	0.01%
	PLAY	F	0.01%
	VRTS	C	0.01%
	BGS	F	0.01%
	CPF	B	0.01%
	BRKR	F	0.01%
	GTY	D	0.01%
	ALGT	F	0.01%
	CASH	B	0.01%
	MSA	C	0.01%
	SBCF	D	0.01%
	AEIS	C	0.01%
	CHEF	A	0.01%
	GES	F	0.01%
	CPK	D	0.01%
	SKT	D	0.01%
	XHR	D	0.01%
	MATV	D	0.01%
	AZZ	C	0.01%
	CAKE	A	0.01%
	TRIP	F	0.01%
	NHC	A	0.01%
	BKE	C	0.01%
	HAIN	D	0.01%
	RCM	B	0.01%
	CWT	D	0.01%
	MMSI	B	0.01%
	RGEN	F	0.01%
	RES	D	0.01%
	MC	D	0.01%
	AWI	D	0.01%
	DOCS	C	0.01%
	BHLB	D	0.01%
	DRH	D	0.01%
	JBT	C	0.01%
	AIN	D	0.01%
	EIG	C	0.01%
	EFC	B	0.01%
	EXLS	C	0.01%
	FWRD	D	0.01%
	GFF	D	0.01%
	CARG	B	0.01%
	OUT	C	0.01%
	VC	F	0.01%
	CAL	D	0.01%
	SCL	D	0.01%
	DCOM	C	0.01%
	HAE	D	0.01%
	FTDR	C	0.01%
	FSS	D	0.01%
	BLMN	F	0.01%
	MGEE	D	0.01%
	FIVE	F	0.01%
	PLUS	D	0.01%
	NGVT	F	0.01%
	PJT	B	0.01%
	CBU	C	0.01%
	FCPT	B	0.01%
	DAY	F	0.01%
	HPP	F	0.01%
	HIBB	A	0.01%
	ICUI	C	0.01%
	MNRO	F	0.01%
	WRLD	F	0.01%
	HLX	C	0.01%
	BRBR	C	0.01%
	DORM	B	0.01%
	FIZZ	B	0.01%
	CVCO	D	0.01%
	GO	D	0.01%
	ENR	C	0.01%
	OII	C	0.01%
	NSP	F	0.01%
	ACLS	B	0.01%
	ALKS	D	0.01%
	DNOW	C	0.01%
	ZD	C	0.01%
	SBH	F	0.01%
	SMPL	B	0.01%
	THS	C	0.01%
	BDC	B	0.01%
	NBR	D	0.01%
	PLAB	F	0.01%
	MORN	C	0.01%
	SFBS	D	0.01%
	JJSF	B	0.01%
	VIR	F	0.01%
	AMN	F	0.01%
	HQY	B	0.01%
	DEA	B	0.01%
	FBK	C	0.01%
	STC	D	0.01%
	NOVT	C	0.01%
	EPRT	B	0.01%
	OSIS	D	0.01%
	EPC	B	0.01%
	TDC	D	0.01%
	KN	B	0.01%
	IPGP	F	0.01%
	HALO	A	0.01%
	SHO	D	0.01%
	YELP	F	0.01%
	RYN	C	0.01%
	AMED	F	0.01%
	FELE	D	0.01%
	UE	A	0.01%
	AKR	B	0.01%
	KWR	D	0.01%
	SGH	C	0.01%
	AOSL	A	0.01%
	LGIH	F	0.01%
	ETSY	F	0.01%
	BCPC	B	0.01%
	POWL	C	0.01%
	WD	C	0.01%
	MYRG	D	0.01%
	EXPI	F	0.01%
	IBP	D	0.01%
	CLW	B	0.01%
	UNF	F	0.01%
	PIPR	A	0.01%
	B	C	0.01%
	CWEN	C	0.01%
	WEN	F	0.01%
	STRA	D	0.01%
	OFG	C	0.01%
	RXO	A	0.01%
	RH	F	0.01%
	LXP	B	0.01%
	SYNA	D	0.01%
	BOOT	B	0.01%
	LANC	D	0.01%
	AROC	C	0.01%
	BWXT	B	0.01%
	SCVL	B	0.01%
	STBA	C	0.01%
	HELE	F	0.01%
	CVI	F	0.01%
	MASI	B	0.01%
	PHIN	D	0.01%
	DT	F	0.01%
	SXC	D	0.01%
	HASI	C	0.01%
	RWT	B	0.01%
	KLIC	C	0.01%
	PRDO	D	0.01%
	CGNX	B	0.01%
	VSTO	C	0.01%
	HMN	D	0.01%
	PBI	C	0.01%
	GVA	B	0.01%
	MTSI	B	0.01%
	ARCB	F	0.01%
	FORM	B	0.01%
	KELYA	C	0.01%
	GTLS	C	0.01%
	PRK	B	0.01%
	MEDP	B	0.01%
	FFIN	D	0.01%
	UCTT	B	0.01%
	SSD	D	0.01%
	KALU	D	0.01%
	FDP	D	0.01%
	ONTO	B	0.01%
	IDCC	B	0.01%
	NBTB	B	0.01%
	MKTX	F	0.01%
	AHCO	C	0.01%
	IOSP	D	0.01%
	KMT	D	0.01%
	ENSG	B	0.01%
	PINC	F	0.01%
	ITGR	D	0.01%
	RUN	C	0.01%
	PUMP	F	0.01%
	IRT	A	0.01%
	PECO	C	0.01%
	PATK	C	0.01%
	ORA	C	0.01%
	CBRL	F	0.01%
	BDN	D	0.01%
	WGO	F	0.01%
	ENOV	F	0.01%
	VNT	D	0.01%
	CCOI	F	0.01%
	SHOO	B	0.01%
	ACIW	A	0.01%
	VSAT	F	0.01%
	LRN	B	0.01%
	CCS	D	0.01%
	SXT	C	0.01%
	AXL	D	0.01%
	BOH	D	0.01%
	SITC	B	0.01%
	CNXN	D	0.01%
	SABR	F	0.01%
	NPO	D	0.01%
	BGC	C	0.01%
	APAM	C	0.01%
	AXON	D	0.01%
	AVAV	C	0.01%
	MODG	C	0.01%
	CTRE	C	0.01%
	TREX	F	0.01%
	WSFS	B	0.01%
	DLX	B	0.01%
	WTS	D	0.01%
	WS	D	0.01%
	PBH	C	0.01%
	BRC	B	0.01%
	NWS	A	0.01%
	PCH	F	0.01%
	WWW	B	0.01%
	FND	D	0.01%
	RLI	D	0.01%
	MAT	F	0.01%
	LOPE	D	0.01%
	SAH	C	0.01%
	GRBK	B	0.01%
	WH	C	0.01%
	CHX	C	0.01%
	CENTA	D	0.01%
	CRK	C	0.01%
	NYT	B	0.01%
	NBIX	C	0.01%
	SCSC	D	0.01%
	EGP	C	0.01%
	OPCH	D	0.01%
	TTMI	A	0.01%
	LCII	F	0.01%
	FHI	C	0.01%
	ECPG	F	0.01%
	HGV	D	0.01%
	KW	D	0.01%
	INDB	F	0.01%
	MTX	B	0.01%
	EPR	C	0.01%
	LZB	B	0.01%
	NEU	D	0.01%
	LITE	B	0.01%
	NSA	B	0.01%
	RBC	C	0.01%
	OTTR	D	0.01%
	ROL	A	0.01%
	ITRI	C	0.01%
	SAIA	B	0.01%
	KLG	F	0.01%
	SMG	D	0.01%
	TRMK	C	0.01%
	VBTX	C	0.01%
	DLB	F	0.01%
	PSMT	C	0.01%
	BANF	D	0.01%
	HNI	C	0.01%
	DIOD	D	0.01%
	HI	D	0.01%
	AX	C	0.01%
	BYD	D	0.01%
	PLXS	C	0.01%
	FICO	A	0.01%
	TEX	D	0.01%
	HLI	C	0.01%
	INVA	B	0.01%
	GBCI	D	0.01%
	GIII	D	0.01%
	UCBI	D	0.01%
	FUL	C	0.01%
	FR	C	0.01%
	SLCA	B	0.01%
	ATGE	B	0.01%
	NVST	F	0.01%
	UA	C	0.01%
	NWN	F	0.01%
	NMIH	B	0.01%
	FBP	B	0.01%
	WEX	D	0.01%
	FDS	D	0.01%
	IDA	D	0.01%
	WMS	C	0.01%
	GMS	D	0.01%
	AIT	C	0.01%
	OLLI	B	0.01%
	UAA	C	0.01%
	PPBI	D	0.01%
	FIX	C	0.01%
	AUB	D	0.01%
	ACA	C	0.01%
	HOPE	D	0.01%
	FCN	C	0.01%
	MCY	C	0.01%
	ABCB	C	0.01%
	KTB	B	0.01%
	UVV	D	0.01%
	SRCL	B	0.01%
	ANF	C	0.01%
	ACHC	D	0.01%
	NWBI	C	0.01%
	FN	B	0.01%
	NWE	D	0.01%
	MAC	D	0.01%
	BCO	A	0.01%
	CXW	D	0.01%
	OMI	F	0.01%
	CNM	D	0.01%
	SLVM	B	0.01%
	IIPR	B	0.01%
	CVBF	D	0.01%
	PMT	D	0.01%
	RGLD	C	0.01%
	VSCO	F	0.01%
	EXEL	B	0.01%
	PARR	F	0.01%
	HTH	D	0.01%
	GMED	A	0.01%
	MHO	C	0.01%
	VMI	B	0.01%
	SPNT	D	0.01%
	MPWR	B	0.01%
	RC	D	0.01%
	MOG.A	C	0.01%
	VGR	B	0.01%
	MTCH	F	0.01%
	NJR	C	0.01%
	DY	C	0.01%
	CHDN	A	0.01%
	LPG	C	0.01%
	KFY	B	0.01%
	CRS	B	0.01%
	FRT	D	0.01%
	AVA	D	0.01%
	GNL	F	0.01%
	VSTS	D	0.01%
	LFUS	C	0.01%
	FULT	C	0.01%
	UMBF	C	0.01%
	PPC	C	0.01%
	KMPR	D	0.01%
	HOMB	C	0.01%
	KRG	B	0.01%
	TALO	D	0.01%
	ARI	D	0.01%
	VICR	F	0.0%
	UHT	C	0.0%
	NPK	D	0.0%
	LNN	D	0.0%
	DDD	F	0.0%
	CHUY	F	0.0%
	CRNC	F	0.0%
	XPEL	F	0.0%
	NARI	C	0.0%
	AGYS	B	0.0%
	VCEL	C	0.0%
	SPWR	D	0.0%
	CACC	D	0.0%
	MSEX	D	0.0%
	CNMD	F	0.0%
	EXPO	B	0.0%
	OSUR	F	0.0%
	EMBC	C	0.0%
	LESL	F	0.0%
	VREX	F	0.0%
	SNCY	D	0.0%
	CLB	B	0.0%
	SITM	B	0.0%
	GOGO	F	0.0%
	AAON	C	0.0%
	LQDT	B	0.0%
	CEVA	F	0.0%
	TRUP	B	0.0%
	HCI	D	0.0%
	MED	F	0.0%
	MEI	F	0.0%
	TGI	B	0.0%
	ATNI	D	0.0%
	BMI	C	0.0%
	TTEC	F	0.0%
	OMCL	F	0.0%
	RGP	D	0.0%
	TTGT	C	0.0%
	CMP	F	0.0%
	RGNX	F	0.0%
	NXRT	B	0.0%
	DGII	F	0.0%
	ARWR	C	0.0%
	STAA	C	0.0%
	PGNY	F	0.0%
	CERT	F	0.0%
	WOLF	D	0.0%
	GKOS	B	0.0%
	TNDM	C	0.0%
	COHU	C	0.0%
	CPRX	D	0.0%
	CHCT	F	0.0%
	NABL	A	0.0%
	BJRI	B	0.0%
	PCRX	D	0.0%
	MRCY	F	0.0%
	HVT	F	0.0%
	PCTY	F	0.0%
	JBSS	D	0.0%
	EPAC	B	0.0%
	NFBK	D	0.0%
	MYE	F	0.0%
	ASTE	F	0.0%
	SSTK	F	0.0%
	PEN	F	0.0%
	ICHR	D	0.0%
	ADUS	A	0.0%
	AHH	C	0.0%
	IPAR	C	0.0%
	CYTK	F	0.0%
	WSR	B	0.0%
	HRMY	C	0.0%
	DV	D	0.0%
	PRLB	F	0.0%
	HSII	C	0.0%
	SXI	D	0.0%
	CTS	B	0.0%
	COLL	D	0.0%
	VVI	D	0.0%
	IIIN	D	0.0%
	DIN	F	0.0%
	XNCR	F	0.0%
	CARS	C	0.0%
	EXTR	C	0.0%
	DRQ	D	0.0%
	CRSR	F	0.0%
	CFFN	C	0.0%
	CCRN	F	0.0%
	UNIT	F	0.0%
	AVNS	F	0.0%
	SHEN	F	0.0%
	CENT	F	0.0%
	FOXF	C	0.0%
	CLDT	F	0.0%
	MXL	C	0.0%
	PZZA	F	0.0%
	PAYC	F	0.0%
	TMP	D	0.0%
	SLAB	F	0.0%
	KNSL	F	0.0%
	ELF	B	0.0%
	CSGS	F	0.0%
	IRDM	F	0.0%
	RGR	F	0.0%
	WDFC	D	0.0%
	CELH	F	0.0%
	MCS	C	0.0%
	BSIG	D	0.0%
	AMPH	D	0.0%
	TILE	D	0.0%
	CVGW	F	0.0%
	JACK	F	0.0%
	NX	F	0.0%
	VIAV	F	0.0%
	INN	D	0.0%
	GPRE	D	0.0%
	AMSF	F	0.0%
	TNC	D	0.0%
	SPSC	B	0.0%
	SMTC	D	0.0%
	SJW	F	0.0%
	ASIX	F	0.0%
	THRY	F	0.0%
	YETI	C	0.0%
	ALG	F	0.0%
	NUS	F	0.0%
	USNA	F	0.0%
	GDEN	F	0.0%
	HTLD	C	0.0%
	ALGM	F	0.0%
	RILY	F	0.0%
	IRWD	F	0.0%
	ROIC	D	0.0%
	SMP	F	0.0%
	WABC	D	0.0%
	DXPE	D	0.0%
	BLKB	D	0.0%
	THRM	F	0.0%
	WING	B	0.0%
	DFIN	C	0.0%
	MGPI	F	0.0%
	KOP	F	0.0%
	PLMR	D	0.0%
	PRGS	F	0.0%
	ASTH	C	0.0%
	SONO	F	0.0%
	CRVL	C	0.0%
	MATW	F	0.0%
	QLYS	D	0.0%
	PODD	B	0.0%
	HFWA	D	0.0%
	LNTH	B	0.0%
	HLIT	B	0.0%
	PAHC	B	0.0%
	ALRM	D	0.0%
	MCW	D	0.0%
	POWI	D	0.0%
	NTCT	F	0.0%
	FBNC	D	0.0%
	MD	D	0.0%
	LIVN	C	0.0%
	RCUS	D	0.0%
	REX	F	0.0%
	NVEE	F	0.0%
	NEO	F	0.0%
	WNC	D	0.0%
	SUPN	F	0.0%
	AMCX	F	0.0%
	MANH	B	0.0%
	FLGT	D	0.0%
	HAFC	C	0.0%
	JOE	D	0.0%
	CALX	C	0.0%
	DBI	D	0.0%
	IART	D	0.0%
	LKFN	D	0.0%
	TRST	D	0.0%
	ETD	D	0.0%
	PRFT	B	0.0%
	USPH	D	0.0%
	CNSL	B	0.0%
	QNST	D	0.0%
	PRA	F	0.0%
	HAYN	D	0.0%
	DVAX	F	0.0%
	UTL	D	0.0%
	CORT	B	0.0%
	PRAA	F	0.0%
	CVLT	A	0.0%
	CENX	C	0.0%
	RAMP	D	0.0%
	OLED	B	0.0%
	FCF	D	0.0%
	ZEUS	F	0.0%
	KREF	D	0.0%
	TR	C	0.0%
	EYE	F	0.0%
	EVTC	D	0.0%
	VTOL	B	0.0%
	MRTN	C	0.0%
	SIX	B	0.0%
	ENV	C	0.0%
	GDOT	C	0.0%
	MMI	F	0.0%
	ALEX	B	0.0%
	BRKL	F	0.0%
	MTRN	D	0.0%
	VECO	B	0.0%
	SHAK	D	0.0%
	TWI	F	0.0%
	MP	F	0.0%
	HXL	D	0.0%
	PFBC	D	0.0%
	HWKN	A	0.0%
	LSCC	F	0.0%
	AAT	B	0.0%
	OXM	D	0.0%
	SBSI	D	0.0%
	MOV	D	0.0%
	HZO	C	0.0%
	AIR	C	0.0%
	MERC	D	0.0%
	BFS	D	0.0%
	SHC	C	0.0%
	FTRE	F	0.0%
	CSR	B	0.0%
	MCRI	C	0.0%
	NBHC	A	0.0%
	MSGS	C	0.0%
	SAM	C	0.0%
	LGND	C	0.0%

VLU Underweight 38 Positions Relative to FNDX

	Symbol	Grade	Weight
	KKR	B	-0.12%
	OMF	D	-0.06%
	ZIM	B	-0.06%
	FLEX	C	-0.06%
	BAP	C	-0.05%
	MKL	C	-0.05%
	CNH	F	-0.05%
	GEV	B	-0.05%
	HUN	D	-0.04%
	LPLA	B	-0.04%
	MRVL	C	-0.04%
	AER	A	-0.04%
	QRTEA	F	-0.04%
	BAH	B	-0.04%
	CCEP	A	-0.04%
	ALSN	C	-0.04%
	LNG	B	-0.04%
	APO	A	-0.04%
	ICLR	B	-0.03%
	SSNC	B	-0.03%
	BPOP	C	-0.03%
	CHKP	B	-0.03%
	DOX	D	-0.03%
	SQ	D	-0.02%
	DK	D	-0.02%
	CYH	F	-0.02%
	FCNCA	D	-0.02%
	UHAL	D	-0.02%
	LILAK	B	-0.02%
	BECN	C	-0.02%
	AVTR	D	-0.02%
	TRU	C	-0.02%
	SUI	C	-0.02%
	FTI	C	-0.02%
	CRBG	B	-0.02%
	BIG	F	-0.01%
	ACI	F	-0.01%
	UHAL	D	-0.0%

VLU: Top Represented Industries & Keywords

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

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

FNDX: Top Represented Industries & Keywords

Industries: Diversified Industrials Asset Management Utilities - Regulated Electric Business Services Oil & Gas E&P Specialty Retail Banks - Regional - US Semiconductors Software - Application Information Technology Services Specialty Chemicals Packaged Foods Credit Services Diagnostics & Research Packaging & Containers Building Materials Insurance - Property & Casualty Auto Parts Capital Markets Drug Manufacturers - Major

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