VLU vs. IUSV ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to iShares Core U.S. Vaue ETF (IUSV)

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

$172.98

Average Daily Volume

6,038

Number of Holdings ^*

1436

* may have additional holdings in another (foreign) market

IUSV

iShares Core U.S. Vaue ETF

IUSV Description

The investment seeks to track the investment results of a broad-based index composed of U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell 3000 Value Index (the "underlying index"), which measures the performance of the value sector of the broad U.S. equity market.

Grade (RS Rating)

Last Trade

$89.04

Average Daily Volume

459,408

Number of Holdings ^*

735

* may have additional holdings in another (foreign) market

Performance

Period	VLU	IUSV
30 Days	1.07%	0.76%
60 Days	3.19%	2.49%
90 Days	1.04%	0.87%
12 Months	22.36%	19.32%

717 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in IUSV	Overlap
	A	D	0.03%	0.18%	0.03%
	AA	B	0.02%	0.03%	0.02%
	AAL	F	0.07%	0.04%	0.04%
	ABBV	B	0.43%	0.91%	0.43%
	ABNB	D	0.08%	0.15%	0.08%
	ABT	D	0.24%	0.87%	0.24%
	ACM	C	0.02%	0.03%	0.02%
	ACN	D	0.27%	0.4%	0.27%
	ADC	B	0.02%	0.03%	0.02%
	ADI	B	0.15%	0.23%	0.15%
	ADM	C	0.3%	0.15%	0.15%
	ADNT	F	0.02%	0.01%	0.01%
	ADP	A	0.08%	0.29%	0.08%
	ADSK	B	0.03%	0.11%	0.03%
	AEE	D	0.08%	0.09%	0.08%
	AEP	B	0.16%	0.22%	0.16%
	AES	C	0.05%	0.06%	0.05%
	AFG	C	0.08%	0.04%	0.04%
	AFL	A	0.19%	0.22%	0.19%
	AGCO	F	0.03%	0.03%	0.03%
	AIG	C	0.28%	0.25%	0.25%
	AIRC	A	0.02%	0.03%	0.02%
	AIZ	D	0.04%	0.04%	0.04%
	AJG	A	0.05%	0.13%	0.05%
	AKAM	F	0.03%	0.03%	0.03%
	ALB	F	0.05%	0.06%	0.05%
	ALE	B	0.02%	0.02%	0.02%
	ALGM	F	0.0%	0.01%	0.0%
	ALGN	F	0.03%	0.04%	0.03%
	ALL	C	0.14%	0.2%	0.14%
	ALLE	D	0.01%	0.03%	0.01%
	ALLY	B	0.1%	0.05%	0.05%
	ALV	D	0.03%	0.02%	0.02%
	AM	B	0.02%	0.01%	0.01%
	AMCR	B	0.06%	0.07%	0.06%
	AME	C	0.04%	0.1%	0.04%
	AMED	F	0.01%	0.01%	0.01%
	AMG	C	0.02%	0.03%	0.02%
	AMGN	B	0.27%	0.77%	0.27%
	AMH	A	0.03%	0.02%	0.02%
	AMKR	B	0.04%	0.02%	0.02%
	AMP	A	0.11%	0.1%	0.1%
	AMT	B	0.14%	0.26%	0.14%
	AN	C	0.04%	0.02%	0.02%
	ANSS	D	0.02%	0.06%	0.02%
	AON	C	0.06%	0.14%	0.06%
	AOS	C	0.02%	0.02%	0.02%
	APD	C	0.14%	0.3%	0.14%
	APH	B	0.07%	0.17%	0.07%
	APTV	D	0.07%	0.09%	0.07%
	AR	C	0.05%	0.05%	0.05%
	ARE	D	0.05%	0.09%	0.05%
	ARMK	A	0.05%	0.04%	0.04%
	ARW	C	0.06%	0.03%	0.03%
	ASB	C	0.03%	0.01%	0.01%
	ASGN	D	0.01%	0.02%	0.01%
	ASH	B	0.02%	0.02%	0.02%
	ATO	B	0.06%	0.08%	0.06%
	ATR	B	0.01%	0.02%	0.01%
	AVB	A	0.07%	0.14%	0.07%
	AVNT	C	0.02%	0.02%	0.02%
	AVT	B	0.05%	0.02%	0.02%
	AVY	A	0.03%	0.09%	0.03%
	AWK	B	0.06%	0.12%	0.06%
	AXP	C	0.32%	0.19%	0.19%
	AYI	D	0.01%	0.02%	0.01%
	AZO	C	0.07%	0.07%	0.07%
	AZTA	C	0.01%	0.01%	0.01%
	BA	C	0.17%	0.28%	0.17%
	BAC	A	1.51%	1.31%	1.31%
	BALL	D	0.05%	0.1%	0.05%
	BAX	D	0.06%	0.08%	0.06%
	BBWI	D	0.03%	0.05%	0.03%
	BBY	B	0.17%	0.08%	0.08%
	BC	D	0.02%	0.01%	0.01%
	BDC	B	0.01%	0.02%	0.01%
	BDX	C	0.1%	0.33%	0.1%
	BEN	D	0.06%	0.03%	0.03%
	BERY	B	0.04%	0.03%	0.03%
	BG	B	0.14%	0.07%	0.07%
	BHF	D	0.03%	0.01%	0.01%
	BIIB	C	0.11%	0.16%	0.11%
	BIO	D	0.02%	0.03%	0.02%
	BJ	B	0.04%	0.06%	0.04%
	BK	B	0.24%	0.21%	0.21%
	BKH	C	0.03%	0.02%	0.02%
	BKR	B	0.1%	0.15%	0.1%
	BLK	B	0.18%	0.52%	0.18%
	BLKB	D	0.0%	0.01%	0.0%
	BMY	D	0.29%	0.41%	0.29%
	BR	B	0.02%	0.05%	0.02%
	BRBR	C	0.01%	0.02%	0.01%
	BRK.A	B	2.3%	3.57%	2.3%
	BRKR	F	0.01%	0.01%	0.01%
	BRO	A	0.03%	0.02%	0.02%
	BRX	B	0.02%	0.02%	0.02%
	BSX	A	0.11%	0.25%	0.11%
	BURL	A	0.03%	0.03%	0.03%
	BWA	D	0.07%	0.04%	0.04%
	BX	B	0.1%	0.12%	0.1%
	BXP	B	0.05%	0.04%	0.04%
	C	C	1.09%	0.55%	0.55%
	CACI	A	0.03%	0.03%	0.03%
	CADE	C	0.02%	0.01%	0.01%
	CAG	D	0.07%	0.07%	0.07%
	CAH	B	0.24%	0.12%	0.12%
	CARR	B	0.08%	0.14%	0.08%
	CAT	D	0.23%	0.33%	0.23%
	CB	B	0.37%	0.51%	0.37%
	CBRE	B	0.06%	0.12%	0.06%
	CBSH	C	0.02%	0.02%	0.02%
	CBT	C	0.02%	0.01%	0.01%
	CC	F	0.02%	0.02%	0.02%
	CCI	C	0.1%	0.21%	0.1%
	CCK	D	0.03%	0.02%	0.02%
	CCL	B	0.15%	0.02%	0.02%
	CDW	C	0.04%	0.08%	0.04%
	CEG	C	0.04%	0.18%	0.04%
	CF	D	0.06%	0.03%	0.03%
	CFG	C	0.15%	0.08%	0.08%
	CFR	D	0.02%	0.02%	0.02%
	CG	D	0.02%	0.02%	0.02%
	CGNX	B	0.01%	0.02%	0.01%
	CHD	B	0.03%	0.07%	0.03%
	CHE	D	0.01%	0.02%	0.01%
	CHH	C	0.01%	0.01%	0.01%
	CHK	D	0.09%	0.05%	0.05%
	CHRW	B	0.05%	0.05%	0.05%
	CHTR	C	0.26%	0.07%	0.07%
	CHX	D	0.01%	0.01%	0.01%
	CI	C	0.4%	0.47%	0.4%
	CIEN	F	0.02%	0.02%	0.02%
	CINF	C	0.06%	0.09%	0.06%
	CL	A	0.11%	0.23%	0.11%
	CLF	F	0.03%	0.04%	0.03%
	CLX	D	0.03%	0.08%	0.03%
	CMA	D	0.06%	0.03%	0.03%
	CMC	C	0.03%	0.03%	0.03%
	CMCSA	D	0.6%	0.72%	0.6%
	CME	D	0.1%	0.22%	0.1%
	CMI	C	0.12%	0.18%	0.12%
	CMS	C	0.05%	0.09%	0.05%
	CNC	D	0.34%	0.18%	0.18%
	CNM	D	0.01%	0.02%	0.01%
	CNO	C	0.03%	0.01%	0.01%
	CNP	A	0.08%	0.09%	0.08%
	CNXC	D	0.03%	0.01%	0.01%
	COF	C	0.49%	0.25%	0.25%
	COHR	B	0.02%	0.05%	0.02%
	COLB	D	0.04%	0.02%	0.02%
	COLM	B	0.02%	0.01%	0.01%
	COP	D	0.44%	0.19%	0.19%
	COST	B	0.3%	1.06%	0.3%
	CPB	C	0.05%	0.04%	0.04%
	CPRI	F	0.01%	0.01%	0.01%
	CPT	A	0.04%	0.06%	0.04%
	CRI	D	0.01%	0.01%	0.01%
	CRL	F	0.02%	0.05%	0.02%
	CRUS	B	0.02%	0.01%	0.01%
	CSCO	D	0.45%	0.9%	0.45%
	CSGP	F	0.03%	0.08%	0.03%
	CSX	D	0.11%	0.15%	0.11%
	CTAS	A	0.04%	0.13%	0.04%
	CTLT	B	0.01%	0.05%	0.01%
	CTRA	C	0.07%	0.03%	0.03%
	CTSH	D	0.1%	0.16%	0.1%
	CTVA	D	0.08%	0.17%	0.08%
	CUBE	B	0.02%	0.02%	0.02%
	CUZ	C	0.02%	0.02%	0.02%
	CVLT	A	0.0%	0.01%	0.0%
	CVS	C	0.73%	0.37%	0.37%
	CVX	C	1.45%	1.28%	1.28%
	CW	B	0.02%	0.02%	0.02%
	CYTK	D	0.0%	0.02%	0.0%
	CZR	C	0.03%	0.02%	0.02%
	D	D	0.23%	0.2%	0.2%
	DAL	D	0.3%	0.07%	0.07%
	DAR	D	0.02%	0.03%	0.02%
	DAY	F	0.01%	0.02%	0.01%
	DCI	C	0.01%	0.02%	0.01%
	DD	A	0.19%	0.17%	0.17%
	DE	D	0.23%	0.21%	0.21%
	DFS	B	0.13%	0.07%	0.07%
	DG	D	0.09%	0.13%	0.09%
	DGX	B	0.05%	0.07%	0.05%
	DHR	B	0.13%	0.81%	0.13%
	DINO	D	0.08%	0.04%	0.04%
	DIS	D	0.31%	0.89%	0.31%
	DKS	B	0.04%	0.03%	0.03%
	DLB	D	0.01%	0.01%	0.01%
	DLR	B	0.04%	0.14%	0.04%
	DLTR	F	0.07%	0.11%	0.07%
	DOC	B	0.05%	0.07%	0.05%
	DOCS	C	0.01%	0.01%	0.01%
	DOV	A	0.04%	0.12%	0.04%
	DOW	D	0.21%	0.19%	0.19%
	DPZ	A	0.01%	0.05%	0.01%
	DRI	C	0.04%	0.04%	0.04%
	DTE	B	0.09%	0.11%	0.09%
	DTM	A	0.02%	0.01%	0.01%
	DUK	B	0.32%	0.38%	0.32%
	DVA	B	0.07%	0.02%	0.02%
	DVN	D	0.16%	0.14%	0.14%
	DXCM	F	0.02%	0.08%	0.02%
	EA	B	0.05%	0.09%	0.05%
	EBAY	A	0.09%	0.13%	0.09%
	ECL	A	0.05%	0.15%	0.05%
	ED	C	0.13%	0.15%	0.13%
	EEFT	C	0.02%	0.01%	0.01%
	EFX	B	0.02%	0.09%	0.02%
	EG	B	0.09%	0.08%	0.08%
	EGP	C	0.01%	0.01%	0.01%
	EHC	B	0.02%	0.02%	0.02%
	EIX	C	0.09%	0.14%	0.09%
	EL	D	0.06%	0.13%	0.06%
	ELS	C	0.02%	0.02%	0.02%
	ELV	A	0.43%	0.61%	0.43%
	EMN	B	0.05%	0.06%	0.05%
	EMR	C	0.15%	0.29%	0.15%
	ENOV	F	0.01%	0.01%	0.01%
	ENPH	D	0.02%	0.05%	0.02%
	ENS	C	0.02%	0.01%	0.01%
	EOG	D	0.24%	0.11%	0.11%
	EPAM	D	0.01%	0.03%	0.01%
	EPR	D	0.01%	0.01%	0.01%
	EQH	A	0.07%	0.01%	0.01%
	EQIX	D	0.07%	0.18%	0.07%
	EQR	A	0.08%	0.11%	0.08%
	EQT	D	0.09%	0.08%	0.08%
	ERIE	D	0.02%	0.02%	0.02%
	ES	D	0.08%	0.1%	0.08%
	ESNT	B	0.02%	0.03%	0.02%
	ESS	A	0.04%	0.09%	0.04%
	ETN	D	0.12%	0.23%	0.12%
	ETR	C	0.12%	0.11%	0.11%
	ETRN	C	0.02%	0.02%	0.02%
	ETSY	F	0.01%	0.02%	0.01%
	EVR	B	0.02%	0.01%	0.01%
	EVRG	C	0.07%	0.06%	0.06%
	EW	B	0.05%	0.16%	0.05%
	EWBC	C	0.04%	0.02%	0.02%
	EXC	D	0.19%	0.17%	0.17%
	EXLS	C	0.01%	0.01%	0.01%
	EXPD	B	0.04%	0.05%	0.04%
	EXPO	B	0.0%	0.01%	0.0%
	EXR	A	0.05%	0.16%	0.05%
	F	C	0.43%	0.22%	0.22%
	FAF	D	0.03%	0.03%	0.03%
	FAST	D	0.04%	0.09%	0.04%
	FCX	C	0.1%	0.17%	0.1%
	FDS	D	0.01%	0.04%	0.01%
	FDX	C	0.24%	0.27%	0.24%
	FE	D	0.07%	0.1%	0.07%
	FFIN	D	0.01%	0.01%	0.01%
	FFIV	D	0.02%	0.05%	0.02%
	FHI	D	0.01%	0.01%	0.01%
	FHN	C	0.04%	0.04%	0.04%
	FIS	B	0.11%	0.22%	0.11%
	FITB	C	0.1%	0.12%	0.1%
	FLO	D	0.02%	0.02%	0.02%
	FLR	B	0.03%	0.04%	0.03%
	FLS	C	0.02%	0.02%	0.02%
	FMC	D	0.03%	0.03%	0.03%
	FNB	C	0.03%	0.02%	0.02%
	FNF	C	0.07%	0.05%	0.05%
	FOX	A	0.04%	0.02%	0.02%
	FOXA	A	0.08%	0.04%	0.04%
	FR	C	0.01%	0.02%	0.01%
	FRT	C	0.01%	0.04%	0.01%
	FSLR	C	0.04%	0.14%	0.04%
	FYBR	C	0.03%	0.03%	0.03%
	G	D	0.02%	0.02%	0.02%
	GATX	B	0.02%	0.01%	0.01%
	GBCI	D	0.01%	0.02%	0.01%
	GD	A	0.21%	0.32%	0.21%
	GE	C	0.27%	0.47%	0.27%
	GEF	F	0.02%	0.01%	0.01%
	GEHC	D	0.03%	0.16%	0.03%
	GHC	D	0.02%	0.01%	0.01%
	GILD	C	0.27%	0.39%	0.27%
	GIS	D	0.12%	0.18%	0.12%
	GL	C	0.02%	0.03%	0.02%
	GLPI	B	0.04%	0.03%	0.03%
	GLW	A	0.1%	0.14%	0.1%
	GM	B	0.52%	0.26%	0.26%
	GME	C	0.02%	0.04%	0.02%
	GMED	A	0.01%	0.04%	0.01%
	GNRC	D	0.02%	0.02%	0.02%
	GNTX	C	0.02%	0.01%	0.01%
	GO	D	0.01%	0.01%	0.01%
	GPC	D	0.06%	0.09%	0.06%
	GPK	B	0.03%	0.04%	0.03%
	GPN	D	0.06%	0.12%	0.06%
	GPS	C	0.05%	0.03%	0.03%
	GRMN	B	0.06%	0.05%	0.05%
	GS	A	0.51%	0.71%	0.51%
	GT	F	0.03%	0.02%	0.02%
	GWW	D	0.05%	0.05%	0.05%
	GXO	D	0.02%	0.01%	0.01%
	HAE	D	0.01%	0.01%	0.01%
	HAL	D	0.09%	0.14%	0.09%
	HAS	B	0.03%	0.04%	0.03%
	HBAN	C	0.1%	0.09%	0.09%
	HCA	A	0.21%	0.17%	0.17%
	HD	B	0.5%	1.05%	0.5%
	HELE	F	0.01%	0.01%	0.01%
	HGV	D	0.01%	0.01%	0.01%
	HIG	A	0.13%	0.14%	0.13%
	HII	D	0.03%	0.05%	0.03%
	HOG	D	0.03%	0.02%	0.02%
	HOLX	D	0.02%	0.08%	0.02%
	HOMB	C	0.01%	0.02%	0.01%
	HON	A	0.23%	0.66%	0.23%
	HPE	C	0.27%	0.14%	0.14%
	HPQ	B	0.3%	0.15%	0.15%
	HQY	B	0.01%	0.02%	0.01%
	HRL	D	0.08%	0.04%	0.04%
	HSIC	D	0.03%	0.04%	0.03%
	HST	D	0.04%	0.02%	0.02%
	HSY	D	0.06%	0.08%	0.06%
	HTZ	F	0.0%	0.0%	0.0%
	HUBB	D	0.03%	0.05%	0.03%
	HUM	C	0.23%	0.21%	0.21%
	HWC	C	0.02%	0.01%	0.01%
	HWM	C	0.03%	0.06%	0.03%
	HXL	D	0.0%	0.01%	0.0%
	IART	C	0.0%	0.01%	0.0%
	IBKR	B	0.04%	0.03%	0.03%
	IBM	B	0.38%	0.75%	0.38%
	IBOC	D	0.02%	0.01%	0.01%
	ICE	A	0.1%	0.38%	0.1%
	IDA	D	0.01%	0.01%	0.01%
	IDXX	D	0.03%	0.09%	0.03%
	IEX	D	0.01%	0.07%	0.01%
	IFF	A	0.06%	0.12%	0.06%
	ILMN	D	0.02%	0.08%	0.02%
	INCY	B	0.03%	0.06%	0.03%
	INGR	C	0.03%	0.02%	0.02%
	INTC	F	0.45%	0.62%	0.45%
	INVH	A	0.04%	0.1%	0.04%
	IP	A	0.15%	0.08%	0.08%
	IPG	F	0.04%	0.05%	0.04%
	IPGP	F	0.01%	0.01%	0.01%
	IQV	D	0.05%	0.12%	0.05%
	IR	B	0.02%	0.04%	0.02%
	IRDM	F	0.0%	0.01%	0.0%
	IRM	A	0.04%	0.06%	0.04%
	IRT	A	0.01%	0.02%	0.01%
	ISRG	A	0.09%	0.25%	0.09%
	ITW	D	0.09%	0.17%	0.09%
	IVZ	C	0.06%	0.03%	0.03%
	J	C	0.04%	0.08%	0.04%
	JAZZ	C	0.02%	0.02%	0.02%
	JBHT	F	0.03%	0.06%	0.03%
	JBL	F	0.06%	0.03%	0.03%
	JCI	C	0.15%	0.23%	0.15%
	JEF	B	0.04%	0.04%	0.04%
	JHG	B	0.04%	0.02%	0.02%
	JKHY	C	0.01%	0.06%	0.01%
	JLL	B	0.04%	0.05%	0.04%
	JNJ	D	0.81%	1.69%	0.81%
	JNPR	B	0.02%	0.06%	0.02%
	JPM	B	1.37%	2.71%	1.37%
	JWN	B	0.02%	0.01%	0.01%
	K	D	0.06%	0.07%	0.06%
	KBH	B	0.02%	0.01%	0.01%
	KBR	C	0.02%	0.02%	0.02%
	KD	C	0.03%	0.03%	0.03%
	KDP	A	0.12%	0.17%	0.12%
	KEX	B	0.02%	0.02%	0.02%
	KEY	D	0.12%	0.06%	0.06%
	KEYS	D	0.03%	0.11%	0.03%
	KHC	D	0.25%	0.13%	0.13%
	KIM	B	0.03%	0.06%	0.03%
	KMB	A	0.12%	0.23%	0.12%
	KMI	A	0.36%	0.18%	0.18%
	KMPR	C	0.01%	0.02%	0.01%
	KMX	B	0.05%	0.05%	0.05%
	KNF	D	0.01%	0.01%	0.01%
	KNX	D	0.03%	0.04%	0.03%
	KO	A	0.41%	0.72%	0.41%
	KR	D	0.33%	0.16%	0.16%
	KRC	D	0.03%	0.02%	0.02%
	KRG	B	0.01%	0.02%	0.01%
	KVUE	D	0.19%	0.17%	0.17%
	L	B	0.13%	0.07%	0.07%
	LAD	F	0.07%	0.03%	0.03%
	LAMR	B	0.02%	0.02%	0.02%
	LANC	C	0.01%	0.01%	0.01%
	LDOS	A	0.05%	0.1%	0.05%
	LEA	F	0.06%	0.03%	0.03%
	LEG	F	0.01%	0.01%	0.01%
	LEN	D	0.13%	0.08%	0.08%
	LFUS	B	0.01%	0.01%	0.01%
	LHX	A	0.1%	0.2%	0.1%
	LIN	B	0.2%	0.49%	0.2%
	LITE	C	0.01%	0.02%	0.01%
	LIVN	D	0.0%	0.01%	0.0%
	LKQ	D	0.04%	0.05%	0.04%
	LMT	A	0.31%	0.48%	0.31%
	LNT	C	0.04%	0.06%	0.04%
	LOW	C	0.22%	0.62%	0.22%
	LPX	C	0.01%	0.01%	0.01%
	LSTR	B	0.01%	0.01%	0.01%
	LUV	B	0.16%	0.08%	0.08%
	LVS	F	0.07%	0.03%	0.03%
	LW	C	0.02%	0.02%	0.02%
	LYB	C	0.23%	0.12%	0.12%
	M	C	0.05%	0.02%	0.02%
	MA	C	0.13%	0.5%	0.13%
	MAA	B	0.04%	0.08%	0.04%
	MAN	D	0.03%	0.02%	0.02%
	MAS	D	0.03%	0.03%	0.03%
	MASI	C	0.01%	0.01%	0.01%
	MAT	F	0.01%	0.02%	0.01%
	MCD	D	0.14%	0.5%	0.14%
	MCHP	C	0.07%	0.1%	0.07%
	MCK	A	0.43%	0.38%	0.38%
	MCO	A	0.04%	0.16%	0.04%
	MDLZ	D	0.21%	0.25%	0.21%
	MDT	D	0.33%	0.52%	0.33%
	MDU	A	0.03%	0.02%	0.02%
	MET	C	0.41%	0.2%	0.2%
	MGM	B	0.06%	0.02%	0.02%
	MHK	D	0.06%	0.03%	0.03%
	MIDD	D	0.02%	0.02%	0.02%
	MKC	D	0.04%	0.08%	0.04%
	MKSI	C	0.01%	0.02%	0.01%
	MKTX	F	0.01%	0.04%	0.01%
	MLM	D	0.03%	0.06%	0.03%
	MMC	A	0.12%	0.24%	0.12%
	MMM	B	0.23%	0.27%	0.23%
	MMS	A	0.02%	0.01%	0.01%
	MNST	D	0.05%	0.07%	0.05%
	MO	A	0.33%	0.38%	0.33%
	MOH	D	0.04%	0.04%	0.04%
	MOS	D	0.08%	0.04%	0.04%
	MP	F	0.0%	0.01%	0.0%
	MPC	D	0.6%	0.14%	0.14%
	MRK	A	0.44%	0.95%	0.44%
	MRNA	C	0.06%	0.22%	0.06%
	MRO	B	0.09%	0.04%	0.04%
	MS	B	0.51%	0.58%	0.51%
	MSCI	D	0.01%	0.08%	0.01%
	MSI	A	0.04%	0.13%	0.04%
	MSM	F	0.02%	0.01%	0.01%
	MTB	C	0.13%	0.12%	0.12%
	MTCH	F	0.01%	0.04%	0.01%
	MTD	B	0.02%	0.09%	0.02%
	MTG	B	0.02%	0.02%	0.02%
	MTN	D	0.02%	0.01%	0.01%
	MTSI	B	0.01%	0.01%	0.01%
	MTZ	C	0.02%	0.03%	0.02%
	MU	C	0.23%	0.76%	0.23%
	MUR	D	0.05%	0.02%	0.02%
	NDAQ	C	0.05%	0.11%	0.05%
	NDSN	D	0.02%	0.06%	0.02%
	NEE	B	0.35%	0.72%	0.35%
	NEM	B	0.15%	0.23%	0.15%
	NEOG	C	0.01%	0.02%	0.01%
	NFG	C	0.03%	0.02%	0.02%
	NI	A	0.05%	0.06%	0.05%
	NJR	C	0.01%	0.02%	0.01%
	NKE	C	0.16%	0.31%	0.16%
	NNN	A	0.03%	0.02%	0.02%
	NOC	D	0.14%	0.29%	0.14%
	NOV	D	0.03%	0.03%	0.03%
	NOVT	B	0.01%	0.01%	0.01%
	NRG	B	0.06%	0.09%	0.06%
	NSA	A	0.01%	0.01%	0.01%
	NSC	D	0.12%	0.24%	0.12%
	NSP	F	0.01%	0.01%	0.01%
	NTAP	B	0.04%	0.08%	0.04%
	NTRS	C	0.07%	0.08%	0.07%
	NUE	F	0.13%	0.07%	0.07%
	NVST	F	0.01%	0.01%	0.01%
	NWE	C	0.01%	0.01%	0.01%
	NWS	A	0.01%	0.02%	0.01%
	NWSA	A	0.03%	0.05%	0.03%
	NXPI	C	0.09%	0.08%	0.08%
	NXST	D	0.03%	0.02%	0.02%
	NYCB	F	0.02%	0.01%	0.01%
	O	C	0.11%	0.21%	0.11%
	OGE	B	0.03%	0.03%	0.03%
	OGS	D	0.03%	0.02%	0.02%
	OHI	A	0.03%	0.02%	0.02%
	OKE	B	0.11%	0.08%	0.08%
	OLN	D	0.02%	0.02%	0.02%
	OMC	C	0.06%	0.09%	0.06%
	ON	D	0.05%	0.08%	0.05%
	ONB	C	0.03%	0.02%	0.02%
	OPCH	D	0.01%	0.01%	0.01%
	ORA	C	0.01%	0.02%	0.01%
	ORI	C	0.04%	0.04%	0.04%
	ORLY	B	0.07%	0.08%	0.07%
	OSK	D	0.02%	0.03%	0.02%
	OTIS	B	0.04%	0.12%	0.04%
	OXY	D	0.22%	0.19%	0.19%
	OZK	D	0.04%	0.01%	0.01%
	PAG	D	0.03%	0.01%	0.01%
	PARA	F	0.04%	0.02%	0.02%
	PAYC	F	0.0%	0.02%	0.0%
	PAYX	A	0.05%	0.11%	0.05%
	PB	D	0.02%	0.03%	0.02%
	PBF	F	0.04%	0.02%	0.02%
	PCAR	D	0.13%	0.07%	0.07%
	PCG	C	0.12%	0.19%	0.12%
	PCH	F	0.01%	0.02%	0.01%
	PEG	A	0.13%	0.18%	0.13%
	PENN	C	0.03%	0.01%	0.01%
	PEP	D	0.38%	0.7%	0.38%
	PFE	B	0.85%	0.75%	0.75%
	PFG	C	0.16%	0.08%	0.08%
	PFGC	D	0.1%	0.05%	0.05%
	PG	A	0.53%	1.16%	0.53%
	PGR	C	0.17%	0.29%	0.17%
	PH	D	0.08%	0.07%	0.07%
	PII	D	0.02%	0.02%	0.02%
	PKG	A	0.04%	0.08%	0.04%
	PLD	C	0.14%	0.5%	0.14%
	PM	A	0.49%	0.48%	0.48%
	PNC	C	0.34%	0.29%	0.29%
	PNFP	D	0.02%	0.02%	0.02%
	PNM	D	0.02%	0.02%	0.02%
	PNR	C	0.02%	0.02%	0.02%
	PNW	C	0.05%	0.04%	0.04%
	PODD	B	0.0%	0.04%	0.0%
	POOL	F	0.01%	0.03%	0.01%
	POR	D	0.02%	0.02%	0.02%
	POST	C	0.03%	0.02%	0.02%
	POWI	D	0.0%	0.01%	0.0%
	PPC	C	0.01%	0.01%	0.01%
	PPG	D	0.07%	0.15%	0.07%
	PPL	B	0.09%	0.1%	0.09%
	PRGO	F	0.02%	0.02%	0.02%
	PRU	A	0.39%	0.2%	0.2%
	PSA	B	0.07%	0.13%	0.07%
	PSX	D	0.55%	0.29%	0.29%
	PTC	C	0.02%	0.04%	0.02%
	PVH	C	0.02%	0.03%	0.02%
	PWR	B	0.04%	0.06%	0.04%
	PYPL	F	0.15%	0.31%	0.15%
	QCOM	C	0.34%	0.56%	0.34%
	QRVO	B	0.03%	0.05%	0.03%
	R	B	0.05%	0.03%	0.03%
	RCM	B	0.01%	0.01%	0.01%
	REG	B	0.03%	0.05%	0.03%
	REGN	A	0.15%	0.21%	0.15%
	REXR	C	0.02%	0.03%	0.02%
	RF	C	0.1%	0.08%	0.08%
	RGA	B	0.13%	0.06%	0.06%
	RGLD	C	0.01%	0.02%	0.01%
	RH	F	0.01%	0.01%	0.01%
	RHI	D	0.02%	0.03%	0.02%
	RJF	C	0.05%	0.11%	0.05%
	RL	B	0.03%	0.02%	0.02%
	RLI	C	0.01%	0.01%	0.01%
	RMD	C	0.02%	0.15%	0.02%
	RNR	B	0.05%	0.02%	0.02%
	ROK	D	0.04%	0.07%	0.04%
	ROL	A	0.01%	0.04%	0.01%
	ROP	A	0.06%	0.16%	0.06%
	RPM	C	0.02%	0.03%	0.02%
	RRX	D	0.02%	0.04%	0.02%
	RSG	A	0.09%	0.08%	0.08%
	RTX	C	0.43%	0.67%	0.43%
	RYN	C	0.01%	0.01%	0.01%
	SAIC	D	0.02%	0.02%	0.02%
	SAM	C	0.0%	0.01%	0.0%
	SBAC	D	0.02%	0.06%	0.02%
	SBRA	A	0.02%	0.02%	0.02%
	SBUX	F	0.13%	0.18%	0.13%
	SCHW	C	0.26%	0.53%	0.26%
	SCI	B	0.02%	0.03%	0.02%
	SEIC	C	0.02%	0.02%	0.02%
	SF	B	0.03%	0.04%	0.03%
	SFM	B	0.02%	0.02%	0.02%
	SHW	D	0.05%	0.17%	0.05%
	SIGI	F	0.02%	0.01%	0.01%
	SJM	D	0.05%	0.06%	0.05%
	SLB	D	0.15%	0.3%	0.15%
	SLGN	D	0.02%	0.02%	0.02%
	SLM	C	0.02%	0.01%	0.01%
	SMG	D	0.01%	0.01%	0.01%
	SNA	D	0.03%	0.04%	0.03%
	SNV	C	0.03%	0.03%	0.03%
	SNX	B	0.1%	0.05%	0.05%
	SO	A	0.29%	0.41%	0.29%
	SOLV	F	0.0%	0.04%	0.0%
	SON	D	0.03%	0.03%	0.03%
	SPG	B	0.06%	0.15%	0.06%
	SPGI	B	0.11%	0.38%	0.11%
	SR	C	0.02%	0.02%	0.02%
	SRCL	B	0.01%	0.03%	0.01%
	SRE	B	0.16%	0.23%	0.16%
	SSB	D	0.02%	0.03%	0.02%
	ST	D	0.02%	0.03%	0.02%
	STAG	B	0.02%	0.02%	0.02%
	STE	D	0.02%	0.05%	0.02%
	STLD	D	0.08%	0.03%	0.03%
	STT	C	0.12%	0.1%	0.1%
	STWD	C	0.05%	0.03%	0.03%
	STX	B	0.05%	0.06%	0.05%
	STZ	B	0.06%	0.2%	0.06%
	SWK	D	0.05%	0.06%	0.05%
	SWKS	B	0.05%	0.08%	0.05%
	SWX	C	0.02%	0.02%	0.02%
	SYF	B	0.17%	0.08%	0.08%
	SYK	B	0.09%	0.2%	0.09%
	SYNA	D	0.01%	0.01%	0.01%
	SYY	C	0.12%	0.17%	0.12%
	T	A	1.22%	0.61%	0.61%
	TAP	F	0.09%	0.05%	0.05%
	TCBI	C	0.02%	0.01%	0.01%
	TDY	D	0.03%	0.09%	0.03%
	TECH	C	0.01%	0.06%	0.01%
	TEL	A	0.11%	0.13%	0.11%
	TER	B	0.02%	0.11%	0.02%
	TEX	D	0.01%	0.01%	0.01%
	TFC	C	0.46%	0.23%	0.23%
	TFX	F	0.01%	0.05%	0.01%
	TGNA	D	0.02%	0.01%	0.01%
	TGT	D	0.23%	0.32%	0.23%
	THC	B	0.06%	0.07%	0.06%
	THG	D	0.02%	0.02%	0.02%
	THO	F	0.03%	0.02%	0.02%
	TJX	A	0.17%	0.21%	0.17%
	TKR	D	0.02%	0.02%	0.02%
	TMHC	D	0.03%	0.03%	0.03%
	TMO	D	0.18%	0.66%	0.18%
	TMUS	B	0.38%	0.44%	0.38%
	TNL	B	0.02%	0.0%	0.0%
	TPR	B	0.03%	0.05%	0.03%
	TRMB	D	0.02%	0.07%	0.02%
	TROW	B	0.08%	0.13%	0.08%
	TRV	C	0.16%	0.23%	0.16%
	TSCO	B	0.04%	0.08%	0.04%
	TSN	C	0.15%	0.08%	0.08%
	TT	B	0.08%	0.11%	0.08%
	TTC	C	0.01%	0.03%	0.01%
	TTWO	B	0.02%	0.06%	0.02%
	TXN	B	0.25%	0.54%	0.25%
	TXT	D	0.04%	0.08%	0.04%
	UA	C	0.01%	0.01%	0.01%
	UAA	C	0.01%	0.01%	0.01%
	UAL	D	0.15%	0.08%	0.08%
	UBSI	D	0.02%	0.02%	0.02%
	UDR	B	0.03%	0.06%	0.03%
	UGI	D	0.04%	0.02%	0.02%
	UHS	A	0.05%	0.06%	0.05%
	ULTA	D	0.03%	0.03%	0.03%
	UMBF	C	0.01%	0.02%	0.01%
	UNH	D	1.03%	1.38%	1.03%
	UNM	C	0.08%	0.03%	0.03%
	UNP	D	0.23%	0.36%	0.23%
	UPS	D	0.4%	0.47%	0.4%
	USB	C	0.33%	0.29%	0.29%
	USFD	B	0.07%	0.06%	0.06%
	UTHR	A	0.03%	0.04%	0.03%
	V	C	0.41%	0.7%	0.41%
	VAC	F	0.02%	0.01%	0.01%
	VC	D	0.01%	0.01%	0.01%
	VICI	D	0.09%	0.14%	0.09%
	VLO	D	0.48%	0.25%	0.25%
	VLTO	B	0.02%	0.11%	0.02%
	VLY	D	0.03%	0.01%	0.01%
	VMC	D	0.03%	0.06%	0.03%
	VMI	B	0.01%	0.03%	0.01%
	VNO	B	0.04%	0.02%	0.02%
	VOYA	B	0.04%	0.02%	0.02%
	VRSK	A	0.01%	0.08%	0.01%
	VRSN	C	0.02%	0.04%	0.02%
	VRTX	B	0.11%	0.22%	0.11%
	VSH	F	0.02%	0.01%	0.01%
	VTR	A	0.07%	0.1%	0.07%
	VTRS	D	0.11%	0.06%	0.06%
	VZ	B	1.59%	0.81%	0.81%
	WAB	B	0.04%	0.14%	0.04%
	WAT	F	0.02%	0.05%	0.02%
	WBA	D	0.11%	0.05%	0.05%
	WBD	F	0.15%	0.08%	0.08%
	WBS	D	0.03%	0.03%	0.03%
	WCC	D	0.04%	0.04%	0.04%
	WDC	C	0.06%	0.12%	0.06%
	WEC	D	0.08%	0.12%	0.08%
	WELL	B	0.1%	0.28%	0.1%
	WEN	F	0.01%	0.01%	0.01%
	WERN	F	0.01%	0.01%	0.01%
	WFC	C	1.16%	1.0%	1.0%
	WH	C	0.01%	0.01%	0.01%
	WHR	D	0.05%	0.02%	0.02%
	WM	B	0.1%	0.19%	0.1%
	WMB	A	0.16%	0.15%	0.15%
	WMT	A	1.58%	1.39%	1.39%
	WOLF	D	0.0%	0.01%	0.0%
	WPC	D	0.05%	0.06%	0.05%
	WRB	B	0.05%	0.08%	0.05%
	WRK	C	0.12%	0.06%	0.06%
	WTFC	C	0.02%	0.03%	0.02%
	WTRG	C	0.03%	0.02%	0.02%
	WTW	B	0.06%	0.13%	0.06%
	WU	D	0.04%	0.02%	0.02%
	WY	D	0.07%	0.1%	0.07%
	X	F	0.08%	0.04%	0.04%
	XEL	D	0.12%	0.14%	0.12%
	XOM	C	2.04%	2.38%	2.04%
	XPO	D	0.03%	0.03%	0.03%
	XRAY	F	0.01%	0.03%	0.01%
	XYL	B	0.03%	0.16%	0.03%
	YETI	C	0.0%	0.01%	0.0%
	YUM	D	0.04%	0.1%	0.04%
	ZBH	D	0.05%	0.11%	0.05%
	ZBRA	C	0.02%	0.07%	0.02%
	ZD	C	0.01%	0.01%	0.01%
	ZI	F	0.01%	0.01%	0.01%
	ZION	C	0.06%	0.03%	0.03%
	ZTS	C	0.05%	0.17%	0.05%

VLU Overweight 719 Positions Relative to IUSV

	Symbol	Grade	Weight
	AAPL	B	2.4%
	AMZN	B	1.98%
	META	B	1.68%
	MSFT	A	1.67%
	GOOG	A	1.33%
	GOOGL	A	0.81%
	AVGO	C	0.48%
	TSLA	C	0.4%
	ORCL	B	0.39%
	NVDA	C	0.38%
	LLY	A	0.25%
	CRM	D	0.21%
	ADBE	C	0.19%
	NFLX	B	0.18%
	AMAT	C	0.17%
	AMD	B	0.15%
	ACGL	A	0.13%
	FANG	C	0.12%
	LRCX	C	0.12%
	BKNG	A	0.11%
	OVV	D	0.11%
	CHRD	D	0.1%
	DHI	D	0.1%
	UBER	B	0.09%
	MAR	B	0.09%
	HES	D	0.07%
	ROST	A	0.07%
	KLAC	C	0.07%
	SWN	D	0.07%
	ANET	B	0.07%
	VST	B	0.07%
	APA	D	0.06%
	PHM	D	0.06%
	SNPS	B	0.06%
	CIVI	D	0.06%
	INTU	C	0.06%
	PANW	B	0.06%
	URI	D	0.06%
	RCL	A	0.06%
	TRGP	A	0.06%
	AL	C	0.05%
	WLK	D	0.05%
	JXN	B	0.05%
	CE	D	0.05%
	ABG	C	0.05%
	OGN	B	0.05%
	ALK	D	0.05%
	OC	B	0.05%
	COOP	B	0.05%
	LNC	B	0.05%
	RS	D	0.05%
	NOW	B	0.05%
	NVR	C	0.05%
	CMG	C	0.05%
	SANM	B	0.04%
	WSO	B	0.04%
	AAP	D	0.04%
	CPRT	C	0.04%
	EXPE	B	0.04%
	MUSA	A	0.04%
	GPI	C	0.04%
	TOL	D	0.04%
	VFC	C	0.04%
	BLDR	F	0.04%
	EME	B	0.03%
	CLH	A	0.03%
	RDN	B	0.03%
	GDDY	B	0.03%
	WFRD	C	0.03%
	NWL	F	0.03%
	ODFL	D	0.03%
	URBN	B	0.03%
	PR	D	0.03%
	ARCH	D	0.03%
	CBOE	D	0.03%
	CSL	A	0.03%
	GNW	D	0.03%
	IT	B	0.03%
	HIW	B	0.03%
	SMCI	C	0.03%
	MTDR	D	0.03%
	APLE	D	0.03%
	WSM	B	0.03%
	BXMT	D	0.03%
	MPW	C	0.03%
	PK	D	0.03%
	SM	C	0.03%
	ABM	B	0.03%
	FTNT	F	0.03%
	CDNS	B	0.03%
	HP	D	0.03%
	LYV	D	0.03%
	DXC	C	0.03%
	NOG	D	0.03%
	CPAY	D	0.03%
	SKX	A	0.03%
	CASY	B	0.03%
	RRC	D	0.03%
	CNX	C	0.03%
	HCC	D	0.03%
	LULU	D	0.03%
	FTV	D	0.03%
	JBGS	C	0.02%
	RNST	D	0.02%
	DAN	F	0.02%
	TXRH	A	0.02%
	SLG	B	0.02%
	BANR	B	0.02%
	TTEK	B	0.02%
	CABO	F	0.02%
	VAL	C	0.02%
	MGY	C	0.02%
	REZI	D	0.02%
	AXTA	B	0.02%
	IBTX	B	0.02%
	SEE	C	0.02%
	ANDE	D	0.02%
	PFS	D	0.02%
	BHE	C	0.02%
	GEO	D	0.02%
	OI	F	0.02%
	PSTG	C	0.02%
	KAR	D	0.02%
	PEB	D	0.02%
	TYL	A	0.02%
	ASO	D	0.02%
	LBRT	D	0.02%
	WIRE	B	0.02%
	EAT	A	0.02%
	WOR	F	0.02%
	BANC	D	0.02%
	FHB	D	0.02%
	VVV	C	0.02%
	WAFD	D	0.02%
	ATI	D	0.02%
	BCC	F	0.02%
	LII	A	0.02%
	MATX	A	0.02%
	GBX	D	0.02%
	PTEN	D	0.02%
	MLKN	D	0.02%
	AGO	D	0.02%
	PRI	B	0.02%
	NATL	B	0.02%
	CRC	D	0.02%
	HBI	B	0.02%
	TDS	C	0.02%
	SKYW	B	0.02%
	PRG	B	0.02%
	BLD	D	0.02%
	JBLU	C	0.02%
	HLT	A	0.02%
	FFBC	D	0.02%
	COKE	A	0.02%
	ENVA	C	0.02%
	AMR	F	0.02%
	SNEX	C	0.02%
	CWK	B	0.02%
	SATS	C	0.02%
	SFNC	D	0.02%
	TPH	C	0.02%
	PDCO	D	0.02%
	CNK	A	0.02%
	COTY	D	0.02%
	CWEN	C	0.02%
	WYNN	F	0.02%
	MTH	D	0.02%
	WWD	B	0.02%
	FL	B	0.02%
	NVT	C	0.02%
	CAR	D	0.02%
	LNW	B	0.02%
	BKU	C	0.02%
	UFPI	C	0.02%
	SEM	A	0.02%
	SIG	F	0.02%
	MLI	C	0.02%
	CROX	C	0.02%
	KSS	C	0.02%
	CALM	B	0.02%
	H	C	0.02%
	BTU	D	0.02%
	NSIT	B	0.02%
	TRN	B	0.02%
	TDG	B	0.02%
	DECK	C	0.02%
	DEI	D	0.02%
	HRB	A	0.02%
	CEIX	B	0.02%
	CR	B	0.02%
	NCLH	B	0.02%
	CATY	D	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	D	0.01%
	SVC	D	0.01%
	MYGN	B	0.01%
	TBBK	C	0.01%
	ESE	D	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	B	0.01%
	AMWD	F	0.01%
	CUBI	C	0.01%
	ROCK	F	0.01%
	ROG	C	0.01%
	SAFT	D	0.01%
	EGBN	D	0.01%
	HCSG	D	0.01%
	PLAY	F	0.01%
	VRTS	D	0.01%
	BGS	F	0.01%
	CPF	B	0.01%
	GTY	D	0.01%
	ALGT	F	0.01%
	CASH	B	0.01%
	MSA	C	0.01%
	SBCF	D	0.01%
	AEIS	B	0.01%
	CHEF	A	0.01%
	GES	F	0.01%
	CPK	D	0.01%
	SKT	D	0.01%
	XHR	C	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%
	CWT	C	0.01%
	MMSI	B	0.01%
	EXP	D	0.01%
	RGEN	F	0.01%
	RES	D	0.01%
	MC	C	0.01%
	AWI	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%
	FWRD	D	0.01%
	GFF	D	0.01%
	CARG	B	0.01%
	OUT	D	0.01%
	CAL	D	0.01%
	SCL	D	0.01%
	DCOM	D	0.01%
	FTDR	B	0.01%
	FSS	C	0.01%
	BLMN	F	0.01%
	MGEE	C	0.01%
	FIVE	D	0.01%
	PLUS	D	0.01%
	NGVT	D	0.01%
	PJT	A	0.01%
	TPX	D	0.01%
	CBU	C	0.01%
	FCPT	B	0.01%
	HPP	D	0.01%
	HIBB	A	0.01%
	ICUI	B	0.01%
	MNRO	D	0.01%
	WRLD	D	0.01%
	HLX	D	0.01%
	DORM	B	0.01%
	FIZZ	C	0.01%
	CVCO	D	0.01%
	ENR	D	0.01%
	OII	D	0.01%
	ACLS	C	0.01%
	ALKS	C	0.01%
	DNOW	D	0.01%
	SBH	F	0.01%
	SMPL	B	0.01%
	THS	D	0.01%
	NBR	D	0.01%
	PLAB	F	0.01%
	MORN	C	0.01%
	SFBS	D	0.01%
	JJSF	B	0.01%
	VIR	D	0.01%
	AMN	F	0.01%
	DEA	B	0.01%
	FBK	C	0.01%
	STC	C	0.01%
	EPRT	B	0.01%
	OSIS	C	0.01%
	EPC	B	0.01%
	TDC	D	0.01%
	KN	C	0.01%
	HALO	A	0.01%
	SHO	D	0.01%
	YELP	F	0.01%
	WST	D	0.01%
	FELE	C	0.01%
	UE	A	0.01%
	AKR	A	0.01%
	KWR	F	0.01%
	SGH	C	0.01%
	AOSL	A	0.01%
	LGIH	F	0.01%
	BCPC	B	0.01%
	POWL	C	0.01%
	WD	B	0.01%
	MYRG	F	0.01%
	EXPI	F	0.01%
	IBP	D	0.01%
	CLW	C	0.01%
	UNF	F	0.01%
	PIPR	A	0.01%
	SPTN	F	0.01%
	B	B	0.01%
	CWEN	C	0.01%
	STRA	D	0.01%
	OFG	C	0.01%
	RXO	A	0.01%
	LXP	B	0.01%
	BOOT	B	0.01%
	AROC	C	0.01%
	BWXT	C	0.01%
	SCVL	B	0.01%
	STBA	C	0.01%
	CVI	F	0.01%
	UNFI	C	0.01%
	PHIN	D	0.01%
	DT	F	0.01%
	SXC	D	0.01%
	HASI	C	0.01%
	RWT	B	0.01%
	KLIC	D	0.01%
	PRDO	D	0.01%
	VSTO	C	0.01%
	HMN	D	0.01%
	PBI	C	0.01%
	GVA	B	0.01%
	ARCB	F	0.01%
	FORM	B	0.01%
	KELYA	D	0.01%
	GTLS	D	0.01%
	PRK	B	0.01%
	MEDP	B	0.01%
	UCTT	C	0.01%
	SSD	C	0.01%
	KALU	D	0.01%
	FDP	D	0.01%
	ONTO	C	0.01%
	IDCC	B	0.01%
	NBTB	C	0.01%
	AHCO	C	0.01%
	IOSP	C	0.01%
	KMT	F	0.01%
	ENSG	B	0.01%
	PINC	F	0.01%
	ITGR	D	0.01%
	RUN	C	0.01%
	PUMP	F	0.01%
	PECO	D	0.01%
	PATK	D	0.01%
	CBRL	F	0.01%
	BDN	D	0.01%
	WGO	F	0.01%
	VNT	D	0.01%
	CCOI	F	0.01%
	SHOO	B	0.01%
	ACIW	B	0.01%
	VSAT	F	0.01%
	LRN	B	0.01%
	CCS	D	0.01%
	SXT	B	0.01%
	AXL	D	0.01%
	BOH	C	0.01%
	SITC	B	0.01%
	CNXN	D	0.01%
	SABR	F	0.01%
	NPO	D	0.01%
	BGC	C	0.01%
	APAM	D	0.01%
	AXON	D	0.01%
	AVAV	C	0.01%
	MODG	D	0.01%
	CTRE	B	0.01%
	TREX	F	0.01%
	WSFS	C	0.01%
	DLX	C	0.01%
	WTS	D	0.01%
	WS	D	0.01%
	PBH	C	0.01%
	BRC	B	0.01%
	WWW	B	0.01%
	FND	C	0.01%
	LOPE	D	0.01%
	SAH	C	0.01%
	GRBK	B	0.01%
	CENTA	D	0.01%
	CRK	B	0.01%
	NYT	B	0.01%
	NBIX	D	0.01%
	SCSC	D	0.01%
	TTMI	A	0.01%
	LCII	F	0.01%
	ECPG	F	0.01%
	KW	C	0.01%
	INDB	D	0.01%
	MTX	B	0.01%
	LZB	B	0.01%
	NEU	D	0.01%
	LUMN	F	0.01%
	RBC	B	0.01%
	OTTR	D	0.01%
	ITRI	C	0.01%
	SAIA	B	0.01%
	KLG	F	0.01%
	TRMK	C	0.01%
	VBTX	C	0.01%
	PSMT	C	0.01%
	BANF	D	0.01%
	HNI	B	0.01%
	DIOD	D	0.01%
	HI	F	0.01%
	AX	C	0.01%
	BYD	D	0.01%
	PLXS	D	0.01%
	FICO	A	0.01%
	HLI	C	0.01%
	INVA	B	0.01%
	GIII	D	0.01%
	UCBI	D	0.01%
	FUL	B	0.01%
	SLCA	B	0.01%
	ATGE	B	0.01%
	GGG	D	0.01%
	NWN	F	0.01%
	NMIH	A	0.01%
	FBP	C	0.01%
	WEX	D	0.01%
	WMS	C	0.01%
	GMS	F	0.01%
	AIT	C	0.01%
	OLLI	B	0.01%
	DBX	D	0.01%
	PPBI	D	0.01%
	LECO	D	0.01%
	FIX	D	0.01%
	AUB	D	0.01%
	ACA	B	0.01%
	HOPE	D	0.01%
	FCN	C	0.01%
	MCY	D	0.01%
	ABCB	C	0.01%
	KTB	C	0.01%
	NAVI	D	0.01%
	UVV	D	0.01%
	ANF	C	0.01%
	ACHC	D	0.01%
	NWBI	C	0.01%
	FN	C	0.01%
	MAC	D	0.01%
	BCO	B	0.01%
	AEO	D	0.01%
	CXW	F	0.01%
	OMI	F	0.01%
	SLVM	C	0.01%
	IIPR	B	0.01%
	CVBF	D	0.01%
	ODP	F	0.01%
	PMT	C	0.01%
	VSCO	F	0.01%
	EXEL	B	0.01%
	PARR	F	0.01%
	HTH	D	0.01%
	MHO	B	0.01%
	SPNT	D	0.01%
	MPWR	C	0.01%
	RC	D	0.01%
	MOG.A	C	0.01%
	VGR	B	0.01%
	DY	C	0.01%
	CHDN	A	0.01%
	LPG	D	0.01%
	KFY	B	0.01%
	CRS	C	0.01%
	AVA	D	0.01%
	GNL	F	0.01%
	ITT	C	0.01%
	VSTS	D	0.01%
	XRX	F	0.01%
	RUSHA	D	0.01%
	FULT	C	0.01%
	HUBG	B	0.01%
	TALO	D	0.01%
	ARI	D	0.01%
	VICR	F	0.0%
	UHT	B	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	D	0.0%
	SPWR	D	0.0%
	CACC	D	0.0%
	MSEX	D	0.0%
	CNMD	F	0.0%
	OSUR	F	0.0%
	EMBC	D	0.0%
	LESL	F	0.0%
	VREX	F	0.0%
	SNCY	D	0.0%
	CLB	B	0.0%
	SITM	C	0.0%
	GOGO	F	0.0%
	AAON	C	0.0%
	LQDT	B	0.0%
	CEVA	F	0.0%
	TRUP	C	0.0%
	HCI	D	0.0%
	MED	F	0.0%
	MEI	F	0.0%
	TGI	B	0.0%
	ATNI	F	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	D	0.0%
	ARWR	C	0.0%
	STAA	D	0.0%
	PGNY	F	0.0%
	CERT	F	0.0%
	GKOS	B	0.0%
	TNDM	C	0.0%
	COHU	C	0.0%
	CPRX	D	0.0%
	CHCT	D	0.0%
	NABL	B	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	B	0.0%
	IPAR	D	0.0%
	WSR	A	0.0%
	HRMY	D	0.0%
	DV	F	0.0%
	PRLB	F	0.0%
	HSII	B	0.0%
	SXI	D	0.0%
	CTS	C	0.0%
	COLL	D	0.0%
	VVI	D	0.0%
	IIIN	F	0.0%
	DIN	D	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	D	0.0%
	CENT	F	0.0%
	FOXF	C	0.0%
	CLDT	F	0.0%
	MXL	C	0.0%
	PZZA	F	0.0%
	TMP	D	0.0%
	SLAB	F	0.0%
	KNSL	D	0.0%
	ELF	B	0.0%
	CSGS	F	0.0%
	RGR	F	0.0%
	WDFC	F	0.0%
	CELH	F	0.0%
	MCS	D	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	F	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%
	ALG	F	0.0%
	NUS	F	0.0%
	USNA	F	0.0%
	GDEN	D	0.0%
	HTLD	C	0.0%
	RILY	F	0.0%
	IRWD	F	0.0%
	ROIC	C	0.0%
	SMP	D	0.0%
	WABC	D	0.0%
	DXPE	D	0.0%
	THRM	D	0.0%
	WING	B	0.0%
	DFIN	D	0.0%
	MGPI	F	0.0%
	KOP	F	0.0%
	PLMR	D	0.0%
	PRGS	F	0.0%
	ASTH	B	0.0%
	SONO	F	0.0%
	CRVL	C	0.0%
	MATW	F	0.0%
	QLYS	D	0.0%
	HFWA	D	0.0%
	LNTH	C	0.0%
	HLIT	B	0.0%
	PAHC	B	0.0%
	ALRM	F	0.0%
	MCW	B	0.0%
	NTCT	D	0.0%
	FBNC	D	0.0%
	MD	D	0.0%
	RCUS	C	0.0%
	REX	F	0.0%
	NVEE	F	0.0%
	NEO	F	0.0%
	WNC	D	0.0%
	SUPN	D	0.0%
	AMCX	F	0.0%
	MANH	B	0.0%
	FLGT	F	0.0%
	HAFC	D	0.0%
	JOE	D	0.0%
	CALX	C	0.0%
	DBI	D	0.0%
	LKFN	D	0.0%
	TRST	D	0.0%
	ETD	F	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	D	0.0%
	UTL	C	0.0%
	CORT	B	0.0%
	PRAA	D	0.0%
	CENX	D	0.0%
	RAMP	F	0.0%
	OLED	B	0.0%
	FCF	D	0.0%
	ZEUS	F	0.0%
	KREF	D	0.0%
	TR	D	0.0%
	EYE	F	0.0%
	EVTC	D	0.0%
	VTOL	B	0.0%
	MRTN	C	0.0%
	SIX	B	0.0%
	ENV	D	0.0%
	GDOT	C	0.0%
	MMI	D	0.0%
	ALEX	B	0.0%
	BRKL	D	0.0%
	MTRN	F	0.0%
	VECO	C	0.0%
	SHAK	D	0.0%
	TWI	F	0.0%
	PFBC	C	0.0%
	HWKN	B	0.0%
	LSCC	F	0.0%
	AAT	B	0.0%
	OXM	C	0.0%
	SBSI	D	0.0%
	MOV	D	0.0%
	HZO	B	0.0%
	AIR	C	0.0%
	MERC	D	0.0%
	BFS	B	0.0%
	SHC	C	0.0%
	FTRE	F	0.0%
	CSR	B	0.0%
	MCRI	B	0.0%
	NBHC	A	0.0%
	MSGS	D	0.0%
	LGND	C	0.0%

VLU Underweight 18 Positions Relative to IUSV

	Symbol	Grade	Weight
	FI	C	-0.21%
	COR	B	-0.19%
	GEV	B	-0.13%
	LH	D	-0.08%
	GEN	B	-0.07%
	RVTY	C	-0.06%
	NLY	A	-0.05%
	COO	D	-0.05%
	HR	C	-0.03%
	TKO	B	-0.02%
	FBIN	F	-0.02%
	ROIV	D	-0.01%
	ALTM	F	-0.01%
	CDP	B	-0.01%
	QDEL	F	-0.01%
	SRPT	B	-0.01%
	AZPN	D	-0.01%
	CXT	B	-0.01%

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

IUSV: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Utilities - Regulated Electric Business Services Diagnostics & Research Asset Management Semiconductors Packaged Foods Packaging & Containers Capital Markets Medical Instruments & Supplies Software - Application Specialty Chemicals Specialty Retail Insurance - Property & Casualty Medical Devices Oil & Gas E&P REIT - Residential Biotechnology Information Technology Services

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