VLU vs. SMLF ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to iShares FactorSelect MSCI USA Small-Cap ETF (SMLF)

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

$190.31

Average Daily Volume

6,466

Number of Holdings ^*

1418

* may have additional holdings in another (foreign) market

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. 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. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$69.75

Average Daily Volume

68,342

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

Performance

Period	VLU	SMLF
30 Days	1.51%	2.66%
60 Days	3.97%	4.97%
90 Days	7.48%	10.09%
12 Months	29.73%	34.46%

511 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in SMLF	Overlap
	AA	A	0.04%	0.13%	0.04%
	ABG	B	0.04%	0.15%	0.04%
	ACA	A	0.01%	0.1%	0.01%
	ACHC	F	0.01%	0.04%	0.01%
	ACLS	F	0.0%	0.12%	0.0%
	ACM	B	0.03%	0.19%	0.03%
	AEIS	B	0.01%	0.01%	0.01%
	AEO	F	0.01%	0.05%	0.01%
	AGCO	D	0.03%	0.2%	0.03%
	AGO	A	0.02%	0.27%	0.02%
	AGYS	A	0.0%	0.04%	0.0%
	AIN	C	0.01%	0.01%	0.01%
	AIT	A	0.02%	0.12%	0.02%
	AIZ	A	0.04%	0.17%	0.04%
	ALGM	F	0.01%	0.01%	0.01%
	ALKS	C	0.01%	0.3%	0.01%
	ALLE	D	0.02%	0.16%	0.02%
	ALRM	C	0.0%	0.03%	0.0%
	ALV	C	0.02%	0.08%	0.02%
	AM	A	0.02%	0.37%	0.02%
	AMBC	C	0.0%	0.05%	0.0%
	AMG	A	0.02%	0.23%	0.02%
	AMH	C	0.02%	0.25%	0.02%
	AMN	F	0.01%	0.03%	0.01%
	AMPH	F	0.0%	0.07%	0.0%
	AMR	C	0.01%	0.14%	0.01%
	AN	D	0.04%	0.24%	0.04%
	ANF	C	0.01%	0.3%	0.01%
	APA	F	0.04%	0.22%	0.04%
	APOG	B	0.01%	0.11%	0.01%
	AR	B	0.04%	0.21%	0.04%
	ARCB	C	0.01%	0.02%	0.01%
	ARCH	B	0.03%	0.03%	0.03%
	AROC	A	0.01%	0.12%	0.01%
	ARW	D	0.06%	0.18%	0.06%
	ARWR	D	0.0%	0.04%	0.0%
	ASB	B	0.03%	0.1%	0.03%
	ASGN	F	0.01%	0.01%	0.01%
	ASH	F	0.01%	0.07%	0.01%
	ASO	F	0.01%	0.06%	0.01%
	ATI	D	0.02%	0.14%	0.02%
	AVAV	C	0.01%	0.05%	0.01%
	AVNT	B	0.02%	0.18%	0.02%
	AWR	A	0.01%	0.12%	0.01%
	AX	A	0.02%	0.0%	0.0%
	AXON	A	0.01%	0.66%	0.01%
	AXTA	A	0.02%	0.03%	0.02%
	AYI	B	0.01%	0.35%	0.01%
	BANF	B	0.02%	0.14%	0.02%
	BBWI	C	0.02%	0.2%	0.02%
	BC	D	0.02%	0.09%	0.02%
	BCC	A	0.02%	0.22%	0.02%
	BCO	F	0.01%	0.06%	0.01%
	BCPC	B	0.01%	0.04%	0.01%
	BDC	B	0.01%	0.08%	0.01%
	BDN	D	0.01%	0.13%	0.01%
	BERY	C	0.04%	0.1%	0.04%
	BFH	B	0.03%	0.0%	0.0%
	BJ	B	0.03%	0.16%	0.03%
	BKE	A	0.01%	0.12%	0.01%
	BKH	A	0.03%	0.01%	0.01%
	BKU	A	0.03%	0.0%	0.0%
	BLD	F	0.02%	0.21%	0.02%
	BLKB	C	0.0%	0.13%	0.0%
	BLMN	F	0.01%	0.05%	0.01%
	BMI	C	0.0%	0.16%	0.0%
	BOH	B	0.01%	0.0%	0.0%
	BOX	B	0.0%	0.08%	0.0%
	BRBR	A	0.01%	0.06%	0.01%
	BRC	C	0.01%	0.17%	0.01%
	BRKR	F	0.01%	0.14%	0.01%
	BRX	A	0.03%	0.37%	0.03%
	BSIG	A	0.0%	0.01%	0.0%
	BWXT	A	0.01%	0.13%	0.01%
	BYD	B	0.02%	0.01%	0.01%
	CACI	C	0.04%	0.02%	0.02%
	CAKE	B	0.01%	0.01%	0.01%
	CAL	F	0.0%	0.08%	0.0%
	CALX	F	0.0%	0.02%	0.0%
	CAR	C	0.02%	0.09%	0.02%
	CARG	A	0.01%	0.11%	0.01%
	CARS	B	0.0%	0.08%	0.0%
	CASH	B	0.01%	0.0%	0.0%
	CASY	B	0.03%	0.06%	0.03%
	CBSH	A	0.02%	0.24%	0.02%
	CBT	C	0.02%	0.12%	0.02%
	CC	C	0.01%	0.06%	0.01%
	CDP	C	0.01%	0.03%	0.01%
	CEIX	A	0.03%	0.07%	0.03%
	CELH	F	0.0%	0.04%	0.0%
	CENTA	C	0.01%	0.05%	0.01%
	CFFN	B	0.01%	0.04%	0.01%
	CFR	B	0.03%	0.25%	0.03%
	CHCO	B	0.01%	0.0%	0.0%
	CHDN	C	0.01%	0.1%	0.01%
	CHE	D	0.01%	0.3%	0.01%
	CHRD	D	0.07%	0.03%	0.03%
	CHX	C	0.01%	0.11%	0.01%
	CIEN	B	0.02%	0.03%	0.02%
	CLH	C	0.03%	0.07%	0.03%
	CMA	B	0.08%	0.0%	0.0%
	CMC	B	0.03%	0.14%	0.03%
	CNM	C	0.01%	0.36%	0.01%
	CNMD	C	0.0%	0.07%	0.0%
	CNO	A	0.04%	0.16%	0.04%
	CNX	A	0.05%	0.06%	0.05%
	COKE	D	0.03%	0.22%	0.03%
	COOP	B	0.05%	0.41%	0.05%
	CORT	C	0.01%	0.3%	0.01%
	COTY	F	0.01%	0.06%	0.01%
	CPRX	C	0.0%	0.24%	0.0%
	CR	B	0.03%	0.35%	0.03%
	CRC	A	0.02%	0.1%	0.02%
	CROX	F	0.01%	0.19%	0.01%
	CRS	A	0.02%	0.09%	0.02%
	CRUS	F	0.01%	0.11%	0.01%
	CSL	C	0.03%	0.41%	0.03%
	CUBE	C	0.02%	0.11%	0.02%
	CUBI	B	0.01%	0.09%	0.01%
	CUZ	B	0.03%	0.08%	0.03%
	CVBF	A	0.02%	0.05%	0.02%
	CVCO	B	0.01%	0.16%	0.01%
	CVI	D	0.0%	0.03%	0.0%
	CVLT	B	0.01%	0.08%	0.01%
	CW	B	0.02%	0.23%	0.02%
	CWEN	C	0.01%	0.15%	0.01%
	CWEN	C	0.02%	0.15%	0.02%
	CWK	B	0.03%	0.01%	0.01%
	CXT	D	0.0%	0.09%	0.0%
	CXW	B	0.02%	0.11%	0.02%
	CYTK	D	0.0%	0.11%	0.0%
	DAN	F	0.01%	0.02%	0.01%
	DCI	B	0.01%	0.18%	0.01%
	DECK	A	0.02%	0.72%	0.02%
	DEI	B	0.03%	0.0%	0.0%
	DFIN	D	0.0%	0.11%	0.0%
	DINO	D	0.06%	0.01%	0.01%
	DKS	D	0.03%	0.38%	0.03%
	DLX	A	0.01%	0.08%	0.01%
	DNOW	B	0.01%	0.1%	0.01%
	DOCS	B	0.01%	0.15%	0.01%
	DTM	A	0.03%	0.2%	0.03%
	DVAX	C	0.0%	0.09%	0.0%
	DY	C	0.01%	0.02%	0.01%
	EEFT	C	0.01%	0.09%	0.01%
	EGBN	B	0.01%	0.0%	0.0%
	EGP	D	0.01%	0.09%	0.01%
	EHC	B	0.02%	0.05%	0.02%
	EIG	A	0.01%	0.0%	0.0%
	ELF	C	0.0%	0.2%	0.0%
	EMBC	C	0.0%	0.03%	0.0%
	EME	B	0.03%	0.94%	0.03%
	ENR	A	0.01%	0.01%	0.01%
	ENS	D	0.01%	0.04%	0.01%
	ENSG	D	0.01%	0.14%	0.01%
	ENVA	B	0.02%	0.01%	0.01%
	EPAC	B	0.0%	0.07%	0.0%
	EPC	D	0.01%	0.01%	0.01%
	EPR	D	0.01%	0.02%	0.01%
	ESAB	B	0.01%	0.18%	0.01%
	ETSY	D	0.01%	0.2%	0.01%
	EVR	B	0.02%	0.81%	0.02%
	EVTC	C	0.0%	0.03%	0.0%
	EWBC	A	0.05%	0.39%	0.05%
	EXEL	B	0.02%	0.24%	0.02%
	EXLS	B	0.01%	0.23%	0.01%
	EXPI	C	0.01%	0.1%	0.01%
	EXPO	D	0.0%	0.09%	0.0%
	EXTR	C	0.0%	0.17%	0.0%
	FAF	C	0.03%	0.16%	0.03%
	FBP	B	0.01%	0.0%	0.0%
	FCN	F	0.01%	0.04%	0.01%
	FFIN	A	0.01%	0.05%	0.01%
	FHB	B	0.02%	0.08%	0.02%
	FHI	A	0.01%	0.11%	0.01%
	FHN	A	0.05%	0.04%	0.04%
	FIX	A	0.01%	0.44%	0.01%
	FL	F	0.02%	0.03%	0.02%
	FLO	D	0.02%	0.06%	0.02%
	FLR	B	0.03%	0.08%	0.03%
	FN	C	0.01%	0.06%	0.01%
	FR	D	0.01%	0.31%	0.01%
	FSS	B	0.01%	0.02%	0.01%
	FULT	A	0.02%	0.0%	0.0%
	FYBR	C	0.04%	0.13%	0.04%
	GAP	C	0.04%	0.23%	0.04%
	GATX	A	0.02%	0.15%	0.02%
	GDOT	D	0.01%	0.0%	0.0%
	GEF	B	0.02%	0.01%	0.01%
	GEO	A	0.03%	0.12%	0.03%
	GES	F	0.0%	0.15%	0.0%
	GFF	B	0.01%	0.12%	0.01%
	GGG	A	0.01%	0.3%	0.01%
	GIII	D	0.01%	0.02%	0.01%
	GKOS	B	0.0%	0.07%	0.0%
	GLPI	C	0.04%	0.18%	0.04%
	GME	C	0.03%	0.16%	0.03%
	GMED	A	0.02%	0.03%	0.02%
	GMS	B	0.01%	0.08%	0.01%
	GNRC	B	0.02%	0.15%	0.02%
	GNW	A	0.03%	0.0%	0.0%
	GO	C	0.0%	0.01%	0.0%
	GPI	B	0.04%	0.22%	0.04%
	GPK	D	0.03%	0.26%	0.03%
	HAE	B	0.01%	0.2%	0.01%
	HAIN	F	0.01%	0.01%	0.01%
	HALO	D	0.01%	0.24%	0.01%
	HAS	D	0.03%	0.19%	0.03%
	HASI	F	0.01%	0.07%	0.01%
	HCC	B	0.04%	0.06%	0.04%
	HELE	C	0.0%	0.04%	0.0%
	HI	C	0.01%	0.09%	0.01%
	HIW	D	0.03%	0.18%	0.03%
	HLI	B	0.01%	0.18%	0.01%
	HNI	B	0.01%	0.03%	0.01%
	HOG	D	0.02%	0.15%	0.02%
	HP	C	0.03%	0.1%	0.03%
	HPP	F	0.01%	0.04%	0.01%
	HQY	A	0.01%	0.01%	0.01%
	HRB	D	0.03%	0.4%	0.03%
	HSII	B	0.0%	0.31%	0.0%
	HTH	B	0.01%	0.11%	0.01%
	HTZ	C	0.0%	0.01%	0.0%
	HWC	B	0.03%	0.08%	0.03%
	HWKN	B	0.01%	0.06%	0.01%
	HXL	F	0.01%	0.01%	0.01%
	IBKR	A	0.05%	0.45%	0.05%
	IBOC	A	0.02%	0.11%	0.02%
	IBP	F	0.01%	0.04%	0.01%
	IDA	A	0.02%	0.46%	0.02%
	IDCC	A	0.01%	0.09%	0.01%
	INVA	C	0.01%	0.09%	0.01%
	IOSP	C	0.01%	0.04%	0.01%
	IPAR	C	0.0%	0.13%	0.0%
	IRWD	D	0.0%	0.02%	0.0%
	ITGR	B	0.01%	0.05%	0.01%
	ITRI	B	0.01%	0.05%	0.01%
	ITT	A	0.01%	0.31%	0.01%
	IVZ	B	0.07%	0.1%	0.07%
	JACK	C	0.0%	0.09%	0.0%
	JBL	C	0.05%	0.55%	0.05%
	JBSS	F	0.0%	0.17%	0.0%
	JEF	A	0.06%	0.4%	0.06%
	JHG	A	0.05%	0.31%	0.05%
	JOE	F	0.0%	0.19%	0.0%
	JXN	B	0.07%	0.0%	0.0%
	KALU	C	0.01%	0.01%	0.01%
	KBR	D	0.02%	0.12%	0.02%
	KD	A	0.03%	0.06%	0.03%
	KFY	B	0.01%	0.02%	0.01%
	KIM	A	0.04%	0.16%	0.04%
	KLG	D	0.01%	0.04%	0.01%
	KLIC	C	0.01%	0.1%	0.01%
	KN	B	0.01%	0.08%	0.01%
	KNF	B	0.01%	0.07%	0.01%
	KNSL	B	0.0%	0.18%	0.0%
	KRC	C	0.04%	0.12%	0.04%
	KREF	D	0.01%	0.04%	0.01%
	KRG	B	0.02%	0.17%	0.02%
	KSS	F	0.02%	0.08%	0.02%
	KW	C	0.01%	0.1%	0.01%
	LAMR	D	0.03%	0.33%	0.03%
	LANC	D	0.01%	0.02%	0.01%
	LECO	C	0.01%	0.05%	0.01%
	LFUS	D	0.01%	0.05%	0.01%
	LGND	C	0.01%	0.09%	0.01%
	LIVN	C	0.0%	0.2%	0.0%
	LNTH	F	0.01%	0.17%	0.01%
	LNW	F	0.02%	0.17%	0.02%
	LPG	F	0.01%	0.04%	0.01%
	LPX	A	0.02%	0.41%	0.02%
	LRN	A	0.01%	0.16%	0.01%
	LSCC	D	0.0%	0.23%	0.0%
	LSTR	D	0.01%	0.1%	0.01%
	LUMN	C	0.08%	0.2%	0.08%
	LXP	D	0.01%	0.07%	0.01%
	M	D	0.04%	0.19%	0.04%
	MAC	A	0.02%	0.31%	0.02%
	MAN	F	0.03%	0.04%	0.03%
	MANH	D	0.0%	0.5%	0.0%
	MASI	B	0.01%	0.08%	0.01%
	MAT	D	0.01%	0.12%	0.01%
	MATV	F	0.01%	0.07%	0.01%
	MATX	B	0.02%	0.21%	0.02%
	MC	B	0.01%	0.0%	0.0%
	MCY	A	0.02%	0.06%	0.02%
	MDU	D	0.02%	0.04%	0.02%
	MEDP	D	0.01%	0.38%	0.01%
	MIDD	C	0.02%	0.08%	0.02%
	MKSI	C	0.01%	0.08%	0.01%
	MLI	B	0.03%	0.49%	0.03%
	MMS	D	0.02%	0.04%	0.02%
	MMSI	A	0.01%	0.14%	0.01%
	MOG.A	B	0.02%	0.03%	0.02%
	MPW	F	0.02%	0.06%	0.02%
	MSA	D	0.0%	0.02%	0.0%
	MSM	D	0.02%	0.02%	0.02%
	MTG	C	0.02%	0.09%	0.02%
	MTN	C	0.01%	0.09%	0.01%
	MTRN	C	0.0%	0.1%	0.0%
	MTSI	B	0.01%	0.09%	0.01%
	MUR	D	0.04%	0.19%	0.04%
	NARI	B	0.0%	0.07%	0.0%
	NATL	C	0.02%	0.04%	0.02%
	NAVI	F	0.01%	0.19%	0.01%
	NBR	D	0.01%	0.07%	0.01%
	NBTB	B	0.01%	0.0%	0.0%
	NDSN	C	0.02%	0.18%	0.02%
	NFG	A	0.03%	0.13%	0.03%
	NGVT	B	0.01%	0.01%	0.01%
	NJR	A	0.01%	0.14%	0.01%
	NNN	C	0.02%	0.1%	0.02%
	NOV	D	0.02%	0.12%	0.02%
	NOVT	D	0.01%	0.14%	0.01%
	NSIT	F	0.02%	0.06%	0.02%
	NSP	F	0.01%	0.11%	0.01%
	NTCT	B	0.0%	0.11%	0.0%
	NVST	C	0.01%	0.06%	0.01%
	NVT	C	0.02%	0.49%	0.02%
	NWL	B	0.03%	0.02%	0.02%
	NWN	A	0.01%	0.01%	0.01%
	NX	C	0.0%	0.03%	0.0%
	NXST	D	0.03%	0.07%	0.03%
	NYT	D	0.01%	0.12%	0.01%
	OC	A	0.05%	0.18%	0.05%
	ODP	F	0.01%	0.11%	0.01%
	OFG	B	0.01%	0.0%	0.0%
	OGE	A	0.03%	0.12%	0.03%
	OGS	A	0.03%	0.13%	0.03%
	OHI	C	0.04%	0.09%	0.04%
	OI	D	0.02%	0.03%	0.02%
	OII	B	0.01%	0.11%	0.01%
	OLED	F	0.01%	0.03%	0.01%
	OLN	F	0.02%	0.09%	0.02%
	OMI	F	0.01%	0.04%	0.01%
	ONTO	F	0.01%	0.15%	0.01%
	OPCH	F	0.01%	0.08%	0.01%
	ORI	A	0.04%	0.41%	0.04%
	OSIS	A	0.01%	0.02%	0.01%
	OTTR	C	0.01%	0.06%	0.01%
	OUT	A	0.01%	0.04%	0.01%
	OVV	C	0.09%	0.25%	0.09%
	OXM	F	0.0%	0.06%	0.0%
	OZK	A	0.04%	0.08%	0.04%
	PARA	D	0.06%	0.11%	0.06%
	PBF	D	0.03%	0.02%	0.02%
	PBH	A	0.01%	0.09%	0.01%
	PCH	D	0.01%	0.01%	0.01%
	PCTY	B	0.01%	0.14%	0.01%
	PDCO	D	0.01%	0.02%	0.01%
	PEB	F	0.01%	0.01%	0.01%
	PEN	B	0.0%	0.07%	0.0%
	PFBC	B	0.01%	0.0%	0.0%
	PHIN	A	0.01%	0.09%	0.01%
	PII	F	0.02%	0.01%	0.01%
	PIPR	A	0.01%	0.34%	0.01%
	PK	D	0.03%	0.05%	0.03%
	PLNT	A	0.0%	0.09%	0.0%
	PLUS	F	0.01%	0.07%	0.01%
	PNFP	A	0.03%	0.1%	0.03%
	POR	C	0.02%	0.07%	0.02%
	POWI	D	0.0%	0.01%	0.0%
	POWL	C	0.01%	0.38%	0.01%
	PR	B	0.03%	0.02%	0.02%
	PRDO	B	0.01%	0.0%	0.0%
	PRG	B	0.02%	0.17%	0.02%
	PRGO	C	0.02%	0.04%	0.02%
	PRGS	B	0.0%	0.18%	0.0%
	PRI	A	0.02%	0.28%	0.02%
	PSTG	F	0.01%	0.29%	0.01%
	PTEN	C	0.01%	0.11%	0.01%
	PVH	C	0.02%	0.17%	0.02%
	PZZA	D	0.0%	0.05%	0.0%
	QLYS	C	0.0%	0.13%	0.0%
	R	B	0.06%	0.28%	0.06%
	RAMP	C	0.0%	0.02%	0.0%
	RCUS	F	0.0%	0.04%	0.0%
	RDN	D	0.03%	0.06%	0.03%
	RGEN	F	0.01%	0.08%	0.01%
	RGLD	A	0.01%	0.14%	0.01%
	RGNX	F	0.0%	0.03%	0.0%
	RHI	C	0.02%	0.17%	0.02%
	RL	B	0.03%	0.15%	0.03%
	RLI	A	0.01%	0.03%	0.01%
	RMBS	C	0.0%	0.24%	0.0%
	RNR	D	0.05%	0.21%	0.05%
	ROIV	D	0.04%	0.01%	0.01%
	RPM	A	0.02%	0.22%	0.02%
	RRC	B	0.03%	0.19%	0.03%
	RRX	B	0.02%	0.2%	0.02%
	RS	B	0.05%	0.49%	0.05%
	RUSHA	B	0.02%	0.06%	0.02%
	RYN	D	0.01%	0.06%	0.01%
	SAH	B	0.01%	0.04%	0.01%
	SAIA	C	0.01%	0.12%	0.01%
	SANM	B	0.04%	0.22%	0.04%
	SATS	D	0.03%	0.12%	0.03%
	SCI	A	0.02%	0.14%	0.02%
	SEE	D	0.01%	0.0%	0.0%
	SF	A	0.04%	0.17%	0.04%
	SFBS	B	0.01%	0.13%	0.01%
	SFM	B	0.03%	0.6%	0.03%
	SHO	D	0.01%	0.01%	0.01%
	SIG	C	0.02%	0.26%	0.02%
	SKT	A	0.01%	0.24%	0.01%
	SLAB	F	0.0%	0.03%	0.0%
	SLG	B	0.02%	0.49%	0.02%
	SLM	A	0.02%	0.16%	0.02%
	SLVM	B	0.02%	0.02%	0.02%
	SM	C	0.02%	0.07%	0.02%
	SMG	D	0.01%	0.19%	0.01%
	SMTC	C	0.0%	0.05%	0.0%
	SNEX	A	0.02%	0.07%	0.02%
	SNV	B	0.04%	0.05%	0.04%
	SOLV	C	0.01%	0.31%	0.01%
	SON	D	0.02%	0.09%	0.02%
	SONO	C	0.0%	0.05%	0.0%
	SPSC	F	0.0%	0.11%	0.0%
	SR	A	0.02%	0.12%	0.02%
	SSB	B	0.03%	0.02%	0.02%
	SSD	D	0.01%	0.14%	0.01%
	SSTK	F	0.0%	0.11%	0.0%
	STAG	D	0.01%	0.04%	0.01%
	STWD	C	0.05%	0.06%	0.05%
	SUPN	B	0.0%	0.03%	0.0%
	SVC	F	0.0%	0.02%	0.0%
	SWX	A	0.02%	0.01%	0.01%
	SYNA	D	0.01%	0.1%	0.01%
	TBBK	A	0.01%	0.0%	0.0%
	TCBI	A	0.02%	0.03%	0.02%
	TDC	F	0.01%	0.01%	0.01%
	TDS	B	0.03%	0.04%	0.03%
	TEX	D	0.01%	0.19%	0.01%
	TGNA	B	0.03%	0.09%	0.03%
	THC	C	0.06%	0.31%	0.06%
	THO	B	0.03%	0.13%	0.03%
	TILE	B	0.0%	0.05%	0.0%
	TKR	F	0.01%	0.17%	0.01%
	TMHC	B	0.04%	0.09%	0.04%
	TNC	F	0.0%	0.06%	0.0%
	TNL	A	0.02%	0.16%	0.02%
	TOL	B	0.05%	0.16%	0.05%
	TPH	D	0.02%	0.14%	0.02%
	TPR	A	0.04%	0.3%	0.04%
	TPX	A	0.01%	0.24%	0.01%
	TR	A	0.0%	0.01%	0.0%
	TREX	C	0.01%	0.24%	0.01%
	TRMK	B	0.01%	0.0%	0.0%
	TRN	A	0.03%	0.06%	0.03%
	TTC	D	0.01%	0.14%	0.01%
	TTEK	F	0.02%	0.29%	0.02%
	TTGT	C	0.0%	0.01%	0.0%
	TXRH	B	0.02%	0.07%	0.02%
	UA	B	0.01%	0.14%	0.01%
	UFPI	C	0.02%	0.23%	0.02%
	UGI	C	0.04%	0.1%	0.04%
	UMBF	B	0.02%	0.14%	0.02%
	UNFI	A	0.01%	0.02%	0.01%
	UNIT	B	0.01%	0.07%	0.01%
	UNM	A	0.1%	0.0%	0.0%
	UPBD	C	0.01%	0.09%	0.01%
	USFD	B	0.08%	0.18%	0.08%
	USNA	C	0.0%	0.02%	0.0%
	UTHR	C	0.04%	0.38%	0.04%
	UTL	D	0.0%	0.01%	0.0%
	UVV	B	0.01%	0.06%	0.01%
	VAC	C	0.02%	0.07%	0.02%
	VAL	F	0.01%	0.01%	0.01%
	VC	F	0.01%	0.08%	0.01%
	VCEL	B	0.0%	0.03%	0.0%
	VECO	F	0.0%	0.1%	0.0%
	VFC	C	0.06%	0.08%	0.06%
	VIAV	B	0.0%	0.03%	0.0%
	VIR	F	0.01%	0.08%	0.01%
	VMI	B	0.02%	0.15%	0.02%
	VNO	C	0.06%	0.41%	0.06%
	VNT	C	0.01%	0.05%	0.01%
	VOYA	A	0.04%	0.17%	0.04%
	VRE	A	0.01%	0.01%	0.01%
	VSH	F	0.01%	0.09%	0.01%
	VSTO	A	0.01%	0.14%	0.01%
	VSTS	F	0.02%	0.02%	0.02%
	WAFD	B	0.03%	0.12%	0.03%
	WBA	F	0.06%	0.05%	0.05%
	WBS	A	0.04%	0.05%	0.04%
	WCC	B	0.04%	0.2%	0.04%
	WD	D	0.01%	0.02%	0.01%
	WEN	C	0.01%	0.12%	0.01%
	WEX	F	0.01%	0.09%	0.01%
	WFRD	F	0.02%	0.35%	0.02%
	WGO	C	0.01%	0.05%	0.01%
	WH	B	0.01%	0.12%	0.01%
	WING	F	0.0%	0.36%	0.0%
	WMS	F	0.01%	0.1%	0.01%
	WNC	C	0.0%	0.07%	0.0%
	WOR	F	0.01%	0.08%	0.01%
	WS	B	0.01%	0.22%	0.01%
	WSM	D	0.02%	0.42%	0.02%
	WSO	A	0.04%	0.31%	0.04%
	WTFC	A	0.03%	0.02%	0.02%
	WTS	A	0.01%	0.12%	0.01%
	WYNN	D	0.02%	0.07%	0.02%
	X	C	0.08%	0.1%	0.08%
	XHR	B	0.01%	0.03%	0.01%
	XNCR	B	0.0%	0.15%	0.0%
	XPO	B	0.04%	0.17%	0.04%
	XRAY	F	0.01%	0.2%	0.01%
	XRX	F	0.01%	0.18%	0.01%
	YELP	C	0.01%	0.06%	0.01%
	YETI	F	0.0%	0.08%	0.0%
	ZION	A	0.07%	0.24%	0.07%

VLU Overweight 907 Positions Relative to SMLF

	Symbol	Grade	Weight
	AAPL	C	2.41%
	BRK.A	A	2.36%
	AMZN	B	2.1%
	XOM	A	2.01%
	WMT	A	1.8%
	META	C	1.78%
	BAC	A	1.49%
	VZ	C	1.46%
	JPM	A	1.46%
	MSFT	D	1.43%
	T	A	1.35%
	CVX	A	1.32%
	GOOG	B	1.2%
	WFC	A	1.17%
	UNH	B	1.17%
	C	A	1.11%
	JNJ	D	0.79%
	PFE	F	0.77%
	GOOGL	B	0.75%
	CMCSA	B	0.64%
	CVS	D	0.61%
	MS	A	0.6%
	COF	B	0.6%
	GS	A	0.57%
	TSLA	A	0.57%
	PM	A	0.54%
	TFC	A	0.53%
	GM	B	0.53%
	CSCO	B	0.51%
	HD	A	0.5%
	AVGO	C	0.46%
	PG	C	0.46%
	ABBV	F	0.45%
	ORCL	A	0.45%
	PSX	C	0.45%
	KMI	A	0.44%
	V	A	0.44%
	MPC	C	0.44%
	RTX	D	0.44%
	IBM	D	0.43%
	TMUS	A	0.42%
	MET	A	0.41%
	COP	B	0.41%
	PNC	A	0.4%
	MCK	A	0.39%
	PRU	A	0.38%
	USB	A	0.38%
	GILD	B	0.38%
	UPS	C	0.37%
	COR	B	0.37%
	VLO	C	0.37%
	KO	D	0.37%
	NVDA	B	0.37%
	F	C	0.36%
	INTC	C	0.35%
	AXP	B	0.35%
	KR	B	0.34%
	PEP	F	0.34%
	MO	A	0.34%
	BMY	B	0.34%
	CHTR	B	0.33%
	LMT	D	0.33%
	DAL	A	0.33%
	NEE	C	0.33%
	CI	D	0.33%
	MDT	D	0.32%
	DUK	C	0.32%
	CB	C	0.32%
	ELV	F	0.31%
	ACN	C	0.31%
	MRK	F	0.31%
	HPQ	A	0.31%
	SO	C	0.3%
	MMM	D	0.28%
	CNC	F	0.28%
	BK	A	0.28%
	COST	B	0.28%
	GE	D	0.27%
	DIS	B	0.27%
	AMGN	F	0.26%
	CRM	B	0.26%
	CAH	A	0.25%
	KHC	F	0.25%
	CAT	B	0.25%
	TXN	B	0.25%
	HPE	B	0.24%
	SCHW	A	0.24%
	UAL	A	0.24%
	FDX	A	0.24%
	AIG	A	0.24%
	ABT	A	0.24%
	LOW	A	0.23%
	QCOM	F	0.23%
	D	C	0.23%
	TGT	C	0.22%
	SYF	B	0.22%
	KVUE	A	0.22%
	GD	D	0.22%
	DE	C	0.22%
	EOG	A	0.22%
	UNP	D	0.22%
	SW	A	0.22%
	ADM	D	0.21%
	HON	A	0.21%
	LLY	F	0.2%
	CCL	A	0.2%
	AFL	C	0.2%
	WMB	A	0.19%
	EXC	C	0.19%
	LYB	F	0.19%
	LIN	D	0.19%
	WBD	B	0.18%
	CFG	A	0.18%
	TRV	A	0.18%
	SRE	A	0.18%
	DD	D	0.18%
	PGR	B	0.18%
	MDLZ	F	0.18%
	NFLX	A	0.18%
	HCA	F	0.18%
	DOW	F	0.17%
	BA	F	0.17%
	MTB	A	0.17%
	OXY	D	0.17%
	IP	A	0.17%
	HUM	D	0.17%
	PYPL	A	0.17%
	TMO	F	0.16%
	EMR	A	0.16%
	LUV	A	0.16%
	PFG	A	0.16%
	TJX	A	0.16%
	AEP	C	0.16%
	DFS	B	0.16%
	ADBE	F	0.16%
	MU	D	0.15%
	MCD	D	0.15%
	BBY	D	0.15%
	KEY	A	0.15%
	FI	A	0.15%
	NOC	D	0.15%
	ALL	A	0.15%
	JCI	A	0.15%
	ETR	A	0.15%
	ADI	D	0.14%
	SBUX	A	0.14%
	XEL	A	0.14%
	STT	A	0.14%
	TSN	A	0.14%
	NEM	F	0.14%
	APD	A	0.14%
	AMT	D	0.13%
	L	A	0.13%
	NSC	B	0.13%
	HIG	A	0.13%
	PEG	C	0.13%
	AMD	F	0.13%
	OKE	A	0.13%
	LEN	D	0.13%
	MA	A	0.13%
	PLD	D	0.13%
	SLB	C	0.13%
	VTRS	A	0.13%
	CMI	A	0.13%
	BX	A	0.13%
	FITB	A	0.12%
	KDP	F	0.12%
	MMC	C	0.12%
	NKE	F	0.12%
	BKNG	A	0.12%
	SPGI	C	0.12%
	SYY	B	0.12%
	AMP	A	0.12%
	AMAT	F	0.12%
	EQT	A	0.12%
	BKR	A	0.12%
	PCG	A	0.12%
	DVN	F	0.12%
	NUE	D	0.12%
	PCAR	B	0.12%
	WELL	A	0.12%
	HBAN	A	0.12%
	RGA	A	0.12%
	ETN	B	0.12%
	ED	D	0.12%
	FANG	C	0.11%
	O	D	0.11%
	BG	D	0.11%
	REGN	F	0.11%
	ICE	C	0.11%
	DHI	F	0.11%
	BSX	A	0.11%
	VRTX	C	0.11%
	CTSH	B	0.11%
	PFGC	B	0.11%
	DHR	F	0.11%
	RF	A	0.11%
	ACGL	D	0.11%
	KMB	C	0.1%
	WM	B	0.1%
	EIX	C	0.1%
	CCI	C	0.1%
	ISRG	A	0.1%
	LHX	B	0.1%
	CME	A	0.1%
	GIS	D	0.1%
	VST	A	0.1%
	GLW	B	0.1%
	FIS	A	0.1%
	CSX	B	0.1%
	LAD	A	0.09%
	CTVA	D	0.09%
	FOXA	B	0.09%
	TRGP	A	0.09%
	ALLY	C	0.09%
	FCX	F	0.09%
	PPL	A	0.09%
	RSG	B	0.09%
	ADP	B	0.09%
	SYK	A	0.09%
	CL	C	0.09%
	VICI	C	0.09%
	MAR	A	0.09%
	DTE	C	0.09%
	WEC	A	0.09%
	ITW	B	0.09%
	PH	B	0.09%
	ORLY	B	0.08%
	AAL	B	0.08%
	LRCX	F	0.08%
	EQR	C	0.08%
	EG	D	0.08%
	TT	A	0.08%
	BIIB	F	0.08%
	MOS	D	0.08%
	K	B	0.08%
	CARR	D	0.08%
	NTRS	A	0.08%
	ANET	C	0.08%
	RCL	A	0.08%
	SNX	C	0.08%
	MRO	A	0.08%
	ES	C	0.08%
	AFG	A	0.08%
	BDX	F	0.08%
	STLD	B	0.08%
	VTR	C	0.08%
	AEE	A	0.08%
	UBER	F	0.08%
	CBRE	B	0.08%
	EBAY	D	0.08%
	TAP	B	0.08%
	ATO	A	0.07%
	CAG	F	0.07%
	PSA	C	0.07%
	GRMN	B	0.07%
	WTW	B	0.07%
	NDAQ	A	0.07%
	ABNB	C	0.07%
	BWA	B	0.07%
	EVRG	A	0.07%
	PANW	B	0.07%
	CINF	A	0.07%
	AVB	B	0.07%
	LVS	B	0.07%
	AON	A	0.07%
	CNP	A	0.07%
	HAL	C	0.07%
	NXPI	F	0.07%
	URI	B	0.07%
	EQIX	A	0.07%
	EQH	B	0.07%
	HRL	F	0.07%
	TROW	A	0.07%
	FNF	C	0.07%
	GWW	B	0.06%
	NRG	B	0.06%
	BAX	F	0.06%
	CTRA	A	0.06%
	LH	B	0.06%
	ROST	D	0.06%
	NI	A	0.06%
	BXP	D	0.06%
	HES	B	0.06%
	INTU	B	0.06%
	DVA	C	0.06%
	NVR	D	0.06%
	CF	A	0.06%
	PHM	D	0.06%
	GPN	B	0.06%
	PAYX	B	0.06%
	SPG	A	0.06%
	RJF	A	0.06%
	PPG	D	0.06%
	CHRW	A	0.06%
	SHW	C	0.06%
	NOW	B	0.06%
	OMC	C	0.06%
	WY	D	0.06%
	AZO	A	0.06%
	APH	B	0.06%
	FE	C	0.06%
	MHK	D	0.06%
	WPC	D	0.05%
	SJM	D	0.05%
	ON	F	0.05%
	PKG	B	0.05%
	EXPE	A	0.05%
	FOX	A	0.05%
	JLL	C	0.05%
	MCHP	F	0.05%
	LEA	F	0.05%
	UHS	D	0.05%
	ZBH	C	0.05%
	STX	D	0.05%
	STZ	D	0.05%
	EA	A	0.05%
	WDC	F	0.05%
	IQV	F	0.05%
	DG	F	0.05%
	BLDR	D	0.05%
	GPC	D	0.05%
	SNPS	C	0.05%
	APTV	F	0.05%
	KLAC	F	0.05%
	PNW	A	0.05%
	DOC	D	0.05%
	ARMK	C	0.05%
	IFF	F	0.05%
	WRB	A	0.05%
	WHR	A	0.05%
	LNC	B	0.05%
	GEN	B	0.05%
	ARE	F	0.05%
	SWK	F	0.05%
	ROP	C	0.05%
	DGX	A	0.05%
	COLB	B	0.05%
	AWK	C	0.05%
	HSY	F	0.05%
	BEN	C	0.05%
	AJG	A	0.05%
	CMS	C	0.05%
	ALK	A	0.05%
	AMCR	D	0.05%
	LDOS	C	0.05%
	MNST	B	0.05%
	MUSA	A	0.04%
	CPT	D	0.04%
	OTIS	C	0.04%
	DOV	B	0.04%
	COHR	C	0.04%
	KEYS	C	0.04%
	NCLH	B	0.04%
	BRO	B	0.04%
	NOG	A	0.04%
	AME	A	0.04%
	TSCO	D	0.04%
	DLTR	F	0.04%
	AES	F	0.04%
	IPG	F	0.04%
	J	D	0.04%
	EXPD	D	0.04%
	INGR	B	0.04%
	GL	B	0.04%
	WLK	F	0.04%
	TXT	D	0.04%
	SNA	A	0.04%
	REG	A	0.04%
	TKO	C	0.04%
	NTAP	D	0.04%
	LNT	A	0.04%
	ROK	B	0.04%
	VLY	A	0.04%
	HWM	A	0.04%
	FTNT	B	0.04%
	MAA	A	0.04%
	HST	D	0.04%
	BALL	D	0.04%
	PWR	A	0.04%
	CPAY	A	0.04%
	MKC	D	0.04%
	MCO	D	0.04%
	INVH	D	0.04%
	DLR	A	0.04%
	FAST	B	0.04%
	SWKS	F	0.04%
	CTAS	B	0.04%
	CEG	D	0.04%
	AL	A	0.04%
	ESS	A	0.04%
	CMG	B	0.04%
	MOH	F	0.04%
	CIVI	C	0.04%
	MSI	A	0.04%
	MGM	D	0.04%
	IRM	D	0.04%
	ZTS	D	0.04%
	ALB	C	0.04%
	CPB	D	0.04%
	LYV	A	0.04%
	ECL	D	0.04%
	EXR	C	0.04%
	AVT	C	0.04%
	DRI	B	0.04%
	KMX	B	0.04%
	WAB	B	0.04%
	EMN	C	0.04%
	BURL	A	0.03%
	RMD	C	0.03%
	MTDR	B	0.03%
	PENN	C	0.03%
	CADE	B	0.03%
	GT	C	0.03%
	CDNS	B	0.03%
	SKX	F	0.03%
	SFNC	B	0.03%
	MAS	D	0.03%
	ANSS	B	0.03%
	PAG	B	0.03%
	FSLR	D	0.03%
	HBI	A	0.03%
	POST	D	0.03%
	HSIC	C	0.03%
	WTRG	B	0.03%
	INCY	B	0.03%
	CZR	F	0.03%
	JNPR	D	0.03%
	BXMT	D	0.03%
	BHF	B	0.03%
	ULTA	F	0.03%
	FMC	F	0.03%
	APLE	B	0.03%
	FNB	A	0.03%
	BIO	D	0.03%
	CNK	A	0.03%
	CHD	A	0.03%
	UDR	C	0.03%
	PB	A	0.03%
	CBOE	C	0.03%
	GHC	B	0.03%
	HUBB	B	0.03%
	GEHC	D	0.03%
	ILMN	C	0.03%
	GDDY	A	0.03%
	CE	F	0.03%
	ABM	B	0.03%
	CLX	A	0.03%
	ODFL	B	0.03%
	IT	B	0.03%
	NWSA	B	0.03%
	CALM	A	0.03%
	LULU	C	0.03%
	FTV	D	0.03%
	AKAM	F	0.03%
	CATY	A	0.03%
	LKQ	F	0.03%
	WU	F	0.03%
	MTZ	B	0.03%
	EL	F	0.03%
	YUM	D	0.03%
	BTU	B	0.03%
	MLM	B	0.03%
	CDW	F	0.03%
	VMC	B	0.03%
	JBHT	C	0.03%
	ONB	B	0.03%
	TDY	B	0.03%
	CPRT	A	0.03%
	CCK	D	0.03%
	KNX	B	0.03%
	OGN	F	0.03%
	EW	C	0.03%
	A	F	0.03%
	ADSK	B	0.03%
	DXC	D	0.03%
	KTB	A	0.02%
	TER	F	0.02%
	ATGE	B	0.02%
	CABO	C	0.02%
	ADNT	F	0.02%
	MGY	A	0.02%
	ELS	B	0.02%
	FICO	A	0.02%
	VVV	B	0.02%
	ST	F	0.02%
	REZI	A	0.02%
	NWBI	A	0.02%
	JBGS	F	0.02%
	VLTO	D	0.02%
	VYX	C	0.02%
	NWE	C	0.02%
	ERIE	F	0.02%
	SIGI	B	0.02%
	FLS	A	0.02%
	SEIC	A	0.02%
	ABCB	B	0.02%
	PLXS	B	0.02%
	MHO	D	0.02%
	CNXC	F	0.02%
	WWD	B	0.02%
	EFX	F	0.02%
	UAA	B	0.02%
	SBAC	C	0.02%
	LII	A	0.02%
	KAR	A	0.02%
	JBLU	D	0.02%
	ALE	A	0.02%
	ESNT	D	0.02%
	EAT	A	0.02%
	AUB	A	0.02%
	PTC	B	0.02%
	PNM	B	0.02%
	BHE	B	0.02%
	BANC	B	0.02%
	PPC	B	0.02%
	GBX	A	0.02%
	AAP	C	0.02%
	IDXX	F	0.02%
	HLT	A	0.02%
	RNST	B	0.02%
	GBCI	A	0.02%
	URBN	C	0.02%
	TYL	B	0.02%
	TTWO	A	0.02%
	GXO	B	0.02%
	WAT	B	0.02%
	HOMB	A	0.02%
	ADC	A	0.02%
	MTD	F	0.02%
	FBIN	F	0.02%
	KEX	A	0.02%
	STE	D	0.02%
	JWN	C	0.02%
	AVY	D	0.02%
	BANR	A	0.02%
	THG	A	0.02%
	MTH	D	0.02%
	MRNA	F	0.02%
	H	B	0.02%
	IBTX	B	0.02%
	SLGN	A	0.02%
	G	A	0.02%
	PNR	A	0.02%
	SAIC	D	0.02%
	HII	F	0.02%
	ALGN	C	0.02%
	SBRA	C	0.02%
	KBH	D	0.02%
	VRSN	F	0.02%
	BR	A	0.02%
	SEM	B	0.02%
	SKYW	B	0.02%
	IR	B	0.02%
	FFBC	A	0.02%
	OSK	B	0.02%
	TRMB	B	0.02%
	PFS	A	0.02%
	RVTY	D	0.02%
	JAZZ	B	0.02%
	UBSI	A	0.02%
	VSCO	A	0.02%
	HOLX	D	0.02%
	FFIV	B	0.02%
	DAR	B	0.02%
	XYL	D	0.02%
	ABR	B	0.02%
	ZBRA	B	0.02%
	CG	B	0.02%
	AMKR	F	0.02%
	CLF	F	0.02%
	CSGP	F	0.02%
	TDG	D	0.02%
	FBNC	B	0.01%
	HFWA	B	0.01%
	QNST	C	0.01%
	SCL	D	0.01%
	VRTS	B	0.01%
	UFCS	A	0.01%
	MCRI	A	0.01%
	EZPW	A	0.01%
	MMI	B	0.01%
	IART	C	0.01%
	MSGS	B	0.01%
	FORM	F	0.01%
	RES	F	0.01%
	SAFT	B	0.01%
	AAT	C	0.01%
	AZZ	A	0.01%
	AVNS	F	0.01%
	EFC	C	0.01%
	CENX	B	0.01%
	MODG	F	0.01%
	ZD	B	0.01%
	SCHL	F	0.01%
	RDNT	B	0.01%
	CHEF	C	0.01%
	CWT	D	0.01%
	HAFC	A	0.01%
	HCSG	B	0.01%
	INN	D	0.01%
	NBHC	B	0.01%
	HLX	C	0.01%
	AMWD	B	0.01%
	CHH	A	0.01%
	FIZZ	B	0.01%
	WRLD	D	0.01%
	SMPL	B	0.01%
	FWRD	D	0.01%
	VSAT	F	0.01%
	GTY	A	0.01%
	CPK	A	0.01%
	RCM	A	0.01%
	SHAK	B	0.01%
	MRCY	B	0.01%
	DRH	B	0.01%
	UCTT	F	0.01%
	ESE	A	0.01%
	MP	B	0.01%
	ELME	D	0.01%
	STRA	C	0.01%
	WST	C	0.01%
	JBT	A	0.01%
	PLAB	D	0.01%
	NHC	B	0.01%
	KELYA	F	0.01%
	JJSF	C	0.01%
	FCPT	C	0.01%
	CRI	F	0.01%
	SBCF	B	0.01%
	MCW	C	0.01%
	KWR	C	0.01%
	AMED	F	0.01%
	ALGT	B	0.01%
	AHCO	F	0.01%
	CGNX	D	0.01%
	ASIX	B	0.01%
	EXP	B	0.01%
	MYRG	C	0.01%
	MGEE	A	0.01%
	STC	A	0.01%
	AWI	B	0.01%
	SMCI	F	0.01%
	MORN	B	0.01%
	SPTN	F	0.01%
	BOOT	C	0.01%
	FELE	B	0.01%
	VTLE	C	0.01%
	CPF	A	0.01%
	SCVL	F	0.01%
	FND	F	0.01%
	MNRO	B	0.01%
	AXL	C	0.01%
	TMP	A	0.01%
	PAYC	B	0.01%
	PUMP	C	0.01%
	LGIH	F	0.01%
	PARR	D	0.01%
	ROIC	A	0.01%
	B	A	0.01%
	LTC	B	0.01%
	ENPH	F	0.01%
	RWT	D	0.01%
	UE	B	0.01%
	PJT	B	0.01%
	DORM	B	0.01%
	SHOO	D	0.01%
	DXCM	C	0.01%
	NBIX	D	0.01%
	UNF	B	0.01%
	ENOV	C	0.01%
	GTLS	A	0.01%
	CPRI	F	0.01%
	OMCL	C	0.01%
	DIOD	F	0.01%
	SXT	C	0.01%
	IPGP	D	0.01%
	FTDR	B	0.01%
	BRKL	B	0.01%
	IRT	A	0.01%
	FCF	A	0.01%
	NMIH	D	0.01%
	ORA	B	0.01%
	FBK	B	0.01%
	CBRL	C	0.01%
	MTX	B	0.01%
	CCS	F	0.01%
	NPO	A	0.01%
	PODD	A	0.01%
	SXC	A	0.01%
	RUN	F	0.01%
	HMN	B	0.01%
	DAY	B	0.01%
	PATK	C	0.01%
	SHC	D	0.01%
	AKR	A	0.01%
	DLB	D	0.01%
	ROL	A	0.01%
	CNXN	D	0.01%
	LZB	A	0.01%
	SBSI	B	0.01%
	STBA	B	0.01%
	PECO	A	0.01%
	KMT	B	0.01%
	NSA	C	0.01%
	HGV	C	0.01%
	DCOM	A	0.01%
	THS	F	0.01%
	NWS	B	0.01%
	RXO	C	0.01%
	NEU	D	0.01%
	APAM	A	0.01%
	PINC	B	0.01%
	RC	D	0.01%
	CTRE	D	0.01%
	FUL	F	0.01%
	POOL	D	0.01%
	DPZ	C	0.01%
	SCSC	B	0.01%
	WSFS	A	0.01%
	PRK	B	0.01%
	BHLB	B	0.01%
	LCII	D	0.01%
	LOPE	B	0.01%
	RH	C	0.01%
	CRK	A	0.01%
	MPWR	F	0.01%
	OLLI	D	0.01%
	MKTX	D	0.01%
	GRBK	D	0.01%
	SABR	B	0.01%
	RBC	A	0.01%
	SBH	A	0.01%
	PSMT	D	0.01%
	ECPG	B	0.01%
	GVA	A	0.01%
	DEA	D	0.01%
	PMT	D	0.01%
	DT	C	0.01%
	ARI	C	0.01%
	EPRT	C	0.01%
	BGC	B	0.01%
	IIPR	F	0.01%
	FDP	A	0.01%
	WERN	B	0.01%
	PBI	C	0.01%
	TTMI	B	0.01%
	VRSK	B	0.01%
	GNTX	D	0.01%
	MD	B	0.01%
	MTCH	F	0.01%
	MSCI	A	0.01%
	FDS	A	0.01%
	CBU	B	0.01%
	CCOI	B	0.01%
	UCB	A	0.01%
	LBRT	F	0.01%
	CRL	D	0.01%
	JKHY	D	0.01%
	ICUI	D	0.01%
	CTLT	D	0.01%
	ACIW	B	0.01%
	LEG	F	0.01%
	SPNT	A	0.01%
	AVA	C	0.01%
	LW	C	0.01%
	TFX	F	0.01%
	IEX	B	0.01%
	REXR	F	0.01%
	GNL	D	0.01%
	FRT	C	0.01%
	WKC	D	0.01%
	TALO	C	0.01%
	ANDE	C	0.01%
	QRVO	F	0.01%
	LITE	B	0.01%
	HUBG	A	0.01%
	PPBI	B	0.01%
	KMPR	A	0.01%
	AOS	F	0.01%
	WWW	A	0.01%
	INDB	A	0.01%
	ATR	B	0.01%
	VBTX	B	0.01%
	DBX	C	0.01%
	HOPE	B	0.01%
	MLKN	F	0.01%
	COLM	B	0.01%
	EPAM	B	0.01%
	AORT	B	0.0%
	VICR	C	0.0%
	NPK	C	0.0%
	XPEL	C	0.0%
	WOLF	F	0.0%
	LESL	C	0.0%
	MSEX	B	0.0%
	GOGO	C	0.0%
	PGNY	F	0.0%
	PCRX	C	0.0%
	STAA	F	0.0%
	CLB	C	0.0%
	TNDM	F	0.0%
	CERT	F	0.0%
	NABL	F	0.0%
	CRSR	D	0.0%
	TGI	A	0.0%
	COHU	D	0.0%
	HCI	C	0.0%
	LQDT	A	0.0%
	MYE	F	0.0%
	SNCY	C	0.0%
	AAON	B	0.0%
	NXRT	A	0.0%
	SEDG	F	0.0%
	BJRI	B	0.0%
	ICHR	C	0.0%
	CEVA	B	0.0%
	MXL	D	0.0%
	SHEN	F	0.0%
	WT	A	0.0%
	IIIN	C	0.0%
	SITM	B	0.0%
	MGPI	F	0.0%
	DGII	B	0.0%
	AHH	C	0.0%
	GPRE	F	0.0%
	DV	C	0.0%
	TRUP	B	0.0%
	WSR	A	0.0%
	CENT	C	0.0%
	THRY	F	0.0%
	ASTE	C	0.0%
	COLL	F	0.0%
	PAYO	A	0.0%
	CTS	B	0.0%
	RGR	F	0.0%
	HRMY	D	0.0%
	THRM	F	0.0%
	VVI	B	0.0%
	SXI	A	0.0%
	PRLB	B	0.0%
	LNN	B	0.0%
	PRVA	B	0.0%
	GDEN	B	0.0%
	MTUS	F	0.0%
	HTLD	B	0.0%
	IRDM	D	0.0%
	SJW	F	0.0%
	KOP	C	0.0%
	WDFC	B	0.0%
	ALG	C	0.0%
	AOSL	D	0.0%
	MATW	C	0.0%
	FTRE	D	0.0%
	MYGN	F	0.0%
	EYE	C	0.0%
	WABC	B	0.0%
	HLIT	F	0.0%
	UHT	D	0.0%
	CSGS	B	0.0%
	UFPT	C	0.0%
	REX	C	0.0%
	USPH	C	0.0%
	PLMR	A	0.0%
	AMSF	B	0.0%
	SMP	C	0.0%
	AIR	B	0.0%
	AZTA	F	0.0%
	ETD	D	0.0%
	HAYN	A	0.0%
	VRRM	F	0.0%
	BGS	F	0.0%
	FLGT	F	0.0%
	NVEE	F	0.0%
	NVRI	F	0.0%
	FOXF	F	0.0%
	CNSL	B	0.0%
	MRTN	C	0.0%
	ENV	B	0.0%
	FBRT	C	0.0%
	TWI	F	0.0%
	HZO	F	0.0%
	LKFN	A	0.0%
	NEO	C	0.0%
	HAYW	A	0.0%
	NEOG	D	0.0%
	ROG	D	0.0%
	CRVL	A	0.0%
	SAM	C	0.0%
	ASTH	F	0.0%
	PAHC	B	0.0%
	TRIP	D	0.0%
	FIVE	F	0.0%
	CSR	B	0.0%
	VTOL	B	0.0%
	DXPE	B	0.0%
	ADUS	D	0.0%
	PRAA	C	0.0%
	TECH	F	0.0%
	PLAY	C	0.0%
	ZI	D	0.0%
	BFS	C	0.0%
	ROCK	C	0.0%
	PRA	B	0.0%
	ALEX	B	0.0%
	TRST	A	0.0%
	TFIN	B	0.0%

VLU Underweight 300 Positions Relative to SMLF

	Symbol	Grade	Weight
	APP	A	-1.49%
	MSTR	A	-0.73%
	ALSN	A	-0.56%
	NTNX	B	-0.56%
	BPOP	D	-0.53%
	CVNA	A	-0.46%
	DUOL	B	-0.44%
	COCO	A	-0.43%
	PCOR	C	-0.42%
	IOT	B	-0.41%
	NTRA	B	-0.4%
	LBRDA	C	-0.4%
	GTLB	C	-0.39%
	CAVA	C	-0.34%
	WK	B	-0.34%
	FLEX	B	-0.31%
	DDS	B	-0.31%
	SPXC	B	-0.3%
	EXE	A	-0.29%
	STRL	B	-0.29%
	INTA	B	-0.27%
	SN	D	-0.27%
	FCNCA	A	-0.27%
	SMAR	A	-0.26%
	ESTC	C	-0.26%
	MOD	C	-0.25%
	HURN	B	-0.25%
	IMKTA	C	-0.24%
	ENTG	F	-0.23%
	YOU	D	-0.23%
	AXSM	B	-0.22%
	TOST	A	-0.21%
	AZPN	A	-0.21%
	SRPT	F	-0.2%
	RDDT	A	-0.2%
	ATKR	C	-0.2%
	DNLI	C	-0.2%
	TPG	A	-0.2%
	RNG	C	-0.19%
	GH	B	-0.19%
	TDOC	C	-0.18%
	VCYT	B	-0.18%
	FROG	C	-0.18%
	MMYT	C	-0.17%
	ACLX	C	-0.17%
	PDM	D	-0.17%
	PRKS	B	-0.17%
	IVT	A	-0.16%
	SRCE	B	-0.16%
	BL	C	-0.16%
	WTM	A	-0.16%
	AGNC	C	-0.16%
	OMF	A	-0.16%
	PGRE	D	-0.16%
	KFRC	D	-0.16%
	LBTYA	F	-0.15%
	SBGI	B	-0.15%
	ONON	B	-0.15%
	W	D	-0.15%
	FTAI	A	-0.15%
	SPB	C	-0.15%
	SKY	A	-0.15%
	ESI	B	-0.15%
	IGT	F	-0.14%
	IONS	F	-0.14%
	PI	D	-0.14%
	YEXT	B	-0.14%
	AY	A	-0.14%
	SPT	C	-0.14%
	VMEO	B	-0.13%
	BPMC	C	-0.13%
	TNET	F	-0.13%
	ACCO	B	-0.13%
	BRZE	C	-0.13%
	GOLF	B	-0.13%
	RYAN	B	-0.13%
	KAI	A	-0.13%
	NUVL	D	-0.13%
	INSP	F	-0.12%
	BASE	C	-0.12%
	BSY	D	-0.12%
	TXNM	A	-0.11%
	LAZ	B	-0.11%
	LOVE	A	-0.11%
	MFA	D	-0.11%
	ACAD	C	-0.11%
	BAND	D	-0.11%
	MCB	A	-0.11%
	MDGL	C	-0.11%
	BCRX	D	-0.11%
	BECN	A	-0.1%
	CRDO	C	-0.1%
	HUN	F	-0.1%
	ICFI	F	-0.1%
	HOV	F	-0.1%
	ALX	D	-0.1%
	LYFT	B	-0.1%
	CMPR	F	-0.1%
	AGM	B	-0.1%
	WAL	B	-0.1%
	INSM	D	-0.1%
	VRNS	F	-0.1%
	HIMS	C	-0.1%
	WSC	F	-0.09%
	MRC	B	-0.09%
	PCVX	D	-0.09%
	HEES	B	-0.09%
	ATEN	A	-0.09%
	APG	C	-0.09%
	VERA	B	-0.09%
	LZ	C	-0.09%
	FLG	D	-0.09%
	ALIT	C	-0.09%
	COUR	F	-0.09%
	AMLX	C	-0.09%
	FIVN	C	-0.08%
	TENB	D	-0.08%
	LILA	F	-0.08%
	PEGA	B	-0.08%
	ELAN	D	-0.08%
	SCS	B	-0.08%
	OSCR	D	-0.08%
	PD	C	-0.08%
	CACC	D	-0.08%
	NSSC	F	-0.08%
	AGX	C	-0.08%
	CSWI	A	-0.08%
	AFRM	A	-0.07%
	EQC	A	-0.07%
	DH	F	-0.07%
	AMRX	C	-0.07%
	EYPT	D	-0.07%
	RIG	D	-0.07%
	AMPL	C	-0.07%
	FLNC	D	-0.07%
	WLY	B	-0.07%
	NTB	B	-0.07%
	DOMO	C	-0.07%
	GCO	B	-0.07%
	AVXL	C	-0.06%
	AVDX	B	-0.06%
	GPMT	C	-0.06%
	S	C	-0.06%
	NXT	C	-0.06%
	ILPT	D	-0.06%
	AMCX	C	-0.06%
	CTBI	A	-0.06%
	ITCI	B	-0.06%
	VKTX	F	-0.06%
	FUN	B	-0.06%
	LADR	B	-0.06%
	SOFI	A	-0.06%
	WTTR	A	-0.06%
	IRTC	C	-0.06%
	ADEA	C	-0.06%
	SFL	D	-0.06%
	AIV	C	-0.06%
	ADMA	C	-0.06%
	APPF	C	-0.06%
	AZEK	B	-0.06%
	HE	D	-0.06%
	MED	F	-0.06%
	FOLD	F	-0.05%
	ACI	C	-0.05%
	LBTYK	A	-0.05%
	BEAM	D	-0.05%
	SITE	D	-0.05%
	CERS	D	-0.05%
	PATH	D	-0.05%
	HOUS	D	-0.05%
	MERC	F	-0.05%
	KOS	D	-0.05%
	TARS	C	-0.05%
	ZIP	D	-0.05%
	THR	B	-0.05%
	APLS	F	-0.05%
	ASAN	C	-0.05%
	MDXG	A	-0.05%
	DAWN	D	-0.04%
	CORZ	B	-0.04%
	PFSI	D	-0.04%
	DIN	C	-0.04%
	FLYW	B	-0.04%
	AGS	A	-0.04%
	IDT	B	-0.04%
	SANA	F	-0.04%
	TPB	A	-0.04%
	ANAB	F	-0.04%
	RVMD	B	-0.04%
	ARRY	D	-0.04%
	ROKU	C	-0.04%
	BILL	A	-0.04%
	HLF	C	-0.04%
	ANGI	F	-0.04%
	NHI	D	-0.04%
	HSTM	B	-0.04%
	JANX	C	-0.03%
	SWIM	D	-0.03%
	ALHC	C	-0.03%
	RDFN	F	-0.03%
	ADT	B	-0.03%
	LTH	D	-0.03%
	VNDA	C	-0.03%
	DNB	B	-0.03%
	TGTX	C	-0.03%
	BBIO	F	-0.03%
	QXO	D	-0.03%
	OFIX	B	-0.03%
	VIRT	A	-0.03%
	QDEL	F	-0.03%
	REVG	B	-0.03%
	SNBR	F	-0.03%
	RYI	C	-0.03%
	CHWY	B	-0.03%
	IESC	B	-0.03%
	UDMY	D	-0.03%
	BRSP	B	-0.03%
	MGNI	B	-0.03%
	ACCD	F	-0.03%
	VITL	F	-0.03%
	CGEM	F	-0.03%
	IVR	D	-0.03%
	RPD	C	-0.03%
	SPRY	C	-0.03%
	ATRC	C	-0.03%
	CNS	B	-0.03%
	RKT	F	-0.03%
	UVE	A	-0.03%
	NRC	F	-0.03%
	BKD	F	-0.03%
	RXT	C	-0.02%
	ERAS	C	-0.02%
	WOOF	D	-0.02%
	TSE	F	-0.02%
	KVYO	C	-0.02%
	ARCT	F	-0.02%
	OMER	B	-0.02%
	BRY	F	-0.02%
	DYN	F	-0.02%
	EVH	F	-0.02%
	PRO	C	-0.02%
	QRTEA	F	-0.02%
	GPRO	F	-0.02%
	SAFE	F	-0.02%
	JELD	F	-0.02%
	EDR	A	-0.02%
	KRNY	B	-0.02%
	DOCN	F	-0.02%
	ALAB	B	-0.02%
	EVRI	A	-0.02%
	NUS	C	-0.02%
	BMBL	C	-0.02%
	OPI	F	-0.02%
	MTW	C	-0.02%
	DBI	F	-0.02%
	LMAT	A	-0.02%
	CLVT	F	-0.02%
	RLJ	C	-0.02%
	CRSP	D	-0.02%
	TLRY	F	-0.02%
	SITC	D	-0.02%
	TWO	D	-0.02%
	CNDT	C	-0.02%
	OPEN	F	-0.02%
	SNDX	F	-0.02%
	AKRO	C	-0.02%
	PTCT	C	-0.02%
	PGEN	F	-0.01%
	ARR	C	-0.01%
	JAMF	F	-0.01%
	SFIX	C	-0.01%
	FLWS	D	-0.01%
	XPRO	F	-0.01%
	MBC	D	-0.01%
	BIGC	C	-0.01%
	MLAB	F	-0.01%
	JOBY	C	-0.01%
	WTI	F	-0.01%
	ZUO	B	-0.01%
	CRAI	B	-0.01%
	SWI	B	-0.01%
	MITK	C	-0.01%
	NTLA	F	-0.01%
	HCAT	C	-0.01%
	OIS	B	-0.01%
	RBRK	B	-0.01%
	HMST	F	-0.01%
	AXS	A	-0.01%
	STGW	B	-0.01%
	OLPX	F	-0.01%
	GWRE	A	-0.01%
	RHP	B	-0.01%
	PYCR	C	-0.01%
	MBLY	C	-0.01%
	OSUR	F	-0.01%
	SWTX	C	-0.01%
	NEXA	B	-0.01%
	UPWK	C	-0.01%
	NFBK	B	-0.01%
	MAGN	F	-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 Specialty Retail Asset Management 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

SMLF: Top Represented Industries & Keywords

Industries: Biotechnology Software - Application Banks - Regional - US Software - Infrastructure Diversified Industrials Specialty Retail Oil & Gas E&P REIT - Office Building Materials Asset Management Business Services REIT - Diversified Engineering & Construction REIT - Retail Specialty Chemicals Leisure Medical Instruments & Supplies Rental & Leasing Services Credit Services Drug Manufacturers - Specialty & Generic

Keywords: Banking Bank Real Estate Investment Trust Medicine Computing Chemical Biopharmaceutical Mining Natural Gas Telecommunications Biotechnology Deposit Products Construction Electronics Aerospace IBD 50 Insurance Semiconductor Cancer Commercial Banking