VLU vs. SSPY ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to Syntax Stratified LargeCap ETF (SSPY)

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

$184.42

Average Daily Volume

9,307

Number of Holdings ^*

1423

* may have additional holdings in another (foreign) market

SSPY

Syntax Stratified LargeCap ETF

SSPY Description

The investment seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies in the Syntax Stratified LargeCap Index (the "index"). Under normal market conditions, the fund generally invests substantially all, and at least 95% of its total assets in the securities comprising the index. The index, which was created by Syntax, LLC, an affiliate of the fund's investment adviser, is the stratified-weight version of the widely used S&P 500® Index and holds the same constituents as the S&P 500.

Grade (RS Rating)

Last Trade

$79.03

Average Daily Volume

2,806

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

Performance

Period	VLU	SSPY
30 Days	1.55%	-0.91%
60 Days	4.47%	2.47%
90 Days	7.44%	5.47%
12 Months	30.24%	23.01%

491 Overlapping Holdings

	Symbol	Grade	Weight in VLU	Weight in SSPY	Overlap
	A	C	0.04%	0.15%	0.04%
	AAPL	B	2.39%	0.52%	0.52%
	ABBV	B	0.45%	0.25%	0.25%
	ABNB	D	0.06%	0.13%	0.06%
	ABT	C	0.25%	0.06%	0.06%
	ACGL	C	0.14%	0.15%	0.14%
	ACN	C	0.3%	0.13%	0.13%
	ADBE	F	0.18%	0.17%	0.17%
	ADI	C	0.14%	0.23%	0.14%
	ADM	D	0.27%	0.38%	0.27%
	ADP	B	0.08%	0.22%	0.08%
	ADSK	B	0.03%	0.17%	0.03%
	AEE	A	0.09%	0.08%	0.08%
	AEP	B	0.17%	0.25%	0.17%
	AES	C	0.05%	0.31%	0.05%
	AFL	A	0.22%	0.2%	0.2%
	AIG	D	0.25%	0.2%	0.2%
	AIZ	B	0.04%	0.21%	0.04%
	AJG	D	0.05%	0.04%	0.04%
	AKAM	D	0.03%	0.28%	0.03%
	ALB	D	0.04%	0.05%	0.04%
	ALGN	D	0.03%	0.1%	0.03%
	ALL	C	0.16%	0.21%	0.16%
	ALLE	A	0.02%	0.08%	0.02%
	AMAT	C	0.12%	0.18%	0.12%
	AMCR	B	0.06%	0.13%	0.06%
	AMD	C	0.14%	0.14%	0.14%
	AME	C	0.03%	0.13%	0.03%
	AMGN	D	0.28%	0.25%	0.25%
	AMP	A	0.1%	0.09%	0.09%
	AMT	C	0.16%	0.07%	0.07%
	AMZN	C	1.96%	0.23%	0.23%
	ANET	B	0.07%	0.22%	0.07%
	ANSS	D	0.02%	0.17%	0.02%
	AON	C	0.07%	0.04%	0.04%
	AOS	B	0.02%	0.2%	0.02%
	APA	F	0.05%	0.08%	0.05%
	APD	B	0.14%	0.05%	0.05%
	APH	C	0.06%	0.2%	0.06%
	APTV	D	0.06%	0.4%	0.06%
	ARE	C	0.06%	0.11%	0.06%
	ATO	A	0.07%	0.34%	0.07%
	AVB	C	0.07%	0.11%	0.07%
	AVGO	C	0.42%	0.24%	0.24%
	AVY	C	0.02%	0.06%	0.02%
	AWK	C	0.06%	0.33%	0.06%
	AXON	A	0.01%	0.09%	0.01%
	AXP	A	0.35%	0.04%	0.04%
	AZO	D	0.07%	0.14%	0.07%
	BA	F	0.14%	0.17%	0.14%
	BAC	C	1.41%	0.13%	0.13%
	BALL	C	0.05%	0.13%	0.05%
	BAX	D	0.06%	0.05%	0.05%
	BBWI	F	0.02%	0.19%	0.02%
	BBY	A	0.16%	0.17%	0.16%
	BDX	C	0.09%	0.05%	0.05%
	BEN	F	0.06%	0.09%	0.06%
	BG	F	0.13%	0.38%	0.13%
	BIIB	F	0.09%	0.25%	0.09%
	BK	B	0.28%	0.12%	0.12%
	BKNG	B	0.11%	0.12%	0.11%
	BKR	C	0.1%	0.37%	0.1%
	BLDR	C	0.05%	0.2%	0.05%
	BLK	A	0.2%	0.09%	0.09%
	BMY	C	0.32%	0.26%	0.26%
	BR	C	0.02%	0.11%	0.02%
	BRK.A	C	2.41%	0.52%	0.52%
	BRO	B	0.03%	0.04%	0.03%
	BSX	B	0.11%	0.06%	0.06%
	BWA	C	0.07%	0.41%	0.07%
	BX	C	0.13%	0.09%	0.09%
	BXP	B	0.06%	0.12%	0.06%
	C	C	1.05%	0.13%	0.13%
	CAG	B	0.08%	0.22%	0.08%
	CAH	C	0.24%	0.2%	0.2%
	CARR	B	0.09%	0.08%	0.08%
	CAT	B	0.24%	0.14%	0.14%
	CB	B	0.38%	0.15%	0.15%
	CBOE	C	0.03%	0.04%	0.03%
	CBRE	A	0.08%	0.04%	0.04%
	CCI	B	0.11%	0.07%	0.07%
	CCL	C	0.17%	0.09%	0.09%
	CDNS	D	0.02%	0.34%	0.02%
	CDW	D	0.04%	0.13%	0.04%
	CE	D	0.04%	0.07%	0.04%
	CEG	C	0.05%	0.39%	0.05%
	CF	B	0.06%	0.09%	0.06%
	CFG	D	0.17%	0.06%	0.06%
	CHD	C	0.03%	0.43%	0.03%
	CHRW	A	0.06%	0.09%	0.06%
	CHTR	D	0.29%	0.48%	0.29%
	CI	D	0.39%	0.2%	0.2%
	CINF	B	0.07%	0.15%	0.07%
	CL	C	0.1%	0.43%	0.1%
	CLX	C	0.03%	0.43%	0.03%
	CMCSA	C	0.61%	0.53%	0.53%
	CME	A	0.1%	0.05%	0.05%
	CMG	D	0.04%	0.52%	0.04%
	CMI	B	0.12%	0.08%	0.08%
	CMS	A	0.06%	0.08%	0.06%
	CNC	D	0.36%	0.27%	0.27%
	CNP	C	0.07%	0.26%	0.07%
	COF	B	0.52%	0.72%	0.52%
	COP	F	0.42%	0.08%	0.08%
	COST	C	0.29%	0.74%	0.29%
	CPAY	B	0.04%	0.05%	0.04%
	CPB	D	0.05%	0.21%	0.05%
	CPRT	D	0.03%	0.23%	0.03%
	CPT	C	0.04%	0.11%	0.04%
	CRL	F	0.01%	0.15%	0.01%
	CRM	C	0.23%	0.36%	0.23%
	CSCO	A	0.47%	0.21%	0.21%
	CSGP	F	0.03%	0.04%	0.03%
	CSX	D	0.11%	0.09%	0.09%
	CTAS	B	0.04%	0.19%	0.04%
	CTLT	B	0.01%	0.26%	0.01%
	CTRA	F	0.06%	0.18%	0.06%
	CTSH	B	0.11%	0.13%	0.11%
	CTVA	A	0.09%	0.09%	0.09%
	CVS	D	0.64%	0.68%	0.64%
	CVX	D	1.28%	0.8%	0.8%
	CZR	C	0.03%	0.07%	0.03%
	D	B	0.25%	0.25%	0.25%
	DAL	C	0.27%	0.27%	0.27%
	DAY	C	0.01%	0.23%	0.01%
	DD	B	0.18%	0.05%	0.05%
	DE	A	0.23%	0.13%	0.13%
	DECK	C	0.02%	0.3%	0.02%
	DFS	C	0.14%	0.7%	0.14%
	DG	F	0.05%	0.17%	0.05%
	DGX	B	0.05%	0.17%	0.05%
	DHI	C	0.13%	0.25%	0.13%
	DHR	B	0.13%	0.1%	0.1%
	DIS	D	0.27%	0.21%	0.21%
	DLR	B	0.04%	0.27%	0.04%
	DLTR	F	0.04%	0.17%	0.04%
	DOC	B	0.05%	0.11%	0.05%
	DOV	B	0.03%	0.17%	0.03%
	DOW	C	0.19%	0.07%	0.07%
	DPZ	D	0.01%	0.54%	0.01%
	DRI	C	0.05%	0.54%	0.05%
	DTE	A	0.1%	0.25%	0.1%
	DUK	C	0.35%	0.08%	0.08%
	DVA	B	0.08%	0.11%	0.08%
	DVN	F	0.13%	0.18%	0.13%
	DXCM	F	0.01%	0.1%	0.01%
	EA	D	0.04%	0.49%	0.04%
	EBAY	A	0.09%	0.23%	0.09%
	ECL	A	0.05%	0.05%	0.05%
	ED	B	0.14%	0.25%	0.14%
	EFX	C	0.02%	0.04%	0.02%
	EG	C	0.09%	0.14%	0.09%
	EIX	B	0.11%	0.25%	0.11%
	EL	D	0.04%	0.47%	0.04%
	ELV	D	0.41%	0.25%	0.25%
	EMN	B	0.05%	0.05%	0.05%
	EMR	C	0.14%	0.03%	0.03%
	ENPH	D	0.01%	0.27%	0.01%
	EOG	D	0.24%	0.08%	0.08%
	EPAM	F	0.01%	0.13%	0.01%
	EQIX	B	0.07%	0.28%	0.07%
	EQR	C	0.08%	0.11%	0.08%
	EQT	C	0.11%	0.18%	0.11%
	ERIE	B	0.02%	0.21%	0.02%
	ES	A	0.09%	0.08%	0.08%
	ESS	C	0.04%	0.11%	0.04%
	ETN	B	0.12%	0.27%	0.12%
	ETR	A	0.14%	0.26%	0.14%
	EVRG	B	0.07%	0.08%	0.07%
	EW	F	0.04%	0.06%	0.04%
	EXC	A	0.21%	0.3%	0.21%
	EXPD	A	0.04%	0.09%	0.04%
	EXPE	C	0.04%	0.12%	0.04%
	EXR	B	0.05%	0.11%	0.05%
	F	F	0.38%	0.26%	0.26%
	FANG	F	0.1%	0.08%	0.08%
	FAST	C	0.04%	0.13%	0.04%
	FCX	C	0.08%	0.29%	0.08%
	FDS	C	0.01%	0.04%	0.01%
	FDX	D	0.23%	0.08%	0.08%
	FE	B	0.07%	0.25%	0.07%
	FFIV	B	0.02%	0.22%	0.02%
	FICO	B	0.01%	0.05%	0.01%
	FIS	C	0.11%	0.06%	0.06%
	FITB	B	0.11%	0.06%	0.06%
	FMC	B	0.03%	0.09%	0.03%
	FOX	A	0.04%	0.11%	0.04%
	FOXA	A	0.08%	0.11%	0.08%
	FRT	B	0.01%	0.07%	0.01%
	FSLR	C	0.03%	0.2%	0.03%
	FTNT	A	0.04%	0.17%	0.04%
	FTV	C	0.03%	0.03%	0.03%
	GD	C	0.2%	0.17%	0.17%
	GDDY	C	0.03%	0.28%	0.03%
	GE	B	0.29%	0.18%	0.18%
	GEHC	A	0.03%	0.11%	0.03%
	GILD	B	0.34%	0.26%	0.26%
	GIS	C	0.12%	0.22%	0.12%
	GL	D	0.03%	0.21%	0.03%
	GLW	B	0.1%	0.2%	0.1%
	GM	D	0.5%	0.26%	0.26%
	GNRC	D	0.02%	0.08%	0.02%
	GOOG	D	1.16%	0.23%	0.23%
	GOOGL	D	0.71%	0.23%	0.23%
	GPC	D	0.06%	0.15%	0.06%
	GPN	D	0.06%	0.04%	0.04%
	GRMN	D	0.06%	0.34%	0.06%
	GS	B	0.52%	0.26%	0.26%
	GWW	B	0.05%	0.13%	0.05%
	HAL	F	0.08%	0.36%	0.08%
	HAS	A	0.03%	0.27%	0.03%
	HBAN	B	0.11%	0.06%	0.06%
	HCA	A	0.23%	0.34%	0.23%
	HD	A	0.51%	0.27%	0.27%
	HES	D	0.06%	0.08%	0.06%
	HIG	A	0.13%	0.15%	0.13%
	HII	D	0.03%	0.08%	0.03%
	HLT	B	0.02%	0.12%	0.02%
	HOLX	B	0.03%	0.1%	0.03%
	HON	C	0.21%	0.17%	0.17%
	HPE	C	0.22%	0.19%	0.19%
	HPQ	C	0.27%	0.36%	0.27%
	HRL	F	0.08%	0.37%	0.08%
	HSIC	C	0.03%	0.2%	0.03%
	HST	D	0.04%	0.12%	0.04%
	HSY	D	0.06%	0.18%	0.06%
	HUBB	B	0.03%	0.26%	0.03%
	HUM	F	0.19%	0.26%	0.19%
	HWM	A	0.04%	0.08%	0.04%
	IBM	B	0.45%	0.35%	0.35%
	ICE	B	0.11%	0.04%	0.04%
	IDXX	D	0.02%	0.1%	0.02%
	IEX	C	0.01%	0.2%	0.01%
	IFF	B	0.06%	0.05%	0.05%
	INCY	C	0.02%	0.25%	0.02%
	INTC	D	0.3%	0.16%	0.16%
	INTU	D	0.06%	0.22%	0.06%
	INVH	D	0.05%	0.11%	0.05%
	IP	C	0.15%	0.06%	0.06%
	IPG	C	0.04%	0.34%	0.04%
	IQV	D	0.06%	0.14%	0.06%
	IR	B	0.02%	0.2%	0.02%
	IRM	B	0.04%	0.07%	0.04%
	ISRG	B	0.1%	0.13%	0.1%
	IT	C	0.03%	0.14%	0.03%
	ITW	B	0.09%	0.17%	0.09%
	IVZ	B	0.07%	0.09%	0.07%
	J	D	0.04%	0.4%	0.04%
	JBHT	D	0.03%	0.09%	0.03%
	JBL	D	0.05%	0.36%	0.05%
	JCI	A	0.15%	0.08%	0.08%
	JKHY	A	0.01%	0.05%	0.01%
	JNJ	C	0.86%	0.25%	0.25%
	JNPR	B	0.03%	0.2%	0.03%
	JPM	D	1.38%	0.13%	0.13%
	K	A	0.08%	0.19%	0.08%
	KDP	B	0.13%	0.25%	0.13%
	KEY	B	0.14%	0.06%	0.06%
	KEYS	B	0.03%	0.21%	0.03%
	KHC	C	0.25%	0.21%	0.21%
	KIM	C	0.03%	0.07%	0.03%
	KLAC	D	0.06%	0.18%	0.06%
	KMB	C	0.11%	0.43%	0.11%
	KMI	B	0.38%	0.27%	0.27%
	KMX	D	0.05%	0.15%	0.05%
	KO	B	0.43%	0.25%	0.25%
	KR	A	0.33%	0.76%	0.33%
	KVUE	B	0.22%	0.43%	0.22%
	L	D	0.13%	0.5%	0.13%
	LDOS	A	0.05%	0.14%	0.05%
	LEN	B	0.14%	0.25%	0.14%
	LHX	B	0.1%	0.09%	0.09%
	LIN	B	0.2%	0.05%	0.05%
	LKQ	F	0.03%	0.15%	0.03%
	LLY	D	0.24%	0.25%	0.24%
	LMT	A	0.36%	0.09%	0.09%
	LNT	A	0.04%	0.08%	0.04%
	LOW	A	0.23%	0.26%	0.23%
	LRCX	D	0.08%	0.17%	0.08%
	LULU	D	0.03%	0.3%	0.03%
	LUV	C	0.15%	0.26%	0.15%
	LVS	C	0.06%	0.07%	0.06%
	LW	D	0.01%	0.22%	0.01%
	LYB	D	0.22%	0.07%	0.07%
	LYV	A	0.03%	0.09%	0.03%
	MA	B	0.13%	0.04%	0.04%
	MAA	C	0.04%	0.11%	0.04%
	MAR	C	0.09%	0.12%	0.09%
	MAS	A	0.03%	0.2%	0.03%
	MCD	A	0.16%	0.51%	0.16%
	MCHP	D	0.05%	0.13%	0.05%
	MCK	F	0.34%	0.19%	0.19%
	MCO	C	0.04%	0.04%	0.04%
	MDLZ	C	0.22%	0.19%	0.19%
	MDT	A	0.35%	0.06%	0.06%
	MET	A	0.43%	0.21%	0.21%
	META	B	1.77%	0.49%	0.49%
	MGM	D	0.05%	0.07%	0.05%
	MHK	B	0.07%	0.19%	0.07%
	MKC	C	0.05%	0.22%	0.05%
	MKTX	D	0.01%	0.05%	0.01%
	MLM	D	0.03%	0.18%	0.03%
	MMC	D	0.12%	0.04%	0.04%
	MMM	B	0.29%	0.17%	0.17%
	MNST	D	0.05%	0.26%	0.05%
	MO	C	0.33%	0.37%	0.33%
	MOH	D	0.05%	0.26%	0.05%
	MOS	F	0.07%	0.08%	0.07%
	MPC	F	0.52%	0.5%	0.5%
	MPWR	B	0.01%	0.23%	0.01%
	MRK	F	0.38%	0.25%	0.25%
	MRNA	F	0.03%	0.24%	0.03%
	MRO	D	0.08%	0.08%	0.08%
	MS	B	0.5%	0.26%	0.26%
	MSCI	C	0.01%	0.04%	0.01%
	MSFT	C	1.53%	0.34%	0.34%
	MSI	A	0.04%	0.51%	0.04%
	MTB	B	0.15%	0.06%	0.06%
	MTCH	C	0.02%	0.48%	0.02%
	MTD	B	0.02%	0.15%	0.02%
	MU	D	0.13%	0.14%	0.13%
	NCLH	C	0.03%	0.09%	0.03%
	NDAQ	C	0.07%	0.05%	0.05%
	NDSN	C	0.02%	0.03%	0.02%
	NEE	B	0.38%	0.25%	0.25%
	NEM	C	0.18%	0.26%	0.18%
	NFLX	B	0.17%	0.23%	0.17%
	NI	A	0.06%	0.34%	0.06%
	NKE	D	0.14%	0.34%	0.14%
	NOC	B	0.16%	0.09%	0.09%
	NOW	C	0.06%	0.24%	0.06%
	NRG	B	0.05%	0.33%	0.05%
	NSC	C	0.12%	0.08%	0.08%
	NTAP	D	0.04%	0.18%	0.04%
	NTRS	C	0.07%	0.09%	0.07%
	NUE	D	0.12%	0.27%	0.12%
	NVDA	C	0.3%	0.14%	0.14%
	NVR	A	0.07%	0.28%	0.07%
	NWS	D	0.01%	0.1%	0.01%
	NWSA	D	0.03%	0.1%	0.03%
	NXPI	F	0.07%	0.23%	0.07%
	O	A	0.12%	0.07%	0.07%
	ODFL	C	0.03%	0.09%	0.03%
	OKE	C	0.12%	0.26%	0.12%
	OMC	A	0.07%	0.34%	0.07%
	ON	D	0.05%	0.22%	0.05%
	ORCL	B	0.42%	0.35%	0.35%
	ORLY	B	0.07%	0.14%	0.07%
	OTIS	B	0.03%	0.08%	0.03%
	OXY	F	0.18%	0.07%	0.07%
	PANW	C	0.06%	0.17%	0.06%
	PARA	F	0.04%	0.2%	0.04%
	PAYC	D	0.01%	0.23%	0.01%
	PAYX	B	0.06%	0.22%	0.06%
	PCAR	D	0.11%	0.13%	0.11%
	PCG	C	0.12%	0.08%	0.08%
	PEG	A	0.14%	0.26%	0.14%
	PEP	D	0.37%	0.18%	0.18%
	PFE	D	0.86%	0.26%	0.26%
	PFG	B	0.17%	0.21%	0.17%
	PG	C	0.52%	0.43%	0.43%
	PGR	C	0.19%	0.2%	0.19%
	PH	B	0.09%	0.08%	0.08%
	PHM	B	0.07%	0.26%	0.07%
	PKG	B	0.04%	0.06%	0.04%
	PLD	C	0.15%	0.07%	0.07%
	PM	C	0.55%	0.37%	0.37%
	PNC	B	0.38%	0.06%	0.06%
	PNR	A	0.02%	0.2%	0.02%
	PNW	C	0.05%	0.08%	0.05%
	PODD	C	0.01%	0.1%	0.01%
	POOL	C	0.01%	0.13%	0.01%
	PPG	D	0.06%	0.07%	0.06%
	PPL	A	0.09%	0.08%	0.08%
	PRU	C	0.39%	0.21%	0.21%
	PSA	A	0.08%	0.11%	0.08%
	PSX	F	0.49%	0.52%	0.49%
	PTC	C	0.02%	0.17%	0.02%
	PWR	B	0.04%	0.42%	0.04%
	PYPL	B	0.18%	0.06%	0.06%
	QCOM	D	0.24%	0.22%	0.22%
	QRVO	F	0.02%	0.22%	0.02%
	RCL	B	0.07%	0.09%	0.07%
	REG	C	0.04%	0.07%	0.04%
	REGN	D	0.16%	0.22%	0.16%
	RF	A	0.11%	0.06%	0.06%
	RJF	C	0.05%	0.27%	0.05%
	RL	B	0.03%	0.32%	0.03%
	RMD	C	0.03%	0.1%	0.03%
	ROK	D	0.04%	0.03%	0.03%
	ROL	B	0.01%	0.19%	0.01%
	ROP	C	0.05%	0.03%	0.03%
	ROST	C	0.06%	0.74%	0.06%
	RSG	D	0.09%	0.19%	0.09%
	RTX	B	0.46%	0.08%	0.08%
	SBAC	C	0.02%	0.07%	0.02%
	SBUX	C	0.14%	0.49%	0.14%
	SCHW	D	0.22%	0.26%	0.22%
	SHW	B	0.06%	0.07%	0.06%
	SJM	C	0.05%	0.21%	0.05%
	SLB	F	0.14%	0.36%	0.14%
	SMCI	F	0.01%	0.17%	0.01%
	SNA	B	0.03%	0.25%	0.03%
	SNPS	F	0.04%	0.35%	0.04%
	SO	A	0.32%	0.08%	0.08%
	SOLV	D	0.01%	0.05%	0.01%
	SPG	B	0.06%	0.07%	0.06%
	SPGI	C	0.13%	0.04%	0.04%
	SRE	A	0.17%	0.08%	0.08%
	STE	B	0.02%	0.12%	0.02%
	STLD	C	0.07%	0.28%	0.07%
	STT	B	0.14%	0.12%	0.12%
	STX	B	0.04%	0.18%	0.04%
	STZ	C	0.05%	0.25%	0.05%
	SW	B	0.22%	0.07%	0.07%
	SWK	A	0.06%	0.27%	0.06%
	SWKS	F	0.05%	0.22%	0.05%
	SYF	C	0.18%	0.69%	0.18%
	SYK	C	0.09%	0.12%	0.09%
	SYY	C	0.12%	0.76%	0.12%
	T	B	1.37%	0.34%	0.34%
	TAP	D	0.09%	0.25%	0.09%
	TDG	A	0.03%	0.08%	0.03%
	TDY	B	0.03%	0.03%	0.03%
	TECH	C	0.01%	0.15%	0.01%
	TEL	C	0.1%	0.19%	0.1%
	TER	C	0.02%	0.17%	0.02%
	TFC	D	0.5%	0.06%	0.06%
	TFX	C	0.02%	0.05%	0.02%
	TGT	C	0.23%	0.17%	0.17%
	TJX	C	0.17%	0.75%	0.17%
	TMO	B	0.18%	0.14%	0.14%
	TMUS	B	0.4%	0.33%	0.33%
	TPR	B	0.03%	0.32%	0.03%
	TRGP	C	0.07%	0.27%	0.07%
	TRMB	C	0.02%	0.03%	0.02%
	TROW	D	0.07%	0.09%	0.07%
	TRV	C	0.18%	0.15%	0.15%
	TSCO	A	0.04%	0.12%	0.04%
	TSLA	B	0.48%	0.28%	0.28%
	TSN	D	0.15%	0.37%	0.15%
	TT	A	0.08%	0.08%	0.08%
	TTWO	D	0.02%	0.5%	0.02%
	TXN	B	0.24%	0.23%	0.23%
	TXT	D	0.04%	0.17%	0.04%
	TYL	B	0.02%	0.23%	0.02%
	UAL	C	0.15%	0.27%	0.15%
	UBER	C	0.09%	0.12%	0.09%
	UDR	C	0.03%	0.11%	0.03%
	UHS	C	0.06%	0.35%	0.06%
	ULTA	D	0.03%	0.18%	0.03%
	UNH	B	1.16%	0.26%	0.26%
	UNP	C	0.24%	0.08%	0.08%
	UPS	D	0.36%	0.09%	0.09%
	URI	B	0.07%	0.14%	0.07%
	USB	B	0.37%	0.06%	0.06%
	V	C	0.4%	0.04%	0.04%
	VICI	B	0.1%	0.07%	0.07%
	VLO	F	0.39%	0.5%	0.39%
	VLTO	B	0.02%	0.03%	0.02%
	VMC	C	0.03%	0.18%	0.03%
	VRSK	D	0.01%	0.04%	0.01%
	VRSN	C	0.02%	0.27%	0.02%
	VRTX	D	0.11%	0.24%	0.11%
	VST	B	0.08%	0.4%	0.08%
	VTR	B	0.08%	0.11%	0.08%
	VTRS	D	0.12%	0.25%	0.12%
	VZ	B	1.66%	0.34%	0.34%
	WAB	B	0.04%	0.14%	0.04%
	WAT	B	0.02%	0.15%	0.02%
	WBA	F	0.05%	0.63%	0.05%
	WBD	D	0.16%	0.2%	0.16%
	WDC	C	0.05%	0.17%	0.05%
	WEC	A	0.1%	0.08%	0.08%
	WELL	B	0.12%	0.11%	0.11%
	WFC	D	1.01%	0.13%	0.13%
	WM	D	0.09%	0.19%	0.09%
	WMB	B	0.16%	0.26%	0.16%
	WMT	B	1.74%	0.76%	0.76%
	WRB	C	0.05%	0.14%	0.05%
	WST	D	0.01%	0.05%	0.01%
	WTW	A	0.06%	0.04%	0.04%
	WY	C	0.07%	0.18%	0.07%
	WYNN	C	0.02%	0.07%	0.02%
	XEL	A	0.14%	0.08%	0.08%
	XOM	B	2.01%	0.8%	0.8%
	XYL	C	0.03%	0.19%	0.03%
	YUM	B	0.03%	0.51%	0.03%
	ZBH	F	0.05%	0.13%	0.05%
	ZBRA	B	0.02%	0.14%	0.02%
	ZTS	B	0.05%	0.26%	0.05%

VLU Overweight 932 Positions Relative to SSPY

	Symbol	Grade	Weight
	RGA	C	0.13%
	PFGC	B	0.11%
	OVV	F	0.09%
	UNM	A	0.09%
	X	F	0.08%
	CHK	C	0.08%
	AFG	C	0.08%
	FNF	A	0.08%
	ALLY	F	0.08%
	SNX	C	0.08%
	SWN	C	0.07%
	EQH	C	0.07%
	USFD	C	0.07%
	CMA	B	0.07%
	LAD	C	0.07%
	CHRD	F	0.07%
	JXN	B	0.06%
	R	C	0.06%
	STWD	B	0.06%
	ARW	B	0.06%
	ZION	D	0.06%
	LUMN	C	0.06%
	AAL	D	0.06%
	DINO	F	0.06%
	THC	B	0.06%
	FHN	D	0.05%
	MUR	F	0.05%
	IBKR	A	0.05%
	RS	D	0.05%
	ORI	B	0.05%
	COLB	B	0.05%
	LNC	C	0.05%
	JLL	B	0.05%
	WHR	C	0.05%
	TOL	B	0.05%
	ARMK	A	0.05%
	COOP	C	0.05%
	WPC	B	0.05%
	JEF	C	0.05%
	RNR	A	0.05%
	LEA	F	0.05%
	VFC	B	0.05%
	VNO	B	0.05%
	DKS	D	0.04%
	MUSA	D	0.04%
	OGS	A	0.04%
	CCK	B	0.04%
	UTHR	B	0.04%
	WU	D	0.04%
	BKH	B	0.04%
	VLY	C	0.04%
	M	D	0.04%
	TKO	B	0.04%
	WCC	D	0.04%
	OHI	B	0.04%
	TMHC	B	0.04%
	GAP	F	0.04%
	BERY	C	0.04%
	AR	C	0.04%
	OZK	D	0.04%
	AN	C	0.04%
	FYBR	C	0.04%
	VOYA	A	0.04%
	ABG	D	0.04%
	KRC	C	0.04%
	WLK	C	0.04%
	AL	C	0.04%
	AVT	B	0.04%
	CNX	A	0.04%
	GLPI	B	0.04%
	OGN	D	0.04%
	UGI	B	0.04%
	ALK	B	0.04%
	CIVI	F	0.04%
	GPI	C	0.04%
	JHG	C	0.04%
	OC	C	0.04%
	EWBC	C	0.04%
	CFR	C	0.03%
	WSM	C	0.03%
	HWC	D	0.03%
	NOV	F	0.03%
	FLR	D	0.03%
	CLH	C	0.03%
	CUZ	C	0.03%
	BIO	C	0.03%
	GHC	A	0.03%
	FNB	D	0.03%
	ILMN	D	0.03%
	CUBE	B	0.03%
	TGNA	C	0.03%
	CSL	A	0.03%
	CNXC	F	0.03%
	PENN	D	0.03%
	CNK	C	0.03%
	BKU	D	0.03%
	MTG	B	0.03%
	SKX	C	0.03%
	EME	B	0.03%
	CALM	B	0.03%
	BRX	B	0.03%
	HCC	D	0.03%
	BURL	C	0.03%
	PAG	D	0.03%
	SON	D	0.03%
	AMH	C	0.03%
	NXST	D	0.03%
	RDN	D	0.03%
	MLI	A	0.03%
	NWL	C	0.03%
	HRB	C	0.03%
	WTRG	D	0.03%
	HOG	D	0.03%
	SATS	D	0.03%
	PB	C	0.03%
	CATY	C	0.03%
	LAMR	B	0.03%
	NNN	B	0.03%
	KD	F	0.03%
	THO	C	0.03%
	MDU	B	0.03%
	NFG	A	0.03%
	XPO	F	0.03%
	HP	F	0.03%
	RRC	D	0.03%
	AMKR	F	0.03%
	ASB	D	0.03%
	APLE	D	0.03%
	ABM	D	0.03%
	PK	D	0.03%
	DEI	A	0.03%
	POST	B	0.03%
	GPK	C	0.03%
	MTZ	B	0.03%
	OGE	B	0.03%
	NOG	F	0.03%
	ACM	B	0.03%
	AGCO	D	0.03%
	BXMT	C	0.03%
	GNW	B	0.03%
	SF	A	0.03%
	ONB	D	0.03%
	PBF	F	0.03%
	BJ	D	0.03%
	CASY	D	0.03%
	CMC	D	0.03%
	MAN	C	0.03%
	AA	C	0.03%
	KNX	C	0.03%
	MPW	D	0.03%
	WSO	C	0.03%
	CACI	A	0.03%
	SNV	C	0.03%
	HIW	B	0.03%
	SANM	D	0.03%
	INGR	A	0.03%
	CNO	B	0.03%
	FAF	B	0.03%
	DXC	D	0.03%
	WBS	C	0.03%
	KFY	B	0.02%
	REZI	D	0.02%
	NWBI	C	0.02%
	MLKN	F	0.02%
	AVA	B	0.02%
	NJR	B	0.02%
	RGLD	C	0.02%
	COLM	C	0.02%
	ASH	F	0.02%
	DY	B	0.02%
	STAG	D	0.02%
	LPX	B	0.02%
	VVV	D	0.02%
	MGY	D	0.02%
	AXTA	C	0.02%
	FULT	D	0.02%
	LEG	D	0.02%
	SIGI	D	0.02%
	ANDE	D	0.02%
	SLM	C	0.02%
	SLVM	B	0.02%
	IIPR	B	0.02%
	PDCO	F	0.02%
	EXEL	C	0.02%
	TTEK	B	0.02%
	KAR	D	0.02%
	FR	B	0.02%
	PEB	D	0.02%
	GEF	C	0.02%
	MTN	D	0.02%
	PPC	D	0.02%
	ABCB	C	0.02%
	MOG.A	B	0.02%
	MIDD	D	0.02%
	GBX	C	0.02%
	CAR	D	0.02%
	RUN	D	0.02%
	LBRT	F	0.02%
	CPRI	C	0.02%
	MMS	A	0.02%
	GNL	D	0.02%
	RUSHA	C	0.02%
	BYD	C	0.02%
	TKR	C	0.02%
	ELS	C	0.02%
	KRG	B	0.02%
	IDA	B	0.02%
	BHE	C	0.02%
	NATL	D	0.02%
	GBCI	C	0.02%
	NVT	C	0.02%
	MSM	D	0.02%
	AGO	D	0.02%
	ASO	D	0.02%
	BLD	C	0.02%
	SKYW	B	0.02%
	ST	F	0.02%
	JBGS	C	0.02%
	BCC	C	0.02%
	CRC	C	0.02%
	FLO	C	0.02%
	POR	B	0.02%
	WWD	C	0.02%
	VSCO	C	0.02%
	COTY	F	0.02%
	RRX	C	0.02%
	REXR	D	0.02%
	CBT	B	0.02%
	AUB	D	0.02%
	GXO	C	0.02%
	JBLU	C	0.02%
	OI	D	0.02%
	NWE	A	0.02%
	PRI	B	0.02%
	MATX	B	0.02%
	UMBF	C	0.02%
	SLG	C	0.02%
	CROX	C	0.02%
	VSTS	D	0.02%
	CIEN	B	0.02%
	MHO	B	0.02%
	LII	C	0.02%
	KSS	D	0.02%
	ADNT	F	0.02%
	BANC	C	0.02%
	ATI	B	0.02%
	VGR	B	0.02%
	RNST	D	0.02%
	BANR	C	0.02%
	SR	A	0.02%
	ALE	A	0.02%
	PVH	D	0.02%
	BC	C	0.02%
	PNM	B	0.02%
	FHB	D	0.02%
	GME	D	0.02%
	EVR	C	0.02%
	SWX	C	0.02%
	PRGO	F	0.02%
	AM	B	0.02%
	AVNT	B	0.02%
	CBSH	D	0.02%
	CW	B	0.02%
	HOMB	C	0.02%
	IBOC	D	0.02%
	WFRD	F	0.02%
	EHC	B	0.02%
	TDS	C	0.02%
	URBN	F	0.02%
	IBTX	C	0.02%
	RHI	D	0.02%
	THG	B	0.02%
	SAIC	C	0.02%
	OLN	D	0.02%
	G	B	0.02%
	TCBI	C	0.02%
	ENVA	C	0.02%
	CRS	C	0.02%
	RPM	C	0.02%
	ARCH	D	0.02%
	SNEX	C	0.02%
	WAFD	D	0.02%
	SEM	D	0.02%
	OSK	F	0.02%
	SLGN	A	0.02%
	CG	D	0.02%
	FFBC	D	0.02%
	PFS	C	0.02%
	AAP	F	0.02%
	SIG	C	0.02%
	KEX	C	0.02%
	CWEN	A	0.02%
	ADC	B	0.02%
	COKE	C	0.02%
	ESNT	B	0.02%
	FL	F	0.02%
	DTM	B	0.02%
	JWN	C	0.02%
	SBRA	C	0.02%
	TPH	C	0.02%
	H	C	0.02%
	UBSI	C	0.02%
	GT	F	0.02%
	ALV	F	0.02%
	JAZZ	D	0.02%
	DAR	F	0.02%
	CLF	F	0.02%
	CADE	C	0.02%
	CEIX	C	0.02%
	WTFC	C	0.02%
	PII	D	0.02%
	PR	F	0.02%
	NSIT	C	0.02%
	LNW	F	0.02%
	CWK	B	0.02%
	BTU	B	0.02%
	UFPI	C	0.02%
	HBI	A	0.02%
	AMG	C	0.02%
	SCI	C	0.02%
	MTH	C	0.02%
	PRG	C	0.02%
	SFNC	C	0.02%
	SFM	A	0.02%
	SSB	C	0.02%
	MTDR	F	0.02%
	SM	F	0.02%
	CR	B	0.02%
	PNFP	B	0.02%
	TRN	C	0.02%
	KBH	C	0.02%
	COHR	C	0.02%
	BHF	D	0.02%
	ABR	B	0.02%
	ROCK	D	0.01%
	GES	F	0.01%
	EZPW	D	0.01%
	APOG	B	0.01%
	MCRI	B	0.01%
	HAE	D	0.01%
	MSGS	B	0.01%
	ALEX	C	0.01%
	NEOG	D	0.01%
	FBNC	C	0.01%
	SHAK	C	0.01%
	FOXF	F	0.01%
	JBT	C	0.01%
	SCL	D	0.01%
	MYRG	F	0.01%
	NBHC	C	0.01%
	CVLT	B	0.01%
	CUBI	F	0.01%
	ESAB	C	0.01%
	BRKR	D	0.01%
	MSA	D	0.01%
	SAFT	D	0.01%
	MRCY	C	0.01%
	MMI	C	0.01%
	NGVT	D	0.01%
	CHH	C	0.01%
	AAT	C	0.01%
	KREF	C	0.01%
	CHCO	C	0.01%
	MYGN	D	0.01%
	CHE	C	0.01%
	AWR	C	0.01%
	CHEF	C	0.01%
	VIR	F	0.01%
	AZZ	C	0.01%
	CAL	F	0.01%
	UCTT	D	0.01%
	GDOT	D	0.01%
	BGS	D	0.01%
	XHR	C	0.01%
	AMWD	C	0.01%
	ESE	B	0.01%
	RDNT	B	0.01%
	HCSG	D	0.01%
	AIN	D	0.01%
	TDC	D	0.01%
	FORM	F	0.01%
	FIZZ	D	0.01%
	LGND	D	0.01%
	GFF	C	0.01%
	SMPL	D	0.01%
	CORT	B	0.01%
	RES	D	0.01%
	HWKN	A	0.01%
	PLAB	D	0.01%
	EPC	F	0.01%
	HQY	C	0.01%
	HLX	D	0.01%
	HAIN	C	0.01%
	EFC	C	0.01%
	NVRI	D	0.01%
	SYNA	D	0.01%
	ZD	D	0.01%
	DNOW	F	0.01%
	STRA	F	0.01%
	DRH	D	0.01%
	CWT	B	0.01%
	RCM	C	0.01%
	WRLD	D	0.01%
	CPK	B	0.01%
	FSS	D	0.01%
	ENR	D	0.01%
	KNF	C	0.01%
	PCTY	C	0.01%
	MODG	F	0.01%
	YELP	D	0.01%
	GTY	B	0.01%
	HPP	F	0.01%
	KALU	F	0.01%
	AWI	B	0.01%
	SKT	A	0.01%
	CFFN	D	0.01%
	EIG	B	0.01%
	TMP	D	0.01%
	RGEN	F	0.01%
	SBCF	C	0.01%
	SXC	F	0.01%
	BKE	B	0.01%
	NHC	D	0.01%
	JJSF	B	0.01%
	HXL	F	0.01%
	INN	B	0.01%
	KN	D	0.01%
	CGNX	F	0.01%
	CVI	F	0.01%
	ASIX	B	0.01%
	TPX	C	0.01%
	BRBR	B	0.01%
	CASH	C	0.01%
	MMSI	C	0.01%
	KWR	D	0.01%
	AVNS	C	0.01%
	EXP	B	0.01%
	KLIC	D	0.01%
	CARG	B	0.01%
	MASI	C	0.01%
	OLED	C	0.01%
	NBR	F	0.01%
	EGBN	C	0.01%
	GTLS	F	0.01%
	NOVT	D	0.01%
	HI	F	0.01%
	SCHL	D	0.01%
	MGEE	B	0.01%
	MORN	C	0.01%
	MNRO	C	0.01%
	OSIS	C	0.01%
	SHO	D	0.01%
	EXLS	B	0.01%
	FELE	B	0.01%
	SVC	F	0.01%
	B	C	0.01%
	MEDP	F	0.01%
	AMED	D	0.01%
	ONTO	C	0.01%
	CPF	A	0.01%
	VNT	F	0.01%
	MC	C	0.01%
	LANC	F	0.01%
	FCPT	C	0.01%
	TREX	D	0.01%
	ALKS	C	0.01%
	IOSP	F	0.01%
	AVAV	C	0.01%
	TBBK	B	0.01%
	CVCO	C	0.01%
	OII	D	0.01%
	VC	F	0.01%
	PJT	C	0.01%
	MTSI	C	0.01%
	ROIC	B	0.01%
	WEN	D	0.01%
	IPGP	D	0.01%
	HALO	D	0.01%
	DORM	C	0.01%
	AXL	F	0.01%
	PLUS	C	0.01%
	STC	B	0.01%
	OMCL	C	0.01%
	LTC	C	0.01%
	FTDR	C	0.01%
	KELYA	D	0.01%
	UE	B	0.01%
	BCPC	C	0.01%
	BRKL	C	0.01%
	DLX	F	0.01%
	BLMN	F	0.01%
	CBRL	D	0.01%
	WD	B	0.01%
	AHCO	C	0.01%
	IBP	C	0.01%
	SPTN	C	0.01%
	ARCB	D	0.01%
	HMN	C	0.01%
	AROC	D	0.01%
	DOCS	B	0.01%
	ENOV	F	0.01%
	CWEN	A	0.01%
	PUMP	F	0.01%
	VSAT	F	0.01%
	LXP	B	0.01%
	BWXT	B	0.01%
	FBK	C	0.01%
	MATV	D	0.01%
	HASI	C	0.01%
	MTX	D	0.01%
	NBIX	F	0.01%
	ORA	B	0.01%
	UNF	A	0.01%
	FCF	C	0.01%
	MD	C	0.01%
	AMN	F	0.01%
	CRI	D	0.01%
	DIOD	F	0.01%
	LGIH	C	0.01%
	ETSY	F	0.01%
	WGO	D	0.01%
	VSTO	C	0.01%
	OFG	C	0.01%
	SSD	C	0.01%
	SXT	B	0.01%
	KMT	B	0.01%
	AKR	A	0.01%
	SFBS	C	0.01%
	DCOM	C	0.01%
	UNFI	B	0.01%
	DT	C	0.01%
	ICUI	B	0.01%
	FND	C	0.01%
	MKSI	F	0.01%
	PINC	F	0.01%
	ODP	F	0.01%
	HGV	F	0.01%
	SCVL	C	0.01%
	CAKE	B	0.01%
	ANF	D	0.01%
	OTTR	F	0.01%
	PHIN	D	0.01%
	ITGR	B	0.01%
	SHOO	A	0.01%
	APAM	C	0.01%
	BOOT	B	0.01%
	CHX	F	0.01%
	TTMI	D	0.01%
	RXO	D	0.01%
	EXPI	D	0.01%
	RWT	C	0.01%
	NPO	C	0.01%
	SAH	D	0.01%
	NSP	F	0.01%
	CENTA	F	0.01%
	CRK	C	0.01%
	BDN	B	0.01%
	IDCC	B	0.01%
	DLB	D	0.01%
	SAIA	D	0.01%
	PIPR	C	0.01%
	IRT	C	0.01%
	FWRD	D	0.01%
	WMS	D	0.01%
	BOH	D	0.01%
	SBSI	C	0.01%
	LOPE	D	0.01%
	WTS	C	0.01%
	RLI	A	0.01%
	LNTH	C	0.01%
	GVA	B	0.01%
	PECO	C	0.01%
	PARR	F	0.01%
	NEU	D	0.01%
	PRK	D	0.01%
	NBTB	D	0.01%
	PBH	C	0.01%
	BRC	A	0.01%
	ENSG	D	0.01%
	BHLB	C	0.01%
	PCH	C	0.01%
	XRX	D	0.01%
	WH	C	0.01%
	CNM	F	0.01%
	CNXN	B	0.01%
	SHC	C	0.01%
	WSFS	D	0.01%
	MAT	D	0.01%
	KLG	D	0.01%
	NYT	B	0.01%
	TEX	F	0.01%
	STBA	C	0.01%
	LRN	B	0.01%
	SCSC	D	0.01%
	LPG	F	0.01%
	WS	D	0.01%
	ITRI	C	0.01%
	WWW	A	0.01%
	SABR	C	0.01%
	LZB	C	0.01%
	CTRE	B	0.01%
	BGC	D	0.01%
	EGP	C	0.01%
	FFIN	C	0.01%
	RBC	B	0.01%
	RYN	C	0.01%
	FDP	B	0.01%
	FN	C	0.01%
	VAL	F	0.01%
	OPCH	D	0.01%
	FHI	B	0.01%
	CCS	C	0.01%
	DAN	F	0.01%
	KW	C	0.01%
	PBI	C	0.01%
	PSTG	F	0.01%
	FUL	D	0.01%
	GMS	C	0.01%
	THS	C	0.01%
	OUT	B	0.01%
	XRAY	D	0.01%
	OMI	D	0.01%
	OLLI	C	0.01%
	ECPG	D	0.01%
	PATK	C	0.01%
	LECO	D	0.01%
	BDC	B	0.01%
	NSA	C	0.01%
	CCOI	C	0.01%
	TTC	F	0.01%
	RH	C	0.01%
	TRMK	D	0.01%
	LCII	C	0.01%
	SMG	B	0.01%
	CBU	D	0.01%
	GGG	C	0.01%
	WERN	C	0.01%
	PSMT	A	0.01%
	EPR	B	0.01%
	ACIW	A	0.01%
	AEO	D	0.01%
	LSTR	D	0.01%
	SBH	B	0.01%
	DEA	C	0.01%
	RC	F	0.01%
	VAC	F	0.01%
	NVST	D	0.01%
	LITE	B	0.01%
	GIII	D	0.01%
	AMR	F	0.01%
	FCN	C	0.01%
	UA	C	0.01%
	NWN	B	0.01%
	HNI	B	0.01%
	ACA	B	0.01%
	SRCL	B	0.01%
	AYI	A	0.01%
	UCBI	B	0.01%
	INVA	C	0.01%
	GNTX	F	0.01%
	PMT	C	0.01%
	INDB	D	0.01%
	ATGE	C	0.01%
	GRBK	B	0.01%
	HLI	C	0.01%
	VSH	F	0.01%
	ARI	F	0.01%
	AIT	B	0.01%
	EAT	C	0.01%
	UAA	C	0.01%
	ASGN	D	0.01%
	VMI	C	0.01%
	CHDN	D	0.01%
	AX	D	0.01%
	FBP	B	0.01%
	LFUS	B	0.01%
	DCI	C	0.01%
	EPRT	A	0.01%
	NAVI	D	0.01%
	UVV	D	0.01%
	CXW	F	0.01%
	ACHC	D	0.01%
	BCO	A	0.01%
	GMED	D	0.01%
	ATR	B	0.01%
	DBX	C	0.01%
	BANF	C	0.01%
	PTEN	F	0.01%
	VBTX	B	0.01%
	FIX	B	0.01%
	PLXS	B	0.01%
	WEX	C	0.01%
	KTB	B	0.01%
	WOR	F	0.01%
	CABO	F	0.01%
	PPBI	C	0.01%
	MCY	C	0.01%
	CVBF	C	0.01%
	KMPR	D	0.01%
	FLS	B	0.01%
	CC	D	0.01%
	ENS	C	0.01%
	NMIH	B	0.01%
	EEFT	F	0.01%
	KBR	D	0.01%
	CRUS	D	0.01%
	TNL	C	0.01%
	TXRH	B	0.01%
	SEE	C	0.01%
	TALO	F	0.01%
	HUBG	C	0.01%
	HTH	C	0.01%
	GATX	D	0.01%
	MAC	A	0.01%
	SEIC	C	0.01%
	HOPE	C	0.01%
	SPNT	D	0.01%
	GEO	F	0.01%
	ITT	B	0.01%
	VICR	C	0.0%
	NPK	D	0.0%
	DDD	D	0.0%
	XPEL	D	0.0%
	CHUY	C	0.0%
	NARI	F	0.0%
	WOLF	F	0.0%
	LESL	D	0.0%
	AGYS	D	0.0%
	VREX	F	0.0%
	VCEL	F	0.0%
	GOGO	F	0.0%
	RILY	F	0.0%
	MSEX	C	0.0%
	PCRX	F	0.0%
	PGNY	F	0.0%
	EMBC	D	0.0%
	CLB	D	0.0%
	TTGT	F	0.0%
	STAA	D	0.0%
	SNCY	D	0.0%
	CHCT	F	0.0%
	CERT	F	0.0%
	COHU	F	0.0%
	TGI	F	0.0%
	ELF	F	0.0%
	ARWR	F	0.0%
	RGNX	F	0.0%
	CELH	F	0.0%
	HCI	C	0.0%
	CRSR	D	0.0%
	LQDT	B	0.0%
	CEVA	C	0.0%
	CMP	D	0.0%
	SITM	C	0.0%
	ICHR	D	0.0%
	AAON	B	0.0%
	BMI	B	0.0%
	NABL	D	0.0%
	SSTK	F	0.0%
	BJRI	D	0.0%
	NUS	F	0.0%
	TNDM	D	0.0%
	JBSS	F	0.0%
	NXRT	D	0.0%
	DGII	D	0.0%
	HVT	F	0.0%
	GKOS	C	0.0%
	MXL	D	0.0%
	MYE	F	0.0%
	DV	F	0.0%
	TRUP	D	0.0%
	ASTE	F	0.0%
	EPAC	B	0.0%
	CTS	D	0.0%
	PRLB	F	0.0%
	CARS	F	0.0%
	PEN	D	0.0%
	WSR	D	0.0%
	IIIN	F	0.0%
	CYTK	F	0.0%
	IRWD	F	0.0%
	VVI	C	0.0%
	AHH	F	0.0%
	SXI	C	0.0%
	JACK	F	0.0%
	CPRX	C	0.0%
	SLAB	D	0.0%
	SHEN	F	0.0%
	PRVA	F	0.0%
	CENT	F	0.0%
	SEDG	F	0.0%
	XNCR	D	0.0%
	USNA	F	0.0%
	CCRN	F	0.0%
	GPRE	F	0.0%
	HSII	C	0.0%
	PZZA	D	0.0%
	RGR	F	0.0%
	TNC	F	0.0%
	COLL	C	0.0%
	VECO	F	0.0%
	SONO	D	0.0%
	LNN	C	0.0%
	POWI	F	0.0%
	YETI	C	0.0%
	MTUS	F	0.0%
	THRY	F	0.0%
	THRM	F	0.0%
	HRMY	B	0.0%
	KNSL	D	0.0%
	KOP	F	0.0%
	WING	C	0.0%
	ALG	D	0.0%
	EXTR	D	0.0%
	SGH	D	0.0%
	AMCX	F	0.0%
	SPSC	D	0.0%
	WDFC	C	0.0%
	QLYS	F	0.0%
	MCW	F	0.0%
	HTLD	D	0.0%
	IRDM	C	0.0%
	ALRM	F	0.0%
	GDEN	D	0.0%
	VIAV	C	0.0%
	AMSF	C	0.0%
	CSGS	C	0.0%
	BSIG	C	0.0%
	MATW	F	0.0%
	RMBS	F	0.0%
	SJW	D	0.0%
	WABC	D	0.0%
	MERC	D	0.0%
	WNC	F	0.0%
	ZEUS	F	0.0%
	EYE	F	0.0%
	USPH	F	0.0%
	LIVN	D	0.0%
	CVGW	C	0.0%
	AMPH	C	0.0%
	BLKB	C	0.0%
	MOV	F	0.0%
	DXPE	C	0.0%
	CNMD	D	0.0%
	RAMP	F	0.0%
	DBI	D	0.0%
	NX	F	0.0%
	TILE	B	0.0%
	REX	D	0.0%
	NVEE	F	0.0%
	DFIN	D	0.0%
	MGPI	D	0.0%
	RCUS	F	0.0%
	CENX	C	0.0%
	IART	F	0.0%
	PRGS	A	0.0%
	SMP	D	0.0%
	PLMR	C	0.0%
	OXM	F	0.0%
	LSCC	D	0.0%
	PRFT	B	0.0%
	DVAX	D	0.0%
	HAYN	B	0.0%
	DIN	F	0.0%
	UFPT	D	0.0%
	PLAY	D	0.0%
	CACC	F	0.0%
	HAYW	C	0.0%
	UHT	C	0.0%
	SAM	D	0.0%
	FLGT	F	0.0%
	EVTC	D	0.0%
	MRTN	D	0.0%
	PLNT	C	0.0%
	CNSL	A	0.0%
	EXPO	A	0.0%
	CRVL	A	0.0%
	LKFN	D	0.0%
	MANH	B	0.0%
	JOE	D	0.0%
	CALX	C	0.0%
	NTCT	C	0.0%
	AOSL	D	0.0%
	BOX	C	0.0%
	ROG	D	0.0%
	ENV	C	0.0%
	PRA	C	0.0%
	AMBC	F	0.0%
	HTZ	F	0.0%
	POWL	B	0.0%
	CLW	F	0.0%
	AZTA	F	0.0%
	ZI	D	0.0%
	HLIT	C	0.0%
	AIR	D	0.0%
	SUPN	D	0.0%
	MTRN	D	0.0%
	PRAA	F	0.0%
	ETH	D	0.0%
	PAHC	B	0.0%
	HFWA	D	0.0%
	ASTH	B	0.0%
	MP	C	0.0%
	VTOL	D	0.0%
	TRIP	F	0.0%
	HELE	D	0.0%
	ACLS	F	0.0%
	NEO	F	0.0%
	IPAR	D	0.0%
	ALGT	D	0.0%
	SMTC	C	0.0%
	TR	C	0.0%
	ALGM	F	0.0%
	HAFC	D	0.0%
	FTRE	F	0.0%
	UTL	C	0.0%
	PFBC	D	0.0%
	TWI	D	0.0%
	HZO	D	0.0%
	PRDO	D	0.0%
	UNIT	C	0.0%
	TRST	D	0.0%
	QNST	C	0.0%
	VRTS	D	0.0%
	UFCS	D	0.0%
	GO	F	0.0%
	ADUS	B	0.0%
	CSR	D	0.0%
	VRRM	D	0.0%
	BFS	A	0.0%
	FIVE	D	0.0%
	AEIS	D	0.0%

VLU Underweight 5 Positions Relative to SSPY

	Symbol	Grade	Weight
	PLTR	B	-0.23%
	CRWD	D	-0.19%
	GEV	B	-0.19%
	DELL	D	-0.17%
	KKR	C	-0.09%

VLU: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials Software - Application Oil & Gas E&P Semiconductors Packaged Foods Biotechnology Business Services Specialty Chemicals REIT - Diversified Asset Management Specialty Retail Utilities - Regulated Electric Diagnostics & Research Insurance - Property & Casualty Restaurants REIT - Retail 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 Electricity Deposit Products Telecommunications Transport Clothing Commercial Banking

SSPY: Top Represented Industries & Keywords

Industries: Diversified Industrials Utilities - Regulated Electric Software - Application Semiconductors Business Services Asset Management Diagnostics & Research Oil & Gas E&P Aerospace & Defense Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Medical Devices Medical Instruments & Supplies Specialty Retail Credit Services Health Care Plans Household & Personal Products Information Technology Services

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