VLU vs. ULVM ETF Comparison

Comparison of SPDR S&P 1500 Value Tilt ETF (VLU) to VictoryShares USAA MSCI USA Value Momentum ETF (ULVM)

VLU

SPDR S&P 1500 Value Tilt ETF

VLU Description

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

Grade (RS Rating)

Last Trade

$193.82

Average Daily Volume

10,085

Number of Holdings ^*

1419

* may have additional holdings in another (foreign) market

ULVM

VictoryShares USAA MSCI USA Value Momentum ETF

ULVM Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Select Value Momentum Blend Index. Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its assets in securities in the index. The index is designed to deliver exposure to equity securities of large- and mid-capitalization U.S. issuers within the MSCI USA Index (the parent index) that have higher exposure to value and momentum factors, while also maintaining moderate index turnover and lower realized volatility than traditional capitalization-weighted indexes.

Grade (RS Rating)

Last Trade

$86.63

Average Daily Volume

2,586

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	VLU	ULVM
30 Days	4.78%	6.04%
60 Days	5.81%	7.87%
90 Days	7.82%	10.00%
12 Months	31.37%	37.10%

116 Overlapping Holdings

Symbol	Grade	Weight in VLU	Weight in ULVM	Overlap
ADM	D	0.22%	0.44%	0.22%
AIG	B	0.24%	0.93%	0.24%
ALLY	C	0.08%	0.49%	0.08%
APH	A	0.06%	0.82%	0.06%
ARE	D	0.05%	0.58%	0.05%
AVB	B	0.07%	0.99%	0.07%
AVGO	D	0.42%	0.43%	0.42%
AXP	A	0.35%	0.91%	0.35%
BAC	A	1.57%	0.93%	0.93%
BK	A	0.29%	1.23%	0.29%
BLDR	D	0.05%	0.42%	0.05%
BRK.A	B	2.43%	1.39%	1.39%
BSX	B	0.11%	1.18%	0.11%
C	A	1.13%	0.83%	0.83%
CASY	A	0.03%	0.71%	0.03%
CBRE	B	0.08%	0.77%	0.08%
CFG	B	0.18%	0.67%	0.18%
CI	F	0.34%	0.88%	0.34%
CNC	D	0.26%	0.54%	0.26%
COF	B	0.61%	0.93%	0.61%
COST	B	0.28%	0.95%	0.28%
CSL	C	0.03%	0.77%	0.03%
CTSH	B	0.11%	0.97%	0.11%
CVS	D	0.58%	0.56%	0.56%
DAL	C	0.35%	0.91%	0.35%
DD	D	0.17%	0.68%	0.17%
DGX	A	0.05%	0.92%	0.05%
DHI	D	0.1%	0.47%	0.1%
DOW	F	0.15%	0.82%	0.15%
DUK	C	0.33%	1.16%	0.33%
ELV	F	0.29%	0.71%	0.29%
EME	C	0.03%	0.79%	0.03%
EQH	B	0.07%	0.93%	0.07%
ESS	B	0.04%	0.88%	0.04%
ETR	B	0.16%	1.25%	0.16%
EXC	C	0.19%	0.85%	0.19%
F	C	0.37%	0.48%	0.37%
FANG	D	0.1%	0.7%	0.1%
FDX	B	0.25%	0.6%	0.25%
FI	A	0.16%	1.36%	0.16%
FITB	A	0.12%	0.78%	0.12%
FOXA	B	0.09%	1.04%	0.09%
GD	F	0.21%	1.17%	0.21%
GDDY	A	0.03%	0.98%	0.03%
GE	D	0.27%	0.67%	0.27%
GM	B	0.55%	0.76%	0.55%
GOOGL	C	0.72%	0.74%	0.72%
GRMN	B	0.07%	0.85%	0.07%
GS	A	0.59%	0.98%	0.59%
HCA	F	0.18%	0.7%	0.18%
HIG	B	0.13%	0.99%	0.13%
HPE	B	0.23%	0.59%	0.23%
HPQ	B	0.31%	0.6%	0.31%
HWM	A	0.04%	0.64%	0.04%
IBM	C	0.41%	0.84%	0.41%
INTC	D	0.33%	0.41%	0.33%
IP	B	0.17%	0.73%	0.17%
IR	B	0.02%	0.81%	0.02%
IRM	D	0.04%	0.77%	0.04%
JPM	A	1.53%	1.05%	1.05%
KEY	B	0.15%	0.63%	0.15%
KHC	F	0.24%	0.83%	0.24%
KIM	A	0.04%	0.84%	0.04%
KMI	A	0.45%	1.42%	0.45%
KR	B	0.33%	1.0%	0.33%
L	A	0.13%	1.28%	0.13%
LDOS	C	0.05%	1.11%	0.05%
LEN	D	0.13%	0.55%	0.13%
LLY	F	0.19%	0.51%	0.19%
LMT	D	0.32%	1.21%	0.32%
LYB	F	0.18%	0.86%	0.18%
MCK	B	0.39%	0.95%	0.39%
META	D	1.68%	0.53%	0.53%
MLM	B	0.03%	0.9%	0.03%
MPC	D	0.45%	0.58%	0.45%
MRNA	F	0.02%	0.16%	0.02%
MU	D	0.13%	0.41%	0.13%
NTAP	C	0.04%	0.57%	0.04%
NVDA	C	0.36%	0.42%	0.36%
NVR	D	0.06%	0.77%	0.06%
NWSA	B	0.03%	0.9%	0.03%
OC	A	0.05%	0.72%	0.05%
PEG	A	0.14%	1.18%	0.14%
PFE	D	0.7%	0.68%	0.68%
PHM	D	0.06%	0.59%	0.06%
PKG	A	0.05%	1.13%	0.05%
PSX	C	0.47%	0.7%	0.47%
REGN	F	0.1%	0.72%	0.1%
RGA	A	0.13%	0.87%	0.13%
RTX	C	0.44%	1.03%	0.44%
SPG	B	0.06%	0.86%	0.06%
STLD	B	0.08%	0.78%	0.08%
SWKS	F	0.04%	0.39%	0.04%
SYF	B	0.22%	0.83%	0.22%
T	A	1.4%	1.07%	1.07%
TFC	A	0.54%	0.74%	0.54%
THC	D	0.06%	0.56%	0.06%
TOL	B	0.05%	0.54%	0.05%
TRGP	B	0.09%	1.22%	0.09%
TSN	B	0.16%	0.89%	0.16%
TXT	D	0.04%	0.78%	0.04%
UAL	A	0.26%	0.89%	0.26%
URI	B	0.07%	0.57%	0.07%
UTHR	C	0.04%	0.68%	0.04%
VICI	C	0.09%	0.89%	0.09%
VLO	C	0.38%	0.62%	0.38%
VST	B	0.11%	0.61%	0.11%
VTRS	A	0.13%	0.71%	0.13%
VZ	C	1.5%	0.88%	0.88%
WAB	B	0.04%	1.05%	0.04%
WDC	D	0.04%	0.46%	0.04%
WELL	A	0.12%	1.2%	0.12%
WFC	A	1.25%	0.94%	0.94%
WMT	A	1.82%	1.18%	1.18%
WSM	B	0.02%	0.39%	0.02%
WY	D	0.06%	0.84%	0.06%

VLU Overweight 1303 Positions Relative to ULVM

Symbol	Grade	Weight
AAPL	C	2.4%
AMZN	C	2.04%
XOM	B	1.99%
MSFT	F	1.41%
CVX	A	1.36%
UNH	C	1.15%
GOOG	C	1.15%
JNJ	D	0.78%
MS	A	0.63%
CMCSA	B	0.62%
TSLA	B	0.62%
PM	B	0.56%
HD	A	0.52%
CSCO	B	0.51%
PG	A	0.48%
ORCL	B	0.45%
V	A	0.45%
TMUS	B	0.43%
MET	A	0.42%
COP	C	0.41%
PNC	B	0.41%
USB	A	0.39%
PRU	A	0.39%
UPS	C	0.37%
ABBV	D	0.37%
MO	A	0.36%
COR	B	0.36%
KO	D	0.36%
GILD	C	0.35%
BMY	B	0.35%
CB	C	0.34%
NEE	D	0.34%
CHTR	C	0.33%
PEP	F	0.33%
MDT	D	0.32%
DIS	B	0.32%
ACN	C	0.31%
MRK	F	0.3%
SO	D	0.3%
MMM	D	0.27%
CRM	B	0.27%
SCHW	B	0.26%
ABT	B	0.25%
CAH	B	0.25%
TXN	C	0.24%
CAT	B	0.24%
EOG	A	0.24%
D	C	0.24%
HON	B	0.23%
KVUE	A	0.23%
AMGN	D	0.23%
LOW	D	0.23%
QCOM	F	0.22%
DE	A	0.22%
SW	A	0.22%
UNP	C	0.22%
TGT	F	0.22%
BLK	C	0.22%
CCL	B	0.21%
AFL	B	0.21%
LIN	D	0.19%
NFLX	A	0.19%
WMB	A	0.19%
MTB	A	0.18%
PGR	A	0.18%
MDLZ	F	0.18%
SRE	A	0.18%
TRV	B	0.18%
PYPL	B	0.18%
HUM	C	0.17%
LUV	C	0.17%
OXY	D	0.17%
ADBE	C	0.17%
WBD	C	0.17%
BBY	D	0.16%
BA	F	0.16%
EMR	A	0.16%
JCI	C	0.16%
ALL	A	0.16%
AEP	D	0.16%
PFG	D	0.16%
DFS	B	0.16%
TJX	A	0.16%
NOC	D	0.15%
XEL	A	0.15%
APD	A	0.15%
MCD	D	0.15%
CMI	A	0.14%
OKE	A	0.14%
BX	A	0.14%
SBUX	A	0.14%
STT	A	0.14%
TMO	F	0.14%
PCG	A	0.13%
EQT	B	0.13%
AMT	D	0.13%
HBAN	A	0.13%
NEM	D	0.13%
PLD	D	0.13%
SLB	C	0.13%
MA	C	0.13%
SYY	B	0.12%
MMC	B	0.12%
BKNG	A	0.12%
ACGL	D	0.12%
AMD	F	0.12%
NKE	D	0.12%
SPGI	C	0.12%
BKR	B	0.12%
RF	A	0.12%
DVN	F	0.12%
AMP	A	0.12%
PCAR	B	0.12%
NSC	B	0.12%
ETN	A	0.12%
ED	D	0.12%
ADI	D	0.12%
FIS	C	0.11%
DHR	F	0.11%
O	D	0.11%
UNM	A	0.11%
ICE	C	0.11%
PFGC	B	0.11%
KDP	D	0.11%
BG	F	0.11%
NUE	C	0.11%
WEC	A	0.1%
WM	A	0.1%
PH	A	0.1%
CCI	D	0.1%
KMB	D	0.1%
LHX	C	0.1%
OVV	B	0.1%
EIX	B	0.1%
GIS	D	0.1%
GLW	B	0.1%
ISRG	A	0.1%
VRTX	F	0.1%
CME	A	0.1%
AMAT	F	0.1%
CSX	B	0.1%
AFG	A	0.09%
LAD	A	0.09%
ADP	B	0.09%
RSG	A	0.09%
AEE	A	0.09%
MAR	B	0.09%
CL	D	0.09%
DTE	C	0.09%
PPL	B	0.09%
ITW	B	0.09%
SYK	C	0.09%
TAP	C	0.09%
SNX	C	0.08%
ORLY	B	0.08%
CNP	B	0.08%
FNF	B	0.08%
CMA	A	0.08%
FCX	D	0.08%
LUMN	C	0.08%
USFD	A	0.08%
EQR	B	0.08%
CARR	D	0.08%
EG	C	0.08%
K	A	0.08%
TT	A	0.08%
AAL	B	0.08%
CTVA	C	0.08%
NTRS	A	0.08%
MRO	B	0.08%
BDX	F	0.08%
VTR	C	0.08%
ES	D	0.08%
EBAY	D	0.08%
RCL	A	0.08%
UBER	D	0.08%
FE	C	0.07%
LVS	C	0.07%
JXN	C	0.07%
CHRD	D	0.07%
WTW	B	0.07%
PSA	D	0.07%
BWA	D	0.07%
NXPI	D	0.07%
IVZ	B	0.07%
LRCX	F	0.07%
ATO	A	0.07%
X	C	0.07%
NDAQ	A	0.07%
PANW	C	0.07%
ANET	C	0.07%
AON	A	0.07%
CINF	A	0.07%
HRL	D	0.07%
EVRG	A	0.07%
BIIB	F	0.07%
MOS	F	0.07%
HAL	C	0.07%
EQIX	A	0.07%
TROW	B	0.07%
ZION	B	0.07%
AJG	B	0.06%
PARA	C	0.06%
BEN	C	0.06%
BXP	D	0.06%
FHN	A	0.06%
GWW	B	0.06%
LH	C	0.06%
CMS	C	0.06%
VFC	C	0.06%
ROST	C	0.06%
ALK	C	0.06%
VNO	B	0.06%
PAYX	C	0.06%
OMC	C	0.06%
IBKR	A	0.06%
DINO	D	0.06%
CTRA	B	0.06%
PPG	F	0.06%
HES	B	0.06%
INTU	C	0.06%
R	B	0.06%
NI	A	0.06%
ABNB	C	0.06%
SHW	A	0.06%
JEF	A	0.06%
CF	B	0.06%
CAG	D	0.06%
GPN	B	0.06%
RJF	A	0.06%
CHRW	C	0.06%
MHK	D	0.06%
AZO	C	0.06%
DVA	B	0.06%
NOW	A	0.06%
ALB	C	0.05%
LYV	A	0.05%
WPC	D	0.05%
UHS	D	0.05%
JBL	B	0.05%
KMX	B	0.05%
APTV	D	0.05%
JLL	D	0.05%
DOC	D	0.05%
LEA	D	0.05%
DG	F	0.05%
GPI	A	0.05%
GPC	D	0.05%
IFF	D	0.05%
FOX	A	0.05%
EA	A	0.05%
ARMK	B	0.05%
EXPE	B	0.05%
STZ	D	0.05%
SWK	D	0.05%
ZBH	C	0.05%
CNX	A	0.05%
RS	B	0.05%
JHG	A	0.05%
BAX	D	0.05%
ROP	B	0.05%
LNC	B	0.05%
RNR	C	0.05%
PNW	B	0.05%
GEN	B	0.05%
WRB	A	0.05%
WBA	F	0.05%
WHR	B	0.05%
MNST	C	0.05%
COOP	B	0.05%
ARW	D	0.05%
STWD	C	0.05%
HSY	F	0.05%
NRG	B	0.05%
EWBC	A	0.05%
AWK	D	0.05%
COLB	A	0.05%
AMCR	D	0.05%
J	F	0.04%
DOV	A	0.04%
XPO	B	0.04%
OGS	A	0.04%
BRO	B	0.04%
NOG	A	0.04%
CPT	B	0.04%
M	D	0.04%
EW	C	0.04%
SF	B	0.04%
AN	C	0.04%
CNO	A	0.04%
BKH	A	0.04%
OHI	C	0.04%
SANM	B	0.04%
EXPD	D	0.04%
DLTR	F	0.04%
MOH	F	0.04%
MUSA	A	0.04%
AME	A	0.04%
GL	B	0.04%
TMHC	B	0.04%
AES	F	0.04%
REG	B	0.04%
HST	C	0.04%
FYBR	D	0.04%
KRC	C	0.04%
SNA	A	0.04%
BERY	B	0.04%
TKO	B	0.04%
CEG	D	0.04%
MKC	D	0.04%
WSO	A	0.04%
GAP	C	0.04%
VLY	B	0.04%
MCHP	D	0.04%
APA	D	0.04%
PWR	A	0.04%
ROK	B	0.04%
FAST	B	0.04%
BALL	D	0.04%
MAA	B	0.04%
MUR	D	0.04%
SNV	B	0.04%
CIVI	D	0.04%
AA	B	0.04%
CTAS	B	0.04%
GLPI	C	0.04%
INVH	D	0.04%
DLR	B	0.04%
MCO	B	0.04%
AVT	C	0.04%
TPR	B	0.04%
VOYA	B	0.04%
ON	D	0.04%
WBS	A	0.04%
CPB	D	0.04%
LNT	A	0.04%
ROIV	C	0.04%
CPAY	A	0.04%
CMG	B	0.04%
IQV	D	0.04%
AR	B	0.04%
SJM	D	0.04%
AIZ	A	0.04%
AL	B	0.04%
MGM	D	0.04%
UGI	A	0.04%
OZK	B	0.04%
ECL	D	0.04%
STX	D	0.04%
ZTS	D	0.04%
SNPS	B	0.04%
EXR	D	0.04%
WCC	B	0.04%
DRI	B	0.04%
KLAC	D	0.04%
FTNT	C	0.04%
EMN	D	0.04%
ORI	A	0.04%
MSI	B	0.04%
ABG	B	0.04%
CLH	B	0.03%
TGNA	B	0.03%
SSB	B	0.03%
MTG	C	0.03%
HAS	D	0.03%
FMC	D	0.03%
INCY	C	0.03%
LAMR	D	0.03%
DAR	C	0.03%
MAN	D	0.03%
NXST	C	0.03%
ARCH	B	0.03%
CADE	B	0.03%
JNPR	F	0.03%
MAS	D	0.03%
PK	B	0.03%
TRN	C	0.03%
BURL	A	0.03%
MTDR	B	0.03%
RDN	C	0.03%
SFNC	B	0.03%
ILMN	D	0.03%
FSLR	F	0.03%
ULTA	F	0.03%
BXMT	C	0.03%
CUZ	B	0.03%
TDS	B	0.03%
PENN	C	0.03%
AKAM	D	0.03%
POST	C	0.03%
PAG	B	0.03%
HBI	B	0.03%
COKE	C	0.03%
WAFD	B	0.03%
WTFC	A	0.03%
GPK	C	0.03%
HSIC	B	0.03%
CR	A	0.03%
WTRG	B	0.03%
BRX	A	0.03%
DTM	B	0.03%
GNW	A	0.03%
FLR	B	0.03%
GEHC	F	0.03%
NFG	A	0.03%
BHF	B	0.03%
HUBB	B	0.03%
HWC	B	0.03%
CEIX	A	0.03%
APLE	B	0.03%
CWK	B	0.03%
HP	B	0.03%
PBF	D	0.03%
BKU	A	0.03%
CDW	F	0.03%
THO	B	0.03%
AGCO	D	0.03%
CNK	B	0.03%
UDR	B	0.03%
FNB	A	0.03%
CBOE	B	0.03%
ABM	B	0.03%
PR	B	0.03%
CFR	B	0.03%
PNFP	B	0.03%
GHC	C	0.03%
ODFL	B	0.03%
IT	C	0.03%
BTU	B	0.03%
DEI	B	0.03%
CHD	B	0.03%
RRC	B	0.03%
OGE	B	0.03%
PB	A	0.03%
RL	B	0.03%
ACM	A	0.03%
MTZ	B	0.03%
GEO	B	0.03%
COHR	B	0.03%
CACI	D	0.03%
EL	F	0.03%
HIW	D	0.03%
HCC	B	0.03%
SFM	A	0.03%
CLX	B	0.03%
NWL	B	0.03%
CALM	A	0.03%
KD	B	0.03%
FTV	C	0.03%
LULU	C	0.03%
VMC	B	0.03%
YUM	B	0.03%
LKQ	D	0.03%
A	D	0.03%
JBHT	C	0.03%
CATY	B	0.03%
DKS	C	0.03%
BJ	A	0.03%
KEYS	A	0.03%
GME	C	0.03%
WU	D	0.03%
MLI	C	0.03%
DXC	B	0.03%
TDY	B	0.03%
OGN	D	0.03%
ONB	B	0.03%
IPG	D	0.03%
FAF	A	0.03%
CCK	C	0.03%
KNX	B	0.03%
ASB	B	0.03%
CMC	B	0.03%
TSCO	D	0.03%
INGR	B	0.03%
ADSK	A	0.03%
WLK	D	0.03%
CPRT	A	0.03%
NCLH	B	0.03%
OTIS	C	0.03%
AYI	B	0.02%
INDB	B	0.02%
GMED	A	0.02%
ITT	A	0.02%
EPAM	C	0.02%
VVV	F	0.02%
HUBG	A	0.02%
KTB	B	0.02%
CNXC	F	0.02%
MGY	A	0.02%
FLO	D	0.02%
ADNT	F	0.02%
MAC	B	0.02%
VMI	B	0.02%
VSTS	C	0.02%
GATX	A	0.02%
ERIE	D	0.02%
NSIT	F	0.02%
AIT	A	0.02%
ATI	D	0.02%
PLXS	B	0.02%
VLTO	D	0.02%
AX	A	0.02%
LPX	B	0.02%
CABO	C	0.02%
ELS	C	0.02%
NWBI	B	0.02%
VYX	B	0.02%
KMPR	B	0.02%
UAA	C	0.02%
MHO	D	0.02%
LITE	B	0.02%
FICO	B	0.02%
MSM	C	0.02%
TXRH	C	0.02%
EFX	F	0.02%
MOG.A	B	0.02%
KRG	B	0.02%
MCY	A	0.02%
SIGI	C	0.02%
POR	C	0.02%
WFRD	D	0.02%
NDSN	B	0.02%
GEF	A	0.02%
AXTA	A	0.02%
SEIC	B	0.02%
CVBF	A	0.02%
SLM	A	0.02%
NWE	B	0.02%
NATL	B	0.02%
FLS	B	0.02%
TNL	A	0.02%
CBT	C	0.02%
ABCB	B	0.02%
NVT	B	0.02%
KSS	F	0.02%
RRX	B	0.02%
WWD	B	0.02%
BCC	B	0.02%
OI	C	0.02%
FULT	A	0.02%
MTD	D	0.02%
PRG	C	0.02%
BHE	B	0.02%
PII	D	0.02%
FL	F	0.02%
BC	C	0.02%
LII	A	0.02%
SAIC	F	0.02%
SBAC	D	0.02%
CRC	B	0.02%
SR	A	0.02%
ALE	A	0.02%
CAR	C	0.02%
AXON	A	0.02%
BYD	C	0.02%
KAR	B	0.02%
ESNT	D	0.02%
LNW	D	0.02%
SLG	B	0.02%
MDU	D	0.02%
RUSHA	C	0.02%
PRGO	B	0.02%
AGO	B	0.02%
IDA	A	0.02%
OLN	D	0.02%
PTC	A	0.02%
REZI	A	0.02%
AUB	B	0.02%
WYNN	D	0.02%
WAT	B	0.02%
AAP	C	0.02%
PPC	C	0.02%
PVH	C	0.02%
BANC	A	0.02%
IDXX	F	0.02%
SWX	B	0.02%
CWEN	C	0.02%
AM	A	0.02%
HOG	D	0.02%
TYL	B	0.02%
GXO	B	0.02%
FBIN	D	0.02%
PNM	F	0.02%
EAT	A	0.02%
UMBF	B	0.02%
AVNT	B	0.02%
GBX	A	0.02%
TTWO	A	0.02%
RNST	B	0.02%
BBWI	D	0.02%
GBCI	B	0.02%
PRI	A	0.02%
TCBI	B	0.02%
HLT	A	0.02%
TPH	D	0.02%
CIEN	B	0.02%
MTH	D	0.02%
AVY	D	0.02%
URBN	C	0.02%
CLF	F	0.02%
RVTY	F	0.02%
MATX	C	0.02%
CW	B	0.02%
EHC	B	0.02%
BANF	B	0.02%
SBRA	C	0.02%
FHB	A	0.02%
JWN	C	0.02%
JBLU	F	0.02%
IBTX	B	0.02%
SIG	B	0.02%
ADC	B	0.02%
H	B	0.02%
KEX	C	0.02%
HII	D	0.02%
EVR	B	0.02%
SLGN	A	0.02%
HOMB	A	0.02%
STE	F	0.02%
KBH	D	0.02%
RHI	B	0.02%
BANR	B	0.02%
VRSN	F	0.02%
GNRC	B	0.02%
CBSH	A	0.02%
SEM	B	0.02%
ALGN	D	0.02%
THG	A	0.02%
RPM	A	0.02%
DECK	A	0.02%
IBOC	A	0.02%
OSK	B	0.02%
UFPI	B	0.02%
PNR	A	0.02%
AMKR	D	0.02%
TRMB	B	0.02%
CRS	A	0.02%
SKYW	B	0.02%
CXW	B	0.02%
CUBE	D	0.02%
ALV	C	0.02%
G	B	0.02%
BR	A	0.02%
ABR	C	0.02%
SATS	D	0.02%
NOV	C	0.02%
FFIV	B	0.02%
PFS	B	0.02%
CSGP	D	0.02%
TDG	D	0.02%
HOLX	D	0.02%
ENVA	B	0.02%
FFBC	A	0.02%
AMG	B	0.02%
ZBRA	B	0.02%
SNEX	B	0.02%
CG	A	0.02%
NNN	D	0.02%
XYL	D	0.02%
MPW	F	0.02%
JAZZ	B	0.02%
SCI	B	0.02%
UBSI	B	0.02%
RMD	C	0.02%
SON	D	0.02%
VSCO	B	0.02%
GT	C	0.02%
BIO	D	0.02%
SM	B	0.02%
ANSS	B	0.02%
BFH	B	0.02%
CE	F	0.02%
SKX	D	0.02%
HRB	D	0.02%
CZR	F	0.02%
CDNS	B	0.02%
AMH	D	0.02%
GDOT	D	0.01%
RES	D	0.01%
TRST	A	0.01%
HTZ	C	0.01%
CHE	D	0.01%
PRA	C	0.01%
AVNS	F	0.01%
HFWA	B	0.01%
MSGS	A	0.01%
AIN	C	0.01%
TFIN	A	0.01%
FBNC	A	0.01%
CVI	F	0.01%
AEIS	B	0.01%
OLED	D	0.01%
GO	C	0.01%
KELYA	F	0.01%
VRTS	B	0.01%
SMCI	F	0.01%
MCRI	A	0.01%
PFBC	B	0.01%
SCHL	D	0.01%
AAT	B	0.01%
XHR	B	0.01%
UCTT	D	0.01%
EZPW	A	0.01%
MMI	B	0.01%
AWR	B	0.01%
SAFT	C	0.01%
CHEF	A	0.01%
AZZ	B	0.01%
RGEN	D	0.01%
EFC	C	0.01%
PAYO	A	0.01%
MATV	D	0.01%
HAIN	C	0.01%
PRDO	B	0.01%
POWL	C	0.01%
ONTO	D	0.01%
EPC	D	0.01%
VIR	D	0.01%
SHAK	C	0.01%
TDC	D	0.01%
UFCS	B	0.01%
CVLT	B	0.01%
INN	D	0.01%
FWRD	D	0.01%
HCSG	C	0.01%
CWT	D	0.01%
HLX	B	0.01%
AMWD	C	0.01%
MRCY	B	0.01%
WRLD	C	0.01%
MP	B	0.01%
CENX	B	0.01%
NBHC	B	0.01%
HALO	F	0.01%
MEDP	D	0.01%
HAE	C	0.01%
CUBI	C	0.01%
CHCO	B	0.01%
DRH	B	0.01%
FIZZ	C	0.01%
PLAB	C	0.01%
APOG	B	0.01%
HWKN	B	0.01%
FSS	B	0.01%
ELME	D	0.01%
HAFC	A	0.01%
CHH	A	0.01%
PLUS	F	0.01%
SYNA	C	0.01%
ESAB	B	0.01%
RCM	F	0.01%
WST	C	0.01%
STRA	C	0.01%
GTY	B	0.01%
NGVT	B	0.01%
JJSF	B	0.01%
LGND	B	0.01%
SMPL	B	0.01%
BLMN	F	0.01%
HXL	D	0.01%
GFF	A	0.01%
NHC	C	0.01%
JBT	B	0.01%
KNF	A	0.01%
MCW	B	0.01%
CPK	A	0.01%
ZD	C	0.01%
RDNT	B	0.01%
AMED	F	0.01%
CGNX	C	0.01%
ESE	B	0.01%
SHO	C	0.01%
YELP	C	0.01%
ACHC	F	0.01%
TPX	B	0.01%
NOVT	D	0.01%
DNOW	B	0.01%
HASI	D	0.01%
SPTN	D	0.01%
KN	B	0.01%
VRE	B	0.01%
MMSI	B	0.01%
KWR	C	0.01%
IBP	D	0.01%
SBCF	A	0.01%
CRI	D	0.01%
ASIX	A	0.01%
FCPT	C	0.01%
BRKR	D	0.01%
AHCO	F	0.01%
EXP	A	0.01%
LNTH	D	0.01%
ENPH	F	0.01%
BKE	B	0.01%
SCVL	F	0.01%
SKT	B	0.01%
VC	D	0.01%
EIG	B	0.01%
MORN	B	0.01%
CORT	B	0.01%
TREX	C	0.01%
LANC	C	0.01%
OSIS	B	0.01%
ALKS	B	0.01%
ENR	B	0.01%
NBR	C	0.01%
FELE	B	0.01%
KALU	C	0.01%
CFFN	B	0.01%
MYRG	B	0.01%
AWI	A	0.01%
HQY	B	0.01%
BOOT	D	0.01%
KLIC	B	0.01%
NSP	D	0.01%
MNRO	D	0.01%
LXP	D	0.01%
OPCH	D	0.01%
STC	B	0.01%
PCTY	B	0.01%
MC	C	0.01%
PUMP	B	0.01%
OII	B	0.01%
VTLE	C	0.01%
LGIH	D	0.01%
TBBK	B	0.01%
ALGT	B	0.01%
WD	D	0.01%
FND	C	0.01%
DIOD	D	0.01%
PAYC	B	0.01%
CWEN	C	0.01%
CVCO	A	0.01%
IOSP	B	0.01%
CPF	A	0.01%
WEN	D	0.01%
CASH	A	0.01%
XRAY	F	0.01%
LPG	F	0.01%
CARG	C	0.01%
MGEE	C	0.01%
BRBR	A	0.01%
IPGP	D	0.01%
AXL	C	0.01%
OMCL	C	0.01%
ARCB	C	0.01%
ODP	F	0.01%
ETSY	D	0.01%
BCPC	B	0.01%
AVAV	D	0.01%
TMP	B	0.01%
VNT	B	0.01%
XRX	F	0.01%
WMS	D	0.01%
RUN	F	0.01%
RWT	D	0.01%
LTC	B	0.01%
HI	C	0.01%
ROIC	A	0.01%
MPWR	F	0.01%
B	B	0.01%
SHOO	D	0.01%
SSD	D	0.01%
NBIX	C	0.01%
ALGM	D	0.01%
UE	C	0.01%
EGBN	B	0.01%
EXLS	B	0.01%
OFG	B	0.01%
PJT	A	0.01%
THS	D	0.01%
CPRI	F	0.01%
MKSI	C	0.01%
OMI	F	0.01%
ENOV	C	0.01%
SXT	B	0.01%
EXPI	C	0.01%
SHC	F	0.01%
MTSI	B	0.01%
FTDR	A	0.01%
DORM	B	0.01%
MASI	A	0.01%
ORA	B	0.01%
DAY	B	0.01%
CENTA	C	0.01%
AROC	B	0.01%
WGO	C	0.01%
UNF	B	0.01%
INVA	D	0.01%
DAN	D	0.01%
PARR	D	0.01%
GTLS	B	0.01%
CCS	D	0.01%
ANF	C	0.01%
OTTR	C	0.01%
DLB	B	0.01%
CHX	C	0.01%
PCH	D	0.01%
MTX	B	0.01%
CBRL	C	0.01%
ITGR	B	0.01%
BDN	C	0.01%
FCF	A	0.01%
CNXN	C	0.01%
NMIH	D	0.01%
DLX	B	0.01%
BRKL	B	0.01%
IRT	A	0.01%
HMN	B	0.01%
ENSG	D	0.01%
PHIN	A	0.01%
SXC	A	0.01%
VAL	D	0.01%
AKR	B	0.01%
NPO	A	0.01%
FBK	B	0.01%
RXO	C	0.01%
KMT	B	0.01%
DXCM	D	0.01%
VSTO	A	0.01%
KLG	C	0.01%
EGP	F	0.01%
PATK	D	0.01%
DOCS	C	0.01%
SFBS	B	0.01%
NEU	C	0.01%
NYT	C	0.01%
CNM	D	0.01%
MAT	D	0.01%
BRC	D	0.01%
WTS	B	0.01%
APAM	B	0.01%
ROL	B	0.01%
PECO	A	0.01%
UA	C	0.01%
NSA	D	0.01%
SBSI	B	0.01%
RYN	D	0.01%
PINC	B	0.01%
PODD	C	0.01%
HGV	B	0.01%
STBA	B	0.01%
BWXT	B	0.01%
NWS	B	0.01%
DCOM	A	0.01%
SAH	A	0.01%
DPZ	C	0.01%
TEX	D	0.01%
LZB	B	0.01%
FUL	F	0.01%
OLLI	D	0.01%
POOL	C	0.01%
SCSC	B	0.01%
RH	B	0.01%
PSTG	D	0.01%
CTRE	D	0.01%
FCN	D	0.01%
RC	D	0.01%
AEO	F	0.01%
DEA	D	0.01%
BCO	D	0.01%
VSH	D	0.01%
LOPE	B	0.01%
EPR	D	0.01%
MKTX	D	0.01%
NBTB	B	0.01%
TTC	D	0.01%
LCII	C	0.01%
PRK	B	0.01%
KW	B	0.01%
CDP	C	0.01%
FN	D	0.01%
OUT	A	0.01%
FIX	A	0.01%
GRBK	D	0.01%
SAIA	B	0.01%
PIPR	B	0.01%
CAKE	C	0.01%
RLI	B	0.01%
BHLB	B	0.01%
ITRI	B	0.01%
WSFS	A	0.01%
KFY	B	0.01%
PSMT	C	0.01%
PBH	A	0.01%
BGC	C	0.01%
CRUS	D	0.01%
RBC	A	0.01%
PBI	B	0.01%
CRK	B	0.01%
IIPR	D	0.01%
ECPG	B	0.01%
MD	B	0.01%
FFIN	B	0.01%
BOH	B	0.01%
WEX	D	0.01%
DT	C	0.01%
PMT	D	0.01%
GVA	A	0.01%
SMG	D	0.01%
GIII	D	0.01%
UNFI	A	0.01%
TTMI	B	0.01%
WOR	F	0.01%
SBH	C	0.01%
BDC	B	0.01%
LSTR	D	0.01%
LFUS	F	0.01%
ARI	C	0.01%
CRL	C	0.01%
LRN	A	0.01%
ASGN	F	0.01%
SABR	C	0.01%
IDCC	A	0.01%
GMS	B	0.01%
GGG	B	0.01%
CROX	D	0.01%
WH	B	0.01%
WERN	C	0.01%
WS	B	0.01%
FDP	B	0.01%
CCOI	B	0.01%
NAVI	C	0.01%
LECO	B	0.01%
EPRT	B	0.01%
LBRT	D	0.01%
ACIW	B	0.01%
FHI	A	0.01%
KBR	F	0.01%
PTEN	C	0.01%
ICUI	D	0.01%
VRSK	A	0.01%
GNTX	C	0.01%
MTCH	D	0.01%
NWN	A	0.01%
ENS	D	0.01%
ASH	D	0.01%
JKHY	D	0.01%
HNI	B	0.01%
CHDN	B	0.01%
PEB	D	0.01%
LW	C	0.01%
ASO	F	0.01%
NVST	B	0.01%
FBP	B	0.01%
GNL	F	0.01%
COTY	F	0.01%
QRVO	F	0.01%
TRMK	B	0.01%
LEG	F	0.01%
MSCI	C	0.01%
CTLT	B	0.01%
UPBD	B	0.01%
TFX	F	0.01%
ACA	A	0.01%
FDS	B	0.01%
CBU	B	0.01%
AMR	C	0.01%
UVV	B	0.01%
TTEK	F	0.01%
STAG	F	0.01%
MMS	F	0.01%
DCI	B	0.01%
HTH	B	0.01%
CC	C	0.01%
TALO	C	0.01%
PDCO	D	0.01%
EEFT	B	0.01%
UCB	A	0.01%
TER	D	0.01%
JBGS	D	0.01%
REXR	F	0.01%
IEX	B	0.01%
AOS	F	0.01%
DY	D	0.01%
ATR	B	0.01%
BLD	D	0.01%
RGLD	C	0.01%
WKC	D	0.01%
SEE	C	0.01%
AVA	A	0.01%
FRT	B	0.01%
DBX	B	0.01%
FR	C	0.01%
ANDE	D	0.01%
SLVM	B	0.01%
NJR	A	0.01%
ATGE	B	0.01%
PPBI	B	0.01%
TKR	D	0.01%
HLI	B	0.01%
WWW	B	0.01%
MLKN	D	0.01%
MTN	C	0.01%
VAC	B	0.01%
COLM	B	0.01%
VBTX	B	0.01%
EXEL	B	0.01%
MIDD	C	0.01%
HOPE	B	0.01%
ST	F	0.01%
SPNT	A	0.01%
ALLE	D	0.01%
AORT	B	0.0%
NPK	B	0.0%
WOLF	F	0.0%
XPEL	C	0.0%
NARI	C	0.0%
LESL	C	0.0%
AGYS	A	0.0%
VCEL	B	0.0%
PGNY	F	0.0%
GOGO	C	0.0%
MSEX	B	0.0%
EMBC	C	0.0%
STAA	F	0.0%
PCRX	C	0.0%
TNDM	F	0.0%
CELH	F	0.0%
RGNX	F	0.0%
CLB	B	0.0%
CERT	F	0.0%
ARWR	F	0.0%
SEDG	F	0.0%
NABL	F	0.0%
COHU	C	0.0%
TTGT	C	0.0%
ELF	C	0.0%
CRSR	C	0.0%
SSTK	F	0.0%
HCI	C	0.0%
JBSS	D	0.0%
BMI	B	0.0%
MYE	F	0.0%
SNCY	C	0.0%
LQDT	B	0.0%
ICHR	C	0.0%
CEVA	B	0.0%
SITM	B	0.0%
TGI	B	0.0%
NXRT	B	0.0%
BJRI	B	0.0%
MXL	C	0.0%
AAON	B	0.0%
GKOS	B	0.0%
SHEN	F	0.0%
COLL	F	0.0%
GPRE	F	0.0%
CYTK	F	0.0%
DGII	B	0.0%
IIIN	C	0.0%
SLAB	D	0.0%
AHH	D	0.0%
MGPI	F	0.0%
THRY	F	0.0%
WING	D	0.0%
CARS	B	0.0%
WT	B	0.0%
DV	C	0.0%
IRWD	F	0.0%
VECO	F	0.0%
CTS	C	0.0%
EPAC	B	0.0%
WSR	A	0.0%
ASTE	B	0.0%
CPRX	C	0.0%
CENT	C	0.0%
RGR	F	0.0%
JACK	D	0.0%
HRMY	D	0.0%
PZZA	D	0.0%
TRUP	B	0.0%
THRM	D	0.0%
TNC	D	0.0%
PEN	B	0.0%
VICR	B	0.0%
USNA	C	0.0%
SXI	B	0.0%
SPSC	C	0.0%
PRLB	A	0.0%
YETI	C	0.0%
XNCR	B	0.0%
LNN	B	0.0%
MTUS	C	0.0%
PRVA	B	0.0%
POWI	D	0.0%
SONO	C	0.0%
VVI	C	0.0%
HSII	B	0.0%
KOP	C	0.0%
IRDM	D	0.0%
MYGN	F	0.0%
KNSL	B	0.0%
SJW	D	0.0%
EXTR	B	0.0%
AMPH	D	0.0%
CALX	D	0.0%
HTLD	B	0.0%
ALG	B	0.0%
ASTH	D	0.0%
UFPT	B	0.0%
FLGT	F	0.0%
WNC	C	0.0%
ACLS	F	0.0%
WDFC	B	0.0%
DFIN	D	0.0%
MATW	C	0.0%
BLKB	B	0.0%
GDEN	B	0.0%
ALRM	C	0.0%
AOSL	C	0.0%
OXM	D	0.0%
CNMD	C	0.0%
JOE	F	0.0%
LIVN	F	0.0%
EYE	C	0.0%
RCUS	F	0.0%
NVEE	F	0.0%
QLYS	C	0.0%
LSCC	D	0.0%
AZTA	D	0.0%
USPH	B	0.0%
REX	D	0.0%
UHT	D	0.0%
EXPO	D	0.0%
CSGS	B	0.0%
SMP	B	0.0%
HLIT	D	0.0%
VIAV	B	0.0%
FTRE	D	0.0%
WABC	B	0.0%
BSIG	A	0.0%
CXT	B	0.0%
FOXF	F	0.0%
BGS	F	0.0%
NX	C	0.0%
RAMP	C	0.0%
AMSF	B	0.0%
HZO	D	0.0%
SVC	F	0.0%
NVRI	F	0.0%
ETD	C	0.0%
MRTN	C	0.0%
HAYN	C	0.0%
MANH	D	0.0%
TWI	F	0.0%
VRRM	D	0.0%
FBRT	C	0.0%
AIR	B	0.0%
CNSL	C	0.0%
PLMR	B	0.0%
NEO	C	0.0%
DVAX	C	0.0%
NEOG	F	0.0%
TRIP	F	0.0%
ENV	B	0.0%
ROG	D	0.0%
BOX	B	0.0%
ZI	D	0.0%
EVTC	B	0.0%
TECH	D	0.0%
GES	F	0.0%
NTCT	C	0.0%
RMBS	C	0.0%
PRGS	A	0.0%
SMTC	B	0.0%
HAYW	B	0.0%
CRVL	A	0.0%
ADUS	D	0.0%
FIVE	F	0.0%
LKFN	B	0.0%
DXPE	B	0.0%
VTOL	B	0.0%
HPP	F	0.0%
AMN	F	0.0%
UTL	B	0.0%
TR	B	0.0%
AMBC	C	0.0%
PRAA	C	0.0%
PLAY	D	0.0%
PLNT	A	0.0%
MTRN	C	0.0%
SAM	C	0.0%
CSR	B	0.0%
TILE	B	0.0%
IPAR	B	0.0%
BFS	C	0.0%
QNST	B	0.0%
VSAT	F	0.0%
PAHC	C	0.0%
ROCK	C	0.0%
KREF	D	0.0%
HELE	C	0.0%
SUPN	C	0.0%
IART	C	0.0%
FORM	D	0.0%
ALEX	C	0.0%
SCL	C	0.0%
MODG	F	0.0%
SOLV	C	0.0%
MSA	D	0.0%
UNIT	B	0.0%
CAL	D	0.0%

VLU Underweight 9 Positions Relative to ULVM

Symbol	Grade	Weight
SSNC	B	-1.03%
APP	B	-0.95%
KKR	A	-0.72%
FCNCA	A	-0.69%
CRBG	B	-0.67%
MSTR	C	-0.58%
VRT	B	-0.49%
CVNA	B	-0.38%
DELL	C	-0.34%