ESML vs. FFLC ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to Fidelity Fundamental Large Cap Core ETF (FFLC)

ESML

iShares MSCI USA Small-Cap ESG Optimized ETF

ESML Description

The investment seeks to track the investment results of the MSCI USA Small Cap Extended ESG Focus Index. The fund generally will invest at least 90% of its assets in the component securities of the underlying index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The underlying index is an optimized equity index designed to produce investment results comparable to the MSCI USA Small Cap Index (the "parent index"), while reflecting a higher allocation than that of the parent index to U.S. small-capitalization companies with favorable ESG profiles. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$41.61

Average Daily Volume

109,653

Number of Holdings ^*

904

* may have additional holdings in another (foreign) market

FFLC

Fidelity Fundamental Large Cap Core ETF

FFLC Description

FFLC seeks to achieve long-term capital growth by investing in a global core equity portfolio of large-cap stocks. The adviser generally defines large caps as companies with similar market capitalizations to Russell 1000 or S&P 500 companies. Stocks are selected using fundamental analysis of factors such as financial condition and industry position of each issuer, as well as market and economic conditions. The adviser then incorporates a quantitative portfolio construction process to emphasize securities in which the adviser has high conviction, subject to risk, liquidity, and trading characteristics. The portfolio includes stocks with growth and/or value characteristics. Despite its large-cap focus, the fund's strategy can lead to investments in small- and mid-cap companies. Before February 26, 2024, the fund traded as Fidelity New Millennium ETF under the ticker FMIL. The fund previously used a semitransparent ETF structure.

Grade (RS Rating)

Last Trade

$45.70

Average Daily Volume

97,360

Number of Holdings ^*

133

* may have additional holdings in another (foreign) market

Performance

Period	ESML	FFLC
30 Days	3.88%	5.05%
60 Days	9.57%	12.18%
90 Days	9.72%	3.63%
12 Months	29.14%	43.15%

21 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in FFLC	Overlap
AGL	F	0.04%	0.12%	0.04%
AR	C	0.21%	0.24%	0.21%
BJ	B	0.25%	0.58%	0.25%
BWXT	A	0.26%	0.45%	0.26%
CHDN	C	0.13%	0.27%	0.13%
EDR	A	0.05%	0.37%	0.05%
ESI	C	0.14%	0.42%	0.14%
FAF	C	0.17%	0.18%	0.17%
FCN	C	0.23%	0.41%	0.23%
FLEX	B	0.31%	0.52%	0.31%
FND	C	0.24%	0.24%	0.24%
FOUR	A	0.06%	0.39%	0.06%
FTI	B	0.33%	0.29%	0.29%
GNRC	B	0.19%	0.66%	0.19%
ITT	C	0.3%	0.39%	0.3%
KBR	A	0.4%	0.42%	0.4%
MASI	B	0.05%	0.12%	0.05%
OWL	A	0.05%	0.16%	0.05%
RL	B	0.09%	0.51%	0.09%
TRNO	D	0.12%	0.32%	0.12%
WSC	D	0.2%	0.32%	0.2%

ESML Overweight 883 Positions Relative to FFLC

Symbol	Grade	Weight
CASY	D	0.5%
USFD	C	0.49%
JHG	A	0.45%
INGR	B	0.41%
GWRE	A	0.41%
REXR	D	0.39%
JLL	C	0.38%
CVNA	A	0.36%
FIX	A	0.36%
SFM	A	0.35%
MUSA	D	0.34%
OGS	C	0.33%
NTNX	C	0.33%
EWBC	B	0.33%
RGLD	C	0.32%
FRT	D	0.32%
BMI	A	0.31%
WEX	C	0.3%
MDU	C	0.3%
ONTO	B	0.3%
RGA	B	0.3%
BLD	D	0.3%
GPK	D	0.29%
AVT	B	0.29%
EHC	C	0.29%
AYI	A	0.29%
OSK	F	0.28%
SIGI	D	0.28%
BFAM	C	0.28%
WMS	D	0.27%
PCVX	C	0.27%
UGI	C	0.27%
R	C	0.27%
TOL	C	0.27%
COHR	B	0.27%
AXTA	C	0.26%
SCI	D	0.26%
XPO	F	0.26%
IBKR	A	0.26%
NTRA	A	0.26%
RNR	A	0.26%
CNM	F	0.25%
TPR	B	0.25%
PNFP	B	0.25%
GBCI	B	0.25%
DCI	B	0.25%
THC	D	0.25%
SNV	D	0.25%
WING	C	0.25%
IVZ	A	0.25%
SSB	C	0.25%
MTG	A	0.25%
SWN	D	0.24%
SAIA	D	0.24%
UMBF	C	0.24%
RRC	D	0.24%
ARMK	C	0.24%
PRGS	A	0.24%
HOG	D	0.24%
FELE	C	0.23%
MWA	A	0.23%
INSM	D	0.23%
KBH	D	0.23%
CROX	C	0.23%
DTM	A	0.23%
CNX	A	0.23%
MOG.A	C	0.23%
ATR	A	0.23%
SUM	F	0.23%
EGP	D	0.23%
CUBE	C	0.23%
LSTR	F	0.22%
CUZ	C	0.22%
WBS	D	0.22%
PRI	A	0.22%
NJR	C	0.22%
CW	A	0.22%
CDP	A	0.22%
CACI	A	0.22%
MTN	D	0.22%
HAS	A	0.22%
ALSN	A	0.22%
WCC	D	0.21%
ALK	C	0.21%
CVLT	B	0.21%
NFG	A	0.21%
AWI	A	0.21%
UNM	A	0.21%
NOVT	C	0.21%
SRPT	F	0.21%
AAON	A	0.21%
HRB	C	0.21%
CMC	D	0.21%
WAL	C	0.21%
WTS	C	0.21%
ENSG	D	0.21%
WHR	C	0.2%
NVT	C	0.2%
KNSL	B	0.2%
FTDR	B	0.2%
RHP	B	0.2%
LNW	F	0.2%
FBP	B	0.2%
EPRT	C	0.2%
FTAI	A	0.2%
RHI	D	0.2%
WWD	C	0.2%
AVA	D	0.2%
BDC	A	0.2%
NCLH	C	0.2%
HHH	C	0.2%
CBSH	D	0.2%
EXLS	B	0.2%
OHI	C	0.2%
CMA	C	0.19%
MSA	F	0.19%
CR	A	0.19%
RLI	A	0.19%
TTEK	A	0.19%
AFRM	C	0.19%
GPI	C	0.19%
FHN	D	0.19%
NYT	C	0.19%
ACHC	F	0.19%
MTH	C	0.19%
PCH	C	0.19%
BWA	C	0.19%
LAD	C	0.19%
LECO	D	0.19%
AA	B	0.19%
ZWS	A	0.19%
MORN	B	0.18%
CIEN	A	0.18%
ATI	C	0.18%
MOD	B	0.18%
TKO	A	0.18%
SPSC	D	0.18%
DAR	F	0.18%
VVV	D	0.18%
SITE	D	0.18%
BHLB	D	0.18%
PLNT	B	0.18%
SPXC	A	0.18%
ITRI	C	0.18%
OMF	D	0.18%
TGNA	B	0.18%
FMC	C	0.18%
FRPT	A	0.18%
WK	D	0.18%
ENLC	A	0.18%
CNO	B	0.18%
NSIT	B	0.18%
VFC	A	0.18%
AMG	B	0.18%
GME	D	0.18%
CRUS	D	0.18%
SNDR	D	0.18%
BERY	C	0.18%
REZI	D	0.18%
HRI	B	0.18%
AXS	A	0.18%
ZION	D	0.17%
FN	B	0.17%
CHX	C	0.17%
ELAN	D	0.17%
VOYA	A	0.17%
PR	D	0.17%
PCTY	C	0.17%
ONB	D	0.17%
BCC	C	0.17%
DLB	D	0.17%
RGEN	F	0.17%
LPX	C	0.17%
BRKR	D	0.17%
LSCC	D	0.17%
THG	A	0.17%
TMHC	C	0.17%
GKOS	B	0.17%
NOV	F	0.16%
ESTC	F	0.16%
AM	A	0.16%
RRX	B	0.16%
SLM	B	0.16%
UBSI	D	0.16%
BRX	C	0.16%
CZR	B	0.16%
LAZ	C	0.16%
LUMN	C	0.16%
FSS	D	0.16%
PLXS	A	0.16%
GATX	F	0.16%
BHE	C	0.16%
AEIS	B	0.16%
PVH	D	0.16%
WFRD	F	0.16%
DUOL	B	0.16%
MTZ	A	0.16%
PEN	D	0.15%
HIW	C	0.15%
SR	D	0.15%
AGCO	D	0.15%
HXL	F	0.15%
BANR	B	0.15%
KTB	C	0.15%
TPX	C	0.15%
GXO	D	0.15%
MKSI	F	0.15%
JAZZ	F	0.15%
MMSI	C	0.15%
ANF	D	0.15%
KNTK	A	0.15%
SF	A	0.15%
DBX	C	0.15%
MEDP	F	0.15%
PDCO	F	0.15%
ASB	D	0.15%
TPH	C	0.15%
CHE	D	0.15%
ACIW	A	0.15%
FLS	A	0.15%
HNI	B	0.15%
LFUS	C	0.15%
PCOR	D	0.15%
ASGN	D	0.15%
ALTR	B	0.14%
VNT	F	0.14%
AZEK	D	0.14%
ITCI	D	0.14%
MUR	F	0.14%
BCPC	C	0.14%
NPO	C	0.14%
HQY	B	0.14%
JXN	A	0.14%
GTLB	D	0.14%
CBT	B	0.14%
FYBR	C	0.14%
LNTH	C	0.14%
X	F	0.14%
TNL	B	0.14%
FIBK	C	0.14%
CRS	B	0.14%
SMAR	A	0.14%
IRDM	C	0.13%
AVAV	B	0.13%
ELF	F	0.13%
SOFI	C	0.13%
LEA	F	0.13%
ADT	D	0.13%
WH	C	0.13%
BLKB	C	0.13%
IBCP	D	0.13%
SON	D	0.13%
YETI	C	0.13%
CADE	B	0.13%
THO	C	0.13%
KNF	B	0.13%
SHOO	A	0.13%
GL	C	0.13%
M	D	0.13%
ITGR	B	0.13%
ORI	A	0.13%
OLLI	C	0.13%
BOX	C	0.13%
VECO	F	0.13%
HESM	C	0.13%
AGNC	B	0.13%
CPF	C	0.13%
OPCH	F	0.13%
CYTK	D	0.13%
DFIN	B	0.13%
VKTX	C	0.13%
CPK	C	0.13%
SWX	C	0.13%
VLY	C	0.13%
ACA	C	0.13%
KLIC	D	0.13%
RYAN	A	0.13%
MAT	B	0.13%
FA	A	0.12%
ECPG	F	0.12%
ABG	D	0.12%
EPAC	A	0.12%
SITC	D	0.12%
ADC	C	0.12%
IBP	C	0.12%
RMBS	F	0.12%
COLB	C	0.12%
FIVE	D	0.12%
VMI	B	0.12%
WGO	D	0.12%
CABO	F	0.12%
APPF	C	0.12%
WERN	D	0.12%
MTX	C	0.12%
PFSI	C	0.12%
RDUS	D	0.12%
CAVA	B	0.12%
HASI	B	0.12%
GAP	F	0.12%
WTM	C	0.12%
BECN	D	0.12%
PINC	F	0.12%
HALO	D	0.12%
OZK	D	0.12%
ARW	C	0.11%
WDFC	B	0.11%
GTLS	D	0.11%
XENE	D	0.11%
SCL	D	0.11%
CFLT	F	0.11%
ORA	C	0.11%
PRIM	A	0.11%
U	D	0.11%
STRL	B	0.11%
MRCY	B	0.11%
CGNX	F	0.11%
WHD	A	0.11%
SSD	B	0.11%
DNLI	C	0.11%
HAE	F	0.11%
EAT	A	0.11%
AIT	B	0.11%
SIG	C	0.11%
DY	C	0.11%
STWD	C	0.11%
PATH	D	0.11%
KRC	C	0.11%
FUL	F	0.11%
MYRG	D	0.11%
BHVN	C	0.11%
S	C	0.11%
KOS	F	0.11%
OGN	F	0.11%
FULT	D	0.11%
PSN	A	0.11%
LRN	D	0.11%
LCII	C	0.11%
ETSY	F	0.11%
IDCC	A	0.11%
AMED	D	0.1%
CRDO	B	0.1%
POST	C	0.1%
BWIN	A	0.1%
SLG	C	0.1%
FR	D	0.1%
CSGS	B	0.1%
GMED	B	0.1%
ALKS	B	0.1%
TXRH	A	0.1%
QTWO	B	0.1%
NMIH	B	0.1%
NXT	F	0.1%
TENB	D	0.1%
RXO	D	0.1%
BRC	C	0.1%
CRNX	C	0.1%
AEO	C	0.1%
OLED	B	0.1%
AUB	D	0.1%
AL	D	0.1%
INSP	C	0.1%
LBRDA	C	0.1%
FLR	B	0.1%
SJW	D	0.1%
ABCB	C	0.1%
EFSC	D	0.1%
TDC	D	0.1%
KAR	F	0.1%
HCP	A	0.1%
VC	F	0.1%
CCOI	B	0.1%
SLAB	D	0.1%
EVR	C	0.1%
DXC	C	0.1%
BRBR	A	0.09%
LYFT	D	0.09%
MGRC	D	0.09%
ICFI	C	0.09%
PJT	A	0.09%
ESE	C	0.09%
UNIT	B	0.09%
LNN	C	0.09%
BXMT	C	0.09%
AUR	C	0.09%
KFY	C	0.09%
WEN	B	0.09%
STC	D	0.09%
KD	D	0.09%
RDN	D	0.09%
CRVL	C	0.09%
CAC	C	0.09%
AROC	B	0.09%
RUN	D	0.09%
LNC	B	0.09%
HR	D	0.09%
APAM	B	0.09%
ATKR	F	0.09%
PEGA	B	0.09%
DV	F	0.09%
TMDX	D	0.09%
LCID	F	0.09%
ZI	F	0.09%
ERII	C	0.09%
ST	F	0.09%
BILL	D	0.09%
CRC	B	0.09%
PI	A	0.09%
JEF	A	0.09%
RDNT	C	0.09%
AMAL	B	0.09%
NXST	D	0.09%
TRN	C	0.09%
CVBF	B	0.09%
XHR	A	0.08%
BPMC	F	0.08%
TBBK	A	0.08%
IOSP	F	0.08%
ROG	D	0.08%
RNA	B	0.08%
PLUS	B	0.08%
AZZ	B	0.08%
OUT	C	0.08%
NWN	D	0.08%
MAN	D	0.08%
ALG	F	0.08%
CHWY	C	0.08%
EVRI	A	0.08%
CWEN	C	0.08%
CLVT	D	0.08%
AMN	F	0.08%
BC	C	0.08%
RNST	D	0.08%
CNK	D	0.08%
SHAK	A	0.08%
RVMD	B	0.08%
SXT	C	0.08%
KOP	F	0.08%
MAC	B	0.08%
BOOT	B	0.08%
RARE	D	0.08%
SBRA	C	0.08%
SPB	C	0.08%
ENOV	F	0.08%
CFR	B	0.08%
CRSP	F	0.08%
IMAX	D	0.08%
PRCT	D	0.08%
ICUI	B	0.08%
PLMR	A	0.08%
MARA	F	0.08%
WU	D	0.08%
ESNT	A	0.08%
LITE	A	0.08%
AN	D	0.08%
W	C	0.08%
MHK	C	0.08%
MTSI	B	0.08%
TNET	D	0.08%
TEX	F	0.08%
SNX	C	0.08%
HWC	D	0.08%
VNO	B	0.08%
ABM	D	0.08%
NWL	D	0.08%
BPOP	D	0.08%
AZTA	F	0.08%
ENR	B	0.07%
UPBD	F	0.07%
LXP	D	0.07%
ENV	C	0.07%
ACVA	C	0.07%
VITL	C	0.07%
ANDE	D	0.07%
TDS	C	0.07%
PNTG	C	0.07%
LEG	D	0.07%
JBGS	C	0.07%
CPRI	C	0.07%
VCTR	A	0.07%
HLIT	D	0.07%
EXPO	A	0.07%
COLM	B	0.07%
VVX	A	0.07%
SEM	D	0.07%
AAT	C	0.07%
PHAT	C	0.07%
PECO	C	0.07%
XPRO	F	0.07%
TREX	D	0.07%
CTS	B	0.07%
SASR	B	0.07%
FL	F	0.07%
VRRM	D	0.07%
PEB	D	0.07%
HBI	B	0.07%
PLYA	D	0.07%
VAC	D	0.07%
SATS	C	0.07%
PRGO	F	0.07%
PRVA	F	0.07%
INTA	C	0.07%
RH	C	0.07%
INDB	D	0.07%
PDM	C	0.07%
BL	D	0.07%
CWK	D	0.07%
BOH	D	0.07%
WD	C	0.07%
VRDN	B	0.07%
NTGR	C	0.07%
POWL	B	0.07%
MPW	C	0.07%
KREF	C	0.07%
JBT	B	0.07%
VRNS	B	0.07%
ACLX	C	0.07%
AVNT	C	0.07%
DRS	A	0.07%
CCCS	D	0.07%
PIPR	A	0.07%
DOCS	A	0.07%
CLF	D	0.07%
SEE	C	0.07%
GVA	A	0.07%
KTOS	B	0.07%
AMWD	C	0.07%
HWKN	B	0.07%
DEA	D	0.07%
ESRT	C	0.07%
CALX	C	0.07%
CCS	C	0.07%
XRAY	D	0.07%
ZD	D	0.07%
COLD	D	0.07%
PRKS	C	0.07%
MTRN	F	0.06%
HURN	D	0.06%
HZO	C	0.06%
IBOC	D	0.06%
TALO	D	0.06%
CIVI	F	0.06%
FROG	F	0.06%
GH	F	0.06%
PRG	C	0.06%
EXP	C	0.06%
DCO	B	0.06%
NARI	F	0.06%
HI	F	0.06%
LBRDK	C	0.06%
PPBI	D	0.06%
CMCO	D	0.06%
KSS	D	0.06%
TDOC	D	0.06%
BYD	B	0.06%
HELE	D	0.06%
APGE	C	0.06%
THS	D	0.06%
PDFS	F	0.06%
CBU	D	0.06%
AAP	F	0.06%
MOV	F	0.06%
BKU	D	0.06%
PTGX	C	0.06%
MNKD	B	0.06%
CLB	D	0.06%
MEI	D	0.06%
VSEC	D	0.06%
CART	B	0.06%
HL	C	0.06%
TWST	D	0.06%
AIR	C	0.06%
WRBY	B	0.06%
OSCR	C	0.06%
FUN	F	0.06%
KROS	C	0.06%
ROCK	D	0.06%
PAR	D	0.06%
KYMR	D	0.06%
JWN	D	0.06%
MYGN	D	0.06%
SPR	D	0.06%
APG	F	0.06%
CLH	B	0.06%
WKC	A	0.06%
CWEN	C	0.06%
TILE	C	0.06%
OII	D	0.06%
MHO	C	0.06%
UFPT	D	0.06%
MXL	D	0.06%
AVPT	A	0.06%
IESC	A	0.06%
ADUS	D	0.06%
KE	F	0.06%
SQSP	A	0.06%
ALTM	D	0.06%
GERN	D	0.06%
PAHC	C	0.06%
PBF	F	0.06%
NVST	D	0.06%
CC	D	0.06%
POWI	F	0.06%
FFIN	D	0.06%
SG	C	0.06%
ATRC	C	0.06%
TARS	C	0.06%
UEC	C	0.06%
CDE	C	0.06%
VRNT	F	0.06%
EPR	C	0.06%
UNFI	C	0.06%
ADMA	A	0.06%
HIMS	C	0.06%
HGV	F	0.06%
BANC	D	0.06%
RCM	B	0.06%
ROIV	D	0.06%
BDN	B	0.06%
CMP	D	0.06%
WTFC	B	0.06%
COMP	C	0.06%
CLNE	C	0.06%
TROX	D	0.06%
RKLB	B	0.06%
MRUS	D	0.06%
GTES	C	0.06%
TNC	F	0.06%
SMTC	C	0.06%
SKT	A	0.06%
COKE	C	0.06%
EYE	F	0.06%
SONO	F	0.06%
GT	F	0.06%
EWTX	B	0.06%
ALHC	C	0.06%
NEP	D	0.06%
NUVL	B	0.06%
HAIN	C	0.06%
MIR	B	0.06%
LEVI	C	0.06%
PK	D	0.06%
TNDM	D	0.06%
RKT	D	0.06%
MODG	F	0.06%
IDYA	F	0.06%
FLGT	F	0.05%
MQ	F	0.05%
TGTX	D	0.05%
CUBI	F	0.05%
SVRA	F	0.05%
TGI	F	0.05%
FORM	D	0.05%
BBIO	F	0.05%
SLNO	B	0.05%
SNDX	F	0.05%
HPP	F	0.05%
CPRX	C	0.05%
GPRE	F	0.05%
IRON	C	0.05%
PENN	D	0.05%
PLUG	D	0.05%
KRYS	D	0.05%
AHH	F	0.05%
CAR	D	0.05%
KURA	F	0.05%
REVG	D	0.05%
ARVN	F	0.05%
FLO	D	0.05%
MMS	C	0.05%
AXL	F	0.05%
JAMF	F	0.05%
ASTE	F	0.05%
COUR	F	0.05%
LGF.A	F	0.05%
PBI	C	0.05%
SIBN	F	0.05%
CWT	D	0.05%
CGEM	F	0.05%
BKD	F	0.05%
PGNY	F	0.05%
FFBC	D	0.05%
ARLO	F	0.05%
MGNI	D	0.05%
RAMP	F	0.05%
RBBN	C	0.05%
ZUO	F	0.05%
LOPE	D	0.05%
INVX	F	0.05%
RNG	F	0.05%
QS	F	0.05%
AI	D	0.05%
NBHC	D	0.05%
DLX	F	0.05%
ALKT	D	0.05%
TXG	F	0.05%
RUSHA	D	0.05%
PRO	F	0.05%
DNOW	F	0.05%
AMBC	F	0.05%
KLG	F	0.05%
RXRX	F	0.05%
ZEUS	F	0.05%
HLX	C	0.05%
KMPR	D	0.05%
CCRN	F	0.05%
OMI	F	0.05%
ASH	F	0.05%
PAYO	A	0.05%
BEAM	F	0.05%
AVDX	F	0.05%
CBZ	F	0.05%
EPC	F	0.05%
ACEL	C	0.05%
XPEL	D	0.05%
VYX	C	0.05%
ARCB	F	0.05%
BGC	B	0.05%
FOXF	F	0.05%
MRC	D	0.05%
FLYW	F	0.05%
SGH	D	0.05%
PRTA	F	0.05%
ARCT	D	0.05%
NEO	F	0.05%
XRX	D	0.05%
FTRE	F	0.05%
ETWO	F	0.05%
OMCL	C	0.05%
AWR	B	0.05%
WNC	F	0.05%
VERX	B	0.05%
MLTX	C	0.05%
CRI	D	0.05%
PLAY	D	0.05%
JANX	C	0.05%
CWAN	B	0.05%
CSTL	B	0.05%
ICHR	D	0.05%
PETQ	A	0.05%
SMPL	D	0.05%
HOUS	D	0.05%
VSCO	C	0.05%
VRTS	D	0.05%
MTTR	B	0.05%
INFA	D	0.05%
UAA	B	0.05%
ATGE	D	0.05%
PYCR	D	0.05%
PSMT	A	0.05%
HAYW	C	0.05%
BROS	F	0.05%
GO	F	0.05%
WT	D	0.05%
KELYA	D	0.05%
ATEN	B	0.05%
MNRO	B	0.05%
QDEL	D	0.05%
EMBC	F	0.05%
DYN	D	0.05%
SFBS	B	0.05%
HAFC	D	0.05%
NRIX	D	0.05%
ARWR	F	0.05%
SAVA	D	0.05%
IVR	C	0.05%
VVI	B	0.05%
HCC	C	0.05%
AGIO	D	0.05%
PGRE	D	0.05%
MLNK	F	0.05%
CRAI	B	0.05%
NABL	F	0.05%
CLDX	F	0.05%
ELVN	A	0.05%
RYN	C	0.05%
CHH	A	0.05%
CAKE	A	0.05%
GBX	C	0.05%
ARQT	D	0.05%
AGYS	D	0.05%
PTCT	C	0.05%
CNMD	F	0.05%
NOVA	F	0.05%
SMP	D	0.05%
GRBK	C	0.05%
RXST	F	0.05%
SKY	C	0.05%
BNL	C	0.05%
COGT	B	0.05%
YELP	D	0.05%
THRM	F	0.05%
GEF	B	0.05%
IONS	F	0.05%
VREX	F	0.05%
AORT	B	0.05%
SLVM	C	0.05%
COOP	B	0.05%
PRAA	F	0.05%
EE	B	0.05%
AGO	B	0.05%
MMI	D	0.05%
PD	F	0.05%
NYCB	D	0.05%
NBTB	D	0.05%
KVYO	B	0.05%
NEOG	F	0.05%
RUSHB	D	0.05%
EWCZ	F	0.05%
SBH	B	0.05%
CALM	A	0.05%
ARKO	C	0.05%
PLOW	D	0.05%
DOCN	B	0.05%
SHC	C	0.05%
SM	D	0.05%
INFN	C	0.05%
GEF	B	0.05%
MBUU	D	0.05%
LIVN	C	0.05%
AXSM	D	0.05%
FIVN	F	0.05%
VERA	C	0.05%
CECO	D	0.05%
VNOM	A	0.05%
VBTX	C	0.05%
ZYME	B	0.05%
VSTS	D	0.05%
NTLA	F	0.05%
JELD	D	0.05%
UPST	C	0.05%
CRMT	F	0.04%
APLS	F	0.04%
BRY	F	0.04%
FNA	F	0.04%
PLRX	F	0.04%
SEDG	F	0.04%
MDGL	F	0.04%
BASE	F	0.04%
MEG	F	0.04%
CNXC	F	0.04%
ETNB	F	0.04%
CXM	F	0.04%
RCUS	D	0.04%
BRZE	F	0.04%
PTEN	F	0.04%
NUVB	F	0.04%
IART	F	0.04%
SPT	F	0.04%
SWTX	F	0.04%
CLSK	F	0.04%
ASAN	F	0.04%
EGY	D	0.04%
CAL	F	0.04%
GOGO	F	0.04%
ASPN	C	0.04%
NVCR	F	0.04%
MTUS	F	0.04%
CLW	F	0.04%
IMVT	D	0.04%
ANAB	D	0.04%
NCNO	F	0.04%
BE	F	0.04%
LBPH	D	0.04%
RCKT	F	0.04%
LESL	F	0.04%
AMC	F	0.04%
FRSH	F	0.04%
DGII	B	0.04%
MLKN	F	0.04%
ALRM	F	0.04%
ALEC	F	0.04%
TMCI	F	0.04%
PFS	D	0.04%
CDNA	B	0.04%
DK	F	0.04%
NVAX	C	0.04%
STAA	D	0.04%
ESTA	D	0.04%
VSAT	F	0.03%
WOLF	F	0.03%
MC	B	0.02%
DEI	A	0.02%
GDOT	C	0.01%

ESML Underweight 112 Positions Relative to FFLC

Symbol	Grade	Weight
MSFT	D	-7.7%
AAPL	C	-4.51%
NVDA	B	-3.39%
AMZN	C	-3.26%
META	A	-2.57%
GOOGL	B	-2.4%
LLY	D	-1.93%
UNH	B	-1.72%
V	B	-1.63%
XOM	A	-1.49%
ADBE	F	-1.41%
BA	F	-1.31%
AMD	C	-1.27%
BSX	A	-1.23%
TJX	D	-1.2%
CMCSA	B	-1.16%
WFC	B	-1.08%
NFLX	A	-1.06%
ETN	B	-1.05%
UBER	C	-1.04%
TMO	D	-1.03%
PH	A	-1.02%
JPM	C	-0.98%
CRM	B	-0.98%
CB	A	-0.97%
INTU	F	-0.92%
NKE	D	-0.92%
PWR	A	-0.92%
GE	B	-0.9%
BAC	B	-0.9%
KVUE	C	-0.88%
DHR	D	-0.82%
SO	A	-0.82%
LIN	C	-0.81%
ORCL	A	-0.79%
REGN	D	-0.76%
FCX	B	-0.75%
CAT	A	-0.75%
KO	C	-0.73%
IR	A	-0.73%
APTV	D	-0.71%
BKR	B	-0.7%
SHOP	B	-0.69%
ON	F	-0.69%
LMT	A	-0.68%
NXPI	F	-0.68%
SYK	C	-0.67%
HWM	A	-0.67%
JBL	C	-0.67%
CEG	A	-0.66%
VST	A	-0.65%
KDP	C	-0.63%
BKNG	B	-0.61%
MS	A	-0.6%
NOC	B	-0.6%
SLB	D	-0.6%
TSM	B	-0.58%
DIS	D	-0.57%
PFGC	A	-0.57%
ADI	B	-0.55%
MMC	D	-0.53%
CI	D	-0.52%
LNG	A	-0.51%
CNC	F	-0.51%
ABNB	D	-0.5%
WMT	A	-0.49%
CE	D	-0.49%
HLT	A	-0.49%
MLM	F	-0.48%
CLX	C	-0.47%
AZN	D	-0.47%
VRT	B	-0.46%
NVR	C	-0.45%
SNPS	F	-0.44%
CSCO	A	-0.44%
WDAY	D	-0.44%
DT	B	-0.43%
CMG	C	-0.42%
ARES	A	-0.41%
SPOT	C	-0.4%
LEN	C	-0.39%
CBRE	C	-0.39%
BLDR	C	-0.39%
AVY	D	-0.38%
URI	C	-0.37%
GS	B	-0.33%
HLI	A	-0.32%
HES	D	-0.32%
GILD	A	-0.29%
HOLX	D	-0.28%
EL	D	-0.27%
MDB	D	-0.27%
SAM	D	-0.27%
MRK	F	-0.26%
GLPI	C	-0.26%
TT	A	-0.26%
ASML	F	-0.25%
NVO	F	-0.25%
FSLR	C	-0.25%
ACGL	A	-0.24%
TER	C	-0.22%
WST	D	-0.22%
DKS	D	-0.21%
STZ	D	-0.2%
WNS	F	-0.19%
ESS	D	-0.18%
OI	D	-0.17%
NFE	F	-0.16%
MU	D	-0.14%
LEGN	F	-0.12%
LFST	C	-0.06%
MRVL	C	-0.04%