ESML vs. FFSM ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to Fidelity Fundamental Small-Mid Cap ETF (FFSM)

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

$43.58

Average Daily Volume

90,661

Number of Holdings ^*

904

* may have additional holdings in another (foreign) market

FFSM

Fidelity Fundamental Small-Mid Cap ETF

FFSM Description

FFSM discloses holdings only on a monthly basis with a 30-day lag. The fund actively selects global mid- and small-cap companies with both growth and value factors. The portfolio is selected using fundamental and quantitative analysis, considering factors such as issuer's financial health and industry position, as well as the overall economic condition. The fund has a Tracking Basket Structure in place, which acts as a proxy portfolio that includes some of the funds holdings from recent disclosure, significant portion of the funds holdings, and cash. This is designed to track the funds daily performance, facilitate arbitrage opportunities and help mitigate the risk of front-running. However, investors should note that its non-transparent structure could result in wider spreads. Before February 26, 2024, the fund traded as Fidelity Small-Mid Cap Opportunities ETF under the ticker FSMO.

Grade (RS Rating)

Last Trade

$28.23

Average Daily Volume

28,455

Number of Holdings ^*

171

* may have additional holdings in another (foreign) market

Performance

Period	ESML	FFSM
30 Days	1.97%	0.79%
60 Days	4.70%	2.99%
90 Days	7.67%	5.77%
12 Months	29.08%	31.40%

107 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in FFSM	Overlap
AAP	D	0.06%	0.15%	0.06%
ACLX	C	0.08%	0.19%	0.08%
AEIS	B	0.17%	0.66%	0.17%
AIT	B	0.13%	0.88%	0.13%
ALSN	B	0.26%	0.76%	0.26%
AMN	F	0.04%	0.27%	0.04%
ANAB	F	0.03%	0.11%	0.03%
AR	B	0.22%	1.27%	0.22%
ARCB	C	0.05%	0.3%	0.05%
ARVN	F	0.05%	0.04%	0.04%
ASGN	F	0.14%	0.65%	0.14%
ATKR	D	0.09%	0.01%	0.01%
AXSM	B	0.06%	0.11%	0.06%
AXTA	B	0.27%	0.42%	0.27%
AYI	B	0.34%	0.81%	0.34%
AZEK	B	0.13%	0.3%	0.13%
AZZ	A	0.07%	0.34%	0.07%
BC	D	0.07%	0.76%	0.07%
BECN	B	0.14%	0.61%	0.14%
BJ	B	0.25%	1.22%	0.25%
BOOT	D	0.06%	0.9%	0.06%
CACI	C	0.21%	1.06%	0.21%
CADE	B	0.15%	0.59%	0.15%
CBT	C	0.13%	0.59%	0.13%
CC	D	0.05%	0.01%	0.01%
CHDN	C	0.14%	0.54%	0.14%
CIEN	B	0.19%	0.53%	0.19%
CLDX	F	0.04%	0.1%	0.04%
CMC	B	0.22%	0.6%	0.22%
CNM	C	0.22%	0.47%	0.22%
CNXC	F	0.03%	0.29%	0.03%
COGT	D	0.04%	0.11%	0.04%
COMP	B	0.06%	0.4%	0.06%
CR	A	0.19%	1.01%	0.19%
CRNX	C	0.11%	0.19%	0.11%
CROX	F	0.15%	1.17%	0.15%
CWK	C	0.07%	0.51%	0.07%
CYTK	D	0.13%	0.18%	0.13%
EAT	A	0.16%	0.47%	0.16%
ELVN	C	0.05%	0.12%	0.05%
EPRT	A	0.18%	0.56%	0.18%
ESI	B	0.14%	0.54%	0.14%
EWTX	C	0.08%	0.0%	0.0%
EXP	B	0.06%	1.44%	0.06%
FAF	C	0.16%	0.77%	0.16%
FBP	B	0.2%	0.29%	0.2%
FIBK	B	0.15%	0.01%	0.01%
FLEX	B	0.33%	0.31%	0.31%
FN	B	0.17%	1.22%	0.17%
FSS	B	0.15%	0.6%	0.15%
FTI	A	0.35%	1.47%	0.35%
GPK	D	0.26%	0.71%	0.26%
GRBK	D	0.04%	0.3%	0.04%
GTES	A	0.07%	0.33%	0.07%
GVA	A	0.08%	0.35%	0.08%
HAYW	B	0.05%	0.51%	0.05%
IESC	A	0.08%	0.51%	0.08%
ITT	A	0.28%	1.2%	0.28%
JLL	D	0.34%	1.1%	0.34%
KBH	D	0.2%	0.64%	0.2%
KBR	F	0.35%	0.46%	0.35%
KROS	D	0.06%	0.13%	0.06%
LBPH	A	0.08%	0.1%	0.08%
LCII	D	0.1%	0.29%	0.1%
LEA	F	0.1%	0.3%	0.1%
LITE	B	0.1%	0.44%	0.1%
LPX	B	0.17%	0.65%	0.17%
MASI	B	0.06%	0.39%	0.06%
MDGL	C	0.05%	0.16%	0.05%
MEDP	D	0.15%	0.57%	0.15%
MMS	D	0.04%	0.6%	0.04%
MRUS	F	0.06%	0.07%	0.06%
MTSI	B	0.09%	0.57%	0.09%
MUSA	B	0.34%	1.34%	0.34%
NSIT	F	0.13%	1.33%	0.13%
NUVL	D	0.05%	0.16%	0.05%
NXST	C	0.09%	0.75%	0.09%
OMI	F	0.04%	0.12%	0.04%
ORI	A	0.13%	0.96%	0.13%
PCVX	D	0.21%	0.32%	0.21%
PNFP	B	0.3%	0.73%	0.3%
PRCT	B	0.08%	0.44%	0.08%
PRI	A	0.23%	0.56%	0.23%
PVH	C	0.16%	0.51%	0.16%
RGA	B	0.3%	0.76%	0.3%
RGEN	F	0.16%	0.19%	0.16%
RRX	B	0.15%	1.01%	0.15%
RUSHA	B	0.05%	0.35%	0.05%
SF	B	0.18%	0.75%	0.18%
SKY	A	0.05%	0.3%	0.05%
SNV	B	0.3%	0.88%	0.3%
SNX	D	0.08%	0.95%	0.08%
TENB	D	0.1%	0.45%	0.1%
TEX	D	0.08%	0.42%	0.08%
TMDX	F	0.05%	0.9%	0.05%
TPX	B	0.14%	1.46%	0.14%
UPBD	C	0.06%	0.3%	0.06%
USFD	A	0.49%	1.16%	0.49%
VNT	C	0.15%	0.59%	0.15%
VRDN	D	0.06%	0.12%	0.06%
WBS	A	0.27%	0.57%	0.27%
WFRD	F	0.15%	0.33%	0.15%
WHD	B	0.12%	1.01%	0.12%
WTFC	B	0.07%	0.52%	0.07%
XENE	D	0.11%	0.09%	0.09%
XPO	B	0.33%	0.56%	0.33%
XPRO	F	0.05%	0.14%	0.05%

ESML Overweight 797 Positions Relative to FFSM

Symbol	Grade	Weight
CASY	A	0.52%
JHG	B	0.51%
CVNA	A	0.48%
SFM	A	0.43%
GWRE	A	0.43%
INGR	B	0.42%
EWBC	A	0.4%
FIX	A	0.38%
NTNX	B	0.36%
IBKR	A	0.32%
FRT	B	0.31%
REXR	F	0.31%
NTRA	A	0.31%
OGS	A	0.31%
OSK	C	0.3%
GBCI	B	0.3%
BWXT	A	0.3%
BMI	C	0.3%
SIGI	B	0.29%
TPR	B	0.29%
EHC	B	0.29%
RGLD	C	0.29%
R	B	0.29%
SUM	B	0.28%
CNX	A	0.28%
DTM	A	0.28%
COHR	B	0.28%
SAIA	C	0.28%
SCI	A	0.27%
TOL	B	0.27%
AVT	C	0.27%
UMBF	B	0.27%
SSB	B	0.27%
BLD	F	0.26%
MWA	B	0.25%
WEX	F	0.25%
UNM	A	0.25%
DCI	B	0.25%
AAON	B	0.25%
RRC	B	0.25%
PRGS	B	0.24%
WCC	B	0.24%
FTAI	A	0.24%
UGI	C	0.24%
RNR	C	0.24%
MOG.A	B	0.24%
IVZ	C	0.24%
ATR	B	0.24%
HRI	C	0.24%
NCLH	B	0.24%
REZI	A	0.23%
AFRM	A	0.23%
CBSH	A	0.23%
ARMK	C	0.23%
AWI	B	0.23%
EXLS	B	0.23%
ALK	A	0.23%
CW	B	0.23%
FHN	A	0.23%
THC	C	0.23%
MTG	D	0.23%
SOFI	A	0.22%
FTDR	B	0.22%
LAD	B	0.22%
GNRC	B	0.22%
FELE	B	0.22%
WAL	B	0.22%
CVLT	B	0.22%
EGP	D	0.21%
CDP	C	0.21%
CMA	B	0.21%
WMS	F	0.21%
WTS	B	0.21%
INSM	C	0.21%
ONTO	F	0.21%
LSTR	D	0.21%
CUZ	B	0.21%
RHI	C	0.21%
GME	C	0.21%
NJR	A	0.21%
ITRI	B	0.2%
CNO	B	0.2%
HOG	F	0.2%
FND	F	0.2%
LECO	C	0.2%
BDC	B	0.2%
KNSL	B	0.2%
WHR	B	0.2%
PLNT	A	0.2%
TGNA	B	0.2%
MTN	C	0.2%
CUBE	C	0.2%
OMF	A	0.2%
NFG	A	0.2%
PCTY	B	0.2%
ZION	B	0.2%
BHLB	B	0.2%
ENSG	D	0.2%
RLI	A	0.2%
HHH	B	0.2%
WK	C	0.2%
BFAM	F	0.2%
ZWS	B	0.2%
AVA	C	0.19%
PR	B	0.19%
AMG	C	0.19%
WING	D	0.19%
FCN	F	0.19%
LUMN	C	0.19%
HAS	D	0.19%
ONB	B	0.19%
AXS	A	0.19%
HRB	D	0.19%
LNW	F	0.19%
OHI	B	0.19%
SNDR	B	0.19%
DAR	B	0.19%
FRPT	A	0.19%
GPI	B	0.19%
AA	A	0.19%
NOVT	D	0.19%
RHP	B	0.19%
WWD	B	0.19%
NVT	C	0.19%
BANR	B	0.18%
SRPT	F	0.18%
NYT	D	0.18%
BWA	D	0.18%
SPXC	A	0.18%
THG	A	0.18%
GKOS	A	0.18%
KNTK	A	0.18%
MORN	B	0.18%
DUOL	A	0.18%
MDU	D	0.18%
VFC	C	0.18%
ENLC	A	0.18%
MTH	D	0.17%
LAZ	B	0.17%
CHX	C	0.17%
BERY	D	0.17%
PCH	D	0.17%
TMHC	B	0.17%
PCOR	C	0.17%
PEN	B	0.17%
ESTC	C	0.17%
PLXS	B	0.17%
ASB	B	0.17%
VVV	D	0.17%
UBSI	B	0.17%
MSA	D	0.17%
GATX	B	0.17%
WSC	F	0.17%
MTZ	A	0.17%
KTB	A	0.16%
DLB	F	0.16%
BRX	A	0.16%
MYRG	C	0.16%
DBX	C	0.16%
TTEK	F	0.16%
HQY	A	0.16%
TNL	B	0.16%
SPSC	F	0.16%
TKO	A	0.16%
ACIW	B	0.16%
SLM	B	0.16%
BCC	C	0.16%
BHE	B	0.16%
JAZZ	C	0.16%
SITE	D	0.16%
FLS	A	0.16%
ELAN	D	0.16%
GXO	B	0.16%
VOYA	B	0.16%
CFLT	B	0.15%
VLY	B	0.15%
ECG	C	0.15%
WH	B	0.15%
CRUS	F	0.15%
CPF	B	0.15%
MMSI	A	0.15%
ANF	C	0.15%
AM	A	0.15%
CRS	A	0.15%
NOV	D	0.15%
LSCC	D	0.15%
HNI	B	0.15%
ITCI	B	0.15%
MOD	A	0.15%
GTLB	B	0.15%
PINC	B	0.14%
OZK	B	0.14%
HXL	F	0.14%
X	C	0.14%
GTLS	A	0.14%
LFUS	D	0.14%
CHE	F	0.14%
SR	A	0.14%
RYAN	B	0.14%
TPH	D	0.14%
SMAR	A	0.14%
PRIM	A	0.14%
ACA	A	0.14%
ALTR	B	0.14%
RMBS	C	0.14%
MKSI	C	0.14%
IBCP	B	0.14%
BILL	B	0.14%
IDCC	B	0.14%
CZR	F	0.14%
ATI	C	0.14%
JXN	C	0.14%
FMC	D	0.14%
AVAV	C	0.13%
M	D	0.13%
HESM	A	0.13%
BRKR	F	0.13%
EPAC	B	0.13%
CAVA	C	0.13%
MAT	D	0.13%
STRL	A	0.13%
PDCO	F	0.13%
FYBR	C	0.13%
LRN	A	0.13%
KNF	B	0.13%
KLIC	C	0.13%
SWX	A	0.13%
ITGR	B	0.13%
CPK	A	0.13%
MUR	F	0.13%
BOX	B	0.13%
NPO	A	0.13%
WTM	A	0.13%
BCPC	B	0.13%
VMI	B	0.13%
ELF	C	0.13%
COLB	B	0.13%
CABO	C	0.13%
AGCO	F	0.13%
HIW	D	0.13%
CVBF	B	0.12%
AGNC	C	0.12%
OLLI	D	0.12%
EVR	B	0.12%
DFIN	D	0.12%
YETI	D	0.12%
IRDM	F	0.12%
QTWO	B	0.12%
KOS	D	0.12%
RKLB	B	0.12%
WGO	D	0.12%
BLKB	B	0.12%
S	B	0.12%
GL	C	0.12%
ABG	B	0.12%
CRDO	B	0.12%
WERN	B	0.12%
THO	C	0.12%
MTX	C	0.12%
ADT	B	0.12%
GAP	D	0.12%
HAE	C	0.12%
FULT	B	0.12%
CSGS	B	0.11%
PEGA	B	0.11%
PATH	C	0.11%
TXRH	B	0.11%
JEF	A	0.11%
DXC	D	0.11%
ORA	B	0.11%
KRC	C	0.11%
GMED	A	0.11%
ABCB	B	0.11%
AUB	B	0.11%
VKTX	F	0.11%
LYFT	C	0.11%
WDFC	B	0.11%
SHOO	D	0.11%
APPF	C	0.11%
ECPG	C	0.11%
EFSC	B	0.11%
SON	F	0.11%
ADC	A	0.11%
MRCY	C	0.11%
HALO	F	0.11%
LBRDA	C	0.11%
KAR	A	0.11%
VC	F	0.1%
RXO	C	0.1%
CFR	B	0.1%
NWL	B	0.1%
TDC	D	0.1%
HASI	F	0.1%
ERII	D	0.1%
PJT	B	0.1%
AROC	A	0.1%
SCL	D	0.1%
RVMD	B	0.1%
HCP	B	0.1%
BRBR	A	0.1%
ALKS	C	0.1%
TRN	A	0.1%
FA	D	0.1%
SSD	D	0.1%
DV	C	0.1%
CAC	B	0.1%
STWD	C	0.1%
FUL	F	0.1%
VECO	F	0.1%
NXT	D	0.1%
SLG	B	0.1%
ETSY	D	0.1%
DY	C	0.1%
BHVN	C	0.1%
DNLI	C	0.1%
DRS	B	0.1%
APAM	B	0.1%
CRC	A	0.1%
PFSI	C	0.1%
FLR	B	0.1%
TRNO	D	0.1%
AL	B	0.1%
RDUS	C	0.1%
CCOI	B	0.1%
RDNT	B	0.1%
KD	A	0.1%
SIG	C	0.1%
AMAL	B	0.1%
CGNX	D	0.1%
ALTM	C	0.1%
PSN	C	0.1%
LNTH	F	0.1%
FIVE	F	0.1%
VNO	C	0.09%
OGN	F	0.09%
AMED	F	0.09%
RNA	C	0.09%
ABM	B	0.09%
NMIH	D	0.09%
UPST	B	0.09%
U	F	0.09%
ARW	F	0.09%
KFY	B	0.09%
CNK	A	0.09%
WEN	C	0.09%
POST	C	0.09%
SHAK	C	0.09%
RDN	D	0.09%
MGRC	B	0.09%
FR	C	0.09%
CURB	D	0.09%
SLAB	F	0.09%
ZI	D	0.09%
OPCH	F	0.09%
ESE	B	0.09%
RL	C	0.09%
SJW	F	0.09%
HWC	B	0.09%
MARA	C	0.09%
CRVL	A	0.09%
BRC	C	0.09%
IMAX	A	0.09%
IBP	F	0.09%
LNC	B	0.09%
POWL	C	0.09%
ACHC	F	0.09%
EVRI	A	0.08%
AVPT	A	0.08%
AMWD	C	0.08%
SBRA	B	0.08%
BXMT	C	0.08%
ICUI	D	0.08%
OLED	F	0.08%
KTOS	C	0.08%
KOP	C	0.08%
ICFI	F	0.08%
AUR	C	0.08%
BPMC	C	0.08%
BL	C	0.08%
TILE	B	0.08%
TBBK	B	0.08%
SPB	C	0.08%
IOSP	C	0.08%
CRSP	D	0.08%
VSEC	B	0.08%
BPOP	C	0.08%
INTA	B	0.08%
ST	F	0.08%
ALG	C	0.08%
SASR	B	0.08%
TNET	F	0.08%
PLYA	B	0.08%
PRVA	C	0.08%
INDB	B	0.08%
CHWY	B	0.08%
INSP	F	0.08%
ENOV	C	0.08%
VAC	C	0.08%
TDS	B	0.08%
PIPR	B	0.08%
TARS	C	0.08%
PRKS	B	0.08%
BWIN	D	0.08%
AEO	F	0.08%
HR	C	0.08%
NTGR	A	0.08%
UNIT	B	0.08%
BOH	B	0.08%
LNN	B	0.08%
STC	B	0.08%
MAC	A	0.08%
JBT	A	0.08%
DOCS	C	0.08%
ZD	B	0.08%
PLMR	A	0.08%
MIR	A	0.08%
RNST	B	0.08%
DEA	D	0.07%
AAT	A	0.07%
SKT	A	0.07%
EE	A	0.07%
HI	C	0.07%
GBX	B	0.07%
RARE	F	0.07%
LBRDK	C	0.07%
UEC	A	0.07%
CWEN	C	0.07%
WU	F	0.07%
GT	C	0.07%
HGV	C	0.07%
ESRT	C	0.07%
SEE	D	0.07%
PECO	A	0.07%
HAFC	B	0.07%
COLM	B	0.07%
VSCO	A	0.07%
TREX	D	0.07%
BDN	C	0.07%
ESNT	D	0.07%
VVX	C	0.07%
ENR	B	0.07%
SONO	C	0.07%
AVNT	B	0.07%
PRGO	C	0.07%
ZYME	C	0.07%
ROG	D	0.07%
SEM	B	0.07%
ALHC	C	0.07%
AZTA	F	0.07%
HIMS	C	0.07%
MHK	D	0.07%
HWKN	B	0.07%
GH	B	0.07%
BROS	A	0.07%
XHR	B	0.07%
FIVN	C	0.07%
ATRC	C	0.07%
VCTR	B	0.07%
HBI	B	0.07%
CTS	C	0.07%
WRBY	A	0.07%
AN	D	0.07%
PI	D	0.07%
SXT	C	0.07%
CCCS	B	0.07%
NWN	A	0.07%
OUT	A	0.07%
PAR	A	0.07%
UNFI	B	0.07%
ATGE	B	0.06%
MTRN	C	0.06%
CBZ	B	0.06%
VRRM	F	0.06%
CAR	C	0.06%
FNA	B	0.06%
WT	A	0.06%
SG	B	0.06%
TMCI	C	0.06%
DLX	B	0.06%
CLSK	C	0.06%
IRON	C	0.06%
PRO	C	0.06%
DCO	B	0.06%
VERA	C	0.06%
RBBN	B	0.06%
VRTS	B	0.06%
PBF	D	0.06%
SATS	C	0.06%
W	D	0.06%
MBUU	C	0.06%
PTCT	C	0.06%
PLAY	D	0.06%
EXPO	D	0.06%
MOV	D	0.06%
AGIO	C	0.06%
NRIX	C	0.06%
LXP	D	0.06%
VRNT	D	0.06%
COKE	C	0.06%
JWN	C	0.06%
POWI	D	0.06%
CMCO	C	0.06%
CHH	A	0.06%
TGTX	B	0.06%
CWAN	B	0.06%
TDOC	D	0.06%
ATEN	A	0.06%
CLH	C	0.06%
ROCK	D	0.06%
PNTG	D	0.06%
AIR	B	0.06%
NBTB	B	0.06%
CLNE	F	0.06%
CMP	C	0.06%
MGNI	A	0.06%
AGO	A	0.06%
CAKE	B	0.06%
RUSHB	B	0.06%
FL	F	0.06%
VREX	C	0.06%
ANDE	F	0.06%
FROG	C	0.06%
SFBS	B	0.06%
PYCR	C	0.06%
VBTX	B	0.06%
PEB	F	0.06%
HELE	C	0.06%
CART	C	0.06%
SMTC	C	0.06%
PLUS	F	0.06%
OWL	A	0.06%
NVST	C	0.06%
PPBI	B	0.06%
ACVA	A	0.06%
SM	C	0.06%
RCM	A	0.06%
ROIV	D	0.06%
FLYW	B	0.06%
APG	C	0.06%
IDYA	F	0.06%
HURN	B	0.06%
EYE	C	0.06%
PK	D	0.06%
ADMA	C	0.06%
CLB	C	0.06%
MNKD	B	0.06%
CCS	F	0.06%
TALO	C	0.06%
TGI	A	0.06%
BYD	B	0.06%
BKU	A	0.06%
AVDX	B	0.06%
VNOM	A	0.06%
FRSH	C	0.06%
KE	C	0.06%
ENV	B	0.06%
FUN	C	0.06%
KREF	D	0.06%
VRNS	D	0.06%
CLF	F	0.06%
FOUR	A	0.06%
MAN	F	0.06%
VERX	A	0.06%
PDM	D	0.06%
PAHC	B	0.06%
CALM	A	0.06%
IBOC	B	0.06%
WD	D	0.06%
RH	D	0.06%
VVI	B	0.06%
FFIN	B	0.06%
OII	B	0.06%
PAYO	A	0.06%
BANC	B	0.06%
CBU	B	0.06%
NARI	C	0.06%
SWTX	C	0.05%
KLG	D	0.05%
RXST	F	0.05%
EWCZ	D	0.05%
TWST	F	0.05%
HZO	F	0.05%
BNL	D	0.05%
AXL	C	0.05%
PBI	B	0.05%
NUVB	C	0.05%
THRM	F	0.05%
ZEUS	C	0.05%
ETNB	D	0.05%
HLX	C	0.05%
RYN	D	0.05%
ALRM	C	0.05%
IONS	F	0.05%
PLOW	D	0.05%
DOCN	D	0.05%
ARKO	D	0.05%
SHC	F	0.05%
CECO	C	0.05%
LEVI	F	0.05%
ICHR	C	0.05%
FTRE	D	0.05%
INFA	D	0.05%
CPRX	C	0.05%
GERN	F	0.05%
APGE	F	0.05%
CNMD	C	0.05%
VSTS	F	0.05%
FLG	D	0.05%
CDE	C	0.05%
CLVT	D	0.05%
XRAY	D	0.05%
GOGO	C	0.05%
PSMT	D	0.05%
ACEL	C	0.05%
BASE	C	0.05%
WNC	D	0.05%
MLTX	C	0.05%
SLNO	C	0.05%
INVX	C	0.05%
PENN	C	0.05%
ASAN	C	0.05%
MLNK	C	0.05%
MODG	F	0.05%
MPW	F	0.05%
AI	B	0.05%
KSS	F	0.05%
AMBC	C	0.05%
PTGX	D	0.05%
BEAM	C	0.05%
AWR	A	0.05%
XPEL	C	0.05%
PFS	B	0.05%
PGRE	D	0.05%
EDR	A	0.05%
RUN	F	0.05%
DGII	B	0.05%
REVG	B	0.05%
PRAA	C	0.05%
HAIN	D	0.05%
INFN	D	0.05%
MRC	B	0.05%
SPR	D	0.05%
MNRO	C	0.05%
WKC	D	0.05%
SMP	C	0.05%
VITL	D	0.05%
LCID	F	0.05%
CWEN	C	0.05%
MTTR	B	0.05%
GO	C	0.05%
KYMR	C	0.05%
EMBC	D	0.05%
NEO	C	0.05%
SLVM	C	0.05%
RAMP	C	0.05%
ZUO	B	0.05%
VYX	C	0.05%
OMCL	C	0.05%
HCC	B	0.05%
MMI	B	0.05%
BGC	C	0.05%
JANX	C	0.05%
PDFS	D	0.05%
CSTL	C	0.05%
IART	C	0.05%
MHO	D	0.05%
PRG	C	0.05%
FFBC	B	0.05%
GEF	B	0.05%
BE	A	0.05%
ADUS	D	0.05%
LIVN	D	0.05%
AORT	B	0.05%
SMPL	B	0.05%
SBH	B	0.05%
KMPR	A	0.05%
EPR	D	0.05%
ASTE	C	0.05%
CUBI	C	0.05%
ARWR	D	0.05%
KVYO	D	0.05%
LOPE	B	0.05%
UFPT	C	0.05%
RNG	C	0.05%
DNOW	B	0.05%
HLIT	D	0.05%
TNC	F	0.05%
ARQT	C	0.05%
GEF	B	0.05%
LEG	F	0.05%
YELP	C	0.05%
JBGS	F	0.05%
UAA	C	0.05%
MXL	C	0.05%
NCNO	B	0.05%
COOP	B	0.05%
COLD	F	0.05%
CALX	D	0.05%
NBHC	B	0.05%
AGYS	A	0.05%
ALKT	B	0.05%
PD	C	0.05%
CIVI	D	0.05%
CRAI	B	0.05%
RCKT	F	0.04%
FOXF	F	0.04%
CLW	F	0.04%
HPP	F	0.04%
FORM	F	0.04%
BKD	F	0.04%
CAL	F	0.04%
HOUS	D	0.04%
GPRE	F	0.04%
FLGT	F	0.04%
NEP	F	0.04%
KURA	F	0.04%
XRX	F	0.04%
CRI	F	0.04%
QS	D	0.04%
PRTA	F	0.04%
NTLA	F	0.04%
PGNY	F	0.04%
EGY	F	0.04%
ESTA	F	0.04%
SPT	C	0.04%
JAMF	F	0.04%
ARCT	F	0.04%
CXM	C	0.04%
TNDM	F	0.04%
CGEM	F	0.04%
COUR	F	0.04%
SAVA	C	0.04%
LESL	C	0.04%
SIBN	F	0.04%
SNDX	F	0.04%
MLKN	F	0.04%
IMVT	F	0.04%
RCUS	F	0.04%
NABL	F	0.04%
MTUS	D	0.04%
OSCR	C	0.04%
AMC	D	0.04%
ASH	F	0.04%
PLUG	F	0.04%
DYN	F	0.04%
PLRX	D	0.04%
HL	C	0.04%
BBIO	F	0.04%
DK	D	0.04%
QDEL	F	0.04%
ARLO	C	0.04%
ALEC	F	0.04%
FLO	D	0.04%
PTEN	C	0.04%
NVCR	D	0.04%
MEI	F	0.04%
IVR	D	0.04%
BRZE	C	0.04%
LGF.A	F	0.04%
CWT	C	0.04%
THS	F	0.04%
UCB	A	0.04%
KRYS	C	0.04%
RXRX	D	0.04%
TROX	D	0.04%
RKT	F	0.04%
AHH	D	0.04%
EPC	F	0.04%
NEOG	D	0.04%
NVAX	F	0.03%
WOLF	F	0.03%
MEG	F	0.03%
TXG	F	0.03%
SITC	D	0.03%
CDNA	D	0.03%
SVRA	F	0.03%
PHAT	F	0.03%
CRMT	F	0.03%
APLS	F	0.03%
CCRN	F	0.03%
CPRI	F	0.03%
MYGN	F	0.03%
ETWO	F	0.03%
BRY	F	0.03%
MQ	F	0.03%
STAA	F	0.03%
JELD	F	0.03%
KELYA	F	0.03%
AGL	F	0.02%
MC	B	0.02%
NOVA	F	0.02%
VSAT	F	0.02%
DEI	B	0.02%
SEDG	F	0.02%
ASPN	F	0.02%
GDOT	D	0.01%
MAGN	F	0.01%

ESML Underweight 64 Positions Relative to FFSM

Symbol	Grade	Weight
EME	A	-1.81%
UHS	D	-1.5%
ACGL	D	-1.45%
PFGC	B	-1.16%
VRT	A	-1.14%
SN	D	-1.11%
MOH	F	-1.1%
DOX	D	-0.92%
AIZ	A	-0.91%
LNG	A	-0.9%
DFS	B	-0.89%
DKS	D	-0.84%
STX	D	-0.84%
TGLS	B	-0.81%
VTR	B	-0.76%
PCG	A	-0.72%
HLI	B	-0.71%
ACM	B	-0.66%
AES	F	-0.65%
FCNCA	A	-0.63%
ON	F	-0.62%
LBRT	F	-0.59%
G	B	-0.59%
NOG	B	-0.57%
HOLX	D	-0.56%
BCO	F	-0.56%
ASO	F	-0.53%
CRL	D	-0.52%
RJF	A	-0.51%
GMS	B	-0.51%
WIX	A	-0.5%
AFG	A	-0.49%
EBC	B	-0.49%
CTRE	C	-0.49%
BOKF	B	-0.46%
BLDR	D	-0.46%
OLN	F	-0.45%
NOMD	D	-0.42%
ARGX	B	-0.41%
LW	C	-0.4%
IP	A	-0.37%
CXT	C	-0.36%
CAH	B	-0.36%
MTB	A	-0.3%
IBTX	B	-0.29%
DIOD	F	-0.27%
ALGM	F	-0.24%
LAUR	A	-0.24%
DOOO	F	-0.23%
PATK	D	-0.2%
KFRC	D	-0.18%
MNDY	D	-0.14%
VCEL	A	-0.12%
CSTM	F	-0.11%
TYRA	D	-0.11%
ICLR	F	-0.1%
AUTL	F	-0.08%
TCBK	B	-0.08%
PBH	A	-0.06%
LPLA	A	-0.01%
STLD	B	-0.01%
AME	A	-0.01%
ALXO	F	-0.0%
ZNTL	D	-0.0%