ESML vs. FREL ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to Fidelity MSCI Real Estate Index ETF (FREL)

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

FREL

Fidelity MSCI Real Estate Index ETF

FREL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Real Estate Index. The fund invests at least 80% of assets in securities included in the fund&#39;s underlying index. The fund&#39;s underlying index is the MSCI USA IMI Real Estate Index, which represents the performance of the real estate sector in the U.S. equity market. The fund may or may not hold all of the securities in the MSCI USA IMI Real Estate Index.

Grade (RS Rating)

Last Trade

$28.78

Average Daily Volume

185,636

Number of Holdings ^*

140

* may have additional holdings in another (foreign) market

Performance

Period	ESML	FREL
30 Days	3.88%	0.54%
60 Days	9.57%	8.31%
90 Days	9.72%	14.74%
12 Months	29.14%	33.75%

48 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in FREL	Overlap
AAT	C	0.07%	0.08%	0.07%
ADC	C	0.12%	0.49%	0.12%
AHH	F	0.05%	0.05%	0.05%
BDN	B	0.06%	0.06%	0.06%
BNL	C	0.05%	0.22%	0.05%
BRX	C	0.16%	0.55%	0.16%
CDP	A	0.22%	0.22%	0.22%
COLD	D	0.07%	0.49%	0.07%
COMP	C	0.06%	0.16%	0.06%
CUBE	C	0.23%	0.77%	0.23%
CUZ	C	0.22%	0.29%	0.22%
CWK	D	0.07%	0.15%	0.07%
DEA	D	0.07%	0.08%	0.07%
DEI	A	0.02%	0.19%	0.02%
EGP	D	0.23%	0.57%	0.23%
EPR	C	0.06%	0.24%	0.06%
EPRT	C	0.2%	0.37%	0.2%
ESRT	C	0.07%	0.1%	0.07%
FR	D	0.1%	0.48%	0.1%
FRT	D	0.32%	0.55%	0.32%
HHH	C	0.2%	0.16%	0.16%
HIW	C	0.15%	0.23%	0.15%
HPP	F	0.05%	0.04%	0.04%
JBGS	C	0.07%	0.09%	0.07%
JLL	C	0.38%	0.82%	0.38%
KRC	C	0.11%	0.27%	0.11%
LXP	D	0.07%	0.2%	0.07%
MAC	B	0.08%	0.26%	0.08%
MMI	D	0.05%	0.07%	0.05%
MPW	C	0.07%	0.22%	0.07%
OHI	C	0.2%	0.64%	0.2%
OUT	C	0.08%	0.16%	0.08%
PCH	C	0.19%	0.23%	0.19%
PDM	C	0.07%	0.09%	0.07%
PEB	D	0.07%	0.1%	0.07%
PECO	C	0.07%	0.29%	0.07%
PGRE	D	0.05%	0.05%	0.05%
PK	D	0.06%	0.2%	0.06%
REXR	D	0.39%	0.7%	0.39%
RHP	B	0.2%	0.4%	0.2%
RYN	C	0.05%	0.29%	0.05%
SBRA	C	0.08%	0.28%	0.08%
SKT	A	0.06%	0.23%	0.06%
SLG	C	0.1%	0.29%	0.1%
TRNO	D	0.12%	0.42%	0.12%
UNIT	B	0.09%	0.09%	0.09%
VNO	B	0.08%	0.42%	0.08%
XHR	A	0.08%	0.1%	0.08%

ESML Overweight 856 Positions Relative to FREL

Symbol	Grade	Weight
CASY	D	0.5%
USFD	C	0.49%
JHG	A	0.45%
INGR	B	0.41%
GWRE	A	0.41%
KBR	A	0.4%
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%
FTI	B	0.33%
RGLD	C	0.32%
BMI	A	0.31%
FLEX	B	0.31%
ITT	C	0.3%
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%
BWXT	A	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%
BJ	B	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%
FND	C	0.24%
FELE	C	0.23%
MWA	A	0.23%
INSM	D	0.23%
KBH	D	0.23%
CROX	C	0.23%
FCN	C	0.23%
DTM	A	0.23%
CNX	A	0.23%
MOG.A	C	0.23%
ATR	A	0.23%
SUM	F	0.23%
LSTR	F	0.22%
WBS	D	0.22%
PRI	A	0.22%
NJR	C	0.22%
CW	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%
AR	C	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%
LNW	F	0.2%
FBP	B	0.2%
FTAI	A	0.2%
RHI	D	0.2%
WWD	C	0.2%
AVA	D	0.2%
WSC	D	0.2%
BDC	A	0.2%
NCLH	C	0.2%
CBSH	D	0.2%
EXLS	B	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%
GNRC	B	0.19%
FHN	D	0.19%
NYT	C	0.19%
ACHC	F	0.19%
MTH	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%
FAF	C	0.17%
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%
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%
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%
ESI	C	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%
CHDN	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%
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%
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%
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%
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%
RL	B	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%
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%
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%
BOOT	B	0.08%
RARE	D	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%
ABM	D	0.08%
NWL	D	0.08%
BPOP	D	0.08%
AZTA	F	0.08%
ENR	B	0.07%
UPBD	F	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%
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%
PHAT	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%
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%
BL	D	0.07%
BOH	D	0.07%
WD	C	0.07%
VRDN	B	0.07%
NTGR	C	0.07%
POWL	B	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%
CALX	C	0.07%
CCS	C	0.07%
XRAY	D	0.07%
ZD	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%
FOUR	A	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%
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%
CMP	D	0.06%
WTFC	B	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%
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%
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%
CPRX	C	0.05%
GPRE	F	0.05%
IRON	C	0.05%
PENN	D	0.05%
PLUG	D	0.05%
KRYS	D	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%
EDR	A	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%
MLNK	F	0.05%
CRAI	B	0.05%
NABL	F	0.05%
CLDX	F	0.05%
ELVN	A	0.05%
CHH	A	0.05%
CAKE	A	0.05%
GBX	C	0.05%
ARQT	D	0.05%
AGYS	D	0.05%
OWL	A	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%
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%
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%
MASI	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%
AGL	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%
GDOT	C	0.01%

ESML Underweight 92 Positions Relative to FREL

Symbol	Grade	Weight
PLD	D	-7.45%
AMT	D	-6.99%
EQIX	C	-5.41%
WELL	C	-4.66%
PSA	C	-3.67%
SPG	A	-3.57%
O	C	-3.51%
CCI	D	-3.34%
DLR	C	-3.27%
CBRE	C	-2.45%
EXR	D	-2.44%
IRM	B	-2.24%
VICI	C	-2.21%
AVB	C	-2.03%
CSGP	F	-1.97%
SBAC	C	-1.69%
VTR	C	-1.67%
EQR	C	-1.62%
WY	C	-1.58%
INVH	D	-1.37%
ESS	D	-1.21%
MAA	D	-1.19%
ARE	D	-1.19%
SUI	D	-1.07%
DOC	C	-1.04%
KIM	C	-1.01%
GLPI	C	-0.9%
UDR	C	-0.9%
WPC	C	-0.86%
CPT	C	-0.84%
REG	C	-0.82%
AMH	D	-0.81%
HST	D	-0.8%
ELS	D	-0.8%
BXP	B	-0.77%
LAMR	C	-0.75%
Z	C	-0.66%
NNN	C	-0.57%
STAG	D	-0.46%
KRG	C	-0.38%
IRT	D	-0.3%
CTRE	C	-0.28%
NHI	C	-0.24%
NSA	D	-0.23%
APLE	B	-0.22%
FCPT	C	-0.18%
UE	C	-0.17%
AKR	B	-0.16%
NMRK	C	-0.15%
EQC	D	-0.14%
IVT	B	-0.14%
SHO	B	-0.13%
ROIC	C	-0.13%
JOE	D	-0.13%
DRH	B	-0.12%
GTY	C	-0.11%
GNL	D	-0.11%
ELME	D	-0.1%
RDFN	C	-0.1%
LTC	D	-0.1%
ALEX	D	-0.09%
UMH	D	-0.09%
RLJ	D	-0.09%
EXPI	C	-0.08%
KW	C	-0.08%
NTST	F	-0.08%
VRE	C	-0.08%
PLYM	D	-0.07%
NXRT	D	-0.07%
CSR	D	-0.07%
OPEN	F	-0.07%
AIV	D	-0.07%
GOOD	A	-0.05%
DHC	C	-0.05%
FOR	D	-0.05%
SVC	D	-0.05%
INN	A	-0.05%
UHT	D	-0.04%
OLP	C	-0.04%
ALX	D	-0.04%
GMRE	C	-0.04%
WSR	C	-0.04%
FRPH	B	-0.03%
LAND	D	-0.03%
FPI	D	-0.03%
CLDT	D	-0.03%
CHCT	F	-0.03%
PKST	D	-0.03%
BFS	C	-0.03%
CBL	D	-0.02%
TRC	D	-0.02%
RMR	B	-0.02%