ESML vs. HSMV ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)

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

$44.63

Average Daily Volume

103,233

Number of Holdings ^*

904

* may have additional holdings in another (foreign) market

HSMV

First Trust Horizon Managed Volatility Small/Mid ETF

HSMV Description

The investment seeks to provide investors with capital appreciation. Under normal market conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in small- and/or mid-capitalization common stocks listed and traded on U.S. national securities exchanges that Sub-Advisor believes exhibit low future expected volatility. It is non-diversified.

Grade (RS Rating)

Last Trade

$38.17

Average Daily Volume

1,305

Number of Holdings ^*

147

* may have additional holdings in another (foreign) market

Performance

Period	ESML	HSMV
30 Days	5.98%	4.56%
60 Days	9.94%	5.97%
90 Days	14.58%	9.78%
12 Months	39.54%	30.80%

104 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in HSMV	Overlap
ABM	B	0.09%	0.36%	0.09%
ADC	B	0.11%	1.33%	0.11%
AGCO	F	0.13%	0.34%	0.13%
AGO	B	0.05%	0.62%	0.05%
AM	B	0.15%	1.16%	0.15%
AMG	C	0.18%	0.68%	0.18%
ARW	F	0.09%	0.49%	0.09%
ASH	F	0.05%	0.41%	0.05%
ATR	A	0.25%	2.2%	0.25%
AVA	D	0.19%	0.74%	0.19%
AVT	C	0.28%	0.52%	0.28%
AWR	B	0.05%	0.72%	0.05%
BCPC	B	0.14%	0.53%	0.14%
BJ	B	0.27%	0.37%	0.27%
BLKB	C	0.12%	0.4%	0.12%
BRX	B	0.16%	0.46%	0.16%
BWXT	A	0.28%	0.48%	0.28%
CACI	B	0.25%	1.65%	0.25%
CASY	A	0.52%	0.26%	0.26%
CBSH	A	0.21%	0.75%	0.21%
CDP	C	0.23%	0.7%	0.23%
CHDN	C	0.14%	0.46%	0.14%
CHE	D	0.13%	1.15%	0.13%
CHH	B	0.06%	0.55%	0.06%
CLH	B	0.06%	0.38%	0.06%
CNO	B	0.19%	0.42%	0.19%
COLM	B	0.07%	0.56%	0.07%
COOP	B	0.05%	0.33%	0.05%
CPK	B	0.13%	0.63%	0.13%
CRI	F	0.04%	0.23%	0.04%
CUBE	D	0.21%	0.24%	0.21%
CW	B	0.24%	0.68%	0.24%
CWT	D	0.05%	0.52%	0.05%
DCI	A	0.25%	1.34%	0.25%
DLB	C	0.16%	0.91%	0.16%
DTM	A	0.27%	1.86%	0.27%
EGP	D	0.21%	0.65%	0.21%
EHC	B	0.3%	0.93%	0.3%
ENR	B	0.07%	0.42%	0.07%
ENSG	C	0.22%	0.81%	0.22%
EPC	F	0.05%	0.51%	0.05%
EPR	D	0.06%	0.83%	0.06%
EPRT	C	0.18%	0.64%	0.18%
ESNT	D	0.07%	0.67%	0.07%
EVR	B	0.11%	0.32%	0.11%
FAF	D	0.16%	0.4%	0.16%
FCN	D	0.2%	0.52%	0.2%
FELE	B	0.21%	0.53%	0.21%
FLO	F	0.05%	1.22%	0.05%
FLS	B	0.16%	0.48%	0.16%
FR	D	0.09%	0.46%	0.09%
FSS	C	0.14%	0.22%	0.14%
GATX	B	0.17%	0.53%	0.17%
GPK	D	0.27%	0.37%	0.27%
HRB	D	0.2%	0.26%	0.2%
HXL	D	0.14%	0.23%	0.14%
IDCC	A	0.14%	0.72%	0.14%
INGR	B	0.45%	1.64%	0.45%
IOSP	B	0.07%	0.34%	0.07%
ITT	A	0.28%	0.36%	0.28%
JAZZ	B	0.15%	0.32%	0.15%
JEF	B	0.1%	0.41%	0.1%
JHG	B	0.49%	0.64%	0.49%
KBR	B	0.41%	0.9%	0.41%
KFY	B	0.09%	0.28%	0.09%
LECO	B	0.2%	0.35%	0.2%
LFUS	D	0.14%	0.26%	0.14%
LOPE	B	0.05%	0.64%	0.05%
LSTR	B	0.21%	0.76%	0.21%
LXP	D	0.06%	0.35%	0.06%
MAN	F	0.07%	0.33%	0.07%
MDU	F	0.17%	0.54%	0.17%
MMS	C	0.05%	1.01%	0.05%
MSA	D	0.17%	0.8%	0.17%
MTG	D	0.23%	0.54%	0.23%
MTN	D	0.2%	0.28%	0.2%
MUSA	B	0.33%	0.45%	0.33%
NFG	C	0.21%	1.17%	0.21%
NJR	B	0.21%	1.2%	0.21%
NMIH	D	0.09%	0.56%	0.09%
NYT	C	0.18%	1.06%	0.18%
OGS	B	0.31%	0.68%	0.31%
OHI	B	0.2%	1.17%	0.2%
ONB	A	0.17%	0.29%	0.17%
ORA	C	0.11%	0.27%	0.11%
ORI	A	0.13%	1.67%	0.13%
OSK	B	0.29%	0.28%	0.28%
PCH	F	0.18%	0.2%	0.18%
PECO	B	0.07%	0.74%	0.07%
PLXS	B	0.17%	0.26%	0.17%
POST	D	0.09%	1.63%	0.09%
PRGS	A	0.23%	0.59%	0.23%
PRI	A	0.22%	0.73%	0.22%
R	B	0.28%	0.28%	0.28%
RDN	C	0.09%	0.38%	0.09%
REXR	F	0.33%	0.2%	0.2%
RGA	A	0.29%	0.65%	0.29%
RGLD	C	0.32%	0.35%	0.32%
RLI	A	0.19%	1.32%	0.19%
RNR	D	0.26%	0.69%	0.26%
RYN	F	0.05%	0.45%	0.05%
SBRA	B	0.08%	0.59%	0.08%
SCI	B	0.27%	0.61%	0.27%
SF	A	0.16%	0.68%	0.16%

ESML Overweight 800 Positions Relative to HSMV

Symbol	Grade	Weight
CVNA	B	0.48%
USFD	A	0.48%
SFM	B	0.43%
GWRE	A	0.43%
EWBC	A	0.39%
JLL	C	0.38%
FIX	B	0.37%
NTNX	B	0.34%
FTI	B	0.34%
FLEX	B	0.33%
AYI	A	0.33%
FRT	C	0.32%
XPO	B	0.32%
BMI	B	0.29%
IBKR	A	0.29%
BLD	F	0.28%
SUM	B	0.28%
SNV	B	0.28%
GBCI	B	0.28%
CNX	B	0.27%
PNFP	B	0.27%
SAIA	B	0.27%
COHR	B	0.27%
SIGI	B	0.27%
TOL	B	0.27%
SSB	B	0.26%
WMS	F	0.26%
NTRA	B	0.26%
AXTA	B	0.26%
THC	B	0.25%
HRI	B	0.25%
UGI	D	0.25%
UMBF	B	0.25%
IVZ	C	0.25%
PCVX	D	0.25%
ALSN	B	0.25%
TPR	B	0.25%
WBS	B	0.24%
MWA	B	0.24%
ARMK	C	0.24%
CNM	D	0.24%
RRC	B	0.24%
WEX	D	0.24%
NCLH	A	0.24%
EXLS	A	0.23%
BFAM	F	0.23%
MOG.A	B	0.23%
ONTO	F	0.23%
UNM	A	0.23%
AWI	A	0.23%
KBH	D	0.22%
FND	F	0.22%
FTAI	B	0.22%
GNRC	B	0.22%
WCC	B	0.22%
FTDR	B	0.22%
ALK	A	0.22%
AAON	B	0.22%
CUZ	C	0.22%
AA	C	0.21%
HAS	D	0.21%
FHN	B	0.21%
WAL	B	0.21%
SRPT	F	0.21%
ZWS	B	0.21%
HHH	B	0.21%
INSM	D	0.21%
CMC	B	0.21%
LAD	B	0.21%
CVLT	B	0.21%
FRPT	B	0.2%
TTEK	C	0.2%
VFC	C	0.2%
HOG	F	0.2%
AFRM	A	0.2%
PCTY	A	0.2%
LNW	C	0.2%
BDC	B	0.2%
AR	B	0.2%
ITRI	B	0.2%
RHI	B	0.2%
WTS	B	0.2%
GME	C	0.19%
WK	B	0.19%
SNDR	A	0.19%
BHLB	B	0.19%
REZI	A	0.19%
NVT	B	0.19%
ENLC	B	0.19%
WHR	B	0.19%
FBP	B	0.19%
WWD	B	0.19%
RHP	B	0.19%
WSC	F	0.19%
DAR	B	0.19%
NOVT	C	0.19%
CMA	B	0.19%
CR	B	0.19%
OMF	B	0.19%
DUOL	B	0.18%
PR	B	0.18%
TMHC	C	0.18%
MTZ	B	0.18%
MTH	D	0.18%
WING	D	0.18%
BWA	B	0.18%
GPI	B	0.18%
CIEN	B	0.18%
SOFI	B	0.18%
ZION	B	0.18%
AXS	B	0.18%
MORN	A	0.18%
TGNA	B	0.18%
KNSL	C	0.18%
RGEN	D	0.17%
TKO	D	0.17%
VVV	B	0.17%
BERY	C	0.17%
AEIS	B	0.17%
LPX	A	0.17%
FMC	F	0.17%
LUMN	B	0.17%
GKOS	A	0.17%
PLNT	B	0.17%
THG	A	0.17%
SITE	C	0.17%
SPXC	B	0.17%
PEN	B	0.17%
DBX	B	0.16%
VOYA	A	0.16%
WFRD	D	0.16%
SPSC	D	0.16%
UBSI	B	0.16%
LSCC	C	0.16%
FN	B	0.16%
CROX	F	0.16%
CHX	D	0.16%
BANR	B	0.16%
ITCI	B	0.16%
BHE	B	0.16%
ESTC	C	0.16%
GXO	B	0.16%
KNTK	B	0.16%
PVH	C	0.16%
LAZ	B	0.16%
PCOR	B	0.16%
BCC	B	0.16%
ASB	B	0.16%
ALTR	C	0.15%
CRS	B	0.15%
ANF	D	0.15%
HNI	B	0.15%
BRKR	F	0.15%
CZR	D	0.15%
GTLB	C	0.15%
MEDP	D	0.15%
JXN	B	0.15%
NOV	D	0.15%
ASGN	B	0.15%
MYRG	B	0.15%
MMSI	A	0.15%
MOD	C	0.15%
KTB	B	0.15%
X	B	0.15%
SLM	B	0.15%
TNL	A	0.15%
VNT	B	0.15%
ELAN	D	0.15%
HQY	A	0.15%
LNTH	F	0.15%
EAT	A	0.15%
RRX	C	0.15%
CRUS	F	0.15%
ACIW	B	0.15%
SR	C	0.14%
VKTX	D	0.14%
ECG	C	0.14%
RMBS	C	0.14%
ACA	B	0.14%
KLIC	B	0.14%
CFLT	B	0.14%
PINC	B	0.14%
AVAV	C	0.14%
RYAN	B	0.14%
ESI	B	0.14%
WH	A	0.14%
VLY	B	0.14%
MAT	C	0.14%
FIBK	B	0.14%
TPH	D	0.14%
ATI	D	0.14%
SMAR	B	0.14%
HIW	D	0.14%
NSIT	F	0.14%
PDCO	D	0.14%
THO	B	0.13%
CAVA	B	0.13%
CRDO	B	0.13%
WTM	A	0.13%
CABO	C	0.13%
HALO	B	0.13%
HASI	F	0.13%
EPAC	B	0.13%
LRN	B	0.13%
MUR	F	0.13%
M	D	0.13%
IBCP	B	0.13%
ITGR	B	0.13%
HESM	D	0.13%
CYTK	C	0.13%
SWX	B	0.13%
KNF	C	0.13%
OZK	B	0.13%
BOX	B	0.13%
MKSI	D	0.13%
AZEK	B	0.13%
CPF	B	0.13%
VMI	B	0.13%
BECN	B	0.13%
CBT	B	0.13%
CADE	B	0.13%
TPX	C	0.13%
FYBR	D	0.13%
PRIM	B	0.13%
NXT	D	0.12%
SON	F	0.12%
AIT	A	0.12%
ABG	B	0.12%
YETI	C	0.12%
WHD	B	0.12%
WGO	B	0.12%
XENE	B	0.12%
S	B	0.12%
SHOO	D	0.12%
AGNC	D	0.12%
ELF	C	0.12%
PSN	A	0.12%
MTX	B	0.12%
WERN	B	0.12%
GL	B	0.12%
LBRDA	B	0.12%
IRDM	C	0.12%
OLLI	D	0.12%
NPO	B	0.12%
GTLS	A	0.12%
COLB	B	0.12%
ADT	B	0.12%
GAP	C	0.12%
DXC	B	0.11%
CGNX	B	0.11%
ACHC	F	0.11%
HAE	B	0.11%
TRNO	D	0.11%
SLG	C	0.11%
APPF	B	0.11%
PFSI	D	0.11%
ETSY	C	0.11%
QTWO	B	0.11%
LEA	F	0.11%
PATH	C	0.11%
IBP	F	0.11%
LCII	D	0.11%
BHVN	C	0.11%
KOS	F	0.11%
VECO	F	0.11%
KRC	C	0.11%
WDFC	A	0.11%
CRNX	B	0.11%
CCOI	C	0.11%
ALTM	C	0.11%
FULT	B	0.11%
ECPG	B	0.11%
FLR	C	0.11%
DFIN	D	0.11%
STRL	B	0.11%
FIVE	F	0.11%
IMAX	B	0.1%
TDC	D	0.1%
INSP	D	0.1%
POWL	B	0.1%
PRCT	B	0.1%
WEN	C	0.1%
NXST	C	0.1%
ZI	C	0.1%
VC	D	0.1%
CSGS	B	0.1%
MRCY	B	0.1%
SJW	D	0.1%
NWL	B	0.1%
CRC	B	0.1%
AL	B	0.1%
AMAL	B	0.1%
SCL	C	0.1%
KAR	A	0.1%
FA	D	0.1%
ERII	B	0.1%
AUB	B	0.1%
RVMD	B	0.1%
SIG	B	0.1%
BILL	A	0.1%
APAM	B	0.1%
ABCB	B	0.1%
RXO	C	0.1%
HCP	A	0.1%
CVBF	B	0.1%
ALKS	B	0.1%
DNLI	B	0.1%
DRS	B	0.1%
FUL	F	0.1%
U	D	0.1%
SSD	D	0.1%
TXRH	B	0.1%
PEGA	A	0.1%
DY	C	0.1%
GMED	B	0.1%
RDUS	C	0.1%
STWD	D	0.1%
EFSC	B	0.1%
OLED	F	0.09%
HR	C	0.09%
MIR	C	0.09%
CRSP	C	0.09%
EWTX	B	0.09%
UNIT	B	0.09%
KD	B	0.09%
CRVL	B	0.09%
ESE	B	0.09%
LYFT	B	0.09%
ICFI	C	0.09%
AEO	F	0.09%
PJT	B	0.09%
MGRC	B	0.09%
AROC	B	0.09%
RDNT	B	0.09%
RL	B	0.09%
CFR	B	0.09%
VNO	C	0.09%
CURB	C	0.09%
LNC	B	0.09%
SLAB	F	0.09%
SHAK	B	0.09%
TRN	A	0.09%
BRC	B	0.09%
OPCH	F	0.09%
AMED	F	0.09%
CAC	B	0.09%
ATKR	C	0.09%
BRBR	A	0.09%
OGN	F	0.09%
DV	C	0.09%
TENB	D	0.09%
UNFI	B	0.08%
BC	D	0.08%
TILE	B	0.08%
CWK	B	0.08%
PLMR	C	0.08%
PRKS	B	0.08%
AUR	C	0.08%
BWIN	D	0.08%
EVRI	A	0.08%
SPB	A	0.08%
TDS	B	0.08%
AZTA	D	0.08%
ST	F	0.08%
ALG	B	0.08%
BXMT	C	0.08%
ENOV	C	0.08%
ICUI	C	0.08%
RUN	F	0.08%
RNA	B	0.08%
BOH	B	0.08%
BPMC	B	0.08%
NTGR	B	0.08%
STC	C	0.08%
RNST	B	0.08%
SNX	C	0.08%
TEX	C	0.08%
LBPH	A	0.08%
TARS	B	0.08%
PI	D	0.08%
LITE	B	0.08%
CNK	A	0.08%
GVA	B	0.08%
RKLB	B	0.08%
LNN	B	0.08%
HWC	B	0.08%
MAC	B	0.08%
MTSI	B	0.08%
JBT	C	0.08%
MNKD	C	0.07%
CART	B	0.07%
XRAY	F	0.07%
VITL	F	0.07%
CLF	D	0.07%
VNOM	C	0.07%
PAYO	B	0.07%
WTFC	A	0.07%
W	F	0.07%
PAR	A	0.07%
CCS	F	0.07%
SG	C	0.07%
UPST	B	0.07%
KREF	D	0.07%
AVNT	B	0.07%
UEC	B	0.07%
PRGO	C	0.07%
MRUS	C	0.07%
CALX	F	0.07%
RH	B	0.07%
WD	C	0.07%
NARI	C	0.07%
AAT	C	0.07%
COLD	F	0.07%
HBI	B	0.07%
PHAT	F	0.07%
PDM	C	0.07%
HAIN	F	0.07%
GT	C	0.07%
GTES	B	0.07%
PLUS	D	0.07%
COMP	B	0.07%
CCCS	B	0.07%
EYE	D	0.07%
DOCS	B	0.07%
VRDN	C	0.07%
XHR	B	0.07%
VAC	B	0.07%
AMN	F	0.07%
SONO	C	0.07%
VCTR	B	0.07%
BDN	D	0.07%
SEE	C	0.07%
TNET	D	0.07%
LBRDK	B	0.07%
ROG	D	0.07%
INTA	B	0.07%
SASR	B	0.07%
HIMS	B	0.07%
ESRT	D	0.07%
TREX	C	0.07%
SEM	B	0.07%
DEA	D	0.07%
KTOS	B	0.07%
WU	F	0.07%
ZD	B	0.07%
CTS	B	0.07%
MHK	D	0.07%
VSEC	A	0.07%
AZZ	B	0.07%
TBBK	B	0.07%
INDB	B	0.07%
CWEN	D	0.07%
CLVT	F	0.07%
PRVA	B	0.07%
AN	D	0.07%
ACLX	B	0.07%
BL	B	0.07%
NWN	B	0.07%
IESC	B	0.07%
KOP	D	0.07%
PIPR	B	0.07%
MARA	C	0.07%
PLYA	B	0.07%
ATRC	B	0.07%
ALHC	C	0.07%
OUT	C	0.07%
SXT	B	0.07%
VVX	B	0.07%
CHWY	B	0.07%
AMWD	B	0.07%
RARE	F	0.07%
BPOP	C	0.07%
SFBS	B	0.06%
RBBN	B	0.06%
NRIX	B	0.06%
RNG	C	0.06%
ADUS	D	0.06%
VBTX	B	0.06%
SLVM	C	0.06%
CWEN	D	0.06%
CIVI	F	0.06%
ANDE	D	0.06%
CC	D	0.06%
PTCT	B	0.06%
PLUG	D	0.06%
VERA	B	0.06%
PPBI	B	0.06%
MHO	D	0.06%
GERN	D	0.06%
CRAI	B	0.06%
AORT	C	0.06%
VRRM	F	0.06%
GH	B	0.06%
APGE	B	0.06%
SPR	F	0.06%
COKE	D	0.06%
LCID	F	0.06%
PLAY	C	0.06%
NUVL	D	0.06%
ROCK	B	0.06%
OMCL	C	0.06%
PTGX	C	0.06%
EXP	B	0.06%
RUSHB	B	0.06%
ALKT	C	0.06%
IBOC	B	0.06%
SM	C	0.06%
PYCR	C	0.06%
JWN	B	0.06%
VERX	B	0.06%
MOV	C	0.06%
VVI	B	0.06%
EXPO	D	0.06%
OWL	B	0.06%
CAKE	B	0.06%
IART	C	0.06%
FIVN	C	0.06%
JANX	C	0.06%
FROG	C	0.06%
ADMA	B	0.06%
EWCZ	C	0.06%
FFIN	B	0.06%
HI	C	0.06%
KVYO	C	0.06%
LEG	F	0.06%
FUN	C	0.06%
TALO	B	0.06%
UFPT	B	0.06%
PNTG	D	0.06%
ELVN	C	0.06%
FOUR	B	0.06%
BYD	A	0.06%
PAHC	B	0.06%
VREX	C	0.06%
TDOC	C	0.06%
BOOT	D	0.06%
CBU	B	0.06%
PEB	D	0.06%
APG	B	0.06%
HELE	C	0.06%
MODG	F	0.06%
PK	B	0.06%
EE	B	0.06%
POWI	C	0.06%
HGV	B	0.06%
MBUU	C	0.06%
SMTC	B	0.06%
MDGL	B	0.06%
AVPT	A	0.06%
IRON	B	0.06%
HURN	B	0.06%
CLB	B	0.06%
OII	B	0.06%
RCM	B	0.06%
MASI	B	0.06%
JBGS	F	0.06%
FL	D	0.06%
ROIV	D	0.06%
BANC	B	0.06%
UPBD	B	0.06%
KROS	B	0.06%
IDYA	D	0.06%
VRNS	D	0.06%
VSCO	B	0.06%
HWKN	C	0.06%
CMP	D	0.06%
HAFC	B	0.06%
SKT	A	0.06%
KE	C	0.06%
GBX	A	0.06%
ENV	B	0.06%
CALM	A	0.06%
ZYME	A	0.06%
CLNE	C	0.06%
WRBY	A	0.06%
SATS	C	0.06%
NVST	C	0.06%
ALEC	C	0.05%
JAMF	F	0.05%
HZO	D	0.05%
KLG	D	0.05%
MLTX	C	0.05%
IMVT	D	0.05%
PFS	B	0.05%
DOCN	D	0.05%
ZEUS	C	0.05%
INVX	D	0.05%
ASAN	C	0.05%
PLOW	D	0.05%
CUBI	B	0.05%
DNOW	B	0.05%
WOLF	F	0.05%
BEAM	C	0.05%
ARCB	C	0.05%
LESL	D	0.05%
LGF.A	C	0.05%
WNC	C	0.05%
BBIO	F	0.05%
BE	C	0.05%
DLX	B	0.05%
AHH	D	0.05%
NEP	F	0.05%
ACEL	C	0.05%
RAMP	C	0.05%
GRBK	D	0.05%
TNDM	F	0.05%
CAR	C	0.05%
VSTS	D	0.05%
AMBC	C	0.05%
NEOG	D	0.05%
COGT	D	0.05%
DGII	B	0.05%
FLGT	F	0.05%
REVG	B	0.05%
FFBC	B	0.05%
FLG	C	0.05%
CDE	D	0.05%
THRM	D	0.05%
PBI	B	0.05%
MRC	B	0.05%
AGYS	B	0.05%
ICHR	C	0.05%
KELYA	F	0.05%
FRSH	C	0.05%
BNL	D	0.05%
SIBN	C	0.05%
NABL	F	0.05%
SNDX	D	0.05%
ASTE	B	0.05%
MNRO	B	0.05%
AGIO	B	0.05%
KMPR	A	0.05%
TGTX	B	0.05%
PSMT	D	0.05%
LEVI	F	0.05%
HL	D	0.05%
VYX	B	0.05%
INFA	D	0.05%
MTTR	B	0.05%
CPRX	B	0.05%
ETNB	D	0.05%
IONS	F	0.05%
AVDX	C	0.05%
NEO	C	0.05%
UAA	B	0.05%
TGI	B	0.05%
WKC	D	0.05%
THS	F	0.05%
SHC	D	0.05%
MXL	C	0.05%
PGRE	B	0.05%
KSS	F	0.05%
OSCR	F	0.05%
ARVN	D	0.05%
TROX	F	0.05%
PLRX	C	0.05%
WT	B	0.05%
SMPL	B	0.05%
FLYW	C	0.05%
ARKO	B	0.05%
TMDX	F	0.05%
ESTA	D	0.05%
AI	C	0.05%
PDFS	B	0.05%
SBH	C	0.05%
SKY	C	0.05%
GEF	A	0.05%
MLNK	B	0.05%
CNMD	C	0.05%
MMI	B	0.05%
EDR	C	0.05%
XPRO	F	0.05%
TWST	C	0.05%
LIVN	D	0.05%
GEF	A	0.05%
NCNO	B	0.05%
SMP	B	0.05%
PRG	C	0.05%
HLIT	D	0.05%
ARQT	C	0.05%
VRTS	B	0.05%
CWAN	B	0.05%
SLNO	B	0.05%
BROS	B	0.05%
DCO	C	0.05%
VRNT	D	0.05%
NBHC	B	0.05%
ATEN	A	0.05%
PRO	C	0.05%
INFN	C	0.05%
CMCO	C	0.05%
EMBC	B	0.05%
MTRN	B	0.05%
ARWR	C	0.05%
AAP	D	0.05%
CBZ	B	0.05%
AIR	C	0.05%
GOGO	C	0.05%
ZUO	C	0.05%
AXSM	B	0.05%
YELP	C	0.05%
PBF	F	0.05%
PRAA	C	0.05%
NBTB	B	0.05%
MPW	F	0.05%
RUSHA	B	0.05%
ATGE	B	0.05%
TNC	F	0.05%
RXST	F	0.05%
CSTL	C	0.05%
ACVA	C	0.05%
BGC	B	0.05%
BKU	B	0.05%
HAYW	C	0.05%
HCC	C	0.05%
RKT	D	0.05%
PD	C	0.05%
KYMR	B	0.05%
ETWO	D	0.04%
OMI	F	0.04%
CAL	D	0.04%
TXG	F	0.04%
FNA	C	0.04%
DK	D	0.04%
FORM	D	0.04%
CXM	C	0.04%
SAVA	D	0.04%
SVRA	D	0.04%
NUVB	C	0.04%
MEG	F	0.04%
MYGN	F	0.04%
SPT	D	0.04%
CCRN	F	0.04%
HOUS	F	0.04%
STAA	F	0.04%
XRX	F	0.04%
CLDX	F	0.04%
FOXF	F	0.04%
UCB	B	0.04%
BRZE	C	0.04%
SWTX	D	0.04%
NTLA	F	0.04%
EGY	F	0.04%
ARCT	F	0.04%
MLKN	D	0.04%
RCUS	C	0.04%
KURA	D	0.04%
PRTA	F	0.04%
BRY	F	0.04%
CLW	F	0.04%
DYN	D	0.04%
PTEN	D	0.04%
FTRE	D	0.04%
HPP	F	0.04%
COUR	F	0.04%
AMC	C	0.04%
RCKT	F	0.04%
QS	F	0.04%
MTUS	C	0.04%
GO	D	0.04%
MEI	F	0.04%
CECO	D	0.04%
CGEM	F	0.04%
CLSK	C	0.04%
TMCI	C	0.04%
HLX	D	0.04%
ARLO	D	0.04%
BASE	C	0.04%
PENN	B	0.04%
AXL	C	0.04%
GPRE	F	0.04%
BKD	F	0.04%
MGNI	A	0.04%
IVR	D	0.04%
KRYS	B	0.04%
PGNY	F	0.04%
NVCR	C	0.04%
XPEL	C	0.04%
ALRM	C	0.04%
QDEL	F	0.04%
RXRX	C	0.04%
ANAB	F	0.03%
AGL	F	0.03%
VSAT	F	0.03%
ASPN	F	0.03%
MQ	F	0.03%
SITC	D	0.03%
CRMT	F	0.03%
CNXC	F	0.03%
CDNA	D	0.03%
SEDG	F	0.03%
APLS	F	0.03%
CPRI	F	0.03%
NVAX	F	0.03%
JELD	F	0.03%
NOVA	F	0.03%
MAGN	F	0.02%
MC	B	0.02%
DEI	C	0.02%
GDOT	C	0.01%

ESML Underweight 43 Positions Relative to HSMV

Symbol	Grade	Weight
SEIC	A	-1.84%
CTRE	C	-1.7%
IDA	A	-1.52%
OGE	B	-1.51%
MSGS	B	-1.46%
FHI	A	-1.25%
AMH	D	-1.2%
NWE	C	-1.11%
POR	D	-1.09%
NNN	F	-1.06%
GNTX	C	-1.05%
GLPI	D	-1.03%
AFG	B	-1.02%
GGG	B	-1.0%
BKH	B	-0.86%
FCPT	D	-0.85%
ELS	C	-0.82%
EFC	D	-0.77%
PBH	A	-0.71%
SLGN	A	-0.68%
RPM	B	-0.65%
ACM	B	-0.59%
FNF	C	-0.51%
RS	B	-0.51%
LANC	B	-0.47%
PFGC	B	-0.45%
LAMR	D	-0.45%
SAIC	B	-0.44%
MSM	B	-0.44%
PB	A	-0.41%
EXEL	B	-0.39%
FNB	A	-0.34%
CSL	C	-0.33%
JJSF	B	-0.32%
G	B	-0.31%
ALV	C	-0.29%
KEX	A	-0.28%
EVTC	B	-0.27%
MIDD	C	-0.27%
LII	B	-0.26%
AIN	D	-0.21%
IRT	B	-0.21%
NSA	D	-0.13%