FESM vs. RFLR ETF Comparison

Comparison of Fidelity Enhanced Small Cap ETF (FESM) to Innovator U.S. Small Cap Power Buffer ETF - September Innovator U.S. Small Cap Managed Floor ETF (RFLR)

FESM

Fidelity Enhanced Small Cap ETF

FESM Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 2000® Index, which is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$33.78

Average Daily Volume

114,986

Number of Holdings ^*

562

* may have additional holdings in another (foreign) market

RFLR

Innovator U.S. Small Cap Power Buffer ETF - September Innovator U.S. Small Cap Managed Floor ETF

RFLR Description

The fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. small capitalization companies and option contracts that give economic exposure to equity securities of U.S. small capitalization companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.26

Average Daily Volume

5,758

Number of Holdings ^*

1097

* may have additional holdings in another (foreign) market

Performance

Period	FESM	RFLR
30 Days	2.59%	0.80%
60 Days	3.59%	2.58%
90 Days	9.14%
12 Months

346 Overlapping Holdings

Symbol	Grade	Weight in FESM	Weight in RFLR	Overlap
ABCB	B	0.36%	0.18%	0.18%
ABM	B	0.32%	0.13%	0.13%
ABSI	F	0.05%	0.02%	0.02%
ACA	A	0.37%	0.19%	0.19%
ACAD	C	0.11%	0.11%	0.11%
ACIW	B	0.05%	0.15%	0.05%
ACLX	C	0.03%	0.17%	0.03%
ADMA	C	0.11%	0.01%	0.01%
ADUS	D	0.1%	0.11%	0.1%
AEO	F	0.5%	0.08%	0.08%
AGIO	C	0.14%	0.09%	0.09%
AGS	A	0.09%	0.03%	0.03%
AIR	B	0.49%	0.12%	0.12%
AKBA	C	0.08%	0.02%	0.02%
AKRO	C	0.06%	0.1%	0.06%
ALE	A	0.1%	0.2%	0.1%
ALRM	C	0.16%	0.09%	0.09%
ALTR	B	0.1%	0.23%	0.1%
ALX	D	0.04%	0.04%	0.04%
AMBA	B	0.09%	0.11%	0.09%
AMPH	F	0.1%	0.07%	0.07%
AMRX	C	0.12%	0.05%	0.05%
AMSC	C	0.12%	0.07%	0.07%
ANGO	C	0.02%	0.03%	0.02%
ANIP	D	0.08%	0.05%	0.05%
AORT	B	0.22%	0.05%	0.05%
AOSL	D	0.04%	0.03%	0.03%
APOG	B	0.38%	0.04%	0.04%
APPN	C	0.06%	0.08%	0.06%
ARAY	D	0.08%	0.02%	0.02%
ARLO	D	0.17%	0.05%	0.05%
AROC	A	0.39%	0.09%	0.09%
ARRY	D	0.03%	0.03%	0.03%
ARVN	D	0.06%	0.09%	0.06%
ARWR	D	0.05%	0.14%	0.05%
ATRC	C	0.13%	0.1%	0.1%
AUB	A	0.1%	0.14%	0.1%
AUR	C	0.09%	0.2%	0.09%
AVD	C	0.06%	0.04%	0.04%
AVNS	F	0.18%	0.04%	0.04%
AWR	A	0.3%	0.13%	0.13%
AX	A	0.29%	0.2%	0.2%
AXGN	D	0.21%	0.05%	0.05%
AXNX	A	0.03%	0.15%	0.03%
AXSM	B	0.07%	0.16%	0.07%
BAND	D	0.36%	0.03%	0.03%
BANF	B	0.43%	0.12%	0.12%
BASE	C	0.04%	0.03%	0.03%
BCC	A	0.16%	0.15%	0.15%
BCO	F	0.24%	0.04%	0.04%
BCPC	B	0.09%	0.22%	0.09%
BCRX	D	0.1%	0.08%	0.08%
BDC	B	0.29%	0.23%	0.23%
BECN	A	0.03%	0.22%	0.03%
BGC	B	0.66%	0.17%	0.17%
BGS	F	0.06%	0.04%	0.04%
BHE	B	0.41%	0.11%	0.11%
BKD	F	0.06%	0.06%	0.06%
BL	C	0.2%	0.13%	0.13%
BLKB	C	0.07%	0.15%	0.07%
BMI	C	0.4%	0.1%	0.1%
BOH	B	0.16%	0.13%	0.13%
BOOT	C	0.05%	0.2%	0.05%
BRSP	B	0.04%	0.04%	0.04%
BSIG	A	0.07%	0.05%	0.05%
BVS	D	0.18%	0.02%	0.02%
CALM	A	0.22%	0.12%	0.12%
CATY	A	0.08%	0.02%	0.02%
CCBG	B	0.01%	0.05%	0.01%
CDE	C	0.07%	0.06%	0.06%
CDP	C	0.25%	0.14%	0.14%
CDXS	C	0.06%	0.03%	0.03%
CECO	C	0.35%	0.06%	0.06%
CEIX	A	0.25%	0.23%	0.23%
CHGG	D	0.03%	0.02%	0.02%
CMPR	F	0.39%	0.09%	0.09%
CNK	A	0.14%	0.13%	0.13%
CNO	A	0.27%	0.18%	0.18%
CNXN	D	0.18%	0.04%	0.04%
COGT	D	0.05%	0.05%	0.05%
COMM	D	0.22%	0.06%	0.06%
CORT	C	0.23%	0.21%	0.21%
COUR	F	0.04%	0.07%	0.04%
CPRX	C	0.14%	0.1%	0.1%
CPS	C	0.15%	0.03%	0.03%
CRAI	B	0.22%	0.05%	0.05%
CRBU	D	0.02%	0.03%	0.02%
CRC	A	0.22%	0.28%	0.22%
CRGY	A	0.58%	0.06%	0.06%
CRNX	C	0.13%	0.17%	0.13%
CRVL	A	0.04%	0.13%	0.04%
CSGS	B	0.59%	0.03%	0.03%
CSR	B	0.03%	0.04%	0.03%
CSWI	A	0.17%	0.32%	0.17%
CTBI	A	0.07%	0.07%	0.07%
CTKB	C	0.07%	0.04%	0.04%
CTRE	D	0.2%	0.21%	0.2%
CVBF	A	0.05%	0.14%	0.05%
CWT	D	0.2%	0.11%	0.11%
CXM	C	0.04%	0.05%	0.04%
DAKT	A	0.05%	0.03%	0.03%
DCO	B	0.17%	0.04%	0.04%
DIOD	F	0.1%	0.13%	0.1%
DNLI	C	0.07%	0.21%	0.07%
DSGN	C	0.05%	0.02%	0.02%
DVAX	C	0.02%	0.08%	0.02%
DY	C	0.15%	0.22%	0.15%
EAT	A	0.11%	0.19%	0.11%
EBS	C	0.09%	0.03%	0.03%
EDIT	F	0.03%	0.03%	0.03%
EE	A	0.05%	0.04%	0.04%
EGHT	C	0.29%	0.03%	0.03%
ENS	D	0.61%	0.18%	0.18%
ENTA	F	0.03%	0.02%	0.02%
EOLS	F	0.06%	0.06%	0.06%
EPAC	B	0.23%	0.13%	0.13%
EQC	A	0.31%	0.1%	0.1%
ESRT	D	0.34%	0.1%	0.1%
ETD	D	0.14%	0.04%	0.04%
ETNB	D	0.05%	0.06%	0.05%
EWTX	C	0.16%	0.1%	0.1%
EZPW	A	0.23%	0.04%	0.04%
FBP	B	0.28%	0.29%	0.28%
FDP	A	0.08%	0.05%	0.05%
FFBC	A	0.1%	0.09%	0.09%
FHI	A	0.5%	0.14%	0.14%
FIZZ	B	0.03%	0.04%	0.03%
FLNC	D	0.17%	0.06%	0.06%
FLYW	B	0.05%	0.04%	0.04%
FNKO	D	0.03%	0.02%	0.02%
FOLD	F	0.14%	0.13%	0.13%
FORM	F	0.12%	0.08%	0.08%
FSS	B	0.08%	0.13%	0.08%
FTDR	B	0.08%	0.17%	0.08%
FUL	F	0.52%	0.14%	0.14%
FULT	A	0.19%	0.15%	0.15%
GATX	A	0.01%	0.13%	0.01%
GCI	D	0.03%	0.02%	0.02%
GEO	A	0.22%	0.14%	0.14%
GERN	F	0.04%	0.12%	0.04%
GHC	B	0.14%	0.09%	0.09%
GIII	D	0.03%	0.07%	0.03%
GNW	A	0.33%	0.07%	0.07%
GT	C	0.39%	0.11%	0.11%
HAE	B	0.14%	0.21%	0.14%
HBI	A	0.07%	0.07%	0.07%
HCI	C	0.11%	0.03%	0.03%
HIMS	C	0.03%	0.15%	0.03%
HL	D	0.19%	0.18%	0.18%
HLIT	F	0.09%	0.05%	0.05%
HNI	B	0.2%	0.09%	0.09%
HNST	A	0.03%	0.02%	0.02%
HROW	D	0.03%	0.09%	0.03%
HRTX	F	0.04%	0.01%	0.01%
HSTM	B	0.2%	0.08%	0.08%
HUMA	F	0.03%	0.03%	0.03%
HURN	B	0.21%	0.11%	0.11%
HWC	B	0.22%	0.2%	0.2%
HWKN	B	0.53%	0.05%	0.05%
HY	D	0.18%	0.03%	0.03%
IART	C	0.06%	0.11%	0.06%
ICFI	F	0.04%	0.1%	0.04%
IDT	B	0.03%	0.05%	0.03%
IMVT	F	0.01%	0.1%	0.01%
INDB	A	0.1%	0.13%	0.1%
INO	F	0.01%	0.02%	0.01%
INTA	B	0.17%	0.15%	0.15%
IOVA	D	0.04%	0.13%	0.04%
IRWD	D	0.07%	0.03%	0.03%
ITRI	B	0.47%	0.15%	0.15%
JAMF	F	0.07%	0.04%	0.04%
JXN	B	0.64%	0.34%	0.34%
KALV	F	0.04%	0.02%	0.02%
KAR	A	0.31%	0.1%	0.1%
KE	C	0.07%	0.04%	0.04%
KNF	B	0.13%	0.23%	0.13%
KREF	D	0.12%	0.04%	0.04%
KRYS	C	0.11%	0.16%	0.11%
KTB	A	0.08%	0.13%	0.08%
KTOS	C	0.31%	0.09%	0.09%
KYMR	C	0.03%	0.06%	0.03%
LADR	B	0.1%	0.06%	0.06%
LGF.A	F	0.07%	0.03%	0.03%
LGF.A	F	0.05%	0.06%	0.05%
LGF.A	F	0.07%	0.06%	0.06%
LGF.A	F	0.05%	0.03%	0.03%
LGND	C	0.09%	0.09%	0.09%
LKFN	A	0.52%	0.1%	0.1%
LMB	A	0.17%	0.05%	0.05%
LMND	A	0.51%	0.1%	0.1%
LUNR	B	0.07%	0.02%	0.02%
LYTS	A	0.11%	0.03%	0.03%
MAC	A	0.22%	0.19%	0.19%
MATX	B	0.32%	0.3%	0.3%
MBWM	B	0.03%	0.06%	0.03%
MCB	A	0.02%	0.02%	0.02%
MCY	A	0.03%	0.09%	0.03%
MDGL	C	0.15%	0.25%	0.15%
MDXG	A	0.02%	0.04%	0.02%
MGNX	D	0.04%	0.02%	0.02%
MHO	D	0.59%	0.22%	0.22%
MLNK	C	0.05%	0.04%	0.04%
MOG.A	B	0.25%	0.16%	0.16%
MQ	D	0.02%	0.06%	0.02%
MRC	B	0.08%	0.04%	0.04%
MRSN	C	0.02%	0.02%	0.02%
MRTN	C	0.23%	0.1%	0.1%
MSBI	B	0.04%	0.06%	0.04%
MTRN	C	0.08%	0.1%	0.08%
MTX	B	0.56%	0.12%	0.12%
MWA	B	0.6%	0.11%	0.11%
MXL	D	0.48%	0.03%	0.03%
NABL	F	0.06%	0.04%	0.04%
NARI	B	0.03%	0.07%	0.03%
NBR	D	0.24%	0.03%	0.03%
NBTB	B	0.07%	0.12%	0.07%
NKTR	F	0.02%	0.02%	0.02%
NMIH	D	0.33%	0.16%	0.16%
NPAB	F	0.04%	0.09%	0.04%
NPK	C	0.03%	0.05%	0.03%
NRIX	C	0.14%	0.03%	0.03%
NSSC	F	0.04%	0.08%	0.04%
NXRT	A	0.04%	0.06%	0.04%
ODP	F	0.09%	0.06%	0.06%
OFG	B	0.15%	0.18%	0.15%
ONTF	C	0.02%	0.04%	0.02%
OPY	B	0.05%	0.06%	0.05%
OTTR	C	0.11%	0.15%	0.11%
OUT	A	0.53%	0.13%	0.13%
PACB	F	0.08%	0.03%	0.03%
PAYO	A	0.65%	0.12%	0.12%
PBH	A	0.21%	0.16%	0.16%
PBI	C	0.19%	0.07%	0.07%
PCRX	C	0.08%	0.04%	0.04%
PD	C	0.18%	0.08%	0.08%
PDCO	D	0.02%	0.09%	0.02%
PDFS	D	0.24%	0.03%	0.03%
PECO	A	0.34%	0.23%	0.23%
PFS	A	0.31%	0.13%	0.13%
PGEN	F	0.02%	0.02%	0.02%
PJT	B	0.18%	0.17%	0.17%
PL	B	0.07%	0.03%	0.03%
PLAB	D	0.22%	0.08%	0.08%
PLXS	B	0.23%	0.17%	0.17%
PRGS	B	0.26%	0.12%	0.12%
PRK	B	0.17%	0.14%	0.14%
PRLB	B	0.08%	0.05%	0.05%
PRO	C	0.18%	0.04%	0.04%
PTCT	C	0.17%	0.15%	0.15%
PTGX	D	0.08%	0.13%	0.08%
QTWO	B	0.8%	0.22%	0.22%
RAMP	C	0.02%	0.08%	0.02%
REPL	C	0.07%	0.02%	0.02%
REZI	A	0.46%	0.16%	0.16%
RM	D	0.06%	0.04%	0.04%
RNA	C	0.21%	0.14%	0.14%
RNST	B	0.22%	0.09%	0.09%
RUSHA	B	0.08%	0.17%	0.08%
RVNC	F	0.06%	0.04%	0.04%
RXO	C	0.06%	0.15%	0.06%
RXRX	F	0.09%	0.08%	0.08%
RYTM	C	0.16%	0.17%	0.16%
SAGE	F	0.05%	0.03%	0.03%
SAH	B	0.15%	0.04%	0.04%
SANA	F	0.03%	0.03%	0.03%
SANM	B	0.39%	0.19%	0.19%
SBH	A	0.18%	0.1%	0.1%
SCS	B	0.08%	0.05%	0.05%
SEM	B	0.07%	0.2%	0.07%
SFBS	B	0.18%	0.22%	0.18%
SFL	D	0.02%	0.17%	0.02%
SHAK	B	0.23%	0.19%	0.19%
SJW	F	0.21%	0.05%	0.05%
SKT	A	0.11%	0.2%	0.11%
SKYW	B	0.69%	0.17%	0.17%
SLG	B	0.13%	0.24%	0.13%
SLVM	B	0.18%	0.16%	0.16%
SMTC	C	0.19%	0.14%	0.14%
SNDX	F	0.06%	0.13%	0.06%
SNEX	A	0.25%	0.1%	0.1%
SPCE	C	0.01%	0.02%	0.01%
SPNS	F	0.02%	0.05%	0.02%
SPOK	B	0.02%	0.02%	0.02%
SPT	C	0.08%	0.09%	0.08%
SRRK	C	0.13%	0.07%	0.07%
STBA	B	0.03%	0.07%	0.03%
STEP	B	0.32%	0.14%	0.14%
STRO	D	0.05%	0.02%	0.02%
SUPN	B	0.02%	0.09%	0.02%
SXC	A	0.28%	0.06%	0.06%
SXT	C	0.32%	0.13%	0.13%
TCBK	A	0.02%	0.07%	0.02%
TCMD	A	0.08%	0.06%	0.06%
TDOC	C	0.08%	0.1%	0.08%
TDS	B	0.17%	0.13%	0.13%
TEX	D	0.34%	0.17%	0.17%
TGTX	C	0.09%	0.14%	0.09%
THR	B	0.07%	0.08%	0.07%
TILE	B	0.22%	0.05%	0.05%
TMCI	C	0.05%	0.06%	0.05%
TNYA	D	0.02%	0.02%	0.02%
TPH	D	0.34%	0.17%	0.17%
TREE	F	0.06%	0.04%	0.04%
TRN	A	0.26%	0.1%	0.1%
TRTX	B	0.15%	0.03%	0.03%
TRUP	B	0.12%	0.08%	0.08%
TSE	F	0.02%	0.02%	0.02%
TSHA	D	0.06%	0.01%	0.01%
TSVT	F	0.04%	0.02%	0.02%
TVTX	C	0.16%	0.06%	0.06%
TWST	F	0.14%	0.1%	0.1%
UCB	A	0.14%	0.16%	0.14%
UCTT	F	0.37%	0.06%	0.06%
UEC	A	0.06%	0.14%	0.06%
UMBF	B	0.34%	0.21%	0.21%
UNIT	B	0.11%	0.07%	0.07%
URGN	F	0.01%	0.02%	0.01%
USLM	A	0.03%	0.06%	0.03%
UVE	A	0.04%	0.03%	0.03%
VCEL	B	0.03%	0.12%	0.03%
VCYT	B	0.15%	0.14%	0.14%
VERA	B	0.02%	0.08%	0.02%
VICR	C	0.35%	0.05%	0.05%
VMEO	B	0.51%	0.07%	0.07%
VNDA	C	0.05%	0.03%	0.03%
VRE	A	0.18%	0.04%	0.04%
VREX	C	0.29%	0.07%	0.07%
VSCO	A	0.03%	0.1%	0.03%
VTOL	B	0.1%	0.03%	0.03%
WABC	B	0.21%	0.07%	0.07%
WEAV	B	0.07%	0.03%	0.03%
WK	B	0.28%	0.2%	0.2%
WMK	B	0.07%	0.04%	0.04%
WS	B	0.13%	0.06%	0.06%
WSBC	A	0.15%	0.15%	0.15%
WT	A	0.51%	0.05%	0.05%
XBIT	D	0.01%	0.02%	0.01%
XNCR	B	0.02%	0.03%	0.02%
XRX	F	0.18%	0.06%	0.06%
YELP	C	0.58%	0.07%	0.07%
YEXT	B	0.28%	0.03%	0.03%
YMAB	F	0.03%	0.02%	0.02%
YOU	D	0.32%	0.15%	0.15%
ZIP	D	0.05%	0.03%	0.03%
ZNTL	D	0.04%	0.03%	0.03%
ZUO	B	0.2%	0.04%	0.04%

FESM Overweight 218 Positions Relative to RFLR

Symbol	Grade	Weight
SFM	B	0.97%
LUMN	C	0.86%
CRS	A	0.81%
CVLT	B	0.77%
ANF	C	0.74%
FN	C	0.74%
SPSC	F	0.72%
COMP	B	0.58%
IBP	F	0.57%
NWBI	A	0.57%
QLYS	C	0.56%
EME	B	0.55%
CVNA	A	0.55%
FIX	A	0.55%
EXLS	B	0.54%
PRG	B	0.54%
MTDR	B	0.51%
UPBD	C	0.5%
FLR	B	0.5%
IGT	F	0.49%
AIT	A	0.47%
TMHC	B	0.47%
LANC	D	0.45%
SIGI	B	0.44%
CODI	A	0.44%
INSM	D	0.42%
MMSI	A	0.4%
WTS	A	0.39%
CBU	B	0.37%
AAT	C	0.36%
CRDO	C	0.36%
PCVX	D	0.36%
TENB	D	0.36%
GH	B	0.35%
CNMD	C	0.35%
FFIN	A	0.35%
BBSI	A	0.33%
SF	A	0.32%
ATI	D	0.32%
COKE	D	0.32%
SWX	A	0.31%
NJR	A	0.3%
MTH	D	0.3%
WOOF	D	0.3%
GFF	B	0.3%
PHR	F	0.29%
TRNO	D	0.28%
LNW	F	0.28%
RVMD	B	0.26%
PLPC	B	0.25%
HP	C	0.25%
HQY	A	0.24%
PSN	C	0.24%
CPF	A	0.23%
BUSE	B	0.23%
HLX	C	0.23%
ROCK	C	0.21%
HALO	D	0.21%
OI	D	0.21%
AXL	C	0.21%
ALKS	C	0.21%
KBH	D	0.2%
TNC	F	0.19%
MUR	D	0.19%
UBSI	A	0.19%
RMBS	C	0.19%
CADE	B	0.18%
FRME	A	0.18%
IRTC	C	0.17%
EXPI	C	0.16%
DXPE	B	0.16%
BPMC	C	0.16%
CYTK	D	0.16%
DOMO	C	0.15%
STNG	F	0.15%
NFBK	B	0.15%
AMSF	B	0.15%
OPCH	F	0.14%
WKC	D	0.14%
FLXS	B	0.14%
VRTS	B	0.14%
WSR	A	0.13%
EXTR	C	0.13%
SRCE	B	0.13%
BRC	C	0.12%
ZEUS	C	0.12%
DK	D	0.12%
REPX	A	0.12%
CHX	C	0.11%
HCAT	C	0.11%
DYN	F	0.11%
CDNA	D	0.11%
TRUE	B	0.1%
OSCR	D	0.1%
NGVC	B	0.1%
GKOS	B	0.1%
GMRE	F	0.1%
KURA	F	0.1%
RDFN	F	0.1%
VBTX	B	0.09%
ADPT	C	0.09%
AMAL	B	0.09%
MYGN	F	0.09%
ARQT	C	0.09%
BSRR	B	0.08%
SGMO	C	0.08%
CDMO	A	0.08%
DEA	D	0.08%
EGP	D	0.08%
LTH	D	0.08%
AIN	C	0.08%
URBN	C	0.08%
WVE	C	0.08%
SSTK	F	0.08%
LNTH	F	0.07%
LIVN	C	0.07%
NVAX	F	0.07%
ORIC	D	0.07%
KOD	B	0.07%
HRTG	C	0.07%
FISI	B	0.07%
PGC	A	0.07%
MYE	F	0.07%
OPEN	F	0.07%
NUVB	C	0.07%
ATNI	F	0.07%
MEDP	D	0.07%
WSBF	B	0.07%
COLL	F	0.07%
BBIO	F	0.07%
ANNX	F	0.06%
ERAS	C	0.06%
ARCT	F	0.06%
CMC	B	0.06%
CCCC	F	0.06%
HURC	C	0.06%
GIC	F	0.06%
CLDX	F	0.06%
CERS	D	0.06%
QTRX	D	0.06%
FBK	B	0.06%
ALLK	C	0.05%
OABI	F	0.05%
PAHC	B	0.05%
ATRO	F	0.05%
ORGO	B	0.05%
UHT	D	0.05%
OIS	B	0.05%
BY	B	0.05%
SNBR	F	0.05%
ONTO	F	0.05%
MCRI	A	0.05%
LPSN	F	0.04%
BLBD	F	0.04%
BDTX	F	0.04%
TNDM	F	0.04%
TERN	F	0.04%
NUVL	D	0.04%
VYGR	F	0.04%
IDYA	F	0.04%
TXRH	B	0.04%
PRTS	C	0.03%
ANIK	D	0.03%
ACET	F	0.03%
RMAX	D	0.03%
SHEN	F	0.03%
CWCO	C	0.03%
RLMD	F	0.03%
BEAM	D	0.03%
ENSG	D	0.03%
STNE	F	0.03%
MED	F	0.03%
RLAY	F	0.03%
RCKT	F	0.03%
ASC	F	0.03%
UVSP	B	0.03%
UFPI	C	0.03%
ETWO	F	0.03%
BHLB	B	0.03%
LMAT	A	0.03%
GRC	B	0.03%
FATE	F	0.03%
RCKY	F	0.02%
EB	C	0.02%
UPLD	B	0.02%
DIN	C	0.02%
CTMX	F	0.02%
NTLA	F	0.02%
ZIMV	F	0.02%
TNET	F	0.02%
ABUS	D	0.02%
SVRA	F	0.02%
JBSS	F	0.02%
PRAA	C	0.02%
GPRE	F	0.02%
FCF	A	0.02%
DOC	D	0.02%
SWTX	C	0.02%
ALHC	C	0.02%
NKTX	F	0.02%
ALEC	F	0.02%
ALT	C	0.02%
KPTI	D	0.02%
PBYI	D	0.02%
FSTR	B	0.02%
PKE	B	0.02%
BOLT	F	0.01%
CARA	D	0.01%
WFRD	F	0.01%
ALVR	F	0.01%
NOVA	F	0.01%
ZDGE	F	0.01%
FGEN	F	0.01%
CHRS	F	0.01%
AVTE	D	0.01%
SMMT	D	0.01%
ADAP	F	0.01%
RIG	D	0.01%

FESM Underweight 753 Positions Relative to RFLR

Symbol	Grade	Weight
MC	B	-0.33%
GPI	B	-0.32%
EPRT	C	-0.31%
PIPR	A	-0.3%
KFY	B	-0.3%
CNX	A	-0.29%
CBT	C	-0.29%
OLLI	D	-0.28%
KAI	A	-0.28%
HLNE	B	-0.28%
FOUR	A	-0.27%
ITGR	B	-0.27%
APPF	C	-0.26%
AVAV	C	-0.26%
HRI	B	-0.26%
AWI	B	-0.25%
NVST	C	-0.24%
RDN	D	-0.24%
TPG	A	-0.24%
STRL	B	-0.24%
COLB	B	-0.24%
RDNT	B	-0.24%
BOX	B	-0.23%
COOP	B	-0.23%
KD	A	-0.23%
AVNT	B	-0.23%
QXO	D	-0.23%
IESC	B	-0.22%
SR	A	-0.22%
GMS	B	-0.22%
AEIS	B	-0.22%
MARA	C	-0.22%
ICUI	D	-0.21%
ASB	B	-0.21%
OGS	A	-0.21%
LOPE	B	-0.2%
BKH	A	-0.2%
LXP	D	-0.2%
HCP	B	-0.2%
CCOI	B	-0.19%
GVA	A	-0.19%
GTES	A	-0.19%
AVT	C	-0.19%
FHB	B	-0.19%
LEVI	F	-0.19%
BFH	B	-0.19%
UPST	B	-0.18%
AGO	A	-0.18%
SBRA	C	-0.18%
WTM	A	-0.18%
KLIC	C	-0.18%
OII	B	-0.18%
RDDT	A	-0.17%
ESGR	B	-0.17%
SLAB	F	-0.17%
CWAN	C	-0.17%
ENOV	C	-0.17%
ALIT	C	-0.17%
SGBX	F	-0.17%
KMT	B	-0.17%
RKLB	B	-0.17%
POWL	C	-0.17%
HASI	F	-0.17%
LRN	A	-0.17%
R	B	-0.17%
IDCC	A	-0.17%
HCC	B	-0.17%
KMPR	A	-0.17%
PNM	B	-0.16%
MOD	C	-0.16%
EBC	A	-0.16%
SMPL	B	-0.16%
CCS	F	-0.16%
WD	D	-0.16%
TNL	A	-0.16%
UE	B	-0.16%
SPR	D	-0.16%
RRR	F	-0.16%
PRIM	A	-0.16%
PK	D	-0.16%
ABG	B	-0.15%
ESE	A	-0.15%
ROAD	B	-0.15%
GPOR	A	-0.15%
NWL	B	-0.15%
SITM	B	-0.15%
WDFC	B	-0.15%
LCII	D	-0.15%
KFRC	D	-0.15%
ROIC	A	-0.15%
CBZ	B	-0.15%
TCBI	A	-0.15%
RIOT	C	-0.15%
WSFS	A	-0.15%
CVCO	B	-0.14%
ARCB	C	-0.14%
PLUS	F	-0.14%
SFNC	B	-0.14%
GRBK	D	-0.14%
PENN	C	-0.14%
ATGE	B	-0.14%
ARI	C	-0.14%
MGEE	A	-0.14%
PEGA	B	-0.14%
AMED	F	-0.14%
BHF	B	-0.14%
ABR	B	-0.14%
NCNO	B	-0.14%
BROS	A	-0.14%
HUBG	A	-0.14%
AI	C	-0.14%
ARCH	B	-0.14%
LAUR	A	-0.14%
IBOC	A	-0.14%
IIPR	F	-0.14%
SYNA	D	-0.14%
HTLF	B	-0.13%
DEI	B	-0.13%
LITE	B	-0.13%
OMCL	C	-0.13%
AVA	C	-0.13%
WHD	B	-0.13%
BKU	A	-0.13%
PPBI	B	-0.13%
MIR	A	-0.13%
IOSP	C	-0.13%
FROG	C	-0.13%
SGRY	F	-0.13%
ALG	C	-0.13%
MRCY	B	-0.13%
HIW	D	-0.13%
FIBK	A	-0.13%
MSGS	B	-0.13%
APAM	A	-0.13%
STC	A	-0.13%
DOCS	B	-0.13%
MGRC	B	-0.13%
TGNA	B	-0.13%
BNL	D	-0.13%
FIVN	C	-0.12%
RNG	C	-0.12%
BANC	B	-0.12%
RPD	C	-0.12%
VSH	F	-0.12%
FA	D	-0.12%
UNF	B	-0.12%
CALX	F	-0.12%
IBTX	B	-0.12%
PTON	C	-0.12%
CPA	A	-0.12%
PCH	D	-0.12%
VIRT	A	-0.12%
AKR	A	-0.12%
JJSF	C	-0.12%
SBCF	B	-0.12%
KWR	C	-0.12%
CNS	B	-0.12%
DORM	B	-0.12%
SPB	C	-0.12%
CAKE	B	-0.12%
EPR	D	-0.12%
SMG	D	-0.12%
KSS	F	-0.12%
ZETA	D	-0.12%
NGVT	B	-0.12%
JBT	A	-0.12%
WAFD	B	-0.12%
SHO	D	-0.12%
NMRK	A	-0.12%
UAA	B	-0.12%
FCPT	C	-0.12%
CLSK	C	-0.12%
TDC	F	-0.11%
DRH	B	-0.11%
TTMI	B	-0.11%
DV	C	-0.11%
HI	C	-0.11%
PSMT	D	-0.11%
PZZA	D	-0.11%
VC	F	-0.11%
AGM	B	-0.11%
NNI	C	-0.11%
SAM	C	-0.11%
MNKD	B	-0.11%
WTTR	A	-0.11%
ENR	A	-0.11%
FELE	B	-0.11%
AGYS	A	-0.11%
VCTR	B	-0.11%
GLNG	C	-0.11%
NVGS	C	-0.11%
SYBT	B	-0.11%
NHC	B	-0.1%
GBX	A	-0.1%
BXC	A	-0.1%
GSHD	A	-0.1%
VIAV	B	-0.1%
NOG	A	-0.1%
CXW	B	-0.1%
PI	D	-0.1%
PARR	D	-0.1%
JBLU	D	-0.1%
MIRM	C	-0.1%
CWEN	C	-0.1%
UMH	A	-0.1%
DOCN	F	-0.1%
WINA	B	-0.1%
PEB	F	-0.1%
VAC	C	-0.1%
IPAR	C	-0.1%
IPGP	D	-0.1%
BTU	B	-0.1%
NTB	B	-0.1%
KN	B	-0.1%
BXMT	D	-0.1%
MYRG	C	-0.1%
PRVA	B	-0.1%
FBNC	B	-0.1%
SHC	D	-0.1%
STAA	F	-0.1%
JWN	C	-0.1%
ENVA	B	-0.1%
SIG	C	-0.1%
LGIH	F	-0.1%
EVTC	C	-0.1%
ARDX	F	-0.09%
REX	C	-0.09%
GSAT	C	-0.09%
QS	F	-0.09%
CC	C	-0.09%
NWE	C	-0.09%
AIV	C	-0.09%
BLFS	D	-0.09%
FOXF	F	-0.09%
ELME	D	-0.09%
MODG	F	-0.09%
PHIN	A	-0.09%
VSTO	A	-0.09%
APLE	B	-0.09%
MP	B	-0.09%
VERX	B	-0.09%
WERN	B	-0.09%
CABO	C	-0.09%
PRM	C	-0.09%
CXT	D	-0.09%
RC	D	-0.09%
KROS	D	-0.09%
GOLF	B	-0.09%
NX	C	-0.09%
PRCT	B	-0.09%
IMKTA	C	-0.09%
VSEC	B	-0.09%
CMCO	C	-0.09%
FRSH	C	-0.09%
CARG	A	-0.09%
ADNT	F	-0.09%
BKE	A	-0.09%
HLIO	B	-0.09%
EYE	C	-0.08%
OEC	C	-0.08%
WOLF	F	-0.08%
REVG	B	-0.08%
CRK	A	-0.08%
PATK	C	-0.08%
JANX	C	-0.08%
CLNE	D	-0.08%
CGON	D	-0.08%
TALO	C	-0.08%
PCT	C	-0.08%
PAR	A	-0.08%
PRDO	B	-0.08%
XMTR	C	-0.08%
DNOW	B	-0.08%
VSTS	F	-0.08%
HAYW	A	-0.08%
SHOO	D	-0.08%
FRHC	A	-0.08%
SXI	A	-0.08%
USPH	C	-0.08%
CUBI	B	-0.08%
TRIP	D	-0.08%
VRDN	C	-0.08%
UA	B	-0.08%
ROG	D	-0.08%
ENV	B	-0.08%
DFIN	D	-0.08%
LBPH	A	-0.08%
LZB	A	-0.08%
STRA	C	-0.08%
PLUG	F	-0.08%
TARS	C	-0.07%
CHEF	C	-0.07%
PNTG	D	-0.07%
ALGT	B	-0.07%
NVRO	F	-0.07%
NIC	B	-0.07%
TPC	B	-0.07%
TMP	A	-0.07%
AVXL	C	-0.07%
SMR	A	-0.07%
EPC	D	-0.07%
SATS	D	-0.07%
UPWK	C	-0.07%
CLOV	D	-0.07%
PLRX	D	-0.07%
OKLO	C	-0.07%
AMR	C	-0.07%
BLMN	F	-0.07%
AMRC	F	-0.07%
B	A	-0.07%
SONO	C	-0.07%
HMN	B	-0.07%
GO	C	-0.07%
AGX	C	-0.07%
WRBY	A	-0.07%
GOGO	C	-0.07%
HEES	B	-0.07%
HELE	C	-0.07%
RVLV	B	-0.07%
CERT	F	-0.06%
BE	B	-0.06%
GSBC	B	-0.06%
EBTC	B	-0.06%
ACT	D	-0.06%
MCBS	B	-0.06%
TRST	A	-0.06%
JBI	F	-0.06%
PFIS	B	-0.06%
CTS	B	-0.06%
SPFI	B	-0.06%
SHBI	A	-0.06%
CRMT	F	-0.06%
EVRI	A	-0.06%
IRON	C	-0.06%
FCBC	B	-0.06%
NEXT	B	-0.06%
WTBA	B	-0.06%
KLG	D	-0.06%
OBK	B	-0.06%
AHH	C	-0.06%
TRS	D	-0.06%
RBCAA	B	-0.06%
CASH	B	-0.06%
BMRC	A	-0.06%
CVI	D	-0.06%
SMBK	B	-0.06%
CIVB	B	-0.06%
DAWN	D	-0.06%
SBSI	B	-0.06%
SNDR	B	-0.06%
NTST	D	-0.06%
SAFT	B	-0.06%
TRMK	B	-0.06%
SKY	A	-0.06%
WASH	B	-0.06%
CNOB	B	-0.06%
IRMD	B	-0.06%
GES	F	-0.06%
DFH	F	-0.06%
SEMR	D	-0.06%
DBRG	F	-0.06%
PFC	A	-0.06%
CAC	B	-0.06%
OCUL	C	-0.06%
LEU	C	-0.06%
ALEX	B	-0.06%
UNTY	A	-0.06%
CAL	F	-0.06%
SOUN	C	-0.06%
HFWA	B	-0.06%
CNNE	B	-0.05%
SPNT	A	-0.05%
ATSG	A	-0.05%
FFIC	B	-0.05%
SCSC	B	-0.05%
DRVN	A	-0.05%
ASTE	C	-0.05%
NAVI	F	-0.05%
PSTL	D	-0.05%
ATEN	A	-0.05%
FWRD	D	-0.05%
DGICA	B	-0.05%
TRC	F	-0.05%
MSEX	B	-0.05%
CAR	C	-0.05%
ACCO	B	-0.05%
FRBA	C	-0.05%
MD	B	-0.05%
CFFN	B	-0.05%
ECVT	C	-0.05%
ASAN	C	-0.05%
FIGS	F	-0.05%
COHU	D	-0.05%
VVI	B	-0.05%
CZNC	B	-0.05%
WULF	C	-0.05%
GNTY	A	-0.05%
RLJ	C	-0.05%
SPRY	C	-0.05%
ULH	B	-0.05%
BV	C	-0.05%
OLP	B	-0.05%
LC	A	-0.05%
TPB	A	-0.05%
HSII	B	-0.05%
LNN	B	-0.05%
BFS	C	-0.05%
ALRS	D	-0.05%
ASTH	F	-0.05%
INDI	C	-0.05%
SCL	D	-0.05%
MLR	C	-0.05%
CLB	C	-0.05%
KOS	D	-0.05%
CTO	B	-0.05%
PCB	A	-0.05%
TSBK	B	-0.05%
TROX	F	-0.05%
RBB	B	-0.05%
CIFR	C	-0.05%
BWB	B	-0.05%
AMWD	B	-0.05%
CBAN	A	-0.05%
SD	D	-0.05%
RCUS	F	-0.05%
NWN	A	-0.05%
CBRL	C	-0.05%
NVEE	F	-0.05%
EGBN	B	-0.05%
NBN	B	-0.05%
HBCP	B	-0.05%
FBIZ	B	-0.05%
SABR	B	-0.05%
MOFG	A	-0.05%
FNLC	B	-0.05%
CTLP	B	-0.05%
UNFI	A	-0.05%
NTCT	B	-0.05%
IVT	A	-0.05%
AHCO	F	-0.05%
FSLY	D	-0.05%
EEX	C	-0.05%
CBNK	B	-0.05%
DCOM	A	-0.05%
AMC	F	-0.05%
BCML	A	-0.05%
MSGE	F	-0.05%
GENI	B	-0.05%
CBL	A	-0.05%
GASS	D	-0.05%
OSW	B	-0.05%
HTBK	A	-0.05%
XHR	B	-0.05%
CMRE	B	-0.05%
EFC	C	-0.05%
XPEL	C	-0.05%
IAS	D	-0.04%
FORR	D	-0.04%
BCBP	A	-0.04%
PAY	A	-0.04%
HVT	D	-0.04%
ACDC	C	-0.04%
VEL	A	-0.04%
TTGT	C	-0.04%
ACTG	F	-0.04%
GDEN	B	-0.04%
ACHR	B	-0.04%
MBUU	C	-0.04%
FLGT	F	-0.04%
SB	D	-0.04%
UTI	A	-0.04%
BMBL	C	-0.04%
ALKT	B	-0.04%
MBIN	F	-0.04%
SBT	C	-0.04%
TYRA	F	-0.04%
SAVA	C	-0.04%
GTX	D	-0.04%
GDYN	C	-0.04%
SWBI	D	-0.04%
TWI	F	-0.04%
CSTL	C	-0.04%
GLDD	B	-0.04%
BOC	D	-0.04%
RBBN	B	-0.04%
PLTK	A	-0.04%
MCW	C	-0.04%
DGII	B	-0.04%
PRA	B	-0.04%
VIR	F	-0.04%
BZH	C	-0.04%
PYCR	C	-0.04%
CHCT	C	-0.04%
TRNS	F	-0.04%
DX	A	-0.04%
LILAK	F	-0.04%
AVO	B	-0.04%
SPTN	F	-0.04%
HAYN	A	-0.04%
ENVX	F	-0.04%
RYI	C	-0.04%
PCYO	A	-0.04%
PGRE	D	-0.04%
CENX	B	-0.04%
KOP	C	-0.04%
CDXC	A	-0.04%
CARE	B	-0.04%
TGLS	B	-0.04%
OLMA	F	-0.04%
PHAT	F	-0.04%
AMTB	B	-0.04%
DLX	A	-0.04%
WWW	A	-0.04%
AROW	B	-0.04%
FPI	A	-0.04%
LESL	C	-0.04%
KALU	C	-0.04%
RBRK	B	-0.04%
OLO	B	-0.04%
VTLE	C	-0.04%
IBUY	B	-0.04%
PPTA	B	-0.04%
HGTY	B	-0.04%
ANET	C	-0.04%
KW	C	-0.04%
UFCS	A	-0.04%
MNRO	B	-0.04%
APLD	C	-0.04%
BLX	B	-0.04%
UTZ	D	-0.04%
ECPG	B	-0.04%
BJRI	B	-0.04%
INVA	C	-0.04%
APLT	C	-0.04%
USCB	B	-0.04%
NAPA	A	-0.04%
PUMP	C	-0.04%
KRNY	B	-0.04%
FWRG	C	-0.04%
JACK	C	-0.04%
PDM	D	-0.04%
CGEM	F	-0.04%
PINE	D	-0.04%
SNCY	C	-0.04%
DOLE	D	-0.04%
SFST	A	-0.04%
LAND	F	-0.04%
BTBT	C	-0.03%
PAYS	F	-0.03%
EOSE	D	-0.03%
CELC	F	-0.03%
MGNI	B	-0.03%
OPRX	F	-0.03%
LOVE	A	-0.03%
ZUMZ	D	-0.03%
ALLO	D	-0.03%
VERV	F	-0.03%
INNV	F	-0.03%
IBTA	D	-0.03%
DCGO	B	-0.03%
LFST	C	-0.03%
XOMA	B	-0.03%
DAN	F	-0.03%
ERII	D	-0.03%
LQDA	F	-0.03%
BOOM	F	-0.03%
CLFD	F	-0.03%
QSI	F	-0.03%
GATO	C	-0.03%
OZ	B	-0.03%
INOD	B	-0.03%
MTRX	B	-0.03%
CDRE	F	-0.03%
PRCH	C	-0.03%
ESEA	C	-0.03%
FFWM	C	-0.03%
XERS	C	-0.03%
RES	F	-0.03%
RAPT	F	-0.03%
CATO	C	-0.03%
CCSI	B	-0.03%
SRI	F	-0.03%
CVGW	C	-0.03%
BIGC	C	-0.03%
RDUS	C	-0.03%
USM	B	-0.03%
PRTH	A	-0.03%
NINE	C	-0.03%
METC	C	-0.03%
GEVO	D	-0.03%
ODC	D	-0.03%
HTZ	C	-0.03%
ASIX	B	-0.03%
IMXI	B	-0.03%
ALDX	D	-0.03%
NRDS	C	-0.03%
BBW	B	-0.03%
CRMD	C	-0.03%
KRUS	D	-0.03%
BYND	F	-0.03%
DC	F	-0.03%
BH	A	-0.03%
LIND	A	-0.03%
FOR	F	-0.03%
WRLD	D	-0.03%
OSUR	F	-0.03%
PTLO	F	-0.03%
MITK	C	-0.03%
BKSY	B	-0.03%
LYEL	F	-0.03%
LWLG	D	-0.03%
PTVE	C	-0.03%
SMTI	B	-0.03%
AAOI	A	-0.03%
RXST	F	-0.03%
MEI	F	-0.03%
QNST	C	-0.03%
COFS	A	-0.03%
VZIO	A	-0.03%
CVEO	D	-0.03%
PUBM	D	-0.03%
ONEW	F	-0.03%
OFIX	B	-0.03%
SHYF	C	-0.03%
WLDN	C	-0.03%
RPAY	D	-0.03%
FET	D	-0.03%
BLND	A	-0.03%
DBI	F	-0.03%
PFMT	F	-0.03%
FREY	B	-0.03%
GDOT	D	-0.03%
GTN	F	-0.03%
CDZI	B	-0.03%
PLOW	D	-0.03%
IE	D	-0.03%
SLP	F	-0.03%
GWRS	B	-0.03%
TTI	B	-0.03%
GBLI	A	-0.02%
BLUE	F	-0.02%
VRRM	F	-0.02%
FULC	F	-0.02%
PRME	F	-0.02%
ALXO	F	-0.02%
REAL	B	-0.02%
CADL	F	-0.02%
IRBT	F	-0.02%
KFS	B	-0.02%
AQST	D	-0.02%
IHRT	C	-0.02%
INZY	F	-0.02%
ACMR	F	-0.02%
LWAY	C	-0.02%
ASRT	F	-0.02%
PLCE	C	-0.02%
SGHT	F	-0.02%
BLNK	F	-0.02%
OLPX	F	-0.02%
MODV	D	-0.02%
RYAM	B	-0.02%
OUST	C	-0.02%
BW	C	-0.02%
MEC	F	-0.02%
KOPN	C	-0.02%
OM	D	-0.02%
SWIM	D	-0.02%
XPOF	B	-0.02%
LFMD	C	-0.02%
ESPR	C	-0.02%
RSI	B	-0.02%
PSTX	D	-0.02%
AEHR	F	-0.02%
RZLT	C	-0.02%
OBIO	C	-0.02%
BRCC	F	-0.02%
UIS	B	-0.02%
LRMR	D	-0.02%
NPCE	C	-0.02%
UONE	F	-0.02%
OMER	B	-0.02%
CEVA	B	-0.02%
CRCT	F	-0.02%
GLSI	F	-0.02%
EXFY	B	-0.02%
HNRG	A	-0.02%
ACRV	D	-0.02%
MVIS	F	-0.02%
EYPT	D	-0.02%
VITL	F	-0.02%
ACIC	B	-0.02%
GSL	F	-0.02%
LAZR	D	-0.02%
ARKO	D	-0.02%
AMPS	C	-0.02%
SERA	F	-0.02%
STXS	C	-0.02%
SLDP	F	-0.02%
AEYE	C	-0.02%
HAIN	F	-0.02%
PACK	C	-0.02%
ELVN	C	-0.02%
LXRX	F	-0.02%
DDD	C	-0.02%
AIOT	A	-0.02%
SENS	F	-0.02%
MUX	F	-0.02%
FCEL	B	-0.02%
SCPH	F	-0.02%
RCEL	B	-0.02%
TLYS	F	-0.02%
NVRI	F	-0.02%
BFLY	B	-0.02%
EAF	B	-0.02%
SRDX	C	-0.02%
NDLS	F	-0.02%
ANGI	F	-0.02%
MNMD	C	-0.02%
APPS	F	-0.02%
BELFB	C	-0.02%
TWKS	B	-0.02%
AMCX	C	-0.02%
COOK	D	-0.02%
CCO	D	-0.02%
RLGT	B	-0.02%
CPK	A	-0.02%
BOWL	C	-0.02%
VOR	D	-0.02%
TRDA	C	-0.02%
NNBR	C	-0.02%
ATUS	C	-0.02%
BALY	A	-0.02%
PINC	B	-0.01%
GOSS	F	-0.01%
LILA	F	-0.01%
SLQT	C	-0.01%
FPH	C	-0.01%
SES	F	-0.01%
MAX	F	-0.01%
BMEA	F	-0.01%
VERI	F	-0.01%
GHLD	F	-0.01%
VERU	F	-0.01%
STTK	F	-0.01%
LNZA	F	-0.01%
CABA	F	-0.01%
TPIC	F	-0.01%
PSNL	D	-0.01%
IGMS	F	-0.01%
NRC	F	-0.01%
ORGN	D	-0.0%
SDGR	D	-0.0%
WNC	C	-0.0%