FNDA vs. FESM ETF Comparison

Comparison of Schwab Fundamental U.S. Small Company Index ETF (FNDA) to Fidelity Enhanced Small Cap ETF (FESM)

FNDA

Schwab Fundamental U.S. Small Company Index ETF

FNDA Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Small Company Index. The index selects, ranks, and weights securities by fundamental measures of company size - adjusted sales, retained operating cash flow, and dividends plus buybacks - rather than market capitalization. Under normal circumstances, the fund will invest at least 90% of its net assets in stocks included in the index. It may invest up to 10% of its net assets in securities not included in the index.

Grade (RS Rating)

Last Trade

$29.35

Average Daily Volume

430,029

Number of Holdings ^*

997

* may have additional holdings in another (foreign) market

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

$31.97

Average Daily Volume

87,016

Number of Holdings ^*

556

* may have additional holdings in another (foreign) market

Performance

Period	FNDA	FESM
30 Days	-0.12%	0.66%
60 Days	0.02%	-0.06%
90 Days	4.45%	6.19%
12 Months	26.20%

265 Overlapping Holdings

Symbol	Grade	Weight in FNDA	Weight in FESM	Overlap
AAT	C	0.07%	0.4%	0.07%
ABCB	B	0.13%	0.35%	0.13%
ACA	B	0.18%	0.2%	0.18%
ACIW	C	0.18%	0.04%	0.04%
ADUS	D	0.06%	0.12%	0.06%
AEO	F	0.12%	0.52%	0.12%
AIR	F	0.12%	0.49%	0.12%
AIT	A	0.25%	0.44%	0.25%
ALE	A	0.17%	0.17%	0.17%
ALKS	F	0.02%	0.22%	0.02%
ALRM	F	0.03%	0.09%	0.03%
AMPH	A	0.0%	0.11%	0.0%
AMSF	A	0.01%	0.16%	0.01%
ANF	F	0.39%	0.76%	0.39%
AOSL	D	0.01%	0.02%	0.01%
APOG	A	0.13%	0.37%	0.13%
AROC	D	0.13%	0.36%	0.13%
ATI	F	0.09%	0.37%	0.09%
ATNI	F	0.01%	0.12%	0.01%
AUB	C	0.06%	0.17%	0.06%
AVD	F	0.01%	0.06%	0.01%
AVNS	F	0.02%	0.23%	0.02%
AWR	C	0.06%	0.38%	0.06%
AX	B	0.09%	0.25%	0.09%
AXL	F	0.06%	0.22%	0.06%
BANF	B	0.02%	0.41%	0.02%
BBSI	D	0.02%	0.31%	0.02%
BCO	D	0.18%	0.29%	0.18%
BCPC	C	0.09%	0.1%	0.09%
BDC	B	0.17%	0.31%	0.17%
BGC	A	0.12%	0.62%	0.12%
BGS	C	0.05%	0.08%	0.05%
BHE	A	0.2%	0.4%	0.2%
BHLB	B	0.01%	0.03%	0.01%
BKD	D	0.08%	0.08%	0.08%
BLKB	D	0.06%	0.08%	0.06%
BMI	D	0.06%	0.4%	0.06%
BOH	A	0.12%	0.15%	0.12%
BRC	D	0.07%	0.12%	0.07%
BRSP	C	0.02%	0.04%	0.02%
BSIG	A	0.06%	0.05%	0.05%
BUSE	D	0.06%	0.23%	0.06%
CADE	B	0.2%	0.18%	0.18%
CALM	B	0.22%	0.23%	0.22%
CATY	A	0.16%	0.08%	0.08%
CBU	A	0.1%	0.34%	0.1%
CDE	C	0.08%	0.09%	0.08%
CDP	B	0.15%	0.19%	0.15%
CEIX	A	0.13%	0.23%	0.13%
CHGG	F	0.0%	0.03%	0.0%
CHX	F	0.12%	0.11%	0.11%
CMPR	F	0.04%	0.43%	0.04%
CNK	A	0.13%	0.14%	0.13%
CNMD	D	0.05%	0.32%	0.05%
CNXN	F	0.09%	0.2%	0.09%
CODI	D	0.05%	0.44%	0.05%
COKE	D	0.15%	0.41%	0.15%
COMM	A	0.13%	0.32%	0.13%
COMP	B	0.1%	0.55%	0.1%
CORT	B	0.09%	0.21%	0.09%
CPF	C	0.03%	0.24%	0.03%
CPS	B	0.03%	0.13%	0.03%
CRAI	B	0.03%	0.23%	0.03%
CRC	B	0.17%	0.22%	0.17%
CRGY	B	0.04%	0.57%	0.04%
CRS	B	0.23%	0.78%	0.23%
CRVL	D	0.0%	0.04%	0.0%
CSGS	D	0.08%	0.56%	0.08%
CSR	D	0.02%	0.04%	0.02%
CSTM	F	0.05%	0.08%	0.05%
CSWI	B	0.08%	0.16%	0.08%
CTRE	A	0.03%	0.22%	0.03%
CVBF	B	0.1%	0.05%	0.05%
CVLT	B	0.12%	0.67%	0.12%
CWK	C	0.21%	0.04%	0.04%
CWT	D	0.08%	0.23%	0.08%
DCO	D	0.02%	0.17%	0.02%
DEA	C	0.06%	0.09%	0.06%
DIN	D	0.01%	0.02%	0.01%
DIOD	F	0.13%	0.05%	0.05%
DXPE	C	0.03%	0.12%	0.03%
DY	C	0.26%	0.17%	0.17%
EAT	A	0.15%	0.1%	0.1%
EBS	B	0.16%	0.08%	0.08%
EGP	D	0.09%	0.13%	0.09%
ENS	F	0.21%	0.63%	0.21%
ENSG	A	0.14%	0.03%	0.03%
EPAC	A	0.05%	0.29%	0.05%
ESRT	C	0.1%	0.39%	0.1%
ETD	F	0.03%	0.16%	0.03%
EXLS	A	0.12%	0.49%	0.12%
EXPI	B	0.06%	0.15%	0.06%
FBP	D	0.06%	0.29%	0.06%
FCF	D	0.07%	0.02%	0.02%
FDP	A	0.21%	0.07%	0.07%
FFBC	A	0.11%	0.1%	0.1%
FFIN	D	0.09%	0.34%	0.09%
FHI	A	0.11%	0.5%	0.11%
FIX	B	0.24%	0.45%	0.24%
FIZZ	B	0.02%	0.03%	0.02%
FN	B	0.12%	0.78%	0.12%
FORM	F	0.07%	0.26%	0.07%
FRME	C	0.09%	0.13%	0.09%
FSS	F	0.12%	0.18%	0.12%
FTDR	B	0.08%	0.07%	0.07%
FUL	F	0.18%	0.57%	0.18%
FULT	B	0.12%	0.18%	0.12%
GATX	A	0.2%	0.01%	0.01%
GCI	C	0.06%	0.03%	0.03%
GEO	B	0.25%	0.18%	0.18%
GFF	F	0.09%	0.31%	0.09%
GHC	A	0.21%	0.16%	0.16%
GIC	F	0.0%	0.08%	0.0%
GIII	C	0.2%	0.03%	0.03%
GPRE	F	0.06%	0.05%	0.05%
HAE	F	0.08%	0.13%	0.08%
HALO	B	0.06%	0.19%	0.06%
HL	C	0.1%	0.22%	0.1%
HLX	F	0.07%	0.23%	0.07%
HNI	D	0.18%	0.2%	0.18%
HP	C	0.2%	0.26%	0.2%
HQY	B	0.06%	0.23%	0.06%
HURN	A	0.05%	0.19%	0.05%
HWC	A	0.19%	0.21%	0.19%
HWKN	D	0.08%	0.55%	0.08%
HY	D	0.0%	0.25%	0.0%
IART	C	0.06%	0.08%	0.06%
IBP	F	0.12%	0.71%	0.12%
ICFI	B	0.1%	0.04%	0.04%
IGT	F	0.14%	0.54%	0.14%
INDB	B	0.09%	0.09%	0.09%
IRWD	F	0.02%	0.07%	0.02%
ITRI	A	0.12%	0.44%	0.12%
JBSS	F	0.05%	0.03%	0.03%
KAR	F	0.12%	0.34%	0.12%
KE	C	0.01%	0.06%	0.01%
KNF	A	0.2%	0.14%	0.14%
KREF	D	0.02%	0.14%	0.02%
KTB	A	0.14%	0.07%	0.07%
KTOS	C	0.06%	0.31%	0.06%
LADR	B	0.07%	0.11%	0.07%
LANC	B	0.1%	0.38%	0.1%
LGF.A	C	0.06%	0.07%	0.06%
LGF.A	C	0.06%	0.05%	0.05%
LGND	A	0.01%	0.09%	0.01%
LIVN	C	0.05%	0.07%	0.05%
LKFN	B	0.04%	0.47%	0.04%
LNW	D	0.17%	0.28%	0.17%
MAC	B	0.28%	0.23%	0.23%
MATX	A	0.04%	0.29%	0.04%
MCY	B	0.13%	0.03%	0.03%
MED	D	0.01%	0.03%	0.01%
MEDP	F	0.06%	0.07%	0.06%
MHO	D	0.29%	0.67%	0.29%
MMSI	B	0.09%	0.41%	0.09%
MOG.A	C	0.2%	0.24%	0.2%
MRC	F	0.05%	0.08%	0.05%
MRTN	F	0.07%	0.21%	0.07%
MSBI	A	0.0%	0.04%	0.0%
MTDR	D	0.15%	0.52%	0.15%
MTRN	D	0.07%	0.08%	0.07%
MTX	C	0.15%	0.6%	0.15%
MWA	B	0.12%	0.64%	0.12%
MXL	D	0.03%	0.51%	0.03%
MYE	F	0.01%	0.08%	0.01%
MYGN	F	0.04%	0.1%	0.04%
NBR	C	0.04%	0.25%	0.04%
NBTB	D	0.07%	0.07%	0.07%
NJR	D	0.17%	0.32%	0.17%
NMIH	D	0.08%	0.38%	0.08%
NPK	F	0.02%	0.03%	0.02%
NWBI	C	0.08%	0.57%	0.08%
OFG	C	0.03%	0.2%	0.03%
OII	D	0.07%	0.01%	0.01%
OIS	D	0.01%	0.04%	0.01%
ONTO	F	0.09%	0.07%	0.07%
OPCH	F	0.12%	0.2%	0.12%
OPEN	F	0.07%	0.08%	0.07%
OTTR	F	0.09%	0.21%	0.09%
OUT	C	0.17%	0.6%	0.17%
PBH	A	0.1%	0.21%	0.1%
PBI	A	0.09%	0.2%	0.09%
PCRX	C	0.0%	0.09%	0.0%
PDCO	F	0.17%	0.03%	0.03%
PECO	B	0.11%	0.36%	0.11%
PFS	B	0.1%	0.3%	0.1%
PJT	B	0.06%	0.17%	0.06%
PLAB	F	0.07%	0.18%	0.07%
PLXS	A	0.22%	0.15%	0.15%
PRAA	D	0.04%	0.02%	0.02%
PRG	C	0.26%	0.53%	0.26%
PRGS	B	0.06%	0.27%	0.06%
PRK	A	0.08%	0.16%	0.08%
PRLB	B	0.02%	0.06%	0.02%
PSMT	C	0.18%	0.04%	0.04%
PSN	A	0.12%	0.25%	0.12%
QLYS	F	0.06%	0.48%	0.06%
RAMP	D	0.08%	0.12%	0.08%
RIG	D	0.12%	0.01%	0.01%
RMBS	C	0.02%	0.16%	0.02%
RNST	B	0.04%	0.21%	0.04%
ROCK	D	0.09%	0.2%	0.09%
RXO	B	0.23%	0.06%	0.06%
SAH	C	0.13%	0.15%	0.13%
SBH	B	0.19%	0.2%	0.19%
SCS	F	0.15%	0.08%	0.08%
SF	A	0.28%	0.32%	0.28%
SFBS	A	0.04%	0.17%	0.04%
SFL	F	0.04%	0.03%	0.03%
SHEN	F	0.02%	0.03%	0.02%
SIGI	C	0.16%	0.47%	0.16%
SJW	F	0.05%	0.36%	0.05%
SKT	B	0.11%	0.11%	0.11%
SKYW	A	0.21%	0.65%	0.21%
SLG	B	0.15%	0.15%	0.15%
SLVM	B	0.26%	0.27%	0.26%
SMTC	B	0.12%	0.19%	0.12%
SNBR	F	0.06%	0.03%	0.03%
SNEX	A	0.01%	0.24%	0.01%
SPSC	F	0.04%	0.69%	0.04%
SRCE	C	0.02%	0.13%	0.02%
SSTK	D	0.03%	0.08%	0.03%
STBA	D	0.06%	0.03%	0.03%
STEP	B	0.03%	0.22%	0.03%
STNE	F	0.03%	0.03%	0.03%
STNG	F	0.04%	0.19%	0.04%
SUPN	B	0.05%	0.02%	0.02%
SWX	C	0.26%	0.25%	0.25%
SXC	A	0.04%	0.21%	0.04%
SXT	C	0.15%	0.35%	0.15%
TCBK	C	0.02%	0.02%	0.02%
TEX	F	0.2%	0.38%	0.2%
THR	F	0.0%	0.07%	0.0%
TILE	A	0.06%	0.18%	0.06%
TNC	F	0.07%	0.27%	0.07%
TNET	F	0.12%	0.02%	0.02%
TRN	C	0.19%	0.27%	0.19%
TRNO	F	0.05%	0.32%	0.05%
TRTX	A	0.03%	0.16%	0.03%
TSE	D	0.05%	0.03%	0.03%
TXRH	A	0.27%	0.05%	0.05%
UBSI	A	0.18%	0.19%	0.18%
UCB	D	0.09%	0.14%	0.09%
UCTT	F	0.08%	0.32%	0.08%
UMBF	A	0.16%	0.49%	0.16%
UNIT	C	0.22%	0.12%	0.12%
UPBD	D	0.13%	0.45%	0.13%
URBN	F	0.18%	0.08%	0.08%
UVE	C	0.03%	0.04%	0.03%
UVV	C	0.15%	0.03%	0.03%
VRE	D	0.05%	0.22%	0.05%
VREX	C	0.01%	0.24%	0.01%
VRTS	B	0.04%	0.16%	0.04%
VSCO	A	0.22%	0.03%	0.03%
VTOL	D	0.0%	0.1%	0.0%
WABC	B	0.02%	0.2%	0.02%
WDFC	A	0.06%	0.09%	0.06%
WFRD	F	0.04%	0.01%	0.01%
WMK	D	0.16%	0.07%	0.07%
WOOF	B	0.03%	0.33%	0.03%
WSBC	A	0.1%	0.05%	0.05%
WTS	D	0.14%	0.41%	0.14%
YELP	F	0.14%	0.56%	0.14%
ZEUS	F	0.02%	0.12%	0.02%
ZIMV	D	0.03%	0.02%	0.02%

FNDA Overweight 733 Positions Relative to FESM

Symbol	Grade	Weight
SATS	B	0.45%
RCL	B	0.4%
UAL	A	0.34%
FICO	B	0.32%
UTHR	A	0.31%
WAL	C	0.29%
FLS	A	0.28%
OHI	B	0.27%
CLH	C	0.27%
BKU	C	0.27%
RDN	F	0.26%
BWXT	B	0.26%
KMPR	B	0.26%
HCC	A	0.26%
GME	B	0.25%
COIN	C	0.25%
VLTO	D	0.25%
CRUS	F	0.25%
VMI	A	0.24%
BKH	D	0.24%
HIW	C	0.24%
WBS	B	0.24%
HEI	D	0.24%
SMG	A	0.24%
TTEK	B	0.24%
WWD	D	0.24%
KRC	B	0.24%
SIG	C	0.24%
UAA	B	0.24%
SCCO	B	0.23%
HRI	A	0.23%
AVNT	D	0.23%
SPB	C	0.23%
FRT	D	0.23%
VRT	B	0.23%
DEI	B	0.23%
DBRG	D	0.23%
XPO	A	0.23%
CBT	B	0.23%
AGNC	D	0.22%
GVA	A	0.22%
CCS	F	0.22%
COOP	D	0.22%
FCN	F	0.22%
DTM	A	0.21%
LCII	D	0.21%
AMKR	F	0.21%
LITE	A	0.21%
WTFC	B	0.21%
GMS	A	0.21%
VIRT	A	0.21%
PNFP	A	0.21%
CR	B	0.21%
FNB	A	0.21%
SEM	B	0.21%
PB	B	0.21%
TPC	B	0.21%
Z	D	0.21%
AWI	A	0.21%
TTMI	A	0.2%
INCY	A	0.2%
OGS	C	0.2%
SHOO	D	0.2%
COLD	F	0.2%
BYD	A	0.2%
JBLU	D	0.2%
ASH	F	0.2%
CROX	F	0.2%
ESI	A	0.2%
CUZ	B	0.2%
FDS	B	0.2%
OZK	B	0.2%
RPRX	D	0.2%
KFY	C	0.2%
PATK	F	0.2%
ELS	D	0.2%
WH	A	0.2%
SAIA	A	0.2%
CFR	B	0.2%
SBRA	B	0.19%
LFUS	D	0.19%
SRCL	A	0.19%
STC	D	0.19%
SPR	C	0.19%
VSTS	F	0.19%
HLI	A	0.19%
WYNN	B	0.19%
BIO	A	0.19%
CUBE	D	0.19%
CXW	C	0.19%
LOPE	D	0.19%
PNM	B	0.19%
ASB	A	0.19%
MTCH	C	0.19%
KEX	D	0.19%
VLY	A	0.19%
IDA	A	0.19%
ZM	A	0.19%
ELAN	D	0.19%
MC	D	0.19%
MAT	A	0.19%
NVST	A	0.18%
NWE	D	0.18%
HXL	F	0.18%
MPWR	F	0.18%
COLB	A	0.18%
ARCB	F	0.18%
PCH	F	0.18%
SSD	F	0.18%
SMCI	F	0.18%
ADTN	B	0.18%
FHB	A	0.18%
CBSH	A	0.18%
COLM	C	0.18%
CSGP	F	0.18%
NNN	D	0.18%
AMH	F	0.18%
ESNT	F	0.18%
PFSI	D	0.18%
SR	D	0.18%
NYT	A	0.18%
SN	C	0.18%
JELD	F	0.18%
PINC	A	0.18%
IMKTA	D	0.17%
GBX	A	0.17%
APLE	C	0.17%
B	A	0.17%
OLLI	C	0.17%
EXEL	A	0.17%
ATGE	A	0.17%
THS	F	0.17%
LGIH	F	0.17%
DASH	A	0.17%
VVV	D	0.17%
ENVA	A	0.17%
WTM	B	0.17%
WD	C	0.17%
FWRD	C	0.17%
KMT	B	0.17%
SPOT	A	0.17%
RH	B	0.17%
ENTG	D	0.17%
EEFT	F	0.17%
UNF	D	0.17%
WGO	D	0.17%
MOD	C	0.17%
MKTX	B	0.16%
CACC	F	0.16%
DHC	D	0.16%
ESAB	A	0.16%
SFNC	A	0.16%
AGO	B	0.16%
SLAB	F	0.16%
GEF	B	0.16%
WAFD	D	0.16%
SITE	F	0.16%
OMI	F	0.16%
CNX	B	0.16%
SKY	C	0.16%
AVA	D	0.16%
PIPR	B	0.16%
TROX	F	0.16%
NOMD	D	0.16%
WEN	A	0.15%
CGNX	B	0.15%
GTES	A	0.15%
LAUR	A	0.15%
BXMT	C	0.15%
SUM	A	0.15%
MASI	A	0.15%
EPR	D	0.15%
LZB	D	0.15%
RYN	C	0.15%
JBGS	C	0.15%
APAM	A	0.15%
CHDN	B	0.15%
ROL	D	0.15%
AGR	C	0.15%
MLKN	F	0.15%
NOW	A	0.15%
APP	B	0.15%
WEX	F	0.15%
ACHC	F	0.15%
PTEN	F	0.15%
GBCI	A	0.15%
PHIN	C	0.15%
ARES	B	0.15%
HE	D	0.15%
CBRL	C	0.15%
VYX	F	0.15%
TDC	B	0.15%
WMS	F	0.15%
VEEV	B	0.15%
VNT	B	0.15%
ONB	A	0.15%
NMRK	C	0.14%
ZD	F	0.14%
TYL	A	0.14%
HRB	D	0.14%
PLUS	C	0.14%
SLGN	A	0.14%
H	D	0.14%
TWLO	A	0.14%
TCBI	B	0.14%
FND	D	0.14%
GMED	A	0.14%
RGLD	B	0.14%
VSTO	A	0.14%
NEU	D	0.14%
BFAM	C	0.14%
CVCO	A	0.14%
AMWD	D	0.14%
RNR	C	0.14%
TPG	B	0.14%
TPL	A	0.14%
APO	B	0.14%
ICUI	C	0.14%
FELE	D	0.13%
ANDE	F	0.13%
FTI	B	0.13%
WTRG	C	0.13%
CHE	F	0.13%
ATKR	F	0.13%
SCL	F	0.13%
ABNB	B	0.13%
MMS	D	0.13%
CNM	D	0.13%
SNDR	A	0.13%
JAZZ	D	0.13%
DBX	A	0.13%
SVC	F	0.13%
LILAK	A	0.13%
DNOW	F	0.13%
BLD	F	0.13%
AMN	F	0.13%
HPP	F	0.13%
HELE	C	0.13%
LBRT	F	0.13%
PPC	A	0.13%
AMED	C	0.13%
APG	B	0.13%
JWN	C	0.13%
DLB	B	0.13%
IAC	F	0.13%
TNL	A	0.13%
IDCC	A	0.12%
STAG	D	0.12%
HOPE	D	0.12%
BANR	A	0.12%
AXS	C	0.12%
ETSY	D	0.12%
PTC	B	0.12%
ECPG	D	0.12%
CABO	C	0.12%
CHRD	F	0.12%
RLJ	F	0.12%
DRH	D	0.12%
DNB	B	0.12%
ITGR	D	0.12%
MSM	D	0.12%
IOSP	F	0.12%
RYI	C	0.12%
AMR	F	0.12%
RRC	D	0.12%
FSLR	C	0.12%
VRSN	F	0.12%
IPGP	B	0.12%
BOOT	D	0.12%
RLI	B	0.12%
MANH	D	0.12%
SHO	D	0.11%
HEES	B	0.11%
BRKR	D	0.11%
IBOC	B	0.11%
HGV	C	0.11%
VSH	F	0.11%
CPNG	B	0.11%
PPBI	B	0.11%
AEIS	A	0.11%
FIVE	C	0.11%
PLNT	D	0.11%
XHR	C	0.11%
CIVI	F	0.11%
EPC	D	0.11%
MORN	B	0.11%
FR	D	0.11%
BOKF	B	0.11%
DORM	A	0.11%
TREX	B	0.11%
PLTR	B	0.11%
WDAY	F	0.11%
FIBK	B	0.11%
CRL	F	0.11%
HTH	D	0.11%
BXC	A	0.1%
MYRG	B	0.1%
ENR	B	0.1%
MSA	F	0.1%
SAM	C	0.1%
NHC	C	0.1%
TW	B	0.1%
UE	B	0.1%
ENOV	C	0.1%
WWW	C	0.1%
AM	C	0.1%
IBKR	A	0.1%
NTCT	C	0.1%
SIRI	C	0.1%
ROKU	D	0.1%
STRL	B	0.1%
ABR	B	0.1%
AZZ	D	0.1%
KALU	B	0.1%
PDM	C	0.1%
PINS	C	0.1%
KRG	D	0.1%
VIAV	A	0.1%
DDS	C	0.1%
TRMK	B	0.1%
HLF	D	0.1%
SSB	B	0.1%
JBT	A	0.1%
TECH	B	0.1%
WSC	F	0.1%
NSP	F	0.09%
WOR	F	0.09%
AIN	F	0.09%
TOWN	D	0.09%
CENTA	D	0.09%
OLED	F	0.09%
DOLE	C	0.09%
DXCM	C	0.09%
BLMN	F	0.09%
KELYA	D	0.09%
POWI	C	0.09%
LXP	D	0.09%
BMRN	F	0.09%
CCOI	B	0.09%
IBTX	B	0.09%
BDN	C	0.09%
NPO	F	0.09%
NHI	C	0.09%
MGEE	C	0.09%
EIG	C	0.09%
PMT	D	0.09%
WSFS	D	0.09%
IRDM	B	0.09%
CWEN	C	0.09%
MGY	C	0.09%
OSIS	F	0.09%
HOMB	B	0.09%
NGVT	C	0.09%
HI	F	0.09%
PRIM	A	0.09%
HTLF	A	0.09%
RHP	B	0.09%
VC	F	0.09%
ORA	B	0.09%
SASR	A	0.09%
BKE	C	0.09%
SCSC	F	0.09%
JACK	C	0.09%
AMRK	D	0.08%
CVI	F	0.08%
PEB	F	0.08%
PAYC	A	0.08%
ERIE	D	0.08%
REXR	F	0.08%
LBRDK	A	0.08%
WNC	F	0.08%
ARI	F	0.08%
REVG	D	0.08%
EXPO	D	0.08%
CXT	F	0.08%
YETI	F	0.08%
SAFT	D	0.08%
AZEK	C	0.08%
CNS	B	0.08%
ALIT	F	0.08%
CHH	A	0.08%
RRR	F	0.08%
KLG	F	0.08%
SYNA	F	0.08%
ESE	A	0.08%
GO	F	0.08%
RNG	A	0.08%
KW	C	0.08%
LRN	A	0.08%
MGRC	A	0.08%
NWN	C	0.08%
STRA	F	0.08%
RBC	D	0.08%
AKR	B	0.08%
KOS	F	0.08%
ALEX	C	0.08%
GNL	D	0.08%
CAKE	A	0.07%
TRIP	C	0.07%
ELME	D	0.07%
EBC	C	0.07%
DLX	F	0.07%
CAL	F	0.07%
PGRE	C	0.07%
HMN	A	0.07%
SABR	C	0.07%
NNI	A	0.07%
SCHL	F	0.07%
ALGT	B	0.07%
IRT	D	0.07%
TRS	B	0.07%
PR	F	0.07%
REYN	F	0.07%
GWRE	B	0.07%
MD	A	0.07%
CASH	A	0.07%
SEB	F	0.07%
KOP	F	0.07%
OMCL	B	0.07%
CARG	B	0.07%
GES	F	0.07%
ZWS	A	0.07%
ALG	C	0.07%
THRM	D	0.07%
NSA	D	0.07%
DFIN	F	0.07%
CNA	D	0.07%
TALO	D	0.07%
NX	C	0.07%
ROIC	B	0.07%
ROG	D	0.07%
PTVE	D	0.07%
ADC	C	0.07%
MODG	F	0.07%
JJSF	C	0.07%
CBZ	B	0.07%
KAI	A	0.07%
VSAT	F	0.07%
KN	C	0.07%
GOLF	D	0.07%
AAON	A	0.07%
TTD	B	0.07%
PRDO	B	0.07%
KFRC	D	0.07%
ESGR	C	0.06%
WHD	B	0.06%
EFSC	B	0.06%
CWST	D	0.06%
ENV	A	0.06%
CNXC	F	0.06%
GFS	F	0.06%
COTY	F	0.06%
BV	A	0.06%
VRRM	F	0.06%
SONO	C	0.06%
W	F	0.06%
CUBI	D	0.06%
MELI	A	0.06%
PSTG	D	0.06%
VBTX	B	0.06%
KWR	D	0.06%
CRK	B	0.06%
MRCY	D	0.06%
CWH	F	0.06%
PLAY	C	0.06%
OXM	F	0.06%
FOXF	F	0.06%
BSY	F	0.06%
OEC	F	0.06%
NBIX	C	0.06%
TDOC	C	0.06%
SXI	A	0.06%
HHH	C	0.06%
EYE	D	0.06%
BNL	D	0.06%
ROAD	B	0.06%
CPK	C	0.06%
COHU	B	0.05%
HZO	F	0.05%
MATV	F	0.05%
AZTA	F	0.05%
HTLD	F	0.05%
BRBR	A	0.05%
CNDT	D	0.05%
WING	F	0.05%
AMCX	F	0.05%
ATSG	A	0.05%
AY	A	0.05%
KLIC	B	0.05%
HAYW	A	0.05%
FCPT	D	0.05%
GTN	C	0.05%
ECVT	C	0.05%
FBNC	D	0.05%
CMCO	F	0.05%
AGX	A	0.05%
NTB	C	0.05%
CCO	F	0.05%
SMPL	C	0.05%
EAF	B	0.05%
NOVT	C	0.05%
CTS	A	0.05%
NVRI	F	0.05%
EPRT	C	0.05%
HCSG	A	0.05%
CHEF	D	0.05%
NTGR	A	0.05%
GRBK	D	0.05%
PTON	A	0.05%
EMBC	C	0.05%
EXAS	A	0.05%
HAIN	A	0.05%
ENPH	F	0.05%
LYFT	C	0.05%
MMI	D	0.05%
PRA	B	0.04%
LEVI	F	0.04%
GLOB	B	0.04%
VTLE	F	0.04%
HMST	F	0.04%
SCVL	F	0.04%
ASIX	C	0.04%
GCO	F	0.04%
CNSL	A	0.04%
ASTH	C	0.04%
FBRT	B	0.04%
PUMP	F	0.04%
SWBI	D	0.04%
NVEE	D	0.04%
PZZA	A	0.04%
IVT	A	0.04%
ZUMZ	F	0.04%
RGEN	D	0.04%
LNN	C	0.04%
HLIO	A	0.04%
VCTR	A	0.04%
NOG	F	0.04%
SNAP	B	0.04%
RKT	D	0.04%
ACLS	F	0.04%
ZI	C	0.04%
UIS	A	0.04%
RDUS	F	0.04%
DHT	F	0.04%
INVA	C	0.04%
ACCO	B	0.04%
GLNG	B	0.04%
AGRO	B	0.04%
LPG	F	0.04%
LTC	A	0.04%
BZH	D	0.04%
AAL	A	0.04%
PARR	F	0.04%
TOST	A	0.04%
INSW	F	0.04%
ALK	A	0.04%
NEOG	D	0.04%
LSCC	C	0.04%
GTLS	B	0.04%
RES	F	0.04%
SGRY	F	0.04%
CHCO	A	0.04%
ICHR	F	0.04%
PODD	A	0.04%
MTUS	F	0.03%
DAC	D	0.03%
CMRE	C	0.03%
CLVT	D	0.03%
AHCO	D	0.03%
AGM	D	0.03%
PRVA	B	0.03%
GDEN	F	0.03%
KNSL	F	0.03%
CNNE	B	0.03%
TBI	F	0.03%
WRLD	D	0.03%
CLW	F	0.03%
WTTR	D	0.03%
EVTC	D	0.03%
SBCF	B	0.03%
GDOT	C	0.03%
WOLF	D	0.03%
XPRO	F	0.03%
XP	F	0.03%
CVGW	B	0.03%
CFFN	A	0.03%
PAGS	F	0.03%
AMC	D	0.03%
CALX	D	0.03%
SBLK	F	0.03%
NUS	F	0.03%
RWT	D	0.03%
MP	B	0.03%
CMTG	F	0.03%
EGBN	A	0.03%
VRNT	F	0.03%
GLDD	B	0.03%
DT	B	0.03%
TKO	D	0.03%
ASTE	C	0.03%
LYV	A	0.03%
VSEC	A	0.03%
SMP	B	0.03%
SNOW	C	0.03%
RC	F	0.03%
CARS	D	0.03%
RGR	F	0.03%
CBL	B	0.03%
RDNT	D	0.03%
USM	B	0.03%
IHRT	A	0.03%
MNRO	A	0.03%
VAL	F	0.03%
IPAR	D	0.03%
THRY	F	0.03%
PEN	A	0.03%
ILPT	F	0.03%
SENEA	A	0.03%
CLDT	F	0.02%
RYAM	B	0.02%
CCSI	B	0.02%
FLWS	B	0.02%
GTY	C	0.02%
KRNY	B	0.02%
PLOW	F	0.02%
ARKO	C	0.02%
AMBC	D	0.02%
MEI	F	0.02%
DHIL	D	0.02%
CSV	A	0.02%
OPK	C	0.02%
OPI	F	0.02%
CTRN	C	0.02%
UFCS	F	0.02%
HAFC	A	0.02%
WASH	B	0.02%
HFWA	A	0.02%
ARCO	D	0.02%
TPIC	F	0.02%
WOW	C	0.02%
SFIX	C	0.02%
GNK	D	0.02%
CLB	A	0.02%
AVO	C	0.02%
BRY	F	0.02%
TMP	A	0.02%
CMP	C	0.02%
SHYF	B	0.02%
BRKL	A	0.02%
MTW	F	0.02%
PFC	A	0.02%
HASI	B	0.02%
ALTO	B	0.02%
CNOB	D	0.02%
EBF	F	0.02%
EDR	A	0.02%
MATW	D	0.02%
TEN	F	0.02%
DBI	F	0.02%
BJRI	B	0.02%
WMG	A	0.02%
CLOV	A	0.02%
HSII	A	0.02%
UTL	D	0.02%
MERC	D	0.02%
EVRI	A	0.02%
OCFC	A	0.02%
OKTA	D	0.02%
AGL	F	0.02%
USNA	D	0.02%
SBSI	D	0.02%
PEGA	A	0.02%
HVT	F	0.02%
RUN	C	0.02%
VIR	B	0.02%
NBHC	A	0.01%
TBBK	D	0.01%
FBK	B	0.01%
HOV	D	0.01%
IIPR	C	0.01%
LESL	F	0.01%
CMTL	F	0.01%
HLNE	A	0.01%
GPRO	C	0.01%
SEDG	F	0.01%
MBUU	A	0.01%
PKST	F	0.01%
RILY	D	0.01%
PETS	C	0.01%
GSL	C	0.01%
BMBL	C	0.01%
MODV	F	0.01%
NU	C	0.01%
PRM	A	0.01%
CENT	D	0.01%
CRMT	F	0.01%
SSYS	F	0.01%
GPMT	C	0.01%
JRVR	F	0.01%
MOV	F	0.01%
SRI	F	0.01%
FLGT	C	0.01%
SSP	B	0.01%
PLCE	B	0.01%
DENN	D	0.01%
CCRN	F	0.01%
USPH	F	0.01%
RGP	F	0.01%
TITN	D	0.01%
IRBT	C	0.01%
DAY	A	0.01%
ALGM	F	0.0%
SEG	F	0.0%
TWI	F	0.0%
WTI	F	0.0%
CRNC	C	0.0%
EVH	D	0.0%
GSM	F	0.0%
INMD	C	0.0%
DNUT	C	0.0%
HAYN	A	0.0%
MGPI	F	0.0%
ONEW	D	0.0%
PEBO	B	0.0%
SPWH	F	0.0%
TTEC	D	0.0%
REX	F	0.0%
PFBC	B	0.0%
NIC	B	0.0%
AMRC	C	0.0%
NR	F	0.0%
IIIN	F	0.0%
LXU	B	0.0%

FNDA Underweight 291 Positions Relative to FESM

Symbol	Grade	Weight
SFM	A	-0.92%
QTWO	A	-0.77%
LUMN	A	-0.75%
PRMW	B	-0.74%
PAYO	B	-0.69%
JXN	B	-0.64%
FLR	B	-0.6%
CVNA	A	-0.58%
EME	A	-0.55%
TMHC	A	-0.51%
WT	B	-0.5%
CRDO	A	-0.49%
INSM	D	-0.47%
YOU	A	-0.46%
PCVX	C	-0.45%
REZI	C	-0.42%
EQC	C	-0.42%
CECO	F	-0.41%
VMEO	C	-0.4%
GT	F	-0.39%
TPH	D	-0.37%
SANM	A	-0.36%
BAND	A	-0.36%
MTH	D	-0.34%
GNW	D	-0.34%
ABM	B	-0.33%
LMND	A	-0.33%
VICR	B	-0.31%
HCI	B	-0.28%
WK	C	-0.27%
YEXT	A	-0.27%
GH	D	-0.26%
CNO	A	-0.26%
EZPW	B	-0.25%
PDFS	F	-0.24%
AORT	A	-0.24%
PLPC	A	-0.24%
PHR	F	-0.24%
BVS	A	-0.23%
TENB	D	-0.23%
AXGN	B	-0.23%
RNA	C	-0.23%
EGHT	C	-0.22%
KBH	D	-0.22%
OI	F	-0.22%
RVMD	A	-0.21%
BL	B	-0.21%
SHAK	A	-0.21%
MUR	F	-0.21%
LMB	B	-0.2%
ZUO	A	-0.19%
HSTM	A	-0.19%
PTCT	B	-0.18%
PD	C	-0.18%
FOLD	B	-0.18%
TVTX	B	-0.17%
TDS	B	-0.17%
CYTK	F	-0.17%
ARLO	F	-0.17%
EWTX	B	-0.17%
BCC	D	-0.17%
WKC	D	-0.17%
PRO	C	-0.16%
BPMC	C	-0.16%
SRRK	B	-0.16%
INTA	B	-0.16%
LNTH	C	-0.15%
FLXS	A	-0.15%
XRX	F	-0.15%
WS	A	-0.14%
WSR	B	-0.14%
OSCR	C	-0.14%
DOMO	C	-0.14%
AGIO	B	-0.14%
VCYT	A	-0.14%
DK	F	-0.14%
NFBK	C	-0.14%
TWST	F	-0.14%
CPRX	A	-0.14%
CRNX	B	-0.14%
NRIX	B	-0.14%
DYN	F	-0.13%
TRUP	A	-0.13%
RYTM	D	-0.13%
HCAT	C	-0.12%
HLIT	F	-0.12%
CDNA	D	-0.12%
GMRE	D	-0.12%
BCRX	A	-0.12%
ODP	C	-0.12%
AMRX	B	-0.12%
RDFN	C	-0.12%
AUR	B	-0.12%
EXTR	B	-0.12%
REPX	F	-0.11%
ATRC	A	-0.11%
KURA	F	-0.11%
KRYS	C	-0.11%
TRUE	A	-0.1%
LYTS	A	-0.1%
MDGL	A	-0.1%
AGS	A	-0.1%
RXRX	F	-0.09%
NVAX	F	-0.09%
ARQT	D	-0.09%
NGVC	B	-0.09%
AMSC	A	-0.09%
ADMA	B	-0.09%
SPT	F	-0.09%
COLL	F	-0.09%
EOLS	A	-0.09%
TGTX	A	-0.09%
PTGX	B	-0.09%
ACAD	F	-0.09%
VCEL	D	-0.08%
RUSHA	A	-0.08%
ARAY	F	-0.08%
WSBF	B	-0.08%
REPL	B	-0.08%
FLNC	B	-0.08%
TCMD	A	-0.08%
NABL	F	-0.08%
RVNC	C	-0.08%
JAMF	D	-0.08%
BBIO	D	-0.08%
ANIP	F	-0.08%
WVE	B	-0.08%
AXSM	C	-0.07%
CTBI	B	-0.07%
ASC	F	-0.07%
WEAV	B	-0.07%
PL	B	-0.07%
FISI	D	-0.07%
AMAL	B	-0.07%
ANNX	B	-0.07%
CCCC	F	-0.07%
SAGE	F	-0.07%
ARVN	C	-0.07%
RCKT	F	-0.07%
DNLI	C	-0.07%
CDMO	C	-0.07%
CLDX	F	-0.07%
PACB	C	-0.07%
AKBA	A	-0.07%
SNDX	F	-0.07%
ADPT	A	-0.07%
HRTG	D	-0.07%
BSRR	D	-0.07%
MCRI	A	-0.06%
HRTX	F	-0.06%
ATRO	F	-0.06%
QTRX	C	-0.06%
LPSN	B	-0.06%
AMBA	B	-0.06%
CERS	F	-0.06%
ORIC	D	-0.06%
HURC	A	-0.06%
NUVB	F	-0.06%
ARCT	F	-0.06%
ABSI	D	-0.06%
HBI	A	-0.06%
COGT	B	-0.06%
RM	D	-0.06%
UEC	B	-0.06%
PGC	A	-0.06%
TSVT	D	-0.05%
ALX	D	-0.05%
SANA	F	-0.05%
BY	B	-0.05%
SGMO	A	-0.05%
VNDA	D	-0.05%
EE	A	-0.05%
STRO	D	-0.05%
CDXS	A	-0.05%
NUVL	D	-0.05%
NPAB	D	-0.05%
ZIP	F	-0.05%
PAHC	B	-0.05%
CTKB	F	-0.05%
IOVA	B	-0.05%
KOD	B	-0.05%
NSSC	F	-0.05%
COUR	F	-0.05%
ARWR	F	-0.05%
KALV	D	-0.05%
TSHA	F	-0.05%
UHT	D	-0.05%
ERAS	C	-0.05%
CMC	A	-0.05%
AKRO	A	-0.05%
MGNX	C	-0.04%
HROW	C	-0.04%
BASE	C	-0.04%
FNKO	C	-0.04%
CXM	F	-0.04%
ZNTL	D	-0.04%
BDTX	F	-0.04%
EDIT	F	-0.04%
DSGN	C	-0.04%
HUMA	D	-0.04%
TERN	D	-0.04%
NXRT	D	-0.04%
ANIK	F	-0.04%
FLYW	C	-0.04%
BLBD	F	-0.04%
ETNB	D	-0.04%
OPY	A	-0.04%
TNDM	F	-0.04%
OABI	D	-0.04%
VYGR	C	-0.04%
ORGO	D	-0.04%
GERN	C	-0.04%
ALLK	B	-0.04%
FATE	F	-0.04%
DAKT	C	-0.04%
MLNK	B	-0.04%
IDYA	F	-0.04%
MQ	A	-0.03%
SPNS	B	-0.03%
DOC	C	-0.03%
PKE	C	-0.03%
MBWM	D	-0.03%
HNST	C	-0.03%
KYMR	C	-0.03%
BECN	B	-0.03%
CWCO	F	-0.03%
ACLX	B	-0.03%
NKTX	F	-0.03%
RMAX	C	-0.03%
LMAT	B	-0.03%
UVSP	B	-0.03%
HIMS	B	-0.03%
NARI	A	-0.03%
TMCI	F	-0.03%
ARRY	D	-0.03%
AXNX	A	-0.03%
ETWO	F	-0.03%
RLMD	C	-0.03%
RLAY	F	-0.03%
YMAB	A	-0.03%
GRC	D	-0.03%
UFPI	C	-0.03%
ENTA	D	-0.03%
ACET	F	-0.03%
URGN	F	-0.02%
TNYA	F	-0.02%
XBIT	A	-0.02%
ANGO	D	-0.02%
DVAX	A	-0.02%
ONTF	D	-0.02%
ENVX	D	-0.02%
CRBU	D	-0.02%
MCB	B	-0.02%
ALT	D	-0.02%
SVRA	D	-0.02%
NTLA	F	-0.02%
CTMX	F	-0.02%
MDXG	C	-0.02%
SPOK	A	-0.02%
XNCR	A	-0.02%
MRSN	D	-0.02%
PRTS	F	-0.02%
VERA	A	-0.02%
RCKY	F	-0.02%
POWL	A	-0.02%
ALEC	D	-0.02%
PGEN	F	-0.02%
SWTX	D	-0.02%
FSTR	F	-0.02%
NKTR	C	-0.02%
PBYI	C	-0.02%
KPTI	C	-0.02%
ABUS	D	-0.02%
BEAM	F	-0.02%
GKOS	B	-0.02%
BOLT	C	-0.01%
AHT	F	-0.01%
INO	F	-0.01%
FGEN	F	-0.01%
ALVR	B	-0.01%
ZDGE	F	-0.01%
AVTE	C	-0.01%
SCWX	B	-0.01%
IMVT	F	-0.01%
NOVA	F	-0.01%
CHRS	F	-0.01%
SMMT	C	-0.01%
ADAP	F	-0.01%
EB	C	-0.01%
UPLD	F	-0.01%
CCBG	A	-0.01%