FNDA vs. FREL ETF Comparison

Comparison of Schwab Fundamental U.S. Small Company Index ETF (FNDA) to Fidelity MSCI Real Estate Index ETF (FREL)

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

$56.23

Average Daily Volume

280,383

Number of Holdings ^*

999

* 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

$28.72

Average Daily Volume

189,548

Number of Holdings ^*

139

* may have additional holdings in another (foreign) market

Performance

Period	FNDA	FREL
30 Days	3.10%	5.78%
60 Days	2.99%	13.52%
90 Days	2.80%	15.87%
12 Months	14.31%	21.04%

76 Overlapping Holdings

Symbol	Grade	Weight in FNDA	Weight in FREL	Overlap
AAT	B	0.07%	0.09%	0.07%
ADC	A	0.07%	0.49%	0.07%
AKR	B	0.09%	0.16%	0.09%
ALEX	B	0.1%	0.09%	0.09%
AMH	A	0.2%	0.85%	0.2%
APLE	F	0.16%	0.22%	0.16%
BDN	B	0.11%	0.06%	0.06%
BNL	B	0.06%	0.23%	0.06%
CBL	B	0.05%	0.02%	0.02%
CLDT	D	0.02%	0.03%	0.02%
COLD	B	0.21%	0.53%	0.21%
COMP	B	0.06%	0.14%	0.06%
CSGP	C	0.17%	2.08%	0.17%
CSR	B	0.03%	0.08%	0.03%
CTRE	A	0.02%	0.27%	0.02%
CUBE	A	0.2%	0.77%	0.2%
CUZ	A	0.19%	0.28%	0.19%
CWK	B	0.21%	0.15%	0.15%
DBRG	F	0.19%	0.14%	0.14%
DEA	A	0.06%	0.09%	0.06%
DEI	B	0.2%	0.18%	0.18%
DHC	C	0.22%	0.04%	0.04%
DRH	D	0.12%	0.13%	0.12%
EGP	B	0.09%	0.59%	0.09%
ELS	A	0.22%	0.84%	0.22%
EPR	B	0.15%	0.25%	0.15%
EPRT	A	0.05%	0.36%	0.05%
ESRT	B	0.1%	0.1%	0.1%
EXPI	F	0.05%	0.07%	0.05%
FCPT	A	0.05%	0.18%	0.05%
FR	B	0.12%	0.5%	0.12%
FRT	A	0.25%	0.57%	0.25%
GNL	A	0.09%	0.12%	0.09%
GTY	B	0.02%	0.11%	0.02%
HHH	B	0.06%	0.16%	0.06%
HIW	B	0.23%	0.23%	0.23%
HPP	D	0.14%	0.04%	0.04%
IRT	B	0.07%	0.31%	0.07%
IVT	B	0.03%	0.13%	0.03%
JBGS	B	0.14%	0.1%	0.1%
KRC	B	0.2%	0.26%	0.2%
KRG	B	0.11%	0.39%	0.11%
KW	B	0.09%	0.08%	0.08%
LTC	A	0.04%	0.11%	0.04%
LXP	B	0.1%	0.21%	0.1%
MAC	B	0.25%	0.23%	0.23%
MMI	B	0.06%	0.07%	0.06%
NHI	A	0.1%	0.24%	0.1%
NMRK	A	0.14%	0.14%	0.14%
NNN	A	0.19%	0.57%	0.19%
NSA	A	0.08%	0.23%	0.08%
OHI	A	0.28%	0.64%	0.28%
OPEN	D	0.06%	0.08%	0.06%
OUT	B	0.16%	0.15%	0.15%
PCH	C	0.17%	0.22%	0.17%
PDM	B	0.14%	0.08%	0.08%
PEB	D	0.08%	0.1%	0.08%
PECO	A	0.11%	0.3%	0.11%
PGRE	C	0.1%	0.05%	0.05%
PKST	C	0.01%	0.03%	0.01%
REXR	B	0.08%	0.74%	0.08%
RHP	D	0.09%	0.39%	0.09%
RLJ	F	0.12%	0.1%	0.1%
ROIC	B	0.07%	0.13%	0.07%
RYN	B	0.14%	0.28%	0.14%
SBRA	A	0.19%	0.26%	0.19%
SHO	D	0.11%	0.13%	0.11%
SKT	A	0.1%	0.22%	0.1%
SLG	B	0.08%	0.29%	0.08%
STAG	B	0.13%	0.49%	0.13%
SVC	D	0.15%	0.05%	0.05%
TRNO	B	0.06%	0.44%	0.06%
UE	B	0.1%	0.17%	0.1%
UNIT	A	0.17%	0.07%	0.07%
XHR	D	0.11%	0.1%	0.1%
Z	B	0.19%	0.59%	0.19%

FNDA Overweight 923 Positions Relative to FREL

Symbol	Grade	Weight
ANF	D	0.46%
SATS	A	0.44%
RCL	C	0.4%
CRUS	C	0.33%
UTHR	B	0.33%
FICO	A	0.31%
COIN	F	0.3%
BKU	B	0.3%
KMPR	C	0.29%
GME	C	0.29%
SLVM	B	0.28%
MHO	B	0.28%
RDN	B	0.28%
DY	D	0.27%
TPC	C	0.27%
VLTO	B	0.27%
PRG	B	0.27%
CLH	C	0.27%
WAL	B	0.27%
FLS	C	0.26%
XPO	D	0.26%
TXRH	D	0.26%
SWX	D	0.26%
HCC	F	0.26%
SF	C	0.25%
TTEK	B	0.25%
SPB	B	0.25%
RXO	D	0.25%
SPR	D	0.24%
AGNC	A	0.24%
GEO	D	0.24%
SPOT	C	0.24%
HEI	B	0.24%
CRS	B	0.24%
WWD	D	0.24%
ELAN	B	0.23%
FCN	C	0.23%
SEM	D	0.23%
AGO	D	0.23%
BKH	A	0.23%
BHE	C	0.22%
LOPE	D	0.22%
PB	B	0.22%
MOG.A	C	0.22%
CROX	C	0.22%
AIT	C	0.22%
VMI	C	0.22%
VIRT	A	0.22%
GVA	B	0.22%
GATX	C	0.22%
LNW	B	0.22%
FNB	C	0.22%
COOP	B	0.22%
CBT	B	0.22%
BWXT	C	0.22%
AVNT	B	0.22%
SCCO	D	0.21%
UAL	C	0.21%
GHC	C	0.21%
STC	B	0.21%
UAA	B	0.21%
AWI	C	0.21%
ESI	D	0.21%
SMG	C	0.21%
CCS	B	0.21%
PLXS	B	0.21%
KFY	C	0.21%
SRCL	A	0.2%
ASB	C	0.2%
SMCI	F	0.2%
SR	B	0.2%
KEX	D	0.2%
ACHC	B	0.2%
IDA	A	0.2%
DTM	B	0.2%
SN	A	0.2%
WBS	D	0.2%
RPRX	B	0.2%
ASH	D	0.2%
EBS	D	0.2%
CADE	C	0.2%
WTFC	B	0.2%
HWC	C	0.2%
CR	C	0.2%
FIX	C	0.2%
ENS	D	0.2%
FDP	B	0.2%
RNR	A	0.2%
PNFP	B	0.2%
CBSH	B	0.2%
UBSI	B	0.19%
MC	B	0.19%
OGS	B	0.19%
PFSI	A	0.19%
MAT	C	0.19%
GMS	D	0.19%
TEX	D	0.19%
WH	A	0.19%
TTMI	D	0.19%
SBH	B	0.19%
ACIW	B	0.19%
ESNT	B	0.19%
SIG	F	0.19%
CXW	D	0.19%
ATGE	C	0.19%
INCY	C	0.19%
CFR	C	0.19%
COLB	B	0.19%
VSCO	A	0.19%
HP	F	0.19%
SHOO	C	0.19%
NYT	C	0.19%
FHB	C	0.19%
TRN	C	0.19%
AMKR	F	0.19%
FUL	C	0.19%
HNI	B	0.19%
HLI	B	0.18%
WTM	B	0.18%
HRI	D	0.18%
ALE	A	0.18%
PSMT	B	0.18%
MTCH	B	0.18%
ADTN	F	0.18%
BCO	B	0.18%
ENVA	B	0.18%
AXS	B	0.18%
ZM	B	0.18%
HE	F	0.18%
NOMD	A	0.18%
ENTG	D	0.18%
LFUS	C	0.18%
SCS	C	0.18%
BIO	A	0.18%
COLM	B	0.18%
URBN	D	0.18%
FDS	C	0.18%
PNM	A	0.18%
PATK	B	0.18%
IMKTA	D	0.18%
OZK	D	0.18%
MLKN	D	0.18%
EEFT	D	0.18%
LCII	B	0.18%
PINC	A	0.18%
CALM	B	0.17%
SAIA	D	0.17%
ACA	D	0.17%
BFAM	B	0.17%
VLY	C	0.17%
WMK	B	0.17%
VRT	F	0.17%
OLLI	D	0.17%
BYD	B	0.17%
SSD	D	0.17%
KNF	C	0.17%
THS	A	0.17%
UNF	C	0.17%
VVV	D	0.17%
MOD	C	0.17%
PDCO	F	0.17%
WAFD	B	0.17%
OMI	C	0.17%
NWE	A	0.17%
MPWR	C	0.17%
HXL	F	0.17%
NJR	A	0.17%
ARCB	F	0.17%
AVA	B	0.17%
GBCI	B	0.16%
PIPR	B	0.16%
CRC	D	0.16%
EXEL	B	0.16%
ONB	C	0.16%
COKE	B	0.16%
PTEN	F	0.16%
CACC	F	0.16%
WD	B	0.16%
JELD	F	0.16%
LZB	C	0.16%
UMBF	B	0.16%
UVV	B	0.16%
GBX	D	0.16%
GIII	A	0.16%
PHIN	B	0.16%
GMED	C	0.16%
KMT	D	0.16%
B	D	0.15%
MTDR	F	0.15%
TYL	A	0.15%
SCSC	C	0.15%
SKY	B	0.15%
LGIH	C	0.15%
SUM	D	0.15%
MTX	D	0.15%
H	C	0.15%
SFNC	B	0.15%
NEU	D	0.15%
BDC	B	0.15%
ENSG	B	0.15%
VNT	F	0.15%
NVST	C	0.15%
CNK	A	0.15%
WYNN	D	0.15%
CATY	B	0.15%
VEEV	A	0.15%
MCY	B	0.15%
ROL	B	0.15%
WGO	D	0.15%
SAH	C	0.15%
SXT	C	0.15%
CVLT	B	0.15%
FN	C	0.15%
LITE	C	0.15%
CHDN	D	0.15%
PPC	B	0.15%
AGR	B	0.15%
CNXC	C	0.14%
KAR	D	0.14%
AMED	B	0.14%
GEF	D	0.14%
APG	D	0.14%
KTB	B	0.14%
VSTO	C	0.14%
CGNX	D	0.14%
PBI	C	0.14%
LBRT	D	0.14%
SLAB	D	0.14%
DNOW	D	0.14%
KELYA	D	0.14%
SKYW	D	0.14%
SITE	C	0.14%
VSTS	C	0.14%
EAT	B	0.14%
DASH	B	0.14%
FULT	C	0.14%
ICUI	B	0.14%
BXMT	C	0.14%
LAUR	C	0.14%
ESAB	D	0.14%
SIGI	D	0.14%
COMM	B	0.14%
AMN	F	0.14%
TROX	F	0.14%
WWW	A	0.13%
ABCB	B	0.13%
WTS	D	0.13%
AROC	D	0.13%
ITGR	A	0.13%
MKTX	A	0.13%
CEIX	D	0.13%
WEX	C	0.13%
CVCO	B	0.13%
TPG	B	0.13%
BOH	B	0.13%
YELP	F	0.13%
BGC	B	0.13%
IGT	C	0.13%
WMS	D	0.13%
APAM	D	0.13%
GTES	C	0.13%
RGLD	C	0.13%
DOLE	B	0.13%
FND	C	0.13%
SNDR	B	0.13%
ARES	C	0.13%
PLUS	B	0.13%
SMTC	B	0.13%
LRN	B	0.12%
DORM	B	0.12%
IDCC	B	0.12%
ETSY	F	0.12%
TCBI	A	0.12%
HTH	C	0.12%
HLF	F	0.12%
BRKR	C	0.12%
MASI	D	0.12%
FWRD	D	0.12%
HOPE	B	0.12%
MWA	C	0.12%
PLNT	A	0.12%
TPL	C	0.12%
IOSP	D	0.12%
TDC	F	0.12%
ZD	F	0.12%
WEN	C	0.12%
APOG	C	0.12%
RH	F	0.12%
DLB	F	0.12%
SCL	D	0.12%
DIOD	F	0.12%
ECPG	C	0.12%
AIR	D	0.12%
FELE	D	0.12%
FSS	D	0.12%
EPC	C	0.12%
IAC	C	0.12%
DNB	B	0.12%
AMWD	D	0.12%
ITRI	D	0.12%
TECH	D	0.11%
AX	C	0.11%
FIBK	B	0.11%
RRC	F	0.11%
SIRI	F	0.11%
RIG	F	0.11%
MORN	C	0.11%
CHX	D	0.11%
PSN	B	0.11%
BANR	B	0.11%
IBOC	C	0.11%
CBU	B	0.11%
PBH	A	0.11%
TRMK	B	0.11%
CNM	F	0.11%
PTC	D	0.11%
BOOT	B	0.11%
RLI	B	0.11%
FFBC	B	0.11%
CABO	F	0.11%
AMRK	A	0.11%
APP	B	0.11%
TWLO	D	0.11%
MANH	B	0.11%
OPCH	A	0.11%
VGR	B	0.11%
BOKF	B	0.11%
AZZ	C	0.11%
AMR	F	0.11%
WDAY	C	0.11%
TNET	F	0.11%
EXLS	B	0.11%
BMRN	D	0.11%
NHC	B	0.11%
AM	C	0.1%
REVG	C	0.1%
WSC	D	0.1%
CBRL	F	0.1%
AEIS	D	0.1%
HI	F	0.1%
HGV	D	0.1%
UCBI	B	0.1%
ENR	B	0.1%
BKD	D	0.1%
VC	F	0.1%
OTTR	D	0.1%
LANC	D	0.1%
IPGP	F	0.1%
VSAT	D	0.1%
ENOV	D	0.1%
DDS	D	0.1%
HTLF	B	0.1%
BCPC	C	0.1%
SLGN	B	0.1%
KALU	F	0.1%
IBP	D	0.1%
MSA	D	0.1%
TREX	F	0.1%
PPBI	C	0.1%
AIN	D	0.1%
JBLU	D	0.1%
PFS	B	0.1%
ICFI	B	0.1%
WSBC	B	0.1%
EMBC	B	0.1%
CHRD	F	0.1%
DLX	D	0.1%
ATKR	F	0.1%
RNG	D	0.09%
ABR	B	0.09%
BV	B	0.09%
CWT	B	0.09%
BSIG	C	0.09%
KFRC	D	0.09%
NSP	F	0.09%
RBC	C	0.09%
FRME	C	0.09%
CSTM	D	0.09%
SAM	D	0.09%
NVRI	C	0.09%
MGEE	B	0.09%
IBKR	B	0.09%
ESGR	D	0.09%
IBTX	B	0.09%
ATI	C	0.09%
JBT	F	0.09%
AXL	F	0.09%
CENTA	D	0.09%
TOWN	B	0.09%
ABNB	F	0.09%
MD	B	0.09%
CWEN	B	0.09%
PINS	F	0.09%
CNXN	B	0.09%
MMSI	A	0.09%
SASR	B	0.09%
ORA	C	0.09%
PLTR	B	0.09%
FBP	B	0.09%
HEES	F	0.09%
GFF	D	0.09%
AMCX	F	0.09%
WOR	F	0.09%
OSIS	C	0.09%
NPO	D	0.09%
NGVT	F	0.09%
MELI	B	0.09%
TW	B	0.09%
PMT	C	0.09%
RRR	C	0.09%
BKE	B	0.09%
ARI	C	0.09%
EIG	B	0.09%
WSFS	C	0.09%
NTCT	C	0.09%
JACK	F	0.09%
GCI	C	0.09%
CIVI	F	0.09%
STRA	D	0.09%
CVBF	D	0.09%
CMPR	B	0.08%
POWI	F	0.08%
KN	D	0.08%
ESE	C	0.08%
YETI	D	0.08%
TALO	F	0.08%
ROKU	C	0.08%
HRB	B	0.08%
HALO	B	0.08%
NTB	B	0.08%
WNC	F	0.08%
MGY	D	0.08%
OLED	D	0.08%
CSGS	C	0.08%
NOW	B	0.08%
EXPO	B	0.08%
SYNA	F	0.08%
UCTT	F	0.08%
BLMN	F	0.08%
NBTB	B	0.08%
MATV	B	0.08%
CACC	F	0.08%
CDE	D	0.08%
NMIH	B	0.08%
CAL	B	0.08%
GOLF	C	0.08%
KOS	F	0.08%
NWN	B	0.08%
OII	C	0.08%
MGRC	D	0.08%
JJSF	C	0.08%
VIAV	C	0.08%
ONTO	D	0.08%
HL	C	0.08%
PRK	B	0.08%
NWBI	B	0.08%
ROCK	D	0.08%
CBZ	D	0.08%
HAIN	B	0.08%
THRM	D	0.08%
INDB	B	0.08%
HCSG	D	0.08%
CNA	B	0.08%
HAE	F	0.08%
FTDR	B	0.08%
LADR	B	0.08%
PRDO	D	0.08%
FFIN	B	0.08%
HWKN	B	0.08%
SNBR	C	0.08%
HELE	D	0.08%
SAFT	B	0.08%
TILE	B	0.08%
VRSN	C	0.07%
BMI	C	0.07%
WTRG	D	0.07%
MYRG	F	0.07%
IRDM	D	0.07%
MRTN	D	0.07%
SFL	D	0.07%
JAZZ	D	0.07%
ROG	F	0.07%
OXM	F	0.07%
SWBI	D	0.07%
NBR	F	0.07%
TTD	B	0.07%
BUSE	B	0.07%
ALG	D	0.07%
NBIX	D	0.07%
ACCO	C	0.07%
GES	F	0.07%
KOP	D	0.07%
MRCY	B	0.07%
FCF	B	0.07%
PAYC	D	0.07%
CORT	B	0.07%
TNC	D	0.07%
LILAK	D	0.07%
HMN	B	0.07%
JWN	A	0.07%
CSWI	C	0.07%
KLIC	F	0.07%
PLAB	F	0.07%
KAI	D	0.07%
MMS	C	0.07%
NNI	B	0.07%
CNDT	B	0.07%
HOMB	B	0.07%
MTRN	D	0.07%
DXCM	F	0.07%
CNX	B	0.07%
CVI	F	0.07%
DFIN	B	0.07%
STRL	C	0.07%
KLG	B	0.07%
MEDP	D	0.07%
PTVE	D	0.07%
STBA	B	0.07%
COTY	F	0.07%
RYI	F	0.07%
FSLR	C	0.07%
ATSG	C	0.07%
CODI	D	0.07%
REYN	A	0.07%
HZO	D	0.07%
RAMP	F	0.07%
BGS	C	0.07%
CHH	C	0.07%
CNS	B	0.07%
MRC	D	0.07%
OMCL	A	0.07%
FORM	F	0.07%
AZEK	D	0.07%
CCOI	A	0.07%
HLX	D	0.07%
SCHL	D	0.07%
CCO	D	0.07%
LGF.A	F	0.07%
GO	F	0.07%
CPNG	B	0.07%
ZUMZ	B	0.07%
AY	A	0.07%
HURN	C	0.06%
BXC	F	0.06%
ZWS	D	0.06%
HQY	D	0.06%
CPS	D	0.06%
VSH	F	0.06%
GLNG	D	0.06%
VBTX	B	0.06%
THRY	D	0.06%
AAL	C	0.06%
CHEF	B	0.06%
EFSC	B	0.06%
APO	D	0.06%
MATX	C	0.06%
PR	D	0.06%
KWR	D	0.06%
MSM	D	0.06%
CWST	C	0.06%
ROAD	C	0.06%
PUMP	F	0.06%
TRIP	F	0.06%
VRRM	D	0.06%
OFG	B	0.06%
NX	D	0.06%
FIVE	F	0.06%
CNSL	A	0.06%
BLKB	B	0.06%
SABR	F	0.06%
GWRE	A	0.06%
MODG	F	0.06%
TRS	D	0.06%
HMST	B	0.06%
BLD	D	0.06%
WDFC	A	0.06%
BZH	B	0.06%
ADUS	B	0.06%
DHT	D	0.06%
ENPH	D	0.06%
BSY	D	0.06%
AAN	B	0.06%
PAGS	F	0.06%
OEC	F	0.06%
STNG	D	0.06%
TSE	D	0.06%
DBX	D	0.06%
ILPT	B	0.06%
ANDE	D	0.06%
AWR	B	0.06%
CARG	B	0.06%
GCO	D	0.06%
SXI	C	0.06%
PRAA	D	0.06%
ENV	B	0.06%
TNL	D	0.06%
INVA	B	0.06%
FTI	D	0.06%
NTGR	B	0.06%
NUS	F	0.06%
CHE	C	0.06%
CPK	A	0.06%
EBC	B	0.06%
AAON	C	0.06%
CAKE	C	0.06%
AGRO	A	0.06%
CUBI	F	0.06%
GTN	F	0.06%
CASH	A	0.06%
RWT	B	0.05%
RDNT	B	0.05%
SGH	F	0.05%
XP	C	0.05%
CHCO	B	0.05%
ASTE	D	0.05%
AUB	B	0.05%
FBNC	B	0.05%
IART	F	0.05%
SBLK	D	0.05%
PLAY	F	0.05%
PRA	C	0.05%
MNRO	D	0.05%
FOXF	F	0.05%
HTLD	D	0.05%
SONO	F	0.05%
LPG	F	0.05%
STNE	F	0.05%
CRK	D	0.05%
SMP	C	0.05%
SJW	A	0.05%
RGR	F	0.05%
LYFT	F	0.05%
CLW	F	0.05%
CTS	D	0.05%
NEOG	D	0.05%
DXPE	B	0.05%
RDUS	F	0.05%
PRFT	A	0.05%
CNMD	C	0.05%
PRGS	B	0.05%
SENEA	C	0.05%
QLYS	F	0.05%
FHI	B	0.05%
GLOB	C	0.05%
AZTA	F	0.05%
WFRD	F	0.05%
NOVT	C	0.05%
EYE	F	0.05%
UIS	C	0.05%
PSTG	F	0.05%
MYGN	B	0.05%
EPAC	C	0.05%
CWH	C	0.05%
LBRDK	C	0.05%
SUPN	B	0.05%
ALIT	D	0.05%
GFS	F	0.05%
JBSS	D	0.05%
SSB	B	0.05%
GPRE	F	0.05%
AEO	D	0.05%
ASIX	B	0.05%
ZIMV	D	0.05%
WING	C	0.05%
WHD	C	0.05%
ALK	D	0.05%
TRTX	C	0.05%
SCVL	B	0.05%
KTOS	C	0.05%
PJT	C	0.05%
CRL	F	0.05%
SXC	F	0.05%
IPAR	D	0.04%
HSII	B	0.04%
PRLB	F	0.04%
PEGA	B	0.04%
ALRM	F	0.04%
BBSI	C	0.04%
RKT	B	0.04%
NVEE	F	0.04%
EVRI	A	0.04%
TNK	D	0.04%
CRAI	D	0.04%
CVGW	C	0.04%
SEB	C	0.04%
SPSC	D	0.04%
SHEN	F	0.04%
UTL	B	0.04%
SFIX	D	0.04%
GRBK	B	0.04%
SBSI	B	0.04%
CMRE	D	0.04%
MATW	F	0.04%
PTON	B	0.04%
GLDD	C	0.04%
RGEN	C	0.04%
EBF	B	0.04%
DAC	D	0.04%
RES	F	0.04%
BRC	B	0.04%
AVNS	B	0.04%
IHRT	D	0.04%
PODD	A	0.04%
GDOT	B	0.04%
COHU	F	0.04%
INSW	D	0.04%
LNN	D	0.04%
CLVT	C	0.04%
ACLS	F	0.04%
ECVT	F	0.04%
HVT	D	0.04%
VRNT	F	0.04%
MTUS	F	0.04%
WRLD	D	0.04%
AHCO	A	0.04%
CNNE	D	0.04%
EGBN	C	0.04%
PRIM	C	0.04%
PARR	F	0.04%
BRBR	A	0.04%
USNA	F	0.04%
EXAS	B	0.04%
TBI	F	0.04%
WTTR	C	0.04%
ETH	F	0.04%
TUP	F	0.04%
EVTC	D	0.04%
CPF	B	0.04%
LKFN	B	0.04%
ICHR	F	0.04%
LIVN	D	0.04%
W	F	0.04%
CFFN	C	0.04%
UVE	B	0.04%
ERIE	A	0.04%
CMCO	F	0.04%
AGX	A	0.04%
STEP	B	0.04%
SMPL	D	0.04%
AMBC	F	0.03%
RC	F	0.03%
PLOW	B	0.03%
RGP	F	0.03%
BRSP	D	0.03%
SNOW	F	0.03%
CCSI	B	0.03%
DHIL	B	0.03%
DO	D	0.03%
ALTO	F	0.03%
AVO	A	0.03%
HAFC	B	0.03%
AMC	D	0.03%
ARCO	F	0.03%
TMP	B	0.03%
TPIC	D	0.03%
CRGY	D	0.03%
WOOF	D	0.03%
CSV	B	0.03%
WASH	B	0.03%
NOG	D	0.03%
UFCS	D	0.03%
HFWA	B	0.03%
ZI	F	0.03%
LSCC	F	0.03%
BJRI	D	0.03%
SGRY	B	0.03%
BRKL	B	0.03%
BANF	B	0.03%
PEN	C	0.03%
OPI	F	0.03%
WABC	C	0.03%
HAYW	B	0.03%
GNK	D	0.03%
HASI	B	0.03%
SSTK	F	0.03%
CNOB	B	0.03%
PZZA	C	0.03%
EAF	F	0.03%
SRCE	C	0.03%
OPK	B	0.03%
MTW	F	0.03%
CLB	F	0.03%
MERC	F	0.03%
TDOC	F	0.03%
PFC	B	0.03%
ALKS	B	0.03%
CARS	D	0.03%
ZEUS	F	0.03%
WOW	B	0.03%
KREF	A	0.03%
TCBK	C	0.03%
OCFC	B	0.03%
SHYF	C	0.03%
VAL	F	0.03%
DCO	C	0.03%
TEN	D	0.03%
DBI	F	0.03%
BRY	F	0.03%
MED	F	0.02%
MXL	F	0.02%
VIR	F	0.02%
JRVR	F	0.02%
OKTA	F	0.02%
GDEN	C	0.02%
LEVI	C	0.02%
DIN	F	0.02%
USM	B	0.02%
LYV	D	0.02%
GTLS	F	0.02%
VREX	F	0.02%
ATNI	C	0.02%
DENN	F	0.02%
AGM	D	0.02%
SBCF	B	0.02%
SFBS	B	0.02%
CRMT	F	0.02%
IRBT	F	0.02%
CMP	F	0.02%
KNSL	B	0.02%
PRVA	D	0.02%
DT	A	0.02%
VSEC	C	0.02%
ALGT	F	0.02%
AGL	F	0.02%
VRTS	D	0.02%
CTRN	F	0.02%
DAY	C	0.02%
MOV	F	0.02%
OIS	D	0.02%
CALX	D	0.02%
TITN	F	0.02%
FLGT	D	0.02%
USPH	D	0.02%
CLOV	B	0.02%
XPRO	F	0.02%
FLWS	F	0.02%
KRNY	D	0.02%
ASTH	B	0.02%
DRQ	F	0.02%
TKO	B	0.02%
RYAM	B	0.02%
CCRN	F	0.02%
MODV	B	0.02%
MYE	D	0.02%
RNST	C	0.02%
ARKO	D	0.02%
TOST	D	0.02%
HLIO	F	0.02%
MEI	F	0.02%
CMTG	F	0.02%
VCTR	B	0.02%
RUN	B	0.02%
SRI	F	0.02%
FIZZ	D	0.02%
NPK	D	0.02%
MSBI	D	0.01%
DNUT	C	0.01%
HAYN	A	0.01%
THR	D	0.01%
MGPI	B	0.01%
ONEW	F	0.01%
EVH	B	0.01%
PEBO	C	0.01%
TTEC	F	0.01%
LXU	F	0.01%
REX	F	0.01%
NIC	B	0.01%
CRVL	B	0.01%
PFBC	C	0.01%
TBBK	B	0.01%
AMRC	B	0.01%
SNEX	C	0.01%
CMTL	F	0.01%
FBK	B	0.01%
NBHC	B	0.01%
HLNE	B	0.01%
IIPR	B	0.01%
LGND	B	0.01%
MBUU	C	0.01%
TK	D	0.01%
HOV	B	0.01%
NR	D	0.01%
BHLB	B	0.01%
IIIN	D	0.01%
VTOL	C	0.01%
PETS	F	0.01%
KE	F	0.01%
AOSL	D	0.01%
MP	C	0.01%
GPRO	F	0.01%
PLCE	F	0.01%
LESL	F	0.01%
WMG	F	0.01%
AMSF	B	0.01%
IRWD	F	0.01%
RILY	F	0.01%
AVD	D	0.01%
PRM	B	0.01%
EDR	A	0.01%
BMBL	D	0.01%
GSL	D	0.01%
WOLF	F	0.01%
SEDG	F	0.01%
SSP	F	0.01%
NU	B	0.01%
SNAP	F	0.01%
GPMT	D	0.01%
SSYS	F	0.01%
RMBS	F	0.01%
CHGG	F	0.0%
PCRX	F	0.0%
SEG	D	0.0%
ALGM	F	0.0%
GIC	F	0.0%
WTI	F	0.0%
TWI	D	0.0%
GSM	F	0.0%
HY	F	0.0%
INMD	F	0.0%
CRNC	D	0.0%
SPWH	D	0.0%
AMPH	C	0.0%
CENT	D	0.0%

FNDA Underweight 63 Positions Relative to FREL

Symbol	Grade	Weight
PLD	B	-7.79%
AMT	A	-6.97%
EQIX	B	-5.12%
WELL	A	-4.57%
SPG	B	-3.63%
PSA	A	-3.57%
O	A	-3.54%
CCI	A	-3.27%
DLR	D	-3.11%
EXR	B	-2.46%
CBRE	B	-2.34%
VICI	A	-2.29%
IRM	B	-2.19%
AVB	B	-2.1%
EQR	B	-1.67%
SBAC	A	-1.63%
VTR	A	-1.63%
INVH	B	-1.48%
WY	C	-1.48%
ESS	B	-1.26%
MAA	B	-1.25%
ARE	D	-1.24%
SUI	A	-1.09%
KIM	A	-1.04%
DOC	B	-1.03%
GLPI	A	-0.93%
UDR	B	-0.91%
CPT	B	-0.88%
WPC	A	-0.86%
REG	A	-0.83%
HST	D	-0.81%
JLL	B	-0.8%
BXP	A	-0.73%
LAMR	B	-0.72%
BRX	A	-0.55%
VNO	B	-0.37%
PK	D	-0.21%
MPW	C	-0.18%
EQC	A	-0.14%
JOE	C	-0.14%
UMH	A	-0.09%
NTST	A	-0.09%
AIV	B	-0.08%
RDFN	B	-0.08%
NXRT	B	-0.07%
PLYM	C	-0.07%
FOR	D	-0.05%
GOOD	A	-0.05%
INN	B	-0.05%
WSR	D	-0.05%
AHH	B	-0.05%
CHCT	F	-0.04%
OLP	B	-0.04%
ALX	B	-0.04%
UHT	A	-0.04%
GMRE	D	-0.04%
RMR	B	-0.03%
FPI	D	-0.03%
LAND	D	-0.03%
FRPH	D	-0.03%
BFS	B	-0.03%
TRC	D	-0.02%
SRG	F	-0.01%