FNDA vs. SMLV ETF Comparison

Comparison of Schwab Fundamental U.S. Small Company Index ETF (FNDA) to SPDR Russell 2000 Low Volatility (SMLV)

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

$58.15

Average Daily Volume

295,345

Number of Holdings ^*

1003

* may have additional holdings in another (foreign) market

SMLV

SPDR Russell 2000 Low Volatility

SMLV Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of a small cap, low volatility index. The fund employs a sampling strategy, which means that the fund is not required to purchase all of the securities represented in the index. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index includes small cap U.S. equity securities, including business development companies, and is designed to deliver exposure to low volatility. It is non-diversified.

Grade (RS Rating)

Last Trade

$122.62

Average Daily Volume

8,116

Number of Holdings ^*

408

* may have additional holdings in another (foreign) market

Performance

Period	FNDA	SMLV
30 Days	6.40%	11.24%
60 Days	3.85%	12.30%
90 Days	5.89%	12.73%
12 Months	11.92%	16.19%

242 Overlapping Holdings

Symbol	Grade	Weight in FNDA	Weight in SMLV	Overlap
ACA	B	0.17%	0.12%	0.12%
ACIW	B	0.16%	0.08%	0.08%
ADUS	A	0.05%	0.1%	0.05%
AEIS	C	0.1%	0.05%	0.05%
AGM	C	0.02%	0.9%	0.02%
AGX	C	0.05%	0.2%	0.05%
AIN	C	0.1%	0.06%	0.06%
ALG	C	0.07%	0.09%	0.07%
ALKS	B	0.03%	0.05%	0.03%
ALRM	C	0.04%	0.04%	0.04%
AMED	A	0.13%	0.05%	0.05%
AMN	B	0.17%	0.07%	0.07%
AMPH	C	0.0%	0.04%	0.0%
AMSF	C	0.01%	0.65%	0.01%
APLE	C	0.16%	0.07%	0.07%
APOG	B	0.12%	0.07%	0.07%
ARCO	C	0.03%	0.04%	0.03%
ARKO	C	0.02%	0.13%	0.02%
AROC	C	0.14%	0.1%	0.1%
ASH	D	0.21%	0.11%	0.11%
ATNI	C	0.02%	0.07%	0.02%
AVNS	B	0.04%	0.06%	0.04%
AZTA	B	0.06%	0.03%	0.03%
AZZ	C	0.11%	0.07%	0.07%
BBSI	A	0.03%	0.08%	0.03%
BHE	B	0.22%	0.1%	0.1%
BKH	A	0.22%	0.21%	0.21%
BLKB	C	0.06%	0.08%	0.06%
BMI	B	0.06%	0.13%	0.06%
BNL	B	0.06%	0.13%	0.06%
BRC	A	0.04%	0.14%	0.04%
BRKL	C	0.03%	0.63%	0.03%
BUSE	C	0.07%	1.08%	0.07%
CABO	C	0.11%	0.06%	0.06%
CACC	D	0.19%	0.07%	0.07%
CACC	D	0.08%	0.07%	0.07%
CALM	A	0.16%	0.13%	0.13%
CBRL	D	0.1%	0.03%	0.03%
CBU	B	0.11%	1.61%	0.11%
CBZ	C	0.09%	0.13%	0.09%
CCOI	B	0.07%	0.08%	0.07%
CENT	D	0.0%	0.07%	0.0%
CFFN	C	0.04%	0.54%	0.04%
CHCO	B	0.05%	1.24%	0.05%
CMCO	D	0.05%	0.06%	0.05%
CNMD	F	0.05%	0.04%	0.04%
CNNE	C	0.04%	0.07%	0.04%
CNXC	C	0.12%	0.06%	0.06%
COLM	D	0.17%	0.11%	0.11%
CORT	B	0.07%	0.05%	0.05%
CPK	A	0.06%	0.2%	0.06%
CRC	D	0.15%	0.08%	0.08%
CSGS	C	0.07%	0.11%	0.07%
CSR	A	0.03%	0.13%	0.03%
CSV	B	0.03%	0.05%	0.03%
CSWI	B	0.06%	0.14%	0.06%
CTRE	A	0.02%	0.1%	0.02%
CTS	D	0.05%	0.07%	0.05%
CUZ	A	0.17%	0.09%	0.09%
CVCO	B	0.13%	0.06%	0.06%
CVLT	B	0.12%	0.11%	0.11%
DEA	B	0.06%	0.18%	0.06%
DEI	B	0.19%	0.09%	0.09%
DHIL	B	0.03%	0.3%	0.03%
DNB	C	0.11%	0.08%	0.08%
DORM	B	0.1%	0.09%	0.09%
DRQ	F	0.02%	0.07%	0.02%
EBF	B	0.04%	0.29%	0.04%
ECVT	F	0.05%	0.07%	0.05%
EFSC	B	0.06%	1.02%	0.06%
EIG	B	0.09%	0.8%	0.09%
ENS	B	0.22%	0.08%	0.08%
ENV	D	0.06%	0.06%	0.06%
EPAC	B	0.05%	0.07%	0.05%
ESE	B	0.08%	0.11%	0.08%
ESGR	B	0.09%	1.24%	0.09%
ETH	D	0.04%	0.05%	0.04%
EVTC	C	0.04%	0.68%	0.04%
EXPO	B	0.07%	0.14%	0.07%
FCF	C	0.07%	1.07%	0.07%
FCPT	A	0.05%	0.12%	0.05%
FELE	B	0.12%	0.14%	0.12%
FFIN	C	0.09%	1.17%	0.09%
FORM	D	0.08%	0.05%	0.05%
FSS	B	0.13%	0.12%	0.12%
FTDR	B	0.06%	0.08%	0.06%
FUL	B	0.19%	0.07%	0.07%
FULT	C	0.14%	0.98%	0.14%
GATX	C	0.21%	0.12%	0.12%
GBCI	C	0.15%	0.86%	0.15%
GEF	B	0.14%	0.12%	0.12%
GHC	C	0.21%	0.1%	0.1%
GLDD	C	0.04%	0.07%	0.04%
GTY	B	0.02%	0.18%	0.02%
HAE	C	0.1%	0.06%	0.06%
HCC	C	0.31%	0.12%	0.12%
HELE	F	0.08%	0.03%	0.03%
HFWA	B	0.03%	0.55%	0.03%
HI	D	0.13%	0.05%	0.05%
HIW	A	0.21%	0.1%	0.1%
HLF	D	0.17%	0.05%	0.05%
HMN	C	0.06%	0.98%	0.06%
HNI	B	0.19%	0.11%	0.11%
HOMB	B	0.07%	0.91%	0.07%
HSII	B	0.03%	0.08%	0.03%
HTLD	C	0.05%	0.16%	0.05%
HURN	A	0.05%	0.08%	0.05%
HWKN	A	0.07%	0.1%	0.07%
IART	F	0.08%	0.06%	0.06%
IBOC	C	0.11%	1.1%	0.11%
ICFI	B	0.09%	0.13%	0.09%
ICUI	B	0.1%	0.07%	0.07%
IDA	A	0.18%	0.23%	0.18%
INVA	A	0.06%	0.1%	0.06%
IOSP	C	0.13%	0.09%	0.09%
IPGP	F	0.12%	0.05%	0.05%
IRDM	C	0.07%	0.05%	0.05%
IRT	A	0.06%	0.09%	0.06%
IRWD	D	0.01%	0.04%	0.01%
ITGR	C	0.11%	0.06%	0.06%
JBGS	C	0.13%	0.09%	0.09%
JBSS	B	0.06%	0.12%	0.06%
JBT	D	0.1%	0.06%	0.06%
JJSF	B	0.08%	0.15%	0.08%
KAI	C	0.08%	0.09%	0.08%
KFRC	B	0.09%	0.08%	0.08%
KN	C	0.08%	0.07%	0.07%
KREF	B	0.03%	0.11%	0.03%
KRNY	C	0.02%	0.28%	0.02%
KW	C	0.08%	0.1%	0.08%
LAUR	B	0.14%	0.07%	0.07%
LILAK	B	0.07%	0.09%	0.07%
LIVN	F	0.05%	0.05%	0.05%
LKFN	C	0.04%	0.83%	0.04%
LNN	B	0.04%	0.1%	0.04%
LOPE	A	0.22%	0.08%	0.08%
LTC	B	0.05%	0.14%	0.05%
LXP	B	0.09%	0.14%	0.09%
LZB	B	0.16%	0.08%	0.08%
MATW	C	0.04%	0.06%	0.04%
MEI	D	0.03%	0.07%	0.03%
MGEE	A	0.08%	0.2%	0.08%
MGRC	D	0.09%	1.05%	0.09%
MMSI	B	0.08%	0.05%	0.05%
MNRO	B	0.05%	0.05%	0.05%
MOG.A	B	0.22%	0.09%	0.09%
MRCY	C	0.06%	0.07%	0.06%
MRTN	C	0.07%	0.12%	0.07%
MTRN	C	0.08%	0.05%	0.05%
MTX	D	0.17%	0.09%	0.09%
MWA	B	0.11%	0.11%	0.11%
MYRG	F	0.1%	0.06%	0.06%
NBHC	C	0.01%	1.08%	0.01%
NBTB	C	0.08%	1.43%	0.08%
NEOG	B	0.05%	0.04%	0.04%
NHC	B	0.11%	0.23%	0.11%
NHI	A	0.09%	0.12%	0.09%
NIC	C	0.01%	0.93%	0.01%
NNI	B	0.07%	1.69%	0.07%
NOMD	B	0.16%	0.1%	0.1%
NPK	C	0.02%	0.18%	0.02%
NTCT	C	0.09%	0.1%	0.09%
NVST	F	0.13%	0.04%	0.04%
NWBI	B	0.08%	1.19%	0.08%
NWE	B	0.16%	0.23%	0.16%
NWN	A	0.08%	0.2%	0.08%
OMCL	C	0.05%	0.05%	0.05%
ONB	B	0.16%	1.38%	0.16%
OSIS	B	0.09%	0.11%	0.09%
OXM	D	0.07%	0.05%	0.05%
PBH	B	0.1%	0.13%	0.1%
PCH	C	0.16%	0.08%	0.08%
PCRX	F	0.0%	0.04%	0.0%
PDCO	C	0.19%	0.06%	0.06%
PEBO	C	0.01%	0.8%	0.01%
PECO	B	0.1%	0.19%	0.1%
PINC	B	0.18%	0.11%	0.11%
PJT	B	0.06%	1.58%	0.06%
PLOW	B	0.02%	0.08%	0.02%
PLUS	B	0.13%	0.07%	0.07%
PLXS	B	0.22%	0.13%	0.13%
PNM	A	0.17%	0.22%	0.17%
POWI	F	0.08%	0.06%	0.06%
PRDO	B	0.09%	0.08%	0.08%
PRGS	B	0.05%	0.1%	0.05%
PRIM	B	0.04%	0.08%	0.04%
PRK	C	0.09%	1.47%	0.09%
PSMT	B	0.17%	0.08%	0.08%
PZZA	F	0.03%	0.04%	0.03%
RDN	B	0.28%	0.93%	0.28%
RDNT	C	0.04%	0.05%	0.04%
RGP	C	0.03%	0.12%	0.03%
RGR	C	0.05%	0.08%	0.05%
ROAD	C	0.06%	0.09%	0.06%
SAFT	B	0.08%	0.85%	0.08%
SASR	C	0.09%	0.94%	0.09%
SATS	B	0.47%	0.06%	0.06%
SBSI	B	0.04%	0.69%	0.04%
SCHL	F	0.07%	0.04%	0.04%
SCL	D	0.14%	0.14%	0.14%
SCSC	C	0.14%	0.06%	0.06%
SEM	B	0.24%	0.06%	0.06%
SFL	F	0.07%	0.07%	0.07%
SFNC	C	0.15%	0.8%	0.15%
SHEN	B	0.05%	0.06%	0.05%
SHOO	C	0.18%	0.06%	0.06%
SLGN	A	0.09%	0.18%	0.09%
SMP	C	0.05%	0.12%	0.05%
SNDR	B	0.13%	0.11%	0.11%
SPB	D	0.21%	0.05%	0.05%
SR	B	0.19%	0.2%	0.19%
SRCE	B	0.03%	0.76%	0.03%
SRCL	A	0.19%	0.09%	0.09%
STBA	B	0.07%	1.02%	0.07%
STRA	D	0.11%	0.07%	0.07%
SUPN	C	0.05%	0.06%	0.05%
SXC	C	0.07%	0.1%	0.07%
SXI	B	0.07%	0.08%	0.07%
SXT	C	0.16%	0.17%	0.16%
THRM	B	0.08%	0.04%	0.04%
TMP	C	0.03%	0.58%	0.03%
TNC	C	0.08%	0.09%	0.08%
TOWN	B	0.08%	1.07%	0.08%
TRMK	C	0.11%	0.95%	0.11%
TRS	D	0.06%	0.15%	0.06%
TTMI	C	0.21%	0.08%	0.08%
UNF	A	0.17%	0.14%	0.14%
USNA	F	0.04%	0.04%	0.04%
USPH	C	0.02%	0.04%	0.02%
VAL	C	0.05%	0.11%	0.05%
VIAV	D	0.07%	0.05%	0.05%
VIRT	C	0.19%	1.27%	0.19%
VMI	B	0.23%	0.12%	0.12%
VREX	F	0.02%	0.04%	0.02%
VRNT	C	0.05%	0.06%	0.05%
VSH	C	0.07%	0.07%	0.07%
WABC	C	0.03%	0.99%	0.03%
WAFD	B	0.16%	0.93%	0.16%
WDFC	B	0.06%	0.1%	0.06%
WEN	C	0.12%	0.09%	0.09%
WSBC	C	0.11%	0.91%	0.11%
ZD	F	0.12%	0.05%	0.05%

FNDA Overweight 761 Positions Relative to SMLV

Symbol	Grade	Weight
ANF	D	0.47%
COIN	C	0.4%
RCL	C	0.37%
EBS	C	0.36%
TPC	C	0.3%
SMCI	D	0.3%
UTHR	B	0.3%
CRUS	C	0.29%
BKU	B	0.29%
GME	D	0.29%
KMPR	B	0.28%
FICO	B	0.28%
WWD	D	0.27%
DY	B	0.27%
SWX	B	0.27%
GEO	C	0.27%
MHO	B	0.27%
XPO	B	0.26%
RXO	B	0.26%
SLVM	B	0.26%
WAL	C	0.26%
FLS	B	0.26%
MAC	C	0.25%
CLH	A	0.25%
OHI	A	0.25%
TXRH	A	0.25%
SPOT	B	0.24%
CRS	B	0.24%
VLTO	A	0.24%
HP	C	0.24%
HE	C	0.24%
PRG	B	0.24%
AMKR	F	0.24%
SPR	B	0.24%
SF	B	0.24%
TEX	C	0.23%
FRT	A	0.23%
AGO	C	0.23%
TTEK	A	0.22%
UAL	F	0.22%
BWXT	C	0.22%
DHC	C	0.22%
COOP	C	0.22%
SCCO	D	0.22%
HEI	A	0.22%
URBN	C	0.22%
FNB	B	0.22%
AGNC	B	0.22%
FCN	C	0.22%
AIT	C	0.22%
COLD	B	0.21%
CWK	C	0.21%
AVNT	B	0.21%
KFY	B	0.21%
HWC	C	0.21%
SAIA	F	0.21%
CBT	C	0.21%
PB	B	0.21%
DBRG	D	0.21%
AWI	B	0.21%
ESI	C	0.21%
CCS	B	0.21%
KEX	C	0.2%
FHB	C	0.2%
ELS	A	0.2%
KRC	C	0.2%
PNFP	B	0.2%
WTFC	C	0.2%
ENTG	F	0.2%
GMS	C	0.2%
SMG	B	0.2%
ARCB	B	0.2%
CXW	D	0.2%
CBSH	B	0.2%
LNW	A	0.2%
STC	C	0.2%
WBS	C	0.2%
CR	B	0.2%
ASB	C	0.2%
CADE	C	0.2%
ADTN	B	0.19%
PTEN	D	0.19%
NYT	B	0.19%
DTM	A	0.19%
ELAN	D	0.19%
MLKN	B	0.19%
MC	C	0.19%
JELD	C	0.19%
SIG	F	0.19%
CROX	D	0.19%
IMKTA	B	0.19%
INCY	C	0.19%
OZK	C	0.19%
HRI	C	0.19%
RPRX	C	0.19%
ATGE	B	0.19%
CFR	C	0.19%
GVA	B	0.19%
TRN	A	0.19%
SVC	C	0.18%
OLLI	B	0.18%
LCII	C	0.18%
SBRA	B	0.18%
WMK	A	0.18%
WH	C	0.18%
CUBE	B	0.18%
ESNT	B	0.18%
OGS	B	0.18%
UBSI	B	0.18%
VVV	B	0.18%
COLB	C	0.18%
FIX	C	0.18%
MAT	B	0.18%
VRT	D	0.17%
EEFT	F	0.17%
KNF	C	0.17%
UAA	D	0.17%
AMH	C	0.17%
NJR	A	0.17%
RNR	A	0.17%
CSGP	C	0.17%
TROX	D	0.17%
ENVA	B	0.17%
FDS	F	0.17%
PFSI	C	0.17%
OMI	C	0.17%
CGNX	D	0.17%
AVA	A	0.17%
BCO	B	0.17%
HXL	D	0.17%
SCS	B	0.17%
LFUS	B	0.17%
ALE	A	0.17%
SSD	C	0.17%
PATK	B	0.17%
NNN	A	0.17%
B	C	0.16%
WYNN	F	0.16%
PIPR	B	0.16%
UVV	C	0.16%
MPWR	C	0.16%
GMED	B	0.16%
WD	C	0.16%
SBH	D	0.16%
ACHC	D	0.16%
WTM	C	0.16%
KMT	C	0.16%
FDP	B	0.16%
DNOW	B	0.16%
BYD	C	0.16%
GIII	D	0.16%
GBX	C	0.16%
MTDR	D	0.16%
Z	D	0.16%
BIO	B	0.16%
HLI	B	0.16%
VNT	F	0.16%
WMS	C	0.15%
FN	D	0.15%
DIOD	C	0.15%
PHIN	B	0.15%
SUM	B	0.15%
SLAB	F	0.15%
UMBF	B	0.15%
ZM	F	0.15%
AGR	B	0.15%
AMR	F	0.15%
KELYA	C	0.15%
LBRT	B	0.15%
WGO	C	0.15%
CATY	C	0.15%
SKYW	C	0.15%
CHDN	B	0.15%
THS	B	0.15%
MOD	B	0.15%
MTCH	B	0.15%
ATKR	F	0.15%
AXS	B	0.15%
VLY	C	0.15%
EPR	B	0.14%
SIGI	D	0.14%
UNIT	C	0.14%
YELP	F	0.14%
ROL	C	0.14%
APAM	C	0.14%
BFAM	B	0.14%
EXEL	A	0.14%
TYL	B	0.14%
AMWD	B	0.14%
HPP	C	0.14%
ESAB	C	0.14%
SAH	B	0.14%
RIG	D	0.14%
OUT	B	0.14%
LITE	C	0.14%
APG	D	0.14%
NEU	B	0.14%
LGIH	B	0.14%
SITE	C	0.14%
SN	C	0.14%
VSCO	F	0.14%
H	C	0.14%
TREX	D	0.13%
ITRI	C	0.13%
CEIX	D	0.13%
TPG	B	0.13%
WWW	B	0.13%
VEEV	C	0.13%
COKE	A	0.13%
VSTO	A	0.13%
RGLD	A	0.13%
WTS	B	0.13%
GTES	B	0.13%
MCY	A	0.13%
SIRI	D	0.13%
DLB	F	0.13%
BXMT	C	0.13%
TDC	F	0.13%
PBI	C	0.13%
BDC	A	0.13%
BOH	C	0.13%
ENSG	B	0.13%
RYN	B	0.13%
ARES	B	0.13%
PPC	B	0.13%
KAR	B	0.13%
CNM	C	0.12%
WEX	D	0.12%
HIBB	A	0.12%
VSAT	C	0.12%
DOLE	A	0.12%
RLJ	F	0.12%
IGT	C	0.12%
PDM	A	0.12%
HOPE	B	0.12%
CHX	C	0.12%
STAG	A	0.12%
JBLU	C	0.12%
IAC	B	0.12%
NMRK	B	0.12%
RH	B	0.12%
EAT	D	0.12%
HTH	C	0.12%
TNET	D	0.12%
EPC	C	0.12%
ECPG	C	0.12%
AIR	F	0.12%
VSTS	C	0.12%
KTB	A	0.12%
SITC	B	0.12%
ABCB	B	0.12%
CHRD	D	0.12%
BGC	C	0.12%
DLX	C	0.12%
SKY	C	0.12%
ETSY	D	0.12%
SHO	D	0.11%
OPCH	C	0.11%
MANH	B	0.11%
MSA	C	0.11%
EXLS	C	0.11%
PINS	F	0.11%
ABNB	F	0.11%
NGVT	F	0.11%
KALU	F	0.11%
PLNT	C	0.11%
PTC	D	0.11%
VC	C	0.11%
MORN	B	0.11%
BANR	C	0.11%
WSC	C	0.11%
FIBK	C	0.11%
FR	A	0.11%
MASI	F	0.11%
DRH	F	0.11%
CIVI	D	0.11%
DASH	D	0.11%
BRKR	D	0.11%
JACK	C	0.11%
FFBC	C	0.11%
TECH	B	0.11%
BOKF	C	0.11%
TCBI	C	0.11%
AX	C	0.11%
FND	F	0.11%
RRC	F	0.11%
TPL	B	0.11%
CNK	B	0.11%
OTTR	B	0.11%
DDS	F	0.11%
MKTX	C	0.11%
IBP	C	0.11%
RYI	D	0.1%
WDAY	D	0.1%
BOOT	B	0.1%
WSFS	C	0.1%
AXL	F	0.1%
ESRT	B	0.1%
EMBC	C	0.1%
UCBI	B	0.1%
UCTT	D	0.1%
FWRD	D	0.1%
BCPC	B	0.1%
PFS	C	0.1%
NPO	C	0.1%
LRN	A	0.1%
PGRE	C	0.1%
RLI	A	0.1%
IDCC	A	0.1%
AMRK	C	0.1%
GFF	C	0.1%
ENOV	C	0.1%
CVBF	C	0.1%
DXCM	F	0.1%
WOR	F	0.1%
TWLO	D	0.1%
LANC	B	0.1%
HEES	C	0.1%
HGV	D	0.1%
BMRN	C	0.1%
PPBI	C	0.1%
BKD	B	0.1%
XHR	D	0.1%
BDN	B	0.1%
BLMN	C	0.09%
HLX	C	0.09%
CENTA	D	0.09%
RHP	C	0.09%
BKE	B	0.09%
PMT	C	0.09%
RNG	C	0.09%
GCI	C	0.09%
IBTX	C	0.09%
EGP	A	0.09%
PSN	B	0.09%
MODG	C	0.09%
ALEX	A	0.09%
FRME	C	0.09%
CDE	C	0.09%
RRR	C	0.09%
CSTM	F	0.09%
SYNA	F	0.09%
OLED	C	0.09%
ENR	C	0.09%
OII	B	0.09%
SKT	A	0.09%
FBP	B	0.09%
SMTC	D	0.09%
NBR	B	0.09%
ATI	B	0.09%
NSP	C	0.09%
UE	B	0.09%
HTLF	C	0.09%
AM	C	0.09%
VGR	A	0.09%
ORA	A	0.09%
BSIG	C	0.09%
ARI	C	0.09%
GNL	C	0.09%
AMCX	F	0.09%
KRG	A	0.09%
ROCK	D	0.09%
APP	D	0.09%
KOS	F	0.09%
CNA	B	0.08%
GES	C	0.08%
PTVE	D	0.08%
NBIX	A	0.08%
ROG	D	0.08%
OPEN	D	0.08%
PLTR	C	0.08%
LGF.A	D	0.08%
REXR	B	0.08%
TALO	D	0.08%
CODI	C	0.08%
TILE	C	0.08%
IBKR	D	0.08%
GO	F	0.08%
GTN	D	0.08%
MGY	C	0.08%
TW	A	0.08%
CCO	C	0.08%
CWT	A	0.08%
OEC	D	0.08%
CWEN	A	0.08%
PEB	F	0.08%
ONTO	F	0.08%
WNC	F	0.08%
CUBI	C	0.08%
LADR	B	0.08%
CLW	B	0.08%
HCSG	C	0.08%
ABR	D	0.08%
NVRI	A	0.08%
SAM	F	0.08%
INDB	C	0.08%
RAMP	F	0.08%
GOLF	B	0.08%
MRC	B	0.08%
HZO	C	0.08%
RBC	B	0.08%
HL	C	0.08%
CNXN	A	0.08%
REVG	B	0.08%
ROKU	D	0.07%
CPNG	D	0.07%
PUMP	C	0.07%
HRB	A	0.07%
WTRG	A	0.07%
ZIMV	C	0.07%
ANDE	C	0.07%
MD	C	0.07%
PAYC	C	0.07%
BXC	C	0.07%
KOP	F	0.07%
SABR	D	0.07%
HALO	B	0.07%
NSA	C	0.07%
MMS	B	0.07%
FTI	B	0.07%
EYE	D	0.07%
CMPR	B	0.07%
BLD	C	0.07%
PRAA	C	0.07%
CNS	B	0.07%
SWBI	B	0.07%
FSLR	D	0.07%
STRL	D	0.07%
KLG	D	0.07%
ATSG	C	0.07%
CHH	B	0.07%
DFIN	C	0.07%
BV	A	0.07%
PAGS	C	0.07%
PLAB	F	0.07%
GPRE	C	0.07%
COTY	F	0.07%
YETI	D	0.07%
HAIN	C	0.07%
CAL	B	0.07%
BGS	D	0.07%
CVI	D	0.07%
MELI	D	0.07%
TRIP	F	0.07%
SLG	B	0.07%
NMIH	C	0.07%
CNDT	B	0.07%
AY	B	0.07%
NOW	B	0.07%
NX	C	0.07%
NUS	F	0.07%
MEDP	D	0.07%
NTB	C	0.07%
AKR	B	0.07%
MATV	B	0.07%
AZEK	D	0.07%
KLIC	F	0.07%
HQY	D	0.06%
WHD	B	0.06%
AEO	D	0.06%
MTUS	D	0.06%
GCO	B	0.06%
ALK	F	0.06%
CNSL	A	0.06%
GWRE	B	0.06%
EXPI	C	0.06%
THRY	F	0.06%
MMI	B	0.06%
CHE	B	0.06%
SCVL	C	0.06%
OFG	C	0.06%
BSY	F	0.06%
TTD	D	0.06%
QLYS	D	0.06%
AAN	B	0.06%
ROIC	B	0.06%
NTGR	B	0.06%
CAKE	D	0.06%
MSM	C	0.06%
HHH	C	0.06%
AAON	C	0.06%
SNBR	C	0.06%
GLNG	B	0.06%
DBX	C	0.06%
FOXF	D	0.06%
REYN	C	0.06%
AWR	B	0.06%
APO	C	0.06%
WFRD	C	0.06%
RDUS	D	0.06%
PSTG	D	0.06%
VRSN	C	0.06%
KWR	C	0.06%
EBC	C	0.06%
ENPH	F	0.06%
ACCO	C	0.06%
GFS	D	0.06%
TBI	C	0.06%
JWN	B	0.06%
CRL	B	0.06%
PR	F	0.06%
CNX	B	0.06%
ZUMZ	B	0.06%
VRRM	B	0.06%
ILPT	C	0.06%
CASH	B	0.06%
TNL	C	0.06%
DHT	C	0.06%
AAT	B	0.06%
BZH	B	0.06%
COMM	B	0.06%
JAZZ	C	0.06%
STNG	D	0.06%
ADC	A	0.06%
SMPL	F	0.05%
TUP	F	0.05%
PARR	D	0.05%
LBRDK	B	0.05%
ACLS	F	0.05%
CBL	B	0.05%
EPRT	B	0.05%
CRK	F	0.05%
SFIX	C	0.05%
DXPE	C	0.05%
COHU	F	0.05%
FBNC	C	0.05%
STNE	D	0.05%
HMST	B	0.05%
ICHR	F	0.05%
AUB	C	0.05%
PRFT	A	0.05%
CWH	C	0.05%
ASTE	D	0.05%
ASIX	C	0.05%
LPG	D	0.05%
SENEA	B	0.05%
SJW	B	0.05%
GLOB	C	0.05%
FHI	C	0.05%
WING	D	0.05%
WRLD	D	0.05%
COMP	C	0.05%
W	F	0.05%
CPS	D	0.05%
SBLK	F	0.05%
MYGN	B	0.05%
LYFT	F	0.05%
ALIT	D	0.05%
SSB	B	0.05%
MATX	B	0.05%
NOVT	C	0.05%
TRTX	C	0.05%
TRNO	A	0.05%
AGRO	F	0.05%
KTOS	B	0.05%
PLAY	F	0.05%
FIVE	F	0.05%
CHEF	C	0.05%
SGH	C	0.05%
SONO	F	0.05%
CARG	C	0.05%
CWST	B	0.05%
VBTX	C	0.05%
ZWS	C	0.05%
AAL	F	0.05%
TCBK	C	0.04%
BRBR	D	0.04%
IRBT	D	0.04%
SEB	D	0.04%
UTL	A	0.04%
CARS	B	0.04%
OPI	C	0.04%
TEN	D	0.04%
LSCC	F	0.04%
BJRI	F	0.04%
SSTK	C	0.04%
CVGW	F	0.04%
IPAR	B	0.04%
CPF	B	0.04%
TSE	F	0.04%
CRAI	C	0.04%
STEP	B	0.04%
SPSC	B	0.04%
CMRE	D	0.04%
BRY	D	0.04%
DAC	D	0.04%
NVEE	C	0.04%
PRA	D	0.04%
EAF	F	0.04%
PRLB	C	0.04%
UVE	C	0.04%
CLB	C	0.04%
HVT	C	0.04%
CLVT	D	0.04%
IHRT	C	0.04%
TDOC	F	0.04%
MTW	D	0.04%
TNK	D	0.04%
WTTR	A	0.04%
MERC	F	0.04%
DBI	D	0.04%
RES	C	0.04%
AHCO	C	0.04%
EGBN	D	0.04%
XP	F	0.04%
INSW	D	0.04%
UIS	C	0.04%
RWT	C	0.04%
ZEUS	D	0.04%
IVT	A	0.03%
TITN	D	0.03%
FLWS	B	0.03%
FIZZ	C	0.03%
CTRN	F	0.03%
OPK	C	0.03%
BRSP	D	0.03%
HAYW	B	0.03%
AMBC	F	0.03%
XPRO	C	0.03%
RKT	C	0.03%
PEN	F	0.03%
AVO	C	0.03%
RC	C	0.03%
HAFC	C	0.03%
CMTG	D	0.03%
WASH	C	0.03%
PTON	F	0.03%
SGRY	B	0.03%
SRI	B	0.03%
SNOW	F	0.03%
RILY	F	0.03%
CMP	D	0.03%
ALTO	D	0.03%
NOG	B	0.03%
AMC	D	0.03%
CNOB	C	0.03%
WOW	B	0.03%
HASI	B	0.03%
DO	C	0.03%
BANF	B	0.03%
UFCS	C	0.03%
WOOF	D	0.03%
TPIC	D	0.03%
PFC	C	0.03%
AGL	D	0.03%
EXAS	C	0.03%
ZI	F	0.03%
DCO	B	0.03%
GDOT	D	0.03%
SHYF	B	0.03%
ERIE	A	0.03%
RGEN	B	0.03%
OCFC	C	0.03%
GNK	D	0.03%
GRBK	B	0.03%
PODD	B	0.03%
PEGA	B	0.03%
MXL	F	0.02%
GPMT	D	0.02%
USM	B	0.02%
MED	D	0.02%
DT	F	0.02%
GDEN	C	0.02%
LYV	C	0.02%
AVD	D	0.02%
MODV	F	0.02%
SSYS	F	0.02%
RYAM	B	0.02%
SFBS	B	0.02%
DAY	C	0.02%
CALX	B	0.02%
JRVR	D	0.02%
SBCF	C	0.02%
DIN	F	0.02%
OIS	C	0.02%
PRVA	B	0.02%
VSEC	C	0.02%
SNAP	F	0.02%
TKO	C	0.02%
RMBS	F	0.02%
OKTA	C	0.02%
CRGY	D	0.02%
CRMT	C	0.02%
FLGT	C	0.02%
VIR	C	0.02%
DENN	D	0.02%
MOV	D	0.02%
MYE	C	0.02%
RUN	B	0.02%
VRTS	D	0.02%
WOLF	F	0.02%
ALGT	D	0.02%
VCTR	C	0.02%
RNST	C	0.02%
CLDT	C	0.02%
SSP	D	0.02%
TOST	C	0.02%
ASTH	B	0.02%
GTLS	C	0.02%
CCSI	C	0.02%
HLIO	F	0.02%
EVRI	B	0.02%
CCRN	C	0.02%
INMD	F	0.01%
HAYN	A	0.01%
MGPI	B	0.01%
GSM	F	0.01%
MSBI	D	0.01%
HY	B	0.01%
SPWH	F	0.01%
THR	C	0.01%
CRVL	B	0.01%
TBBK	C	0.01%
LXU	B	0.01%
PFBC	C	0.01%
REX	B	0.01%
HLNE	B	0.01%
SNEX	B	0.01%
FBK	B	0.01%
CMTL	D	0.01%
IIPR	B	0.01%
ONEW	D	0.01%
AMRC	D	0.01%
PRM	B	0.01%
VTOL	B	0.01%
HOV	C	0.01%
MBUU	D	0.01%
LGND	B	0.01%
TK	D	0.01%
NR	C	0.01%
BHLB	B	0.01%
IIIN	C	0.01%
LESL	F	0.01%
MP	F	0.01%
SBOW	D	0.01%
TTEC	D	0.01%
AOSL	C	0.01%
WMG	F	0.01%
NU	C	0.01%
EDR	A	0.01%
PKST	D	0.01%
PETS	F	0.01%
GSL	D	0.01%
GPRO	D	0.01%
KE	C	0.01%
PLCE	F	0.01%
SLCA	B	0.01%
CLOV	B	0.01%
KNSL	B	0.01%
SEDG	F	0.01%
BMBL	F	0.01%
LEVI	F	0.01%
EQT	F	0.0%
CHGG	F	0.0%
ALGM	F	0.0%
EVH	C	0.0%
GIC	C	0.0%
WTI	D	0.0%
TWI	C	0.0%
CRNC	F	0.0%
DNUT	F	0.0%

FNDA Underweight 167 Positions Relative to SMLV

Symbol	Grade	Weight
THG	A	-1.4%
GCMG	B	-1.03%
SYBT	C	-1.02%
CNO	B	-0.95%
WU	D	-0.9%
QCRH	B	-0.85%
BLX	C	-0.84%
GABC	C	-0.81%
OBK	C	-0.68%
PAX	F	-0.68%
EQC	A	-0.67%
CVII	A	-0.67%
CTBI	B	-0.62%
FBMS	B	-0.6%
BFC	B	-0.59%
FMBH	B	-0.57%
UVSP	C	-0.57%
BHRB	C	-0.56%
FCBC	B	-0.49%
NFG	A	-0.48%
TRST	B	-0.45%
TRIN	A	-0.44%
GSBC	C	-0.4%
FMNB	C	-0.4%
MCBS	C	-0.39%
CAC	C	-0.39%
AROW	C	-0.38%
CCNE	C	-0.37%
HONE	C	-0.37%
THFF	C	-0.36%
NFBK	C	-0.35%
BHB	C	-0.34%
HTBI	B	-0.34%
CCBG	B	-0.32%
SLAM	A	-0.3%
ALRS	C	-0.29%
FLO	C	-0.29%
BSRR	C	-0.28%
MPB	B	-0.28%
ESQ	B	-0.28%
MCBC	B	-0.27%
SPFI	B	-0.27%
SMBK	B	-0.27%
FMAO	C	-0.25%
HIFS	B	-0.25%
PFIS	B	-0.24%
FBIZ	C	-0.24%
OKLO	F	-0.24%
GLRE	B	-0.24%
ORRF	B	-0.24%
FSBC	B	-0.23%
ARTNA	C	-0.23%
HBCP	C	-0.22%
ACNB	B	-0.22%
CZNC	C	-0.22%
SBR	D	-0.21%
BWB	C	-0.21%
WTBA	C	-0.21%
FSBW	B	-0.2%
FRST	C	-0.19%
EBTC	C	-0.19%
GNTY	C	-0.19%
FNLC	C	-0.19%
WSBF	B	-0.18%
TRC	B	-0.18%
FLIC	C	-0.18%
PSTL	A	-0.17%
CBNK	B	-0.16%
VLGEA	A	-0.16%
GPOR	F	-0.15%
CTO	A	-0.15%
UTMD	F	-0.14%
WERN	B	-0.14%
GENC	B	-0.14%
NTST	D	-0.13%
CHCT	F	-0.13%
HSTM	B	-0.13%
GOOD	A	-0.12%
GRC	B	-0.12%
UHT	B	-0.12%
UFPT	A	-0.12%
TGNA	C	-0.12%
BCAL	B	-0.12%
PKE	F	-0.11%
MLR	B	-0.11%
CMPO	B	-0.1%
TRNS	C	-0.1%
AFCG	F	-0.1%
HUBG	B	-0.1%
HCKT	A	-0.1%
ADMA	C	-0.09%
RUSHA	A	-0.09%
INSM	B	-0.09%
WINA	C	-0.09%
AHH	B	-0.09%
BFS	A	-0.09%
CASS	D	-0.09%
GMRE	C	-0.09%
LMAT	B	-0.09%
MSGS	B	-0.09%
VPG	C	-0.08%
RDWR	B	-0.08%
FPI	F	-0.08%
SPNS	C	-0.08%
RLGT	C	-0.08%
MGIC	C	-0.08%
GPRK	D	-0.08%
ABM	A	-0.08%
AVT	D	-0.08%
PAHC	B	-0.08%
NCNO	C	-0.08%
RNGR	B	-0.08%
PBT	F	-0.08%
SPOK	D	-0.07%
FORR	C	-0.07%
PRGO	C	-0.07%
WEYS	B	-0.07%
SQSP	A	-0.07%
SANM	B	-0.07%
HOLI	A	-0.07%
GPI	B	-0.06%
MLAB	B	-0.06%
AGIO	C	-0.06%
BOX	B	-0.06%
ARCH	F	-0.06%
CRI	F	-0.06%
ATEX	C	-0.06%
IBEX	C	-0.06%
AMSWA	B	-0.06%
JOUT	C	-0.06%
NVEC	B	-0.06%
FSTR	F	-0.06%
JBI	C	-0.06%
TPH	C	-0.06%
ITRN	B	-0.06%
DK	D	-0.06%
HUN	D	-0.06%
XNCR	F	-0.05%
WK	F	-0.05%
BOWL	F	-0.05%
ANIK	C	-0.05%
ASGN	D	-0.05%
SRDX	B	-0.05%
IRMD	C	-0.05%
TTGT	C	-0.05%
ATEN	F	-0.05%
NARI	D	-0.05%
VECO	D	-0.05%
NATR	C	-0.05%
KIDS	C	-0.05%
OFIX	C	-0.05%
IMTX	C	-0.04%
LEG	D	-0.04%
PTCT	D	-0.04%
TBPH	C	-0.04%
AAP	D	-0.04%
HRMY	C	-0.04%
CEVA	D	-0.04%
ANIP	B	-0.04%
NRC	D	-0.04%
BL	F	-0.04%
OGN	B	-0.04%
GKOS	C	-0.04%
ATRC	D	-0.03%
RARE	C	-0.03%
ZIP	F	-0.03%
ACAD	C	-0.02%