FSMD vs. FNDA ETF Comparison

Comparison of Fidelity Small-Mid Factor ETF (FSMD) to Schwab Fundamental U.S. Small Company Index ETF (FNDA)

FSMD

Fidelity Small-Mid Factor ETF

FSMD Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Small-Mid Factor Index℠. The fund normally invests at least 80% of its assets in securities included in the Fidelity Small-Mid Factor Index℠, which is designed to reflect the performance of stocks of small- and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market, as represented by the Fidelity U.S. Extended Investable Market Index℠.

Grade (RS Rating)

Last Trade

$40.75

Average Daily Volume

101,229

Number of Holdings ^*

579

* may have additional holdings in another (foreign) market

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

$58.97

Average Daily Volume

274,687

Number of Holdings ^*

996

* may have additional holdings in another (foreign) market

Performance

Period	FSMD	FNDA
30 Days	2.03%	2.18%
60 Days	3.30%	1.67%
90 Days	9.00%	8.44%
12 Months	25.17%	20.65%

336 Overlapping Holdings

Symbol	Grade	Weight in FSMD	Weight in FNDA	Overlap
AAON	B	0.18%	0.07%	0.07%
AAT	B	0.11%	0.07%	0.07%
ACA	C	0.13%	0.17%	0.13%
ACIW	B	0.17%	0.18%	0.17%
ADC	C	0.23%	0.08%	0.08%
ADTN	F	0.12%	0.17%	0.12%
ADUS	B	0.13%	0.06%	0.06%
AEO	D	0.14%	0.05%	0.05%
AGR	B	0.15%	0.16%	0.15%
AGX	C	0.1%	0.06%	0.06%
AIT	C	0.2%	0.22%	0.2%
ALE	A	0.17%	0.18%	0.17%
ALKS	C	0.17%	0.03%	0.03%
ALRM	F	0.11%	0.03%	0.03%
AMCX	F	0.08%	0.08%	0.08%
AMED	C	0.15%	0.14%	0.14%
AMH	C	0.31%	0.2%	0.2%
AMKR	F	0.13%	0.2%	0.13%
AMN	F	0.09%	0.12%	0.09%
AMPH	C	0.12%	0.0%	0.0%
AMR	F	0.09%	0.1%	0.09%
ANDE	D	0.09%	0.06%	0.06%
ANF	D	0.19%	0.43%	0.19%
APAM	C	0.13%	0.13%	0.13%
APOG	B	0.09%	0.12%	0.09%
AROC	C	0.15%	0.13%	0.13%
ASB	D	0.14%	0.18%	0.14%
ASH	D	0.14%	0.19%	0.14%
ASTH	B	0.12%	0.02%	0.02%
ATGE	D	0.12%	0.19%	0.12%
AVA	B	0.15%	0.17%	0.15%
AWI	B	0.16%	0.21%	0.16%
AX	D	0.13%	0.1%	0.1%
AXS	B	0.19%	0.17%	0.17%
AZZ	C	0.1%	0.11%	0.1%
BBSI	B	0.09%	0.04%	0.04%
BCO	B	0.15%	0.18%	0.15%
BCPC	C	0.17%	0.1%	0.1%
BFAM	C	0.24%	0.17%	0.17%
BGC	B	0.16%	0.13%	0.13%
BHE	C	0.1%	0.22%	0.1%
BKE	B	0.11%	0.09%	0.09%
BKH	B	0.18%	0.24%	0.18%
BLD	D	0.27%	0.06%	0.06%
BMI	B	0.18%	0.07%	0.07%
BNL	B	0.15%	0.06%	0.06%
BRBR	B	0.22%	0.04%	0.04%
BRC	B	0.13%	0.04%	0.04%
BRKR	D	0.19%	0.12%	0.12%
BRY	F	0.09%	0.03%	0.03%
BSY	D	0.28%	0.06%	0.06%
BWXT	D	0.22%	0.22%	0.22%
BYD	C	0.16%	0.17%	0.16%
CACC	D	0.12%	0.15%	0.12%
CACC	D	0.12%	0.08%	0.08%
CALM	B	0.13%	0.16%	0.13%
CASH	B	0.12%	0.06%	0.06%
CATY	B	0.14%	0.15%	0.14%
CBSH	C	0.21%	0.2%	0.2%
CBT	B	0.18%	0.23%	0.18%
CBZ	F	0.12%	0.08%	0.08%
CEIX	D	0.14%	0.13%	0.13%
CHCO	B	0.12%	0.05%	0.05%
CHDN	C	0.25%	0.16%	0.16%
CHE	C	0.24%	0.06%	0.06%
CHH	C	0.13%	0.07%	0.07%
CHRD	F	0.23%	0.1%	0.1%
CIVI	F	0.17%	0.09%	0.09%
CLH	B	0.28%	0.28%	0.28%
CLW	F	0.05%	0.04%	0.04%
CNM	F	0.17%	0.09%	0.09%
CNX	A	0.18%	0.07%	0.07%
CNXC	D	0.13%	0.13%	0.13%
CNXN	B	0.09%	0.09%	0.09%
COKE	C	0.19%	0.16%	0.16%
COLM	B	0.14%	0.18%	0.14%
COOP	B	0.18%	0.22%	0.18%
CORT	B	0.14%	0.07%	0.07%
CPF	B	0.1%	0.04%	0.04%
CR	C	0.19%	0.2%	0.19%
CRAI	C	0.09%	0.04%	0.04%
CROX	C	0.21%	0.2%	0.2%
CRUS	D	0.21%	0.33%	0.21%
CRVL	B	0.14%	0.01%	0.01%
CSV	B	0.09%	0.03%	0.03%
CSWI	B	0.16%	0.07%	0.07%
CTRE	B	0.17%	0.02%	0.02%
CTS	D	0.1%	0.05%	0.05%
CUBE	B	0.3%	0.21%	0.21%
CUBI	F	0.09%	0.06%	0.06%
CUZ	B	0.16%	0.2%	0.16%
CVCO	B	0.14%	0.13%	0.13%
CVLT	B	0.19%	0.15%	0.15%
CXW	F	0.09%	0.19%	0.09%
DBX	D	0.18%	0.06%	0.06%
DDS	D	0.09%	0.1%	0.09%
DEA	B	0.11%	0.06%	0.06%
DEI	B	0.13%	0.21%	0.13%
DLB	D	0.15%	0.12%	0.12%
DORM	B	0.15%	0.12%	0.12%
DTM	B	0.24%	0.2%	0.2%
DY	B	0.16%	0.3%	0.16%
EBF	B	0.08%	0.04%	0.04%
EEFT	D	0.16%	0.17%	0.16%
EIG	B	0.11%	0.09%	0.09%
ELAN	D	0.23%	0.22%	0.22%
ELS	C	0.33%	0.23%	0.23%
ENS	C	0.13%	0.2%	0.13%
ENSG	C	0.25%	0.15%	0.15%
ENVA	C	0.11%	0.16%	0.11%
EPAC	B	0.11%	0.05%	0.05%
EPRT	A	0.19%	0.05%	0.05%
ERIE	A	0.32%	0.05%	0.05%
ESAB	C	0.16%	0.14%	0.14%
ESGR	D	0.15%	0.09%	0.09%
ESI	D	0.17%	0.21%	0.17%
ESNT	B	0.21%	0.19%	0.19%
ETH	D	0.09%	0.04%	0.04%
EXEL	B	0.23%	0.17%	0.17%
EXLS	C	0.18%	0.12%	0.12%
EXPO	B	0.16%	0.08%	0.08%
FBP	C	0.14%	0.09%	0.09%
FCN	C	0.2%	0.23%	0.2%
FELE	C	0.13%	0.12%	0.12%
FHI	A	0.14%	0.05%	0.05%
FIX	B	0.26%	0.22%	0.22%
FIZZ	D	0.09%	0.02%	0.02%
FLS	D	0.17%	0.25%	0.17%
FN	D	0.21%	0.15%	0.15%
FORM	F	0.13%	0.07%	0.07%
FR	C	0.22%	0.12%	0.12%
FRT	C	0.24%	0.26%	0.24%
FSS	D	0.15%	0.12%	0.12%
FTDR	B	0.16%	0.09%	0.09%
FTI	D	0.26%	0.06%	0.06%
FUL	D	0.15%	0.19%	0.15%
FULT	C	0.14%	0.13%	0.13%
GEO	F	0.1%	0.23%	0.1%
GHC	C	0.13%	0.2%	0.13%
GIC	D	0.07%	0.0%	0.0%
GIII	C	0.12%	0.2%	0.12%
GMED	D	0.23%	0.16%	0.16%
GOLF	F	0.11%	0.08%	0.08%
GTES	C	0.12%	0.13%	0.12%
GWRE	A	0.34%	0.07%	0.07%
HAE	D	0.14%	0.08%	0.08%
HALO	B	0.23%	0.08%	0.08%
HCC	F	0.11%	0.25%	0.11%
HCSG	C	0.08%	0.08%	0.08%
HE	F	0.09%	0.18%	0.09%
HIW	B	0.14%	0.24%	0.14%
HLI	B	0.23%	0.18%	0.18%
HLNE	B	0.19%	0.01%	0.01%
HMN	C	0.11%	0.06%	0.06%
HNI	B	0.11%	0.19%	0.11%
HRB	C	0.25%	0.08%	0.08%
HSII	C	0.08%	0.03%	0.03%
HWKN	B	0.11%	0.08%	0.08%
IBKR	B	0.32%	0.09%	0.09%
IBOC	C	0.14%	0.1%	0.1%
IBP	C	0.16%	0.1%	0.1%
ICFI	C	0.13%	0.1%	0.1%
IDCC	B	0.14%	0.12%	0.12%
IMKTA	D	0.09%	0.18%	0.09%
INCY	C	0.26%	0.18%	0.18%
INSW	D	0.13%	0.04%	0.04%
INVA	B	0.11%	0.06%	0.06%
IOSP	D	0.11%	0.11%	0.11%
ITGR	B	0.17%	0.13%	0.13%
JBSS	D	0.09%	0.05%	0.05%
KAI	C	0.13%	0.07%	0.07%
KELYA	D	0.07%	0.14%	0.07%
KFRC	D	0.09%	0.08%	0.08%
KFY	B	0.13%	0.21%	0.13%
KLG	C	0.1%	0.08%	0.08%
KNF	B	0.16%	0.18%	0.16%
KNSL	C	0.27%	0.02%	0.02%
KRC	B	0.14%	0.2%	0.14%
KTB	B	0.15%	0.14%	0.14%
LANC	D	0.14%	0.1%	0.1%
LBRT	D	0.14%	0.13%	0.13%
LEVI	C	0.13%	0.02%	0.02%
LGND	C	0.12%	0.01%	0.01%
LOPE	D	0.15%	0.21%	0.15%
LPG	F	0.11%	0.05%	0.05%
LRN	B	0.15%	0.11%	0.11%
LTC	B	0.12%	0.05%	0.05%
LYV	B	0.34%	0.02%	0.02%
LZB	C	0.11%	0.16%	0.11%
MANH	B	0.37%	0.12%	0.12%
MASI	D	0.19%	0.12%	0.12%
MATX	C	0.14%	0.06%	0.06%
MCY	C	0.11%	0.14%	0.11%
MEDP	D	0.21%	0.07%	0.07%
MGRC	F	0.11%	0.08%	0.08%
MGY	C	0.17%	0.08%	0.08%
MHO	B	0.16%	0.28%	0.16%
MMS	D	0.16%	0.07%	0.07%
MMSI	B	0.2%	0.09%	0.09%
MOG.A	B	0.16%	0.22%	0.16%
MORN	C	0.22%	0.11%	0.11%
MSA	C	0.18%	0.1%	0.1%
MSBI	D	0.09%	0.0%	0.0%
MSM	D	0.13%	0.06%	0.06%
MTCH	C	0.27%	0.17%	0.17%
MTX	D	0.11%	0.14%	0.11%
MWA	C	0.12%	0.11%	0.11%
NBIX	F	0.28%	0.07%	0.07%
NEU	D	0.15%	0.15%	0.15%
NHC	D	0.11%	0.11%	0.11%
NHI	A	0.16%	0.11%	0.11%
NMIH	B	0.15%	0.08%	0.08%
NNN	B	0.25%	0.2%	0.2%
NOVT	D	0.19%	0.05%	0.05%
NPK	C	0.08%	0.02%	0.02%
NSA	B	0.15%	0.08%	0.08%
NWE	A	0.16%	0.18%	0.16%
NYT	C	0.25%	0.19%	0.19%
OFG	C	0.12%	0.06%	0.06%
OHI	A	0.27%	0.29%	0.27%
OLED	C	0.23%	0.09%	0.09%
OLLI	C	0.18%	0.19%	0.18%
ONTO	F	0.24%	0.09%	0.09%
OSIS	C	0.12%	0.09%	0.09%
OTTR	D	0.14%	0.09%	0.09%
OZK	D	0.15%	0.17%	0.15%
PATK	B	0.13%	0.19%	0.13%
PBH	B	0.16%	0.11%	0.11%
PDM	B	0.11%	0.14%	0.11%
PEBO	C	0.1%	0.01%	0.01%
PEGA	C	0.13%	0.04%	0.04%
PFBC	C	0.1%	0.01%	0.01%
PGRE	C	0.09%	0.1%	0.09%
PHIN	B	0.13%	0.16%	0.13%
PINC	C	0.12%	0.18%	0.12%
PIPR	B	0.16%	0.16%	0.16%
PJT	B	0.13%	0.06%	0.06%
PLAB	F	0.1%	0.07%	0.07%
PLNT	A	0.22%	0.12%	0.12%
PLUS	B	0.13%	0.13%	0.13%
PLXS	B	0.14%	0.22%	0.14%
PPC	D	0.11%	0.14%	0.11%
PRDO	D	0.1%	0.08%	0.08%
PRGS	C	0.13%	0.05%	0.05%
PRIM	C	0.11%	0.04%	0.04%
PSN	B	0.14%	0.11%	0.11%
PSTG	F	0.32%	0.05%	0.05%
QLYS	F	0.15%	0.05%	0.05%
RBC	C	0.21%	0.09%	0.09%
RDN	B	0.18%	0.27%	0.18%
RDNT	B	0.16%	0.05%	0.05%
REX	D	0.1%	0.01%	0.01%
REXR	C	0.28%	0.08%	0.08%
REYN	C	0.12%	0.07%	0.07%
RGEN	F	0.21%	0.04%	0.04%
RGLD	B	0.24%	0.14%	0.14%
RLI	B	0.2%	0.11%	0.11%
RNR	B	0.33%	0.21%	0.21%
ROAD	B	0.12%	0.06%	0.06%
ROCK	D	0.1%	0.08%	0.08%
ROL	C	0.33%	0.15%	0.15%
SBH	B	0.12%	0.18%	0.12%
SCHL	D	0.12%	0.07%	0.07%
SCS	B	0.09%	0.17%	0.09%
SCSC	D	0.1%	0.13%	0.1%
SCVL	B	0.1%	0.06%	0.06%
SEM	D	0.14%	0.23%	0.14%
SF	A	0.23%	0.24%	0.23%
SHO	D	0.12%	0.11%	0.11%
SHOO	B	0.14%	0.19%	0.14%
SIGI	C	0.18%	0.14%	0.14%
SKYW	C	0.12%	0.14%	0.12%
SLGN	B	0.15%	0.1%	0.1%
SLVM	B	0.13%	0.27%	0.13%
SMP	C	0.09%	0.05%	0.05%
SN	B	0.19%	0.21%	0.19%
SNEX	C	0.12%	0.01%	0.01%
SPSC	D	0.2%	0.04%	0.04%
SR	B	0.17%	0.2%	0.17%
SRCE	C	0.1%	0.03%	0.03%
SSD	C	0.19%	0.17%	0.17%
SSTK	F	0.1%	0.03%	0.03%
STAG	C	0.21%	0.12%	0.12%
STNG	D	0.14%	0.06%	0.06%
STRA	D	0.12%	0.09%	0.09%
STRL	B	0.13%	0.08%	0.08%
SUM	C	0.15%	0.14%	0.14%
SUPN	C	0.14%	0.05%	0.05%
SXC	F	0.07%	0.05%	0.05%
SXT	C	0.13%	0.15%	0.13%
TK	C	0.12%	0.01%	0.01%
TNC	D	0.09%	0.07%	0.07%
TNK	D	0.11%	0.04%	0.04%
TNL	D	0.13%	0.06%	0.06%
TPC	C	0.08%	0.28%	0.08%
TPL	C	0.36%	0.12%	0.12%
TREX	F	0.18%	0.11%	0.11%
TTEK	C	0.29%	0.25%	0.25%
TW	A	0.32%	0.09%	0.09%
TXRH	D	0.27%	0.26%	0.26%
UE	B	0.13%	0.1%	0.1%
UMBF	B	0.17%	0.16%	0.16%
UNF	B	0.11%	0.17%	0.11%
URBN	D	0.1%	0.18%	0.1%
USM	C	0.12%	0.02%	0.02%
USPH	D	0.1%	0.02%	0.02%
UTHR	C	0.36%	0.33%	0.33%
UTL	B	0.11%	0.04%	0.04%
UVE	B	0.1%	0.04%	0.04%
VCTR	B	0.12%	0.02%	0.02%
VGR	C	0.12%	0.11%	0.11%
VIRT	B	0.15%	0.22%	0.15%
VMI	D	0.16%	0.22%	0.16%
VNT	D	0.16%	0.14%	0.14%
VRRM	D	0.14%	0.06%	0.06%
VSH	D	0.1%	0.05%	0.05%
VSTO	B	0.12%	0.14%	0.12%
VVV	D	0.16%	0.17%	0.16%
WABC	D	0.11%	0.03%	0.03%
WAL	B	0.24%	0.27%	0.24%
WBS	C	0.22%	0.19%	0.19%
WDFC	B	0.14%	0.06%	0.06%
WEN	C	0.13%	0.12%	0.12%
WFRD	F	0.19%	0.05%	0.05%
WH	B	0.19%	0.19%	0.19%
WING	B	0.28%	0.06%	0.06%
WMG	D	0.17%	0.01%	0.01%
WMS	D	0.22%	0.13%	0.13%
WSBC	D	0.12%	0.1%	0.1%
WTFC	B	0.2%	0.19%	0.19%
WTS	C	0.16%	0.13%	0.13%
WWD	D	0.25%	0.26%	0.25%
XHR	C	0.1%	0.1%	0.1%
YELP	F	0.13%	0.13%	0.13%
ZD	D	0.15%	0.12%	0.12%
ZWS	B	0.15%	0.06%	0.06%

FSMD Overweight 244 Positions Relative to FNDA

Symbol	Grade	Weight
NRG	C	0.39%
LII	B	0.38%
EME	B	0.37%
THC	B	0.36%
NTNX	C	0.36%
RPM	B	0.35%
L	B	0.34%
PCVX	B	0.34%
TOL	B	0.34%
NTRA	B	0.34%
NWSA	D	0.33%
UHS	B	0.33%
CPT	B	0.32%
CASY	D	0.32%
SNA	B	0.32%
WSO	C	0.32%
RGA	B	0.32%
PNR	B	0.32%
NDSN	C	0.31%
REG	C	0.31%
GGG	C	0.31%
DKS	D	0.3%
TFX	C	0.3%
OC	C	0.3%
ACM	B	0.3%
JNPR	A	0.3%
SRPT	F	0.29%
EQH	C	0.29%
JLL	B	0.29%
SCI	B	0.29%
ALLE	B	0.28%
AIZ	B	0.27%
CW	B	0.27%
SOLV	C	0.27%
SW	B	0.27%
BXP	B	0.27%
LAMR	A	0.27%
EWBC	C	0.27%
CHRW	B	0.27%
SFM	B	0.26%
CPB	B	0.26%
ATR	B	0.26%
MUSA	C	0.26%
DOX	C	0.26%
HII	C	0.25%
UNM	B	0.25%
BJ	D	0.25%
EHC	B	0.25%
DUOL	B	0.25%
TAP	C	0.25%
ITT	C	0.25%
CACI	B	0.25%
TPR	C	0.25%
SKX	C	0.24%
PRI	B	0.24%
DVA	B	0.24%
ORI	A	0.24%
HRL	C	0.24%
CHK	D	0.24%
NVT	D	0.24%
INGR	A	0.24%
AFG	B	0.24%
OGE	B	0.24%
GL	C	0.24%
TPX	C	0.23%
SNX	D	0.23%
EVR	B	0.23%
FHN	D	0.23%
AOS	C	0.23%
LECO	F	0.23%
BRX	B	0.23%
HSIC	C	0.23%
GPK	B	0.23%
CIEN	C	0.22%
DINO	D	0.22%
MHK	B	0.22%
ALLY	F	0.22%
CMA	B	0.22%
EXP	B	0.22%
MTN	D	0.21%
NFG	B	0.21%
GKOS	D	0.21%
BPOP	C	0.21%
AYI	B	0.21%
BERY	B	0.21%
VOYA	A	0.21%
LNTH	C	0.21%
TTC	D	0.21%
OWL	C	0.21%
DCI	D	0.21%
SAIC	C	0.2%
ARW	C	0.2%
ZION	D	0.2%
ACI	F	0.2%
ALV	F	0.2%
DOCS	B	0.2%
GNTX	F	0.2%
MLI	B	0.2%
ALSN	B	0.2%
SEIC	B	0.2%
RL	B	0.2%
BWA	D	0.2%
TMHC	B	0.2%
MTH	B	0.2%
AXTA	C	0.2%
MTG	B	0.2%
UFPI	C	0.19%
KBH	B	0.19%
CRBG	D	0.19%
G	C	0.19%
ADMA	B	0.19%
SNV	C	0.19%
OSK	D	0.18%
PI	B	0.18%
NXST	D	0.18%
NSIT	C	0.18%
VRNS	C	0.18%
RHI	D	0.18%
LSTR	D	0.18%
POST	C	0.18%
THG	A	0.18%
UGI	C	0.18%
APPF	D	0.17%
OMF	C	0.17%
CMC	D	0.17%
R	B	0.17%
ALTR	C	0.17%
AMG	C	0.17%
BPMC	D	0.17%
PRCT	B	0.17%
OGN	D	0.17%
MTSI	D	0.17%
JXN	B	0.17%
KD	D	0.17%
SON	C	0.17%
ZETA	B	0.16%
HOG	C	0.16%
ASGN	D	0.16%
WU	D	0.16%
SLM	C	0.16%
AVT	D	0.16%
TENB	D	0.16%
FLO	C	0.16%
ESTC	F	0.16%
ACLX	B	0.16%
QTWO	B	0.16%
AXNX	B	0.16%
AGCO	D	0.16%
ASO	C	0.16%
GPI	B	0.16%
KRYS	D	0.16%
PBF	F	0.15%
ABG	F	0.15%
TDS	C	0.15%
BCC	C	0.15%
CRNX	C	0.15%
WLK	D	0.15%
TPH	C	0.15%
DXC	C	0.15%
TKR	D	0.15%
MDU	B	0.15%
TGNA	C	0.14%
GNW	B	0.14%
SANM	D	0.14%
AN	D	0.14%
CPRX	B	0.14%
CNO	B	0.14%
PAG	D	0.13%
GPOR	C	0.13%
PLMR	B	0.13%
SQSP	A	0.13%
BTU	D	0.13%
KURA	D	0.12%
UFPT	C	0.12%
IDT	C	0.12%
VCEL	D	0.12%
LMAT	B	0.12%
AMRX	B	0.12%
EQC	B	0.12%
ARCH	F	0.11%
COLL	B	0.11%
SPNT	C	0.11%
MIR	D	0.11%
HIMS	D	0.11%
QCRH	B	0.11%
FF	C	0.11%
SPOK	C	0.11%
PAHC	B	0.11%
TWST	D	0.11%
PLTK	C	0.11%
GNE	D	0.11%
RUSHA	C	0.11%
ACT	A	0.11%
SKWD	C	0.11%
EWTX	D	0.11%
HUBG	C	0.11%
TRNS	C	0.1%
ASC	D	0.1%
CFB	C	0.1%
AMAL	B	0.1%
CTBI	B	0.1%
HSTM	C	0.1%
OLP	B	0.1%
MCB	C	0.1%
CWCO	F	0.1%
INFA	D	0.1%
IBCP	B	0.1%
ATEN	C	0.1%
HCI	C	0.1%
MRVI	C	0.1%
UVSP	B	0.1%
MCRI	B	0.1%
SLP	F	0.09%
VNDA	D	0.09%
USLM	B	0.09%
RMR	C	0.09%
UTI	D	0.09%
ALX	B	0.09%
ZYXI	F	0.09%
VECO	F	0.09%
WSR	D	0.09%
OSUR	F	0.09%
EGY	D	0.09%
HCKT	B	0.09%
POWL	C	0.09%
IESC	C	0.09%
ANIP	D	0.09%
TPB	C	0.09%
THFF	B	0.09%
STAA	F	0.09%
UTMD	F	0.09%
WINA	C	0.09%
CASS	D	0.09%
NSSC	F	0.08%
CECO	D	0.08%
SIGA	D	0.08%
NVEC	D	0.08%
IMMR	D	0.07%
PANL	F	0.07%
MLR	D	0.07%
SMLR	F	0.07%
METC	F	0.06%
KRT	D	0.06%
JBI	F	0.06%

FSMD Underweight 660 Positions Relative to FNDA

Symbol	Grade	Weight
SATS	B	-0.54%
RCL	B	-0.41%
FICO	A	-0.35%
KMPR	D	-0.28%
COIN	F	-0.28%
BKU	C	-0.28%
GME	F	-0.27%
PRG	B	-0.27%
VLTO	C	-0.27%
SWX	C	-0.26%
MAC	B	-0.26%
CRS	B	-0.25%
SPOT	B	-0.25%
HEI	B	-0.25%
AGNC	A	-0.24%
SPB	B	-0.24%
XPO	D	-0.24%
SPR	D	-0.24%
LNW	B	-0.23%
DHC	B	-0.23%
RXO	D	-0.23%
UAL	B	-0.23%
CCS	B	-0.22%
COLD	D	-0.22%
PB	B	-0.22%
AVNT	B	-0.22%
GATX	D	-0.22%
GVA	B	-0.22%
AGO	C	-0.22%
STC	B	-0.21%
DBRG	D	-0.21%
CWK	B	-0.21%
SRCL	A	-0.21%
FNB	D	-0.21%
EBS	D	-0.21%
UNIT	C	-0.21%
SCCO	D	-0.21%
RPRX	C	-0.2%
FDP	B	-0.2%
ACHC	C	-0.2%
Z	B	-0.2%
KEX	C	-0.2%
SMCI	F	-0.2%
IDA	B	-0.2%
SBRA	B	-0.2%
SMG	C	-0.2%
FHB	C	-0.19%
MAT	C	-0.19%
ENTG	D	-0.19%
TRN	C	-0.19%
MPWR	C	-0.19%
SIG	C	-0.19%
VRT	C	-0.19%
SAIA	D	-0.19%
HWC	D	-0.19%
HP	D	-0.19%
GMS	C	-0.19%
TTMI	D	-0.19%
FDS	C	-0.19%
COMM	B	-0.19%
PNFP	B	-0.19%
PFSI	B	-0.19%
OGS	B	-0.19%
CADE	B	-0.19%
VSCO	C	-0.18%
NJR	B	-0.18%
UAA	C	-0.18%
ZM	C	-0.18%
HXL	F	-0.18%
UBSI	B	-0.18%
TEX	D	-0.18%
NOMD	B	-0.18%
CSGP	D	-0.18%
CFR	C	-0.18%
PNM	B	-0.18%
LCII	C	-0.18%
MC	B	-0.18%
COLB	B	-0.18%
OMI	D	-0.17%
ARCB	D	-0.17%
WMK	C	-0.17%
WAFD	B	-0.17%
WTM	F	-0.17%
THS	C	-0.17%
PCH	C	-0.17%
HRI	C	-0.17%
PSMT	B	-0.17%
MLKN	D	-0.17%
MOD	C	-0.17%
LFUS	D	-0.17%
BIO	C	-0.17%
CRC	C	-0.16%
UVV	D	-0.16%
CNK	B	-0.16%
APLE	D	-0.16%
GBX	C	-0.16%
LITE	B	-0.16%
WD	B	-0.16%
VEEV	C	-0.16%
PDCO	F	-0.16%
JELD	D	-0.16%
VLY	C	-0.16%
KMT	B	-0.16%
OUT	B	-0.16%
PTEN	F	-0.15%
SVC	F	-0.15%
SKY	B	-0.15%
H	C	-0.15%
WGO	D	-0.15%
RYN	C	-0.15%
JBGS	B	-0.15%
NMRK	B	-0.15%
BDC	B	-0.15%
DASH	C	-0.15%
VSTS	D	-0.15%
LGIH	C	-0.15%
TYL	C	-0.15%
ICUI	B	-0.15%
NVST	D	-0.15%
ONB	C	-0.15%
EPR	B	-0.15%
WYNN	D	-0.15%
PBI	C	-0.14%
SNDR	B	-0.14%
ARES	B	-0.14%
MTDR	D	-0.14%
SAH	D	-0.14%
APG	D	-0.14%
TPG	B	-0.14%
MKTX	C	-0.14%
SITE	D	-0.14%
CGNX	D	-0.14%
EAT	B	-0.14%
LAUR	B	-0.14%
SLAB	D	-0.14%
GBCI	B	-0.14%
SFNC	B	-0.14%
BXMT	C	-0.14%
AMWD	C	-0.13%
AMRK	C	-0.13%
APP	B	-0.13%
KAR	D	-0.13%
BOH	C	-0.13%
ITRI	C	-0.13%
DNOW	D	-0.13%
IGT	D	-0.13%
HPP	D	-0.13%
TROX	F	-0.13%
DOLE	A	-0.13%
B	D	-0.13%
SMTC	C	-0.13%
GEF	D	-0.13%
WEX	C	-0.13%
FND	C	-0.13%
EPC	F	-0.12%
OPCH	C	-0.12%
DRH	C	-0.12%
JBLU	D	-0.12%
ECPG	C	-0.12%
SCL	D	-0.12%
RH	B	-0.12%
RLJ	D	-0.12%
DIOD	F	-0.12%
TDC	F	-0.12%
DNB	C	-0.12%
TCBI	B	-0.12%
FWRD	C	-0.12%
BOOT	B	-0.12%
WWW	B	-0.12%
AIR	C	-0.12%
ABCB	B	-0.12%
IAC	C	-0.12%
BANR	B	-0.11%
TRMK	C	-0.11%
PLTR	B	-0.11%
HLF	F	-0.11%
SKT	B	-0.11%
FFBC	C	-0.11%
KRG	B	-0.11%
BMRN	F	-0.11%
PTC	D	-0.11%
RRC	D	-0.11%
TECH	C	-0.11%
TWLO	D	-0.11%
TNET	D	-0.11%
ETSY	F	-0.11%
BOKF	B	-0.11%
BDN	B	-0.11%
HOPE	B	-0.11%
HTH	C	-0.11%
WDAY	D	-0.11%
PECO	B	-0.11%
SASR	B	-0.1%
GNL	B	-0.1%
AM	B	-0.1%
PPBI	D	-0.1%
AEIS	D	-0.1%
MELI	B	-0.1%
IPGP	F	-0.1%
LXP	B	-0.1%
VSAT	F	-0.1%
ENOV	F	-0.1%
AIN	D	-0.1%
PFS	B	-0.1%
ESRT	B	-0.1%
HTLF	B	-0.1%
KALU	F	-0.1%
ALEX	B	-0.1%
ATKR	F	-0.1%
EMBC	C	-0.1%
WSC	D	-0.1%
CABO	F	-0.1%
DLX	D	-0.1%
RIG	F	-0.1%
FIBK	B	-0.1%
CBU	C	-0.1%
CHX	D	-0.1%
CENTA	D	-0.09%
REVG	C	-0.09%
PINS	F	-0.09%
VIAV	D	-0.09%
CDE	C	-0.09%
TILE	B	-0.09%
IBTX	B	-0.09%
TOWN	B	-0.09%
JACK	F	-0.09%
BSIG	B	-0.09%
SNBR	C	-0.09%
HEES	D	-0.09%
JBT	D	-0.09%
ABR	B	-0.09%
AKR	C	-0.09%
RRR	D	-0.09%
HELE	D	-0.09%
NTCT	D	-0.09%
WSFS	C	-0.09%
ENR	F	-0.09%
RHP	D	-0.09%
VC	F	-0.09%
MGEE	B	-0.09%
NPO	C	-0.09%
CSTM	D	-0.09%
CVBF	C	-0.09%
MD	C	-0.09%
EGP	B	-0.09%
BKD	D	-0.09%
ATI	C	-0.09%
HL	C	-0.09%
ABNB	D	-0.09%
HGV	D	-0.09%
CBRL	D	-0.09%
ARI	F	-0.09%
CWEN	B	-0.09%
UCBI	B	-0.09%
WOR	F	-0.09%
PMT	B	-0.09%
GFF	C	-0.09%
ORA	C	-0.09%
BGS	D	-0.08%
CNS	B	-0.08%
TALO	F	-0.08%
MATV	B	-0.08%
AZEK	C	-0.08%
CAL	F	-0.08%
WNC	F	-0.08%
CCOI	C	-0.08%
AY	B	-0.08%
NVRI	D	-0.08%
PEB	D	-0.08%
UCTT	F	-0.08%
SYNA	F	-0.08%
JJSF	C	-0.08%
CCO	C	-0.08%
ESE	B	-0.08%
THRM	D	-0.08%
HAIN	D	-0.08%
NWBI	C	-0.08%
INDB	C	-0.08%
PRK	C	-0.08%
CPNG	B	-0.08%
SAFT	C	-0.08%
NWN	B	-0.08%
CNA	C	-0.08%
SLG	B	-0.08%
GCI	C	-0.08%
NSP	D	-0.08%
AXL	F	-0.08%
NOW	A	-0.08%
FSLR	C	-0.08%
FRME	C	-0.08%
NGVT	F	-0.08%
BV	B	-0.08%
LADR	B	-0.08%
HI	F	-0.08%
ROKU	C	-0.08%
SAM	F	-0.08%
FFIN	B	-0.08%
KW	C	-0.08%
CWT	C	-0.08%
GES	F	-0.07%
FCF	C	-0.07%
ACCO	C	-0.07%
VRSN	D	-0.07%
MRTN	D	-0.07%
CPK	B	-0.07%
HLX	D	-0.07%
MRCY	C	-0.07%
ALG	D	-0.07%
WTRG	D	-0.07%
IRDM	D	-0.07%
MYRG	F	-0.07%
OPEN	D	-0.07%
JWN	B	-0.07%
AGRO	C	-0.07%
LILAK	D	-0.07%
DXCM	F	-0.07%
ATSG	D	-0.07%
HOMB	B	-0.07%
PTVE	D	-0.07%
KLIC	D	-0.07%
TTD	B	-0.07%
COTY	F	-0.07%
MRC	D	-0.07%
MTRN	D	-0.07%
NNI	B	-0.07%
CODI	D	-0.07%
STBA	B	-0.07%
GO	F	-0.07%
KOS	F	-0.07%
FIVE	D	-0.07%
CNDT	C	-0.07%
HZO	C	-0.07%
DFIN	B	-0.07%
RAMP	F	-0.07%
PAYC	D	-0.07%
NBTB	D	-0.07%
RYI	F	-0.07%
IRT	B	-0.07%
POWI	F	-0.07%
OMCL	C	-0.07%
BLMN	F	-0.07%
COMP	B	-0.07%
RNG	D	-0.07%
YETI	D	-0.07%
OII	D	-0.07%
CSGS	C	-0.07%
ROIC	B	-0.07%
LGF.A	F	-0.07%
NTB	C	-0.07%
KN	D	-0.07%
PUMP	F	-0.06%
VBTX	B	-0.06%
PR	D	-0.06%
GLNG	D	-0.06%
EFSC	B	-0.06%
BXC	D	-0.06%
OEC	F	-0.06%
CRL	D	-0.06%
APO	C	-0.06%
KWR	D	-0.06%
TRNO	C	-0.06%
NUS	F	-0.06%
TRIP	F	-0.06%
HMST	C	-0.06%
MMI	C	-0.06%
SWBI	D	-0.06%
AAL	D	-0.06%
PRAA	D	-0.06%
CWST	D	-0.06%
GTN	D	-0.06%
TRS	D	-0.06%
BLKB	B	-0.06%
ENPH	C	-0.06%
CNSL	A	-0.06%
ALK	C	-0.06%
CVI	F	-0.06%
NX	D	-0.06%
CAKE	C	-0.06%
SABR	D	-0.06%
SXI	C	-0.06%
NBR	F	-0.06%
EBC	B	-0.06%
CARG	B	-0.06%
DHT	C	-0.06%
AAN	C	-0.06%
SFL	D	-0.06%
NTGR	C	-0.06%
ILPT	C	-0.06%
AWR	B	-0.06%
BZH	B	-0.06%
BUSE	C	-0.06%
KOP	F	-0.06%
ZUMZ	D	-0.06%
ENV	C	-0.06%
HHH	C	-0.06%
JAZZ	D	-0.06%
OXM	D	-0.06%
ROG	D	-0.06%
CMPR	F	-0.06%
FOXF	F	-0.05%
STNE	F	-0.05%
PRA	C	-0.05%
EXAS	C	-0.05%
CVGW	C	-0.05%
AUB	C	-0.05%
ASTE	F	-0.05%
DXPE	C	-0.05%
MNRO	D	-0.05%
RWT	B	-0.05%
SONO	F	-0.05%
XP	D	-0.05%
FBNC	B	-0.05%
HTLD	D	-0.05%
SMPL	D	-0.05%
SGH	F	-0.05%
IHRT	D	-0.05%
NEOG	C	-0.05%
SBLK	D	-0.05%
CBL	D	-0.05%
W	D	-0.05%
CRK	D	-0.05%
UIS	C	-0.05%
RGR	F	-0.05%
TSE	D	-0.05%
SJW	C	-0.05%
GCO	D	-0.05%
PLAY	F	-0.05%
AZTA	D	-0.05%
GPRE	F	-0.05%
MYGN	B	-0.05%
CPS	F	-0.05%
PAGS	F	-0.05%
PRFT	A	-0.05%
ZIMV	F	-0.05%
LBRDK	D	-0.05%
GFS	F	-0.05%
SSB	B	-0.05%
ALIT	D	-0.05%
FCPT	A	-0.05%
SENEA	B	-0.05%
CWH	C	-0.05%
RDUS	D	-0.05%
CHEF	C	-0.05%
WHD	C	-0.05%
EXPI	C	-0.05%
EYE	F	-0.05%
ASIX	C	-0.05%
CNMD	D	-0.05%
LYFT	D	-0.05%
GLOB	D	-0.05%
MODG	F	-0.05%
HURN	C	-0.05%
TRTX	C	-0.05%
HQY	C	-0.05%
THRY	D	-0.05%
KTOS	B	-0.05%
DCO	B	-0.04%
PRLB	D	-0.04%
VRNT	F	-0.04%
PARR	F	-0.04%
NVEE	F	-0.04%
KREF	B	-0.04%
MATW	F	-0.04%
SBSI	B	-0.04%
SHEN	F	-0.04%
TEN	C	-0.04%
RES	D	-0.04%
SEB	C	-0.04%
GRBK	B	-0.04%
EVRI	C	-0.04%
PTON	C	-0.04%
ECVT	F	-0.04%
COHU	F	-0.04%
CMRE	D	-0.04%
SFIX	C	-0.04%
GLDD	C	-0.04%
DAC	D	-0.04%
EAF	D	-0.04%
AVNS	B	-0.04%
WOOF	C	-0.04%
MTUS	F	-0.04%
LNN	C	-0.04%
HVT	D	-0.04%
WTTR	C	-0.04%
WRLD	D	-0.04%
CLVT	D	-0.04%
USNA	F	-0.04%
LKFN	C	-0.04%
CNNE	D	-0.04%
EGBN	C	-0.04%
GDOT	C	-0.04%
ACLS	F	-0.04%
TBI	F	-0.04%
CMCO	F	-0.04%
LIVN	D	-0.04%
EVTC	D	-0.04%
CFFN	C	-0.04%
AHCO	B	-0.04%
TUP	F	-0.04%
STEP	B	-0.04%
ICHR	F	-0.04%
PODD	B	-0.04%
IART	F	-0.04%
BRSP	D	-0.03%
PLOW	C	-0.03%
RUN	C	-0.03%
DHIL	B	-0.03%
CRGY	D	-0.03%
SNOW	F	-0.03%
HAFC	C	-0.03%
NOG	D	-0.03%
TMP	C	-0.03%
ARCO	F	-0.03%
TPIC	D	-0.03%
WASH	B	-0.03%
ALTO	D	-0.03%
HFWA	C	-0.03%
CLB	D	-0.03%
UFCS	D	-0.03%
BJRI	D	-0.03%
IVT	B	-0.03%
DBI	F	-0.03%
SGRY	C	-0.03%
BRKL	C	-0.03%
ZI	D	-0.03%
MTW	F	-0.03%
AMC	D	-0.03%
PEN	D	-0.03%
BANF	B	-0.03%
OPK	C	-0.03%
OPI	F	-0.03%
HAYW	C	-0.03%
CNOB	B	-0.03%
LSCC	D	-0.03%
GNK	D	-0.03%
SHYF	D	-0.03%
PFC	C	-0.03%
WOW	D	-0.03%
TCBK	C	-0.03%
HASI	B	-0.03%
PZZA	D	-0.03%
CSR	B	-0.03%
TDOC	D	-0.03%
IPAR	D	-0.03%
CARS	D	-0.03%
VAL	F	-0.03%
OCFC	B	-0.03%
AVO	A	-0.03%
MERC	F	-0.03%
RKT	B	-0.03%
ZEUS	F	-0.03%
MED	F	-0.02%
MXL	F	-0.02%
PLCE	C	-0.02%
VIR	F	-0.02%
MOV	F	-0.02%
AGL	F	-0.02%
OKTA	F	-0.02%
DIN	F	-0.02%
GDEN	D	-0.02%
GTLS	F	-0.02%
VREX	F	-0.02%
DENN	D	-0.02%
SFBS	B	-0.02%
AGM	D	-0.02%
SBCF	C	-0.02%
PRVA	D	-0.02%
VSEC	C	-0.02%
OIS	F	-0.02%
ATNI	C	-0.02%
VRTS	D	-0.02%
IRBT	F	-0.02%
TITN	F	-0.02%
CMP	D	-0.02%
ALGT	F	-0.02%
CALX	D	-0.02%
DT	C	-0.02%
XPRO	F	-0.02%
FLGT	D	-0.02%
CCRN	F	-0.02%
MYE	D	-0.02%
FLWS	F	-0.02%
DAY	D	-0.02%
RNST	D	-0.02%
CTRN	D	-0.02%
KRNY	C	-0.02%
TKO	B	-0.02%
RYAM	B	-0.02%
SRI	F	-0.02%
ARKO	C	-0.02%
CLDT	D	-0.02%
HLIO	D	-0.02%
CLOV	C	-0.02%
AMBC	F	-0.02%
CMTG	F	-0.02%
MEI	F	-0.02%
MODV	F	-0.02%
CCSI	C	-0.02%
RC	D	-0.02%
TOST	B	-0.02%
RGP	F	-0.02%
GTY	B	-0.02%
INMD	D	-0.01%
TTEC	F	-0.01%
DNUT	D	-0.01%
THR	D	-0.01%
HAYN	D	-0.01%
MGPI	C	-0.01%
ONEW	F	-0.01%
EVH	C	-0.01%
SPWH	D	-0.01%
LXU	D	-0.01%
TBBK	B	-0.01%
NIC	C	-0.01%
NBHC	C	-0.01%
FBK	B	-0.01%
NR	F	-0.01%
VTOL	D	-0.01%
AMRC	C	-0.01%
IIPR	B	-0.01%
HOV	C	-0.01%
CMTL	D	-0.01%
BHLB	C	-0.01%
IIIN	D	-0.01%
MBUU	D	-0.01%
AOSL	D	-0.01%
IRWD	F	-0.01%
KE	F	-0.01%
LESL	F	-0.01%
AMSF	C	-0.01%
PETS	D	-0.01%
GPRO	F	-0.01%
MP	D	-0.01%
PKST	C	-0.01%
PRM	B	-0.01%
BMBL	F	-0.01%
WOLF	F	-0.01%
SEDG	F	-0.01%
RILY	F	-0.01%
EDR	A	-0.01%
AVD	F	-0.01%
GSL	D	-0.01%
SSP	F	-0.01%
NU	B	-0.01%
GPMT	D	-0.01%
SNAP	F	-0.01%
SSYS	F	-0.01%
RMBS	F	-0.01%
CRMT	F	-0.01%
JRVR	F	-0.01%
CHGG	F	-0.0%
PCRX	F	-0.0%
SEG	C	-0.0%
ALGM	F	-0.0%
WTI	F	-0.0%
CRNC	F	-0.0%
TWI	D	-0.0%
HY	D	-0.0%
GSM	F	-0.0%
CENT	D	-0.0%