FSMD vs. ISCV ETF Comparison

Comparison of Fidelity Small-Mid Factor ETF (FSMD) to iShares Morningstar Small-Cap Value ETF (ISCV)

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

$42.69

Average Daily Volume

91,263

Number of Holdings ^*

578

* may have additional holdings in another (foreign) market

ISCV

iShares Morningstar Small-Cap Value ETF

ISCV Description

The investment seeks to track the investment results of the Morningstar US Small Cap Broad Value Extended IndexSM composed of small-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of stocks issued by small-capitalization companies that have exhibited above-average value characteristics as determined by Morningstar, Inc.âs (Morningstar or the index provider) proprietary index methodology

Grade (RS Rating)

Last Trade

$66.06

Average Daily Volume

7,996

Number of Holdings ^*

1113

* may have additional holdings in another (foreign) market

Performance

Period	FSMD	ISCV
30 Days	1.09%	1.70%
60 Days	5.37%	5.45%
90 Days	8.16%	8.10%
12 Months	32.15%	27.35%

329 Overlapping Holdings

Symbol	Grade	Weight in FSMD	Weight in ISCV	Overlap
AAT	C	0.1%	0.04%	0.04%
ABG	A	0.16%	0.22%	0.16%
ACIW	B	0.19%	0.07%	0.07%
ACT	C	0.1%	0.04%	0.04%
ADC	A	0.2%	0.17%	0.17%
AEO	F	0.12%	0.06%	0.06%
AGCO	D	0.15%	0.24%	0.15%
AGX	B	0.16%	0.04%	0.04%
AIZ	A	0.26%	0.44%	0.26%
ALE	A	0.16%	0.15%	0.15%
ALKS	B	0.16%	0.09%	0.09%
ALSN	B	0.25%	0.26%	0.25%
ALV	C	0.19%	0.15%	0.15%
ALX	D	0.08%	0.02%	0.02%
AMAL	B	0.11%	0.01%	0.01%
AMED	F	0.12%	0.09%	0.09%
AMG	A	0.17%	0.13%	0.13%
AMKR	F	0.11%	0.07%	0.07%
AMN	F	0.05%	0.06%	0.05%
AMR	C	0.1%	0.07%	0.07%
AMRX	C	0.12%	0.05%	0.05%
AN	D	0.13%	0.18%	0.13%
ANDE	C	0.08%	0.04%	0.04%
APAM	A	0.14%	0.06%	0.06%
APOG	B	0.11%	0.04%	0.04%
ARCH	B	0.13%	0.12%	0.12%
AROC	A	0.17%	0.08%	0.08%
ARW	D	0.16%	0.27%	0.16%
ASB	A	0.16%	0.17%	0.16%
ASGN	D	0.15%	0.12%	0.12%
ASH	F	0.12%	0.08%	0.08%
ASO	F	0.13%	0.16%	0.13%
ATGE	B	0.14%	0.07%	0.07%
ATR	B	0.27%	0.15%	0.15%
AVA	C	0.13%	0.12%	0.12%
AVT	C	0.15%	0.21%	0.15%
AX	A	0.16%	0.08%	0.08%
AXS	A	0.19%	0.27%	0.19%
AXTA	A	0.21%	0.1%	0.1%
AYI	A	0.24%	0.12%	0.12%
AZZ	B	0.11%	0.05%	0.05%
BBSI	A	0.09%	0.02%	0.02%
BCC	B	0.15%	0.23%	0.15%
BCO	F	0.12%	0.06%	0.06%
BERY	D	0.19%	0.32%	0.19%
BFH	A	0.13%	0.12%	0.12%
BGC	B	0.16%	0.09%	0.09%
BHE	B	0.11%	0.04%	0.04%
BKE	A	0.11%	0.06%	0.06%
BKH	A	0.16%	0.17%	0.16%
BNL	D	0.13%	0.09%	0.09%
BPOP	C	0.18%	0.28%	0.18%
BRC	C	0.12%	0.07%	0.07%
BRX	A	0.22%	0.23%	0.22%
BRY	F	0.07%	0.02%	0.02%
BTU	B	0.15%	0.14%	0.14%
BWA	A	0.2%	0.33%	0.2%
BYD	A	0.17%	0.2%	0.17%
CACI	C	0.27%	0.17%	0.17%
CALM	A	0.15%	0.16%	0.15%
CASH	A	0.13%	0.05%	0.05%
CASS	B	0.09%	0.01%	0.01%
CATY	A	0.15%	0.15%	0.15%
CBSH	A	0.22%	0.36%	0.22%
CBT	C	0.18%	0.08%	0.08%
CEIX	A	0.17%	0.1%	0.1%
CFB	B	0.09%	0.02%	0.02%
CHCO	A	0.12%	0.05%	0.05%
CHRD	F	0.2%	0.34%	0.2%
CHRW	A	0.26%	0.52%	0.26%
CIEN	B	0.26%	0.2%	0.2%
CIVI	F	0.14%	0.16%	0.14%
CLW	F	0.04%	0.02%	0.02%
CMA	A	0.24%	0.37%	0.24%
CMC	B	0.19%	0.29%	0.19%
CNO	A	0.16%	0.17%	0.16%
CNX	A	0.23%	0.15%	0.15%
CNXC	F	0.07%	0.08%	0.07%
CNXN	D	0.09%	0.02%	0.02%
COLL	F	0.08%	0.05%	0.05%
COLM	B	0.12%	0.07%	0.07%
COOP	B	0.19%	0.25%	0.19%
CORT	B	0.21%	0.1%	0.1%
CPF	A	0.11%	0.03%	0.03%
CPRX	C	0.15%	0.05%	0.05%
CR	A	0.21%	0.11%	0.11%
CROX	F	0.16%	0.18%	0.16%
CRUS	F	0.15%	0.15%	0.15%
CTBI	A	0.11%	0.04%	0.04%
CTRE	D	0.15%	0.18%	0.15%
CUBI	B	0.1%	0.06%	0.06%
CUZ	B	0.16%	0.19%	0.16%
CXT	D	0.11%	0.13%	0.11%
CXW	B	0.14%	0.1%	0.1%
DBX	C	0.19%	0.16%	0.16%
DDS	B	0.1%	0.07%	0.07%
DEA	D	0.1%	0.05%	0.05%
DEI	B	0.13%	0.11%	0.11%
DORM	B	0.17%	0.05%	0.05%
DTM	A	0.28%	0.39%	0.28%
DXC	C	0.15%	0.17%	0.15%
EBF	D	0.07%	0.02%	0.02%
EEFT	C	0.15%	0.09%	0.09%
EGY	F	0.08%	0.02%	0.02%
EIG	A	0.11%	0.03%	0.03%
ELAN	C	0.2%	0.3%	0.2%
ENS	D	0.12%	0.09%	0.09%
ENVA	A	0.14%	0.11%	0.11%
EPRT	C	0.17%	0.09%	0.09%
EQC	A	0.11%	0.09%	0.09%
ESAB	B	0.2%	0.09%	0.09%
ESGR	B	0.14%	0.15%	0.14%
ESI	B	0.17%	0.17%	0.17%
ESNT	D	0.17%	0.24%	0.17%
ETD	D	0.08%	0.03%	0.03%
EVR	A	0.27%	0.33%	0.27%
EWBC	A	0.33%	0.59%	0.33%
FBP	A	0.14%	0.14%	0.14%
FHI	A	0.15%	0.14%	0.14%
FHN	A	0.26%	0.44%	0.26%
FIZZ	B	0.09%	0.02%	0.02%
FLO	D	0.13%	0.18%	0.13%
FLS	A	0.2%	0.13%	0.13%
FRT	B	0.21%	0.19%	0.19%
FTDR	B	0.17%	0.1%	0.1%
FUL	F	0.13%	0.07%	0.07%
FULT	A	0.15%	0.15%	0.15%
G	A	0.2%	0.27%	0.2%
GEO	A	0.16%	0.13%	0.13%
GHC	A	0.15%	0.13%	0.13%
GIC	F	0.06%	0.0%	0.0%
GIII	D	0.11%	0.05%	0.05%
GL	B	0.23%	0.42%	0.23%
GMED	A	0.24%	0.15%	0.15%
GOLF	A	0.11%	0.05%	0.05%
GPI	A	0.17%	0.23%	0.17%
GPK	D	0.21%	0.2%	0.2%
GPOR	A	0.13%	0.08%	0.08%
GTES	B	0.13%	0.16%	0.13%
HCC	B	0.13%	0.16%	0.13%
HCKT	A	0.11%	0.01%	0.01%
HCSG	B	0.08%	0.04%	0.04%
HE	D	0.07%	0.08%	0.07%
HIW	D	0.13%	0.15%	0.13%
HLI	A	0.25%	0.16%	0.16%
HMN	A	0.12%	0.07%	0.07%
HNI	A	0.11%	0.07%	0.07%
HOG	D	0.13%	0.19%	0.13%
HRB	D	0.21%	0.22%	0.21%
HSIC	D	0.21%	0.37%	0.21%
HSII	B	0.09%	0.02%	0.02%
HUBG	A	0.11%	0.12%	0.11%
IBCP	A	0.1%	0.03%	0.03%
IBOC	A	0.15%	0.07%	0.07%
IDT	B	0.14%	0.02%	0.02%
IMKTA	C	0.08%	0.04%	0.04%
INFA	F	0.09%	0.09%	0.09%
INGR	B	0.24%	0.27%	0.24%
INSW	F	0.1%	0.06%	0.06%
INVA	C	0.1%	0.05%	0.05%
ITGR	B	0.17%	0.05%	0.05%
JBI	F	0.04%	0.01%	0.01%
JBSS	F	0.07%	0.02%	0.02%
JLL	C	0.27%	0.34%	0.27%
JXN	B	0.22%	0.28%	0.22%
KBH	D	0.16%	0.22%	0.16%
KD	A	0.19%	0.26%	0.19%
KELYA	F	0.05%	0.02%	0.02%
KFRC	D	0.07%	0.02%	0.02%
KFY	B	0.13%	0.07%	0.07%
KLG	F	0.09%	0.05%	0.05%
KNF	B	0.17%	0.08%	0.08%
KRC	C	0.15%	0.2%	0.15%
KRT	A	0.07%	0.01%	0.01%
KTB	A	0.17%	0.21%	0.17%
KURA	F	0.1%	0.04%	0.04%
LAMR	D	0.26%	0.27%	0.26%
LBRT	F	0.12%	0.12%	0.12%
LEVI	F	0.1%	0.07%	0.07%
LGND	B	0.13%	0.04%	0.04%
LPG	F	0.08%	0.04%	0.04%
LRN	A	0.17%	0.05%	0.05%
LSTR	D	0.17%	0.15%	0.15%
LTC	B	0.11%	0.07%	0.07%
LZB	A	0.11%	0.07%	0.07%
MASI	A	0.23%	0.12%	0.12%
MATX	B	0.17%	0.15%	0.15%
MCY	A	0.12%	0.04%	0.04%
MDU	D	0.1%	0.14%	0.1%
METC	C	0.07%	0.01%	0.01%
MGY	A	0.18%	0.19%	0.18%
MHK	D	0.19%	0.32%	0.19%
MHO	D	0.14%	0.19%	0.14%
MLI	B	0.25%	0.21%	0.21%
MLR	B	0.09%	0.02%	0.02%
MMS	D	0.15%	0.15%	0.15%
MOG.A	B	0.17%	0.07%	0.07%
MSA	D	0.16%	0.11%	0.11%
MSM	C	0.13%	0.09%	0.09%
MTG	C	0.18%	0.27%	0.18%
MTH	D	0.17%	0.28%	0.17%
MTN	C	0.18%	0.12%	0.12%
MTX	B	0.11%	0.11%	0.11%
MWA	A	0.14%	0.05%	0.05%
NEU	C	0.13%	0.11%	0.11%
NFG	A	0.18%	0.22%	0.18%
NHC	B	0.11%	0.04%	0.04%
NMIH	D	0.13%	0.12%	0.12%
NNN	D	0.19%	0.17%	0.17%
NPK	B	0.07%	0.01%	0.01%
NSA	C	0.12%	0.07%	0.07%
NSIT	F	0.13%	0.1%	0.1%
NWE	C	0.15%	0.13%	0.13%
NXST	D	0.17%	0.24%	0.17%
OFG	B	0.11%	0.08%	0.08%
OGE	A	0.24%	0.35%	0.24%
OGN	F	0.12%	0.17%	0.12%
OHI	C	0.24%	0.41%	0.24%
OMF	A	0.18%	0.25%	0.18%
ORI	A	0.23%	0.38%	0.23%
OSIS	A	0.12%	0.04%	0.04%
OSK	C	0.18%	0.21%	0.18%
OTTR	C	0.13%	0.08%	0.08%
OZK	A	0.16%	0.21%	0.16%
PATK	C	0.12%	0.07%	0.07%
PBF	D	0.12%	0.13%	0.12%
PBH	A	0.16%	0.1%	0.1%
PDM	D	0.1%	0.05%	0.05%
PEBO	A	0.1%	0.05%	0.05%
PFBC	A	0.11%	0.02%	0.02%
PGRE	C	0.09%	0.04%	0.04%
PHIN	A	0.13%	0.09%	0.09%
PINC	B	0.12%	0.1%	0.1%
PIPR	A	0.18%	0.12%	0.12%
PLAB	D	0.11%	0.06%	0.06%
PLTK	A	0.11%	0.02%	0.02%
PLUS	F	0.12%	0.05%	0.05%
PLXS	B	0.16%	0.07%	0.07%
POST	D	0.16%	0.1%	0.1%
PPC	B	0.12%	0.04%	0.04%
PRDO	B	0.1%	0.03%	0.03%
PRGS	B	0.14%	0.12%	0.12%
PRI	A	0.26%	0.17%	0.17%
PRIM	A	0.16%	0.07%	0.07%
PSN	C	0.15%	0.12%	0.12%
QCRH	A	0.12%	0.04%	0.04%
R	A	0.19%	0.16%	0.16%
RDN	C	0.15%	0.11%	0.11%
REX	C	0.1%	0.01%	0.01%
REXR	F	0.2%	0.11%	0.11%
REYN	D	0.09%	0.04%	0.04%
RGLD	C	0.22%	0.17%	0.17%
RHI	B	0.2%	0.12%	0.12%
RL	B	0.22%	0.13%	0.13%
RUSHA	B	0.13%	0.07%	0.07%
SAIC	D	0.2%	0.19%	0.19%
SANM	B	0.15%	0.12%	0.12%
SBH	A	0.11%	0.06%	0.06%
SCHL	F	0.09%	0.03%	0.03%
SCS	B	0.08%	0.05%	0.05%
SCSC	B	0.1%	0.05%	0.05%
SCVL	F	0.08%	0.02%	0.02%
SEIC	A	0.22%	0.12%	0.12%
SEM	B	0.15%	0.08%	0.08%
SF	A	0.29%	0.47%	0.29%
SFM	A	0.33%	0.17%	0.17%
SHOO	D	0.13%	0.09%	0.09%
SIGI	A	0.18%	0.17%	0.17%
SKWD	A	0.13%	0.04%	0.04%
SKYW	A	0.16%	0.07%	0.07%
SLGN	B	0.14%	0.18%	0.14%
SLM	A	0.17%	0.22%	0.17%
SLVM	B	0.14%	0.14%	0.14%
SMP	C	0.09%	0.03%	0.03%
SNEX	A	0.13%	0.06%	0.06%
SNV	A	0.23%	0.34%	0.23%
SON	D	0.14%	0.21%	0.14%
SPNT	A	0.1%	0.06%	0.06%
SR	A	0.15%	0.15%	0.15%
SRCE	A	0.1%	0.05%	0.05%
SSTK	F	0.08%	0.03%	0.03%
STAG	D	0.17%	0.16%	0.16%
SUPN	B	0.14%	0.08%	0.08%
SXC	A	0.1%	0.04%	0.04%
SXT	C	0.13%	0.07%	0.07%
TDS	B	0.18%	0.13%	0.13%
TGNA	B	0.16%	0.13%	0.13%
THG	A	0.18%	0.11%	0.11%
TKR	F	0.13%	0.1%	0.1%
TMHC	B	0.2%	0.3%	0.2%
TNC	F	0.08%	0.03%	0.03%
TNL	A	0.15%	0.16%	0.15%
TPC	C	0.1%	0.06%	0.06%
TPH	D	0.13%	0.16%	0.13%
TPR	A	0.28%	0.49%	0.28%
TPX	A	0.23%	0.1%	0.1%
TTC	D	0.19%	0.16%	0.16%
UE	B	0.13%	0.04%	0.04%
UFPI	C	0.19%	0.15%	0.15%
UGI	C	0.16%	0.21%	0.16%
UMBF	A	0.18%	0.23%	0.18%
UNF	A	0.11%	0.06%	0.06%
UPBD	B	0.09%	0.07%	0.07%
URBN	C	0.1%	0.05%	0.05%
USM	B	0.12%	0.04%	0.04%
USPH	C	0.1%	0.03%	0.03%
UTL	C	0.1%	0.04%	0.04%
UVSP	A	0.11%	0.04%	0.04%
VCTR	B	0.14%	0.05%	0.05%
VECO	F	0.08%	0.02%	0.02%
VIRT	A	0.15%	0.12%	0.12%
VMI	B	0.18%	0.28%	0.18%
VNT	C	0.18%	0.1%	0.1%
VOYA	A	0.22%	0.21%	0.21%
VSH	F	0.08%	0.09%	0.08%
VSTO	A	0.12%	0.1%	0.1%
WABC	A	0.11%	0.06%	0.06%
WAL	A	0.25%	0.41%	0.25%
WBS	A	0.26%	0.41%	0.26%
WEN	C	0.13%	0.06%	0.06%
WH	A	0.22%	0.22%	0.22%
WKC	C	0.13%	0.07%	0.07%
WSBC	A	0.12%	0.08%	0.08%
WSR	B	0.09%	0.02%	0.02%
WTFC	A	0.22%	0.34%	0.22%
WU	F	0.12%	0.15%	0.12%
YELP	C	0.14%	0.05%	0.05%
ZD	B	0.16%	0.09%	0.09%
ZION	A	0.23%	0.35%	0.23%

FSMD Overweight 249 Positions Relative to ISCV

Symbol	Grade	Weight
TPL	A	0.57%
EME	B	0.46%
LYV	A	0.42%
IBKR	A	0.42%
NRG	B	0.41%
UTHR	B	0.38%
NTNX	A	0.38%
LII	B	0.37%
SNA	A	0.37%
MANH	D	0.36%
NTRA	B	0.35%
GWRE	B	0.35%
RPM	A	0.35%
THC	C	0.34%
PNR	A	0.34%
FIX	A	0.34%
NWSA	B	0.33%
DUOL	B	0.33%
TOL	B	0.33%
WSO	A	0.33%
CASY	B	0.32%
OC	A	0.32%
EQH	B	0.32%
TW	B	0.32%
RGA	A	0.31%
L	A	0.31%
CW	B	0.31%
ACM	B	0.31%
GGG	A	0.3%
INCY	B	0.3%
RNR	D	0.3%
PSTG	F	0.3%
ROL	A	0.29%
TXRH	A	0.29%
FTI	A	0.29%
UNM	A	0.29%
CPT	D	0.28%
DOCS	C	0.28%
NDSN	B	0.28%
EXEL	B	0.28%
ELS	B	0.28%
SCI	B	0.28%
SW	A	0.28%
NBIX	D	0.27%
TTEK	D	0.27%
UHS	D	0.27%
REG	A	0.27%
CLH	C	0.27%
JNPR	D	0.27%
LECO	C	0.26%
PCVX	D	0.26%
BSY	D	0.26%
BXP	D	0.26%
ALLE	D	0.26%
BWXT	A	0.26%
OWL	A	0.26%
AMH	C	0.26%
NVT	B	0.26%
ITT	A	0.26%
AAON	A	0.25%
AIT	A	0.25%
EXP	B	0.25%
SOLV	C	0.25%
EHC	B	0.25%
DOX	D	0.25%
DKS	D	0.25%
BJ	B	0.25%
TAP	A	0.25%
WWD	B	0.24%
NYT	D	0.24%
BLD	F	0.24%
BRBR	A	0.24%
KNSL	C	0.24%
CUBE	C	0.24%
HLNE	A	0.23%
PLNT	A	0.23%
MORN	B	0.23%
AFG	A	0.23%
SRPT	F	0.23%
MUSA	A	0.23%
FN	C	0.23%
ERIE	F	0.23%
ADMA	C	0.22%
ENSG	D	0.22%
SNX	D	0.22%
DVA	C	0.22%
ALLY	C	0.22%
WING	F	0.22%
CHDN	C	0.22%
HALO	D	0.21%
QTWO	A	0.21%
MEDP	D	0.21%
EXLS	B	0.21%
EWTX	C	0.21%
ONTO	F	0.21%
TFX	F	0.21%
GKOS	B	0.21%
RBC	A	0.21%
MTSI	B	0.21%
CHE	D	0.21%
DCI	B	0.21%
CRBG	B	0.2%
MMSI	A	0.2%
SKX	D	0.2%
CPB	D	0.2%
STRL	B	0.2%
RLI	A	0.2%
MTCH	F	0.2%
HRL	D	0.2%
CVLT	B	0.2%
RDNT	B	0.2%
WMS	F	0.19%
ANF	C	0.19%
BMI	B	0.19%
ACI	C	0.19%
PRCT	B	0.19%
AOS	F	0.19%
RGEN	D	0.19%
ACLX	C	0.19%
WMG	B	0.18%
WFRD	F	0.18%
SUM	B	0.18%
OLED	F	0.18%
ESTC	C	0.18%
TREX	C	0.18%
DINO	D	0.18%
IDCC	A	0.18%
HIMS	C	0.18%
SN	C	0.18%
FR	D	0.18%
POWL	C	0.18%
AWI	A	0.18%
SSD	D	0.18%
ALTR	B	0.18%
CSWI	B	0.18%
GNTX	C	0.18%
FCN	F	0.17%
PI	D	0.17%
BPMC	D	0.17%
QLYS	C	0.17%
BFAM	F	0.17%
HII	F	0.17%
NOVT	D	0.17%
SPSC	D	0.17%
IESC	B	0.16%
VVV	B	0.16%
ZETA	F	0.16%
HAE	A	0.16%
PEGA	B	0.16%
APPF	C	0.16%
COKE	C	0.16%
OLLI	D	0.16%
LNTH	F	0.16%
BCPC	B	0.16%
ZWS	B	0.16%
ROAD	B	0.16%
CNM	F	0.16%
VRNS	D	0.16%
LOPE	B	0.16%
MIR	A	0.15%
CVCO	A	0.15%
CRVL	B	0.15%
KRYS	D	0.15%
KAI	A	0.15%
ACA	B	0.15%
AXNX	A	0.15%
DY	C	0.15%
TENB	D	0.15%
BRKR	F	0.15%
WTS	A	0.15%
PJT	A	0.15%
CRNX	C	0.15%
NHI	D	0.14%
VCEL	A	0.14%
USLM	A	0.14%
WDFC	A	0.14%
DLB	D	0.14%
CHH	A	0.14%
IBP	F	0.14%
EXPO	D	0.14%
SMLR	B	0.14%
FSS	C	0.14%
PLMR	A	0.13%
CBZ	B	0.13%
LMAT	A	0.13%
LANC	D	0.13%
AGR	A	0.13%
GNW	A	0.13%
FELE	B	0.13%
IOSP	C	0.12%
TPB	A	0.12%
FORM	F	0.12%
CTS	B	0.12%
ICFI	F	0.12%
PAHC	A	0.12%
AMPH	F	0.12%
PAG	B	0.12%
ADUS	D	0.12%
EPAC	B	0.12%
UFPT	C	0.12%
WLK	F	0.12%
VRRM	D	0.11%
HCI	B	0.11%
TWST	F	0.11%
SHO	D	0.11%
HWKN	C	0.11%
STRA	C	0.11%
SPOK	B	0.11%
ALRM	C	0.11%
ADTN	A	0.11%
MGRC	B	0.11%
MCB	A	0.11%
ATEN	A	0.11%
GNE	F	0.1%
ASTH	F	0.1%
UTI	A	0.1%
UVE	A	0.1%
ROCK	C	0.1%
THFF	A	0.1%
HSTM	B	0.1%
WINA	B	0.1%
MSBI	A	0.1%
STNG	F	0.1%
MCRI	A	0.1%
CSV	B	0.1%
CRAI	B	0.1%
SIRI	C	0.1%
XHR	B	0.1%
ZYXI	D	0.09%
UTMD	D	0.09%
CWCO	C	0.09%
FF	F	0.09%
ANIP	D	0.09%
OLP	A	0.09%
NVEC	D	0.08%
AMCX	C	0.08%
OSUR	F	0.08%
STAA	F	0.08%
VNDA	C	0.08%
SIGA	F	0.07%
CECO	C	0.07%
NSSC	F	0.07%
RMR	F	0.07%
SLP	F	0.07%
TRNS	F	0.07%
IMMR	F	0.06%
MRVI	F	0.06%
ASC	F	0.06%
PANL	F	0.06%

FSMD Underweight 784 Positions Relative to ISCV

Symbol	Grade	Weight
CVNA	A	-0.6%
Z	A	-0.49%
AA	A	-0.47%
PNW	A	-0.42%
LAD	A	-0.42%
FBIN	D	-0.41%
FLR	B	-0.41%
NLY	C	-0.4%
X	D	-0.39%
PR	C	-0.39%
LUMN	C	-0.38%
PNFP	A	-0.38%
WCC	A	-0.38%
SSB	A	-0.34%
AAL	B	-0.34%
RRC	B	-0.33%
VNO	B	-0.32%
PB	A	-0.31%
JAZZ	A	-0.31%
FMC	F	-0.31%
VFC	B	-0.3%
RIVN	F	-0.3%
AGNC	C	-0.3%
BBWI	C	-0.29%
JEF	A	-0.29%
MTDR	C	-0.28%
CADE	A	-0.28%
ONB	B	-0.28%
FAF	C	-0.27%
DAR	B	-0.27%
BECN	B	-0.27%
PARA	C	-0.27%
ALK	A	-0.27%
GNRC	B	-0.26%
COLB	A	-0.26%
GBCI	A	-0.26%
FYBR	C	-0.26%
LNC	A	-0.25%
WHR	A	-0.25%
IVZ	B	-0.25%
PVH	C	-0.25%
GME	C	-0.25%
STWD	D	-0.25%
CFR	A	-0.24%
JHG	A	-0.24%
FNB	A	-0.24%
RITM	C	-0.23%
UBSI	A	-0.23%
RVMD	B	-0.22%
SLG	B	-0.22%
CZR	F	-0.22%
AUR	D	-0.22%
MC	B	-0.22%
SM	C	-0.21%
HWC	A	-0.21%
ST	F	-0.21%
ROIV	D	-0.21%
MUR	F	-0.21%
SEE	B	-0.21%
HAS	D	-0.21%
OLN	F	-0.21%
EAT	A	-0.2%
BIO	C	-0.2%
M	C	-0.19%
ABCB	A	-0.19%
AVNT	A	-0.19%
LPX	A	-0.18%
LBRDK	B	-0.18%
GXO	B	-0.18%
SIG	B	-0.18%
VLY	A	-0.18%
MKSI	D	-0.17%
TXNM	A	-0.17%
KMPR	A	-0.17%
SWX	A	-0.17%
SBRA	C	-0.17%
MIDD	D	-0.17%
MAT	C	-0.17%
MAC	A	-0.17%
TEX	D	-0.16%
GMS	A	-0.16%
OGS	A	-0.16%
ZG	A	-0.16%
NOG	A	-0.16%
W	F	-0.16%
MKTX	C	-0.16%
IDA	A	-0.16%
TCBI	A	-0.16%
FFIN	A	-0.16%
CBU	A	-0.15%
HP	C	-0.15%
XRAY	F	-0.15%
NWL	B	-0.15%
CYTK	D	-0.15%
AUB	A	-0.15%
PRGO	C	-0.15%
NVST	C	-0.15%
WD	D	-0.15%
UCB	A	-0.15%
PII	F	-0.15%
CCOI	B	-0.15%
LYFT	B	-0.15%
NJR	A	-0.14%
LBTYA	F	-0.14%
DNB	B	-0.14%
BC	D	-0.14%
CRC	B	-0.14%
EPR	D	-0.14%
LEA	F	-0.14%
LBTYK	A	-0.14%
NEOG	D	-0.14%
FHB	A	-0.14%
HOMB	A	-0.14%
AM	A	-0.14%
HRI	B	-0.13%
CC	C	-0.13%
SFNC	B	-0.13%
PK	C	-0.13%
FIBK	A	-0.13%
WEX	F	-0.13%
BOH	A	-0.13%
SFBS	A	-0.13%
BXMT	D	-0.13%
SATS	D	-0.13%
MAN	F	-0.13%
GATX	A	-0.13%
BHF	A	-0.13%
FLG	F	-0.13%
KNX	B	-0.13%
PTON	B	-0.12%
GT	C	-0.12%
LXP	D	-0.12%
THO	B	-0.12%
CVBF	A	-0.12%
BKU	A	-0.12%
PFSI	D	-0.12%
HBI	A	-0.12%
IAC	D	-0.12%
POR	D	-0.12%
VAC	B	-0.12%
WAFD	A	-0.12%
INDB	A	-0.12%
ALTM	C	-0.12%
CPRI	F	-0.11%
CRSP	D	-0.11%
COMP	B	-0.11%
TTMI	B	-0.11%
AL	A	-0.11%
RUN	F	-0.11%
VC	F	-0.11%
CORZ	B	-0.11%
BOKF	A	-0.11%
ABR	C	-0.11%
SITE	D	-0.11%
PFS	A	-0.11%
PPBI	A	-0.11%
CACC	D	-0.11%
FFBC	A	-0.11%
MPW	F	-0.11%
COLD	F	-0.11%
PENN	B	-0.11%
PRK	A	-0.11%
HTLF	A	-0.11%
IBTX	A	-0.1%
LGIH	F	-0.1%
BANC	A	-0.1%
AEIS	B	-0.1%
ADT	B	-0.1%
CWK	B	-0.1%
OMCL	C	-0.1%
TOWN	A	-0.1%
CLF	F	-0.1%
JWN	A	-0.1%
BANR	A	-0.1%
NOV	D	-0.1%
ENOV	C	-0.1%
VSCO	A	-0.1%
KEX	A	-0.1%
FRME	A	-0.1%
TPG	B	-0.1%
VYX	C	-0.09%
PRG	A	-0.09%
RKT	F	-0.09%
GAP	C	-0.09%
UAA	B	-0.09%
PCH	D	-0.09%
IRT	A	-0.09%
HUN	F	-0.09%
POWI	D	-0.09%
WHD	B	-0.09%
HL	D	-0.09%
ATKR	C	-0.09%
EFSC	A	-0.09%
NMRK	B	-0.09%
ENR	A	-0.09%
LITE	A	-0.09%
MBC	D	-0.09%
RIG	D	-0.09%
TRMK	A	-0.09%
KMT	B	-0.09%
B	A	-0.09%
CAKE	A	-0.09%
GRBK	D	-0.09%
ETSY	D	-0.09%
AHR	A	-0.09%
MRCY	B	-0.09%
WLY	B	-0.09%
NBTB	A	-0.09%
EPC	F	-0.08%
TGTX	B	-0.08%
FBNC	A	-0.08%
DIOD	F	-0.08%
WSFS	A	-0.08%
STEP	A	-0.08%
MGEE	A	-0.08%
AKR	B	-0.08%
BEAM	D	-0.08%
HGV	B	-0.08%
DNLI	C	-0.08%
DRH	B	-0.08%
RH	C	-0.08%
FCF	A	-0.08%
BLKB	D	-0.08%
CRI	D	-0.08%
LCII	D	-0.08%
ALIT	C	-0.08%
JBLU	C	-0.08%
TNET	F	-0.08%
STC	A	-0.08%
QDEL	F	-0.08%
FBK	A	-0.08%
HASI	F	-0.08%
OI	C	-0.08%
GVA	A	-0.08%
PRKS	A	-0.08%
CRGY	A	-0.08%
RYN	D	-0.08%
GBX	A	-0.08%
KSS	F	-0.08%
STR	B	-0.08%
H	B	-0.08%
HLMN	B	-0.08%
FL	F	-0.08%
CNK	A	-0.08%
NATL	B	-0.08%
BDC	B	-0.08%
CPK	A	-0.07%
STBA	A	-0.07%
GNL	D	-0.07%
CSGS	A	-0.07%
NXT	C	-0.07%
LEG	F	-0.07%
SNDR	B	-0.07%
HOPE	A	-0.07%
FCFS	F	-0.07%
CENTA	C	-0.07%
SASR	A	-0.07%
CAR	C	-0.07%
SMG	D	-0.07%
NNI	C	-0.07%
KOS	D	-0.07%
CDP	C	-0.07%
ABM	B	-0.07%
CCS	F	-0.07%
PDCO	F	-0.07%
IART	C	-0.07%
RKLB	B	-0.07%
GEF	A	-0.07%
WWW	A	-0.07%
REZI	A	-0.07%
RNG	B	-0.07%
CABO	B	-0.07%
KN	B	-0.07%
WGO	B	-0.07%
BOOT	C	-0.07%
QS	F	-0.07%
THS	F	-0.07%
NBHC	A	-0.07%
RXO	C	-0.07%
NWBI	A	-0.07%
ICUI	D	-0.07%
FCPT	C	-0.07%
BHLB	A	-0.06%
BLMN	F	-0.06%
WERN	B	-0.06%
JBT	B	-0.06%
MD	B	-0.06%
RDFN	D	-0.06%
CODI	A	-0.06%
DBD	D	-0.06%
WOR	F	-0.06%
SPR	D	-0.06%
UNIT	B	-0.06%
LADR	A	-0.06%
HI	C	-0.06%
JOBY	B	-0.06%
ROIC	A	-0.06%
ARCB	C	-0.06%
JBGS	D	-0.06%
EBC	A	-0.06%
OUT	A	-0.06%
PTEN	D	-0.06%
VRNT	D	-0.06%
AGIO	B	-0.06%
HELE	C	-0.06%
BUSE	A	-0.06%
IVT	B	-0.06%
TROX	F	-0.06%
NTCT	B	-0.06%
CWT	C	-0.06%
VBTX	A	-0.06%
TCBK	A	-0.06%
ELME	D	-0.06%
UA	B	-0.06%
AGO	A	-0.06%
IIPR	F	-0.06%
AMBA	B	-0.06%
STEL	A	-0.06%
ADEA	C	-0.06%
NWN	A	-0.06%
SKT	A	-0.06%
HTH	B	-0.06%
IPGP	D	-0.06%
WTM	A	-0.06%
AMC	C	-0.06%
NGVT	B	-0.06%
MSGS	B	-0.06%
CSR	A	-0.05%
CBRL	C	-0.05%
VSTS	F	-0.05%
AMSF	A	-0.05%
JJSF	C	-0.05%
SJW	F	-0.05%
TRS	D	-0.05%
DK	D	-0.05%
PTCT	B	-0.05%
MRC	B	-0.05%
LKFN	A	-0.05%
ALGT	A	-0.05%
RC	F	-0.05%
DAN	F	-0.05%
DYN	F	-0.05%
CRK	A	-0.05%
PMT	D	-0.05%
AIR	B	-0.05%
ECPG	B	-0.05%
TFIN	A	-0.05%
DRS	B	-0.05%
MFA	D	-0.05%
CIM	D	-0.05%
MSGE	D	-0.05%
OCFC	A	-0.05%
PCT	C	-0.05%
OXM	F	-0.05%
TWO	D	-0.05%
CNNE	B	-0.05%
AGM	A	-0.05%
ARI	D	-0.05%
ARWR	D	-0.05%
KW	C	-0.05%
HHH	B	-0.05%
CLVT	F	-0.05%
REVG	A	-0.05%
DCOM	A	-0.05%
NAVI	D	-0.05%
FDP	A	-0.05%
YETI	F	-0.05%
BANF	A	-0.05%
AAP	D	-0.05%
UNFI	A	-0.05%
UVV	B	-0.05%
TDW	F	-0.05%
ZI	D	-0.05%
UPWK	B	-0.05%
CDE	D	-0.05%
PECO	A	-0.05%
SABR	B	-0.05%
PLAY	C	-0.05%
EVTC	C	-0.05%
LAUR	A	-0.05%
CMPR	F	-0.05%
KALU	C	-0.05%
TRN	A	-0.05%
WMK	B	-0.04%
AESI	D	-0.04%
BY	A	-0.04%
SCL	D	-0.04%
AGL	F	-0.04%
AIN	C	-0.04%
EMBC	C	-0.04%
CFFN	A	-0.04%
JELD	F	-0.04%
SNDX	D	-0.04%
AKRO	C	-0.04%
MNRO	B	-0.04%
GO	C	-0.04%
WS	B	-0.04%
FMBH	A	-0.04%
VIR	C	-0.04%
FOLD	F	-0.04%
PRAA	C	-0.04%
MBUU	C	-0.04%
SXI	A	-0.04%
MLKN	F	-0.04%
SHC	D	-0.04%
BDN	D	-0.04%
PRM	C	-0.04%
LGF.A	F	-0.04%
RRR	D	-0.04%
HFWA	A	-0.04%
GABC	A	-0.04%
DX	A	-0.04%
JACK	D	-0.04%
AMWD	B	-0.04%
DLX	A	-0.04%
GTX	D	-0.04%
ARR	C	-0.04%
IDYA	F	-0.04%
ADNT	F	-0.04%
LILAK	F	-0.04%
ESRT	D	-0.04%
TBBK	A	-0.04%
RWT	D	-0.04%
PARR	D	-0.04%
ULS	D	-0.04%
SAH	A	-0.04%
MQ	F	-0.04%
NIC	A	-0.04%
VRTS	A	-0.04%
ODP	F	-0.04%
PEB	F	-0.04%
CNOB	A	-0.04%
FOXF	F	-0.04%
SYBT	A	-0.04%
VAL	F	-0.04%
SYNA	C	-0.04%
EFC	D	-0.04%
TMP	A	-0.04%
PFC	A	-0.04%
TDOC	C	-0.04%
HEES	B	-0.04%
NPO	A	-0.04%
CWEN	D	-0.04%
HLIO	B	-0.04%
OBK	A	-0.04%
NEO	C	-0.04%
SBCF	A	-0.04%
FBMS	A	-0.04%
BKD	F	-0.04%
XRX	F	-0.04%
GFF	A	-0.04%
TDC	F	-0.04%
SBSI	B	-0.04%
CAL	D	-0.04%
KNTK	A	-0.04%
GTY	C	-0.04%
BRKL	A	-0.04%
VIAV	B	-0.04%
HAYW	A	-0.04%
FBRT	C	-0.04%
OPEN	F	-0.04%
ACEL	B	-0.03%
RLJ	C	-0.03%
MXL	C	-0.03%
HTLD	B	-0.03%
KAR	A	-0.03%
AMRC	F	-0.03%
HTBK	A	-0.03%
PLUG	D	-0.03%
EQBK	A	-0.03%
WOLF	F	-0.03%
BXC	B	-0.03%
HY	F	-0.03%
FWRD	D	-0.03%
CNDT	B	-0.03%
NX	C	-0.03%
MSEX	B	-0.03%
STGW	B	-0.03%
HZO	F	-0.03%
AVNS	F	-0.03%
LBRDA	B	-0.03%
PWP	A	-0.03%
IRWD	D	-0.03%
LPRO	C	-0.03%
BFST	B	-0.03%
HAIN	F	-0.03%
TRST	A	-0.03%
SHEN	F	-0.03%
ATMU	A	-0.03%
SPTN	F	-0.03%
DNOW	A	-0.03%
WTTR	A	-0.03%
SYRE	D	-0.03%
MRTN	C	-0.03%
INN	D	-0.03%
SEB	F	-0.03%
PBI	C	-0.03%
VTS	A	-0.03%
ATSG	A	-0.03%
GNK	C	-0.03%
LMND	A	-0.03%
CARS	B	-0.03%
ZYME	B	-0.03%
KROS	C	-0.03%
VRDN	C	-0.03%
TXG	F	-0.03%
KREF	D	-0.03%
EVRI	A	-0.03%
NAPA	A	-0.03%
INFN	C	-0.03%
RGR	F	-0.03%
AXL	C	-0.03%
DVAX	C	-0.03%
AMTB	B	-0.03%
MCBS	A	-0.03%
FCBC	B	-0.03%
MATV	F	-0.03%
MATW	C	-0.03%
SAFT	A	-0.03%
TNDM	F	-0.03%
TGI	A	-0.03%
VTLE	C	-0.03%
CMTG	D	-0.03%
HUT	B	-0.03%
RYI	B	-0.03%
VRE	A	-0.03%
AHH	D	-0.03%
LC	B	-0.03%
RCKT	F	-0.03%
VTOL	B	-0.03%
VSAT	F	-0.03%
MGNI	A	-0.03%
TALO	C	-0.03%
BV	C	-0.03%
DFIN	D	-0.03%
MBWM	A	-0.03%
FG	A	-0.03%
HLF	C	-0.03%
HBNC	A	-0.03%
OSBC	A	-0.03%
NVCR	D	-0.03%
DOCN	D	-0.03%
PSMT	D	-0.03%
EGBN	A	-0.03%
BBIO	F	-0.03%
ASTE	B	-0.03%
SMMT	D	-0.03%
BRSP	B	-0.03%
LBPH	A	-0.03%
ETNB	D	-0.03%
VVX	C	-0.03%
FA	D	-0.03%
CHEF	B	-0.03%
ASIX	B	-0.03%
NEXT	B	-0.02%
VZIO	A	-0.02%
GRNT	B	-0.02%
RCUS	F	-0.02%
LFST	C	-0.02%
SNCY	B	-0.02%
FIP	D	-0.02%
LGF.A	F	-0.02%
PCRX	C	-0.02%
DAWN	D	-0.02%
BELFB	C	-0.02%
IE	C	-0.02%
CCRN	F	-0.02%
HOUS	F	-0.02%
CLNE	D	-0.02%
SD	F	-0.02%
VREX	C	-0.02%
CWEN	D	-0.02%
CBL	B	-0.02%
SDGR	D	-0.02%
BALY	A	-0.02%
CCO	D	-0.02%
PRLB	B	-0.02%
HTZ	C	-0.02%
KOP	C	-0.02%
CMCO	C	-0.02%
GOOD	B	-0.02%
LEU	C	-0.02%
CGEM	F	-0.02%
AUPH	B	-0.02%
WNC	C	-0.02%
LXU	C	-0.02%
SAFE	F	-0.02%
ALEX	B	-0.02%
FLGT	F	-0.02%
DRVN	A	-0.02%
RBCAA	A	-0.02%
RGNX	F	-0.02%
USNA	C	-0.02%
SITC	D	-0.02%
OPK	A	-0.02%
TWI	F	-0.02%
BFC	B	-0.02%
ECVT	C	-0.02%
PLRX	D	-0.02%
DHC	F	-0.02%
CWH	B	-0.02%
BTSG	A	-0.02%
WRLD	D	-0.02%
MTTR	B	-0.02%
CMP	B	-0.02%
OMI	F	-0.02%
CVLG	A	-0.02%
CHPT	F	-0.02%
PTVE	C	-0.02%
SAVA	C	-0.02%
OEC	C	-0.02%
THRY	F	-0.02%
NTST	D	-0.02%
GDEN	B	-0.02%
TTGT	C	-0.02%
NBR	D	-0.02%
TRTX	B	-0.02%
PKST	F	-0.02%
AORT	B	-0.02%
TILE	A	-0.02%
MCW	B	-0.02%
BGS	F	-0.02%
GTN	F	-0.02%
DIN	C	-0.02%
PRA	A	-0.02%
BFS	C	-0.02%
RDUS	C	-0.02%
DBRG	D	-0.02%
PLYM	F	-0.02%
SVC	F	-0.02%
UFCS	A	-0.02%
NYMT	C	-0.02%
NVAX	F	-0.02%
TRUP	A	-0.02%
CCB	A	-0.02%
NVEE	F	-0.02%
UMH	C	-0.02%
SEDG	F	-0.02%
TREE	F	-0.02%
WT	A	-0.02%
AMRK	F	-0.02%
AIV	C	-0.02%
MMI	A	-0.02%
SBGI	B	-0.02%
NVRI	F	-0.02%
PZZA	D	-0.02%
CVI	D	-0.02%
RAMP	C	-0.02%
ATUS	C	-0.02%
GSBC	A	-0.02%
NR	D	-0.02%
ARVN	D	-0.02%
EYE	C	-0.02%
HPP	F	-0.02%
FTRE	D	-0.02%
NXRT	A	-0.02%
SRRK	C	-0.02%
CSTL	C	-0.02%
TLRY	F	-0.02%
DNA	F	-0.01%
HPK	F	-0.01%
TTI	B	-0.01%
DH	F	-0.01%
ORIC	D	-0.01%
MITK	C	-0.01%
CTRI	B	-0.01%
FRPH	A	-0.01%
GOGO	C	-0.01%
REPX	A	-0.01%
YMAB	D	-0.01%
BYON	F	-0.01%
CABA	F	-0.01%
PGY	F	-0.01%
ACDC	D	-0.01%
AVO	B	-0.01%
TYRA	F	-0.01%
PLPC	B	-0.01%
ACCD	F	-0.01%
RUSHB	B	-0.01%
CTOS	B	-0.01%
PTLO	F	-0.01%
UP	F	-0.01%
LEGH	D	-0.01%
GEF	A	-0.01%
TIPT	A	-0.01%
HG	C	-0.01%
CHCT	C	-0.01%
HBT	A	-0.01%
TITN	C	-0.01%
OLPX	D	-0.01%
GDRX	F	-0.01%
ULCC	B	-0.01%
OLO	B	-0.01%
ETWO	F	-0.01%
RSI	B	-0.01%
TBLA	F	-0.01%
PUMP	F	-0.01%
IIIV	B	-0.01%
BMBL	C	-0.01%
TFSL	A	-0.01%
ALEC	F	-0.01%
BLFS	D	-0.01%
ENFN	A	-0.01%
KGS	A	-0.01%
IMXI	B	-0.01%
FPI	B	-0.01%
CYRX	D	-0.01%
RES	F	-0.01%
GES	F	-0.01%
THR	C	-0.01%
SEAT	F	-0.01%
NOVA	F	-0.01%
LILA	F	-0.01%
SEMR	D	-0.01%
RPAY	D	-0.01%
NRDS	C	-0.01%
KRO	D	-0.01%
QTRX	D	-0.01%
MYE	F	-0.01%
MERC	F	-0.01%
COGT	D	-0.01%
ARHS	F	-0.01%
IIIN	C	-0.01%
AMBC	C	-0.01%
TARS	B	-0.01%
SWBI	D	-0.01%
AOSL	F	-0.01%
GMRE	D	-0.01%
OABI	D	-0.01%
FSLY	D	-0.01%
HVT	F	-0.01%
MBIN	D	-0.01%
ATRO	F	-0.01%
ACHR	B	-0.01%
PACK	C	-0.01%
UTZ	D	-0.01%
NUS	C	-0.01%
ROOT	B	-0.01%
FIGS	F	-0.01%
STOK	D	-0.01%
ACIC	B	-0.01%
EVER	F	-0.01%
EZPW	A	-0.01%
CENT	C	-0.01%
UHT	D	-0.01%
LESL	C	-0.01%
KE	C	-0.01%
OLMA	F	-0.01%
CRSR	C	-0.01%
TWKS	B	-0.01%
MLAB	F	-0.01%
DXPE	A	-0.01%
BSIG	A	-0.01%
LMB	A	-0.01%
PLOW	D	-0.01%
FOR	F	-0.01%
ULH	B	-0.01%
SWI	B	-0.01%
ARKO	D	-0.01%
KNSA	F	-0.01%
CLBK	B	-0.01%
MTUS	F	-0.01%
GCT	D	-0.01%
NUVB	C	-0.01%
CNSL	A	-0.01%
MGPI	D	-0.01%
ALXO	F	-0.0%
NKLA	F	-0.0%
EWCZ	D	-0.0%
SAGE	F	-0.0%
ACTG	F	-0.0%
RILY	F	-0.0%
CDLX	D	-0.0%
LYEL	D	-0.0%
SANA	F	-0.0%
ANAB	F	-0.0%
TH	C	-0.0%
CHGG	D	-0.0%
ZNTL	D	-0.0%
MAX	F	-0.0%
BOWL	F	-0.0%
WEST	D	-0.0%
GYRE	D	-0.0%
PARAA	B	-0.0%