FSMD vs. VBR ETF Comparison

Comparison of Fidelity Small-Mid Factor ETF (FSMD) to Vanguard Small-Cap Value ETF - DNQ (VBR)

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

$42.93

Average Daily Volume

84,920

Number of Holdings ^*

578

* may have additional holdings in another (foreign) market

VBR

Vanguard Small-Cap Value ETF - DNQ

VBR Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$207.08

Average Daily Volume

421,482

Number of Holdings ^*

797

* may have additional holdings in another (foreign) market

Performance

Period	FSMD	VBR
30 Days	1.75%	0.99%
60 Days	4.55%	4.06%
90 Days	7.47%	7.32%
12 Months	31.39%	29.33%

300 Overlapping Holdings

Symbol	Grade	Weight in FSMD	Weight in VBR	Overlap
AAT	A	0.1%	0.04%	0.04%
ABG	B	0.16%	0.14%	0.14%
ACA	A	0.15%	0.13%	0.13%
ACI	C	0.19%	0.17%	0.17%
ACM	B	0.31%	0.4%	0.31%
ACT	D	0.1%	0.03%	0.03%
ADC	A	0.2%	0.22%	0.2%
ADTN	A	0.11%	0.08%	0.08%
AEO	F	0.12%	0.11%	0.11%
AFG	A	0.23%	0.29%	0.23%
AGCO	F	0.15%	0.18%	0.15%
AIT	B	0.25%	0.25%	0.25%
AIZ	A	0.26%	0.3%	0.26%
ALE	A	0.16%	0.11%	0.11%
ALLE	D	0.26%	0.37%	0.26%
ALLY	C	0.22%	0.28%	0.22%
ALSN	B	0.25%	0.24%	0.24%
ALX	D	0.08%	0.01%	0.01%
AMCX	C	0.08%	0.0%	0.0%
AMED	F	0.12%	0.09%	0.09%
AMG	C	0.17%	0.15%	0.15%
AMKR	F	0.11%	0.1%	0.1%
AMN	F	0.05%	0.05%	0.05%
AMRX	C	0.12%	0.03%	0.03%
AN	D	0.13%	0.17%	0.13%
ANDE	F	0.08%	0.05%	0.05%
ANF	C	0.19%	0.21%	0.19%
APAM	B	0.14%	0.09%	0.09%
APOG	B	0.11%	0.04%	0.04%
ARCH	B	0.13%	0.07%	0.07%
AROC	A	0.17%	0.09%	0.09%
ARW	F	0.16%	0.2%	0.16%
ASB	B	0.16%	0.09%	0.09%
ASGN	F	0.15%	0.11%	0.11%
ASH	F	0.12%	0.12%	0.12%
ASO	F	0.13%	0.12%	0.12%
ATGE	B	0.14%	0.08%	0.08%
ATR	B	0.27%	0.31%	0.27%
AVA	C	0.13%	0.09%	0.09%
AVT	C	0.15%	0.14%	0.14%
AX	B	0.16%	0.1%	0.1%
AXS	A	0.19%	0.17%	0.17%
AXTA	B	0.21%	0.23%	0.21%
AYI	B	0.24%	0.24%	0.24%
AZZ	A	0.11%	0.07%	0.07%
BCC	C	0.15%	0.16%	0.15%
BCO	F	0.12%	0.14%	0.12%
BERY	D	0.19%	0.21%	0.19%
BFH	B	0.13%	0.07%	0.07%
BGC	C	0.16%	0.09%	0.09%
BHE	B	0.11%	0.04%	0.04%
BJ	B	0.25%	0.32%	0.25%
BKE	B	0.11%	0.04%	0.04%
BKH	A	0.16%	0.12%	0.12%
BNL	D	0.13%	0.1%	0.1%
BPOP	C	0.18%	0.21%	0.18%
BRC	C	0.12%	0.09%	0.09%
BRX	A	0.22%	0.24%	0.22%
BTU	C	0.15%	0.09%	0.09%
BWA	D	0.2%	0.24%	0.2%
BXP	D	0.26%	0.33%	0.26%
BYD	B	0.17%	0.06%	0.06%
CACI	C	0.27%	0.32%	0.27%
CATY	B	0.15%	0.08%	0.08%
CBSH	A	0.22%	0.2%	0.2%
CBT	C	0.18%	0.18%	0.18%
CHCO	B	0.12%	0.05%	0.05%
CHRD	F	0.2%	0.23%	0.2%
CHRW	B	0.26%	0.35%	0.26%
CMA	B	0.24%	0.23%	0.23%
CMC	B	0.19%	0.18%	0.18%
CNO	B	0.16%	0.1%	0.1%
CNX	A	0.23%	0.13%	0.13%
CNXC	F	0.07%	0.08%	0.07%
COLM	B	0.12%	0.04%	0.04%
COOP	B	0.19%	0.16%	0.16%
CPT	C	0.28%	0.38%	0.28%
CR	A	0.21%	0.22%	0.21%
CRUS	F	0.15%	0.19%	0.15%
CUZ	B	0.16%	0.13%	0.13%
CXT	C	0.11%	0.08%	0.08%
CXW	B	0.14%	0.04%	0.04%
DCI	B	0.21%	0.26%	0.21%
DDS	B	0.1%	0.05%	0.05%
DEI	B	0.13%	0.08%	0.08%
DINO	D	0.18%	0.21%	0.18%
DKS	D	0.25%	0.24%	0.24%
DTM	A	0.28%	0.22%	0.22%
DVA	C	0.22%	0.2%	0.2%
DXC	D	0.15%	0.11%	0.11%
DY	C	0.15%	0.08%	0.08%
EHC	B	0.25%	0.28%	0.25%
EIG	B	0.11%	0.03%	0.03%
ELAN	D	0.2%	0.21%	0.2%
EME	A	0.46%	0.58%	0.46%
ENS	D	0.12%	0.12%	0.12%
EQC	A	0.11%	0.06%	0.06%
EQH	B	0.32%	0.39%	0.32%
ESAB	C	0.2%	0.18%	0.18%
ESGR	B	0.14%	0.11%	0.11%
ESI	B	0.17%	0.17%	0.17%
ESNT	D	0.17%	0.19%	0.17%
EVR	B	0.27%	0.27%	0.27%
EWBC	A	0.33%	0.33%	0.33%
FBP	B	0.14%	0.1%	0.1%
FCN	F	0.17%	0.24%	0.17%
FHI	B	0.15%	0.08%	0.08%
FHN	A	0.26%	0.24%	0.24%
FLO	D	0.13%	0.13%	0.13%
FLS	A	0.2%	0.2%	0.2%
FR	C	0.18%	0.21%	0.18%
FRT	B	0.21%	0.28%	0.21%
FUL	F	0.13%	0.12%	0.12%
FULT	B	0.15%	0.09%	0.09%
G	B	0.2%	0.2%	0.2%
GEO	A	0.16%	0.05%	0.05%
GHC	B	0.15%	0.08%	0.08%
GIII	D	0.11%	0.03%	0.03%
GL	C	0.23%	0.27%	0.23%
GNW	A	0.13%	0.09%	0.09%
GOLF	B	0.11%	0.05%	0.05%
GPI	B	0.17%	0.14%	0.14%
GPK	D	0.21%	0.26%	0.21%
GTES	A	0.13%	0.12%	0.12%
HCC	B	0.13%	0.1%	0.1%
HCSG	C	0.08%	0.02%	0.02%
HE	C	0.07%	0.05%	0.05%
HII	F	0.17%	0.3%	0.17%
HIW	D	0.13%	0.1%	0.1%
HMN	B	0.12%	0.04%	0.04%
HNI	B	0.11%	0.07%	0.07%
HOG	F	0.13%	0.13%	0.13%
HRB	D	0.21%	0.26%	0.21%
HSIC	C	0.21%	0.27%	0.21%
HUBG	A	0.11%	0.08%	0.08%
IBOC	B	0.15%	0.1%	0.1%
INFA	D	0.09%	0.06%	0.06%
INGR	B	0.24%	0.26%	0.24%
INSW	F	0.1%	0.04%	0.04%
INVA	C	0.1%	0.03%	0.03%
IOSP	C	0.12%	0.08%	0.08%
ITGR	B	0.17%	0.13%	0.13%
ITT	A	0.26%	0.35%	0.26%
JLL	D	0.27%	0.37%	0.27%
JNPR	D	0.27%	0.37%	0.27%
JXN	C	0.22%	0.2%	0.2%
KBH	D	0.16%	0.16%	0.16%
KD	A	0.19%	0.15%	0.15%
KELYA	F	0.05%	0.02%	0.02%
KFRC	D	0.07%	0.03%	0.03%
KFY	B	0.13%	0.11%	0.11%
KNF	B	0.17%	0.15%	0.15%
KRC	C	0.15%	0.13%	0.13%
KTB	A	0.17%	0.13%	0.13%
LAMR	D	0.26%	0.17%	0.17%
LEVI	F	0.1%	0.03%	0.03%
LGND	C	0.13%	0.05%	0.05%
LRN	A	0.17%	0.05%	0.05%
LTC	B	0.11%	0.05%	0.05%
LZB	B	0.11%	0.05%	0.05%
MATX	B	0.17%	0.14%	0.14%
MCY	B	0.12%	0.05%	0.05%
MDU	D	0.1%	0.15%	0.1%
MGRC	B	0.11%	0.07%	0.07%
MHK	D	0.19%	0.25%	0.19%
MHO	D	0.14%	0.06%	0.06%
MIR	A	0.15%	0.06%	0.06%
MLI	B	0.25%	0.24%	0.24%
MOG.A	B	0.17%	0.17%	0.17%
MSA	D	0.16%	0.19%	0.16%
MSM	D	0.13%	0.11%	0.11%
MTG	D	0.18%	0.19%	0.18%
MTH	D	0.17%	0.21%	0.17%
MTX	C	0.11%	0.07%	0.07%
MUSA	B	0.23%	0.26%	0.23%
NFG	A	0.18%	0.16%	0.16%
NHC	B	0.11%	0.05%	0.05%
NHI	D	0.14%	0.11%	0.11%
NNN	C	0.19%	0.26%	0.19%
NRG	B	0.41%	0.54%	0.41%
NSIT	F	0.13%	0.2%	0.13%
NVT	C	0.26%	0.34%	0.26%
NWE	C	0.15%	0.1%	0.1%
NXST	C	0.17%	0.15%	0.15%
NYT	D	0.24%	0.25%	0.24%
OC	A	0.32%	0.44%	0.32%
OFG	B	0.11%	0.06%	0.06%
OGE	A	0.24%	0.24%	0.24%
OGN	F	0.12%	0.14%	0.12%
OHI	B	0.24%	0.3%	0.24%
OMF	A	0.18%	0.16%	0.16%
ORI	A	0.23%	0.24%	0.23%
OSIS	A	0.12%	0.07%	0.07%
OSK	C	0.18%	0.19%	0.18%
OTTR	C	0.13%	0.09%	0.09%
OZK	B	0.16%	0.13%	0.13%
PAG	B	0.12%	0.09%	0.09%
PBF	D	0.12%	0.08%	0.08%
PBH	A	0.16%	0.1%	0.1%
PDM	D	0.1%	0.04%	0.04%
PHIN	B	0.13%	0.06%	0.06%
PINC	B	0.12%	0.06%	0.06%
PIPR	B	0.18%	0.14%	0.14%
PLXS	B	0.16%	0.11%	0.11%
PNR	B	0.34%	0.47%	0.34%
POST	C	0.16%	0.08%	0.08%
PPC	B	0.12%	0.05%	0.05%
PRGS	B	0.14%	0.08%	0.08%
PRI	A	0.26%	0.26%	0.26%
PRIM	A	0.16%	0.09%	0.09%
PSN	C	0.15%	0.14%	0.14%
R	B	0.19%	0.17%	0.17%
RDN	D	0.15%	0.15%	0.15%
REG	A	0.27%	0.38%	0.27%
REYN	D	0.09%	0.05%	0.05%
RGA	B	0.31%	0.41%	0.31%
RHI	C	0.2%	0.19%	0.19%
RL	C	0.22%	0.21%	0.21%
RLI	A	0.2%	0.19%	0.19%
RMR	F	0.07%	0.01%	0.01%
RNR	C	0.3%	0.41%	0.3%
RPM	B	0.35%	0.45%	0.35%
RUSHA	B	0.13%	0.1%	0.1%
SAIC	F	0.2%	0.21%	0.2%
SANM	B	0.15%	0.1%	0.1%
SBH	B	0.11%	0.04%	0.04%
SCHL	F	0.09%	0.02%	0.02%
SCI	A	0.28%	0.31%	0.28%
SCS	B	0.08%	0.03%	0.03%
SCSC	B	0.1%	0.03%	0.03%
SEIC	B	0.22%	0.23%	0.22%
SEM	B	0.15%	0.1%	0.1%
SF	B	0.29%	0.26%	0.26%
SFM	A	0.33%	0.32%	0.32%
SHO	D	0.11%	0.06%	0.06%
SHOO	D	0.13%	0.05%	0.05%
SIGI	B	0.18%	0.16%	0.16%
SIRI	D	0.1%	0.15%	0.1%
SKYW	B	0.16%	0.09%	0.09%
SLGN	A	0.14%	0.12%	0.12%
SLM	B	0.17%	0.14%	0.14%
SNV	B	0.23%	0.18%	0.18%
SNX	D	0.22%	0.22%	0.22%
SOLV	F	0.25%	0.28%	0.25%
SON	F	0.14%	0.15%	0.14%
SPNT	A	0.1%	0.04%	0.04%
SR	A	0.15%	0.11%	0.11%
SSTK	F	0.08%	0.01%	0.01%
STAG	D	0.17%	0.21%	0.17%
STRA	C	0.11%	0.06%	0.06%
SUM	B	0.18%	0.14%	0.14%
SUPN	B	0.14%	0.05%	0.05%
SW	A	0.28%	0.74%	0.28%
SXT	C	0.13%	0.1%	0.1%
TAP	B	0.25%	0.29%	0.25%
TDS	B	0.18%	0.06%	0.06%
TFX	F	0.21%	0.34%	0.21%
TGNA	B	0.16%	0.08%	0.08%
THC	C	0.34%	0.46%	0.34%
THG	A	0.18%	0.14%	0.14%
TKR	F	0.13%	0.15%	0.13%
TMHC	B	0.2%	0.2%	0.2%
TNL	B	0.15%	0.09%	0.09%
TOL	B	0.33%	0.46%	0.33%
TPH	D	0.13%	0.12%	0.12%
TPR	B	0.28%	0.31%	0.28%
TTEK	F	0.27%	0.36%	0.27%
UE	A	0.13%	0.07%	0.07%
UFPI	C	0.19%	0.22%	0.19%
UGI	C	0.16%	0.15%	0.15%
UHS	D	0.27%	0.37%	0.27%
UMBF	B	0.18%	0.13%	0.13%
UNF	B	0.11%	0.09%	0.09%
UNM	A	0.29%	0.25%	0.25%
UPBD	C	0.09%	0.05%	0.05%
URBN	C	0.1%	0.08%	0.08%
USM	B	0.12%	0.03%	0.03%
UTHR	C	0.38%	0.46%	0.38%
VCTR	B	0.14%	0.04%	0.04%
VIRT	A	0.15%	0.07%	0.07%
VMI	B	0.18%	0.17%	0.17%
VNT	C	0.18%	0.15%	0.15%
VOYA	B	0.22%	0.22%	0.22%
VSH	F	0.08%	0.07%	0.07%
VSTO	A	0.12%	0.03%	0.03%
VVV	D	0.16%	0.16%	0.16%
WABC	B	0.11%	0.04%	0.04%
WAL	B	0.25%	0.26%	0.25%
WBS	A	0.26%	0.23%	0.23%
WEN	C	0.13%	0.09%	0.09%
WKC	D	0.13%	0.05%	0.05%
WLK	F	0.12%	0.08%	0.08%
WSBC	B	0.12%	0.05%	0.05%
WTFC	B	0.22%	0.21%	0.21%
WTS	B	0.15%	0.16%	0.15%
WU	F	0.12%	0.12%	0.12%
XHR	B	0.1%	0.02%	0.02%
ZD	B	0.16%	0.06%	0.06%
ZION	B	0.23%	0.2%	0.2%
ZWS	B	0.16%	0.14%	0.14%

FSMD Overweight 278 Positions Relative to VBR

Symbol	Grade	Weight
TPL	A	0.57%
LYV	A	0.42%
IBKR	A	0.42%
NTNX	B	0.38%
LII	A	0.37%
SNA	B	0.37%
MANH	D	0.36%
NTRA	A	0.35%
GWRE	A	0.35%
FIX	A	0.34%
NWSA	B	0.33%
DUOL	A	0.33%
WSO	A	0.33%
CASY	A	0.32%
TW	A	0.32%
L	A	0.31%
CW	B	0.31%
GGG	B	0.3%
INCY	C	0.3%
PSTG	F	0.3%
ROL	B	0.29%
TXRH	B	0.29%
FTI	A	0.29%
DOCS	C	0.28%
NDSN	D	0.28%
EXEL	B	0.28%
ELS	B	0.28%
NBIX	C	0.27%
CLH	C	0.27%
LECO	C	0.26%
PCVX	D	0.26%
BSY	D	0.26%
BWXT	A	0.26%
OWL	A	0.26%
AMH	C	0.26%
CIEN	B	0.26%
AAON	B	0.25%
EXP	B	0.25%
HLI	B	0.25%
DOX	D	0.25%
WWD	B	0.24%
BLD	F	0.24%
BRBR	A	0.24%
KNSL	B	0.24%
CUBE	C	0.24%
GMED	A	0.24%
HLNE	A	0.23%
PLNT	A	0.23%
MORN	B	0.23%
SRPT	F	0.23%
MASI	B	0.23%
TPX	B	0.23%
FN	B	0.23%
ERIE	F	0.23%
ADMA	C	0.22%
RGLD	C	0.22%
ENSG	D	0.22%
WING	D	0.22%
WH	B	0.22%
CHDN	C	0.22%
HALO	F	0.21%
QTWO	B	0.21%
CORT	C	0.21%
MEDP	D	0.21%
EXLS	B	0.21%
EWTX	C	0.21%
ONTO	F	0.21%
GKOS	A	0.21%
RBC	A	0.21%
MTSI	B	0.21%
CHE	F	0.21%
CRBG	B	0.2%
MMSI	A	0.2%
SKX	F	0.2%
CPB	D	0.2%
STRL	A	0.2%
REXR	F	0.2%
MTCH	F	0.2%
HRL	D	0.2%
CVLT	B	0.2%
RDNT	B	0.2%
WMS	F	0.19%
BMI	C	0.19%
ACIW	B	0.19%
ALV	C	0.19%
TTC	F	0.19%
PRCT	B	0.19%
AOS	F	0.19%
RGEN	F	0.19%
ACLX	C	0.19%
DBX	C	0.19%
WMG	C	0.18%
WFRD	F	0.18%
OLED	F	0.18%
ESTC	C	0.18%
TREX	D	0.18%
IDCC	B	0.18%
HIMS	C	0.18%
SN	D	0.18%
POWL	C	0.18%
MGY	A	0.18%
AWI	B	0.18%
SSD	D	0.18%
ALTR	B	0.18%
CSWI	A	0.18%
GNTX	F	0.18%
MTN	C	0.18%
FTDR	B	0.17%
DORM	B	0.17%
LSTR	D	0.17%
PI	D	0.17%
BPMC	C	0.17%
QLYS	C	0.17%
BFAM	F	0.17%
CEIX	A	0.17%
NOVT	D	0.17%
EPRT	A	0.17%
SPSC	F	0.17%
CROX	F	0.16%
IESC	A	0.16%
ZETA	D	0.16%
HAE	C	0.16%
AGX	B	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%
ROAD	A	0.16%
CNM	C	0.16%
VRNS	D	0.16%
LOPE	B	0.16%
ALKS	C	0.16%
MMS	D	0.15%
CVCO	A	0.15%
CRVL	A	0.15%
KRYS	C	0.15%
KAI	B	0.15%
CALM	A	0.15%
AXNX	A	0.15%
EEFT	C	0.15%
TENB	D	0.15%
CPRX	C	0.15%
BRKR	F	0.15%
PJT	B	0.15%
CTRE	C	0.15%
CRNX	C	0.15%
SLVM	C	0.14%
VCEL	A	0.14%
YELP	C	0.14%
USLM	A	0.14%
MWA	B	0.14%
ENVA	B	0.14%
WDFC	B	0.14%
DLB	F	0.14%
CHH	A	0.14%
IBP	F	0.14%
EXPO	D	0.14%
IDT	B	0.14%
SMLR	B	0.14%
FSS	B	0.14%
CIVI	D	0.14%
PLMR	A	0.13%
NMIH	D	0.13%
CBZ	B	0.13%
SKWD	A	0.13%
NEU	D	0.13%
CASH	B	0.13%
LMAT	A	0.13%
LANC	D	0.13%
GPOR	A	0.13%
SNEX	B	0.13%
AGR	A	0.13%
FELE	B	0.13%
TPB	A	0.12%
FORM	F	0.12%
CTS	C	0.12%
ICFI	F	0.12%
LBRT	F	0.12%
PAHC	B	0.12%
NSA	C	0.12%
AMPH	F	0.12%
ADUS	D	0.12%
PLUS	F	0.12%
PATK	D	0.12%
QCRH	B	0.12%
EPAC	B	0.12%
UFPT	C	0.12%
HCKT	B	0.11%
UVSP	B	0.11%
PLAB	D	0.11%
AMAL	B	0.11%
CPF	B	0.11%
VRRM	F	0.11%
PFBC	B	0.11%
HCI	C	0.11%
TWST	F	0.11%
CTBI	B	0.11%
HWKN	B	0.11%
SPOK	B	0.11%
ALRM	C	0.11%
PLTK	B	0.11%
MCB	B	0.11%
ATEN	A	0.11%
GNE	F	0.1%
ASTH	F	0.1%
TPC	C	0.1%
CUBI	C	0.1%
UTI	A	0.1%
KURA	F	0.1%
DEA	D	0.1%
UVE	A	0.1%
ROCK	D	0.1%
THFF	B	0.1%
USPH	C	0.1%
SRCE	B	0.1%
HSTM	A	0.1%
WINA	B	0.1%
SXC	A	0.1%
AMR	C	0.1%
IBCP	B	0.1%
MSBI	B	0.1%
STNG	D	0.1%
REX	D	0.1%
UTL	C	0.1%
MCRI	A	0.1%
CSV	B	0.1%
CRAI	B	0.1%
PRDO	B	0.1%
PEBO	B	0.1%
ZYXI	D	0.09%
CNXN	D	0.09%
UTMD	F	0.09%
MLR	C	0.09%
PGRE	D	0.09%
CWCO	C	0.09%
KLG	D	0.09%
CFB	C	0.09%
SMP	C	0.09%
FF	F	0.09%
FIZZ	C	0.09%
HSII	B	0.09%
WSR	A	0.09%
ANIP	D	0.09%
OLP	A	0.09%
BBSI	B	0.09%
CASS	B	0.09%
NVEC	D	0.08%
LPG	F	0.08%
VECO	F	0.08%
OSUR	F	0.08%
IMKTA	C	0.08%
TNC	F	0.08%
ETD	D	0.08%
STAA	F	0.08%
COLL	F	0.08%
VNDA	C	0.08%
EGY	F	0.08%
SCVL	F	0.08%
SIGA	F	0.07%
CECO	C	0.07%
BRY	F	0.07%
NSSC	F	0.07%
METC	C	0.07%
EBF	D	0.07%
JBSS	F	0.07%
NPK	C	0.07%
KRT	B	0.07%
SLP	F	0.07%
TRNS	F	0.07%
IMMR	F	0.06%
GIC	F	0.06%
MRVI	F	0.06%
ASC	D	0.06%
PANL	F	0.06%
CLW	F	0.04%
JBI	F	0.04%

FSMD Underweight 497 Positions Relative to VBR

Symbol	Grade	Weight
BLDR	D	-0.65%
BAH	D	-0.61%
CSL	C	-0.6%
ATO	A	-0.58%
FCNCA	A	-0.57%
IEX	B	-0.47%
RS	B	-0.46%
WSM	D	-0.45%
KIM	A	-0.45%
USFD	A	-0.43%
AES	F	-0.41%
GLPI	C	-0.39%
BG	D	-0.39%
EMN	D	-0.38%
FFIV	B	-0.37%
JBL	C	-0.37%
KMX	C	-0.35%
PFGC	B	-0.35%
SJM	D	-0.35%
IPG	F	-0.34%
HUBB	B	-0.33%
CCK	D	-0.33%
LDOS	C	-0.32%
RRX	B	-0.32%
FBIN	F	-0.32%
EPAM	C	-0.31%
LKQ	F	-0.3%
AA	A	-0.29%
CG	B	-0.29%
PNW	B	-0.29%
OVV	C	-0.29%
ARMK	C	-0.29%
HAS	D	-0.28%
QRVO	F	-0.28%
Z	A	-0.28%
STLD	B	-0.27%
WTRG	B	-0.27%
JEF	A	-0.26%
APA	F	-0.26%
EGP	D	-0.26%
MOS	D	-0.25%
KBR	F	-0.25%
GME	C	-0.25%
FYBR	C	-0.25%
APG	C	-0.24%
FLR	B	-0.24%
AGNC	C	-0.24%
FMC	D	-0.24%
WCC	B	-0.24%
KNX	B	-0.24%
LAD	B	-0.24%
SWN	C	-0.23%
DOC	D	-0.23%
MIDD	D	-0.22%
IVZ	C	-0.22%
VFC	C	-0.22%
NI	A	-0.22%
VNO	C	-0.21%
X	C	-0.21%
LUMN	C	-0.21%
MKSI	C	-0.21%
AAL	B	-0.21%
SSB	B	-0.21%
LPX	B	-0.2%
COHR	B	-0.2%
UHAL	D	-0.2%
BBWI	C	-0.2%
RRC	B	-0.2%
KEX	B	-0.2%
CFR	B	-0.19%
FAF	C	-0.19%
STWD	C	-0.19%
MAT	D	-0.19%
BIO	C	-0.19%
PB	A	-0.19%
JAZZ	C	-0.19%
EVRG	A	-0.19%
LEA	F	-0.18%
CADE	B	-0.17%
WHR	B	-0.17%
XPO	B	-0.17%
ONB	B	-0.17%
CLF	F	-0.17%
ST	F	-0.16%
COLB	B	-0.16%
XRAY	D	-0.16%
IDA	A	-0.16%
AUR	C	-0.16%
BC	D	-0.16%
THO	C	-0.16%
ALB	B	-0.16%
ACHC	F	-0.16%
PVH	C	-0.16%
OLN	F	-0.16%
PARA	D	-0.16%
SRCL	B	-0.16%
ALK	A	-0.16%
AM	A	-0.15%
FNB	B	-0.15%
GBCI	B	-0.15%
BECN	B	-0.15%
LNC	B	-0.15%
GAP	D	-0.15%
TPG	A	-0.14%
GATX	B	-0.14%
CPRI	F	-0.14%
RIVN	F	-0.14%
BDC	B	-0.14%
RYN	D	-0.14%
MUR	F	-0.14%
JHG	B	-0.14%
HOMB	A	-0.14%
POR	C	-0.14%
UBSI	B	-0.14%
LYFT	C	-0.13%
SBRA	B	-0.13%
SIG	C	-0.13%
NUVL	D	-0.13%
PII	F	-0.13%
HWC	B	-0.13%
MGM	D	-0.13%
SWX	A	-0.13%
FFIN	B	-0.13%
NCLH	B	-0.13%
SLG	B	-0.13%
AL	B	-0.13%
AVNT	B	-0.13%
NJR	A	-0.13%
HASI	F	-0.12%
ABCB	B	-0.12%
M	D	-0.12%
WTM	A	-0.12%
OGS	A	-0.12%
ICUI	D	-0.12%
SEE	D	-0.12%
CRC	A	-0.12%
AR	B	-0.12%
PR	B	-0.12%
SMG	C	-0.11%
EPR	D	-0.11%
KMPR	A	-0.11%
DNB	B	-0.11%
IAC	D	-0.11%
MTZ	A	-0.11%
MDGL	C	-0.11%
VLY	B	-0.11%
MAC	A	-0.11%
EDR	A	-0.11%
PNM	B	-0.11%
AGO	A	-0.11%
HUN	F	-0.11%
HL	C	-0.11%
TCBI	B	-0.1%
MGEE	A	-0.1%
ABM	B	-0.1%
ESE	B	-0.1%
TEX	D	-0.1%
AUB	B	-0.1%
NVST	C	-0.1%
NPO	A	-0.1%
CDP	C	-0.1%
GVA	A	-0.1%
UCB	A	-0.1%
MAN	F	-0.1%
MPW	F	-0.1%
PCH	D	-0.1%
GMS	B	-0.1%
PRGO	C	-0.1%
PNFP	B	-0.1%
SKT	A	-0.1%
WD	D	-0.1%
SATS	C	-0.09%
FHB	B	-0.09%
ALIT	C	-0.09%
NSP	F	-0.09%
PTEN	C	-0.09%
WSFS	B	-0.09%
CC	D	-0.09%
NWL	B	-0.09%
ATKR	D	-0.09%
CBU	B	-0.09%
SYNA	D	-0.09%
COMP	B	-0.09%
WBA	F	-0.09%
GFF	B	-0.09%
AWR	A	-0.09%
CWK	C	-0.09%
BEN	C	-0.09%
EBC	B	-0.09%
APLE	B	-0.09%
COTY	F	-0.09%
EAT	A	-0.09%
BKU	A	-0.08%
BHF	C	-0.08%
AIN	C	-0.08%
ABR	B	-0.08%
PK	D	-0.08%
REZI	A	-0.08%
LXP	D	-0.08%
WAFD	B	-0.08%
TRN	A	-0.08%
PENN	C	-0.08%
TDC	D	-0.08%
PFSI	C	-0.08%
JWN	C	-0.08%
WERN	B	-0.07%
ENR	B	-0.07%
SM	C	-0.07%
FFBC	B	-0.07%
PFS	B	-0.07%
PECO	A	-0.07%
HAYW	B	-0.07%
VAC	C	-0.07%
MTRN	C	-0.07%
AAP	D	-0.07%
BOKF	B	-0.07%
CVBF	B	-0.07%
SMMT	D	-0.07%
INDB	B	-0.07%
ENOV	C	-0.07%
PPBI	B	-0.07%
PRK	B	-0.07%
FL	F	-0.07%
DBRG	F	-0.07%
HBI	B	-0.07%
RNG	C	-0.07%
AKR	A	-0.07%
CDE	C	-0.07%
BOH	B	-0.07%
GT	C	-0.07%
SPB	C	-0.07%
CWEN	C	-0.07%
RNA	C	-0.07%
ARCB	C	-0.07%
IOVA	F	-0.07%
FIBK	B	-0.07%
SFNC	B	-0.07%
OUT	A	-0.07%
BXMT	C	-0.07%
BANF	B	-0.06%
RXO	C	-0.06%
HURN	B	-0.06%
GNL	D	-0.06%
PRG	C	-0.06%
HI	C	-0.06%
VSTS	F	-0.06%
NMRK	B	-0.06%
THS	F	-0.06%
RNST	B	-0.06%
WLY	B	-0.06%
IPGP	D	-0.06%
VYX	C	-0.06%
SFBS	B	-0.06%
JOBY	B	-0.06%
NBTB	B	-0.06%
VGR	B	-0.06%
VIAV	C	-0.06%
OMCL	C	-0.06%
VSCO	A	-0.06%
KMT	C	-0.06%
CGON	F	-0.06%
LAUR	A	-0.06%
IBTX	B	-0.06%
OI	D	-0.06%
IVT	A	-0.06%
BANR	B	-0.06%
NATL	B	-0.06%
FRME	B	-0.06%
SXI	B	-0.06%
TOWN	B	-0.06%
EVTC	B	-0.06%
ZG	A	-0.06%
BLKB	B	-0.06%
AIR	B	-0.06%
KSS	F	-0.06%
CRI	F	-0.06%
PSMT	D	-0.06%
AZTA	F	-0.06%
VRNT	D	-0.05%
CABO	C	-0.05%
HLIO	C	-0.05%
NBHC	B	-0.05%
CENTA	C	-0.05%
CRGY	A	-0.05%
STEP	B	-0.05%
SCL	D	-0.05%
FCF	B	-0.05%
NPAB	F	-0.05%
UAA	C	-0.05%
NWBI	B	-0.05%
DRH	B	-0.05%
MLKN	F	-0.05%
PDCO	F	-0.05%
TROX	D	-0.05%
LEG	F	-0.05%
TRMK	B	-0.05%
PZZA	F	-0.05%
TTMI	B	-0.05%
FTRE	D	-0.05%
EPC	F	-0.05%
KAR	A	-0.05%
B	A	-0.05%
CAKE	B	-0.05%
IMVT	F	-0.05%
ROIC	A	-0.05%
PBI	B	-0.04%
AIV	C	-0.04%
PMT	D	-0.04%
UVV	B	-0.04%
WOR	F	-0.04%
JELD	F	-0.04%
ARI	C	-0.04%
BKD	F	-0.04%
OXM	F	-0.04%
NNI	D	-0.04%
UNIT	B	-0.04%
NX	C	-0.04%
VC	F	-0.04%
LADR	B	-0.04%
WWW	A	-0.04%
HP	C	-0.04%
VSAT	F	-0.04%
CSGS	B	-0.04%
WT	A	-0.04%
DNOW	B	-0.04%
DAN	F	-0.04%
RRR	F	-0.04%
REVG	B	-0.04%
ALEX	B	-0.04%
VRE	A	-0.04%
BLMN	F	-0.04%
CAR	C	-0.04%
VRTS	B	-0.04%
HELE	C	-0.04%
NGVT	C	-0.04%
CODI	B	-0.04%
HOPE	B	-0.04%
ESRT	C	-0.04%
LCII	D	-0.04%
HTH	B	-0.04%
NTCT	C	-0.04%
GBX	B	-0.04%
HEES	C	-0.04%
JBGS	F	-0.04%
KN	B	-0.04%
STBA	B	-0.04%
CNK	A	-0.04%
DYN	F	-0.04%
GEF	B	-0.04%
GO	C	-0.04%
ELME	D	-0.04%
GTY	A	-0.04%
NWN	A	-0.04%
MATV	F	-0.03%
SMR	A	-0.03%
CMTG	D	-0.03%
JACK	D	-0.03%
BDN	C	-0.03%
BV	C	-0.03%
LGF.A	F	-0.03%
DNUT	F	-0.03%
MMI	B	-0.03%
ODP	F	-0.03%
UNFI	B	-0.03%
JBLU	F	-0.03%
CWEN	C	-0.03%
TRS	B	-0.03%
MD	C	-0.03%
CBRL	C	-0.03%
THR	B	-0.03%
FA	D	-0.03%
ATSG	A	-0.03%
RWT	D	-0.03%
MRC	B	-0.03%
HTLF	B	-0.03%
CARS	C	-0.03%
SNDR	B	-0.03%
UA	C	-0.03%
ECPG	C	-0.03%
FBRT	C	-0.03%
CNNE	B	-0.03%
CSR	A	-0.03%
ETWO	F	-0.03%
AVNS	F	-0.03%
KALU	C	-0.03%
WMK	B	-0.03%
WS	B	-0.03%
KWR	D	-0.03%
FDP	B	-0.03%
XRX	F	-0.03%
OMI	F	-0.03%
DK	D	-0.03%
SAFT	B	-0.03%
BHLB	B	-0.03%
MYGN	F	-0.03%
NAVI	F	-0.03%
MSGE	F	-0.03%
IART	C	-0.03%
LC	B	-0.03%
TILE	B	-0.02%
HTLD	B	-0.02%
ATUS	C	-0.02%
MXL	C	-0.02%
CAL	F	-0.02%
FOR	F	-0.02%
GES	F	-0.02%
BMBL	C	-0.02%
BASE	C	-0.02%
CMPR	F	-0.02%
HY	D	-0.02%
CFFN	B	-0.02%
PCRX	C	-0.02%
SWI	B	-0.02%
TMP	B	-0.02%
BGS	F	-0.02%
MATW	C	-0.02%
HPP	F	-0.02%
PUMP	D	-0.02%
UHAL	D	-0.02%
HLF	C	-0.02%
AXL	C	-0.02%
RGR	F	-0.02%
KOP	C	-0.02%
ECVT	C	-0.02%
AMWD	C	-0.02%
KREF	D	-0.02%
ASTE	C	-0.02%
BRSP	C	-0.02%
PRLB	C	-0.02%
SVC	F	-0.02%
MODG	F	-0.02%
SEB	F	-0.02%
PRA	B	-0.02%
SAH	B	-0.02%
HAIN	D	-0.02%
WNC	D	-0.02%
CVI	D	-0.02%
EMBC	D	-0.02%
MNRO	C	-0.02%
PRAA	C	-0.02%
FG	B	-0.02%
BRKL	B	-0.02%
EYE	C	-0.02%
DLX	B	-0.02%
RBRK	A	-0.02%
NUS	C	-0.01%
LDI	C	-0.01%
BRCC	F	-0.01%
OPK	B	-0.01%
TWKS	B	-0.01%
DJT	C	-0.01%
DIN	C	-0.01%
OLPX	D	-0.01%
VREX	C	-0.01%
CENT	C	-0.01%
TGI	A	-0.01%
CMP	C	-0.01%
AMBC	C	-0.01%
TRTX	B	-0.01%
SWBI	C	-0.01%
KRO	F	-0.01%
SRCL	B	-0.01%
ZIP	D	-0.01%
NAPA	A	-0.01%
CNDT	D	-0.01%
CRCT	F	-0.01%
WOOF	D	-0.01%
EGBN	B	-0.01%
RUSHB	B	-0.01%
WRLD	D	-0.01%
HTZ	C	-0.01%
INN	D	-0.01%
VMEO	C	-0.01%
BJRI	C	-0.01%
EE	A	-0.01%
GRC	B	-0.01%
PTVE	B	-0.01%
NVRI	F	-0.01%
FWRD	D	-0.01%
NABL	F	-0.01%
USNA	C	-0.01%
CLB	C	-0.01%
CLBK	C	-0.01%
CCO	D	-0.01%
ARRY	F	-0.01%
GCMG	A	-0.01%
LGF.A	F	-0.01%
CWH	C	-0.01%
BFS	C	-0.01%
DAWN	D	-0.01%
PWSC	C	-0.0%
SCWX	C	-0.0%
AC	B	-0.0%
TASK	C	-0.0%
ACDC	C	-0.0%
LESL	C	-0.0%
GEF	B	-0.0%