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

$41.39

Average Daily Volume

101,127

Number of Holdings ^*

579

* 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

$200.82

Average Daily Volume

398,489

Number of Holdings ^*

795

* may have additional holdings in another (foreign) market

Performance

Period	FSMD	VBR
30 Days	4.55%	4.73%
60 Days	4.92%	4.82%
90 Days	10.38%	10.29%
12 Months	27.73%	25.98%

298 Overlapping Holdings

Symbol	Grade	Weight in FSMD	Weight in VBR	Overlap
AAT	B	0.11%	0.04%	0.04%
ABG	D	0.15%	0.15%	0.15%
ACA	B	0.13%	0.13%	0.13%
ACI	F	0.2%	0.2%	0.2%
ACM	B	0.3%	0.4%	0.3%
ACT	B	0.11%	0.03%	0.03%
ADC	C	0.23%	0.22%	0.22%
ADTN	D	0.12%	0.08%	0.08%
AEO	F	0.14%	0.11%	0.11%
AFG	B	0.24%	0.28%	0.24%
AGCO	D	0.16%	0.17%	0.16%
AIT	A	0.2%	0.23%	0.2%
AIZ	B	0.27%	0.3%	0.27%
ALE	B	0.17%	0.11%	0.11%
ALLE	B	0.28%	0.36%	0.28%
ALLY	F	0.22%	0.35%	0.22%
ALSN	B	0.2%	0.24%	0.2%
ALX	B	0.09%	0.01%	0.01%
AMCX	F	0.08%	0.01%	0.01%
AMED	C	0.15%	0.09%	0.09%
AMG	C	0.17%	0.16%	0.16%
AMKR	F	0.13%	0.11%	0.11%
AMN	F	0.09%	0.06%	0.06%
AMRX	B	0.12%	0.04%	0.04%
AN	D	0.14%	0.17%	0.14%
ANDE	D	0.09%	0.05%	0.05%
ANF	D	0.19%	0.22%	0.19%
APAM	C	0.13%	0.08%	0.08%
APOG	B	0.09%	0.04%	0.04%
ARCH	F	0.11%	0.07%	0.07%
AROC	D	0.15%	0.09%	0.09%
ARW	C	0.2%	0.21%	0.2%
ASB	D	0.14%	0.1%	0.1%
ASGN	D	0.16%	0.12%	0.12%
ASH	D	0.14%	0.13%	0.13%
ASO	C	0.16%	0.12%	0.12%
ATGE	D	0.12%	0.08%	0.08%
ATR	B	0.26%	0.3%	0.26%
AVA	C	0.15%	0.09%	0.09%
AVT	C	0.16%	0.15%	0.15%
AX	D	0.13%	0.1%	0.1%
AXS	B	0.19%	0.18%	0.18%
AXTA	B	0.2%	0.24%	0.2%
AYI	B	0.21%	0.23%	0.21%
AZZ	D	0.1%	0.07%	0.07%
BCC	C	0.15%	0.16%	0.15%
BCO	B	0.15%	0.14%	0.14%
BERY	B	0.21%	0.22%	0.21%
BGC	B	0.16%	0.11%	0.11%
BHE	D	0.1%	0.04%	0.04%
BJ	D	0.25%	0.31%	0.25%
BKE	B	0.11%	0.04%	0.04%
BKH	B	0.18%	0.12%	0.12%
BNL	B	0.15%	0.1%	0.1%
BPOP	C	0.21%	0.22%	0.21%
BRC	C	0.13%	0.09%	0.09%
BRX	B	0.23%	0.24%	0.23%
BTU	D	0.13%	0.08%	0.08%
BWA	D	0.2%	0.23%	0.2%
BXP	B	0.27%	0.31%	0.27%
CACC	F	0.12%	0.08%	0.08%
CACI	B	0.25%	0.32%	0.25%
CATY	C	0.14%	0.09%	0.09%
CBSH	C	0.21%	0.22%	0.21%
CBT	B	0.18%	0.17%	0.17%
CHCO	B	0.12%	0.05%	0.05%
CHK	D	0.24%	0.27%	0.24%
CHRD	F	0.23%	0.26%	0.23%
CHRW	B	0.27%	0.34%	0.27%
CMA	B	0.22%	0.22%	0.22%
CMC	D	0.17%	0.18%	0.17%
CNO	B	0.14%	0.11%	0.11%
CNX	B	0.18%	0.12%	0.12%
CNXC	F	0.13%	0.12%	0.12%
COOP	C	0.18%	0.17%	0.17%
CPT	B	0.32%	0.39%	0.32%
CR	C	0.19%	0.23%	0.19%
CRUS	D	0.21%	0.23%	0.21%
CTRE	C	0.17%	0.06%	0.06%
CUZ	B	0.16%	0.13%	0.13%
CXW	F	0.09%	0.04%	0.04%
DCI	C	0.21%	0.26%	0.21%
DDS	F	0.09%	0.03%	0.03%
DEI	B	0.13%	0.08%	0.08%
DINO	F	0.22%	0.24%	0.22%
DKS	D	0.3%	0.28%	0.28%
DTM	B	0.24%	0.22%	0.22%
DVA	B	0.24%	0.21%	0.21%
DXC	C	0.15%	0.11%	0.11%
DY	B	0.16%	0.07%	0.07%
EHC	C	0.25%	0.28%	0.25%
EIG	C	0.11%	0.04%	0.04%
ELAN	D	0.23%	0.22%	0.22%
EME	B	0.37%	0.54%	0.37%
ENS	D	0.13%	0.12%	0.12%
EQC	C	0.12%	0.06%	0.06%
EQH	C	0.29%	0.41%	0.29%
ESAB	C	0.16%	0.18%	0.16%
ESGR	D	0.15%	0.12%	0.12%
ESI	D	0.17%	0.17%	0.17%
ESNT	B	0.21%	0.19%	0.19%
EVR	A	0.23%	0.25%	0.23%
EWBC	D	0.27%	0.34%	0.27%
FBP	C	0.14%	0.1%	0.1%
FCN	D	0.2%	0.24%	0.2%
FHI	A	0.14%	0.08%	0.08%
FHN	D	0.23%	0.27%	0.23%
FLO	C	0.16%	0.13%	0.13%
FLS	D	0.17%	0.19%	0.17%
FR	B	0.22%	0.22%	0.22%
FRT	C	0.24%	0.28%	0.24%
FUL	C	0.15%	0.14%	0.14%
FULT	D	0.14%	0.1%	0.1%
G	C	0.19%	0.21%	0.19%
GEO	F	0.1%	0.05%	0.05%
GHC	B	0.13%	0.07%	0.07%
GIII	C	0.12%	0.03%	0.03%
GL	C	0.24%	0.28%	0.24%
GNW	B	0.14%	0.09%	0.09%
GOLF	D	0.11%	0.06%	0.06%
GPI	B	0.16%	0.14%	0.14%
GPK	B	0.23%	0.27%	0.23%
GTES	C	0.12%	0.12%	0.12%
HCC	F	0.11%	0.09%	0.09%
HCSG	C	0.08%	0.02%	0.02%
HE	F	0.09%	0.03%	0.03%
HII	D	0.25%	0.33%	0.25%
HIW	B	0.14%	0.1%	0.1%
HMN	D	0.11%	0.04%	0.04%
HNI	C	0.11%	0.07%	0.07%
HOG	C	0.16%	0.13%	0.13%
HRB	C	0.25%	0.26%	0.25%
HSIC	C	0.23%	0.27%	0.23%
HUBG	C	0.11%	0.08%	0.08%
IBOC	D	0.14%	0.1%	0.1%
IDCC	C	0.14%	0.05%	0.05%
INFA	D	0.1%	0.05%	0.05%
INGR	B	0.24%	0.26%	0.24%
INSW	D	0.13%	0.04%	0.04%
INVA	B	0.11%	0.03%	0.03%
IOSP	D	0.11%	0.08%	0.08%
ITGR	A	0.17%	0.13%	0.13%
ITT	B	0.25%	0.34%	0.25%
JLL	B	0.29%	0.36%	0.29%
JNPR	B	0.3%	0.37%	0.3%
JXN	A	0.17%	0.2%	0.17%
KBH	A	0.19%	0.16%	0.16%
KD	D	0.17%	0.16%	0.16%
KELYA	D	0.07%	0.02%	0.02%
KFRC	D	0.09%	0.04%	0.04%
KFY	B	0.13%	0.11%	0.11%
KNF	B	0.16%	0.13%	0.13%
KRC	C	0.14%	0.13%	0.13%
KRYS	D	0.16%	0.07%	0.07%
KTB	B	0.15%	0.12%	0.12%
LAMR	B	0.27%	0.16%	0.16%
LEVI	C	0.13%	0.03%	0.03%
LGND	C	0.12%	0.05%	0.05%
LRN	B	0.15%	0.05%	0.05%
LTC	C	0.12%	0.05%	0.05%
LZB	C	0.11%	0.05%	0.05%
MATX	B	0.14%	0.13%	0.13%
MCY	D	0.11%	0.05%	0.05%
MDU	C	0.15%	0.15%	0.15%
MGRC	F	0.11%	0.08%	0.08%
MHK	C	0.22%	0.25%	0.22%
MIR	D	0.11%	0.06%	0.06%
MLI	B	0.2%	0.23%	0.2%
MOG.A	B	0.16%	0.17%	0.16%
MSA	D	0.18%	0.2%	0.18%
MSM	D	0.13%	0.11%	0.11%
MTG	B	0.2%	0.2%	0.2%
MTH	A	0.2%	0.2%	0.2%
MTX	F	0.11%	0.07%	0.07%
MUSA	D	0.26%	0.28%	0.26%
NFG	B	0.21%	0.16%	0.16%
NHC	D	0.11%	0.05%	0.05%
NHI	C	0.16%	0.1%	0.1%
NNN	C	0.25%	0.25%	0.25%
NPK	D	0.08%	0.01%	0.01%
NRG	C	0.39%	0.52%	0.39%
NSIT	D	0.18%	0.21%	0.18%
NVT	D	0.24%	0.33%	0.24%
NWE	B	0.16%	0.1%	0.1%
NXST	D	0.18%	0.16%	0.16%
NYT	C	0.25%	0.25%	0.25%
OC	D	0.3%	0.43%	0.3%
OFG	C	0.12%	0.06%	0.06%
OGE	C	0.24%	0.23%	0.23%
OGN	D	0.17%	0.17%	0.17%
OHI	B	0.27%	0.29%	0.27%
OMF	D	0.17%	0.17%	0.17%
ORI	B	0.24%	0.26%	0.24%
OSIS	D	0.12%	0.07%	0.07%
OSK	F	0.18%	0.21%	0.18%
OTTR	F	0.14%	0.1%	0.1%
OZK	D	0.15%	0.14%	0.14%
PAG	D	0.13%	0.1%	0.1%
PBF	F	0.15%	0.1%	0.1%
PBH	B	0.16%	0.11%	0.11%
PDM	B	0.11%	0.04%	0.04%
PHIN	B	0.13%	0.06%	0.06%
PINC	C	0.12%	0.06%	0.06%
PIPR	B	0.16%	0.13%	0.13%
PLXS	A	0.14%	0.1%	0.1%
PNR	B	0.32%	0.43%	0.32%
POST	C	0.18%	0.08%	0.08%
PPC	D	0.11%	0.05%	0.05%
PRGS	C	0.13%	0.07%	0.07%
PRI	B	0.24%	0.27%	0.24%
PRIM	B	0.11%	0.08%	0.08%
PSN	B	0.14%	0.13%	0.13%
R	A	0.17%	0.18%	0.17%
RDN	C	0.18%	0.16%	0.16%
REG	C	0.31%	0.39%	0.31%
REYN	C	0.12%	0.05%	0.05%
RGA	C	0.32%	0.43%	0.32%
RHI	D	0.18%	0.18%	0.18%
RL	C	0.2%	0.18%	0.18%
RLI	B	0.2%	0.2%	0.2%
RMR	C	0.09%	0.01%	0.01%
RNR	C	0.33%	0.4%	0.33%
RPM	B	0.35%	0.44%	0.35%
RUSHA	C	0.11%	0.1%	0.1%
SAIC	C	0.2%	0.2%	0.2%
SANM	D	0.14%	0.11%	0.11%
SBH	B	0.12%	0.04%	0.04%
SCHL	D	0.12%	0.02%	0.02%
SCI	B	0.29%	0.32%	0.29%
SCS	D	0.09%	0.04%	0.04%
SCSC	D	0.1%	0.03%	0.03%
SEIC	C	0.2%	0.23%	0.2%
SEM	D	0.14%	0.11%	0.11%
SF	A	0.23%	0.25%	0.23%
SFM	B	0.26%	0.31%	0.26%
SHO	C	0.12%	0.06%	0.06%
SHOO	B	0.14%	0.05%	0.05%
SIGI	D	0.18%	0.16%	0.16%
SKYW	C	0.12%	0.09%	0.09%
SLGN	B	0.15%	0.12%	0.12%
SLM	D	0.16%	0.14%	0.14%
SNV	C	0.19%	0.19%	0.19%
SNX	D	0.23%	0.23%	0.23%
SOLV	C	0.27%	0.26%	0.26%
SON	C	0.17%	0.16%	0.16%
SPNT	C	0.11%	0.04%	0.04%
SR	B	0.17%	0.1%	0.1%
STAG	C	0.21%	0.22%	0.21%
STRA	F	0.12%	0.06%	0.06%
SUM	D	0.15%	0.15%	0.15%
SUPN	C	0.14%	0.05%	0.05%
SW	B	0.27%	0.72%	0.27%
SXT	C	0.13%	0.1%	0.1%
TAP	D	0.25%	0.28%	0.25%
TDS	C	0.15%	0.06%	0.06%
TFX	C	0.3%	0.34%	0.3%
TGNA	D	0.14%	0.07%	0.07%
THC	A	0.36%	0.48%	0.36%
THG	B	0.18%	0.14%	0.14%
TKR	D	0.15%	0.16%	0.15%
TMHC	A	0.2%	0.2%	0.2%
TNL	D	0.13%	0.09%	0.09%
TOL	B	0.34%	0.44%	0.34%
TPH	C	0.15%	0.12%	0.12%
TPR	C	0.25%	0.28%	0.25%
TTEK	C	0.29%	0.37%	0.29%
UE	B	0.13%	0.07%	0.07%
UFPI	C	0.19%	0.21%	0.19%
UGI	C	0.18%	0.16%	0.16%
UHS	B	0.33%	0.4%	0.33%
UMBF	B	0.17%	0.12%	0.12%
UNF	C	0.11%	0.08%	0.08%
UNM	B	0.25%	0.26%	0.25%
URBN	F	0.1%	0.07%	0.07%
USM	C	0.12%	0.02%	0.02%
UTHR	C	0.36%	0.47%	0.36%
VCTR	B	0.12%	0.04%	0.04%
VGR	B	0.12%	0.06%	0.06%
VIRT	C	0.15%	0.08%	0.08%
VMI	D	0.16%	0.17%	0.16%
VNT	F	0.16%	0.16%	0.16%
VOYA	B	0.21%	0.21%	0.21%
VSH	F	0.1%	0.07%	0.07%
VSTO	C	0.12%	0.03%	0.03%
VVV	D	0.16%	0.16%	0.16%
WABC	D	0.11%	0.04%	0.04%
WAL	B	0.24%	0.25%	0.24%
WBS	D	0.22%	0.24%	0.22%
WEN	C	0.13%	0.09%	0.09%
WLK	D	0.15%	0.08%	0.08%
WSBC	D	0.12%	0.05%	0.05%
WTFC	C	0.2%	0.21%	0.2%
WTS	C	0.16%	0.16%	0.16%
WU	F	0.16%	0.12%	0.12%
XHR	B	0.1%	0.02%	0.02%
ZD	D	0.15%	0.07%	0.07%
ZION	D	0.2%	0.21%	0.2%
ZWS	A	0.15%	0.13%	0.13%

FSMD Overweight 281 Positions Relative to VBR

Symbol	Grade	Weight
LII	B	0.38%
MANH	B	0.37%
TPL	B	0.36%
NTNX	C	0.36%
L	C	0.34%
PCVX	C	0.34%
GWRE	A	0.34%
NTRA	C	0.34%
LYV	B	0.34%
ROL	C	0.33%
NWSA	D	0.33%
ELS	C	0.33%
IBKR	B	0.32%
PSTG	F	0.32%
CASY	D	0.32%
ERIE	B	0.32%
SNA	C	0.32%
TW	B	0.32%
WSO	C	0.32%
NDSN	C	0.31%
GGG	C	0.31%
AMH	C	0.31%
CUBE	C	0.3%
SRPT	D	0.29%
REXR	C	0.28%
CLH	A	0.28%
NBIX	F	0.28%
BSY	D	0.28%
WING	B	0.28%
TXRH	C	0.27%
MTCH	C	0.27%
KNSL	C	0.27%
BLD	D	0.27%
CW	B	0.27%
CPB	C	0.26%
DOX	C	0.26%
INCY	C	0.26%
FIX	B	0.26%
FTI	D	0.26%
WWD	D	0.25%
ENSG	B	0.25%
CHDN	C	0.25%
DUOL	B	0.25%
RGLD	C	0.24%
SKX	D	0.24%
HRL	C	0.24%
BFAM	C	0.24%
CHE	C	0.24%
ONTO	D	0.24%
OLED	C	0.23%
GMED	D	0.23%
TPX	C	0.23%
HLI	B	0.23%
HALO	C	0.23%
AOS	D	0.23%
LECO	F	0.23%
EXEL	C	0.23%
BRBR	C	0.22%
PLNT	B	0.22%
CIEN	C	0.22%
BWXT	D	0.22%
WMS	D	0.22%
MORN	C	0.22%
EXP	B	0.22%
MTN	D	0.21%
GKOS	C	0.21%
LNTH	D	0.21%
FN	D	0.21%
TTC	D	0.21%
RBC	C	0.21%
MEDP	F	0.21%
RGEN	D	0.21%
OWL	C	0.21%
CROX	D	0.21%
SPSC	D	0.2%
ALV	F	0.2%
DOCS	B	0.2%
GNTX	F	0.2%
MMSI	B	0.2%
COKE	C	0.19%
MASI	F	0.19%
NOVT	D	0.19%
CRBG	D	0.19%
EPRT	B	0.19%
CVLT	B	0.19%
SN	B	0.19%
HLNE	B	0.19%
BRKR	D	0.19%
SSD	D	0.19%
ADMA	B	0.19%
WH	B	0.19%
WFRD	F	0.19%
TREX	D	0.18%
AAON	B	0.18%
PI	B	0.18%
EXLS	B	0.18%
VRNS	C	0.18%
OLLI	C	0.18%
BMI	A	0.18%
LSTR	D	0.18%
DBX	D	0.18%
CNM	F	0.17%
APPF	D	0.17%
WMG	D	0.17%
CIVI	F	0.17%
ALTR	D	0.17%
BPMC	F	0.17%
ALKS	C	0.17%
BCPC	C	0.17%
PRCT	C	0.17%
ACIW	C	0.17%
MTSI	D	0.17%
MGY	C	0.17%
ZETA	C	0.16%
MMS	C	0.16%
FTDR	B	0.16%
MHO	B	0.16%
CSWI	B	0.16%
BYD	C	0.16%
EEFT	D	0.16%
TENB	F	0.16%
IBP	D	0.16%
ESTC	F	0.16%
AWI	B	0.16%
ACLX	B	0.16%
QTWO	A	0.16%
AXNX	B	0.16%
EXPO	B	0.16%
RDNT	B	0.16%
AGR	B	0.15%
DLB	F	0.15%
FSS	D	0.15%
NMIH	B	0.15%
NSA	B	0.15%
DORM	B	0.15%
CRNX	C	0.15%
LOPE	D	0.15%
NEU	D	0.15%
QLYS	F	0.15%
COLM	C	0.14%
LANC	D	0.14%
CRVL	B	0.14%
LBRT	D	0.14%
CEIX	D	0.14%
VRRM	D	0.14%
WDFC	C	0.14%
HAE	F	0.14%
CORT	C	0.14%
CVCO	A	0.14%
CPRX	B	0.14%
STNG	D	0.14%
CALM	A	0.13%
PLUS	A	0.13%
ICFI	B	0.13%
PJT	B	0.13%
SLVM	B	0.13%
GPOR	D	0.13%
PEGA	C	0.13%
KAI	C	0.13%
PLMR	C	0.13%
SQSP	A	0.13%
STRL	B	0.13%
FORM	F	0.13%
CHH	C	0.13%
FELE	C	0.13%
PATK	B	0.13%
YELP	F	0.13%
ADUS	B	0.13%
KURA	D	0.12%
ROAD	B	0.12%
TK	C	0.12%
CBZ	F	0.12%
CASH	B	0.12%
UFPT	B	0.12%
IDT	C	0.12%
SNEX	B	0.12%
VCEL	D	0.12%
ASTH	B	0.12%
MWA	B	0.12%
LMAT	C	0.12%
AMPH	C	0.12%
COLL	C	0.11%
EPAC	B	0.11%
HIMS	D	0.11%
QCRH	B	0.11%
FF	C	0.11%
LPG	F	0.11%
DEA	B	0.11%
SPOK	C	0.11%
PAHC	B	0.11%
TWST	D	0.11%
ENVA	C	0.11%
PLTK	C	0.11%
GNE	D	0.11%
HWKN	C	0.11%
TNK	F	0.11%
ALRM	F	0.11%
SKWD	C	0.11%
EWTX	B	0.11%
UTL	C	0.11%
TRNS	D	0.1%
ASC	D	0.1%
CFB	D	0.1%
AMAL	B	0.1%
CTBI	B	0.1%
SSTK	F	0.1%
ROCK	D	0.1%
HSTM	D	0.1%
PRDO	D	0.1%
OLP	B	0.1%
SCVL	B	0.1%
SRCE	D	0.1%
MCB	C	0.1%
CWCO	F	0.1%
PFBC	D	0.1%
PEBO	C	0.1%
USPH	F	0.1%
IBCP	B	0.1%
ATEN	C	0.1%
REX	D	0.1%
KLG	C	0.1%
HCI	C	0.1%
MRVI	C	0.1%
AGX	B	0.1%
CTS	D	0.1%
CPF	B	0.1%
UVSP	B	0.1%
PLAB	F	0.1%
MCRI	C	0.1%
UVE	C	0.1%
SLP	F	0.09%
VNDA	F	0.09%
JBSS	D	0.09%
BBSI	B	0.09%
USLM	B	0.09%
UTI	D	0.09%
FIZZ	D	0.09%
ZYXI	F	0.09%
IMKTA	D	0.09%
VECO	F	0.09%
WSR	D	0.09%
ETH	D	0.09%
PGRE	C	0.09%
OSUR	D	0.09%
AMR	F	0.09%
EGY	D	0.09%
TNC	F	0.09%
SMP	C	0.09%
CRAI	D	0.09%
HCKT	C	0.09%
POWL	C	0.09%
BRY	F	0.09%
IESC	D	0.09%
CNXN	B	0.09%
CUBI	F	0.09%
ANIP	D	0.09%
TPB	B	0.09%
MSBI	D	0.09%
THFF	B	0.09%
STAA	F	0.09%
UTMD	F	0.09%
CSV	C	0.09%
WINA	D	0.09%
CASS	C	0.09%
NSSC	F	0.08%
CECO	D	0.08%
SIGA	D	0.08%
HSII	C	0.08%
TPC	C	0.08%
NVEC	D	0.08%
EBF	B	0.08%
IMMR	D	0.07%
PANL	F	0.07%
SXC	F	0.07%
MLR	D	0.07%
SMLR	F	0.07%
GIC	D	0.07%
METC	F	0.06%
KRT	D	0.06%
JBI	F	0.06%
CLW	F	0.05%

FSMD Underweight 497 Positions Relative to VBR

Symbol	Grade	Weight
FCNCA	D	-0.65%
BLDR	C	-0.62%
BAH	C	-0.6%
CSL	B	-0.59%
ATO	B	-0.54%
RS	D	-0.48%
IEX	D	-0.46%
KIM	C	-0.46%
USFD	B	-0.43%
BG	D	-0.42%
WSM	D	-0.4%
KMX	D	-0.39%
GLPI	C	-0.39%
JBL	D	-0.37%
IPG	C	-0.36%
FFIV	B	-0.35%
BRO	C	-0.35%
EMN	B	-0.35%
OVV	F	-0.34%
PFGC	B	-0.34%
RRX	C	-0.33%
RIVN	F	-0.33%
HUBB	B	-0.32%
CCK	A	-0.32%
APA	F	-0.31%
LDOS	B	-0.31%
PNW	C	-0.29%
CG	D	-0.28%
WTRG	D	-0.28%
ARMK	B	-0.28%
MOS	F	-0.27%
KBR	D	-0.27%
Z	B	-0.26%
APG	D	-0.26%
JEF	B	-0.26%
STLD	F	-0.26%
EGP	B	-0.26%
HAS	B	-0.26%
WCC	D	-0.25%
FLR	D	-0.25%
MKSI	F	-0.24%
KNX	C	-0.24%
FMC	C	-0.24%
LAD	D	-0.24%
X	F	-0.23%
DOC	C	-0.23%
SSB	B	-0.22%
GME	F	-0.22%
NI	B	-0.22%
AGNC	B	-0.22%
KEX	C	-0.21%
SWN	D	-0.21%
FYBR	C	-0.21%
ACHC	C	-0.21%
IVZ	B	-0.21%
PB	B	-0.2%
BIO	C	-0.2%
BBWI	F	-0.2%
RRC	D	-0.2%
AAL	D	-0.2%
JAZZ	D	-0.2%
ONB	C	-0.19%
XPO	D	-0.19%
VFC	C	-0.19%
EVRG	B	-0.19%
CFR	C	-0.19%
MAT	C	-0.19%
UHAL	A	-0.19%
LEA	F	-0.19%
AES	C	-0.18%
CLF	F	-0.18%
STWD	A	-0.18%
LPX	B	-0.18%
FAF	B	-0.18%
BECN	D	-0.17%
AA	D	-0.17%
SJM	C	-0.17%
ST	D	-0.17%
VNO	C	-0.17%
CADE	C	-0.17%
COHR	C	-0.17%
LUMN	C	-0.16%
BC	C	-0.16%
GBCI	B	-0.16%
FNB	C	-0.16%
MUR	F	-0.16%
THO	D	-0.16%
GAP	F	-0.16%
LNC	D	-0.16%
WHR	D	-0.16%
SRCL	A	-0.16%
EPAM	F	-0.16%
QRVO	F	-0.16%
LKQ	F	-0.16%
PARA	F	-0.16%
PVH	F	-0.16%
SWX	C	-0.15%
POR	C	-0.15%
AM	C	-0.15%
GATX	D	-0.15%
HOMB	B	-0.15%
SEE	D	-0.15%
IDA	C	-0.15%
OLN	D	-0.15%
CTLT	B	-0.15%
XRAY	D	-0.15%
UBSI	B	-0.15%
COLB	B	-0.15%
HWC	D	-0.14%
JHG	B	-0.14%
AL	D	-0.14%
M	F	-0.13%
BDC	B	-0.13%
SLG	C	-0.13%
FFIN	B	-0.13%
MDGL	F	-0.13%
AVNT	B	-0.13%
WTM	D	-0.13%
PII	D	-0.13%
NJR	B	-0.13%
RYN	C	-0.13%
ALK	C	-0.13%
LYFT	D	-0.12%
SBRA	C	-0.12%
PRGO	D	-0.12%
TPG	B	-0.12%
AR	F	-0.12%
DNB	C	-0.12%
ABCB	B	-0.12%
AGO	C	-0.12%
CPRI	D	-0.12%
PR	F	-0.12%
AUR	C	-0.12%
CRC	C	-0.11%
EPR	B	-0.11%
MTZ	B	-0.11%
TEX	F	-0.11%
ABM	D	-0.11%
HUN	D	-0.11%
UCBI	B	-0.11%
PNFP	B	-0.11%
HASI	C	-0.11%
PNM	B	-0.11%
PTEN	F	-0.11%
VLY	C	-0.11%
MIDD	D	-0.11%
IAC	C	-0.11%
KMPR	D	-0.11%
ICUI	B	-0.11%
NCLH	C	-0.11%
OGS	B	-0.11%
COTY	F	-0.1%
NUVL	C	-0.1%
WSFS	D	-0.1%
EBC	B	-0.1%
GVA	B	-0.1%
SKT	B	-0.1%
RXO	D	-0.1%
NSP	F	-0.1%
NPO	D	-0.1%
ATKR	F	-0.1%
WD	B	-0.1%
MAC	B	-0.1%
PCH	C	-0.1%
GMS	D	-0.1%
MAN	C	-0.1%
HL	C	-0.1%
AUB	D	-0.1%
SIG	C	-0.1%
CC	F	-0.09%
LXP	B	-0.09%
IOVA	C	-0.09%
FL	D	-0.09%
AIN	D	-0.09%
GFF	D	-0.09%
WAFD	C	-0.09%
CNK	C	-0.09%
SMG	C	-0.09%
AWR	B	-0.09%
PK	D	-0.09%
ALIT	D	-0.09%
ESE	B	-0.09%
FHB	D	-0.09%
TCBI	B	-0.09%
MGEE	B	-0.09%
NVST	D	-0.09%
APLE	D	-0.09%
EAT	A	-0.09%
SYNA	F	-0.09%
CBU	C	-0.09%
INDB	C	-0.08%
PRK	C	-0.08%
ENOV	D	-0.08%
RNG	F	-0.08%
SPB	C	-0.08%
LSXMK	D	-0.08%
SM	F	-0.08%
BOH	D	-0.08%
MPW	C	-0.08%
AAP	F	-0.08%
TRN	D	-0.08%
TDC	F	-0.08%
PFSI	C	-0.08%
FIBK	B	-0.08%
REZI	D	-0.08%
NWL	C	-0.08%
CWK	B	-0.08%
PENN	D	-0.08%
BHF	F	-0.08%
BKU	C	-0.08%
AIR	C	-0.07%
WERN	D	-0.07%
PECO	B	-0.07%
LAUR	C	-0.07%
TOWN	B	-0.07%
CRI	D	-0.07%
FRME	D	-0.07%
HI	F	-0.07%
AKR	B	-0.07%
ENR	D	-0.07%
VAC	F	-0.07%
MC	B	-0.07%
PFS	B	-0.07%
ARCB	D	-0.07%
BOKF	B	-0.07%
CWEN	C	-0.07%
FFBC	D	-0.07%
MTRN	F	-0.07%
OUT	C	-0.07%
MYGN	C	-0.07%
ABR	B	-0.07%
CVBF	D	-0.07%
PPBI	D	-0.07%
GT	F	-0.07%
BXMT	C	-0.07%
COMP	C	-0.07%
AZTA	F	-0.07%
SFNC	B	-0.07%
KAR	D	-0.06%
TTMI	D	-0.06%
HURN	C	-0.06%
IVT	B	-0.06%
ZG	B	-0.06%
PRG	A	-0.06%
VIAV	D	-0.06%
B	D	-0.06%
BANF	B	-0.06%
THS	C	-0.06%
LITE	B	-0.06%
JOBY	F	-0.06%
OI	D	-0.06%
GNL	C	-0.06%
WLY	C	-0.06%
SFBS	B	-0.06%
EPC	F	-0.06%
IMVT	D	-0.06%
KMT	B	-0.06%
KSS	F	-0.06%
OMCL	C	-0.06%
IBTX	B	-0.06%
SPR	D	-0.06%
BANR	B	-0.06%
FTRE	D	-0.06%
NATL	D	-0.06%
HAYW	C	-0.06%
RNST	D	-0.06%
MLKN	D	-0.06%
SXI	C	-0.06%
HBI	B	-0.06%
BLKB	C	-0.06%
JWN	C	-0.06%
NBTB	D	-0.06%
PSMT	B	-0.06%
CDE	C	-0.06%
EVTC	D	-0.06%
SATS	C	-0.06%
GTY	B	-0.05%
STBA	B	-0.05%
REVG	D	-0.05%
KN	D	-0.05%
JBGS	C	-0.05%
LEG	D	-0.05%
STEP	B	-0.05%
JBLU	D	-0.05%
TROX	F	-0.05%
NBHC	D	-0.05%
SCL	F	-0.05%
FCF	C	-0.05%
GO	F	-0.05%
CRGY	D	-0.05%
CENTA	F	-0.05%
DRH	C	-0.05%
NWBI	C	-0.05%
NMRK	A	-0.05%
VSAT	F	-0.05%
CAKE	D	-0.05%
PDCO	F	-0.05%
TRMK	C	-0.05%
VSCO	C	-0.05%
VRNT	F	-0.05%
VSTS	D	-0.05%
ROIC	C	-0.05%
IPGP	F	-0.05%
EDR	A	-0.05%
BHLB	B	-0.04%
PBI	D	-0.04%
AIV	B	-0.04%
JELD	D	-0.04%
PMT	C	-0.04%
DK	F	-0.04%
SAFT	D	-0.04%
WS	D	-0.04%
XRX	D	-0.04%
MSGE	B	-0.04%
UVV	D	-0.04%
HELE	D	-0.04%
LC	D	-0.04%
OXM	F	-0.04%
BKD	D	-0.04%
CAR	F	-0.04%
PWSC	C	-0.04%
NAVI	C	-0.04%
CODI	D	-0.04%
IART	F	-0.04%
CSGS	C	-0.04%
WOR	D	-0.04%
DNOW	D	-0.04%
LADR	C	-0.04%
ESRT	B	-0.04%
UA	D	-0.04%
VRTS	F	-0.04%
GBX	C	-0.04%
NGVT	D	-0.04%
ALEX	B	-0.04%
HP	F	-0.04%
UAA	C	-0.04%
NTCT	C	-0.04%
HOPE	B	-0.04%
DAN	F	-0.04%
RRR	D	-0.04%
HEES	D	-0.04%
HTH	C	-0.04%
ARI	F	-0.04%
BLMN	F	-0.04%
GEF	D	-0.04%
NWN	C	-0.04%
UNFI	C	-0.03%
DNUT	D	-0.03%
BDN	B	-0.03%
CGON	C	-0.03%
BRKL	C	-0.03%
FG	D	-0.03%
PRAA	D	-0.03%
CBRL	D	-0.03%
NNI	B	-0.03%
LGF.A	F	-0.03%
CVI	F	-0.03%
BV	C	-0.03%
DLX	F	-0.03%
MD	C	-0.03%
NX	F	-0.03%
MMI	C	-0.03%
CWEN	C	-0.03%
RBRK	F	-0.03%
EMBC	C	-0.03%
CMTG	D	-0.03%
SIRI	C	-0.03%
ETWO	C	-0.03%
FA	B	-0.03%
MATV	C	-0.03%
UNIT	C	-0.03%
RWT	B	-0.03%
RKLB	C	-0.03%
SNDR	B	-0.03%
HTLF	B	-0.03%
TRS	D	-0.03%
WWW	B	-0.03%
ODP	F	-0.03%
ATSG	D	-0.03%
THR	D	-0.03%
MRC	D	-0.03%
CNNE	D	-0.03%
DBRG	D	-0.03%
WMK	C	-0.03%
AVNS	B	-0.03%
CSR	B	-0.03%
CARS	D	-0.03%
FDP	C	-0.03%
ECPG	D	-0.03%
OMI	D	-0.03%
KALU	F	-0.03%
TILE	B	-0.02%
HTLD	D	-0.02%
FOR	C	-0.02%
MXL	F	-0.02%
KREF	B	-0.02%
SMR	D	-0.02%
CNDT	C	-0.02%
GES	F	-0.02%
HY	F	-0.02%
BGS	D	-0.02%
BMBL	F	-0.02%
UHAL	A	-0.02%
SWI	B	-0.02%
CFFN	D	-0.02%
SMMT	C	-0.02%
PRA	C	-0.02%
CAL	F	-0.02%
TMP	C	-0.02%
AMC	F	-0.02%
AMWD	D	-0.02%
AXL	F	-0.02%
HAIN	D	-0.02%
PUMP	D	-0.02%
HPP	D	-0.02%
RGR	D	-0.02%
HLIO	D	-0.02%
MATW	F	-0.02%
BASE	F	-0.02%
SEB	D	-0.02%
ECVT	F	-0.02%
ASTE	D	-0.02%
MNRO	D	-0.02%
PRLB	F	-0.02%
HLF	F	-0.02%
SVC	D	-0.02%
BRSP	D	-0.02%
PZZA	D	-0.02%
CABO	F	-0.02%
KOP	F	-0.02%
PEB	D	-0.02%
SAH	D	-0.02%
EYE	F	-0.02%
WNC	F	-0.02%
MEI	D	-0.01%
UFCS	D	-0.01%
PACB	D	-0.01%
RDUS	D	-0.01%
OPK	C	-0.01%
OLPX	C	-0.01%
WOOF	C	-0.01%
BRCC	F	-0.01%
ZIP	D	-0.01%
KRO	D	-0.01%
DJT	F	-0.01%
CRCT	C	-0.01%
TGI	F	-0.01%
SRCL	A	-0.01%
TRTX	C	-0.01%
EE	B	-0.01%
EGBN	C	-0.01%
RUSHB	C	-0.01%
SWBI	F	-0.01%
HTZ	F	-0.01%
NAPA	F	-0.01%
CENT	F	-0.01%
BJRI	D	-0.01%
WRLD	D	-0.01%
PCRX	F	-0.01%
INN	B	-0.01%
CMP	D	-0.01%
FWRD	C	-0.01%
VMEO	C	-0.01%
AMK	B	-0.01%
ATUS	C	-0.01%
GRC	D	-0.01%
NABL	D	-0.01%
NUS	F	-0.01%
PTVE	D	-0.01%
UDMY	D	-0.01%
DAWN	D	-0.01%
TWKS	C	-0.01%
CCO	C	-0.01%
CWH	C	-0.01%
GCMG	B	-0.01%
CLB	D	-0.01%
DIN	F	-0.01%
USNA	F	-0.01%
CLBK	C	-0.01%
JACK	F	-0.01%
NVRI	D	-0.01%
LGF.A	F	-0.01%
BFS	B	-0.01%
AMBC	D	-0.01%
VREX	F	-0.01%
SSP	F	-0.0%
SCWX	C	-0.0%
AC	C	-0.0%
TTEC	F	-0.0%
CRNC	F	-0.0%
SAVE	F	-0.0%
CHGG	F	-0.0%
ACDC	F	-0.0%
UHT	B	-0.0%
DBI	F	-0.0%
GEF	D	-0.0%
LDI	C	-0.0%