IWR vs. SMDY ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to Syntax Stratified MidCap ETF (SMDY)

IWR

iShares Russell Mid-Cap ETF

IWR Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities. 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 the mid-capitalization sector of the U.S. equity market. The underlying index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000® Index.

Grade (RS Rating)

Last Trade

$87.99

Average Daily Volume

1,177,576

Number of Holdings ^*

801

* may have additional holdings in another (foreign) market

SMDY

Syntax Stratified MidCap ETF

SMDY Description

The investment seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the Syntax Stratified MidCap Index. Under normal market conditions, the fund generally invests substantially all, and at least 95%, of its total assets in the securities comprising the index. The index, which was created by Syntax LLC, an affiliate of the fund's investment adviser, is the stratified-weight version of the widely used S&P MidCap 400® Index and holds the same constituents as the S&P MidCap 400 Index.

Grade (RS Rating)

Last Trade

$45.06

Average Daily Volume

467

Number of Holdings ^*

391

* may have additional holdings in another (foreign) market

Performance

Period	IWR	SMDY
30 Days	4.19%	2.98%
60 Days	5.52%	3.03%
90 Days	8.27%	6.15%
12 Months	25.46%	21.46%

298 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in SMDY	Overlap
	AA	D	0.07%	0.13%	0.07%
	AAON	B	0.06%	0.08%	0.06%
	ACHC	C	0.06%	0.68%	0.06%
	ACM	B	0.12%	0.16%	0.12%
	ADC	C	0.07%	0.08%	0.07%
	AFG	B	0.09%	0.18%	0.09%
	AGCO	D	0.05%	0.24%	0.05%
	ALGM	F	0.01%	0.38%	0.01%
	ALLY	F	0.08%	0.27%	0.08%
	AM	C	0.04%	0.22%	0.04%
	AMED	C	0.03%	0.24%	0.03%
	AMG	C	0.05%	0.33%	0.05%
	AMH	C	0.12%	0.21%	0.12%
	AMKR	F	0.03%	0.48%	0.03%
	AN	D	0.04%	0.45%	0.04%
	APPF	D	0.04%	0.31%	0.04%
	AR	F	0.07%	0.06%	0.06%
	ARMK	B	0.09%	0.63%	0.09%
	ARW	C	0.06%	0.07%	0.06%
	ASH	D	0.04%	0.09%	0.04%
	ATR	B	0.09%	0.09%	0.09%
	AVT	C	0.04%	0.07%	0.04%
	AVTR	B	0.16%	0.18%	0.16%
	AXTA	B	0.07%	0.1%	0.07%
	AYI	B	0.07%	0.21%	0.07%
	AZTA	F	0.02%	0.34%	0.02%
	BC	C	0.05%	0.22%	0.05%
	BERY	B	0.07%	0.06%	0.06%
	BHF	F	0.02%	0.36%	0.02%
	BJ	D	0.09%	0.26%	0.09%
	BLD	D	0.11%	0.14%	0.11%
	BMRN	F	0.14%	0.46%	0.14%
	BRBR	C	0.07%	0.43%	0.07%
	BRKR	D	0.06%	0.16%	0.06%
	BRX	B	0.07%	0.08%	0.07%
	BURL	B	0.15%	0.34%	0.15%
	BWXT	D	0.08%	0.08%	0.08%
	BYD	C	0.04%	0.14%	0.04%
	CACC	F	0.02%	0.07%	0.02%
	CACI	B	0.09%	0.21%	0.09%
	CAR	F	0.01%	0.31%	0.01%
	CASY	D	0.12%	0.2%	0.12%
	CBSH	C	0.06%	0.13%	0.06%
	CC	F	0.02%	0.07%	0.02%
	CCK	A	0.09%	0.06%	0.06%
	CELH	F	0.05%	0.26%	0.05%
	CFR	C	0.06%	0.13%	0.06%
	CG	D	0.08%	0.28%	0.08%
	CGNX	F	0.06%	0.24%	0.06%
	CHDN	C	0.09%	0.13%	0.09%
	CHE	C	0.07%	0.24%	0.07%
	CHH	C	0.03%	0.11%	0.03%
	CHK	D	0.08%	0.06%	0.06%
	CHRD	F	0.07%	0.06%	0.06%
	CIEN	C	0.07%	1.35%	0.07%
	CIVI	F	0.05%	0.06%	0.05%
	CLF	F	0.05%	0.13%	0.05%
	CLH	A	0.11%	0.18%	0.11%
	CNM	F	0.06%	0.07%	0.06%
	CNXC	F	0.03%	0.24%	0.03%
	COHR	C	0.09%	0.12%	0.09%
	COKE	C	0.07%	0.59%	0.07%
	COLB	B	0.04%	0.08%	0.04%
	COLM	C	0.02%	0.29%	0.02%
	COTY	F	0.03%	1.64%	0.03%
	CPRI	D	0.04%	0.33%	0.04%
	CR	C	0.07%	0.08%	0.07%
	CRI	D	0.02%	0.3%	0.02%
	CROX	D	0.07%	0.26%	0.07%
	CRUS	D	0.06%	0.51%	0.06%
	CSL	B	0.17%	0.08%	0.08%
	CUBE	B	0.11%	0.22%	0.11%
	CUZ	B	0.04%	0.12%	0.04%
	CW	B	0.11%	0.08%	0.08%
	DAR	F	0.05%	0.32%	0.05%
	DBX	D	0.05%	0.34%	0.05%
	DCI	C	0.07%	0.09%	0.07%
	DINO	F	0.06%	0.19%	0.06%
	DKS	D	0.11%	0.3%	0.11%
	DLB	D	0.04%	0.51%	0.04%
	DOCS	B	0.04%	1.37%	0.04%
	DT	C	0.12%	0.83%	0.12%
	DTM	B	0.06%	0.24%	0.06%
	DUOL	B	0.07%	0.3%	0.07%
	EEFT	D	0.04%	0.28%	0.04%
	EGP	B	0.08%	0.08%	0.08%
	EHC	C	0.08%	0.25%	0.08%
	ELF	F	0.05%	0.21%	0.05%
	ELS	C	0.12%	0.22%	0.12%
	EME	B	0.16%	0.13%	0.13%
	ENOV	D	0.02%	0.38%	0.02%
	EPR	B	0.03%	0.07%	0.03%
	EQH	C	0.11%	0.34%	0.11%
	ESAB	C	0.05%	0.31%	0.05%
	EVR	A	0.08%	0.17%	0.08%
	EWBC	D	0.1%	0.07%	0.07%
	EXEL	C	0.07%	0.49%	0.07%
	EXP	B	0.08%	0.14%	0.08%
	FAF	B	0.06%	0.34%	0.06%
	FCN	D	0.07%	0.15%	0.07%
	FHN	D	0.08%	0.12%	0.08%
	FIVE	D	0.05%	0.19%	0.05%
	FIX	B	0.11%	0.14%	0.11%
	FLO	C	0.04%	0.3%	0.04%
	FLS	D	0.05%	0.1%	0.05%
	FNB	C	0.05%	0.07%	0.05%
	FND	C	0.1%	0.14%	0.1%
	FNF	B	0.13%	0.35%	0.13%
	FR	B	0.06%	0.09%	0.06%
	FYBR	C	0.08%	1.28%	0.08%
	G	C	0.06%	0.24%	0.06%
	GAP	F	0.04%	0.26%	0.04%
	GGG	C	0.12%	0.1%	0.1%
	GLPI	C	0.12%	0.15%	0.12%
	GME	F	0.05%	0.23%	0.05%
	GMED	D	0.07%	0.42%	0.07%
	GNTX	F	0.06%	0.19%	0.06%
	GPK	B	0.08%	0.06%	0.06%
	GXO	D	0.05%	0.17%	0.05%
	H	C	0.06%	0.09%	0.06%
	HLI	B	0.07%	0.17%	0.07%
	HOG	C	0.04%	0.25%	0.04%
	HRB	C	0.08%	0.36%	0.08%
	HXL	F	0.04%	0.09%	0.04%
	IBKR	B	0.12%	0.4%	0.12%
	IDA	C	0.05%	0.28%	0.05%
	ILMN	C	0.18%	0.47%	0.18%
	INGR	B	0.08%	0.33%	0.08%
	IPGP	F	0.02%	0.22%	0.02%
	IRDM	D	0.03%	1.18%	0.03%
	ITT	B	0.1%	0.07%	0.07%
	JAZZ	D	0.06%	0.4%	0.06%
	JEF	B	0.09%	0.21%	0.09%
	JHG	B	0.04%	0.32%	0.04%
	JLL	B	0.1%	0.17%	0.1%
	JWN	C	0.02%	0.31%	0.02%
	KBR	D	0.07%	0.15%	0.07%
	KD	D	0.05%	0.17%	0.05%
	KEX	C	0.06%	0.21%	0.06%
	KMPR	D	0.03%	0.36%	0.03%
	KNSL	C	0.09%	0.2%	0.09%
	KNX	C	0.07%	0.19%	0.07%
	KRC	B	0.04%	0.11%	0.04%
	LAD	D	0.07%	0.5%	0.07%
	LAMR	B	0.1%	0.07%	0.07%
	LEA	F	0.05%	0.11%	0.05%
	LECO	F	0.09%	0.29%	0.09%
	LFUS	C	0.05%	0.22%	0.05%
	LII	B	0.17%	0.16%	0.16%
	LITE	B	0.03%	1.28%	0.03%
	LNW	B	0.09%	0.67%	0.09%
	LOPE	D	0.04%	0.3%	0.04%
	LPX	B	0.06%	0.13%	0.06%
	LSCC	D	0.05%	0.33%	0.05%
	LSTR	D	0.06%	0.17%	0.06%
	M	F	0.04%	0.24%	0.04%
	MAN	C	0.03%	0.14%	0.03%
	MANH	B	0.14%	0.34%	0.14%
	MASI	F	0.04%	0.13%	0.04%
	MAT	C	0.06%	0.17%	0.06%
	MDU	C	0.05%	0.13%	0.05%
	MEDP	F	0.08%	0.34%	0.08%
	MIDD	D	0.06%	0.32%	0.06%
	MKSI	F	0.07%	0.37%	0.07%
	MORN	C	0.07%	0.32%	0.07%
	MP	D	0.02%	0.15%	0.02%
	MSA	D	0.06%	0.28%	0.06%
	MSM	D	0.03%	0.08%	0.03%
	MTDR	F	0.05%	0.07%	0.05%
	MTG	B	0.06%	0.35%	0.06%
	MTN	D	0.06%	0.1%	0.06%
	MTSI	D	0.05%	0.43%	0.05%
	MTZ	B	0.06%	0.14%	0.06%
	MUSA	D	0.09%	0.23%	0.09%
	NBIX	F	0.11%	0.38%	0.11%
	NEU	D	0.03%	0.09%	0.03%
	NFG	B	0.05%	0.24%	0.05%
	NNN	C	0.08%	0.07%	0.07%
	NOV	F	0.05%	0.17%	0.05%
	NSA	B	0.03%	0.22%	0.03%
	NVST	D	0.03%	0.38%	0.03%
	NVT	D	0.1%	0.17%	0.1%
	NXST	D	0.05%	0.32%	0.05%
	NYT	C	0.07%	0.31%	0.07%
	OC	D	0.13%	0.07%	0.07%
	OGE	C	0.07%	0.28%	0.07%
	OHI	B	0.09%	0.7%	0.09%
	OLED	C	0.09%	0.11%	0.09%
	OLLI	C	0.05%	0.22%	0.05%
	OLN	D	0.05%	0.08%	0.05%
	ONTO	D	0.08%	0.39%	0.08%
	ORI	B	0.08%	0.2%	0.08%
	OSK	F	0.06%	0.28%	0.06%
	OVV	F	0.09%	0.06%	0.06%
	OZK	D	0.04%	0.07%	0.04%
	PAG	D	0.03%	0.49%	0.03%
	PB	B	0.06%	0.08%	0.06%
	PCTY	C	0.06%	0.36%	0.06%
	PEN	D	0.06%	0.21%	0.06%
	PFGC	B	0.1%	0.31%	0.1%
	PII	D	0.04%	0.23%	0.04%
	PK	D	0.03%	0.1%	0.03%
	PLNT	B	0.06%	0.24%	0.06%
	PNFP	B	0.06%	0.08%	0.06%
	POST	C	0.05%	0.49%	0.05%
	PPC	D	0.01%	0.38%	0.01%
	PR	F	0.07%	0.07%	0.07%
	PRGO	D	0.03%	0.44%	0.03%
	PRI	B	0.08%	0.39%	0.08%
	PSTG	F	0.12%	0.41%	0.12%
	PVH	F	0.05%	0.24%	0.05%
	R	A	0.05%	0.17%	0.05%
	RBC	C	0.07%	0.09%	0.07%
	RCM	C	0.02%	0.16%	0.02%
	REXR	C	0.1%	0.09%	0.09%
	RGA	C	0.12%	0.31%	0.12%
	RGEN	F	0.07%	0.43%	0.07%
	RGLD	C	0.08%	0.18%	0.08%
	RH	B	0.04%	0.17%	0.04%
	RLI	B	0.06%	0.18%	0.06%
	RNR	C	0.12%	0.34%	0.12%
	RPM	B	0.13%	0.1%	0.1%
	RRC	D	0.06%	0.06%	0.06%
	RRX	C	0.09%	0.08%	0.08%
	RS	D	0.14%	0.16%	0.14%
	RYAN	D	0.06%	0.21%	0.06%
	RYN	C	0.04%	0.13%	0.04%
	SAIA	D	0.1%	0.15%	0.1%
	SAIC	C	0.06%	0.22%	0.06%
	SAM	F	0.02%	0.29%	0.02%
	SCI	B	0.1%	0.23%	0.1%
	SEIC	C	0.06%	0.3%	0.06%
	SF	A	0.08%	0.41%	0.08%
	SHC	C	0.02%	0.23%	0.02%
	SKX	D	0.08%	0.27%	0.08%
	SLGN	B	0.04%	0.06%	0.04%
	SLM	D	0.04%	0.28%	0.04%
	SMG	C	0.03%	1.82%	0.03%
	SNV	C	0.06%	0.07%	0.06%
	SNX	D	0.07%	0.07%	0.07%
	SON	C	0.05%	0.05%	0.05%
	SRCL	A	0.05%	0.17%	0.05%
	SRPT	D	0.1%	0.45%	0.1%
	SSD	D	0.07%	0.09%	0.07%
	ST	D	0.05%	0.27%	0.05%
	STAG	C	0.06%	0.09%	0.06%
	STWD	B	0.06%	0.06%	0.06%
	SWN	D	0.06%	0.06%	0.06%
	TDC	F	0.02%	0.25%	0.02%
	THC	A	0.14%	0.67%	0.14%
	THG	B	0.05%	0.2%	0.05%
	THO	D	0.05%	0.25%	0.05%
	TKO	B	0.08%	0.32%	0.08%
	TKR	D	0.04%	0.08%	0.04%
	TNL	D	0.03%	0.1%	0.03%
	TOL	B	0.14%	0.45%	0.14%
	TPL	B	0.13%	0.07%	0.07%
	TPX	C	0.08%	0.17%	0.08%
	TREX	D	0.06%	0.11%	0.06%
	TTC	D	0.08%	0.27%	0.08%
	TTEK	C	0.11%	0.16%	0.11%
	TXRH	C	0.1%	0.57%	0.1%
	UA	D	0.01%	0.17%	0.01%
	UAA	C	0.01%	0.18%	0.01%
	UGI	C	0.04%	0.24%	0.04%
	UNM	B	0.07%	0.37%	0.07%
	USFD	B	0.12%	0.32%	0.12%
	UTHR	C	0.13%	0.52%	0.13%
	VAC	F	0.02%	0.08%	0.02%
	VMI	D	0.05%	0.08%	0.05%
	VNO	B	0.06%	0.13%	0.06%
	VNT	F	0.05%	0.25%	0.05%
	VOYA	B	0.07%	0.28%	0.07%
	VVV	D	0.05%	0.09%	0.05%
	WBS	D	0.07%	0.45%	0.07%
	WCC	D	0.06%	0.06%	0.06%
	WEN	C	0.03%	0.56%	0.03%
	WEX	C	0.07%	0.32%	0.07%
	WFRD	F	0.06%	0.15%	0.06%
	WH	B	0.05%	0.1%	0.05%
	WHR	D	0.05%	0.17%	0.05%
	WING	B	0.1%	0.54%	0.1%
	WLK	D	0.04%	0.09%	0.04%
	WMS	D	0.09%	0.08%	0.08%
	WOLF	F	0.01%	0.04%	0.01%
	WPC	C	0.12%	0.08%	0.08%
	WSM	D	0.16%	0.19%	0.16%
	WSO	C	0.14%	0.06%	0.06%
	WTFC	B	0.06%	0.13%	0.06%
	WTRG	D	0.09%	0.23%	0.09%
	WU	F	0.03%	0.29%	0.03%
	WWD	D	0.09%	0.07%	0.07%
	X	F	0.07%	0.16%	0.07%
	XPO	D	0.11%	0.19%	0.11%
	XRAY	D	0.05%	0.18%	0.05%
	YETI	D	0.03%	0.15%	0.03%
	ZI	D	0.03%	0.24%	0.03%
	ZION	D	0.06%	0.07%	0.06%

IWR Overweight 503 Positions Relative to SMDY

	Symbol	Grade	Weight
	PLTR	B	0.63%
	AJG	D	0.56%
	AFL	C	0.54%
	DHI	B	0.5%
	WMB	B	0.48%
	HLT	B	0.47%
	OKE	B	0.47%
	O	C	0.47%
	SPG	B	0.46%
	ROST	C	0.45%
	DLR	B	0.45%
	CCI	C	0.45%
	BK	B	0.45%
	ALL	B	0.43%
	URI	B	0.42%
	TTD	B	0.41%
	FIS	B	0.41%
	AMP	A	0.39%
	KVUE	C	0.39%
	LEN	B	0.39%
	FICO	B	0.39%
	MPWR	C	0.38%
	IQV	C	0.38%
	MSCI	C	0.38%
	GWW	B	0.38%
	PAYX	C	0.38%
	LHX	C	0.38%
	PRU	C	0.37%
	PEG	B	0.37%
	PCG	C	0.37%
	KMI	B	0.36%
	LNG	C	0.36%
	MCHP	F	0.36%
	CMI	C	0.36%
	IDXX	C	0.36%
	GIS	B	0.36%
	CTVA	B	0.35%
	RCL	B	0.35%
	FAST	C	0.35%
	A	C	0.35%
	EXC	C	0.35%
	CNC	D	0.35%
	COR	D	0.35%
	ACGL	C	0.35%
	CTSH	C	0.34%
	IT	B	0.34%
	AME	C	0.34%
	HUM	F	0.34%
	HWM	B	0.34%
	FERG	D	0.34%
	EA	D	0.34%
	PWR	B	0.34%
	EXR	B	0.33%
	YUM	D	0.33%
	EFX	B	0.33%
	ODFL	D	0.33%
	OTIS	C	0.33%
	SYY	D	0.33%
	VRSK	D	0.33%
	RMD	C	0.32%
	ED	C	0.32%
	CBRE	A	0.32%
	IR	C	0.32%
	GEHC	C	0.32%
	KR	C	0.32%
	DOW	D	0.31%
	VICI	C	0.31%
	XEL	B	0.31%
	SQ	D	0.31%
	HES	F	0.31%
	DD	B	0.3%
	IRM	C	0.3%
	NUE	F	0.3%
	HIG	B	0.3%
	DDOG	D	0.29%
	DFS	B	0.29%
	AVB	B	0.29%
	BKR	C	0.29%
	ALNY	C	0.29%
	XYL	C	0.28%
	MLM	D	0.28%
	CHTR	D	0.28%
	CSGP	D	0.28%
	EBAY	B	0.28%
	VEEV	C	0.28%
	COIN	F	0.28%
	HPQ	D	0.28%
	GLW	C	0.28%
	EIX	C	0.28%
	TRGP	B	0.28%
	TSCO	C	0.27%
	FANG	D	0.27%
	VRT	C	0.27%
	ON	D	0.27%
	VMC	D	0.27%
	PHM	B	0.26%
	EQR	B	0.26%
	VST	C	0.26%
	APP	C	0.26%
	CDW	D	0.26%
	WAB	B	0.26%
	HSY	C	0.26%
	PPG	D	0.26%
	WTW	C	0.26%
	ADM	D	0.26%
	NDAQ	A	0.26%
	ROK	D	0.26%
	WEC	C	0.26%
	MTB	B	0.25%
	GPN	D	0.25%
	BIIB	F	0.25%
	AWK	B	0.25%
	FITB	B	0.25%
	MTD	D	0.25%
	DAL	C	0.25%
	VLTO	C	0.24%
	AXON	B	0.24%
	ETR	B	0.24%
	DXCM	F	0.24%
	CAH	C	0.24%
	CPNG	B	0.24%
	ANSS	D	0.24%
	NVR	B	0.24%
	FTV	C	0.23%
	DTE	C	0.23%
	SBAC	C	0.23%
	KEYS	C	0.23%
	VTR	C	0.23%
	ARES	B	0.23%
	IFF	B	0.23%
	GRMN	D	0.23%
	TYL	C	0.22%
	HAL	F	0.22%
	BR	D	0.22%
	DVN	F	0.22%
	BRO	C	0.22%
	STT	A	0.22%
	DOV	B	0.22%
	CHD	D	0.22%
	TTWO	C	0.22%
	FE	C	0.22%
	NET	D	0.21%
	WY	C	0.21%
	DECK	C	0.21%
	ES	C	0.21%
	PPL	C	0.21%
	HUBS	D	0.21%
	STE	C	0.21%
	NTAP	D	0.21%
	FSLR	C	0.21%
	LYB	D	0.21%
	AEE	C	0.2%
	RJF	C	0.2%
	INVH	C	0.2%
	SMCI	F	0.2%
	TROW	D	0.2%
	RBLX	B	0.2%
	WDC	D	0.19%
	BBY	C	0.19%
	CPAY	B	0.19%
	ARE	C	0.19%
	COO	B	0.19%
	GDDY	C	0.19%
	HUBB	B	0.19%
	ZBH	F	0.19%
	WST	D	0.19%
	FCNCA	D	0.19%
	BLDR	C	0.19%
	CBOE	C	0.19%
	MSTR	D	0.19%
	HPE	D	0.19%
	ESS	B	0.18%
	TDY	B	0.18%
	TER	D	0.18%
	MKL	C	0.18%
	BAH	C	0.18%
	BAX	C	0.18%
	RF	B	0.18%
	PTC	D	0.18%
	BALL	C	0.18%
	CLX	C	0.18%
	ATO	B	0.18%
	WBD	D	0.18%
	CMS	C	0.18%
	MOH	D	0.18%
	HBAN	B	0.18%
	LDOS	B	0.18%
	CINF	B	0.18%
	MKC	C	0.18%
	K	B	0.18%
	SYF	C	0.17%
	PFG	B	0.17%
	DRI	B	0.17%
	GPC	D	0.17%
	WAT	C	0.17%
	MAA	B	0.17%
	OMC	B	0.17%
	TRU	B	0.17%
	EQT	D	0.17%
	MDB	D	0.17%
	NTRS	A	0.16%
	J	C	0.16%
	ULTA	D	0.16%
	SUI	B	0.16%
	ALGN	D	0.16%
	WRB	C	0.16%
	CFG	C	0.16%
	DG	F	0.16%
	LH	C	0.16%
	PKG	B	0.16%
	HOLX	B	0.16%
	APTV	D	0.16%
	EG	C	0.15%
	HEI	B	0.15%
	ENTG	F	0.15%
	TXT	D	0.15%
	STLD	F	0.15%
	DKNG	C	0.15%
	IP	B	0.15%
	ZM	C	0.15%
	CTRA	D	0.15%
	FDS	C	0.15%
	EXPD	C	0.15%
	PINS	F	0.15%
	EXPE	C	0.15%
	DGX	B	0.15%
	LUV	C	0.15%
	CCL	C	0.15%
	ZBRA	B	0.15%
	TSN	C	0.15%
	NRG	C	0.15%
	AVY	C	0.15%
	MAS	B	0.15%
	CNP	C	0.15%
	FWONK	C	0.14%
	ZS	F	0.14%
	SWK	B	0.14%
	LYV	B	0.14%
	AMCR	B	0.14%
	VRSN	D	0.14%
	KIM	C	0.14%
	DOC	C	0.14%
	SSNC	B	0.14%
	PODD	B	0.14%
	UAL	C	0.14%
	SWKS	D	0.14%
	NTRA	C	0.13%
	LVS	D	0.13%
	NTNX	C	0.13%
	L	C	0.13%
	SNA	C	0.13%
	ENPH	D	0.13%
	HOOD	C	0.13%
	CF	C	0.13%
	AKAM	D	0.13%
	CVNA	B	0.13%
	GEN	B	0.13%
	MRO	C	0.13%
	RVTY	B	0.13%
	KEY	B	0.13%
	IEX	D	0.13%
	PNR	B	0.13%
	NI	B	0.13%
	LNT	B	0.13%
	LPLA	D	0.13%
	CAG	C	0.13%
	UDR	C	0.13%
	POOL	C	0.12%
	UHS	B	0.12%
	EVRG	B	0.12%
	TW	B	0.12%
	BG	D	0.12%
	TRMB	C	0.12%
	CE	F	0.12%
	REG	C	0.12%
	VTRS	D	0.12%
	JBHT	D	0.12%
	DPZ	F	0.12%
	GWRE	A	0.12%
	ROL	C	0.12%
	DLTR	F	0.12%
	NDSN	C	0.12%
	EMN	B	0.11%
	HST	C	0.11%
	FFIV	B	0.11%
	ALLE	B	0.11%
	KMX	D	0.11%
	JNPR	B	0.11%
	JBL	D	0.11%
	SJM	C	0.11%
	BXP	B	0.11%
	JKHY	B	0.11%
	CPT	B	0.11%
	AES	C	0.11%
	LKQ	F	0.1%
	RIVN	F	0.1%
	EPAM	F	0.1%
	HEI	B	0.1%
	OKTA	F	0.1%
	CHRW	B	0.1%
	DOCU	C	0.1%
	SW	B	0.1%
	TECH	C	0.1%
	TFX	C	0.1%
	IPG	C	0.1%
	TOST	C	0.1%
	INCY	C	0.1%
	EXAS	C	0.1%
	TPR	C	0.09%
	CPB	C	0.09%
	GL	C	0.09%
	DOX	C	0.09%
	NWSA	D	0.09%
	AFRM	C	0.09%
	CRL	F	0.09%
	AIZ	B	0.09%
	ALB	D	0.09%
	NLY	B	0.09%
	PNW	C	0.09%
	TWLO	D	0.09%
	QRVO	F	0.09%
	FBIN	B	0.09%
	HII	D	0.09%
	FTI	D	0.09%
	CTLT	B	0.09%
	RPRX	C	0.09%
	PAYC	D	0.08%
	APA	F	0.08%
	DAY	D	0.08%
	WAL	B	0.08%
	OWL	C	0.08%
	MGM	F	0.08%
	HSIC	C	0.08%
	CNH	D	0.08%
	LW	D	0.08%
	MTCH	C	0.08%
	HRL	C	0.08%
	CAVA	B	0.08%
	ROKU	C	0.08%
	Z	B	0.08%
	MKTX	C	0.08%
	HAS	B	0.08%
	AOS	D	0.08%
	FOXA	B	0.08%
	TAP	D	0.08%
	FRT	C	0.08%
	SOLV	C	0.08%
	BWA	D	0.07%
	ATI	C	0.07%
	ALSN	B	0.07%
	ITCI	D	0.07%
	APG	D	0.07%
	FMC	C	0.07%
	SOFI	C	0.07%
	WYNN	D	0.07%
	ACI	F	0.07%
	BFAM	C	0.07%
	GNRC	D	0.07%
	NCLH	C	0.07%
	GLOB	D	0.07%
	DVA	B	0.07%
	COLD	D	0.07%
	MHK	C	0.07%
	CZR	C	0.07%
	MOS	F	0.07%
	BIO	C	0.06%
	CART	A	0.06%
	AZEK	C	0.06%
	GTLB	D	0.06%
	RHI	D	0.06%
	VFC	C	0.06%
	ETSY	F	0.06%
	FRPT	B	0.06%
	WBA	F	0.06%
	IONS	F	0.06%
	SMAR	C	0.06%
	LBRDK	F	0.06%
	SN	B	0.06%
	RL	C	0.06%
	AAL	D	0.06%
	BSY	D	0.06%
	UHAL	A	0.06%
	VKTX	C	0.06%
	BPOP	C	0.06%
	ELAN	D	0.06%
	HR	C	0.06%
	AGNC	B	0.06%
	WSC	D	0.06%
	CMA	B	0.06%
	RARE	B	0.05%
	S	C	0.05%
	ALK	C	0.05%
	OGN	D	0.05%
	BILL	D	0.05%
	LAZ	B	0.05%
	OMF	D	0.05%
	AWI	B	0.05%
	BEN	F	0.05%
	ESI	D	0.05%
	RITM	B	0.05%
	IVZ	B	0.05%
	U	D	0.05%
	SIRI	C	0.05%
	INSP	C	0.05%
	AZPN	B	0.05%
	PCOR	F	0.05%
	ESTC	F	0.05%
	BBWI	F	0.05%
	AXS	B	0.05%
	PARA	F	0.05%
	SITE	C	0.05%
	LYFT	D	0.04%
	ROIV	C	0.04%
	W	D	0.04%
	WTM	D	0.04%
	AGO	C	0.04%
	SEE	D	0.04%
	PSN	B	0.04%
	AL	D	0.04%
	LNC	D	0.04%
	TPG	B	0.04%
	CCCS	D	0.04%
	CFLT	F	0.04%
	FOX	B	0.04%
	PATH	D	0.04%
	FOUR	C	0.04%
	CXT	D	0.03%
	PEGA	C	0.03%
	FHB	D	0.03%
	PENN	D	0.03%
	BROS	D	0.03%
	NWS	D	0.03%
	NWL	C	0.03%
	HCP	B	0.03%
	LBTYA	B	0.03%
	HIW	B	0.03%
	GTES	C	0.03%
	DNB	C	0.03%
	LBTYK	B	0.03%
	LCID	C	0.03%
	HUN	D	0.03%
	MPW	C	0.03%
	MSGS	B	0.03%
	DXC	C	0.03%
	SPR	D	0.03%
	IAC	C	0.03%
	GFS	F	0.03%
	VNOM	C	0.03%
	APLS	F	0.03%
	REYN	C	0.02%
	FWONA	C	0.02%
	FTRE	D	0.02%
	AS	C	0.02%
	BIRK	F	0.02%
	HAYW	C	0.02%
	LLYVK	B	0.02%
	VSTS	D	0.02%
	ADT	C	0.02%
	QS	F	0.02%
	FIVN	F	0.02%
	KSS	F	0.02%
	LEN	B	0.02%
	HHH	C	0.02%
	TXG	D	0.02%
	RNG	F	0.02%
	BOKF	B	0.02%
	CWEN	C	0.02%
	QDEL	D	0.02%
	PINC	C	0.02%
	AAP	F	0.02%
	NCNO	D	0.02%
	DV	F	0.02%
	AGR	B	0.02%
	CLVT	D	0.02%
	VIRT	C	0.02%
	SPB	C	0.02%
	ZG	B	0.02%
	RKT	C	0.02%
	TFSL	C	0.01%
	NFE	F	0.01%
	SEB	D	0.01%
	UI	B	0.01%
	LLYVA	B	0.01%
	LOAR	C	0.01%
	ALAB	D	0.01%
	UWMC	D	0.01%
	CWEN	C	0.01%
	PYCR	D	0.01%
	DJT	F	0.01%
	LBRDA	F	0.01%
	DDS	F	0.01%
	SNDR	B	0.01%
	CERT	F	0.01%
	CNA	C	0.01%
	TRIP	F	0.01%
	GO	F	0.01%
	INFA	D	0.01%
	LEG	D	0.01%
	SEG	C	0.0%
	PARAA	D	0.0%
	GRAL	F	0.0%
	UHAL	A	0.0%
	PLTK	C	0.0%

IWR Underweight 93 Positions Relative to SMDY

	Symbol	Grade	Weight
	ZD	D	-0.97%
	SBRA	C	-0.68%
	QLYS	F	-0.68%
	HALO	C	-0.51%
	ERIE	B	-0.46%
	TMHC	A	-0.45%
	KBH	A	-0.45%
	ASB	D	-0.43%
	CYTK	F	-0.42%
	CNO	B	-0.42%
	SLAB	D	-0.41%
	POWI	F	-0.39%
	CVLT	B	-0.39%
	SFM	B	-0.38%
	ARWR	F	-0.37%
	LIVN	D	-0.36%
	SYNA	F	-0.36%
	HAE	F	-0.34%
	BLKB	C	-0.33%
	ESNT	B	-0.33%
	RMBS	F	-0.32%
	TGNA	D	-0.31%
	FHI	A	-0.31%
	GHC	B	-0.31%
	MMS	C	-0.3%
	TEX	F	-0.29%
	ALTR	C	-0.28%
	POR	C	-0.28%
	NSP	F	-0.28%
	NWE	B	-0.27%
	PNM	B	-0.27%
	HQY	C	-0.27%
	LANC	D	-0.26%
	OPCH	C	-0.26%
	OGS	B	-0.25%
	ALE	B	-0.25%
	WMG	D	-0.25%
	ORA	C	-0.24%
	BKH	B	-0.24%
	SR	B	-0.24%
	EXLS	B	-0.23%
	NJR	B	-0.23%
	IRT	B	-0.22%
	ENS	D	-0.21%
	SWX	C	-0.21%
	PGNY	F	-0.2%
	LNTH	D	-0.2%
	VC	F	-0.2%
	BCO	B	-0.19%
	FLR	D	-0.18%
	RBA	B	-0.18%
	CMC	D	-0.17%
	CHX	F	-0.17%
	ANF	D	-0.17%
	EXPO	A	-0.16%
	SIGI	D	-0.16%
	PBF	F	-0.16%
	GATX	D	-0.15%
	ASGN	D	-0.15%
	PCH	C	-0.14%
	VAL	F	-0.14%
	KNF	B	-0.14%
	UMBF	B	-0.14%
	NEOG	D	-0.14%
	TCBI	B	-0.13%
	BDC	B	-0.13%
	NOVT	D	-0.13%
	HWC	D	-0.13%
	ALV	F	-0.1%
	CBT	B	-0.1%
	WTS	C	-0.1%
	VSH	F	-0.1%
	AVNT	B	-0.1%
	HGV	F	-0.09%
	ADNT	F	-0.09%
	KRG	B	-0.08%
	GTLS	F	-0.08%
	VLY	C	-0.08%
	GT	F	-0.08%
	FFIN	B	-0.08%
	CNX	B	-0.08%
	GBCI	B	-0.08%
	SSB	B	-0.08%
	HELE	D	-0.08%
	MUR	F	-0.07%
	IBOC	D	-0.07%
	CADE	C	-0.07%
	HOMB	B	-0.07%
	AIT	A	-0.07%
	UBSI	B	-0.07%
	ONB	C	-0.07%
	UFPI	C	-0.06%
	GEF	D	-0.05%

IWR: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Diversified Industrials Biotechnology Diagnostics & Research Software - Infrastructure Business Services Oil & Gas E&P Utilities - Regulated Electric Asset Management Specialty Retail Packaged Foods Packaging & Containers Information Technology Services Semiconductors Building Materials Capital Markets Insurance - Property & Casualty REIT - Residential Specialty Chemicals

Keywords: S&P 500 Computing Natural Gas Insurance Nasdaq 100 Real Estate Investment Trust Electronics Banking Aerospace Bank Chemical Electricity Telecommunications Mining Medicine Insurance Products Semiconductor Biotechnology Beverage Cloud Computing

SMDY: Top Represented Industries & Keywords

Industries: Banks - Regional - US Oil & Gas E&P Diversified Industrials Biotechnology Business Services Software - Application Semiconductors Specialty Chemicals Building Materials Packaging & Containers Asset Management Engineering & Construction Specialty Retail Apparel Manufacturing Diagnostics & Research Medical Care Packaged Foods REIT - Diversified REIT - Industrial Scientific & Technical Instruments

Keywords: Bank Banking Mining Natural Gas Chemical Insurance Real Estate Investment Trust Electronics Aerospace Semiconductor Beverage Computing Construction Supply Chain Management Telecommunications Deposit Products Commercial Banking Insurance Products Building Materials Electricity