SMLF vs. BIV ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Vanguard Intermediate-Term Bond ETF (BIV)

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. 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 fund is non-diversified.

Grade (RS Rating)

Last Trade

$65.67

Average Daily Volume

77,865

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

BIV

Vanguard Intermediate-Term Bond ETF

BIV Description

The investment seeks the performance of a market-weighted bond index with an intermediate-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 5-10 Year Government/Credit Float Adjusted Index. This Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities between 5 and 10 years and are publicly issued. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index.

Grade (RS Rating)

Last Trade

$78.24

Average Daily Volume

1,043,708

Number of Holdings ^*

484

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	BIV
30 Days	1.12%	1.56%
60 Days	6.77%	1.50%
90 Days	8.22%	5.32%
12 Months	32.20%	13.77%

75 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in BIV	Overlap
AGO	B	0.24%	0.01%	0.01%
AIZ	A	0.17%	0.01%	0.01%
ALLE	A	0.17%	0.01%	0.01%
AMG	B	0.23%	0.02%	0.02%
AMH	D	0.26%	0.01%	0.01%
AN	C	0.27%	0.01%	0.01%
ARW	C	0.22%	0.01%	0.01%
AXS	A	0.01%	0.01%	0.01%
AYI	A	0.31%	0.01%	0.01%
BC	D	0.1%	0.02%	0.02%
BDN	A	0.0%	0.01%	0.0%
BERY	C	0.11%	0.01%	0.01%
BKH	C	0.01%	0.01%	0.01%
BKU	D	0.0%	0.01%	0.0%
BRX	C	0.37%	0.01%	0.01%
CBT	B	0.13%	0.01%	0.01%
CMA	C	0.0%	0.01%	0.0%
CNO	C	0.15%	0.02%	0.02%
CSL	A	0.42%	0.01%	0.01%
CUBE	C	0.13%	0.01%	0.01%
EPR	C	0.02%	0.01%	0.01%
FAF	B	0.17%	0.01%	0.01%
FLEX	C	0.29%	0.01%	0.01%
FLO	D	0.07%	0.01%	0.01%
GLPI	A	0.2%	0.01%	0.01%
HAS	A	0.23%	0.01%	0.01%
HIW	C	0.2%	0.01%	0.01%
HP	F	0.09%	0.01%	0.01%
HPP	F	0.0%	0.01%	0.0%
HRB	C	0.45%	0.01%	0.01%
HUN	B	0.13%	0.01%	0.01%
JBL	D	0.55%	0.01%	0.01%
JEF	A	0.34%	0.01%	0.01%
KIM	C	0.15%	0.01%	0.01%
KRC	C	0.13%	0.01%	0.01%
KRG	C	0.17%	0.01%	0.01%
KSS	D	0.1%	0.01%	0.01%
LAZ	C	0.1%	0.01%	0.01%
LXP	D	0.08%	0.01%	0.01%
MCY	B	0.05%	0.01%	0.01%
NFG	A	0.13%	0.01%	0.01%
NHI	C	0.05%	0.01%	0.01%
NNN	A	0.12%	0.01%	0.01%
NOV	F	0.13%	0.01%	0.01%
NVT	D	0.5%	0.01%	0.01%
OC	C	0.17%	0.01%	0.01%
OGE	A	0.13%	0.01%	0.01%
OGS	C	0.14%	0.01%	0.01%
OHI	C	0.1%	0.01%	0.01%
OPI	F	0.04%	0.01%	0.01%
PDM	C	0.18%	0.01%	0.01%
R	C	0.26%	0.01%	0.01%
RL	B	0.15%	0.02%	0.02%
RNR	A	0.23%	0.01%	0.01%
RPM	A	0.21%	0.01%	0.01%
RS	D	0.48%	0.01%	0.01%
RYN	C	0.07%	0.01%	0.01%
SAFE	C	0.02%	0.01%	0.01%
SCS	D	0.08%	0.01%	0.01%
SF	A	0.15%	0.01%	0.01%
SITC	F	0.09%	0.01%	0.01%
SKT	A	0.23%	0.01%	0.01%
SON	D	0.11%	0.01%	0.01%
SWX	C	0.01%	0.01%	0.01%
TKR	D	0.2%	0.01%	0.01%
UNM	A	0.0%	0.01%	0.0%
VFC	B	0.08%	0.01%	0.01%
VNO	A	0.4%	0.01%	0.01%
VNT	F	0.05%	0.01%	0.01%
VOYA	A	0.17%	0.01%	0.01%
WBA	F	0.06%	0.01%	0.01%
WBS	D	0.04%	0.01%	0.01%
WTFC	D	0.02%	0.01%	0.01%
XRAY	D	0.31%	0.02%	0.02%
ZION	D	0.2%	0.01%	0.01%

SMLF Overweight 740 Positions Relative to BIV

Symbol	Grade	Weight
EME	C	0.84%
EVR	C	0.72%
APP	A	0.7%
DECK	B	0.68%
BPOP	D	0.57%
MANH	C	0.53%
WSM	B	0.52%
NTNX	C	0.5%
SFM	A	0.48%
ALSN	A	0.48%
WING	B	0.47%
SLG	C	0.46%
AXON	A	0.45%
IDA	C	0.43%
DKS	D	0.42%
MLI	C	0.41%
LPX	A	0.41%
FIX	A	0.41%
ORI	B	0.41%
CNM	F	0.41%
MSTR	B	0.41%
MEDP	F	0.4%
DUOL	B	0.4%
IOT	C	0.4%
COOP	B	0.4%
AM	A	0.39%
COCO	C	0.39%
PCOR	D	0.38%
IBKR	A	0.37%
LBRDA	B	0.37%
WFRD	F	0.37%
UTHR	C	0.37%
LAMR	C	0.36%
FR	C	0.35%
NTRA	A	0.35%
CR	B	0.34%
CHE	C	0.34%
CVNA	A	0.34%
GTLB	D	0.34%
TTEK	B	0.34%
VGR	B	0.33%
SOLV	C	0.33%
THC	C	0.33%
CAVA	C	0.32%
ANF	F	0.32%
EWBC	D	0.32%
ITT	B	0.32%
WSO	C	0.31%
MAC	C	0.31%
WK	D	0.31%
GGG	B	0.31%
SN	B	0.3%
PIPR	B	0.3%
DDS	D	0.3%
ALKS	B	0.3%
PSTG	F	0.3%
SPXC	C	0.3%
CROX	C	0.29%
POWL	A	0.29%
MOD	B	0.29%
OFG	D	0.29%
YOU	C	0.29%
SIG	C	0.28%
GPK	C	0.28%
SMAR	A	0.27%
HALO	D	0.27%
JHG	C	0.27%
ENTG	D	0.27%
TPR	B	0.26%
PRI	A	0.26%
IMKTA	F	0.26%
CHK	D	0.26%
HSII	C	0.26%
LBTYA	A	0.26%
FCNCA	D	0.25%
TPX	C	0.25%
APA	F	0.25%
COKE	B	0.25%
CORT	B	0.25%
LSCC	D	0.25%
BLD	C	0.25%
HURN	D	0.24%
LNTH	C	0.24%
TREX	D	0.24%
UFPI	C	0.24%
STRL	B	0.24%
SMG	A	0.23%
XRX	D	0.23%
BCC	C	0.23%
ETSY	F	0.23%
GAP	F	0.23%
JOE	D	0.23%
W	D	0.23%
INTA	C	0.23%
SRPT	F	0.23%
ESTC	F	0.23%
AXSM	B	0.22%
AZPN	C	0.22%
DNLI	C	0.22%
BBWI	F	0.22%
AGCO	D	0.22%
OVV	F	0.22%
CPRX	C	0.22%
LIVN	B	0.21%
ONTO	B	0.21%
CBSH	D	0.21%
JBSS	F	0.21%
AR	B	0.21%
FBP	D	0.21%
CFR	D	0.21%
GPI	C	0.21%
CW	A	0.21%
ATKR	F	0.2%
RMBS	F	0.2%
SANM	D	0.2%
RRX	C	0.2%
MUR	F	0.2%
EXLS	A	0.2%
NAVI	D	0.2%
AGNC	C	0.19%
HAE	D	0.19%
GES	F	0.19%
RRC	D	0.19%
HOG	D	0.19%
TPG	B	0.19%
EXEL	B	0.19%
MATX	C	0.19%
NDSN	B	0.19%
ELF	F	0.19%
BRKR	D	0.19%
AVNT	C	0.19%
M	F	0.19%
ACM	C	0.19%
TEX	F	0.19%
LNW	F	0.18%
TDOC	D	0.18%
CWEN	C	0.18%
FROG	F	0.18%
WS	D	0.18%
KFRC	F	0.18%
BRC	C	0.18%
KNSL	D	0.18%
PRG	C	0.18%
LUMN	C	0.18%
PRGS	B	0.18%
DCI	B	0.18%
ATI	B	0.17%
RNG	F	0.17%
PI	B	0.17%
VCYT	C	0.17%
PGRE	D	0.17%
PVH	F	0.17%
EXTR	C	0.17%
USFD	C	0.17%
TOL	A	0.17%
ACLS	F	0.17%
WCC	C	0.17%
TTC	D	0.16%
CVCO	B	0.16%
BJ	D	0.16%
SLM	C	0.16%
TOST	C	0.16%
SKY	B	0.16%
IGT	F	0.16%
ESAB	C	0.16%
HLI	C	0.16%
IONS	F	0.16%
PRKS	D	0.16%
SSD	B	0.16%
SPB	C	0.16%
MMYT	D	0.16%
SATS	C	0.16%
RHI	D	0.16%
TPH	C	0.16%
SQSP	A	0.16%
BMI	A	0.16%
DTM	A	0.16%
AMR	F	0.15%
WTM	D	0.15%
NJR	C	0.15%
OMF	F	0.15%
TNL	B	0.15%
ABG	D	0.15%
AY	C	0.15%
NOVT	C	0.15%
ONON	C	0.15%
SPT	F	0.15%
IVT	C	0.15%
ACLX	C	0.15%
GH	F	0.15%
NUVL	B	0.15%
ESI	B	0.15%
TNET	F	0.14%
CMC	D	0.14%
ODP	F	0.14%
BSY	D	0.14%
NSP	F	0.14%
MMSI	C	0.14%
SCI	C	0.14%
GME	F	0.14%
UA	B	0.14%
CRUS	D	0.14%
LRN	C	0.14%
BL	D	0.14%
RGLD	C	0.14%
INSP	B	0.14%
FYBR	C	0.14%
SBGI	B	0.14%
SRCE	D	0.14%
ENSG	D	0.14%
SPSC	D	0.13%
HOV	D	0.13%
BRZE	F	0.13%
YEXT	B	0.13%
VECO	F	0.13%
VSTO	D	0.13%
BPMC	F	0.13%
GNRC	B	0.13%
WTS	C	0.13%
NYT	A	0.13%
RYAN	A	0.13%
GOLF	F	0.13%
SSTK	F	0.13%
FTAI	A	0.13%
DOCS	A	0.13%
IPAR	D	0.13%
BLKB	C	0.13%
MFA	C	0.13%
KBR	C	0.13%
THO	B	0.13%
GATX	F	0.13%
XPO	F	0.13%
WMS	D	0.13%
VMI	B	0.13%
XNCR	D	0.13%
AA	B	0.13%
GFF	C	0.12%
OLN	D	0.12%
BKE	D	0.12%
CHX	D	0.12%
VRNS	C	0.12%
BWXT	A	0.12%
PCTY	B	0.12%
ALX	C	0.12%
SFBS	D	0.12%
KAI	C	0.12%
UMBF	C	0.12%
QLYS	F	0.12%
LILA	B	0.12%
BANF	D	0.12%
AWR	A	0.12%
BCRX	D	0.12%
MAT	D	0.12%
ACCO	C	0.12%
WAFD	D	0.12%
DFIN	C	0.12%
WEN	D	0.12%
SR	C	0.12%
PTEN	F	0.11%
NTCT	B	0.11%
KLIC	D	0.11%
VSH	F	0.11%
ACAD	F	0.11%
EXPI	C	0.11%
PNM	B	0.11%
AIT	B	0.11%
CMPR	F	0.11%
WH	C	0.11%
AROC	B	0.11%
BAND	D	0.11%
SYNA	D	0.11%
PARA	F	0.11%
CYTK	F	0.11%
UGI	C	0.11%
INSM	D	0.11%
ICFI	C	0.11%
PCVX	B	0.11%
COUR	F	0.11%
OPCH	F	0.11%
OSCR	C	0.11%
EXPO	A	0.11%
WEX	C	0.11%
HTH	D	0.11%
NSSC	F	0.1%
MTRN	F	0.1%
AAN	C	0.1%
UPBD	F	0.1%
CARG	C	0.1%
TMHC	C	0.1%
INVA	B	0.1%
SAIA	D	0.1%
FHI	C	0.1%
BASE	F	0.1%
WSC	D	0.1%
APOG	B	0.1%
MTG	B	0.1%
NYCB	D	0.1%
WAL	C	0.1%
KW	B	0.1%
MATV	F	0.1%
IVZ	A	0.1%
SWN	D	0.1%
X	F	0.1%
LSTR	D	0.1%
EGP	D	0.1%
OII	D	0.1%
VMEO	C	0.1%
RDDT	B	0.1%
LOVE	C	0.1%
APG	F	0.09%
BDC	B	0.09%
MPW	C	0.09%
CACC	F	0.09%
LBTYK	A	0.09%
HASI	C	0.09%
EEFT	F	0.09%
NSIT	B	0.09%
YETI	B	0.09%
BECN	F	0.09%
ALIT	D	0.09%
JACK	F	0.09%
DNOW	F	0.09%
CXT	F	0.09%
CRC	B	0.09%
CAL	F	0.09%
MIDD	D	0.09%
ACA	C	0.09%
CRS	C	0.09%
MTN	D	0.09%
PLUS	C	0.09%
HIMS	B	0.09%
MCB	B	0.09%
CHDN	D	0.09%
IBOC	D	0.09%
AGM	F	0.09%
LYFT	D	0.08%
TENB	F	0.08%
HI	F	0.08%
ASO	D	0.08%
AMPH	C	0.08%
LZ	F	0.08%
FLR	D	0.08%
GMS	C	0.08%
CRDO	B	0.08%
WNC	F	0.08%
CARS	F	0.08%
BCO	C	0.08%
CAR	D	0.08%
FLNC	C	0.08%
PD	F	0.08%
LGND	D	0.08%
NXST	D	0.08%
PBH	D	0.08%
ILPT	D	0.08%
MTSI	B	0.08%
ATEN	B	0.08%
PNFP	D	0.08%
PLNT	B	0.08%
CSWI	B	0.08%
DVAX	D	0.08%
ASB	F	0.08%
MKSI	F	0.08%
PHIN	C	0.08%
BOX	C	0.08%
KN	C	0.08%
CUBI	F	0.08%
CUZ	C	0.08%
VC	F	0.08%
VERA	C	0.08%
MDGL	F	0.08%
TGNA	B	0.08%
RGEN	F	0.08%
ELAN	D	0.08%
ASH	F	0.08%
WOR	F	0.08%
MRC	D	0.08%
ALV	F	0.08%
ADEA	C	0.07%
CLH	C	0.07%
CEIX	B	0.07%
OXM	F	0.07%
TNC	F	0.07%
SNEX	C	0.07%
BLMN	F	0.07%
OTTR	F	0.07%
GCO	F	0.07%
TXRH	A	0.07%
APPF	C	0.07%
PEGA	B	0.07%
AZEK	C	0.07%
UVV	D	0.07%
EIG	B	0.07%
ANAB	D	0.07%
WLY	A	0.07%
SANA	F	0.07%
SM	F	0.07%
HWC	D	0.07%
ANGI	D	0.07%
HE	F	0.07%
EQC	D	0.07%
HOUS	D	0.07%
GKOS	B	0.07%
DH	F	0.07%
FHB	D	0.07%
DLX	F	0.07%
RIG	F	0.07%
MASI	B	0.07%
CXW	F	0.07%
AIV	C	0.07%
VIR	F	0.07%
KNF	C	0.07%
CNMD	D	0.07%
VKTX	C	0.07%
SFL	D	0.07%
NTB	D	0.07%
MED	F	0.07%
CVLT	C	0.07%
OZK	F	0.07%
UNIT	B	0.07%
ACHC	F	0.07%
WYNN	B	0.07%
COTY	F	0.07%
IDCC	A	0.07%
POR	C	0.07%
HEES	D	0.07%
PK	D	0.06%
GPMT	D	0.06%
TRN	C	0.06%
MERC	D	0.06%
FN	B	0.06%
NVST	D	0.06%
YELP	D	0.06%
APLS	F	0.06%
CENTA	F	0.06%
AGX	A	0.06%
PEN	D	0.06%
HCC	B	0.06%
CASY	D	0.06%
VAC	D	0.06%
LFUS	C	0.06%
FIVN	F	0.06%
NXT	F	0.06%
OMI	F	0.06%
AMLX	D	0.06%
MDU	C	0.06%
AMN	F	0.06%
GEO	F	0.06%
HWKN	A	0.06%
AEO	B	0.06%
NBR	F	0.06%
LADR	D	0.06%
DOMO	F	0.06%
AMRX	B	0.06%
ADMA	C	0.06%
CC	D	0.06%
NARI	F	0.06%
AMPL	D	0.06%
EPAC	C	0.06%
STWD	C	0.06%
AVDX	F	0.05%
ITGR	C	0.05%
PFSI	C	0.05%
RCUS	F	0.05%
OLED	C	0.05%
ITRI	C	0.05%
MAN	D	0.05%
BKD	D	0.05%
ASAN	F	0.05%
BCPC	C	0.05%
ACI	F	0.05%
AVAV	B	0.05%
EHC	B	0.05%
BEAM	F	0.05%
AMBC	F	0.05%
CTBI	D	0.05%
CERS	F	0.05%
RKT	C	0.05%
CNX	A	0.05%
WTTR	C	0.05%
FOLD	F	0.05%
ITCI	D	0.05%
BRBR	C	0.05%
LPG	F	0.05%
S	C	0.05%
LECO	D	0.05%
ZIP	D	0.05%
KOS	F	0.05%
SMTC	C	0.05%
MMS	B	0.05%
AFRM	C	0.05%
EYPT	F	0.05%
CELH	F	0.05%
PATH	D	0.05%
WGO	D	0.05%
RUSHA	D	0.05%
FUN	F	0.05%
IBP	B	0.05%
THR	F	0.05%
SITE	D	0.05%
PZZA	D	0.05%
KD	F	0.05%
IRTC	F	0.05%
MDXG	F	0.04%
CLVT	D	0.04%
OI	D	0.04%
SPRY	B	0.04%
FHN	D	0.04%
ACCD	F	0.04%
SLAB	D	0.04%
QDEL	D	0.04%
DIN	D	0.04%
TARS	C	0.04%
TILE	C	0.04%
TDS	B	0.04%
CGEM	F	0.04%
SOFI	C	0.04%
SAH	D	0.04%
ARRY	F	0.04%
CFFN	D	0.04%
SNV	D	0.04%
DAWN	D	0.04%
AGYS	D	0.04%
PRGO	F	0.04%
OUT	C	0.04%
IVR	C	0.04%
RDFN	C	0.04%
AGS	B	0.04%
HSTM	B	0.04%
HELE	D	0.04%
NATL	D	0.04%
SNBR	C	0.04%
EVH	D	0.04%
SVC	F	0.04%
AVXL	D	0.04%
VITL	B	0.04%
NRC	F	0.04%
FFIN	D	0.04%
HLF	F	0.04%
KREF	C	0.04%
STAG	D	0.04%
FCN	C	0.04%
KLG	D	0.04%
ENS	D	0.04%
ROKU	C	0.04%
IOSP	F	0.04%
CVI	F	0.04%
SONO	D	0.04%
GIII	C	0.03%
WD	C	0.03%
QRTEA	F	0.03%
RYI	F	0.03%
MOG.A	A	0.03%
ARCB	D	0.03%
TSE	B	0.03%
ALRM	F	0.03%
DAN	D	0.03%
CIEN	A	0.03%
VNDA	F	0.03%
TCBI	C	0.03%
OFIX	D	0.03%
ATRC	C	0.03%
NX	F	0.03%
DNB	D	0.03%
VIRT	B	0.03%
MGNI	D	0.03%
ARCH	D	0.03%
ADT	D	0.03%
SNDX	F	0.03%
OPEN	F	0.03%
BILL	D	0.03%
EVTC	D	0.03%
CHRD	F	0.03%
LTH	C	0.03%
RGNX	F	0.03%
EMBC	F	0.03%
REVG	D	0.03%
SGH	D	0.03%
TWO	D	0.03%
JELD	D	0.03%
SWIM	B	0.03%
PDCO	F	0.03%
BRSP	D	0.03%
UDMY	F	0.03%
CHWY	C	0.03%
TLRY	F	0.03%
TPB	A	0.03%
DBI	F	0.03%
XHR	B	0.03%
HNI	B	0.03%
RLI	A	0.03%
FLYW	F	0.03%
IDT	C	0.03%
BBIO	F	0.03%
QXO	F	0.03%
CORZ	C	0.03%
RPD	D	0.03%
FL	F	0.03%
RVMD	B	0.03%
CNS	C	0.03%
CALX	C	0.03%
CDP	A	0.03%
UVE	C	0.03%
ARWR	F	0.03%
PRO	F	0.02%
ERAS	D	0.02%
OSUR	F	0.02%
NTLA	F	0.02%
OSIS	B	0.02%
SHO	D	0.02%
MSM	D	0.02%
RAMP	F	0.02%
KVYO	B	0.02%
KRNY	C	0.02%
BMBL	F	0.02%
SLVM	C	0.02%
CACI	A	0.02%
WOOF	A	0.02%
HMST	B	0.02%
OLPX	C	0.02%
NWL	D	0.02%
KFY	C	0.02%
HAIN	B	0.02%
PII	D	0.02%
VSTS	D	0.02%
BRY	F	0.02%
MTW	F	0.02%
EDR	A	0.02%
LMAT	B	0.02%
GPRO	D	0.02%
DYN	D	0.02%
MSA	F	0.02%
EVRI	A	0.02%
PR	F	0.02%
ARCT	D	0.02%
NUS	F	0.02%
IRWD	F	0.02%
RLJ	D	0.02%
DOCN	C	0.02%
PTCT	C	0.02%
FSS	B	0.02%
AKRO	C	0.02%
CNDT	B	0.02%
TGTX	C	0.02%
DY	C	0.02%
PBF	F	0.02%
JANX	D	0.02%
SUPN	D	0.02%
CRSP	F	0.02%
GMED	D	0.02%
LANC	F	0.02%
ALHC	B	0.02%
VCEL	F	0.02%
VIAV	B	0.02%
AXTA	C	0.02%
IESC	B	0.02%
USNA	F	0.02%
AMCX	F	0.02%
CWK	C	0.01%
SFIX	F	0.01%
RBRK	F	0.01%
JOBY	D	0.01%
ZUO	F	0.01%
DINO	F	0.01%
MITK	F	0.01%
VAL	F	0.01%
PGEN	F	0.01%
AIN	F	0.01%
TTGT	F	0.01%
SWI	C	0.01%
ARR	D	0.01%
OMER	D	0.01%
BIGC	F	0.01%
GO	F	0.01%
CRAI	C	0.01%
PCH	C	0.01%
EPC	F	0.01%
PEB	D	0.01%
POWI	F	0.01%
FLWS	F	0.01%
OIS	F	0.01%
TDC	D	0.01%
ALGM	F	0.01%
ENVA	D	0.01%
JAMF	F	0.01%
HQY	C	0.01%
CAKE	A	0.01%
UTL	C	0.01%
UPWK	D	0.01%
WTI	D	0.01%
MBC	C	0.01%
VRE	C	0.01%
NWN	C	0.01%
TR	D	0.01%
NGVT	D	0.01%
HTZ	F	0.01%
BSIG	D	0.01%
PYCR	D	0.01%
ROIV	D	0.01%
HCAT	C	0.01%
SWTX	F	0.01%
ENR	B	0.01%
STGW	B	0.01%
MLAB	B	0.01%
ALAB	D	0.01%
GEF	D	0.01%
GWRE	A	0.01%
BYD	C	0.01%
UNFI	B	0.01%
XPRO	F	0.01%
NFBK	D	0.01%
KALU	D	0.01%
MBLY	F	0.01%
RHP	C	0.01%
NEXA	B	0.01%
ASGN	D	0.01%
AEIS	F	0.01%
RXT	C	0.01%
HXL	F	0.01%
SSB	C	0.01%
HYFM	D	0.0%
CHCO	D	0.0%
BFH	D	0.0%
MC	C	0.0%
SEE	C	0.0%
EGBN	B	0.0%
GDOT	C	0.0%
NBTB	D	0.0%
CVBF	B	0.0%
RDN	D	0.0%
FULT	D	0.0%
BOH	D	0.0%
JXN	A	0.0%
TRMK	D	0.0%
DEI	A	0.0%
GNW	C	0.0%
PFBC	D	0.0%
CASH	D	0.0%
TBBK	C	0.0%
AX	D	0.0%
PRDO	D	0.0%

SMLF Underweight 409 Positions Relative to BIV

Symbol	Grade	Weight
WIT	C	-0.35%
DT	C	-0.11%
MSFT	D	-0.1%
AXP	A	-0.05%
DD	B	-0.05%
ABBV	A	-0.05%
BIIB	F	-0.04%
MS	B	-0.04%
WFC	D	-0.04%
TMUS	A	-0.04%
CB	A	-0.03%
KOF	D	-0.03%
DLTR	F	-0.03%
SLB	D	-0.03%
RJF	B	-0.03%
CAH	B	-0.03%
BWA	B	-0.03%
BMO	B	-0.03%
ESGR	D	-0.03%
NOW	C	-0.03%
TSN	D	-0.03%
NVDA	C	-0.03%
BABA	A	-0.03%
LVS	B	-0.02%
NI	A	-0.02%
LRCX	D	-0.02%
LMT	A	-0.02%
MRO	D	-0.02%
INVH	D	-0.02%
KLAC	B	-0.02%
EOG	B	-0.02%
EBAY	A	-0.02%
CTAS	B	-0.02%
BR	B	-0.02%
ADI	C	-0.02%
CPB	D	-0.02%
UHS	D	-0.02%
QRVO	F	-0.02%
MOS	D	-0.02%
MET	A	-0.02%
LDOS	A	-0.02%
MTB	C	-0.02%
HST	D	-0.02%
HPQ	C	-0.02%
HIG	A	-0.02%
HAL	F	-0.02%
EFX	C	-0.02%
DAL	C	-0.02%
EA	D	-0.02%
DXC	D	-0.02%
DOX	B	-0.02%
ETN	C	-0.02%
ADP	A	-0.02%
ADM	D	-0.02%
CHRW	A	-0.02%
ARCC	A	-0.02%
AAP	F	-0.02%
TEL	D	-0.02%
SYK	C	-0.02%
SYF	B	-0.02%
VRSN	B	-0.02%
ZBH	F	-0.02%
TRMB	B	-0.02%
PGR	C	-0.02%
DOC	C	-0.02%
REGN	D	-0.02%
ADBE	F	-0.02%
MCD	A	-0.02%
DLR	C	-0.02%
NEM	C	-0.02%
MU	D	-0.02%
GSK	F	-0.02%
WAB	A	-0.02%
WY	B	-0.02%
PH	A	-0.02%
EXPE	B	-0.02%
GD	A	-0.02%
PYPL	C	-0.02%
CHTR	D	-0.02%
CRM	B	-0.02%
DFS	C	-0.02%
CAG	D	-0.02%
SYY	B	-0.02%
MPLX	A	-0.02%
VTRS	D	-0.02%
ET	C	-0.02%
MMC	D	-0.02%
BSX	A	-0.02%
GOOGL	B	-0.02%
QCOM	D	-0.02%
NWG	D	-0.02%
MRK	F	-0.02%
HCA	B	-0.02%
FOXA	A	-0.02%
CARR	A	-0.02%
NOC	B	-0.02%
GE	C	-0.02%
VOD	C	-0.02%
MUFG	D	-0.02%
AMZN	C	-0.02%
ROST	C	-0.01%
PWR	B	-0.01%
REXR	D	-0.01%
SAVE	F	-0.01%
GBDC	B	-0.01%
AVT	C	-0.01%
CHD	C	-0.01%
CE	D	-0.01%
THG	C	-0.01%
TME	B	-0.01%
NDAQ	C	-0.01%
IFF	C	-0.01%
L	D	-0.01%
JCI	B	-0.01%
KMT	C	-0.01%
KMPR	D	-0.01%
EPRT	C	-0.01%
WU	D	-0.01%
WLK	C	-0.01%
PNW	A	-0.01%
SNA	A	-0.01%
PSEC	C	-0.01%
DOV	C	-0.01%
AFG	C	-0.01%
APTV	D	-0.01%
LII	C	-0.01%
OCSL	D	-0.01%
MDT	B	-0.01%
MP	B	-0.01%
EMN	C	-0.01%
FSK	A	-0.01%
OSK	F	-0.01%
MKL	C	-0.01%
BEN	F	-0.01%
WEC	A	-0.01%
WB	B	-0.01%
VRSK	D	-0.01%
WPC	C	-0.01%
PKG	C	-0.01%
PHM	A	-0.01%
PFG	C	-0.01%
PPG	D	-0.01%
SNX	C	-0.01%
FMC	B	-0.01%
FLS	A	-0.01%
EW	F	-0.01%
BBY	B	-0.01%
ALL	B	-0.01%
BAX	D	-0.01%
CMI	B	-0.01%
CME	A	-0.01%
AVB	C	-0.01%
AGR	C	-0.01%
ATO	A	-0.01%
CINF	A	-0.01%
AEE	A	-0.01%
ADC	B	-0.01%
ACGL	A	-0.01%
AAT	C	-0.01%
MCO	D	-0.01%
NUE	D	-0.01%
GPC	D	-0.01%
GP	D	-0.01%
HR	D	-0.01%
INTU	F	-0.01%
GILD	A	-0.01%
JD	B	-0.01%
IEX	D	-0.01%
GXO	D	-0.01%
DHR	C	-0.01%
DHI	C	-0.01%
FTNT	A	-0.01%
FRT	D	-0.01%
STE	D	-0.01%
WTRG	D	-0.01%
ROK	D	-0.01%
RF	C	-0.01%
SBRA	C	-0.01%
REG	C	-0.01%
PRE	F	-0.01%
MAS	A	-0.01%
NEU	F	-0.01%
MLM	D	-0.01%
MHK	B	-0.01%
LIN	B	-0.01%
CNH	B	-0.01%
BRO	A	-0.01%
BNS	C	-0.01%
AAL	D	-0.01%
AMCR	B	-0.01%
CP	C	-0.01%
UDR	C	-0.01%
TD	C	-0.01%
TSCO	A	-0.01%
SWKS	F	-0.01%
XYL	C	-0.01%
VMC	D	-0.01%
KEX	C	-0.01%
ITW	A	-0.01%
HUBB	A	-0.01%
HSY	D	-0.01%
JNPR	B	-0.01%
ILMN	B	-0.01%
EIX	A	-0.01%
DVN	F	-0.01%
CTVA	A	-0.01%
EXR	C	-0.01%
DRI	C	-0.01%
DSS	F	-0.01%
LLY	D	-0.01%
LEG	D	-0.01%
NVR	A	-0.01%
MRVL	C	-0.01%
NSC	C	-0.01%
MAA	C	-0.01%
ORLY	A	-0.01%
LNT	A	-0.01%
OMC	C	-0.01%
NTRS	C	-0.01%
KEYS	B	-0.01%
K	B	-0.01%
IPG	C	-0.01%
INGR	A	-0.01%
HII	F	-0.01%
HBAN	D	-0.01%
KR	C	-0.01%
EMR	B	-0.01%
DGX	B	-0.01%
DE	A	-0.01%
ED	A	-0.01%
DOW	B	-0.01%
FITB	C	-0.01%
AL	D	-0.01%
CNP	B	-0.01%
CMS	A	-0.01%
AVY	C	-0.01%
ADSK	B	-0.01%
CFG	D	-0.01%
BIDU	B	-0.01%
APD	C	-0.01%
UPS	D	-0.01%
TGT	C	-0.01%
WELL	C	-0.01%
TXT	F	-0.01%
TT	A	-0.01%
SUI	D	-0.01%
TJX	C	-0.01%
WM	B	-0.01%
PM	C	-0.01%
SJM	C	-0.01%
RPRX	B	-0.01%
ROP	C	-0.01%
PSA	C	-0.01%
SO	A	-0.01%
LNC	D	-0.01%
LH	D	-0.01%
LEA	F	-0.01%
NTAP	D	-0.01%
MPC	F	-0.01%
KEY	C	-0.01%
HUM	F	-0.01%
GL	C	-0.01%
H	C	-0.01%
KMB	B	-0.01%
ESS	C	-0.01%
ES	C	-0.01%
EQR	C	-0.01%
EL	D	-0.01%
FNF	A	-0.01%
EVRG	C	-0.01%
ETR	A	-0.01%
AZO	D	-0.01%
CNA	D	-0.01%
AWK	B	-0.01%
CLX	B	-0.01%
AES	B	-0.01%
A	B	-0.01%
BG	F	-0.01%
CBOE	A	-0.01%
TXN	C	-0.01%
VTR	C	-0.01%
SWK	A	-0.01%
ZTS	C	-0.01%
STLD	B	-0.01%
PSX	D	-0.01%
RGA	C	-0.01%
SPGI	C	-0.01%
AZN	D	-0.01%
AFL	A	-0.01%
AER	D	-0.01%
BLK	A	-0.01%
BK	C	-0.01%
BHF	F	-0.01%
APH	D	-0.01%
CCI	C	-0.01%
AMAT	B	-0.01%
LEN	B	-0.01%
MSI	A	-0.01%
GPN	F	-0.01%
GIS	C	-0.01%
ICE	A	-0.01%
EQNR	D	-0.01%
EQIX	B	-0.01%
FDX	D	-0.01%
ECL	B	-0.01%
NKE	D	-0.01%
PAA	D	-0.01%
MKC	C	-0.01%
MA	A	-0.01%
LYB	D	-0.01%
MMM	C	-0.01%
O	A	-0.01%
NXPI	F	-0.01%
HRL	F	-0.01%
UNP	D	-0.01%
TDY	A	-0.01%
STT	C	-0.01%
VLO	F	-0.01%
TMO	C	-0.01%
WRK	C	-0.01%
WHR	B	-0.01%
PLD	D	-0.01%
RSG	D	-0.01%
PG	C	-0.01%
FANG	D	-0.01%
CSX	D	-0.01%
BXP	C	-0.01%
XEL	A	-0.01%
SRE	A	-0.01%
PRU	C	-0.01%
PEG	A	-0.01%
SBUX	B	-0.01%
SPG	A	-0.01%
AEP	C	-0.01%
AON	A	-0.01%
GM	D	-0.01%
EQH	C	-0.01%
DTE	A	-0.01%
FIS	C	-0.01%
CAT	A	-0.01%
STZ	B	-0.01%
EPD	A	-0.01%
DG	F	-0.01%
DB	C	-0.01%
COF	C	-0.01%
MO	D	-0.01%
OTIS	A	-0.01%
OKE	B	-0.01%
LHX	A	-0.01%
MDLZ	C	-0.01%
KDP	C	-0.01%
WMB	A	-0.01%
V	C	-0.01%
SHW	B	-0.01%
PEP	D	-0.01%
DUK	A	-0.01%
EXC	A	-0.01%
AMT	C	-0.01%
COP	D	-0.01%
USB	C	-0.01%
HON	C	-0.01%
JNJ	D	-0.01%
HD	A	-0.01%
D	A	-0.01%
CVX	B	-0.01%
MAR	B	-0.01%
LUV	B	-0.01%
CPT	C	-0.01%
AMGN	D	-0.01%
TFC	D	-0.01%
PFE	D	-0.01%
SCHW	D	-0.01%
BKNG	C	-0.01%
ARE	D	-0.01%
ABT	B	-0.01%
INTC	D	-0.01%
HES	D	-0.01%
KO	C	-0.01%
PNC	C	-0.01%
DIS	D	-0.01%
LOW	A	-0.01%
UNH	B	-0.01%
AIG	F	-0.01%
KMI	A	-0.01%
WMT	A	-0.01%
AAPL	C	-0.01%
BDX	B	-0.01%
DELL	C	-0.01%
NEE	A	-0.01%
XOM	A	-0.01%
CI	D	-0.01%
COST	C	-0.01%
RTX	A	-0.01%
IBM	B	-0.01%
UAL	B	-0.01%
ORCL	B	-0.01%
PCG	B	-0.01%
AVGO	C	-0.01%
CVS	D	-0.01%
GS	C	-0.01%
T	A	-0.01%
JPM	D	-0.01%
HSBC	B	-0.01%
VZ	A	-0.01%
BMY	B	-0.01%
CMCSA	B	-0.01%
BA	F	-0.01%
C	B	-0.01%
BAC	D	-0.01%