SMLF vs. BTAL ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

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

$73.06

Average Daily Volume

71,849

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.01

Average Daily Volume

445,126

Number of Holdings ^*

392

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	BTAL
30 Days	10.53%	-4.57%
60 Days	10.49%	-3.16%
90 Days	11.95%	-3.70%
12 Months	40.74%	-6.81%

127 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in BTAL	Overlap
AA	B	0.13%	-0.56%	-0.56%
AFRM	B	0.07%	-0.84%	-0.84%
AGNC	D	0.16%	-0.41%	-0.41%
AIZ	A	0.17%	0.48%	0.17%
ALSN	B	0.56%	0.56%	0.56%
APG	B	0.09%	-0.44%	-0.44%
AR	B	0.21%	-0.53%	-0.53%
ARW	D	0.18%	0.37%	0.18%
ARWR	F	0.04%	-0.35%	-0.35%
ASGN	F	0.01%	0.39%	0.01%
AXON	A	0.66%	-0.74%	-0.74%
AXS	A	0.01%	0.48%	0.01%
AXTA	A	0.03%	-0.49%	-0.49%
BBWI	D	0.2%	-0.44%	-0.44%
BILL	A	0.04%	0.68%	0.04%
BLD	D	0.21%	-0.4%	-0.4%
BRZE	C	0.13%	-0.33%	-0.33%
BWXT	B	0.13%	0.53%	0.13%
CACI	D	0.02%	0.42%	0.02%
CAR	C	0.09%	-0.51%	-0.51%
CC	C	0.06%	-0.43%	-0.43%
CDP	C	0.03%	0.44%	0.03%
CELH	F	0.04%	-0.29%	-0.29%
CHE	D	0.3%	0.4%	0.3%
CHX	C	0.11%	-0.42%	-0.42%
CLH	B	0.07%	0.43%	0.07%
CMA	A	0.0%	-0.54%	-0.54%
CNM	D	0.36%	-0.38%	-0.38%
COTY	F	0.06%	-0.33%	-0.33%
CRSP	D	0.02%	-0.43%	-0.43%
CVNA	B	0.46%	-0.68%	-0.68%
CW	B	0.23%	0.47%	0.23%
CWEN	C	0.15%	-0.42%	-0.42%
CXT	B	0.09%	0.42%	0.09%
DECK	A	0.72%	0.44%	0.44%
DINO	D	0.01%	-0.39%	-0.39%
DKS	C	0.38%	-0.37%	-0.37%
DNLI	D	0.2%	-0.42%	-0.42%
DUOL	A	0.44%	-0.63%	-0.63%
EDR	A	0.02%	0.46%	0.02%
ELAN	D	0.08%	-0.39%	-0.39%
ELF	C	0.2%	-0.35%	-0.35%
FCN	D	0.04%	0.38%	0.04%
FLO	D	0.06%	0.42%	0.06%
FYBR	D	0.13%	-0.53%	-0.53%
GH	B	0.19%	-0.49%	-0.49%
GLPI	C	0.18%	0.42%	0.18%
GME	C	0.16%	-0.56%	-0.56%
GNRC	B	0.15%	-0.51%	-0.51%
HQY	B	0.01%	0.58%	0.01%
HRB	D	0.4%	0.41%	0.4%
IBKR	A	0.45%	0.62%	0.45%
IOT	A	0.41%	-0.52%	-0.52%
ITT	A	0.31%	-0.49%	-0.49%
JHG	A	0.31%	-0.53%	-0.53%
KBR	F	0.12%	0.37%	0.12%
KRC	C	0.12%	-0.46%	-0.46%
KSS	F	0.08%	-0.39%	-0.39%
LAMR	D	0.33%	-0.46%	-0.46%
LPX	B	0.41%	-0.52%	-0.52%
LYFT	C	0.1%	-0.65%	-0.65%
MAN	D	0.04%	0.37%	0.04%
MDU	D	0.04%	0.32%	0.04%
MKSI	C	0.08%	-0.4%	-0.4%
MSA	D	0.02%	0.4%	0.02%
MSM	C	0.02%	0.43%	0.02%
MSTR	C	0.73%	1.19%	0.73%
MUR	D	0.19%	0.37%	0.19%
NTLA	F	0.01%	-0.27%	-0.27%
NTRA	B	0.4%	-0.56%	-0.56%
NVT	B	0.49%	-0.49%	-0.49%
NWL	B	0.02%	0.54%	0.02%
OC	A	0.18%	-0.46%	-0.46%
OHI	C	0.09%	0.43%	0.09%
OPEN	D	0.02%	-0.3%	-0.3%
ORI	A	0.41%	0.46%	0.41%
OZK	B	0.08%	-0.49%	-0.49%
PATH	C	0.05%	-0.43%	-0.43%
PCTY	B	0.14%	0.53%	0.14%
PEN	B	0.07%	-0.52%	-0.52%
PNFP	B	0.1%	-0.55%	-0.55%
POWI	D	0.01%	-0.41%	-0.41%
RGEN	D	0.08%	-0.37%	-0.37%
RIG	D	0.07%	-0.38%	-0.38%
RKT	F	0.03%	-0.29%	-0.29%
RLI	B	0.03%	0.51%	0.03%
RMBS	C	0.24%	-0.51%	-0.51%
RNR	C	0.21%	0.46%	0.21%
ROIV	C	0.01%	-0.41%	-0.41%
ROKU	D	0.04%	-0.47%	-0.47%
RRC	B	0.19%	-0.51%	-0.51%
RYAN	B	0.13%	0.47%	0.13%
RYN	D	0.06%	-0.44%	-0.44%
SAIA	B	0.12%	-0.59%	-0.59%
SEE	C	0.0%	-0.44%	-0.44%
SFM	A	0.6%	0.6%	0.6%
SMG	D	0.19%	-0.46%	-0.46%
SNV	B	0.05%	-0.54%	-0.54%
SOFI	A	0.06%	-0.79%	-0.79%
SRPT	D	0.2%	0.32%	0.2%
SSD	D	0.14%	-0.43%	-0.43%
TDOC	C	0.18%	-0.56%	-0.56%
TGNA	B	0.09%	0.53%	0.09%
THO	B	0.13%	-0.44%	-0.44%
TNET	D	0.13%	0.37%	0.13%
TOL	B	0.16%	-0.47%	-0.47%
TOST	B	0.21%	-0.71%	-0.71%
TPG	A	0.2%	-0.58%	-0.58%
TREX	C	0.24%	-0.45%	-0.45%
TXRH	C	0.07%	0.51%	0.07%
UGI	A	0.1%	-0.44%	-0.44%
UNM	A	0.0%	0.57%	0.0%
USFD	A	0.18%	-0.49%	-0.49%
UTHR	C	0.38%	0.45%	0.38%
VFC	C	0.08%	0.48%	0.08%
VNO	B	0.41%	-0.52%	-0.52%
W	F	0.15%	-0.41%	-0.41%
WAL	B	0.1%	-0.49%	-0.49%
WBA	F	0.05%	-0.4%	-0.4%
WCC	B	0.2%	-0.55%	-0.55%
WEN	D	0.12%	0.46%	0.12%
WH	B	0.12%	0.53%	0.12%
WMS	D	0.1%	-0.37%	-0.37%
WTM	A	0.16%	0.39%	0.16%
X	C	0.1%	0.43%	0.1%
XPO	B	0.17%	-0.54%	-0.54%
ZION	B	0.24%	-0.53%	-0.53%

SMLF Overweight 683 Positions Relative to BTAL

Symbol	Grade	Weight
APP	B	1.49%
EME	C	0.94%
EVR	B	0.81%
NTNX	A	0.56%
JBL	B	0.55%
BPOP	B	0.53%
MANH	D	0.5%
SLG	B	0.49%
MLI	C	0.49%
RS	B	0.49%
IDA	A	0.46%
FIX	A	0.44%
COCO	B	0.43%
WSM	B	0.42%
PCOR	B	0.42%
CSL	C	0.41%
COOP	B	0.41%
JEF	A	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
EWBC	A	0.39%
POWL	C	0.38%
MEDP	D	0.38%
BRX	A	0.37%
AM	A	0.37%
WING	D	0.36%
WFRD	D	0.35%
CR	A	0.35%
AYI	B	0.35%
PIPR	B	0.34%
CAVA	B	0.34%
WK	B	0.34%
HSII	B	0.31%
WSO	A	0.31%
FLEX	A	0.31%
FR	C	0.31%
SOLV	C	0.31%
MAC	B	0.31%
DDS	B	0.31%
THC	D	0.31%
TPR	B	0.3%
ALKS	B	0.3%
SPXC	A	0.3%
CORT	B	0.3%
ANF	C	0.3%
GGG	B	0.3%
EXE	B	0.29%
TTEK	F	0.29%
STRL	B	0.29%
PSTG	D	0.29%
PRI	A	0.28%
R	B	0.28%
AGO	B	0.27%
INTA	A	0.27%
SN	D	0.27%
FCNCA	A	0.27%
SMAR	A	0.26%
ESTC	C	0.26%
SIG	B	0.26%
GPK	C	0.26%
AMH	D	0.25%
OVV	B	0.25%
MOD	A	0.25%
HURN	B	0.25%
CFR	B	0.25%
TPX	B	0.24%
CPRX	C	0.24%
CBSH	A	0.24%
AN	C	0.24%
SKT	B	0.24%
HALO	F	0.24%
EXEL	B	0.24%
IMKTA	C	0.24%
ENTG	D	0.23%
GAP	C	0.23%
LSCC	D	0.23%
AMG	B	0.23%
YOU	D	0.23%
UFPI	B	0.23%
EXLS	B	0.23%
BCC	B	0.22%
SANM	B	0.22%
GPI	A	0.22%
APA	D	0.22%
RPM	A	0.22%
WS	B	0.22%
COKE	C	0.22%
AXSM	B	0.22%
MATX	C	0.21%
AZPN	A	0.21%
ETSY	D	0.2%
LIVN	F	0.2%
RDDT	B	0.2%
XRAY	F	0.2%
ATKR	C	0.2%
RRX	B	0.2%
AGCO	D	0.2%
DTM	B	0.2%
HAE	C	0.2%
LUMN	C	0.2%
TEX	D	0.19%
M	D	0.19%
RNG	B	0.19%
JOE	F	0.19%
CROX	D	0.19%
NAVI	C	0.19%
ACM	A	0.19%
HAS	D	0.19%
HLI	B	0.18%
PRGS	A	0.18%
KNSL	B	0.18%
XRX	F	0.18%
NDSN	B	0.18%
VCYT	B	0.18%
ESAB	B	0.18%
HIW	D	0.18%
FROG	C	0.18%
DCI	B	0.18%
AVNT	B	0.18%
MMYT	B	0.17%
VOYA	B	0.17%
PVH	C	0.17%
ACLX	C	0.17%
TKR	D	0.17%
LNW	D	0.17%
BRC	D	0.17%
LNTH	D	0.17%
PDM	D	0.17%
PRG	C	0.17%
KRG	B	0.17%
RHI	B	0.17%
EXTR	B	0.17%
PRKS	C	0.17%
JBSS	D	0.17%
SF	B	0.17%
KIM	A	0.16%
IVT	B	0.16%
SRCE	B	0.16%
ALLE	D	0.16%
BL	B	0.16%
BMI	B	0.16%
BJ	A	0.16%
SLM	A	0.16%
LRN	A	0.16%
CVCO	A	0.16%
TNL	A	0.16%
CNO	A	0.16%
FAF	A	0.16%
OMF	A	0.16%
PGRE	F	0.16%
KFRC	D	0.16%
GATX	A	0.15%
LBTYA	B	0.15%
SBGI	B	0.15%
HOG	D	0.15%
ONON	A	0.15%
XNCR	B	0.15%
GES	F	0.15%
RL	B	0.15%
ONTO	D	0.15%
VMI	B	0.15%
FTAI	B	0.15%
DOCS	C	0.15%
SPB	C	0.15%
ABG	B	0.15%
SKY	A	0.15%
ESI	A	0.15%
AMR	C	0.14%
UMBF	B	0.14%
RGLD	C	0.14%
ATI	D	0.14%
VSTO	A	0.14%
IGT	F	0.14%
BANF	B	0.14%
MMSI	B	0.14%
NOVT	D	0.14%
IONS	F	0.14%
PI	D	0.14%
CMC	B	0.14%
BRKR	D	0.14%
NJR	A	0.14%
ENSG	D	0.14%
UA	C	0.14%
TTC	D	0.14%
YEXT	A	0.14%
SCI	B	0.14%
AY	B	0.14%
SPT	C	0.14%
TPH	D	0.14%
BLKB	B	0.13%
VMEO	B	0.13%
BPMC	C	0.13%
IPAR	B	0.13%
NFG	A	0.13%
ACCO	C	0.13%
OGS	A	0.13%
GOLF	B	0.13%
KAI	A	0.13%
BDN	C	0.13%
QLYS	C	0.13%
SFBS	B	0.13%
NUVL	D	0.13%
SR	A	0.12%
MAT	D	0.12%
INSP	D	0.12%
AROC	B	0.12%
AWR	B	0.12%
GEO	B	0.12%
BASE	C	0.12%
SATS	D	0.12%
ACLS	F	0.12%
NYT	C	0.12%
OGE	B	0.12%
GFF	A	0.12%
BKE	B	0.12%
NOV	C	0.12%
AIT	A	0.12%
CBT	C	0.12%
BSY	D	0.12%
WAFD	B	0.12%
WTS	B	0.12%
NTCT	C	0.11%
FHI	A	0.11%
CYTK	F	0.11%
TXNM	A	0.11%
LAZ	B	0.11%
IBOC	A	0.11%
PARA	C	0.11%
SSTK	F	0.11%
PTEN	C	0.11%
OII	B	0.11%
DFIN	D	0.11%
LOVE	B	0.11%
CUBE	D	0.11%
MFA	D	0.11%
ACAD	D	0.11%
HTH	B	0.11%
CRUS	D	0.11%
CARG	C	0.11%
SPSC	C	0.11%
BAND	B	0.11%
ODP	F	0.11%
APOG	B	0.11%
CXW	B	0.11%
MCB	B	0.11%
MDGL	B	0.11%
NSP	D	0.11%
BCRX	D	0.11%
KW	B	0.1%
MTRN	C	0.1%
ASB	B	0.1%
CHDN	B	0.1%
HP	B	0.1%
ACA	A	0.1%
DNOW	B	0.1%
BECN	B	0.1%
EXPI	C	0.1%
IVZ	B	0.1%
CRDO	B	0.1%
VECO	F	0.1%
CRC	B	0.1%
LSTR	D	0.1%
NNN	D	0.1%
HUN	F	0.1%
ICFI	F	0.1%
HOV	D	0.1%
SYNA	C	0.1%
ALX	D	0.1%
CMPR	D	0.1%
AGM	C	0.1%
KLIC	B	0.1%
BERY	B	0.1%
INSM	C	0.1%
VRNS	D	0.1%
HIMS	B	0.1%
EEFT	B	0.09%
VSH	D	0.09%
MTSI	B	0.09%
WSC	D	0.09%
PHIN	A	0.09%
JACK	D	0.09%
MRC	B	0.09%
MTN	C	0.09%
PCVX	D	0.09%
HEES	B	0.09%
ATEN	B	0.09%
PBH	A	0.09%
HI	C	0.09%
LGND	B	0.09%
VERA	B	0.09%
LZ	D	0.09%
FLG	C	0.09%
IDCC	A	0.09%
PLNT	A	0.09%
EGP	F	0.09%
BC	C	0.09%
ALIT	C	0.09%
TMHC	B	0.09%
INVA	D	0.09%
MTG	C	0.09%
COUR	F	0.09%
UPBD	B	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
OLN	D	0.09%
WEX	D	0.09%
CUBI	C	0.09%
SON	D	0.09%
CRS	A	0.09%
EXPO	D	0.09%
VC	D	0.08%
FIVN	C	0.08%
TENB	C	0.08%
LILA	D	0.08%
OPCH	D	0.08%
HWC	B	0.08%
CVLT	B	0.08%
VIR	D	0.08%
FLR	B	0.08%
PEGA	A	0.08%
CAL	D	0.08%
SCS	C	0.08%
OSCR	D	0.08%
FHB	A	0.08%
PD	C	0.08%
YETI	C	0.08%
KN	B	0.08%
MASI	A	0.08%
GMS	B	0.08%
WOR	F	0.08%
CACC	D	0.08%
DLX	B	0.08%
BOX	B	0.08%
NSSC	D	0.08%
AGX	B	0.08%
CUZ	B	0.08%
CARS	B	0.08%
MIDD	C	0.08%
BDC	B	0.08%
ALV	C	0.08%
CSWI	A	0.08%
CNMD	C	0.07%
UNIT	B	0.07%
EQC	B	0.07%
DH	D	0.07%
HASI	D	0.07%
AMRX	C	0.07%
EYPT	F	0.07%
WYNN	D	0.07%
MATV	D	0.07%
VAC	B	0.07%
AMPH	D	0.07%
LXP	D	0.07%
POR	C	0.07%
AMPL	C	0.07%
FLNC	C	0.07%
WLY	B	0.07%
NBR	C	0.07%
EPAC	B	0.07%
NTB	B	0.07%
GKOS	B	0.07%
DOMO	C	0.07%
GCO	B	0.07%
ASH	D	0.07%
KNF	A	0.07%
PLUS	F	0.07%
SM	B	0.07%
SNEX	B	0.07%
NARI	C	0.07%
CEIX	A	0.07%
NXST	C	0.07%
WNC	C	0.07%
NVST	B	0.06%
AVXL	B	0.06%
YELP	C	0.06%
OXM	D	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
S	B	0.06%
FN	D	0.06%
TNC	D	0.06%
NXT	C	0.06%
ILPT	D	0.06%
HWKN	B	0.06%
AMCX	C	0.06%
HCC	B	0.06%
CNX	A	0.06%
TRN	C	0.06%
STWD	C	0.06%
MCY	A	0.06%
CTBI	B	0.06%
MPW	F	0.06%
BRBR	A	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
RUSHA	C	0.06%
FUN	C	0.06%
ASO	F	0.06%
LADR	B	0.06%
NSIT	F	0.06%
RDN	C	0.06%
WTTR	B	0.06%
CASY	A	0.06%
IRTC	D	0.06%
ADEA	D	0.06%
BCO	D	0.06%
SFL	D	0.06%
AIV	C	0.06%
ADMA	B	0.06%
APPF	B	0.06%
AZEK	A	0.06%
OTTR	C	0.06%
HE	C	0.06%
UVV	B	0.06%
KD	B	0.06%
MED	F	0.06%
FOLD	F	0.05%
AVAV	D	0.05%
ITGR	B	0.05%
ACI	C	0.05%
FFIN	B	0.05%
CVBF	A	0.05%
SONO	C	0.05%
PZZA	D	0.05%
ITRI	B	0.05%
LBTYK	A	0.05%
EHC	B	0.05%
TILE	B	0.05%
BEAM	D	0.05%
SITE	D	0.05%
CERS	C	0.05%
AEO	F	0.05%
BLMN	F	0.05%
AMBC	C	0.05%
HOUS	D	0.05%
MERC	F	0.05%
KOS	F	0.05%
TARS	B	0.05%
SMTC	B	0.05%
ZIP	F	0.05%
VNT	B	0.05%
THR	B	0.05%
WBS	A	0.05%
APLS	D	0.05%
LFUS	F	0.05%
ASAN	C	0.05%
PK	B	0.05%
MDXG	B	0.05%
WGO	C	0.05%
LECO	B	0.05%
CENTA	C	0.05%
HPP	F	0.04%
STAG	F	0.04%
DAWN	F	0.04%
CORZ	A	0.04%
PFSI	D	0.04%
KREF	D	0.04%
OUT	A	0.04%
DIN	C	0.04%
PRGO	B	0.04%
LPG	F	0.04%
FLYW	C	0.04%
AGS	A	0.04%
IDT	B	0.04%
ENS	D	0.04%
SANA	F	0.04%
TPB	B	0.04%
SAH	A	0.04%
ANAB	F	0.04%
NATL	B	0.04%
HELE	C	0.04%
RVMD	C	0.04%
KLG	C	0.04%
AGYS	A	0.04%
ARRY	C	0.04%
CFFN	B	0.04%
OMI	F	0.04%
HLF	C	0.04%
ANGI	D	0.04%
IBP	D	0.04%
NHI	D	0.04%
ACHC	F	0.04%
HSTM	B	0.04%
MMS	F	0.04%
FHN	A	0.04%
BCPC	B	0.04%
TDS	B	0.04%
IOSP	B	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	0.03%
GMED	A	0.03%
ALHC	C	0.03%
VIAV	B	0.03%
ALRM	C	0.03%
RDFN	D	0.03%
ADT	C	0.03%
MOG.A	B	0.03%
LTH	C	0.03%
CHRD	D	0.03%
SUPN	C	0.03%
FL	F	0.03%
VNDA	C	0.03%
RGNX	F	0.03%
EVTC	B	0.03%
VCEL	B	0.03%
NX	C	0.03%
EMBC	C	0.03%
DNB	B	0.03%
TGTX	B	0.03%
BBIO	F	0.03%
QXO	D	0.03%
OFIX	B	0.03%
XHR	B	0.03%
CIEN	B	0.03%
VIRT	B	0.03%
QDEL	F	0.03%
REVG	B	0.03%
SNBR	F	0.03%
RYI	C	0.03%
CHWY	B	0.03%
IESC	B	0.03%
UDMY	F	0.03%
ARCH	B	0.03%
SLAB	D	0.03%
BRSP	B	0.03%
MGNI	A	0.03%
HNI	B	0.03%
AMN	F	0.03%
ACCD	D	0.03%
VITL	D	0.03%
CGEM	F	0.03%
IVR	F	0.03%
TCBI	B	0.03%
RPD	C	0.03%
SPRY	D	0.03%
ATRC	C	0.03%
CNS	B	0.03%
UVE	B	0.03%
NRC	F	0.03%
OI	C	0.03%
OLED	D	0.03%
BKD	D	0.03%
CVI	F	0.03%
RXT	C	0.02%
ERAS	C	0.02%
WOOF	D	0.02%
SSB	B	0.02%
SLVM	B	0.02%
OSIS	B	0.02%
TSE	F	0.02%
KVYO	C	0.02%
UNFI	A	0.02%
ARCT	F	0.02%
OMER	A	0.02%
VSTS	C	0.02%
BRY	F	0.02%
DYN	F	0.02%
EVH	F	0.02%
PRO	C	0.02%
RAMP	C	0.02%
QRTEA	F	0.02%
GPRO	F	0.02%
SAFE	D	0.02%
KFY	B	0.02%
JELD	F	0.02%
KRNY	B	0.02%
DAN	D	0.02%
DOCN	D	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NUS	D	0.02%
EPR	D	0.02%
BMBL	C	0.02%
OPI	F	0.02%
IRWD	F	0.02%
FSS	B	0.02%
WTFC	A	0.02%
MTW	C	0.02%
DY	D	0.02%
DBI	F	0.02%
LMAT	A	0.02%
CLVT	F	0.02%
PR	B	0.02%
RLJ	C	0.02%
PBF	D	0.02%
TLRY	F	0.02%
SITC	D	0.02%
SVC	F	0.02%
TWO	D	0.02%
CNDT	C	0.02%
SNDX	F	0.02%
WD	D	0.02%
AKRO	B	0.02%
PTCT	B	0.02%
GIII	D	0.02%
USNA	C	0.02%
LANC	C	0.02%
ARCB	C	0.02%
PDCO	D	0.02%
CALX	D	0.02%
CWK	B	0.01%
ALGM	D	0.01%
VAL	D	0.01%
PGEN	F	0.01%
AIN	C	0.01%
ARR	D	0.01%
PEB	D	0.01%
JAMF	F	0.01%
PCH	D	0.01%
EPC	D	0.01%
SFIX	B	0.01%
FLWS	F	0.01%
TDC	D	0.01%
XPRO	F	0.01%
MBC	D	0.01%
BIGC	C	0.01%
MLAB	D	0.01%
GO	C	0.01%
JOBY	B	0.01%
UTL	B	0.01%
WTI	F	0.01%
ZUO	B	0.01%
NWN	A	0.01%
BKH	A	0.01%
CRAI	B	0.01%
SWI	B	0.01%
MITK	C	0.01%
VRE	B	0.01%
TR	B	0.01%
TTGT	C	0.01%
SWX	B	0.01%
HCAT	D	0.01%
OIS	C	0.01%
RBRK	A	0.01%
NGVT	B	0.01%
ENVA	B	0.01%
HMST	D	0.01%
CAKE	C	0.01%
STGW	B	0.01%
OLPX	D	0.01%
ENR	B	0.01%
BSIG	A	0.01%
GEF	A	0.01%
GWRE	A	0.01%
RHP	B	0.01%
PYCR	C	0.01%
HTZ	C	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
HAIN	C	0.01%
SWTX	C	0.01%
KALU	C	0.01%
PII	D	0.01%
NEXA	C	0.01%
BYD	C	0.01%
UPWK	B	0.01%
HXL	D	0.01%
NFBK	B	0.01%
SHO	C	0.01%
AEIS	B	0.01%
MAGN	F	0.0%
BFH	B	0.0%
MC	C	0.0%
CHCO	B	0.0%
GDOT	D	0.0%
NBTB	B	0.0%
EGBN	B	0.0%
FULT	A	0.0%
EIG	B	0.0%
JXN	C	0.0%
BOH	B	0.0%
DEI	B	0.0%
TRMK	B	0.0%
GNW	A	0.0%
PFBC	B	0.0%
CASH	A	0.0%
TBBK	B	0.0%
FBP	B	0.0%
PRDO	B	0.0%
BKU	A	0.0%
AX	A	0.0%
OFG	B	0.0%

SMLF Underweight 265 Positions Relative to BTAL

Symbol	Grade	Weight
LPLA	A	-0.59%
PAYC	B	-0.59%
KMI	A	-0.56%
CFLT	B	-0.56%
SNA	A	-0.55%
BKR	B	-0.53%
MKL	A	-0.53%
TRV	B	-0.52%
FFIV	B	-0.52%
FTNT	C	-0.52%
MSI	B	-0.51%
PCAR	B	-0.51%
MCK	B	-0.51%
THG	A	-0.51%
LNG	B	-0.51%
BMY	B	-0.51%
WELL	A	-0.5%
CHH	A	-0.5%
XEL	A	-0.5%
PNM	F	-0.5%
ORLY	B	-0.5%
T	A	-0.5%
CSCO	B	-0.49%
AEE	A	-0.49%
CINF	A	-0.49%
G	B	-0.49%
TMUS	B	-0.49%
PKG	A	-0.49%
GILD	C	-0.49%
ALL	A	-0.48%
SIGI	C	-0.48%
FOXA	B	-0.48%
RGA	A	-0.48%
VTRS	A	-0.48%
LULU	C	-0.48%
TDY	B	-0.48%
BRO	B	-0.47%
SBRA	C	-0.47%
DBX	B	-0.47%
CHD	B	-0.47%
PAYX	C	-0.47%
GLW	B	-0.47%
CME	A	-0.47%
AON	A	-0.47%
HON	B	-0.47%
HEI	B	-0.47%
KR	B	-0.47%
DRI	B	-0.46%
SLGN	A	-0.46%
LNT	A	-0.46%
CF	B	-0.46%
WEC	A	-0.46%
ADP	B	-0.46%
WRB	A	-0.45%
CB	C	-0.45%
CSX	B	-0.45%
CMG	B	-0.45%
REG	B	-0.45%
AVB	B	-0.45%
ARMK	B	-0.45%
PGR	A	-0.45%
WM	A	-0.45%
IBM	C	-0.45%
HIG	B	-0.45%
COR	B	-0.45%
ADC	B	-0.45%
DGX	A	-0.45%
WTW	B	-0.45%
HPQ	B	-0.45%
L	A	-0.45%
ROP	B	-0.45%
PNW	B	-0.45%
CHRW	C	-0.45%
XOM	B	-0.44%
JAZZ	B	-0.44%
ACN	C	-0.44%
EQR	B	-0.44%
CMS	C	-0.44%
BWA	D	-0.44%
VZ	C	-0.44%
NEU	C	-0.44%
CBOE	B	-0.43%
DOX	D	-0.43%
VRSN	F	-0.43%
UNH	C	-0.43%
DLB	B	-0.43%
ZI	D	-0.43%
CTSH	B	-0.43%
YUM	B	-0.43%
MSFT	F	-0.43%
MUSA	A	-0.43%
DD	D	-0.43%
RTX	C	-0.43%
RSG	A	-0.43%
ELS	C	-0.43%
TJX	A	-0.43%
CCK	C	-0.43%
DUK	C	-0.43%
COLM	B	-0.43%
AVT	C	-0.42%
VICI	C	-0.42%
JNJ	D	-0.42%
MMC	B	-0.42%
ED	D	-0.42%
MCD	D	-0.42%
EG	C	-0.42%
J	F	-0.41%
WPC	D	-0.41%
SNX	C	-0.41%
MKC	D	-0.41%
OLLI	D	-0.41%
GD	F	-0.41%
PAG	B	-0.41%
BG	F	-0.4%
SAIC	F	-0.4%
CI	F	-0.4%
NOC	D	-0.4%
TXT	D	-0.4%
AMCR	D	-0.39%
O	D	-0.39%
JNPR	F	-0.39%
FANG	D	-0.39%
KHC	F	-0.38%
CPB	D	-0.38%
ON	D	-0.38%
ACGL	D	-0.38%
GIS	D	-0.38%
ERIE	D	-0.38%
OXY	D	-0.38%
MOS	F	-0.38%
LMT	D	-0.38%
FMC	D	-0.37%
KO	D	-0.37%
GPC	D	-0.37%
PFE	D	-0.37%
DVN	F	-0.37%
AMGN	D	-0.37%
ST	F	-0.36%
ABBV	D	-0.36%
MOH	F	-0.36%
AKAM	D	-0.36%
NEM	D	-0.35%
MTCH	D	-0.35%
FOXF	F	-0.35%
HUM	C	-0.34%
AZO	C	-0.33%
ELV	F	-0.33%
CNC	D	-0.32%
BMRN	D	-0.29%
AGL	F	-0.16%
SMCI	F	--0.18%
SEDG	F	--0.19%
RUN	F	--0.21%
MRNA	F	--0.22%
CNXC	F	--0.23%
ENPH	F	--0.23%
MPWR	F	--0.24%
CE	F	--0.24%
WOLF	F	--0.25%
TXG	F	--0.26%
RIVN	F	--0.3%
EL	F	--0.31%
TER	D	--0.33%
AMKR	D	--0.34%
EFX	F	--0.35%
SHLS	F	--0.35%
AES	F	--0.35%
LRCX	F	--0.36%
TFX	F	--0.36%
ALLY	C	--0.37%
NVCR	C	--0.38%
PLD	D	--0.39%
IDXX	F	--0.39%
PINS	D	--0.4%
ARE	D	--0.4%
FND	C	--0.4%
AMD	F	--0.4%
KMX	B	--0.4%
FBIN	D	--0.41%
CRL	C	--0.41%
AWK	D	--0.42%
FCX	D	--0.42%
CZR	F	--0.42%
UBER	D	--0.42%
CSGP	D	--0.42%
MU	D	--0.43%
ILMN	D	--0.43%
MGM	D	--0.43%
ALGN	D	--0.43%
BLDR	D	--0.44%
F	C	--0.44%
TRU	D	--0.44%
EW	C	--0.44%
TGT	F	--0.44%
NWE	B	--0.45%
D	C	--0.45%
DAR	C	--0.45%
CARR	D	--0.45%
MTDR	B	--0.45%
RMD	C	--0.45%
AVGO	D	--0.45%
VEEV	C	--0.46%
BXP	D	--0.46%
ZS	C	--0.46%
JLL	D	--0.46%
ANET	C	--0.46%
PENN	C	--0.46%
HHH	B	--0.47%
SHW	A	--0.47%
TROW	B	--0.48%
NVDA	C	--0.48%
LNC	B	--0.48%
PFGC	B	--0.49%
NRG	B	--0.49%
SNAP	C	--0.49%
USB	A	--0.49%
CFG	B	--0.49%
RF	A	--0.5%
TTD	B	--0.5%
NET	B	--0.5%
PWR	A	--0.51%
TT	A	--0.51%
CBRE	B	--0.51%
RBLX	C	--0.51%
CEG	D	--0.52%
COHR	B	--0.52%
ETN	A	--0.52%
URI	B	--0.52%
PYPL	B	--0.52%
ALB	C	--0.52%
DELL	C	--0.53%
MDB	C	--0.53%
EXP	A	--0.53%
RH	B	--0.53%
DKNG	B	--0.53%
INTC	D	--0.54%
BLK	C	--0.54%
FOUR	B	--0.54%
NTRS	A	--0.54%
CG	A	--0.55%
KKR	A	--0.55%
SCHW	B	--0.56%
DAY	B	--0.56%
Z	A	--0.56%
EXPE	B	--0.56%
MRVL	B	--0.56%
BX	A	--0.57%
CRWD	B	--0.57%
GTLS	B	--0.58%
OWL	A	--0.58%
EQT	B	--0.59%
PODD	C	--0.59%
DASH	A	--0.59%
SQ	B	--0.6%
LYV	A	--0.62%
LITE	B	--0.62%
CCL	B	--0.63%
VRT	B	--0.67%
DAL	C	--0.68%
PTON	B	--0.69%
TSLA	B	--0.7%
COIN	C	--0.71%
HOOD	B	--0.72%
VST	B	--0.76%
PLTR	B	--0.87%