SMLF vs. FAD ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to First Trust MuFirst Trust Multi CG AlphaDEX (FAD)

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

$65.79

Average Daily Volume

77,471

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

FAD

First Trust MuFirst Trust Multi CG AlphaDEX

FAD Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Growth Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Growth Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$132.20

Average Daily Volume

5,172

Number of Holdings ^*

641

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	FAD
30 Days	1.31%	2.00%
60 Days	6.97%	9.60%
90 Days	8.42%	7.76%
12 Months	30.08%	34.01%

263 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in FAD	Overlap
ACA	C	0.09%	0.14%	0.09%
ACLS	F	0.17%	0.12%	0.12%
ADMA	B	0.06%	0.21%	0.06%
AEIS	D	0.01%	0.08%	0.01%
AFRM	C	0.05%	0.12%	0.05%
AGM	F	0.09%	0.07%	0.07%
AGYS	D	0.04%	0.1%	0.04%
AIT	A	0.11%	0.19%	0.11%
AIV	C	0.07%	0.05%	0.05%
ALGM	F	0.01%	0.03%	0.01%
ALHC	C	0.02%	0.17%	0.02%
ALKS	C	0.3%	0.1%	0.1%
ALLE	A	0.17%	0.05%	0.05%
ALRM	F	0.03%	0.04%	0.03%
ALSN	A	0.48%	0.25%	0.25%
ALX	C	0.12%	0.07%	0.07%
AM	A	0.39%	0.17%	0.17%
AMH	D	0.26%	0.09%	0.09%
AMR	F	0.15%	0.06%	0.06%
AMRX	A	0.06%	0.13%	0.06%
ANF	D	0.32%	0.16%	0.16%
APG	F	0.09%	0.15%	0.09%
APP	B	0.7%	0.31%	0.31%
APPF	C	0.07%	0.16%	0.07%
AROC	C	0.11%	0.12%	0.11%
ATI	B	0.17%	0.24%	0.17%
AVAV	B	0.05%	0.23%	0.05%
AWR	B	0.12%	0.03%	0.03%
AXON	A	0.45%	0.22%	0.22%
AXSM	C	0.22%	0.14%	0.14%
AXTA	C	0.02%	0.13%	0.02%
AZEK	B	0.07%	0.09%	0.07%
BANF	D	0.12%	0.08%	0.08%
BASE	F	0.1%	0.02%	0.02%
BCO	A	0.08%	0.23%	0.08%
BCPC	C	0.05%	0.09%	0.05%
BCRX	D	0.12%	0.09%	0.09%
BEAM	F	0.05%	0.02%	0.02%
BKD	D	0.05%	0.12%	0.05%
BLD	C	0.25%	0.09%	0.09%
BLKB	C	0.13%	0.09%	0.09%
BMI	A	0.16%	0.19%	0.16%
BOX	C	0.08%	0.05%	0.05%
BPMC	F	0.13%	0.14%	0.13%
BRBR	B	0.05%	0.13%	0.05%
BRC	C	0.18%	0.11%	0.11%
BRX	B	0.37%	0.05%	0.05%
BWXT	A	0.12%	0.18%	0.12%
CAL	F	0.09%	0.09%	0.09%
CARG	C	0.1%	0.08%	0.08%
CARS	F	0.08%	0.08%	0.08%
CASY	D	0.06%	0.2%	0.06%
CBT	B	0.13%	0.2%	0.13%
CEIX	B	0.07%	0.11%	0.07%
CELH	F	0.05%	0.05%	0.05%
CFR	D	0.21%	0.14%	0.14%
CHCO	D	0.0%	0.08%	0.0%
CHDN	D	0.09%	0.16%	0.09%
CHE	B	0.34%	0.04%	0.04%
CLH	C	0.07%	0.23%	0.07%
CMPR	F	0.11%	0.09%	0.09%
CNM	F	0.41%	0.11%	0.11%
CNMD	D	0.07%	0.03%	0.03%
CNS	C	0.03%	0.05%	0.03%
COKE	B	0.25%	0.25%	0.25%
CORT	B	0.25%	0.13%	0.13%
CPRX	C	0.22%	0.09%	0.09%
CRDO	C	0.08%	0.09%	0.08%
CRS	B	0.09%	0.17%	0.09%
CSL	A	0.42%	0.36%	0.36%
CSWI	B	0.08%	0.13%	0.08%
CUBE	C	0.13%	0.05%	0.05%
CVLT	C	0.07%	0.21%	0.07%
CVNA	A	0.34%	0.28%	0.28%
CW	A	0.21%	0.25%	0.21%
DCI	B	0.18%	0.12%	0.12%
DECK	C	0.68%	0.4%	0.4%
DNLI	C	0.22%	0.03%	0.03%
DOCN	C	0.02%	0.03%	0.02%
DOCS	B	0.13%	0.07%	0.07%
DUOL	B	0.4%	0.16%	0.16%
DY	C	0.02%	0.14%	0.02%
EEFT	F	0.09%	0.12%	0.09%
EGP	D	0.1%	0.05%	0.05%
ELF	F	0.19%	0.11%	0.11%
EME	C	0.84%	0.24%	0.24%
ENSG	D	0.14%	0.25%	0.14%
ENTG	D	0.27%	0.07%	0.07%
EPAC	C	0.06%	0.1%	0.06%
EPR	C	0.02%	0.05%	0.02%
ESAB	C	0.16%	0.14%	0.14%
ESTC	F	0.23%	0.11%	0.11%
EVH	D	0.04%	0.06%	0.04%
EVTC	D	0.03%	0.02%	0.02%
EXEL	C	0.19%	0.14%	0.14%
EXLS	B	0.2%	0.14%	0.14%
EXPO	B	0.11%	0.1%	0.1%
EXTR	D	0.17%	0.05%	0.05%
FCN	B	0.04%	0.17%	0.04%
FCNCA	D	0.25%	0.48%	0.25%
FIX	B	0.41%	0.26%	0.26%
FLNC	C	0.08%	0.09%	0.08%
FSS	B	0.02%	0.18%	0.02%
GATX	D	0.13%	0.13%	0.13%
GFF	B	0.12%	0.1%	0.1%
GH	F	0.15%	0.06%	0.06%
GIII	C	0.03%	0.08%	0.03%
GKOS	C	0.07%	0.18%	0.07%
GOLF	F	0.13%	0.12%	0.12%
GPK	B	0.28%	0.09%	0.09%
GWRE	A	0.01%	0.21%	0.01%
HAE	D	0.19%	0.08%	0.08%
HALO	D	0.27%	0.23%	0.23%
HAS	A	0.23%	0.15%	0.15%
HASI	C	0.09%	0.08%	0.08%
HCC	D	0.06%	0.15%	0.06%
HEES	D	0.07%	0.05%	0.05%
HIMS	C	0.09%	0.1%	0.09%
HQY	B	0.01%	0.15%	0.01%
HRB	C	0.45%	0.24%	0.24%
HURN	C	0.24%	0.11%	0.11%
HWKN	A	0.06%	0.16%	0.06%
HXL	F	0.01%	0.04%	0.01%
IBKR	A	0.37%	0.23%	0.23%
IBP	C	0.05%	0.15%	0.05%
ICFI	C	0.11%	0.11%	0.11%
IDCC	A	0.07%	0.11%	0.07%
IESC	B	0.02%	0.16%	0.02%
INSM	D	0.11%	0.22%	0.11%
INTA	C	0.23%	0.03%	0.03%
IONS	F	0.16%	0.11%	0.11%
IOSP	F	0.04%	0.06%	0.04%
IOT	C	0.4%	0.12%	0.12%
IPAR	D	0.13%	0.04%	0.04%
IRTC	F	0.05%	0.05%	0.05%
ITCI	D	0.05%	0.09%	0.05%
ITGR	C	0.05%	0.23%	0.05%
ITRI	C	0.05%	0.13%	0.05%
ITT	B	0.32%	0.19%	0.19%
IVT	B	0.15%	0.06%	0.06%
JAMF	F	0.01%	0.03%	0.01%
JOE	D	0.23%	0.05%	0.05%
KAI	C	0.12%	0.14%	0.12%
KD	F	0.05%	0.18%	0.05%
KNF	C	0.07%	0.21%	0.07%
KNSL	D	0.18%	0.1%	0.1%
KRG	C	0.17%	0.05%	0.05%
KW	C	0.1%	0.03%	0.03%
LADR	D	0.06%	0.05%	0.05%
LAMR	C	0.36%	0.14%	0.14%
LMAT	B	0.02%	0.11%	0.02%
LNTH	C	0.24%	0.23%	0.23%
LNW	F	0.18%	0.22%	0.18%
LPG	F	0.05%	0.08%	0.05%
LRN	C	0.14%	0.14%	0.14%
LYFT	D	0.08%	0.07%	0.07%
MAC	B	0.31%	0.09%	0.09%
MANH	C	0.53%	0.28%	0.28%
MEDP	F	0.4%	0.18%	0.18%
MGNI	D	0.03%	0.07%	0.03%
MKSI	F	0.08%	0.14%	0.08%
MMSI	C	0.14%	0.14%	0.14%
MOD	C	0.29%	0.26%	0.26%
MOG.A	B	0.03%	0.25%	0.03%
MSA	D	0.02%	0.12%	0.02%
MSTR	C	0.41%	0.09%	0.09%
MTRN	F	0.1%	0.02%	0.02%
MTSI	C	0.08%	0.16%	0.08%
NARI	F	0.06%	0.02%	0.02%
NHI	C	0.05%	0.12%	0.05%
NNN	A	0.12%	0.05%	0.05%
NSSC	F	0.1%	0.08%	0.08%
NTNX	D	0.5%	0.36%	0.36%
NTRA	B	0.35%	0.23%	0.23%
NYT	B	0.13%	0.18%	0.13%
OHI	C	0.1%	0.15%	0.1%
OLED	C	0.05%	0.12%	0.05%
ONTO	C	0.21%	0.15%	0.15%
OPCH	D	0.11%	0.05%	0.05%
OSCR	C	0.11%	0.17%	0.11%
OSIS	B	0.02%	0.07%	0.02%
OTTR	F	0.07%	0.07%	0.07%
OUT	C	0.04%	0.06%	0.04%
PCOR	D	0.38%	0.04%	0.04%
PEB	D	0.01%	0.05%	0.01%
PEGA	C	0.07%	0.19%	0.07%
PI	B	0.17%	0.16%	0.16%
PK	D	0.06%	0.07%	0.06%
PLNT	C	0.08%	0.14%	0.08%
POWL	A	0.29%	0.18%	0.18%
PR	F	0.02%	0.11%	0.02%
PRGS	B	0.18%	0.07%	0.07%
PRI	A	0.26%	0.18%	0.18%
PSTG	F	0.3%	0.32%	0.3%
PTCT	C	0.02%	0.11%	0.02%
RAMP	F	0.02%	0.04%	0.02%
RGLD	C	0.14%	0.05%	0.05%
RHP	C	0.01%	0.05%	0.01%
RKT	B	0.05%	0.03%	0.03%
RL	B	0.15%	0.17%	0.15%
RLI	A	0.03%	0.13%	0.03%
RNG	F	0.17%	0.03%	0.03%
RPM	C	0.21%	0.09%	0.09%
RVMD	B	0.03%	0.14%	0.03%
RYAN	A	0.13%	0.18%	0.13%
S	D	0.05%	0.09%	0.05%
SAIA	D	0.1%	0.04%	0.04%
SATS	C	0.16%	0.17%	0.16%
SCS	D	0.08%	0.09%	0.08%
SFBS	D	0.12%	0.22%	0.12%
SFM	A	0.48%	0.27%	0.27%
SHO	D	0.02%	0.05%	0.02%
SKT	A	0.23%	0.06%	0.06%
SLG	C	0.46%	0.12%	0.12%
SMAR	A	0.27%	0.15%	0.15%
SMG	B	0.23%	0.06%	0.06%
SMTC	C	0.05%	0.15%	0.05%
SOFI	C	0.04%	0.1%	0.04%
SRPT	F	0.23%	0.16%	0.16%
SSD	C	0.16%	0.05%	0.05%
STRL	C	0.24%	0.15%	0.15%
STWD	C	0.06%	0.14%	0.06%
SWI	C	0.01%	0.07%	0.01%
TBBK	C	0.0%	0.13%	0.0%
TDS	B	0.04%	0.13%	0.04%
TENB	F	0.08%	0.04%	0.04%
TGTX	C	0.02%	0.03%	0.02%
THR	F	0.05%	0.07%	0.05%
TNC	F	0.07%	0.07%	0.07%
TNET	F	0.14%	0.08%	0.08%
TNL	B	0.15%	0.09%	0.09%
TOL	A	0.17%	0.22%	0.17%
TOST	B	0.16%	0.22%	0.16%
TPG	C	0.19%	0.1%	0.1%
TPX	B	0.25%	0.05%	0.05%
TR	D	0.01%	0.05%	0.01%
TRN	C	0.06%	0.13%	0.06%
TTEK	B	0.34%	0.23%	0.23%
TXRH	B	0.07%	0.21%	0.07%
UPWK	D	0.01%	0.02%	0.01%
VC	F	0.08%	0.02%	0.02%
VCEL	F	0.02%	0.05%	0.02%
VCYT	C	0.17%	0.04%	0.04%
VECO	F	0.13%	0.06%	0.06%
VGR	C	0.33%	0.07%	0.07%
VNT	F	0.05%	0.07%	0.05%
VRNS	C	0.12%	0.14%	0.12%
WEN	C	0.12%	0.04%	0.04%
WEX	C	0.11%	0.05%	0.05%
WFRD	F	0.37%	0.16%	0.16%
WING	B	0.47%	0.21%	0.21%
WMS	D	0.13%	0.08%	0.08%
WNC	F	0.08%	0.02%	0.02%
WSC	D	0.1%	0.04%	0.04%
WSM	C	0.52%	0.18%	0.18%
WSO	B	0.31%	0.26%	0.26%
WTS	B	0.13%	0.05%	0.05%
WYNN	B	0.07%	0.11%	0.07%
XPO	F	0.13%	0.17%	0.13%
YELP	F	0.06%	0.04%	0.04%
YETI	D	0.09%	0.04%	0.04%
YOU	C	0.29%	0.08%	0.08%
ZUO	F	0.01%	0.04%	0.01%

SMLF Overweight 552 Positions Relative to FAD

Symbol	Grade	Weight
EVR	C	0.72%
BPOP	D	0.57%
JBL	D	0.55%
NVT	D	0.5%
RS	D	0.48%
IDA	B	0.43%
DKS	D	0.42%
MLI	B	0.41%
LPX	A	0.41%
ORI	A	0.41%
VNO	B	0.4%
COOP	C	0.4%
COCO	C	0.39%
LBRDA	C	0.37%
UTHR	B	0.37%
FR	C	0.35%
CR	C	0.34%
GTLB	D	0.34%
JEF	B	0.34%
SOLV	D	0.33%
THC	C	0.33%
CAVA	C	0.32%
EWBC	D	0.32%
AYI	A	0.31%
WK	D	0.31%
XRAY	D	0.31%
GGG	B	0.31%
SN	B	0.3%
PIPR	C	0.3%
DDS	D	0.3%
SPXC	C	0.3%
CROX	C	0.29%
OFG	D	0.29%
FLEX	B	0.29%
SIG	C	0.28%
JHG	C	0.27%
AN	B	0.27%
TPR	B	0.26%
IMKTA	F	0.26%
CHK	C	0.26%
R	C	0.26%
HSII	B	0.26%
LBTYA	B	0.26%
APA	F	0.25%
LSCC	D	0.25%
TREX	D	0.24%
UFPI	B	0.24%
AGO	D	0.24%
XRX	F	0.23%
BCC	B	0.23%
AMG	C	0.23%
ETSY	F	0.23%
RNR	A	0.23%
GAP	F	0.23%
W	D	0.23%
ARW	C	0.22%
AZPN	C	0.22%
BBWI	F	0.22%
AGCO	D	0.22%
OVV	F	0.22%
LIVN	D	0.21%
CBSH	D	0.21%
JBSS	F	0.21%
AR	C	0.21%
FBP	D	0.21%
GPI	C	0.21%
ATKR	F	0.2%
HIW	C	0.2%
RMBS	F	0.2%
GLPI	B	0.2%
TKR	B	0.2%
ZION	D	0.2%
SANM	D	0.2%
RRX	C	0.2%
MUR	F	0.2%
NAVI	D	0.2%
AGNC	C	0.19%
GES	F	0.19%
RRC	D	0.19%
HOG	C	0.19%
MATX	B	0.19%
NDSN	B	0.19%
BRKR	D	0.19%
AVNT	B	0.19%
M	F	0.19%
ACM	B	0.19%
TEX	F	0.19%
TDOC	D	0.18%
CWEN	A	0.18%
FROG	F	0.18%
WS	D	0.18%
KFRC	F	0.18%
PRG	C	0.18%
LUMN	C	0.18%
PDM	C	0.18%
AIZ	A	0.17%
VOYA	A	0.17%
OC	B	0.17%
PGRE	D	0.17%
PVH	F	0.17%
USFD	C	0.17%
FAF	B	0.17%
WCC	C	0.17%
TTC	D	0.16%
CVCO	A	0.16%
BJ	D	0.16%
SLM	C	0.16%
SKY	A	0.16%
IGT	F	0.16%
HLI	B	0.16%
PRKS	D	0.16%
SPB	B	0.16%
MMYT	D	0.16%
RHI	D	0.16%
TPH	B	0.16%
SQSP	A	0.16%
DTM	A	0.16%
WTM	D	0.15%
NJR	C	0.15%
OMF	D	0.15%
SF	A	0.15%
ABG	D	0.15%
AY	B	0.15%
CNO	C	0.15%
NOVT	D	0.15%
ONON	C	0.15%
KIM	C	0.15%
SPT	F	0.15%
ACLX	C	0.15%
NUVL	B	0.15%
ESI	B	0.15%
CMC	C	0.14%
ODP	F	0.14%
OGS	A	0.14%
BSY	D	0.14%
NSP	F	0.14%
SCI	C	0.14%
GME	D	0.14%
UA	B	0.14%
CRUS	D	0.14%
BL	D	0.14%
INSP	C	0.14%
FYBR	C	0.14%
SBGI	B	0.14%
SRCE	D	0.14%
SPSC	D	0.13%
OGE	A	0.13%
HOV	C	0.13%
BRZE	F	0.13%
YEXT	B	0.13%
KRC	C	0.13%
VSTO	D	0.13%
NOV	F	0.13%
GNRC	B	0.13%
SSTK	F	0.13%
FTAI	B	0.13%
HUN	B	0.13%
MFA	C	0.13%
KBR	D	0.13%
THO	C	0.13%
NFG	A	0.13%
VMI	B	0.13%
XNCR	D	0.13%
AA	C	0.13%
OLN	D	0.12%
BKE	C	0.12%
CHX	F	0.12%
PCTY	C	0.12%
UMBF	C	0.12%
QLYS	F	0.12%
LILA	B	0.12%
MAT	C	0.12%
ACCO	C	0.12%
WAFD	D	0.12%
DFIN	D	0.12%
SR	A	0.12%
PTEN	F	0.11%
NTCT	C	0.11%
KLIC	D	0.11%
VSH	F	0.11%
ACAD	F	0.11%
SON	D	0.11%
EXPI	C	0.11%
PNM	B	0.11%
WH	C	0.11%
BAND	F	0.11%
SYNA	F	0.11%
PARA	F	0.11%
CYTK	F	0.11%
UGI	C	0.11%
BERY	C	0.11%
PCVX	B	0.11%
COUR	F	0.11%
HTH	D	0.11%
AAN	D	0.1%
UPBD	F	0.1%
TMHC	B	0.1%
KSS	D	0.1%
INVA	B	0.1%
FHI	C	0.1%
BC	C	0.1%
APOG	B	0.1%
MTG	B	0.1%
NYCB	D	0.1%
WAL	C	0.1%
MATV	D	0.1%
IVZ	C	0.1%
SWN	C	0.1%
X	F	0.1%
LSTR	D	0.1%
LAZ	C	0.1%
OII	D	0.1%
VMEO	C	0.1%
RDDT	C	0.1%
LOVE	B	0.1%
BDC	B	0.09%
MPW	C	0.09%
CACC	F	0.09%
LBTYK	A	0.09%
NSIT	C	0.09%
BECN	F	0.09%
ALIT	D	0.09%
JACK	F	0.09%
DNOW	F	0.09%
HP	F	0.09%
CXT	F	0.09%
CRC	B	0.09%
SITC	F	0.09%
MIDD	D	0.09%
MTN	D	0.09%
PLUS	C	0.09%
MCB	C	0.09%
IBOC	D	0.09%
HI	F	0.08%
ASO	D	0.08%
AMPH	C	0.08%
LZ	D	0.08%
FLR	D	0.08%
GMS	D	0.08%
LXP	D	0.08%
CAR	D	0.08%
PD	F	0.08%
LGND	D	0.08%
NXST	D	0.08%
PBH	D	0.08%
ILPT	D	0.08%
ATEN	C	0.08%
PNFP	D	0.08%
DVAX	D	0.08%
ASB	F	0.08%
PHIN	D	0.08%
KN	D	0.08%
CUBI	F	0.08%
CUZ	C	0.08%
VFC	B	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%
OXM	F	0.07%
SNEX	C	0.07%
BLMN	F	0.07%
GCO	F	0.07%
UVV	C	0.07%
EIG	B	0.07%
ANAB	D	0.07%
WLY	A	0.07%
SANA	F	0.07%
SM	F	0.07%
FLO	C	0.07%
HWC	D	0.07%
ANGI	C	0.07%
HE	F	0.07%
EQC	D	0.07%
HOUS	C	0.07%
DH	F	0.07%
FHB	D	0.07%
DLX	F	0.07%
RIG	F	0.07%
RYN	C	0.07%
MASI	C	0.07%
CXW	F	0.07%
VIR	F	0.07%
VKTX	D	0.07%
SFL	D	0.07%
NTB	D	0.07%
MED	F	0.07%
OZK	F	0.07%
UNIT	C	0.07%
ACHC	F	0.07%
COTY	F	0.07%
POR	B	0.07%
GPMT	D	0.06%
MERC	D	0.06%
FN	C	0.06%
WBA	F	0.06%
NVST	D	0.06%
APLS	F	0.06%
CENTA	F	0.06%
AGX	B	0.06%
PEN	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%
AEO	C	0.06%
NBR	F	0.06%
DOMO	F	0.06%
CC	D	0.06%
AMPL	D	0.06%
AVDX	F	0.05%
PFSI	C	0.05%
RCUS	F	0.05%
MAN	D	0.05%
ASAN	F	0.05%
ACI	F	0.05%
EHC	B	0.05%
AMBC	F	0.05%
CTBI	D	0.05%
CERS	F	0.05%
CNX	A	0.05%
WTTR	D	0.05%
FOLD	F	0.05%
LECO	F	0.05%
ZIP	D	0.05%
MCY	B	0.05%
KOS	F	0.05%
MMS	A	0.05%
EYPT	F	0.05%
PATH	D	0.05%
WGO	D	0.05%
RUSHA	C	0.05%
FUN	F	0.05%
SITE	D	0.05%
PZZA	D	0.05%
MDXG	F	0.04%
CLVT	D	0.04%
OI	D	0.04%
SPRY	C	0.04%
FHN	D	0.04%
ACCD	F	0.04%
SLAB	D	0.04%
OPI	F	0.04%
QDEL	D	0.04%
DIN	D	0.04%
TARS	C	0.04%
TILE	B	0.04%
CGEM	F	0.04%
SAH	D	0.04%
ARRY	F	0.04%
CFFN	D	0.04%
SNV	D	0.04%
DAWN	D	0.04%
PRGO	F	0.04%
IVR	C	0.04%
RDFN	C	0.04%
AGS	D	0.04%
HSTM	B	0.04%
HELE	D	0.04%
NATL	D	0.04%
SNBR	C	0.04%
SVC	F	0.04%
WBS	D	0.04%
AVXL	D	0.04%
VITL	C	0.04%
NRC	F	0.04%
FFIN	D	0.04%
HLF	F	0.04%
KREF	C	0.04%
STAG	D	0.04%
KLG	D	0.04%
ENS	C	0.04%
ROKU	D	0.04%
CVI	F	0.04%
SONO	D	0.04%
WD	C	0.03%
QRTEA	F	0.03%
RYI	F	0.03%
ARCB	D	0.03%
TSE	C	0.03%
DAN	F	0.03%
CIEN	B	0.03%
VNDA	F	0.03%
TCBI	C	0.03%
OFIX	D	0.03%
ATRC	D	0.03%
NX	F	0.03%
DNB	D	0.03%
VIRT	C	0.03%
ARCH	D	0.03%
ADT	D	0.03%
SNDX	F	0.03%
OPEN	F	0.03%
BILL	D	0.03%
CHRD	F	0.03%
LTH	C	0.03%
RGNX	F	0.03%
EMBC	D	0.03%
REVG	D	0.03%
SGH	F	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	B	0.03%
DBI	F	0.03%
XHR	C	0.03%
HNI	B	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%
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%
MSM	D	0.02%
KVYO	B	0.02%
KRNY	D	0.02%
BMBL	F	0.02%
SLVM	C	0.02%
CACI	A	0.02%
WOOF	C	0.02%
HMST	B	0.02%
OLPX	C	0.02%
NWL	D	0.02%
WTFC	C	0.02%
KFY	C	0.02%
HAIN	C	0.02%
PII	D	0.02%
VSTS	D	0.02%
BRY	F	0.02%
MTW	F	0.02%
EDR	A	0.02%
GPRO	D	0.02%
DYN	D	0.02%
EVRI	B	0.02%
ARCT	D	0.02%
NUS	F	0.02%
IRWD	F	0.02%
RLJ	D	0.02%
AKRO	C	0.02%
CNDT	B	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%
VIAV	C	0.02%
SAFE	C	0.02%
USNA	F	0.02%
AMCX	F	0.02%
CWK	C	0.01%
SFIX	F	0.01%
RBRK	F	0.01%
JOBY	F	0.01%
DINO	F	0.01%
MITK	F	0.01%
VAL	F	0.01%
PGEN	F	0.01%
AIN	D	0.01%
TTGT	F	0.01%
ARR	D	0.01%
OMER	F	0.01%
BIGC	F	0.01%
GO	F	0.01%
CRAI	B	0.01%
PCH	C	0.01%
EPC	F	0.01%
POWI	F	0.01%
FLWS	F	0.01%
OIS	F	0.01%
TDC	D	0.01%
ENVA	C	0.01%
CAKE	B	0.01%
UTL	C	0.01%
WTI	D	0.01%
BKH	B	0.01%
MBC	B	0.01%
VRE	C	0.01%
NWN	B	0.01%
NGVT	D	0.01%
HTZ	F	0.01%
BSIG	C	0.01%
PYCR	D	0.01%
ROIV	D	0.01%
SWX	C	0.01%
HCAT	D	0.01%
SWTX	F	0.01%
AXS	A	0.01%
ENR	B	0.01%
STGW	C	0.01%
MLAB	B	0.01%
ALAB	D	0.01%
GEF	C	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%
NEXA	B	0.01%
ASGN	D	0.01%
RXT	C	0.01%
SSB	C	0.01%
HYFM	D	0.0%
BFH	D	0.0%
MC	C	0.0%
SEE	B	0.0%
EGBN	C	0.0%
GDOT	C	0.0%
NBTB	D	0.0%
HPP	F	0.0%
CVBF	D	0.0%
RDN	D	0.0%
FULT	D	0.0%
BOH	F	0.0%
JXN	B	0.0%
TRMK	D	0.0%
UNM	A	0.0%
DEI	A	0.0%
GNW	C	0.0%
PFBC	D	0.0%
BDN	A	0.0%
CASH	D	0.0%
CMA	C	0.0%
AX	D	0.0%
PRDO	D	0.0%
BKU	D	0.0%

SMLF Underweight 378 Positions Relative to FAD

Symbol	Grade	Weight
IRM	B	-0.55%
VST	A	-0.54%
HWM	A	-0.53%
CEG	B	-0.53%
KKR	C	-0.52%
HEI	C	-0.5%
BK	C	-0.5%
TT	A	-0.49%
GE	C	-0.49%
ERIE	A	-0.49%
LII	C	-0.48%
PWR	B	-0.48%
WAB	A	-0.47%
GDDY	D	-0.47%
ANET	B	-0.46%
RCL	C	-0.46%
VRT	B	-0.46%
META	A	-0.46%
COST	C	-0.45%
GRMN	D	-0.45%
APO	A	-0.44%
MMM	B	-0.44%
TJX	C	-0.44%
STX	B	-0.43%
HLT	B	-0.43%
BKNG	C	-0.43%
BAH	A	-0.43%
JPM	D	-0.43%
FICO	C	-0.43%
LLY	D	-0.42%
URI	B	-0.41%
NTAP	D	-0.4%
MSI	A	-0.39%
CMG	C	-0.39%
ORCL	C	-0.39%
NVDA	C	-0.39%
BRO	A	-0.38%
ISRG	C	-0.37%
GOOGL	C	-0.37%
TDG	A	-0.37%
CAT	A	-0.37%
ECL	A	-0.36%
IR	B	-0.36%
AMGN	D	-0.36%
AVGO	C	-0.36%
AJG	D	-0.36%
NTRS	C	-0.36%
BSX	A	-0.36%
PLTR	C	-0.36%
RSG	D	-0.35%
NFLX	C	-0.35%
ETN	C	-0.35%
CL	D	-0.35%
CCL	C	-0.34%
PANW	D	-0.34%
UBER	C	-0.34%
ROST	C	-0.34%
VRTX	D	-0.33%
LPLA	D	-0.33%
DAL	B	-0.33%
MAR	B	-0.33%
AMZN	C	-0.33%
PHM	A	-0.32%
CRWD	D	-0.32%
APH	D	-0.32%
KLAC	D	-0.31%
PH	B	-0.3%
NOW	C	-0.29%
PM	B	-0.29%
MCO	C	-0.28%
EXPE	B	-0.28%
TMUS	A	-0.28%
TYL	C	-0.28%
CTAS	C	-0.28%
ARES	B	-0.28%
SMMT	D	-0.27%
FSLR	C	-0.27%
DPZ	D	-0.27%
LYV	A	-0.27%
AMAT	D	-0.27%
DLR	C	-0.26%
ORLY	A	-0.26%
MMC	D	-0.26%
BR	B	-0.26%
MPWR	C	-0.26%
WMB	A	-0.26%
AZO	D	-0.25%
ROL	B	-0.25%
PSN	A	-0.25%
MSFT	C	-0.24%
WM	D	-0.24%
INTU	F	-0.24%
DVA	B	-0.24%
XYL	B	-0.24%
OTIS	A	-0.24%
LRCX	F	-0.24%
POST	B	-0.23%
PINS	D	-0.23%
PCAR	D	-0.23%
RIVN	F	-0.22%
CDNS	D	-0.22%
MUSA	D	-0.22%
DDOG	D	-0.22%
FRPT	C	-0.22%
SNPS	F	-0.21%
BFAM	C	-0.21%
NXPI	F	-0.21%
IBM	C	-0.21%
OLLI	C	-0.21%
TPL	B	-0.21%
NVR	A	-0.21%
PODD	C	-0.2%
ZETA	B	-0.2%
PPL	A	-0.2%
WWD	B	-0.2%
MGM	D	-0.2%
AAON	B	-0.2%
H	C	-0.2%
HOOD	C	-0.2%
WELL	B	-0.2%
TKO	C	-0.19%
ALNY	B	-0.19%
MO	B	-0.19%
TW	A	-0.19%
KO	B	-0.19%
AVB	C	-0.19%
ESS	C	-0.19%
IT	C	-0.19%
AWI	A	-0.19%
GWW	A	-0.19%
KTB	B	-0.19%
ADP	A	-0.19%
SO	A	-0.19%
HUBB	A	-0.19%
PG	C	-0.18%
ARMK	B	-0.18%
AAPL	C	-0.18%
SYK	C	-0.18%
STE	D	-0.18%
ATR	A	-0.18%
TTD	C	-0.18%
CHD	B	-0.17%
MTD	B	-0.17%
MLM	D	-0.17%
EA	D	-0.17%
INVH	D	-0.17%
LOPE	D	-0.17%
CRM	C	-0.17%
DKNG	D	-0.17%
PRCT	C	-0.16%
QTWO	C	-0.16%
PTGX	C	-0.16%
ADBE	F	-0.16%
HON	B	-0.16%
AMD	D	-0.16%
VRSK	D	-0.16%
HLNE	A	-0.16%
ROP	C	-0.16%
ADI	C	-0.16%
SNAP	D	-0.15%
PJT	C	-0.15%
ACIW	A	-0.15%
CNK	C	-0.15%
ZS	F	-0.15%
GVA	B	-0.15%
ROAD	C	-0.15%
EPRT	C	-0.15%
CRVL	C	-0.15%
USLM	C	-0.15%
OKTA	F	-0.14%
SPNT	D	-0.14%
NCLH	C	-0.14%
SMCI	F	-0.14%
IRT	C	-0.14%
SGBX	F	-0.14%
WHD	B	-0.14%
RDNT	C	-0.14%
INGR	A	-0.14%
FOUR	B	-0.14%
TMDX	D	-0.13%
AGIO	D	-0.13%
VRRM	D	-0.13%
OSW	C	-0.13%
ALKT	D	-0.13%
OWL	B	-0.13%
TDW	F	-0.13%
FTDR	C	-0.13%
MORN	C	-0.13%
ATGE	C	-0.13%
MIRM	D	-0.13%
KRYS	D	-0.12%
KYMR	C	-0.12%
ALTR	C	-0.12%
SKYW	B	-0.12%
GERN	D	-0.12%
CWST	D	-0.12%
AZZ	C	-0.12%
UFPT	D	-0.12%
MBIN	D	-0.11%
LAUR	C	-0.11%
TNDM	D	-0.11%
SKWD	B	-0.11%
EXP	C	-0.11%
TWST	D	-0.11%
GNTX	F	-0.11%
KTOS	A	-0.11%
PLMR	D	-0.11%
COLL	B	-0.11%
TRU	C	-0.11%
ZWS	A	-0.1%
CPT	C	-0.1%
HRI	B	-0.1%
AON	A	-0.1%
PFGC	B	-0.1%
SPR	D	-0.1%
GBX	C	-0.1%
PMT	B	-0.1%
ADC	B	-0.1%
GRBK	B	-0.1%
MAS	A	-0.1%
VERX	B	-0.1%
RXST	F	-0.1%
HLX	D	-0.1%
JWN	D	-0.1%
SHW	B	-0.1%
DASH	B	-0.1%
RMD	C	-0.1%
MYGN	D	-0.1%
FFIV	C	-0.1%
WRBY	C	-0.09%
ORA	B	-0.09%
RYTM	C	-0.09%
SBRA	C	-0.09%
CBZ	F	-0.09%
IIPR	C	-0.09%
ADSK	C	-0.09%
DSGR	B	-0.09%
LIN	B	-0.09%
SYBT	C	-0.09%
V	C	-0.09%
AKR	B	-0.09%
SPG	A	-0.09%
MSGS	B	-0.09%
CHH	C	-0.09%
MA	A	-0.09%
PAYX	A	-0.09%
HD	A	-0.09%
DRI	C	-0.09%
UDR	C	-0.09%
TGLS	A	-0.09%
BOWL	F	-0.09%
ARDX	D	-0.09%
SPGI	C	-0.09%
CPAY	A	-0.09%
LKFN	D	-0.08%
MRUS	D	-0.08%
ROK	D	-0.08%
LVS	B	-0.08%
CPRT	B	-0.08%
CDRE	B	-0.08%
SMPL	D	-0.08%
TTWO	F	-0.08%
ACVA	C	-0.08%
BROS	D	-0.08%
PTC	D	-0.08%
KNTK	C	-0.08%
STZ	B	-0.08%
UE	B	-0.08%
INSW	C	-0.08%
AESI	C	-0.08%
VMC	D	-0.08%
ESRT	C	-0.08%
SHAK	C	-0.08%
WMG	D	-0.08%
PAR	D	-0.08%
NSA	C	-0.08%
AME	D	-0.08%
MRVL	C	-0.08%
NET	D	-0.08%
HST	D	-0.08%
AOS	B	-0.08%
PEP	D	-0.08%
TXN	C	-0.08%
ANIP	D	-0.07%
MARA	F	-0.07%
GBDC	D	-0.07%
DFH	C	-0.07%
INFA	D	-0.07%
FORM	F	-0.07%
NBIX	F	-0.07%
BA	F	-0.07%
GPOR	B	-0.07%
ENV	C	-0.07%
MIR	B	-0.07%
WABC	F	-0.07%
HUBS	D	-0.07%
JJSF	A	-0.07%
SLB	F	-0.07%
FIZZ	C	-0.07%
SAM	D	-0.07%
RKLB	B	-0.07%
JBI	F	-0.06%
ESE	B	-0.06%
SHC	C	-0.06%
PDFS	F	-0.06%
FA	A	-0.06%
SABR	C	-0.06%
CTRE	B	-0.06%
EW	F	-0.06%
NABL	F	-0.06%
HRMY	B	-0.06%
TGI	F	-0.06%
SITM	B	-0.06%
LW	D	-0.06%
AES	B	-0.05%
DOCU	B	-0.05%
RBC	B	-0.05%
RRR	D	-0.05%
DOC	B	-0.05%
REG	B	-0.05%
WDFC	C	-0.05%
FOR	D	-0.05%
PRVA	F	-0.05%
LTC	C	-0.05%
DRH	D	-0.05%
GIC	D	-0.05%
MLNK	F	-0.05%
CLDX	F	-0.05%
ENVX	F	-0.05%
SXI	B	-0.05%
CCOI	B	-0.05%
CRNX	D	-0.05%
CFLT	F	-0.05%
RUN	D	-0.04%
XMTR	D	-0.04%
PDFS	F	-0.04%
TRIP	F	-0.04%
NCNO	D	-0.04%
AGL	F	-0.04%
FWRG	F	-0.04%
BE	F	-0.04%
NOVA	D	-0.04%
JKHY	A	-0.04%
FELE	B	-0.04%
NEU	F	-0.04%
TECH	B	-0.04%
AMC	F	-0.04%
ETWO	D	-0.04%
PHR	F	-0.03%
NEO	F	-0.03%
IAS	F	-0.03%
BANC	C	-0.03%
DRVN	C	-0.03%
CLSK	F	-0.03%
AMWD	C	-0.03%
FCPT	C	-0.03%
MGEE	A	-0.03%
UMH	C	-0.03%
CWAN	C	-0.03%
CIVI	F	-0.03%
MYRG	F	-0.03%
CXM	F	-0.02%
AI	F	-0.02%
PLAY	D	-0.02%
CTKB	F	-0.02%
MCW	F	-0.02%
GTX	F	-0.02%
PLAB	D	-0.02%
NTST	D	-0.02%
UEC	C	-0.02%
ROCK	D	-0.02%
ALG	D	-0.02%
WINA	D	-0.02%
PLYM	D	-0.02%
LMND	F	-0.02%
PGNY	F	-0.02%
DBRG	D	-0.02%
RES	D	-0.02%