SMLF vs. FESM ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Fidelity Enhanced Small Cap ETF (FESM)

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

$71.68

Average Daily Volume

70,611

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

FESM

Fidelity Enhanced Small Cap ETF

FESM Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 2000® Index, which is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$34.59

Average Daily Volume

123,580

Number of Holdings ^*

562

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	FESM
30 Days	7.55%	7.42%
60 Days	8.72%	7.32%
90 Days	9.84%	8.30%
12 Months	38.08%	39.28%

242 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in FESM	Overlap
ACA	A	0.1%	0.37%	0.1%
ACAD	C	0.11%	0.11%	0.11%
ACLX	C	0.17%	0.03%	0.03%
ADMA	B	0.06%	0.11%	0.06%
AEO	F	0.05%	0.5%	0.05%
AGS	A	0.04%	0.09%	0.04%
AIN	C	0.01%	0.08%	0.01%
AIT	B	0.12%	0.47%	0.12%
AKRO	B	0.02%	0.06%	0.02%
ALHC	C	0.03%	0.02%	0.02%
ALKS	C	0.3%	0.21%	0.21%
ALRM	C	0.03%	0.16%	0.03%
ALX	D	0.1%	0.04%	0.04%
AMPH	F	0.07%	0.1%	0.07%
AMRX	C	0.07%	0.12%	0.07%
ANF	F	0.3%	0.74%	0.3%
APOG	C	0.11%	0.38%	0.11%
ARCT	F	0.02%	0.06%	0.02%
AROC	A	0.12%	0.39%	0.12%
ARRY	F	0.04%	0.03%	0.03%
ARWR	D	0.04%	0.05%	0.04%
ATI	C	0.14%	0.32%	0.14%
ATRC	C	0.03%	0.13%	0.03%
AWR	B	0.12%	0.3%	0.12%
AX	B	0.0%	0.29%	0.0%
AXSM	B	0.22%	0.07%	0.07%
BAND	B	0.11%	0.36%	0.11%
BANF	B	0.14%	0.43%	0.14%
BASE	B	0.12%	0.04%	0.04%
BBIO	F	0.03%	0.07%	0.03%
BCC	B	0.22%	0.16%	0.16%
BCO	F	0.06%	0.24%	0.06%
BCPC	B	0.04%	0.09%	0.04%
BCRX	D	0.11%	0.1%	0.1%
BDC	C	0.08%	0.29%	0.08%
BEAM	D	0.05%	0.03%	0.03%
BECN	B	0.1%	0.03%	0.03%
BKD	F	0.03%	0.06%	0.03%
BL	B	0.16%	0.2%	0.16%
BLKB	B	0.13%	0.07%	0.07%
BMI	B	0.16%	0.4%	0.16%
BOH	B	0.0%	0.16%	0.0%
BPMC	B	0.13%	0.16%	0.13%
BRC	D	0.17%	0.12%	0.12%
BRSP	C	0.03%	0.04%	0.03%
BSIG	A	0.01%	0.07%	0.01%
CDP	C	0.03%	0.25%	0.03%
CEIX	A	0.07%	0.25%	0.07%
CERS	D	0.05%	0.06%	0.05%
CHX	C	0.11%	0.11%	0.11%
CMC	B	0.14%	0.06%	0.06%
CMPR	D	0.1%	0.39%	0.1%
CNMD	C	0.07%	0.35%	0.07%
CNO	B	0.16%	0.27%	0.16%
COKE	C	0.22%	0.32%	0.22%
CORT	B	0.3%	0.23%	0.23%
COUR	F	0.09%	0.04%	0.04%
CPRX	C	0.24%	0.14%	0.14%
CRAI	C	0.01%	0.22%	0.01%
CRC	A	0.1%	0.22%	0.1%
CRDO	B	0.1%	0.36%	0.1%
CRS	B	0.09%	0.81%	0.09%
CSWI	B	0.08%	0.17%	0.08%
CTBI	B	0.06%	0.07%	0.06%
CVBF	A	0.05%	0.05%	0.05%
CVLT	B	0.08%	0.77%	0.08%
CVNA	B	0.46%	0.55%	0.46%
CYTK	F	0.11%	0.16%	0.11%
DIN	C	0.04%	0.02%	0.02%
DNLI	D	0.2%	0.07%	0.07%
DOMO	B	0.07%	0.15%	0.07%
DVAX	C	0.09%	0.02%	0.02%
DY	D	0.02%	0.15%	0.02%
DYN	F	0.02%	0.11%	0.02%
EGP	D	0.09%	0.08%	0.08%
EME	A	0.94%	0.55%	0.55%
ENS	F	0.04%	0.61%	0.04%
ENSG	C	0.14%	0.03%	0.03%
EPAC	C	0.07%	0.23%	0.07%
EQC	B	0.07%	0.31%	0.07%
ERAS	C	0.02%	0.06%	0.02%
EXLS	B	0.23%	0.54%	0.23%
EXPI	D	0.1%	0.16%	0.1%
EXTR	C	0.17%	0.13%	0.13%
FBP	C	0.0%	0.28%	0.0%
FFIN	B	0.05%	0.35%	0.05%
FHI	B	0.11%	0.5%	0.11%
FIX	A	0.44%	0.55%	0.44%
FLNC	D	0.07%	0.17%	0.07%
FLR	B	0.08%	0.5%	0.08%
FLYW	B	0.04%	0.05%	0.04%
FN	C	0.06%	0.74%	0.06%
FOLD	F	0.05%	0.14%	0.05%
FSS	B	0.02%	0.08%	0.02%
FULT	A	0.0%	0.19%	0.0%
GATX	A	0.15%	0.01%	0.01%
GEO	B	0.12%	0.22%	0.12%
GFF	A	0.12%	0.3%	0.12%
GH	B	0.19%	0.35%	0.19%
GIII	D	0.02%	0.03%	0.02%
GKOS	B	0.07%	0.1%	0.07%
GNW	A	0.0%	0.33%	0.0%
HAE	C	0.2%	0.14%	0.14%
HALO	F	0.24%	0.21%	0.21%
HCAT	D	0.01%	0.11%	0.01%
HIMS	B	0.1%	0.03%	0.03%
HNI	B	0.03%	0.2%	0.03%
HP	C	0.1%	0.25%	0.1%
HQY	A	0.01%	0.24%	0.01%
HSTM	B	0.04%	0.2%	0.04%
HURN	C	0.25%	0.21%	0.21%
HWC	B	0.08%	0.22%	0.08%
HWKN	B	0.06%	0.53%	0.06%
IBP	D	0.04%	0.57%	0.04%
ICFI	F	0.1%	0.04%	0.04%
IDT	B	0.04%	0.03%	0.03%
IGT	F	0.14%	0.49%	0.14%
INSM	C	0.1%	0.42%	0.1%
INTA	B	0.27%	0.17%	0.17%
IRTC	C	0.06%	0.17%	0.06%
IRWD	F	0.02%	0.07%	0.02%
ITRI	C	0.05%	0.47%	0.05%
JAMF	F	0.01%	0.07%	0.01%
JBSS	F	0.17%	0.02%	0.02%
JXN	C	0.0%	0.64%	0.0%
KNF	B	0.07%	0.13%	0.07%
KREF	C	0.04%	0.12%	0.04%
LADR	B	0.06%	0.1%	0.06%
LANC	C	0.02%	0.45%	0.02%
LGND	C	0.09%	0.09%	0.09%
LIVN	F	0.2%	0.07%	0.07%
LMAT	A	0.02%	0.03%	0.02%
LNTH	D	0.17%	0.07%	0.07%
LNW	F	0.17%	0.28%	0.17%
LTH	C	0.03%	0.08%	0.03%
LUMN	C	0.2%	0.86%	0.2%
MAC	B	0.31%	0.22%	0.22%
MATX	C	0.21%	0.32%	0.21%
MCB	B	0.11%	0.02%	0.02%
MCY	A	0.06%	0.03%	0.03%
MDGL	B	0.11%	0.15%	0.11%
MDXG	B	0.05%	0.02%	0.02%
MED	D	0.06%	0.03%	0.03%
MEDP	D	0.38%	0.07%	0.07%
MMSI	A	0.14%	0.4%	0.14%
MOG.A	B	0.03%	0.25%	0.03%
MRC	B	0.09%	0.08%	0.08%
MTRN	C	0.1%	0.08%	0.08%
MUR	D	0.19%	0.19%	0.19%
NARI	C	0.07%	0.03%	0.03%
NBR	C	0.07%	0.24%	0.07%
NBTB	B	0.0%	0.07%	0.0%
NFBK	C	0.01%	0.15%	0.01%
NJR	A	0.14%	0.3%	0.14%
NSSC	D	0.08%	0.04%	0.04%
NTLA	F	0.01%	0.02%	0.01%
NUVL	C	0.13%	0.04%	0.04%
ODP	F	0.11%	0.09%	0.09%
OFG	B	0.0%	0.15%	0.0%
OI	C	0.03%	0.21%	0.03%
OIS	B	0.01%	0.05%	0.01%
ONTO	F	0.15%	0.05%	0.05%
OPCH	D	0.08%	0.14%	0.08%
OPEN	F	0.02%	0.07%	0.02%
OSCR	D	0.08%	0.1%	0.08%
OTTR	C	0.06%	0.11%	0.06%
OUT	A	0.04%	0.53%	0.04%
PBH	A	0.09%	0.21%	0.09%
PCVX	D	0.09%	0.36%	0.09%
PD	C	0.08%	0.18%	0.08%
PDCO	F	0.02%	0.02%	0.02%
PGEN	F	0.01%	0.02%	0.01%
PRG	C	0.17%	0.54%	0.17%
PRGS	A	0.18%	0.26%	0.18%
PRO	C	0.02%	0.18%	0.02%
PTCT	B	0.02%	0.17%	0.02%
QLYS	B	0.13%	0.56%	0.13%
RAMP	B	0.02%	0.02%	0.02%
RDFN	D	0.03%	0.1%	0.03%
RIG	D	0.07%	0.01%	0.01%
RMBS	B	0.24%	0.19%	0.19%
RUSHA	C	0.06%	0.08%	0.06%
RVMD	C	0.04%	0.26%	0.04%
SAH	C	0.04%	0.15%	0.04%
SANA	F	0.04%	0.03%	0.03%
SANM	B	0.22%	0.39%	0.22%
SCS	C	0.08%	0.08%	0.08%
SF	B	0.17%	0.32%	0.17%
SFBS	C	0.13%	0.18%	0.13%
SFL	D	0.06%	0.02%	0.02%
SFM	A	0.6%	0.97%	0.6%
SKT	A	0.24%	0.11%	0.11%
SLG	B	0.49%	0.13%	0.13%
SLVM	B	0.02%	0.18%	0.02%
SMTC	B	0.05%	0.19%	0.05%
SNBR	F	0.03%	0.05%	0.03%
SNDX	F	0.02%	0.06%	0.02%
SNEX	B	0.07%	0.25%	0.07%
SPSC	D	0.11%	0.72%	0.11%
SPT	C	0.14%	0.08%	0.08%
SRCE	B	0.16%	0.13%	0.13%
SSTK	F	0.11%	0.08%	0.08%
SUPN	C	0.03%	0.02%	0.02%
SWTX	C	0.01%	0.02%	0.01%
SWX	B	0.01%	0.31%	0.01%
TDOC	C	0.18%	0.08%	0.08%
TDS	B	0.04%	0.17%	0.04%
TENB	C	0.08%	0.36%	0.08%
TEX	F	0.19%	0.34%	0.19%
TGTX	B	0.03%	0.09%	0.03%
THR	B	0.05%	0.07%	0.05%
TILE	B	0.05%	0.22%	0.05%
TMHC	C	0.09%	0.47%	0.09%
TNC	D	0.06%	0.19%	0.06%
TNET	F	0.13%	0.02%	0.02%
TPH	D	0.14%	0.34%	0.14%
TRN	B	0.06%	0.26%	0.06%
TSE	F	0.02%	0.02%	0.02%
TXRH	B	0.07%	0.04%	0.04%
UFPI	C	0.23%	0.03%	0.03%
UMBF	B	0.14%	0.34%	0.14%
UNIT	B	0.07%	0.11%	0.07%
UPBD	B	0.09%	0.5%	0.09%
UVE	B	0.03%	0.04%	0.03%
VCEL	B	0.03%	0.03%	0.03%
VCYT	B	0.18%	0.15%	0.15%
VERA	C	0.09%	0.02%	0.02%
VMEO	B	0.13%	0.51%	0.13%
VNDA	C	0.03%	0.05%	0.03%
VRE	B	0.01%	0.18%	0.01%
WFRD	D	0.35%	0.01%	0.01%
WK	B	0.34%	0.28%	0.28%
WOOF	D	0.02%	0.3%	0.02%
WS	C	0.22%	0.13%	0.13%
WTS	B	0.12%	0.39%	0.12%
XNCR	B	0.15%	0.02%	0.02%
XRX	F	0.18%	0.18%	0.18%
YELP	C	0.06%	0.58%	0.06%
YEXT	B	0.14%	0.28%	0.14%
YOU	D	0.23%	0.32%	0.23%
ZIP	D	0.05%	0.05%	0.05%
ZUO	B	0.01%	0.2%	0.01%

SMLF Overweight 568 Positions Relative to FESM

Symbol	Grade	Weight
APP	B	1.49%
EVR	B	0.81%
MSTR	B	0.73%
DECK	A	0.72%
AXON	A	0.66%
ALSN	B	0.56%
NTNX	B	0.56%
JBL	C	0.55%
BPOP	C	0.53%
MANH	D	0.5%
MLI	B	0.49%
RS	B	0.49%
NVT	B	0.49%
IDA	A	0.46%
IBKR	A	0.45%
DUOL	A	0.44%
COCO	A	0.43%
WSM	C	0.42%
PCOR	B	0.42%
CSL	C	0.41%
COOP	B	0.41%
LPX	B	0.41%
IOT	A	0.41%
VNO	C	0.41%
ORI	A	0.41%
JEF	A	0.4%
HRB	D	0.4%
NTRA	A	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
EWBC	A	0.39%
POWL	C	0.38%
UTHR	C	0.38%
DKS	D	0.38%
BRX	A	0.37%
AM	A	0.37%
WING	D	0.36%
CNM	D	0.36%
CR	A	0.35%
AYI	B	0.35%
PIPR	A	0.34%
CAVA	B	0.34%
LAMR	C	0.33%
JHG	B	0.31%
HSII	B	0.31%
WSO	A	0.31%
ITT	A	0.31%
FLEX	B	0.31%
FR	D	0.31%
SOLV	D	0.31%
DDS	B	0.31%
THC	D	0.31%
TPR	B	0.3%
SPXC	A	0.3%
CHE	D	0.3%
GGG	B	0.3%
EXE	A	0.29%
TTEK	F	0.29%
STRL	A	0.29%
PSTG	D	0.29%
PRI	B	0.28%
R	B	0.28%
AGO	B	0.27%
SN	D	0.27%
FCNCA	A	0.27%
SMAR	B	0.26%
ESTC	C	0.26%
SIG	B	0.26%
GPK	C	0.26%
AMH	C	0.25%
OVV	B	0.25%
MOD	A	0.25%
CFR	B	0.25%
TPX	B	0.24%
CBSH	B	0.24%
TREX	C	0.24%
AN	C	0.24%
EXEL	B	0.24%
IMKTA	C	0.24%
ZION	B	0.24%
CW	C	0.23%
ENTG	D	0.23%
GAP	C	0.23%
LSCC	D	0.23%
AMG	B	0.23%
GPI	B	0.22%
APA	D	0.22%
RPM	A	0.22%
RNR	C	0.21%
AR	B	0.21%
TOST	B	0.21%
BLD	D	0.21%
AZPN	A	0.21%
SRPT	F	0.2%
ETSY	D	0.2%
RDDT	A	0.2%
XRAY	F	0.2%
ELF	C	0.2%
ATKR	D	0.2%
RRX	B	0.2%
AGCO	D	0.2%
DTM	A	0.2%
BBWI	C	0.2%
WCC	B	0.2%
TPG	A	0.2%
M	F	0.19%
RNG	C	0.19%
SMG	C	0.19%
JOE	F	0.19%
CROX	D	0.19%
NAVI	F	0.19%
ACM	B	0.19%
HAS	D	0.19%
RRC	B	0.19%
HLI	A	0.18%
KNSL	B	0.18%
ARW	D	0.18%
NDSN	B	0.18%
ESAB	C	0.18%
USFD	A	0.18%
HIW	C	0.18%
OC	A	0.18%
GLPI	C	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%
TKR	D	0.17%
PDM	D	0.17%
KRG	B	0.17%
RHI	C	0.17%
XPO	B	0.17%
AIZ	A	0.17%
PRKS	B	0.17%
KIM	A	0.16%
IVT	A	0.16%
ALLE	C	0.16%
BJ	A	0.16%
WTM	A	0.16%
SLM	A	0.16%
LRN	A	0.16%
CVCO	A	0.16%
TOL	B	0.16%
GME	C	0.16%
TNL	A	0.16%
AGNC	C	0.16%
FAF	A	0.16%
OMF	A	0.16%
PGRE	F	0.16%
KFRC	D	0.16%
LBTYA	F	0.15%
GNRC	C	0.15%
SBGI	B	0.15%
HOG	D	0.15%
ONON	A	0.15%
GES	F	0.15%
RL	C	0.15%
W	D	0.15%
VMI	B	0.15%
FTAI	A	0.15%
DOCS	C	0.15%
SPB	C	0.15%
ABG	C	0.15%
CWEN	C	0.15%
SKY	A	0.15%
ESI	B	0.15%
AMR	C	0.14%
RGLD	C	0.14%
VSTO	A	0.14%
NOVT	D	0.14%
IONS	F	0.14%
PI	D	0.14%
BRKR	D	0.14%
UA	C	0.14%
TTC	C	0.14%
PCTY	C	0.14%
SCI	B	0.14%
AY	A	0.14%
SSD	F	0.14%
THO	B	0.13%
IPAR	B	0.13%
NFG	A	0.13%
ACCO	C	0.13%
OGS	A	0.13%
BRZE	C	0.13%
BWXT	B	0.13%
GOLF	B	0.13%
RYAN	A	0.13%
KAI	B	0.13%
BDN	C	0.13%
FYBR	C	0.13%
AA	A	0.13%
SR	A	0.12%
MAT	D	0.12%
INSP	D	0.12%
SAIA	B	0.12%
KBR	F	0.12%
SATS	D	0.12%
ACLS	F	0.12%
NYT	D	0.12%
OGE	A	0.12%
BKE	B	0.12%
WH	B	0.12%
KRC	B	0.12%
WEN	D	0.12%
NOV	C	0.12%
CBT	D	0.12%
BSY	F	0.12%
WAFD	B	0.12%
NTCT	C	0.11%
TXNM	A	0.11%
LAZ	B	0.11%
IBOC	B	0.11%
PARA	C	0.11%
PTEN	C	0.11%
OII	B	0.11%
DFIN	D	0.11%
LOVE	A	0.11%
CUBE	C	0.11%
MFA	D	0.11%
HTH	C	0.11%
CRUS	D	0.11%
CARG	B	0.11%
CXW	C	0.11%
NSP	F	0.11%
KW	C	0.1%
ASB	B	0.1%
CHDN	B	0.1%
DNOW	B	0.1%
PNFP	B	0.1%
IVZ	B	0.1%
UGI	C	0.1%
VECO	F	0.1%
LSTR	D	0.1%
NNN	C	0.1%
HUN	F	0.1%
HOV	D	0.1%
SYNA	C	0.1%
X	B	0.1%
LYFT	C	0.1%
AGM	B	0.1%
WAL	B	0.1%
KLIC	B	0.1%
BERY	C	0.1%
WMS	F	0.1%
VRNS	D	0.1%
EEFT	B	0.09%
VSH	F	0.09%
CXT	C	0.09%
MTSI	B	0.09%
WSC	F	0.09%
PHIN	A	0.09%
JACK	C	0.09%
MTN	C	0.09%
HEES	C	0.09%
ATEN	A	0.09%
APG	B	0.09%
HI	C	0.09%
CAR	C	0.09%
LZ	C	0.09%
FLG	D	0.09%
IDCC	B	0.09%
PLNT	A	0.09%
BC	C	0.09%
ALIT	C	0.09%
TGNA	B	0.09%
OHI	C	0.09%
INVA	D	0.09%
MTG	C	0.09%
AMLX	C	0.09%
OLN	F	0.09%
WEX	D	0.09%
CUBI	B	0.09%
SON	F	0.09%
EXPO	D	0.09%
VC	F	0.08%
FIVN	C	0.08%
LILA	D	0.08%
VIR	D	0.08%
RGEN	D	0.08%
PEGA	B	0.08%
OZK	B	0.08%
CAL	F	0.08%
ELAN	D	0.08%
MKSI	C	0.08%
FHB	B	0.08%
YETI	D	0.08%
KN	B	0.08%
MASI	B	0.08%
GMS	B	0.08%
WOR	F	0.08%
CACC	D	0.08%
DLX	B	0.08%
VFC	C	0.08%
BOX	B	0.08%
AGX	B	0.08%
CUZ	B	0.08%
KSS	F	0.08%
CARS	C	0.08%
MIDD	C	0.08%
ALV	C	0.08%
AFRM	A	0.07%
CLH	C	0.07%
DH	F	0.07%
HASI	D	0.07%
PEN	B	0.07%
EYPT	D	0.07%
WYNN	C	0.07%
MATV	D	0.07%
VAC	C	0.07%
LXP	D	0.07%
POR	C	0.07%
AMPL	B	0.07%
WLY	B	0.07%
NTB	B	0.07%
GCO	C	0.07%
ASH	F	0.07%
PLUS	F	0.07%
SM	B	0.07%
NXST	C	0.07%
WNC	C	0.07%
NVST	B	0.06%
CC	C	0.06%
AVXL	B	0.06%
OXM	F	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
COTY	F	0.06%
S	B	0.06%
NXT	C	0.06%
ILPT	F	0.06%
AMCX	C	0.06%
HCC	B	0.06%
CNX	A	0.06%
STWD	C	0.06%
MPW	F	0.06%
BRBR	A	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
FUN	C	0.06%
ASO	F	0.06%
NSIT	F	0.06%
SOFI	B	0.06%
FLO	D	0.06%
RDN	D	0.06%
WTTR	A	0.06%
CASY	A	0.06%
RYN	D	0.06%
ADEA	C	0.06%
AIV	C	0.06%
APPF	B	0.06%
AZEK	A	0.06%
HE	C	0.06%
UVV	B	0.06%
KD	B	0.06%
AVAV	C	0.05%
ITGR	B	0.05%
SNV	C	0.05%
ACI	C	0.05%
SONO	C	0.05%
PZZA	F	0.05%
LBTYK	A	0.05%
EHC	B	0.05%
SITE	F	0.05%
BLMN	F	0.05%
AMBC	C	0.05%
PATH	C	0.05%
HOUS	F	0.05%
MERC	F	0.05%
KOS	D	0.05%
TARS	C	0.05%
VNT	C	0.05%
WBS	A	0.05%
APLS	F	0.05%
LFUS	D	0.05%
ASAN	B	0.05%
WBA	F	0.05%
PK	C	0.05%
WGO	C	0.05%
LECO	C	0.05%
CENTA	C	0.05%
FCN	F	0.04%
MAN	F	0.04%
HPP	F	0.04%
STAG	D	0.04%
MDU	D	0.04%
DAWN	D	0.04%
CORZ	B	0.04%
PFSI	C	0.04%
PRGO	C	0.04%
LPG	F	0.04%
TPB	B	0.04%
ANAB	F	0.04%
NATL	B	0.04%
HELE	C	0.04%
KLG	B	0.04%
CELH	F	0.04%
AGYS	A	0.04%
ROKU	D	0.04%
BILL	A	0.04%
CFFN	C	0.04%
OMI	F	0.04%
HLF	C	0.04%
ANGI	F	0.04%
NHI	D	0.04%
ACHC	F	0.04%
MMS	F	0.04%
FHN	A	0.04%
IOSP	C	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	0.03%
AXTA	B	0.03%
GMED	A	0.03%
VIAV	C	0.03%
ADT	C	0.03%
CHRD	D	0.03%
FL	F	0.03%
RGNX	D	0.03%
EVTC	B	0.03%
NX	C	0.03%
EMBC	C	0.03%
DNB	B	0.03%
QXO	D	0.03%
OFIX	C	0.03%
XHR	B	0.03%
CIEN	C	0.03%
VIRT	A	0.03%
QDEL	F	0.03%
REVG	C	0.03%
RYI	C	0.03%
CHWY	B	0.03%
IESC	C	0.03%
UDMY	D	0.03%
ARCH	B	0.03%
SLAB	F	0.03%
MGNI	B	0.03%
AMN	F	0.03%
ACCD	D	0.03%
VITL	D	0.03%
CGEM	F	0.03%
IVR	F	0.03%
TCBI	C	0.03%
RPD	B	0.03%
SPRY	C	0.03%
CNS	B	0.03%
RLI	A	0.03%
RKT	F	0.03%
NRC	F	0.03%
OLED	F	0.03%
CVI	F	0.03%
RXT	C	0.02%
SSB	B	0.02%
CACI	D	0.02%
OSIS	A	0.02%
MSM	C	0.02%
KVYO	C	0.02%
UNFI	A	0.02%
OMER	A	0.02%
VSTS	C	0.02%
BRY	F	0.02%
EVH	F	0.02%
QRTEA	F	0.02%
GPRO	F	0.02%
SAFE	F	0.02%
KFY	B	0.02%
MSA	F	0.02%
JELD	F	0.02%
EDR	A	0.02%
KRNY	C	0.02%
DAN	D	0.02%
DOCN	C	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NWL	C	0.02%
NUS	D	0.02%
EPR	C	0.02%
BMBL	C	0.02%
OPI	F	0.02%
WTFC	A	0.02%
MTW	C	0.02%
DBI	F	0.02%
CLVT	D	0.02%
PR	B	0.02%
RLJ	C	0.02%
PBF	D	0.02%
CRSP	D	0.02%
TLRY	F	0.02%
SITC	D	0.02%
SVC	F	0.02%
TWO	F	0.02%
CNDT	C	0.02%
WD	D	0.02%
USNA	C	0.02%
ARCB	C	0.02%
CALX	D	0.02%
CWK	C	0.01%
ALGM	D	0.01%
VAL	F	0.01%
DINO	D	0.01%
ARR	D	0.01%
PEB	D	0.01%
PCH	F	0.01%
EPC	F	0.01%
SFIX	B	0.01%
POWI	F	0.01%
FLWS	D	0.01%
TDC	D	0.01%
XPRO	D	0.01%
MBC	F	0.01%
BIGC	B	0.01%
MLAB	F	0.01%
GO	C	0.01%
JOBY	B	0.01%
UTL	B	0.01%
WTI	F	0.01%
NWN	A	0.01%
BKH	A	0.01%
SWI	C	0.01%
MITK	C	0.01%
TR	B	0.01%
ROIV	C	0.01%
TTGT	B	0.01%
RBRK	A	0.01%
NGVT	B	0.01%
ENVA	B	0.01%
HMST	F	0.01%
AXS	A	0.01%
CAKE	C	0.01%
STGW	A	0.01%
OLPX	D	0.01%
ENR	B	0.01%
GEF	A	0.01%
GWRE	A	0.01%
RHP	B	0.01%
PYCR	B	0.01%
ASGN	F	0.01%
HTZ	C	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
HAIN	D	0.01%
KALU	C	0.01%
PII	F	0.01%
NEXA	B	0.01%
BYD	B	0.01%
UPWK	B	0.01%
HXL	F	0.01%
SHO	D	0.01%
AEIS	C	0.01%
MAGN	D	0.0%
BFH	C	0.0%
MC	C	0.0%
SEE	C	0.0%
CHCO	B	0.0%
GDOT	D	0.0%
EGBN	B	0.0%
EIG	B	0.0%
DEI	B	0.0%
TRMK	C	0.0%
PFBC	B	0.0%
CASH	B	0.0%
UNM	A	0.0%
TBBK	B	0.0%
PRDO	B	0.0%
BKU	A	0.0%
CMA	B	0.0%

SMLF Underweight 320 Positions Relative to FESM

Symbol	Grade	Weight
QTWO	A	-0.8%
SKYW	C	-0.69%
BGC	C	-0.66%
PAYO	A	-0.65%
MWA	B	-0.6%
MHO	D	-0.59%
CSGS	B	-0.59%
CRGY	B	-0.58%
COMP	B	-0.58%
NWBI	B	-0.57%
MTX	B	-0.56%
LKFN	C	-0.52%
FUL	F	-0.52%
WT	A	-0.51%
MTDR	B	-0.51%
LMND	B	-0.51%
AIR	B	-0.49%
MXL	C	-0.48%
REZI	A	-0.46%
SIGI	C	-0.44%
CODI	B	-0.44%
BHE	C	-0.41%
GT	C	-0.39%
UCTT	D	-0.37%
CBU	B	-0.37%
AAT	B	-0.36%
ABCB	B	-0.36%
CECO	B	-0.35%
VICR	C	-0.35%
PECO	A	-0.34%
ESRT	C	-0.34%
BBSI	B	-0.33%
NMIH	C	-0.33%
SXT	C	-0.32%
ABM	B	-0.32%
STEP	C	-0.32%
PFS	B	-0.31%
KAR	B	-0.31%
KTOS	B	-0.31%
MTH	D	-0.3%
VREX	B	-0.29%
EGHT	B	-0.29%
PHR	F	-0.29%
TRNO	F	-0.28%
SXC	A	-0.28%
PLPC	B	-0.25%
PDFS	C	-0.24%
PSN	D	-0.24%
SHAK	C	-0.23%
PLXS	B	-0.23%
EZPW	B	-0.23%
CPF	B	-0.23%
BUSE	B	-0.23%
MRTN	D	-0.23%
HLX	B	-0.23%
RNST	B	-0.22%
PLAB	C	-0.22%
COMM	D	-0.22%
CALM	A	-0.22%
AORT	B	-0.22%
ROCK	C	-0.21%
WABC	B	-0.21%
AXGN	C	-0.21%
RNA	C	-0.21%
SJW	F	-0.21%
AXL	C	-0.21%
CTRE	C	-0.2%
KBH	D	-0.2%
CWT	C	-0.2%
PBI	B	-0.19%
HL	D	-0.19%
UBSI	B	-0.19%
SBH	C	-0.18%
PJT	A	-0.18%
CADE	B	-0.18%
FRME	B	-0.18%
BVS	D	-0.18%
HY	D	-0.18%
AVNS	F	-0.18%
CNXN	C	-0.18%
ARLO	C	-0.17%
PRK	B	-0.17%
DCO	C	-0.17%
LMB	B	-0.17%
TVTX	C	-0.16%
RYTM	C	-0.16%
EWTX	C	-0.16%
DXPE	C	-0.16%
STNG	F	-0.15%
WSBC	B	-0.15%
AMSF	B	-0.15%
TRTX	C	-0.15%
CPS	C	-0.15%
GHC	B	-0.14%
AGIO	C	-0.14%
NRIX	C	-0.14%
ETD	C	-0.14%
WKC	C	-0.14%
FLXS	B	-0.14%
TWST	F	-0.14%
VRTS	B	-0.14%
UCB	A	-0.14%
CNK	C	-0.14%
SRRK	C	-0.13%
WSR	A	-0.13%
CRNX	C	-0.13%
ZEUS	C	-0.12%
DK	C	-0.12%
TRUP	B	-0.12%
REPX	A	-0.12%
AMSC	B	-0.12%
FORM	D	-0.12%
KRYS	C	-0.11%
CDNA	D	-0.11%
HCI	C	-0.11%
LYTS	B	-0.11%
EAT	A	-0.11%
DIOD	D	-0.1%
ALE	A	-0.1%
TRUE	C	-0.1%
NGVC	A	-0.1%
INDB	B	-0.1%
FFBC	B	-0.1%
GMRE	F	-0.1%
AUB	B	-0.1%
ADUS	D	-0.1%
VTOL	B	-0.1%
KURA	F	-0.1%
ALTR	B	-0.1%
VBTX	B	-0.09%
EBS	C	-0.09%
ADPT	C	-0.09%
AMBA	B	-0.09%
AMAL	B	-0.09%
HLIT	D	-0.09%
RXRX	F	-0.09%
MYGN	F	-0.09%
AUR	C	-0.09%
ARQT	B	-0.09%
ARAY	C	-0.08%
PRLB	B	-0.08%
ANIP	F	-0.08%
FTDR	B	-0.08%
FDP	B	-0.08%
BSRR	B	-0.08%
SGMO	C	-0.08%
CDMO	A	-0.08%
DEA	D	-0.08%
PCRX	C	-0.08%
KTB	B	-0.08%
CATY	B	-0.08%
PTGX	D	-0.08%
URBN	C	-0.08%
TCMD	B	-0.08%
AKBA	C	-0.08%
WVE	C	-0.08%
PACB	F	-0.08%
LUNR	B	-0.07%
CTKB	C	-0.07%
KE	C	-0.07%
WEAV	C	-0.07%
NVAX	F	-0.07%
ORIC	F	-0.07%
KOD	B	-0.07%
HBI	B	-0.07%
HRTG	C	-0.07%
FISI	B	-0.07%
PGC	B	-0.07%
SEM	B	-0.07%
LGF.A	C	-0.07%
MYE	F	-0.07%
NUVB	C	-0.07%
ATNI	F	-0.07%
PL	B	-0.07%
WSBF	C	-0.07%
REPL	D	-0.07%
CDE	C	-0.07%
WMK	C	-0.07%
COLL	F	-0.07%
ANNX	F	-0.06%
RXO	D	-0.06%
UEC	B	-0.06%
TSHA	C	-0.06%
RVNC	F	-0.06%
APPN	B	-0.06%
IART	C	-0.06%
BGS	F	-0.06%
CDXS	B	-0.06%
TREE	F	-0.06%
CCCC	F	-0.06%
HURC	B	-0.06%
RM	C	-0.06%
GIC	D	-0.06%
ARVN	F	-0.06%
AVD	C	-0.06%
CLDX	F	-0.06%
QTRX	F	-0.06%
FBK	C	-0.06%
NABL	F	-0.06%
EOLS	D	-0.06%
ETNB	C	-0.05%
ALLK	D	-0.05%
ACIW	B	-0.05%
DAKT	C	-0.05%
SAGE	F	-0.05%
OABI	F	-0.05%
LGF.A	C	-0.05%
DSGN	C	-0.05%
TMCI	C	-0.05%
PAHC	C	-0.05%
ATRO	D	-0.05%
ORGO	B	-0.05%
MLNK	C	-0.05%
OPY	B	-0.05%
UHT	D	-0.05%
COGT	D	-0.05%
STRO	F	-0.05%
BY	B	-0.05%
ABSI	F	-0.05%
EE	A	-0.05%
MCRI	A	-0.05%
BOOT	C	-0.05%
TSVT	F	-0.04%
HRTX	F	-0.04%
MGNX	F	-0.04%
LPSN	F	-0.04%
BLBD	D	-0.04%
AOSL	C	-0.04%
BDTX	F	-0.04%
TNDM	D	-0.04%
TERN	F	-0.04%
NXRT	B	-0.04%
GERN	D	-0.04%
MSBI	B	-0.04%
CXM	C	-0.04%
VYGR	F	-0.04%
CRVL	B	-0.04%
IOVA	F	-0.04%
KALV	F	-0.04%
IDYA	F	-0.04%
NPAB	F	-0.04%
ZNTL	F	-0.04%
PRTS	C	-0.03%
FIZZ	C	-0.03%
ANIK	D	-0.03%
KYMR	D	-0.03%
GCI	D	-0.03%
NPK	B	-0.03%
ACET	F	-0.03%
ENTA	F	-0.03%
RMAX	C	-0.03%
SHEN	F	-0.03%
CWCO	C	-0.03%
RLMD	F	-0.03%
MBWM	B	-0.03%
YMAB	F	-0.03%
USLM	A	-0.03%
STNE	F	-0.03%
RLAY	F	-0.03%
VSCO	C	-0.03%
AXNX	A	-0.03%
RCKT	F	-0.03%
ASC	F	-0.03%
STBA	B	-0.03%
FNKO	D	-0.03%
UVSP	B	-0.03%
HROW	D	-0.03%
ETWO	F	-0.03%
HNST	A	-0.03%
CHGG	C	-0.03%
BHLB	B	-0.03%
HUMA	F	-0.03%
GRC	A	-0.03%
FATE	F	-0.03%
EDIT	F	-0.03%
CSR	B	-0.03%
ANGO	C	-0.02%
RCKY	F	-0.02%
EB	C	-0.02%
UPLD	B	-0.02%
ONTF	C	-0.02%
TNYA	D	-0.02%
CTMX	F	-0.02%
SPNS	F	-0.02%
MQ	D	-0.02%
ZIMV	D	-0.02%
ABUS	D	-0.02%
SVRA	F	-0.02%
NKTR	F	-0.02%
TCBK	C	-0.02%
SPOK	B	-0.02%
MRSN	D	-0.02%
CRBU	D	-0.02%
PRAA	D	-0.02%
GPRE	F	-0.02%
FCF	B	-0.02%
DOC	C	-0.02%
NKTX	F	-0.02%
ALEC	F	-0.02%
ALT	C	-0.02%
KPTI	D	-0.02%
PBYI	C	-0.02%
FSTR	B	-0.02%
PKE	B	-0.02%
BOLT	F	-0.01%
CARA	D	-0.01%
ALVR	F	-0.01%
INO	F	-0.01%
NOVA	F	-0.01%
ZDGE	F	-0.01%
FGEN	D	-0.01%
IMVT	F	-0.01%
CHRS	D	-0.01%
AVTE	D	-0.01%
SMMT	D	-0.01%
ADAP	F	-0.01%
SPCE	D	-0.01%
URGN	F	-0.01%
XBIT	F	-0.01%
CCBG	B	-0.01%