SMLF vs. IWS ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to iShares Russell Mid-cap Value ETF (IWS)

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

$71.99

Average Daily Volume

70,214

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. 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. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$137.60

Average Daily Volume

273,438

Number of Holdings ^*

707

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	IWS
30 Days	5.32%	2.15%
60 Days	7.23%	4.02%
90 Days	11.12%	6.93%
12 Months	36.98%	29.54%

256 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in IWS	Overlap
AA	A	0.13%	0.12%	0.12%
ACHC	F	0.04%	0.04%	0.04%
ACI	C	0.05%	0.09%	0.05%
ACM	B	0.19%	0.16%	0.16%
ADT	B	0.03%	0.02%	0.02%
AFRM	A	0.07%	0.14%	0.07%
AGCO	F	0.2%	0.06%	0.06%
AGNC	C	0.16%	0.08%	0.08%
AGO	A	0.27%	0.05%	0.05%
AIZ	A	0.17%	0.13%	0.13%
ALAB	A	0.02%	0.02%	0.02%
ALGM	F	0.01%	0.03%	0.01%
ALLE	D	0.16%	0.13%	0.13%
ALSN	B	0.56%	0.11%	0.11%
AM	A	0.37%	0.04%	0.04%
AMG	B	0.23%	0.06%	0.06%
AMH	C	0.25%	0.14%	0.14%
AN	D	0.24%	0.05%	0.05%
APA	F	0.22%	0.09%	0.09%
APG	C	0.09%	0.09%	0.09%
AR	B	0.21%	0.1%	0.1%
ARW	D	0.18%	0.07%	0.07%
ASH	F	0.07%	0.04%	0.04%
ATI	C	0.14%	0.08%	0.08%
AXS	A	0.01%	0.07%	0.01%
AXTA	B	0.03%	0.1%	0.03%
AYI	B	0.35%	0.11%	0.11%
AZEK	B	0.06%	0.02%	0.02%
AZPN	A	0.21%	0.07%	0.07%
BBWI	C	0.2%	0.08%	0.08%
BC	F	0.09%	0.06%	0.06%
BERY	C	0.1%	0.08%	0.08%
BILL	A	0.04%	0.07%	0.04%
BJ	B	0.16%	0.13%	0.13%
BLD	F	0.21%	0.11%	0.11%
BPOP	C	0.53%	0.07%	0.07%
BRBR	A	0.06%	0.1%	0.06%
BRKR	F	0.14%	0.02%	0.02%
BRX	A	0.37%	0.1%	0.1%
BWXT	B	0.13%	0.1%	0.1%
BYD	B	0.01%	0.06%	0.01%
CACC	D	0.08%	0.01%	0.01%
CACI	D	0.02%	0.11%	0.02%
CAR	C	0.09%	0.01%	0.01%
CASY	A	0.06%	0.13%	0.06%
CBSH	B	0.24%	0.09%	0.09%
CC	C	0.06%	0.03%	0.03%
CFR	B	0.25%	0.09%	0.09%
CHE	D	0.3%	0.08%	0.08%
CHRD	F	0.03%	0.09%	0.03%
CIEN	B	0.03%	0.11%	0.03%
CLH	C	0.07%	0.14%	0.07%
CLVT	D	0.02%	0.02%	0.02%
CMA	B	0.0%	0.1%	0.0%
CNM	C	0.36%	0.03%	0.03%
COKE	C	0.22%	0.08%	0.08%
COTY	F	0.06%	0.03%	0.03%
CR	A	0.35%	0.09%	0.09%
CROX	F	0.19%	0.05%	0.05%
CRUS	F	0.11%	0.06%	0.06%
CSL	C	0.41%	0.19%	0.19%
CUBE	D	0.11%	0.12%	0.11%
CUZ	B	0.08%	0.05%	0.05%
CVNA	B	0.46%	0.19%	0.19%
CW	B	0.23%	0.15%	0.15%
CWEN	C	0.15%	0.03%	0.03%
CWEN	C	0.15%	0.01%	0.01%
CXT	C	0.09%	0.03%	0.03%
DCI	B	0.18%	0.1%	0.1%
DDS	B	0.31%	0.01%	0.01%
DINO	D	0.01%	0.07%	0.01%
DKS	D	0.38%	0.11%	0.11%
DNB	A	0.03%	0.04%	0.03%
DOCS	C	0.15%	0.06%	0.06%
DTM	A	0.2%	0.11%	0.11%
EEFT	C	0.09%	0.05%	0.05%
EGP	D	0.09%	0.09%	0.09%
EHC	B	0.05%	0.11%	0.05%
ELAN	D	0.08%	0.08%	0.08%
EME	A	0.94%	0.15%	0.15%
EPR	D	0.02%	0.04%	0.02%
ESAB	B	0.18%	0.08%	0.08%
ESI	B	0.15%	0.07%	0.07%
ETSY	D	0.2%	0.02%	0.02%
EVR	B	0.81%	0.12%	0.12%
EWBC	A	0.39%	0.16%	0.16%
EXE	A	0.29%	0.24%	0.24%
EXEL	B	0.24%	0.02%	0.02%
FAF	A	0.16%	0.07%	0.07%
FCN	D	0.04%	0.08%	0.04%
FCNCA	A	0.27%	0.29%	0.27%
FHB	B	0.08%	0.04%	0.04%
FHN	B	0.04%	0.12%	0.04%
FLO	D	0.06%	0.04%	0.04%
FR	D	0.31%	0.08%	0.08%
FYBR	C	0.13%	0.09%	0.09%
GAP	D	0.23%	0.05%	0.05%
GGG	B	0.3%	0.16%	0.16%
GLPI	C	0.18%	0.14%	0.14%
GME	C	0.16%	0.11%	0.11%
GMED	A	0.03%	0.1%	0.03%
GNRC	B	0.15%	0.06%	0.06%
GO	C	0.01%	0.02%	0.01%
GPK	D	0.26%	0.09%	0.09%
GWRE	A	0.01%	0.1%	0.01%
HAS	D	0.19%	0.01%	0.01%
HIW	D	0.18%	0.04%	0.04%
HLI	A	0.18%	0.1%	0.1%
HOG	F	0.15%	0.04%	0.04%
HRB	D	0.4%	0.07%	0.07%
HUN	F	0.1%	0.04%	0.04%
HXL	F	0.01%	0.05%	0.01%
IBKR	A	0.45%	0.21%	0.21%
IDA	A	0.46%	0.07%	0.07%
IONS	F	0.14%	0.0%	0.0%
ITT	B	0.31%	0.14%	0.14%
IVZ	B	0.1%	0.07%	0.07%
JBL	C	0.55%	0.14%	0.14%
JEF	A	0.4%	0.1%	0.1%
JHG	B	0.31%	0.06%	0.06%
KBR	F	0.12%	0.08%	0.08%
KD	A	0.06%	0.07%	0.06%
KIM	A	0.16%	0.18%	0.16%
KRC	C	0.12%	0.05%	0.05%
KSS	F	0.08%	0.02%	0.02%
LAMR	D	0.33%	0.09%	0.09%
LAZ	B	0.11%	0.0%	0.0%
LBRDA	C	0.4%	0.01%	0.01%
LBTYA	F	0.15%	0.02%	0.02%
LBTYK	A	0.05%	0.02%	0.02%
LECO	C	0.05%	0.09%	0.05%
LFUS	D	0.05%	0.06%	0.05%
LPX	B	0.41%	0.02%	0.02%
LSCC	F	0.23%	0.01%	0.01%
LSTR	D	0.1%	0.07%	0.07%
LYFT	C	0.1%	0.02%	0.02%
M	F	0.19%	0.05%	0.05%
MAN	F	0.04%	0.03%	0.03%
MASI	B	0.08%	0.04%	0.04%
MAT	D	0.12%	0.07%	0.07%
MDU	D	0.04%	0.04%	0.04%
MIDD	D	0.08%	0.08%	0.08%
MKSI	C	0.08%	0.07%	0.07%
MPW	F	0.06%	0.03%	0.03%
MSA	D	0.02%	0.07%	0.02%
MSM	D	0.02%	0.04%	0.02%
MSTR	B	0.73%	0.55%	0.55%
MTG	C	0.09%	0.07%	0.07%
MTN	C	0.09%	0.01%	0.01%
MTSI	B	0.09%	0.08%	0.08%
NDSN	C	0.18%	0.16%	0.16%
NFG	A	0.13%	0.06%	0.06%
NNN	C	0.1%	0.08%	0.08%
NOV	C	0.12%	0.07%	0.07%
NTNX	B	0.56%	0.13%	0.13%
NVST	C	0.06%	0.04%	0.04%
NVT	C	0.49%	0.13%	0.13%
NWL	B	0.02%	0.04%	0.02%
NXST	D	0.07%	0.03%	0.03%
NYT	D	0.12%	0.09%	0.09%
OC	A	0.18%	0.18%	0.18%
OGE	A	0.12%	0.09%	0.09%
OHI	C	0.09%	0.11%	0.09%
OLED	F	0.03%	0.04%	0.03%
OLN	F	0.09%	0.05%	0.05%
OMF	A	0.16%	0.07%	0.07%
ONTO	F	0.15%	0.06%	0.06%
ORI	A	0.41%	0.1%	0.1%
OVV	B	0.25%	0.13%	0.13%
OZK	B	0.08%	0.06%	0.06%
PARA	D	0.11%	0.07%	0.07%
PATH	C	0.05%	0.01%	0.01%
PII	F	0.01%	0.04%	0.01%
PK	D	0.05%	0.03%	0.03%
PLNT	A	0.09%	0.04%	0.04%
PNFP	B	0.1%	0.1%	0.1%
PR	B	0.02%	0.08%	0.02%
PRGO	C	0.04%	0.04%	0.04%
PRI	B	0.28%	0.11%	0.11%
PSTG	F	0.29%	0.02%	0.02%
PVH	D	0.17%	0.06%	0.06%
PYCR	C	0.01%	0.01%	0.01%
QDEL	F	0.03%	0.02%	0.02%
R	B	0.28%	0.08%	0.08%
RGEN	D	0.08%	0.07%	0.07%
RGLD	C	0.14%	0.1%	0.1%
RHI	C	0.17%	0.08%	0.08%
RKT	F	0.03%	0.02%	0.02%
RL	C	0.15%	0.09%	0.09%
RLI	A	0.03%	0.08%	0.03%
RNR	C	0.21%	0.15%	0.15%
ROIV	D	0.01%	0.05%	0.01%
ROKU	D	0.04%	0.08%	0.04%
RPM	B	0.22%	0.15%	0.15%
RRC	B	0.19%	0.09%	0.09%
RRX	B	0.2%	0.12%	0.12%
RS	B	0.49%	0.2%	0.2%
RYN	D	0.06%	0.05%	0.05%
S	C	0.06%	0.07%	0.06%
SAIA	C	0.12%	0.06%	0.06%
SCI	B	0.14%	0.13%	0.13%
SEE	D	0.0%	0.03%	0.0%
SF	B	0.17%	0.13%	0.13%
SITE	F	0.05%	0.04%	0.04%
SLM	A	0.16%	0.06%	0.06%
SMG	C	0.19%	0.04%	0.04%
SN	D	0.27%	0.06%	0.06%
SNV	B	0.05%	0.09%	0.05%
SOFI	A	0.06%	0.13%	0.06%
SOLV	F	0.31%	0.1%	0.1%
SON	D	0.09%	0.05%	0.05%
SPB	C	0.15%	0.03%	0.03%
SSD	D	0.14%	0.08%	0.08%
STAG	D	0.04%	0.07%	0.04%
STWD	C	0.06%	0.07%	0.06%
THC	C	0.31%	0.16%	0.16%
THO	C	0.13%	0.06%	0.06%
TKR	F	0.17%	0.05%	0.05%
TNL	B	0.16%	0.04%	0.04%
TOL	B	0.16%	0.17%	0.16%
TPG	A	0.2%	0.05%	0.05%
TPR	B	0.3%	0.14%	0.14%
TTC	F	0.14%	0.09%	0.09%
TTEK	F	0.29%	0.1%	0.1%
UA	C	0.14%	0.02%	0.02%
UGI	C	0.1%	0.06%	0.06%
UNM	A	0.0%	0.15%	0.0%
USFD	A	0.18%	0.16%	0.16%
UTHR	C	0.38%	0.17%	0.17%
VAC	C	0.07%	0.03%	0.03%
VFC	C	0.08%	0.08%	0.08%
VIRT	A	0.03%	0.03%	0.03%
VMI	B	0.15%	0.07%	0.07%
VNO	C	0.41%	0.08%	0.08%
VNT	C	0.05%	0.07%	0.05%
VOYA	B	0.17%	0.09%	0.09%
VSTS	F	0.02%	0.02%	0.02%
W	D	0.15%	0.04%	0.04%
WAL	B	0.1%	0.11%	0.1%
WBA	F	0.05%	0.07%	0.05%
WBS	A	0.05%	0.11%	0.05%
WCC	B	0.2%	0.1%	0.1%
WEN	D	0.12%	0.02%	0.02%
WEX	F	0.09%	0.07%	0.07%
WH	B	0.12%	0.07%	0.07%
WMS	F	0.1%	0.06%	0.06%
WSC	F	0.09%	0.05%	0.05%
WSM	C	0.42%	0.07%	0.07%
WSO	A	0.31%	0.2%	0.2%
WTFC	B	0.02%	0.09%	0.02%
WTM	A	0.16%	0.05%	0.05%
WYNN	D	0.07%	0.09%	0.07%
X	C	0.1%	0.09%	0.09%
XRAY	D	0.2%	0.04%	0.04%
YETI	D	0.08%	0.03%	0.03%
ZION	B	0.24%	0.1%	0.1%

SMLF Overweight 555 Positions Relative to IWS

Symbol	Grade	Weight
APP	B	1.49%
DECK	A	0.72%
AXON	A	0.66%
SFM	B	0.6%
MANH	D	0.5%
SLG	B	0.49%
MLI	B	0.49%
FIX	A	0.44%
DUOL	A	0.44%
COCO	A	0.43%
PCOR	C	0.42%
COOP	B	0.41%
IOT	A	0.41%
NTRA	A	0.4%
GTLB	B	0.39%
POWL	C	0.38%
MEDP	F	0.38%
WING	F	0.36%
WFRD	F	0.35%
PIPR	B	0.34%
CAVA	C	0.34%
WK	C	0.34%
HSII	B	0.31%
FLEX	A	0.31%
MAC	A	0.31%
ALKS	C	0.3%
SPXC	A	0.3%
CORT	B	0.3%
ANF	F	0.3%
STRL	B	0.29%
INTA	A	0.27%
SMAR	A	0.26%
ESTC	C	0.26%
SIG	C	0.26%
MOD	B	0.25%
HURN	B	0.25%
TPX	B	0.24%
CPRX	C	0.24%
TREX	C	0.24%
RMBS	C	0.24%
SKT	A	0.24%
HALO	F	0.24%
IMKTA	C	0.24%
ENTG	F	0.23%
YOU	D	0.23%
UFPI	C	0.23%
EXLS	B	0.23%
BCC	C	0.22%
SANM	B	0.22%
GPI	B	0.22%
WS	B	0.22%
AXSM	B	0.22%
MATX	B	0.21%
TOST	A	0.21%
SRPT	F	0.2%
LIVN	D	0.2%
RDDT	A	0.2%
ELF	C	0.2%
ATKR	D	0.2%
DNLI	D	0.2%
HAE	C	0.2%
LUMN	C	0.2%
TEX	D	0.19%
RNG	C	0.19%
JOE	F	0.19%
NAVI	F	0.19%
GH	B	0.19%
MUR	D	0.19%
PRGS	B	0.18%
KNSL	B	0.18%
XRX	F	0.18%
TDOC	C	0.18%
VCYT	B	0.18%
FROG	C	0.18%
AVNT	B	0.18%
MMYT	B	0.17%
ACLX	C	0.17%
LNW	F	0.17%
BRC	C	0.17%
LNTH	C	0.17%
PDM	D	0.17%
PRG	B	0.17%
KRG	A	0.17%
XPO	B	0.17%
EXTR	C	0.17%
PRKS	B	0.17%
JBSS	F	0.17%
IVT	A	0.16%
SRCE	B	0.16%
BL	C	0.16%
BMI	B	0.16%
LRN	A	0.16%
CVCO	A	0.16%
CNO	B	0.16%
PGRE	F	0.16%
KFRC	D	0.16%
GATX	A	0.15%
SBGI	B	0.15%
ONON	B	0.15%
XNCR	B	0.15%
GES	F	0.15%
FTAI	A	0.15%
ABG	B	0.15%
SKY	A	0.15%
AMR	C	0.14%
UMBF	B	0.14%
VSTO	A	0.14%
IGT	F	0.14%
BANF	B	0.14%
MMSI	A	0.14%
NOVT	D	0.14%
PI	D	0.14%
CMC	B	0.14%
NJR	A	0.14%
ENSG	D	0.14%
YEXT	B	0.14%
PCTY	B	0.14%
AY	A	0.14%
SPT	C	0.14%
TPH	D	0.14%
BLKB	C	0.13%
VMEO	B	0.13%
BPMC	C	0.13%
IPAR	B	0.13%
TNET	C	0.13%
ACCO	B	0.13%
OGS	A	0.13%
BRZE	C	0.13%
GOLF	B	0.13%
RYAN	B	0.13%
KAI	B	0.13%
BDN	C	0.13%
QLYS	C	0.13%
SFBS	B	0.13%
NUVL	D	0.13%
SR	A	0.12%
INSP	F	0.12%
AROC	A	0.12%
AWR	B	0.12%
GEO	A	0.12%
BASE	C	0.12%
SATS	D	0.12%
ACLS	F	0.12%
GFF	A	0.12%
BKE	B	0.12%
AIT	B	0.12%
CBT	C	0.12%
BSY	D	0.12%
WAFD	B	0.12%
WTS	B	0.12%
NTCT	C	0.11%
FHI	B	0.11%
CYTK	D	0.11%
TXNM	A	0.11%
IBOC	B	0.11%
SSTK	F	0.11%
PTEN	C	0.11%
OII	B	0.11%
DFIN	D	0.11%
LOVE	A	0.11%
MFA	D	0.11%
ACAD	C	0.11%
HTH	C	0.11%
CARG	B	0.11%
SPSC	D	0.11%
BAND	D	0.11%
ODP	F	0.11%
CHX	C	0.11%
APOG	B	0.11%
CXW	C	0.11%
MCB	B	0.11%
MDGL	C	0.11%
NSP	F	0.11%
BCRX	D	0.11%
KW	C	0.1%
MTRN	C	0.1%
ASB	B	0.1%
CHDN	B	0.1%
HP	C	0.1%
ACA	A	0.1%
DNOW	B	0.1%
BECN	B	0.1%
EXPI	C	0.1%
CRDO	C	0.1%
VECO	F	0.1%
CRC	A	0.1%
ICFI	F	0.1%
HOV	D	0.1%
SYNA	D	0.1%
ALX	D	0.1%
CMPR	F	0.1%
AGM	B	0.1%
KLIC	C	0.1%
INSM	C	0.1%
VRNS	D	0.1%
HIMS	C	0.1%
VSH	F	0.09%
PHIN	A	0.09%
JACK	D	0.09%
MRC	B	0.09%
PCVX	D	0.09%
HEES	C	0.09%
ATEN	A	0.09%
PBH	A	0.09%
HI	C	0.09%
LGND	C	0.09%
VERA	C	0.09%
LZ	C	0.09%
FLG	D	0.09%
IDCC	B	0.09%
ALIT	C	0.09%
TGNA	B	0.09%
TMHC	C	0.09%
INVA	D	0.09%
COUR	F	0.09%
UPBD	C	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
CUBI	C	0.09%
CRS	A	0.09%
EXPO	D	0.09%
VC	F	0.08%
FIVN	C	0.08%
TENB	D	0.08%
LILA	D	0.08%
OPCH	F	0.08%
HWC	B	0.08%
CVLT	A	0.08%
VIR	F	0.08%
FLR	B	0.08%
PEGA	B	0.08%
CAL	F	0.08%
SCS	B	0.08%
OSCR	D	0.08%
PD	C	0.08%
KN	B	0.08%
GMS	B	0.08%
WOR	F	0.08%
DLX	B	0.08%
BOX	B	0.08%
NSSC	F	0.08%
AGX	B	0.08%
CARS	C	0.08%
BDC	B	0.08%
ALV	C	0.08%
CSWI	B	0.08%
CNMD	C	0.07%
UNIT	B	0.07%
EQC	A	0.07%
DH	F	0.07%
HASI	F	0.07%
AMRX	C	0.07%
PEN	B	0.07%
EYPT	D	0.07%
MATV	F	0.07%
RIG	D	0.07%
AMPH	F	0.07%
LXP	D	0.07%
POR	C	0.07%
AMPL	B	0.07%
FLNC	C	0.07%
WLY	B	0.07%
NBR	D	0.07%
EPAC	B	0.07%
NTB	B	0.07%
GKOS	A	0.07%
DOMO	C	0.07%
GCO	C	0.07%
KNF	B	0.07%
PLUS	F	0.07%
SM	C	0.07%
TXRH	B	0.07%
SNEX	A	0.07%
NARI	C	0.07%
CEIX	B	0.07%
WNC	D	0.07%
AVXL	B	0.06%
YELP	C	0.06%
OXM	F	0.06%
AVDX	B	0.06%
GPMT	B	0.06%
FN	C	0.06%
TNC	F	0.06%
NXT	C	0.06%
ILPT	F	0.06%
HWKN	B	0.06%
AMCX	C	0.06%
HCC	B	0.06%
CNX	A	0.06%
TRN	B	0.06%
MCY	B	0.06%
CTBI	B	0.06%
ITCI	B	0.06%
VKTX	F	0.06%
RUSHA	B	0.06%
FUN	B	0.06%
ASO	F	0.06%
LADR	B	0.06%
NSIT	F	0.06%
RDN	D	0.06%
WTTR	A	0.06%
IRTC	C	0.06%
ADEA	D	0.06%
BCO	F	0.06%
SFL	D	0.06%
AIV	C	0.06%
ADMA	B	0.06%
APPF	C	0.06%
OTTR	C	0.06%
HE	C	0.06%
UVV	B	0.06%
MED	D	0.06%
FOLD	F	0.05%
AVAV	C	0.05%
ITGR	B	0.05%
FFIN	B	0.05%
CVBF	A	0.05%
SONO	C	0.05%
PZZA	F	0.05%
ITRI	B	0.05%
TILE	A	0.05%
BEAM	D	0.05%
CERS	D	0.05%
AEO	F	0.05%
BLMN	F	0.05%
AMBC	C	0.05%
HOUS	D	0.05%
MERC	F	0.05%
KOS	D	0.05%
TARS	C	0.05%
SMTC	B	0.05%
ZIP	D	0.05%
THR	B	0.05%
APLS	F	0.05%
ASAN	C	0.05%
MDXG	B	0.05%
WGO	D	0.05%
CENTA	C	0.05%
ARWR	D	0.04%
HPP	F	0.04%
DAWN	D	0.04%
CORZ	A	0.04%
PFSI	D	0.04%
KREF	D	0.04%
OUT	A	0.04%
DIN	C	0.04%
LPG	F	0.04%
FLYW	B	0.04%
AGS	A	0.04%
IDT	B	0.04%
ENS	D	0.04%
SANA	F	0.04%
TPB	A	0.04%
SAH	B	0.04%
ANAB	F	0.04%
NATL	B	0.04%
HELE	C	0.04%
RVMD	B	0.04%
KLG	D	0.04%
CELH	F	0.04%
AGYS	A	0.04%
ARRY	F	0.04%
CFFN	B	0.04%
OMI	F	0.04%
HLF	C	0.04%
ANGI	F	0.04%
IBP	D	0.04%
NHI	D	0.04%
HSTM	B	0.04%
MMS	D	0.04%
BCPC	B	0.04%
TDS	B	0.04%
IOSP	C	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	0.03%
ALHC	C	0.03%
VIAV	C	0.03%
ALRM	C	0.03%
RDFN	F	0.03%
MOG.A	B	0.03%
LTH	D	0.03%
SUPN	B	0.03%
FL	F	0.03%
VNDA	C	0.03%
RGNX	D	0.03%
EVTC	C	0.03%
VCEL	A	0.03%
NX	C	0.03%
EMBC	C	0.03%
TGTX	B	0.03%
BBIO	F	0.03%
QXO	C	0.03%
OFIX	B	0.03%
XHR	B	0.03%
REVG	B	0.03%
SNBR	F	0.03%
RYI	C	0.03%
CHWY	B	0.03%
IESC	B	0.03%
UDMY	D	0.03%
ARCH	B	0.03%
SLAB	F	0.03%
BRSP	C	0.03%
CDP	D	0.03%
MGNI	B	0.03%
HNI	A	0.03%
AMN	F	0.03%
ACCD	F	0.03%
VITL	D	0.03%
CGEM	F	0.03%
IVR	D	0.03%
TCBI	B	0.03%
RPD	C	0.03%
SPRY	C	0.03%
ATRC	C	0.03%
CNS	B	0.03%
UVE	A	0.03%
NRC	F	0.03%
OI	D	0.03%
BKD	F	0.03%
CVI	D	0.03%
RXT	C	0.02%
ERAS	C	0.02%
WOOF	D	0.02%
SSB	B	0.02%
SLVM	B	0.02%
OSIS	A	0.02%
TSE	F	0.02%
KVYO	D	0.02%
UNFI	A	0.02%
ARCT	F	0.02%
OMER	B	0.02%
BRY	F	0.02%
DYN	D	0.02%
EVH	F	0.02%
PRO	C	0.02%
RAMP	C	0.02%
QRTEA	F	0.02%
GPRO	F	0.02%
SAFE	F	0.02%
KFY	B	0.02%
JELD	F	0.02%
EDR	A	0.02%
KRNY	B	0.02%
DAN	F	0.02%
DOCN	D	0.02%
EVRI	A	0.02%
NUS	C	0.02%
BMBL	C	0.02%
OPI	F	0.02%
IRWD	F	0.02%
FSS	B	0.02%
MTW	C	0.02%
DY	D	0.02%
DBI	F	0.02%
LMAT	A	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	D	0.02%
CNDT	C	0.02%
OPEN	F	0.02%
SNDX	F	0.02%
WD	D	0.02%
AKRO	C	0.02%
PTCT	B	0.02%
GIII	F	0.02%
USNA	C	0.02%
LANC	D	0.02%
ARCB	C	0.02%
PDCO	F	0.02%
CALX	F	0.02%
CWK	C	0.01%
VAL	F	0.01%
PGEN	F	0.01%
AIN	C	0.01%
ARR	D	0.01%
PEB	F	0.01%
JAMF	F	0.01%
PCH	D	0.01%
EPC	F	0.01%
SFIX	B	0.01%
POWI	D	0.01%
FLWS	D	0.01%
TDC	D	0.01%
XPRO	F	0.01%
MBC	F	0.01%
BIGC	C	0.01%
MLAB	F	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	D	0.01%
NTLA	F	0.01%
VRE	A	0.01%
TR	B	0.01%
TTGT	C	0.01%
SWX	A	0.01%
HCAT	F	0.01%
OIS	B	0.01%
RBRK	A	0.01%
NGVT	B	0.01%
HQY	A	0.01%
ENVA	B	0.01%
HMST	F	0.01%
CAKE	B	0.01%
STGW	B	0.01%
OLPX	D	0.01%
ENR	A	0.01%
BSIG	A	0.01%
GEF	A	0.01%
RHP	B	0.01%
ASGN	F	0.01%
HTZ	C	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
HAIN	D	0.01%
SWTX	C	0.01%
KALU	C	0.01%
NEXA	B	0.01%
UPWK	C	0.01%
NFBK	B	0.01%
SHO	D	0.01%
AEIS	B	0.01%
MAGN	F	0.0%
BFH	B	0.0%
MC	B	0.0%
CHCO	B	0.0%
GDOT	D	0.0%
NBTB	B	0.0%
EGBN	B	0.0%
FULT	B	0.0%
EIG	B	0.0%
JXN	C	0.0%
BOH	B	0.0%
DEI	A	0.0%
TRMK	B	0.0%
GNW	A	0.0%
PFBC	B	0.0%
CASH	B	0.0%
TBBK	B	0.0%
FBP	B	0.0%
PRDO	B	0.0%
BKU	A	0.0%
AX	B	0.0%
OFG	B	0.0%

SMLF Underweight 451 Positions Relative to IWS

Symbol	Grade	Weight
WMB	A	-0.76%
OKE	A	-0.7%
AFL	C	-0.68%
AJG	A	-0.65%
BK	B	-0.64%
DLR	A	-0.64%
KMI	A	-0.58%
O	D	-0.54%
CMI	A	-0.54%
FIS	C	-0.54%
DHI	D	-0.53%
LHX	B	-0.51%
CCI	C	-0.5%
KVUE	A	-0.5%
PRU	B	-0.5%
PEG	A	-0.49%
AME	A	-0.49%
PCG	A	-0.49%
SPG	A	-0.48%
ALL	A	-0.48%
DFS	B	-0.48%
HWM	A	-0.47%
BKR	A	-0.47%
EA	A	-0.47%
URI	B	-0.46%
DAL	A	-0.45%
IR	B	-0.45%
CBRE	B	-0.44%
OTIS	D	-0.44%
LEN	D	-0.44%
CTVA	C	-0.43%
XEL	A	-0.43%
EXC	C	-0.43%
FERG	C	-0.42%
CTSH	B	-0.42%
KR	B	-0.42%
A	F	-0.41%
CHTR	B	-0.4%
ACGL	D	-0.4%
NUE	D	-0.39%
GIS	D	-0.39%
ROST	D	-0.39%
GLW	B	-0.39%
MTB	A	-0.39%
RCL	A	-0.39%
WAB	B	-0.38%
DD	D	-0.38%
EXR	C	-0.38%
HIG	A	-0.38%
HUM	C	-0.37%
FANG	C	-0.37%
MCHP	F	-0.37%
ED	C	-0.37%
GEHC	C	-0.37%
MLM	B	-0.37%
GRMN	B	-0.36%
NDAQ	A	-0.36%
AVB	B	-0.36%
PWR	A	-0.36%
VICI	C	-0.36%
ETR	A	-0.35%
EIX	C	-0.35%
WTW	B	-0.35%
FITB	B	-0.35%
TTWO	A	-0.34%
IQV	F	-0.34%
DOW	F	-0.34%
WEC	A	-0.34%
EBAY	D	-0.34%
GPN	C	-0.33%
HLT	A	-0.33%
ROK	B	-0.33%
UAL	A	-0.33%
CNC	F	-0.33%
RJF	A	-0.33%
PPG	F	-0.32%
STT	A	-0.32%
CSGP	C	-0.32%
ANSS	B	-0.32%
XYL	D	-0.32%
PAYX	B	-0.32%
ON	F	-0.31%
EQR	C	-0.31%
SQ	A	-0.3%
HPQ	B	-0.3%
HPE	B	-0.3%
VMC	B	-0.3%
DOV	B	-0.3%
TROW	B	-0.29%
KEYS	A	-0.29%
HAL	C	-0.29%
AWK	C	-0.29%
FTV	C	-0.29%
PHM	D	-0.29%
CHD	A	-0.29%
SW	A	-0.29%
ADM	D	-0.28%
HBAN	B	-0.28%
VTR	B	-0.28%
SYF	B	-0.28%
NVR	D	-0.28%
CCL	A	-0.27%
DVN	F	-0.27%
RF	A	-0.27%
AEE	A	-0.27%
EFX	F	-0.27%
RMD	C	-0.27%
DTE	C	-0.27%
MTD	F	-0.27%
PPL	A	-0.27%
YUM	D	-0.26%
CINF	A	-0.26%
BIIB	F	-0.26%
HUBB	B	-0.26%
EQT	A	-0.26%
SBAC	D	-0.26%
LNG	A	-0.26%
FE	C	-0.26%
WBD	B	-0.25%
WY	D	-0.25%
ZBH	C	-0.25%
HSY	F	-0.24%
ZM	B	-0.24%
HOOD	B	-0.24%
NTRS	A	-0.24%
ILMN	C	-0.24%
LYB	F	-0.24%
LDOS	C	-0.24%
TDY	B	-0.24%
STE	D	-0.24%
ATO	A	-0.24%
ES	C	-0.24%
IFF	D	-0.24%
WDC	F	-0.23%
INVH	D	-0.23%
STLD	B	-0.23%
PKG	A	-0.23%
CBOE	C	-0.23%
K	A	-0.23%
CFG	B	-0.23%
LH	B	-0.22%
PFG	C	-0.22%
BBY	D	-0.22%
IP	A	-0.22%
CMS	C	-0.22%
FSLR	F	-0.22%
MKC	C	-0.21%
OMC	D	-0.21%
BALL	D	-0.21%
CTRA	B	-0.21%
BLDR	F	-0.21%
ESS	B	-0.21%
MSCI	C	-0.21%
COO	D	-0.21%
LUV	B	-0.21%
CNP	A	-0.21%
KEY	B	-0.2%
DGX	A	-0.2%
WRB	A	-0.2%
HOLX	D	-0.2%
TSN	B	-0.2%
ARE	F	-0.2%
MAA	B	-0.2%
SNA	B	-0.2%
GPC	F	-0.19%
TRMB	B	-0.19%
MAS	D	-0.19%
IEX	B	-0.19%
J	D	-0.19%
TRU	D	-0.19%
PNR	B	-0.19%
CF	A	-0.18%
FNF	D	-0.18%
MRO	A	-0.18%
GEN	B	-0.18%
BAX	F	-0.18%
NI	A	-0.18%
DG	F	-0.18%
MKL	A	-0.18%
L	A	-0.17%
VTRS	A	-0.17%
RGA	B	-0.17%
SUI	C	-0.17%
ZBRA	B	-0.17%
LNT	A	-0.17%
SSNC	C	-0.17%
TXT	D	-0.17%
SYY	D	-0.16%
EXPD	D	-0.16%
EVRG	A	-0.16%
IRM	C	-0.16%
VRSN	D	-0.16%
HES	B	-0.16%
APTV	F	-0.16%
UDR	C	-0.16%
DOC	D	-0.16%
BRO	B	-0.16%
AMCR	C	-0.16%
JBHT	C	-0.16%
TWLO	A	-0.15%
NTAP	C	-0.15%
EG	C	-0.15%
SWKS	F	-0.15%
RVTY	D	-0.15%
REG	A	-0.15%
VLTO	C	-0.15%
FFIV	A	-0.15%
AVTR	F	-0.15%
BXP	D	-0.14%
CPT	C	-0.14%
COHR	B	-0.14%
JKHY	D	-0.14%
CAG	D	-0.14%
BG	D	-0.14%
CHRW	B	-0.14%
DLTR	F	-0.14%
ELS	B	-0.14%
AKAM	F	-0.14%
SWK	F	-0.14%
INCY	C	-0.13%
KMX	C	-0.13%
Z	A	-0.13%
UHS	D	-0.13%
CAH	B	-0.13%
EMN	D	-0.13%
CDW	F	-0.13%
FDS	B	-0.13%
JNPR	D	-0.13%
BMRN	F	-0.13%
HST	D	-0.13%
FTI	A	-0.13%
WPC	C	-0.13%
ALB	B	-0.13%
EPAM	C	-0.13%
FOXA	B	-0.12%
TECH	F	-0.12%
CCK	D	-0.12%
CTLT	D	-0.12%
FWONK	A	-0.12%
NWSA	A	-0.12%
TAP	C	-0.12%
PFGC	B	-0.12%
ATR	B	-0.12%
SJM	D	-0.12%
CG	B	-0.12%
NRG	B	-0.12%
CRL	D	-0.11%
DOX	D	-0.11%
COIN	B	-0.11%
WTRG	B	-0.11%
GL	C	-0.11%
MKTX	D	-0.11%
DPZ	C	-0.11%
ARMK	B	-0.11%
AVY	D	-0.11%
AES	F	-0.11%
AFG	A	-0.11%
NLY	D	-0.11%
LKQ	F	-0.11%
RPRX	D	-0.11%
DAY	B	-0.11%
LAD	B	-0.11%
IPG	D	-0.11%
WWD	B	-0.11%
PNW	A	-0.11%
ALLY	C	-0.1%
AOS	F	-0.1%
MGM	D	-0.1%
SNX	C	-0.1%
KNX	B	-0.1%
AAL	B	-0.1%
HSIC	C	-0.1%
PTC	B	-0.1%
RBC	A	-0.1%
TFX	F	-0.1%
WST	C	-0.1%
TW	A	-0.1%
REXR	F	-0.1%
FBIN	D	-0.1%
INGR	B	-0.1%
FRT	B	-0.1%
DRI	C	-0.1%
CNH	C	-0.1%
FLS	A	-0.09%
BWA	D	-0.09%
G	B	-0.09%
MTCH	F	-0.09%
SEIC	B	-0.09%
CZR	F	-0.09%
TKO	A	-0.09%
FICO	A	-0.09%
CPB	D	-0.09%
WAT	B	-0.09%
RIVN	F	-0.09%
MOS	D	-0.09%
HRL	D	-0.09%
MTZ	A	-0.09%
JLL	D	-0.09%
DAR	C	-0.08%
GXO	B	-0.08%
FND	D	-0.08%
ALGN	D	-0.08%
GNTX	F	-0.08%
OSK	C	-0.08%
CART	C	-0.08%
SKX	F	-0.08%
FAST	B	-0.08%
MHK	D	-0.08%
LBRDK	C	-0.08%
LW	C	-0.08%
KEX	A	-0.08%
PB	B	-0.08%
ADC	A	-0.08%
JAZZ	B	-0.08%
HII	F	-0.08%
LNC	B	-0.07%
WHR	B	-0.07%
CE	F	-0.07%
BIO	C	-0.07%
BEN	C	-0.07%
QRVO	F	-0.07%
COLD	D	-0.07%
MTDR	B	-0.07%
SAIC	F	-0.07%
SIRI	D	-0.07%
MOH	F	-0.07%
CGNX	D	-0.07%
OKTA	D	-0.07%
COLB	B	-0.07%
HR	C	-0.07%
GWW	B	-0.07%
ALK	A	-0.07%
FMC	D	-0.07%
AMP	A	-0.06%
AL	B	-0.06%
BFAM	F	-0.06%
POST	C	-0.06%
CCCS	B	-0.06%
LEA	F	-0.06%
EXAS	D	-0.06%
LITE	B	-0.06%
RITM	D	-0.06%
OLLI	D	-0.06%
FOX	A	-0.06%
H	B	-0.06%
THG	A	-0.06%
FNB	B	-0.06%
GTES	A	-0.05%
DLB	B	-0.05%
PAYC	B	-0.05%
WLK	F	-0.05%
KMPR	A	-0.05%
SLGN	A	-0.05%
AWI	A	-0.05%
PSN	D	-0.05%
DBX	C	-0.05%
ST	F	-0.05%
AVT	C	-0.05%
FRPT	B	-0.05%
ZG	A	-0.04%
ALNY	D	-0.04%
UHAL	D	-0.04%
IAC	D	-0.04%
CLF	F	-0.04%
NWS	B	-0.04%
VNOM	A	-0.04%
CIVI	F	-0.04%
NEU	D	-0.04%
MSGS	A	-0.04%
DXC	C	-0.04%
RH	C	-0.04%
TYL	B	-0.04%
OGN	F	-0.04%
LINE	F	-0.04%
GFS	C	-0.04%
HAYW	B	-0.03%
JWN	D	-0.03%
ULTA	F	-0.03%
PINC	B	-0.03%
BR	B	-0.03%
CPRI	F	-0.03%
EXP	B	-0.03%
MP	C	-0.03%
ENOV	C	-0.03%
HHH	B	-0.03%
AGR	A	-0.03%
BOKF	B	-0.03%
WU	F	-0.03%
COLM	C	-0.03%
ECG	D	-0.03%
U	C	-0.03%
AMED	F	-0.03%
AMKR	F	-0.03%
NSA	C	-0.03%
PAG	C	-0.03%
IRDM	F	-0.03%
SNRE	D	-0.03%
LLYVK	A	-0.03%
BROS	A	-0.03%
SPR	D	-0.03%
AMTM	D	-0.03%
BHF	B	-0.03%
LOPE	B	-0.03%
PENN	C	-0.03%
ZI	C	-0.03%
TER	F	-0.02%
TRIP	F	-0.02%
SNDR	A	-0.02%
REYN	D	-0.02%
LEG	F	-0.02%
FTRE	D	-0.02%
QS	D	-0.02%
BIRK	D	-0.02%
LEN	D	-0.02%
CNXC	F	-0.02%
CRI	F	-0.02%
UAA	C	-0.02%
PPC	B	-0.02%
LCID	F	-0.02%
INFA	C	-0.02%
IPGP	D	-0.02%
GLOB	C	-0.02%
SHC	F	-0.02%
AZTA	D	-0.02%
AAP	D	-0.02%
RCM	A	-0.02%
SAM	C	-0.02%
TXG	F	-0.01%
PLTK	B	-0.01%
CHH	A	-0.01%
DJT	C	-0.01%
SEB	F	-0.01%
TFSL	B	-0.01%
UI	A	-0.01%
WOLF	F	-0.01%
FIVE	F	-0.01%
HCP	B	-0.01%
CNA	C	-0.01%
FWONA	A	-0.01%
AS	A	-0.01%
CERT	F	-0.01%
DV	C	-0.01%
LLYVA	A	-0.01%
NCNO	B	-0.01%
LOAR	B	-0.0%
PARAA	C	-0.0%
UWMC	D	-0.0%
SEG	B	-0.0%
NFE	F	-0.0%
UHAL	D	-0.0%
GRAL	B	-0.0%