SMLF vs. QARP ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Xtrackers Russell 1000 US QARP ETF (QARP)

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

QARP

Xtrackers Russell 1000 US QARP ETF

QARP Description

The investment seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the "underlying index"). The fund will invest at least 80% of its total assets (but typically far more) in component securities of the underlying index. The underlying index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.85

Average Daily Volume

3,299

Number of Holdings ^*

345

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	QARP
30 Days	10.53%	3.81%
60 Days	10.49%	3.83%
90 Days	11.95%	5.70%
12 Months	40.74%	26.96%

71 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in QARP	Overlap
ACI	C	0.05%	0.05%	0.05%
ACM	A	0.19%	0.04%	0.04%
AGCO	D	0.2%	0.06%	0.06%
ALSN	B	0.56%	0.04%	0.04%
AMG	B	0.23%	0.09%	0.09%
APA	D	0.22%	0.02%	0.02%
AR	B	0.21%	0.02%	0.02%
AYI	B	0.35%	0.08%	0.08%
BBWI	D	0.2%	0.02%	0.02%
BJ	A	0.16%	0.11%	0.11%
BLD	D	0.21%	0.05%	0.05%
CASY	A	0.06%	0.12%	0.06%
CHE	D	0.3%	0.04%	0.04%
CHRD	D	0.03%	0.04%	0.03%
CNM	D	0.36%	0.04%	0.04%
COKE	C	0.22%	0.04%	0.04%
CROX	D	0.19%	0.02%	0.02%
CRUS	D	0.11%	0.03%	0.03%
CSL	C	0.41%	0.05%	0.05%
DCI	B	0.18%	0.04%	0.04%
DECK	A	0.72%	0.13%	0.13%
DINO	D	0.01%	0.02%	0.01%
DKS	C	0.38%	0.09%	0.09%
EME	C	0.94%	0.15%	0.15%
EVR	B	0.81%	0.11%	0.11%
EXEL	B	0.24%	0.03%	0.03%
FCN	D	0.04%	0.03%	0.03%
FCNCA	A	0.27%	0.14%	0.14%
FIX	A	0.44%	0.05%	0.05%
GAP	C	0.23%	0.03%	0.03%
GGG	B	0.3%	0.07%	0.07%
GLPI	C	0.18%	0.03%	0.03%
HLI	B	0.18%	0.04%	0.04%
HRB	D	0.4%	0.08%	0.08%
ITT	A	0.31%	0.05%	0.05%
JBL	B	0.55%	0.06%	0.06%
JHG	A	0.31%	0.03%	0.03%
KNSL	B	0.18%	0.04%	0.04%
LAMR	D	0.33%	0.03%	0.03%
LECO	B	0.05%	0.04%	0.04%
LPX	B	0.41%	0.04%	0.04%
LSTR	D	0.1%	0.05%	0.05%
M	D	0.19%	0.02%	0.02%
MEDP	D	0.38%	0.03%	0.03%
MSM	C	0.02%	0.03%	0.02%
MTG	C	0.09%	0.11%	0.09%
NYT	C	0.12%	0.04%	0.04%
OC	A	0.18%	0.13%	0.13%
OLN	D	0.09%	0.03%	0.03%
OVV	B	0.25%	0.03%	0.03%
PII	D	0.01%	0.03%	0.01%
PVH	C	0.17%	0.03%	0.03%
RHI	B	0.17%	0.07%	0.07%
RL	B	0.15%	0.05%	0.05%
RLI	B	0.03%	0.03%	0.03%
RNR	C	0.21%	0.05%	0.05%
RS	B	0.49%	0.17%	0.17%
SAIA	B	0.12%	0.05%	0.05%
SOLV	C	0.31%	0.1%	0.1%
SSD	D	0.14%	0.03%	0.03%
THO	B	0.13%	0.03%	0.03%
TOL	B	0.16%	0.07%	0.07%
TPR	B	0.3%	0.12%	0.12%
TTEK	F	0.29%	0.02%	0.02%
TXRH	C	0.07%	0.06%	0.06%
USFD	A	0.18%	0.04%	0.04%
UTHR	C	0.38%	0.11%	0.11%
WSM	B	0.42%	0.15%	0.15%
WSO	A	0.31%	0.08%	0.08%
WYNN	D	0.07%	0.04%	0.04%
X	C	0.1%	0.03%	0.03%

SMLF Overweight 739 Positions Relative to QARP

Symbol	Grade	Weight
APP	B	1.49%
MSTR	C	0.73%
AXON	A	0.66%
SFM	A	0.6%
NTNX	A	0.56%
BPOP	B	0.53%
MANH	D	0.5%
SLG	B	0.49%
MLI	C	0.49%
NVT	B	0.49%
CVNA	B	0.46%
IDA	A	0.46%
IBKR	A	0.45%
DUOL	A	0.44%
COCO	B	0.43%
PCOR	B	0.42%
COOP	B	0.41%
IOT	A	0.41%
VNO	B	0.41%
ORI	A	0.41%
JEF	A	0.4%
NTRA	B	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
EWBC	A	0.39%
POWL	C	0.38%
BRX	A	0.37%
AM	A	0.37%
WING	D	0.36%
WFRD	D	0.35%
CR	A	0.35%
PIPR	B	0.34%
CAVA	B	0.34%
WK	B	0.34%
HSII	B	0.31%
FLEX	A	0.31%
FR	C	0.31%
MAC	B	0.31%
DDS	B	0.31%
THC	D	0.31%
ALKS	B	0.3%
SPXC	A	0.3%
CORT	B	0.3%
ANF	C	0.3%
EXE	B	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%
SMAR	A	0.26%
ESTC	C	0.26%
SIG	B	0.26%
GPK	C	0.26%
AMH	D	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%
TREX	C	0.24%
RMBS	C	0.24%
AN	C	0.24%
SKT	B	0.24%
HALO	F	0.24%
IMKTA	C	0.24%
ZION	B	0.24%
CW	B	0.23%
ENTG	D	0.23%
LSCC	D	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%
RPM	A	0.22%
WS	B	0.22%
AXSM	B	0.22%
MATX	C	0.21%
TOST	B	0.21%
AZPN	A	0.21%
SRPT	D	0.2%
ETSY	D	0.2%
LIVN	F	0.2%
RDDT	B	0.2%
XRAY	F	0.2%
ELF	C	0.2%
ATKR	C	0.2%
RRX	B	0.2%
DTM	B	0.2%
DNLI	D	0.2%
HAE	C	0.2%
WCC	B	0.2%
TPG	A	0.2%
LUMN	C	0.2%
TEX	D	0.19%
RNG	B	0.19%
SMG	D	0.19%
JOE	F	0.19%
NAVI	C	0.19%
GH	B	0.19%
MUR	D	0.19%
HAS	D	0.19%
RRC	B	0.19%
PRGS	A	0.18%
XRX	F	0.18%
ARW	D	0.18%
TDOC	C	0.18%
NDSN	B	0.18%
VCYT	B	0.18%
ESAB	B	0.18%
HIW	D	0.18%
FROG	C	0.18%
AVNT	B	0.18%
MMYT	B	0.17%
VOYA	B	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%
XPO	B	0.17%
AIZ	A	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%
WTM	A	0.16%
SLM	A	0.16%
LRN	A	0.16%
CVCO	A	0.16%
GME	C	0.16%
TNL	A	0.16%
CNO	A	0.16%
AGNC	D	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%
GNRC	B	0.15%
SBGI	B	0.15%
HOG	D	0.15%
ONON	A	0.15%
XNCR	B	0.15%
GES	F	0.15%
ONTO	D	0.15%
W	F	0.15%
VMI	B	0.15%
FTAI	B	0.15%
DOCS	C	0.15%
SPB	C	0.15%
ABG	B	0.15%
CWEN	C	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%
PCTY	B	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%
TNET	D	0.13%
ACCO	C	0.13%
OGS	A	0.13%
BRZE	C	0.13%
BWXT	B	0.13%
GOLF	B	0.13%
RYAN	B	0.13%
KAI	A	0.13%
BDN	C	0.13%
QLYS	C	0.13%
SFBS	B	0.13%
FYBR	D	0.13%
NUVL	D	0.13%
AA	B	0.13%
SR	A	0.12%
MAT	D	0.12%
INSP	D	0.12%
AROC	B	0.12%
AWR	B	0.12%
KBR	F	0.12%
GEO	B	0.12%
BASE	C	0.12%
SATS	D	0.12%
ACLS	F	0.12%
OGE	B	0.12%
GFF	A	0.12%
BKE	B	0.12%
WH	B	0.12%
KRC	C	0.12%
WEN	D	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%
CARG	C	0.11%
SPSC	C	0.11%
BAND	B	0.11%
ODP	F	0.11%
CHX	C	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%
PNFP	B	0.1%
IVZ	B	0.1%
UGI	A	0.1%
CRDO	B	0.1%
VECO	F	0.1%
CRC	B	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%
LYFT	C	0.1%
CMPR	D	0.1%
AGM	C	0.1%
WAL	B	0.1%
KLIC	B	0.1%
BERY	B	0.1%
INSM	C	0.1%
WMS	D	0.1%
VRNS	D	0.1%
HIMS	B	0.1%
EEFT	B	0.09%
VSH	D	0.09%
CXT	B	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%
APG	B	0.09%
PBH	A	0.09%
HI	C	0.09%
LGND	B	0.09%
CAR	C	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%
TGNA	B	0.09%
TMHC	B	0.09%
OHI	C	0.09%
INVA	D	0.09%
COUR	F	0.09%
UPBD	B	0.09%
DVAX	C	0.09%
AMLX	C	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%
RGEN	D	0.08%
PEGA	A	0.08%
OZK	B	0.08%
CAL	D	0.08%
ELAN	D	0.08%
MKSI	C	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%
VFC	C	0.08%
BOX	B	0.08%
NSSC	D	0.08%
AGX	B	0.08%
CUZ	B	0.08%
KSS	F	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%
AFRM	B	0.07%
UNIT	B	0.07%
CLH	B	0.07%
EQC	B	0.07%
DH	D	0.07%
HASI	D	0.07%
AMRX	C	0.07%
PEN	B	0.07%
EYPT	F	0.07%
MATV	D	0.07%
VAC	B	0.07%
RIG	D	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%
CC	C	0.06%
AVXL	B	0.06%
YELP	C	0.06%
OXM	D	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
COTY	F	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%
SOFI	A	0.06%
FLO	D	0.06%
RDN	C	0.06%
WTTR	B	0.06%
IRTC	D	0.06%
RYN	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%
SNV	B	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%
PATH	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%
WBA	F	0.05%
PK	B	0.05%
MDXG	B	0.05%
WGO	C	0.05%
CENTA	C	0.05%
ARWR	F	0.04%
MAN	D	0.04%
HPP	F	0.04%
STAG	F	0.04%
MDU	D	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%
CELH	F	0.04%
AGYS	A	0.04%
ARRY	C	0.04%
ROKU	D	0.04%
BILL	A	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%
AXTA	A	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%
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%
CDP	C	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%
RKT	F	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%
CACI	D	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%
MSA	D	0.02%
JELD	F	0.02%
EDR	A	0.02%
KRNY	B	0.02%
DAN	D	0.02%
DOCN	D	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NWL	B	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%
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	D	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%
POWI	D	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%
NTLA	F	0.01%
VRE	B	0.01%
TR	B	0.01%
ROIV	C	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%
HQY	B	0.01%
ENVA	B	0.01%
HMST	D	0.01%
AXS	A	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%
ASGN	F	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%
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%
SEE	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%
UNM	A	0.0%
TBBK	B	0.0%
FBP	B	0.0%
PRDO	B	0.0%
BKU	A	0.0%
CMA	A	0.0%
AX	A	0.0%
OFG	B	0.0%

SMLF Underweight 274 Positions Relative to QARP

Symbol	Grade	Weight
BRK.A	B	-5.21%
META	D	-5.17%
AAPL	C	-4.88%
AMZN	C	-3.99%
XOM	B	-3.19%
WMT	A	-2.88%
GOOGL	C	-2.36%
UNH	C	-2.32%
JNJ	D	-2.32%
COST	B	-2.32%
GOOG	C	-2.14%
MSFT	F	-2.05%
HD	A	-2.0%
CSCO	B	-1.97%
V	A	-1.84%
MA	C	-1.58%
CVX	A	-1.54%
PG	A	-1.34%
ACN	C	-1.18%
MCK	B	-1.15%
ADBE	C	-0.91%
CMCSA	B	-0.86%
TJX	A	-0.82%
BKNG	A	-0.8%
COP	C	-0.78%
LOW	D	-0.78%
AMAT	F	-0.77%
TSLA	B	-0.75%
LMT	D	-0.71%
T	A	-0.69%
CAT	B	-0.67%
VZ	C	-0.65%
MO	A	-0.63%
BMY	B	-0.62%
CI	F	-0.55%
PM	B	-0.55%
MMC	B	-0.55%
SBUX	A	-0.52%
EOG	A	-0.5%
PFE	D	-0.48%
ELV	F	-0.47%
LRCX	F	-0.45%
CAH	B	-0.4%
TGT	F	-0.4%
LEN	D	-0.4%
COR	B	-0.4%
UPS	C	-0.4%
MCD	D	-0.39%
ORLY	B	-0.38%
NUE	C	-0.37%
TXN	C	-0.37%
MU	D	-0.35%
AZO	C	-0.34%
PYPL	B	-0.34%
SYY	B	-0.33%
FDX	B	-0.33%
GILD	C	-0.33%
MCO	B	-0.33%
AON	A	-0.33%
MRK	F	-0.32%
PSA	D	-0.31%
DHI	D	-0.31%
HUM	C	-0.31%
ITW	B	-0.31%
NKE	D	-0.31%
CTSH	B	-0.3%
KR	B	-0.3%
ADM	D	-0.27%
HCA	F	-0.27%
GWW	B	-0.27%
QCOM	F	-0.26%
REGN	F	-0.26%
CMI	A	-0.26%
TROW	B	-0.25%
GM	B	-0.25%
MPC	D	-0.25%
ROST	C	-0.25%
PCAR	B	-0.24%
ACGL	D	-0.24%
DE	A	-0.24%
MSCI	C	-0.23%
ABNB	C	-0.23%
URI	B	-0.23%
NVR	D	-0.23%
STLD	B	-0.23%
BBY	D	-0.23%
CNC	D	-0.23%
ABT	B	-0.22%
FAST	B	-0.22%
FTNT	C	-0.22%
DAL	C	-0.22%
EA	A	-0.21%
KVUE	A	-0.21%
CL	D	-0.21%
PHM	D	-0.21%
ADP	B	-0.21%
VRTX	F	-0.21%
GEV	B	-0.2%
PAYX	C	-0.2%
SPG	B	-0.2%
VST	B	-0.2%
FANG	D	-0.19%
ODFL	B	-0.19%
LPLA	A	-0.19%
ISRG	A	-0.18%
VLO	C	-0.18%
NVDA	C	-0.18%
CVS	D	-0.18%
LULU	C	-0.18%
DVN	F	-0.17%
BLDR	D	-0.17%
KLAC	D	-0.17%
EXPE	B	-0.17%
GRMN	B	-0.16%
TSCO	D	-0.16%
COF	B	-0.16%
MNST	C	-0.15%
KMB	D	-0.15%
ULTA	F	-0.15%
CHTR	C	-0.14%
SYF	B	-0.14%
SLB	C	-0.14%
CF	B	-0.13%
DRI	B	-0.13%
ANET	C	-0.13%
EXPD	D	-0.13%
GEHC	F	-0.13%
KEYS	A	-0.12%
MMM	D	-0.12%
PSX	C	-0.12%
UNP	C	-0.12%
SNA	A	-0.12%
MAR	B	-0.12%
LUV	C	-0.11%
CMG	B	-0.11%
CTRA	B	-0.11%
MRO	B	-0.11%
BKR	B	-0.1%
CPNG	D	-0.1%
FDS	B	-0.1%
UAL	A	-0.1%
HSY	F	-0.09%
GIS	D	-0.09%
WST	C	-0.09%
EBAY	D	-0.09%
LYB	F	-0.09%
A	D	-0.09%
CINF	A	-0.09%
MTD	D	-0.09%
ROK	B	-0.09%
CBRE	B	-0.09%
TT	A	-0.08%
FICO	B	-0.08%
SWKS	F	-0.08%
CTAS	B	-0.08%
WY	D	-0.08%
HPQ	B	-0.08%
PFGC	B	-0.08%
INTC	D	-0.08%
LYV	A	-0.08%
ADI	D	-0.08%
CSX	B	-0.07%
DOW	F	-0.07%
INCY	C	-0.07%
DOX	D	-0.07%
GPC	D	-0.07%
CPRT	A	-0.07%
DLTR	F	-0.07%
LH	C	-0.07%
SPGI	C	-0.07%
SEIC	B	-0.07%
CBOE	B	-0.07%
AMD	F	-0.07%
LNG	B	-0.07%
VICI	C	-0.07%
ATO	A	-0.07%
MAS	D	-0.07%
EG	C	-0.06%
EW	C	-0.06%
EXP	A	-0.06%
PGR	A	-0.06%
PKG	A	-0.06%
PWR	A	-0.06%
OXY	D	-0.06%
K	A	-0.06%
FFIV	B	-0.06%
SKX	D	-0.06%
BX	A	-0.06%
TXT	D	-0.06%
MOH	F	-0.06%
POOL	C	-0.06%
HAL	C	-0.06%
VRSN	F	-0.06%
AOS	F	-0.06%
NTAP	C	-0.06%
ADSK	A	-0.06%
CHRW	C	-0.06%
BWA	D	-0.06%
CLX	B	-0.06%
INGR	B	-0.05%
CCL	B	-0.05%
JKHY	D	-0.05%
ORCL	B	-0.05%
APTV	D	-0.05%
JBHT	C	-0.05%
ALGN	D	-0.05%
MRNA	F	-0.05%
CLF	F	-0.05%
UHS	D	-0.05%
MGM	D	-0.05%
MKTX	D	-0.05%
COIN	C	-0.05%
MUSA	A	-0.05%
YUM	B	-0.05%
JNPR	F	-0.04%
TAP	C	-0.04%
J	F	-0.04%
AAL	B	-0.04%
MCHP	D	-0.04%
OSK	B	-0.04%
FCX	D	-0.04%
ROL	B	-0.04%
ARMK	B	-0.04%
CNP	B	-0.04%
TSN	B	-0.04%
LEA	D	-0.04%
PAYC	B	-0.04%
GNTX	C	-0.04%
FND	C	-0.04%
BURL	A	-0.04%
ON	D	-0.04%
EPAM	C	-0.04%
MOS	F	-0.04%
WBD	C	-0.04%
HOLX	D	-0.04%
LVS	C	-0.04%
DBX	B	-0.04%
OTIS	C	-0.04%
IP	B	-0.04%
ALK	C	-0.04%
SJM	D	-0.03%
MTZ	B	-0.03%
AMGN	D	-0.03%
WAT	B	-0.03%
PINC	B	-0.03%
G	B	-0.03%
WTW	B	-0.03%
RPRX	D	-0.03%
KNX	B	-0.03%
DPZ	C	-0.03%
DGX	A	-0.03%
TER	D	-0.03%
LOPE	B	-0.03%
HST	C	-0.03%
FOXA	B	-0.03%
VVV	F	-0.03%
LLY	F	-0.03%
AMCR	D	-0.03%
BIIB	F	-0.02%
CDW	F	-0.02%
ABBV	D	-0.02%
NEU	C	-0.02%
CDNS	B	-0.02%
HII	D	-0.02%
CE	F	-0.02%
CPB	D	-0.02%
FIVE	F	-0.02%
ALB	C	-0.02%
CTVA	C	-0.02%
LKQ	D	-0.02%
DD	D	-0.02%
EL	F	-0.02%
MHK	D	-0.02%
IWB	A	-0.0%