IWC vs. SQLV ETF Comparison

Comparison of iShares Microcap ETF (IWC) to Legg Mason Small-Cap Quality Value ETF (SQLV)

IWC

iShares Microcap ETF

IWC Description

The investment seeks to track the investment results of an index composed of micro-capitalization U.S. equities. 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 Microcap Index (the "underlying index"), which measures the performance of the microcap sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$117.50

Average Daily Volume

27,405

Number of Holdings ^*

1455

* may have additional holdings in another (foreign) market

SQLV

Legg Mason Small-Cap Quality Value ETF

SQLV Description

The investment seeks to track the investment results of the RARE Global Infrastructure Index (the "underlying index"). The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose its underlying index. The underlying index is composed of equity securities in developed and developing markets that are included in the MSCI ACWI All Cap Index. Companies in the MSCI ACWI All Cap Index are screened to include only companies within the Global Industry Classification Standard (GICS) sub-industries and are classified into infrastructure sectors.

Grade (RS Rating)

Last Trade

$40.21

Average Daily Volume

4,178

Number of Holdings ^*

232

* may have additional holdings in another (foreign) market

Performance

Period	IWC	SQLV
30 Days	3.49%	3.82%
60 Days	-1.87%	-2.30%
90 Days	-1.74%	-1.84%
12 Months	14.34%	17.19%

124 Overlapping Holdings

Symbol	Grade	Weight in IWC	Weight in SQLV	Overlap
ACIC	C	0.06%	0.33%	0.06%
AGX	A	0.22%	0.55%	0.22%
AIRS	F	0.01%	0.21%	0.01%
AMPY	D	0.06%	0.35%	0.06%
AMSWA	D	0.09%	0.3%	0.09%
ANGO	C	0.06%	0.33%	0.06%
ANIK	D	0.09%	0.24%	0.09%
ANIP	D	0.22%	0.29%	0.22%
ARC	D	0.02%	0.32%	0.02%
ARCT	B	0.18%	0.2%	0.18%
ASRT	D	0.02%	0.27%	0.02%
ATEN	C	0.27%	0.35%	0.27%
BBW	A	0.1%	0.42%	0.1%
BCBP	D	0.04%	0.34%	0.04%
BELFB	B	0.18%	0.42%	0.18%
BTMD	B	0.02%	0.32%	0.02%
BWFG	D	0.04%	0.13%	0.04%
BXC	D	0.22%	0.46%	0.22%
CASS	D	0.15%	0.31%	0.15%
CCRD	C	0.02%	0.2%	0.02%
CCRN	F	0.12%	0.34%	0.12%
CIVB	F	0.06%	0.33%	0.06%
CLW	A	0.21%	0.57%	0.21%
CMT	C	0.03%	0.26%	0.03%
COLL	D	0.28%	0.34%	0.28%
CVGI	F	0.04%	0.26%	0.04%
DAKT	B	0.11%	0.36%	0.11%
DERM	F	0.01%	0.16%	0.01%
DHIL	F	0.1%	0.4%	0.1%
DXLG	C	0.05%	0.31%	0.05%
EBF	B	0.13%	0.41%	0.13%
EGRX	F	0.01%	0.18%	0.01%
EVBN	D	0.04%	0.27%	0.04%
EVC	D	0.03%	0.54%	0.03%
FISI	D	0.07%	0.34%	0.07%
FLWS	D	0.06%	0.36%	0.06%
FOR	D	0.15%	0.41%	0.15%
GNE	F	0.08%	0.33%	0.08%
HAFC	D	0.12%	0.45%	0.12%
HBB	D	0.04%	0.29%	0.04%
HBCP	C	0.07%	0.11%	0.07%
HCKT	D	0.13%	0.28%	0.13%
HOFT	F	0.05%	0.25%	0.05%
HSTM	C	0.16%	0.32%	0.16%
HWKN	B	0.43%	0.48%	0.43%
IIIN	F	0.15%	0.4%	0.15%
IMMR	B	0.08%	0.34%	0.08%
IMXI	D	0.17%	0.33%	0.17%
INTT	F	0.03%	0.19%	0.03%
IRMD	C	0.08%	0.25%	0.08%
JAKK	F	0.04%	0.23%	0.04%
KRT	B	0.05%	0.3%	0.05%
LE	C	0.05%	0.57%	0.05%
LMAT	A	0.4%	0.4%	0.4%
LQDT	C	0.11%	0.32%	0.11%
LTRX	D	0.03%	0.19%	0.03%
MBWM	C	0.15%	0.41%	0.15%
MCB	C	0.11%	0.39%	0.11%
MCBC	B	0.09%	0.47%	0.09%
MCFT	D	0.09%	0.34%	0.09%
MDXG	D	0.23%	0.23%	0.23%
MITK	D	0.14%	0.3%	0.14%
MNSB	D	0.03%	0.26%	0.03%
MPX	F	0.02%	0.37%	0.02%
MSBI	F	0.12%	0.41%	0.12%
MYPS	F	0.05%	0.3%	0.05%
NATR	F	0.05%	0.27%	0.05%
NBN	B	0.1%	0.34%	0.1%
NECB	C	0.06%	0.34%	0.06%
NPK	F	0.1%	0.4%	0.1%
NTGR	D	0.09%	0.32%	0.09%
NVEC	F	0.09%	0.28%	0.09%
NX	D	0.27%	0.39%	0.27%
OSBC	C	0.16%	0.4%	0.16%
OSG	A	0.12%	0.45%	0.12%
OSUR	F	0.09%	0.2%	0.09%
PAHC	B	0.09%	0.55%	0.09%
PBYI	F	0.03%	0.17%	0.03%
PETQ	B	0.14%	0.4%	0.14%
PETS	F	0.02%	0.3%	0.02%
PFBC	C	0.23%	0.47%	0.23%
PFC	D	0.18%	0.48%	0.18%
PKBK	D	0.04%	0.31%	0.04%
PKE	D	0.06%	0.27%	0.06%
PLAB	D	0.4%	0.39%	0.39%
PLPC	C	0.08%	0.35%	0.08%
POWL	A	0.43%	0.49%	0.43%
POWW	D	0.05%	0.29%	0.05%
PRDO	B	0.38%	0.58%	0.38%
PRTS	F	0.01%	0.17%	0.01%
PTSI	D	0.03%	0.39%	0.03%
QUAD	C	0.04%	0.43%	0.04%
RCMT	D	0.03%	0.17%	0.03%
REX	C	0.22%	0.47%	0.22%
RGP	F	0.09%	0.34%	0.09%
RLGT	D	0.05%	0.34%	0.05%
RNGR	D	0.04%	0.28%	0.04%
SD	D	0.11%	0.43%	0.11%
SGA	F	0.02%	0.26%	0.02%
SGC	B	0.06%	0.45%	0.06%
SGH	D	0.26%	0.37%	0.26%
SMLR	D	0.03%	0.15%	0.03%
SPFI	C	0.08%	0.35%	0.08%
SPOK	D	0.07%	0.29%	0.07%
STRL	C	0.95%	0.53%	0.53%
SURG	D	0.01%	0.09%	0.01%
SWIM	C	0.04%	0.51%	0.04%
TCMD	F	0.08%	0.21%	0.08%
THFF	C	0.11%	0.38%	0.11%
THRY	D	0.16%	0.36%	0.16%
TRDA	B	0.08%	0.3%	0.08%
TWI	F	0.1%	0.27%	0.1%
TZOO	F	0.01%	0.11%	0.01%
UIS	F	0.08%	0.32%	0.08%
UNTY	C	0.05%	0.31%	0.05%
UTMD	D	0.06%	0.26%	0.06%
VPG	D	0.1%	0.28%	0.1%
VRA	B	0.05%	0.33%	0.05%
VYGR	F	0.08%	0.22%	0.08%
WINA	D	0.25%	0.37%	0.25%
WNC	F	0.26%	0.37%	0.26%
WTTR	A	0.21%	0.51%	0.21%
ZEUS	F	0.13%	0.35%	0.13%
ZYXI	F	0.05%	0.18%	0.05%

IWC Overweight 1331 Positions Relative to SQLV

Symbol	Grade	Weight
MOD	C	1.25%
CLSK	C	0.83%
CRNX	C	0.81%
UEC	B	0.68%
IDYA	D	0.64%
ADMA	B	0.51%
RNA	C	0.51%
RYTM	D	0.5%
DYN	C	0.47%
UFPT	B	0.44%
RXST	C	0.43%
GEO	D	0.42%
NSSC	A	0.41%
HLX	C	0.41%
LPG	A	0.4%
BLBD	B	0.38%
DO	B	0.37%
VERA	D	0.37%
ASPN	B	0.36%
AVPT	B	0.35%
DCPH	A	0.34%
IESC	C	0.33%
MEG	C	0.33%
CMCO	B	0.32%
MNKD	C	0.32%
VITL	B	0.32%
OSW	B	0.32%
SCSC	B	0.31%
CAL	D	0.31%
INBX	D	0.3%
NTST	C	0.3%
CRAI	B	0.29%
THR	B	0.29%
STEL	F	0.28%
TRNS	B	0.28%
ICHR	D	0.28%
VTLE	F	0.28%
NWLI	C	0.28%
TARS	D	0.27%
FBRT	D	0.27%
NIC	C	0.27%
UUUU	C	0.27%
SKWD	C	0.27%
ARLO	B	0.27%
ACMR	D	0.27%
VSEC	D	0.26%
FDMT	D	0.26%
PEBO	C	0.26%
QNST	B	0.25%
COCO	B	0.25%
EWTX	D	0.25%
MTUS	B	0.25%
HIBB	A	0.25%
BASE	C	0.24%
INDI	C	0.24%
QCRH	C	0.24%
GNK	C	0.23%
UMH	C	0.23%
GABC	C	0.23%
ARR	C	0.23%
OBK	C	0.23%
ASC	B	0.23%
AORT	C	0.23%
PLYM	F	0.23%
VTOL	B	0.22%
NAT	C	0.22%
DAWN	F	0.22%
KOP	F	0.22%
SBOW	B	0.22%
DGII	F	0.22%
TPC	A	0.22%
SXC	D	0.22%
EFC	C	0.22%
TILE	D	0.22%
HY	B	0.21%
UTL	C	0.21%
CDNA	B	0.21%
BLX	C	0.21%
REVG	C	0.21%
FIP	B	0.21%
DCO	B	0.2%
BJRI	C	0.2%
SLP	C	0.2%
BZH	F	0.2%
BBSI	B	0.2%
SWBI	D	0.19%
CECO	B	0.19%
CNOB	D	0.19%
BFC	C	0.19%
JANX	C	0.19%
HAYN	D	0.19%
BLFS	B	0.19%
EU	B	0.19%
AMBC	C	0.19%
FBMS	D	0.19%
KELYA	D	0.18%
VVI	D	0.18%
HSII	B	0.18%
SPTN	C	0.18%
FMBH	C	0.18%
HCI	D	0.18%
IE	C	0.18%
AMRK	B	0.18%
NRIX	C	0.18%
USLM	C	0.18%
LAB	D	0.18%
CTBI	C	0.17%
SCVL	A	0.17%
OCUL	D	0.17%
NVRI	B	0.17%
DX	B	0.17%
DXPE	D	0.17%
DCOM	D	0.17%
HA	B	0.17%
SOUN	D	0.17%
HOV	D	0.17%
COGT	B	0.16%
SRRK	F	0.16%
EGY	D	0.16%
IDT	C	0.16%
CDRE	D	0.16%
MIRM	F	0.16%
AOSL	B	0.16%
ETD	F	0.16%
UVSP	C	0.16%
MBIN	D	0.16%
LQDA	D	0.16%
ETNB	F	0.16%
PNTG	A	0.16%
MLR	B	0.16%
PWP	B	0.16%
BY	C	0.15%
CBL	F	0.15%
BHRB	C	0.15%
LASR	C	0.15%
CGEM	C	0.15%
HZO	F	0.15%
CSTL	B	0.15%
FCBC	C	0.15%
TK	A	0.15%
CFB	C	0.15%
UTI	B	0.15%
QTRX	F	0.15%
ASIX	F	0.15%
GLDD	C	0.15%
KNSA	C	0.15%
VRDN	F	0.15%
WSR	A	0.15%
ELVN	C	0.14%
PRAX	D	0.14%
DJCO	C	0.14%
DHC	F	0.14%
CCO	F	0.14%
YEXT	F	0.14%
CDMO	C	0.14%
KRUS	D	0.14%
TPB	C	0.14%
GOOD	C	0.14%
MYE	F	0.14%
LEU	B	0.14%
NEXT	C	0.14%
BV	B	0.14%
ATRO	B	0.14%
AMTB	C	0.14%
NR	A	0.14%
PLOW	D	0.14%
GDYN	F	0.14%
GDEN	F	0.14%
ACCD	F	0.13%
GCI	B	0.13%
ACHR	F	0.13%
SMMT	D	0.13%
IBCP	C	0.13%
CATC	C	0.13%
BFST	D	0.13%
KIDS	B	0.13%
OSPN	B	0.13%
PWFL	B	0.13%
WRLD	F	0.13%
LMB	A	0.13%
EVER	B	0.13%
YORW	D	0.13%
EOLS	D	0.13%
OFIX	C	0.13%
BRY	F	0.13%
GMRE	B	0.13%
ML	A	0.13%
HBNC	C	0.13%
HROW	B	0.13%
SIBN	F	0.13%
TRST	C	0.13%
CPF	C	0.13%
KE	C	0.13%
YMAB	D	0.12%
TREE	B	0.12%
CAC	C	0.12%
RDUS	F	0.12%
TTI	F	0.12%
PKST	F	0.12%
ACCO	D	0.12%
CCB	C	0.12%
LYEL	B	0.12%
LBPH	D	0.12%
ANAB	C	0.12%
SRDX	B	0.12%
CLFD	B	0.12%
UHT	D	0.12%
UFCS	C	0.12%
UVE	C	0.12%
SMRT	D	0.12%
HTBK	D	0.12%
ZYME	F	0.12%
STKL	D	0.12%
EQBK	B	0.12%
BAND	C	0.12%
FPI	C	0.12%
ATEX	B	0.11%
MTW	F	0.11%
HDSN	F	0.11%
NN	B	0.11%
SRI	D	0.11%
IIIV	D	0.11%
SHYF	C	0.11%
HONE	D	0.11%
FULC	D	0.11%
FWRG	D	0.11%
CWCO	D	0.11%
LYTS	B	0.11%
ORC	C	0.11%
ZIMV	C	0.11%
FC	F	0.11%
IVR	C	0.11%
ITOS	C	0.11%
AGS	B	0.11%
AMSC	B	0.11%
WASH	D	0.11%
AMAL	C	0.11%
HUMA	B	0.11%
ARIS	C	0.11%
RBCAA	C	0.11%
CEVA	F	0.11%
ATXS	F	0.11%
CHUY	F	0.11%
LAND	D	0.11%
CRGX	F	0.11%
WVE	C	0.11%
NUVB	D	0.11%
MCBS	C	0.11%
FMNB	D	0.11%
ROOT	D	0.11%
NRDS	D	0.11%
GSBC	D	0.11%
CVGW	F	0.11%
PGC	F	0.1%
ALEC	F	0.1%
DMRC	C	0.1%
CTLP	B	0.1%
FRPH	C	0.1%
BHB	C	0.1%
WLDN	B	0.1%
ALXO	D	0.1%
CVLG	B	0.1%
CTO	B	0.1%
CABA	F	0.1%
SLQT	B	0.1%
MXCT	B	0.1%
ODC	A	0.1%
HVT	F	0.1%
ALT	D	0.1%
SMBC	D	0.1%
OABI	F	0.1%
XPER	F	0.1%
CCNE	C	0.1%
RICK	F	0.1%
NVTS	F	0.1%
MOV	B	0.1%
TITN	F	0.1%
NNOX	D	0.1%
AAOI	D	0.1%
MAX	D	0.1%
STOK	C	0.1%
HTBI	C	0.1%
CLDT	F	0.1%
TIPT	C	0.1%
ABUS	B	0.1%
TBPH	F	0.1%
EYPT	F	0.1%
INOD	B	0.09%
BWMN	D	0.09%
GLRE	B	0.09%
EGHT	C	0.09%
NWPX	C	0.09%
HLVX	F	0.09%
ORIC	F	0.09%
SIGA	D	0.09%
FUBO	F	0.09%
ALNT	F	0.09%
ALRS	F	0.09%
RYAM	B	0.09%
ACRE	F	0.09%
AVNW	F	0.09%
LMNR	C	0.09%
VERV	F	0.09%
KALV	D	0.09%
ARTNA	F	0.09%
CRMT	D	0.09%
CSV	B	0.09%
URGN	F	0.09%
CCBG	D	0.09%
NFBK	D	0.09%
HRTX	B	0.09%
SB	B	0.09%
FARO	D	0.09%
AROW	B	0.09%
DSGR	C	0.09%
FFIC	D	0.09%
KIND	B	0.09%
SMBK	B	0.09%
DENN	F	0.09%
APLD	D	0.09%
OUST	B	0.09%
LWLG	F	0.09%
SVRA	F	0.09%
OLP	C	0.09%
TRC	B	0.09%
LOVE	B	0.09%
REAL	C	0.09%
FSTR	C	0.08%
ULH	C	0.08%
AVXL	D	0.08%
ADV	D	0.08%
MPB	C	0.08%
RBB	C	0.08%
FNKO	B	0.08%
MOFG	D	0.08%
NEWT	C	0.08%
FFWM	F	0.08%
EVLV	F	0.08%
WULF	D	0.08%
LUNG	D	0.08%
MNMD	D	0.08%
IMNM	D	0.08%
IRON	F	0.08%
AEHR	F	0.08%
ANNX	D	0.08%
LXFR	C	0.08%
DAVE	C	0.08%
TNGX	F	0.08%
CDLX	F	0.08%
GRPN	C	0.08%
CNSL	C	0.08%
ESQ	D	0.08%
SMHI	B	0.08%
TBI	F	0.08%
CERS	D	0.08%
PHAT	C	0.08%
SHBI	D	0.08%
BOC	D	0.08%
ASLE	D	0.07%
SOI	C	0.07%
HEAR	B	0.07%
AURA	F	0.07%
BOOM	F	0.07%
ABSI	D	0.07%
USAP	A	0.07%
CZNC	D	0.07%
PLL	D	0.07%
HSHP	B	0.07%
TRUE	D	0.07%
ACNB	F	0.07%
ORRF	C	0.07%
FBIZ	D	0.07%
CWBC	D	0.07%
APEI	B	0.07%
PSTL	F	0.07%
THRD	C	0.07%
MRSN	F	0.07%
VLGEA	A	0.07%
SNBR	D	0.07%
WTBA	D	0.07%
PFIS	D	0.07%
MGNX	F	0.07%
FMAO	C	0.07%
TCBX	C	0.07%
REPL	F	0.07%
KODK	B	0.07%
PACK	D	0.07%
VNDA	C	0.07%
CRMD	B	0.07%
ZUMZ	B	0.07%
AVIR	D	0.07%
RBBN	C	0.07%
STTK	D	0.07%
LIND	D	0.07%
IPI	B	0.07%
OIS	F	0.07%
PANL	C	0.07%
LINC	B	0.07%
BSRR	C	0.07%
ONEW	C	0.07%
NRIM	B	0.07%
LOCO	C	0.07%
GHM	D	0.07%
SENEA	C	0.07%
CELC	D	0.07%
FSBC	B	0.07%
GCO	C	0.07%
MTRX	D	0.07%
WEAV	F	0.07%
CARE	D	0.07%
CPS	F	0.06%
BCML	D	0.06%
INZY	F	0.06%
GRNT	C	0.06%
RRBI	F	0.06%
PPTA	B	0.06%
HYLN	D	0.06%
PBPB	F	0.06%
IAUX	F	0.06%
BMEA	F	0.06%
TSVT	D	0.06%
PKOH	C	0.06%
CDXS	D	0.06%
LFMD	D	0.06%
TCRX	C	0.06%
DCGO	F	0.06%
REPX	D	0.06%
AVD	F	0.06%
RDVT	B	0.06%
AGEN	D	0.06%
ATNM	D	0.06%
TRML	F	0.06%
OLMA	F	0.06%
VMD	D	0.06%
TYRA	D	0.06%
FNLC	B	0.06%
MLYS	D	0.06%
OBT	B	0.06%
AMPS	F	0.06%
BWB	C	0.06%
ORN	B	0.06%
EBTC	D	0.06%
JYNT	C	0.06%
GNTY	D	0.06%
RCKY	C	0.06%
BMRC	D	0.06%
FRBA	F	0.06%
CRBU	F	0.06%
STRO	C	0.06%
ATNI	F	0.06%
ILPT	D	0.06%
HIFS	D	0.06%
SHCR	D	0.06%
AXGN	F	0.06%
INBK	D	0.06%
MBI	D	0.06%
LEGH	C	0.06%
REFI	D	0.06%
CCCC	D	0.06%
TERN	C	0.06%
SLDP	C	0.06%
HBT	C	0.06%
NGS	C	0.06%
EBS	C	0.06%
MCS	F	0.06%
XERS	D	0.06%
OVID	D	0.05%
BHR	C	0.05%
HNST	D	0.05%
FVCB	F	0.05%
ONTF	F	0.05%
MG	D	0.05%
ALCO	F	0.05%
CTRN	D	0.05%
XOMA	B	0.05%
PRCH	D	0.05%
CIO	C	0.05%
ITIC	B	0.05%
AVBP	C	0.05%
WLFC	A	0.05%
BLUE	F	0.05%
TTSH	D	0.05%
FSP	F	0.05%
HIPO	D	0.05%
ORGO	D	0.05%
HLLY	F	0.05%
TSBK	C	0.05%
NATH	B	0.05%
BLDE	D	0.05%
MHLD	D	0.05%
MITT	C	0.05%
FRGE	F	0.05%
DC	B	0.05%
OB	C	0.05%
INSE	D	0.05%
PCYO	F	0.05%
PINE	D	0.05%
JOUT	F	0.05%
BYRN	D	0.05%
SSBK	C	0.05%
PLBC	F	0.05%
NGVC	B	0.05%
LRMR	D	0.05%
PLSE	B	0.05%
ONL	D	0.05%
INGN	C	0.05%
AVTE	F	0.05%
ITI	F	0.05%
OPRX	B	0.05%
ALTG	F	0.05%
SERA	D	0.05%
CBAN	C	0.05%
CBNK	D	0.05%
BRT	D	0.05%
SFIX	D	0.05%
OMER	D	0.05%
ESPR	D	0.05%
NKTX	D	0.05%
TCX	C	0.05%
TRAK	C	0.05%
PSTX	C	0.05%
AFCG	C	0.05%
BVS	A	0.05%
XBIT	D	0.05%
LSEA	F	0.05%
BLFY	C	0.05%
TNYA	D	0.05%
DGICA	F	0.05%
CLAR	B	0.05%
GTHX	D	0.05%
TLS	B	0.05%
GENC	C	0.05%
RCEL	F	0.05%
SFST	F	0.05%
MVBF	F	0.05%
ERAS	B	0.05%
JSPR	D	0.05%
CADL	C	0.05%
CVLY	C	0.05%
ACTG	B	0.05%
JMSB	F	0.05%
CHRS	F	0.05%
FORR	F	0.05%
FDBC	F	0.05%
PFMT	B	0.05%
FRST	D	0.05%
CTV	D	0.05%
MVIS	F	0.05%
CLMB	D	0.05%
AAN	D	0.05%
REI	D	0.05%
SPRY	D	0.05%
ADTH	D	0.05%
FLIC	F	0.05%
WTI	F	0.05%
FSBW	C	0.05%
BTBT	D	0.05%
HRTG	D	0.05%
GCBC	B	0.05%
RM	C	0.05%
WSBF	C	0.05%
TBRG	D	0.04%
BLZE	F	0.04%
PLCE	D	0.04%
ARAY	F	0.04%
GWRS	C	0.04%
CIA	B	0.04%
MAMA	A	0.04%
NNBR	F	0.04%
LAW	F	0.04%
PEBK	C	0.04%
MYFW	C	0.04%
CFFI	C	0.04%
CLPT	D	0.04%
AOMR	B	0.04%
DIBS	D	0.04%
GBIO	D	0.04%
JILL	A	0.04%
IBEX	C	0.04%
SAMG	D	0.04%
PWOD	D	0.04%
RMAX	D	0.04%
PEPG	B	0.04%
TG	D	0.04%
VABK	D	0.04%
NTIC	C	0.04%
GRWG	C	0.04%
BH	C	0.04%
APLT	D	0.04%
ISTR	D	0.04%
BFLY	D	0.04%
MASS	D	0.04%
TGAN	C	0.04%
LFCR	F	0.04%
LXRX	D	0.04%
FFNW	C	0.04%
SKYT	F	0.04%
EHTH	C	0.04%
UEIC	D	0.04%
ESSA	C	0.04%
AEYE	B	0.04%
MFIN	B	0.04%
EML	D	0.04%
BDTX	D	0.04%
SES	F	0.04%
CHMG	B	0.04%
SMID	D	0.04%
TWIN	F	0.04%
PAYS	C	0.04%
RIGL	F	0.04%
RSVR	C	0.04%
TDUP	D	0.04%
CZFS	F	0.04%
OCN	D	0.04%
BPRN	D	0.04%
HNRG	D	0.04%
VIRC	C	0.04%
GEVO	D	0.04%
PVBC	C	0.04%
LXEO	B	0.04%
VEL	B	0.04%
SSTI	C	0.04%
GPMT	F	0.04%
FREE	C	0.04%
MLP	C	0.04%
CTGO	B	0.04%
QUIK	D	0.04%
SEVN	C	0.04%
RGCO	B	0.04%
QRHC	C	0.04%
ARQ	C	0.04%
BARK	B	0.04%
ZVRA	F	0.04%
OVLY	D	0.04%
CRBP	C	0.04%
PCB	F	0.04%
STHO	C	0.04%
FLL	D	0.04%
FLXS	D	0.04%
RMBL	D	0.04%
LNKB	F	0.04%
CIFR	D	0.04%
EPM	F	0.04%
MGTX	F	0.04%
QSI	F	0.04%
CMCL	B	0.04%
NXDT	F	0.04%
VERU	D	0.04%
ASUR	D	0.04%
LCNB	F	0.04%
FET	F	0.04%
CALB	B	0.04%
COFS	C	0.04%
MEC	B	0.04%
BBCP	D	0.04%
ATLO	C	0.04%
HMST	F	0.04%
TPIC	C	0.04%
VRCA	C	0.04%
BLNK	D	0.04%
PDLB	B	0.04%
NKSH	C	0.04%
CDXC	D	0.04%
OOMA	D	0.04%
WEYS	B	0.04%
ALDX	D	0.04%
PGEN	D	0.04%
MBCN	F	0.04%
NWFL	D	0.04%
KOD	F	0.03%
ACRV	D	0.03%
IVAC	D	0.03%
ECBK	F	0.03%
CHMI	C	0.03%
STRT	B	0.03%
SCPH	F	0.03%
UBFO	F	0.03%
IDR	C	0.03%
MDWD	B	0.03%
VTSI	D	0.03%
KLTR	F	0.03%
RRGB	D	0.03%
WHG	D	0.03%
LIFE	C	0.03%
UFI	B	0.03%
ALTI	D	0.03%
CBFV	C	0.03%
FINW	D	0.03%
HURC	D	0.03%
TRVI	D	0.03%
AOUT	F	0.03%
BVFL	C	0.03%
HOWL	D	0.03%
AMTX	F	0.03%
EOSE	F	0.03%
EP	B	0.03%
CMPO	C	0.03%
OPI	D	0.03%
BSVN	A	0.03%
ULBI	B	0.03%
SGMT	D	0.03%
ORGN	C	0.03%
PMTS	B	0.03%
KEQU	C	0.03%
III	F	0.03%
NREF	C	0.03%
IMUX	F	0.03%
CZWI	C	0.03%
FRAF	F	0.03%
SNDA	D	0.03%
ALOT	C	0.03%
EPSN	B	0.03%
SBT	D	0.03%
BFIN	C	0.03%
SMTI	F	0.03%
EARN	A	0.03%
MDV	C	0.03%
STKS	C	0.03%
STXS	F	0.03%
OPBK	D	0.03%
SGHT	C	0.03%
ALTO	F	0.03%
XFOR	F	0.03%
SEER	D	0.03%
NRGV	F	0.03%
ATLC	F	0.03%
PHX	C	0.03%
SPWH	C	0.03%
PBFS	B	0.03%
HWBK	F	0.03%
RMBI	B	0.03%
INMB	D	0.03%
MRAM	F	0.03%
LVO	D	0.03%
LOGC	D	0.03%
FF	F	0.03%
BSET	C	0.03%
NRDY	F	0.03%
RXT	C	0.03%
FRD	D	0.03%
GAMB	F	0.03%
FHTX	D	0.03%
NODK	C	0.03%
GLUE	F	0.03%
KPTI	F	0.03%
CTMX	F	0.03%
FNGR	D	0.03%
USCB	C	0.03%
FENC	F	0.03%
LAKE	B	0.03%
FCCO	D	0.03%
GEOS	F	0.03%
CDZI	C	0.03%
HFFG	D	0.03%
SYRS	D	0.03%
TSQ	D	0.03%
AQST	D	0.03%
HBIO	F	0.03%
QIPT	F	0.03%
INFU	D	0.03%
ELEV	D	0.03%
TLYS	F	0.03%
RELL	C	0.03%
NC	C	0.03%
ELMD	D	0.03%
LCUT	C	0.03%
TAYD	D	0.03%
CSTE	C	0.03%
ESCA	C	0.03%
AIP	B	0.03%
CRDF	D	0.03%
RAPT	F	0.03%
CAPR	C	0.03%
IGMS	C	0.03%
PESI	D	0.03%
EVI	F	0.03%
ISPR	D	0.03%
DSGN	C	0.03%
AXTI	C	0.03%
CRD.B	D	0.03%
ABOS	F	0.03%
NAUT	D	0.03%
SACH	F	0.03%
RMNI	F	0.03%
WNEB	F	0.03%
FUNC	D	0.03%
EGAN	F	0.03%
PYXS	D	0.03%
STRS	D	0.03%
CMPX	F	0.03%
DSP	B	0.03%
BKSY	F	0.03%
AVAH	B	0.03%
LCTX	F	0.03%
OTLK	F	0.02%
VIGL	D	0.02%
CMTL	D	0.02%
PSNL	D	0.02%
DLTH	F	0.02%
DNMR	D	0.02%
REFR	B	0.02%
MGYR	B	0.02%
ATRA	F	0.02%
VOR	F	0.02%
STIM	F	0.02%
MNOV	F	0.02%
FEIM	D	0.02%
PRLD	D	0.02%
SND	B	0.02%
FOSL	C	0.02%
KLXE	F	0.02%
SPRO	D	0.02%
ASYS	C	0.02%
CUE	F	0.02%
NL	D	0.02%
LENZ	D	0.02%
CGTX	C	0.02%
SWKH	C	0.02%
FGBI	D	0.02%
PROV	D	0.02%
DMAC	C	0.02%
BGSF	F	0.02%
BW	D	0.02%
GWH	D	0.02%
PRPH	D	0.02%
NDLS	D	0.02%
ACNT	C	0.02%
PPIH	B	0.02%
VTNR	F	0.02%
SCLX	F	0.02%
PRPL	F	0.02%
HQI	D	0.02%
MRNS	F	0.02%
BGFV	F	0.02%
AE	F	0.02%
GAIA	A	0.02%
CNTY	F	0.02%
CPSS	F	0.02%
CPHC	D	0.02%
FEAM	C	0.02%
OMEX	B	0.02%
ISSC	D	0.02%
ESOA	D	0.02%
DLHC	F	0.02%
CURV	B	0.02%
LEE	C	0.02%
BWEN	B	0.02%
COYA	D	0.02%
GALT	D	0.02%
GRTS	F	0.02%
IPSC	D	0.02%
ABEO	F	0.02%
GNSS	F	0.02%
CFBK	B	0.02%
KRMD	F	0.02%
SLDB	D	0.02%
ETON	D	0.02%
PRTH	B	0.02%
OBIO	C	0.02%
RVSB	F	0.02%
HOOK	D	0.02%
GLT	D	0.02%
LFT	A	0.02%
RSSS	D	0.02%
HGBL	F	0.02%
PNRG	A	0.02%
AFBI	A	0.02%
PLX	F	0.02%
CLSD	C	0.02%
GLSI	D	0.02%
COOK	D	0.02%
FXNC	D	0.02%
BYSI	C	0.02%
SCWO	F	0.02%
RLMD	F	0.02%
NPCE	F	0.02%
SUP	C	0.02%
VERI	D	0.02%
LARK	B	0.02%
BBAI	F	0.02%
CMRX	F	0.02%
SCYX	C	0.02%
ANIX	F	0.02%
MVST	F	0.02%
UPLD	D	0.02%
AREC	F	0.02%
RENT	C	0.02%
ACET	F	0.02%
TUP	C	0.02%
PMVP	D	0.02%
SFBC	C	0.02%
TUSK	C	0.02%
ACRS	F	0.02%
HMNF	B	0.02%
OPTN	F	0.02%
ATHA	C	0.02%
SRBK	F	0.02%
WW	F	0.02%
KOPN	F	0.02%
ORMP	F	0.02%
GNLX	F	0.02%
BEEM	F	0.02%
CVRX	F	0.02%
SBFG	B	0.02%
NEOV	C	0.02%
LLAP	F	0.02%
GMGI	B	0.02%
FNWB	F	0.02%
MCRB	D	0.02%
LFVN	B	0.02%
ALLK	D	0.02%
GIFI	C	0.02%
SRTS	C	0.02%
AJX	F	0.02%
DHX	F	0.02%
MRBK	C	0.02%
BCOV	D	0.02%
PDSB	F	0.02%
EEX	D	0.02%
KFS	D	0.02%
ATOM	F	0.02%
MNTX	C	0.02%
NOTE	D	0.02%
ACU	F	0.02%
VUZI	D	0.02%
BCAB	F	0.02%
REKR	F	0.02%
DCTH	C	0.02%
SGMO	D	0.02%
IHRT	F	0.02%
CTXR	F	0.02%
EXFY	D	0.02%
HNVR	C	0.02%
FNWD	B	0.02%
INVE	F	0.02%
FCAP	B	0.02%
DOUG	F	0.02%
EBMT	B	0.02%
RNAC	B	0.02%
FSFG	B	0.02%
ZURA	C	0.02%
TELA	D	0.02%
RZLT	A	0.02%
MPAA	F	0.02%
IVVD	F	0.02%
BIG	F	0.02%
OPRT	D	0.02%
UNB	F	0.02%
LUNA	D	0.02%
CSPI	D	0.02%
KVHI	C	0.02%
ACR	D	0.02%
FNCB	C	0.02%
CATO	C	0.02%
SNFCA	D	0.02%
FONR	D	0.02%
WMPN	F	0.02%
OVBC	B	0.02%
MOND	D	0.02%
BOLT	F	0.01%
CPSH	F	0.01%
EVTV	F	0.01%
LSBK	A	0.01%
MEIP	F	0.01%
SNSE	D	0.01%
RVPH	F	0.01%
BATL	C	0.01%
RFL	F	0.01%
OMIC	F	0.01%
VIRX	F	0.01%
AP	F	0.01%
HFBL	F	0.01%
RPHM	D	0.01%
EYEN	F	0.01%
DIT	F	0.01%
HCWB	F	0.01%
ELUT	C	0.01%
CLIR	F	0.01%
RMTI	C	0.01%
SRFM	F	0.01%
INTS	C	0.01%
SOHO	D	0.01%
VERY	D	0.01%
BYFC	D	0.01%
BDL	B	0.01%
TCS	F	0.01%
TWOU	F	0.01%
GTIM	C	0.01%
KOSS	C	0.01%
CVU	F	0.01%
PIII	F	0.01%
ZVIA	F	0.01%
QNCX	F	0.01%
ICCH	C	0.01%
CVV	F	0.01%
AWRE	B	0.01%
GORV	F	0.01%
VBFC	B	0.01%
RDI	F	0.01%
NTIP	D	0.01%
PET	F	0.01%
TARA	D	0.01%
ARMP	F	0.01%
PPSI	F	0.01%
DAIO	F	0.01%
AIRT	C	0.01%
ISDR	F	0.01%
AUGX	F	0.01%
DZSI	D	0.01%
CURI	D	0.01%
CCLD	B	0.01%
NEON	C	0.01%
POCI	B	0.01%
MCHX	B	0.01%
BCLI	D	0.01%
FTEK	D	0.01%
ARKR	C	0.01%
BMTX	B	0.01%
WFCF	C	0.01%
LNSR	B	0.01%
VIA	D	0.01%
ICCC	F	0.01%
GEG	D	0.01%
UHG	F	0.01%
AADI	F	0.01%
RFIL	B	0.01%
DFLI	C	0.01%
QMCO	D	0.01%
UG	B	0.01%
QUBT	F	0.01%
TACT	F	0.01%
FKWL	B	0.01%
ONDS	F	0.01%
SIEB	D	0.01%
PBBK	B	0.01%
CODA	C	0.01%
CSBR	F	0.01%
BSBK	F	0.01%
NAII	C	0.01%
MHH	F	0.01%
MAIA	B	0.01%
IMRX	F	0.01%
OESX	D	0.01%
OPFI	B	0.01%
XAIR	F	0.01%
CODX	F	0.01%
CARM	F	0.01%
LVLU	C	0.01%
GANX	F	0.01%
USIO	D	0.01%
CARA	F	0.01%
HYFM	F	0.01%
KORE	F	0.01%
DRRX	D	0.01%
DYAI	B	0.01%
CKPT	D	0.01%
RBKB	C	0.01%
TOON	F	0.01%
ELA	C	0.01%
VALU	B	0.01%
RENB	F	0.01%
BHIL	F	0.01%
TCBS	D	0.01%
BKTI	D	0.01%
IRIX	F	0.01%
LTBR	D	0.01%
BNED	D	0.01%
HNNA	C	0.01%
CMCT	F	0.01%
NXTC	D	0.01%
OCUP	F	0.01%
FTCI	D	0.01%
CUTR	F	0.01%
ALVR	F	0.01%
SLS	C	0.01%
VANI	F	0.01%
CTSO	F	0.01%
CPBI	D	0.01%
FLUX	F	0.01%
CIX	D	0.01%
RDW	B	0.01%
FOA	F	0.01%
DTC	F	0.01%
LIVE	D	0.01%
TCI	F	0.01%
IKNA	F	0.01%
BDSX	D	0.01%
BTAI	F	0.01%
SKIL	D	0.01%
ESP	D	0.01%
ASRV	D	0.01%
TSBX	F	0.01%
SOTK	D	0.01%
ICAD	D	0.01%
CMLS	F	0.01%
IROQ	B	0.01%
CMBM	F	0.01%
RBOT	D	0.01%
MESA	C	0.01%
GOCO	D	0.01%
OSS	D	0.01%
GORO	C	0.01%
VNRX	F	0.01%
PDEX	B	0.01%
BOTJ	B	0.01%
DRIO	D	0.01%
HSON	F	0.01%
DARE	D	0.01%
BCOW	B	0.01%
NINE	F	0.01%
BAFN	F	0.01%
KTCC	F	0.01%
AUBN	C	0.01%
IPWR	F	0.01%
CLPR	F	0.01%
VOXX	F	0.01%
AQMS	F	0.01%
FSEA	B	0.01%
NSTS	A	0.01%
PBHC	D	0.01%
WKHS	D	0.01%
BKKT	D	0.01%
LTRN	D	0.01%
HYPR	F	0.01%
AIRG	D	0.01%
LOAN	A	0.01%
AHT	F	0.01%
CXDO	F	0.01%
SST	F	0.01%
FARM	F	0.01%
AKYA	F	0.01%
ENZ	D	0.01%
VHI	A	0.01%
STCN	C	0.01%
KRON	F	0.01%
WRAP	F	0.01%
NOTV	F	0.01%
HHS	C	0.01%
RAIL	D	0.01%
ELYM	C	0.01%
FORA	F	0.01%
USAU	B	0.01%
PLBY	F	0.01%
RLYB	F	0.01%
VATE	F	0.01%
SCOR	F	0.01%
SSBI	F	0.01%
LPTH	F	0.01%
CONN	D	0.01%
METCB	D	0.01%
GOSS	F	0.01%
MKTW	F	0.01%
APYX	D	0.01%
ANVS	F	0.01%
APT	D	0.01%
FUSB	C	0.01%
CRWS	C	0.01%
SELF	C	0.01%
OPOF	D	0.01%
AEVA	F	0.01%
PASG	D	0.01%
CDTX	F	0.01%
PXLW	F	0.01%
CLST	D	0.01%
MPU	D	0.01%
NVNO	D	0.01%
LNZA	D	0.01%
NVCT	F	0.01%
GSIT	F	0.01%
BRBS	D	0.01%
NHTC	B	0.01%
CVM	F	0.01%
TCBC	B	0.01%
CULL	F	0.01%
CRVS	C	0.01%
CULP	D	0.01%
CCEL	B	0.01%
KZR	F	0.01%
PFIE	F	0.01%
OMGA	F	0.01%
AXR	D	0.01%
LL	F	0.01%
SKYX	F	0.01%
BHM	C	0.01%
LPSN	F	0.01%
DPSI	A	0.01%
AFRI	B	0.01%
IDN	C	0.01%
ASMB	B	0.01%
BIRD	D	0.01%
LWAY	D	0.01%
UBCP	D	0.01%
GAN	C	0.01%
MPTI	B	0.01%
TBNK	D	0.01%
RNAC	B	0.0%
AZTR	F	0.0%
FATBB	F	0.0%
PRST	F	0.0%
LGVN	F	0.0%
TRNR	F	0.0%
MBIO	F	0.0%
SOC	A	0.0%
CYN	F	0.0%
KITT	F	0.0%
TBIO	F	0.0%
SOBR	D	0.0%
MYMD	F	0.0%
PRTG	F	0.0%
KA	F	0.0%
MSS	F	0.0%
AAMC	F	0.0%
NB	F	0.0%
ANEB	F	0.0%
AINC	D	0.0%
IPDN	F	0.0%
LUXH	F	0.0%
MGRM	F	0.0%
NXPL	F	0.0%
CTM	F	0.0%
AMIX	F	0.0%
INKT	F	0.0%
SHIM	F	0.0%
CAMP	D	0.0%
PODC	F	0.0%
BIVI	F	0.0%
PNBK	F	0.0%
VMAR	F	0.0%
VNCE	F	0.0%
BCDA	F	0.0%
CXAI	F	0.0%
UPXI	D	0.0%
LYRA	F	0.0%
COSM	D	0.0%
CSSE	C	0.0%
EMKR	F	0.0%
VGAS	C	0.0%
CMAX	F	0.0%
AMPX	F	0.0%
SSKN	F	0.0%
FCUV	F	0.0%
VWE	D	0.0%
XPON	F	0.0%
SANW	F	0.0%
DLA	F	0.0%
AREN	F	0.0%
SVT	D	0.0%
AAME	F	0.0%
LINK	F	0.0%
SDOT	D	0.0%
COHN	B	0.0%
SBEV	F	0.0%
AMPG	F	0.0%
LPTV	F	0.0%
INTG	D	0.0%
AVTX	F	0.0%
DRCT	F	0.0%
LUCD	D	0.0%
AGAE	F	0.0%
TKNO	F	0.0%
HOFV	F	0.0%
CLRO	D	0.0%
TPET	F	0.0%
GLTO	F	0.0%
HLTH	F	0.0%
RGF	D	0.0%
SONM	F	0.0%
KFFB	F	0.0%
BSGM	D	0.0%
USGO	D	0.0%
NCSM	B	0.0%
PMD	F	0.0%
DMTK	F	0.0%
INAB	F	0.0%
USEG	F	0.0%
RGS	F	0.0%
GRTX	C	0.0%
IOR	C	0.0%
DWSN	B	0.0%
SLNG	F	0.0%
GAME	F	0.0%
APCX	F	0.0%
RNXT	D	0.0%
OCEA	F	0.0%
TLF	B	0.0%
ORGS	F	0.0%
RVP	F	0.0%
CLNN	F	0.0%
STRM	F	0.0%
MIGI	F	0.0%
VRAR	F	0.0%
RMCF	F	0.0%
GLYC	F	0.0%
SPI	D	0.0%
FGF	F	0.0%
BGXX	F	0.0%
CETY	F	0.0%
IMMX	F	0.0%
FSI	B	0.0%
CFSB	D	0.0%
OCC	F	0.0%
KALA	F	0.0%
ICD	F	0.0%
SMSI	F	0.0%
CHCI	D	0.0%
MOVE	F	0.0%
UONEK	F	0.0%
VLD	F	0.0%
UONE	F	0.0%
SYPR	F	0.0%
MAYS	B	0.0%
TXMD	D	0.0%
JRSH	D	0.0%
FTHM	F	0.0%
WVVI	F	0.0%
BRID	F	0.0%
XGN	C	0.0%
RPID	F	0.0%
SPRB	F	0.0%
KIRK	D	0.0%
UBX	D	0.0%
AKLI	D	0.0%
PMCB	F	0.0%
ACXP	D	0.0%
XLO	F	0.0%
MGLD	C	0.0%
SLND	C	0.0%
ALGS	F	0.0%
ANTX	F	0.0%
AKTS	F	0.0%
ARL	F	0.0%

IWC Underweight 108 Positions Relative to SQLV

Symbol	Grade	Weight
NYCB	D	-0.86%
CCSI	C	-0.86%
INSW	B	-0.78%
VCTR	B	-0.77%
CVI	D	-0.77%
ARCH	B	-0.74%
WIRE	C	-0.73%
APAM	B	-0.72%
ALE	B	-0.71%
CEIX	B	-0.71%
BTU	D	-0.7%
SLVM	A	-0.69%
ANDE	D	-0.68%
IBOC	C	-0.67%
CRCT	D	-0.66%
CAR	D	-0.66%
SANM	B	-0.65%
CALM	B	-0.65%
HLNE	A	-0.65%
TGNA	C	-0.65%
BKE	D	-0.64%
TEX	C	-0.63%
MRVI	C	-0.63%
VSH	B	-0.62%
XRX	F	-0.62%
KFY	B	-0.6%
DXC	F	-0.59%
CATY	D	-0.59%
ACDC	B	-0.58%
NMIH	C	-0.57%
WOR	D	-0.57%
AX	C	-0.57%
SCS	C	-0.56%
VGR	C	-0.56%
FHI	D	-0.55%
STBA	C	-0.55%
LRN	B	-0.55%
CNS	C	-0.55%
PRG	C	-0.54%
LXU	B	-0.53%
OMCL	D	-0.53%
WHD	C	-0.53%
CNXN	B	-0.52%
NVST	F	-0.52%
IRDM	D	-0.52%
IDCC	B	-0.51%
ITGR	B	-0.5%
GIII	B	-0.5%
HAE	C	-0.49%
RMR	D	-0.48%
TH	C	-0.48%
CRI	F	-0.47%
CTS	A	-0.46%
MGNI	B	-0.46%
ODP	F	-0.46%
INVA	C	-0.46%
RYI	F	-0.45%
ADUS	A	-0.45%
CORT	B	-0.44%
ZD	D	-0.44%
JBSS	D	-0.44%
LGND	C	-0.44%
OMI	F	-0.44%
PARR	F	-0.44%
NTCT	D	-0.43%
AMK	D	-0.43%
ASTH	B	-0.43%
YELP	F	-0.43%
PBH	F	-0.43%
PRGS	F	-0.43%
RES	F	-0.42%
HTZ	F	-0.42%
MCRI	F	-0.42%
ROCK	F	-0.42%
PLUS	C	-0.42%
AVNS	B	-0.42%
TDC	F	-0.41%
COHU	D	-0.41%
CRVL	C	-0.4%
PCRX	D	-0.4%
HRMY	F	-0.39%
IART	F	-0.39%
KFRC	F	-0.38%
AMPH	D	-0.38%
OLPX	D	-0.38%
EXTR	D	-0.38%
DVAX	D	-0.37%
USNA	D	-0.37%
MD	F	-0.36%
YOU	F	-0.36%
DFIN	C	-0.36%
SUPN	F	-0.35%
GIC	F	-0.35%
SSTK	F	-0.34%
ATRI	C	-0.34%
CVEO	D	-0.34%
STAA	D	-0.33%
MED	F	-0.32%
VREX	F	-0.32%
BOX	F	-0.32%
CPRX	B	-0.31%
ZIP	F	-0.29%
BSIG	C	-0.29%
OFLX	F	-0.28%
IRWD	F	-0.27%
NRC	F	-0.25%
CTKB	F	-0.24%
FWRD	F	-0.2%