DES vs. QVMS ETF Comparison

Comparison of SmallCap Dividend Fund (DES) to Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

DES

SmallCap Dividend Fund

DES Description

The investment seeks to track the price and yield performance, before fees and expenses, of the WisdomTree SmallCap Dividend Index. Under normal circumstances, at least 95% of the fund's total assets (exclusive of collateral held from securities lending) will be invested in component securities of the index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The index is a fundamentally weighted index measuring the performance of the small-capitalization segment of the U.S. dividend-paying market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$35.97

Average Daily Volume

113,070

Number of Holdings ^*

567

* may have additional holdings in another (foreign) market

QVMS

Invesco S&P SmallCap 600 QVM Multi-factor ETF

QVMS Description

The investment seeks to track the investment results of the S&P SmallCap 600 ® Quality, Value & Momentum Top 90% Multi- Factor Index (the “underlying index”). The fund will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, designed to track the performance of a subset of securities from the S&P SmallCap 600 ® Index that exhibit the investment style criteria of quality, value and momentum. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Grade (RS Rating)

Last Trade

$28.38

Average Daily Volume

499

Number of Holdings ^*

523

* may have additional holdings in another (foreign) market

Performance

Period	DES	QVMS
30 Days	2.36%	2.11%
60 Days	6.79%	6.24%
90 Days	9.48%	8.00%
12 Months	28.40%	29.35%

253 Overlapping Holdings

	Symbol	Grade	Weight in DES	Weight in QVMS	Overlap
	AAT	C	0.07%	0.1%	0.07%
	ABCB	A	0.19%	0.36%	0.19%
	ABM	B	0.27%	0.31%	0.27%
	ACA	B	0.2%	0.41%	0.2%
	AEIS	B	0.18%	0.35%	0.18%
	AHH	D	0.03%	0.06%	0.03%
	AIN	C	0.13%	0.21%	0.13%
	AKR	B	0.1%	0.19%	0.1%
	ALEX	B	0.07%	0.1%	0.07%
	ALG	B	0.1%	0.16%	0.1%
	AMSF	A	0.3%	0.09%	0.09%
	ANDE	C	0.11%	0.13%	0.11%
	APOG	B	0.24%	0.15%	0.15%
	ARCB	C	0.11%	0.21%	0.11%
	ARCH	B	0.13%	0.25%	0.13%
	AROC	A	0.68%	0.28%	0.28%
	ASIX	B	0.12%	0.06%	0.06%
	ASTE	B	0.09%	0.07%	0.07%
	ATEN	A	0.12%	0.09%	0.09%
	AUB	A	0.33%	0.31%	0.31%
	AVA	C	0.44%	0.23%	0.23%
	AWR	A	0.31%	0.24%	0.24%
	AZZ	B	0.15%	0.21%	0.15%
	BANF	A	0.27%	0.14%	0.14%
	BANR	A	0.23%	0.2%	0.2%
	BFH	A	0.18%	0.26%	0.18%
	BFS	C	0.05%	0.04%	0.04%
	BGC	B	0.18%	0.32%	0.18%
	BGS	F	0.12%	0.04%	0.04%
	BHE	B	0.23%	0.14%	0.14%
	BHLB	A	0.1%	0.1%	0.1%
	BKE	A	0.38%	0.11%	0.11%
	BKU	A	0.26%	0.25%	0.25%
	BLMN	F	0.19%	0.1%	0.1%
	BOH	A	0.34%	0.24%	0.24%
	BRC	C	0.29%	0.26%	0.26%
	BRKL	A	0.13%	0.09%	0.09%
	BTU	B	0.19%	0.24%	0.19%
	CABO	B	0.17%	0.16%	0.16%
	CAKE	A	0.29%	0.18%	0.18%
	CAL	D	0.09%	0.08%	0.08%
	CALM	A	0.15%	0.29%	0.15%
	CASH	A	0.08%	0.16%	0.08%
	CATY	A	0.5%	0.3%	0.3%
	CBRL	C	0.26%	0.09%	0.09%
	CBU	A	0.34%	0.3%	0.3%
	CCOI	B	0.72%	0.25%	0.25%
	CCS	F	0.16%	0.2%	0.16%
	CFFN	A	0.12%	0.07%	0.07%
	CHCO	A	0.2%	0.15%	0.15%
	CLB	C	0.07%	0.08%	0.07%
	CNMD	C	0.09%	0.17%	0.09%
	CNS	B	0.72%	0.2%	0.2%
	CNXN	D	0.1%	0.06%	0.06%
	CPF	A	0.08%	0.07%	0.07%
	CPK	A	0.22%	0.21%	0.21%
	CRC	B	0.45%	0.31%	0.31%
	CRS	A	0.5%	0.69%	0.5%
	CSGS	A	0.21%	0.13%	0.13%
	CSR	A	0.05%	0.08%	0.05%
	CTRE	D	0.23%	0.32%	0.23%
	CTS	B	0.1%	0.14%	0.1%
	CVBF	A	0.32%	0.25%	0.25%
	CVI	D	0.42%	0.05%	0.05%
	CWT	C	0.21%	0.23%	0.21%
	DAN	F	0.13%	0.1%	0.1%
	DCOM	A	0.11%	0.09%	0.09%
	DEA	D	0.06%	0.1%	0.06%
	DEI	B	0.12%	0.23%	0.12%
	DLX	A	0.23%	0.08%	0.08%
	DRH	B	0.08%	0.15%	0.08%
	EGBN	A	0.14%	0.07%	0.07%
	EIG	A	0.12%	0.1%	0.1%
	ENR	A	0.3%	0.19%	0.19%
	EPAC	B	0.12%	0.21%	0.12%
	EPC	F	0.14%	0.15%	0.14%
	EPRT	C	0.56%	0.43%	0.43%
	ESE	A	0.14%	0.28%	0.14%
	ETD	D	0.16%	0.05%	0.05%
	EVTC	C	0.08%	0.17%	0.08%
	EXPI	C	0.09%	0.07%	0.07%
	FBK	A	0.11%	0.16%	0.11%
	FBNC	A	0.11%	0.15%	0.11%
	FBP	A	0.49%	0.28%	0.28%
	FCF	A	0.16%	0.15%	0.15%
	FCPT	C	0.1%	0.18%	0.1%
	FFBC	A	0.44%	0.22%	0.22%
	FHB	A	0.45%	0.28%	0.28%
	FULT	A	0.36%	0.32%	0.32%
	GBX	A	0.25%	0.17%	0.17%
	GES	F	0.18%	0.04%	0.04%
	GFF	A	0.25%	0.23%	0.23%
	GTY	C	0.1%	0.12%	0.1%
	GVA	A	0.23%	0.33%	0.23%
	HAFC	A	0.08%	0.06%	0.06%
	HAYN	A	0.1%	0.06%	0.06%
	HCC	B	0.15%	0.31%	0.15%
	HCI	B	0.04%	0.06%	0.04%
	HFWA	A	0.09%	0.07%	0.07%
	HI	C	0.17%	0.22%	0.17%
	HMN	A	0.15%	0.14%	0.14%
	HNI	A	0.29%	0.21%	0.21%
	HOPE	A	0.22%	0.13%	0.13%
	HP	C	0.32%	0.27%	0.27%
	HSII	B	0.14%	0.07%	0.07%
	HSTM	B	0.08%	0.06%	0.06%
	HTH	B	0.1%	0.12%	0.1%
	HTLD	B	0.06%	0.04%	0.04%
	HWKN	C	0.19%	0.2%	0.19%
	IBTX	A	0.23%	0.18%	0.18%
	IDCC	A	0.38%	0.36%	0.36%
	IIIN	C	0.05%	0.05%	0.05%
	IIPR	F	0.35%	0.22%	0.22%
	INDB	A	0.28%	0.25%	0.25%
	IOSP	C	0.21%	0.25%	0.21%
	JBGS	D	0.07%	0.1%	0.07%
	JBSS	F	0.16%	0.06%	0.06%
	JBT	B	0.16%	0.3%	0.16%
	JJSF	C	0.29%	0.21%	0.21%
	JOE	F	0.13%	0.14%	0.13%
	KALU	C	0.26%	0.11%	0.11%
	KELYA	F	0.07%	0.04%	0.04%
	KFY	B	0.22%	0.32%	0.22%
	KLG	F	0.34%	0.08%	0.08%
	KLIC	C	0.17%	0.21%	0.17%
	KMT	B	0.27%	0.18%	0.18%
	KOP	C	0.06%	0.07%	0.06%
	KSS	F	0.51%	0.16%	0.16%
	KTB	A	0.58%	0.35%	0.35%
	KWR	C	0.13%	0.19%	0.13%
	LBRT	F	0.23%	0.22%	0.22%
	LCII	D	0.35%	0.23%	0.23%
	LKFN	A	0.12%	0.15%	0.12%
	LMAT	A	0.16%	0.16%	0.16%
	LNN	B	0.1%	0.11%	0.1%
	LTC	B	0.12%	0.13%	0.12%
	LXP	D	0.15%	0.21%	0.15%
	LZB	A	0.16%	0.14%	0.14%
	MAC	A	0.2%	0.31%	0.2%
	MATW	C	0.09%	0.06%	0.06%
	MATX	B	0.28%	0.46%	0.28%
	MC	B	0.61%	0.43%	0.43%
	MCRI	A	0.19%	0.08%	0.08%
	MCY	A	0.3%	0.17%	0.17%
	MGEE	A	0.39%	0.29%	0.29%
	MGPI	D	0.05%	0.06%	0.05%
	MLAB	F	0.07%	0.04%	0.04%
	MLKN	F	0.18%	0.15%	0.15%
	MMI	A	0.06%	0.08%	0.06%
	MNRO	B	0.15%	0.07%	0.07%
	MRTN	C	0.1%	0.08%	0.08%
	MSEX	B	0.12%	0.09%	0.09%
	MTRN	C	0.1%	0.21%	0.1%
	MTX	B	0.11%	0.21%	0.11%
	MYE	F	0.08%	0.04%	0.04%
	NAVI	D	0.16%	0.11%	0.11%
	NBHC	A	0.13%	0.15%	0.13%
	NBTB	A	0.19%	0.2%	0.19%
	NHC	B	0.29%	0.15%	0.15%
	NOG	A	0.53%	0.33%	0.33%
	NPK	B	0.12%	0.03%	0.03%
	NPO	A	0.18%	0.28%	0.18%
	NWBI	A	0.33%	0.15%	0.15%
	NWN	A	0.25%	0.12%	0.12%
	NX	C	0.08%	0.11%	0.08%
	OFG	B	0.18%	0.17%	0.17%
	OGN	F	1.07%	0.33%	0.33%
	OTTR	C	0.35%	0.28%	0.28%
	OXM	F	0.14%	0.09%	0.09%
	PAHC	A	0.1%	0.04%	0.04%
	PATK	C	0.37%	0.21%	0.21%
	PDCO	F	0.26%	0.13%	0.13%
	PEB	F	0.06%	0.12%	0.06%
	PFBC	A	0.15%	0.09%	0.09%
	PFS	A	0.33%	0.23%	0.23%
	PHIN	A	0.34%	0.19%	0.19%
	PINC	B	0.36%	0.19%	0.19%
	PIPR	A	0.24%	0.42%	0.24%
	PJT	A	0.15%	0.28%	0.15%
	POWL	C	0.38%	0.22%	0.22%
	PPBI	A	0.36%	0.22%	0.22%
	PRDO	B	0.23%	0.14%	0.14%
	PRGS	B	0.17%	0.22%	0.17%
	PRK	A	0.26%	0.23%	0.23%
	PSMT	D	0.16%	0.18%	0.16%
	RES	F	0.13%	0.04%	0.04%
	RGR	F	0.08%	0.05%	0.05%
	RNST	A	0.15%	0.19%	0.15%
	ROIC	A	0.08%	0.17%	0.08%
	RUSHA	B	0.39%	0.32%	0.32%
	SAFT	A	0.12%	0.1%	0.1%
	SAH	A	0.16%	0.08%	0.08%
	SBCF	A	0.17%	0.2%	0.17%
	SBSI	B	0.12%	0.08%	0.08%
	SCHL	F	0.08%	0.05%	0.05%
	SCL	D	0.13%	0.13%	0.13%
	SCVL	F	0.14%	0.05%	0.05%
	SEM	B	0.37%	0.32%	0.32%
	SFBS	A	0.24%	0.38%	0.24%
	SFNC	B	0.37%	0.25%	0.25%
	SHEN	F	0.04%	0.05%	0.04%
	SHO	D	0.09%	0.16%	0.09%
	SHOO	D	0.36%	0.24%	0.24%
	SJW	F	0.2%	0.12%	0.12%
	SKT	A	0.23%	0.29%	0.23%
	SLG	B	0.62%	0.37%	0.37%
	SLP	F	0.05%	0.04%	0.04%
	SLVM	B	0.45%	0.24%	0.24%
	SMP	C	0.11%	0.05%	0.05%
	SPTN	F	0.11%	0.05%	0.05%
	SSTK	F	0.12%	0.06%	0.06%
	STBA	A	0.15%	0.13%	0.13%
	STC	A	0.15%	0.16%	0.15%
	STEP	A	0.3%	0.27%	0.27%
	STRA	C	0.23%	0.17%	0.17%
	SVC	F	0.04%	0.04%	0.04%
	SXC	A	0.18%	0.09%	0.09%
	SXI	A	0.16%	0.2%	0.16%
	SXT	C	0.32%	0.26%	0.26%
	TDS	B	0.44%	0.24%	0.24%
	TILE	A	0.14%	0.12%	0.12%
	TNC	F	0.14%	0.14%	0.14%
	TR	A	0.11%	0.04%	0.04%
	TRMK	A	0.21%	0.19%	0.19%
	TRN	A	0.4%	0.25%	0.25%
	TRST	A	0.08%	0.06%	0.06%
	UCB	A	0.33%	0.31%	0.31%
	UE	B	0.1%	0.21%	0.1%
	UFCS	A	0.03%	0.04%	0.03%
	UNF	A	0.12%	0.23%	0.12%
	UPBD	B	0.28%	0.12%	0.12%
	USPH	C	0.13%	0.11%	0.11%
	UTL	C	0.19%	0.07%	0.07%
	UVV	B	0.3%	0.1%	0.1%
	VBTX	A	0.15%	0.13%	0.13%
	VIRT	A	0.4%	0.23%	0.23%
	VRTS	A	0.23%	0.13%	0.13%
	VSTS	F	0.08%	0.14%	0.08%
	WABC	A	0.17%	0.12%	0.12%
	WAFD	A	0.19%	0.2%	0.19%
	WD	D	0.25%	0.29%	0.25%
	WDFC	A	0.26%	0.3%	0.26%
	WERN	B	0.14%	0.2%	0.14%
	WGO	B	0.14%	0.15%	0.14%
	WHD	B	0.28%	0.36%	0.28%
	WKC	C	0.19%	0.13%	0.13%
	WNC	C	0.08%	0.07%	0.07%
	WOR	F	0.25%	0.1%	0.1%
	WSFS	A	0.13%	0.29%	0.13%
	WSR	B	0.04%	0.05%	0.04%
	WWW	A	0.34%	0.14%	0.14%
	XHR	B	0.07%	0.13%	0.07%
	XRX	F	0.3%	0.08%	0.08%

DES Overweight 314 Positions Relative to QVMS

	Symbol	Grade	Weight
	TFSL	A	0.84%
	KNTK	A	0.72%
	EPR	D	0.72%
	ALE	A	0.72%
	TPG	B	0.65%
	NSA	C	0.64%
	FIBK	A	0.63%
	SBRA	C	0.63%
	BNL	D	0.62%
	TNL	A	0.61%
	VCTR	B	0.6%
	BKH	A	0.56%
	JWN	A	0.56%
	SMG	D	0.55%
	OGS	A	0.54%
	NHI	D	0.52%
	ASB	A	0.49%
	SR	A	0.49%
	NWE	C	0.48%
	AVNT	A	0.46%
	HRI	B	0.46%
	VAC	B	0.44%
	PNM	B	0.43%
	IBOC	A	0.42%
	TGNA	B	0.38%
	CUZ	B	0.37%
	CRI	D	0.37%
	KRO	D	0.37%
	LEG	F	0.36%
	SLM	A	0.35%
	HWC	A	0.34%
	CDP	C	0.33%
	EBC	A	0.32%
	AGX	B	0.31%
	PBI	C	0.29%
	UMBF	A	0.28%
	MWA	A	0.28%
	WSBC	A	0.27%
	SPB	C	0.27%
	FRME	A	0.27%
	CSWI	B	0.26%
	KMPR	A	0.26%
	BCO	F	0.26%
	RRR	D	0.26%
	GEF	A	0.25%
	SASR	A	0.24%
	PTVE	C	0.24%
	CNO	A	0.23%
	HTLF	A	0.23%
	WTTR	A	0.23%
	TOWN	A	0.23%
	GRNT	B	0.23%
	PRIM	A	0.22%
	USLM	A	0.22%
	AESI	D	0.22%
	PEBO	A	0.22%
	MGRC	B	0.21%
	SCS	A	0.21%
	ENS	D	0.21%
	BDC	B	0.21%
	WINA	B	0.21%
	VHI	C	0.2%
	HEES	B	0.2%
	IRT	A	0.19%
	CXT	D	0.19%
	BANC	A	0.19%
	TEX	D	0.19%
	CRGY	A	0.19%
	ANET	C	0.18%
	PZZA	D	0.18%
	KAI	A	0.18%
	NGVC	A	0.18%
	WMK	B	0.18%
	YOU	D	0.18%
	GHC	A	0.17%
	ULH	B	0.17%
	CRAI	B	0.17%
	AGM	A	0.17%
	REPX	A	0.16%
	MLR	B	0.16%
	SRCE	A	0.15%
	REVG	A	0.15%
	ACCO	B	0.15%
	KFRC	D	0.15%
	VSH	F	0.15%
	EBF	D	0.15%
	CTBI	A	0.15%
	GABC	A	0.15%
	HL	D	0.15%
	OCFC	A	0.15%
	HY	F	0.14%
	HCKT	A	0.14%
	PCH	D	0.14%
	GIC	F	0.14%
	BUSE	A	0.14%
	TPB	A	0.14%
	EGY	F	0.14%
	DK	D	0.14%
	BBSI	A	0.13%
	ICFI	F	0.13%
	UTZ	D	0.13%
	PFC	A	0.13%
	MCS	B	0.13%
	ALX	D	0.13%
	VSEC	B	0.13%
	KRT	A	0.13%
	NNI	C	0.13%
	GRC	B	0.13%
	HLIO	B	0.12%
	SYBT	A	0.12%
	EMBC	C	0.12%
	CSV	B	0.12%
	CWH	B	0.12%
	RBCAA	A	0.12%
	PK	C	0.12%
	LYTS	A	0.11%
	DNUT	D	0.11%
	TCBK	A	0.11%
	WASH	A	0.11%
	PLOW	D	0.11%
	EFSC	A	0.11%
	KW	C	0.1%
	JACK	D	0.1%
	LMNR	C	0.1%
	SWBI	D	0.1%
	BRY	F	0.1%
	SPOK	B	0.1%
	NSSC	F	0.1%
	RYI	B	0.1%
	CDRE	D	0.1%
	DIN	C	0.1%
	UWMC	F	0.09%
	EE	A	0.09%
	FISI	A	0.09%
	HVT	F	0.09%
	FCBC	B	0.09%
	SHYF	C	0.09%
	YORW	D	0.09%
	WEYS	A	0.09%
	FBMS	A	0.09%
	HBNC	A	0.09%
	LGTY	B	0.09%
	DBRG	D	0.09%
	ODC	D	0.09%
	GTN	F	0.09%
	NMRK	B	0.09%
	BHRB	A	0.09%
	HTBK	A	0.09%
	NVEC	D	0.09%
	TRAK	A	0.08%
	CVGW	C	0.08%
	RUSHB	B	0.08%
	VLGEA	A	0.08%
	METC	C	0.08%
	MCBS	A	0.08%
	ARKO	D	0.08%
	LOB	A	0.08%
	MPX	C	0.08%
	SAVE	F	0.08%
	GCMG	B	0.08%
	HPK	F	0.08%
	PKOH	A	0.08%
	HBT	A	0.08%
	SD	F	0.08%
	CMCO	C	0.08%
	MSB	B	0.08%
	NATH	B	0.08%
	RDUS	C	0.08%
	BELFB	C	0.08%
	THFF	A	0.08%
	MBWM	A	0.08%
	RNGR	A	0.08%
	PLPC	B	0.07%
	IBCP	A	0.07%
	UVE	A	0.07%
	CNOB	A	0.07%
	NIC	A	0.07%
	IMMR	F	0.07%
	ITIC	A	0.07%
	ESRT	D	0.07%
	BY	A	0.07%
	PKE	B	0.07%
	MBIN	D	0.07%
	SGC	C	0.07%
	IVT	B	0.07%
	TRS	D	0.07%
	GWRS	C	0.07%
	CCNE	B	0.06%
	WTI	F	0.06%
	AMAL	B	0.06%
	NUS	C	0.06%
	KRNY	A	0.06%
	NFBK	A	0.06%
	OFLX	C	0.06%
	QCRH	A	0.06%
	RLJ	C	0.06%
	HBB	F	0.06%
	GNE	F	0.06%
	CAC	A	0.06%
	RGP	F	0.06%
	MOV	C	0.06%
	ATNI	F	0.06%
	NEWT	B	0.06%
	ARTNA	F	0.06%
	IMKTA	C	0.06%
	VRE	A	0.06%
	FF	F	0.06%
	UMH	C	0.06%
	CMP	B	0.06%
	ALCO	D	0.05%
	ALRS	D	0.05%
	CTO	B	0.05%
	NRC	F	0.05%
	EVC	B	0.05%
	DBI	F	0.05%
	PGC	A	0.05%
	NC	C	0.05%
	ESCA	C	0.05%
	BFC	B	0.05%
	BSRR	B	0.05%
	EPM	A	0.05%
	EML	F	0.05%
	BSIG	A	0.05%
	NRIM	A	0.05%
	FMBH	A	0.05%
	ALTG	C	0.05%
	UTMD	D	0.05%
	JOUT	F	0.05%
	DHIL	A	0.05%
	RGCO	C	0.05%
	FFIC	A	0.05%
	ZEUS	C	0.05%
	MSBI	A	0.05%
	TIPT	A	0.04%
	CASS	B	0.04%
	NBN	A	0.04%
	RCKY	F	0.04%
	LAKE	B	0.04%
	SMBC	A	0.04%
	HOFT	C	0.04%
	ARC	A	0.04%
	GSBC	A	0.04%
	OPY	B	0.04%
	DGICA	A	0.04%
	SHBI	A	0.04%
	AMTB	B	0.04%
	FMNB	A	0.04%
	RM	D	0.04%
	OSBC	A	0.04%
	ORRF	A	0.04%
	TWIN	D	0.04%
	CLAR	C	0.04%
	BSVN	A	0.04%
	HURC	C	0.04%
	HQI	B	0.04%
	RELL	B	0.04%
	FSBC	A	0.04%
	CBL	B	0.04%
	EQBK	A	0.04%
	RICK	B	0.04%
	NTST	D	0.04%
	MEI	F	0.04%
	OBK	A	0.04%
	FLIC	A	0.04%
	SMBK	A	0.04%
	CHCT	C	0.03%
	CLDT	C	0.03%
	FSBW	B	0.03%
	PSTL	C	0.03%
	CATO	C	0.03%
	CZNC	B	0.03%
	CSPI	C	0.03%
	SPFI	A	0.03%
	BSET	B	0.03%
	ACU	C	0.03%
	AROW	A	0.03%
	GNTY	A	0.03%
	BHB	A	0.03%
	BRT	A	0.03%
	HONE	A	0.03%
	OLP	A	0.03%
	GMRE	D	0.03%
	TSQ	C	0.03%
	PHX	A	0.03%
	BMRC	A	0.03%
	AMRK	F	0.03%
	WTBA	A	0.03%
	CIVB	A	0.03%
	FRST	A	0.03%
	PLYM	F	0.03%
	LCUT	F	0.03%
	MBCN	C	0.02%
	UNTY	A	0.02%
	RRBI	A	0.02%
	SSBK	A	0.02%
	CBNK	A	0.02%
	III	C	0.02%
	VOC	C	0.02%
	FBIZ	A	0.02%
	RMR	F	0.02%
	SGA	F	0.02%
	ISTR	A	0.02%
	LAND	F	0.02%
	FRBA	D	0.02%
	PKST	F	0.02%
	NECB	A	0.02%
	DHC	F	0.02%
	FPI	B	0.02%
	FDBC	B	0.01%
	INBK	A	0.01%
	OBT	B	0.01%
	PLBC	A	0.01%
	PINE	D	0.01%
	FNWB	C	0.0%

DES Underweight 270 Positions Relative to QVMS

	Symbol	Grade	Weight
	MLI	B	-0.84%
	CMA	A	-0.71%
	RHI	B	-0.59%
	JXN	B	-0.58%
	GKOS	B	-0.56%
	ATI	D	-0.55%
	SPSC	D	-0.54%
	VFC	B	-0.53%
	AWI	A	-0.53%
	COOP	B	-0.51%
	MTH	D	-0.51%
	MOG.A	B	-0.5%
	LNC	A	-0.5%
	BMI	B	-0.5%
	AVAV	C	-0.48%
	BCC	B	-0.47%
	FSS	C	-0.47%
	BCPC	B	-0.47%
	ACIW	B	-0.47%
	GPI	A	-0.46%
	ABG	A	-0.46%
	ALK	A	-0.46%
	SM	C	-0.45%
	MARA	B	-0.45%
	MMSI	A	-0.44%
	RDNT	B	-0.43%
	ITRI	B	-0.42%
	SEE	B	-0.42%
	AL	A	-0.42%
	RDN	C	-0.42%
	MGY	A	-0.41%
	IBP	F	-0.4%
	EAT	A	-0.4%
	ALKS	B	-0.39%
	DY	C	-0.39%
	CORT	B	-0.38%
	AGO	A	-0.37%
	ITGR	B	-0.36%
	FELE	B	-0.35%
	AX	A	-0.35%
	GTES	B	-0.35%
	NSIT	F	-0.35%
	SKYW	A	-0.35%
	SHAK	B	-0.35%
	SIG	B	-0.35%
	PECO	A	-0.35%
	MHO	D	-0.34%
	FUL	F	-0.34%
	SANM	B	-0.34%
	KRYS	D	-0.33%
	PBH	A	-0.33%
	PLXS	B	-0.33%
	FTDR	B	-0.33%
	LRN	A	-0.32%
	TPH	D	-0.32%
	REZI	A	-0.31%
	GMS	A	-0.31%
	DORM	B	-0.3%
	VRRM	D	-0.3%
	DXC	C	-0.29%
	GEO	A	-0.29%
	BOOT	C	-0.28%
	SITM	B	-0.28%
	CEIX	A	-0.28%
	ASO	F	-0.28%
	CVCO	A	-0.28%
	RXO	C	-0.27%
	AEO	F	-0.27%
	APLE	B	-0.27%
	AMR	C	-0.26%
	HIW	D	-0.26%
	ATGE	B	-0.26%
	FORM	F	-0.26%
	GNW	A	-0.26%
	ICUI	D	-0.26%
	IAC	D	-0.26%
	APAM	A	-0.26%
	TDW	F	-0.25%
	CNK	A	-0.25%
	ALRM	C	-0.25%
	PENN	B	-0.25%
	HUBG	A	-0.25%
	NWL	B	-0.25%
	CRVL	B	-0.25%
	OII	B	-0.25%
	NMIH	D	-0.24%
	ENVA	A	-0.24%
	GSHD	A	-0.24%
	TBBK	A	-0.24%
	BXMT	D	-0.24%
	VSCO	A	-0.24%
	ENV	B	-0.24%
	BL	B	-0.24%
	CWEN	D	-0.24%
	SMPL	B	-0.24%
	PTEN	D	-0.23%
	HASI	F	-0.23%
	VCEL	A	-0.23%
	AAP	D	-0.22%
	DIOD	F	-0.22%
	ABR	C	-0.22%
	CARG	A	-0.22%
	PAYO	A	-0.21%
	B	A	-0.21%
	MYRG	B	-0.21%
	ACLS	F	-0.21%
	PLMR	A	-0.21%
	SNEX	A	-0.21%
	CWK	B	-0.21%
	HBI	A	-0.21%
	IPAR	C	-0.2%
	VSTO	A	-0.2%
	TTMI	B	-0.2%
	AGYS	A	-0.2%
	PRVA	B	-0.19%
	UFPT	C	-0.19%
	FL	F	-0.19%
	CPRX	C	-0.19%
	OSIS	A	-0.19%
	CXW	B	-0.19%
	YELP	C	-0.19%
	VIAV	B	-0.18%
	KAR	A	-0.18%
	PLUS	F	-0.18%
	TFIN	A	-0.18%
	MPW	F	-0.18%
	PRG	A	-0.17%
	CENTA	C	-0.17%
	JBLU	C	-0.17%
	ADUS	D	-0.17%
	LGIH	F	-0.17%
	SATS	D	-0.17%
	AIR	B	-0.17%
	MRCY	B	-0.17%
	SUPN	B	-0.17%
	PTGX	D	-0.17%
	ROCK	C	-0.17%
	URBN	C	-0.17%
	NEO	C	-0.16%
	GO	C	-0.16%
	HAYW	A	-0.16%
	OI	C	-0.16%
	TALO	C	-0.15%
	RAMP	C	-0.15%
	TRUP	A	-0.15%
	LGND	B	-0.15%
	FTRE	D	-0.15%
	PLAB	D	-0.14%
	NTCT	B	-0.14%
	HLX	D	-0.14%
	VECO	F	-0.14%
	KN	B	-0.14%
	CALX	F	-0.14%
	IART	C	-0.14%
	SONO	C	-0.14%
	ROG	D	-0.14%
	GRBK	D	-0.14%
	CUBI	B	-0.13%
	AMWD	B	-0.13%
	TRIP	D	-0.13%
	ASTH	F	-0.13%
	DNOW	A	-0.13%
	UCTT	F	-0.13%
	MYGN	F	-0.12%
	THRM	F	-0.12%
	DFIN	D	-0.12%
	THS	F	-0.12%
	CHEF	B	-0.12%
	SCSC	B	-0.11%
	GNL	D	-0.11%
	SPNT	A	-0.11%
	ELME	D	-0.11%
	STAA	F	-0.11%
	SBH	A	-0.11%
	HLIT	F	-0.11%
	WS	B	-0.11%
	VICR	B	-0.1%
	DGII	B	-0.1%
	MODG	F	-0.1%
	UNFI	A	-0.1%
	CRK	A	-0.1%
	WT	A	-0.1%
	COHU	D	-0.1%
	SNDR	B	-0.09%
	PARR	D	-0.09%
	AMN	F	-0.09%
	ICHR	C	-0.09%
	FIZZ	B	-0.09%
	ARLO	D	-0.09%
	PMT	D	-0.09%
	FDP	A	-0.09%
	RC	F	-0.09%
	AORT	B	-0.09%
	XNCR	B	-0.09%
	CARS	B	-0.09%
	CENX	A	-0.09%
	ARI	D	-0.09%
	NVEE	F	-0.09%
	MD	B	-0.09%
	CERT	F	-0.09%
	PLAY	C	-0.09%
	PRLB	B	-0.08%
	HRMY	D	-0.08%
	TMP	A	-0.08%
	VVI	A	-0.08%
	EFC	D	-0.08%
	DXPE	A	-0.08%
	PRAA	C	-0.08%
	VTOL	B	-0.08%
	COLL	F	-0.08%
	ANIP	D	-0.08%
	INVA	C	-0.08%
	LPG	F	-0.08%
	VTLE	C	-0.08%
	GIII	D	-0.08%
	NXRT	A	-0.08%
	CXM	C	-0.08%
	FBRT	C	-0.08%
	QNST	C	-0.08%
	ALGT	A	-0.08%
	BLFS	D	-0.07%
	EYE	C	-0.07%
	ODP	F	-0.07%
	HCSG	B	-0.07%
	AVNS	F	-0.07%
	BJRI	A	-0.07%
	PRA	A	-0.07%
	PCRX	C	-0.07%
	BDN	D	-0.07%
	RWT	D	-0.07%
	OMI	F	-0.07%
	XPEL	B	-0.07%
	GDEN	B	-0.06%
	REX	C	-0.06%
	AHCO	D	-0.06%
	NBR	D	-0.06%
	NABL	F	-0.06%
	MCW	B	-0.06%
	GPRE	F	-0.06%
	AXL	C	-0.06%
	AOSL	F	-0.06%
	RCUS	F	-0.06%
	HTZ	C	-0.05%
	VSAT	F	-0.05%
	HAIN	F	-0.05%
	CEVA	B	-0.05%
	HZO	F	-0.05%
	CTKB	C	-0.05%
	MTUS	F	-0.05%
	KREF	D	-0.05%
	NVRI	F	-0.05%
	EZPW	A	-0.05%
	MATV	F	-0.05%
	PUMP	F	-0.05%
	INN	D	-0.05%
	SWI	B	-0.05%
	USNA	C	-0.04%
	RGNX	F	-0.04%
	GDOT	C	-0.04%
	GOGO	C	-0.04%
	UHT	D	-0.04%
	HPP	F	-0.04%
	LQDT	A	-0.04%
	SNCY	B	-0.04%
	AMBC	C	-0.04%
	CRSR	C	-0.03%
	TWI	F	-0.03%
	FLGT	F	-0.03%
	WRLD	D	-0.03%
	THRY	F	-0.03%

DES: Top Represented Industries & Keywords

Industries: Banks - Regional - US Diversified Industrials REIT - Diversified Oil & Gas E&P REIT - Retail Savings & Cooperative Banks Asset Management Specialty Chemicals Electronic Components REIT - Hotel & Motel Home Furnishings & Fixtures Insurance - Property & Casualty Packaged Foods Restaurants Banks - Regional Business Services Oil & Gas Equipment & Services REIT - Healthcare Facilities Telecom Services Utilities - Regulated Water

Keywords: Bank Banking Deposit Products Real Estate Investment Trust Real Estate Loans Commercial Banking Commercial Bank Demand Deposit Trust Services Business Loans Chemical Individual Retirement Account Loan Loan Products Cash Management Services Mining Natural Gas Investment Management Residential Real Estate Loans Retail Banking

QVMS: Top Represented Industries & Keywords

Industries: Banks - Regional - US REIT - Diversified Biotechnology Diversified Industrials Oil & Gas Equipment & Services Packaged Foods REIT - Retail Specialty Chemicals Insurance - Property & Casualty Asset Management Auto Parts Oil & Gas E&P REIT - Hotel & Motel Software - Application Specialty Retail Building Materials Communication Equipment Credit Services Electronic Components Medical Instruments & Supplies

Keywords: Bank Banking Real Estate Investment Trust Deposit Products Medicine Real Estate Loans Clothing Computing Aerospace Chemical Insurance Commercial Bank Commercial Banking Mining Mortgage Loan Retail Store Semiconductor Transport Fashion Construction