ESML vs. FAD ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to First Trust MuFirst Trust Multi CG AlphaDEX (FAD)

ESML

iShares MSCI USA Small-Cap ESG Optimized ETF

ESML Description

The investment seeks to track the investment results of the MSCI USA Small Cap Extended ESG Focus Index. The fund generally will invest at least 90% of its assets in the component securities of the underlying index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The underlying index is an optimized equity index designed to produce investment results comparable to the MSCI USA Small Cap Index (the "parent index"), while reflecting a higher allocation than that of the parent index to U.S. small-capitalization companies with favorable ESG profiles. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$45.10

Average Daily Volume

88,928

Number of Holdings ^*

904

* may have additional holdings in another (foreign) market

FAD

First Trust MuFirst Trust Multi CG AlphaDEX

FAD Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Growth Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Growth Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$148.28

Average Daily Volume

4,276

Number of Holdings ^*

640

* may have additional holdings in another (foreign) market

Performance

Period	ESML	FAD
30 Days	6.19%	7.67%
60 Days	6.82%	10.52%
90 Days	7.85%	13.20%
12 Months	32.19%	42.08%

295 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in FAD	Overlap
AAON	B	0.25%	0.2%	0.2%
AAT	B	0.07%	0.07%	0.07%
ACIW	B	0.16%	0.22%	0.16%
ACLX	C	0.08%	0.13%	0.08%
ACVA	B	0.06%	0.05%	0.05%
ADC	A	0.11%	0.17%	0.11%
ADMA	B	0.06%	0.12%	0.06%
ADUS	D	0.05%	0.06%	0.05%
AFRM	A	0.23%	0.32%	0.23%
AGIO	C	0.06%	0.11%	0.06%
AGNC	C	0.12%	0.08%	0.08%
AGYS	A	0.05%	0.05%	0.05%
AIT	B	0.13%	0.2%	0.13%
ALHC	C	0.07%	0.11%	0.07%
ALKT	B	0.05%	0.11%	0.05%
ALSN	B	0.26%	0.25%	0.25%
AM	A	0.15%	0.04%	0.04%
AMC	C	0.04%	0.02%	0.02%
ANF	F	0.15%	0.17%	0.15%
AORT	B	0.05%	0.1%	0.05%
APAM	B	0.1%	0.03%	0.03%
APPF	B	0.11%	0.04%	0.04%
ARLO	C	0.04%	0.02%	0.02%
AROC	A	0.1%	0.06%	0.06%
ARQT	B	0.05%	0.05%	0.05%
ASPN	F	0.02%	0.06%	0.02%
ATGE	B	0.06%	0.14%	0.06%
ATI	C	0.14%	0.18%	0.14%
ATR	B	0.24%	0.09%	0.09%
AUR	C	0.08%	0.17%	0.08%
AVAV	C	0.13%	0.16%	0.13%
AWI	A	0.23%	0.15%	0.15%
AWR	B	0.05%	0.02%	0.02%
AXSM	B	0.06%	0.13%	0.06%
AXTA	B	0.27%	0.09%	0.09%
AYI	B	0.34%	0.15%	0.15%
AZEK	A	0.13%	0.12%	0.12%
AZTA	D	0.07%	0.02%	0.02%
AZZ	A	0.07%	0.07%	0.07%
BANC	B	0.06%	0.05%	0.05%
BCPC	B	0.13%	0.08%	0.08%
BDC	C	0.2%	0.13%	0.13%
BEAM	D	0.05%	0.02%	0.02%
BFAM	D	0.2%	0.16%	0.16%
BGC	C	0.05%	0.08%	0.05%
BKD	F	0.04%	0.05%	0.04%
BL	B	0.08%	0.02%	0.02%
BLD	D	0.26%	0.15%	0.15%
BLKB	B	0.12%	0.08%	0.08%
BMI	B	0.3%	0.16%	0.16%
BOOT	C	0.06%	0.17%	0.06%
BOX	B	0.13%	0.13%	0.13%
BPMC	B	0.08%	0.08%	0.08%
BRBR	A	0.1%	0.15%	0.1%
BRC	D	0.09%	0.06%	0.06%
BRKR	D	0.13%	0.03%	0.03%
BRX	A	0.16%	0.09%	0.09%
BWXT	B	0.3%	0.15%	0.15%
BXMT	C	0.08%	0.02%	0.02%
CACI	D	0.21%	0.18%	0.18%
CAKE	C	0.06%	0.08%	0.06%
CALM	A	0.06%	0.12%	0.06%
CASY	A	0.52%	0.27%	0.27%
CBSH	B	0.23%	0.1%	0.1%
CBT	D	0.13%	0.16%	0.13%
CBZ	B	0.06%	0.03%	0.03%
CCOI	B	0.1%	0.1%	0.1%
CDE	C	0.05%	0.11%	0.05%
CDP	C	0.21%	0.05%	0.05%
CFR	B	0.1%	0.1%	0.1%
CHDN	B	0.14%	0.09%	0.09%
CHE	D	0.14%	0.04%	0.04%
CHH	A	0.06%	0.05%	0.05%
CHWY	B	0.08%	0.1%	0.08%
CLB	B	0.06%	0.02%	0.02%
CLDX	F	0.04%	0.02%	0.02%
CLH	C	0.06%	0.13%	0.06%
CLSK	C	0.06%	0.06%	0.06%
CNK	C	0.09%	0.14%	0.09%
CNM	D	0.22%	0.04%	0.04%
COHR	B	0.28%	0.22%	0.22%
COKE	C	0.06%	0.19%	0.06%
CPK	A	0.13%	0.05%	0.05%
CPRX	C	0.05%	0.1%	0.05%
CRAI	C	0.05%	0.1%	0.05%
CRDO	B	0.12%	0.16%	0.12%
CRNX	C	0.11%	0.04%	0.04%
CROX	D	0.15%	0.08%	0.08%
CRS	B	0.15%	0.23%	0.15%
CRUS	D	0.15%	0.1%	0.1%
CRVL	B	0.09%	0.18%	0.09%
CTS	C	0.07%	0.03%	0.03%
CUBE	C	0.2%	0.08%	0.08%
CVLT	B	0.22%	0.22%	0.22%
CVNA	B	0.48%	0.59%	0.48%
CW	C	0.23%	0.22%	0.22%
CWAN	B	0.06%	0.11%	0.06%
CWT	C	0.04%	0.07%	0.04%
DBX	B	0.16%	0.09%	0.09%
DCI	B	0.25%	0.04%	0.04%
DNLI	D	0.1%	0.04%	0.04%
DOCN	C	0.05%	0.06%	0.05%
DOCS	C	0.08%	0.14%	0.08%
DTM	A	0.28%	0.11%	0.11%
DUOL	A	0.18%	0.23%	0.18%
DY	D	0.1%	0.21%	0.1%
EAT	A	0.16%	0.19%	0.16%
EGP	D	0.21%	0.04%	0.04%
EHC	B	0.29%	0.17%	0.17%
ELAN	D	0.16%	0.04%	0.04%
ENSG	C	0.2%	0.21%	0.2%
EPAC	C	0.13%	0.05%	0.05%
EPR	C	0.05%	0.04%	0.04%
EPRT	B	0.18%	0.16%	0.16%
ESE	B	0.09%	0.08%	0.08%
ESI	B	0.14%	0.04%	0.04%
ESRT	C	0.07%	0.07%	0.07%
EWBC	A	0.4%	0.21%	0.21%
EXLS	B	0.23%	0.19%	0.19%
EXP	B	0.06%	0.17%	0.06%
EXPO	D	0.06%	0.07%	0.06%
FBP	C	0.2%	0.09%	0.09%
FCN	F	0.19%	0.07%	0.07%
FFIN	B	0.06%	0.19%	0.06%
FIX	A	0.38%	0.24%	0.24%
FLS	B	0.16%	0.14%	0.14%
FND	D	0.2%	0.07%	0.07%
FOUR	A	0.06%	0.24%	0.06%
FR	D	0.09%	0.04%	0.04%
FRPT	A	0.19%	0.18%	0.18%
FSS	B	0.15%	0.16%	0.15%
FTDR	B	0.22%	0.14%	0.14%
GAP	C	0.12%	0.08%	0.08%
GATX	A	0.17%	0.05%	0.05%
GERN	D	0.05%	0.08%	0.05%
GH	B	0.07%	0.05%	0.05%
GKOS	B	0.18%	0.09%	0.09%
GME	C	0.21%	0.1%	0.1%
GMED	A	0.11%	0.19%	0.11%
GPK	C	0.26%	0.08%	0.08%
GTLS	A	0.14%	0.06%	0.06%
GVA	A	0.08%	0.15%	0.08%
GWRE	A	0.43%	0.18%	0.18%
HALO	F	0.11%	0.12%	0.11%
HASI	D	0.1%	0.13%	0.1%
HIMS	B	0.07%	0.19%	0.07%
HLIT	D	0.05%	0.06%	0.05%
HLX	B	0.05%	0.04%	0.04%
HNI	B	0.15%	0.12%	0.12%
HRB	D	0.19%	0.16%	0.16%
HURN	C	0.06%	0.08%	0.06%
HWKN	B	0.07%	0.12%	0.07%
IBKR	A	0.32%	0.22%	0.22%
IBOC	B	0.06%	0.15%	0.06%
IBP	D	0.09%	0.14%	0.09%
ICFI	F	0.08%	0.06%	0.06%
IDCC	B	0.14%	0.16%	0.14%
IESC	C	0.08%	0.16%	0.08%
INSM	C	0.21%	0.11%	0.11%
INSP	D	0.08%	0.1%	0.08%
INTA	B	0.08%	0.11%	0.08%
IRDM	D	0.12%	0.02%	0.02%
ITCI	C	0.15%	0.09%	0.09%
ITGR	B	0.13%	0.17%	0.13%
ITRI	C	0.2%	0.22%	0.2%
ITT	A	0.28%	0.17%	0.17%
JAMF	F	0.04%	0.02%	0.02%
JANX	C	0.05%	0.1%	0.05%
KD	B	0.1%	0.05%	0.05%
KNF	B	0.13%	0.22%	0.13%
KNSL	B	0.2%	0.08%	0.08%
KNTK	A	0.18%	0.06%	0.06%
KTB	B	0.16%	0.23%	0.16%
KTOS	B	0.08%	0.07%	0.07%
KYMR	D	0.05%	0.11%	0.05%
LCID	F	0.05%	0.03%	0.03%
LITE	B	0.1%	0.09%	0.09%
LNTH	D	0.1%	0.14%	0.1%
LNW	F	0.19%	0.04%	0.04%
LOPE	C	0.05%	0.05%	0.05%
LRN	A	0.13%	0.14%	0.13%
LYFT	C	0.11%	0.06%	0.06%
MAC	B	0.08%	0.05%	0.05%
MARA	B	0.09%	0.05%	0.05%
MASI	B	0.06%	0.05%	0.05%
MEDP	D	0.15%	0.04%	0.04%
MGNI	B	0.06%	0.08%	0.06%
MIR	A	0.08%	0.03%	0.03%
MLNK	C	0.05%	0.03%	0.03%
MMSI	A	0.15%	0.18%	0.15%
MNKD	C	0.06%	0.1%	0.06%
MOD	A	0.15%	0.2%	0.15%
MOG.A	B	0.24%	0.22%	0.22%
MORN	B	0.18%	0.04%	0.04%
MWA	B	0.25%	0.11%	0.11%
MYGN	F	0.03%	0.04%	0.03%
NBHC	C	0.05%	0.11%	0.05%
NCLH	B	0.24%	0.16%	0.16%
NEO	C	0.05%	0.05%	0.05%
NMIH	C	0.09%	0.09%	0.09%
NRIX	C	0.06%	0.07%	0.06%
NTNX	B	0.36%	0.05%	0.05%
NTRA	A	0.31%	0.25%	0.25%
NVAX	F	0.03%	0.04%	0.03%
NYT	D	0.18%	0.12%	0.12%
OHI	C	0.19%	0.12%	0.12%
OII	B	0.06%	0.08%	0.06%
OLLI	D	0.12%	0.12%	0.12%
ONB	C	0.19%	0.14%	0.14%
ORA	B	0.11%	0.09%	0.09%
OSCR	D	0.04%	0.09%	0.04%
OUT	A	0.07%	0.1%	0.07%
OWL	A	0.06%	0.05%	0.05%
PAR	A	0.07%	0.03%	0.03%
PAYO	A	0.06%	0.17%	0.06%
PBI	B	0.05%	0.12%	0.05%
PCTY	C	0.2%	0.1%	0.1%
PEGA	B	0.11%	0.19%	0.11%
PI	D	0.07%	0.14%	0.07%
PIPR	A	0.08%	0.25%	0.08%
PJT	A	0.1%	0.14%	0.1%
PLAY	D	0.06%	0.03%	0.03%
PLMR	A	0.08%	0.11%	0.08%
PLNT	A	0.2%	0.15%	0.15%
POWL	C	0.09%	0.16%	0.09%
PRCT	B	0.08%	0.14%	0.08%
PRGS	A	0.24%	0.09%	0.09%
PRI	B	0.23%	0.14%	0.14%
PRIM	A	0.14%	0.16%	0.14%
PSN	D	0.1%	0.19%	0.1%
PTCT	B	0.06%	0.1%	0.06%
PTGX	D	0.05%	0.11%	0.05%
QTWO	A	0.12%	0.25%	0.12%
RARE	F	0.07%	0.1%	0.07%
RDNT	B	0.1%	0.24%	0.1%
REVG	C	0.05%	0.13%	0.05%
RGLD	C	0.29%	0.04%	0.04%
RHP	B	0.19%	0.09%	0.09%
RKLB	A	0.12%	0.24%	0.12%
RL	C	0.09%	0.18%	0.09%
RLI	A	0.2%	0.09%	0.09%
RNA	C	0.09%	0.11%	0.09%
RNG	C	0.05%	0.08%	0.05%
ROIV	C	0.06%	0.04%	0.04%
RUN	F	0.05%	0.09%	0.05%
RVMD	C	0.1%	0.1%	0.1%
RXST	F	0.05%	0.04%	0.04%
RYAN	A	0.14%	0.13%	0.13%
S	B	0.12%	0.14%	0.12%
SATS	D	0.06%	0.11%	0.06%
SBRA	C	0.08%	0.12%	0.08%
SCI	B	0.27%	0.14%	0.14%
SFBS	C	0.06%	0.24%	0.06%
SFM	A	0.43%	0.27%	0.27%
SHAK	C	0.09%	0.08%	0.08%
SKT	A	0.07%	0.05%	0.05%
SLG	B	0.1%	0.18%	0.1%
SLVM	B	0.05%	0.12%	0.05%
SMPL	B	0.05%	0.03%	0.03%
SMTC	B	0.06%	0.1%	0.06%
SOFI	B	0.22%	0.3%	0.22%
SSD	F	0.1%	0.04%	0.04%
STRL	A	0.13%	0.15%	0.13%
SXT	C	0.07%	0.05%	0.05%
TBBK	B	0.08%	0.13%	0.08%
TGI	B	0.06%	0.03%	0.03%
TGTX	B	0.06%	0.15%	0.06%
THC	D	0.23%	0.39%	0.23%
TKO	A	0.16%	0.17%	0.16%
TMDX	F	0.05%	0.09%	0.05%
TNC	D	0.05%	0.02%	0.02%
TNDM	D	0.04%	0.05%	0.04%
TNL	A	0.16%	0.06%	0.06%
TRN	B	0.1%	0.13%	0.1%
TTEK	F	0.16%	0.18%	0.16%
TWST	F	0.05%	0.06%	0.05%
TXRH	B	0.11%	0.18%	0.11%
U	C	0.09%	0.03%	0.03%
UFPT	C	0.05%	0.08%	0.05%
VCTR	B	0.07%	0.11%	0.07%
VECO	F	0.1%	0.02%	0.02%
VERX	A	0.06%	0.09%	0.06%
VITL	D	0.05%	0.08%	0.05%
VRNS	D	0.06%	0.11%	0.06%
VRRM	F	0.06%	0.07%	0.06%
WDFC	B	0.11%	0.05%	0.05%
WEN	D	0.09%	0.02%	0.02%
WHD	B	0.12%	0.14%	0.12%
WING	D	0.19%	0.1%	0.1%
WRBY	A	0.07%	0.07%	0.07%
WT	A	0.06%	0.08%	0.06%
WTM	A	0.13%	0.09%	0.09%
WWD	C	0.19%	0.12%	0.12%
XPRO	D	0.05%	0.02%	0.02%
YELP	C	0.05%	0.02%	0.02%

ESML Overweight 609 Positions Relative to FAD

Symbol	Grade	Weight
JHG	B	0.51%
USFD	A	0.49%
INGR	C	0.42%
KBR	F	0.35%
FTI	A	0.35%
JLL	D	0.34%
MUSA	B	0.34%
FLEX	B	0.33%
XPO	B	0.33%
FRT	B	0.31%
REXR	F	0.31%
OGS	A	0.31%
OSK	C	0.3%
GBCI	B	0.3%
RGA	A	0.3%
PNFP	B	0.3%
SNV	C	0.3%
SIGI	C	0.29%
TPR	B	0.29%
R	B	0.29%
SUM	B	0.28%
CNX	A	0.28%
SAIA	B	0.28%
TOL	B	0.27%
AVT	C	0.27%
UMBF	B	0.27%
WBS	A	0.27%
SSB	B	0.27%
WEX	D	0.25%
UNM	A	0.25%
RRC	B	0.25%
BJ	A	0.25%
WCC	B	0.24%
FTAI	A	0.24%
UGI	C	0.24%
RNR	C	0.24%
IVZ	B	0.24%
HRI	C	0.24%
REZI	A	0.23%
ARMK	B	0.23%
ALK	B	0.23%
FHN	A	0.23%
MTG	C	0.23%
LAD	A	0.22%
GNRC	C	0.22%
FELE	B	0.22%
WAL	B	0.22%
CMC	B	0.22%
AR	B	0.22%
CMA	B	0.21%
WMS	F	0.21%
WTS	B	0.21%
PCVX	D	0.21%
ONTO	F	0.21%
LSTR	D	0.21%
CUZ	B	0.21%
RHI	C	0.21%
NJR	A	0.21%
CNO	B	0.2%
HOG	D	0.2%
LECO	C	0.2%
WHR	B	0.2%
KBH	D	0.2%
TGNA	B	0.2%
MTN	C	0.2%
OMF	A	0.2%
NFG	A	0.2%
ZION	B	0.2%
BHLB	B	0.2%
HHH	B	0.2%
WK	B	0.2%
ZWS	B	0.2%
AVA	A	0.19%
PR	B	0.19%
AMG	B	0.19%
CIEN	C	0.19%
LUMN	C	0.19%
HAS	D	0.19%
AXS	A	0.19%
SNDR	B	0.19%
DAR	C	0.19%
GPI	B	0.19%
AA	A	0.19%
NOVT	D	0.19%
CR	A	0.19%
NVT	B	0.19%
BANR	B	0.18%
SF	B	0.18%
SRPT	F	0.18%
BWA	D	0.18%
SPXC	A	0.18%
THG	A	0.18%
MDU	D	0.18%
VFC	C	0.18%
ENLC	A	0.18%
MTH	D	0.17%
AEIS	C	0.17%
LAZ	B	0.17%
CHX	C	0.17%
BERY	C	0.17%
FN	C	0.17%
PCH	F	0.17%
TMHC	C	0.17%
PCOR	B	0.17%
PEN	B	0.17%
ESTC	C	0.17%
PLXS	B	0.17%
ASB	B	0.17%
VVV	D	0.17%
LPX	B	0.17%
UBSI	B	0.17%
MSA	F	0.17%
WSC	F	0.17%
MTZ	B	0.17%
DLB	B	0.16%
RGEN	D	0.16%
MYRG	B	0.16%
FAF	A	0.16%
HQY	A	0.16%
SPSC	D	0.16%
SLM	A	0.16%
BCC	B	0.16%
BHE	C	0.16%
JAZZ	B	0.16%
SITE	F	0.16%
GXO	B	0.16%
VOYA	B	0.16%
PVH	C	0.16%
CFLT	B	0.15%
VLY	B	0.15%
ECG	C	0.15%
CADE	B	0.15%
WH	B	0.15%
CPF	B	0.15%
VNT	C	0.15%
FIBK	B	0.15%
NOV	C	0.15%
LSCC	D	0.15%
RRX	B	0.15%
WFRD	D	0.15%
GTLB	B	0.15%
PINC	B	0.14%
OZK	B	0.14%
HXL	F	0.14%
BECN	B	0.14%
X	B	0.14%
LFUS	D	0.14%
SR	A	0.14%
TPH	D	0.14%
SMAR	B	0.14%
ACA	A	0.14%
ALTR	B	0.14%
RMBS	B	0.14%
MKSI	C	0.14%
IBCP	B	0.14%
BILL	A	0.14%
ASGN	F	0.14%
TPX	B	0.14%
CZR	F	0.14%
JXN	C	0.14%
FMC	D	0.14%
NSIT	F	0.13%
M	F	0.13%
HESM	B	0.13%
CAVA	B	0.13%
MAT	D	0.13%
PDCO	F	0.13%
FYBR	C	0.13%
ORI	A	0.13%
KLIC	B	0.13%
SWX	B	0.13%
CYTK	F	0.13%
MUR	D	0.13%
NPO	A	0.13%
VMI	B	0.13%
ELF	C	0.13%
COLB	B	0.13%
CABO	B	0.13%
AGCO	D	0.13%
HIW	C	0.13%
CVBF	A	0.12%
EVR	B	0.12%
DFIN	D	0.12%
YETI	D	0.12%
KOS	D	0.12%
WGO	C	0.12%
GL	C	0.12%
ABG	C	0.12%
WERN	C	0.12%
THO	B	0.12%
MTX	B	0.12%
ADT	C	0.12%
HAE	C	0.12%
FULT	A	0.12%
CSGS	B	0.11%
PATH	C	0.11%
JEF	A	0.11%
DXC	B	0.11%
KRC	B	0.11%
ABCB	B	0.11%
AUB	B	0.11%
VKTX	F	0.11%
XENE	D	0.11%
SHOO	F	0.11%
ECPG	C	0.11%
EFSC	B	0.11%
SON	F	0.11%
MRCY	C	0.11%
LBRDA	C	0.11%
KAR	B	0.11%
VC	F	0.1%
RXO	D	0.1%
NWL	C	0.1%
TDC	D	0.1%
ERII	D	0.1%
SCL	C	0.1%
HCP	B	0.1%
TENB	C	0.1%
ALKS	C	0.1%
FA	C	0.1%
DV	C	0.1%
CAC	C	0.1%
STWD	C	0.1%
FUL	F	0.1%
NXT	C	0.1%
ETSY	D	0.1%
BHVN	D	0.1%
DRS	B	0.1%
CRC	A	0.1%
PFSI	C	0.1%
FLR	B	0.1%
TRNO	F	0.1%
AL	B	0.1%
RDUS	B	0.1%
SIG	B	0.1%
AMAL	B	0.1%
CGNX	D	0.1%
LCII	C	0.1%
ALTM	B	0.1%
FIVE	F	0.1%
LEA	F	0.1%
VNO	C	0.09%
OGN	F	0.09%
AMED	F	0.09%
ABM	B	0.09%
UPST	B	0.09%
ARW	D	0.09%
KFY	B	0.09%
POST	C	0.09%
RDN	D	0.09%
MGRC	B	0.09%
CURB	D	0.09%
SLAB	F	0.09%
ZI	D	0.09%
MTSI	B	0.09%
OPCH	D	0.09%
NXST	C	0.09%
SJW	F	0.09%
ATKR	D	0.09%
HWC	B	0.09%
IMAX	B	0.09%
LNC	C	0.09%
ACHC	F	0.09%
EVRI	A	0.08%
AVPT	A	0.08%
AMWD	C	0.08%
ICUI	D	0.08%
OLED	F	0.08%
KOP	C	0.08%
EWTX	C	0.08%
TILE	B	0.08%
SPB	C	0.08%
IOSP	C	0.08%
SNX	D	0.08%
CRSP	D	0.08%
VSEC	C	0.08%
BPOP	C	0.08%
ST	F	0.08%
ALG	B	0.08%
SASR	B	0.08%
TNET	F	0.08%
PLYA	B	0.08%
PRVA	C	0.08%
LBPH	A	0.08%
TEX	F	0.08%
INDB	B	0.08%
ENOV	C	0.08%
VAC	C	0.08%
TDS	B	0.08%
TARS	C	0.08%
PRKS	B	0.08%
BWIN	C	0.08%
AEO	F	0.08%
HR	B	0.08%
NTGR	B	0.08%
UNIT	B	0.08%
BOH	B	0.08%
LNN	B	0.08%
STC	B	0.08%
JBT	B	0.08%
ZD	B	0.08%
RNST	B	0.08%
DEA	D	0.07%
EE	A	0.07%
HI	C	0.07%
GBX	A	0.07%
LBRDK	C	0.07%
UEC	B	0.07%
CWEN	C	0.07%
WU	F	0.07%
GT	C	0.07%
HGV	C	0.07%
SEE	C	0.07%
PECO	A	0.07%
HAFC	B	0.07%
COLM	C	0.07%
VSCO	C	0.07%
TREX	C	0.07%
CWK	C	0.07%
GTES	A	0.07%
BDN	C	0.07%
ESNT	F	0.07%
VVX	C	0.07%
ENR	B	0.07%
SONO	C	0.07%
AVNT	B	0.07%
PRGO	C	0.07%
ZYME	C	0.07%
ROG	D	0.07%
SEM	B	0.07%
MHK	D	0.07%
BROS	A	0.07%
XHR	B	0.07%
FIVN	C	0.07%
ATRC	C	0.07%
HBI	B	0.07%
BC	C	0.07%
WTFC	A	0.07%
AN	C	0.07%
CCCS	B	0.07%
NWN	A	0.07%
UNFI	A	0.07%
MTRN	C	0.06%
CAR	C	0.06%
FNA	B	0.06%
SG	B	0.06%
AAP	D	0.06%
TMCI	C	0.06%
DLX	B	0.06%
IRON	B	0.06%
PRO	C	0.06%
DCO	C	0.06%
VERA	C	0.06%
RBBN	C	0.06%
VRTS	B	0.06%
PBF	D	0.06%
W	D	0.06%
MBUU	B	0.06%
MOV	D	0.06%
LXP	D	0.06%
VRNT	C	0.06%
JWN	D	0.06%
POWI	F	0.06%
CMCO	C	0.06%
TDOC	C	0.06%
ATEN	A	0.06%
ROCK	C	0.06%
PNTG	D	0.06%
AIR	B	0.06%
NBTB	B	0.06%
CLNE	F	0.06%
CMP	C	0.06%
AGO	B	0.06%
RUSHB	C	0.06%
KROS	D	0.06%
FL	F	0.06%
VREX	B	0.06%
ANDE	D	0.06%
FROG	C	0.06%
PYCR	B	0.06%
VBTX	B	0.06%
PEB	D	0.06%
HELE	C	0.06%
CART	C	0.06%
PLUS	F	0.06%
NVST	B	0.06%
PPBI	C	0.06%
SM	B	0.06%
RCM	A	0.06%
FLYW	B	0.06%
APG	B	0.06%
IDYA	F	0.06%
EYE	C	0.06%
PK	C	0.06%
CCS	D	0.06%
TALO	C	0.06%
BYD	B	0.06%
BKU	A	0.06%
AVDX	B	0.06%
VNOM	A	0.06%
FRSH	B	0.06%
KE	C	0.06%
ENV	B	0.06%
FUN	C	0.06%
KREF	C	0.06%
CLF	F	0.06%
MRUS	F	0.06%
MAN	F	0.06%
VRDN	D	0.06%
PDM	D	0.06%
PAHC	C	0.06%
UPBD	B	0.06%
WD	D	0.06%
RH	C	0.06%
VVI	C	0.06%
COMP	B	0.06%
CBU	B	0.06%
NARI	C	0.06%
SWTX	C	0.05%
KLG	B	0.05%
EWCZ	F	0.05%
HZO	F	0.05%
BNL	D	0.05%
AXL	C	0.05%
ARVN	F	0.05%
NUVB	C	0.05%
THRM	F	0.05%
ZEUS	C	0.05%
ETNB	C	0.05%
RYN	D	0.05%
ALRM	C	0.05%
IONS	F	0.05%
PLOW	D	0.05%
ARKO	C	0.05%
SHC	F	0.05%
CECO	B	0.05%
LEVI	F	0.05%
ICHR	C	0.05%
FTRE	D	0.05%
INFA	D	0.05%
APGE	F	0.05%
CNMD	C	0.05%
VSTS	C	0.05%
FLG	D	0.05%
ARCB	C	0.05%
CLVT	D	0.05%
XRAY	F	0.05%
GOGO	C	0.05%
PSMT	D	0.05%
ACEL	C	0.05%
BASE	B	0.05%
WNC	C	0.05%
MLTX	B	0.05%
SLNO	C	0.05%
INVX	C	0.05%
PENN	C	0.05%
ASAN	B	0.05%
MODG	F	0.05%
MPW	F	0.05%
AI	B	0.05%
KSS	F	0.05%
AMBC	C	0.05%
XPEL	B	0.05%
PFS	B	0.05%
PGRE	F	0.05%
EDR	A	0.05%
DGII	C	0.05%
PRAA	D	0.05%
HAIN	D	0.05%
INFN	D	0.05%
MRC	B	0.05%
SPR	D	0.05%
MNRO	D	0.05%
WKC	C	0.05%
SMP	C	0.05%
ELVN	D	0.05%
CWEN	C	0.05%
MTTR	B	0.05%
GO	C	0.05%
HAYW	B	0.05%
EMBC	C	0.05%
RAMP	B	0.05%
ZUO	B	0.05%
VYX	B	0.05%
OMCL	C	0.05%
HCC	B	0.05%
MMI	C	0.05%
PDFS	C	0.05%
CSTL	D	0.05%
IART	C	0.05%
CC	C	0.05%
MHO	D	0.05%
PRG	C	0.05%
FFBC	B	0.05%
GEF	A	0.05%
SKY	A	0.05%
BE	B	0.05%
LIVN	F	0.05%
SBH	C	0.05%
KMPR	A	0.05%
MDGL	B	0.05%
ASTE	C	0.05%
CUBI	B	0.05%
ARWR	D	0.05%
KVYO	C	0.05%
DNOW	B	0.05%
GEF	A	0.05%
NUVL	C	0.05%
LEG	F	0.05%
JBGS	F	0.05%
UAA	C	0.05%
RUSHA	C	0.05%
MXL	C	0.05%
NCNO	C	0.05%
COOP	B	0.05%
COLD	D	0.05%
CALX	D	0.05%
PD	C	0.05%
CIVI	D	0.05%
RCKT	F	0.04%
OMI	F	0.04%
FOXF	F	0.04%
CLW	F	0.04%
HPP	F	0.04%
FORM	D	0.04%
CAL	F	0.04%
HOUS	F	0.04%
GPRE	F	0.04%
FLGT	F	0.04%
NEP	F	0.04%
KURA	F	0.04%
XRX	F	0.04%
CRI	F	0.04%
QS	F	0.04%
PRTA	F	0.04%
NTLA	F	0.04%
PGNY	F	0.04%
EGY	D	0.04%
ESTA	D	0.04%
SPT	C	0.04%
ARCT	F	0.04%
CXM	C	0.04%
CGEM	F	0.04%
COUR	F	0.04%
SAVA	C	0.04%
LESL	D	0.04%
SIBN	F	0.04%
SNDX	F	0.04%
MLKN	F	0.04%
IMVT	F	0.04%
RCUS	F	0.04%
NABL	F	0.04%
MTUS	C	0.04%
MMS	F	0.04%
AMN	F	0.04%
ASH	F	0.04%
PLUG	F	0.04%
DYN	F	0.04%
PLRX	D	0.04%
HL	D	0.04%
BBIO	F	0.04%
DK	C	0.04%
QDEL	F	0.04%
ALEC	F	0.04%
FLO	D	0.04%
PTEN	C	0.04%
NVCR	C	0.04%
MEI	F	0.04%
IVR	F	0.04%
BRZE	C	0.04%
LGF.A	C	0.04%
THS	D	0.04%
UCB	A	0.04%
KRYS	C	0.04%
RXRX	F	0.04%
GRBK	D	0.04%
TROX	D	0.04%
COGT	D	0.04%
RKT	F	0.04%
AHH	D	0.04%
EPC	F	0.04%
NEOG	F	0.04%
ANAB	F	0.03%
WOLF	F	0.03%
MEG	F	0.03%
TXG	F	0.03%
SITC	D	0.03%
CNXC	F	0.03%
CDNA	D	0.03%
SVRA	F	0.03%
PHAT	F	0.03%
CRMT	D	0.03%
APLS	F	0.03%
CCRN	F	0.03%
CPRI	F	0.03%
ETWO	F	0.03%
BRY	F	0.03%
MQ	D	0.03%
STAA	F	0.03%
JELD	F	0.03%
KELYA	F	0.03%
AGL	F	0.02%
MC	C	0.02%
NOVA	F	0.02%
VSAT	F	0.02%
DEI	B	0.02%
SEDG	F	0.02%
GDOT	D	0.01%
MAGN	D	0.01%

ESML Underweight 345 Positions Relative to FAD

Symbol	Grade	Weight
APP	B	-0.96%
PLTR	B	-0.69%
AXON	A	-0.63%
TRGP	A	-0.57%
RCL	A	-0.55%
VRT	B	-0.52%
VST	A	-0.52%
DASH	B	-0.51%
EXPE	B	-0.51%
GDDY	A	-0.5%
GS	A	-0.5%
HOOD	B	-0.5%
EME	A	-0.49%
KKR	A	-0.49%
FICO	B	-0.49%
HWM	A	-0.48%
BK	A	-0.46%
PWR	A	-0.46%
CCL	A	-0.45%
WAB	B	-0.45%
HEI	A	-0.44%
BURL	B	-0.44%
TT	A	-0.44%
AXP	A	-0.44%
ALL	A	-0.44%
PGR	A	-0.43%
NRG	B	-0.43%
URI	C	-0.43%
CPNG	D	-0.42%
VTR	B	-0.42%
UTHR	C	-0.42%
AMP	A	-0.41%
NTRS	A	-0.41%
LYV	A	-0.41%
IRM	C	-0.41%
FI	A	-0.4%
GRMN	B	-0.4%
FCNCA	A	-0.4%
TMUS	B	-0.39%
RBLX	C	-0.39%
NVDA	B	-0.39%
TPL	A	-0.39%
JPM	A	-0.39%
NOW	A	-0.38%
ACGL	C	-0.37%
PM	B	-0.37%
ORCL	A	-0.37%
MSI	B	-0.37%
PH	A	-0.37%
CEG	C	-0.37%
BRO	B	-0.36%
PCG	A	-0.36%
GEN	B	-0.36%
BSX	A	-0.36%
LII	A	-0.35%
HCA	F	-0.35%
COST	A	-0.35%
CTAS	B	-0.35%
PEG	A	-0.34%
ANET	C	-0.33%
META	D	-0.33%
FSLR	F	-0.33%
RMD	C	-0.33%
CAT	B	-0.33%
SHW	B	-0.33%
IBM	C	-0.32%
GE	D	-0.32%
ERIE	D	-0.32%
AVGO	D	-0.32%
APO	B	-0.32%
NEE	C	-0.31%
COIN	C	-0.31%
TDG	D	-0.3%
ALNY	D	-0.29%
BAH	F	-0.29%
FTNT	C	-0.29%
BKNG	A	-0.29%
NFLX	A	-0.29%
GWW	B	-0.28%
HLT	A	-0.27%
ISRG	A	-0.27%
NDAQ	A	-0.27%
DECK	A	-0.27%
HUBB	B	-0.26%
AJG	A	-0.26%
BR	A	-0.26%
TTD	B	-0.26%
WELL	A	-0.26%
WSO	A	-0.26%
AX	B	-0.26%
MCO	B	-0.25%
TJX	A	-0.25%
BRK.A	B	-0.25%
TYL	B	-0.25%
HLNE	B	-0.24%
CORT	B	-0.24%
ECL	D	-0.24%
MANH	D	-0.24%
NTAP	C	-0.24%
SPGI	C	-0.24%
LVS	B	-0.24%
SO	C	-0.24%
CSL	C	-0.24%
ICE	C	-0.24%
VLTO	C	-0.23%
UBER	F	-0.23%
PSA	C	-0.23%
CSWI	B	-0.23%
TOST	B	-0.23%
TSCO	D	-0.23%
TSLA	B	-0.22%
EXEL	B	-0.22%
XYL	D	-0.22%
CL	D	-0.22%
EFX	F	-0.21%
AMT	C	-0.21%
WMB	A	-0.21%
IOT	A	-0.21%
CPAY	A	-0.2%
DVA	C	-0.2%
LTH	C	-0.2%
ADSK	A	-0.19%
MO	A	-0.19%
PODD	C	-0.19%
MSTR	B	-0.19%
PANW	B	-0.19%
MAR	A	-0.19%
TPG	A	-0.19%
DELL	B	-0.19%
HLI	A	-0.19%
RSG	A	-0.18%
DOV	A	-0.18%
ORLY	B	-0.18%
SPG	A	-0.18%
APH	A	-0.18%
ARES	A	-0.18%
ETN	A	-0.18%
AMZN	C	-0.18%
AAPL	C	-0.17%
ROL	B	-0.17%
MMC	B	-0.17%
CBOE	C	-0.17%
AZO	C	-0.17%
IT	C	-0.17%
KEX	B	-0.17%
IR	B	-0.17%
ROAD	B	-0.16%
DOCU	B	-0.16%
ROST	D	-0.16%
MCD	D	-0.16%
VICI	C	-0.16%
OTIS	C	-0.16%
BCO	F	-0.16%
TRUP	B	-0.15%
KO	D	-0.15%
WSM	C	-0.15%
AMGN	F	-0.15%
KAI	B	-0.15%
LMND	B	-0.15%
WWW	A	-0.15%
O	C	-0.15%
RIVN	F	-0.15%
EXR	C	-0.15%
FFIV	B	-0.14%
ZETA	D	-0.14%
STEP	C	-0.14%
LLY	F	-0.14%
MCY	A	-0.14%
USLM	A	-0.14%
HOMB	A	-0.14%
ENVA	B	-0.14%
SMG	C	-0.14%
QCRH	B	-0.14%
WULF	C	-0.14%
GSHD	A	-0.13%
VCYT	B	-0.13%
CNS	B	-0.13%
TW	A	-0.13%
RYTM	C	-0.13%
CHEF	A	-0.12%
WYNN	C	-0.12%
NHC	C	-0.12%
DSGR	C	-0.12%
ALLE	C	-0.12%
SKWD	A	-0.12%
DKS	D	-0.12%
AMRX	C	-0.12%
DT	D	-0.12%
SKYW	C	-0.12%
LMAT	A	-0.11%
MPWR	F	-0.11%
OSW	B	-0.11%
PRK	B	-0.11%
PRM	C	-0.11%
LPLA	A	-0.11%
SYBT	B	-0.11%
DORM	B	-0.11%
PTON	A	-0.11%
SGBX	F	-0.11%
ESAB	C	-0.1%
LFST	B	-0.1%
CRM	B	-0.1%
CENX	B	-0.1%
SABR	C	-0.1%
CRWD	B	-0.1%
MTCH	D	-0.1%
MIRM	B	-0.1%
TGLS	B	-0.1%
REG	A	-0.09%
EEFT	B	-0.09%
AES	F	-0.09%
IRT	A	-0.09%
WM	B	-0.09%
CHD	A	-0.09%
MA	B	-0.09%
PAYX	B	-0.09%
GOOGL	C	-0.09%
MKTX	D	-0.09%
WDAY	B	-0.09%
MSGS	A	-0.09%
ADP	A	-0.09%
SYK	B	-0.09%
WTTR	A	-0.09%
DKNG	B	-0.09%
MKL	A	-0.09%
BCRX	D	-0.09%
AON	A	-0.09%
CWST	A	-0.09%
DLR	B	-0.09%
GPN	B	-0.09%
YOU	D	-0.09%
FAST	B	-0.09%
NPAB	F	-0.09%
BLBD	D	-0.08%
SBAC	D	-0.08%
UE	B	-0.08%
MU	D	-0.08%
LIN	C	-0.08%
CHCO	B	-0.08%
KMB	C	-0.08%
GLPI	C	-0.08%
HRMY	D	-0.08%
QCOM	F	-0.08%
LAMR	C	-0.08%
CPT	B	-0.08%
PG	C	-0.08%
CIFR	C	-0.08%
WAT	C	-0.08%
CTRE	C	-0.08%
BANF	B	-0.08%
APOG	C	-0.08%
SITM	B	-0.08%
VRTX	D	-0.08%
GABC	B	-0.08%
CARG	B	-0.08%
MSCI	C	-0.08%
AVB	B	-0.08%
SEMR	C	-0.08%
CMG	B	-0.08%
ASTH	F	-0.08%
ESS	B	-0.08%
EQIX	A	-0.08%
MBIN	F	-0.08%
KRG	B	-0.08%
ITW	B	-0.08%
PMT	C	-0.07%
KLAC	F	-0.07%
AOS	F	-0.07%
A	D	-0.07%
KN	B	-0.07%
OSIS	A	-0.07%
CCI	C	-0.07%
COLL	F	-0.07%
ZTS	D	-0.07%
GFF	A	-0.07%
IIPR	D	-0.06%
MGEE	B	-0.06%
DRVN	B	-0.06%
HEES	C	-0.06%
BLFS	C	-0.06%
CEIX	A	-0.06%
FLNC	D	-0.06%
IOVA	F	-0.06%
NSA	C	-0.06%
AMPH	F	-0.06%
MTD	F	-0.06%
NHI	D	-0.06%
CMPR	D	-0.05%
GTX	C	-0.05%
AESI	B	-0.05%
JJSF	C	-0.05%
IAS	C	-0.05%
UMH	B	-0.05%
KW	C	-0.05%
AIV	C	-0.05%
TRMB	B	-0.05%
SCS	C	-0.05%
FCPT	C	-0.05%
SWI	C	-0.05%
OCUL	D	-0.05%
GTY	A	-0.05%
NXRT	B	-0.05%
DAY	B	-0.05%
AGM	B	-0.05%
LGND	C	-0.05%
SXI	B	-0.05%
LKFN	C	-0.05%
PAYC	B	-0.05%
NNN	C	-0.04%
CDRE	F	-0.04%
HUMA	F	-0.04%
PHR	F	-0.04%
IPAR	B	-0.04%
NEU	D	-0.04%
UDR	B	-0.04%
H	B	-0.04%
EVH	F	-0.04%
ALX	D	-0.04%
ELME	D	-0.04%
MAIN	A	-0.04%
ANIP	F	-0.04%
RBC	A	-0.04%
GOLF	B	-0.04%
APPN	B	-0.03%
ACAD	C	-0.03%
CARS	C	-0.03%
WABC	B	-0.03%
TDW	F	-0.03%
SOUN	B	-0.03%
ARDX	F	-0.03%
TECH	F	-0.03%
RLAY	F	-0.02%
LPG	F	-0.02%
JOE	F	-0.02%
GNL	F	-0.02%
NSSC	D	-0.02%
PZZA	F	-0.02%
FOLD	F	-0.02%
ENVX	F	-0.02%
RRR	F	-0.02%
FBRT	D	-0.02%
THR	B	-0.02%
STRA	C	-0.02%
LTC	B	-0.02%
TR	B	-0.02%