ESML vs. FESM ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to Fidelity Enhanced Small Cap ETF (FESM)

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

FESM

Fidelity Enhanced Small Cap ETF

FESM Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 2000® Index, which is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$35.19

Average Daily Volume

123,580

Number of Holdings ^*

567

* may have additional holdings in another (foreign) market

Performance

Period	ESML	FESM
30 Days	6.19%	7.42%
60 Days	6.82%	7.32%
90 Days	7.85%	8.30%
12 Months	32.19%	39.28%

275 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in FESM	Overlap
AAT	B	0.07%	0.37%	0.07%
ABCB	B	0.11%	0.37%	0.11%
ABM	B	0.09%	0.32%	0.09%
ACA	A	0.14%	0.39%	0.14%
ACIW	B	0.16%	0.05%	0.05%
ACLX	C	0.08%	0.09%	0.08%
ADMA	B	0.06%	0.1%	0.06%
ADUS	D	0.05%	0.1%	0.05%
AEO	F	0.08%	0.6%	0.08%
AGIO	C	0.06%	0.06%	0.06%
AIR	B	0.06%	0.5%	0.06%
AIT	B	0.13%	0.48%	0.13%
ALEC	F	0.04%	0.02%	0.02%
ALHC	C	0.07%	0.06%	0.06%
ALKS	C	0.1%	0.21%	0.1%
ALRM	C	0.05%	0.17%	0.05%
ALTR	B	0.14%	0.11%	0.11%
AMAL	B	0.1%	0.15%	0.1%
ANF	F	0.15%	0.8%	0.15%
AORT	B	0.05%	0.18%	0.05%
ARCT	F	0.04%	0.05%	0.04%
ARLO	C	0.04%	0.17%	0.04%
AROC	A	0.1%	0.4%	0.1%
ARQT	B	0.05%	0.09%	0.05%
ARVN	F	0.05%	0.06%	0.05%
ARWR	D	0.05%	0.05%	0.05%
ATI	C	0.14%	0.33%	0.14%
ATRC	C	0.07%	0.13%	0.07%
AUB	B	0.11%	0.11%	0.11%
AUR	C	0.08%	0.11%	0.08%
AWR	B	0.05%	0.17%	0.05%
AXL	C	0.05%	0.21%	0.05%
AXSM	B	0.06%	0.07%	0.06%
BASE	B	0.05%	0.04%	0.04%
BBIO	F	0.04%	0.07%	0.04%
BCC	B	0.16%	0.17%	0.16%
BCPC	B	0.13%	0.1%	0.1%
BDC	C	0.2%	0.29%	0.2%
BEAM	D	0.05%	0.03%	0.03%
BECN	B	0.14%	0.04%	0.04%
BGC	C	0.05%	0.67%	0.05%
BHE	C	0.16%	0.4%	0.16%
BHLB	B	0.2%	0.03%	0.03%
BKD	F	0.04%	0.06%	0.04%
BL	B	0.08%	0.2%	0.08%
BLKB	B	0.12%	0.07%	0.07%
BMI	B	0.3%	0.4%	0.3%
BOH	B	0.08%	0.16%	0.08%
BOOT	C	0.06%	0.06%	0.06%
BPMC	B	0.08%	0.16%	0.08%
BRC	D	0.09%	0.11%	0.09%
BRY	F	0.03%	0.02%	0.02%
CADE	B	0.15%	0.18%	0.15%
CALM	A	0.06%	0.23%	0.06%
CBU	B	0.06%	0.38%	0.06%
CDE	C	0.05%	0.08%	0.05%
CDNA	D	0.03%	0.11%	0.03%
CDP	C	0.21%	0.24%	0.21%
CECO	B	0.05%	0.38%	0.05%
CHX	C	0.17%	0.11%	0.11%
CLDX	F	0.04%	0.03%	0.03%
CMC	B	0.22%	0.13%	0.13%
CNK	C	0.09%	0.15%	0.09%
CNMD	C	0.05%	0.35%	0.05%
CNO	B	0.2%	0.28%	0.2%
COGT	D	0.04%	0.05%	0.04%
COKE	C	0.06%	0.33%	0.06%
COMP	B	0.06%	0.57%	0.06%
COUR	F	0.04%	0.04%	0.04%
CPF	B	0.15%	0.24%	0.15%
CPRX	C	0.05%	0.13%	0.05%
CRAI	C	0.05%	0.21%	0.05%
CRC	A	0.1%	0.22%	0.1%
CRDO	B	0.12%	0.33%	0.12%
CRNX	C	0.11%	0.12%	0.11%
CRS	B	0.15%	0.86%	0.15%
CRVL	B	0.09%	0.04%	0.04%
CSGS	B	0.11%	0.6%	0.11%
CVBF	A	0.12%	0.06%	0.06%
CVLT	B	0.22%	0.79%	0.22%
CVNA	B	0.48%	0.55%	0.48%
CWT	C	0.04%	0.15%	0.04%
CXM	C	0.04%	0.04%	0.04%
CYTK	F	0.13%	0.16%	0.13%
DCO	C	0.06%	0.22%	0.06%
DEA	D	0.07%	0.07%	0.07%
DK	C	0.04%	0.12%	0.04%
DNLI	D	0.1%	0.06%	0.06%
DY	D	0.1%	0.16%	0.1%
DYN	F	0.04%	0.11%	0.04%
EAT	A	0.16%	0.12%	0.12%
EE	A	0.07%	0.05%	0.05%
ENSG	C	0.2%	0.03%	0.03%
EPAC	C	0.13%	0.23%	0.13%
ESRT	C	0.07%	0.37%	0.07%
ETNB	C	0.05%	0.04%	0.04%
ETWO	F	0.03%	0.03%	0.03%
EWTX	C	0.08%	0.14%	0.08%
EXLS	B	0.23%	0.53%	0.23%
FBP	C	0.2%	0.28%	0.2%
FFBC	B	0.05%	0.1%	0.05%
FFIN	B	0.06%	0.36%	0.06%
FIX	A	0.38%	0.57%	0.38%
FLR	B	0.1%	0.35%	0.1%
FLYW	B	0.06%	0.1%	0.06%
FN	C	0.17%	0.7%	0.17%
FORM	D	0.04%	0.09%	0.04%
FSS	B	0.15%	0.09%	0.09%
FTDR	B	0.22%	0.08%	0.08%
FUL	F	0.1%	0.54%	0.1%
FULT	A	0.12%	0.2%	0.12%
GERN	D	0.05%	0.04%	0.04%
GH	B	0.07%	0.36%	0.07%
GKOS	B	0.18%	0.1%	0.1%
GPRE	F	0.04%	0.02%	0.02%
GT	C	0.07%	0.4%	0.07%
HAE	C	0.12%	0.14%	0.12%
HALO	F	0.11%	0.16%	0.11%
HBI	B	0.07%	0.07%	0.07%
HIMS	B	0.07%	0.03%	0.03%
HL	D	0.04%	0.21%	0.04%
HLIT	D	0.05%	0.09%	0.05%
HLX	B	0.05%	0.24%	0.05%
HNI	B	0.15%	0.2%	0.15%
HQY	A	0.16%	0.25%	0.16%
HURN	C	0.06%	0.21%	0.06%
HWC	B	0.09%	0.22%	0.09%
HWKN	B	0.07%	0.54%	0.07%
IART	C	0.05%	0.05%	0.05%
IBP	D	0.09%	0.6%	0.09%
ICFI	F	0.08%	0.03%	0.03%
IDYA	F	0.06%	0.04%	0.04%
IMVT	F	0.04%	0.01%	0.01%
INDB	B	0.08%	0.1%	0.08%
INSM	C	0.21%	0.42%	0.21%
INTA	B	0.08%	0.17%	0.08%
ITRI	C	0.2%	0.47%	0.2%
JAMF	F	0.04%	0.07%	0.04%
JXN	C	0.14%	0.61%	0.14%
KAR	B	0.11%	0.32%	0.11%
KBH	D	0.2%	0.21%	0.2%
KE	C	0.06%	0.07%	0.06%
KLG	B	0.05%	0.04%	0.04%
KNF	B	0.13%	0.37%	0.13%
KREF	C	0.06%	0.12%	0.06%
KRYS	C	0.04%	0.1%	0.04%
KTB	B	0.16%	0.08%	0.08%
KTOS	B	0.08%	0.3%	0.08%
KURA	F	0.04%	0.1%	0.04%
KYMR	D	0.05%	0.02%	0.02%
LGF.A	C	0.04%	0.05%	0.04%
LGF.A	C	0.04%	0.07%	0.04%
LNTH	D	0.1%	0.06%	0.06%
LNW	F	0.19%	0.26%	0.19%
LUMN	C	0.19%	0.69%	0.19%
MAC	B	0.08%	0.23%	0.08%
MDGL	B	0.05%	0.14%	0.05%
MEDP	D	0.15%	0.07%	0.07%
MHO	D	0.05%	0.61%	0.05%
MLNK	C	0.05%	0.04%	0.04%
MMSI	A	0.15%	0.42%	0.15%
MOG.A	B	0.24%	0.26%	0.24%
MQ	D	0.03%	0.02%	0.02%
MRC	B	0.05%	0.09%	0.05%
MTH	D	0.17%	0.31%	0.17%
MTRN	C	0.06%	0.03%	0.03%
MTX	B	0.12%	0.59%	0.12%
MUR	D	0.13%	0.2%	0.13%
MWA	B	0.25%	0.61%	0.25%
MXL	C	0.05%	0.45%	0.05%
MYGN	F	0.03%	0.09%	0.03%
NABL	F	0.04%	0.02%	0.02%
NARI	C	0.06%	0.06%	0.06%
NBTB	B	0.06%	0.07%	0.06%
NJR	A	0.21%	0.32%	0.21%
NMIH	C	0.09%	0.34%	0.09%
NRIX	C	0.06%	0.12%	0.06%
NTLA	F	0.04%	0.02%	0.02%
NUVB	C	0.05%	0.06%	0.05%
NUVL	C	0.05%	0.04%	0.04%
NVAX	F	0.03%	0.06%	0.03%
ONB	C	0.19%	0.02%	0.02%
ONTO	F	0.21%	0.05%	0.05%
OPCH	D	0.09%	0.21%	0.09%
OSCR	D	0.04%	0.14%	0.04%
OUT	A	0.07%	0.56%	0.07%
PAHC	C	0.06%	0.05%	0.05%
PAYO	A	0.06%	0.69%	0.06%
PBI	B	0.05%	0.19%	0.05%
PCVX	D	0.21%	0.33%	0.21%
PD	C	0.05%	0.17%	0.05%
PDCO	F	0.13%	0.03%	0.03%
PDFS	C	0.05%	0.23%	0.05%
PECO	A	0.07%	0.36%	0.07%
PFS	B	0.05%	0.32%	0.05%
PJT	A	0.1%	0.18%	0.1%
PLXS	B	0.17%	0.23%	0.17%
PRAA	D	0.05%	0.02%	0.02%
PRG	C	0.05%	0.56%	0.05%
PRGS	A	0.24%	0.26%	0.24%
PRO	C	0.06%	0.18%	0.06%
PSN	D	0.1%	0.21%	0.1%
PTCT	B	0.06%	0.16%	0.06%
PTGX	D	0.05%	0.04%	0.04%
QTWO	A	0.12%	0.73%	0.12%
RCKT	F	0.04%	0.03%	0.03%
REZI	A	0.23%	0.4%	0.23%
RKLB	A	0.12%	0.1%	0.1%
RMBS	B	0.14%	0.19%	0.14%
RNA	C	0.09%	0.19%	0.09%
RNST	B	0.08%	0.22%	0.08%
ROCK	C	0.06%	0.21%	0.06%
RUSHA	C	0.05%	0.08%	0.05%
RVMD	C	0.1%	0.25%	0.1%
RXO	D	0.1%	0.06%	0.06%
RXRX	F	0.04%	0.08%	0.04%
SBH	C	0.05%	0.19%	0.05%
SEM	B	0.07%	0.07%	0.07%
SF	B	0.18%	0.33%	0.18%
SFBS	C	0.06%	0.18%	0.06%
SFM	A	0.43%	0.99%	0.43%
SHAK	C	0.09%	0.21%	0.09%
SIGI	C	0.29%	0.44%	0.29%
SJW	F	0.09%	0.22%	0.09%
SKT	A	0.07%	0.11%	0.07%
SLG	B	0.1%	0.14%	0.1%
SLVM	B	0.05%	0.1%	0.05%
SMTC	B	0.06%	0.19%	0.06%
SNDX	F	0.04%	0.06%	0.04%
SPSC	D	0.16%	0.71%	0.16%
SPT	C	0.04%	0.09%	0.04%
SVRA	F	0.03%	0.02%	0.02%
SWTX	C	0.05%	0.02%	0.02%
SWX	B	0.13%	0.32%	0.13%
SXT	C	0.07%	0.33%	0.07%
TARS	C	0.08%	0.08%	0.08%
TDOC	C	0.06%	0.08%	0.06%
TDS	B	0.08%	0.21%	0.08%
TENB	C	0.1%	0.43%	0.1%
TEX	F	0.08%	0.35%	0.08%
TGTX	B	0.06%	0.1%	0.06%
TILE	B	0.08%	0.23%	0.08%
TMCI	C	0.06%	0.05%	0.05%
TMHC	C	0.17%	0.49%	0.17%
TNC	D	0.05%	0.17%	0.05%
TNDM	D	0.04%	0.09%	0.04%
TNET	F	0.08%	0.02%	0.02%
TPH	D	0.14%	0.36%	0.14%
TRN	B	0.1%	0.27%	0.1%
TRNO	F	0.1%	0.24%	0.1%
TWST	F	0.05%	0.14%	0.05%
TXRH	B	0.11%	0.05%	0.05%
UBSI	B	0.17%	0.2%	0.17%
UCB	A	0.04%	0.15%	0.04%
UEC	B	0.07%	0.06%	0.06%
UMBF	B	0.27%	0.34%	0.27%
UNFI	A	0.07%	0.04%	0.04%
UNIT	B	0.08%	0.07%	0.07%
UPBD	B	0.06%	0.51%	0.06%
VBTX	B	0.06%	0.09%	0.06%
VCTR	B	0.07%	0.04%	0.04%
VERA	C	0.06%	0.02%	0.02%
VREX	B	0.06%	0.35%	0.06%
VRTS	B	0.06%	0.15%	0.06%
VSCO	C	0.07%	0.03%	0.03%
WFRD	D	0.15%	0.04%	0.04%
WGO	C	0.12%	0.08%	0.08%
WK	B	0.2%	0.29%	0.2%
WKC	C	0.05%	0.24%	0.05%
WT	A	0.06%	0.58%	0.06%
WTS	B	0.21%	0.41%	0.21%
XRX	F	0.04%	0.18%	0.04%
YELP	C	0.05%	0.57%	0.05%
ZEUS	C	0.05%	0.12%	0.05%
ZUO	B	0.05%	0.21%	0.05%

ESML Overweight 630 Positions Relative to FESM

Symbol	Grade	Weight
CASY	A	0.52%
JHG	B	0.51%
USFD	A	0.49%
GWRE	A	0.43%
INGR	C	0.42%
EWBC	A	0.4%
NTNX	B	0.36%
KBR	F	0.35%
FTI	A	0.35%
AYI	B	0.34%
JLL	D	0.34%
MUSA	B	0.34%
FLEX	B	0.33%
XPO	B	0.33%
IBKR	A	0.32%
FRT	B	0.31%
REXR	F	0.31%
NTRA	A	0.31%
OGS	A	0.31%
OSK	C	0.3%
GBCI	B	0.3%
BWXT	B	0.3%
RGA	A	0.3%
PNFP	B	0.3%
SNV	C	0.3%
TPR	B	0.29%
EHC	B	0.29%
RGLD	C	0.29%
R	B	0.29%
SUM	B	0.28%
CNX	A	0.28%
DTM	A	0.28%
COHR	B	0.28%
SAIA	B	0.28%
ITT	A	0.28%
SCI	B	0.27%
TOL	B	0.27%
AVT	C	0.27%
WBS	A	0.27%
SSB	B	0.27%
AXTA	B	0.27%
BLD	D	0.26%
GPK	C	0.26%
ALSN	B	0.26%
WEX	D	0.25%
UNM	A	0.25%
DCI	B	0.25%
AAON	B	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%
ATR	B	0.24%
HRI	C	0.24%
NCLH	B	0.24%
AFRM	A	0.23%
CBSH	B	0.23%
ARMK	B	0.23%
PRI	B	0.23%
AWI	A	0.23%
ALK	B	0.23%
CW	C	0.23%
FHN	A	0.23%
THC	D	0.23%
MTG	C	0.23%
SOFI	B	0.22%
CNM	D	0.22%
LAD	A	0.22%
GNRC	C	0.22%
FELE	B	0.22%
WAL	B	0.22%
AR	B	0.22%
EGP	D	0.21%
CMA	B	0.21%
CACI	D	0.21%
WMS	F	0.21%
LSTR	D	0.21%
CUZ	B	0.21%
RHI	C	0.21%
GME	C	0.21%
HOG	D	0.2%
FND	D	0.2%
LECO	C	0.2%
KNSL	B	0.2%
WHR	B	0.2%
PLNT	A	0.2%
TGNA	B	0.2%
MTN	C	0.2%
CUBE	C	0.2%
OMF	A	0.2%
NFG	A	0.2%
PCTY	C	0.2%
ZION	B	0.2%
RLI	A	0.2%
HHH	B	0.2%
BFAM	D	0.2%
ZWS	B	0.2%
AVA	A	0.19%
PR	B	0.19%
AMG	B	0.19%
WING	D	0.19%
CIEN	C	0.19%
FCN	F	0.19%
HAS	D	0.19%
AXS	A	0.19%
HRB	D	0.19%
OHI	C	0.19%
SNDR	B	0.19%
DAR	C	0.19%
FRPT	A	0.19%
GPI	B	0.19%
AA	A	0.19%
NOVT	D	0.19%
RHP	B	0.19%
WWD	C	0.19%
CR	A	0.19%
NVT	B	0.19%
BANR	B	0.18%
SRPT	F	0.18%
NYT	D	0.18%
BWA	D	0.18%
SPXC	A	0.18%
THG	A	0.18%
KNTK	A	0.18%
MORN	B	0.18%
DUOL	A	0.18%
EPRT	B	0.18%
MDU	D	0.18%
VFC	C	0.18%
ENLC	A	0.18%
AEIS	C	0.17%
LAZ	B	0.17%
BERY	C	0.17%
PCH	F	0.17%
PCOR	B	0.17%
PEN	B	0.17%
ESTC	C	0.17%
ASB	B	0.17%
VVV	D	0.17%
LPX	B	0.17%
MSA	F	0.17%
GATX	A	0.17%
WSC	F	0.17%
MTZ	B	0.17%
DLB	B	0.16%
RGEN	D	0.16%
BRX	A	0.16%
MYRG	B	0.16%
DBX	B	0.16%
TTEK	F	0.16%
FAF	A	0.16%
TNL	A	0.16%
TKO	A	0.16%
SLM	A	0.16%
JAZZ	B	0.16%
SITE	F	0.16%
FLS	B	0.16%
ELAN	D	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%
WH	B	0.15%
CRUS	D	0.15%
CROX	D	0.15%
AM	A	0.15%
VNT	C	0.15%
FIBK	B	0.15%
NOV	C	0.15%
LSCC	D	0.15%
RRX	B	0.15%
ITCI	C	0.15%
MOD	A	0.15%
GTLB	B	0.15%
PINC	B	0.14%
OZK	B	0.14%
HXL	F	0.14%
X	B	0.14%
CHDN	B	0.14%
GTLS	A	0.14%
ESI	B	0.14%
LFUS	D	0.14%
CHE	D	0.14%
SR	A	0.14%
RYAN	A	0.14%
SMAR	B	0.14%
PRIM	A	0.14%
MKSI	C	0.14%
IBCP	B	0.14%
BILL	A	0.14%
IDCC	B	0.14%
ASGN	F	0.14%
TPX	B	0.14%
CZR	F	0.14%
FMC	D	0.14%
NSIT	F	0.13%
AVAV	C	0.13%
M	F	0.13%
HESM	B	0.13%
BRKR	D	0.13%
CAVA	B	0.13%
MAT	D	0.13%
STRL	A	0.13%
CBT	D	0.13%
FYBR	C	0.13%
LRN	A	0.13%
ORI	A	0.13%
KLIC	B	0.13%
ITGR	B	0.13%
AZEK	A	0.13%
CPK	A	0.13%
BOX	B	0.13%
NPO	A	0.13%
WTM	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%
AGNC	C	0.12%
OLLI	D	0.12%
EVR	B	0.12%
DFIN	D	0.12%
YETI	D	0.12%
IRDM	D	0.12%
KOS	D	0.12%
WHD	B	0.12%
S	B	0.12%
GL	C	0.12%
ABG	C	0.12%
WERN	C	0.12%
THO	B	0.12%
ADT	C	0.12%
GAP	C	0.12%
PEGA	B	0.11%
PATH	C	0.11%
JEF	A	0.11%
DXC	B	0.11%
ORA	B	0.11%
KRC	B	0.11%
GMED	A	0.11%
VKTX	F	0.11%
LYFT	C	0.11%
XENE	D	0.11%
WDFC	B	0.11%
SHOO	F	0.11%
APPF	B	0.11%
ECPG	C	0.11%
EFSC	B	0.11%
SON	F	0.11%
ADC	A	0.11%
MRCY	C	0.11%
LBRDA	C	0.11%
VC	F	0.1%
CFR	B	0.1%
NWL	C	0.1%
TDC	D	0.1%
HASI	D	0.1%
ERII	D	0.1%
SCL	C	0.1%
HCP	B	0.1%
BRBR	A	0.1%
FA	C	0.1%
SSD	F	0.1%
DV	C	0.1%
CAC	C	0.1%
STWD	C	0.1%
VECO	F	0.1%
NXT	C	0.1%
ETSY	D	0.1%
BHVN	D	0.1%
DRS	B	0.1%
APAM	B	0.1%
LITE	B	0.1%
PFSI	C	0.1%
AL	B	0.1%
RDUS	B	0.1%
CCOI	B	0.1%
RDNT	B	0.1%
KD	B	0.1%
SIG	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%
UPST	B	0.09%
U	C	0.09%
ARW	D	0.09%
KFY	B	0.09%
WEN	D	0.09%
POST	C	0.09%
RDN	D	0.09%
MGRC	B	0.09%
FR	D	0.09%
CURB	D	0.09%
SLAB	F	0.09%
ZI	D	0.09%
MTSI	B	0.09%
ESE	B	0.09%
NXST	C	0.09%
RL	C	0.09%
ATKR	D	0.09%
MARA	B	0.09%
IMAX	B	0.09%
LNC	C	0.09%
POWL	C	0.09%
ACHC	F	0.09%
EVRI	A	0.08%
AVPT	A	0.08%
AMWD	C	0.08%
SBRA	C	0.08%
BXMT	C	0.08%
ICUI	D	0.08%
OLED	F	0.08%
KOP	C	0.08%
IESC	C	0.08%
TBBK	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%
PLYA	B	0.08%
PRVA	C	0.08%
LBPH	A	0.08%
CHWY	B	0.08%
INSP	D	0.08%
ENOV	C	0.08%
VAC	C	0.08%
PIPR	A	0.08%
PRKS	B	0.08%
BWIN	C	0.08%
HR	B	0.08%
NTGR	B	0.08%
LNN	B	0.08%
STC	B	0.08%
PRCT	B	0.08%
JBT	B	0.08%
DOCS	C	0.08%
GVA	A	0.08%
ZD	B	0.08%
PLMR	A	0.08%
MIR	A	0.08%
HI	C	0.07%
GBX	A	0.07%
RARE	F	0.07%
LBRDK	C	0.07%
CWEN	C	0.07%
WU	F	0.07%
HGV	C	0.07%
SEE	C	0.07%
HAFC	B	0.07%
COLM	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%
AZTA	D	0.07%
MHK	D	0.07%
BROS	A	0.07%
XHR	B	0.07%
FIVN	C	0.07%
BC	C	0.07%
CTS	C	0.07%
WTFC	A	0.07%
WRBY	A	0.07%
AN	C	0.07%
PI	D	0.07%
CCCS	B	0.07%
NWN	A	0.07%
AZZ	A	0.07%
PAR	A	0.07%
ATGE	B	0.06%
CBZ	B	0.06%
VRRM	F	0.06%
CAR	C	0.06%
FNA	B	0.06%
SG	B	0.06%
AAP	D	0.06%
DLX	B	0.06%
CLSK	C	0.06%
IRON	B	0.06%
RBBN	C	0.06%
PBF	D	0.06%
SATS	D	0.06%
W	D	0.06%
MBUU	B	0.06%
PLAY	D	0.06%
EXPO	D	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%
CHH	A	0.06%
CWAN	B	0.06%
EXP	B	0.06%
ATEN	A	0.06%
CLH	C	0.06%
PNTG	D	0.06%
CLNE	F	0.06%
CMP	C	0.06%
MGNI	B	0.06%
AGO	B	0.06%
CAKE	C	0.06%
RUSHB	C	0.06%
KROS	D	0.06%
FL	F	0.06%
ANDE	D	0.06%
FROG	C	0.06%
PYCR	B	0.06%
PEB	D	0.06%
HELE	C	0.06%
CART	C	0.06%
PLUS	F	0.06%
OWL	A	0.06%
NVST	B	0.06%
PPBI	C	0.06%
ACVA	B	0.06%
SM	B	0.06%
RCM	A	0.06%
ROIV	C	0.06%
APG	B	0.06%
EYE	C	0.06%
PK	C	0.06%
CLB	B	0.06%
MNKD	C	0.06%
CCS	D	0.06%
TALO	C	0.06%
TGI	B	0.06%
BYD	B	0.06%
BKU	A	0.06%
AVDX	B	0.06%
VNOM	A	0.06%
FRSH	B	0.06%
ENV	B	0.06%
FUN	C	0.06%
VRNS	D	0.06%
CLF	F	0.06%
MRUS	F	0.06%
FOUR	A	0.06%
MAN	F	0.06%
VRDN	D	0.06%
VERX	A	0.06%
PDM	D	0.06%
MASI	B	0.06%
IBOC	B	0.06%
WD	D	0.06%
RH	C	0.06%
VVI	C	0.06%
OII	B	0.06%
BANC	B	0.06%
RXST	F	0.05%
EWCZ	F	0.05%
HZO	F	0.05%
BNL	D	0.05%
THRM	F	0.05%
RYN	D	0.05%
IONS	F	0.05%
PLOW	D	0.05%
DOCN	C	0.05%
ARKO	C	0.05%
SHC	F	0.05%
LEVI	F	0.05%
ICHR	C	0.05%
FTRE	D	0.05%
INFA	D	0.05%
APGE	F	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%
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%
PGRE	F	0.05%
EDR	A	0.05%
RUN	F	0.05%
DGII	C	0.05%
REVG	C	0.05%
HAIN	D	0.05%
INFN	D	0.05%
SPR	D	0.05%
MNRO	D	0.05%
SMP	C	0.05%
VITL	D	0.05%
LCID	F	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%
NEO	C	0.05%
XPRO	D	0.05%
RAMP	B	0.05%
VYX	B	0.05%
OMCL	C	0.05%
HCC	B	0.05%
MMI	C	0.05%
JANX	C	0.05%
CSTL	D	0.05%
CC	C	0.05%
GEF	A	0.05%
TMDX	F	0.05%
SKY	A	0.05%
BE	B	0.05%
LIVN	F	0.05%
SMPL	B	0.05%
KMPR	A	0.05%
EPR	C	0.05%
ASTE	C	0.05%
CUBI	B	0.05%
KVYO	C	0.05%
LOPE	C	0.05%
UFPT	C	0.05%
RNG	C	0.05%
DNOW	B	0.05%
GEF	A	0.05%
LEG	F	0.05%
JBGS	F	0.05%
UAA	C	0.05%
NCNO	C	0.05%
COOP	B	0.05%
COLD	D	0.05%
CALX	D	0.05%
NBHC	C	0.05%
AGYS	A	0.05%
ALKT	B	0.05%
CIVI	D	0.05%
OMI	F	0.04%
FOXF	F	0.04%
CLW	F	0.04%
HPP	F	0.04%
CAL	F	0.04%
HOUS	F	0.04%
FLGT	F	0.04%
NEP	F	0.04%
CRI	F	0.04%
QS	F	0.04%
PRTA	F	0.04%
PGNY	F	0.04%
EGY	D	0.04%
ESTA	D	0.04%
CGEM	F	0.04%
SAVA	C	0.04%
LESL	D	0.04%
SIBN	F	0.04%
MLKN	F	0.04%
RCUS	F	0.04%
MTUS	C	0.04%
MMS	F	0.04%
AMN	F	0.04%
AMC	C	0.04%
ASH	F	0.04%
PLUG	F	0.04%
PLRX	D	0.04%
QDEL	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%
THS	D	0.04%
GRBK	D	0.04%
TROX	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%
PHAT	F	0.03%
CRMT	D	0.03%
APLS	F	0.03%
CCRN	F	0.03%
CPRI	F	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%
ASPN	F	0.02%
GDOT	D	0.01%
MAGN	D	0.01%

ESML Underweight 292 Positions Relative to FESM

Symbol	Grade	Weight
SKYW	C	-0.7%
ENS	F	-0.62%
CRGY	B	-0.61%
NWBI	B	-0.59%
EME	A	-0.56%
UCTT	D	-0.54%
QLYS	B	-0.54%
LKFN	C	-0.53%
FHI	B	-0.52%
VMEO	B	-0.5%
LANC	C	-0.47%
CODI	B	-0.46%
BANF	B	-0.43%
LMND	B	-0.41%
MTDR	B	-0.41%
MATX	C	-0.39%
SANM	B	-0.39%
APOG	C	-0.38%
CMPR	D	-0.36%
BAND	B	-0.35%
GNW	A	-0.35%
GFF	A	-0.34%
BBSI	B	-0.33%
VICR	C	-0.33%
STEP	C	-0.32%
IGT	F	-0.32%
YOU	D	-0.31%
YEXT	B	-0.29%
AX	B	-0.29%
EGHT	B	-0.29%
SXC	A	-0.29%
WOOF	D	-0.28%
SNEX	B	-0.27%
PHR	F	-0.27%
MRTN	D	-0.26%
CEIX	A	-0.26%
WSBC	B	-0.26%
EZPW	B	-0.25%
IRTC	C	-0.25%
BUSE	B	-0.24%
BCO	F	-0.24%
HP	C	-0.24%
FRME	B	-0.23%
NBR	C	-0.23%
PBH	A	-0.22%
CORT	B	-0.22%
AXGN	C	-0.21%
WABC	B	-0.21%
PLAB	C	-0.21%
OI	C	-0.21%
COMM	D	-0.2%
HY	D	-0.2%
CTRE	C	-0.2%
HSTM	B	-0.2%
CNXN	C	-0.19%
AVNS	F	-0.18%
TRTX	C	-0.18%
BVS	D	-0.18%
DBRG	F	-0.17%
CSWI	B	-0.17%
PRK	B	-0.17%
FLNC	D	-0.17%
OFG	B	-0.16%
SAH	C	-0.16%
STNG	F	-0.16%
PLPC	B	-0.16%
DXPE	C	-0.16%
DOMO	B	-0.15%
FLXS	B	-0.15%
ETD	C	-0.15%
VCYT	B	-0.15%
NFBK	C	-0.15%
RYTM	C	-0.15%
TVTX	C	-0.15%
AMSF	B	-0.15%
GEO	B	-0.14%
CPS	C	-0.14%
LMB	B	-0.14%
VRE	B	-0.14%
FBK	C	-0.14%
FOLD	F	-0.14%
GHC	B	-0.14%
EXPI	D	-0.14%
EXTR	C	-0.13%
SRRK	C	-0.13%
WS	C	-0.13%
WSR	A	-0.13%
REPX	A	-0.13%
SRCE	B	-0.13%
OTTR	C	-0.12%
AMRX	C	-0.12%
USLM	A	-0.12%
BSIG	A	-0.12%
TRUP	B	-0.12%
HCAT	D	-0.11%
TREE	F	-0.11%
ACAD	C	-0.11%
VTOL	B	-0.11%
HCI	C	-0.11%
AMSC	B	-0.11%
INSW	F	-0.11%
LYTS	B	-0.11%
SFL	D	-0.1%
AGS	A	-0.1%
BCRX	D	-0.1%
ODP	F	-0.1%
ALE	A	-0.1%
NGVC	A	-0.1%
LADR	B	-0.1%
GMRE	F	-0.1%
PL	B	-0.09%
VSTO	A	-0.09%
TCMD	B	-0.09%
LGND	C	-0.09%
AMBA	B	-0.09%
ACMR	D	-0.09%
DIOD	D	-0.09%
EQC	B	-0.09%
TRUE	C	-0.09%
RDFN	D	-0.09%
PRLB	B	-0.08%
WSBF	C	-0.08%
BSRR	B	-0.08%
LUNR	B	-0.08%
THR	B	-0.08%
KOD	B	-0.08%
FDP	B	-0.08%
AKBA	C	-0.08%
CDMO	A	-0.08%
PCRX	C	-0.08%
CATY	B	-0.08%
LTH	C	-0.08%
AIN	C	-0.08%
URBN	C	-0.08%
SCS	C	-0.08%
EOLS	D	-0.07%
IRWD	F	-0.07%
AMPH	F	-0.07%
OPEN	F	-0.07%
MYE	F	-0.07%
REPL	D	-0.07%
AVD	C	-0.07%
FISI	B	-0.07%
NTCT	C	-0.07%
WVE	C	-0.07%
ATNI	F	-0.07%
ARAY	C	-0.07%
SNBR	F	-0.07%
PGC	B	-0.07%
CTBI	B	-0.07%
COLL	F	-0.07%
HRTG	C	-0.07%
ADPT	C	-0.07%
EBS	C	-0.07%
WMK	C	-0.07%
MCRI	A	-0.06%
SGMO	C	-0.06%
ORGO	B	-0.06%
RVNC	F	-0.06%
ORIC	F	-0.06%
CERS	D	-0.06%
BGS	F	-0.06%
CTKB	C	-0.06%
CDXS	B	-0.06%
HURC	B	-0.06%
GIC	D	-0.06%
RM	C	-0.06%
WEAV	C	-0.06%
AOSL	C	-0.05%
UVE	B	-0.05%
CCCC	F	-0.05%
NPAB	F	-0.05%
ATRO	D	-0.05%
PTON	A	-0.05%
ANNX	F	-0.05%
DAKT	C	-0.05%
LPG	F	-0.05%
UHT	D	-0.05%
RIG	D	-0.05%
QTRX	F	-0.05%
VNDA	C	-0.05%
NRDS	C	-0.05%
OPY	B	-0.05%
HNST	A	-0.05%
BY	B	-0.05%
STBA	B	-0.05%
OIS	B	-0.05%
SNCY	C	-0.05%
ERAS	C	-0.05%
AKRO	B	-0.05%
APPN	B	-0.05%
LMAT	A	-0.04%
LPSN	F	-0.04%
STRO	F	-0.04%
CSR	B	-0.04%
ZNTL	F	-0.04%
BLBD	D	-0.04%
IOVA	F	-0.04%
ALLK	D	-0.04%
KALV	F	-0.04%
MSBI	B	-0.04%
OABI	F	-0.04%
SAGE	F	-0.04%
NXRT	B	-0.04%
NSP	F	-0.04%
DSGN	C	-0.04%
BRSP	C	-0.04%
ALX	D	-0.04%
NSSC	D	-0.04%
ZIP	D	-0.04%
RLAY	F	-0.03%
FIZZ	C	-0.03%
ENTA	F	-0.03%
SANA	F	-0.03%
PKE	B	-0.03%
TSHA	C	-0.03%
RLMD	F	-0.03%
GIII	D	-0.03%
RMAX	C	-0.03%
ANIK	D	-0.03%
NPK	B	-0.03%
MED	D	-0.03%
MBWM	B	-0.03%
IDT	B	-0.03%
SHEN	F	-0.03%
FSTR	B	-0.03%
HUMA	F	-0.03%
TSVT	F	-0.03%
PRTS	C	-0.03%
EDIT	F	-0.03%
CWCO	C	-0.03%
UVSP	B	-0.03%
FNKO	D	-0.03%
BDTX	F	-0.03%
ASC	F	-0.03%
ARRY	F	-0.03%
UFPI	C	-0.03%
MCY	A	-0.03%
TERN	F	-0.03%
MGNX	F	-0.03%
VYGR	F	-0.03%
CHGG	C	-0.03%
FATE	F	-0.03%
VCEL	B	-0.03%
GRC	A	-0.03%
HRTX	F	-0.03%
CCBG	B	-0.02%
ANGO	C	-0.02%
CTMX	F	-0.02%
EB	C	-0.02%
SSTK	F	-0.02%
DIN	C	-0.02%
ONTF	C	-0.02%
TNYA	D	-0.02%
NKTR	F	-0.02%
DVAX	C	-0.02%
PGEN	F	-0.02%
ZIMV	D	-0.02%
ALT	C	-0.02%
CRBU	D	-0.02%
UPLD	B	-0.02%
NKTX	F	-0.02%
ABUS	D	-0.02%
MCB	B	-0.02%
TCBK	C	-0.02%
SPOK	B	-0.02%
MRSN	D	-0.02%
JBSS	F	-0.02%
XNCR	B	-0.02%
PBYI	C	-0.02%
ACET	F	-0.02%
TSE	F	-0.02%
DOC	C	-0.02%
KPTI	D	-0.02%
ABSI	F	-0.02%
FCF	B	-0.02%
YMAB	F	-0.02%
HROW	D	-0.02%
GCI	D	-0.02%
ANIP	F	-0.02%
SPCE	D	-0.01%
STNE	F	-0.01%
INO	F	-0.01%
ALVR	F	-0.01%
ZDGE	F	-0.01%
FGEN	D	-0.01%
ADAP	F	-0.01%
CHRS	D	-0.01%
SMMT	D	-0.01%
XBIT	F	-0.01%
SUPN	C	-0.01%
RCKY	F	-0.01%