ESML vs. QVMS ETF Comparison

Comparison of iShares MSCI USA Small-Cap ESG Optimized ETF (ESML) to Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

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

$41.47

Average Daily Volume

105,911

Number of Holdings ^*

902

* 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 Â® Quality, Value & Momentum Top 90% Multi- Factor Index (the âunderlying indexâ). 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 Â® 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

$26.75

Average Daily Volume

463

Number of Holdings ^*

524

* may have additional holdings in another (foreign) market

Performance

Period	ESML	QVMS
30 Days	0.24%	-0.82%
60 Days	0.53%	-1.32%
90 Days	0.74%	3.35%
12 Months	32.65%	31.83%

280 Overlapping Holdings

Symbol	Grade	Weight in ESML	Weight in QVMS	Overlap
AAP	F	0.05%	0.2%	0.05%
AAT	B	0.07%	0.11%	0.07%
ABCB	B	0.1%	0.34%	0.1%
ABG	D	0.11%	0.42%	0.11%
ABM	B	0.09%	0.31%	0.09%
ACA	B	0.13%	0.39%	0.13%
ACIW	D	0.15%	0.45%	0.15%
ADUS	D	0.06%	0.19%	0.06%
AEIS	A	0.17%	0.36%	0.17%
AEO	F	0.09%	0.32%	0.09%
AGO	B	0.06%	0.37%	0.06%
AGYS	C	0.05%	0.18%	0.05%
AHH	D	0.05%	0.06%	0.05%
AIR	F	0.05%	0.16%	0.05%
AL	C	0.1%	0.4%	0.1%
ALG	F	0.07%	0.15%	0.07%
ALK	A	0.22%	0.43%	0.22%
ALKS	F	0.1%	0.38%	0.1%
ALRM	F	0.04%	0.24%	0.04%
AMBC	D	0.05%	0.04%	0.04%
AMN	F	0.07%	0.15%	0.07%
AMWD	D	0.07%	0.13%	0.07%
ANDE	F	0.06%	0.13%	0.06%
AORT	B	0.05%	0.09%	0.05%
APAM	B	0.1%	0.25%	0.1%
ARCB	D	0.05%	0.21%	0.05%
ARLO	F	0.04%	0.09%	0.04%
AROC	D	0.09%	0.26%	0.09%
ASTE	C	0.05%	0.06%	0.05%
ATEN	A	0.05%	0.09%	0.05%
ATGE	A	0.05%	0.24%	0.05%
ATI	F	0.15%	0.59%	0.15%
AUB	C	0.1%	0.29%	0.1%
AVA	D	0.2%	0.24%	0.2%
AVAV	B	0.14%	0.54%	0.14%
AWI	A	0.22%	0.5%	0.22%
AWR	C	0.05%	0.25%	0.05%
AXL	F	0.05%	0.06%	0.05%
AZZ	D	0.07%	0.21%	0.07%
BANR	B	0.16%	0.19%	0.16%
BCC	C	0.16%	0.46%	0.16%
BCPC	D	0.13%	0.47%	0.13%
BDN	C	0.07%	0.07%	0.07%
BGC	C	0.05%	0.31%	0.05%
BHE	B	0.16%	0.14%	0.14%
BHLB	B	0.19%	0.1%	0.1%
BKU	D	0.06%	0.23%	0.06%
BL	B	0.08%	0.24%	0.08%
BMI	D	0.29%	0.49%	0.29%
BOH	A	0.08%	0.24%	0.08%
BOOT	D	0.06%	0.28%	0.06%
BRC	D	0.09%	0.26%	0.09%
BXMT	C	0.08%	0.26%	0.08%
CABO	D	0.12%	0.14%	0.12%
CAKE	A	0.05%	0.17%	0.05%
CAL	F	0.04%	0.09%	0.04%
CALM	B	0.07%	0.31%	0.07%
CALX	C	0.07%	0.19%	0.07%
CBU	A	0.06%	0.28%	0.06%
CCOI	B	0.11%	0.27%	0.11%
CCS	F	0.07%	0.21%	0.07%
CLB	A	0.06%	0.09%	0.06%
CLW	F	0.04%	0.04%	0.04%
CMA	A	0.19%	0.67%	0.19%
CNK	A	0.08%	0.24%	0.08%
CNMD	D	0.05%	0.16%	0.05%
COOP	D	0.05%	0.5%	0.05%
CPF	C	0.14%	0.06%	0.06%
CPK	C	0.13%	0.21%	0.13%
CPRX	A	0.05%	0.2%	0.05%
CRC	B	0.1%	0.29%	0.1%
CRS	C	0.15%	0.69%	0.15%
CRVL	D	0.09%	0.24%	0.09%
CSGS	C	0.1%	0.12%	0.1%
CTS	A	0.07%	0.13%	0.07%
CUBI	D	0.05%	0.11%	0.05%
CVBF	A	0.1%	0.22%	0.1%
CWEN	B	0.07%	0.24%	0.07%
CWEN	B	0.05%	0.24%	0.05%
CWK	A	0.07%	0.21%	0.07%
CWT	D	0.05%	0.25%	0.05%
CXM	F	0.04%	0.09%	0.04%
DEA	C	0.07%	0.11%	0.07%
DEI	B	0.02%	0.24%	0.02%
DFIN	F	0.13%	0.13%	0.13%
DGII	B	0.05%	0.1%	0.05%
DLX	F	0.05%	0.07%	0.05%
DNOW	F	0.04%	0.11%	0.04%
DXC	F	0.11%	0.3%	0.11%
DY	C	0.1%	0.4%	0.1%
EAT	A	0.14%	0.35%	0.14%
ENR	B	0.07%	0.19%	0.07%
ENV	A	0.06%	0.25%	0.06%
EPAC	A	0.12%	0.2%	0.12%
EPC	F	0.05%	0.16%	0.05%
EPRT	C	0.19%	0.45%	0.19%
ESE	B	0.09%	0.27%	0.09%
EYE	D	0.06%	0.06%	0.06%
FBP	D	0.18%	0.28%	0.18%
FELE	D	0.2%	0.33%	0.2%
FFBC	A	0.05%	0.21%	0.05%
FL	F	0.06%	0.19%	0.06%
FLGT	C	0.04%	0.03%	0.03%
FORM	F	0.04%	0.31%	0.04%
FSS	F	0.14%	0.46%	0.14%
FTDR	B	0.2%	0.31%	0.2%
FTRE	F	0.04%	0.14%	0.04%
FUL	F	0.1%	0.35%	0.1%
FULT	B	0.11%	0.29%	0.11%
GBX	A	0.06%	0.16%	0.06%
GDOT	C	0.01%	0.04%	0.01%
GKOS	B	0.19%	0.59%	0.19%
GO	F	0.05%	0.15%	0.05%
GOGO	F	0.04%	0.03%	0.03%
GPI	C	0.17%	0.41%	0.17%
GPRE	F	0.04%	0.07%	0.04%
GRBK	D	0.05%	0.16%	0.05%
GTES	A	0.06%	0.32%	0.06%
GVA	A	0.08%	0.3%	0.08%
HAFC	A	0.06%	0.06%	0.06%
HAIN	A	0.07%	0.06%	0.06%
HASI	A	0.12%	0.3%	0.12%
HAYW	A	0.05%	0.17%	0.05%
HBI	B	0.07%	0.21%	0.07%
HCC	A	0.05%	0.3%	0.05%
HI	F	0.06%	0.19%	0.06%
HIW	B	0.15%	0.29%	0.15%
HLIT	F	0.05%	0.11%	0.05%
HLX	F	0.04%	0.13%	0.04%
HNI	D	0.14%	0.2%	0.14%
HPP	F	0.04%	0.05%	0.04%
HWKN	D	0.07%	0.2%	0.07%
HZO	F	0.05%	0.05%	0.05%
IART	C	0.05%	0.12%	0.05%
IBP	F	0.1%	0.44%	0.1%
ICHR	F	0.04%	0.08%	0.04%
ICUI	C	0.08%	0.28%	0.08%
IDCC	A	0.12%	0.31%	0.12%
INDB	A	0.07%	0.23%	0.07%
IOSP	F	0.07%	0.24%	0.07%
ITGR	D	0.13%	0.36%	0.13%
ITRI	A	0.18%	0.39%	0.18%
JBGS	C	0.07%	0.12%	0.07%
JBT	A	0.09%	0.31%	0.09%
JXN	A	0.15%	0.62%	0.15%
KAR	F	0.1%	0.16%	0.1%
KELYA	D	0.05%	0.05%	0.05%
KFY	C	0.08%	0.31%	0.08%
KLG	F	0.05%	0.08%	0.05%
KLIC	B	0.14%	0.23%	0.14%
KOP	F	0.07%	0.06%	0.06%
KREF	D	0.07%	0.05%	0.05%
KRYS	D	0.05%	0.34%	0.05%
KSS	F	0.05%	0.17%	0.05%
KTB	A	0.14%	0.32%	0.14%
LCII	F	0.11%	0.25%	0.11%
LNC	A	0.09%	0.5%	0.09%
LNN	C	0.08%	0.11%	0.08%
LRN	A	0.12%	0.31%	0.12%
LXP	D	0.06%	0.23%	0.06%
MAC	A	0.08%	0.32%	0.08%
MARA	C	0.09%	0.43%	0.09%
MC	C	0.02%	0.4%	0.02%
MHO	D	0.05%	0.35%	0.05%
MLKN	F	0.04%	0.15%	0.04%
MMI	D	0.05%	0.08%	0.05%
MMSI	B	0.15%	0.44%	0.15%
MNRO	B	0.05%	0.07%	0.05%
MODG	F	0.06%	0.12%	0.06%
MOG.A	D	0.22%	0.47%	0.22%
MPW	D	0.06%	0.21%	0.06%
MRCY	D	0.1%	0.15%	0.1%
MTH	D	0.17%	0.54%	0.17%
MTRN	F	0.05%	0.2%	0.05%
MTUS	F	0.04%	0.05%	0.04%
MTX	C	0.12%	0.21%	0.12%
MYGN	F	0.05%	0.17%	0.05%
MYRG	B	0.13%	0.17%	0.13%
NABL	F	0.05%	0.07%	0.05%
NBHC	A	0.05%	0.15%	0.05%
NBTB	D	0.05%	0.19%	0.05%
NEO	D	0.05%	0.14%	0.05%
NMIH	D	0.09%	0.26%	0.09%
NPO	F	0.13%	0.27%	0.13%
NSIT	F	0.18%	0.51%	0.18%
NWL	A	0.1%	0.27%	0.1%
NWN	C	0.08%	0.13%	0.08%
OGN	D	0.1%	0.4%	0.1%
OII	D	0.06%	0.24%	0.06%
OMI	F	0.04%	0.08%	0.04%
PAHC	B	0.06%	0.04%	0.04%
PAYO	A	0.05%	0.18%	0.05%
PDCO	F	0.15%	0.15%	0.15%
PEB	F	0.06%	0.13%	0.06%
PECO	B	0.07%	0.36%	0.07%
PENN	A	0.05%	0.26%	0.05%
PFS	B	0.05%	0.21%	0.05%
PINC	A	0.12%	0.17%	0.12%
PIPR	B	0.07%	0.38%	0.07%
PJT	B	0.09%	0.25%	0.09%
PLAY	C	0.06%	0.1%	0.06%
PLMR	D	0.08%	0.2%	0.08%
PLUS	C	0.08%	0.23%	0.08%
PLXS	A	0.17%	0.33%	0.17%
POWL	B	0.09%	0.2%	0.09%
PPBI	B	0.06%	0.22%	0.06%
PRAA	D	0.04%	0.07%	0.04%
PRG	D	0.05%	0.16%	0.05%
PRGS	B	0.24%	0.23%	0.23%
PRVA	D	0.07%	0.16%	0.07%
PSMT	D	0.05%	0.19%	0.05%
PTEN	F	0.04%	0.22%	0.04%
PTGX	B	0.06%	0.22%	0.06%
RAMP	D	0.05%	0.14%	0.05%
RCUS	D	0.04%	0.07%	0.04%
RDN	C	0.09%	0.45%	0.09%
RDNT	C	0.09%	0.38%	0.09%
REZI	D	0.19%	0.26%	0.19%
RHI	B	0.21%	0.58%	0.21%
RNST	A	0.08%	0.19%	0.08%
ROCK	D	0.05%	0.17%	0.05%
ROG	F	0.07%	0.15%	0.07%
RUSHA	A	0.05%	0.3%	0.05%
RXO	B	0.1%	0.3%	0.1%
SATS	B	0.07%	0.2%	0.07%
SBH	B	0.05%	0.12%	0.05%
SCL	F	0.1%	0.14%	0.1%
SEE	B	0.07%	0.44%	0.07%
SEM	D	0.06%	0.3%	0.06%
SFBS	B	0.05%	0.36%	0.05%
SHAK	A	0.08%	0.34%	0.08%
SHOO	D	0.12%	0.26%	0.12%
SIG	C	0.1%	0.36%	0.1%
SJW	F	0.1%	0.14%	0.1%
SKT	B	0.06%	0.29%	0.06%
SLG	B	0.11%	0.4%	0.11%
SLVM	B	0.05%	0.25%	0.05%
SM	F	0.06%	0.45%	0.06%
SMP	B	0.04%	0.04%	0.04%
SMPL	C	0.05%	0.23%	0.05%
SNDR	A	0.18%	0.08%	0.08%
SONO	C	0.07%	0.14%	0.07%
SPSC	F	0.16%	0.54%	0.16%
STAA	F	0.04%	0.13%	0.04%
STC	D	0.08%	0.16%	0.08%
SXT	C	0.08%	0.28%	0.08%
TALO	D	0.05%	0.13%	0.05%
TBBK	C	0.07%	0.23%	0.07%
TDS	A	0.08%	0.24%	0.08%
THRM	D	0.05%	0.12%	0.05%
THS	F	0.05%	0.14%	0.05%
TILE	D	0.06%	0.09%	0.06%
TNC	F	0.06%	0.15%	0.06%
TPH	D	0.14%	0.33%	0.14%
TRN	B	0.1%	0.25%	0.1%
UCB	D	0.04%	0.29%	0.04%
UFPT	D	0.05%	0.18%	0.05%
UNFI	B	0.08%	0.1%	0.08%
UPBD	D	0.05%	0.11%	0.05%
VBTX	B	0.06%	0.13%	0.06%
VECO	F	0.12%	0.16%	0.12%
VFC	A	0.2%	0.59%	0.2%
VRRM	D	0.07%	0.36%	0.07%
VRTS	C	0.05%	0.13%	0.05%
VSAT	F	0.03%	0.06%	0.03%
VSCO	A	0.06%	0.2%	0.06%
VSTS	F	0.05%	0.14%	0.05%
VVI	B	0.06%	0.07%	0.06%
WD	C	0.07%	0.31%	0.07%
WDFC	B	0.11%	0.3%	0.11%
WERN	D	0.12%	0.2%	0.12%
WGO	F	0.12%	0.15%	0.12%
WHD	C	0.11%	0.33%	0.11%
WKC	D	0.05%	0.13%	0.05%
WNC	F	0.05%	0.07%	0.05%
WT	B	0.05%	0.1%	0.05%
XHR	C	0.07%	0.13%	0.07%
XPEL	F	0.05%	0.07%	0.05%
XRX	F	0.04%	0.09%	0.04%
YELP	F	0.05%	0.19%	0.05%

ESML Overweight 622 Positions Relative to QVMS

Symbol	Grade	Weight
CASY	A	0.53%
USFD	A	0.48%
JHG	A	0.48%
GWRE	B	0.44%
CVNA	A	0.43%
KBR	B	0.41%
INGR	C	0.39%
EWBC	A	0.39%
SFM	A	0.38%
JLL	A	0.37%
FIX	B	0.36%
NTNX	B	0.35%
FTI	B	0.34%
REXR	F	0.34%
AYI	B	0.33%
RGLD	B	0.33%
FLEX	B	0.32%
FRT	D	0.32%
OGS	C	0.32%
MUSA	C	0.32%
MDU	B	0.31%
OSK	D	0.3%
EHC	A	0.3%
BWXT	B	0.3%
AVT	B	0.29%
RGA	D	0.29%
GBCI	A	0.29%
COHR	B	0.29%
IBKR	A	0.29%
GPK	C	0.28%
XPO	A	0.28%
SNV	A	0.28%
ITT	C	0.28%
ONTO	C	0.28%
PNFP	A	0.27%
CNX	B	0.27%
TOL	C	0.27%
R	A	0.27%
SIGI	D	0.27%
SUM	A	0.27%
SAIA	A	0.26%
BJ	B	0.26%
SSB	B	0.26%
RNR	C	0.26%
BFAM	C	0.26%
DTM	A	0.26%
UGI	C	0.26%
BLD	F	0.26%
NTRA	D	0.26%
AXTA	A	0.25%
ATR	A	0.25%
HRI	A	0.25%
WEX	F	0.25%
CACI	A	0.25%
PCVX	C	0.25%
MTG	C	0.25%
SCI	A	0.25%
DCI	B	0.25%
IVZ	B	0.25%
TPR	A	0.25%
WMS	F	0.25%
AAON	A	0.24%
CW	B	0.24%
ARMK	B	0.24%
UMBF	A	0.24%
CNM	D	0.24%
WBS	B	0.24%
RRC	D	0.24%
THC	C	0.24%
FTAI	B	0.23%
PRI	B	0.23%
CVLT	B	0.23%
ENSG	A	0.23%
MWA	B	0.23%
NCLH	A	0.23%
ALSN	A	0.23%
CDP	B	0.23%
WING	F	0.22%
EGP	D	0.22%
INSM	D	0.22%
NJR	C	0.22%
SRPT	D	0.22%
UNM	A	0.22%
CUZ	B	0.22%
HOG	F	0.21%
LAD	A	0.21%
EXLS	A	0.21%
FHN	A	0.21%
KBH	D	0.21%
WAL	D	0.21%
OHI	A	0.21%
CUBE	D	0.21%
CBSH	A	0.21%
NOVT	D	0.21%
WCC	A	0.21%
AR	F	0.21%
CMC	B	0.21%
NFG	B	0.21%
LSTR	D	0.21%
LECO	C	0.2%
RHP	B	0.2%
ZWS	B	0.2%
HHH	B	0.2%
MTN	F	0.2%
AA	B	0.2%
HRB	D	0.2%
FCN	F	0.2%
WSC	F	0.2%
FND	F	0.2%
TTEK	B	0.2%
GNRC	B	0.2%
AMG	A	0.2%
HAS	D	0.2%
WTS	F	0.2%
BDC	B	0.2%
NVT	A	0.2%
LNW	F	0.2%
GME	C	0.19%
AXS	C	0.19%
WHR	B	0.19%
ENLC	A	0.19%
KNSL	F	0.19%
RLI	B	0.19%
DAR	B	0.19%
NYT	A	0.19%
AFRM	A	0.19%
WWD	D	0.19%
TGNA	B	0.19%
TMHC	B	0.18%
FN	B	0.18%
FRPT	D	0.18%
SPXC	D	0.18%
PCTY	A	0.18%
CNO	C	0.18%
CIEN	B	0.18%
WK	B	0.18%
CRUS	F	0.18%
OMF	A	0.18%
BWA	C	0.18%
MORN	B	0.18%
BERY	A	0.18%
CR	A	0.18%
ZION	A	0.18%
GATX	A	0.17%
SF	A	0.17%
SOFI	A	0.17%
VOYA	B	0.17%
SITE	F	0.17%
PCH	F	0.17%
CROX	F	0.17%
THG	B	0.17%
ONB	A	0.17%
GXO	B	0.17%
DUOL	A	0.17%
VVV	D	0.17%
PR	F	0.17%
CZR	C	0.17%
PLNT	D	0.17%
MSA	F	0.17%
LSCC	C	0.17%
MOD	C	0.17%
CHE	F	0.16%
LPX	D	0.16%
FLS	B	0.16%
VKTX	A	0.16%
ALTR	A	0.16%
RRX	B	0.16%
PCOR	B	0.16%
BRX	C	0.16%
PEN	A	0.16%
LAZ	A	0.16%
CHX	F	0.16%
UBSI	A	0.16%
ESTC	D	0.16%
KNTK	B	0.16%
FAF	D	0.16%
MTZ	B	0.16%
PVH	C	0.16%
FMC	B	0.16%
ASB	A	0.16%
DLB	C	0.16%
TKO	D	0.16%
CHDN	A	0.15%
SMAR	A	0.15%
HXL	F	0.15%
LNTH	B	0.15%
FIBK	B	0.15%
LFUS	D	0.15%
ANF	D	0.15%
TNL	A	0.15%
LUMN	B	0.15%
NOV	F	0.15%
HQY	B	0.15%
MEDP	F	0.15%
AGCO	C	0.15%
ELAN	D	0.15%
JAZZ	D	0.15%
DBX	B	0.15%
WFRD	F	0.15%
AM	C	0.15%
X	C	0.15%
ASGN	F	0.15%
RGEN	F	0.15%
SLM	B	0.15%
CADE	B	0.14%
VNT	B	0.14%
MKSI	F	0.14%
KNF	A	0.14%
FYBR	B	0.14%
RMBS	C	0.14%
ESI	A	0.14%
SR	D	0.14%
MAT	A	0.14%
ITCI	A	0.14%
BRKR	F	0.14%
WH	A	0.14%
RYAN	C	0.14%
VLY	A	0.14%
GTLB	C	0.14%
ADT	B	0.13%
CRDO	B	0.13%
ORI	C	0.13%
ELF	F	0.13%
THO	D	0.13%
COLB	A	0.13%
CYTK	F	0.13%
MUR	F	0.13%
BOX	D	0.13%
OPCH	F	0.13%
AZEK	C	0.13%
IBCP	D	0.13%
ACHC	F	0.13%
SWX	B	0.13%
VMI	B	0.13%
HESM	D	0.13%
WTM	B	0.13%
BECN	B	0.13%
OZK	B	0.13%
M	C	0.13%
BLKB	D	0.13%
CAVA	B	0.13%
TPX	F	0.13%
CBT	C	0.13%
STRL	B	0.12%
AIT	A	0.12%
PRIM	A	0.12%
KRC	B	0.12%
OLLI	C	0.12%
AGNC	D	0.12%
SON	F	0.12%
CFLT	A	0.12%
S	B	0.12%
IRDM	B	0.12%
GAP	D	0.12%
GL	C	0.12%
ARW	D	0.11%
LBRDA	A	0.11%
RDUS	F	0.11%
STWD	C	0.11%
EVR	B	0.11%
TXRH	A	0.11%
QTWO	A	0.11%
TRNO	F	0.11%
APPF	D	0.11%
PFSI	D	0.11%
CGNX	B	0.11%
CRNX	B	0.11%
TDC	B	0.11%
BHVN	B	0.11%
PATH	D	0.11%
HALO	D	0.11%
ECPG	F	0.11%
FIVE	C	0.11%
FLR	B	0.11%
YETI	F	0.11%
ALTM	B	0.11%
LEA	F	0.11%
ORA	B	0.11%
PSN	A	0.11%
KOS	F	0.11%
ADC	C	0.11%
XENE	C	0.11%
BWIN	C	0.1%
INSP	D	0.1%
BILL	A	0.1%
JEF	B	0.1%
ETSY	D	0.1%
PRCT	A	0.1%
U	C	0.1%
WEN	B	0.1%
NXST	A	0.1%
PEGA	A	0.1%
AMAL	B	0.1%
OLED	D	0.1%
DNLI	D	0.1%
AUR	C	0.1%
HCP	A	0.1%
TENB	D	0.1%
GMED	B	0.1%
SSD	F	0.1%
VC	F	0.1%
GTLS	D	0.1%
FA	D	0.1%
SLAB	F	0.1%
HAE	F	0.1%
EFSC	B	0.1%
SNX	C	0.09%
NXT	C	0.09%
TEX	D	0.09%
ICFI	B	0.09%
MTSI	B	0.09%
UNIT	C	0.09%
ST	F	0.09%
DRS	A	0.09%
LYFT	C	0.09%
MGRC	A	0.09%
HR	C	0.09%
RVMD	A	0.09%
CURB	D	0.09%
DV	F	0.09%
ATKR	F	0.09%
RL	B	0.09%
VNO	B	0.09%
KD	D	0.09%
POST	D	0.09%
CFR	A	0.09%
ERII	B	0.09%
CAC	A	0.09%
BRBR	A	0.09%
FR	D	0.09%
AMED	D	0.09%
ZI	C	0.09%
VVX	B	0.08%
BPOP	F	0.08%
UEC	B	0.08%
PLYA	C	0.08%
KTOS	C	0.08%
RARE	D	0.08%
SPB	D	0.08%
BC	D	0.08%
OUT	B	0.08%
HIMS	B	0.08%
EVRI	A	0.08%
CLF	C	0.08%
ESNT	D	0.08%
PRKS	B	0.08%
RNA	C	0.08%
TARS	A	0.08%
MIR	A	0.08%
RKLB	B	0.08%
LITE	B	0.08%
LBPH	A	0.08%
SBRA	A	0.08%
IMAX	A	0.08%
EWTX	B	0.08%
PI	C	0.08%
CRSP	D	0.08%
HWC	A	0.08%
BANC	B	0.07%
CMP	C	0.07%
XRAY	F	0.07%
MAN	F	0.07%
SG	B	0.07%
ALHC	A	0.07%
WTFC	A	0.07%
UPST	B	0.07%
RUN	D	0.07%
NARI	A	0.07%
COLD	F	0.07%
VITL	C	0.07%
MRUS	C	0.07%
AVNT	C	0.07%
CHWY	D	0.07%
MHK	D	0.07%
VRDN	B	0.07%
PDM	C	0.07%
BPMC	D	0.07%
PRGO	D	0.07%
DOCS	B	0.07%
TREX	B	0.07%
CCCS	D	0.07%
AZTA	F	0.07%
ESRT	C	0.07%
WU	F	0.07%
AN	F	0.07%
VAC	C	0.07%
VCTR	B	0.07%
NTGR	A	0.07%
INTA	A	0.07%
CLVT	D	0.07%
ZD	F	0.07%
SASR	A	0.07%
VRNS	C	0.07%
VSEC	B	0.07%
ACLX	B	0.07%
ENOV	D	0.07%
TNET	F	0.07%
TMDX	F	0.06%
EWCZ	C	0.06%
BROS	C	0.06%
EXP	B	0.06%
APGE	C	0.06%
NRIX	B	0.06%
RKT	D	0.06%
ACVA	F	0.06%
RXST	D	0.06%
LIVN	C	0.06%
HL	C	0.06%
WOLF	D	0.06%
CDE	C	0.06%
KYMR	C	0.06%
NUVL	D	0.06%
VERX	B	0.06%
IBOC	B	0.06%
GERN	C	0.06%
SPR	D	0.06%
FIVN	D	0.06%
MOV	F	0.06%
MXL	D	0.06%
JANX	A	0.06%
COGT	B	0.06%
CHH	A	0.06%
EXPO	D	0.06%
MASI	A	0.06%
FROG	C	0.06%
NVST	A	0.06%
EE	A	0.06%
FFIN	C	0.06%
EPR	D	0.06%
PTCT	B	0.06%
COKE	D	0.06%
APG	C	0.06%
TDOC	C	0.06%
FUN	F	0.06%
VREX	C	0.06%
KVYO	B	0.06%
CRAI	B	0.06%
MBUU	A	0.06%
CSTL	A	0.06%
ALKT	B	0.06%
WRBY	B	0.06%
KE	D	0.06%
FOUR	B	0.06%
PK	F	0.06%
LEG	F	0.06%
KROS	B	0.06%
JWN	B	0.06%
ZYME	A	0.06%
ELVN	B	0.06%
CLNE	D	0.06%
HELE	C	0.06%
AVPT	A	0.06%
MNKD	A	0.06%
LBRDK	A	0.06%
LCID	F	0.06%
ATRC	A	0.06%
ROIV	D	0.06%
RCM	A	0.06%
POWI	D	0.06%
HGV	D	0.06%
SMTC	B	0.06%
CLH	C	0.06%
BYD	A	0.06%
GT	D	0.06%
COLM	C	0.06%
PNTG	D	0.06%
IDYA	F	0.06%
OWL	B	0.06%
RH	B	0.06%
VNOM	A	0.06%
CART	A	0.06%
IESC	A	0.06%
PHAT	B	0.06%
W	F	0.06%
PAR	B	0.06%
PRTA	F	0.05%
MGNI	C	0.05%
FLO	F	0.05%
IMVT	F	0.05%
BBIO	F	0.05%
IVR	F	0.05%
ZEUS	F	0.05%
CGEM	F	0.05%
NEOG	D	0.05%
INVX	F	0.05%
NVCR	F	0.05%
LOPE	D	0.05%
MMS	D	0.05%
ALEC	D	0.05%
MLTX	F	0.05%
OMCL	B	0.05%
FRSH	C	0.05%
LGF.A	C	0.05%
CAR	C	0.05%
MRC	F	0.05%
PBI	A	0.05%
TNDM	F	0.05%
REVG	D	0.05%
FLG	D	0.05%
PLUG	D	0.05%
SNDX	F	0.05%
PRO	C	0.05%
ARQT	F	0.05%
ESTA	D	0.05%
ASH	F	0.05%
ACEL	D	0.05%
JELD	F	0.05%
TGTX	A	0.05%
VYX	F	0.05%
KMPR	B	0.05%
AGIO	C	0.05%
MLNK	C	0.05%
RYN	C	0.05%
UAA	B	0.05%
AVDX	C	0.05%
BNL	D	0.05%
FLYW	C	0.05%
SKY	D	0.05%
MQ	A	0.05%
PLRX	B	0.05%
MTTR	B	0.05%
CMCO	F	0.05%
CLSK	C	0.05%
VERA	C	0.05%
GEF	B	0.05%
TROX	F	0.05%
AI	C	0.05%
PGRE	C	0.05%
LEVI	F	0.05%
EMBC	D	0.05%
TWST	F	0.05%
IONS	F	0.05%
CC	F	0.05%
ARWR	F	0.05%
RNG	A	0.05%
VRNT	F	0.05%
GEF	B	0.05%
ADMA	C	0.05%
ARVN	C	0.05%
CWAN	B	0.05%
SHC	C	0.05%
CBZ	C	0.05%
ARKO	C	0.05%
RUSHB	A	0.05%
EDR	A	0.05%
SLNO	A	0.05%
INFA	B	0.05%
TGI	C	0.05%
DOCN	C	0.05%
PDFS	F	0.05%
GH	D	0.05%
DCO	D	0.05%
PYCR	B	0.05%
RBBN	B	0.05%
NCNO	B	0.05%
PD	F	0.05%
XPRO	F	0.05%
INFN	B	0.05%
CIVI	F	0.05%
ZUO	A	0.05%
HURN	A	0.05%
PBF	F	0.05%
AXSM	C	0.05%
COMP	B	0.05%
TMCI	F	0.04%
HOUS	F	0.04%
NVAX	F	0.04%
DK	F	0.04%
SPT	F	0.04%
SWTX	D	0.04%
MEG	F	0.04%
SVRA	D	0.04%
NUVB	F	0.04%
BRY	F	0.04%
NTLA	F	0.04%
BRZE	F	0.04%
MDGL	B	0.04%
EGY	F	0.04%
CCRN	F	0.04%
ANAB	F	0.04%
KURA	F	0.04%
CRI	F	0.04%
COUR	F	0.04%
BE	F	0.04%
CLDX	F	0.04%
SAVA	D	0.04%
AMC	F	0.04%
RCKT	F	0.04%
CECO	F	0.04%
ARCT	F	0.04%
ASAN	F	0.04%
BEAM	F	0.04%
LESL	F	0.04%
FOXF	F	0.04%
BASE	D	0.04%
MEI	F	0.04%
IRON	F	0.04%
QDEL	F	0.04%
NEP	F	0.04%
DYN	F	0.04%
SIBN	D	0.04%
QS	F	0.04%
OSCR	D	0.04%
JAMF	F	0.04%
PGNY	F	0.04%
ETNB	F	0.04%
RXRX	F	0.04%
BKD	D	0.04%
PLOW	F	0.04%
NOVA	F	0.03%
AGL	F	0.03%
ASPN	F	0.03%
SEDG	F	0.03%
FNA	F	0.03%
CRMT	F	0.03%
SITC	F	0.03%
CDNA	D	0.03%
APLS	F	0.03%
TXG	F	0.03%
CPRI	F	0.03%
CNXC	F	0.03%
ETWO	F	0.03%

ESML Underweight 245 Positions Relative to QVMS

Symbol	Grade	Weight
MLI	A	-0.81%
MATX	A	-0.4%
MGY	C	-0.4%
CTRE	A	-0.36%
CORT	A	-0.35%
SANM	A	-0.33%
SKYW	A	-0.32%
PBH	A	-0.31%
NOG	F	-0.31%
ASO	F	-0.31%
OTTR	D	-0.3%
GMS	C	-0.3%
IIPR	B	-0.3%
IAC	F	-0.3%
AX	A	-0.3%
CATY	A	-0.29%
TDW	F	-0.29%
HP	C	-0.28%
APLE	B	-0.28%
DORM	B	-0.27%
SITM	B	-0.27%
DIOD	F	-0.27%
FHB	A	-0.27%
STEP	B	-0.27%
ACLS	F	-0.26%
MGEE	B	-0.26%
WSFS	D	-0.26%
CVCO	D	-0.26%
CEIX	A	-0.26%
BFH	D	-0.25%
SFNC	B	-0.25%
GNW	C	-0.25%
BTU	A	-0.24%
AMR	F	-0.24%
GSHD	A	-0.23%
LBRT	F	-0.23%
PATK	D	-0.23%
ABR	B	-0.23%
HUBG	D	-0.23%
UNF	D	-0.23%
ARCH	B	-0.23%
VIRT	C	-0.22%
JJSF	D	-0.22%
B	A	-0.22%
PRK	A	-0.22%
VSTO	A	-0.21%
CARG	B	-0.21%
VCEL	D	-0.21%
SNEX	A	-0.21%
UE	A	-0.21%
CNS	B	-0.21%
ENVA	B	-0.21%
FCPT	D	-0.2%
GFF	F	-0.2%
IPAR	F	-0.2%
AIN	F	-0.2%
AKR	A	-0.2%
ASTH	C	-0.19%
SXI	A	-0.19%
SBCF	C	-0.19%
WAFD	D	-0.19%
GEO	B	-0.19%
SHO	D	-0.18%
KWR	F	-0.18%
PHIN	B	-0.18%
OSIS	F	-0.18%
IBTX	A	-0.18%
TRMK	A	-0.18%
KMT	D	-0.17%
MCY	B	-0.17%
TFIN	B	-0.17%
EVTC	D	-0.17%
LGIH	F	-0.17%
SUPN	B	-0.17%
URBN	F	-0.17%
TTMI	A	-0.17%
VIAV	B	-0.17%
DRH	D	-0.16%
ROIC	C	-0.16%
STRA	F	-0.16%
LGND	B	-0.16%
OFG	C	-0.16%
TRUP	A	-0.16%
OI	F	-0.16%
CENTA	F	-0.16%
FCF	C	-0.15%
CHCO	B	-0.15%
NWBI	D	-0.15%
LMAT	C	-0.15%
NHC	D	-0.15%
JBLU	D	-0.15%
JOE	F	-0.15%
CASH	B	-0.15%
TRIP	C	-0.15%
FBK	A	-0.15%
NTCT	B	-0.14%
CXW	C	-0.14%
PLAB	F	-0.14%
UCTT	F	-0.14%
KN	D	-0.14%
APOG	B	-0.14%
LKFN	B	-0.14%
FBNC	C	-0.14%
DAN	F	-0.13%
BLMN	D	-0.13%
GTY	C	-0.13%
CHEF	D	-0.13%
HOPE	C	-0.13%
BANF	B	-0.13%
HMN	A	-0.13%
LTC	A	-0.13%
LZB	D	-0.13%
WABC	B	-0.12%
PRDO	B	-0.12%
ELME	D	-0.12%
HTH	F	-0.12%
STBA	D	-0.12%
GNL	D	-0.12%
SPNT	D	-0.11%
NX	C	-0.11%
WS	A	-0.11%
ALEX	C	-0.11%
COHU	D	-0.11%
NAVI	F	-0.11%
COLL	F	-0.1%
PMT	D	-0.1%
CRK	B	-0.1%
CERT	F	-0.1%
EIG	A	-0.1%
WOR	F	-0.1%
USPH	F	-0.1%
NVEE	D	-0.1%
HRMY	F	-0.1%
SAFT	D	-0.1%
BKE	B	-0.1%
WWW	C	-0.1%
SCSC	F	-0.1%
UVV	C	-0.1%
KALU	B	-0.1%
GIII	B	-0.09%
INVA	B	-0.09%
MD	B	-0.09%
XNCR	B	-0.09%
ODP	C	-0.09%
AMSF	A	-0.09%
PFBC	A	-0.09%
FBRT	B	-0.09%
RC	F	-0.09%
VICR	B	-0.09%
DCOM	B	-0.09%
OXM	F	-0.09%
MSEX	D	-0.09%
LPG	F	-0.09%
CBRL	C	-0.09%
ARI	F	-0.09%
PCRX	C	-0.08%
BLFS	C	-0.08%
MGPI	F	-0.08%
UTL	D	-0.08%
VTOL	D	-0.08%
NVRI	F	-0.08%
SBSI	D	-0.08%
FDP	A	-0.08%
SAH	D	-0.08%
NXRT	D	-0.08%
RWT	C	-0.08%
PARR	F	-0.08%
AOSL	D	-0.08%
QNST	A	-0.08%
CENX	A	-0.08%
CARS	D	-0.08%
BRKL	A	-0.08%
ANIP	F	-0.08%
CSR	D	-0.08%
EFC	D	-0.08%
MCRI	A	-0.08%
AVNS	F	-0.08%
FIZZ	D	-0.08%
AHCO	D	-0.07%
HCSG	C	-0.07%
EGBN	A	-0.07%
SXC	A	-0.07%
SSTK	D	-0.07%
HFWA	A	-0.07%
HSII	A	-0.07%
CFFN	A	-0.07%
HCI	B	-0.07%
JBSS	F	-0.07%
ALGT	A	-0.07%
VTLE	F	-0.07%
MATV	F	-0.07%
TMP	A	-0.07%
MRTN	F	-0.07%
BJRI	A	-0.07%
EXPI	B	-0.07%
BGS	C	-0.06%
INN	F	-0.06%
ETD	F	-0.06%
PRLB	F	-0.06%
REX	F	-0.06%
HSTM	A	-0.06%
DXPE	D	-0.06%
RGR	F	-0.06%
NBR	B	-0.06%
SPTN	D	-0.06%
HAYN	A	-0.06%
MATW	D	-0.06%
SHEN	F	-0.06%
CNXN	F	-0.06%
PRA	B	-0.06%
ASIX	D	-0.06%
SVC	F	-0.05%
CEVA	C	-0.05%
IIIN	F	-0.05%
THRY	F	-0.05%
CVI	F	-0.05%
MLAB	D	-0.05%
SCVL	F	-0.05%
MCW	A	-0.05%
SCHL	F	-0.05%
SWI	B	-0.05%
TRST	C	-0.05%
EZPW	B	-0.05%
GDEN	F	-0.05%
PUMP	F	-0.05%
WSR	B	-0.05%
USNA	D	-0.04%
SNCY	A	-0.04%
LQDT	D	-0.04%
CTKB	F	-0.04%
TR	F	-0.04%
MYE	F	-0.04%
UHT	D	-0.04%
BFS	D	-0.04%
GES	F	-0.04%
SLP	F	-0.04%
HTLD	F	-0.04%
RES	F	-0.04%
CRSR	F	-0.03%
TWI	F	-0.03%
RGNX	F	-0.03%
NPK	F	-0.03%
WRLD	D	-0.03%
HTZ	F	-0.03%
UFCS	F	-0.03%