FNDA vs. FESM ETF Comparison

Comparison of Schwab Fundamental U.S. Small Company Index ETF (FNDA) to Fidelity Enhanced Small Cap ETF (FESM)

FNDA

Schwab Fundamental U.S. Small Company Index ETF

FNDA Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Small Company Index. The index selects, ranks, and weights securities by fundamental measures of company size - adjusted sales, retained operating cash flow, and dividends plus buybacks - rather than market capitalization. Under normal circumstances, the fund will invest at least 90% of its net assets in stocks included in the index. It may invest up to 10% of its net assets in securities not included in the index.

Grade (RS Rating)

Last Trade

$31.83

Average Daily Volume

495,811

Number of Holdings ^*

996

* 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

$35.12

Average Daily Volume

123,580

Number of Holdings ^*

567

* may have additional holdings in another (foreign) market

Performance

Period	FNDA	FESM
30 Days	5.80%	7.42%
60 Days	6.02%	7.32%
90 Days	6.78%	8.30%
12 Months	28.61%	39.28%

273 Overlapping Holdings

Symbol	Grade	Weight in FNDA	Weight in FESM	Overlap
AAT	B	0.06%	0.37%	0.06%
ABCB	B	0.13%	0.37%	0.13%
ACA	A	0.19%	0.39%	0.19%
ACIW	B	0.18%	0.05%	0.05%
ADUS	D	0.05%	0.1%	0.05%
AEO	F	0.1%	0.6%	0.1%
AIN	C	0.09%	0.08%	0.08%
AIR	B	0.12%	0.5%	0.12%
AIT	B	0.28%	0.48%	0.28%
ALE	A	0.17%	0.1%	0.1%
ALKS	C	0.02%	0.21%	0.02%
ALRM	C	0.04%	0.17%	0.04%
AMPH	F	0.0%	0.07%	0.0%
AMSF	B	0.01%	0.15%	0.01%
ANF	F	0.34%	0.8%	0.34%
AOSL	C	0.0%	0.05%	0.0%
APOG	C	0.14%	0.38%	0.14%
AROC	A	0.14%	0.4%	0.14%
ATI	C	0.08%	0.33%	0.08%
ATNI	F	0.01%	0.07%	0.01%
AUB	B	0.07%	0.11%	0.07%
AVD	C	0.01%	0.07%	0.01%
AVNS	F	0.02%	0.18%	0.02%
AWR	B	0.06%	0.17%	0.06%
AX	B	0.11%	0.29%	0.11%
AXL	C	0.06%	0.21%	0.06%
BANF	B	0.02%	0.43%	0.02%
BBSI	B	0.03%	0.33%	0.03%
BCO	F	0.14%	0.24%	0.14%
BCPC	B	0.09%	0.1%	0.09%
BDC	C	0.17%	0.29%	0.17%
BGC	C	0.12%	0.67%	0.12%
BGS	F	0.03%	0.06%	0.03%
BHE	C	0.21%	0.4%	0.21%
BHLB	B	0.01%	0.03%	0.01%
BKD	F	0.06%	0.06%	0.06%
BLKB	B	0.06%	0.07%	0.06%
BMI	B	0.07%	0.4%	0.07%
BOH	B	0.14%	0.16%	0.14%
BOOT	C	0.1%	0.06%	0.06%
BRC	D	0.07%	0.11%	0.07%
BRSP	C	0.02%	0.04%	0.02%
BRY	F	0.02%	0.02%	0.02%
BSIG	A	0.07%	0.12%	0.07%
BUSE	B	0.06%	0.24%	0.06%
CADE	B	0.22%	0.18%	0.18%
CALM	A	0.2%	0.23%	0.2%
CATY	B	0.17%	0.08%	0.08%
CBU	B	0.11%	0.38%	0.11%
CDE	C	0.07%	0.08%	0.07%
CDP	C	0.14%	0.24%	0.14%
CEIX	A	0.15%	0.26%	0.15%
CHGG	C	0.0%	0.03%	0.0%
CHX	C	0.12%	0.11%	0.11%
CMPR	D	0.04%	0.36%	0.04%
CNK	C	0.14%	0.15%	0.14%
CNMD	C	0.05%	0.35%	0.05%
CNXN	C	0.09%	0.19%	0.09%
CODI	B	0.05%	0.46%	0.05%
COKE	C	0.13%	0.33%	0.13%
COMM	D	0.1%	0.2%	0.1%
COMP	B	0.12%	0.57%	0.12%
CORT	B	0.1%	0.22%	0.1%
CPF	B	0.03%	0.24%	0.03%
CPS	C	0.04%	0.14%	0.04%
CRAI	C	0.03%	0.21%	0.03%
CRC	A	0.19%	0.22%	0.19%
CRGY	B	0.04%	0.61%	0.04%
CRS	B	0.25%	0.86%	0.25%
CRVL	B	0.0%	0.04%	0.0%
CSGS	B	0.09%	0.6%	0.09%
CSR	B	0.02%	0.04%	0.02%
CSWI	B	0.08%	0.17%	0.08%
CTRE	C	0.03%	0.2%	0.03%
CVBF	A	0.11%	0.06%	0.06%
CVLT	B	0.14%	0.79%	0.14%
CWT	C	0.07%	0.15%	0.07%
DBRG	F	0.18%	0.17%	0.17%
DCO	C	0.02%	0.22%	0.02%
DEA	D	0.05%	0.07%	0.05%
DIN	C	0.01%	0.02%	0.01%
DIOD	D	0.11%	0.09%	0.09%
DXPE	C	0.04%	0.16%	0.04%
DY	D	0.24%	0.16%	0.16%
EAT	A	0.19%	0.12%	0.12%
EBS	C	0.16%	0.07%	0.07%
ENS	F	0.19%	0.62%	0.19%
ENSG	C	0.14%	0.03%	0.03%
EPAC	C	0.06%	0.23%	0.06%
ESRT	C	0.09%	0.37%	0.09%
ETD	C	0.02%	0.15%	0.02%
EXLS	B	0.14%	0.53%	0.14%
EXPI	D	0.06%	0.14%	0.06%
FBK	C	0.01%	0.14%	0.01%
FBP	C	0.06%	0.28%	0.06%
FCF	B	0.07%	0.02%	0.02%
FDP	B	0.23%	0.08%	0.08%
FFBC	B	0.11%	0.1%	0.1%
FFIN	B	0.09%	0.36%	0.09%
FHI	B	0.11%	0.52%	0.11%
FIX	A	0.25%	0.57%	0.25%
FIZZ	C	0.02%	0.03%	0.02%
FN	C	0.11%	0.7%	0.11%
FORM	D	0.06%	0.09%	0.06%
FRME	B	0.09%	0.23%	0.09%
FSS	B	0.11%	0.09%	0.09%
FTDR	B	0.09%	0.08%	0.08%
FUL	F	0.17%	0.54%	0.17%
FULT	A	0.14%	0.2%	0.14%
GCI	D	0.06%	0.02%	0.02%
GEO	B	0.42%	0.14%	0.14%
GFF	A	0.1%	0.34%	0.1%
GHC	B	0.23%	0.14%	0.14%
GIC	D	0.0%	0.06%	0.0%
GIII	D	0.18%	0.03%	0.03%
GPRE	F	0.06%	0.02%	0.02%
HAE	C	0.1%	0.14%	0.1%
HALO	F	0.06%	0.16%	0.06%
HL	D	0.08%	0.21%	0.08%
HLX	B	0.07%	0.24%	0.07%
HNI	B	0.18%	0.2%	0.18%
HP	C	0.19%	0.24%	0.19%
HQY	A	0.07%	0.25%	0.07%
HURN	C	0.06%	0.21%	0.06%
HWC	B	0.21%	0.22%	0.21%
HWKN	B	0.07%	0.54%	0.07%
HY	D	0.0%	0.2%	0.0%
IART	C	0.07%	0.05%	0.05%
IBP	D	0.09%	0.6%	0.09%
ICFI	F	0.09%	0.03%	0.03%
IGT	F	0.13%	0.32%	0.13%
INDB	B	0.09%	0.1%	0.09%
INSW	F	0.04%	0.11%	0.04%
IRWD	F	0.02%	0.07%	0.02%
ITRI	C	0.13%	0.47%	0.13%
JBSS	F	0.04%	0.02%	0.02%
KAR	B	0.14%	0.32%	0.14%
KE	C	0.01%	0.07%	0.01%
KLG	B	0.08%	0.04%	0.04%
KNF	B	0.19%	0.37%	0.19%
KREF	C	0.02%	0.12%	0.02%
KTB	B	0.15%	0.08%	0.08%
KTOS	B	0.06%	0.3%	0.06%
LADR	B	0.07%	0.1%	0.07%
LANC	C	0.1%	0.47%	0.1%
LGF.A	C	0.06%	0.07%	0.06%
LGF.A	C	0.06%	0.05%	0.05%
LGND	C	0.01%	0.09%	0.01%
LKFN	C	0.04%	0.53%	0.04%
LNW	F	0.16%	0.26%	0.16%
LPG	F	0.03%	0.05%	0.03%
MAC	B	0.28%	0.23%	0.23%
MATX	C	0.04%	0.39%	0.04%
MCY	A	0.14%	0.03%	0.03%
MED	D	0.01%	0.03%	0.01%
MEDP	D	0.06%	0.07%	0.06%
MHO	D	0.25%	0.61%	0.25%
MMSI	A	0.09%	0.42%	0.09%
MOG.A	B	0.22%	0.26%	0.22%
MRC	B	0.05%	0.09%	0.05%
MRTN	D	0.07%	0.26%	0.07%
MSBI	B	0.0%	0.04%	0.0%
MTDR	B	0.17%	0.41%	0.17%
MTRN	C	0.07%	0.03%	0.03%
MTX	B	0.15%	0.59%	0.15%
MWA	B	0.12%	0.61%	0.12%
MXL	C	0.03%	0.45%	0.03%
MYE	F	0.01%	0.07%	0.01%
MYGN	F	0.03%	0.09%	0.03%
NBR	C	0.04%	0.23%	0.04%
NBTB	B	0.07%	0.07%	0.07%
NJR	A	0.17%	0.32%	0.17%
NMIH	C	0.07%	0.34%	0.07%
NPK	B	0.02%	0.03%	0.02%
NSP	F	0.07%	0.04%	0.04%
NTCT	C	0.1%	0.07%	0.07%
NWBI	B	0.08%	0.59%	0.08%
OFG	B	0.04%	0.16%	0.04%
OIS	B	0.01%	0.05%	0.01%
ONB	C	0.17%	0.02%	0.02%
ONTO	F	0.07%	0.05%	0.05%
OPCH	D	0.08%	0.21%	0.08%
OPEN	F	0.07%	0.07%	0.07%
OTTR	C	0.09%	0.12%	0.09%
OUT	A	0.16%	0.56%	0.16%
PBH	A	0.11%	0.22%	0.11%
PBI	B	0.09%	0.19%	0.09%
PCRX	C	0.0%	0.08%	0.0%
PDCO	F	0.15%	0.03%	0.03%
PECO	A	0.11%	0.36%	0.11%
PFS	B	0.1%	0.32%	0.1%
PJT	A	0.07%	0.18%	0.07%
PLAB	C	0.07%	0.21%	0.07%
PLXS	B	0.24%	0.23%	0.23%
PRAA	D	0.04%	0.02%	0.02%
PRG	C	0.25%	0.56%	0.25%
PRGS	A	0.06%	0.26%	0.06%
PRK	B	0.08%	0.17%	0.08%
PRLB	B	0.03%	0.08%	0.03%
PSN	D	0.11%	0.21%	0.11%
PTON	A	0.08%	0.05%	0.05%
QLYS	B	0.07%	0.54%	0.07%
RIG	D	0.12%	0.05%	0.05%
RMBS	B	0.03%	0.19%	0.03%
RNST	B	0.04%	0.22%	0.04%
ROCK	C	0.09%	0.21%	0.09%
RXO	D	0.21%	0.06%	0.06%
SAH	C	0.14%	0.16%	0.14%
SBH	C	0.2%	0.19%	0.19%
SCS	C	0.15%	0.08%	0.08%
SEM	B	0.22%	0.07%	0.07%
SF	B	0.31%	0.33%	0.31%
SFBS	C	0.04%	0.18%	0.04%
SFL	D	0.04%	0.1%	0.04%
SHEN	F	0.02%	0.03%	0.02%
SIGI	C	0.16%	0.44%	0.16%
SJW	F	0.05%	0.22%	0.05%
SKT	A	0.11%	0.11%	0.11%
SKYW	C	0.24%	0.7%	0.24%
SLG	B	0.15%	0.14%	0.14%
SLVM	B	0.25%	0.1%	0.1%
SMTC	B	0.13%	0.19%	0.13%
SNBR	F	0.05%	0.07%	0.05%
SNEX	B	0.01%	0.27%	0.01%
SPSC	D	0.03%	0.71%	0.03%
SRCE	B	0.02%	0.13%	0.02%
SSTK	F	0.03%	0.02%	0.02%
STBA	B	0.06%	0.05%	0.05%
STEP	C	0.03%	0.32%	0.03%
STNE	F	0.02%	0.01%	0.01%
STNG	F	0.03%	0.16%	0.03%
SUPN	C	0.05%	0.01%	0.01%
SWX	B	0.26%	0.32%	0.26%
SXC	A	0.05%	0.29%	0.05%
SXT	C	0.14%	0.33%	0.14%
TCBK	C	0.02%	0.02%	0.02%
TDOC	C	0.06%	0.08%	0.06%
TEX	F	0.18%	0.35%	0.18%
THR	B	0.0%	0.08%	0.0%
TILE	B	0.07%	0.23%	0.07%
TNC	D	0.06%	0.17%	0.06%
TNET	F	0.11%	0.02%	0.02%
TRN	B	0.2%	0.27%	0.2%
TRNO	F	0.05%	0.24%	0.05%
TRTX	C	0.03%	0.18%	0.03%
TSE	F	0.03%	0.02%	0.02%
TXRH	B	0.28%	0.05%	0.05%
UBSI	B	0.19%	0.2%	0.19%
UCB	A	0.1%	0.15%	0.1%
UCTT	D	0.08%	0.54%	0.08%
UMBF	B	0.17%	0.34%	0.17%
UNIT	B	0.2%	0.07%	0.07%
UPBD	B	0.13%	0.51%	0.13%
URBN	C	0.18%	0.08%	0.08%
UVE	B	0.03%	0.05%	0.03%
VBTX	B	0.06%	0.09%	0.06%
VCTR	B	0.04%	0.04%	0.04%
VRE	B	0.05%	0.14%	0.05%
VREX	B	0.01%	0.35%	0.01%
VRTS	B	0.05%	0.15%	0.05%
VSCO	C	0.29%	0.03%	0.03%
VSTO	A	0.14%	0.09%	0.09%
VTOL	B	0.01%	0.11%	0.01%
WABC	B	0.02%	0.21%	0.02%
WFRD	D	0.04%	0.04%	0.04%
WGO	C	0.17%	0.08%	0.08%
WMK	C	0.18%	0.07%	0.07%
WOOF	D	0.02%	0.28%	0.02%
WSBC	B	0.11%	0.26%	0.11%
WTS	B	0.14%	0.41%	0.14%
YELP	C	0.14%	0.57%	0.14%
ZEUS	C	0.02%	0.12%	0.02%
ZIMV	D	0.03%	0.02%	0.02%

FNDA Overweight 724 Positions Relative to FESM

Symbol	Grade	Weight
RCL	A	0.45%
UAL	A	0.42%
SATS	D	0.38%
FICO	B	0.36%
COIN	C	0.34%
UTHR	C	0.32%
GME	C	0.31%
APP	B	0.3%
XPO	B	0.3%
BKU	A	0.29%
FLS	B	0.29%
HRI	C	0.28%
WAL	B	0.28%
KMPR	A	0.28%
CXW	C	0.28%
HCC	B	0.27%
WBS	A	0.26%
OHI	C	0.26%
CLH	C	0.26%
BWXT	B	0.26%
UAA	C	0.25%
WWD	C	0.25%
LITE	B	0.25%
Z	A	0.25%
GVA	A	0.25%
VMI	B	0.25%
PNFP	B	0.24%
VRT	B	0.24%
SAIA	B	0.24%
HEI	A	0.24%
RDN	D	0.24%
FRT	B	0.23%
INCY	C	0.23%
CFR	B	0.23%
VLTO	C	0.23%
WTFC	A	0.23%
SPB	C	0.23%
AWI	A	0.23%
PB	B	0.23%
SIG	B	0.23%
LOPE	C	0.23%
FNB	A	0.23%
DTM	A	0.23%
WH	B	0.23%
BKH	A	0.23%
ESI	B	0.22%
KRC	B	0.22%
SPOT	B	0.22%
CBT	D	0.22%
CWK	C	0.22%
CR	A	0.22%
DEI	B	0.22%
VIRT	A	0.22%
COOP	B	0.22%
AVNT	B	0.22%
ZM	C	0.22%
GATX	A	0.22%
TTMI	C	0.22%
HIW	C	0.21%
CRUS	D	0.21%
FDS	B	0.21%
PINC	B	0.21%
ELAN	D	0.21%
TPC	C	0.21%
CBSH	B	0.21%
KFY	B	0.21%
GMS	B	0.21%
IDA	A	0.21%
BYD	B	0.21%
ASB	B	0.21%
PNM	B	0.2%
TTEK	F	0.2%
KEX	B	0.2%
FHB	B	0.2%
EXEL	B	0.2%
SCCO	F	0.2%
OZK	B	0.2%
VLY	B	0.2%
MC	C	0.2%
ELS	C	0.2%
GBX	A	0.2%
ARCB	C	0.19%
JBLU	F	0.19%
STC	B	0.19%
TWLO	A	0.19%
SR	A	0.19%
LCII	C	0.19%
BIO	C	0.19%
ATGE	B	0.19%
FCN	F	0.19%
DASH	B	0.19%
CCS	D	0.19%
NVST	B	0.19%
ADTN	A	0.19%
ENVA	B	0.19%
CUZ	B	0.19%
AGNC	C	0.19%
OGS	A	0.19%
SMG	C	0.19%
COLB	B	0.19%
MAT	D	0.19%
HLI	A	0.19%
WYNN	C	0.18%
NYT	D	0.18%
CUBE	C	0.18%
AMH	C	0.18%
PATK	C	0.18%
RPRX	D	0.18%
TPL	A	0.18%
COLM	C	0.18%
SBRA	C	0.18%
KMT	B	0.18%
IMKTA	C	0.18%
VNT	C	0.17%
HXL	F	0.17%
SSD	F	0.17%
APLE	B	0.17%
NWE	B	0.17%
LAUR	A	0.17%
VVV	D	0.17%
NOW	A	0.17%
PCH	F	0.17%
SUM	B	0.17%
PSMT	D	0.17%
WTM	A	0.17%
AMKR	D	0.17%
VSTS	C	0.17%
PHIN	A	0.17%
GBCI	B	0.17%
UNF	B	0.17%
SPR	D	0.17%
ESAB	C	0.17%
CSGP	D	0.17%
ASH	F	0.17%
SN	D	0.17%
EEFT	B	0.17%
LFUS	D	0.17%
SHOO	F	0.17%
PIPR	A	0.17%
CNX	A	0.17%
PTEN	C	0.16%
RH	C	0.16%
PLTR	B	0.16%
SKY	A	0.16%
COLD	D	0.16%
AVA	A	0.16%
WAFD	B	0.16%
VEEV	C	0.16%
OLLI	D	0.16%
APO	B	0.16%
GEF	A	0.16%
ZD	B	0.16%
GTES	A	0.16%
MASI	B	0.16%
VYX	B	0.16%
SFNC	C	0.16%
AGO	B	0.16%
ENTG	D	0.16%
B	A	0.16%
PFSI	C	0.16%
CBRL	C	0.15%
DNOW	B	0.15%
CHDN	B	0.15%
AGR	A	0.15%
TCBI	C	0.15%
GMED	A	0.15%
FWRD	D	0.15%
ROL	B	0.15%
TNL	A	0.15%
ARES	A	0.15%
NOMD	D	0.15%
MOD	A	0.15%
APAM	B	0.15%
LGIH	F	0.15%
LZB	B	0.15%
UVV	B	0.15%
MTCH	D	0.15%
WD	D	0.15%
NNN	C	0.15%
ESNT	F	0.15%
SITE	F	0.15%
RYN	D	0.14%
RRC	B	0.14%
ICUI	D	0.14%
NMRK	C	0.14%
AMWD	C	0.14%
SNDR	B	0.14%
JAZZ	B	0.14%
TDC	D	0.14%
OMI	F	0.14%
APG	B	0.14%
TYL	B	0.14%
H	B	0.14%
MKTX	D	0.14%
MLKN	F	0.14%
SLGN	A	0.14%
BXMT	C	0.14%
SLAB	F	0.14%
TPG	A	0.14%
CACC	D	0.14%
PPC	C	0.14%
NEU	D	0.14%
CROX	D	0.14%
CVCO	A	0.14%
HE	C	0.14%
CGNX	D	0.14%
ABNB	C	0.13%
WMS	F	0.13%
DNB	B	0.13%
SCL	C	0.13%
IOSP	C	0.13%
RNR	C	0.13%
WEX	D	0.13%
HELE	C	0.13%
DORM	B	0.13%
FND	D	0.13%
HRB	D	0.13%
ATKR	D	0.13%
RGLD	C	0.13%
THS	D	0.13%
DLB	B	0.13%
RLI	A	0.13%
EPR	C	0.13%
PLNT	A	0.13%
IDCC	B	0.13%
CABO	B	0.13%
FTI	A	0.13%
RYI	C	0.13%
DBX	B	0.13%
AMR	C	0.13%
WEN	D	0.13%
PRIM	A	0.12%
HOPE	C	0.12%
FSLR	F	0.12%
CNM	D	0.12%
ETSY	D	0.12%
DRH	B	0.12%
IAC	F	0.12%
CHRD	D	0.12%
ANDE	D	0.12%
AXS	A	0.12%
HGV	C	0.12%
WTRG	B	0.12%
ECPG	C	0.12%
HEES	C	0.12%
PTC	B	0.12%
VRSN	C	0.12%
JELD	F	0.12%
JBT	B	0.12%
IPGP	D	0.12%
AMED	F	0.12%
TROX	D	0.12%
MSM	C	0.12%
JBGS	F	0.12%
LBRT	D	0.12%
RLJ	C	0.12%
TREX	C	0.12%
JWN	D	0.12%
LRN	A	0.12%
ITGR	B	0.12%
BANR	B	0.12%
FELE	B	0.12%
WWW	A	0.12%
WDAY	B	0.12%
FR	D	0.11%
SASR	B	0.11%
EPC	F	0.11%
TECH	F	0.11%
ENOV	C	0.11%
STAG	D	0.11%
CPNG	D	0.11%
STRL	A	0.11%
HI	C	0.11%
KALU	C	0.11%
XHR	B	0.11%
VIAV	C	0.11%
PPBI	C	0.11%
PLUS	F	0.11%
MPWR	F	0.11%
AEIS	C	0.11%
CIVI	D	0.11%
TRMK	C	0.11%
MORN	B	0.11%
HPP	F	0.11%
BOKF	B	0.11%
CRL	D	0.11%
HTH	C	0.11%
DDS	B	0.11%
MANH	D	0.11%
HLF	C	0.11%
BFAM	D	0.11%
FIBK	B	0.11%
MMS	F	0.11%
BLD	D	0.11%
CHE	D	0.11%
IBOC	B	0.11%
MYRG	B	0.11%
IBKR	A	0.11%
NGVT	B	0.11%
AM	A	0.1%
WSFS	B	0.1%
ABR	C	0.1%
SIRI	C	0.1%
NHC	C	0.1%
WSC	F	0.1%
HTLF	B	0.1%
ENR	B	0.1%
ACHC	F	0.1%
MGEE	B	0.1%
FIVE	F	0.1%
UE	B	0.1%
SHO	D	0.1%
DHC	F	0.1%
BKE	B	0.1%
HOMB	A	0.1%
PAYC	B	0.1%
AZZ	A	0.1%
KRG	B	0.1%
SAM	C	0.1%
SSB	B	0.1%
BXC	B	0.1%
CHH	A	0.09%
LBRDK	C	0.09%
ALEX	B	0.09%
PDM	D	0.09%
ESE	B	0.09%
AAON	B	0.09%
CENTA	C	0.09%
PINS	F	0.09%
NHI	D	0.09%
RNG	C	0.09%
CWEN	C	0.09%
RAMP	B	0.09%
RBC	A	0.09%
STRA	C	0.09%
PRDO	B	0.09%
NPO	A	0.09%
IBTX	B	0.09%
MGRC	B	0.09%
MGY	A	0.09%
DXCM	C	0.09%
SCSC	C	0.09%
RHP	B	0.09%
OSIS	A	0.09%
EIG	B	0.09%
TW	A	0.09%
JACK	C	0.09%
VSH	F	0.09%
VC	F	0.09%
SVC	F	0.09%
ROKU	D	0.09%
ORA	B	0.09%
BRKR	D	0.09%
MSA	F	0.09%
CNS	B	0.08%
OMCL	C	0.08%
ROIC	A	0.08%
YETI	D	0.08%
RRR	F	0.08%
DLX	B	0.08%
REVG	C	0.08%
DOLE	D	0.08%
CARG	B	0.08%
GOLF	B	0.08%
MD	C	0.08%
KFRC	D	0.08%
ARI	C	0.08%
IRDM	D	0.08%
SAFT	B	0.08%
WNC	C	0.08%
OII	B	0.08%
TTD	B	0.08%
KW	C	0.08%
ALGT	B	0.08%
CCOI	B	0.08%
EGP	D	0.08%
PMT	C	0.08%
KOS	D	0.08%
BMRN	F	0.08%
WOR	F	0.08%
SYNA	C	0.08%
LXP	D	0.08%
GO	C	0.08%
NWN	A	0.08%
LILAK	D	0.08%
AKR	B	0.08%
TALO	C	0.08%
CBZ	B	0.08%
POWI	F	0.08%
TOWN	B	0.08%
KAI	B	0.08%
AZEK	A	0.08%
ALIT	C	0.08%
CPK	A	0.07%
CNA	C	0.07%
KOP	C	0.07%
HHH	B	0.07%
CUBI	B	0.07%
SMCI	F	0.07%
SABR	C	0.07%
EXPO	D	0.07%
EBC	B	0.07%
EYE	C	0.07%
GWRE	A	0.07%
OLED	F	0.07%
BLMN	F	0.07%
CRK	B	0.07%
ROG	D	0.07%
IRT	A	0.07%
SXI	B	0.07%
PR	B	0.07%
PTVE	B	0.07%
ADC	A	0.07%
REXR	F	0.07%
NX	C	0.07%
JJSF	C	0.07%
LYFT	C	0.07%
CASH	B	0.07%
ZWS	B	0.07%
BDN	C	0.07%
MRCY	C	0.07%
THRM	F	0.07%
HMN	B	0.07%
PEB	D	0.07%
GNL	F	0.07%
AMN	F	0.07%
CAKE	C	0.07%
ALG	B	0.07%
CXT	C	0.07%
KN	B	0.07%
ROAD	B	0.07%
COTY	F	0.06%
CTS	C	0.06%
SMPL	B	0.06%
AGX	B	0.06%
CVI	F	0.06%
ENV	B	0.06%
CWST	A	0.06%
HCSG	C	0.06%
BNL	D	0.06%
GTLS	A	0.06%
GES	F	0.06%
CAL	F	0.06%
TOST	B	0.06%
NTGR	B	0.06%
ECVT	C	0.06%
WHD	B	0.06%
MMI	C	0.06%
EMBC	C	0.06%
SEB	F	0.06%
OXM	F	0.06%
GFS	C	0.06%
TRS	B	0.06%
REYN	D	0.06%
BSY	F	0.06%
WDFC	B	0.06%
OEC	C	0.06%
EFSC	B	0.06%
TRIP	F	0.06%
KWR	C	0.06%
SONO	C	0.06%
NNI	D	0.06%
DFIN	D	0.06%
PGRE	F	0.06%
ATSG	B	0.06%
ELME	D	0.06%
CWH	B	0.06%
PLAY	D	0.06%
SCHL	F	0.06%
KELYA	F	0.06%
ERIE	D	0.06%
EAF	C	0.06%
NBIX	C	0.06%
NSA	C	0.06%
UIS	B	0.05%
LIVN	F	0.05%
ACCO	C	0.05%
CNDT	C	0.05%
AAL	B	0.05%
AY	A	0.05%
NTB	B	0.05%
HAYW	B	0.05%
CHCO	B	0.05%
HTLD	C	0.05%
KLIC	B	0.05%
VRRM	F	0.05%
NOVT	D	0.05%
VSAT	F	0.05%
ICHR	C	0.05%
FOXF	F	0.05%
ALK	B	0.05%
EPRT	B	0.05%
PODD	C	0.05%
FBNC	B	0.05%
BRBR	A	0.05%
CCO	C	0.05%
AMRK	F	0.05%
CHEF	A	0.05%
CMCO	C	0.05%
PSTG	D	0.05%
MELI	C	0.05%
BV	C	0.05%
ESGR	B	0.05%
MODG	F	0.05%
AMCX	C	0.05%
SENEA	A	0.04%
ASIX	B	0.04%
IPAR	B	0.04%
CARS	C	0.04%
NVEE	F	0.04%
PRA	C	0.04%
CNSL	C	0.04%
SWBI	C	0.04%
ENPH	F	0.04%
FBRT	D	0.04%
PUMP	C	0.04%
RDNT	B	0.04%
IHRT	B	0.04%
GLOB	B	0.04%
GLNG	C	0.04%
RDUS	B	0.04%
ZUMZ	B	0.04%
GCO	C	0.04%
CSTM	F	0.04%
DHT	F	0.04%
INVA	D	0.04%
GTN	F	0.04%
RES	D	0.04%
EXAS	D	0.04%
RGEN	D	0.04%
AGRO	D	0.04%
IVT	A	0.04%
PEN	B	0.04%
VTLE	C	0.04%
PARR	F	0.04%
ZI	D	0.04%
SNAP	D	0.04%
HLIO	B	0.04%
WING	D	0.04%
LNN	B	0.04%
HAIN	D	0.04%
NOG	B	0.04%
LSCC	D	0.04%
W	D	0.04%
HZO	F	0.04%
BZH	C	0.04%
NEOG	F	0.04%
LTC	B	0.04%
AZTA	D	0.04%
CNXC	F	0.04%
GRBK	D	0.04%
FCPT	C	0.04%
COHU	C	0.04%
CMRE	C	0.03%
ASTH	F	0.03%
KNSL	B	0.03%
DAC	C	0.03%
USNA	C	0.03%
XP	F	0.03%
WRLD	C	0.03%
RWT	D	0.03%
PAGS	F	0.03%
CNNE	B	0.03%
THRY	D	0.03%
GDEN	B	0.03%
VIR	D	0.03%
EVTC	B	0.03%
CVGW	D	0.03%
HMST	F	0.03%
HSII	B	0.03%
SBCF	B	0.03%
TKO	A	0.03%
AGM	B	0.03%
RGR	F	0.03%
ILPT	F	0.03%
PEGA	B	0.03%
SBLK	F	0.03%
DT	D	0.03%
PRVA	C	0.03%
MP	C	0.03%
GLDD	B	0.03%
RKT	F	0.03%
RC	D	0.03%
AMC	C	0.03%
CFFN	C	0.03%
CBL	B	0.03%
VAL	F	0.03%
WTTR	A	0.03%
LEVI	F	0.03%
VRNT	C	0.03%
MATV	D	0.03%
CMTG	F	0.03%
SCVL	F	0.03%
SMP	C	0.03%
SGRY	F	0.03%
USM	B	0.03%
NUS	D	0.03%
MNRO	D	0.03%
ACLS	F	0.03%
SNOW	B	0.03%
LYV	A	0.03%
NVRI	D	0.03%
EGBN	B	0.03%
ASTE	C	0.03%
VSEC	C	0.03%
PZZA	F	0.03%
PLCE	C	0.02%
GTY	A	0.02%
ARKO	C	0.02%
CTRN	F	0.02%
CLDT	B	0.02%
HASI	D	0.02%
CLOV	D	0.02%
AMBC	C	0.02%
CLVT	D	0.02%
ALTO	F	0.02%
RYAM	C	0.02%
KRNY	C	0.02%
CMP	C	0.02%
CCSI	C	0.02%
DAY	B	0.02%
ARCO	F	0.02%
DHIL	B	0.02%
RUN	F	0.02%
DBI	F	0.02%
TEN	F	0.02%
OPK	C	0.02%
GNK	D	0.02%
CSV	B	0.02%
WOW	C	0.02%
EDR	A	0.02%
CLB	B	0.02%
HVT	D	0.02%
AVO	C	0.02%
HFWA	C	0.02%
MTW	C	0.02%
EBF	F	0.02%
MERC	F	0.02%
XPRO	D	0.02%
CNOB	B	0.02%
WASH	C	0.02%
CALX	D	0.02%
TMP	B	0.02%
SHYF	C	0.02%
UFCS	A	0.02%
UTL	B	0.02%
HAFC	B	0.02%
MATW	C	0.02%
BJRI	C	0.02%
WMG	D	0.02%
PFC	B	0.02%
EVRI	A	0.02%
AHCO	F	0.02%
TBI	F	0.02%
BRKL	B	0.02%
CLW	F	0.02%
MTUS	C	0.02%
GDOT	D	0.02%
OKTA	C	0.02%
SBSI	C	0.02%
OCFC	B	0.02%
SFIX	B	0.02%
IIIN	C	0.01%
RILY	F	0.01%
NBHC	C	0.01%
LESL	D	0.01%
GPRO	F	0.01%
MBUU	B	0.01%
PKST	F	0.01%
HLNE	B	0.01%
JRVR	F	0.01%
PRM	C	0.01%
GSL	F	0.01%
SSP	F	0.01%
SRI	F	0.01%
MODV	C	0.01%
NU	C	0.01%
CRMT	D	0.01%
BMBL	C	0.01%
PETS	C	0.01%
CENT	C	0.01%
CCRN	F	0.01%
FLGT	F	0.01%
MOV	D	0.01%
GPMT	C	0.01%
TPIC	F	0.01%
OPI	F	0.01%
IRBT	F	0.01%
DENN	D	0.01%
SSYS	B	0.01%
AGL	F	0.01%
WOLF	F	0.01%
TITN	C	0.01%
RGP	F	0.01%
USPH	B	0.01%
FLWS	D	0.01%
PLOW	D	0.01%
MEI	F	0.01%
EVH	F	0.0%
MGPI	F	0.0%
ALGM	D	0.0%
TWI	F	0.0%
SEG	B	0.0%
WTI	F	0.0%
GSM	D	0.0%
CRNC	C	0.0%
SPWH	F	0.0%
DNUT	F	0.0%
HAYN	A	0.0%
ONEW	F	0.0%
INMD	C	0.0%
TTEC	F	0.0%
AMRC	F	0.0%
CMTL	F	0.0%
IIPR	D	0.0%
HOV	D	0.0%
REX	D	0.0%
SEDG	F	0.0%
PEBO	B	0.0%
LXU	B	0.0%
TBBK	B	0.0%
NR	B	0.0%
NIC	B	0.0%
PFBC	B	0.0%

FNDA Underweight 294 Positions Relative to FESM

Symbol	Grade	Weight
SFM	A	-0.99%
QTWO	A	-0.73%
PAYO	A	-0.69%
LUMN	C	-0.69%
JXN	C	-0.61%
WT	A	-0.58%
EME	A	-0.56%
CVNA	B	-0.55%
VMEO	B	-0.5%
TMHC	C	-0.49%
TENB	C	-0.43%
INSM	C	-0.42%
LMND	B	-0.41%
REZI	A	-0.4%
GT	C	-0.4%
SANM	B	-0.39%
CECO	B	-0.38%
GH	B	-0.36%
TPH	D	-0.36%
BAND	B	-0.35%
GNW	A	-0.35%
FLR	B	-0.35%
CRDO	B	-0.33%
PCVX	D	-0.33%
VICR	C	-0.33%
ABM	B	-0.32%
MTH	D	-0.31%
YOU	D	-0.31%
YEXT	B	-0.29%
EGHT	B	-0.29%
WK	B	-0.29%
CNO	B	-0.28%
PHR	F	-0.27%
EZPW	B	-0.25%
RVMD	C	-0.25%
IRTC	C	-0.25%
WKC	C	-0.24%
PDFS	C	-0.23%
KBH	D	-0.21%
AXGN	C	-0.21%
TDS	B	-0.21%
SHAK	C	-0.21%
ZUO	B	-0.21%
OI	C	-0.21%
BL	B	-0.2%
HSTM	B	-0.2%
MUR	D	-0.2%
RNA	C	-0.19%
PRO	C	-0.18%
AORT	B	-0.18%
BVS	D	-0.18%
XRX	F	-0.18%
ARLO	C	-0.17%
BCC	B	-0.17%
PD	C	-0.17%
FLNC	D	-0.17%
INTA	B	-0.17%
PTCT	B	-0.16%
CYTK	F	-0.16%
BPMC	B	-0.16%
PLPC	B	-0.16%
DOMO	B	-0.15%
FLXS	B	-0.15%
VCYT	B	-0.15%
NFBK	C	-0.15%
RYTM	C	-0.15%
TVTX	C	-0.15%
AMAL	B	-0.15%
LMB	B	-0.14%
TWST	F	-0.14%
MDGL	B	-0.14%
FOLD	F	-0.14%
OSCR	D	-0.14%
EWTX	C	-0.14%
EXTR	C	-0.13%
CMC	B	-0.13%
ATRC	C	-0.13%
SRRK	C	-0.13%
WS	C	-0.13%
CPRX	C	-0.13%
WSR	A	-0.13%
REPX	A	-0.13%
AMRX	C	-0.12%
NRIX	C	-0.12%
USLM	A	-0.12%
TRUP	B	-0.12%
CRNX	C	-0.12%
DK	C	-0.12%
HCAT	D	-0.11%
TREE	F	-0.11%
ACAD	C	-0.11%
CDNA	D	-0.11%
HCI	C	-0.11%
ALTR	B	-0.11%
AMSC	B	-0.11%
AUR	C	-0.11%
LYTS	B	-0.11%
DYN	F	-0.11%
KURA	F	-0.1%
RKLB	A	-0.1%
AGS	A	-0.1%
BCRX	D	-0.1%
ODP	F	-0.1%
GKOS	B	-0.1%
ADMA	B	-0.1%
NGVC	A	-0.1%
KRYS	C	-0.1%
GMRE	F	-0.1%
TGTX	B	-0.1%
FLYW	B	-0.1%
PL	B	-0.09%
TNDM	D	-0.09%
TCMD	B	-0.09%
ACLX	C	-0.09%
SPT	C	-0.09%
AMBA	B	-0.09%
ARQT	B	-0.09%
ACMR	D	-0.09%
HLIT	D	-0.09%
EQC	B	-0.09%
TRUE	C	-0.09%
RDFN	D	-0.09%
WSBF	C	-0.08%
BSRR	B	-0.08%
LUNR	B	-0.08%
KOD	B	-0.08%
RXRX	F	-0.08%
AKBA	C	-0.08%
CDMO	A	-0.08%
RUSHA	C	-0.08%
TARS	C	-0.08%
LTH	C	-0.08%
AXSM	B	-0.07%
EOLS	D	-0.07%
JAMF	F	-0.07%
REPL	D	-0.07%
FISI	B	-0.07%
WVE	C	-0.07%
ARAY	C	-0.07%
PGC	B	-0.07%
BBIO	F	-0.07%
CTBI	B	-0.07%
COLL	F	-0.07%
HBI	B	-0.07%
HRTG	C	-0.07%
ADPT	C	-0.07%
MCRI	A	-0.06%
ALHC	C	-0.06%
SGMO	C	-0.06%
ORGO	B	-0.06%
ARVN	F	-0.06%
RVNC	F	-0.06%
ORIC	F	-0.06%
CERS	D	-0.06%
CTKB	C	-0.06%
CDXS	B	-0.06%
SNDX	F	-0.06%
HURC	B	-0.06%
NARI	C	-0.06%
LNTH	D	-0.06%
DNLI	D	-0.06%
RM	C	-0.06%
AGIO	C	-0.06%
WEAV	C	-0.06%
UEC	B	-0.06%
NUVB	C	-0.06%
NVAX	F	-0.06%
TMCI	C	-0.05%
COGT	D	-0.05%
ARWR	D	-0.05%
CCCC	F	-0.05%
NPAB	F	-0.05%
ATRO	D	-0.05%
PAHC	C	-0.05%
ANNX	F	-0.05%
DAKT	C	-0.05%
UHT	D	-0.05%
QTRX	F	-0.05%
VNDA	C	-0.05%
ARCT	F	-0.05%
NRDS	C	-0.05%
OPY	B	-0.05%
HNST	A	-0.05%
BY	B	-0.05%
SNCY	C	-0.05%
ERAS	C	-0.05%
AKRO	B	-0.05%
EE	A	-0.05%
APPN	B	-0.05%
LMAT	A	-0.04%
LPSN	F	-0.04%
STRO	F	-0.04%
ZNTL	F	-0.04%
IDYA	F	-0.04%
BLBD	D	-0.04%
PTGX	D	-0.04%
UNFI	A	-0.04%
IOVA	F	-0.04%
ALLK	D	-0.04%
KALV	F	-0.04%
GERN	D	-0.04%
CXM	C	-0.04%
OABI	F	-0.04%
NUVL	C	-0.04%
SAGE	F	-0.04%
NXRT	B	-0.04%
DSGN	C	-0.04%
ALX	D	-0.04%
ETNB	C	-0.04%
BASE	B	-0.04%
BECN	B	-0.04%
COUR	F	-0.04%
NSSC	D	-0.04%
ZIP	D	-0.04%
MLNK	C	-0.04%
RLAY	F	-0.03%
BEAM	D	-0.03%
ENTA	F	-0.03%
SANA	F	-0.03%
PKE	B	-0.03%
TSHA	C	-0.03%
RLMD	F	-0.03%
RCKT	F	-0.03%
RMAX	C	-0.03%
ANIK	D	-0.03%
MBWM	B	-0.03%
IDT	B	-0.03%
HIMS	B	-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%
CLDX	F	-0.03%
UVSP	B	-0.03%
FNKO	D	-0.03%
BDTX	F	-0.03%
ASC	F	-0.03%
ETWO	F	-0.03%
ARRY	F	-0.03%
UFPI	C	-0.03%
TERN	F	-0.03%
MGNX	F	-0.03%
VYGR	F	-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%
SVRA	F	-0.02%
ALEC	F	-0.02%
NTLA	F	-0.02%
ONTF	C	-0.02%
TNYA	D	-0.02%
NKTR	F	-0.02%
DVAX	C	-0.02%
MQ	D	-0.02%
PGEN	F	-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%
SPOK	B	-0.02%
MRSN	D	-0.02%
XNCR	B	-0.02%
PBYI	C	-0.02%
ACET	F	-0.02%
DOC	C	-0.02%
KPTI	D	-0.02%
ABSI	F	-0.02%
VERA	C	-0.02%
KYMR	D	-0.02%
YMAB	F	-0.02%
NABL	F	-0.02%
SWTX	C	-0.02%
HROW	D	-0.02%
ANIP	F	-0.02%
SPCE	D	-0.01%
INO	F	-0.01%
ALVR	F	-0.01%
ZDGE	F	-0.01%
FGEN	D	-0.01%
IMVT	F	-0.01%
ADAP	F	-0.01%
CHRS	D	-0.01%
SMMT	D	-0.01%
XBIT	F	-0.01%
RCKY	F	-0.01%