FSMD vs. ESML ETF Comparison

Comparison of Fidelity Small-Mid Factor ETF (FSMD) to iShares MSCI USA Small-Cap ESG Optimized ETF (ESML)

FSMD

Fidelity Small-Mid Factor ETF

FSMD Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Small-Mid Factor Index℠. The fund normally invests at least 80% of its assets in securities included in the Fidelity Small-Mid Factor Index℠, which is designed to reflect the performance of stocks of small- and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market, as represented by the Fidelity U.S. Extended Investable Market Index℠.

Grade (RS Rating)

Last Trade

$42.67

Average Daily Volume

91,263

Number of Holdings ^*

578

* may have additional holdings in another (foreign) market

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

$43.29

Average Daily Volume

103,565

Number of Holdings ^*

904

* may have additional holdings in another (foreign) market

Performance

Period	FSMD	ESML
30 Days	1.09%	1.19%
60 Days	5.37%	6.06%
90 Days	8.16%	11.14%
12 Months	32.15%	30.32%

326 Overlapping Holdings

Symbol	Grade	Weight in FSMD	Weight in ESML	Overlap
AAON	A	0.25%	0.25%	0.25%
AAT	C	0.1%	0.07%	0.07%
ABG	A	0.16%	0.12%	0.12%
ACA	B	0.15%	0.14%	0.14%
ACIW	B	0.19%	0.16%	0.16%
ACLX	C	0.19%	0.08%	0.08%
ADC	A	0.2%	0.11%	0.11%
ADMA	C	0.22%	0.06%	0.06%
ADUS	D	0.12%	0.05%	0.05%
AEO	F	0.12%	0.08%	0.08%
AGCO	D	0.15%	0.13%	0.13%
AIT	A	0.25%	0.13%	0.13%
ALKS	B	0.16%	0.1%	0.1%
ALRM	C	0.11%	0.05%	0.05%
ALSN	B	0.25%	0.26%	0.25%
ALTR	B	0.18%	0.14%	0.14%
AMAL	B	0.11%	0.1%	0.1%
AMED	F	0.12%	0.09%	0.09%
AMG	A	0.17%	0.19%	0.17%
AMN	F	0.05%	0.04%	0.04%
AN	D	0.13%	0.07%	0.07%
ANDE	C	0.08%	0.06%	0.06%
ANF	C	0.19%	0.15%	0.15%
APAM	A	0.14%	0.1%	0.1%
APPF	C	0.16%	0.11%	0.11%
AROC	A	0.17%	0.1%	0.1%
ARW	D	0.16%	0.09%	0.09%
ASB	A	0.16%	0.17%	0.16%
ASGN	D	0.15%	0.14%	0.14%
ASH	F	0.12%	0.04%	0.04%
ATEN	A	0.11%	0.06%	0.06%
ATGE	B	0.14%	0.06%	0.06%
ATR	B	0.27%	0.24%	0.24%
AVA	C	0.13%	0.19%	0.13%
AVT	C	0.15%	0.27%	0.15%
AWI	A	0.18%	0.23%	0.18%
AXS	A	0.19%	0.19%	0.19%
AXTA	A	0.21%	0.27%	0.21%
AYI	A	0.24%	0.34%	0.24%
AZZ	B	0.11%	0.07%	0.07%
BCC	B	0.15%	0.16%	0.15%
BCPC	B	0.16%	0.13%	0.13%
BERY	D	0.19%	0.17%	0.17%
BFAM	F	0.17%	0.2%	0.17%
BGC	B	0.16%	0.05%	0.05%
BHE	B	0.11%	0.16%	0.11%
BJ	B	0.25%	0.25%	0.25%
BLD	F	0.24%	0.26%	0.24%
BMI	B	0.19%	0.3%	0.19%
BNL	D	0.13%	0.05%	0.05%
BPMC	D	0.17%	0.08%	0.08%
BPOP	C	0.18%	0.08%	0.08%
BRBR	A	0.24%	0.1%	0.1%
BRC	C	0.12%	0.09%	0.09%
BRKR	F	0.15%	0.13%	0.13%
BRX	A	0.22%	0.16%	0.16%
BRY	F	0.07%	0.03%	0.03%
BWA	A	0.2%	0.18%	0.18%
BWXT	A	0.26%	0.3%	0.26%
BYD	A	0.17%	0.06%	0.06%
CACI	C	0.27%	0.21%	0.21%
CALM	A	0.15%	0.06%	0.06%
CASY	B	0.32%	0.52%	0.32%
CBSH	A	0.22%	0.23%	0.22%
CBT	C	0.18%	0.13%	0.13%
CBZ	B	0.13%	0.06%	0.06%
CECO	C	0.07%	0.05%	0.05%
CHDN	C	0.22%	0.14%	0.14%
CHE	D	0.21%	0.14%	0.14%
CHH	A	0.14%	0.06%	0.06%
CIEN	B	0.26%	0.19%	0.19%
CIVI	F	0.14%	0.05%	0.05%
CLH	C	0.27%	0.06%	0.06%
CLW	F	0.04%	0.04%	0.04%
CMA	A	0.24%	0.21%	0.21%
CMC	B	0.19%	0.22%	0.19%
CNM	F	0.16%	0.22%	0.16%
CNO	A	0.16%	0.2%	0.16%
CNX	A	0.23%	0.28%	0.23%
CNXC	F	0.07%	0.03%	0.03%
COKE	C	0.16%	0.06%	0.06%
COLM	B	0.12%	0.07%	0.07%
COOP	B	0.19%	0.05%	0.05%
CPF	A	0.11%	0.15%	0.11%
CPRX	C	0.15%	0.05%	0.05%
CR	A	0.21%	0.19%	0.19%
CRAI	B	0.1%	0.05%	0.05%
CRNX	C	0.15%	0.11%	0.11%
CROX	F	0.16%	0.15%	0.15%
CRUS	F	0.15%	0.15%	0.15%
CRVL	B	0.15%	0.09%	0.09%
CTS	B	0.12%	0.07%	0.07%
CUBE	C	0.24%	0.2%	0.2%
CUBI	B	0.1%	0.05%	0.05%
CUZ	B	0.16%	0.21%	0.16%
CVLT	B	0.2%	0.22%	0.2%
CW	B	0.31%	0.23%	0.23%
DBX	C	0.19%	0.16%	0.16%
DCI	B	0.21%	0.25%	0.21%
DEA	D	0.1%	0.07%	0.07%
DEI	B	0.13%	0.02%	0.02%
DLB	D	0.14%	0.16%	0.14%
DOCS	C	0.28%	0.08%	0.08%
DTM	A	0.28%	0.28%	0.28%
DUOL	B	0.33%	0.18%	0.18%
DXC	C	0.15%	0.11%	0.11%
DY	C	0.15%	0.1%	0.1%
EGY	F	0.08%	0.04%	0.04%
EHC	B	0.25%	0.29%	0.25%
ELAN	C	0.2%	0.16%	0.16%
ENSG	D	0.22%	0.2%	0.2%
EPAC	B	0.12%	0.13%	0.12%
EPRT	C	0.17%	0.18%	0.17%
ESI	B	0.17%	0.14%	0.14%
ESNT	D	0.17%	0.07%	0.07%
ESTC	C	0.18%	0.17%	0.17%
EVR	A	0.27%	0.12%	0.12%
EWBC	A	0.33%	0.4%	0.33%
EWTX	C	0.21%	0.08%	0.08%
EXLS	B	0.21%	0.23%	0.21%
EXP	B	0.25%	0.06%	0.06%
EXPO	D	0.14%	0.06%	0.06%
FBP	A	0.14%	0.2%	0.14%
FCN	F	0.17%	0.19%	0.17%
FELE	B	0.13%	0.22%	0.13%
FHN	A	0.26%	0.23%	0.23%
FIX	A	0.34%	0.38%	0.34%
FLO	D	0.13%	0.04%	0.04%
FLS	A	0.2%	0.16%	0.16%
FN	C	0.23%	0.17%	0.17%
FORM	F	0.12%	0.04%	0.04%
FR	D	0.18%	0.09%	0.09%
FRT	B	0.21%	0.31%	0.21%
FSS	C	0.14%	0.15%	0.14%
FTDR	B	0.17%	0.22%	0.17%
FTI	A	0.29%	0.35%	0.29%
FUL	F	0.13%	0.1%	0.1%
FULT	A	0.15%	0.12%	0.12%
GKOS	B	0.21%	0.18%	0.18%
GL	B	0.23%	0.12%	0.12%
GMED	A	0.24%	0.11%	0.11%
GPI	A	0.17%	0.19%	0.17%
GPK	D	0.21%	0.26%	0.21%
GTES	B	0.13%	0.07%	0.07%
GWRE	B	0.35%	0.43%	0.35%
HAE	A	0.16%	0.12%	0.12%
HALO	D	0.21%	0.11%	0.11%
HCC	B	0.13%	0.05%	0.05%
HIMS	C	0.18%	0.07%	0.07%
HIW	D	0.13%	0.13%	0.13%
HNI	A	0.11%	0.15%	0.11%
HOG	D	0.13%	0.2%	0.13%
HRB	D	0.21%	0.19%	0.19%
HWKN	C	0.11%	0.07%	0.07%
IBCP	A	0.1%	0.14%	0.1%
IBKR	A	0.42%	0.32%	0.32%
IBOC	A	0.15%	0.06%	0.06%
IBP	F	0.14%	0.09%	0.09%
ICFI	F	0.12%	0.08%	0.08%
IDCC	A	0.18%	0.14%	0.14%
IESC	B	0.16%	0.08%	0.08%
INFA	F	0.09%	0.05%	0.05%
INGR	B	0.24%	0.42%	0.24%
IOSP	C	0.12%	0.08%	0.08%
ITGR	B	0.17%	0.13%	0.13%
ITT	A	0.26%	0.28%	0.26%
JLL	C	0.27%	0.34%	0.27%
JXN	B	0.22%	0.14%	0.14%
KBH	D	0.16%	0.2%	0.16%
KD	A	0.19%	0.1%	0.1%
KELYA	F	0.05%	0.03%	0.03%
KFY	B	0.13%	0.09%	0.09%
KLG	F	0.09%	0.05%	0.05%
KNF	B	0.17%	0.13%	0.13%
KNSL	C	0.24%	0.2%	0.2%
KRC	C	0.15%	0.11%	0.11%
KRYS	D	0.15%	0.04%	0.04%
KTB	A	0.17%	0.16%	0.16%
KURA	F	0.1%	0.04%	0.04%
LECO	C	0.26%	0.2%	0.2%
LEVI	F	0.1%	0.05%	0.05%
LNTH	F	0.16%	0.1%	0.1%
LOPE	B	0.16%	0.05%	0.05%
LRN	A	0.17%	0.13%	0.13%
LSTR	D	0.17%	0.21%	0.17%
MASI	A	0.23%	0.06%	0.06%
MDU	D	0.1%	0.18%	0.1%
MEDP	D	0.21%	0.15%	0.15%
MGRC	B	0.11%	0.09%	0.09%
MHK	D	0.19%	0.07%	0.07%
MHO	D	0.14%	0.05%	0.05%
MIR	A	0.15%	0.08%	0.08%
MMS	D	0.15%	0.04%	0.04%
MMSI	A	0.2%	0.15%	0.15%
MOG.A	B	0.17%	0.24%	0.17%
MORN	B	0.23%	0.18%	0.18%
MSA	D	0.16%	0.17%	0.16%
MTG	C	0.18%	0.23%	0.18%
MTH	D	0.17%	0.17%	0.17%
MTN	C	0.18%	0.2%	0.18%
MTSI	B	0.21%	0.09%	0.09%
MTX	B	0.11%	0.12%	0.11%
MUSA	A	0.23%	0.34%	0.23%
MWA	A	0.14%	0.25%	0.14%
NFG	A	0.18%	0.2%	0.18%
NMIH	D	0.13%	0.09%	0.09%
NOVT	D	0.17%	0.19%	0.17%
NSIT	F	0.13%	0.13%	0.13%
NTNX	A	0.38%	0.36%	0.36%
NTRA	B	0.35%	0.31%	0.31%
NVT	B	0.26%	0.19%	0.19%
NXST	D	0.17%	0.09%	0.09%
NYT	D	0.24%	0.18%	0.18%
OGN	F	0.12%	0.09%	0.09%
OHI	C	0.24%	0.19%	0.19%
OLED	F	0.18%	0.08%	0.08%
OLLI	D	0.16%	0.12%	0.12%
OMF	A	0.18%	0.2%	0.18%
ONTO	F	0.21%	0.21%	0.21%
ORI	A	0.23%	0.13%	0.13%
OSK	C	0.18%	0.3%	0.18%
OWL	A	0.26%	0.06%	0.06%
OZK	A	0.16%	0.14%	0.14%
PAHC	A	0.12%	0.06%	0.06%
PBF	D	0.12%	0.06%	0.06%
PCVX	D	0.26%	0.21%	0.21%
PDM	D	0.1%	0.06%	0.06%
PEGA	B	0.16%	0.11%	0.11%
PGRE	C	0.09%	0.05%	0.05%
PI	D	0.17%	0.07%	0.07%
PINC	B	0.12%	0.14%	0.12%
PIPR	A	0.18%	0.08%	0.08%
PJT	A	0.15%	0.1%	0.1%
PLMR	A	0.13%	0.08%	0.08%
PLNT	A	0.23%	0.2%	0.2%
PLUS	F	0.12%	0.06%	0.06%
PLXS	B	0.16%	0.17%	0.16%
POST	D	0.16%	0.09%	0.09%
POWL	C	0.18%	0.09%	0.09%
PRCT	B	0.19%	0.08%	0.08%
PRGS	B	0.14%	0.24%	0.14%
PRI	A	0.26%	0.23%	0.23%
PRIM	A	0.16%	0.14%	0.14%
PSN	C	0.15%	0.1%	0.1%
QTWO	A	0.21%	0.12%	0.12%
R	A	0.19%	0.29%	0.19%
RDN	C	0.15%	0.09%	0.09%
RDNT	B	0.2%	0.1%	0.1%
REXR	F	0.2%	0.31%	0.2%
RGA	A	0.31%	0.3%	0.3%
RGEN	D	0.19%	0.16%	0.16%
RGLD	C	0.22%	0.29%	0.22%
RHI	B	0.2%	0.21%	0.2%
RL	B	0.22%	0.09%	0.09%
RLI	A	0.2%	0.2%	0.2%
RNR	D	0.3%	0.24%	0.24%
ROCK	C	0.1%	0.06%	0.06%
RUSHA	B	0.13%	0.05%	0.05%
SBH	A	0.11%	0.05%	0.05%
SCI	B	0.28%	0.27%	0.27%
SEM	B	0.15%	0.07%	0.07%
SF	A	0.29%	0.18%	0.18%
SFM	A	0.33%	0.43%	0.33%
SHOO	D	0.13%	0.11%	0.11%
SIGI	A	0.18%	0.29%	0.18%
SLM	A	0.17%	0.16%	0.16%
SLVM	B	0.14%	0.05%	0.05%
SMP	C	0.09%	0.05%	0.05%
SNV	A	0.23%	0.3%	0.23%
SNX	D	0.22%	0.08%	0.08%
SON	D	0.14%	0.11%	0.11%
SPSC	D	0.17%	0.16%	0.16%
SR	A	0.15%	0.14%	0.14%
SRPT	F	0.23%	0.18%	0.18%
SSD	D	0.18%	0.1%	0.1%
STAA	F	0.08%	0.03%	0.03%
STRL	B	0.2%	0.13%	0.13%
SUM	B	0.18%	0.28%	0.18%
SXT	C	0.13%	0.07%	0.07%
TDS	B	0.18%	0.08%	0.08%
TENB	D	0.15%	0.1%	0.1%
TGNA	B	0.16%	0.2%	0.16%
THC	C	0.34%	0.23%	0.23%
THG	A	0.18%	0.18%	0.18%
TMHC	B	0.2%	0.17%	0.17%
TNC	F	0.08%	0.05%	0.05%
TNL	A	0.15%	0.16%	0.15%
TOL	B	0.33%	0.27%	0.27%
TPH	D	0.13%	0.14%	0.13%
TPR	A	0.28%	0.29%	0.28%
TPX	A	0.23%	0.14%	0.14%
TREX	C	0.18%	0.07%	0.07%
TTEK	D	0.27%	0.16%	0.16%
TWST	F	0.11%	0.05%	0.05%
TXRH	A	0.29%	0.11%	0.11%
UFPT	C	0.12%	0.05%	0.05%
UGI	C	0.16%	0.24%	0.16%
UMBF	A	0.18%	0.27%	0.18%
UNM	A	0.29%	0.25%	0.25%
UPBD	B	0.09%	0.06%	0.06%
VCTR	B	0.14%	0.07%	0.07%
VECO	F	0.08%	0.1%	0.08%
VMI	B	0.18%	0.13%	0.13%
VNT	C	0.18%	0.15%	0.15%
VOYA	A	0.22%	0.16%	0.16%
VRNS	D	0.16%	0.06%	0.06%
VRRM	D	0.11%	0.06%	0.06%
VVV	B	0.16%	0.17%	0.16%
WAL	A	0.25%	0.22%	0.22%
WBS	A	0.26%	0.27%	0.26%
WDFC	A	0.14%	0.11%	0.11%
WEN	C	0.13%	0.09%	0.09%
WFRD	F	0.18%	0.15%	0.15%
WH	A	0.22%	0.15%	0.15%
WING	F	0.22%	0.19%	0.19%
WKC	C	0.13%	0.05%	0.05%
WMS	F	0.19%	0.21%	0.19%
WTFC	A	0.22%	0.07%	0.07%
WTS	A	0.15%	0.21%	0.15%
WU	F	0.12%	0.07%	0.07%
WWD	B	0.24%	0.19%	0.19%
XHR	B	0.1%	0.07%	0.07%
YELP	C	0.14%	0.05%	0.05%
ZD	B	0.16%	0.08%	0.08%
ZION	A	0.23%	0.2%	0.2%
ZWS	B	0.16%	0.2%	0.16%

FSMD Overweight 252 Positions Relative to ESML

Symbol	Grade	Weight
TPL	A	0.57%
EME	B	0.46%
LYV	A	0.42%
NRG	B	0.41%
UTHR	B	0.38%
LII	B	0.37%
SNA	A	0.37%
MANH	D	0.36%
RPM	A	0.35%
PNR	A	0.34%
NWSA	B	0.33%
WSO	A	0.33%
OC	A	0.32%
EQH	B	0.32%
TW	B	0.32%
L	A	0.31%
ACM	B	0.31%
GGG	A	0.3%
INCY	B	0.3%
PSTG	F	0.3%
ROL	A	0.29%
CPT	D	0.28%
NDSN	B	0.28%
EXEL	B	0.28%
ELS	B	0.28%
SW	A	0.28%
NBIX	D	0.27%
UHS	D	0.27%
REG	A	0.27%
JNPR	D	0.27%
LAMR	D	0.26%
BSY	D	0.26%
BXP	D	0.26%
ALLE	D	0.26%
AMH	C	0.26%
AIZ	A	0.26%
CHRW	A	0.26%
HLI	A	0.25%
SOLV	C	0.25%
MLI	B	0.25%
DOX	D	0.25%
DKS	D	0.25%
TAP	A	0.25%
OGE	A	0.24%
HLNE	A	0.23%
AFG	A	0.23%
ERIE	F	0.23%
SEIC	A	0.22%
DVA	C	0.22%
ALLY	C	0.22%
CORT	B	0.21%
HSIC	D	0.21%
TFX	F	0.21%
RBC	A	0.21%
CRBG	B	0.2%
SKX	D	0.2%
CPB	D	0.2%
SAIC	D	0.2%
ESAB	B	0.2%
CHRD	F	0.2%
MTCH	F	0.2%
HRL	D	0.2%
G	A	0.2%
ALV	C	0.19%
ACI	C	0.19%
TTC	D	0.19%
AOS	F	0.19%
UFPI	C	0.19%
NNN	D	0.19%
WMG	B	0.18%
DINO	D	0.18%
SN	C	0.18%
MGY	A	0.18%
CSWI	B	0.18%
GNTX	C	0.18%
MATX	B	0.17%
DORM	B	0.17%
QLYS	C	0.17%
HII	F	0.17%
STAG	D	0.17%
CEIX	A	0.17%
ZETA	F	0.16%
AGX	B	0.16%
ALE	A	0.16%
AX	A	0.16%
PBH	A	0.16%
SKYW	A	0.16%
BKH	A	0.16%
ROAD	B	0.16%
GEO	A	0.16%
NWE	C	0.15%
CVCO	A	0.15%
VIRT	A	0.15%
FHI	A	0.15%
KAI	A	0.15%
AXNX	A	0.15%
GHC	A	0.15%
EEFT	C	0.15%
SANM	B	0.15%
CTRE	D	0.15%
CATY	A	0.15%
BTU	B	0.15%
NHI	D	0.14%
SUPN	B	0.14%
VCEL	A	0.14%
USLM	A	0.14%
ESGR	B	0.14%
CXW	B	0.14%
ENVA	A	0.14%
SLGN	B	0.14%
IDT	B	0.14%
SMLR	B	0.14%
LGND	B	0.13%
OTTR	C	0.13%
MSM	C	0.13%
SKWD	A	0.13%
ARCH	B	0.13%
NEU	C	0.13%
TKR	F	0.13%
PHIN	A	0.13%
CASH	A	0.13%
LMAT	A	0.13%
ASO	F	0.13%
LANC	D	0.13%
UE	B	0.13%
GPOR	A	0.13%
BFH	A	0.13%
SNEX	A	0.13%
AGR	A	0.13%
GNW	A	0.13%
TPB	A	0.12%
OSIS	A	0.12%
LBRT	F	0.12%
NSA	C	0.12%
AMPH	F	0.12%
PAG	A	0.12%
ENS	D	0.12%
USM	B	0.12%
PPC	B	0.12%
CHCO	A	0.12%
AMRX	C	0.12%
PATK	C	0.12%
HMN	A	0.12%
QCRH	A	0.12%
BCO	F	0.12%
WSBC	A	0.12%
VSTO	A	0.12%
MCY	A	0.12%
WLK	F	0.12%
HCKT	A	0.11%
UVSP	A	0.11%
PLAB	D	0.11%
LZB	A	0.11%
NHC	B	0.11%
AMKR	F	0.11%
APOG	B	0.11%
GIII	D	0.11%
GOLF	A	0.11%
PFBC	A	0.11%
HCI	B	0.11%
WABC	A	0.11%
LTC	B	0.11%
EQC	A	0.11%
BKE	A	0.11%
SHO	D	0.11%
CTBI	A	0.11%
EIG	A	0.11%
STRA	C	0.11%
CXT	D	0.11%
UNF	A	0.11%
SPOK	B	0.11%
OFG	B	0.11%
HUBG	A	0.11%
ADTN	A	0.11%
PLTK	A	0.11%
MCB	A	0.11%
GNE	F	0.1%
DDS	B	0.1%
ASTH	F	0.1%
TPC	C	0.1%
UTI	A	0.1%
INSW	F	0.1%
SCSC	B	0.1%
UVE	A	0.1%
ACT	C	0.1%
THFF	A	0.1%
SPNT	A	0.1%
USPH	C	0.1%
URBN	C	0.1%
SRCE	A	0.1%
HSTM	B	0.1%
WINA	B	0.1%
SXC	A	0.1%
AMR	C	0.1%
MSBI	A	0.1%
STNG	F	0.1%
REX	C	0.1%
UTL	C	0.1%
MCRI	A	0.1%
CSV	B	0.1%
PRDO	B	0.1%
SIRI	C	0.1%
PEBO	A	0.1%
INVA	C	0.1%
ZYXI	D	0.09%
CNXN	D	0.09%
UTMD	D	0.09%
MLR	B	0.09%
CWCO	C	0.09%
CFB	B	0.09%
FF	F	0.09%
FIZZ	B	0.09%
HSII	B	0.09%
WSR	B	0.09%
REYN	D	0.09%
SCHL	F	0.09%
ANIP	D	0.09%
OLP	A	0.09%
BBSI	A	0.09%
CASS	B	0.09%
ALX	D	0.08%
NVEC	D	0.08%
LPG	F	0.08%
AMCX	C	0.08%
OSUR	F	0.08%
IMKTA	C	0.08%
ETD	D	0.08%
SCS	A	0.08%
COLL	F	0.08%
VNDA	C	0.08%
SSTK	F	0.08%
SCVL	F	0.08%
HCSG	B	0.08%
VSH	F	0.08%
SIGA	F	0.07%
NSSC	F	0.07%
METC	C	0.07%
EBF	D	0.07%
JBSS	F	0.07%
NPK	B	0.07%
KRT	A	0.07%
RMR	F	0.07%
HE	D	0.07%
SLP	F	0.07%
KFRC	D	0.07%
TRNS	F	0.07%
IMMR	F	0.06%
GIC	F	0.06%
MRVI	F	0.06%
ASC	F	0.06%
PANL	F	0.06%
JBI	F	0.04%

FSMD Underweight 578 Positions Relative to ESML

Symbol	Grade	Weight
JHG	A	-0.51%
USFD	B	-0.49%
CVNA	A	-0.48%
KBR	D	-0.35%
FLEX	B	-0.33%
XPO	B	-0.33%
OGS	A	-0.31%
GBCI	A	-0.3%
PNFP	A	-0.3%
COHR	B	-0.28%
SAIA	B	-0.28%
SSB	A	-0.27%
WEX	F	-0.25%
RRC	B	-0.25%
WCC	A	-0.24%
FTAI	A	-0.24%
IVZ	B	-0.24%
HRI	B	-0.24%
NCLH	B	-0.24%
REZI	A	-0.23%
AFRM	A	-0.23%
ARMK	C	-0.23%
ALK	A	-0.23%
SOFI	A	-0.22%
LAD	A	-0.22%
GNRC	B	-0.22%
AR	B	-0.22%
EGP	D	-0.21%
CDP	C	-0.21%
INSM	D	-0.21%
GME	C	-0.21%
NJR	A	-0.21%
ITRI	B	-0.2%
FND	F	-0.2%
BDC	B	-0.2%
WHR	A	-0.2%
PCTY	B	-0.2%
BHLB	A	-0.2%
HHH	B	-0.2%
WK	B	-0.2%
PR	C	-0.19%
LUMN	C	-0.19%
HAS	D	-0.19%
ONB	B	-0.19%
LNW	D	-0.19%
SNDR	B	-0.19%
DAR	B	-0.19%
FRPT	B	-0.19%
AA	A	-0.19%
RHP	B	-0.19%
BANR	A	-0.18%
SPXC	A	-0.18%
KNTK	A	-0.18%
VFC	B	-0.18%
ENLC	A	-0.18%
AEIS	B	-0.17%
LAZ	B	-0.17%
CHX	C	-0.17%
PCH	D	-0.17%
PCOR	B	-0.17%
PEN	B	-0.17%
LPX	A	-0.17%
UBSI	A	-0.17%
GATX	A	-0.17%
WSC	F	-0.17%
MTZ	B	-0.17%
MYRG	B	-0.16%
FAF	C	-0.16%
EAT	A	-0.16%
HQY	A	-0.16%
TKO	C	-0.16%
JAZZ	A	-0.16%
SITE	D	-0.16%
GXO	B	-0.16%
PVH	C	-0.16%
CFLT	C	-0.15%
VLY	A	-0.15%
ECG	D	-0.15%
CADE	A	-0.15%
AM	A	-0.15%
FIBK	A	-0.15%
CRS	A	-0.15%
NOV	D	-0.15%
LSCC	D	-0.15%
RRX	B	-0.15%
ITCI	B	-0.15%
MOD	C	-0.15%
GTLB	B	-0.15%
HXL	F	-0.14%
BECN	B	-0.14%
X	D	-0.14%
GTLS	A	-0.14%
LFUS	D	-0.14%
RYAN	A	-0.14%
SMAR	A	-0.14%
RMBS	C	-0.14%
MKSI	D	-0.14%
BILL	A	-0.14%
CZR	F	-0.14%
ATI	D	-0.14%
FMC	F	-0.14%
AVAV	C	-0.13%
M	C	-0.13%
HESM	C	-0.13%
CAVA	B	-0.13%
MAT	C	-0.13%
PDCO	F	-0.13%
FYBR	C	-0.13%
KLIC	C	-0.13%
SWX	A	-0.13%
CYTK	D	-0.13%
AZEK	B	-0.13%
CPK	A	-0.13%
MUR	F	-0.13%
BOX	B	-0.13%
NPO	A	-0.13%
WTM	A	-0.13%
ELF	C	-0.13%
COLB	A	-0.13%
CABO	B	-0.13%
CVBF	A	-0.12%
AGNC	C	-0.12%
DFIN	D	-0.12%
YETI	F	-0.12%
IRDM	C	-0.12%
KOS	D	-0.12%
RKLB	B	-0.12%
WGO	B	-0.12%
WHD	B	-0.12%
BLKB	D	-0.12%
S	B	-0.12%
CRDO	C	-0.12%
WERN	B	-0.12%
THO	B	-0.12%
ADT	B	-0.12%
GAP	C	-0.12%
CSGS	A	-0.11%
PATH	D	-0.11%
JEF	A	-0.11%
ORA	B	-0.11%
ABCB	A	-0.11%
AUB	A	-0.11%
VKTX	F	-0.11%
LYFT	B	-0.11%
XENE	D	-0.11%
ECPG	A	-0.11%
EFSC	A	-0.11%
MRCY	B	-0.11%
LBRDA	B	-0.11%
KAR	A	-0.11%
VC	F	-0.1%
RXO	C	-0.1%
CFR	A	-0.1%
NWL	B	-0.1%
TDC	F	-0.1%
HASI	F	-0.1%
ERII	B	-0.1%
SCL	D	-0.1%
RVMD	B	-0.1%
HCP	B	-0.1%
TRN	A	-0.1%
FA	D	-0.1%
DV	C	-0.1%
CAC	A	-0.1%
STWD	D	-0.1%
NXT	C	-0.1%
SLG	B	-0.1%
ETSY	D	-0.1%
BHVN	C	-0.1%
DNLI	C	-0.1%
DRS	B	-0.1%
CRC	B	-0.1%
LITE	A	-0.1%
PFSI	D	-0.1%
FLR	B	-0.1%
TRNO	D	-0.1%
AL	A	-0.1%
RDUS	C	-0.1%
CCOI	B	-0.1%
SIG	B	-0.1%
CGNX	D	-0.1%
LCII	D	-0.1%
ALTM	C	-0.1%
FIVE	F	-0.1%
LEA	F	-0.1%
VNO	B	-0.09%
RNA	C	-0.09%
ABM	B	-0.09%
UPST	B	-0.09%
U	F	-0.09%
CNK	A	-0.09%
SHAK	B	-0.09%
CURB	D	-0.09%
SLAB	F	-0.09%
ZI	D	-0.09%
OPCH	F	-0.09%
ESE	A	-0.09%
SJW	F	-0.09%
ATKR	C	-0.09%
HWC	A	-0.09%
MARA	B	-0.09%
IMAX	B	-0.09%
LNC	A	-0.09%
ACHC	F	-0.09%
EVRI	A	-0.08%
AVPT	A	-0.08%
AMWD	B	-0.08%
SBRA	C	-0.08%
BXMT	D	-0.08%
ICUI	D	-0.08%
KTOS	B	-0.08%
KOP	C	-0.08%
AUR	D	-0.08%
BL	B	-0.08%
TILE	A	-0.08%
TBBK	A	-0.08%
SPB	C	-0.08%
CRSP	D	-0.08%
VSEC	B	-0.08%
INTA	B	-0.08%
ST	F	-0.08%
ALG	B	-0.08%
SASR	A	-0.08%
TNET	F	-0.08%
PLYA	A	-0.08%
PRVA	B	-0.08%
LBPH	A	-0.08%
TEX	D	-0.08%
INDB	A	-0.08%
CHWY	B	-0.08%
INSP	F	-0.08%
ENOV	C	-0.08%
VAC	B	-0.08%
TARS	B	-0.08%
PRKS	A	-0.08%
BWIN	D	-0.08%
HR	C	-0.08%
NTGR	A	-0.08%
UNIT	B	-0.08%
BOH	A	-0.08%
LNN	B	-0.08%
STC	A	-0.08%
MAC	A	-0.08%
JBT	B	-0.08%
GVA	A	-0.08%
RNST	A	-0.08%
SKT	A	-0.07%
EE	A	-0.07%
HI	C	-0.07%
GBX	A	-0.07%
RARE	F	-0.07%
LBRDK	B	-0.07%
UEC	B	-0.07%
CWEN	D	-0.07%
GT	C	-0.07%
HGV	B	-0.07%
ESRT	D	-0.07%
SEE	B	-0.07%
PECO	A	-0.07%
HAFC	A	-0.07%
VSCO	A	-0.07%
CWK	B	-0.07%
BDN	D	-0.07%
VVX	C	-0.07%
ENR	A	-0.07%
SONO	C	-0.07%
AVNT	A	-0.07%
PRGO	C	-0.07%
ZYME	B	-0.07%
ROG	D	-0.07%
ALHC	C	-0.07%
AZTA	F	-0.07%
GH	B	-0.07%
BROS	A	-0.07%
FIVN	C	-0.07%
ATRC	C	-0.07%
HBI	A	-0.07%
BC	D	-0.07%
WRBY	A	-0.07%
CCCS	A	-0.07%
NWN	A	-0.07%
OUT	C	-0.07%
PAR	A	-0.07%
UNFI	A	-0.07%
MTRN	C	-0.06%
CAR	C	-0.06%
FNA	B	-0.06%
WT	A	-0.06%
SG	C	-0.06%
AAP	D	-0.06%
TMCI	C	-0.06%
DLX	A	-0.06%
CLSK	C	-0.06%
IRON	C	-0.06%
PRO	C	-0.06%
DCO	A	-0.06%
VERA	B	-0.06%
RBBN	B	-0.06%
VRTS	A	-0.06%
SATS	D	-0.06%
W	F	-0.06%
MBUU	C	-0.06%
PTCT	B	-0.06%
PLAY	C	-0.06%
AXSM	B	-0.06%
MOV	C	-0.06%
AGIO	B	-0.06%
NRIX	C	-0.06%
LXP	D	-0.06%
VRNT	D	-0.06%
JWN	A	-0.06%
POWI	D	-0.06%
CMCO	C	-0.06%
TGTX	B	-0.06%
CWAN	B	-0.06%
TDOC	C	-0.06%
PNTG	D	-0.06%
AIR	B	-0.06%
NBTB	A	-0.06%
CLNE	D	-0.06%
CMP	B	-0.06%
MGNI	A	-0.06%
AGO	A	-0.06%
CAKE	A	-0.06%
RUSHB	B	-0.06%
KROS	C	-0.06%
FL	F	-0.06%
VREX	C	-0.06%
FROG	C	-0.06%
SFBS	A	-0.06%
PYCR	C	-0.06%
VBTX	A	-0.06%
PEB	F	-0.06%
HELE	C	-0.06%
CART	C	-0.06%
BOOT	C	-0.06%
SMTC	C	-0.06%
NVST	C	-0.06%
PPBI	A	-0.06%
ACVA	A	-0.06%
SM	C	-0.06%
RCM	A	-0.06%
ROIV	D	-0.06%
FLYW	B	-0.06%
APG	C	-0.06%
IDYA	F	-0.06%
HURN	B	-0.06%
EYE	C	-0.06%
PK	C	-0.06%
CLB	C	-0.06%
MNKD	B	-0.06%
CCS	F	-0.06%
TALO	C	-0.06%
TGI	A	-0.06%
BKU	A	-0.06%
AVDX	C	-0.06%
VNOM	B	-0.06%
FRSH	B	-0.06%
KE	C	-0.06%
ENV	B	-0.06%
FUN	B	-0.06%
KREF	D	-0.06%
CLF	F	-0.06%
MRUS	D	-0.06%
FOUR	B	-0.06%
MAN	F	-0.06%
VRDN	C	-0.06%
VERX	A	-0.06%
WD	D	-0.06%
RH	C	-0.06%
VVI	A	-0.06%
FFIN	A	-0.06%
COMP	B	-0.06%
OII	B	-0.06%
PAYO	A	-0.06%
BANC	A	-0.06%
CBU	A	-0.06%
NARI	C	-0.06%
SWTX	C	-0.05%
RXST	F	-0.05%
EWCZ	D	-0.05%
HZO	F	-0.05%
AXL	C	-0.05%
ARVN	D	-0.05%
PBI	C	-0.05%
NUVB	C	-0.05%
THRM	F	-0.05%
ZEUS	C	-0.05%
ETNB	D	-0.05%
HLX	D	-0.05%
RYN	D	-0.05%
IONS	F	-0.05%
PLOW	D	-0.05%
DOCN	D	-0.05%
ARKO	D	-0.05%
SHC	D	-0.05%
ICHR	C	-0.05%
FTRE	D	-0.05%
GERN	F	-0.05%
APGE	D	-0.05%
CNMD	C	-0.05%
VSTS	F	-0.05%
FLG	F	-0.05%
ARCB	C	-0.05%
CDE	D	-0.05%
CLVT	F	-0.05%
XRAY	F	-0.05%
GOGO	C	-0.05%
PSMT	D	-0.05%
ACEL	B	-0.05%
BASE	C	-0.05%
WNC	C	-0.05%
MLTX	C	-0.05%
SLNO	C	-0.05%
INVX	C	-0.05%
PENN	B	-0.05%
ASAN	C	-0.05%
MLNK	C	-0.05%
MODG	F	-0.05%
MPW	F	-0.05%
AI	C	-0.05%
KSS	F	-0.05%
AMBC	C	-0.05%
PTGX	D	-0.05%
BEAM	D	-0.05%
AWR	A	-0.05%
XPEL	B	-0.05%
PFS	A	-0.05%
EDR	A	-0.05%
RUN	F	-0.05%
DGII	B	-0.05%
REVG	A	-0.05%
PRAA	C	-0.05%
HAIN	F	-0.05%
INFN	C	-0.05%
MRC	B	-0.05%
SPR	D	-0.05%
MNRO	B	-0.05%
VITL	F	-0.05%
LCID	F	-0.05%
ELVN	C	-0.05%
CWEN	D	-0.05%
MTTR	B	-0.05%
GO	C	-0.05%
KYMR	C	-0.05%
HAYW	A	-0.05%
EMBC	C	-0.05%
NEO	C	-0.05%
XPRO	F	-0.05%
RAMP	C	-0.05%
ZUO	A	-0.05%
VYX	C	-0.05%
OMCL	C	-0.05%
MMI	A	-0.05%
JANX	C	-0.05%
PDFS	D	-0.05%
CSTL	C	-0.05%
IART	C	-0.05%
CC	C	-0.05%
PRG	A	-0.05%
FFBC	A	-0.05%
GEF	A	-0.05%
TMDX	F	-0.05%
SKY	A	-0.05%
BE	A	-0.05%
LIVN	C	-0.05%
AORT	B	-0.05%
SMPL	B	-0.05%
KMPR	A	-0.05%
EPR	D	-0.05%
MDGL	C	-0.05%
ASTE	B	-0.05%
ARWR	D	-0.05%
KVYO	C	-0.05%
RNG	B	-0.05%
DNOW	A	-0.05%
HLIT	F	-0.05%
ARQT	D	-0.05%
GEF	A	-0.05%
NUVL	D	-0.05%
LEG	F	-0.05%
JBGS	D	-0.05%
UAA	B	-0.05%
MXL	C	-0.05%
NCNO	B	-0.05%
COLD	F	-0.05%
CALX	F	-0.05%
NBHC	A	-0.05%
AGYS	A	-0.05%
ALKT	B	-0.05%
PD	C	-0.05%
RCKT	F	-0.04%
OMI	F	-0.04%
FOXF	F	-0.04%
HPP	F	-0.04%
BKD	F	-0.04%
CAL	D	-0.04%
HOUS	F	-0.04%
GPRE	F	-0.04%
FLGT	F	-0.04%
NEP	F	-0.04%
XRX	F	-0.04%
CRI	D	-0.04%
QS	F	-0.04%
PRTA	F	-0.04%
NTLA	F	-0.04%
PGNY	F	-0.04%
CLDX	F	-0.04%
ESTA	D	-0.04%
SPT	C	-0.04%
JAMF	F	-0.04%
ARCT	F	-0.04%
CXM	C	-0.04%
TNDM	F	-0.04%
CGEM	F	-0.04%
COUR	F	-0.04%
SAVA	C	-0.04%
LESL	C	-0.04%
SIBN	D	-0.04%
SNDX	D	-0.04%
MLKN	F	-0.04%
IMVT	D	-0.04%
RCUS	F	-0.04%
NABL	F	-0.04%
MTUS	F	-0.04%
OSCR	F	-0.04%
AMC	C	-0.04%
PLUG	D	-0.04%
DYN	F	-0.04%
PLRX	D	-0.04%
HL	D	-0.04%
BBIO	F	-0.04%
DK	D	-0.04%
QDEL	F	-0.04%
ARLO	D	-0.04%
ALEC	F	-0.04%
PTEN	D	-0.04%
NVCR	D	-0.04%
MEI	F	-0.04%
IVR	D	-0.04%
BRZE	C	-0.04%
LGF.A	F	-0.04%
CWT	C	-0.04%
THS	F	-0.04%
UCB	A	-0.04%
RXRX	F	-0.04%
GRBK	D	-0.04%
TROX	F	-0.04%
COGT	D	-0.04%
RKT	F	-0.04%
AHH	D	-0.04%
EPC	F	-0.04%
NEOG	D	-0.04%
NVAX	F	-0.03%
ANAB	F	-0.03%
WOLF	F	-0.03%
MEG	F	-0.03%
TXG	F	-0.03%
SITC	D	-0.03%
CDNA	D	-0.03%
SVRA	F	-0.03%
PHAT	F	-0.03%
CRMT	F	-0.03%
APLS	F	-0.03%
CCRN	F	-0.03%
CPRI	F	-0.03%
MYGN	F	-0.03%
ETWO	F	-0.03%
MQ	F	-0.03%
JELD	F	-0.03%
AGL	F	-0.02%
MC	B	-0.02%
NOVA	F	-0.02%
VSAT	F	-0.02%
SEDG	F	-0.02%
ASPN	F	-0.02%
GDOT	C	-0.01%
MAGN	F	-0.01%