FSMD vs. VBR ETF Comparison

Comparison of Fidelity Small-Mid Factor ETF (FSMD) to Vanguard Small-Cap Value ETF - DNQ (VBR)

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

$44.30

Average Daily Volume

86,159

Number of Holdings ^*

578

* may have additional holdings in another (foreign) market

VBR

Vanguard Small-Cap Value ETF - DNQ

VBR Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$214.02

Average Daily Volume

435,439

Number of Holdings ^*

794

* may have additional holdings in another (foreign) market

Performance

Period	FSMD	VBR
30 Days	7.37%	7.07%
60 Days	7.55%	7.22%
90 Days	9.10%	8.68%
12 Months	35.46%	33.95%

300 Overlapping Holdings

Symbol	Grade	Weight in FSMD	Weight in VBR	Overlap
AAT	B	0.1%	0.04%	0.04%
ABG	B	0.16%	0.13%	0.13%
ACA	A	0.15%	0.13%	0.13%
ACI	C	0.19%	0.17%	0.17%
ACM	A	0.31%	0.42%	0.31%
ACT	D	0.1%	0.03%	0.03%
ADC	B	0.2%	0.22%	0.2%
ADTN	A	0.11%	0.09%	0.09%
AEO	F	0.12%	0.1%	0.1%
AFG	A	0.23%	0.28%	0.23%
AGCO	D	0.15%	0.19%	0.15%
AIT	A	0.25%	0.26%	0.25%
AIZ	A	0.26%	0.29%	0.26%
ALE	A	0.16%	0.11%	0.11%
ALLE	D	0.26%	0.36%	0.26%
ALLY	C	0.22%	0.28%	0.22%
ALSN	B	0.25%	0.27%	0.25%
ALX	D	0.08%	0.01%	0.01%
AMCX	C	0.08%	0.0%	0.0%
AMED	F	0.12%	0.09%	0.09%
AMG	B	0.17%	0.16%	0.16%
AMKR	D	0.11%	0.08%	0.08%
AMN	F	0.05%	0.04%	0.04%
AMRX	C	0.12%	0.03%	0.03%
AN	C	0.13%	0.15%	0.13%
ANDE	D	0.08%	0.04%	0.04%
ANF	C	0.19%	0.2%	0.19%
APAM	B	0.14%	0.09%	0.09%
APOG	B	0.11%	0.05%	0.05%
ARCH	B	0.13%	0.07%	0.07%
AROC	B	0.17%	0.09%	0.09%
ARW	D	0.16%	0.18%	0.16%
ASB	B	0.16%	0.1%	0.1%
ASGN	F	0.15%	0.11%	0.11%
ASH	D	0.12%	0.11%	0.11%
ASO	F	0.13%	0.11%	0.11%
ATGE	B	0.14%	0.08%	0.08%
ATR	B	0.27%	0.33%	0.27%
AVA	A	0.13%	0.09%	0.09%
AVT	C	0.15%	0.14%	0.14%
AX	A	0.16%	0.11%	0.11%
AXS	A	0.19%	0.17%	0.17%
AXTA	A	0.21%	0.24%	0.21%
AYI	B	0.24%	0.27%	0.24%
AZZ	B	0.11%	0.06%	0.06%
BCC	B	0.15%	0.15%	0.15%
BCO	D	0.12%	0.13%	0.12%
BERY	B	0.19%	0.22%	0.19%
BFH	B	0.13%	0.07%	0.07%
BGC	C	0.16%	0.1%	0.1%
BHE	B	0.11%	0.04%	0.04%
BJ	A	0.25%	0.33%	0.25%
BKE	B	0.11%	0.04%	0.04%
BKH	A	0.16%	0.12%	0.12%
BNL	D	0.13%	0.1%	0.1%
BPOP	B	0.18%	0.19%	0.18%
BRC	D	0.12%	0.09%	0.09%
BRX	A	0.22%	0.24%	0.22%
BTU	B	0.15%	0.09%	0.09%
BWA	D	0.2%	0.22%	0.2%
BXP	D	0.26%	0.33%	0.26%
BYD	C	0.17%	0.07%	0.07%
CACI	D	0.27%	0.36%	0.27%
CATY	B	0.15%	0.09%	0.09%
CBSH	A	0.22%	0.21%	0.21%
CBT	C	0.18%	0.17%	0.17%
CHCO	B	0.12%	0.05%	0.05%
CHRD	D	0.2%	0.23%	0.2%
CHRW	C	0.26%	0.34%	0.26%
CMA	A	0.24%	0.25%	0.24%
CMC	B	0.19%	0.18%	0.18%
CNO	A	0.16%	0.1%	0.1%
CNX	A	0.23%	0.14%	0.14%
CNXC	F	0.07%	0.07%	0.07%
COLM	B	0.12%	0.04%	0.04%
COOP	B	0.19%	0.16%	0.16%
CPT	B	0.28%	0.36%	0.28%
CR	A	0.21%	0.22%	0.21%
CRUS	D	0.15%	0.17%	0.15%
CUZ	B	0.16%	0.14%	0.14%
CXT	B	0.11%	0.08%	0.08%
CXW	B	0.14%	0.04%	0.04%
DCI	B	0.21%	0.26%	0.21%
DDS	B	0.1%	0.05%	0.05%
DEI	B	0.13%	0.09%	0.09%
DINO	D	0.18%	0.18%	0.18%
DKS	C	0.25%	0.23%	0.23%
DTM	B	0.28%	0.26%	0.26%
DVA	B	0.22%	0.17%	0.17%
DXC	B	0.15%	0.1%	0.1%
DY	D	0.15%	0.07%	0.07%
EHC	B	0.25%	0.29%	0.25%
EIG	B	0.11%	0.04%	0.04%
ELAN	D	0.2%	0.18%	0.18%
EME	C	0.46%	0.61%	0.46%
ENS	D	0.12%	0.11%	0.11%
EQC	B	0.11%	0.06%	0.06%
EQH	B	0.32%	0.42%	0.32%
ESAB	B	0.2%	0.21%	0.2%
ESGR	B	0.14%	0.11%	0.11%
ESI	A	0.17%	0.17%	0.17%
ESNT	D	0.17%	0.18%	0.17%
EVR	B	0.27%	0.28%	0.27%
EWBC	A	0.33%	0.39%	0.33%
FBP	B	0.14%	0.09%	0.09%
FCN	D	0.17%	0.2%	0.17%
FHI	A	0.15%	0.09%	0.09%
FHN	A	0.26%	0.27%	0.26%
FLO	D	0.13%	0.12%	0.12%
FLS	B	0.2%	0.2%	0.2%
FR	C	0.18%	0.2%	0.18%
FRT	B	0.21%	0.27%	0.21%
FUL	F	0.13%	0.12%	0.12%
FULT	A	0.15%	0.1%	0.1%
G	B	0.2%	0.2%	0.2%
GEO	B	0.16%	0.06%	0.06%
GHC	C	0.15%	0.08%	0.08%
GIII	D	0.11%	0.03%	0.03%
GL	B	0.23%	0.28%	0.23%
GNW	A	0.13%	0.09%	0.09%
GOLF	B	0.11%	0.05%	0.05%
GPI	A	0.17%	0.14%	0.14%
GPK	C	0.21%	0.25%	0.21%
GTES	A	0.13%	0.13%	0.13%
HCC	B	0.13%	0.1%	0.1%
HCSG	C	0.08%	0.02%	0.02%
HE	C	0.07%	0.05%	0.05%
HII	D	0.17%	0.21%	0.17%
HIW	D	0.13%	0.1%	0.1%
HMN	B	0.12%	0.04%	0.04%
HNI	B	0.11%	0.06%	0.06%
HOG	D	0.13%	0.11%	0.11%
HRB	D	0.21%	0.24%	0.21%
HSIC	B	0.21%	0.26%	0.21%
HUBG	A	0.11%	0.07%	0.07%
IBOC	A	0.15%	0.1%	0.1%
INFA	D	0.09%	0.06%	0.06%
INGR	B	0.24%	0.25%	0.24%
INSW	F	0.1%	0.03%	0.03%
INVA	D	0.1%	0.03%	0.03%
IOSP	B	0.12%	0.08%	0.08%
ITGR	B	0.17%	0.12%	0.12%
ITT	A	0.26%	0.33%	0.26%
JLL	D	0.27%	0.38%	0.27%
JNPR	F	0.27%	0.37%	0.27%
JXN	C	0.22%	0.22%	0.22%
KBH	D	0.16%	0.15%	0.15%
KD	B	0.19%	0.15%	0.15%
KELYA	F	0.05%	0.02%	0.02%
KFRC	D	0.07%	0.03%	0.03%
KFY	B	0.13%	0.11%	0.11%
KNF	A	0.17%	0.16%	0.16%
KRC	C	0.15%	0.14%	0.14%
KTB	B	0.17%	0.14%	0.14%
LAMR	D	0.26%	0.17%	0.17%
LEVI	F	0.1%	0.02%	0.02%
LGND	B	0.13%	0.05%	0.05%
LRN	A	0.17%	0.06%	0.06%
LTC	B	0.11%	0.05%	0.05%
LZB	B	0.11%	0.05%	0.05%
MATX	C	0.17%	0.15%	0.15%
MCY	A	0.12%	0.05%	0.05%
MDU	D	0.1%	0.16%	0.1%
MGRC	B	0.11%	0.08%	0.08%
MHK	D	0.19%	0.21%	0.19%
MHO	D	0.14%	0.06%	0.06%
MIR	A	0.15%	0.09%	0.09%
MLI	C	0.25%	0.27%	0.25%
MOG.A	B	0.17%	0.16%	0.16%
MSA	D	0.16%	0.18%	0.16%
MSM	C	0.13%	0.1%	0.1%
MTG	C	0.18%	0.19%	0.18%
MTH	D	0.17%	0.19%	0.17%
MTX	B	0.11%	0.07%	0.07%
MUSA	A	0.23%	0.26%	0.23%
NFG	A	0.18%	0.16%	0.16%
NHC	C	0.11%	0.04%	0.04%
NHI	D	0.14%	0.1%	0.1%
NNN	D	0.19%	0.23%	0.19%
NRG	B	0.41%	0.55%	0.41%
NSIT	F	0.13%	0.17%	0.13%
NVT	B	0.26%	0.36%	0.26%
NWE	B	0.15%	0.1%	0.1%
NXST	C	0.17%	0.16%	0.16%
NYT	C	0.24%	0.25%	0.24%
OC	A	0.32%	0.45%	0.32%
OFG	B	0.11%	0.05%	0.05%
OGE	B	0.24%	0.23%	0.23%
OGN	D	0.12%	0.14%	0.12%
OHI	C	0.24%	0.32%	0.24%
OMF	A	0.18%	0.17%	0.17%
ORI	A	0.23%	0.24%	0.23%
OSIS	B	0.12%	0.06%	0.06%
OSK	B	0.18%	0.19%	0.18%
OTTR	C	0.13%	0.1%	0.1%
OZK	B	0.16%	0.14%	0.14%
PAG	B	0.12%	0.09%	0.09%
PBF	D	0.12%	0.08%	0.08%
PBH	A	0.16%	0.11%	0.11%
PDM	D	0.1%	0.04%	0.04%
PHIN	A	0.13%	0.06%	0.06%
PINC	B	0.12%	0.06%	0.06%
PIPR	B	0.18%	0.14%	0.14%
PLXS	B	0.16%	0.11%	0.11%
PNR	A	0.34%	0.48%	0.34%
POST	C	0.16%	0.07%	0.07%
PPC	C	0.12%	0.05%	0.05%
PRGS	A	0.14%	0.08%	0.08%
PRI	A	0.26%	0.27%	0.26%
PRIM	A	0.16%	0.09%	0.09%
PSN	D	0.15%	0.15%	0.15%
R	B	0.19%	0.18%	0.18%
RDN	C	0.15%	0.15%	0.15%
REG	B	0.27%	0.38%	0.27%
REYN	D	0.09%	0.04%	0.04%
RGA	A	0.31%	0.41%	0.31%
RHI	B	0.2%	0.2%	0.2%
RL	B	0.22%	0.22%	0.22%
RLI	B	0.2%	0.2%	0.2%
RMR	F	0.07%	0.01%	0.01%
RNR	C	0.3%	0.4%	0.3%
RPM	A	0.35%	0.48%	0.35%
RUSHA	C	0.13%	0.1%	0.1%
SAIC	F	0.2%	0.22%	0.2%
SANM	B	0.15%	0.11%	0.11%
SBH	C	0.11%	0.04%	0.04%
SCHL	D	0.09%	0.01%	0.01%
SCI	B	0.28%	0.33%	0.28%
SCS	C	0.08%	0.03%	0.03%
SCSC	B	0.1%	0.03%	0.03%
SEIC	B	0.22%	0.26%	0.22%
SEM	B	0.15%	0.1%	0.1%
SF	B	0.29%	0.29%	0.29%
SFM	A	0.33%	0.38%	0.33%
SHO	C	0.11%	0.06%	0.06%
SHOO	D	0.13%	0.05%	0.05%
SIGI	C	0.18%	0.16%	0.16%
SIRI	C	0.1%	0.17%	0.1%
SKYW	B	0.16%	0.11%	0.11%
SLGN	A	0.14%	0.12%	0.12%
SLM	A	0.17%	0.14%	0.14%
SNV	B	0.23%	0.2%	0.2%
SNX	C	0.22%	0.22%	0.22%
SOLV	C	0.25%	0.29%	0.25%
SON	D	0.14%	0.15%	0.14%
SPNT	A	0.1%	0.04%	0.04%
SR	A	0.15%	0.1%	0.1%
SSTK	F	0.08%	0.01%	0.01%
STAG	F	0.17%	0.2%	0.17%
STRA	C	0.11%	0.06%	0.06%
SUM	B	0.18%	0.17%	0.17%
SUPN	C	0.14%	0.05%	0.05%
SW	A	0.28%	0.78%	0.28%
SXT	B	0.13%	0.09%	0.09%
TAP	C	0.25%	0.28%	0.25%
TDS	B	0.18%	0.08%	0.08%
TFX	F	0.21%	0.28%	0.21%
TGNA	B	0.16%	0.08%	0.08%
THC	D	0.34%	0.43%	0.34%
THG	A	0.18%	0.14%	0.14%
TKR	D	0.13%	0.15%	0.13%
TMHC	B	0.2%	0.2%	0.2%
TNL	A	0.15%	0.09%	0.09%
TOL	B	0.33%	0.44%	0.33%
TPH	D	0.13%	0.11%	0.11%
TPR	B	0.28%	0.32%	0.28%
TTEK	F	0.27%	0.38%	0.27%
UE	C	0.13%	0.08%	0.08%
UFPI	B	0.19%	0.21%	0.19%
UGI	A	0.16%	0.15%	0.15%
UHS	D	0.27%	0.34%	0.27%
UMBF	B	0.18%	0.13%	0.13%
UNF	B	0.11%	0.08%	0.08%
UNM	A	0.29%	0.28%	0.28%
UPBD	B	0.09%	0.04%	0.04%
URBN	C	0.1%	0.07%	0.07%
USM	B	0.12%	0.03%	0.03%
UTHR	C	0.38%	0.49%	0.38%
VCTR	B	0.14%	0.04%	0.04%
VIRT	B	0.15%	0.07%	0.07%
VMI	B	0.18%	0.18%	0.18%
VNT	B	0.18%	0.17%	0.17%
VOYA	B	0.22%	0.23%	0.22%
VSH	D	0.08%	0.06%	0.06%
VSTO	A	0.12%	0.03%	0.03%
VVV	F	0.16%	0.15%	0.15%
WABC	B	0.11%	0.04%	0.04%
WAL	B	0.25%	0.25%	0.25%
WBS	A	0.26%	0.26%	0.26%
WEN	D	0.13%	0.1%	0.1%
WKC	D	0.13%	0.04%	0.04%
WLK	D	0.12%	0.07%	0.07%
WSBC	A	0.12%	0.05%	0.05%
WTFC	A	0.22%	0.23%	0.22%
WTS	B	0.15%	0.15%	0.15%
WU	D	0.12%	0.11%	0.11%
XHR	B	0.1%	0.02%	0.02%
ZD	C	0.16%	0.06%	0.06%
ZION	B	0.23%	0.22%	0.22%
ZWS	B	0.16%	0.14%	0.14%

FSMD Overweight 278 Positions Relative to VBR

Symbol	Grade	Weight
TPL	A	0.57%
LYV	A	0.42%
IBKR	A	0.42%
NTNX	A	0.38%
LII	A	0.37%
SNA	A	0.37%
MANH	D	0.36%
NTRA	B	0.35%
GWRE	A	0.35%
FIX	A	0.34%
NWSA	B	0.33%
DUOL	A	0.33%
WSO	A	0.33%
CASY	A	0.32%
TW	A	0.32%
L	A	0.31%
CW	B	0.31%
GGG	B	0.3%
INCY	C	0.3%
PSTG	D	0.3%
ROL	B	0.29%
TXRH	C	0.29%
FTI	A	0.29%
DOCS	C	0.28%
NDSN	B	0.28%
EXEL	B	0.28%
ELS	C	0.28%
NBIX	C	0.27%
CLH	B	0.27%
LECO	B	0.26%
PCVX	D	0.26%
BSY	D	0.26%
BWXT	B	0.26%
OWL	A	0.26%
AMH	D	0.26%
CIEN	B	0.26%
AAON	B	0.25%
EXP	A	0.25%
HLI	B	0.25%
DOX	D	0.25%
WWD	B	0.24%
BLD	D	0.24%
BRBR	A	0.24%
KNSL	B	0.24%
CUBE	D	0.24%
GMED	A	0.24%
HLNE	B	0.23%
PLNT	A	0.23%
MORN	B	0.23%
SRPT	D	0.23%
MASI	A	0.23%
TPX	B	0.23%
FN	D	0.23%
ERIE	D	0.23%
ADMA	B	0.22%
RGLD	C	0.22%
ENSG	D	0.22%
WING	D	0.22%
WH	B	0.22%
CHDN	B	0.22%
HALO	F	0.21%
QTWO	A	0.21%
CORT	B	0.21%
MEDP	D	0.21%
EXLS	B	0.21%
EWTX	C	0.21%
ONTO	D	0.21%
GKOS	B	0.21%
RBC	A	0.21%
MTSI	B	0.21%
CHE	D	0.21%
CRBG	B	0.2%
MMSI	B	0.2%
SKX	D	0.2%
CPB	D	0.2%
STRL	B	0.2%
REXR	F	0.2%
MTCH	D	0.2%
HRL	D	0.2%
CVLT	B	0.2%
RDNT	B	0.2%
WMS	D	0.19%
BMI	B	0.19%
ACIW	B	0.19%
ALV	C	0.19%
TTC	D	0.19%
PRCT	B	0.19%
AOS	F	0.19%
RGEN	D	0.19%
ACLX	C	0.19%
DBX	B	0.19%
WMG	C	0.18%
WFRD	D	0.18%
OLED	D	0.18%
ESTC	C	0.18%
TREX	C	0.18%
IDCC	A	0.18%
HIMS	B	0.18%
SN	D	0.18%
POWL	C	0.18%
MGY	A	0.18%
AWI	A	0.18%
SSD	D	0.18%
ALTR	B	0.18%
CSWI	A	0.18%
GNTX	C	0.18%
MTN	C	0.18%
FTDR	A	0.17%
DORM	B	0.17%
LSTR	D	0.17%
PI	D	0.17%
BPMC	C	0.17%
QLYS	C	0.17%
BFAM	D	0.17%
CEIX	A	0.17%
NOVT	D	0.17%
EPRT	B	0.17%
SPSC	C	0.17%
CROX	D	0.16%
IESC	B	0.16%
ZETA	D	0.16%
HAE	C	0.16%
AGX	B	0.16%
PEGA	A	0.16%
APPF	B	0.16%
COKE	C	0.16%
OLLI	D	0.16%
LNTH	D	0.16%
BCPC	B	0.16%
ROAD	A	0.16%
CNM	D	0.16%
VRNS	D	0.16%
LOPE	B	0.16%
ALKS	B	0.16%
MMS	F	0.15%
CVCO	A	0.15%
CRVL	A	0.15%
KRYS	B	0.15%
KAI	A	0.15%
CALM	A	0.15%
AXNX	C	0.15%
EEFT	B	0.15%
TENB	C	0.15%
CPRX	C	0.15%
BRKR	D	0.15%
PJT	A	0.15%
CTRE	D	0.15%
CRNX	C	0.15%
SLVM	B	0.14%
VCEL	B	0.14%
YELP	C	0.14%
USLM	A	0.14%
MWA	B	0.14%
ENVA	B	0.14%
WDFC	B	0.14%
DLB	B	0.14%
CHH	A	0.14%
IBP	D	0.14%
EXPO	D	0.14%
IDT	B	0.14%
SMLR	B	0.14%
FSS	B	0.14%
CIVI	D	0.14%
PLMR	B	0.13%
NMIH	D	0.13%
CBZ	B	0.13%
SKWD	A	0.13%
NEU	C	0.13%
CASH	A	0.13%
LMAT	A	0.13%
LANC	C	0.13%
GPOR	B	0.13%
SNEX	B	0.13%
AGR	B	0.13%
FELE	B	0.13%
TPB	B	0.12%
FORM	D	0.12%
CTS	C	0.12%
ICFI	F	0.12%
LBRT	D	0.12%
PAHC	C	0.12%
NSA	D	0.12%
AMPH	D	0.12%
ADUS	D	0.12%
PLUS	F	0.12%
PATK	D	0.12%
QCRH	A	0.12%
EPAC	B	0.12%
UFPT	B	0.12%
HCKT	B	0.11%
UVSP	B	0.11%
PLAB	C	0.11%
AMAL	B	0.11%
CPF	A	0.11%
VRRM	D	0.11%
PFBC	B	0.11%
HCI	C	0.11%
TWST	D	0.11%
CTBI	B	0.11%
HWKN	B	0.11%
SPOK	C	0.11%
ALRM	C	0.11%
PLTK	B	0.11%
MCB	B	0.11%
ATEN	B	0.11%
GNE	D	0.1%
ASTH	D	0.1%
TPC	C	0.1%
CUBI	C	0.1%
UTI	A	0.1%
KURA	F	0.1%
DEA	D	0.1%
UVE	B	0.1%
ROCK	C	0.1%
THFF	B	0.1%
USPH	B	0.1%
SRCE	B	0.1%
HSTM	B	0.1%
WINA	B	0.1%
SXC	A	0.1%
AMR	C	0.1%
IBCP	B	0.1%
MSBI	B	0.1%
STNG	F	0.1%
REX	D	0.1%
UTL	B	0.1%
MCRI	A	0.1%
CSV	B	0.1%
CRAI	B	0.1%
PRDO	B	0.1%
PEBO	A	0.1%
ZYXI	D	0.09%
CNXN	C	0.09%
UTMD	F	0.09%
MLR	B	0.09%
PGRE	F	0.09%
CWCO	C	0.09%
KLG	C	0.09%
CFB	B	0.09%
SMP	B	0.09%
FF	D	0.09%
FIZZ	C	0.09%
HSII	B	0.09%
WSR	A	0.09%
ANIP	F	0.09%
OLP	B	0.09%
BBSI	B	0.09%
CASS	B	0.09%
NVEC	C	0.08%
LPG	F	0.08%
VECO	F	0.08%
OSUR	F	0.08%
IMKTA	C	0.08%
TNC	D	0.08%
ETD	C	0.08%
STAA	F	0.08%
COLL	F	0.08%
VNDA	C	0.08%
EGY	D	0.08%
SCVL	F	0.08%
SIGA	F	0.07%
CECO	A	0.07%
BRY	F	0.07%
NSSC	D	0.07%
METC	C	0.07%
EBF	F	0.07%
JBSS	D	0.07%
NPK	B	0.07%
KRT	A	0.07%
SLP	D	0.07%
TRNS	D	0.07%
IMMR	C	0.06%
GIC	D	0.06%
MRVI	F	0.06%
ASC	F	0.06%
PANL	F	0.06%
CLW	F	0.04%
JBI	F	0.04%

FSMD Underweight 494 Positions Relative to VBR

Symbol	Grade	Weight
BAH	F	-0.69%
FCNCA	A	-0.61%
BLDR	D	-0.58%
ATO	A	-0.58%
CSL	C	-0.57%
KIM	A	-0.47%
IEX	B	-0.47%
RS	B	-0.46%
USFD	A	-0.44%
FFIV	B	-0.4%
JBL	B	-0.39%
WSM	B	-0.39%
GLPI	C	-0.38%
PFGC	B	-0.37%
EMN	D	-0.36%
LDOS	C	-0.36%
BG	F	-0.35%
SJM	D	-0.34%
CG	A	-0.34%
AES	F	-0.34%
CCK	C	-0.33%
KMX	B	-0.33%
HUBB	B	-0.33%
IPG	D	-0.32%
RRX	B	-0.32%
EPAM	C	-0.3%
FBIN	D	-0.3%
OVV	B	-0.3%
AA	B	-0.3%
ARMK	B	-0.29%
PNW	B	-0.29%
WCC	B	-0.28%
WTRG	B	-0.28%
STLD	B	-0.28%
LKQ	D	-0.28%
JEF	A	-0.27%
Z	A	-0.27%
APA	D	-0.26%
AAL	B	-0.26%
LAD	A	-0.26%
FYBR	D	-0.26%
KBR	F	-0.26%
FLR	B	-0.26%
APG	B	-0.25%
GME	C	-0.25%
MOS	F	-0.25%
HAS	D	-0.25%
VFC	C	-0.24%
FMC	D	-0.24%
EGP	F	-0.24%
DOC	D	-0.23%
X	C	-0.23%
NI	A	-0.23%
KNX	B	-0.23%
IVZ	B	-0.22%
SSB	B	-0.22%
VNO	B	-0.22%
COHR	B	-0.21%
XPO	B	-0.21%
AGNC	D	-0.21%
CFR	B	-0.21%
MKSI	C	-0.2%
QRVO	F	-0.2%
RRC	B	-0.2%
MAT	D	-0.2%
BIO	D	-0.2%
MIDD	C	-0.2%
JAZZ	B	-0.19%
LUMN	C	-0.19%
EVRG	A	-0.19%
UHAL	D	-0.19%
PB	A	-0.19%
KEX	C	-0.19%
ALK	C	-0.18%
CLF	F	-0.18%
CADE	B	-0.18%
ONB	B	-0.18%
BBWI	D	-0.18%
LPX	B	-0.18%
STWD	C	-0.18%
FAF	A	-0.18%
WHR	B	-0.17%
BECN	B	-0.17%
SRCL	C	-0.17%
PARA	C	-0.17%
GBCI	B	-0.17%
LNC	B	-0.17%
COLB	A	-0.17%
LEA	D	-0.16%
PVH	C	-0.16%
IDA	A	-0.16%
TPG	A	-0.16%
ALB	C	-0.16%
NCLH	B	-0.16%
GAP	C	-0.15%
UBSI	B	-0.15%
ST	F	-0.15%
FNB	A	-0.15%
THO	B	-0.15%
JHG	A	-0.15%
BC	C	-0.15%
BDC	B	-0.14%
RYN	D	-0.14%
XRAY	F	-0.14%
MDGL	B	-0.14%
OLN	D	-0.14%
AM	A	-0.14%
AUR	C	-0.14%
POR	C	-0.14%
SLG	B	-0.14%
HOMB	A	-0.14%
GATX	A	-0.14%
RIVN	F	-0.13%
PR	B	-0.13%
WTM	A	-0.13%
EAT	A	-0.13%
FFIN	B	-0.13%
LYFT	C	-0.13%
AL	B	-0.13%
SWX	B	-0.13%
HWC	B	-0.13%
MUR	D	-0.13%
SBRA	C	-0.13%
NJR	A	-0.13%
DNB	B	-0.12%
ICUI	D	-0.12%
M	D	-0.12%
OGS	A	-0.12%
MAC	B	-0.12%
ABCB	B	-0.12%
EDR	A	-0.12%
HASI	D	-0.12%
VLY	B	-0.12%
AGO	B	-0.12%
CRC	B	-0.12%
MGM	D	-0.12%
SEE	C	-0.12%
AVNT	B	-0.12%
NVST	B	-0.11%
HUN	F	-0.11%
CDP	C	-0.11%
SKT	B	-0.11%
GVA	A	-0.11%
PII	D	-0.11%
SMG	D	-0.11%
ACHC	F	-0.11%
NUVL	D	-0.11%
KMPR	B	-0.11%
AR	B	-0.11%
PNFP	B	-0.11%
HL	D	-0.11%
SIG	B	-0.11%
MTZ	B	-0.11%
PNM	F	-0.11%
BEN	C	-0.1%
WBA	F	-0.1%
MGEE	C	-0.1%
PCH	D	-0.1%
TEX	D	-0.1%
ABM	B	-0.1%
UCB	A	-0.1%
AUB	B	-0.1%
EPR	D	-0.1%
IAC	D	-0.1%
NWL	B	-0.1%
PRGO	B	-0.1%
WD	D	-0.1%
GMS	B	-0.1%
TCBI	B	-0.1%
WSFS	A	-0.09%
JWN	C	-0.09%
MAN	D	-0.09%
SATS	D	-0.09%
PENN	C	-0.09%
PTEN	C	-0.09%
NPO	A	-0.09%
ATKR	C	-0.09%
AWR	B	-0.09%
TDC	D	-0.09%
CWK	B	-0.09%
FHB	A	-0.09%
EBC	B	-0.09%
APLE	B	-0.09%
COMP	B	-0.09%
CBU	B	-0.09%
ESE	B	-0.09%
FIBK	A	-0.08%
AKR	B	-0.08%
CVBF	A	-0.08%
COTY	F	-0.08%
LXP	D	-0.08%
ABR	C	-0.08%
BKU	A	-0.08%
NSP	D	-0.08%
CC	C	-0.08%
SYNA	C	-0.08%
DBRG	F	-0.08%
REZI	A	-0.08%
PK	B	-0.08%
WAFD	B	-0.08%
SFNC	B	-0.08%
MPW	F	-0.08%
ALIT	C	-0.08%
GFF	A	-0.08%
RNG	B	-0.08%
TRN	C	-0.08%
IOVA	F	-0.08%
BOH	B	-0.08%
BHF	B	-0.08%
OMCL	C	-0.07%
GT	C	-0.07%
ENR	B	-0.07%
ENOV	C	-0.07%
CDE	D	-0.07%
PFS	B	-0.07%
PECO	A	-0.07%
FFBC	A	-0.07%
HBI	B	-0.07%
CWEN	C	-0.07%
RNA	D	-0.07%
VSCO	B	-0.07%
BOKF	B	-0.07%
SPB	C	-0.07%
SM	B	-0.07%
VAC	B	-0.07%
HAYW	B	-0.07%
PPBI	B	-0.07%
ARCB	C	-0.07%
BXMT	C	-0.07%
OUT	A	-0.07%
PRK	B	-0.07%
INDB	B	-0.07%
PFSI	D	-0.07%
NMRK	B	-0.06%
NATL	B	-0.06%
CGON	F	-0.06%
AZTA	D	-0.06%
TRMK	B	-0.06%
IMVT	F	-0.06%
RXO	C	-0.06%
HI	C	-0.06%
BLKB	B	-0.06%
KSS	F	-0.06%
KMT	B	-0.06%
BANF	B	-0.06%
NBTB	B	-0.06%
AIR	B	-0.06%
WLY	B	-0.06%
SMMT	D	-0.06%
PSMT	C	-0.06%
SFBS	B	-0.06%
ZG	A	-0.06%
VIAV	B	-0.06%
IBTX	B	-0.06%
HURN	B	-0.06%
FRME	B	-0.06%
RNST	B	-0.06%
EVTC	B	-0.06%
LAUR	A	-0.06%
MTRN	C	-0.06%
CAKE	C	-0.06%
AIN	C	-0.06%
IVT	B	-0.06%
AAP	C	-0.06%
TOWN	B	-0.06%
B	B	-0.06%
IPGP	D	-0.06%
WERN	C	-0.06%
TTMI	B	-0.06%
JOBY	B	-0.06%
SXI	B	-0.06%
FL	F	-0.06%
BANR	B	-0.06%
CPRI	F	-0.06%
SCL	C	-0.05%
MLKN	D	-0.05%
FCF	A	-0.05%
UAA	C	-0.05%
HEES	B	-0.05%
CNK	B	-0.05%
PDCO	D	-0.05%
DRH	B	-0.05%
NWBI	B	-0.05%
THS	D	-0.05%
NBHC	B	-0.05%
PZZA	D	-0.05%
KAR	B	-0.05%
EPC	D	-0.05%
OI	C	-0.05%
STEP	B	-0.05%
GBX	A	-0.05%
PRG	C	-0.05%
VSTS	C	-0.05%
GNL	F	-0.05%
CRGY	B	-0.05%
VYX	B	-0.05%
ROIC	A	-0.05%
CRI	D	-0.05%
PBI	B	-0.04%
ARI	C	-0.04%
FDP	B	-0.04%
DYN	F	-0.04%
IART	C	-0.04%
VC	D	-0.04%
WS	B	-0.04%
DNOW	B	-0.04%
GO	C	-0.04%
VRE	B	-0.04%
NNI	D	-0.04%
LADR	B	-0.04%
RRR	D	-0.04%
CSGS	B	-0.04%
REVG	B	-0.04%
VRNT	C	-0.04%
CAR	C	-0.04%
LCII	C	-0.04%
ALEX	C	-0.04%
NX	C	-0.04%
STBA	B	-0.04%
ESRT	C	-0.04%
HTH	B	-0.04%
CODI	B	-0.04%
BLMN	F	-0.04%
WT	B	-0.04%
HOPE	B	-0.04%
NTCT	C	-0.04%
TROX	D	-0.04%
SMR	B	-0.04%
HELE	C	-0.04%
KN	B	-0.04%
VRTS	B	-0.04%
JBGS	D	-0.04%
NWN	A	-0.04%
ELME	D	-0.04%
HP	B	-0.04%
CENTA	C	-0.04%
LC	A	-0.04%
FTRE	D	-0.04%
NGVT	B	-0.04%
GEF	A	-0.04%
LEG	F	-0.04%
GTY	B	-0.04%
HLIO	B	-0.04%
NPAB	B	-0.04%
CABO	C	-0.04%
AVNS	F	-0.03%
MMI	B	-0.03%
THR	B	-0.03%
FA	C	-0.03%
XRX	F	-0.03%
LGF.A	C	-0.03%
CWEN	C	-0.03%
BV	B	-0.03%
OMI	F	-0.03%
JACK	D	-0.03%
MYGN	F	-0.03%
BRKL	B	-0.03%
DK	C	-0.03%
DNUT	D	-0.03%
RWT	D	-0.03%
ODP	F	-0.03%
MRC	B	-0.03%
DAN	D	-0.03%
CARS	B	-0.03%
UA	C	-0.03%
WMK	C	-0.03%
KWR	C	-0.03%
ECPG	B	-0.03%
TRS	B	-0.03%
SNDR	B	-0.03%
CBRL	C	-0.03%
MD	B	-0.03%
FBRT	C	-0.03%
CSR	B	-0.03%
ATSG	B	-0.03%
OXM	D	-0.03%
HTLF	B	-0.03%
VSAT	F	-0.03%
NAVI	C	-0.03%
SAFT	C	-0.03%
RBRK	A	-0.03%
CNNE	B	-0.03%
MSGE	F	-0.03%
KALU	C	-0.03%
AIV	C	-0.03%
JELD	F	-0.03%
UNFI	A	-0.03%
WOR	F	-0.03%
WWW	B	-0.03%
BHLB	B	-0.03%
PMT	D	-0.03%
BKD	D	-0.03%
UNIT	B	-0.03%
UVV	B	-0.03%
CMPR	D	-0.02%
SVC	F	-0.02%
ATUS	C	-0.02%
DAWN	F	-0.02%
CVI	F	-0.02%
FOR	F	-0.02%
NAPA	B	-0.02%
CWH	B	-0.02%
BASE	C	-0.02%
HPP	F	-0.02%
PUMP	B	-0.02%
HY	D	-0.02%
AXL	C	-0.02%
BGS	F	-0.02%
UHAL	D	-0.02%
RGR	F	-0.02%
KOP	C	-0.02%
SWI	B	-0.02%
MODG	F	-0.02%
SEB	F	-0.02%
BMBL	C	-0.02%
MATW	C	-0.02%
KREF	D	-0.02%
PRLB	A	-0.02%
ECVT	C	-0.02%
AMWD	C	-0.02%
ETWO	F	-0.02%
HLF	C	-0.02%
ASTE	B	-0.02%
CFFN	B	-0.02%
PCRX	C	-0.02%
WNC	C	-0.02%
CMTG	F	-0.02%
TMP	B	-0.02%
SAH	A	-0.02%
PRAA	C	-0.02%
FG	B	-0.02%
PRA	C	-0.02%
MNRO	D	-0.02%
HAIN	C	-0.02%
BRSP	B	-0.02%
MATV	D	-0.02%
EMBC	C	-0.02%
EYE	C	-0.02%
DLX	B	-0.02%
BDN	C	-0.02%
JBLU	F	-0.02%
OLPX	D	-0.01%
OPK	C	-0.01%
TWKS	D	-0.01%
DIN	C	-0.01%
CENT	C	-0.01%
CMP	C	-0.01%
AMBC	C	-0.01%
KRO	D	-0.01%
TGI	B	-0.01%
VREX	C	-0.01%
SWBI	C	-0.01%
CNDT	C	-0.01%
ZIP	F	-0.01%
TRTX	B	-0.01%
SRCL	C	-0.01%
HTZ	C	-0.01%
CRCT	F	-0.01%
WOOF	D	-0.01%
NVRI	F	-0.01%
INN	D	-0.01%
RUSHB	B	-0.01%
WRLD	C	-0.01%
VMEO	B	-0.01%
EGBN	B	-0.01%
GRC	A	-0.01%
EE	A	-0.01%
NABL	F	-0.01%
PTVE	B	-0.01%
BJRI	B	-0.01%
FWRD	D	-0.01%
USNA	C	-0.01%
CCO	C	-0.01%
CLB	B	-0.01%
CLBK	B	-0.01%
HTLD	B	-0.01%
ARRY	C	-0.01%
BFS	C	-0.01%
DJT	C	-0.01%
TILE	B	-0.01%
GCMG	B	-0.01%
MXL	C	-0.01%
LGF.A	C	-0.01%
CAL	D	-0.01%
GES	F	-0.01%
SCWX	B	-0.0%
AC	C	-0.0%
ACDC	C	-0.0%
TASK	C	-0.0%
LESL	C	-0.0%
LDI	C	-0.0%
GEF	A	-0.0%
NUS	D	-0.0%
BRCC	F	-0.0%