IWS vs. SMDY ETF Comparison

Comparison of iShares Russell Mid-cap Value ETF (IWS) to Syntax Stratified MidCap ETF (SMDY)

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$131.46

Average Daily Volume

286,589

Number of Holdings ^*

706

* may have additional holdings in another (foreign) market

SMDY

Syntax Stratified MidCap ETF

SMDY Description

The investment seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the Syntax Stratified MidCap Index. Under normal market conditions, the fund generally invests substantially all, and at least 95%, of its total assets in the securities comprising the index. The index, which was created by Syntax LLC, an affiliate of the fund's investment adviser, is the stratified-weight version of the widely used S&P MidCap 400® Index and holds the same constituents as the S&P MidCap 400 Index.

Grade (RS Rating)

Last Trade

$44.16

Average Daily Volume

525

Number of Holdings ^*

391

* may have additional holdings in another (foreign) market

Performance

Period	IWS	SMDY
30 Days	3.11%	0.32%
60 Days	9.24%	0.23%
90 Days	10.48%	3.92%
12 Months	31.20%	21.05%

266 Overlapping Holdings

Symbol	Grade	Weight in IWS	Weight in SMDY	Overlap
AA	B	0.11%	0.15%	0.11%
ACHC	F	0.06%	0.65%	0.06%
ACM	A	0.16%	0.16%	0.16%
ADC	C	0.08%	0.08%	0.08%
AFG	A	0.11%	0.17%	0.11%
AGCO	D	0.07%	0.26%	0.07%
ALGM	F	0.03%	0.36%	0.03%
ALLY	F	0.09%	0.22%	0.09%
AM	A	0.04%	0.22%	0.04%
AMED	D	0.03%	0.23%	0.03%
AMG	B	0.06%	0.33%	0.06%
AMH	D	0.14%	0.2%	0.14%
AMKR	F	0.04%	0.48%	0.04%
AN	D	0.05%	0.44%	0.05%
AR	C	0.09%	0.06%	0.06%
ARMK	C	0.11%	0.62%	0.11%
ARW	C	0.08%	0.08%	0.08%
ASH	F	0.05%	0.08%	0.05%
ATR	A	0.12%	0.09%	0.09%
AVT	B	0.05%	0.07%	0.05%
AVTR	D	0.19%	0.18%	0.18%
AXTA	C	0.09%	0.1%	0.09%
AYI	A	0.1%	0.24%	0.1%
AZTA	F	0.03%	0.33%	0.03%
BC	C	0.06%	0.23%	0.06%
BERY	C	0.09%	0.06%	0.06%
BHF	D	0.03%	0.33%	0.03%
BJ	B	0.13%	0.26%	0.13%
BLD	D	0.13%	0.14%	0.13%
BMRN	F	0.15%	0.33%	0.15%
BRBR	A	0.09%	0.45%	0.09%
BRKR	D	0.03%	0.16%	0.03%
BRX	C	0.09%	0.08%	0.08%
BWXT	A	0.09%	0.08%	0.08%
BYD	B	0.05%	0.14%	0.05%
CACC	F	0.01%	0.07%	0.01%
CACI	A	0.12%	0.19%	0.12%
CAR	D	0.01%	0.34%	0.01%
CASY	D	0.13%	0.22%	0.13%
CBSH	D	0.08%	0.12%	0.08%
CC	D	0.03%	0.07%	0.03%
CCK	C	0.13%	0.06%	0.06%
CFR	B	0.07%	0.12%	0.07%
CG	B	0.11%	0.3%	0.11%
CGNX	F	0.07%	0.24%	0.07%
CHE	D	0.09%	0.21%	0.09%
CHH	A	0.01%	0.11%	0.01%
CHK	C	0.21%	0.06%	0.06%
CHRD	F	0.09%	0.06%	0.06%
CIEN	A	0.1%	1.42%	0.1%
CIVI	F	0.04%	0.06%	0.04%
CLF	D	0.05%	0.13%	0.05%
CLH	B	0.14%	0.19%	0.14%
CNM	F	0.03%	0.06%	0.03%
CNXC	F	0.03%	0.2%	0.03%
COHR	B	0.13%	0.15%	0.13%
COKE	C	0.09%	0.53%	0.09%
COLB	C	0.06%	0.08%	0.06%
COLM	B	0.03%	0.27%	0.03%
COTY	F	0.04%	1.55%	0.04%
CPRI	C	0.05%	0.33%	0.05%
CR	A	0.09%	0.07%	0.07%
CRI	D	0.03%	0.29%	0.03%
CROX	C	0.08%	0.25%	0.08%
CRUS	D	0.07%	0.44%	0.07%
CSL	A	0.2%	0.09%	0.09%
CUBE	C	0.13%	0.22%	0.13%
CUZ	C	0.05%	0.12%	0.05%
CW	A	0.14%	0.08%	0.08%
DAR	F	0.07%	0.28%	0.07%
DBX	C	0.05%	0.34%	0.05%
DCI	B	0.1%	0.1%	0.1%
DINO	F	0.08%	0.18%	0.08%
DKS	D	0.12%	0.27%	0.12%
DLB	D	0.05%	0.52%	0.05%
DOCS	A	0.05%	1.52%	0.05%
DTM	A	0.09%	0.24%	0.09%
EEFT	F	0.05%	0.26%	0.05%
EGP	D	0.1%	0.08%	0.08%
EHC	C	0.11%	0.25%	0.11%
ELS	D	0.15%	0.21%	0.15%
EME	B	0.14%	0.15%	0.14%
ENOV	F	0.03%	0.35%	0.03%
EPR	C	0.04%	0.07%	0.04%
ESAB	C	0.07%	0.32%	0.07%
EVR	C	0.1%	0.17%	0.1%
EWBC	B	0.12%	0.07%	0.07%
EXEL	B	0.01%	0.48%	0.01%
EXP	C	0.03%	0.16%	0.03%
FAF	C	0.07%	0.33%	0.07%
FCN	C	0.09%	0.16%	0.09%
FHN	D	0.09%	0.11%	0.09%
FIVE	D	0.01%	0.23%	0.01%
FLO	D	0.05%	0.28%	0.05%
FLS	A	0.08%	0.1%	0.08%
FNB	D	0.05%	0.06%	0.05%
FND	C	0.09%	0.15%	0.09%
FNF	C	0.18%	0.35%	0.18%
FR	D	0.08%	0.09%	0.08%
FYBR	C	0.1%	1.55%	0.1%
G	A	0.08%	0.23%	0.08%
GAP	F	0.05%	0.23%	0.05%
GGG	C	0.16%	0.1%	0.1%
GLPI	C	0.15%	0.14%	0.14%
GME	D	0.09%	0.22%	0.09%
GMED	B	0.09%	0.39%	0.09%
GNTX	D	0.08%	0.19%	0.08%
GPK	D	0.1%	0.05%	0.05%
GXO	D	0.07%	0.18%	0.07%
H	B	0.06%	0.09%	0.06%
HLI	A	0.09%	0.17%	0.09%
HOG	D	0.05%	0.24%	0.05%
HRB	C	0.08%	0.34%	0.08%
HXL	F	0.06%	0.09%	0.06%
IBKR	A	0.16%	0.42%	0.16%
IDA	D	0.06%	0.27%	0.06%
ILMN	B	0.23%	0.45%	0.23%
INGR	B	0.1%	0.33%	0.1%
IPGP	D	0.02%	0.23%	0.02%
IRDM	C	0.04%	1.23%	0.04%
ITT	C	0.14%	0.08%	0.08%
JAZZ	F	0.08%	0.38%	0.08%
JEF	A	0.09%	0.22%	0.09%
JHG	A	0.05%	0.32%	0.05%
JLL	C	0.1%	0.17%	0.1%
JWN	D	0.02%	0.3%	0.02%
KBR	A	0.09%	0.14%	0.09%
KD	D	0.06%	0.17%	0.06%
KEX	C	0.08%	0.23%	0.08%
KMPR	D	0.04%	0.34%	0.04%
KNX	D	0.09%	0.19%	0.09%
KRC	C	0.05%	0.11%	0.05%
LAD	C	0.1%	0.51%	0.1%
LAMR	C	0.1%	0.07%	0.07%
LEA	F	0.07%	0.1%	0.07%
LECO	D	0.08%	0.29%	0.08%
LFUS	C	0.07%	0.21%	0.07%
LITE	A	0.05%	1.41%	0.05%
LOPE	D	0.03%	0.29%	0.03%
LPX	C	0.02%	0.14%	0.02%
LSCC	D	0.01%	0.38%	0.01%
LSTR	F	0.07%	0.18%	0.07%
M	D	0.05%	0.23%	0.05%
MAN	D	0.04%	0.14%	0.04%
MASI	B	0.03%	0.14%	0.03%
MAT	B	0.07%	0.17%	0.07%
MDU	C	0.06%	0.14%	0.06%
MIDD	D	0.08%	0.33%	0.08%
MKSI	F	0.07%	0.36%	0.07%
MP	C	0.03%	0.19%	0.03%
MSA	F	0.07%	0.27%	0.07%
MSM	D	0.04%	0.08%	0.04%
MTDR	D	0.06%	0.06%	0.06%
MTG	A	0.07%	0.34%	0.07%
MTN	D	0.01%	0.09%	0.01%
MTSI	B	0.07%	0.45%	0.07%
MTZ	A	0.09%	0.16%	0.09%
NEU	F	0.04%	0.08%	0.04%
NFG	A	0.06%	0.23%	0.06%
NNN	C	0.1%	0.07%	0.07%
NOV	F	0.07%	0.16%	0.07%
NSA	D	0.04%	0.22%	0.04%
NVST	D	0.04%	0.39%	0.04%
NVT	C	0.13%	0.18%	0.13%
NXST	D	0.04%	0.31%	0.04%
NYT	C	0.1%	0.3%	0.1%
OC	C	0.17%	0.08%	0.08%
OGE	C	0.09%	0.27%	0.09%
OHI	C	0.11%	0.69%	0.11%
OLED	B	0.05%	0.13%	0.05%
OLLI	C	0.07%	0.24%	0.07%
OLN	D	0.06%	0.08%	0.06%
ONTO	B	0.08%	0.4%	0.08%
ORI	A	0.1%	0.19%	0.1%
OSK	F	0.07%	0.26%	0.07%
OVV	D	0.12%	0.06%	0.06%
OZK	D	0.05%	0.07%	0.05%
PAG	D	0.03%	0.47%	0.03%
PB	D	0.07%	0.07%	0.07%
PFGC	A	0.12%	0.32%	0.12%
PII	D	0.05%	0.22%	0.05%
PK	D	0.03%	0.1%	0.03%
PLNT	B	0.04%	0.24%	0.04%
PNFP	B	0.08%	0.07%	0.07%
POST	C	0.06%	0.47%	0.06%
PPC	C	0.02%	0.34%	0.02%
PR	D	0.08%	0.07%	0.07%
PRGO	F	0.04%	0.39%	0.04%
PRI	A	0.1%	0.38%	0.1%
PSTG	F	0.02%	0.41%	0.02%
PVH	D	0.06%	0.24%	0.06%
R	C	0.07%	0.17%	0.07%
RBC	C	0.1%	0.1%	0.1%
RCM	B	0.02%	0.16%	0.02%
REXR	D	0.12%	0.08%	0.08%
RGA	B	0.16%	0.3%	0.16%
RGEN	F	0.08%	0.42%	0.08%
RGLD	C	0.1%	0.18%	0.1%
RH	C	0.05%	0.23%	0.05%
RLI	A	0.07%	0.16%	0.07%
RNR	A	0.16%	0.34%	0.16%
RPM	A	0.13%	0.11%	0.11%
RRC	D	0.08%	0.06%	0.06%
RRX	B	0.12%	0.09%	0.09%
RS	D	0.19%	0.17%	0.17%
RYN	C	0.05%	0.13%	0.05%
SAIA	D	0.05%	0.18%	0.05%
SAIC	A	0.08%	0.23%	0.08%
SAM	D	0.02%	0.28%	0.02%
SCI	D	0.13%	0.23%	0.13%
SEIC	B	0.08%	0.29%	0.08%
SF	A	0.1%	0.43%	0.1%
SHC	C	0.03%	0.24%	0.03%
SKX	B	0.09%	0.25%	0.09%
SLGN	B	0.05%	0.06%	0.05%
SLM	B	0.05%	0.26%	0.05%
SMG	C	0.04%	2.01%	0.04%
SNV	D	0.07%	0.07%	0.07%
SNX	C	0.1%	0.07%	0.07%
SON	D	0.06%	0.05%	0.05%
SRCL	B	0.06%	0.18%	0.06%
SSD	B	0.08%	0.09%	0.08%
ST	F	0.06%	0.26%	0.06%
STAG	D	0.08%	0.08%	0.08%
STWD	C	0.07%	0.06%	0.06%
THC	D	0.17%	0.66%	0.17%
THG	A	0.06%	0.2%	0.06%
THO	C	0.06%	0.24%	0.06%
TKO	A	0.09%	0.31%	0.09%
TKR	B	0.06%	0.08%	0.06%
TNL	B	0.03%	0.1%	0.03%
TOL	C	0.18%	0.47%	0.18%
TTC	F	0.1%	0.25%	0.1%
TTEK	A	0.11%	0.16%	0.11%
UA	B	0.02%	0.16%	0.02%
UAA	B	0.02%	0.17%	0.02%
UGI	C	0.06%	0.23%	0.06%
UNM	A	0.12%	0.37%	0.12%
USFD	C	0.16%	0.33%	0.16%
UTHR	C	0.18%	0.5%	0.18%
VAC	D	0.03%	0.08%	0.03%
VMI	B	0.06%	0.09%	0.06%
VNO	B	0.08%	0.14%	0.08%
VNT	F	0.06%	0.24%	0.06%
VOYA	A	0.09%	0.3%	0.09%
WBS	D	0.09%	0.43%	0.09%
WCC	D	0.08%	0.06%	0.06%
WEN	B	0.02%	0.58%	0.02%
WEX	C	0.09%	0.35%	0.09%
WH	C	0.06%	0.1%	0.06%
WHR	C	0.06%	0.17%	0.06%
WLK	C	0.06%	0.09%	0.06%
WMS	D	0.08%	0.08%	0.08%
WOLF	F	0.01%	0.04%	0.01%
WPC	C	0.15%	0.08%	0.08%
WSM	C	0.09%	0.21%	0.09%
WSO	C	0.19%	0.04%	0.04%
WTFC	B	0.08%	0.12%	0.08%
WTRG	D	0.11%	0.21%	0.11%
WU	D	0.03%	0.27%	0.03%
WWD	C	0.11%	0.08%	0.08%
X	F	0.09%	0.16%	0.09%
XRAY	D	0.06%	0.18%	0.06%
YETI	C	0.03%	0.15%	0.03%
ZI	F	0.04%	0.24%	0.04%
ZION	D	0.07%	0.07%	0.07%

IWS Overweight 440 Positions Relative to SMDY

Symbol	Grade	Weight
AFL	A	0.71%
AJG	C	0.65%
DHI	C	0.64%
WMB	A	0.63%
O	C	0.62%
OKE	A	0.6%
BK	A	0.59%
DLR	C	0.58%
CCI	D	0.58%
FIS	A	0.53%
LHX	A	0.52%
PEG	A	0.51%
CMI	A	0.5%
LEN	C	0.5%
KVUE	C	0.49%
KMI	A	0.49%
PCG	C	0.48%
PRU	B	0.48%
A	B	0.48%
GIS	C	0.47%
OTIS	A	0.47%
ALL	A	0.47%
CTVA	A	0.46%
URI	C	0.46%
EXC	C	0.46%
SPG	A	0.46%
ACGL	A	0.46%
MCHP	F	0.46%
CNC	F	0.44%
AME	C	0.44%
IR	A	0.44%
CTSH	B	0.43%
EA	D	0.43%
DOW	B	0.43%
HWM	A	0.43%
IQV	F	0.42%
EXR	D	0.42%
ROST	D	0.42%
KR	C	0.42%
FERG	F	0.42%
CBRE	C	0.42%
XEL	C	0.41%
ED	C	0.41%
NUE	D	0.41%
GEHC	C	0.41%
BKR	B	0.41%
DD	C	0.41%
HIG	A	0.39%
FANG	D	0.38%
HUM	F	0.38%
DFS	A	0.38%
GLW	C	0.38%
VICI	C	0.38%
EBAY	A	0.37%
EIX	C	0.37%
WAB	A	0.36%
DAL	C	0.36%
XYL	C	0.36%
CHTR	D	0.35%
MLM	F	0.35%
MTD	C	0.35%
AVB	C	0.35%
NDAQ	C	0.34%
CSGP	F	0.34%
ON	F	0.34%
PPG	D	0.34%
WEC	B	0.34%
WTW	C	0.34%
PAYX	B	0.33%
PHM	C	0.33%
PWR	A	0.33%
ETR	A	0.32%
ADM	F	0.32%
AWK	D	0.32%
NVR	C	0.32%
EFX	D	0.32%
FITB	C	0.32%
MTB	A	0.32%
FTV	C	0.31%
ANSS	D	0.31%
HLT	A	0.31%
ROK	D	0.31%
BIIB	F	0.31%
EQR	C	0.31%
IFF	D	0.3%
HAL	D	0.3%
DTE	B	0.3%
GRMN	D	0.3%
RCL	B	0.3%
KEYS	B	0.3%
CHD	D	0.29%
GPN	F	0.29%
FSLR	C	0.29%
FE	C	0.29%
VTR	C	0.29%
HPQ	B	0.29%
HPE	B	0.29%
TTWO	D	0.29%
SBAC	C	0.29%
DOV	C	0.29%
STT	A	0.29%
PPL	C	0.28%
WY	C	0.28%
LYB	B	0.28%
DVN	F	0.28%
RMD	C	0.28%
SW	C	0.28%
ES	D	0.27%
MSTR	B	0.27%
HSY	D	0.27%
YUM	C	0.27%
VMC	D	0.27%
HUBB	A	0.26%
STE	D	0.26%
RJF	B	0.26%
AEE	A	0.26%
TROW	D	0.26%
BBY	C	0.25%
WDC	C	0.25%
ZBH	F	0.25%
CBOE	B	0.25%
LDOS	A	0.25%
CINF	A	0.24%
CMS	A	0.24%
K	B	0.24%
COO	C	0.24%
MKC	C	0.24%
SQ	D	0.24%
INVH	D	0.24%
BLDR	C	0.24%
FCNCA	D	0.24%
TDY	A	0.23%
ARE	D	0.23%
LNG	A	0.23%
HBAN	B	0.23%
RF	B	0.23%
BALL	C	0.23%
ATO	A	0.23%
APTV	D	0.22%
STLD	C	0.22%
SYF	A	0.22%
GPC	D	0.22%
PFG	A	0.22%
WBD	F	0.22%
OMC	C	0.22%
EQT	C	0.22%
MAA	D	0.21%
HOLX	D	0.21%
LH	D	0.21%
UAL	A	0.21%
MAS	C	0.21%
DG	F	0.21%
MSCI	B	0.21%
ESS	D	0.21%
BAX	D	0.21%
TRU	C	0.21%
CNP	B	0.21%
PKG	B	0.21%
NTRS	B	0.2%
CTRA	D	0.2%
LUV	B	0.2%
CCL	C	0.2%
CFG	C	0.2%
ZM	B	0.2%
SUI	D	0.19%
TSN	D	0.19%
WRB	C	0.19%
SWK	C	0.19%
IP	C	0.19%
DGX	D	0.19%
NI	A	0.18%
LNT	B	0.18%
SSNC	C	0.18%
CF	A	0.18%
DOC	C	0.18%
PNR	C	0.18%
IEX	D	0.18%
TXT	F	0.18%
AMCR	C	0.18%
J	F	0.18%
SYY	D	0.17%
UDR	C	0.17%
GEN	A	0.17%
VRSN	C	0.17%
IRM	B	0.17%
NDSN	C	0.17%
TRMB	B	0.17%
HOOD	B	0.17%
SNA	C	0.17%
VLTO	A	0.17%
AKAM	D	0.17%
KEY	B	0.17%
EXPD	D	0.17%
KIM	C	0.17%
RVTY	C	0.17%
SWKS	F	0.17%
MKL	B	0.17%
MRO	B	0.17%
CAG	D	0.17%
NTAP	D	0.16%
JBHT	D	0.16%
BRO	A	0.16%
L	C	0.16%
DLTR	F	0.16%
EG	A	0.16%
AES	C	0.16%
CDW	D	0.16%
ZBRA	B	0.16%
EMN	C	0.15%
UHS	D	0.15%
JKHY	A	0.15%
REG	C	0.15%
VTRS	D	0.15%
HES	D	0.15%
EVRG	C	0.15%
BG	F	0.15%
JBL	C	0.14%
TECH	D	0.14%
HST	D	0.14%
CVNA	A	0.14%
BXP	B	0.14%
SJM	D	0.14%
ALLE	A	0.14%
CPT	C	0.14%
JNPR	C	0.14%
FFIV	B	0.14%
CHRW	C	0.14%
FDS	C	0.13%
NRG	A	0.13%
KMX	F	0.13%
TFX	C	0.13%
IPG	D	0.13%
FTI	B	0.13%
Z	C	0.12%
PNW	C	0.12%
AIZ	B	0.12%
HII	F	0.12%
LKQ	F	0.12%
TPR	B	0.12%
AOS	C	0.12%
CAH	B	0.12%
CTLT	A	0.12%
FBIN	C	0.12%
AVY	D	0.12%
CE	D	0.12%
ALB	D	0.12%
RPRX	D	0.12%
SOLV	C	0.11%
WYNN	B	0.11%
MKTX	B	0.11%
QRVO	F	0.11%
CNH	C	0.11%
MTCH	B	0.11%
FOXA	B	0.11%
DPZ	D	0.11%
NTNX	C	0.11%
NLY	C	0.11%
CRL	F	0.11%
DOX	B	0.11%
TAP	D	0.11%
NWSA	D	0.11%
FWONK	D	0.11%
EPAM	F	0.11%
INCY	B	0.11%
WST	D	0.1%
RIVN	F	0.1%
ALSN	A	0.1%
MOS	F	0.1%
CZR	B	0.1%
TWLO	B	0.1%
TW	A	0.1%
AFRM	C	0.1%
WAL	C	0.1%
MGM	D	0.1%
HRL	F	0.1%
HSIC	D	0.1%
DRI	C	0.1%
GL	C	0.1%
APA	F	0.1%
CPB	D	0.1%
FRT	D	0.1%
AGNC	B	0.09%
ALGN	D	0.09%
RL	B	0.09%
ACI	F	0.09%
CMA	C	0.09%
COLD	D	0.09%
ROKU	C	0.09%
BWA	C	0.09%
ATI	C	0.09%
GWRE	A	0.09%
PTC	B	0.09%
FMC	C	0.09%
DAY	C	0.09%
WAT	B	0.09%
MHK	C	0.09%
AAL	D	0.08%
RHI	D	0.08%
HR	D	0.08%
BFAM	C	0.08%
CART	B	0.08%
VFC	A	0.08%
FICO	C	0.08%
BBWI	F	0.08%
ELAN	D	0.08%
MOH	F	0.08%
APG	F	0.08%
EXAS	C	0.08%
GWW	B	0.07%
ESI	C	0.07%
BPOP	D	0.07%
AXS	A	0.07%
WBA	F	0.07%
PARA	F	0.07%
LW	D	0.07%
IVZ	A	0.07%
AZPN	A	0.07%
FAST	C	0.07%
OKTA	F	0.07%
BIO	B	0.07%
SOFI	C	0.07%
LBRDK	C	0.07%
CCCS	D	0.06%
W	C	0.06%
LNC	B	0.06%
FOX	B	0.06%
OMF	D	0.06%
COIN	F	0.06%
S	C	0.06%
SIRI	C	0.06%
RITM	D	0.06%
BEN	F	0.06%
ALK	C	0.06%
SN	A	0.06%
UHAL	C	0.05%
AGO	B	0.05%
AMP	A	0.05%
SITE	D	0.05%
FRPT	A	0.05%
WTM	C	0.05%
AL	D	0.05%
LINE	F	0.05%
GNRC	B	0.05%
PSN	A	0.05%
WSC	D	0.05%
ROIV	D	0.05%
OGN	F	0.05%
NWL	D	0.04%
NWS	D	0.04%
AMTM	D	0.04%
VNOM	A	0.04%
SPR	D	0.04%
MPW	C	0.04%
HIW	C	0.04%
LBTYK	C	0.04%
DNB	D	0.04%
MSGS	A	0.04%
LBTYA	C	0.04%
U	D	0.04%
GTES	C	0.04%
DXC	C	0.04%
TPG	A	0.04%
TYL	D	0.04%
GFS	F	0.04%
IAC	C	0.04%
AWI	A	0.04%
HUN	B	0.04%
ALNY	C	0.04%
BILL	D	0.04%
AAP	F	0.03%
KSS	D	0.03%
BOKF	B	0.03%
QDEL	D	0.03%
ULTA	D	0.03%
LLYVK	B	0.03%
HHH	C	0.03%
VIRT	B	0.03%
SPB	C	0.03%
CWEN	C	0.03%
AGR	C	0.03%
CLVT	D	0.03%
RKT	D	0.03%
CXT	F	0.03%
PENN	D	0.03%
SEE	C	0.03%
FHB	D	0.03%
LCID	F	0.03%
ZG	C	0.03%
PAYC	D	0.03%
CERT	F	0.02%
LYFT	D	0.02%
TRIP	D	0.02%
INFA	D	0.02%
FTRE	F	0.02%
GO	F	0.02%
REYN	D	0.02%
TER	C	0.02%
LEG	D	0.02%
QS	F	0.02%
BIRK	F	0.02%
VSTS	D	0.02%
LEN	C	0.02%
AZEK	D	0.02%
PINC	F	0.02%
GLOB	D	0.02%
ADT	D	0.02%
ETSY	F	0.02%
BROS	F	0.02%
HAYW	C	0.02%
BR	B	0.02%
IONS	F	0.01%
PLTK	C	0.01%
UI	B	0.01%
TFSL	D	0.01%
PATH	D	0.01%
TXG	F	0.01%
SEB	F	0.01%
PYCR	D	0.01%
AS	B	0.01%
CWEN	C	0.01%
LBRDA	C	0.01%
NCNO	F	0.01%
LLYVA	B	0.01%
HCP	A	0.01%
DV	F	0.01%
FWONA	C	0.01%
ALAB	C	0.01%
CNA	D	0.01%
DDS	D	0.01%
HAS	A	0.01%
SNDR	D	0.01%
SEG	F	0.0%
LOAR	B	0.0%
PARAA	D	0.0%
NFE	F	0.0%
UWMC	D	0.0%
GRAL	F	0.0%
LAZ	C	0.0%
DJT	F	0.0%
UHAL	C	0.0%

IWS Underweight 125 Positions Relative to SMDY

Symbol	Grade	Weight
ZD	D	-0.98%
DT	B	-0.84%
SBRA	C	-0.73%
QLYS	F	-0.67%
WING	C	-0.58%
TXRH	A	-0.58%
LNW	F	-0.54%
ERIE	A	-0.5%
TMHC	C	-0.46%
KBH	D	-0.46%
HALO	D	-0.45%
SLAB	D	-0.42%
CNO	B	-0.41%
SFM	A	-0.4%
SRPT	F	-0.4%
CYTK	D	-0.39%
ASB	D	-0.39%
CVLT	B	-0.38%
POWI	F	-0.37%
MANH	A	-0.37%
LIVN	C	-0.36%
DUOL	B	-0.36%
PCTY	C	-0.35%
SYNA	F	-0.35%
GHC	A	-0.35%
NBIX	F	-0.34%
BURL	C	-0.33%
HAE	F	-0.33%
EQH	B	-0.33%
ESNT	A	-0.32%
TGNA	B	-0.32%
BLKB	C	-0.32%
FHI	A	-0.32%
MEDP	F	-0.31%
ARWR	F	-0.31%
MORN	B	-0.31%
RMBS	F	-0.3%
APPF	C	-0.29%
MMS	C	-0.29%
TEX	F	-0.28%
ALTR	B	-0.28%
NWE	C	-0.27%
PNM	B	-0.27%
WMG	D	-0.27%
TDC	D	-0.26%
HQY	B	-0.26%
POR	D	-0.26%
OGS	C	-0.25%
OPCH	F	-0.25%
LANC	F	-0.25%
NSP	F	-0.25%
ORA	C	-0.24%
ALE	A	-0.24%
BKH	C	-0.24%
NJR	C	-0.23%
SR	D	-0.23%
EXLS	B	-0.23%
CELH	F	-0.22%
MUSA	D	-0.21%
RYAN	A	-0.21%
SWX	C	-0.21%
IRT	D	-0.21%
ENS	B	-0.2%
LNTH	C	-0.2%
BCO	C	-0.19%
PEN	D	-0.19%
VC	F	-0.19%
LII	C	-0.18%
XPO	F	-0.18%
CMC	D	-0.17%
TPX	C	-0.17%
EXPO	A	-0.17%
ANF	D	-0.17%
CHX	C	-0.17%
FLR	B	-0.17%
RBA	D	-0.17%
FIX	A	-0.17%
ELF	F	-0.16%
KNF	B	-0.16%
KNSL	B	-0.16%
PBF	F	-0.15%
SIGI	D	-0.15%
NOVT	C	-0.14%
PCH	C	-0.14%
UMBF	C	-0.14%
PGNY	F	-0.14%
BDC	A	-0.14%
ASGN	D	-0.14%
GATX	F	-0.14%
NEOG	F	-0.14%
TCBI	B	-0.13%
VAL	F	-0.13%
WFRD	F	-0.13%
CHDN	C	-0.12%
HWC	D	-0.12%
TREX	D	-0.12%
AVNT	C	-0.11%
AAON	A	-0.1%
VSH	F	-0.1%
WTS	C	-0.1%
CBT	B	-0.1%
CNX	A	-0.09%
HGV	F	-0.09%
HELE	D	-0.09%
ADNT	F	-0.09%
VVV	D	-0.09%
FFIN	D	-0.08%
VLY	C	-0.08%
AIT	B	-0.08%
ALV	F	-0.08%
GTLS	D	-0.08%
SSB	C	-0.08%
TPL	A	-0.08%
HOMB	D	-0.07%
ONB	D	-0.07%
CADE	B	-0.07%
UFPI	C	-0.07%
SWN	D	-0.07%
UBSI	D	-0.07%
GBCI	B	-0.07%
KRG	C	-0.07%
GT	F	-0.07%
MUR	F	-0.06%
IBOC	D	-0.06%
GEF	B	-0.05%