SMLF vs. DES ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to SmallCap Dividend Fund (DES)

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. 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. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$73.06

Average Daily Volume

71,849

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

DES

SmallCap Dividend Fund

DES Description

The investment seeks to track the price and yield performance, before fees and expenses, of the WisdomTree SmallCap Dividend Index. Under normal circumstances, at least 95% of the fund's total assets (exclusive of collateral held from securities lending) will be invested in component securities of the index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The index is a fundamentally weighted index measuring the performance of the small-capitalization segment of the U.S. dividend-paying market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$37.26

Average Daily Volume

99,959

Number of Holdings ^*

567

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	DES
30 Days	10.53%	9.25%
60 Days	10.49%	8.82%
90 Days	11.95%	9.76%
12 Months	40.74%	32.41%

175 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in DES	Overlap
ACA	A	0.1%	0.2%	0.1%
ACCO	C	0.13%	0.15%	0.13%
AEIS	B	0.01%	0.18%	0.01%
AGM	C	0.1%	0.18%	0.1%
AGX	B	0.08%	0.3%	0.08%
AIN	C	0.01%	0.13%	0.01%
ALX	D	0.1%	0.12%	0.1%
APOG	B	0.11%	0.25%	0.11%
ARCB	C	0.02%	0.11%	0.02%
ARCH	B	0.03%	0.12%	0.03%
AROC	B	0.12%	0.71%	0.12%
ASB	B	0.1%	0.5%	0.1%
ATEN	B	0.09%	0.13%	0.09%
AVNT	B	0.18%	0.46%	0.18%
AWR	B	0.12%	0.32%	0.12%
BANF	B	0.14%	0.27%	0.14%
BCO	D	0.06%	0.25%	0.06%
BDC	B	0.08%	0.2%	0.08%
BFH	B	0.0%	0.17%	0.0%
BKE	B	0.12%	0.41%	0.12%
BKH	A	0.01%	0.59%	0.01%
BKU	A	0.0%	0.27%	0.0%
BLMN	F	0.05%	0.16%	0.05%
BOH	B	0.0%	0.34%	0.0%
BRC	D	0.17%	0.29%	0.17%
BRY	F	0.02%	0.08%	0.02%
BSIG	A	0.01%	0.05%	0.01%
CAKE	C	0.01%	0.3%	0.01%
CAL	D	0.08%	0.1%	0.08%
CASH	A	0.0%	0.09%	0.0%
CDP	C	0.03%	0.32%	0.03%
CFFN	B	0.04%	0.12%	0.04%
CHCO	B	0.0%	0.2%	0.0%
CNMD	C	0.07%	0.09%	0.07%
CNO	A	0.16%	0.23%	0.16%
CNS	B	0.03%	0.71%	0.03%
CRAI	B	0.01%	0.17%	0.01%
CRC	B	0.1%	0.45%	0.1%
CRS	A	0.09%	0.51%	0.09%
CSWI	A	0.08%	0.26%	0.08%
CTBI	B	0.06%	0.16%	0.06%
CUZ	B	0.08%	0.36%	0.08%
CVBF	A	0.05%	0.33%	0.05%
CVI	F	0.03%	0.48%	0.03%
CXT	B	0.09%	0.19%	0.09%
DAN	D	0.02%	0.13%	0.02%
DBI	F	0.02%	0.05%	0.02%
DEI	B	0.0%	0.12%	0.0%
DIN	C	0.04%	0.1%	0.04%
DLX	B	0.08%	0.25%	0.08%
EGBN	B	0.0%	0.14%	0.0%
EIG	B	0.0%	0.12%	0.0%
EMBC	C	0.03%	0.12%	0.03%
ENR	B	0.01%	0.3%	0.01%
ENS	D	0.04%	0.22%	0.04%
EPAC	B	0.07%	0.11%	0.07%
EPC	D	0.01%	0.13%	0.01%
EPR	D	0.02%	0.73%	0.02%
EVTC	B	0.03%	0.08%	0.03%
EXPI	C	0.1%	0.08%	0.08%
FBP	B	0.0%	0.5%	0.0%
FHB	A	0.08%	0.46%	0.08%
FULT	A	0.0%	0.37%	0.0%
GEF	A	0.01%	0.26%	0.01%
GES	F	0.15%	0.18%	0.15%
GFF	A	0.12%	0.3%	0.12%
HCC	B	0.06%	0.13%	0.06%
HEES	B	0.09%	0.21%	0.09%
HI	C	0.09%	0.17%	0.09%
HNI	B	0.03%	0.29%	0.03%
HP	B	0.1%	0.33%	0.1%
HSII	B	0.31%	0.15%	0.15%
HSTM	B	0.04%	0.08%	0.04%
HTH	B	0.11%	0.1%	0.1%
HWC	B	0.08%	0.35%	0.08%
HWKN	B	0.06%	0.2%	0.06%
IBOC	A	0.11%	0.42%	0.11%
ICFI	F	0.1%	0.12%	0.1%
IDCC	A	0.09%	0.4%	0.09%
IMKTA	C	0.24%	0.06%	0.06%
IOSP	B	0.04%	0.22%	0.04%
IVT	B	0.16%	0.07%	0.07%
JACK	D	0.09%	0.09%	0.09%
JBSS	D	0.17%	0.15%	0.15%
JOE	F	0.19%	0.12%	0.12%
KAI	A	0.13%	0.18%	0.13%
KALU	C	0.01%	0.26%	0.01%
KFRC	D	0.16%	0.14%	0.14%
KFY	B	0.02%	0.22%	0.02%
KLG	C	0.04%	0.3%	0.04%
KLIC	B	0.1%	0.16%	0.1%
KRNY	B	0.02%	0.06%	0.02%
KSS	F	0.08%	0.51%	0.08%
KW	B	0.1%	0.09%	0.09%
LMAT	A	0.02%	0.16%	0.02%
LXP	D	0.07%	0.15%	0.07%
MAC	B	0.31%	0.2%	0.2%
MATX	C	0.21%	0.29%	0.21%
MC	C	0.0%	0.6%	0.0%
MCY	A	0.06%	0.3%	0.06%
MLAB	D	0.01%	0.07%	0.01%
MTRN	C	0.1%	0.1%	0.1%
NAVI	C	0.19%	0.16%	0.16%
NBTB	B	0.0%	0.19%	0.0%
NFBK	B	0.01%	0.06%	0.01%
NHI	D	0.04%	0.51%	0.04%
NRC	F	0.03%	0.05%	0.03%
NSSC	D	0.08%	0.1%	0.08%
NUS	D	0.02%	0.07%	0.02%
NWN	A	0.01%	0.26%	0.01%
NX	C	0.03%	0.08%	0.03%
OFG	B	0.0%	0.19%	0.0%
OGS	A	0.13%	0.56%	0.13%
OTTR	C	0.06%	0.35%	0.06%
OXM	D	0.06%	0.15%	0.06%
PCH	D	0.01%	0.13%	0.01%
PDCO	D	0.02%	0.25%	0.02%
PEB	D	0.01%	0.06%	0.01%
PFBC	B	0.0%	0.15%	0.0%
PHIN	A	0.09%	0.35%	0.09%
PIPR	B	0.34%	0.24%	0.24%
PK	B	0.05%	0.13%	0.05%
POWL	C	0.38%	0.35%	0.35%
PRDO	B	0.0%	0.26%	0.0%
PRGS	A	0.18%	0.17%	0.17%
PZZA	D	0.05%	0.16%	0.05%
REVG	B	0.03%	0.15%	0.03%
RLJ	C	0.02%	0.06%	0.02%
RUSHA	C	0.06%	0.39%	0.06%
RYI	C	0.03%	0.1%	0.03%
SAH	A	0.04%	0.16%	0.04%
SCS	C	0.08%	0.21%	0.08%
SFBS	B	0.13%	0.24%	0.13%
SHO	C	0.01%	0.08%	0.01%
SKT	B	0.24%	0.23%	0.23%
SLG	B	0.49%	0.58%	0.49%
SLM	A	0.16%	0.35%	0.16%
SLVM	B	0.02%	0.39%	0.02%
SMG	D	0.19%	0.55%	0.19%
SPB	C	0.15%	0.28%	0.15%
SR	A	0.12%	0.51%	0.12%
SRCE	B	0.16%	0.15%	0.15%
SSTK	F	0.11%	0.11%	0.11%
SVC	F	0.02%	0.04%	0.02%
TDS	B	0.04%	0.42%	0.04%
TEX	D	0.19%	0.18%	0.18%
TGNA	B	0.09%	0.37%	0.09%
TILE	B	0.05%	0.14%	0.05%
TNC	D	0.06%	0.14%	0.06%
TNL	A	0.16%	0.61%	0.16%
TPB	B	0.04%	0.16%	0.04%
TPG	A	0.2%	0.64%	0.2%
TR	B	0.01%	0.11%	0.01%
TRMK	B	0.0%	0.21%	0.0%
TRN	C	0.06%	0.41%	0.06%
UMBF	B	0.14%	0.29%	0.14%
UPBD	B	0.09%	0.28%	0.09%
UTL	B	0.01%	0.19%	0.01%
UVE	B	0.03%	0.07%	0.03%
UVV	B	0.06%	0.31%	0.06%
VAC	B	0.07%	0.42%	0.07%
VIRT	B	0.03%	0.42%	0.03%
VRE	B	0.01%	0.07%	0.01%
VSH	D	0.09%	0.14%	0.09%
VSTS	C	0.02%	0.08%	0.02%
WAFD	B	0.12%	0.19%	0.12%
WD	D	0.02%	0.24%	0.02%
WGO	C	0.05%	0.14%	0.05%
WNC	C	0.07%	0.08%	0.07%
WOR	F	0.08%	0.24%	0.08%
WTI	F	0.01%	0.05%	0.01%
WTTR	B	0.06%	0.22%	0.06%
XHR	B	0.03%	0.07%	0.03%
XRX	F	0.18%	0.28%	0.18%
YOU	D	0.23%	0.17%	0.17%

SMLF Overweight 635 Positions Relative to DES

Symbol	Grade	Weight
APP	B	1.49%
EME	C	0.94%
EVR	B	0.81%
MSTR	C	0.73%
DECK	A	0.72%
AXON	A	0.66%
SFM	A	0.6%
ALSN	B	0.56%
NTNX	A	0.56%
JBL	B	0.55%
BPOP	B	0.53%
MANH	D	0.5%
MLI	C	0.49%
RS	B	0.49%
NVT	B	0.49%
CVNA	B	0.46%
IDA	A	0.46%
IBKR	A	0.45%
FIX	A	0.44%
DUOL	A	0.44%
COCO	B	0.43%
WSM	B	0.42%
PCOR	B	0.42%
CSL	C	0.41%
COOP	B	0.41%
LPX	B	0.41%
IOT	A	0.41%
VNO	B	0.41%
ORI	A	0.41%
JEF	A	0.4%
HRB	D	0.4%
NTRA	B	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
EWBC	A	0.39%
UTHR	C	0.38%
DKS	C	0.38%
MEDP	D	0.38%
BRX	A	0.37%
AM	A	0.37%
WING	D	0.36%
CNM	D	0.36%
WFRD	D	0.35%
CR	A	0.35%
AYI	B	0.35%
CAVA	B	0.34%
WK	B	0.34%
LAMR	D	0.33%
JHG	A	0.31%
WSO	A	0.31%
ITT	A	0.31%
FLEX	A	0.31%
FR	C	0.31%
SOLV	C	0.31%
DDS	B	0.31%
THC	D	0.31%
TPR	B	0.3%
ALKS	B	0.3%
SPXC	A	0.3%
CORT	B	0.3%
ANF	C	0.3%
CHE	D	0.3%
GGG	B	0.3%
EXE	B	0.29%
TTEK	F	0.29%
STRL	B	0.29%
PSTG	D	0.29%
PRI	A	0.28%
R	B	0.28%
AGO	B	0.27%
INTA	A	0.27%
SN	D	0.27%
FCNCA	A	0.27%
SMAR	A	0.26%
ESTC	C	0.26%
SIG	B	0.26%
GPK	C	0.26%
AMH	D	0.25%
OVV	B	0.25%
MOD	A	0.25%
HURN	B	0.25%
CFR	B	0.25%
TPX	B	0.24%
CPRX	C	0.24%
CBSH	A	0.24%
TREX	C	0.24%
RMBS	C	0.24%
AN	C	0.24%
HALO	F	0.24%
EXEL	B	0.24%
ZION	B	0.24%
CW	B	0.23%
ENTG	D	0.23%
GAP	C	0.23%
LSCC	D	0.23%
AMG	B	0.23%
UFPI	B	0.23%
EXLS	B	0.23%
BCC	B	0.22%
SANM	B	0.22%
GPI	A	0.22%
APA	D	0.22%
RPM	A	0.22%
WS	B	0.22%
COKE	C	0.22%
AXSM	B	0.22%
RNR	C	0.21%
AR	B	0.21%
TOST	B	0.21%
BLD	D	0.21%
AZPN	A	0.21%
SRPT	D	0.2%
ETSY	D	0.2%
LIVN	F	0.2%
RDDT	B	0.2%
XRAY	F	0.2%
ELF	C	0.2%
ATKR	C	0.2%
RRX	B	0.2%
AGCO	D	0.2%
DTM	B	0.2%
DNLI	D	0.2%
BBWI	D	0.2%
HAE	C	0.2%
WCC	B	0.2%
LUMN	C	0.2%
M	D	0.19%
RNG	B	0.19%
CROX	D	0.19%
ACM	A	0.19%
GH	B	0.19%
MUR	D	0.19%
HAS	D	0.19%
RRC	B	0.19%
HLI	B	0.18%
KNSL	B	0.18%
ARW	D	0.18%
TDOC	C	0.18%
NDSN	B	0.18%
VCYT	B	0.18%
ESAB	B	0.18%
USFD	A	0.18%
HIW	D	0.18%
OC	A	0.18%
GLPI	C	0.18%
FROG	C	0.18%
DCI	B	0.18%
MMYT	B	0.17%
VOYA	B	0.17%
PVH	C	0.17%
ACLX	C	0.17%
TKR	D	0.17%
LNW	D	0.17%
LNTH	D	0.17%
PDM	D	0.17%
PRG	C	0.17%
KRG	B	0.17%
RHI	B	0.17%
XPO	B	0.17%
AIZ	A	0.17%
EXTR	B	0.17%
PRKS	C	0.17%
SF	B	0.17%
KIM	A	0.16%
ALLE	D	0.16%
BL	B	0.16%
BMI	B	0.16%
BJ	A	0.16%
WTM	A	0.16%
LRN	A	0.16%
CVCO	A	0.16%
TOL	B	0.16%
GME	C	0.16%
AGNC	D	0.16%
FAF	A	0.16%
OMF	A	0.16%
PGRE	F	0.16%
GATX	A	0.15%
LBTYA	B	0.15%
GNRC	B	0.15%
SBGI	B	0.15%
HOG	D	0.15%
ONON	A	0.15%
XNCR	B	0.15%
RL	B	0.15%
ONTO	D	0.15%
W	F	0.15%
VMI	B	0.15%
FTAI	B	0.15%
DOCS	C	0.15%
ABG	B	0.15%
CWEN	C	0.15%
SKY	A	0.15%
ESI	A	0.15%
AMR	C	0.14%
RGLD	C	0.14%
ATI	D	0.14%
VSTO	A	0.14%
IGT	F	0.14%
MMSI	B	0.14%
NOVT	D	0.14%
IONS	F	0.14%
PI	D	0.14%
CMC	B	0.14%
BRKR	D	0.14%
NJR	A	0.14%
ENSG	D	0.14%
UA	C	0.14%
TTC	D	0.14%
YEXT	A	0.14%
PCTY	B	0.14%
SCI	B	0.14%
AY	B	0.14%
SPT	C	0.14%
SSD	D	0.14%
TPH	D	0.14%
BLKB	B	0.13%
VMEO	B	0.13%
BPMC	C	0.13%
THO	B	0.13%
IPAR	B	0.13%
NFG	A	0.13%
TNET	D	0.13%
BRZE	C	0.13%
BWXT	B	0.13%
GOLF	B	0.13%
RYAN	B	0.13%
BDN	C	0.13%
QLYS	C	0.13%
FYBR	D	0.13%
NUVL	D	0.13%
AA	B	0.13%
MAT	D	0.12%
INSP	D	0.12%
SAIA	B	0.12%
KBR	F	0.12%
GEO	B	0.12%
BASE	C	0.12%
SATS	D	0.12%
ACLS	F	0.12%
NYT	C	0.12%
OGE	B	0.12%
WH	B	0.12%
KRC	C	0.12%
WEN	D	0.12%
NOV	C	0.12%
AIT	A	0.12%
CBT	C	0.12%
BSY	D	0.12%
WTS	B	0.12%
NTCT	C	0.11%
FHI	A	0.11%
CYTK	F	0.11%
TXNM	A	0.11%
LAZ	B	0.11%
PARA	C	0.11%
PTEN	C	0.11%
OII	B	0.11%
DFIN	D	0.11%
LOVE	B	0.11%
CUBE	D	0.11%
MFA	D	0.11%
ACAD	D	0.11%
CRUS	D	0.11%
CARG	C	0.11%
SPSC	C	0.11%
BAND	B	0.11%
ODP	F	0.11%
CHX	C	0.11%
CXW	B	0.11%
MCB	B	0.11%
MDGL	B	0.11%
NSP	D	0.11%
BCRX	D	0.11%
CHDN	B	0.1%
DNOW	B	0.1%
BECN	B	0.1%
PNFP	B	0.1%
IVZ	B	0.1%
UGI	A	0.1%
CRDO	B	0.1%
VECO	F	0.1%
LSTR	D	0.1%
NNN	D	0.1%
HUN	F	0.1%
HOV	D	0.1%
SYNA	C	0.1%
X	C	0.1%
LYFT	C	0.1%
CMPR	D	0.1%
WAL	B	0.1%
BERY	B	0.1%
INSM	C	0.1%
WMS	D	0.1%
VRNS	D	0.1%
HIMS	B	0.1%
EEFT	B	0.09%
MTSI	B	0.09%
WSC	D	0.09%
MRC	B	0.09%
MTN	C	0.09%
PCVX	D	0.09%
APG	B	0.09%
PBH	A	0.09%
LGND	B	0.09%
CAR	C	0.09%
VERA	B	0.09%
LZ	D	0.09%
FLG	C	0.09%
PLNT	A	0.09%
EGP	F	0.09%
BC	C	0.09%
ALIT	C	0.09%
TMHC	B	0.09%
OHI	C	0.09%
INVA	D	0.09%
MTG	C	0.09%
COUR	F	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
OLN	D	0.09%
WEX	D	0.09%
CUBI	C	0.09%
SON	D	0.09%
EXPO	D	0.09%
VC	D	0.08%
FIVN	C	0.08%
TENB	C	0.08%
LILA	D	0.08%
OPCH	D	0.08%
CVLT	B	0.08%
VIR	D	0.08%
FLR	B	0.08%
RGEN	D	0.08%
PEGA	A	0.08%
OZK	B	0.08%
ELAN	D	0.08%
MKSI	C	0.08%
OSCR	D	0.08%
PD	C	0.08%
YETI	C	0.08%
KN	B	0.08%
MASI	A	0.08%
GMS	B	0.08%
CACC	D	0.08%
VFC	C	0.08%
BOX	B	0.08%
CARS	B	0.08%
MIDD	C	0.08%
ALV	C	0.08%
AFRM	B	0.07%
UNIT	B	0.07%
CLH	B	0.07%
EQC	B	0.07%
DH	D	0.07%
HASI	D	0.07%
AMRX	C	0.07%
PEN	B	0.07%
EYPT	F	0.07%
WYNN	D	0.07%
MATV	D	0.07%
RIG	D	0.07%
AMPH	D	0.07%
POR	C	0.07%
AMPL	C	0.07%
FLNC	C	0.07%
WLY	B	0.07%
NBR	C	0.07%
NTB	B	0.07%
GKOS	B	0.07%
DOMO	C	0.07%
GCO	B	0.07%
ASH	D	0.07%
KNF	A	0.07%
PLUS	F	0.07%
SM	B	0.07%
TXRH	C	0.07%
SNEX	B	0.07%
NARI	C	0.07%
CEIX	A	0.07%
NXST	C	0.07%
NVST	B	0.06%
CC	C	0.06%
AVXL	B	0.06%
YELP	C	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
COTY	F	0.06%
S	B	0.06%
FN	D	0.06%
NXT	C	0.06%
ILPT	D	0.06%
AMCX	C	0.06%
CNX	A	0.06%
STWD	C	0.06%
MPW	F	0.06%
BRBR	A	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
FUN	C	0.06%
ASO	F	0.06%
LADR	B	0.06%
NSIT	F	0.06%
SOFI	A	0.06%
FLO	D	0.06%
RDN	C	0.06%
CASY	A	0.06%
IRTC	D	0.06%
RYN	D	0.06%
ADEA	D	0.06%
SFL	D	0.06%
AIV	C	0.06%
ADMA	B	0.06%
APPF	B	0.06%
AZEK	A	0.06%
HE	C	0.06%
KD	B	0.06%
MED	F	0.06%
FOLD	F	0.05%
AVAV	D	0.05%
ITGR	B	0.05%
SNV	B	0.05%
ACI	C	0.05%
FFIN	B	0.05%
SONO	C	0.05%
ITRI	B	0.05%
LBTYK	A	0.05%
EHC	B	0.05%
BEAM	D	0.05%
SITE	D	0.05%
CERS	C	0.05%
AEO	F	0.05%
AMBC	C	0.05%
PATH	C	0.05%
HOUS	D	0.05%
MERC	F	0.05%
KOS	F	0.05%
TARS	B	0.05%
SMTC	B	0.05%
ZIP	F	0.05%
VNT	B	0.05%
THR	B	0.05%
WBS	A	0.05%
APLS	D	0.05%
LFUS	F	0.05%
ASAN	C	0.05%
WBA	F	0.05%
MDXG	B	0.05%
LECO	B	0.05%
CENTA	C	0.05%
ARWR	F	0.04%
FCN	D	0.04%
MAN	D	0.04%
HPP	F	0.04%
STAG	F	0.04%
MDU	D	0.04%
DAWN	F	0.04%
CORZ	A	0.04%
PFSI	D	0.04%
KREF	D	0.04%
OUT	A	0.04%
PRGO	B	0.04%
LPG	F	0.04%
FLYW	C	0.04%
AGS	A	0.04%
IDT	B	0.04%
SANA	F	0.04%
ANAB	F	0.04%
NATL	B	0.04%
HELE	C	0.04%
RVMD	C	0.04%
CELH	F	0.04%
AGYS	A	0.04%
ARRY	C	0.04%
ROKU	D	0.04%
BILL	A	0.04%
OMI	F	0.04%
HLF	C	0.04%
ANGI	D	0.04%
IBP	D	0.04%
ACHC	F	0.04%
MMS	F	0.04%
FHN	A	0.04%
BCPC	B	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	0.03%
AXTA	A	0.03%
GMED	A	0.03%
ALHC	C	0.03%
VIAV	B	0.03%
ALRM	C	0.03%
RDFN	D	0.03%
ADT	C	0.03%
MOG.A	B	0.03%
LTH	C	0.03%
CHRD	D	0.03%
SUPN	C	0.03%
FL	F	0.03%
VNDA	C	0.03%
RGNX	F	0.03%
VCEL	B	0.03%
DNB	B	0.03%
TGTX	B	0.03%
BBIO	F	0.03%
QXO	D	0.03%
OFIX	B	0.03%
CIEN	B	0.03%
QDEL	F	0.03%
SNBR	F	0.03%
CHWY	B	0.03%
IESC	B	0.03%
UDMY	F	0.03%
SLAB	D	0.03%
BRSP	B	0.03%
MGNI	A	0.03%
AMN	F	0.03%
ACCD	D	0.03%
VITL	D	0.03%
CGEM	F	0.03%
IVR	F	0.03%
TCBI	B	0.03%
RPD	C	0.03%
SPRY	D	0.03%
ATRC	C	0.03%
RLI	B	0.03%
RKT	F	0.03%
OI	C	0.03%
OLED	D	0.03%
BKD	D	0.03%
RXT	C	0.02%
ERAS	C	0.02%
WOOF	D	0.02%
SSB	B	0.02%
CACI	D	0.02%
OSIS	B	0.02%
MSM	C	0.02%
TSE	F	0.02%
KVYO	C	0.02%
UNFI	A	0.02%
ARCT	F	0.02%
OMER	A	0.02%
DYN	F	0.02%
EVH	F	0.02%
PRO	C	0.02%
RAMP	C	0.02%
QRTEA	F	0.02%
GPRO	F	0.02%
SAFE	D	0.02%
MSA	D	0.02%
JELD	F	0.02%
EDR	A	0.02%
DOCN	D	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NWL	B	0.02%
BMBL	C	0.02%
OPI	F	0.02%
IRWD	F	0.02%
FSS	B	0.02%
WTFC	A	0.02%
MTW	C	0.02%
DY	D	0.02%
CLVT	F	0.02%
PR	B	0.02%
PBF	D	0.02%
CRSP	D	0.02%
TLRY	F	0.02%
SITC	D	0.02%
TWO	D	0.02%
CNDT	C	0.02%
OPEN	D	0.02%
SNDX	F	0.02%
AKRO	B	0.02%
PTCT	B	0.02%
GIII	D	0.02%
USNA	C	0.02%
LANC	C	0.02%
CALX	D	0.02%
CWK	B	0.01%
ALGM	D	0.01%
VAL	D	0.01%
DINO	D	0.01%
PGEN	F	0.01%
ARR	D	0.01%
JAMF	F	0.01%
SFIX	B	0.01%
POWI	D	0.01%
FLWS	F	0.01%
TDC	D	0.01%
XPRO	F	0.01%
MBC	D	0.01%
BIGC	C	0.01%
GO	C	0.01%
JOBY	B	0.01%
ZUO	B	0.01%
SWI	B	0.01%
MITK	C	0.01%
NTLA	F	0.01%
ROIV	C	0.01%
TTGT	C	0.01%
SWX	B	0.01%
HCAT	D	0.01%
OIS	C	0.01%
RBRK	A	0.01%
NGVT	B	0.01%
HQY	B	0.01%
ENVA	B	0.01%
HMST	D	0.01%
AXS	A	0.01%
STGW	B	0.01%
OLPX	D	0.01%
GWRE	A	0.01%
RHP	B	0.01%
PYCR	C	0.01%
ASGN	F	0.01%
HTZ	C	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
HAIN	C	0.01%
SWTX	C	0.01%
PII	D	0.01%
NEXA	C	0.01%
BYD	C	0.01%
UPWK	B	0.01%
HXL	D	0.01%
MAGN	F	0.0%
SEE	C	0.0%
GDOT	D	0.0%
JXN	C	0.0%
GNW	A	0.0%
UNM	A	0.0%
TBBK	B	0.0%
CMA	A	0.0%
AX	A	0.0%

SMLF Underweight 392 Positions Relative to DES

Symbol	Grade	Weight
OGN	D	-1.03%
TFSL	A	-0.87%
ALE	A	-0.72%
KNTK	B	-0.71%
CCOI	B	-0.66%
FIBK	A	-0.65%
NSA	D	-0.64%
BNL	D	-0.61%
SBRA	C	-0.61%
VCTR	B	-0.6%
KTB	B	-0.59%
EPRT	B	-0.58%
JWN	C	-0.57%
NOG	A	-0.53%
CATY	B	-0.51%
NWE	B	-0.5%
FFBC	A	-0.46%
AVA	A	-0.45%
MGEE	C	-0.44%
PNM	F	-0.44%
HRI	B	-0.44%
CRI	D	-0.38%
PATK	D	-0.38%
SEM	B	-0.37%
SFNC	B	-0.37%
LEG	F	-0.36%
PINC	B	-0.36%
PPBI	B	-0.36%
UCB	A	-0.35%
CBU	B	-0.35%
SHOO	D	-0.35%
LCII	C	-0.35%
AUB	B	-0.34%
PFS	B	-0.34%
KRO	D	-0.34%
IIPR	D	-0.33%
WWW	B	-0.33%
NWBI	B	-0.33%
SXT	B	-0.32%
EBC	B	-0.32%
MWA	B	-0.3%
STEP	B	-0.3%
AMSF	B	-0.3%
NHC	C	-0.29%
INDB	B	-0.29%
WDFC	B	-0.28%
KMPR	B	-0.28%
WSBC	A	-0.28%
FRME	B	-0.28%
WHD	B	-0.28%
JJSF	B	-0.28%
PBI	B	-0.27%
PRK	B	-0.27%
KMT	B	-0.27%
ABM	B	-0.27%
GBX	A	-0.26%
PTVE	B	-0.25%
BANR	B	-0.24%
VRTS	B	-0.24%
GRNT	B	-0.24%
SASR	B	-0.24%
RRR	D	-0.24%
AESI	B	-0.23%
USLM	A	-0.23%
STRA	C	-0.23%
HTLF	B	-0.23%
GVA	A	-0.23%
CPK	A	-0.23%
IBTX	B	-0.23%
PEBO	A	-0.23%
CTRE	D	-0.23%
TOWN	B	-0.23%
CBRL	C	-0.23%
PRIM	A	-0.22%
BHE	B	-0.22%
LBRT	D	-0.22%
HOPE	B	-0.22%
CSGS	B	-0.21%
WINA	B	-0.21%
SJW	D	-0.2%
CRGY	B	-0.2%
CWT	D	-0.2%
MGRC	B	-0.2%
CABO	C	-0.19%
SXC	A	-0.19%
WKC	D	-0.19%
IRT	A	-0.19%
ABCB	B	-0.19%
MCRI	A	-0.19%
BANC	A	-0.19%
ANET	C	-0.19%
WABC	B	-0.18%
MLKN	D	-0.18%
WMK	C	-0.18%
NGVC	A	-0.18%
NPO	A	-0.18%
BTU	B	-0.18%
FCF	A	-0.17%
BGC	C	-0.17%
ULH	B	-0.17%
GHC	C	-0.17%
SBCF	A	-0.17%
DK	C	-0.16%
CCS	D	-0.16%
CALM	A	-0.16%
STBA	B	-0.16%
GABC	B	-0.16%
STC	B	-0.16%
OCFC	B	-0.16%
SXI	B	-0.16%
JBT	B	-0.16%
ETD	C	-0.16%
REPX	A	-0.16%
PSMT	C	-0.16%
LZB	B	-0.16%
MLR	B	-0.15%
BUSE	B	-0.15%
WERN	C	-0.15%
PJT	A	-0.15%
EBF	F	-0.15%
HMN	B	-0.15%
RNST	B	-0.15%
MNRO	D	-0.15%
AZZ	B	-0.15%
VBTX	B	-0.15%
SCVL	F	-0.14%
KWR	C	-0.14%
EGY	D	-0.14%
KRT	A	-0.14%
GIC	D	-0.14%
VSEC	C	-0.14%
VHI	D	-0.14%
HL	D	-0.14%
BRKL	B	-0.14%
WSFS	A	-0.14%
HCKT	B	-0.14%
ESE	B	-0.14%
SAFT	C	-0.13%
SCL	C	-0.13%
USPH	B	-0.13%
MCS	B	-0.13%
LKFN	B	-0.13%
HY	D	-0.13%
BBSI	B	-0.13%
PFC	A	-0.13%
GRC	A	-0.13%
NBHC	B	-0.13%
BGS	F	-0.12%
MSEX	B	-0.12%
FBNC	A	-0.12%
CSV	B	-0.12%
EFSC	B	-0.12%
UNF	B	-0.12%
NNI	D	-0.12%
SBSI	B	-0.12%
CWH	B	-0.12%
RES	D	-0.12%
NPK	B	-0.12%
LTC	B	-0.12%
SYBT	B	-0.12%
UTZ	D	-0.12%
RBCAA	B	-0.12%
ANDE	D	-0.11%
SPTN	D	-0.11%
BHLB	B	-0.11%
TCBK	B	-0.11%
PAHC	C	-0.11%
HLIO	B	-0.11%
SMP	B	-0.11%
PLOW	D	-0.11%
MTX	B	-0.11%
LYTS	B	-0.11%
ASIX	A	-0.11%
DCOM	A	-0.11%
WASH	C	-0.11%
FBK	B	-0.11%
MRTN	C	-0.1%
CTS	C	-0.1%
ASTE	B	-0.1%
CNXN	C	-0.1%
HTBK	A	-0.1%
SWBI	C	-0.1%
LNN	B	-0.1%
ALG	B	-0.1%
DNUT	D	-0.1%
SPOK	C	-0.1%
CDRE	D	-0.1%
AKR	B	-0.1%
FCPT	C	-0.1%
UE	C	-0.1%
GTY	B	-0.1%
HAYN	C	-0.1%
HBT	B	-0.09%
CMCO	B	-0.09%
WEYS	C	-0.09%
SHYF	C	-0.09%
RNGR	B	-0.09%
THFF	B	-0.09%
CPF	A	-0.09%
FCBC	B	-0.09%
FISI	A	-0.09%
MBWM	B	-0.09%
HFWA	B	-0.09%
NVEC	C	-0.09%
FBMS	B	-0.09%
DBRG	F	-0.09%
LGTY	D	-0.09%
MATW	C	-0.09%
LMNR	B	-0.09%
HBNC	B	-0.09%
EE	A	-0.09%
BHRB	B	-0.09%
NMRK	B	-0.09%
RUSHB	B	-0.08%
DRH	B	-0.08%
ITIC	B	-0.08%
GCMG	B	-0.08%
SD	D	-0.08%
ARKO	C	-0.08%
VLGEA	B	-0.08%
TRAK	B	-0.08%
METC	C	-0.08%
RGR	F	-0.08%
MPX	B	-0.08%
BELFB	C	-0.08%
SCHL	D	-0.08%
TRST	A	-0.08%
RDUS	C	-0.08%
MCBS	B	-0.08%
UWMC	D	-0.08%
HPK	B	-0.08%
MSB	B	-0.08%
LOB	B	-0.08%
HAFC	A	-0.08%
ROIC	A	-0.08%
MYE	F	-0.08%
ODC	C	-0.08%
PKOH	B	-0.08%
YORW	D	-0.08%
NATH	C	-0.08%
HVT	D	-0.08%
CLB	B	-0.07%
PLPC	B	-0.07%
SGC	C	-0.07%
HTLD	B	-0.07%
JBGS	D	-0.07%
UMH	C	-0.07%
ESRT	C	-0.07%
IBCP	B	-0.07%
GTN	F	-0.07%
CNOB	B	-0.07%
NIC	B	-0.07%
IMMR	C	-0.07%
GWRS	B	-0.07%
TRS	B	-0.07%
AAT	B	-0.07%
MBIN	D	-0.07%
PKE	B	-0.07%
ALEX	C	-0.07%
BY	B	-0.07%
CVGW	D	-0.07%
OFLX	D	-0.06%
ATNI	F	-0.06%
CCNE	B	-0.06%
NRIM	A	-0.06%
GNE	D	-0.06%
MSBI	B	-0.06%
FFIC	B	-0.06%
ARTNA	D	-0.06%
AMAL	B	-0.06%
MOV	C	-0.06%
KELYA	F	-0.06%
QCRH	A	-0.06%
RGP	F	-0.06%
KOP	C	-0.06%
CMP	C	-0.06%
DEA	D	-0.06%
CAC	B	-0.06%
MMI	B	-0.06%
NEWT	B	-0.06%
CTO	B	-0.05%
OBK	B	-0.05%
SMBK	B	-0.05%
EML	D	-0.05%
FLIC	B	-0.05%
ESCA	C	-0.05%
IIIN	C	-0.05%
ALRS	D	-0.05%
MGPI	F	-0.05%
BFS	C	-0.05%
BFC	B	-0.05%
PGC	C	-0.05%
BSRR	B	-0.05%
EPM	A	-0.05%
SLP	D	-0.05%
CSR	B	-0.05%
RGCO	C	-0.05%
JOUT	D	-0.05%
FF	D	-0.05%
ALTG	C	-0.05%
EVC	C	-0.05%
UTMD	F	-0.05%
FMBH	B	-0.05%
ZEUS	C	-0.05%
HBB	F	-0.05%
DHIL	A	-0.05%
LAKE	B	-0.04%
CIVB	B	-0.04%
CASS	B	-0.04%
TIPT	B	-0.04%
RCKY	F	-0.04%
OPY	B	-0.04%
NBN	B	-0.04%
CLAR	D	-0.04%
HOFT	C	-0.04%
GSBC	B	-0.04%
ARC	A	-0.04%
TWIN	F	-0.04%
RM	D	-0.04%
DGICA	A	-0.04%
AMTB	B	-0.04%
SMBC	B	-0.04%
SHBI	A	-0.04%
SAVE	D	-0.04%
FMNB	B	-0.04%
RELL	B	-0.04%
HURC	C	-0.04%
SHEN	F	-0.04%
ORRF	B	-0.04%
OSBC	A	-0.04%
WSR	A	-0.04%
MEI	D	-0.04%
BSVN	B	-0.04%
CBL	A	-0.04%
FSBC	B	-0.04%
HCI	C	-0.04%
HQI	B	-0.04%
NTST	D	-0.04%
EQBK	A	-0.04%
NC	B	-0.04%
RICK	C	-0.04%
ALCO	D	-0.04%
CHCT	C	-0.03%
NECB	B	-0.03%
CLDT	B	-0.03%
FSBW	B	-0.03%
PSTL	D	-0.03%
CSPI	C	-0.03%
CZNC	B	-0.03%
BSET	B	-0.03%
SPFI	B	-0.03%
ACU	B	-0.03%
BHB	B	-0.03%
GNTY	A	-0.03%
AROW	B	-0.03%
AHH	D	-0.03%
BRT	B	-0.03%
OLP	B	-0.03%
TSQ	D	-0.03%
HONE	B	-0.03%
GMRE	F	-0.03%
AMRK	F	-0.03%
PHX	A	-0.03%
LCUT	F	-0.03%
PLYM	F	-0.03%
BMRC	B	-0.03%
UFCS	B	-0.03%
WTBA	B	-0.03%
FRST	B	-0.03%
UNTY	B	-0.02%
RRBI	A	-0.02%
SSBK	B	-0.02%
SGA	F	-0.02%
CBNK	B	-0.02%
III	C	-0.02%
RMR	F	-0.02%
VOC	C	-0.02%
LAND	F	-0.02%
FBIZ	B	-0.02%
PKST	D	-0.02%
FRBA	C	-0.02%
DHC	F	-0.02%
ISTR	B	-0.02%
FPI	B	-0.02%
CATO	D	-0.02%
FDBC	C	-0.01%
INBK	B	-0.01%
MBCN	B	-0.01%
OBT	C	-0.01%
PLBC	A	-0.01%
PINE	C	-0.01%
FNWB	C	-0.0%