SMLF vs. FNDX ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Schwab Fundamental U.S. Large Company Index ETF (FNDX)

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

FNDX

Schwab Fundamental U.S. Large Company Index ETF

FNDX Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Large 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

$24.83

Average Daily Volume

1,186,729

Number of Holdings ^*

721

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	FNDX
30 Days	10.53%	3.67%
60 Days	10.49%	4.58%
90 Days	11.95%	6.53%
12 Months	40.74%	29.67%

172 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in FNDX	Overlap
AA	B	0.13%	0.06%	0.06%
ABG	B	0.15%	0.03%	0.03%
ACI	C	0.05%	0.03%	0.03%
ACM	A	0.19%	0.05%	0.05%
AEO	F	0.05%	0.01%	0.01%
AGCO	D	0.2%	0.03%	0.03%
AIZ	A	0.17%	0.03%	0.03%
ALLE	D	0.16%	0.01%	0.01%
ALSN	B	0.56%	0.05%	0.05%
ALV	C	0.08%	0.02%	0.02%
AMG	B	0.23%	0.04%	0.04%
AN	C	0.24%	0.05%	0.05%
APA	D	0.22%	0.03%	0.03%
AR	B	0.21%	0.03%	0.03%
ARCH	B	0.03%	0.02%	0.02%
ARW	D	0.18%	0.08%	0.08%
ASGN	F	0.01%	0.02%	0.01%
ASO	F	0.06%	0.02%	0.02%
AXTA	A	0.03%	0.02%	0.02%
AYI	B	0.35%	0.04%	0.04%
BBWI	D	0.2%	0.03%	0.03%
BC	C	0.09%	0.03%	0.03%
BCC	B	0.22%	0.04%	0.04%
BECN	B	0.1%	0.02%	0.02%
BERY	B	0.1%	0.04%	0.04%
BFH	B	0.0%	0.05%	0.0%
BJ	A	0.16%	0.02%	0.02%
BLD	D	0.21%	0.01%	0.01%
BPOP	B	0.53%	0.02%	0.02%
BRX	A	0.37%	0.02%	0.02%
CACI	D	0.02%	0.03%	0.02%
CAR	C	0.09%	0.03%	0.03%
CASY	A	0.06%	0.05%	0.05%
CC	C	0.06%	0.02%	0.02%
CHE	D	0.3%	0.01%	0.01%
CIEN	B	0.03%	0.03%	0.03%
CMA	A	0.0%	0.07%	0.0%
CMC	B	0.14%	0.03%	0.03%
CNO	A	0.16%	0.04%	0.04%
CNX	A	0.06%	0.01%	0.01%
CSL	C	0.41%	0.05%	0.05%
CW	B	0.23%	0.03%	0.03%
DAN	D	0.02%	0.01%	0.01%
DCI	B	0.18%	0.02%	0.02%
DECK	A	0.72%	0.03%	0.03%
DINO	D	0.01%	0.05%	0.01%
DKS	C	0.38%	0.04%	0.04%
EHC	B	0.05%	0.02%	0.02%
EME	C	0.94%	0.06%	0.06%
EVR	B	0.81%	0.04%	0.04%
EWBC	A	0.39%	0.03%	0.03%
FAF	A	0.16%	0.04%	0.04%
FCNCA	A	0.27%	0.02%	0.02%
FHN	A	0.04%	0.03%	0.03%
FL	F	0.03%	0.03%	0.03%
FLEX	A	0.31%	0.06%	0.06%
FLO	D	0.06%	0.02%	0.02%
FLR	B	0.08%	0.03%	0.03%
FYBR	D	0.13%	0.04%	0.04%
GAP	C	0.23%	0.04%	0.04%
GGG	B	0.3%	0.02%	0.02%
GLPI	C	0.18%	0.02%	0.02%
GNRC	B	0.15%	0.02%	0.02%
GNW	A	0.0%	0.03%	0.0%
GPI	A	0.22%	0.05%	0.05%
GPK	C	0.26%	0.03%	0.03%
HAS	D	0.19%	0.03%	0.03%
HOG	D	0.15%	0.02%	0.02%
HRB	D	0.4%	0.01%	0.01%
HTZ	C	0.01%	0.01%	0.01%
HUN	F	0.1%	0.03%	0.03%
ITT	A	0.31%	0.03%	0.03%
IVZ	B	0.1%	0.05%	0.05%
JBL	B	0.55%	0.06%	0.06%
JEF	A	0.4%	0.06%	0.06%
JHG	A	0.31%	0.03%	0.03%
JXN	C	0.0%	0.04%	0.0%
KBR	F	0.12%	0.02%	0.02%
KD	B	0.06%	0.05%	0.05%
KIM	A	0.16%	0.03%	0.03%
KSS	F	0.08%	0.06%	0.06%
LAMR	D	0.33%	0.02%	0.02%
LECO	B	0.05%	0.02%	0.02%
LPX	B	0.41%	0.04%	0.04%
LSTR	D	0.1%	0.03%	0.03%
LUMN	C	0.2%	0.65%	0.2%
M	D	0.19%	0.06%	0.06%
MAN	D	0.04%	0.04%	0.04%
MATX	C	0.21%	0.02%	0.02%
MDU	D	0.04%	0.02%	0.02%
MIDD	C	0.08%	0.02%	0.02%
MKSI	C	0.08%	0.02%	0.02%
MLI	C	0.49%	0.03%	0.03%
MMS	F	0.04%	0.01%	0.01%
MPW	F	0.06%	0.02%	0.02%
MSM	C	0.02%	0.01%	0.01%
MTG	C	0.09%	0.02%	0.02%
MTN	C	0.09%	0.02%	0.02%
MUR	D	0.19%	0.02%	0.02%
NAVI	C	0.19%	0.02%	0.02%
NDSN	B	0.18%	0.02%	0.02%
NFG	A	0.13%	0.02%	0.02%
NOV	C	0.12%	0.02%	0.02%
NSIT	F	0.06%	0.02%	0.02%
NVT	B	0.49%	0.02%	0.02%
NWL	B	0.02%	0.03%	0.02%
NXST	C	0.07%	0.03%	0.03%
OC	A	0.18%	0.07%	0.07%
ODP	F	0.11%	0.02%	0.02%
OGE	B	0.12%	0.03%	0.03%
OI	C	0.03%	0.02%	0.02%
OLN	D	0.09%	0.03%	0.03%
OMF	A	0.16%	0.06%	0.06%
ORI	A	0.41%	0.05%	0.05%
OVV	B	0.25%	0.06%	0.06%
PARA	C	0.11%	0.11%	0.11%
PBF	D	0.02%	0.03%	0.02%
PII	D	0.01%	0.02%	0.01%
PK	B	0.05%	0.02%	0.02%
POR	C	0.07%	0.02%	0.02%
PRGO	B	0.04%	0.01%	0.01%
PRI	A	0.28%	0.03%	0.03%
PVH	C	0.17%	0.04%	0.04%
QRTEA	F	0.02%	0.01%	0.01%
R	B	0.28%	0.07%	0.07%
RHI	B	0.17%	0.04%	0.04%
RL	B	0.15%	0.03%	0.03%
RPM	A	0.22%	0.04%	0.04%
RRX	B	0.2%	0.03%	0.03%
RS	B	0.49%	0.09%	0.09%
RUSHA	C	0.06%	0.02%	0.02%
SANM	B	0.22%	0.03%	0.03%
SCI	B	0.14%	0.03%	0.03%
SEE	C	0.0%	0.03%	0.0%
SFM	A	0.6%	0.05%	0.05%
SLG	B	0.49%	0.02%	0.02%
SLM	A	0.16%	0.04%	0.04%
SM	B	0.07%	0.02%	0.02%
SNV	B	0.05%	0.03%	0.03%
SOLV	C	0.31%	0.02%	0.02%
SON	D	0.09%	0.02%	0.02%
STWD	C	0.06%	0.02%	0.02%
TDS	B	0.04%	0.05%	0.04%
TGNA	B	0.09%	0.02%	0.02%
THC	D	0.31%	0.07%	0.07%
THO	B	0.13%	0.04%	0.04%
TKR	D	0.17%	0.02%	0.02%
TMHC	B	0.09%	0.04%	0.04%
TNL	A	0.16%	0.01%	0.01%
TOL	B	0.16%	0.06%	0.06%
TPH	D	0.14%	0.03%	0.03%
TPR	B	0.3%	0.05%	0.05%
TPX	B	0.24%	0.02%	0.02%
TTC	D	0.14%	0.02%	0.02%
UFPI	B	0.23%	0.04%	0.04%
UGI	A	0.1%	0.04%	0.04%
UNFI	A	0.02%	0.01%	0.01%
UNM	A	0.0%	0.06%	0.0%
USFD	A	0.18%	0.08%	0.08%
VAC	B	0.07%	0.02%	0.02%
VFC	C	0.08%	0.07%	0.07%
VNO	B	0.41%	0.05%	0.05%
VOYA	B	0.17%	0.03%	0.03%
VSH	D	0.09%	0.01%	0.01%
WBA	F	0.05%	0.17%	0.05%
WCC	B	0.2%	0.04%	0.04%
WSM	B	0.42%	0.04%	0.04%
WSO	A	0.31%	0.03%	0.03%
X	C	0.1%	0.07%	0.07%
XRAY	F	0.2%	0.01%	0.01%
XRX	F	0.18%	0.02%	0.02%
ZION	B	0.24%	0.06%	0.06%

SMLF Overweight 638 Positions Relative to FNDX

Symbol	Grade	Weight
APP	B	1.49%
MSTR	C	0.73%
AXON	A	0.66%
NTNX	A	0.56%
MANH	D	0.5%
CVNA	B	0.46%
IDA	A	0.46%
IBKR	A	0.45%
FIX	A	0.44%
DUOL	A	0.44%
COCO	B	0.43%
PCOR	B	0.42%
COOP	B	0.41%
IOT	A	0.41%
NTRA	B	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
POWL	C	0.38%
UTHR	C	0.38%
MEDP	D	0.38%
AM	A	0.37%
WING	D	0.36%
CNM	D	0.36%
WFRD	D	0.35%
CR	A	0.35%
PIPR	B	0.34%
CAVA	B	0.34%
WK	B	0.34%
HSII	B	0.31%
FR	C	0.31%
MAC	B	0.31%
DDS	B	0.31%
ALKS	B	0.3%
SPXC	A	0.3%
CORT	B	0.3%
ANF	C	0.3%
EXE	B	0.29%
TTEK	F	0.29%
STRL	B	0.29%
PSTG	D	0.29%
AGO	B	0.27%
INTA	A	0.27%
SN	D	0.27%
SMAR	A	0.26%
ESTC	C	0.26%
SIG	B	0.26%
AMH	D	0.25%
MOD	A	0.25%
HURN	B	0.25%
CFR	B	0.25%
CPRX	C	0.24%
CBSH	A	0.24%
TREX	C	0.24%
RMBS	C	0.24%
SKT	B	0.24%
HALO	F	0.24%
EXEL	B	0.24%
IMKTA	C	0.24%
ENTG	D	0.23%
LSCC	D	0.23%
YOU	D	0.23%
EXLS	B	0.23%
WS	B	0.22%
COKE	C	0.22%
AXSM	B	0.22%
RNR	C	0.21%
TOST	B	0.21%
AZPN	A	0.21%
SRPT	D	0.2%
ETSY	D	0.2%
LIVN	F	0.2%
RDDT	B	0.2%
ELF	C	0.2%
ATKR	C	0.2%
DTM	B	0.2%
DNLI	D	0.2%
HAE	C	0.2%
TPG	A	0.2%
TEX	D	0.19%
RNG	B	0.19%
SMG	D	0.19%
JOE	F	0.19%
CROX	D	0.19%
GH	B	0.19%
RRC	B	0.19%
HLI	B	0.18%
PRGS	A	0.18%
KNSL	B	0.18%
TDOC	C	0.18%
VCYT	B	0.18%
ESAB	B	0.18%
HIW	D	0.18%
FROG	C	0.18%
AVNT	B	0.18%
MMYT	B	0.17%
ACLX	C	0.17%
LNW	D	0.17%
BRC	D	0.17%
LNTH	D	0.17%
PDM	D	0.17%
PRG	C	0.17%
KRG	B	0.17%
XPO	B	0.17%
EXTR	B	0.17%
PRKS	C	0.17%
JBSS	D	0.17%
SF	B	0.17%
IVT	B	0.16%
SRCE	B	0.16%
BL	B	0.16%
BMI	B	0.16%
WTM	A	0.16%
LRN	A	0.16%
CVCO	A	0.16%
GME	C	0.16%
AGNC	D	0.16%
PGRE	F	0.16%
KFRC	D	0.16%
GATX	A	0.15%
LBTYA	B	0.15%
SBGI	B	0.15%
ONON	A	0.15%
XNCR	B	0.15%
GES	F	0.15%
ONTO	D	0.15%
W	F	0.15%
VMI	B	0.15%
FTAI	B	0.15%
DOCS	C	0.15%
SPB	C	0.15%
CWEN	C	0.15%
SKY	A	0.15%
ESI	A	0.15%
AMR	C	0.14%
UMBF	B	0.14%
RGLD	C	0.14%
ATI	D	0.14%
VSTO	A	0.14%
IGT	F	0.14%
BANF	B	0.14%
MMSI	B	0.14%
NOVT	D	0.14%
IONS	F	0.14%
PI	D	0.14%
BRKR	D	0.14%
NJR	A	0.14%
ENSG	D	0.14%
UA	C	0.14%
YEXT	A	0.14%
PCTY	B	0.14%
AY	B	0.14%
SPT	C	0.14%
SSD	D	0.14%
BLKB	B	0.13%
VMEO	B	0.13%
BPMC	C	0.13%
IPAR	B	0.13%
TNET	D	0.13%
ACCO	C	0.13%
OGS	A	0.13%
BRZE	C	0.13%
BWXT	B	0.13%
GOLF	B	0.13%
RYAN	B	0.13%
KAI	A	0.13%
BDN	C	0.13%
QLYS	C	0.13%
SFBS	B	0.13%
NUVL	D	0.13%
SR	A	0.12%
MAT	D	0.12%
INSP	D	0.12%
AROC	B	0.12%
AWR	B	0.12%
SAIA	B	0.12%
GEO	B	0.12%
BASE	C	0.12%
SATS	D	0.12%
ACLS	F	0.12%
NYT	C	0.12%
GFF	A	0.12%
BKE	B	0.12%
WH	B	0.12%
KRC	C	0.12%
WEN	D	0.12%
AIT	A	0.12%
CBT	C	0.12%
BSY	D	0.12%
WAFD	B	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%
IBOC	A	0.11%
SSTK	F	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%
HTH	B	0.11%
CRUS	D	0.11%
CARG	C	0.11%
SPSC	C	0.11%
BAND	B	0.11%
CHX	C	0.11%
APOG	B	0.11%
CXW	B	0.11%
MCB	B	0.11%
MDGL	B	0.11%
NSP	D	0.11%
BCRX	D	0.11%
KW	B	0.1%
MTRN	C	0.1%
ASB	B	0.1%
CHDN	B	0.1%
HP	B	0.1%
ACA	A	0.1%
DNOW	B	0.1%
EXPI	C	0.1%
PNFP	B	0.1%
CRDO	B	0.1%
VECO	F	0.1%
CRC	B	0.1%
NNN	D	0.1%
ICFI	F	0.1%
HOV	D	0.1%
SYNA	C	0.1%
ALX	D	0.1%
LYFT	C	0.1%
CMPR	D	0.1%
AGM	C	0.1%
WAL	B	0.1%
KLIC	B	0.1%
INSM	C	0.1%
WMS	D	0.1%
VRNS	D	0.1%
HIMS	B	0.1%
EEFT	B	0.09%
CXT	B	0.09%
MTSI	B	0.09%
WSC	D	0.09%
PHIN	A	0.09%
JACK	D	0.09%
MRC	B	0.09%
PCVX	D	0.09%
HEES	B	0.09%
ATEN	B	0.09%
APG	B	0.09%
PBH	A	0.09%
HI	C	0.09%
LGND	B	0.09%
VERA	B	0.09%
LZ	D	0.09%
FLG	C	0.09%
IDCC	A	0.09%
PLNT	A	0.09%
EGP	F	0.09%
ALIT	C	0.09%
OHI	C	0.09%
INVA	D	0.09%
COUR	F	0.09%
UPBD	B	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
WEX	D	0.09%
CUBI	C	0.09%
CRS	A	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%
HWC	B	0.08%
CVLT	B	0.08%
VIR	D	0.08%
RGEN	D	0.08%
PEGA	A	0.08%
OZK	B	0.08%
CAL	D	0.08%
ELAN	D	0.08%
SCS	C	0.08%
OSCR	D	0.08%
FHB	A	0.08%
PD	C	0.08%
YETI	C	0.08%
KN	B	0.08%
MASI	A	0.08%
GMS	B	0.08%
WOR	F	0.08%
CACC	D	0.08%
DLX	B	0.08%
BOX	B	0.08%
NSSC	D	0.08%
AGX	B	0.08%
CUZ	B	0.08%
CARS	B	0.08%
BDC	B	0.08%
CSWI	A	0.08%
CNMD	C	0.07%
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%
LXP	D	0.07%
AMPL	C	0.07%
FLNC	C	0.07%
WLY	B	0.07%
NBR	C	0.07%
EPAC	B	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%
TXRH	C	0.07%
SNEX	B	0.07%
NARI	C	0.07%
CEIX	A	0.07%
WNC	C	0.07%
NVST	B	0.06%
AVXL	B	0.06%
YELP	C	0.06%
OXM	D	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
COTY	F	0.06%
S	B	0.06%
FN	D	0.06%
TNC	D	0.06%
NXT	C	0.06%
ILPT	D	0.06%
HWKN	B	0.06%
AMCX	C	0.06%
HCC	B	0.06%
TRN	C	0.06%
MCY	A	0.06%
CTBI	B	0.06%
BRBR	A	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
FUN	C	0.06%
LADR	B	0.06%
SOFI	A	0.06%
RDN	C	0.06%
WTTR	B	0.06%
IRTC	D	0.06%
RYN	D	0.06%
ADEA	D	0.06%
BCO	D	0.06%
SFL	D	0.06%
AIV	C	0.06%
ADMA	B	0.06%
APPF	B	0.06%
AZEK	A	0.06%
OTTR	C	0.06%
HE	C	0.06%
UVV	B	0.06%
MED	F	0.06%
FOLD	F	0.05%
AVAV	D	0.05%
ITGR	B	0.05%
FFIN	B	0.05%
CVBF	A	0.05%
SONO	C	0.05%
PZZA	D	0.05%
ITRI	B	0.05%
LBTYK	A	0.05%
TILE	B	0.05%
BEAM	D	0.05%
SITE	D	0.05%
CERS	C	0.05%
BLMN	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%
MDXG	B	0.05%
WGO	C	0.05%
CENTA	C	0.05%
ARWR	F	0.04%
FCN	D	0.04%
HPP	F	0.04%
STAG	F	0.04%
DAWN	F	0.04%
CORZ	A	0.04%
PFSI	D	0.04%
KREF	D	0.04%
OUT	A	0.04%
DIN	C	0.04%
LPG	F	0.04%
FLYW	C	0.04%
AGS	A	0.04%
IDT	B	0.04%
ENS	D	0.04%
SANA	F	0.04%
TPB	B	0.04%
SAH	A	0.04%
ANAB	F	0.04%
NATL	B	0.04%
HELE	C	0.04%
RVMD	C	0.04%
KLG	C	0.04%
CELH	F	0.04%
AGYS	A	0.04%
ARRY	C	0.04%
ROKU	D	0.04%
BILL	A	0.04%
CFFN	B	0.04%
OMI	F	0.04%
HLF	C	0.04%
ANGI	D	0.04%
IBP	D	0.04%
NHI	D	0.04%
ACHC	F	0.04%
HSTM	B	0.04%
BCPC	B	0.04%
IOSP	B	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	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%
VNDA	C	0.03%
RGNX	F	0.03%
EVTC	B	0.03%
VCEL	B	0.03%
NX	C	0.03%
EMBC	C	0.03%
DNB	B	0.03%
TGTX	B	0.03%
BBIO	F	0.03%
QXO	D	0.03%
OFIX	B	0.03%
XHR	B	0.03%
VIRT	B	0.03%
QDEL	F	0.03%
REVG	B	0.03%
SNBR	F	0.03%
RYI	C	0.03%
CHWY	B	0.03%
IESC	B	0.03%
UDMY	F	0.03%
SLAB	D	0.03%
BRSP	B	0.03%
CDP	C	0.03%
MGNI	A	0.03%
HNI	B	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%
CNS	B	0.03%
RLI	B	0.03%
RKT	F	0.03%
UVE	B	0.03%
NRC	F	0.03%
OLED	D	0.03%
BKD	D	0.03%
CVI	F	0.03%
RXT	C	0.02%
ERAS	C	0.02%
WOOF	D	0.02%
SSB	B	0.02%
SLVM	B	0.02%
OSIS	B	0.02%
TSE	F	0.02%
KVYO	C	0.02%
ARCT	F	0.02%
OMER	A	0.02%
VSTS	C	0.02%
BRY	F	0.02%
DYN	F	0.02%
EVH	F	0.02%
PRO	C	0.02%
RAMP	C	0.02%
GPRO	F	0.02%
SAFE	D	0.02%
KFY	B	0.02%
MSA	D	0.02%
JELD	F	0.02%
EDR	A	0.02%
KRNY	B	0.02%
DOCN	D	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NUS	D	0.02%
EPR	D	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%
DBI	F	0.02%
LMAT	A	0.02%
CLVT	F	0.02%
PR	B	0.02%
RLJ	C	0.02%
CRSP	D	0.02%
TLRY	F	0.02%
SITC	D	0.02%
SVC	F	0.02%
TWO	D	0.02%
CNDT	C	0.02%
OPEN	D	0.02%
SNDX	F	0.02%
WD	D	0.02%
AKRO	B	0.02%
PTCT	B	0.02%
GIII	D	0.02%
USNA	C	0.02%
LANC	C	0.02%
ARCB	C	0.02%
PDCO	D	0.02%
CALX	D	0.02%
CWK	B	0.01%
ALGM	D	0.01%
VAL	D	0.01%
PGEN	F	0.01%
AIN	C	0.01%
ARR	D	0.01%
PEB	D	0.01%
JAMF	F	0.01%
PCH	D	0.01%
EPC	D	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%
MLAB	D	0.01%
GO	C	0.01%
JOBY	B	0.01%
UTL	B	0.01%
WTI	F	0.01%
ZUO	B	0.01%
NWN	A	0.01%
BKH	A	0.01%
CRAI	B	0.01%
SWI	B	0.01%
MITK	C	0.01%
NTLA	F	0.01%
VRE	B	0.01%
TR	B	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%
CAKE	C	0.01%
STGW	B	0.01%
OLPX	D	0.01%
ENR	B	0.01%
BSIG	A	0.01%
GEF	A	0.01%
GWRE	A	0.01%
RHP	B	0.01%
PYCR	C	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
HAIN	C	0.01%
SWTX	C	0.01%
KALU	C	0.01%
NEXA	C	0.01%
BYD	C	0.01%
UPWK	B	0.01%
HXL	D	0.01%
NFBK	B	0.01%
SHO	C	0.01%
AEIS	B	0.01%
MAGN	F	0.0%
MC	C	0.0%
CHCO	B	0.0%
GDOT	D	0.0%
NBTB	B	0.0%
EGBN	B	0.0%
FULT	A	0.0%
EIG	B	0.0%
BOH	B	0.0%
DEI	B	0.0%
TRMK	B	0.0%
PFBC	B	0.0%
CASH	A	0.0%
TBBK	B	0.0%
FBP	B	0.0%
PRDO	B	0.0%
BKU	A	0.0%
AX	A	0.0%
OFG	B	0.0%

SMLF Underweight 549 Positions Relative to FNDX

Symbol	Grade	Weight
AAPL	C	-4.35%
MSFT	F	-2.43%
BRK.A	B	-2.17%
JPM	A	-2.03%
XOM	B	-1.99%
META	D	-1.79%
AMZN	C	-1.56%
WMT	A	-1.47%
WFC	A	-1.35%
GOOGL	C	-1.33%
BAC	A	-1.3%
T	A	-1.27%
CVX	A	-1.25%
UNH	C	-1.22%
GOOG	C	-1.14%
VZ	C	-1.13%
C	A	-1.1%
INTC	D	-0.89%
JNJ	D	-0.89%
CMCSA	B	-0.83%
CSCO	B	-0.82%
HD	A	-0.8%
GM	B	-0.79%
PG	A	-0.77%
CVS	D	-0.68%
PFE	D	-0.68%
COST	B	-0.66%
GS	A	-0.62%
AVGO	D	-0.61%
IBM	C	-0.54%
ORCL	B	-0.5%
ABBV	D	-0.49%
PM	B	-0.48%
COF	B	-0.48%
CI	F	-0.48%
COP	C	-0.48%
MS	A	-0.46%
BMY	B	-0.45%
DIS	B	-0.45%
QCOM	F	-0.43%
LOW	D	-0.43%
MRK	F	-0.42%
CAT	B	-0.41%
PEP	F	-0.41%
MPC	D	-0.4%
NVDA	C	-0.4%
VLO	C	-0.39%
AMGN	D	-0.39%
MU	D	-0.38%
TGT	F	-0.38%
LMT	D	-0.37%
HON	B	-0.37%
MO	A	-0.37%
GILD	C	-0.37%
PSX	C	-0.36%
ACN	C	-0.36%
AXP	A	-0.36%
ELV	F	-0.36%
V	A	-0.36%
CHTR	C	-0.35%
KO	D	-0.35%
MMM	D	-0.35%
UNP	C	-0.35%
RTX	C	-0.34%
SYF	B	-0.34%
ABT	B	-0.34%
TXN	C	-0.34%
MCD	D	-0.34%
F	C	-0.33%
LIN	D	-0.33%
FDX	B	-0.32%
USB	A	-0.32%
TRV	B	-0.31%
DUK	C	-0.3%
KR	B	-0.3%
PNC	B	-0.3%
MA	C	-0.29%
TSLA	B	-0.28%
BLK	C	-0.28%
AIG	B	-0.28%
SBUX	A	-0.28%
UPS	C	-0.28%
ALL	A	-0.27%
DFS	B	-0.26%
MET	A	-0.26%
SO	D	-0.26%
CB	C	-0.26%
BK	A	-0.26%
TMO	F	-0.25%
TMUS	B	-0.25%
NEE	D	-0.24%
AMAT	F	-0.24%
BKNG	A	-0.24%
KMI	A	-0.23%
TFC	A	-0.23%
ETN	A	-0.23%
DE	A	-0.23%
PGR	A	-0.23%
EOG	A	-0.23%
CSX	B	-0.22%
PYPL	B	-0.22%
TJX	A	-0.22%
PRU	A	-0.22%
ADM	D	-0.21%
AFL	B	-0.21%
NSC	B	-0.21%
HPQ	B	-0.21%
GD	F	-0.21%
HPE	B	-0.21%
ADBE	C	-0.2%
MDLZ	F	-0.2%
NOC	D	-0.2%
TSN	B	-0.2%
LLY	F	-0.2%
HCA	F	-0.2%
CTSH	B	-0.19%
HUM	C	-0.19%
NKE	D	-0.19%
CMI	A	-0.19%
CNC	D	-0.19%
NUE	C	-0.19%
DOW	F	-0.18%
EXC	C	-0.17%
WMB	A	-0.17%
IP	B	-0.17%
NFLX	A	-0.17%
EBAY	D	-0.17%
EMR	A	-0.17%
D	C	-0.17%
DD	D	-0.17%
AEP	D	-0.16%
VST	B	-0.16%
DHI	D	-0.16%
BKR	B	-0.16%
BBY	D	-0.16%
LHX	C	-0.16%
LEN	D	-0.16%
JCI	C	-0.16%
MDT	D	-0.16%
DHR	F	-0.15%
AMP	A	-0.15%
SPGI	C	-0.15%
ADP	B	-0.15%
LRCX	F	-0.15%
ITW	B	-0.15%
PCAR	B	-0.15%
WM	A	-0.15%
CRM	B	-0.15%
GE	D	-0.15%
LYB	F	-0.14%
FCX	D	-0.14%
MMC	B	-0.14%
OKE	A	-0.14%
GLW	B	-0.14%
HIG	B	-0.14%
CL	D	-0.13%
APD	A	-0.13%
PH	A	-0.13%
SCHW	B	-0.13%
FITB	A	-0.13%
SYK	C	-0.13%
TROW	B	-0.13%
BX	A	-0.13%
ADI	D	-0.13%
AON	A	-0.13%
SRE	A	-0.13%
NEM	D	-0.13%
CBRE	B	-0.13%
FI	A	-0.13%
URI	B	-0.13%
FIS	C	-0.12%
ED	D	-0.12%
ETR	B	-0.12%
SLB	C	-0.12%
WDC	D	-0.12%
CARR	D	-0.12%
KKR	A	-0.12%
XEL	A	-0.12%
ORLY	B	-0.11%
MTB	A	-0.11%
MCK	B	-0.11%
PEG	A	-0.11%
BDX	F	-0.11%
OXY	D	-0.11%
PPL	B	-0.11%
BA	F	-0.11%
ICE	C	-0.11%
INTU	C	-0.11%
PHM	D	-0.11%
AMT	D	-0.11%
STLD	B	-0.11%
GIS	D	-0.11%
EIX	B	-0.1%
SYY	B	-0.1%
ALLY	C	-0.1%
FOXA	B	-0.1%
KMB	D	-0.1%
VTRS	A	-0.1%
REGN	F	-0.1%
STT	A	-0.1%
CEG	D	-0.1%
KEY	B	-0.1%
WELL	A	-0.1%
BG	F	-0.1%
NRG	B	-0.1%
SPG	B	-0.1%
CFG	B	-0.1%
RF	A	-0.09%
MRO	B	-0.09%
GPN	B	-0.09%
SW	A	-0.09%
ISRG	A	-0.09%
STX	D	-0.09%
FE	C	-0.09%
DVN	F	-0.09%
BIIB	F	-0.09%
EA	A	-0.09%
CTVA	C	-0.09%
PFG	D	-0.09%
BSX	B	-0.09%
MAR	B	-0.09%
APH	A	-0.09%
WY	D	-0.09%
CCI	D	-0.09%
LH	C	-0.09%
AMD	F	-0.09%
GEHC	F	-0.09%
KHC	F	-0.09%
EMN	D	-0.08%
HBAN	A	-0.08%
NTRS	A	-0.08%
NVR	D	-0.08%
CHRW	C	-0.08%
VTR	C	-0.08%
YUM	B	-0.08%
WHR	B	-0.08%
ES	D	-0.08%
OMC	C	-0.08%
KLAC	D	-0.08%
CME	A	-0.08%
UHS	D	-0.08%
DG	F	-0.08%
GWW	B	-0.08%
PPG	F	-0.08%
WEC	A	-0.08%
WKC	D	-0.08%
DLR	B	-0.08%
EQIX	A	-0.08%
CTAS	B	-0.08%
ECL	D	-0.08%
JLL	D	-0.08%
WBD	C	-0.08%
SHW	A	-0.08%
K	A	-0.07%
BAX	D	-0.07%
IQV	D	-0.07%
MSI	B	-0.07%
HWM	A	-0.07%
SWK	D	-0.07%
CF	B	-0.07%
WTW	B	-0.07%
AEE	A	-0.07%
DGX	A	-0.07%
TRGP	B	-0.07%
MCO	B	-0.07%
NTAP	C	-0.07%
EVRG	A	-0.07%
STZ	D	-0.07%
CAH	B	-0.07%
PWR	A	-0.07%
PLD	D	-0.07%
KDP	D	-0.07%
CINF	A	-0.07%
LAD	A	-0.07%
ZTS	D	-0.07%
PKG	A	-0.07%
AVT	C	-0.07%
ROST	C	-0.07%
DTE	C	-0.07%
LDOS	C	-0.07%
VRTX	F	-0.07%
FAST	B	-0.07%
SNA	A	-0.06%
HES	B	-0.06%
ODFL	B	-0.06%
MGM	D	-0.06%
DVA	B	-0.06%
TSCO	D	-0.06%
CPAY	A	-0.06%
CAG	D	-0.06%
TXT	D	-0.06%
BLDR	D	-0.06%
ROK	B	-0.06%
BALL	D	-0.06%
AZO	C	-0.06%
CMS	C	-0.06%
MHK	D	-0.06%
LNG	B	-0.06%
CCL	B	-0.06%
IRM	D	-0.06%
PFGC	B	-0.06%
HLT	A	-0.06%
CNP	B	-0.06%
TT	A	-0.06%
HAL	C	-0.06%
FNF	B	-0.06%
RSG	A	-0.06%
PAYX	C	-0.06%
WAB	B	-0.06%
DOV	A	-0.06%
TDG	D	-0.06%
MOS	F	-0.06%
KMX	B	-0.06%
MOH	F	-0.05%
NI	A	-0.05%
MNST	C	-0.05%
VMC	B	-0.05%
AFG	A	-0.05%
INGR	B	-0.05%
ZBH	C	-0.05%
JBHT	C	-0.05%
MKL	A	-0.05%
NXPI	D	-0.05%
DLTR	F	-0.05%
MCHP	D	-0.05%
IFF	D	-0.05%
L	A	-0.05%
JNPR	F	-0.05%
AES	F	-0.05%
DRI	B	-0.05%
AJG	B	-0.05%
BXP	D	-0.05%
GPC	D	-0.05%
OTIS	C	-0.05%
AVB	B	-0.05%
DXC	B	-0.05%
LEA	D	-0.05%
EQH	B	-0.05%
EQR	B	-0.05%
FANG	D	-0.05%
BWA	D	-0.05%
ROP	B	-0.05%
MAS	D	-0.05%
J	F	-0.05%
AME	A	-0.05%
RJF	A	-0.05%
LKQ	D	-0.05%
SJM	D	-0.05%
PSA	D	-0.05%
LNC	B	-0.05%
KVUE	A	-0.05%
A	D	-0.05%
TAP	C	-0.05%
ANET	C	-0.04%
O	D	-0.04%
FBIN	D	-0.04%
UBER	D	-0.04%
EXPE	B	-0.04%
SSNC	B	-0.04%
TER	D	-0.04%
OSK	B	-0.04%
AVY	D	-0.04%
IPG	D	-0.04%
KEYS	A	-0.04%
ZIM	C	-0.04%
LVS	C	-0.04%
PNR	A	-0.04%
CMG	B	-0.04%
HSY	F	-0.04%
ON	D	-0.04%
HST	C	-0.04%
CLX	B	-0.04%
DOX	D	-0.04%
CRBG	B	-0.04%
EXPD	D	-0.04%
CCK	C	-0.04%
WAT	B	-0.04%
ZBRA	B	-0.04%
GT	C	-0.04%
RGA	A	-0.04%
ATO	A	-0.04%
SWKS	F	-0.04%
HOLX	D	-0.04%
HSIC	B	-0.04%
CHD	B	-0.04%
AWK	D	-0.04%
EW	C	-0.04%
LNT	A	-0.04%
GEN	B	-0.04%
MUSA	A	-0.04%
LPLA	A	-0.04%
NWSA	B	-0.04%
PNW	B	-0.04%
BEN	C	-0.04%
KNX	B	-0.04%
VRSK	A	-0.04%
OGN	D	-0.04%
EQT	B	-0.04%
MLM	B	-0.04%
GEV	B	-0.04%
MRVL	B	-0.04%
CDW	F	-0.04%
DELL	C	-0.03%
EXP	A	-0.03%
THG	A	-0.03%
INVH	D	-0.03%
FMC	D	-0.03%
IEX	B	-0.03%
MRNA	F	-0.03%
ACGL	D	-0.03%
TDY	B	-0.03%
CPRT	A	-0.03%
GNTX	C	-0.03%
AAP	C	-0.03%
TRU	D	-0.03%
BTU	B	-0.03%
SQ	B	-0.03%
RVTY	F	-0.03%
KBH	D	-0.03%
BURL	A	-0.03%
ILMN	D	-0.03%
LII	A	-0.03%
G	B	-0.03%
GDDY	A	-0.03%
SNX	C	-0.03%
STE	F	-0.03%
APO	B	-0.03%
PCG	A	-0.03%
ARE	D	-0.03%
ALB	C	-0.03%
SEIC	B	-0.03%
MSCI	C	-0.03%
TTWO	A	-0.03%
QRVO	F	-0.03%
MTD	D	-0.03%
AMCR	D	-0.03%
ARMK	B	-0.03%
CPB	D	-0.03%
EFX	F	-0.03%
DAL	C	-0.03%
EXR	D	-0.03%
AKAM	D	-0.03%
ESS	B	-0.03%
MTH	D	-0.03%
CLF	F	-0.03%
HII	D	-0.03%
HRL	D	-0.03%
XYL	D	-0.03%
SNPS	B	-0.03%
NDAQ	A	-0.03%
WU	D	-0.03%
TRMB	B	-0.03%
ULTA	F	-0.03%
GRMN	B	-0.03%
MAA	B	-0.03%
FFIV	B	-0.03%
CG	A	-0.03%
CTRA	B	-0.03%
EL	F	-0.03%
DOC	D	-0.03%
IT	C	-0.03%
PANW	C	-0.03%
DPZ	C	-0.03%
BAH	F	-0.03%
FTV	C	-0.03%
CE	F	-0.03%
RMD	C	-0.03%
IR	B	-0.03%
CDNS	B	-0.03%
MTZ	B	-0.03%
WRB	A	-0.03%
ADSK	A	-0.03%
MKC	D	-0.03%
FTNT	C	-0.03%
HBI	B	-0.03%
GL	B	-0.03%
HUBB	B	-0.03%
BR	A	-0.03%
WLK	D	-0.02%
EG	C	-0.02%
COHR	B	-0.02%
ALK	C	-0.02%
ADNT	F	-0.02%
LEG	F	-0.02%
CHKP	D	-0.02%
TFX	F	-0.02%
AER	B	-0.02%
UHAL	D	-0.02%
WPC	D	-0.02%
WERN	C	-0.02%
LW	C	-0.02%
POST	C	-0.02%
ANSS	B	-0.02%
SBAC	D	-0.02%
WST	C	-0.02%
CZR	F	-0.02%
CCEP	C	-0.02%
ST	F	-0.02%
AL	B	-0.02%
PAG	B	-0.02%
EPAM	C	-0.02%
HUBG	A	-0.02%
GXO	B	-0.02%
CTLT	B	-0.02%
PENN	C	-0.02%
IDXX	F	-0.02%
JKHY	D	-0.02%
CPT	B	-0.02%
APTV	D	-0.02%
POOL	C	-0.02%
ALGN	D	-0.02%
AVTR	F	-0.02%
AOS	F	-0.02%
SKX	D	-0.02%
CNH	C	-0.02%
SUI	D	-0.02%
REG	B	-0.02%
UDR	B	-0.02%
VICI	C	-0.02%
ABM	B	-0.02%
DAR	C	-0.02%
ATR	B	-0.02%
SAIC	F	-0.02%
REZI	A	-0.02%
BRO	B	-0.02%
COR	B	-0.02%
BAP	B	-0.02%
LUV	C	-0.02%
ANDE	D	-0.01%
LILAK	D	-0.01%
CNXC	F	-0.01%
CRL	C	-0.01%
VRSN	F	-0.01%
DBX	B	-0.01%
ICLR	D	-0.01%
WTRG	B	-0.01%
SPTN	D	-0.01%
CYH	F	-0.01%
JAZZ	B	-0.01%
CBOE	B	-0.01%
FSLR	F	-0.01%
NOW	A	-0.01%
AAL	B	-0.01%
FTI	A	-0.01%
JWN	C	-0.01%
DK	C	-0.01%
LULU	C	-0.01%
CRI	D	-0.01%
CPRI	F	-0.01%