SMLF vs. QVMM ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

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

$73.10

Average Daily Volume

70,611

Number of Holdings ^*

810

* may have additional holdings in another (foreign) market

QVMM

Invesco S&P MidCap 400 QVM Multi-factor ETF

QVMM Description

The investment seeks to track the investment results of the S&P MidCap 400 Â® Quality, Value & Momentum Top 90% Multi- Factor Index (the âunderlying indexâ). The fund will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, which is designed to track the performance of a subset of securities from the S&P MidCap 400 Â® Index that exhibit the investment style criteria of quality, value and momentum. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Grade (RS Rating)

Last Trade

$30.91

Average Daily Volume

1,049

Number of Holdings ^*

352

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	QVMM
30 Days	7.55%	4.70%
60 Days	8.72%	6.17%
90 Days	9.84%	6.60%
12 Months	38.08%	31.35%

245 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in QVMM	Overlap
AA	A	0.13%	0.38%	0.13%
ACHC	F	0.04%	0.14%	0.04%
ACM	B	0.19%	0.54%	0.19%
AGCO	D	0.2%	0.2%	0.2%
AIT	B	0.12%	0.38%	0.12%
ALV	C	0.08%	0.27%	0.08%
AM	A	0.37%	0.19%	0.19%
AMG	B	0.23%	0.22%	0.22%
AMH	C	0.25%	0.42%	0.25%
AN	C	0.24%	0.16%	0.16%
ANF	F	0.3%	0.29%	0.29%
APPF	B	0.06%	0.18%	0.06%
AR	B	0.21%	0.32%	0.21%
ARW	D	0.18%	0.23%	0.18%
ASB	B	0.1%	0.15%	0.1%
ASGN	F	0.01%	0.16%	0.01%
ASH	F	0.07%	0.15%	0.07%
AVNT	B	0.18%	0.18%	0.18%
AXTA	B	0.03%	0.33%	0.03%
AYI	B	0.35%	0.36%	0.35%
BC	C	0.09%	0.2%	0.09%
BCO	F	0.06%	0.15%	0.06%
BDC	C	0.08%	0.19%	0.08%
BERY	C	0.1%	0.28%	0.1%
BJ	A	0.16%	0.42%	0.16%
BKH	A	0.01%	0.15%	0.01%
BLD	D	0.21%	0.44%	0.21%
BRBR	A	0.06%	0.32%	0.06%
BRKR	D	0.14%	0.2%	0.14%
BRX	A	0.37%	0.3%	0.3%
BWXT	B	0.13%	0.44%	0.13%
BYD	B	0.01%	0.18%	0.01%
CACI	D	0.02%	0.4%	0.02%
CASY	A	0.06%	0.52%	0.06%
CBSH	B	0.24%	0.31%	0.24%
CBT	D	0.12%	0.22%	0.12%
CDP	C	0.03%	0.12%	0.03%
CELH	F	0.04%	0.16%	0.04%
CFR	B	0.25%	0.33%	0.25%
CHDN	B	0.1%	0.33%	0.1%
CHE	D	0.3%	0.31%	0.3%
CHRD	D	0.03%	0.32%	0.03%
CHX	C	0.11%	0.23%	0.11%
CIEN	C	0.03%	0.38%	0.03%
CLH	C	0.07%	0.46%	0.07%
CMC	B	0.14%	0.27%	0.14%
CNM	D	0.36%	0.31%	0.31%
CNO	B	0.16%	0.16%	0.16%
CNX	A	0.06%	0.21%	0.06%
COKE	C	0.22%	0.21%	0.21%
COTY	F	0.06%	0.1%	0.06%
CR	A	0.35%	0.32%	0.32%
CROX	D	0.19%	0.24%	0.19%
CRUS	D	0.11%	0.2%	0.11%
CSL	C	0.41%	0.8%	0.41%
CUBE	C	0.11%	0.37%	0.11%
CUZ	B	0.08%	0.16%	0.08%
CVLT	B	0.08%	0.28%	0.08%
CW	C	0.23%	0.51%	0.23%
CXT	C	0.09%	0.1%	0.09%
DCI	B	0.18%	0.34%	0.18%
DINO	D	0.01%	0.25%	0.01%
DKS	D	0.38%	0.47%	0.38%
DOCS	C	0.15%	0.23%	0.15%
DTM	A	0.2%	0.36%	0.2%
DUOL	A	0.44%	0.4%	0.4%
EEFT	B	0.09%	0.17%	0.09%
EGP	D	0.09%	0.29%	0.09%
EHC	B	0.05%	0.36%	0.05%
EME	A	0.94%	0.84%	0.84%
ENS	F	0.04%	0.15%	0.04%
EPR	C	0.02%	0.12%	0.02%
ESAB	C	0.18%	0.27%	0.18%
EVR	B	0.81%	0.39%	0.39%
EWBC	A	0.39%	0.55%	0.39%
EXEL	B	0.24%	0.35%	0.24%
EXLS	B	0.23%	0.26%	0.23%
EXPO	D	0.09%	0.18%	0.09%
FAF	A	0.16%	0.23%	0.16%
FCN	F	0.04%	0.25%	0.04%
FFIN	B	0.05%	0.19%	0.05%
FHI	B	0.11%	0.12%	0.11%
FHN	A	0.04%	0.42%	0.04%
FIX	A	0.44%	0.59%	0.44%
FLO	D	0.06%	0.15%	0.06%
FLR	B	0.08%	0.34%	0.08%
FR	D	0.31%	0.25%	0.25%
FYBR	C	0.13%	0.22%	0.13%
GAP	C	0.23%	0.19%	0.19%
GATX	A	0.15%	0.2%	0.15%
GEF	A	0.01%	0.06%	0.01%
GGG	B	0.3%	0.54%	0.3%
GLPI	C	0.18%	0.47%	0.18%
GME	C	0.16%	0.29%	0.16%
GMED	A	0.03%	0.34%	0.03%
GPK	C	0.26%	0.32%	0.26%
HAE	C	0.2%	0.17%	0.17%
HALO	F	0.24%	0.26%	0.24%
HLI	A	0.18%	0.35%	0.18%
HOG	D	0.15%	0.15%	0.15%
HQY	A	0.01%	0.31%	0.01%
HRB	D	0.4%	0.29%	0.29%
HWC	B	0.08%	0.2%	0.08%
HXL	F	0.01%	0.18%	0.01%
IBKR	A	0.45%	0.71%	0.45%
IBOC	B	0.11%	0.14%	0.11%
IDA	A	0.46%	0.2%	0.2%
ITT	A	0.31%	0.47%	0.31%
JEF	A	0.4%	0.47%	0.4%
JHG	B	0.31%	0.22%	0.22%
KBR	F	0.12%	0.32%	0.12%
KD	B	0.06%	0.24%	0.06%
KNF	B	0.07%	0.19%	0.07%
KNSL	B	0.18%	0.4%	0.18%
KRC	B	0.12%	0.15%	0.12%
KRG	B	0.17%	0.21%	0.17%
LAMR	C	0.33%	0.4%	0.33%
LANC	C	0.02%	0.13%	0.02%
LECO	C	0.05%	0.46%	0.05%
LFUS	D	0.05%	0.24%	0.05%
LIVN	F	0.2%	0.11%	0.11%
LNTH	D	0.17%	0.2%	0.17%
LNW	F	0.17%	0.29%	0.17%
LPX	B	0.41%	0.26%	0.26%
LSCC	D	0.23%	0.26%	0.23%
LSTR	D	0.1%	0.24%	0.1%
M	F	0.19%	0.16%	0.16%
MAN	F	0.04%	0.11%	0.04%
MANH	D	0.5%	0.6%	0.5%
MASI	B	0.08%	0.26%	0.08%
MAT	D	0.12%	0.24%	0.12%
MEDP	D	0.38%	0.29%	0.29%
MIDD	C	0.08%	0.28%	0.08%
MMS	F	0.04%	0.19%	0.04%
MSA	F	0.02%	0.24%	0.02%
MSM	C	0.02%	0.15%	0.02%
MTG	C	0.09%	0.24%	0.09%
MTSI	B	0.09%	0.26%	0.09%
MUR	D	0.19%	0.19%	0.19%
NFG	A	0.13%	0.19%	0.13%
NJR	A	0.14%	0.16%	0.14%
NNN	C	0.1%	0.26%	0.1%
NOV	C	0.12%	0.25%	0.12%
NOVT	D	0.14%	0.23%	0.14%
NSP	F	0.11%	0.1%	0.1%
NVST	B	0.06%	0.13%	0.06%
NVT	B	0.49%	0.46%	0.46%
NXST	C	0.07%	0.19%	0.07%
NYT	D	0.12%	0.33%	0.12%
OC	A	0.18%	0.63%	0.18%
OGE	A	0.12%	0.29%	0.12%
OGS	A	0.13%	0.14%	0.13%
OHI	C	0.09%	0.34%	0.09%
OLED	F	0.03%	0.24%	0.03%
OLN	F	0.09%	0.19%	0.09%
ONTO	F	0.15%	0.31%	0.15%
OPCH	D	0.08%	0.13%	0.08%
ORI	A	0.41%	0.35%	0.35%
OVV	B	0.25%	0.44%	0.25%
OZK	B	0.08%	0.19%	0.08%
PBF	D	0.02%	0.13%	0.02%
PCH	F	0.01%	0.12%	0.01%
PCTY	C	0.14%	0.32%	0.14%
PII	F	0.01%	0.14%	0.01%
PK	C	0.05%	0.12%	0.05%
PNFP	B	0.1%	0.37%	0.1%
POR	C	0.07%	0.17%	0.07%
PR	B	0.02%	0.3%	0.02%
PRGO	C	0.04%	0.14%	0.04%
PRI	B	0.28%	0.38%	0.28%
PSTG	D	0.29%	0.58%	0.29%
PVH	C	0.17%	0.22%	0.17%
QLYS	B	0.13%	0.2%	0.13%
R	B	0.28%	0.28%	0.28%
RGEN	D	0.08%	0.27%	0.08%
RGLD	C	0.14%	0.33%	0.14%
RLI	A	0.03%	0.25%	0.03%
RMBS	B	0.24%	0.22%	0.22%
RNR	C	0.21%	0.48%	0.21%
ROIV	C	0.01%	0.14%	0.01%
RPM	A	0.22%	0.61%	0.22%
RRC	B	0.19%	0.29%	0.19%
RRX	B	0.2%	0.46%	0.2%
RS	B	0.49%	0.66%	0.49%
RYAN	A	0.13%	0.26%	0.13%
RYN	D	0.06%	0.14%	0.06%
SAIA	B	0.12%	0.45%	0.12%
SCI	B	0.14%	0.43%	0.14%
SF	B	0.17%	0.44%	0.17%
SFM	A	0.6%	0.52%	0.52%
SLAB	F	0.03%	0.13%	0.03%
SLM	A	0.16%	0.2%	0.16%
SNV	C	0.05%	0.31%	0.05%
SON	F	0.09%	0.18%	0.09%
SR	A	0.12%	0.14%	0.12%
SSB	B	0.02%	0.3%	0.02%
SSD	F	0.14%	0.29%	0.14%
STAG	D	0.04%	0.24%	0.04%
STWD	C	0.06%	0.22%	0.06%
SWX	B	0.01%	0.17%	0.01%
SYNA	C	0.1%	0.12%	0.1%
TCBI	C	0.03%	0.14%	0.03%
TEX	F	0.19%	0.14%	0.14%
THC	D	0.31%	0.59%	0.31%
THO	B	0.13%	0.23%	0.13%
TKR	D	0.17%	0.18%	0.17%
TMHC	C	0.09%	0.27%	0.09%
TNL	A	0.16%	0.14%	0.14%
TOL	B	0.16%	0.59%	0.16%
TPX	B	0.24%	0.36%	0.24%
TREX	C	0.24%	0.27%	0.24%
TTC	C	0.14%	0.34%	0.14%
TTEK	F	0.29%	0.39%	0.29%
TXRH	B	0.07%	0.49%	0.07%
UFPI	C	0.23%	0.31%	0.23%
UGI	C	0.1%	0.18%	0.1%
UMBF	B	0.14%	0.19%	0.14%
UNM	A	0.0%	0.47%	0.0%
USFD	A	0.18%	0.54%	0.18%
UTHR	C	0.38%	0.64%	0.38%
VAC	C	0.07%	0.12%	0.07%
VAL	F	0.01%	0.12%	0.01%
VC	F	0.08%	0.1%	0.08%
VMI	B	0.15%	0.26%	0.15%
VNO	C	0.41%	0.23%	0.23%
VNT	C	0.05%	0.24%	0.05%
VOYA	B	0.17%	0.27%	0.17%
VSH	F	0.09%	0.08%	0.08%
WBS	A	0.05%	0.39%	0.05%
WCC	B	0.2%	0.34%	0.2%
WEN	D	0.12%	0.11%	0.11%
WEX	D	0.09%	0.26%	0.09%
WFRD	D	0.35%	0.25%	0.25%
WH	B	0.12%	0.28%	0.12%
WING	D	0.36%	0.34%	0.34%
WMS	F	0.1%	0.34%	0.1%
WSM	C	0.42%	0.59%	0.42%
WSO	A	0.31%	0.61%	0.31%
WTFC	A	0.02%	0.32%	0.02%
WTS	B	0.12%	0.21%	0.12%
X	B	0.1%	0.32%	0.1%
XPO	B	0.17%	0.68%	0.17%
XRAY	F	0.2%	0.13%	0.13%
YETI	D	0.08%	0.12%	0.08%
ZION	B	0.24%	0.34%	0.24%

SMLF Overweight 565 Positions Relative to QVMM

Symbol	Grade	Weight
APP	B	1.49%
MSTR	B	0.73%
DECK	A	0.72%
AXON	A	0.66%
ALSN	B	0.56%
NTNX	B	0.56%
JBL	C	0.55%
BPOP	C	0.53%
SLG	B	0.49%
MLI	B	0.49%
CVNA	B	0.46%
COCO	A	0.43%
PCOR	B	0.42%
COOP	B	0.41%
IOT	A	0.41%
NTRA	A	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
POWL	C	0.38%
PIPR	A	0.34%
CAVA	B	0.34%
WK	B	0.34%
HSII	B	0.31%
FLEX	B	0.31%
SOLV	D	0.31%
MAC	B	0.31%
DDS	B	0.31%
TPR	B	0.3%
ALKS	C	0.3%
SPXC	A	0.3%
CORT	B	0.3%
EXE	A	0.29%
STRL	A	0.29%
AGO	B	0.27%
INTA	B	0.27%
SN	D	0.27%
FCNCA	A	0.27%
SMAR	B	0.26%
ESTC	C	0.26%
SIG	B	0.26%
MOD	A	0.25%
HURN	C	0.25%
CPRX	C	0.24%
SKT	A	0.24%
IMKTA	C	0.24%
ENTG	D	0.23%
YOU	D	0.23%
BCC	B	0.22%
SANM	B	0.22%
GPI	B	0.22%
APA	D	0.22%
WS	C	0.22%
AXSM	B	0.22%
MATX	C	0.21%
TOST	B	0.21%
AZPN	A	0.21%
SRPT	F	0.2%
ETSY	D	0.2%
RDDT	A	0.2%
ELF	C	0.2%
ATKR	D	0.2%
DNLI	D	0.2%
BBWI	C	0.2%
TPG	A	0.2%
LUMN	C	0.2%
RNG	C	0.19%
SMG	C	0.19%
JOE	F	0.19%
NAVI	F	0.19%
GH	B	0.19%
HAS	D	0.19%
PRGS	A	0.18%
XRX	F	0.18%
TDOC	C	0.18%
NDSN	B	0.18%
VCYT	B	0.18%
HIW	C	0.18%
FROG	C	0.18%
MMYT	B	0.17%
ACLX	C	0.17%
BRC	D	0.17%
PDM	D	0.17%
PRG	C	0.17%
RHI	C	0.17%
AIZ	A	0.17%
EXTR	C	0.17%
PRKS	B	0.17%
JBSS	F	0.17%
KIM	A	0.16%
IVT	A	0.16%
SRCE	B	0.16%
ALLE	C	0.16%
BL	B	0.16%
BMI	B	0.16%
WTM	A	0.16%
LRN	A	0.16%
CVCO	A	0.16%
AGNC	C	0.16%
OMF	A	0.16%
PGRE	F	0.16%
KFRC	D	0.16%
LBTYA	F	0.15%
GNRC	C	0.15%
SBGI	B	0.15%
ONON	A	0.15%
XNCR	B	0.15%
GES	F	0.15%
RL	C	0.15%
W	D	0.15%
FTAI	A	0.15%
SPB	C	0.15%
ABG	C	0.15%
CWEN	C	0.15%
SKY	A	0.15%
ESI	B	0.15%
AMR	C	0.14%
ATI	C	0.14%
VSTO	A	0.14%
IGT	F	0.14%
BANF	B	0.14%
MMSI	A	0.14%
IONS	F	0.14%
PI	D	0.14%
ENSG	C	0.14%
UA	C	0.14%
YEXT	B	0.14%
AY	A	0.14%
SPT	C	0.14%
TPH	D	0.14%
BLKB	B	0.13%
VMEO	B	0.13%
BPMC	B	0.13%
IPAR	B	0.13%
TNET	F	0.13%
ACCO	C	0.13%
BRZE	C	0.13%
GOLF	B	0.13%
KAI	B	0.13%
BDN	C	0.13%
SFBS	C	0.13%
NUVL	C	0.13%
INSP	D	0.12%
AROC	A	0.12%
AWR	B	0.12%
GEO	B	0.12%
BASE	B	0.12%
SATS	D	0.12%
ACLS	F	0.12%
GFF	A	0.12%
BKE	B	0.12%
BSY	F	0.12%
WAFD	B	0.12%
NTCT	C	0.11%
CYTK	F	0.11%
TXNM	A	0.11%
LAZ	B	0.11%
PARA	C	0.11%
SSTK	F	0.11%
PTEN	C	0.11%
OII	B	0.11%
DFIN	D	0.11%
LOVE	A	0.11%
MFA	D	0.11%
ACAD	C	0.11%
HTH	C	0.11%
CARG	B	0.11%
SPSC	D	0.11%
BAND	B	0.11%
ODP	F	0.11%
APOG	C	0.11%
CXW	C	0.11%
MCB	B	0.11%
MDGL	B	0.11%
BCRX	D	0.11%
KW	C	0.1%
MTRN	C	0.1%
HP	C	0.1%
ACA	A	0.1%
DNOW	B	0.1%
BECN	B	0.1%
EXPI	D	0.1%
IVZ	B	0.1%
CRDO	B	0.1%
VECO	F	0.1%
CRC	A	0.1%
HUN	F	0.1%
ICFI	F	0.1%
HOV	D	0.1%
ALX	D	0.1%
LYFT	C	0.1%
CMPR	D	0.1%
AGM	B	0.1%
WAL	B	0.1%
KLIC	B	0.1%
INSM	C	0.1%
VRNS	D	0.1%
HIMS	B	0.1%
WSC	F	0.09%
PHIN	A	0.09%
JACK	C	0.09%
MRC	B	0.09%
MTN	C	0.09%
PCVX	D	0.09%
HEES	C	0.09%
ATEN	A	0.09%
APG	B	0.09%
PBH	A	0.09%
HI	C	0.09%
LGND	C	0.09%
CAR	C	0.09%
VERA	C	0.09%
LZ	C	0.09%
FLG	D	0.09%
IDCC	B	0.09%
PLNT	A	0.09%
ALIT	C	0.09%
TGNA	B	0.09%
INVA	D	0.09%
COUR	F	0.09%
UPBD	B	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
CUBI	B	0.09%
CRS	B	0.09%
FIVN	C	0.08%
TENB	C	0.08%
LILA	D	0.08%
VIR	D	0.08%
PEGA	B	0.08%
CAL	F	0.08%
ELAN	D	0.08%
MKSI	C	0.08%
SCS	C	0.08%
OSCR	D	0.08%
FHB	B	0.08%
PD	C	0.08%
KN	B	0.08%
GMS	B	0.08%
WOR	F	0.08%
CACC	D	0.08%
DLX	B	0.08%
VFC	C	0.08%
BOX	B	0.08%
NSSC	D	0.08%
AGX	B	0.08%
KSS	F	0.08%
CARS	C	0.08%
CSWI	B	0.08%
CNMD	C	0.07%
AFRM	A	0.07%
UNIT	B	0.07%
EQC	B	0.07%
DH	F	0.07%
HASI	D	0.07%
AMRX	C	0.07%
PEN	B	0.07%
EYPT	D	0.07%
WYNN	C	0.07%
MATV	D	0.07%
RIG	D	0.07%
AMPH	F	0.07%
LXP	D	0.07%
AMPL	B	0.07%
FLNC	D	0.07%
WLY	B	0.07%
NBR	C	0.07%
EPAC	C	0.07%
NTB	B	0.07%
GKOS	B	0.07%
DOMO	B	0.07%
GCO	C	0.07%
PLUS	F	0.07%
SM	B	0.07%
SNEX	B	0.07%
NARI	C	0.07%
CEIX	A	0.07%
WNC	C	0.07%
CC	C	0.06%
AVXL	B	0.06%
YELP	C	0.06%
OXM	F	0.06%
AVDX	B	0.06%
GPMT	C	0.06%
S	B	0.06%
FN	C	0.06%
TNC	D	0.06%
NXT	C	0.06%
ILPT	F	0.06%
HWKN	B	0.06%
AMCX	C	0.06%
HCC	B	0.06%
TRN	B	0.06%
MCY	A	0.06%
CTBI	B	0.06%
MPW	F	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
RUSHA	C	0.06%
FUN	C	0.06%
ASO	F	0.06%
LADR	B	0.06%
NSIT	F	0.06%
SOFI	B	0.06%
RDN	D	0.06%
WTTR	A	0.06%
IRTC	C	0.06%
ADEA	C	0.06%
SFL	D	0.06%
AIV	C	0.06%
ADMA	B	0.06%
AZEK	A	0.06%
OTTR	C	0.06%
HE	C	0.06%
UVV	B	0.06%
MED	D	0.06%
FOLD	F	0.05%
AVAV	C	0.05%
ITGR	B	0.05%
ACI	C	0.05%
CVBF	A	0.05%
SONO	C	0.05%
PZZA	F	0.05%
ITRI	C	0.05%
LBTYK	A	0.05%
TILE	B	0.05%
BEAM	D	0.05%
SITE	F	0.05%
CERS	D	0.05%
AEO	F	0.05%
BLMN	F	0.05%
AMBC	C	0.05%
PATH	C	0.05%
HOUS	F	0.05%
MERC	F	0.05%
KOS	D	0.05%
TARS	C	0.05%
SMTC	B	0.05%
ZIP	D	0.05%
THR	B	0.05%
APLS	F	0.05%
ASAN	B	0.05%
WBA	F	0.05%
MDXG	B	0.05%
WGO	C	0.05%
CENTA	C	0.05%
ARWR	D	0.04%
HPP	F	0.04%
MDU	D	0.04%
DAWN	D	0.04%
CORZ	B	0.04%
PFSI	C	0.04%
KREF	C	0.04%
OUT	A	0.04%
DIN	C	0.04%
LPG	F	0.04%
FLYW	B	0.04%
AGS	A	0.04%
IDT	B	0.04%
SANA	F	0.04%
TPB	B	0.04%
SAH	C	0.04%
ANAB	F	0.04%
NATL	B	0.04%
HELE	C	0.04%
RVMD	C	0.04%
KLG	B	0.04%
AGYS	A	0.04%
ARRY	F	0.04%
ROKU	D	0.04%
BILL	A	0.04%
CFFN	C	0.04%
OMI	F	0.04%
HLF	C	0.04%
ANGI	F	0.04%
IBP	D	0.04%
NHI	D	0.04%
HSTM	B	0.04%
BCPC	B	0.04%
TDS	B	0.04%
IOSP	C	0.04%
RCUS	F	0.04%
JANX	C	0.03%
SWIM	C	0.03%
ALHC	C	0.03%
VIAV	C	0.03%
ALRM	C	0.03%
RDFN	D	0.03%
ADT	C	0.03%
MOG.A	B	0.03%
LTH	C	0.03%
SUPN	C	0.03%
FL	F	0.03%
VNDA	C	0.03%
RGNX	D	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	C	0.03%
XHR	B	0.03%
VIRT	A	0.03%
QDEL	F	0.03%
REVG	C	0.03%
SNBR	F	0.03%
RYI	C	0.03%
CHWY	B	0.03%
IESC	C	0.03%
UDMY	D	0.03%
ARCH	B	0.03%
BRSP	C	0.03%
MGNI	B	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%
RPD	B	0.03%
SPRY	C	0.03%
ATRC	C	0.03%
CNS	B	0.03%
RKT	F	0.03%
UVE	B	0.03%
NRC	F	0.03%
OI	C	0.03%
BKD	F	0.03%
CVI	F	0.03%
RXT	C	0.02%
ERAS	C	0.02%
WOOF	D	0.02%
SLVM	B	0.02%
OSIS	A	0.02%
TSE	F	0.02%
KVYO	C	0.02%
UNFI	A	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	B	0.02%
QRTEA	F	0.02%
GPRO	F	0.02%
SAFE	F	0.02%
KFY	B	0.02%
JELD	F	0.02%
EDR	A	0.02%
KRNY	C	0.02%
DAN	D	0.02%
DOCN	C	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NWL	C	0.02%
NUS	D	0.02%
BMBL	C	0.02%
OPI	F	0.02%
IRWD	F	0.02%
FSS	B	0.02%
MTW	C	0.02%
DY	D	0.02%
DBI	F	0.02%
LMAT	A	0.02%
CLVT	D	0.02%
RLJ	C	0.02%
CRSP	D	0.02%
TLRY	F	0.02%
SITC	D	0.02%
SVC	F	0.02%
TWO	F	0.02%
CNDT	C	0.02%
OPEN	F	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%
ARCB	C	0.02%
PDCO	F	0.02%
CALX	D	0.02%
CWK	C	0.01%
ALGM	D	0.01%
PGEN	F	0.01%
AIN	C	0.01%
ARR	D	0.01%
PEB	D	0.01%
JAMF	F	0.01%
EPC	F	0.01%
SFIX	B	0.01%
POWI	F	0.01%
FLWS	D	0.01%
TDC	D	0.01%
XPRO	D	0.01%
MBC	F	0.01%
BIGC	B	0.01%
MLAB	F	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%
CRAI	C	0.01%
SWI	C	0.01%
MITK	C	0.01%
NTLA	F	0.01%
VRE	B	0.01%
TR	B	0.01%
TTGT	B	0.01%
HCAT	D	0.01%
OIS	B	0.01%
RBRK	A	0.01%
NGVT	B	0.01%
ENVA	B	0.01%
HMST	F	0.01%
AXS	A	0.01%
CAKE	C	0.01%
STGW	A	0.01%
OLPX	D	0.01%
ENR	B	0.01%
BSIG	A	0.01%
GWRE	A	0.01%
RHP	B	0.01%
PYCR	B	0.01%
HTZ	C	0.01%
MBLY	C	0.01%
OSUR	F	0.01%
HAIN	D	0.01%
SWTX	C	0.01%
KALU	C	0.01%
NEXA	B	0.01%
UPWK	B	0.01%
NFBK	C	0.01%
SHO	D	0.01%
AEIS	C	0.01%
MAGN	D	0.0%
BFH	C	0.0%
MC	C	0.0%
SEE	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%
JXN	C	0.0%
BOH	B	0.0%
DEI	B	0.0%
TRMK	C	0.0%
GNW	A	0.0%
PFBC	B	0.0%
CASH	B	0.0%
TBBK	B	0.0%
FBP	C	0.0%
PRDO	B	0.0%
BKU	A	0.0%
CMA	B	0.0%
AX	B	0.0%
OFG	B	0.0%

SMLF Underweight 107 Positions Relative to QVMM

Symbol	Grade	Weight
TPL	A	-0.99%
LII	A	-0.73%
BURL	B	-0.61%
RBA	A	-0.61%
FNF	B	-0.57%
RGA	A	-0.56%
EQH	C	-0.56%
COHR	B	-0.49%
AVTR	F	-0.49%
PFGC	B	-0.49%
BMRN	F	-0.47%
NBIX	C	-0.46%
ALLY	C	-0.46%
JLL	D	-0.44%
ATR	B	-0.42%
FND	D	-0.41%
WPC	C	-0.41%
LAD	A	-0.41%
EXP	B	-0.38%
CCK	D	-0.38%
WWD	C	-0.37%
SNX	D	-0.35%
MUSA	B	-0.35%
WTRG	B	-0.34%
INGR	C	-0.34%
ARMK	B	-0.34%
AFG	A	-0.33%
FBIN	D	-0.33%
KNX	C	-0.33%
AAON	B	-0.33%
RBC	A	-0.33%
MORN	B	-0.32%
REXR	F	-0.32%
MTZ	B	-0.31%
SKX	D	-0.3%
JAZZ	B	-0.3%
FLS	B	-0.3%
SEIC	B	-0.29%
KEX	B	-0.28%
DAR	C	-0.28%
PB	B	-0.28%
OSK	C	-0.28%
G	B	-0.27%
MTDR	B	-0.27%
ADC	A	-0.26%
GXO	B	-0.26%
CGNX	D	-0.26%
CADE	B	-0.26%
H	B	-0.26%
ONB	C	-0.26%
GNTX	C	-0.26%
GBCI	B	-0.25%
COLB	B	-0.24%
FNB	A	-0.23%
WHR	B	-0.23%
LEA	F	-0.22%
ESNT	F	-0.22%
ALTR	B	-0.22%
SIGI	C	-0.22%
SAIC	F	-0.22%
CLF	F	-0.22%
VVV	D	-0.21%
THG	A	-0.21%
HOMB	A	-0.21%
KBH	D	-0.21%
UBSI	B	-0.21%
CIVI	D	-0.19%
POST	C	-0.19%
ST	F	-0.19%
LOPE	C	-0.18%
OLLI	D	-0.18%
AVT	C	-0.18%
IRT	A	-0.17%
WMG	D	-0.17%
DLB	B	-0.16%
KMPR	A	-0.16%
SLGN	A	-0.16%
VLY	B	-0.16%
PNM	B	-0.15%
ORA	B	-0.15%
UAA	C	-0.15%
WLK	D	-0.15%
NEU	D	-0.14%
SBRA	C	-0.14%
PAG	B	-0.13%
WU	F	-0.13%
ALE	A	-0.13%
NWE	B	-0.12%
GHC	B	-0.12%
BHF	C	-0.12%
ZI	D	-0.11%
GT	C	-0.11%
NEOG	F	-0.11%
HGV	C	-0.11%
RCM	A	-0.1%
COLM	C	-0.1%
AMKR	D	-0.1%
NSA	C	-0.1%
SAM	C	-0.1%
ENOV	C	-0.09%
AZTA	D	-0.09%
JWN	D	-0.08%
IPGP	D	-0.08%
PPC	C	-0.08%
CRI	F	-0.07%
CNXC	F	-0.07%
CPRI	F	-0.07%