SMLF vs. VFMF ETF Comparison

Comparison of iShares FactorSelect MSCI USA Small-Cap ETF (SMLF) to Vanguard U.S. Multifactor ETF (VFMF)

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

VFMF

Vanguard U.S. Multifactor ETF

VFMF Description

The investment seeks to provide long-term capital appreciation by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. The fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. Under normal circumstances, at least 80% of the fund's assets will be invested in securities issued by U.S. companies.

Grade (RS Rating)

Last Trade

$139.64

Average Daily Volume

8,764

Number of Holdings ^*

470

* may have additional holdings in another (foreign) market

Performance

Period	SMLF	VFMF
30 Days	10.53%	6.72%
60 Days	10.49%	7.63%
90 Days	11.95%	7.99%
12 Months	40.74%	33.84%

194 Overlapping Holdings

Symbol	Grade	Weight in SMLF	Weight in VFMF	Overlap
ACCO	C	0.13%	0.08%	0.08%
ADMA	B	0.06%	0.05%	0.05%
AEO	F	0.05%	0.17%	0.05%
AGM	C	0.1%	0.06%	0.06%
AGO	B	0.27%	0.17%	0.17%
AGX	B	0.08%	0.12%	0.08%
AIT	A	0.12%	0.17%	0.12%
ALKS	B	0.3%	0.17%	0.17%
ALSN	B	0.56%	0.3%	0.3%
AMG	B	0.23%	0.32%	0.23%
AMR	C	0.14%	0.11%	0.11%
AMRX	C	0.07%	0.19%	0.07%
AN	C	0.24%	0.14%	0.14%
APOG	B	0.11%	0.09%	0.09%
ARCB	C	0.02%	0.08%	0.02%
ARW	D	0.18%	0.09%	0.09%
ASB	B	0.1%	0.16%	0.1%
ASO	F	0.06%	0.24%	0.06%
ATEN	B	0.09%	0.03%	0.03%
ATKR	C	0.2%	0.02%	0.02%
AX	A	0.0%	0.2%	0.0%
AYI	B	0.35%	0.26%	0.26%
BCC	B	0.22%	0.52%	0.22%
BERY	B	0.1%	0.03%	0.03%
BJ	A	0.16%	0.05%	0.05%
BKE	B	0.12%	0.05%	0.05%
BKU	A	0.0%	0.04%	0.0%
BLD	D	0.21%	0.19%	0.19%
BPOP	B	0.53%	0.67%	0.53%
BRY	F	0.02%	0.03%	0.02%
BSIG	A	0.01%	0.03%	0.01%
BYD	C	0.01%	0.03%	0.01%
CACI	D	0.02%	0.07%	0.02%
CAL	D	0.08%	0.2%	0.08%
CASH	A	0.0%	0.3%	0.0%
CASY	A	0.06%	0.05%	0.05%
CBSH	A	0.24%	0.34%	0.24%
CBT	C	0.12%	0.05%	0.05%
CEIX	A	0.07%	0.11%	0.07%
CENTA	C	0.05%	0.06%	0.05%
CHCO	B	0.0%	0.15%	0.0%
CHRD	D	0.03%	0.15%	0.03%
CMC	B	0.14%	0.14%	0.14%
CNM	D	0.36%	0.07%	0.07%
CNO	A	0.16%	0.4%	0.16%
CNX	A	0.06%	0.11%	0.06%
COKE	C	0.22%	0.18%	0.18%
COOP	B	0.41%	0.17%	0.17%
CPRX	C	0.24%	0.12%	0.12%
CR	A	0.35%	0.16%	0.16%
CRAI	B	0.01%	0.04%	0.01%
CRC	B	0.1%	0.15%	0.1%
CROX	D	0.19%	0.2%	0.19%
CRS	A	0.09%	0.05%	0.05%
CRUS	D	0.11%	0.06%	0.06%
CSL	C	0.41%	0.07%	0.07%
CVCO	A	0.16%	0.2%	0.16%
CVLT	B	0.08%	0.14%	0.08%
DDS	B	0.31%	0.03%	0.03%
DECK	A	0.72%	0.16%	0.16%
DKS	C	0.38%	0.15%	0.15%
DLX	B	0.08%	0.17%	0.08%
DNOW	B	0.1%	0.12%	0.1%
EIG	B	0.0%	0.34%	0.0%
EME	C	0.94%	0.22%	0.22%
ENS	D	0.04%	0.14%	0.04%
EPAC	B	0.07%	0.03%	0.03%
EPC	D	0.01%	0.07%	0.01%
ESAB	B	0.18%	0.15%	0.15%
EWBC	A	0.39%	0.59%	0.39%
FBP	B	0.0%	0.5%	0.0%
FIX	A	0.44%	0.16%	0.16%
FLO	D	0.06%	0.06%	0.06%
FLWS	F	0.01%	0.1%	0.01%
FN	D	0.06%	0.06%	0.06%
GAP	C	0.23%	0.08%	0.08%
GEO	B	0.12%	0.04%	0.04%
GFF	A	0.12%	0.29%	0.12%
GIII	D	0.02%	0.3%	0.02%
GMS	B	0.08%	0.2%	0.08%
GNW	A	0.0%	0.21%	0.0%
GOLF	B	0.13%	0.04%	0.04%
GPI	A	0.22%	0.03%	0.03%
GPK	C	0.26%	0.03%	0.03%
HALO	F	0.24%	0.11%	0.11%
HCC	B	0.06%	0.13%	0.06%
HEES	B	0.09%	0.04%	0.04%
HIMS	B	0.1%	0.07%	0.07%
HNI	B	0.03%	0.06%	0.03%
HOV	D	0.1%	0.04%	0.04%
HP	B	0.1%	0.18%	0.1%
HRB	D	0.4%	0.45%	0.4%
HSII	B	0.31%	0.04%	0.04%
HSTM	B	0.04%	0.08%	0.04%
HWC	B	0.08%	0.12%	0.08%
HWKN	B	0.06%	0.19%	0.06%
IBOC	A	0.11%	0.34%	0.11%
IDCC	A	0.09%	0.07%	0.07%
IDT	B	0.04%	0.16%	0.04%
IESC	B	0.03%	0.18%	0.03%
IMKTA	C	0.24%	0.18%	0.18%
ITRI	B	0.05%	0.1%	0.05%
JBL	B	0.55%	0.24%	0.24%
JEF	A	0.4%	0.19%	0.19%
JELD	F	0.02%	0.09%	0.02%
JXN	C	0.0%	0.1%	0.0%
KD	B	0.06%	0.16%	0.06%
KFRC	D	0.16%	0.04%	0.04%
LNTH	D	0.17%	0.14%	0.14%
LPG	F	0.04%	0.11%	0.04%
LPX	B	0.41%	0.21%	0.21%
LRN	A	0.16%	0.1%	0.1%
M	D	0.19%	0.22%	0.19%
MAN	D	0.04%	0.02%	0.02%
MATX	C	0.21%	0.11%	0.11%
MCY	A	0.06%	0.14%	0.06%
MEDP	D	0.38%	0.15%	0.15%
MLI	C	0.49%	0.71%	0.49%
MOG.A	B	0.03%	0.09%	0.03%
MRC	B	0.09%	0.17%	0.09%
MTG	C	0.09%	0.71%	0.09%
MUR	D	0.19%	0.13%	0.13%
NAVI	C	0.19%	0.09%	0.09%
NSIT	F	0.06%	0.24%	0.06%
NSSC	D	0.08%	0.04%	0.04%
NTB	B	0.07%	0.3%	0.07%
NX	C	0.03%	0.05%	0.03%
NXST	C	0.07%	0.04%	0.04%
OC	A	0.18%	0.44%	0.18%
OFG	B	0.0%	0.64%	0.0%
OMF	A	0.16%	0.46%	0.16%
OMI	F	0.04%	0.16%	0.04%
ORI	A	0.41%	0.45%	0.41%
OSUR	F	0.01%	0.05%	0.01%
OVV	B	0.25%	0.07%	0.07%
OXM	D	0.06%	0.09%	0.06%
PFBC	B	0.0%	0.25%	0.0%
PHIN	A	0.09%	0.24%	0.09%
PLUS	F	0.07%	0.18%	0.07%
PR	B	0.02%	0.16%	0.02%
PRDO	B	0.0%	0.34%	0.0%
PRI	A	0.28%	0.28%	0.28%
PSTG	D	0.29%	0.12%	0.12%
PVH	C	0.17%	0.39%	0.17%
R	B	0.28%	0.16%	0.16%
RDN	C	0.06%	0.21%	0.06%
REVG	B	0.03%	0.18%	0.03%
RL	B	0.15%	0.19%	0.15%
RNR	C	0.21%	0.06%	0.06%
RRC	B	0.19%	0.03%	0.03%
RS	B	0.49%	0.11%	0.11%
SANM	B	0.22%	0.1%	0.1%
SCS	C	0.08%	0.32%	0.08%
SFM	A	0.6%	0.16%	0.16%
SIG	B	0.26%	0.3%	0.26%
SLM	A	0.16%	0.41%	0.16%
SLVM	B	0.02%	0.15%	0.02%
SM	B	0.07%	0.13%	0.07%
SN	D	0.27%	0.05%	0.05%
SRCE	B	0.16%	0.28%	0.16%
SSD	D	0.14%	0.12%	0.12%
STGW	B	0.01%	0.04%	0.01%
STRL	B	0.29%	0.07%	0.07%
SUPN	C	0.03%	0.05%	0.03%
TBBK	B	0.0%	0.16%	0.0%
TCBI	B	0.03%	0.05%	0.03%
TEX	D	0.19%	0.18%	0.18%
THC	D	0.31%	0.2%	0.2%
THO	B	0.13%	0.21%	0.13%
TILE	B	0.05%	0.18%	0.05%
TMHC	B	0.09%	0.18%	0.09%
TNC	D	0.06%	0.04%	0.04%
TNL	A	0.16%	0.15%	0.15%
TOL	B	0.16%	0.25%	0.16%
TPH	D	0.14%	0.13%	0.13%
TPR	B	0.3%	0.14%	0.14%
UA	C	0.14%	0.12%	0.12%
UFPI	B	0.23%	0.37%	0.23%
UNM	A	0.0%	0.28%	0.0%
UPBD	B	0.09%	0.08%	0.08%
UTHR	C	0.38%	0.37%	0.37%
VFC	C	0.08%	0.07%	0.07%
VIRT	B	0.03%	0.23%	0.03%
VNT	B	0.05%	0.13%	0.05%
WCC	B	0.2%	0.12%	0.12%
WEX	D	0.09%	0.04%	0.04%
WFRD	D	0.35%	0.22%	0.22%
WGO	C	0.05%	0.04%	0.04%
WLY	B	0.07%	0.09%	0.07%
WMS	D	0.1%	0.07%	0.07%
WNC	C	0.07%	0.03%	0.03%
WSM	B	0.42%	0.28%	0.28%
WTTR	B	0.06%	0.23%	0.06%
YOU	D	0.23%	0.05%	0.05%

SMLF Overweight 616 Positions Relative to VFMF

Symbol	Grade	Weight
APP	B	1.49%
EVR	B	0.81%
MSTR	C	0.73%
AXON	A	0.66%
NTNX	A	0.56%
MANH	D	0.5%
SLG	B	0.49%
NVT	B	0.49%
CVNA	B	0.46%
IDA	A	0.46%
IBKR	A	0.45%
DUOL	A	0.44%
COCO	B	0.43%
PCOR	B	0.42%
IOT	A	0.41%
VNO	B	0.41%
NTRA	B	0.4%
LBRDA	C	0.4%
GTLB	B	0.39%
POWL	C	0.38%
BRX	A	0.37%
AM	A	0.37%
WING	D	0.36%
PIPR	B	0.34%
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%
MAC	B	0.31%
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%
INTA	A	0.27%
FCNCA	A	0.27%
SMAR	A	0.26%
ESTC	C	0.26%
AMH	D	0.25%
MOD	A	0.25%
HURN	B	0.25%
CFR	B	0.25%
TPX	B	0.24%
TREX	C	0.24%
RMBS	C	0.24%
SKT	B	0.24%
EXEL	B	0.24%
ZION	B	0.24%
CW	B	0.23%
ENTG	D	0.23%
LSCC	D	0.23%
EXLS	B	0.23%
APA	D	0.22%
RPM	A	0.22%
WS	B	0.22%
AXSM	B	0.22%
AR	B	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%
XRAY	F	0.2%
ELF	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%
TPG	A	0.2%
LUMN	C	0.2%
RNG	B	0.19%
SMG	D	0.19%
JOE	F	0.19%
ACM	A	0.19%
GH	B	0.19%
HAS	D	0.19%
HLI	B	0.18%
PRGS	A	0.18%
KNSL	B	0.18%
XRX	F	0.18%
TDOC	C	0.18%
NDSN	B	0.18%
VCYT	B	0.18%
USFD	A	0.18%
HIW	D	0.18%
GLPI	C	0.18%
FROG	C	0.18%
DCI	B	0.18%
AVNT	B	0.18%
MMYT	B	0.17%
VOYA	B	0.17%
ACLX	C	0.17%
TKR	D	0.17%
LNW	D	0.17%
BRC	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%
JBSS	D	0.17%
SF	B	0.17%
KIM	A	0.16%
IVT	B	0.16%
ALLE	D	0.16%
BL	B	0.16%
BMI	B	0.16%
WTM	A	0.16%
GME	C	0.16%
AGNC	D	0.16%
FAF	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%
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%
ABG	B	0.15%
CWEN	C	0.15%
SKY	A	0.15%
ESI	A	0.15%
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%
TTC	D	0.14%
YEXT	A	0.14%
PCTY	B	0.14%
SCI	B	0.14%
AY	B	0.14%
SPT	C	0.14%
BLKB	B	0.13%
VMEO	B	0.13%
BPMC	C	0.13%
IPAR	B	0.13%
NFG	A	0.13%
TNET	D	0.13%
OGS	A	0.13%
BRZE	C	0.13%
BWXT	B	0.13%
RYAN	B	0.13%
KAI	A	0.13%
BDN	C	0.13%
QLYS	C	0.13%
SFBS	B	0.13%
FYBR	D	0.13%
NUVL	D	0.13%
AA	B	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%
KBR	F	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%
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%
PARA	C	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%
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%
KW	B	0.1%
MTRN	C	0.1%
CHDN	B	0.1%
ACA	A	0.1%
BECN	B	0.1%
EXPI	C	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%
ICFI	F	0.1%
SYNA	C	0.1%
X	C	0.1%
ALX	D	0.1%
LYFT	C	0.1%
CMPR	D	0.1%
WAL	B	0.1%
KLIC	B	0.1%
INSM	C	0.1%
VRNS	D	0.1%
EEFT	B	0.09%
VSH	D	0.09%
CXT	B	0.09%
MTSI	B	0.09%
WSC	D	0.09%
JACK	D	0.09%
MTN	C	0.09%
PCVX	D	0.09%
APG	B	0.09%
PBH	A	0.09%
HI	C	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%
TGNA	B	0.09%
OHI	C	0.09%
INVA	D	0.09%
COUR	F	0.09%
DVAX	C	0.09%
AMLX	C	0.09%
OLN	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%
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%
FHB	A	0.08%
PD	C	0.08%
YETI	C	0.08%
KN	B	0.08%
MASI	A	0.08%
WOR	F	0.08%
CACC	D	0.08%
BOX	B	0.08%
CUZ	B	0.08%
KSS	F	0.08%
CARS	B	0.08%
MIDD	C	0.08%
BDC	B	0.08%
ALV	C	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%
PEN	B	0.07%
EYPT	F	0.07%
WYNN	D	0.07%
MATV	D	0.07%
VAC	B	0.07%
RIG	D	0.07%
AMPH	D	0.07%
LXP	D	0.07%
POR	C	0.07%
AMPL	C	0.07%
FLNC	C	0.07%
NBR	C	0.07%
GKOS	B	0.07%
DOMO	C	0.07%
GCO	B	0.07%
ASH	D	0.07%
KNF	A	0.07%
TXRH	C	0.07%
SNEX	B	0.07%
NARI	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%
NXT	C	0.06%
ILPT	D	0.06%
AMCX	C	0.06%
TRN	C	0.06%
STWD	C	0.06%
CTBI	B	0.06%
MPW	F	0.06%
BRBR	A	0.06%
ITCI	C	0.06%
VKTX	F	0.06%
RUSHA	C	0.06%
FUN	C	0.06%
LADR	B	0.06%
SOFI	A	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%
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%
SNV	B	0.05%
ACI	C	0.05%
FFIN	B	0.05%
CVBF	A	0.05%
SONO	C	0.05%
PZZA	D	0.05%
LBTYK	A	0.05%
EHC	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%
THR	B	0.05%
WBS	A	0.05%
APLS	D	0.05%
LFUS	F	0.05%
ASAN	C	0.05%
WBA	F	0.05%
PK	B	0.05%
MDXG	B	0.05%
LECO	B	0.05%
ARWR	F	0.04%
FCN	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%
DIN	C	0.04%
PRGO	B	0.04%
FLYW	C	0.04%
AGS	A	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%
HLF	C	0.04%
ANGI	D	0.04%
IBP	D	0.04%
NHI	D	0.04%
ACHC	F	0.04%
MMS	F	0.04%
FHN	A	0.04%
BCPC	B	0.04%
TDS	B	0.04%
IOSP	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%
LTH	C	0.03%
FL	F	0.03%
VNDA	C	0.03%
RGNX	F	0.03%
EVTC	B	0.03%
VCEL	B	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%
CIEN	B	0.03%
QDEL	F	0.03%
SNBR	F	0.03%
RYI	C	0.03%
CHWY	B	0.03%
UDMY	F	0.03%
ARCH	B	0.03%
SLAB	D	0.03%
BRSP	B	0.03%
CDP	C	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%
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%
OI	C	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%
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%
VSTS	C	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%
KFY	B	0.02%
MSA	D	0.02%
EDR	A	0.02%
KRNY	B	0.02%
DAN	D	0.02%
DOCN	D	0.02%
ALAB	B	0.02%
EVRI	A	0.02%
NWL	B	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%
RLJ	C	0.02%
PBF	D	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%
USNA	C	0.02%
LANC	C	0.02%
PDCO	D	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%
AIN	C	0.01%
ARR	D	0.01%
PEB	D	0.01%
JAMF	F	0.01%
PCH	D	0.01%
SFIX	B	0.01%
POWI	D	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%
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%
OLPX	D	0.01%
ENR	B	0.01%
GEF	A	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%
HAIN	C	0.01%
SWTX	C	0.01%
KALU	C	0.01%
PII	D	0.01%
NEXA	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%
BFH	B	0.0%
MC	C	0.0%
SEE	C	0.0%
GDOT	D	0.0%
NBTB	B	0.0%
EGBN	B	0.0%
FULT	A	0.0%
BOH	B	0.0%
DEI	B	0.0%
TRMK	B	0.0%
CMA	A	0.0%

SMLF Underweight 276 Positions Relative to VFMF

Symbol	Grade	Weight
WFC	A	-1.25%
AFL	B	-1.08%
AIG	B	-1.02%
BK	A	-0.98%
ABBV	D	-0.93%
GOOG	C	-0.9%
MMM	D	-0.9%
VLO	C	-0.85%
MPC	D	-0.83%
QCOM	F	-0.82%
HCA	F	-0.82%
AXP	A	-0.82%
META	D	-0.82%
PM	B	-0.81%
MO	A	-0.78%
AMAT	F	-0.78%
WMT	A	-0.78%
T	A	-0.77%
TMUS	B	-0.75%
APO	B	-0.74%
KR	B	-0.73%
PHM	D	-0.72%
JPM	A	-0.72%
MCK	B	-0.71%
SYF	B	-0.71%
HIG	B	-0.7%
TGT	F	-0.65%
LMT	D	-0.64%
NVDA	C	-0.63%
IBM	C	-0.61%
FANG	D	-0.6%
KMB	D	-0.59%
CFG	B	-0.57%
FDX	B	-0.54%
CAH	B	-0.53%
COST	B	-0.52%
BKNG	A	-0.52%
VZ	C	-0.52%
KLAC	D	-0.52%
EOG	A	-0.51%
FI	A	-0.51%
CI	F	-0.5%
GOOGL	C	-0.5%
ANET	C	-0.5%
CAT	B	-0.48%
XOM	B	-0.47%
MRK	F	-0.46%
CL	D	-0.46%
COLL	F	-0.46%
GM	B	-0.44%
TT	A	-0.44%
GILD	C	-0.43%
AZO	C	-0.43%
TJX	A	-0.42%
FITB	A	-0.39%
AMAL	B	-0.39%
JNJ	D	-0.38%
RTX	C	-0.36%
NWS	B	-0.36%
KELYA	F	-0.36%
INGR	B	-0.35%
ANDE	D	-0.34%
CBOE	B	-0.34%
WRB	A	-0.33%
CVX	A	-0.33%
CPF	A	-0.31%
NMIH	D	-0.31%
ACT	D	-0.29%
CALM	A	-0.28%
TK	D	-0.27%
PSX	C	-0.27%
FCX	D	-0.26%
DHI	D	-0.26%
EAT	A	-0.26%
SKX	D	-0.26%
TPC	C	-0.26%
MHO	D	-0.25%
FCF	A	-0.25%
WSFS	A	-0.24%
CPAY	A	-0.23%
STT	A	-0.23%
MLKN	D	-0.23%
DELL	C	-0.23%
FNF	B	-0.23%
MHK	D	-0.22%
MBIN	D	-0.22%
COP	C	-0.22%
SIGA	F	-0.21%
EQH	B	-0.2%
AMKR	D	-0.2%
SPOT	B	-0.2%
AMWD	C	-0.2%
ASC	F	-0.2%
PPC	C	-0.2%
PGR	A	-0.2%
AHCO	F	-0.19%
ATGE	B	-0.19%
HPQ	B	-0.19%
PKG	A	-0.19%
BOKF	B	-0.19%
CRM	B	-0.19%
LEN	D	-0.19%
STNG	F	-0.18%
VCTR	B	-0.18%
NVR	D	-0.18%
STLD	B	-0.18%
BELFB	C	-0.18%
PATK	D	-0.18%
PINC	B	-0.18%
CNOB	B	-0.18%
BLX	C	-0.18%
SKYW	B	-0.17%
CTRA	B	-0.17%
PLAB	C	-0.17%
URI	B	-0.17%
AMP	A	-0.17%
NTAP	C	-0.17%
COR	B	-0.17%
WMK	C	-0.16%
BV	B	-0.16%
STBA	B	-0.16%
CF	B	-0.16%
BG	F	-0.16%
DVA	B	-0.16%
BAC	A	-0.16%
GNK	D	-0.16%
KBH	D	-0.16%
SXC	A	-0.16%
KEX	C	-0.16%
CRBG	B	-0.15%
PFGC	B	-0.15%
RMD	C	-0.15%
KTB	B	-0.15%
DHT	F	-0.15%
PYPL	B	-0.15%
SNA	A	-0.15%
SCSC	B	-0.15%
LDOS	C	-0.15%
WABC	B	-0.14%
DAKT	B	-0.14%
FTI	A	-0.14%
ETD	C	-0.14%
NR	B	-0.14%
CNXN	C	-0.14%
ABCB	B	-0.14%
TNK	F	-0.14%
BBW	B	-0.14%
PUMP	B	-0.14%
MUSA	A	-0.14%
HAFC	A	-0.13%
PCAR	B	-0.13%
SPOK	C	-0.13%
NUE	C	-0.13%
HBI	B	-0.13%
EXPE	B	-0.13%
NMRK	B	-0.13%
INSW	F	-0.12%
RCL	A	-0.12%
PTGX	C	-0.12%
KNTK	B	-0.12%
ROCK	C	-0.12%
BHLB	B	-0.12%
ZEUS	C	-0.12%
FIBK	A	-0.12%
CBU	B	-0.12%
CTSH	B	-0.12%
CYH	F	-0.12%
OGN	D	-0.12%
IMMR	C	-0.12%
URBN	C	-0.12%
BLDR	D	-0.12%
SPTN	D	-0.11%
PH	A	-0.11%
SCHL	D	-0.11%
EXP	A	-0.11%
SBSI	B	-0.11%
REX	D	-0.11%
GPC	D	-0.1%
DOX	D	-0.1%
MPWR	F	-0.1%
GRBK	D	-0.1%
QCRH	A	-0.1%
UHS	D	-0.1%
WHD	B	-0.1%
VERX	B	-0.1%
LYB	F	-0.1%
CDNA	D	-0.1%
AZZ	B	-0.1%
CRVL	A	-0.09%
GRND	A	-0.09%
SWKS	F	-0.09%
GPOR	B	-0.09%
DXPE	B	-0.09%
INDB	B	-0.09%
FDP	B	-0.08%
PSMT	C	-0.08%
SFNC	B	-0.08%
MTDR	B	-0.08%
SD	D	-0.08%
DOLE	D	-0.07%
USAP	B	-0.07%
CNA	B	-0.07%
DESP	B	-0.07%
EBAY	D	-0.07%
MTUS	C	-0.07%
ZIMV	D	-0.07%
CTAS	B	-0.07%
PLPC	B	-0.07%
BBSI	B	-0.07%
HVT	D	-0.07%
CG	A	-0.07%
LEN	D	-0.07%
JWN	C	-0.07%
NTGR	B	-0.07%
RES	D	-0.07%
LZB	B	-0.07%
MTH	D	-0.07%
NHC	C	-0.06%
UTI	A	-0.06%
LOPE	B	-0.06%
GOGL	F	-0.06%
C	A	-0.06%
JILL	C	-0.06%
WU	D	-0.06%
CIVI	D	-0.06%
FRME	B	-0.06%
CATY	B	-0.06%
BWA	D	-0.06%
AMZN	C	-0.06%
PFG	D	-0.06%
NAT	F	-0.06%
GRNT	B	-0.05%
CLW	F	-0.05%
NOG	A	-0.05%
LBRT	D	-0.05%
UFPT	B	-0.05%
SCVL	F	-0.05%
BBY	D	-0.05%
MET	A	-0.05%
DASH	A	-0.05%
BTU	B	-0.05%
ZUMZ	C	-0.05%
PRK	B	-0.05%
MD	B	-0.05%
LQDT	B	-0.05%
OSBC	A	-0.05%
LYTS	B	-0.05%
SMLR	B	-0.04%
CTS	C	-0.04%
SXI	B	-0.04%
MCRI	A	-0.04%
MBUU	C	-0.04%
MGY	A	-0.04%
SHOO	D	-0.04%
VTRS	A	-0.04%
PRMW	C	-0.04%
EFSC	B	-0.04%
HPE	B	-0.04%
UVSP	B	-0.03%
STRA	C	-0.03%
PRLB	A	-0.03%
KMT	B	-0.03%
MOV	C	-0.03%
CCRN	F	-0.03%
HFWA	B	-0.03%
TPL	A	-0.03%
TCBK	B	-0.03%
INGN	C	-0.02%
VRA	F	-0.02%
RGP	F	-0.02%
BUSE	B	-0.02%
PEBO	A	-0.02%
FFIV	B	-0.02%
SB	F	-0.02%
ADTN	A	-0.02%
MBWM	B	-0.02%