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      <invstOrSec>
        <name>First Guaranty Bancshares Inc</name>
        <lei>549300600XNPWN48W622</lei>
        <title>First Guaranty Bancshares Inc</title>
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          <isin value="US32043P1066"/>
          <ticker value="FGBI"/>
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      <invstOrSec>
        <name>Thermon Group Holdings Inc</name>
        <lei>529900ZNZBBLDE77MZ38</lei>
        <title>Thermon Group Holdings Inc</title>
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          <isin value="US88362T1034"/>
          <ticker value="THR"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Insteel Industries Inc</name>
        <lei>52990026LKY4MOX3L174</lei>
        <title>Insteel Industries Inc</title>
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          <isin value="US45774W1080"/>
          <ticker value="IIIN"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>First Business Financial Servi</name>
        <lei>549300BXKLW2T50TKU95</lei>
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          <isin value="US3193901002"/>
          <ticker value="FBIZ"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ring Energy Inc</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RCI Hospitality Holdings Inc</name>
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          <isin value="US74934Q1085"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GCM Grosvenor Inc</name>
        <lei>N/A</lei>
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          <isin value="US36831E1082"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cambium Networks Corp</name>
        <lei>549300OYSIGK6OT5WL04</lei>
        <title>Cambium Networks Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG177661090"/>
          <ticker value="CMBM"/>
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        <balance>30873.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>John Marshall Bancorp Inc</name>
        <lei>N/A</lei>
        <title>John Marshall Bancorp Inc</title>
        <cusip>47805L101</cusip>
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          <isin value="US47805L1017"/>
          <ticker value="JMSB"/>
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        <balance>31067.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Co-Diagnostics Inc</name>
        <lei>549300Z1JPESYWFM1R93</lei>
        <title>Co-Diagnostics Inc</title>
        <cusip>189763105</cusip>
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          <isin value="US1897631057"/>
          <ticker value="CODX"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACCO Brands Corp</name>
        <lei>JCT8P4Y190IH4I1NX328</lei>
        <title>ACCO Brands Corp</title>
        <cusip>00081T108</cusip>
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          <isin value="US00081T1088"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City Office REIT Inc</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>City Office REIT Inc</title>
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          <isin value="US1785871013"/>
          <ticker value="CIO"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

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        <name>Pangaea Logistics Solutions Lt</name>
        <lei>N/A</lei>
        <title>Pangaea Logistics Solutions Ltd</title>
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        <name>Urstadt Biddle Properties Inc</name>
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      <invstOrSec>
        <name>First Financial Corp/IN</name>
        <lei>N/A</lei>
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        <cusip>320218100</cusip>
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        <name>Carriage Services Inc</name>
        <lei>N/A</lei>
        <title>Carriage Services Inc</title>
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        <name>Immersion Corp</name>
        <lei>529900AKNC1UAMQ2YB35</lei>
        <title>Immersion Corp</title>
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        <name>TrueBlue Inc</name>
        <lei>N/A</lei>
        <title>TrueBlue Inc</title>
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      <invstOrSec>
        <name>Chico's FAS Inc</name>
        <lei>5299003ESGN5T1MFXY13</lei>
        <title>Chico's FAS Inc</title>
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        <name>Build-A-Bear Workshop Inc</name>
        <lei>529900S9MWZC1UBF3D13</lei>
        <title>Build-A-Bear Workshop Inc</title>
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        <name>Metrocity Bankshares Inc</name>
        <lei>549300TC6QB7YG0P6F52</lei>
        <title>Metrocity Bankshares Inc</title>
        <cusip>59165J105</cusip>
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          <ticker value="MCBS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Tredegar Corp</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>Tredegar Corp</title>
        <cusip>894650100</cusip>
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          <isin value="US8946501009"/>
          <ticker value="TG"/>
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        <balance>67458.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>449944.86000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Richardson Electronics Ltd/Uni</name>
        <lei>N/A</lei>
        <title>Richardson Electronics Ltd/United States</title>
        <cusip>763165107</cusip>
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          <ticker value="RELL"/>
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        <balance>29825.00000000</balance>
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        <valUSD>492112.50000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RMR Group Inc/The</name>
        <lei>549300JP4L34E48UJM16</lei>
        <title>RMR Group Inc/The</title>
        <cusip>74967R106</cusip>
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          <ticker value="RMR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centrus Energy Corp</name>
        <lei>549300G6VDK9G8276661</lei>
        <title>Centrus Energy Corp</title>
        <cusip>15643U104</cusip>
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          <isin value="US15643U1043"/>
          <ticker value="LEU"/>
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        <balance>34052.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lazydays Holdings Inc</name>
        <lei>5493006PPWVM3TDVJH23</lei>
        <title>Lazydays Holdings Inc</title>
        <cusip>52110H100</cusip>
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          <isin value="US52110H1005"/>
          <ticker value="LAZY"/>
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        <balance>30447.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intrepid Potash Inc</name>
        <lei>549300OZ696E2PRRTO45</lei>
        <title>Intrepid Potash Inc</title>
        <cusip>46121Y201</cusip>
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          <isin value="US46121Y2019"/>
          <ticker value="IPI"/>
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        <balance>25413.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Carter Bankshares Inc</name>
        <lei>N/A</lei>
        <title>Carter Bankshares Inc</title>
        <cusip>146103106</cusip>
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          <isin value="US1461031064"/>
          <ticker value="CARE"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Peapack-Gladstone Financial Co</name>
        <lei>549300G8DN2UK8K0ET30</lei>
        <title>Peapack-Gladstone Financial Corp</title>
        <cusip>704699107</cusip>
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          <isin value="US7046991078"/>
          <ticker value="PGC"/>
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        <balance>43011.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Weyco Group Inc</name>
        <lei>549300I10J38MHJELM87</lei>
        <title>Weyco Group Inc</title>
        <cusip>962149100</cusip>
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          <isin value="US9621491003"/>
          <ticker value="WEYS"/>
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        <balance>17854.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Farmers &amp; Merchants Bancorp In</name>
        <lei>N/A</lei>
        <title>Farmers &amp; Merchants Bancorp Inc/Archbold OH</title>
        <cusip>30779N105</cusip>
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          <isin value="US30779N1054"/>
          <ticker value="FMAO"/>
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        <balance>33635.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unifi Inc</name>
        <lei>549300MW5LPO0M2LNO04</lei>
        <title>Unifi Inc</title>
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          <isin value="US9046772003"/>
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        <balance>33902.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chuy's Holdings Inc</name>
        <lei>N/A</lei>
        <title>Chuy's Holdings Inc</title>
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          <isin value="US1716041017"/>
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        <balance>48605.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collegium Pharmaceutical Inc</name>
        <lei>54930049FXZMTLW8D496</lei>
        <title>Collegium Pharmaceutical Inc</title>
        <cusip>19459J104</cusip>
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          <isin value="US19459J1043"/>
          <ticker value="COLL"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MasterCraft Boat Holdings Inc</name>
        <lei>549300IXWX41555YJ117</lei>
        <title>MasterCraft Boat Holdings Inc</title>
        <cusip>57637H103</cusip>
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          <isin value="US57637H1032"/>
          <ticker value="MCFT"/>
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        <balance>46926.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Public Education Inc</name>
        <lei>254900GZNX6TJQGM4S17</lei>
        <title>American Public Education Inc</title>
        <cusip>02913V103</cusip>
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          <isin value="US02913V1035"/>
          <ticker value="APEI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACNB Corp</name>
        <lei>N/A</lei>
        <title>ACNB Corp</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heritage Commerce Corp</name>
        <lei>549300CLIS851ELSR406</lei>
        <title>Heritage Commerce Corp</title>
        <cusip>426927109</cusip>
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          <ticker value="HTBK"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RBB Bancorp</name>
        <lei>549300A23FBFZNGET525</lei>
        <title>RBB Bancorp</title>
        <cusip>74930B105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silvercrest Asset Management G</name>
        <lei>N/A</lei>
        <title>Silvercrest Asset Management Group Inc</title>
        <cusip>828359109</cusip>
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          <ticker value="SAMG"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Douglas Elliman Inc</name>
        <lei>549300BXICHPOXA1NO93</lei>
        <title>Douglas Elliman Inc</title>
        <cusip>25961D105</cusip>
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          <ticker value="DOUG"/>
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        <name>Babcock &amp; Wilcox Enterprises I</name>
        <lei>5493006H661OZN2C0T54</lei>
        <title>Babcock &amp; Wilcox Enterprises Inc</title>
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          <ticker value="BW"/>
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        <name>FVCBankcorp Inc</name>
        <lei>549300MSW6NY44KG3397</lei>
        <title>FVCBankcorp Inc</title>
        <cusip>36120Q101</cusip>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Artesian Resources Corp</name>
        <lei>N/A</lei>
        <title>Artesian Resources Corp</title>
        <cusip>043113208</cusip>
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          <isin value="US0431132085"/>
          <ticker value="ARTNA"/>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Flushing Financial Corp</name>
        <lei>N/A</lei>
        <title>Flushing Financial Corp</title>
        <cusip>343873105</cusip>
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          <isin value="US3438731057"/>
          <ticker value="FFIC"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sensus Healthcare Inc</name>
        <lei>549300F3JF8NCDJJZW04</lei>
        <title>Sensus Healthcare Inc</title>
        <cusip>81728J109</cusip>
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          <ticker value="SRTS"/>
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        <balance>34745.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UWM Holdings Corp</name>
        <lei>N/A</lei>
        <title>UWM Holdings Corp</title>
        <cusip>91823B109</cusip>
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          <isin value="US91823B1098"/>
          <ticker value="UWMC"/>
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        <balance>249725.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Cass Information Systems Inc</name>
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        <name>Aviat Networks Inc</name>
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      <invstOrSec>
        <name>Fidelity D&amp;D Bancorp Inc</name>
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        <name>Titan Machinery Inc</name>
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        <name>First Bancshares Inc/The</name>
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        <name>Republic First Bancorp Inc</name>
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        <name>A-Mark Precious Metals Inc</name>
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        <name>Hudson Technologies Inc</name>
        <lei>N/A</lei>
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        <name>Barrett Business Services Inc</name>
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        <name>Alto Ingredients Inc</name>
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        <name>Whole Earth Brands Inc</name>
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        <name>Acacia Research Corp</name>
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        <name>Shore Bancshares Inc</name>
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        <name>Seneca Foods Corp</name>
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        <name>Dream Finders Homes Inc</name>
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        <name>Ramaco Resources Inc</name>
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        <name>El Pollo Loco Holdings Inc</name>
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        <name>CTO Realty Growth Inc</name>
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        <name>Vishay Precision Group Inc</name>
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        <name>DXP Enterprises Inc/TX</name>
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        <name>BCB Bancorp Inc</name>
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        <name>Forestar Group Inc</name>
        <lei>549300BC2UB0GHV60V70</lei>
        <title>Forestar Group Inc</title>
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        <name>Universal Technical Institute</name>
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        <name>Sciplay Corp</name>
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        <name>HomeTrust Bancshares Inc</name>
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        <name>Epsilon Energy Ltd</name>
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        <name>AFC Gamma Inc</name>
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        <name>Rush Enterprises Inc</name>
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        <name>Independent Bank Corp/MI</name>
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        <name>Atea Pharmaceuticals Inc</name>
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        <name>Zynex Inc</name>
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        <name>Southern Missouri Bancorp Inc</name>
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        <name>Sitio Royalties Corp</name>
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        <name>Arhaus Inc</name>
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        <name>Entravision Communications Cor</name>
        <lei>549300SKHY2ALCLKV539</lei>
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        <name>PubMatic Inc</name>
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        <name>Preformed Line Products Co</name>
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      <invstOrSec>
        <name>Bassett Furniture Industries I</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Covenant Logistics Group Inc</name>
        <lei>N/A</lei>
        <title>Covenant Logistics Group Inc</title>
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        <name>Dynex Capital Inc</name>
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          <ticker value="DX"/>
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        <name>Haynes International Inc</name>
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        <name>Consumer Portfolio Services In</name>
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        <name>Bridge Investment Group Holdin</name>
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        <name>Reservoir Media Inc</name>
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        <name>National Presto Industries Inc</name>
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        <name>Goldman Sachs Financial Square Treasury Obligations Fund</name>
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        <title>Goldman Sachs Financial Square Treasury Obligations Fund</title>
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          <isin value="US38141W3236"/>
          <ticker value="FTOXX"/>
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        <assetCat>STIV</assetCat>
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        <name>Olympic Steel Inc</name>
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        <title>Olympic Steel Inc</title>
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        <name>EZCORP Inc</name>
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        <name>Northwest Pipe Co</name>
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        <name>Phibro Animal Health Corp</name>
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        <name>Manitowoc Co Inc/The</name>
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        <name>Amalgamated Financial Corp</name>
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        <name>Sachem Capital Corp</name>
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        <name>Bankwell Financial Group Inc</name>
        <lei>5493004NUBQXPY84NX67</lei>
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        <name>Granite Point Mortgage Trust I</name>
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        <name>Ocwen Financial Corp</name>
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        <name>Commercial Vehicle Group Inc</name>
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        <name>Beazer Homes USA Inc</name>
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        <name>Selecta Biosciences Inc</name>
        <lei>529900NMN0LACZOL7C43</lei>
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        <name>Hackett Group Inc/The</name>
        <lei>5K016KLIRB6156644289</lei>
        <title>Hackett Group Inc/The</title>
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      <invstOrSec>
        <name>Natural Grocers by Vitamin Cot</name>
        <lei>529900P4OTXDGBUS3O87</lei>
        <title>Natural Grocers by Vitamin Cottage Inc</title>
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          <isin value="US63888U1088"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Citizens Inc/TX</name>
        <lei>549300Z39SMLUE3VF522</lei>
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          <isin value="US1747401008"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VAALCO Energy Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ethan Allen Interiors Inc</name>
        <lei>N/A</lei>
        <title>Ethan Allen Interiors Inc</title>
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          <isin value="US2976021046"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dorian LPG Ltd</name>
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          <isin value="MHY2106R1100"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Destination XL Group Inc</name>
        <lei>N/A</lei>
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          <isin value="US25065K1043"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JAKKS Pacific Inc</name>
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          <isin value="US47012E4035"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold Resource Corp</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Marin Bancorp</name>
        <lei>N/A</lei>
        <title>Bank of Marin Bancorp</title>
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          <isin value="US0634251021"/>
          <ticker value="BMRC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heidrick &amp; Struggles Internati</name>
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        <title>Heidrick &amp; Struggles International Inc</title>
        <cusip>422819102</cusip>
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          <isin value="US4228191023"/>
          <ticker value="HSII"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Denny's Corp</name>
        <lei>54930037V56XOULXM917</lei>
        <title>Denny's Corp</title>
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          <isin value="US24869P1049"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lands' End Inc</name>
        <lei>54930016WOL7P2P67Q43</lei>
        <title>Lands' End Inc</title>
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          <ticker value="LE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liquidity Services Inc</name>
        <lei>5299002AZ4ULSAXN0G81</lei>
        <title>Liquidity Services Inc</title>
        <cusip>53635B107</cusip>
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          <ticker value="LQDT"/>
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        <name>Tutor Perini Corp</name>
        <lei>549300FHXYVPW8LJ6D98</lei>
        <title>Tutor Perini Corp</title>
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        <name>CoreCard Corp</name>
        <lei>N/A</lei>
        <title>CoreCard Corp</title>
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        <name>FutureFuel Corp</name>
        <lei>529900WYQZSMWFXLA845</lei>
        <title>FutureFuel Corp</title>
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        <name>Ramaco Resources Inc</name>
        <lei>5493001BYUI4TCQOPF70</lei>
        <title>Ramaco Resources Inc</title>
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          <ticker value="METC"/>
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        <name>Modine Manufacturing Co</name>
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        <title>Modine Manufacturing Co</title>
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      <invstOrSec>
        <name>Information Services Group Inc</name>
        <lei>549300ZUNI6DQ0G8Q273</lei>
        <title>Information Services Group Inc</title>
        <cusip>45675Y104</cusip>
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          <ticker value="III"/>
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        <name>OneWater Marine Inc</name>
        <lei>N/A</lei>
        <title>OneWater Marine Inc</title>
        <cusip>68280L101</cusip>
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          <ticker value="ONEW"/>
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        <name>Unity Bancorp Inc</name>
        <lei>549300Q90ZRNUR65PL93</lei>
        <title>Unity Bancorp Inc</title>
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        <name>John B Sanfilippo &amp; Son Inc</name>
        <lei>5299007IBEYVXKYDUX28</lei>
        <title>John B Sanfilippo &amp; Son Inc</title>
        <cusip>800422107</cusip>
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          <ticker value="JBSS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Nathan's Famous Inc</name>
        <lei>54930034SKNSF1JIE673</lei>
        <title>Nathan's Famous Inc</title>
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          <ticker value="NATH"/>
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        <valUSD>593055.54000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bel Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse Inc</title>
        <cusip>077347300</cusip>
        <identifiers>
          <isin value="US0773473006"/>
          <ticker value="BELFB"/>
        </identifiers>
        <balance>28518.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1637218.38000000</valUSD>
        <pctVal>1.056930579200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Ajax Corp</name>
        <lei>5493004ID2QQWNGDYC18</lei>
        <title>Great Ajax Corp</title>
        <cusip>38983D300</cusip>
        <identifiers>
          <isin value="US38983D3008"/>
          <ticker value="AJX"/>
        </identifiers>
        <balance>63047.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>386478.11000000</valUSD>
        <pctVal>0.249496669253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RCM Technologies Inc</name>
        <lei>N/A</lei>
        <title>RCM Technologies Inc</title>
        <cusip>749360400</cusip>
        <identifiers>
          <isin value="US7493604000"/>
          <ticker value="RCMT"/>
        </identifiers>
        <balance>15304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>281593.60000000</valUSD>
        <pctVal>0.181786920048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radiant Logistics Inc</name>
        <lei>549300HWCW2HBOG4GN20</lei>
        <title>Radiant Logistics Inc</title>
        <cusip>75025X100</cusip>
        <identifiers>
          <isin value="US75025X1000"/>
          <ticker value="RLGT"/>
        </identifiers>
        <balance>98269.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>660367.68000000</valUSD>
        <pctVal>0.426310138607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ennis Inc</name>
        <lei>N/A</lei>
        <title>Ennis Inc</title>
        <cusip>293389102</cusip>
        <identifiers>
          <isin value="US2933891028"/>
          <ticker value="EBF"/>
        </identifiers>
        <balance>69345.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1413251.10000000</valUSD>
        <pctVal>0.912345183712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First of Long Island Corp/The</name>
        <lei>N/A</lei>
        <title>First of Long Island Corp/The</title>
        <cusip>320734106</cusip>
        <identifiers>
          <isin value="US3207341062"/>
          <ticker value="FLIC"/>
        </identifiers>
        <balance>57474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>690837.48000000</valUSD>
        <pctVal>0.445980369381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SunCoke Energy Inc</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
        <title>SunCoke Energy Inc</title>
        <cusip>86722A103</cusip>
        <identifiers>
          <isin value="US86722A1034"/>
          <ticker value="SXC"/>
        </identifiers>
        <balance>224560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1767287.20000000</valUSD>
        <pctVal>1.140898432810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haverty Furniture Cos Inc</name>
        <lei>529900CVFMMIRXZVPD70</lei>
        <title>Haverty Furniture Cos Inc</title>
        <cusip>419596101</cusip>
        <identifiers>
          <isin value="US4195961010"/>
          <ticker value="HVT"/>
        </identifiers>
        <balance>35763.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1080757.86000000</valUSD>
        <pctVal>0.697699247027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ProPhase Labs Inc</name>
        <lei>N/A</lei>
        <title>ProPhase Labs Inc</title>
        <cusip>74345W108</cusip>
        <identifiers>
          <isin value="US74345W1080"/>
          <ticker value="PRPH"/>
        </identifiers>
        <balance>37333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>271037.58000000</valUSD>
        <pctVal>0.174972324959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="239580.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midland States Bancorp Inc</name>
        <lei>5493006RHXW9TTBWYC94</lei>
        <title>Midland States Bancorp Inc</title>
        <cusip>597742105</cusip>
        <identifiers>
          <isin value="US5977421057"/>
          <ticker value="MSBI"/>
        </identifiers>
        <balance>59077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1176223.07000000</valUSD>
        <pctVal>0.759328227578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Outdoors Inc</name>
        <lei>N/A</lei>
        <title>Johnson Outdoors Inc</title>
        <cusip>479167108</cusip>
        <identifiers>
          <isin value="US4791671088"/>
          <ticker value="JOUT"/>
        </identifiers>
        <balance>14892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>915113.40000000</valUSD>
        <pctVal>0.590765011993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TrustCo Bank Corp NY</name>
        <lei>N/A</lei>
        <title>TrustCo Bank Corp NY</title>
        <cusip>898349204</cusip>
        <identifiers>
          <isin value="US8983492047"/>
          <ticker value="TRST"/>
        </identifiers>
        <balance>51028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1459911.08000000</valUSD>
        <pctVal>0.942467225029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-08-29</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Exchange-Traded Fund</ncom:nameOfApplicant>
      <ncom:signature>Derek Maltbie</ncom:signature>
      <ncom:signerName>Derek Maltbie</ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
