What was the total leverage of the PE index vs the small and cheap stock index over time?

It would be interesting to know if it was more, the same or less.

My instinct tells me that the PE index leverage should be greater than the small and cheap stock index as PE is just a levered play on small caps. If this were the case, it can be argued that PE firms add leverage (which adds additional risk) but it does not translate to greater returns to investors net of fees. Any additional returns from this added leverage risk is probably skimmed off via high fees anyways, so the end investor takes on additional risk for no additional return.

Also, can you clarify, '30% of the smallest US public companies with market capitalizations over $500 million' - Is this the smallest 30% of the entire US equity market or smallest 30% of a US small cap index like the Russell 2000?

I'm unsure if any smart beta product exists that constructs a portfolio like that. Are there any?

What about a 3rd option where you take the entire small caps index like the Russell 2000 and gear it to the same as the total gearing of the PE index? How would have this worked out?