FAB vs. IWS ETF Comparison

Comparison of First Trust Multi Cap Value AlphaDEX Fund (FAB) to iShares Russell Mid-cap Value ETF (IWS)

FAB

First Trust Multi Cap Value AlphaDEX Fund

FAB Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Value Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Value Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$86.29

Average Daily Volume

2,528

Number of Holdings ^*

665

* may have additional holdings in another (foreign) market

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. 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. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$134.95

Average Daily Volume

272,522

Number of Holdings ^*

707

* may have additional holdings in another (foreign) market

Performance

Period	FAB	IWS
30 Days	0.80%	0.51%
60 Days	2.93%	3.41%
90 Days	5.26%	6.07%
12 Months	23.42%	28.25%

292 Overlapping Holdings

Symbol	Grade	Weight in FAB	Weight in IWS	Overlap
AAP	D	0.18%	0.02%	0.02%
ADM	D	0.38%	0.28%	0.28%
AEE	A	0.36%	0.27%	0.27%
AFG	A	0.05%	0.11%	0.05%
AFL	C	0.25%	0.68%	0.25%
AGCO	F	0.08%	0.06%	0.06%
AGO	A	0.25%	0.05%	0.05%
AIZ	A	0.09%	0.13%	0.09%
AKAM	F	0.22%	0.14%	0.14%
AL	B	0.23%	0.06%	0.06%
ALK	A	0.15%	0.07%	0.07%
ALLY	C	0.36%	0.1%	0.1%
AMG	C	0.23%	0.06%	0.06%
AMKR	F	0.15%	0.03%	0.03%
AN	D	0.12%	0.05%	0.05%
APA	F	0.2%	0.09%	0.09%
APTV	F	0.33%	0.16%	0.16%
AR	B	0.09%	0.1%	0.09%
ARE	F	0.16%	0.2%	0.16%
ARW	F	0.15%	0.07%	0.07%
ASH	F	0.12%	0.04%	0.04%
ATO	A	0.36%	0.24%	0.24%
AVT	C	0.17%	0.05%	0.05%
AWK	C	0.08%	0.29%	0.08%
AXS	A	0.14%	0.07%	0.07%
BBWI	C	0.17%	0.08%	0.08%
BBY	D	0.23%	0.22%	0.22%
BC	D	0.12%	0.06%	0.06%
BEN	C	0.18%	0.07%	0.07%
BERY	D	0.14%	0.08%	0.08%
BG	D	0.4%	0.14%	0.14%
BHF	C	0.03%	0.03%	0.03%
BIIB	F	0.22%	0.26%	0.22%
BJ	B	0.05%	0.13%	0.05%
BKR	B	0.3%	0.47%	0.3%
BLDR	D	0.24%	0.21%	0.21%
BOKF	B	0.09%	0.03%	0.03%
BPOP	C	0.04%	0.07%	0.04%
BWA	D	0.2%	0.09%	0.09%
BYD	B	0.15%	0.06%	0.06%
CAG	F	0.07%	0.14%	0.07%
CAR	C	0.06%	0.01%	0.01%
CC	D	0.02%	0.03%	0.02%
CE	F	0.24%	0.07%	0.07%
CF	A	0.35%	0.18%	0.18%
CFG	B	0.4%	0.23%	0.23%
CHRD	F	0.22%	0.09%	0.09%
CHTR	B	0.31%	0.4%	0.31%
CINF	A	0.48%	0.26%	0.26%
CIVI	D	0.22%	0.04%	0.04%
CLF	F	0.15%	0.04%	0.04%
CMA	B	0.1%	0.1%	0.1%
CMI	A	0.1%	0.54%	0.1%
CMS	C	0.17%	0.22%	0.17%
CNC	F	0.27%	0.33%	0.27%
CNP	A	0.36%	0.21%	0.21%
CNXC	F	0.17%	0.02%	0.02%
COLB	B	0.15%	0.07%	0.07%
COLM	B	0.09%	0.03%	0.03%
CPB	D	0.08%	0.09%	0.08%
CRI	F	0.06%	0.02%	0.02%
CRL	D	0.09%	0.11%	0.09%
CTRA	B	0.46%	0.21%	0.21%
CTSH	C	0.37%	0.42%	0.37%
CTVA	C	0.08%	0.43%	0.08%
CUZ	B	0.09%	0.05%	0.05%
CWEN	C	0.02%	0.03%	0.02%
CWEN	C	0.02%	0.01%	0.01%
CXT	C	0.05%	0.03%	0.03%
CZR	F	0.04%	0.09%	0.04%
DAL	A	0.56%	0.45%	0.45%
DAR	B	0.19%	0.08%	0.08%
DD	D	0.08%	0.38%	0.08%
DDS	B	0.19%	0.01%	0.01%
DG	F	0.32%	0.18%	0.18%
DGX	A	0.26%	0.2%	0.2%
DHI	D	0.3%	0.53%	0.3%
DINO	D	0.21%	0.07%	0.07%
DNB	B	0.05%	0.04%	0.04%
DOC	D	0.16%	0.16%	0.16%
DOW	F	0.21%	0.34%	0.21%
DRI	C	0.18%	0.1%	0.1%
DTE	C	0.24%	0.27%	0.24%
DVN	F	0.44%	0.27%	0.27%
DXC	D	0.18%	0.04%	0.04%
EBAY	D	0.24%	0.34%	0.24%
ED	C	0.32%	0.37%	0.32%
EG	D	0.41%	0.15%	0.15%
EIX	C	0.16%	0.35%	0.16%
EMN	D	0.12%	0.13%	0.12%
ENOV	C	0.05%	0.03%	0.03%
EPAM	C	0.05%	0.13%	0.05%
EQR	C	0.25%	0.31%	0.25%
EQT	A	0.41%	0.26%	0.26%
ETR	A	0.39%	0.35%	0.35%
EVRG	A	0.17%	0.16%	0.16%
EXC	C	0.33%	0.43%	0.33%
EXPD	D	0.08%	0.16%	0.08%
FAF	C	0.04%	0.07%	0.04%
FANG	D	0.37%	0.37%	0.37%
FBIN	F	0.04%	0.1%	0.04%
FE	C	0.16%	0.26%	0.16%
FHB	B	0.06%	0.04%	0.04%
FHN	A	0.17%	0.12%	0.12%
FITB	B	0.28%	0.35%	0.28%
FIVE	F	0.09%	0.01%	0.01%
FMC	D	0.18%	0.07%	0.07%
FNB	B	0.15%	0.06%	0.06%
FNF	A	0.17%	0.18%	0.17%
FOXA	B	0.49%	0.12%	0.12%
FTV	D	0.08%	0.29%	0.08%
G	B	0.2%	0.09%	0.09%
GIS	F	0.15%	0.39%	0.15%
GL	C	0.13%	0.11%	0.11%
GO	C	0.05%	0.02%	0.02%
GPC	F	0.15%	0.19%	0.15%
GXO	B	0.05%	0.08%	0.05%
HAL	C	0.45%	0.29%	0.29%
HAYW	B	0.03%	0.03%	0.03%
HBAN	B	0.42%	0.28%	0.28%
HIG	B	0.35%	0.38%	0.35%
HII	F	0.1%	0.08%	0.08%
HIW	D	0.09%	0.04%	0.04%
HOG	F	0.18%	0.04%	0.04%
HOLX	D	0.08%	0.2%	0.08%
HPE	B	0.46%	0.3%	0.3%
HPQ	B	0.18%	0.3%	0.18%
HRL	D	0.24%	0.09%	0.09%
HSIC	C	0.04%	0.1%	0.04%
HST	D	0.17%	0.13%	0.13%
HSY	F	0.16%	0.24%	0.16%
HUM	D	0.16%	0.37%	0.16%
IAC	D	0.04%	0.04%	0.04%
IDA	A	0.1%	0.07%	0.07%
IEX	B	0.09%	0.19%	0.09%
INGR	B	0.14%	0.1%	0.1%
IP	A	0.3%	0.22%	0.22%
IPG	F	0.08%	0.11%	0.08%
IPGP	D	0.07%	0.02%	0.02%
IVZ	C	0.04%	0.07%	0.04%
J	D	0.09%	0.19%	0.09%
JAZZ	C	0.19%	0.08%	0.08%
JBHT	C	0.19%	0.16%	0.16%
JBL	C	0.14%	0.14%	0.14%
JEF	A	0.05%	0.1%	0.05%
JWN	C	0.09%	0.03%	0.03%
KEY	B	0.2%	0.2%	0.2%
KEYS	C	0.08%	0.29%	0.08%
KIM	A	0.19%	0.18%	0.18%
KMI	A	0.42%	0.58%	0.42%
KNX	B	0.09%	0.1%	0.09%
KR	B	0.36%	0.42%	0.36%
KRC	C	0.18%	0.05%	0.05%
KSS	F	0.11%	0.02%	0.02%
L	A	0.37%	0.17%	0.17%
LAD	B	0.2%	0.11%	0.11%
LBRDK	C	0.2%	0.08%	0.08%
LEA	F	0.19%	0.06%	0.06%
LEN	D	0.4%	0.44%	0.4%
LEN	D	0.4%	0.02%	0.02%
LFUS	D	0.04%	0.06%	0.04%
LH	B	0.09%	0.22%	0.09%
LHX	B	0.09%	0.51%	0.09%
LKQ	F	0.13%	0.11%	0.11%
LNC	B	0.19%	0.07%	0.07%
LNG	A	0.41%	0.26%	0.26%
LNT	A	0.25%	0.17%	0.17%
LPX	B	0.09%	0.02%	0.02%
LSTR	D	0.04%	0.07%	0.04%
LUV	B	0.28%	0.21%	0.21%
LYB	F	0.38%	0.24%	0.24%
M	D	0.17%	0.05%	0.05%
MAA	A	0.08%	0.2%	0.08%
MAS	D	0.08%	0.19%	0.08%
MAT	D	0.04%	0.07%	0.04%
MDU	D	0.16%	0.04%	0.04%
MGM	D	0.04%	0.1%	0.04%
MIDD	D	0.08%	0.08%	0.08%
MOH	F	0.16%	0.07%	0.07%
MOS	D	0.17%	0.09%	0.09%
MSM	D	0.09%	0.04%	0.04%
MTB	A	0.31%	0.39%	0.31%
MTDR	C	0.26%	0.07%	0.07%
MTG	D	0.21%	0.07%	0.07%
NDSN	D	0.08%	0.16%	0.08%
NFE	F	0.22%	0.0%	0.0%
NFG	A	0.17%	0.06%	0.06%
NI	A	0.27%	0.18%	0.18%
NOV	D	0.22%	0.07%	0.07%
NUE	D	0.43%	0.39%	0.39%
NVR	D	0.17%	0.28%	0.17%
NWSA	B	0.19%	0.12%	0.12%
NXST	C	0.13%	0.03%	0.03%
OC	A	0.39%	0.18%	0.18%
OGE	A	0.13%	0.09%	0.09%
OGN	F	0.1%	0.04%	0.04%
OKE	A	0.21%	0.7%	0.21%
OLN	F	0.11%	0.05%	0.05%
OMC	C	0.09%	0.21%	0.09%
OMF	A	0.15%	0.07%	0.07%
ON	F	0.32%	0.31%	0.31%
ORI	A	0.09%	0.1%	0.09%
OSK	C	0.24%	0.08%	0.08%
OVV	C	0.25%	0.13%	0.13%
OZK	B	0.19%	0.06%	0.06%
PAG	B	0.13%	0.03%	0.03%
PB	A	0.1%	0.08%	0.08%
PFG	C	0.09%	0.22%	0.09%
PFGC	B	0.05%	0.12%	0.05%
PHM	D	0.39%	0.29%	0.29%
PII	F	0.1%	0.04%	0.04%
PINC	B	0.14%	0.03%	0.03%
PK	D	0.13%	0.03%	0.03%
PKG	B	0.19%	0.23%	0.19%
PNFP	B	0.05%	0.1%	0.05%
PNW	B	0.18%	0.11%	0.11%
POST	C	0.12%	0.06%	0.06%
PPG	F	0.16%	0.32%	0.16%
PPL	A	0.26%	0.27%	0.26%
PRGO	C	0.04%	0.04%	0.04%
PRU	B	0.18%	0.5%	0.18%
PVH	C	0.22%	0.06%	0.06%
R	B	0.2%	0.08%	0.08%
REYN	D	0.08%	0.02%	0.02%
RF	A	0.29%	0.27%	0.27%
RGA	B	0.18%	0.17%	0.17%
RHI	C	0.05%	0.08%	0.05%
RJF	A	0.23%	0.33%	0.23%
RNR	C	0.2%	0.15%	0.15%
RRC	B	0.19%	0.09%	0.09%
RS	B	0.47%	0.2%	0.2%
RYN	D	0.04%	0.05%	0.04%
SAM	C	0.03%	0.02%	0.02%
SEB	F	0.11%	0.01%	0.01%
SEE	D	0.04%	0.03%	0.03%
SEIC	B	0.1%	0.09%	0.09%
SJM	D	0.12%	0.12%	0.12%
SKX	F	0.08%	0.08%	0.08%
SLGN	A	0.09%	0.05%	0.05%
SLM	B	0.09%	0.06%	0.06%
SNA	B	0.32%	0.2%	0.2%
SNDR	B	0.08%	0.02%	0.02%
SNX	D	0.12%	0.1%	0.1%
SOLV	F	0.17%	0.1%	0.1%
SON	F	0.12%	0.05%	0.05%
SPB	C	0.07%	0.03%	0.03%
SSNC	C	0.17%	0.17%	0.17%
STLD	B	0.48%	0.23%	0.23%
STT	B	0.27%	0.32%	0.27%
STWD	C	0.04%	0.07%	0.04%
SWKS	F	0.3%	0.15%	0.15%
SYF	B	0.57%	0.28%	0.28%
SYY	D	0.24%	0.16%	0.16%
TAP	B	0.23%	0.12%	0.12%
TDY	B	0.28%	0.24%	0.24%
THO	C	0.13%	0.06%	0.06%
TKR	F	0.08%	0.05%	0.05%
TOL	B	0.43%	0.17%	0.17%
TPR	B	0.05%	0.14%	0.05%
TROW	B	0.48%	0.29%	0.29%
TSN	B	0.19%	0.2%	0.19%
TTC	F	0.04%	0.09%	0.04%
TXT	D	0.25%	0.17%	0.17%
UAL	A	0.7%	0.33%	0.33%
UGI	C	0.2%	0.06%	0.06%
UHAL	D	0.07%	0.0%	0.0%
UHAL	D	0.07%	0.04%	0.04%
UHS	D	0.15%	0.13%	0.13%
ULTA	F	0.25%	0.03%	0.03%
UNM	A	0.21%	0.15%	0.15%
VAC	C	0.13%	0.03%	0.03%
VNT	C	0.1%	0.07%	0.07%
VOYA	B	0.04%	0.09%	0.04%
VSTS	F	0.09%	0.02%	0.02%
VTRS	A	0.38%	0.17%	0.17%
WAL	B	0.05%	0.11%	0.05%
WBS	A	0.17%	0.11%	0.11%
WCC	B	0.16%	0.1%	0.1%
WEC	A	0.17%	0.34%	0.17%
WHR	B	0.14%	0.07%	0.07%
WLK	F	0.15%	0.05%	0.05%
WPC	C	0.08%	0.13%	0.08%
WRB	B	0.09%	0.2%	0.09%
WTFC	B	0.1%	0.09%	0.09%
WTRG	B	0.09%	0.11%	0.09%
WU	F	0.11%	0.03%	0.03%
WY	D	0.08%	0.25%	0.08%
XEL	A	0.37%	0.43%	0.37%
YETI	D	0.05%	0.03%	0.03%
ZBH	C	0.35%	0.25%	0.25%
ZION	B	0.16%	0.1%	0.1%
ZM	B	0.21%	0.24%	0.21%

FAB Overweight 376 Positions Relative to IWS

Symbol	Grade	Weight
GM	B	0.56%
PCAR	C	0.51%
CVX	A	0.48%
EOG	A	0.48%
COP	B	0.47%
F	C	0.46%
XOM	B	0.45%
WFC	A	0.45%
AIG	C	0.45%
VLO	C	0.45%
CMCSA	B	0.45%
T	A	0.44%
COF	B	0.43%
OXY	F	0.43%
PSX	C	0.43%
MPC	D	0.42%
SRE	A	0.38%
C	B	0.38%
CVS	F	0.38%
CRBG	B	0.37%
INTC	C	0.37%
FDX	B	0.37%
SLB	C	0.36%
CB	C	0.35%
VZ	C	0.32%
MS	A	0.32%
BAC	A	0.3%
TRV	A	0.28%
USB	B	0.28%
D	C	0.25%
NOG	B	0.25%
TGT	B	0.25%
CNX	A	0.25%
JXN	C	0.24%
SM	C	0.24%
HP	C	0.24%
DE	C	0.24%
DUK	C	0.24%
STX	D	0.23%
KHC	F	0.23%
ATKR	D	0.23%
PTEN	C	0.23%
CMC	B	0.23%
AEP	C	0.23%
AMR	C	0.22%
TMHC	B	0.22%
PBF	D	0.22%
URBN	C	0.22%
HCC	B	0.22%
CADE	B	0.21%
CXW	B	0.21%
MUR	F	0.21%
RDN	D	0.21%
TEX	D	0.21%
LBRT	F	0.2%
PNC	B	0.2%
DIS	B	0.2%
RIOT	C	0.2%
MATX	B	0.2%
RUSHA	B	0.2%
TPH	D	0.2%
ESNT	D	0.19%
CSCO	B	0.19%
MTH	D	0.19%
CNO	B	0.19%
MGY	A	0.19%
MHO	D	0.19%
OTTR	C	0.18%
GBDC	B	0.18%
HRI	C	0.18%
BKH	A	0.18%
ADTN	A	0.18%
CSX	C	0.18%
COOP	B	0.18%
ASO	F	0.18%
GPI	B	0.18%
POR	C	0.17%
SR	A	0.17%
BCC	C	0.17%
KDP	D	0.16%
KBH	D	0.16%
BMBL	C	0.16%
SUM	B	0.16%
GBX	B	0.16%
CARR	D	0.16%
SIG	C	0.16%
JNJ	D	0.16%
SANM	B	0.15%
CTOS	B	0.15%
ECVT	C	0.15%
CUBI	C	0.15%
BFH	B	0.15%
JBT	A	0.15%
HTZ	C	0.15%
RIG	D	0.14%
ELV	F	0.14%
KMT	C	0.14%
EIG	B	0.14%
TALO	C	0.14%
DNOW	B	0.14%
ULH	B	0.14%
ABG	B	0.14%
GMS	B	0.14%
TGNA	B	0.14%
VTLE	C	0.14%
VLY	B	0.14%
CABO	C	0.14%
REZI	A	0.13%
GIII	D	0.13%
WS	B	0.13%
BTU	C	0.13%
KOS	D	0.13%
CRGY	A	0.13%
SPNT	A	0.13%
IART	C	0.13%
OGS	A	0.13%
APLE	B	0.13%
RLJ	C	0.13%
TDS	B	0.13%
GT	C	0.13%
GPOR	A	0.13%
HELE	C	0.13%
SWX	A	0.13%
GEF	B	0.13%
RES	F	0.12%
BY	B	0.12%
ZD	B	0.12%
PEBO	B	0.12%
PRDO	B	0.12%
AVA	C	0.12%
TRMK	B	0.12%
EPC	F	0.12%
VC	F	0.12%
INDB	B	0.12%
IMKTA	C	0.12%
SHO	D	0.12%
ENS	D	0.12%
PARR	F	0.12%
PLAB	D	0.12%
INVA	C	0.12%
UVV	B	0.12%
AEO	F	0.11%
VSH	F	0.11%
MRC	B	0.11%
CCS	F	0.11%
WMK	B	0.11%
SAH	B	0.11%
DBRG	F	0.11%
WKC	D	0.11%
USM	B	0.11%
PHIN	B	0.11%
EBC	B	0.11%
GHC	B	0.11%
FOR	F	0.11%
CAL	F	0.11%
FFBC	B	0.11%
NWE	C	0.1%
ODFL	B	0.1%
CRC	A	0.1%
ABCB	B	0.1%
ABR	B	0.1%
OEC	C	0.1%
MLKN	F	0.1%
NAVI	F	0.1%
PRG	C	0.1%
UBSI	B	0.1%
EQC	A	0.1%
NWN	A	0.1%
LZB	B	0.1%
BV	C	0.1%
CENTA	C	0.1%
HWC	B	0.1%
LADR	B	0.1%
BECN	B	0.1%
SBH	B	0.1%
GEO	A	0.1%
CVI	D	0.1%
HGV	C	0.1%
SCSC	B	0.1%
VSCO	A	0.1%
HOV	D	0.1%
DRH	B	0.1%
CMCO	C	0.1%
AMWD	C	0.1%
GES	F	0.1%
MLI	B	0.1%
HD	A	0.09%
FRME	B	0.09%
TNET	F	0.09%
PFBC	B	0.09%
CLX	A	0.09%
SBUX	A	0.09%
UFPI	C	0.09%
ACN	C	0.09%
ALKS	C	0.09%
KFY	B	0.09%
WSBC	B	0.09%
CATY	B	0.09%
CRK	A	0.09%
SASR	B	0.09%
CASH	B	0.09%
BNL	D	0.09%
PDCO	F	0.09%
PLYA	B	0.09%
ADNT	F	0.09%
PNM	B	0.09%
BANR	B	0.09%
APD	A	0.09%
CVBF	B	0.09%
ANDE	F	0.09%
PYPL	B	0.09%
ACA	A	0.09%
BUSE	B	0.08%
ARCB	C	0.08%
MDLZ	F	0.08%
MODG	F	0.08%
WERN	B	0.08%
WGO	D	0.08%
MCRI	A	0.08%
PTVE	B	0.08%
LMT	D	0.08%
ALG	C	0.08%
DAN	F	0.08%
HOPE	B	0.08%
FIBK	B	0.08%
CI	D	0.08%
FCF	B	0.08%
SRCE	B	0.08%
HUBG	A	0.08%
NX	C	0.08%
XRX	F	0.08%
LAUR	A	0.08%
BKE	B	0.08%
MDT	D	0.08%
BKU	A	0.08%
TCBK	B	0.08%
VBTX	B	0.08%
KALU	C	0.08%
GD	D	0.08%
WSFS	B	0.08%
PEP	F	0.08%
HY	D	0.08%
RNST	B	0.08%
UPS	C	0.08%
SFNC	B	0.08%
EFSC	B	0.08%
VRTS	B	0.08%
FULT	B	0.08%
ASGN	F	0.08%
LOW	C	0.08%
TTMI	B	0.07%
LC	B	0.07%
LILAK	F	0.07%
SJW	F	0.07%
PEB	F	0.07%
MRTN	C	0.07%
UNF	B	0.07%
NKE	F	0.07%
KLG	D	0.07%
DIOD	F	0.07%
XHR	B	0.07%
MMS	D	0.07%
SBCF	B	0.06%
GOGO	C	0.06%
FBNC	B	0.06%
CSGS	B	0.06%
AMN	F	0.06%
FHI	B	0.06%
PBH	A	0.06%
OMI	F	0.06%
KAR	A	0.06%
DFH	F	0.06%
NIC	B	0.06%
SNEX	B	0.06%
HMN	B	0.06%
GRBK	D	0.06%
ASB	B	0.06%
SCVL	F	0.06%
VSAT	F	0.06%
SSTK	F	0.06%
LGIH	F	0.06%
ROG	D	0.05%
PATK	D	0.05%
FLR	B	0.05%
ALIT	C	0.05%
DFIN	D	0.05%
SEM	B	0.05%
DEA	D	0.05%
MUSA	B	0.05%
SHEN	F	0.05%
THRM	F	0.05%
LCII	D	0.05%
SSB	B	0.05%
PSMT	D	0.05%
UCB	A	0.05%
SYNA	D	0.05%
AUB	B	0.05%
OFG	B	0.05%
SCL	D	0.05%
ARI	C	0.05%
ALEX	B	0.05%
LNN	B	0.05%
KWR	D	0.05%
HTH	B	0.05%
STBA	B	0.05%
UMBF	B	0.05%
DK	D	0.05%
ROCK	D	0.05%
ABM	B	0.05%
MTX	C	0.05%
WAFD	B	0.05%
TOWN	B	0.05%
HLF	C	0.05%
IOSP	C	0.05%
BHE	B	0.05%
NWBI	B	0.05%
UPWK	C	0.04%
MYRG	C	0.04%
NSP	F	0.04%
FOXF	F	0.04%
AVNS	F	0.04%
WD	D	0.04%
FUL	F	0.04%
ODP	F	0.04%
NJR	A	0.04%
AVNT	B	0.04%
FELE	B	0.04%
SKY	A	0.04%
WTS	B	0.04%
AIR	B	0.03%
SAFT	B	0.03%
MTRN	C	0.03%
XPEL	C	0.03%
DEI	B	0.03%
HLIO	C	0.03%
GNW	A	0.03%
IVT	A	0.03%
CVCO	A	0.03%
PPBI	B	0.03%
ROIC	A	0.03%
NBTB	B	0.03%
FDP	B	0.03%
BHLB	B	0.03%
PFS	B	0.03%
CBU	B	0.03%
FBK	B	0.03%
MCW	C	0.03%
MGPI	F	0.03%
TCBI	B	0.03%
OPCH	F	0.03%
OLPX	D	0.02%
BLMN	F	0.02%
PLUS	F	0.02%
GIC	F	0.02%
GPRE	F	0.02%
JBGS	F	0.02%
OXM	F	0.02%
SHOO	D	0.02%
AIN	C	0.02%
MSGE	F	0.02%
LXP	D	0.02%
RC	D	0.02%
CMTG	D	0.02%
SHLS	F	0.02%
CNXN	D	0.02%
NVEE	F	0.02%
KFRC	D	0.02%
NNI	D	0.02%
STC	B	0.02%
NMRK	B	0.02%
CNMD	C	0.02%
OI	D	0.02%
MSEX	B	0.02%
UPBD	C	0.02%
EVTC	B	0.02%
PGRE	D	0.02%

FAB Underweight 415 Positions Relative to IWS

Symbol	Grade	Weight
WMB	A	-0.76%
AJG	B	-0.65%
BK	B	-0.64%
DLR	A	-0.64%
MSTR	A	-0.55%
O	C	-0.54%
FIS	C	-0.54%
CCI	C	-0.5%
KVUE	A	-0.5%
PEG	C	-0.49%
AME	A	-0.49%
PCG	A	-0.49%
SPG	A	-0.48%
ALL	A	-0.48%
DFS	B	-0.48%
HWM	A	-0.47%
EA	A	-0.47%
URI	B	-0.46%
IR	B	-0.45%
CBRE	B	-0.44%
OTIS	C	-0.44%
FERG	C	-0.42%
A	F	-0.41%
ACGL	D	-0.4%
ROST	D	-0.39%
GLW	B	-0.39%
RCL	A	-0.39%
WAB	B	-0.38%
EXR	C	-0.38%
MCHP	F	-0.37%
GEHC	D	-0.37%
MLM	B	-0.37%
GRMN	B	-0.36%
NDAQ	A	-0.36%
AVB	B	-0.36%
PWR	A	-0.36%
VICI	C	-0.36%
WTW	B	-0.35%
TTWO	A	-0.34%
IQV	F	-0.34%
GPN	C	-0.33%
HLT	A	-0.33%
ROK	B	-0.33%
CSGP	F	-0.32%
ANSS	B	-0.32%
XYL	D	-0.32%
PAYX	B	-0.32%
SQ	A	-0.3%
VMC	B	-0.3%
DOV	B	-0.3%
FCNCA	A	-0.29%
CHD	A	-0.29%
SW	A	-0.29%
VTR	B	-0.28%
CCL	A	-0.27%
EFX	F	-0.27%
RMD	C	-0.27%
MTD	F	-0.27%
YUM	D	-0.26%
HUBB	B	-0.26%
SBAC	D	-0.26%
WBD	B	-0.25%
HOOD	A	-0.24%
NTRS	A	-0.24%
EXE	A	-0.24%
ILMN	C	-0.24%
LDOS	C	-0.24%
STE	D	-0.24%
ES	C	-0.24%
IFF	D	-0.24%
WDC	F	-0.23%
INVH	D	-0.23%
CBOE	C	-0.23%
K	B	-0.23%
FSLR	F	-0.22%
MKC	D	-0.21%
BALL	D	-0.21%
IBKR	A	-0.21%
ESS	A	-0.21%
MSCI	B	-0.21%
COO	D	-0.21%
WSO	A	-0.2%
CVNA	A	-0.19%
TRMB	B	-0.19%
TRU	D	-0.19%
PNR	B	-0.19%
CSL	C	-0.19%
MRO	A	-0.18%
GEN	B	-0.18%
BAX	F	-0.18%
MKL	A	-0.18%
SUI	C	-0.17%
ZBRA	B	-0.17%
UTHR	C	-0.17%
EWBC	A	-0.16%
IRM	C	-0.16%
VRSN	F	-0.16%
HES	B	-0.16%
UDR	C	-0.16%
ACM	B	-0.16%
BRO	B	-0.16%
USFD	A	-0.16%
THC	C	-0.16%
AMCR	D	-0.16%
GGG	B	-0.16%
TWLO	A	-0.15%
RPM	B	-0.15%
NTAP	C	-0.15%
RVTY	D	-0.15%
REG	A	-0.15%
CW	B	-0.15%
VLTO	C	-0.15%
FFIV	B	-0.15%
EME	A	-0.15%
AVTR	F	-0.15%
BXP	D	-0.14%
CPT	C	-0.14%
ITT	A	-0.14%
COHR	B	-0.14%
JKHY	D	-0.14%
CLH	C	-0.14%
AMH	C	-0.14%
CHRW	B	-0.14%
GLPI	C	-0.14%
DLTR	F	-0.14%
AFRM	A	-0.14%
ELS	B	-0.14%
SWK	F	-0.14%
INCY	C	-0.13%
KMX	C	-0.13%
SF	B	-0.13%
Z	A	-0.13%
CAH	B	-0.13%
CDW	F	-0.13%
FDS	B	-0.13%
SOFI	A	-0.13%
JNPR	D	-0.13%
SCI	A	-0.13%
BMRN	F	-0.13%
FTI	A	-0.13%
NVT	C	-0.13%
NTNX	B	-0.13%
ALB	B	-0.13%
ALLE	D	-0.13%
CASY	A	-0.13%
TECH	F	-0.12%
CCK	D	-0.12%
CTLT	D	-0.12%
EVR	B	-0.12%
CUBE	C	-0.12%
FWONK	B	-0.12%
ATR	B	-0.12%
AA	A	-0.12%
CG	B	-0.12%
RRX	B	-0.12%
NRG	B	-0.12%
DOX	D	-0.11%
CIEN	B	-0.11%
COIN	A	-0.11%
MKTX	D	-0.11%
DPZ	C	-0.11%
EHC	B	-0.11%
ARMK	C	-0.11%
DTM	A	-0.11%
AVY	D	-0.11%
OHI	B	-0.11%
AES	F	-0.11%
NLY	C	-0.11%
GME	C	-0.11%
AYI	B	-0.11%
RPRX	F	-0.11%
BLD	F	-0.11%
DAY	B	-0.11%
DKS	D	-0.11%
ALSN	B	-0.11%
WWD	B	-0.11%
PRI	A	-0.11%
CACI	C	-0.11%
TTEK	F	-0.1%
GWRE	A	-0.1%
BRX	A	-0.1%
AOS	F	-0.1%
HLI	B	-0.1%
AAL	B	-0.1%
PTC	B	-0.1%
RBC	A	-0.1%
AXTA	B	-0.1%
TFX	F	-0.1%
WST	D	-0.1%
TW	A	-0.1%
REXR	F	-0.1%
GMED	A	-0.1%
RGLD	C	-0.1%
BWXT	A	-0.1%
DCI	B	-0.1%
FRT	B	-0.1%
BRBR	A	-0.1%
CNH	C	-0.1%
FLS	A	-0.09%
ACI	C	-0.09%
MTCH	F	-0.09%
SNV	B	-0.09%
X	C	-0.09%
APG	C	-0.09%
TKO	A	-0.09%
LECO	C	-0.09%
CFR	B	-0.09%
FICO	B	-0.09%
LAMR	D	-0.09%
WAT	C	-0.09%
EGP	D	-0.09%
RIVN	F	-0.09%
RL	C	-0.09%
GPK	D	-0.09%
NYT	D	-0.09%
CR	A	-0.09%
MTZ	A	-0.09%
JLL	D	-0.09%
WYNN	D	-0.09%
FYBR	C	-0.09%
CBSH	A	-0.09%
RLI	A	-0.08%
ELAN	D	-0.08%
FCN	F	-0.08%
MTSI	B	-0.08%
FND	F	-0.08%
SSD	D	-0.08%
ALGN	D	-0.08%
FR	C	-0.08%
ATI	C	-0.08%
ESAB	C	-0.08%
GNTX	F	-0.08%
AGNC	C	-0.08%
VFC	C	-0.08%
VNO	C	-0.08%
KBR	F	-0.08%
CART	C	-0.08%
COKE	C	-0.08%
FAST	B	-0.08%
MHK	D	-0.08%
LW	C	-0.08%
KEX	B	-0.08%
ROKU	D	-0.08%
CHE	F	-0.08%
ADC	A	-0.08%
PR	B	-0.08%
NNN	C	-0.08%
RGEN	F	-0.07%
S	B	-0.07%
WBA	F	-0.07%
BIO	C	-0.07%
QRVO	F	-0.07%
COLD	F	-0.07%
SAIC	F	-0.07%
SIRI	D	-0.07%
MSA	D	-0.07%
ESI	B	-0.07%
KD	A	-0.07%
PARA	D	-0.07%
CGNX	D	-0.07%
BILL	B	-0.07%
OKTA	D	-0.07%
STAG	D	-0.07%
MKSI	C	-0.07%
HR	C	-0.07%
WEX	F	-0.07%
AZPN	A	-0.07%
GWW	B	-0.07%
HRB	D	-0.07%
VMI	B	-0.07%
WSM	D	-0.07%
WH	B	-0.07%
AMP	A	-0.06%
BFAM	F	-0.06%
CCCS	B	-0.06%
SN	D	-0.06%
EXAS	D	-0.06%
CRUS	F	-0.06%
GNRC	B	-0.06%
LITE	B	-0.06%
RITM	D	-0.06%
OLLI	D	-0.06%
DOCS	C	-0.06%
FOX	A	-0.06%
H	B	-0.06%
WMS	F	-0.06%
SAIA	C	-0.06%
ONTO	F	-0.06%
JHG	B	-0.06%
THG	A	-0.06%
GTES	A	-0.05%
TPG	A	-0.05%
DLB	F	-0.05%
PAYC	B	-0.05%
GAP	D	-0.05%
KMPR	A	-0.05%
EEFT	C	-0.05%
AWI	B	-0.05%
PSN	C	-0.05%
WSC	F	-0.05%
DBX	C	-0.05%
ST	F	-0.05%
ROIV	D	-0.05%
CROX	F	-0.05%
FRPT	A	-0.05%
HXL	F	-0.05%
WTM	A	-0.05%
SMG	C	-0.04%
HUN	F	-0.04%
AM	A	-0.04%
ZG	A	-0.04%
ALNY	D	-0.04%
EPR	D	-0.04%
MASI	B	-0.04%
ACHC	F	-0.04%
NVST	C	-0.04%
W	D	-0.04%
NWS	A	-0.04%
TNL	B	-0.04%
NWL	B	-0.04%
VNOM	A	-0.04%
XRAY	D	-0.04%
NEU	D	-0.04%
MSGS	B	-0.04%
PLNT	A	-0.04%
RH	D	-0.04%
OLED	F	-0.04%
TYL	B	-0.04%
LINE	F	-0.04%
SITE	D	-0.04%
FLO	D	-0.04%
GFS	C	-0.04%
ALGM	F	-0.03%
BR	B	-0.03%
CPRI	F	-0.03%
EXP	B	-0.03%
MP	C	-0.03%
HHH	B	-0.03%
MPW	F	-0.03%
AGR	A	-0.03%
COTY	F	-0.03%
CNM	C	-0.03%
VIRT	A	-0.03%
ECG	C	-0.03%
U	F	-0.03%
AMED	F	-0.03%
MAN	F	-0.03%
NSA	C	-0.03%
IRDM	F	-0.03%
SNRE	D	-0.03%
LLYVK	A	-0.03%
BROS	A	-0.03%
SPR	D	-0.03%
AMTM	F	-0.03%
LOPE	B	-0.03%
PENN	C	-0.03%
ZI	D	-0.03%
TER	F	-0.02%
TRIP	F	-0.02%
LEG	F	-0.02%
FTRE	D	-0.02%
WEN	C	-0.02%
EXEL	B	-0.02%
UA	C	-0.02%
QS	D	-0.02%
CLVT	D	-0.02%
BIRK	D	-0.02%
ALAB	B	-0.02%
UAA	C	-0.02%
PSTG	F	-0.02%
RKT	F	-0.02%
AZEK	B	-0.02%
PPC	B	-0.02%
LCID	F	-0.02%
ETSY	D	-0.02%
LBTYK	A	-0.02%
INFA	D	-0.02%
QDEL	F	-0.02%
LYFT	C	-0.02%
LBTYA	F	-0.02%
BRKR	F	-0.02%
GLOB	C	-0.02%
SHC	F	-0.02%
AZTA	F	-0.02%
ADT	B	-0.02%
RCM	A	-0.02%
TXG	F	-0.01%
PLTK	B	-0.01%
CHH	A	-0.01%
DJT	C	-0.01%
CACC	F	-0.01%
PATH	C	-0.01%
TFSL	A	-0.01%
UI	A	-0.01%
WOLF	F	-0.01%
LSCC	D	-0.01%
HCP	B	-0.01%
MTN	C	-0.01%
CNA	C	-0.01%
LBRDA	C	-0.01%
HAS	D	-0.01%
FWONA	B	-0.01%
PYCR	C	-0.01%
AS	A	-0.01%
CERT	F	-0.01%
DV	C	-0.01%
LLYVA	A	-0.01%
NCNO	B	-0.01%
LOAR	B	-0.0%
PARAA	C	-0.0%
UWMC	D	-0.0%
SEG	B	-0.0%
GRAL	C	-0.0%
LAZ	B	-0.0%
IONS	F	-0.0%