FAB vs. JVAL ETF Comparison

Comparison of First Trust Multi Cap Value AlphaDEX Fund (FAB) to JPMorgan U.S. Value Factor ETF (JVAL)

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

$85.02

Average Daily Volume

4,786

Number of Holdings ^*

660

* may have additional holdings in another (foreign) market

JVAL

JPMorgan U.S. Value Factor ETF

JVAL Description

The investment seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index. The fund will invest at least 80% of its assets in securities included in the underlying index. Assets means net assets, plus the amount of borrowing for investment purposes. The underlying index is comprised of U.S. equity securities selected to represent value factor characteristics.

Grade (RS Rating)

Last Trade

$43.50

Average Daily Volume

153,094

Number of Holdings ^*

359

* may have additional holdings in another (foreign) market

Performance

Period	FAB	JVAL
30 Days	4.01%	3.26%
60 Days	2.84%	3.82%
90 Days	8.64%	6.56%
12 Months	21.57%	25.74%

205 Overlapping Holdings

	Symbol	Grade	Weight in FAB	Weight in JVAL	Overlap
	AAP	F	0.03%	0.08%	0.03%
	ADM	D	0.43%	0.26%	0.26%
	ADTN	D	0.16%	0.07%	0.07%
	AGCO	D	0.2%	0.18%	0.18%
	AGNC	B	0.14%	0.13%	0.13%
	AGO	C	0.22%	0.18%	0.18%
	AIG	D	0.35%	0.37%	0.35%
	ALLY	F	0.14%	0.2%	0.14%
	AN	D	0.17%	0.19%	0.17%
	APTV	D	0.42%	0.15%	0.15%
	ARW	C	0.18%	0.21%	0.18%
	AVT	C	0.17%	0.2%	0.17%
	AXS	B	0.14%	0.15%	0.14%
	AYI	B	0.09%	0.16%	0.09%
	BAC	D	0.25%	0.39%	0.25%
	BBWI	F	0.09%	0.11%	0.09%
	BBY	C	0.3%	0.28%	0.28%
	BC	C	0.14%	0.2%	0.14%
	BEN	F	0.31%	0.14%	0.14%
	BERY	B	0.14%	0.21%	0.14%
	BG	D	0.4%	0.13%	0.13%
	BOKF	B	0.1%	0.09%	0.09%
	BPOP	C	0.05%	0.25%	0.05%
	BWA	D	0.17%	0.15%	0.15%
	BYD	C	0.19%	0.16%	0.16%
	C	D	0.23%	0.58%	0.23%
	CACC	F	0.04%	0.14%	0.04%
	CACI	B	0.05%	0.25%	0.05%
	CAG	C	0.39%	0.28%	0.28%
	CCK	A	0.05%	0.26%	0.05%
	CE	F	0.39%	0.04%	0.04%
	CF	C	0.46%	0.05%	0.05%
	CFG	C	0.39%	0.3%	0.3%
	CHK	D	0.19%	0.19%	0.19%
	CI	C	0.09%	0.56%	0.09%
	CLF	F	0.16%	0.02%	0.02%
	CMA	B	0.1%	0.2%	0.1%
	CMCSA	D	0.44%	0.49%	0.44%
	CMI	C	0.09%	0.36%	0.09%
	CNC	D	0.4%	0.25%	0.25%
	CNXC	F	0.23%	0.2%	0.2%
	COF	B	0.35%	0.39%	0.35%
	COLB	B	0.2%	0.15%	0.15%
	COLM	C	0.09%	0.11%	0.09%
	CPB	C	0.19%	0.23%	0.19%
	CRBG	D	0.24%	0.16%	0.16%
	CRI	D	0.11%	0.19%	0.11%
	CROX	D	0.08%	0.14%	0.08%
	CRUS	D	0.05%	0.23%	0.05%
	CSCO	C	0.18%	0.68%	0.18%
	CTRA	F	0.37%	0.22%	0.22%
	CTSH	C	0.39%	0.34%	0.34%
	CUZ	B	0.16%	0.12%	0.12%
	CVS	D	0.43%	0.42%	0.42%
	CVX	D	0.39%	0.68%	0.39%
	CWEN	C	0.03%	0.1%	0.03%
	CZR	C	0.12%	0.1%	0.1%
	D	C	0.3%	0.1%	0.1%
	DD	B	0.09%	0.31%	0.09%
	DGX	B	0.29%	0.27%	0.27%
	DHI	B	0.59%	0.45%	0.45%
	DINO	F	0.18%	0.18%	0.18%
	DKS	D	0.08%	0.23%	0.08%
	DNB	C	0.11%	0.24%	0.11%
	DOV	B	0.18%	0.28%	0.18%
	DOW	D	0.17%	0.27%	0.17%
	DVN	F	0.37%	0.08%	0.08%
	DXC	C	0.19%	0.17%	0.17%
	EBAY	B	0.41%	0.34%	0.34%
	ED	C	0.41%	0.36%	0.36%
	EHC	C	0.05%	0.15%	0.05%
	ELV	C	0.09%	0.65%	0.09%
	EPAM	F	0.19%	0.17%	0.17%
	EQR	B	0.29%	0.03%	0.03%
	ETR	B	0.51%	0.31%	0.31%
	EVRG	B	0.2%	0.27%	0.2%
	EXC	C	0.51%	0.11%	0.11%
	F	F	0.37%	0.31%	0.31%
	FAF	B	0.1%	0.22%	0.1%
	FANG	D	0.37%	0.06%	0.06%
	FDX	C	0.24%	0.45%	0.24%
	FHB	D	0.08%	0.12%	0.08%
	FHN	D	0.13%	0.15%	0.13%
	FITB	B	0.29%	0.3%	0.29%
	FMC	C	0.23%	0.13%	0.13%
	FNB	C	0.13%	0.19%	0.13%
	FOXA	B	0.5%	0.26%	0.26%
	G	C	0.21%	0.12%	0.12%
	GAP	F	0.11%	0.16%	0.11%
	GD	B	0.09%	0.41%	0.09%
	GIS	B	0.3%	0.36%	0.3%
	GM	C	0.44%	0.37%	0.37%
	GPC	D	0.17%	0.22%	0.17%
	HBAN	B	0.38%	0.26%	0.26%
	HII	D	0.14%	0.22%	0.14%
	HIW	B	0.12%	0.25%	0.12%
	HOG	C	0.23%	0.22%	0.22%
	HPE	D	0.35%	0.22%	0.22%
	HPQ	D	0.17%	0.3%	0.17%
	HSIC	C	0.05%	0.07%	0.05%
	HUM	F	0.07%	0.27%	0.07%
	IAC	C	0.09%	0.11%	0.09%
	INTC	F	0.16%	0.38%	0.16%
	IP	B	0.05%	0.24%	0.05%
	IPG	C	0.37%	0.19%	0.19%
	IPGP	F	0.1%	0.12%	0.1%
	IVZ	B	0.05%	0.17%	0.05%
	JAZZ	D	0.13%	0.09%	0.09%
	JBL	D	0.24%	0.18%	0.18%
	JCI	B	0.09%	0.37%	0.09%
	JEF	B	0.05%	0.22%	0.05%
	JNJ	C	0.2%	1.48%	0.2%
	K	B	0.12%	0.2%	0.12%
	KEY	B	0.2%	0.19%	0.19%
	KHC	C	0.38%	0.31%	0.31%
	KIM	C	0.21%	0.24%	0.21%
	KMI	B	0.37%	0.35%	0.35%
	KR	C	0.28%	0.31%	0.28%
	KRC	C	0.2%	0.13%	0.13%
	KSS	F	0.11%	0.12%	0.11%
	LAD	D	0.23%	0.17%	0.17%
	LEA	F	0.16%	0.15%	0.15%
	LEN	B	0.53%	0.38%	0.38%
	LHX	C	0.09%	0.3%	0.09%
	LKQ	F	0.33%	0.18%	0.18%
	LYB	D	0.34%	0.28%	0.28%
	M	F	0.1%	0.16%	0.1%
	MDT	C	0.2%	0.61%	0.2%
	MDU	C	0.18%	0.19%	0.18%
	MOS	F	0.19%	0.2%	0.19%
	MPC	F	0.41%	0.39%	0.39%
	MTB	B	0.38%	0.23%	0.23%
	MTG	B	0.25%	0.26%	0.25%
	NFG	B	0.19%	0.22%	0.19%
	NUE	F	0.39%	0.29%	0.29%
	NXST	D	0.13%	0.23%	0.13%
	OC	D	0.33%	0.22%	0.22%
	OGE	C	0.15%	0.25%	0.15%
	OGN	D	0.17%	0.07%	0.07%
	OMC	B	0.19%	0.27%	0.19%
	OMF	D	0.12%	0.17%	0.12%
	ORI	B	0.1%	0.26%	0.1%
	OSK	F	0.16%	0.2%	0.16%
	OVV	F	0.18%	0.18%	0.18%
	OZK	D	0.17%	0.11%	0.11%
	PAG	D	0.13%	0.18%	0.13%
	PARA	F	0.04%	0.12%	0.04%
	PB	B	0.1%	0.14%	0.1%
	PFG	B	0.09%	0.24%	0.09%
	PII	D	0.13%	0.11%	0.11%
	PKG	B	0.2%	0.28%	0.2%
	PNC	B	0.2%	0.12%	0.12%
	PNW	C	0.2%	0.26%	0.2%
	POOL	C	0.1%	0.14%	0.1%
	PRGO	D	0.09%	0.11%	0.09%
	PRU	C	0.08%	0.35%	0.08%
	PSX	F	0.39%	0.37%	0.37%
	PVH	F	0.19%	0.16%	0.16%
	QCOM	D	0.07%	0.79%	0.07%
	R	A	0.19%	0.23%	0.19%
	RF	B	0.28%	0.24%	0.24%
	RGA	C	0.04%	0.09%	0.04%
	RHI	D	0.04%	0.17%	0.04%
	RS	D	0.34%	0.24%	0.24%
	SAIC	C	0.1%	0.25%	0.1%
	SJM	C	0.38%	0.18%	0.18%
	SLGN	B	0.1%	0.23%	0.1%
	SNA	C	0.37%	0.25%	0.25%
	SNDR	B	0.11%	0.1%	0.1%
	SNV	C	0.05%	0.19%	0.05%
	SNX	D	0.08%	0.19%	0.08%
	SON	C	0.14%	0.14%	0.14%
	SPB	C	0.13%	0.11%	0.11%
	SSNC	B	0.21%	0.29%	0.21%
	STT	B	0.29%	0.28%	0.28%
	SWKS	D	0.24%	0.21%	0.21%
	SYF	C	0.43%	0.28%	0.28%
	T	C	0.5%	0.76%	0.5%
	TAP	D	0.23%	0.2%	0.2%
	TFX	C	0.05%	0.1%	0.05%
	TGT	C	0.18%	0.36%	0.18%
	THC	A	0.21%	0.21%	0.21%
	THO	D	0.14%	0.18%	0.14%
	TSN	C	0.09%	0.11%	0.09%
	TXT	D	0.26%	0.19%	0.19%
	UAL	C	0.45%	0.17%	0.17%
	UGI	C	0.09%	0.22%	0.09%
	UHAL	A	0.39%	0.05%	0.05%
	UHS	B	0.22%	0.28%	0.22%
	UNM	B	0.18%	0.26%	0.18%
	USB	B	0.28%	0.39%	0.28%
	UTHR	C	0.14%	0.23%	0.14%
	VAC	F	0.06%	0.16%	0.06%
	VLO	F	0.38%	0.24%	0.24%
	VTRS	D	0.39%	0.22%	0.22%
	VZ	B	0.37%	0.12%	0.12%
	WAL	B	0.16%	0.21%	0.16%
	WBS	D	0.17%	0.13%	0.13%
	WCC	D	0.13%	0.2%	0.13%
	WHR	D	0.08%	0.18%	0.08%
	WPC	C	0.29%	0.1%	0.1%
	WU	F	0.13%	0.2%	0.13%
	ZBH	F	0.25%	0.17%	0.17%
	ZION	D	0.09%	0.15%	0.09%
	ZM	C	0.29%	0.26%	0.26%

FAB Overweight 455 Positions Relative to JVAL

	Symbol	Grade	Weight
	GPN	D	0.5%
	CINF	C	0.5%
	BRK.A	C	0.49%
	ACGL	C	0.48%
	EG	C	0.44%
	MKL	C	0.43%
	XEL	B	0.42%
	ATO	B	0.41%
	AEP	C	0.41%
	EOG	D	0.41%
	AEE	C	0.41%
	PCG	C	0.4%
	CB	B	0.4%
	HIG	B	0.4%
	EQT	D	0.39%
	COP	D	0.39%
	L	C	0.37%
	STLD	F	0.37%
	LNG	C	0.36%
	WBD	D	0.36%
	OXY	F	0.35%
	XOM	C	0.34%
	TROW	D	0.32%
	AFL	C	0.31%
	WEC	C	0.31%
	DUK	C	0.3%
	CMS	C	0.3%
	EIX	C	0.3%
	WFC	D	0.3%
	DTE	C	0.29%
	CHTR	D	0.29%
	HAL	F	0.29%
	FE	C	0.29%
	SRE	C	0.28%
	MHO	B	0.28%
	TDY	B	0.28%
	DE	B	0.27%
	INCY	C	0.27%
	JBHT	D	0.27%
	LUV	C	0.26%
	MTH	A	0.26%
	TEL	D	0.25%
	RNR	C	0.25%
	GPI	B	0.25%
	RUSHA	C	0.25%
	KBH	A	0.25%
	TMHC	A	0.25%
	FYBR	C	0.24%
	RDN	C	0.24%
	ESNT	B	0.24%
	JXN	A	0.24%
	LBRDK	F	0.24%
	BKR	C	0.24%
	ESGR	D	0.23%
	ASO	C	0.23%
	CNP	C	0.23%
	AMG	C	0.23%
	NEE	C	0.21%
	MOH	D	0.21%
	BTU	D	0.21%
	SIG	C	0.21%
	FNF	B	0.21%
	SEB	D	0.21%
	PYPL	B	0.21%
	LMT	C	0.21%
	HCA	B	0.21%
	LBRT	D	0.2%
	PEG	C	0.2%
	NOG	D	0.2%
	TPH	C	0.2%
	TEX	F	0.2%
	LOW	B	0.2%
	DAR	F	0.2%
	TRV	C	0.2%
	VLY	C	0.2%
	WTM	D	0.2%
	CADE	C	0.19%
	BKH	B	0.19%
	HSY	C	0.19%
	POR	C	0.19%
	APD	B	0.19%
	COOP	C	0.19%
	BCC	C	0.19%
	OGS	B	0.19%
	WRB	C	0.19%
	WY	C	0.19%
	SM	F	0.19%
	AL	D	0.19%
	KDP	B	0.19%
	OKE	B	0.19%
	MUR	F	0.18%
	MTDR	F	0.18%
	GMS	D	0.18%
	HRL	C	0.18%
	NOV	F	0.18%
	ARE	C	0.18%
	HP	F	0.18%
	GS	C	0.18%
	PTEN	F	0.17%
	MATX	B	0.17%
	CVI	F	0.17%
	MS	D	0.17%
	PPG	D	0.17%
	MLI	B	0.16%
	CMC	D	0.16%
	MGY	C	0.16%
	GL	C	0.16%
	ABG	D	0.16%
	PRG	A	0.16%
	LNC	D	0.16%
	UPS	D	0.16%
	NMIH	B	0.15%
	PBF	F	0.15%
	URBN	F	0.15%
	INVA	B	0.15%
	PNFP	B	0.15%
	CCS	B	0.15%
	NI	B	0.15%
	HE	F	0.15%
	KNX	C	0.14%
	WTFC	C	0.14%
	AVA	C	0.14%
	NWN	C	0.14%
	UFPI	C	0.14%
	UAA	C	0.14%
	CHRD	F	0.14%
	ONB	C	0.14%
	NWE	B	0.14%
	EIG	C	0.14%
	EWBC	D	0.14%
	CNX	B	0.14%
	APA	F	0.14%
	EBC	B	0.14%
	PHIN	B	0.14%
	BNL	B	0.14%
	BZH	B	0.14%
	AEO	F	0.13%
	HPP	D	0.13%
	VAL	F	0.13%
	TKR	D	0.13%
	GDEN	D	0.13%
	ALK	C	0.13%
	SANM	D	0.13%
	GEF	D	0.13%
	IMKTA	D	0.13%
	UVV	D	0.13%
	EMN	B	0.13%
	NRG	C	0.13%
	GHC	B	0.13%
	SR	B	0.13%
	ATSG	D	0.13%
	WMK	C	0.13%
	LZB	C	0.13%
	OLN	D	0.12%
	RYI	D	0.12%
	SBH	B	0.12%
	INDB	C	0.12%
	RC	F	0.12%
	RLJ	D	0.12%
	ASH	D	0.12%
	AAT	B	0.12%
	CNO	B	0.12%
	FCF	C	0.12%
	BKU	C	0.12%
	LGIH	C	0.12%
	NX	F	0.12%
	EFSC	C	0.12%
	STBA	B	0.12%
	CXW	F	0.12%
	KOP	F	0.12%
	ENVA	C	0.12%
	CUBI	F	0.12%
	TGNA	D	0.12%
	OLPX	C	0.11%
	UMBF	B	0.11%
	NAVI	C	0.11%
	FRME	D	0.11%
	DNOW	D	0.11%
	VTR	C	0.11%
	REVG	D	0.11%
	OCFC	B	0.11%
	KVUE	C	0.11%
	CATY	C	0.11%
	ATKR	F	0.11%
	SCHL	D	0.11%
	FFBC	D	0.11%
	RRC	D	0.11%
	CBRE	A	0.11%
	CALM	A	0.11%
	GES	F	0.11%
	CABO	F	0.11%
	JBT	D	0.11%
	HOMB	B	0.1%
	IDA	C	0.1%
	BLK	B	0.1%
	ABT	C	0.1%
	HTZ	F	0.1%
	UBSI	B	0.1%
	MDLZ	B	0.1%
	AWK	B	0.1%
	TRGP	B	0.1%
	LILAK	D	0.1%
	ABR	B	0.1%
	ABM	D	0.1%
	CENTA	F	0.1%
	DDS	F	0.1%
	REYN	C	0.1%
	MAA	B	0.1%
	PEBO	C	0.1%
	AIZ	B	0.1%
	LPX	B	0.1%
	SAH	D	0.1%
	MKC	C	0.1%
	LNT	B	0.1%
	WMT	C	0.1%
	ADNT	F	0.1%
	USM	C	0.1%
	VSH	F	0.1%
	WGO	D	0.1%
	PRDO	D	0.1%
	WERN	D	0.1%
	ABCB	B	0.1%
	ARCH	F	0.1%
	HUBG	C	0.1%
	PFBC	D	0.1%
	ALGT	F	0.1%
	IBOC	D	0.1%
	SSB	B	0.1%
	AMN	F	0.09%
	SFNC	B	0.09%
	SWX	C	0.09%
	MSGE	B	0.09%
	SLM	D	0.09%
	J	C	0.09%
	PDCO	F	0.09%
	HWC	D	0.09%
	KMB	D	0.09%
	ASGN	D	0.09%
	GT	F	0.09%
	CTVA	B	0.09%
	TSCO	C	0.09%
	NKE	D	0.09%
	TOWN	B	0.09%
	PATK	B	0.09%
	LGND	C	0.09%
	SEIC	C	0.09%
	WTRG	D	0.09%
	TALO	D	0.09%
	EPC	F	0.09%
	MIDD	D	0.09%
	PARR	F	0.09%
	CRC	C	0.09%
	DTM	B	0.09%
	SYY	D	0.09%
	VSCO	C	0.09%
	MATW	F	0.09%
	ANDE	D	0.09%
	RYN	C	0.09%
	CRK	D	0.09%
	REZI	D	0.09%
	NJR	B	0.09%
	REGN	C	0.09%
	SASR	B	0.09%
	FBNC	B	0.09%
	JELD	D	0.08%
	NBHC	D	0.08%
	FHI	A	0.08%
	RNST	D	0.08%
	EQC	C	0.08%
	HGV	F	0.08%
	DAN	F	0.08%
	BXC	D	0.08%
	FIBK	B	0.08%
	BECN	D	0.08%
	KMT	B	0.08%
	CENX	D	0.08%
	OMI	D	0.08%
	OI	D	0.08%
	SJW	C	0.08%
	OMCL	C	0.08%
	WSBC	D	0.08%
	AX	D	0.08%
	WSFS	D	0.08%
	UNF	C	0.08%
	SLVM	B	0.08%
	MCRI	C	0.08%
	RJF	C	0.08%
	WLK	D	0.08%
	CTOS	F	0.08%
	ENS	D	0.08%
	HOPE	B	0.08%
	PNM	B	0.08%
	EXPD	C	0.08%
	BANR	B	0.08%
	NWBI	C	0.08%
	SKX	D	0.08%
	BKE	B	0.08%
	ADV	C	0.08%
	SSTK	F	0.08%
	VBTX	B	0.08%
	OFG	C	0.08%
	CASH	B	0.08%
	RIG	F	0.07%
	MRTN	D	0.07%
	ARCB	D	0.07%
	KOS	F	0.07%
	HTLD	D	0.07%
	ECVT	F	0.07%
	KN	D	0.07%
	NMRK	A	0.07%
	MLKN	D	0.07%
	ODP	F	0.07%
	BIIB	F	0.07%
	CHGG	F	0.07%
	ICUI	B	0.07%
	APOG	B	0.07%
	CNXN	B	0.06%
	SBCF	C	0.06%
	TCBI	B	0.06%
	UCBI	B	0.06%
	CSGS	C	0.06%
	DFIN	B	0.06%
	AUB	D	0.06%
	KLG	C	0.06%
	NIC	C	0.06%
	CPK	B	0.06%
	NHC	D	0.06%
	GOGO	F	0.06%
	ALEX	B	0.06%
	CAR	F	0.06%
	SKY	B	0.06%
	VNO	C	0.06%
	GTY	B	0.06%
	PLUS	A	0.06%
	HELE	D	0.06%
	WAFD	C	0.06%
	DORM	B	0.06%
	DEI	B	0.06%
	DIOD	F	0.06%
	MODG	F	0.06%
	ROIC	C	0.06%
	ZD	D	0.06%
	CBRL	D	0.06%
	CMCO	F	0.06%
	VRTS	F	0.06%
	AMKR	F	0.06%
	GEO	F	0.06%
	SHEN	F	0.05%
	AVNT	B	0.05%
	VOYA	B	0.05%
	XHR	B	0.05%
	BXMT	C	0.05%
	AFG	B	0.05%
	LNN	D	0.05%
	EAT	A	0.05%
	PTVE	D	0.05%
	USFD	B	0.05%
	NVST	D	0.05%
	HLI	B	0.05%
	TRS	D	0.05%
	PCH	C	0.05%
	MAT	C	0.05%
	CVBF	D	0.05%
	HTH	C	0.05%
	FULT	D	0.05%
	HLF	F	0.05%
	SNEX	B	0.05%
	TRMK	C	0.05%
	TCBK	D	0.05%
	PBH	B	0.05%
	JLL	B	0.05%
	BUSE	C	0.05%
	PSMT	B	0.05%
	BDC	B	0.05%
	DG	F	0.05%
	VCTR	B	0.05%
	SRCE	D	0.05%
	PRIM	B	0.05%
	SAFT	D	0.05%
	MCY	D	0.05%
	LCII	C	0.05%
	OEC	F	0.05%
	DEA	B	0.05%
	CWT	C	0.05%
	AR	F	0.04%
	FOXF	D	0.04%
	KALU	F	0.04%
	BJ	D	0.04%
	LANC	D	0.04%
	KWR	D	0.04%
	SEE	D	0.04%
	LFUS	C	0.04%
	BLMN	F	0.04%
	SIGI	D	0.04%
	STRA	F	0.04%
	KEX	C	0.04%
	BHF	F	0.04%
	GXO	D	0.04%
	LSTR	D	0.04%
	SEM	D	0.04%
	NEOG	D	0.04%
	MTX	F	0.04%
	MMS	C	0.04%
	SUM	D	0.04%
	PCRX	F	0.04%
	FUL	C	0.04%
	KFY	B	0.03%
	HMN	D	0.03%
	SHOO	B	0.03%
	WD	B	0.03%
	PGRE	C	0.03%
	GNW	B	0.03%
	FBP	C	0.03%
	LXP	B	0.03%
	NNI	B	0.03%
	MWA	B	0.03%
	ADUS	B	0.03%
	HNI	C	0.03%
	BHLB	B	0.03%
	THS	C	0.03%
	NBTB	D	0.03%
	STC	B	0.03%
	FBK	B	0.03%
	JBGS	C	0.03%
	BOOT	A	0.03%
	VSAT	F	0.03%
	BMBL	F	0.03%
	CBU	C	0.03%
	PLXS	A	0.03%
	CVCO	A	0.03%
	PFS	B	0.03%
	FDP	C	0.03%
	LTH	B	0.03%
	HI	F	0.02%
	GO	F	0.02%
	DK	F	0.02%
	ROG	F	0.02%
	OXM	F	0.02%
	SCL	F	0.02%
	XRX	D	0.02%
	CTS	D	0.02%
	CAKE	D	0.02%
	THRM	D	0.02%
	WOR	D	0.02%
	ENOV	D	0.02%
	OII	D	0.02%
	ASB	D	0.02%
	NVEE	F	0.02%
	CMTG	D	0.02%
	APAM	C	0.02%
	KFRC	D	0.02%
	AIN	D	0.02%
	ATUS	C	0.02%
	PPBI	D	0.02%
	IART	F	0.01%

FAB Underweight 154 Positions Relative to JVAL

	Symbol	Grade	Weight
	AAPL	C	-2.02%
	UNH	C	-2.0%
	META	B	-1.95%
	MSFT	C	-1.81%
	GOOGL	D	-1.64%
	AVGO	C	-1.56%
	ORCL	C	-0.98%
	ADBE	F	-0.94%
	IBM	B	-0.89%
	MRK	D	-0.87%
	TXN	C	-0.85%
	CRM	D	-0.85%
	HD	B	-0.82%
	PFE	C	-0.81%
	INTU	C	-0.8%
	CAT	B	-0.78%
	AMGN	B	-0.77%
	AMAT	D	-0.65%
	PM	C	-0.61%
	MO	C	-0.57%
	ADI	C	-0.57%
	KLAC	D	-0.51%
	RTX	C	-0.51%
	GILD	B	-0.51%
	BMY	C	-0.47%
	PANW	D	-0.46%
	LRCX	F	-0.45%
	APH	D	-0.43%
	TFC	C	-0.43%
	BK	B	-0.41%
	ROP	C	-0.4%
	MRVL	C	-0.38%
	MU	F	-0.37%
	PCAR	D	-0.34%
	VICI	C	-0.34%
	PHM	B	-0.33%
	SPG	B	-0.33%
	GLW	C	-0.33%
	GRMN	D	-0.32%
	WDAY	D	-0.3%
	APP	C	-0.3%
	MCHP	F	-0.3%
	PPL	C	-0.3%
	GDDY	C	-0.29%
	ADSK	C	-0.29%
	CDW	D	-0.28%
	ON	D	-0.28%
	FTNT	C	-0.28%
	TOL	B	-0.28%
	LDOS	B	-0.28%
	AMCR	B	-0.27%
	PNR	B	-0.27%
	HRB	C	-0.27%
	VRT	C	-0.26%
	BLDR	C	-0.26%
	ALSN	B	-0.26%
	NTAP	D	-0.26%
	SCI	B	-0.25%
	DASH	C	-0.25%
	FFIV	B	-0.25%
	OHI	B	-0.25%
	IT	B	-0.24%
	DRI	B	-0.24%
	TER	D	-0.24%
	MRO	D	-0.24%
	GPK	B	-0.24%
	WSM	D	-0.23%
	DOX	C	-0.23%
	TWLO	D	-0.23%
	MPWR	C	-0.23%
	NVR	B	-0.23%
	EPR	B	-0.23%
	OLED	C	-0.22%
	DBX	D	-0.22%
	MTCH	C	-0.22%
	NWSA	D	-0.22%
	AKAM	D	-0.22%
	DAL	C	-0.21%
	TPR	C	-0.21%
	RL	C	-0.21%
	PAYC	D	-0.21%
	KBR	D	-0.21%
	COHR	C	-0.2%
	CNH	D	-0.2%
	MAN	C	-0.2%
	TYL	C	-0.2%
	ST	D	-0.19%
	ANSS	D	-0.18%
	MUSA	D	-0.18%
	DLB	F	-0.18%
	GNTX	F	-0.18%
	QRVO	F	-0.18%
	STWD	A	-0.18%
	CLVT	D	-0.18%
	MSM	D	-0.18%
	JHG	B	-0.17%
	ACI	F	-0.17%
	JWN	C	-0.17%
	MGM	F	-0.17%
	PTC	D	-0.16%
	INGR	B	-0.16%
	DELL	D	-0.16%
	BAX	C	-0.16%
	POST	C	-0.15%
	GFS	F	-0.15%
	VRSN	D	-0.15%
	GLOB	D	-0.15%
	DT	C	-0.15%
	TNL	D	-0.15%
	PSN	B	-0.14%
	DAY	D	-0.14%
	WEN	C	-0.14%
	ARMK	B	-0.14%
	REG	C	-0.14%
	DOCU	C	-0.14%
	SWK	B	-0.14%
	GLPI	C	-0.13%
	FIS	B	-0.13%
	NNN	C	-0.13%
	ENTG	F	-0.13%
	PH	B	-0.13%
	PK	D	-0.13%
	PATH	D	-0.12%
	PEGA	C	-0.12%
	ZI	D	-0.12%
	OKTA	F	-0.12%
	AGR	B	-0.11%
	LEG	D	-0.11%
	NWL	C	-0.11%
	ONTO	D	-0.11%
	WH	B	-0.11%
	CPRI	D	-0.11%
	BSY	D	-0.11%
	TDC	F	-0.11%
	U	D	-0.11%
	CIVI	F	-0.1%
	DV	F	-0.1%
	PINC	C	-0.09%
	SMAR	C	-0.09%
	MTN	D	-0.09%
	HST	C	-0.08%
	GTES	C	-0.08%
	ALGM	F	-0.08%
	VFC	C	-0.08%
	MPW	C	-0.08%
	BDX	D	-0.07%
	FTRE	D	-0.06%
	INFA	D	-0.05%
	SOLV	C	-0.05%
	NVT	D	-0.03%
	HUN	D	-0.03%
	CR	C	-0.01%
	BRX	B	-0.01%
	LOPE	D	-0.0%

FAB: Top Represented Industries & Keywords

Industries: Banks - Regional - US Oil & Gas E&P Utilities - Regulated Electric Asset Management Insurance - Property & Casualty Packaged Foods Residential Construction Packaging & Containers REIT - Diversified Specialty Chemicals Specialty Retail Building Materials Credit Services Utilities - Regulated Gas Auto Parts Diversified Industrials Insurance - Diversified REIT - Office Telecom Services Utilities - Diversified

Keywords: S&P 500 Bank Banking Natural Gas Insurance Deposit Products Electricity Commercial Banking Insurance Products Chemical Real Estate Investment Trust Real Estate Loans Transport Commercial Bank Electronics Trust Services Investment Management Clothing Life Insurance Mining

JVAL: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Semiconductors Information Technology Services Software - Infrastructure Diversified Industrials Oil & Gas E&P Packaged Foods Packaging & Containers Semiconductor Equipment & Materials Asset Management Specialty Retail Utilities - Regulated Electric Apparel Manufacturing Auto Parts Drug Manufacturers - Major Health Care Plans Internet Content & Information REIT - Retail Credit Services

Keywords: S&P 500 Nasdaq 100 Computing Bank Banking Electronics Semiconductor Insurance Natural Gas Telecommunications Aerospace Integrated Circuits Cloud Computing Dow Jones Component Cash Management Real Estate Investment Trust Work From Home Commercial Banking Electricity Financial Products