FAD vs. IWR ETF Comparison

Comparison of First Trust MuFirst Trust Multi CG AlphaDEX (FAD) to iShares Russell Mid-Cap ETF (IWR)

FAD

First Trust MuFirst Trust Multi CG AlphaDEX

FAD 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 Growth 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) Growth 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

$143.89

Average Daily Volume

3,917

Number of Holdings ^*

640

* may have additional holdings in another (foreign) market

IWR

iShares Russell Mid-Cap ETF

IWR Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities. 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 underlying index measures the performance of the mid-capitalization sector of the U.S. equity market. The underlying index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000Â® Index.

Grade (RS Rating)

Last Trade

$91.75

Average Daily Volume

1,440,648

Number of Holdings ^*

802

* may have additional holdings in another (foreign) market

Performance

Period	FAD	IWR
30 Days	4.71%	1.88%
60 Days	8.66%	5.27%
90 Days	12.78%	7.98%
12 Months	39.64%	30.38%

242 Overlapping Holdings

Symbol	Grade	Weight in FAD	Weight in IWR	Overlap
A	F	0.08%	0.32%	0.08%
AAON	B	0.18%	0.08%	0.08%
ACGL	D	0.37%	0.3%	0.3%
ADC	A	0.16%	0.06%	0.06%
AES	F	0.08%	0.08%	0.08%
AFRM	A	0.25%	0.09%	0.09%
AGNC	C	0.08%	0.06%	0.06%
AJG	B	0.25%	0.52%	0.25%
ALL	A	0.42%	0.42%	0.42%
ALLE	D	0.12%	0.1%	0.1%
ALNY	D	0.33%	0.28%	0.28%
ALSN	B	0.25%	0.08%	0.08%
AM	A	0.04%	0.04%	0.04%
AMP	A	0.39%	0.45%	0.39%
AOS	F	0.07%	0.07%	0.07%
APP	A	0.79%	0.62%	0.62%
APPF	C	0.04%	0.04%	0.04%
ARES	A	0.18%	0.25%	0.18%
ATI	C	0.18%	0.06%	0.06%
ATR	B	0.09%	0.09%	0.09%
AVB	B	0.08%	0.27%	0.08%
AWI	B	0.14%	0.05%	0.05%
AXON	A	0.49%	0.35%	0.35%
AXTA	B	0.09%	0.07%	0.07%
AYI	B	0.15%	0.08%	0.08%
AZEK	B	0.12%	0.06%	0.06%
AZTA	F	0.02%	0.02%	0.02%
BAH	D	0.36%	0.19%	0.19%
BFAM	F	0.17%	0.05%	0.05%
BK	B	0.45%	0.46%	0.45%
BLD	F	0.15%	0.09%	0.09%
BR	B	0.25%	0.21%	0.21%
BRBR	A	0.14%	0.07%	0.07%
BRKR	F	0.04%	0.05%	0.04%
BRO	B	0.36%	0.22%	0.22%
BRX	A	0.08%	0.07%	0.07%
BURL	A	0.42%	0.14%	0.14%
BWXT	A	0.14%	0.09%	0.09%
CACI	C	0.23%	0.1%	0.1%
CASY	A	0.27%	0.12%	0.12%
CBOE	C	0.16%	0.17%	0.16%
CBSH	A	0.09%	0.07%	0.07%
CCI	C	0.07%	0.37%	0.07%
CCL	A	0.43%	0.19%	0.19%
CFR	B	0.1%	0.07%	0.07%
CHD	A	0.08%	0.21%	0.08%
CHDN	C	0.09%	0.08%	0.08%
CHE	F	0.04%	0.07%	0.04%
CHH	A	0.05%	0.03%	0.03%
CLH	C	0.13%	0.11%	0.11%
CNM	C	0.04%	0.07%	0.04%
COHR	B	0.25%	0.12%	0.12%
COIN	A	0.24%	0.43%	0.24%
COKE	C	0.19%	0.06%	0.06%
CPAY	A	0.19%	0.2%	0.19%
CPNG	D	0.43%	0.23%	0.23%
CPT	C	0.08%	0.1%	0.08%
CROX	F	0.09%	0.05%	0.05%
CRUS	F	0.1%	0.05%	0.05%
CSL	C	0.24%	0.17%	0.17%
CUBE	C	0.07%	0.09%	0.07%
CVNA	A	0.58%	0.21%	0.21%
CW	B	0.24%	0.12%	0.12%
DAY	B	0.05%	0.1%	0.05%
DBX	C	0.09%	0.05%	0.05%
DCI	B	0.04%	0.08%	0.04%
DECK	A	0.26%	0.22%	0.22%
DKNG	B	0.08%	0.15%	0.08%
DKS	D	0.12%	0.09%	0.09%
DLR	A	0.09%	0.48%	0.09%
DOCS	C	0.12%	0.06%	0.06%
DOCU	B	0.15%	0.13%	0.13%
DOV	B	0.18%	0.22%	0.18%
DT	C	0.13%	0.13%	0.13%
DTM	A	0.1%	0.08%	0.08%
DUOL	A	0.23%	0.1%	0.1%
DVA	C	0.19%	0.06%	0.06%
EEFT	C	0.09%	0.04%	0.04%
EFX	F	0.22%	0.27%	0.22%
EGP	D	0.04%	0.07%	0.04%
EHC	B	0.18%	0.08%	0.08%
ELAN	D	0.04%	0.06%	0.04%
EME	A	0.49%	0.19%	0.19%
EPR	D	0.04%	0.03%	0.03%
ESAB	C	0.1%	0.06%	0.06%
ESI	B	0.04%	0.05%	0.04%
ESS	A	0.08%	0.16%	0.08%
EWBC	A	0.2%	0.11%	0.11%
EXEL	B	0.23%	0.08%	0.08%
EXP	B	0.18%	0.08%	0.08%
EXPE	B	0.49%	0.19%	0.19%
EXR	C	0.15%	0.28%	0.15%
FAST	B	0.09%	0.39%	0.09%
FCN	F	0.07%	0.06%	0.06%
FCNCA	A	0.4%	0.21%	0.21%
FFIV	B	0.14%	0.11%	0.11%
FICO	B	0.47%	0.45%	0.45%
FIX	A	0.23%	0.13%	0.13%
FLS	A	0.14%	0.06%	0.06%
FND	F	0.07%	0.09%	0.07%
FOUR	A	0.23%	0.05%	0.05%
FR	C	0.04%	0.06%	0.04%
FRPT	A	0.19%	0.06%	0.06%
FSLR	F	0.33%	0.17%	0.17%
GAP	D	0.08%	0.04%	0.04%
GDDY	A	0.47%	0.2%	0.2%
GEN	B	0.36%	0.13%	0.13%
GLPI	C	0.08%	0.11%	0.08%
GME	C	0.08%	0.08%	0.08%
GMED	A	0.19%	0.07%	0.07%
GPK	D	0.08%	0.07%	0.07%
GPN	C	0.09%	0.23%	0.09%
GRMN	B	0.4%	0.27%	0.27%
GWRE	A	0.18%	0.13%	0.13%
GWW	B	0.28%	0.42%	0.28%
H	B	0.04%	0.06%	0.04%
HEI	A	0.41%	0.09%	0.09%
HEI	A	0.41%	0.13%	0.13%
HLI	B	0.19%	0.08%	0.08%
HLT	A	0.26%	0.49%	0.26%
HOOD	A	0.42%	0.16%	0.16%
HRB	D	0.16%	0.07%	0.07%
HUBB	B	0.27%	0.2%	0.2%
HWM	A	0.46%	0.37%	0.37%
IBKR	A	0.2%	0.15%	0.15%
INSP	F	0.12%	0.05%	0.05%
IR	B	0.18%	0.34%	0.18%
IRDM	F	0.02%	0.03%	0.02%
IRM	C	0.41%	0.28%	0.28%
IT	C	0.18%	0.33%	0.18%
ITCI	B	0.1%	0.08%	0.08%
ITT	A	0.17%	0.1%	0.1%
KD	A	0.05%	0.05%	0.05%
KEX	B	0.17%	0.06%	0.06%
KNSL	B	0.08%	0.08%	0.08%
LAMR	D	0.08%	0.09%	0.08%
LCID	F	0.03%	0.02%	0.02%
LII	A	0.35%	0.16%	0.16%
LITE	B	0.08%	0.05%	0.05%
LNW	F	0.05%	0.08%	0.05%
LOPE	B	0.05%	0.04%	0.04%
LPLA	A	0.11%	0.19%	0.11%
LVS	B	0.25%	0.14%	0.14%
LYFT	C	0.06%	0.05%	0.05%
LYV	A	0.38%	0.16%	0.16%
MANH	D	0.25%	0.14%	0.14%
MASI	B	0.05%	0.06%	0.05%
MEDP	D	0.04%	0.07%	0.04%
MKL	A	0.08%	0.17%	0.08%
MKTX	D	0.09%	0.08%	0.08%
MORN	B	0.04%	0.08%	0.04%
MPWR	F	0.14%	0.29%	0.14%
MSCI	B	0.08%	0.37%	0.08%
MSGS	B	0.09%	0.03%	0.03%
MSTR	A	0.13%	0.34%	0.13%
MTCH	F	0.1%	0.06%	0.06%
MTD	F	0.08%	0.22%	0.08%
NCLH	B	0.16%	0.09%	0.09%
NDAQ	A	0.26%	0.26%	0.26%
NEU	D	0.04%	0.03%	0.03%
NNN	C	0.04%	0.06%	0.04%
NRG	B	0.44%	0.16%	0.16%
NSA	C	0.06%	0.02%	0.02%
NTAP	C	0.24%	0.21%	0.21%
NTNX	B	0.05%	0.14%	0.05%
NTRA	A	0.21%	0.12%	0.12%
NTRS	A	0.39%	0.17%	0.17%
NYT	D	0.12%	0.07%	0.07%
O	C	0.15%	0.41%	0.15%
OHI	B	0.12%	0.08%	0.08%
OLLI	D	0.13%	0.05%	0.05%
OTIS	C	0.16%	0.33%	0.16%
OWL	A	0.05%	0.09%	0.05%
PAYC	B	0.06%	0.09%	0.06%
PAYX	B	0.09%	0.39%	0.09%
PCG	A	0.35%	0.36%	0.35%
PCTY	B	0.11%	0.08%	0.08%
PEG	C	0.32%	0.35%	0.32%
PEGA	B	0.19%	0.03%	0.03%
PLNT	A	0.14%	0.07%	0.07%
PLTR	A	0.63%	0.95%	0.63%
PODD	B	0.17%	0.15%	0.15%
PRI	A	0.14%	0.08%	0.08%
PSN	C	0.22%	0.04%	0.04%
PWR	A	0.45%	0.39%	0.39%
RARE	F	0.11%	0.04%	0.04%
RBC	A	0.04%	0.07%	0.04%
RBLX	B	0.4%	0.22%	0.22%
RCL	A	0.52%	0.43%	0.43%
REG	A	0.08%	0.11%	0.08%
RGLD	C	0.04%	0.08%	0.04%
RIVN	F	0.15%	0.07%	0.07%
RL	C	0.19%	0.07%	0.07%
RLI	A	0.09%	0.06%	0.06%
RMD	C	0.34%	0.3%	0.3%
RNG	C	0.09%	0.03%	0.03%
ROIV	D	0.04%	0.04%	0.04%
ROL	B	0.16%	0.11%	0.11%
ROST	D	0.16%	0.38%	0.16%
RYAN	B	0.13%	0.06%	0.06%
S	B	0.14%	0.06%	0.06%
SBAC	D	0.08%	0.19%	0.08%
SCI	A	0.14%	0.1%	0.1%
SMG	C	0.14%	0.02%	0.02%
SOFI	A	0.25%	0.11%	0.11%
SPG	A	0.17%	0.47%	0.17%
SSD	D	0.04%	0.07%	0.04%
TECH	F	0.04%	0.1%	0.04%
THC	C	0.42%	0.13%	0.13%
TKO	A	0.16%	0.08%	0.08%
TNL	B	0.06%	0.03%	0.03%
TOST	A	0.19%	0.14%	0.14%
TPG	A	0.19%	0.04%	0.04%
TPL	A	0.37%	0.21%	0.21%
TRGP	A	0.53%	0.34%	0.34%
TRMB	B	0.05%	0.14%	0.05%
TSCO	D	0.24%	0.25%	0.24%
TTD	B	0.3%	0.45%	0.3%
TTEK	F	0.21%	0.1%	0.1%
TW	A	0.13%	0.12%	0.12%
TXRH	B	0.18%	0.11%	0.11%
TYL	B	0.26%	0.21%	0.21%
U	F	0.04%	0.05%	0.04%
UDR	C	0.04%	0.12%	0.04%
URI	B	0.45%	0.47%	0.45%
UTHR	C	0.47%	0.15%	0.15%
VICI	C	0.16%	0.27%	0.16%
VLTO	C	0.23%	0.21%	0.21%
VRT	A	0.51%	0.36%	0.36%
VST	A	0.48%	0.4%	0.4%
VTR	B	0.42%	0.21%	0.21%
WAB	B	0.46%	0.28%	0.28%
WAT	C	0.09%	0.18%	0.09%
WEN	C	0.03%	0.03%	0.03%
WING	D	0.1%	0.08%	0.08%
WMB	A	0.2%	0.56%	0.2%
WSM	D	0.14%	0.13%	0.13%
WSO	A	0.26%	0.15%	0.15%
WTM	A	0.09%	0.04%	0.04%
WWD	B	0.13%	0.09%	0.09%
WYNN	D	0.11%	0.07%	0.07%
XYL	D	0.22%	0.24%	0.22%

FAD Overweight 399 Positions Relative to IWR

Symbol	Grade	Weight
DASH	A	0.5%
GS	B	0.49%
KKR	A	0.48%
AXP	B	0.44%
TT	A	0.43%
PGR	B	0.42%
NVDA	A	0.41%
CEG	C	0.39%
FI	A	0.39%
JPM	A	0.38%
TMUS	B	0.38%
ANET	C	0.38%
NOW	B	0.38%
PH	B	0.37%
ORCL	A	0.37%
HCA	F	0.37%
AVGO	C	0.36%
CTAS	B	0.36%
COST	A	0.35%
META	C	0.35%
BSX	A	0.35%
CAT	C	0.35%
MSI	B	0.35%
SHW	C	0.34%
PM	A	0.34%
ERIE	F	0.33%
GE	D	0.32%
IBM	C	0.32%
TDG	D	0.31%
APO	A	0.31%
NEE	C	0.3%
BKNG	A	0.29%
NFLX	A	0.27%
AX	B	0.26%
ISRG	A	0.26%
WELL	A	0.26%
SFM	A	0.26%
FTNT	B	0.26%
QTWO	B	0.26%
SPGI	D	0.24%
SO	C	0.24%
ECL	D	0.24%
ZETA	D	0.24%
ICE	C	0.24%
ITRI	B	0.24%
UBER	F	0.24%
MCO	D	0.24%
ACIW	B	0.24%
SFBS	B	0.24%
CORT	C	0.24%
TJX	A	0.24%
PIPR	B	0.24%
BRK.A	B	0.24%
CRS	A	0.23%
MOG.A	B	0.23%
CVLT	B	0.23%
HLNE	A	0.23%
KNF	B	0.23%
CSWI	A	0.23%
IOT	A	0.22%
PSA	C	0.22%
KTB	A	0.22%
AMT	D	0.21%
LTH	C	0.21%
HIMS	C	0.21%
RDNT	B	0.21%
ENSG	D	0.21%
CL	D	0.21%
AIT	B	0.2%
EXLS	B	0.2%
MOD	A	0.2%
ADSK	B	0.19%
DY	C	0.19%
MAR	B	0.19%
AMZN	B	0.19%
CRDO	B	0.19%
PANW	B	0.19%
APH	B	0.19%
TSLA	A	0.19%
SLG	B	0.19%
DELL	B	0.19%
MO	A	0.18%
ORLY	B	0.18%
CRVL	A	0.18%
BCO	F	0.18%
POWL	C	0.18%
ETN	B	0.18%
FFIN	B	0.18%
AVAV	C	0.18%
BOOT	D	0.17%
LNTH	F	0.17%
ANF	C	0.17%
WULF	C	0.17%
AMGN	D	0.17%
AZO	C	0.17%
MMC	D	0.17%
BMI	C	0.17%
PAYO	A	0.17%
MMSI	A	0.17%
ITGR	B	0.17%
HALO	F	0.17%
CBT	C	0.17%
EAT	A	0.17%
RSG	A	0.17%
EPRT	A	0.16%
FSS	B	0.16%
ROAD	A	0.16%
IESC	A	0.16%
MCD	D	0.16%
PRIM	A	0.16%
AAPL	C	0.16%
RKLB	B	0.16%
IBOC	B	0.15%
RYTM	C	0.15%
IBP	F	0.15%
KO	D	0.15%
WWW	A	0.15%
LLY	F	0.15%
IDCC	B	0.15%
AUR	C	0.15%
HASI	F	0.15%
PI	D	0.15%
CNK	A	0.14%
BDC	B	0.14%
STEP	B	0.14%
WHD	B	0.14%
MCY	B	0.14%
LRN	A	0.14%
TRUP	B	0.14%
ALHC	C	0.14%
ENVA	B	0.14%
ACLX	C	0.14%
FTDR	B	0.14%
SGBX	F	0.14%
KAI	B	0.14%
QCRH	B	0.14%
TGTX	B	0.14%
PJT	B	0.14%
ATGE	B	0.14%
ONB	B	0.14%
PRCT	B	0.14%
STRL	A	0.14%
GVA	A	0.14%
AXSM	B	0.13%
SKYW	B	0.13%
SATS	C	0.13%
KYMR	C	0.13%
REVG	B	0.13%
TRN	A	0.13%
PTGX	D	0.13%
RNA	C	0.13%
SBRA	B	0.13%
BOX	B	0.13%
SLVM	C	0.13%
VCYT	B	0.13%
CNS	B	0.13%
HOMB	A	0.13%
PBI	B	0.13%
USLM	A	0.13%
LMND	A	0.12%
VRNS	D	0.12%
ADMA	C	0.12%
AGIO	C	0.12%
GSHD	B	0.12%
INTA	B	0.12%
TBBK	B	0.12%
PTON	C	0.12%
HNI	B	0.12%
ASTH	F	0.12%
CHEF	B	0.12%
INSM	C	0.12%
NHC	B	0.12%
AMRX	C	0.12%
PRM	B	0.12%
CWAN	B	0.12%
DSGR	C	0.12%
SMTC	C	0.11%
MWA	B	0.11%
RUN	F	0.11%
CCOI	B	0.11%
RVMD	B	0.11%
CRAI	B	0.11%
PRK	B	0.11%
VCTR	B	0.11%
OSW	B	0.11%
PTCT	C	0.11%
SYBT	B	0.11%
SKWD	A	0.11%
NBHC	B	0.11%
CPRX	C	0.11%
MNKD	B	0.11%
DORM	B	0.11%
HWKN	B	0.11%
JANX	C	0.11%
CALM	A	0.11%
ALKT	B	0.11%
CDE	C	0.11%
PRGS	B	0.1%
CENX	B	0.1%
BCRX	D	0.1%
CRWD	B	0.1%
PLMR	A	0.1%
TGLS	B	0.1%
CHWY	B	0.1%
MIRM	C	0.1%
YOU	D	0.1%
LMAT	A	0.1%
AORT	B	0.1%
UFPT	C	0.1%
LFST	C	0.1%
NRIX	C	0.09%
VITL	D	0.09%
MA	B	0.09%
CIFR	C	0.09%
COLL	F	0.09%
RHP	B	0.09%
WDAY	C	0.09%
NMIH	D	0.09%
MBIN	F	0.09%
WM	B	0.09%
SEMR	C	0.09%
BGC	C	0.09%
VRTX	D	0.09%
GKOS	A	0.09%
CWST	A	0.09%
GOOGL	B	0.09%
MU	D	0.09%
ORA	B	0.09%
AON	B	0.09%
SHAK	C	0.09%
ADP	B	0.09%
WTTR	A	0.09%
TMDX	F	0.09%
GERN	F	0.09%
BPMC	C	0.09%
SABR	B	0.09%
IOVA	F	0.09%
SITM	B	0.09%
CRM	B	0.09%
OUT	A	0.09%
VERX	A	0.09%
FBP	B	0.09%
WT	A	0.08%
KMB	C	0.08%
UE	A	0.08%
ESE	B	0.08%
OSCR	C	0.08%
CHCO	B	0.08%
PG	C	0.08%
CARG	B	0.08%
NPAB	F	0.08%
OII	B	0.08%
LIN	D	0.08%
BANF	B	0.08%
GABC	B	0.08%
BLKB	B	0.08%
CAKE	B	0.08%
BLBD	F	0.08%
CTRE	C	0.08%
CMG	C	0.08%
HURN	B	0.08%
IRT	A	0.08%
EVH	F	0.08%
QCOM	F	0.08%
BCPC	B	0.08%
HRMY	F	0.08%
EQIX	A	0.08%
SYK	A	0.08%
APOG	B	0.08%
KRG	A	0.08%
ITW	B	0.08%
PMT	D	0.07%
NHI	D	0.07%
AMPH	F	0.07%
CWT	C	0.07%
DOCN	D	0.07%
ADUS	D	0.07%
GFF	B	0.07%
MGNI	A	0.07%
OSIS	A	0.07%
VRRM	F	0.07%
ESRT	C	0.07%
BRC	C	0.07%
TWST	F	0.07%
ICFI	F	0.07%
AZZ	A	0.07%
KTOS	C	0.07%
ASPN	F	0.07%
KLAC	F	0.07%
ZTS	D	0.07%
BLFS	C	0.07%
AAT	A	0.07%
KN	B	0.07%
EXPO	D	0.07%
TNDM	F	0.06%
IAS	D	0.06%
WRBY	A	0.06%
HEES	C	0.06%
IIPR	F	0.06%
HLIT	D	0.06%
EPAC	B	0.06%
CEIX	A	0.06%
BKD	F	0.06%
OCUL	C	0.06%
KNTK	A	0.06%
CLSK	C	0.06%
LGND	C	0.06%
FLNC	C	0.06%
AESI	B	0.05%
FCPT	C	0.05%
MYGN	F	0.05%
GTX	F	0.05%
ALX	D	0.05%
ACVA	A	0.05%
AIV	C	0.05%
UMH	A	0.05%
GOLF	B	0.05%
HUMA	F	0.05%
SCS	B	0.05%
CPK	A	0.05%
ANIP	D	0.05%
CMPR	F	0.05%
ELME	D	0.05%
GTY	A	0.05%
GATX	B	0.05%
SXT	C	0.05%
NXRT	A	0.05%
CRNX	C	0.05%
DNLI	C	0.05%
KW	B	0.05%
JJSF	C	0.05%
RXST	F	0.05%
MARA	C	0.05%
SWI	B	0.05%
WDFC	B	0.05%
MAC	A	0.05%
MGEE	A	0.05%
CDP	C	0.05%
SKT	A	0.05%
NVAX	F	0.05%
NEO	C	0.05%
AGYS	A	0.05%
GH	B	0.05%
BANC	B	0.05%
LKFN	B	0.05%
AROC	A	0.05%
AGM	B	0.05%
ARQT	C	0.05%
SXI	B	0.05%
GTLS	A	0.05%
DRVN	B	0.05%
TDW	F	0.04%
IPAR	C	0.04%
MAIN	A	0.04%
CDRE	F	0.04%
PHR	F	0.04%
HLX	C	0.04%
ARDX	F	0.04%
BL	C	0.03%
APAM	B	0.03%
ACAD	C	0.03%
CLB	C	0.03%
WABC	B	0.03%
CBZ	B	0.03%
PLAY	D	0.03%
MLNK	C	0.03%
TGI	A	0.03%
CTS	C	0.03%
APPN	C	0.03%
PAR	A	0.03%
MIR	A	0.03%
SOUN	C	0.03%
CLDX	F	0.02%
LPG	F	0.02%
XPRO	F	0.02%
RLAY	F	0.02%
VECO	F	0.02%
JOE	F	0.02%
NSSC	F	0.02%
AMC	D	0.02%
GNL	D	0.02%
TNC	F	0.02%
ENVX	F	0.02%
THR	B	0.02%
TR	B	0.02%
BXMT	C	0.02%
JAMF	F	0.02%
ARLO	C	0.02%
AWR	A	0.02%
FBRT	C	0.02%
RRR	F	0.02%
SMPL	B	0.02%
FOLD	F	0.02%
PZZA	F	0.02%
YELP	C	0.02%
LTC	B	0.02%
STRA	C	0.02%
CARS	C	0.02%
BEAM	C	0.02%

FAD Underweight 560 Positions Relative to IWR

Symbol	Grade	Weight
OKE	A	-0.51%
AFL	C	-0.49%
KMI	A	-0.42%
DHI	D	-0.41%
LHX	B	-0.4%
FIS	C	-0.4%
CMI	A	-0.39%
LNG	A	-0.38%
KVUE	A	-0.37%
AME	A	-0.36%
ODFL	B	-0.36%
BKR	B	-0.35%
DFS	B	-0.35%
PRU	B	-0.35%
SQ	A	-0.34%
CBRE	B	-0.34%
FERG	C	-0.34%
EA	A	-0.34%
VRSK	B	-0.33%
CTVA	C	-0.33%
LEN	D	-0.33%
COR	B	-0.33%
DAL	A	-0.32%
IQV	F	-0.32%
HES	B	-0.32%
KR	B	-0.32%
CTSH	C	-0.32%
GEHC	D	-0.31%
MLM	B	-0.31%
NUE	D	-0.31%
EXC	C	-0.31%
SYY	D	-0.31%
MCHP	F	-0.31%
YUM	D	-0.31%
VMC	B	-0.31%
GIS	F	-0.3%
CHTR	B	-0.3%
DDOG	A	-0.3%
GLW	B	-0.3%
XEL	A	-0.3%
DD	D	-0.29%
IDXX	F	-0.29%
HPQ	B	-0.29%
ED	C	-0.28%
FANG	D	-0.28%
HIG	B	-0.28%
VEEV	C	-0.28%
HUM	D	-0.28%
MTB	A	-0.28%
FITB	B	-0.26%
CNC	F	-0.26%
EIX	C	-0.26%
ETR	A	-0.26%
HUBS	B	-0.26%
WTW	B	-0.26%
DOW	F	-0.26%
TTWO	A	-0.25%
WEC	A	-0.25%
ROK	B	-0.25%
EBAY	D	-0.25%
CSGP	F	-0.25%
PPG	F	-0.24%
CAH	B	-0.24%
ANSS	B	-0.24%
RJF	A	-0.24%
ON	F	-0.24%
EQR	C	-0.23%
DXCM	C	-0.23%
STT	B	-0.23%
HPE	B	-0.23%
UAL	A	-0.23%
KEYS	C	-0.23%
AWK	C	-0.22%
LDOS	C	-0.22%
NVR	D	-0.22%
CDW	F	-0.22%
SW	A	-0.22%
NET	B	-0.22%
PHM	D	-0.22%
HSY	F	-0.21%
TROW	B	-0.21%
HAL	C	-0.21%
FTV	D	-0.21%
EQT	A	-0.2%
DTE	C	-0.2%
PPL	A	-0.2%
DVN	F	-0.2%
ADM	D	-0.2%
HBAN	B	-0.2%
BIIB	F	-0.2%
SYF	B	-0.2%
PTC	B	-0.19%
WY	D	-0.19%
WST	D	-0.19%
RF	A	-0.19%
IFF	D	-0.19%
FE	C	-0.19%
AEE	A	-0.19%
ILMN	C	-0.19%
ATO	A	-0.18%
STLD	B	-0.18%
ZBH	C	-0.18%
LYB	F	-0.18%
WBD	B	-0.18%
TDY	B	-0.18%
WDC	F	-0.18%
CINF	A	-0.18%
LH	B	-0.17%
ZBRA	B	-0.17%
MDB	C	-0.17%
CLX	A	-0.17%
INVH	D	-0.17%
TRU	D	-0.17%
CFG	B	-0.17%
EXE	A	-0.17%
K	B	-0.17%
PKG	B	-0.17%
ZM	B	-0.17%
BLDR	D	-0.17%
STE	D	-0.17%
ES	C	-0.17%
BBY	D	-0.16%
CNP	A	-0.16%
MKC	D	-0.16%
PFG	C	-0.16%
ARE	F	-0.16%
IP	A	-0.16%
DRI	C	-0.16%
CMS	C	-0.16%
COO	D	-0.16%
OMC	C	-0.16%
ZS	B	-0.15%
HOLX	D	-0.15%
FDS	B	-0.15%
J	D	-0.15%
CTRA	B	-0.15%
RS	B	-0.15%
ULTA	F	-0.15%
MAA	A	-0.15%
BALL	D	-0.15%
SNA	B	-0.15%
LUV	B	-0.15%
MOH	F	-0.15%
TSN	B	-0.14%
FWONK	B	-0.14%
DG	F	-0.14%
EXPD	D	-0.14%
GPC	F	-0.14%
RPM	B	-0.14%
PNR	B	-0.14%
IEX	B	-0.14%
TER	F	-0.14%
XPO	B	-0.14%
PINS	F	-0.14%
KEY	B	-0.14%
BAX	F	-0.14%
DGX	A	-0.14%
WRB	B	-0.14%
MAS	D	-0.14%
SUI	C	-0.13%
VRSN	F	-0.13%
TWLO	A	-0.13%
JBHT	C	-0.13%
ENTG	F	-0.13%
EG	D	-0.13%
DOC	D	-0.13%
DPZ	C	-0.13%
MRO	A	-0.13%
SSNC	C	-0.13%
TOL	B	-0.13%
NI	A	-0.13%
PSTG	F	-0.13%
TXT	D	-0.13%
AVY	D	-0.13%
KIM	A	-0.13%
OC	A	-0.13%
ALGN	D	-0.13%
EQH	B	-0.12%
SWKS	F	-0.12%
SAIA	C	-0.12%
AMCR	D	-0.12%
GGG	B	-0.12%
RGA	B	-0.12%
LNT	A	-0.12%
NDSN	D	-0.12%
L	A	-0.12%
ACM	B	-0.12%
JBL	C	-0.12%
RVTY	D	-0.12%
FNF	A	-0.12%
CF	A	-0.12%
USFD	A	-0.12%
VTRS	A	-0.12%
APTV	F	-0.12%
AVTR	F	-0.12%
BXP	D	-0.11%
JKHY	D	-0.11%
PFGC	B	-0.11%
ELS	B	-0.11%
INCY	C	-0.11%
AKAM	F	-0.11%
CAG	F	-0.11%
RNR	C	-0.11%
SWK	F	-0.11%
POOL	D	-0.11%
EVRG	A	-0.11%
LECO	C	-0.1%
ALB	B	-0.1%
EMN	D	-0.1%
SJM	D	-0.1%
KMX	C	-0.1%
BJ	B	-0.1%
TPR	B	-0.1%
UHS	D	-0.1%
SMCI	F	-0.1%
BG	D	-0.1%
OKTA	D	-0.1%
FTI	A	-0.1%
WPC	C	-0.1%
DLTR	F	-0.1%
JEF	A	-0.1%
AMH	C	-0.1%
NBIX	C	-0.1%
HST	D	-0.1%
CHRW	B	-0.1%
NVT	C	-0.1%
BMRN	F	-0.1%
JNPR	D	-0.1%
JLL	D	-0.1%
EPAM	C	-0.1%
DOX	D	-0.09%
CTLT	D	-0.09%
FHN	A	-0.09%
LBRDK	C	-0.09%
AIZ	A	-0.09%
CCK	D	-0.09%
SRPT	F	-0.09%
CRL	D	-0.09%
EVR	B	-0.09%
GNRC	B	-0.09%
CAVA	C	-0.09%
IPG	F	-0.09%
UNM	A	-0.09%
NWSA	B	-0.09%
AA	A	-0.09%
OVV	C	-0.09%
CG	B	-0.09%
SF	B	-0.09%
RRX	B	-0.09%
LW	C	-0.09%
Z	A	-0.09%
CE	F	-0.08%
TFX	F	-0.08%
REXR	F	-0.08%
ROKU	D	-0.08%
EXAS	D	-0.08%
CNH	C	-0.08%
KNX	B	-0.08%
FRT	B	-0.08%
SNX	D	-0.08%
WMS	F	-0.08%
KBR	F	-0.08%
MUSA	B	-0.08%
WAL	B	-0.08%
GL	C	-0.08%
GLOB	C	-0.08%
FBIN	F	-0.08%
PR	B	-0.08%
WBS	A	-0.08%
NLY	C	-0.08%
AFG	A	-0.08%
INGR	B	-0.08%
WTRG	B	-0.08%
SOLV	F	-0.08%
LKQ	F	-0.08%
LAD	B	-0.08%
ARMK	C	-0.08%
FOXA	B	-0.08%
RPRX	F	-0.08%
ALLY	C	-0.08%
CIEN	B	-0.08%
PNW	B	-0.08%
TAP	B	-0.08%
HII	F	-0.07%
G	B	-0.07%
VNO	C	-0.07%
ACI	C	-0.07%
SNV	B	-0.07%
CHRD	F	-0.07%
SKX	F	-0.07%
VOYA	B	-0.07%
CART	C	-0.07%
WTFC	B	-0.07%
ZION	B	-0.07%
OLED	F	-0.07%
APG	C	-0.07%
AR	B	-0.07%
FYBR	C	-0.07%
MGM	D	-0.07%
OGE	A	-0.07%
ONTO	F	-0.07%
CR	A	-0.07%
HSIC	C	-0.07%
PEN	B	-0.07%
CPB	D	-0.07%
HRL	D	-0.07%
CMA	B	-0.07%
CZR	F	-0.07%
ENPH	F	-0.07%
MOS	D	-0.07%
TTC	F	-0.07%
HAS	D	-0.07%
WCC	B	-0.07%
MTZ	A	-0.07%
AAL	B	-0.07%
ORI	A	-0.07%
TPX	B	-0.07%
X	C	-0.07%
PNFP	B	-0.07%
LSTR	D	-0.06%
VMI	B	-0.06%
R	B	-0.06%
SN	D	-0.06%
GNTX	F	-0.06%
GXO	B	-0.06%
ESTC	C	-0.06%
BIO	C	-0.06%
GTLB	B	-0.06%
PB	A	-0.06%
LPX	B	-0.06%
VKTX	F	-0.06%
WSC	F	-0.06%
VFC	C	-0.06%
OSK	C	-0.06%
WH	B	-0.06%
CGNX	D	-0.06%
FMC	D	-0.06%
LSCC	D	-0.06%
PCOR	C	-0.06%
MIDD	D	-0.06%
SMAR	A	-0.06%
WEX	F	-0.06%
JAZZ	C	-0.06%
MTSI	B	-0.06%
BWA	D	-0.06%
MHK	D	-0.06%
RHI	C	-0.06%
BERY	D	-0.06%
MKSI	C	-0.06%
SAIC	F	-0.06%
RRC	B	-0.06%
RGEN	F	-0.06%
TREX	D	-0.06%
BILL	B	-0.06%
APA	F	-0.06%
SEIC	B	-0.06%
THO	C	-0.05%
VVV	D	-0.05%
JHG	B	-0.05%
BC	D	-0.05%
THG	A	-0.05%
AGCO	F	-0.05%
FNB	B	-0.05%
IDA	A	-0.05%
PVH	C	-0.05%
AMG	C	-0.05%
WHR	B	-0.05%
PATH	C	-0.05%
BEN	C	-0.05%
STWD	C	-0.05%
IONS	F	-0.05%
VNT	C	-0.05%
CLF	F	-0.05%
ETSY	D	-0.05%
OMF	A	-0.05%
LFUS	D	-0.05%
MTG	D	-0.05%
WFRD	F	-0.05%
SIRI	D	-0.05%
COLB	B	-0.05%
LAZ	B	-0.05%
ARW	F	-0.05%
MSA	D	-0.05%
DAR	B	-0.05%
ALK	A	-0.05%
NOV	D	-0.05%
ELF	C	-0.05%
FAF	C	-0.05%
WBA	F	-0.05%
COLD	F	-0.05%
IVZ	C	-0.05%
AXS	A	-0.05%
CFLT	B	-0.05%
PARA	D	-0.05%
MAT	D	-0.05%
DINO	D	-0.05%
AZPN	A	-0.05%
MTDR	C	-0.05%
QRVO	F	-0.05%
BPOP	C	-0.05%
MTN	C	-0.05%
SITE	D	-0.05%
UHAL	D	-0.05%
STAG	D	-0.05%
BBWI	C	-0.05%
HR	C	-0.05%
BSY	D	-0.05%
GFS	C	-0.04%
DLB	F	-0.04%
WLK	F	-0.04%
SLGN	A	-0.04%
AGO	A	-0.04%
RYN	D	-0.04%
SEE	D	-0.04%
FIVE	F	-0.04%
CUZ	B	-0.04%
HCP	B	-0.04%
KRC	C	-0.04%
OZK	B	-0.04%
AL	B	-0.04%
TKR	F	-0.04%
ST	F	-0.04%
RH	D	-0.04%
UGI	C	-0.04%
SON	F	-0.04%
HXL	F	-0.04%
SLM	B	-0.04%
AVT	C	-0.04%
BYD	B	-0.04%
CELH	F	-0.04%
BROS	A	-0.04%
NXST	C	-0.04%
CCCS	B	-0.04%
OLN	F	-0.04%
LNC	B	-0.04%
CIVI	D	-0.04%
NFG	A	-0.04%
LEA	F	-0.04%
FOX	A	-0.04%
POST	C	-0.04%
RITM	D	-0.04%
VNOM	A	-0.04%
AMKR	F	-0.03%
AMED	F	-0.03%
PENN	C	-0.03%
BHF	C	-0.03%
APLS	F	-0.03%
ECG	C	-0.03%
YETI	D	-0.03%
LBTYA	F	-0.03%
LBTYK	A	-0.03%
VAC	C	-0.03%
HUN	F	-0.03%
ZG	A	-0.03%
NCNO	B	-0.03%
FHB	B	-0.03%
NVST	C	-0.03%
PII	F	-0.03%
HIW	D	-0.03%
PRGO	C	-0.03%
XRAY	D	-0.03%
SPR	D	-0.03%
MDU	D	-0.03%
W	D	-0.03%
NWS	A	-0.03%
ACHC	F	-0.03%
DNB	B	-0.03%
ZI	D	-0.03%
NWL	B	-0.03%
DXC	D	-0.03%
HOG	F	-0.03%
IAC	D	-0.03%
FLO	D	-0.03%
ASH	F	-0.03%
MSM	D	-0.03%
KMPR	A	-0.03%
LINE	F	-0.03%
AMTM	F	-0.03%
OGN	F	-0.03%
AN	D	-0.03%
GTES	A	-0.03%
M	D	-0.03%
CLVT	D	-0.02%
VSTS	F	-0.02%
KSS	F	-0.02%
CNXC	F	-0.02%
FTRE	D	-0.02%
ALAB	B	-0.02%
RKT	F	-0.02%
RCM	A	-0.02%
AAP	D	-0.02%
HAYW	B	-0.02%
PPC	B	-0.02%
ADT	B	-0.02%
JWN	C	-0.02%
IPGP	D	-0.02%
CPRI	F	-0.02%
CWEN	C	-0.02%
QDEL	F	-0.02%
PINC	B	-0.02%
SHC	F	-0.02%
SPB	C	-0.02%
ENOV	C	-0.02%
AGR	A	-0.02%
MP	C	-0.02%
WU	F	-0.02%
BOKF	B	-0.02%
HHH	B	-0.02%
ALGM	F	-0.02%
FIVN	C	-0.02%
SAM	C	-0.02%
COTY	F	-0.02%
CXT	C	-0.02%
VIRT	A	-0.02%
CACC	F	-0.02%
DV	C	-0.02%
COLM	B	-0.02%
LLYVK	A	-0.02%
TDC	D	-0.02%
MPW	F	-0.02%
PAG	B	-0.02%
CC	D	-0.02%
MAN	F	-0.02%
PK	D	-0.02%
UWMC	D	-0.01%
SEB	F	-0.01%
TFSL	A	-0.01%
CWEN	C	-0.01%
LOAR	B	-0.01%
CNA	C	-0.01%
AS	A	-0.01%
DDS	B	-0.01%
LLYVA	A	-0.01%
WOLF	F	-0.01%
PYCR	C	-0.01%
UI	A	-0.01%
CERT	F	-0.01%
SNDR	B	-0.01%
REYN	D	-0.01%
CAR	C	-0.01%
LEG	F	-0.01%
INFA	D	-0.01%
TXG	F	-0.01%
TRIP	F	-0.01%
LBRDA	C	-0.01%
UA	C	-0.01%
GO	C	-0.01%
FWONA	B	-0.01%
CRI	F	-0.01%
QS	D	-0.01%
UAA	C	-0.01%
BIRK	D	-0.01%
LEN	D	-0.01%
DJT	C	-0.01%
PARAA	C	-0.0%
SEG	B	-0.0%
GRAL	C	-0.0%
UHAL	D	-0.0%
NFE	F	-0.0%
PLTK	B	-0.0%