IWR vs. FAD ETF Comparison

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

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

$88.05

Average Daily Volume

1,173,234

Number of Holdings ^*

801

* may have additional holdings in another (foreign) market

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

$132.54

Average Daily Volume

4,791

Number of Holdings ^*

641

* may have additional holdings in another (foreign) market

Performance

Period	IWR	FAD
30 Days	2.15%	2.31%
60 Days	4.09%	4.16%
90 Days	6.90%	6.38%
12 Months	23.16%	27.47%

249 Overlapping Holdings

Symbol	Grade	Weight in IWR	Weight in FAD	Overlap
AAON	B	0.06%	0.18%	0.06%
ADC	C	0.07%	0.1%	0.07%
AES	C	0.11%	0.04%	0.04%
AFRM	C	0.09%	0.12%	0.09%
AJG	C	0.56%	0.39%	0.39%
ALGM	F	0.01%	0.03%	0.01%
ALLE	B	0.11%	0.05%	0.05%
ALNY	B	0.29%	0.19%	0.19%
ALSN	B	0.07%	0.24%	0.07%
AM	B	0.04%	0.17%	0.04%
AME	C	0.34%	0.08%	0.08%
AMH	C	0.12%	0.09%	0.09%
AOS	C	0.08%	0.08%	0.08%
APG	D	0.07%	0.15%	0.07%
APP	B	0.26%	0.29%	0.26%
APPF	D	0.04%	0.16%	0.04%
ARES	B	0.23%	0.28%	0.23%
ARMK	B	0.09%	0.19%	0.09%
ATI	C	0.07%	0.23%	0.07%
ATR	B	0.09%	0.18%	0.09%
AVB	B	0.29%	0.19%	0.19%
AWI	B	0.05%	0.19%	0.05%
AXON	B	0.24%	0.22%	0.22%
AXTA	C	0.07%	0.13%	0.07%
AZEK	C	0.06%	0.09%	0.06%
BAH	B	0.18%	0.44%	0.18%
BFAM	C	0.07%	0.22%	0.07%
BK	A	0.45%	0.49%	0.45%
BLD	D	0.11%	0.08%	0.08%
BR	D	0.22%	0.27%	0.22%
BRBR	B	0.07%	0.13%	0.07%
BRO	C	0.22%	0.39%	0.22%
BROS	D	0.03%	0.08%	0.03%
BRX	B	0.07%	0.05%	0.05%
BWXT	D	0.08%	0.17%	0.08%
CASY	D	0.12%	0.21%	0.12%
CCL	C	0.15%	0.32%	0.15%
CELH	F	0.05%	0.05%	0.05%
CFLT	F	0.04%	0.06%	0.04%
CFR	C	0.06%	0.14%	0.06%
CHD	C	0.22%	0.17%	0.17%
CHDN	C	0.09%	0.17%	0.09%
CHE	C	0.07%	0.04%	0.04%
CHH	C	0.03%	0.09%	0.03%
CIVI	F	0.05%	0.03%	0.03%
CLH	B	0.11%	0.23%	0.11%
CNM	F	0.06%	0.11%	0.06%
COKE	C	0.07%	0.25%	0.07%
CPAY	B	0.19%	0.1%	0.1%
CPT	B	0.11%	0.1%	0.1%
CSL	C	0.17%	0.35%	0.17%
CUBE	B	0.11%	0.05%	0.05%
CVNA	B	0.13%	0.23%	0.13%
CW	B	0.11%	0.24%	0.11%
DAL	C	0.25%	0.33%	0.25%
DCI	D	0.07%	0.13%	0.07%
DDOG	D	0.29%	0.21%	0.21%
DECK	C	0.21%	0.41%	0.21%
DKNG	D	0.15%	0.17%	0.15%
DLR	B	0.45%	0.26%	0.26%
DOC	C	0.14%	0.05%	0.05%
DOCS	B	0.04%	0.07%	0.04%
DOCU	C	0.1%	0.04%	0.04%
DPZ	F	0.12%	0.27%	0.12%
DRI	C	0.17%	0.09%	0.09%
DUOL	B	0.07%	0.14%	0.07%
DVA	B	0.07%	0.25%	0.07%
EA	D	0.34%	0.18%	0.18%
EEFT	D	0.04%	0.12%	0.04%
EGP	B	0.08%	0.05%	0.05%
ELF	F	0.05%	0.12%	0.05%
EME	B	0.16%	0.23%	0.16%
ENTG	D	0.15%	0.07%	0.07%
EPR	B	0.03%	0.05%	0.03%
ESAB	C	0.05%	0.13%	0.05%
ESS	B	0.18%	0.2%	0.18%
ESTC	F	0.05%	0.11%	0.05%
EXEL	B	0.07%	0.15%	0.07%
EXP	B	0.08%	0.11%	0.08%
EXPE	C	0.15%	0.27%	0.15%
FCN	C	0.07%	0.17%	0.07%
FCNCA	D	0.19%	0.47%	0.19%
FFIV	A	0.11%	0.1%	0.1%
FICO	A	0.39%	0.43%	0.39%
FIX	B	0.11%	0.24%	0.11%
FOUR	C	0.04%	0.14%	0.04%
FRPT	B	0.06%	0.23%	0.06%
FSLR	C	0.21%	0.25%	0.21%
GDDY	C	0.19%	0.47%	0.19%
GNTX	F	0.06%	0.11%	0.06%
GPK	B	0.08%	0.1%	0.08%
GRMN	D	0.23%	0.45%	0.23%
GWRE	A	0.12%	0.21%	0.12%
GWW	B	0.38%	0.19%	0.19%
H	C	0.06%	0.2%	0.06%
HAS	B	0.08%	0.15%	0.08%
HEI	B	0.15%	0.5%	0.15%
HEI	B	0.1%	0.5%	0.1%
HLT	B	0.47%	0.42%	0.42%
HOOD	C	0.13%	0.2%	0.13%
HRB	C	0.08%	0.25%	0.08%
HST	D	0.11%	0.08%	0.08%
HUBB	B	0.19%	0.19%	0.19%
HUBS	D	0.21%	0.07%	0.07%
HWM	B	0.34%	0.52%	0.34%
HXL	F	0.04%	0.04%	0.04%
IBKR	B	0.12%	0.22%	0.12%
INFA	D	0.01%	0.07%	0.01%
INGR	A	0.08%	0.15%	0.08%
INVH	C	0.2%	0.18%	0.18%
IONS	F	0.06%	0.11%	0.06%
IR	C	0.32%	0.34%	0.32%
IRM	B	0.3%	0.56%	0.3%
IT	B	0.34%	0.19%	0.19%
ITCI	D	0.07%	0.09%	0.07%
ITT	C	0.1%	0.18%	0.1%
JKHY	B	0.11%	0.04%	0.04%
JWN	B	0.02%	0.1%	0.02%
KD	D	0.05%	0.18%	0.05%
KNSL	C	0.09%	0.1%	0.09%
LAMR	A	0.1%	0.14%	0.1%
LII	B	0.17%	0.47%	0.17%
LNW	B	0.09%	0.22%	0.09%
LOPE	D	0.04%	0.17%	0.04%
LPLA	D	0.13%	0.31%	0.13%
LVS	D	0.13%	0.08%	0.08%
LW	D	0.08%	0.06%	0.06%
LYFT	D	0.04%	0.07%	0.04%
LYV	B	0.14%	0.26%	0.14%
MANH	B	0.14%	0.27%	0.14%
MAS	B	0.15%	0.1%	0.1%
MEDP	D	0.08%	0.18%	0.08%
MGM	D	0.08%	0.21%	0.08%
MKSI	F	0.07%	0.14%	0.07%
MLM	D	0.28%	0.16%	0.16%
MORN	C	0.07%	0.13%	0.07%
MPWR	C	0.38%	0.28%	0.28%
MSA	C	0.06%	0.12%	0.06%
MSGS	B	0.03%	0.09%	0.03%
MSTR	D	0.19%	0.09%	0.09%
MTD	D	0.25%	0.17%	0.17%
MTSI	D	0.05%	0.15%	0.05%
MUSA	C	0.09%	0.24%	0.09%
NBIX	F	0.11%	0.07%	0.07%
NCLH	C	0.07%	0.13%	0.07%
NCNO	D	0.02%	0.04%	0.02%
NET	F	0.21%	0.08%	0.08%
NEU	D	0.03%	0.05%	0.03%
NNN	B	0.08%	0.05%	0.05%
NSA	B	0.03%	0.08%	0.03%
NTAP	D	0.21%	0.39%	0.21%
NTNX	C	0.13%	0.36%	0.13%
NTRA	B	0.13%	0.25%	0.13%
NTRS	B	0.16%	0.36%	0.16%
NVR	B	0.24%	0.21%	0.21%
NYT	C	0.07%	0.18%	0.07%
OHI	A	0.09%	0.15%	0.09%
OKTA	F	0.1%	0.14%	0.1%
OLED	C	0.09%	0.13%	0.09%
OLLI	C	0.05%	0.21%	0.05%
ONTO	F	0.08%	0.15%	0.08%
OTIS	D	0.33%	0.24%	0.24%
OWL	C	0.08%	0.13%	0.08%
PAYX	C	0.38%	0.09%	0.09%
PCOR	F	0.05%	0.04%	0.04%
PEGA	C	0.03%	0.19%	0.03%
PFGC	B	0.1%	0.09%	0.09%
PHM	B	0.26%	0.32%	0.26%
PINS	F	0.15%	0.22%	0.15%
PK	D	0.03%	0.07%	0.03%
PLNT	A	0.06%	0.14%	0.06%
PLTR	B	0.63%	0.35%	0.35%
PODD	B	0.14%	0.2%	0.14%
POST	C	0.05%	0.23%	0.05%
PPL	C	0.21%	0.2%	0.2%
PR	D	0.07%	0.11%	0.07%
PRI	B	0.08%	0.18%	0.08%
PSN	B	0.04%	0.25%	0.04%
PSTG	F	0.12%	0.33%	0.12%
PTC	D	0.18%	0.08%	0.08%
PWR	B	0.34%	0.45%	0.34%
RBC	C	0.07%	0.04%	0.04%
RCL	B	0.35%	0.45%	0.35%
REG	C	0.12%	0.05%	0.05%
RGLD	B	0.08%	0.05%	0.05%
RIVN	F	0.1%	0.25%	0.1%
RKT	B	0.02%	0.03%	0.02%
RL	B	0.06%	0.17%	0.06%
RLI	B	0.06%	0.14%	0.06%
RMD	C	0.32%	0.11%	0.11%
RNG	D	0.02%	0.02%	0.02%
ROK	D	0.26%	0.08%	0.08%
ROL	C	0.12%	0.26%	0.12%
ROST	C	0.45%	0.37%	0.37%
RPM	B	0.13%	0.09%	0.09%
RYAN	C	0.06%	0.19%	0.06%
S	C	0.05%	0.09%	0.05%
SAIA	D	0.1%	0.04%	0.04%
SAM	F	0.02%	0.07%	0.02%
SHC	B	0.02%	0.06%	0.02%
SMAR	B	0.06%	0.15%	0.06%
SMCI	F	0.2%	0.14%	0.14%
SMG	C	0.03%	0.05%	0.03%
SOFI	C	0.07%	0.1%	0.07%
SPG	B	0.46%	0.09%	0.09%
SPR	D	0.03%	0.1%	0.03%
SRPT	F	0.1%	0.17%	0.1%
SSD	C	0.07%	0.05%	0.05%
STE	C	0.21%	0.19%	0.19%
STWD	A	0.06%	0.13%	0.06%
TECH	C	0.1%	0.04%	0.04%
TKO	B	0.08%	0.18%	0.08%
TNL	D	0.03%	0.09%	0.03%
TOL	B	0.14%	0.22%	0.14%
TOST	B	0.1%	0.21%	0.1%
TPG	B	0.04%	0.1%	0.04%
TPL	C	0.13%	0.19%	0.13%
TPX	C	0.08%	0.05%	0.05%
TRIP	F	0.01%	0.04%	0.01%
TRU	B	0.17%	0.11%	0.11%
TTD	B	0.41%	0.19%	0.19%
TTEK	C	0.11%	0.24%	0.11%
TTWO	D	0.22%	0.08%	0.08%
TW	A	0.12%	0.19%	0.12%
TXRH	D	0.1%	0.2%	0.1%
TYL	C	0.22%	0.29%	0.22%
UDR	B	0.13%	0.1%	0.1%
URI	B	0.42%	0.39%	0.39%
VMC	D	0.27%	0.08%	0.08%
VNT	D	0.05%	0.07%	0.05%
VRSK	D	0.33%	0.17%	0.17%
VRT	C	0.27%	0.42%	0.27%
VST	C	0.26%	0.43%	0.26%
WAB	A	0.26%	0.46%	0.26%
WEN	C	0.03%	0.04%	0.03%
WEX	C	0.07%	0.05%	0.05%
WFRD	F	0.06%	0.16%	0.06%
WING	B	0.1%	0.2%	0.1%
WMB	B	0.48%	0.26%	0.26%
WMS	D	0.09%	0.08%	0.08%
WSC	D	0.06%	0.04%	0.04%
WSM	C	0.16%	0.17%	0.16%
WSO	C	0.14%	0.26%	0.14%
WWD	D	0.09%	0.2%	0.09%
WYNN	D	0.07%	0.11%	0.07%
XPO	D	0.11%	0.17%	0.11%
XYL	D	0.28%	0.24%	0.24%
YETI	D	0.03%	0.04%	0.03%
ZS	F	0.14%	0.15%	0.14%

IWR Overweight 552 Positions Relative to FAD

Symbol	Grade	Weight
AFL	B	0.54%
DHI	B	0.5%
OKE	B	0.47%
O	B	0.47%
CCI	B	0.45%
ALL	A	0.43%
FIS	B	0.41%
AMP	B	0.39%
KVUE	B	0.39%
LEN	B	0.39%
IQV	C	0.38%
MSCI	C	0.38%
LHX	D	0.38%
PRU	C	0.37%
PEG	B	0.37%
PCG	C	0.37%
KMI	A	0.36%
LNG	D	0.36%
MCHP	D	0.36%
CMI	C	0.36%
IDXX	C	0.36%
GIS	B	0.36%
CTVA	B	0.35%
FAST	C	0.35%
A	C	0.35%
EXC	B	0.35%
CNC	C	0.35%
COR	D	0.35%
ACGL	B	0.35%
CTSH	C	0.34%
HUM	F	0.34%
FERG	C	0.34%
EXR	B	0.33%
YUM	D	0.33%
EFX	C	0.33%
ODFL	C	0.33%
SYY	D	0.33%
ED	C	0.32%
CBRE	A	0.32%
GEHC	C	0.32%
KR	B	0.32%
DOW	D	0.31%
VICI	C	0.31%
XEL	A	0.31%
SQ	D	0.31%
HES	D	0.31%
DD	B	0.3%
NUE	F	0.3%
HIG	A	0.3%
DFS	C	0.29%
BKR	D	0.29%
CHTR	D	0.28%
CSGP	D	0.28%
EBAY	B	0.28%
VEEV	C	0.28%
COIN	F	0.28%
HPQ	D	0.28%
GLW	B	0.28%
EIX	C	0.28%
TRGP	B	0.28%
TSCO	C	0.27%
FANG	D	0.27%
ON	D	0.27%
EQR	B	0.26%
CDW	D	0.26%
HSY	C	0.26%
PPG	C	0.26%
WTW	B	0.26%
ADM	D	0.26%
NDAQ	B	0.26%
WEC	B	0.26%
MTB	B	0.25%
GPN	D	0.25%
BIIB	F	0.25%
AWK	A	0.25%
FITB	B	0.25%
VLTO	C	0.24%
ETR	A	0.24%
DXCM	F	0.24%
CAH	C	0.24%
CPNG	B	0.24%
ANSS	F	0.24%
FTV	C	0.23%
DTE	B	0.23%
SBAC	C	0.23%
KEYS	C	0.23%
VTR	C	0.23%
IFF	B	0.23%
HAL	F	0.22%
DVN	F	0.22%
STT	A	0.22%
DOV	B	0.22%
FE	C	0.22%
WY	C	0.21%
ES	C	0.21%
LYB	F	0.21%
AEE	B	0.2%
RJF	C	0.2%
TROW	D	0.2%
RBLX	B	0.2%
WDC	D	0.19%
BBY	B	0.19%
ARE	B	0.19%
COO	B	0.19%
ZBH	F	0.19%
WST	D	0.19%
BLDR	C	0.19%
CBOE	C	0.19%
HPE	D	0.19%
TDY	C	0.18%
TER	D	0.18%
MKL	C	0.18%
BAX	C	0.18%
RF	B	0.18%
ILMN	C	0.18%
BALL	C	0.18%
CLX	C	0.18%
ATO	B	0.18%
WBD	D	0.18%
CMS	A	0.18%
MOH	C	0.18%
HBAN	B	0.18%
LDOS	C	0.18%
CINF	B	0.18%
MKC	B	0.18%
K	A	0.18%
SYF	C	0.17%
PFG	B	0.17%
GPC	D	0.17%
WAT	C	0.17%
MAA	B	0.17%
OMC	A	0.17%
EQT	D	0.17%
MDB	D	0.17%
J	D	0.16%
ULTA	D	0.16%
SUI	B	0.16%
AVTR	B	0.16%
ALGN	D	0.16%
WRB	C	0.16%
CFG	D	0.16%
DG	F	0.16%
LH	B	0.16%
PKG	B	0.16%
HOLX	B	0.16%
APTV	D	0.16%
EG	B	0.15%
TXT	D	0.15%
STLD	D	0.15%
IP	B	0.15%
ZM	C	0.15%
CTRA	F	0.15%
FDS	C	0.15%
EXPD	B	0.15%
DGX	B	0.15%
LUV	C	0.15%
ZBRA	B	0.15%
TSN	C	0.15%
NRG	C	0.15%
BURL	B	0.15%
AVY	D	0.15%
CNP	C	0.15%
FWONK	D	0.14%
SWK	B	0.14%
THC	B	0.14%
AMCR	C	0.14%
VRSN	D	0.14%
RS	D	0.14%
KIM	B	0.14%
BMRN	F	0.14%
SSNC	B	0.14%
UAL	B	0.14%
SWKS	F	0.14%
OC	C	0.13%
L	B	0.13%
SNA	B	0.13%
ENPH	C	0.13%
UTHR	C	0.13%
CF	B	0.13%
AKAM	D	0.13%
GEN	A	0.13%
MRO	D	0.13%
RVTY	B	0.13%
KEY	B	0.13%
FNF	A	0.13%
IEX	D	0.13%
PNR	B	0.13%
NI	B	0.13%
LNT	A	0.13%
CAG	B	0.13%
ACM	B	0.12%
POOL	C	0.12%
DT	C	0.12%
UHS	B	0.12%
RNR	B	0.12%
GLPI	B	0.12%
EVRG	A	0.12%
WPC	B	0.12%
BG	D	0.12%
TRMB	C	0.12%
CE	D	0.12%
USFD	B	0.12%
GGG	C	0.12%
VTRS	C	0.12%
JBHT	D	0.12%
ELS	C	0.12%
RGA	B	0.12%
DLTR	F	0.12%
NDSN	C	0.12%
EMN	B	0.11%
DKS	D	0.11%
KMX	D	0.11%
JNPR	A	0.11%
JBL	D	0.11%
EQH	C	0.11%
SJM	C	0.11%
BXP	B	0.11%
REXR	C	0.1%
LKQ	D	0.1%
NVT	D	0.1%
EWBC	C	0.1%
EPAM	D	0.1%
SCI	B	0.1%
CHRW	B	0.1%
SW	B	0.1%
TFX	C	0.1%
IPG	C	0.1%
INCY	C	0.1%
EXAS	C	0.1%
FND	C	0.1%
JLL	B	0.1%
TPR	C	0.09%
CPB	B	0.09%
AFG	B	0.09%
LECO	F	0.09%
GL	C	0.09%
WTRG	D	0.09%
DOX	C	0.09%
NWSA	D	0.09%
CRL	D	0.09%
AIZ	B	0.09%
ALB	F	0.09%
NLY	A	0.09%
RRX	C	0.09%
PNW	B	0.09%
COHR	B	0.09%
TWLO	D	0.09%
QRVO	F	0.09%
FBIN	B	0.09%
HII	C	0.09%
OVV	D	0.09%
FTI	D	0.09%
CACI	B	0.09%
JEF	B	0.09%
CCK	A	0.09%
BJ	D	0.09%
CTLT	B	0.09%
RPRX	C	0.09%
PAYC	D	0.08%
SF	A	0.08%
FHN	D	0.08%
EVR	B	0.08%
APA	F	0.08%
TTC	D	0.08%
DAY	D	0.08%
WAL	B	0.08%
CG	C	0.08%
FYBR	C	0.08%
HSIC	C	0.08%
ORI	A	0.08%
SKX	C	0.08%
CNH	C	0.08%
ALLY	F	0.08%
EHC	B	0.08%
MTCH	C	0.08%
HRL	C	0.08%
CAVA	B	0.08%
ROKU	C	0.08%
Z	B	0.08%
MKTX	C	0.08%
FOXA	B	0.08%
TAP	C	0.08%
FRT	C	0.08%
SOLV	C	0.08%
CHK	D	0.08%
BWA	D	0.07%
CR	C	0.07%
BERY	B	0.07%
LAD	C	0.07%
VOYA	A	0.07%
CROX	C	0.07%
AR	D	0.07%
WBS	C	0.07%
RGEN	F	0.07%
GMED	D	0.07%
FMC	C	0.07%
AYI	B	0.07%
HLI	B	0.07%
X	D	0.07%
CIEN	C	0.07%
ACI	F	0.07%
OGE	B	0.07%
AA	D	0.07%
KNX	C	0.07%
GNRC	D	0.07%
GLOB	D	0.07%
COLD	D	0.07%
KBR	D	0.07%
MHK	B	0.07%
CHRD	F	0.07%
UNM	B	0.07%
CZR	C	0.07%
MOS	F	0.07%
SNX	D	0.07%
BIO	C	0.06%
CART	A	0.06%
LPX	B	0.06%
VNO	B	0.06%
GTLB	D	0.06%
RHI	D	0.06%
LSTR	D	0.06%
MAT	C	0.06%
VFC	C	0.06%
ETSY	F	0.06%
PB	B	0.06%
WBA	F	0.06%
OSK	D	0.06%
JAZZ	D	0.06%
SNV	C	0.06%
CGNX	D	0.06%
FAF	B	0.06%
SEIC	B	0.06%
LBRDK	D	0.06%
ARW	C	0.06%
ZION	D	0.06%
MTG	B	0.06%
WTFC	B	0.06%
MTN	D	0.06%
SN	B	0.06%
RRC	D	0.06%
G	C	0.06%
BRKR	D	0.06%
SWN	D	0.06%
PEN	D	0.06%
KEX	C	0.06%
PCTY	C	0.06%
AAL	D	0.06%
WCC	C	0.06%
BSY	D	0.06%
UHAL	B	0.06%
VKTX	C	0.06%
MTZ	B	0.06%
SAIC	C	0.06%
MIDD	C	0.06%
BPOP	C	0.06%
ACHC	C	0.06%
ELAN	D	0.06%
TREX	F	0.06%
HR	C	0.06%
AGNC	A	0.06%
CRUS	D	0.06%
STAG	C	0.06%
PNFP	B	0.06%
DINO	D	0.06%
CMA	B	0.06%
CBSH	C	0.06%
DTM	B	0.06%
FR	C	0.06%
OLN	D	0.05%
RARE	B	0.05%
ST	D	0.05%
FNB	D	0.05%
WHR	D	0.05%
THO	D	0.05%
IDA	B	0.05%
ALK	C	0.05%
FIVE	D	0.05%
NXST	D	0.05%
OGN	D	0.05%
VVV	D	0.05%
BILL	D	0.05%
LAZ	A	0.05%
OMF	C	0.05%
BC	C	0.05%
THG	A	0.05%
SON	C	0.05%
VMI	D	0.05%
PVH	F	0.05%
XRAY	D	0.05%
AMG	C	0.05%
NFG	B	0.05%
GME	F	0.05%
DAR	F	0.05%
CLF	F	0.05%
MDU	B	0.05%
AGCO	D	0.05%
SRCL	A	0.05%
BEN	F	0.05%
ESI	D	0.05%
RITM	B	0.05%
MTDR	D	0.05%
IVZ	C	0.05%
U	D	0.05%
SIRI	C	0.05%
LEA	D	0.05%
GXO	D	0.05%
INSP	C	0.05%
AZPN	A	0.05%
LFUS	D	0.05%
DBX	D	0.05%
LSCC	D	0.05%
WH	B	0.05%
R	B	0.05%
BBWI	F	0.05%
FLS	D	0.05%
AXS	B	0.05%
PARA	F	0.05%
SITE	D	0.05%
NOV	D	0.05%
M	F	0.04%
SLGN	B	0.04%
DLB	D	0.04%
ROIV	C	0.04%
BYD	C	0.04%
GAP	F	0.04%
PII	D	0.04%
KRC	B	0.04%
ASH	D	0.04%
CPRI	D	0.04%
FLO	C	0.04%
AN	D	0.04%
W	D	0.04%
WTM	F	0.04%
AGO	C	0.04%
CUZ	B	0.04%
SEE	D	0.04%
OZK	D	0.04%
AL	D	0.04%
LNC	D	0.04%
HOG	C	0.04%
SLM	C	0.04%
RYN	C	0.04%
AVT	D	0.04%
WLK	D	0.04%
JHG	B	0.04%
RH	B	0.04%
MASI	D	0.04%
CCCS	D	0.04%
FOX	B	0.04%
PATH	D	0.04%
UGI	C	0.04%
COLB	B	0.04%
TKR	D	0.04%
PAG	D	0.03%
CXT	D	0.03%
WU	D	0.03%
FHB	C	0.03%
PENN	D	0.03%
AMED	C	0.03%
CNXC	D	0.03%
IRDM	D	0.03%
NWS	D	0.03%
NWL	D	0.03%
HCP	A	0.03%
ZI	D	0.03%
NVST	D	0.03%
LBTYA	B	0.03%
MAN	C	0.03%
AMKR	F	0.03%
HIW	B	0.03%
GTES	C	0.03%
DNB	C	0.03%
LBTYK	B	0.03%
LCID	C	0.03%
HUN	D	0.03%
MSM	D	0.03%
KMPR	D	0.03%
COTY	F	0.03%
LITE	B	0.03%
PRGO	D	0.03%
MPW	C	0.03%
DXC	C	0.03%
IAC	C	0.03%
GFS	F	0.03%
VNOM	C	0.03%
APLS	F	0.03%
REYN	C	0.02%
FWONA	C	0.02%
FTRE	F	0.02%
AS	C	0.02%
BIRK	D	0.02%
MP	D	0.02%
HAYW	C	0.02%
IPGP	F	0.02%
LLYVK	B	0.02%
VSTS	D	0.02%
ADT	D	0.02%
QS	F	0.02%
FIVN	F	0.02%
KSS	F	0.02%
LEN	B	0.02%
RCM	C	0.02%
HHH	C	0.02%
TXG	D	0.02%
ENOV	F	0.02%
BOKF	B	0.02%
CWEN	B	0.02%
QDEL	D	0.02%
PINC	C	0.02%
AAP	F	0.02%
DV	F	0.02%
AGR	B	0.02%
VAC	F	0.02%
CRI	C	0.02%
AZTA	D	0.02%
CLVT	D	0.02%
CACC	D	0.02%
CC	F	0.02%
VIRT	B	0.02%
SPB	B	0.02%
ZG	B	0.02%
TDC	F	0.02%
COLM	B	0.02%
BHF	D	0.02%
TFSL	C	0.01%
NFE	F	0.01%
SEB	C	0.01%
UI	B	0.01%
LLYVA	B	0.01%
LOAR	C	0.01%
ALAB	D	0.01%
UWMC	C	0.01%
CWEN	B	0.01%
PYCR	D	0.01%
DJT	F	0.01%
LBRDA	D	0.01%
DDS	D	0.01%
WOLF	F	0.01%
SNDR	B	0.01%
CAR	F	0.01%
CERT	F	0.01%
CNA	C	0.01%
UAA	C	0.01%
UA	C	0.01%
GO	F	0.01%
LEG	D	0.01%
PPC	D	0.01%
SEG	C	0.0%
PARAA	D	0.0%
GRAL	F	0.0%
UHAL	B	0.0%
PLTK	C	0.0%

IWR Underweight 393 Positions Relative to FAD

Symbol	Grade	Weight
KKR	B	-0.5%
ERIE	A	-0.49%
GE	B	-0.48%
TJX	C	-0.47%
TT	B	-0.47%
COST	C	-0.46%
MMM	B	-0.45%
LLY	C	-0.44%
ANET	B	-0.44%
META	A	-0.44%
BKNG	B	-0.43%
JPM	D	-0.43%
CEG	C	-0.42%
STX	D	-0.42%
NVDA	D	-0.41%
APO	C	-0.41%
SMMT	C	-0.4%
MSI	C	-0.39%
ORCL	B	-0.39%
ISRG	C	-0.38%
CMG	C	-0.38%
TDG	B	-0.37%
GOOGL	D	-0.37%
BSX	B	-0.37%
CL	C	-0.37%
AVGO	C	-0.36%
ECL	B	-0.36%
RSG	D	-0.36%
AMGN	B	-0.36%
PANW	D	-0.35%
NFLX	B	-0.35%
VRTX	D	-0.35%
CAT	C	-0.35%
UBER	C	-0.34%
MAR	C	-0.33%
AMZN	C	-0.33%
ETN	C	-0.33%
APH	D	-0.32%
PM	C	-0.31%
KLAC	D	-0.31%
CTAS	C	-0.3%
TMUS	C	-0.29%
CRWD	F	-0.29%
PH	B	-0.29%
NOW	A	-0.28%
MCO	A	-0.28%
ORLY	B	-0.27%
MMC	C	-0.27%
AMAT	D	-0.27%
SFM	B	-0.26%
ENSG	C	-0.26%
AZO	D	-0.26%
LRCX	F	-0.25%
MOG.A	B	-0.25%
INTU	D	-0.25%
HALO	B	-0.25%
MSFT	C	-0.24%
WM	D	-0.24%
BCO	B	-0.23%
PCAR	D	-0.23%
ITGR	B	-0.23%
MOD	C	-0.23%
INSM	D	-0.23%
CDNS	D	-0.22%
LNTH	C	-0.22%
AVAV	D	-0.22%
CVLT	B	-0.21%
SNPS	D	-0.21%
SFBS	B	-0.21%
IBM	B	-0.21%
WELL	B	-0.21%
NXPI	D	-0.21%
ADMA	B	-0.2%
SO	B	-0.2%
ADP	B	-0.2%
MO	C	-0.2%
KNF	B	-0.2%
SYK	C	-0.19%
BMI	B	-0.19%
ZETA	B	-0.19%
KTB	B	-0.19%
KO	B	-0.19%
CBT	B	-0.19%
FSS	D	-0.18%
AIT	C	-0.18%
GKOS	D	-0.18%
PG	C	-0.18%
AAPL	D	-0.18%
ALHC	C	-0.18%
ADBE	D	-0.17%
PTGX	C	-0.17%
SATS	B	-0.17%
OSCR	B	-0.17%
ROP	C	-0.17%
ANF	D	-0.17%
ADI	D	-0.17%
CRM	D	-0.17%
HLNE	B	-0.16%
CRVL	B	-0.16%
CRS	B	-0.16%
HWKN	B	-0.16%
AMD	F	-0.16%
PRCT	B	-0.16%
CNK	B	-0.16%
HON	D	-0.16%
MIRM	D	-0.15%
EXLS	C	-0.15%
AXSM	C	-0.15%
HCC	F	-0.15%
ACIW	B	-0.15%
EPRT	A	-0.15%
GVA	B	-0.15%
QTWO	B	-0.15%
HQY	C	-0.15%
SMTC	C	-0.14%
IBP	C	-0.14%
FTDR	B	-0.14%
CWST	D	-0.14%
TDS	C	-0.14%
ACA	C	-0.14%
BPMC	D	-0.14%
KAI	C	-0.14%
SGBX	F	-0.14%
RDNT	B	-0.14%
PJT	B	-0.14%
SPNT	C	-0.14%
IESC	C	-0.14%
IRT	B	-0.14%
MMSI	B	-0.14%
USLM	B	-0.14%
VRNS	C	-0.14%
LRN	B	-0.14%
RVMD	C	-0.14%
POWL	C	-0.14%
SNAP	F	-0.14%
ROAD	B	-0.14%
PI	B	-0.14%
OSW	C	-0.13%
ITRI	C	-0.13%
VRRM	D	-0.13%
TDW	F	-0.13%
TBBK	B	-0.13%
ALKT	D	-0.13%
GERN	D	-0.13%
TRN	C	-0.13%
ATGE	D	-0.13%
WHD	C	-0.13%
STRL	B	-0.13%
AGIO	D	-0.13%
GOLF	F	-0.13%
AMRX	B	-0.13%
GATX	D	-0.13%
DY	B	-0.13%
KRYS	D	-0.13%
TWST	D	-0.12%
SKYW	C	-0.12%
AROC	C	-0.12%
UFPT	C	-0.12%
BKD	D	-0.12%
IOT	A	-0.12%
SLG	B	-0.12%
NHI	A	-0.12%
TMDX	C	-0.12%
ACLS	F	-0.12%
CSWI	B	-0.12%
AZZ	C	-0.12%
EPAC	B	-0.11%
MBIN	C	-0.11%
LMAT	B	-0.11%
HURN	C	-0.11%
TNDM	C	-0.11%
LAUR	B	-0.11%
PTCT	C	-0.11%
KTOS	B	-0.11%
MYGN	B	-0.11%
BRC	B	-0.11%
ICFI	C	-0.11%
KYMR	C	-0.11%
RXST	C	-0.11%
COLL	B	-0.11%
ALTR	C	-0.11%
IDCC	B	-0.11%
PLMR	B	-0.11%
CORT	B	-0.11%
CEIX	D	-0.11%
EXPO	B	-0.1%
TGLS	B	-0.1%
AGYS	D	-0.1%
HLX	D	-0.1%
ALKS	C	-0.1%
SPGI	B	-0.1%
VERX	D	-0.1%
GRBK	B	-0.1%
AON	B	-0.1%
HIMS	D	-0.1%
BOWL	D	-0.1%
PMT	B	-0.1%
DASH	C	-0.1%
GFF	C	-0.1%
SCS	B	-0.1%
ARDX	D	-0.1%
SKWD	C	-0.1%
SHW	B	-0.1%
PAR	B	-0.09%
TXN	C	-0.09%
BANF	B	-0.09%
SYBT	B	-0.09%
SBRA	B	-0.09%
RYTM	B	-0.09%
DSGR	B	-0.09%
CRDO	D	-0.09%
CARS	D	-0.09%
HRI	C	-0.09%
MRVL	C	-0.09%
WRBY	D	-0.09%
ADSK	B	-0.09%
LIN	B	-0.09%
CBZ	F	-0.09%
ORA	C	-0.09%
PEP	C	-0.09%
FLNC	C	-0.09%
MAC	B	-0.09%
V	B	-0.09%
CMPR	F	-0.09%
BCRX	C	-0.09%
AKR	C	-0.09%
HD	B	-0.09%
CAL	F	-0.09%
MA	B	-0.09%
CPRX	B	-0.09%
BLKB	B	-0.09%
BCPC	C	-0.09%
ZWS	B	-0.09%
GBX	C	-0.09%
RKLB	B	-0.08%
OSIS	C	-0.08%
OTTR	D	-0.08%
MGNI	D	-0.08%
LKFN	C	-0.08%
CDRE	C	-0.08%
AEIS	D	-0.08%
PRGS	C	-0.08%
KNTK	B	-0.08%
CPRT	D	-0.08%
HAE	D	-0.08%
ALX	B	-0.08%
ACVA	B	-0.08%
YOU	B	-0.08%
CHCO	B	-0.08%
CARG	B	-0.08%
SMPL	D	-0.08%
WMG	D	-0.08%
LPG	F	-0.08%
ESRT	B	-0.08%
SHAK	C	-0.08%
INSW	D	-0.08%
STZ	C	-0.08%
MRUS	D	-0.08%
TNET	D	-0.08%
GIII	C	-0.08%
UE	B	-0.08%
HASI	B	-0.08%
IIPR	B	-0.08%
VECO	F	-0.07%
ANIP	D	-0.07%
MIR	D	-0.07%
EVH	C	-0.07%
GH	D	-0.07%
THR	D	-0.07%
TNC	D	-0.07%
GPOR	C	-0.07%
MARA	F	-0.07%
VGR	C	-0.07%
GBDC	C	-0.07%
SLB	F	-0.07%
FORM	F	-0.07%
BA	F	-0.07%
ENV	C	-0.07%
NSSC	F	-0.07%
FIZZ	D	-0.07%
JJSF	C	-0.07%
WABC	D	-0.07%
AESI	C	-0.07%
SWI	B	-0.07%
AGM	D	-0.07%
ESE	B	-0.06%
JBI	F	-0.06%
SKT	B	-0.06%
SITM	B	-0.06%
PDFS	D	-0.06%
CLDX	C	-0.06%
OUT	B	-0.06%
CRNX	C	-0.06%
IVT	B	-0.06%
SABR	D	-0.06%
NABL	D	-0.06%
FA	B	-0.06%
IRTC	F	-0.06%
CTRE	B	-0.06%
ENVX	F	-0.06%
EW	F	-0.06%
TGI	D	-0.06%
HRMY	B	-0.06%
IOSP	D	-0.06%
AMR	F	-0.06%
DFH	C	-0.06%
YELP	F	-0.05%
PEB	D	-0.05%
SHO	D	-0.05%
ETWO	C	-0.05%
RRR	D	-0.05%
HEES	D	-0.05%
FOR	C	-0.05%
AMC	D	-0.05%
VCEL	D	-0.05%
OPCH	C	-0.05%
DRH	C	-0.05%
NOVA	C	-0.05%
WDFC	B	-0.05%
GIC	D	-0.05%
KRG	B	-0.05%
SXI	C	-0.05%
JOE	C	-0.05%
LADR	B	-0.05%
TR	C	-0.05%
PRVA	D	-0.05%
BOX	B	-0.05%
LTC	B	-0.05%
CNS	B	-0.05%
EXTR	C	-0.05%
AIV	B	-0.05%
MLNK	C	-0.05%
CCOI	C	-0.05%
MYRG	F	-0.04%
PGNY	F	-0.04%
VCYT	B	-0.04%
PDFS	D	-0.04%
TENB	D	-0.04%
AGL	F	-0.04%
RUN	C	-0.04%
XMTR	D	-0.04%
BE	F	-0.04%
RAMP	F	-0.04%
FWRG	F	-0.04%
ALRM	F	-0.04%
FELE	C	-0.04%
IPAR	D	-0.04%
RHP	D	-0.04%
ZUO	D	-0.04%
WTS	C	-0.04%
NTST	D	-0.03%
JAMF	D	-0.03%
PLYM	D	-0.03%
CNMD	D	-0.03%
LMND	D	-0.03%
DRVN	C	-0.03%
BANC	B	-0.03%
BEAM	F	-0.03%
IAS	D	-0.03%
AMWD	C	-0.03%
AWR	B	-0.03%
DOCN	B	-0.03%
PHR	C	-0.03%
KW	C	-0.03%
NEO	C	-0.03%
CLSK	F	-0.03%
MGEE	B	-0.03%
INTA	B	-0.03%
FCPT	A	-0.03%
UMH	C	-0.03%
CWAN	A	-0.03%
DNLI	B	-0.03%
TGTX	B	-0.03%
AI	F	-0.02%
BASE	F	-0.02%
PLAY	F	-0.02%
CXM	F	-0.02%
UEC	F	-0.02%
VC	F	-0.02%
CTKB	F	-0.02%
WNC	F	-0.02%
MCW	F	-0.02%
RES	D	-0.02%
GTX	D	-0.02%
UPWK	D	-0.02%
PLAB	F	-0.02%
NARI	F	-0.02%
MTRN	D	-0.02%
ROCK	D	-0.02%
EVTC	D	-0.02%
DBRG	D	-0.02%
ALG	D	-0.02%
WINA	C	-0.02%