IWR vs. FELV ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to Fidelity Enhanced Large Cap Value ETF (FELV)

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 1000® Index.

Grade (RS Rating)

Last Trade

$91.75

Average Daily Volume

1,440,648

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

FELV

Fidelity Enhanced Large Cap Value ETF

FELV Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 1000® Value Index, which is a market capitalization-weighted index designed to measure the performance of the large-cap value segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$31.76

Average Daily Volume

104,385

Number of Holdings ^*

323

* may have additional holdings in another (foreign) market

Performance

Period	IWR	FELV
30 Days	1.88%	0.41%
60 Days	5.27%	3.72%
90 Days	7.98%	6.06%
12 Months	30.38%	27.06%

173 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in FELV	Overlap
	A	F	0.31%	0.09%	0.09%
	ADM	D	0.21%	0.1%	0.1%
	AES	F	0.08%	0.16%	0.08%
	AIZ	A	0.09%	0.1%	0.09%
	ALL	A	0.43%	0.18%	0.18%
	ALLE	D	0.1%	0.53%	0.1%
	AM	A	0.04%	0.11%	0.04%
	AME	A	0.37%	0.16%	0.16%
	AMH	C	0.1%	0.11%	0.1%
	ANSS	B	0.24%	0.01%	0.01%
	ARW	F	0.05%	0.06%	0.05%
	AXS	A	0.06%	0.01%	0.01%
	AXTA	B	0.07%	0.03%	0.03%
	AYI	B	0.08%	0.02%	0.02%
	BAX	F	0.13%	0.08%	0.08%
	BBWI	C	0.06%	0.06%	0.06%
	BBY	D	0.16%	0.14%	0.14%
	BERY	D	0.06%	0.02%	0.02%
	BIIB	F	0.19%	0.33%	0.19%
	BK	B	0.48%	0.62%	0.48%
	BKR	B	0.35%	0.1%	0.1%
	BLD	F	0.09%	0.11%	0.09%
	BMRN	F	0.1%	0.12%	0.1%
	BRX	A	0.07%	0.34%	0.07%
	BYD	B	0.04%	0.07%	0.04%
	CACI	C	0.09%	0.58%	0.09%
	CAH	B	0.24%	0.3%	0.24%
	CCI	C	0.37%	0.55%	0.37%
	CCK	D	0.09%	0.18%	0.09%
	CCL	A	0.2%	0.13%	0.13%
	CINF	A	0.19%	0.27%	0.19%
	CLX	A	0.17%	0.24%	0.17%
	CMI	A	0.41%	0.33%	0.33%
	CNC	F	0.25%	0.23%	0.23%
	CNP	A	0.16%	0.14%	0.14%
	CRUS	F	0.04%	0.1%	0.04%
	CSGP	F	0.24%	0.04%	0.04%
	CTRA	B	0.16%	0.05%	0.05%
	CVNA	A	0.21%	0.62%	0.21%
	CW	B	0.11%	0.06%	0.06%
	CWEN	C	0.01%	0.02%	0.01%
	CWEN	C	0.02%	0.02%	0.02%
	CWEN	C	0.01%	0.04%	0.01%
	CWEN	C	0.02%	0.04%	0.02%
	CXT	C	0.02%	0.01%	0.01%
	DBX	C	0.05%	0.44%	0.05%
	DD	D	0.28%	0.48%	0.28%
	DFS	B	0.36%	0.05%	0.05%
	DGX	A	0.15%	0.01%	0.01%
	DHI	D	0.39%	0.03%	0.03%
	DOC	D	0.12%	0.23%	0.12%
	DOCU	B	0.13%	0.3%	0.13%
	DTE	C	0.2%	0.09%	0.09%
	DVN	F	0.2%	0.34%	0.2%
	EA	A	0.36%	0.06%	0.06%
	ED	C	0.28%	0.22%	0.22%
	EEFT	C	0.04%	0.12%	0.04%
	EIX	C	0.26%	0.16%	0.16%
	ELAN	D	0.06%	0.03%	0.03%
	EQR	C	0.23%	0.17%	0.17%
	ES	C	0.18%	0.13%	0.13%
	EVRG	A	0.12%	0.34%	0.12%
	EXC	C	0.32%	0.23%	0.23%
	EXEL	B	0.08%	0.36%	0.08%
	FANG	D	0.27%	0.14%	0.14%
	FLS	A	0.06%	0.25%	0.06%
	FR	C	0.06%	0.27%	0.06%
	FTI	A	0.1%	0.13%	0.1%
	FTV	D	0.22%	0.33%	0.22%
	GAP	D	0.04%	0.25%	0.04%
	GEHC	D	0.31%	0.16%	0.16%
	GIS	F	0.29%	0.05%	0.05%
	GL	C	0.08%	0.27%	0.08%
	GLPI	C	0.11%	0.05%	0.05%
	GLW	B	0.29%	0.02%	0.02%
	GPN	C	0.24%	0.09%	0.09%
	GRMN	B	0.27%	0.09%	0.09%
	HAL	C	0.22%	0.12%	0.12%
	HPE	B	0.23%	0.21%	0.21%
	HUM	D	0.27%	0.1%	0.1%
	HWM	A	0.37%	0.12%	0.12%
	IFF	D	0.18%	0.09%	0.09%
	ILMN	C	0.18%	0.17%	0.17%
	INCY	C	0.1%	0.23%	0.1%
	INGR	B	0.08%	0.04%	0.04%
	IQV	F	0.29%	0.19%	0.19%
	ITT	A	0.1%	0.18%	0.1%
	KD	A	0.05%	0.09%	0.05%
	KEY	B	0.15%	0.17%	0.15%
	KMI	A	0.44%	0.23%	0.23%
	KR	B	0.32%	0.31%	0.31%
	L	A	0.12%	0.34%	0.12%
	LDOS	C	0.18%	0.58%	0.18%
	LEG	F	0.01%	0.06%	0.01%
	LH	B	0.16%	0.08%	0.08%
	LHX	B	0.38%	0.43%	0.38%
	LNW	F	0.07%	0.18%	0.07%
	LPX	B	0.06%	0.31%	0.06%
	LYFT	C	0.05%	0.01%	0.01%
	M	D	0.04%	0.01%	0.01%
	MEDP	D	0.07%	0.18%	0.07%
	MGM	D	0.07%	0.2%	0.07%
	MKC	D	0.15%	0.08%	0.08%
	MSA	D	0.05%	0.04%	0.04%
	MSCI	B	0.38%	0.19%	0.19%
	MTDR	C	0.06%	0.18%	0.06%
	NTAP	C	0.2%	0.12%	0.12%
	NUE	D	0.29%	0.36%	0.29%
	NWL	B	0.03%	0.06%	0.03%
	NWS	A	0.03%	0.03%	0.03%
	NWSA	B	0.09%	0.06%	0.06%
	OC	A	0.14%	0.21%	0.14%
	OGE	A	0.07%	0.06%	0.06%
	OGN	F	0.03%	0.02%	0.02%
	OKTA	D	0.1%	0.02%	0.02%
	PCG	A	0.37%	0.38%	0.37%
	PEG	C	0.37%	0.1%	0.1%
	PFG	C	0.16%	0.16%	0.16%
	PKG	B	0.17%	0.13%	0.13%
	PLTK	B	0.01%	0.05%	0.01%
	PNR	B	0.14%	0.18%	0.14%
	PPG	F	0.24%	0.57%	0.24%
	PRU	B	0.38%	0.33%	0.33%
	QRVO	F	0.05%	0.11%	0.05%
	RCL	A	0.45%	0.15%	0.15%
	REG	A	0.11%	0.07%	0.07%
	RGA	B	0.13%	0.03%	0.03%
	RJF	A	0.25%	0.03%	0.03%
	ROST	D	0.38%	0.11%	0.11%
	SAM	C	0.02%	0.05%	0.02%
	SEE	D	0.04%	0.25%	0.04%
	SEIC	B	0.07%	0.57%	0.07%
	SOLV	F	0.08%	0.12%	0.08%
	SON	F	0.04%	0.06%	0.04%
	SPG	A	0.48%	0.18%	0.18%
	SQ	A	0.39%	0.69%	0.39%
	SSNC	C	0.13%	0.57%	0.13%
	STLD	B	0.17%	0.48%	0.17%
	STT	B	0.24%	0.14%	0.14%
	SWKS	F	0.11%	0.13%	0.11%
	SYF	B	0.21%	0.03%	0.03%
	TAP	B	0.09%	0.14%	0.09%
	TDC	D	0.02%	0.27%	0.02%
	TFX	F	0.08%	0.03%	0.03%
	TNL	B	0.03%	0.01%	0.01%
	TOL	B	0.13%	0.28%	0.13%
	TPR	B	0.11%	0.09%	0.09%
	TRGP	A	0.35%	0.08%	0.08%
	TRMB	B	0.14%	0.05%	0.05%
	TROW	B	0.21%	0.13%	0.13%
	TWLO	A	0.14%	0.46%	0.14%
	TXT	D	0.13%	0.55%	0.13%
	UHS	D	0.1%	0.13%	0.1%
	UNM	A	0.1%	0.36%	0.1%
	USFD	A	0.12%	0.19%	0.12%
	VEEV	C	0.26%	0.3%	0.26%
	VICI	C	0.27%	0.24%	0.24%
	VLTO	C	0.21%	0.04%	0.04%
	VMC	B	0.3%	0.28%	0.28%
	VMI	B	0.06%	0.2%	0.06%
	VST	A	0.4%	0.06%	0.06%
	VSTS	F	0.02%	0.06%	0.02%
	WAB	B	0.28%	0.49%	0.28%
	WBD	B	0.18%	0.09%	0.09%
	WCC	B	0.07%	0.08%	0.07%
	WDC	F	0.17%	0.14%	0.14%
	WMB	A	0.57%	0.12%	0.12%
	WTW	B	0.26%	0.26%	0.26%
	XEL	A	0.32%	0.24%	0.24%
	Z	A	0.1%	0.2%	0.1%
	ZBRA	B	0.16%	0.33%	0.16%
	ZG	A	0.03%	0.16%	0.03%
	ZM	B	0.18%	0.66%	0.18%

IWR Overweight 632 Positions Relative to FELV

	Symbol	Grade	Weight
	PLTR	A	1.09%
	APP	A	0.63%
	OKE	A	0.53%
	AJG	B	0.52%
	AFL	C	0.51%
	COIN	A	0.5%
	HLT	A	0.5%
	DLR	A	0.48%
	URI	B	0.46%
	AMP	A	0.46%
	MSTR	A	0.44%
	FICO	B	0.44%
	TTD	B	0.43%
	GWW	B	0.42%
	O	C	0.41%
	FIS	C	0.41%
	LNG	A	0.4%
	FAST	B	0.39%
	PWR	A	0.39%
	KVUE	A	0.38%
	PAYX	B	0.38%
	VRT	A	0.36%
	ODFL	B	0.35%
	AXON	A	0.35%
	DAL	A	0.34%
	IR	B	0.34%
	CBRE	B	0.33%
	COR	B	0.33%
	VRSK	B	0.33%
	OTIS	C	0.33%
	LEN	D	0.33%
	FERG	C	0.33%
	HES	B	0.33%
	CTSH	C	0.32%
	CTVA	C	0.32%
	IT	C	0.32%
	SYY	D	0.31%
	YUM	D	0.31%
	DDOG	A	0.31%
	HPQ	B	0.3%
	CHTR	B	0.3%
	ACGL	D	0.3%
	IDXX	F	0.29%
	MTB	A	0.29%
	MLM	B	0.29%
	IRM	C	0.28%
	RMD	C	0.28%
	EXR	C	0.28%
	HIG	B	0.28%
	NDAQ	A	0.27%
	AVB	B	0.27%
	ROK	B	0.27%
	HUBS	B	0.27%
	MCHP	F	0.27%
	DOW	F	0.26%
	WEC	A	0.26%
	EBAY	D	0.26%
	ETR	A	0.26%
	FITB	B	0.26%
	UAL	A	0.25%
	DXCM	C	0.25%
	EFX	F	0.25%
	ARES	A	0.25%
	TTWO	A	0.25%
	XYL	D	0.24%
	TSCO	D	0.24%
	ALNY	D	0.24%
	DOV	B	0.23%
	ON	F	0.23%
	CPNG	D	0.23%
	AWK	C	0.22%
	BRO	B	0.22%
	FCNCA	A	0.22%
	PHM	D	0.22%
	CHD	A	0.22%
	SW	A	0.22%
	DECK	A	0.22%
	BR	B	0.22%
	NET	B	0.22%
	MPWR	F	0.22%
	PPL	A	0.21%
	MTD	F	0.21%
	HSY	F	0.21%
	EQT	A	0.21%
	TYL	B	0.21%
	TPL	A	0.21%
	HBAN	B	0.21%
	VTR	B	0.21%
	GDDY	A	0.21%
	RBLX	B	0.21%
	NVR	D	0.21%
	KEYS	C	0.21%
	SBAC	D	0.2%
	CDW	F	0.2%
	FE	C	0.2%
	RF	A	0.2%
	AEE	A	0.2%
	CPAY	A	0.2%
	PTC	B	0.19%
	WY	D	0.19%
	WST	D	0.19%
	EXPE	B	0.19%
	ZBH	C	0.19%
	EME	A	0.19%
	LPLA	A	0.19%
	HUBB	B	0.19%
	NTRS	A	0.18%
	HOOD	A	0.18%
	LYB	F	0.18%
	EXE	A	0.18%
	STE	D	0.18%
	TDY	B	0.18%
	ATO	A	0.18%
	MKL	A	0.18%
	FSLR	F	0.17%
	CMS	C	0.17%
	LYV	A	0.17%
	CSL	C	0.17%
	INVH	D	0.17%
	CBOE	C	0.17%
	WAT	C	0.17%
	K	B	0.17%
	CFG	B	0.17%
	BLDR	D	0.17%
	IBKR	A	0.16%
	NRG	B	0.16%
	BAH	D	0.16%
	ESS	A	0.16%
	COO	D	0.16%
	LUV	B	0.16%
	LII	A	0.16%
	MDB	C	0.16%
	DRI	C	0.16%
	IP	A	0.16%
	RS	B	0.15%
	WRB	B	0.15%
	HOLX	D	0.15%
	WSO	A	0.15%
	DKNG	B	0.15%
	TOST	A	0.15%
	TSN	B	0.15%
	PODD	B	0.15%
	ARE	F	0.15%
	MAA	A	0.15%
	FDS	B	0.15%
	SNA	B	0.15%
	ZS	B	0.15%
	TRU	D	0.15%
	BALL	D	0.15%
	OMC	C	0.15%
	NI	A	0.14%
	KIM	A	0.14%
	NTRA	A	0.14%
	WSM	D	0.14%
	DG	F	0.14%
	XPO	B	0.14%
	MANH	D	0.14%
	ALGN	D	0.14%
	FWONK	B	0.14%
	NTNX	B	0.14%
	LVS	B	0.14%
	EXPD	D	0.14%
	PINS	F	0.14%
	HEI	A	0.14%
	GPC	F	0.14%
	BURL	A	0.14%
	MOH	F	0.14%
	RPM	B	0.14%
	IEX	B	0.14%
	MAS	D	0.14%
	J	D	0.14%
	ULTA	F	0.14%
	VTRS	A	0.13%
	FNF	A	0.13%
	VRSN	F	0.13%
	DT	C	0.13%
	SUI	C	0.13%
	LNT	A	0.13%
	FIX	A	0.13%
	GWRE	A	0.13%
	AVY	D	0.13%
	UTHR	C	0.13%
	CF	A	0.13%
	EG	D	0.13%
	MRO	A	0.13%
	TER	F	0.13%
	GEN	B	0.13%
	ROL	B	0.12%
	SOFI	A	0.12%
	AVTR	F	0.12%
	EQH	B	0.12%
	JBL	C	0.12%
	EWBC	A	0.12%
	APTV	F	0.12%
	NDSN	D	0.12%
	ACM	B	0.12%
	UDR	C	0.12%
	AMCR	D	0.12%
	ENTG	F	0.12%
	THC	C	0.12%
	PSTG	F	0.12%
	CASY	A	0.12%
	DPZ	C	0.12%
	JBHT	C	0.12%
	TW	A	0.12%
	GGG	B	0.12%
	PFGC	B	0.11%
	CHRW	B	0.11%
	JEF	A	0.11%
	DLTR	F	0.11%
	AFRM	A	0.11%
	EPAM	C	0.11%
	ELS	B	0.11%
	SWK	F	0.11%
	AKAM	F	0.11%
	TXRH	B	0.11%
	RNR	C	0.11%
	POOL	D	0.11%
	RVTY	D	0.11%
	SAIA	C	0.11%
	FFIV	B	0.11%
	BJ	B	0.1%
	BWXT	A	0.1%
	OVV	C	0.1%
	NBIX	C	0.1%
	EMN	D	0.1%
	JNPR	D	0.1%
	HEI	A	0.1%
	NVT	C	0.1%
	SCI	A	0.1%
	HST	D	0.1%
	WPC	C	0.1%
	ALB	B	0.1%
	KMX	C	0.1%
	BXP	D	0.1%
	CPT	C	0.1%
	JLL	D	0.1%
	JKHY	D	0.1%
	COHR	B	0.1%
	CLH	C	0.1%
	CAG	F	0.1%
	BG	D	0.1%
	WBS	A	0.09%
	PRI	A	0.09%
	PNW	B	0.09%
	FOXA	B	0.09%
	TECH	F	0.09%
	GNRC	B	0.09%
	CTLT	D	0.09%
	CAVA	C	0.09%
	EVR	B	0.09%
	FND	F	0.09%
	CUBE	C	0.09%
	LW	C	0.09%
	LAMR	D	0.09%
	SJM	D	0.09%
	ATR	B	0.09%
	CG	B	0.09%
	TTEK	F	0.09%
	AA	A	0.09%
	DKS	D	0.09%
	FHN	A	0.09%
	PAYC	B	0.09%
	DAY	B	0.09%
	RRX	B	0.09%
	DUOL	A	0.09%
	NCLH	B	0.09%
	LECO	C	0.09%
	OWL	A	0.09%
	SF	B	0.09%
	FBIN	F	0.08%
	AAON	B	0.08%
	TPX	B	0.08%
	GMED	A	0.08%
	DCI	B	0.08%
	SMCI	F	0.08%
	WMS	F	0.08%
	RGLD	C	0.08%
	WYNN	D	0.08%
	WING	D	0.08%
	ORI	A	0.08%
	FRT	B	0.08%
	BRBR	A	0.08%
	TKO	A	0.08%
	SRPT	F	0.08%
	PNFP	B	0.08%
	AAL	B	0.08%
	CRL	D	0.08%
	CNH	C	0.08%
	DOX	D	0.08%
	CIEN	B	0.08%
	MKTX	D	0.08%
	PR	B	0.08%
	HLI	B	0.08%
	WTRG	B	0.08%
	WAL	B	0.08%
	CHDN	C	0.08%
	LBRDK	C	0.08%
	ARMK	C	0.08%
	EHC	B	0.08%
	MUSA	B	0.08%
	DTM	A	0.08%
	NLY	C	0.08%
	OHI	B	0.08%
	AFG	A	0.08%
	ALLY	C	0.08%
	GME	C	0.08%
	LKQ	F	0.08%
	EXP	B	0.08%
	RPRX	F	0.08%
	LAD	B	0.08%
	IPG	F	0.08%
	ALSN	B	0.08%
	WWD	B	0.08%
	KNSL	B	0.08%
	CHRD	F	0.07%
	MTCH	F	0.07%
	RRC	B	0.07%
	ACI	C	0.07%
	X	C	0.07%
	CZR	F	0.07%
	SKX	F	0.07%
	SNV	B	0.07%
	APG	C	0.07%
	CE	F	0.07%
	DVA	C	0.07%
	APA	F	0.07%
	CNM	C	0.07%
	CFR	B	0.07%
	VOYA	B	0.07%
	PLNT	A	0.07%
	CPB	D	0.07%
	CHE	F	0.07%
	RIVN	F	0.07%
	EGP	D	0.07%
	HRB	D	0.07%
	RL	C	0.07%
	GPK	D	0.07%
	MOS	D	0.07%
	HRL	D	0.07%
	NYT	D	0.07%
	MTZ	A	0.07%
	TTC	F	0.07%
	CR	A	0.07%
	GLOB	C	0.07%
	WTFC	B	0.07%
	CBSH	A	0.07%
	ZION	B	0.07%
	ITCI	B	0.07%
	FYBR	C	0.07%
	HAS	D	0.07%
	BILL	B	0.07%
	AOS	F	0.07%
	CMA	B	0.07%
	SNX	D	0.07%
	PCTY	B	0.07%
	ROKU	D	0.07%
	KNX	B	0.07%
	PEN	B	0.07%
	HSIC	C	0.07%
	AR	B	0.07%
	RBC	A	0.07%
	EXAS	D	0.07%
	MORN	B	0.07%
	REXR	F	0.07%
	AWI	B	0.06%
	MTN	C	0.06%
	H	B	0.06%
	CFLT	B	0.06%
	SN	D	0.06%
	LSCC	D	0.06%
	FMC	D	0.06%
	DAR	B	0.06%
	ALK	A	0.06%
	CGNX	D	0.06%
	FCN	F	0.06%
	BPOP	C	0.06%
	MTSI	B	0.06%
	MASI	B	0.06%
	R	B	0.06%
	GXO	B	0.06%
	ATI	C	0.06%
	FRPT	A	0.06%
	RGEN	F	0.06%
	GNTX	F	0.06%
	VFC	C	0.06%
	ESTC	C	0.06%
	ESAB	C	0.06%
	MKSI	C	0.06%
	AGNC	C	0.06%
	GTLB	B	0.06%
	OSK	C	0.06%
	VNO	C	0.06%
	S	B	0.06%
	MIDD	D	0.06%
	COKE	C	0.06%
	CART	C	0.06%
	RLI	A	0.06%
	RYAN	B	0.06%
	WEX	F	0.06%
	PCOR	C	0.06%
	PB	A	0.06%
	TREX	D	0.06%
	MHK	D	0.06%
	WH	B	0.06%
	KEX	B	0.06%
	SMAR	A	0.06%
	RHI	C	0.06%
	JAZZ	C	0.06%
	ADC	A	0.06%
	SSD	D	0.06%
	OLED	F	0.06%
	HII	F	0.06%
	NNN	C	0.06%
	ONTO	F	0.06%
	KBR	F	0.06%
	BWA	D	0.06%
	G	B	0.06%
	ENPH	F	0.06%
	LITE	B	0.05%
	RITM	D	0.05%
	VVV	D	0.05%
	PATH	C	0.05%
	NFG	A	0.05%
	THO	C	0.05%
	OLLI	D	0.05%
	BRKR	F	0.05%
	PVH	C	0.05%
	FOX	A	0.05%
	JHG	B	0.05%
	ETSY	D	0.05%
	CROX	F	0.05%
	AGCO	F	0.05%
	THG	A	0.05%
	VNT	C	0.05%
	AMG	C	0.05%
	LFUS	D	0.05%
	FNB	B	0.05%
	WFRD	F	0.05%
	IDA	A	0.05%
	WHR	B	0.05%
	LAZ	B	0.05%
	FOUR	A	0.05%
	BFAM	F	0.05%
	WBA	F	0.05%
	DOCS	C	0.05%
	STWD	C	0.05%
	UHAL	D	0.05%
	BEN	C	0.05%
	BIO	C	0.05%
	COLD	F	0.05%
	SITE	D	0.05%
	OMF	A	0.05%
	ESI	B	0.05%
	SIRI	D	0.05%
	SAIC	F	0.05%
	MAT	D	0.05%
	NOV	D	0.05%
	WSC	F	0.05%
	MTG	D	0.05%
	IVZ	C	0.05%
	PARA	D	0.05%
	COLB	B	0.05%
	LSTR	D	0.05%
	BSY	D	0.05%
	ELF	C	0.05%
	FAF	C	0.05%
	STAG	D	0.05%
	AZEK	B	0.05%
	HR	C	0.05%
	DINO	D	0.05%
	AZPN	A	0.05%
	KMPR	A	0.04%
	RYN	D	0.04%
	PSN	C	0.04%
	SLGN	A	0.04%
	CELH	F	0.04%
	KRC	C	0.04%
	CUZ	B	0.04%
	LOPE	B	0.04%
	RH	D	0.04%
	AGO	A	0.04%
	FIVE	F	0.04%
	ST	F	0.04%
	HCP	B	0.04%
	ROIV	D	0.04%
	AVT	C	0.04%
	WTM	A	0.04%
	HXL	F	0.04%
	OLN	F	0.04%
	TKR	F	0.04%
	NXST	C	0.04%
	INSP	F	0.04%
	UGI	C	0.04%
	AL	B	0.04%
	BROS	A	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	VNOM	A	0.04%
	U	F	0.04%
	VKTX	F	0.04%
	APPF	C	0.04%
	POST	C	0.04%
	SLM	B	0.04%
	LNC	B	0.04%
	CLF	F	0.04%
	CCCS	B	0.04%
	LEA	F	0.04%
	IONS	F	0.04%
	TPG	A	0.04%
	BC	D	0.04%
	WEN	C	0.03%
	AMTM	F	0.03%
	BHF	C	0.03%
	SMG	C	0.03%
	PENN	C	0.03%
	VAC	C	0.03%
	ZI	D	0.03%
	HUN	F	0.03%
	YETI	D	0.03%
	NCNO	B	0.03%
	IRDM	F	0.03%
	EPR	D	0.03%
	HIW	D	0.03%
	PII	F	0.03%
	ACHC	F	0.03%
	FHB	B	0.03%
	IAC	D	0.03%
	NVST	C	0.03%
	SPR	D	0.03%
	W	D	0.03%
	PRGO	C	0.03%
	DNB	B	0.03%
	XRAY	D	0.03%
	MDU	D	0.03%
	NEU	D	0.03%
	DXC	D	0.03%
	MSM	D	0.03%
	ASH	F	0.03%
	PEGA	B	0.03%
	LINE	F	0.03%
	HOG	F	0.03%
	FLO	D	0.03%
	RARE	F	0.03%
	CHH	A	0.03%
	GFS	C	0.03%
	MSGS	B	0.03%
	GTES	A	0.03%
	AN	D	0.03%
	DLB	F	0.03%
	WLK	F	0.03%
	CRI	F	0.02%
	UAA	C	0.02%
	ALAB	B	0.02%
	RKT	F	0.02%
	QDEL	F	0.02%
	LBTYK	A	0.02%
	INFA	D	0.02%
	LBTYA	F	0.02%
	IPGP	D	0.02%
	LCID	F	0.02%
	KSS	F	0.02%
	SHC	F	0.02%
	PPC	B	0.02%
	ADT	B	0.02%
	AZTA	F	0.02%
	RCM	A	0.02%
	AAP	D	0.02%
	HAYW	B	0.02%
	JWN	C	0.02%
	PINC	B	0.02%
	ALGM	F	0.02%
	CPRI	F	0.02%
	SPB	C	0.02%
	MP	C	0.02%
	HHH	B	0.02%
	ENOV	C	0.02%
	MPW	F	0.02%
	AGR	A	0.02%
	BOKF	B	0.02%
	WU	F	0.02%
	APLS	F	0.02%
	COTY	F	0.02%
	CACC	F	0.02%
	DV	C	0.02%
	FIVN	C	0.02%
	COLM	B	0.02%
	VIRT	A	0.02%
	CC	D	0.02%
	AMKR	F	0.02%
	ECG	C	0.02%
	AMED	F	0.02%
	MAN	F	0.02%
	PAG	B	0.02%
	RNG	C	0.02%
	SNRE	D	0.02%
	NSA	C	0.02%
	LLYVK	A	0.02%
	PK	D	0.02%
	UWMC	D	0.01%
	SEB	F	0.01%
	TFSL	A	0.01%
	WOLF	F	0.01%
	LOAR	B	0.01%
	CNA	C	0.01%
	AS	A	0.01%
	CERT	F	0.01%
	PYCR	C	0.01%
	DDS	B	0.01%
	LLYVA	A	0.01%
	UI	A	0.01%
	TXG	F	0.01%
	SNDR	B	0.01%
	REYN	D	0.01%
	TRIP	F	0.01%
	LBRDA	C	0.01%
	DJT	C	0.01%
	GO	C	0.01%
	QS	D	0.01%
	CAR	C	0.01%
	FTRE	D	0.01%
	FWONA	B	0.01%
	UA	C	0.01%
	CLVT	D	0.01%
	LEN	D	0.01%
	BIRK	D	0.01%
	CNXC	F	0.01%
	PARAA	C	0.0%
	SEG	B	0.0%
	GRAL	C	0.0%
	UHAL	D	0.0%
	NFE	F	0.0%

IWR Underweight 152 Positions Relative to FELV

	Symbol	Grade	Weight
	BRK.A	B	-3.54%
	JPM	A	-2.81%
	XOM	B	-2.47%
	WMT	A	-1.73%
	BAC	A	-1.71%
	UNH	C	-1.64%
	PM	A	-1.22%
	PG	C	-1.18%
	JNJ	D	-1.14%
	CMCSA	B	-1.14%
	CSCO	B	-1.07%
	GE	D	-1.07%
	WFC	A	-1.01%
	GILD	C	-0.99%
	T	A	-0.98%
	MU	D	-0.95%
	BMY	A	-0.92%
	ABBV	F	-0.88%
	PFE	F	-0.88%
	INTC	C	-0.85%
	SCHW	A	-0.83%
	TMO	F	-0.79%
	PYPL	B	-0.79%
	NEE	C	-0.78%
	ETN	B	-0.77%
	UNP	D	-0.76%
	RTX	D	-0.72%
	PNC	B	-0.72%
	SPGI	D	-0.71%
	DIS	B	-0.7%
	BDX	F	-0.69%
	NOC	D	-0.67%
	LMT	D	-0.67%
	VZ	C	-0.65%
	RSG	A	-0.65%
	CI	D	-0.63%
	MMM	D	-0.6%
	AON	B	-0.59%
	NSC	B	-0.58%
	CME	A	-0.56%
	CAT	C	-0.55%
	TMUS	B	-0.55%
	COP	B	-0.54%
	CTAS	B	-0.54%
	MS	A	-0.53%
	TT	A	-0.52%
	ABT	A	-0.52%
	CVX	A	-0.51%
	PSA	C	-0.51%
	CL	D	-0.51%
	IGT	F	-0.5%
	ECL	D	-0.5%
	COF	B	-0.48%
	QCOM	F	-0.47%
	AMAT	F	-0.46%
	LIN	D	-0.46%
	EOG	A	-0.45%
	HD	A	-0.44%
	PCAR	C	-0.4%
	MDT	D	-0.39%
	MMC	D	-0.38%
	CSX	C	-0.37%
	ADBE	D	-0.37%
	TPH	D	-0.36%
	PGR	B	-0.35%
	ACN	C	-0.34%
	GS	B	-0.34%
	F	C	-0.32%
	GEV	A	-0.3%
	CVS	F	-0.29%
	MCD	D	-0.28%
	MA	B	-0.28%
	C	B	-0.27%
	DUK	C	-0.27%
	ANF	C	-0.27%
	TRV	A	-0.27%
	IBM	C	-0.27%
	TJX	A	-0.27%
	MO	A	-0.26%
	SYK	A	-0.25%
	WM	B	-0.25%
	CRM	B	-0.23%
	TFC	A	-0.23%
	JCI	B	-0.22%
	SKYW	B	-0.21%
	META	C	-0.21%
	AXP	B	-0.2%
	EQIX	A	-0.2%
	MSI	B	-0.2%
	AVGO	C	-0.2%
	AAPL	C	-0.19%
	TMHC	B	-0.19%
	NFLX	A	-0.18%
	CEG	C	-0.18%
	ICE	C	-0.18%
	BSX	A	-0.18%
	NVDA	A	-0.18%
	AMGN	D	-0.17%
	DHR	D	-0.17%
	ACA	A	-0.17%
	GD	D	-0.16%
	TXN	C	-0.16%
	JXN	C	-0.16%
	KHC	F	-0.13%
	WDAY	C	-0.13%
	KMB	C	-0.13%
	PH	B	-0.12%
	ELV	F	-0.12%
	ITW	B	-0.12%
	ADP	B	-0.11%
	CRC	A	-0.11%
	QGEN	F	-0.11%
	BCC	C	-0.11%
	MHO	D	-0.11%
	ENS	D	-0.11%
	BKH	A	-0.11%
	ADTN	A	-0.1%
	AMT	D	-0.1%
	VRTX	D	-0.1%
	CNO	B	-0.09%
	DASH	A	-0.08%
	DELL	B	-0.08%
	HON	B	-0.08%
	ACT	D	-0.08%
	AEP	C	-0.08%
	OXY	F	-0.08%
	CMG	C	-0.07%
	SO	C	-0.07%
	LOW	C	-0.07%
	UPS	C	-0.06%
	AMD	F	-0.06%
	MDLZ	F	-0.06%
	NMRK	B	-0.06%
	ALKS	C	-0.05%
	FHI	B	-0.05%
	NEM	D	-0.05%
	EW	C	-0.05%
	MATX	B	-0.04%
	ADI	D	-0.04%
	ALRM	C	-0.04%
	HL	C	-0.04%
	ITRI	B	-0.03%
	WOOF	D	-0.03%
	KLAC	F	-0.03%
	WS	B	-0.03%
	EXTR	C	-0.03%
	AMZN	B	-0.03%
	TENB	D	-0.02%
	SWI	B	-0.02%
	FTDR	B	-0.01%
	MCK	A	-0.01%
	MUR	F	-0.01%

IWR: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Diversified Industrials Biotechnology Diagnostics & Research Software - Infrastructure Business Services Utilities - Regulated Electric Asset Management Oil & Gas E&P Specialty Retail Packaged Foods Packaging & Containers Information Technology Services Semiconductors Building Materials Capital Markets Insurance - Property & Casualty REIT - Residential Specialty Chemicals

Keywords: S&P 500 Computing Natural Gas Insurance Nasdaq 100 Real Estate Investment Trust Electronics Banking Aerospace Bank Chemical Electricity Telecommunications Mining Medicine Insurance Products Semiconductor Biotechnology Beverage Cloud Computing

FELV: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Diversified Industrials Semiconductors Diagnostics & Research Oil & Gas E&P Software - Application Drug Manufacturers - Major Asset Management Capital Markets Communication Equipment Credit Services Health Care Plans Insurance - Property & Casualty Aerospace & Defense Apparel Stores Biotechnology Business Services Household & Personal Products Information Technology Services Insurance - Life

Keywords: S&P 500 Nasdaq 100 Natural Gas Computing Dow Jones Component Electricity Insurance Aerospace Electronics Telecommunications Medicine Mining Chemical Mobile Devices Bank Cloud Computing Building Materials Crude Oil Insurance Products Investment Bank