IWR vs. FEX ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to First Trust Large Cap Core AlphaDEX (FEX)

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

$94.53

Average Daily Volume

1,461,787

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

FEX

First Trust Large Cap Core AlphaDEX

FEX 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 Large Cap Core 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 500(R) 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

$111.95

Average Daily Volume

18,528

Number of Holdings ^*

373

* may have additional holdings in another (foreign) market

Performance

Period	IWR	FEX
30 Days	6.87%	6.62%
60 Days	7.84%	8.07%
90 Days	9.96%	10.60%
12 Months	34.02%	33.47%

231 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in FEX	Overlap
	ACGL	D	0.3%	0.29%	0.29%
	ADM	D	0.21%	0.37%	0.21%
	AEE	A	0.2%	0.36%	0.2%
	AFL	B	0.51%	0.34%	0.34%
	AJG	B	0.52%	0.18%	0.18%
	AKAM	D	0.11%	0.29%	0.11%
	ALL	A	0.43%	0.45%	0.43%
	ALLY	C	0.08%	0.34%	0.08%
	ALNY	D	0.24%	0.29%	0.24%
	AMP	A	0.46%	0.31%	0.31%
	APP	B	0.63%	0.97%	0.63%
	APTV	D	0.12%	0.31%	0.12%
	ARE	D	0.15%	0.15%	0.15%
	ARES	A	0.25%	0.09%	0.09%
	ATO	A	0.18%	0.36%	0.18%
	AVB	B	0.27%	0.09%	0.09%
	AVY	D	0.13%	0.08%	0.08%
	AWK	D	0.22%	0.16%	0.16%
	AXON	A	0.35%	0.64%	0.35%
	BAH	F	0.16%	0.29%	0.16%
	BBY	D	0.16%	0.22%	0.16%
	BG	F	0.1%	0.4%	0.1%
	BIIB	F	0.19%	0.21%	0.19%
	BK	A	0.48%	0.46%	0.46%
	BKR	B	0.35%	0.4%	0.35%
	BLD	D	0.09%	0.07%	0.07%
	BLDR	D	0.17%	0.31%	0.17%
	BR	A	0.22%	0.18%	0.18%
	BRO	B	0.22%	0.36%	0.22%
	BURL	A	0.14%	0.44%	0.14%
	CAG	D	0.1%	0.07%	0.07%
	CASY	A	0.12%	0.27%	0.12%
	CBOE	B	0.17%	0.09%	0.09%
	CCI	D	0.37%	0.07%	0.07%
	CCL	B	0.2%	0.45%	0.2%
	CE	F	0.07%	0.23%	0.07%
	CF	B	0.13%	0.43%	0.13%
	CFG	B	0.17%	0.38%	0.17%
	CHTR	C	0.3%	0.3%	0.3%
	CINF	A	0.19%	0.47%	0.19%
	CLX	B	0.17%	0.09%	0.09%
	CMI	A	0.41%	0.19%	0.19%
	CMS	C	0.17%	0.25%	0.17%
	CNC	D	0.25%	0.33%	0.25%
	CNP	B	0.16%	0.36%	0.16%
	COIN	C	0.5%	0.15%	0.15%
	CPAY	A	0.2%	0.2%	0.2%
	CPB	D	0.07%	0.15%	0.07%
	CPNG	D	0.23%	0.42%	0.23%
	CSL	C	0.17%	0.17%	0.17%
	CTRA	B	0.16%	0.46%	0.16%
	CTSH	B	0.32%	0.42%	0.32%
	CTVA	C	0.32%	0.16%	0.16%
	CVNA	B	0.21%	0.48%	0.21%
	DAL	C	0.34%	0.53%	0.34%
	DD	D	0.28%	0.16%	0.16%
	DECK	A	0.22%	0.19%	0.19%
	DG	F	0.14%	0.31%	0.14%
	DGX	A	0.15%	0.35%	0.15%
	DHI	D	0.39%	0.36%	0.36%
	DOC	D	0.12%	0.15%	0.12%
	DOV	A	0.23%	0.09%	0.09%
	DOW	F	0.26%	0.21%	0.21%
	DRI	B	0.16%	0.17%	0.16%
	DTE	C	0.2%	0.32%	0.2%
	DVN	F	0.2%	0.42%	0.2%
	EBAY	D	0.26%	0.32%	0.26%
	ED	D	0.28%	0.31%	0.28%
	EFX	F	0.25%	0.21%	0.21%
	EG	C	0.13%	0.4%	0.13%
	EIX	B	0.26%	0.25%	0.25%
	EME	C	0.19%	0.49%	0.19%
	EQR	B	0.23%	0.25%	0.23%
	EQT	B	0.21%	0.41%	0.21%
	ESS	B	0.16%	0.09%	0.09%
	ETR	B	0.26%	0.38%	0.26%
	EXC	C	0.32%	0.33%	0.32%
	EXPD	D	0.14%	0.08%	0.08%
	EXPE	B	0.19%	0.52%	0.19%
	EXR	D	0.28%	0.15%	0.15%
	FANG	D	0.27%	0.45%	0.27%
	FCNCA	A	0.22%	0.4%	0.22%
	FE	C	0.2%	0.16%	0.16%
	FICO	B	0.44%	0.5%	0.44%
	FITB	A	0.26%	0.28%	0.26%
	FNF	B	0.13%	0.17%	0.13%
	FOXA	B	0.09%	0.45%	0.09%
	FSLR	F	0.17%	0.27%	0.17%
	FTV	C	0.22%	0.16%	0.16%
	GDDY	A	0.21%	0.4%	0.21%
	GEHC	F	0.31%	0.07%	0.07%
	GEN	B	0.13%	0.36%	0.13%
	GIS	D	0.29%	0.22%	0.22%
	GLPI	C	0.11%	0.08%	0.08%
	GPC	D	0.14%	0.23%	0.14%
	GRMN	B	0.27%	0.3%	0.27%
	GWW	B	0.42%	0.29%	0.29%
	HAL	C	0.22%	0.44%	0.22%
	HBAN	A	0.21%	0.41%	0.21%
	HEI	B	0.14%	0.44%	0.14%
	HEI	B	0.1%	0.44%	0.1%
	HIG	B	0.28%	0.34%	0.28%
	HLT	A	0.5%	0.27%	0.27%
	HOLX	D	0.15%	0.16%	0.15%
	HOOD	B	0.18%	0.38%	0.18%
	HPE	B	0.23%	0.44%	0.23%
	HPQ	B	0.3%	0.09%	0.09%
	HRL	D	0.07%	0.24%	0.07%
	HSY	F	0.21%	0.15%	0.15%
	HUBB	B	0.19%	0.18%	0.18%
	HUM	C	0.27%	0.22%	0.22%
	HWM	A	0.37%	0.48%	0.37%
	IEX	B	0.14%	0.18%	0.14%
	IP	B	0.16%	0.4%	0.16%
	IQV	D	0.29%	0.07%	0.07%
	IR	B	0.34%	0.18%	0.18%
	IRM	D	0.28%	0.41%	0.28%
	IT	C	0.32%	0.17%	0.17%
	J	F	0.14%	0.18%	0.14%
	JBHT	C	0.12%	0.27%	0.12%
	KEY	B	0.15%	0.19%	0.15%
	KEYS	A	0.21%	0.16%	0.16%
	KIM	A	0.14%	0.18%	0.14%
	KMI	A	0.44%	0.43%	0.43%
	KR	B	0.32%	0.34%	0.32%
	L	A	0.12%	0.36%	0.12%
	LEN	D	0.33%	0.38%	0.33%
	LEN	D	0.01%	0.38%	0.01%
	LH	C	0.16%	0.18%	0.16%
	LHX	C	0.38%	0.17%	0.17%
	LII	A	0.16%	0.35%	0.16%
	LNG	B	0.4%	0.4%	0.4%
	LNT	A	0.13%	0.26%	0.13%
	LUV	C	0.16%	0.28%	0.16%
	LVS	C	0.14%	0.17%	0.14%
	LYB	F	0.18%	0.37%	0.18%
	LYV	A	0.17%	0.41%	0.17%
	MAA	B	0.15%	0.17%	0.15%
	MANH	D	0.14%	0.25%	0.14%
	MAS	D	0.14%	0.08%	0.08%
	MKC	D	0.15%	0.08%	0.08%
	MKL	A	0.18%	0.09%	0.09%
	MOH	F	0.14%	0.14%	0.14%
	MPWR	F	0.22%	0.11%	0.11%
	MSCI	C	0.38%	0.09%	0.09%
	MSTR	C	0.44%	0.19%	0.19%
	MTB	A	0.29%	0.41%	0.29%
	NDAQ	A	0.27%	0.19%	0.19%
	NDSN	B	0.12%	0.08%	0.08%
	NI	A	0.14%	0.36%	0.14%
	NRG	B	0.16%	0.43%	0.16%
	NTAP	C	0.2%	0.16%	0.16%
	NTRS	A	0.18%	0.31%	0.18%
	NUE	C	0.29%	0.41%	0.29%
	NVR	D	0.21%	0.23%	0.21%
	NWSA	B	0.09%	0.18%	0.09%
	O	D	0.41%	0.15%	0.15%
	OC	A	0.14%	0.47%	0.14%
	ODFL	B	0.35%	0.09%	0.09%
	OKE	A	0.53%	0.31%	0.31%
	OMC	C	0.15%	0.16%	0.15%
	ON	D	0.23%	0.39%	0.23%
	OTIS	C	0.33%	0.08%	0.08%
	PAYX	C	0.38%	0.09%	0.09%
	PCG	A	0.37%	0.27%	0.27%
	PEG	A	0.37%	0.25%	0.25%
	PFG	D	0.16%	0.17%	0.16%
	PHM	D	0.22%	0.38%	0.22%
	PKG	A	0.17%	0.28%	0.17%
	PLTR	B	1.09%	0.7%	0.7%
	POOL	C	0.11%	0.08%	0.08%
	PPG	F	0.24%	0.24%	0.24%
	PPL	B	0.21%	0.26%	0.21%
	PRU	A	0.38%	0.18%	0.18%
	PWR	A	0.39%	0.47%	0.39%
	RBLX	C	0.21%	0.39%	0.21%
	RCL	A	0.45%	0.55%	0.45%
	RF	A	0.2%	0.29%	0.2%
	RGA	A	0.13%	0.18%	0.13%
	RIVN	F	0.07%	0.08%	0.07%
	RJF	A	0.25%	0.23%	0.23%
	RMD	C	0.28%	0.33%	0.28%
	ROL	B	0.12%	0.08%	0.08%
	ROST	C	0.38%	0.16%	0.16%
	RPM	A	0.14%	0.1%	0.1%
	RS	B	0.15%	0.45%	0.15%
	RVTY	F	0.11%	0.07%	0.07%
	SBAC	D	0.2%	0.08%	0.08%
	SNA	A	0.15%	0.52%	0.15%
	SPG	B	0.48%	0.18%	0.18%
	SSNC	B	0.13%	0.25%	0.13%
	STLD	B	0.17%	0.47%	0.17%
	STT	A	0.24%	0.28%	0.24%
	SWKS	F	0.11%	0.36%	0.11%
	SYF	B	0.21%	0.54%	0.21%
	SYY	B	0.31%	0.16%	0.16%
	TDY	B	0.18%	0.27%	0.18%
	THC	D	0.12%	0.39%	0.12%
	TOL	B	0.13%	0.42%	0.13%
	TPL	A	0.21%	0.4%	0.21%
	TRGP	B	0.35%	0.46%	0.35%
	TROW	B	0.21%	0.46%	0.21%
	TSCO	D	0.24%	0.16%	0.16%
	TSN	B	0.15%	0.18%	0.15%
	TTD	B	0.43%	0.27%	0.27%
	TXT	D	0.13%	0.32%	0.13%
	TYL	B	0.21%	0.26%	0.21%
	UAL	A	0.25%	0.67%	0.25%
	ULTA	F	0.14%	0.31%	0.14%
	URI	B	0.46%	0.44%	0.44%
	UTHR	C	0.13%	0.42%	0.13%
	VICI	C	0.27%	0.08%	0.08%
	VLTO	D	0.21%	0.23%	0.21%
	VRT	B	0.36%	0.52%	0.36%
	VST	B	0.4%	0.52%	0.4%
	VTR	C	0.21%	0.34%	0.21%
	VTRS	A	0.13%	0.38%	0.13%
	WAB	B	0.28%	0.46%	0.28%
	WAT	B	0.17%	0.08%	0.08%
	WEC	A	0.26%	0.26%	0.26%
	WLK	D	0.03%	0.14%	0.03%
	WMB	A	0.57%	0.11%	0.11%
	WRB	A	0.15%	0.18%	0.15%
	WSM	B	0.14%	0.07%	0.07%
	WSO	A	0.15%	0.18%	0.15%
	WST	C	0.19%	0.09%	0.09%
	WY	D	0.19%	0.16%	0.16%
	XEL	A	0.32%	0.36%	0.32%
	XYL	D	0.24%	0.15%	0.15%
	ZBH	C	0.19%	0.35%	0.19%
	ZM	B	0.18%	0.29%	0.18%

IWR Overweight 572 Positions Relative to FEX

	Symbol	Grade	Weight
	DLR	B	0.48%
	FIS	C	0.41%
	FAST	B	0.39%
	SQ	B	0.39%
	KVUE	A	0.38%
	AME	A	0.37%
	EA	A	0.36%
	DFS	B	0.36%
	CBRE	B	0.33%
	COR	B	0.33%
	VRSK	A	0.33%
	FERG	B	0.33%
	HES	B	0.33%
	A	D	0.31%
	YUM	B	0.31%
	DDOG	A	0.31%
	VMC	B	0.3%
	IDXX	F	0.29%
	GLW	B	0.29%
	MLM	B	0.29%
	ROK	B	0.27%
	HUBS	A	0.27%
	MCHP	D	0.27%
	VEEV	C	0.26%
	WTW	B	0.26%
	DXCM	D	0.25%
	TTWO	A	0.25%
	CSGP	D	0.24%
	CAH	B	0.24%
	ANSS	B	0.24%
	GPN	B	0.24%
	CHD	B	0.22%
	SW	A	0.22%
	NET	B	0.22%
	MTD	D	0.21%
	CDW	F	0.2%
	PTC	A	0.19%
	LPLA	A	0.19%
	ILMN	D	0.18%
	EXE	B	0.18%
	STE	F	0.18%
	LDOS	C	0.18%
	ES	D	0.18%
	IFF	D	0.18%
	WBD	C	0.18%
	WDC	D	0.17%
	INVH	D	0.17%
	K	A	0.17%
	IBKR	A	0.16%
	COO	D	0.16%
	ZBRA	B	0.16%
	MDB	C	0.16%
	DKNG	B	0.15%
	TOST	B	0.15%
	PODD	C	0.15%
	FDS	B	0.15%
	ZS	C	0.15%
	TRU	D	0.15%
	BALL	D	0.15%
	TWLO	A	0.14%
	NTRA	B	0.14%
	XPO	B	0.14%
	ALGN	D	0.14%
	FWONK	B	0.14%
	NTNX	A	0.14%
	PINS	D	0.14%
	TRMB	B	0.14%
	PNR	A	0.14%
	VRSN	F	0.13%
	DT	C	0.13%
	SUI	D	0.13%
	FIX	A	0.13%
	GWRE	A	0.13%
	MRO	B	0.13%
	TER	D	0.13%
	DOCU	A	0.13%
	BAX	D	0.13%
	SOFI	A	0.12%
	AVTR	F	0.12%
	EQH	B	0.12%
	JBL	B	0.12%
	EVRG	A	0.12%
	EWBC	A	0.12%
	ACM	A	0.12%
	UDR	B	0.12%
	AMCR	D	0.12%
	ENTG	D	0.12%
	USFD	A	0.12%
	PSTG	D	0.12%
	DPZ	C	0.12%
	TW	A	0.12%
	GGG	B	0.12%
	PFGC	B	0.11%
	CHRW	C	0.11%
	JEF	A	0.11%
	DLTR	F	0.11%
	AFRM	B	0.11%
	EPAM	C	0.11%
	ELS	C	0.11%
	SWK	D	0.11%
	TPR	B	0.11%
	TXRH	C	0.11%
	RNR	C	0.11%
	REG	B	0.11%
	CW	B	0.11%
	SAIA	B	0.11%
	FFIV	B	0.11%
	BJ	A	0.1%
	BWXT	B	0.1%
	OVV	B	0.1%
	Z	A	0.1%
	UHS	D	0.1%
	UNM	A	0.1%
	NBIX	C	0.1%
	OKTA	C	0.1%
	EMN	D	0.1%
	JNPR	F	0.1%
	NVT	B	0.1%
	BMRN	D	0.1%
	SCI	B	0.1%
	FTI	A	0.1%
	HST	C	0.1%
	INCY	C	0.1%
	WPC	D	0.1%
	ALB	C	0.1%
	ALLE	D	0.1%
	KMX	B	0.1%
	BXP	D	0.1%
	CPT	B	0.1%
	JLL	D	0.1%
	ITT	A	0.1%
	JKHY	D	0.1%
	COHR	B	0.1%
	CLH	B	0.1%
	AMH	D	0.1%
	WBS	A	0.09%
	PRI	A	0.09%
	CACI	D	0.09%
	PNW	B	0.09%
	TECH	D	0.09%
	CCK	C	0.09%
	GNRC	B	0.09%
	CTLT	B	0.09%
	CAVA	B	0.09%
	EVR	B	0.09%
	FND	C	0.09%
	CUBE	D	0.09%
	LW	C	0.09%
	LAMR	D	0.09%
	TAP	C	0.09%
	SJM	D	0.09%
	ATR	B	0.09%
	CG	A	0.09%
	TTEK	F	0.09%
	AA	B	0.09%
	DKS	C	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	B	0.09%
	OWL	A	0.09%
	AIZ	A	0.09%
	SF	B	0.09%
	TFX	F	0.08%
	FBIN	D	0.08%
	AAON	B	0.08%
	TPX	B	0.08%
	GMED	A	0.08%
	DCI	B	0.08%
	SMCI	F	0.08%
	WMS	D	0.08%
	RGLD	C	0.08%
	WYNN	D	0.08%
	INGR	B	0.08%
	WING	D	0.08%
	ORI	A	0.08%
	SOLV	C	0.08%
	FRT	B	0.08%
	BRBR	A	0.08%
	TKO	B	0.08%
	SRPT	D	0.08%
	PNFP	B	0.08%
	AAL	B	0.08%
	CRL	C	0.08%
	CNH	C	0.08%
	DOX	D	0.08%
	CIEN	B	0.08%
	MKTX	D	0.08%
	PR	B	0.08%
	GL	B	0.08%
	HLI	B	0.08%
	WTRG	B	0.08%
	WAL	B	0.08%
	CHDN	B	0.08%
	LBRDK	C	0.08%
	ARMK	B	0.08%
	EHC	B	0.08%
	MUSA	A	0.08%
	DTM	B	0.08%
	NLY	C	0.08%
	OHI	C	0.08%
	AFG	A	0.08%
	AES	F	0.08%
	EXEL	B	0.08%
	GME	C	0.08%
	LKQ	D	0.08%
	EXP	A	0.08%
	AYI	B	0.08%
	RPRX	D	0.08%
	LAD	A	0.08%
	IPG	D	0.08%
	ALSN	B	0.08%
	WWD	B	0.08%
	KNSL	B	0.08%
	CHRD	D	0.07%
	MTCH	D	0.07%
	MEDP	D	0.07%
	RRC	B	0.07%
	ACI	C	0.07%
	X	C	0.07%
	SEIC	B	0.07%
	CZR	F	0.07%
	SKX	D	0.07%
	SNV	B	0.07%
	APG	B	0.07%
	DVA	B	0.07%
	APA	D	0.07%
	CNM	D	0.07%
	CFR	B	0.07%
	VOYA	B	0.07%
	PLNT	A	0.07%
	CHE	D	0.07%
	EGP	F	0.07%
	HRB	D	0.07%
	RL	B	0.07%
	GPK	C	0.07%
	MOS	F	0.07%
	LNW	D	0.07%
	NYT	C	0.07%
	MTZ	B	0.07%
	TTC	D	0.07%
	CR	A	0.07%
	GLOB	B	0.07%
	WTFC	A	0.07%
	CBSH	A	0.07%
	ZION	B	0.07%
	OGE	B	0.07%
	ITCI	C	0.07%
	FYBR	D	0.07%
	HAS	D	0.07%
	BILL	A	0.07%
	AOS	F	0.07%
	CMA	A	0.07%
	BRX	A	0.07%
	MGM	D	0.07%
	SNX	C	0.07%
	PCTY	B	0.07%
	ROKU	D	0.07%
	KNX	B	0.07%
	PEN	B	0.07%
	HSIC	B	0.07%
	AR	B	0.07%
	AXTA	A	0.07%
	WCC	B	0.07%
	RBC	A	0.07%
	EXAS	D	0.07%
	MORN	B	0.07%
	REXR	F	0.07%
	AWI	A	0.06%
	MTN	C	0.06%
	H	B	0.06%
	CFLT	B	0.06%
	SN	D	0.06%
	LSCC	D	0.06%
	AXS	A	0.06%
	MTDR	B	0.06%
	VMI	B	0.06%
	FMC	D	0.06%
	DAR	C	0.06%
	ALK	C	0.06%
	CGNX	C	0.06%
	FCN	D	0.06%
	BPOP	B	0.06%
	MTSI	B	0.06%
	MASI	A	0.06%
	ELAN	D	0.06%
	R	B	0.06%
	GXO	B	0.06%
	FR	C	0.06%
	ATI	D	0.06%
	FRPT	B	0.06%
	RGEN	D	0.06%
	GNTX	C	0.06%
	VFC	C	0.06%
	ESTC	C	0.06%
	ESAB	B	0.06%
	MKSI	C	0.06%
	AGNC	D	0.06%
	GTLB	B	0.06%
	BBWI	D	0.06%
	OSK	B	0.06%
	VNO	B	0.06%
	S	B	0.06%
	LPX	B	0.06%
	MIDD	C	0.06%
	COKE	C	0.06%
	CART	C	0.06%
	RLI	B	0.06%
	RYAN	B	0.06%
	WEX	D	0.06%
	PCOR	B	0.06%
	PB	A	0.06%
	TREX	C	0.06%
	MHK	D	0.06%
	WH	B	0.06%
	KEX	C	0.06%
	SMAR	A	0.06%
	RHI	B	0.06%
	JAZZ	B	0.06%
	ADC	B	0.06%
	SSD	D	0.06%
	OLED	D	0.06%
	HII	D	0.06%
	NNN	D	0.06%
	BERY	B	0.06%
	ONTO	D	0.06%
	FLS	B	0.06%
	KBR	F	0.06%
	BWA	D	0.06%
	G	B	0.06%
	ENPH	F	0.06%
	LITE	B	0.05%
	RITM	C	0.05%
	VVV	F	0.05%
	PATH	C	0.05%
	NFG	A	0.05%
	THO	B	0.05%
	OLLI	D	0.05%
	BRKR	D	0.05%
	PVH	C	0.05%
	FOX	A	0.05%
	JHG	A	0.05%
	ETSY	D	0.05%
	CROX	D	0.05%
	AGCO	D	0.05%
	THG	A	0.05%
	VNT	B	0.05%
	AMG	B	0.05%
	LFUS	F	0.05%
	FNB	A	0.05%
	WFRD	D	0.05%
	IDA	A	0.05%
	WHR	B	0.05%
	LAZ	B	0.05%
	FOUR	B	0.05%
	BFAM	D	0.05%
	WBA	F	0.05%
	DOCS	C	0.05%
	STWD	C	0.05%
	ARW	D	0.05%
	UHAL	D	0.05%
	BEN	C	0.05%
	BIO	D	0.05%
	QRVO	F	0.05%
	COLD	D	0.05%
	SITE	D	0.05%
	OMF	A	0.05%
	ESI	A	0.05%
	SIRI	C	0.05%
	SAIC	F	0.05%
	MAT	D	0.05%
	NOV	C	0.05%
	MSA	D	0.05%
	KD	B	0.05%
	WSC	D	0.05%
	MTG	C	0.05%
	IVZ	B	0.05%
	PARA	C	0.05%
	COLB	A	0.05%
	LSTR	D	0.05%
	BSY	D	0.05%
	ELF	C	0.05%
	DBX	B	0.05%
	FAF	A	0.05%
	STAG	F	0.05%
	LYFT	C	0.05%
	AZEK	A	0.05%
	HR	C	0.05%
	DINO	D	0.05%
	AZPN	A	0.05%
	M	D	0.04%
	GAP	C	0.04%
	KMPR	B	0.04%
	RYN	D	0.04%
	EEFT	B	0.04%
	PSN	D	0.04%
	SLGN	A	0.04%
	CELH	F	0.04%
	KRC	C	0.04%
	SEE	C	0.04%
	CUZ	B	0.04%
	LOPE	B	0.04%
	RH	B	0.04%
	AGO	B	0.04%
	FIVE	F	0.04%
	ST	F	0.04%
	HCP	B	0.04%
	ROIV	C	0.04%
	AVT	C	0.04%
	WTM	A	0.04%
	HXL	D	0.04%
	OLN	D	0.04%
	TKR	D	0.04%
	SON	D	0.04%
	BYD	C	0.04%
	NXST	C	0.04%
	INSP	D	0.04%
	UGI	A	0.04%
	AL	B	0.04%
	BROS	B	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	AM	A	0.04%
	VNOM	A	0.04%
	U	C	0.04%
	VKTX	F	0.04%
	APPF	B	0.04%
	POST	C	0.04%
	SLM	A	0.04%
	LNC	B	0.04%
	CLF	F	0.04%
	CCCS	B	0.04%
	LEA	D	0.04%
	IONS	F	0.04%
	TPG	A	0.04%
	CRUS	D	0.04%
	BC	C	0.04%
	WEN	D	0.03%
	AMTM	D	0.03%
	BHF	B	0.03%
	SMG	D	0.03%
	PENN	C	0.03%
	VAC	B	0.03%
	ZI	D	0.03%
	HUN	F	0.03%
	YETI	C	0.03%
	NCNO	B	0.03%
	IRDM	D	0.03%
	EPR	D	0.03%
	ZG	A	0.03%
	HIW	D	0.03%
	PII	D	0.03%
	ACHC	F	0.03%
	FHB	A	0.03%
	IAC	D	0.03%
	NVST	B	0.03%
	SPR	D	0.03%
	W	F	0.03%
	TNL	A	0.03%
	NWS	B	0.03%
	NWL	B	0.03%
	PRGO	B	0.03%
	DNB	B	0.03%
	XRAY	F	0.03%
	MDU	D	0.03%
	NEU	C	0.03%
	DXC	B	0.03%
	MSM	C	0.03%
	ASH	D	0.03%
	PEGA	A	0.03%
	OGN	D	0.03%
	LINE	F	0.03%
	HOG	D	0.03%
	FLO	D	0.03%
	RARE	D	0.03%
	CHH	A	0.03%
	GFS	C	0.03%
	MSGS	A	0.03%
	GTES	A	0.03%
	AN	C	0.03%
	DLB	B	0.03%
	VSTS	C	0.02%
	CRI	D	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	B	0.02%
	IPGP	D	0.02%
	LCID	F	0.02%
	KSS	F	0.02%
	SHC	F	0.02%
	PPC	C	0.02%
	ADT	C	0.02%
	AZTA	D	0.02%
	RCM	F	0.02%
	AAP	C	0.02%
	HAYW	B	0.02%
	CWEN	C	0.02%
	JWN	C	0.02%
	PINC	B	0.02%
	ALGM	D	0.02%
	CPRI	F	0.02%
	SPB	C	0.02%
	MP	B	0.02%
	HHH	B	0.02%
	ENOV	C	0.02%
	MPW	F	0.02%
	AGR	B	0.02%
	BOKF	B	0.02%
	WU	D	0.02%
	CXT	B	0.02%
	APLS	D	0.02%
	COTY	F	0.02%
	CACC	D	0.02%
	DV	C	0.02%
	FIVN	C	0.02%
	TDC	D	0.02%
	SAM	C	0.02%
	COLM	B	0.02%
	VIRT	B	0.02%
	CC	C	0.02%
	AMKR	D	0.02%
	ECG	C	0.02%
	AMED	F	0.02%
	MAN	D	0.02%
	PAG	B	0.02%
	RNG	B	0.02%
	SNRE	D	0.02%
	NSA	D	0.02%
	LLYVK	A	0.02%
	PK	B	0.02%
	UWMC	D	0.01%
	PLTK	B	0.01%
	SEB	F	0.01%
	TFSL	A	0.01%
	WOLF	F	0.01%
	LOAR	A	0.01%
	CWEN	C	0.01%
	CNA	B	0.01%
	AS	B	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%
	LEG	F	0.01%
	DJT	C	0.01%
	GO	C	0.01%
	QS	F	0.01%
	CAR	C	0.01%
	FTRE	D	0.01%
	FWONA	B	0.01%
	UA	C	0.01%
	CLVT	F	0.01%
	BIRK	D	0.01%
	CNXC	F	0.01%
	PARAA	B	0.0%
	SEG	B	0.0%
	GRAL	C	0.0%
	UHAL	D	0.0%
	NFE	D	0.0%

IWR Underweight 144 Positions Relative to FEX

	Symbol	Grade	Weight
	GM	B	-0.53%
	GS	A	-0.5%
	KKR	A	-0.49%
	PCAR	B	-0.48%
	EOG	A	-0.47%
	COP	C	-0.46%
	CVX	A	-0.46%
	TT	A	-0.45%
	AXP	A	-0.45%
	F	C	-0.45%
	VLO	C	-0.45%
	CMCSA	B	-0.44%
	SLB	C	-0.44%
	T	A	-0.44%
	WFC	A	-0.44%
	PGR	A	-0.43%
	XOM	B	-0.43%
	MPC	D	-0.42%
	OXY	D	-0.42%
	PSX	C	-0.42%
	DASH	A	-0.41%
	COF	B	-0.41%
	FI	A	-0.4%
	TMUS	B	-0.39%
	SRE	A	-0.38%
	CVS	D	-0.38%
	FDX	B	-0.37%
	PM	B	-0.37%
	ORCL	B	-0.37%
	MSI	B	-0.37%
	PH	A	-0.37%
	C	A	-0.37%
	CTAS	B	-0.36%
	CRBG	B	-0.36%
	INTC	D	-0.36%
	HCA	F	-0.35%
	COST	B	-0.35%
	AIG	B	-0.35%
	CB	C	-0.34%
	TGT	F	-0.34%
	MS	A	-0.33%
	ANET	C	-0.33%
	META	D	-0.33%
	DUK	C	-0.33%
	AEP	D	-0.32%
	VZ	C	-0.32%
	IBM	C	-0.32%
	GE	D	-0.32%
	ERIE	D	-0.32%
	NEE	D	-0.31%
	JPM	A	-0.3%
	BAC	A	-0.3%
	CEG	D	-0.3%
	FTNT	C	-0.3%
	BKNG	A	-0.3%
	NFLX	A	-0.3%
	NOW	A	-0.29%
	NVDA	C	-0.29%
	USB	A	-0.28%
	TRV	B	-0.28%
	WELL	A	-0.27%
	CSCO	B	-0.27%
	BSX	B	-0.27%
	ISRG	A	-0.27%
	CSX	B	-0.26%
	TJX	A	-0.26%
	BRK.A	B	-0.26%
	DE	A	-0.25%
	SPGI	C	-0.25%
	ICE	C	-0.25%
	CAT	B	-0.25%
	SHW	A	-0.25%
	MCO	B	-0.25%
	D	C	-0.25%
	PSA	D	-0.24%
	JNJ	D	-0.24%
	AVGO	D	-0.24%
	CARR	D	-0.23%
	TSLA	B	-0.22%
	APO	B	-0.22%
	TDG	D	-0.22%
	KHC	F	-0.22%
	STX	D	-0.22%
	KDP	D	-0.21%
	ELV	F	-0.2%
	DIS	B	-0.2%
	APD	A	-0.19%
	PNC	B	-0.19%
	DELL	C	-0.19%
	ETN	A	-0.18%
	PYPL	B	-0.18%
	SO	D	-0.17%
	AAPL	C	-0.17%
	UPS	C	-0.17%
	UBER	D	-0.16%
	CI	F	-0.16%
	GD	F	-0.16%
	ECL	D	-0.16%
	MDT	D	-0.16%
	KO	D	-0.15%
	MDLZ	F	-0.15%
	CL	D	-0.15%
	LLY	F	-0.14%
	NKE	D	-0.14%
	AMT	D	-0.14%
	PANW	C	-0.1%
	MAR	B	-0.1%
	EMR	A	-0.1%
	MET	A	-0.09%
	HD	A	-0.09%
	CMG	B	-0.09%
	EQIX	A	-0.09%
	ABT	B	-0.09%
	SBUX	A	-0.09%
	RSG	A	-0.09%
	NSC	B	-0.09%
	MA	C	-0.09%
	ORLY	B	-0.09%
	GOOGL	C	-0.09%
	APH	A	-0.09%
	JCI	C	-0.09%
	SYK	C	-0.09%
	AMZN	C	-0.09%
	ADSK	A	-0.09%
	AON	A	-0.09%
	MO	A	-0.09%
	BLK	C	-0.09%
	ZTS	D	-0.08%
	LMT	D	-0.08%
	NOC	D	-0.08%
	BDX	F	-0.08%
	PEP	F	-0.08%
	MU	D	-0.08%
	KMB	D	-0.08%
	MCD	D	-0.08%
	ACN	C	-0.08%
	MMC	B	-0.08%
	LOW	D	-0.08%
	AZO	C	-0.08%
	VRTX	F	-0.08%
	KLAC	D	-0.07%
	TMO	F	-0.07%
	AMGN	D	-0.07%
	FCX	D	-0.07%

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

FEX: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Software - Application Asset Management Specialty Retail Banks - Regional - US Business Services Diversified Industrials Insurance - Property & Casualty Aerospace & Defense Oil & Gas E&P Capital Markets Diagnostics & Research Health Care Plans Packaged Foods Semiconductors Specialty Chemicals Telecom Services Utilities - Diversified Credit Services Insurance Brokers

Keywords: S&P 500 Nasdaq 100 Natural Gas Insurance Electricity Computing Dow Jones Component Electronics Bank Insurance Products Telecommunications Banking Aerospace Chemical Investment Bank Real Estate Investment Trust Transport IBD 50 Medicine Disability