IWR vs. PFM ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to PowerShares Dividend Achievers (PFM)

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

$87.99

Average Daily Volume

1,177,576

Number of Holdings ^*

801

* may have additional holdings in another (foreign) market

PFM

PowerShares Dividend Achievers

PFM Description

The PowerShares Dividend AchieversTM Portfolio (Fund) seeks to replicate, before fees and expenses, the NASDAQ US Broad Dividend AchieversTM Index (Index), which is designed to identify a diversified group of dividend-paying companies. The Fund will normally invest at least 90% of its total assets in dividend paying common stocks that comprise Index. These companies have increased their annual dividend for 10 or more consecutive fiscal years. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc., replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Broad Dividend Achievers Index to NASDAQ US Broad Dividend Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$46.40

Average Daily Volume

27,422

Number of Holdings ^*

418

* may have additional holdings in another (foreign) market

Performance

Period	IWR	PFM
30 Days	4.19%	3.29%
60 Days	5.52%	5.70%
90 Days	8.27%	8.12%
12 Months	25.46%	25.25%

190 Overlapping Holdings

Symbol	Grade	Weight in IWR	Weight in PFM	Overlap
A	C	0.35%	0.18%	0.18%
ADC	C	0.07%	0.03%	0.03%
ADM	D	0.26%	0.13%	0.13%
AEE	C	0.2%	0.1%	0.1%
AES	C	0.11%	0.06%	0.06%
AFG	B	0.09%	0.05%	0.05%
AFL	C	0.54%	0.27%	0.27%
AGCO	D	0.05%	0.03%	0.03%
AGO	C	0.04%	0.02%	0.02%
AIZ	B	0.09%	0.04%	0.04%
AJG	D	0.56%	0.29%	0.29%
AL	D	0.04%	0.02%	0.02%
ALB	D	0.09%	0.05%	0.05%
ALL	B	0.43%	0.22%	0.22%
AMP	A	0.39%	0.19%	0.19%
AOS	D	0.08%	0.04%	0.04%
ARE	C	0.19%	0.09%	0.09%
ASH	D	0.04%	0.02%	0.02%
ATO	B	0.18%	0.09%	0.09%
ATR	B	0.09%	0.04%	0.04%
AVT	C	0.04%	0.02%	0.02%
AVY	C	0.15%	0.08%	0.08%
AWK	B	0.25%	0.13%	0.13%
AXS	B	0.05%	0.03%	0.03%
BAH	C	0.18%	0.09%	0.09%
BBY	C	0.19%	0.09%	0.09%
BC	C	0.05%	0.02%	0.02%
BEN	F	0.05%	0.05%	0.05%
BK	B	0.45%	0.23%	0.23%
BOKF	B	0.02%	0.03%	0.02%
BR	D	0.22%	0.11%	0.11%
BRO	C	0.22%	0.13%	0.13%
CAH	C	0.24%	0.12%	0.12%
CASY	D	0.12%	0.06%	0.06%
CBOE	C	0.19%	0.1%	0.1%
CBSH	C	0.06%	0.03%	0.03%
CDW	D	0.26%	0.13%	0.13%
CE	F	0.12%	0.06%	0.06%
CFR	C	0.06%	0.03%	0.03%
CHD	D	0.22%	0.11%	0.11%
CHDN	C	0.09%	0.05%	0.05%
CHE	C	0.07%	0.04%	0.04%
CHRW	B	0.1%	0.05%	0.05%
CINF	B	0.18%	0.09%	0.09%
CLX	C	0.18%	0.09%	0.09%
CMI	C	0.36%	0.18%	0.18%
CMS	C	0.18%	0.09%	0.09%
CSL	B	0.17%	0.08%	0.08%
CUBE	B	0.11%	0.05%	0.05%
DCI	C	0.07%	0.04%	0.04%
DDS	F	0.01%	0.02%	0.01%
DFS	B	0.29%	0.14%	0.14%
DGX	B	0.15%	0.08%	0.08%
DOV	B	0.22%	0.11%	0.11%
DPZ	F	0.12%	0.06%	0.06%
DTE	C	0.23%	0.11%	0.11%
ED	C	0.32%	0.16%	0.16%
EGP	B	0.08%	0.04%	0.04%
EIX	C	0.28%	0.14%	0.14%
ELS	C	0.12%	0.06%	0.06%
EMN	B	0.11%	0.05%	0.05%
ES	C	0.21%	0.11%	0.11%
ESS	B	0.18%	0.09%	0.09%
EVR	A	0.08%	0.04%	0.04%
EVRG	B	0.12%	0.06%	0.06%
EXPD	C	0.15%	0.08%	0.08%
EXR	B	0.33%	0.17%	0.17%
FAF	B	0.06%	0.03%	0.03%
FAST	C	0.35%	0.18%	0.18%
FDS	C	0.15%	0.07%	0.07%
FITB	B	0.25%	0.13%	0.13%
FIX	B	0.11%	0.05%	0.05%
FLO	C	0.04%	0.02%	0.02%
FNF	B	0.13%	0.07%	0.07%
FR	B	0.06%	0.03%	0.03%
GGG	C	0.12%	0.06%	0.06%
GL	C	0.09%	0.04%	0.04%
GLW	C	0.28%	0.16%	0.16%
GPC	D	0.17%	0.08%	0.08%
GWW	B	0.38%	0.22%	0.22%
HEI	B	0.1%	0.06%	0.06%
HEI	B	0.15%	0.06%	0.06%
HIG	B	0.3%	0.15%	0.15%
HII	D	0.09%	0.04%	0.04%
HPQ	D	0.28%	0.14%	0.14%
HRL	C	0.08%	0.08%	0.08%
HSY	C	0.26%	0.13%	0.13%
HUBB	B	0.19%	0.09%	0.09%
HUM	F	0.34%	0.17%	0.17%
IDA	C	0.05%	0.02%	0.02%
IEX	D	0.13%	0.07%	0.07%
INGR	B	0.08%	0.04%	0.04%
IPG	C	0.1%	0.05%	0.05%
ITT	B	0.1%	0.05%	0.05%
JBHT	D	0.12%	0.08%	0.08%
JKHY	B	0.11%	0.06%	0.06%
K	B	0.18%	0.12%	0.12%
KEY	B	0.13%	0.07%	0.07%
KR	C	0.32%	0.18%	0.18%
LAD	D	0.07%	0.03%	0.03%
LECO	F	0.09%	0.04%	0.04%
LFUS	C	0.05%	0.03%	0.03%
LHX	C	0.38%	0.19%	0.19%
LII	B	0.17%	0.09%	0.09%
LNT	B	0.13%	0.07%	0.07%
LYB	D	0.21%	0.14%	0.14%
MAA	B	0.17%	0.08%	0.08%
MAN	C	0.03%	0.01%	0.01%
MAS	B	0.15%	0.08%	0.08%
MCHP	F	0.36%	0.18%	0.18%
MDU	C	0.05%	0.02%	0.02%
MKC	C	0.18%	0.09%	0.09%
MKTX	C	0.08%	0.04%	0.04%
MORN	C	0.07%	0.06%	0.06%
MSA	D	0.06%	0.03%	0.03%
NDAQ	A	0.26%	0.19%	0.19%
NDSN	C	0.12%	0.06%	0.06%
NFG	B	0.05%	0.02%	0.02%
NI	B	0.13%	0.07%	0.07%
NNN	C	0.08%	0.04%	0.04%
NUE	F	0.3%	0.15%	0.15%
NXST	D	0.05%	0.02%	0.02%
O	C	0.47%	0.24%	0.24%
OGE	C	0.07%	0.04%	0.04%
ORI	B	0.08%	0.04%	0.04%
OSK	F	0.06%	0.03%	0.03%
OZK	D	0.04%	0.02%	0.02%
PAYX	C	0.38%	0.21%	0.21%
PB	B	0.06%	0.03%	0.03%
PEG	B	0.37%	0.18%	0.18%
PFG	B	0.17%	0.08%	0.08%
PII	D	0.04%	0.02%	0.02%
PKG	B	0.16%	0.08%	0.08%
PNW	C	0.09%	0.04%	0.04%
POOL	C	0.12%	0.06%	0.06%
PPG	D	0.26%	0.13%	0.13%
PRGO	D	0.03%	0.02%	0.02%
PRI	B	0.08%	0.04%	0.04%
PRU	C	0.37%	0.18%	0.18%
R	A	0.05%	0.03%	0.03%
REG	C	0.12%	0.06%	0.06%
REXR	C	0.1%	0.05%	0.05%
RF	B	0.18%	0.09%	0.09%
RGA	C	0.12%	0.06%	0.06%
RGLD	C	0.08%	0.04%	0.04%
RHI	D	0.06%	0.03%	0.03%
RJF	C	0.2%	0.11%	0.11%
RLI	B	0.06%	0.03%	0.03%
RMD	C	0.32%	0.16%	0.16%
RNR	C	0.12%	0.06%	0.06%
ROK	D	0.26%	0.13%	0.13%
RPM	B	0.13%	0.07%	0.07%
RRX	C	0.09%	0.04%	0.04%
RS	D	0.14%	0.07%	0.07%
SCI	B	0.1%	0.05%	0.05%
SEIC	C	0.06%	0.04%	0.04%
SJM	C	0.11%	0.06%	0.06%
SLGN	B	0.04%	0.02%	0.02%
SNA	C	0.13%	0.06%	0.06%
SON	C	0.05%	0.02%	0.02%
SSD	D	0.07%	0.03%	0.03%
STAG	C	0.06%	0.03%	0.03%
STE	C	0.21%	0.11%	0.11%
STLD	F	0.15%	0.08%	0.08%
STT	A	0.22%	0.11%	0.11%
SWK	B	0.14%	0.07%	0.07%
SYY	D	0.33%	0.17%	0.17%
THG	B	0.05%	0.02%	0.02%
THO	D	0.05%	0.02%	0.02%
TKR	D	0.04%	0.02%	0.02%
TROW	D	0.2%	0.1%	0.1%
TSCO	C	0.27%	0.13%	0.13%
TSN	C	0.15%	0.08%	0.08%
TTC	D	0.08%	0.04%	0.04%
UDR	C	0.13%	0.07%	0.07%
UGI	C	0.04%	0.02%	0.02%
UNM	B	0.07%	0.05%	0.05%
VMC	D	0.27%	0.14%	0.14%
WBA	F	0.06%	0.03%	0.03%
WEC	C	0.26%	0.13%	0.13%
WLK	D	0.04%	0.08%	0.04%
WRB	C	0.16%	0.1%	0.1%
WSM	D	0.16%	0.08%	0.08%
WSO	C	0.14%	0.07%	0.07%
WST	D	0.19%	0.1%	0.1%
WTFC	B	0.06%	0.03%	0.03%
WTRG	D	0.09%	0.05%	0.05%
XEL	B	0.31%	0.16%	0.16%
XYL	C	0.28%	0.14%	0.14%
ZION	D	0.06%	0.03%	0.03%

IWR Overweight 611 Positions Relative to PFM

Symbol	Grade	Weight
PLTR	B	0.63%
DHI	B	0.5%
WMB	B	0.48%
HLT	B	0.47%
OKE	B	0.47%
SPG	B	0.46%
ROST	C	0.45%
DLR	B	0.45%
CCI	C	0.45%
URI	B	0.42%
TTD	B	0.41%
FIS	B	0.41%
KVUE	C	0.39%
LEN	B	0.39%
FICO	B	0.39%
MPWR	C	0.38%
IQV	C	0.38%
MSCI	C	0.38%
PCG	C	0.37%
KMI	B	0.36%
LNG	C	0.36%
IDXX	C	0.36%
GIS	B	0.36%
CTVA	B	0.35%
RCL	B	0.35%
EXC	C	0.35%
CNC	D	0.35%
COR	D	0.35%
ACGL	C	0.35%
CTSH	C	0.34%
IT	B	0.34%
AME	C	0.34%
HWM	B	0.34%
FERG	D	0.34%
EA	D	0.34%
PWR	B	0.34%
YUM	D	0.33%
EFX	B	0.33%
ODFL	D	0.33%
OTIS	C	0.33%
VRSK	D	0.33%
CBRE	A	0.32%
IR	C	0.32%
GEHC	C	0.32%
DOW	D	0.31%
VICI	C	0.31%
SQ	D	0.31%
HES	F	0.31%
DD	B	0.3%
IRM	C	0.3%
DDOG	D	0.29%
AVB	B	0.29%
BKR	C	0.29%
ALNY	C	0.29%
MLM	D	0.28%
CHTR	D	0.28%
CSGP	D	0.28%
EBAY	B	0.28%
VEEV	C	0.28%
COIN	F	0.28%
TRGP	B	0.28%
FANG	D	0.27%
VRT	C	0.27%
ON	D	0.27%
PHM	B	0.26%
EQR	B	0.26%
VST	C	0.26%
APP	C	0.26%
WAB	B	0.26%
WTW	C	0.26%
MTB	B	0.25%
GPN	D	0.25%
BIIB	F	0.25%
MTD	D	0.25%
DAL	C	0.25%
VLTO	C	0.24%
AXON	B	0.24%
ETR	B	0.24%
DXCM	F	0.24%
CPNG	B	0.24%
ANSS	D	0.24%
NVR	B	0.24%
FTV	C	0.23%
SBAC	C	0.23%
KEYS	C	0.23%
VTR	C	0.23%
ARES	B	0.23%
IFF	B	0.23%
GRMN	D	0.23%
TYL	C	0.22%
HAL	F	0.22%
DVN	F	0.22%
TTWO	C	0.22%
FE	C	0.22%
NET	D	0.21%
WY	C	0.21%
DECK	C	0.21%
PPL	C	0.21%
HUBS	D	0.21%
NTAP	D	0.21%
FSLR	C	0.21%
INVH	C	0.2%
SMCI	F	0.2%
RBLX	B	0.2%
WDC	D	0.19%
CPAY	B	0.19%
COO	B	0.19%
GDDY	C	0.19%
ZBH	F	0.19%
FCNCA	D	0.19%
BLDR	C	0.19%
MSTR	D	0.19%
HPE	D	0.19%
TDY	B	0.18%
TER	D	0.18%
MKL	C	0.18%
BAX	C	0.18%
PTC	D	0.18%
ILMN	C	0.18%
BALL	C	0.18%
WBD	D	0.18%
MOH	D	0.18%
HBAN	B	0.18%
LDOS	B	0.18%
SYF	C	0.17%
DRI	B	0.17%
WAT	C	0.17%
OMC	B	0.17%
TRU	B	0.17%
EQT	D	0.17%
MDB	D	0.17%
NTRS	A	0.16%
J	C	0.16%
ULTA	D	0.16%
SUI	B	0.16%
AVTR	B	0.16%
ALGN	D	0.16%
EME	B	0.16%
CFG	C	0.16%
DG	F	0.16%
LH	C	0.16%
HOLX	B	0.16%
APTV	D	0.16%
EG	C	0.15%
ENTG	F	0.15%
TXT	D	0.15%
DKNG	C	0.15%
IP	B	0.15%
ZM	C	0.15%
CTRA	D	0.15%
PINS	F	0.15%
EXPE	C	0.15%
LUV	C	0.15%
CCL	C	0.15%
ZBRA	B	0.15%
NRG	C	0.15%
BURL	B	0.15%
CNP	C	0.15%
FWONK	C	0.14%
ZS	F	0.14%
LYV	B	0.14%
TOL	B	0.14%
THC	A	0.14%
AMCR	B	0.14%
VRSN	D	0.14%
KIM	C	0.14%
DOC	C	0.14%
BMRN	F	0.14%
MANH	B	0.14%
SSNC	B	0.14%
PODD	B	0.14%
UAL	C	0.14%
SWKS	D	0.14%
NTRA	C	0.13%
LVS	D	0.13%
OC	D	0.13%
NTNX	C	0.13%
L	C	0.13%
ENPH	D	0.13%
HOOD	C	0.13%
UTHR	C	0.13%
CF	C	0.13%
AKAM	D	0.13%
CVNA	B	0.13%
GEN	B	0.13%
MRO	C	0.13%
RVTY	B	0.13%
PNR	B	0.13%
TPL	B	0.13%
LPLA	D	0.13%
CAG	C	0.13%
ACM	B	0.12%
DT	C	0.12%
IBKR	B	0.12%
UHS	B	0.12%
GLPI	C	0.12%
TW	B	0.12%
WPC	C	0.12%
BG	D	0.12%
TRMB	C	0.12%
USFD	B	0.12%
AMH	C	0.12%
VTRS	D	0.12%
GWRE	A	0.12%
ROL	C	0.12%
PSTG	F	0.12%
DLTR	F	0.12%
CW	B	0.11%
HST	C	0.11%
NBIX	F	0.11%
FFIV	B	0.11%
BLD	D	0.11%
TTEK	C	0.11%
DKS	D	0.11%
ALLE	B	0.11%
KMX	D	0.11%
JNPR	B	0.11%
JBL	D	0.11%
EQH	C	0.11%
XPO	D	0.11%
BXP	B	0.11%
CLH	A	0.11%
CPT	B	0.11%
LKQ	F	0.1%
TXRH	C	0.1%
NVT	D	0.1%
RIVN	F	0.1%
EWBC	D	0.1%
EPAM	F	0.1%
SRPT	D	0.1%
PFGC	B	0.1%
LAMR	B	0.1%
SAIA	D	0.1%
OKTA	F	0.1%
DOCU	C	0.1%
SW	B	0.1%
TECH	C	0.1%
WING	B	0.1%
TFX	C	0.1%
TOST	C	0.1%
INCY	C	0.1%
EXAS	C	0.1%
FND	C	0.1%
JLL	B	0.1%
OLED	C	0.09%
TPR	C	0.09%
WMS	D	0.09%
CPB	C	0.09%
WWD	D	0.09%
DOX	C	0.09%
NWSA	D	0.09%
ARMK	B	0.09%
LNW	B	0.09%
OHI	B	0.09%
MUSA	D	0.09%
AFRM	C	0.09%
CRL	F	0.09%
KNSL	C	0.09%
NLY	B	0.09%
COHR	C	0.09%
TWLO	D	0.09%
QRVO	F	0.09%
FBIN	B	0.09%
OVV	F	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%
TPX	C	0.08%
APA	F	0.08%
DAY	D	0.08%
WAL	B	0.08%
HRB	C	0.08%
OWL	C	0.08%
CG	D	0.08%
MGM	F	0.08%
MEDP	F	0.08%
FYBR	C	0.08%
BWXT	D	0.08%
HSIC	C	0.08%
SKX	D	0.08%
CNH	D	0.08%
ALLY	F	0.08%
GPK	B	0.08%
TKO	B	0.08%
LW	D	0.08%
EHC	C	0.08%
EXP	B	0.08%
MTCH	C	0.08%
CAVA	B	0.08%
ROKU	C	0.08%
Z	B	0.08%
HAS	B	0.08%
FOXA	B	0.08%
TAP	D	0.08%
FRT	C	0.08%
ONTO	D	0.08%
SOLV	C	0.08%
CHK	D	0.08%
BWA	D	0.07%
MKSI	F	0.07%
CR	C	0.07%
BERY	B	0.07%
BRBR	C	0.07%
VOYA	B	0.07%
ATI	C	0.07%
EXEL	C	0.07%
AXTA	B	0.07%
CROX	D	0.07%
AR	F	0.07%
ALSN	B	0.07%
COKE	C	0.07%
WBS	D	0.07%
ITCI	D	0.07%
FCN	D	0.07%
RGEN	F	0.07%
APG	D	0.07%
GMED	D	0.07%
FMC	C	0.07%
AYI	B	0.07%
HLI	B	0.07%
SOFI	C	0.07%
WYNN	D	0.07%
X	F	0.07%
CIEN	C	0.07%
ACI	F	0.07%
BFAM	C	0.07%
RBC	C	0.07%
AA	D	0.07%
KNX	C	0.07%
GNRC	D	0.07%
NCLH	C	0.07%
GLOB	D	0.07%
DVA	B	0.07%
COLD	D	0.07%
KBR	D	0.07%
WEX	C	0.07%
MHK	C	0.07%
CHRD	F	0.07%
DUOL	B	0.07%
CZR	C	0.07%
MOS	F	0.07%
BRX	B	0.07%
PR	F	0.07%
SNX	D	0.07%
NYT	C	0.07%
BIO	C	0.06%
STWD	B	0.06%
CART	A	0.06%
AZEK	C	0.06%
LPX	B	0.06%
H	C	0.06%
VNO	B	0.06%
AAON	B	0.06%
GTLB	D	0.06%
LSTR	D	0.06%
MAT	C	0.06%
VFC	C	0.06%
ETSY	F	0.06%
FRPT	B	0.06%
IONS	F	0.06%
SMAR	C	0.06%
RYAN	D	0.06%
WFRD	F	0.06%
JAZZ	D	0.06%
SNV	C	0.06%
CGNX	F	0.06%
LBRDK	F	0.06%
ARW	C	0.06%
GNTX	F	0.06%
MTG	B	0.06%
CNM	F	0.06%
MTN	D	0.06%
SN	B	0.06%
RRC	D	0.06%
G	C	0.06%
BRKR	D	0.06%
RL	C	0.06%
SWN	D	0.06%
PEN	D	0.06%
KEX	C	0.06%
PCTY	C	0.06%
AAL	D	0.06%
WCC	D	0.06%
BSY	D	0.06%
UHAL	A	0.06%
VKTX	C	0.06%
MTZ	B	0.06%
SAIC	C	0.06%
MIDD	D	0.06%
BPOP	C	0.06%
ACHC	C	0.06%
ELAN	D	0.06%
TREX	D	0.06%
HR	C	0.06%
PLNT	B	0.06%
AGNC	B	0.06%
CRUS	D	0.06%
PNFP	B	0.06%
WSC	D	0.06%
DINO	F	0.06%
CMA	B	0.06%
DTM	B	0.06%
VNT	F	0.05%
OLN	D	0.05%
RARE	B	0.05%
ST	D	0.05%
FNB	C	0.05%
WHR	D	0.05%
S	C	0.05%
KD	D	0.05%
ALK	C	0.05%
FIVE	D	0.05%
OGN	D	0.05%
VVV	D	0.05%
CIVI	F	0.05%
BILL	D	0.05%
LAZ	B	0.05%
OMF	D	0.05%
VMI	D	0.05%
PVH	F	0.05%
XRAY	D	0.05%
AMG	C	0.05%
AWI	B	0.05%
GME	F	0.05%
DAR	F	0.05%
CLF	F	0.05%
MTSI	D	0.05%
ESAB	C	0.05%
SRCL	A	0.05%
ESI	D	0.05%
POST	C	0.05%
RITM	B	0.05%
MTDR	F	0.05%
IVZ	B	0.05%
U	D	0.05%
CELH	F	0.05%
OLLI	C	0.05%
SIRI	C	0.05%
LEA	F	0.05%
GXO	D	0.05%
INSP	C	0.05%
AZPN	B	0.05%
PCOR	F	0.05%
DBX	D	0.05%
LSCC	D	0.05%
ESTC	F	0.05%
WH	B	0.05%
BBWI	F	0.05%
ELF	F	0.05%
FLS	D	0.05%
PARA	F	0.05%
SITE	C	0.05%
NOV	F	0.05%
LYFT	D	0.04%
M	F	0.04%
LOPE	D	0.04%
DLB	D	0.04%
ROIV	C	0.04%
BYD	C	0.04%
GAP	F	0.04%
EEFT	D	0.04%
KRC	B	0.04%
CPRI	D	0.04%
AN	D	0.04%
W	D	0.04%
WTM	D	0.04%
CUZ	B	0.04%
SEE	D	0.04%
PSN	B	0.04%
LNC	D	0.04%
HOG	C	0.04%
SLM	D	0.04%
RYN	C	0.04%
DOCS	B	0.04%
JHG	B	0.04%
TPG	B	0.04%
RH	B	0.04%
MASI	F	0.04%
CCCS	D	0.04%
CFLT	F	0.04%
FOX	B	0.04%
PATH	D	0.04%
APPF	D	0.04%
HXL	F	0.04%
AM	C	0.04%
FOUR	C	0.04%
COLB	B	0.04%
PAG	D	0.03%
CXT	D	0.03%
SMG	C	0.03%
WU	F	0.03%
PK	D	0.03%
TNL	D	0.03%
PEGA	C	0.03%
FHB	D	0.03%
WEN	C	0.03%
PENN	D	0.03%
BROS	D	0.03%
AMED	C	0.03%
CNXC	F	0.03%
IRDM	D	0.03%
NWS	D	0.03%
NWL	C	0.03%
HCP	B	0.03%
ZI	D	0.03%
NVST	D	0.03%
LBTYA	B	0.03%
YETI	D	0.03%
NSA	B	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%
CHH	C	0.03%
HUN	D	0.03%
EPR	B	0.03%
MSM	D	0.03%
KMPR	D	0.03%
COTY	F	0.03%
LITE	B	0.03%
NEU	D	0.03%
MPW	C	0.03%
MSGS	B	0.03%
DXC	C	0.03%
SPR	D	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	D	0.02%
AS	C	0.02%
BIRK	F	0.02%
MP	D	0.02%
HAYW	C	0.02%
IPGP	F	0.02%
LLYVK	B	0.02%
VSTS	D	0.02%
ADT	C	0.02%
QS	F	0.02%
FIVN	F	0.02%
KSS	F	0.02%
LEN	B	0.02%
JWN	C	0.02%
RCM	C	0.02%
HHH	C	0.02%
TXG	D	0.02%
ENOV	D	0.02%
RNG	F	0.02%
CWEN	C	0.02%
QDEL	D	0.02%
PINC	C	0.02%
AAP	F	0.02%
NCNO	D	0.02%
SAM	F	0.02%
DV	F	0.02%
SHC	C	0.02%
AGR	B	0.02%
VAC	F	0.02%
CRI	D	0.02%
AZTA	F	0.02%
CLVT	D	0.02%
CACC	F	0.02%
CC	F	0.02%
VIRT	C	0.02%
SPB	C	0.02%
ZG	B	0.02%
RKT	C	0.02%
TDC	F	0.02%
COLM	C	0.02%
BHF	F	0.02%
TFSL	C	0.01%
NFE	F	0.01%
SEB	D	0.01%
UI	B	0.01%
LLYVA	B	0.01%
LOAR	C	0.01%
ALAB	D	0.01%
UWMC	D	0.01%
CWEN	C	0.01%
PYCR	D	0.01%
DJT	F	0.01%
LBRDA	F	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%
TRIP	F	0.01%
UA	D	0.01%
GO	F	0.01%
INFA	D	0.01%
LEG	D	0.01%
PPC	D	0.01%
ALGM	F	0.01%
SEG	C	0.0%
PARAA	D	0.0%
GRAL	F	0.0%
UHAL	A	0.0%
PLTK	C	0.0%

IWR Underweight 229 Positions Relative to PFM

Symbol	Grade	Weight
AAPL	C	-4.29%
MSFT	C	-3.81%
AVGO	C	-3.37%
WMT	C	-2.84%
JPM	D	-2.62%
UNH	C	-2.39%
XOM	C	-2.21%
MA	B	-2.01%
V	C	-1.99%
ORCL	C	-1.96%
PG	C	-1.81%
COST	B	-1.79%
JNJ	C	-1.75%
HD	B	-1.64%
ABBV	C	-1.52%
KO	C	-1.36%
BAC	D	-1.34%
MRK	D	-1.29%
CVX	D	-1.14%
PEP	C	-1.08%
LIN	B	-0.99%
ACN	C	-0.97%
MCD	B	-0.93%
ABT	C	-0.9%
DHR	B	-0.89%
CSCO	C	-0.88%
PM	C	-0.86%
IBM	B	-0.86%
VZ	B	-0.82%
QCOM	D	-0.81%
INTU	C	-0.8%
TXN	C	-0.79%
AMGN	B	-0.78%
NEE	C	-0.76%
PFE	C	-0.73%
CAT	B	-0.73%
SPGI	B	-0.72%
RTX	C	-0.71%
MS	D	-0.69%
GS	C	-0.68%
CMCSA	D	-0.68%
UNP	C	-0.67%
LOW	B	-0.64%
SYK	C	-0.62%
LMT	C	-0.6%
HON	D	-0.59%
BLK	B	-0.58%
ELV	C	-0.56%
ETN	C	-0.54%
MDT	C	-0.53%
PLD	C	-0.53%
CB	B	-0.52%
SBUX	C	-0.5%
MMC	C	-0.5%
ADP	B	-0.5%
ADI	C	-0.49%
AMT	C	-0.49%
KLAC	D	-0.44%
MDLZ	B	-0.44%
SO	B	-0.43%
BMY	C	-0.43%
NKE	D	-0.42%
SHW	B	-0.42%
ICE	C	-0.41%
UPS	D	-0.41%
DUK	C	-0.4%
MO	C	-0.4%
CL	D	-0.39%
MCO	B	-0.39%
ZTS	C	-0.38%
GD	B	-0.37%
WM	D	-0.37%
CTAS	B	-0.37%
TT	B	-0.36%
CME	C	-0.35%
APH	D	-0.34%
NOC	B	-0.34%
ITW	C	-0.33%
AON	B	-0.33%
ECL	B	-0.32%
MMM	B	-0.32%
MSI	B	-0.32%
PNC	B	-0.31%
BDX	D	-0.3%
USB	B	-0.3%
TGT	C	-0.3%
CSX	D	-0.29%
MCK	F	-0.29%
EPD	B	-0.28%
RSG	D	-0.28%
APD	B	-0.27%
EMR	D	-0.26%
ROP	C	-0.26%
TFC	C	-0.25%
MET	B	-0.24%
TRV	C	-0.24%
AEP	C	-0.24%
SRE	C	-0.23%
PSX	F	-0.23%
KMB	D	-0.21%
MPLX	B	-0.19%
TEL	D	-0.19%
ERIE	B	-0.1%
ENSG	B	-0.04%
CBT	B	-0.03%
BMI	A	-0.03%
TRNO	C	-0.03%
SSB	B	-0.03%
UFPI	C	-0.03%
AIT	A	-0.03%
CCOI	C	-0.02%
WDFC	C	-0.02%
CNO	B	-0.02%
SR	B	-0.02%
KAI	C	-0.02%
IBOC	D	-0.02%
BKH	B	-0.02%
AVNT	B	-0.02%
FUL	C	-0.02%
FELE	C	-0.02%
CNS	B	-0.02%
MATX	B	-0.02%
NJR	B	-0.02%
POR	C	-0.02%
GATX	D	-0.02%
LANC	D	-0.02%
UBSI	B	-0.02%
UMBF	B	-0.02%
SWX	C	-0.02%
FFIN	B	-0.02%
WTS	C	-0.02%
EXPO	A	-0.02%
HOMB	B	-0.02%
BCPC	C	-0.02%
SIGI	D	-0.02%
CADE	C	-0.02%
UVV	D	-0.01%
WABC	D	-0.01%
LNN	D	-0.01%
TR	C	-0.01%
CSGS	C	-0.01%
HMN	D	-0.01%
TCBK	D	-0.01%
APOG	B	-0.01%
SRCE	C	-0.01%
NWN	C	-0.01%
ANDE	D	-0.01%
STBA	B	-0.01%
LKFN	C	-0.01%
SCL	D	-0.01%
SYBT	A	-0.01%
GTY	B	-0.01%
TNC	F	-0.01%
CHCO	B	-0.01%
AGM	D	-0.01%
WSBC	D	-0.01%
DKL	C	-0.01%
SJW	C	-0.01%
HI	F	-0.01%
NHC	D	-0.01%
LMAT	C	-0.01%
SXI	C	-0.01%
NBTB	D	-0.01%
FRME	D	-0.01%
MTRN	F	-0.01%
WOR	D	-0.01%
HNI	C	-0.01%
TOWN	B	-0.01%
HWKN	C	-0.01%
INDB	C	-0.01%
TRN	D	-0.01%
SFNC	B	-0.01%
ABR	B	-0.01%
CPK	B	-0.01%
IOSP	D	-0.01%
WAFD	C	-0.01%
AVA	C	-0.01%
KWR	D	-0.01%
AWR	B	-0.01%
CBU	C	-0.01%
FIBK	B	-0.01%
WSFS	D	-0.01%
CWT	C	-0.01%
ASB	D	-0.01%
ABM	D	-0.01%
MGEE	B	-0.01%
OTTR	F	-0.01%
JJSF	C	-0.01%
NSP	F	-0.01%
BRC	C	-0.01%
GFF	D	-0.01%
POWI	F	-0.01%
AUB	D	-0.01%
BANF	B	-0.01%
NWE	B	-0.01%
FLIC	B	-0.0%
BMRC	C	-0.0%
JOUT	D	-0.0%
ODC	C	-0.0%
ARTNA	D	-0.0%
HVT	D	-0.0%
CTO	C	-0.0%
AROW	D	-0.0%
THFF	B	-0.0%
HIFS	B	-0.0%
WASH	A	-0.0%
YORW	D	-0.0%
CASS	C	-0.0%
SMBC	C	-0.0%
PLOW	C	-0.0%
UHT	B	-0.0%
GSBC	D	-0.0%
HBNC	B	-0.0%
MBWM	D	-0.0%
MATW	F	-0.0%
MNRO	D	-0.0%
SPTN	C	-0.0%
HFWA	C	-0.0%
FCBC	A	-0.0%
TMP	C	-0.0%
HY	F	-0.0%
PFC	C	-0.0%
CTBI	B	-0.0%
AMSF	C	-0.0%
GRC	D	-0.0%
SBSI	B	-0.0%
SCVL	B	-0.0%
GABC	C	-0.0%
MSEX	C	-0.0%