IWS vs. FAD ETF Comparison

Comparison of iShares Russell Mid-cap Value ETF (IWS) to First Trust MuFirst Trust Multi CG AlphaDEX (FAD)

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. 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. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$131.46

Average Daily Volume

286,589

Number of Holdings ^*

706

* 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

$133.58

Average Daily Volume

5,542

Number of Holdings ^*

649

* may have additional holdings in another (foreign) market

Performance

Period	IWS	FAD
30 Days	3.11%	6.45%
60 Days	9.24%	13.50%
90 Days	10.48%	8.84%
12 Months	31.20%	37.41%

184 Overlapping Holdings

Symbol	Grade	Weight in IWS	Weight in FAD	Overlap
ADC	C	0.08%	0.1%	0.08%
AES	C	0.16%	0.05%	0.05%
AFRM	C	0.1%	0.11%	0.1%
AJG	C	0.65%	0.36%	0.36%
ALGM	F	0.03%	0.03%	0.03%
ALLE	A	0.14%	0.05%	0.05%
ALNY	C	0.04%	0.19%	0.04%
ALSN	A	0.1%	0.26%	0.1%
AM	A	0.04%	0.17%	0.04%
AME	C	0.44%	0.08%	0.08%
AMH	D	0.14%	0.08%	0.08%
AOS	C	0.12%	0.09%	0.09%
APG	F	0.08%	0.14%	0.08%
ARMK	C	0.11%	0.19%	0.11%
ATI	C	0.09%	0.25%	0.09%
ATR	A	0.12%	0.19%	0.12%
AVB	C	0.35%	0.18%	0.18%
AWI	A	0.04%	0.19%	0.04%
AXTA	C	0.09%	0.13%	0.09%
AZEK	D	0.02%	0.09%	0.02%
BFAM	C	0.08%	0.21%	0.08%
BK	A	0.59%	0.5%	0.5%
BLD	D	0.13%	0.09%	0.09%
BR	B	0.02%	0.26%	0.02%
BRBR	A	0.09%	0.13%	0.09%
BRO	A	0.16%	0.38%	0.16%
BROS	F	0.02%	0.07%	0.02%
BRX	C	0.09%	0.05%	0.05%
BWXT	A	0.09%	0.19%	0.09%
CASY	D	0.13%	0.2%	0.13%
CCL	C	0.2%	0.33%	0.2%
CFR	B	0.07%	0.13%	0.07%
CHD	D	0.29%	0.17%	0.17%
CHE	D	0.09%	0.05%	0.05%
CHH	A	0.01%	0.09%	0.01%
CIVI	F	0.04%	0.03%	0.03%
CLH	B	0.14%	0.22%	0.14%
CNM	F	0.03%	0.11%	0.03%
COKE	C	0.09%	0.25%	0.09%
CPT	C	0.14%	0.09%	0.09%
CSL	A	0.2%	0.37%	0.2%
CUBE	C	0.13%	0.05%	0.05%
CVNA	A	0.14%	0.28%	0.14%
CW	A	0.14%	0.25%	0.14%
DAL	C	0.36%	0.35%	0.35%
DCI	B	0.1%	0.13%	0.1%
DLR	C	0.58%	0.26%	0.26%
DOC	C	0.18%	0.05%	0.05%
DOCS	A	0.05%	0.07%	0.05%
DPZ	D	0.11%	0.28%	0.11%
DRI	C	0.1%	0.09%	0.09%
EA	D	0.43%	0.17%	0.17%
EEFT	F	0.05%	0.12%	0.05%
EGP	D	0.1%	0.04%	0.04%
EME	B	0.14%	0.24%	0.14%
EPR	C	0.04%	0.05%	0.04%
ESAB	C	0.07%	0.14%	0.07%
ESS	D	0.21%	0.18%	0.18%
EXEL	B	0.01%	0.14%	0.01%
EXP	C	0.03%	0.11%	0.03%
FCN	C	0.09%	0.17%	0.09%
FCNCA	D	0.24%	0.45%	0.24%
FFIV	B	0.14%	0.1%	0.1%
FICO	C	0.08%	0.43%	0.08%
FRPT	A	0.05%	0.22%	0.05%
FSLR	C	0.29%	0.27%	0.27%
GEN	A	0.17%	0.45%	0.17%
GNTX	D	0.08%	0.11%	0.08%
GPK	D	0.1%	0.09%	0.09%
GRMN	D	0.3%	0.45%	0.3%
GWRE	A	0.09%	0.22%	0.09%
GWW	B	0.07%	0.19%	0.07%
H	B	0.06%	0.2%	0.06%
HAS	A	0.01%	0.15%	0.01%
HLT	A	0.31%	0.44%	0.31%
HOOD	B	0.17%	0.21%	0.17%
HRB	C	0.08%	0.24%	0.08%
HST	D	0.14%	0.08%	0.08%
HUBB	A	0.26%	0.19%	0.19%
HWM	A	0.43%	0.53%	0.43%
HXL	F	0.06%	0.04%	0.04%
IBKR	A	0.16%	0.23%	0.16%
INFA	D	0.02%	0.07%	0.02%
INGR	B	0.1%	0.15%	0.1%
INVH	D	0.24%	0.16%	0.16%
IONS	F	0.01%	0.1%	0.01%
IR	A	0.44%	0.36%	0.36%
IRM	B	0.17%	0.55%	0.17%
ITT	C	0.14%	0.19%	0.14%
JKHY	A	0.15%	0.04%	0.04%
JWN	D	0.02%	0.1%	0.02%
KD	D	0.06%	0.18%	0.06%
LAMR	C	0.1%	0.14%	0.1%
LOPE	D	0.03%	0.17%	0.03%
LW	D	0.07%	0.06%	0.06%
LYFT	D	0.02%	0.07%	0.02%
MAS	C	0.21%	0.1%	0.1%
MGM	D	0.1%	0.21%	0.1%
MKSI	F	0.07%	0.14%	0.07%
MLM	F	0.35%	0.16%	0.16%
MSA	F	0.07%	0.12%	0.07%
MSGS	A	0.04%	0.09%	0.04%
MSTR	B	0.27%	0.1%	0.1%
MTD	C	0.35%	0.18%	0.18%
MTSI	B	0.07%	0.16%	0.07%
NCNO	F	0.01%	0.04%	0.01%
NEU	F	0.04%	0.04%	0.04%
NNN	C	0.1%	0.05%	0.05%
NSA	D	0.04%	0.08%	0.04%
NTAP	D	0.16%	0.4%	0.16%
NTNX	C	0.11%	0.34%	0.11%
NTRS	B	0.2%	0.35%	0.2%
NVR	C	0.32%	0.21%	0.21%
NYT	C	0.1%	0.18%	0.1%
OHI	C	0.11%	0.15%	0.11%
OKTA	F	0.07%	0.13%	0.07%
OLED	B	0.05%	0.12%	0.05%
OLLI	C	0.07%	0.2%	0.07%
ONTO	B	0.08%	0.15%	0.08%
OTIS	A	0.47%	0.26%	0.26%
PAYX	B	0.33%	0.09%	0.09%
PFGC	A	0.12%	0.1%	0.1%
PHM	C	0.33%	0.32%	0.32%
PK	D	0.03%	0.07%	0.03%
PLNT	B	0.04%	0.14%	0.04%
POST	C	0.06%	0.23%	0.06%
PPL	C	0.28%	0.2%	0.2%
PR	D	0.08%	0.1%	0.08%
PRI	A	0.1%	0.18%	0.1%
PSN	A	0.05%	0.26%	0.05%
PSTG	F	0.02%	0.32%	0.02%
PTC	B	0.09%	0.08%	0.08%
PWR	A	0.33%	0.49%	0.33%
RBC	C	0.1%	0.05%	0.05%
RCL	B	0.3%	0.46%	0.3%
REG	C	0.15%	0.05%	0.05%
RGLD	C	0.1%	0.05%	0.05%
RIVN	F	0.1%	0.2%	0.1%
RKT	D	0.03%	0.03%	0.03%
RL	B	0.09%	0.18%	0.09%
RLI	A	0.07%	0.13%	0.07%
RMD	C	0.28%	0.1%	0.1%
ROIV	D	0.05%	0.09%	0.05%
ROK	D	0.31%	0.08%	0.08%
ROST	D	0.42%	0.34%	0.34%
RPM	A	0.13%	0.09%	0.09%
S	C	0.06%	0.09%	0.06%
SAIA	D	0.05%	0.04%	0.04%
SAM	D	0.02%	0.08%	0.02%
SHC	C	0.03%	0.06%	0.03%
SMG	C	0.04%	0.06%	0.04%
SOFI	C	0.07%	0.1%	0.07%
SPG	A	0.46%	0.09%	0.09%
SPR	D	0.04%	0.09%	0.04%
SSD	B	0.08%	0.05%	0.05%
STE	D	0.26%	0.18%	0.18%
STWD	C	0.07%	0.13%	0.07%
TECH	D	0.14%	0.05%	0.05%
TKO	A	0.09%	0.19%	0.09%
TNL	B	0.03%	0.1%	0.03%
TOL	C	0.18%	0.22%	0.18%
TPG	A	0.04%	0.1%	0.04%
TRIP	D	0.02%	0.04%	0.02%
TRU	C	0.21%	0.11%	0.11%
TTEK	A	0.11%	0.24%	0.11%
TTWO	D	0.29%	0.08%	0.08%
TW	A	0.1%	0.19%	0.1%
TYL	D	0.04%	0.28%	0.04%
UDR	C	0.17%	0.09%	0.09%
URI	C	0.46%	0.41%	0.41%
VMC	D	0.27%	0.08%	0.08%
VNT	F	0.06%	0.07%	0.06%
WAB	A	0.36%	0.48%	0.36%
WEN	B	0.02%	0.04%	0.02%
WEX	C	0.09%	0.05%	0.05%
WMB	A	0.63%	0.26%	0.26%
WMS	D	0.08%	0.08%	0.08%
WSC	D	0.05%	0.04%	0.04%
WSM	C	0.09%	0.18%	0.09%
WSO	C	0.19%	0.26%	0.19%
WWD	C	0.11%	0.2%	0.11%
WYNN	B	0.11%	0.13%	0.11%
XYL	C	0.36%	0.24%	0.24%
YETI	C	0.03%	0.04%	0.03%

IWS Overweight 522 Positions Relative to FAD

Symbol	Grade	Weight
AFL	A	0.71%
DHI	C	0.64%
O	C	0.62%
OKE	A	0.6%
CCI	D	0.58%
FIS	A	0.53%
LHX	A	0.52%
PEG	A	0.51%
CMI	A	0.5%
LEN	C	0.5%
KVUE	C	0.49%
KMI	A	0.49%
PCG	C	0.48%
PRU	B	0.48%
A	B	0.48%
GIS	C	0.47%
ALL	A	0.47%
CTVA	A	0.46%
EXC	C	0.46%
ACGL	A	0.46%
MCHP	F	0.46%
CNC	F	0.44%
CTSH	B	0.43%
DOW	B	0.43%
IQV	F	0.42%
EXR	D	0.42%
KR	C	0.42%
FERG	F	0.42%
CBRE	C	0.42%
XEL	C	0.41%
ED	C	0.41%
NUE	D	0.41%
GEHC	C	0.41%
BKR	B	0.41%
DD	C	0.41%
HIG	A	0.39%
FANG	D	0.38%
HUM	F	0.38%
DFS	A	0.38%
GLW	C	0.38%
VICI	C	0.38%
EBAY	A	0.37%
EIX	C	0.37%
CHTR	D	0.35%
NDAQ	C	0.34%
CSGP	F	0.34%
ON	F	0.34%
PPG	D	0.34%
WEC	B	0.34%
WTW	C	0.34%
ETR	A	0.32%
ADM	F	0.32%
AWK	D	0.32%
EFX	D	0.32%
FITB	C	0.32%
MTB	A	0.32%
FTV	C	0.31%
ANSS	D	0.31%
BIIB	F	0.31%
EQR	C	0.31%
IFF	D	0.3%
HAL	D	0.3%
DTE	B	0.3%
KEYS	B	0.3%
GPN	F	0.29%
FE	C	0.29%
VTR	C	0.29%
HPQ	B	0.29%
HPE	B	0.29%
SBAC	C	0.29%
DOV	C	0.29%
STT	A	0.29%
WY	C	0.28%
LYB	B	0.28%
DVN	F	0.28%
SW	C	0.28%
ES	D	0.27%
HSY	D	0.27%
YUM	C	0.27%
RJF	B	0.26%
AEE	A	0.26%
TROW	D	0.26%
BBY	C	0.25%
WDC	C	0.25%
ZBH	F	0.25%
CBOE	B	0.25%
LDOS	A	0.25%
CINF	A	0.24%
CMS	A	0.24%
K	B	0.24%
COO	C	0.24%
MKC	C	0.24%
SQ	D	0.24%
BLDR	C	0.24%
TDY	A	0.23%
ARE	D	0.23%
LNG	A	0.23%
ILMN	B	0.23%
HBAN	B	0.23%
RF	B	0.23%
BALL	C	0.23%
ATO	A	0.23%
APTV	D	0.22%
STLD	C	0.22%
SYF	A	0.22%
GPC	D	0.22%
PFG	A	0.22%
WBD	F	0.22%
OMC	C	0.22%
EQT	C	0.22%
MAA	D	0.21%
HOLX	D	0.21%
LH	D	0.21%
UAL	A	0.21%
CHK	C	0.21%
DG	F	0.21%
MSCI	B	0.21%
BAX	D	0.21%
CNP	B	0.21%
PKG	B	0.21%
CTRA	D	0.2%
LUV	B	0.2%
CFG	C	0.2%
ZM	B	0.2%
SUI	D	0.19%
RS	D	0.19%
TSN	D	0.19%
WRB	C	0.19%
SWK	C	0.19%
IP	C	0.19%
DGX	D	0.19%
AVTR	D	0.19%
NI	A	0.18%
UTHR	C	0.18%
LNT	B	0.18%
SSNC	C	0.18%
CF	A	0.18%
PNR	C	0.18%
FNF	C	0.18%
IEX	D	0.18%
TXT	F	0.18%
AMCR	C	0.18%
J	F	0.18%
SYY	D	0.17%
VRSN	C	0.17%
NDSN	C	0.17%
TRMB	B	0.17%
SNA	C	0.17%
VLTO	A	0.17%
AKAM	D	0.17%
KEY	B	0.17%
OC	C	0.17%
EXPD	D	0.17%
KIM	C	0.17%
RVTY	C	0.17%
SWKS	F	0.17%
MKL	B	0.17%
MRO	B	0.17%
THC	D	0.17%
CAG	D	0.17%
JBHT	D	0.16%
ACM	A	0.16%
RNR	A	0.16%
USFD	C	0.16%
L	C	0.16%
DLTR	F	0.16%
RGA	B	0.16%
EG	A	0.16%
GGG	C	0.16%
CDW	D	0.16%
ZBRA	B	0.16%
EMN	C	0.15%
ELS	D	0.15%
UHS	D	0.15%
BMRN	F	0.15%
WPC	C	0.15%
GLPI	C	0.15%
VTRS	D	0.15%
HES	D	0.15%
EVRG	C	0.15%
BG	F	0.15%
JBL	C	0.14%
BXP	B	0.14%
SJM	D	0.14%
JNPR	C	0.14%
CHRW	C	0.14%
SCI	D	0.13%
BJ	B	0.13%
FDS	C	0.13%
CCK	C	0.13%
NRG	A	0.13%
NVT	C	0.13%
KMX	F	0.13%
TFX	C	0.13%
IPG	D	0.13%
COHR	B	0.13%
FTI	B	0.13%
Z	C	0.12%
PNW	C	0.12%
AIZ	B	0.12%
DKS	D	0.12%
HII	F	0.12%
LKQ	F	0.12%
TPR	B	0.12%
OVV	D	0.12%
REXR	D	0.12%
RRX	B	0.12%
CAH	B	0.12%
CTLT	A	0.12%
FBIN	C	0.12%
UNM	A	0.12%
EWBC	B	0.12%
AVY	D	0.12%
CE	D	0.12%
ALB	D	0.12%
CACI	A	0.12%
RPRX	D	0.12%
SOLV	C	0.11%
MKTX	B	0.11%
CG	B	0.11%
QRVO	F	0.11%
EHC	C	0.11%
WTRG	D	0.11%
CNH	C	0.11%
MTCH	B	0.11%
AFG	A	0.11%
FOXA	B	0.11%
AA	B	0.11%
NLY	C	0.11%
CRL	F	0.11%
DOX	B	0.11%
TAP	D	0.11%
NWSA	D	0.11%
FWONK	D	0.11%
EPAM	F	0.11%
INCY	B	0.11%
WST	D	0.1%
MOS	F	0.1%
LAD	C	0.1%
FYBR	C	0.1%
JLL	C	0.1%
CZR	B	0.1%
TWLO	B	0.1%
SNX	C	0.1%
CIEN	A	0.1%
ORI	A	0.1%
WAL	C	0.1%
TTC	F	0.1%
EVR	C	0.1%
HRL	F	0.1%
HSIC	D	0.1%
AYI	A	0.1%
GL	C	0.1%
SF	A	0.1%
APA	F	0.1%
CPB	D	0.1%
FRT	D	0.1%
AGNC	B	0.09%
HLI	A	0.09%
CR	A	0.09%
MTZ	A	0.09%
WBS	D	0.09%
DTM	A	0.09%
ALGN	D	0.09%
BERY	C	0.09%
JEF	A	0.09%
ACI	F	0.09%
X	F	0.09%
CMA	C	0.09%
GMED	B	0.09%
COLD	D	0.09%
ROKU	C	0.09%
KBR	A	0.09%
VOYA	A	0.09%
CHRD	F	0.09%
BWA	C	0.09%
SKX	B	0.09%
FHN	D	0.09%
FND	C	0.09%
OGE	C	0.09%
FMC	C	0.09%
KNX	D	0.09%
DAY	C	0.09%
GME	D	0.09%
ALLY	F	0.09%
AR	C	0.09%
WAT	B	0.09%
MHK	C	0.09%
AAL	D	0.08%
WTFC	B	0.08%
RHI	D	0.08%
HR	D	0.08%
JAZZ	F	0.08%
FLS	A	0.08%
CBSH	D	0.08%
SEIC	B	0.08%
CROX	C	0.08%
VNO	B	0.08%
G	A	0.08%
CART	B	0.08%
VFC	A	0.08%
DINO	F	0.08%
ARW	C	0.08%
RGEN	F	0.08%
STAG	D	0.08%
BBWI	F	0.08%
PNFP	B	0.08%
KEX	C	0.08%
ELAN	D	0.08%
SAIC	A	0.08%
WCC	D	0.08%
RRC	D	0.08%
FR	D	0.08%
MIDD	D	0.08%
MOH	F	0.08%
EXAS	C	0.08%
LECO	D	0.08%
DAR	F	0.07%
GXO	D	0.07%
ESI	C	0.07%
LEA	F	0.07%
AGCO	D	0.07%
BPOP	D	0.07%
SNV	D	0.07%
R	C	0.07%
AXS	A	0.07%
WBA	F	0.07%
PARA	F	0.07%
PB	D	0.07%
IVZ	A	0.07%
AZPN	A	0.07%
LFUS	C	0.07%
FAST	C	0.07%
NOV	F	0.07%
OSK	F	0.07%
CRUS	D	0.07%
MAT	B	0.07%
CGNX	F	0.07%
BIO	B	0.07%
MTG	A	0.07%
LSTR	F	0.07%
ZION	D	0.07%
FAF	C	0.07%
LBRDK	C	0.07%
CCCS	D	0.06%
W	C	0.06%
WLK	C	0.06%
LNC	B	0.06%
FOX	B	0.06%
OMF	D	0.06%
UGI	C	0.06%
COIN	F	0.06%
IDA	D	0.06%
ST	F	0.06%
COLB	C	0.06%
XRAY	D	0.06%
THG	A	0.06%
SON	D	0.06%
TKR	B	0.06%
PVH	D	0.06%
NFG	A	0.06%
WH	C	0.06%
MDU	C	0.06%
MTDR	D	0.06%
AMG	B	0.06%
SIRI	C	0.06%
SRCL	B	0.06%
RITM	D	0.06%
OLN	D	0.06%
BC	C	0.06%
THO	C	0.06%
WHR	C	0.06%
BEN	F	0.06%
ACHC	F	0.06%
ALK	C	0.06%
VMI	B	0.06%
SN	A	0.06%
RH	C	0.05%
CLF	D	0.05%
UHAL	C	0.05%
AGO	B	0.05%
LITE	A	0.05%
AMP	A	0.05%
DBX	C	0.05%
SITE	D	0.05%
PII	D	0.05%
GAP	F	0.05%
M	D	0.05%
ASH	F	0.05%
FLO	D	0.05%
SLGN	B	0.05%
BYD	B	0.05%
WTM	C	0.05%
CUZ	C	0.05%
DLB	D	0.05%
OZK	D	0.05%
KRC	C	0.05%
AN	D	0.05%
HOG	D	0.05%
AL	D	0.05%
RYN	C	0.05%
LINE	F	0.05%
GNRC	B	0.05%
CPRI	C	0.05%
SLM	B	0.05%
AVT	B	0.05%
FNB	D	0.05%
JHG	A	0.05%
OGN	F	0.05%
NWL	D	0.04%
ZI	F	0.04%
NWS	D	0.04%
NXST	D	0.04%
AMTM	D	0.04%
AMKR	F	0.04%
IRDM	C	0.04%
NVST	D	0.04%
VNOM	A	0.04%
MAN	D	0.04%
PRGO	F	0.04%
MPW	C	0.04%
HIW	C	0.04%
COTY	F	0.04%
LBTYK	C	0.04%
DNB	D	0.04%
LBTYA	C	0.04%
U	D	0.04%
GTES	C	0.04%
DXC	C	0.04%
KMPR	D	0.04%
GFS	F	0.04%
IAC	C	0.04%
HUN	B	0.04%
MSM	D	0.04%
BILL	D	0.04%
AAP	F	0.03%
ENOV	F	0.03%
MP	C	0.03%
KSS	D	0.03%
CRI	D	0.03%
BOKF	B	0.03%
QDEL	D	0.03%
CNXC	F	0.03%
ULTA	D	0.03%
LLYVK	B	0.03%
HHH	C	0.03%
VIRT	B	0.03%
AZTA	F	0.03%
SPB	C	0.03%
VAC	D	0.03%
CWEN	C	0.03%
AGR	C	0.03%
BRKR	D	0.03%
CLVT	D	0.03%
BHF	D	0.03%
MASI	B	0.03%
CC	D	0.03%
CXT	F	0.03%
COLM	B	0.03%
PENN	D	0.03%
SEE	C	0.03%
FHB	D	0.03%
LCID	F	0.03%
WU	D	0.03%
ZG	C	0.03%
PAG	D	0.03%
AMED	D	0.03%
PAYC	D	0.03%
CERT	F	0.02%
FTRE	F	0.02%
UA	B	0.02%
UAA	B	0.02%
GO	F	0.02%
REYN	D	0.02%
TER	C	0.02%
LEG	D	0.02%
PPC	C	0.02%
QS	F	0.02%
BIRK	F	0.02%
VSTS	D	0.02%
LEN	C	0.02%
IPGP	D	0.02%
PINC	F	0.02%
GLOB	D	0.02%
ADT	D	0.02%
ETSY	F	0.02%
LPX	C	0.02%
HAYW	C	0.02%
RCM	B	0.02%
PLTK	C	0.01%
UI	B	0.01%
CACC	F	0.01%
TFSL	D	0.01%
PATH	D	0.01%
TXG	F	0.01%
SEB	F	0.01%
PYCR	D	0.01%
LSCC	D	0.01%
CAR	D	0.01%
AS	B	0.01%
CWEN	C	0.01%
LBRDA	C	0.01%
LLYVA	B	0.01%
FIVE	D	0.01%
MTN	D	0.01%
HCP	A	0.01%
DV	F	0.01%
FWONA	C	0.01%
ALAB	C	0.01%
CNA	D	0.01%
WOLF	F	0.01%
DDS	D	0.01%
SNDR	D	0.01%
SEG	F	0.0%
LOAR	B	0.0%
PARAA	D	0.0%
NFE	F	0.0%
UWMC	D	0.0%
GRAL	F	0.0%
LAZ	C	0.0%
DJT	F	0.0%
UHAL	C	0.0%

IWS Underweight 465 Positions Relative to FAD

Symbol	Grade	Weight
VST	A	-0.57%
CEG	A	-0.54%
KKR	A	-0.51%
TT	A	-0.49%
GE	B	-0.49%
ERIE	A	-0.49%
VRT	B	-0.48%
HEI	C	-0.48%
LII	C	-0.47%
META	A	-0.47%
GDDY	B	-0.46%
ANET	A	-0.45%
BAH	C	-0.44%
APO	A	-0.44%
STX	C	-0.44%
BKNG	B	-0.44%
TJX	D	-0.44%
MMM	C	-0.44%
JPM	C	-0.43%
COST	C	-0.43%
NVDA	B	-0.41%
DECK	B	-0.41%
ORCL	A	-0.4%
LLY	D	-0.4%
MSI	A	-0.39%
CAT	A	-0.39%
GOOGL	B	-0.38%
CMG	C	-0.38%
ISRG	C	-0.37%
TDG	A	-0.37%
ECL	C	-0.36%
AVGO	B	-0.36%
BSX	A	-0.36%
NFLX	A	-0.35%
ETN	B	-0.35%
CL	D	-0.35%
PLTR	A	-0.35%
MAR	A	-0.34%
AMGN	D	-0.34%
RSG	D	-0.34%
UBER	C	-0.34%
LPLA	D	-0.34%
VRTX	D	-0.33%
PANW	B	-0.33%
AMZN	C	-0.32%
APH	D	-0.32%
APP	A	-0.32%
KLAC	B	-0.31%
PH	A	-0.3%
CRWD	D	-0.3%
PM	D	-0.29%
MANH	A	-0.28%
LYV	A	-0.28%
ARES	A	-0.28%
TMUS	A	-0.28%
AMAT	C	-0.28%
EXPE	B	-0.28%
CTAS	C	-0.28%
SFM	A	-0.27%
MOD	B	-0.27%
MPWR	B	-0.27%
MCO	D	-0.27%
NOW	B	-0.27%
MMC	D	-0.26%
AZO	D	-0.26%
FIX	A	-0.26%
ORLY	A	-0.26%
SMMT	D	-0.26%
MOG.A	C	-0.25%
ROL	C	-0.25%
LRCX	D	-0.25%
WM	B	-0.24%
ENSG	D	-0.24%
NTRA	A	-0.24%
DVA	C	-0.24%
PINS	D	-0.24%
INTU	F	-0.23%
ITGR	B	-0.23%
BCO	C	-0.23%
PCAR	D	-0.23%
MSFT	D	-0.23%
NXPI	F	-0.22%
INSM	D	-0.22%
HALO	D	-0.22%
LNTH	C	-0.22%
TOST	B	-0.22%
AVAV	B	-0.22%
AXON	A	-0.22%
SNPS	F	-0.21%
CVLT	B	-0.21%
SFBS	B	-0.21%
KNF	B	-0.21%
TXRH	A	-0.21%
ADMA	A	-0.21%
IBM	A	-0.21%
CDNS	D	-0.21%
MUSA	D	-0.21%
DDOG	B	-0.21%
TPL	A	-0.2%
PEGA	B	-0.2%
CBT	B	-0.2%
ZETA	B	-0.2%
FI	A	-0.2%
WING	C	-0.2%
AAON	A	-0.2%
KTB	C	-0.2%
WELL	C	-0.2%
MO	D	-0.19%
TTD	A	-0.19%
IT	A	-0.19%
KO	C	-0.19%
RYAN	A	-0.19%
AIT	B	-0.19%
PODD	C	-0.19%
BMI	A	-0.19%
ADP	A	-0.19%
SO	A	-0.19%
SYK	C	-0.18%
CRM	B	-0.18%
LNW	F	-0.18%
ALHC	C	-0.18%
GKOS	B	-0.18%
POWL	B	-0.18%
FSS	D	-0.18%
AAPL	C	-0.18%
XPO	F	-0.17%
MEDP	F	-0.17%
DUOL	B	-0.17%
HCC	C	-0.17%
ADI	B	-0.17%
HLNE	A	-0.17%
AMD	C	-0.17%
IESC	A	-0.17%
DKNG	C	-0.17%
CRS	B	-0.17%
PG	D	-0.17%
HQY	B	-0.16%
QTWO	B	-0.16%
SNAP	D	-0.16%
APPF	C	-0.16%
CRVL	C	-0.16%
USLM	C	-0.16%
OSCR	C	-0.16%
CHDN	C	-0.16%
HON	C	-0.16%
ANF	D	-0.16%
SRPT	F	-0.16%
PI	A	-0.16%
ROP	D	-0.16%
SATS	C	-0.16%
VRSK	D	-0.16%
HWKN	B	-0.16%
PJT	A	-0.15%
IBP	C	-0.15%
ZS	F	-0.15%
FOUR	A	-0.15%
ROAD	C	-0.15%
EXLS	B	-0.15%
GVA	A	-0.15%
EPRT	C	-0.15%
ACIW	A	-0.15%
CNK	D	-0.15%
PTGX	C	-0.15%
SMAR	A	-0.15%
ADBE	F	-0.15%
PRCT	D	-0.15%
AXSM	D	-0.14%
TRN	C	-0.14%
DY	C	-0.14%
SPNT	D	-0.14%
SGBX	F	-0.14%
RDNT	C	-0.14%
ACA	C	-0.14%
BPMC	F	-0.14%
MMSI	C	-0.14%
KAI	C	-0.14%
WFRD	F	-0.14%
LRN	D	-0.14%
RVMD	B	-0.14%
SMTC	C	-0.14%
VRNS	B	-0.14%
STRL	B	-0.14%
VRRM	D	-0.13%
AZZ	B	-0.13%
GERN	D	-0.13%
OSW	B	-0.13%
ITRI	C	-0.13%
PAYO	A	-0.13%
CSWI	A	-0.13%
ATGE	D	-0.13%
ALKT	D	-0.13%
TDS	C	-0.13%
MORN	B	-0.13%
WHD	A	-0.13%
TBBK	A	-0.13%
OWL	A	-0.13%
NCLH	C	-0.13%
FTDR	B	-0.13%
IRT	D	-0.13%
CORT	B	-0.13%
MIRM	D	-0.13%
SLG	C	-0.12%
IOT	C	-0.12%
KRYS	D	-0.12%
NHI	C	-0.12%
BKD	F	-0.12%
AROC	B	-0.12%
WT	D	-0.12%
ALTR	B	-0.12%
ACLS	F	-0.12%
CEIX	B	-0.12%
AGIO	D	-0.12%
SKYW	B	-0.12%
GATX	F	-0.12%
TMDX	D	-0.12%
CWST	D	-0.12%
SMCI	F	-0.12%
GOLF	F	-0.12%
TDW	F	-0.12%
AMRX	B	-0.12%
MYGN	D	-0.11%
ELF	F	-0.11%
DASH	A	-0.11%
ICFI	C	-0.11%
SKWD	A	-0.11%
LMAT	A	-0.11%
HIMS	C	-0.11%
TWST	D	-0.11%
BRC	C	-0.11%
HLX	C	-0.11%
ARDX	D	-0.11%
KTOS	B	-0.11%
PLMR	A	-0.11%
KYMR	D	-0.11%
ESTC	F	-0.11%
UFPT	D	-0.11%
COLL	A	-0.11%
PTCT	C	-0.11%
IDCC	A	-0.11%
BOWL	D	-0.1%
RKLB	B	-0.1%
WRBY	B	-0.1%
MAC	B	-0.1%
RXST	F	-0.1%
GBX	C	-0.1%
HRI	B	-0.1%
PMT	B	-0.1%
SCS	D	-0.1%
AGYS	D	-0.1%
KNSL	B	-0.1%
EXPO	A	-0.1%
TNDM	D	-0.1%
ZWS	A	-0.1%
VERX	B	-0.1%
GRBK	C	-0.1%
SHW	C	-0.1%
GFF	C	-0.1%
EPAC	A	-0.1%
HURN	D	-0.1%
MBIN	C	-0.1%
LAUR	C	-0.1%
BCRX	D	-0.09%
IIPR	C	-0.09%
TXN	C	-0.09%
CBZ	F	-0.09%
PRGS	A	-0.09%
SYBT	C	-0.09%
ITCI	D	-0.09%
LIN	C	-0.09%
ORA	C	-0.09%
CMPR	F	-0.09%
RYTM	C	-0.09%
CPRX	C	-0.09%
DSGR	A	-0.09%
ADSK	B	-0.09%
MA	A	-0.09%
BLKB	C	-0.09%
FLNC	C	-0.09%
AKR	B	-0.09%
CRDO	B	-0.09%
LVS	B	-0.09%
CAL	F	-0.09%
BCPC	C	-0.09%
SPGI	C	-0.09%
CPAY	A	-0.09%
ALKS	B	-0.09%
TGLS	B	-0.09%
HD	A	-0.09%
AON	A	-0.09%
SWI	B	-0.08%
KNTK	A	-0.08%
AESI	B	-0.08%
OSIS	C	-0.08%
CHCO	D	-0.08%
PAR	D	-0.08%
ACVA	C	-0.08%
LPG	F	-0.08%
CPRT	B	-0.08%
GIII	C	-0.08%
CDRE	A	-0.08%
SMPL	D	-0.08%
NET	D	-0.08%
AEIS	B	-0.08%
TNET	D	-0.08%
HAE	F	-0.08%
CARG	C	-0.08%
SHAK	A	-0.08%
MRUS	D	-0.08%
CARS	F	-0.08%
UE	C	-0.08%
STZ	D	-0.08%
HASI	B	-0.08%
ESRT	C	-0.08%
INSW	B	-0.08%
PEP	F	-0.08%
MRVL	C	-0.08%
BANF	D	-0.08%
WMG	D	-0.08%
YOU	C	-0.08%
SBRA	C	-0.08%
V	B	-0.08%
DFH	C	-0.07%
VGR	B	-0.07%
MARA	F	-0.07%
VECO	F	-0.07%
GBDC	B	-0.07%
ENTG	D	-0.07%
THR	F	-0.07%
BA	F	-0.07%
NBIX	F	-0.07%
TNC	F	-0.07%
AMR	F	-0.07%
ENV	C	-0.07%
GPOR	B	-0.07%
WABC	F	-0.07%
MIR	B	-0.07%
FORM	D	-0.07%
SLB	D	-0.07%
FBRT	C	-0.07%
AGM	D	-0.07%
MGNI	D	-0.07%
HUBS	D	-0.07%
OTTR	F	-0.07%
NSSC	F	-0.07%
LKFN	D	-0.07%
JJSF	C	-0.07%
ALX	D	-0.07%
FIZZ	F	-0.07%
GH	F	-0.06%
JBI	F	-0.06%
IRTC	F	-0.06%
CFLT	F	-0.06%
ENVX	D	-0.06%
EW	F	-0.06%
SKT	A	-0.06%
ESE	C	-0.06%
CTRE	C	-0.06%
TGI	F	-0.06%
FA	A	-0.06%
NABL	F	-0.06%
PDFS	F	-0.06%
EVH	D	-0.06%
OUT	C	-0.06%
HRMY	D	-0.06%
IOSP	F	-0.06%
SABR	C	-0.06%
ANIP	F	-0.06%
SITM	A	-0.06%
PEB	D	-0.05%
MLNK	F	-0.05%
IPAR	D	-0.05%
WTS	C	-0.05%
OPCH	F	-0.05%
ETWO	F	-0.05%
SHO	B	-0.05%
RRR	D	-0.05%
TPX	C	-0.05%
DOCU	A	-0.05%
FOR	D	-0.05%
TR	D	-0.05%
WDFC	B	-0.05%
LADR	D	-0.05%
KRG	C	-0.05%
DRH	B	-0.05%
PRVA	F	-0.05%
LTC	D	-0.05%
JOE	D	-0.05%
BOX	C	-0.05%
GIC	D	-0.05%
AIV	D	-0.05%
HEES	D	-0.05%
EXTR	D	-0.05%
SXI	B	-0.05%
CRNX	C	-0.05%
CNS	C	-0.05%
IVT	B	-0.05%
CCOI	B	-0.05%
RUN	D	-0.04%
MYRG	D	-0.04%
VCYT	C	-0.04%
XMTR	F	-0.04%
RAMP	F	-0.04%
TENB	D	-0.04%
PCOR	D	-0.04%
PD	F	-0.04%
NOVA	F	-0.04%
ALRM	F	-0.04%
BE	F	-0.04%
ZUO	F	-0.04%
AGL	F	-0.04%
FWRG	F	-0.04%
AMC	F	-0.04%
CLDX	F	-0.04%
VCEL	F	-0.04%
RHP	B	-0.04%
FELE	C	-0.04%
YELP	D	-0.04%
CELH	F	-0.04%
WINA	C	-0.03%
IAS	F	-0.03%
DRVN	C	-0.03%
RNG	F	-0.03%
KW	C	-0.03%
AWR	B	-0.03%
BANC	D	-0.03%
DOCN	B	-0.03%
FCPT	C	-0.03%
AMWD	C	-0.03%
VRE	C	-0.03%
CLSK	F	-0.03%
CDP	A	-0.03%
MGEE	C	-0.03%
UMH	D	-0.03%
DNLI	C	-0.03%
INTA	C	-0.03%
TGTX	D	-0.03%
CWAN	B	-0.03%
CXM	F	-0.02%
AI	D	-0.02%
PLAY	D	-0.02%
NARI	F	-0.02%
WNC	F	-0.02%
BASE	F	-0.02%
VC	F	-0.02%
MCW	F	-0.02%
GTX	F	-0.02%
UPWK	D	-0.02%
CTKB	F	-0.02%
LMND	F	-0.02%
PLAB	D	-0.02%
RES	C	-0.02%
EVTC	D	-0.02%
ROCK	D	-0.02%
NTST	F	-0.02%
DBRG	D	-0.02%
UEC	C	-0.02%
MTRN	F	-0.02%
PGNY	F	-0.02%
CNMD	F	-0.02%
ALG	F	-0.02%
BEAM	F	-0.02%
JAMF	F	-0.02%
PLYM	D	-0.02%
NEO	F	-0.02%
PHR	F	-0.02%