MFUS vs. BND ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to Vanguard Total Bond Market ETF (BND)

MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUS Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor U.S. Index. The underlying index is constructed by RAFI Indices, LLC (the index provider) using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size.

Grade (RS Rating)

Last Trade

$49.55

Average Daily Volume

7,387

Number of Holdings ^*

780

* may have additional holdings in another (foreign) market

BND

Vanguard Total Bond Market ETF

BND Description

The investment seeks the performance of a broad, market-weighted bond index. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index.

Grade (RS Rating)

Last Trade

$75.31

Average Daily Volume

5,737,558

Number of Holdings ^*

546

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	BND
30 Days	1.34%	1.61%
60 Days	3.43%	4.19%
90 Days	4.18%	4.83%
12 Months	26.76%	10.34%

347 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in BND	Overlap
A	C	0.05%	0.01%	0.01%
AAP	F	0.01%	0.01%	0.01%
AAPL	D	0.67%	0.01%	0.01%
ABBV	C	1.34%	0.01%	0.01%
ADBE	D	0.04%	0.01%	0.01%
ADM	D	0.32%	0.01%	0.01%
ADP	B	0.09%	0.01%	0.01%
ADSK	B	0.09%	0.01%	0.01%
AES	C	0.03%	0.01%	0.01%
AFG	B	0.01%	0.01%	0.01%
AFL	B	0.19%	0.01%	0.01%
AIG	D	0.42%	0.01%	0.01%
AIZ	B	0.07%	0.01%	0.01%
AJG	C	0.09%	0.01%	0.01%
ALL	A	0.36%	0.01%	0.01%
ALLY	F	0.1%	0.01%	0.01%
AMAT	D	0.44%	0.01%	0.01%
AMG	C	0.05%	0.01%	0.01%
AMGN	B	1.03%	0.01%	0.01%
AMH	C	0.04%	0.01%	0.01%
AMP	B	0.08%	0.01%	0.01%
AMZN	C	1.27%	0.01%	0.01%
AN	D	0.08%	0.01%	0.01%
AON	B	0.19%	0.01%	0.01%
APH	D	0.1%	0.01%	0.01%
APO	C	0.1%	0.01%	0.01%
ARW	C	0.07%	0.01%	0.01%
AVA	B	0.03%	0.01%	0.01%
AVGO	C	1.34%	0.01%	0.01%
AVT	D	0.04%	0.01%	0.01%
AVY	D	0.1%	0.01%	0.01%
AXP	B	0.19%	0.01%	0.01%
AYI	B	0.07%	0.01%	0.01%
AZO	D	0.3%	0.01%	0.01%
BAC	D	0.39%	0.01%	0.01%
BAX	C	0.04%	0.01%	0.01%
BBY	B	0.24%	0.01%	0.01%
BC	C	0.06%	0.01%	0.01%
BDX	F	0.09%	0.01%	0.01%
BEN	F	0.04%	0.01%	0.01%
BERY	B	0.06%	0.01%	0.01%
BHF	D	0.03%	0.01%	0.01%
BIIB	F	0.08%	0.01%	0.01%
BK	A	0.27%	0.01%	0.01%
BKNG	B	0.47%	0.01%	0.01%
BMY	C	0.28%	0.01%	0.01%
BR	D	0.16%	0.01%	0.01%
BRO	C	0.13%	0.01%	0.01%
BSX	B	0.19%	0.01%	0.01%
BWA	D	0.05%	0.01%	0.01%
BXP	B	0.02%	0.01%	0.01%
C	D	1.22%	0.01%	0.01%
CACC	D	0.01%	0.01%	0.01%
CAG	B	0.05%	0.01%	0.01%
CAH	C	0.35%	0.01%	0.01%
CARR	B	0.12%	0.01%	0.01%
CAT	C	0.41%	0.01%	0.01%
CB	B	0.16%	0.01%	0.01%
CBT	B	0.05%	0.01%	0.01%
CE	D	0.07%	0.01%	0.01%
CFG	D	0.06%	0.01%	0.01%
CHD	C	0.07%	0.01%	0.01%
CHRW	B	0.09%	0.01%	0.01%
CHTR	D	0.24%	0.01%	0.01%
CI	C	0.14%	0.01%	0.01%
CINF	B	0.02%	0.01%	0.01%
CL	C	0.33%	0.01%	0.01%
CLX	C	0.15%	0.01%	0.01%
CMA	B	0.04%	0.01%	0.01%
CMCSA	D	0.24%	0.01%	0.01%
CME	C	0.2%	0.01%	0.01%
CMI	C	0.11%	0.01%	0.01%
CNO	B	0.04%	0.01%	0.01%
COF	C	0.42%	0.01%	0.01%
COKE	C	0.03%	0.01%	0.01%
COP	D	0.3%	0.01%	0.01%
COST	C	1.21%	0.01%	0.01%
CPB	B	0.01%	0.01%	0.01%
CPT	B	0.06%	0.01%	0.01%
CRM	D	0.35%	0.01%	0.01%
CSCO	B	0.42%	0.01%	0.01%
CSL	C	0.01%	0.01%	0.01%
CSX	D	0.08%	0.01%	0.01%
CTAS	C	0.18%	0.01%	0.01%
CTVA	B	0.03%	0.01%	0.01%
CUBE	B	0.04%	0.01%	0.01%
CVS	D	0.8%	0.01%	0.01%
CVX	D	0.79%	0.01%	0.01%
DD	B	0.21%	0.01%	0.01%
DELL	D	0.05%	0.01%	0.01%
DFS	C	0.08%	0.01%	0.01%
DG	F	0.05%	0.01%	0.01%
DGX	B	0.06%	0.01%	0.01%
DHR	B	0.27%	0.01%	0.01%
DLR	B	0.08%	0.01%	0.01%
DLTR	F	0.02%	0.01%	0.01%
DOV	B	0.02%	0.01%	0.01%
DOW	D	0.04%	0.01%	0.01%
DOX	C	0.03%	0.01%	0.01%
DRI	C	0.03%	0.01%	0.01%
DUK	C	0.13%	0.01%	0.01%
DXC	C	0.02%	0.01%	0.01%
EA	D	0.09%	0.01%	0.01%
EBAY	B	0.34%	0.01%	0.01%
ECL	B	0.08%	0.01%	0.01%
EFX	C	0.09%	0.01%	0.01%
EMN	B	0.06%	0.01%	0.01%
EMR	D	0.15%	0.01%	0.01%
EOG	D	0.11%	0.01%	0.01%
EQH	C	0.07%	0.01%	0.01%
EQIX	B	0.03%	0.01%	0.01%
ETN	C	0.18%	0.01%	0.01%
EVRG	A	0.01%	0.01%	0.01%
EXC	B	0.12%	0.01%	0.01%
EXR	B	0.07%	0.01%	0.01%
FAF	B	0.02%	0.01%	0.01%
FANG	D	0.04%	0.01%	0.01%
FHN	D	0.01%	0.01%	0.01%
FIS	B	0.08%	0.01%	0.01%
FITB	B	0.05%	0.01%	0.01%
FLEX	C	0.05%	0.01%	0.01%
FLO	C	0.04%	0.01%	0.01%
FLS	D	0.02%	0.01%	0.01%
FNF	A	0.03%	0.01%	0.01%
FOXA	B	0.08%	0.01%	0.01%
FTNT	C	0.06%	0.01%	0.01%
GD	B	0.17%	0.01%	0.01%
GE	B	1.09%	0.01%	0.01%
GILD	B	0.78%	0.01%	0.01%
GIS	B	0.11%	0.01%	0.01%
GLPI	B	0.07%	0.01%	0.01%
GLW	B	0.2%	0.01%	0.01%
GM	B	0.56%	0.01%	0.01%
GOOGL	D	1.17%	0.01%	0.01%
GPC	D	0.02%	0.01%	0.01%
GS	D	0.45%	0.01%	0.01%
GWW	B	0.17%	0.01%	0.01%
H	C	0.01%	0.01%	0.01%
HAL	F	0.04%	0.01%	0.01%
HBAN	B	0.03%	0.01%	0.01%
HCA	B	0.13%	0.01%	0.01%
HD	B	0.39%	0.01%	0.01%
HIG	A	0.06%	0.01%	0.01%
HII	C	0.02%	0.01%	0.01%
HOG	C	0.02%	0.01%	0.01%
HP	D	0.03%	0.01%	0.01%
HPE	D	0.2%	0.01%	0.01%
HPP	D	0.01%	0.01%	0.01%
HPQ	D	0.27%	0.01%	0.01%
HRB	C	0.09%	0.01%	0.01%
HRL	C	0.01%	0.01%	0.01%
HST	D	0.02%	0.01%	0.01%
HSY	C	0.06%	0.01%	0.01%
HUBB	B	0.08%	0.01%	0.01%
HUN	D	0.01%	0.01%	0.01%
IBM	B	1.32%	0.01%	0.01%
ICE	B	0.29%	0.01%	0.01%
IEX	D	0.08%	0.01%	0.01%
IFF	B	0.03%	0.01%	0.01%
INGR	A	0.06%	0.01%	0.01%
INTC	F	0.36%	0.01%	0.01%
INTU	D	0.26%	0.01%	0.01%
INVH	C	0.06%	0.01%	0.01%
IP	B	0.12%	0.01%	0.01%
IPG	C	0.07%	0.01%	0.01%
ITW	B	0.08%	0.01%	0.01%
IVZ	C	0.05%	0.01%	0.01%
JBHT	D	0.02%	0.01%	0.01%
JBL	D	0.07%	0.01%	0.01%
JEF	B	0.03%	0.01%	0.01%
JHG	B	0.03%	0.01%	0.01%
JLL	B	0.05%	0.01%	0.01%
JNJ	B	1.03%	0.01%	0.01%
JNPR	A	0.13%	0.01%	0.01%
JPM	D	0.9%	0.01%	0.01%
K	A	0.1%	0.01%	0.01%
KDP	A	0.06%	0.01%	0.01%
KEX	C	0.01%	0.01%	0.01%
KEY	B	0.02%	0.01%	0.01%
KLAC	D	0.23%	0.01%	0.01%
KMB	D	0.16%	0.01%	0.01%
KMI	A	0.08%	0.01%	0.01%
KMPR	D	0.02%	0.01%	0.01%
KO	B	0.6%	0.01%	0.01%
KR	B	0.34%	0.01%	0.01%
KSS	F	0.06%	0.01%	0.01%
L	B	0.08%	0.01%	0.01%
LDOS	C	0.08%	0.01%	0.01%
LEA	D	0.03%	0.01%	0.01%
LEG	D	0.02%	0.01%	0.01%
LEN	B	0.08%	0.01%	0.01%
LHX	D	0.19%	0.01%	0.01%
LII	B	0.23%	0.01%	0.01%
LLY	C	2.48%	0.01%	0.01%
LMT	C	0.52%	0.01%	0.01%
LNC	D	0.05%	0.01%	0.01%
LOW	B	0.23%	0.01%	0.01%
LRCX	F	0.27%	0.01%	0.01%
LVS	D	0.01%	0.01%	0.01%
LXP	B	0.02%	0.01%	0.01%
LYB	F	0.21%	0.01%	0.01%
MA	B	0.79%	0.01%	0.01%
MAR	C	0.11%	0.01%	0.01%
MAS	B	0.06%	0.01%	0.01%
MCD	C	0.4%	0.01%	0.01%
MCK	F	0.51%	0.01%	0.01%
MCO	A	0.03%	0.01%	0.01%
MCY	C	0.02%	0.01%	0.01%
MDLZ	B	0.22%	0.01%	0.01%
MET	A	0.36%	0.01%	0.01%
MHK	B	0.01%	0.01%	0.01%
MKC	B	0.08%	0.01%	0.01%
MKL	C	0.03%	0.01%	0.01%
MLM	D	0.06%	0.01%	0.01%
MMC	C	0.19%	0.01%	0.01%
MMM	B	0.41%	0.01%	0.01%
MO	C	0.52%	0.01%	0.01%
MOS	F	0.04%	0.01%	0.01%
MPC	D	0.64%	0.01%	0.01%
MRK	D	0.87%	0.01%	0.01%
MRO	D	0.1%	0.01%	0.01%
MSI	C	0.15%	0.01%	0.01%
MTB	B	0.03%	0.01%	0.01%
MU	F	0.15%	0.01%	0.01%
NDAQ	B	0.02%	0.01%	0.01%
NEM	B	0.09%	0.01%	0.01%
NEU	D	0.03%	0.01%	0.01%
NFG	B	0.04%	0.01%	0.01%
NKE	D	0.04%	0.01%	0.01%
NOC	B	0.23%	0.01%	0.01%
NOV	D	0.04%	0.01%	0.01%
NOW	A	0.37%	0.01%	0.01%
NTAP	D	0.08%	0.01%	0.01%
NTRS	B	0.02%	0.01%	0.01%
NUE	F	0.08%	0.01%	0.01%
NVDA	D	1.6%	0.01%	0.01%
NVR	B	0.07%	0.01%	0.01%
NVT	D	0.02%	0.01%	0.01%
OC	C	0.07%	0.01%	0.01%
OKE	B	0.08%	0.01%	0.01%
OMC	A	0.06%	0.01%	0.01%
ORCL	B	1.13%	0.01%	0.01%
ORLY	B	0.18%	0.01%	0.01%
OSK	D	0.07%	0.01%	0.01%
OTIS	D	0.07%	0.01%	0.01%
PCAR	D	0.08%	0.01%	0.01%
PECO	B	0.01%	0.01%	0.01%
PEG	B	0.05%	0.01%	0.01%
PEP	C	0.62%	0.01%	0.01%
PFE	C	0.53%	0.01%	0.01%
PFG	B	0.01%	0.01%	0.01%
PG	C	0.88%	0.01%	0.01%
PGR	A	0.5%	0.01%	0.01%
PH	B	0.13%	0.01%	0.01%
PHM	B	0.17%	0.01%	0.01%
PKG	B	0.05%	0.01%	0.01%
PM	C	0.56%	0.01%	0.01%
PNC	B	0.1%	0.01%	0.01%
PNR	B	0.08%	0.01%	0.01%
PPG	C	0.04%	0.01%	0.01%
PRU	C	0.25%	0.01%	0.01%
PSA	B	0.03%	0.01%	0.01%
PSX	D	0.54%	0.01%	0.01%
PWR	B	0.13%	0.01%	0.01%
QCOM	D	0.62%	0.01%	0.01%
QRVO	F	0.01%	0.01%	0.01%
R	B	0.06%	0.01%	0.01%
REGN	C	0.45%	0.01%	0.01%
RGA	B	0.05%	0.01%	0.01%
RJF	C	0.01%	0.01%	0.01%
RL	B	0.04%	0.01%	0.01%
ROP	C	0.06%	0.01%	0.01%
ROST	C	0.07%	0.01%	0.01%
RPM	B	0.11%	0.01%	0.01%
RPRX	C	0.03%	0.01%	0.01%
RS	D	0.08%	0.01%	0.01%
RSG	D	0.13%	0.01%	0.01%
RYN	C	0.02%	0.01%	0.01%
SBUX	C	0.06%	0.01%	0.01%
SCCO	D	0.01%	0.01%	0.01%
SCHW	D	0.16%	0.01%	0.01%
SCS	B	0.01%	0.01%	0.01%
SF	A	0.01%	0.01%	0.01%
SHW	B	0.21%	0.01%	0.01%
SIGI	C	0.01%	0.01%	0.01%
SJM	C	0.03%	0.01%	0.01%
SLB	F	0.09%	0.01%	0.01%
SLG	B	0.07%	0.01%	0.01%
SNV	C	0.01%	0.01%	0.01%
SON	C	0.04%	0.01%	0.01%
SPG	B	0.15%	0.01%	0.01%
SPGI	B	0.06%	0.01%	0.01%
STE	C	0.12%	0.01%	0.01%
STLD	D	0.04%	0.01%	0.01%
STZ	C	0.04%	0.01%	0.01%
SUI	B	0.05%	0.01%	0.01%
SWX	C	0.01%	0.01%	0.01%
SYF	C	0.29%	0.01%	0.01%
SYY	D	0.07%	0.01%	0.01%
T	B	1.23%	0.01%	0.01%
TAP	C	0.08%	0.01%	0.01%
TFC	D	0.09%	0.01%	0.01%
TGT	C	0.68%	0.01%	0.01%
THG	A	0.04%	0.01%	0.01%
TJX	C	0.34%	0.01%	0.01%
TKR	D	0.05%	0.01%	0.01%
TMUS	C	0.31%	0.01%	0.01%
TRV	B	0.32%	0.01%	0.01%
TSCO	C	0.07%	0.01%	0.01%
TSN	C	0.22%	0.01%	0.01%
TXN	C	0.21%	0.01%	0.01%
TXT	D	0.03%	0.01%	0.01%
UAL	B	0.01%	0.01%	0.01%
UDR	B	0.03%	0.01%	0.01%
UHS	B	0.09%	0.01%	0.01%
UNM	B	0.1%	0.01%	0.01%
UNP	B	0.48%	0.01%	0.01%
UPS	D	0.19%	0.01%	0.01%
USB	B	0.11%	0.01%	0.01%
V	B	0.86%	0.01%	0.01%
VFC	C	0.02%	0.01%	0.01%
VLO	D	0.54%	0.01%	0.01%
VMC	D	0.06%	0.01%	0.01%
VNO	B	0.06%	0.01%	0.01%
VNT	D	0.02%	0.01%	0.01%
VRSK	D	0.2%	0.01%	0.01%
VRSN	D	0.04%	0.01%	0.01%
VTRS	C	0.13%	0.01%	0.01%
VZ	B	1.01%	0.01%	0.01%
WAB	A	0.04%	0.01%	0.01%
WBA	F	0.14%	0.01%	0.01%
WBS	C	0.01%	0.01%	0.01%
WELL	B	0.12%	0.01%	0.01%
WFC	D	1.4%	0.01%	0.01%
WHR	D	0.04%	0.01%	0.01%
WM	D	0.23%	0.01%	0.01%
WMB	B	0.08%	0.01%	0.01%
WMT	B	1.87%	0.01%	0.01%
WPC	B	0.05%	0.01%	0.01%
WRB	C	0.02%	0.01%	0.01%
WTFC	B	0.01%	0.01%	0.01%
WU	D	0.08%	0.01%	0.01%
XOM	D	0.99%	0.01%	0.01%
XRAY	D	0.04%	0.01%	0.01%
XYL	D	0.11%	0.01%	0.01%
ZION	D	0.03%	0.01%	0.01%
ZTS	B	0.04%	0.01%	0.01%

MFUS Overweight 433 Positions Relative to BND

Symbol	Grade	Weight
META	A	2.02%
BRK.A	C	2.01%
NFLX	B	0.44%
F	D	0.33%
THC	B	0.27%
VST	C	0.26%
ANF	D	0.26%
PANW	D	0.25%
BX	B	0.23%
CMG	C	0.22%
FICO	A	0.22%
UBER	C	0.21%
VRTX	D	0.21%
WSM	C	0.21%
WSO	C	0.2%
ACN	C	0.19%
CPRT	D	0.19%
SFM	B	0.19%
DVA	B	0.18%
DPZ	F	0.18%
DECK	C	0.17%
MUSA	C	0.17%
IT	B	0.16%
KHC	C	0.16%
BKR	D	0.16%
UTHR	C	0.16%
CASY	D	0.15%
WDC	D	0.15%
TDG	B	0.15%
BAH	B	0.14%
SMCI	F	0.14%
KKR	B	0.13%
RMD	C	0.13%
TRGP	B	0.13%
EVR	B	0.12%
HWM	B	0.12%
ANET	B	0.12%
AOS	C	0.11%
IRM	B	0.11%
GPK	B	0.1%
TOL	B	0.1%
YUM	D	0.1%
JKHY	B	0.1%
FTI	D	0.1%
FAST	C	0.1%
CRS	B	0.1%
GPI	B	0.09%
ERIE	A	0.09%
USFD	B	0.09%
AEO	D	0.09%
JXN	B	0.09%
IR	C	0.09%
DASH	C	0.09%
FCX	D	0.09%
CEG	C	0.09%
ARES	B	0.09%
URI	B	0.09%
DKS	D	0.09%
GDDY	C	0.09%
CACI	B	0.09%
WCC	C	0.08%
TROW	D	0.08%
MTD	D	0.08%
OGN	D	0.08%
LECO	F	0.08%
HLI	B	0.08%
TYL	C	0.08%
MTH	B	0.08%
ALSN	B	0.08%
ITT	C	0.08%
HLT	B	0.08%
RCL	B	0.08%
EHC	B	0.08%
LUMN	C	0.08%
BWXT	D	0.08%
TMHC	B	0.08%
ELV	C	0.08%
MPWR	C	0.08%
CW	B	0.08%
LSTR	D	0.08%
ABG	F	0.07%
POOL	C	0.07%
CMC	D	0.07%
CALM	B	0.07%
CCK	A	0.07%
FCN	C	0.07%
SEIC	B	0.07%
GAP	F	0.07%
LPLA	D	0.07%
NRG	C	0.07%
ATR	B	0.07%
EXPD	B	0.07%
TTC	D	0.07%
TTWO	D	0.07%
MSCI	C	0.07%
BALL	C	0.07%
MMS	D	0.06%
TPX	C	0.06%
MNST	C	0.06%
PK	D	0.06%
KD	D	0.06%
MSM	D	0.06%
HCC	F	0.06%
IDXX	C	0.06%
CHE	C	0.06%
BCC	C	0.06%
TEX	D	0.06%
NSIT	C	0.06%
X	D	0.06%
SLM	C	0.06%
SCI	B	0.06%
SEE	D	0.06%
GNTX	F	0.06%
PBF	F	0.06%
CRI	C	0.06%
COIN	F	0.06%
MLI	B	0.06%
THO	D	0.06%
CNX	A	0.06%
NWSA	D	0.06%
LPX	B	0.06%
UFPI	C	0.06%
ATGE	D	0.05%
CCL	C	0.05%
WAT	C	0.05%
CRUS	D	0.05%
SKYW	C	0.05%
ATI	C	0.05%
WEN	C	0.05%
ROL	C	0.05%
MUR	D	0.05%
LAMR	A	0.05%
LOPE	D	0.05%
MTN	D	0.05%
WTW	B	0.05%
VIRT	B	0.05%
TW	A	0.05%
TXRH	D	0.05%
NYT	C	0.05%
PTC	D	0.05%
NXST	D	0.05%
FCNCA	D	0.05%
IBKR	B	0.05%
SANM	D	0.05%
FL	D	0.05%
POST	C	0.05%
FIX	B	0.05%
CPAY	B	0.05%
URBN	D	0.05%
G	C	0.05%
FDS	C	0.05%
CDW	D	0.05%
EXP	B	0.05%
MHO	B	0.05%
KTB	B	0.05%
ANSS	F	0.05%
TPH	C	0.05%
APLE	D	0.04%
GEO	F	0.04%
LW	D	0.04%
SAIA	D	0.04%
OLN	D	0.04%
HUBG	C	0.04%
WTM	F	0.04%
FHI	A	0.04%
TGNA	C	0.04%
BLDR	C	0.04%
CRBG	D	0.04%
COLD	D	0.04%
GATX	D	0.04%
VC	F	0.04%
AR	D	0.04%
PR	D	0.04%
HEI	B	0.04%
RGLD	B	0.04%
GVA	B	0.04%
RRC	D	0.04%
NBIX	F	0.04%
ENTG	D	0.04%
PVH	F	0.04%
GNW	B	0.04%
PINS	F	0.04%
ELS	C	0.04%
MAN	C	0.04%
SEB	C	0.04%
ABM	D	0.04%
AGNC	A	0.04%
FFIV	A	0.04%
MOG.A	B	0.04%
DCI	D	0.04%
MTG	B	0.04%
BTU	D	0.04%
HXL	F	0.04%
GGG	C	0.04%
SRCL	A	0.04%
KBH	B	0.04%
ACM	B	0.04%
BDC	B	0.04%
NDSN	C	0.04%
WST	D	0.04%
LANC	D	0.04%
GNRC	D	0.04%
SIG	C	0.04%
SMG	C	0.04%
M	F	0.04%
COOP	B	0.04%
PAG	D	0.04%
CLH	B	0.04%
SLGN	B	0.04%
ULTA	D	0.04%
MAC	B	0.04%
AKAM	D	0.03%
SSD	C	0.03%
OKTA	F	0.03%
HOOD	C	0.03%
VVV	D	0.03%
FR	C	0.03%
PRG	B	0.03%
NAVI	C	0.03%
MC	B	0.03%
RLI	B	0.03%
DK	F	0.03%
MOH	C	0.03%
BKU	C	0.03%
SBAC	C	0.03%
BRKR	D	0.03%
BURL	B	0.03%
AWI	B	0.03%
PRIM	C	0.03%
YELP	F	0.03%
GBX	C	0.03%
SM	D	0.03%
MDU	B	0.03%
WH	B	0.03%
SHOO	B	0.03%
DBRG	D	0.03%
BFAM	C	0.03%
RUSHA	C	0.03%
AMKR	F	0.03%
MORN	C	0.03%
BJ	D	0.03%
WTS	C	0.03%
SBH	B	0.03%
DLB	D	0.03%
TFX	C	0.03%
HBI	B	0.03%
HSIC	C	0.03%
TRN	C	0.03%
PDCO	F	0.03%
GT	F	0.03%
BLD	D	0.03%
MANH	B	0.03%
EME	B	0.03%
SEM	D	0.03%
SLVM	B	0.03%
TDS	C	0.03%
ACA	C	0.03%
FND	C	0.03%
DINO	D	0.03%
HOLX	B	0.03%
MSA	C	0.03%
XPO	D	0.03%
CVLT	B	0.03%
VSH	D	0.03%
APP	B	0.03%
TER	D	0.03%
ASO	C	0.03%
OMF	C	0.03%
APG	D	0.03%
UHAL	B	0.03%
PSTG	F	0.03%
GMS	C	0.03%
AROC	C	0.03%
CPNG	B	0.03%
PAYX	C	0.03%
DDS	D	0.03%
JWN	B	0.03%
OI	D	0.03%
AVTR	B	0.03%
ODFL	C	0.02%
TTEK	C	0.02%
PARA	F	0.02%
APOG	B	0.02%
NWL	D	0.02%
HNI	B	0.02%
SNDR	B	0.02%
ODP	F	0.02%
ANDE	D	0.02%
RHI	D	0.02%
DORM	B	0.02%
CHDN	C	0.02%
EWBC	C	0.02%
OSIS	C	0.02%
BBWI	F	0.02%
SNAP	F	0.02%
GES	F	0.02%
XRX	F	0.02%
BMRN	F	0.02%
CC	F	0.02%
IGT	D	0.02%
SAM	F	0.02%
GWRE	A	0.02%
LBRDK	D	0.02%
XHR	C	0.02%
AIT	C	0.02%
AGCO	D	0.02%
NTCT	D	0.02%
AA	D	0.02%
PMT	B	0.02%
SXT	C	0.02%
GHC	C	0.02%
EPC	F	0.02%
REZI	D	0.02%
KBR	D	0.02%
NSP	D	0.02%
VSTO	B	0.02%
PSN	B	0.02%
WMS	D	0.02%
RLJ	D	0.02%
MKTX	C	0.02%
PFSI	B	0.02%
CG	C	0.02%
GEF	D	0.02%
HAE	D	0.02%
GMED	D	0.02%
SKX	C	0.02%
AIR	C	0.02%
CTLT	B	0.02%
LNW	B	0.02%
ORA	C	0.02%
COHR	B	0.02%
CXW	F	0.02%
PLXS	B	0.02%
APAM	C	0.02%
CHRD	F	0.02%
ALGN	D	0.02%
AXTA	C	0.02%
TDC	F	0.02%
PNM	B	0.02%
WERN	D	0.02%
EXEL	B	0.02%
DRH	C	0.02%
PINC	C	0.02%
LZB	C	0.02%
MASI	D	0.02%
SHO	D	0.02%
STC	B	0.02%
BKE	B	0.02%
ADNT	F	0.02%
UNF	B	0.02%
GEHC	C	0.02%
CTRA	F	0.02%
THS	C	0.02%
MATX	C	0.02%
KNX	C	0.01%
SCHL	D	0.01%
UHAL	B	0.01%
SCL	D	0.01%
ARCH	F	0.01%
JAZZ	D	0.01%
LYFT	D	0.01%
KALU	F	0.01%
ACI	F	0.01%
SWN	D	0.01%
ECPG	C	0.01%
MKSI	F	0.01%
WGO	D	0.01%
TPR	C	0.01%
UVV	D	0.01%
ESI	D	0.01%
HELE	D	0.01%
MTDR	D	0.01%
MLKN	D	0.01%
ELAN	D	0.01%
WOR	F	0.01%
BECN	D	0.01%
JELD	D	0.01%
CNM	F	0.01%
SYNA	F	0.01%
ESAB	C	0.01%
ARCB	D	0.01%
INCY	C	0.01%
CENTA	D	0.01%
JBGS	B	0.01%
FLR	D	0.01%
AMED	C	0.01%
FELE	C	0.01%
DTM	B	0.01%
WAFD	B	0.01%
SPB	B	0.01%
WMK	C	0.01%
BRC	B	0.01%
DY	B	0.01%
CADE	B	0.01%
KN	D	0.01%
CR	C	0.01%
ONB	C	0.01%
CBSH	C	0.01%
CBRL	D	0.01%
CSGS	C	0.01%
SAIC	C	0.01%
STRA	D	0.01%
TTMI	D	0.01%
CPRI	D	0.01%
CVI	F	0.01%
DEI	B	0.01%
AMWD	C	0.01%
TREX	F	0.01%
WWD	D	0.01%
LAUR	B	0.01%
OMI	D	0.01%
SAH	D	0.01%
NNI	B	0.01%
RBC	C	0.01%
LAD	C	0.01%
IOSP	D	0.01%
LADR	B	0.01%
GOLF	F	0.01%
PSMT	B	0.01%
TNET	D	0.01%
CWEN	B	0.01%
BHE	C	0.01%
DAN	F	0.01%
OLLI	C	0.01%
PTEN	F	0.01%
ESNT	B	0.01%
FYBR	C	0.01%
PHIN	B	0.01%
DNOW	D	0.01%
WAL	B	0.01%
SATS	B	0.01%
NOMD	B	0.0%
WOLF	F	0.0%

MFUS Underweight 199 Positions Relative to BND

Symbol	Grade	Weight
WIT	C	-0.09%
PAA	D	-0.01%
ORI	A	-0.01%
LNT	A	-0.01%
OCSL	D	-0.01%
NYC	C	-0.01%
NWE	A	-0.01%
PDM	B	-0.01%
NSC	C	-0.01%
GSBD	D	-0.01%
GPN	D	-0.01%
HON	D	-0.01%
ILMN	C	-0.01%
JBLU	D	-0.01%
ET	B	-0.01%
FTV	C	-0.01%
EIX	C	-0.01%
FSK	A	-0.01%
CAF	F	-0.01%
DE	B	-0.01%
FDX	C	-0.01%
ED	C	-0.01%
DVN	F	-0.01%
EXPE	C	-0.01%
DSS	F	-0.01%
ALB	F	-0.01%
AL	D	-0.01%
CNP	C	-0.01%
CNH	C	-0.01%
CMS	A	-0.01%
AWH	F	-0.01%
CM	B	-0.01%
AER	C	-0.01%
ADI	D	-0.01%
CHI	B	-0.01%
BLK	A	-0.01%
BKH	B	-0.01%
APTV	D	-0.01%
BIDU	F	-0.01%
APD	B	-0.01%
CCI	B	-0.01%
AMT	C	-0.01%
AMCR	C	-0.01%
CP	B	-0.01%
COO	B	-0.01%
TEL	D	-0.01%
SYK	C	-0.01%
ZBH	F	-0.01%
TRMB	C	-0.01%
TME	F	-0.01%
NNN	B	-0.01%
OHI	A	-0.01%
OGS	B	-0.01%
OGE	B	-0.01%
LH	B	-0.01%
O	B	-0.01%
MPLX	A	-0.01%
GL	C	-0.01%
JD	D	-0.01%
JCI	B	-0.01%
KMT	B	-0.01%
GBDC	C	-0.01%
WEC	B	-0.01%
WB	F	-0.01%
UBS	D	-0.01%
VTR	C	-0.01%
SWK	B	-0.01%
XEL	A	-0.01%
SKT	B	-0.01%
SITC	D	-0.01%
PYPL	B	-0.01%
RIV	A	-0.01%
REXR	C	-0.01%
SAVE	F	-0.01%
SAFE	B	-0.01%
EG	B	-0.01%
SNX	D	-0.01%
NHI	A	-0.01%
LIN	B	-0.01%
NYCB	D	-0.01%
NXPI	D	-0.01%
MCHP	D	-0.01%
HUM	F	-0.01%
GP	D	-0.01%
HR	C	-0.01%
HIW	B	-0.01%
HES	D	-0.01%
HAS	B	-0.01%
GXO	D	-0.01%
ESS	B	-0.01%
ESGR	D	-0.01%
ES	C	-0.01%
EQR	B	-0.01%
EPRT	A	-0.01%
EPR	B	-0.01%
FRT	C	-0.01%
EW	F	-0.01%
ETR	A	-0.01%
BRX	B	-0.01%
AAT	B	-0.01%
DOC	C	-0.01%
DHI	B	-0.01%
EL	F	-0.01%
FE	C	-0.01%
EE	B	-0.01%
DAL	C	-0.01%
CTS	D	-0.01%
DTE	B	-0.01%
FMC	C	-0.01%
ALLE	B	-0.01%
COE	C	-0.01%
CNA	C	-0.01%
AXS	B	-0.01%
AWK	A	-0.01%
AVB	B	-0.01%
AGR	B	-0.01%
AGO	C	-0.01%
ATO	B	-0.01%
AEP	B	-0.01%
AEE	B	-0.01%
CHH	C	-0.01%
BMO	C	-0.01%
ADC	C	-0.01%
ACGL	B	-0.01%
CF	B	-0.01%
ARE	B	-0.01%
ARCC	C	-0.01%
CDNS	D	-0.01%
BG	D	-0.01%
CBOE	C	-0.01%
BDN	B	-0.01%
BCSF	B	-0.01%
AAL	D	-0.01%
TDY	C	-0.01%
TMO	C	-0.01%
OPI	F	-0.01%
LAZ	A	-0.01%
MRVL	C	-0.01%
MP	D	-0.01%
KIM	B	-0.01%
KEYS	C	-0.01%
KRG	B	-0.01%
KRC	B	-0.01%
KOF	D	-0.01%
TT	B	-0.01%
TSLX	D	-0.01%
SWKS	F	-0.01%
VOYA	A	-0.01%
VMI	D	-0.01%
STT	A	-0.01%
STLA	F	-0.01%
WY	C	-0.01%
WTRG	D	-0.01%
WRK	C	-0.01%
WLK	D	-0.01%
PNW	B	-0.01%
SNA	B	-0.01%
PLD	C	-0.01%
ROK	D	-0.01%
RNR	B	-0.01%
PSEC	C	-0.01%
RF	B	-0.01%
SBRA	B	-0.01%
REG	C	-0.01%
PRE	F	-0.01%
PPL	C	-0.01%
SO	B	-0.01%
MAIN	C	-0.01%
MAA	B	-0.01%
UNH	C	-0.01%
RY	B	-0.01%
BHP	D	-0.01%
DIS	D	-0.01%
DB	B	-0.01%
EDC	D	-0.01%
NEE	B	-0.01%
GSK	C	-0.01%
EPD	A	-0.01%
SRE	B	-0.01%
BNS	A	-0.01%
EQNR	D	-0.01%
D	C	-0.01%
BABA	C	-0.01%
LUV	C	-0.01%
NI	B	-0.01%
MDT	C	-0.01%
VOD	B	-0.01%
RTX	C	-0.01%
AZN	D	-0.01%
DT	C	-0.01%
NWG	B	-0.01%
ABT	C	-0.01%
MUFG	D	-0.01%
MS	D	-0.01%
PCG	C	-0.01%
TD	A	-0.01%
MSFT	C	-0.01%
BA	F	-0.01%
HSBC	B	-0.01%