MFUS vs. FNCL ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to Fidelity MSCI Financials Index ETF (FNCL)

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

$47.72

Average Daily Volume

7,491

Number of Holdings ^*

780

* may have additional holdings in another (foreign) market

FNCL

Fidelity MSCI Financials Index ETF

FNCL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Financials Index. Investing at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Financials Index, which represents the performance of the financial sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Financials Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$62.08

Average Daily Volume

95,430

Number of Holdings ^*

375

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	FNCL
30 Days	4.11%	6.26%
60 Days	0.45%	6.56%
90 Days	2.34%	7.10%
12 Months	22.13%	31.61%

130 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in FNCL	Overlap
AFG	A	0.01%	0.13%	0.01%
AFL	B	0.19%	0.82%	0.19%
AGNC	A	0.04%	0.1%	0.04%
AIG	D	0.43%	0.7%	0.43%
AIZ	B	0.07%	0.15%	0.07%
AJG	A	0.09%	0.88%	0.09%
ALL	B	0.35%	0.69%	0.35%
ALLY	C	0.13%	0.16%	0.13%
AMG	C	0.05%	0.08%	0.05%
AMP	B	0.08%	0.6%	0.08%
AON	A	0.18%	0.93%	0.18%
APAM	D	0.02%	0.04%	0.02%
APO	D	0.11%	0.61%	0.11%
ARES	C	0.09%	0.36%	0.09%
AXP	B	0.19%	2.01%	0.19%
BAC	D	0.39%	3.94%	0.39%
BEN	F	0.04%	0.08%	0.04%
BHF	D	0.03%	0.04%	0.03%
BK	B	0.26%	0.69%	0.26%
BKU	B	0.03%	0.04%	0.03%
BRK.A	B	2.02%	8.68%	2.02%
BRO	A	0.13%	0.35%	0.13%
BX	B	0.23%	1.36%	0.23%
C	D	1.28%	1.62%	1.28%
CACC	F	0.01%	0.04%	0.01%
CADE	C	0.01%	0.08%	0.01%
CB	A	0.15%	1.53%	0.15%
CBSH	B	0.01%	0.11%	0.01%
CFG	B	0.07%	0.27%	0.07%
CG	D	0.02%	0.13%	0.02%
CINF	B	0.02%	0.3%	0.02%
CMA	B	0.03%	0.1%	0.03%
CME	A	0.19%	1.05%	0.19%
CNO	B	0.04%	0.06%	0.04%
COF	C	0.43%	0.77%	0.43%
COIN	F	0.07%	0.44%	0.07%
COOP	B	0.05%	0.08%	0.05%
CPAY	B	0.05%	0.29%	0.05%
DFS	C	0.08%	0.48%	0.08%
ECPG	C	0.01%	0.01%	0.01%
EQH	C	0.07%	0.19%	0.07%
ERIE	A	0.08%	0.17%	0.08%
ESNT	B	0.01%	0.09%	0.01%
EVR	B	0.12%	0.12%	0.12%
EWBC	C	0.02%	0.16%	0.02%
FAF	A	0.02%	0.09%	0.02%
FCNCA	C	0.05%	0.28%	0.05%
FDS	C	0.05%	0.22%	0.05%
FHI	B	0.04%	0.04%	0.04%
FHN	C	0.01%	0.12%	0.01%
FIS	A	0.07%	0.63%	0.07%
FITB	B	0.05%	0.4%	0.05%
FNF	B	0.03%	0.21%	0.03%
GNW	B	0.04%	0.04%	0.04%
GS	C	0.48%	2.17%	0.48%
HBAN	B	0.03%	0.3%	0.03%
HIG	B	0.05%	0.48%	0.05%
HLI	B	0.08%	0.11%	0.08%
HOOD	D	0.03%	0.14%	0.03%
IBKR	B	0.05%	0.18%	0.05%
ICE	A	0.28%	1.27%	0.28%
IVZ	C	0.06%	0.08%	0.06%
JEF	B	0.03%	0.13%	0.03%
JHG	B	0.03%	0.07%	0.03%
JKHY	B	0.1%	0.18%	0.1%
JPM	B	0.96%	8.7%	0.96%
JXN	C	0.1%	0.08%	0.08%
KEY	B	0.02%	0.22%	0.02%
KKR	B	0.13%	1.01%	0.13%
KMPR	C	0.02%	0.06%	0.02%
L	B	0.08%	0.22%	0.08%
LADR	B	0.01%	0.02%	0.01%
LNC	C	0.05%	0.07%	0.05%
LPLA	D	0.07%	0.23%	0.07%
MA	B	0.76%	5.5%	0.76%
MC	B	0.03%	0.06%	0.03%
MCO	B	0.03%	1.09%	0.03%
MCY	B	0.02%	0.03%	0.02%
MET	B	0.36%	0.65%	0.36%
MKL	C	0.03%	0.28%	0.03%
MKTX	A	0.02%	0.12%	0.02%
MMC	A	0.18%	1.55%	0.18%
MORN	C	0.03%	0.12%	0.03%
MSCI	B	0.07%	0.62%	0.07%
MTB	B	0.03%	0.39%	0.03%
MTG	B	0.04%	0.09%	0.04%
NAVI	C	0.03%	0.02%	0.02%
NDAQ	A	0.02%	0.42%	0.02%
NNI	B	0.01%	0.02%	0.01%
NTRS	B	0.02%	0.25%	0.02%
OMF	D	0.04%	0.08%	0.04%
ONB	C	0.01%	0.09%	0.01%
PFG	D	0.01%	0.26%	0.01%
PFSI	A	0.02%	0.06%	0.02%
PGR	A	0.49%	2.03%	0.49%
PMT	C	0.02%	0.02%	0.02%
PNC	B	0.1%	1.01%	0.1%
PRG	B	0.03%	0.03%	0.03%
PRU	C	0.25%	0.6%	0.25%
RGA	B	0.05%	0.2%	0.05%
RJF	D	0.01%	0.32%	0.01%
RLI	B	0.03%	0.09%	0.03%
SCHW	D	0.16%	1.35%	0.16%
SEIC	D	0.07%	0.1%	0.07%
SF	C	0.01%	0.12%	0.01%
SIGI	D	0.01%	0.07%	0.01%
SLM	D	0.06%	0.06%	0.06%
SNV	C	0.01%	0.09%	0.01%
SPGI	A	0.06%	2.25%	0.06%
STC	B	0.02%	0.03%	0.02%
SYF	C	0.31%	0.27%	0.27%
TFC	B	0.09%	0.81%	0.09%
THG	A	0.04%	0.07%	0.04%
TROW	D	0.08%	0.32%	0.08%
TRV	A	0.29%	0.72%	0.29%
TW	B	0.05%	0.19%	0.05%
UNM	B	0.1%	0.12%	0.1%
USB	B	0.11%	1.0%	0.11%
V	A	0.8%	6.03%	0.8%
VIRT	A	0.05%	0.04%	0.04%
WAFD	B	0.01%	0.04%	0.01%
WAL	B	0.01%	0.12%	0.01%
WBS	D	0.01%	0.11%	0.01%
WFC	D	1.47%	2.8%	1.47%
WRB	B	0.02%	0.26%	0.02%
WTFC	B	0.01%	0.1%	0.01%
WTM	B	0.04%	0.06%	0.04%
WTW	A	0.05%	0.41%	0.05%
WU	C	0.08%	0.04%	0.04%
ZION	C	0.03%	0.1%	0.03%

MFUS Overweight 650 Positions Relative to FNCL

Symbol	Grade	Weight
LLY	B	2.56%
META	C	2.02%
WMT	A	1.78%
NVDA	D	1.71%
AVGO	D	1.42%
ABBV	B	1.28%
IBM	A	1.26%
GOOGL	D	1.24%
AMZN	D	1.22%
COST	B	1.17%
GE	C	1.11%
T	A	1.09%
XOM	C	1.02%
AMGN	C	1.01%
ORCL	A	0.99%
JNJ	B	0.98%
VZ	B	0.93%
MRK	D	0.86%
CVX	F	0.82%
PG	A	0.82%
CVS	F	0.78%
GILD	A	0.73%
MPC	D	0.68%
TGT	B	0.68%
AAPL	C	0.68%
QCOM	F	0.66%
GM	B	0.6%
PEP	A	0.58%
PSX	D	0.58%
KO	B	0.58%
VLO	D	0.57%
MCK	D	0.54%
PM	A	0.53%
PFE	D	0.5%
MO	A	0.5%
LMT	A	0.5%
AMAT	F	0.48%
BKNG	C	0.47%
UNP	B	0.47%
REGN	B	0.45%
NFLX	B	0.44%
CAT	C	0.43%
CSCO	B	0.42%
INTC	F	0.41%
MMM	B	0.41%
HD	B	0.38%
MCD	A	0.38%
NOW	B	0.35%
KR	C	0.34%
F	D	0.34%
CRM	D	0.34%
TJX	B	0.33%
CAH	A	0.33%
CL	A	0.32%
ADM	D	0.32%
COP	D	0.32%
EBAY	A	0.32%
TMUS	B	0.31%
LRCX	F	0.3%
ANF	D	0.29%
AZO	B	0.29%
VST	C	0.28%
THC	B	0.28%
HPQ	D	0.28%
BMY	B	0.27%
DHR	B	0.26%
PANW	B	0.26%
KLAC	D	0.26%
INTU	D	0.25%
CHTR	C	0.25%
HPE	D	0.24%
CMCSA	C	0.24%
BBY	A	0.24%
LOW	B	0.23%
WM	D	0.23%
LII	C	0.23%
LYB	D	0.22%
UBER	B	0.22%
CMG	D	0.22%
VRTX	D	0.22%
DD	C	0.22%
NOC	B	0.22%
TSN	A	0.22%
FICO	A	0.21%
WSM	D	0.21%
TXN	C	0.21%
VRSK	C	0.2%
SHW	B	0.2%
CPRT	D	0.2%
MDLZ	A	0.2%
WSO	D	0.2%
ETN	D	0.19%
LHX	C	0.19%
SFM	B	0.19%
GLW	C	0.19%
DECK	C	0.18%
ORLY	B	0.18%
UPS	F	0.18%
BSX	A	0.18%
ACN	A	0.18%
CTAS	B	0.17%
BKR	D	0.17%
UTHR	B	0.17%
DVA	B	0.17%
GWW	C	0.17%
DPZ	D	0.17%
TDG	B	0.16%
KMB	A	0.16%
MU	F	0.16%
PHM	B	0.16%
GD	B	0.16%
MUSA	B	0.16%
MSI	B	0.15%
IT	B	0.15%
SMCI	F	0.15%
BR	C	0.15%
EMR	D	0.15%
WDC	D	0.15%
KHC	A	0.15%
PWR	C	0.14%
CLX	A	0.14%
CASY	C	0.14%
CI	B	0.14%
VTRS	C	0.14%
BAH	B	0.14%
WBA	F	0.14%
SPG	B	0.14%
DUK	A	0.13%
TRGP	A	0.13%
ANET	D	0.13%
PH	B	0.13%
HCA	B	0.13%
STE	A	0.12%
RMD	A	0.12%
IP	B	0.12%
CARR	B	0.12%
RSG	B	0.12%
HWM	B	0.12%
JNPR	A	0.12%
RPM	A	0.11%
WELL	A	0.11%
MRO	C	0.11%
APH	D	0.11%
CRS	B	0.11%
EXC	A	0.11%
IRM	B	0.11%
AOS	D	0.11%
EOG	D	0.11%
XYL	D	0.11%
CMI	B	0.11%
MAR	D	0.11%
FTI	D	0.11%
UHS	B	0.1%
K	A	0.1%
NEM	B	0.1%
CEG	D	0.1%
FCX	D	0.1%
AVY	B	0.1%
GPK	B	0.1%
YUM	B	0.1%
TOL	B	0.1%
FAST	D	0.1%
GDDY	C	0.1%
DKS	C	0.1%
GIS	A	0.1%
HUBB	C	0.09%
USFD	B	0.09%
CW	B	0.09%
CHRW	B	0.09%
IR	D	0.09%
HRB	B	0.09%
BDX	D	0.09%
DASH	B	0.09%
MPWR	C	0.09%
EA	C	0.09%
AN	C	0.09%
GPI	B	0.09%
AEO	D	0.09%
EFX	B	0.09%
SLB	F	0.09%
URI	C	0.09%
CACI	B	0.09%
MTD	C	0.08%
BIIB	D	0.08%
LUMN	B	0.08%
OKE	A	0.08%
PCAR	D	0.08%
TTC	D	0.08%
ECL	B	0.08%
WMB	B	0.08%
DLR	D	0.08%
WCC	D	0.08%
EHC	B	0.08%
MTH	B	0.08%
NUE	F	0.08%
TAP	C	0.08%
RCL	C	0.08%
ITW	C	0.08%
HLT	C	0.08%
FOXA	B	0.08%
LEN	B	0.08%
KMI	B	0.08%
ALSN	B	0.08%
LDOS	B	0.08%
LSTR	D	0.08%
OGN	C	0.08%
ITT	C	0.08%
RS	D	0.08%
ELV	B	0.08%
LECO	F	0.08%
TMHC	B	0.08%
ADP	B	0.08%
CSX	D	0.08%
PNR	B	0.08%
IEX	D	0.08%
ADSK	B	0.08%
NTAP	D	0.08%
BWXT	C	0.08%
GNTX	D	0.07%
HCC	F	0.07%
TEX	D	0.07%
MLI	B	0.07%
OTIS	D	0.07%
NWSA	C	0.07%
SLG	B	0.07%
CALM	B	0.07%
NVR	B	0.07%
THO	C	0.07%
GLPI	A	0.07%
SYY	A	0.07%
UFPI	D	0.07%
FCN	C	0.07%
ATR	A	0.07%
JBL	F	0.07%
ARW	B	0.07%
ROST	B	0.07%
CMC	D	0.07%
OC	D	0.07%
EXPD	D	0.07%
CE	F	0.07%
X	F	0.07%
EXR	B	0.07%
BALL	A	0.07%
MKC	A	0.07%
OSK	D	0.07%
IPG	B	0.07%
ABG	D	0.07%
AYI	C	0.07%
NRG	C	0.07%
TTWO	B	0.07%
TYL	A	0.07%
ANSS	D	0.06%
SBUX	B	0.06%
KTB	B	0.06%
FIX	C	0.06%
FTNT	B	0.06%
VNO	B	0.06%
TPH	B	0.06%
KD	D	0.06%
CPT	B	0.06%
BERY	B	0.06%
MAS	B	0.06%
CRI	C	0.06%
OMC	B	0.06%
CHE	C	0.06%
EMN	C	0.06%
MMS	C	0.06%
MSM	D	0.06%
INGR	A	0.06%
SCI	B	0.06%
TPX	D	0.06%
FLEX	C	0.06%
ROP	C	0.06%
MLM	D	0.06%
BC	D	0.06%
INVH	B	0.06%
PK	D	0.06%
R	C	0.06%
CHD	A	0.06%
KDP	A	0.06%
FL	D	0.06%
BCC	C	0.06%
NSIT	C	0.06%
TSCO	B	0.06%
CNX	B	0.06%
VMC	D	0.06%
SEE	D	0.06%
PBF	F	0.06%
LPX	B	0.06%
POOL	C	0.06%
DGX	B	0.06%
CCK	A	0.06%
CCL	D	0.05%
WEN	C	0.05%
GNRC	C	0.05%
SIG	F	0.05%
M	F	0.05%
CBT	B	0.05%
SKYW	D	0.05%
FANG	D	0.05%
MTN	C	0.05%
WAT	B	0.05%
PKG	B	0.05%
LAMR	B	0.05%
NOV	F	0.05%
AVT	C	0.05%
ATGE	C	0.05%
WPC	A	0.05%
BWA	D	0.05%
ATI	C	0.05%
TKR	D	0.05%
LOPE	D	0.05%
PAG	C	0.05%
NYT	C	0.05%
SUI	A	0.05%
CRUS	C	0.05%
TXRH	D	0.05%
MUR	F	0.05%
A	B	0.05%
NXST	D	0.05%
POST	B	0.05%
PTC	D	0.05%
MNST	D	0.05%
G	B	0.05%
PEG	B	0.05%
JLL	B	0.05%
DELL	F	0.05%
SANM	D	0.05%
DG	F	0.05%
URBN	D	0.05%
KSS	F	0.05%
EXP	B	0.05%
IDXX	D	0.05%
CDW	D	0.05%
MHO	B	0.05%
HSY	A	0.05%
TER	D	0.04%
CTVA	B	0.04%
GT	F	0.04%
APG	D	0.04%
APLE	F	0.04%
GEO	D	0.04%
COLD	B	0.04%
OI	C	0.04%
XPO	D	0.04%
PSTG	F	0.04%
BLDR	C	0.04%
VSH	F	0.04%
ELS	A	0.04%
AROC	D	0.04%
AMH	A	0.04%
XRAY	D	0.04%
HEI	B	0.04%
SON	A	0.04%
HUBG	B	0.04%
SEB	C	0.04%
RGLD	C	0.04%
OLN	F	0.04%
FLO	A	0.04%
GATX	C	0.04%
VRSN	C	0.04%
ZTS	A	0.04%
GVA	B	0.04%
VC	F	0.04%
FFIV	B	0.04%
SRCL	A	0.04%
ADBE	B	0.04%
AR	F	0.04%
HAL	F	0.04%
RRC	F	0.04%
MAN	D	0.04%
CRBG	C	0.04%
NBIX	D	0.04%
PVH	F	0.04%
LANC	D	0.04%
STZ	B	0.04%
ENTG	D	0.04%
DCI	C	0.04%
GGG	D	0.04%
PR	D	0.04%
HXL	F	0.04%
MOG.A	C	0.04%
ULTA	D	0.04%
PINS	F	0.04%
CUBE	A	0.04%
KBH	B	0.04%
WHR	D	0.04%
CAG	A	0.04%
MOS	F	0.04%
NFG	B	0.04%
WST	D	0.04%
NDSN	C	0.04%
ACM	B	0.04%
ABM	C	0.04%
DOW	D	0.04%
WAB	B	0.04%
PPG	D	0.04%
STLD	D	0.04%
NKE	C	0.04%
CLH	C	0.04%
BDC	B	0.04%
ROL	B	0.04%
SMG	C	0.04%
MAC	B	0.04%
BTU	D	0.04%
SLGN	B	0.04%
ADNT	F	0.03%
CTRA	F	0.03%
NVT	F	0.03%
TXT	D	0.03%
COKE	B	0.03%
FR	B	0.03%
SSD	D	0.03%
SJM	A	0.03%
AKAM	D	0.03%
MATX	C	0.03%
BURL	B	0.03%
OKTA	F	0.03%
UDR	B	0.03%
MOH	C	0.03%
DK	F	0.03%
VVV	D	0.03%
AWI	C	0.03%
BRKR	C	0.03%
EQIX	B	0.03%
MDU	D	0.03%
YELP	F	0.03%
GBX	D	0.03%
WH	A	0.03%
BFAM	B	0.03%
DBRG	F	0.03%
SHOO	C	0.03%
TFX	A	0.03%
BJ	D	0.03%
WTS	D	0.03%
AVA	B	0.03%
DLB	F	0.03%
HP	F	0.03%
DLTR	F	0.03%
RPRX	B	0.03%
PRIM	C	0.03%
LSXMK	C	0.03%
MANH	B	0.03%
HBI	B	0.03%
HOLX	A	0.03%
HSIC	C	0.03%
SAIA	D	0.03%
RUSHA	C	0.03%
DOX	C	0.03%
PSA	A	0.03%
CPNG	B	0.03%
ASO	C	0.03%
EME	C	0.03%
SM	D	0.03%
TRN	C	0.03%
SBH	B	0.03%
PAYX	B	0.03%
TDS	B	0.03%
AVTR	B	0.03%
PDCO	F	0.03%
SEM	D	0.03%
BLD	D	0.03%
SLVM	B	0.03%
FND	C	0.03%
IFF	A	0.03%
AMKR	F	0.03%
DINO	F	0.03%
MSA	D	0.03%
LEA	F	0.03%
DDS	D	0.03%
UHAL	B	0.03%
AES	D	0.03%
JWN	A	0.03%
CVLT	B	0.03%
APP	B	0.03%
LW	D	0.03%
BAX	A	0.03%
ACA	D	0.03%
TGNA	D	0.03%
RL	A	0.03%
GMS	D	0.03%
CSL	C	0.02%
VFC	B	0.02%
DNOW	D	0.02%
PTEN	F	0.02%
DAN	F	0.02%
NWL	A	0.02%
GWRE	A	0.02%
BXP	A	0.02%
PARA	F	0.02%
LEG	D	0.02%
SNDR	B	0.02%
CHDN	D	0.02%
RHI	D	0.02%
APOG	C	0.02%
LXP	B	0.02%
DORM	B	0.02%
HNI	B	0.02%
ODP	F	0.02%
HST	D	0.02%
SAM	D	0.02%
ANDE	D	0.02%
OSIS	C	0.02%
IGT	C	0.02%
SNAP	F	0.02%
GES	F	0.02%
BMRN	D	0.02%
DOV	C	0.02%
LBRDK	C	0.02%
DXC	A	0.02%
AGCO	F	0.02%
AIT	C	0.02%
GPC	D	0.02%
BBWI	F	0.02%
XRX	D	0.02%
XHR	D	0.02%
PSN	B	0.02%
CC	F	0.02%
SXT	C	0.02%
VSTO	C	0.02%
GHC	C	0.02%
NTCT	C	0.02%
NSP	F	0.02%
HAE	F	0.02%
AA	F	0.02%
CTLT	A	0.02%
EPC	C	0.02%
AIR	D	0.02%
RLJ	F	0.02%
GEF	D	0.02%
REZI	D	0.02%
GMED	C	0.02%
LNW	B	0.02%
JBHT	C	0.02%
PNM	A	0.02%
ORA	C	0.02%
SKX	B	0.02%
KBR	C	0.02%
EXEL	B	0.02%
FLS	C	0.02%
WMS	D	0.02%
CXW	D	0.02%
HII	B	0.02%
TDC	F	0.02%
WERN	D	0.02%
ALGN	F	0.02%
PINC	A	0.02%
PLXS	B	0.02%
BKE	B	0.02%
MASI	D	0.02%
COHR	C	0.02%
AXTA	C	0.02%
LZB	C	0.02%
GEHC	B	0.02%
DRH	D	0.02%
RYN	B	0.02%
THS	A	0.02%
CHRD	F	0.02%
UNF	C	0.02%
SHO	D	0.02%
NEU	D	0.02%
VNT	F	0.02%
SBAC	A	0.02%
HOG	B	0.02%
DRI	A	0.02%
KNX	D	0.01%
AAP	F	0.01%
SCHL	D	0.01%
UHAL	B	0.01%
UAL	C	0.01%
SCL	D	0.01%
LYFT	F	0.01%
JAZZ	D	0.01%
ARCH	F	0.01%
TPR	B	0.01%
HELE	D	0.01%
SWN	F	0.01%
SCCO	D	0.01%
KALU	F	0.01%
ACI	D	0.01%
UVV	B	0.01%
WGO	D	0.01%
HUN	D	0.01%
ESI	D	0.01%
SWX	D	0.01%
MKSI	F	0.01%
ELAN	B	0.01%
HRL	A	0.01%
QRVO	D	0.01%
WOR	F	0.01%
JELD	F	0.01%
MLKN	D	0.01%
LVS	D	0.01%
JBGS	B	0.01%
HPP	D	0.01%
MTDR	F	0.01%
AMED	B	0.01%
DY	D	0.01%
BECN	D	0.01%
INCY	C	0.01%
WMK	B	0.01%
ESAB	D	0.01%
PECO	A	0.01%
BRC	B	0.01%
ARCB	F	0.01%
CENTA	D	0.01%
SAIC	B	0.01%
CPRI	C	0.01%
DTM	B	0.01%
SYNA	F	0.01%
SPB	B	0.01%
FYBR	A	0.01%
CPB	A	0.01%
FELE	D	0.01%
FLR	C	0.01%
STRA	D	0.01%
CSGS	C	0.01%
KN	D	0.01%
CR	C	0.01%
CNM	F	0.01%
TREX	F	0.01%
CBRL	F	0.01%
DEI	B	0.01%
TTMI	D	0.01%
WWD	D	0.01%
SATS	A	0.01%
OLLI	D	0.01%
AMWD	D	0.01%
LAUR	C	0.01%
MHK	B	0.01%
RBC	C	0.01%
H	C	0.01%
OMI	C	0.01%
GOLF	C	0.01%
IOSP	D	0.01%
KEX	D	0.01%
PSMT	B	0.01%
CVI	F	0.01%
CWEN	B	0.01%
BHE	C	0.01%
TNET	F	0.01%
SAH	C	0.01%
EVRG	A	0.01%
LAD	C	0.01%
PHIN	B	0.01%
ODFL	D	0.01%
SCS	C	0.01%
TTEK	B	0.01%
NOMD	A	0.0%
WOLF	F	0.0%

MFUS Underweight 245 Positions Relative to FNCL

Symbol	Grade	Weight
BLK	B	-1.81%
MS	C	-1.67%
PYPL	B	-0.98%
ACGL	B	-0.59%
SQ	D	-0.49%
GPN	C	-0.39%
STT	B	-0.36%
CBOE	A	-0.31%
RF	B	-0.29%
EG	B	-0.24%
RNR	A	-0.19%
AFRM	B	-0.14%
GL	B	-0.14%
KNSL	B	-0.14%
ORI	B	-0.13%
PRI	B	-0.13%
TOST	D	-0.12%
WEX	C	-0.11%
OWL	D	-0.11%
VOYA	B	-0.1%
SSB	B	-0.1%
BPOP	B	-0.1%
SOFI	D	-0.1%
PNFP	B	-0.1%
RYAN	B	-0.09%
CFR	C	-0.09%
PB	B	-0.09%
AXS	B	-0.09%
FNB	C	-0.08%
HLNE	B	-0.08%
STWD	C	-0.08%
EEFT	D	-0.07%
PIPR	B	-0.07%
UMBF	B	-0.07%
HOMB	B	-0.07%
UBSI	B	-0.07%
COLB	B	-0.07%
GBCI	B	-0.07%
RDN	B	-0.07%
ABCB	B	-0.06%
ESGR	D	-0.06%
SFBS	B	-0.06%
FFIN	B	-0.06%
AGO	D	-0.06%
FOUR	B	-0.06%
OZK	D	-0.06%
HWC	C	-0.06%
NMIH	B	-0.05%
FULT	C	-0.05%
UCBI	B	-0.05%
FBP	B	-0.05%
ASB	C	-0.05%
BGC	B	-0.05%
WD	B	-0.05%
IBOC	C	-0.05%
VLY	C	-0.05%
AX	C	-0.05%
TPG	B	-0.05%
HASI	B	-0.05%
SFNC	B	-0.04%
INDB	B	-0.04%
BOH	B	-0.04%
TOWN	B	-0.04%
PJT	C	-0.04%
PRK	B	-0.04%
UPST	B	-0.04%
TCBI	A	-0.04%
FIBK	B	-0.04%
OSCR	B	-0.04%
CBU	B	-0.04%
BXMT	C	-0.04%
BOKF	B	-0.04%
CATY	B	-0.04%
EBC	B	-0.04%
STEP	B	-0.04%
AUB	B	-0.04%
WSFS	C	-0.04%
FHB	C	-0.04%
BANC	B	-0.03%
AGM	D	-0.03%
TRMK	B	-0.03%
WSBC	B	-0.03%
DFIN	B	-0.03%
EFSC	B	-0.03%
NATL	D	-0.03%
FLYW	D	-0.03%
BANR	B	-0.03%
GSHD	A	-0.03%
MQ	F	-0.03%
OFG	B	-0.03%
BANF	B	-0.03%
EVTC	D	-0.03%
IBTX	B	-0.03%
RNST	C	-0.03%
SBCF	B	-0.03%
NBTB	B	-0.03%
ENVA	B	-0.03%
VCTR	B	-0.03%
PFS	B	-0.03%
ABR	B	-0.03%
SNEX	C	-0.03%
PPBI	C	-0.03%
TBBK	B	-0.03%
FRME	C	-0.03%
CNS	B	-0.03%
HTLF	B	-0.03%
PLMR	B	-0.03%
CVBF	D	-0.03%
RKT	B	-0.03%
FFBC	B	-0.03%
SRCE	C	-0.02%
PEBO	C	-0.02%
GABC	B	-0.02%
BHLB	B	-0.02%
EIG	B	-0.02%
SAFT	B	-0.02%
NBHC	B	-0.02%
NIC	B	-0.02%
ACT	A	-0.02%
VBTX	B	-0.02%
WABC	C	-0.02%
QCRH	B	-0.02%
LC	B	-0.02%
CODI	D	-0.02%
SKWD	A	-0.02%
LOB	B	-0.02%
SASR	B	-0.02%
ARI	C	-0.02%
TCBK	C	-0.02%
CUBI	F	-0.02%
HTH	C	-0.02%
HMN	B	-0.02%
VRTS	D	-0.02%
RC	F	-0.02%
TRUP	B	-0.02%
FRHC	A	-0.02%
HOPE	B	-0.02%
SPNT	B	-0.02%
CHCO	B	-0.02%
FBNC	B	-0.02%
SYBT	B	-0.02%
STBA	B	-0.02%
CASH	A	-0.02%
LKFN	B	-0.02%
BUSE	B	-0.02%
NWBI	B	-0.02%
FCF	B	-0.02%
FBK	B	-0.02%
PGC	B	-0.01%
WRLD	D	-0.01%
CLBK	B	-0.01%
HAFC	B	-0.01%
PX	B	-0.01%
PAY	C	-0.01%
UFCS	D	-0.01%
HONE	B	-0.01%
SPFI	B	-0.01%
CCBG	B	-0.01%
CTLP	D	-0.01%
MCB	B	-0.01%
NFBK	B	-0.01%
GSBC	C	-0.01%
NRDS	F	-0.01%
SMBC	B	-0.01%
BHB	B	-0.01%
GDOT	B	-0.01%
TRTX	C	-0.01%
TIPT	B	-0.01%
FSBC	B	-0.01%
MSBI	D	-0.01%
CAC	B	-0.01%
LPRO	F	-0.01%
AMBC	F	-0.01%
THFF	B	-0.01%
WASH	B	-0.01%
TRST	B	-0.01%
IIIV	D	-0.01%
CCB	B	-0.01%
EQBK	B	-0.01%
AMTB	D	-0.01%
FMNB	B	-0.01%
KREF	A	-0.01%
EZPW	B	-0.01%
TMP	B	-0.01%
IMXI	D	-0.01%
TREE	B	-0.01%
EGBN	C	-0.01%
RBCAA	B	-0.01%
PRA	C	-0.01%
TFSL	C	-0.01%
BFST	B	-0.01%
CFFN	C	-0.01%
CPF	B	-0.01%
PFBC	C	-0.01%
UVE	B	-0.01%
CASS	D	-0.01%
AMAL	B	-0.01%
FCBC	B	-0.01%
FG	D	-0.01%
BSIG	C	-0.01%
HTBK	B	-0.01%
RPAY	F	-0.01%
OSBC	B	-0.01%
MCBS	B	-0.01%
BFC	C	-0.01%
HFWA	B	-0.01%
FMBH	B	-0.01%
HBNC	B	-0.01%
PRAA	D	-0.01%
BY	C	-0.01%
BHRB	B	-0.01%
AMSF	B	-0.01%
CFB	B	-0.01%
BRSP	D	-0.01%
DX	A	-0.01%
MBWM	C	-0.01%
CTBI	B	-0.01%
HCI	A	-0.01%
BRKL	B	-0.01%
CMTG	F	-0.01%
UWMC	B	-0.01%
FBMS	B	-0.01%
AMK	B	-0.01%
SBSI	B	-0.01%
DCOM	B	-0.01%
OBK	C	-0.01%
CNOB	B	-0.01%
IBCP	B	-0.01%
RWT	B	-0.01%
CNNE	D	-0.01%
UVSP	B	-0.01%
LMND	D	-0.01%
PFC	B	-0.01%
MBIN	C	-0.01%
OCFC	B	-0.01%
EFC	B	-0.01%
AROW	B	-0.0%
RILY	F	-0.0%
CRD.B	B	-0.0%
GCBC	D	-0.0%
DHIL	B	-0.0%
DGICA	A	-0.0%
KRNY	D	-0.0%
HBT	C	-0.0%
HGTY	B	-0.0%