MFUS vs. INRO ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to BlackRock U.S. Industry Rotation ETF (INRO)

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

$51.89

Average Daily Volume

5,619

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

INRO

BlackRock U.S. Industry Rotation ETF

INRO Description

INRO is targeted US equity exposure, actively managed by shifting the selection and weighting of the portfolio towards industries among the broad domestic market. Portfolio allocation is based on five potential sources of return: information regarding the current economic cycle, valuation, quality metrics, analyst expectation data and recent individual industry trends. The strategy aims to capture the potential alpha from the dispersion between industry allocations and the broad market. During temporary defensive periods, the fund may depart from this principal investment strategy to invest 100% of the portfolio in liquid, short-term securities. The fund may engage in active and frequent trading. Derivatives may also be used to seek returns or hedge exposure. Up to one-third of the value of the funds assets may be lending.

Grade (RS Rating)

Last Trade

$28.39

Average Daily Volume

3,548

Number of Holdings ^*

429

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	INRO
30 Days	2.73%	5.09%
60 Days	3.41%	6.25%
90 Days	5.38%	7.10%
12 Months	32.49%

314 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in INRO	Overlap
A	D	0.05%	0.05%	0.05%
AAPL	C	0.96%	5.76%	0.96%
ABBV	D	1.36%	0.39%	0.39%
ACI	C	0.01%	0.01%	0.01%
ACM	A	0.03%	0.11%	0.03%
ACN	C	0.25%	0.07%	0.07%
ADBE	C	0.04%	0.32%	0.04%
ADP	B	0.11%	0.29%	0.11%
ADSK	A	0.09%	0.09%	0.09%
AEP	D	0.08%	0.32%	0.08%
AES	F	0.01%	0.03%	0.01%
AFL	B	0.21%	0.09%	0.09%
AIG	B	0.34%	0.09%	0.09%
AIZ	A	0.09%	0.02%	0.02%
AJG	B	0.16%	0.1%	0.1%
ALL	A	0.26%	0.08%	0.08%
ALLY	C	0.05%	0.02%	0.02%
ALNY	D	0.06%	0.04%	0.04%
AMAT	F	0.55%	0.3%	0.3%
AMGN	D	0.94%	0.2%	0.2%
AMP	A	0.18%	0.19%	0.18%
AMT	D	0.13%	0.11%	0.11%
AMZN	C	1.71%	1.47%	1.47%
ANSS	B	0.05%	0.05%	0.05%
AON	A	0.24%	0.11%	0.11%
AOS	F	0.08%	0.06%	0.06%
APH	A	0.12%	0.19%	0.12%
APP	B	0.11%	0.1%	0.1%
ARES	A	0.09%	0.12%	0.09%
ATO	A	0.02%	0.05%	0.02%
AVB	B	0.03%	0.01%	0.01%
AVGO	D	1.59%	1.54%	1.54%
AVTR	F	0.03%	0.02%	0.02%
AVY	D	0.09%	0.07%	0.07%
AXP	A	0.23%	1.14%	0.23%
AZO	C	0.28%	0.15%	0.15%
BAC	A	0.45%	0.81%	0.45%
BAH	F	0.15%	0.04%	0.04%
BALL	D	0.07%	0.08%	0.07%
BBWI	D	0.01%	0.02%	0.01%
BBY	D	0.21%	0.05%	0.05%
BEN	C	0.02%	0.03%	0.02%
BIIB	F	0.07%	0.03%	0.03%
BK	A	0.18%	0.11%	0.11%
BKR	B	0.08%	0.07%	0.07%
BLDR	D	0.04%	0.15%	0.04%
BMRN	D	0.01%	0.02%	0.01%
BMY	B	0.41%	0.11%	0.11%
BR	A	0.17%	0.08%	0.08%
BRK.A	B	2.42%	0.06%	0.06%
BRO	B	0.12%	0.04%	0.04%
BURL	A	0.03%	0.05%	0.03%
BX	A	0.13%	0.45%	0.13%
BXP	D	0.02%	1.35%	0.02%
C	A	0.69%	0.34%	0.34%
CARR	D	0.05%	0.42%	0.05%
CAT	B	0.2%	0.35%	0.2%
CB	C	0.16%	0.17%	0.16%
CBRE	B	0.05%	0.87%	0.05%
CCI	D	0.07%	0.06%	0.06%
CCK	C	0.06%	0.05%	0.05%
CDW	F	0.03%	0.05%	0.03%
CEG	D	0.11%	0.45%	0.11%
CFG	B	0.04%	0.06%	0.04%
CG	A	0.03%	0.05%	0.03%
CHRW	C	0.14%	0.0%	0.0%
CINF	A	0.02%	0.04%	0.02%
CME	A	0.14%	0.3%	0.14%
CMI	A	0.14%	0.1%	0.1%
COF	B	0.29%	0.48%	0.29%
COIN	C	0.1%	0.2%	0.1%
COP	C	0.07%	0.24%	0.07%
COST	B	1.35%	0.47%	0.47%
CPRT	A	0.09%	0.21%	0.09%
CPT	B	0.06%	0.01%	0.01%
CSL	C	0.02%	0.14%	0.02%
CSX	B	0.11%	0.25%	0.11%
CTAS	B	0.19%	0.34%	0.19%
CTLT	B	0.02%	0.01%	0.01%
CTVA	C	0.04%	0.01%	0.01%
CVX	A	0.39%	0.5%	0.39%
DD	D	0.1%	0.01%	0.01%
DELL	C	0.03%	0.07%	0.03%
DFS	B	0.1%	0.29%	0.1%
DG	F	0.09%	0.02%	0.02%
DHI	D	0.06%	0.33%	0.06%
DHR	F	0.24%	0.19%	0.19%
DINO	D	0.01%	0.02%	0.01%
DKS	C	0.08%	0.03%	0.03%
DLR	B	0.09%	0.07%	0.07%
DLTR	F	0.03%	0.01%	0.01%
DOV	A	0.04%	0.05%	0.04%
DOW	F	0.02%	0.01%	0.01%
DUK	C	0.13%	0.54%	0.13%
EBAY	D	0.36%	0.02%	0.02%
ECL	D	0.08%	0.0%	0.0%
EFX	F	0.11%	0.08%	0.08%
EIX	B	0.05%	0.21%	0.05%
EME	C	0.04%	0.19%	0.04%
EMR	A	0.09%	0.24%	0.09%
EQR	B	0.04%	0.01%	0.01%
ERIE	D	0.04%	0.02%	0.02%
ES	D	0.03%	0.14%	0.03%
ESS	B	0.04%	0.01%	0.01%
ETR	B	0.05%	0.2%	0.05%
EVRG	A	0.02%	0.11%	0.02%
EXC	C	0.07%	0.25%	0.07%
EXPD	D	0.11%	0.0%	0.0%
EXR	D	0.11%	0.04%	0.04%
F	C	0.16%	0.06%	0.06%
FANG	D	0.05%	0.06%	0.05%
FAST	B	0.13%	0.4%	0.13%
FCNCA	A	0.06%	0.05%	0.05%
FDS	B	0.04%	0.08%	0.04%
FE	C	0.03%	0.15%	0.03%
FI	A	0.19%	0.01%	0.01%
FICO	B	0.25%	0.08%	0.08%
FIS	C	0.07%	0.01%	0.01%
FITB	A	0.04%	0.08%	0.04%
FNF	B	0.03%	0.0%	0.0%
FTNT	C	0.07%	0.08%	0.07%
GD	F	0.24%	0.03%	0.03%
GDDY	A	0.12%	0.01%	0.01%
GE	D	0.56%	0.08%	0.08%
GEN	B	0.11%	0.02%	0.02%
GGG	B	0.03%	0.03%	0.03%
GILD	C	0.87%	0.14%	0.14%
GLPI	C	0.07%	0.02%	0.02%
GLW	B	0.2%	0.09%	0.09%
GM	B	0.4%	0.09%	0.09%
GS	A	0.41%	0.64%	0.41%
GWW	B	0.21%	0.44%	0.21%
HBAN	A	0.03%	0.07%	0.03%
HD	A	0.62%	1.17%	0.62%
HEI	B	0.04%	0.0%	0.0%
HEI	B	0.04%	0.01%	0.01%
HIG	B	0.06%	0.05%	0.05%
HII	D	0.02%	0.0%	0.0%
HOOD	B	0.04%	0.06%	0.04%
HPE	B	0.11%	0.05%	0.05%
HPQ	B	0.28%	0.06%	0.06%
HUBB	B	0.03%	0.08%	0.03%
HWM	A	0.17%	0.02%	0.02%
IBM	C	1.05%	0.06%	0.06%
ICE	C	0.29%	0.33%	0.29%
IEX	B	0.09%	0.03%	0.03%
INCY	C	0.01%	0.02%	0.01%
INTC	D	0.2%	0.22%	0.2%
INVH	D	0.04%	0.01%	0.01%
IP	B	0.09%	0.09%	0.09%
IR	B	0.09%	0.08%	0.08%
IRM	D	0.12%	0.04%	0.04%
IT	C	0.15%	0.02%	0.02%
ITW	B	0.1%	0.15%	0.1%
JBHT	C	0.02%	0.06%	0.02%
JBL	B	0.03%	0.03%	0.03%
JCI	C	0.07%	0.39%	0.07%
JNJ	D	1.18%	0.37%	0.37%
JPM	A	0.99%	1.74%	0.99%
KEY	B	0.03%	0.05%	0.03%
KKR	A	0.15%	0.31%	0.15%
KLAC	D	0.23%	0.17%	0.17%
KMI	A	0.11%	0.1%	0.1%
KNX	B	0.01%	0.03%	0.01%
KR	B	0.38%	0.05%	0.05%
L	A	0.06%	0.03%	0.03%
LDOS	C	0.11%	0.05%	0.05%
LEN	D	0.06%	0.28%	0.06%
LHX	C	0.26%	0.02%	0.02%
LII	A	0.21%	0.14%	0.14%
LLY	F	2.39%	0.57%	0.57%
LMT	D	0.75%	0.05%	0.05%
LNT	A	0.02%	0.11%	0.02%
LOW	D	0.35%	0.43%	0.35%
LPLA	A	0.07%	0.08%	0.07%
LRCX	F	0.17%	0.19%	0.17%
LYB	F	0.15%	0.0%	0.0%
MA	C	0.28%	0.04%	0.04%
MAA	B	0.02%	0.01%	0.01%
MANH	D	0.03%	0.03%	0.03%
MAS	D	0.06%	0.12%	0.06%
MCO	B	0.15%	0.28%	0.15%
MET	A	0.32%	0.08%	0.08%
META	D	2.35%	3.68%	2.35%
MKTX	D	0.02%	0.04%	0.02%
MLM	B	0.07%	0.57%	0.07%
MMC	B	0.2%	0.16%	0.16%
MMM	D	0.6%	0.76%	0.6%
MO	A	0.73%	0.41%	0.41%
MPC	D	0.34%	0.1%	0.1%
MPWR	F	0.06%	0.06%	0.06%
MRK	F	0.84%	0.24%	0.24%
MRO	B	0.03%	0.03%	0.03%
MS	A	0.22%	0.55%	0.22%
MSCI	C	0.07%	0.16%	0.07%
MTB	A	0.04%	0.09%	0.04%
MTD	D	0.08%	0.03%	0.03%
MU	D	0.16%	0.23%	0.16%
NBIX	C	0.04%	0.02%	0.02%
NDAQ	A	0.05%	0.14%	0.05%
NDSN	B	0.04%	0.03%	0.03%
NEE	D	0.22%	0.97%	0.22%
NEM	D	0.16%	0.11%	0.11%
NOC	D	0.35%	0.03%	0.03%
NOW	A	0.36%	0.3%	0.3%
NRG	B	0.07%	0.12%	0.07%
NSC	B	0.07%	0.22%	0.07%
NTAP	C	0.1%	0.04%	0.04%
NTRS	A	0.03%	0.1%	0.03%
NUE	C	0.08%	0.01%	0.01%
NVDA	C	1.9%	7.62%	1.9%
NVR	D	0.09%	0.21%	0.09%
OC	A	0.02%	0.12%	0.02%
ODFL	B	0.02%	0.16%	0.02%
OKE	A	0.1%	0.12%	0.1%
ORCL	B	1.52%	0.45%	0.45%
ORLY	B	0.2%	0.21%	0.2%
OTIS	C	0.07%	0.08%	0.07%
PANW	C	0.25%	0.18%	0.18%
PAYX	C	0.04%	0.11%	0.04%
PFE	D	0.57%	0.14%	0.14%
PFG	D	0.01%	0.04%	0.01%
PGR	A	0.59%	0.23%	0.23%
PH	A	0.14%	0.17%	0.14%
PHM	D	0.1%	0.18%	0.1%
PKG	A	0.1%	0.1%	0.1%
PLTR	B	0.23%	0.18%	0.18%
PM	B	0.87%	0.87%	0.87%
PNC	B	0.12%	0.21%	0.12%
PNR	A	0.02%	0.04%	0.02%
PPL	B	0.04%	0.05%	0.04%
PRU	A	0.23%	0.07%	0.07%
PSA	D	0.09%	0.07%	0.07%
PSTG	D	0.04%	0.03%	0.03%
PSX	C	0.23%	0.1%	0.1%
PTC	A	0.04%	0.04%	0.04%
PWR	A	0.12%	0.37%	0.12%
PYPL	B	0.12%	0.01%	0.01%
QCOM	F	0.77%	0.39%	0.39%
QRVO	F	0.01%	0.01%	0.01%
REGN	F	0.36%	0.11%	0.11%
RF	A	0.02%	0.07%	0.02%
ROL	B	0.07%	0.06%	0.06%
ROP	B	0.06%	0.09%	0.06%
RPRX	D	0.03%	0.01%	0.01%
RS	B	0.04%	0.01%	0.01%
RSG	A	0.13%	0.2%	0.13%
RTX	C	0.22%	0.06%	0.06%
RVTY	F	0.01%	0.02%	0.01%
SBAC	D	0.03%	0.03%	0.03%
SCHW	B	0.05%	0.41%	0.05%
SEIC	B	0.09%	0.02%	0.02%
SHW	A	0.22%	0.01%	0.01%
SLB	C	0.01%	0.09%	0.01%
SMCI	F	0.05%	0.03%	0.03%
SO	D	0.13%	0.6%	0.13%
SPGI	C	0.29%	0.55%	0.29%
SSNC	B	0.02%	0.03%	0.02%
STLD	B	0.04%	0.01%	0.01%
SUI	D	0.05%	0.01%	0.01%
SYF	B	0.31%	0.18%	0.18%
SYY	B	0.12%	0.04%	0.04%
TDG	D	0.15%	0.03%	0.03%
TER	D	0.03%	0.03%	0.03%
TFC	A	0.09%	0.17%	0.09%
TGT	F	0.74%	0.08%	0.08%
TJX	A	0.37%	0.39%	0.37%
TMO	F	0.28%	0.24%	0.24%
TMUS	B	0.43%	4.56%	0.43%
TRGP	B	0.11%	0.08%	0.08%
TROW	B	0.09%	0.05%	0.05%
TRV	B	0.2%	0.09%	0.09%
TSCO	D	0.11%	0.09%	0.09%
TTC	D	0.06%	0.02%	0.02%
TW	A	0.06%	0.06%	0.06%
TXN	C	0.29%	0.39%	0.29%
TYL	B	0.08%	0.04%	0.04%
UBER	D	0.21%	0.49%	0.21%
UHAL	D	0.01%	0.02%	0.01%
UHAL	D	0.01%	0.02%	0.01%
ULTA	F	0.04%	0.05%	0.04%
UNH	C	0.79%	0.01%	0.01%
UNP	C	0.51%	0.54%	0.51%
UPS	C	0.24%	0.04%	0.04%
URI	B	0.09%	0.47%	0.09%
USB	A	0.11%	0.2%	0.11%
UTHR	C	0.19%	0.02%	0.02%
V	A	0.31%	0.04%	0.04%
VLO	C	0.16%	0.08%	0.08%
VLTO	D	0.04%	0.11%	0.04%
VRSK	A	0.16%	0.09%	0.09%
VRSN	F	0.04%	0.01%	0.01%
VRTX	F	0.22%	0.15%	0.15%
VST	B	0.23%	0.19%	0.19%
VTR	C	0.04%	0.06%	0.04%
VTRS	A	0.14%	0.01%	0.01%
WAB	B	0.05%	0.07%	0.05%
WAT	B	0.05%	0.03%	0.03%
WBA	F	0.12%	0.0%	0.0%
WDC	D	0.08%	0.04%	0.04%
WELL	A	0.12%	0.18%	0.12%
WFC	A	0.97%	0.64%	0.64%
WM	A	0.28%	0.37%	0.28%
WMB	A	0.1%	0.13%	0.1%
WMT	A	1.71%	0.45%	0.45%
WRB	A	0.02%	0.03%	0.02%
WSM	B	0.18%	0.05%	0.05%
WSO	A	0.17%	0.16%	0.16%
WST	C	0.05%	0.03%	0.03%
WTW	B	0.11%	0.05%	0.05%
XOM	B	0.43%	0.95%	0.43%
XYL	D	0.1%	0.06%	0.06%
ZBRA	B	0.04%	0.04%	0.04%
ZTS	D	0.05%	0.08%	0.05%

MFUS Overweight 502 Positions Relative to INRO

Symbol	Grade	Weight
PG	A	1.01%
VZ	C	1.0%
KO	D	1.0%
PEP	F	0.74%
T	A	0.73%
CSCO	B	0.68%
CVS	D	0.65%
MCK	B	0.63%
MCD	D	0.53%
NFLX	A	0.52%
BKNG	A	0.42%
CL	D	0.35%
CHTR	C	0.3%
ISRG	A	0.29%
THC	D	0.28%
CAH	B	0.27%
HCA	F	0.25%
SFM	A	0.25%
ANF	C	0.25%
MDLZ	F	0.23%
ADM	D	0.22%
MSI	B	0.2%
BSX	B	0.2%
CMG	B	0.2%
BLK	C	0.19%
TSN	B	0.18%
EA	A	0.18%
DECK	A	0.17%
COR	B	0.17%
GIS	D	0.17%
ELV	F	0.16%
RMD	C	0.16%
DVA	B	0.16%
MUSA	A	0.16%
KMB	D	0.16%
SPG	B	0.16%
CMCSA	B	0.16%
CASY	A	0.16%
KHC	F	0.15%
K	A	0.15%
ANET	C	0.14%
DPZ	C	0.13%
EVR	B	0.13%
JNPR	F	0.13%
RPM	A	0.13%
CI	F	0.13%
YUM	B	0.13%
CLX	B	0.12%
CW	B	0.11%
CRS	A	0.11%
DASH	A	0.11%
ALSN	B	0.11%
BWXT	B	0.11%
FOXA	B	0.11%
BDX	F	0.11%
HLT	A	0.1%
AYI	B	0.1%
JXN	C	0.1%
JKHY	D	0.1%
RCL	A	0.1%
DGX	A	0.09%
TAP	C	0.09%
MLI	C	0.09%
WCC	B	0.09%
CALM	A	0.09%
LSTR	D	0.09%
EHC	B	0.09%
CACI	D	0.09%
TMHC	B	0.09%
GPI	A	0.09%
SBUX	A	0.09%
HRB	D	0.08%
LPX	B	0.08%
SLG	B	0.08%
SRE	A	0.08%
GPK	C	0.08%
ABG	B	0.08%
ATR	B	0.08%
HLI	B	0.08%
ITT	A	0.08%
EQH	B	0.08%
SCI	B	0.07%
UFPI	B	0.07%
EXP	A	0.07%
CHD	B	0.07%
BCC	B	0.07%
INGR	B	0.07%
POOL	C	0.07%
D	C	0.07%
SKYW	B	0.07%
GEHC	F	0.07%
GEO	B	0.07%
CNX	A	0.07%
VNO	B	0.07%
THO	B	0.07%
R	B	0.07%
KDP	D	0.07%
AEO	F	0.07%
STE	F	0.07%
TTWO	A	0.07%
MNST	C	0.07%
HCC	B	0.07%
STZ	D	0.06%
G	B	0.06%
VIRT	B	0.06%
BC	C	0.06%
GAP	C	0.06%
SEE	C	0.06%
ATGE	B	0.06%
TPH	D	0.06%
BFH	B	0.06%
LECO	B	0.06%
JLL	D	0.06%
NKE	D	0.06%
GNRC	B	0.06%
BERY	B	0.06%
KTB	B	0.06%
CHE	D	0.06%
SLM	A	0.06%
UHS	D	0.06%
CMC	B	0.06%
PEG	A	0.06%
MTH	D	0.06%
FIX	A	0.06%
IBKR	A	0.06%
LUMN	C	0.06%
WU	D	0.06%
SQ	B	0.06%
PK	B	0.06%
TXRH	C	0.06%
FFIV	B	0.06%
AMG	B	0.06%
AN	C	0.06%
RGA	A	0.06%
MSM	C	0.06%
OMC	C	0.06%
TOL	B	0.06%
TDS	B	0.05%
NFG	A	0.05%
CNO	A	0.05%
PRIM	A	0.05%
FLEX	A	0.05%
THG	A	0.05%
AR	B	0.05%
NSIT	F	0.05%
LOPE	B	0.05%
URBN	C	0.05%
MOG.A	B	0.05%
TGNA	B	0.05%
GNTX	C	0.05%
MTN	C	0.05%
EXEL	B	0.05%
CRI	D	0.05%
USFD	A	0.05%
SLGN	A	0.05%
POST	C	0.05%
COOP	B	0.05%
TEX	D	0.05%
LAMR	D	0.05%
KD	B	0.05%
IDXX	F	0.05%
CBT	C	0.05%
GVA	A	0.05%
NXST	C	0.05%
HBI	B	0.05%
WEN	D	0.05%
FCN	D	0.05%
MMS	F	0.05%
HSY	F	0.05%
BTU	B	0.05%
ED	D	0.05%
O	D	0.05%
MKC	D	0.05%
SON	D	0.04%
AVT	C	0.04%
OSK	B	0.04%
XPO	B	0.04%
LANC	C	0.04%
TKR	D	0.04%
AWI	A	0.04%
SEM	B	0.04%
AMH	D	0.04%
CRUS	D	0.04%
CXW	B	0.04%
SMG	D	0.04%
JWN	C	0.04%
AGNC	D	0.04%
BDC	B	0.04%
SLVM	B	0.04%
CLH	B	0.04%
FLO	D	0.04%
WH	B	0.04%
ELS	C	0.04%
FL	F	0.04%
EMN	D	0.04%
OLN	D	0.04%
ARW	D	0.04%
CAG	D	0.04%
CPNG	D	0.04%
RUSHA	C	0.04%
TRN	C	0.04%
SANM	B	0.04%
RGLD	C	0.04%
CVLT	B	0.04%
BAX	D	0.04%
NWSA	B	0.04%
CUBE	D	0.04%
SJM	D	0.04%
WTM	A	0.04%
OGN	D	0.04%
BHF	B	0.04%
ATI	D	0.04%
IPG	D	0.04%
MAC	B	0.04%
CPB	D	0.04%
GBX	A	0.04%
HUBG	A	0.04%
FTI	A	0.04%
SIG	B	0.04%
MHO	D	0.04%
CNC	D	0.04%
GATX	A	0.04%
CRBG	B	0.04%
JHG	A	0.04%
CMA	A	0.04%
UNM	A	0.04%
PPG	F	0.04%
AROC	B	0.04%
ABM	B	0.04%
DCI	B	0.04%
WERN	C	0.04%
MAR	B	0.04%
COKE	C	0.03%
RRC	B	0.03%
HXL	D	0.03%
GMED	A	0.03%
DRH	B	0.03%
PNM	F	0.03%
ACA	A	0.03%
KMPR	B	0.03%
LZB	B	0.03%
WPC	D	0.03%
HAE	C	0.03%
UNF	B	0.03%
PINC	B	0.03%
APAM	B	0.03%
VC	D	0.03%
MAN	D	0.03%
DK	C	0.03%
JEF	A	0.03%
AMKR	D	0.03%
COLD	D	0.03%
LBRDK	C	0.03%
DRI	B	0.03%
BKE	B	0.03%
FHI	A	0.03%
LNC	B	0.03%
OMF	A	0.03%
X	C	0.03%
UDR	B	0.03%
PLXS	B	0.03%
WHR	B	0.03%
OI	C	0.03%
PRG	C	0.03%
APLE	B	0.03%
IFF	D	0.03%
ASO	F	0.03%
SHOO	D	0.03%
AVA	A	0.03%
DBRG	F	0.03%
CMS	C	0.03%
LW	C	0.03%
HSIC	B	0.03%
HOLX	D	0.03%
COHR	B	0.03%
RL	B	0.03%
GMS	B	0.03%
BKU	A	0.03%
CDP	C	0.03%
RLI	B	0.03%
BLD	D	0.03%
DDS	B	0.03%
KBH	D	0.03%
GNW	A	0.03%
DOX	D	0.03%
SM	B	0.03%
IVZ	B	0.03%
CPAY	A	0.03%
MC	C	0.03%
MATX	C	0.03%
MASI	A	0.03%
TPX	B	0.03%
NYT	C	0.03%
BJ	A	0.03%
MORN	B	0.03%
ODP	F	0.02%
IOSP	B	0.02%
LXP	D	0.02%
SAH	A	0.02%
KEX	C	0.02%
LEG	F	0.02%
TTMI	B	0.02%
VSH	D	0.02%
LAUR	A	0.02%
UAL	A	0.02%
KIM	A	0.02%
AA	B	0.02%
SF	B	0.02%
BHE	B	0.02%
BRKR	D	0.02%
GT	C	0.02%
GME	C	0.02%
WBS	A	0.02%
PHIN	A	0.02%
WAL	B	0.02%
AXTA	A	0.02%
ANDE	D	0.02%
ZION	B	0.02%
APG	B	0.02%
SNV	B	0.02%
NSP	D	0.02%
HP	B	0.02%
VFC	C	0.02%
HST	C	0.02%
DNOW	B	0.02%
DTE	C	0.02%
LAD	A	0.02%
REZI	A	0.02%
PMT	D	0.02%
HNI	B	0.02%
XRAY	F	0.02%
WKC	D	0.02%
HRL	D	0.02%
SNDR	B	0.02%
OSIS	B	0.02%
NAVI	C	0.02%
WMS	D	0.02%
LNW	D	0.02%
EPC	D	0.02%
M	D	0.02%
AGCO	D	0.02%
KBR	F	0.02%
JBLU	F	0.02%
PFSI	D	0.02%
VVV	F	0.02%
THS	D	0.02%
RHI	B	0.02%
SKX	D	0.02%
CC	C	0.02%
DLB	B	0.02%
NWL	B	0.02%
OHI	C	0.02%
MDU	D	0.02%
SXT	B	0.02%
RLJ	C	0.02%
YELP	C	0.02%
DORM	B	0.02%
APOG	B	0.02%
GWRE	A	0.02%
SAM	C	0.02%
PSN	D	0.02%
NI	A	0.02%
XHR	B	0.02%
PDCO	D	0.02%
PBF	D	0.02%
EWBC	A	0.02%
NTCT	C	0.02%
VSCO	B	0.02%
MCY	A	0.02%
AIR	B	0.02%
HOG	D	0.02%
CE	F	0.02%
FAF	A	0.02%
SBH	C	0.02%
PAG	B	0.02%
BFAM	D	0.02%
VSTO	A	0.02%
KSS	F	0.02%
PVH	C	0.02%
CCL	B	0.02%
RYN	D	0.02%
AKAM	D	0.02%
ADNT	F	0.02%
ORA	B	0.02%
MTG	C	0.02%
TFX	F	0.02%
GEF	A	0.02%
MSA	D	0.02%
NEU	C	0.02%
GHC	C	0.02%
STC	B	0.02%
SVC	F	0.01%
AAP	C	0.01%
CPRI	F	0.01%
NOV	C	0.01%
RKT	F	0.01%
JELD	F	0.01%
SCL	C	0.01%
MLKN	D	0.01%
IGT	F	0.01%
CACC	D	0.01%
PARA	C	0.01%
ARI	C	0.01%
WOR	F	0.01%
ELAN	D	0.01%
CNXN	C	0.01%
SPR	D	0.01%
CLF	F	0.01%
GIII	D	0.01%
UGI	A	0.01%
ECPG	B	0.01%
ALEX	C	0.01%
UVV	B	0.01%
JBGS	D	0.01%
HTH	B	0.01%
SEB	F	0.01%
MKSI	C	0.01%
RDN	C	0.01%
IMKTA	C	0.01%
XRX	F	0.01%
SR	A	0.01%
ARMK	B	0.01%
OUT	A	0.01%
PNW	B	0.01%
SHO	C	0.01%
WGO	C	0.01%
AMED	F	0.01%
CNS	B	0.01%
SSB	B	0.01%
SWX	B	0.01%
KALU	C	0.01%
ESI	A	0.01%
CENTA	C	0.01%
CVI	F	0.01%
MOS	F	0.01%
ARCH	B	0.01%
PECO	A	0.01%
PB	A	0.01%
CNM	D	0.01%
SAIC	F	0.01%
OMI	F	0.01%
FDP	B	0.01%
SIGI	C	0.01%
LEA	D	0.01%
WAFD	B	0.01%
CROX	D	0.01%
BRC	D	0.01%
DY	D	0.01%
SPB	C	0.01%
PPC	C	0.01%
NNN	D	0.01%
CFR	B	0.01%
FELE	B	0.01%
DAN	D	0.01%
WMK	C	0.01%
MHK	D	0.01%
FLR	B	0.01%
KN	B	0.01%
STRA	C	0.01%
ESNT	D	0.01%
TPR	B	0.01%
DXC	B	0.01%
IDCC	A	0.01%
LADR	B	0.01%
NNI	D	0.01%
GES	F	0.01%
ESAB	B	0.01%
CWEN	C	0.01%
ONB	B	0.01%
CBSH	A	0.01%
WWD	B	0.01%
TTEK	F	0.01%
MUR	D	0.01%
CR	A	0.01%
ICUI	D	0.01%
CSGS	B	0.01%
TNET	D	0.01%
FYBR	D	0.01%
HE	C	0.01%
CADE	B	0.01%
WTFC	A	0.01%
FHN	A	0.01%
PSMT	C	0.01%
ALGN	D	0.01%
ADC	B	0.01%
H	B	0.01%
SATS	D	0.01%
RBC	A	0.01%
BWA	D	0.01%
GOLF	B	0.01%
FR	C	0.01%
DTM	B	0.01%
DEI	B	0.01%
AMWD	C	0.01%
PTEN	C	0.01%
SCS	C	0.01%
VNT	B	0.01%
TDC	D	0.01%
SCCO	F	0.0%
NOMD	D	0.0%
WOLF	F	0.0%
HUN	F	0.0%

MFUS Underweight 116 Positions Relative to INRO

Symbol	Grade	Weight
MSFT	F	-4.24%
GOOGL	C	-3.13%
GOOG	C	-2.72%
HON	B	-1.6%
TSLA	B	-1.32%
TT	A	-0.65%
CSGP	D	-0.63%
VMC	B	-0.59%
ETN	A	-0.48%
AMD	F	-0.47%
CRM	B	-0.45%
GEV	B	-0.31%
INTU	C	-0.26%
PCG	A	-0.26%
Z	A	-0.25%
XEL	A	-0.24%
GRMN	B	-0.22%
ADI	D	-0.22%
WCN	A	-0.21%
DE	A	-0.2%
VRT	B	-0.16%
MRVL	B	-0.16%
EOG	A	-0.15%
AME	A	-0.15%
ROST	C	-0.14%
RJF	A	-0.13%
SW	A	-0.13%
FCX	D	-0.12%
SNPS	B	-0.12%
CDNS	B	-0.12%
CRWD	B	-0.12%
NXPI	D	-0.12%
PCAR	B	-0.11%
ROK	B	-0.1%
EQIX	A	-0.1%
MSTR	C	-0.1%
LNG	B	-0.09%
MCHP	D	-0.08%
ALLE	D	-0.08%
WDAY	B	-0.08%
MELI	D	-0.07%
AMCR	D	-0.07%
HES	B	-0.07%
DDOG	A	-0.06%
KEYS	A	-0.06%
ON	D	-0.06%
OXY	D	-0.06%
TEAM	A	-0.06%
FBIN	D	-0.06%
IQV	D	-0.05%
HUBS	A	-0.05%
FTV	C	-0.05%
TPL	A	-0.05%
PINS	D	-0.05%
VICI	C	-0.05%
ACGL	D	-0.05%
STT	A	-0.05%
SNA	A	-0.04%
ARE	D	-0.04%
TRMB	B	-0.04%
J	F	-0.04%
MKL	A	-0.04%
HAL	C	-0.04%
FSLR	F	-0.04%
CBOE	B	-0.04%
DVN	F	-0.04%
EQT	B	-0.04%
BA	F	-0.04%
TDY	B	-0.04%
TRU	D	-0.04%
SWK	D	-0.03%
DT	C	-0.03%
EG	C	-0.03%
ZS	C	-0.03%
PAYC	B	-0.03%
SWKS	F	-0.03%
DAY	B	-0.03%
ILMN	D	-0.03%
CTRA	B	-0.03%
DOC	D	-0.03%
WY	D	-0.03%
ENTG	D	-0.03%
LIN	D	-0.03%
SNAP	C	-0.03%
DAL	C	-0.03%
ZM	B	-0.03%
STX	D	-0.03%
KMX	B	-0.03%
LUV	C	-0.02%
MRNA	F	-0.02%
ENPH	F	-0.02%
AXON	A	-0.02%
AFG	A	-0.02%
IOT	A	-0.02%
CNH	C	-0.02%
MTCH	D	-0.02%
OVV	B	-0.02%
FDX	B	-0.02%
DOCU	A	-0.02%
APD	A	-0.01%
TXT	D	-0.01%
MDB	C	-0.01%
EPAM	C	-0.01%
TWLO	A	-0.01%
BIO	D	-0.01%
NET	B	-0.01%
APO	B	-0.01%
APA	D	-0.01%
RIVN	F	-0.01%
EXAS	D	-0.01%
SNOW	C	-0.01%
CRL	C	-0.01%
TECH	D	-0.01%
CHRD	D	-0.01%
BSY	D	-0.01%
CTSH	B	-0.01%