MFUS vs. IWS ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to iShares Russell Mid-cap Value ETF (IWS)

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

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

$138.63

Average Daily Volume

282,879

Number of Holdings ^*

707

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	IWS
30 Days	2.73%	5.17%
60 Days	3.41%	5.63%
90 Days	5.38%	7.53%
12 Months	32.49%	31.74%

433 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in IWS	Overlap
A	D	0.05%	0.41%	0.05%
AA	B	0.02%	0.12%	0.02%
AAP	C	0.01%	0.02%	0.01%
ACI	C	0.01%	0.09%	0.01%
ACM	A	0.04%	0.16%	0.04%
ADC	B	0.01%	0.08%	0.01%
ADM	D	0.23%	0.28%	0.23%
AES	F	0.01%	0.11%	0.01%
AFL	B	0.22%	0.68%	0.22%
AGCO	D	0.02%	0.06%	0.02%
AGNC	D	0.04%	0.08%	0.04%
AIZ	A	0.09%	0.13%	0.09%
AJG	B	0.16%	0.65%	0.16%
AKAM	D	0.02%	0.14%	0.02%
ALGN	D	0.01%	0.08%	0.01%
ALL	A	0.26%	0.48%	0.26%
ALLY	C	0.05%	0.1%	0.05%
ALNY	D	0.06%	0.04%	0.04%
ALSN	B	0.11%	0.11%	0.11%
AMED	F	0.01%	0.03%	0.01%
AMG	B	0.06%	0.06%	0.06%
AMH	D	0.04%	0.14%	0.04%
AMKR	D	0.03%	0.03%	0.03%
AMP	A	0.18%	0.06%	0.06%
AN	C	0.06%	0.05%	0.05%
ANSS	B	0.05%	0.32%	0.05%
AOS	F	0.08%	0.1%	0.08%
APG	B	0.02%	0.09%	0.02%
AR	B	0.05%	0.1%	0.05%
ARMK	B	0.01%	0.11%	0.01%
ARW	D	0.04%	0.07%	0.04%
ATI	D	0.04%	0.08%	0.04%
ATO	A	0.02%	0.24%	0.02%
ATR	B	0.08%	0.12%	0.08%
AVB	B	0.03%	0.36%	0.03%
AVT	C	0.04%	0.05%	0.04%
AVTR	F	0.03%	0.15%	0.03%
AVY	D	0.09%	0.11%	0.09%
AWI	A	0.04%	0.05%	0.04%
AXTA	A	0.02%	0.1%	0.02%
AYI	B	0.1%	0.11%	0.1%
BALL	D	0.07%	0.21%	0.07%
BAX	D	0.04%	0.18%	0.04%
BBWI	D	0.01%	0.08%	0.01%
BBY	D	0.2%	0.22%	0.2%
BC	C	0.05%	0.06%	0.05%
BEN	C	0.02%	0.07%	0.02%
BERY	B	0.06%	0.08%	0.06%
BFAM	D	0.02%	0.06%	0.02%
BHF	B	0.04%	0.03%	0.03%
BIIB	F	0.06%	0.26%	0.06%
BJ	A	0.03%	0.13%	0.03%
BK	A	0.18%	0.64%	0.18%
BKR	B	0.08%	0.47%	0.08%
BLD	D	0.03%	0.11%	0.03%
BLDR	D	0.04%	0.21%	0.04%
BMRN	D	0.01%	0.13%	0.01%
BR	A	0.17%	0.03%	0.03%
BRKR	D	0.02%	0.02%	0.02%
BRO	B	0.12%	0.16%	0.12%
BWA	D	0.01%	0.09%	0.01%
BWXT	B	0.11%	0.1%	0.1%
BXP	D	0.02%	0.14%	0.02%
CACC	D	0.01%	0.01%	0.01%
CACI	D	0.08%	0.11%	0.08%
CAG	D	0.04%	0.14%	0.04%
CAH	B	0.27%	0.13%	0.13%
CASY	A	0.17%	0.13%	0.13%
CBRE	B	0.05%	0.44%	0.05%
CBSH	A	0.01%	0.09%	0.01%
CC	C	0.02%	0.03%	0.02%
CCI	D	0.07%	0.5%	0.07%
CCK	C	0.06%	0.12%	0.06%
CCL	B	0.02%	0.27%	0.02%
CDW	F	0.03%	0.13%	0.03%
CE	F	0.02%	0.07%	0.02%
CFG	B	0.04%	0.23%	0.04%
CFR	B	0.01%	0.09%	0.01%
CG	A	0.03%	0.12%	0.03%
CHD	B	0.07%	0.29%	0.07%
CHE	D	0.06%	0.08%	0.06%
CHRW	C	0.14%	0.14%	0.14%
CHTR	C	0.3%	0.4%	0.3%
CINF	A	0.02%	0.26%	0.02%
CLF	F	0.01%	0.04%	0.01%
CLH	B	0.04%	0.14%	0.04%
CMA	A	0.04%	0.1%	0.04%
CMI	A	0.14%	0.54%	0.14%
CMS	C	0.03%	0.22%	0.03%
CNC	D	0.04%	0.33%	0.04%
CNM	D	0.01%	0.03%	0.01%
COHR	B	0.03%	0.14%	0.03%
COIN	C	0.11%	0.11%	0.11%
COKE	C	0.03%	0.08%	0.03%
COLD	D	0.03%	0.07%	0.03%
CPB	D	0.04%	0.09%	0.04%
CPRI	F	0.01%	0.03%	0.01%
CPT	B	0.06%	0.14%	0.06%
CR	A	0.01%	0.09%	0.01%
CRI	D	0.05%	0.02%	0.02%
CROX	D	0.01%	0.05%	0.01%
CRUS	D	0.04%	0.06%	0.04%
CSL	C	0.02%	0.19%	0.02%
CTLT	B	0.02%	0.12%	0.02%
CTVA	C	0.04%	0.43%	0.04%
CUBE	D	0.04%	0.12%	0.04%
CW	B	0.11%	0.15%	0.11%
CWEN	C	0.01%	0.01%	0.01%
CWEN	C	0.01%	0.03%	0.01%
DCI	B	0.04%	0.1%	0.04%
DD	D	0.1%	0.38%	0.1%
DDS	B	0.03%	0.01%	0.01%
DFS	B	0.1%	0.48%	0.1%
DG	F	0.08%	0.18%	0.08%
DGX	A	0.09%	0.2%	0.09%
DHI	D	0.06%	0.53%	0.06%
DINO	D	0.01%	0.07%	0.01%
DKS	C	0.08%	0.11%	0.08%
DLB	B	0.02%	0.05%	0.02%
DLR	B	0.09%	0.64%	0.09%
DLTR	F	0.02%	0.14%	0.02%
DOV	A	0.04%	0.3%	0.04%
DOW	F	0.02%	0.34%	0.02%
DOX	D	0.03%	0.11%	0.03%
DPZ	C	0.13%	0.11%	0.11%
DRI	B	0.03%	0.1%	0.03%
DTE	C	0.02%	0.27%	0.02%
DTM	B	0.02%	0.11%	0.02%
DXC	B	0.01%	0.04%	0.01%
EA	A	0.19%	0.47%	0.19%
EBAY	D	0.36%	0.34%	0.34%
ED	D	0.06%	0.37%	0.06%
EFX	F	0.1%	0.27%	0.1%
EHC	B	0.09%	0.11%	0.09%
EIX	B	0.05%	0.35%	0.05%
ELAN	D	0.01%	0.08%	0.01%
ELS	C	0.04%	0.14%	0.04%
EME	C	0.05%	0.15%	0.05%
EMN	D	0.04%	0.13%	0.04%
EQR	B	0.04%	0.31%	0.04%
ES	D	0.03%	0.24%	0.03%
ESAB	B	0.01%	0.08%	0.01%
ESI	A	0.01%	0.07%	0.01%
ESS	B	0.04%	0.21%	0.04%
ETR	B	0.05%	0.35%	0.05%
EVR	B	0.13%	0.12%	0.12%
EVRG	A	0.02%	0.16%	0.02%
EWBC	A	0.02%	0.16%	0.02%
EXC	C	0.07%	0.43%	0.07%
EXEL	B	0.05%	0.02%	0.02%
EXP	A	0.07%	0.03%	0.03%
EXPD	D	0.11%	0.16%	0.11%
EXR	D	0.11%	0.38%	0.11%
FAF	A	0.02%	0.07%	0.02%
FANG	D	0.05%	0.37%	0.05%
FAST	B	0.13%	0.08%	0.08%
FCN	D	0.05%	0.08%	0.05%
FCNCA	A	0.06%	0.29%	0.06%
FDS	B	0.04%	0.13%	0.04%
FE	C	0.03%	0.26%	0.03%
FFIV	B	0.06%	0.15%	0.06%
FHN	A	0.01%	0.12%	0.01%
FICO	B	0.25%	0.09%	0.09%
FIS	C	0.07%	0.54%	0.07%
FITB	A	0.04%	0.35%	0.04%
FLO	D	0.04%	0.04%	0.04%
FNF	B	0.03%	0.18%	0.03%
FOXA	B	0.11%	0.12%	0.11%
FR	C	0.01%	0.08%	0.01%
FTI	A	0.04%	0.13%	0.04%
FYBR	D	0.01%	0.09%	0.01%
G	B	0.05%	0.09%	0.05%
GAP	C	0.05%	0.05%	0.05%
GEHC	F	0.07%	0.37%	0.07%
GEN	B	0.1%	0.18%	0.1%
GGG	B	0.03%	0.16%	0.03%
GIS	D	0.17%	0.39%	0.17%
GLPI	C	0.07%	0.14%	0.07%
GLW	B	0.2%	0.39%	0.2%
GME	C	0.02%	0.11%	0.02%
GMED	A	0.03%	0.1%	0.03%
GNRC	B	0.06%	0.06%	0.06%
GNTX	C	0.05%	0.08%	0.05%
GPK	C	0.08%	0.09%	0.08%
GWRE	A	0.02%	0.1%	0.02%
GWW	B	0.22%	0.07%	0.07%
H	B	0.01%	0.06%	0.01%
HBAN	A	0.03%	0.28%	0.03%
HIG	B	0.06%	0.38%	0.06%
HII	D	0.02%	0.08%	0.02%
HLI	B	0.08%	0.1%	0.08%
HLT	A	0.1%	0.33%	0.1%
HOG	D	0.02%	0.04%	0.02%
HOLX	D	0.03%	0.2%	0.03%
HOOD	B	0.05%	0.24%	0.05%
HPE	B	0.11%	0.3%	0.11%
HPQ	B	0.29%	0.3%	0.29%
HRB	D	0.07%	0.07%	0.07%
HRL	D	0.02%	0.09%	0.02%
HSIC	B	0.03%	0.1%	0.03%
HST	C	0.02%	0.13%	0.02%
HSY	F	0.05%	0.24%	0.05%
HUBB	B	0.03%	0.26%	0.03%
HUN	F	0.0%	0.04%	0.0%
HWM	A	0.18%	0.47%	0.18%
HXL	D	0.02%	0.05%	0.02%
IBKR	A	0.06%	0.21%	0.06%
IEX	B	0.09%	0.19%	0.09%
IFF	D	0.03%	0.24%	0.03%
INCY	C	0.01%	0.13%	0.01%
INGR	B	0.07%	0.1%	0.07%
INVH	D	0.04%	0.23%	0.04%
IP	B	0.09%	0.22%	0.09%
IPG	D	0.04%	0.11%	0.04%
IR	B	0.09%	0.45%	0.09%
IRM	D	0.12%	0.16%	0.12%
ITT	A	0.08%	0.14%	0.08%
IVZ	B	0.03%	0.07%	0.03%
JBHT	C	0.02%	0.16%	0.02%
JBL	B	0.03%	0.14%	0.03%
JEF	A	0.03%	0.1%	0.03%
JHG	A	0.04%	0.06%	0.04%
JKHY	D	0.1%	0.14%	0.1%
JLL	D	0.06%	0.09%	0.06%
JNPR	F	0.12%	0.13%	0.12%
JWN	C	0.04%	0.03%	0.03%
K	A	0.15%	0.23%	0.15%
KBR	F	0.02%	0.08%	0.02%
KD	B	0.05%	0.07%	0.05%
KEX	C	0.02%	0.08%	0.02%
KEY	B	0.03%	0.2%	0.03%
KIM	A	0.02%	0.18%	0.02%
KMI	A	0.11%	0.58%	0.11%
KMPR	B	0.03%	0.05%	0.03%
KNX	B	0.01%	0.1%	0.01%
KR	B	0.37%	0.42%	0.37%
KSS	F	0.02%	0.02%	0.02%
L	A	0.06%	0.17%	0.06%
LAD	A	0.02%	0.11%	0.02%
LAMR	D	0.05%	0.09%	0.05%
LBRDK	C	0.03%	0.08%	0.03%
LDOS	C	0.11%	0.24%	0.11%
LEA	D	0.01%	0.06%	0.01%
LECO	B	0.06%	0.09%	0.06%
LEG	F	0.02%	0.02%	0.02%
LEN	D	0.06%	0.02%	0.02%
LEN	D	0.06%	0.44%	0.06%
LHX	C	0.26%	0.51%	0.26%
LNC	B	0.03%	0.07%	0.03%
LNT	A	0.02%	0.17%	0.02%
LOPE	B	0.05%	0.03%	0.03%
LPX	B	0.08%	0.02%	0.02%
LSTR	D	0.09%	0.07%	0.07%
LW	C	0.03%	0.08%	0.03%
LYB	F	0.15%	0.24%	0.15%
M	D	0.02%	0.05%	0.02%
MAA	B	0.02%	0.2%	0.02%
MAN	D	0.03%	0.03%	0.03%
MAS	D	0.06%	0.19%	0.06%
MASI	A	0.03%	0.04%	0.03%
MDU	D	0.02%	0.04%	0.02%
MHK	D	0.01%	0.08%	0.01%
MKC	D	0.06%	0.21%	0.06%
MKSI	C	0.01%	0.07%	0.01%
MKTX	D	0.02%	0.11%	0.02%
MLM	B	0.07%	0.37%	0.07%
MOS	F	0.01%	0.09%	0.01%
MRO	B	0.03%	0.18%	0.03%
MSA	D	0.02%	0.07%	0.02%
MSCI	C	0.06%	0.21%	0.06%
MSM	C	0.06%	0.04%	0.04%
MTB	A	0.04%	0.39%	0.04%
MTD	D	0.08%	0.27%	0.08%
MTG	C	0.02%	0.07%	0.02%
MTN	C	0.05%	0.01%	0.01%
NDAQ	A	0.05%	0.36%	0.05%
NDSN	B	0.04%	0.16%	0.04%
NEU	C	0.02%	0.04%	0.02%
NFG	A	0.05%	0.06%	0.05%
NI	A	0.02%	0.18%	0.02%
NNN	D	0.01%	0.08%	0.01%
NOV	C	0.01%	0.07%	0.01%
NRG	B	0.08%	0.12%	0.08%
NTAP	C	0.1%	0.15%	0.1%
NTRS	A	0.03%	0.24%	0.03%
NUE	C	0.08%	0.39%	0.08%
NVR	D	0.09%	0.28%	0.09%
NWL	B	0.02%	0.04%	0.02%
NWSA	B	0.04%	0.12%	0.04%
NXST	C	0.05%	0.03%	0.03%
NYT	C	0.03%	0.09%	0.03%
O	D	0.06%	0.54%	0.06%
OC	A	0.02%	0.18%	0.02%
OGN	D	0.04%	0.04%	0.04%
OHI	C	0.02%	0.11%	0.02%
OKE	A	0.1%	0.7%	0.1%
OLN	D	0.04%	0.05%	0.04%
OMC	C	0.06%	0.21%	0.06%
OMF	A	0.03%	0.07%	0.03%
OSK	B	0.03%	0.08%	0.03%
OTIS	C	0.07%	0.44%	0.07%
PAG	B	0.02%	0.03%	0.02%
PARA	C	0.01%	0.07%	0.01%
PAYX	C	0.04%	0.32%	0.04%
PB	A	0.01%	0.08%	0.01%
PEG	A	0.06%	0.49%	0.06%
PFG	D	0.01%	0.22%	0.01%
PHM	D	0.1%	0.29%	0.1%
PINC	B	0.03%	0.03%	0.03%
PK	B	0.06%	0.03%	0.03%
PKG	A	0.1%	0.23%	0.1%
PNR	A	0.02%	0.19%	0.02%
PNW	B	0.01%	0.11%	0.01%
POST	C	0.05%	0.06%	0.05%
PPC	C	0.01%	0.02%	0.01%
PPG	F	0.04%	0.32%	0.04%
PPL	B	0.04%	0.27%	0.04%
PRU	A	0.23%	0.5%	0.23%
PSN	D	0.02%	0.05%	0.02%
PSTG	D	0.04%	0.02%	0.02%
PTC	A	0.04%	0.1%	0.04%
PVH	C	0.02%	0.06%	0.02%
PWR	A	0.12%	0.36%	0.12%
QRVO	F	0.01%	0.07%	0.01%
R	B	0.07%	0.08%	0.07%
RBC	A	0.01%	0.1%	0.01%
RCL	A	0.11%	0.39%	0.11%
RF	A	0.02%	0.27%	0.02%
RGA	A	0.06%	0.17%	0.06%
RGLD	C	0.04%	0.1%	0.04%
RHI	B	0.02%	0.08%	0.02%
RKT	F	0.01%	0.02%	0.01%
RL	B	0.03%	0.09%	0.03%
RLI	B	0.03%	0.08%	0.03%
RMD	C	0.17%	0.27%	0.17%
RPM	A	0.13%	0.15%	0.13%
RPRX	D	0.03%	0.11%	0.03%
RRC	B	0.03%	0.09%	0.03%
RS	B	0.04%	0.2%	0.04%
RVTY	F	0.01%	0.15%	0.01%
RYN	D	0.02%	0.05%	0.02%
SAIC	F	0.01%	0.07%	0.01%
SAM	C	0.02%	0.02%	0.02%
SBAC	D	0.03%	0.26%	0.03%
SCI	B	0.07%	0.13%	0.07%
SEB	F	0.01%	0.01%	0.01%
SEE	C	0.06%	0.03%	0.03%
SEIC	B	0.08%	0.09%	0.08%
SF	B	0.02%	0.13%	0.02%
SJM	D	0.04%	0.12%	0.04%
SKX	D	0.02%	0.08%	0.02%
SLGN	A	0.05%	0.05%	0.05%
SLM	A	0.06%	0.06%	0.06%
SMG	D	0.04%	0.04%	0.04%
SNDR	B	0.02%	0.02%	0.02%
SNV	B	0.02%	0.09%	0.02%
SON	D	0.04%	0.05%	0.04%
SPB	C	0.01%	0.03%	0.01%
SPG	B	0.17%	0.48%	0.17%
SPR	D	0.01%	0.03%	0.01%
SQ	B	0.07%	0.3%	0.07%
SSNC	B	0.02%	0.17%	0.02%
STE	F	0.07%	0.24%	0.07%
STLD	B	0.04%	0.23%	0.04%
SUI	D	0.05%	0.17%	0.05%
SYF	B	0.31%	0.28%	0.28%
SYY	B	0.12%	0.16%	0.12%
TAP	C	0.08%	0.12%	0.08%
TER	D	0.03%	0.02%	0.02%
TFX	F	0.02%	0.1%	0.02%
THC	D	0.26%	0.16%	0.16%
THG	A	0.05%	0.06%	0.05%
THO	B	0.07%	0.06%	0.06%
TKR	D	0.04%	0.05%	0.04%
TOL	B	0.06%	0.17%	0.06%
TPR	B	0.01%	0.14%	0.01%
TROW	B	0.09%	0.29%	0.09%
TSN	B	0.18%	0.2%	0.18%
TTC	D	0.06%	0.09%	0.06%
TTEK	F	0.01%	0.1%	0.01%
TTWO	A	0.08%	0.34%	0.08%
TW	A	0.06%	0.1%	0.06%
TYL	B	0.08%	0.04%	0.04%
UAL	A	0.02%	0.33%	0.02%
UDR	B	0.03%	0.16%	0.03%
UGI	A	0.01%	0.06%	0.01%
UHAL	D	0.01%	0.0%	0.0%
UHAL	D	0.01%	0.04%	0.01%
UHAL	D	0.01%	0.0%	0.0%
UHAL	D	0.01%	0.04%	0.01%
UHS	D	0.06%	0.13%	0.06%
ULTA	F	0.03%	0.03%	0.03%
UNM	A	0.04%	0.15%	0.04%
URI	B	0.09%	0.46%	0.09%
USFD	A	0.05%	0.16%	0.05%
UTHR	C	0.18%	0.17%	0.17%
VFC	C	0.02%	0.08%	0.02%
VIRT	B	0.06%	0.03%	0.03%
VLTO	D	0.04%	0.15%	0.04%
VNO	B	0.07%	0.08%	0.07%
VNT	B	0.01%	0.07%	0.01%
VRSN	F	0.04%	0.16%	0.04%
VTR	C	0.04%	0.28%	0.04%
VTRS	A	0.15%	0.17%	0.15%
WAB	B	0.05%	0.38%	0.05%
WAL	B	0.02%	0.11%	0.02%
WAT	B	0.05%	0.09%	0.05%
WBA	F	0.11%	0.07%	0.07%
WBS	A	0.02%	0.11%	0.02%
WCC	B	0.09%	0.1%	0.09%
WDC	D	0.08%	0.23%	0.08%
WEN	D	0.05%	0.02%	0.02%
WH	B	0.04%	0.07%	0.04%
WHR	B	0.03%	0.07%	0.03%
WMB	A	0.11%	0.76%	0.11%
WMS	D	0.02%	0.06%	0.02%
WOLF	F	0.0%	0.01%	0.0%
WPC	D	0.03%	0.13%	0.03%
WRB	A	0.03%	0.2%	0.03%
WSM	B	0.24%	0.07%	0.07%
WSO	A	0.18%	0.2%	0.18%
WST	C	0.04%	0.1%	0.04%
WTFC	A	0.01%	0.09%	0.01%
WTM	A	0.04%	0.05%	0.04%
WTW	B	0.11%	0.35%	0.11%
WU	D	0.06%	0.03%	0.03%
WWD	B	0.01%	0.11%	0.01%
X	C	0.03%	0.09%	0.03%
XRAY	F	0.02%	0.04%	0.02%
XYL	D	0.11%	0.32%	0.11%
YUM	B	0.13%	0.26%	0.13%
ZBRA	B	0.04%	0.17%	0.04%
ZION	B	0.02%	0.1%	0.02%

MFUS Overweight 386 Positions Relative to IWS

Symbol	Grade	Weight
BRK.A	B	2.44%
META	D	2.32%
LLY	F	2.3%
NVDA	C	1.9%
WMT	A	1.77%
AMZN	C	1.65%
ORCL	B	1.56%
AVGO	D	1.54%
COST	B	1.36%
ABBV	D	1.35%
JNJ	D	1.2%
IBM	C	1.09%
PG	A	1.04%
VZ	C	1.03%
KO	D	1.01%
WFC	A	0.99%
JPM	A	0.99%
AAPL	C	0.97%
AMGN	D	0.92%
PM	B	0.89%
GILD	C	0.84%
MRK	F	0.83%
UNH	C	0.81%
T	A	0.75%
LMT	D	0.75%
MO	A	0.74%
QCOM	F	0.73%
PEP	F	0.71%
C	A	0.7%
CSCO	B	0.68%
CVS	D	0.67%
MCK	B	0.64%
HD	A	0.62%
PGR	A	0.59%
TGT	F	0.59%
MMM	D	0.58%
GE	D	0.56%
PFE	D	0.55%
NFLX	A	0.55%
MCD	D	0.52%
AMAT	F	0.5%
UNP	C	0.5%
BAC	A	0.45%
XOM	B	0.43%
TMUS	B	0.43%
BKNG	A	0.42%
BMY	B	0.41%
GS	A	0.4%
CVX	A	0.39%
TJX	A	0.38%
GM	B	0.38%
CL	D	0.36%
MPC	D	0.35%
LOW	D	0.35%
REGN	F	0.35%
NOC	D	0.35%
NOW	A	0.35%
AIG	B	0.34%
MET	A	0.32%
V	A	0.31%
ICE	C	0.29%
ISRG	A	0.29%
SPGI	C	0.29%
COF	B	0.29%
MA	C	0.28%
AZO	C	0.28%
TXN	C	0.28%
WM	A	0.27%
TMO	F	0.27%
VST	B	0.26%
AON	A	0.25%
PANW	C	0.25%
SFM	A	0.25%
DHR	F	0.24%
PLTR	B	0.24%
ANF	C	0.24%
HCA	F	0.24%
UPS	C	0.24%
ACN	C	0.24%
AXP	A	0.23%
NEE	D	0.23%
PSX	C	0.23%
GD	F	0.23%
LII	A	0.22%
KLAC	D	0.22%
RTX	C	0.22%
MDLZ	F	0.22%
MS	A	0.22%
BSX	B	0.21%
VRTX	F	0.21%
SHW	A	0.21%
MSI	B	0.2%
ORLY	B	0.2%
MMC	B	0.2%
CAT	B	0.2%
TRV	B	0.2%
CMG	B	0.2%
UBER	D	0.2%
FI	A	0.19%
INTC	D	0.19%
CTAS	B	0.19%
BLK	C	0.18%
NEM	D	0.17%
DECK	A	0.17%
DVA	B	0.17%
KMB	D	0.17%
COR	B	0.17%
MU	D	0.16%
CB	C	0.16%
MUSA	A	0.16%
LRCX	F	0.16%
CMCSA	B	0.16%
VRSK	A	0.16%
VLO	C	0.16%
TDG	D	0.15%
ELV	F	0.15%
F	C	0.15%
KKR	A	0.15%
BAH	F	0.14%
AMT	D	0.14%
ANET	C	0.14%
CME	A	0.14%
KHC	F	0.14%
MCO	B	0.14%
PH	A	0.14%
IT	C	0.14%
CLX	B	0.13%
APP	B	0.13%
SO	D	0.13%
BX	A	0.13%
CI	F	0.13%
RSG	A	0.13%
DUK	C	0.13%
PNC	B	0.12%
WELL	A	0.12%
APH	A	0.12%
PYPL	B	0.12%
GDDY	A	0.12%
CSX	B	0.11%
USB	A	0.11%
TSCO	D	0.11%
DASH	A	0.11%
CEG	D	0.11%
ADP	B	0.11%
BDX	F	0.11%
CRS	A	0.11%
TRGP	B	0.11%
JXN	C	0.1%
ITW	B	0.1%
TFC	A	0.09%
EMR	A	0.09%
MLI	C	0.09%
ARES	A	0.09%
ADSK	A	0.09%
TMHC	B	0.09%
GPI	A	0.09%
CALM	A	0.09%
SBUX	A	0.09%
PSA	D	0.09%
GEO	B	0.08%
ABG	B	0.08%
SMCI	F	0.08%
ECL	D	0.08%
HCC	B	0.08%
AEP	D	0.08%
SLG	B	0.08%
EQH	B	0.08%
CPRT	A	0.08%
SRE	A	0.08%
FIX	A	0.07%
UFPI	B	0.07%
JCI	C	0.07%
BCC	B	0.07%
LPLA	A	0.07%
NSC	B	0.07%
COP	C	0.07%
SKYW	B	0.07%
POOL	C	0.07%
AEO	F	0.07%
KDP	D	0.07%
MNST	C	0.07%
FTNT	C	0.07%
D	C	0.07%
CNX	A	0.07%
NKE	D	0.06%
TPH	D	0.06%
KTB	B	0.06%
HBI	B	0.06%
MPWR	F	0.06%
BFH	B	0.06%
ATGE	B	0.06%
MTH	D	0.06%
CMC	B	0.06%
TXRH	C	0.06%
ROP	B	0.06%
ROL	B	0.06%
URBN	C	0.05%
CNO	A	0.05%
NSIT	F	0.05%
ERIE	D	0.05%
AROC	B	0.05%
TDS	B	0.05%
PRIM	A	0.05%
MOG.A	B	0.05%
TGNA	B	0.05%
CARR	D	0.05%
FLEX	A	0.05%
TEX	D	0.05%
CBT	C	0.05%
IDXX	F	0.05%
COOP	B	0.05%
SCHW	B	0.05%
ZTS	D	0.05%
LUMN	C	0.05%
GVA	A	0.05%
MMS	F	0.05%
BTU	B	0.05%
STZ	D	0.05%
XPO	B	0.04%
ADBE	C	0.04%
FL	F	0.04%
CXW	B	0.04%
CPNG	D	0.04%
BDC	B	0.04%
SEM	B	0.04%
RUSHA	C	0.04%
SLVM	B	0.04%
TRN	C	0.04%
SANM	B	0.04%
CVLT	B	0.04%
NBIX	C	0.04%
GBX	A	0.04%
SIG	B	0.04%
HEI	B	0.04%
MAC	B	0.04%
HUBG	A	0.04%
MHO	D	0.04%
CRBG	B	0.04%
WERN	C	0.04%
GATX	A	0.04%
ABM	B	0.04%
MAR	B	0.04%
STC	B	0.03%
HAE	C	0.03%
GEF	A	0.03%
DRH	B	0.03%
VC	D	0.03%
UNF	B	0.03%
LZB	B	0.03%
DK	C	0.03%
ACA	A	0.03%
PNM	F	0.03%
APAM	B	0.03%
BKE	B	0.03%
ASO	F	0.03%
FHI	A	0.03%
OI	C	0.03%
BURL	A	0.03%
SHOO	D	0.03%
DELL	C	0.03%
DBRG	F	0.03%
PRG	C	0.03%
PLXS	B	0.03%
APLE	B	0.03%
MATX	C	0.03%
GMS	B	0.03%
AVA	A	0.03%
BKU	A	0.03%
MC	C	0.03%
KBH	D	0.03%
CDP	C	0.03%
TPX	B	0.03%
CPAY	A	0.03%
SM	B	0.03%
MANH	D	0.03%
GNW	A	0.03%
MORN	B	0.03%
LANC	C	0.03%
TDC	D	0.02%
SATS	D	0.02%
TTMI	B	0.02%
LXP	D	0.02%
ODP	F	0.02%
GT	C	0.02%
BHE	B	0.02%
LAUR	A	0.02%
PHIN	A	0.02%
JBLU	F	0.02%
NSP	D	0.02%
ODFL	B	0.02%
ANDE	D	0.02%
HP	B	0.02%
VVV	F	0.02%
DNOW	B	0.02%
HNI	B	0.02%
PMT	D	0.02%
NAVI	C	0.02%
WKC	D	0.02%
LNW	D	0.02%
REZI	A	0.02%
EPC	D	0.02%
OSIS	B	0.02%
PFSI	D	0.02%
SXT	B	0.02%
APOG	B	0.02%
YELP	C	0.02%
RLJ	C	0.02%
THS	D	0.02%
DORM	B	0.02%
NTCT	C	0.02%
XHR	B	0.02%
SBH	C	0.02%
PBF	D	0.02%
PDCO	D	0.02%
VSCO	B	0.02%
ADNT	F	0.02%
MCY	A	0.02%
AIR	B	0.02%
VSTO	A	0.02%
GHC	C	0.02%
ORA	B	0.02%
SVC	F	0.01%
JELD	F	0.01%
SCL	C	0.01%
IGT	F	0.01%
MLKN	D	0.01%
GIII	D	0.01%
WOR	F	0.01%
ARI	C	0.01%
CNXN	C	0.01%
ECPG	B	0.01%
HTH	B	0.01%
IMKTA	C	0.01%
RDN	C	0.01%
WGO	C	0.01%
JBGS	D	0.01%
ALEX	C	0.01%
XRX	F	0.01%
UVV	B	0.01%
SHO	C	0.01%
OUT	A	0.01%
SR	A	0.01%
CNS	B	0.01%
SSB	B	0.01%
KALU	C	0.01%
SWX	B	0.01%
CVI	F	0.01%
CENTA	C	0.01%
OMI	F	0.01%
BRC	D	0.01%
PECO	A	0.01%
SIGI	C	0.01%
ARCH	B	0.01%
WAFD	B	0.01%
DY	D	0.01%
FDP	B	0.01%
WMK	C	0.01%
DAN	D	0.01%
FELE	B	0.01%
KN	B	0.01%
STRA	C	0.01%
NNI	D	0.01%
ESNT	D	0.01%
GES	F	0.01%
FLR	B	0.01%
LADR	B	0.01%
ONB	B	0.01%
IDCC	A	0.01%
ICUI	D	0.01%
MUR	D	0.01%
TNET	D	0.01%
CADE	B	0.01%
CSGS	B	0.01%
PSMT	C	0.01%
AMWD	C	0.01%
PTEN	C	0.01%
SLB	C	0.01%
SCS	C	0.01%
GOLF	B	0.01%
IOSP	B	0.01%
SAH	A	0.01%
DEI	B	0.01%
HE	C	0.01%
VSH	D	0.01%
SCCO	F	0.0%
NOMD	D	0.0%

MFUS Underweight 276 Positions Relative to IWS

Symbol	Grade	Weight
MSTR	C	-0.55%
KVUE	A	-0.5%
AME	A	-0.49%
PCG	A	-0.49%
DAL	C	-0.45%
XEL	A	-0.43%
FERG	B	-0.42%
CTSH	B	-0.42%
ACGL	D	-0.4%
ROST	C	-0.39%
HUM	C	-0.37%
MCHP	D	-0.37%
GRMN	B	-0.36%
VICI	C	-0.36%
IQV	D	-0.34%
WEC	A	-0.34%
GPN	B	-0.33%
ROK	B	-0.33%
RJF	A	-0.33%
STT	A	-0.32%
CSGP	D	-0.32%
ON	D	-0.31%
VMC	B	-0.3%
KEYS	A	-0.29%
HAL	C	-0.29%
AWK	D	-0.29%
FTV	C	-0.29%
SW	A	-0.29%
DVN	F	-0.27%
AEE	A	-0.27%
EQT	B	-0.26%
LNG	B	-0.26%
WBD	C	-0.25%
WY	D	-0.25%
ZBH	C	-0.25%
ZM	B	-0.24%
EXE	B	-0.24%
ILMN	D	-0.24%
TDY	B	-0.24%
CBOE	B	-0.23%
LH	C	-0.22%
FSLR	F	-0.22%
CTRA	B	-0.21%
COO	D	-0.21%
LUV	C	-0.21%
CNP	B	-0.21%
ARE	D	-0.2%
SNA	A	-0.2%
CVNA	B	-0.19%
GPC	D	-0.19%
TRMB	B	-0.19%
J	F	-0.19%
TRU	D	-0.19%
CF	B	-0.18%
MKL	A	-0.18%
TXT	D	-0.17%
HES	B	-0.16%
APTV	D	-0.16%
DOC	D	-0.16%
AMCR	D	-0.16%
TWLO	A	-0.15%
RNR	C	-0.15%
EG	C	-0.15%
SWKS	F	-0.15%
REG	B	-0.15%
BG	F	-0.14%
AFRM	B	-0.14%
SWK	D	-0.14%
KMX	B	-0.13%
OVV	B	-0.13%
Z	A	-0.13%
SOFI	A	-0.13%
NVT	B	-0.13%
NTNX	A	-0.13%
ALB	C	-0.13%
EPAM	C	-0.13%
ALLE	D	-0.13%
TECH	D	-0.12%
FWONK	B	-0.12%
PFGC	B	-0.12%
RRX	B	-0.12%
CRL	C	-0.11%
CIEN	B	-0.11%
WTRG	B	-0.11%
GL	B	-0.11%
AFG	A	-0.11%
NLY	C	-0.11%
LKQ	D	-0.11%
DAY	B	-0.11%
PRI	A	-0.11%
BRX	A	-0.1%
MGM	D	-0.1%
SNX	C	-0.1%
AAL	B	-0.1%
REXR	F	-0.1%
FBIN	D	-0.1%
FRT	B	-0.1%
ORI	A	-0.1%
SOLV	C	-0.1%
BRBR	A	-0.1%
CNH	C	-0.1%
PNFP	B	-0.1%
FLS	B	-0.09%
MTCH	D	-0.09%
CHRD	D	-0.09%
CZR	F	-0.09%
APA	D	-0.09%
TKO	B	-0.09%
VOYA	B	-0.09%
EGP	F	-0.09%
RIVN	F	-0.09%
MTZ	B	-0.09%
WYNN	D	-0.09%
OGE	B	-0.09%
DAR	C	-0.08%
MTSI	B	-0.08%
GXO	B	-0.08%
FND	C	-0.08%
SSD	D	-0.08%
MIDD	C	-0.08%
CART	C	-0.08%
ROKU	D	-0.08%
JAZZ	B	-0.08%
PR	B	-0.08%
IDA	A	-0.07%
RGEN	D	-0.07%
S	B	-0.07%
STWD	C	-0.07%
BPOP	B	-0.07%
BIO	D	-0.07%
MTDR	B	-0.07%
MAT	D	-0.07%
SIRI	C	-0.07%
MOH	F	-0.07%
CGNX	C	-0.07%
BILL	A	-0.07%
OKTA	C	-0.07%
COLB	A	-0.07%
STAG	F	-0.07%
HR	C	-0.07%
WEX	D	-0.07%
AZPN	A	-0.07%
AXS	A	-0.07%
VMI	B	-0.07%
ALK	C	-0.07%
FMC	D	-0.07%
BYD	C	-0.06%
AL	B	-0.06%
OZK	B	-0.06%
CCCS	B	-0.06%
SN	D	-0.06%
EXAS	D	-0.06%
LITE	B	-0.06%
RITM	C	-0.06%
OLLI	D	-0.06%
DOCS	C	-0.06%
FOX	A	-0.06%
SAIA	B	-0.06%
ONTO	D	-0.06%
LFUS	F	-0.06%
FNB	A	-0.06%
GTES	A	-0.05%
TPG	A	-0.05%
PAYC	B	-0.05%
WLK	D	-0.05%
EEFT	B	-0.05%
WSC	D	-0.05%
DBX	B	-0.05%
KRC	C	-0.05%
CUZ	B	-0.05%
AGO	B	-0.05%
ST	F	-0.05%
ROIV	C	-0.05%
FRPT	B	-0.05%
AM	A	-0.04%
ZG	A	-0.04%
EPR	D	-0.04%
HIW	D	-0.04%
ACHC	F	-0.04%
FHB	A	-0.04%
IAC	D	-0.04%
PII	D	-0.04%
NVST	B	-0.04%
W	F	-0.04%
NWS	B	-0.04%
TNL	A	-0.04%
VNOM	A	-0.04%
PRGO	B	-0.04%
CIVI	D	-0.04%
DNB	B	-0.04%
MSGS	A	-0.04%
PLNT	A	-0.04%
RH	B	-0.04%
OLED	D	-0.04%
ASH	D	-0.04%
LINE	F	-0.04%
SITE	D	-0.04%
GFS	C	-0.04%
HAYW	B	-0.03%
YETI	C	-0.03%
ALGM	D	-0.03%
MP	B	-0.03%
ENOV	C	-0.03%
HHH	B	-0.03%
MPW	F	-0.03%
AGR	B	-0.03%
BOKF	B	-0.03%
COTY	F	-0.03%
CXT	B	-0.03%
COLM	B	-0.03%
ECG	C	-0.03%
U	C	-0.03%
NSA	D	-0.03%
IRDM	D	-0.03%
SNRE	D	-0.03%
LLYVK	A	-0.03%
BROS	B	-0.03%
AMTM	D	-0.03%
VAC	B	-0.03%
PENN	C	-0.03%
ZI	D	-0.03%
TRIP	F	-0.02%
REYN	D	-0.02%
FTRE	D	-0.02%
UA	C	-0.02%
QS	F	-0.02%
CLVT	F	-0.02%
GO	C	-0.02%
BIRK	D	-0.02%
ALAB	B	-0.02%
VSTS	C	-0.02%
CNXC	F	-0.02%
UAA	C	-0.02%
AZEK	A	-0.02%
LCID	F	-0.02%
ETSY	D	-0.02%
LBTYK	A	-0.02%
INFA	D	-0.02%
IPGP	D	-0.02%
QDEL	F	-0.02%
LYFT	C	-0.02%
LBTYA	B	-0.02%
GLOB	B	-0.02%
SHC	F	-0.02%
AZTA	D	-0.02%
ADT	C	-0.02%
RCM	F	-0.02%
TXG	F	-0.01%
PLTK	B	-0.01%
CHH	A	-0.01%
DJT	C	-0.01%
PATH	C	-0.01%
TFSL	A	-0.01%
UI	A	-0.01%
LSCC	D	-0.01%
FIVE	F	-0.01%
HCP	B	-0.01%
CAR	C	-0.01%
CNA	B	-0.01%
LBRDA	C	-0.01%
HAS	D	-0.01%
FWONA	B	-0.01%
PYCR	C	-0.01%
AS	B	-0.01%
CERT	F	-0.01%
DV	C	-0.01%
LLYVA	A	-0.01%
NCNO	B	-0.01%
LOAR	A	-0.0%
PARAA	B	-0.0%
UWMC	D	-0.0%
SEG	B	-0.0%
NFE	D	-0.0%
GRAL	C	-0.0%
LAZ	B	-0.0%
IONS	F	-0.0%