MFUS vs. NZAC ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC)

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

NZAC

SPDR MSCI ACWI Climate Paris Aligned ETF

NZAC Description

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to exceed the minimum standards for a "Paris-Aligned Benchmark" under the EU BMR. A Paris-Aligned Benchmark is designed to align with a principal objective of the Paris Agreement to limit the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels.

Grade (RS Rating)

Last Trade

$35.11

Average Daily Volume

13,189

Number of Holdings ^*

366

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	NZAC
30 Days	4.11%	4.84%
60 Days	0.45%	-0.76%
90 Days	2.34%	2.84%
12 Months	22.13%	21.52%

240 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in NZAC	Overlap
A	B	0.05%	0.06%	0.05%
AAPL	C	0.68%	4.53%	0.68%
ABBV	B	1.28%	0.62%	0.62%
ABBV	B	1.28%	0.42%	0.42%
ACM	B	0.04%	0.33%	0.04%
ACN	A	0.18%	0.39%	0.18%
ADBE	B	0.04%	0.42%	0.04%
ADP	B	0.08%	0.19%	0.08%
ADSK	B	0.08%	0.08%	0.08%
AFG	A	0.01%	0.07%	0.01%
AFL	B	0.19%	0.29%	0.19%
AIG	D	0.43%	0.15%	0.15%
AIZ	B	0.07%	0.08%	0.07%
AJG	A	0.09%	0.08%	0.08%
ALGN	F	0.02%	0.03%	0.02%
ALL	B	0.35%	0.14%	0.14%
ALLY	C	0.13%	0.02%	0.02%
AMAT	F	0.48%	0.13%	0.13%
AMGN	C	1.01%	0.25%	0.25%
AMP	B	0.08%	0.13%	0.08%
AMZN	D	1.22%	2.1%	1.22%
ANET	D	0.13%	0.06%	0.06%
ANSS	D	0.06%	0.01%	0.01%
AON	A	0.18%	0.1%	0.1%
APH	D	0.11%	0.1%	0.1%
APO	D	0.11%	0.12%	0.11%
AVGO	D	1.42%	1.06%	1.06%
AVTR	B	0.03%	0.03%	0.03%
AXP	B	0.19%	0.33%	0.19%
AZO	B	0.29%	0.1%	0.1%
BAC	D	0.39%	0.39%	0.39%
BAH	B	0.14%	0.03%	0.03%
BAX	A	0.03%	0.03%	0.03%
BBWI	F	0.02%	0.01%	0.01%
BDX	D	0.09%	0.12%	0.09%
BIIB	D	0.08%	0.04%	0.04%
BK	B	0.26%	0.11%	0.11%
BKNG	C	0.47%	0.18%	0.18%
BMRN	D	0.02%	0.02%	0.02%
BMY	B	0.27%	0.22%	0.22%
BR	C	0.15%	0.08%	0.08%
BRK.A	B	2.02%	0.41%	0.41%
BRO	A	0.13%	0.05%	0.05%
BSX	A	0.18%	0.3%	0.18%
BURL	B	0.03%	0.03%	0.03%
BX	B	0.23%	0.15%	0.15%
BXP	A	0.02%	0.07%	0.02%
C	D	1.28%	0.01%	0.01%
CARR	B	0.12%	0.03%	0.03%
CB	A	0.15%	0.25%	0.15%
CDW	D	0.05%	0.17%	0.05%
CEG	D	0.1%	0.03%	0.03%
CG	D	0.02%	0.01%	0.01%
CHD	A	0.06%	0.1%	0.06%
CHTR	C	0.25%	0.07%	0.07%
CINF	B	0.02%	0.06%	0.02%
CLX	A	0.14%	0.01%	0.01%
CMCSA	C	0.24%	0.23%	0.23%
CME	A	0.19%	0.12%	0.12%
CMG	D	0.22%	0.07%	0.07%
COF	C	0.43%	0.11%	0.11%
COIN	F	0.07%	0.02%	0.02%
CPAY	B	0.05%	0.04%	0.04%
CPRT	D	0.2%	0.04%	0.04%
CRM	D	0.34%	0.33%	0.33%
CSCO	B	0.42%	0.36%	0.36%
CSX	D	0.08%	0.09%	0.08%
CTAS	B	0.17%	0.04%	0.04%
CTLT	A	0.02%	0.02%	0.02%
DASH	B	0.09%	0.02%	0.02%
DFS	C	0.08%	0.07%	0.07%
DGX	B	0.06%	0.02%	0.02%
DHR	B	0.26%	0.23%	0.23%
DLR	D	0.08%	0.34%	0.08%
DLTR	F	0.03%	0.02%	0.02%
EA	C	0.09%	0.01%	0.01%
EBAY	A	0.32%	0.13%	0.13%
ECL	B	0.08%	0.06%	0.06%
EFX	B	0.09%	0.03%	0.03%
ELV	B	0.08%	0.24%	0.08%
EQH	C	0.07%	0.09%	0.07%
EQIX	B	0.03%	0.31%	0.03%
ERIE	A	0.08%	0.04%	0.04%
ETN	D	0.19%	0.24%	0.19%
EXR	B	0.07%	0.05%	0.05%
FAST	D	0.1%	0.14%	0.1%
FDS	C	0.05%	0.01%	0.01%
FFIV	B	0.04%	0.16%	0.04%
FIS	A	0.07%	0.06%	0.06%
FOXA	B	0.08%	0.03%	0.03%
FTNT	B	0.06%	0.07%	0.06%
GDDY	C	0.1%	0.03%	0.03%
GILD	A	0.73%	0.06%	0.06%
GIS	A	0.1%	0.1%	0.1%
GLW	C	0.19%	0.18%	0.18%
GOOGL	D	1.24%	0.97%	0.97%
GS	C	0.48%	0.05%	0.05%
GWW	C	0.17%	0.18%	0.17%
HBAN	B	0.03%	0.02%	0.02%
HD	B	0.38%	0.54%	0.38%
HEI	B	0.04%	0.02%	0.02%
HIG	B	0.05%	0.13%	0.05%
HLT	C	0.08%	0.02%	0.02%
HOLX	A	0.03%	0.05%	0.03%
HPE	D	0.24%	0.14%	0.14%
HSIC	C	0.03%	0.05%	0.03%
HSY	A	0.05%	0.06%	0.05%
IBM	A	1.26%	0.61%	0.61%
ICE	A	0.28%	0.14%	0.14%
IDXX	D	0.05%	0.07%	0.05%
IEX	D	0.08%	0.04%	0.04%
INCY	C	0.01%	0.01%	0.01%
INTC	F	0.41%	0.15%	0.15%
INTU	D	0.25%	0.29%	0.25%
IPG	B	0.07%	0.02%	0.02%
IRM	B	0.11%	0.06%	0.06%
IT	B	0.15%	0.03%	0.03%
ITW	C	0.08%	0.31%	0.08%
JKHY	B	0.1%	0.01%	0.01%
JNJ	B	0.98%	0.69%	0.69%
JNPR	A	0.12%	0.15%	0.12%
JPM	B	0.96%	1.01%	0.96%
KDP	A	0.06%	0.09%	0.06%
KKR	B	0.13%	0.1%	0.1%
KLAC	D	0.26%	0.18%	0.18%
LEN	B	0.08%	0.07%	0.07%
LLY	B	2.56%	1.23%	1.23%
LOW	B	0.23%	0.24%	0.23%
LRCX	F	0.3%	0.11%	0.11%
MA	B	0.76%	0.62%	0.62%
MAR	D	0.11%	0.02%	0.02%
MAS	B	0.06%	0.01%	0.01%
MCD	A	0.38%	0.37%	0.37%
MCO	B	0.03%	0.24%	0.03%
MET	B	0.36%	0.21%	0.21%
META	C	2.02%	1.54%	1.54%
MKC	A	0.07%	0.01%	0.01%
MKL	C	0.03%	0.07%	0.03%
MKTX	A	0.02%	0.01%	0.01%
MMC	A	0.18%	0.21%	0.18%
MMM	B	0.41%	0.03%	0.03%
MNST	D	0.05%	0.03%	0.03%
MOH	C	0.03%	0.02%	0.02%
MRK	D	0.86%	0.58%	0.58%
MSI	B	0.15%	0.25%	0.15%
MTB	B	0.03%	0.08%	0.03%
MTD	C	0.08%	0.07%	0.07%
MU	F	0.16%	0.08%	0.08%
NBIX	D	0.04%	0.01%	0.01%
NDAQ	A	0.02%	0.04%	0.02%
NEM	B	0.1%	0.11%	0.1%
NFLX	B	0.44%	0.42%	0.42%
NKE	C	0.04%	0.12%	0.04%
NOW	B	0.35%	0.33%	0.33%
NTAP	D	0.08%	0.06%	0.06%
NTRS	B	0.02%	0.04%	0.02%
NVDA	D	1.71%	3.61%	1.71%
NVR	B	0.07%	0.03%	0.03%
ODFL	D	0.01%	0.02%	0.01%
OMC	B	0.06%	0.03%	0.03%
ORCL	A	0.99%	0.47%	0.47%
ORLY	B	0.18%	0.18%	0.18%
PANW	B	0.26%	0.13%	0.13%
PAYX	B	0.03%	0.08%	0.03%
PCAR	D	0.08%	0.05%	0.05%
PFE	D	0.5%	0.22%	0.22%
PGR	A	0.49%	0.23%	0.23%
PH	B	0.13%	0.22%	0.13%
PHM	B	0.16%	0.04%	0.04%
PINS	F	0.04%	0.01%	0.01%
PNC	B	0.1%	0.17%	0.1%
PNR	B	0.08%	0.19%	0.08%
POOL	C	0.06%	0.02%	0.02%
PPG	D	0.04%	0.11%	0.04%
PRU	C	0.25%	0.14%	0.14%
PSA	A	0.03%	0.12%	0.03%
PWR	C	0.14%	0.2%	0.14%
QCOM	F	0.66%	0.28%	0.28%
REGN	B	0.45%	0.16%	0.16%
RJF	D	0.01%	0.03%	0.01%
RMD	A	0.12%	0.08%	0.08%
ROL	B	0.04%	0.02%	0.02%
ROP	C	0.06%	0.02%	0.02%
ROST	B	0.07%	0.1%	0.07%
RPRX	B	0.03%	0.02%	0.02%
RS	D	0.08%	0.08%	0.08%
SBAC	A	0.02%	0.03%	0.02%
SBUX	B	0.06%	0.15%	0.06%
SCCO	D	0.01%	0.07%	0.01%
SCHW	D	0.16%	0.15%	0.15%
SEIC	D	0.07%	0.02%	0.02%
SHW	B	0.2%	0.56%	0.2%
SMCI	F	0.15%	0.02%	0.02%
SNAP	F	0.02%	0.01%	0.01%
SPG	B	0.14%	0.14%	0.14%
SPGI	A	0.06%	0.4%	0.06%
STE	A	0.12%	0.03%	0.03%
STLD	D	0.04%	0.01%	0.01%
STZ	B	0.04%	0.04%	0.04%
SUI	A	0.05%	0.01%	0.01%
SYF	C	0.31%	0.07%	0.07%
T	A	1.09%	0.17%	0.17%
TDG	B	0.16%	0.14%	0.14%
TER	D	0.04%	0.04%	0.04%
TFX	A	0.03%	0.02%	0.02%
TGT	B	0.68%	0.03%	0.03%
TJX	B	0.33%	0.37%	0.33%
TMUS	B	0.31%	0.11%	0.11%
TROW	D	0.08%	0.04%	0.04%
TRV	A	0.29%	0.14%	0.14%
TW	B	0.05%	0.02%	0.02%
TXN	C	0.21%	0.28%	0.21%
UBER	B	0.22%	0.17%	0.17%
UHAL	B	0.03%	0.04%	0.03%
UHAL	B	0.01%	0.04%	0.01%
ULTA	D	0.04%	0.05%	0.04%
UNP	B	0.47%	0.24%	0.24%
UPS	F	0.18%	0.07%	0.07%
URI	C	0.09%	0.04%	0.04%
USB	B	0.11%	0.12%	0.11%
V	A	0.8%	0.7%	0.7%
VMC	D	0.06%	0.01%	0.01%
VRSK	C	0.2%	0.05%	0.05%
VRSN	C	0.04%	0.01%	0.01%
VRTX	D	0.22%	0.15%	0.15%
VZ	B	0.93%	0.21%	0.21%
WAB	B	0.04%	0.07%	0.04%
WAT	B	0.05%	0.02%	0.02%
WELL	A	0.11%	0.14%	0.11%
WFC	D	1.47%	0.2%	0.2%
WM	D	0.23%	0.1%	0.1%
WMT	A	1.78%	0.33%	0.33%
WPC	A	0.05%	0.02%	0.02%
WRB	B	0.02%	0.07%	0.02%
WST	D	0.04%	0.02%	0.02%
WTW	A	0.05%	0.07%	0.05%
XRX	D	0.02%	0.02%	0.02%
XYL	D	0.11%	0.39%	0.11%
YUM	B	0.1%	0.08%	0.08%
ZTS	A	0.04%	0.18%	0.04%

MFUS Overweight 541 Positions Relative to NZAC

Symbol	Grade	Weight
COST	B	1.17%
GE	C	1.11%
XOM	C	1.02%
CVX	F	0.82%
PG	A	0.82%
CVS	F	0.78%
MPC	D	0.68%
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%
MO	A	0.5%
LMT	A	0.5%
CAT	C	0.43%
KR	C	0.34%
F	D	0.34%
CAH	A	0.33%
CL	A	0.32%
ADM	D	0.32%
COP	D	0.32%
ANF	D	0.29%
VST	C	0.28%
THC	B	0.28%
HPQ	D	0.28%
BBY	A	0.24%
LII	C	0.23%
LYB	D	0.22%
DD	C	0.22%
NOC	B	0.22%
TSN	A	0.22%
FICO	A	0.21%
WSM	D	0.21%
MDLZ	A	0.2%
WSO	D	0.2%
LHX	C	0.19%
SFM	B	0.19%
DECK	C	0.18%
BKR	D	0.17%
UTHR	B	0.17%
DVA	B	0.17%
DPZ	D	0.17%
KMB	A	0.16%
GD	B	0.16%
MUSA	B	0.16%
EMR	D	0.15%
WDC	D	0.15%
KHC	A	0.15%
CASY	C	0.14%
CI	B	0.14%
VTRS	C	0.14%
WBA	F	0.14%
DUK	A	0.13%
TRGP	A	0.13%
HCA	B	0.13%
EVR	B	0.12%
IP	B	0.12%
RSG	B	0.12%
HWM	B	0.12%
RPM	A	0.11%
MRO	C	0.11%
CRS	B	0.11%
EXC	A	0.11%
AOS	D	0.11%
EOG	D	0.11%
CMI	B	0.11%
FTI	D	0.11%
UHS	B	0.1%
K	A	0.1%
FCX	D	0.1%
JXN	C	0.1%
AVY	B	0.1%
GPK	B	0.1%
TOL	B	0.1%
UNM	B	0.1%
DKS	C	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%
MPWR	C	0.09%
AN	C	0.09%
GPI	B	0.09%
AEO	D	0.09%
TFC	B	0.09%
ARES	C	0.09%
SLB	F	0.09%
CACI	B	0.09%
WU	C	0.08%
HLI	B	0.08%
LUMN	B	0.08%
OKE	A	0.08%
TTC	D	0.08%
WMB	B	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%
KMI	B	0.08%
ALSN	B	0.08%
LDOS	B	0.08%
LSTR	D	0.08%
OGN	C	0.08%
ITT	C	0.08%
LECO	F	0.08%
TMHC	B	0.08%
L	B	0.08%
BWXT	C	0.08%
GNTX	D	0.07%
CFG	B	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%
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%
CMC	D	0.07%
OC	D	0.07%
EXPD	D	0.07%
CE	F	0.07%
X	F	0.07%
BALL	A	0.07%
OSK	D	0.07%
LPLA	D	0.07%
ABG	D	0.07%
AYI	C	0.07%
NRG	C	0.07%
TTWO	B	0.07%
MSCI	B	0.07%
TYL	A	0.07%
KTB	B	0.06%
FIX	C	0.06%
VNO	B	0.06%
TPH	B	0.06%
KD	D	0.06%
CPT	B	0.06%
BERY	B	0.06%
IVZ	C	0.06%
CRI	C	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%
MLM	D	0.06%
BC	D	0.06%
INVH	B	0.06%
PK	D	0.06%
R	C	0.06%
FL	D	0.06%
BCC	C	0.06%
NSIT	C	0.06%
TSCO	B	0.06%
SLM	D	0.06%
CNX	B	0.06%
SEE	D	0.06%
PBF	F	0.06%
LPX	B	0.06%
CCK	A	0.06%
CCL	D	0.05%
VIRT	A	0.05%
WEN	C	0.05%
GNRC	C	0.05%
AMG	C	0.05%
COOP	B	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%
PKG	B	0.05%
LAMR	B	0.05%
NOV	F	0.05%
AVT	C	0.05%
ATGE	C	0.05%
BWA	D	0.05%
ATI	C	0.05%
RGA	B	0.05%
TKR	D	0.05%
LOPE	D	0.05%
PAG	C	0.05%
NYT	C	0.05%
CRUS	C	0.05%
TXRH	D	0.05%
MUR	F	0.05%
NXST	D	0.05%
POST	B	0.05%
PTC	D	0.05%
LNC	C	0.05%
G	B	0.05%
IBKR	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%
FITB	B	0.05%
FCNCA	C	0.05%
EXP	B	0.05%
MHO	B	0.05%
CTVA	B	0.04%
GT	F	0.04%
FHI	B	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%
WTM	B	0.04%
OMF	D	0.04%
SON	A	0.04%
HUBG	B	0.04%
SEB	C	0.04%
AGNC	A	0.04%
RGLD	C	0.04%
OLN	F	0.04%
FLO	A	0.04%
GATX	C	0.04%
GVA	B	0.04%
VC	F	0.04%
SRCL	A	0.04%
CNO	B	0.04%
AR	F	0.04%
HAL	F	0.04%
RRC	F	0.04%
GNW	B	0.04%
MAN	D	0.04%
CRBG	C	0.04%
MTG	B	0.04%
PVH	F	0.04%
THG	A	0.04%
LANC	D	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%
CUBE	A	0.04%
KBH	B	0.04%
WHR	D	0.04%
CAG	A	0.04%
MOS	F	0.04%
NFG	B	0.04%
NDSN	C	0.04%
ABM	C	0.04%
DOW	D	0.04%
CLH	C	0.04%
BDC	B	0.04%
SMG	C	0.04%
BEN	F	0.04%
MAC	B	0.04%
BTU	D	0.04%
SLGN	B	0.04%
FNF	B	0.03%
ADNT	F	0.03%
HOOD	D	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%
RLI	B	0.03%
ZION	C	0.03%
OKTA	F	0.03%
UDR	B	0.03%
PRG	B	0.03%
MC	B	0.03%
DK	F	0.03%
VVV	D	0.03%
AWI	C	0.03%
BRKR	C	0.03%
MDU	D	0.03%
BKU	B	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%
MORN	C	0.03%
NAVI	C	0.03%
BJ	D	0.03%
WTS	D	0.03%
AVA	B	0.03%
DLB	F	0.03%
HP	F	0.03%
PRIM	C	0.03%
LSXMK	C	0.03%
MANH	B	0.03%
HBI	B	0.03%
SAIA	D	0.03%
RUSHA	C	0.03%
DOX	C	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%
TDS	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%
JEF	B	0.03%
MSA	D	0.03%
LEA	F	0.03%
DDS	D	0.03%
AES	D	0.03%
CMA	B	0.03%
JHG	B	0.03%
JWN	A	0.03%
CVLT	B	0.03%
APP	B	0.03%
LW	D	0.03%
ACA	D	0.03%
TGNA	D	0.03%
BHF	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%
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%
EWBC	C	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%
GES	F	0.02%
DOV	C	0.02%
LBRDK	C	0.02%
DXC	A	0.02%
AGCO	F	0.02%
AIT	C	0.02%
PMT	C	0.02%
GPC	D	0.02%
MCY	B	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%
PFSI	A	0.02%
NSP	F	0.02%
HAE	F	0.02%
AA	F	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%
FAF	A	0.02%
JBHT	C	0.02%
PNM	A	0.02%
ORA	C	0.02%
KMPR	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%
KEY	B	0.02%
HII	B	0.02%
TDC	F	0.02%
APAM	D	0.02%
WERN	D	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%
STC	B	0.02%
CHRD	F	0.02%
UNF	C	0.02%
SHO	D	0.02%
NEU	D	0.02%
VNT	F	0.02%
HOG	B	0.02%
DRI	A	0.02%
KNX	D	0.01%
AAP	F	0.01%
SCHL	D	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%
CACC	F	0.01%
SWN	F	0.01%
KALU	F	0.01%
ACI	D	0.01%
UVV	B	0.01%
ECPG	C	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%
SIGI	D	0.01%
JELD	F	0.01%
PFG	D	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%
WMK	B	0.01%
ESAB	D	0.01%
PECO	A	0.01%
WAFD	B	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%
FHN	C	0.01%
CPB	A	0.01%
WTFC	B	0.01%
FELE	D	0.01%
CADE	C	0.01%
CBSH	B	0.01%
FLR	C	0.01%
STRA	D	0.01%
CSGS	C	0.01%
ONB	C	0.01%
KN	D	0.01%
SF	C	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%
WBS	D	0.01%
OLLI	D	0.01%
AMWD	D	0.01%
LAUR	C	0.01%
MHK	B	0.01%
NNI	B	0.01%
RBC	C	0.01%
LADR	B	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%
ESNT	B	0.01%
BHE	C	0.01%
SNV	C	0.01%
TNET	F	0.01%
SAH	C	0.01%
EVRG	A	0.01%
LAD	C	0.01%
WAL	B	0.01%
PHIN	B	0.01%
SCS	C	0.01%
TTEK	B	0.01%
NOMD	A	0.0%
WOLF	F	0.0%

MFUS Underweight 127 Positions Relative to NZAC

Symbol	Grade	Weight
MSFT	D	-4.1%
GOOG	D	-1.36%
TSLA	D	-0.93%
EIX	A	-0.88%
UNH	A	-0.81%
ADI	C	-0.52%
NVS	B	-0.49%
TMO	A	-0.39%
ISRG	B	-0.29%
AMD	F	-0.29%
PLD	B	-0.25%
SYK	A	-0.24%
BLK	B	-0.24%
MDT	A	-0.24%
BABA	B	-0.23%
DIS	F	-0.23%
TD	A	-0.21%
ABT	A	-0.2%
MS	C	-0.2%
FSLR	C	-0.19%
SONY	B	-0.17%
MELI	B	-0.16%
CBRE	B	-0.16%
AME	D	-0.15%
IQV	B	-0.14%
HDB	C	-0.14%
ACGL	B	-0.14%
DE	B	-0.14%
INFY	B	-0.13%
AMT	A	-0.13%
DEO	C	-0.12%
AVB	B	-0.12%
TEL	C	-0.11%
PYPL	B	-0.11%
EW	F	-0.11%
TDY	B	-0.1%
ESS	B	-0.1%
MRVL	D	-0.1%
ENPH	D	-0.1%
HUM	D	-0.09%
ALLE	B	-0.09%
LI	F	-0.09%
FTV	D	-0.09%
O	A	-0.08%
EQR	B	-0.08%
ROK	D	-0.08%
CCI	A	-0.08%
REG	A	-0.08%
SHOP	C	-0.08%
CTSH	B	-0.08%
LIN	B	-0.08%
KEYS	C	-0.07%
DHI	B	-0.07%
LULU	F	-0.07%
WIT	B	-0.07%
GRMN	B	-0.07%
MUFG	D	-0.07%
TRMB	D	-0.06%
VTR	A	-0.06%
RF	B	-0.06%
PDD	F	-0.06%
GPN	C	-0.05%
TCOM	A	-0.05%
EL	F	-0.05%
ZBH	D	-0.05%
ILMN	B	-0.04%
ALNY	C	-0.04%
BCS	B	-0.04%
AZN	B	-0.04%
NSC	B	-0.04%
AXON	B	-0.04%
ABNB	F	-0.04%
TTD	B	-0.04%
WDAY	C	-0.03%
CSGP	C	-0.03%
XPEV	C	-0.03%
VICI	A	-0.03%
FOX	B	-0.03%
CCEP	A	-0.03%
VLTO	B	-0.03%
VEEV	A	-0.03%
EG	B	-0.03%
PLTR	B	-0.03%
BIDU	F	-0.03%
LKQ	D	-0.03%
LYV	D	-0.03%
CBOE	A	-0.03%
DXCM	F	-0.03%
LYG	C	-0.02%
TT	B	-0.02%
STT	B	-0.02%
NIO	D	-0.02%
PODD	A	-0.02%
TEVA	B	-0.02%
ZM	B	-0.02%
ZBRA	C	-0.02%
SQ	D	-0.02%
SNOW	F	-0.02%
ASAI	F	-0.02%
BCH	B	-0.02%
MRNA	F	-0.02%
MSTR	F	-0.01%
WYNN	D	-0.01%
MBAVU	B	-0.01%
PAYC	D	-0.01%
QGEN	B	-0.01%
ALB	F	-0.01%
SQ	D	-0.01%
EPAM	C	-0.01%
EXAS	B	-0.01%
MTCH	B	-0.01%
NXPI	D	-0.01%
SWKS	D	-0.01%
DOCU	A	-0.01%
TECH	D	-0.01%
KVUE	A	-0.01%
Z	B	-0.01%
QFIN	B	-0.01%
BIO	A	-0.01%
RIVN	F	-0.01%
TRU	B	-0.01%
DOC	B	-0.01%
KB	C	-0.01%
CRWD	F	-0.01%
SNA	D	-0.01%
VRT	F	-0.01%
WIT	B	-0.0%