MFUS vs. SMLF ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to iShares FactorSelect MSCI USA Small-Cap ETF (SMLF)

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

$50.35

Average Daily Volume

7,922

Number of Holdings ^*

809

* may have additional holdings in another (foreign) market

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. 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. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$66.13

Average Daily Volume

76,961

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	SMLF
30 Days	3.55%	4.99%
60 Days	10.60%	10.44%
90 Days	6.54%	9.91%
12 Months	36.03%	33.05%

287 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in SMLF	Overlap
AA	B	0.01%	0.13%	0.01%
ABG	D	0.07%	0.15%	0.07%
ACA	C	0.02%	0.09%	0.02%
ACI	F	0.01%	0.05%	0.01%
ACM	A	0.03%	0.19%	0.03%
AEO	C	0.09%	0.06%	0.06%
AGCO	D	0.02%	0.22%	0.02%
AGNC	B	0.04%	0.19%	0.04%
AIZ	B	0.08%	0.17%	0.08%
ALSN	A	0.09%	0.48%	0.09%
AMG	B	0.06%	0.23%	0.06%
AMH	D	0.04%	0.26%	0.04%
AN	D	0.07%	0.27%	0.07%
ANF	D	0.24%	0.32%	0.24%
APG	F	0.02%	0.09%	0.02%
APOG	B	0.02%	0.1%	0.02%
APP	A	0.05%	0.7%	0.05%
AR	C	0.04%	0.21%	0.04%
ARCH	D	0.01%	0.03%	0.01%
AROC	B	0.04%	0.11%	0.04%
ARW	C	0.05%	0.22%	0.05%
ASO	D	0.04%	0.08%	0.04%
ATI	C	0.05%	0.17%	0.05%
AXTA	C	0.02%	0.02%	0.02%
AYI	A	0.08%	0.31%	0.08%
BBWI	F	0.01%	0.22%	0.01%
BC	C	0.06%	0.1%	0.06%
BCC	C	0.07%	0.23%	0.07%
BDC	A	0.04%	0.09%	0.04%
BERY	C	0.06%	0.11%	0.06%
BJ	B	0.03%	0.16%	0.03%
BKE	B	0.03%	0.12%	0.03%
BKU	D	0.03%	0.0%	0.0%
BLD	D	0.04%	0.25%	0.04%
BRC	C	0.01%	0.18%	0.01%
BRKR	D	0.02%	0.19%	0.02%
BWXT	A	0.09%	0.12%	0.09%
CACC	F	0.01%	0.09%	0.01%
CACI	A	0.09%	0.02%	0.02%
CASY	D	0.15%	0.06%	0.06%
CBSH	D	0.01%	0.21%	0.01%
CBT	B	0.05%	0.13%	0.05%
CC	D	0.02%	0.06%	0.02%
CENTA	F	0.01%	0.06%	0.01%
CFR	B	0.01%	0.21%	0.01%
CHE	D	0.06%	0.34%	0.06%
CLH	B	0.04%	0.07%	0.04%
CMA	C	0.04%	0.0%	0.0%
CMC	D	0.05%	0.14%	0.05%
CNM	F	0.01%	0.41%	0.01%
CNO	B	0.04%	0.15%	0.04%
CNS	C	0.01%	0.03%	0.01%
CNX	A	0.06%	0.05%	0.05%
COKE	C	0.03%	0.25%	0.03%
COOP	B	0.05%	0.4%	0.05%
CR	A	0.01%	0.34%	0.01%
CROX	C	0.02%	0.29%	0.02%
CRS	B	0.1%	0.09%	0.09%
CRUS	D	0.04%	0.14%	0.04%
CSL	A	0.02%	0.42%	0.02%
CUBE	C	0.05%	0.13%	0.05%
CVI	D	0.01%	0.04%	0.01%
CVLT	B	0.04%	0.07%	0.04%
CW	A	0.1%	0.21%	0.1%
CWEN	C	0.02%	0.18%	0.02%
CXW	F	0.02%	0.07%	0.02%
DAN	D	0.02%	0.03%	0.02%
DCI	B	0.04%	0.18%	0.04%
DDS	D	0.03%	0.3%	0.03%
DECK	B	0.15%	0.68%	0.15%
DEI	A	0.01%	0.0%	0.0%
DINO	F	0.01%	0.01%	0.01%
DKS	D	0.09%	0.42%	0.09%
DNOW	F	0.02%	0.09%	0.02%
DTM	A	0.01%	0.16%	0.01%
DY	C	0.01%	0.02%	0.01%
EHC	C	0.09%	0.05%	0.05%
ELAN	D	0.01%	0.08%	0.01%
EME	B	0.04%	0.84%	0.04%
EPC	F	0.02%	0.01%	0.01%
ESAB	C	0.01%	0.16%	0.01%
ESI	C	0.01%	0.15%	0.01%
EVR	C	0.11%	0.72%	0.11%
EWBC	B	0.02%	0.32%	0.02%
EXEL	B	0.04%	0.19%	0.04%
FAF	C	0.02%	0.17%	0.02%
FCN	C	0.06%	0.04%	0.04%
FCNCA	D	0.05%	0.25%	0.05%
FHI	A	0.03%	0.1%	0.03%
FHN	D	0.01%	0.04%	0.01%
FIX	A	0.05%	0.41%	0.05%
FL	F	0.04%	0.03%	0.03%
FLEX	B	0.04%	0.29%	0.04%
FLO	D	0.04%	0.07%	0.04%
FLR	B	0.01%	0.08%	0.01%
FR	D	0.02%	0.35%	0.02%
FYBR	C	0.01%	0.14%	0.01%
GAP	F	0.05%	0.23%	0.05%
GATX	F	0.04%	0.13%	0.04%
GEF	B	0.02%	0.01%	0.01%
GEO	D	0.03%	0.06%	0.03%
GES	F	0.02%	0.19%	0.02%
GGG	C	0.03%	0.31%	0.03%
GIII	C	0.01%	0.03%	0.01%
GLPI	C	0.07%	0.2%	0.07%
GME	D	0.01%	0.14%	0.01%
GMED	B	0.02%	0.02%	0.02%
GMS	B	0.03%	0.08%	0.03%
GNRC	B	0.05%	0.13%	0.05%
GNW	A	0.03%	0.0%	0.0%
GOLF	F	0.01%	0.13%	0.01%
GPI	C	0.09%	0.21%	0.09%
GPK	D	0.08%	0.28%	0.08%
GWRE	A	0.02%	0.01%	0.01%
HAE	F	0.02%	0.19%	0.02%
HCC	C	0.07%	0.06%	0.06%
HE	F	0.01%	0.07%	0.01%
HLI	A	0.07%	0.16%	0.07%
HNI	B	0.02%	0.03%	0.02%
HOG	D	0.03%	0.19%	0.03%
HP	D	0.02%	0.09%	0.02%
HRB	C	0.08%	0.45%	0.08%
HTH	F	0.01%	0.11%	0.01%
HUN	B	0.01%	0.13%	0.01%
HXL	F	0.03%	0.01%	0.01%
IBKR	A	0.05%	0.37%	0.05%
IDCC	A	0.01%	0.07%	0.01%
IGT	F	0.01%	0.16%	0.01%
IMKTA	F	0.01%	0.26%	0.01%
IOSP	F	0.01%	0.04%	0.01%
ITT	C	0.08%	0.32%	0.08%
IVZ	A	0.03%	0.1%	0.03%
JBL	C	0.03%	0.55%	0.03%
JEF	A	0.02%	0.34%	0.02%
JELD	D	0.01%	0.03%	0.01%
JHG	A	0.04%	0.27%	0.04%
JXN	A	0.09%	0.0%	0.0%
KALU	D	0.01%	0.01%	0.01%
KBR	A	0.02%	0.13%	0.02%
KD	D	0.04%	0.05%	0.04%
KIM	C	0.02%	0.15%	0.02%
KN	B	0.01%	0.08%	0.01%
KSS	D	0.03%	0.1%	0.03%
LADR	D	0.01%	0.06%	0.01%
LAMR	C	0.05%	0.36%	0.05%
LANC	F	0.04%	0.02%	0.02%
LECO	D	0.05%	0.05%	0.05%
LNW	F	0.02%	0.18%	0.02%
LPX	C	0.08%	0.41%	0.08%
LSTR	F	0.09%	0.1%	0.09%
LUMN	C	0.05%	0.18%	0.05%
LXP	D	0.02%	0.08%	0.02%
M	D	0.02%	0.19%	0.02%
MAC	B	0.04%	0.31%	0.04%
MAN	D	0.03%	0.05%	0.03%
MANH	A	0.04%	0.53%	0.04%
MASI	B	0.03%	0.07%	0.03%
MATX	C	0.03%	0.19%	0.03%
MC	B	0.03%	0.0%	0.0%
MCY	B	0.02%	0.05%	0.02%
MDU	C	0.03%	0.06%	0.03%
MKSI	F	0.01%	0.08%	0.01%
MLI	B	0.07%	0.41%	0.07%
MMS	C	0.06%	0.05%	0.05%
MOG.A	C	0.04%	0.03%	0.03%
MSA	F	0.03%	0.02%	0.02%
MSM	D	0.06%	0.02%	0.02%
MTG	A	0.03%	0.1%	0.03%
MTN	D	0.05%	0.09%	0.05%
MUR	F	0.01%	0.2%	0.01%
NAVI	D	0.02%	0.2%	0.02%
NDSN	C	0.05%	0.19%	0.05%
NFG	A	0.05%	0.13%	0.05%
NNN	C	0.01%	0.12%	0.01%
NOV	F	0.01%	0.13%	0.01%
NSIT	B	0.07%	0.09%	0.07%
NSP	F	0.02%	0.14%	0.02%
NTCT	C	0.02%	0.11%	0.02%
NWL	D	0.02%	0.02%	0.02%
NXST	D	0.05%	0.08%	0.05%
NYT	C	0.04%	0.13%	0.04%
OC	C	0.02%	0.17%	0.02%
ODP	F	0.02%	0.14%	0.02%
OHI	C	0.02%	0.1%	0.02%
OI	D	0.03%	0.04%	0.03%
OLN	D	0.04%	0.12%	0.04%
OMF	D	0.02%	0.15%	0.02%
OMI	F	0.01%	0.06%	0.01%
OSIS	C	0.02%	0.02%	0.02%
OUT	C	0.01%	0.04%	0.01%
PARA	F	0.01%	0.11%	0.01%
PBF	F	0.02%	0.02%	0.02%
PDCO	F	0.02%	0.03%	0.02%
PFSI	C	0.02%	0.05%	0.02%
PHIN	D	0.02%	0.08%	0.02%
PK	D	0.06%	0.06%	0.06%
PNM	B	0.02%	0.11%	0.02%
PRG	C	0.03%	0.18%	0.03%
PSTG	F	0.04%	0.3%	0.04%
PTEN	F	0.01%	0.11%	0.01%
PVH	D	0.02%	0.17%	0.02%
R	C	0.07%	0.26%	0.07%
RDN	D	0.01%	0.0%	0.0%
RGLD	C	0.04%	0.14%	0.04%
RHI	D	0.02%	0.16%	0.02%
RKT	D	0.01%	0.05%	0.01%
RL	B	0.03%	0.15%	0.03%
RLI	A	0.03%	0.03%	0.03%
RLJ	D	0.02%	0.02%	0.02%
RPM	A	0.12%	0.21%	0.12%
RRC	D	0.02%	0.19%	0.02%
RS	D	0.04%	0.48%	0.04%
RUSHA	D	0.03%	0.05%	0.03%
RYN	C	0.03%	0.07%	0.03%
SAH	D	0.01%	0.04%	0.01%
SANM	D	0.03%	0.2%	0.03%
SATS	C	0.02%	0.16%	0.02%
SCI	D	0.06%	0.14%	0.06%
SCS	D	0.01%	0.08%	0.01%
SEE	C	0.06%	0.0%	0.0%
SF	A	0.01%	0.15%	0.01%
SFM	A	0.2%	0.48%	0.2%
SHO	B	0.01%	0.02%	0.01%
SIG	C	0.04%	0.28%	0.04%
SLG	C	0.08%	0.46%	0.08%
SLM	B	0.05%	0.16%	0.05%
SLVM	C	0.04%	0.02%	0.02%
SM	D	0.03%	0.07%	0.03%
SMG	C	0.04%	0.23%	0.04%
SNV	D	0.01%	0.04%	0.01%
SON	D	0.04%	0.11%	0.04%
SPB	C	0.01%	0.16%	0.01%
SR	D	0.01%	0.12%	0.01%
SSB	C	0.01%	0.01%	0.01%
SVC	D	0.01%	0.04%	0.01%
SWX	C	0.01%	0.01%	0.01%
TDC	D	0.02%	0.01%	0.01%
TDS	C	0.04%	0.04%	0.04%
TEX	F	0.05%	0.19%	0.05%
TGNA	B	0.04%	0.08%	0.04%
THC	D	0.29%	0.33%	0.29%
THO	C	0.07%	0.13%	0.07%
TKR	B	0.04%	0.2%	0.04%
TMHC	C	0.09%	0.1%	0.09%
TNET	D	0.01%	0.14%	0.01%
TOL	C	0.06%	0.17%	0.06%
TPH	C	0.06%	0.16%	0.06%
TPR	B	0.01%	0.26%	0.01%
TPX	C	0.03%	0.25%	0.03%
TRN	C	0.04%	0.06%	0.04%
TTC	F	0.07%	0.16%	0.07%
TTEK	A	0.02%	0.34%	0.02%
TXRH	A	0.06%	0.07%	0.06%
UFPI	C	0.07%	0.24%	0.07%
UGI	C	0.01%	0.11%	0.01%
UNM	A	0.04%	0.0%	0.0%
USFD	C	0.05%	0.17%	0.05%
UTHR	C	0.18%	0.37%	0.18%
UVV	D	0.01%	0.07%	0.01%
VC	F	0.03%	0.08%	0.03%
VFC	A	0.02%	0.08%	0.02%
VIRT	B	0.05%	0.03%	0.03%
VNO	B	0.07%	0.4%	0.07%
VNT	F	0.01%	0.05%	0.01%
VSH	F	0.02%	0.11%	0.02%
VSTO	B	0.02%	0.13%	0.02%
WAFD	D	0.01%	0.12%	0.01%
WAL	C	0.02%	0.1%	0.02%
WBA	F	0.11%	0.06%	0.06%
WBS	D	0.01%	0.04%	0.01%
WCC	D	0.07%	0.17%	0.07%
WEN	B	0.05%	0.12%	0.05%
WGO	D	0.01%	0.05%	0.01%
WH	C	0.03%	0.11%	0.03%
WMS	D	0.02%	0.13%	0.02%
WOR	F	0.01%	0.08%	0.01%
WSM	C	0.21%	0.52%	0.21%
WSO	C	0.2%	0.31%	0.2%
WTFC	B	0.01%	0.02%	0.01%
WTM	C	0.04%	0.15%	0.04%
X	F	0.03%	0.1%	0.03%
XHR	A	0.02%	0.03%	0.02%
XPO	F	0.03%	0.13%	0.03%
XRAY	D	0.03%	0.31%	0.03%
XRX	D	0.01%	0.23%	0.01%
YELP	D	0.02%	0.06%	0.02%
ZION	D	0.01%	0.2%	0.01%

MFUS Overweight 522 Positions Relative to SMLF

Symbol	Grade	Weight
LLY	D	2.87%
META	A	2.37%
BRK.A	B	2.37%
AVGO	B	1.68%
WMT	A	1.68%
NVDA	B	1.64%
AMZN	C	1.6%
ABBV	C	1.56%
ORCL	A	1.38%
COST	C	1.36%
JNJ	D	1.28%
KO	C	1.16%
IBM	A	1.14%
VZ	C	1.11%
PG	D	1.04%
AMGN	D	1.01%
MRK	F	1.0%
AAPL	C	0.97%
JPM	C	0.88%
PM	D	0.83%
LMT	A	0.82%
QCOM	D	0.8%
UNH	B	0.79%
GILD	A	0.79%
TGT	C	0.77%
PEP	F	0.77%
T	B	0.74%
WFC	B	0.73%
CVS	D	0.71%
MO	D	0.66%
PFE	D	0.64%
C	B	0.63%
MMM	C	0.63%
GE	B	0.61%
CSCO	A	0.61%
HD	A	0.6%
PGR	B	0.6%
AMAT	C	0.59%
MCD	A	0.55%
UNP	F	0.54%
MCK	F	0.5%
REGN	D	0.49%
NFLX	A	0.46%
XOM	A	0.42%
CL	D	0.41%
BAC	B	0.39%
TJX	D	0.38%
TMUS	A	0.38%
EBAY	A	0.38%
NOC	B	0.38%
KR	C	0.37%
MPC	D	0.36%
CVX	B	0.36%
BMY	A	0.36%
BKNG	B	0.36%
GS	B	0.35%
LOW	C	0.34%
AIG	C	0.34%
TMO	D	0.33%
MET	A	0.32%
GM	D	0.32%
NOW	B	0.31%
TXN	C	0.3%
HCA	C	0.3%
ICE	A	0.3%
HPQ	B	0.29%
AZO	D	0.29%
DHR	D	0.28%
KLAC	B	0.28%
V	B	0.28%
MA	A	0.27%
SPGI	C	0.27%
ALL	A	0.26%
MDLZ	D	0.26%
WM	B	0.26%
CHTR	D	0.25%
UPS	D	0.25%
ADM	F	0.25%
NEE	C	0.25%
SYF	A	0.24%
GD	C	0.24%
COF	A	0.24%
CAH	B	0.24%
PRU	B	0.23%
RTX	A	0.23%
UBER	C	0.23%
AON	A	0.23%
BBY	C	0.23%
PSX	D	0.23%
LHX	A	0.23%
ISRG	C	0.23%
ACN	B	0.23%
NEM	C	0.22%
LII	C	0.22%
AFL	A	0.22%
PANW	B	0.22%
VRTX	D	0.22%
SHW	C	0.22%
VST	A	0.21%
FICO	C	0.21%
AXP	A	0.21%
BSX	A	0.2%
TRV	B	0.2%
ELV	F	0.2%
CAT	A	0.2%
GIS	C	0.2%
CMG	C	0.2%
CTAS	C	0.19%
LRCX	D	0.19%
MMC	D	0.19%
INTC	D	0.19%
GWW	B	0.19%
GLW	C	0.19%
ORLY	A	0.19%
LYB	B	0.18%
MS	A	0.18%
KMB	D	0.18%
MSI	A	0.18%
CB	A	0.17%
TDG	A	0.17%
RMD	C	0.17%
BK	A	0.17%
BLK	A	0.17%
VRSK	D	0.17%
DVA	C	0.17%
CMCSA	B	0.16%
VLO	F	0.16%
SPG	A	0.16%
BR	B	0.16%
EA	D	0.16%
KHC	F	0.16%
AMT	D	0.16%
TSN	D	0.16%
CI	D	0.15%
HWM	A	0.15%
F	D	0.15%
K	B	0.15%
MUSA	D	0.15%
BAH	C	0.15%
MU	D	0.15%
AJG	C	0.14%
KKR	A	0.14%
CHRW	C	0.14%
CME	A	0.14%
DUK	C	0.14%
SMCI	F	0.14%
ANET	A	0.14%
IT	A	0.14%
PLTR	A	0.14%
CMI	A	0.13%
EXR	D	0.13%
EFX	D	0.13%
CEG	A	0.13%
SYY	D	0.13%
DPZ	D	0.13%
RSG	D	0.13%
VTRS	D	0.13%
PH	A	0.13%
SO	A	0.13%
JNPR	C	0.13%
TSCO	A	0.12%
XYL	C	0.12%
MCO	D	0.12%
YUM	C	0.12%
BDX	C	0.12%
AMP	A	0.12%
CLX	C	0.12%
IRM	B	0.12%
PNC	C	0.11%
PHM	C	0.11%
DD	C	0.11%
CSX	D	0.11%
LDOS	A	0.11%
BX	C	0.11%
FAST	C	0.11%
PWR	A	0.11%
PYPL	A	0.11%
APH	D	0.11%
BRO	A	0.11%
WELL	C	0.11%
MPWR	B	0.1%
AOS	C	0.1%
NVR	C	0.1%
MTD	C	0.1%
USB	C	0.1%
DG	F	0.1%
ITW	C	0.1%
WTW	C	0.1%
NTAP	D	0.1%
FOXA	B	0.1%
AVY	D	0.1%
HPE	B	0.1%
JKHY	A	0.1%
PSA	C	0.1%
ADP	A	0.1%
GDDY	B	0.1%
DGX	D	0.09%
AEP	C	0.09%
OKE	A	0.09%
TRGP	A	0.09%
URI	C	0.09%
KMI	A	0.09%
HLT	A	0.09%
EXPD	D	0.09%
DASH	A	0.09%
SBUX	B	0.09%
ATR	A	0.08%
OTIS	A	0.08%
EQH	B	0.08%
SRE	C	0.08%
BIIB	F	0.08%
TAP	D	0.08%
IP	C	0.08%
TFC	D	0.08%
TYL	D	0.08%
CCI	D	0.08%
CPRT	B	0.08%
BALL	C	0.08%
ADSK	B	0.08%
RCL	B	0.08%
STE	D	0.08%
GEHC	C	0.08%
IEX	D	0.08%
TROW	D	0.08%
DFS	A	0.08%
WDC	C	0.08%
DLR	C	0.08%
ARES	A	0.08%
IR	A	0.08%
WMB	A	0.08%
NUE	D	0.08%
KDP	C	0.08%
ECL	C	0.08%
NSC	C	0.07%
MLM	F	0.07%
COP	D	0.07%
BKR	B	0.07%
CHD	D	0.07%
PKG	B	0.07%
MTH	C	0.07%
ROL	C	0.07%
NKE	D	0.07%
WU	D	0.07%
ALNY	C	0.07%
MNST	D	0.07%
FIS	A	0.07%
LEN	C	0.07%
EXC	C	0.07%
EMR	B	0.07%
NRG	A	0.07%
D	A	0.07%
POOL	D	0.07%
UHS	D	0.07%
DHI	C	0.07%
CALM	A	0.07%
SEIC	B	0.07%
CNC	F	0.06%
ZTS	C	0.06%
FFIV	B	0.06%
HSY	D	0.06%
STZ	D	0.06%
L	C	0.06%
COIN	F	0.06%
JLL	C	0.06%
HIG	A	0.06%
FTNT	A	0.06%
ERIE	A	0.06%
ED	C	0.06%
IDXX	D	0.06%
JCI	C	0.06%
RGA	B	0.06%
PEG	A	0.06%
OMC	C	0.06%
CRI	D	0.06%
CPT	C	0.06%
MKC	C	0.06%
O	C	0.06%
MSCI	B	0.06%
TTWO	D	0.06%
CCK	C	0.06%
ROP	D	0.06%
INGR	B	0.06%
EXP	C	0.06%
MAS	C	0.06%
MHO	C	0.05%
CBRE	C	0.05%
NDAQ	C	0.05%
URBN	F	0.05%
PPG	D	0.05%
FANG	D	0.05%
CAG	D	0.05%
VLTO	A	0.05%
HBI	B	0.05%
SLGN	B	0.05%
CPB	D	0.05%
G	A	0.05%
SQ	D	0.05%
SEB	F	0.05%
GNTX	D	0.05%
ANSS	D	0.05%
WAT	B	0.05%
BAX	D	0.05%
LPLA	D	0.05%
WAB	A	0.05%
ATGE	D	0.05%
ALLY	F	0.05%
BTU	B	0.05%
KTB	C	0.05%
OGN	F	0.05%
A	B	0.05%
EIX	C	0.05%
SKYW	B	0.05%
CARR	A	0.05%
TW	A	0.05%
POST	C	0.05%
SUI	D	0.05%
KBH	D	0.04%
AVTR	D	0.04%
DBRG	D	0.04%
PAYX	B	0.04%
BHF	D	0.04%
AVT	B	0.04%
IFF	D	0.04%
PPL	C	0.04%
TER	C	0.04%
CDW	D	0.04%
ES	D	0.04%
JWN	D	0.04%
NWSA	D	0.04%
EQR	C	0.04%
ADBE	F	0.04%
CTVA	A	0.04%
FDS	C	0.04%
COLD	D	0.04%
STLD	C	0.04%
NBIX	F	0.04%
PTC	B	0.04%
ELS	D	0.04%
HUBG	D	0.04%
CPNG	C	0.04%
UHAL	C	0.04%
FITB	C	0.04%
INVH	D	0.04%
MAR	A	0.04%
VRSN	C	0.04%
FTI	B	0.04%
ULTA	D	0.04%
HEI	C	0.04%
CRBG	B	0.04%
SCHW	D	0.04%
VTR	C	0.04%
ABM	D	0.04%
CE	D	0.04%
LOPE	D	0.04%
ETR	A	0.04%
EMN	C	0.04%
SRCL	B	0.04%
BLDR	C	0.04%
THG	A	0.04%
GVA	A	0.04%
WST	D	0.04%
SJM	D	0.04%
IPG	D	0.04%
APAM	B	0.03%
NTRS	B	0.03%
NEU	F	0.03%
PLXS	A	0.03%
THS	D	0.03%
DRH	B	0.03%
LNC	B	0.03%
STC	D	0.03%
LW	D	0.03%
LZB	D	0.03%
UNF	A	0.03%
DELL	C	0.03%
WHR	C	0.03%
ADNT	F	0.03%
MRO	B	0.03%
FNF	C	0.03%
DLTR	F	0.03%
AKAM	D	0.03%
HBAN	B	0.03%
DK	F	0.03%
SBAC	C	0.03%
CPAY	A	0.03%
DRI	C	0.03%
COHR	B	0.03%
APLE	B	0.03%
BURL	C	0.03%
UDR	C	0.03%
WPC	C	0.03%
HOOD	B	0.03%
BFAM	C	0.03%
HII	F	0.03%
MTB	A	0.03%
AWI	A	0.03%
AVB	C	0.03%
RPRX	D	0.03%
TFX	C	0.03%
OSK	F	0.03%
GBX	C	0.03%
AVA	D	0.03%
MORN	B	0.03%
HUBB	A	0.03%
CMS	A	0.03%
HOLX	D	0.03%
HSIC	D	0.03%
AMKR	F	0.03%
CFG	C	0.03%
DOX	B	0.03%
SHOO	A	0.03%
PRIM	A	0.03%
SEM	D	0.03%
FE	C	0.03%
KEX	C	0.02%
BHE	C	0.02%
LAD	C	0.02%
ALGN	D	0.02%
EVRG	C	0.02%
SSNC	C	0.02%
ATO	A	0.02%
BEN	F	0.02%
ODFL	F	0.02%
VSCO	C	0.02%
AES	C	0.02%
JBLU	B	0.02%
SNDR	D	0.02%
LEG	D	0.02%
PNR	C	0.02%
CCL	C	0.02%
BXP	B	0.02%
DORM	C	0.02%
ANDE	D	0.02%
ZBRA	B	0.02%
SAM	D	0.02%
ESS	D	0.02%
HST	D	0.02%
DTE	B	0.02%
HRL	F	0.02%
VVV	D	0.02%
LNT	B	0.02%
DOV	C	0.02%
PMT	B	0.02%
CINF	A	0.02%
MAA	D	0.02%
NI	A	0.02%
DOW	B	0.02%
GHC	A	0.02%
SXT	C	0.02%
MKTX	B	0.02%
DLB	D	0.02%
AIR	C	0.02%
SKX	B	0.02%
SBH	B	0.02%
CTLT	A	0.02%
KMPR	D	0.02%
PSN	A	0.02%
JBHT	D	0.02%
KEY	B	0.02%
PINC	F	0.02%
PAG	D	0.02%
WRB	C	0.02%
LBRDK	C	0.02%
ORA	C	0.02%
WERN	D	0.02%
CG	B	0.02%
AAP	F	0.01%
KNX	D	0.01%
SCL	D	0.01%
UHAL	C	0.01%
MLKN	F	0.01%
ECPG	F	0.01%
QRVO	F	0.01%
ARI	F	0.01%
PB	D	0.01%
ARMK	C	0.01%
UAL	A	0.01%
CNXN	C	0.01%
ALEX	D	0.01%
FDP	C	0.01%
PNW	C	0.01%
PPC	C	0.01%
CLF	D	0.01%
SPR	D	0.01%
MOS	F	0.01%
SIGI	D	0.01%
PECO	C	0.01%
INCY	B	0.01%
AMED	D	0.01%
JBGS	C	0.01%
PFG	A	0.01%
WMK	D	0.01%
CADE	B	0.01%
ONB	D	0.01%
DXC	C	0.01%
FELE	C	0.01%
STRA	F	0.01%
SAIC	A	0.01%
CSGS	B	0.01%
TTMI	D	0.01%
CPRI	C	0.01%
LEA	F	0.01%
NNI	B	0.01%
WWD	C	0.01%
AMWD	C	0.01%
MHK	C	0.01%
RBC	C	0.01%
H	B	0.01%
REZI	D	0.01%
SLB	D	0.01%
ADC	C	0.01%
ICUI	B	0.01%
GT	F	0.01%
PSMT	A	0.01%
ESNT	A	0.01%
BWA	C	0.01%
LAUR	C	0.01%
RF	B	0.01%
BMRN	F	0.01%
SCCO	B	0.0%
NOMD	D	0.0%
WOLF	F	0.0%

MFUS Underweight 528 Positions Relative to SMLF

Symbol	Grade	Weight
BPOP	D	-0.57%
NTNX	C	-0.5%
NVT	C	-0.5%
WING	C	-0.47%
AXON	A	-0.45%
IDA	D	-0.43%
ORI	A	-0.41%
MSTR	B	-0.41%
MEDP	F	-0.4%
DUOL	B	-0.4%
IOT	C	-0.4%
AM	A	-0.39%
COCO	C	-0.39%
PCOR	D	-0.38%
LBRDA	C	-0.37%
BRX	C	-0.37%
WFRD	F	-0.37%
NTRA	A	-0.35%
CVNA	A	-0.34%
GTLB	D	-0.34%
VGR	B	-0.33%
SOLV	C	-0.33%
CAVA	B	-0.32%
WK	D	-0.31%
SN	A	-0.3%
PIPR	A	-0.3%
ALKS	B	-0.3%
SPXC	A	-0.3%
POWL	B	-0.29%
MOD	B	-0.29%
OFG	D	-0.29%
YOU	C	-0.29%
SMAR	A	-0.27%
HALO	D	-0.27%
ENTG	D	-0.27%
PRI	A	-0.26%
CHK	C	-0.26%
HSII	D	-0.26%
LBTYA	C	-0.26%
APA	F	-0.25%
CORT	B	-0.25%
LSCC	D	-0.25%
HURN	D	-0.24%
LNTH	C	-0.24%
TREX	D	-0.24%
STRL	B	-0.24%
AGO	B	-0.24%
ETSY	F	-0.23%
RNR	A	-0.23%
HAS	A	-0.23%
JOE	D	-0.23%
W	C	-0.23%
INTA	C	-0.23%
SKT	A	-0.23%
SRPT	F	-0.23%
ESTC	F	-0.23%
AXSM	D	-0.22%
AZPN	A	-0.22%
DNLI	C	-0.22%
OVV	D	-0.22%
CPRX	C	-0.22%
LIVN	C	-0.21%
ONTO	B	-0.21%
JBSS	F	-0.21%
FBP	B	-0.21%
ATKR	F	-0.2%
HIW	C	-0.2%
RMBS	F	-0.2%
RRX	B	-0.2%
EXLS	B	-0.2%
TPG	A	-0.19%
ELF	F	-0.19%
AVNT	C	-0.19%
TDOC	D	-0.18%
FROG	F	-0.18%
WS	D	-0.18%
KFRC	F	-0.18%
KNSL	B	-0.18%
PRGS	A	-0.18%
PDM	C	-0.18%
ALLE	A	-0.17%
VOYA	A	-0.17%
RNG	F	-0.17%
PI	A	-0.17%
VCYT	C	-0.17%
PGRE	D	-0.17%
EXTR	D	-0.17%
ACLS	F	-0.17%
KRG	C	-0.17%
CVCO	C	-0.16%
TOST	B	-0.16%
SKY	C	-0.16%
IONS	F	-0.16%
PRKS	C	-0.16%
SSD	B	-0.16%
MMYT	B	-0.16%
SQSP	A	-0.16%
BMI	A	-0.16%
AMR	F	-0.15%
NJR	C	-0.15%
TNL	B	-0.15%
AY	C	-0.15%
NOVT	C	-0.15%
ONON	A	-0.15%
SPT	F	-0.15%
IVT	B	-0.15%
ACLX	C	-0.15%
GH	F	-0.15%
NUVL	B	-0.15%
OGS	C	-0.14%
BSY	D	-0.14%
MMSI	C	-0.14%
UA	B	-0.14%
LRN	D	-0.14%
BL	D	-0.14%
INSP	C	-0.14%
SBGI	A	-0.14%
SRCE	D	-0.14%
ENSG	D	-0.14%
SPSC	D	-0.13%
OGE	C	-0.13%
HOV	D	-0.13%
BRZE	F	-0.13%
YEXT	B	-0.13%
KRC	C	-0.13%
VECO	F	-0.13%
BPMC	F	-0.13%
WTS	C	-0.13%
RYAN	A	-0.13%
SSTK	F	-0.13%
FTAI	A	-0.13%
DOCS	A	-0.13%
IPAR	D	-0.13%
BLKB	C	-0.13%
MFA	C	-0.13%
VMI	B	-0.13%
XNCR	D	-0.13%
GFF	C	-0.12%
CHX	C	-0.12%
VRNS	B	-0.12%
PCTY	C	-0.12%
ALX	D	-0.12%
SFBS	B	-0.12%
KAI	C	-0.12%
UMBF	C	-0.12%
QLYS	F	-0.12%
LILA	B	-0.12%
BANF	D	-0.12%
AWR	B	-0.12%
BCRX	D	-0.12%
MAT	B	-0.12%
ACCO	C	-0.12%
DFIN	B	-0.12%
KLIC	D	-0.11%
ACAD	F	-0.11%
EXPI	C	-0.11%
AIT	B	-0.11%
CMPR	F	-0.11%
BAND	C	-0.11%
SYNA	F	-0.11%
CYTK	D	-0.11%
INSM	D	-0.11%
ICFI	C	-0.11%
PCVX	C	-0.11%
COUR	F	-0.11%
OPCH	F	-0.11%
OSCR	C	-0.11%
EXPO	A	-0.11%
WEX	C	-0.11%
NSSC	F	-0.1%
MTRN	F	-0.1%
AAN	B	-0.1%
UPBD	F	-0.1%
CARG	C	-0.1%
INVA	B	-0.1%
SAIA	D	-0.1%
BASE	F	-0.1%
WSC	D	-0.1%
NYCB	D	-0.1%
KW	C	-0.1%
MATV	F	-0.1%
SWN	D	-0.1%
LAZ	C	-0.1%
EGP	D	-0.1%
OII	D	-0.1%
VMEO	C	-0.1%
RDDT	B	-0.1%
LOVE	C	-0.1%
MPW	C	-0.09%
LBTYK	C	-0.09%
HASI	B	-0.09%
EEFT	F	-0.09%
YETI	C	-0.09%
BECN	D	-0.09%
ALIT	D	-0.09%
JACK	F	-0.09%
CXT	F	-0.09%
CRC	B	-0.09%
SITC	D	-0.09%
CAL	F	-0.09%
MIDD	D	-0.09%
PLUS	B	-0.09%
HIMS	C	-0.09%
MCB	B	-0.09%
CHDN	C	-0.09%
IBOC	D	-0.09%
AGM	D	-0.09%
LYFT	D	-0.08%
TENB	D	-0.08%
HI	F	-0.08%
AMPH	C	-0.08%
LZ	D	-0.08%
CRDO	B	-0.08%
WNC	F	-0.08%
CARS	F	-0.08%
BCO	C	-0.08%
CAR	D	-0.08%
FLNC	C	-0.08%
PD	F	-0.08%
LGND	C	-0.08%
PBH	D	-0.08%
ILPT	D	-0.08%
MTSI	B	-0.08%
ATEN	B	-0.08%
PNFP	B	-0.08%
PLNT	B	-0.08%
CSWI	A	-0.08%
DVAX	F	-0.08%
ASB	D	-0.08%
BOX	C	-0.08%
CUBI	F	-0.08%
CUZ	C	-0.08%
VERA	C	-0.08%
MDGL	F	-0.08%
RGEN	F	-0.08%
ASH	F	-0.08%
MRC	D	-0.08%
ALV	F	-0.08%
ADEA	B	-0.07%
CEIX	B	-0.07%
OXM	F	-0.07%
TNC	F	-0.07%
SNEX	B	-0.07%
BLMN	F	-0.07%
OTTR	F	-0.07%
GCO	D	-0.07%
APPF	C	-0.07%
PEGA	B	-0.07%
AZEK	D	-0.07%
EIG	A	-0.07%
ANAB	D	-0.07%
WLY	A	-0.07%
SANA	F	-0.07%
HWC	D	-0.07%
ANGI	D	-0.07%
EQC	D	-0.07%
HOUS	D	-0.07%
GKOS	B	-0.07%
DH	F	-0.07%
FHB	D	-0.07%
DLX	F	-0.07%
RIG	F	-0.07%
AIV	D	-0.07%
VIR	F	-0.07%
KNF	B	-0.07%
CNMD	F	-0.07%
VKTX	C	-0.07%
SFL	D	-0.07%
NTB	D	-0.07%
MED	F	-0.07%
OZK	D	-0.07%
UNIT	B	-0.07%
ACHC	F	-0.07%
WYNN	B	-0.07%
COTY	F	-0.07%
POR	D	-0.07%
HEES	D	-0.07%
GPMT	D	-0.06%
MERC	D	-0.06%
FN	B	-0.06%
NVST	D	-0.06%
APLS	F	-0.06%
AGX	A	-0.06%
PEN	D	-0.06%
VAC	D	-0.06%
LFUS	C	-0.06%
FIVN	F	-0.06%
NXT	F	-0.06%
AMLX	D	-0.06%
AMN	F	-0.06%
HWKN	B	-0.06%
NBR	D	-0.06%
DOMO	F	-0.06%
AMRX	B	-0.06%
ADMA	A	-0.06%
NARI	F	-0.06%
AMPL	D	-0.06%
EPAC	A	-0.06%
STWD	C	-0.06%
AVDX	F	-0.05%
ITGR	B	-0.05%
RCUS	D	-0.05%
OLED	B	-0.05%
ITRI	C	-0.05%
BKD	F	-0.05%
ASAN	F	-0.05%
BCPC	C	-0.05%
AVAV	B	-0.05%
BEAM	F	-0.05%
AMBC	F	-0.05%
CTBI	B	-0.05%
CERS	F	-0.05%
NHI	C	-0.05%
WTTR	B	-0.05%
FOLD	F	-0.05%
ITCI	D	-0.05%
BRBR	A	-0.05%
LPG	F	-0.05%
S	C	-0.05%
ZIP	D	-0.05%
KOS	F	-0.05%
SMTC	C	-0.05%
AFRM	C	-0.05%
EYPT	F	-0.05%
CELH	F	-0.05%
PATH	D	-0.05%
FUN	F	-0.05%
IBP	C	-0.05%
THR	F	-0.05%
SITE	D	-0.05%
PZZA	D	-0.05%
IRTC	F	-0.05%
MDXG	F	-0.04%
CLVT	D	-0.04%
SPRY	C	-0.04%
ACCD	F	-0.04%
SLAB	D	-0.04%
OPI	F	-0.04%
QDEL	D	-0.04%
DIN	D	-0.04%
TARS	C	-0.04%
TILE	C	-0.04%
CGEM	F	-0.04%
SOFI	C	-0.04%
ARRY	F	-0.04%
CFFN	D	-0.04%
DAWN	D	-0.04%
AGYS	D	-0.04%
PRGO	F	-0.04%
IVR	C	-0.04%
RDFN	C	-0.04%
AGS	A	-0.04%
HSTM	B	-0.04%
HELE	D	-0.04%
NATL	D	-0.04%
SNBR	C	-0.04%
EVH	D	-0.04%
AVXL	D	-0.04%
VITL	C	-0.04%
NRC	F	-0.04%
FFIN	D	-0.04%
HLF	F	-0.04%
KREF	C	-0.04%
STAG	D	-0.04%
KLG	F	-0.04%
ENS	B	-0.04%
ROKU	C	-0.04%
SONO	F	-0.04%
WD	C	-0.03%
QRTEA	D	-0.03%
RYI	D	-0.03%
ARCB	F	-0.03%
TSE	C	-0.03%
ALRM	F	-0.03%
CIEN	A	-0.03%
VNDA	F	-0.03%
TCBI	B	-0.03%
OFIX	D	-0.03%
ATRC	C	-0.03%
NX	F	-0.03%
DNB	D	-0.03%
MGNI	D	-0.03%
ADT	D	-0.03%
SNDX	F	-0.03%
OPEN	F	-0.03%
BILL	D	-0.03%
EVTC	D	-0.03%
CHRD	F	-0.03%
LTH	B	-0.03%
RGNX	F	-0.03%
EMBC	F	-0.03%
REVG	D	-0.03%
SGH	D	-0.03%
TWO	D	-0.03%
SWIM	B	-0.03%
BRSP	D	-0.03%
UDMY	F	-0.03%
CHWY	C	-0.03%
TLRY	F	-0.03%
TPB	C	-0.03%
DBI	F	-0.03%
FLYW	F	-0.03%
IDT	C	-0.03%
BBIO	F	-0.03%
QXO	F	-0.03%
CORZ	C	-0.03%
RPD	D	-0.03%
RVMD	B	-0.03%
CALX	C	-0.03%
CDP	A	-0.03%
UVE	C	-0.03%
ARWR	F	-0.03%
PRO	F	-0.02%
ERAS	D	-0.02%
OSUR	F	-0.02%
NTLA	F	-0.02%
RAMP	F	-0.02%
KVYO	B	-0.02%
KRNY	C	-0.02%
BMBL	F	-0.02%
WOOF	B	-0.02%
HMST	B	-0.02%
OLPX	C	-0.02%
KFY	C	-0.02%
HAIN	C	-0.02%
PII	D	-0.02%
VSTS	D	-0.02%
BRY	F	-0.02%
MTW	F	-0.02%
EDR	A	-0.02%
LMAT	A	-0.02%
GPRO	F	-0.02%
DYN	D	-0.02%
EVRI	A	-0.02%
PR	D	-0.02%
ARCT	D	-0.02%
NUS	F	-0.02%
IRWD	F	-0.02%
DOCN	B	-0.02%
PTCT	C	-0.02%
FSS	D	-0.02%
AKRO	D	-0.02%
EPR	C	-0.02%
CNDT	B	-0.02%
TGTX	D	-0.02%
JANX	C	-0.02%
SUPN	D	-0.02%
CRSP	F	-0.02%
ALHC	C	-0.02%
VCEL	F	-0.02%
VIAV	C	-0.02%
SAFE	C	-0.02%
IESC	A	-0.02%
USNA	F	-0.02%
AMCX	F	-0.02%
CWK	D	-0.01%
SFIX	F	-0.01%
RBRK	D	-0.01%
JOBY	C	-0.01%
ZUO	F	-0.01%
MITK	F	-0.01%
VAL	F	-0.01%
PGEN	F	-0.01%
AIN	F	-0.01%
TTGT	F	-0.01%
SWI	B	-0.01%
ARR	D	-0.01%
OMER	F	-0.01%
BIGC	F	-0.01%
GO	F	-0.01%
CRAI	B	-0.01%
PCH	C	-0.01%
PEB	D	-0.01%
POWI	F	-0.01%
FLWS	F	-0.01%
OIS	D	-0.01%
ALGM	F	-0.01%
ENVA	B	-0.01%
JAMF	F	-0.01%
HQY	B	-0.01%
CAKE	A	-0.01%
UTL	D	-0.01%
UPWK	D	-0.01%
WTI	C	-0.01%
BKH	C	-0.01%
MBC	C	-0.01%
VRE	C	-0.01%
NWN	D	-0.01%
TR	D	-0.01%
NGVT	D	-0.01%
HTZ	F	-0.01%
BSIG	D	-0.01%
PYCR	D	-0.01%
ROIV	D	-0.01%
HCAT	C	-0.01%
SWTX	F	-0.01%
AXS	A	-0.01%
ENR	B	-0.01%
STGW	B	-0.01%
MLAB	B	-0.01%
ALAB	C	-0.01%
BYD	B	-0.01%
UNFI	C	-0.01%
XPRO	F	-0.01%
NFBK	D	-0.01%
MBLY	F	-0.01%
RHP	B	-0.01%
NEXA	B	-0.01%
ASGN	D	-0.01%
AEIS	B	-0.01%
RXT	C	-0.01%
HYFM	D	-0.0%
CHCO	D	-0.0%
BFH	D	-0.0%
EGBN	C	-0.0%
GDOT	C	-0.0%
NBTB	D	-0.0%
HPP	F	-0.0%
CVBF	B	-0.0%
FULT	D	-0.0%
BOH	D	-0.0%
TRMK	D	-0.0%
PFBC	D	-0.0%
BDN	B	-0.0%
CASH	C	-0.0%
TBBK	A	-0.0%
AX	D	-0.0%
PRDO	D	-0.0%