MFUS vs. VCSH ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to Vanguard Short-Term Corporate Bond ETF (VCSH)

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

$51.53

Average Daily Volume

5,422

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

VCSH

Vanguard Short-Term Corporate Bond ETF

VCSH Description

The investment seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 1-5 Year Corporate Bond Index. This index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years. At least 80% of the fund's assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$78.17

Average Daily Volume

2,823,257

Number of Holdings ^*

443

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	VCSH
30 Days	1.40%	-0.24%
60 Days	3.06%	-1.00%
90 Days	4.64%	0.07%
12 Months	31.57%	6.91%

311 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in VCSH	Overlap
A	D	0.05%	0.02%	0.02%
AAPL	C	0.96%	0.03%	0.03%
ABBV	F	1.36%	0.02%	0.02%
ADBE	C	0.04%	0.03%	0.03%
ADM	D	0.22%	0.05%	0.05%
ADP	A	0.11%	0.05%	0.05%
ADSK	A	0.09%	0.01%	0.01%
AEP	C	0.08%	0.01%	0.01%
AES	F	0.01%	0.02%	0.01%
AFL	B	0.21%	0.02%	0.02%
AIG	B	0.34%	0.06%	0.06%
AIZ	A	0.09%	0.02%	0.02%
ALL	A	0.26%	0.01%	0.01%
ALLY	C	0.05%	0.01%	0.01%
AMAT	F	0.55%	0.03%	0.03%
AMG	B	0.06%	0.01%	0.01%
AMGN	F	0.94%	0.01%	0.01%
AMP	A	0.18%	0.01%	0.01%
AMT	C	0.13%	0.01%	0.01%
AMZN	C	1.71%	0.04%	0.04%
AN	C	0.06%	0.02%	0.02%
AON	A	0.24%	0.01%	0.01%
APH	A	0.12%	0.02%	0.02%
ARW	D	0.04%	0.01%	0.01%
ATO	A	0.02%	0.03%	0.02%
AVB	B	0.03%	0.01%	0.01%
AVGO	D	1.59%	0.01%	0.01%
AVT	C	0.04%	0.01%	0.01%
AXP	A	0.23%	0.03%	0.03%
AZO	C	0.28%	0.01%	0.01%
BAC	A	0.45%	0.01%	0.01%
BAX	F	0.04%	0.03%	0.03%
BC	C	0.06%	0.02%	0.02%
BDX	F	0.11%	0.02%	0.02%
BEN	C	0.02%	0.02%	0.02%
BERY	C	0.06%	0.03%	0.03%
BIIB	F	0.07%	0.08%	0.07%
BK	A	0.18%	0.01%	0.01%
BKNG	A	0.42%	0.02%	0.02%
BKU	A	0.03%	0.02%	0.02%
BLK	B	0.19%	0.05%	0.05%
BMY	B	0.41%	0.02%	0.02%
BR	A	0.17%	0.02%	0.02%
BRO	B	0.12%	0.02%	0.02%
BSX	A	0.2%	0.01%	0.01%
BWA	D	0.01%	0.02%	0.01%
BXP	C	0.02%	0.03%	0.02%
C	A	0.69%	0.02%	0.02%
CACC	D	0.01%	0.01%	0.01%
CAG	F	0.04%	0.01%	0.01%
CAH	B	0.27%	0.02%	0.02%
CARR	C	0.05%	0.09%	0.05%
CAT	B	0.2%	0.02%	0.02%
CB	C	0.16%	0.03%	0.03%
CCI	C	0.07%	0.02%	0.02%
CE	F	0.02%	0.02%	0.02%
CFG	B	0.04%	0.01%	0.01%
CHD	A	0.07%	0.01%	0.01%
CHTR	C	0.3%	0.07%	0.07%
CI	D	0.13%	0.01%	0.01%
CL	D	0.35%	0.01%	0.01%
CLX	A	0.12%	0.01%	0.01%
CMA	B	0.04%	0.01%	0.01%
CMCSA	B	0.16%	0.03%	0.03%
CME	B	0.14%	0.03%	0.03%
CMI	A	0.14%	0.02%	0.02%
CMS	C	0.03%	0.01%	0.01%
CNO	B	0.05%	0.03%	0.03%
COF	C	0.29%	0.01%	0.01%
COKE	C	0.03%	0.02%	0.02%
COP	C	0.07%	0.01%	0.01%
COST	A	1.35%	0.06%	0.06%
CPB	D	0.04%	0.02%	0.02%
CPT	B	0.06%	0.02%	0.02%
CSCO	B	0.68%	0.02%	0.02%
CSL	C	0.02%	0.01%	0.01%
CSX	C	0.11%	0.02%	0.02%
CTVA	C	0.04%	0.02%	0.02%
CUBE	C	0.04%	0.01%	0.01%
CVS	D	0.65%	0.02%	0.02%
CVX	A	0.39%	0.02%	0.02%
D	C	0.07%	0.01%	0.01%
DD	C	0.1%	0.08%	0.08%
DELL	B	0.03%	0.01%	0.01%
DFS	B	0.1%	0.01%	0.01%
DG	F	0.09%	0.01%	0.01%
DGX	A	0.09%	0.02%	0.02%
DHI	F	0.06%	0.01%	0.01%
DHR	F	0.24%	0.02%	0.02%
DLR	B	0.09%	0.03%	0.03%
DLTR	F	0.03%	0.05%	0.03%
DOV	A	0.04%	0.02%	0.02%
DOW	F	0.02%	0.01%	0.01%
DTE	C	0.02%	0.01%	0.01%
DUK	C	0.13%	0.01%	0.01%
DXC	B	0.01%	0.03%	0.01%
EA	A	0.18%	0.02%	0.02%
EBAY	D	0.36%	0.03%	0.03%
ED	C	0.05%	0.01%	0.01%
EFX	F	0.11%	0.02%	0.02%
EIX	B	0.05%	0.01%	0.01%
EMN	C	0.04%	0.03%	0.03%
EMR	B	0.09%	0.01%	0.01%
EQH	C	0.08%	0.02%	0.02%
EQR	C	0.04%	0.02%	0.02%
ES	C	0.03%	0.01%	0.01%
ESS	B	0.04%	0.01%	0.01%
ETR	B	0.05%	0.01%	0.01%
EVRG	A	0.02%	0.01%	0.01%
EXC	C	0.07%	0.01%	0.01%
FAF	A	0.02%	0.01%	0.01%
FANG	C	0.05%	0.02%	0.02%
FE	C	0.03%	0.01%	0.01%
FHN	A	0.01%	0.01%	0.01%
FIS	C	0.07%	0.03%	0.03%
FITB	B	0.04%	0.03%	0.03%
FLEX	B	0.05%	0.02%	0.02%
FOXA	A	0.11%	0.04%	0.04%
FTNT	C	0.07%	0.02%	0.02%
G	B	0.06%	0.01%	0.01%
GD	D	0.24%	0.02%	0.02%
GE	D	0.56%	0.01%	0.01%
GILD	C	0.87%	0.04%	0.04%
GIS	D	0.17%	0.03%	0.03%
GLPI	C	0.07%	0.03%	0.03%
GM	C	0.4%	0.02%	0.02%
GS	A	0.41%	0.01%	0.01%
GWW	B	0.21%	0.02%	0.02%
H	B	0.01%	0.01%	0.01%
HBAN	A	0.03%	0.01%	0.01%
HCA	F	0.25%	0.06%	0.06%
HD	B	0.62%	0.01%	0.01%
HII	F	0.02%	0.01%	0.01%
HOG	D	0.02%	0.02%	0.02%
HP	C	0.02%	0.02%	0.02%
HPE	B	0.11%	0.03%	0.03%
HPQ	B	0.28%	0.05%	0.05%
HRB	D	0.08%	0.02%	0.02%
HRL	D	0.02%	0.03%	0.02%
HST	C	0.02%	0.02%	0.02%
HSY	F	0.05%	0.01%	0.01%
HUBB	B	0.03%	0.01%	0.01%
IBM	C	1.05%	0.02%	0.02%
ICE	C	0.29%	0.02%	0.02%
IFF	D	0.03%	0.01%	0.01%
INTC	C	0.2%	0.03%	0.03%
IP	A	0.09%	0.02%	0.02%
IPG	D	0.04%	0.01%	0.01%
ITW	B	0.1%	0.04%	0.04%
IVZ	B	0.03%	0.02%	0.02%
JBHT	C	0.02%	0.03%	0.02%
JBL	C	0.03%	0.01%	0.01%
JCI	B	0.07%	0.02%	0.02%
JEF	A	0.03%	0.03%	0.03%
JHG	B	0.04%	0.01%	0.01%
JNJ	C	1.18%	0.02%	0.02%
JNPR	D	0.13%	0.03%	0.03%
JPM	A	0.99%	0.01%	0.01%
K	A	0.15%	0.02%	0.02%
KDP	F	0.07%	0.02%	0.02%
KEY	B	0.03%	0.01%	0.01%
KIM	A	0.02%	0.01%	0.01%
KLAC	F	0.23%	0.06%	0.06%
KMB	C	0.16%	0.01%	0.01%
KMI	A	0.11%	0.02%	0.02%
KMPR	A	0.03%	0.02%	0.02%
KO	D	1.0%	0.06%	0.06%
KR	B	0.38%	0.02%	0.02%
KSS	F	0.02%	0.01%	0.01%
L	A	0.06%	0.02%	0.02%
LDOS	C	0.11%	0.02%	0.02%
LEG	F	0.02%	0.01%	0.01%
LEN	D	0.06%	0.01%	0.01%
LHX	C	0.26%	0.02%	0.02%
LII	A	0.21%	0.01%	0.01%
LLY	F	2.39%	0.02%	0.02%
LMT	D	0.75%	0.05%	0.05%
LNC	C	0.03%	0.01%	0.01%
LNT	A	0.02%	0.02%	0.02%
LOW	C	0.35%	0.01%	0.01%
LRCX	F	0.17%	0.02%	0.02%
LYB	F	0.15%	0.02%	0.02%
MA	B	0.28%	0.04%	0.04%
MAA	B	0.02%	0.01%	0.01%
MAR	A	0.04%	0.01%	0.01%
MCD	D	0.53%	0.01%	0.01%
MCK	A	0.63%	0.01%	0.01%
MCO	B	0.15%	0.02%	0.02%
MDLZ	F	0.23%	0.01%	0.01%
MET	A	0.32%	0.02%	0.02%
MHK	D	0.01%	0.03%	0.01%
MKC	C	0.05%	0.02%	0.02%
MLM	C	0.07%	0.01%	0.01%
MMC	B	0.2%	0.01%	0.01%
MMM	D	0.6%	0.01%	0.01%
MO	A	0.73%	0.01%	0.01%
MOS	F	0.01%	0.03%	0.01%
MPC	D	0.34%	0.03%	0.03%
MRK	D	0.84%	0.04%	0.04%
MS	A	0.22%	0.03%	0.03%
MSI	B	0.2%	0.03%	0.03%
MTB	A	0.04%	0.02%	0.02%
MU	D	0.16%	0.03%	0.03%
NDAQ	A	0.05%	0.01%	0.01%
NEE	C	0.22%	0.01%	0.01%
NEM	D	0.16%	0.01%	0.01%
NEU	D	0.02%	0.01%	0.01%
NFG	A	0.05%	0.01%	0.01%
NI	A	0.02%	0.05%	0.02%
NKE	F	0.06%	0.02%	0.02%
NNN	C	0.01%	0.02%	0.01%
NOC	D	0.35%	0.05%	0.05%
NSC	B	0.07%	0.01%	0.01%
NTAP	C	0.1%	0.02%	0.02%
NTRS	A	0.03%	0.04%	0.03%
NUE	C	0.08%	0.03%	0.03%
NVDA	B	1.9%	0.02%	0.02%
O	C	0.05%	0.01%	0.01%
OC	A	0.02%	0.01%	0.01%
OHI	C	0.02%	0.02%	0.02%
OKE	A	0.1%	0.02%	0.02%
OMC	C	0.06%	0.06%	0.06%
ORCL	A	1.52%	0.05%	0.05%
ORLY	B	0.2%	0.01%	0.01%
OTIS	C	0.07%	0.07%	0.07%
PEG	A	0.06%	0.01%	0.01%
PEP	F	0.74%	0.02%	0.02%
PFE	F	0.57%	0.03%	0.03%
PFG	D	0.01%	0.01%	0.01%
PG	C	1.01%	0.01%	0.01%
PH	A	0.14%	0.02%	0.02%
PHM	D	0.1%	0.03%	0.03%
PKG	A	0.1%	0.01%	0.01%
PM	B	0.87%	0.02%	0.02%
PNC	B	0.12%	0.02%	0.02%
PNW	A	0.01%	0.01%	0.01%
PPG	F	0.04%	0.01%	0.01%
PPL	A	0.04%	0.01%	0.01%
PRU	A	0.23%	0.03%	0.03%
PSA	C	0.09%	0.02%	0.02%
PSX	C	0.23%	0.01%	0.01%
PVH	C	0.02%	0.03%	0.02%
PYPL	B	0.12%	0.03%	0.03%
QCOM	F	0.77%	0.04%	0.04%
R	B	0.07%	0.01%	0.01%
RF	A	0.02%	0.04%	0.02%
RGA	A	0.06%	0.01%	0.01%
RL	C	0.03%	0.02%	0.02%
ROP	B	0.06%	0.01%	0.01%
RPM	A	0.13%	0.01%	0.01%
RPRX	D	0.03%	0.04%	0.03%
RS	B	0.04%	0.01%	0.01%
RSG	A	0.13%	0.01%	0.01%
RTX	D	0.22%	0.02%	0.02%
SBUX	A	0.09%	0.02%	0.02%
SCCO	F	0.0%	0.01%	0.0%
SCHW	B	0.05%	0.01%	0.01%
SF	B	0.02%	0.02%	0.02%
SHW	B	0.22%	0.02%	0.02%
SLB	C	0.01%	0.02%	0.01%
SLG	B	0.08%	0.01%	0.01%
SNV	C	0.02%	0.01%	0.01%
SO	C	0.13%	0.01%	0.01%
SPG	A	0.16%	0.02%	0.02%
SPGI	C	0.29%	0.03%	0.03%
SRE	A	0.08%	0.01%	0.01%
STLD	B	0.04%	0.02%	0.02%
STZ	D	0.06%	0.02%	0.02%
SYF	B	0.31%	0.03%	0.03%
SYY	D	0.12%	0.03%	0.03%
T	A	0.73%	0.01%	0.01%
TAP	C	0.09%	0.1%	0.09%
TFC	A	0.09%	0.01%	0.01%
TGT	F	0.74%	0.05%	0.05%
THG	A	0.05%	0.02%	0.02%
TJX	A	0.37%	0.04%	0.04%
TKR	D	0.04%	0.01%	0.01%
TMO	F	0.28%	0.01%	0.01%
TMUS	B	0.43%	0.04%	0.04%
TSN	B	0.18%	0.01%	0.01%
TXN	C	0.29%	0.01%	0.01%
UAL	A	0.02%	0.01%	0.01%
UDR	B	0.03%	0.01%	0.01%
UHS	D	0.06%	0.01%	0.01%
UNH	B	0.79%	0.01%	0.01%
UNM	A	0.04%	0.02%	0.02%
UNP	C	0.51%	0.01%	0.01%
UPS	C	0.24%	0.02%	0.02%
USB	A	0.11%	0.02%	0.02%
V	A	0.31%	0.13%	0.13%
VFC	C	0.02%	0.04%	0.02%
VLO	C	0.16%	0.03%	0.03%
VNO	C	0.07%	0.02%	0.02%
VNT	C	0.01%	0.02%	0.01%
VRSK	A	0.16%	0.05%	0.05%
VTR	B	0.04%	0.02%	0.02%
VTRS	A	0.14%	0.03%	0.03%
VZ	C	1.0%	0.06%	0.06%
WAB	B	0.05%	0.03%	0.03%
WAL	B	0.02%	0.03%	0.02%
WBA	F	0.12%	0.06%	0.06%
WELL	A	0.12%	0.01%	0.01%
WFC	A	0.97%	0.01%	0.01%
WHR	B	0.03%	0.01%	0.01%
WM	B	0.28%	0.02%	0.02%
WMB	A	0.1%	0.03%	0.03%
WMT	A	1.71%	0.02%	0.02%
WPC	C	0.03%	0.02%	0.02%
WU	F	0.06%	0.01%	0.01%
XOM	B	0.43%	0.02%	0.02%
ZTS	D	0.05%	0.04%	0.04%

MFUS Overweight 504 Positions Relative to VCSH

Symbol	Grade	Weight
BRK.A	B	2.42%
META	D	2.35%
PGR	A	0.59%
NFLX	A	0.52%
NOW	A	0.36%
REGN	F	0.36%
ISRG	A	0.29%
THC	D	0.28%
FICO	B	0.25%
ACN	B	0.25%
PANW	B	0.25%
SFM	A	0.25%
ANF	F	0.25%
PLTR	B	0.23%
VST	A	0.23%
VRTX	D	0.22%
UBER	F	0.21%
BBY	D	0.21%
GLW	B	0.2%
TRV	B	0.2%
CMG	B	0.2%
FI	A	0.19%
UTHR	C	0.19%
CTAS	B	0.19%
WSM	C	0.18%
DECK	A	0.17%
HWM	A	0.17%
COR	B	0.17%
WSO	A	0.17%
ELV	F	0.16%
AJG	A	0.16%
RMD	C	0.16%
F	C	0.16%
DVA	C	0.16%
MUSA	B	0.16%
CASY	A	0.16%
TDG	D	0.15%
BAH	F	0.15%
KHC	F	0.15%
IT	C	0.15%
KKR	A	0.15%
CHRW	B	0.14%
ANET	C	0.14%
BX	A	0.13%
DPZ	C	0.13%
EVR	B	0.13%
FAST	B	0.13%
YUM	D	0.13%
IRM	C	0.12%
GDDY	A	0.12%
PWR	A	0.12%
CW	C	0.11%
GEN	B	0.11%
CEG	C	0.11%
TRGP	A	0.11%
EXPD	C	0.11%
CRS	B	0.11%
WTW	B	0.11%
DASH	B	0.11%
ALSN	B	0.11%
EXR	C	0.11%
BWXT	B	0.11%
TSCO	D	0.11%
APP	B	0.11%
COIN	C	0.1%
HLT	A	0.1%
AYI	B	0.1%
JXN	C	0.1%
JKHY	D	0.1%
RCL	A	0.1%
XYL	D	0.1%
SEIC	B	0.09%
CPRT	B	0.09%
MLI	B	0.09%
IEX	C	0.09%
ARES	A	0.09%
WCC	B	0.09%
CALM	A	0.09%
LSTR	D	0.09%
IR	B	0.09%
TROW	B	0.09%
EHC	B	0.09%
CACI	D	0.09%
TMHC	C	0.09%
NVR	D	0.09%
URI	C	0.09%
AVY	F	0.09%
GPI	B	0.09%
BKR	A	0.08%
LPX	B	0.08%
WDC	D	0.08%
DKS	D	0.08%
AOS	F	0.08%
ECL	D	0.08%
GPK	C	0.08%
ABG	C	0.08%
ATR	B	0.08%
TYL	B	0.08%
MTD	F	0.08%
HLI	A	0.08%
ITT	A	0.08%
ROL	B	0.07%
MSCI	C	0.07%
SCI	B	0.07%
LPLA	A	0.07%
UFPI	C	0.07%
EXP	B	0.07%
BCC	B	0.07%
INGR	C	0.07%
POOL	C	0.07%
SKYW	C	0.07%
GEHC	D	0.07%
GEO	B	0.07%
CNX	A	0.07%
THO	B	0.07%
NRG	B	0.07%
BALL	F	0.07%
AEO	F	0.07%
STE	D	0.07%
TTWO	A	0.07%
MNST	C	0.07%
HCC	B	0.07%
VIRT	A	0.06%
TW	A	0.06%
GAP	C	0.06%
SEE	C	0.06%
ATGE	B	0.06%
TPH	D	0.06%
BFH	C	0.06%
LECO	C	0.06%
JLL	D	0.06%
HIG	B	0.06%
GNRC	C	0.06%
KTB	B	0.06%
CHE	D	0.06%
MPWR	F	0.06%
CCK	D	0.06%
SLM	A	0.06%
CMC	B	0.06%
FCNCA	A	0.06%
MTH	D	0.06%
FIX	A	0.06%
IBKR	A	0.06%
LUMN	C	0.06%
MAS	D	0.06%
SQ	A	0.06%
PK	C	0.06%
TXRH	B	0.06%
TTC	C	0.06%
FFIV	B	0.06%
MSM	C	0.06%
TOL	B	0.06%
ALNY	D	0.06%
TDS	B	0.05%
PRIM	A	0.05%
AR	B	0.05%
NSIT	F	0.05%
LOPE	C	0.05%
URBN	C	0.05%
MOG.A	B	0.05%
SUI	C	0.05%
TGNA	B	0.05%
WST	C	0.05%
GNTX	C	0.05%
MTN	C	0.05%
CBRE	B	0.05%
EXEL	B	0.05%
CRI	F	0.05%
USFD	A	0.05%
SLGN	A	0.05%
POST	C	0.05%
COOP	B	0.05%
TEX	F	0.05%
LAMR	C	0.05%
KD	B	0.05%
IDXX	F	0.05%
CBT	D	0.05%
GVA	A	0.05%
NXST	C	0.05%
ANSS	B	0.05%
HBI	B	0.05%
WEN	D	0.05%
FCN	F	0.05%
MMS	F	0.05%
WAT	C	0.05%
SMCI	F	0.05%
BTU	B	0.05%
SON	F	0.04%
OSK	C	0.04%
XPO	B	0.04%
LANC	C	0.04%
AWI	A	0.04%
SEM	B	0.04%
AMH	C	0.04%
CRUS	D	0.04%
CXW	C	0.04%
INVH	D	0.04%
SMG	C	0.04%
JWN	D	0.04%
PSTG	D	0.04%
AGNC	C	0.04%
BDC	C	0.04%
SLVM	B	0.04%
CLH	C	0.04%
FLO	D	0.04%
WH	B	0.04%
ELS	C	0.04%
FL	F	0.04%
ULTA	F	0.04%
OLN	F	0.04%
PAYX	B	0.04%
CPNG	D	0.04%
RUSHA	C	0.04%
TRN	B	0.04%
SANM	B	0.04%
BLDR	D	0.04%
RGLD	C	0.04%
CVLT	B	0.04%
FDS	B	0.04%
NBIX	C	0.04%
VRSN	C	0.04%
NWSA	A	0.04%
SJM	D	0.04%
WTM	A	0.04%
PTC	B	0.04%
OGN	F	0.04%
BHF	C	0.04%
ATI	C	0.04%
MAC	B	0.04%
GBX	A	0.04%
HUBG	A	0.04%
HEI	A	0.04%
FTI	A	0.04%
VLTO	C	0.04%
SIG	B	0.04%
MHO	D	0.04%
CNC	D	0.04%
ZBRA	B	0.04%
GATX	A	0.04%
CRBG	B	0.04%
EME	A	0.04%
HOOD	B	0.04%
AROC	A	0.04%
ABM	B	0.04%
NDSN	B	0.04%
ERIE	D	0.04%
DCI	B	0.04%
WERN	C	0.04%
RRC	B	0.03%
HXL	F	0.03%
SBAC	D	0.03%
GMED	A	0.03%
DRH	B	0.03%
PNM	B	0.03%
ACA	A	0.03%
LZB	B	0.03%
HAE	C	0.03%
UNF	B	0.03%
PINC	B	0.03%
APAM	B	0.03%
FNF	B	0.03%
VC	F	0.03%
MAN	F	0.03%
DK	C	0.03%
AMKR	D	0.03%
COLD	D	0.03%
LBRDK	C	0.03%
DRI	B	0.03%
BKE	B	0.03%
FHI	B	0.03%
MRO	B	0.03%
AVTR	F	0.03%
OMF	A	0.03%
BURL	B	0.03%
X	B	0.03%
TER	F	0.03%
PLXS	B	0.03%
CDW	F	0.03%
CG	B	0.03%
OI	C	0.03%
PRG	C	0.03%
APLE	B	0.03%
ASO	F	0.03%
SHOO	F	0.03%
AVA	A	0.03%
DBRG	F	0.03%
LW	C	0.03%
HSIC	C	0.03%
HOLX	D	0.03%
COHR	B	0.03%
GMS	B	0.03%
CDP	C	0.03%
RLI	A	0.03%
BLD	D	0.03%
DDS	B	0.03%
GGG	B	0.03%
KBH	D	0.03%
GNW	A	0.03%
DOX	D	0.03%
SM	B	0.03%
CPAY	A	0.03%
MC	C	0.03%
MATX	C	0.03%
MASI	B	0.03%
TPX	B	0.03%
NYT	D	0.03%
BJ	A	0.03%
ACM	B	0.03%
MORN	B	0.03%
MANH	D	0.03%
ODP	F	0.02%
IOSP	C	0.02%
LXP	D	0.02%
SAH	C	0.02%
KEX	B	0.02%
TTMI	C	0.02%
VSH	F	0.02%
SSNC	B	0.02%
LAUR	A	0.02%
AA	A	0.02%
BHE	C	0.02%
BRKR	D	0.02%
GT	C	0.02%
GME	C	0.02%
WBS	A	0.02%
PHIN	A	0.02%
AXTA	B	0.02%
ANDE	D	0.02%
ZION	B	0.02%
APG	B	0.02%
NSP	F	0.02%
ODFL	C	0.02%
DNOW	B	0.02%
LAD	A	0.02%
REZI	A	0.02%
PMT	C	0.02%
HNI	B	0.02%
XRAY	F	0.02%
WKC	C	0.02%
SNDR	B	0.02%
OSIS	A	0.02%
NAVI	F	0.02%
WMS	F	0.02%
LNW	F	0.02%
PNR	A	0.02%
EPC	F	0.02%
M	F	0.02%
AGCO	D	0.02%
KBR	F	0.02%
JBLU	F	0.02%
PFSI	C	0.02%
VVV	D	0.02%
THS	D	0.02%
RHI	C	0.02%
SKX	D	0.02%
CC	C	0.02%
DLB	B	0.02%
NWL	C	0.02%
MDU	D	0.02%
SXT	C	0.02%
RLJ	C	0.02%
YELP	C	0.02%
DORM	B	0.02%
APOG	C	0.02%
GWRE	A	0.02%
SAM	C	0.02%
CTLT	C	0.02%
PSN	D	0.02%
XHR	B	0.02%
PDCO	F	0.02%
PBF	D	0.02%
MKTX	D	0.02%
CINF	A	0.02%
EWBC	A	0.02%
NTCT	C	0.02%
VSCO	C	0.02%
MCY	A	0.02%
AIR	B	0.02%
SBH	C	0.02%
PAG	B	0.02%
BFAM	D	0.02%
VSTO	A	0.02%
CCL	A	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	F	0.02%
WRB	A	0.02%
GHC	B	0.02%
STC	B	0.02%
SVC	F	0.01%
QRVO	F	0.01%
AAP	D	0.01%
CPRI	F	0.01%
NOV	C	0.01%
KNX	C	0.01%
RKT	F	0.01%
UHAL	D	0.01%
JELD	F	0.01%
DINO	D	0.01%
SCL	C	0.01%
MLKN	F	0.01%
IGT	F	0.01%
PARA	C	0.01%
RVTY	F	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%
ACI	C	0.01%
GIII	D	0.01%
UGI	C	0.01%
ECPG	C	0.01%
ALEX	B	0.01%
UVV	B	0.01%
JBGS	F	0.01%
HTH	C	0.01%
SEB	F	0.01%
MKSI	C	0.01%
RDN	D	0.01%
IMKTA	C	0.01%
XRX	F	0.01%
SR	A	0.01%
ARMK	B	0.01%
OUT	A	0.01%
SHO	D	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	B	0.01%
CENTA	C	0.01%
CVI	F	0.01%
ARCH	B	0.01%
PECO	A	0.01%
PB	B	0.01%
CNM	D	0.01%
SAIC	F	0.01%
OMI	F	0.01%
FDP	B	0.01%
SIGI	C	0.01%
LEA	F	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%
CFR	B	0.01%
FELE	B	0.01%
DAN	D	0.01%
WMK	C	0.01%
FLR	B	0.01%
KN	B	0.01%
STRA	C	0.01%
BBWI	C	0.01%
ESNT	F	0.01%
TPR	B	0.01%
IDCC	B	0.01%
LADR	B	0.01%
INCY	C	0.01%
NNI	D	0.01%
GES	F	0.01%
ESAB	C	0.01%
CWEN	C	0.01%
ONB	C	0.01%
CBSH	B	0.01%
WWD	C	0.01%
TTEK	F	0.01%
MUR	D	0.01%
CR	A	0.01%
ICUI	D	0.01%
CSGS	B	0.01%
BMRN	F	0.01%
TNET	F	0.01%
FYBR	C	0.01%
HE	C	0.01%
CADE	B	0.01%
WTFC	A	0.01%
PSMT	D	0.01%
ALGN	D	0.01%
ADC	A	0.01%
SATS	D	0.01%
RBC	A	0.01%
UHAL	D	0.01%
GOLF	B	0.01%
FR	D	0.01%
DTM	A	0.01%
DEI	B	0.01%
AMWD	C	0.01%
PTEN	C	0.01%
SCS	C	0.01%
TDC	D	0.01%
NOMD	D	0.0%
WOLF	F	0.0%
HUN	F	0.0%

MFUS Underweight 132 Positions Relative to VCSH

Symbol	Grade	Weight
MDT	D	-0.08%
STLA	F	-0.07%
ETN	A	-0.07%
CRM	B	-0.05%
FTV	C	-0.04%
WLK	D	-0.04%
WB	D	-0.04%
ARCC	A	-0.04%
GSK	F	-0.04%
AZN	F	-0.04%
GOOGL	C	-0.04%
MSFT	D	-0.04%
FDX	B	-0.03%
EL	F	-0.03%
SWKS	F	-0.03%
APTV	F	-0.03%
AGR	A	-0.03%
JD	D	-0.03%
HAS	D	-0.03%
SNX	D	-0.03%
HAL	C	-0.03%
BG	D	-0.03%
SWK	D	-0.03%
STT	B	-0.03%
GPN	B	-0.03%
DIS	B	-0.03%
EPD	A	-0.03%
MPLX	A	-0.03%
AER	A	-0.03%
SKT	A	-0.02%
CF	A	-0.02%
CDNS	B	-0.02%
GBDC	D	-0.02%
ALLE	C	-0.02%
INTU	B	-0.02%
GXO	B	-0.02%
FRT	B	-0.02%
SBRA	C	-0.02%
TSLX	C	-0.02%
BKH	A	-0.02%
ALB	B	-0.02%
BABA	D	-0.02%
AWH	F	-0.02%
AFG	A	-0.02%
KEYS	A	-0.02%
GSBD	F	-0.02%
ILMN	C	-0.02%
OCSL	F	-0.02%
LAZ	B	-0.02%
MRVL	B	-0.02%
ORI	A	-0.02%
DVN	F	-0.02%
TDY	B	-0.02%
TT	A	-0.02%
VOYA	B	-0.02%
LIN	C	-0.02%
HUM	C	-0.02%
DOC	C	-0.02%
WEC	A	-0.02%
BRX	A	-0.02%
CNA	C	-0.02%
EOG	A	-0.02%
EXPE	B	-0.02%
CNH	C	-0.02%
ADI	D	-0.02%
ROST	D	-0.02%
NXPI	D	-0.02%
ABT	B	-0.02%
FSK	A	-0.02%
WEST	C	-0.02%
ET	A	-0.02%
EQIX	A	-0.02%
AL	B	-0.02%
CM	A	-0.02%
ZBH	C	-0.02%
LVS	B	-0.02%
RY	A	-0.02%
TD	D	-0.02%
NVT	B	-0.01%
HIW	C	-0.01%
FNB	A	-0.01%
VLY	B	-0.01%
AMD	F	-0.01%
EPR	C	-0.01%
VMC	B	-0.01%
WY	F	-0.01%
FMC	D	-0.01%
HES	B	-0.01%
DAL	B	-0.01%
RNR	C	-0.01%
BDN	C	-0.01%
BCSF	C	-0.01%
TME	D	-0.01%
SITC	D	-0.01%
TEL	B	-0.01%
TRMB	B	-0.01%
BHP	F	-0.01%
FLS	B	-0.01%
GP	F	-0.01%
OGS	A	-0.01%
ROK	C	-0.01%
PSEC	D	-0.01%
TXT	D	-0.01%
MAIN	A	-0.01%
PDM	D	-0.01%
KRC	B	-0.01%
OPI	F	-0.01%
APD	A	-0.01%
CP	F	-0.01%
CNP	A	-0.01%
PCAR	B	-0.01%
XEL	A	-0.01%
AEE	A	-0.01%
AWK	C	-0.01%
DE	B	-0.01%
LH	B	-0.01%
SYK	B	-0.01%
MCHP	F	-0.01%
ARE	F	-0.01%
HON	C	-0.01%
BIDU	F	-0.01%
PAA	B	-0.01%
BNS	A	-0.01%
VOD	F	-0.01%
LUV	C	-0.01%
DB	D	-0.01%
BMO	A	-0.01%
PCG	A	-0.01%
HSBC	A	-0.01%
NWG	A	-0.01%
MUFG	B	-0.01%
BA	F	-0.01%