FAB vs. IWS ETF Comparison

Comparison of First Trust Multi Cap Value AlphaDEX Fund (FAB) to iShares Russell Mid-cap Value ETF (IWS)

FAB

First Trust Multi Cap Value AlphaDEX Fund

FAB Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Multi Cap Value Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P Composite 1500(R) Value Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$88.95

Average Daily Volume

2,527

Number of Holdings ^*

665

* 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	FAB	IWS
30 Days	6.40%	5.17%
60 Days	5.80%	5.63%
90 Days	6.32%	7.53%
12 Months	27.56%	31.74%

292 Overlapping Holdings

Symbol	Grade	Weight in FAB	Weight in IWS	Overlap
AAP	C	0.18%	0.02%	0.02%
ADM	D	0.38%	0.28%	0.28%
AEE	A	0.36%	0.27%	0.27%
AFG	A	0.05%	0.11%	0.05%
AFL	B	0.25%	0.68%	0.25%
AGCO	D	0.08%	0.06%	0.06%
AGO	B	0.25%	0.05%	0.05%
AIZ	A	0.09%	0.13%	0.09%
AKAM	D	0.22%	0.14%	0.14%
AL	B	0.23%	0.06%	0.06%
ALK	C	0.15%	0.07%	0.07%
ALLY	C	0.36%	0.1%	0.1%
AMG	B	0.23%	0.06%	0.06%
AMKR	D	0.15%	0.03%	0.03%
AN	C	0.12%	0.05%	0.05%
APA	D	0.2%	0.09%	0.09%
APTV	D	0.33%	0.16%	0.16%
AR	B	0.09%	0.1%	0.09%
ARE	D	0.16%	0.2%	0.16%
ARW	D	0.15%	0.07%	0.07%
ASH	D	0.12%	0.04%	0.04%
ATO	A	0.36%	0.24%	0.24%
AVT	C	0.17%	0.05%	0.05%
AWK	D	0.08%	0.29%	0.08%
AXS	A	0.14%	0.07%	0.07%
BBWI	D	0.17%	0.08%	0.08%
BBY	D	0.23%	0.22%	0.22%
BC	C	0.12%	0.06%	0.06%
BEN	C	0.18%	0.07%	0.07%
BERY	B	0.14%	0.08%	0.08%
BG	F	0.4%	0.14%	0.14%
BHF	B	0.03%	0.03%	0.03%
BIIB	F	0.22%	0.26%	0.22%
BJ	A	0.05%	0.13%	0.05%
BKR	B	0.3%	0.47%	0.3%
BLDR	D	0.24%	0.21%	0.21%
BOKF	B	0.09%	0.03%	0.03%
BPOP	B	0.04%	0.07%	0.04%
BWA	D	0.2%	0.09%	0.09%
BYD	C	0.15%	0.06%	0.06%
CAG	D	0.07%	0.14%	0.07%
CAR	C	0.06%	0.01%	0.01%
CC	C	0.02%	0.03%	0.02%
CE	F	0.24%	0.07%	0.07%
CF	B	0.35%	0.18%	0.18%
CFG	B	0.4%	0.23%	0.23%
CHRD	D	0.22%	0.09%	0.09%
CHTR	C	0.31%	0.4%	0.31%
CINF	A	0.48%	0.26%	0.26%
CIVI	D	0.22%	0.04%	0.04%
CLF	F	0.15%	0.04%	0.04%
CMA	A	0.1%	0.1%	0.1%
CMI	A	0.1%	0.54%	0.1%
CMS	C	0.17%	0.22%	0.17%
CNC	D	0.27%	0.33%	0.27%
CNP	B	0.36%	0.21%	0.21%
CNXC	F	0.17%	0.02%	0.02%
COLB	A	0.15%	0.07%	0.07%
COLM	B	0.09%	0.03%	0.03%
CPB	D	0.08%	0.09%	0.08%
CRI	D	0.06%	0.02%	0.02%
CRL	C	0.09%	0.11%	0.09%
CTRA	B	0.46%	0.21%	0.21%
CTSH	B	0.37%	0.42%	0.37%
CTVA	C	0.08%	0.43%	0.08%
CUZ	B	0.09%	0.05%	0.05%
CWEN	C	0.02%	0.03%	0.02%
CWEN	C	0.02%	0.01%	0.01%
CXT	B	0.05%	0.03%	0.03%
CZR	F	0.04%	0.09%	0.04%
DAL	C	0.56%	0.45%	0.45%
DAR	C	0.19%	0.08%	0.08%
DD	D	0.08%	0.38%	0.08%
DDS	B	0.19%	0.01%	0.01%
DG	F	0.32%	0.18%	0.18%
DGX	A	0.26%	0.2%	0.2%
DHI	D	0.3%	0.53%	0.3%
DINO	D	0.21%	0.07%	0.07%
DNB	B	0.05%	0.04%	0.04%
DOC	D	0.16%	0.16%	0.16%
DOW	F	0.21%	0.34%	0.21%
DRI	B	0.18%	0.1%	0.1%
DTE	C	0.24%	0.27%	0.24%
DVN	F	0.44%	0.27%	0.27%
DXC	B	0.18%	0.04%	0.04%
EBAY	D	0.24%	0.34%	0.24%
ED	D	0.32%	0.37%	0.32%
EG	C	0.41%	0.15%	0.15%
EIX	B	0.16%	0.35%	0.16%
EMN	D	0.12%	0.13%	0.12%
ENOV	C	0.05%	0.03%	0.03%
EPAM	C	0.05%	0.13%	0.05%
EQR	B	0.25%	0.31%	0.25%
EQT	B	0.41%	0.26%	0.26%
ETR	B	0.39%	0.35%	0.35%
EVRG	A	0.17%	0.16%	0.16%
EXC	C	0.33%	0.43%	0.33%
EXPD	D	0.08%	0.16%	0.08%
FAF	A	0.04%	0.07%	0.04%
FANG	D	0.37%	0.37%	0.37%
FBIN	D	0.04%	0.1%	0.04%
FE	C	0.16%	0.26%	0.16%
FHB	A	0.06%	0.04%	0.04%
FHN	A	0.17%	0.12%	0.12%
FITB	A	0.28%	0.35%	0.28%
FIVE	F	0.09%	0.01%	0.01%
FMC	D	0.18%	0.07%	0.07%
FNB	A	0.15%	0.06%	0.06%
FNF	B	0.17%	0.18%	0.17%
FOXA	B	0.49%	0.12%	0.12%
FTV	C	0.08%	0.29%	0.08%
G	B	0.2%	0.09%	0.09%
GIS	D	0.15%	0.39%	0.15%
GL	B	0.13%	0.11%	0.11%
GO	C	0.05%	0.02%	0.02%
GPC	D	0.15%	0.19%	0.15%
GXO	B	0.05%	0.08%	0.05%
HAL	C	0.45%	0.29%	0.29%
HAYW	B	0.03%	0.03%	0.03%
HBAN	A	0.42%	0.28%	0.28%
HIG	B	0.35%	0.38%	0.35%
HII	D	0.1%	0.08%	0.08%
HIW	D	0.09%	0.04%	0.04%
HOG	D	0.18%	0.04%	0.04%
HOLX	D	0.08%	0.2%	0.08%
HPE	B	0.46%	0.3%	0.3%
HPQ	B	0.18%	0.3%	0.18%
HRL	D	0.24%	0.09%	0.09%
HSIC	B	0.04%	0.1%	0.04%
HST	C	0.17%	0.13%	0.13%
HSY	F	0.16%	0.24%	0.16%
HUM	C	0.16%	0.37%	0.16%
IAC	D	0.04%	0.04%	0.04%
IDA	A	0.1%	0.07%	0.07%
IEX	B	0.09%	0.19%	0.09%
INGR	B	0.14%	0.1%	0.1%
IP	B	0.3%	0.22%	0.22%
IPG	D	0.08%	0.11%	0.08%
IPGP	D	0.07%	0.02%	0.02%
IVZ	B	0.04%	0.07%	0.04%
J	F	0.09%	0.19%	0.09%
JAZZ	B	0.19%	0.08%	0.08%
JBHT	C	0.19%	0.16%	0.16%
JBL	B	0.14%	0.14%	0.14%
JEF	A	0.05%	0.1%	0.05%
JWN	C	0.09%	0.03%	0.03%
KEY	B	0.2%	0.2%	0.2%
KEYS	A	0.08%	0.29%	0.08%
KIM	A	0.19%	0.18%	0.18%
KMI	A	0.42%	0.58%	0.42%
KNX	B	0.09%	0.1%	0.09%
KR	B	0.36%	0.42%	0.36%
KRC	C	0.18%	0.05%	0.05%
KSS	F	0.11%	0.02%	0.02%
L	A	0.37%	0.17%	0.17%
LAD	A	0.2%	0.11%	0.11%
LBRDK	C	0.2%	0.08%	0.08%
LEA	D	0.19%	0.06%	0.06%
LEN	D	0.4%	0.44%	0.4%
LEN	D	0.4%	0.02%	0.02%
LFUS	F	0.04%	0.06%	0.04%
LH	C	0.09%	0.22%	0.09%
LHX	C	0.09%	0.51%	0.09%
LKQ	D	0.13%	0.11%	0.11%
LNC	B	0.19%	0.07%	0.07%
LNG	B	0.41%	0.26%	0.26%
LNT	A	0.25%	0.17%	0.17%
LPX	B	0.09%	0.02%	0.02%
LSTR	D	0.04%	0.07%	0.04%
LUV	C	0.28%	0.21%	0.21%
LYB	F	0.38%	0.24%	0.24%
M	D	0.17%	0.05%	0.05%
MAA	B	0.08%	0.2%	0.08%
MAS	D	0.08%	0.19%	0.08%
MAT	D	0.04%	0.07%	0.04%
MDU	D	0.16%	0.04%	0.04%
MGM	D	0.04%	0.1%	0.04%
MIDD	C	0.08%	0.08%	0.08%
MOH	F	0.16%	0.07%	0.07%
MOS	F	0.17%	0.09%	0.09%
MSM	C	0.09%	0.04%	0.04%
MTB	A	0.31%	0.39%	0.31%
MTDR	B	0.26%	0.07%	0.07%
MTG	C	0.21%	0.07%	0.07%
NDSN	B	0.08%	0.16%	0.08%
NFE	D	0.22%	0.0%	0.0%
NFG	A	0.17%	0.06%	0.06%
NI	A	0.27%	0.18%	0.18%
NOV	C	0.22%	0.07%	0.07%
NUE	C	0.43%	0.39%	0.39%
NVR	D	0.17%	0.28%	0.17%
NWSA	B	0.19%	0.12%	0.12%
NXST	C	0.13%	0.03%	0.03%
OC	A	0.39%	0.18%	0.18%
OGE	B	0.13%	0.09%	0.09%
OGN	D	0.1%	0.04%	0.04%
OKE	A	0.21%	0.7%	0.21%
OLN	D	0.11%	0.05%	0.05%
OMC	C	0.09%	0.21%	0.09%
OMF	A	0.15%	0.07%	0.07%
ON	D	0.32%	0.31%	0.31%
ORI	A	0.09%	0.1%	0.09%
OSK	B	0.24%	0.08%	0.08%
OVV	B	0.25%	0.13%	0.13%
OZK	B	0.19%	0.06%	0.06%
PAG	B	0.13%	0.03%	0.03%
PB	A	0.1%	0.08%	0.08%
PFG	D	0.09%	0.22%	0.09%
PFGC	B	0.05%	0.12%	0.05%
PHM	D	0.39%	0.29%	0.29%
PII	D	0.1%	0.04%	0.04%
PINC	B	0.14%	0.03%	0.03%
PK	B	0.13%	0.03%	0.03%
PKG	A	0.19%	0.23%	0.19%
PNFP	B	0.05%	0.1%	0.05%
PNW	B	0.18%	0.11%	0.11%
POST	C	0.12%	0.06%	0.06%
PPG	F	0.16%	0.32%	0.16%
PPL	B	0.26%	0.27%	0.26%
PRGO	B	0.04%	0.04%	0.04%
PRU	A	0.18%	0.5%	0.18%
PVH	C	0.22%	0.06%	0.06%
R	B	0.2%	0.08%	0.08%
REYN	D	0.08%	0.02%	0.02%
RF	A	0.29%	0.27%	0.27%
RGA	A	0.18%	0.17%	0.17%
RHI	B	0.05%	0.08%	0.05%
RJF	A	0.23%	0.33%	0.23%
RNR	C	0.2%	0.15%	0.15%
RRC	B	0.19%	0.09%	0.09%
RS	B	0.47%	0.2%	0.2%
RYN	D	0.04%	0.05%	0.04%
SAM	C	0.03%	0.02%	0.02%
SEB	F	0.11%	0.01%	0.01%
SEE	C	0.04%	0.03%	0.03%
SEIC	B	0.1%	0.09%	0.09%
SJM	D	0.12%	0.12%	0.12%
SKX	D	0.08%	0.08%	0.08%
SLGN	A	0.09%	0.05%	0.05%
SLM	A	0.09%	0.06%	0.06%
SNA	A	0.32%	0.2%	0.2%
SNDR	B	0.08%	0.02%	0.02%
SNX	C	0.12%	0.1%	0.1%
SOLV	C	0.17%	0.1%	0.1%
SON	D	0.12%	0.05%	0.05%
SPB	C	0.07%	0.03%	0.03%
SSNC	B	0.17%	0.17%	0.17%
STLD	B	0.48%	0.23%	0.23%
STT	A	0.27%	0.32%	0.27%
STWD	C	0.04%	0.07%	0.04%
SWKS	F	0.3%	0.15%	0.15%
SYF	B	0.57%	0.28%	0.28%
SYY	B	0.24%	0.16%	0.16%
TAP	C	0.23%	0.12%	0.12%
TDY	B	0.28%	0.24%	0.24%
THO	B	0.13%	0.06%	0.06%
TKR	D	0.08%	0.05%	0.05%
TOL	B	0.43%	0.17%	0.17%
TPR	B	0.05%	0.14%	0.05%
TROW	B	0.48%	0.29%	0.29%
TSN	B	0.19%	0.2%	0.19%
TTC	D	0.04%	0.09%	0.04%
TXT	D	0.25%	0.17%	0.17%
UAL	A	0.7%	0.33%	0.33%
UGI	A	0.2%	0.06%	0.06%
UHAL	D	0.07%	0.0%	0.0%
UHAL	D	0.07%	0.04%	0.04%
UHS	D	0.15%	0.13%	0.13%
ULTA	F	0.25%	0.03%	0.03%
UNM	A	0.21%	0.15%	0.15%
VAC	B	0.13%	0.03%	0.03%
VNT	B	0.1%	0.07%	0.07%
VOYA	B	0.04%	0.09%	0.04%
VSTS	C	0.09%	0.02%	0.02%
VTRS	A	0.38%	0.17%	0.17%
WAL	B	0.05%	0.11%	0.05%
WBS	A	0.17%	0.11%	0.11%
WCC	B	0.16%	0.1%	0.1%
WEC	A	0.17%	0.34%	0.17%
WHR	B	0.14%	0.07%	0.07%
WLK	D	0.15%	0.05%	0.05%
WPC	D	0.08%	0.13%	0.08%
WRB	A	0.09%	0.2%	0.09%
WTFC	A	0.1%	0.09%	0.09%
WTRG	B	0.09%	0.11%	0.09%
WU	D	0.11%	0.03%	0.03%
WY	D	0.08%	0.25%	0.08%
XEL	A	0.37%	0.43%	0.37%
YETI	C	0.05%	0.03%	0.03%
ZBH	C	0.35%	0.25%	0.25%
ZION	B	0.16%	0.1%	0.1%
ZM	B	0.21%	0.24%	0.21%

FAB Overweight 376 Positions Relative to IWS

Symbol	Grade	Weight
GM	B	0.56%
PCAR	B	0.51%
CVX	A	0.48%
EOG	A	0.48%
COP	C	0.47%
F	C	0.46%
XOM	B	0.45%
WFC	A	0.45%
AIG	B	0.45%
VLO	C	0.45%
CMCSA	B	0.45%
T	A	0.44%
COF	B	0.43%
OXY	D	0.43%
PSX	C	0.43%
MPC	D	0.42%
SRE	A	0.38%
C	A	0.38%
CVS	D	0.38%
CRBG	B	0.37%
INTC	D	0.37%
FDX	B	0.37%
SLB	C	0.36%
CB	C	0.35%
VZ	C	0.32%
MS	A	0.32%
BAC	A	0.3%
TRV	B	0.28%
USB	A	0.28%
D	C	0.25%
NOG	A	0.25%
TGT	F	0.25%
CNX	A	0.25%
JXN	C	0.24%
SM	B	0.24%
HP	B	0.24%
DE	A	0.24%
DUK	C	0.24%
STX	D	0.23%
KHC	F	0.23%
ATKR	C	0.23%
PTEN	C	0.23%
CMC	B	0.23%
AEP	D	0.23%
AMR	C	0.22%
TMHC	B	0.22%
PBF	D	0.22%
URBN	C	0.22%
HCC	B	0.22%
CADE	B	0.21%
CXW	B	0.21%
MUR	D	0.21%
RDN	C	0.21%
TEX	D	0.21%
LBRT	D	0.2%
PNC	B	0.2%
DIS	B	0.2%
RIOT	C	0.2%
MATX	C	0.2%
RUSHA	C	0.2%
TPH	D	0.2%
ESNT	D	0.19%
CSCO	B	0.19%
MTH	D	0.19%
CNO	A	0.19%
MGY	A	0.19%
MHO	D	0.19%
OTTR	C	0.18%
GBDC	C	0.18%
HRI	B	0.18%
BKH	A	0.18%
ADTN	A	0.18%
CSX	B	0.18%
COOP	B	0.18%
ASO	F	0.18%
GPI	A	0.18%
POR	C	0.17%
SR	A	0.17%
BCC	B	0.17%
KDP	D	0.16%
KBH	D	0.16%
BMBL	C	0.16%
SUM	B	0.16%
GBX	A	0.16%
CARR	D	0.16%
SIG	B	0.16%
JNJ	D	0.16%
SANM	B	0.15%
CTOS	C	0.15%
ECVT	C	0.15%
CUBI	C	0.15%
BFH	B	0.15%
JBT	B	0.15%
HTZ	C	0.15%
RIG	D	0.14%
ELV	F	0.14%
KMT	B	0.14%
EIG	B	0.14%
TALO	C	0.14%
DNOW	B	0.14%
ULH	B	0.14%
ABG	B	0.14%
GMS	B	0.14%
TGNA	B	0.14%
VTLE	C	0.14%
VLY	B	0.14%
CABO	C	0.14%
REZI	A	0.13%
GIII	D	0.13%
WS	B	0.13%
BTU	B	0.13%
KOS	F	0.13%
CRGY	B	0.13%
SPNT	A	0.13%
IART	C	0.13%
OGS	A	0.13%
APLE	B	0.13%
RLJ	C	0.13%
TDS	B	0.13%
GT	C	0.13%
GPOR	B	0.13%
HELE	C	0.13%
SWX	B	0.13%
GEF	A	0.13%
RES	D	0.12%
BY	B	0.12%
ZD	C	0.12%
PEBO	A	0.12%
PRDO	B	0.12%
AVA	A	0.12%
TRMK	B	0.12%
EPC	D	0.12%
VC	D	0.12%
INDB	B	0.12%
IMKTA	C	0.12%
SHO	C	0.12%
ENS	D	0.12%
PARR	D	0.12%
PLAB	C	0.12%
INVA	D	0.12%
UVV	B	0.12%
AEO	F	0.11%
VSH	D	0.11%
MRC	B	0.11%
CCS	D	0.11%
WMK	C	0.11%
SAH	A	0.11%
DBRG	F	0.11%
WKC	D	0.11%
USM	B	0.11%
PHIN	A	0.11%
EBC	B	0.11%
GHC	C	0.11%
FOR	F	0.11%
CAL	D	0.11%
FFBC	A	0.11%
NWE	B	0.1%
ODFL	B	0.1%
CRC	B	0.1%
ABCB	B	0.1%
ABR	C	0.1%
OEC	C	0.1%
MLKN	D	0.1%
NAVI	C	0.1%
PRG	C	0.1%
UBSI	B	0.1%
EQC	B	0.1%
NWN	A	0.1%
LZB	B	0.1%
BV	B	0.1%
CENTA	C	0.1%
HWC	B	0.1%
LADR	B	0.1%
BECN	B	0.1%
SBH	C	0.1%
GEO	B	0.1%
CVI	F	0.1%
HGV	B	0.1%
SCSC	B	0.1%
VSCO	B	0.1%
HOV	D	0.1%
DRH	B	0.1%
CMCO	B	0.1%
AMWD	C	0.1%
GES	F	0.1%
MLI	C	0.1%
HD	A	0.09%
FRME	B	0.09%
TNET	D	0.09%
PFBC	B	0.09%
CLX	B	0.09%
SBUX	A	0.09%
UFPI	B	0.09%
ACN	C	0.09%
ALKS	B	0.09%
KFY	B	0.09%
WSBC	A	0.09%
CATY	B	0.09%
CRK	B	0.09%
SASR	B	0.09%
CASH	A	0.09%
BNL	D	0.09%
PDCO	D	0.09%
PLYA	B	0.09%
ADNT	F	0.09%
PNM	F	0.09%
BANR	B	0.09%
APD	A	0.09%
CVBF	A	0.09%
ANDE	D	0.09%
PYPL	B	0.09%
ACA	A	0.09%
BUSE	B	0.08%
ARCB	C	0.08%
MDLZ	F	0.08%
MODG	F	0.08%
WERN	C	0.08%
WGO	C	0.08%
MCRI	A	0.08%
PTVE	B	0.08%
LMT	D	0.08%
ALG	B	0.08%
DAN	D	0.08%
HOPE	B	0.08%
FIBK	A	0.08%
CI	F	0.08%
FCF	A	0.08%
SRCE	B	0.08%
HUBG	A	0.08%
NX	C	0.08%
XRX	F	0.08%
LAUR	A	0.08%
BKE	B	0.08%
MDT	D	0.08%
BKU	A	0.08%
TCBK	B	0.08%
VBTX	B	0.08%
KALU	C	0.08%
GD	F	0.08%
WSFS	A	0.08%
PEP	F	0.08%
HY	D	0.08%
RNST	B	0.08%
UPS	C	0.08%
SFNC	B	0.08%
EFSC	B	0.08%
VRTS	B	0.08%
FULT	A	0.08%
ASGN	F	0.08%
LOW	D	0.08%
TTMI	B	0.07%
LC	A	0.07%
LILAK	D	0.07%
SJW	D	0.07%
PEB	D	0.07%
MRTN	C	0.07%
UNF	B	0.07%
NKE	D	0.07%
KLG	C	0.07%
DIOD	D	0.07%
XHR	B	0.07%
MMS	F	0.07%
SBCF	A	0.06%
GOGO	C	0.06%
FBNC	A	0.06%
CSGS	B	0.06%
AMN	F	0.06%
FHI	A	0.06%
PBH	A	0.06%
OMI	F	0.06%
KAR	B	0.06%
DFH	D	0.06%
NIC	B	0.06%
SNEX	B	0.06%
HMN	B	0.06%
GRBK	D	0.06%
ASB	B	0.06%
SCVL	F	0.06%
VSAT	F	0.06%
SSTK	F	0.06%
LGIH	D	0.06%
ROG	D	0.05%
PATK	D	0.05%
FLR	B	0.05%
ALIT	C	0.05%
DFIN	D	0.05%
SEM	B	0.05%
DEA	D	0.05%
MUSA	A	0.05%
SHEN	F	0.05%
THRM	D	0.05%
LCII	C	0.05%
SSB	B	0.05%
PSMT	C	0.05%
UCB	A	0.05%
SYNA	C	0.05%
AUB	B	0.05%
OFG	B	0.05%
SCL	C	0.05%
ARI	C	0.05%
ALEX	C	0.05%
LNN	B	0.05%
KWR	C	0.05%
HTH	B	0.05%
STBA	B	0.05%
UMBF	B	0.05%
DK	C	0.05%
ROCK	C	0.05%
ABM	B	0.05%
MTX	B	0.05%
WAFD	B	0.05%
TOWN	B	0.05%
HLF	C	0.05%
IOSP	B	0.05%
BHE	B	0.05%
NWBI	B	0.05%
UPWK	B	0.04%
MYRG	B	0.04%
NSP	D	0.04%
FOXF	F	0.04%
AVNS	F	0.04%
WD	D	0.04%
FUL	F	0.04%
ODP	F	0.04%
NJR	A	0.04%
AVNT	B	0.04%
FELE	B	0.04%
SKY	A	0.04%
WTS	B	0.04%
AIR	B	0.03%
SAFT	C	0.03%
MTRN	C	0.03%
XPEL	C	0.03%
DEI	B	0.03%
HLIO	B	0.03%
GNW	A	0.03%
IVT	B	0.03%
CVCO	A	0.03%
PPBI	B	0.03%
ROIC	A	0.03%
NBTB	B	0.03%
FDP	B	0.03%
BHLB	B	0.03%
PFS	B	0.03%
CBU	B	0.03%
FBK	B	0.03%
MCW	B	0.03%
MGPI	F	0.03%
TCBI	B	0.03%
OPCH	D	0.03%
OLPX	D	0.02%
BLMN	F	0.02%
PLUS	F	0.02%
GIC	D	0.02%
GPRE	F	0.02%
JBGS	D	0.02%
OXM	D	0.02%
SHOO	D	0.02%
AIN	C	0.02%
MSGE	F	0.02%
LXP	D	0.02%
RC	D	0.02%
CMTG	F	0.02%
SHLS	F	0.02%
CNXN	C	0.02%
NVEE	F	0.02%
KFRC	D	0.02%
NNI	D	0.02%
STC	B	0.02%
NMRK	B	0.02%
CNMD	C	0.02%
OI	C	0.02%
MSEX	B	0.02%
UPBD	B	0.02%
EVTC	B	0.02%
PGRE	F	0.02%

FAB Underweight 415 Positions Relative to IWS

Symbol	Grade	Weight
WMB	A	-0.76%
AJG	B	-0.65%
BK	A	-0.64%
DLR	B	-0.64%
MSTR	C	-0.55%
O	D	-0.54%
FIS	C	-0.54%
CCI	D	-0.5%
KVUE	A	-0.5%
PEG	A	-0.49%
AME	A	-0.49%
PCG	A	-0.49%
SPG	B	-0.48%
ALL	A	-0.48%
DFS	B	-0.48%
HWM	A	-0.47%
EA	A	-0.47%
URI	B	-0.46%
IR	B	-0.45%
CBRE	B	-0.44%
OTIS	C	-0.44%
FERG	B	-0.42%
A	D	-0.41%
ACGL	D	-0.4%
ROST	C	-0.39%
GLW	B	-0.39%
RCL	A	-0.39%
WAB	B	-0.38%
EXR	D	-0.38%
MCHP	D	-0.37%
GEHC	F	-0.37%
MLM	B	-0.37%
GRMN	B	-0.36%
NDAQ	A	-0.36%
AVB	B	-0.36%
PWR	A	-0.36%
VICI	C	-0.36%
WTW	B	-0.35%
TTWO	A	-0.34%
IQV	D	-0.34%
GPN	B	-0.33%
HLT	A	-0.33%
ROK	B	-0.33%
CSGP	D	-0.32%
ANSS	B	-0.32%
XYL	D	-0.32%
PAYX	C	-0.32%
SQ	B	-0.3%
VMC	B	-0.3%
DOV	A	-0.3%
FCNCA	A	-0.29%
CHD	B	-0.29%
SW	A	-0.29%
VTR	C	-0.28%
CCL	B	-0.27%
EFX	F	-0.27%
RMD	C	-0.27%
MTD	D	-0.27%
YUM	B	-0.26%
HUBB	B	-0.26%
SBAC	D	-0.26%
WBD	C	-0.25%
HOOD	B	-0.24%
NTRS	A	-0.24%
EXE	B	-0.24%
ILMN	D	-0.24%
LDOS	C	-0.24%
STE	F	-0.24%
ES	D	-0.24%
IFF	D	-0.24%
WDC	D	-0.23%
INVH	D	-0.23%
CBOE	B	-0.23%
K	A	-0.23%
FSLR	F	-0.22%
MKC	D	-0.21%
BALL	D	-0.21%
IBKR	A	-0.21%
ESS	B	-0.21%
MSCI	C	-0.21%
COO	D	-0.21%
WSO	A	-0.2%
CVNA	B	-0.19%
TRMB	B	-0.19%
TRU	D	-0.19%
PNR	A	-0.19%
CSL	C	-0.19%
MRO	B	-0.18%
GEN	B	-0.18%
BAX	D	-0.18%
MKL	A	-0.18%
SUI	D	-0.17%
ZBRA	B	-0.17%
UTHR	C	-0.17%
EWBC	A	-0.16%
IRM	D	-0.16%
VRSN	F	-0.16%
HES	B	-0.16%
UDR	B	-0.16%
ACM	A	-0.16%
BRO	B	-0.16%
USFD	A	-0.16%
THC	D	-0.16%
AMCR	D	-0.16%
GGG	B	-0.16%
TWLO	A	-0.15%
RPM	A	-0.15%
NTAP	C	-0.15%
RVTY	F	-0.15%
REG	B	-0.15%
CW	B	-0.15%
VLTO	D	-0.15%
FFIV	B	-0.15%
EME	C	-0.15%
AVTR	F	-0.15%
BXP	D	-0.14%
CPT	B	-0.14%
ITT	A	-0.14%
COHR	B	-0.14%
JKHY	D	-0.14%
CLH	B	-0.14%
AMH	D	-0.14%
CHRW	C	-0.14%
GLPI	C	-0.14%
DLTR	F	-0.14%
AFRM	B	-0.14%
ELS	C	-0.14%
SWK	D	-0.14%
INCY	C	-0.13%
KMX	B	-0.13%
SF	B	-0.13%
Z	A	-0.13%
CAH	B	-0.13%
CDW	F	-0.13%
FDS	B	-0.13%
SOFI	A	-0.13%
JNPR	F	-0.13%
SCI	B	-0.13%
BMRN	D	-0.13%
FTI	A	-0.13%
NVT	B	-0.13%
NTNX	A	-0.13%
ALB	C	-0.13%
ALLE	D	-0.13%
CASY	A	-0.13%
TECH	D	-0.12%
CCK	C	-0.12%
CTLT	B	-0.12%
EVR	B	-0.12%
CUBE	D	-0.12%
FWONK	B	-0.12%
ATR	B	-0.12%
AA	B	-0.12%
CG	A	-0.12%
RRX	B	-0.12%
NRG	B	-0.12%
DOX	D	-0.11%
CIEN	B	-0.11%
COIN	C	-0.11%
MKTX	D	-0.11%
DPZ	C	-0.11%
EHC	B	-0.11%
ARMK	B	-0.11%
DTM	B	-0.11%
AVY	D	-0.11%
OHI	C	-0.11%
AES	F	-0.11%
NLY	C	-0.11%
GME	C	-0.11%
AYI	B	-0.11%
RPRX	D	-0.11%
BLD	D	-0.11%
DAY	B	-0.11%
DKS	C	-0.11%
ALSN	B	-0.11%
WWD	B	-0.11%
PRI	A	-0.11%
CACI	D	-0.11%
TTEK	F	-0.1%
GWRE	A	-0.1%
BRX	A	-0.1%
AOS	F	-0.1%
HLI	B	-0.1%
AAL	B	-0.1%
PTC	A	-0.1%
RBC	A	-0.1%
AXTA	A	-0.1%
TFX	F	-0.1%
WST	C	-0.1%
TW	A	-0.1%
REXR	F	-0.1%
GMED	A	-0.1%
RGLD	C	-0.1%
BWXT	B	-0.1%
DCI	B	-0.1%
FRT	B	-0.1%
BRBR	A	-0.1%
CNH	C	-0.1%
FLS	B	-0.09%
ACI	C	-0.09%
MTCH	D	-0.09%
SNV	B	-0.09%
X	C	-0.09%
APG	B	-0.09%
TKO	B	-0.09%
LECO	B	-0.09%
CFR	B	-0.09%
FICO	B	-0.09%
LAMR	D	-0.09%
WAT	B	-0.09%
EGP	F	-0.09%
RIVN	F	-0.09%
RL	B	-0.09%
GPK	C	-0.09%
NYT	C	-0.09%
CR	A	-0.09%
MTZ	B	-0.09%
JLL	D	-0.09%
WYNN	D	-0.09%
FYBR	D	-0.09%
CBSH	A	-0.09%
RLI	B	-0.08%
ELAN	D	-0.08%
FCN	D	-0.08%
MTSI	B	-0.08%
FND	C	-0.08%
SSD	D	-0.08%
ALGN	D	-0.08%
FR	C	-0.08%
ATI	D	-0.08%
ESAB	B	-0.08%
GNTX	C	-0.08%
AGNC	D	-0.08%
VFC	C	-0.08%
VNO	B	-0.08%
KBR	F	-0.08%
CART	C	-0.08%
COKE	C	-0.08%
FAST	B	-0.08%
MHK	D	-0.08%
LW	C	-0.08%
KEX	C	-0.08%
ROKU	D	-0.08%
CHE	D	-0.08%
ADC	B	-0.08%
PR	B	-0.08%
NNN	D	-0.08%
RGEN	D	-0.07%
S	B	-0.07%
WBA	F	-0.07%
BIO	D	-0.07%
QRVO	F	-0.07%
COLD	D	-0.07%
SAIC	F	-0.07%
SIRI	C	-0.07%
MSA	D	-0.07%
ESI	A	-0.07%
KD	B	-0.07%
PARA	C	-0.07%
CGNX	C	-0.07%
BILL	A	-0.07%
OKTA	C	-0.07%
STAG	F	-0.07%
MKSI	C	-0.07%
HR	C	-0.07%
WEX	D	-0.07%
AZPN	A	-0.07%
GWW	B	-0.07%
HRB	D	-0.07%
VMI	B	-0.07%
WSM	B	-0.07%
WH	B	-0.07%
AMP	A	-0.06%
BFAM	D	-0.06%
CCCS	B	-0.06%
SN	D	-0.06%
EXAS	D	-0.06%
CRUS	D	-0.06%
GNRC	B	-0.06%
LITE	B	-0.06%
RITM	C	-0.06%
OLLI	D	-0.06%
DOCS	C	-0.06%
FOX	A	-0.06%
H	B	-0.06%
WMS	D	-0.06%
SAIA	B	-0.06%
ONTO	D	-0.06%
JHG	A	-0.06%
THG	A	-0.06%
GTES	A	-0.05%
TPG	A	-0.05%
DLB	B	-0.05%
PAYC	B	-0.05%
GAP	C	-0.05%
KMPR	B	-0.05%
EEFT	B	-0.05%
AWI	A	-0.05%
PSN	D	-0.05%
WSC	D	-0.05%
DBX	B	-0.05%
ST	F	-0.05%
ROIV	C	-0.05%
CROX	D	-0.05%
FRPT	B	-0.05%
HXL	D	-0.05%
WTM	A	-0.05%
SMG	D	-0.04%
HUN	F	-0.04%
AM	A	-0.04%
ZG	A	-0.04%
ALNY	D	-0.04%
EPR	D	-0.04%
MASI	A	-0.04%
ACHC	F	-0.04%
NVST	B	-0.04%
W	F	-0.04%
NWS	B	-0.04%
TNL	A	-0.04%
NWL	B	-0.04%
VNOM	A	-0.04%
XRAY	F	-0.04%
NEU	C	-0.04%
MSGS	A	-0.04%
PLNT	A	-0.04%
RH	B	-0.04%
OLED	D	-0.04%
TYL	B	-0.04%
LINE	F	-0.04%
SITE	D	-0.04%
FLO	D	-0.04%
GFS	C	-0.04%
ALGM	D	-0.03%
BR	A	-0.03%
CPRI	F	-0.03%
EXP	A	-0.03%
MP	B	-0.03%
HHH	B	-0.03%
MPW	F	-0.03%
AGR	B	-0.03%
COTY	F	-0.03%
CNM	D	-0.03%
VIRT	B	-0.03%
ECG	C	-0.03%
U	C	-0.03%
AMED	F	-0.03%
MAN	D	-0.03%
NSA	D	-0.03%
IRDM	D	-0.03%
SNRE	D	-0.03%
LLYVK	A	-0.03%
BROS	B	-0.03%
SPR	D	-0.03%
AMTM	D	-0.03%
LOPE	B	-0.03%
PENN	C	-0.03%
ZI	D	-0.03%
TER	D	-0.02%
TRIP	F	-0.02%
LEG	F	-0.02%
FTRE	D	-0.02%
WEN	D	-0.02%
EXEL	B	-0.02%
UA	C	-0.02%
QS	F	-0.02%
CLVT	F	-0.02%
BIRK	D	-0.02%
ALAB	B	-0.02%
UAA	C	-0.02%
PSTG	D	-0.02%
RKT	F	-0.02%
AZEK	A	-0.02%
PPC	C	-0.02%
LCID	F	-0.02%
ETSY	D	-0.02%
LBTYK	A	-0.02%
INFA	D	-0.02%
QDEL	F	-0.02%
LYFT	C	-0.02%
LBTYA	B	-0.02%
BRKR	D	-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%
CACC	D	-0.01%
PATH	C	-0.01%
TFSL	A	-0.01%
UI	A	-0.01%
WOLF	F	-0.01%
LSCC	D	-0.01%
HCP	B	-0.01%
MTN	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%
GRAL	C	-0.0%
LAZ	B	-0.0%
IONS	F	-0.0%