FAD vs. IWR ETF Comparison

Comparison of First Trust MuFirst Trust Multi CG AlphaDEX (FAD) to iShares Russell Mid-Cap ETF (IWR)

FAD

First Trust MuFirst Trust Multi CG AlphaDEX

FAD 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 Growth 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) Growth 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

$148.38

Average Daily Volume

4,463

Number of Holdings ^*

640

* may have additional holdings in another (foreign) market

IWR

iShares Russell Mid-Cap ETF

IWR Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities. 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 underlying index measures the performance of the mid-capitalization sector of the U.S. equity market. The underlying index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000Â® Index.

Grade (RS Rating)

Last Trade

$94.33

Average Daily Volume

1,448,350

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

Performance

Period	FAD	IWR
30 Days	9.58%	6.65%
60 Days	11.65%	7.61%
90 Days	14.77%	9.73%
12 Months	44.05%	33.73%

242 Overlapping Holdings

Symbol	Grade	Weight in FAD	Weight in IWR	Overlap
A	D	0.07%	0.31%	0.07%
AAON	B	0.2%	0.08%	0.08%
ACGL	D	0.37%	0.3%	0.3%
ADC	B	0.17%	0.06%	0.06%
AES	F	0.09%	0.08%	0.08%
AFRM	A	0.32%	0.11%	0.11%
AGNC	D	0.08%	0.06%	0.06%
AJG	B	0.26%	0.52%	0.26%
ALL	A	0.44%	0.43%	0.43%
ALLE	D	0.12%	0.1%	0.1%
ALNY	D	0.29%	0.24%	0.24%
ALSN	B	0.25%	0.08%	0.08%
AM	A	0.04%	0.04%	0.04%
AMP	A	0.41%	0.46%	0.41%
AOS	F	0.07%	0.07%	0.07%
APP	B	0.96%	0.63%	0.63%
APPF	B	0.04%	0.04%	0.04%
ARES	A	0.18%	0.25%	0.18%
ATI	D	0.18%	0.06%	0.06%
ATR	B	0.09%	0.09%	0.09%
AVB	B	0.08%	0.27%	0.08%
AWI	A	0.15%	0.06%	0.06%
AXON	A	0.63%	0.35%	0.35%
AXTA	A	0.09%	0.07%	0.07%
AYI	B	0.15%	0.08%	0.08%
AZEK	A	0.12%	0.05%	0.05%
AZTA	D	0.02%	0.02%	0.02%
BAH	F	0.29%	0.16%	0.16%
BFAM	D	0.16%	0.05%	0.05%
BK	A	0.46%	0.48%	0.46%
BLD	D	0.15%	0.09%	0.09%
BR	A	0.26%	0.22%	0.22%
BRBR	A	0.15%	0.08%	0.08%
BRKR	D	0.03%	0.05%	0.03%
BRO	B	0.36%	0.22%	0.22%
BRX	A	0.09%	0.07%	0.07%
BURL	A	0.44%	0.14%	0.14%
BWXT	B	0.15%	0.1%	0.1%
CACI	D	0.18%	0.09%	0.09%
CASY	A	0.27%	0.12%	0.12%
CBOE	B	0.17%	0.17%	0.17%
CBSH	A	0.1%	0.07%	0.07%
CCI	D	0.07%	0.37%	0.07%
CCL	B	0.45%	0.2%	0.2%
CFR	B	0.1%	0.07%	0.07%
CHD	B	0.09%	0.22%	0.09%
CHDN	B	0.09%	0.08%	0.08%
CHE	D	0.04%	0.07%	0.04%
CHH	A	0.05%	0.03%	0.03%
CLH	B	0.13%	0.1%	0.1%
CNM	D	0.04%	0.07%	0.04%
COHR	B	0.22%	0.1%	0.1%
COIN	C	0.31%	0.5%	0.31%
COKE	C	0.19%	0.06%	0.06%
CPAY	A	0.2%	0.2%	0.2%
CPNG	D	0.42%	0.23%	0.23%
CPT	B	0.08%	0.1%	0.08%
CROX	D	0.08%	0.05%	0.05%
CRUS	D	0.1%	0.04%	0.04%
CSL	C	0.24%	0.17%	0.17%
CUBE	D	0.08%	0.09%	0.08%
CVNA	B	0.59%	0.21%	0.21%
CW	B	0.22%	0.11%	0.11%
DAY	B	0.05%	0.09%	0.05%
DBX	B	0.09%	0.05%	0.05%
DCI	B	0.04%	0.08%	0.04%
DECK	A	0.27%	0.22%	0.22%
DKNG	B	0.09%	0.15%	0.09%
DKS	C	0.12%	0.09%	0.09%
DLR	B	0.09%	0.48%	0.09%
DOCS	C	0.14%	0.05%	0.05%
DOCU	A	0.16%	0.13%	0.13%
DOV	A	0.18%	0.23%	0.18%
DT	C	0.12%	0.13%	0.12%
DTM	B	0.11%	0.08%	0.08%
DUOL	A	0.23%	0.09%	0.09%
DVA	B	0.2%	0.07%	0.07%
EEFT	B	0.09%	0.04%	0.04%
EFX	F	0.21%	0.25%	0.21%
EGP	F	0.04%	0.07%	0.04%
EHC	B	0.17%	0.08%	0.08%
ELAN	D	0.04%	0.06%	0.04%
EME	C	0.49%	0.19%	0.19%
EPR	D	0.04%	0.03%	0.03%
ESAB	B	0.1%	0.06%	0.06%
ESI	A	0.04%	0.05%	0.04%
ESS	B	0.08%	0.16%	0.08%
EWBC	A	0.21%	0.12%	0.12%
EXEL	B	0.22%	0.08%	0.08%
EXP	A	0.17%	0.08%	0.08%
EXPE	B	0.51%	0.19%	0.19%
EXR	D	0.15%	0.28%	0.15%
FAST	B	0.09%	0.39%	0.09%
FCN	D	0.07%	0.06%	0.06%
FCNCA	A	0.4%	0.22%	0.22%
FFIV	B	0.14%	0.11%	0.11%
FICO	B	0.49%	0.44%	0.44%
FIX	A	0.24%	0.13%	0.13%
FLS	B	0.14%	0.06%	0.06%
FND	C	0.07%	0.09%	0.07%
FOUR	B	0.24%	0.05%	0.05%
FR	D	0.04%	0.06%	0.04%
FRPT	B	0.18%	0.06%	0.06%
FSLR	F	0.33%	0.17%	0.17%
GAP	B	0.08%	0.04%	0.04%
GDDY	A	0.5%	0.21%	0.21%
GEN	B	0.36%	0.13%	0.13%
GLPI	C	0.08%	0.11%	0.08%
GME	C	0.1%	0.08%	0.08%
GMED	A	0.19%	0.08%	0.08%
GPK	C	0.08%	0.07%	0.07%
GPN	B	0.09%	0.24%	0.09%
GRMN	B	0.4%	0.27%	0.27%
GWRE	A	0.18%	0.13%	0.13%
GWW	B	0.28%	0.42%	0.28%
H	B	0.04%	0.06%	0.04%
HEI	B	0.44%	0.1%	0.1%
HEI	B	0.44%	0.14%	0.14%
HLI	B	0.19%	0.08%	0.08%
HLT	A	0.27%	0.5%	0.27%
HOOD	B	0.5%	0.18%	0.18%
HRB	D	0.16%	0.07%	0.07%
HUBB	B	0.26%	0.19%	0.19%
HWM	A	0.48%	0.37%	0.37%
IBKR	A	0.22%	0.16%	0.16%
INSP	D	0.1%	0.04%	0.04%
IR	B	0.17%	0.34%	0.17%
IRDM	D	0.02%	0.03%	0.02%
IRM	D	0.41%	0.28%	0.28%
IT	C	0.17%	0.32%	0.17%
ITCI	C	0.09%	0.07%	0.07%
ITT	A	0.17%	0.1%	0.1%
KD	B	0.05%	0.05%	0.05%
KEX	C	0.17%	0.06%	0.06%
KNSL	B	0.08%	0.08%	0.08%
LAMR	D	0.08%	0.09%	0.08%
LCID	F	0.03%	0.02%	0.02%
LII	A	0.35%	0.16%	0.16%
LITE	B	0.09%	0.05%	0.05%
LNW	D	0.04%	0.07%	0.04%
LOPE	B	0.05%	0.04%	0.04%
LPLA	A	0.11%	0.19%	0.11%
LVS	C	0.24%	0.14%	0.14%
LYFT	C	0.06%	0.05%	0.05%
LYV	A	0.41%	0.17%	0.17%
MANH	D	0.24%	0.14%	0.14%
MASI	A	0.05%	0.06%	0.05%
MEDP	D	0.04%	0.07%	0.04%
MKL	A	0.09%	0.18%	0.09%
MKTX	D	0.09%	0.08%	0.08%
MORN	B	0.04%	0.07%	0.04%
MPWR	F	0.11%	0.22%	0.11%
MSCI	C	0.08%	0.38%	0.08%
MSGS	A	0.09%	0.03%	0.03%
MSTR	C	0.19%	0.44%	0.19%
MTCH	D	0.1%	0.07%	0.07%
MTD	D	0.06%	0.21%	0.06%
NCLH	B	0.16%	0.09%	0.09%
NDAQ	A	0.27%	0.27%	0.27%
NEU	C	0.04%	0.03%	0.03%
NNN	D	0.04%	0.06%	0.04%
NRG	B	0.43%	0.16%	0.16%
NSA	D	0.06%	0.02%	0.02%
NTAP	C	0.24%	0.2%	0.2%
NTNX	A	0.05%	0.14%	0.05%
NTRA	B	0.25%	0.14%	0.14%
NTRS	A	0.41%	0.18%	0.18%
NYT	C	0.12%	0.07%	0.07%
O	D	0.15%	0.41%	0.15%
OHI	C	0.12%	0.08%	0.08%
OLLI	D	0.12%	0.05%	0.05%
OTIS	C	0.16%	0.33%	0.16%
OWL	A	0.05%	0.09%	0.05%
PAYC	B	0.05%	0.09%	0.05%
PAYX	C	0.09%	0.38%	0.09%
PCG	A	0.36%	0.37%	0.36%
PCTY	B	0.1%	0.07%	0.07%
PEG	A	0.34%	0.37%	0.34%
PEGA	A	0.19%	0.03%	0.03%
PLNT	A	0.15%	0.07%	0.07%
PLTR	B	0.69%	1.09%	0.69%
PODD	C	0.19%	0.15%	0.15%
PRI	A	0.14%	0.09%	0.09%
PSN	D	0.19%	0.04%	0.04%
PWR	A	0.46%	0.39%	0.39%
RARE	D	0.1%	0.03%	0.03%
RBC	A	0.04%	0.07%	0.04%
RBLX	C	0.39%	0.21%	0.21%
RCL	A	0.55%	0.45%	0.45%
REG	B	0.09%	0.11%	0.09%
RGLD	C	0.04%	0.08%	0.04%
RIVN	F	0.15%	0.07%	0.07%
RL	B	0.18%	0.07%	0.07%
RLI	B	0.09%	0.06%	0.06%
RMD	C	0.33%	0.28%	0.28%
RNG	B	0.08%	0.02%	0.02%
ROIV	C	0.04%	0.04%	0.04%
ROL	B	0.17%	0.12%	0.12%
ROST	C	0.16%	0.38%	0.16%
RYAN	B	0.13%	0.06%	0.06%
S	B	0.14%	0.06%	0.06%
SBAC	D	0.08%	0.2%	0.08%
SCI	B	0.14%	0.1%	0.1%
SMG	D	0.14%	0.03%	0.03%
SOFI	A	0.3%	0.12%	0.12%
SPG	B	0.18%	0.48%	0.18%
SSD	D	0.04%	0.06%	0.04%
TECH	D	0.03%	0.09%	0.03%
THC	D	0.39%	0.12%	0.12%
TKO	B	0.17%	0.08%	0.08%
TNL	A	0.06%	0.03%	0.03%
TOST	B	0.23%	0.15%	0.15%
TPG	A	0.19%	0.04%	0.04%
TPL	A	0.39%	0.21%	0.21%
TRGP	B	0.57%	0.35%	0.35%
TRMB	B	0.05%	0.14%	0.05%
TSCO	D	0.23%	0.24%	0.23%
TTD	B	0.26%	0.43%	0.26%
TTEK	F	0.18%	0.09%	0.09%
TW	A	0.13%	0.12%	0.12%
TXRH	C	0.18%	0.11%	0.11%
TYL	C	0.25%	0.21%	0.21%
U	C	0.03%	0.04%	0.03%
UDR	B	0.04%	0.12%	0.04%
URI	B	0.43%	0.46%	0.43%
UTHR	C	0.42%	0.13%	0.13%
VICI	C	0.16%	0.27%	0.16%
VLTO	D	0.23%	0.21%	0.21%
VRT	B	0.52%	0.36%	0.36%
VST	B	0.52%	0.4%	0.4%
VTR	C	0.42%	0.21%	0.21%
WAB	B	0.45%	0.28%	0.28%
WAT	B	0.08%	0.17%	0.08%
WEN	D	0.02%	0.03%	0.02%
WING	D	0.1%	0.08%	0.08%
WMB	A	0.21%	0.57%	0.21%
WSM	B	0.15%	0.14%	0.14%
WSO	A	0.26%	0.15%	0.15%
WTM	A	0.09%	0.04%	0.04%
WWD	B	0.12%	0.08%	0.08%
WYNN	D	0.12%	0.08%	0.08%
XYL	D	0.22%	0.24%	0.22%

FAD Overweight 399 Positions Relative to IWR

Symbol	Grade	Weight
DASH	A	0.51%
GS	A	0.5%
KKR	A	0.49%
TT	A	0.44%
AXP	A	0.44%
PGR	A	0.43%
FI	A	0.4%
TMUS	B	0.39%
NVDA	C	0.39%
JPM	A	0.39%
NOW	A	0.38%
PM	B	0.37%
ORCL	B	0.37%
MSI	B	0.37%
PH	A	0.37%
CEG	D	0.37%
BSX	B	0.36%
HCA	F	0.35%
COST	B	0.35%
CTAS	B	0.35%
ANET	C	0.33%
META	D	0.33%
CAT	B	0.33%
SHW	A	0.33%
IBM	C	0.32%
GE	D	0.32%
ERIE	D	0.32%
AVGO	D	0.32%
APO	B	0.32%
NEE	D	0.31%
TDG	D	0.3%
FTNT	C	0.29%
BKNG	A	0.29%
NFLX	A	0.29%
SFM	A	0.27%
ISRG	A	0.27%
WELL	A	0.26%
AX	A	0.26%
MCO	B	0.25%
PIPR	B	0.25%
TJX	A	0.25%
QTWO	A	0.25%
BRK.A	B	0.25%
HLNE	B	0.24%
CORT	B	0.24%
RDNT	B	0.24%
ECL	D	0.24%
RKLB	B	0.24%
SPGI	C	0.24%
SO	D	0.24%
ICE	C	0.24%
SFBS	B	0.24%
UBER	D	0.23%
PSA	D	0.23%
KTB	B	0.23%
CSWI	A	0.23%
CRS	A	0.23%
TSLA	B	0.22%
KNF	A	0.22%
ACIW	B	0.22%
MOG.A	B	0.22%
CL	D	0.22%
CVLT	B	0.22%
ITRI	B	0.22%
DY	D	0.21%
ENSG	D	0.21%
AMT	D	0.21%
IOT	A	0.21%
MOD	A	0.2%
AIT	A	0.2%
LTH	C	0.2%
ADSK	A	0.19%
FFIN	B	0.19%
MO	A	0.19%
HIMS	C	0.19%
PANW	C	0.19%
MAR	B	0.19%
EAT	A	0.19%
EXLS	B	0.19%
DELL	C	0.19%
MMSI	B	0.18%
RSG	A	0.18%
ORLY	B	0.18%
APH	A	0.18%
CRVL	A	0.18%
ETN	A	0.18%
SLG	B	0.18%
AMZN	C	0.18%
AAPL	C	0.17%
BOOT	D	0.17%
MMC	B	0.17%
AZO	C	0.17%
PAYO	A	0.17%
ANF	C	0.17%
ITGR	B	0.17%
AUR	C	0.17%
ROAD	A	0.16%
IDCC	B	0.16%
POWL	C	0.16%
IESC	B	0.16%
FSS	B	0.16%
MCD	D	0.16%
CBT	C	0.16%
BMI	B	0.16%
EPRT	B	0.16%
PRIM	A	0.16%
AVAV	D	0.16%
BCO	D	0.16%
CRDO	B	0.16%
TRUP	B	0.15%
KO	D	0.15%
AMGN	D	0.15%
GVA	A	0.15%
KAI	A	0.15%
LMND	B	0.15%
IBOC	A	0.15%
WWW	B	0.15%
TGTX	B	0.15%
STRL	B	0.15%
PI	D	0.14%
FTDR	A	0.14%
PRCT	B	0.14%
ZETA	D	0.14%
STEP	B	0.14%
WHD	B	0.14%
CNK	B	0.14%
LLY	F	0.14%
IBP	D	0.14%
ATGE	B	0.14%
PJT	A	0.14%
MCY	A	0.14%
USLM	A	0.14%
HOMB	A	0.14%
ONB	B	0.14%
LRN	A	0.14%
ENVA	B	0.14%
QCRH	A	0.14%
WULF	C	0.14%
LNTH	D	0.14%
TBBK	B	0.13%
BDC	B	0.13%
REVG	B	0.13%
ACLX	C	0.13%
GSHD	A	0.13%
AXSM	B	0.13%
BOX	B	0.13%
TRN	B	0.13%
VCYT	B	0.13%
CNS	B	0.13%
HASI	D	0.13%
RYTM	C	0.13%
CHEF	A	0.12%
HWKN	B	0.12%
ADMA	B	0.12%
NHC	C	0.12%
DSGR	D	0.12%
SKWD	A	0.12%
SLVM	B	0.12%
AMRX	C	0.12%
CALM	A	0.12%
SBRA	C	0.12%
HNI	B	0.12%
PBI	B	0.12%
SKYW	B	0.12%
HALO	F	0.12%
LMAT	A	0.11%
KYMR	D	0.11%
PTGX	C	0.11%
MWA	B	0.11%
OSW	A	0.11%
VRNS	D	0.11%
PRK	B	0.11%
NBHC	B	0.11%
PLMR	B	0.11%
PRM	C	0.11%
ALKT	B	0.11%
VCTR	B	0.11%
RNA	D	0.11%
INTA	A	0.11%
ALHC	C	0.11%
SYBT	B	0.11%
DORM	B	0.11%
INSM	C	0.11%
CWAN	B	0.11%
CDE	D	0.11%
AGIO	C	0.11%
PTON	B	0.11%
SATS	D	0.11%
SGBX	F	0.11%
OUT	A	0.1%
LFST	C	0.1%
AORT	B	0.1%
SMTC	B	0.1%
CRM	B	0.1%
CENX	B	0.1%
SABR	C	0.1%
RVMD	C	0.1%
CRWD	B	0.1%
CPRX	C	0.1%
CCOI	B	0.1%
PTCT	B	0.1%
JANX	C	0.1%
MIRM	B	0.1%
CRAI	B	0.1%
MNKD	C	0.1%
TGLS	B	0.1%
CHWY	B	0.1%
TMDX	F	0.09%
ORA	B	0.09%
IRT	A	0.09%
RHP	B	0.09%
WM	A	0.09%
MA	C	0.09%
GOOGL	C	0.09%
WDAY	B	0.09%
GKOS	B	0.09%
NMIH	D	0.09%
ADP	B	0.09%
SYK	C	0.09%
WTTR	B	0.09%
BCRX	D	0.09%
AON	A	0.09%
CWST	A	0.09%
OSCR	D	0.09%
VERX	B	0.09%
RUN	F	0.09%
YOU	D	0.09%
PRGS	A	0.09%
FBP	B	0.09%
NPAB	B	0.09%
BLBD	D	0.08%
UE	C	0.08%
MU	D	0.08%
HURN	B	0.08%
LIN	D	0.08%
CHCO	B	0.08%
OII	B	0.08%
KMB	D	0.08%
HRMY	D	0.08%
QCOM	F	0.08%
ESE	B	0.08%
SHAK	C	0.08%
MGNI	A	0.08%
VITL	D	0.08%
GERN	D	0.08%
BLKB	B	0.08%
PG	A	0.08%
CIFR	B	0.08%
BPMC	C	0.08%
CTRE	D	0.08%
BANF	B	0.08%
CAKE	C	0.08%
BGC	C	0.08%
WT	B	0.08%
APOG	B	0.08%
SITM	B	0.08%
VRTX	F	0.08%
GABC	B	0.08%
CARG	C	0.08%
SEMR	B	0.08%
BCPC	B	0.08%
CMG	B	0.08%
ASTH	D	0.08%
EQIX	A	0.08%
MBIN	D	0.08%
KRG	B	0.08%
UFPT	B	0.08%
ITW	B	0.08%
PMT	D	0.07%
KLAC	D	0.07%
CWT	D	0.07%
WRBY	B	0.07%
VRRM	D	0.07%
ESRT	C	0.07%
NRIX	D	0.07%
EXPO	D	0.07%
KN	B	0.07%
OSIS	B	0.07%
AAT	B	0.07%
COLL	F	0.07%
AZZ	B	0.07%
KTOS	B	0.07%
ZTS	D	0.07%
GFF	A	0.07%
IIPR	D	0.06%
MGEE	C	0.06%
DRVN	B	0.06%
GTLS	B	0.06%
AROC	B	0.06%
HEES	B	0.06%
ICFI	F	0.06%
BLFS	C	0.06%
HLIT	D	0.06%
CEIX	A	0.06%
CLSK	C	0.06%
FLNC	C	0.06%
ADUS	D	0.06%
ASPN	F	0.06%
KNTK	B	0.06%
IOVA	F	0.06%
DOCN	D	0.06%
AMPH	D	0.06%
BRC	D	0.06%
TWST	D	0.06%
NHI	D	0.06%
CMPR	D	0.05%
GTX	D	0.05%
AESI	B	0.05%
SXT	B	0.05%
JJSF	B	0.05%
IAS	C	0.05%
MARA	C	0.05%
UMH	C	0.05%
KW	B	0.05%
AIV	C	0.05%
SCS	C	0.05%
FCPT	C	0.05%
CDP	C	0.05%
SWI	B	0.05%
GATX	A	0.05%
TNDM	F	0.05%
OCUL	D	0.05%
GTY	B	0.05%
ARQT	C	0.05%
NEO	C	0.05%
NXRT	B	0.05%
CPK	A	0.05%
MAC	B	0.05%
WDFC	B	0.05%
ACVA	B	0.05%
SKT	B	0.05%
BANC	A	0.05%
GH	B	0.05%
AGM	C	0.05%
LGND	B	0.05%
SXI	B	0.05%
AGYS	A	0.05%
BKD	D	0.05%
LKFN	B	0.05%
EPAC	B	0.05%
CDRE	D	0.04%
HUMA	F	0.04%
MYGN	F	0.04%
PHR	F	0.04%
DNLI	D	0.04%
IPAR	B	0.04%
EVH	F	0.04%
ALX	D	0.04%
RXST	F	0.04%
ELME	D	0.04%
MAIN	A	0.04%
CRNX	C	0.04%
NVAX	F	0.04%
HLX	B	0.04%
ANIP	F	0.04%
GOLF	B	0.04%
MLNK	B	0.03%
PLAY	D	0.03%
APPN	B	0.03%
APAM	B	0.03%
SMPL	B	0.03%
ACAD	D	0.03%
CTS	C	0.03%
CARS	B	0.03%
WABC	B	0.03%
CBZ	B	0.03%
TDW	F	0.03%
SOUN	C	0.03%
PAR	B	0.03%
MIR	A	0.03%
TGI	B	0.03%
ARDX	F	0.03%
CLDX	F	0.02%
RLAY	F	0.02%
XPRO	F	0.02%
LPG	F	0.02%
VECO	F	0.02%
JAMF	F	0.02%
JOE	F	0.02%
GNL	F	0.02%
NSSC	D	0.02%
PZZA	D	0.02%
TNC	D	0.02%
FOLD	F	0.02%
ENVX	F	0.02%
RRR	D	0.02%
ARLO	C	0.02%
BXMT	C	0.02%
AMC	C	0.02%
BEAM	D	0.02%
FBRT	C	0.02%
AWR	B	0.02%
YELP	C	0.02%
THR	B	0.02%
STRA	C	0.02%
LTC	B	0.02%
TR	B	0.02%
BL	B	0.02%
CLB	B	0.02%

FAD Underweight 561 Positions Relative to IWR

Symbol	Grade	Weight
OKE	A	-0.53%
AFL	B	-0.51%
KMI	A	-0.44%
CMI	A	-0.41%
FIS	C	-0.41%
LNG	B	-0.4%
SQ	A	-0.39%
DHI	D	-0.39%
KVUE	A	-0.38%
PRU	A	-0.38%
LHX	C	-0.38%
AME	A	-0.37%
EA	A	-0.36%
DFS	B	-0.36%
ODFL	B	-0.35%
BKR	B	-0.35%
DAL	C	-0.34%
CBRE	B	-0.33%
COR	B	-0.33%
VRSK	A	-0.33%
LEN	D	-0.33%
FERG	B	-0.33%
HES	B	-0.33%
CTSH	B	-0.32%
KR	B	-0.32%
CTVA	C	-0.32%
XEL	A	-0.32%
EXC	C	-0.32%
GEHC	F	-0.31%
SYY	B	-0.31%
YUM	B	-0.31%
DDOG	A	-0.31%
HPQ	A	-0.3%
CHTR	C	-0.3%
VMC	B	-0.3%
IDXX	F	-0.29%
IQV	D	-0.29%
NUE	C	-0.29%
GIS	D	-0.29%
GLW	B	-0.29%
MTB	A	-0.29%
MLM	B	-0.29%
ED	D	-0.28%
DD	D	-0.28%
HIG	B	-0.28%
ROK	B	-0.27%
HUBS	A	-0.27%
HUM	C	-0.27%
FANG	D	-0.27%
MCHP	F	-0.27%
DOW	F	-0.26%
WEC	A	-0.26%
EBAY	D	-0.26%
VEEV	C	-0.26%
ETR	B	-0.26%
EIX	B	-0.26%
WTW	B	-0.26%
FITB	A	-0.26%
UAL	A	-0.25%
CNC	D	-0.25%
DXCM	D	-0.25%
RJF	A	-0.25%
TTWO	A	-0.25%
PPG	F	-0.24%
STT	A	-0.24%
CSGP	D	-0.24%
CAH	B	-0.24%
ANSS	B	-0.24%
HPE	B	-0.23%
EQR	B	-0.23%
ON	D	-0.23%
HAL	C	-0.22%
AWK	D	-0.22%
FTV	C	-0.22%
PHM	D	-0.22%
SW	A	-0.22%
NET	B	-0.22%
PPL	B	-0.21%
HSY	F	-0.21%
EQT	B	-0.21%
ADM	D	-0.21%
HBAN	A	-0.21%
SYF	B	-0.21%
NVR	D	-0.21%
TROW	B	-0.21%
KEYS	A	-0.21%
CDW	F	-0.2%
FE	C	-0.2%
DVN	F	-0.2%
RF	A	-0.2%
AEE	A	-0.2%
DTE	C	-0.2%
PTC	A	-0.19%
WY	D	-0.19%
WST	C	-0.19%
ZBH	C	-0.19%
BIIB	F	-0.19%
CINF	A	-0.19%
ZM	B	-0.18%
LYB	F	-0.18%
ILMN	D	-0.18%
EXE	B	-0.18%
STE	F	-0.18%
LDOS	C	-0.18%
ES	D	-0.18%
TDY	B	-0.18%
ATO	A	-0.18%
IFF	D	-0.18%
WBD	C	-0.18%
CMS	C	-0.17%
WDC	D	-0.17%
INVH	D	-0.17%
STLD	B	-0.17%
CLX	B	-0.17%
PKG	A	-0.17%
K	A	-0.17%
CFG	B	-0.17%
BLDR	D	-0.17%
CTRA	B	-0.16%
COO	D	-0.16%
LUV	C	-0.16%
CNP	B	-0.16%
ZBRA	B	-0.16%
MDB	C	-0.16%
LH	C	-0.16%
DRI	B	-0.16%
PFG	D	-0.16%
BBY	D	-0.16%
IP	B	-0.16%
RS	B	-0.15%
KEY	B	-0.15%
DGX	A	-0.15%
WRB	A	-0.15%
HOLX	D	-0.15%
TSN	B	-0.15%
ARE	D	-0.15%
MAA	B	-0.15%
FDS	B	-0.15%
SNA	A	-0.15%
ZS	C	-0.15%
TRU	D	-0.15%
MKC	D	-0.15%
BALL	D	-0.15%
OMC	C	-0.15%
NI	A	-0.14%
KIM	A	-0.14%
TWLO	A	-0.14%
DG	F	-0.14%
XPO	B	-0.14%
OC	A	-0.14%
ALGN	F	-0.14%
FWONK	B	-0.14%
EXPD	D	-0.14%
PINS	D	-0.14%
GPC	D	-0.14%
MOH	F	-0.14%
RPM	A	-0.14%
IEX	B	-0.14%
MAS	D	-0.14%
J	F	-0.14%
PNR	A	-0.14%
ULTA	F	-0.14%
VTRS	A	-0.13%
FNF	B	-0.13%
RGA	A	-0.13%
VRSN	F	-0.13%
SUI	D	-0.13%
TOL	B	-0.13%
LNT	A	-0.13%
SSNC	B	-0.13%
AVY	D	-0.13%
CF	B	-0.13%
TXT	D	-0.13%
EG	C	-0.13%
MRO	B	-0.13%
TER	D	-0.13%
BAX	D	-0.13%
AVTR	F	-0.12%
EQH	B	-0.12%
JBL	B	-0.12%
EVRG	A	-0.12%
APTV	D	-0.12%
NDSN	B	-0.12%
ACM	B	-0.12%
DOC	D	-0.12%
AMCR	D	-0.12%
ENTG	D	-0.12%
USFD	A	-0.12%
PSTG	D	-0.12%
DPZ	C	-0.12%
JBHT	C	-0.12%
L	A	-0.12%
GGG	B	-0.12%
PFGC	B	-0.11%
CHRW	C	-0.11%
JEF	A	-0.11%
DLTR	F	-0.11%
EPAM	C	-0.11%
ELS	C	-0.11%
SWK	D	-0.11%
TPR	B	-0.11%
AKAM	D	-0.11%
RNR	C	-0.11%
SWKS	F	-0.11%
POOL	C	-0.11%
RVTY	F	-0.11%
SAIA	B	-0.11%
BJ	A	-0.1%
OVV	B	-0.1%
Z	A	-0.1%
UHS	D	-0.1%
UNM	A	-0.1%
NBIX	C	-0.1%
OKTA	C	-0.1%
EMN	D	-0.1%
JNPR	F	-0.1%
NVT	B	-0.1%
BMRN	D	-0.1%
FTI	A	-0.1%
HST	C	-0.1%
INCY	C	-0.1%
WPC	D	-0.1%
ALB	C	-0.1%
KMX	B	-0.1%
BXP	D	-0.1%
JLL	D	-0.1%
JKHY	D	-0.1%
CAG	D	-0.1%
BG	F	-0.1%
AMH	D	-0.1%
WBS	A	-0.09%
PNW	B	-0.09%
FOXA	B	-0.09%
CCK	C	-0.09%
GNRC	B	-0.09%
CTLT	B	-0.09%
CAVA	B	-0.09%
EVR	B	-0.09%
LW	C	-0.09%
NWSA	B	-0.09%
TAP	C	-0.09%
SJM	D	-0.09%
CG	A	-0.09%
AA	B	-0.09%
FHN	A	-0.09%
RRX	B	-0.09%
LECO	B	-0.09%
AIZ	A	-0.09%
SF	B	-0.09%
TFX	F	-0.08%
FBIN	D	-0.08%
TPX	B	-0.08%
SMCI	F	-0.08%
WMS	D	-0.08%
INGR	B	-0.08%
ORI	A	-0.08%
SOLV	C	-0.08%
FRT	B	-0.08%
SRPT	D	-0.08%
PNFP	B	-0.08%
AAL	B	-0.08%
CRL	C	-0.08%
CNH	C	-0.08%
DOX	D	-0.08%
CIEN	B	-0.08%
PR	B	-0.08%
GL	B	-0.08%
WTRG	B	-0.08%
WAL	B	-0.08%
LBRDK	C	-0.08%
ARMK	B	-0.08%
MUSA	A	-0.08%
NLY	C	-0.08%
AFG	A	-0.08%
ALLY	C	-0.08%
LKQ	D	-0.08%
RPRX	D	-0.08%
LAD	A	-0.08%
IPG	D	-0.08%
CHRD	D	-0.07%
RRC	B	-0.07%
ACI	C	-0.07%
X	C	-0.07%
SEIC	B	-0.07%
CZR	F	-0.07%
SKX	D	-0.07%
SNV	B	-0.07%
APG	B	-0.07%
CE	F	-0.07%
APA	D	-0.07%
VOYA	B	-0.07%
CPB	D	-0.07%
MOS	F	-0.07%
HRL	D	-0.07%
MTZ	B	-0.07%
TTC	D	-0.07%
CR	A	-0.07%
GLOB	B	-0.07%
WTFC	A	-0.07%
ZION	B	-0.07%
OGE	B	-0.07%
FYBR	D	-0.07%
HAS	D	-0.07%
BILL	A	-0.07%
CMA	A	-0.07%
MGM	D	-0.07%
SNX	C	-0.07%
ROKU	D	-0.07%
KNX	B	-0.07%
PEN	B	-0.07%
HSIC	B	-0.07%
AR	B	-0.07%
WCC	B	-0.07%
EXAS	D	-0.07%
REXR	F	-0.07%
MTN	C	-0.06%
CFLT	B	-0.06%
SN	D	-0.06%
LSCC	D	-0.06%
AXS	A	-0.06%
MTDR	B	-0.06%
VMI	B	-0.06%
FMC	D	-0.06%
DAR	C	-0.06%
ALK	C	-0.06%
CGNX	C	-0.06%
BPOP	B	-0.06%
MTSI	B	-0.06%
R	B	-0.06%
GXO	B	-0.06%
RGEN	D	-0.06%
GNTX	C	-0.06%
VFC	C	-0.06%
ESTC	C	-0.06%
MKSI	C	-0.06%
GTLB	B	-0.06%
BBWI	D	-0.06%
OSK	B	-0.06%
VNO	B	-0.06%
LPX	B	-0.06%
MIDD	C	-0.06%
CART	C	-0.06%
WEX	D	-0.06%
PCOR	B	-0.06%
PB	A	-0.06%
TREX	C	-0.06%
MHK	D	-0.06%
WH	B	-0.06%
SMAR	A	-0.06%
RHI	B	-0.06%
JAZZ	B	-0.06%
OLED	D	-0.06%
HII	D	-0.06%
BERY	B	-0.06%
ONTO	D	-0.06%
KBR	F	-0.06%
BWA	D	-0.06%
G	B	-0.06%
ENPH	F	-0.06%
RITM	C	-0.05%
VVV	F	-0.05%
PATH	C	-0.05%
NFG	A	-0.05%
THO	B	-0.05%
PVH	C	-0.05%
FOX	A	-0.05%
JHG	A	-0.05%
ETSY	D	-0.05%
AGCO	D	-0.05%
THG	A	-0.05%
VNT	B	-0.05%
AMG	B	-0.05%
LFUS	F	-0.05%
FNB	A	-0.05%
WFRD	D	-0.05%
IDA	A	-0.05%
WHR	B	-0.05%
LAZ	B	-0.05%
WBA	F	-0.05%
STWD	C	-0.05%
ARW	D	-0.05%
UHAL	D	-0.05%
BEN	C	-0.05%
BIO	D	-0.05%
QRVO	F	-0.05%
COLD	D	-0.05%
SITE	D	-0.05%
OMF	A	-0.05%
SIRI	C	-0.05%
SAIC	F	-0.05%
MAT	D	-0.05%
NOV	C	-0.05%
MSA	D	-0.05%
WSC	D	-0.05%
MTG	C	-0.05%
IVZ	B	-0.05%
PARA	C	-0.05%
COLB	A	-0.05%
LSTR	D	-0.05%
BSY	D	-0.05%
ELF	C	-0.05%
FAF	A	-0.05%
STAG	F	-0.05%
HR	C	-0.05%
DINO	D	-0.05%
AZPN	A	-0.05%
M	D	-0.04%
KMPR	B	-0.04%
RYN	D	-0.04%
SLGN	A	-0.04%
CELH	F	-0.04%
KRC	C	-0.04%
SEE	C	-0.04%
CUZ	B	-0.04%
RH	B	-0.04%
AGO	B	-0.04%
FIVE	F	-0.04%
ST	F	-0.04%
HCP	B	-0.04%
AVT	C	-0.04%
HXL	D	-0.04%
OLN	D	-0.04%
TKR	D	-0.04%
SON	D	-0.04%
BYD	C	-0.04%
NXST	C	-0.04%
UGI	A	-0.04%
AL	B	-0.04%
BROS	B	-0.04%
CIVI	D	-0.04%
OZK	B	-0.04%
VNOM	A	-0.04%
VKTX	F	-0.04%
POST	C	-0.04%
SLM	A	-0.04%
LNC	B	-0.04%
CLF	F	-0.04%
CCCS	B	-0.04%
LEA	D	-0.04%
IONS	F	-0.04%
BC	C	-0.04%
AMTM	D	-0.03%
BHF	B	-0.03%
PENN	C	-0.03%
VAC	B	-0.03%
ZI	D	-0.03%
HUN	F	-0.03%
YETI	C	-0.03%
NCNO	B	-0.03%
ZG	A	-0.03%
HIW	D	-0.03%
PII	D	-0.03%
ACHC	F	-0.03%
FHB	A	-0.03%
IAC	D	-0.03%
NVST	B	-0.03%
SPR	D	-0.03%
W	F	-0.03%
NWS	A	-0.03%
NWL	B	-0.03%
PRGO	B	-0.03%
DNB	B	-0.03%
XRAY	F	-0.03%
MDU	D	-0.03%
DXC	B	-0.03%
MSM	C	-0.03%
ASH	D	-0.03%
OGN	D	-0.03%
LINE	F	-0.03%
HOG	D	-0.03%
FLO	D	-0.03%
GFS	C	-0.03%
GTES	A	-0.03%
AN	C	-0.03%
DLB	B	-0.03%
WLK	D	-0.03%
VSTS	C	-0.02%
CRI	D	-0.02%
UAA	C	-0.02%
ALAB	B	-0.02%
RKT	F	-0.02%
QDEL	F	-0.02%
LBTYK	A	-0.02%
INFA	D	-0.02%
LBTYA	A	-0.02%
IPGP	D	-0.02%
KSS	F	-0.02%
SHC	F	-0.02%
PPC	C	-0.02%
ADT	C	-0.02%
RCM	F	-0.02%
AAP	C	-0.02%
HAYW	B	-0.02%
CWEN	C	-0.02%
JWN	C	-0.02%
PINC	B	-0.02%
ALGM	D	-0.02%
CPRI	F	-0.02%
SPB	C	-0.02%
MP	B	-0.02%
HHH	B	-0.02%
ENOV	C	-0.02%
MPW	F	-0.02%
AGR	B	-0.02%
BOKF	B	-0.02%
WU	D	-0.02%
CXT	B	-0.02%
APLS	D	-0.02%
COTY	F	-0.02%
CACC	D	-0.02%
DV	C	-0.02%
FIVN	C	-0.02%
TDC	D	-0.02%
SAM	C	-0.02%
COLM	B	-0.02%
VIRT	B	-0.02%
CC	C	-0.02%
AMKR	D	-0.02%
ECG	C	-0.02%
AMED	F	-0.02%
MAN	D	-0.02%
PAG	B	-0.02%
SNRE	D	-0.02%
LLYVK	A	-0.02%
PK	B	-0.02%
UWMC	D	-0.01%
PLTK	B	-0.01%
SEB	F	-0.01%
TFSL	A	-0.01%
WOLF	F	-0.01%
LOAR	A	-0.01%
CWEN	C	-0.01%
CNA	B	-0.01%
AS	B	-0.01%
CERT	F	-0.01%
PYCR	C	-0.01%
DDS	B	-0.01%
LLYVA	A	-0.01%
UI	A	-0.01%
TXG	F	-0.01%
SNDR	B	-0.01%
REYN	D	-0.01%
TRIP	F	-0.01%
LBRDA	C	-0.01%
LEG	F	-0.01%
DJT	C	-0.01%
GO	C	-0.01%
QS	F	-0.01%
CAR	C	-0.01%
FTRE	D	-0.01%
FWONA	B	-0.01%
UA	B	-0.01%
CLVT	F	-0.01%
LEN	D	-0.01%
BIRK	D	-0.01%
CNXC	F	-0.01%
PARAA	B	-0.0%
SEG	B	-0.0%
GRAL	C	-0.0%
UHAL	D	-0.0%
NFE	D	-0.0%