FAD vs. MFUS ETF Comparison

Comparison of First Trust MuFirst Trust Multi CG AlphaDEX (FAD) to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS)

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

$132.96

Average Daily Volume

5,073

Number of Holdings ^*

641

* may have additional holdings in another (foreign) market

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

$50.42

Average Daily Volume

7,688

Number of Holdings ^*

809

* may have additional holdings in another (foreign) market

Performance

Period	FAD	MFUS
30 Days	3.79%	2.56%
60 Days	6.02%	4.48%
90 Days	8.31%	6.34%
12 Months	32.98%	31.81%

258 Overlapping Holdings

Symbol	Grade	Weight in FAD	Weight in MFUS	Overlap
AAPL	C	0.18%	0.97%	0.18%
ACA	B	0.14%	0.02%	0.02%
ADBE	F	0.16%	0.04%	0.04%
ADC	C	0.1%	0.01%	0.01%
ADP	C	0.19%	0.1%	0.1%
ADSK	B	0.09%	0.08%	0.08%
AES	C	0.05%	0.02%	0.02%
AJG	D	0.36%	0.14%	0.14%
ALNY	C	0.19%	0.07%	0.07%
ALSN	B	0.25%	0.09%	0.09%
AMAT	D	0.27%	0.59%	0.27%
AMGN	D	0.36%	1.01%	0.36%
AMH	D	0.09%	0.04%	0.04%
AMWD	C	0.03%	0.01%	0.01%
AMZN	C	0.33%	1.6%	0.33%
ANET	C	0.46%	0.14%	0.14%
ANF	D	0.16%	0.24%	0.16%
AON	B	0.1%	0.23%	0.1%
AOS	B	0.08%	0.1%	0.08%
APG	F	0.15%	0.02%	0.02%
APH	C	0.32%	0.11%	0.11%
APP	C	0.31%	0.05%	0.05%
ARES	B	0.28%	0.08%	0.08%
ARMK	B	0.18%	0.01%	0.01%
AROC	D	0.12%	0.04%	0.04%
ATGE	C	0.13%	0.05%	0.05%
ATI	C	0.24%	0.05%	0.05%
ATR	B	0.18%	0.08%	0.08%
AVB	C	0.19%	0.03%	0.03%
AVGO	C	0.36%	1.68%	0.36%
AWI	B	0.19%	0.03%	0.03%
AXTA	B	0.13%	0.02%	0.02%
AZO	B	0.25%	0.29%	0.25%
BAH	B	0.43%	0.15%	0.15%
BFAM	C	0.21%	0.03%	0.03%
BK	B	0.5%	0.17%	0.17%
BKNG	B	0.43%	0.36%	0.36%
BLD	C	0.09%	0.04%	0.04%
BR	C	0.26%	0.16%	0.16%
BRC	B	0.11%	0.01%	0.01%
BRO	C	0.38%	0.11%	0.11%
BSX	B	0.36%	0.2%	0.2%
BWXT	A	0.18%	0.09%	0.09%
CASY	D	0.2%	0.15%	0.15%
CAT	B	0.37%	0.2%	0.2%
CBT	B	0.2%	0.05%	0.05%
CCL	C	0.34%	0.02%	0.02%
CEG	C	0.53%	0.13%	0.13%
CFR	C	0.14%	0.01%	0.01%
CHD	C	0.17%	0.07%	0.07%
CHE	C	0.04%	0.06%	0.04%
CL	C	0.35%	0.41%	0.35%
CLH	C	0.23%	0.04%	0.04%
CMG	D	0.39%	0.2%	0.2%
CNM	F	0.11%	0.01%	0.01%
CNS	B	0.05%	0.01%	0.01%
COKE	C	0.25%	0.03%	0.03%
COST	C	0.45%	1.36%	0.45%
CPAY	B	0.09%	0.03%	0.03%
CPRT	D	0.08%	0.08%	0.08%
CPT	C	0.1%	0.06%	0.06%
CRS	C	0.17%	0.1%	0.1%
CSL	B	0.36%	0.02%	0.02%
CTAS	C	0.28%	0.19%	0.19%
CUBE	C	0.05%	0.05%	0.05%
CVLT	B	0.21%	0.04%	0.04%
CW	B	0.25%	0.1%	0.1%
DASH	B	0.1%	0.09%	0.09%
DBRG	D	0.02%	0.04%	0.02%
DCI	C	0.12%	0.04%	0.04%
DECK	C	0.4%	0.15%	0.15%
DLR	B	0.26%	0.08%	0.08%
DPZ	D	0.27%	0.13%	0.13%
DRH	C	0.05%	0.03%	0.03%
DRI	C	0.09%	0.03%	0.03%
DVA	B	0.24%	0.17%	0.17%
DY	C	0.14%	0.01%	0.01%
EA	D	0.17%	0.16%	0.16%
ECL	B	0.36%	0.08%	0.08%
EME	B	0.24%	0.04%	0.04%
ERIE	B	0.49%	0.06%	0.06%
ESAB	C	0.14%	0.01%	0.01%
ESS	C	0.19%	0.02%	0.02%
EXEL	C	0.14%	0.04%	0.04%
EXP	B	0.11%	0.06%	0.06%
FCN	C	0.17%	0.06%	0.06%
FCNCA	D	0.48%	0.05%	0.05%
FELE	B	0.04%	0.01%	0.01%
FFIV	B	0.1%	0.06%	0.06%
FICO	B	0.43%	0.21%	0.21%
FIX	B	0.26%	0.05%	0.05%
GATX	D	0.13%	0.04%	0.04%
GBX	D	0.1%	0.03%	0.03%
GDDY	C	0.47%	0.1%	0.1%
GE	C	0.49%	0.61%	0.49%
GIII	D	0.08%	0.01%	0.01%
GNTX	D	0.11%	0.05%	0.05%
GOLF	F	0.12%	0.01%	0.01%
GPK	C	0.09%	0.08%	0.08%
GVA	B	0.15%	0.04%	0.04%
GWRE	B	0.21%	0.02%	0.02%
GWW	B	0.19%	0.19%	0.19%
H	B	0.2%	0.01%	0.01%
HAE	D	0.08%	0.02%	0.02%
HCC	D	0.15%	0.07%	0.07%
HD	B	0.09%	0.6%	0.09%
HEI	C	0.5%	0.04%	0.04%
HLT	B	0.43%	0.09%	0.09%
HOOD	C	0.2%	0.03%	0.03%
HRB	C	0.24%	0.08%	0.08%
HST	D	0.08%	0.02%	0.02%
HUBB	B	0.19%	0.03%	0.03%
HWM	B	0.53%	0.15%	0.15%
HXL	F	0.04%	0.03%	0.03%
IBKR	B	0.23%	0.05%	0.05%
IBM	B	0.21%	1.14%	0.21%
IDCC	B	0.11%	0.01%	0.01%
INGR	B	0.14%	0.06%	0.06%
INVH	D	0.17%	0.04%	0.04%
IOSP	F	0.06%	0.01%	0.01%
IR	B	0.36%	0.08%	0.08%
IRM	C	0.55%	0.12%	0.12%
ISRG	C	0.37%	0.23%	0.23%
IT	C	0.19%	0.14%	0.14%
ITT	B	0.19%	0.08%	0.08%
JKHY	B	0.04%	0.1%	0.04%
JPM	D	0.43%	0.88%	0.43%
JWN	C	0.1%	0.04%	0.04%
KD	F	0.18%	0.04%	0.04%
KKR	B	0.52%	0.14%	0.14%
KLAC	D	0.31%	0.28%	0.28%
KO	B	0.19%	1.16%	0.19%
KTB	B	0.19%	0.05%	0.05%
LADR	D	0.05%	0.01%	0.01%
LAMR	B	0.14%	0.05%	0.05%
LAUR	C	0.11%	0.01%	0.01%
LII	C	0.48%	0.22%	0.22%
LLY	D	0.42%	2.87%	0.42%
LNW	F	0.22%	0.02%	0.02%
LOPE	D	0.17%	0.04%	0.04%
LPLA	D	0.33%	0.05%	0.05%
LRCX	D	0.24%	0.19%	0.19%
LW	D	0.06%	0.03%	0.03%
MA	B	0.09%	0.27%	0.09%
MAC	B	0.09%	0.04%	0.04%
MANH	B	0.28%	0.04%	0.04%
MAR	B	0.33%	0.04%	0.04%
MAS	B	0.1%	0.06%	0.06%
MCO	C	0.28%	0.12%	0.12%
META	B	0.46%	2.37%	0.46%
MKSI	F	0.14%	0.01%	0.01%
MLM	D	0.17%	0.07%	0.07%
MMC	C	0.26%	0.19%	0.19%
MMM	B	0.44%	0.63%	0.44%
MO	C	0.19%	0.66%	0.19%
MOG.A	B	0.25%	0.04%	0.04%
MORN	C	0.13%	0.03%	0.03%
MPWR	B	0.26%	0.1%	0.1%
MSA	D	0.12%	0.03%	0.03%
MSI	B	0.39%	0.18%	0.18%
MTD	C	0.17%	0.1%	0.1%
MUSA	D	0.22%	0.15%	0.15%
NBIX	F	0.07%	0.04%	0.04%
NEU	D	0.04%	0.03%	0.03%
NFLX	B	0.35%	0.46%	0.35%
NNN	B	0.05%	0.01%	0.01%
NOW	C	0.29%	0.31%	0.29%
NTAP	D	0.4%	0.1%	0.1%
NTRS	C	0.36%	0.03%	0.03%
NVDA	C	0.39%	1.64%	0.39%
NVR	B	0.21%	0.1%	0.1%
NYT	B	0.18%	0.04%	0.04%
OHI	C	0.15%	0.02%	0.02%
ORA	B	0.09%	0.02%	0.02%
ORCL	B	0.39%	1.38%	0.39%
ORLY	B	0.26%	0.19%	0.19%
OSIS	C	0.07%	0.02%	0.02%
OTIS	B	0.24%	0.08%	0.08%
OUT	B	0.06%	0.01%	0.01%
PANW	D	0.34%	0.22%	0.22%
PAYX	C	0.09%	0.04%	0.04%
PEP	D	0.08%	0.77%	0.08%
PG	C	0.18%	1.04%	0.18%
PH	B	0.3%	0.13%	0.13%
PHM	B	0.32%	0.11%	0.11%
PK	D	0.07%	0.06%	0.06%
PLTR	C	0.36%	0.14%	0.14%
PM	C	0.29%	0.83%	0.29%
PMT	C	0.1%	0.02%	0.02%
POST	B	0.23%	0.05%	0.05%
PPL	A	0.2%	0.04%	0.04%
PSN	B	0.25%	0.02%	0.02%
PSTG	F	0.32%	0.04%	0.04%
PTC	C	0.08%	0.04%	0.04%
PWR	B	0.48%	0.11%	0.11%
RBC	B	0.05%	0.01%	0.01%
RCL	B	0.46%	0.08%	0.08%
RGLD	C	0.05%	0.04%	0.04%
RKT	C	0.03%	0.01%	0.01%
RL	B	0.17%	0.03%	0.03%
RLI	B	0.13%	0.03%	0.03%
RMD	C	0.1%	0.17%	0.1%
ROL	C	0.25%	0.07%	0.07%
ROP	C	0.16%	0.06%	0.06%
RPM	B	0.09%	0.12%	0.09%
RSG	D	0.35%	0.13%	0.13%
SAM	D	0.07%	0.02%	0.02%
SATS	C	0.17%	0.02%	0.02%
SCS	D	0.09%	0.01%	0.01%
SFM	B	0.27%	0.2%	0.2%
SHO	C	0.05%	0.01%	0.01%
SHW	B	0.1%	0.22%	0.1%
SKYW	C	0.12%	0.05%	0.05%
SLB	F	0.07%	0.01%	0.01%
SLG	C	0.12%	0.08%	0.08%
SMCI	F	0.14%	0.14%	0.14%
SMG	B	0.06%	0.04%	0.04%
SO	B	0.19%	0.13%	0.13%
SPG	B	0.09%	0.16%	0.09%
SPGI	C	0.09%	0.27%	0.09%
SPR	D	0.1%	0.01%	0.01%
STE	B	0.18%	0.08%	0.08%
STZ	C	0.08%	0.06%	0.06%
TDG	B	0.37%	0.17%	0.17%
TDS	B	0.13%	0.04%	0.04%
TJX	C	0.44%	0.38%	0.38%
TMUS	B	0.28%	0.38%	0.28%
TNET	F	0.08%	0.01%	0.01%
TOL	A	0.22%	0.06%	0.06%
TPX	B	0.05%	0.03%	0.03%
TRN	C	0.13%	0.04%	0.04%
TTEK	C	0.23%	0.02%	0.02%
TTWO	D	0.08%	0.06%	0.06%
TW	B	0.19%	0.05%	0.05%
TXN	B	0.08%	0.3%	0.08%
TXRH	B	0.21%	0.06%	0.06%
TYL	C	0.28%	0.08%	0.08%
UBER	C	0.34%	0.23%	0.23%
UDR	C	0.09%	0.03%	0.03%
URI	B	0.41%	0.09%	0.09%
V	C	0.09%	0.28%	0.09%
VC	F	0.02%	0.03%	0.02%
VNT	F	0.07%	0.01%	0.01%
VRSK	D	0.16%	0.17%	0.16%
VRTX	D	0.33%	0.22%	0.22%
VST	B	0.54%	0.21%	0.21%
WAB	B	0.47%	0.05%	0.05%
WELL	C	0.2%	0.11%	0.11%
WEN	C	0.04%	0.05%	0.04%
WM	D	0.24%	0.26%	0.24%
WMB	C	0.26%	0.08%	0.08%
WMS	D	0.08%	0.02%	0.02%
WSM	C	0.18%	0.21%	0.18%
WSO	C	0.26%	0.2%	0.2%
WWD	C	0.2%	0.01%	0.01%
XPO	D	0.17%	0.03%	0.03%
XYL	C	0.24%	0.12%	0.12%
YELP	D	0.04%	0.02%	0.02%

FAD Overweight 383 Positions Relative to MFUS

Symbol	Grade	Weight
TT	B	0.49%
VRT	C	0.46%
GRMN	D	0.45%
APO	B	0.44%
STX	B	0.43%
GOOGL	D	0.37%
NTNX	D	0.36%
ETN	C	0.35%
ROST	C	0.34%
DAL	C	0.33%
CRWD	D	0.32%
EXPE	C	0.28%
CVNA	B	0.28%
SMMT	D	0.27%
FSLR	C	0.27%
LYV	A	0.27%
MOD	C	0.26%
ENSG	D	0.25%
MSFT	C	0.24%
INTU	D	0.24%
BCO	B	0.23%
ITGR	C	0.23%
LNTH	D	0.23%
HALO	D	0.23%
PINS	D	0.23%
AVAV	C	0.23%
PCAR	D	0.23%
NTRA	C	0.23%
RIVN	F	0.22%
SFBS	C	0.22%
CDNS	D	0.22%
DDOG	D	0.22%
INSM	D	0.22%
TOST	C	0.22%
FRPT	C	0.22%
AXON	B	0.22%
SNPS	F	0.21%
WING	C	0.21%
KNF	C	0.21%
NXPI	D	0.21%
ADMA	C	0.21%
OLLI	C	0.21%
TPL	C	0.21%
PODD	C	0.2%
ZETA	C	0.2%
MGM	D	0.2%
AAON	B	0.2%
TKO	A	0.19%
PEGA	B	0.19%
AIT	B	0.19%
BMI	B	0.19%
GKOS	C	0.18%
POWL	B	0.18%
SYK	C	0.18%
MEDP	F	0.18%
FSS	D	0.18%
RYAN	C	0.18%
PRI	B	0.18%
TTD	B	0.18%
ALHC	C	0.17%
OSCR	D	0.17%
AM	B	0.17%
CRM	C	0.17%
DKNG	C	0.17%
PRCT	C	0.16%
QTWO	C	0.16%
HWKN	B	0.16%
PI	B	0.16%
MTSI	C	0.16%
PTGX	C	0.16%
APPF	C	0.16%
HON	C	0.16%
IESC	B	0.16%
DUOL	C	0.16%
AMD	C	0.16%
WFRD	F	0.16%
CHDN	D	0.16%
SRPT	F	0.16%
HLNE	B	0.16%
ADI	C	0.16%
SMAR	A	0.15%
IBP	C	0.15%
SMTC	C	0.15%
STRL	C	0.15%
SNAP	D	0.15%
PJT	B	0.15%
ONTO	C	0.15%
HAS	B	0.15%
ACIW	B	0.15%
HQY	C	0.15%
CNK	C	0.15%
ZS	F	0.15%
ROAD	C	0.15%
EPRT	B	0.15%
CRVL	B	0.15%
USLM	B	0.15%
RVMD	C	0.14%
OKTA	F	0.14%
STWD	B	0.14%
SPNT	D	0.14%
BPMC	F	0.14%
PLNT	C	0.14%
NCLH	B	0.14%
IRT	C	0.14%
AXSM	C	0.14%
KAI	C	0.14%
SGBX	F	0.14%
WHD	D	0.14%
LRN	B	0.14%
RDNT	B	0.14%
MMSI	C	0.14%
VRNS	B	0.14%
EXLS	B	0.14%
FOUR	C	0.14%
CORT	B	0.13%
TMDX	C	0.13%
AGIO	D	0.13%
VRRM	D	0.13%
AMRX	C	0.13%
ITRI	C	0.13%
OSW	C	0.13%
CSWI	B	0.13%
ALKT	D	0.13%
OWL	B	0.13%
BRBR	B	0.13%
TDW	F	0.13%
FTDR	B	0.13%
TBBK	C	0.13%
MIRM	D	0.13%
KRYS	D	0.12%
KYMR	C	0.12%
BKD	D	0.12%
ALTR	C	0.12%
ACLS	F	0.12%
NHI	C	0.12%
GERN	D	0.12%
IOT	C	0.12%
AFRM	D	0.12%
EEFT	F	0.12%
CWST	D	0.12%
AZZ	C	0.12%
OLED	D	0.12%
UFPT	D	0.12%
HURN	C	0.11%
LMAT	B	0.11%
MBIN	D	0.11%
TNDM	D	0.11%
SKWD	B	0.11%
IONS	F	0.11%
PR	F	0.11%
ICFI	C	0.11%
TWST	D	0.11%
ELF	F	0.11%
WYNN	C	0.11%
ESTC	F	0.11%
KTOS	B	0.11%
PLMR	C	0.11%
CEIX	C	0.11%
COLL	C	0.11%
PTCT	C	0.11%
TRU	B	0.11%
ZWS	B	0.1%
ALKS	D	0.1%
EXPO	B	0.1%
HRI	C	0.1%
PFGC	B	0.1%
HIMS	D	0.1%
AGYS	D	0.1%
SOFI	D	0.1%
TPG	C	0.1%
KNSL	D	0.1%
GRBK	B	0.1%
VERX	D	0.1%
RXST	D	0.1%
HLX	D	0.1%
EPAC	B	0.1%
GFF	C	0.1%
MYGN	D	0.1%
WRBY	C	0.09%
RYTM	C	0.09%
SBRA	C	0.09%
CBZ	F	0.09%
IIPR	B	0.09%
BCRX	D	0.09%
FLNC	C	0.09%
DSGR	B	0.09%
LIN	B	0.09%
CRDO	D	0.09%
SYBT	C	0.09%
AKR	B	0.09%
MSTR	C	0.09%
MSGS	B	0.09%
CHH	B	0.09%
AZEK	C	0.09%
CAL	F	0.09%
ITCI	D	0.09%
BLKB	C	0.09%
CPRX	C	0.09%
CMPR	F	0.09%
TGLS	B	0.09%
BCPC	C	0.09%
BOWL	D	0.09%
ARDX	D	0.09%
S	D	0.09%
TNL	C	0.09%
NSSC	F	0.08%
LKFN	D	0.08%
AEIS	D	0.08%
MRUS	D	0.08%
ROK	D	0.08%
LVS	C	0.08%
CDRE	C	0.08%
SMPL	D	0.08%
LPG	F	0.08%
CHCO	D	0.08%
ACVA	C	0.08%
BROS	D	0.08%
CARG	C	0.08%
KNTK	C	0.08%
UE	C	0.08%
INSW	C	0.08%
AESI	D	0.08%
VMC	C	0.08%
HASI	C	0.08%
ESRT	C	0.08%
SHAK	C	0.08%
WMG	D	0.08%
PAR	D	0.08%
YOU	B	0.08%
NSA	C	0.08%
AME	C	0.08%
MRVL	D	0.08%
NET	D	0.08%
CARS	F	0.08%
BANF	C	0.08%
ANIP	F	0.07%
TNC	D	0.07%
MARA	D	0.07%
GBDC	C	0.07%
VGR	C	0.07%
ENTG	D	0.07%
DFH	C	0.07%
THR	F	0.07%
INFA	D	0.07%
MGNI	D	0.07%
FORM	F	0.07%
BA	F	0.07%
GPOR	C	0.07%
ENV	C	0.07%
MIR	C	0.07%
DOCS	B	0.07%
AGM	D	0.07%
WABC	D	0.07%
HUBS	D	0.07%
JJSF	B	0.07%
PRGS	A	0.07%
FIZZ	D	0.07%
LYFT	D	0.07%
OTTR	F	0.07%
SWI	B	0.07%
RKLB	C	0.07%
ALX	B	0.07%
JBI	F	0.06%
SKT	B	0.06%
IVT	D	0.06%
GH	F	0.06%
ESE	B	0.06%
SHC	C	0.06%
PDFS	D	0.06%
FA	B	0.06%
SABR	C	0.06%
CTRE	C	0.06%
EW	F	0.06%
NABL	F	0.06%
HRMY	B	0.06%
TGI	F	0.06%
SITM	B	0.06%
AMR	D	0.06%
EVH	D	0.06%
VECO	F	0.06%
DOCU	C	0.05%
RHP	C	0.05%
EGP	C	0.05%
RRR	D	0.05%
WTS	C	0.05%
SSD	C	0.05%
OPCH	C	0.05%
CELH	F	0.05%
DOC	B	0.05%
REG	C	0.05%
VCEL	F	0.05%
WDFC	C	0.05%
PEB	D	0.05%
EPR	C	0.05%
WEX	C	0.05%
TR	C	0.05%
KRG	C	0.05%
FOR	D	0.05%
ALLE	B	0.05%
BRX	C	0.05%
PRVA	F	0.05%
LTC	C	0.05%
BOX	C	0.05%
GIC	D	0.05%
HEES	D	0.05%
MLNK	D	0.05%
CLDX	F	0.05%
ENVX	F	0.05%
SXI	C	0.05%
JOE	D	0.05%
EXTR	C	0.05%
CCOI	C	0.05%
AIV	C	0.05%
CRNX	D	0.05%
IRTC	F	0.05%
CFLT	F	0.05%
PCOR	D	0.04%
VCYT	C	0.04%
RUN	D	0.04%
XMTR	D	0.04%
PDFS	D	0.04%
TENB	F	0.04%
SAIA	D	0.04%
TRIP	F	0.04%
NCNO	F	0.04%
RAMP	F	0.04%
AGL	F	0.04%
ZUO	F	0.04%
FWRG	F	0.04%
ALRM	F	0.04%
BE	F	0.04%
YETI	D	0.04%
IPAR	D	0.04%
NOVA	D	0.04%
WSC	D	0.04%
TECH	C	0.04%
AMC	F	0.04%
ETWO	D	0.04%
RNG	F	0.03%
CNMD	D	0.03%
PHR	F	0.03%
KW	C	0.03%
JAMF	D	0.03%
NEO	F	0.03%
IAS	D	0.03%
BANC	C	0.03%
DRVN	C	0.03%
AWR	C	0.03%
CLSK	F	0.03%
DOCN	C	0.03%
FCPT	C	0.03%
MGEE	C	0.03%
UMH	C	0.03%
DNLI	C	0.03%
TGTX	C	0.03%
INTA	C	0.03%
ALGM	D	0.03%
CWAN	C	0.03%
CIVI	F	0.03%
MYRG	F	0.03%
BASE	F	0.02%
CXM	F	0.02%
AI	F	0.02%
PLAY	D	0.02%
WNC	F	0.02%
NARI	F	0.02%
CTKB	F	0.02%
MCW	F	0.02%
GTX	D	0.02%
PLAB	D	0.02%
UPWK	D	0.02%
MTRN	D	0.02%
EVTC	D	0.02%
NTST	D	0.02%
UEC	D	0.02%
ROCK	D	0.02%
ALG	D	0.02%
WINA	C	0.02%
BEAM	F	0.02%
PLYM	D	0.02%
LMND	F	0.02%
PGNY	F	0.02%
RES	D	0.02%

FAD Underweight 551 Positions Relative to MFUS

Symbol	Grade	Weight
BRK.A	C	-2.37%
WMT	B	-1.68%
ABBV	B	-1.56%
JNJ	C	-1.28%
VZ	A	-1.11%
MRK	F	-1.0%
LMT	A	-0.82%
QCOM	D	-0.8%
UNH	C	-0.79%
GILD	B	-0.79%
TGT	C	-0.77%
T	B	-0.74%
WFC	D	-0.73%
CVS	D	-0.71%
PFE	D	-0.64%
C	C	-0.63%
CSCO	B	-0.61%
PGR	C	-0.6%
MCD	B	-0.55%
UNP	D	-0.54%
MCK	F	-0.5%
REGN	D	-0.49%
XOM	D	-0.42%
BAC	D	-0.39%
EBAY	B	-0.38%
NOC	B	-0.38%
KR	B	-0.37%
MPC	F	-0.36%
CVX	F	-0.36%
BMY	C	-0.36%
GS	B	-0.35%
LOW	B	-0.34%
AIG	D	-0.34%
TMO	B	-0.33%
MET	B	-0.32%
GM	C	-0.32%
HCA	B	-0.3%
ICE	C	-0.3%
HPQ	C	-0.29%
THC	C	-0.29%
DHR	B	-0.28%
ALL	C	-0.26%
MDLZ	C	-0.26%
CHTR	D	-0.25%
UPS	D	-0.25%
ADM	D	-0.25%
NEE	B	-0.25%
SYF	C	-0.24%
GD	C	-0.24%
COF	B	-0.24%
CAH	C	-0.24%
PRU	C	-0.23%
RTX	B	-0.23%
BBY	A	-0.23%
PSX	F	-0.23%
LHX	C	-0.23%
ACN	C	-0.23%
NEM	C	-0.22%
AFL	A	-0.22%
AXP	B	-0.21%
TRV	C	-0.2%
ELV	D	-0.2%
GIS	B	-0.2%
INTC	D	-0.19%
GLW	B	-0.19%
LYB	D	-0.18%
MS	B	-0.18%
KMB	C	-0.18%
UTHR	B	-0.18%
CB	B	-0.17%
BLK	B	-0.17%
CMCSA	C	-0.16%
VLO	F	-0.16%
KHC	C	-0.16%
AMT	C	-0.16%
TSN	D	-0.16%
CI	C	-0.15%
F	F	-0.15%
K	A	-0.15%
MU	D	-0.15%
CHRW	B	-0.14%
CME	B	-0.14%
DUK	B	-0.14%
CMI	B	-0.13%
EXR	C	-0.13%
EFX	C	-0.13%
SYY	C	-0.13%
VTRS	D	-0.13%
JNPR	A	-0.13%
TSCO	B	-0.12%
YUM	B	-0.12%
BDX	D	-0.12%
AMP	B	-0.12%
CLX	C	-0.12%
PNC	C	-0.11%
DD	B	-0.11%
CSX	C	-0.11%
LDOS	A	-0.11%
BX	C	-0.11%
EVR	B	-0.11%
WBA	F	-0.11%
FAST	C	-0.11%
PYPL	B	-0.11%
USB	C	-0.1%
DG	F	-0.1%
ITW	B	-0.1%
WTW	B	-0.1%
FOXA	B	-0.1%
AVY	C	-0.1%
HPE	C	-0.1%
PSA	C	-0.1%
DGX	B	-0.09%
AEO	D	-0.09%
AEP	C	-0.09%
OKE	C	-0.09%
GPI	B	-0.09%
DKS	D	-0.09%
TRGP	C	-0.09%
LSTR	D	-0.09%
EHC	B	-0.09%
KMI	C	-0.09%
TMHC	B	-0.09%
JXN	B	-0.09%
EXPD	B	-0.09%
SBUX	C	-0.09%
CACI	B	-0.09%
LPX	B	-0.08%
EQH	C	-0.08%
SRE	B	-0.08%
BIIB	F	-0.08%
TAP	D	-0.08%
IP	C	-0.08%
TFC	D	-0.08%
CCI	C	-0.08%
AIZ	B	-0.08%
BALL	C	-0.08%
GEHC	B	-0.08%
IEX	C	-0.08%
TROW	C	-0.08%
AYI	B	-0.08%
DFS	C	-0.08%
WDC	C	-0.08%
NUE	D	-0.08%
KDP	B	-0.08%
NSC	C	-0.07%
NSIT	C	-0.07%
COP	F	-0.07%
BKR	C	-0.07%
R	C	-0.07%
TTC	F	-0.07%
UFPI	C	-0.07%
AN	C	-0.07%
PKG	B	-0.07%
MTH	C	-0.07%
NKE	D	-0.07%
VNO	B	-0.07%
BCC	C	-0.07%
MLI	B	-0.07%
WU	C	-0.07%
MNST	D	-0.07%
GLPI	C	-0.07%
WCC	C	-0.07%
FIS	C	-0.07%
LEN	B	-0.07%
EXC	B	-0.07%
THO	C	-0.07%
EMR	D	-0.07%
NRG	B	-0.07%
D	C	-0.07%
POOL	C	-0.07%
UHS	C	-0.07%
DHI	C	-0.07%
CALM	B	-0.07%
SEIC	B	-0.07%
HLI	C	-0.07%
ABG	D	-0.07%
CNC	D	-0.06%
ZTS	B	-0.06%
SEE	C	-0.06%
BC	C	-0.06%
CNX	B	-0.06%
HSY	D	-0.06%
L	D	-0.06%
COIN	F	-0.06%
JLL	B	-0.06%
HIG	B	-0.06%
AMG	C	-0.06%
FTNT	B	-0.06%
TPH	C	-0.06%
ED	B	-0.06%
BERY	B	-0.06%
IDXX	D	-0.06%
JCI	B	-0.06%
RGA	C	-0.06%
PEG	B	-0.06%
OMC	B	-0.06%
CRI	D	-0.06%
MKC	C	-0.06%
MMS	B	-0.06%
O	B	-0.06%
MSCI	C	-0.06%
CCK	B	-0.06%
SCI	C	-0.06%
MSM	D	-0.06%
ARW	B	-0.05%
MHO	B	-0.05%
NDSN	C	-0.05%
NFG	B	-0.05%
CBRE	B	-0.05%
NDAQ	C	-0.05%
URBN	F	-0.05%
PPG	C	-0.05%
FANG	F	-0.05%
CAG	B	-0.05%
VLTO	B	-0.05%
HBI	A	-0.05%
GNRC	D	-0.05%
SLGN	B	-0.05%
USFD	C	-0.05%
CPB	C	-0.05%
COOP	C	-0.05%
G	C	-0.05%
SQ	D	-0.05%
SEB	D	-0.05%
VIRT	C	-0.05%
ANSS	D	-0.05%
WAT	B	-0.05%
BAX	C	-0.05%
LUMN	C	-0.05%
TEX	F	-0.05%
MTN	D	-0.05%
ALLY	F	-0.05%
NXST	D	-0.05%
BTU	C	-0.05%
OGN	D	-0.05%
A	C	-0.05%
EIX	B	-0.05%
LECO	D	-0.05%
GAP	F	-0.05%
CARR	B	-0.05%
SUI	C	-0.05%
CMC	D	-0.05%
SLM	C	-0.05%
LANC	F	-0.04%
KBH	C	-0.04%
AVTR	C	-0.04%
UNM	B	-0.04%
BHF	F	-0.04%
AVT	B	-0.04%
IFF	A	-0.04%
TER	C	-0.04%
CDW	D	-0.04%
BDC	B	-0.04%
WTM	F	-0.04%
JHG	B	-0.04%
ES	B	-0.04%
NWSA	D	-0.04%
ASO	D	-0.04%
EQR	C	-0.04%
CMA	C	-0.04%
CTVA	B	-0.04%
FDS	C	-0.04%
COLD	D	-0.04%
STLD	C	-0.04%
SLVM	C	-0.04%
SON	D	-0.04%
ELS	D	-0.04%
HUBG	C	-0.04%
CPNG	B	-0.04%
UHAL	B	-0.04%
FITB	B	-0.04%
FLEX	B	-0.04%
TKR	C	-0.04%
FLO	C	-0.04%
VRSN	C	-0.04%
TGNA	C	-0.04%
FTI	D	-0.04%
ULTA	D	-0.04%
CRBG	C	-0.04%
SCHW	D	-0.04%
VTR	C	-0.04%
ABM	D	-0.04%
CNO	C	-0.04%
AGNC	B	-0.04%
CE	D	-0.04%
RS	D	-0.04%
ETR	A	-0.04%
OLN	D	-0.04%
FL	F	-0.04%
EMN	B	-0.04%
SRCL	B	-0.04%
BLDR	C	-0.04%
THG	C	-0.04%
AR	C	-0.04%
CRUS	D	-0.04%
WST	D	-0.04%
SJM	C	-0.04%
IPG	C	-0.04%
SIG	C	-0.04%
BKE	B	-0.03%
APAM	C	-0.03%
MTG	B	-0.03%
FHI	B	-0.03%
PLXS	B	-0.03%
KSS	D	-0.03%
THS	C	-0.03%
LNC	C	-0.03%
STC	C	-0.03%
LZB	C	-0.03%
RYN	C	-0.03%
UNF	B	-0.03%
DELL	C	-0.03%
WHR	C	-0.03%
ADNT	D	-0.03%
MRO	D	-0.03%
HOG	C	-0.03%
XRAY	D	-0.03%
JBL	C	-0.03%
FNF	B	-0.03%
DLTR	F	-0.03%
AKAM	D	-0.03%
HBAN	B	-0.03%
DK	F	-0.03%
SBAC	C	-0.03%
BKU	D	-0.03%
DDS	D	-0.03%
MASI	C	-0.03%
OI	D	-0.03%
GMS	C	-0.03%
COHR	C	-0.03%
APLE	C	-0.03%
MATX	B	-0.03%
BURL	C	-0.03%
WPC	C	-0.03%
X	F	-0.03%
PRG	C	-0.03%
GNW	C	-0.03%
MC	C	-0.03%
HII	F	-0.03%
MTB	C	-0.03%
WH	B	-0.03%
GGG	C	-0.03%
SM	F	-0.03%
RPRX	C	-0.03%
MAN	C	-0.03%
TFX	B	-0.03%
OSK	F	-0.03%
AVA	B	-0.03%
MDU	B	-0.03%
CMS	B	-0.03%
IVZ	B	-0.03%
HOLX	D	-0.03%
ACM	B	-0.03%
BJ	D	-0.03%
HSIC	C	-0.03%
AMKR	F	-0.03%
CFG	D	-0.03%
DOX	C	-0.03%
SHOO	B	-0.03%
RUSHA	C	-0.03%
GEO	F	-0.03%
PRIM	B	-0.03%
SEM	D	-0.03%
FE	B	-0.03%
SANM	D	-0.03%
KEX	C	-0.02%
TDC	D	-0.02%
GES	F	-0.02%
BHE	C	-0.02%
PHIN	C	-0.02%
DAN	D	-0.02%
CWEN	A	-0.02%
LAD	B	-0.02%
KIM	C	-0.02%
FR	C	-0.02%
ALGN	D	-0.02%
DNOW	F	-0.02%
EVRG	B	-0.02%
WAL	B	-0.02%
SSNC	C	-0.02%
ATO	B	-0.02%
BEN	F	-0.02%
ODFL	D	-0.02%
CROX	C	-0.02%
NWL	C	-0.02%
VSCO	C	-0.02%
HP	F	-0.02%
VFC	B	-0.02%
LXP	C	-0.02%
JBLU	C	-0.02%
ODP	F	-0.02%
EWBC	C	-0.02%
HNI	C	-0.02%
SNDR	B	-0.02%
APOG	B	-0.02%
LEG	D	-0.02%
VSH	F	-0.02%
PNR	B	-0.02%
BXP	C	-0.02%
DORM	C	-0.02%
ANDE	D	-0.02%
RHI	D	-0.02%
ZBRA	B	-0.02%
OC	C	-0.02%
M	F	-0.02%
NAVI	D	-0.02%
DTE	A	-0.02%
HRL	F	-0.02%
VVV	D	-0.02%
MCY	C	-0.02%
LNT	A	-0.02%
DOV	B	-0.02%
CC	D	-0.02%
CINF	C	-0.02%
EPC	F	-0.02%
MAA	C	-0.02%
BRKR	D	-0.02%
NSP	F	-0.02%
AGCO	D	-0.02%
NI	B	-0.02%
VSTO	C	-0.02%
NTCT	C	-0.02%
DOW	C	-0.02%
RLJ	D	-0.02%
GHC	B	-0.02%
SXT	B	-0.02%
MKTX	D	-0.02%
DLB	D	-0.02%
KBR	D	-0.02%
XHR	B	-0.02%
CXW	F	-0.02%
PBF	F	-0.02%
PVH	D	-0.02%
AIR	D	-0.02%
SKX	C	-0.02%
SBH	B	-0.02%
GMED	D	-0.02%
CTLT	B	-0.02%
KMPR	D	-0.02%
GEF	C	-0.02%
PFSI	C	-0.02%
JBHT	D	-0.02%
KEY	C	-0.02%
PINC	D	-0.02%
RRC	D	-0.02%
FAF	B	-0.02%
PAG	D	-0.02%
WRB	D	-0.02%
LBRDK	C	-0.02%
JEF	C	-0.02%
OMF	D	-0.02%
PDCO	F	-0.02%
WERN	C	-0.02%
PNM	B	-0.02%
CG	C	-0.02%
HUN	C	-0.01%
AAP	F	-0.01%
KNX	C	-0.01%
NOV	F	-0.01%
SCL	D	-0.01%
UHAL	B	-0.01%
DINO	F	-0.01%
PARA	D	-0.01%
MLKN	F	-0.01%
ARCH	D	-0.01%
CACC	F	-0.01%
KALU	D	-0.01%
ACI	F	-0.01%
ECPG	D	-0.01%
ELAN	D	-0.01%
QRVO	F	-0.01%
SSB	C	-0.01%
UVV	D	-0.01%
ARI	F	-0.01%
HTH	D	-0.01%
IGT	D	-0.01%
WGO	D	-0.01%
PB	D	-0.01%
ESI	C	-0.01%
UAL	B	-0.01%
CNXN	B	-0.01%
ALEX	C	-0.01%
RDN	D	-0.01%
FDP	C	-0.01%
IMKTA	D	-0.01%
WOR	F	-0.01%
SVC	F	-0.01%
PNW	C	-0.01%
SR	B	-0.01%
PPC	D	-0.01%
UGI	B	-0.01%
CLF	F	-0.01%
TPR	A	-0.01%
SWX	C	-0.01%
MOS	F	-0.01%
SIGI	D	-0.01%
WAFD	D	-0.01%
CENTA	F	-0.01%
PECO	C	-0.01%
INCY	C	-0.01%
FHN	D	-0.01%
AMED	D	-0.01%
JBGS	C	-0.01%
PFG	B	-0.01%
FLR	D	-0.01%
WMK	D	-0.01%
SPB	B	-0.01%
JELD	D	-0.01%
CBSH	D	-0.01%
WTFC	C	-0.01%
CADE	C	-0.01%
ONB	D	-0.01%
XRX	D	-0.01%
DTM	C	-0.01%
DXC	D	-0.01%
STRA	F	-0.01%
SAIC	C	-0.01%
CSGS	C	-0.01%
TTMI	D	-0.01%
KN	D	-0.01%
BBWI	D	-0.01%
CPRI	D	-0.01%
CR	B	-0.01%
LEA	D	-0.01%
WBS	C	-0.01%
CVI	F	-0.01%
OMI	D	-0.01%
SF	B	-0.01%
NNI	C	-0.01%
ZION	D	-0.01%
GME	D	-0.01%
MHK	B	-0.01%
DEI	B	-0.01%
SAH	D	-0.01%
SNV	D	-0.01%
REZI	D	-0.01%
PTEN	F	-0.01%
ICUI	C	-0.01%
MUR	F	-0.01%
HE	F	-0.01%
GT	F	-0.01%
AA	C	-0.01%
FYBR	C	-0.01%
PSMT	B	-0.01%
ESNT	B	-0.01%
BWA	C	-0.01%
RF	B	-0.01%
BMRN	F	-0.01%
SCCO	C	-0.0%
NOMD	C	-0.0%
WOLF	F	-0.0%