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

$148.28

Average Daily Volume

4,276

Number of Holdings ^*

640

* 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

$51.86

Average Daily Volume

5,422

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

Performance

Period	FAD	MFUS
30 Days	7.67%	1.40%
60 Days	10.52%	3.06%
90 Days	13.20%	4.64%
12 Months	42.08%	31.57%

272 Overlapping Holdings

Symbol	Grade	Weight in FAD	Weight in MFUS	Overlap
A	D	0.07%	0.05%	0.05%
AAPL	C	0.17%	0.96%	0.17%
ADC	A	0.17%	0.01%	0.01%
ADP	A	0.09%	0.11%	0.09%
ADSK	A	0.19%	0.09%	0.09%
AES	F	0.09%	0.01%	0.01%
AGNC	C	0.08%	0.04%	0.04%
AJG	A	0.26%	0.16%	0.16%
ALL	A	0.44%	0.26%	0.26%
ALNY	D	0.29%	0.06%	0.06%
ALSN	B	0.25%	0.11%	0.11%
AMGN	F	0.15%	0.94%	0.15%
AMP	A	0.41%	0.18%	0.18%
AMT	C	0.21%	0.13%	0.13%
AMZN	C	0.18%	1.71%	0.18%
ANET	C	0.33%	0.14%	0.14%
ANF	F	0.17%	0.25%	0.17%
AON	A	0.09%	0.24%	0.09%
AOS	F	0.07%	0.08%	0.07%
APAM	B	0.03%	0.03%	0.03%
APH	A	0.18%	0.12%	0.12%
APOG	C	0.08%	0.02%	0.02%
APP	B	0.96%	0.11%	0.11%
ARES	A	0.18%	0.09%	0.09%
AROC	A	0.06%	0.04%	0.04%
ATGE	B	0.14%	0.06%	0.06%
ATI	C	0.18%	0.04%	0.04%
ATR	B	0.09%	0.08%	0.08%
AVB	B	0.08%	0.03%	0.03%
AVGO	D	0.32%	1.59%	0.32%
AWI	A	0.15%	0.04%	0.04%
AXP	A	0.44%	0.23%	0.23%
AXTA	B	0.09%	0.02%	0.02%
AYI	B	0.15%	0.1%	0.1%
AZO	C	0.17%	0.28%	0.17%
BAH	F	0.29%	0.15%	0.15%
BDC	C	0.13%	0.04%	0.04%
BFAM	D	0.16%	0.02%	0.02%
BK	A	0.46%	0.18%	0.18%
BKNG	A	0.29%	0.42%	0.29%
BLD	D	0.15%	0.03%	0.03%
BR	A	0.26%	0.17%	0.17%
BRC	D	0.06%	0.01%	0.01%
BRK.A	B	0.25%	2.42%	0.25%
BRKR	D	0.03%	0.02%	0.02%
BRO	B	0.36%	0.12%	0.12%
BSX	A	0.36%	0.2%	0.2%
BURL	B	0.44%	0.03%	0.03%
BWXT	B	0.15%	0.11%	0.11%
CACI	D	0.18%	0.09%	0.09%
CALM	A	0.12%	0.09%	0.09%
CASY	A	0.27%	0.16%	0.16%
CAT	B	0.33%	0.2%	0.2%
CBSH	B	0.1%	0.01%	0.01%
CBT	D	0.16%	0.05%	0.05%
CCI	C	0.07%	0.07%	0.07%
CCL	A	0.45%	0.02%	0.02%
CDP	C	0.05%	0.03%	0.03%
CEG	C	0.37%	0.11%	0.11%
CFR	B	0.1%	0.01%	0.01%
CHD	A	0.09%	0.07%	0.07%
CHE	D	0.04%	0.06%	0.04%
CL	D	0.22%	0.35%	0.22%
CLH	C	0.13%	0.04%	0.04%
CMG	B	0.08%	0.2%	0.08%
CNM	D	0.04%	0.01%	0.01%
CNS	B	0.13%	0.01%	0.01%
COHR	B	0.22%	0.03%	0.03%
COIN	C	0.31%	0.1%	0.1%
COKE	C	0.19%	0.03%	0.03%
COST	A	0.35%	1.35%	0.35%
CPAY	A	0.2%	0.03%	0.03%
CPNG	D	0.42%	0.04%	0.04%
CPT	B	0.08%	0.06%	0.06%
CROX	D	0.08%	0.01%	0.01%
CRS	B	0.23%	0.11%	0.11%
CRUS	D	0.1%	0.04%	0.04%
CSL	C	0.24%	0.02%	0.02%
CTAS	B	0.35%	0.19%	0.19%
CUBE	C	0.08%	0.04%	0.04%
CVLT	B	0.22%	0.04%	0.04%
CW	C	0.22%	0.11%	0.11%
DASH	B	0.51%	0.11%	0.11%
DCI	B	0.04%	0.04%	0.04%
DECK	A	0.27%	0.17%	0.17%
DELL	B	0.19%	0.03%	0.03%
DKS	D	0.12%	0.08%	0.08%
DLR	B	0.09%	0.09%	0.09%
DORM	B	0.11%	0.02%	0.02%
DOV	A	0.18%	0.04%	0.04%
DTM	A	0.11%	0.01%	0.01%
DVA	C	0.2%	0.16%	0.16%
DY	D	0.21%	0.01%	0.01%
ECL	D	0.24%	0.08%	0.08%
EFX	F	0.21%	0.11%	0.11%
EHC	B	0.17%	0.09%	0.09%
ELAN	D	0.04%	0.01%	0.01%
EME	A	0.49%	0.04%	0.04%
ERIE	D	0.32%	0.04%	0.04%
ESAB	C	0.1%	0.01%	0.01%
ESI	B	0.04%	0.01%	0.01%
ESS	B	0.08%	0.04%	0.04%
EWBC	A	0.21%	0.02%	0.02%
EXEL	B	0.22%	0.05%	0.05%
EXP	B	0.17%	0.07%	0.07%
EXR	C	0.15%	0.11%	0.11%
FAST	B	0.09%	0.13%	0.09%
FCN	F	0.07%	0.05%	0.05%
FCNCA	A	0.4%	0.06%	0.06%
FFIV	B	0.14%	0.06%	0.06%
FI	A	0.4%	0.19%	0.19%
FICO	B	0.49%	0.25%	0.25%
FIX	A	0.24%	0.06%	0.06%
FR	D	0.04%	0.01%	0.01%
FTNT	C	0.29%	0.07%	0.07%
GAP	C	0.08%	0.06%	0.06%
GATX	A	0.05%	0.04%	0.04%
GDDY	A	0.5%	0.12%	0.12%
GE	D	0.32%	0.56%	0.32%
GEN	B	0.36%	0.11%	0.11%
GLPI	C	0.08%	0.07%	0.07%
GME	C	0.1%	0.02%	0.02%
GMED	A	0.19%	0.03%	0.03%
GOLF	B	0.04%	0.01%	0.01%
GPK	C	0.08%	0.08%	0.08%
GS	A	0.5%	0.41%	0.41%
GVA	A	0.15%	0.05%	0.05%
GWRE	A	0.18%	0.02%	0.02%
GWW	B	0.28%	0.21%	0.21%
H	B	0.04%	0.01%	0.01%
HCA	F	0.35%	0.25%	0.25%
HEI	A	0.44%	0.04%	0.04%
HLI	A	0.19%	0.08%	0.08%
HLT	A	0.27%	0.1%	0.1%
HNI	B	0.12%	0.02%	0.02%
HOOD	B	0.5%	0.04%	0.04%
HRB	D	0.16%	0.08%	0.08%
HUBB	B	0.26%	0.03%	0.03%
HWM	A	0.48%	0.17%	0.17%
IBKR	A	0.22%	0.06%	0.06%
IBM	C	0.32%	1.05%	0.32%
ICE	C	0.24%	0.29%	0.24%
IDCC	B	0.16%	0.01%	0.01%
IR	B	0.17%	0.09%	0.09%
IRM	C	0.41%	0.12%	0.12%
ISRG	A	0.27%	0.29%	0.27%
IT	C	0.17%	0.15%	0.15%
ITT	A	0.17%	0.08%	0.08%
ITW	B	0.08%	0.1%	0.08%
JPM	A	0.39%	0.99%	0.39%
KD	B	0.05%	0.05%	0.05%
KEX	B	0.17%	0.02%	0.02%
KKR	A	0.49%	0.15%	0.15%
KLAC	F	0.07%	0.23%	0.07%
KMB	C	0.08%	0.16%	0.08%
KN	B	0.07%	0.01%	0.01%
KO	D	0.15%	1.0%	0.15%
KTB	B	0.23%	0.06%	0.06%
LAMR	C	0.08%	0.05%	0.05%
LII	A	0.35%	0.21%	0.21%
LLY	F	0.14%	2.39%	0.14%
LNW	F	0.04%	0.02%	0.02%
LOPE	C	0.05%	0.05%	0.05%
LPLA	A	0.11%	0.07%	0.07%
MA	B	0.09%	0.28%	0.09%
MAC	B	0.05%	0.04%	0.04%
MANH	D	0.24%	0.03%	0.03%
MAR	A	0.19%	0.04%	0.04%
MASI	B	0.05%	0.03%	0.03%
MCD	D	0.16%	0.53%	0.16%
MCO	B	0.25%	0.15%	0.15%
MCY	A	0.14%	0.02%	0.02%
META	D	0.33%	2.35%	0.33%
MKTX	D	0.09%	0.02%	0.02%
MMC	B	0.17%	0.2%	0.17%
MO	A	0.19%	0.73%	0.19%
MOG.A	B	0.22%	0.05%	0.05%
MORN	B	0.04%	0.03%	0.03%
MPWR	F	0.11%	0.06%	0.06%
MSCI	C	0.08%	0.07%	0.07%
MSI	B	0.37%	0.2%	0.2%
MTD	F	0.06%	0.08%	0.06%
MU	D	0.08%	0.16%	0.08%
NDAQ	A	0.27%	0.05%	0.05%
NEE	C	0.31%	0.22%	0.22%
NEU	D	0.04%	0.02%	0.02%
NFLX	A	0.29%	0.52%	0.29%
NNN	C	0.04%	0.01%	0.01%
NOW	A	0.38%	0.36%	0.36%
NRG	B	0.43%	0.07%	0.07%
NTAP	C	0.24%	0.1%	0.1%
NTRS	A	0.41%	0.03%	0.03%
NVDA	B	0.39%	1.9%	0.39%
NYT	D	0.12%	0.03%	0.03%
O	C	0.15%	0.05%	0.05%
OHI	C	0.12%	0.02%	0.02%
ONB	C	0.14%	0.01%	0.01%
ORA	B	0.09%	0.02%	0.02%
ORCL	A	0.37%	1.52%	0.37%
ORLY	B	0.18%	0.2%	0.18%
OSIS	A	0.07%	0.02%	0.02%
OTIS	C	0.16%	0.07%	0.07%
OUT	A	0.1%	0.01%	0.01%
PANW	B	0.19%	0.25%	0.19%
PAYX	B	0.09%	0.04%	0.04%
PEG	A	0.34%	0.06%	0.06%
PG	C	0.08%	1.01%	0.08%
PGR	A	0.43%	0.59%	0.43%
PH	A	0.37%	0.14%	0.14%
PLTR	B	0.69%	0.23%	0.23%
PM	B	0.37%	0.87%	0.37%
PMT	C	0.07%	0.02%	0.02%
PRIM	A	0.16%	0.05%	0.05%
PSA	C	0.23%	0.09%	0.09%
PSN	D	0.19%	0.02%	0.02%
PWR	A	0.46%	0.12%	0.12%
QCOM	F	0.08%	0.77%	0.08%
RBC	A	0.04%	0.01%	0.01%
RCL	A	0.55%	0.1%	0.1%
RGLD	C	0.04%	0.04%	0.04%
RL	C	0.18%	0.03%	0.03%
RLI	A	0.09%	0.03%	0.03%
RMD	C	0.33%	0.16%	0.16%
ROL	B	0.17%	0.07%	0.07%
RSG	A	0.18%	0.13%	0.13%
SATS	D	0.11%	0.01%	0.01%
SBAC	D	0.08%	0.03%	0.03%
SCI	B	0.14%	0.07%	0.07%
SCS	C	0.05%	0.01%	0.01%
SFM	A	0.27%	0.25%	0.25%
SHW	B	0.33%	0.22%	0.22%
SKYW	C	0.12%	0.07%	0.07%
SLG	B	0.18%	0.08%	0.08%
SLVM	B	0.12%	0.04%	0.04%
SMG	C	0.14%	0.04%	0.04%
SO	C	0.24%	0.13%	0.13%
SPG	A	0.18%	0.16%	0.16%
SPGI	C	0.24%	0.29%	0.24%
STRA	C	0.02%	0.01%	0.01%
SXT	C	0.05%	0.02%	0.02%
TDG	D	0.3%	0.15%	0.15%
THC	D	0.39%	0.28%	0.28%
TJX	A	0.25%	0.37%	0.25%
TMUS	B	0.39%	0.43%	0.39%
TRGP	A	0.57%	0.11%	0.11%
TRN	B	0.13%	0.04%	0.04%
TSCO	D	0.23%	0.11%	0.11%
TTEK	F	0.18%	0.01%	0.01%
TW	A	0.13%	0.06%	0.06%
TXRH	B	0.18%	0.06%	0.06%
TYL	B	0.25%	0.08%	0.08%
UBER	F	0.23%	0.21%	0.21%
UDR	B	0.04%	0.03%	0.03%
URI	C	0.43%	0.09%	0.09%
UTHR	C	0.42%	0.19%	0.19%
VLTO	C	0.23%	0.04%	0.04%
VRTX	D	0.08%	0.22%	0.08%
VST	A	0.52%	0.23%	0.23%
VTR	B	0.42%	0.04%	0.04%
WAB	B	0.45%	0.05%	0.05%
WAT	C	0.08%	0.05%	0.05%
WELL	A	0.26%	0.12%	0.12%
WEN	D	0.02%	0.05%	0.02%
WM	B	0.09%	0.28%	0.09%
WMB	A	0.21%	0.1%	0.1%
WSM	C	0.15%	0.18%	0.15%
WSO	A	0.26%	0.17%	0.17%
WTM	A	0.09%	0.04%	0.04%
WWD	C	0.12%	0.01%	0.01%
XYL	D	0.22%	0.1%	0.1%
YELP	C	0.02%	0.02%	0.02%
ZTS	D	0.07%	0.05%	0.05%

FAD Overweight 368 Positions Relative to MFUS

Symbol	Grade	Weight
AXON	A	0.63%
CVNA	B	0.59%
VRT	B	0.52%
EXPE	B	0.51%
TT	A	0.44%
LYV	A	0.41%
GRMN	B	0.4%
RBLX	C	0.39%
TPL	A	0.39%
ACGL	C	0.37%
PCG	A	0.36%
FSLR	F	0.33%
AFRM	A	0.32%
APO	B	0.32%
SOFI	B	0.3%
TTD	B	0.26%
AX	B	0.26%
PIPR	A	0.25%
QTWO	A	0.25%
NTRA	A	0.25%
FOUR	A	0.24%
HLNE	B	0.24%
CORT	B	0.24%
RDNT	B	0.24%
RKLB	A	0.24%
LVS	B	0.24%
SFBS	C	0.24%
DUOL	A	0.23%
CSWI	B	0.23%
TOST	B	0.23%
TSLA	B	0.22%
KNF	B	0.22%
ACIW	B	0.22%
ITRI	C	0.22%
ENSG	C	0.21%
IOT	A	0.21%
MOD	A	0.2%
AIT	B	0.2%
AAON	B	0.2%
LTH	C	0.2%
FFIN	B	0.19%
PODD	C	0.19%
MSTR	B	0.19%
HIMS	B	0.19%
TPG	A	0.19%
EAT	A	0.19%
EXLS	B	0.19%
PEGA	B	0.19%
MMSI	A	0.18%
CRVL	B	0.18%
ETN	A	0.18%
FRPT	A	0.18%
BOOT	C	0.17%
TKO	A	0.17%
CBOE	C	0.17%
PAYO	A	0.17%
ITGR	B	0.17%
AUR	C	0.17%
ROAD	B	0.16%
POWL	C	0.16%
DOCU	B	0.16%
ROST	D	0.16%
NCLH	B	0.16%
IESC	C	0.16%
FSS	B	0.16%
VICI	C	0.16%
BMI	B	0.16%
EPRT	B	0.16%
AVAV	C	0.16%
BCO	F	0.16%
CRDO	B	0.16%
TRUP	B	0.15%
KAI	B	0.15%
LMND	B	0.15%
IBOC	B	0.15%
PLNT	A	0.15%
WWW	A	0.15%
BRBR	A	0.15%
RIVN	F	0.15%
TGTX	B	0.15%
STRL	A	0.15%
PI	D	0.14%
FTDR	B	0.14%
PRCT	B	0.14%
ZETA	D	0.14%
STEP	C	0.14%
WHD	B	0.14%
CNK	C	0.14%
S	B	0.14%
IBP	D	0.14%
PJT	A	0.14%
USLM	A	0.14%
HOMB	A	0.14%
PRI	B	0.14%
LRN	A	0.14%
ENVA	B	0.14%
DOCS	C	0.14%
FLS	B	0.14%
QCRH	B	0.14%
WULF	C	0.14%
LNTH	D	0.14%
TBBK	B	0.13%
REVG	C	0.13%
ACLX	C	0.13%
GSHD	A	0.13%
AXSM	B	0.13%
BOX	B	0.13%
VCYT	B	0.13%
HASI	D	0.13%
RYAN	A	0.13%
RYTM	C	0.13%
OLLI	D	0.12%
CHEF	A	0.12%
HWKN	B	0.12%
ADMA	B	0.12%
WYNN	C	0.12%
NHC	C	0.12%
DSGR	C	0.12%
ALLE	C	0.12%
SKWD	A	0.12%
AMRX	C	0.12%
SBRA	C	0.12%
DT	D	0.12%
PBI	B	0.12%
AZEK	A	0.12%
HALO	F	0.12%
LMAT	A	0.11%
KYMR	D	0.11%
PTGX	D	0.11%
MWA	B	0.11%
OSW	B	0.11%
VRNS	D	0.11%
PRK	B	0.11%
NBHC	C	0.11%
PLMR	A	0.11%
PRM	C	0.11%
ALKT	B	0.11%
VCTR	B	0.11%
RNA	C	0.11%
INTA	B	0.11%
ALHC	C	0.11%
SYBT	B	0.11%
INSM	C	0.11%
CWAN	B	0.11%
CDE	C	0.11%
AGIO	C	0.11%
PTON	A	0.11%
SGBX	F	0.11%
LFST	B	0.1%
AORT	B	0.1%
SMTC	B	0.1%
CRM	B	0.1%
CENX	B	0.1%
WING	D	0.1%
RARE	F	0.1%
PCTY	C	0.1%
SABR	C	0.1%
RVMD	C	0.1%
CRWD	B	0.1%
CPRX	C	0.1%
MTCH	D	0.1%
CCOI	B	0.1%
PTCT	B	0.1%
JANX	C	0.1%
MIRM	B	0.1%
CRAI	C	0.1%
MNKD	C	0.1%
TGLS	B	0.1%
INSP	D	0.1%
CHWY	B	0.1%
REG	A	0.09%
EEFT	B	0.09%
CHDN	B	0.09%
TMDX	F	0.09%
IRT	A	0.09%
RHP	B	0.09%
DBX	B	0.09%
GOOGL	C	0.09%
WDAY	B	0.09%
BRX	A	0.09%
GKOS	B	0.09%
MSGS	A	0.09%
NMIH	C	0.09%
SYK	B	0.09%
WTTR	A	0.09%
DKNG	B	0.09%
MKL	A	0.09%
BCRX	D	0.09%
LITE	B	0.09%
CWST	A	0.09%
OSCR	D	0.09%
VERX	A	0.09%
RUN	F	0.09%
GPN	B	0.09%
YOU	D	0.09%
ITCI	C	0.09%
PRGS	A	0.09%
FBP	C	0.09%
NPAB	F	0.09%
BLBD	D	0.08%
UE	B	0.08%
HURN	C	0.08%
LIN	C	0.08%
CHCO	B	0.08%
OII	B	0.08%
RNG	C	0.08%
HRMY	D	0.08%
ESE	B	0.08%
SHAK	C	0.08%
MGNI	B	0.08%
VITL	D	0.08%
GERN	D	0.08%
BLKB	B	0.08%
CIFR	C	0.08%
BPMC	B	0.08%
CTRE	C	0.08%
BANF	B	0.08%
CAKE	C	0.08%
BGC	C	0.08%
WT	A	0.08%
SITM	B	0.08%
KNSL	B	0.08%
GABC	B	0.08%
CARG	B	0.08%
SEMR	C	0.08%
BCPC	B	0.08%
ASTH	F	0.08%
EQIX	A	0.08%
MBIN	F	0.08%
KRG	B	0.08%
UFPT	C	0.08%
CWT	C	0.07%
WRBY	A	0.07%
VRRM	F	0.07%
ESRT	C	0.07%
NRIX	C	0.07%
FND	D	0.07%
EXPO	D	0.07%
AAT	B	0.07%
COLL	F	0.07%
AZZ	A	0.07%
KTOS	B	0.07%
GFF	A	0.07%
IIPR	D	0.06%
MGEE	B	0.06%
DRVN	B	0.06%
GTLS	A	0.06%
TNL	A	0.06%
LYFT	C	0.06%
HEES	C	0.06%
ICFI	F	0.06%
BLFS	C	0.06%
HLIT	D	0.06%
CEIX	A	0.06%
CLSK	C	0.06%
FLNC	D	0.06%
ADUS	D	0.06%
ASPN	F	0.06%
KNTK	A	0.06%
IOVA	F	0.06%
NSA	C	0.06%
DOCN	C	0.06%
AMPH	F	0.06%
TWST	F	0.06%
NHI	D	0.06%
CMPR	D	0.05%
GTX	C	0.05%
AESI	B	0.05%
JJSF	C	0.05%
IAS	C	0.05%
MARA	B	0.05%
CHH	A	0.05%
UMH	B	0.05%
KW	C	0.05%
AIV	C	0.05%
TRMB	B	0.05%
FCPT	C	0.05%
SWI	C	0.05%
TNDM	D	0.05%
OCUL	D	0.05%
NTNX	B	0.05%
GTY	A	0.05%
ARQT	B	0.05%
NEO	C	0.05%
NXRT	B	0.05%
OWL	A	0.05%
CPK	A	0.05%
DAY	B	0.05%
WDFC	B	0.05%
ACVA	B	0.05%
SKT	A	0.05%
BANC	B	0.05%
GH	B	0.05%
AGM	B	0.05%
LGND	C	0.05%
SXI	B	0.05%
AGYS	A	0.05%
BKD	F	0.05%
LKFN	C	0.05%
EPAC	C	0.05%
PAYC	B	0.05%
MEDP	D	0.04%
EGP	D	0.04%
SSD	F	0.04%
CDRE	F	0.04%
HUMA	F	0.04%
MYGN	F	0.04%
PHR	F	0.04%
DNLI	D	0.04%
IPAR	B	0.04%
ROIV	C	0.04%
APPF	B	0.04%
EVH	F	0.04%
AM	A	0.04%
ALX	D	0.04%
RXST	F	0.04%
EPR	C	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%
MLNK	C	0.03%
PLAY	D	0.03%
APPN	B	0.03%
LCID	F	0.03%
SMPL	B	0.03%
ACAD	C	0.03%
CTS	C	0.03%
CARS	C	0.03%
WABC	B	0.03%
CBZ	B	0.03%
TDW	F	0.03%
SOUN	B	0.03%
PAR	A	0.03%
U	C	0.03%
MIR	A	0.03%
TGI	B	0.03%
ARDX	F	0.03%
TECH	F	0.03%
CLDX	F	0.02%
RLAY	F	0.02%
XPRO	D	0.02%
LPG	F	0.02%
VECO	F	0.02%
AZTA	D	0.02%
JAMF	F	0.02%
JOE	F	0.02%
GNL	F	0.02%
NSSC	D	0.02%
PZZA	F	0.02%
TNC	D	0.02%
FOLD	F	0.02%
ENVX	F	0.02%
RRR	F	0.02%
ARLO	C	0.02%
IRDM	D	0.02%
BXMT	C	0.02%
AMC	C	0.02%
BEAM	D	0.02%
FBRT	D	0.02%
AWR	B	0.02%
THR	B	0.02%
LTC	B	0.02%
TR	B	0.02%
BL	B	0.02%
CLB	B	0.02%

FAD Underweight 543 Positions Relative to MFUS

Symbol	Grade	Weight
WMT	A	-1.71%
ABBV	F	-1.36%
JNJ	C	-1.18%
VZ	C	-1.0%
WFC	A	-0.97%
GILD	C	-0.87%
MRK	D	-0.84%
UNH	B	-0.79%
LMT	D	-0.75%
PEP	F	-0.74%
TGT	F	-0.74%
T	A	-0.73%
C	A	-0.69%
CSCO	B	-0.68%
CVS	D	-0.65%
MCK	A	-0.63%
HD	B	-0.62%
MMM	D	-0.6%
PFE	F	-0.57%
AMAT	F	-0.55%
UNP	C	-0.51%
BAC	A	-0.45%
XOM	B	-0.43%
BMY	B	-0.41%
GM	C	-0.4%
CVX	A	-0.39%
KR	B	-0.38%
EBAY	D	-0.36%
REGN	F	-0.36%
LOW	C	-0.35%
NOC	D	-0.35%
MPC	D	-0.34%
AIG	B	-0.34%
MET	A	-0.32%
V	A	-0.31%
SYF	B	-0.31%
CHTR	C	-0.3%
TXN	C	-0.29%
COF	C	-0.29%
HPQ	B	-0.28%
TMO	F	-0.28%
CAH	B	-0.27%
LHX	C	-0.26%
ACN	B	-0.25%
DHR	F	-0.24%
GD	D	-0.24%
UPS	C	-0.24%
MDLZ	F	-0.23%
PSX	C	-0.23%
PRU	A	-0.23%
RTX	D	-0.22%
ADM	D	-0.22%
MS	A	-0.22%
BBY	D	-0.21%
AFL	B	-0.21%
GLW	B	-0.2%
INTC	C	-0.2%
TRV	B	-0.2%
BLK	B	-0.19%
TSN	B	-0.18%
EA	A	-0.18%
COR	B	-0.17%
LRCX	F	-0.17%
GIS	D	-0.17%
ELV	F	-0.16%
NEM	D	-0.16%
F	C	-0.16%
CB	C	-0.16%
MUSA	B	-0.16%
VLO	C	-0.16%
CMCSA	B	-0.16%
VRSK	A	-0.16%
KHC	F	-0.15%
K	A	-0.15%
LYB	F	-0.15%
CME	B	-0.14%
CHRW	B	-0.14%
CMI	A	-0.14%
VTRS	A	-0.14%
BX	A	-0.13%
DPZ	C	-0.13%
EVR	B	-0.13%
DUK	C	-0.13%
JNPR	D	-0.13%
RPM	A	-0.13%
CI	D	-0.13%
YUM	D	-0.13%
WBA	F	-0.12%
PNC	B	-0.12%
SYY	D	-0.12%
PYPL	B	-0.12%
CLX	A	-0.12%
KMI	A	-0.11%
EXPD	C	-0.11%
USB	A	-0.11%
WTW	B	-0.11%
HPE	B	-0.11%
CSX	C	-0.11%
LDOS	C	-0.11%
FOXA	A	-0.11%
BDX	F	-0.11%
PHM	D	-0.1%
OKE	A	-0.1%
PKG	A	-0.1%
JXN	C	-0.1%
DD	C	-0.1%
JKHY	D	-0.1%
DFS	B	-0.1%
SEIC	B	-0.09%
AIZ	A	-0.09%
TFC	A	-0.09%
DGX	A	-0.09%
CPRT	B	-0.09%
TAP	C	-0.09%
MLI	B	-0.09%
EMR	B	-0.09%
IEX	C	-0.09%
DG	F	-0.09%
WCC	B	-0.09%
LSTR	D	-0.09%
TROW	B	-0.09%
IP	A	-0.09%
TMHC	C	-0.09%
NVR	D	-0.09%
AVY	F	-0.09%
GPI	B	-0.09%
SBUX	A	-0.09%
BKR	A	-0.08%
AEP	C	-0.08%
LPX	B	-0.08%
WDC	D	-0.08%
SRE	A	-0.08%
NUE	C	-0.08%
ABG	C	-0.08%
EQH	C	-0.08%
BIIB	F	-0.07%
EXC	C	-0.07%
UFPI	C	-0.07%
JCI	B	-0.07%
COP	C	-0.07%
BCC	B	-0.07%
INGR	C	-0.07%
POOL	C	-0.07%
NSC	B	-0.07%
D	C	-0.07%
MLM	C	-0.07%
GEHC	D	-0.07%
GEO	B	-0.07%
CNX	A	-0.07%
VNO	C	-0.07%
THO	B	-0.07%
R	B	-0.07%
BALL	F	-0.07%
KDP	F	-0.07%
AEO	F	-0.07%
STE	D	-0.07%
TTWO	A	-0.07%
MNST	C	-0.07%
FIS	C	-0.07%
HCC	B	-0.07%
STZ	D	-0.06%
G	B	-0.06%
VIRT	A	-0.06%
BC	C	-0.06%
SEE	C	-0.06%
TPH	D	-0.06%
BFH	C	-0.06%
LECO	C	-0.06%
JLL	D	-0.06%
NKE	F	-0.06%
HIG	B	-0.06%
GNRC	C	-0.06%
BERY	C	-0.06%
CCK	D	-0.06%
SLM	A	-0.06%
UHS	D	-0.06%
CMC	B	-0.06%
MTH	D	-0.06%
LUMN	C	-0.06%
MAS	D	-0.06%
WU	F	-0.06%
SQ	A	-0.06%
L	A	-0.06%
PK	C	-0.06%
DHI	F	-0.06%
TTC	C	-0.06%
AMG	B	-0.06%
AN	C	-0.06%
RGA	A	-0.06%
MSM	C	-0.06%
OMC	C	-0.06%
ROP	B	-0.06%
TOL	B	-0.06%
LEN	D	-0.06%
TDS	B	-0.05%
NFG	A	-0.05%
CNO	B	-0.05%
FANG	C	-0.05%
FLEX	B	-0.05%
THG	A	-0.05%
AR	B	-0.05%
ETR	B	-0.05%
NSIT	F	-0.05%
URBN	C	-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%
CARR	C	-0.05%
CRI	F	-0.05%
USFD	A	-0.05%
SLGN	A	-0.05%
EIX	B	-0.05%
POST	C	-0.05%
COOP	B	-0.05%
SCHW	B	-0.05%
TEX	F	-0.05%
IDXX	F	-0.05%
NXST	C	-0.05%
ANSS	B	-0.05%
HBI	B	-0.05%
ALLY	C	-0.05%
MMS	F	-0.05%
HSY	F	-0.05%
SMCI	F	-0.05%
BTU	B	-0.05%
ED	C	-0.05%
MKC	C	-0.05%
SON	F	-0.04%
AVT	C	-0.04%
OSK	C	-0.04%
XPO	B	-0.04%
LANC	C	-0.04%
TKR	D	-0.04%
EQR	C	-0.04%
PPL	A	-0.04%
SEM	B	-0.04%
AMH	C	-0.04%
CXW	C	-0.04%
INVH	D	-0.04%
JWN	D	-0.04%
CTVA	C	-0.04%
PSTG	D	-0.04%
FLO	D	-0.04%
ADBE	C	-0.04%
WH	B	-0.04%
ELS	C	-0.04%
FL	F	-0.04%
MTB	A	-0.04%
ULTA	F	-0.04%
EMN	C	-0.04%
OLN	F	-0.04%
CFG	B	-0.04%
ARW	D	-0.04%
CAG	F	-0.04%
RUSHA	C	-0.04%
SANM	B	-0.04%
BLDR	D	-0.04%
FDS	B	-0.04%
NBIX	C	-0.04%
VRSN	C	-0.04%
BAX	F	-0.04%
NWSA	A	-0.04%
SJM	D	-0.04%
PTC	B	-0.04%
OGN	F	-0.04%
BHF	C	-0.04%
IPG	D	-0.04%
STLD	B	-0.04%
CPB	D	-0.04%
GBX	A	-0.04%
HUBG	A	-0.04%
FTI	A	-0.04%
SIG	B	-0.04%
MHO	D	-0.04%
CNC	D	-0.04%
ZBRA	B	-0.04%
CRBG	B	-0.04%
FITB	B	-0.04%
JHG	B	-0.04%
CMA	B	-0.04%
UNM	A	-0.04%
RS	B	-0.04%
PPG	F	-0.04%
ABM	B	-0.04%
NDSN	B	-0.04%
WERN	C	-0.04%
RRC	B	-0.03%
HXL	F	-0.03%
DLTR	F	-0.03%
DRH	B	-0.03%
PNM	B	-0.03%
ACA	A	-0.03%
KMPR	A	-0.03%
LZB	B	-0.03%
KEY	B	-0.03%
WPC	C	-0.03%
HAE	C	-0.03%
UNF	B	-0.03%
PINC	B	-0.03%
FNF	B	-0.03%
VC	F	-0.03%
MAN	F	-0.03%
DK	C	-0.03%
JEF	A	-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%
LNC	C	-0.03%
AVTR	F	-0.03%
OMF	A	-0.03%
RPRX	D	-0.03%
X	B	-0.03%
TER	F	-0.03%
PLXS	B	-0.03%
CDW	F	-0.03%
WHR	B	-0.03%
CG	B	-0.03%
OI	C	-0.03%
PRG	C	-0.03%
APLE	B	-0.03%
IFF	D	-0.03%
ASO	F	-0.03%
SHOO	F	-0.03%
JBL	C	-0.03%
AVA	A	-0.03%
DBRG	F	-0.03%
CMS	C	-0.03%
LW	C	-0.03%
HSIC	C	-0.03%
HOLX	D	-0.03%
FE	C	-0.03%
GMS	B	-0.03%
BKU	A	-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%
HBAN	A	-0.03%
IVZ	B	-0.03%
MC	C	-0.03%
MATX	C	-0.03%
ES	C	-0.03%
TPX	B	-0.03%
BJ	A	-0.03%
ACM	B	-0.03%
ODP	F	-0.02%
IOSP	C	-0.02%
LXP	D	-0.02%
SAH	C	-0.02%
LEG	F	-0.02%
TTMI	C	-0.02%
VSH	F	-0.02%
SSNC	B	-0.02%
EVRG	A	-0.02%
LAUR	A	-0.02%
UAL	A	-0.02%
KIM	A	-0.02%
AA	A	-0.02%
SF	B	-0.02%
BHE	C	-0.02%
GT	C	-0.02%
WBS	A	-0.02%
PHIN	A	-0.02%
ATO	A	-0.02%
BEN	C	-0.02%
RF	A	-0.02%
WAL	B	-0.02%
ANDE	D	-0.02%
BXP	C	-0.02%
ZION	B	-0.02%
APG	B	-0.02%
DOW	F	-0.02%
SNV	C	-0.02%
NSP	F	-0.02%
HP	C	-0.02%
VFC	C	-0.02%
ODFL	C	-0.02%
HST	C	-0.02%
DNOW	B	-0.02%
DTE	C	-0.02%
LAD	A	-0.02%
REZI	A	-0.02%
XRAY	F	-0.02%
WKC	C	-0.02%
HRL	D	-0.02%
SNDR	B	-0.02%
NAVI	F	-0.02%
WMS	F	-0.02%
PNR	A	-0.02%
EPC	F	-0.02%
M	F	-0.02%
MAA	B	-0.02%
LNT	A	-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%
OC	A	-0.02%
RLJ	C	-0.02%
SAM	C	-0.02%
CTLT	C	-0.02%
NI	A	-0.02%
XHR	B	-0.02%
PDCO	F	-0.02%
PBF	D	-0.02%
CINF	A	-0.02%
NTCT	C	-0.02%
VSCO	C	-0.02%
AIR	B	-0.02%
HOG	D	-0.02%
CE	F	-0.02%
FAF	A	-0.02%
SBH	C	-0.02%
PAG	B	-0.02%
HII	F	-0.02%
VSTO	A	-0.02%
KSS	F	-0.02%
PVH	C	-0.02%
RYN	D	-0.02%
AKAM	D	-0.02%
JBHT	C	-0.02%
ADNT	F	-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%
CACC	D	-0.01%
PARA	C	-0.01%
RVTY	F	-0.01%
ARI	C	-0.01%
WOR	F	-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%
PNW	A	-0.01%
SHO	D	-0.01%
WGO	C	-0.01%
AMED	F	-0.01%
SSB	B	-0.01%
SWX	B	-0.01%
KALU	C	-0.01%
CENTA	C	-0.01%
CVI	F	-0.01%
MOS	F	-0.01%
ARCH	B	-0.01%
PECO	A	-0.01%
PB	B	-0.01%
SAIC	F	-0.01%
OMI	F	-0.01%
FDP	B	-0.01%
PFG	D	-0.01%
SIGI	C	-0.01%
LEA	F	-0.01%
WAFD	B	-0.01%
SPB	C	-0.01%
PPC	C	-0.01%
FELE	B	-0.01%
DAN	D	-0.01%
WMK	C	-0.01%
MHK	D	-0.01%
FLR	B	-0.01%
BBWI	C	-0.01%
ESNT	F	-0.01%
TPR	B	-0.01%
DXC	B	-0.01%
LADR	B	-0.01%
INCY	C	-0.01%
NNI	D	-0.01%
GES	F	-0.01%
CWEN	C	-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%
FHN	A	-0.01%
PSMT	D	-0.01%
ALGN	D	-0.01%
UHAL	D	-0.01%
BWA	D	-0.01%
SLB	C	-0.01%
DEI	B	-0.01%
AMWD	C	-0.01%
PTEN	C	-0.01%
VNT	C	-0.01%
TDC	D	-0.01%
SCCO	F	-0.0%
NOMD	D	-0.0%
WOLF	F	-0.0%
HUN	F	-0.0%