IWR vs. FAD ETF Comparison

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

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

$88.01

Average Daily Volume

1,187,021

Number of Holdings ^*

802

* may have additional holdings in another (foreign) market

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

Performance

Period	IWR	FAD
30 Days	3.12%	3.79%
60 Days	4.86%	6.02%
90 Days	9.01%	8.31%
12 Months	28.51%	32.98%

249 Overlapping Holdings

Symbol	Grade	Weight in IWR	Weight in FAD	Overlap
AAON	B	0.06%	0.2%	0.06%
ADC	C	0.06%	0.1%	0.06%
AES	C	0.12%	0.05%	0.05%
AFRM	D	0.09%	0.12%	0.09%
AJG	D	0.51%	0.36%	0.36%
ALGM	D	0.02%	0.03%	0.02%
ALLE	B	0.11%	0.05%	0.05%
ALNY	C	0.3%	0.19%	0.19%
ALSN	B	0.07%	0.25%	0.07%
AM	B	0.04%	0.17%	0.04%
AME	C	0.34%	0.08%	0.08%
AMH	D	0.12%	0.09%	0.09%
AOS	B	0.09%	0.08%	0.08%
APG	F	0.07%	0.15%	0.07%
APP	C	0.28%	0.31%	0.28%
APPF	C	0.05%	0.16%	0.05%
ARES	B	0.25%	0.28%	0.25%
ARMK	B	0.08%	0.18%	0.08%
ATI	C	0.07%	0.24%	0.07%
ATR	B	0.09%	0.18%	0.09%
AVB	C	0.28%	0.19%	0.19%
AWI	B	0.05%	0.19%	0.05%
AXON	B	0.24%	0.22%	0.22%
AXTA	B	0.07%	0.13%	0.07%
AZEK	C	0.06%	0.09%	0.06%
BAH	B	0.17%	0.43%	0.17%
BFAM	C	0.07%	0.21%	0.07%
BK	B	0.46%	0.5%	0.46%
BLD	C	0.11%	0.09%	0.09%
BR	C	0.21%	0.26%	0.21%
BRBR	B	0.07%	0.13%	0.07%
BRO	C	0.21%	0.38%	0.21%
BROS	D	0.03%	0.08%	0.03%
BRX	C	0.07%	0.05%	0.05%
BWXT	A	0.08%	0.18%	0.08%
CASY	D	0.12%	0.2%	0.12%
CCL	C	0.16%	0.34%	0.16%
CELH	F	0.05%	0.05%	0.05%
CFLT	F	0.04%	0.05%	0.04%
CFR	C	0.06%	0.14%	0.06%
CHD	C	0.22%	0.17%	0.17%
CHDN	D	0.08%	0.16%	0.08%
CHE	C	0.07%	0.04%	0.04%
CHH	B	0.03%	0.09%	0.03%
CIVI	F	0.05%	0.03%	0.03%
CLH	C	0.11%	0.23%	0.11%
CNM	F	0.07%	0.11%	0.07%
COKE	C	0.07%	0.25%	0.07%
CPAY	B	0.18%	0.09%	0.09%
CPT	C	0.11%	0.1%	0.1%
CSL	B	0.17%	0.36%	0.17%
CUBE	C	0.1%	0.05%	0.05%
CVNA	B	0.16%	0.28%	0.16%
CW	B	0.11%	0.25%	0.11%
DAL	C	0.26%	0.33%	0.26%
DCI	C	0.07%	0.12%	0.07%
DDOG	D	0.29%	0.22%	0.22%
DECK	C	0.2%	0.4%	0.2%
DKNG	C	0.15%	0.17%	0.15%
DLR	B	0.44%	0.26%	0.26%
DOC	B	0.13%	0.05%	0.05%
DOCS	B	0.04%	0.07%	0.04%
DOCU	C	0.1%	0.05%	0.05%
DPZ	D	0.12%	0.27%	0.12%
DRI	C	0.17%	0.09%	0.09%
DUOL	C	0.08%	0.16%	0.08%
DVA	B	0.07%	0.24%	0.07%
EA	D	0.32%	0.17%	0.17%
EEFT	F	0.04%	0.12%	0.04%
EGP	C	0.08%	0.05%	0.05%
ELF	F	0.05%	0.11%	0.05%
EME	B	0.17%	0.24%	0.17%
ENTG	D	0.14%	0.07%	0.07%
EPR	C	0.03%	0.05%	0.03%
ESAB	C	0.05%	0.14%	0.05%
ESS	C	0.17%	0.19%	0.17%
ESTC	F	0.05%	0.11%	0.05%
EXEL	C	0.07%	0.14%	0.07%
EXP	B	0.08%	0.11%	0.08%
EXPE	C	0.16%	0.28%	0.16%
FCN	C	0.07%	0.17%	0.07%
FCNCA	D	0.2%	0.48%	0.2%
FFIV	B	0.11%	0.1%	0.1%
FICO	B	0.39%	0.43%	0.39%
FIX	B	0.12%	0.26%	0.12%
FOUR	C	0.05%	0.14%	0.05%
FRPT	C	0.06%	0.22%	0.06%
FSLR	C	0.22%	0.27%	0.22%
GDDY	C	0.2%	0.47%	0.2%
GNTX	D	0.06%	0.11%	0.06%
GPK	C	0.08%	0.09%	0.08%
GRMN	D	0.23%	0.45%	0.23%
GWRE	B	0.12%	0.21%	0.12%
GWW	B	0.39%	0.19%	0.19%
H	B	0.06%	0.2%	0.06%
HAS	B	0.08%	0.15%	0.08%
HEI	C	0.14%	0.5%	0.14%
HEI	C	0.1%	0.5%	0.1%
HLT	B	0.47%	0.43%	0.43%
HOOD	C	0.13%	0.2%	0.13%
HRB	C	0.08%	0.24%	0.08%
HST	D	0.11%	0.08%	0.08%
HUBB	B	0.2%	0.19%	0.19%
HUBS	D	0.22%	0.07%	0.07%
HWM	B	0.34%	0.53%	0.34%
HXL	F	0.04%	0.04%	0.04%
IBKR	B	0.12%	0.23%	0.12%
INFA	D	0.01%	0.07%	0.01%
INGR	B	0.08%	0.14%	0.08%
INVH	D	0.19%	0.17%	0.17%
IONS	F	0.06%	0.11%	0.06%
IR	B	0.34%	0.36%	0.34%
IRM	C	0.29%	0.55%	0.29%
IT	C	0.33%	0.19%	0.19%
ITCI	D	0.07%	0.09%	0.07%
ITT	B	0.1%	0.19%	0.1%
JKHY	B	0.11%	0.04%	0.04%
JWN	C	0.02%	0.1%	0.02%
KD	F	0.05%	0.18%	0.05%
KNSL	D	0.09%	0.1%	0.09%
LAMR	B	0.1%	0.14%	0.1%
LII	C	0.17%	0.48%	0.17%
LNW	F	0.09%	0.22%	0.09%
LOPE	D	0.04%	0.17%	0.04%
LPLA	D	0.14%	0.33%	0.14%
LVS	C	0.13%	0.08%	0.08%
LW	D	0.08%	0.06%	0.06%
LYFT	D	0.04%	0.07%	0.04%
LYV	A	0.14%	0.27%	0.14%
MANH	B	0.15%	0.28%	0.15%
MAS	B	0.16%	0.1%	0.1%
MEDP	F	0.08%	0.18%	0.08%
MGM	D	0.07%	0.2%	0.07%
MKSI	F	0.06%	0.14%	0.06%
MLM	D	0.29%	0.17%	0.17%
MORN	C	0.07%	0.13%	0.07%
MPWR	B	0.36%	0.26%	0.26%
MSA	D	0.06%	0.12%	0.06%
MSGS	B	0.03%	0.09%	0.03%
MSTR	C	0.19%	0.09%	0.09%
MTD	C	0.25%	0.17%	0.17%
MTSI	C	0.05%	0.16%	0.05%
MUSA	D	0.08%	0.22%	0.08%
NBIX	F	0.1%	0.07%	0.07%
NCLH	B	0.08%	0.14%	0.08%
NCNO	F	0.02%	0.04%	0.02%
NET	D	0.21%	0.08%	0.08%
NEU	D	0.03%	0.04%	0.03%
NNN	B	0.07%	0.05%	0.05%
NSA	C	0.03%	0.08%	0.03%
NTAP	D	0.22%	0.4%	0.22%
NTNX	D	0.13%	0.36%	0.13%
NTRA	C	0.12%	0.23%	0.12%
NTRS	C	0.16%	0.36%	0.16%
NVR	B	0.23%	0.21%	0.21%
NYT	B	0.07%	0.18%	0.07%
OHI	C	0.09%	0.15%	0.09%
OKTA	F	0.1%	0.14%	0.1%
OLED	D	0.08%	0.12%	0.08%
OLLI	C	0.05%	0.21%	0.05%
ONTO	C	0.08%	0.15%	0.08%
OTIS	B	0.33%	0.24%	0.24%
OWL	B	0.08%	0.13%	0.08%
PAYX	C	0.37%	0.09%	0.09%
PCOR	D	0.05%	0.04%	0.04%
PEGA	B	0.03%	0.19%	0.03%
PFGC	B	0.1%	0.1%	0.1%
PHM	B	0.25%	0.32%	0.25%
PINS	D	0.16%	0.23%	0.16%
PK	D	0.03%	0.07%	0.03%
PLNT	C	0.06%	0.14%	0.06%
PLTR	C	0.64%	0.36%	0.36%
PODD	C	0.14%	0.2%	0.14%
POST	B	0.05%	0.23%	0.05%
PPL	A	0.21%	0.2%	0.2%
PR	F	0.08%	0.11%	0.08%
PRI	B	0.08%	0.18%	0.08%
PSN	B	0.04%	0.25%	0.04%
PSTG	F	0.13%	0.32%	0.13%
PTC	C	0.18%	0.08%	0.08%
PWR	B	0.36%	0.48%	0.36%
RBC	B	0.07%	0.05%	0.05%
RCL	B	0.35%	0.46%	0.35%
REG	C	0.11%	0.05%	0.05%
RGLD	C	0.08%	0.05%	0.05%
RIVN	F	0.08%	0.22%	0.08%
RKT	C	0.02%	0.03%	0.02%
RL	B	0.06%	0.17%	0.06%
RLI	B	0.06%	0.13%	0.06%
RMD	C	0.31%	0.1%	0.1%
RNG	F	0.02%	0.03%	0.02%
ROK	D	0.26%	0.08%	0.08%
ROL	C	0.12%	0.25%	0.12%
ROST	C	0.44%	0.34%	0.34%
RPM	B	0.13%	0.09%	0.09%
RYAN	C	0.06%	0.18%	0.06%
S	D	0.06%	0.09%	0.06%
SAIA	D	0.1%	0.04%	0.04%
SAM	D	0.02%	0.07%	0.02%
SHC	C	0.02%	0.06%	0.02%
SMAR	A	0.06%	0.15%	0.06%
SMCI	F	0.19%	0.14%	0.14%
SMG	B	0.03%	0.06%	0.03%
SOFI	D	0.07%	0.1%	0.07%
SPG	B	0.46%	0.09%	0.09%
SPR	D	0.03%	0.1%	0.03%
SRPT	F	0.1%	0.16%	0.1%
SSD	C	0.07%	0.05%	0.05%
STE	B	0.2%	0.18%	0.18%
STWD	B	0.06%	0.14%	0.06%
TECH	C	0.1%	0.04%	0.04%
TKO	A	0.08%	0.19%	0.08%
TNL	C	0.03%	0.09%	0.03%
TOL	A	0.13%	0.22%	0.13%
TOST	C	0.11%	0.22%	0.11%
TPG	C	0.04%	0.1%	0.04%
TPL	C	0.15%	0.21%	0.15%
TPX	B	0.08%	0.05%	0.05%
TRIP	F	0.01%	0.04%	0.01%
TRU	B	0.17%	0.11%	0.11%
TTD	B	0.42%	0.18%	0.18%
TTEK	C	0.11%	0.23%	0.11%
TTWO	D	0.22%	0.08%	0.08%
TW	B	0.12%	0.19%	0.12%
TXRH	B	0.1%	0.21%	0.1%
TYL	C	0.21%	0.28%	0.21%
UDR	C	0.13%	0.09%	0.09%
URI	B	0.45%	0.41%	0.41%
VMC	C	0.29%	0.08%	0.08%
VNT	F	0.04%	0.07%	0.04%
VRSK	D	0.32%	0.16%	0.16%
VRT	C	0.29%	0.46%	0.29%
VST	B	0.32%	0.54%	0.32%
WAB	B	0.27%	0.47%	0.27%
WEN	C	0.03%	0.04%	0.03%
WEX	C	0.07%	0.05%	0.05%
WFRD	F	0.06%	0.16%	0.06%
WING	C	0.11%	0.21%	0.11%
WMB	C	0.47%	0.26%	0.26%
WMS	D	0.09%	0.08%	0.08%
WSC	D	0.06%	0.04%	0.04%
WSM	C	0.16%	0.18%	0.16%
WSO	C	0.15%	0.26%	0.15%
WWD	C	0.09%	0.2%	0.09%
WYNN	C	0.07%	0.11%	0.07%
XPO	D	0.11%	0.17%	0.11%
XYL	C	0.28%	0.24%	0.24%
YETI	D	0.03%	0.04%	0.03%
ZS	F	0.14%	0.15%	0.14%

IWR Overweight 553 Positions Relative to FAD

Symbol	Grade	Weight
AFL	A	0.52%
DHI	C	0.49%
OKE	C	0.47%
O	B	0.46%
CCI	C	0.43%
ALL	C	0.43%
FIS	C	0.41%
AMP	B	0.4%
KVUE	B	0.38%
LHX	C	0.38%
PCG	C	0.37%
PEG	B	0.37%
LEN	B	0.37%
PRU	C	0.37%
IQV	D	0.37%
LNG	D	0.36%
GIS	B	0.36%
IDXX	D	0.36%
CMI	B	0.36%
KMI	C	0.36%
MSCI	C	0.36%
EXC	B	0.35%
CTVA	B	0.35%
FAST	C	0.35%
ACGL	B	0.35%
MCHP	D	0.35%
A	C	0.35%
FERG	D	0.34%
CNC	D	0.34%
GEHC	B	0.34%
COR	F	0.33%
ODFL	D	0.33%
EFX	C	0.32%
KR	B	0.32%
CBRE	B	0.32%
HUM	F	0.32%
SYY	C	0.32%
SQ	D	0.32%
HES	F	0.32%
CTSH	B	0.32%
EXR	C	0.32%
XEL	B	0.31%
DFS	C	0.31%
ED	B	0.31%
BKR	C	0.31%
DOW	C	0.31%
YUM	B	0.31%
VICI	C	0.3%
DD	B	0.3%
NUE	D	0.3%
TRGP	C	0.29%
COIN	F	0.29%
HPQ	C	0.29%
HIG	B	0.29%
GLW	B	0.29%
FANG	F	0.28%
EIX	B	0.28%
CHTR	D	0.27%
CSGP	D	0.27%
VEEV	C	0.27%
EBAY	B	0.27%
ON	D	0.26%
MTB	C	0.26%
WEC	B	0.26%
CDW	D	0.26%
NDAQ	C	0.26%
AWK	C	0.25%
EQR	C	0.25%
BIIB	F	0.25%
ADM	D	0.25%
WTW	B	0.25%
FITB	B	0.25%
PPG	C	0.25%
TSCO	B	0.25%
ETR	A	0.24%
ANSS	D	0.24%
DXCM	F	0.24%
GPN	D	0.24%
CPNG	B	0.24%
HSY	D	0.24%
KEYS	B	0.23%
STT	B	0.23%
FTV	C	0.23%
VLTO	B	0.23%
CAH	C	0.23%
VTR	C	0.22%
FE	B	0.22%
DVN	F	0.22%
SBAC	C	0.22%
DTE	A	0.22%
DOV	B	0.22%
HAL	F	0.22%
IFF	A	0.22%
WY	C	0.21%
HPE	C	0.21%
LYB	D	0.21%
SW	B	0.21%
AEE	B	0.2%
RBLX	C	0.2%
ES	B	0.2%
RJF	C	0.2%
TROW	C	0.2%
BLDR	C	0.2%
COO	C	0.19%
ZBH	F	0.19%
WDC	C	0.19%
CBOE	C	0.19%
WST	D	0.19%
MOH	D	0.18%
EQT	C	0.18%
ATO	B	0.18%
CINF	C	0.18%
CMS	B	0.18%
MKC	C	0.18%
ILMN	D	0.18%
BBY	A	0.18%
ARE	C	0.18%
K	A	0.18%
LDOS	A	0.18%
RF	B	0.18%
HBAN	B	0.18%
ULTA	D	0.17%
BAX	C	0.17%
MDB	D	0.17%
PFG	B	0.17%
WAT	B	0.17%
OMC	B	0.17%
SYF	C	0.17%
TDY	B	0.17%
WBD	D	0.17%
TER	C	0.17%
MKL	C	0.17%
CLX	C	0.17%
BALL	C	0.17%
NRG	B	0.16%
AVTR	C	0.16%
J	A	0.16%
HOLX	D	0.16%
LH	D	0.16%
ZBRA	B	0.16%
CFG	D	0.16%
DG	F	0.16%
PKG	B	0.16%
MAA	C	0.16%
ALGN	D	0.16%
APTV	D	0.16%
GPC	D	0.16%
AVY	C	0.15%
TSN	D	0.15%
DGX	B	0.15%
UAL	B	0.15%
BURL	C	0.15%
SUI	C	0.15%
LUV	C	0.15%
EXPD	B	0.15%
CTRA	F	0.15%
STLD	C	0.15%
FDS	C	0.15%
CNP	C	0.15%
ZM	C	0.15%
IEX	C	0.14%
KEY	C	0.14%
FWONK	C	0.14%
RS	D	0.14%
SSNC	C	0.14%
SWK	B	0.14%
TXT	D	0.14%
EG	B	0.14%
IP	C	0.14%
WRB	D	0.14%
SNA	B	0.13%
CF	B	0.13%
AKAM	D	0.13%
OC	C	0.13%
RVTY	B	0.13%
DT	C	0.13%
ENPH	D	0.13%
FNF	B	0.13%
NI	B	0.13%
LNT	A	0.13%
VRSN	C	0.13%
KIM	C	0.13%
UTHR	B	0.13%
CAG	B	0.13%
MRO	D	0.13%
PNR	B	0.13%
THC	C	0.13%
SWKS	F	0.13%
AMCR	B	0.13%
WPC	C	0.12%
RNR	B	0.12%
VTRS	D	0.12%
POOL	C	0.12%
EVRG	B	0.12%
UHS	C	0.12%
ACM	B	0.12%
CE	D	0.12%
JBHT	D	0.12%
BG	F	0.12%
L	D	0.12%
GGG	C	0.12%
USFD	C	0.12%
TRMB	C	0.12%
GEN	A	0.12%
RGA	C	0.12%
DLTR	F	0.12%
NDSN	C	0.12%
SJM	C	0.11%
JLL	B	0.11%
EMN	B	0.11%
JBL	C	0.11%
FND	C	0.11%
JNPR	A	0.11%
EXAS	D	0.11%
BXP	C	0.11%
EQH	C	0.11%
ELS	D	0.11%
BMRN	F	0.11%
GLPI	C	0.11%
RRX	C	0.1%
SCI	C	0.1%
EWBC	C	0.1%
TFX	B	0.1%
COHR	C	0.1%
NVT	C	0.1%
IPG	C	0.1%
FTI	D	0.1%
DKS	D	0.1%
KMX	D	0.1%
CHRW	B	0.1%
DOX	C	0.09%
NWSA	D	0.09%
ALB	D	0.09%
AIZ	B	0.09%
LECO	D	0.09%
PNW	C	0.09%
CHK	C	0.09%
INCY	C	0.09%
NLY	B	0.09%
LKQ	F	0.09%
CRL	F	0.09%
Z	C	0.09%
HII	F	0.09%
FBIN	B	0.09%
OVV	F	0.09%
BJ	D	0.09%
RPRX	C	0.09%
TWLO	C	0.09%
JEF	C	0.09%
CTLT	B	0.09%
CACI	B	0.09%
CCK	B	0.09%
EPAM	F	0.09%
REXR	C	0.09%
FHN	D	0.08%
ORI	B	0.08%
FYBR	C	0.08%
DAY	D	0.08%
TTC	F	0.08%
CZR	C	0.08%
SNX	C	0.08%
HSIC	C	0.08%
APA	F	0.08%
EHC	B	0.08%
HRL	F	0.08%
EVR	B	0.08%
FOXA	B	0.08%
SF	B	0.08%
FRT	C	0.08%
MTCH	C	0.08%
GL	D	0.08%
WAL	B	0.08%
MKTX	D	0.08%
CNH	C	0.08%
ALLY	F	0.08%
WTRG	D	0.08%
ROKU	D	0.08%
TAP	D	0.08%
CG	C	0.08%
QRVO	F	0.08%
SOLV	D	0.08%
AFG	C	0.08%
TPR	A	0.08%
CAVA	C	0.08%
CPB	C	0.08%
BWA	C	0.07%
PNFP	C	0.07%
FMC	B	0.07%
BERY	B	0.07%
AGNC	B	0.07%
VOYA	B	0.07%
MTZ	C	0.07%
CMA	C	0.07%
ACI	F	0.07%
GLOB	D	0.07%
AR	C	0.07%
RGEN	F	0.07%
GMED	D	0.07%
COLD	D	0.07%
KNX	C	0.07%
OGE	B	0.07%
LAD	B	0.07%
GME	D	0.07%
MOS	F	0.07%
CROX	C	0.07%
HLI	C	0.07%
SKX	C	0.07%
WBS	C	0.07%
GNRC	D	0.07%
MHK	B	0.07%
AYI	B	0.07%
CIEN	B	0.07%
KBR	D	0.07%
CHRD	F	0.07%
AA	C	0.07%
PAYC	D	0.07%
X	F	0.07%
UNM	B	0.07%
SNV	D	0.06%
MTG	B	0.06%
PB	D	0.06%
VFC	B	0.06%
MAT	D	0.06%
FAF	B	0.06%
OSK	F	0.06%
BBWI	D	0.06%
CRUS	D	0.06%
LBRDK	C	0.06%
NOV	F	0.06%
SITE	D	0.06%
JAZZ	D	0.06%
VNO	B	0.06%
RHI	D	0.06%
HR	B	0.06%
CGNX	F	0.06%
LPX	B	0.06%
G	C	0.06%
SEIC	B	0.06%
ELAN	D	0.06%
ACHC	D	0.06%
SAIC	C	0.06%
ZION	D	0.06%
ARW	B	0.06%
MTN	D	0.06%
WTFC	C	0.06%
SN	B	0.06%
BSY	C	0.06%
STAG	D	0.06%
PCTY	D	0.06%
UHAL	B	0.06%
BPOP	C	0.06%
AAL	D	0.06%
PEN	D	0.06%
LSCC	D	0.06%
KEX	C	0.06%
RRC	D	0.06%
DINO	F	0.06%
CART	C	0.06%
FR	C	0.06%
WCC	C	0.06%
BRKR	D	0.06%
SWN	C	0.06%
CBSH	D	0.06%
VKTX	D	0.06%
TREX	F	0.06%
CR	B	0.06%
MIDD	C	0.06%
DTM	C	0.06%
NXST	D	0.05%
THO	C	0.05%
ST	D	0.05%
RARE	C	0.05%
XRAY	D	0.05%
VVV	D	0.05%
SON	D	0.05%
COLB	B	0.05%
PVH	D	0.05%
TKR	C	0.05%
WHR	C	0.05%
NFG	B	0.05%
CLF	F	0.05%
OMF	D	0.05%
BILL	D	0.05%
PATH	D	0.05%
MDU	B	0.05%
AMG	C	0.05%
LAZ	B	0.05%
BC	C	0.05%
VMI	C	0.05%
ESI	C	0.05%
RITM	D	0.05%
SRCL	B	0.05%
DAR	F	0.05%
AGCO	D	0.05%
DBX	C	0.05%
BEN	F	0.05%
AXS	B	0.05%
SIRI	C	0.05%
GXO	D	0.05%
WH	B	0.05%
MTDR	F	0.05%
PARA	D	0.05%
GTLB	D	0.05%
LEA	D	0.05%
U	D	0.05%
R	C	0.05%
WBA	F	0.05%
INSP	D	0.05%
IVZ	B	0.05%
ETSY	D	0.05%
FLS	C	0.05%
LFUS	C	0.05%
AZPN	B	0.05%
BIO	C	0.05%
LSTR	D	0.05%
GAP	F	0.04%
LITE	B	0.04%
M	F	0.04%
AGO	D	0.04%
DLB	D	0.04%
SLGN	B	0.04%
ASH	F	0.04%
FLO	C	0.04%
WTM	F	0.04%
PII	D	0.04%
CPRI	D	0.04%
BYD	C	0.04%
AN	C	0.04%
CUZ	C	0.04%
OZK	F	0.04%
VNOM	D	0.04%
RYN	C	0.04%
KRC	C	0.04%
HOG	C	0.04%
SEE	C	0.04%
AVT	B	0.04%
SLM	C	0.04%
HCP	A	0.04%
AL	C	0.04%
FOX	B	0.04%
WLK	C	0.04%
W	C	0.04%
CCCS	D	0.04%
LINE	F	0.04%
LNC	C	0.04%
OGN	D	0.04%
JHG	B	0.04%
ALK	B	0.04%
FNB	D	0.04%
ROIV	D	0.04%
UGI	B	0.04%
RH	C	0.04%
IDA	B	0.04%
OLN	D	0.04%
MASI	C	0.04%
FIVE	D	0.04%
THG	C	0.04%
WU	C	0.03%
CXT	F	0.03%
PAG	D	0.03%
CNXC	F	0.03%
PENN	D	0.03%
ZG	C	0.03%
FHB	D	0.03%
AMED	D	0.03%
LCID	C	0.03%
NWS	D	0.03%
NWL	C	0.03%
ZI	D	0.03%
NVST	D	0.03%
LBTYK	B	0.03%
APLS	F	0.03%
DNB	D	0.03%
MPW	C	0.03%
LBTYA	B	0.03%
IRDM	C	0.03%
AMKR	F	0.03%
HIW	C	0.03%
COTY	D	0.03%
MAN	C	0.03%
GTES	C	0.03%
PRGO	F	0.03%
KMPR	D	0.03%
HUN	C	0.03%
MSM	D	0.03%
DXC	D	0.03%
GFS	F	0.03%
IAC	C	0.03%
PPC	D	0.02%
REYN	C	0.02%
MP	C	0.02%
LEN	B	0.02%
BIRK	F	0.02%
IPGP	D	0.02%
FTRE	F	0.02%
FIVN	F	0.02%
LLYVK	B	0.02%
PINC	D	0.02%
KSS	D	0.02%
VSTS	D	0.02%
ADT	D	0.02%
QS	F	0.02%
HAYW	C	0.02%
RCM	C	0.02%
HHH	C	0.02%
ENOV	F	0.02%
TXG	D	0.02%
QDEL	D	0.02%
AAP	F	0.02%
CRI	D	0.02%
CWEN	A	0.02%
BOKF	C	0.02%
SPB	B	0.02%
AGR	C	0.02%
DV	F	0.02%
VAC	D	0.02%
VIRT	C	0.02%
AZTA	F	0.02%
BHF	F	0.02%
COLM	C	0.02%
CC	D	0.02%
CLVT	D	0.02%
CACC	F	0.02%
TDC	D	0.02%
NFE	F	0.01%
TFSL	D	0.01%
DJT	F	0.01%
LOAR	C	0.01%
SEB	D	0.01%
LLYVA	B	0.01%
AS	C	0.01%
UWMC	D	0.01%
UI	B	0.01%
WOLF	F	0.01%
LBRDA	C	0.01%
CWEN	A	0.01%
PYCR	D	0.01%
ALAB	C	0.01%
CNA	D	0.01%
DDS	D	0.01%
SNDR	B	0.01%
CERT	F	0.01%
CAR	D	0.01%
UAA	C	0.01%
UA	C	0.01%
GO	F	0.01%
FWONA	C	0.01%
LEG	D	0.01%
SEG	F	0.0%
PARAA	D	0.0%
GRAL	F	0.0%
UHAL	B	0.0%
PLTK	C	0.0%

IWR Underweight 393 Positions Relative to FAD

Symbol	Grade	Weight
CEG	C	-0.53%
KKR	B	-0.52%
TT	B	-0.49%
GE	C	-0.49%
ERIE	B	-0.49%
ANET	C	-0.46%
META	B	-0.46%
COST	C	-0.45%
APO	B	-0.44%
MMM	B	-0.44%
TJX	C	-0.44%
STX	B	-0.43%
BKNG	B	-0.43%
JPM	D	-0.43%
LLY	D	-0.42%
MSI	B	-0.39%
CMG	D	-0.39%
ORCL	B	-0.39%
NVDA	C	-0.39%
ISRG	C	-0.37%
GOOGL	D	-0.37%
TDG	B	-0.37%
CAT	B	-0.37%
ECL	B	-0.36%
AMGN	D	-0.36%
AVGO	C	-0.36%
BSX	B	-0.36%
RSG	D	-0.35%
NFLX	B	-0.35%
ETN	C	-0.35%
CL	C	-0.35%
PANW	D	-0.34%
UBER	C	-0.34%
VRTX	D	-0.33%
MAR	B	-0.33%
AMZN	C	-0.33%
CRWD	D	-0.32%
APH	C	-0.32%
KLAC	D	-0.31%
PH	B	-0.3%
NOW	C	-0.29%
PM	C	-0.29%
MCO	C	-0.28%
TMUS	B	-0.28%
CTAS	C	-0.28%
SMMT	D	-0.27%
SFM	B	-0.27%
AMAT	D	-0.27%
ORLY	B	-0.26%
MMC	C	-0.26%
MOD	C	-0.26%
MOG.A	B	-0.25%
AZO	B	-0.25%
ENSG	D	-0.25%
MSFT	C	-0.24%
WM	D	-0.24%
INTU	D	-0.24%
LRCX	D	-0.24%
BCO	B	-0.23%
ITGR	C	-0.23%
LNTH	D	-0.23%
HALO	D	-0.23%
AVAV	C	-0.23%
PCAR	D	-0.23%
SFBS	C	-0.22%
CDNS	D	-0.22%
INSM	D	-0.22%
SNPS	F	-0.21%
KNF	C	-0.21%
NXPI	D	-0.21%
CVLT	B	-0.21%
ADMA	C	-0.21%
IBM	B	-0.21%
CBT	B	-0.2%
ZETA	C	-0.2%
WELL	C	-0.2%
MO	C	-0.19%
KO	B	-0.19%
AIT	B	-0.19%
KTB	B	-0.19%
BMI	B	-0.19%
ADP	C	-0.19%
SO	B	-0.19%
PG	C	-0.18%
GKOS	C	-0.18%
AAPL	C	-0.18%
POWL	B	-0.18%
SYK	C	-0.18%
FSS	D	-0.18%
ALHC	C	-0.17%
OSCR	D	-0.17%
CRS	C	-0.17%
CRM	C	-0.17%
SATS	C	-0.17%
PRCT	C	-0.16%
QTWO	C	-0.16%
HWKN	B	-0.16%
PI	B	-0.16%
PTGX	C	-0.16%
ADBE	F	-0.16%
HON	C	-0.16%
IESC	B	-0.16%
AMD	C	-0.16%
ANF	D	-0.16%
HLNE	B	-0.16%
ROP	C	-0.16%
ADI	C	-0.16%
HCC	D	-0.15%
IBP	C	-0.15%
SMTC	C	-0.15%
STRL	C	-0.15%
SNAP	D	-0.15%
PJT	B	-0.15%
ACIW	B	-0.15%
HQY	C	-0.15%
CNK	C	-0.15%
GVA	B	-0.15%
ROAD	C	-0.15%
EPRT	B	-0.15%
CRVL	B	-0.15%
USLM	B	-0.15%
RVMD	C	-0.14%
SPNT	D	-0.14%
BPMC	F	-0.14%
ACA	B	-0.14%
DY	C	-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%
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%
GATX	D	-0.13%
CSWI	B	-0.13%
ALKT	D	-0.13%
TDS	B	-0.13%
TDW	F	-0.13%
FTDR	B	-0.13%
TBBK	C	-0.13%
TRN	C	-0.13%
ATGE	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%
SKYW	C	-0.12%
GERN	D	-0.12%
SLG	C	-0.12%
IOT	C	-0.12%
GOLF	F	-0.12%
AROC	D	-0.12%
CWST	D	-0.12%
AZZ	C	-0.12%
UFPT	D	-0.12%
HURN	C	-0.11%
LMAT	B	-0.11%
MBIN	D	-0.11%
LAUR	C	-0.11%
TNDM	D	-0.11%
SKWD	B	-0.11%
BRC	B	-0.11%
ICFI	C	-0.11%
TWST	D	-0.11%
KTOS	B	-0.11%
PLMR	C	-0.11%
CEIX	C	-0.11%
COLL	C	-0.11%
IDCC	B	-0.11%
PTCT	C	-0.11%
ZWS	B	-0.1%
ALKS	D	-0.1%
EXPO	B	-0.1%
HRI	C	-0.1%
AON	B	-0.1%
HIMS	D	-0.1%
GBX	D	-0.1%
PMT	C	-0.1%
AGYS	D	-0.1%
GRBK	B	-0.1%
VERX	D	-0.1%
RXST	D	-0.1%
HLX	D	-0.1%
EPAC	B	-0.1%
SHW	B	-0.1%
GFF	C	-0.1%
DASH	B	-0.1%
MYGN	D	-0.1%
WRBY	C	-0.09%
ORA	B	-0.09%
RYTM	C	-0.09%
SBRA	C	-0.09%
CBZ	F	-0.09%
IIPR	B	-0.09%
BCRX	D	-0.09%
ADSK	B	-0.09%
FLNC	C	-0.09%
DSGR	B	-0.09%
LIN	B	-0.09%
CRDO	D	-0.09%
SYBT	C	-0.09%
V	C	-0.09%
AKR	B	-0.09%
CAL	F	-0.09%
BLKB	C	-0.09%
MA	B	-0.09%
CPRX	C	-0.09%
HD	B	-0.09%
CMPR	F	-0.09%
TGLS	B	-0.09%
MAC	B	-0.09%
BCPC	C	-0.09%
BOWL	D	-0.09%
ARDX	D	-0.09%
SPGI	C	-0.09%
SCS	D	-0.09%
NSSC	F	-0.08%
HAE	D	-0.08%
LKFN	D	-0.08%
AEIS	D	-0.08%
MRUS	D	-0.08%
CPRT	D	-0.08%
CDRE	C	-0.08%
SMPL	D	-0.08%
LPG	F	-0.08%
CHCO	D	-0.08%
ACVA	C	-0.08%
CARG	C	-0.08%
TNET	F	-0.08%
KNTK	C	-0.08%
STZ	C	-0.08%
UE	C	-0.08%
INSW	C	-0.08%
AESI	D	-0.08%
GIII	D	-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%
MRVL	D	-0.08%
PEP	D	-0.08%
TXN	B	-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%
DFH	C	-0.07%
THR	F	-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%
AGM	D	-0.07%
WABC	D	-0.07%
JJSF	B	-0.07%
PRGS	A	-0.07%
SLB	F	-0.07%
FIZZ	D	-0.07%
OSIS	C	-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%
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%
OUT	B	-0.06%
TGI	F	-0.06%
SITM	B	-0.06%
AMR	D	-0.06%
IOSP	F	-0.06%
EVH	D	-0.06%
VECO	F	-0.06%
RHP	C	-0.05%
RRR	D	-0.05%
WTS	C	-0.05%
OPCH	C	-0.05%
VCEL	F	-0.05%
WDFC	C	-0.05%
PEB	D	-0.05%
SHO	C	-0.05%
TR	C	-0.05%
KRG	C	-0.05%
FOR	D	-0.05%
PRVA	F	-0.05%
LTC	C	-0.05%
BOX	C	-0.05%
LADR	D	-0.05%
DRH	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%
CNS	B	-0.05%
VCYT	C	-0.04%
RUN	D	-0.04%
XMTR	D	-0.04%
PDFS	D	-0.04%
TENB	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%
IPAR	D	-0.04%
NOVA	D	-0.04%
FELE	B	-0.04%
YELP	D	-0.04%
AMC	F	-0.04%
ETWO	D	-0.04%
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%
AMWD	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%
CWAN	C	-0.03%
MYRG	F	-0.03%
BASE	F	-0.02%
CXM	F	-0.02%
AI	F	-0.02%
PLAY	D	-0.02%
VC	F	-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%
DBRG	D	-0.02%
RES	D	-0.02%