IWR vs. FMDE ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to Fidelity Enhanced Mid Cap ETF (FMDE)

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 1000® Index.

Grade (RS Rating)

Last Trade

$94.46

Average Daily Volume

1,460,358

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

FMDE

Fidelity Enhanced Mid Cap ETF

FMDE Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell Midcap® Index, which is a market capitalization-weighted index designed to measure the performance of the mid-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$34.92

Average Daily Volume

149,918

Number of Holdings ^*

292

* may have additional holdings in another (foreign) market

Performance

Period	IWR	FMDE
30 Days	5.29%	6.40%
60 Days	7.26%	8.81%
90 Days	8.75%	10.43%
12 Months	32.54%	38.09%

271 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in FMDE	Overlap
	A	D	0.31%	0.27%	0.27%
	ACGL	C	0.3%	0.09%	0.09%
	ACM	B	0.12%	0.17%	0.12%
	ADM	D	0.21%	0.07%	0.07%
	AES	F	0.08%	0.12%	0.08%
	AFL	B	0.51%	0.02%	0.02%
	AIZ	A	0.09%	0.63%	0.09%
	AJG	A	0.52%	0.02%	0.02%
	AKAM	D	0.11%	0.03%	0.03%
	ALL	A	0.43%	0.57%	0.43%
	ALLE	C	0.1%	0.58%	0.1%
	ALSN	B	0.08%	0.37%	0.08%
	AM	A	0.04%	0.39%	0.04%
	AME	A	0.37%	0.4%	0.37%
	AMH	C	0.1%	0.49%	0.1%
	AMP	A	0.46%	0.6%	0.46%
	ANSS	B	0.24%	0.13%	0.13%
	APP	B	0.63%	0.3%	0.3%
	ARW	D	0.05%	0.01%	0.01%
	ATI	C	0.06%	0.13%	0.06%
	AWK	C	0.22%	0.1%	0.1%
	AXON	A	0.35%	0.67%	0.35%
	AXS	A	0.06%	0.09%	0.06%
	AXTA	B	0.07%	0.47%	0.07%
	AYI	B	0.08%	0.31%	0.08%
	BAH	F	0.16%	0.27%	0.16%
	BBWI	C	0.06%	0.04%	0.04%
	BBY	D	0.16%	0.03%	0.03%
	BERY	C	0.06%	0.46%	0.06%
	BIIB	F	0.19%	0.04%	0.04%
	BILL	A	0.07%	0.25%	0.07%
	BK	A	0.48%	0.99%	0.48%
	BLD	D	0.09%	0.32%	0.09%
	BLDR	D	0.17%	0.2%	0.17%
	BMRN	F	0.1%	0.03%	0.03%
	BRO	B	0.22%	0.25%	0.22%
	BRX	A	0.07%	0.45%	0.07%
	BURL	B	0.14%	0.48%	0.14%
	BWXT	B	0.1%	0.47%	0.1%
	CACI	D	0.09%	0.49%	0.09%
	CAH	B	0.24%	0.74%	0.24%
	CBOE	C	0.17%	0.27%	0.17%
	CBRE	B	0.33%	0.03%	0.03%
	CBSH	B	0.07%	0.11%	0.07%
	CCI	C	0.37%	0.6%	0.37%
	CCK	D	0.09%	0.48%	0.09%
	CCL	A	0.2%	0.65%	0.2%
	CDW	F	0.2%	0.25%	0.2%
	CF	A	0.13%	0.03%	0.03%
	CFG	B	0.17%	0.23%	0.17%
	CHDN	B	0.08%	0.12%	0.08%
	CINF	A	0.19%	0.13%	0.13%
	CLX	A	0.17%	0.65%	0.17%
	CMI	A	0.41%	0.94%	0.41%
	CNC	D	0.25%	0.57%	0.25%
	CNM	D	0.07%	0.03%	0.03%
	CNP	A	0.16%	0.52%	0.16%
	COIN	C	0.5%	0.31%	0.31%
	COR	B	0.33%	0.51%	0.33%
	CPAY	A	0.2%	0.31%	0.2%
	CPNG	D	0.23%	0.39%	0.23%
	CRUS	D	0.04%	0.44%	0.04%
	CSGP	D	0.24%	0.66%	0.24%
	CSL	C	0.17%	0.05%	0.05%
	CTRA	B	0.16%	0.1%	0.1%
	CVNA	B	0.21%	0.75%	0.21%
	CW	C	0.11%	0.59%	0.11%
	CWEN	C	0.01%	0.07%	0.01%
	CWEN	C	0.01%	0.04%	0.01%
	CWEN	C	0.02%	0.04%	0.02%
	CWEN	C	0.02%	0.07%	0.02%
	DAL	B	0.34%	0.05%	0.05%
	DBX	B	0.05%	0.56%	0.05%
	DCI	B	0.08%	0.52%	0.08%
	DD	C	0.28%	0.58%	0.28%
	DFS	B	0.36%	0.21%	0.21%
	DGX	A	0.15%	0.04%	0.04%
	DHI	F	0.39%	0.37%	0.37%
	DKNG	B	0.15%	0.56%	0.15%
	DKS	D	0.09%	0.2%	0.09%
	DOC	C	0.12%	0.15%	0.12%
	DOCU	B	0.13%	0.65%	0.13%
	DTE	C	0.2%	0.06%	0.06%
	DUOL	A	0.09%	0.33%	0.09%
	DVN	F	0.2%	0.31%	0.2%
	DXCM	C	0.25%	0.27%	0.25%
	EA	A	0.36%	0.58%	0.36%
	EBAY	D	0.26%	0.32%	0.26%
	ED	C	0.28%	0.02%	0.02%
	EEFT	B	0.04%	0.38%	0.04%
	EG	C	0.13%	0.06%	0.06%
	EGP	D	0.07%	0.05%	0.05%
	EIX	B	0.26%	0.61%	0.26%
	ELAN	D	0.06%	0.27%	0.06%
	EME	A	0.19%	0.31%	0.19%
	EPR	C	0.03%	0.03%	0.03%
	EQH	C	0.12%	0.62%	0.12%
	EQR	C	0.23%	0.29%	0.23%
	ES	C	0.18%	0.09%	0.09%
	EVRG	A	0.12%	0.41%	0.12%
	EXC	C	0.32%	0.11%	0.11%
	EXEL	B	0.08%	0.52%	0.08%
	EXPE	B	0.19%	0.73%	0.19%
	FANG	C	0.27%	0.26%	0.26%
	FFIV	B	0.11%	0.54%	0.11%
	FIS	C	0.41%	0.63%	0.41%
	FIX	A	0.13%	0.38%	0.13%
	FLS	B	0.06%	0.21%	0.06%
	FR	D	0.06%	0.06%	0.06%
	FTI	A	0.1%	0.12%	0.1%
	FTV	C	0.22%	0.54%	0.22%
	GAP	C	0.04%	0.49%	0.04%
	GDDY	A	0.21%	0.29%	0.21%
	GEHC	D	0.31%	0.11%	0.11%
	GIS	D	0.29%	0.33%	0.29%
	GL	C	0.08%	0.54%	0.08%
	GLPI	C	0.11%	0.27%	0.11%
	GPN	B	0.24%	0.2%	0.2%
	GRMN	B	0.27%	0.52%	0.27%
	GTES	A	0.03%	0.23%	0.03%
	GWW	B	0.42%	0.42%	0.42%
	GXO	B	0.06%	0.14%	0.06%
	HAL	C	0.22%	0.02%	0.02%
	HES	B	0.33%	0.22%	0.22%
	HIG	B	0.28%	0.4%	0.28%
	HII	F	0.06%	0.21%	0.06%
	HLT	A	0.5%	0.45%	0.45%
	HOOD	B	0.18%	0.01%	0.01%
	HPE	B	0.23%	0.61%	0.23%
	HPQ	B	0.3%	0.01%	0.01%
	HRB	D	0.07%	0.22%	0.07%
	HUBB	B	0.19%	0.59%	0.19%
	HUBS	A	0.27%	0.61%	0.27%
	HUM	C	0.27%	0.06%	0.06%
	HWM	A	0.37%	0.89%	0.37%
	HXL	F	0.04%	0.35%	0.04%
	IBKR	A	0.16%	0.11%	0.11%
	IDXX	F	0.29%	0.61%	0.29%
	IFF	D	0.18%	0.27%	0.18%
	INCY	C	0.1%	0.6%	0.1%
	INGR	C	0.08%	0.24%	0.08%
	IQV	F	0.29%	0.33%	0.29%
	ITT	A	0.1%	0.12%	0.1%
	JAZZ	B	0.06%	0.02%	0.02%
	JHG	B	0.05%	0.07%	0.05%
	K	A	0.17%	0.04%	0.04%
	KD	B	0.05%	0.15%	0.05%
	KEY	B	0.15%	0.65%	0.15%
	KMI	A	0.44%	0.14%	0.14%
	KR	B	0.32%	0.73%	0.32%
	L	A	0.12%	0.06%	0.06%
	LDOS	C	0.18%	0.6%	0.18%
	LEG	F	0.01%	0.08%	0.01%
	LEN	D	0.33%	0.29%	0.29%
	LEN	D	0.01%	0.29%	0.01%
	LHX	C	0.38%	0.24%	0.24%
	LNG	A	0.4%	0.59%	0.4%
	LNW	F	0.07%	0.44%	0.07%
	LPLA	A	0.19%	0.09%	0.09%
	LPX	B	0.06%	0.35%	0.06%
	LSCC	D	0.06%	0.01%	0.01%
	LUV	C	0.16%	0.1%	0.1%
	LYFT	C	0.05%	0.57%	0.05%
	MANH	D	0.14%	0.54%	0.14%
	MCHP	F	0.27%	0.08%	0.08%
	MEDP	D	0.07%	0.45%	0.07%
	MGM	D	0.07%	0.28%	0.07%
	MKL	A	0.18%	0.16%	0.16%
	MKTX	D	0.08%	0.19%	0.08%
	MORN	B	0.07%	0.11%	0.07%
	MPWR	F	0.22%	0.51%	0.22%
	MRO	B	0.13%	0.02%	0.02%
	MSA	F	0.05%	0.07%	0.05%
	MSCI	C	0.38%	0.84%	0.38%
	MTB	A	0.29%	0.22%	0.22%
	MTDR	B	0.06%	0.28%	0.06%
	NBIX	C	0.1%	0.44%	0.1%
	NDAQ	A	0.27%	0.44%	0.27%
	NRG	B	0.16%	0.65%	0.16%
	NTAP	C	0.2%	0.64%	0.2%
	NTNX	B	0.14%	0.33%	0.14%
	NTRA	A	0.14%	0.05%	0.05%
	NUE	C	0.29%	0.6%	0.29%
	NVR	D	0.21%	0.65%	0.21%
	NVT	B	0.1%	0.41%	0.1%
	NWS	A	0.03%	0.11%	0.03%
	NWSA	A	0.09%	0.18%	0.09%
	NYT	D	0.07%	0.45%	0.07%
	OC	A	0.14%	0.23%	0.14%
	OGE	A	0.07%	0.04%	0.04%
	OKE	A	0.53%	0.01%	0.01%
	OVV	B	0.1%	0.02%	0.02%
	PCG	A	0.37%	0.36%	0.36%
	PCTY	C	0.07%	0.21%	0.07%
	PEGA	B	0.03%	0.45%	0.03%
	PHM	D	0.22%	0.05%	0.05%
	PLTK	B	0.01%	0.25%	0.01%
	PLTR	B	1.09%	0.43%	0.43%
	POST	C	0.04%	0.02%	0.02%
	PPG	F	0.24%	0.66%	0.24%
	PRU	A	0.38%	0.85%	0.38%
	QRVO	F	0.05%	0.5%	0.05%
	RBLX	C	0.21%	0.72%	0.21%
	RCL	A	0.45%	0.18%	0.18%
	REG	A	0.11%	0.13%	0.11%
	REYN	D	0.01%	0.03%	0.01%
	RGA	A	0.13%	0.28%	0.13%
	RJF	A	0.25%	0.78%	0.25%
	RNG	C	0.02%	0.34%	0.02%
	ROST	D	0.38%	0.71%	0.38%
	RS	B	0.15%	0.3%	0.15%
	SAM	C	0.02%	0.15%	0.02%
	SBAC	D	0.2%	0.22%	0.2%
	SEE	C	0.04%	0.34%	0.04%
	SEIC	B	0.07%	0.24%	0.07%
	SF	B	0.09%	0.03%	0.03%
	SNX	D	0.07%	0.44%	0.07%
	SOLV	D	0.08%	0.39%	0.08%
	SPG	A	0.48%	0.96%	0.48%
	SQ	A	0.39%	0.97%	0.39%
	SSNC	B	0.13%	0.59%	0.13%
	STAG	D	0.05%	0.01%	0.01%
	STLD	B	0.17%	0.47%	0.17%
	STT	B	0.24%	0.72%	0.24%
	SWK	D	0.11%	0.01%	0.01%
	SWKS	F	0.11%	0.45%	0.11%
	SYF	B	0.21%	0.36%	0.21%
	SYY	D	0.31%	0.11%	0.11%
	TDC	D	0.02%	0.48%	0.02%
	TNL	A	0.03%	0.06%	0.03%
	TOL	B	0.13%	0.62%	0.13%
	TOST	B	0.15%	0.69%	0.15%
	TPL	A	0.21%	0.14%	0.14%
	TPR	B	0.11%	0.51%	0.11%
	TRGP	A	0.35%	0.56%	0.35%
	TW	A	0.12%	0.22%	0.12%
	TWLO	A	0.14%	0.67%	0.14%
	TXG	F	0.01%	0.05%	0.01%
	TXRH	B	0.11%	0.03%	0.03%
	TXT	D	0.13%	0.59%	0.13%
	U	C	0.04%	0.04%	0.04%
	UAL	A	0.25%	0.79%	0.25%
	UHS	D	0.1%	0.32%	0.1%
	ULTA	F	0.14%	0.04%	0.04%
	UNM	A	0.1%	0.52%	0.1%
	USFD	A	0.12%	0.16%	0.12%
	UTHR	C	0.13%	0.35%	0.13%
	VEEV	C	0.26%	0.71%	0.26%
	VICI	C	0.27%	0.63%	0.27%
	VIRT	A	0.02%	0.06%	0.02%
	VLTO	C	0.21%	0.1%	0.1%
	VMC	B	0.3%	0.42%	0.3%
	VMI	B	0.06%	0.37%	0.06%
	VST	A	0.4%	0.94%	0.4%
	VSTS	C	0.02%	0.07%	0.02%
	WAB	B	0.28%	0.43%	0.28%
	WBD	B	0.18%	0.08%	0.08%
	WCC	B	0.07%	0.33%	0.07%
	WEN	D	0.03%	0.05%	0.03%
	WMB	A	0.57%	1.12%	0.57%
	WSM	C	0.14%	0.11%	0.11%
	WTW	B	0.26%	0.72%	0.26%
	WU	F	0.02%	0.33%	0.02%
	WWD	C	0.08%	0.16%	0.08%
	XEL	A	0.32%	0.28%	0.28%
	XRAY	F	0.03%	0.08%	0.03%
	Z	A	0.1%	0.32%	0.1%
	ZBRA	B	0.16%	0.25%	0.16%
	ZG	A	0.03%	0.26%	0.03%
	ZION	B	0.07%	0.34%	0.07%
	ZM	C	0.18%	0.67%	0.18%

IWR Overweight 534 Positions Relative to FMDE

	Symbol	Grade	Weight
	DLR	B	0.48%
	URI	C	0.46%
	MSTR	B	0.44%
	FICO	B	0.44%
	TTD	B	0.43%
	O	C	0.41%
	FAST	B	0.39%
	PWR	A	0.39%
	KVUE	A	0.38%
	PAYX	B	0.38%
	PEG	A	0.37%
	VRT	B	0.36%
	ODFL	C	0.35%
	BKR	A	0.35%
	IR	B	0.34%
	VRSK	A	0.33%
	OTIS	C	0.33%
	FERG	B	0.33%
	CTSH	B	0.32%
	CTVA	C	0.32%
	IT	C	0.32%
	YUM	D	0.31%
	DDOG	A	0.31%
	CHTR	C	0.3%
	GLW	B	0.29%
	MLM	C	0.29%
	IRM	C	0.28%
	RMD	C	0.28%
	EXR	C	0.28%
	AVB	B	0.27%
	ROK	C	0.27%
	DOW	F	0.26%
	WEC	A	0.26%
	ETR	B	0.26%
	FITB	B	0.26%
	EFX	F	0.25%
	ARES	A	0.25%
	TTWO	A	0.25%
	XYL	D	0.24%
	TSCO	D	0.24%
	ALNY	D	0.24%
	DOV	A	0.23%
	ON	D	0.23%
	FCNCA	A	0.22%
	CHD	A	0.22%
	SW	A	0.22%
	DECK	A	0.22%
	BR	A	0.22%
	NET	B	0.22%
	PPL	A	0.21%
	MTD	F	0.21%
	HSY	F	0.21%
	EQT	B	0.21%
	TYL	B	0.21%
	HBAN	A	0.21%
	VTR	B	0.21%
	TROW	B	0.21%
	KEYS	A	0.21%
	FE	C	0.2%
	RF	A	0.2%
	AEE	A	0.2%
	PTC	B	0.19%
	WY	F	0.19%
	WST	C	0.19%
	ZBH	C	0.19%
	NTRS	A	0.18%
	LYB	F	0.18%
	ILMN	C	0.18%
	EXE	A	0.18%
	STE	D	0.18%
	TDY	B	0.18%
	ATO	A	0.18%
	FSLR	F	0.17%
	CMS	C	0.17%
	LYV	A	0.17%
	WDC	D	0.17%
	INVH	D	0.17%
	PKG	A	0.17%
	WAT	C	0.17%
	ESS	B	0.16%
	COO	D	0.16%
	LII	A	0.16%
	MDB	B	0.16%
	LH	B	0.16%
	DRI	B	0.16%
	PFG	D	0.16%
	IP	A	0.16%
	WRB	A	0.15%
	HOLX	D	0.15%
	WSO	A	0.15%
	TSN	B	0.15%
	PODD	C	0.15%
	ARE	F	0.15%
	MAA	B	0.15%
	FDS	B	0.15%
	SNA	A	0.15%
	ZS	B	0.15%
	TRU	D	0.15%
	MKC	C	0.15%
	BALL	F	0.15%
	OMC	C	0.15%
	NI	A	0.14%
	KIM	A	0.14%
	DG	F	0.14%
	XPO	B	0.14%
	ALGN	D	0.14%
	FWONK	A	0.14%
	LVS	B	0.14%
	EXPD	C	0.14%
	PINS	F	0.14%
	HEI	A	0.14%
	GPC	D	0.14%
	MOH	F	0.14%
	TRMB	B	0.14%
	RPM	A	0.14%
	IEX	C	0.14%
	MAS	D	0.14%
	J	D	0.14%
	PNR	A	0.14%
	VTRS	A	0.13%
	FNF	B	0.13%
	VRSN	C	0.13%
	DT	D	0.13%
	SUI	C	0.13%
	LNT	A	0.13%
	GWRE	A	0.13%
	AVY	F	0.13%
	TER	F	0.13%
	GEN	B	0.13%
	BAX	F	0.13%
	ROL	B	0.12%
	SOFI	B	0.12%
	AVTR	F	0.12%
	JBL	C	0.12%
	EWBC	A	0.12%
	APTV	F	0.12%
	NDSN	B	0.12%
	UDR	B	0.12%
	AMCR	C	0.12%
	ENTG	D	0.12%
	THC	D	0.12%
	PSTG	D	0.12%
	CASY	A	0.12%
	DPZ	C	0.12%
	JBHT	C	0.12%
	GGG	B	0.12%
	PFGC	B	0.11%
	CHRW	B	0.11%
	JEF	A	0.11%
	DLTR	F	0.11%
	AFRM	A	0.11%
	EPAM	B	0.11%
	ELS	C	0.11%
	RNR	C	0.11%
	POOL	C	0.11%
	RVTY	F	0.11%
	SAIA	B	0.11%
	BJ	A	0.1%
	OKTA	C	0.1%
	EMN	C	0.1%
	JNPR	D	0.1%
	HEI	A	0.1%
	SCI	B	0.1%
	HST	C	0.1%
	WPC	C	0.1%
	ALB	B	0.1%
	KMX	B	0.1%
	BXP	C	0.1%
	CPT	B	0.1%
	JLL	D	0.1%
	JKHY	D	0.1%
	COHR	B	0.1%
	CLH	C	0.1%
	CAG	F	0.1%
	BG	D	0.1%
	WBS	A	0.09%
	PRI	B	0.09%
	PNW	A	0.09%
	FOXA	A	0.09%
	TECH	F	0.09%
	GNRC	C	0.09%
	CTLT	C	0.09%
	CAVA	B	0.09%
	EVR	B	0.09%
	FND	D	0.09%
	CUBE	C	0.09%
	LW	C	0.09%
	LAMR	C	0.09%
	TAP	C	0.09%
	SJM	D	0.09%
	ATR	B	0.09%
	CG	B	0.09%
	TTEK	F	0.09%
	AA	A	0.09%
	FHN	A	0.09%
	PAYC	B	0.09%
	DAY	B	0.09%
	RRX	B	0.09%
	NCLH	B	0.09%
	LECO	C	0.09%
	OWL	A	0.09%
	TFX	F	0.08%
	FBIN	D	0.08%
	AAON	B	0.08%
	TPX	B	0.08%
	GMED	A	0.08%
	SMCI	F	0.08%
	WMS	F	0.08%
	RGLD	C	0.08%
	WYNN	C	0.08%
	WING	D	0.08%
	ORI	A	0.08%
	FRT	B	0.08%
	BRBR	A	0.08%
	TKO	A	0.08%
	SRPT	F	0.08%
	PNFP	B	0.08%
	AAL	B	0.08%
	CRL	D	0.08%
	CNH	C	0.08%
	DOX	D	0.08%
	CIEN	C	0.08%
	PR	B	0.08%
	HLI	A	0.08%
	WTRG	B	0.08%
	WAL	B	0.08%
	LBRDK	C	0.08%
	ARMK	B	0.08%
	EHC	B	0.08%
	MUSA	B	0.08%
	DTM	A	0.08%
	NLY	C	0.08%
	OHI	C	0.08%
	AFG	A	0.08%
	ALLY	C	0.08%
	GME	C	0.08%
	LKQ	F	0.08%
	EXP	B	0.08%
	RPRX	D	0.08%
	LAD	A	0.08%
	IPG	D	0.08%
	KNSL	B	0.08%
	CHRD	D	0.07%
	MTCH	D	0.07%
	RRC	B	0.07%
	ACI	C	0.07%
	X	B	0.07%
	CZR	F	0.07%
	SKX	D	0.07%
	SNV	C	0.07%
	APG	B	0.07%
	CE	F	0.07%
	DVA	C	0.07%
	APA	D	0.07%
	CFR	B	0.07%
	VOYA	B	0.07%
	PLNT	A	0.07%
	CPB	D	0.07%
	CHE	D	0.07%
	RIVN	F	0.07%
	RL	C	0.07%
	GPK	C	0.07%
	MOS	F	0.07%
	HRL	D	0.07%
	MTZ	B	0.07%
	TTC	C	0.07%
	CR	A	0.07%
	GLOB	B	0.07%
	WTFC	A	0.07%
	ITCI	C	0.07%
	FYBR	C	0.07%
	HAS	D	0.07%
	AOS	F	0.07%
	CMA	B	0.07%
	ROKU	D	0.07%
	KNX	C	0.07%
	PEN	B	0.07%
	HSIC	C	0.07%
	AR	B	0.07%
	RBC	A	0.07%
	EXAS	D	0.07%
	REXR	F	0.07%
	AWI	A	0.06%
	MTN	C	0.06%
	H	B	0.06%
	CFLT	B	0.06%
	SN	D	0.06%
	FMC	D	0.06%
	DAR	C	0.06%
	ALK	B	0.06%
	CGNX	D	0.06%
	FCN	F	0.06%
	BPOP	C	0.06%
	MTSI	B	0.06%
	MASI	B	0.06%
	R	B	0.06%
	FRPT	A	0.06%
	RGEN	D	0.06%
	GNTX	C	0.06%
	VFC	C	0.06%
	ESTC	C	0.06%
	ESAB	C	0.06%
	MKSI	C	0.06%
	AGNC	C	0.06%
	GTLB	B	0.06%
	OSK	C	0.06%
	VNO	C	0.06%
	S	B	0.06%
	MIDD	C	0.06%
	COKE	C	0.06%
	CART	C	0.06%
	RLI	A	0.06%
	RYAN	A	0.06%
	WEX	D	0.06%
	PCOR	B	0.06%
	PB	B	0.06%
	TREX	C	0.06%
	MHK	D	0.06%
	WH	B	0.06%
	KEX	B	0.06%
	SMAR	B	0.06%
	RHI	C	0.06%
	ADC	A	0.06%
	SSD	F	0.06%
	OLED	F	0.06%
	NNN	C	0.06%
	ONTO	F	0.06%
	KBR	F	0.06%
	BWA	D	0.06%
	G	B	0.06%
	ENPH	F	0.06%
	LITE	B	0.05%
	RITM	C	0.05%
	VVV	D	0.05%
	PATH	C	0.05%
	NFG	A	0.05%
	THO	B	0.05%
	OLLI	D	0.05%
	BRKR	D	0.05%
	PVH	C	0.05%
	FOX	A	0.05%
	ETSY	D	0.05%
	CROX	D	0.05%
	AGCO	D	0.05%
	THG	A	0.05%
	VNT	C	0.05%
	AMG	B	0.05%
	LFUS	D	0.05%
	FNB	A	0.05%
	WFRD	D	0.05%
	IDA	A	0.05%
	WHR	B	0.05%
	LAZ	B	0.05%
	FOUR	A	0.05%
	BFAM	D	0.05%
	WBA	F	0.05%
	DOCS	C	0.05%
	STWD	C	0.05%
	UHAL	D	0.05%
	BEN	C	0.05%
	BIO	C	0.05%
	COLD	D	0.05%
	SITE	F	0.05%
	OMF	A	0.05%
	ESI	B	0.05%
	SIRI	C	0.05%
	SAIC	F	0.05%
	MAT	D	0.05%
	NOV	C	0.05%
	WSC	F	0.05%
	MTG	C	0.05%
	IVZ	B	0.05%
	PARA	C	0.05%
	COLB	B	0.05%
	LSTR	D	0.05%
	BSY	F	0.05%
	ELF	C	0.05%
	FAF	A	0.05%
	AZEK	A	0.05%
	HR	B	0.05%
	DINO	D	0.05%
	AZPN	A	0.05%
	M	F	0.04%
	KMPR	A	0.04%
	RYN	D	0.04%
	PSN	D	0.04%
	SLGN	A	0.04%
	CELH	F	0.04%
	KRC	B	0.04%
	CUZ	B	0.04%
	LOPE	C	0.04%
	RH	C	0.04%
	AGO	B	0.04%
	FIVE	F	0.04%
	ST	F	0.04%
	HCP	B	0.04%
	ROIV	C	0.04%
	AVT	C	0.04%
	WTM	A	0.04%
	OLN	F	0.04%
	TKR	D	0.04%
	SON	F	0.04%
	BYD	B	0.04%
	NXST	C	0.04%
	INSP	D	0.04%
	UGI	C	0.04%
	AL	B	0.04%
	BROS	A	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	VNOM	A	0.04%
	VKTX	F	0.04%
	APPF	B	0.04%
	SLM	A	0.04%
	LNC	C	0.04%
	CLF	F	0.04%
	CCCS	B	0.04%
	LEA	F	0.04%
	IONS	F	0.04%
	TPG	A	0.04%
	BC	C	0.04%
	AMTM	D	0.03%
	BHF	C	0.03%
	SMG	C	0.03%
	PENN	C	0.03%
	VAC	C	0.03%
	ZI	D	0.03%
	HUN	F	0.03%
	YETI	D	0.03%
	NCNO	C	0.03%
	IRDM	D	0.03%
	HIW	C	0.03%
	PII	F	0.03%
	ACHC	F	0.03%
	FHB	B	0.03%
	IAC	F	0.03%
	NVST	B	0.03%
	SPR	D	0.03%
	W	D	0.03%
	NWL	C	0.03%
	PRGO	C	0.03%
	DNB	B	0.03%
	MDU	D	0.03%
	NEU	D	0.03%
	DXC	B	0.03%
	MSM	C	0.03%
	ASH	F	0.03%
	OGN	F	0.03%
	LINE	F	0.03%
	HOG	D	0.03%
	FLO	D	0.03%
	RARE	F	0.03%
	CHH	A	0.03%
	GFS	C	0.03%
	MSGS	A	0.03%
	AN	C	0.03%
	DLB	B	0.03%
	WLK	D	0.03%
	CRI	F	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	F	0.02%
	IPGP	D	0.02%
	LCID	F	0.02%
	KSS	F	0.02%
	SHC	F	0.02%
	PPC	C	0.02%
	ADT	C	0.02%
	AZTA	D	0.02%
	RCM	A	0.02%
	AAP	D	0.02%
	HAYW	B	0.02%
	JWN	D	0.02%
	PINC	B	0.02%
	ALGM	D	0.02%
	CPRI	F	0.02%
	SPB	C	0.02%
	MP	C	0.02%
	HHH	B	0.02%
	ENOV	C	0.02%
	MPW	F	0.02%
	AGR	A	0.02%
	BOKF	B	0.02%
	CXT	C	0.02%
	APLS	F	0.02%
	COTY	F	0.02%
	CACC	D	0.02%
	DV	C	0.02%
	FIVN	C	0.02%
	COLM	C	0.02%
	CC	C	0.02%
	AMKR	D	0.02%
	ECG	C	0.02%
	AMED	F	0.02%
	MAN	F	0.02%
	PAG	B	0.02%
	SNRE	D	0.02%
	NSA	C	0.02%
	LLYVK	A	0.02%
	PK	C	0.02%
	UWMC	D	0.01%
	SEB	F	0.01%
	TFSL	A	0.01%
	WOLF	F	0.01%
	LOAR	B	0.01%
	CNA	C	0.01%
	AS	A	0.01%
	CERT	F	0.01%
	PYCR	B	0.01%
	DDS	B	0.01%
	LLYVA	A	0.01%
	UI	B	0.01%
	SNDR	B	0.01%
	TRIP	F	0.01%
	LBRDA	C	0.01%
	DJT	C	0.01%
	GO	C	0.01%
	QS	F	0.01%
	CAR	C	0.01%
	FTRE	D	0.01%
	FWONA	A	0.01%
	UA	C	0.01%
	CLVT	D	0.01%
	BIRK	D	0.01%
	CNXC	F	0.01%
	PARAA	B	0.0%
	SEG	B	0.0%
	GRAL	B	0.0%
	UHAL	D	0.0%
	NFE	D	0.0%

IWR Underweight 24 Positions Relative to FMDE

	Symbol	Grade	Weight
	PYPL	B	-0.54%
	CTAS	B	-0.52%
	GILD	C	-0.51%
	MSI	B	-0.5%
	ECL	D	-0.49%
	TT	A	-0.48%
	PSA	C	-0.46%
	ANF	F	-0.45%
	CL	D	-0.42%
	PCAR	B	-0.38%
	IGT	F	-0.38%
	KLAC	F	-0.36%
	BMY	B	-0.26%
	KMB	C	-0.22%
	ADTN	A	-0.2%
	NOC	D	-0.18%
	DASH	B	-0.16%
	ROP	B	-0.1%
	CTRE	C	-0.1%
	AMT	C	-0.06%
	CI	D	-0.06%
	WDAY	B	-0.06%
	NSC	B	-0.06%
	QGEN	D	-0.02%

IWR: Top Represented Industries & Keywords

Industries: Software - Application Banks - Regional - US Diversified Industrials Biotechnology Diagnostics & Research Software - Infrastructure Business Services Utilities - Regulated Electric Asset Management Oil & Gas E&P Specialty Retail Packaged Foods Packaging & Containers Information Technology Services Semiconductors Building Materials Capital Markets Insurance - Property & Casualty REIT - Residential Specialty Chemicals

Keywords: S&P 500 Computing Natural Gas Insurance Nasdaq 100 Real Estate Investment Trust Electronics Banking Aerospace Bank Chemical Electricity Telecommunications Mining Medicine Insurance Products Semiconductor Biotechnology Beverage Cloud Computing

FMDE: Top Represented Industries & Keywords

Industries: Software - Application Diversified Industrials Utilities - Regulated Electric Business Services Capital Markets Diagnostics & Research Aerospace & Defense Oil & Gas E&P Software - Infrastructure Biotechnology Semiconductors Specialty Retail Asset Management Banks - Regional - US Building Materials Insurance - Property & Casualty Oil & Gas Midstream Residential Construction Apparel Stores Communication Equipment

Keywords: S&P 500 Nasdaq 100 Insurance Computing Natural Gas Aerospace Electricity Disability Electronics Cloud Computing Real Estate Investment Trust IBD 50 Insurance Products Telecommunications Life Insurance Mining Technology Solutions Building Materials Mobile Devices Bank