IWR vs. RWL ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to RevenueShares Large Cap ETF (RWL)

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

$94.53

Average Daily Volume

1,461,787

Number of Holdings ^*

803

* may have additional holdings in another (foreign) market

RWL

RevenueShares Large Cap ETF

RWL Description

The investment seeks to outperform the total return performance of the S&P 500 Index, the fund's benchmark index. The fund seeks to achieve its investment objective by attempting to replicate the portfolio of the RevenueShares Large Cap IndexTM (the "underlying index"). The underlying index is constructed by re-weighting the constituent securities of the benchmark index according to the revenue earned by the companies in the benchmark index, subject to certain asset diversification requirements. The fund will invest at least 80% of its net assets in the securities of large capitalization companies included in the benchmark index.

Grade (RS Rating)

Last Trade

$103.10

Average Daily Volume

135,430

Number of Holdings ^*

499

* may have additional holdings in another (foreign) market

Performance

Period	IWR	RWL
30 Days	6.87%	4.90%
60 Days	7.84%	5.46%
90 Days	9.96%	7.07%
12 Months	34.02%	29.24%

307 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in RWL	Overlap
	A	D	0.31%	0.03%	0.03%
	ACGL	D	0.3%	0.07%	0.07%
	ADM	D	0.21%	0.42%	0.21%
	AEE	A	0.2%	0.04%	0.04%
	AES	F	0.08%	0.05%	0.05%
	AFL	B	0.51%	0.11%	0.11%
	AIZ	A	0.09%	0.07%	0.07%
	AJG	B	0.52%	0.06%	0.06%
	AKAM	D	0.11%	0.02%	0.02%
	ALB	C	0.1%	0.05%	0.05%
	ALGN	D	0.14%	0.02%	0.02%
	ALL	A	0.43%	0.34%	0.34%
	ALLE	D	0.1%	0.02%	0.02%
	AMCR	D	0.12%	0.07%	0.07%
	AME	A	0.37%	0.04%	0.04%
	AMP	A	0.46%	0.12%	0.12%
	ANSS	B	0.24%	0.01%	0.01%
	AOS	F	0.07%	0.02%	0.02%
	APA	D	0.07%	0.05%	0.05%
	APTV	D	0.12%	0.09%	0.09%
	ARE	D	0.15%	0.01%	0.01%
	ATO	A	0.18%	0.02%	0.02%
	AVB	B	0.27%	0.02%	0.02%
	AVY	D	0.13%	0.04%	0.04%
	AWK	D	0.22%	0.02%	0.02%
	AXON	A	0.35%	0.02%	0.02%
	BALL	D	0.15%	0.07%	0.07%
	BAX	D	0.13%	0.07%	0.07%
	BBY	D	0.16%	0.22%	0.16%
	BEN	C	0.05%	0.05%	0.05%
	BG	F	0.1%	0.28%	0.1%
	BIIB	F	0.19%	0.04%	0.04%
	BK	A	0.48%	0.23%	0.23%
	BKR	B	0.35%	0.19%	0.19%
	BLDR	D	0.17%	0.09%	0.09%
	BR	A	0.22%	0.04%	0.04%
	BRO	B	0.22%	0.03%	0.03%
	BWA	D	0.06%	0.08%	0.06%
	BXP	D	0.1%	0.02%	0.02%
	CAG	D	0.1%	0.06%	0.06%
	CAH	B	0.24%	1.34%	0.24%
	CBOE	B	0.17%	0.02%	0.02%
	CBRE	B	0.33%	0.2%	0.2%
	CCI	D	0.37%	0.03%	0.03%
	CCL	B	0.2%	0.18%	0.18%
	CDW	F	0.2%	0.09%	0.09%
	CE	F	0.07%	0.03%	0.03%
	CF	B	0.13%	0.03%	0.03%
	CFG	B	0.17%	0.08%	0.08%
	CHD	B	0.22%	0.03%	0.03%
	CHRW	C	0.11%	0.11%	0.11%
	CHTR	C	0.3%	0.35%	0.3%
	CINF	A	0.19%	0.06%	0.06%
	CLX	B	0.17%	0.04%	0.04%
	CMI	A	0.41%	0.23%	0.23%
	CMS	C	0.17%	0.04%	0.04%
	CNC	D	0.25%	0.68%	0.25%
	CNP	B	0.16%	0.05%	0.05%
	COR	B	0.33%	1.58%	0.33%
	CPAY	A	0.2%	0.03%	0.03%
	CPB	D	0.07%	0.05%	0.05%
	CPT	B	0.1%	0.01%	0.01%
	CRL	C	0.08%	0.02%	0.02%
	CSGP	D	0.24%	0.01%	0.01%
	CTLT	B	0.09%	0.02%	0.02%
	CTRA	B	0.16%	0.03%	0.03%
	CTSH	B	0.32%	0.11%	0.11%
	CTVA	C	0.32%	0.09%	0.09%
	CZR	F	0.07%	0.06%	0.06%
	DAL	C	0.34%	0.48%	0.34%
	DAY	B	0.09%	0.01%	0.01%
	DD	D	0.28%	0.07%	0.07%
	DECK	A	0.22%	0.03%	0.03%
	DFS	B	0.36%	0.16%	0.16%
	DG	F	0.14%	0.2%	0.14%
	DGX	A	0.15%	0.05%	0.05%
	DHI	D	0.39%	0.17%	0.17%
	DLR	B	0.48%	0.03%	0.03%
	DLTR	F	0.11%	0.16%	0.11%
	DOC	D	0.12%	0.01%	0.01%
	DOV	A	0.23%	0.05%	0.05%
	DOW	F	0.26%	0.21%	0.21%
	DPZ	C	0.12%	0.03%	0.03%
	DRI	B	0.16%	0.07%	0.07%
	DTE	C	0.2%	0.06%	0.06%
	DVA	B	0.07%	0.06%	0.06%
	DVN	F	0.2%	0.08%	0.08%
	DXCM	D	0.25%	0.02%	0.02%
	EA	A	0.36%	0.04%	0.04%
	EBAY	D	0.26%	0.05%	0.05%
	ED	D	0.28%	0.07%	0.07%
	EFX	F	0.25%	0.03%	0.03%
	EG	C	0.13%	0.08%	0.08%
	EIX	B	0.26%	0.09%	0.09%
	EMN	D	0.1%	0.05%	0.05%
	ENPH	F	0.06%	0.0%	0.0%
	EPAM	C	0.11%	0.03%	0.03%
	EQR	B	0.23%	0.01%	0.01%
	EQT	B	0.21%	0.03%	0.03%
	ES	D	0.18%	0.06%	0.06%
	ESS	B	0.16%	0.01%	0.01%
	ETR	B	0.26%	0.08%	0.08%
	EVRG	A	0.12%	0.03%	0.03%
	EXC	C	0.32%	0.12%	0.12%
	EXPD	D	0.14%	0.05%	0.05%
	EXPE	B	0.19%	0.1%	0.1%
	EXR	D	0.28%	0.02%	0.02%
	FANG	D	0.27%	0.05%	0.05%
	FAST	B	0.39%	0.05%	0.05%
	FDS	B	0.15%	0.01%	0.01%
	FE	C	0.2%	0.07%	0.07%
	FFIV	B	0.11%	0.02%	0.02%
	FICO	B	0.44%	0.01%	0.01%
	FIS	C	0.41%	0.06%	0.06%
	FITB	A	0.26%	0.08%	0.08%
	FMC	D	0.06%	0.02%	0.02%
	FOX	A	0.05%	0.05%	0.05%
	FOXA	B	0.09%	0.05%	0.05%
	FRT	B	0.08%	0.01%	0.01%
	FSLR	F	0.17%	0.02%	0.02%
	FTV	C	0.22%	0.03%	0.03%
	GDDY	A	0.21%	0.03%	0.03%
	GEHC	F	0.31%	0.1%	0.1%
	GEN	B	0.13%	0.02%	0.02%
	GIS	D	0.29%	0.1%	0.1%
	GL	B	0.08%	0.03%	0.03%
	GLW	B	0.29%	0.08%	0.08%
	GNRC	B	0.09%	0.03%	0.03%
	GPC	D	0.14%	0.11%	0.11%
	GPN	B	0.24%	0.06%	0.06%
	GRMN	B	0.27%	0.04%	0.04%
	GWW	B	0.42%	0.11%	0.11%
	HAL	C	0.22%	0.14%	0.14%
	HAS	D	0.07%	0.02%	0.02%
	HBAN	A	0.21%	0.08%	0.08%
	HES	B	0.33%	0.08%	0.08%
	HIG	B	0.28%	0.14%	0.14%
	HII	D	0.06%	0.05%	0.05%
	HLT	A	0.5%	0.07%	0.07%
	HOLX	D	0.15%	0.02%	0.02%
	HPE	B	0.23%	0.2%	0.2%
	HPQ	B	0.3%	0.32%	0.3%
	HRL	D	0.07%	0.06%	0.06%
	HSIC	B	0.07%	0.06%	0.06%
	HST	C	0.1%	0.03%	0.03%
	HSY	F	0.21%	0.05%	0.05%
	HUBB	B	0.19%	0.03%	0.03%
	HUM	C	0.27%	0.54%	0.27%
	HWM	A	0.37%	0.05%	0.05%
	IDXX	F	0.29%	0.02%	0.02%
	IEX	B	0.14%	0.02%	0.02%
	IFF	D	0.18%	0.05%	0.05%
	INCY	C	0.1%	0.03%	0.03%
	INVH	D	0.17%	0.01%	0.01%
	IP	B	0.16%	0.12%	0.12%
	IPG	D	0.08%	0.06%	0.06%
	IQV	D	0.29%	0.07%	0.07%
	IR	B	0.34%	0.04%	0.04%
	IRM	D	0.28%	0.03%	0.03%
	IT	C	0.32%	0.04%	0.04%
	IVZ	B	0.05%	0.04%	0.04%
	J	F	0.14%	0.09%	0.09%
	JBHT	C	0.12%	0.07%	0.07%
	JBL	B	0.12%	0.2%	0.12%
	JKHY	D	0.1%	0.01%	0.01%
	JNPR	F	0.1%	0.03%	0.03%
	K	A	0.17%	0.07%	0.07%
	KEY	B	0.15%	0.07%	0.07%
	KEYS	A	0.21%	0.03%	0.03%
	KIM	A	0.14%	0.01%	0.01%
	KMI	A	0.44%	0.11%	0.11%
	KMX	B	0.1%	0.14%	0.1%
	KR	B	0.32%	0.87%	0.32%
	KVUE	A	0.38%	0.09%	0.09%
	L	A	0.12%	0.1%	0.1%
	LDOS	C	0.18%	0.09%	0.09%
	LEN	D	0.01%	0.18%	0.01%
	LEN	D	0.33%	0.18%	0.18%
	LH	C	0.16%	0.07%	0.07%
	LHX	C	0.38%	0.12%	0.12%
	LKQ	D	0.08%	0.07%	0.07%
	LNT	A	0.13%	0.02%	0.02%
	LUV	C	0.16%	0.17%	0.16%
	LVS	C	0.14%	0.08%	0.08%
	LW	C	0.09%	0.04%	0.04%
	LYB	F	0.18%	0.2%	0.18%
	LYV	A	0.17%	0.17%	0.17%
	MAA	B	0.15%	0.01%	0.01%
	MAS	D	0.14%	0.04%	0.04%
	MCHP	D	0.27%	0.03%	0.03%
	MGM	D	0.07%	0.1%	0.07%
	MHK	D	0.06%	0.05%	0.05%
	MKC	D	0.15%	0.03%	0.03%
	MKTX	D	0.08%	0.0%	0.0%
	MLM	B	0.29%	0.04%	0.04%
	MOH	F	0.14%	0.18%	0.14%
	MOS	F	0.07%	0.07%	0.07%
	MPWR	F	0.22%	0.01%	0.01%
	MRO	B	0.13%	0.04%	0.04%
	MSCI	C	0.38%	0.02%	0.02%
	MTB	A	0.29%	0.09%	0.09%
	MTCH	D	0.07%	0.02%	0.02%
	MTD	D	0.21%	0.02%	0.02%
	NCLH	B	0.09%	0.07%	0.07%
	NDAQ	A	0.27%	0.04%	0.04%
	NDSN	B	0.12%	0.01%	0.01%
	NI	A	0.14%	0.03%	0.03%
	NRG	B	0.16%	0.18%	0.16%
	NTAP	C	0.2%	0.04%	0.04%
	NTRS	A	0.18%	0.1%	0.1%
	NUE	C	0.29%	0.18%	0.18%
	NVR	D	0.21%	0.05%	0.05%
	NWS	B	0.03%	0.03%	0.03%
	NWSA	B	0.09%	0.03%	0.03%
	O	D	0.41%	0.02%	0.02%
	ODFL	B	0.35%	0.04%	0.04%
	OKE	A	0.53%	0.12%	0.12%
	OMC	C	0.15%	0.09%	0.09%
	ON	D	0.23%	0.04%	0.04%
	OTIS	C	0.33%	0.08%	0.08%
	PARA	C	0.05%	0.17%	0.05%
	PAYC	B	0.09%	0.01%	0.01%
	PAYX	C	0.38%	0.03%	0.03%
	PCG	A	0.37%	0.14%	0.14%
	PEG	A	0.37%	0.06%	0.06%
	PFG	D	0.16%	0.09%	0.09%
	PHM	D	0.22%	0.09%	0.09%
	PKG	A	0.17%	0.05%	0.05%
	PLTR	B	1.09%	0.02%	0.02%
	PNR	A	0.14%	0.03%	0.03%
	PNW	B	0.09%	0.03%	0.03%
	PODD	C	0.15%	0.01%	0.01%
	POOL	C	0.11%	0.03%	0.03%
	PPG	F	0.24%	0.1%	0.1%
	PPL	B	0.21%	0.05%	0.05%
	PRU	A	0.38%	0.36%	0.36%
	PTC	A	0.19%	0.01%	0.01%
	PWR	A	0.39%	0.15%	0.15%
	QRVO	F	0.05%	0.01%	0.01%
	RCL	A	0.45%	0.12%	0.12%
	REG	B	0.11%	0.01%	0.01%
	RF	A	0.2%	0.06%	0.06%
	RJF	A	0.25%	0.11%	0.11%
	RL	B	0.07%	0.04%	0.04%
	RMD	C	0.28%	0.02%	0.02%
	ROK	B	0.27%	0.05%	0.05%
	ROL	B	0.12%	0.02%	0.02%
	ROST	C	0.38%	0.11%	0.11%
	RVTY	F	0.11%	0.01%	0.01%
	SBAC	D	0.2%	0.01%	0.01%
	SJM	D	0.09%	0.04%	0.04%
	SMCI	F	0.08%	0.03%	0.03%
	SNA	A	0.15%	0.04%	0.04%
	SOLV	C	0.08%	0.04%	0.04%
	SPG	B	0.48%	0.03%	0.03%
	STE	F	0.18%	0.03%	0.03%
	STLD	B	0.17%	0.12%	0.12%
	STT	A	0.24%	0.12%	0.12%
	SW	A	0.22%	0.12%	0.12%
	SWK	D	0.11%	0.07%	0.07%
	SWKS	F	0.11%	0.02%	0.02%
	SYF	B	0.21%	0.15%	0.15%
	SYY	B	0.31%	0.42%	0.31%
	TAP	C	0.09%	0.07%	0.07%
	TDY	B	0.18%	0.03%	0.03%
	TECH	D	0.09%	0.01%	0.01%
	TER	D	0.13%	0.01%	0.01%
	TFX	F	0.08%	0.01%	0.01%
	TPR	B	0.11%	0.05%	0.05%
	TRGP	B	0.35%	0.12%	0.12%
	TRMB	B	0.14%	0.03%	0.03%
	TROW	B	0.21%	0.04%	0.04%
	TSCO	D	0.24%	0.08%	0.08%
	TSN	B	0.15%	0.3%	0.15%
	TTWO	A	0.25%	0.04%	0.04%
	TXT	D	0.13%	0.07%	0.07%
	TYL	B	0.21%	0.01%	0.01%
	UAL	A	0.25%	0.56%	0.25%
	UDR	B	0.12%	0.01%	0.01%
	UHS	D	0.1%	0.07%	0.07%
	ULTA	F	0.14%	0.06%	0.06%
	URI	B	0.46%	0.09%	0.09%
	VICI	C	0.27%	0.02%	0.02%
	VLTO	D	0.21%	0.03%	0.03%
	VMC	B	0.3%	0.05%	0.05%
	VRSK	A	0.33%	0.02%	0.02%
	VRSN	F	0.13%	0.01%	0.01%
	VST	B	0.4%	0.13%	0.13%
	VTR	C	0.21%	0.03%	0.03%
	VTRS	A	0.13%	0.09%	0.09%
	WAB	B	0.28%	0.07%	0.07%
	WAT	B	0.17%	0.02%	0.02%
	WBA	F	0.05%	0.77%	0.05%
	WBD	C	0.18%	0.25%	0.18%
	WDC	D	0.17%	0.07%	0.07%
	WEC	A	0.26%	0.05%	0.05%
	WMB	A	0.57%	0.07%	0.07%
	WRB	A	0.15%	0.07%	0.07%
	WST	C	0.19%	0.02%	0.02%
	WTW	B	0.26%	0.06%	0.06%
	WY	D	0.19%	0.04%	0.04%
	WYNN	D	0.08%	0.05%	0.05%
	XEL	A	0.32%	0.08%	0.08%
	XYL	D	0.24%	0.04%	0.04%
	YUM	B	0.31%	0.04%	0.04%
	ZBH	C	0.19%	0.04%	0.04%
	ZBRA	B	0.16%	0.03%	0.03%

IWR Overweight 496 Positions Relative to RWL

	Symbol	Grade	Weight
	APP	B	0.63%
	COIN	C	0.5%
	MSTR	C	0.44%
	TTD	B	0.43%
	LNG	B	0.4%
	SQ	B	0.39%
	VRT	B	0.36%
	FERG	B	0.33%
	DDOG	A	0.31%
	HUBS	A	0.27%
	VEEV	C	0.26%
	ARES	A	0.25%
	ALNY	D	0.24%
	CPNG	D	0.23%
	FCNCA	A	0.22%
	NET	B	0.22%
	TPL	A	0.21%
	RBLX	C	0.21%
	CVNA	B	0.21%
	EME	C	0.19%
	LPLA	A	0.19%
	ZM	B	0.18%
	HOOD	B	0.18%
	ILMN	D	0.18%
	EXE	B	0.18%
	MKL	A	0.18%
	CSL	C	0.17%
	IBKR	A	0.16%
	BAH	F	0.16%
	COO	D	0.16%
	LII	A	0.16%
	MDB	C	0.16%
	RS	B	0.15%
	WSO	A	0.15%
	DKNG	B	0.15%
	TOST	B	0.15%
	ZS	C	0.15%
	TRU	D	0.15%
	TWLO	A	0.14%
	NTRA	B	0.14%
	WSM	B	0.14%
	XPO	B	0.14%
	MANH	D	0.14%
	OC	A	0.14%
	FWONK	B	0.14%
	NTNX	A	0.14%
	PINS	D	0.14%
	HEI	B	0.14%
	BURL	A	0.14%
	RPM	A	0.14%
	FNF	B	0.13%
	RGA	A	0.13%
	DT	C	0.13%
	SUI	D	0.13%
	TOL	B	0.13%
	FIX	A	0.13%
	GWRE	A	0.13%
	SSNC	B	0.13%
	UTHR	C	0.13%
	DOCU	A	0.13%
	SOFI	A	0.12%
	AVTR	F	0.12%
	EQH	B	0.12%
	EWBC	A	0.12%
	ACM	A	0.12%
	ENTG	D	0.12%
	USFD	A	0.12%
	THC	D	0.12%
	PSTG	D	0.12%
	CASY	A	0.12%
	TW	A	0.12%
	GGG	B	0.12%
	PFGC	B	0.11%
	GLPI	C	0.11%
	JEF	A	0.11%
	AFRM	B	0.11%
	ELS	C	0.11%
	TXRH	C	0.11%
	RNR	C	0.11%
	CW	B	0.11%
	SAIA	B	0.11%
	BJ	A	0.1%
	BWXT	B	0.1%
	OVV	B	0.1%
	Z	A	0.1%
	UNM	A	0.1%
	NBIX	C	0.1%
	OKTA	C	0.1%
	HEI	B	0.1%
	NVT	B	0.1%
	BMRN	D	0.1%
	SCI	B	0.1%
	FTI	A	0.1%
	WPC	D	0.1%
	JLL	D	0.1%
	ITT	A	0.1%
	COHR	B	0.1%
	CLH	B	0.1%
	AMH	D	0.1%
	WBS	A	0.09%
	PRI	A	0.09%
	CACI	D	0.09%
	CCK	C	0.09%
	CAVA	B	0.09%
	EVR	B	0.09%
	FND	C	0.09%
	CUBE	D	0.09%
	LAMR	D	0.09%
	BLD	D	0.09%
	ATR	B	0.09%
	CG	A	0.09%
	TTEK	F	0.09%
	AA	B	0.09%
	DKS	C	0.09%
	FHN	A	0.09%
	RRX	B	0.09%
	DUOL	A	0.09%
	LECO	B	0.09%
	OWL	A	0.09%
	SF	B	0.09%
	FBIN	D	0.08%
	AAON	B	0.08%
	TPX	B	0.08%
	GMED	A	0.08%
	DCI	B	0.08%
	WMS	D	0.08%
	RGLD	C	0.08%
	INGR	B	0.08%
	WING	D	0.08%
	ORI	A	0.08%
	BRBR	A	0.08%
	TKO	B	0.08%
	SRPT	D	0.08%
	PNFP	B	0.08%
	AAL	B	0.08%
	CNH	C	0.08%
	DOX	D	0.08%
	CIEN	B	0.08%
	PR	B	0.08%
	HLI	B	0.08%
	WTRG	B	0.08%
	WAL	B	0.08%
	CHDN	B	0.08%
	LBRDK	C	0.08%
	ARMK	B	0.08%
	EHC	B	0.08%
	MUSA	A	0.08%
	DTM	B	0.08%
	NLY	C	0.08%
	OHI	C	0.08%
	AFG	A	0.08%
	ALLY	C	0.08%
	EXEL	B	0.08%
	GME	C	0.08%
	EXP	A	0.08%
	AYI	B	0.08%
	RPRX	D	0.08%
	LAD	A	0.08%
	ALSN	B	0.08%
	WWD	B	0.08%
	KNSL	B	0.08%
	CHRD	D	0.07%
	MEDP	D	0.07%
	RRC	B	0.07%
	ACI	C	0.07%
	X	C	0.07%
	SEIC	B	0.07%
	SKX	D	0.07%
	SNV	B	0.07%
	APG	B	0.07%
	CNM	D	0.07%
	CFR	B	0.07%
	VOYA	B	0.07%
	PLNT	A	0.07%
	CHE	D	0.07%
	RIVN	F	0.07%
	EGP	F	0.07%
	HRB	D	0.07%
	GPK	C	0.07%
	LNW	D	0.07%
	NYT	C	0.07%
	MTZ	B	0.07%
	TTC	D	0.07%
	CR	A	0.07%
	GLOB	B	0.07%
	WTFC	A	0.07%
	CBSH	A	0.07%
	ZION	B	0.07%
	OGE	B	0.07%
	ITCI	C	0.07%
	FYBR	D	0.07%
	BILL	A	0.07%
	CMA	A	0.07%
	BRX	A	0.07%
	SNX	C	0.07%
	PCTY	B	0.07%
	ROKU	D	0.07%
	KNX	B	0.07%
	PEN	B	0.07%
	AR	B	0.07%
	AXTA	A	0.07%
	WCC	B	0.07%
	RBC	A	0.07%
	EXAS	D	0.07%
	MORN	B	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%
	LSCC	D	0.06%
	AXS	A	0.06%
	MTDR	B	0.06%
	VMI	B	0.06%
	DAR	C	0.06%
	ALK	C	0.06%
	CGNX	C	0.06%
	FCN	D	0.06%
	BPOP	B	0.06%
	MTSI	B	0.06%
	MASI	A	0.06%
	ELAN	D	0.06%
	R	B	0.06%
	GXO	B	0.06%
	FR	C	0.06%
	ATI	D	0.06%
	FRPT	B	0.06%
	RGEN	D	0.06%
	GNTX	C	0.06%
	VFC	C	0.06%
	ESTC	C	0.06%
	ESAB	B	0.06%
	MKSI	C	0.06%
	AGNC	D	0.06%
	GTLB	B	0.06%
	BBWI	D	0.06%
	OSK	B	0.06%
	VNO	B	0.06%
	S	B	0.06%
	LPX	B	0.06%
	MIDD	C	0.06%
	COKE	C	0.06%
	CART	C	0.06%
	RLI	B	0.06%
	RYAN	B	0.06%
	WEX	D	0.06%
	PCOR	B	0.06%
	PB	A	0.06%
	TREX	C	0.06%
	WH	B	0.06%
	KEX	C	0.06%
	SMAR	A	0.06%
	RHI	B	0.06%
	JAZZ	B	0.06%
	ADC	B	0.06%
	SSD	D	0.06%
	OLED	D	0.06%
	NNN	D	0.06%
	BERY	B	0.06%
	ONTO	D	0.06%
	FLS	B	0.06%
	KBR	F	0.06%
	G	B	0.06%
	LITE	B	0.05%
	RITM	C	0.05%
	VVV	F	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%
	JHG	A	0.05%
	ETSY	D	0.05%
	CROX	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%
	FOUR	B	0.05%
	BFAM	D	0.05%
	DOCS	C	0.05%
	STWD	C	0.05%
	ARW	D	0.05%
	UHAL	D	0.05%
	BIO	D	0.05%
	COLD	D	0.05%
	SITE	D	0.05%
	OMF	A	0.05%
	ESI	A	0.05%
	SIRI	C	0.05%
	SAIC	F	0.05%
	MAT	D	0.05%
	NOV	C	0.05%
	MSA	D	0.05%
	KD	B	0.05%
	WSC	D	0.05%
	MTG	C	0.05%
	COLB	A	0.05%
	LSTR	D	0.05%
	BSY	D	0.05%
	ELF	C	0.05%
	DBX	B	0.05%
	FAF	A	0.05%
	STAG	F	0.05%
	LYFT	C	0.05%
	AZEK	A	0.05%
	HR	C	0.05%
	DINO	D	0.05%
	AZPN	A	0.05%
	M	D	0.04%
	GAP	C	0.04%
	KMPR	B	0.04%
	RYN	D	0.04%
	EEFT	B	0.04%
	PSN	D	0.04%
	SLGN	A	0.04%
	CELH	F	0.04%
	KRC	C	0.04%
	SEE	C	0.04%
	CUZ	B	0.04%
	LOPE	B	0.04%
	RH	B	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%
	HXL	D	0.04%
	OLN	D	0.04%
	TKR	D	0.04%
	SON	D	0.04%
	BYD	C	0.04%
	NXST	C	0.04%
	INSP	D	0.04%
	UGI	A	0.04%
	AL	B	0.04%
	BROS	B	0.04%
	CIVI	D	0.04%
	OZK	B	0.04%
	AM	A	0.04%
	VNOM	A	0.04%
	U	C	0.04%
	VKTX	F	0.04%
	APPF	B	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%
	TPG	A	0.04%
	CRUS	D	0.04%
	BC	C	0.04%
	WEN	D	0.03%
	AMTM	D	0.03%
	BHF	B	0.03%
	SMG	D	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%
	IRDM	D	0.03%
	EPR	D	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%
	TNL	A	0.03%
	NWL	B	0.03%
	PRGO	B	0.03%
	DNB	B	0.03%
	XRAY	F	0.03%
	MDU	D	0.03%
	NEU	C	0.03%
	DXC	B	0.03%
	MSM	C	0.03%
	ASH	D	0.03%
	PEGA	A	0.03%
	OGN	D	0.03%
	LINE	F	0.03%
	HOG	D	0.03%
	FLO	D	0.03%
	RARE	D	0.03%
	CHH	A	0.03%
	GFS	C	0.03%
	MSGS	A	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	B	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	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%
	RNG	B	0.02%
	SNRE	D	0.02%
	NSA	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	C	0.01%
	CLVT	F	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%

IWR Underweight 193 Positions Relative to RWL

	Symbol	Grade	Weight
	WMT	A	-3.83%
	AMZN	C	-3.77%
	AAPL	C	-2.18%
	BRK.A	B	-2.13%
	UNH	C	-2.1%
	XOM	B	-2.04%
	MCK	B	-2.03%
	CVS	D	-1.9%
	JPM	A	-1.74%
	COST	B	-1.41%
	MSFT	F	-1.34%
	CVX	A	-1.25%
	BAC	A	-1.24%
	GM	B	-1.22%
	C	A	-1.1%
	CI	F	-1.06%
	F	C	-1.03%
	GOOGL	C	-1.01%
	GOOG	C	-1.01%
	WFC	A	-0.93%
	META	D	-0.91%
	HD	A	-0.89%
	PSX	C	-0.86%
	GS	A	-0.82%
	VLO	C	-0.8%
	MPC	D	-0.79%
	MS	A	-0.76%
	CMCSA	B	-0.73%
	TSLA	B	-0.71%
	ELV	F	-0.7%
	T	A	-0.69%
	VZ	C	-0.68%
	NVDA	C	-0.65%
	TGT	F	-0.6%
	DELL	C	-0.59%
	DIS	B	-0.59%
	TMUS	B	-0.51%
	UPS	C	-0.51%
	LOW	D	-0.49%
	FDX	B	-0.49%
	PEP	F	-0.47%
	AXP	A	-0.44%
	JNJ	D	-0.44%
	PG	A	-0.44%
	CAT	B	-0.41%
	MET	A	-0.41%
	RTX	C	-0.4%
	INTC	D	-0.39%
	PGR	A	-0.38%
	COF	B	-0.38%
	ACN	C	-0.37%
	LMT	D	-0.37%
	BA	F	-0.36%
	COP	C	-0.34%
	ORCL	B	-0.34%
	CSCO	B	-0.34%
	HCA	F	-0.33%
	IBM	C	-0.33%
	TJX	A	-0.31%
	DE	A	-0.31%
	BMY	B	-0.3%
	MRK	F	-0.29%
	CB	C	-0.29%
	NKE	D	-0.27%
	PFE	D	-0.27%
	USB	A	-0.26%
	CRM	B	-0.26%
	TRV	B	-0.26%
	AVGO	D	-0.26%
	ABBV	D	-0.26%
	GEV	B	-0.25%
	GD	F	-0.24%
	AIG	B	-0.24%
	NFLX	A	-0.24%
	HON	B	-0.23%
	PCAR	B	-0.23%
	NOC	D	-0.22%
	UBER	D	-0.22%
	ABT	B	-0.22%
	KO	D	-0.22%
	V	A	-0.21%
	PYPL	B	-0.21%
	SLB	C	-0.21%
	PNC	B	-0.21%
	GE	D	-0.21%
	QCOM	F	-0.2%
	SBUX	A	-0.2%
	PM	B	-0.2%
	TMO	F	-0.2%
	SCHW	B	-0.18%
	LLY	F	-0.18%
	GILD	C	-0.17%
	MDT	D	-0.17%
	MDLZ	F	-0.17%
	JCI	C	-0.17%
	LIN	D	-0.17%
	DUK	C	-0.16%
	TFC	A	-0.16%
	ETN	A	-0.16%
	BKNG	A	-0.16%
	KKR	A	-0.16%
	MAR	B	-0.16%
	AMAT	F	-0.15%
	EOG	A	-0.15%
	AMGN	D	-0.15%
	OXY	D	-0.15%
	MA	C	-0.15%
	FCX	D	-0.14%
	SO	D	-0.14%
	CEG	D	-0.14%
	MCD	D	-0.14%
	MMC	B	-0.13%
	UNP	C	-0.13%
	BLK	C	-0.13%
	CARR	D	-0.13%
	MU	D	-0.13%
	KHC	F	-0.13%
	PH	A	-0.13%
	SHW	A	-0.13%
	FI	A	-0.13%
	MMM	D	-0.13%
	TT	A	-0.12%
	AMD	F	-0.12%
	MO	A	-0.12%
	EMR	A	-0.12%
	DHR	F	-0.12%
	NEE	D	-0.12%
	SYK	C	-0.12%
	WM	A	-0.12%
	BDX	F	-0.11%
	ADBE	C	-0.11%
	ADP	B	-0.11%
	INTU	C	-0.1%
	ORLY	B	-0.1%
	AEP	D	-0.1%
	AZO	C	-0.1%
	KMB	D	-0.1%
	CSX	B	-0.09%
	RSG	A	-0.09%
	BSX	B	-0.09%
	TXN	C	-0.09%
	ITW	B	-0.09%
	CL	D	-0.09%
	SRE	A	-0.08%
	LRCX	F	-0.08%
	APH	A	-0.08%
	AON	A	-0.08%
	ECL	D	-0.08%
	NOW	A	-0.07%
	EL	F	-0.07%
	ABNB	C	-0.07%
	LULU	C	-0.07%
	BX	A	-0.07%
	NXPI	D	-0.07%
	NSC	B	-0.07%
	SPGI	C	-0.07%
	KDP	D	-0.07%
	APD	A	-0.07%
	D	C	-0.07%
	ICE	C	-0.06%
	VRTX	F	-0.06%
	NEM	D	-0.06%
	CMG	B	-0.06%
	MSI	B	-0.06%
	ISRG	A	-0.05%
	KLAC	D	-0.05%
	EQIX	A	-0.05%
	PANW	C	-0.05%
	ADI	D	-0.05%
	REGN	F	-0.05%
	AMT	D	-0.05%
	STZ	D	-0.05%
	CTAS	B	-0.05%
	MCO	B	-0.04%
	ADSK	A	-0.04%
	ANET	C	-0.04%
	ROP	B	-0.04%
	PLD	D	-0.04%
	FTNT	C	-0.04%
	SNPS	B	-0.04%
	TDG	D	-0.04%
	WELL	A	-0.04%
	ZTS	D	-0.04%
	MNST	C	-0.04%
	CDNS	B	-0.03%
	CRWD	B	-0.03%
	CPRT	A	-0.03%
	EW	C	-0.03%
	CME	A	-0.03%
	STX	D	-0.03%
	ERIE	D	-0.02%
	MRNA	F	-0.02%
	PSA	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

RWL: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Business Services Semiconductors Diagnostics & Research Asset Management Oil & Gas E&P Aerospace & Defense Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Medical Devices Medical Instruments & Supplies Specialty Retail Credit Services Health Care Plans Household & Personal Products Information Technology Services

Keywords: S&P 500 Nasdaq 100 Natural Gas Computing Electricity Insurance Dow Jones Component Electronics Chemical Medicine Real Estate Investment Trust Aerospace Telecommunications Bank Semiconductor Banking Insurance Products Petroleum Industry Transport Investment Bank