IWS vs. FAD ETF Comparison

Comparison of iShares Russell Mid-cap Value ETF (IWS) to First Trust MuFirst Trust Multi CG AlphaDEX (FAD)

IWS

iShares Russell Mid-cap Value ETF

IWS Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics. 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. It seeks to track the investment results of the Russell Midcap Value Index (the "underlying index"), which measures the performance of the mid-capitalization value sector of the U.S. equity market.

Grade (RS Rating)

Last Trade

$138.66

Average Daily Volume

277,468

Number of Holdings ^*

707

* 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

$148.28

Average Daily Volume

4,276

Number of Holdings ^*

640

* may have additional holdings in another (foreign) market

Performance

Period	IWS	FAD
30 Days	3.96%	7.67%
60 Days	5.27%	10.52%
90 Days	6.56%	13.20%
12 Months	30.55%	42.08%

186 Overlapping Holdings

Symbol	Grade	Weight in IWS	Weight in FAD	Overlap
A	D	0.41%	0.07%	0.07%
ACGL	C	0.4%	0.37%	0.37%
ADC	A	0.08%	0.17%	0.08%
AES	F	0.11%	0.09%	0.09%
AFRM	A	0.14%	0.32%	0.14%
AGNC	C	0.08%	0.08%	0.08%
AJG	A	0.65%	0.26%	0.26%
ALL	A	0.48%	0.44%	0.44%
ALLE	C	0.13%	0.12%	0.12%
ALNY	D	0.04%	0.29%	0.04%
ALSN	B	0.11%	0.25%	0.11%
AM	A	0.04%	0.04%	0.04%
AMP	A	0.06%	0.41%	0.06%
AOS	F	0.1%	0.07%	0.07%
ATI	C	0.08%	0.18%	0.08%
ATR	B	0.12%	0.09%	0.09%
AVB	B	0.36%	0.08%	0.08%
AWI	A	0.05%	0.15%	0.05%
AXTA	B	0.1%	0.09%	0.09%
AYI	B	0.11%	0.15%	0.11%
AZEK	A	0.02%	0.12%	0.02%
AZTA	D	0.02%	0.02%	0.02%
BFAM	D	0.06%	0.16%	0.06%
BK	A	0.64%	0.46%	0.46%
BLD	D	0.11%	0.15%	0.11%
BR	A	0.03%	0.26%	0.03%
BRBR	A	0.1%	0.15%	0.1%
BRKR	D	0.02%	0.03%	0.02%
BRO	B	0.16%	0.36%	0.16%
BRX	A	0.1%	0.09%	0.09%
BWXT	B	0.1%	0.15%	0.1%
CACI	D	0.11%	0.18%	0.11%
CASY	A	0.13%	0.27%	0.13%
CBOE	C	0.23%	0.17%	0.17%
CBSH	B	0.09%	0.1%	0.09%
CCI	C	0.5%	0.07%	0.07%
CCL	A	0.27%	0.45%	0.27%
CFR	B	0.09%	0.1%	0.09%
CHD	A	0.29%	0.09%	0.09%
CHE	D	0.08%	0.04%	0.04%
CHH	A	0.01%	0.05%	0.01%
CLH	C	0.14%	0.13%	0.13%
CNM	D	0.03%	0.04%	0.03%
COHR	B	0.14%	0.22%	0.14%
COIN	C	0.11%	0.31%	0.11%
COKE	C	0.08%	0.19%	0.08%
CPT	B	0.14%	0.08%	0.08%
CROX	D	0.05%	0.08%	0.05%
CRUS	D	0.06%	0.1%	0.06%
CSL	C	0.19%	0.24%	0.19%
CUBE	C	0.12%	0.08%	0.08%
CVNA	B	0.19%	0.59%	0.19%
CW	C	0.15%	0.22%	0.15%
DAY	B	0.11%	0.05%	0.05%
DBX	B	0.05%	0.09%	0.05%
DCI	B	0.1%	0.04%	0.04%
DKS	D	0.11%	0.12%	0.11%
DLR	B	0.64%	0.09%	0.09%
DOCS	C	0.06%	0.14%	0.06%
DOV	A	0.3%	0.18%	0.18%
DTM	A	0.11%	0.11%	0.11%
EEFT	B	0.05%	0.09%	0.05%
EFX	F	0.27%	0.21%	0.21%
EGP	D	0.09%	0.04%	0.04%
EHC	B	0.11%	0.17%	0.11%
ELAN	D	0.08%	0.04%	0.04%
EME	A	0.15%	0.49%	0.15%
EPR	C	0.04%	0.04%	0.04%
ESAB	C	0.08%	0.1%	0.08%
ESI	B	0.07%	0.04%	0.04%
ESS	B	0.21%	0.08%	0.08%
EWBC	A	0.16%	0.21%	0.16%
EXEL	B	0.02%	0.22%	0.02%
EXP	B	0.03%	0.17%	0.03%
EXR	C	0.38%	0.15%	0.15%
FAST	B	0.08%	0.09%	0.08%
FCN	F	0.08%	0.07%	0.07%
FCNCA	A	0.29%	0.4%	0.29%
FFIV	B	0.15%	0.14%	0.14%
FICO	B	0.09%	0.49%	0.09%
FLS	B	0.09%	0.14%	0.09%
FND	D	0.08%	0.07%	0.07%
FR	D	0.08%	0.04%	0.04%
FRPT	A	0.05%	0.18%	0.05%
FSLR	F	0.22%	0.33%	0.22%
GAP	C	0.05%	0.08%	0.05%
GEN	B	0.18%	0.36%	0.18%
GLPI	C	0.14%	0.08%	0.08%
GME	C	0.11%	0.1%	0.1%
GMED	A	0.1%	0.19%	0.1%
GPK	C	0.09%	0.08%	0.08%
GPN	B	0.33%	0.09%	0.09%
GRMN	B	0.36%	0.4%	0.36%
GWRE	A	0.1%	0.18%	0.1%
GWW	B	0.07%	0.28%	0.07%
H	B	0.06%	0.04%	0.04%
HLI	A	0.1%	0.19%	0.1%
HLT	A	0.33%	0.27%	0.27%
HOOD	B	0.24%	0.5%	0.24%
HRB	D	0.07%	0.16%	0.07%
HUBB	B	0.26%	0.26%	0.26%
HWM	A	0.47%	0.48%	0.47%
IBKR	A	0.21%	0.22%	0.21%
IR	B	0.45%	0.17%	0.17%
IRDM	D	0.03%	0.02%	0.02%
IRM	C	0.16%	0.41%	0.16%
ITT	A	0.14%	0.17%	0.14%
KD	B	0.07%	0.05%	0.05%
KEX	B	0.08%	0.17%	0.08%
LAMR	C	0.09%	0.08%	0.08%
LCID	F	0.02%	0.03%	0.02%
LITE	B	0.06%	0.09%	0.06%
LOPE	C	0.03%	0.05%	0.03%
LYFT	C	0.02%	0.06%	0.02%
MASI	B	0.04%	0.05%	0.04%
MKL	A	0.18%	0.09%	0.09%
MKTX	D	0.11%	0.09%	0.09%
MSCI	C	0.21%	0.08%	0.08%
MSGS	A	0.04%	0.09%	0.04%
MSTR	B	0.55%	0.19%	0.19%
MTCH	D	0.09%	0.1%	0.09%
MTD	F	0.27%	0.06%	0.06%
NDAQ	A	0.36%	0.27%	0.27%
NEU	D	0.04%	0.04%	0.04%
NNN	C	0.08%	0.04%	0.04%
NRG	B	0.12%	0.43%	0.12%
NSA	C	0.03%	0.06%	0.03%
NTAP	C	0.15%	0.24%	0.15%
NTNX	B	0.13%	0.05%	0.05%
NTRS	A	0.24%	0.41%	0.24%
NYT	D	0.09%	0.12%	0.09%
O	C	0.54%	0.15%	0.15%
OHI	C	0.11%	0.12%	0.11%
OLLI	D	0.06%	0.12%	0.06%
OTIS	C	0.44%	0.16%	0.16%
PAYC	B	0.05%	0.05%	0.05%
PAYX	B	0.32%	0.09%	0.09%
PCG	A	0.49%	0.36%	0.36%
PEG	A	0.49%	0.34%	0.34%
PLNT	A	0.04%	0.15%	0.04%
PRI	B	0.11%	0.14%	0.11%
PSN	D	0.05%	0.19%	0.05%
PWR	A	0.36%	0.46%	0.36%
RBC	A	0.1%	0.04%	0.04%
RCL	A	0.39%	0.55%	0.39%
REG	A	0.15%	0.09%	0.09%
RGLD	C	0.1%	0.04%	0.04%
RIVN	F	0.09%	0.15%	0.09%
RL	C	0.09%	0.18%	0.09%
RLI	A	0.08%	0.09%	0.08%
RMD	C	0.27%	0.33%	0.27%
ROIV	C	0.05%	0.04%	0.04%
ROST	D	0.39%	0.16%	0.16%
S	B	0.07%	0.14%	0.07%
SBAC	D	0.26%	0.08%	0.08%
SCI	B	0.13%	0.14%	0.13%
SMG	C	0.04%	0.14%	0.04%
SOFI	B	0.13%	0.3%	0.13%
SPG	A	0.48%	0.18%	0.18%
SSD	F	0.08%	0.04%	0.04%
TECH	F	0.12%	0.03%	0.03%
THC	D	0.16%	0.39%	0.16%
TKO	A	0.09%	0.17%	0.09%
TNL	A	0.04%	0.06%	0.04%
TPG	A	0.05%	0.19%	0.05%
TRMB	B	0.19%	0.05%	0.05%
TTEK	F	0.1%	0.18%	0.1%
TW	A	0.1%	0.13%	0.1%
TYL	B	0.04%	0.25%	0.04%
U	C	0.03%	0.03%	0.03%
UDR	B	0.16%	0.04%	0.04%
URI	C	0.46%	0.43%	0.43%
UTHR	C	0.17%	0.42%	0.17%
VICI	C	0.36%	0.16%	0.16%
VLTO	C	0.15%	0.23%	0.15%
VTR	B	0.28%	0.42%	0.28%
WAB	B	0.38%	0.45%	0.38%
WAT	C	0.09%	0.08%	0.08%
WEN	D	0.02%	0.02%	0.02%
WMB	A	0.76%	0.21%	0.21%
WSM	C	0.07%	0.15%	0.07%
WSO	A	0.2%	0.26%	0.2%
WTM	A	0.05%	0.09%	0.05%
WWD	C	0.11%	0.12%	0.11%
WYNN	C	0.09%	0.12%	0.09%
XYL	D	0.32%	0.22%	0.22%

IWS Overweight 521 Positions Relative to FAD

Symbol	Grade	Weight
OKE	A	0.7%
AFL	B	0.68%
KMI	A	0.58%
CMI	A	0.54%
FIS	C	0.54%
DHI	F	0.53%
LHX	C	0.51%
KVUE	A	0.5%
PRU	A	0.5%
AME	A	0.49%
DFS	B	0.48%
BKR	A	0.47%
EA	A	0.47%
DAL	B	0.45%
CBRE	B	0.44%
LEN	D	0.44%
CTVA	C	0.43%
XEL	A	0.43%
EXC	C	0.43%
FERG	B	0.42%
CTSH	B	0.42%
KR	B	0.42%
CHTR	C	0.4%
NUE	C	0.39%
GIS	D	0.39%
GLW	B	0.39%
MTB	A	0.39%
DD	C	0.38%
HIG	B	0.38%
HUM	C	0.37%
FANG	C	0.37%
MCHP	F	0.37%
ED	C	0.37%
GEHC	D	0.37%
MLM	C	0.37%
ETR	B	0.35%
EIX	B	0.35%
WTW	B	0.35%
FITB	B	0.35%
TTWO	A	0.34%
IQV	F	0.34%
DOW	F	0.34%
WEC	A	0.34%
EBAY	D	0.34%
ROK	C	0.33%
UAL	A	0.33%
CNC	D	0.33%
RJF	A	0.33%
PPG	F	0.32%
STT	B	0.32%
CSGP	D	0.32%
ANSS	B	0.32%
ON	D	0.31%
EQR	C	0.31%
SQ	A	0.3%
HPQ	B	0.3%
HPE	B	0.3%
VMC	B	0.3%
TROW	B	0.29%
KEYS	A	0.29%
HAL	C	0.29%
AWK	C	0.29%
FTV	C	0.29%
PHM	D	0.29%
SW	A	0.29%
ADM	D	0.28%
HBAN	A	0.28%
SYF	B	0.28%
NVR	D	0.28%
DVN	F	0.27%
RF	A	0.27%
AEE	A	0.27%
DTE	C	0.27%
PPL	A	0.27%
YUM	D	0.26%
CINF	A	0.26%
BIIB	F	0.26%
EQT	B	0.26%
LNG	A	0.26%
FE	C	0.26%
WBD	B	0.25%
WY	F	0.25%
ZBH	C	0.25%
HSY	F	0.24%
ZM	C	0.24%
EXE	A	0.24%
ILMN	C	0.24%
LYB	F	0.24%
LDOS	C	0.24%
TDY	B	0.24%
STE	D	0.24%
ATO	A	0.24%
ES	C	0.24%
IFF	D	0.24%
WDC	D	0.23%
INVH	D	0.23%
STLD	B	0.23%
PKG	A	0.23%
K	A	0.23%
CFG	B	0.23%
LH	B	0.22%
PFG	D	0.22%
BBY	D	0.22%
IP	A	0.22%
CMS	C	0.22%
MKC	C	0.21%
OMC	C	0.21%
BALL	F	0.21%
CTRA	B	0.21%
BLDR	D	0.21%
COO	D	0.21%
LUV	C	0.21%
CNP	A	0.21%
RS	B	0.2%
KEY	B	0.2%
DGX	A	0.2%
WRB	A	0.2%
HOLX	D	0.2%
TSN	B	0.2%
ARE	F	0.2%
MAA	B	0.2%
SNA	A	0.2%
GPC	D	0.19%
MAS	D	0.19%
IEX	C	0.19%
J	D	0.19%
TRU	D	0.19%
PNR	A	0.19%
CF	A	0.18%
FNF	B	0.18%
MRO	B	0.18%
BAX	F	0.18%
KIM	A	0.18%
NI	A	0.18%
DG	F	0.18%
OC	A	0.18%
L	A	0.17%
VTRS	A	0.17%
RGA	A	0.17%
SUI	C	0.17%
ZBRA	B	0.17%
TOL	B	0.17%
LNT	A	0.17%
SSNC	B	0.17%
TXT	D	0.17%
SYY	D	0.16%
EXPD	C	0.16%
EVRG	A	0.16%
VRSN	C	0.16%
HES	B	0.16%
APTV	F	0.16%
NDSN	B	0.16%
ACM	B	0.16%
DOC	C	0.16%
USFD	A	0.16%
AMCR	C	0.16%
JBHT	C	0.16%
GGG	B	0.16%
TWLO	A	0.15%
RPM	A	0.15%
RNR	C	0.15%
EG	C	0.15%
SWKS	F	0.15%
RVTY	F	0.15%
UNM	A	0.15%
AVTR	F	0.15%
BXP	C	0.14%
JKHY	D	0.14%
AMH	C	0.14%
CAG	F	0.14%
BG	D	0.14%
CHRW	B	0.14%
DLTR	F	0.14%
JBL	C	0.14%
ELS	C	0.14%
AKAM	D	0.14%
SWK	D	0.14%
TPR	B	0.14%
INCY	C	0.13%
AIZ	A	0.13%
KMX	B	0.13%
SF	B	0.13%
BJ	A	0.13%
OVV	B	0.13%
Z	A	0.13%
UHS	D	0.13%
CAH	B	0.13%
EMN	C	0.13%
CDW	F	0.13%
FDS	B	0.13%
JNPR	D	0.13%
BMRN	F	0.13%
HST	C	0.13%
FTI	A	0.13%
NVT	B	0.13%
WPC	C	0.13%
ALB	B	0.13%
EPAM	B	0.13%
FOXA	A	0.12%
CCK	D	0.12%
CTLT	C	0.12%
EVR	B	0.12%
FWONK	A	0.12%
NWSA	A	0.12%
TAP	C	0.12%
PFGC	B	0.12%
AA	A	0.12%
SJM	D	0.12%
CG	B	0.12%
FHN	A	0.12%
RRX	B	0.12%
CRL	D	0.11%
DOX	D	0.11%
CIEN	C	0.11%
WTRG	B	0.11%
GL	C	0.11%
WAL	B	0.11%
DPZ	C	0.11%
ARMK	B	0.11%
AVY	F	0.11%
AFG	A	0.11%
NLY	C	0.11%
LKQ	F	0.11%
RPRX	D	0.11%
LAD	A	0.11%
IPG	D	0.11%
WBS	A	0.11%
PNW	A	0.11%
ZION	B	0.1%
ALLY	C	0.1%
MGM	D	0.1%
SNX	D	0.1%
KNX	C	0.1%
AAL	B	0.1%
AR	B	0.1%
HSIC	C	0.1%
PTC	B	0.1%
WCC	B	0.1%
TFX	F	0.1%
WST	C	0.1%
REXR	F	0.1%
FBIN	D	0.1%
CMA	B	0.1%
INGR	C	0.1%
JEF	A	0.1%
FRT	B	0.1%
ORI	A	0.1%
SOLV	D	0.1%
DRI	B	0.1%
CNH	C	0.1%
PNFP	B	0.1%
BWA	D	0.09%
G	B	0.09%
ACI	C	0.09%
CHRD	D	0.09%
RRC	B	0.09%
SEIC	B	0.09%
CZR	F	0.09%
SNV	C	0.09%
X	B	0.09%
APG	B	0.09%
APA	D	0.09%
LECO	C	0.09%
CPB	D	0.09%
VOYA	B	0.09%
TTC	C	0.09%
MOS	F	0.09%
HRL	D	0.09%
CR	A	0.09%
MTZ	B	0.09%
JLL	D	0.09%
FYBR	C	0.09%
OGE	A	0.09%
WTFC	A	0.09%
DAR	C	0.08%
MTSI	B	0.08%
GXO	B	0.08%
R	B	0.08%
ALGN	D	0.08%
GNTX	C	0.08%
OSK	C	0.08%
VFC	C	0.08%
BBWI	C	0.08%
VNO	C	0.08%
KBR	F	0.08%
MIDD	C	0.08%
CART	C	0.08%
SKX	D	0.08%
MHK	D	0.08%
LBRDK	C	0.08%
LW	C	0.08%
RHI	C	0.08%
ROKU	D	0.08%
PB	B	0.08%
JAZZ	B	0.08%
PR	B	0.08%
HII	F	0.08%
BERY	C	0.08%
LNC	C	0.07%
WHR	B	0.07%
VNT	C	0.07%
IDA	A	0.07%
RGEN	D	0.07%
CE	F	0.07%
WBA	F	0.07%
STWD	C	0.07%
ARW	D	0.07%
BPOP	C	0.07%
BIO	C	0.07%
BEN	C	0.07%
QRVO	F	0.07%
COLD	D	0.07%
OMF	A	0.07%
MTDR	B	0.07%
SAIC	F	0.07%
MAT	D	0.07%
NOV	C	0.07%
SIRI	C	0.07%
MOH	F	0.07%
MSA	F	0.07%
PARA	C	0.07%
MTG	C	0.07%
IVZ	B	0.07%
CGNX	D	0.07%
LSTR	D	0.07%
BILL	A	0.07%
OKTA	C	0.07%
COLB	B	0.07%
FAF	A	0.07%
STAG	D	0.07%
MKSI	C	0.07%
HR	B	0.07%
WEX	D	0.07%
AZPN	A	0.07%
DINO	D	0.07%
AXS	A	0.07%
VMI	B	0.07%
ALK	B	0.07%
WH	B	0.07%
FMC	D	0.07%
BYD	B	0.06%
UGI	C	0.06%
AL	B	0.06%
OZK	B	0.06%
POST	C	0.06%
SLM	A	0.06%
CCCS	B	0.06%
SN	D	0.06%
LEA	F	0.06%
EXAS	D	0.06%
BC	C	0.06%
GNRC	C	0.06%
RITM	C	0.06%
THO	B	0.06%
NFG	A	0.06%
FOX	A	0.06%
PVH	C	0.06%
WMS	F	0.06%
SAIA	B	0.06%
ONTO	F	0.06%
JHG	B	0.06%
THG	A	0.06%
AMG	B	0.06%
LFUS	D	0.06%
AGCO	D	0.06%
FNB	A	0.06%
GTES	A	0.05%
DLB	B	0.05%
AN	C	0.05%
WLK	D	0.05%
M	F	0.05%
KMPR	A	0.05%
SLGN	A	0.05%
RYN	D	0.05%
WSC	F	0.05%
KRC	B	0.05%
CUZ	B	0.05%
AGO	B	0.05%
ST	F	0.05%
AVT	C	0.05%
HXL	F	0.05%
OLN	F	0.05%
TKR	D	0.05%
SON	F	0.05%
HUN	F	0.04%
ZG	A	0.04%
HIW	C	0.04%
ACHC	F	0.04%
FHB	B	0.04%
UHAL	D	0.04%
IAC	F	0.04%
PII	F	0.04%
NVST	B	0.04%
CLF	F	0.04%
W	D	0.04%
NWS	A	0.04%
NWL	C	0.04%
VNOM	A	0.04%
PRGO	C	0.04%
CIVI	D	0.04%
XRAY	F	0.04%
DNB	B	0.04%
MDU	D	0.04%
DXC	B	0.04%
RH	C	0.04%
OLED	F	0.04%
MSM	C	0.04%
OGN	F	0.04%
ASH	F	0.04%
LINE	F	0.04%
SITE	F	0.04%
HOG	D	0.04%
FLO	D	0.04%
GFS	C	0.04%
HAYW	B	0.03%
JWN	D	0.03%
CWEN	C	0.03%
YETI	D	0.03%
ULTA	F	0.03%
PINC	B	0.03%
ALGM	D	0.03%
CPRI	F	0.03%
SPB	C	0.03%
MP	C	0.03%
ENOV	C	0.03%
HHH	B	0.03%
MPW	F	0.03%
AGR	A	0.03%
CC	C	0.03%
BOKF	B	0.03%
WU	F	0.03%
COTY	F	0.03%
CXT	C	0.03%
COLM	C	0.03%
SEE	C	0.03%
VIRT	A	0.03%
ECG	C	0.03%
AMED	F	0.03%
AMKR	D	0.03%
MAN	F	0.03%
PAG	B	0.03%
PK	C	0.03%
SNRE	D	0.03%
LLYVK	A	0.03%
BROS	A	0.03%
NXST	C	0.03%
SPR	D	0.03%
AMTM	D	0.03%
BHF	C	0.03%
VAC	C	0.03%
PENN	C	0.03%
ZI	D	0.03%
TER	F	0.02%
TRIP	F	0.02%
SNDR	B	0.02%
REYN	D	0.02%
LEG	F	0.02%
FTRE	D	0.02%
UA	C	0.02%
QS	F	0.02%
CLVT	D	0.02%
GO	C	0.02%
BIRK	D	0.02%
LEN	D	0.02%
ALAB	B	0.02%
VSTS	C	0.02%
CNXC	F	0.02%
CRI	F	0.02%
UAA	C	0.02%
PSTG	D	0.02%
RKT	F	0.02%
PPC	C	0.02%
ETSY	D	0.02%
LBTYK	A	0.02%
INFA	D	0.02%
KSS	F	0.02%
IPGP	D	0.02%
QDEL	F	0.02%
LBTYA	F	0.02%
GLOB	B	0.02%
SHC	F	0.02%
LPX	B	0.02%
ADT	C	0.02%
AAP	D	0.02%
RCM	A	0.02%
SAM	C	0.02%
TXG	F	0.01%
PLTK	B	0.01%
DJT	C	0.01%
CACC	D	0.01%
SEB	F	0.01%
PATH	C	0.01%
TFSL	A	0.01%
UI	B	0.01%
WOLF	F	0.01%
CWEN	C	0.01%
LSCC	D	0.01%
FIVE	F	0.01%
HCP	B	0.01%
MTN	C	0.01%
CAR	C	0.01%
CNA	C	0.01%
LBRDA	C	0.01%
HAS	D	0.01%
FWONA	A	0.01%
PYCR	B	0.01%
AS	A	0.01%
CERT	F	0.01%
DV	C	0.01%
LLYVA	A	0.01%
NCNO	C	0.01%
DDS	B	0.01%
LOAR	B	0.0%
PARAA	B	0.0%
UWMC	D	0.0%
SEG	B	0.0%
NFE	D	0.0%
UHAL	D	0.0%
GRAL	B	0.0%
LAZ	B	0.0%
IONS	F	0.0%

IWS Underweight 454 Positions Relative to FAD

Symbol	Grade	Weight
APP	B	-0.96%
PLTR	B	-0.69%
AXON	A	-0.63%
TRGP	A	-0.57%
VRT	B	-0.52%
VST	A	-0.52%
DASH	B	-0.51%
EXPE	B	-0.51%
GDDY	A	-0.5%
GS	A	-0.5%
KKR	A	-0.49%
HEI	A	-0.44%
BURL	B	-0.44%
TT	A	-0.44%
AXP	A	-0.44%
PGR	A	-0.43%
CPNG	D	-0.42%
LYV	A	-0.41%
FI	A	-0.4%
TMUS	B	-0.39%
RBLX	C	-0.39%
NVDA	B	-0.39%
TPL	A	-0.39%
JPM	A	-0.39%
NOW	A	-0.38%
PM	B	-0.37%
ORCL	A	-0.37%
MSI	B	-0.37%
PH	A	-0.37%
CEG	C	-0.37%
BSX	A	-0.36%
LII	A	-0.35%
HCA	F	-0.35%
COST	A	-0.35%
CTAS	B	-0.35%
ANET	C	-0.33%
META	D	-0.33%
CAT	B	-0.33%
SHW	B	-0.33%
IBM	C	-0.32%
GE	D	-0.32%
ERIE	D	-0.32%
AVGO	D	-0.32%
APO	B	-0.32%
NEE	C	-0.31%
TDG	D	-0.3%
BAH	F	-0.29%
FTNT	C	-0.29%
BKNG	A	-0.29%
NFLX	A	-0.29%
SFM	A	-0.27%
ISRG	A	-0.27%
DECK	A	-0.27%
TTD	B	-0.26%
WELL	A	-0.26%
AX	B	-0.26%
MCO	B	-0.25%
PIPR	A	-0.25%
TJX	A	-0.25%
QTWO	A	-0.25%
NTRA	A	-0.25%
BRK.A	B	-0.25%
FOUR	A	-0.24%
HLNE	B	-0.24%
CORT	B	-0.24%
RDNT	B	-0.24%
ECL	D	-0.24%
MANH	D	-0.24%
RKLB	A	-0.24%
SPGI	C	-0.24%
FIX	A	-0.24%
LVS	B	-0.24%
SO	C	-0.24%
ICE	C	-0.24%
SFBS	C	-0.24%
DUOL	A	-0.23%
UBER	F	-0.23%
PSA	C	-0.23%
KTB	B	-0.23%
CSWI	B	-0.23%
CRS	B	-0.23%
TOST	B	-0.23%
TSCO	D	-0.23%
TSLA	B	-0.22%
KNF	B	-0.22%
ACIW	B	-0.22%
MOG.A	B	-0.22%
CL	D	-0.22%
CVLT	B	-0.22%
ITRI	C	-0.22%
DY	D	-0.21%
ENSG	C	-0.21%
AMT	C	-0.21%
IOT	A	-0.21%
CPAY	A	-0.2%
MOD	A	-0.2%
AIT	B	-0.2%
DVA	C	-0.2%
AAON	B	-0.2%
LTH	C	-0.2%
ADSK	A	-0.19%
FFIN	B	-0.19%
MO	A	-0.19%
PODD	C	-0.19%
HIMS	B	-0.19%
PANW	B	-0.19%
MAR	A	-0.19%
EAT	A	-0.19%
EXLS	B	-0.19%
DELL	B	-0.19%
PEGA	B	-0.19%
MMSI	A	-0.18%
RSG	A	-0.18%
ORLY	B	-0.18%
APH	A	-0.18%
CRVL	B	-0.18%
ARES	A	-0.18%
ETN	A	-0.18%
SLG	B	-0.18%
AMZN	C	-0.18%
TXRH	B	-0.18%
AAPL	C	-0.17%
BOOT	C	-0.17%
ROL	B	-0.17%
MMC	B	-0.17%
AZO	C	-0.17%
PAYO	A	-0.17%
ANF	F	-0.17%
ITGR	B	-0.17%
AUR	C	-0.17%
IT	C	-0.17%
ROAD	B	-0.16%
IDCC	B	-0.16%
POWL	C	-0.16%
DOCU	B	-0.16%
NCLH	B	-0.16%
IESC	C	-0.16%
FSS	B	-0.16%
MCD	D	-0.16%
CBT	D	-0.16%
BMI	B	-0.16%
EPRT	B	-0.16%
PRIM	A	-0.16%
AVAV	C	-0.16%
BCO	F	-0.16%
CRDO	B	-0.16%
TRUP	B	-0.15%
KO	D	-0.15%
AMGN	F	-0.15%
GVA	A	-0.15%
KAI	B	-0.15%
LMND	B	-0.15%
IBOC	B	-0.15%
WWW	A	-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%
LLY	F	-0.14%
IBP	D	-0.14%
ATGE	B	-0.14%
PJT	A	-0.14%
MCY	A	-0.14%
USLM	A	-0.14%
HOMB	A	-0.14%
ONB	C	-0.14%
LRN	A	-0.14%
ENVA	B	-0.14%
QCRH	B	-0.14%
WULF	C	-0.14%
LNTH	D	-0.14%
TBBK	B	-0.13%
BDC	C	-0.13%
REVG	C	-0.13%
ACLX	C	-0.13%
GSHD	A	-0.13%
AXSM	B	-0.13%
BOX	B	-0.13%
TRN	B	-0.13%
VCYT	B	-0.13%
CNS	B	-0.13%
HASI	D	-0.13%
RYAN	A	-0.13%
RYTM	C	-0.13%
CHEF	A	-0.12%
HWKN	B	-0.12%
ADMA	B	-0.12%
NHC	C	-0.12%
DSGR	C	-0.12%
SKWD	A	-0.12%
SLVM	B	-0.12%
AMRX	C	-0.12%
CALM	A	-0.12%
SBRA	C	-0.12%
HNI	B	-0.12%
DT	D	-0.12%
PBI	B	-0.12%
SKYW	C	-0.12%
HALO	F	-0.12%
LMAT	A	-0.11%
MPWR	F	-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%
LPLA	A	-0.11%
VCTR	B	-0.11%
RNA	C	-0.11%
INTA	B	-0.11%
ALHC	C	-0.11%
SYBT	B	-0.11%
DORM	B	-0.11%
INSM	C	-0.11%
CWAN	B	-0.11%
CDE	C	-0.11%
AGIO	C	-0.11%
PTON	A	-0.11%
SATS	D	-0.11%
SGBX	F	-0.11%
OUT	A	-0.1%
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%
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%
CHDN	B	-0.09%
TMDX	F	-0.09%
ORA	B	-0.09%
IRT	A	-0.09%
RHP	B	-0.09%
WM	B	-0.09%
MA	B	-0.09%
GOOGL	C	-0.09%
WDAY	B	-0.09%
GKOS	B	-0.09%
NMIH	C	-0.09%
ADP	A	-0.09%
SYK	B	-0.09%
WTTR	A	-0.09%
DKNG	B	-0.09%
BCRX	D	-0.09%
AON	A	-0.09%
CWST	A	-0.09%
OSCR	D	-0.09%
VERX	A	-0.09%
RUN	F	-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%
MU	D	-0.08%
HURN	C	-0.08%
LIN	C	-0.08%
CHCO	B	-0.08%
OII	B	-0.08%
RNG	C	-0.08%
KMB	C	-0.08%
HRMY	D	-0.08%
QCOM	F	-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%
PG	C	-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%
APOG	C	-0.08%
SITM	B	-0.08%
VRTX	D	-0.08%
KNSL	B	-0.08%
GABC	B	-0.08%
CARG	B	-0.08%
SEMR	C	-0.08%
BCPC	B	-0.08%
CMG	B	-0.08%
ASTH	F	-0.08%
EQIX	A	-0.08%
MBIN	F	-0.08%
KRG	B	-0.08%
UFPT	C	-0.08%
ITW	B	-0.08%
PMT	C	-0.07%
KLAC	F	-0.07%
CWT	C	-0.07%
WRBY	A	-0.07%
VRRM	F	-0.07%
ESRT	C	-0.07%
NRIX	C	-0.07%
EXPO	D	-0.07%
KN	B	-0.07%
OSIS	A	-0.07%
AAT	B	-0.07%
COLL	F	-0.07%
AZZ	A	-0.07%
KTOS	B	-0.07%
ZTS	D	-0.07%
GFF	A	-0.07%
IIPR	D	-0.06%
MGEE	B	-0.06%
DRVN	B	-0.06%
GTLS	A	-0.06%
AROC	A	-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%
DOCN	C	-0.06%
AMPH	F	-0.06%
BRC	D	-0.06%
TWST	F	-0.06%
NHI	D	-0.06%
CMPR	D	-0.05%
GTX	C	-0.05%
AESI	B	-0.05%
SXT	C	-0.05%
JJSF	C	-0.05%
IAS	C	-0.05%
MARA	B	-0.05%
UMH	B	-0.05%
KW	C	-0.05%
AIV	C	-0.05%
SCS	C	-0.05%
FCPT	C	-0.05%
CDP	C	-0.05%
SWI	C	-0.05%
GATX	A	-0.05%
TNDM	D	-0.05%
OCUL	D	-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%
MAC	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%
MEDP	D	-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%
APPF	B	-0.04%
EVH	F	-0.04%
LNW	F	-0.04%
ALX	D	-0.04%
RXST	F	-0.04%
ELME	D	-0.04%
MORN	B	-0.04%
MAIN	A	-0.04%
CRNX	C	-0.04%
NVAX	F	-0.04%
HLX	B	-0.04%
ANIP	F	-0.04%
GOLF	B	-0.04%
MLNK	C	-0.03%
PLAY	D	-0.03%
APPN	B	-0.03%
APAM	B	-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%
MIR	A	-0.03%
TGI	B	-0.03%
ARDX	F	-0.03%
CLDX	F	-0.02%
RLAY	F	-0.02%
XPRO	D	-0.02%
LPG	F	-0.02%
VECO	F	-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%
BXMT	C	-0.02%
AMC	C	-0.02%
BEAM	D	-0.02%
FBRT	D	-0.02%
AWR	B	-0.02%
YELP	C	-0.02%
THR	B	-0.02%
STRA	C	-0.02%
LTC	B	-0.02%
TR	B	-0.02%
BL	B	-0.02%
CLB	B	-0.02%