IWS vs. PFM ETF Comparison

Comparison of iShares Russell Mid-cap Value ETF (IWS) to PowerShares Dividend Achievers (PFM)

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

$138.63

Average Daily Volume

282,879

Number of Holdings ^*

707

* may have additional holdings in another (foreign) market

PFM

PowerShares Dividend Achievers

PFM Description

The PowerShares Dividend AchieversTM Portfolio (Fund) seeks to replicate, before fees and expenses, the NASDAQ US Broad Dividend AchieversTM Index (Index), which is designed to identify a diversified group of dividend-paying companies. The Fund will normally invest at least 90% of its total assets in dividend paying common stocks that comprise Index. These companies have increased their annual dividend for 10 or more consecutive fiscal years. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc., replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Broad Dividend Achievers Index to NASDAQ US Broad Dividend Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$47.68

Average Daily Volume

24,412

Number of Holdings ^*

416

* may have additional holdings in another (foreign) market

Performance

Period	IWS	PFM
30 Days	5.17%	2.19%
60 Days	5.63%	2.87%
90 Days	7.53%	5.56%
12 Months	31.74%	26.89%

178 Overlapping Holdings

Symbol	Grade	Weight in IWS	Weight in PFM	Overlap
A	D	0.41%	0.16%	0.16%
ADC	B	0.08%	0.03%	0.03%
ADM	D	0.28%	0.11%	0.11%
AEE	A	0.27%	0.11%	0.11%
AES	F	0.11%	0.04%	0.04%
AFG	A	0.11%	0.05%	0.05%
AFL	B	0.68%	0.27%	0.27%
AGCO	D	0.06%	0.03%	0.03%
AGO	B	0.05%	0.02%	0.02%
AIZ	A	0.13%	0.05%	0.05%
AJG	B	0.65%	0.28%	0.28%
AL	B	0.06%	0.02%	0.02%
ALB	C	0.13%	0.05%	0.05%
ALL	A	0.48%	0.23%	0.23%
AMP	A	0.06%	0.24%	0.06%
AOS	F	0.1%	0.04%	0.04%
ARE	D	0.2%	0.08%	0.08%
ASH	D	0.04%	0.02%	0.02%
ATO	A	0.24%	0.1%	0.1%
ATR	B	0.12%	0.05%	0.05%
AVT	C	0.05%	0.02%	0.02%
AVY	D	0.11%	0.07%	0.07%
AWK	D	0.29%	0.11%	0.11%
AXS	A	0.07%	0.03%	0.03%
BBY	D	0.22%	0.08%	0.08%
BC	C	0.06%	0.02%	0.02%
BEN	C	0.07%	0.05%	0.05%
BK	A	0.64%	0.25%	0.25%
BOKF	B	0.03%	0.03%	0.03%
BR	A	0.03%	0.12%	0.03%
BRO	B	0.16%	0.13%	0.13%
CAH	B	0.13%	0.13%	0.13%
CASY	A	0.13%	0.06%	0.06%
CBOE	B	0.23%	0.09%	0.09%
CBSH	A	0.09%	0.04%	0.04%
CDW	F	0.13%	0.1%	0.1%
CFR	B	0.09%	0.04%	0.04%
CHD	B	0.29%	0.12%	0.12%
CHE	D	0.08%	0.04%	0.04%
CHRW	C	0.14%	0.06%	0.06%
CINF	A	0.26%	0.1%	0.1%
CMI	A	0.54%	0.21%	0.21%
CMS	C	0.22%	0.09%	0.09%
CSL	C	0.19%	0.09%	0.09%
CUBE	D	0.12%	0.05%	0.05%
DCI	B	0.1%	0.04%	0.04%
DDS	B	0.01%	0.02%	0.01%
DFS	B	0.48%	0.19%	0.19%
DGX	A	0.2%	0.08%	0.08%
DOV	A	0.3%	0.12%	0.12%
DPZ	C	0.11%	0.07%	0.07%
DTE	C	0.27%	0.11%	0.11%
ED	D	0.37%	0.14%	0.14%
EGP	F	0.09%	0.04%	0.04%
EIX	B	0.35%	0.14%	0.14%
ELS	C	0.14%	0.06%	0.06%
EMN	D	0.13%	0.05%	0.05%
ES	D	0.24%	0.1%	0.1%
ESS	B	0.21%	0.08%	0.08%
EVR	B	0.12%	0.05%	0.05%
EVRG	A	0.16%	0.06%	0.06%
EXPD	D	0.16%	0.07%	0.07%
EXR	D	0.38%	0.15%	0.15%
FAF	A	0.07%	0.03%	0.03%
FAST	B	0.08%	0.2%	0.08%
FDS	B	0.13%	0.08%	0.08%
FITB	A	0.35%	0.14%	0.14%
FLO	D	0.04%	0.02%	0.02%
FNF	B	0.18%	0.07%	0.07%
FR	C	0.08%	0.03%	0.03%
GGG	B	0.16%	0.07%	0.07%
GL	B	0.11%	0.04%	0.04%
GLW	B	0.39%	0.17%	0.17%
GPC	D	0.19%	0.07%	0.07%
GWW	B	0.07%	0.25%	0.07%
HIG	B	0.38%	0.15%	0.15%
HII	D	0.08%	0.03%	0.03%
HPQ	B	0.3%	0.16%	0.16%
HRL	D	0.09%	0.07%	0.07%
HSY	F	0.24%	0.11%	0.11%
HUBB	B	0.26%	0.1%	0.1%
HUM	C	0.37%	0.14%	0.14%
IDA	A	0.07%	0.03%	0.03%
IEX	B	0.19%	0.07%	0.07%
INGR	B	0.1%	0.04%	0.04%
IPG	D	0.11%	0.04%	0.04%
ITT	A	0.14%	0.05%	0.05%
JBHT	C	0.16%	0.08%	0.08%
JKHY	D	0.14%	0.05%	0.05%
KEY	B	0.2%	0.08%	0.08%
KR	B	0.42%	0.18%	0.18%
LAD	A	0.11%	0.04%	0.04%
LECO	B	0.09%	0.05%	0.05%
LFUS	F	0.06%	0.03%	0.03%
LHX	C	0.51%	0.2%	0.2%
LNT	A	0.17%	0.07%	0.07%
LYB	F	0.24%	0.12%	0.12%
MAA	B	0.2%	0.08%	0.08%
MAN	D	0.03%	0.01%	0.01%
MAS	D	0.19%	0.07%	0.07%
MCHP	D	0.37%	0.15%	0.15%
MDU	D	0.04%	0.02%	0.02%
MKC	D	0.21%	0.08%	0.08%
MKTX	D	0.11%	0.04%	0.04%
MSA	D	0.07%	0.03%	0.03%
NDAQ	A	0.36%	0.2%	0.2%
NDSN	B	0.16%	0.06%	0.06%
NFG	A	0.06%	0.02%	0.02%
NI	A	0.18%	0.07%	0.07%
NNN	D	0.08%	0.03%	0.03%
NUE	C	0.39%	0.15%	0.15%
NXST	C	0.03%	0.02%	0.02%
O	D	0.54%	0.21%	0.21%
OGE	B	0.09%	0.04%	0.04%
ORI	A	0.1%	0.04%	0.04%
OSK	B	0.08%	0.03%	0.03%
OZK	B	0.06%	0.02%	0.02%
PAYX	C	0.32%	0.22%	0.22%
PB	A	0.08%	0.03%	0.03%
PEG	A	0.49%	0.19%	0.19%
PFG	D	0.22%	0.09%	0.09%
PII	D	0.04%	0.02%	0.02%
PKG	A	0.23%	0.09%	0.09%
PNW	B	0.11%	0.04%	0.04%
PPG	F	0.32%	0.12%	0.12%
PRGO	B	0.04%	0.02%	0.02%
PRI	A	0.11%	0.04%	0.04%
PRU	A	0.5%	0.2%	0.2%
R	B	0.08%	0.03%	0.03%
REG	B	0.15%	0.06%	0.06%
REXR	F	0.1%	0.04%	0.04%
RF	A	0.27%	0.1%	0.1%
RGA	A	0.17%	0.07%	0.07%
RGLD	C	0.1%	0.04%	0.04%
RHI	B	0.08%	0.03%	0.03%
RJF	A	0.33%	0.15%	0.15%
RLI	B	0.08%	0.03%	0.03%
RMD	C	0.27%	0.15%	0.15%
RNR	C	0.15%	0.06%	0.06%
ROK	B	0.33%	0.14%	0.14%
RPM	A	0.15%	0.08%	0.08%
RRX	B	0.12%	0.05%	0.05%
RS	B	0.2%	0.07%	0.07%
SCI	B	0.13%	0.05%	0.05%
SEIC	B	0.09%	0.05%	0.05%
SJM	D	0.12%	0.05%	0.05%
SLGN	A	0.05%	0.02%	0.02%
SNA	A	0.2%	0.08%	0.08%
SON	D	0.05%	0.02%	0.02%
SSD	D	0.08%	0.03%	0.03%
STAG	F	0.07%	0.03%	0.03%
STE	F	0.24%	0.09%	0.09%
STLD	B	0.23%	0.09%	0.09%
STT	A	0.32%	0.12%	0.12%
SWK	D	0.14%	0.06%	0.06%
SYY	B	0.16%	0.16%	0.16%
THG	A	0.06%	0.03%	0.03%
THO	B	0.06%	0.03%	0.03%
TKR	D	0.05%	0.02%	0.02%
TROW	B	0.29%	0.11%	0.11%
TSN	B	0.2%	0.08%	0.08%
TTC	D	0.09%	0.04%	0.04%
UDR	B	0.16%	0.06%	0.06%
UGI	A	0.06%	0.02%	0.02%
UNM	A	0.15%	0.06%	0.06%
VMC	B	0.3%	0.16%	0.16%
WBA	F	0.07%	0.03%	0.03%
WEC	A	0.34%	0.13%	0.13%
WLK	D	0.05%	0.07%	0.05%
WRB	A	0.2%	0.1%	0.1%
WSM	B	0.07%	0.07%	0.07%
WSO	A	0.2%	0.08%	0.08%
WST	C	0.1%	0.1%	0.1%
WTFC	A	0.09%	0.04%	0.04%
WTRG	B	0.11%	0.05%	0.05%
XEL	A	0.43%	0.17%	0.17%
XYL	D	0.32%	0.13%	0.13%
ZION	B	0.1%	0.04%	0.04%

IWS Overweight 529 Positions Relative to PFM

Symbol	Grade	Weight
WMB	A	0.76%
OKE	A	0.7%
DLR	B	0.64%
KMI	A	0.58%
MSTR	C	0.55%
FIS	C	0.54%
DHI	D	0.53%
CCI	D	0.5%
KVUE	A	0.5%
AME	A	0.49%
PCG	A	0.49%
SPG	B	0.48%
HWM	A	0.47%
BKR	B	0.47%
EA	A	0.47%
URI	B	0.46%
DAL	C	0.45%
IR	B	0.45%
CBRE	B	0.44%
OTIS	C	0.44%
LEN	D	0.44%
CTVA	C	0.43%
EXC	C	0.43%
FERG	B	0.42%
CTSH	B	0.42%
CHTR	C	0.4%
ACGL	D	0.4%
GIS	D	0.39%
ROST	C	0.39%
MTB	A	0.39%
RCL	A	0.39%
WAB	B	0.38%
DD	D	0.38%
FANG	D	0.37%
GEHC	F	0.37%
MLM	B	0.37%
GRMN	B	0.36%
AVB	B	0.36%
PWR	A	0.36%
VICI	C	0.36%
ETR	B	0.35%
WTW	B	0.35%
TTWO	A	0.34%
IQV	D	0.34%
DOW	F	0.34%
EBAY	D	0.34%
GPN	B	0.33%
HLT	A	0.33%
UAL	A	0.33%
CNC	D	0.33%
CSGP	D	0.32%
ANSS	B	0.32%
ON	D	0.31%
EQR	B	0.31%
SQ	B	0.3%
HPE	B	0.3%
KEYS	A	0.29%
HAL	C	0.29%
FTV	C	0.29%
FCNCA	A	0.29%
PHM	D	0.29%
SW	A	0.29%
HBAN	A	0.28%
VTR	C	0.28%
SYF	B	0.28%
NVR	D	0.28%
CCL	B	0.27%
DVN	F	0.27%
EFX	F	0.27%
MTD	D	0.27%
PPL	B	0.27%
YUM	B	0.26%
BIIB	F	0.26%
EQT	B	0.26%
SBAC	D	0.26%
LNG	B	0.26%
FE	C	0.26%
WBD	C	0.25%
WY	D	0.25%
ZBH	C	0.25%
ZM	B	0.24%
HOOD	B	0.24%
NTRS	A	0.24%
EXE	B	0.24%
ILMN	D	0.24%
LDOS	C	0.24%
TDY	B	0.24%
IFF	D	0.24%
WDC	D	0.23%
INVH	D	0.23%
K	A	0.23%
CFG	B	0.23%
LH	C	0.22%
IP	B	0.22%
FSLR	F	0.22%
OMC	C	0.21%
BALL	D	0.21%
CTRA	B	0.21%
IBKR	A	0.21%
BLDR	D	0.21%
MSCI	C	0.21%
COO	D	0.21%
LUV	C	0.21%
CNP	B	0.21%
HOLX	D	0.2%
CVNA	B	0.19%
TRMB	B	0.19%
J	F	0.19%
TRU	D	0.19%
PNR	A	0.19%
CF	B	0.18%
MRO	B	0.18%
GEN	B	0.18%
BAX	D	0.18%
KIM	A	0.18%
DG	F	0.18%
OC	A	0.18%
MKL	A	0.18%
L	A	0.17%
VTRS	A	0.17%
SUI	D	0.17%
ZBRA	B	0.17%
TOL	B	0.17%
SSNC	B	0.17%
TXT	D	0.17%
UTHR	C	0.17%
EWBC	A	0.16%
IRM	D	0.16%
VRSN	F	0.16%
HES	B	0.16%
APTV	D	0.16%
ACM	A	0.16%
DOC	D	0.16%
USFD	A	0.16%
THC	D	0.16%
AMCR	D	0.16%
TWLO	A	0.15%
NTAP	C	0.15%
EG	C	0.15%
SWKS	F	0.15%
RVTY	F	0.15%
CW	B	0.15%
VLTO	D	0.15%
FFIV	B	0.15%
EME	C	0.15%
AVTR	F	0.15%
BXP	D	0.14%
CPT	B	0.14%
COHR	B	0.14%
CLH	B	0.14%
AMH	D	0.14%
CAG	D	0.14%
BG	F	0.14%
GLPI	C	0.14%
DLTR	F	0.14%
AFRM	B	0.14%
JBL	B	0.14%
AKAM	D	0.14%
TPR	B	0.14%
INCY	C	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%
SOFI	A	0.13%
JNPR	F	0.13%
BMRN	D	0.13%
HST	C	0.13%
FTI	A	0.13%
NVT	B	0.13%
NTNX	A	0.13%
WPC	D	0.13%
EPAM	C	0.13%
ALLE	D	0.13%
FOXA	B	0.12%
TECH	D	0.12%
CCK	C	0.12%
CTLT	B	0.12%
FWONK	B	0.12%
NWSA	B	0.12%
TAP	C	0.12%
PFGC	B	0.12%
AA	B	0.12%
CG	A	0.12%
FHN	A	0.12%
NRG	B	0.12%
CRL	C	0.11%
DOX	D	0.11%
CIEN	B	0.11%
COIN	C	0.11%
WAL	B	0.11%
EHC	B	0.11%
ARMK	B	0.11%
DTM	B	0.11%
OHI	C	0.11%
NLY	C	0.11%
GME	C	0.11%
LKQ	D	0.11%
AYI	B	0.11%
RPRX	D	0.11%
BLD	D	0.11%
DAY	B	0.11%
DKS	C	0.11%
ALSN	B	0.11%
WWD	B	0.11%
WBS	A	0.11%
CACI	D	0.11%
TTEK	F	0.1%
GWRE	A	0.1%
ALLY	C	0.1%
BRX	A	0.1%
MGM	D	0.1%
SNX	C	0.1%
KNX	B	0.1%
HLI	B	0.1%
AAL	B	0.1%
AR	B	0.1%
HSIC	B	0.1%
PTC	A	0.1%
RBC	A	0.1%
WCC	B	0.1%
AXTA	A	0.1%
TFX	F	0.1%
TW	A	0.1%
GMED	A	0.1%
FBIN	D	0.1%
BWXT	B	0.1%
CMA	A	0.1%
JEF	A	0.1%
FRT	B	0.1%
SOLV	C	0.1%
DRI	B	0.1%
BRBR	A	0.1%
CNH	C	0.1%
PNFP	B	0.1%
FLS	B	0.09%
BWA	D	0.09%
G	B	0.09%
ACI	C	0.09%
MTCH	D	0.09%
CHRD	D	0.09%
RRC	B	0.09%
CZR	F	0.09%
SNV	B	0.09%
X	C	0.09%
APG	B	0.09%
APA	D	0.09%
TKO	B	0.09%
FICO	B	0.09%
CPB	D	0.09%
VOYA	B	0.09%
LAMR	D	0.09%
WAT	B	0.09%
RIVN	F	0.09%
RL	B	0.09%
GPK	C	0.09%
NYT	C	0.09%
MOS	F	0.09%
CR	A	0.09%
MTZ	B	0.09%
JLL	D	0.09%
WYNN	D	0.09%
FYBR	D	0.09%
DAR	C	0.08%
ELAN	D	0.08%
FCN	D	0.08%
MTSI	B	0.08%
GXO	B	0.08%
FND	C	0.08%
ALGN	D	0.08%
ATI	D	0.08%
ESAB	B	0.08%
GNTX	C	0.08%
AGNC	D	0.08%
VFC	C	0.08%
BBWI	D	0.08%
VNO	B	0.08%
KBR	F	0.08%
MIDD	C	0.08%
CART	C	0.08%
SKX	D	0.08%
COKE	C	0.08%
MHK	D	0.08%
LBRDK	C	0.08%
LW	C	0.08%
KEX	C	0.08%
ROKU	D	0.08%
JAZZ	B	0.08%
PR	B	0.08%
BERY	B	0.08%
LNC	B	0.07%
WHR	B	0.07%
VNT	B	0.07%
RGEN	D	0.07%
CE	F	0.07%
S	B	0.07%
STWD	C	0.07%
ARW	D	0.07%
BPOP	B	0.07%
BIO	D	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%
ESI	A	0.07%
KD	B	0.07%
PARA	C	0.07%
MTG	C	0.07%
IVZ	B	0.07%
CGNX	C	0.07%
LSTR	D	0.07%
BILL	A	0.07%
OKTA	C	0.07%
COLB	A	0.07%
MKSI	C	0.07%
HR	C	0.07%
WEX	D	0.07%
AZPN	A	0.07%
DINO	D	0.07%
HRB	D	0.07%
VMI	B	0.07%
ALK	C	0.07%
WH	B	0.07%
FMC	D	0.07%
BYD	C	0.06%
BFAM	D	0.06%
POST	C	0.06%
SLM	A	0.06%
CCCS	B	0.06%
SN	D	0.06%
LEA	D	0.06%
EXAS	D	0.06%
CRUS	D	0.06%
GNRC	B	0.06%
LITE	B	0.06%
RITM	C	0.06%
OLLI	D	0.06%
DOCS	C	0.06%
FOX	A	0.06%
PVH	C	0.06%
H	B	0.06%
WMS	D	0.06%
SAIA	B	0.06%
ONTO	D	0.06%
JHG	A	0.06%
AMG	B	0.06%
FNB	A	0.06%
GTES	A	0.05%
TPG	A	0.05%
DLB	B	0.05%
PAYC	B	0.05%
AN	C	0.05%
M	D	0.05%
GAP	C	0.05%
KMPR	B	0.05%
EEFT	B	0.05%
RYN	D	0.05%
AWI	A	0.05%
PSN	D	0.05%
WSC	D	0.05%
DBX	B	0.05%
KRC	C	0.05%
CUZ	B	0.05%
ST	F	0.05%
ROIV	C	0.05%
CROX	D	0.05%
FRPT	B	0.05%
HXL	D	0.05%
OLN	D	0.05%
WTM	A	0.05%
SMG	D	0.04%
HUN	F	0.04%
AM	A	0.04%
ZG	A	0.04%
ALNY	D	0.04%
EPR	D	0.04%
HIW	D	0.04%
MASI	A	0.04%
ACHC	F	0.04%
FHB	A	0.04%
UHAL	D	0.04%
IAC	D	0.04%
NVST	B	0.04%
CLF	F	0.04%
W	F	0.04%
NWS	B	0.04%
TNL	A	0.04%
NWL	B	0.04%
VNOM	A	0.04%
CIVI	D	0.04%
XRAY	F	0.04%
DNB	B	0.04%
NEU	C	0.04%
MSGS	A	0.04%
DXC	B	0.04%
PLNT	A	0.04%
RH	B	0.04%
OLED	D	0.04%
MSM	C	0.04%
TYL	B	0.04%
OGN	D	0.04%
LINE	F	0.04%
SITE	D	0.04%
HOG	D	0.04%
GFS	C	0.04%
HAYW	B	0.03%
JWN	C	0.03%
CWEN	C	0.03%
YETI	C	0.03%
ULTA	F	0.03%
PINC	B	0.03%
ALGM	D	0.03%
CPRI	F	0.03%
SPB	C	0.03%
EXP	A	0.03%
MP	B	0.03%
ENOV	C	0.03%
HHH	B	0.03%
MPW	F	0.03%
AGR	B	0.03%
CC	C	0.03%
WU	D	0.03%
COTY	F	0.03%
CXT	B	0.03%
COLM	B	0.03%
CNM	D	0.03%
SEE	C	0.03%
VIRT	B	0.03%
ECG	C	0.03%
U	C	0.03%
AMED	F	0.03%
AMKR	D	0.03%
NSA	D	0.03%
PAG	B	0.03%
PK	B	0.03%
IRDM	D	0.03%
SNRE	D	0.03%
LLYVK	A	0.03%
BROS	B	0.03%
SPR	D	0.03%
AMTM	D	0.03%
BHF	B	0.03%
LOPE	B	0.03%
VAC	B	0.03%
PENN	C	0.03%
ZI	D	0.03%
TER	D	0.02%
TRIP	F	0.02%
SNDR	B	0.02%
REYN	D	0.02%
LEG	F	0.02%
FTRE	D	0.02%
WEN	D	0.02%
EXEL	B	0.02%
UA	C	0.02%
QS	F	0.02%
CLVT	F	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	D	0.02%
UAA	C	0.02%
PSTG	D	0.02%
RKT	F	0.02%
AZEK	A	0.02%
PPC	C	0.02%
LCID	F	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%
LYFT	C	0.02%
LBTYA	B	0.02%
BRKR	D	0.02%
GLOB	B	0.02%
SHC	F	0.02%
AZTA	D	0.02%
LPX	B	0.02%
ADT	C	0.02%
AAP	C	0.02%
RCM	F	0.02%
SAM	C	0.02%
TXG	F	0.01%
PLTK	B	0.01%
CHH	A	0.01%
DJT	C	0.01%
CACC	D	0.01%
SEB	F	0.01%
PATH	C	0.01%
TFSL	A	0.01%
UI	A	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	B	0.01%
LBRDA	C	0.01%
HAS	D	0.01%
FWONA	B	0.01%
PYCR	C	0.01%
AS	B	0.01%
CERT	F	0.01%
DV	C	0.01%
LLYVA	A	0.01%
NCNO	B	0.01%
LOAR	A	0.0%
PARAA	B	0.0%
UWMC	D	0.0%
SEG	B	0.0%
NFE	D	0.0%
UHAL	D	0.0%
GRAL	C	0.0%
LAZ	B	0.0%
IONS	F	0.0%

IWS Underweight 238 Positions Relative to PFM

Symbol	Grade	Weight
MSFT	F	-3.91%
AAPL	C	-3.9%
AVGO	D	-3.32%
JPM	A	-3.01%
WMT	A	-2.92%
UNH	C	-2.35%
XOM	B	-2.31%
V	A	-2.25%
ORCL	B	-2.21%
MA	C	-2.06%
COST	B	-1.76%
HD	A	-1.76%
PG	A	-1.73%
JNJ	D	-1.61%
BAC	A	-1.56%
ABBV	D	-1.27%
CVX	A	-1.27%
KO	D	-1.15%
MRK	F	-1.06%
CSCO	B	-1.0%
ACN	C	-0.95%
MS	A	-0.94%
PEP	F	-0.94%
LIN	D	-0.93%
MCD	D	-0.9%
ABT	B	-0.88%
PM	B	-0.88%
IBM	C	-0.83%
TXN	C	-0.82%
INTU	C	-0.82%
CAT	B	-0.81%
GS	A	-0.8%
QCOM	F	-0.79%
VZ	C	-0.77%
DHR	F	-0.72%
CMCSA	B	-0.72%
RTX	C	-0.69%
NEE	D	-0.68%
SPGI	C	-0.68%
BLK	C	-0.67%
LOW	D	-0.66%
AMGN	D	-0.65%
SYK	C	-0.64%
HON	B	-0.64%
ETN	A	-0.62%
UNP	C	-0.62%
PFE	D	-0.61%
LMT	D	-0.55%
ADP	B	-0.53%
BMY	B	-0.5%
CB	C	-0.5%
SBUX	A	-0.49%
MMC	B	-0.48%
MDT	D	-0.48%
PLD	D	-0.46%
ADI	D	-0.45%
UPS	C	-0.43%
SO	D	-0.42%
SHW	A	-0.41%
MO	A	-0.41%
TT	A	-0.4%
ELV	F	-0.4%
AMT	D	-0.4%
NKE	D	-0.39%
ICE	C	-0.39%
CTAS	B	-0.38%
DUK	C	-0.38%
WM	A	-0.38%
APH	A	-0.37%
MDLZ	F	-0.37%
MCO	B	-0.37%
AON	A	-0.36%
KLAC	D	-0.36%
ZTS	D	-0.35%
ITW	B	-0.35%
MSI	B	-0.35%
CME	A	-0.35%
PNC	B	-0.35%
GD	F	-0.34%
USB	A	-0.34%
MCK	B	-0.34%
CL	D	-0.33%
APD	A	-0.32%
EMR	A	-0.32%
NOC	D	-0.31%
MMM	D	-0.31%
TGT	F	-0.31%
ECL	D	-0.3%
CSX	B	-0.29%
EPD	A	-0.29%
BDX	F	-0.28%
RSG	A	-0.28%
TFC	A	-0.27%
ROP	B	-0.26%
TRV	B	-0.26%
MET	A	-0.25%
SRE	A	-0.25%
PSX	C	-0.24%
AEP	D	-0.22%
COR	B	-0.21%
MPLX	A	-0.21%
KMB	D	-0.2%
TSCO	D	-0.13%
CLX	B	-0.09%
LII	A	-0.09%
BAH	F	-0.08%
ERIE	D	-0.08%
FIX	A	-0.07%
POOL	C	-0.06%
MORN	B	-0.06%
HEI	B	-0.06%
ENSG	D	-0.04%
AIT	A	-0.04%
CHDN	B	-0.04%
TRNO	F	-0.03%
FFIN	B	-0.03%
UMBF	B	-0.03%
SIGI	C	-0.03%
CBT	C	-0.03%
HOMB	A	-0.03%
BMI	B	-0.03%
CADE	B	-0.03%
SSB	B	-0.03%
UFPI	B	-0.03%
WSFS	A	-0.02%
CBU	B	-0.02%
SR	A	-0.02%
MGEE	C	-0.02%
GFF	A	-0.02%
AUB	B	-0.02%
CCOI	B	-0.02%
WDFC	B	-0.02%
BANF	B	-0.02%
ASB	B	-0.02%
FUL	F	-0.02%
CNO	A	-0.02%
BKH	A	-0.02%
IBOC	A	-0.02%
AVNT	B	-0.02%
POR	C	-0.02%
KAI	A	-0.02%
NJR	A	-0.02%
EXPO	D	-0.02%
FELE	B	-0.02%
LANC	C	-0.02%
CNS	B	-0.02%
MATX	C	-0.02%
GATX	A	-0.02%
SWX	B	-0.02%
UBSI	B	-0.02%
BCPC	B	-0.02%
WTS	B	-0.02%
MSEX	B	-0.01%
GABC	B	-0.01%
TR	B	-0.01%
UVV	B	-0.01%
LNN	B	-0.01%
WABC	B	-0.01%
NWN	A	-0.01%
CSGS	B	-0.01%
TCBK	B	-0.01%
STBA	B	-0.01%
SRCE	B	-0.01%
ANDE	D	-0.01%
TNC	D	-0.01%
HMN	B	-0.01%
DKL	C	-0.01%
SCL	C	-0.01%
GTY	B	-0.01%
SJW	D	-0.01%
APOG	B	-0.01%
LKFN	B	-0.01%
NHC	C	-0.01%
CHCO	B	-0.01%
AGM	C	-0.01%
WOR	F	-0.01%
WSBC	A	-0.01%
SYBT	B	-0.01%
HI	C	-0.01%
NBTB	B	-0.01%
LMAT	A	-0.01%
MTRN	C	-0.01%
SXI	B	-0.01%
HNI	B	-0.01%
FRME	B	-0.01%
TOWN	B	-0.01%
HWKN	B	-0.01%
NSP	D	-0.01%
ABR	C	-0.01%
CPK	A	-0.01%
CWT	D	-0.01%
WAFD	B	-0.01%
IOSP	B	-0.01%
AVA	A	-0.01%
INDB	B	-0.01%
SFNC	B	-0.01%
TRN	C	-0.01%
KWR	C	-0.01%
AWR	B	-0.01%
BRC	D	-0.01%
JJSF	B	-0.01%
OTTR	C	-0.01%
NWE	B	-0.01%
POWI	D	-0.01%
FIBK	A	-0.01%
ABM	B	-0.01%
JOUT	D	-0.0%
FLIC	B	-0.0%
ARTNA	D	-0.0%
HVT	D	-0.0%
ODC	C	-0.0%
BMRC	B	-0.0%
CTO	B	-0.0%
YORW	D	-0.0%
AROW	B	-0.0%
UHT	D	-0.0%
THFF	B	-0.0%
PLOW	D	-0.0%
HIFS	B	-0.0%
CASS	B	-0.0%
SPTN	D	-0.0%
WASH	C	-0.0%
MATW	C	-0.0%
GSBC	B	-0.0%
SMBC	B	-0.0%
HY	D	-0.0%
MBWM	B	-0.0%
HBNC	B	-0.0%
MNRO	D	-0.0%
FCBC	B	-0.0%
HFWA	B	-0.0%
SCVL	F	-0.0%
PFC	A	-0.0%
GRC	A	-0.0%
SBSI	B	-0.0%
CTBI	B	-0.0%
TMP	B	-0.0%
AMSF	B	-0.0%