MFUS vs. FAD ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to First Trust MuFirst Trust Multi CG AlphaDEX (FAD)

MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUS Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor U.S. Index. The underlying index is constructed by RAFI Indices, LLC (the index provider) using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size.

Grade (RS Rating)

Last Trade

$51.89

Average Daily Volume

5,619

Number of Holdings ^*

815

* 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

$148.38

Average Daily Volume

4,463

Number of Holdings ^*

640

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	FAD
30 Days	2.73%	9.58%
60 Days	3.41%	11.65%
90 Days	5.38%	14.77%
12 Months	32.49%	44.05%

272 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in FAD	Overlap
A	D	0.05%	0.07%	0.05%
AAPL	C	0.96%	0.17%	0.17%
ADC	B	0.01%	0.17%	0.01%
ADP	B	0.11%	0.09%	0.09%
ADSK	A	0.09%	0.19%	0.09%
AES	F	0.01%	0.09%	0.01%
AGNC	D	0.04%	0.08%	0.04%
AJG	B	0.16%	0.26%	0.16%
ALL	A	0.26%	0.44%	0.26%
ALNY	D	0.06%	0.29%	0.06%
ALSN	B	0.11%	0.25%	0.11%
AMGN	D	0.94%	0.15%	0.15%
AMP	A	0.18%	0.41%	0.18%
AMT	D	0.13%	0.21%	0.13%
AMZN	C	1.71%	0.18%	0.18%
ANET	C	0.14%	0.33%	0.14%
ANF	C	0.25%	0.17%	0.17%
AON	A	0.24%	0.09%	0.09%
AOS	F	0.08%	0.07%	0.07%
APAM	B	0.03%	0.03%	0.03%
APH	A	0.12%	0.18%	0.12%
APOG	B	0.02%	0.08%	0.02%
APP	B	0.11%	0.96%	0.11%
ARES	A	0.09%	0.18%	0.09%
AROC	B	0.04%	0.06%	0.04%
ATGE	B	0.06%	0.14%	0.06%
ATI	D	0.04%	0.18%	0.04%
ATR	B	0.08%	0.09%	0.08%
AVB	B	0.03%	0.08%	0.03%
AVGO	D	1.59%	0.32%	0.32%
AWI	A	0.04%	0.15%	0.04%
AXP	A	0.23%	0.44%	0.23%
AXTA	A	0.02%	0.09%	0.02%
AYI	B	0.1%	0.15%	0.1%
AZO	C	0.28%	0.17%	0.17%
BAH	F	0.15%	0.29%	0.15%
BDC	B	0.04%	0.13%	0.04%
BFAM	D	0.02%	0.16%	0.02%
BK	A	0.18%	0.46%	0.18%
BKNG	A	0.42%	0.29%	0.29%
BLD	D	0.03%	0.15%	0.03%
BR	A	0.17%	0.26%	0.17%
BRC	D	0.01%	0.06%	0.01%
BRK.A	B	2.42%	0.25%	0.25%
BRKR	D	0.02%	0.03%	0.02%
BRO	B	0.12%	0.36%	0.12%
BSX	B	0.2%	0.36%	0.2%
BURL	A	0.03%	0.44%	0.03%
BWXT	B	0.11%	0.15%	0.11%
CACI	D	0.09%	0.18%	0.09%
CALM	A	0.09%	0.12%	0.09%
CASY	A	0.16%	0.27%	0.16%
CAT	B	0.2%	0.33%	0.2%
CBSH	A	0.01%	0.1%	0.01%
CBT	C	0.05%	0.16%	0.05%
CCI	D	0.07%	0.07%	0.07%
CCL	B	0.02%	0.45%	0.02%
CDP	C	0.03%	0.05%	0.03%
CEG	D	0.11%	0.37%	0.11%
CFR	B	0.01%	0.1%	0.01%
CHD	B	0.07%	0.09%	0.07%
CHE	D	0.06%	0.04%	0.04%
CL	D	0.35%	0.22%	0.22%
CLH	B	0.04%	0.13%	0.04%
CMG	B	0.2%	0.08%	0.08%
CNM	D	0.01%	0.04%	0.01%
CNS	B	0.01%	0.13%	0.01%
COHR	B	0.03%	0.22%	0.03%
COIN	C	0.1%	0.31%	0.1%
COKE	C	0.03%	0.19%	0.03%
COST	B	1.35%	0.35%	0.35%
CPAY	A	0.03%	0.2%	0.03%
CPNG	D	0.04%	0.42%	0.04%
CPT	B	0.06%	0.08%	0.06%
CROX	D	0.01%	0.08%	0.01%
CRS	A	0.11%	0.23%	0.11%
CRUS	D	0.04%	0.1%	0.04%
CSL	C	0.02%	0.24%	0.02%
CTAS	B	0.19%	0.35%	0.19%
CUBE	D	0.04%	0.08%	0.04%
CVLT	B	0.04%	0.22%	0.04%
CW	B	0.11%	0.22%	0.11%
DASH	A	0.11%	0.51%	0.11%
DCI	B	0.04%	0.04%	0.04%
DECK	A	0.17%	0.27%	0.17%
DELL	C	0.03%	0.19%	0.03%
DKS	C	0.08%	0.12%	0.08%
DLR	B	0.09%	0.09%	0.09%
DORM	B	0.02%	0.11%	0.02%
DOV	A	0.04%	0.18%	0.04%
DTM	B	0.01%	0.11%	0.01%
DVA	B	0.16%	0.2%	0.16%
DY	D	0.01%	0.21%	0.01%
ECL	D	0.08%	0.24%	0.08%
EFX	F	0.11%	0.21%	0.11%
EHC	B	0.09%	0.17%	0.09%
ELAN	D	0.01%	0.04%	0.01%
EME	C	0.04%	0.49%	0.04%
ERIE	D	0.04%	0.32%	0.04%
ESAB	B	0.01%	0.1%	0.01%
ESI	A	0.01%	0.04%	0.01%
ESS	B	0.04%	0.08%	0.04%
EWBC	A	0.02%	0.21%	0.02%
EXEL	B	0.05%	0.22%	0.05%
EXP	A	0.07%	0.17%	0.07%
EXR	D	0.11%	0.15%	0.11%
FAST	B	0.13%	0.09%	0.09%
FCN	D	0.05%	0.07%	0.05%
FCNCA	A	0.06%	0.4%	0.06%
FFIV	B	0.06%	0.14%	0.06%
FI	A	0.19%	0.4%	0.19%
FICO	B	0.25%	0.49%	0.25%
FIX	A	0.06%	0.24%	0.06%
FR	C	0.01%	0.04%	0.01%
FTNT	C	0.07%	0.29%	0.07%
GAP	C	0.06%	0.08%	0.06%
GATX	A	0.04%	0.05%	0.04%
GDDY	A	0.12%	0.5%	0.12%
GE	D	0.56%	0.32%	0.32%
GEN	B	0.11%	0.36%	0.11%
GLPI	C	0.07%	0.08%	0.07%
GME	C	0.02%	0.1%	0.02%
GMED	A	0.03%	0.19%	0.03%
GOLF	B	0.01%	0.04%	0.01%
GPK	C	0.08%	0.08%	0.08%
GS	A	0.41%	0.5%	0.41%
GVA	A	0.05%	0.15%	0.05%
GWRE	A	0.02%	0.18%	0.02%
GWW	B	0.21%	0.28%	0.21%
H	B	0.01%	0.04%	0.01%
HCA	F	0.25%	0.35%	0.25%
HEI	B	0.04%	0.44%	0.04%
HLI	B	0.08%	0.19%	0.08%
HLT	A	0.1%	0.27%	0.1%
HNI	B	0.02%	0.12%	0.02%
HOOD	B	0.04%	0.5%	0.04%
HRB	D	0.08%	0.16%	0.08%
HUBB	B	0.03%	0.26%	0.03%
HWM	A	0.17%	0.48%	0.17%
IBKR	A	0.06%	0.22%	0.06%
IBM	C	1.05%	0.32%	0.32%
ICE	C	0.29%	0.24%	0.24%
IDCC	A	0.01%	0.16%	0.01%
IR	B	0.09%	0.17%	0.09%
IRM	D	0.12%	0.41%	0.12%
ISRG	A	0.29%	0.27%	0.27%
IT	C	0.15%	0.17%	0.15%
ITT	A	0.08%	0.17%	0.08%
ITW	B	0.1%	0.08%	0.08%
JPM	A	0.99%	0.39%	0.39%
KD	B	0.05%	0.05%	0.05%
KEX	C	0.02%	0.17%	0.02%
KKR	A	0.15%	0.49%	0.15%
KLAC	D	0.23%	0.07%	0.07%
KMB	D	0.16%	0.08%	0.08%
KN	B	0.01%	0.07%	0.01%
KO	D	1.0%	0.15%	0.15%
KTB	B	0.06%	0.23%	0.06%
LAMR	D	0.05%	0.08%	0.05%
LII	A	0.21%	0.35%	0.21%
LLY	F	2.39%	0.14%	0.14%
LNW	D	0.02%	0.04%	0.02%
LOPE	B	0.05%	0.05%	0.05%
LPLA	A	0.07%	0.11%	0.07%
MA	C	0.28%	0.09%	0.09%
MAC	B	0.04%	0.05%	0.04%
MANH	D	0.03%	0.24%	0.03%
MAR	B	0.04%	0.19%	0.04%
MASI	A	0.03%	0.05%	0.03%
MCD	D	0.53%	0.16%	0.16%
MCO	B	0.15%	0.25%	0.15%
MCY	A	0.02%	0.14%	0.02%
META	D	2.35%	0.33%	0.33%
MKTX	D	0.02%	0.09%	0.02%
MMC	B	0.2%	0.17%	0.17%
MO	A	0.73%	0.19%	0.19%
MOG.A	B	0.05%	0.22%	0.05%
MORN	B	0.03%	0.04%	0.03%
MPWR	F	0.06%	0.11%	0.06%
MSCI	C	0.07%	0.08%	0.07%
MSI	B	0.2%	0.37%	0.2%
MTD	D	0.08%	0.06%	0.06%
MU	D	0.16%	0.08%	0.08%
NDAQ	A	0.05%	0.27%	0.05%
NEE	D	0.22%	0.31%	0.22%
NEU	C	0.02%	0.04%	0.02%
NFLX	A	0.52%	0.29%	0.29%
NNN	D	0.01%	0.04%	0.01%
NOW	A	0.36%	0.38%	0.36%
NRG	B	0.07%	0.43%	0.07%
NTAP	C	0.1%	0.24%	0.1%
NTRS	A	0.03%	0.41%	0.03%
NVDA	C	1.9%	0.39%	0.39%
NYT	C	0.03%	0.12%	0.03%
O	D	0.05%	0.15%	0.05%
OHI	C	0.02%	0.12%	0.02%
ONB	B	0.01%	0.14%	0.01%
ORA	B	0.02%	0.09%	0.02%
ORCL	B	1.52%	0.37%	0.37%
ORLY	B	0.2%	0.18%	0.18%
OSIS	B	0.02%	0.07%	0.02%
OTIS	C	0.07%	0.16%	0.07%
OUT	A	0.01%	0.1%	0.01%
PANW	C	0.25%	0.19%	0.19%
PAYX	C	0.04%	0.09%	0.04%
PEG	A	0.06%	0.34%	0.06%
PG	A	1.01%	0.08%	0.08%
PGR	A	0.59%	0.43%	0.43%
PH	A	0.14%	0.37%	0.14%
PLTR	B	0.23%	0.69%	0.23%
PM	B	0.87%	0.37%	0.37%
PMT	D	0.02%	0.07%	0.02%
PRIM	A	0.05%	0.16%	0.05%
PSA	D	0.09%	0.23%	0.09%
PSN	D	0.02%	0.19%	0.02%
PWR	A	0.12%	0.46%	0.12%
QCOM	F	0.77%	0.08%	0.08%
RBC	A	0.01%	0.04%	0.01%
RCL	A	0.1%	0.55%	0.1%
RGLD	C	0.04%	0.04%	0.04%
RL	B	0.03%	0.18%	0.03%
RLI	B	0.03%	0.09%	0.03%
RMD	C	0.16%	0.33%	0.16%
ROL	B	0.07%	0.17%	0.07%
RSG	A	0.13%	0.18%	0.13%
SATS	D	0.01%	0.11%	0.01%
SBAC	D	0.03%	0.08%	0.03%
SCI	B	0.07%	0.14%	0.07%
SCS	C	0.01%	0.05%	0.01%
SFM	A	0.25%	0.27%	0.25%
SHW	A	0.22%	0.33%	0.22%
SKYW	B	0.07%	0.12%	0.07%
SLG	B	0.08%	0.18%	0.08%
SLVM	B	0.04%	0.12%	0.04%
SMG	D	0.04%	0.14%	0.04%
SO	D	0.13%	0.24%	0.13%
SPG	B	0.16%	0.18%	0.16%
SPGI	C	0.29%	0.24%	0.24%
STRA	C	0.01%	0.02%	0.01%
SXT	B	0.02%	0.05%	0.02%
TDG	D	0.15%	0.3%	0.15%
THC	D	0.28%	0.39%	0.28%
TJX	A	0.37%	0.25%	0.25%
TMUS	B	0.43%	0.39%	0.39%
TRGP	B	0.11%	0.57%	0.11%
TRN	C	0.04%	0.13%	0.04%
TSCO	D	0.11%	0.23%	0.11%
TTEK	F	0.01%	0.18%	0.01%
TW	A	0.06%	0.13%	0.06%
TXRH	C	0.06%	0.18%	0.06%
TYL	B	0.08%	0.25%	0.08%
UBER	D	0.21%	0.23%	0.21%
UDR	B	0.03%	0.04%	0.03%
URI	B	0.09%	0.43%	0.09%
UTHR	C	0.19%	0.42%	0.19%
VLTO	D	0.04%	0.23%	0.04%
VRTX	F	0.22%	0.08%	0.08%
VST	B	0.23%	0.52%	0.23%
VTR	C	0.04%	0.42%	0.04%
WAB	B	0.05%	0.45%	0.05%
WAT	B	0.05%	0.08%	0.05%
WELL	A	0.12%	0.26%	0.12%
WEN	D	0.05%	0.02%	0.02%
WM	A	0.28%	0.09%	0.09%
WMB	A	0.1%	0.21%	0.1%
WSM	B	0.18%	0.15%	0.15%
WSO	A	0.17%	0.26%	0.17%
WTM	A	0.04%	0.09%	0.04%
WWD	B	0.01%	0.12%	0.01%
XYL	D	0.1%	0.22%	0.1%
YELP	C	0.02%	0.02%	0.02%
ZTS	D	0.05%	0.07%	0.05%

MFUS Overweight 543 Positions Relative to FAD

Symbol	Grade	Weight
WMT	A	1.71%
ABBV	D	1.36%
JNJ	D	1.18%
VZ	C	1.0%
WFC	A	0.97%
GILD	C	0.87%
MRK	F	0.84%
UNH	C	0.79%
LMT	D	0.75%
PEP	F	0.74%
TGT	F	0.74%
T	A	0.73%
C	A	0.69%
CSCO	B	0.68%
CVS	D	0.65%
MCK	B	0.63%
HD	A	0.62%
MMM	D	0.6%
PFE	D	0.57%
AMAT	F	0.55%
UNP	C	0.51%
BAC	A	0.45%
XOM	B	0.43%
BMY	B	0.41%
GM	B	0.4%
CVX	A	0.39%
KR	B	0.38%
EBAY	D	0.36%
REGN	F	0.36%
LOW	D	0.35%
NOC	D	0.35%
MPC	D	0.34%
AIG	B	0.34%
MET	A	0.32%
V	A	0.31%
SYF	B	0.31%
CHTR	C	0.3%
TXN	C	0.29%
COF	B	0.29%
HPQ	B	0.28%
TMO	F	0.28%
CAH	B	0.27%
LHX	C	0.26%
ACN	C	0.25%
DHR	F	0.24%
GD	F	0.24%
UPS	C	0.24%
MDLZ	F	0.23%
PSX	C	0.23%
PRU	A	0.23%
RTX	C	0.22%
ADM	D	0.22%
MS	A	0.22%
BBY	D	0.21%
AFL	B	0.21%
GLW	B	0.2%
INTC	D	0.2%
TRV	B	0.2%
BLK	C	0.19%
TSN	B	0.18%
EA	A	0.18%
COR	B	0.17%
LRCX	F	0.17%
GIS	D	0.17%
ELV	F	0.16%
NEM	D	0.16%
F	C	0.16%
CB	C	0.16%
MUSA	A	0.16%
VLO	C	0.16%
CMCSA	B	0.16%
VRSK	A	0.16%
KHC	F	0.15%
K	A	0.15%
LYB	F	0.15%
CME	A	0.14%
CHRW	C	0.14%
CMI	A	0.14%
VTRS	A	0.14%
BX	A	0.13%
DPZ	C	0.13%
EVR	B	0.13%
DUK	C	0.13%
JNPR	F	0.13%
RPM	A	0.13%
CI	F	0.13%
YUM	B	0.13%
WBA	F	0.12%
PNC	B	0.12%
SYY	B	0.12%
PYPL	B	0.12%
CLX	B	0.12%
KMI	A	0.11%
EXPD	D	0.11%
USB	A	0.11%
WTW	B	0.11%
HPE	B	0.11%
CSX	B	0.11%
LDOS	C	0.11%
FOXA	B	0.11%
BDX	F	0.11%
PHM	D	0.1%
OKE	A	0.1%
PKG	A	0.1%
JXN	C	0.1%
DD	D	0.1%
JKHY	D	0.1%
DFS	B	0.1%
SEIC	B	0.09%
AIZ	A	0.09%
TFC	A	0.09%
DGX	A	0.09%
CPRT	A	0.09%
TAP	C	0.09%
MLI	C	0.09%
EMR	A	0.09%
IEX	B	0.09%
DG	F	0.09%
WCC	B	0.09%
LSTR	D	0.09%
TROW	B	0.09%
IP	B	0.09%
TMHC	B	0.09%
NVR	D	0.09%
AVY	D	0.09%
GPI	A	0.09%
SBUX	A	0.09%
BKR	B	0.08%
AEP	D	0.08%
LPX	B	0.08%
WDC	D	0.08%
SRE	A	0.08%
NUE	C	0.08%
ABG	B	0.08%
EQH	B	0.08%
BIIB	F	0.07%
EXC	C	0.07%
UFPI	B	0.07%
JCI	C	0.07%
COP	C	0.07%
BCC	B	0.07%
INGR	B	0.07%
POOL	C	0.07%
NSC	B	0.07%
D	C	0.07%
MLM	B	0.07%
GEHC	F	0.07%
GEO	B	0.07%
CNX	A	0.07%
VNO	B	0.07%
THO	B	0.07%
R	B	0.07%
BALL	D	0.07%
KDP	D	0.07%
AEO	F	0.07%
STE	F	0.07%
TTWO	A	0.07%
MNST	C	0.07%
FIS	C	0.07%
HCC	B	0.07%
STZ	D	0.06%
G	B	0.06%
VIRT	B	0.06%
BC	C	0.06%
SEE	C	0.06%
TPH	D	0.06%
BFH	B	0.06%
LECO	B	0.06%
JLL	D	0.06%
NKE	D	0.06%
HIG	B	0.06%
GNRC	B	0.06%
BERY	B	0.06%
CCK	C	0.06%
SLM	A	0.06%
UHS	D	0.06%
CMC	B	0.06%
MTH	D	0.06%
LUMN	C	0.06%
MAS	D	0.06%
WU	D	0.06%
SQ	B	0.06%
L	A	0.06%
PK	B	0.06%
DHI	D	0.06%
TTC	D	0.06%
AMG	B	0.06%
AN	C	0.06%
RGA	A	0.06%
MSM	C	0.06%
OMC	C	0.06%
ROP	B	0.06%
TOL	B	0.06%
LEN	D	0.06%
TDS	B	0.05%
NFG	A	0.05%
CNO	A	0.05%
FANG	D	0.05%
FLEX	A	0.05%
THG	A	0.05%
AR	B	0.05%
ETR	B	0.05%
NSIT	F	0.05%
URBN	C	0.05%
SUI	D	0.05%
TGNA	B	0.05%
WST	C	0.05%
GNTX	C	0.05%
MTN	C	0.05%
CBRE	B	0.05%
CARR	D	0.05%
CRI	D	0.05%
USFD	A	0.05%
SLGN	A	0.05%
EIX	B	0.05%
POST	C	0.05%
COOP	B	0.05%
SCHW	B	0.05%
TEX	D	0.05%
IDXX	F	0.05%
NXST	C	0.05%
ANSS	B	0.05%
HBI	B	0.05%
ALLY	C	0.05%
MMS	F	0.05%
HSY	F	0.05%
SMCI	F	0.05%
BTU	B	0.05%
ED	D	0.05%
MKC	D	0.05%
SON	D	0.04%
AVT	C	0.04%
OSK	B	0.04%
XPO	B	0.04%
LANC	C	0.04%
TKR	D	0.04%
EQR	B	0.04%
PPL	B	0.04%
SEM	B	0.04%
AMH	D	0.04%
CXW	B	0.04%
INVH	D	0.04%
JWN	C	0.04%
CTVA	C	0.04%
PSTG	D	0.04%
FLO	D	0.04%
ADBE	C	0.04%
WH	B	0.04%
ELS	C	0.04%
FL	F	0.04%
MTB	A	0.04%
ULTA	F	0.04%
EMN	D	0.04%
OLN	D	0.04%
CFG	B	0.04%
ARW	D	0.04%
CAG	D	0.04%
RUSHA	C	0.04%
SANM	B	0.04%
BLDR	D	0.04%
FDS	B	0.04%
NBIX	C	0.04%
VRSN	F	0.04%
BAX	D	0.04%
NWSA	B	0.04%
SJM	D	0.04%
PTC	A	0.04%
OGN	D	0.04%
BHF	B	0.04%
IPG	D	0.04%
STLD	B	0.04%
CPB	D	0.04%
GBX	A	0.04%
HUBG	A	0.04%
FTI	A	0.04%
SIG	B	0.04%
MHO	D	0.04%
CNC	D	0.04%
ZBRA	B	0.04%
CRBG	B	0.04%
FITB	A	0.04%
JHG	A	0.04%
CMA	A	0.04%
UNM	A	0.04%
RS	B	0.04%
PPG	F	0.04%
ABM	B	0.04%
NDSN	B	0.04%
WERN	C	0.04%
RRC	B	0.03%
HXL	D	0.03%
DLTR	F	0.03%
DRH	B	0.03%
PNM	F	0.03%
ACA	A	0.03%
KMPR	B	0.03%
LZB	B	0.03%
KEY	B	0.03%
WPC	D	0.03%
HAE	C	0.03%
UNF	B	0.03%
PINC	B	0.03%
FNF	B	0.03%
VC	D	0.03%
MAN	D	0.03%
DK	C	0.03%
JEF	A	0.03%
AMKR	D	0.03%
COLD	D	0.03%
LBRDK	C	0.03%
DRI	B	0.03%
BKE	B	0.03%
FHI	A	0.03%
MRO	B	0.03%
LNC	B	0.03%
AVTR	F	0.03%
OMF	A	0.03%
RPRX	D	0.03%
X	C	0.03%
TER	D	0.03%
PLXS	B	0.03%
CDW	F	0.03%
WHR	B	0.03%
CG	A	0.03%
OI	C	0.03%
PRG	C	0.03%
APLE	B	0.03%
IFF	D	0.03%
ASO	F	0.03%
SHOO	D	0.03%
JBL	B	0.03%
AVA	A	0.03%
DBRG	F	0.03%
CMS	C	0.03%
LW	C	0.03%
HSIC	B	0.03%
HOLX	D	0.03%
FE	C	0.03%
GMS	B	0.03%
BKU	A	0.03%
DDS	B	0.03%
GGG	B	0.03%
KBH	D	0.03%
GNW	A	0.03%
DOX	D	0.03%
SM	B	0.03%
HBAN	A	0.03%
IVZ	B	0.03%
MC	C	0.03%
MATX	C	0.03%
ES	D	0.03%
TPX	B	0.03%
BJ	A	0.03%
ACM	A	0.03%
ODP	F	0.02%
IOSP	B	0.02%
LXP	D	0.02%
SAH	A	0.02%
LEG	F	0.02%
TTMI	B	0.02%
VSH	D	0.02%
SSNC	B	0.02%
EVRG	A	0.02%
LAUR	A	0.02%
UAL	A	0.02%
KIM	A	0.02%
AA	B	0.02%
SF	B	0.02%
BHE	B	0.02%
GT	C	0.02%
WBS	A	0.02%
PHIN	A	0.02%
ATO	A	0.02%
BEN	C	0.02%
RF	A	0.02%
WAL	B	0.02%
ANDE	D	0.02%
BXP	D	0.02%
ZION	B	0.02%
APG	B	0.02%
DOW	F	0.02%
SNV	B	0.02%
NSP	D	0.02%
HP	B	0.02%
VFC	C	0.02%
ODFL	B	0.02%
HST	C	0.02%
DNOW	B	0.02%
DTE	C	0.02%
LAD	A	0.02%
REZI	A	0.02%
XRAY	F	0.02%
WKC	D	0.02%
HRL	D	0.02%
SNDR	B	0.02%
NAVI	C	0.02%
WMS	D	0.02%
PNR	A	0.02%
EPC	D	0.02%
M	D	0.02%
MAA	B	0.02%
LNT	A	0.02%
AGCO	D	0.02%
KBR	F	0.02%
JBLU	F	0.02%
PFSI	D	0.02%
VVV	F	0.02%
THS	D	0.02%
RHI	B	0.02%
SKX	D	0.02%
CC	C	0.02%
DLB	B	0.02%
NWL	B	0.02%
MDU	D	0.02%
OC	A	0.02%
RLJ	C	0.02%
SAM	C	0.02%
CTLT	B	0.02%
NI	A	0.02%
XHR	B	0.02%
PDCO	D	0.02%
PBF	D	0.02%
CINF	A	0.02%
NTCT	C	0.02%
VSCO	B	0.02%
AIR	B	0.02%
HOG	D	0.02%
CE	F	0.02%
FAF	A	0.02%
SBH	C	0.02%
PAG	B	0.02%
HII	D	0.02%
VSTO	A	0.02%
KSS	F	0.02%
PVH	C	0.02%
RYN	D	0.02%
AKAM	D	0.02%
JBHT	C	0.02%
ADNT	F	0.02%
MTG	C	0.02%
TFX	F	0.02%
GEF	A	0.02%
MSA	D	0.02%
WRB	A	0.02%
GHC	C	0.02%
STC	B	0.02%
SVC	F	0.01%
QRVO	F	0.01%
AAP	C	0.01%
CPRI	F	0.01%
NOV	C	0.01%
KNX	B	0.01%
RKT	F	0.01%
UHAL	D	0.01%
JELD	F	0.01%
DINO	D	0.01%
SCL	C	0.01%
MLKN	D	0.01%
IGT	F	0.01%
CACC	D	0.01%
PARA	C	0.01%
RVTY	F	0.01%
ARI	C	0.01%
WOR	F	0.01%
CNXN	C	0.01%
SPR	D	0.01%
CLF	F	0.01%
ACI	C	0.01%
GIII	D	0.01%
UGI	A	0.01%
ECPG	B	0.01%
ALEX	C	0.01%
UVV	B	0.01%
JBGS	D	0.01%
HTH	B	0.01%
SEB	F	0.01%
MKSI	C	0.01%
RDN	C	0.01%
IMKTA	C	0.01%
XRX	F	0.01%
SR	A	0.01%
ARMK	B	0.01%
PNW	B	0.01%
SHO	C	0.01%
WGO	C	0.01%
AMED	F	0.01%
SSB	B	0.01%
SWX	B	0.01%
KALU	C	0.01%
CENTA	C	0.01%
CVI	F	0.01%
MOS	F	0.01%
ARCH	B	0.01%
PECO	A	0.01%
PB	A	0.01%
SAIC	F	0.01%
OMI	F	0.01%
FDP	B	0.01%
PFG	D	0.01%
SIGI	C	0.01%
LEA	D	0.01%
WAFD	B	0.01%
SPB	C	0.01%
PPC	C	0.01%
FELE	B	0.01%
DAN	D	0.01%
WMK	C	0.01%
MHK	D	0.01%
FLR	B	0.01%
BBWI	D	0.01%
ESNT	D	0.01%
TPR	B	0.01%
DXC	B	0.01%
LADR	B	0.01%
INCY	C	0.01%
NNI	D	0.01%
GES	F	0.01%
CWEN	C	0.01%
MUR	D	0.01%
CR	A	0.01%
ICUI	D	0.01%
CSGS	B	0.01%
BMRN	D	0.01%
TNET	D	0.01%
FYBR	D	0.01%
HE	C	0.01%
CADE	B	0.01%
WTFC	A	0.01%
FHN	A	0.01%
PSMT	C	0.01%
ALGN	D	0.01%
UHAL	D	0.01%
BWA	D	0.01%
SLB	C	0.01%
DEI	B	0.01%
AMWD	C	0.01%
PTEN	C	0.01%
VNT	B	0.01%
TDC	D	0.01%
SCCO	F	0.0%
NOMD	D	0.0%
WOLF	F	0.0%
HUN	F	0.0%

MFUS Underweight 368 Positions Relative to FAD

Symbol	Grade	Weight
AXON	A	-0.63%
CVNA	B	-0.59%
VRT	B	-0.52%
EXPE	B	-0.51%
TT	A	-0.44%
LYV	A	-0.41%
GRMN	B	-0.4%
RBLX	C	-0.39%
TPL	A	-0.39%
ACGL	D	-0.37%
PCG	A	-0.36%
FSLR	F	-0.33%
AFRM	B	-0.32%
APO	B	-0.32%
SOFI	A	-0.3%
TTD	B	-0.26%
AX	A	-0.26%
PIPR	B	-0.25%
QTWO	A	-0.25%
NTRA	B	-0.25%
FOUR	B	-0.24%
HLNE	B	-0.24%
CORT	B	-0.24%
RDNT	B	-0.24%
RKLB	B	-0.24%
LVS	C	-0.24%
SFBS	B	-0.24%
DUOL	A	-0.23%
CSWI	A	-0.23%
TOST	B	-0.23%
TSLA	B	-0.22%
KNF	A	-0.22%
ACIW	B	-0.22%
ITRI	B	-0.22%
ENSG	D	-0.21%
IOT	A	-0.21%
MOD	A	-0.2%
AIT	A	-0.2%
AAON	B	-0.2%
LTH	C	-0.2%
FFIN	B	-0.19%
PODD	C	-0.19%
MSTR	C	-0.19%
HIMS	B	-0.19%
TPG	A	-0.19%
EAT	A	-0.19%
EXLS	B	-0.19%
PEGA	A	-0.19%
MMSI	B	-0.18%
CRVL	A	-0.18%
ETN	A	-0.18%
FRPT	B	-0.18%
BOOT	D	-0.17%
TKO	B	-0.17%
CBOE	B	-0.17%
PAYO	A	-0.17%
ITGR	B	-0.17%
AUR	C	-0.17%
ROAD	A	-0.16%
POWL	C	-0.16%
DOCU	A	-0.16%
ROST	C	-0.16%
NCLH	B	-0.16%
IESC	B	-0.16%
FSS	B	-0.16%
VICI	C	-0.16%
BMI	B	-0.16%
EPRT	B	-0.16%
AVAV	D	-0.16%
BCO	D	-0.16%
CRDO	B	-0.16%
TRUP	B	-0.15%
KAI	A	-0.15%
LMND	B	-0.15%
IBOC	A	-0.15%
PLNT	A	-0.15%
WWW	B	-0.15%
BRBR	A	-0.15%
RIVN	F	-0.15%
TGTX	B	-0.15%
STRL	B	-0.15%
PI	D	-0.14%
FTDR	A	-0.14%
PRCT	B	-0.14%
ZETA	D	-0.14%
STEP	B	-0.14%
WHD	B	-0.14%
CNK	B	-0.14%
S	B	-0.14%
IBP	D	-0.14%
PJT	A	-0.14%
USLM	A	-0.14%
HOMB	A	-0.14%
PRI	A	-0.14%
LRN	A	-0.14%
ENVA	B	-0.14%
DOCS	C	-0.14%
FLS	B	-0.14%
QCRH	A	-0.14%
WULF	C	-0.14%
LNTH	D	-0.14%
TBBK	B	-0.13%
REVG	B	-0.13%
ACLX	C	-0.13%
GSHD	A	-0.13%
AXSM	B	-0.13%
BOX	B	-0.13%
VCYT	B	-0.13%
HASI	D	-0.13%
RYAN	B	-0.13%
RYTM	C	-0.13%
OLLI	D	-0.12%
CHEF	A	-0.12%
HWKN	B	-0.12%
ADMA	B	-0.12%
WYNN	D	-0.12%
NHC	C	-0.12%
DSGR	D	-0.12%
ALLE	D	-0.12%
SKWD	A	-0.12%
AMRX	C	-0.12%
SBRA	C	-0.12%
DT	C	-0.12%
PBI	B	-0.12%
AZEK	A	-0.12%
HALO	F	-0.12%
LMAT	A	-0.11%
KYMR	D	-0.11%
PTGX	C	-0.11%
MWA	B	-0.11%
OSW	A	-0.11%
VRNS	D	-0.11%
PRK	B	-0.11%
NBHC	B	-0.11%
PLMR	B	-0.11%
PRM	C	-0.11%
ALKT	B	-0.11%
VCTR	B	-0.11%
RNA	D	-0.11%
INTA	A	-0.11%
ALHC	C	-0.11%
SYBT	B	-0.11%
INSM	C	-0.11%
CWAN	B	-0.11%
CDE	D	-0.11%
AGIO	C	-0.11%
PTON	B	-0.11%
SGBX	F	-0.11%
LFST	C	-0.1%
AORT	B	-0.1%
SMTC	B	-0.1%
CRM	B	-0.1%
CENX	B	-0.1%
WING	D	-0.1%
RARE	D	-0.1%
PCTY	B	-0.1%
SABR	C	-0.1%
RVMD	C	-0.1%
CRWD	B	-0.1%
CPRX	C	-0.1%
MTCH	D	-0.1%
CCOI	B	-0.1%
PTCT	B	-0.1%
JANX	C	-0.1%
MIRM	B	-0.1%
CRAI	B	-0.1%
MNKD	C	-0.1%
TGLS	B	-0.1%
INSP	D	-0.1%
CHWY	B	-0.1%
REG	B	-0.09%
EEFT	B	-0.09%
CHDN	B	-0.09%
TMDX	F	-0.09%
IRT	A	-0.09%
RHP	B	-0.09%
DBX	B	-0.09%
GOOGL	C	-0.09%
WDAY	B	-0.09%
BRX	A	-0.09%
GKOS	B	-0.09%
MSGS	A	-0.09%
NMIH	D	-0.09%
SYK	C	-0.09%
WTTR	B	-0.09%
DKNG	B	-0.09%
MKL	A	-0.09%
BCRX	D	-0.09%
LITE	B	-0.09%
CWST	A	-0.09%
OSCR	D	-0.09%
VERX	B	-0.09%
RUN	F	-0.09%
GPN	B	-0.09%
YOU	D	-0.09%
ITCI	C	-0.09%
PRGS	A	-0.09%
FBP	B	-0.09%
NPAB	B	-0.09%
BLBD	D	-0.08%
UE	C	-0.08%
HURN	B	-0.08%
LIN	D	-0.08%
CHCO	B	-0.08%
OII	B	-0.08%
RNG	B	-0.08%
HRMY	D	-0.08%
ESE	B	-0.08%
SHAK	C	-0.08%
MGNI	A	-0.08%
VITL	D	-0.08%
GERN	D	-0.08%
BLKB	B	-0.08%
CIFR	B	-0.08%
BPMC	C	-0.08%
CTRE	D	-0.08%
BANF	B	-0.08%
CAKE	C	-0.08%
BGC	C	-0.08%
WT	B	-0.08%
SITM	B	-0.08%
KNSL	B	-0.08%
GABC	B	-0.08%
CARG	C	-0.08%
SEMR	B	-0.08%
BCPC	B	-0.08%
ASTH	D	-0.08%
EQIX	A	-0.08%
MBIN	D	-0.08%
KRG	B	-0.08%
UFPT	B	-0.08%
CWT	D	-0.07%
WRBY	B	-0.07%
VRRM	D	-0.07%
ESRT	C	-0.07%
NRIX	D	-0.07%
FND	C	-0.07%
EXPO	D	-0.07%
AAT	B	-0.07%
COLL	F	-0.07%
AZZ	B	-0.07%
KTOS	B	-0.07%
GFF	A	-0.07%
IIPR	D	-0.06%
MGEE	C	-0.06%
DRVN	B	-0.06%
GTLS	B	-0.06%
TNL	A	-0.06%
LYFT	C	-0.06%
HEES	B	-0.06%
ICFI	F	-0.06%
BLFS	C	-0.06%
HLIT	D	-0.06%
CEIX	A	-0.06%
CLSK	C	-0.06%
FLNC	C	-0.06%
ADUS	D	-0.06%
ASPN	F	-0.06%
KNTK	B	-0.06%
IOVA	F	-0.06%
NSA	D	-0.06%
DOCN	D	-0.06%
AMPH	D	-0.06%
TWST	D	-0.06%
NHI	D	-0.06%
CMPR	D	-0.05%
GTX	D	-0.05%
AESI	B	-0.05%
JJSF	B	-0.05%
IAS	C	-0.05%
MARA	C	-0.05%
CHH	A	-0.05%
UMH	C	-0.05%
KW	B	-0.05%
AIV	C	-0.05%
TRMB	B	-0.05%
FCPT	C	-0.05%
SWI	B	-0.05%
TNDM	F	-0.05%
OCUL	D	-0.05%
NTNX	A	-0.05%
GTY	B	-0.05%
ARQT	C	-0.05%
NEO	C	-0.05%
NXRT	B	-0.05%
OWL	A	-0.05%
CPK	A	-0.05%
DAY	B	-0.05%
WDFC	B	-0.05%
ACVA	B	-0.05%
SKT	B	-0.05%
BANC	A	-0.05%
GH	B	-0.05%
AGM	C	-0.05%
LGND	B	-0.05%
SXI	B	-0.05%
AGYS	A	-0.05%
BKD	D	-0.05%
LKFN	B	-0.05%
EPAC	B	-0.05%
PAYC	B	-0.05%
MEDP	D	-0.04%
EGP	F	-0.04%
SSD	D	-0.04%
CDRE	D	-0.04%
HUMA	F	-0.04%
MYGN	F	-0.04%
PHR	F	-0.04%
DNLI	D	-0.04%
IPAR	B	-0.04%
ROIV	C	-0.04%
APPF	B	-0.04%
EVH	F	-0.04%
AM	A	-0.04%
ALX	D	-0.04%
RXST	F	-0.04%
EPR	D	-0.04%
ELME	D	-0.04%
MAIN	A	-0.04%
CRNX	C	-0.04%
NVAX	F	-0.04%
HLX	B	-0.04%
ANIP	F	-0.04%
MLNK	B	-0.03%
PLAY	D	-0.03%
APPN	B	-0.03%
LCID	F	-0.03%
SMPL	B	-0.03%
ACAD	D	-0.03%
CTS	C	-0.03%
CARS	B	-0.03%
WABC	B	-0.03%
CBZ	B	-0.03%
TDW	F	-0.03%
SOUN	C	-0.03%
PAR	B	-0.03%
U	C	-0.03%
MIR	A	-0.03%
TGI	B	-0.03%
ARDX	F	-0.03%
TECH	D	-0.03%
CLDX	F	-0.02%
RLAY	F	-0.02%
XPRO	F	-0.02%
LPG	F	-0.02%
VECO	F	-0.02%
AZTA	D	-0.02%
JAMF	F	-0.02%
JOE	F	-0.02%
GNL	F	-0.02%
NSSC	D	-0.02%
PZZA	D	-0.02%
TNC	D	-0.02%
FOLD	F	-0.02%
ENVX	F	-0.02%
RRR	D	-0.02%
ARLO	C	-0.02%
IRDM	D	-0.02%
BXMT	C	-0.02%
AMC	C	-0.02%
BEAM	D	-0.02%
FBRT	C	-0.02%
AWR	B	-0.02%
THR	B	-0.02%
LTC	B	-0.02%
TR	B	-0.02%
BL	B	-0.02%
CLB	B	-0.02%