MFUS vs. PFM ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to PowerShares Dividend Achievers (PFM)

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

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	MFUS	PFM
30 Days	2.73%	2.19%
60 Days	3.41%	2.87%
90 Days	5.38%	5.56%
12 Months	32.49%	26.89%

262 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in PFM	Overlap
A	D	0.05%	0.16%	0.05%
AAPL	C	0.97%	3.9%	0.97%
ABBV	D	1.35%	1.27%	1.27%
ABM	B	0.04%	0.01%	0.01%
ACN	C	0.24%	0.95%	0.24%
ADC	B	0.01%	0.03%	0.01%
ADM	D	0.23%	0.11%	0.11%
ADP	B	0.11%	0.53%	0.11%
AEP	D	0.08%	0.22%	0.08%
AES	F	0.01%	0.04%	0.01%
AFL	B	0.22%	0.27%	0.22%
AGCO	D	0.02%	0.03%	0.02%
AIZ	A	0.09%	0.05%	0.05%
AJG	B	0.16%	0.28%	0.16%
ALL	A	0.26%	0.23%	0.23%
AMGN	D	0.92%	0.65%	0.65%
AMP	A	0.18%	0.24%	0.18%
AMT	D	0.14%	0.4%	0.14%
ANDE	D	0.02%	0.01%	0.01%
AON	A	0.25%	0.36%	0.25%
AOS	F	0.08%	0.04%	0.04%
APH	A	0.12%	0.37%	0.12%
APOG	B	0.02%	0.01%	0.01%
ATO	A	0.02%	0.1%	0.02%
ATR	B	0.08%	0.05%	0.05%
AVA	A	0.03%	0.01%	0.01%
AVGO	D	1.54%	3.32%	1.54%
AVT	C	0.04%	0.02%	0.02%
AVY	D	0.09%	0.07%	0.07%
BAC	A	0.45%	1.56%	0.45%
BAH	F	0.14%	0.08%	0.08%
BBY	D	0.2%	0.08%	0.08%
BC	C	0.05%	0.02%	0.02%
BDX	F	0.11%	0.28%	0.11%
BEN	C	0.02%	0.05%	0.02%
BK	A	0.18%	0.25%	0.18%
BLK	C	0.18%	0.67%	0.18%
BMY	B	0.41%	0.5%	0.41%
BR	A	0.17%	0.12%	0.12%
BRC	D	0.01%	0.01%	0.01%
BRO	B	0.12%	0.13%	0.12%
CADE	B	0.01%	0.03%	0.01%
CAH	B	0.27%	0.13%	0.13%
CASY	A	0.17%	0.06%	0.06%
CAT	B	0.2%	0.81%	0.2%
CB	C	0.16%	0.5%	0.16%
CBSH	A	0.01%	0.04%	0.01%
CBT	C	0.05%	0.03%	0.03%
CDW	F	0.03%	0.1%	0.03%
CFR	B	0.01%	0.04%	0.01%
CHD	B	0.07%	0.12%	0.07%
CHE	D	0.06%	0.04%	0.04%
CHRW	C	0.14%	0.06%	0.06%
CINF	A	0.02%	0.1%	0.02%
CL	D	0.36%	0.33%	0.33%
CLX	B	0.13%	0.09%	0.09%
CMCSA	B	0.16%	0.72%	0.16%
CME	A	0.14%	0.35%	0.14%
CMI	A	0.14%	0.21%	0.14%
CMS	C	0.03%	0.09%	0.03%
CNO	A	0.05%	0.02%	0.02%
CNS	B	0.01%	0.02%	0.01%
COR	B	0.17%	0.21%	0.17%
COST	B	1.36%	1.76%	1.36%
CSCO	B	0.68%	1.0%	0.68%
CSGS	B	0.01%	0.01%	0.01%
CSL	C	0.02%	0.09%	0.02%
CSX	B	0.11%	0.29%	0.11%
CTAS	B	0.19%	0.38%	0.19%
CUBE	D	0.04%	0.05%	0.04%
CVX	A	0.39%	1.27%	0.39%
DCI	B	0.04%	0.04%	0.04%
DDS	B	0.03%	0.02%	0.02%
DFS	B	0.1%	0.19%	0.1%
DGX	A	0.09%	0.08%	0.08%
DHR	F	0.24%	0.72%	0.24%
DOV	A	0.04%	0.12%	0.04%
DPZ	C	0.13%	0.07%	0.07%
DTE	C	0.02%	0.11%	0.02%
DUK	C	0.13%	0.38%	0.13%
ECL	D	0.08%	0.3%	0.08%
ED	D	0.06%	0.14%	0.06%
EIX	B	0.05%	0.14%	0.05%
ELS	C	0.04%	0.06%	0.04%
ELV	F	0.15%	0.4%	0.15%
EMN	D	0.04%	0.05%	0.04%
EMR	A	0.09%	0.32%	0.09%
ERIE	D	0.05%	0.08%	0.05%
ES	D	0.03%	0.1%	0.03%
ESS	B	0.04%	0.08%	0.04%
EVR	B	0.13%	0.05%	0.05%
EVRG	A	0.02%	0.06%	0.02%
EXPD	D	0.11%	0.07%	0.07%
EXR	D	0.11%	0.15%	0.11%
FAF	A	0.02%	0.03%	0.02%
FAST	B	0.13%	0.2%	0.13%
FDS	B	0.04%	0.08%	0.04%
FELE	B	0.01%	0.02%	0.01%
FITB	A	0.04%	0.14%	0.04%
FIX	A	0.07%	0.07%	0.07%
FLO	D	0.04%	0.02%	0.02%
FNF	B	0.03%	0.07%	0.03%
FR	C	0.01%	0.03%	0.01%
GATX	A	0.04%	0.02%	0.02%
GD	F	0.23%	0.34%	0.23%
GGG	B	0.03%	0.07%	0.03%
GLW	B	0.2%	0.17%	0.17%
GS	A	0.4%	0.8%	0.4%
GWW	B	0.22%	0.25%	0.22%
HD	A	0.62%	1.76%	0.62%
HEI	B	0.04%	0.06%	0.04%
HIG	B	0.06%	0.15%	0.06%
HII	D	0.02%	0.03%	0.02%
HNI	B	0.02%	0.01%	0.01%
HPQ	B	0.29%	0.16%	0.16%
HRL	D	0.02%	0.07%	0.02%
HSY	F	0.05%	0.11%	0.05%
HUBB	B	0.03%	0.1%	0.03%
IBM	C	1.09%	0.83%	0.83%
ICE	C	0.29%	0.39%	0.29%
IEX	B	0.09%	0.07%	0.07%
INGR	B	0.07%	0.04%	0.04%
IOSP	B	0.01%	0.01%	0.01%
IPG	D	0.04%	0.04%	0.04%
ITT	A	0.08%	0.05%	0.05%
ITW	B	0.1%	0.35%	0.1%
JBHT	C	0.02%	0.08%	0.02%
JKHY	D	0.1%	0.05%	0.05%
JNJ	D	1.2%	1.61%	1.2%
JPM	A	0.99%	3.01%	0.99%
KEY	B	0.03%	0.08%	0.03%
KLAC	D	0.22%	0.36%	0.22%
KMB	D	0.17%	0.2%	0.17%
KO	D	1.01%	1.15%	1.01%
KR	B	0.37%	0.18%	0.18%
LAD	A	0.02%	0.04%	0.02%
LANC	C	0.03%	0.02%	0.02%
LECO	B	0.06%	0.05%	0.05%
LHX	C	0.26%	0.2%	0.2%
LII	A	0.22%	0.09%	0.09%
LMT	D	0.75%	0.55%	0.55%
LNT	A	0.02%	0.07%	0.02%
LOW	D	0.35%	0.66%	0.35%
LYB	F	0.15%	0.12%	0.12%
MA	C	0.28%	2.06%	0.28%
MAA	B	0.02%	0.08%	0.02%
MAN	D	0.03%	0.01%	0.01%
MAS	D	0.06%	0.07%	0.06%
MATX	C	0.03%	0.02%	0.02%
MCD	D	0.52%	0.9%	0.52%
MCK	B	0.64%	0.34%	0.34%
MCO	B	0.14%	0.37%	0.14%
MDLZ	F	0.22%	0.37%	0.22%
MDU	D	0.02%	0.02%	0.02%
MET	A	0.32%	0.25%	0.25%
MKC	D	0.06%	0.08%	0.06%
MKTX	D	0.02%	0.04%	0.02%
MMC	B	0.2%	0.48%	0.2%
MMM	D	0.58%	0.31%	0.31%
MO	A	0.74%	0.41%	0.41%
MORN	B	0.03%	0.06%	0.03%
MRK	F	0.83%	1.06%	0.83%
MS	A	0.22%	0.94%	0.22%
MSA	D	0.02%	0.03%	0.02%
MSI	B	0.2%	0.35%	0.2%
NDAQ	A	0.05%	0.2%	0.05%
NDSN	B	0.04%	0.06%	0.04%
NEE	D	0.23%	0.68%	0.23%
NFG	A	0.05%	0.02%	0.02%
NI	A	0.02%	0.07%	0.02%
NKE	D	0.06%	0.39%	0.06%
NNN	D	0.01%	0.03%	0.01%
NOC	D	0.35%	0.31%	0.31%
NSP	D	0.02%	0.01%	0.01%
NUE	C	0.08%	0.15%	0.08%
NXST	C	0.05%	0.02%	0.02%
O	D	0.06%	0.21%	0.06%
ORCL	B	1.56%	2.21%	1.56%
OSK	B	0.03%	0.03%	0.03%
PAYX	C	0.04%	0.22%	0.04%
PB	A	0.01%	0.03%	0.01%
PEG	A	0.06%	0.19%	0.06%
PEP	F	0.71%	0.94%	0.71%
PFE	D	0.55%	0.61%	0.55%
PFG	D	0.01%	0.09%	0.01%
PG	A	1.04%	1.73%	1.04%
PKG	A	0.1%	0.09%	0.09%
PM	B	0.89%	0.88%	0.88%
PNC	B	0.12%	0.35%	0.12%
PNW	B	0.01%	0.04%	0.01%
POOL	C	0.07%	0.06%	0.06%
PPG	F	0.04%	0.12%	0.04%
PRU	A	0.23%	0.2%	0.2%
PSX	C	0.23%	0.24%	0.23%
QCOM	F	0.73%	0.79%	0.73%
R	B	0.07%	0.03%	0.03%
RF	A	0.02%	0.1%	0.02%
RGA	A	0.06%	0.07%	0.06%
RGLD	C	0.04%	0.04%	0.04%
RHI	B	0.02%	0.03%	0.02%
RLI	B	0.03%	0.03%	0.03%
RMD	C	0.17%	0.15%	0.15%
ROP	B	0.06%	0.26%	0.06%
RPM	A	0.13%	0.08%	0.08%
RS	B	0.04%	0.07%	0.04%
RSG	A	0.13%	0.28%	0.13%
RTX	C	0.22%	0.69%	0.22%
SBUX	A	0.09%	0.49%	0.09%
SCI	B	0.07%	0.05%	0.05%
SCL	C	0.01%	0.01%	0.01%
SEIC	B	0.08%	0.05%	0.05%
SHW	A	0.21%	0.41%	0.21%
SIGI	C	0.01%	0.03%	0.01%
SJM	D	0.04%	0.05%	0.04%
SLGN	A	0.05%	0.02%	0.02%
SO	D	0.13%	0.42%	0.13%
SON	D	0.04%	0.02%	0.02%
SPGI	C	0.29%	0.68%	0.29%
SR	A	0.01%	0.02%	0.01%
SRE	A	0.08%	0.25%	0.08%
SSB	B	0.01%	0.03%	0.01%
STE	F	0.07%	0.09%	0.07%
STLD	B	0.04%	0.09%	0.04%
SWX	B	0.01%	0.02%	0.01%
SYY	B	0.12%	0.16%	0.12%
TFC	A	0.09%	0.27%	0.09%
TGT	F	0.59%	0.31%	0.31%
THG	A	0.05%	0.03%	0.03%
THO	B	0.07%	0.03%	0.03%
TKR	D	0.04%	0.02%	0.02%
TRN	C	0.04%	0.01%	0.01%
TROW	B	0.09%	0.11%	0.09%
TRV	B	0.2%	0.26%	0.2%
TSCO	D	0.11%	0.13%	0.11%
TSN	B	0.18%	0.08%	0.08%
TTC	D	0.06%	0.04%	0.04%
TXN	C	0.28%	0.82%	0.28%
UDR	B	0.03%	0.06%	0.03%
UFPI	B	0.07%	0.03%	0.03%
UGI	A	0.01%	0.02%	0.01%
UNH	C	0.81%	2.35%	0.81%
UNM	A	0.04%	0.06%	0.04%
UNP	C	0.5%	0.62%	0.5%
UPS	C	0.24%	0.43%	0.24%
USB	A	0.11%	0.34%	0.11%
UVV	B	0.01%	0.01%	0.01%
V	A	0.31%	2.25%	0.31%
VZ	C	1.03%	0.77%	0.77%
WAFD	B	0.01%	0.01%	0.01%
WBA	F	0.11%	0.03%	0.03%
WM	A	0.27%	0.38%	0.27%
WMT	A	1.77%	2.92%	1.77%
WOR	F	0.01%	0.01%	0.01%
WRB	A	0.03%	0.1%	0.03%
WSM	B	0.24%	0.07%	0.07%
WSO	A	0.18%	0.08%	0.08%
WST	C	0.04%	0.1%	0.04%
WTFC	A	0.01%	0.04%	0.01%
XOM	B	0.43%	2.31%	0.43%
XYL	D	0.11%	0.13%	0.11%
ZION	B	0.02%	0.04%	0.02%
ZTS	D	0.05%	0.35%	0.05%

MFUS Overweight 553 Positions Relative to PFM

Symbol	Grade	Weight
BRK.A	B	2.44%
META	D	2.32%
LLY	F	2.3%
NVDA	C	1.9%
AMZN	C	1.65%
WFC	A	0.99%
GILD	C	0.84%
T	A	0.75%
C	A	0.7%
CVS	D	0.67%
PGR	A	0.59%
GE	D	0.56%
NFLX	A	0.55%
AMAT	F	0.5%
TMUS	B	0.43%
BKNG	A	0.42%
TJX	A	0.38%
GM	B	0.38%
EBAY	D	0.36%
MPC	D	0.35%
REGN	F	0.35%
NOW	A	0.35%
AIG	B	0.34%
SYF	B	0.31%
CHTR	C	0.3%
ISRG	A	0.29%
COF	B	0.29%
AZO	C	0.28%
TMO	F	0.27%
THC	D	0.26%
VST	B	0.26%
FICO	B	0.25%
PANW	C	0.25%
SFM	A	0.25%
PLTR	B	0.24%
ANF	C	0.24%
HCA	F	0.24%
AXP	A	0.23%
BSX	B	0.21%
VRTX	F	0.21%
ORLY	B	0.2%
CMG	B	0.2%
UBER	D	0.2%
EA	A	0.19%
FI	A	0.19%
INTC	D	0.19%
HWM	A	0.18%
UTHR	C	0.18%
NEM	D	0.17%
SPG	B	0.17%
DECK	A	0.17%
DVA	B	0.17%
GIS	D	0.17%
MU	D	0.16%
MUSA	A	0.16%
LRCX	F	0.16%
VRSK	A	0.16%
VLO	C	0.16%
TDG	D	0.15%
VTRS	A	0.15%
K	A	0.15%
F	C	0.15%
KKR	A	0.15%
ANET	C	0.14%
KHC	F	0.14%
PH	A	0.14%
IT	C	0.14%
APP	B	0.13%
BX	A	0.13%
YUM	B	0.13%
CI	F	0.13%
WELL	A	0.12%
IRM	D	0.12%
JNPR	F	0.12%
PYPL	B	0.12%
GDDY	A	0.12%
PWR	A	0.12%
RCL	A	0.11%
CW	B	0.11%
WTW	B	0.11%
WMB	A	0.11%
ALSN	B	0.11%
LDOS	C	0.11%
HPE	B	0.11%
DASH	A	0.11%
FOXA	B	0.11%
CEG	D	0.11%
COIN	C	0.11%
KMI	A	0.11%
BWXT	B	0.11%
CRS	A	0.11%
TRGP	B	0.11%
PHM	D	0.1%
AYI	B	0.1%
HLT	A	0.1%
JXN	C	0.1%
DD	D	0.1%
OKE	A	0.1%
NTAP	C	0.1%
GEN	B	0.1%
EFX	F	0.1%
LSTR	D	0.09%
WCC	B	0.09%
MLI	C	0.09%
EHC	B	0.09%
ARES	A	0.09%
IR	B	0.09%
URI	B	0.09%
NVR	D	0.09%
ADSK	A	0.09%
TMHC	B	0.09%
GPI	A	0.09%
CALM	A	0.09%
IP	B	0.09%
DLR	B	0.09%
PSA	D	0.09%
NRG	B	0.08%
GEO	B	0.08%
TTWO	A	0.08%
LPX	B	0.08%
ABG	B	0.08%
DKS	C	0.08%
SMCI	F	0.08%
MTD	D	0.08%
HCC	B	0.08%
WDC	D	0.08%
BKR	B	0.08%
TYL	B	0.08%
GPK	C	0.08%
SLG	B	0.08%
EQH	B	0.08%
DG	F	0.08%
CPRT	A	0.08%
TAP	C	0.08%
HLI	B	0.08%
CACI	D	0.08%
SQ	B	0.07%
JCI	C	0.07%
EXP	A	0.07%
BCC	B	0.07%
EXC	C	0.07%
LPLA	A	0.07%
NSC	B	0.07%
COP	C	0.07%
GLPI	C	0.07%
SKYW	B	0.07%
CCI	D	0.07%
MLM	B	0.07%
AEO	F	0.07%
KDP	D	0.07%
VNO	B	0.07%
BALL	D	0.07%
MNST	C	0.07%
FTNT	C	0.07%
D	C	0.07%
HRB	D	0.07%
FIS	C	0.07%
GEHC	F	0.07%
CNX	A	0.07%
OTIS	C	0.07%
SEE	C	0.06%
JLL	D	0.06%
GNRC	B	0.06%
TPH	D	0.06%
KTB	B	0.06%
HBI	B	0.06%
MPWR	F	0.06%
BFH	B	0.06%
ATGE	B	0.06%
VIRT	B	0.06%
CPT	B	0.06%
UHS	D	0.06%
TW	A	0.06%
MTH	D	0.06%
SLM	A	0.06%
CCK	C	0.06%
PK	B	0.06%
CMC	B	0.06%
OMC	C	0.06%
TXRH	C	0.06%
MSM	C	0.06%
BERY	B	0.06%
WU	D	0.06%
BIIB	F	0.06%
AN	C	0.06%
AMG	B	0.06%
DHI	D	0.06%
L	A	0.06%
FCNCA	A	0.06%
ALNY	D	0.06%
FFIV	B	0.06%
IBKR	A	0.06%
TOL	B	0.06%
MSCI	C	0.06%
LEN	D	0.06%
ROL	B	0.06%
EME	C	0.05%
URBN	C	0.05%
FANG	D	0.05%
NSIT	F	0.05%
LOPE	B	0.05%
AROC	B	0.05%
TDS	B	0.05%
PRIM	A	0.05%
CRI	D	0.05%
GNTX	C	0.05%
MOG.A	B	0.05%
ETR	B	0.05%
TGNA	B	0.05%
MTN	C	0.05%
EXEL	B	0.05%
SUI	D	0.05%
HOOD	B	0.05%
CARR	D	0.05%
CBRE	B	0.05%
FLEX	A	0.05%
USFD	A	0.05%
TEX	D	0.05%
IDXX	F	0.05%
COOP	B	0.05%
SCHW	B	0.05%
LAMR	D	0.05%
POST	C	0.05%
AR	B	0.05%
KD	B	0.05%
WAT	B	0.05%
WEN	D	0.05%
ALLY	C	0.05%
ANSS	B	0.05%
GAP	C	0.05%
LUMN	C	0.05%
GVA	A	0.05%
WAB	B	0.05%
MMS	F	0.05%
FCN	D	0.05%
BTU	B	0.05%
STZ	D	0.05%
G	B	0.05%
XPO	B	0.04%
ACM	A	0.04%
ADBE	C	0.04%
FL	F	0.04%
JWN	C	0.04%
CRUS	D	0.04%
EQR	B	0.04%
AWI	A	0.04%
AMH	D	0.04%
CXW	B	0.04%
CPNG	D	0.04%
INVH	D	0.04%
CLH	B	0.04%
BDC	B	0.04%
SEM	B	0.04%
WH	B	0.04%
PPL	B	0.04%
PSTG	D	0.04%
RUSHA	C	0.04%
SMG	D	0.04%
OLN	D	0.04%
AGNC	D	0.04%
CTVA	C	0.04%
CFG	B	0.04%
MTB	A	0.04%
BLDR	D	0.04%
CAG	D	0.04%
ARW	D	0.04%
SLVM	B	0.04%
SANM	B	0.04%
OGN	D	0.04%
VRSN	F	0.04%
VTR	C	0.04%
CVLT	B	0.04%
BHF	B	0.04%
PTC	A	0.04%
NBIX	C	0.04%
NWSA	B	0.04%
GBX	A	0.04%
WTM	A	0.04%
CPB	D	0.04%
BAX	D	0.04%
ZBRA	B	0.04%
JHG	A	0.04%
SIG	B	0.04%
MAC	B	0.04%
HUBG	A	0.04%
CMA	A	0.04%
ATI	D	0.04%
MHO	D	0.04%
CNC	D	0.04%
FTI	A	0.04%
CRBG	B	0.04%
VLTO	D	0.04%
WERN	C	0.04%
MAR	B	0.04%
STC	B	0.03%
HAE	C	0.03%
SBAC	D	0.03%
GEF	A	0.03%
DRH	B	0.03%
COKE	C	0.03%
KMPR	B	0.03%
VC	D	0.03%
UNF	B	0.03%
LZB	B	0.03%
DK	C	0.03%
RRC	B	0.03%
GMED	A	0.03%
PINC	B	0.03%
ACA	A	0.03%
PNM	F	0.03%
APAM	B	0.03%
AMKR	D	0.03%
DRI	B	0.03%
AVTR	F	0.03%
WPC	D	0.03%
BKE	B	0.03%
LBRDK	C	0.03%
ASO	F	0.03%
LNC	B	0.03%
FHI	A	0.03%
WHR	B	0.03%
TER	D	0.03%
OI	C	0.03%
JEF	A	0.03%
MRO	B	0.03%
OMF	A	0.03%
BURL	A	0.03%
SHOO	D	0.03%
DELL	C	0.03%
DBRG	F	0.03%
CG	A	0.03%
PRG	C	0.03%
NTRS	A	0.03%
RPRX	D	0.03%
LW	C	0.03%
COLD	D	0.03%
PLXS	B	0.03%
APLE	B	0.03%
IFF	D	0.03%
RL	B	0.03%
X	C	0.03%
JBL	B	0.03%
AVB	B	0.03%
BLD	D	0.03%
GMS	B	0.03%
HOLX	D	0.03%
BKU	A	0.03%
MC	C	0.03%
DOX	D	0.03%
KBH	D	0.03%
FE	C	0.03%
IVZ	B	0.03%
COHR	B	0.03%
NYT	C	0.03%
CDP	C	0.03%
HBAN	A	0.03%
TPX	B	0.03%
CPAY	A	0.03%
SM	B	0.03%
MANH	D	0.03%
GNW	A	0.03%
ULTA	F	0.03%
BJ	A	0.03%
HSIC	B	0.03%
MASI	A	0.03%
LEG	F	0.02%
DTM	B	0.02%
TDC	D	0.02%
SATS	D	0.02%
TTMI	B	0.02%
LXP	D	0.02%
ODP	F	0.02%
KEX	C	0.02%
SSNC	B	0.02%
SF	B	0.02%
GT	C	0.02%
BRKR	D	0.02%
BHE	B	0.02%
KIM	A	0.02%
AXTA	A	0.02%
LAUR	A	0.02%
VFC	C	0.02%
WAL	B	0.02%
UAL	A	0.02%
WBS	A	0.02%
PHIN	A	0.02%
JBLU	F	0.02%
GME	C	0.02%
ODFL	B	0.02%
DOW	F	0.02%
BXP	D	0.02%
SNV	B	0.02%
APG	B	0.02%
HP	B	0.02%
HST	C	0.02%
AA	B	0.02%
VVV	F	0.02%
DNOW	B	0.02%
M	D	0.02%
PMT	D	0.02%
NAVI	C	0.02%
WKC	D	0.02%
WMS	D	0.02%
PNR	A	0.02%
LNW	D	0.02%
REZI	A	0.02%
XRAY	F	0.02%
KBR	F	0.02%
EPC	D	0.02%
SNDR	B	0.02%
OSIS	B	0.02%
SKX	D	0.02%
PFSI	D	0.02%
NWL	B	0.02%
CC	C	0.02%
PSN	D	0.02%
SXT	B	0.02%
KSS	F	0.02%
OHI	C	0.02%
SAM	C	0.02%
YELP	C	0.02%
OC	A	0.02%
RLJ	C	0.02%
THS	D	0.02%
DORM	B	0.02%
NTCT	C	0.02%
XHR	B	0.02%
CTLT	B	0.02%
GWRE	A	0.02%
SBH	C	0.02%
PVH	C	0.02%
PBF	D	0.02%
PDCO	D	0.02%
PAG	B	0.02%
VSCO	B	0.02%
ADNT	F	0.02%
CE	F	0.02%
EWBC	A	0.02%
HOG	D	0.02%
MCY	A	0.02%
AIR	B	0.02%
DLB	B	0.02%
VSTO	A	0.02%
BFAM	D	0.02%
GHC	C	0.02%
TFX	F	0.02%
AKAM	D	0.02%
ORA	B	0.02%
DLTR	F	0.02%
NEU	C	0.02%
RYN	D	0.02%
HXL	D	0.02%
MTG	C	0.02%
CCL	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%
UHAL	D	0.01%
RKT	F	0.01%
JELD	F	0.01%
DINO	D	0.01%
IGT	F	0.01%
PARA	C	0.01%
MLKN	D	0.01%
RVTY	F	0.01%
GIII	D	0.01%
ELAN	D	0.01%
CACC	D	0.01%
ARI	C	0.01%
CNXN	C	0.01%
MKSI	C	0.01%
ECPG	B	0.01%
HTH	B	0.01%
IMKTA	C	0.01%
RDN	C	0.01%
ACI	C	0.01%
SEB	F	0.01%
WGO	C	0.01%
CLF	F	0.01%
JBGS	D	0.01%
ALEX	C	0.01%
XRX	F	0.01%
SPR	D	0.01%
SHO	C	0.01%
ARMK	B	0.01%
OUT	A	0.01%
AMED	F	0.01%
ESI	A	0.01%
KALU	C	0.01%
MOS	F	0.01%
CVI	F	0.01%
CENTA	C	0.01%
OMI	F	0.01%
SAIC	F	0.01%
PECO	A	0.01%
ARCH	B	0.01%
SPB	C	0.01%
LEA	D	0.01%
DY	D	0.01%
CROX	D	0.01%
FDP	B	0.01%
WMK	C	0.01%
DAN	D	0.01%
CNM	D	0.01%
MHK	D	0.01%
INCY	C	0.01%
PPC	C	0.01%
BBWI	D	0.01%
TPR	B	0.01%
KN	B	0.01%
STRA	C	0.01%
DXC	B	0.01%
NNI	D	0.01%
ESNT	D	0.01%
GES	F	0.01%
FLR	B	0.01%
ESAB	B	0.01%
LADR	B	0.01%
ONB	B	0.01%
IDCC	A	0.01%
BMRN	D	0.01%
TTEK	F	0.01%
ICUI	D	0.01%
WWD	B	0.01%
MUR	D	0.01%
TNET	D	0.01%
CWEN	C	0.01%
UHAL	D	0.01%
BWA	D	0.01%
FHN	A	0.01%
FYBR	D	0.01%
H	B	0.01%
PSMT	C	0.01%
AMWD	C	0.01%
VNT	B	0.01%
CR	A	0.01%
ALGN	D	0.01%
PTEN	C	0.01%
SLB	C	0.01%
SCS	C	0.01%
GOLF	B	0.01%
SAH	A	0.01%
DEI	B	0.01%
RBC	A	0.01%
HE	C	0.01%
VSH	D	0.01%
SCCO	F	0.0%
NOMD	D	0.0%
WOLF	F	0.0%
HUN	F	0.0%

MFUS Underweight 154 Positions Relative to PFM

Symbol	Grade	Weight
MSFT	F	-3.91%
LIN	D	-0.93%
ABT	B	-0.88%
INTU	C	-0.82%
SYK	C	-0.64%
HON	B	-0.64%
ETN	A	-0.62%
MDT	D	-0.48%
PLD	D	-0.46%
ADI	D	-0.45%
TT	A	-0.4%
APD	A	-0.32%
EPD	A	-0.29%
MPLX	A	-0.21%
XEL	A	-0.17%
VMC	B	-0.16%
RJF	A	-0.15%
MCHP	D	-0.15%
ROK	B	-0.14%
HUM	C	-0.14%
WEC	A	-0.13%
STT	A	-0.12%
AEE	A	-0.11%
AWK	D	-0.11%
CBOE	B	-0.09%
ARE	D	-0.08%
SNA	A	-0.08%
WLK	D	-0.07%
GPC	D	-0.07%
SWK	D	-0.06%
REG	B	-0.06%
RNR	C	-0.06%
WTRG	B	-0.05%
RRX	B	-0.05%
AFG	A	-0.05%
ALB	C	-0.05%
ENSG	D	-0.04%
EGP	F	-0.04%
OGE	B	-0.04%
REXR	F	-0.04%
ORI	A	-0.04%
GL	B	-0.04%
AIT	A	-0.04%
CHDN	B	-0.04%
PRI	A	-0.04%
TRNO	F	-0.03%
FFIN	B	-0.03%
UMBF	B	-0.03%
LFUS	F	-0.03%
IDA	A	-0.03%
HOMB	A	-0.03%
BMI	B	-0.03%
STAG	F	-0.03%
AXS	A	-0.03%
BOKF	B	-0.03%
SSD	D	-0.03%
WSFS	A	-0.02%
CBU	B	-0.02%
PRGO	B	-0.02%
PII	D	-0.02%
MGEE	C	-0.02%
GFF	A	-0.02%
AUB	B	-0.02%
CCOI	B	-0.02%
WDFC	B	-0.02%
ASH	D	-0.02%
BANF	B	-0.02%
ASB	B	-0.02%
FUL	F	-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%
AGO	B	-0.02%
AL	B	-0.02%
OZK	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%
LNN	B	-0.01%
WABC	B	-0.01%
NWN	A	-0.01%
TCBK	B	-0.01%
STBA	B	-0.01%
SRCE	B	-0.01%
TNC	D	-0.01%
HMN	B	-0.01%
DKL	C	-0.01%
GTY	B	-0.01%
SJW	D	-0.01%
LKFN	B	-0.01%
NHC	C	-0.01%
CHCO	B	-0.01%
AGM	C	-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%
FRME	B	-0.01%
TOWN	B	-0.01%
HWKN	B	-0.01%
ABR	C	-0.01%
CPK	A	-0.01%
CWT	D	-0.01%
INDB	B	-0.01%
SFNC	B	-0.01%
KWR	C	-0.01%
AWR	B	-0.01%
JJSF	B	-0.01%
OTTR	C	-0.01%
NWE	B	-0.01%
POWI	D	-0.01%
FIBK	A	-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%