MFUS vs. VFH ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to Vanguard Financials ETF - DNQ (VFH)

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

$51.86

Average Daily Volume

5,422

Number of Holdings ^*

815

* may have additional holdings in another (foreign) market

VFH

Vanguard Financials ETF - DNQ

VFH Description

The investment seeks to track the performance of a benchmark index. The fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Financials 25/50, an index made up of stocks of large, mid-size, and small U.S. companies within the financials sector, as classified under the Global Industry Classification Standard (GICS). It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$124.70

Average Daily Volume

331,396

Number of Holdings ^*

381

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	VFH
30 Days	1.40%	7.44%
60 Days	3.06%	11.88%
90 Days	4.64%	14.68%
12 Months	31.57%	47.35%

143 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in VFH	Overlap
AFL	B	0.21%	0.76%	0.21%
AGNC	C	0.04%	0.09%	0.04%
AIG	B	0.34%	0.67%	0.34%
AIZ	A	0.09%	0.13%	0.09%
AJG	A	0.16%	0.82%	0.16%
ALL	A	0.26%	0.66%	0.26%
ALLY	C	0.05%	0.13%	0.05%
AMG	B	0.06%	0.08%	0.06%
AMP	A	0.18%	0.68%	0.18%
AON	A	0.24%	0.96%	0.24%
APAM	B	0.03%	0.04%	0.03%
ARES	A	0.09%	0.42%	0.09%
ARI	C	0.01%	0.02%	0.01%
AXP	A	0.23%	2.08%	0.23%
BAC	A	0.45%	3.93%	0.45%
BEN	C	0.02%	0.08%	0.02%
BFH	C	0.06%	0.03%	0.03%
BHF	C	0.04%	0.04%	0.04%
BK	A	0.18%	0.74%	0.18%
BKU	A	0.03%	0.04%	0.03%
BLK	B	0.19%	1.95%	0.19%
BRK.A	B	2.42%	7.98%	2.42%
BRO	B	0.12%	0.34%	0.12%
BX	A	0.13%	1.6%	0.13%
C	A	0.69%	1.63%	0.69%
CACC	D	0.01%	0.04%	0.01%
CADE	B	0.01%	0.08%	0.01%
CB	C	0.16%	1.46%	0.16%
CBSH	B	0.01%	0.1%	0.01%
CFG	B	0.04%	0.26%	0.04%
CFR	B	0.01%	0.1%	0.01%
CG	B	0.03%	0.16%	0.03%
CINF	A	0.02%	0.29%	0.02%
CMA	B	0.04%	0.11%	0.04%
CME	B	0.14%	1.08%	0.14%
CNO	B	0.05%	0.05%	0.05%
CNS	B	0.01%	0.04%	0.01%
COF	C	0.29%	0.83%	0.29%
COIN	C	0.1%	0.46%	0.1%
COOP	B	0.05%	0.08%	0.05%
CPAY	A	0.03%	0.29%	0.03%
CRBG	B	0.04%	0.12%	0.04%
DBRG	F	0.03%	0.04%	0.03%
DFS	B	0.1%	0.5%	0.1%
ECPG	C	0.01%	0.01%	0.01%
EQH	C	0.08%	0.2%	0.08%
ERIE	D	0.04%	0.15%	0.04%
ESNT	F	0.01%	0.09%	0.01%
EVR	B	0.13%	0.13%	0.13%
EWBC	A	0.02%	0.18%	0.02%
FAF	A	0.02%	0.09%	0.02%
FCNCA	A	0.06%	0.26%	0.06%
FDS	B	0.04%	0.23%	0.04%
FHI	B	0.03%	0.04%	0.03%
FHN	A	0.01%	0.13%	0.01%
FI	A	0.19%	1.55%	0.19%
FIS	C	0.07%	0.67%	0.07%
FITB	B	0.04%	0.4%	0.04%
FNF	B	0.03%	0.21%	0.03%
GNW	A	0.03%	0.04%	0.03%
GS	A	0.41%	2.23%	0.41%
HBAN	A	0.03%	0.3%	0.03%
HIG	B	0.06%	0.44%	0.06%
HLI	A	0.08%	0.12%	0.08%
HOOD	B	0.04%	0.17%	0.04%
HTH	C	0.01%	0.02%	0.01%
IBKR	A	0.06%	0.21%	0.06%
ICE	C	0.29%	1.19%	0.29%
IVZ	B	0.03%	0.08%	0.03%
JEF	A	0.03%	0.14%	0.03%
JHG	B	0.04%	0.07%	0.04%
JKHY	D	0.1%	0.18%	0.1%
JPM	A	0.99%	8.51%	0.99%
JXN	C	0.1%	0.1%	0.1%
KEY	B	0.03%	0.22%	0.03%
KKR	A	0.15%	1.15%	0.15%
KMPR	A	0.03%	0.05%	0.03%
L	A	0.06%	0.2%	0.06%
LADR	B	0.01%	0.02%	0.01%
LNC	C	0.03%	0.08%	0.03%
LPLA	A	0.07%	0.28%	0.07%
MA	B	0.28%	5.54%	0.28%
MC	C	0.03%	0.06%	0.03%
MCO	B	0.15%	1.0%	0.15%
MCY	A	0.02%	0.03%	0.02%
MET	A	0.32%	0.63%	0.32%
MKTX	D	0.02%	0.15%	0.02%
MMC	B	0.2%	1.44%	0.2%
MORN	B	0.03%	0.12%	0.03%
MS	A	0.22%	1.89%	0.22%
MSCI	C	0.07%	0.6%	0.07%
MTB	A	0.04%	0.43%	0.04%
MTG	C	0.02%	0.09%	0.02%
NAVI	F	0.02%	0.02%	0.02%
NDAQ	A	0.05%	0.43%	0.05%
NNI	D	0.01%	0.02%	0.01%
NTRS	A	0.03%	0.27%	0.03%
OMF	A	0.03%	0.08%	0.03%
ONB	C	0.01%	0.08%	0.01%
PB	B	0.01%	0.09%	0.01%
PFG	D	0.01%	0.26%	0.01%
PFSI	C	0.02%	0.06%	0.02%
PGR	A	0.59%	1.9%	0.59%
PMT	C	0.02%	0.02%	0.02%
PNC	B	0.12%	1.0%	0.12%
PRG	C	0.03%	0.03%	0.03%
PRU	A	0.23%	0.59%	0.23%
PYPL	B	0.12%	1.05%	0.12%
RDN	D	0.01%	0.07%	0.01%
RF	A	0.02%	0.29%	0.02%
RGA	A	0.06%	0.19%	0.06%
RKT	F	0.01%	0.03%	0.01%
RLI	A	0.03%	0.09%	0.03%
SCHW	B	0.05%	1.43%	0.05%
SEIC	B	0.09%	0.11%	0.09%
SF	B	0.02%	0.14%	0.02%
SIGI	C	0.01%	0.07%	0.01%
SLM	A	0.06%	0.06%	0.06%
SNV	C	0.02%	0.1%	0.02%
SPGI	C	0.29%	2.05%	0.29%
SQ	A	0.06%	0.54%	0.06%
SSB	B	0.01%	0.1%	0.01%
STC	B	0.02%	0.03%	0.02%
SYF	B	0.31%	0.29%	0.29%
TFC	A	0.09%	0.77%	0.09%
THG	A	0.05%	0.07%	0.05%
TROW	B	0.09%	0.33%	0.09%
TRV	B	0.2%	0.75%	0.2%
TW	A	0.06%	0.2%	0.06%
UNM	A	0.04%	0.16%	0.04%
USB	A	0.11%	1.01%	0.11%
V	A	0.31%	4.17%	0.31%
VIRT	A	0.06%	0.03%	0.03%
WAFD	B	0.01%	0.04%	0.01%
WAL	B	0.02%	0.12%	0.02%
WBS	A	0.02%	0.12%	0.02%
WFC	A	0.97%	3.02%	0.97%
WRB	A	0.02%	0.23%	0.02%
WTFC	A	0.01%	0.1%	0.01%
WTM	A	0.04%	0.06%	0.04%
WTW	B	0.11%	0.41%	0.11%
WU	F	0.06%	0.05%	0.05%
ZION	B	0.02%	0.1%	0.02%

MFUS Overweight 672 Positions Relative to VFH

Symbol	Grade	Weight
LLY	F	2.39%
META	D	2.35%
NVDA	B	1.9%
WMT	A	1.71%
AMZN	C	1.71%
AVGO	D	1.59%
ORCL	A	1.52%
ABBV	F	1.36%
COST	A	1.35%
JNJ	C	1.18%
IBM	C	1.05%
PG	C	1.01%
VZ	C	1.0%
KO	D	1.0%
AAPL	C	0.96%
AMGN	F	0.94%
GILD	C	0.87%
PM	B	0.87%
MRK	D	0.84%
UNH	B	0.79%
QCOM	F	0.77%
LMT	D	0.75%
PEP	F	0.74%
TGT	F	0.74%
MO	A	0.73%
T	A	0.73%
CSCO	B	0.68%
CVS	D	0.65%
MCK	A	0.63%
HD	B	0.62%
MMM	D	0.6%
PFE	F	0.57%
GE	D	0.56%
AMAT	F	0.55%
MCD	D	0.53%
NFLX	A	0.52%
UNP	C	0.51%
XOM	B	0.43%
TMUS	B	0.43%
BKNG	A	0.42%
BMY	B	0.41%
GM	C	0.4%
CVX	A	0.39%
KR	B	0.38%
TJX	A	0.37%
NOW	A	0.36%
EBAY	D	0.36%
REGN	F	0.36%
CL	D	0.35%
LOW	C	0.35%
NOC	D	0.35%
MPC	D	0.34%
CHTR	C	0.3%
ISRG	A	0.29%
TXN	C	0.29%
THC	D	0.28%
WM	B	0.28%
HPQ	B	0.28%
TMO	F	0.28%
AZO	C	0.28%
CAH	B	0.27%
LHX	C	0.26%
FICO	B	0.25%
ACN	B	0.25%
PANW	B	0.25%
HCA	F	0.25%
SFM	A	0.25%
ANF	F	0.25%
DHR	F	0.24%
GD	D	0.24%
UPS	C	0.24%
KLAC	F	0.23%
MDLZ	F	0.23%
PLTR	B	0.23%
PSX	C	0.23%
VST	A	0.23%
RTX	D	0.22%
SHW	B	0.22%
NEE	C	0.22%
ADM	D	0.22%
VRTX	D	0.22%
UBER	F	0.21%
BBY	D	0.21%
LII	A	0.21%
GWW	B	0.21%
MSI	B	0.2%
GLW	B	0.2%
INTC	C	0.2%
BSX	A	0.2%
ORLY	B	0.2%
CAT	B	0.2%
CMG	B	0.2%
UTHR	C	0.19%
CTAS	B	0.19%
TSN	B	0.18%
WSM	C	0.18%
EA	A	0.18%
DECK	A	0.17%
HWM	A	0.17%
COR	B	0.17%
BR	A	0.17%
LRCX	F	0.17%
WSO	A	0.17%
GIS	D	0.17%
ELV	F	0.16%
NEM	D	0.16%
MU	D	0.16%
RMD	C	0.16%
F	C	0.16%
DVA	C	0.16%
MUSA	B	0.16%
VLO	C	0.16%
KMB	C	0.16%
SPG	A	0.16%
CMCSA	B	0.16%
CASY	A	0.16%
VRSK	A	0.16%
TDG	D	0.15%
BAH	F	0.15%
KHC	F	0.15%
IT	C	0.15%
K	A	0.15%
LYB	F	0.15%
CHRW	B	0.14%
ANET	C	0.14%
CMI	A	0.14%
VTRS	A	0.14%
PH	A	0.14%
SO	C	0.13%
DPZ	C	0.13%
FAST	B	0.13%
DUK	C	0.13%
JNPR	D	0.13%
RSG	A	0.13%
RPM	A	0.13%
AMT	C	0.13%
CI	D	0.13%
YUM	D	0.13%
IRM	C	0.12%
WELL	A	0.12%
WBA	F	0.12%
GDDY	A	0.12%
PWR	A	0.12%
SYY	D	0.12%
APH	A	0.12%
CLX	A	0.12%
CW	C	0.11%
GEN	B	0.11%
CEG	C	0.11%
KMI	A	0.11%
TRGP	A	0.11%
EXPD	C	0.11%
CRS	B	0.11%
HPE	B	0.11%
DASH	B	0.11%
ALSN	B	0.11%
EFX	F	0.11%
EXR	C	0.11%
BWXT	B	0.11%
CSX	C	0.11%
TSCO	D	0.11%
APP	B	0.11%
LDOS	C	0.11%
ADP	A	0.11%
FOXA	A	0.11%
BDX	F	0.11%
PHM	D	0.1%
OKE	A	0.1%
NTAP	C	0.1%
HLT	A	0.1%
AYI	B	0.1%
PKG	A	0.1%
WMB	A	0.1%
DD	C	0.1%
ITW	B	0.1%
RCL	A	0.1%
XYL	D	0.1%
DGX	A	0.09%
CPRT	B	0.09%
TAP	C	0.09%
MLI	B	0.09%
EMR	B	0.09%
IEX	C	0.09%
DG	F	0.09%
WCC	B	0.09%
CALM	A	0.09%
LSTR	D	0.09%
IR	B	0.09%
DLR	B	0.09%
ADSK	A	0.09%
IP	A	0.09%
EHC	B	0.09%
CACI	D	0.09%
TMHC	C	0.09%
NVR	D	0.09%
URI	C	0.09%
AVY	F	0.09%
GPI	B	0.09%
PSA	C	0.09%
SBUX	A	0.09%
HRB	D	0.08%
BKR	A	0.08%
AEP	C	0.08%
LPX	B	0.08%
WDC	D	0.08%
DKS	D	0.08%
AOS	F	0.08%
SLG	B	0.08%
ECL	D	0.08%
SRE	A	0.08%
NUE	C	0.08%
GPK	C	0.08%
ABG	C	0.08%
ATR	B	0.08%
TYL	B	0.08%
MTD	F	0.08%
ITT	A	0.08%
BIIB	F	0.07%
ROL	B	0.07%
GLPI	C	0.07%
EXC	C	0.07%
SCI	B	0.07%
UFPI	C	0.07%
JCI	B	0.07%
EXP	B	0.07%
CHD	A	0.07%
CCI	C	0.07%
COP	C	0.07%
BCC	B	0.07%
INGR	C	0.07%
POOL	C	0.07%
NSC	B	0.07%
D	C	0.07%
MLM	C	0.07%
SKYW	C	0.07%
GEHC	D	0.07%
GEO	B	0.07%
CNX	A	0.07%
VNO	C	0.07%
THO	B	0.07%
NRG	B	0.07%
R	B	0.07%
FTNT	C	0.07%
BALL	F	0.07%
KDP	F	0.07%
AEO	F	0.07%
STE	D	0.07%
OTIS	C	0.07%
TTWO	A	0.07%
MNST	C	0.07%
HCC	B	0.07%
STZ	D	0.06%
G	B	0.06%
BC	C	0.06%
GAP	C	0.06%
SEE	C	0.06%
ATGE	B	0.06%
TPH	D	0.06%
LECO	C	0.06%
JLL	D	0.06%
NKE	F	0.06%
GNRC	C	0.06%
CPT	B	0.06%
BERY	C	0.06%
KTB	B	0.06%
CHE	D	0.06%
MPWR	F	0.06%
CCK	D	0.06%
UHS	D	0.06%
CMC	B	0.06%
PEG	A	0.06%
MTH	D	0.06%
FIX	A	0.06%
LUMN	C	0.06%
MAS	D	0.06%
PK	C	0.06%
TXRH	B	0.06%
DHI	F	0.06%
TTC	C	0.06%
FFIV	B	0.06%
AN	C	0.06%
MSM	C	0.06%
OMC	C	0.06%
ROP	B	0.06%
TOL	B	0.06%
ALNY	D	0.06%
LEN	D	0.06%
TDS	B	0.05%
NFG	A	0.05%
PRIM	A	0.05%
FANG	C	0.05%
FLEX	B	0.05%
AR	B	0.05%
ETR	B	0.05%
NSIT	F	0.05%
LOPE	C	0.05%
URBN	C	0.05%
MOG.A	B	0.05%
SUI	C	0.05%
TGNA	B	0.05%
A	D	0.05%
WST	C	0.05%
GNTX	C	0.05%
MTN	C	0.05%
CBRE	B	0.05%
EXEL	B	0.05%
CARR	C	0.05%
CRI	F	0.05%
USFD	A	0.05%
SLGN	A	0.05%
EIX	B	0.05%
POST	C	0.05%
ZTS	D	0.05%
TEX	F	0.05%
LAMR	C	0.05%
KD	B	0.05%
IDXX	F	0.05%
CBT	D	0.05%
GVA	A	0.05%
NXST	C	0.05%
ANSS	B	0.05%
HBI	B	0.05%
WEN	D	0.05%
FCN	F	0.05%
WAB	B	0.05%
MMS	F	0.05%
HSY	F	0.05%
WAT	C	0.05%
SMCI	F	0.05%
BTU	B	0.05%
ED	C	0.05%
O	C	0.05%
MKC	C	0.05%
SON	F	0.04%
AVT	C	0.04%
OSK	C	0.04%
XPO	B	0.04%
LANC	C	0.04%
TKR	D	0.04%
EQR	C	0.04%
PPL	A	0.04%
AWI	A	0.04%
SEM	B	0.04%
AMH	C	0.04%
CRUS	D	0.04%
CXW	C	0.04%
ESS	B	0.04%
INVH	D	0.04%
SMG	C	0.04%
JWN	D	0.04%
CTVA	C	0.04%
PSTG	D	0.04%
BDC	C	0.04%
SLVM	B	0.04%
CLH	C	0.04%
FLO	D	0.04%
ADBE	C	0.04%
WH	B	0.04%
ELS	C	0.04%
FL	F	0.04%
ULTA	F	0.04%
EMN	C	0.04%
OLN	F	0.04%
PAYX	B	0.04%
ARW	D	0.04%
CAG	F	0.04%
CPNG	D	0.04%
RUSHA	C	0.04%
TRN	B	0.04%
SANM	B	0.04%
VTR	B	0.04%
BLDR	D	0.04%
RGLD	C	0.04%
CVLT	B	0.04%
NBIX	C	0.04%
VRSN	C	0.04%
BAX	F	0.04%
NWSA	A	0.04%
CUBE	C	0.04%
SJM	D	0.04%
PTC	B	0.04%
OGN	F	0.04%
ATI	C	0.04%
IPG	D	0.04%
STLD	B	0.04%
MAC	B	0.04%
CPB	D	0.04%
GBX	A	0.04%
HUBG	A	0.04%
HEI	A	0.04%
FTI	A	0.04%
VLTO	C	0.04%
SIG	B	0.04%
MHO	D	0.04%
CNC	D	0.04%
ZBRA	B	0.04%
GATX	A	0.04%
EME	A	0.04%
RS	B	0.04%
PPG	F	0.04%
AROC	A	0.04%
ABM	B	0.04%
NDSN	B	0.04%
DCI	B	0.04%
WERN	C	0.04%
DOV	A	0.04%
MAR	A	0.04%
COKE	C	0.03%
RRC	B	0.03%
HXL	F	0.03%
SBAC	D	0.03%
DLTR	F	0.03%
GMED	A	0.03%
DRH	B	0.03%
PNM	B	0.03%
ACA	A	0.03%
LZB	B	0.03%
WPC	C	0.03%
HAE	C	0.03%
UNF	B	0.03%
PINC	B	0.03%
VC	F	0.03%
MAN	F	0.03%
DK	C	0.03%
AMKR	D	0.03%
COLD	D	0.03%
LBRDK	C	0.03%
DRI	B	0.03%
BKE	B	0.03%
MRO	B	0.03%
AVTR	F	0.03%
RPRX	D	0.03%
BURL	B	0.03%
X	B	0.03%
TER	F	0.03%
DELL	B	0.03%
UDR	B	0.03%
PLXS	B	0.03%
CDW	F	0.03%
WHR	B	0.03%
OI	C	0.03%
APLE	B	0.03%
IFF	D	0.03%
ASO	F	0.03%
SHOO	F	0.03%
JBL	C	0.03%
AVB	B	0.03%
AVA	A	0.03%
CMS	C	0.03%
LW	C	0.03%
HSIC	C	0.03%
HOLX	D	0.03%
COHR	B	0.03%
RL	C	0.03%
FE	C	0.03%
GMS	B	0.03%
CDP	C	0.03%
BLD	D	0.03%
DDS	B	0.03%
GGG	B	0.03%
KBH	D	0.03%
DOX	D	0.03%
SM	B	0.03%
HUBB	B	0.03%
MATX	C	0.03%
MASI	B	0.03%
ES	C	0.03%
TPX	B	0.03%
NYT	D	0.03%
BJ	A	0.03%
ACM	B	0.03%
MANH	D	0.03%
ODP	F	0.02%
IOSP	C	0.02%
LXP	D	0.02%
SAH	C	0.02%
KEX	B	0.02%
LEG	F	0.02%
TTMI	C	0.02%
VSH	F	0.02%
SSNC	B	0.02%
EVRG	A	0.02%
LAUR	A	0.02%
UAL	A	0.02%
KIM	A	0.02%
AA	A	0.02%
BHE	C	0.02%
BRKR	D	0.02%
GT	C	0.02%
GME	C	0.02%
PHIN	A	0.02%
ATO	A	0.02%
CSL	C	0.02%
AXTA	B	0.02%
ANDE	D	0.02%
BXP	C	0.02%
APG	B	0.02%
DOW	F	0.02%
NSP	F	0.02%
HP	C	0.02%
VFC	C	0.02%
ODFL	C	0.02%
HST	C	0.02%
DNOW	B	0.02%
DTE	C	0.02%
LAD	A	0.02%
REZI	A	0.02%
HNI	B	0.02%
XRAY	F	0.02%
WKC	C	0.02%
HRL	D	0.02%
SNDR	B	0.02%
OSIS	A	0.02%
WMS	F	0.02%
LNW	F	0.02%
PNR	A	0.02%
EPC	F	0.02%
M	F	0.02%
MAA	B	0.02%
LNT	A	0.02%
AGCO	D	0.02%
KBR	F	0.02%
JBLU	F	0.02%
VVV	D	0.02%
THS	D	0.02%
RHI	C	0.02%
SKX	D	0.02%
CC	C	0.02%
DLB	B	0.02%
NWL	C	0.02%
OHI	C	0.02%
MDU	D	0.02%
OC	A	0.02%
SXT	C	0.02%
RLJ	C	0.02%
YELP	C	0.02%
DORM	B	0.02%
APOG	C	0.02%
GWRE	A	0.02%
SAM	C	0.02%
CTLT	C	0.02%
PSN	D	0.02%
NI	A	0.02%
XHR	B	0.02%
PDCO	F	0.02%
PBF	D	0.02%
NTCT	C	0.02%
VSCO	C	0.02%
AIR	B	0.02%
HOG	D	0.02%
CE	F	0.02%
SBH	C	0.02%
PAG	B	0.02%
HII	F	0.02%
BFAM	D	0.02%
VSTO	A	0.02%
KSS	F	0.02%
PVH	C	0.02%
CCL	A	0.02%
RYN	D	0.02%
AKAM	D	0.02%
JBHT	C	0.02%
ADNT	F	0.02%
ORA	B	0.02%
TFX	F	0.02%
GEF	A	0.02%
MSA	F	0.02%
NEU	D	0.02%
GHC	B	0.02%
SVC	F	0.01%
QRVO	F	0.01%
AAP	D	0.01%
CPRI	F	0.01%
NOV	C	0.01%
KNX	C	0.01%
UHAL	D	0.01%
JELD	F	0.01%
DINO	D	0.01%
SCL	C	0.01%
MLKN	F	0.01%
IGT	F	0.01%
PARA	C	0.01%
RVTY	F	0.01%
WOR	F	0.01%
ELAN	D	0.01%
CNXN	C	0.01%
SPR	D	0.01%
CLF	F	0.01%
ACI	C	0.01%
GIII	D	0.01%
UGI	C	0.01%
ALEX	B	0.01%
UVV	B	0.01%
JBGS	F	0.01%
SEB	F	0.01%
MKSI	C	0.01%
IMKTA	C	0.01%
XRX	F	0.01%
SR	A	0.01%
ARMK	B	0.01%
OUT	A	0.01%
PNW	A	0.01%
SHO	D	0.01%
WGO	C	0.01%
AMED	F	0.01%
SWX	B	0.01%
KALU	C	0.01%
ESI	B	0.01%
CENTA	C	0.01%
CVI	F	0.01%
MOS	F	0.01%
ARCH	B	0.01%
PECO	A	0.01%
CNM	D	0.01%
SAIC	F	0.01%
OMI	F	0.01%
FDP	B	0.01%
LEA	F	0.01%
CROX	D	0.01%
BRC	D	0.01%
DY	D	0.01%
SPB	C	0.01%
PPC	C	0.01%
NNN	C	0.01%
AES	F	0.01%
FELE	B	0.01%
DAN	D	0.01%
WMK	C	0.01%
MHK	D	0.01%
FLR	B	0.01%
KN	B	0.01%
STRA	C	0.01%
BBWI	C	0.01%
TPR	B	0.01%
DXC	B	0.01%
IDCC	B	0.01%
INCY	C	0.01%
GES	F	0.01%
ESAB	C	0.01%
CWEN	C	0.01%
WWD	C	0.01%
TTEK	F	0.01%
MUR	D	0.01%
CR	A	0.01%
ICUI	D	0.01%
CSGS	B	0.01%
BMRN	F	0.01%
TNET	F	0.01%
FYBR	C	0.01%
HE	C	0.01%
PSMT	D	0.01%
ALGN	D	0.01%
ADC	A	0.01%
H	B	0.01%
SATS	D	0.01%
RBC	A	0.01%
UHAL	D	0.01%
BWA	D	0.01%
SLB	C	0.01%
GOLF	B	0.01%
FR	D	0.01%
DTM	A	0.01%
DEI	B	0.01%
AMWD	C	0.01%
PTEN	C	0.01%
SCS	C	0.01%
VNT	C	0.01%
TDC	D	0.01%
SCCO	F	0.0%
NOMD	D	0.0%
WOLF	F	0.0%
HUN	F	0.0%

MFUS Underweight 238 Positions Relative to VFH

Symbol	Grade	Weight
APO	B	-0.76%
ACGL	C	-0.49%
RJF	A	-0.39%
STT	B	-0.37%
GPN	B	-0.35%
CBOE	C	-0.3%
MKL	A	-0.27%
EG	C	-0.21%
RNR	C	-0.19%
SOFI	B	-0.15%
AFRM	A	-0.14%
OWL	A	-0.14%
TOST	B	-0.14%
KNSL	B	-0.13%
PRI	B	-0.13%
GL	C	-0.13%
ORI	A	-0.12%
AFG	A	-0.12%
VOYA	B	-0.11%
PNFP	B	-0.11%
WEX	D	-0.1%
BPOP	C	-0.09%
RYAN	A	-0.09%
HLNE	B	-0.09%
STWD	C	-0.08%
GBCI	B	-0.08%
COLB	B	-0.08%
AXS	A	-0.08%
PIPR	A	-0.07%
TPG	A	-0.07%
FOUR	A	-0.07%
UMBF	B	-0.07%
UBSI	B	-0.07%
FNB	A	-0.07%
HOMB	A	-0.07%
EEFT	B	-0.06%
SFBS	C	-0.06%
AGO	B	-0.06%
FFIN	B	-0.06%
HWC	B	-0.06%
OZK	B	-0.06%
AUB	B	-0.05%
IBOC	B	-0.05%
BGC	C	-0.05%
STEP	C	-0.05%
TCBI	C	-0.05%
ASB	B	-0.05%
UPST	B	-0.05%
AX	B	-0.05%
WD	D	-0.05%
ESGR	B	-0.05%
HASI	D	-0.05%
ABCB	B	-0.05%
VLY	B	-0.05%
INDB	B	-0.04%
CVBF	A	-0.04%
OSCR	D	-0.04%
ABR	C	-0.04%
PRK	B	-0.04%
BOH	B	-0.04%
SFNC	C	-0.04%
FIBK	B	-0.04%
NMIH	C	-0.04%
WSFS	B	-0.04%
BXMT	C	-0.04%
BOKF	B	-0.04%
EBC	B	-0.04%
CATY	B	-0.04%
FHB	B	-0.04%
PJT	A	-0.04%
FBP	C	-0.04%
CBU	B	-0.04%
FULT	A	-0.04%
UCB	A	-0.04%
FLYW	B	-0.03%
FRHC	B	-0.03%
TFIN	B	-0.03%
EFSC	B	-0.03%
TRMK	C	-0.03%
NBTB	B	-0.03%
FRME	B	-0.03%
RNST	B	-0.03%
EVTC	B	-0.03%
IBTX	B	-0.03%
BANC	B	-0.03%
BANR	B	-0.03%
PLMR	A	-0.03%
MQ	D	-0.03%
SBCF	B	-0.03%
PFS	B	-0.03%
BANF	B	-0.03%
ENVA	B	-0.03%
TOWN	B	-0.03%
FFBC	B	-0.03%
PPBI	C	-0.03%
TBBK	B	-0.03%
VCTR	B	-0.03%
HTLF	B	-0.03%
PAYO	A	-0.03%
SNEX	B	-0.03%
GSHD	A	-0.03%
BHLB	B	-0.02%
RC	D	-0.02%
SAFT	B	-0.02%
GABC	B	-0.02%
LMND	B	-0.02%
EIG	B	-0.02%
WT	A	-0.02%
LOB	C	-0.02%
SPNT	B	-0.02%
QCRH	B	-0.02%
NIC	B	-0.02%
TCBK	C	-0.02%
BUSE	B	-0.02%
WABC	B	-0.02%
CUBI	B	-0.02%
STBA	B	-0.02%
VBTX	B	-0.02%
CODI	B	-0.02%
HOPE	C	-0.02%
SKWD	A	-0.02%
SASR	B	-0.02%
VRTS	B	-0.02%
HMN	B	-0.02%
NWBI	B	-0.02%
LC	A	-0.02%
DFIN	D	-0.02%
LKFN	C	-0.02%
NBHC	C	-0.02%
FCF	B	-0.02%
FBNC	B	-0.02%
AGM	B	-0.02%
CHCO	B	-0.02%
SYBT	B	-0.02%
CASH	B	-0.02%
NATL	B	-0.02%
TRUP	B	-0.02%
FBK	C	-0.02%
WSBC	B	-0.02%
OFG	B	-0.02%
WRLD	C	-0.01%
HIFS	C	-0.01%
KRNY	C	-0.01%
FFIC	B	-0.01%
MPB	B	-0.01%
DHIL	B	-0.01%
SPFI	C	-0.01%
UFCS	A	-0.01%
PAY	A	-0.01%
CARE	C	-0.01%
PX	A	-0.01%
HONE	C	-0.01%
SMBK	B	-0.01%
THFF	B	-0.01%
TIPT	C	-0.01%
AROW	B	-0.01%
BHB	C	-0.01%
NFBK	C	-0.01%
CCBG	B	-0.01%
TRTX	C	-0.01%
AMBC	C	-0.01%
PGC	B	-0.01%
FMNB	B	-0.01%
MCB	B	-0.01%
MSBI	B	-0.01%
GDOT	D	-0.01%
IIIV	C	-0.01%
CCNE	C	-0.01%
CASS	C	-0.01%
UVE	B	-0.01%
GSBC	C	-0.01%
AMAL	B	-0.01%
LPRO	B	-0.01%
NRDS	C	-0.01%
IMXI	B	-0.01%
UWMC	D	-0.01%
WASH	C	-0.01%
SMBC	B	-0.01%
EQBK	B	-0.01%
HTBK	B	-0.01%
EZPW	B	-0.01%
CAC	C	-0.01%
TRST	B	-0.01%
BFST	C	-0.01%
RPAY	D	-0.01%
TREE	F	-0.01%
MBWM	B	-0.01%
KREF	C	-0.01%
IBCP	B	-0.01%
CFB	B	-0.01%
CCB	A	-0.01%
HBNC	B	-0.01%
FCBC	C	-0.01%
HAFC	B	-0.01%
CMTG	F	-0.01%
AMTB	B	-0.01%
BY	B	-0.01%
OSBC	A	-0.01%
PRA	C	-0.01%
CPF	B	-0.01%
PRAA	D	-0.01%
EGBN	B	-0.01%
MBIN	F	-0.01%
FMBH	B	-0.01%
CTBI	B	-0.01%
BSIG	A	-0.01%
TMP	B	-0.01%
BRSP	C	-0.01%
HFWA	C	-0.01%
UVSP	B	-0.01%
CFFN	C	-0.01%
PFC	B	-0.01%
BFC	B	-0.01%
CNOB	B	-0.01%
SBSI	C	-0.01%
DX	B	-0.01%
HCI	C	-0.01%
OBK	C	-0.01%
RWT	D	-0.01%
BRKL	B	-0.01%
FBMS	B	-0.01%
PEBO	B	-0.01%
EFC	C	-0.01%
AMSF	B	-0.01%
DCOM	B	-0.01%
FBRT	D	-0.01%
OCFC	B	-0.01%
PFBC	B	-0.01%
SRCE	B	-0.01%
CNNE	B	-0.01%
RILY	F	-0.0%
AC	B	-0.0%
HMST	F	-0.0%
JRVR	F	-0.0%
DGICA	A	-0.0%
ACRE	B	-0.0%
BMRC	B	-0.0%
FFWM	C	-0.0%