FNDX vs. BTAL ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

FNDX

Schwab Fundamental U.S. Large Company Index ETF

FNDX Description

The investment seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental U.S. Large Company Index. The index selects, ranks, and weights securities by fundamental measures of company size - adjusted sales, retained operating cash flow, and dividends plus buybacks - rather than market capitalization. Under normal circumstances, the fund will invest at least 90% of its net assets in stocks included in the index. It may invest up to 10% of its net assets in securities not included in the index.

Grade (RS Rating)

Last Trade

$24.83

Average Daily Volume

1,186,729

Number of Holdings ^*

721

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.01

Average Daily Volume

445,126

Number of Holdings ^*

392

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	BTAL
30 Days	3.67%	-4.57%
60 Days	4.58%	-3.16%
90 Days	6.53%	-3.70%
12 Months	29.67%	-6.81%

257 Overlapping Holdings

Symbol	Grade	Weight in FNDX	Weight in BTAL	Overlap
AA	B	0.06%	-0.56%	-0.56%
ABBV	D	0.49%	0.36%	0.36%
ACGL	D	0.03%	0.38%	0.03%
ACN	C	0.36%	0.44%	0.36%
ADP	B	0.15%	0.46%	0.15%
AEE	A	0.07%	0.49%	0.07%
AES	F	0.05%	-0.35%	-0.35%
AIZ	A	0.03%	0.48%	0.03%
AKAM	D	0.03%	0.36%	0.03%
ALB	C	0.03%	-0.52%	-0.52%
ALGN	D	0.02%	-0.43%	-0.43%
ALL	A	0.27%	0.48%	0.27%
ALLY	C	0.1%	-0.37%	-0.37%
ALSN	B	0.05%	0.56%	0.05%
AMCR	D	0.03%	0.39%	0.03%
AMD	F	0.09%	-0.4%	-0.4%
AMGN	D	0.39%	0.37%	0.37%
ANET	C	0.04%	-0.46%	-0.46%
AON	A	0.13%	0.47%	0.13%
AR	B	0.03%	-0.53%	-0.53%
ARE	D	0.03%	-0.4%	-0.4%
ARMK	B	0.03%	0.45%	0.03%
ARW	D	0.08%	0.37%	0.08%
ASGN	F	0.02%	0.39%	0.02%
AVB	B	0.05%	0.45%	0.05%
AVGO	D	0.61%	-0.45%	-0.45%
AVT	C	0.07%	0.42%	0.07%
AWK	D	0.04%	-0.42%	-0.42%
AXTA	A	0.02%	-0.49%	-0.49%
AZO	C	0.06%	0.33%	0.06%
BBWI	D	0.03%	-0.44%	-0.44%
BG	F	0.1%	0.4%	0.1%
BKR	B	0.16%	0.53%	0.16%
BLD	D	0.01%	-0.4%	-0.4%
BLDR	D	0.06%	-0.44%	-0.44%
BLK	C	0.28%	-0.54%	-0.54%
BMY	B	0.45%	0.51%	0.45%
BRO	B	0.02%	0.47%	0.02%
BWA	D	0.05%	0.44%	0.05%
BX	A	0.13%	-0.57%	-0.57%
BXP	D	0.05%	-0.46%	-0.46%
CACI	D	0.03%	0.42%	0.03%
CAR	C	0.03%	-0.51%	-0.51%
CARR	D	0.12%	-0.45%	-0.45%
CB	C	0.26%	0.45%	0.26%
CBOE	B	0.01%	0.43%	0.01%
CBRE	B	0.13%	-0.51%	-0.51%
CC	C	0.02%	-0.43%	-0.43%
CCK	C	0.04%	0.43%	0.04%
CCL	B	0.06%	-0.63%	-0.63%
CE	F	0.03%	-0.24%	-0.24%
CEG	D	0.1%	-0.52%	-0.52%
CF	B	0.07%	0.46%	0.07%
CFG	B	0.1%	-0.49%	-0.49%
CG	A	0.03%	-0.55%	-0.55%
CHD	B	0.04%	0.47%	0.04%
CHE	D	0.01%	0.4%	0.01%
CHRW	C	0.08%	0.45%	0.08%
CI	F	0.48%	0.4%	0.4%
CINF	A	0.07%	0.49%	0.07%
CMA	A	0.07%	-0.54%	-0.54%
CME	A	0.08%	0.47%	0.08%
CMG	B	0.04%	0.45%	0.04%
CMS	C	0.06%	0.44%	0.06%
CNC	D	0.19%	0.32%	0.19%
CNXC	F	0.01%	-0.23%	-0.23%
COHR	B	0.02%	-0.52%	-0.52%
COR	B	0.02%	0.45%	0.02%
CPB	D	0.03%	0.38%	0.03%
CRL	C	0.01%	-0.41%	-0.41%
CSCO	B	0.82%	0.49%	0.49%
CSX	B	0.22%	0.45%	0.22%
CTSH	B	0.19%	0.43%	0.19%
CW	B	0.03%	0.47%	0.03%
CZR	F	0.02%	-0.42%	-0.42%
D	C	0.17%	-0.45%	-0.45%
DAL	C	0.03%	-0.68%	-0.68%
DAR	C	0.02%	-0.45%	-0.45%
DBX	B	0.01%	0.47%	0.01%
DD	D	0.17%	0.43%	0.17%
DECK	A	0.03%	0.44%	0.03%
DELL	C	0.03%	-0.53%	-0.53%
DGX	A	0.07%	0.45%	0.07%
DINO	D	0.05%	-0.39%	-0.39%
DKS	C	0.04%	-0.37%	-0.37%
DOX	D	0.04%	0.43%	0.04%
DRI	B	0.05%	0.46%	0.05%
DUK	C	0.3%	0.43%	0.3%
DVN	F	0.09%	0.37%	0.09%
ED	D	0.12%	0.42%	0.12%
EFX	F	0.03%	-0.35%	-0.35%
EG	C	0.02%	0.42%	0.02%
EL	F	0.03%	-0.31%	-0.31%
ELV	F	0.36%	0.33%	0.33%
EQR	B	0.05%	0.44%	0.05%
EQT	B	0.04%	-0.59%	-0.59%
ETN	A	0.23%	-0.52%	-0.52%
EW	C	0.04%	-0.44%	-0.44%
EXP	A	0.03%	-0.53%	-0.53%
EXPE	B	0.04%	-0.56%	-0.56%
F	C	0.33%	-0.44%	-0.44%
FANG	D	0.05%	0.39%	0.05%
FBIN	D	0.04%	-0.41%	-0.41%
FCX	D	0.14%	-0.42%	-0.42%
FFIV	B	0.03%	0.52%	0.03%
FLO	D	0.02%	0.42%	0.02%
FMC	D	0.03%	0.37%	0.03%
FOXA	B	0.1%	0.48%	0.1%
FTNT	C	0.03%	0.52%	0.03%
FYBR	D	0.04%	-0.53%	-0.53%
G	B	0.03%	0.49%	0.03%
GD	F	0.21%	0.41%	0.21%
GILD	C	0.37%	0.49%	0.37%
GIS	D	0.11%	0.38%	0.11%
GLPI	C	0.02%	0.42%	0.02%
GLW	B	0.14%	0.47%	0.14%
GNRC	B	0.02%	-0.51%	-0.51%
GPC	D	0.05%	0.37%	0.05%
HIG	B	0.14%	0.45%	0.14%
HON	B	0.37%	0.47%	0.37%
HPQ	B	0.21%	0.45%	0.21%
HRB	D	0.01%	0.41%	0.01%
HUM	C	0.19%	0.34%	0.19%
IBM	C	0.54%	0.45%	0.45%
IDXX	F	0.02%	-0.39%	-0.39%
ILMN	D	0.03%	-0.43%	-0.43%
INTC	D	0.89%	-0.54%	-0.54%
ITT	A	0.03%	-0.49%	-0.49%
J	F	0.05%	0.41%	0.05%
JAZZ	B	0.01%	0.44%	0.01%
JHG	A	0.03%	-0.53%	-0.53%
JLL	D	0.08%	-0.46%	-0.46%
JNJ	D	0.89%	0.42%	0.42%
JNPR	F	0.05%	0.39%	0.05%
KBR	F	0.02%	0.37%	0.02%
KHC	F	0.09%	0.38%	0.09%
KKR	A	0.12%	-0.55%	-0.55%
KMI	A	0.23%	0.56%	0.23%
KMX	B	0.06%	-0.4%	-0.4%
KO	D	0.35%	0.37%	0.35%
KR	B	0.3%	0.47%	0.3%
KSS	F	0.06%	-0.39%	-0.39%
L	A	0.05%	0.45%	0.05%
LAMR	D	0.02%	-0.46%	-0.46%
LMT	D	0.37%	0.38%	0.37%
LNC	B	0.05%	-0.48%	-0.48%
LNG	B	0.06%	0.51%	0.06%
LNT	A	0.04%	0.46%	0.04%
LPLA	A	0.04%	0.59%	0.04%
LPX	B	0.04%	-0.52%	-0.52%
LRCX	F	0.15%	-0.36%	-0.36%
LULU	C	0.01%	0.48%	0.01%
MAN	D	0.04%	0.37%	0.04%
MCD	D	0.34%	0.42%	0.34%
MCK	B	0.11%	0.51%	0.11%
MDU	D	0.02%	0.32%	0.02%
MGM	D	0.06%	-0.43%	-0.43%
MKC	D	0.03%	0.41%	0.03%
MKL	A	0.05%	0.53%	0.05%
MKSI	C	0.02%	-0.4%	-0.4%
MMC	B	0.14%	0.42%	0.14%
MOH	F	0.05%	0.36%	0.05%
MOS	F	0.06%	0.38%	0.06%
MRNA	F	0.03%	-0.22%	-0.22%
MRVL	B	0.04%	-0.56%	-0.56%
MSFT	F	2.43%	0.43%	0.43%
MSI	B	0.07%	0.51%	0.07%
MSM	C	0.01%	0.43%	0.01%
MU	D	0.38%	-0.43%	-0.43%
MUR	D	0.02%	0.37%	0.02%
MUSA	A	0.04%	0.43%	0.04%
NEM	D	0.13%	0.35%	0.13%
NOC	D	0.2%	0.4%	0.2%
NRG	B	0.1%	-0.49%	-0.49%
NTRS	A	0.08%	-0.54%	-0.54%
NVDA	C	0.4%	-0.48%	-0.48%
NVT	B	0.02%	-0.49%	-0.49%
NWL	B	0.03%	0.54%	0.03%
O	D	0.04%	0.39%	0.04%
OC	A	0.07%	-0.46%	-0.46%
ON	D	0.04%	0.38%	0.04%
ORI	A	0.05%	0.46%	0.05%
ORLY	B	0.11%	0.5%	0.11%
OXY	D	0.11%	0.38%	0.11%
PAG	B	0.02%	0.41%	0.02%
PAYX	C	0.06%	0.47%	0.06%
PCAR	B	0.15%	0.51%	0.15%
PENN	C	0.02%	-0.46%	-0.46%
PFE	D	0.68%	0.37%	0.37%
PFGC	B	0.06%	-0.49%	-0.49%
PGR	A	0.23%	0.45%	0.23%
PKG	A	0.07%	0.49%	0.07%
PLD	D	0.07%	-0.39%	-0.39%
PNW	B	0.04%	0.45%	0.04%
PWR	A	0.07%	-0.51%	-0.51%
PYPL	B	0.22%	-0.52%	-0.52%
REG	B	0.02%	0.45%	0.02%
RF	A	0.09%	-0.5%	-0.5%
RGA	A	0.04%	0.48%	0.04%
RMD	C	0.03%	-0.45%	-0.45%
ROP	B	0.05%	0.45%	0.05%
RSG	A	0.06%	0.43%	0.06%
RTX	C	0.34%	0.43%	0.34%
SAIC	F	0.02%	0.4%	0.02%
SCHW	B	0.13%	-0.56%	-0.56%
SEE	C	0.03%	-0.44%	-0.44%
SFM	A	0.05%	0.6%	0.05%
SHW	A	0.08%	-0.47%	-0.47%
SNA	A	0.06%	0.55%	0.06%
SNV	B	0.03%	-0.54%	-0.54%
SNX	C	0.03%	0.41%	0.03%
SQ	B	0.03%	-0.6%	-0.6%
ST	F	0.02%	0.36%	0.02%
T	A	1.27%	0.5%	0.5%
TDY	B	0.03%	0.48%	0.03%
TER	D	0.04%	-0.33%	-0.33%
TFX	F	0.02%	-0.36%	-0.36%
TGNA	B	0.02%	0.53%	0.02%
TGT	F	0.38%	-0.44%	-0.44%
THG	A	0.03%	0.51%	0.03%
THO	B	0.04%	-0.44%	-0.44%
TJX	A	0.22%	0.43%	0.22%
TMUS	B	0.25%	0.49%	0.25%
TOL	B	0.06%	-0.47%	-0.47%
TROW	B	0.13%	-0.48%	-0.48%
TRU	D	0.03%	-0.44%	-0.44%
TRV	B	0.31%	0.52%	0.31%
TSLA	B	0.28%	-0.7%	-0.7%
TT	A	0.06%	-0.51%	-0.51%
TXT	D	0.06%	0.4%	0.06%
UBER	D	0.04%	-0.42%	-0.42%
UGI	A	0.04%	-0.44%	-0.44%
UNH	C	1.22%	0.43%	0.43%
UNM	A	0.06%	0.57%	0.06%
URI	B	0.13%	-0.52%	-0.52%
USB	A	0.32%	-0.49%	-0.49%
USFD	A	0.08%	-0.49%	-0.49%
VFC	C	0.07%	0.48%	0.07%
VICI	C	0.02%	0.42%	0.02%
VNO	B	0.05%	-0.52%	-0.52%
VRSN	F	0.01%	0.43%	0.01%
VST	B	0.16%	-0.76%	-0.76%
VTRS	A	0.1%	0.48%	0.1%
VZ	C	1.13%	0.44%	0.44%
WBA	F	0.17%	-0.4%	-0.4%
WCC	B	0.04%	-0.55%	-0.55%
WEC	A	0.08%	0.46%	0.08%
WELL	A	0.1%	0.5%	0.1%
WM	A	0.15%	0.45%	0.15%
WPC	D	0.02%	0.41%	0.02%
WRB	A	0.03%	0.45%	0.03%
WTW	B	0.07%	0.45%	0.07%
X	C	0.07%	0.43%	0.07%
XEL	A	0.12%	0.5%	0.12%
XOM	B	1.99%	0.44%	0.44%
YUM	B	0.08%	0.43%	0.08%
ZION	B	0.06%	-0.53%	-0.53%

FNDX Overweight 464 Positions Relative to BTAL

Symbol	Grade	Weight
AAPL	C	4.35%
BRK.A	B	2.17%
JPM	A	2.03%
META	D	1.79%
AMZN	C	1.56%
WMT	A	1.47%
WFC	A	1.35%
GOOGL	C	1.33%
BAC	A	1.3%
CVX	A	1.25%
GOOG	C	1.14%
C	A	1.1%
CMCSA	B	0.83%
HD	A	0.8%
GM	B	0.79%
PG	A	0.77%
CVS	D	0.68%
COST	B	0.66%
LUMN	C	0.65%
GS	A	0.62%
ORCL	B	0.5%
PM	B	0.48%
COF	B	0.48%
COP	C	0.48%
MS	A	0.46%
DIS	B	0.45%
QCOM	F	0.43%
LOW	D	0.43%
MRK	F	0.42%
CAT	B	0.41%
PEP	F	0.41%
MPC	D	0.4%
VLO	C	0.39%
MO	A	0.37%
PSX	C	0.36%
AXP	A	0.36%
V	A	0.36%
CHTR	C	0.35%
MMM	D	0.35%
UNP	C	0.35%
SYF	B	0.34%
ABT	B	0.34%
TXN	C	0.34%
LIN	D	0.33%
FDX	B	0.32%
PNC	B	0.3%
MA	C	0.29%
AIG	B	0.28%
SBUX	A	0.28%
UPS	C	0.28%
DFS	B	0.26%
MET	A	0.26%
SO	D	0.26%
BK	A	0.26%
TMO	F	0.25%
NEE	D	0.24%
AMAT	F	0.24%
BKNG	A	0.24%
TFC	A	0.23%
DE	A	0.23%
EOG	A	0.23%
PRU	A	0.22%
ADM	D	0.21%
AFL	B	0.21%
NSC	B	0.21%
HPE	B	0.21%
ADBE	C	0.2%
MDLZ	F	0.2%
TSN	B	0.2%
LLY	F	0.2%
HCA	F	0.2%
NKE	D	0.19%
CMI	A	0.19%
NUE	C	0.19%
DOW	F	0.18%
EXC	C	0.17%
WMB	A	0.17%
IP	B	0.17%
NFLX	A	0.17%
EBAY	D	0.17%
EMR	A	0.17%
AEP	D	0.16%
DHI	D	0.16%
BBY	D	0.16%
LHX	C	0.16%
LEN	D	0.16%
JCI	C	0.16%
MDT	D	0.16%
DHR	F	0.15%
AMP	A	0.15%
SPGI	C	0.15%
ITW	B	0.15%
CRM	B	0.15%
GE	D	0.15%
LYB	F	0.14%
OKE	A	0.14%
CL	D	0.13%
APD	A	0.13%
PH	A	0.13%
FITB	A	0.13%
SYK	C	0.13%
ADI	D	0.13%
SRE	A	0.13%
FI	A	0.13%
FIS	C	0.12%
ETR	B	0.12%
SLB	C	0.12%
WDC	D	0.12%
MTB	A	0.11%
PARA	C	0.11%
PEG	A	0.11%
BDX	F	0.11%
PPL	B	0.11%
BA	F	0.11%
ICE	C	0.11%
INTU	C	0.11%
PHM	D	0.11%
AMT	D	0.11%
STLD	B	0.11%
EIX	B	0.1%
SYY	B	0.1%
KMB	D	0.1%
REGN	F	0.1%
STT	A	0.1%
KEY	B	0.1%
SPG	B	0.1%
MRO	B	0.09%
GPN	B	0.09%
SW	A	0.09%
ISRG	A	0.09%
STX	D	0.09%
FE	C	0.09%
RS	B	0.09%
BIIB	F	0.09%
EA	A	0.09%
CTVA	C	0.09%
PFG	D	0.09%
BSX	B	0.09%
MAR	B	0.09%
APH	A	0.09%
WY	D	0.09%
CCI	D	0.09%
LH	C	0.09%
GEHC	F	0.09%
EMN	D	0.08%
HBAN	A	0.08%
NVR	D	0.08%
VTR	C	0.08%
WHR	B	0.08%
ES	D	0.08%
OMC	C	0.08%
KLAC	D	0.08%
UHS	D	0.08%
DG	F	0.08%
GWW	B	0.08%
PPG	F	0.08%
WKC	D	0.08%
DLR	B	0.08%
EQIX	A	0.08%
CTAS	B	0.08%
ECL	D	0.08%
WBD	C	0.08%
K	A	0.07%
BAX	D	0.07%
IQV	D	0.07%
HWM	A	0.07%
SWK	D	0.07%
TRGP	B	0.07%
THC	D	0.07%
MCO	B	0.07%
NTAP	C	0.07%
EVRG	A	0.07%
STZ	D	0.07%
CAH	B	0.07%
R	B	0.07%
KDP	D	0.07%
LAD	A	0.07%
ZTS	D	0.07%
ROST	C	0.07%
DTE	C	0.07%
LDOS	C	0.07%
VRTX	F	0.07%
FAST	B	0.07%
OVV	B	0.06%
HES	B	0.06%
M	D	0.06%
ODFL	B	0.06%
DVA	B	0.06%
TSCO	D	0.06%
CPAY	A	0.06%
CAG	D	0.06%
JEF	A	0.06%
ROK	B	0.06%
BALL	D	0.06%
OMF	A	0.06%
MHK	D	0.06%
FLEX	A	0.06%
JBL	B	0.06%
IRM	D	0.06%
HLT	A	0.06%
EME	C	0.06%
CNP	B	0.06%
HAL	C	0.06%
FNF	B	0.06%
WAB	B	0.06%
DOV	A	0.06%
TDG	D	0.06%
ACM	A	0.05%
NI	A	0.05%
MNST	C	0.05%
VMC	B	0.05%
AFG	A	0.05%
INGR	B	0.05%
ZBH	C	0.05%
JBHT	C	0.05%
CSL	C	0.05%
NXPI	D	0.05%
DLTR	F	0.05%
MCHP	D	0.05%
IVZ	B	0.05%
IFF	D	0.05%
AJG	B	0.05%
AN	C	0.05%
OTIS	C	0.05%
KD	B	0.05%
DXC	B	0.05%
LEA	D	0.05%
EQH	B	0.05%
TDS	B	0.05%
GPI	A	0.05%
CASY	A	0.05%
MAS	D	0.05%
TPR	B	0.05%
AME	A	0.05%
RJF	A	0.05%
LKQ	D	0.05%
SJM	D	0.05%
BFH	B	0.05%
PSA	D	0.05%
KVUE	A	0.05%
A	D	0.05%
TAP	C	0.05%
BCC	B	0.04%
GAP	C	0.04%
SSNC	B	0.04%
OSK	B	0.04%
AVY	D	0.04%
AMG	B	0.04%
IPG	D	0.04%
KEYS	A	0.04%
ZIM	C	0.04%
UFPI	B	0.04%
LVS	C	0.04%
PNR	A	0.04%
RPM	A	0.04%
HSY	F	0.04%
CNO	A	0.04%
HST	C	0.04%
CLX	B	0.04%
CRBG	B	0.04%
EXPD	D	0.04%
SLM	A	0.04%
TMHC	B	0.04%
WAT	B	0.04%
ZBRA	B	0.04%
GT	C	0.04%
ATO	A	0.04%
SWKS	F	0.04%
HOLX	D	0.04%
RHI	B	0.04%
HSIC	B	0.04%
GEN	B	0.04%
FAF	A	0.04%
BERY	B	0.04%
PVH	C	0.04%
NWSA	B	0.04%
BEN	C	0.04%
AYI	B	0.04%
KNX	B	0.04%
WSM	B	0.04%
VRSK	A	0.04%
EVR	B	0.04%
OGN	D	0.04%
JXN	C	0.04%
MLM	B	0.04%
GEV	B	0.04%
CDW	F	0.04%
LSTR	D	0.03%
PRI	A	0.03%
INVH	D	0.03%
SCI	B	0.03%
IEX	B	0.03%
ACI	C	0.03%
CPRT	A	0.03%
GNTX	C	0.03%
AAP	C	0.03%
BTU	B	0.03%
RVTY	F	0.03%
KBH	D	0.03%
BURL	A	0.03%
TPH	D	0.03%
LII	A	0.03%
GDDY	A	0.03%
FLR	B	0.03%
BC	C	0.03%
STE	F	0.03%
APO	B	0.03%
PCG	A	0.03%
ABG	B	0.03%
SEIC	B	0.03%
MSCI	C	0.03%
KIM	A	0.03%
VOYA	B	0.03%
TTWO	A	0.03%
QRVO	F	0.03%
MTD	D	0.03%
OGE	B	0.03%
GPK	C	0.03%
HAS	D	0.03%
EXR	D	0.03%
FL	F	0.03%
RRX	B	0.03%
RL	B	0.03%
AGCO	D	0.03%
APA	D	0.03%
ESS	B	0.03%
MTH	D	0.03%
CLF	F	0.03%
HII	D	0.03%
HRL	D	0.03%
XYL	D	0.03%
SNPS	B	0.03%
EWBC	A	0.03%
NDAQ	A	0.03%
WU	D	0.03%
TRMB	B	0.03%
CIEN	B	0.03%
ULTA	F	0.03%
GNW	A	0.03%
NXST	C	0.03%
GRMN	B	0.03%
MAA	B	0.03%
HUN	F	0.03%
FHN	A	0.03%
CTRA	B	0.03%
CMC	B	0.03%
DOC	D	0.03%
OLN	D	0.03%
IT	C	0.03%
PANW	C	0.03%
DPZ	C	0.03%
BAH	F	0.03%
FTV	C	0.03%
WSO	A	0.03%
IR	B	0.03%
CDNS	B	0.03%
PBF	D	0.03%
MTZ	B	0.03%
ADSK	A	0.03%
SANM	B	0.03%
HBI	B	0.03%
GL	B	0.03%
MLI	C	0.03%
HUBB	B	0.03%
BR	A	0.03%
WLK	D	0.02%
MTN	C	0.02%
ODP	F	0.02%
ALV	C	0.02%
ALK	C	0.02%
ADNT	F	0.02%
MPW	F	0.02%
MATX	C	0.02%
LEG	F	0.02%
BPOP	B	0.02%
CHKP	D	0.02%
ARCH	B	0.02%
TKR	D	0.02%
MIDD	C	0.02%
AER	B	0.02%
NSIT	F	0.02%
POR	C	0.02%
VAC	B	0.02%
TTC	D	0.02%
UHAL	D	0.02%
XRX	F	0.02%
ASO	F	0.02%
WERN	C	0.02%
LW	C	0.02%
OI	C	0.02%
POST	C	0.02%
NFG	A	0.02%
ANSS	B	0.02%
SBAC	D	0.02%
NAVI	C	0.02%
SM	B	0.02%
NDSN	B	0.02%
WST	C	0.02%
CCEP	C	0.02%
LECO	B	0.02%
AL	B	0.02%
TPX	B	0.02%
PII	D	0.02%
STWD	C	0.02%
EPAM	C	0.02%
HUBG	A	0.02%
SLG	B	0.02%
GGG	B	0.02%
GXO	B	0.02%
CTLT	B	0.02%
JKHY	D	0.02%
CPT	B	0.02%
HOG	D	0.02%
APTV	D	0.02%
POOL	C	0.02%
NOV	C	0.02%
DCI	B	0.02%
FCNCA	A	0.02%
AVTR	F	0.02%
AOS	F	0.02%
BECN	B	0.02%
SKX	D	0.02%
CNH	C	0.02%
SUI	D	0.02%
PK	B	0.02%
BRX	A	0.02%
UDR	B	0.02%
MTG	C	0.02%
ABM	B	0.02%
ATR	B	0.02%
BJ	A	0.02%
EHC	B	0.02%
RUSHA	C	0.02%
REZI	A	0.02%
BAP	B	0.02%
SON	D	0.02%
LUV	C	0.02%
SOLV	C	0.02%
VSH	D	0.01%
ANDE	D	0.01%
LILAK	D	0.01%
ICLR	D	0.01%
WTRG	B	0.01%
SPTN	D	0.01%
MMS	F	0.01%
AEO	F	0.01%
CYH	F	0.01%
FSLR	F	0.01%
NOW	A	0.01%
TNL	A	0.01%
PRGO	B	0.01%
QRTEA	F	0.01%
AAL	B	0.01%
ALLE	D	0.01%
FTI	A	0.01%
JWN	C	0.01%
XRAY	F	0.01%
DK	C	0.01%
HTZ	C	0.01%
DAN	D	0.01%
UNFI	A	0.01%
CRI	D	0.01%
CNX	A	0.01%
CPRI	F	0.01%

FNDX Underweight 135 Positions Relative to BTAL

Symbol	Grade	Weight
MSTR	C	-1.19%
BILL	A	-0.68%
IBKR	A	-0.62%
PAYC	B	-0.59%
HQY	B	-0.58%
CFLT	B	-0.56%
PCTY	B	-0.53%
WH	B	-0.53%
BWXT	B	-0.53%
TXRH	C	-0.51%
RLI	B	-0.51%
CHH	A	-0.5%
PNM	F	-0.5%
SIGI	C	-0.48%
AXS	A	-0.48%
SBRA	C	-0.47%
HEI	B	-0.47%
RYAN	B	-0.47%
EDR	A	-0.46%
WEN	D	-0.46%
SLGN	A	-0.46%
RNR	C	-0.46%
UTHR	C	-0.45%
ADC	B	-0.45%
CDP	C	-0.44%
NEU	C	-0.44%
DLB	B	-0.43%
CLH	B	-0.43%
ZI	D	-0.43%
OHI	C	-0.43%
ELS	C	-0.43%
COLM	B	-0.43%
CXT	B	-0.42%
OLLI	D	-0.41%
MSA	D	-0.4%
WTM	A	-0.39%
ERIE	D	-0.38%
FCN	D	-0.38%
TNET	D	-0.37%
MTCH	D	-0.35%
FOXF	F	-0.35%
SRPT	D	-0.32%
BMRN	D	-0.29%
AGL	F	-0.16%
SMCI	F	--0.18%
SEDG	F	--0.19%
RUN	F	--0.21%
ENPH	F	--0.23%
MPWR	F	--0.24%
WOLF	F	--0.25%
TXG	F	--0.26%
NTLA	F	--0.27%
RKT	F	--0.29%
CELH	F	--0.29%
RIVN	F	--0.3%
OPEN	D	--0.3%
BRZE	C	--0.33%
COTY	F	--0.33%
AMKR	D	--0.34%
ELF	C	--0.35%
SHLS	F	--0.35%
ARWR	F	--0.35%
WMS	D	--0.37%
RGEN	D	--0.37%
NVCR	C	--0.38%
RIG	D	--0.38%
CNM	D	--0.38%
ELAN	D	--0.39%
PINS	D	--0.4%
FND	C	--0.4%
ROIV	C	--0.41%
AGNC	D	--0.41%
W	F	--0.41%
POWI	D	--0.41%
DNLI	D	--0.42%
CHX	C	--0.42%
CWEN	C	--0.42%
CSGP	D	--0.42%
CRSP	D	--0.43%
PATH	C	--0.43%
SSD	D	--0.43%
RYN	D	--0.44%
APG	B	--0.44%
TREX	C	--0.45%
NWE	B	--0.45%
MTDR	B	--0.45%
SMG	D	--0.46%
VEEV	C	--0.46%
ZS	C	--0.46%
KRC	C	--0.46%
ROKU	D	--0.47%
HHH	B	--0.47%
OZK	B	--0.49%
WAL	B	--0.49%
GH	B	--0.49%
SNAP	C	--0.49%
TTD	B	--0.5%
NET	B	--0.5%
RMBS	C	--0.51%
RBLX	C	--0.51%
RRC	B	--0.51%
PEN	B	--0.52%
IOT	A	--0.52%
MDB	C	--0.53%
RH	B	--0.53%
DKNG	B	--0.53%
FOUR	B	--0.54%
XPO	B	--0.54%
PNFP	B	--0.55%
DAY	B	--0.56%
Z	A	--0.56%
GME	C	--0.56%
TDOC	C	--0.56%
NTRA	B	--0.56%
CRWD	B	--0.57%
GTLS	B	--0.58%
OWL	A	--0.58%
TPG	A	--0.58%
PODD	C	--0.59%
DASH	A	--0.59%
SAIA	B	--0.59%
LYV	A	--0.62%
LITE	B	--0.62%
DUOL	A	--0.63%
LYFT	C	--0.65%
VRT	B	--0.67%
CVNA	B	--0.68%
PTON	B	--0.69%
TOST	B	--0.71%
COIN	C	--0.71%
HOOD	B	--0.72%
AXON	A	--0.74%
SOFI	A	--0.79%
AFRM	B	--0.84%
PLTR	B	--0.87%