FNDX vs. IWS ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to iShares Russell Mid-cap Value ETF (IWS)

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

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

Performance

Period	FNDX	IWS
30 Days	3.67%	5.17%
60 Days	4.58%	5.63%
90 Days	6.53%	7.53%
12 Months	29.67%	31.74%

440 Overlapping Holdings

Symbol	Grade	Weight in FNDX	Weight in IWS	Overlap
A	D	0.05%	0.41%	0.05%
AA	B	0.06%	0.12%	0.06%
AAL	B	0.01%	0.1%	0.01%
AAP	C	0.03%	0.02%	0.02%
ACGL	D	0.03%	0.4%	0.03%
ACI	C	0.03%	0.09%	0.03%
ACM	A	0.05%	0.16%	0.05%
ADM	D	0.21%	0.28%	0.21%
AEE	A	0.07%	0.27%	0.07%
AES	F	0.05%	0.11%	0.05%
AFG	A	0.05%	0.11%	0.05%
AFL	B	0.21%	0.68%	0.21%
AGCO	D	0.03%	0.06%	0.03%
AIZ	A	0.03%	0.13%	0.03%
AJG	B	0.05%	0.65%	0.05%
AKAM	D	0.03%	0.14%	0.03%
AL	B	0.02%	0.06%	0.02%
ALB	C	0.03%	0.13%	0.03%
ALGN	D	0.02%	0.08%	0.02%
ALK	C	0.02%	0.07%	0.02%
ALL	A	0.27%	0.48%	0.27%
ALLE	D	0.01%	0.13%	0.01%
ALLY	C	0.1%	0.1%	0.1%
ALSN	B	0.05%	0.11%	0.05%
AMCR	D	0.03%	0.16%	0.03%
AME	A	0.05%	0.49%	0.05%
AMG	B	0.04%	0.06%	0.04%
AMP	A	0.15%	0.06%	0.06%
AN	C	0.05%	0.05%	0.05%
ANSS	B	0.02%	0.32%	0.02%
AOS	F	0.02%	0.1%	0.02%
APA	D	0.03%	0.09%	0.03%
APTV	D	0.02%	0.16%	0.02%
AR	B	0.03%	0.1%	0.03%
ARE	D	0.03%	0.2%	0.03%
ARMK	B	0.03%	0.11%	0.03%
ARW	D	0.08%	0.07%	0.07%
ATO	A	0.04%	0.24%	0.04%
ATR	B	0.02%	0.12%	0.02%
AVB	B	0.05%	0.36%	0.05%
AVT	C	0.07%	0.05%	0.05%
AVTR	F	0.02%	0.15%	0.02%
AVY	D	0.04%	0.11%	0.04%
AWK	D	0.04%	0.29%	0.04%
AXTA	A	0.02%	0.1%	0.02%
AYI	B	0.04%	0.11%	0.04%
BALL	D	0.06%	0.21%	0.06%
BAX	D	0.07%	0.18%	0.07%
BBWI	D	0.03%	0.08%	0.03%
BBY	D	0.16%	0.22%	0.16%
BC	C	0.03%	0.06%	0.03%
BEN	C	0.04%	0.07%	0.04%
BERY	B	0.04%	0.08%	0.04%
BG	F	0.1%	0.14%	0.1%
BIIB	F	0.09%	0.26%	0.09%
BJ	A	0.02%	0.13%	0.02%
BK	A	0.26%	0.64%	0.26%
BKR	B	0.16%	0.47%	0.16%
BLD	D	0.01%	0.11%	0.01%
BLDR	D	0.06%	0.21%	0.06%
BPOP	B	0.02%	0.07%	0.02%
BR	A	0.03%	0.03%	0.03%
BRO	B	0.02%	0.16%	0.02%
BRX	A	0.02%	0.1%	0.02%
BWA	D	0.05%	0.09%	0.05%
BXP	D	0.05%	0.14%	0.05%
CACI	D	0.03%	0.11%	0.03%
CAG	D	0.06%	0.14%	0.06%
CAH	B	0.07%	0.13%	0.07%
CAR	C	0.03%	0.01%	0.01%
CASY	A	0.05%	0.13%	0.05%
CBOE	B	0.01%	0.23%	0.01%
CBRE	B	0.13%	0.44%	0.13%
CC	C	0.02%	0.03%	0.02%
CCI	D	0.09%	0.5%	0.09%
CCK	C	0.04%	0.12%	0.04%
CCL	B	0.06%	0.27%	0.06%
CDW	F	0.04%	0.13%	0.04%
CE	F	0.03%	0.07%	0.03%
CF	B	0.07%	0.18%	0.07%
CFG	B	0.1%	0.23%	0.1%
CG	A	0.03%	0.12%	0.03%
CHD	B	0.04%	0.29%	0.04%
CHE	D	0.01%	0.08%	0.01%
CHRW	C	0.08%	0.14%	0.08%
CHTR	C	0.35%	0.4%	0.35%
CIEN	B	0.03%	0.11%	0.03%
CINF	A	0.07%	0.26%	0.07%
CLF	F	0.03%	0.04%	0.03%
CMA	A	0.07%	0.1%	0.07%
CMI	A	0.19%	0.54%	0.19%
CMS	C	0.06%	0.22%	0.06%
CNC	D	0.19%	0.33%	0.19%
CNH	C	0.02%	0.1%	0.02%
CNP	B	0.06%	0.21%	0.06%
CNXC	F	0.01%	0.02%	0.01%
COHR	B	0.02%	0.14%	0.02%
CPB	D	0.03%	0.09%	0.03%
CPRI	F	0.01%	0.03%	0.01%
CPT	B	0.02%	0.14%	0.02%
CRI	D	0.01%	0.02%	0.01%
CRL	C	0.01%	0.11%	0.01%
CSL	C	0.05%	0.19%	0.05%
CTLT	B	0.02%	0.12%	0.02%
CTRA	B	0.03%	0.21%	0.03%
CTSH	B	0.19%	0.42%	0.19%
CTVA	C	0.09%	0.43%	0.09%
CW	B	0.03%	0.15%	0.03%
CZR	F	0.02%	0.09%	0.02%
DAL	C	0.03%	0.45%	0.03%
DAR	C	0.02%	0.08%	0.02%
DBX	B	0.01%	0.05%	0.01%
DCI	B	0.02%	0.1%	0.02%
DD	D	0.17%	0.38%	0.17%
DFS	B	0.26%	0.48%	0.26%
DG	F	0.08%	0.18%	0.08%
DGX	A	0.07%	0.2%	0.07%
DHI	D	0.16%	0.53%	0.16%
DINO	D	0.05%	0.07%	0.05%
DKS	C	0.04%	0.11%	0.04%
DLR	B	0.08%	0.64%	0.08%
DLTR	F	0.05%	0.14%	0.05%
DOC	D	0.03%	0.16%	0.03%
DOV	A	0.06%	0.3%	0.06%
DOW	F	0.18%	0.34%	0.18%
DOX	D	0.04%	0.11%	0.04%
DPZ	C	0.03%	0.11%	0.03%
DRI	B	0.05%	0.1%	0.05%
DTE	C	0.07%	0.27%	0.07%
DVN	F	0.09%	0.27%	0.09%
DXC	B	0.05%	0.04%	0.04%
EA	A	0.09%	0.47%	0.09%
EBAY	D	0.17%	0.34%	0.17%
ED	D	0.12%	0.37%	0.12%
EFX	F	0.03%	0.27%	0.03%
EG	C	0.02%	0.15%	0.02%
EHC	B	0.02%	0.11%	0.02%
EIX	B	0.1%	0.35%	0.1%
EME	C	0.06%	0.15%	0.06%
EMN	D	0.08%	0.13%	0.08%
EPAM	C	0.02%	0.13%	0.02%
EQR	B	0.05%	0.31%	0.05%
EQT	B	0.04%	0.26%	0.04%
ES	D	0.08%	0.24%	0.08%
ESS	B	0.03%	0.21%	0.03%
ETR	B	0.12%	0.35%	0.12%
EVR	B	0.04%	0.12%	0.04%
EVRG	A	0.07%	0.16%	0.07%
EWBC	A	0.03%	0.16%	0.03%
EXC	C	0.17%	0.43%	0.17%
EXP	A	0.03%	0.03%	0.03%
EXPD	D	0.04%	0.16%	0.04%
EXR	D	0.03%	0.38%	0.03%
FAF	A	0.04%	0.07%	0.04%
FANG	D	0.05%	0.37%	0.05%
FAST	B	0.07%	0.08%	0.07%
FBIN	D	0.04%	0.1%	0.04%
FCNCA	A	0.02%	0.29%	0.02%
FE	C	0.09%	0.26%	0.09%
FFIV	B	0.03%	0.15%	0.03%
FHN	A	0.03%	0.12%	0.03%
FIS	C	0.12%	0.54%	0.12%
FITB	A	0.13%	0.35%	0.13%
FLO	D	0.02%	0.04%	0.02%
FMC	D	0.03%	0.07%	0.03%
FNF	B	0.06%	0.18%	0.06%
FOXA	B	0.1%	0.12%	0.1%
FSLR	F	0.01%	0.22%	0.01%
FTI	A	0.01%	0.13%	0.01%
FTV	C	0.03%	0.29%	0.03%
FYBR	D	0.04%	0.09%	0.04%
G	B	0.03%	0.09%	0.03%
GAP	C	0.04%	0.05%	0.04%
GEHC	F	0.09%	0.37%	0.09%
GEN	B	0.04%	0.18%	0.04%
GGG	B	0.02%	0.16%	0.02%
GIS	D	0.11%	0.39%	0.11%
GL	B	0.03%	0.11%	0.03%
GLPI	C	0.02%	0.14%	0.02%
GLW	B	0.14%	0.39%	0.14%
GNRC	B	0.02%	0.06%	0.02%
GNTX	C	0.03%	0.08%	0.03%
GPC	D	0.05%	0.19%	0.05%
GPK	C	0.03%	0.09%	0.03%
GPN	B	0.09%	0.33%	0.09%
GRMN	B	0.03%	0.36%	0.03%
GWW	B	0.08%	0.07%	0.07%
GXO	B	0.02%	0.08%	0.02%
HAL	C	0.06%	0.29%	0.06%
HAS	D	0.03%	0.01%	0.01%
HBAN	A	0.08%	0.28%	0.08%
HES	B	0.06%	0.16%	0.06%
HIG	B	0.14%	0.38%	0.14%
HII	D	0.03%	0.08%	0.03%
HLT	A	0.06%	0.33%	0.06%
HOG	D	0.02%	0.04%	0.02%
HOLX	D	0.04%	0.2%	0.04%
HPE	B	0.21%	0.3%	0.21%
HPQ	B	0.21%	0.3%	0.21%
HRB	D	0.01%	0.07%	0.01%
HRL	D	0.03%	0.09%	0.03%
HSIC	B	0.04%	0.1%	0.04%
HST	C	0.04%	0.13%	0.04%
HSY	F	0.04%	0.24%	0.04%
HUBB	B	0.03%	0.26%	0.03%
HUM	C	0.19%	0.37%	0.19%
HUN	F	0.03%	0.04%	0.03%
HWM	A	0.07%	0.47%	0.07%
IEX	B	0.03%	0.19%	0.03%
IFF	D	0.05%	0.24%	0.05%
ILMN	D	0.03%	0.24%	0.03%
INGR	B	0.05%	0.1%	0.05%
INVH	D	0.03%	0.23%	0.03%
IP	B	0.17%	0.22%	0.17%
IPG	D	0.04%	0.11%	0.04%
IQV	D	0.07%	0.34%	0.07%
IR	B	0.03%	0.45%	0.03%
IRM	D	0.06%	0.16%	0.06%
ITT	A	0.03%	0.14%	0.03%
IVZ	B	0.05%	0.07%	0.05%
J	F	0.05%	0.19%	0.05%
JAZZ	B	0.01%	0.08%	0.01%
JBHT	C	0.05%	0.16%	0.05%
JBL	B	0.06%	0.14%	0.06%
JEF	A	0.06%	0.1%	0.06%
JHG	A	0.03%	0.06%	0.03%
JKHY	D	0.02%	0.14%	0.02%
JLL	D	0.08%	0.09%	0.08%
JNPR	F	0.05%	0.13%	0.05%
JWN	C	0.01%	0.03%	0.01%
K	A	0.07%	0.23%	0.07%
KBR	F	0.02%	0.08%	0.02%
KD	B	0.05%	0.07%	0.05%
KEY	B	0.1%	0.2%	0.1%
KEYS	A	0.04%	0.29%	0.04%
KIM	A	0.03%	0.18%	0.03%
KMI	A	0.23%	0.58%	0.23%
KMX	B	0.06%	0.13%	0.06%
KNX	B	0.04%	0.1%	0.04%
KR	B	0.3%	0.42%	0.3%
KSS	F	0.06%	0.02%	0.02%
KVUE	A	0.05%	0.5%	0.05%
L	A	0.05%	0.17%	0.05%
LAD	A	0.07%	0.11%	0.07%
LAMR	D	0.02%	0.09%	0.02%
LDOS	C	0.07%	0.24%	0.07%
LEA	D	0.05%	0.06%	0.05%
LECO	B	0.02%	0.09%	0.02%
LEG	F	0.02%	0.02%	0.02%
LEN	D	0.16%	0.02%	0.02%
LEN	D	0.16%	0.44%	0.16%
LH	C	0.09%	0.22%	0.09%
LHX	C	0.16%	0.51%	0.16%
LKQ	D	0.05%	0.11%	0.05%
LNC	B	0.05%	0.07%	0.05%
LNG	B	0.06%	0.26%	0.06%
LNT	A	0.04%	0.17%	0.04%
LPX	B	0.04%	0.02%	0.02%
LSTR	D	0.03%	0.07%	0.03%
LUV	C	0.02%	0.21%	0.02%
LW	C	0.02%	0.08%	0.02%
LYB	F	0.14%	0.24%	0.14%
M	D	0.06%	0.05%	0.05%
MAA	B	0.03%	0.2%	0.03%
MAN	D	0.04%	0.03%	0.03%
MAS	D	0.05%	0.19%	0.05%
MCHP	D	0.05%	0.37%	0.05%
MDU	D	0.02%	0.04%	0.02%
MGM	D	0.06%	0.1%	0.06%
MHK	D	0.06%	0.08%	0.06%
MIDD	C	0.02%	0.08%	0.02%
MKC	D	0.03%	0.21%	0.03%
MKL	A	0.05%	0.18%	0.05%
MKSI	C	0.02%	0.07%	0.02%
MLM	B	0.04%	0.37%	0.04%
MOH	F	0.05%	0.07%	0.05%
MOS	F	0.06%	0.09%	0.06%
MPW	F	0.02%	0.03%	0.02%
MRO	B	0.09%	0.18%	0.09%
MSCI	C	0.03%	0.21%	0.03%
MSM	C	0.01%	0.04%	0.01%
MTB	A	0.11%	0.39%	0.11%
MTD	D	0.03%	0.27%	0.03%
MTG	C	0.02%	0.07%	0.02%
MTN	C	0.02%	0.01%	0.01%
MTZ	B	0.03%	0.09%	0.03%
NDAQ	A	0.03%	0.36%	0.03%
NDSN	B	0.02%	0.16%	0.02%
NFG	A	0.02%	0.06%	0.02%
NI	A	0.05%	0.18%	0.05%
NOV	C	0.02%	0.07%	0.02%
NRG	B	0.1%	0.12%	0.1%
NTAP	C	0.07%	0.15%	0.07%
NTRS	A	0.08%	0.24%	0.08%
NUE	C	0.19%	0.39%	0.19%
NVR	D	0.08%	0.28%	0.08%
NVT	B	0.02%	0.13%	0.02%
NWL	B	0.03%	0.04%	0.03%
NWSA	B	0.04%	0.12%	0.04%
NXST	C	0.03%	0.03%	0.03%
O	D	0.04%	0.54%	0.04%
OC	A	0.07%	0.18%	0.07%
OGE	B	0.03%	0.09%	0.03%
OGN	D	0.04%	0.04%	0.04%
OKE	A	0.14%	0.7%	0.14%
OLN	D	0.03%	0.05%	0.03%
OMC	C	0.08%	0.21%	0.08%
OMF	A	0.06%	0.07%	0.06%
ON	D	0.04%	0.31%	0.04%
ORI	A	0.05%	0.1%	0.05%
OSK	B	0.04%	0.08%	0.04%
OTIS	C	0.05%	0.44%	0.05%
OVV	B	0.06%	0.13%	0.06%
PAG	B	0.02%	0.03%	0.02%
PARA	C	0.11%	0.07%	0.07%
PAYX	C	0.06%	0.32%	0.06%
PCG	A	0.03%	0.49%	0.03%
PEG	A	0.11%	0.49%	0.11%
PENN	C	0.02%	0.03%	0.02%
PFG	D	0.09%	0.22%	0.09%
PFGC	B	0.06%	0.12%	0.06%
PHM	D	0.11%	0.29%	0.11%
PII	D	0.02%	0.04%	0.02%
PK	B	0.02%	0.03%	0.02%
PKG	A	0.07%	0.23%	0.07%
PNR	A	0.04%	0.19%	0.04%
PNW	B	0.04%	0.11%	0.04%
POST	C	0.02%	0.06%	0.02%
PPG	F	0.08%	0.32%	0.08%
PPL	B	0.11%	0.27%	0.11%
PRGO	B	0.01%	0.04%	0.01%
PRI	A	0.03%	0.11%	0.03%
PRU	A	0.22%	0.5%	0.22%
PVH	C	0.04%	0.06%	0.04%
PWR	A	0.07%	0.36%	0.07%
QRVO	F	0.03%	0.07%	0.03%
R	B	0.07%	0.08%	0.07%
REG	B	0.02%	0.15%	0.02%
RF	A	0.09%	0.27%	0.09%
RGA	A	0.04%	0.17%	0.04%
RHI	B	0.04%	0.08%	0.04%
RJF	A	0.05%	0.33%	0.05%
RL	B	0.03%	0.09%	0.03%
RMD	C	0.03%	0.27%	0.03%
ROK	B	0.06%	0.33%	0.06%
ROST	C	0.07%	0.39%	0.07%
RPM	A	0.04%	0.15%	0.04%
RRX	B	0.03%	0.12%	0.03%
RS	B	0.09%	0.2%	0.09%
RVTY	F	0.03%	0.15%	0.03%
SAIC	F	0.02%	0.07%	0.02%
SBAC	D	0.02%	0.26%	0.02%
SCI	B	0.03%	0.13%	0.03%
SEE	C	0.03%	0.03%	0.03%
SEIC	B	0.03%	0.09%	0.03%
SJM	D	0.05%	0.12%	0.05%
SKX	D	0.02%	0.08%	0.02%
SLM	A	0.04%	0.06%	0.04%
SNA	A	0.06%	0.2%	0.06%
SNV	B	0.03%	0.09%	0.03%
SNX	C	0.03%	0.1%	0.03%
SOLV	C	0.02%	0.1%	0.02%
SON	D	0.02%	0.05%	0.02%
SPG	B	0.1%	0.48%	0.1%
SQ	B	0.03%	0.3%	0.03%
SSNC	B	0.04%	0.17%	0.04%
ST	F	0.02%	0.05%	0.02%
STE	F	0.03%	0.24%	0.03%
STLD	B	0.11%	0.23%	0.11%
STT	A	0.1%	0.32%	0.1%
STWD	C	0.02%	0.07%	0.02%
SUI	D	0.02%	0.17%	0.02%
SW	A	0.09%	0.29%	0.09%
SWK	D	0.07%	0.14%	0.07%
SWKS	F	0.04%	0.15%	0.04%
SYF	B	0.34%	0.28%	0.28%
SYY	B	0.1%	0.16%	0.1%
TAP	C	0.05%	0.12%	0.05%
TDY	B	0.03%	0.24%	0.03%
TER	D	0.04%	0.02%	0.02%
TFX	F	0.02%	0.1%	0.02%
THC	D	0.07%	0.16%	0.07%
THG	A	0.03%	0.06%	0.03%
THO	B	0.04%	0.06%	0.04%
TKR	D	0.02%	0.05%	0.02%
TNL	A	0.01%	0.04%	0.01%
TOL	B	0.06%	0.17%	0.06%
TPR	B	0.05%	0.14%	0.05%
TRMB	B	0.03%	0.19%	0.03%
TROW	B	0.13%	0.29%	0.13%
TRU	D	0.03%	0.19%	0.03%
TSN	B	0.2%	0.2%	0.2%
TTC	D	0.02%	0.09%	0.02%
TTWO	A	0.03%	0.34%	0.03%
TXT	D	0.06%	0.17%	0.06%
UDR	B	0.02%	0.16%	0.02%
UGI	A	0.04%	0.06%	0.04%
UHAL	D	0.02%	0.04%	0.02%
UHAL	D	0.02%	0.0%	0.0%
UHS	D	0.08%	0.13%	0.08%
ULTA	F	0.03%	0.03%	0.03%
UNM	A	0.06%	0.15%	0.06%
URI	B	0.13%	0.46%	0.13%
USFD	A	0.08%	0.16%	0.08%
VAC	B	0.02%	0.03%	0.02%
VFC	C	0.07%	0.08%	0.07%
VICI	C	0.02%	0.36%	0.02%
VMC	B	0.05%	0.3%	0.05%
VNO	B	0.05%	0.08%	0.05%
VOYA	B	0.03%	0.09%	0.03%
VRSN	F	0.01%	0.16%	0.01%
VTR	C	0.08%	0.28%	0.08%
VTRS	A	0.1%	0.17%	0.1%
WAB	B	0.06%	0.38%	0.06%
WAT	B	0.04%	0.09%	0.04%
WBA	F	0.17%	0.07%	0.07%
WBD	C	0.08%	0.25%	0.08%
WCC	B	0.04%	0.1%	0.04%
WDC	D	0.12%	0.23%	0.12%
WEC	A	0.08%	0.34%	0.08%
WHR	B	0.08%	0.07%	0.07%
WLK	D	0.02%	0.05%	0.02%
WMB	A	0.17%	0.76%	0.17%
WPC	D	0.02%	0.13%	0.02%
WRB	A	0.03%	0.2%	0.03%
WSM	B	0.04%	0.07%	0.04%
WSO	A	0.03%	0.2%	0.03%
WST	C	0.02%	0.1%	0.02%
WTRG	B	0.01%	0.11%	0.01%
WTW	B	0.07%	0.35%	0.07%
WU	D	0.03%	0.03%	0.03%
WY	D	0.09%	0.25%	0.09%
X	C	0.07%	0.09%	0.07%
XEL	A	0.12%	0.43%	0.12%
XRAY	F	0.01%	0.04%	0.01%
XYL	D	0.03%	0.32%	0.03%
YUM	B	0.08%	0.26%	0.08%
ZBH	C	0.05%	0.25%	0.05%
ZBRA	B	0.04%	0.17%	0.04%
ZION	B	0.06%	0.1%	0.06%

FNDX Overweight 283 Positions Relative to IWS

Symbol	Grade	Weight
AAPL	C	4.35%
MSFT	F	2.43%
BRK.A	B	2.17%
JPM	A	2.03%
XOM	B	1.99%
META	D	1.79%
AMZN	C	1.56%
WMT	A	1.47%
WFC	A	1.35%
GOOGL	C	1.33%
BAC	A	1.3%
T	A	1.27%
CVX	A	1.25%
UNH	C	1.22%
GOOG	C	1.14%
VZ	C	1.13%
C	A	1.1%
INTC	D	0.89%
JNJ	D	0.89%
CMCSA	B	0.83%
CSCO	B	0.82%
HD	A	0.8%
GM	B	0.79%
PG	A	0.77%
CVS	D	0.68%
PFE	D	0.68%
COST	B	0.66%
LUMN	C	0.65%
GS	A	0.62%
AVGO	D	0.61%
IBM	C	0.54%
ORCL	B	0.5%
ABBV	D	0.49%
PM	B	0.48%
COF	B	0.48%
CI	F	0.48%
COP	C	0.48%
MS	A	0.46%
BMY	B	0.45%
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%
NVDA	C	0.4%
VLO	C	0.39%
AMGN	D	0.39%
MU	D	0.38%
TGT	F	0.38%
LMT	D	0.37%
HON	B	0.37%
MO	A	0.37%
GILD	C	0.37%
PSX	C	0.36%
ACN	C	0.36%
AXP	A	0.36%
ELV	F	0.36%
V	A	0.36%
KO	D	0.35%
MMM	D	0.35%
UNP	C	0.35%
RTX	C	0.34%
ABT	B	0.34%
TXN	C	0.34%
MCD	D	0.34%
F	C	0.33%
LIN	D	0.33%
FDX	B	0.32%
USB	A	0.32%
TRV	B	0.31%
DUK	C	0.3%
PNC	B	0.3%
MA	C	0.29%
TSLA	B	0.28%
BLK	C	0.28%
AIG	B	0.28%
SBUX	A	0.28%
UPS	C	0.28%
MET	A	0.26%
SO	D	0.26%
CB	C	0.26%
TMO	F	0.25%
TMUS	B	0.25%
NEE	D	0.24%
AMAT	F	0.24%
BKNG	A	0.24%
TFC	A	0.23%
ETN	A	0.23%
DE	A	0.23%
PGR	A	0.23%
EOG	A	0.23%
CSX	B	0.22%
PYPL	B	0.22%
TJX	A	0.22%
NSC	B	0.21%
GD	F	0.21%
ADBE	C	0.2%
MDLZ	F	0.2%
NOC	D	0.2%
LLY	F	0.2%
HCA	F	0.2%
NKE	D	0.19%
NFLX	A	0.17%
EMR	A	0.17%
D	C	0.17%
AEP	D	0.16%
VST	B	0.16%
JCI	C	0.16%
MDT	D	0.16%
DHR	F	0.15%
SPGI	C	0.15%
ADP	B	0.15%
LRCX	F	0.15%
ITW	B	0.15%
PCAR	B	0.15%
WM	A	0.15%
CRM	B	0.15%
GE	D	0.15%
FCX	D	0.14%
MMC	B	0.14%
CL	D	0.13%
APD	A	0.13%
PH	A	0.13%
SCHW	B	0.13%
SYK	C	0.13%
BX	A	0.13%
ADI	D	0.13%
AON	A	0.13%
SRE	A	0.13%
NEM	D	0.13%
FI	A	0.13%
SLB	C	0.12%
CARR	D	0.12%
KKR	A	0.12%
ORLY	B	0.11%
MCK	B	0.11%
BDX	F	0.11%
OXY	D	0.11%
BA	F	0.11%
ICE	C	0.11%
INTU	C	0.11%
AMT	D	0.11%
KMB	D	0.1%
REGN	F	0.1%
CEG	D	0.1%
WELL	A	0.1%
ISRG	A	0.09%
STX	D	0.09%
BSX	B	0.09%
MAR	B	0.09%
APH	A	0.09%
AMD	F	0.09%
KHC	F	0.09%
KLAC	D	0.08%
CME	A	0.08%
WKC	D	0.08%
EQIX	A	0.08%
CTAS	B	0.08%
ECL	D	0.08%
SHW	A	0.08%
MSI	B	0.07%
TRGP	B	0.07%
MCO	B	0.07%
STZ	D	0.07%
PLD	D	0.07%
KDP	D	0.07%
ZTS	D	0.07%
VRTX	F	0.07%
ODFL	B	0.06%
DVA	B	0.06%
TSCO	D	0.06%
CPAY	A	0.06%
AZO	C	0.06%
FLEX	A	0.06%
TT	A	0.06%
RSG	A	0.06%
TDG	D	0.06%
MNST	C	0.05%
NXPI	D	0.05%
EQH	B	0.05%
TDS	B	0.05%
GPI	A	0.05%
ROP	B	0.05%
SFM	A	0.05%
BFH	B	0.05%
PSA	D	0.05%
ANET	C	0.04%
UBER	D	0.04%
BCC	B	0.04%
EXPE	B	0.04%
ZIM	C	0.04%
UFPI	B	0.04%
LVS	C	0.04%
CMG	B	0.04%
CNO	A	0.04%
CLX	B	0.04%
CRBG	B	0.04%
TMHC	B	0.04%
GT	C	0.04%
EW	C	0.04%
MUSA	A	0.04%
LPLA	A	0.04%
VRSK	A	0.04%
JXN	C	0.04%
GEV	B	0.04%
MRVL	B	0.04%
DELL	C	0.03%
MRNA	F	0.03%
CPRT	A	0.03%
BTU	B	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%
APO	B	0.03%
ABG	B	0.03%
FL	F	0.03%
MTH	D	0.03%
SNPS	B	0.03%
GNW	A	0.03%
EL	F	0.03%
CMC	B	0.03%
IT	C	0.03%
DECK	A	0.03%
PANW	C	0.03%
BAH	F	0.03%
CDNS	B	0.03%
PBF	D	0.03%
ADSK	A	0.03%
SANM	B	0.03%
FTNT	C	0.03%
HBI	B	0.03%
MLI	C	0.03%
ODP	F	0.02%
ALV	C	0.02%
ADNT	F	0.02%
MATX	C	0.02%
CHKP	D	0.02%
ARCH	B	0.02%
AER	B	0.02%
NSIT	F	0.02%
POR	C	0.02%
XRX	F	0.02%
ASO	F	0.02%
WERN	C	0.02%
OI	C	0.02%
ASGN	F	0.02%
NAVI	C	0.02%
SM	B	0.02%
CCEP	C	0.02%
MUR	D	0.02%
TPX	B	0.02%
HUBG	A	0.02%
SLG	B	0.02%
IDXX	F	0.02%
POOL	C	0.02%
BECN	B	0.02%
ABM	B	0.02%
RUSHA	C	0.02%
REZI	A	0.02%
COR	B	0.02%
TGNA	B	0.02%
BAP	B	0.02%
VSH	D	0.01%
ANDE	D	0.01%
LILAK	D	0.01%
ICLR	D	0.01%
SPTN	D	0.01%
MMS	F	0.01%
AEO	F	0.01%
CYH	F	0.01%
NOW	A	0.01%
QRTEA	F	0.01%
DK	C	0.01%
HTZ	C	0.01%
DAN	D	0.01%
LULU	C	0.01%
UNFI	A	0.01%
CNX	A	0.01%

FNDX Underweight 267 Positions Relative to IWS

Symbol	Grade	Weight
MSTR	C	-0.55%
FERG	B	-0.42%
RCL	A	-0.39%
UAL	A	-0.33%
CSGP	D	-0.32%
ZM	B	-0.24%
HOOD	B	-0.24%
EXE	B	-0.24%
IBKR	A	-0.21%
COO	D	-0.21%
CVNA	B	-0.19%
UTHR	C	-0.17%
TWLO	A	-0.15%
RNR	C	-0.15%
VLTO	D	-0.15%
CLH	B	-0.14%
AMH	D	-0.14%
AFRM	B	-0.14%
ELS	C	-0.14%
INCY	C	-0.13%
SF	B	-0.13%
Z	A	-0.13%
FDS	B	-0.13%
SOFI	A	-0.13%
BMRN	D	-0.13%
NTNX	A	-0.13%
TECH	D	-0.12%
CUBE	D	-0.12%
FWONK	B	-0.12%
COIN	C	-0.11%
MKTX	D	-0.11%
WAL	B	-0.11%
DTM	B	-0.11%
OHI	C	-0.11%
NLY	C	-0.11%
GME	C	-0.11%
RPRX	D	-0.11%
DAY	B	-0.11%
WWD	B	-0.11%
WBS	A	-0.11%
TTEK	F	-0.1%
GWRE	A	-0.1%
HLI	B	-0.1%
PTC	A	-0.1%
RBC	A	-0.1%
TW	A	-0.1%
REXR	F	-0.1%
GMED	A	-0.1%
RGLD	C	-0.1%
BWXT	B	-0.1%
FRT	B	-0.1%
BRBR	A	-0.1%
PNFP	B	-0.1%
FLS	B	-0.09%
MTCH	D	-0.09%
CHRD	D	-0.09%
RRC	B	-0.09%
APG	B	-0.09%
TKO	B	-0.09%
CFR	B	-0.09%
FICO	B	-0.09%
EGP	F	-0.09%
RIVN	F	-0.09%
NYT	C	-0.09%
CR	A	-0.09%
WYNN	D	-0.09%
CBSH	A	-0.09%
WTFC	A	-0.09%
RLI	B	-0.08%
ELAN	D	-0.08%
FCN	D	-0.08%
MTSI	B	-0.08%
FND	C	-0.08%
SSD	D	-0.08%
FR	C	-0.08%
ATI	D	-0.08%
ESAB	B	-0.08%
AGNC	D	-0.08%
CART	C	-0.08%
COKE	C	-0.08%
LBRDK	C	-0.08%
KEX	C	-0.08%
ROKU	D	-0.08%
PB	A	-0.08%
ADC	B	-0.08%
PR	B	-0.08%
NNN	D	-0.08%
VNT	B	-0.07%
IDA	A	-0.07%
RGEN	D	-0.07%
S	B	-0.07%
BIO	D	-0.07%
COLD	D	-0.07%
MTDR	B	-0.07%
MAT	D	-0.07%
SIRI	C	-0.07%
MSA	D	-0.07%
ESI	A	-0.07%
CGNX	C	-0.07%
BILL	A	-0.07%
OKTA	C	-0.07%
COLB	A	-0.07%
STAG	F	-0.07%
HR	C	-0.07%
WEX	D	-0.07%
AZPN	A	-0.07%
AXS	A	-0.07%
VMI	B	-0.07%
WH	B	-0.07%
BYD	C	-0.06%
BFAM	D	-0.06%
OZK	B	-0.06%
CCCS	B	-0.06%
SN	D	-0.06%
EXAS	D	-0.06%
CRUS	D	-0.06%
LITE	B	-0.06%
RITM	C	-0.06%
OLLI	D	-0.06%
DOCS	C	-0.06%
FOX	A	-0.06%
H	B	-0.06%
WMS	D	-0.06%
SAIA	B	-0.06%
ONTO	D	-0.06%
LFUS	F	-0.06%
FNB	A	-0.06%
GTES	A	-0.05%
TPG	A	-0.05%
DLB	B	-0.05%
PAYC	B	-0.05%
KMPR	B	-0.05%
EEFT	B	-0.05%
SLGN	A	-0.05%
RYN	D	-0.05%
AWI	A	-0.05%
PSN	D	-0.05%
WSC	D	-0.05%
KRC	C	-0.05%
CUZ	B	-0.05%
AGO	B	-0.05%
ROIV	C	-0.05%
CROX	D	-0.05%
FRPT	B	-0.05%
HXL	D	-0.05%
WTM	A	-0.05%
SMG	D	-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%
IAC	D	-0.04%
NVST	B	-0.04%
W	F	-0.04%
NWS	B	-0.04%
VNOM	A	-0.04%
CIVI	D	-0.04%
DNB	B	-0.04%
NEU	C	-0.04%
MSGS	A	-0.04%
PLNT	A	-0.04%
RH	B	-0.04%
OLED	D	-0.04%
TYL	B	-0.04%
ASH	D	-0.04%
LINE	F	-0.04%
SITE	D	-0.04%
GFS	C	-0.04%
HAYW	B	-0.03%
CWEN	C	-0.03%
YETI	C	-0.03%
PINC	B	-0.03%
ALGM	D	-0.03%
SPB	C	-0.03%
MP	B	-0.03%
ENOV	C	-0.03%
HHH	B	-0.03%
AGR	B	-0.03%
BOKF	B	-0.03%
COTY	F	-0.03%
CXT	B	-0.03%
COLM	B	-0.03%
CNM	D	-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%
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%
ZI	D	-0.03%
TRIP	F	-0.02%
SNDR	B	-0.02%
REYN	D	-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%
ALAB	B	-0.02%
VSTS	C	-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%
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%
ADT	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%
CNA	B	-0.01%
LBRDA	C	-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%
DDS	B	-0.01%
LOAR	A	-0.0%
PARAA	B	-0.0%
UWMC	D	-0.0%
SEG	B	-0.0%
NFE	D	-0.0%
GRAL	C	-0.0%
LAZ	B	-0.0%
IONS	F	-0.0%