FNDX vs. PFM ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to PowerShares Dividend Achievers (PFM)

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

$24.82

Average Daily Volume

1,164,841

Number of Holdings ^*

721

* 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	FNDX	PFM
30 Days	3.65%	2.19%
60 Days	4.56%	2.87%
90 Days	6.51%	5.56%
12 Months	29.64%	26.89%

262 Overlapping Holdings

Symbol	Grade	Weight in FNDX	Weight in PFM	Overlap
A	D	0.05%	0.16%	0.05%
AAPL	C	4.35%	3.9%	3.9%
ABBV	D	0.49%	1.27%	0.49%
ABM	B	0.02%	0.01%	0.01%
ABT	B	0.34%	0.88%	0.34%
ACN	C	0.36%	0.95%	0.36%
ADI	D	0.13%	0.45%	0.13%
ADM	D	0.21%	0.11%	0.11%
ADP	B	0.15%	0.53%	0.15%
AEE	A	0.07%	0.11%	0.07%
AEP	D	0.16%	0.22%	0.16%
AES	F	0.05%	0.04%	0.04%
AFG	A	0.05%	0.05%	0.05%
AFL	B	0.21%	0.27%	0.21%
AGCO	D	0.03%	0.03%	0.03%
AIZ	A	0.03%	0.05%	0.03%
AJG	B	0.05%	0.28%	0.05%
AL	B	0.02%	0.02%	0.02%
ALB	C	0.03%	0.05%	0.03%
ALL	A	0.27%	0.23%	0.23%
AMGN	D	0.39%	0.65%	0.39%
AMP	A	0.15%	0.24%	0.15%
AMT	D	0.11%	0.4%	0.11%
ANDE	D	0.01%	0.01%	0.01%
AON	A	0.13%	0.36%	0.13%
AOS	F	0.02%	0.04%	0.02%
APD	A	0.13%	0.32%	0.13%
APH	A	0.09%	0.37%	0.09%
ARE	D	0.03%	0.08%	0.03%
ATO	A	0.04%	0.1%	0.04%
ATR	B	0.02%	0.05%	0.02%
AVGO	D	0.61%	3.32%	0.61%
AVT	C	0.07%	0.02%	0.02%
AVY	D	0.04%	0.07%	0.04%
AWK	D	0.04%	0.11%	0.04%
BAC	A	1.3%	1.56%	1.3%
BAH	F	0.03%	0.08%	0.03%
BBY	D	0.16%	0.08%	0.08%
BC	C	0.03%	0.02%	0.02%
BDX	F	0.11%	0.28%	0.11%
BEN	C	0.04%	0.05%	0.04%
BK	A	0.26%	0.25%	0.25%
BLK	C	0.28%	0.67%	0.28%
BMY	B	0.45%	0.5%	0.45%
BR	A	0.03%	0.12%	0.03%
BRO	B	0.02%	0.13%	0.02%
CAH	B	0.07%	0.13%	0.07%
CASY	A	0.05%	0.06%	0.05%
CAT	B	0.41%	0.81%	0.41%
CB	C	0.26%	0.5%	0.26%
CBOE	B	0.01%	0.09%	0.01%
CDW	F	0.04%	0.1%	0.04%
CHD	B	0.04%	0.12%	0.04%
CHE	D	0.01%	0.04%	0.01%
CHRW	C	0.08%	0.06%	0.06%
CINF	A	0.07%	0.1%	0.07%
CL	D	0.13%	0.33%	0.13%
CLX	B	0.04%	0.09%	0.04%
CMCSA	B	0.83%	0.72%	0.72%
CME	A	0.08%	0.35%	0.08%
CMI	A	0.19%	0.21%	0.19%
CMS	C	0.06%	0.09%	0.06%
CNO	A	0.04%	0.02%	0.02%
COR	B	0.02%	0.21%	0.02%
COST	B	0.66%	1.76%	0.66%
CSCO	B	0.82%	1.0%	0.82%
CSL	C	0.05%	0.09%	0.05%
CSX	B	0.22%	0.29%	0.22%
CTAS	B	0.08%	0.38%	0.08%
CVX	A	1.25%	1.27%	1.25%
DCI	B	0.02%	0.04%	0.02%
DFS	B	0.26%	0.19%	0.19%
DGX	A	0.07%	0.08%	0.07%
DHR	F	0.15%	0.72%	0.15%
DOV	A	0.06%	0.12%	0.06%
DPZ	C	0.03%	0.07%	0.03%
DTE	C	0.07%	0.11%	0.07%
DUK	C	0.3%	0.38%	0.3%
ECL	D	0.08%	0.3%	0.08%
ED	D	0.12%	0.14%	0.12%
EIX	B	0.1%	0.14%	0.1%
ELV	F	0.36%	0.4%	0.36%
EMN	D	0.08%	0.05%	0.05%
EMR	A	0.17%	0.32%	0.17%
ES	D	0.08%	0.1%	0.08%
ESS	B	0.03%	0.08%	0.03%
ETN	A	0.23%	0.62%	0.23%
EVR	B	0.04%	0.05%	0.04%
EVRG	A	0.07%	0.06%	0.06%
EXPD	D	0.04%	0.07%	0.04%
EXR	D	0.03%	0.15%	0.03%
FAF	A	0.04%	0.03%	0.03%
FAST	B	0.07%	0.2%	0.07%
FITB	A	0.13%	0.14%	0.13%
FLO	D	0.02%	0.02%	0.02%
FNF	B	0.06%	0.07%	0.06%
GD	F	0.21%	0.34%	0.21%
GGG	B	0.02%	0.07%	0.02%
GL	B	0.03%	0.04%	0.03%
GLW	B	0.14%	0.17%	0.14%
GPC	D	0.05%	0.07%	0.05%
GS	A	0.62%	0.8%	0.62%
GWW	B	0.08%	0.25%	0.08%
HD	A	0.8%	1.76%	0.8%
HIG	B	0.14%	0.15%	0.14%
HII	D	0.03%	0.03%	0.03%
HON	B	0.37%	0.64%	0.37%
HPQ	A	0.21%	0.16%	0.16%
HRL	D	0.03%	0.07%	0.03%
HSY	F	0.04%	0.11%	0.04%
HUBB	B	0.03%	0.1%	0.03%
HUM	C	0.19%	0.14%	0.14%
IBM	C	0.54%	0.83%	0.54%
ICE	C	0.11%	0.39%	0.11%
IEX	B	0.03%	0.07%	0.03%
INGR	B	0.05%	0.04%	0.04%
INTU	C	0.11%	0.82%	0.11%
IPG	D	0.04%	0.04%	0.04%
ITT	A	0.03%	0.05%	0.03%
ITW	B	0.15%	0.35%	0.15%
JBHT	C	0.05%	0.08%	0.05%
JKHY	D	0.02%	0.05%	0.02%
JNJ	D	0.89%	1.61%	0.89%
JPM	A	2.03%	3.01%	2.03%
KEY	B	0.1%	0.08%	0.08%
KLAC	D	0.08%	0.36%	0.08%
KMB	D	0.1%	0.2%	0.1%
KO	D	0.35%	1.15%	0.35%
KR	B	0.3%	0.18%	0.18%
LAD	A	0.07%	0.04%	0.04%
LECO	B	0.02%	0.05%	0.02%
LHX	C	0.16%	0.2%	0.16%
LII	A	0.03%	0.09%	0.03%
LIN	D	0.33%	0.93%	0.33%
LMT	D	0.37%	0.55%	0.37%
LNT	A	0.04%	0.07%	0.04%
LOW	D	0.43%	0.66%	0.43%
LYB	F	0.14%	0.12%	0.12%
MA	C	0.29%	2.06%	0.29%
MAA	B	0.03%	0.08%	0.03%
MAN	D	0.04%	0.01%	0.01%
MAS	D	0.05%	0.07%	0.05%
MATX	C	0.02%	0.02%	0.02%
MCD	D	0.34%	0.9%	0.34%
MCHP	F	0.05%	0.15%	0.05%
MCK	B	0.11%	0.34%	0.11%
MCO	B	0.07%	0.37%	0.07%
MDLZ	F	0.2%	0.37%	0.2%
MDT	D	0.16%	0.48%	0.16%
MDU	D	0.02%	0.02%	0.02%
MET	A	0.26%	0.25%	0.25%
MKC	D	0.03%	0.08%	0.03%
MMC	B	0.14%	0.48%	0.14%
MMM	D	0.35%	0.31%	0.31%
MO	A	0.37%	0.41%	0.37%
MRK	F	0.42%	1.06%	0.42%
MS	A	0.46%	0.94%	0.46%
MSFT	F	2.43%	3.91%	2.43%
MSI	B	0.07%	0.35%	0.07%
NDAQ	A	0.03%	0.2%	0.03%
NDSN	B	0.02%	0.06%	0.02%
NEE	D	0.24%	0.68%	0.24%
NFG	A	0.02%	0.02%	0.02%
NI	A	0.05%	0.07%	0.05%
NKE	D	0.19%	0.39%	0.19%
NOC	D	0.2%	0.31%	0.2%
NUE	C	0.19%	0.15%	0.15%
NXST	C	0.03%	0.02%	0.02%
O	D	0.04%	0.21%	0.04%
OGE	B	0.03%	0.04%	0.03%
ORCL	B	0.5%	2.21%	0.5%
ORI	A	0.05%	0.04%	0.04%
OSK	B	0.04%	0.03%	0.03%
PAYX	C	0.06%	0.22%	0.06%
PEG	A	0.11%	0.19%	0.11%
PEP	F	0.41%	0.94%	0.41%
PFE	D	0.68%	0.61%	0.61%
PFG	D	0.09%	0.09%	0.09%
PG	A	0.77%	1.73%	0.77%
PII	D	0.02%	0.02%	0.02%
PKG	A	0.07%	0.09%	0.07%
PLD	D	0.07%	0.46%	0.07%
PM	B	0.48%	0.88%	0.48%
PNC	B	0.3%	0.35%	0.3%
PNW	B	0.04%	0.04%	0.04%
POOL	C	0.02%	0.06%	0.02%
POR	C	0.02%	0.02%	0.02%
PPG	F	0.08%	0.12%	0.08%
PRGO	B	0.01%	0.02%	0.01%
PRI	A	0.03%	0.04%	0.03%
PRU	A	0.22%	0.2%	0.2%
PSX	C	0.36%	0.24%	0.24%
QCOM	F	0.43%	0.79%	0.43%
R	B	0.07%	0.03%	0.03%
REG	B	0.02%	0.06%	0.02%
RF	A	0.09%	0.1%	0.09%
RGA	A	0.04%	0.07%	0.04%
RHI	B	0.04%	0.03%	0.03%
RJF	A	0.05%	0.15%	0.05%
RMD	C	0.03%	0.15%	0.03%
ROK	B	0.06%	0.14%	0.06%
ROP	B	0.05%	0.26%	0.05%
RPM	A	0.04%	0.08%	0.04%
RRX	B	0.03%	0.05%	0.03%
RS	B	0.09%	0.07%	0.07%
RSG	A	0.06%	0.28%	0.06%
RTX	C	0.34%	0.69%	0.34%
SBUX	A	0.28%	0.49%	0.28%
SCI	B	0.03%	0.05%	0.03%
SEIC	B	0.03%	0.05%	0.03%
SHW	A	0.08%	0.41%	0.08%
SJM	D	0.05%	0.05%	0.05%
SNA	A	0.06%	0.08%	0.06%
SO	D	0.26%	0.42%	0.26%
SON	D	0.02%	0.02%	0.02%
SPGI	C	0.15%	0.68%	0.15%
SPTN	D	0.01%	0.0%	0.0%
SRE	A	0.13%	0.25%	0.13%
STE	F	0.03%	0.09%	0.03%
STLD	B	0.11%	0.09%	0.09%
STT	A	0.1%	0.12%	0.1%
SWK	D	0.07%	0.06%	0.06%
SYK	C	0.13%	0.64%	0.13%
SYY	B	0.1%	0.16%	0.1%
TFC	A	0.23%	0.27%	0.23%
TGT	F	0.38%	0.31%	0.31%
THG	A	0.03%	0.03%	0.03%
THO	B	0.04%	0.03%	0.03%
TKR	D	0.02%	0.02%	0.02%
TROW	B	0.13%	0.11%	0.11%
TRV	B	0.31%	0.26%	0.26%
TSCO	D	0.06%	0.13%	0.06%
TSN	B	0.2%	0.08%	0.08%
TT	A	0.06%	0.4%	0.06%
TTC	D	0.02%	0.04%	0.02%
TXN	C	0.34%	0.82%	0.34%
UDR	B	0.02%	0.06%	0.02%
UFPI	B	0.04%	0.03%	0.03%
UGI	A	0.04%	0.02%	0.02%
UNH	C	1.22%	2.35%	1.22%
UNM	A	0.06%	0.06%	0.06%
UNP	C	0.35%	0.62%	0.35%
UPS	C	0.28%	0.43%	0.28%
USB	A	0.32%	0.34%	0.32%
V	A	0.36%	2.25%	0.36%
VMC	B	0.05%	0.16%	0.05%
VZ	C	1.13%	0.77%	0.77%
WBA	F	0.17%	0.03%	0.03%
WEC	A	0.08%	0.13%	0.08%
WLK	D	0.02%	0.07%	0.02%
WM	A	0.15%	0.38%	0.15%
WMT	A	1.47%	2.92%	1.47%
WRB	A	0.03%	0.1%	0.03%
WSM	B	0.04%	0.07%	0.04%
WSO	A	0.03%	0.08%	0.03%
WST	C	0.02%	0.1%	0.02%
WTRG	B	0.01%	0.05%	0.01%
XEL	A	0.12%	0.17%	0.12%
XOM	B	1.99%	2.31%	1.99%
XYL	D	0.03%	0.13%	0.03%
ZION	B	0.06%	0.04%	0.04%
ZTS	D	0.07%	0.35%	0.07%

FNDX Overweight 459 Positions Relative to PFM

Symbol	Grade	Weight
BRK.A	B	2.17%
META	D	1.79%
AMZN	C	1.56%
WFC	A	1.35%
GOOGL	C	1.33%
T	A	1.27%
GOOG	C	1.14%
C	A	1.1%
INTC	D	0.89%
GM	B	0.79%
CVS	D	0.68%
LUMN	C	0.65%
COF	B	0.48%
CI	F	0.48%
COP	C	0.48%
DIS	B	0.45%
MPC	D	0.4%
NVDA	C	0.4%
VLO	C	0.39%
MU	D	0.38%
GILD	C	0.37%
AXP	A	0.36%
CHTR	C	0.35%
SYF	B	0.34%
F	C	0.33%
FDX	B	0.32%
TSLA	B	0.28%
AIG	B	0.28%
TMO	F	0.25%
TMUS	B	0.25%
AMAT	F	0.24%
BKNG	A	0.24%
KMI	A	0.23%
DE	A	0.23%
PGR	A	0.23%
EOG	A	0.23%
PYPL	B	0.22%
TJX	A	0.22%
NSC	B	0.21%
HPE	B	0.21%
ADBE	C	0.2%
LLY	F	0.2%
HCA	F	0.2%
CTSH	B	0.19%
CNC	D	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%
D	C	0.17%
DD	D	0.17%
VST	B	0.16%
DHI	D	0.16%
BKR	B	0.16%
LEN	D	0.16%
JCI	C	0.16%
LRCX	F	0.15%
PCAR	B	0.15%
CRM	B	0.15%
GE	D	0.15%
FCX	D	0.14%
OKE	A	0.14%
PH	A	0.13%
SCHW	B	0.13%
BX	A	0.13%
NEM	D	0.13%
CBRE	B	0.13%
FI	A	0.13%
URI	B	0.13%
FIS	C	0.12%
ETR	B	0.12%
SLB	C	0.12%
WDC	D	0.12%
CARR	D	0.12%
KKR	A	0.12%
ORLY	B	0.11%
MTB	A	0.11%
PARA	C	0.11%
OXY	D	0.11%
PPL	B	0.11%
BA	F	0.11%
PHM	D	0.11%
GIS	D	0.11%
ALLY	C	0.1%
FOXA	B	0.1%
VTRS	A	0.1%
REGN	F	0.1%
CEG	D	0.1%
WELL	A	0.1%
BG	F	0.1%
NRG	B	0.1%
SPG	B	0.1%
CFG	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%
DVN	F	0.09%
BIIB	F	0.09%
EA	A	0.09%
CTVA	C	0.09%
BSX	B	0.09%
MAR	B	0.09%
WY	D	0.09%
CCI	D	0.09%
LH	C	0.09%
AMD	F	0.09%
GEHC	F	0.09%
KHC	F	0.09%
ARW	D	0.08%
HBAN	A	0.08%
NTRS	A	0.08%
NVR	D	0.08%
USFD	A	0.08%
VTR	C	0.08%
YUM	B	0.08%
WHR	B	0.08%
OMC	C	0.08%
UHS	D	0.08%
DG	F	0.08%
WKC	D	0.08%
DLR	B	0.08%
EQIX	A	0.08%
JLL	D	0.08%
WBD	C	0.08%
K	A	0.07%
BAX	D	0.07%
IQV	D	0.07%
OC	A	0.07%
VFC	C	0.07%
HWM	A	0.07%
CMA	A	0.07%
CF	B	0.07%
WTW	B	0.07%
TRGP	B	0.07%
THC	D	0.07%
NTAP	C	0.07%
STZ	D	0.07%
PWR	A	0.07%
KDP	D	0.07%
X	C	0.07%
ROST	C	0.07%
LDOS	C	0.07%
VRTX	F	0.07%
OVV	B	0.06%
HES	B	0.06%
TOL	B	0.06%
M	D	0.06%
ODFL	B	0.06%
MGM	D	0.06%
DVA	B	0.06%
CPAY	A	0.06%
CAG	D	0.06%
JEF	A	0.06%
TXT	D	0.06%
BLDR	D	0.06%
BALL	D	0.06%
AZO	C	0.06%
AA	B	0.06%
OMF	A	0.06%
MHK	D	0.06%
LNG	B	0.06%
CCL	B	0.06%
FLEX	A	0.06%
JBL	B	0.06%
IRM	D	0.06%
PFGC	B	0.06%
HLT	A	0.06%
EME	C	0.06%
CNP	B	0.06%
HAL	C	0.06%
WAB	B	0.06%
TDG	D	0.06%
KSS	F	0.06%
MOS	F	0.06%
KMX	B	0.06%
MOH	F	0.05%
ACM	B	0.05%
VNO	B	0.05%
MNST	C	0.05%
ZBH	C	0.05%
MKL	A	0.05%
NXPI	D	0.05%
DLTR	F	0.05%
IVZ	B	0.05%
IFF	D	0.05%
L	A	0.05%
JNPR	F	0.05%
DRI	B	0.05%
AN	C	0.05%
BXP	D	0.05%
OTIS	C	0.05%
KD	B	0.05%
AVB	B	0.05%
DXC	B	0.05%
ALSN	B	0.05%
LEA	D	0.05%
EQH	B	0.05%
TDS	B	0.05%
EQR	B	0.05%
GPI	A	0.05%
FANG	D	0.05%
DINO	D	0.05%
BWA	D	0.05%
J	F	0.05%
TPR	B	0.05%
AME	A	0.05%
SFM	A	0.05%
LKQ	D	0.05%
BFH	B	0.05%
PSA	D	0.05%
LNC	B	0.05%
KVUE	A	0.05%
TAP	C	0.05%
ANET	C	0.04%
FBIN	D	0.04%
UBER	D	0.04%
LPX	B	0.04%
BCC	B	0.04%
GAP	B	0.04%
EXPE	B	0.04%
SSNC	B	0.04%
TER	D	0.04%
AMG	B	0.04%
KEYS	A	0.04%
ZIM	C	0.04%
LVS	C	0.04%
PNR	A	0.04%
FYBR	D	0.04%
CMG	B	0.04%
ON	D	0.04%
HST	C	0.04%
DOX	D	0.04%
CRBG	B	0.04%
SLM	A	0.04%
TMHC	B	0.04%
CCK	C	0.04%
WAT	B	0.04%
ZBRA	B	0.04%
DKS	C	0.04%
GT	C	0.04%
SWKS	F	0.04%
HOLX	D	0.04%
HSIC	B	0.04%
EW	C	0.04%
GEN	B	0.04%
MUSA	A	0.04%
BERY	B	0.04%
LPLA	A	0.04%
PVH	C	0.04%
NWSA	B	0.04%
AYI	B	0.04%
WCC	B	0.04%
KNX	B	0.04%
VRSK	A	0.04%
OGN	D	0.04%
JXN	C	0.04%
EQT	B	0.04%
MLM	B	0.04%
GEV	B	0.04%
MRVL	B	0.04%
DELL	C	0.03%
EXP	A	0.03%
SEE	C	0.03%
LSTR	D	0.03%
INVH	D	0.03%
AR	B	0.03%
FMC	D	0.03%
ACI	C	0.03%
MRNA	F	0.03%
ACGL	D	0.03%
TDY	B	0.03%
CPRT	A	0.03%
GNTX	C	0.03%
AAP	C	0.03%
TRU	D	0.03%
BTU	B	0.03%
SQ	A	0.03%
RVTY	F	0.03%
BBWI	D	0.03%
KBH	D	0.03%
BURL	A	0.03%
ILMN	D	0.03%
CW	B	0.03%
TPH	D	0.03%
G	B	0.03%
GDDY	A	0.03%
FLR	B	0.03%
SNX	C	0.03%
APO	B	0.03%
PCG	A	0.03%
ABG	B	0.03%
SNV	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%
AMCR	D	0.03%
ARMK	B	0.03%
CPB	D	0.03%
EFX	F	0.03%
DAL	C	0.03%
CAR	C	0.03%
GPK	C	0.03%
HAS	D	0.03%
AKAM	D	0.03%
FL	F	0.03%
RL	B	0.03%
CACI	D	0.03%
APA	D	0.03%
MTH	D	0.03%
JHG	A	0.03%
CLF	F	0.03%
SNPS	B	0.03%
EWBC	A	0.03%
WU	D	0.03%
TRMB	B	0.03%
CIEN	B	0.03%
ULTA	F	0.03%
GNW	A	0.03%
GRMN	B	0.03%
FFIV	B	0.03%
CG	A	0.03%
HUN	F	0.03%
FHN	A	0.03%
CTRA	B	0.03%
EL	F	0.03%
CMC	B	0.03%
DOC	D	0.03%
OLN	D	0.03%
IT	C	0.03%
DECK	A	0.03%
PANW	C	0.03%
FTV	C	0.03%
CE	F	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%
FTNT	C	0.03%
NWL	B	0.03%
HBI	B	0.03%
MLI	C	0.03%
MTN	C	0.02%
ODP	F	0.02%
EG	C	0.02%
COHR	B	0.02%
ALV	C	0.02%
ALK	C	0.02%
ADNT	F	0.02%
MPW	F	0.02%
LEG	F	0.02%
BPOP	B	0.02%
CHKP	D	0.02%
TFX	F	0.02%
ARCH	B	0.02%
MIDD	C	0.02%
AER	B	0.02%
NSIT	F	0.02%
KBR	F	0.02%
MKSI	C	0.02%
VAC	B	0.02%
UHAL	D	0.02%
XRX	F	0.02%
WPC	D	0.02%
ASO	F	0.02%
GLPI	C	0.02%
WERN	C	0.02%
LW	C	0.02%
OI	C	0.02%
POST	C	0.02%
ANSS	B	0.02%
ASGN	F	0.02%
SBAC	D	0.02%
NAVI	C	0.02%
SM	B	0.02%
CZR	F	0.02%
CCEP	C	0.02%
ST	F	0.02%
MUR	D	0.02%
TPX	B	0.02%
STWD	C	0.02%
PAG	B	0.02%
EPAM	C	0.02%
HUBG	A	0.02%
SLG	B	0.02%
GXO	B	0.02%
CTLT	B	0.02%
PENN	C	0.02%
IDXX	F	0.02%
CPT	B	0.02%
HOG	D	0.02%
APTV	D	0.02%
ALGN	F	0.02%
NOV	C	0.02%
FCNCA	A	0.02%
NVT	B	0.02%
AVTR	F	0.02%
BECN	B	0.02%
SKX	D	0.02%
CC	C	0.02%
CNH	C	0.02%
SUI	D	0.02%
LAMR	D	0.02%
PK	B	0.02%
BRX	A	0.02%
VICI	C	0.02%
MTG	C	0.02%
DAR	C	0.02%
BJ	A	0.02%
EHC	B	0.02%
RUSHA	C	0.02%
SAIC	F	0.02%
REZI	A	0.02%
GNRC	B	0.02%
TGNA	B	0.02%
BAP	A	0.02%
AXTA	A	0.02%
LUV	C	0.02%
SOLV	C	0.02%
VSH	D	0.01%
LILAK	D	0.01%
CNXC	F	0.01%
CRL	C	0.01%
VRSN	F	0.01%
DBX	B	0.01%
ICLR	D	0.01%
MSM	C	0.01%
MMS	F	0.01%
AEO	F	0.01%
CYH	F	0.01%
JAZZ	B	0.01%
BLD	D	0.01%
FSLR	F	0.01%
NOW	A	0.01%
TNL	A	0.01%
QRTEA	F	0.01%
AAL	B	0.01%
ALLE	D	0.01%
FTI	A	0.01%
JWN	C	0.01%
HRB	D	0.01%
XRAY	F	0.01%
DK	C	0.01%
HTZ	C	0.01%
DAN	D	0.01%
LULU	C	0.01%
UNFI	A	0.01%
CRI	D	0.01%
CNX	A	0.01%
CPRI	F	0.01%

FNDX Underweight 154 Positions Relative to PFM

Symbol	Grade	Weight
EPD	A	-0.29%
MPLX	A	-0.21%
FDS	B	-0.08%
ERIE	D	-0.08%
FIX	A	-0.07%
ELS	C	-0.06%
RNR	C	-0.06%
MORN	B	-0.06%
HEI	B	-0.06%
CUBE	D	-0.05%
ENSG	D	-0.04%
EGP	F	-0.04%
WTFC	A	-0.04%
CFR	B	-0.04%
REXR	F	-0.04%
CBSH	A	-0.04%
RGLD	C	-0.04%
MKTX	D	-0.04%
AIT	A	-0.04%
CHDN	B	-0.04%
TRNO	F	-0.03%
FFIN	B	-0.03%
UMBF	B	-0.03%
SIGI	C	-0.03%
LFUS	F	-0.03%
IDA	A	-0.03%
CBT	C	-0.03%
HOMB	A	-0.03%
BMI	B	-0.03%
STAG	F	-0.03%
MSA	D	-0.03%
CADE	B	-0.03%
FR	D	-0.03%
AXS	A	-0.03%
BOKF	B	-0.03%
SSD	D	-0.03%
ADC	B	-0.03%
NNN	D	-0.03%
PB	A	-0.03%
SSB	B	-0.03%
RLI	B	-0.03%
WSFS	A	-0.02%
CBU	B	-0.02%
SR	A	-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%
KAI	A	-0.02%
NJR	A	-0.02%
EXPO	D	-0.02%
FELE	B	-0.02%
LANC	C	-0.02%
CNS	B	-0.02%
AGO	B	-0.02%
GATX	A	-0.02%
DDS	B	-0.02%
OZK	B	-0.02%
SWX	B	-0.02%
UBSI	B	-0.02%
BCPC	B	-0.02%
WTS	B	-0.02%
SLGN	A	-0.02%
MSEX	B	-0.01%
GABC	B	-0.01%
TR	B	-0.01%
UVV	B	-0.01%
LNN	B	-0.01%
WABC	B	-0.01%
NWN	A	-0.01%
CSGS	B	-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%
SCL	C	-0.01%
GTY	B	-0.01%
SJW	D	-0.01%
APOG	B	-0.01%
LKFN	B	-0.01%
NHC	C	-0.01%
CHCO	B	-0.01%
AGM	C	-0.01%
WOR	F	-0.01%
WSBC	B	-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%
HNI	B	-0.01%
FRME	B	-0.01%
TOWN	B	-0.01%
HWKN	B	-0.01%
NSP	D	-0.01%
ABR	C	-0.01%
CPK	A	-0.01%
CWT	D	-0.01%
WAFD	B	-0.01%
IOSP	B	-0.01%
AVA	A	-0.01%
INDB	B	-0.01%
SFNC	B	-0.01%
TRN	B	-0.01%
KWR	C	-0.01%
AWR	B	-0.01%
BRC	D	-0.01%
JJSF	B	-0.01%
OTTR	C	-0.01%
NWE	A	-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%
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%