FNDX vs. QARP ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to Xtrackers Russell 1000 US QARP ETF (QARP)

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

QARP

Xtrackers Russell 1000 US QARP ETF

QARP Description

The investment seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the "underlying index"). The fund will invest at least 80% of its total assets (but typically far more) in component securities of the underlying index. The underlying index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.85

Average Daily Volume

3,299

Number of Holdings ^*

345

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	QARP
30 Days	3.67%	3.81%
60 Days	4.58%	3.83%
90 Days	6.53%	5.70%
12 Months	29.67%	26.96%

306 Overlapping Holdings

	Symbol	Grade	Weight in FNDX	Weight in QARP	Overlap
	A	D	0.05%	0.09%	0.05%
	AAL	B	0.01%	0.04%	0.01%
	AAPL	C	4.35%	4.88%	4.35%
	ABBV	D	0.49%	0.02%	0.02%
	ABT	B	0.34%	0.22%	0.22%
	ACGL	D	0.03%	0.24%	0.03%
	ACI	C	0.03%	0.05%	0.03%
	ACM	A	0.05%	0.04%	0.04%
	ACN	C	0.36%	1.18%	0.36%
	ADBE	C	0.2%	0.91%	0.2%
	ADI	D	0.13%	0.08%	0.08%
	ADM	D	0.21%	0.27%	0.21%
	ADP	B	0.15%	0.21%	0.15%
	ADSK	A	0.03%	0.06%	0.03%
	AGCO	D	0.03%	0.06%	0.03%
	ALB	C	0.03%	0.02%	0.02%
	ALGN	D	0.02%	0.05%	0.02%
	ALK	C	0.02%	0.04%	0.02%
	ALSN	B	0.05%	0.04%	0.04%
	AMAT	F	0.24%	0.77%	0.24%
	AMCR	D	0.03%	0.03%	0.03%
	AMD	F	0.09%	0.07%	0.07%
	AMG	B	0.04%	0.09%	0.04%
	AMGN	D	0.39%	0.03%	0.03%
	AMZN	C	1.56%	3.99%	1.56%
	ANET	C	0.04%	0.13%	0.04%
	AON	A	0.13%	0.33%	0.13%
	AOS	F	0.02%	0.06%	0.02%
	APA	D	0.03%	0.02%	0.02%
	APTV	D	0.02%	0.05%	0.02%
	AR	B	0.03%	0.02%	0.02%
	ARMK	B	0.03%	0.04%	0.03%
	ATO	A	0.04%	0.07%	0.04%
	AYI	B	0.04%	0.08%	0.04%
	AZO	C	0.06%	0.34%	0.06%
	BBWI	D	0.03%	0.02%	0.02%
	BBY	D	0.16%	0.23%	0.16%
	BIIB	F	0.09%	0.02%	0.02%
	BJ	A	0.02%	0.11%	0.02%
	BKNG	A	0.24%	0.8%	0.24%
	BKR	B	0.16%	0.1%	0.1%
	BLD	D	0.01%	0.05%	0.01%
	BLDR	D	0.06%	0.17%	0.06%
	BMY	B	0.45%	0.62%	0.45%
	BRK.A	B	2.17%	5.21%	2.17%
	BURL	A	0.03%	0.04%	0.03%
	BWA	D	0.05%	0.06%	0.05%
	BX	A	0.13%	0.06%	0.06%
	CAH	B	0.07%	0.4%	0.07%
	CASY	A	0.05%	0.12%	0.05%
	CAT	B	0.41%	0.67%	0.41%
	CBOE	B	0.01%	0.07%	0.01%
	CBRE	B	0.13%	0.09%	0.09%
	CCL	B	0.06%	0.05%	0.05%
	CDNS	B	0.03%	0.02%	0.02%
	CDW	F	0.04%	0.02%	0.02%
	CE	F	0.03%	0.02%	0.02%
	CF	B	0.07%	0.13%	0.07%
	CHE	D	0.01%	0.04%	0.01%
	CHRW	C	0.08%	0.06%	0.06%
	CHTR	C	0.35%	0.14%	0.14%
	CI	F	0.48%	0.55%	0.48%
	CINF	A	0.07%	0.09%	0.07%
	CL	D	0.13%	0.21%	0.13%
	CLF	F	0.03%	0.05%	0.03%
	CLX	B	0.04%	0.06%	0.04%
	CMCSA	B	0.83%	0.86%	0.83%
	CMG	B	0.04%	0.11%	0.04%
	CMI	A	0.19%	0.26%	0.19%
	CNC	D	0.19%	0.23%	0.19%
	CNP	B	0.06%	0.04%	0.04%
	COF	B	0.48%	0.16%	0.16%
	COP	C	0.48%	0.78%	0.48%
	COR	B	0.02%	0.4%	0.02%
	COST	B	0.66%	2.32%	0.66%
	CPB	D	0.03%	0.02%	0.02%
	CPRT	A	0.03%	0.07%	0.03%
	CSCO	B	0.82%	1.97%	0.82%
	CSL	C	0.05%	0.05%	0.05%
	CSX	B	0.22%	0.07%	0.07%
	CTAS	B	0.08%	0.08%	0.08%
	CTRA	B	0.03%	0.11%	0.03%
	CTSH	B	0.19%	0.3%	0.19%
	CTVA	C	0.09%	0.02%	0.02%
	CVS	D	0.68%	0.18%	0.18%
	CVX	A	1.25%	1.54%	1.25%
	DAL	C	0.03%	0.22%	0.03%
	DBX	B	0.01%	0.04%	0.01%
	DCI	B	0.02%	0.04%	0.02%
	DD	D	0.17%	0.02%	0.02%
	DE	A	0.23%	0.24%	0.23%
	DECK	A	0.03%	0.13%	0.03%
	DGX	A	0.07%	0.03%	0.03%
	DHI	D	0.16%	0.31%	0.16%
	DINO	D	0.05%	0.02%	0.02%
	DKS	C	0.04%	0.09%	0.04%
	DLTR	F	0.05%	0.07%	0.05%
	DOW	F	0.18%	0.07%	0.07%
	DOX	D	0.04%	0.07%	0.04%
	DPZ	C	0.03%	0.03%	0.03%
	DRI	B	0.05%	0.13%	0.05%
	DVN	F	0.09%	0.17%	0.09%
	EA	A	0.09%	0.21%	0.09%
	EBAY	D	0.17%	0.09%	0.09%
	EG	C	0.02%	0.06%	0.02%
	EL	F	0.03%	0.02%	0.02%
	ELV	F	0.36%	0.47%	0.36%
	EME	C	0.06%	0.15%	0.06%
	EOG	A	0.23%	0.5%	0.23%
	EPAM	C	0.02%	0.04%	0.02%
	EVR	B	0.04%	0.11%	0.04%
	EW	C	0.04%	0.06%	0.04%
	EXP	A	0.03%	0.06%	0.03%
	EXPD	D	0.04%	0.13%	0.04%
	EXPE	B	0.04%	0.17%	0.04%
	FANG	D	0.05%	0.19%	0.05%
	FAST	B	0.07%	0.22%	0.07%
	FCNCA	A	0.02%	0.14%	0.02%
	FCX	D	0.14%	0.04%	0.04%
	FDX	B	0.32%	0.33%	0.32%
	FFIV	B	0.03%	0.06%	0.03%
	FOXA	B	0.1%	0.03%	0.03%
	FTNT	C	0.03%	0.22%	0.03%
	G	B	0.03%	0.03%	0.03%
	GAP	C	0.04%	0.03%	0.03%
	GEHC	F	0.09%	0.13%	0.09%
	GEV	B	0.04%	0.2%	0.04%
	GGG	B	0.02%	0.07%	0.02%
	GILD	C	0.37%	0.33%	0.33%
	GIS	D	0.11%	0.09%	0.09%
	GLPI	C	0.02%	0.03%	0.02%
	GM	B	0.79%	0.25%	0.25%
	GNTX	C	0.03%	0.04%	0.03%
	GOOG	C	1.14%	2.14%	1.14%
	GOOGL	C	1.33%	2.36%	1.33%
	GPC	D	0.05%	0.07%	0.05%
	GRMN	B	0.03%	0.16%	0.03%
	GWW	B	0.08%	0.27%	0.08%
	HAL	C	0.06%	0.06%	0.06%
	HCA	F	0.2%	0.27%	0.2%
	HD	A	0.8%	2.0%	0.8%
	HII	D	0.03%	0.02%	0.02%
	HOLX	D	0.04%	0.04%	0.04%
	HPQ	B	0.21%	0.08%	0.08%
	HRB	D	0.01%	0.08%	0.01%
	HST	C	0.04%	0.03%	0.03%
	HSY	F	0.04%	0.09%	0.04%
	HUM	C	0.19%	0.31%	0.19%
	INGR	B	0.05%	0.05%	0.05%
	INTC	D	0.89%	0.08%	0.08%
	IP	B	0.17%	0.04%	0.04%
	ISRG	A	0.09%	0.18%	0.09%
	ITT	A	0.03%	0.05%	0.03%
	ITW	B	0.15%	0.31%	0.15%
	J	F	0.05%	0.04%	0.04%
	JBHT	C	0.05%	0.05%	0.05%
	JBL	B	0.06%	0.06%	0.06%
	JHG	A	0.03%	0.03%	0.03%
	JKHY	D	0.02%	0.05%	0.02%
	JNJ	D	0.89%	2.32%	0.89%
	JNPR	F	0.05%	0.04%	0.04%
	K	A	0.07%	0.06%	0.06%
	KEYS	A	0.04%	0.12%	0.04%
	KLAC	D	0.08%	0.17%	0.08%
	KMB	D	0.1%	0.15%	0.1%
	KNX	B	0.04%	0.03%	0.03%
	KR	B	0.3%	0.3%	0.3%
	KVUE	A	0.05%	0.21%	0.05%
	LAMR	D	0.02%	0.03%	0.02%
	LEA	D	0.05%	0.04%	0.04%
	LECO	B	0.02%	0.04%	0.02%
	LEN	D	0.16%	0.4%	0.16%
	LH	C	0.09%	0.07%	0.07%
	LKQ	D	0.05%	0.02%	0.02%
	LLY	F	0.2%	0.03%	0.03%
	LMT	D	0.37%	0.71%	0.37%
	LNG	B	0.06%	0.07%	0.06%
	LOW	D	0.43%	0.78%	0.43%
	LPLA	A	0.04%	0.19%	0.04%
	LPX	B	0.04%	0.04%	0.04%
	LRCX	F	0.15%	0.45%	0.15%
	LSTR	D	0.03%	0.05%	0.03%
	LULU	C	0.01%	0.18%	0.01%
	LUV	C	0.02%	0.11%	0.02%
	LVS	C	0.04%	0.04%	0.04%
	LYB	F	0.14%	0.09%	0.09%
	M	D	0.06%	0.02%	0.02%
	MA	C	0.29%	1.58%	0.29%
	MAR	B	0.09%	0.12%	0.09%
	MAS	D	0.05%	0.07%	0.05%
	MCD	D	0.34%	0.39%	0.34%
	MCHP	D	0.05%	0.04%	0.04%
	MCK	B	0.11%	1.15%	0.11%
	MCO	B	0.07%	0.33%	0.07%
	META	D	1.79%	5.17%	1.79%
	MGM	D	0.06%	0.05%	0.05%
	MHK	D	0.06%	0.02%	0.02%
	MMC	B	0.14%	0.55%	0.14%
	MMM	D	0.35%	0.12%	0.12%
	MNST	C	0.05%	0.15%	0.05%
	MO	A	0.37%	0.63%	0.37%
	MOH	F	0.05%	0.06%	0.05%
	MOS	F	0.06%	0.04%	0.04%
	MPC	D	0.4%	0.25%	0.25%
	MRK	F	0.42%	0.32%	0.32%
	MRNA	F	0.03%	0.05%	0.03%
	MRO	B	0.09%	0.11%	0.09%
	MSCI	C	0.03%	0.23%	0.03%
	MSFT	F	2.43%	2.05%	2.05%
	MSM	C	0.01%	0.03%	0.01%
	MTD	D	0.03%	0.09%	0.03%
	MTG	C	0.02%	0.11%	0.02%
	MTZ	B	0.03%	0.03%	0.03%
	MU	D	0.38%	0.35%	0.35%
	MUSA	A	0.04%	0.05%	0.04%
	NKE	D	0.19%	0.31%	0.19%
	NTAP	C	0.07%	0.06%	0.06%
	NUE	C	0.19%	0.37%	0.19%
	NVDA	C	0.4%	0.18%	0.18%
	NVR	D	0.08%	0.23%	0.08%
	OC	A	0.07%	0.13%	0.07%
	ODFL	B	0.06%	0.19%	0.06%
	OLN	D	0.03%	0.03%	0.03%
	ON	D	0.04%	0.04%	0.04%
	ORCL	B	0.5%	0.05%	0.05%
	ORLY	B	0.11%	0.38%	0.11%
	OSK	B	0.04%	0.04%	0.04%
	OTIS	C	0.05%	0.04%	0.04%
	OVV	B	0.06%	0.03%	0.03%
	OXY	D	0.11%	0.06%	0.06%
	PAYX	C	0.06%	0.2%	0.06%
	PCAR	B	0.15%	0.24%	0.15%
	PFE	D	0.68%	0.48%	0.48%
	PFGC	B	0.06%	0.08%	0.06%
	PG	A	0.77%	1.34%	0.77%
	PGR	A	0.23%	0.06%	0.06%
	PHM	D	0.11%	0.21%	0.11%
	PII	D	0.02%	0.03%	0.02%
	PKG	A	0.07%	0.06%	0.06%
	PM	B	0.48%	0.55%	0.48%
	POOL	C	0.02%	0.06%	0.02%
	PSA	D	0.05%	0.31%	0.05%
	PSX	C	0.36%	0.12%	0.12%
	PVH	C	0.04%	0.03%	0.03%
	PWR	A	0.07%	0.06%	0.06%
	PYPL	B	0.22%	0.34%	0.22%
	QCOM	F	0.43%	0.26%	0.26%
	REGN	F	0.1%	0.26%	0.1%
	RHI	B	0.04%	0.07%	0.04%
	RL	B	0.03%	0.05%	0.03%
	ROK	B	0.06%	0.09%	0.06%
	ROST	C	0.07%	0.25%	0.07%
	RS	B	0.09%	0.17%	0.09%
	SBUX	A	0.28%	0.52%	0.28%
	SEIC	B	0.03%	0.07%	0.03%
	SJM	D	0.05%	0.03%	0.03%
	SKX	D	0.02%	0.06%	0.02%
	SLB	C	0.12%	0.14%	0.12%
	SNA	A	0.06%	0.12%	0.06%
	SOLV	C	0.02%	0.1%	0.02%
	SPG	B	0.1%	0.2%	0.1%
	SPGI	C	0.15%	0.07%	0.07%
	STLD	B	0.11%	0.23%	0.11%
	SWKS	F	0.04%	0.08%	0.04%
	SYF	B	0.34%	0.14%	0.14%
	SYY	B	0.1%	0.33%	0.1%
	T	A	1.27%	0.69%	0.69%
	TAP	C	0.05%	0.04%	0.04%
	TER	D	0.04%	0.03%	0.03%
	TGT	F	0.38%	0.4%	0.38%
	THO	B	0.04%	0.03%	0.03%
	TJX	A	0.22%	0.82%	0.22%
	TOL	B	0.06%	0.07%	0.06%
	TPR	B	0.05%	0.12%	0.05%
	TROW	B	0.13%	0.25%	0.13%
	TSCO	D	0.06%	0.16%	0.06%
	TSLA	B	0.28%	0.75%	0.28%
	TSN	B	0.2%	0.04%	0.04%
	TT	A	0.06%	0.08%	0.06%
	TXN	C	0.34%	0.37%	0.34%
	TXT	D	0.06%	0.06%	0.06%
	UHS	D	0.08%	0.05%	0.05%
	ULTA	F	0.03%	0.15%	0.03%
	UNH	C	1.22%	2.32%	1.22%
	UNP	C	0.35%	0.12%	0.12%
	UPS	C	0.28%	0.4%	0.28%
	URI	B	0.13%	0.23%	0.13%
	USFD	A	0.08%	0.04%	0.04%
	V	A	0.36%	1.84%	0.36%
	VICI	C	0.02%	0.07%	0.02%
	VLO	C	0.39%	0.18%	0.18%
	VRSN	F	0.01%	0.06%	0.01%
	VRTX	F	0.07%	0.21%	0.07%
	VST	B	0.16%	0.2%	0.16%
	VZ	C	1.13%	0.65%	0.65%
	WAT	B	0.04%	0.03%	0.03%
	WBD	C	0.08%	0.04%	0.04%
	WMT	A	1.47%	2.88%	1.47%
	WSM	B	0.04%	0.15%	0.04%
	WSO	A	0.03%	0.08%	0.03%
	WST	C	0.02%	0.09%	0.02%
	WTW	B	0.07%	0.03%	0.03%
	WY	D	0.09%	0.08%	0.08%
	X	C	0.07%	0.03%	0.03%
	XOM	B	1.99%	3.19%	1.99%
	YUM	B	0.08%	0.05%	0.05%

FNDX Overweight 415 Positions Relative to QARP

	Symbol	Grade	Weight
	JPM	A	2.03%
	WFC	A	1.35%
	BAC	A	1.3%
	C	A	1.1%
	LUMN	C	0.65%
	GS	A	0.62%
	AVGO	D	0.61%
	IBM	C	0.54%
	MS	A	0.46%
	DIS	B	0.45%
	PEP	F	0.41%
	HON	B	0.37%
	AXP	A	0.36%
	KO	D	0.35%
	RTX	C	0.34%
	F	C	0.33%
	LIN	D	0.33%
	USB	A	0.32%
	TRV	B	0.31%
	DUK	C	0.3%
	PNC	B	0.3%
	BLK	C	0.28%
	AIG	B	0.28%
	ALL	A	0.27%
	DFS	B	0.26%
	MET	A	0.26%
	SO	D	0.26%
	CB	C	0.26%
	BK	A	0.26%
	TMO	F	0.25%
	TMUS	B	0.25%
	NEE	D	0.24%
	KMI	A	0.23%
	TFC	A	0.23%
	ETN	A	0.23%
	PRU	A	0.22%
	AFL	B	0.21%
	NSC	B	0.21%
	GD	F	0.21%
	HPE	B	0.21%
	MDLZ	F	0.2%
	NOC	D	0.2%
	EXC	C	0.17%
	WMB	A	0.17%
	WBA	F	0.17%
	NFLX	A	0.17%
	EMR	A	0.17%
	D	C	0.17%
	AEP	D	0.16%
	LHX	C	0.16%
	JCI	C	0.16%
	MDT	D	0.16%
	DHR	F	0.15%
	AMP	A	0.15%
	WM	A	0.15%
	CRM	B	0.15%
	GE	D	0.15%
	OKE	A	0.14%
	GLW	B	0.14%
	HIG	B	0.14%
	APD	A	0.13%
	PH	A	0.13%
	SCHW	B	0.13%
	FITB	A	0.13%
	SYK	C	0.13%
	SRE	A	0.13%
	NEM	D	0.13%
	FI	A	0.13%
	FIS	C	0.12%
	ED	D	0.12%
	ETR	B	0.12%
	WDC	D	0.12%
	CARR	D	0.12%
	KKR	A	0.12%
	XEL	A	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%
	AMT	D	0.11%
	EIX	B	0.1%
	ALLY	C	0.1%
	VTRS	A	0.1%
	STT	A	0.1%
	CEG	D	0.1%
	KEY	B	0.1%
	WELL	A	0.1%
	BG	F	0.1%
	NRG	B	0.1%
	CFG	B	0.1%
	RF	A	0.09%
	GPN	B	0.09%
	SW	A	0.09%
	STX	D	0.09%
	FE	C	0.09%
	PFG	D	0.09%
	BSX	B	0.09%
	APH	A	0.09%
	CCI	D	0.09%
	KHC	F	0.09%
	ARW	D	0.08%
	EMN	D	0.08%
	HBAN	A	0.08%
	NTRS	A	0.08%
	VTR	C	0.08%
	WHR	B	0.08%
	ES	D	0.08%
	OMC	C	0.08%
	CME	A	0.08%
	DG	F	0.08%
	PPG	F	0.08%
	WEC	A	0.08%
	WKC	D	0.08%
	DLR	B	0.08%
	EQIX	A	0.08%
	ECL	D	0.08%
	JLL	D	0.08%
	SHW	A	0.08%
	BAX	D	0.07%
	IQV	D	0.07%
	VFC	C	0.07%
	MSI	B	0.07%
	HWM	A	0.07%
	SWK	D	0.07%
	CMA	A	0.07%
	AEE	A	0.07%
	TRGP	B	0.07%
	THC	D	0.07%
	EVRG	A	0.07%
	STZ	D	0.07%
	R	B	0.07%
	PLD	D	0.07%
	KDP	D	0.07%
	LAD	A	0.07%
	ZTS	D	0.07%
	AVT	C	0.07%
	DTE	C	0.07%
	LDOS	C	0.07%
	HES	B	0.06%
	DVA	B	0.06%
	CPAY	A	0.06%
	CAG	D	0.06%
	JEF	A	0.06%
	BALL	D	0.06%
	UNM	A	0.06%
	CMS	C	0.06%
	AA	B	0.06%
	ZION	B	0.06%
	OMF	A	0.06%
	FLEX	A	0.06%
	IRM	D	0.06%
	HLT	A	0.06%
	FNF	B	0.06%
	RSG	A	0.06%
	WAB	B	0.06%
	DOV	A	0.06%
	TDG	D	0.06%
	KSS	F	0.06%
	KMX	B	0.06%
	VNO	B	0.05%
	NI	A	0.05%
	VMC	B	0.05%
	AFG	A	0.05%
	ZBH	C	0.05%
	ORI	A	0.05%
	MKL	A	0.05%
	NXPI	D	0.05%
	IVZ	B	0.05%
	IFF	D	0.05%
	L	A	0.05%
	AES	F	0.05%
	AJG	B	0.05%
	AN	C	0.05%
	BXP	D	0.05%
	KD	B	0.05%
	AVB	B	0.05%
	DXC	B	0.05%
	EQH	B	0.05%
	TDS	B	0.05%
	EQR	B	0.05%
	GPI	A	0.05%
	ROP	B	0.05%
	AME	A	0.05%
	SFM	A	0.05%
	RJF	A	0.05%
	BFH	B	0.05%
	LNC	B	0.05%
	O	D	0.04%
	FBIN	D	0.04%
	UBER	D	0.04%
	BCC	B	0.04%
	SSNC	B	0.04%
	AVY	D	0.04%
	IPG	D	0.04%
	ZIM	C	0.04%
	UFPI	B	0.04%
	PNR	A	0.04%
	FYBR	D	0.04%
	RPM	A	0.04%
	CNO	A	0.04%
	CRBG	B	0.04%
	SLM	A	0.04%
	TMHC	B	0.04%
	CCK	C	0.04%
	ZBRA	B	0.04%
	GT	C	0.04%
	RGA	A	0.04%
	HSIC	B	0.04%
	CHD	B	0.04%
	AWK	D	0.04%
	LNT	A	0.04%
	GEN	B	0.04%
	FAF	A	0.04%
	BERY	B	0.04%
	NWSA	B	0.04%
	PNW	B	0.04%
	BEN	C	0.04%
	WCC	B	0.04%
	VRSK	A	0.04%
	OGN	D	0.04%
	JXN	C	0.04%
	MAN	D	0.04%
	EQT	B	0.04%
	MLM	B	0.04%
	MRVL	B	0.04%
	UGI	A	0.04%
	DELL	C	0.03%
	SEE	C	0.03%
	THG	A	0.03%
	PRI	A	0.03%
	INVH	D	0.03%
	FMC	D	0.03%
	SCI	B	0.03%
	IEX	B	0.03%
	TDY	B	0.03%
	AAP	C	0.03%
	TRU	D	0.03%
	BTU	B	0.03%
	SQ	B	0.03%
	RVTY	F	0.03%
	KBH	D	0.03%
	ILMN	D	0.03%
	CW	B	0.03%
	TPH	D	0.03%
	LII	A	0.03%
	GDDY	A	0.03%
	FLR	B	0.03%
	SNX	C	0.03%
	BC	C	0.03%
	STE	F	0.03%
	APO	B	0.03%
	PCG	A	0.03%
	ABG	B	0.03%
	SNV	B	0.03%
	ARE	D	0.03%
	KIM	A	0.03%
	VOYA	B	0.03%
	TTWO	A	0.03%
	QRVO	F	0.03%
	AIZ	A	0.03%
	EFX	F	0.03%
	CAR	C	0.03%
	OGE	B	0.03%
	GPK	C	0.03%
	HAS	D	0.03%
	EXR	D	0.03%
	AKAM	D	0.03%
	FL	F	0.03%
	RRX	B	0.03%
	CACI	D	0.03%
	ESS	B	0.03%
	MTH	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%
	GNW	A	0.03%
	NXST	C	0.03%
	MAA	B	0.03%
	CG	A	0.03%
	HUN	F	0.03%
	FHN	A	0.03%
	CMC	B	0.03%
	DOC	D	0.03%
	IT	C	0.03%
	PANW	C	0.03%
	BAH	F	0.03%
	FTV	C	0.03%
	RMD	C	0.03%
	IR	B	0.03%
	PBF	D	0.03%
	WRB	A	0.03%
	MKC	D	0.03%
	SANM	B	0.03%
	NWL	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%
	MDU	D	0.02%
	MTN	C	0.02%
	ODP	F	0.02%
	COHR	B	0.02%
	ALV	C	0.02%
	ADNT	F	0.02%
	FLO	D	0.02%
	MPW	F	0.02%
	MATX	C	0.02%
	LEG	F	0.02%
	BPOP	B	0.02%
	CHKP	D	0.02%
	TFX	F	0.02%
	ARCH	B	0.02%
	TKR	D	0.02%
	MIDD	C	0.02%
	AER	B	0.02%
	NSIT	F	0.02%
	KBR	F	0.02%
	POR	C	0.02%
	MKSI	C	0.02%
	VAC	B	0.02%
	TTC	D	0.02%
	UHAL	D	0.02%
	XRX	F	0.02%
	WPC	D	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%
	ASGN	F	0.02%
	SBAC	D	0.02%
	NAVI	C	0.02%
	SM	B	0.02%
	NDSN	B	0.02%
	CZR	F	0.02%
	CCEP	C	0.02%
	ST	F	0.02%
	AL	B	0.02%
	MUR	D	0.02%
	TPX	B	0.02%
	STWD	C	0.02%
	PAG	B	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%
	NOV	C	0.02%
	NVT	B	0.02%
	AVTR	F	0.02%
	BECN	B	0.02%
	CC	C	0.02%
	CNH	C	0.02%
	SUI	D	0.02%
	REG	B	0.02%
	PK	B	0.02%
	BRX	A	0.02%
	UDR	B	0.02%
	ABM	B	0.02%
	DAR	C	0.02%
	ATR	B	0.02%
	EHC	B	0.02%
	RUSHA	C	0.02%
	SAIC	F	0.02%
	REZI	A	0.02%
	BRO	B	0.02%
	GNRC	B	0.02%
	TGNA	B	0.02%
	BAP	B	0.02%
	SON	D	0.02%
	AXTA	A	0.02%
	VSH	D	0.01%
	ANDE	D	0.01%
	LILAK	D	0.01%
	CNXC	F	0.01%
	CRL	C	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%
	JAZZ	B	0.01%
	FSLR	F	0.01%
	NOW	A	0.01%
	TNL	A	0.01%
	PRGO	B	0.01%
	QRTEA	F	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 39 Positions Relative to QARP

	Symbol	Grade	Weight
	ABNB	C	-0.23%
	UTHR	C	-0.11%
	CPNG	D	-0.1%
	FDS	B	-0.1%
	UAL	A	-0.1%
	FICO	B	-0.08%
	LYV	A	-0.08%
	INCY	C	-0.07%
	TXRH	C	-0.06%
	FIX	A	-0.05%
	SAIA	B	-0.05%
	MKTX	D	-0.05%
	COIN	C	-0.05%
	RNR	C	-0.05%
	NYT	C	-0.04%
	KNSL	B	-0.04%
	ROL	B	-0.04%
	WYNN	D	-0.04%
	CNM	D	-0.04%
	COKE	C	-0.04%
	PAYC	B	-0.04%
	FND	C	-0.04%
	CHRD	D	-0.04%
	HLI	B	-0.04%
	SSD	D	-0.03%
	CRUS	D	-0.03%
	FCN	D	-0.03%
	RLI	B	-0.03%
	PINC	B	-0.03%
	RPRX	D	-0.03%
	LOPE	B	-0.03%
	MEDP	D	-0.03%
	VVV	F	-0.03%
	EXEL	B	-0.03%
	NEU	C	-0.02%
	FIVE	F	-0.02%
	TTEK	F	-0.02%
	CROX	D	-0.02%
	IWB	A	-0.0%

FNDX: Top Represented Industries & Keywords

Industries: Diversified Industrials Asset Management Utilities - Regulated Electric Business Services Oil & Gas E&P Specialty Retail Banks - Regional - US Software - Application Information Technology Services Semiconductors Diagnostics & Research Specialty Chemicals Credit Services Packaged Foods Packaging & Containers Building Materials Insurance - Property & Casualty Auto Parts Capital Markets Drug Manufacturers - Major

Keywords: S&P 500 Nasdaq 100 Natural Gas Insurance Computing Electricity Chemical Mining Aerospace Electronics Bank Dow Jones Component Banking Real Estate Investment Trust Telecommunications Semiconductor Transport Insurance Products Medicine Beverage

QARP: Top Represented Industries & Keywords

Industries: Specialty Retail Oil & Gas E&P Semiconductors Drug Manufacturers - Major Capital Markets Diversified Industrials Restaurants Biotechnology Business Services Engineering & Construction Health Care Plans Auto Parts Building Materials Diagnostics & Research Household & Personal Products Integrated Shipping & Logistics Software - Application Software - Infrastructure Airlines Apparel Stores

Keywords: S&P 500 Nasdaq 100 Computing Dow Jones Component Natural Gas Electronics Chemical Building Materials Insurance Retailing Semiconductor Mining Construction Transport Clothing Petroleum Industry Telecommunications Aerospace Medicine Mobile Devices