FNDX vs. QVML ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to Invesco S&P 500 QVM Multi-factor ETF (QVML)

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

QVML

Invesco S&P 500 QVM Multi-factor ETF

QVML Description

The investment seeks to track the investment results of the S&P 500 ® Quality, Value & Momentum Top 90% Multi- Factor Index (the “underlying index”). The fund generally will invest at least 90% of its total assets in the securities that comprise the index. S&P Dow Jones Indices LLC compiles, maintains and calculates the index, which is designed to track the performance of a subset of securities from the S&P 500 ® Index that exhibit the investment style criteria of quality, value and momentum. The index is composed of securities with multi-factor scores representing the top 90% of the parent index, as determined by the index provider. It is non-diversified.

Grade (RS Rating)

Last Trade

$35.16

Average Daily Volume

1,434

Number of Holdings ^*

447

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	QVML
30 Days	3.67%	2.51%
60 Days	4.58%	4.26%
90 Days	6.53%	5.72%
12 Months	29.67%	32.76%

428 Overlapping Holdings

	Symbol	Grade	Weight in FNDX	Weight in QVML	Overlap
	A	D	0.05%	0.08%	0.05%
	AAPL	C	4.35%	7.12%	4.35%
	ABBV	D	0.49%	0.64%	0.49%
	ABT	B	0.34%	0.41%	0.34%
	ACGL	D	0.03%	0.08%	0.03%
	ACN	C	0.36%	0.47%	0.36%
	ADBE	C	0.2%	0.49%	0.2%
	ADI	D	0.13%	0.23%	0.13%
	ADM	D	0.21%	0.06%	0.06%
	ADP	B	0.15%	0.26%	0.15%
	ADSK	A	0.03%	0.14%	0.03%
	AEE	A	0.07%	0.05%	0.05%
	AEP	D	0.16%	0.1%	0.1%
	AFL	B	0.21%	0.12%	0.12%
	AIG	B	0.28%	0.11%	0.11%
	AIZ	A	0.03%	0.03%	0.03%
	AJG	B	0.05%	0.13%	0.05%
	AKAM	D	0.03%	0.03%	0.03%
	ALGN	D	0.02%	0.03%	0.02%
	ALL	A	0.27%	0.11%	0.11%
	ALLE	D	0.01%	0.03%	0.01%
	AMAT	F	0.24%	0.34%	0.24%
	AMCR	D	0.03%	0.03%	0.03%
	AMD	F	0.09%	0.47%	0.09%
	AME	A	0.05%	0.1%	0.05%
	AMP	A	0.15%	0.12%	0.12%
	AMZN	C	1.56%	3.94%	1.56%
	ANET	C	0.04%	0.21%	0.04%
	ANSS	B	0.02%	0.06%	0.02%
	AON	A	0.13%	0.17%	0.13%
	AOS	F	0.02%	0.02%	0.02%
	APA	D	0.03%	0.02%	0.02%
	APH	A	0.09%	0.2%	0.09%
	APTV	D	0.02%	0.03%	0.02%
	ARE	D	0.03%	0.04%	0.03%
	ATO	A	0.04%	0.04%	0.04%
	AVB	B	0.05%	0.07%	0.05%
	AVGO	D	0.61%	1.61%	0.61%
	AVY	D	0.04%	0.03%	0.03%
	AWK	D	0.04%	0.05%	0.04%
	AXP	A	0.36%	0.35%	0.35%
	AZO	C	0.06%	0.12%	0.06%
	BAC	A	1.3%	0.69%	0.69%
	BALL	D	0.06%	0.04%	0.04%
	BAX	D	0.07%	0.03%	0.03%
	BBY	D	0.16%	0.04%	0.04%
	BDX	F	0.11%	0.14%	0.11%
	BEN	C	0.04%	0.01%	0.01%
	BG	F	0.1%	0.03%	0.03%
	BK	A	0.26%	0.12%	0.12%
	BKNG	A	0.24%	0.36%	0.24%
	BKR	B	0.16%	0.1%	0.1%
	BLDR	D	0.06%	0.05%	0.05%
	BLK	C	0.28%	0.32%	0.28%
	BR	A	0.03%	0.06%	0.03%
	BRK.A	B	2.17%	1.87%	1.87%
	BRO	B	0.02%	0.06%	0.02%
	BSX	B	0.09%	0.27%	0.09%
	BWA	D	0.05%	0.02%	0.02%
	BX	A	0.13%	0.27%	0.13%
	BXP	D	0.05%	0.02%	0.02%
	C	A	1.1%	0.3%	0.3%
	CAG	D	0.06%	0.03%	0.03%
	CAH	B	0.07%	0.06%	0.06%
	CARR	D	0.12%	0.13%	0.12%
	CAT	B	0.41%	0.42%	0.41%
	CB	C	0.26%	0.25%	0.25%
	CBOE	B	0.01%	0.04%	0.01%
	CBRE	B	0.13%	0.08%	0.08%
	CCL	B	0.06%	0.05%	0.05%
	CDNS	B	0.03%	0.18%	0.03%
	CDW	F	0.04%	0.05%	0.04%
	CE	F	0.03%	0.02%	0.02%
	CEG	D	0.1%	0.16%	0.1%
	CF	B	0.07%	0.04%	0.04%
	CFG	B	0.1%	0.05%	0.05%
	CHD	B	0.04%	0.05%	0.04%
	CHRW	C	0.08%	0.03%	0.03%
	CHTR	C	0.35%	0.09%	0.09%
	CI	F	0.48%	0.2%	0.2%
	CINF	A	0.07%	0.05%	0.05%
	CL	D	0.13%	0.16%	0.13%
	CMCSA	B	0.83%	0.37%	0.37%
	CME	A	0.08%	0.17%	0.08%
	CMG	B	0.04%	0.17%	0.04%
	CMI	A	0.19%	0.11%	0.11%
	CMS	C	0.06%	0.04%	0.04%
	CNC	D	0.19%	0.07%	0.07%
	CNP	B	0.06%	0.04%	0.04%
	COF	B	0.48%	0.16%	0.16%
	COP	C	0.48%	0.31%	0.31%
	COR	B	0.02%	0.09%	0.02%
	COST	B	0.66%	0.85%	0.66%
	CPAY	A	0.06%	0.06%	0.06%
	CPB	D	0.03%	0.02%	0.02%
	CPRT	A	0.03%	0.11%	0.03%
	CPT	B	0.02%	0.03%	0.02%
	CRL	C	0.01%	0.02%	0.01%
	CRM	B	0.15%	0.69%	0.15%
	CSCO	B	0.82%	0.51%	0.51%
	CSX	B	0.22%	0.15%	0.15%
	CTAS	B	0.08%	0.15%	0.08%
	CTRA	B	0.03%	0.04%	0.03%
	CTSH	B	0.19%	0.09%	0.09%
	CTVA	C	0.09%	0.09%	0.09%
	CVS	D	0.68%	0.15%	0.15%
	CVX	A	1.25%	0.63%	0.63%
	CZR	F	0.02%	0.02%	0.02%
	D	C	0.17%	0.1%	0.1%
	DAL	C	0.03%	0.08%	0.03%
	DD	D	0.17%	0.08%	0.08%
	DE	A	0.23%	0.21%	0.21%
	DECK	A	0.03%	0.06%	0.03%
	DFS	B	0.26%	0.1%	0.1%
	DG	F	0.08%	0.04%	0.04%
	DGX	A	0.07%	0.04%	0.04%
	DHI	D	0.16%	0.1%	0.1%
	DHR	F	0.15%	0.33%	0.15%
	DIS	B	0.45%	0.43%	0.43%
	DLR	B	0.08%	0.12%	0.08%
	DLTR	F	0.05%	0.04%	0.04%
	DOC	D	0.03%	0.03%	0.03%
	DOV	A	0.06%	0.06%	0.06%
	DOW	F	0.18%	0.07%	0.07%
	DRI	B	0.05%	0.04%	0.04%
	DTE	C	0.07%	0.05%	0.05%
	DUK	C	0.3%	0.18%	0.18%
	DVA	B	0.06%	0.02%	0.02%
	DVN	F	0.09%	0.06%	0.06%
	EA	A	0.09%	0.09%	0.09%
	EBAY	D	0.17%	0.06%	0.06%
	ECL	D	0.08%	0.13%	0.08%
	ED	D	0.12%	0.07%	0.07%
	EFX	F	0.03%	0.07%	0.03%
	EG	C	0.02%	0.04%	0.02%
	EIX	B	0.1%	0.07%	0.07%
	ELV	F	0.36%	0.2%	0.2%
	EMN	D	0.08%	0.03%	0.03%
	EMR	A	0.17%	0.16%	0.16%
	EOG	A	0.23%	0.18%	0.18%
	EPAM	C	0.02%	0.03%	0.02%
	EQR	B	0.05%	0.05%	0.05%
	EQT	B	0.04%	0.05%	0.04%
	ES	D	0.08%	0.05%	0.05%
	ESS	B	0.03%	0.04%	0.03%
	ETN	A	0.23%	0.31%	0.23%
	ETR	B	0.12%	0.07%	0.07%
	EVRG	A	0.07%	0.03%	0.03%
	EW	C	0.04%	0.09%	0.04%
	EXC	C	0.17%	0.08%	0.08%
	EXPD	D	0.04%	0.04%	0.04%
	EXPE	B	0.04%	0.05%	0.04%
	EXR	D	0.03%	0.07%	0.03%
	F	C	0.33%	0.1%	0.1%
	FANG	D	0.05%	0.08%	0.05%
	FAST	B	0.07%	0.1%	0.07%
	FCX	D	0.14%	0.14%	0.14%
	FDX	B	0.32%	0.15%	0.15%
	FE	C	0.09%	0.04%	0.04%
	FFIV	B	0.03%	0.03%	0.03%
	FI	A	0.13%	0.26%	0.13%
	FIS	C	0.12%	0.1%	0.1%
	FITB	A	0.13%	0.07%	0.07%
	FMC	D	0.03%	0.02%	0.02%
	FOXA	B	0.1%	0.04%	0.04%
	FSLR	F	0.01%	0.04%	0.01%
	FTNT	C	0.03%	0.13%	0.03%
	FTV	C	0.03%	0.06%	0.03%
	GD	F	0.21%	0.14%	0.14%
	GDDY	A	0.03%	0.06%	0.03%
	GE	D	0.15%	0.43%	0.15%
	GEHC	F	0.09%	0.07%	0.07%
	GEN	B	0.04%	0.04%	0.04%
	GEV	B	0.04%	0.18%	0.04%
	GILD	C	0.37%	0.24%	0.24%
	GIS	D	0.11%	0.08%	0.08%
	GL	B	0.03%	0.02%	0.02%
	GLW	B	0.14%	0.08%	0.08%
	GM	B	0.79%	0.15%	0.15%
	GNRC	B	0.02%	0.03%	0.02%
	GOOG	C	1.14%	4.33%	1.14%
	GPC	D	0.05%	0.04%	0.04%
	GPN	B	0.09%	0.06%	0.06%
	GRMN	B	0.03%	0.07%	0.03%
	GS	A	0.62%	0.43%	0.43%
	GWW	B	0.08%	0.11%	0.08%
	HAL	C	0.06%	0.06%	0.06%
	HBAN	A	0.08%	0.06%	0.06%
	HCA	F	0.2%	0.14%	0.14%
	HD	A	0.8%	0.84%	0.8%
	HES	B	0.06%	0.09%	0.06%
	HIG	B	0.14%	0.07%	0.07%
	HII	D	0.03%	0.02%	0.02%
	HOLX	D	0.04%	0.04%	0.04%
	HON	B	0.37%	0.32%	0.32%
	HPE	B	0.21%	0.07%	0.07%
	HPQ	B	0.21%	0.07%	0.07%
	HRL	D	0.03%	0.02%	0.02%
	HSIC	B	0.04%	0.02%	0.02%
	HST	C	0.04%	0.03%	0.03%
	HSY	F	0.04%	0.05%	0.04%
	HUBB	B	0.03%	0.05%	0.03%
	HUM	C	0.19%	0.08%	0.08%
	HWM	A	0.07%	0.09%	0.07%
	IBM	C	0.54%	0.39%	0.39%
	ICE	C	0.11%	0.19%	0.11%
	IDXX	F	0.02%	0.07%	0.02%
	IEX	B	0.03%	0.04%	0.03%
	IFF	D	0.05%	0.05%	0.05%
	INTC	D	0.89%	0.25%	0.25%
	INTU	C	0.11%	0.4%	0.11%
	INVH	D	0.03%	0.04%	0.03%
	IP	B	0.17%	0.04%	0.04%
	IPG	D	0.04%	0.02%	0.02%
	IQV	D	0.07%	0.08%	0.07%
	IR	B	0.03%	0.09%	0.03%
	ISRG	A	0.09%	0.4%	0.09%
	IT	C	0.03%	0.09%	0.03%
	ITW	B	0.15%	0.16%	0.15%
	IVZ	B	0.05%	0.02%	0.02%
	J	F	0.05%	0.04%	0.04%
	JBHT	C	0.05%	0.03%	0.03%
	JBL	B	0.06%	0.03%	0.03%
	JCI	C	0.16%	0.12%	0.12%
	JKHY	D	0.02%	0.03%	0.02%
	JNJ	D	0.89%	0.77%	0.77%
	JNPR	F	0.05%	0.03%	0.03%
	JPM	A	2.03%	1.59%	1.59%
	K	A	0.07%	0.05%	0.05%
	KDP	D	0.07%	0.07%	0.07%
	KEY	B	0.1%	0.04%	0.04%
	KEYS	A	0.04%	0.06%	0.04%
	KHC	F	0.09%	0.05%	0.05%
	KIM	A	0.03%	0.03%	0.03%
	KKR	A	0.12%	0.22%	0.12%
	KLAC	D	0.08%	0.2%	0.08%
	KMB	D	0.1%	0.09%	0.09%
	KMI	A	0.23%	0.11%	0.11%
	KMX	B	0.06%	0.03%	0.03%
	KO	D	0.35%	0.52%	0.35%
	KR	B	0.3%	0.09%	0.09%
	KVUE	A	0.05%	0.09%	0.05%
	L	A	0.05%	0.03%	0.03%
	LDOS	C	0.07%	0.05%	0.05%
	LEN	D	0.16%	0.09%	0.09%
	LH	C	0.09%	0.05%	0.05%
	LHX	C	0.16%	0.1%	0.1%
	LIN	D	0.33%	0.47%	0.33%
	LKQ	D	0.05%	0.02%	0.02%
	LLY	F	0.2%	1.38%	0.2%
	LMT	D	0.37%	0.24%	0.24%
	LNT	A	0.04%	0.03%	0.03%
	LRCX	F	0.15%	0.22%	0.15%
	LULU	C	0.01%	0.08%	0.01%
	LUV	C	0.02%	0.04%	0.02%
	LW	C	0.02%	0.02%	0.02%
	LYB	F	0.14%	0.05%	0.05%
	MA	C	0.29%	0.89%	0.29%
	MAA	B	0.03%	0.04%	0.03%
	MAS	D	0.05%	0.04%	0.04%
	MCHP	D	0.05%	0.08%	0.05%
	MCK	B	0.11%	0.18%	0.11%
	MCO	B	0.07%	0.16%	0.07%
	MDLZ	F	0.2%	0.18%	0.18%
	MDT	D	0.16%	0.24%	0.16%
	MET	A	0.26%	0.11%	0.11%
	META	D	1.79%	2.71%	1.79%
	MGM	D	0.06%	0.02%	0.02%
	MHK	D	0.06%	0.02%	0.02%
	MKC	D	0.03%	0.04%	0.03%
	MLM	B	0.04%	0.08%	0.04%
	MMC	B	0.14%	0.23%	0.14%
	MMM	D	0.35%	0.16%	0.16%
	MNST	C	0.05%	0.08%	0.05%
	MO	A	0.37%	0.2%	0.2%
	MOH	F	0.05%	0.04%	0.04%
	MOS	F	0.06%	0.02%	0.02%
	MPC	D	0.4%	0.13%	0.13%
	MRK	F	0.42%	0.54%	0.42%
	MRNA	F	0.03%	0.03%	0.03%
	MRO	B	0.09%	0.04%	0.04%
	MS	A	0.46%	0.37%	0.37%
	MSFT	F	2.43%	6.58%	2.43%
	MSI	B	0.07%	0.18%	0.07%
	MTB	A	0.11%	0.08%	0.08%
	MU	D	0.38%	0.25%	0.25%
	NDAQ	A	0.03%	0.07%	0.03%
	NEE	D	0.24%	0.31%	0.24%
	NFLX	A	0.17%	0.78%	0.17%
	NI	A	0.05%	0.03%	0.03%
	NKE	D	0.19%	0.2%	0.19%
	NOC	D	0.2%	0.15%	0.15%
	NOW	A	0.01%	0.44%	0.01%
	NRG	B	0.1%	0.04%	0.04%
	NSC	B	0.21%	0.13%	0.13%
	NTAP	C	0.07%	0.05%	0.05%
	NTRS	A	0.08%	0.05%	0.05%
	NUE	C	0.19%	0.08%	0.08%
	NVDA	C	0.4%	7.76%	0.4%
	NVR	D	0.08%	0.06%	0.06%
	NWSA	B	0.04%	0.03%	0.03%
	NXPI	D	0.05%	0.13%	0.05%
	O	D	0.04%	0.1%	0.04%
	ODFL	B	0.06%	0.09%	0.06%
	OKE	A	0.14%	0.14%	0.14%
	OMC	C	0.08%	0.04%	0.04%
	ON	D	0.04%	0.07%	0.04%
	OXY	D	0.11%	0.08%	0.08%
	PANW	C	0.03%	0.28%	0.03%
	PARA	C	0.11%	0.01%	0.01%
	PAYX	C	0.06%	0.1%	0.06%
	PCAR	B	0.15%	0.13%	0.13%
	PCG	A	0.03%	0.09%	0.03%
	PEG	A	0.11%	0.09%	0.09%
	PEP	F	0.41%	0.47%	0.41%
	PFG	D	0.09%	0.04%	0.04%
	PG	A	0.77%	0.82%	0.77%
	PGR	A	0.23%	0.32%	0.23%
	PH	A	0.13%	0.19%	0.13%
	PHM	D	0.11%	0.06%	0.06%
	PKG	A	0.07%	0.05%	0.05%
	PLD	D	0.07%	0.22%	0.07%
	PM	B	0.48%	0.41%	0.41%
	PNC	B	0.3%	0.18%	0.18%
	PNR	A	0.04%	0.04%	0.04%
	PNW	B	0.04%	0.02%	0.02%
	POOL	C	0.02%	0.03%	0.02%
	PPG	F	0.08%	0.06%	0.06%
	PPL	B	0.11%	0.05%	0.05%
	PRU	A	0.22%	0.1%	0.1%
	PSA	D	0.05%	0.11%	0.05%
	PSX	C	0.36%	0.13%	0.13%
	PWR	A	0.07%	0.1%	0.07%
	PYPL	B	0.22%	0.2%	0.2%
	QCOM	F	0.43%	0.41%	0.41%
	QRVO	F	0.03%	0.01%	0.01%
	REG	B	0.02%	0.03%	0.02%
	REGN	F	0.1%	0.18%	0.1%
	RF	A	0.09%	0.05%	0.05%
	RJF	A	0.05%	0.06%	0.05%
	RL	B	0.03%	0.02%	0.02%
	RMD	C	0.03%	0.07%	0.03%
	ROK	B	0.06%	0.07%	0.06%
	ROP	B	0.05%	0.13%	0.05%
	ROST	C	0.07%	0.1%	0.07%
	RSG	A	0.06%	0.09%	0.06%
	RTX	C	0.34%	0.34%	0.34%
	RVTY	F	0.03%	0.03%	0.03%
	SCHW	B	0.13%	0.26%	0.13%
	SHW	A	0.08%	0.19%	0.08%
	SLB	C	0.12%	0.14%	0.12%
	SNA	A	0.06%	0.04%	0.04%
	SNPS	B	0.03%	0.19%	0.03%
	SO	D	0.26%	0.19%	0.19%
	SOLV	C	0.02%	0.02%	0.02%
	SPG	B	0.1%	0.13%	0.1%
	SPGI	C	0.15%	0.34%	0.15%
	SRE	A	0.13%	0.12%	0.12%
	STE	F	0.03%	0.05%	0.03%
	STLD	B	0.11%	0.05%	0.05%
	STT	A	0.1%	0.06%	0.06%
	STZ	D	0.07%	0.08%	0.07%
	SW	A	0.09%	0.06%	0.06%
	SWK	D	0.07%	0.03%	0.03%
	SWKS	F	0.04%	0.03%	0.03%
	SYF	B	0.34%	0.06%	0.06%
	SYK	C	0.13%	0.27%	0.13%
	SYY	B	0.1%	0.08%	0.08%
	T	A	1.27%	0.31%	0.31%
	TAP	C	0.05%	0.02%	0.02%
	TDY	B	0.03%	0.05%	0.03%
	TER	D	0.04%	0.04%	0.04%
	TFC	A	0.23%	0.14%	0.14%
	TFX	F	0.02%	0.02%	0.02%
	TGT	F	0.38%	0.16%	0.16%
	TJX	A	0.22%	0.28%	0.22%
	TMO	F	0.25%	0.43%	0.25%
	TMUS	B	0.25%	0.26%	0.25%
	TPR	B	0.05%	0.03%	0.03%
	TRGP	B	0.07%	0.09%	0.07%
	TROW	B	0.13%	0.06%	0.06%
	TRV	B	0.31%	0.12%	0.12%
	TSCO	D	0.06%	0.06%	0.06%
	TSN	B	0.2%	0.04%	0.04%
	TT	A	0.06%	0.2%	0.06%
	TTWO	A	0.03%	0.06%	0.03%
	TXN	C	0.34%	0.42%	0.34%
	TXT	D	0.06%	0.04%	0.04%
	UBER	D	0.04%	0.33%	0.04%
	UDR	B	0.02%	0.03%	0.02%
	UHS	D	0.08%	0.03%	0.03%
	ULTA	F	0.03%	0.04%	0.03%
	UNH	C	1.22%	1.15%	1.15%
	UNP	C	0.35%	0.31%	0.31%
	UPS	C	0.28%	0.2%	0.2%
	URI	B	0.13%	0.13%	0.13%
	USB	A	0.32%	0.17%	0.17%
	V	A	0.36%	0.99%	0.36%
	VICI	C	0.02%	0.07%	0.02%
	VLO	C	0.39%	0.11%	0.11%
	VMC	B	0.05%	0.08%	0.05%
	VRSK	A	0.04%	0.09%	0.04%
	VRTX	F	0.07%	0.27%	0.07%
	VST	B	0.16%	0.1%	0.1%
	VTR	C	0.08%	0.05%	0.05%
	VTRS	A	0.1%	0.03%	0.03%
	VZ	C	1.13%	0.34%	0.34%
	WAB	B	0.06%	0.08%	0.06%
	WAT	B	0.04%	0.05%	0.04%
	WBA	F	0.17%	0.01%	0.01%
	WBD	C	0.08%	0.05%	0.05%
	WDC	D	0.12%	0.04%	0.04%
	WEC	A	0.08%	0.06%	0.06%
	WELL	A	0.1%	0.16%	0.1%
	WFC	A	1.35%	0.58%	0.58%
	WM	A	0.15%	0.17%	0.15%
	WMB	A	0.17%	0.15%	0.15%
	WMT	A	1.47%	0.74%	0.74%
	WRB	A	0.03%	0.04%	0.03%
	WST	C	0.02%	0.05%	0.02%
	WTW	B	0.07%	0.07%	0.07%
	WY	D	0.09%	0.05%	0.05%
	XEL	A	0.12%	0.08%	0.08%
	XOM	B	1.99%	1.22%	1.22%
	XYL	D	0.03%	0.07%	0.03%
	ZBH	C	0.05%	0.05%	0.05%
	ZBRA	B	0.04%	0.04%	0.04%
	ZTS	D	0.07%	0.16%	0.07%

FNDX Overweight 293 Positions Relative to QVML

	Symbol	Grade	Weight
	GOOGL	C	1.33%
	PFE	D	0.68%
	LUMN	C	0.65%
	ORCL	B	0.5%
	BMY	B	0.45%
	LOW	D	0.43%
	AMGN	D	0.39%
	MCD	D	0.34%
	TSLA	B	0.28%
	SBUX	A	0.28%
	APD	A	0.13%
	NEM	D	0.13%
	ORLY	B	0.11%
	BA	F	0.11%
	AMT	D	0.11%
	ALLY	C	0.1%
	STX	D	0.09%
	RS	B	0.09%
	BIIB	F	0.09%
	MAR	B	0.09%
	CCI	D	0.09%
	ARW	D	0.08%
	USFD	A	0.08%
	YUM	B	0.08%
	WHR	B	0.08%
	WKC	D	0.08%
	EQIX	A	0.08%
	JLL	D	0.08%
	OC	A	0.07%
	VFC	C	0.07%
	CMA	A	0.07%
	THC	D	0.07%
	R	B	0.07%
	X	C	0.07%
	LAD	A	0.07%
	AVT	C	0.07%
	OVV	B	0.06%
	TOL	B	0.06%
	M	D	0.06%
	JEF	A	0.06%
	UNM	A	0.06%
	AA	B	0.06%
	ZION	B	0.06%
	OMF	A	0.06%
	LNG	B	0.06%
	FLEX	A	0.06%
	IRM	D	0.06%
	PFGC	B	0.06%
	HLT	A	0.06%
	EME	C	0.06%
	FNF	B	0.06%
	TDG	D	0.06%
	KSS	F	0.06%
	ACM	A	0.05%
	VNO	B	0.05%
	AFG	A	0.05%
	INGR	B	0.05%
	ORI	A	0.05%
	MKL	A	0.05%
	CSL	C	0.05%
	AES	F	0.05%
	AN	C	0.05%
	OTIS	C	0.05%
	KD	B	0.05%
	DXC	B	0.05%
	ALSN	B	0.05%
	LEA	D	0.05%
	EQH	B	0.05%
	TDS	B	0.05%
	GPI	A	0.05%
	CASY	A	0.05%
	DINO	D	0.05%
	SFM	A	0.05%
	SJM	D	0.05%
	BFH	B	0.05%
	LNC	B	0.05%
	FBIN	D	0.04%
	LPX	B	0.04%
	BCC	B	0.04%
	GAP	C	0.04%
	SSNC	B	0.04%
	OSK	B	0.04%
	AMG	B	0.04%
	ZIM	C	0.04%
	UFPI	B	0.04%
	LVS	C	0.04%
	FYBR	D	0.04%
	RPM	A	0.04%
	CNO	A	0.04%
	CLX	B	0.04%
	DOX	D	0.04%
	CRBG	B	0.04%
	SLM	A	0.04%
	TMHC	B	0.04%
	CCK	C	0.04%
	DKS	C	0.04%
	GT	C	0.04%
	RGA	A	0.04%
	RHI	B	0.04%
	FAF	A	0.04%
	MUSA	A	0.04%
	BERY	B	0.04%
	LPLA	A	0.04%
	PVH	C	0.04%
	AYI	B	0.04%
	WCC	B	0.04%
	THO	B	0.04%
	KNX	B	0.04%
	WSM	B	0.04%
	EVR	B	0.04%
	OGN	D	0.04%
	JXN	C	0.04%
	MAN	D	0.04%
	MRVL	B	0.04%
	UGI	A	0.04%
	DELL	C	0.03%
	EXP	A	0.03%
	SEE	C	0.03%
	THG	A	0.03%
	LSTR	D	0.03%
	PRI	A	0.03%
	AR	B	0.03%
	SCI	B	0.03%
	ACI	C	0.03%
	GNTX	C	0.03%
	AAP	C	0.03%
	TRU	D	0.03%
	BTU	B	0.03%
	SQ	B	0.03%
	ITT	A	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%
	LII	A	0.03%
	G	B	0.03%
	FLR	B	0.03%
	SNX	C	0.03%
	BC	C	0.03%
	APO	B	0.03%
	ABG	B	0.03%
	SNV	B	0.03%
	ALB	C	0.03%
	SEIC	B	0.03%
	MSCI	C	0.03%
	VOYA	B	0.03%
	MTD	D	0.03%
	ARMK	B	0.03%
	CAR	C	0.03%
	OGE	B	0.03%
	GPK	C	0.03%
	HAS	D	0.03%
	FL	F	0.03%
	RRX	B	0.03%
	AGCO	D	0.03%
	CACI	D	0.03%
	MTH	D	0.03%
	JHG	A	0.03%
	CLF	F	0.03%
	EWBC	A	0.03%
	WU	D	0.03%
	TRMB	B	0.03%
	CIEN	B	0.03%
	GNW	A	0.03%
	NXST	C	0.03%
	CG	A	0.03%
	HUN	F	0.03%
	FHN	A	0.03%
	EL	F	0.03%
	CMC	B	0.03%
	OLN	D	0.03%
	DPZ	C	0.03%
	BAH	F	0.03%
	WSO	A	0.03%
	PBF	D	0.03%
	MTZ	B	0.03%
	SANM	B	0.03%
	NWL	B	0.03%
	HBI	B	0.03%
	MLI	C	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%
	ALK	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%
	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%
	GLPI	C	0.02%
	WERN	C	0.02%
	OI	C	0.02%
	POST	C	0.02%
	NFG	A	0.02%
	ASGN	F	0.02%
	SBAC	D	0.02%
	NAVI	C	0.02%
	SM	B	0.02%
	NDSN	B	0.02%
	CCEP	C	0.02%
	LECO	B	0.02%
	ST	F	0.02%
	AL	B	0.02%
	MUR	D	0.02%
	TPX	B	0.02%
	PII	D	0.02%
	STWD	C	0.02%
	PAG	B	0.02%
	HUBG	A	0.02%
	SLG	B	0.02%
	GGG	B	0.02%
	GXO	B	0.02%
	CTLT	B	0.02%
	PENN	C	0.02%
	HOG	D	0.02%
	NOV	C	0.02%
	DCI	B	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%
	MTG	C	0.02%
	ABM	B	0.02%
	DAR	C	0.02%
	ATR	B	0.02%
	BJ	A	0.02%
	EHC	B	0.02%
	RUSHA	C	0.02%
	SAIC	F	0.02%
	REZI	A	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%
	VRSN	F	0.01%
	DBX	B	0.01%
	ICLR	D	0.01%
	WTRG	B	0.01%
	MSM	C	0.01%
	SPTN	D	0.01%
	CHE	D	0.01%
	MMS	F	0.01%
	AEO	F	0.01%
	CYH	F	0.01%
	JAZZ	B	0.01%
	BLD	D	0.01%
	TNL	A	0.01%
	PRGO	B	0.01%
	QRTEA	F	0.01%
	AAL	B	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%
	UNFI	A	0.01%
	CRI	D	0.01%
	CNX	A	0.01%
	CPRI	F	0.01%

FNDX Underweight 19 Positions Relative to QVML

	Symbol	Grade	Weight
	CRWD	B	-0.18%
	ABNB	C	-0.13%
	RCL	A	-0.12%
	AXON	A	-0.09%
	TYL	B	-0.06%
	UAL	A	-0.06%
	MPWR	F	-0.06%
	CSGP	D	-0.06%
	VLTO	D	-0.05%
	PTC	A	-0.05%
	FDS	B	-0.04%
	DAY	B	-0.03%
	INCY	C	-0.03%
	ROL	B	-0.03%
	FRT	B	-0.02%
	SMCI	F	-0.02%
	MKTX	D	-0.02%
	PAYC	B	-0.02%
	NCLH	B	-0.02%

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

QVML: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Semiconductors Business Services Asset Management Diagnostics & Research Oil & Gas E&P Banks - Regional - US Capital Markets Medical Instruments & Supplies Packaged Foods Aerospace & Defense Credit Services Health Care Plans Information Technology Services Insurance - Property & Casualty Medical Devices REIT - Residential Specialty Retail

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