FNDX vs. VCEB ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to Vanguard ESG U.S. Corporate Bond ETF (VCEB)

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

VCEB

Vanguard ESG U.S. Corporate Bond ETF

VCEB Description

The investment seeks to track the performance of the Bloomberg Barclays MSCI US Corporate SRI Select Index (the ?index?). The index excludes bonds with maturities of 1 year or less and with less than $750 million outstanding, and is screened for certain environmental, social, and governance (ESG) criteria by the index provider, which is independent of Vanguard. All of the fund?s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the fund?s assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$62.73

Average Daily Volume

37,148

Number of Holdings ^*

245

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	VCEB
30 Days	3.67%	-0.25%
60 Days	4.58%	-2.76%
90 Days	6.53%	-1.73%
12 Months	29.67%	7.45%

226 Overlapping Holdings

	Symbol	Grade	Weight in FNDX	Weight in VCEB	Overlap
	A	D	0.05%	0.02%	0.02%
	AAPL	C	4.35%	0.01%	0.01%
	ABBV	D	0.49%	0.03%	0.03%
	ABT	B	0.34%	0.03%	0.03%
	ACGL	D	0.03%	0.03%	0.03%
	ADBE	C	0.2%	0.01%	0.01%
	ADI	D	0.13%	0.01%	0.01%
	ADM	D	0.21%	0.02%	0.02%
	ADP	B	0.15%	0.03%	0.03%
	AER	B	0.02%	0.01%	0.01%
	AFL	B	0.21%	0.05%	0.05%
	AIG	B	0.28%	0.01%	0.01%
	AJG	B	0.05%	0.02%	0.02%
	AL	B	0.02%	0.01%	0.01%
	ALLY	C	0.1%	0.03%	0.03%
	AMAT	F	0.24%	0.01%	0.01%
	AMGN	D	0.39%	0.01%	0.01%
	AMP	A	0.15%	0.03%	0.03%
	AMT	D	0.11%	0.01%	0.01%
	AMZN	C	1.56%	0.01%	0.01%
	AON	A	0.13%	0.01%	0.01%
	APD	A	0.13%	0.02%	0.02%
	APH	A	0.09%	0.02%	0.02%
	ARE	D	0.03%	0.01%	0.01%
	AVGO	D	0.61%	0.02%	0.02%
	AWK	D	0.04%	0.02%	0.02%
	AXP	A	0.36%	0.01%	0.01%
	AZO	C	0.06%	0.04%	0.04%
	BAC	A	1.3%	0.02%	0.02%
	BAX	D	0.07%	0.02%	0.02%
	BDX	F	0.11%	0.03%	0.03%
	BEN	C	0.04%	0.02%	0.02%
	BERY	B	0.04%	0.01%	0.01%
	BG	F	0.1%	0.03%	0.03%
	BIIB	F	0.09%	0.01%	0.01%
	BK	A	0.26%	0.01%	0.01%
	BKNG	A	0.24%	0.02%	0.02%
	BLK	C	0.28%	0.02%	0.02%
	BMY	B	0.45%	0.03%	0.03%
	BR	A	0.03%	0.02%	0.02%
	BRX	A	0.02%	0.01%	0.01%
	BSX	B	0.09%	0.01%	0.01%
	BWA	D	0.05%	0.03%	0.03%
	BXP	D	0.05%	0.01%	0.01%
	C	A	1.1%	0.01%	0.01%
	CAG	D	0.06%	0.01%	0.01%
	CAH	B	0.07%	0.02%	0.02%
	CARR	D	0.12%	0.02%	0.02%
	CAT	B	0.41%	0.01%	0.01%
	CB	C	0.26%	0.01%	0.01%
	CCI	D	0.09%	0.01%	0.01%
	CF	B	0.07%	0.02%	0.02%
	CFG	B	0.1%	0.03%	0.03%
	CHTR	C	0.35%	0.02%	0.02%
	CI	F	0.48%	0.01%	0.01%
	CMA	A	0.07%	0.03%	0.03%
	CMCSA	B	0.83%	0.01%	0.01%
	CME	A	0.08%	0.02%	0.02%
	CMI	A	0.19%	0.02%	0.02%
	COF	B	0.48%	0.01%	0.01%
	CPB	D	0.03%	0.02%	0.02%
	CPT	B	0.02%	0.04%	0.02%
	CRM	B	0.15%	0.02%	0.02%
	CSCO	B	0.82%	0.02%	0.02%
	CSL	C	0.05%	0.02%	0.02%
	CTAS	B	0.08%	0.04%	0.04%
	CVS	D	0.68%	0.01%	0.01%
	DD	D	0.17%	0.06%	0.06%
	DE	A	0.23%	0.02%	0.02%
	DELL	C	0.03%	0.01%	0.01%
	DFS	B	0.26%	0.01%	0.01%
	DG	F	0.08%	0.03%	0.03%
	DGX	A	0.07%	0.03%	0.03%
	DHR	F	0.15%	0.01%	0.01%
	DIS	B	0.45%	0.01%	0.01%
	DLR	B	0.08%	0.01%	0.01%
	DLTR	F	0.05%	0.02%	0.02%
	DOC	D	0.03%	0.03%	0.03%
	DOW	F	0.18%	0.01%	0.01%
	EA	A	0.09%	0.01%	0.01%
	EBAY	D	0.17%	0.01%	0.01%
	EFX	F	0.03%	0.02%	0.02%
	EG	C	0.02%	0.03%	0.02%
	EMN	D	0.08%	0.02%	0.02%
	EQH	B	0.05%	0.05%	0.05%
	EQIX	A	0.08%	0.03%	0.03%
	EQR	B	0.05%	0.03%	0.03%
	ETN	A	0.23%	0.03%	0.03%
	EXP	A	0.03%	0.01%	0.01%
	EXPE	B	0.04%	0.04%	0.04%
	FDX	B	0.32%	0.01%	0.01%
	FIS	C	0.12%	0.01%	0.01%
	FITB	A	0.13%	0.02%	0.02%
	FOXA	B	0.1%	0.01%	0.01%
	FTV	C	0.03%	0.03%	0.03%
	GILD	C	0.37%	0.01%	0.01%
	GIS	D	0.11%	0.03%	0.03%
	GLPI	C	0.02%	0.01%	0.01%
	GLW	B	0.14%	0.02%	0.02%
	GM	B	0.79%	0.01%	0.01%
	GOOGL	C	1.33%	0.02%	0.02%
	GPN	B	0.09%	0.01%	0.01%
	GS	A	0.62%	0.01%	0.01%
	GWW	B	0.08%	0.04%	0.04%
	HAS	D	0.03%	0.03%	0.03%
	HBAN	A	0.08%	0.02%	0.02%
	HCA	F	0.2%	0.02%	0.02%
	HD	A	0.8%	0.01%	0.01%
	HIG	B	0.14%	0.02%	0.02%
	HPE	B	0.21%	0.01%	0.01%
	HPQ	B	0.21%	0.01%	0.01%
	HRL	D	0.03%	0.02%	0.02%
	HST	C	0.04%	0.02%	0.02%
	HUM	C	0.19%	0.01%	0.01%
	HUN	F	0.03%	0.02%	0.02%
	IBM	C	0.54%	0.02%	0.02%
	ICE	C	0.11%	0.01%	0.01%
	IFF	D	0.05%	0.03%	0.03%
	INTC	D	0.89%	0.01%	0.01%
	ITW	B	0.15%	0.03%	0.03%
	JNJ	D	0.89%	0.01%	0.01%
	JPM	A	2.03%	0.01%	0.01%
	K	A	0.07%	0.03%	0.03%
	KDP	D	0.07%	0.01%	0.01%
	KEY	B	0.1%	0.01%	0.01%
	KLAC	D	0.08%	0.01%	0.01%
	KMB	D	0.1%	0.04%	0.04%
	KO	D	0.35%	0.01%	0.01%
	LEA	D	0.05%	0.02%	0.02%
	LEN	D	0.16%	0.04%	0.04%
	LH	C	0.09%	0.03%	0.03%
	LLY	F	0.2%	0.03%	0.03%
	LOW	D	0.43%	0.01%	0.01%
	LRCX	F	0.15%	0.01%	0.01%
	LUV	C	0.02%	0.01%	0.01%
	MA	C	0.29%	0.03%	0.03%
	MAR	B	0.09%	0.01%	0.01%
	MCD	D	0.34%	0.01%	0.01%
	MCHP	D	0.05%	0.04%	0.04%
	MCK	B	0.11%	0.02%	0.02%
	MDLZ	F	0.2%	0.01%	0.01%
	MDT	D	0.16%	0.05%	0.05%
	MET	A	0.26%	0.01%	0.01%
	MKC	D	0.03%	0.02%	0.02%
	MLM	B	0.04%	0.02%	0.02%
	MMC	B	0.14%	0.04%	0.04%
	MMM	D	0.35%	0.01%	0.01%
	MOS	F	0.06%	0.06%	0.06%
	MRK	F	0.42%	0.01%	0.01%
	MRVL	B	0.04%	0.01%	0.01%
	MS	A	0.46%	0.01%	0.01%
	MSFT	F	2.43%	0.01%	0.01%
	MSI	B	0.07%	0.01%	0.01%
	MTB	A	0.11%	0.07%	0.07%
	MU	D	0.38%	0.03%	0.03%
	NEM	D	0.13%	0.02%	0.02%
	NKE	D	0.19%	0.01%	0.01%
	NOW	A	0.01%	0.04%	0.01%
	NTAP	C	0.07%	0.02%	0.02%
	NTRS	A	0.08%	0.03%	0.03%
	NVDA	C	0.4%	0.01%	0.01%
	NVR	D	0.08%	0.03%	0.03%
	NXPI	D	0.05%	0.01%	0.01%
	O	D	0.04%	0.02%	0.02%
	OMC	C	0.08%	0.02%	0.02%
	ORCL	B	0.5%	0.02%	0.02%
	ORLY	B	0.11%	0.03%	0.03%
	OTIS	C	0.05%	0.04%	0.04%
	PEP	F	0.41%	0.01%	0.01%
	PFE	D	0.68%	0.01%	0.01%
	PG	A	0.77%	0.01%	0.01%
	PGR	A	0.23%	0.05%	0.05%
	PH	A	0.13%	0.01%	0.01%
	PLD	D	0.07%	0.01%	0.01%
	PNC	B	0.3%	0.01%	0.01%
	PPG	F	0.08%	0.03%	0.03%
	PRU	A	0.22%	0.01%	0.01%
	PWR	A	0.07%	0.03%	0.03%
	PYPL	B	0.22%	0.01%	0.01%
	QCOM	F	0.43%	0.01%	0.01%
	QRVO	F	0.03%	0.02%	0.02%
	REGN	F	0.1%	0.02%	0.02%
	RF	A	0.09%	0.03%	0.03%
	RJF	A	0.05%	0.02%	0.02%
	RL	B	0.03%	0.02%	0.02%
	ROP	B	0.05%	0.03%	0.03%
	RSG	A	0.06%	0.01%	0.01%
	SBUX	A	0.28%	0.02%	0.02%
	SCHW	B	0.13%	0.01%	0.01%
	SHW	A	0.08%	0.02%	0.02%
	SJM	D	0.05%	0.03%	0.03%
	SPG	B	0.1%	0.01%	0.01%
	STT	A	0.1%	0.01%	0.01%
	SWK	D	0.07%	0.02%	0.02%
	SYF	B	0.34%	0.03%	0.03%
	SYK	C	0.13%	0.01%	0.01%
	SYY	B	0.1%	0.01%	0.01%
	T	A	1.27%	0.01%	0.01%
	TFC	A	0.23%	0.01%	0.01%
	TGT	F	0.38%	0.01%	0.01%
	TJX	A	0.22%	0.07%	0.07%
	TMO	F	0.25%	0.01%	0.01%
	TMUS	B	0.25%	0.01%	0.01%
	TRV	B	0.31%	0.02%	0.02%
	TSN	B	0.2%	0.01%	0.01%
	TT	A	0.06%	0.02%	0.02%
	TXN	C	0.34%	0.01%	0.01%
	UHS	D	0.08%	0.02%	0.02%
	UNH	C	1.22%	0.01%	0.01%
	UPS	C	0.28%	0.01%	0.01%
	USB	A	0.32%	0.01%	0.01%
	V	A	0.36%	0.02%	0.02%
	VFC	C	0.07%	0.02%	0.02%
	VMC	B	0.05%	0.02%	0.02%
	VRSK	A	0.04%	0.04%	0.04%
	VRSN	F	0.01%	0.03%	0.01%
	VTR	C	0.08%	0.02%	0.02%
	VTRS	A	0.1%	0.01%	0.01%
	VZ	C	1.13%	0.02%	0.02%
	WAB	B	0.06%	0.03%	0.03%
	WBA	F	0.17%	0.02%	0.02%
	WELL	A	0.1%	0.01%	0.01%
	WM	A	0.15%	0.01%	0.01%
	XRAY	F	0.01%	0.02%	0.01%
	ZBH	C	0.05%	0.03%	0.03%
	ZTS	D	0.07%	0.01%	0.01%

FNDX Overweight 495 Positions Relative to VCEB

	Symbol	Grade	Weight
	BRK.A	B	2.17%
	XOM	B	1.99%
	META	D	1.79%
	WMT	A	1.47%
	WFC	A	1.35%
	CVX	A	1.25%
	GOOG	C	1.14%
	COST	B	0.66%
	LUMN	C	0.65%
	PM	B	0.48%
	COP	C	0.48%
	MPC	D	0.4%
	VLO	C	0.39%
	LMT	D	0.37%
	HON	B	0.37%
	MO	A	0.37%
	PSX	C	0.36%
	ACN	C	0.36%
	ELV	F	0.36%
	UNP	C	0.35%
	RTX	C	0.34%
	F	C	0.33%
	LIN	D	0.33%
	DUK	C	0.3%
	KR	B	0.3%
	TSLA	B	0.28%
	ALL	A	0.27%
	SO	D	0.26%
	NEE	D	0.24%
	KMI	A	0.23%
	EOG	A	0.23%
	CSX	B	0.22%
	NSC	B	0.21%
	GD	F	0.21%
	NOC	D	0.2%
	CTSH	B	0.19%
	CNC	D	0.19%
	NUE	C	0.19%
	EXC	C	0.17%
	WMB	A	0.17%
	IP	B	0.17%
	NFLX	A	0.17%
	EMR	A	0.17%
	D	C	0.17%
	AEP	D	0.16%
	VST	B	0.16%
	DHI	D	0.16%
	BKR	B	0.16%
	BBY	D	0.16%
	LHX	C	0.16%
	JCI	C	0.16%
	SPGI	C	0.15%
	PCAR	B	0.15%
	GE	D	0.15%
	LYB	F	0.14%
	FCX	D	0.14%
	OKE	A	0.14%
	CL	D	0.13%
	TROW	B	0.13%
	BX	A	0.13%
	SRE	A	0.13%
	CBRE	B	0.13%
	FI	A	0.13%
	URI	B	0.13%
	ED	D	0.12%
	ETR	B	0.12%
	SLB	C	0.12%
	WDC	D	0.12%
	KKR	A	0.12%
	XEL	A	0.12%
	PARA	C	0.11%
	PEG	A	0.11%
	OXY	D	0.11%
	PPL	B	0.11%
	BA	F	0.11%
	INTU	C	0.11%
	PHM	D	0.11%
	STLD	B	0.11%
	EIX	B	0.1%
	CEG	D	0.1%
	NRG	B	0.1%
	MRO	B	0.09%
	SW	A	0.09%
	ISRG	A	0.09%
	STX	D	0.09%
	FE	C	0.09%
	DVN	F	0.09%
	RS	B	0.09%
	CTVA	C	0.09%
	PFG	D	0.09%
	WY	D	0.09%
	AMD	F	0.09%
	GEHC	F	0.09%
	KHC	F	0.09%
	ARW	D	0.08%
	USFD	A	0.08%
	CHRW	C	0.08%
	YUM	B	0.08%
	WHR	B	0.08%
	ES	D	0.08%
	WEC	A	0.08%
	WKC	D	0.08%
	ECL	D	0.08%
	JLL	D	0.08%
	WBD	C	0.08%
	IQV	D	0.07%
	OC	A	0.07%
	HWM	A	0.07%
	WTW	B	0.07%
	AEE	A	0.07%
	TRGP	B	0.07%
	THC	D	0.07%
	MCO	B	0.07%
	EVRG	A	0.07%
	STZ	D	0.07%
	R	B	0.07%
	CINF	A	0.07%
	X	C	0.07%
	LAD	A	0.07%
	PKG	A	0.07%
	AVT	C	0.07%
	ROST	C	0.07%
	DTE	C	0.07%
	LDOS	C	0.07%
	VRTX	F	0.07%
	FAST	B	0.07%
	SNA	A	0.06%
	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%
	TSCO	D	0.06%
	CPAY	A	0.06%
	JEF	A	0.06%
	TXT	D	0.06%
	BLDR	D	0.06%
	ROK	B	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%
	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%
	FNF	B	0.06%
	PAYX	C	0.06%
	DOV	A	0.06%
	TDG	D	0.06%
	KSS	F	0.06%
	KMX	B	0.06%
	MOH	F	0.05%
	ACM	A	0.05%
	VNO	B	0.05%
	NI	A	0.05%
	MNST	C	0.05%
	AFG	A	0.05%
	INGR	B	0.05%
	ORI	A	0.05%
	JBHT	C	0.05%
	MKL	A	0.05%
	IVZ	B	0.05%
	L	A	0.05%
	JNPR	F	0.05%
	AES	F	0.05%
	DRI	B	0.05%
	AN	C	0.05%
	GPC	D	0.05%
	KD	B	0.05%
	AVB	B	0.05%
	DXC	B	0.05%
	ALSN	B	0.05%
	TDS	B	0.05%
	GPI	A	0.05%
	FANG	D	0.05%
	CASY	A	0.05%
	DINO	D	0.05%
	MAS	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	C	0.04%
	SSNC	B	0.04%
	TER	D	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%
	FYBR	D	0.04%
	RPM	A	0.04%
	CMG	B	0.04%
	HSY	F	0.04%
	CNO	A	0.04%
	ON	D	0.04%
	CLX	B	0.04%
	DOX	D	0.04%
	CRBG	B	0.04%
	EXPD	D	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%
	RGA	A	0.04%
	ATO	A	0.04%
	SWKS	F	0.04%
	HOLX	D	0.04%
	RHI	B	0.04%
	HSIC	B	0.04%
	CHD	B	0.04%
	EW	C	0.04%
	LNT	A	0.04%
	GEN	B	0.04%
	FAF	A	0.04%
	MUSA	A	0.04%
	LPLA	A	0.04%
	PVH	C	0.04%
	NWSA	B	0.04%
	PNW	B	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%
	EQT	B	0.04%
	GEV	B	0.04%
	UGI	A	0.04%
	CDW	F	0.04%
	SEE	C	0.03%
	THG	A	0.03%
	LSTR	D	0.03%
	PRI	A	0.03%
	INVH	D	0.03%
	AR	B	0.03%
	FMC	D	0.03%
	SCI	B	0.03%
	IEX	B	0.03%
	ACI	C	0.03%
	MRNA	F	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	B	0.03%
	ITT	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%
	LII	A	0.03%
	G	B	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%
	ALB	C	0.03%
	SEIC	B	0.03%
	MSCI	C	0.03%
	KIM	A	0.03%
	VOYA	B	0.03%
	TTWO	A	0.03%
	MTD	D	0.03%
	AMCR	D	0.03%
	ARMK	B	0.03%
	AIZ	A	0.03%
	DAL	C	0.03%
	CAR	C	0.03%
	OGE	B	0.03%
	GPK	C	0.03%
	EXR	D	0.03%
	AKAM	D	0.03%
	FL	F	0.03%
	RRX	B	0.03%
	AGCO	D	0.03%
	CACI	D	0.03%
	APA	D	0.03%
	ESS	B	0.03%
	MTH	D	0.03%
	JHG	A	0.03%
	CLF	F	0.03%
	HII	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%
	FFIV	B	0.03%
	CG	A	0.03%
	FHN	A	0.03%
	CTRA	B	0.03%
	EL	F	0.03%
	CMC	B	0.03%
	OLN	D	0.03%
	IT	C	0.03%
	DECK	A	0.03%
	PANW	C	0.03%
	DPZ	C	0.03%
	BAH	F	0.03%
	CE	F	0.03%
	WSO	A	0.03%
	RMD	C	0.03%
	IR	B	0.03%
	CDNS	B	0.03%
	PBF	D	0.03%
	MTZ	B	0.03%
	WRB	A	0.03%
	ADSK	A	0.03%
	SANM	B	0.03%
	FTNT	C	0.03%
	NWL	B	0.03%
	HBI	B	0.03%
	GL	B	0.03%
	MLI	C	0.03%
	HUBB	B	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%
	TFX	F	0.02%
	ARCH	B	0.02%
	TKR	D	0.02%
	MIDD	C	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%
	WST	C	0.02%
	CZR	F	0.02%
	CCEP	C	0.02%
	LECO	B	0.02%
	ST	F	0.02%
	MUR	D	0.02%
	TPX	B	0.02%
	PII	D	0.02%
	STWD	C	0.02%
	PAG	B	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%
	PENN	C	0.02%
	IDXX	F	0.02%
	JKHY	D	0.02%
	HOG	D	0.02%
	APTV	D	0.02%
	POOL	C	0.02%
	ALGN	D	0.02%
	NOV	C	0.02%
	DCI	B	0.02%
	FCNCA	A	0.02%
	NVT	B	0.02%
	AVTR	F	0.02%
	AOS	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%
	REG	B	0.02%
	PK	B	0.02%
	UDR	B	0.02%
	VICI	C	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%
	BRO	B	0.02%
	GNRC	B	0.02%
	COR	B	0.02%
	TGNA	B	0.02%
	BAP	B	0.02%
	SON	D	0.02%
	AXTA	A	0.02%
	SOLV	C	0.02%
	VSH	D	0.01%
	ANDE	D	0.01%
	LILAK	D	0.01%
	CNXC	F	0.01%
	CRL	C	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%
	CBOE	B	0.01%
	FSLR	F	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%
	HRB	D	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 19 Positions Relative to VCEB

	Symbol	Grade	Weight
	DT	C	-0.19%
	WEST	C	-0.06%
	STLA	F	-0.04%
	BHF	B	-0.03%
	VOD	F	-0.03%
	BABA	D	-0.02%
	DB	D	-0.02%
	HSBC	B	-0.02%
	GSK	F	-0.02%
	AZN	D	-0.02%
	WB	D	-0.01%
	RPRX	D	-0.01%
	BMO	A	-0.01%
	CM	A	-0.01%
	BNS	A	-0.01%
	TD	F	-0.01%
	NWG	C	-0.01%
	MUFG	B	-0.01%
	RY	A	-0.01%

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

VCEB: Top Represented Industries & Keywords

Industries: Banks - Global Drug Manufacturers - Major Banks - Regional - US Semiconductors Packaged Foods Business Services Credit Services Asset Management Chemicals Diagnostics & Research Diversified Industrials Medical Devices Specialty Retail Telecom Services Capital Markets Health Care Plans Insurance - Diversified Insurance - Life Software - Application Beverages - Soft Drinks

Keywords: S&P 500 Nasdaq 100 Bank Dow Jones Component Insurance Banking Computing Investment Bank Financial Products Cash Management Commercial Banking Medicine Insurance Products Real Estate Investment Trust Disability Investment Management Asset Management Services Investment Banking Telecommunications Electronics