PHDG vs. FNDX ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to Schwab Fundamental U.S. Large Company Index ETF (FNDX)

PHDG

PowerShares S&P 500 Downside Hedged Portfolio

PHDG Description

The PowerShares S&P 500® Downside Hedged Portfolio (the Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed-income market returns. The Fund seeks to achieve its investment objective by using a quantitative, rules-based strategy designed to provide returns that correspond to the performance of the S&P 500® Dynamic VEQTOR Index (the Index). The Index provides investors with broad equity market exposure with an implied volatility hedge by dynamically allocating between equity, volatility and cash. The index allows investors to receive exposure to the equity and volatility of the S&P 500 Index in a dynamic framework.

Grade (RS Rating)

Last Trade

$38.07

Average Daily Volume

14,069

Number of Holdings ^*

496

* may have additional holdings in another (foreign) market

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

$71.53

Average Daily Volume

410,055

Number of Holdings ^*

716

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	FNDX
30 Days	1.47%	2.67%
60 Days	3.51%	4.35%
90 Days	2.41%	7.25%
12 Months	24.93%	29.57%

465 Overlapping Holdings

Symbol	Grade	Weight in PHDG	Weight in FNDX	Overlap
A	C	0.05%	0.06%	0.05%
AAL	D	0.01%	0.0%	0.0%
AAPL	C	3.77%	4.32%	3.77%
ABBV	B	0.39%	0.6%	0.39%
ABT	C	0.23%	0.34%	0.23%
ACGL	B	0.05%	0.05%	0.05%
ACN	C	0.24%	0.34%	0.24%
ADBE	F	0.27%	0.19%	0.19%
ADI	C	0.13%	0.13%	0.13%
ADM	D	0.04%	0.22%	0.04%
ADP	C	0.13%	0.14%	0.13%
ADSK	B	0.07%	0.03%	0.03%
AEE	B	0.03%	0.07%	0.03%
AEP	C	0.06%	0.19%	0.06%
AES	C	0.02%	0.07%	0.02%
AFL	A	0.06%	0.23%	0.06%
AIG	D	0.06%	0.28%	0.06%
AIZ	B	0.01%	0.03%	0.01%
AJG	D	0.07%	0.05%	0.05%
AKAM	D	0.02%	0.03%	0.02%
ALB	D	0.01%	0.02%	0.01%
ALGN	D	0.02%	0.02%	0.02%
ALL	C	0.06%	0.29%	0.06%
ALLE	B	0.01%	0.02%	0.01%
AMAT	D	0.19%	0.25%	0.19%
AMCR	B	0.02%	0.02%	0.02%
AMD	C	0.29%	0.09%	0.09%
AME	C	0.05%	0.05%	0.05%
AMGN	D	0.21%	0.48%	0.21%
AMP	B	0.05%	0.12%	0.05%
AMT	C	0.12%	0.14%	0.12%
AMZN	C	1.99%	1.38%	1.38%
ANET	C	0.11%	0.04%	0.04%
ANSS	D	0.03%	0.02%	0.02%
AON	B	0.09%	0.12%	0.09%
AOS	B	0.01%	0.03%	0.01%
APA	F	0.01%	0.03%	0.01%
APD	B	0.07%	0.12%	0.07%
APH	C	0.09%	0.09%	0.09%
APTV	D	0.02%	0.04%	0.02%
ARE	C	0.02%	0.03%	0.02%
ATO	B	0.02%	0.04%	0.02%
AVB	C	0.04%	0.06%	0.04%
AVGO	C	0.83%	0.67%	0.67%
AVY	C	0.02%	0.04%	0.02%
AWK	C	0.03%	0.05%	0.03%
AXP	B	0.17%	0.37%	0.17%
AZO	B	0.06%	0.06%	0.06%
BA	F	0.1%	0.13%	0.1%
BAC	D	0.32%	1.22%	0.32%
BALL	C	0.02%	0.06%	0.02%
BAX	C	0.02%	0.09%	0.02%
BBWI	D	0.01%	0.02%	0.01%
BBY	A	0.02%	0.19%	0.02%
BDX	D	0.08%	0.11%	0.08%
BEN	F	0.01%	0.04%	0.01%
BG	F	0.02%	0.11%	0.02%
BIIB	F	0.03%	0.1%	0.03%
BK	B	0.06%	0.26%	0.06%
BKNG	B	0.16%	0.2%	0.16%
BKR	C	0.04%	0.14%	0.04%
BLDR	C	0.03%	0.04%	0.03%
BLK	B	0.15%	0.25%	0.15%
BMY	C	0.11%	0.36%	0.11%
BR	C	0.03%	0.03%	0.03%
BRK.A	C	0.95%	2.26%	0.95%
BRO	C	0.03%	0.03%	0.03%
BSX	B	0.14%	0.09%	0.09%
BWA	C	0.01%	0.05%	0.01%
BX	C	0.13%	0.12%	0.12%
BXP	C	0.01%	0.05%	0.01%
C	C	0.14%	1.05%	0.14%
CAG	B	0.02%	0.07%	0.02%
CAH	C	0.03%	0.07%	0.03%
CARR	B	0.08%	0.13%	0.08%
CAT	B	0.21%	0.39%	0.21%
CB	B	0.13%	0.29%	0.13%
CBOE	C	0.02%	0.02%	0.02%
CBRE	B	0.04%	0.13%	0.04%
CCI	C	0.06%	0.11%	0.06%
CCL	C	0.02%	0.05%	0.02%
CDNS	D	0.09%	0.03%	0.03%
CDW	D	0.04%	0.06%	0.04%
CE	D	0.01%	0.06%	0.01%
CEG	C	0.08%	0.1%	0.08%
CF	B	0.02%	0.06%	0.02%
CFG	D	0.02%	0.1%	0.02%
CHD	C	0.03%	0.04%	0.03%
CHRW	B	0.01%	0.07%	0.01%
CHTR	D	0.04%	0.32%	0.04%
CI	C	0.12%	0.55%	0.12%
CINF	C	0.02%	0.07%	0.02%
CL	C	0.1%	0.16%	0.1%
CLX	C	0.02%	0.04%	0.02%
CMCSA	C	0.18%	0.74%	0.18%
CME	B	0.09%	0.08%	0.08%
CMG	D	0.09%	0.04%	0.04%
CMI	B	0.05%	0.17%	0.05%
CMS	B	0.02%	0.06%	0.02%
CNC	D	0.05%	0.25%	0.05%
CNP	C	0.02%	0.06%	0.02%
COF	B	0.07%	0.39%	0.07%
COP	F	0.15%	0.42%	0.15%
COST	C	0.46%	0.72%	0.46%
CPAY	B	0.03%	0.05%	0.03%
CPB	C	0.01%	0.04%	0.01%
CPRT	D	0.05%	0.02%	0.02%
CPT	C	0.02%	0.02%	0.02%
CRL	F	0.01%	0.01%	0.01%
CRM	C	0.3%	0.12%	0.12%
CSCO	B	0.24%	0.74%	0.24%
CSX	C	0.08%	0.21%	0.08%
CTAS	C	0.08%	0.09%	0.08%
CTLT	B	0.01%	0.02%	0.01%
CTRA	F	0.02%	0.01%	0.01%
CTSH	B	0.04%	0.18%	0.04%
CTVA	B	0.05%	0.09%	0.05%
CVS	D	0.08%	0.68%	0.08%
CVX	F	0.28%	1.07%	0.28%
CZR	C	0.01%	0.02%	0.01%
D	C	0.06%	0.19%	0.06%
DAL	C	0.03%	0.02%	0.02%
DD	B	0.04%	0.18%	0.04%
DE	A	0.12%	0.22%	0.12%
DECK	C	0.03%	0.03%	0.03%
DFS	C	0.04%	0.21%	0.04%
DG	F	0.02%	0.08%	0.02%
DGX	B	0.02%	0.07%	0.02%
DHI	C	0.07%	0.2%	0.07%
DHR	B	0.21%	0.17%	0.17%
DIS	D	0.19%	0.38%	0.19%
DLR	B	0.06%	0.08%	0.06%
DLTR	F	0.02%	0.05%	0.02%
DOC	B	0.02%	0.04%	0.02%
DOV	B	0.03%	0.06%	0.03%
DOW	C	0.04%	0.19%	0.04%
DPZ	D	0.02%	0.04%	0.02%
DRI	C	0.02%	0.05%	0.02%
DTE	A	0.03%	0.08%	0.03%
DUK	B	0.1%	0.34%	0.1%
DVA	B	0.01%	0.07%	0.01%
DVN	F	0.03%	0.08%	0.03%
EA	D	0.04%	0.08%	0.04%
EBAY	B	0.04%	0.2%	0.04%
ECL	B	0.07%	0.09%	0.07%
ED	B	0.04%	0.13%	0.04%
EFX	C	0.04%	0.04%	0.04%
EG	B	0.02%	0.03%	0.02%
EIX	B	0.04%	0.11%	0.04%
EL	D	0.02%	0.04%	0.02%
ELV	D	0.14%	0.5%	0.14%
EMN	B	0.01%	0.08%	0.01%
EMR	D	0.07%	0.15%	0.07%
EOG	D	0.08%	0.2%	0.08%
EPAM	F	0.01%	0.02%	0.01%
EQIX	B	0.09%	0.08%	0.08%
EQR	C	0.03%	0.06%	0.03%
EQT	C	0.02%	0.03%	0.02%
ES	B	0.03%	0.09%	0.03%
ESS	C	0.02%	0.04%	0.02%
ETN	C	0.15%	0.21%	0.15%
ETR	A	0.03%	0.11%	0.03%
EVRG	B	0.02%	0.07%	0.02%
EW	F	0.05%	0.04%	0.04%
EXC	B	0.04%	0.18%	0.04%
EXPD	B	0.02%	0.02%	0.02%
EXPE	C	0.02%	0.03%	0.02%
EXR	C	0.04%	0.04%	0.04%
F	F	0.05%	0.31%	0.05%
FANG	F	0.04%	0.05%	0.04%
FAST	C	0.05%	0.07%	0.05%
FCX	C	0.07%	0.14%	0.07%
FDX	D	0.08%	0.33%	0.08%
FE	B	0.03%	0.1%	0.03%
FFIV	B	0.01%	0.03%	0.01%
FIS	C	0.05%	0.13%	0.05%
FITB	B	0.03%	0.13%	0.03%
FMC	B	0.01%	0.03%	0.01%
FOXA	B	0.01%	0.09%	0.01%
FSLR	C	0.03%	0.02%	0.02%
FTNT	B	0.05%	0.03%	0.03%
FTV	C	0.03%	0.03%	0.03%
GD	C	0.08%	0.23%	0.08%
GDDY	C	0.03%	0.02%	0.02%
GE	C	0.23%	0.18%	0.18%
GEHC	B	0.04%	0.07%	0.04%
GEV	B	0.08%	0.05%	0.05%
GILD	B	0.12%	0.35%	0.12%
GIS	B	0.05%	0.13%	0.05%
GL	D	0.01%	0.03%	0.01%
GLW	B	0.04%	0.14%	0.04%
GM	C	0.06%	0.69%	0.06%
GNRC	D	0.01%	0.02%	0.01%
GOOG	D	0.91%	1.07%	0.91%
GOOGL	D	1.09%	1.23%	1.09%
GPC	D	0.02%	0.05%	0.02%
GPN	D	0.03%	0.08%	0.03%
GRMN	D	0.03%	0.04%	0.03%
GS	B	0.19%	0.57%	0.19%
GWW	B	0.05%	0.07%	0.05%
HAL	F	0.03%	0.06%	0.03%
HAS	B	0.01%	0.04%	0.01%
HBAN	B	0.02%	0.07%	0.02%
HCA	B	0.09%	0.26%	0.09%
HD	B	0.44%	0.79%	0.44%
HES	F	0.04%	0.04%	0.04%
HIG	B	0.04%	0.15%	0.04%
HII	F	0.01%	0.04%	0.01%
HLT	B	0.06%	0.06%	0.06%
HOLX	D	0.02%	0.04%	0.02%
HON	C	0.15%	0.34%	0.15%
HPE	C	0.03%	0.18%	0.03%
HPQ	C	0.03%	0.2%	0.03%
HRL	F	0.01%	0.03%	0.01%
HSIC	C	0.01%	0.04%	0.01%
HST	D	0.01%	0.04%	0.01%
HSY	D	0.03%	0.04%	0.03%
HUBB	B	0.03%	0.03%	0.03%
HUM	F	0.04%	0.2%	0.04%
HWM	B	0.04%	0.06%	0.04%
IBM	B	0.22%	0.62%	0.22%
ICE	C	0.1%	0.13%	0.1%
IDXX	D	0.05%	0.03%	0.03%
IEX	C	0.02%	0.02%	0.02%
IFF	A	0.03%	0.06%	0.03%
INTC	D	0.1%	0.64%	0.1%
INTU	D	0.21%	0.1%	0.1%
INVH	D	0.02%	0.03%	0.02%
IP	C	0.02%	0.16%	0.02%
IPG	C	0.01%	0.04%	0.01%
IQV	D	0.05%	0.08%	0.05%
IR	B	0.04%	0.03%	0.03%
IRM	C	0.04%	0.08%	0.04%
ISRG	C	0.2%	0.09%	0.09%
IT	C	0.05%	0.03%	0.03%
ITW	B	0.08%	0.15%	0.08%
IVZ	B	0.01%	0.04%	0.01%
J	A	0.02%	0.06%	0.02%
JBHT	D	0.02%	0.04%	0.02%
JBL	C	0.02%	0.05%	0.02%
JCI	B	0.06%	0.15%	0.06%
JKHY	B	0.01%	0.02%	0.01%
JNJ	C	0.45%	1.0%	0.45%
JNPR	A	0.01%	0.05%	0.01%
JPM	D	0.69%	1.93%	0.69%
K	A	0.02%	0.07%	0.02%
KDP	B	0.04%	0.08%	0.04%
KEY	C	0.02%	0.09%	0.02%
KEYS	B	0.03%	0.03%	0.03%
KHC	C	0.03%	0.11%	0.03%
KIM	C	0.02%	0.03%	0.02%
KKR	B	0.1%	0.12%	0.1%
KLAC	D	0.12%	0.1%	0.1%
KMB	C	0.05%	0.11%	0.05%
KMI	C	0.05%	0.19%	0.05%
KMX	D	0.01%	0.07%	0.01%
KO	B	0.31%	0.43%	0.31%
KR	B	0.04%	0.3%	0.04%
KVUE	B	0.05%	0.03%	0.03%
L	D	0.02%	0.05%	0.02%
LDOS	A	0.02%	0.08%	0.02%
LEN	B	0.05%	0.19%	0.05%
LHX	C	0.05%	0.16%	0.05%
LIN	B	0.26%	0.35%	0.26%
LKQ	F	0.01%	0.05%	0.01%
LLY	D	0.83%	0.26%	0.26%
LMT	A	0.14%	0.4%	0.14%
LNT	A	0.02%	0.04%	0.02%
LOW	B	0.17%	0.42%	0.17%
LRCX	D	0.12%	0.16%	0.12%
LULU	D	0.04%	0.02%	0.02%
LUV	C	0.02%	0.02%	0.02%
LVS	C	0.02%	0.03%	0.02%
LW	D	0.01%	0.01%	0.01%
LYB	D	0.03%	0.15%	0.03%
MA	B	0.46%	0.28%	0.28%
MAA	C	0.02%	0.04%	0.02%
MAR	B	0.07%	0.08%	0.07%
MAS	B	0.02%	0.06%	0.02%
MCD	B	0.24%	0.34%	0.24%
MCHP	D	0.05%	0.05%	0.05%
MCK	F	0.08%	0.1%	0.08%
MCO	C	0.09%	0.08%	0.08%
MDLZ	C	0.11%	0.23%	0.11%
MDT	B	0.14%	0.27%	0.14%
MET	B	0.06%	0.26%	0.06%
META	B	1.4%	1.85%	1.4%
MGM	D	0.01%	0.05%	0.01%
MHK	B	0.01%	0.08%	0.01%
MKC	C	0.02%	0.04%	0.02%
MLM	D	0.04%	0.04%	0.04%
MMC	C	0.13%	0.15%	0.13%
MMM	B	0.08%	0.4%	0.08%
MNST	D	0.04%	0.04%	0.04%
MO	C	0.1%	0.37%	0.1%
MOH	D	0.02%	0.05%	0.02%
MOS	F	0.01%	0.05%	0.01%
MPC	F	0.07%	0.41%	0.07%
MRK	F	0.34%	0.51%	0.34%
MRNA	F	0.03%	0.04%	0.03%
MRO	D	0.02%	0.08%	0.02%
MS	B	0.14%	0.36%	0.14%
MSCI	C	0.05%	0.03%	0.03%
MSFT	C	3.72%	2.53%	2.53%
MSI	B	0.08%	0.06%	0.06%
MTB	C	0.03%	0.1%	0.03%
MTD	C	0.04%	0.04%	0.04%
MU	D	0.11%	0.35%	0.11%
NDAQ	C	0.04%	0.03%	0.03%
NDSN	C	0.02%	0.02%	0.02%
NEE	B	0.19%	0.29%	0.19%
NEM	C	0.07%	0.19%	0.07%
NFLX	B	0.35%	0.15%	0.15%
NI	B	0.02%	0.05%	0.02%
NKE	D	0.11%	0.18%	0.11%
NOC	B	0.08%	0.21%	0.08%
NOW	C	0.22%	0.01%	0.01%
NRG	B	0.02%	0.11%	0.02%
NSC	C	0.06%	0.2%	0.06%
NTAP	D	0.03%	0.08%	0.03%
NTRS	C	0.02%	0.07%	0.02%
NUE	D	0.04%	0.18%	0.04%
NVDA	C	3.31%	0.37%	0.37%
NVR	B	0.03%	0.08%	0.03%
NWSA	D	0.01%	0.04%	0.01%
NXPI	D	0.07%	0.08%	0.07%
O	B	0.06%	0.04%	0.04%
ODFL	D	0.04%	0.05%	0.04%
OKE	C	0.06%	0.13%	0.06%
OMC	B	0.02%	0.08%	0.02%
ON	D	0.04%	0.04%	0.04%
ORCL	B	0.31%	0.49%	0.31%
ORLY	B	0.08%	0.1%	0.08%
OTIS	B	0.04%	0.05%	0.04%
OXY	F	0.04%	0.11%	0.04%
PANW	D	0.12%	0.03%	0.03%
PARA	D	0.01%	0.09%	0.01%
PAYX	C	0.05%	0.06%	0.05%
PCAR	D	0.06%	0.13%	0.06%
PCG	C	0.05%	0.03%	0.03%
PEG	B	0.05%	0.11%	0.05%
PEP	D	0.27%	0.45%	0.27%
PFE	D	0.19%	0.76%	0.19%
PFG	B	0.02%	0.08%	0.02%
PG	C	0.46%	0.85%	0.46%
PGR	C	0.17%	0.26%	0.17%
PH	B	0.09%	0.12%	0.09%
PHM	B	0.03%	0.13%	0.03%
PKG	B	0.02%	0.07%	0.02%
PLD	C	0.14%	0.08%	0.08%
PM	C	0.21%	0.51%	0.21%
PNC	C	0.09%	0.29%	0.09%
PNR	B	0.02%	0.04%	0.02%
PNW	C	0.01%	0.05%	0.01%
POOL	C	0.02%	0.02%	0.02%
PPG	C	0.03%	0.08%	0.03%
PPL	A	0.03%	0.11%	0.03%
PRU	C	0.05%	0.23%	0.05%
PSA	C	0.06%	0.06%	0.06%
PSX	F	0.06%	0.36%	0.06%
PWR	B	0.05%	0.06%	0.05%
PYPL	B	0.09%	0.19%	0.09%
QCOM	D	0.22%	0.46%	0.22%
QRVO	F	0.01%	0.05%	0.01%
REG	C	0.01%	0.03%	0.01%
REGN	D	0.14%	0.16%	0.14%
RF	B	0.02%	0.08%	0.02%
RJF	C	0.03%	0.04%	0.03%
RL	B	0.01%	0.03%	0.01%
RMD	C	0.04%	0.04%	0.04%
ROK	D	0.03%	0.05%	0.03%
ROP	C	0.07%	0.05%	0.05%
ROST	C	0.06%	0.08%	0.06%
RSG	D	0.05%	0.07%	0.05%
RTX	B	0.18%	0.36%	0.18%
SBAC	C	0.03%	0.02%	0.02%
SBUX	C	0.13%	0.26%	0.13%
SCHW	D	0.11%	0.1%	0.1%
SHW	B	0.1%	0.09%	0.09%
SJM	C	0.01%	0.06%	0.01%
SLB	F	0.07%	0.11%	0.07%
SNA	B	0.02%	0.04%	0.02%
SNPS	F	0.09%	0.03%	0.03%
SO	B	0.11%	0.29%	0.11%
SOLV	D	0.01%	0.04%	0.01%
SPG	B	0.06%	0.11%	0.06%
SPGI	C	0.19%	0.15%	0.15%
SRE	B	0.06%	0.12%	0.06%
STE	B	0.03%	0.03%	0.03%
STLD	C	0.02%	0.09%	0.02%
STT	B	0.03%	0.1%	0.03%
STX	B	0.02%	0.1%	0.02%
STZ	C	0.05%	0.07%	0.05%
SW	B	0.03%	0.11%	0.03%
SWK	B	0.02%	0.08%	0.02%
SWKS	F	0.02%	0.05%	0.02%
SYF	C	0.02%	0.27%	0.02%
SYK	C	0.14%	0.13%	0.13%
SYY	C	0.04%	0.1%	0.04%
T	B	0.17%	1.39%	0.17%
TAP	D	0.01%	0.05%	0.01%
TDG	B	0.09%	0.08%	0.08%
TDY	B	0.02%	0.02%	0.02%
TEL	D	0.05%	0.11%	0.05%
TER	C	0.02%	0.05%	0.02%
TFC	D	0.07%	0.22%	0.07%
TFX	B	0.01%	0.02%	0.01%
TGT	C	0.08%	0.38%	0.08%
TJX	C	0.15%	0.24%	0.15%
TMO	B	0.27%	0.29%	0.27%
TMUS	B	0.12%	0.24%	0.12%
TPR	A	0.01%	0.04%	0.01%
TRGP	C	0.04%	0.06%	0.04%
TRMB	C	0.02%	0.03%	0.02%
TROW	C	0.03%	0.11%	0.03%
TRV	C	0.06%	0.31%	0.06%
TSCO	B	0.03%	0.06%	0.03%
TSLA	C	0.77%	0.18%	0.18%
TSN	D	0.02%	0.2%	0.02%
TT	B	0.1%	0.09%	0.09%
TTWO	D	0.03%	0.02%	0.02%
TXN	B	0.22%	0.34%	0.22%
TXT	D	0.02%	0.06%	0.02%
UBER	C	0.18%	0.04%	0.04%
UDR	C	0.02%	0.03%	0.02%
UHS	C	0.02%	0.1%	0.02%
ULTA	D	0.02%	0.03%	0.02%
UNH	C	0.61%	1.23%	0.61%
UNP	D	0.17%	0.4%	0.17%
UPS	D	0.11%	0.25%	0.11%
URI	B	0.06%	0.13%	0.06%
USB	C	0.08%	0.3%	0.08%
V	C	0.51%	0.35%	0.35%
VICI	C	0.04%	0.02%	0.02%
VLO	F	0.05%	0.37%	0.05%
VMC	C	0.04%	0.04%	0.04%
VRSK	D	0.04%	0.04%	0.04%
VRSN	C	0.02%	0.01%	0.01%
VRTX	D	0.14%	0.08%	0.08%
VST	B	0.03%	0.12%	0.03%
VTR	C	0.03%	0.09%	0.03%
VTRS	D	0.02%	0.09%	0.02%
VZ	A	0.21%	1.33%	0.21%
WAB	B	0.04%	0.06%	0.04%
WAT	B	0.02%	0.04%	0.02%
WBA	F	0.01%	0.14%	0.01%
WBD	D	0.02%	0.06%	0.02%
WDC	C	0.02%	0.13%	0.02%
WEC	B	0.03%	0.08%	0.03%
WELL	C	0.09%	0.11%	0.09%
WFC	D	0.22%	1.09%	0.22%
WM	D	0.09%	0.15%	0.09%
WMB	C	0.06%	0.15%	0.06%
WMT	B	0.38%	1.5%	0.38%
WRB	D	0.02%	0.04%	0.02%
WST	D	0.03%	0.02%	0.02%
WTW	B	0.03%	0.07%	0.03%
WY	C	0.03%	0.09%	0.03%
XEL	B	0.04%	0.12%	0.04%
XOM	D	0.59%	1.91%	0.59%
XYL	C	0.04%	0.04%	0.04%
YUM	B	0.04%	0.08%	0.04%
ZBH	F	0.03%	0.05%	0.03%
ZBRA	B	0.02%	0.04%	0.02%
ZTS	B	0.1%	0.08%	0.08%

PHDG Overweight 31 Positions Relative to FNDX

Symbol	Grade	Weight
CRWD	D	0.07%
ABNB	D	0.06%
RCL	B	0.05%
MPWR	B	0.05%
FICO	B	0.05%
CSGP	D	0.04%
SMCI	F	0.03%
VLTO	B	0.03%
TYL	C	0.03%
AXON	B	0.03%
DXCM	F	0.03%
ROL	C	0.02%
LYV	A	0.02%
ENPH	D	0.02%
PODD	C	0.02%
UAL	B	0.02%
FDS	C	0.02%
PTC	C	0.02%
FOX	B	0.01%
ETSY	D	0.01%
BIO	C	0.01%
WYNN	C	0.01%
PAYC	D	0.01%
FRT	C	0.01%
NCLH	B	0.01%
DAY	D	0.01%
MTCH	C	0.01%
MKTX	D	0.01%
INCY	C	0.01%
TECH	C	0.01%
NWS	D	0.0%

PHDG Underweight 251 Positions Relative to FNDX

Symbol	Grade	Weight
LUMN	C	-0.58%
ALLY	F	-0.1%
JLL	B	-0.09%
X	F	-0.08%
RS	D	-0.08%
THC	C	-0.08%
ARW	B	-0.08%
KSS	D	-0.07%
OGN	D	-0.07%
WHR	C	-0.07%
FNF	B	-0.07%
USFD	C	-0.07%
AVT	B	-0.07%
WSM	C	-0.06%
EME	B	-0.06%
OC	C	-0.06%
TOL	A	-0.06%
CMA	C	-0.06%
VFC	B	-0.06%
R	C	-0.06%
MKL	C	-0.05%
INGR	B	-0.05%
UGI	B	-0.05%
TDS	B	-0.05%
AFG	C	-0.05%
DKS	D	-0.05%
EQH	C	-0.05%
VNO	B	-0.05%
MUSA	D	-0.05%
GPI	B	-0.05%
ORI	B	-0.05%
KD	F	-0.05%
CSL	B	-0.05%
SFM	B	-0.05%
DINO	F	-0.05%
AA	C	-0.05%
UNM	B	-0.05%
DXC	D	-0.05%
MAN	C	-0.05%
AN	C	-0.05%
ZION	D	-0.05%
LNG	D	-0.05%
PFGC	B	-0.05%
LEA	D	-0.05%
OMF	D	-0.05%
M	F	-0.05%
FLEX	B	-0.05%
LAD	B	-0.05%
CASY	D	-0.05%
LNC	C	-0.05%
JEF	C	-0.05%
FL	F	-0.04%
LPX	B	-0.04%
AMG	C	-0.04%
RPM	B	-0.04%
MRVL	D	-0.04%
SLM	C	-0.04%
BAP	B	-0.04%
MTH	C	-0.04%
WU	C	-0.04%
AYI	B	-0.04%
BAH	B	-0.04%
CNO	C	-0.04%
SSNC	C	-0.04%
THO	C	-0.04%
FYBR	C	-0.04%
GAP	F	-0.04%
TMHC	B	-0.04%
JXN	B	-0.04%
KNX	C	-0.04%
DOX	C	-0.04%
CCK	B	-0.04%
PVH	D	-0.04%
EVR	B	-0.04%
ZIM	B	-0.04%
BERY	B	-0.04%
ACM	B	-0.04%
RGA	C	-0.04%
ALSN	B	-0.04%
FAF	B	-0.04%
OVV	F	-0.04%
SKX	C	-0.03%
LAMR	B	-0.03%
SNX	C	-0.03%
ITT	B	-0.03%
GNTX	D	-0.03%
AAP	F	-0.03%
CW	B	-0.03%
SCI	C	-0.03%
HOG	C	-0.03%
ILMN	D	-0.03%
MTG	B	-0.03%
FLR	D	-0.03%
CIEN	B	-0.03%
EWBC	C	-0.03%
LPLA	D	-0.03%
CG	C	-0.03%
SON	D	-0.03%
SAIC	C	-0.03%
SUI	C	-0.03%
CLF	F	-0.03%
BC	C	-0.03%
AVTR	C	-0.03%
AER	C	-0.03%
SWN	C	-0.03%
FHN	D	-0.03%
JHG	B	-0.03%
BPOP	C	-0.03%
AGCO	D	-0.03%
CMC	D	-0.03%
CRBG	C	-0.03%
VOYA	B	-0.03%
PBF	F	-0.03%
RRX	C	-0.03%
GT	F	-0.03%
NWL	C	-0.03%
TRU	B	-0.03%
CHKP	B	-0.03%
OLN	D	-0.03%
MLI	B	-0.03%
SLG	C	-0.03%
ARMK	B	-0.03%
MTZ	C	-0.03%
GNW	C	-0.03%
TPH	C	-0.03%
LII	C	-0.03%
OGE	B	-0.03%
APO	B	-0.03%
BURL	C	-0.03%
RHI	D	-0.03%
NXST	D	-0.03%
WCC	C	-0.03%
SANM	D	-0.03%
CCEP	C	-0.03%
KBH	C	-0.03%
CACI	B	-0.03%
WSO	C	-0.03%
HBI	A	-0.03%
GPK	C	-0.03%
CNH	C	-0.03%
HUN	C	-0.03%
UFPI	C	-0.03%
BCC	C	-0.03%
OSK	F	-0.03%
BLD	C	-0.02%
DAN	D	-0.02%
LEG	D	-0.02%
UNFI	B	-0.02%
OI	D	-0.02%
WLK	C	-0.02%
ICLR	F	-0.02%
CNX	B	-0.02%
GXO	D	-0.02%
FTI	D	-0.02%
MIDD	C	-0.02%
BECN	F	-0.02%
SM	F	-0.02%
LECO	D	-0.02%
WERN	C	-0.02%
MKSI	F	-0.02%
XRAY	D	-0.02%
CHK	C	-0.02%
FLO	C	-0.02%
CC	D	-0.02%
SQ	D	-0.02%
DAR	F	-0.02%
PRGO	F	-0.02%
REZI	D	-0.02%
TKR	C	-0.02%
KBR	D	-0.02%
CAR	D	-0.02%
CYH	C	-0.02%
HUBG	C	-0.02%
ACI	F	-0.02%
TGNA	C	-0.02%
TTC	F	-0.02%
CRI	D	-0.02%
PENN	D	-0.02%
AL	C	-0.02%
JWN	C	-0.02%
FCNCA	D	-0.02%
POR	B	-0.02%
MUR	F	-0.02%
GGG	C	-0.02%
TPX	B	-0.02%
ASGN	D	-0.02%
UHAL	B	-0.02%
NFG	B	-0.02%
RUSHA	C	-0.02%
NVT	C	-0.02%
ASO	D	-0.02%
PAG	D	-0.02%
NAVI	D	-0.02%
GLPI	C	-0.02%
XRX	D	-0.02%
HRB	C	-0.02%
BTU	C	-0.02%
DCI	C	-0.02%
ST	D	-0.02%
WPC	C	-0.02%
QRTEA	F	-0.02%
AR	C	-0.02%
NOV	F	-0.02%
STWD	B	-0.02%
POST	B	-0.02%
ATR	B	-0.02%
BJ	D	-0.02%
AXTA	B	-0.02%
ABG	D	-0.02%
PK	D	-0.02%
PRI	B	-0.02%
SEIC	B	-0.02%
ABM	D	-0.02%
G	C	-0.02%
MPW	C	-0.02%
MDU	B	-0.02%
PII	D	-0.02%
ALV	F	-0.02%
EXP	B	-0.02%
EHC	B	-0.02%
BRX	C	-0.02%
LSTR	D	-0.02%
SEE	C	-0.02%
CPRI	D	-0.02%
NSIT	C	-0.02%
THG	C	-0.02%
SNV	D	-0.02%
ALK	B	-0.01%
CNXC	F	-0.01%
HTZ	F	-0.01%
COHR	C	-0.01%
MATX	B	-0.01%
DELL	C	-0.01%
VSH	F	-0.01%
ANDE	D	-0.01%
DBX	C	-0.01%
MSM	D	-0.01%
ARCH	D	-0.01%
JAZZ	D	-0.01%
DK	F	-0.01%
WTRG	D	-0.01%
VAC	D	-0.01%
CHE	C	-0.01%
AEO	D	-0.01%
MMS	B	-0.01%
TNL	C	-0.01%
ADNT	D	-0.01%
MTN	D	-0.01%
LILAK	D	-0.01%
SPTN	C	-0.01%
ODP	F	-0.01%