FNDX vs. NZAC ETF Comparison

Comparison of Schwab Fundamental U.S. Large Company Index ETF (FNDX) to SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC)

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

$24.64

Average Daily Volume

1,178,356

Number of Holdings ^*

721

* may have additional holdings in another (foreign) market

NZAC

SPDR MSCI ACWI Climate Paris Aligned ETF

NZAC Description

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to exceed the minimum standards for a "Paris-Aligned Benchmark" under the EU BMR. A Paris-Aligned Benchmark is designed to align with a principal objective of the Paris Agreement to limit the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels.

Grade (RS Rating)

Last Trade

$37.11

Average Daily Volume

6,919

Number of Holdings ^*

370

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	NZAC
30 Days	2.37%	-0.46%
60 Days	4.07%	0.77%
90 Days	5.72%	2.06%
12 Months	28.68%	25.27%

296 Overlapping Holdings

	Symbol	Grade	Weight in FNDX	Weight in NZAC	Overlap
	A	D	0.05%	0.06%	0.05%
	AAPL	C	4.35%	4.47%	4.35%
	ABBV	F	0.49%	0.6%	0.49%
	ABBV	F	0.49%	0.34%	0.34%
	ABT	B	0.34%	0.19%	0.19%
	ACGL	C	0.03%	0.12%	0.03%
	ACM	B	0.05%	0.36%	0.05%
	ACN	B	0.36%	0.39%	0.36%
	ADBE	C	0.2%	0.35%	0.2%
	ADI	D	0.13%	0.46%	0.13%
	ADP	A	0.15%	0.2%	0.15%
	ADSK	A	0.03%	0.09%	0.03%
	AFG	A	0.05%	0.07%	0.05%
	AFL	B	0.21%	0.28%	0.21%
	AIG	B	0.28%	0.14%	0.14%
	AIZ	A	0.03%	0.09%	0.03%
	AJG	A	0.05%	0.07%	0.05%
	ALB	B	0.03%	0.01%	0.01%
	ALGN	D	0.02%	0.03%	0.02%
	ALL	A	0.27%	0.14%	0.14%
	ALLE	C	0.01%	0.09%	0.01%
	ALLY	C	0.1%	0.02%	0.02%
	AMAT	F	0.24%	0.12%	0.12%
	AMD	F	0.09%	0.27%	0.09%
	AME	A	0.05%	0.16%	0.05%
	AMGN	F	0.39%	0.21%	0.21%
	AMP	A	0.15%	0.16%	0.15%
	AMT	C	0.11%	0.11%	0.11%
	AMZN	C	1.56%	2.38%	1.56%
	ANET	C	0.04%	0.06%	0.04%
	ANSS	B	0.02%	0.02%	0.02%
	AON	A	0.13%	0.11%	0.11%
	APH	A	0.09%	0.11%	0.09%
	APO	B	0.03%	0.17%	0.03%
	AVB	B	0.05%	0.12%	0.05%
	AVGO	D	0.61%	1.1%	0.61%
	AVTR	F	0.02%	0.03%	0.02%
	AXP	A	0.36%	0.36%	0.36%
	AZO	C	0.06%	0.1%	0.06%
	BAC	A	1.3%	0.44%	0.44%
	BAH	F	0.03%	0.03%	0.03%
	BAX	F	0.07%	0.02%	0.02%
	BBWI	C	0.03%	0.01%	0.01%
	BDX	F	0.11%	0.11%	0.11%
	BIIB	F	0.09%	0.03%	0.03%
	BK	A	0.26%	0.13%	0.13%
	BKNG	A	0.24%	0.24%	0.24%
	BLK	B	0.28%	0.27%	0.27%
	BMY	B	0.45%	0.24%	0.24%
	BR	A	0.03%	0.08%	0.03%
	BRK.A	B	2.17%	0.39%	0.39%
	BRO	B	0.02%	0.05%	0.02%
	BSX	A	0.09%	0.31%	0.09%
	BURL	B	0.03%	0.03%	0.03%
	BX	A	0.13%	0.19%	0.13%
	BXP	C	0.05%	0.07%	0.05%
	C	A	1.1%	0.01%	0.01%
	CARR	C	0.12%	0.03%	0.03%
	CB	C	0.26%	0.24%	0.24%
	CBOE	C	0.01%	0.03%	0.01%
	CBRE	B	0.13%	0.18%	0.13%
	CCEP	C	0.02%	0.03%	0.02%
	CCI	C	0.09%	0.07%	0.07%
	CDW	F	0.04%	0.13%	0.04%
	CEG	C	0.1%	0.04%	0.04%
	CG	B	0.03%	0.02%	0.02%
	CHD	A	0.04%	0.1%	0.04%
	CHTR	C	0.35%	0.07%	0.07%
	CINF	A	0.07%	0.07%	0.07%
	CLX	A	0.04%	0.01%	0.01%
	CMCSA	B	0.83%	0.25%	0.25%
	CME	B	0.08%	0.12%	0.08%
	CMG	B	0.04%	0.07%	0.04%
	COF	C	0.48%	0.14%	0.14%
	CPAY	A	0.06%	0.05%	0.05%
	CPRT	B	0.03%	0.04%	0.03%
	CRM	B	0.15%	0.42%	0.15%
	CSCO	B	0.82%	0.4%	0.4%
	CSX	C	0.22%	0.09%	0.09%
	CTAS	B	0.08%	0.04%	0.04%
	CTLT	C	0.02%	0.02%	0.02%
	CTSH	B	0.19%	0.08%	0.08%
	DE	B	0.23%	0.14%	0.14%
	DFS	B	0.26%	0.09%	0.09%
	DGX	A	0.07%	0.02%	0.02%
	DHI	F	0.16%	0.06%	0.06%
	DHR	F	0.15%	0.19%	0.15%
	DIS	B	0.45%	0.29%	0.29%
	DLR	B	0.08%	0.39%	0.08%
	DLTR	F	0.05%	0.02%	0.02%
	DOC	C	0.03%	0.01%	0.01%
	EA	A	0.09%	0.01%	0.01%
	EBAY	D	0.17%	0.14%	0.14%
	ECL	D	0.08%	0.06%	0.06%
	EFX	F	0.03%	0.03%	0.03%
	EG	C	0.02%	0.03%	0.02%
	EIX	B	0.1%	0.81%	0.1%
	EL	F	0.03%	0.03%	0.03%
	ELV	F	0.36%	0.17%	0.17%
	EPAM	B	0.02%	0.01%	0.01%
	EQH	C	0.05%	0.1%	0.05%
	EQIX	A	0.08%	0.33%	0.08%
	EQR	C	0.05%	0.07%	0.05%
	ESS	B	0.03%	0.1%	0.03%
	ETN	A	0.23%	0.28%	0.23%
	EW	C	0.04%	0.11%	0.04%
	EXR	C	0.03%	0.04%	0.03%
	FAST	B	0.07%	0.17%	0.07%
	FFIV	B	0.03%	0.18%	0.03%
	FI	A	0.13%	0.18%	0.13%
	FIS	C	0.12%	0.07%	0.07%
	FOXA	A	0.1%	0.04%	0.04%
	FSLR	F	0.01%	0.16%	0.01%
	FTNT	C	0.03%	0.09%	0.03%
	FTV	C	0.03%	0.09%	0.03%
	GDDY	A	0.03%	0.03%	0.03%
	GILD	C	0.37%	0.06%	0.06%
	GIS	D	0.11%	0.08%	0.08%
	GLW	B	0.14%	0.19%	0.14%
	GOOG	C	1.14%	1.45%	1.14%
	GOOGL	C	1.33%	1.03%	1.03%
	GPN	B	0.09%	0.05%	0.05%
	GRMN	B	0.03%	0.08%	0.03%
	GS	A	0.62%	0.06%	0.06%
	GWW	B	0.08%	0.21%	0.08%
	HBAN	A	0.08%	0.02%	0.02%
	HD	B	0.8%	0.58%	0.58%
	HIG	B	0.14%	0.12%	0.12%
	HLT	A	0.06%	0.02%	0.02%
	HOLX	D	0.04%	0.05%	0.04%
	HPE	B	0.21%	0.16%	0.16%
	HSIC	C	0.04%	0.05%	0.04%
	HSY	F	0.04%	0.05%	0.04%
	HUM	C	0.19%	0.06%	0.06%
	IBM	C	0.54%	0.6%	0.54%
	ICE	C	0.11%	0.13%	0.11%
	IDXX	F	0.02%	0.06%	0.02%
	IEX	C	0.03%	0.04%	0.03%
	ILMN	C	0.03%	0.04%	0.03%
	INTC	C	0.89%	0.18%	0.18%
	INTU	B	0.11%	0.31%	0.11%
	IPG	D	0.04%	0.01%	0.01%
	IQV	F	0.07%	0.1%	0.07%
	IRM	C	0.06%	0.06%	0.06%
	ISRG	A	0.09%	0.31%	0.09%
	IT	C	0.03%	0.03%	0.03%
	ITW	B	0.15%	0.33%	0.15%
	JKHY	D	0.02%	0.01%	0.01%
	JNJ	C	0.89%	0.62%	0.62%
	JNPR	D	0.05%	0.13%	0.05%
	JPM	A	2.03%	1.09%	1.09%
	KDP	F	0.07%	0.08%	0.07%
	KEYS	A	0.04%	0.06%	0.04%
	KKR	A	0.12%	0.13%	0.12%
	KLAC	F	0.08%	0.15%	0.08%
	KVUE	A	0.05%	0.01%	0.01%
	LEN	D	0.16%	0.06%	0.06%
	LH	B	0.09%	0.02%	0.02%
	LIN	C	0.33%	0.07%	0.07%
	LKQ	F	0.05%	0.03%	0.03%
	LLY	F	0.2%	0.94%	0.2%
	LOW	C	0.43%	0.25%	0.25%
	LRCX	F	0.15%	0.1%	0.1%
	LULU	C	0.01%	0.08%	0.01%
	MA	B	0.29%	0.65%	0.29%
	MAR	A	0.09%	0.02%	0.02%
	MAS	D	0.05%	0.01%	0.01%
	MCD	D	0.34%	0.36%	0.34%
	MCO	B	0.07%	0.22%	0.07%
	MDT	D	0.16%	0.23%	0.16%
	MET	A	0.26%	0.21%	0.21%
	META	D	1.79%	1.62%	1.62%
	MKC	C	0.03%	0.01%	0.01%
	MKL	A	0.05%	0.07%	0.05%
	MMC	B	0.14%	0.2%	0.14%
	MMM	D	0.35%	0.02%	0.02%
	MNST	C	0.05%	0.03%	0.03%
	MOH	F	0.05%	0.02%	0.02%
	MRK	D	0.42%	0.47%	0.42%
	MRNA	F	0.03%	0.01%	0.01%
	MRVL	B	0.04%	0.12%	0.04%
	MS	A	0.46%	0.26%	0.26%
	MSFT	D	2.43%	4.03%	2.43%
	MSI	B	0.07%	0.27%	0.07%
	MTB	A	0.11%	0.1%	0.1%
	MTD	F	0.03%	0.06%	0.03%
	MU	D	0.38%	0.09%	0.09%
	NDAQ	A	0.03%	0.04%	0.03%
	NEM	D	0.13%	0.08%	0.08%
	NFLX	A	0.17%	0.49%	0.17%
	NKE	F	0.19%	0.11%	0.11%
	NOW	A	0.01%	0.39%	0.01%
	NSC	B	0.21%	0.04%	0.04%
	NTAP	C	0.07%	0.06%	0.06%
	NTRS	A	0.08%	0.05%	0.05%
	NVDA	B	0.4%	4.67%	0.4%
	NVR	D	0.08%	0.03%	0.03%
	NXPI	D	0.05%	0.01%	0.01%
	O	C	0.04%	0.07%	0.04%
	ODFL	C	0.06%	0.02%	0.02%
	OMC	C	0.08%	0.03%	0.03%
	ORCL	A	0.5%	0.59%	0.5%
	ORLY	B	0.11%	0.18%	0.11%
	PANW	B	0.03%	0.14%	0.03%
	PAYX	B	0.06%	0.08%	0.06%
	PCAR	B	0.15%	0.06%	0.06%
	PFE	F	0.68%	0.19%	0.19%
	PGR	A	0.23%	0.22%	0.22%
	PH	A	0.13%	0.25%	0.13%
	PHM	D	0.11%	0.04%	0.04%
	PLD	F	0.07%	0.21%	0.07%
	PNC	B	0.3%	0.19%	0.19%
	PNR	A	0.04%	0.23%	0.04%
	POOL	C	0.02%	0.02%	0.02%
	PPG	F	0.08%	0.11%	0.08%
	PRU	A	0.22%	0.15%	0.15%
	PSA	C	0.05%	0.11%	0.05%
	PWR	A	0.07%	0.24%	0.07%
	PYPL	B	0.22%	0.13%	0.13%
	QCOM	F	0.43%	0.26%	0.26%
	REG	A	0.02%	0.08%	0.02%
	REGN	F	0.1%	0.1%	0.1%
	RF	A	0.09%	0.07%	0.07%
	RJF	A	0.05%	0.04%	0.04%
	RMD	C	0.03%	0.07%	0.03%
	ROK	C	0.06%	0.08%	0.06%
	ROP	B	0.05%	0.02%	0.02%
	ROST	D	0.07%	0.09%	0.07%
	RS	B	0.09%	0.08%	0.08%
	RVTY	F	0.03%	0.07%	0.03%
	SBAC	D	0.02%	0.03%	0.02%
	SBUX	A	0.28%	0.15%	0.15%
	SCHW	B	0.13%	0.19%	0.13%
	SEIC	B	0.03%	0.02%	0.02%
	SHW	B	0.08%	0.56%	0.08%
	SNA	A	0.06%	0.02%	0.02%
	SPG	A	0.1%	0.15%	0.1%
	SPGI	C	0.15%	0.38%	0.15%
	SQ	A	0.03%	0.02%	0.02%
	SQ	A	0.03%	0.01%	0.01%
	STE	D	0.03%	0.03%	0.03%
	STLD	B	0.11%	0.01%	0.01%
	STT	B	0.1%	0.02%	0.02%
	STZ	D	0.07%	0.03%	0.03%
	SUI	C	0.02%	0.01%	0.01%
	SWKS	F	0.04%	0.01%	0.01%
	SYF	B	0.34%	0.09%	0.09%
	SYK	B	0.13%	0.25%	0.13%
	T	A	1.27%	0.18%	0.18%
	TDG	D	0.06%	0.13%	0.06%
	TDY	B	0.03%	0.1%	0.03%
	TER	F	0.04%	0.03%	0.03%
	TFX	F	0.02%	0.02%	0.02%
	TGT	F	0.38%	0.02%	0.02%
	TJX	A	0.22%	0.36%	0.22%
	TMO	F	0.25%	0.32%	0.25%
	TMUS	B	0.25%	0.13%	0.13%
	TRMB	B	0.03%	0.07%	0.03%
	TROW	B	0.13%	0.05%	0.05%
	TRU	D	0.03%	0.01%	0.01%
	TRV	B	0.31%	0.15%	0.15%
	TSLA	B	0.28%	1.32%	0.28%
	TT	A	0.06%	0.02%	0.02%
	TXN	C	0.34%	0.27%	0.27%
	UBER	F	0.04%	0.17%	0.04%
	UHAL	D	0.02%	0.04%	0.02%
	ULTA	F	0.03%	0.05%	0.03%
	UNH	B	1.22%	0.77%	0.77%
	UNP	C	0.35%	0.21%	0.21%
	UPS	C	0.28%	0.07%	0.07%
	URI	C	0.13%	0.05%	0.05%
	USB	A	0.32%	0.12%	0.12%
	V	A	0.36%	0.75%	0.36%
	VICI	C	0.02%	0.03%	0.02%
	VMC	B	0.05%	0.02%	0.02%
	VRSK	A	0.04%	0.05%	0.04%
	VRSN	C	0.01%	0.01%	0.01%
	VRTX	D	0.07%	0.14%	0.07%
	VTR	B	0.08%	0.06%	0.06%
	VZ	C	1.13%	0.21%	0.21%
	WAB	B	0.06%	0.08%	0.06%
	WAT	C	0.04%	0.02%	0.02%
	WELL	A	0.1%	0.15%	0.1%
	WFC	A	1.35%	0.25%	0.25%
	WM	B	0.15%	0.1%	0.1%
	WMT	A	1.47%	0.35%	0.35%
	WPC	C	0.02%	0.01%	0.01%
	WRB	A	0.03%	0.07%	0.03%
	WST	C	0.02%	0.02%	0.02%
	WTW	B	0.07%	0.07%	0.07%
	XRX	F	0.02%	0.03%	0.02%
	XYL	D	0.03%	0.36%	0.03%
	YUM	D	0.08%	0.07%	0.07%
	ZBH	C	0.05%	0.05%	0.05%
	ZBRA	B	0.04%	0.02%	0.02%
	ZTS	D	0.07%	0.16%	0.07%

FNDX Overweight 427 Positions Relative to NZAC

	Symbol	Grade	Weight
	XOM	B	1.99%
	CVX	A	1.25%
	GM	C	0.79%
	PG	C	0.77%
	CVS	D	0.68%
	COST	A	0.66%
	LUMN	C	0.65%
	PM	B	0.48%
	CI	D	0.48%
	COP	C	0.48%
	CAT	B	0.41%
	PEP	F	0.41%
	MPC	D	0.4%
	VLO	C	0.39%
	LMT	D	0.37%
	HON	C	0.37%
	MO	A	0.37%
	PSX	C	0.36%
	KO	D	0.35%
	RTX	D	0.34%
	F	C	0.33%
	FDX	B	0.32%
	DUK	C	0.3%
	KR	B	0.3%
	SO	C	0.26%
	NEE	C	0.24%
	KMI	A	0.23%
	TFC	A	0.23%
	EOG	A	0.23%
	ADM	D	0.21%
	HPQ	B	0.21%
	GD	D	0.21%
	MDLZ	F	0.2%
	NOC	D	0.2%
	TSN	B	0.2%
	HCA	F	0.2%
	CMI	A	0.19%
	CNC	D	0.19%
	NUE	C	0.19%
	DOW	F	0.18%
	EXC	C	0.17%
	WMB	A	0.17%
	IP	A	0.17%
	WBA	F	0.17%
	EMR	B	0.17%
	D	C	0.17%
	DD	C	0.17%
	AEP	C	0.16%
	VST	A	0.16%
	BKR	A	0.16%
	BBY	D	0.16%
	LHX	C	0.16%
	JCI	B	0.16%
	GE	D	0.15%
	LYB	F	0.14%
	FCX	F	0.14%
	OKE	A	0.14%
	CL	D	0.13%
	APD	A	0.13%
	FITB	B	0.13%
	SRE	A	0.13%
	ED	C	0.12%
	ETR	B	0.12%
	SLB	C	0.12%
	WDC	D	0.12%
	XEL	A	0.12%
	PARA	C	0.11%
	MCK	A	0.11%
	PEG	A	0.11%
	OXY	D	0.11%
	PPL	A	0.11%
	BA	F	0.11%
	SYY	D	0.1%
	KMB	C	0.1%
	VTRS	A	0.1%
	KEY	B	0.1%
	BG	D	0.1%
	NRG	B	0.1%
	CFG	B	0.1%
	MRO	B	0.09%
	SW	A	0.09%
	STX	C	0.09%
	FE	C	0.09%
	DVN	F	0.09%
	CTVA	C	0.09%
	PFG	D	0.09%
	WY	F	0.09%
	GEHC	D	0.09%
	KHC	F	0.09%
	ARW	D	0.08%
	EMN	C	0.08%
	USFD	A	0.08%
	CHRW	B	0.08%
	WHR	B	0.08%
	ES	C	0.08%
	UHS	D	0.08%
	DG	F	0.08%
	WEC	A	0.08%
	WKC	C	0.08%
	JLL	D	0.08%
	WBD	B	0.08%
	K	A	0.07%
	OC	A	0.07%
	VFC	C	0.07%
	HWM	A	0.07%
	SWK	D	0.07%
	CMA	B	0.07%
	CF	A	0.07%
	AEE	A	0.07%
	TRGP	A	0.07%
	THC	D	0.07%
	EVRG	A	0.07%
	CAH	B	0.07%
	R	B	0.07%
	X	B	0.07%
	LAD	A	0.07%
	PKG	A	0.07%
	AVT	C	0.07%
	DTE	C	0.07%
	LDOS	C	0.07%
	OVV	B	0.06%
	HES	B	0.06%
	TOL	B	0.06%
	M	F	0.06%
	MGM	D	0.06%
	DVA	C	0.06%
	TSCO	D	0.06%
	CAG	F	0.06%
	JEF	A	0.06%
	TXT	D	0.06%
	BLDR	D	0.06%
	BALL	F	0.06%
	UNM	A	0.06%
	CMS	C	0.06%
	AA	A	0.06%
	ZION	B	0.06%
	OMF	A	0.06%
	MHK	D	0.06%
	LNG	A	0.06%
	CCL	A	0.06%
	FLEX	B	0.06%
	JBL	C	0.06%
	PFGC	B	0.06%
	EME	A	0.06%
	CNP	A	0.06%
	HAL	C	0.06%
	FNF	B	0.06%
	RSG	A	0.06%
	DOV	A	0.06%
	KSS	F	0.06%
	MOS	F	0.06%
	KMX	B	0.06%
	VNO	C	0.05%
	NI	A	0.05%
	INGR	C	0.05%
	ORI	A	0.05%
	JBHT	C	0.05%
	CSL	C	0.05%
	MCHP	F	0.05%
	IVZ	B	0.05%
	IFF	D	0.05%
	L	A	0.05%
	AES	F	0.05%
	DRI	B	0.05%
	AN	C	0.05%
	GPC	D	0.05%
	OTIS	C	0.05%
	KD	B	0.05%
	DXC	B	0.05%
	ALSN	B	0.05%
	LEA	F	0.05%
	TDS	B	0.05%
	GPI	B	0.05%
	FANG	C	0.05%
	CASY	A	0.05%
	DINO	D	0.05%
	BWA	D	0.05%
	J	D	0.05%
	TPR	B	0.05%
	SFM	A	0.05%
	SJM	D	0.05%
	BFH	C	0.05%
	LNC	C	0.05%
	TAP	C	0.05%
	FBIN	D	0.04%
	LPX	B	0.04%
	BCC	B	0.04%
	GAP	C	0.04%
	EXPE	B	0.04%
	SSNC	B	0.04%
	OSK	C	0.04%
	AVY	F	0.04%
	AMG	B	0.04%
	ZIM	C	0.04%
	UFPI	C	0.04%
	LVS	B	0.04%
	FYBR	C	0.04%
	RPM	A	0.04%
	CNO	B	0.04%
	ON	D	0.04%
	HST	C	0.04%
	DOX	D	0.04%
	CRBG	B	0.04%
	EXPD	C	0.04%
	SLM	A	0.04%
	TMHC	C	0.04%
	CCK	D	0.04%
	DKS	D	0.04%
	GT	C	0.04%
	RGA	A	0.04%
	ATO	A	0.04%
	RHI	C	0.04%
	AWK	C	0.04%
	LNT	A	0.04%
	GEN	B	0.04%
	FAF	A	0.04%
	MUSA	B	0.04%
	BERY	C	0.04%
	LPLA	A	0.04%
	PVH	C	0.04%
	NWSA	A	0.04%
	PNW	A	0.04%
	BEN	C	0.04%
	AYI	B	0.04%
	WCC	B	0.04%
	THO	B	0.04%
	KNX	C	0.04%
	WSM	C	0.04%
	EVR	B	0.04%
	OGN	F	0.04%
	JXN	C	0.04%
	MAN	F	0.04%
	EQT	B	0.04%
	MLM	C	0.04%
	GEV	B	0.04%
	UGI	C	0.04%
	DELL	B	0.03%
	EXP	B	0.03%
	SEE	C	0.03%
	THG	A	0.03%
	LSTR	D	0.03%
	PRI	B	0.03%
	INVH	D	0.03%
	AR	B	0.03%
	FMC	D	0.03%
	SCI	B	0.03%
	ACI	C	0.03%
	GNTX	C	0.03%
	AAP	D	0.03%
	BTU	B	0.03%
	ITT	A	0.03%
	KBH	D	0.03%
	CW	C	0.03%
	TPH	D	0.03%
	LII	A	0.03%
	G	B	0.03%
	FLR	B	0.03%
	SNX	D	0.03%
	BC	C	0.03%
	PCG	A	0.03%
	ABG	C	0.03%
	SNV	C	0.03%
	ARE	F	0.03%
	MSCI	C	0.03%
	KIM	A	0.03%
	VOYA	B	0.03%
	TTWO	A	0.03%
	QRVO	F	0.03%
	AMCR	C	0.03%
	ARMK	B	0.03%
	CPB	D	0.03%
	DAL	B	0.03%
	CAR	C	0.03%
	OGE	A	0.03%
	GPK	C	0.03%
	HAS	D	0.03%
	AKAM	D	0.03%
	FL	F	0.03%
	RRX	B	0.03%
	RL	C	0.03%
	AGCO	D	0.03%
	CACI	D	0.03%
	APA	D	0.03%
	MTH	D	0.03%
	JHG	B	0.03%
	CLF	F	0.03%
	HII	F	0.03%
	HRL	D	0.03%
	SNPS	B	0.03%
	EWBC	A	0.03%
	WU	F	0.03%
	CIEN	C	0.03%
	GNW	A	0.03%
	NXST	C	0.03%
	MAA	B	0.03%
	HUN	F	0.03%
	FHN	A	0.03%
	CTRA	B	0.03%
	CMC	B	0.03%
	OLN	F	0.03%
	DECK	A	0.03%
	DPZ	C	0.03%
	CE	F	0.03%
	WSO	A	0.03%
	IR	B	0.03%
	CDNS	B	0.03%
	PBF	D	0.03%
	MTZ	B	0.03%
	SANM	B	0.03%
	NWL	C	0.03%
	HBI	B	0.03%
	GL	C	0.03%
	MLI	B	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	B	0.02%
	ADNT	F	0.02%
	FLO	D	0.02%
	MPW	F	0.02%
	MATX	C	0.02%
	LEG	F	0.02%
	BPOP	C	0.02%
	CHKP	C	0.02%
	ARCH	B	0.02%
	TKR	D	0.02%
	MIDD	C	0.02%
	AER	A	0.02%
	NSIT	F	0.02%
	KBR	F	0.02%
	POR	C	0.02%
	MKSI	C	0.02%
	VAC	C	0.02%
	TTC	C	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%
	NFG	A	0.02%
	ASGN	F	0.02%
	NAVI	F	0.02%
	SM	B	0.02%
	NDSN	B	0.02%
	CZR	F	0.02%
	LECO	C	0.02%
	ST	F	0.02%
	AL	B	0.02%
	MUR	D	0.02%
	TPX	B	0.02%
	PII	F	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%
	PENN	C	0.02%
	CPT	B	0.02%
	HOG	D	0.02%
	APTV	F	0.02%
	NOV	C	0.02%
	DCI	B	0.02%
	FCNCA	A	0.02%
	NVT	B	0.02%
	AOS	F	0.02%
	BECN	B	0.02%
	SKX	D	0.02%
	CC	C	0.02%
	CNH	C	0.02%
	LAMR	C	0.02%
	PK	C	0.02%
	BRX	A	0.02%
	UDR	B	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%
	GNRC	C	0.02%
	COR	B	0.02%
	TGNA	B	0.02%
	BAP	A	0.02%
	SON	F	0.02%
	AXTA	B	0.02%
	LUV	C	0.02%
	SOLV	D	0.02%
	VSH	F	0.01%
	ANDE	D	0.01%
	LILAK	D	0.01%
	CNXC	F	0.01%
	CRL	D	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	C	0.01%
	QRTEA	F	0.01%
	AAL	B	0.01%
	FTI	A	0.01%
	JWN	D	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	F	0.01%
	CNX	A	0.01%
	CPRI	F	0.01%

FNDX Underweight 74 Positions Relative to NZAC

	Symbol	Grade	Weight
	NVS	F	-0.41%
	BABA	D	-0.24%
	TD	D	-0.19%
	SONY	B	-0.17%
	HDB	C	-0.14%
	MELI	C	-0.14%
	SHOP	B	-0.12%
	LI	F	-0.11%
	INFY	C	-0.11%
	DEO	F	-0.1%
	SCCO	F	-0.08%
	PDD	F	-0.08%
	MUFG	B	-0.08%
	PLTR	B	-0.07%
	HSBH	B	-0.07%
	WIT	B	-0.07%
	TCOM	B	-0.06%
	AXON	A	-0.06%
	LYV	A	-0.05%
	ABNB	C	-0.05%
	TTD	B	-0.05%
	ENPH	F	-0.05%
	COIN	C	-0.04%
	DXCM	C	-0.04%
	BCS	A	-0.04%
	XPEV	C	-0.04%
	WDAY	B	-0.03%
	AZN	F	-0.03%
	VLTO	C	-0.03%
	VEEV	C	-0.03%
	ERIE	D	-0.03%
	FOX	A	-0.03%
	ALNY	D	-0.03%
	BIDU	F	-0.03%
	Z	A	-0.02%
	NIO	F	-0.02%
	BMRN	F	-0.02%
	TW	A	-0.02%
	RPRX	D	-0.02%
	ROL	B	-0.02%
	CRWD	B	-0.02%
	MSTR	B	-0.02%
	ZM	C	-0.02%
	PODD	C	-0.02%
	HEI	A	-0.02%
	DASH	B	-0.02%
	BCH	C	-0.02%
	ASAI	F	-0.02%
	VRT	B	-0.02%
	SNOW	B	-0.02%
	CSGP	D	-0.02%
	MBAVU	C	-0.01%
	SMCI	F	-0.01%
	QGEN	D	-0.01%
	EXAS	D	-0.01%
	MTCH	D	-0.01%
	WYNN	C	-0.01%
	RIVN	F	-0.01%
	TECH	F	-0.01%
	BIO	C	-0.01%
	SNAP	D	-0.01%
	PAYC	B	-0.01%
	MKTX	D	-0.01%
	FDS	B	-0.01%
	NBIX	C	-0.01%
	PINS	F	-0.01%
	KB	B	-0.01%
	INCY	C	-0.01%
	QFIN	A	-0.01%
	DOCU	B	-0.01%
	LYG	D	-0.01%
	TEVA	C	-0.01%
	NIO	F	-0.0%
	WIT	B	-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

NZAC: Top Represented Industries & Keywords

Industries: Software - Application Business Services Diagnostics & Research Asset Management Drug Manufacturers - Major Diversified Industrials Semiconductors Biotechnology Capital Markets Information Technology Services Internet Content & Information Credit Services Insurance - Property & Casualty Medical Devices Medical Instruments & Supplies Specialty Retail Banks - Global Insurance - Diversified Insurance Brokers Specialty Chemicals

Keywords: S&P 500 Nasdaq 100 Insurance Computing Dow Jones Component Bank Medicine Banking Telecommunications Insurance Products Mobile Devices Investment Bank Electronics Financial Products Real Estate Investment Trust Work From Home Biotechnology Cloud Computing Chemical Semiconductor