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

$71.07

Average Daily Volume

407,228

Number of Holdings ^*

723

* 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

$51.87

Average Daily Volume

18,862

Number of Holdings ^*

344

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	QARP
30 Days	1.73%	1.67%
60 Days	6.27%	5.92%
90 Days	6.10%	5.02%
12 Months	31.37%	27.63%

305 Overlapping Holdings

Symbol	Grade	Weight in FNDX	Weight in QARP	Overlap
A	B	0.06%	0.1%	0.06%
AAL	D	0.01%	0.03%	0.01%
AAPL	C	4.43%	5.0%	4.43%
ABBV	B	0.58%	0.02%	0.02%
ABT	C	0.34%	0.22%	0.22%
ACGL	B	0.03%	0.28%	0.03%
ACI	F	0.03%	0.05%	0.03%
ACM	A	0.04%	0.04%	0.04%
ACN	B	0.35%	1.19%	0.35%
ADBE	F	0.19%	0.91%	0.19%
ADI	C	0.14%	0.09%	0.09%
ADM	F	0.24%	0.31%	0.24%
ADP	A	0.14%	0.2%	0.14%
ADSK	C	0.03%	0.06%	0.03%
AGCO	D	0.03%	0.06%	0.03%
ALB	D	0.03%	0.02%	0.02%
ALGN	D	0.03%	0.06%	0.03%
ALK	C	0.01%	0.04%	0.01%
ALSN	A	0.04%	0.03%	0.03%
AMAT	B	0.27%	0.89%	0.27%
AMCR	C	0.03%	0.04%	0.03%
AMD	B	0.11%	0.09%	0.09%
AMG	B	0.04%	0.09%	0.04%
AMGN	D	0.44%	0.03%	0.03%
AMZN	C	1.42%	3.71%	1.42%
ANET	A	0.04%	0.13%	0.04%
AON	B	0.12%	0.32%	0.12%
AOS	B	0.03%	0.08%	0.03%
APA	F	0.03%	0.02%	0.02%
APTV	D	0.03%	0.07%	0.03%
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	A	0.04%	0.07%	0.04%
AZO	D	0.06%	0.36%	0.06%
BBWI	F	0.03%	0.02%	0.02%
BBY	C	0.18%	0.26%	0.18%
BIIB	F	0.11%	0.02%	0.02%
BJ	C	0.02%	0.1%	0.02%
BKNG	C	0.21%	0.71%	0.21%
BKR	B	0.14%	0.08%	0.08%
BLD	D	0.01%	0.05%	0.01%
BLDR	B	0.06%	0.18%	0.06%
BMY	B	0.4%	0.55%	0.4%
BRK.A	C	2.17%	5.21%	2.17%
BURL	D	0.03%	0.04%	0.03%
BWA	C	0.06%	0.07%	0.06%
BX	C	0.11%	0.05%	0.05%
CAH	B	0.07%	0.37%	0.07%
CASY	D	0.05%	0.12%	0.05%
CAT	A	0.42%	0.69%	0.42%
CBOE	B	0.01%	0.08%	0.01%
CBRE	B	0.12%	0.09%	0.09%
CCL	C	0.05%	0.04%	0.04%
CDNS	D	0.03%	0.02%	0.02%
CDW	D	0.06%	0.02%	0.02%
CE	C	0.06%	0.04%	0.04%
CF	A	0.07%	0.13%	0.07%
CHE	C	0.01%	0.04%	0.01%
CHK	D	0.03%	0.06%	0.03%
CHRW	C	0.08%	0.06%	0.06%
CHTR	D	0.3%	0.11%	0.11%
CI	D	0.52%	0.6%	0.52%
CINF	B	0.07%	0.08%	0.07%
CL	D	0.14%	0.24%	0.14%
CLF	F	0.04%	0.06%	0.04%
CLX	C	0.04%	0.06%	0.04%
CMCSA	C	0.81%	0.83%	0.81%
CMG	C	0.04%	0.11%	0.04%
CMI	A	0.17%	0.24%	0.17%
CNC	F	0.25%	0.3%	0.25%
CNP	B	0.06%	0.04%	0.04%
COF	C	0.4%	0.14%	0.14%
COP	D	0.46%	0.72%	0.46%
COST	C	0.65%	2.33%	0.65%
CPB	D	0.03%	0.02%	0.02%
CPRT	C	0.03%	0.06%	0.03%
CSCO	A	0.77%	1.85%	0.77%
CSL	A	0.05%	0.05%	0.05%
CSX	D	0.21%	0.06%	0.06%
CTAS	C	0.08%	0.08%	0.08%
CTRA	D	0.03%	0.1%	0.03%
CTSH	B	0.18%	0.29%	0.18%
CTVA	A	0.09%	0.02%	0.02%
CVS	C	0.77%	0.2%	0.2%
CVX	B	1.15%	1.39%	1.15%
DAL	C	0.02%	0.18%	0.02%
DBX	B	0.01%	0.04%	0.01%
DCI	C	0.02%	0.04%	0.02%
DD	C	0.19%	0.03%	0.03%
DE	B	0.25%	0.26%	0.25%
DECK	B	0.03%	0.12%	0.03%
DGX	C	0.07%	0.03%	0.03%
DHI	C	0.19%	0.36%	0.19%
DINO	D	0.06%	0.02%	0.02%
DKS	D	0.04%	0.1%	0.04%
DLTR	F	0.05%	0.08%	0.05%
DOW	B	0.23%	0.08%	0.08%
DOX	B	0.04%	0.07%	0.04%
DPZ	D	0.03%	0.03%	0.03%
DRI	C	0.05%	0.13%	0.05%
DVN	F	0.09%	0.16%	0.09%
EA	D	0.08%	0.19%	0.08%
EBAY	A	0.18%	0.09%	0.09%
EG	B	0.02%	0.06%	0.02%
EL	D	0.05%	0.04%	0.04%
ELV	F	0.47%	0.62%	0.47%
EME	C	0.05%	0.13%	0.05%
EOG	B	0.22%	0.46%	0.22%
EPAM	F	0.02%	0.04%	0.02%
EVR	C	0.04%	0.1%	0.04%
EW	F	0.04%	0.06%	0.04%
EXP	B	0.02%	0.05%	0.02%
EXPD	D	0.04%	0.15%	0.04%
EXPE	B	0.03%	0.14%	0.03%
FANG	C	0.05%	0.18%	0.05%
FAST	C	0.07%	0.19%	0.07%
FCNCA	D	0.02%	0.13%	0.02%
FCX	B	0.17%	0.05%	0.05%
FDX	F	0.29%	0.31%	0.29%
FFIV	B	0.03%	0.06%	0.03%
FOXA	A	0.09%	0.03%	0.03%
FTNT	B	0.03%	0.18%	0.03%
G	A	0.02%	0.02%	0.02%
GAP	F	0.04%	0.03%	0.03%
GEHC	C	0.11%	0.15%	0.11%
GEV	A	0.03%	0.15%	0.03%
GGG	C	0.02%	0.07%	0.02%
GILD	A	0.35%	0.31%	0.31%
GIS	C	0.13%	0.1%	0.1%
GLPI	A	0.02%	0.03%	0.02%
GM	D	0.65%	0.21%	0.21%
GNTX	D	0.03%	0.04%	0.03%
GOOG	B	1.09%	2.03%	1.09%
GOOGL	B	1.27%	2.25%	1.27%
GPC	D	0.06%	0.08%	0.06%
GRMN	D	0.03%	0.13%	0.03%
GWW	B	0.07%	0.25%	0.07%
HAL	D	0.06%	0.06%	0.06%
HCA	C	0.24%	0.32%	0.24%
HD	A	0.8%	2.01%	0.8%
HII	F	0.04%	0.03%	0.03%
HOLX	D	0.04%	0.05%	0.04%
HPQ	B	0.2%	0.08%	0.08%
HRB	C	0.01%	0.09%	0.01%
HST	D	0.04%	0.03%	0.03%
HSY	F	0.04%	0.09%	0.04%
HUM	F	0.22%	0.35%	0.22%
INGR	B	0.04%	0.04%	0.04%
INTC	D	0.87%	0.08%	0.08%
IP	C	0.15%	0.04%	0.04%
ISRG	C	0.08%	0.16%	0.08%
ITT	C	0.03%	0.05%	0.03%
ITW	B	0.15%	0.31%	0.15%
J	F	0.06%	0.04%	0.04%
JBHT	D	0.04%	0.05%	0.04%
JBL	C	0.06%	0.06%	0.06%
JHG	B	0.03%	0.02%	0.02%
JKHY	A	0.02%	0.05%	0.02%
JNJ	D	0.97%	2.53%	0.97%
JNPR	B	0.05%	0.04%	0.04%
K	A	0.07%	0.06%	0.06%
KEYS	C	0.04%	0.12%	0.04%
KLAC	B	0.1%	0.22%	0.1%
KMB	D	0.11%	0.17%	0.11%
KNX	D	0.04%	0.03%	0.03%
KR	C	0.29%	0.29%	0.29%
KVUE	C	0.05%	0.21%	0.05%
LAMR	C	0.02%	0.03%	0.02%
LEA	F	0.06%	0.05%	0.05%
LECO	F	0.02%	0.04%	0.02%
LEN	B	0.18%	0.44%	0.18%
LKQ	F	0.06%	0.03%	0.03%
LLY	D	0.23%	0.04%	0.04%
LMT	A	0.4%	0.79%	0.4%
LNG	A	0.05%	0.06%	0.05%
LOW	A	0.43%	0.79%	0.43%
LPLA	C	0.03%	0.14%	0.03%
LPX	C	0.04%	0.04%	0.04%
LRCX	D	0.17%	0.52%	0.17%
LSTR	F	0.03%	0.05%	0.03%
LULU	D	0.01%	0.15%	0.01%
LUV	B	0.02%	0.1%	0.02%
LVS	B	0.04%	0.05%	0.04%
LYB	F	0.16%	0.11%	0.11%
M	F	0.06%	0.02%	0.02%
MA	A	0.28%	1.53%	0.28%
MAR	B	0.08%	0.11%	0.08%
MAS	A	0.06%	0.08%	0.06%
MCD	A	0.35%	0.41%	0.35%
MCHP	F	0.06%	0.05%	0.05%
MCK	F	0.09%	0.93%	0.09%
MCO	D	0.07%	0.33%	0.07%
META	A	1.79%	5.23%	1.79%
MGM	C	0.06%	0.05%	0.05%
MHK	B	0.07%	0.03%	0.03%
MMC	D	0.14%	0.57%	0.14%
MMM	C	0.37%	0.13%	0.13%
MNST	D	0.04%	0.14%	0.04%
MO	D	0.35%	0.6%	0.35%
MOH	D	0.05%	0.07%	0.05%
MOS	F	0.07%	0.05%	0.05%
MPC	C	0.42%	0.27%	0.27%
MRK	F	0.5%	0.38%	0.38%
MRNA	F	0.04%	0.08%	0.04%
MRO	C	0.08%	0.1%	0.08%
MSCI	B	0.03%	0.22%	0.03%
MSFT	D	2.49%	2.13%	2.13%
MSM	D	0.01%	0.03%	0.01%
MTD	B	0.04%	0.11%	0.04%
MTG	B	0.02%	0.11%	0.02%
MTZ	A	0.03%	0.02%	0.02%
MU	D	0.42%	0.4%	0.4%
MUSA	D	0.04%	0.05%	0.04%
NKE	D	0.23%	0.38%	0.23%
NTAP	D	0.07%	0.07%	0.07%
NUE	C	0.2%	0.39%	0.2%
NVDA	B	0.34%	0.15%	0.15%
NVR	B	0.08%	0.24%	0.08%
OC	C	0.06%	0.12%	0.06%
ODFL	F	0.05%	0.17%	0.05%
OLN	C	0.04%	0.03%	0.03%
ON	F	0.04%	0.05%	0.04%
ORCL	C	0.46%	0.04%	0.04%
ORLY	A	0.1%	0.37%	0.1%
OSK	F	0.03%	0.03%	0.03%
OTIS	A	0.05%	0.05%	0.05%
OVV	D	0.05%	0.02%	0.02%
OXY	D	0.11%	0.06%	0.06%
PAYX	A	0.06%	0.19%	0.06%
PCAR	C	0.13%	0.21%	0.13%
PFE	D	0.78%	0.55%	0.55%
PFGC	A	0.06%	0.08%	0.06%
PG	D	0.81%	1.43%	0.81%
PGR	C	0.23%	0.06%	0.06%
PHM	A	0.13%	0.23%	0.13%
PII	D	0.03%	0.03%	0.03%
PKG	B	0.07%	0.05%	0.05%
PM	D	0.46%	0.53%	0.46%
POOL	B	0.02%	0.06%	0.02%
PSA	C	0.06%	0.34%	0.06%
PSX	D	0.37%	0.12%	0.12%
PVH	F	0.04%	0.03%	0.03%
PWR	B	0.07%	0.05%	0.05%
PYPL	C	0.2%	0.32%	0.2%
QCOM	C	0.45%	0.28%	0.28%
REGN	D	0.14%	0.36%	0.14%
RHI	D	0.04%	0.06%	0.04%
RL	B	0.03%	0.05%	0.03%
ROK	C	0.06%	0.09%	0.06%
ROST	D	0.08%	0.28%	0.08%
RS	D	0.08%	0.16%	0.08%
SBUX	C	0.28%	0.52%	0.28%
SEIC	B	0.03%	0.06%	0.03%
SJM	D	0.06%	0.03%	0.03%
SKX	D	0.03%	0.07%	0.03%
SLB	D	0.12%	0.14%	0.12%
SNA	A	0.05%	0.1%	0.05%
SOLV	C	0.03%	0.11%	0.03%
SPG	A	0.1%	0.19%	0.1%
SPGI	B	0.15%	0.07%	0.07%
STLD	B	0.1%	0.22%	0.1%
SWKS	F	0.05%	0.1%	0.05%
SYF	B	0.26%	0.11%	0.11%
SYY	D	0.1%	0.35%	0.1%
T	A	1.27%	0.69%	0.69%
TAP	D	0.05%	0.03%	0.03%
TER	C	0.05%	0.04%	0.04%
TGT	D	0.39%	0.42%	0.39%
THO	C	0.04%	0.03%	0.03%
TJX	D	0.22%	0.83%	0.22%
TOL	A	0.06%	0.07%	0.06%
TPR	C	0.05%	0.1%	0.05%
TROW	D	0.12%	0.23%	0.12%
TSCO	B	0.06%	0.17%	0.06%
TSLA	C	0.24%	0.63%	0.24%
TSN	D	0.19%	0.04%	0.04%
TT	A	0.06%	0.07%	0.06%
TXN	C	0.35%	0.39%	0.35%
TXT	F	0.06%	0.06%	0.06%
UHS	D	0.09%	0.06%	0.06%
ULTA	D	0.04%	0.17%	0.04%
UNH	B	1.22%	2.31%	1.22%
UNP	D	0.38%	0.13%	0.13%
UPS	D	0.29%	0.42%	0.29%
URI	C	0.13%	0.22%	0.13%
USFD	C	0.07%	0.04%	0.04%
V	C	0.33%	1.67%	0.33%
VICI	C	0.03%	0.08%	0.03%
VLO	D	0.38%	0.18%	0.18%
VRSN	B	0.01%	0.06%	0.01%
VRTX	D	0.07%	0.21%	0.07%
VST	B	0.14%	0.17%	0.14%
VZ	B	1.27%	0.73%	0.73%
WAT	B	0.04%	0.03%	0.03%
WBD	D	0.07%	0.04%	0.04%
WMT	A	1.42%	2.81%	1.42%
WSM	B	0.05%	0.18%	0.05%
WSO	C	0.03%	0.08%	0.03%
WST	D	0.02%	0.08%	0.02%
WTW	C	0.07%	0.03%	0.03%
WY	C	0.1%	0.09%	0.09%
X	F	0.07%	0.03%	0.03%
XOM	A	1.96%	3.07%	1.96%
YUM	B	0.08%	0.06%	0.06%

FNDX Overweight 418 Positions Relative to QARP

Symbol	Grade	Weight
JPM	D	1.81%
BAC	D	1.14%
WFC	F	1.06%
C	C	1.02%
AVGO	C	0.63%
IBM	A	0.59%
LUMN	C	0.56%
GS	D	0.54%
PEP	F	0.43%
DIS	D	0.41%
KO	C	0.41%
MS	B	0.37%
LIN	B	0.36%
AXP	B	0.35%
RTX	A	0.35%
HON	C	0.34%
F	D	0.33%
DUK	B	0.32%
USB	D	0.3%
TRV	C	0.29%
TMO	D	0.29%
NEE	A	0.28%
CB	B	0.27%
SO	A	0.27%
PNC	C	0.27%
AIG	F	0.27%
BLK	A	0.26%
MET	B	0.26%
ALL	C	0.26%
BK	C	0.25%
MDLZ	D	0.23%
GD	C	0.22%
PRU	C	0.22%
TMUS	A	0.22%
DFS	C	0.21%
ETN	C	0.21%
NOC	B	0.21%
AFL	A	0.21%
TFC	D	0.21%
NSC	D	0.2%
HPE	B	0.2%
KMI	A	0.19%
NEM	C	0.18%
WBA	F	0.18%
EXC	A	0.18%
D	A	0.18%
DHR	D	0.17%
AEP	C	0.17%
MDT	C	0.17%
LHX	A	0.16%
GE	C	0.16%
NFLX	B	0.15%
EMR	B	0.15%
JCI	C	0.15%
AMT	C	0.14%
GLW	C	0.14%
WMB	A	0.14%
HIG	B	0.14%
WM	B	0.14%
BA	F	0.13%
ED	A	0.13%
CRM	B	0.13%
CARR	B	0.13%
WDC	C	0.13%
PH	B	0.12%
BG	F	0.12%
BDX	C	0.12%
FITB	C	0.12%
XEL	B	0.12%
OKE	A	0.12%
CEG	A	0.12%
APD	C	0.12%
SRE	B	0.12%
SYK	C	0.12%
AMP	A	0.12%
CCI	C	0.11%
NRG	A	0.11%
ETR	A	0.11%
KHC	F	0.11%
KKR	C	0.11%
PPL	B	0.11%
FIS	B	0.11%
PEG	A	0.11%
TEL	D	0.11%
FI	A	0.11%
ICE	A	0.11%
FE	C	0.1%
STX	B	0.1%
WELL	C	0.1%
INTU	F	0.1%
EIX	B	0.1%
PARA	F	0.1%
SCHW	D	0.1%
EMN	C	0.09%
BSX	A	0.09%
SWK	C	0.09%
JLL	C	0.09%
ES	D	0.09%
SW	C	0.09%
ECL	B	0.09%
ARW	C	0.09%
MTB	C	0.09%
PPG	D	0.09%
KEY	C	0.09%
PFG	C	0.09%
VTRS	D	0.09%
WKC	B	0.09%
DG	F	0.09%
CFG	D	0.09%
STT	C	0.09%
ALLY	F	0.09%
AVT	C	0.08%
GPN	F	0.08%
DLR	C	0.08%
RF	C	0.08%
IQV	F	0.08%
STZ	D	0.08%
CME	A	0.08%
OMC	C	0.08%
DTE	A	0.08%
PLD	D	0.08%
VTR	C	0.08%
BAX	D	0.08%
KDP	C	0.08%
APH	D	0.08%
ZTS	C	0.08%
WEC	A	0.08%
EQIX	C	0.08%
SHW	C	0.08%
FNF	B	0.07%
KMX	F	0.07%
NTRS	C	0.07%
IRM	A	0.07%
CAG	D	0.07%
AEE	A	0.07%
EVRG	C	0.07%
AES	C	0.07%
LDOS	A	0.07%
THC	D	0.07%
TDG	B	0.07%
KSS	D	0.07%
WHR	C	0.07%
TRGP	A	0.06%
AN	D	0.06%
FLEX	C	0.06%
OGN	F	0.06%
AA	B	0.06%
IFF	C	0.06%
CMA	C	0.06%
HWM	A	0.06%
HLT	B	0.06%
WAB	B	0.06%
DVA	C	0.06%
MSI	A	0.06%
DOV	B	0.06%
RSG	C	0.06%
CMS	A	0.06%
LAD	C	0.06%
R	C	0.06%
BALL	C	0.06%
VFC	B	0.06%
HBAN	D	0.06%
BFH	D	0.05%
AFG	B	0.05%
HSIC	D	0.05%
ORI	B	0.05%
AWK	C	0.05%
EQH	C	0.05%
ZION	D	0.05%
QRVO	F	0.05%
L	D	0.05%
AJG	D	0.05%
ZBH	F	0.05%
AME	D	0.05%
UNM	A	0.05%
JEF	A	0.05%
CPAY	A	0.05%
UGI	C	0.05%
GPI	C	0.05%
IVZ	B	0.05%
DXC	B	0.05%
LNC	D	0.05%
AVB	C	0.05%
BXP	C	0.05%
HES	C	0.05%
MAN	D	0.05%
OMF	F	0.05%
ROP	C	0.05%
EQR	C	0.05%
NXPI	F	0.05%
FL	F	0.04%
RMD	C	0.04%
PNR	B	0.04%
FTV	C	0.04%
MRVL	B	0.04%
BAH	A	0.04%
HAS	B	0.04%
XYL	C	0.04%
DOC	C	0.04%
MTH	C	0.04%
AKAM	D	0.04%
ZIM	C	0.04%
WCC	D	0.04%
SSNC	C	0.04%
SLM	C	0.04%
ZBRA	C	0.04%
BCC	C	0.04%
CRBG	B	0.04%
WU	D	0.04%
UFPI	C	0.04%
GT	F	0.04%
RGA	C	0.04%
EQT	B	0.04%
GEN	B	0.04%
SWN	D	0.04%
MKC	C	0.04%
UBER	C	0.04%
NWSA	D	0.04%
FYBR	C	0.04%
TMHC	C	0.04%
CHD	D	0.04%
JXN	A	0.04%
O	A	0.04%
IPG	D	0.04%
VRSK	C	0.04%
TDS	B	0.04%
SFM	A	0.04%
KD	D	0.04%
AVY	D	0.04%
CCK	C	0.04%
MLM	F	0.04%
RJF	B	0.04%
BEN	F	0.04%
VMC	D	0.04%
PNW	B	0.04%
HUN	C	0.04%
LNT	A	0.04%
FAF	C	0.04%
FBIN	B	0.04%
VNO	A	0.04%
BERY	C	0.04%
NI	A	0.04%
MKL	C	0.04%
SCI	D	0.03%
TDY	A	0.03%
IEX	D	0.03%
TTWO	F	0.03%
NSIT	B	0.03%
ILMN	B	0.03%
CAR	F	0.03%
SUI	D	0.03%
EWBC	D	0.03%
FHN	D	0.03%
FLR	C	0.03%
BTU	B	0.03%
SEE	D	0.03%
HOG	D	0.03%
IDXX	D	0.03%
ABG	F	0.03%
PCG	C	0.03%
INVH	F	0.03%
SON	D	0.03%
SAIC	A	0.03%
AVTR	D	0.03%
AAP	F	0.03%
KIM	C	0.03%
LII	C	0.03%
AIZ	B	0.03%
MLI	C	0.03%
TRMB	B	0.03%
CG	B	0.03%
TRU	A	0.03%
VOYA	A	0.03%
PANW	D	0.03%
CIEN	A	0.03%
CPRI	B	0.03%
SNX	D	0.03%
NWL	F	0.03%
BC	D	0.03%
TPH	C	0.03%
RVTY	C	0.03%
KBH	C	0.03%
OGE	A	0.03%
GNW	C	0.03%
NDAQ	B	0.03%
RRX	C	0.03%
SNPS	F	0.03%
SANM	D	0.03%
STE	D	0.03%
ESS	D	0.03%
CMC	D	0.03%
FMC	C	0.03%
CACI	A	0.03%
IT	B	0.03%
GPK	D	0.03%
HBI	C	0.03%
ARE	D	0.03%
IR	B	0.03%
WRB	C	0.03%
BR	B	0.03%
NXST	F	0.03%
MAA	D	0.03%
GL	C	0.03%
HRL	F	0.03%
EXR	C	0.03%
CNO	C	0.03%
EFX	C	0.03%
HUBB	B	0.03%
PBF	F	0.03%
RPM	B	0.03%
VAC	D	0.02%
MTN	D	0.02%
ALV	F	0.02%
QRTEA	F	0.02%
LW	D	0.02%
MKSI	F	0.02%
BPOP	D	0.02%
FLO	D	0.02%
AER	D	0.02%
WLK	C	0.02%
SM	C	0.02%
ODP	F	0.02%
DAN	D	0.02%
MIDD	D	0.02%
CRI	D	0.02%
WERN	D	0.02%
GXO	D	0.02%
ANSS	D	0.02%
KBR	B	0.02%
CHKP	C	0.02%
AL	D	0.02%
ADNT	D	0.02%
HUBG	D	0.02%
POR	D	0.02%
SLG	C	0.02%
REZI	D	0.02%
BECN	D	0.02%
NFG	A	0.02%
OI	D	0.02%
TTC	D	0.02%
TKR	D	0.02%
PENN	D	0.02%
XRAY	D	0.02%
ASGN	D	0.02%
NAVI	F	0.02%
CCEP	D	0.02%
TPX	C	0.02%
LEG	D	0.02%
NDSN	C	0.02%
MUR	F	0.02%
GNRC	B	0.02%
POST	D	0.02%
PAG	D	0.02%
RUSHA	D	0.02%
NVT	D	0.02%
CZR	B	0.02%
SBAC	C	0.02%
WPC	C	0.02%
APO	B	0.02%
NOV	F	0.02%
TGNA	C	0.02%
UHAL	B	0.02%
SQ	D	0.02%
CTLT	A	0.02%
ABM	D	0.02%
STWD	C	0.02%
DAR	F	0.02%
BRX	C	0.02%
ATR	A	0.02%
CPT	C	0.02%
TFX	C	0.02%
REG	C	0.02%
SNV	D	0.02%
DELL	C	0.02%
PRI	A	0.02%
AXTA	C	0.02%
ASO	D	0.02%
COR	F	0.02%
ST	F	0.02%
BRO	A	0.02%
THG	C	0.02%
MDU	C	0.02%
EHC	B	0.02%
PK	D	0.02%
MPW	C	0.02%
GDDY	D	0.02%
XRX	D	0.02%
UDR	C	0.02%
CNH	D	0.02%
CC	D	0.02%
CW	A	0.02%
BAP	B	0.02%
VSH	F	0.01%
ANDE	D	0.01%
CRL	F	0.01%
WTRG	D	0.01%
JAZZ	F	0.01%
CNXC	F	0.01%
MMS	C	0.01%
NOW	C	0.01%
SPTN	C	0.01%
LILAK	D	0.01%
TNL	C	0.01%
AEO	C	0.01%
ICLR	D	0.01%
HTZ	F	0.01%
PRGO	F	0.01%
FTI	B	0.01%
UNFI	B	0.01%
CNX	A	0.01%
JWN	D	0.01%
CYH	C	0.01%
ALLE	A	0.01%
FSLR	C	0.01%
DK	F	0.01%
COHR	A	0.01%
MATX	C	0.01%
ARCH	C	0.01%

FNDX Underweight 39 Positions Relative to QARP

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