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

$71.47

Average Daily Volume

429,832

Number of Holdings ^*

718

* 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

$33.82

Average Daily Volume

1,105

Number of Holdings ^*

444

* may have additional holdings in another (foreign) market

Performance

Period	FNDX	QVML
30 Days	3.09%	2.09%
60 Days	4.23%	3.90%
90 Days	6.97%	4.37%
12 Months	26.34%	32.66%

424 Overlapping Holdings

	Symbol	Grade	Weight in FNDX	Weight in QVML	Overlap
	A	C	0.06%	0.09%	0.06%
	AAL	D	0.0%	0.02%	0.0%
	AAPL	C	4.51%	6.84%	4.51%
	ABBV	C	0.6%	0.78%	0.6%
	ABT	C	0.34%	0.47%	0.34%
	ACGL	C	0.05%	0.1%	0.05%
	ACN	C	0.34%	0.51%	0.34%
	ADBE	F	0.22%	0.6%	0.22%
	ADI	C	0.13%	0.25%	0.13%
	ADM	D	0.22%	0.08%	0.08%
	ADP	B	0.15%	0.27%	0.15%
	ADSK	C	0.03%	0.12%	0.03%
	AEE	C	0.07%	0.05%	0.05%
	AEP	C	0.18%	0.13%	0.13%
	AFL	C	0.23%	0.14%	0.14%
	AIG	D	0.28%	0.13%	0.13%
	AIZ	B	0.03%	0.02%	0.02%
	AJG	D	0.05%	0.15%	0.05%
	AKAM	D	0.03%	0.04%	0.03%
	ALB	D	0.02%	0.03%	0.02%
	ALGN	D	0.02%	0.04%	0.02%
	ALL	B	0.29%	0.12%	0.12%
	ALLE	B	0.02%	0.03%	0.02%
	AMAT	D	0.25%	0.32%	0.25%
	AMCR	B	0.02%	0.04%	0.02%
	AMD	D	0.09%	0.59%	0.09%
	AME	C	0.05%	0.09%	0.05%
	AMP	A	0.12%	0.1%	0.1%
	AMZN	C	1.42%	3.79%	1.42%
	ANET	B	0.04%	0.2%	0.04%
	ANSS	D	0.02%	0.06%	0.02%
	AOS	D	0.03%	0.02%	0.02%
	APA	F	0.03%	0.02%	0.02%
	APH	D	0.09%	0.17%	0.09%
	APTV	D	0.04%	0.05%	0.04%
	ARE	C	0.03%	0.05%	0.03%
	ATO	B	0.04%	0.05%	0.04%
	AVB	B	0.06%	0.08%	0.06%
	AVGO	C	0.68%	1.51%	0.68%
	AVY	C	0.04%	0.04%	0.04%
	AXP	B	0.37%	0.37%	0.37%
	BAC	D	1.22%	0.63%	0.63%
	BALL	C	0.06%	0.05%	0.05%
	BAX	C	0.09%	0.05%	0.05%
	BBWI	F	0.02%	0.02%	0.02%
	BBY	C	0.19%	0.04%	0.04%
	BDX	D	0.11%	0.16%	0.11%
	BEN	F	0.04%	0.01%	0.01%
	BG	D	0.11%	0.03%	0.03%
	BK	B	0.26%	0.12%	0.12%
	BKNG	C	0.2%	0.31%	0.2%
	BKR	C	0.14%	0.08%	0.08%
	BLDR	C	0.04%	0.05%	0.04%
	BLK	B	0.26%	0.29%	0.26%
	BR	D	0.04%	0.06%	0.04%
	BRK.A	C	2.29%	1.95%	1.95%
	BRO	C	0.03%	0.06%	0.03%
	BSX	B	0.09%	0.28%	0.09%
	BWA	D	0.05%	0.02%	0.02%
	BX	B	0.11%	0.24%	0.11%
	BXP	B	0.05%	0.03%	0.03%
	C	C	1.04%	0.27%	0.27%
	CAG	C	0.07%	0.04%	0.04%
	CAH	C	0.07%	0.06%	0.06%
	CARR	B	0.13%	0.14%	0.13%
	CAT	B	0.39%	0.42%	0.39%
	CB	B	0.29%	0.28%	0.28%
	CBOE	C	0.02%	0.05%	0.02%
	CBRE	A	0.12%	0.08%	0.08%
	CCL	C	0.05%	0.04%	0.04%
	CDNS	D	0.03%	0.16%	0.03%
	CDW	D	0.06%	0.07%	0.06%
	CE	F	0.06%	0.03%	0.03%
	CEG	C	0.1%	0.14%	0.1%
	CF	C	0.06%	0.04%	0.04%
	CFG	C	0.1%	0.04%	0.04%
	CHD	D	0.04%	0.06%	0.04%
	CHRW	B	0.07%	0.03%	0.03%
	CHTR	D	0.32%	0.08%	0.08%
	CI	C	0.55%	0.25%	0.25%
	CINF	B	0.07%	0.05%	0.05%
	CL	D	0.16%	0.2%	0.16%
	CLX	C	0.04%	0.05%	0.04%
	CMCSA	D	0.75%	0.39%	0.39%
	CME	C	0.08%	0.19%	0.08%
	CMG	C	0.04%	0.18%	0.04%
	CMI	C	0.17%	0.1%	0.1%
	CMS	C	0.06%	0.05%	0.05%
	CNC	D	0.25%	0.1%	0.1%
	CNP	C	0.06%	0.04%	0.04%
	COF	B	0.39%	0.12%	0.12%
	COP	D	0.42%	0.29%	0.29%
	COST	B	0.73%	0.91%	0.73%
	CPAY	B	0.05%	0.06%	0.05%
	CPB	C	0.04%	0.03%	0.03%
	CPRT	D	0.02%	0.1%	0.02%
	CPT	B	0.02%	0.03%	0.02%
	CRL	F	0.01%	0.02%	0.01%
	CRM	D	0.12%	0.57%	0.12%
	CSCO	C	0.73%	0.48%	0.48%
	CSX	D	0.21%	0.16%	0.16%
	CTAS	B	0.09%	0.16%	0.09%
	CTRA	D	0.01%	0.04%	0.01%
	CTSH	C	0.18%	0.09%	0.09%
	CTVA	B	0.09%	0.1%	0.09%
	CVS	D	0.68%	0.17%	0.17%
	CVX	D	1.07%	0.6%	0.6%
	CZR	C	0.02%	0.02%	0.02%
	D	C	0.19%	0.12%	0.12%
	DAL	C	0.02%	0.07%	0.02%
	DD	B	0.18%	0.08%	0.08%
	DE	B	0.22%	0.24%	0.22%
	DECK	C	0.03%	0.06%	0.03%
	DFS	B	0.21%	0.08%	0.08%
	DG	F	0.08%	0.05%	0.05%
	DGX	B	0.07%	0.04%	0.04%
	DHI	B	0.2%	0.14%	0.14%
	DHR	B	0.17%	0.41%	0.17%
	DIS	D	0.37%	0.4%	0.37%
	DLR	B	0.08%	0.12%	0.08%
	DLTR	F	0.04%	0.04%	0.04%
	DOC	C	0.04%	0.04%	0.04%
	DOV	B	0.06%	0.06%	0.06%
	DOW	D	0.2%	0.08%	0.08%
	DPZ	F	0.04%	0.03%	0.03%
	DRI	B	0.05%	0.04%	0.04%
	DTE	C	0.08%	0.06%	0.06%
	DUK	C	0.34%	0.21%	0.21%
	DVA	B	0.07%	0.02%	0.02%
	DVN	F	0.08%	0.06%	0.06%
	EA	D	0.08%	0.08%	0.08%
	EBAY	B	0.19%	0.08%	0.08%
	ECL	B	0.09%	0.14%	0.09%
	ED	C	0.13%	0.09%	0.09%
	EFX	B	0.04%	0.08%	0.04%
	EG	C	0.03%	0.04%	0.03%
	EIX	C	0.11%	0.08%	0.08%
	ELV	C	0.5%	0.3%	0.3%
	EMN	B	0.08%	0.03%	0.03%
	EMR	D	0.15%	0.14%	0.14%
	EOG	D	0.2%	0.17%	0.17%
	EPAM	F	0.02%	0.03%	0.02%
	EQR	B	0.06%	0.06%	0.06%
	EQT	D	0.03%	0.03%	0.03%
	ES	C	0.09%	0.06%	0.06%
	ESS	B	0.04%	0.05%	0.04%
	ETN	C	0.21%	0.29%	0.21%
	ETR	B	0.11%	0.06%	0.06%
	EVRG	B	0.07%	0.03%	0.03%
	EW	F	0.04%	0.1%	0.04%
	EXC	C	0.18%	0.1%	0.1%
	EXPD	C	0.02%	0.04%	0.02%
	EXPE	C	0.03%	0.04%	0.03%
	EXR	B	0.04%	0.09%	0.04%
	F	F	0.31%	0.1%	0.1%
	FANG	D	0.05%	0.08%	0.05%
	FAST	C	0.07%	0.1%	0.07%
	FCX	D	0.13%	0.15%	0.13%
	FDX	C	0.32%	0.16%	0.16%
	FE	C	0.1%	0.06%	0.06%
	FFIV	B	0.03%	0.03%	0.03%
	FITB	B	0.13%	0.07%	0.07%
	FMC	C	0.03%	0.02%	0.02%
	FOXA	B	0.09%	0.04%	0.04%
	FSLR	C	0.02%	0.05%	0.02%
	FTV	C	0.03%	0.06%	0.03%
	GD	B	0.23%	0.16%	0.16%
	GE	B	0.18%	0.44%	0.18%
	GEHC	C	0.07%	0.09%	0.07%
	GEV	B	0.05%	0.14%	0.05%
	GIS	B	0.13%	0.1%	0.1%
	GL	C	0.03%	0.02%	0.02%
	GLW	C	0.14%	0.07%	0.07%
	GM	C	0.69%	0.11%	0.11%
	GNRC	D	0.02%	0.02%	0.02%
	GOOG	D	1.06%	3.81%	1.06%
	GPC	D	0.05%	0.04%	0.04%
	GPN	D	0.08%	0.07%	0.07%
	GRMN	D	0.05%	0.07%	0.05%
	GS	C	0.56%	0.37%	0.37%
	GWW	B	0.07%	0.1%	0.07%
	HAL	F	0.06%	0.06%	0.06%
	HBAN	B	0.07%	0.05%	0.05%
	HCA	B	0.25%	0.18%	0.18%
	HD	B	0.78%	0.85%	0.78%
	HES	F	0.04%	0.09%	0.04%
	HIG	B	0.15%	0.08%	0.08%
	HII	D	0.04%	0.02%	0.02%
	HOLX	B	0.04%	0.05%	0.04%
	HON	D	0.34%	0.31%	0.31%
	HPE	D	0.18%	0.04%	0.04%
	HPQ	D	0.2%	0.07%	0.07%
	HRL	C	0.03%	0.02%	0.02%
	HSIC	C	0.04%	0.02%	0.02%
	HST	C	0.04%	0.03%	0.03%
	HSY	C	0.04%	0.07%	0.04%
	HUBB	B	0.03%	0.05%	0.03%
	HUM	F	0.21%	0.1%	0.1%
	HWM	B	0.06%	0.09%	0.06%
	IBM	B	0.61%	0.45%	0.45%
	ICE	C	0.13%	0.21%	0.13%
	IDXX	C	0.03%	0.09%	0.03%
	IEX	D	0.02%	0.04%	0.02%
	IFF	B	0.06%	0.06%	0.06%
	INTC	F	0.6%	0.19%	0.19%
	INTU	C	0.11%	0.41%	0.11%
	INVH	C	0.03%	0.05%	0.03%
	IP	B	0.15%	0.04%	0.04%
	IPG	C	0.04%	0.03%	0.03%
	IQV	C	0.08%	0.1%	0.08%
	IR	C	0.03%	0.09%	0.03%
	IRM	C	0.08%	0.07%	0.07%
	ISRG	B	0.09%	0.38%	0.09%
	IT	B	0.03%	0.09%	0.03%
	ITW	C	0.15%	0.16%	0.15%
	IVZ	B	0.04%	0.02%	0.02%
	J	C	0.05%	0.04%	0.04%
	JBHT	D	0.04%	0.03%	0.03%
	JBL	D	0.05%	0.03%	0.03%
	JCI	B	0.15%	0.11%	0.11%
	JKHY	B	0.02%	0.03%	0.02%
	JNJ	C	1.0%	0.94%	0.94%
	JNPR	B	0.05%	0.03%	0.03%
	JPM	D	1.94%	1.48%	1.48%
	K	B	0.07%	0.05%	0.05%
	KDP	B	0.08%	0.09%	0.08%
	KEY	B	0.1%	0.04%	0.04%
	KEYS	C	0.03%	0.06%	0.03%
	KHC	C	0.11%	0.07%	0.07%
	KIM	C	0.03%	0.04%	0.03%
	KLAC	D	0.1%	0.21%	0.1%
	KMB	D	0.11%	0.11%	0.11%
	KMI	B	0.19%	0.09%	0.09%
	KMX	D	0.07%	0.03%	0.03%
	KO	C	0.43%	0.65%	0.43%
	KR	C	0.3%	0.09%	0.09%
	KVUE	C	0.03%	0.11%	0.03%
	L	C	0.05%	0.03%	0.03%
	LDOS	B	0.08%	0.05%	0.05%
	LEN	B	0.19%	0.11%	0.11%
	LHX	C	0.16%	0.1%	0.1%
	LIN	B	0.35%	0.53%	0.35%
	LKQ	F	0.05%	0.02%	0.02%
	LLY	C	0.27%	1.65%	0.27%
	LMT	C	0.4%	0.29%	0.29%
	LNT	B	0.04%	0.04%	0.04%
	LOW	B	0.42%	0.34%	0.34%
	LRCX	F	0.16%	0.21%	0.16%
	LULU	D	0.02%	0.07%	0.02%
	LUV	C	0.02%	0.04%	0.02%
	LVS	D	0.03%	0.03%	0.03%
	LW	D	0.01%	0.02%	0.01%
	LYB	D	0.16%	0.06%	0.06%
	MA	B	0.28%	0.96%	0.28%
	MAA	B	0.04%	0.04%	0.04%
	MAR	C	0.08%	0.13%	0.08%
	MAS	B	0.06%	0.04%	0.04%
	MCHP	F	0.05%	0.1%	0.05%
	MCK	F	0.1%	0.15%	0.1%
	MCO	B	0.08%	0.17%	0.08%
	MDLZ	B	0.23%	0.24%	0.23%
	MDT	C	0.27%	0.28%	0.27%
	MET	B	0.26%	0.11%	0.11%
	META	B	1.85%	2.49%	1.85%
	MGM	F	0.05%	0.02%	0.02%
	MHK	C	0.07%	0.02%	0.02%
	MKC	C	0.04%	0.05%	0.04%
	MLM	D	0.04%	0.08%	0.04%
	MMC	C	0.15%	0.26%	0.15%
	MNST	D	0.04%	0.09%	0.04%
	MO	C	0.39%	0.22%	0.22%
	MOH	D	0.05%	0.05%	0.05%
	MOS	F	0.05%	0.02%	0.02%
	MPC	F	0.41%	0.15%	0.15%
	MRK	D	0.51%	0.66%	0.51%
	MRNA	F	0.04%	0.05%	0.04%
	MRO	C	0.08%	0.04%	0.04%
	MS	D	0.35%	0.29%	0.29%
	MSFT	C	2.54%	7.0%	2.54%
	MSI	B	0.06%	0.17%	0.06%
	MTB	B	0.09%	0.07%	0.07%
	MU	F	0.35%	0.2%	0.2%
	NDAQ	A	0.03%	0.06%	0.03%
	NDSN	C	0.02%	0.03%	0.02%
	NEE	C	0.29%	0.44%	0.29%
	NFLX	B	0.15%	0.69%	0.15%
	NI	B	0.05%	0.03%	0.03%
	NKE	D	0.18%	0.23%	0.18%
	NOC	B	0.21%	0.18%	0.18%
	NOW	B	0.01%	0.39%	0.01%
	NRG	C	0.11%	0.04%	0.04%
	NSC	C	0.21%	0.14%	0.14%
	NTAP	D	0.08%	0.05%	0.05%
	NTRS	A	0.07%	0.04%	0.04%
	NUE	F	0.18%	0.09%	0.09%
	NVDA	D	0.38%	6.04%	0.38%
	NVR	B	0.08%	0.07%	0.07%
	NWSA	D	0.04%	0.03%	0.03%
	NXPI	F	0.08%	0.13%	0.08%
	O	C	0.04%	0.13%	0.04%
	ODFL	D	0.05%	0.08%	0.05%
	OKE	B	0.13%	0.12%	0.12%
	OMC	B	0.08%	0.05%	0.05%
	ON	D	0.04%	0.07%	0.04%
	ORCL	C	0.47%	0.5%	0.47%
	OXY	F	0.11%	0.08%	0.08%
	PANW	D	0.03%	0.24%	0.03%
	PARA	F	0.09%	0.01%	0.01%
	PAYX	C	0.06%	0.1%	0.06%
	PCAR	D	0.13%	0.12%	0.12%
	PCG	C	0.03%	0.1%	0.03%
	PEG	B	0.11%	0.1%	0.1%
	PEP	C	0.45%	0.6%	0.45%
	PFG	B	0.08%	0.04%	0.04%
	PG	C	0.84%	0.95%	0.84%
	PGR	B	0.26%	0.36%	0.26%
	PH	B	0.12%	0.18%	0.12%
	PHM	B	0.13%	0.07%	0.07%
	PKG	B	0.07%	0.04%	0.04%
	PLD	C	0.08%	0.28%	0.08%
	PNC	B	0.29%	0.17%	0.17%
	PNR	B	0.04%	0.03%	0.03%
	PNW	C	0.04%	0.02%	0.02%
	POOL	C	0.02%	0.03%	0.02%
	PPG	D	0.08%	0.07%	0.07%
	PPL	C	0.11%	0.06%	0.06%
	PRU	C	0.23%	0.1%	0.1%
	PSA	B	0.06%	0.13%	0.06%
	PSX	F	0.36%	0.13%	0.13%
	PWR	B	0.06%	0.09%	0.06%
	PYPL	B	0.19%	0.18%	0.18%
	QCOM	D	0.47%	0.41%	0.41%
	QRVO	F	0.05%	0.02%	0.02%
	REG	C	0.03%	0.03%	0.03%
	REGN	C	0.16%	0.27%	0.16%
	RF	B	0.08%	0.05%	0.05%
	RJF	C	0.04%	0.05%	0.04%
	RL	C	0.03%	0.02%	0.02%
	ROK	D	0.05%	0.07%	0.05%
	ROP	C	0.05%	0.13%	0.05%
	ROST	C	0.08%	0.12%	0.08%
	RSG	D	0.07%	0.1%	0.07%
	RTX	C	0.37%	0.38%	0.37%
	SCHW	D	0.1%	0.21%	0.1%
	SHW	B	0.09%	0.21%	0.09%
	SJM	C	0.06%	0.03%	0.03%
	SLB	F	0.11%	0.14%	0.11%
	SNA	C	0.04%	0.03%	0.03%
	SNPS	D	0.03%	0.17%	0.03%
	SO	B	0.29%	0.23%	0.23%
	SOLV	C	0.04%	0.02%	0.02%
	SPG	B	0.11%	0.12%	0.11%
	SPGI	B	0.15%	0.38%	0.15%
	SRE	C	0.12%	0.12%	0.12%
	STE	C	0.03%	0.06%	0.03%
	STLD	F	0.09%	0.04%	0.04%
	STT	A	0.09%	0.06%	0.06%
	STZ	D	0.08%	0.09%	0.08%
	SW	B	0.11%	0.03%	0.03%
	SWK	B	0.08%	0.04%	0.04%
	SWKS	D	0.05%	0.03%	0.03%
	SYF	C	0.27%	0.04%	0.04%
	SYK	C	0.13%	0.29%	0.13%
	SYY	D	0.1%	0.09%	0.09%
	T	C	1.37%	0.37%	0.37%
	TAP	D	0.05%	0.02%	0.02%
	TDY	B	0.02%	0.05%	0.02%
	TEL	D	0.11%	0.11%	0.11%
	TER	D	0.05%	0.04%	0.04%
	TFC	C	0.22%	0.13%	0.13%
	TFX	C	0.02%	0.03%	0.02%
	TGT	C	0.37%	0.17%	0.17%
	TJX	B	0.24%	0.3%	0.24%
	TMO	B	0.29%	0.55%	0.29%
	TMUS	C	0.24%	0.25%	0.24%
	TPR	C	0.04%	0.02%	0.02%
	TRGP	B	0.06%	0.07%	0.06%
	TRMB	C	0.03%	0.03%	0.03%
	TROW	D	0.11%	0.05%	0.05%
	TRV	C	0.3%	0.13%	0.13%
	TSCO	C	0.06%	0.07%	0.06%
	TSN	C	0.2%	0.04%	0.04%
	TT	B	0.09%	0.19%	0.09%
	TXN	C	0.34%	0.41%	0.34%
	TXT	D	0.06%	0.04%	0.04%
	UBER	C	0.04%	0.29%	0.04%
	UDR	C	0.03%	0.03%	0.03%
	UHS	B	0.1%	0.03%	0.03%
	ULTA	D	0.03%	0.04%	0.03%
	UNH	C	1.25%	1.28%	1.25%
	UNP	C	0.4%	0.37%	0.37%
	UPS	D	0.25%	0.22%	0.22%
	URI	B	0.12%	0.12%	0.12%
	USB	B	0.3%	0.17%	0.17%
	V	C	0.35%	1.07%	0.35%
	VICI	C	0.02%	0.08%	0.02%
	VLO	F	0.38%	0.11%	0.11%
	VMC	D	0.04%	0.08%	0.04%
	VRSK	D	0.04%	0.09%	0.04%
	VRTX	D	0.08%	0.28%	0.08%
	VST	C	0.11%	0.07%	0.07%
	VTR	C	0.09%	0.06%	0.06%
	VTRS	D	0.1%	0.03%	0.03%
	VZ	B	1.32%	0.45%	0.45%
	WAB	B	0.06%	0.07%	0.06%
	WBA	F	0.14%	0.02%	0.02%
	WBD	D	0.06%	0.04%	0.04%
	WDC	D	0.13%	0.05%	0.05%
	WEC	C	0.08%	0.07%	0.07%
	WELL	C	0.11%	0.17%	0.11%
	WFC	D	1.06%	0.45%	0.45%
	WM	D	0.15%	0.19%	0.15%
	WMB	B	0.15%	0.13%	0.13%
	WMT	C	1.51%	0.79%	0.79%
	WRB	C	0.04%	0.04%	0.04%
	WST	D	0.02%	0.05%	0.02%
	WTW	C	0.07%	0.07%	0.07%
	WY	C	0.09%	0.05%	0.05%
	XEL	B	0.12%	0.08%	0.08%
	XOM	C	1.92%	1.24%	1.24%
	XYL	C	0.04%	0.08%	0.04%
	ZBH	F	0.05%	0.06%	0.05%
	ZBRA	B	0.04%	0.04%	0.04%
	ZTS	C	0.08%	0.2%	0.08%

FNDX Overweight 294 Positions Relative to QVML

	Symbol	Grade	Weight
	GOOGL	D	1.22%
	PFE	C	0.75%
	LUMN	C	0.57%
	PM	C	0.51%
	AMGN	B	0.48%
	MMM	B	0.4%
	GILD	B	0.35%
	BMY	C	0.35%
	MCD	B	0.34%
	SBUX	C	0.27%
	TSLA	C	0.19%
	NEM	B	0.19%
	BA	F	0.14%
	AMT	C	0.14%
	AON	B	0.13%
	FIS	B	0.13%
	CCI	C	0.11%
	KKR	B	0.11%
	APD	B	0.11%
	ALLY	F	0.1%
	STX	C	0.1%
	ORLY	C	0.1%
	BIIB	F	0.1%
	JLL	B	0.09%
	TDG	B	0.08%
	RS	D	0.08%
	THC	A	0.08%
	YUM	D	0.08%
	ARW	C	0.08%
	EQIX	C	0.08%
	OGN	D	0.07%
	FNF	B	0.07%
	KSS	F	0.07%
	USFD	B	0.07%
	AVT	C	0.07%
	X	F	0.07%
	EME	B	0.06%
	OC	D	0.06%
	TOL	B	0.06%
	HLT	B	0.06%
	CMA	B	0.06%
	VFC	C	0.06%
	AZO	D	0.06%
	WHR	D	0.06%
	R	A	0.06%
	AES	C	0.06%
	AFG	B	0.05%
	AA	D	0.05%
	EQH	C	0.05%
	GPI	B	0.05%
	INGR	B	0.05%
	VNO	B	0.05%
	SIRI	C	0.05%
	DKS	D	0.05%
	SFM	B	0.05%
	CSL	B	0.05%
	ORI	B	0.05%
	AWK	B	0.05%
	MUSA	D	0.05%
	KD	D	0.05%
	OTIS	C	0.05%
	DINO	F	0.05%
	UNM	B	0.05%
	DXC	C	0.05%
	AN	D	0.05%
	MAN	C	0.05%
	ZION	D	0.05%
	OMF	D	0.05%
	LNG	C	0.05%
	PFGC	B	0.05%
	LAD	D	0.05%
	WSM	D	0.05%
	M	F	0.05%
	LEA	F	0.05%
	FLEX	C	0.05%
	JEF	B	0.05%
	LNC	D	0.05%
	CASY	D	0.05%
	HAS	B	0.04%
	RPM	B	0.04%
	MTD	D	0.04%
	MTH	A	0.04%
	SLM	D	0.04%
	AYI	B	0.04%
	CNO	B	0.04%
	WAT	C	0.04%
	BAH	C	0.04%
	BAP	B	0.04%
	MRVL	C	0.04%
	EL	F	0.04%
	TMHC	A	0.04%
	WU	F	0.04%
	THO	D	0.04%
	SSNC	B	0.04%
	JXN	A	0.04%
	RMD	C	0.04%
	CCK	A	0.04%
	FYBR	C	0.04%
	DOX	C	0.04%
	PVH	F	0.04%
	KNX	C	0.04%
	EVR	A	0.04%
	GAP	F	0.04%
	BERY	B	0.04%
	RGA	C	0.04%
	ACM	B	0.04%
	ALSN	B	0.04%
	FAF	B	0.04%
	ZIM	C	0.04%
	TDS	C	0.04%
	MKL	C	0.04%
	OVV	F	0.04%
	UGI	C	0.04%
	SKX	D	0.03%
	AAP	F	0.03%
	CG	D	0.03%
	ITT	B	0.03%
	CPRI	D	0.03%
	MTG	B	0.03%
	GDDY	C	0.03%
	CW	B	0.03%
	CIEN	C	0.03%
	BC	C	0.03%
	FLR	D	0.03%
	ILMN	C	0.03%
	GNTX	F	0.03%
	EWBC	D	0.03%
	CLF	F	0.03%
	SCI	B	0.03%
	SON	C	0.03%
	SAIC	C	0.03%
	LPLA	D	0.03%
	AVTR	B	0.03%
	FTNT	C	0.03%
	SUI	B	0.03%
	JHG	B	0.03%
	CMC	D	0.03%
	FHN	D	0.03%
	AER	B	0.03%
	SWN	D	0.03%
	BPOP	C	0.03%
	RRX	C	0.03%
	PBF	F	0.03%
	AGCO	D	0.03%
	MSCI	C	0.03%
	NWL	C	0.03%
	VOYA	B	0.03%
	TRU	B	0.03%
	GT	F	0.03%
	CRBG	D	0.03%
	OLN	D	0.03%
	CHKP	B	0.03%
	MLI	A	0.03%
	SLG	B	0.03%
	LII	B	0.03%
	GNW	B	0.03%
	TPH	C	0.03%
	APO	C	0.03%
	MTZ	B	0.03%
	OGE	C	0.03%
	WCC	D	0.03%
	ARMK	B	0.03%
	NXST	D	0.03%
	KBH	A	0.03%
	SANM	D	0.03%
	RHI	D	0.03%
	CCEP	B	0.03%
	BURL	B	0.03%
	HBI	B	0.03%
	CACI	B	0.03%
	WSO	C	0.03%
	BCC	B	0.03%
	UFPI	C	0.03%
	GPK	B	0.03%
	OSK	F	0.03%
	FL	D	0.03%
	CNH	D	0.03%
	HUN	D	0.03%
	LPX	B	0.03%
	AMG	C	0.03%
	OI	D	0.02%
	UNFI	C	0.02%
	MIDD	D	0.02%
	WLK	D	0.02%
	CNX	B	0.02%
	FTI	D	0.02%
	CAR	F	0.02%
	GXO	D	0.02%
	BECN	D	0.02%
	LECO	F	0.02%
	SM	F	0.02%
	ICLR	D	0.02%
	WERN	D	0.02%
	CC	F	0.02%
	XRAY	D	0.02%
	PENN	D	0.02%
	FLO	C	0.02%
	PRGO	D	0.02%
	REZI	D	0.02%
	MKSI	F	0.02%
	SQ	D	0.02%
	DAR	F	0.02%
	CHK	D	0.02%
	TGNA	D	0.02%
	TKR	D	0.02%
	CYH	B	0.02%
	TTC	D	0.02%
	HUBG	C	0.02%
	AL	D	0.02%
	KBR	D	0.02%
	FCNCA	D	0.02%
	ACI	F	0.02%
	CRI	D	0.02%
	TPX	C	0.02%
	POR	C	0.02%
	ASGN	D	0.02%
	JWN	C	0.02%
	GGG	C	0.02%
	MUR	F	0.02%
	UHAL	A	0.02%
	RUSHA	C	0.02%
	ASO	C	0.02%
	NFG	B	0.02%
	PAG	D	0.02%
	XRX	D	0.02%
	BTU	D	0.02%
	NVT	D	0.02%
	NAVI	C	0.02%
	HRB	C	0.02%
	QRTEA	F	0.02%
	WPC	C	0.02%
	ST	D	0.02%
	DCI	C	0.02%
	GLPI	C	0.02%
	MPW	C	0.02%
	SBAC	C	0.02%
	STWD	B	0.02%
	AR	F	0.02%
	NOV	F	0.02%
	POST	C	0.02%
	AXTA	B	0.02%
	ABG	D	0.02%
	ATR	B	0.02%
	BJ	D	0.02%
	ABM	D	0.02%
	PII	D	0.02%
	MDU	C	0.02%
	CTLT	B	0.02%
	PK	D	0.02%
	PRI	B	0.02%
	SEIC	C	0.02%
	EXP	B	0.02%
	G	C	0.02%
	NSIT	D	0.02%
	BRX	B	0.02%
	EHC	C	0.02%
	SEE	D	0.02%
	ALV	F	0.02%
	SNV	C	0.02%
	LSTR	D	0.02%
	THG	B	0.02%
	TTWO	C	0.02%
	LAMR	B	0.02%
	HOG	C	0.02%
	SNX	D	0.02%
	HTZ	F	0.01%
	ALK	C	0.01%
	CNXC	F	0.01%
	COHR	C	0.01%
	MATX	B	0.01%
	DELL	D	0.01%
	VSH	F	0.01%
	ANDE	D	0.01%
	DBX	D	0.01%
	VRSN	D	0.01%
	MSM	D	0.01%
	ARCH	F	0.01%
	DK	F	0.01%
	JAZZ	D	0.01%
	WTRG	D	0.01%
	VAC	F	0.01%
	CHE	C	0.01%
	MMS	C	0.01%
	AEO	F	0.01%
	ADNT	F	0.01%
	TNL	D	0.01%
	MTN	D	0.01%
	LILAK	D	0.01%
	BLD	D	0.01%
	LEG	D	0.01%
	DAN	F	0.01%
	ODP	F	0.01%
	SPTN	C	0.01%
	BIG	F	0.0%

FNDX Underweight 20 Positions Relative to QVML

	Symbol	Grade	Weight
	ABNB	D	-0.12%
	RCL	B	-0.09%
	MPWR	C	-0.09%
	CSGP	D	-0.07%
	VLTO	C	-0.06%
	TYL	C	-0.06%
	AXON	B	-0.06%
	PTC	D	-0.05%
	SMCI	F	-0.05%
	UAL	C	-0.04%
	FDS	C	-0.04%
	INCY	C	-0.03%
	LYV	B	-0.03%
	ROL	C	-0.03%
	BIO	C	-0.02%
	NCLH	C	-0.02%
	PAYC	D	-0.02%
	FRT	C	-0.02%
	MKTX	C	-0.02%
	DAY	D	-0.02%

FNDX: Top Represented Industries & Keywords

Industries: Diversified Industrials Asset Management Utilities - Regulated Electric Oil & Gas E&P Business Services Specialty Retail Banks - Regional - US Information Technology Services Semiconductors Software - Application Specialty Chemicals Packaged Foods Packaging & Containers Credit Services Diagnostics & Research Building Materials Insurance - Property & Casualty Auto Parts Capital Markets Drug Manufacturers - Major

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

QVML: Top Represented Industries & Keywords

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

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