HKND vs. VCEB ETF Comparison

Comparison of Humankind US Stock ETF (HKND) to Vanguard ESG U.S. Corporate Bond ETF (VCEB)

HKND

Humankind US Stock ETF

HKND Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Humankind US Equity Index (the ?Index?). The index is primarily comprised of domestic (U.S.) equity securities and may not be comprised of greater than 5% of foreign securities (including ADRs). The fund invests in the common stock of each company in the index in approximately the same proportion as represented in the index itself. Under normal conditions, it will invest at least 90% of its net assets, including borrowings for investment purposes, in securities contained in the index.

Grade (RS Rating)

Last Trade

$33.04

Average Daily Volume

3,811

Number of Holdings ^*

952

* 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

$65.04

Average Daily Volume

31,109

Number of Holdings ^*

245

* may have additional holdings in another (foreign) market

Performance

Period	HKND	VCEB
30 Days	1.41%	1.53%
60 Days	2.64%	4.63%
90 Days	5.45%	5.27%
12 Months	21.18%	12.57%

195 Overlapping Holdings

	Symbol	Grade	Weight in HKND	Weight in VCEB	Overlap
	A	C	0.15%	0.02%	0.02%
	AAPL	C	2.15%	0.01%	0.01%
	ABBV	C	1.87%	0.03%	0.03%
	ABT	C	1.07%	0.03%	0.03%
	ADBE	F	0.05%	0.01%	0.01%
	ADI	C	0.04%	0.01%	0.01%
	ADM	D	1.61%	0.02%	0.02%
	ADP	B	0.07%	0.03%	0.03%
	AFL	C	0.08%	0.05%	0.05%
	AIG	D	0.22%	0.01%	0.01%
	AJG	D	0.04%	0.02%	0.02%
	ALLY	D	0.04%	0.03%	0.03%
	AMAT	D	0.15%	0.01%	0.01%
	AMGN	B	1.08%	0.01%	0.01%
	AMP	B	0.07%	0.03%	0.03%
	AMT	C	0.04%	0.01%	0.01%
	AMZN	C	0.6%	0.01%	0.01%
	APD	B	0.02%	0.02%	0.02%
	APH	C	0.04%	0.02%	0.02%
	ARE	C	0.01%	0.01%	0.01%
	AVGO	C	0.11%	0.02%	0.02%
	AWK	C	0.38%	0.02%	0.02%
	AXP	B	0.21%	0.01%	0.01%
	AZO	D	0.04%	0.04%	0.04%
	BAC	D	0.52%	0.02%	0.02%
	BAX	C	0.85%	0.02%	0.02%
	BDX	F	1.1%	0.03%	0.03%
	BEN	F	0.03%	0.02%	0.02%
	BERY	C	0.06%	0.01%	0.01%
	BG	D	0.92%	0.03%	0.03%
	BHF	D	0.02%	0.03%	0.02%
	BIIB	F	0.29%	0.01%	0.01%
	BK	A	0.11%	0.01%	0.01%
	BKNG	B	0.06%	0.02%	0.02%
	BLK	B	0.1%	0.02%	0.02%
	BMY	C	0.87%	0.03%	0.03%
	BR	D	0.02%	0.02%	0.02%
	BRX	B	0.01%	0.01%	0.01%
	BSX	B	0.72%	0.01%	0.01%
	BXP	B	0.02%	0.01%	0.01%
	C	D	0.4%	0.01%	0.01%
	CAG	C	0.36%	0.01%	0.01%
	CAH	C	0.3%	0.02%	0.02%
	CARR	B	0.01%	0.02%	0.01%
	CCI	C	0.02%	0.01%	0.01%
	CF	C	0.94%	0.02%	0.02%
	CFG	C	0.04%	0.03%	0.03%
	CHTR	D	0.17%	0.02%	0.02%
	CI	C	1.09%	0.01%	0.01%
	CMA	A	0.02%	0.03%	0.02%
	CMCSA	D	0.65%	0.01%	0.01%
	CME	C	0.02%	0.02%	0.02%
	CMI	C	0.05%	0.02%	0.02%
	COF	A	0.17%	0.01%	0.01%
	CPB	B	0.08%	0.02%	0.02%
	CPT	B	0.03%	0.04%	0.03%
	CRM	D	0.08%	0.02%	0.02%
	CSCO	B	0.16%	0.02%	0.02%
	CSL	B	0.03%	0.02%	0.02%
	CTAS	C	0.04%	0.04%	0.04%
	CVS	F	0.45%	0.01%	0.01%
	DD	B	0.31%	0.06%	0.06%
	DE	B	2.0%	0.02%	0.02%
	DELL	C	0.96%	0.01%	0.01%
	DFS	B	0.07%	0.01%	0.01%
	DGX	C	0.6%	0.03%	0.03%
	DHR	C	0.58%	0.01%	0.01%
	DIS	D	0.2%	0.01%	0.01%
	DLR	B	0.02%	0.01%	0.01%
	DOC	C	0.01%	0.03%	0.01%
	DOW	D	0.2%	0.01%	0.01%
	EA	D	0.02%	0.01%	0.01%
	EBAY	B	0.05%	0.01%	0.01%
	EFX	C	0.02%	0.02%	0.02%
	EMN	B	0.01%	0.02%	0.01%
	EQH	C	0.05%	0.05%	0.05%
	EQIX	B	0.02%	0.03%	0.02%
	EQR	C	0.07%	0.03%	0.03%
	EXPE	C	0.04%	0.04%	0.04%
	FDX	F	0.01%	0.01%	0.01%
	FIS	B	0.04%	0.01%	0.01%
	FITB	B	0.04%	0.02%	0.02%
	FTV	C	0.01%	0.03%	0.01%
	GILD	B	0.76%	0.01%	0.01%
	GIS	B	0.3%	0.03%	0.03%
	GLW	B	0.1%	0.02%	0.02%
	GOOGL	D	3.81%	0.02%	0.02%
	GPN	D	0.04%	0.01%	0.01%
	GS	C	0.33%	0.01%	0.01%
	GWW	A	0.05%	0.04%	0.04%
	HAS	B	0.01%	0.03%	0.01%
	HBAN	B	0.03%	0.02%	0.02%
	HCA	A	0.97%	0.02%	0.02%
	HD	A	0.38%	0.01%	0.01%
	HIG	B	0.1%	0.02%	0.02%
	HPE	D	0.19%	0.01%	0.01%
	HPQ	D	0.74%	0.01%	0.01%
	HST	C	0.02%	0.02%	0.02%
	HUM	F	0.24%	0.01%	0.01%
	HUN	D	0.04%	0.02%	0.02%
	IBM	A	0.25%	0.02%	0.02%
	ICE	C	0.03%	0.01%	0.01%
	IFF	C	0.06%	0.03%	0.03%
	INTC	F	1.49%	0.01%	0.01%
	ITW	C	0.03%	0.03%	0.03%
	JNJ	C	2.1%	0.01%	0.01%
	JPM	D	0.66%	0.01%	0.01%
	K	A	0.26%	0.03%	0.03%
	KDP	B	0.04%	0.01%	0.01%
	KEY	B	0.04%	0.01%	0.01%
	KLAC	D	0.05%	0.01%	0.01%
	KMB	D	0.1%	0.04%	0.04%
	KO	B	0.01%	0.01%	0.01%
	LEN	C	0.15%	0.04%	0.04%
	LLY	C	1.99%	0.03%	0.03%
	LOW	A	0.24%	0.01%	0.01%
	LRCX	F	0.09%	0.01%	0.01%
	MA	B	0.11%	0.03%	0.03%
	MAR	C	0.05%	0.01%	0.01%
	MCHP	D	0.03%	0.04%	0.03%
	MCK	F	0.43%	0.02%	0.02%
	MDLZ	C	0.32%	0.01%	0.01%
	MET	A	0.2%	0.01%	0.01%
	MKC	C	0.05%	0.02%	0.02%
	MMC	C	0.12%	0.04%	0.04%
	MMM	A	0.06%	0.01%	0.01%
	MOS	F	1.63%	0.06%	0.06%
	MRK	D	1.79%	0.01%	0.01%
	MRVL	C	0.01%	0.01%	0.01%
	MS	C	0.34%	0.01%	0.01%
	MSFT	C	2.41%	0.01%	0.01%
	MSI	B	0.02%	0.01%	0.01%
	MTB	A	0.03%	0.07%	0.03%
	MU	F	0.11%	0.03%	0.03%
	NOW	A	0.02%	0.04%	0.02%
	NTAP	D	0.03%	0.02%	0.02%
	NTRS	B	0.04%	0.03%	0.03%
	NVDA	D	0.08%	0.01%	0.01%
	NVR	B	0.05%	0.03%	0.03%
	O	C	0.01%	0.02%	0.01%
	OMC	B	0.05%	0.02%	0.02%
	ORCL	B	0.19%	0.02%	0.02%
	ORLY	D	0.04%	0.03%	0.03%
	OTIS	C	0.02%	0.04%	0.02%
	PEP	D	0.39%	0.01%	0.01%
	PFE	C	1.6%	0.01%	0.01%
	PG	C	3.93%	0.01%	0.01%
	PGR	A	0.21%	0.05%	0.05%
	PH	A	0.04%	0.01%	0.01%
	PLD	C	0.03%	0.01%	0.01%
	PNC	A	0.1%	0.01%	0.01%
	PPG	D	0.03%	0.03%	0.03%
	PRU	C	0.17%	0.01%	0.01%
	PWR	B	0.02%	0.03%	0.02%
	PYPL	B	0.09%	0.01%	0.01%
	QCOM	F	0.15%	0.01%	0.01%
	QRVO	F	0.01%	0.02%	0.01%
	REGN	C	0.59%	0.02%	0.02%
	RF	B	0.03%	0.03%	0.03%
	RJF	C	0.05%	0.02%	0.02%
	ROP	C	0.01%	0.03%	0.01%
	RPRX	D	0.1%	0.01%	0.01%
	RSG	D	0.03%	0.01%	0.01%
	SCHW	D	0.07%	0.01%	0.01%
	SHW	B	0.04%	0.02%	0.02%
	SJM	C	0.49%	0.03%	0.03%
	SPG	A	0.03%	0.01%	0.01%
	STT	B	0.09%	0.01%	0.01%
	SWK	B	0.04%	0.02%	0.02%
	SYF	C	0.07%	0.03%	0.03%
	SYK	C	1.12%	0.01%	0.01%
	SYY	D	0.07%	0.01%	0.01%
	T	C	0.85%	0.01%	0.01%
	TFC	D	0.1%	0.01%	0.01%
	TGT	C	0.13%	0.01%	0.01%
	TJX	C	0.06%	0.07%	0.06%
	TMO	C	0.86%	0.01%	0.01%
	TMUS	C	0.36%	0.01%	0.01%
	TRV	B	0.16%	0.02%	0.02%
	TXN	C	0.1%	0.01%	0.01%
	UHS	B	0.21%	0.02%	0.02%
	UNH	C	0.92%	0.01%	0.01%
	UPS	F	0.03%	0.01%	0.01%
	USB	B	0.12%	0.01%	0.01%
	V	C	0.16%	0.02%	0.02%
	VRSK	D	0.01%	0.04%	0.01%
	VRSN	D	0.01%	0.03%	0.01%
	VTR	C	0.05%	0.02%	0.02%
	VTRS	D	0.24%	0.01%	0.01%
	VZ	B	0.91%	0.02%	0.02%
	WBA	F	0.21%	0.02%	0.02%
	WELL	C	0.02%	0.01%	0.01%
	WM	D	0.05%	0.01%	0.01%
	XRAY	D	0.02%	0.02%	0.02%
	ZBH	F	0.43%	0.03%	0.03%

HKND Overweight 757 Positions Relative to VCEB

	Symbol	Grade	Weight
	CTVA	B	1.44%
	CL	C	1.3%
	WMT	B	1.05%
	GEHC	C	0.96%
	ECL	A	0.89%
	FMC	C	0.75%
	AGCO	D	0.67%
	VRTX	D	0.59%
	IQV	D	0.51%
	FDP	C	0.5%
	INGR	B	0.48%
	KVUE	C	0.41%
	ELV	C	0.41%
	WFC	D	0.4%
	VLTO	B	0.34%
	CHD	C	0.34%
	CNC	C	0.33%
	ISRG	C	0.32%
	THC	B	0.32%
	J	C	0.29%
	EW	F	0.28%
	SPB	B	0.28%
	HOLX	C	0.27%
	BBY	C	0.27%
	FELE	C	0.26%
	MRNA	F	0.25%
	CLX	C	0.23%
	ALL	B	0.21%
	KR	C	0.21%
	RMD	C	0.2%
	TSLA	C	0.17%
	FSLR	C	0.17%
	DHI	C	0.17%
	TFX	C	0.17%
	SOLV	C	0.17%
	AVTR	C	0.16%
	ZWS	B	0.16%
	ENOV	F	0.15%
	CTLT	B	0.14%
	DXCM	F	0.13%
	RUN	C	0.13%
	DVA	B	0.13%
	HSIC	D	0.13%
	ENPH	D	0.13%
	FTRE	D	0.12%
	JBL	D	0.12%
	OGN	D	0.11%
	TITN	F	0.11%
	ICUI	B	0.11%
	AHCO	C	0.11%
	CBRE	A	0.11%
	LUMN	C	0.11%
	AIZ	B	0.11%
	CRL	F	0.1%
	ALNY	C	0.1%
	WDC	D	0.1%
	MAN	C	0.1%
	SEM	D	0.1%
	COST	B	0.1%
	BIO	C	0.09%
	INCY	C	0.09%
	FLO	C	0.09%
	ILMN	C	0.09%
	PHM	B	0.08%
	PODD	B	0.08%
	CTSH	C	0.08%
	EMBC	C	0.08%
	POST	C	0.08%
	ACM	B	0.08%
	CDW	D	0.08%
	UTHR	C	0.08%
	ITGR	B	0.08%
	LXU	F	0.08%
	NFLX	B	0.08%
	ALG	D	0.08%
	WTRG	D	0.08%
	RDNT	B	0.08%
	MTD	D	0.08%
	KD	D	0.07%
	AMD	D	0.07%
	EHC	B	0.07%
	TECH	D	0.07%
	WBD	D	0.07%
	MASI	D	0.07%
	MMSI	B	0.07%
	FNF	B	0.07%
	DXC	C	0.07%
	IART	F	0.07%
	UAN	D	0.07%
	MOH	D	0.07%
	BMRN	F	0.07%
	CWT	C	0.07%
	SQ	D	0.06%
	WLK	D	0.06%
	FOX	B	0.06%
	GMED	D	0.06%
	CRBG	D	0.06%
	PFG	B	0.06%
	SRPT	D	0.06%
	SNX	D	0.06%
	BRKR	D	0.06%
	RGA	B	0.06%
	HSY	D	0.06%
	HAE	D	0.06%
	WST	D	0.06%
	ACI	F	0.06%
	NBIX	F	0.06%
	WAT	C	0.06%
	CNMD	D	0.06%
	AVB	C	0.06%
	LNC	D	0.05%
	GPC	D	0.05%
	FAF	C	0.05%
	KLG	C	0.05%
	MAA	C	0.05%
	PCVX	C	0.05%
	TOL	B	0.05%
	OPK	D	0.05%
	INVH	C	0.05%
	GXO	D	0.05%
	ROKU	C	0.05%
	AYI	A	0.05%
	AVNS	C	0.05%
	OMI	D	0.05%
	SMG	C	0.05%
	MKL	C	0.05%
	SJW	D	0.05%
	SUI	C	0.05%
	L	D	0.05%
	LNN	D	0.04%
	LPLA	F	0.04%
	LKQ	F	0.04%
	CR	C	0.04%
	TNDM	C	0.04%
	ORI	B	0.04%
	OPCH	C	0.04%
	CNXN	B	0.04%
	SGRY	C	0.04%
	SCSC	D	0.04%
	TMHC	B	0.04%
	WMG	D	0.04%
	TROW	D	0.04%
	CINF	C	0.04%
	JEF	B	0.04%
	NOVT	D	0.04%
	UNFI	C	0.04%
	WRB	C	0.04%
	MEDP	D	0.04%
	TTC	D	0.04%
	ESS	C	0.04%
	AWR	B	0.04%
	WHR	C	0.04%
	FYBR	C	0.04%
	EXAS	C	0.04%
	VKTX	C	0.04%
	EXEL	C	0.04%
	PEN	D	0.04%
	JLL	B	0.04%
	CHE	C	0.03%
	ROST	C	0.03%
	MCO	A	0.03%
	FAST	C	0.03%
	REZI	D	0.03%
	GNW	B	0.03%
	WTS	C	0.03%
	HWKN	C	0.03%
	GME	D	0.03%
	APO	B	0.03%
	XRX	F	0.03%
	ENR	D	0.03%
	OPEN	D	0.03%
	NUVL	C	0.03%
	ARW	C	0.03%
	CHWY	C	0.03%
	OFIX	D	0.03%
	ENSG	C	0.03%
	NWS	D	0.03%
	HALO	C	0.03%
	RS	D	0.03%
	VOYA	B	0.03%
	NEO	C	0.03%
	ON	F	0.03%
	CG	D	0.03%
	MD	C	0.03%
	MTH	C	0.03%
	DAR	F	0.03%
	INTU	C	0.03%
	MIDD	D	0.03%
	KBH	B	0.03%
	LYV	B	0.03%
	NSP	D	0.03%
	FLGT	F	0.03%
	TWI	D	0.03%
	CYTK	F	0.03%
	IRDM	D	0.03%
	RVMD	C	0.03%
	AMRX	B	0.03%
	SANM	D	0.03%
	LBRDA	F	0.03%
	SPGI	A	0.03%
	SNEX	B	0.03%
	ELS	C	0.03%
	IT	A	0.03%
	TDS	C	0.03%
	SMMT	C	0.03%
	RHI	D	0.03%
	AMH	C	0.03%
	BPMC	D	0.03%
	ZBRA	B	0.03%
	IONS	D	0.03%
	RKT	C	0.03%
	EMR	D	0.03%
	IVZ	B	0.03%
	EL	F	0.03%
	LNTH	D	0.03%
	ITCI	D	0.03%
	UNM	B	0.03%
	IPG	C	0.03%
	AFG	B	0.03%
	UDR	C	0.03%
	ATR	B	0.02%
	SRCL	B	0.02%
	WCC	D	0.02%
	TTEK	C	0.02%
	MSEX	C	0.02%
	PLXS	B	0.02%
	BCO	A	0.02%
	ULTA	D	0.02%
	FOLD	D	0.02%
	STC	B	0.02%
	AVT	C	0.02%
	AMPH	C	0.02%
	IOVA	D	0.02%
	NATL	D	0.02%
	GL	C	0.02%
	IBKR	A	0.02%
	MCY	D	0.02%
	R	B	0.02%
	GH	D	0.02%
	DNLI	C	0.02%
	HAIN	D	0.02%
	GKOS	C	0.02%
	NWL	D	0.02%
	SNPS	D	0.02%
	FCN	C	0.02%
	ADTN	D	0.02%
	SMPL	D	0.02%
	AMRK	C	0.02%
	UTZ	C	0.02%
	ANET	A	0.02%
	CNXC	F	0.02%
	AXSM	B	0.02%
	PTCT	C	0.02%
	COOP	C	0.02%
	ALGN	D	0.02%
	CRNX	C	0.02%
	CENTA	D	0.02%
	AAP	F	0.02%
	DOX	C	0.02%
	TSCO	C	0.02%
	ALIT	D	0.02%
	GAP	F	0.02%
	MDGL	F	0.02%
	INSM	D	0.02%
	ACAD	F	0.02%
	CORT	B	0.02%
	LECO	F	0.02%
	SMCI	F	0.02%
	BKD	D	0.02%
	MAS	B	0.02%
	BRO	C	0.02%
	NDAQ	A	0.02%
	TXG	D	0.02%
	ATRC	C	0.02%
	KRYS	D	0.02%
	MHO	B	0.02%
	EME	A	0.02%
	DKS	D	0.02%
	RARE	B	0.02%
	ROK	F	0.02%
	TPG	B	0.02%
	SWKS	F	0.02%
	COMP	C	0.02%
	LILAK	D	0.02%
	OMF	D	0.02%
	TPH	C	0.02%
	PFSI	C	0.02%
	CCS	C	0.02%
	IDXX	D	0.02%
	ENTG	D	0.02%
	PAYX	C	0.02%
	JJSF	C	0.02%
	KMPR	D	0.02%
	GFS	F	0.02%
	TNET	F	0.02%
	ADV	C	0.02%
	THS	C	0.02%
	HLT	B	0.02%
	AZTA	F	0.02%
	ABM	D	0.02%
	SSNC	B	0.02%
	USM	C	0.02%
	WMS	D	0.02%
	APLS	F	0.02%
	ZG	B	0.02%
	BLDR	C	0.02%
	JXN	B	0.02%
	AMKR	F	0.02%
	WSO	C	0.02%
	KELYA	D	0.02%
	MMS	C	0.02%
	WU	D	0.02%
	AMED	C	0.02%
	THG	C	0.02%
	BBIO	D	0.02%
	SF	A	0.02%
	UNP	C	0.02%
	TYRA	B	0.01%
	IEX	D	0.01%
	POOL	D	0.01%
	IRTC	F	0.01%
	COTY	F	0.01%
	EOLS	C	0.01%
	FLS	D	0.01%
	DORM	B	0.01%
	USPH	F	0.01%
	MIRM	D	0.01%
	EXR	B	0.01%
	SLAB	D	0.01%
	UBSI	C	0.01%
	GTES	C	0.01%
	ONB	C	0.01%
	PNTG	B	0.01%
	WH	B	0.01%
	YORW	D	0.01%
	MPWR	C	0.01%
	KE	F	0.01%
	NYT	C	0.01%
	VZIO	A	0.01%
	URBN	D	0.01%
	PJT	B	0.01%
	DLB	D	0.01%
	ABCB	B	0.01%
	NX	F	0.01%
	MAT	C	0.01%
	PRLB	F	0.01%
	REG	C	0.01%
	FOUR	C	0.01%
	GMS	D	0.01%
	LFST	C	0.01%
	FRPT	B	0.01%
	CRUS	D	0.01%
	WTM	D	0.01%
	CMC	D	0.01%
	AEO	D	0.01%
	TYL	C	0.01%
	TOST	A	0.01%
	APAM	C	0.01%
	UI	A	0.01%
	FDMT	F	0.01%
	SAGE	F	0.01%
	CVCO	B	0.01%
	DBX	D	0.01%
	SIBN	D	0.01%
	KIDS	F	0.01%
	BKU	D	0.01%
	FIVE	D	0.01%
	GSAT	F	0.01%
	RGNX	F	0.01%
	SCHL	D	0.01%
	CGEM	D	0.01%
	ANSS	D	0.01%
	PB	B	0.01%
	SNA	C	0.01%
	WGO	D	0.01%
	VRDN	C	0.01%
	DIOD	F	0.01%
	MC	B	0.01%
	VNT	F	0.01%
	HMN	D	0.01%
	CADE	C	0.01%
	FICO	B	0.01%
	RLI	B	0.01%
	SSYS	F	0.01%
	SSB	B	0.01%
	HURN	C	0.01%
	DAY	D	0.01%
	DAWN	D	0.01%
	FIX	A	0.01%
	ASB	D	0.01%
	UCTT	F	0.01%
	BCRX	C	0.01%
	BXC	D	0.01%
	OZK	D	0.01%
	HWC	D	0.01%
	ACIW	B	0.01%
	SATS	C	0.01%
	TCBI	B	0.01%
	APG	D	0.01%
	MDXG	F	0.01%
	HGV	D	0.01%
	TRUP	C	0.01%
	MTN	D	0.01%
	PLUS	B	0.01%
	IPGP	F	0.01%
	APP	B	0.01%
	WD	B	0.01%
	VEEV	C	0.01%
	SYNA	F	0.01%
	VSAT	F	0.01%
	LFUS	C	0.01%
	FNB	D	0.01%
	PSTG	F	0.01%
	AKRO	C	0.01%
	AVO	B	0.01%
	KFRC	D	0.01%
	UMBF	B	0.01%
	ACT	B	0.01%
	CBSH	D	0.01%
	KNF	B	0.01%
	CNM	F	0.01%
	PIPR	A	0.01%
	IMVT	F	0.01%
	GRBK	C	0.01%
	DYN	D	0.01%
	PII	D	0.01%
	WPC	C	0.01%
	EXLS	B	0.01%
	FDS	C	0.01%
	FG	D	0.01%
	SKY	C	0.01%
	FNA	F	0.01%
	TDC	F	0.01%
	RYAN	C	0.01%
	LCII	C	0.01%
	KURA	C	0.01%
	CCRN	F	0.01%
	PNFP	A	0.01%
	PAYC	D	0.01%
	CFR	C	0.01%
	CRVL	B	0.01%
	BRC	B	0.01%
	ASIX	C	0.01%
	PRG	B	0.01%
	COIN	F	0.01%
	CABO	F	0.01%
	TVTX	A	0.01%
	PTGX	B	0.01%
	XYL	D	0.01%
	MTG	B	0.01%
	MTCH	C	0.01%
	MNKD	C	0.01%
	WBS	D	0.01%
	IDT	C	0.01%
	CSX	D	0.01%
	RDN	C	0.01%
	JKHY	C	0.01%
	LANC	D	0.01%
	AXNX	A	0.01%
	IOSP	D	0.01%
	SNDX	F	0.01%
	FHI	B	0.01%
	RCM	C	0.01%
	MSCI	C	0.01%
	IR	C	0.01%
	MORN	B	0.01%
	HTH	C	0.01%
	BECN	D	0.01%
	KWR	D	0.01%
	SANA	F	0.01%
	IRT	B	0.01%
	HLI	A	0.01%
	CC	F	0.01%
	SBAC	C	0.01%
	ENS	D	0.01%
	BEAM	F	0.01%
	VLY	C	0.01%
	MSM	D	0.01%
	UNF	C	0.01%
	NGVT	D	0.01%
	CACC	F	0.01%
	TARS	C	0.01%
	PINC	D	0.01%
	TTMI	D	0.01%
	SBH	B	0.01%
	CRSR	F	0.01%
	AGIO	D	0.01%
	LAMR	A	0.01%
	ADMA	B	0.01%
	SXT	C	0.01%
	TDOC	D	0.01%
	ANIP	D	0.01%
	IAC	C	0.01%
	WTFC	C	0.01%
	SITE	D	0.01%
	TGNA	C	0.01%
	INVA	C	0.01%
	RXRX	F	0.01%
	TTWO	D	0.01%
	AXTA	C	0.01%
	ALB	F	0.01%
	UHAL	B	0.01%
	FND	C	0.01%
	ACHC	C	0.01%
	LMAT	B	0.01%
	GNRC	D	0.01%
	TNC	F	0.01%
	ARDX	D	0.01%
	HRB	C	0.01%
	IRM	B	0.01%
	AIV	B	0.01%
	CDNS	D	0.01%
	KIM	C	0.01%
	JBSS	D	0.01%
	ADUS	C	0.01%
	AOS	D	0.01%
	HUBB	A	0.01%
	BGC	B	0.01%
	TEX	F	0.01%
	NMRK	B	0.01%
	TNL	D	0.01%
	CPRX	C	0.01%
	BOKF	B	0.01%
	EXPI	C	0.01%
	KEX	C	0.01%
	ICFI	B	0.01%
	RNA	D	0.01%
	KFY	B	0.01%
	NTLA	F	0.01%
	COLL	C	0.01%
	GERN	D	0.01%
	RCKT	F	0.01%
	BCC	C	0.01%
	WAL	B	0.01%
	ASTH	B	0.01%
	DVAX	D	0.01%
	SEIC	C	0.01%
	NHC	D	0.01%
	EWBC	D	0.01%
	PBH	C	0.01%
	VNO	B	0.01%
	FL	D	0.01%
	ARVN	F	0.01%
	LGND	C	0.01%
	KEYS	C	0.01%
	CSTL	B	0.01%
	TRMB	C	0.01%
	CGON	C	0.01%
	BURL	C	0.01%
	DFH	C	0.01%
	UFPI	C	0.01%
	ESI	D	0.01%
	SNV	C	0.01%
	UWMC	D	0.01%
	STGW	C	0.01%
	CIEN	C	0.01%
	FCNCA	D	0.01%
	XNCR	C	0.01%
	ADSK	C	0.01%
	AME	C	0.01%
	IRWD	F	0.01%
	FFIV	B	0.01%
	NVST	D	0.01%
	HHH	C	0.01%
	NARI	F	0.01%
	EVH	C	0.01%
	SPTN	C	0.01%
	VAC	F	0.01%
	HRMY	B	0.01%
	GT	F	0.01%
	VERA	C	0.01%
	NVAX	D	0.01%
	LGF.A	F	0.01%
	CNO	A	0.01%
	ASH	D	0.01%
	H	C	0.01%
	RYTM	C	0.01%
	KROS	C	0.01%
	PRVA	F	0.01%
	CLH	A	0.01%
	RRX	C	0.01%
	KYMR	B	0.01%
	COHR	B	0.01%
	BHE	C	0.01%
	RGEN	F	0.01%
	VCEL	D	0.01%
	BZH	C	0.01%
	VRT	C	0.01%
	CSGP	D	0.01%
	PDCO	F	0.01%
	BC	C	0.01%
	NTRA	B	0.01%
	GDDY	C	0.01%
	ASGN	D	0.01%
	EEFT	D	0.01%
	AGL	F	0.01%
	BGS	D	0.01%
	IDYA	F	0.01%
	VSH	F	0.01%
	THO	D	0.01%
	DOV	B	0.01%
	AIT	B	0.01%
	TRU	B	0.01%
	AMG	C	0.01%
	NXST	D	0.01%
	ERIE	B	0.01%
	VIR	F	0.01%
	CE	F	0.01%
	TWST	D	0.01%
	ABNB	D	0.01%
	SUPN	D	0.01%
	ATEC	F	0.01%
	CNDT	C	0.01%
	NSIT	C	0.01%
	TGTX	C	0.01%
	FTNT	B	0.01%
	JNPR	A	0.01%
	EPAM	F	0.01%
	PANW	C	0.01%
	MYGN	C	0.01%
	AKAM	D	0.01%
	EDR	A	0.01%
	URI	B	0.01%
	INSP	C	0.01%
	ACLX	B	0.01%
	PCRX	F	0.01%
	WDAY	D	0.01%
	SWTX	F	0.01%
	EWTX	C	0.01%
	HOV	C	0.01%
	BBWI	F	0.01%
	UFPT	A	0.01%
	TER	D	0.01%
	FHN	D	0.01%
	AMN	F	0.01%
	SCI	C	0.01%
	ARWR	F	0.01%
	ARES	A	0.01%
	ESAB	C	0.01%
	LGIH	C	0.01%
	EVR	A	0.01%
	SIGI	D	0.01%
	JANX	C	0.01%
	CLDX	C	0.01%
	ZION	D	0.01%
	PSA	B	0.01%
	SEE	D	0.01%
	MRVI	D	0.01%
	SCLX	F	0.0%
	VIRT	C	0.0%
	OABI	D	0.0%
	ABUS	C	0.0%
	BLFS	C	0.0%
	CELC	F	0.0%
	PRME	F	0.0%
	CTKB	F	0.0%
	QTRX	D	0.0%
	ABSI	D	0.0%
	ALT	D	0.0%
	STOK	D	0.0%
	ORIC	C	0.0%
	FORM	F	0.0%
	OLMA	D	0.0%
	MNMD	F	0.0%
	ALGM	F	0.0%
	PLAB	F	0.0%
	LQDA	F	0.0%
	APLT	C	0.0%
	SVRA	D	0.0%
	IRON	D	0.0%
	NUVB	D	0.0%
	MSGS	B	0.0%
	TW	B	0.0%
	SIGA	D	0.0%
	CRAI	D	0.0%
	YMAB	C	0.0%
	COLB	B	0.0%
	LYEL	D	0.0%
	WAFD	C	0.0%
	EYPT	F	0.0%
	WSFS	D	0.0%
	NDSN	C	0.0%
	LBPH	D	0.0%
	AEIS	D	0.0%
	MLI	B	0.0%
	PHAT	C	0.0%
	STEP	B	0.0%
	UCBI	B	0.0%
	CNS	B	0.0%
	BSY	D	0.0%
	DFIN	C	0.0%
	ZEUS	F	0.0%
	ALEC	D	0.0%
	NVEE	F	0.0%
	ETNB	F	0.0%
	ANAB	C	0.0%
	PLRX	F	0.0%
	MMI	C	0.0%
	ITRI	C	0.0%
	GOLF	F	0.0%
	PGNY	F	0.0%
	GGG	C	0.0%
	COGT	C	0.0%
	FHB	D	0.0%
	SAFT	D	0.0%
	MLYS	F	0.0%
	TTD	B	0.0%
	HSII	C	0.0%
	ARCT	F	0.0%
	OSCR	C	0.0%
	CBZ	D	0.0%
	CATY	C	0.0%
	PCTY	C	0.0%
	CHH	C	0.0%
	GBCI	B	0.0%
	REYN	B	0.0%
	CNA	D	0.0%
	GIC	D	0.0%
	CBT	B	0.0%
	ANF	D	0.0%
	AZZ	D	0.0%
	HOMB	C	0.0%
	SPRY	C	0.0%
	NRIX	B	0.0%
	IBP	D	0.0%
	TMCI	F	0.0%
	DCI	D	0.0%
	PTC	D	0.0%
	CTS	D	0.0%
	ARQT	C	0.0%
	MODG	F	0.0%
	RLAY	D	0.0%
	TRIP	F	0.0%
	SONO	D	0.0%
	PLAY	F	0.0%
	VCTR	B	0.0%
	HZO	C	0.0%
	OCUL	C	0.0%
	SAVA	C	0.0%
	FRT	C	0.0%
	TKO	B	0.0%
	IMNM	D	0.0%
	ROG	F	0.0%
	ONTO	D	0.0%
	ITT	B	0.0%
	FULT	D	0.0%
	VCYT	B	0.0%
	BBSI	B	0.0%
	SFNC	C	0.0%
	UFCS	D	0.0%
	ELVN	D	0.0%
	NSC	C	0.0%
	TKR	D	0.0%
	RCUS	D	0.0%
	SRRK	D	0.0%
	SFM	B	0.0%
	UVE	C	0.0%

HKND Underweight 50 Positions Relative to VCEB

	Symbol	Grade	Weight
	DT	C	-0.19%
	WRK	C	-0.06%
	MDT	C	-0.05%
	STLA	F	-0.04%
	BWA	D	-0.03%
	EG	C	-0.03%
	ACGL	B	-0.03%
	LH	C	-0.03%
	DG	F	-0.03%
	WAB	A	-0.03%
	ETN	C	-0.03%
	VOD	C	-0.03%
	HRL	D	-0.02%
	LEA	F	-0.02%
	RL	B	-0.02%
	VMC	D	-0.02%
	TT	A	-0.02%
	VFC	C	-0.02%
	MLM	D	-0.02%
	DLTR	F	-0.02%
	SBUX	C	-0.02%
	NEM	B	-0.02%
	BABA	B	-0.02%
	DB	B	-0.02%
	HSBC	B	-0.02%
	GSK	D	-0.02%
	AZN	D	-0.02%
	EXP	B	-0.01%
	GLPI	C	-0.01%
	WB	F	-0.01%
	AON	B	-0.01%
	ZTS	C	-0.01%
	NXPI	D	-0.01%
	TSN	D	-0.01%
	BMO	C	-0.01%
	CM	A	-0.01%
	AER	B	-0.01%
	NKE	D	-0.01%
	CB	B	-0.01%
	CAT	B	-0.01%
	BNS	A	-0.01%
	AL	D	-0.01%
	LUV	C	-0.01%
	GM	B	-0.01%
	TD	A	-0.01%
	NWG	C	-0.01%
	MUFG	D	-0.01%
	MCD	B	-0.01%
	RY	C	-0.01%
	FOXA	B	-0.01%

HKND: Top Represented Industries & Keywords

Industries: Biotechnology Banks - Regional - US Diversified Industrials Software - Application Diagnostics & Research Asset Management Business Services Medical Devices Semiconductors Capital Markets Medical Instruments & Supplies Packaged Foods Insurance - Property & Casualty Residential Construction Specialty Chemicals Specialty Retail Medical Care Drug Manufacturers - Specialty & Generic Telecom Services REIT - Residential

Keywords: S&P 500 Medicine Nasdaq 100 Biopharmaceutical Biotechnology Bank Insurance Banking Computing Cancer Electronics Telecommunications Life Sciences Semiconductor Chemical Aerospace Mining Pharmaceutical Clinical Medicine Disease

VCEB: Top Represented Industries & Keywords

Industries: Banks - Global Drug Manufacturers - Major Banks - Regional - US Semiconductors Business Services Credit Services Packaged Foods 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