BIV vs. VCSH ETF Comparison

Comparison of Vanguard Intermediate-Term Bond ETF (BIV) to Vanguard Short-Term Corporate Bond ETF (VCSH)

BIV

Vanguard Intermediate-Term Bond ETF

BIV Description

The investment seeks the performance of a market-weighted bond index with an intermediate-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 5-10 Year Government/Credit Float Adjusted Index. This Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities between 5 and 10 years and are publicly issued. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index.

Grade (RS Rating)

Last Trade

$78.25

Average Daily Volume

997,270

Number of Holdings ^*

484

* may have additional holdings in another (foreign) market

VCSH

Vanguard Short-Term Corporate Bond ETF

VCSH Description

The investment seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 1-5 Year Corporate Bond Index. This index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years. At least 80% of the fund's assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$79.11

Average Daily Volume

2,934,517

Number of Holdings ^*

444

* may have additional holdings in another (foreign) market

Performance

Period	BIV	VCSH
30 Days	2.23%	1.50%
60 Days	4.55%	2.84%
90 Days	6.13%	3.86%
12 Months	10.04%	8.93%

400 Overlapping Holdings

	Symbol	Grade	Weight in BIV	Weight in VCSH	Overlap
	A	B	0.01%	0.02%	0.01%
	AAPL	C	0.01%	0.03%	0.01%
	ABBV	B	0.05%	0.02%	0.02%
	ABT	A	0.01%	0.02%	0.01%
	ADBE	B	0.02%	0.03%	0.02%
	ADI	C	0.02%	0.02%	0.02%
	ADM	D	0.02%	0.05%	0.02%
	ADP	B	0.02%	0.05%	0.02%
	ADSK	B	0.01%	0.01%	0.01%
	AEE	A	0.01%	0.01%	0.01%
	AEP	A	0.01%	0.01%	0.01%
	AER	C	0.01%	0.03%	0.01%
	AES	D	0.01%	0.02%	0.01%
	AFG	A	0.01%	0.02%	0.01%
	AFL	B	0.01%	0.02%	0.01%
	AGR	B	0.01%	0.03%	0.01%
	AIG	D	0.01%	0.06%	0.01%
	AIZ	B	0.01%	0.02%	0.01%
	AL	D	0.01%	0.02%	0.01%
	ALL	B	0.01%	0.01%	0.01%
	ALLE	B	0.01%	0.02%	0.01%
	AMAT	F	0.01%	0.03%	0.01%
	AMG	C	0.02%	0.01%	0.01%
	AMGN	C	0.01%	0.01%	0.01%
	AMT	A	0.01%	0.01%	0.01%
	AMZN	D	0.02%	0.04%	0.02%
	AN	C	0.01%	0.02%	0.01%
	AON	A	0.01%	0.01%	0.01%
	APD	B	0.01%	0.01%	0.01%
	APH	D	0.01%	0.02%	0.01%
	APTV	D	0.01%	0.03%	0.01%
	ARCC	C	0.02%	0.04%	0.02%
	ARE	D	0.01%	0.01%	0.01%
	ARW	B	0.01%	0.01%	0.01%
	ATO	A	0.01%	0.03%	0.01%
	AVB	B	0.01%	0.01%	0.01%
	AVGO	D	0.01%	0.01%	0.01%
	AVT	C	0.01%	0.01%	0.01%
	AWK	A	0.01%	0.01%	0.01%
	AXP	B	0.05%	0.03%	0.03%
	AZN	B	0.01%	0.04%	0.01%
	AZO	B	0.01%	0.01%	0.01%
	BA	F	0.01%	0.01%	0.01%
	BABA	B	0.03%	0.02%	0.02%
	BAC	D	0.01%	0.01%	0.01%
	BAX	A	0.01%	0.03%	0.01%
	BC	D	0.02%	0.02%	0.02%
	BDN	B	0.01%	0.01%	0.01%
	BDX	D	0.01%	0.02%	0.01%
	BEN	F	0.01%	0.02%	0.01%
	BERY	B	0.01%	0.03%	0.01%
	BG	D	0.01%	0.03%	0.01%
	BIDU	F	0.01%	0.01%	0.01%
	BIIB	D	0.04%	0.08%	0.04%
	BK	B	0.01%	0.01%	0.01%
	BKH	A	0.01%	0.02%	0.01%
	BKNG	C	0.01%	0.02%	0.01%
	BKU	B	0.01%	0.02%	0.01%
	BLK	B	0.01%	0.05%	0.01%
	BMO	D	0.03%	0.01%	0.01%
	BMY	B	0.01%	0.02%	0.01%
	BNS	A	0.01%	0.01%	0.01%
	BR	C	0.02%	0.02%	0.02%
	BRO	A	0.01%	0.02%	0.01%
	BRX	A	0.01%	0.02%	0.01%
	BSX	A	0.02%	0.01%	0.01%
	BWA	D	0.03%	0.02%	0.02%
	BXP	A	0.01%	0.03%	0.01%
	C	D	0.01%	0.02%	0.01%
	CAG	A	0.02%	0.01%	0.01%
	CAH	A	0.03%	0.02%	0.02%
	CARR	B	0.02%	0.09%	0.02%
	CAT	C	0.01%	0.02%	0.01%
	CB	A	0.03%	0.03%	0.03%
	CCI	A	0.01%	0.02%	0.01%
	CE	F	0.01%	0.02%	0.01%
	CFG	B	0.01%	0.01%	0.01%
	CHD	A	0.01%	0.01%	0.01%
	CHTR	C	0.02%	0.07%	0.02%
	CI	B	0.01%	0.01%	0.01%
	CLX	A	0.01%	0.01%	0.01%
	CMA	B	0.01%	0.01%	0.01%
	CMCSA	C	0.01%	0.03%	0.01%
	CME	A	0.01%	0.03%	0.01%
	CMI	B	0.01%	0.02%	0.01%
	CMS	A	0.01%	0.01%	0.01%
	CNA	B	0.01%	0.02%	0.01%
	CNH	C	0.01%	0.02%	0.01%
	CNO	B	0.02%	0.03%	0.02%
	CNP	D	0.01%	0.01%	0.01%
	COF	C	0.01%	0.01%	0.01%
	COP	D	0.01%	0.01%	0.01%
	COST	B	0.01%	0.06%	0.01%
	CP	B	0.01%	0.01%	0.01%
	CPB	A	0.02%	0.02%	0.02%
	CPT	B	0.01%	0.02%	0.01%
	CRM	D	0.02%	0.05%	0.02%
	CSL	C	0.01%	0.01%	0.01%
	CSX	D	0.01%	0.02%	0.01%
	CTVA	B	0.01%	0.02%	0.01%
	CUBE	A	0.01%	0.01%	0.01%
	CVS	F	0.01%	0.02%	0.01%
	CVX	F	0.01%	0.02%	0.01%
	D	A	0.01%	0.01%	0.01%
	DAL	D	0.02%	0.01%	0.01%
	DB	B	0.01%	0.01%	0.01%
	DD	C	0.05%	0.08%	0.05%
	DE	B	0.01%	0.01%	0.01%
	DELL	F	0.01%	0.01%	0.01%
	DFS	C	0.02%	0.01%	0.01%
	DG	F	0.01%	0.01%	0.01%
	DGX	B	0.01%	0.02%	0.01%
	DHI	B	0.01%	0.01%	0.01%
	DHR	B	0.01%	0.02%	0.01%
	DIS	F	0.01%	0.03%	0.01%
	DLR	D	0.02%	0.03%	0.02%
	DLTR	F	0.03%	0.05%	0.03%
	DOC	B	0.02%	0.02%	0.02%
	DOV	C	0.01%	0.02%	0.01%
	DOW	D	0.01%	0.01%	0.01%
	DTE	B	0.01%	0.01%	0.01%
	DUK	A	0.01%	0.01%	0.01%
	DVN	F	0.01%	0.02%	0.01%
	DXC	A	0.02%	0.03%	0.02%
	EA	C	0.02%	0.02%	0.02%
	EBAY	A	0.02%	0.03%	0.02%
	ED	A	0.01%	0.01%	0.01%
	EFX	B	0.02%	0.02%	0.02%
	EIX	A	0.01%	0.01%	0.01%
	EL	F	0.01%	0.03%	0.01%
	EMN	C	0.01%	0.03%	0.01%
	EMR	D	0.01%	0.01%	0.01%
	EOG	D	0.02%	0.02%	0.02%
	EPD	C	0.01%	0.03%	0.01%
	EPR	B	0.01%	0.01%	0.01%
	EQH	C	0.01%	0.02%	0.01%
	EQIX	B	0.01%	0.02%	0.01%
	EQR	B	0.01%	0.02%	0.01%
	ES	A	0.01%	0.01%	0.01%
	ESS	B	0.01%	0.01%	0.01%
	ET	C	0.02%	0.02%	0.02%
	ETN	D	0.02%	0.07%	0.02%
	ETR	A	0.01%	0.01%	0.01%
	EVRG	A	0.01%	0.01%	0.01%
	EXC	A	0.01%	0.01%	0.01%
	EXPE	C	0.02%	0.02%	0.02%
	FAF	A	0.01%	0.01%	0.01%
	FANG	D	0.01%	0.02%	0.01%
	FDX	D	0.01%	0.03%	0.01%
	FIS	A	0.01%	0.03%	0.01%
	FITB	B	0.01%	0.03%	0.01%
	FLEX	C	0.01%	0.02%	0.01%
	FLS	C	0.01%	0.01%	0.01%
	FMC	C	0.01%	0.01%	0.01%
	FOXA	B	0.02%	0.04%	0.02%
	FRT	A	0.01%	0.02%	0.01%
	FSK	B	0.01%	0.02%	0.01%
	FTNT	B	0.01%	0.02%	0.01%
	GBDC	D	0.01%	0.02%	0.01%
	GD	B	0.02%	0.02%	0.02%
	GE	C	0.02%	0.01%	0.01%
	GILD	A	0.01%	0.04%	0.01%
	GIS	A	0.01%	0.03%	0.01%
	GLPI	A	0.01%	0.03%	0.01%
	GM	B	0.01%	0.02%	0.01%
	GOOGL	D	0.02%	0.04%	0.02%
	GP	F	0.01%	0.01%	0.01%
	GPN	C	0.01%	0.03%	0.01%
	GS	C	0.01%	0.01%	0.01%
	GSK	A	0.02%	0.04%	0.02%
	GXO	D	0.01%	0.02%	0.01%
	H	C	0.01%	0.01%	0.01%
	HAL	F	0.02%	0.03%	0.02%
	HAS	B	0.01%	0.03%	0.01%
	HBAN	B	0.01%	0.01%	0.01%
	HCA	B	0.02%	0.06%	0.02%
	HD	B	0.01%	0.01%	0.01%
	HES	F	0.01%	0.01%	0.01%
	HII	B	0.01%	0.01%	0.01%
	HIW	B	0.01%	0.01%	0.01%
	HON	D	0.01%	0.01%	0.01%
	HP	F	0.01%	0.02%	0.01%
	HPQ	D	0.02%	0.05%	0.02%
	HRB	B	0.01%	0.02%	0.01%
	HRL	A	0.01%	0.03%	0.01%
	HSBC	B	0.01%	0.01%	0.01%
	HST	D	0.02%	0.02%	0.02%
	HSY	A	0.01%	0.01%	0.01%
	HUBB	C	0.01%	0.01%	0.01%
	HUM	D	0.01%	0.02%	0.01%
	IBM	A	0.01%	0.02%	0.01%
	ICE	A	0.01%	0.02%	0.01%
	IFF	A	0.01%	0.01%	0.01%
	ILMN	B	0.01%	0.02%	0.01%
	INTC	F	0.01%	0.03%	0.01%
	INTU	D	0.01%	0.02%	0.01%
	IPG	B	0.01%	0.01%	0.01%
	ITW	C	0.01%	0.04%	0.01%
	JBL	F	0.01%	0.01%	0.01%
	JCI	C	0.01%	0.02%	0.01%
	JD	D	0.01%	0.03%	0.01%
	JEF	B	0.01%	0.03%	0.01%
	JNJ	B	0.01%	0.02%	0.01%
	JNPR	A	0.01%	0.03%	0.01%
	JPM	B	0.01%	0.01%	0.01%
	K	A	0.01%	0.02%	0.01%
	KDP	A	0.01%	0.02%	0.01%
	KEY	B	0.01%	0.01%	0.01%
	KEYS	C	0.01%	0.02%	0.01%
	KIM	A	0.01%	0.01%	0.01%
	KLAC	D	0.02%	0.06%	0.02%
	KMB	A	0.01%	0.01%	0.01%
	KMI	B	0.01%	0.02%	0.01%
	KMPR	C	0.01%	0.02%	0.01%
	KO	B	0.01%	0.06%	0.01%
	KR	C	0.01%	0.02%	0.01%
	KRC	B	0.01%	0.01%	0.01%
	KSS	F	0.01%	0.01%	0.01%
	L	B	0.01%	0.02%	0.01%
	LAZ	B	0.01%	0.02%	0.01%
	LDOS	B	0.02%	0.02%	0.02%
	LEG	D	0.01%	0.01%	0.01%
	LEN	B	0.01%	0.01%	0.01%
	LH	B	0.01%	0.01%	0.01%
	LHX	C	0.01%	0.02%	0.01%
	LII	C	0.01%	0.01%	0.01%
	LIN	B	0.01%	0.02%	0.01%
	LLY	B	0.01%	0.02%	0.01%
	LMT	A	0.02%	0.05%	0.02%
	LNC	C	0.01%	0.01%	0.01%
	LNT	A	0.01%	0.02%	0.01%
	LOW	B	0.01%	0.01%	0.01%
	LRCX	F	0.02%	0.02%	0.02%
	LUV	A	0.01%	0.01%	0.01%
	LVS	D	0.02%	0.02%	0.02%
	LYB	D	0.01%	0.02%	0.01%
	MA	B	0.01%	0.04%	0.01%
	MAA	B	0.01%	0.01%	0.01%
	MAR	D	0.01%	0.01%	0.01%
	MCD	A	0.02%	0.01%	0.01%
	MCO	B	0.01%	0.02%	0.01%
	MDLZ	A	0.01%	0.01%	0.01%
	MDT	A	0.01%	0.08%	0.01%
	MET	B	0.02%	0.02%	0.02%
	MHK	B	0.01%	0.03%	0.01%
	MKC	A	0.01%	0.02%	0.01%
	MLM	D	0.01%	0.01%	0.01%
	MMC	A	0.02%	0.01%	0.01%
	MMM	B	0.01%	0.01%	0.01%
	MO	A	0.01%	0.01%	0.01%
	MOS	F	0.02%	0.03%	0.02%
	MPC	D	0.01%	0.03%	0.01%
	MPLX	A	0.02%	0.03%	0.02%
	MRK	D	0.02%	0.04%	0.02%
	MRVL	D	0.01%	0.02%	0.01%
	MS	C	0.04%	0.03%	0.03%
	MSFT	D	0.1%	0.04%	0.04%
	MSI	B	0.01%	0.03%	0.01%
	MTB	B	0.02%	0.02%	0.02%
	MU	F	0.02%	0.03%	0.02%
	MUFG	D	0.02%	0.01%	0.01%
	NDAQ	A	0.01%	0.01%	0.01%
	NEE	A	0.01%	0.01%	0.01%
	NEM	B	0.02%	0.01%	0.01%
	NEU	D	0.01%	0.01%	0.01%
	NFG	B	0.01%	0.01%	0.01%
	NI	A	0.02%	0.05%	0.02%
	NKE	C	0.01%	0.02%	0.01%
	NNN	A	0.01%	0.02%	0.01%
	NOC	B	0.02%	0.05%	0.02%
	NSC	B	0.01%	0.01%	0.01%
	NTAP	D	0.01%	0.02%	0.01%
	NTRS	B	0.01%	0.04%	0.01%
	NUE	F	0.01%	0.03%	0.01%
	NVDA	D	0.03%	0.02%	0.02%
	NVT	F	0.01%	0.01%	0.01%
	NWG	C	0.02%	0.01%	0.01%
	NXPI	D	0.01%	0.02%	0.01%
	O	A	0.01%	0.01%	0.01%
	OC	D	0.01%	0.01%	0.01%
	OCSL	D	0.01%	0.02%	0.01%
	OGS	B	0.01%	0.01%	0.01%
	OHI	A	0.01%	0.02%	0.01%
	OKE	A	0.01%	0.02%	0.01%
	OMC	B	0.01%	0.06%	0.01%
	OPI	F	0.01%	0.01%	0.01%
	ORCL	A	0.01%	0.05%	0.01%
	ORLY	B	0.01%	0.01%	0.01%
	OTIS	D	0.01%	0.07%	0.01%
	PAA	D	0.01%	0.01%	0.01%
	PCG	A	0.01%	0.01%	0.01%
	PDM	B	0.01%	0.01%	0.01%
	PEG	B	0.01%	0.01%	0.01%
	PEP	A	0.01%	0.02%	0.01%
	PFE	D	0.01%	0.03%	0.01%
	PFG	D	0.01%	0.01%	0.01%
	PG	A	0.01%	0.01%	0.01%
	PH	B	0.02%	0.02%	0.02%
	PHM	B	0.01%	0.03%	0.01%
	PKG	B	0.01%	0.01%	0.01%
	PM	A	0.01%	0.02%	0.01%
	PNC	B	0.01%	0.02%	0.01%
	PNW	A	0.01%	0.01%	0.01%
	PPG	D	0.01%	0.01%	0.01%
	PRU	C	0.01%	0.03%	0.01%
	PSA	A	0.01%	0.02%	0.01%
	PSEC	B	0.01%	0.01%	0.01%
	PSX	D	0.01%	0.01%	0.01%
	PYPL	B	0.02%	0.03%	0.02%
	QCOM	F	0.02%	0.04%	0.02%
	R	C	0.01%	0.01%	0.01%
	RF	B	0.01%	0.04%	0.01%
	RGA	B	0.01%	0.01%	0.01%
	RL	A	0.02%	0.02%	0.02%
	RNR	A	0.01%	0.01%	0.01%
	ROK	D	0.01%	0.01%	0.01%
	ROP	C	0.01%	0.01%	0.01%
	ROST	B	0.01%	0.02%	0.01%
	RPM	A	0.01%	0.01%	0.01%
	RPRX	B	0.01%	0.04%	0.01%
	RS	D	0.01%	0.01%	0.01%
	RSG	B	0.01%	0.01%	0.01%
	RTX	B	0.01%	0.02%	0.01%
	SBRA	A	0.01%	0.02%	0.01%
	SBUX	B	0.01%	0.02%	0.01%
	SCHW	D	0.01%	0.01%	0.01%
	SF	C	0.01%	0.02%	0.01%
	SHW	B	0.01%	0.02%	0.01%
	SITC	D	0.01%	0.01%	0.01%
	SKT	A	0.01%	0.02%	0.01%
	SLB	F	0.03%	0.02%	0.02%
	SNX	D	0.01%	0.03%	0.01%
	SO	A	0.01%	0.01%	0.01%
	SPG	B	0.01%	0.02%	0.01%
	SPGI	A	0.01%	0.03%	0.01%
	SRE	B	0.01%	0.01%	0.01%
	STLD	D	0.01%	0.02%	0.01%
	STT	B	0.01%	0.03%	0.01%
	STZ	B	0.01%	0.02%	0.01%
	SWK	B	0.01%	0.03%	0.01%
	SWKS	D	0.01%	0.03%	0.01%
	SYF	C	0.02%	0.03%	0.02%
	SYK	A	0.02%	0.01%	0.01%
	SYY	A	0.02%	0.03%	0.02%
	T	A	0.01%	0.01%	0.01%
	TD	A	0.01%	0.02%	0.01%
	TDY	B	0.01%	0.02%	0.01%
	TEL	C	0.02%	0.01%	0.01%
	TFC	B	0.01%	0.01%	0.01%
	TGT	B	0.01%	0.05%	0.01%
	THG	A	0.01%	0.02%	0.01%
	TJX	B	0.01%	0.04%	0.01%
	TKR	D	0.01%	0.01%	0.01%
	TME	F	0.01%	0.01%	0.01%
	TMO	A	0.01%	0.01%	0.01%
	TMUS	B	0.04%	0.04%	0.04%
	TRMB	D	0.02%	0.01%	0.01%
	TSN	A	0.03%	0.01%	0.01%
	TT	B	0.01%	0.02%	0.01%
	TXN	C	0.01%	0.01%	0.01%
	TXT	D	0.01%	0.01%	0.01%
	UAL	C	0.01%	0.01%	0.01%
	UDR	B	0.01%	0.01%	0.01%
	UHS	B	0.02%	0.01%	0.01%
	UNH	A	0.01%	0.01%	0.01%
	UNM	B	0.01%	0.02%	0.01%
	UNP	B	0.01%	0.01%	0.01%
	UPS	F	0.01%	0.02%	0.01%
	USB	B	0.01%	0.02%	0.01%
	V	A	0.01%	0.13%	0.01%
	VFC	B	0.01%	0.04%	0.01%
	VLO	D	0.01%	0.03%	0.01%
	VMC	D	0.01%	0.01%	0.01%
	VNO	B	0.01%	0.02%	0.01%
	VNT	F	0.01%	0.02%	0.01%
	VOD	A	0.02%	0.01%	0.01%
	VOYA	B	0.01%	0.02%	0.01%
	VRSK	C	0.01%	0.05%	0.01%
	VTR	A	0.01%	0.02%	0.01%
	VTRS	C	0.02%	0.03%	0.02%
	VZ	B	0.01%	0.06%	0.01%
	WAB	B	0.02%	0.03%	0.02%
	WB	F	0.01%	0.04%	0.01%
	WBA	F	0.01%	0.06%	0.01%
	WEC	A	0.01%	0.02%	0.01%
	WELL	A	0.01%	0.01%	0.01%
	WFC	D	0.04%	0.01%	0.01%
	WHR	D	0.01%	0.01%	0.01%
	WLK	D	0.01%	0.04%	0.01%
	WM	D	0.01%	0.02%	0.01%
	WMB	B	0.01%	0.03%	0.01%
	WMT	A	0.01%	0.02%	0.01%
	WPC	A	0.01%	0.02%	0.01%
	WRK	C	0.01%	0.02%	0.01%
	WU	C	0.01%	0.01%	0.01%
	WY	C	0.02%	0.01%	0.01%
	XEL	A	0.01%	0.01%	0.01%
	XOM	C	0.01%	0.02%	0.01%
	ZBH	D	0.02%	0.02%	0.02%
	ZTS	A	0.01%	0.04%	0.01%

BIV Overweight 84 Positions Relative to VCSH

	Symbol	Grade	Weight
	WIT	B	0.35%
	DT	A	0.11%
	KOF	D	0.03%
	RJF	D	0.03%
	ESGR	D	0.03%
	NOW	B	0.03%
	MRO	C	0.02%
	INVH	B	0.02%
	CTAS	B	0.02%
	XRAY	D	0.02%
	QRVO	D	0.02%
	HIG	B	0.02%
	DOX	C	0.02%
	CHRW	B	0.02%
	AAP	F	0.02%
	VRSN	C	0.02%
	PGR	A	0.02%
	REGN	B	0.02%
	WTFC	B	0.01%
	PWR	C	0.01%
	REXR	B	0.01%
	SAVE	F	0.01%
	AXS	B	0.01%
	CBT	B	0.01%
	NOV	F	0.01%
	KMT	D	0.01%
	EPRT	A	0.01%
	SNA	D	0.01%
	WBS	D	0.01%
	MCY	B	0.01%
	MP	C	0.01%
	KRG	B	0.01%
	LXP	B	0.01%
	OSK	D	0.01%
	MKL	C	0.01%
	AMH	A	0.01%
	ZION	C	0.01%
	SCS	C	0.01%
	SAFE	B	0.01%
	SON	A	0.01%
	FLO	A	0.01%
	EW	F	0.01%
	BBY	A	0.01%
	AGO	D	0.01%
	CINF	B	0.01%
	ADC	A	0.01%
	ACGL	B	0.01%
	AAT	B	0.01%
	OGE	B	0.01%
	GPC	D	0.01%
	HR	A	0.01%
	IEX	D	0.01%
	STE	A	0.01%
	WTRG	D	0.01%
	RYN	B	0.01%
	REG	A	0.01%
	PRE	D	0.01%
	MAS	B	0.01%
	NHI	A	0.01%
	AYI	C	0.01%
	AAL	C	0.01%
	AMCR	B	0.01%
	TSCO	B	0.01%
	SWX	D	0.01%
	XYL	D	0.01%
	KEX	D	0.01%
	HPP	D	0.01%
	EXR	B	0.01%
	DRI	A	0.01%
	DSS	F	0.01%
	NVR	B	0.01%
	HUN	D	0.01%
	INGR	A	0.01%
	AVY	B	0.01%
	SUI	A	0.01%
	SJM	A	0.01%
	LEA	F	0.01%
	GL	B	0.01%
	FNF	B	0.01%
	CBOE	A	0.01%
	BHF	D	0.01%
	EQNR	D	0.01%
	ECL	B	0.01%
	PLD	B	0.01%

BIV Underweight 44 Positions Relative to VCSH

	Symbol	Grade	Weight
	TAP	C	-0.1%
	STLA	F	-0.07%
	FTV	D	-0.04%
	JBHT	C	-0.03%
	WAL	B	-0.03%
	PVH	F	-0.03%
	HPE	D	-0.03%
	CF	B	-0.02%
	CDNS	D	-0.02%
	HOG	B	-0.02%
	TSLX	A	-0.02%
	COKE	B	-0.02%
	ALB	F	-0.02%
	AWH	F	-0.02%
	GSBD	D	-0.02%
	IP	B	-0.02%
	GWW	C	-0.02%
	ORI	B	-0.02%
	IVZ	C	-0.02%
	CM	A	-0.02%
	CSCO	B	-0.02%
	RY	A	-0.02%
	FE	A	-0.01%
	FNB	C	-0.01%
	CACC	F	-0.01%
	VLY	C	-0.01%
	G	B	-0.01%
	AMD	F	-0.01%
	JHG	B	-0.01%
	NYCB	C	-0.01%
	SNV	C	-0.01%
	SLG	B	-0.01%
	BCSF	B	-0.01%
	CL	A	-0.01%
	BHP	F	-0.01%
	SCCO	D	-0.01%
	FHN	C	-0.01%
	MAIN	D	-0.01%
	PCAR	D	-0.01%
	MCK	D	-0.01%
	PPL	A	-0.01%
	AMP	B	-0.01%
	MCHP	D	-0.01%
	ALLY	C	-0.01%

BIV: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Banks - Regional - US Diversified Industrials REIT - Retail Asset Management Drug Manufacturers - Major Insurance - Property & Casualty Banks - Global REIT - Office Semiconductors Specialty Chemicals Specialty Retail Business Services Credit Services Insurance - Life Packaged Foods REIT - Residential Capital Markets Aerospace & Defense Diagnostics & Research

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

VCSH: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Asset Management Banks - Regional - US Banks - Global Credit Services Diversified Industrials Drug Manufacturers - Major Semiconductors REIT - Office REIT - Retail Specialty Chemicals Business Services Utilities - Diversified Aerospace & Defense Capital Markets Diagnostics & Research Insurance - Life Oil & Gas Midstream Household & Personal Products Insurance - Property & Casualty

Keywords: S&P 500 Nasdaq 100 Natural Gas Bank Insurance Banking Electricity Real Estate Investment Trust Dow Jones Component Investment Bank Electronics Cash Management Computing Insurance Products Chemical Financial Products Aerospace Commercial Banking Semiconductor Disability