IWR vs. VCLT ETF Comparison

Comparison of iShares Russell Mid-Cap ETF (IWR) to Vanguard Long-Term Corporate Bond ETF (VCLT)

IWR

iShares Russell Mid-Cap ETF

IWR Description

The investment seeks to track the investment results of an index composed of mid-capitalization U.S. equities. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of the mid-capitalization sector of the U.S. equity market. The underlying index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000® Index.

Grade (RS Rating)

Last Trade

$87.84

Average Daily Volume

1,162,623

Number of Holdings ^*

801

* may have additional holdings in another (foreign) market

VCLT

Vanguard Long-Term Corporate Bond ETF

VCLT Description

The investment seeks to track the performance of a market-weighted corporate bond index with a long-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 10+ 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 greater than 10 years. 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 included in the index.

Grade (RS Rating)

Last Trade

$81.66

Average Daily Volume

2,372,649

Number of Holdings ^*

339

* may have additional holdings in another (foreign) market

Performance

Period	IWR	VCLT
30 Days	4.01%	2.02%
60 Days	5.34%	6.87%
90 Days	8.08%	7.05%
12 Months	25.25%	15.55%

173 Overlapping Holdings

	Symbol	Grade	Weight in IWR	Weight in VCLT	Overlap
	AAL	D	0.06%	0.03%	0.03%
	ACGL	C	0.35%	0.01%	0.01%
	ADC	C	0.07%	0.01%	0.01%
	ADM	D	0.26%	0.01%	0.01%
	AEE	C	0.2%	0.01%	0.01%
	AES	C	0.11%	0.01%	0.01%
	AFG	B	0.09%	0.02%	0.02%
	AFL	C	0.54%	0.02%	0.02%
	AGO	C	0.04%	0.01%	0.01%
	AJG	D	0.56%	0.02%	0.02%
	ALB	D	0.09%	0.01%	0.01%
	ALL	B	0.43%	0.01%	0.01%
	ALLY	F	0.08%	0.03%	0.03%
	AMH	C	0.12%	0.01%	0.01%
	APTV	D	0.16%	0.01%	0.01%
	ARE	C	0.19%	0.01%	0.01%
	ATO	B	0.18%	0.01%	0.01%
	AVB	B	0.29%	0.01%	0.01%
	AVY	C	0.15%	0.02%	0.02%
	AWK	B	0.25%	0.01%	0.01%
	BAX	C	0.18%	0.02%	0.02%
	BEN	F	0.05%	0.01%	0.01%
	BHF	F	0.02%	0.04%	0.02%
	BIIB	F	0.25%	0.05%	0.05%
	BWA	D	0.07%	0.01%	0.01%
	BXP	B	0.11%	0.01%	0.01%
	CACC	F	0.02%	0.01%	0.01%
	CAG	C	0.13%	0.05%	0.05%
	CAH	C	0.24%	0.01%	0.01%
	CCI	C	0.45%	0.02%	0.02%
	CF	C	0.13%	0.03%	0.03%
	CFG	C	0.16%	0.03%	0.03%
	CHD	D	0.22%	0.02%	0.02%
	CHTR	D	0.28%	0.03%	0.03%
	CINF	C	0.18%	0.02%	0.02%
	CMI	C	0.36%	0.02%	0.02%
	CMS	C	0.18%	0.01%	0.01%
	CNP	C	0.15%	0.01%	0.01%
	CPB	C	0.09%	0.02%	0.02%
	CPT	B	0.11%	0.03%	0.03%
	DD	B	0.3%	0.07%	0.07%
	DG	F	0.16%	0.03%	0.03%
	DOC	C	0.14%	0.01%	0.01%
	DOV	B	0.22%	0.01%	0.01%
	DOW	D	0.31%	0.02%	0.02%
	DRI	B	0.17%	0.01%	0.01%
	DT	C	0.12%	0.04%	0.04%
	DTE	C	0.23%	0.01%	0.01%
	DVN	F	0.22%	0.03%	0.03%
	EA	D	0.34%	0.01%	0.01%
	EBAY	B	0.28%	0.03%	0.03%
	ED	C	0.32%	0.01%	0.01%
	EG	C	0.15%	0.02%	0.02%
	EIX	C	0.28%	0.01%	0.01%
	EMN	B	0.11%	0.02%	0.02%
	EQH	C	0.11%	0.09%	0.09%
	EQR	B	0.26%	0.01%	0.01%
	ES	C	0.21%	0.02%	0.02%
	ESS	B	0.18%	0.01%	0.01%
	ETR	B	0.24%	0.01%	0.01%
	EVRG	B	0.12%	0.01%	0.01%
	EXC	C	0.35%	0.01%	0.01%
	EXR	B	0.33%	0.01%	0.01%
	FANG	D	0.27%	0.03%	0.03%
	FE	C	0.22%	0.02%	0.02%
	FIS	B	0.41%	0.02%	0.02%
	FITB	B	0.25%	0.07%	0.07%
	FMC	C	0.07%	0.02%	0.02%
	FNF	B	0.13%	0.01%	0.01%
	FOXA	B	0.08%	0.07%	0.07%
	FRT	C	0.08%	0.01%	0.01%
	FTV	C	0.23%	0.03%	0.03%
	GIS	B	0.36%	0.01%	0.01%
	GLW	C	0.28%	0.01%	0.01%
	GPN	D	0.25%	0.04%	0.04%
	GWW	B	0.38%	0.02%	0.02%
	HAL	F	0.22%	0.02%	0.02%
	HAS	B	0.08%	0.01%	0.01%
	HES	F	0.31%	0.02%	0.02%
	HIG	B	0.3%	0.01%	0.01%
	HIW	B	0.03%	0.01%	0.01%
	HOG	C	0.04%	0.02%	0.02%
	HPE	D	0.19%	0.04%	0.04%
	HPQ	D	0.28%	0.06%	0.06%
	HRL	C	0.08%	0.02%	0.02%
	HSY	C	0.26%	0.01%	0.01%
	HUM	F	0.34%	0.01%	0.01%
	IDA	C	0.05%	0.01%	0.01%
	IFF	B	0.23%	0.01%	0.01%
	INGR	B	0.08%	0.01%	0.01%
	IP	B	0.15%	0.01%	0.01%
	IPG	C	0.1%	0.01%	0.01%
	IVZ	B	0.05%	0.02%	0.02%
	JEF	B	0.09%	0.01%	0.01%
	JNPR	B	0.11%	0.04%	0.04%
	K	B	0.18%	0.02%	0.02%
	KIM	C	0.14%	0.01%	0.01%
	KMI	B	0.36%	0.01%	0.01%
	KR	C	0.32%	0.01%	0.01%
	KRC	C	0.04%	0.01%	0.01%
	KSS	F	0.02%	0.02%	0.02%
	L	C	0.13%	0.04%	0.04%
	LEA	F	0.05%	0.03%	0.03%
	LH	C	0.16%	0.03%	0.03%
	LHX	C	0.38%	0.02%	0.02%
	LNC	D	0.04%	0.02%	0.02%
	LNT	B	0.13%	0.01%	0.01%
	LYB	D	0.21%	0.01%	0.01%
	MAA	B	0.17%	0.01%	0.01%
	MAS	B	0.15%	0.01%	0.01%
	MKC	C	0.18%	0.02%	0.02%
	MKL	C	0.18%	0.01%	0.01%
	MLM	D	0.28%	0.03%	0.03%
	MOS	F	0.07%	0.02%	0.02%
	MRO	D	0.13%	0.01%	0.01%
	NDAQ	A	0.26%	0.02%	0.02%
	NI	B	0.13%	0.02%	0.02%
	NNN	C	0.08%	0.01%	0.01%
	NOV	F	0.05%	0.03%	0.03%
	NUE	F	0.3%	0.01%	0.01%
	O	C	0.47%	0.02%	0.02%
	OC	D	0.13%	0.01%	0.01%
	OGE	C	0.07%	0.01%	0.01%
	OHI	B	0.09%	0.03%	0.03%
	OKE	B	0.47%	0.01%	0.01%
	ORI	B	0.08%	0.03%	0.03%
	OTIS	C	0.33%	0.02%	0.02%
	PCG	C	0.37%	0.01%	0.01%
	PEG	C	0.37%	0.01%	0.01%
	PFG	B	0.17%	0.01%	0.01%
	PHM	B	0.26%	0.01%	0.01%
	PKG	B	0.16%	0.03%	0.03%
	PNW	C	0.09%	0.01%	0.01%
	PPL	C	0.21%	0.01%	0.01%
	PRU	C	0.37%	0.01%	0.01%
	PWR	B	0.34%	0.02%	0.02%
	REG	C	0.12%	0.01%	0.01%
	RF	B	0.18%	0.01%	0.01%
	RJF	C	0.2%	0.03%	0.03%
	ROK	D	0.26%	0.02%	0.02%
	RPM	B	0.13%	0.03%	0.03%
	RPRX	C	0.09%	0.03%	0.03%
	SJM	C	0.11%	0.01%	0.01%
	SNA	C	0.13%	0.01%	0.01%
	SPG	B	0.46%	0.01%	0.01%
	STE	C	0.21%	0.03%	0.03%
	STLD	F	0.15%	0.02%	0.02%
	SWK	B	0.14%	0.02%	0.02%
	SYY	D	0.33%	0.01%	0.01%
	TAP	D	0.08%	0.05%	0.05%
	TSN	C	0.15%	0.02%	0.02%
	UAL	C	0.14%	0.01%	0.01%
	UDR	C	0.13%	0.01%	0.01%
	UNM	B	0.07%	0.01%	0.01%
	VMC	D	0.27%	0.01%	0.01%
	VMI	D	0.05%	0.02%	0.02%
	VOYA	B	0.07%	0.01%	0.01%
	VRSK	D	0.33%	0.02%	0.02%
	VTR	C	0.23%	0.01%	0.01%
	VTRS	D	0.12%	0.03%	0.03%
	WBA	F	0.06%	0.04%	0.04%
	WEC	C	0.26%	0.01%	0.01%
	WHR	D	0.05%	0.02%	0.02%
	WLK	D	0.04%	0.01%	0.01%
	WMB	B	0.48%	0.01%	0.01%
	WPC	C	0.12%	0.02%	0.02%
	WRB	C	0.16%	0.01%	0.01%
	WTRG	D	0.09%	0.02%	0.02%
	WU	F	0.03%	0.03%	0.03%
	WY	C	0.21%	0.07%	0.07%
	XEL	B	0.31%	0.01%	0.01%
	XYL	D	0.28%	0.02%	0.02%
	ZBH	F	0.19%	0.02%	0.02%

IWR Overweight 628 Positions Relative to VCLT

	Symbol	Grade	Weight
	PLTR	B	0.63%
	DHI	B	0.5%
	HLT	B	0.47%
	ROST	C	0.45%
	DLR	B	0.45%
	BK	B	0.45%
	URI	B	0.42%
	TTD	B	0.41%
	AMP	A	0.39%
	KVUE	C	0.39%
	LEN	B	0.39%
	FICO	B	0.39%
	MPWR	C	0.38%
	IQV	C	0.38%
	MSCI	C	0.38%
	PAYX	C	0.38%
	LNG	C	0.36%
	MCHP	F	0.36%
	IDXX	C	0.36%
	CTVA	B	0.35%
	RCL	B	0.35%
	FAST	C	0.35%
	A	C	0.35%
	CNC	D	0.35%
	COR	D	0.35%
	CTSH	C	0.34%
	IT	B	0.34%
	AME	C	0.34%
	HWM	B	0.34%
	FERG	D	0.34%
	YUM	D	0.33%
	EFX	B	0.33%
	ODFL	D	0.33%
	RMD	C	0.32%
	CBRE	A	0.32%
	IR	C	0.32%
	GEHC	C	0.32%
	VICI	C	0.31%
	SQ	D	0.31%
	IRM	C	0.3%
	DDOG	D	0.29%
	DFS	C	0.29%
	BKR	C	0.29%
	ALNY	C	0.29%
	CSGP	D	0.28%
	VEEV	C	0.28%
	COIN	F	0.28%
	TRGP	B	0.28%
	TSCO	C	0.27%
	VRT	C	0.27%
	ON	D	0.27%
	VST	C	0.26%
	APP	C	0.26%
	CDW	D	0.26%
	WAB	A	0.26%
	PPG	D	0.26%
	WTW	C	0.26%
	MTB	B	0.25%
	MTD	D	0.25%
	DAL	C	0.25%
	VLTO	C	0.24%
	AXON	B	0.24%
	DXCM	F	0.24%
	CPNG	B	0.24%
	ANSS	D	0.24%
	NVR	B	0.24%
	SBAC	C	0.23%
	KEYS	C	0.23%
	ARES	B	0.23%
	GRMN	D	0.23%
	TYL	C	0.22%
	BR	D	0.22%
	BRO	C	0.22%
	STT	B	0.22%
	TTWO	C	0.22%
	NET	D	0.21%
	DECK	C	0.21%
	HUBS	D	0.21%
	NTAP	D	0.21%
	FSLR	C	0.21%
	INVH	C	0.2%
	SMCI	F	0.2%
	TROW	D	0.2%
	RBLX	B	0.2%
	WDC	D	0.19%
	BBY	C	0.19%
	CPAY	B	0.19%
	COO	B	0.19%
	GDDY	C	0.19%
	HUBB	B	0.19%
	WST	D	0.19%
	FCNCA	D	0.19%
	BLDR	C	0.19%
	CBOE	C	0.19%
	MSTR	D	0.19%
	TDY	B	0.18%
	TER	D	0.18%
	BAH	C	0.18%
	PTC	D	0.18%
	ILMN	C	0.18%
	BALL	C	0.18%
	CLX	C	0.18%
	WBD	D	0.18%
	MOH	D	0.18%
	HBAN	B	0.18%
	LDOS	B	0.18%
	LII	B	0.17%
	SYF	C	0.17%
	GPC	D	0.17%
	WAT	C	0.17%
	OMC	B	0.17%
	TRU	B	0.17%
	EQT	D	0.17%
	CSL	B	0.17%
	MDB	D	0.17%
	NTRS	A	0.16%
	J	C	0.16%
	ULTA	D	0.16%
	SUI	B	0.16%
	AVTR	B	0.16%
	ALGN	D	0.16%
	WSM	D	0.16%
	EME	B	0.16%
	HOLX	C	0.16%
	HEI	B	0.15%
	ENTG	F	0.15%
	TXT	D	0.15%
	DKNG	C	0.15%
	ZM	C	0.15%
	CTRA	F	0.15%
	FDS	C	0.15%
	EXPD	C	0.15%
	PINS	F	0.15%
	EXPE	C	0.15%
	DGX	B	0.15%
	LUV	C	0.15%
	CCL	C	0.15%
	ZBRA	B	0.15%
	NRG	C	0.15%
	BURL	B	0.15%
	FWONK	C	0.14%
	ZS	F	0.14%
	LYV	B	0.14%
	TOL	B	0.14%
	THC	A	0.14%
	AMCR	B	0.14%
	VRSN	D	0.14%
	RS	D	0.14%
	BMRN	F	0.14%
	MANH	B	0.14%
	SSNC	B	0.14%
	PODD	B	0.14%
	SWKS	D	0.14%
	WSO	C	0.14%
	NTRA	C	0.13%
	LVS	D	0.13%
	NTNX	C	0.13%
	ENPH	D	0.13%
	HOOD	C	0.13%
	UTHR	C	0.13%
	AKAM	D	0.13%
	CVNA	B	0.13%
	GEN	B	0.13%
	RVTY	B	0.13%
	KEY	B	0.13%
	IEX	D	0.13%
	PNR	B	0.13%
	TPL	B	0.13%
	LPLA	D	0.13%
	ACM	B	0.12%
	POOL	C	0.12%
	IBKR	B	0.12%
	UHS	B	0.12%
	RNR	C	0.12%
	GLPI	C	0.12%
	TW	B	0.12%
	BG	D	0.12%
	TRMB	C	0.12%
	CE	F	0.12%
	USFD	B	0.12%
	GGG	C	0.12%
	JBHT	D	0.12%
	DPZ	F	0.12%
	ELS	C	0.12%
	GWRE	A	0.12%
	ROL	C	0.12%
	CASY	D	0.12%
	PSTG	F	0.12%
	RGA	C	0.12%
	DLTR	F	0.12%
	NDSN	C	0.12%
	CUBE	C	0.11%
	CW	B	0.11%
	HST	C	0.11%
	NBIX	F	0.11%
	FIX	B	0.11%
	FFIV	B	0.11%
	BLD	D	0.11%
	TTEK	C	0.11%
	DKS	D	0.11%
	ALLE	B	0.11%
	KMX	D	0.11%
	JBL	D	0.11%
	XPO	D	0.11%
	CLH	A	0.11%
	JKHY	B	0.11%
	REXR	C	0.1%
	LKQ	F	0.1%
	TXRH	C	0.1%
	NVT	D	0.1%
	RIVN	F	0.1%
	EWBC	D	0.1%
	ITT	B	0.1%
	EPAM	F	0.1%
	SRPT	D	0.1%
	PFGC	B	0.1%
	LAMR	B	0.1%
	SCI	B	0.1%
	HEI	B	0.1%
	SAIA	D	0.1%
	OKTA	F	0.1%
	CHRW	B	0.1%
	DOCU	C	0.1%
	SW	B	0.1%
	TECH	C	0.1%
	WING	B	0.1%
	TFX	C	0.1%
	TOST	C	0.1%
	INCY	C	0.1%
	EXAS	C	0.1%
	FND	C	0.1%
	JLL	B	0.1%
	OLED	C	0.09%
	CHDN	C	0.09%
	TPR	C	0.09%
	WMS	D	0.09%
	LECO	F	0.09%
	GL	C	0.09%
	WWD	D	0.09%
	DOX	C	0.09%
	NWSA	D	0.09%
	ARMK	B	0.09%
	LNW	B	0.09%
	ATR	B	0.09%
	MUSA	D	0.09%
	AFRM	C	0.09%
	CRL	F	0.09%
	AIZ	B	0.09%
	KNSL	C	0.09%
	NLY	B	0.09%
	RRX	C	0.09%
	COHR	C	0.09%
	TWLO	D	0.09%
	QRVO	F	0.09%
	FBIN	B	0.09%
	HII	D	0.09%
	OVV	F	0.09%
	FTI	D	0.09%
	CACI	B	0.09%
	CCK	A	0.09%
	BJ	D	0.09%
	CTLT	B	0.09%
	PAYC	D	0.08%
	SF	A	0.08%
	FHN	D	0.08%
	TPX	C	0.08%
	EVR	A	0.08%
	APA	F	0.08%
	TTC	D	0.08%
	DAY	D	0.08%
	WAL	B	0.08%
	HRB	C	0.08%
	OWL	C	0.08%
	CG	D	0.08%
	MGM	F	0.08%
	MEDP	F	0.08%
	EGP	B	0.08%
	FYBR	C	0.08%
	BWXT	D	0.08%
	PRI	B	0.08%
	HSIC	C	0.08%
	SKX	D	0.08%
	CNH	D	0.08%
	GPK	B	0.08%
	TKO	B	0.08%
	LW	D	0.08%
	EHC	C	0.08%
	EXP	B	0.08%
	MTCH	C	0.08%
	CAVA	B	0.08%
	ROKU	C	0.08%
	RGLD	C	0.08%
	Z	B	0.08%
	MKTX	C	0.08%
	AOS	D	0.08%
	ONTO	D	0.08%
	SOLV	C	0.08%
	CHK	D	0.08%
	MKSI	F	0.07%
	CR	C	0.07%
	BERY	B	0.07%
	LAD	D	0.07%
	BRBR	C	0.07%
	ATI	D	0.07%
	EXEL	C	0.07%
	AXTA	B	0.07%
	CROX	D	0.07%
	AR	F	0.07%
	ALSN	B	0.07%
	SSD	D	0.07%
	COKE	C	0.07%
	WBS	D	0.07%
	ITCI	D	0.07%
	FCN	D	0.07%
	RGEN	D	0.07%
	APG	D	0.07%
	GMED	D	0.07%
	AYI	B	0.07%
	HLI	B	0.07%
	SOFI	C	0.07%
	WYNN	D	0.07%
	X	F	0.07%
	CIEN	C	0.07%
	ACI	F	0.07%
	BFAM	C	0.07%
	RBC	C	0.07%
	AA	D	0.07%
	KNX	C	0.07%
	GNRC	D	0.07%
	NCLH	C	0.07%
	GLOB	D	0.07%
	DVA	B	0.07%
	COLD	D	0.07%
	MORN	C	0.07%
	KBR	D	0.07%
	WEX	C	0.07%
	MHK	C	0.07%
	CHRD	F	0.07%
	DUOL	B	0.07%
	CZR	C	0.07%
	DCI	C	0.07%
	BRX	B	0.07%
	PR	F	0.07%
	CHE	C	0.07%
	SNX	D	0.07%
	NYT	C	0.07%
	BIO	C	0.06%
	STWD	A	0.06%
	CART	A	0.06%
	AZEK	C	0.06%
	LPX	B	0.06%
	RLI	B	0.06%
	H	C	0.06%
	VNO	C	0.06%
	AAON	B	0.06%
	GTLB	D	0.06%
	RHI	D	0.06%
	CFR	C	0.06%
	LSTR	D	0.06%
	MSA	D	0.06%
	MAT	C	0.06%
	VFC	C	0.06%
	ETSY	F	0.06%
	PB	B	0.06%
	FRPT	B	0.06%
	OSK	F	0.06%
	IONS	F	0.06%
	SMAR	C	0.06%
	RYAN	D	0.06%
	WFRD	F	0.06%
	JAZZ	D	0.06%
	SNV	C	0.06%
	CGNX	F	0.06%
	FAF	B	0.06%
	SEIC	C	0.06%
	LBRDK	F	0.06%
	ARW	C	0.06%
	GNTX	F	0.06%
	ZION	D	0.06%
	MTG	B	0.06%
	CNM	F	0.06%
	WTFC	C	0.06%
	MTN	D	0.06%
	SN	B	0.06%
	RRC	D	0.06%
	G	C	0.06%
	BRKR	D	0.06%
	RL	C	0.06%
	SWN	D	0.06%
	PEN	D	0.06%
	KEX	C	0.06%
	PCTY	C	0.06%
	WCC	D	0.06%
	BSY	D	0.06%
	UHAL	A	0.06%
	VKTX	C	0.06%
	MTZ	B	0.06%
	SAIC	C	0.06%
	MIDD	D	0.06%
	BPOP	C	0.06%
	ACHC	C	0.06%
	ELAN	D	0.06%
	TREX	D	0.06%
	HR	C	0.06%
	PLNT	B	0.06%
	AGNC	B	0.06%
	CRUS	D	0.06%
	STAG	C	0.06%
	PNFP	B	0.06%
	WSC	D	0.06%
	DINO	F	0.06%
	CMA	B	0.06%
	CBSH	C	0.06%
	DTM	B	0.06%
	FR	B	0.06%
	VNT	F	0.05%
	OLN	D	0.05%
	RARE	B	0.05%
	ST	D	0.05%
	FNB	C	0.05%
	S	C	0.05%
	THO	D	0.05%
	KD	D	0.05%
	ALK	C	0.05%
	FIVE	D	0.05%
	NXST	D	0.05%
	OGN	D	0.05%
	VVV	D	0.05%
	CIVI	F	0.05%
	BILL	D	0.05%
	LAZ	B	0.05%
	OMF	D	0.05%
	BC	C	0.05%
	THG	B	0.05%
	SON	C	0.05%
	PVH	F	0.05%
	XRAY	D	0.05%
	AMG	C	0.05%
	NFG	B	0.05%
	AWI	B	0.05%
	GME	F	0.05%
	DAR	F	0.05%
	CLF	F	0.05%
	MDU	C	0.05%
	AGCO	D	0.05%
	MTSI	D	0.05%
	ESAB	C	0.05%
	SRCL	A	0.05%
	ESI	D	0.05%
	POST	C	0.05%
	RITM	B	0.05%
	MTDR	F	0.05%
	U	D	0.05%
	CELH	F	0.05%
	OLLI	C	0.05%
	SIRI	C	0.05%
	GXO	D	0.05%
	INSP	C	0.05%
	AZPN	B	0.05%
	PCOR	F	0.05%
	LFUS	C	0.05%
	DBX	D	0.05%
	LSCC	D	0.05%
	ESTC	F	0.05%
	WH	B	0.05%
	R	A	0.05%
	BBWI	F	0.05%
	ELF	F	0.05%
	FLS	D	0.05%
	AXS	B	0.05%
	PARA	F	0.05%
	SITE	C	0.05%
	LYFT	D	0.04%
	M	F	0.04%
	SLGN	B	0.04%
	LOPE	D	0.04%
	DLB	F	0.04%
	ROIV	C	0.04%
	BYD	C	0.04%
	GAP	F	0.04%
	PII	D	0.04%
	EEFT	D	0.04%
	ASH	D	0.04%
	CPRI	D	0.04%
	FLO	C	0.04%
	AN	D	0.04%
	W	D	0.04%
	WTM	D	0.04%
	CUZ	B	0.04%
	SEE	D	0.04%
	PSN	B	0.04%
	OZK	D	0.04%
	AL	D	0.04%
	SLM	D	0.04%
	RYN	C	0.04%
	AVT	C	0.04%
	DOCS	B	0.04%
	JHG	B	0.04%
	TPG	B	0.04%
	RH	B	0.04%
	MASI	F	0.04%
	CCCS	D	0.04%
	CFLT	F	0.04%
	FOX	B	0.04%
	PATH	D	0.04%
	APPF	D	0.04%
	UGI	C	0.04%
	HXL	F	0.04%
	AM	C	0.04%
	FOUR	C	0.04%
	COLB	B	0.04%
	TKR	D	0.04%
	PAG	D	0.03%
	CXT	D	0.03%
	SMG	C	0.03%
	PK	D	0.03%
	TNL	D	0.03%
	PEGA	C	0.03%
	FHB	D	0.03%
	WEN	C	0.03%
	PENN	D	0.03%
	BROS	D	0.03%
	AMED	C	0.03%
	CNXC	F	0.03%
	IRDM	D	0.03%
	NWS	D	0.03%
	NWL	C	0.03%
	HCP	B	0.03%
	ZI	D	0.03%
	NVST	D	0.03%
	LBTYA	B	0.03%
	YETI	D	0.03%
	NSA	B	0.03%
	MAN	C	0.03%
	AMKR	F	0.03%
	GTES	C	0.03%
	DNB	C	0.03%
	LBTYK	B	0.03%
	LCID	C	0.03%
	CHH	C	0.03%
	HUN	D	0.03%
	EPR	B	0.03%
	MSM	D	0.03%
	KMPR	D	0.03%
	COTY	F	0.03%
	LITE	B	0.03%
	NEU	D	0.03%
	PRGO	D	0.03%
	MPW	C	0.03%
	MSGS	B	0.03%
	DXC	C	0.03%
	SPR	D	0.03%
	IAC	C	0.03%
	GFS	F	0.03%
	VNOM	C	0.03%
	APLS	F	0.03%
	REYN	C	0.02%
	FWONA	C	0.02%
	FTRE	D	0.02%
	AS	C	0.02%
	BIRK	F	0.02%
	MP	D	0.02%
	HAYW	C	0.02%
	IPGP	F	0.02%
	LLYVK	B	0.02%
	VSTS	D	0.02%
	ADT	D	0.02%
	QS	F	0.02%
	FIVN	F	0.02%
	LEN	B	0.02%
	JWN	C	0.02%
	RCM	C	0.02%
	HHH	C	0.02%
	TXG	D	0.02%
	ENOV	D	0.02%
	RNG	F	0.02%
	BOKF	B	0.02%
	CWEN	C	0.02%
	QDEL	D	0.02%
	PINC	C	0.02%
	AAP	F	0.02%
	NCNO	D	0.02%
	SAM	F	0.02%
	DV	F	0.02%
	SHC	C	0.02%
	AGR	B	0.02%
	VAC	F	0.02%
	CRI	D	0.02%
	AZTA	F	0.02%
	CLVT	D	0.02%
	CC	F	0.02%
	VIRT	C	0.02%
	SPB	C	0.02%
	ZG	B	0.02%
	RKT	C	0.02%
	TDC	F	0.02%
	COLM	C	0.02%
	TFSL	C	0.01%
	NFE	F	0.01%
	SEB	D	0.01%
	UI	B	0.01%
	LLYVA	B	0.01%
	LOAR	C	0.01%
	ALAB	D	0.01%
	UWMC	D	0.01%
	CWEN	C	0.01%
	PYCR	D	0.01%
	DJT	F	0.01%
	LBRDA	F	0.01%
	DDS	F	0.01%
	WOLF	F	0.01%
	SNDR	B	0.01%
	CAR	F	0.01%
	CERT	F	0.01%
	CNA	C	0.01%
	UAA	C	0.01%
	TRIP	F	0.01%
	UA	D	0.01%
	GO	F	0.01%
	INFA	D	0.01%
	LEG	D	0.01%
	PPC	D	0.01%
	ALGM	F	0.01%
	SEG	C	0.0%
	PARAA	D	0.0%
	GRAL	F	0.0%
	UHAL	A	0.0%
	PLTK	C	0.0%

IWR Underweight 166 Positions Relative to VCLT

	Symbol	Grade	Weight
	WIT	C	-0.21%
	DELL	D	-0.11%
	MDT	C	-0.08%
	CSCO	C	-0.07%
	AXP	B	-0.06%
	COST	B	-0.06%
	HCA	B	-0.06%
	CARR	B	-0.06%
	SCCO	D	-0.05%
	CRM	D	-0.05%
	MS	D	-0.05%
	AMZN	C	-0.05%
	LIN	B	-0.04%
	NXPI	F	-0.04%
	TJX	B	-0.04%
	NEM	B	-0.04%
	GOOGL	D	-0.04%
	BHP	D	-0.04%
	AVGO	C	-0.04%
	ORCL	C	-0.04%
	AAPL	C	-0.04%
	WRK	C	-0.03%
	WM	D	-0.03%
	PYPL	B	-0.03%
	SPGI	B	-0.03%
	CME	C	-0.03%
	APD	B	-0.03%
	AMT	C	-0.03%
	AMAT	D	-0.03%
	MDLZ	B	-0.03%
	MAR	C	-0.03%
	ITW	C	-0.03%
	CB	B	-0.03%
	VLO	F	-0.03%
	NVDA	D	-0.03%
	MUFG	D	-0.03%
	PSX	F	-0.03%
	MPLX	B	-0.03%
	INTC	F	-0.03%
	TMUS	C	-0.03%
	ABT	C	-0.03%
	BMY	C	-0.03%
	ABBV	C	-0.03%
	PECO	B	-0.02%
	SCHW	D	-0.02%
	REGN	C	-0.02%
	CL	D	-0.02%
	OGS	B	-0.02%
	SBRA	C	-0.02%
	TEL	D	-0.02%
	NWE	B	-0.02%
	MSI	B	-0.02%
	PAA	C	-0.02%
	LRCX	F	-0.02%
	KLAC	D	-0.02%
	ADI	C	-0.02%
	PH	B	-0.02%
	SYK	C	-0.02%
	STZ	D	-0.02%
	MCO	B	-0.02%
	CP	C	-0.02%
	TXN	C	-0.02%
	DHR	B	-0.02%
	DE	B	-0.02%
	TGT	C	-0.02%
	CVX	D	-0.02%
	UPS	D	-0.02%
	ECL	B	-0.02%
	MPC	F	-0.02%
	EPD	B	-0.02%
	JNJ	C	-0.02%
	PEP	C	-0.02%
	ICE	C	-0.02%
	PM	C	-0.02%
	MA	B	-0.02%
	WMT	C	-0.02%
	NOC	B	-0.02%
	MET	B	-0.02%
	QCOM	D	-0.02%
	IBM	B	-0.02%
	GILD	B	-0.02%
	CI	C	-0.02%
	COP	D	-0.02%
	RTX	C	-0.02%
	PFE	C	-0.02%
	XOM	C	-0.02%
	AZN	D	-0.02%
	HSBC	B	-0.02%
	VOD	C	-0.02%
	GSK	C	-0.02%
	V	C	-0.02%
	BAC	D	-0.02%
	GE	B	-0.02%
	AVA	C	-0.01%
	EMR	D	-0.01%
	LXP	B	-0.01%
	OPI	F	-0.01%
	JD	C	-0.01%
	SIGI	D	-0.01%
	EE	B	-0.01%
	BKH	B	-0.01%
	SWX	C	-0.01%
	EQIX	C	-0.01%
	TT	B	-0.01%
	KOF	D	-0.01%
	EOG	D	-0.01%
	WELL	C	-0.01%
	PLD	C	-0.01%
	RSG	D	-0.01%
	PG	C	-0.01%
	ETN	C	-0.01%
	AEP	C	-0.01%
	AON	B	-0.01%
	ZTS	C	-0.01%
	SRE	C	-0.01%
	PGR	B	-0.01%
	NEE	C	-0.01%
	KDP	B	-0.01%
	JCI	B	-0.01%
	EL	F	-0.01%
	TRV	C	-0.01%
	TMO	B	-0.01%
	MMC	C	-0.01%
	LLY	C	-0.01%
	HON	D	-0.01%
	JBLU	D	-0.01%
	FDX	C	-0.01%
	D	C	-0.01%
	CSX	D	-0.01%
	KMB	D	-0.01%
	SBUX	C	-0.01%
	GD	B	-0.01%
	SHW	B	-0.01%
	DUK	C	-0.01%
	NSC	C	-0.01%
	LOW	B	-0.01%
	GM	C	-0.01%
	BSX	B	-0.01%
	CAT	B	-0.01%
	AIG	D	-0.01%
	LMT	C	-0.01%
	ET	B	-0.01%
	SO	B	-0.01%
	MMM	B	-0.01%
	NKE	D	-0.01%
	MO	C	-0.01%
	MCD	B	-0.01%
	MRK	D	-0.01%
	UNP	C	-0.01%
	UNH	C	-0.01%
	DIS	D	-0.01%
	BABA	B	-0.01%
	BDX	D	-0.01%
	C	D	-0.01%
	KO	C	-0.01%
	JPM	D	-0.01%
	HD	B	-0.01%
	AMGN	B	-0.01%
	CMCSA	D	-0.01%
	VZ	B	-0.01%
	WFC	D	-0.01%
	BA	F	-0.01%
	MSFT	C	-0.01%
	T	C	-0.01%
	GS	C	-0.01%
	CVS	D	-0.01%

IWR: Top Represented Industries & Keywords

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

Keywords: S&P 500 Computing Natural Gas Insurance Nasdaq 100 Real Estate Investment Trust Electronics Banking Aerospace Bank Chemical Electricity Telecommunications Mining Medicine Insurance Products Semiconductor Biotechnology Beverage Cloud Computing

VCLT: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Drug Manufacturers - Major Insurance - Property & Casualty Utilities - Diversified Diversified Industrials Packaged Foods REIT - Retail Specialty Chemicals Insurance - Life Oil & Gas Midstream REIT - Residential Semiconductors Banks - Global Capital Markets Credit Services Oil & Gas E&P Aerospace & Defense Communication Equipment Household & Personal Products Insurance - Diversified

Keywords: S&P 500 Natural Gas Nasdaq 100 Electricity Insurance Dow Jones Component Real Estate Investment Trust Insurance Products Chemical Bank Computing Electronics Petroleum Industry Crude Oil Disability Medicine Financial Products Mining Natural Gas Storage Plastic