MFUS vs. VCLT ETF Comparison

Comparison of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) to Vanguard Long-Term Corporate Bond ETF (VCLT)

MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUS Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor U.S. Index. The underlying index is constructed by RAFI Indices, LLC (the index provider) using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size.

Grade (RS Rating)

Last Trade

$51.89

Average Daily Volume

5,619

Number of Holdings ^*

815

* 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

$76.71

Average Daily Volume

2,376,656

Number of Holdings ^*

339

* may have additional holdings in another (foreign) market

Performance

Period	MFUS	VCLT
30 Days	2.73%	-0.42%
60 Days	3.41%	-5.07%
90 Days	5.38%	-3.71%
12 Months	32.49%	8.25%

250 Overlapping Holdings

Symbol	Grade	Weight in MFUS	Weight in VCLT	Overlap
AAPL	C	0.97%	0.04%	0.04%
ABBV	D	1.35%	0.03%	0.03%
ADC	B	0.01%	0.01%	0.01%
ADM	D	0.23%	0.01%	0.01%
AEP	D	0.08%	0.01%	0.01%
AES	F	0.01%	0.01%	0.01%
AFL	B	0.22%	0.02%	0.02%
AIG	B	0.34%	0.01%	0.01%
AJG	B	0.16%	0.02%	0.02%
ALL	A	0.26%	0.01%	0.01%
ALLY	C	0.05%	0.03%	0.03%
AMAT	F	0.5%	0.03%	0.03%
AMGN	D	0.92%	0.01%	0.01%
AMH	D	0.04%	0.01%	0.01%
AMT	D	0.14%	0.03%	0.03%
AMZN	C	1.65%	0.05%	0.05%
AON	A	0.25%	0.01%	0.01%
ATO	A	0.02%	0.01%	0.01%
AVA	A	0.03%	0.01%	0.01%
AVB	B	0.03%	0.01%	0.01%
AVGO	D	1.54%	0.04%	0.04%
AVY	D	0.09%	0.02%	0.02%
AXP	A	0.23%	0.06%	0.06%
BAC	A	0.45%	0.02%	0.02%
BAX	D	0.04%	0.02%	0.02%
BDX	F	0.11%	0.01%	0.01%
BEN	C	0.02%	0.01%	0.01%
BHF	B	0.04%	0.04%	0.04%
BIIB	F	0.06%	0.05%	0.05%
BMY	B	0.41%	0.03%	0.03%
BSX	B	0.21%	0.01%	0.01%
BWA	D	0.01%	0.01%	0.01%
BXP	D	0.02%	0.01%	0.01%
C	A	0.7%	0.01%	0.01%
CACC	D	0.01%	0.01%	0.01%
CAG	D	0.04%	0.05%	0.04%
CAH	B	0.27%	0.01%	0.01%
CARR	D	0.05%	0.06%	0.05%
CAT	B	0.2%	0.01%	0.01%
CB	C	0.16%	0.03%	0.03%
CCI	D	0.07%	0.02%	0.02%
CFG	B	0.04%	0.03%	0.03%
CHD	B	0.07%	0.02%	0.02%
CHTR	C	0.3%	0.03%	0.03%
CI	F	0.13%	0.02%	0.02%
CINF	A	0.02%	0.02%	0.02%
CL	D	0.36%	0.02%	0.02%
CMCSA	B	0.16%	0.01%	0.01%
CME	A	0.14%	0.03%	0.03%
CMI	A	0.14%	0.02%	0.02%
CMS	C	0.03%	0.01%	0.01%
COP	C	0.07%	0.02%	0.02%
COST	B	1.36%	0.06%	0.06%
CPB	D	0.04%	0.02%	0.02%
CPT	B	0.06%	0.03%	0.03%
CSCO	B	0.68%	0.07%	0.07%
CSX	B	0.11%	0.01%	0.01%
CVS	D	0.67%	0.01%	0.01%
CVX	A	0.39%	0.02%	0.02%
D	C	0.07%	0.01%	0.01%
DD	D	0.1%	0.07%	0.07%
DELL	C	0.03%	0.11%	0.03%
DG	F	0.08%	0.03%	0.03%
DHR	F	0.24%	0.02%	0.02%
DOV	A	0.04%	0.01%	0.01%
DOW	F	0.02%	0.02%	0.02%
DRI	B	0.03%	0.01%	0.01%
DTE	C	0.02%	0.01%	0.01%
DUK	C	0.13%	0.01%	0.01%
EA	A	0.19%	0.01%	0.01%
EBAY	D	0.36%	0.03%	0.03%
ECL	D	0.08%	0.02%	0.02%
ED	D	0.06%	0.01%	0.01%
EIX	B	0.05%	0.01%	0.01%
EMN	D	0.04%	0.02%	0.02%
EMR	A	0.09%	0.01%	0.01%
EQH	B	0.08%	0.09%	0.08%
EQR	B	0.04%	0.01%	0.01%
ES	D	0.03%	0.02%	0.02%
ESS	B	0.04%	0.01%	0.01%
ETR	B	0.05%	0.01%	0.01%
EVRG	A	0.02%	0.01%	0.01%
EXC	C	0.07%	0.01%	0.01%
EXR	D	0.11%	0.01%	0.01%
FANG	D	0.05%	0.03%	0.03%
FE	C	0.03%	0.02%	0.02%
FIS	C	0.07%	0.02%	0.02%
FITB	A	0.04%	0.07%	0.04%
FNF	B	0.03%	0.01%	0.01%
FOXA	B	0.11%	0.07%	0.07%
GD	F	0.23%	0.01%	0.01%
GE	D	0.56%	0.02%	0.02%
GILD	C	0.84%	0.02%	0.02%
GIS	D	0.17%	0.01%	0.01%
GLW	B	0.2%	0.01%	0.01%
GM	B	0.38%	0.01%	0.01%
GS	A	0.4%	0.01%	0.01%
GWW	B	0.22%	0.02%	0.02%
HCA	F	0.24%	0.06%	0.06%
HD	A	0.62%	0.01%	0.01%
HIG	B	0.06%	0.01%	0.01%
HOG	D	0.02%	0.02%	0.02%
HPE	B	0.11%	0.04%	0.04%
HPQ	B	0.29%	0.06%	0.06%
HRL	D	0.02%	0.02%	0.02%
HSY	F	0.05%	0.01%	0.01%
IBM	C	1.09%	0.02%	0.02%
ICE	C	0.29%	0.02%	0.02%
IFF	D	0.03%	0.01%	0.01%
INGR	B	0.07%	0.01%	0.01%
INTC	D	0.19%	0.03%	0.03%
IP	B	0.09%	0.01%	0.01%
IPG	D	0.04%	0.01%	0.01%
ITW	B	0.1%	0.03%	0.03%
IVZ	B	0.03%	0.02%	0.02%
JBLU	F	0.02%	0.01%	0.01%
JCI	C	0.07%	0.01%	0.01%
JEF	A	0.03%	0.01%	0.01%
JNJ	D	1.2%	0.02%	0.02%
JNPR	F	0.12%	0.04%	0.04%
JPM	A	0.99%	0.01%	0.01%
K	A	0.15%	0.02%	0.02%
KDP	D	0.07%	0.01%	0.01%
KIM	A	0.02%	0.01%	0.01%
KLAC	D	0.22%	0.02%	0.02%
KMB	D	0.17%	0.01%	0.01%
KMI	A	0.11%	0.01%	0.01%
KO	D	1.01%	0.01%	0.01%
KR	B	0.37%	0.01%	0.01%
KSS	F	0.02%	0.02%	0.02%
L	A	0.06%	0.04%	0.04%
LEA	D	0.01%	0.03%	0.01%
LHX	C	0.26%	0.02%	0.02%
LLY	F	2.3%	0.01%	0.01%
LMT	D	0.75%	0.01%	0.01%
LNC	B	0.03%	0.02%	0.02%
LNT	A	0.02%	0.01%	0.01%
LOW	D	0.35%	0.01%	0.01%
LRCX	F	0.16%	0.02%	0.02%
LXP	D	0.02%	0.01%	0.01%
LYB	F	0.15%	0.01%	0.01%
MA	C	0.28%	0.02%	0.02%
MAA	B	0.02%	0.01%	0.01%
MAR	B	0.04%	0.03%	0.03%
MAS	D	0.06%	0.01%	0.01%
MCD	D	0.52%	0.01%	0.01%
MCO	B	0.14%	0.02%	0.02%
MDLZ	F	0.22%	0.03%	0.03%
MET	A	0.32%	0.02%	0.02%
MKC	D	0.06%	0.02%	0.02%
MLM	B	0.07%	0.03%	0.03%
MMC	B	0.2%	0.01%	0.01%
MMM	D	0.58%	0.01%	0.01%
MO	A	0.74%	0.01%	0.01%
MOS	F	0.01%	0.02%	0.01%
MPC	D	0.35%	0.02%	0.02%
MRK	F	0.83%	0.01%	0.01%
MRO	B	0.03%	0.01%	0.01%
MS	A	0.22%	0.05%	0.05%
MSI	B	0.2%	0.02%	0.02%
NDAQ	A	0.05%	0.02%	0.02%
NEE	D	0.23%	0.01%	0.01%
NEM	D	0.17%	0.04%	0.04%
NI	A	0.02%	0.02%	0.02%
NKE	D	0.06%	0.01%	0.01%
NNN	D	0.01%	0.01%	0.01%
NOC	D	0.35%	0.02%	0.02%
NOV	C	0.01%	0.03%	0.01%
NSC	B	0.07%	0.01%	0.01%
NUE	C	0.08%	0.01%	0.01%
NVDA	C	1.9%	0.03%	0.03%
O	D	0.06%	0.02%	0.02%
OC	A	0.02%	0.01%	0.01%
OHI	C	0.02%	0.03%	0.02%
OKE	A	0.1%	0.01%	0.01%
ORCL	B	1.56%	0.04%	0.04%
OTIS	C	0.07%	0.02%	0.02%
PECO	A	0.01%	0.02%	0.01%
PEG	A	0.06%	0.01%	0.01%
PEP	F	0.71%	0.02%	0.02%
PFE	D	0.55%	0.02%	0.02%
PFG	D	0.01%	0.01%	0.01%
PG	A	1.04%	0.01%	0.01%
PGR	A	0.59%	0.01%	0.01%
PH	A	0.14%	0.02%	0.02%
PHM	D	0.1%	0.01%	0.01%
PKG	A	0.1%	0.03%	0.03%
PM	B	0.89%	0.02%	0.02%
PNW	B	0.01%	0.01%	0.01%
PPL	B	0.04%	0.01%	0.01%
PRU	A	0.23%	0.01%	0.01%
PSX	C	0.23%	0.03%	0.03%
PWR	A	0.12%	0.02%	0.02%
PYPL	B	0.12%	0.03%	0.03%
QCOM	F	0.73%	0.02%	0.02%
REGN	F	0.35%	0.02%	0.02%
RF	A	0.02%	0.01%	0.01%
RPM	A	0.13%	0.03%	0.03%
RPRX	D	0.03%	0.03%	0.03%
RSG	A	0.13%	0.01%	0.01%
RTX	C	0.22%	0.02%	0.02%
SBUX	A	0.09%	0.01%	0.01%
SCCO	F	0.0%	0.05%	0.0%
SCHW	B	0.05%	0.02%	0.02%
SHW	A	0.21%	0.01%	0.01%
SIGI	C	0.01%	0.01%	0.01%
SJM	D	0.04%	0.01%	0.01%
SO	D	0.13%	0.01%	0.01%
SPG	B	0.17%	0.01%	0.01%
SPGI	C	0.29%	0.03%	0.03%
SRE	A	0.08%	0.01%	0.01%
STE	F	0.07%	0.03%	0.03%
STLD	B	0.04%	0.02%	0.02%
STZ	D	0.05%	0.02%	0.02%
SWX	B	0.01%	0.01%	0.01%
SYY	B	0.12%	0.01%	0.01%
T	A	0.75%	0.01%	0.01%
TAP	C	0.08%	0.05%	0.05%
TGT	F	0.59%	0.02%	0.02%
TJX	A	0.38%	0.04%	0.04%
TMO	F	0.27%	0.01%	0.01%
TMUS	B	0.43%	0.03%	0.03%
TRV	B	0.2%	0.01%	0.01%
TSN	B	0.18%	0.02%	0.02%
TXN	C	0.28%	0.02%	0.02%
UAL	A	0.02%	0.01%	0.01%
UDR	B	0.03%	0.01%	0.01%
UNH	C	0.81%	0.01%	0.01%
UNM	A	0.04%	0.01%	0.01%
UNP	C	0.5%	0.01%	0.01%
UPS	C	0.24%	0.02%	0.02%
V	A	0.31%	0.02%	0.02%
VLO	C	0.16%	0.03%	0.03%
VRSK	A	0.16%	0.02%	0.02%
VTR	C	0.04%	0.01%	0.01%
VTRS	A	0.15%	0.03%	0.03%
VZ	C	1.03%	0.01%	0.01%
WBA	F	0.11%	0.04%	0.04%
WELL	A	0.12%	0.01%	0.01%
WFC	A	0.99%	0.01%	0.01%
WHR	B	0.03%	0.02%	0.02%
WM	A	0.27%	0.03%	0.03%
WMB	A	0.11%	0.01%	0.01%
WMT	A	1.77%	0.02%	0.02%
WPC	D	0.03%	0.02%	0.02%
WRB	A	0.03%	0.01%	0.01%
WU	D	0.06%	0.03%	0.03%
XOM	B	0.43%	0.02%	0.02%
XYL	D	0.11%	0.02%	0.02%
ZTS	D	0.05%	0.01%	0.01%

MFUS Overweight 565 Positions Relative to VCLT

Symbol	Grade	Weight
BRK.A	B	2.44%
META	D	2.32%
MCK	B	0.64%
NFLX	A	0.55%
BKNG	A	0.42%
NOW	A	0.35%
SYF	B	0.31%
ISRG	A	0.29%
COF	B	0.29%
AZO	C	0.28%
THC	D	0.26%
VST	B	0.26%
FICO	B	0.25%
PANW	C	0.25%
SFM	A	0.25%
PLTR	B	0.24%
ANF	C	0.24%
WSM	B	0.24%
ACN	C	0.24%
LII	A	0.22%
VRTX	F	0.21%
ORLY	B	0.2%
BBY	D	0.2%
CMG	B	0.2%
UBER	D	0.2%
FI	A	0.19%
CTAS	B	0.19%
HWM	A	0.18%
WSO	A	0.18%
AMP	A	0.18%
BK	A	0.18%
UTHR	C	0.18%
BLK	C	0.18%
RMD	C	0.17%
DECK	A	0.17%
CASY	A	0.17%
DVA	B	0.17%
BR	A	0.17%
COR	B	0.17%
MU	D	0.16%
MUSA	A	0.16%
TDG	D	0.15%
ELV	F	0.15%
F	C	0.15%
KKR	A	0.15%
CHRW	C	0.14%
BAH	F	0.14%
ANET	C	0.14%
KHC	F	0.14%
IT	C	0.14%
CLX	B	0.13%
APP	B	0.13%
FAST	B	0.13%
DPZ	C	0.13%
EVR	B	0.13%
BX	A	0.13%
YUM	B	0.13%
PNC	B	0.12%
BRO	B	0.12%
IRM	D	0.12%
APH	A	0.12%
GDDY	A	0.12%
RCL	A	0.11%
CW	B	0.11%
EXPD	D	0.11%
WTW	B	0.11%
ALSN	B	0.11%
LDOS	C	0.11%
USB	A	0.11%
TSCO	D	0.11%
DASH	A	0.11%
CEG	D	0.11%
ADP	B	0.11%
COIN	C	0.11%
BWXT	B	0.11%
CRS	A	0.11%
TRGP	B	0.11%
AYI	B	0.1%
HLT	A	0.1%
JXN	C	0.1%
NTAP	C	0.1%
JKHY	D	0.1%
DFS	B	0.1%
GEN	B	0.1%
EFX	F	0.1%
LSTR	D	0.09%
IEX	B	0.09%
WCC	B	0.09%
TFC	A	0.09%
AIZ	A	0.09%
MLI	C	0.09%
TROW	B	0.09%
DGX	A	0.09%
EHC	B	0.09%
ARES	A	0.09%
IR	B	0.09%
URI	B	0.09%
NVR	D	0.09%
ADSK	A	0.09%
TMHC	B	0.09%
GPI	A	0.09%
CALM	A	0.09%
DLR	B	0.09%
PSA	D	0.09%
NRG	B	0.08%
GEO	B	0.08%
TTWO	A	0.08%
LPX	B	0.08%
ABG	B	0.08%
DKS	C	0.08%
SMCI	F	0.08%
MTD	D	0.08%
AOS	F	0.08%
HCC	B	0.08%
ATR	B	0.08%
WDC	D	0.08%
BKR	B	0.08%
TYL	B	0.08%
GPK	C	0.08%
SLG	B	0.08%
CPRT	A	0.08%
SEIC	B	0.08%
ITT	A	0.08%
HLI	B	0.08%
CACI	D	0.08%
FIX	A	0.07%
UFPI	B	0.07%
SQ	B	0.07%
EXP	A	0.07%
BCC	B	0.07%
LPLA	A	0.07%
SCI	B	0.07%
GLPI	C	0.07%
SKYW	B	0.07%
POOL	C	0.07%
AEO	F	0.07%
R	B	0.07%
VNO	B	0.07%
BALL	D	0.07%
THO	B	0.07%
MNST	C	0.07%
FTNT	C	0.07%
HRB	D	0.07%
GEHC	F	0.07%
CNX	A	0.07%
SEE	C	0.06%
JLL	D	0.06%
LECO	B	0.06%
GNRC	B	0.06%
TPH	D	0.06%
KTB	B	0.06%
HBI	B	0.06%
MPWR	F	0.06%
BFH	B	0.06%
CHE	D	0.06%
ATGE	B	0.06%
VIRT	B	0.06%
UHS	D	0.06%
TW	A	0.06%
MTH	D	0.06%
SLM	A	0.06%
CCK	C	0.06%
PK	B	0.06%
CMC	B	0.06%
OMC	C	0.06%
TXRH	C	0.06%
MSM	C	0.06%
BERY	B	0.06%
AN	C	0.06%
AMG	B	0.06%
DHI	D	0.06%
TTC	D	0.06%
ROP	B	0.06%
FCNCA	A	0.06%
ALNY	D	0.06%
RGA	A	0.06%
FFIV	B	0.06%
IBKR	A	0.06%
TOL	B	0.06%
MSCI	C	0.06%
LEN	D	0.06%
ROL	B	0.06%
EME	C	0.05%
URBN	C	0.05%
CNO	A	0.05%
NFG	A	0.05%
NSIT	F	0.05%
ERIE	D	0.05%
LOPE	B	0.05%
AROC	B	0.05%
THG	A	0.05%
TDS	B	0.05%
PRIM	A	0.05%
CRI	D	0.05%
GNTX	C	0.05%
A	D	0.05%
MOG.A	B	0.05%
TGNA	B	0.05%
MTN	C	0.05%
EXEL	B	0.05%
SUI	D	0.05%
HOOD	B	0.05%
CBRE	B	0.05%
FLEX	A	0.05%
USFD	A	0.05%
SLGN	A	0.05%
TEX	D	0.05%
CBT	C	0.05%
IDXX	F	0.05%
COOP	B	0.05%
LAMR	D	0.05%
POST	C	0.05%
AR	B	0.05%
KD	B	0.05%
WAT	B	0.05%
WEN	D	0.05%
NXST	C	0.05%
ANSS	B	0.05%
GAP	C	0.05%
LUMN	C	0.05%
GVA	A	0.05%
WAB	B	0.05%
MMS	F	0.05%
BC	C	0.05%
FCN	D	0.05%
BTU	B	0.05%
G	B	0.05%
XPO	B	0.04%
SON	D	0.04%
TKR	D	0.04%
AVT	C	0.04%
ACM	A	0.04%
ADBE	C	0.04%
FL	F	0.04%
JWN	C	0.04%
CRUS	D	0.04%
AWI	A	0.04%
CXW	B	0.04%
CPNG	D	0.04%
INVH	D	0.04%
CLH	B	0.04%
BDC	B	0.04%
SEM	B	0.04%
WH	B	0.04%
PSTG	D	0.04%
RUSHA	C	0.04%
ELS	C	0.04%
PAYX	C	0.04%
SMG	D	0.04%
OLN	D	0.04%
AGNC	D	0.04%
CTVA	C	0.04%
MTB	A	0.04%
FLO	D	0.04%
BLDR	D	0.04%
ARW	D	0.04%
FDS	B	0.04%
SLVM	B	0.04%
TRN	C	0.04%
SANM	B	0.04%
OGN	D	0.04%
VRSN	F	0.04%
CVLT	B	0.04%
PTC	A	0.04%
NBIX	C	0.04%
NWSA	B	0.04%
CUBE	D	0.04%
GBX	A	0.04%
WTM	A	0.04%
ZBRA	B	0.04%
JHG	A	0.04%
SIG	B	0.04%
HEI	B	0.04%
MAC	B	0.04%
HUBG	A	0.04%
RGLD	C	0.04%
CMA	A	0.04%
ATI	D	0.04%
MHO	D	0.04%
CNC	D	0.04%
FTI	A	0.04%
PPG	F	0.04%
CRBG	B	0.04%
VLTO	D	0.04%
WERN	C	0.04%
DCI	B	0.04%
GATX	A	0.04%
NDSN	B	0.04%
ABM	B	0.04%
RS	B	0.04%
WST	C	0.04%
STC	B	0.03%
HAE	C	0.03%
SBAC	D	0.03%
GEF	A	0.03%
DRH	B	0.03%
COKE	C	0.03%
KMPR	B	0.03%
VC	D	0.03%
UNF	B	0.03%
LZB	B	0.03%
DK	C	0.03%
RRC	B	0.03%
GMED	A	0.03%
KEY	B	0.03%
MAN	D	0.03%
PINC	B	0.03%
ACA	A	0.03%
PNM	F	0.03%
APAM	B	0.03%
AMKR	D	0.03%
AVTR	F	0.03%
BKE	B	0.03%
LBRDK	C	0.03%
ASO	F	0.03%
FHI	A	0.03%
TER	D	0.03%
OI	C	0.03%
CDW	F	0.03%
OMF	A	0.03%
BURL	A	0.03%
SHOO	D	0.03%
DBRG	F	0.03%
CG	A	0.03%
PRG	C	0.03%
NTRS	A	0.03%
LW	C	0.03%
COLD	D	0.03%
PLXS	B	0.03%
APLE	B	0.03%
RL	B	0.03%
X	C	0.03%
JBL	B	0.03%
MATX	C	0.03%
BLD	D	0.03%
DDS	B	0.03%
GMS	B	0.03%
HOLX	D	0.03%
GGG	B	0.03%
BKU	A	0.03%
MC	C	0.03%
DOX	D	0.03%
RLI	B	0.03%
KBH	D	0.03%
COHR	B	0.03%
NYT	C	0.03%
CDP	C	0.03%
HBAN	A	0.03%
TPX	B	0.03%
CPAY	A	0.03%
SM	B	0.03%
HUBB	B	0.03%
MANH	D	0.03%
GNW	A	0.03%
MORN	B	0.03%
ULTA	F	0.03%
BJ	A	0.03%
OSK	B	0.03%
HSIC	B	0.03%
MASI	A	0.03%
LANC	C	0.03%
LEG	F	0.02%
DTM	B	0.02%
TDC	D	0.02%
SATS	D	0.02%
TTMI	B	0.02%
ODP	F	0.02%
KEX	C	0.02%
SSNC	B	0.02%
SF	B	0.02%
GT	C	0.02%
BRKR	D	0.02%
BHE	B	0.02%
CSL	C	0.02%
AXTA	A	0.02%
LAUR	A	0.02%
VFC	C	0.02%
WAL	B	0.02%
WBS	A	0.02%
PHIN	A	0.02%
NSP	D	0.02%
GME	C	0.02%
ZION	B	0.02%
ODFL	B	0.02%
SNV	B	0.02%
ANDE	D	0.02%
APG	B	0.02%
HP	B	0.02%
HST	C	0.02%
AA	B	0.02%
VVV	F	0.02%
DNOW	B	0.02%
LAD	A	0.02%
M	D	0.02%
HNI	B	0.02%
PMT	D	0.02%
NAVI	C	0.02%
WKC	D	0.02%
WMS	D	0.02%
PNR	A	0.02%
LNW	D	0.02%
REZI	A	0.02%
XRAY	F	0.02%
KBR	F	0.02%
EPC	D	0.02%
SNDR	B	0.02%
RHI	B	0.02%
AGCO	D	0.02%
OSIS	B	0.02%
SKX	D	0.02%
PFSI	D	0.02%
NWL	B	0.02%
CC	C	0.02%
PSN	D	0.02%
SXT	B	0.02%
SAM	C	0.02%
APOG	B	0.02%
YELP	C	0.02%
RLJ	C	0.02%
THS	D	0.02%
DORM	B	0.02%
NTCT	C	0.02%
XHR	B	0.02%
CTLT	B	0.02%
GWRE	A	0.02%
MDU	D	0.02%
MKTX	D	0.02%
SBH	C	0.02%
PVH	C	0.02%
PBF	D	0.02%
PDCO	D	0.02%
PAG	B	0.02%
HII	D	0.02%
VSCO	B	0.02%
ADNT	F	0.02%
CE	F	0.02%
EWBC	A	0.02%
MCY	A	0.02%
AIR	B	0.02%
DLB	B	0.02%
VSTO	A	0.02%
BFAM	D	0.02%
FAF	A	0.02%
JBHT	C	0.02%
GHC	C	0.02%
TFX	F	0.02%
AKAM	D	0.02%
MSA	D	0.02%
ORA	B	0.02%
DLTR	F	0.02%
NEU	C	0.02%
RYN	D	0.02%
HXL	D	0.02%
MTG	C	0.02%
CCL	B	0.02%
SVC	F	0.01%
QRVO	F	0.01%
AAP	C	0.01%
CPRI	F	0.01%
KNX	B	0.01%
UHAL	D	0.01%
RKT	F	0.01%
JELD	F	0.01%
DINO	D	0.01%
SCL	C	0.01%
IGT	F	0.01%
PARA	C	0.01%
MLKN	D	0.01%
RVTY	F	0.01%
GIII	D	0.01%
WOR	F	0.01%
ELAN	D	0.01%
ARI	C	0.01%
CNXN	C	0.01%
MKSI	C	0.01%
ECPG	B	0.01%
HTH	B	0.01%
IMKTA	C	0.01%
RDN	C	0.01%
ACI	C	0.01%
SEB	F	0.01%
WGO	C	0.01%
CLF	F	0.01%
JBGS	D	0.01%
ALEX	C	0.01%
XRX	F	0.01%
UVV	B	0.01%
UGI	A	0.01%
SPR	D	0.01%
SHO	C	0.01%
ARMK	B	0.01%
OUT	A	0.01%
AMED	F	0.01%
SR	A	0.01%
CNS	B	0.01%
SSB	B	0.01%
ESI	A	0.01%
KALU	C	0.01%
CVI	F	0.01%
CENTA	C	0.01%
OMI	F	0.01%
SAIC	F	0.01%
BRC	D	0.01%
PB	A	0.01%
ARCH	B	0.01%
SPB	C	0.01%
WAFD	B	0.01%
DY	D	0.01%
CROX	D	0.01%
FDP	B	0.01%
WMK	C	0.01%
DAN	D	0.01%
CNM	D	0.01%
CFR	B	0.01%
MHK	D	0.01%
FELE	B	0.01%
INCY	C	0.01%
PPC	C	0.01%
BBWI	D	0.01%
TPR	B	0.01%
KN	B	0.01%
STRA	C	0.01%
DXC	B	0.01%
NNI	D	0.01%
ESNT	D	0.01%
GES	F	0.01%
FLR	B	0.01%
ESAB	B	0.01%
LADR	B	0.01%
ONB	B	0.01%
IDCC	A	0.01%
BMRN	D	0.01%
TTEK	F	0.01%
CBSH	A	0.01%
ICUI	D	0.01%
WWD	B	0.01%
MUR	D	0.01%
TNET	D	0.01%
CADE	B	0.01%
CWEN	C	0.01%
CSGS	B	0.01%
UHAL	D	0.01%
FHN	A	0.01%
FYBR	D	0.01%
H	B	0.01%
WTFC	A	0.01%
PSMT	C	0.01%
AMWD	C	0.01%
VNT	B	0.01%
CR	A	0.01%
ALGN	D	0.01%
PTEN	C	0.01%
SLB	C	0.01%
SCS	C	0.01%
FR	C	0.01%
GOLF	B	0.01%
IOSP	B	0.01%
SAH	A	0.01%
DEI	B	0.01%
RBC	A	0.01%
HE	C	0.01%
VSH	D	0.01%
NOMD	D	0.0%
WOLF	F	0.0%
HUN	F	0.0%

MFUS Underweight 89 Positions Relative to VCLT

Symbol	Grade	Weight
WIT	A	-0.21%
MDT	D	-0.08%
WY	D	-0.07%
CRM	B	-0.05%
LIN	D	-0.04%
NXPI	D	-0.04%
DT	C	-0.04%
GPN	B	-0.04%
GOOGL	C	-0.04%
BHP	F	-0.04%
ORI	A	-0.03%
FTV	C	-0.03%
AAL	B	-0.03%
WEST	C	-0.03%
LH	C	-0.03%
CF	B	-0.03%
APD	A	-0.03%
DVN	F	-0.03%
RJF	A	-0.03%
MUFG	B	-0.03%
MPLX	A	-0.03%
ABT	B	-0.03%
ZBH	C	-0.02%
FMC	D	-0.02%
OGS	A	-0.02%
SBRA	C	-0.02%
TEL	B	-0.02%
AFG	A	-0.02%
VMI	B	-0.02%
WTRG	B	-0.02%
NWE	B	-0.02%
PAA	B	-0.02%
ADI	D	-0.02%
ROK	B	-0.02%
SYK	C	-0.02%
EG	C	-0.02%
CP	D	-0.02%
SWK	D	-0.02%
DE	A	-0.02%
HES	B	-0.02%
HAL	C	-0.02%
EPD	A	-0.02%
AZN	D	-0.02%
HSBC	B	-0.02%
VOD	F	-0.02%
GSK	F	-0.02%
HIW	D	-0.01%
FRT	B	-0.01%
AGO	B	-0.01%
APTV	D	-0.01%
ALB	C	-0.01%
IDA	A	-0.01%
OPI	F	-0.01%
JD	D	-0.01%
DOC	D	-0.01%
OGE	B	-0.01%
REG	B	-0.01%
EE	A	-0.01%
BKH	A	-0.01%
VOYA	B	-0.01%
SNA	A	-0.01%
KRC	C	-0.01%
EQIX	A	-0.01%
TT	A	-0.01%
MKL	A	-0.01%
KOF	F	-0.01%
EOG	A	-0.01%
PLD	D	-0.01%
HAS	D	-0.01%
ETN	A	-0.01%
AWK	D	-0.01%
WEC	A	-0.01%
AEE	A	-0.01%
VMC	B	-0.01%
HUM	C	-0.01%
CNP	B	-0.01%
ACGL	D	-0.01%
XEL	A	-0.01%
WLK	D	-0.01%
EL	F	-0.01%
HON	B	-0.01%
FDX	B	-0.01%
ARE	D	-0.01%
ET	A	-0.01%
DIS	B	-0.01%
BABA	D	-0.01%
PCG	A	-0.01%
BA	F	-0.01%
MSFT	F	-0.01%