PBP vs. VCIT ETF Comparison

Comparison of PowerShares S&P 500 BuyWrite Portfolio (PBP) to Vanguard Intermediate-Term Corporate Bond ETF (VCIT)

PBP

PowerShares S&P 500 BuyWrite Portfolio

PBP Description

The PowerShares S&P 500 BuyWrite Portfolio (Fund) is based on the CBOE S&P 500 BuyWrite IndexTM (Index). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, including at least 80% of its total assets in common stocks of the 500 companies included in the S&P 500® Index and will write (sell) call options thereon. The Index measures the total rate of return of an S&P 500 covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500 (Reference Index) and selling a succession of written options, each with an exercise price at or above the prevailing price level of the S&P 500. Dividends paid on the component stocks underlying the S&P 500 and the dollar value of option premiums received from written options are reinvested. The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$23.29

Average Daily Volume

18,242

Number of Holdings ^*

498

* may have additional holdings in another (foreign) market

VCIT

Vanguard Intermediate-Term Corporate Bond ETF

VCIT Description

The investment seeks to track the performance of a market-weighted corporate 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 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 5 and 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

$80.82

Average Daily Volume

6,660,767

Number of Holdings ^*

488

* may have additional holdings in another (foreign) market

Performance

Period	PBP	VCIT
30 Days	1.96%	-1.90%
60 Days	3.91%	-2.86%
90 Days	5.38%	-0.93%
12 Months	19.80%	9.85%

335 Overlapping Holdings

	Symbol	Grade	Weight in PBP	Weight in VCIT	Overlap
	A	F	0.08%	0.02%	0.02%
	AAPL	C	6.87%	0.01%	0.01%
	ABBV	F	0.72%	0.13%	0.13%
	ABT	C	0.41%	0.02%	0.02%
	ACGL	C	0.08%	0.03%	0.03%
	ADBE	C	0.45%	0.05%	0.05%
	ADI	D	0.23%	0.04%	0.04%
	ADM	F	0.05%	0.05%	0.05%
	ADP	A	0.25%	0.04%	0.04%
	ADSK	B	0.13%	0.03%	0.03%
	AEE	B	0.05%	0.01%	0.01%
	AEP	D	0.1%	0.01%	0.01%
	AES	F	0.02%	0.02%	0.02%
	AFL	C	0.11%	0.01%	0.01%
	AIG	B	0.1%	0.02%	0.02%
	AIZ	A	0.02%	0.02%	0.02%
	ALL	B	0.1%	0.02%	0.02%
	ALLE	D	0.02%	0.02%	0.02%
	AMAT	F	0.32%	0.04%	0.04%
	AMCR	D	0.03%	0.01%	0.01%
	AMGN	F	0.35%	0.01%	0.01%
	AMT	F	0.19%	0.03%	0.03%
	AMZN	A	3.92%	0.09%	0.09%
	AON	B	0.17%	0.01%	0.01%
	APD	B	0.14%	0.02%	0.02%
	APH	B	0.18%	0.02%	0.02%
	APTV	F	0.03%	0.01%	0.01%
	ARE	F	0.04%	0.01%	0.01%
	ATO	B	0.04%	0.02%	0.02%
	AVB	B	0.06%	0.02%	0.02%
	AVGO	C	1.7%	0.01%	0.01%
	AVY	F	0.03%	0.02%	0.02%
	AWK	D	0.05%	0.02%	0.02%
	AXP	B	0.34%	0.11%	0.11%
	AZO	B	0.11%	0.03%	0.03%
	BA	F	0.22%	0.03%	0.03%
	BAC	A	0.62%	0.01%	0.01%
	BAX	F	0.04%	0.02%	0.02%
	BBY	C	0.04%	0.02%	0.02%
	BDX	F	0.14%	0.03%	0.03%
	BEN	C	0.01%	0.04%	0.01%
	BG	D	0.02%	0.03%	0.02%
	BIIB	F	0.05%	0.07%	0.05%
	BK	B	0.12%	0.01%	0.01%
	BKNG	A	0.34%	0.03%	0.03%
	BMY	B	0.23%	0.03%	0.03%
	BR	A	0.05%	0.04%	0.04%
	BRO	B	0.05%	0.02%	0.02%
	BSX	A	0.26%	0.01%	0.01%
	BWA	B	0.02%	0.01%	0.01%
	BXP	D	0.02%	0.02%	0.02%
	C	B	0.27%	0.02%	0.02%
	CAG	F	0.03%	0.01%	0.01%
	CAH	B	0.06%	0.05%	0.05%
	CARR	C	0.13%	0.04%	0.04%
	CAT	B	0.41%	0.02%	0.02%
	CB	C	0.21%	0.01%	0.01%
	CBOE	D	0.04%	0.02%	0.02%
	CCI	F	0.09%	0.03%	0.03%
	CE	F	0.02%	0.02%	0.02%
	CFG	B	0.04%	0.03%	0.03%
	CHD	A	0.05%	0.02%	0.02%
	CHRW	A	0.03%	0.03%	0.03%
	CHTR	B	0.08%	0.06%	0.06%
	CI	D	0.18%	0.02%	0.02%
	CINF	A	0.05%	0.02%	0.02%
	CLX	A	0.04%	0.01%	0.01%
	CMCSA	B	0.35%	0.02%	0.02%
	CME	B	0.16%	0.03%	0.03%
	CMI	A	0.1%	0.04%	0.04%
	CMS	D	0.04%	0.02%	0.02%
	CNP	B	0.04%	0.02%	0.02%
	COF	B	0.15%	0.03%	0.03%
	COP	C	0.27%	0.01%	0.01%
	COST	B	0.81%	0.07%	0.07%
	CPB	F	0.02%	0.03%	0.02%
	CPT	C	0.03%	0.02%	0.02%
	CRM	B	0.6%	0.07%	0.07%
	CSX	B	0.15%	0.02%	0.02%
	CTAS	B	0.15%	0.05%	0.05%
	CTVA	C	0.09%	0.02%	0.02%
	CVS	F	0.16%	0.02%	0.02%
	CVX	A	0.54%	0.01%	0.01%
	D	D	0.1%	0.01%	0.01%
	DAL	A	0.08%	0.03%	0.03%
	DD	D	0.07%	0.1%	0.07%
	DE	D	0.21%	0.01%	0.01%
	DELL	C	0.08%	0.04%	0.04%
	DFS	B	0.09%	0.01%	0.01%
	DG	F	0.03%	0.03%	0.03%
	DGX	B	0.04%	0.01%	0.01%
	DHI	D	0.1%	0.02%	0.02%
	DHR	F	0.32%	0.04%	0.04%
	DIS	B	0.36%	0.03%	0.03%
	DLR	C	0.11%	0.03%	0.03%
	DLTR	F	0.03%	0.07%	0.03%
	DOC	C	0.03%	0.01%	0.01%
	DOV	A	0.06%	0.02%	0.02%
	DOW	F	0.07%	0.01%	0.01%
	DRI	B	0.04%	0.02%	0.02%
	DTE	D	0.05%	0.01%	0.01%
	DUK	D	0.18%	0.01%	0.01%
	DVN	F	0.05%	0.01%	0.01%
	EA	A	0.08%	0.04%	0.04%
	EBAY	C	0.06%	0.04%	0.04%
	ECL	C	0.13%	0.01%	0.01%
	ED	D	0.07%	0.01%	0.01%
	EFX	F	0.07%	0.03%	0.03%
	EIX	C	0.06%	0.01%	0.01%
	EL	F	0.03%	0.02%	0.02%
	EMN	D	0.02%	0.03%	0.02%
	EMR	A	0.15%	0.01%	0.01%
	EOG	A	0.15%	0.05%	0.05%
	EQIX	B	0.17%	0.02%	0.02%
	EQR	C	0.05%	0.02%	0.02%
	ES	D	0.04%	0.01%	0.01%
	ESS	C	0.04%	0.01%	0.01%
	ETN	B	0.29%	0.03%	0.03%
	ETR	B	0.06%	0.01%	0.01%
	EVRG	A	0.03%	0.01%	0.01%
	EW	F	0.08%	0.03%	0.03%
	EXC	C	0.08%	0.01%	0.01%
	EXPE	B	0.04%	0.05%	0.04%
	EXR	D	0.07%	0.02%	0.02%
	FANG	C	0.07%	0.04%	0.04%
	FDX	B	0.13%	0.02%	0.02%
	FIS	B	0.1%	0.03%	0.03%
	FITB	A	0.06%	0.03%	0.03%
	FMC	F	0.02%	0.03%	0.02%
	FOXA	A	0.02%	0.03%	0.02%
	FRT	B	0.02%	0.02%	0.02%
	FTNT	B	0.1%	0.02%	0.02%
	GD	C	0.16%	0.01%	0.01%
	GE	D	0.4%	0.04%	0.04%
	GILD	B	0.23%	0.01%	0.01%
	GIS	F	0.07%	0.04%	0.04%
	GL	B	0.02%	0.02%	0.02%
	GM	B	0.13%	0.02%	0.02%
	GOOG	C	1.74%	0.01%	0.01%
	GOOGL	C	2.1%	0.04%	0.04%
	GPC	D	0.03%	0.02%	0.02%
	GPN	B	0.06%	0.02%	0.02%
	GS	B	0.38%	0.05%	0.05%
	HAL	C	0.05%	0.06%	0.05%
	HAS	D	0.02%	0.01%	0.01%
	HBAN	A	0.05%	0.02%	0.02%
	HCA	D	0.13%	0.05%	0.05%
	HD	B	0.78%	0.03%	0.03%
	HES	B	0.08%	0.02%	0.02%
	HIG	C	0.07%	0.03%	0.03%
	HII	F	0.02%	0.01%	0.01%
	HON	B	0.29%	0.01%	0.01%
	HPQ	B	0.07%	0.04%	0.04%
	HRL	F	0.02%	0.01%	0.01%
	HST	D	0.03%	0.03%	0.03%
	HSY	F	0.05%	0.01%	0.01%
	HUBB	C	0.05%	0.01%	0.01%
	HUM	D	0.07%	0.01%	0.01%
	IBM	D	0.4%	0.01%	0.01%
	ICE	C	0.18%	0.03%	0.03%
	IEX	B	0.04%	0.05%	0.04%
	IFF	F	0.05%	0.02%	0.02%
	INTC	C	0.22%	0.05%	0.05%
	INTU	A	0.37%	0.02%	0.02%
	INVH	D	0.04%	0.04%	0.04%
	IPG	F	0.02%	0.02%	0.02%
	ITW	B	0.15%	0.04%	0.04%
	JBL	C	0.03%	0.03%	0.03%
	JCI	A	0.11%	0.02%	0.02%
	JNJ	D	0.77%	0.01%	0.01%
	JNPR	D	0.03%	0.03%	0.03%
	JPM	A	1.43%	0.01%	0.01%
	K	A	0.04%	0.02%	0.02%
	KDP	C	0.07%	0.03%	0.03%
	KEY	B	0.04%	0.02%	0.02%
	KEYS	C	0.06%	0.03%	0.03%
	KIM	A	0.03%	0.02%	0.02%
	KLAC	F	0.18%	0.04%	0.04%
	KMB	D	0.09%	0.02%	0.02%
	KMI	B	0.1%	0.01%	0.01%
	KO	F	0.5%	0.01%	0.01%
	KR	A	0.08%	0.01%	0.01%
	L	A	0.03%	0.04%	0.03%
	LDOS	C	0.05%	0.05%	0.05%
	LEN	D	0.08%	0.01%	0.01%
	LH	B	0.04%	0.01%	0.01%
	LHX	B	0.1%	0.01%	0.01%
	LIN	D	0.45%	0.03%	0.03%
	LLY	F	1.24%	0.03%	0.03%
	LMT	D	0.24%	0.04%	0.04%
	LNT	C	0.03%	0.01%	0.01%
	LOW	B	0.3%	0.01%	0.01%
	LRCX	F	0.2%	0.04%	0.04%
	LUV	B	0.04%	0.01%	0.01%
	LVS	C	0.04%	0.04%	0.04%
	LYB	F	0.05%	0.03%	0.03%
	MA	B	0.87%	0.03%	0.03%
	MAA	C	0.04%	0.01%	0.01%
	MAR	A	0.13%	0.01%	0.01%
	MAS	D	0.04%	0.02%	0.02%
	MCD	C	0.43%	0.01%	0.01%
	MCO	C	0.15%	0.02%	0.02%
	MDLZ	F	0.18%	0.02%	0.02%
	MDT	D	0.23%	0.02%	0.02%
	MET	C	0.1%	0.07%	0.07%
	MHK	D	0.02%	0.02%	0.02%
	MKC	D	0.04%	0.01%	0.01%
	MLM	B	0.08%	0.01%	0.01%
	MMC	D	0.22%	0.04%	0.04%
	MMM	C	0.15%	0.02%	0.02%
	MO	A	0.19%	0.02%	0.02%
	MOS	D	0.02%	0.04%	0.02%
	MPC	D	0.11%	0.04%	0.04%
	MRK	F	0.52%	0.06%	0.06%
	MRO	B	0.03%	0.05%	0.03%
	MS	A	0.33%	0.01%	0.01%
	MSFT	C	6.34%	0.23%	0.23%
	MSI	B	0.16%	0.02%	0.02%
	MTB	A	0.07%	0.04%	0.04%
	MU	D	0.25%	0.03%	0.03%
	NDAQ	B	0.07%	0.03%	0.03%
	NEE	D	0.31%	0.01%	0.01%
	NEM	F	0.1%	0.05%	0.05%
	NI	A	0.03%	0.03%	0.03%
	NKE	F	0.18%	0.04%	0.04%
	NOC	D	0.15%	0.02%	0.02%
	NOW	A	0.42%	0.07%	0.07%
	NSC	B	0.13%	0.01%	0.01%
	NTAP	D	0.05%	0.03%	0.03%
	NTRS	A	0.04%	0.02%	0.02%
	NUE	D	0.08%	0.02%	0.02%
	NVDA	A	7.27%	0.06%	0.06%
	NVR	D	0.06%	0.05%	0.05%
	NXPI	F	0.12%	0.03%	0.03%
	O	D	0.1%	0.03%	0.03%
	OKE	A	0.12%	0.01%	0.01%
	OMC	A	0.04%	0.03%	0.03%
	ORCL	A	0.59%	0.02%	0.02%
	ORLY	A	0.15%	0.01%	0.01%
	OTIS	D	0.08%	0.04%	0.04%
	PCG	A	0.09%	0.01%	0.01%
	PEG	C	0.08%	0.01%	0.01%
	PEP	D	0.46%	0.02%	0.02%
	PFE	F	0.31%	0.03%	0.03%
	PFG	C	0.04%	0.02%	0.02%
	PG	C	0.77%	0.04%	0.04%
	PGR	A	0.31%	0.01%	0.01%
	PH	A	0.19%	0.05%	0.05%
	PHM	D	0.05%	0.03%	0.03%
	PKG	B	0.04%	0.02%	0.02%
	PLD	D	0.21%	0.01%	0.01%
	PM	B	0.4%	0.02%	0.02%
	PNC	B	0.17%	0.01%	0.01%
	PNR	A	0.03%	0.01%	0.01%
	PNW	A	0.02%	0.01%	0.01%
	PPG	F	0.06%	0.02%	0.02%
	PRU	B	0.09%	0.02%	0.02%
	PSA	D	0.1%	0.01%	0.01%
	PSX	C	0.11%	0.04%	0.04%
	PWR	B	0.09%	0.05%	0.05%
	PYPL	A	0.17%	0.05%	0.05%
	QCOM	F	0.39%	0.05%	0.05%
	QRVO	F	0.01%	0.05%	0.01%
	REG	A	0.02%	0.02%	0.02%
	REGN	F	0.18%	0.06%	0.06%
	RF	A	0.05%	0.03%	0.03%
	RJF	A	0.06%	0.07%	0.06%
	RL	B	0.02%	0.03%	0.02%
	ROK	B	0.07%	0.01%	0.01%
	ROP	A	0.12%	0.03%	0.03%
	ROST	D	0.09%	0.02%	0.02%
	RSG	B	0.09%	0.01%	0.01%
	RTX	D	0.33%	0.01%	0.01%
	SBUX	B	0.22%	0.02%	0.02%
	SCHW	B	0.23%	0.01%	0.01%
	SHW	A	0.18%	0.02%	0.02%
	SJM	F	0.03%	0.03%	0.03%
	SLB	C	0.13%	0.05%	0.05%
	SNA	A	0.04%	0.01%	0.01%
	SO	D	0.19%	0.02%	0.02%
	SPG	A	0.11%	0.01%	0.01%
	SPGI	C	0.32%	0.02%	0.02%
	SRE	B	0.11%	0.03%	0.03%
	STE	D	0.05%	0.05%	0.05%
	STLD	C	0.04%	0.02%	0.02%
	STT	B	0.06%	0.01%	0.01%
	STZ	D	0.07%	0.02%	0.02%
	SWK	F	0.03%	0.03%	0.03%
	SWKS	F	0.03%	0.03%	0.03%
	SYF	B	0.05%	0.03%	0.03%
	SYK	A	0.26%	0.02%	0.02%
	SYY	D	0.08%	0.05%	0.05%
	T	A	0.32%	0.05%	0.05%
	TDY	B	0.05%	0.03%	0.03%
	TFC	B	0.13%	0.02%	0.02%
	TGT	C	0.14%	0.02%	0.02%
	TJX	A	0.27%	0.01%	0.01%
	TMO	F	0.43%	0.03%	0.03%
	TMUS	A	0.23%	0.09%	0.09%
	TRMB	B	0.04%	0.03%	0.03%
	TSCO	D	0.06%	0.03%	0.03%
	TSN	B	0.03%	0.06%	0.03%
	TT	B	0.18%	0.03%	0.03%
	TXN	B	0.4%	0.02%	0.02%
	TXT	D	0.03%	0.01%	0.01%
	UAL	A	0.06%	0.01%	0.01%
	UDR	C	0.03%	0.01%	0.01%
	UHS	D	0.02%	0.04%	0.02%
	UNH	B	1.12%	0.01%	0.01%
	UNP	D	0.31%	0.02%	0.02%
	UPS	C	0.2%	0.03%	0.03%
	URI	B	0.12%	0.04%	0.04%
	USB	B	0.16%	0.01%	0.01%
	V	A	1.04%	0.03%	0.03%
	VLO	C	0.09%	0.03%	0.03%
	VMC	B	0.08%	0.02%	0.02%
	VRSK	A	0.08%	0.06%	0.06%
	VRSN	C	0.03%	0.04%	0.03%
	VTR	C	0.05%	0.02%	0.02%
	VTRS	B	0.03%	0.04%	0.03%
	VZ	D	0.35%	0.04%	0.04%
	WAB	B	0.07%	0.04%	0.04%
	WBA	D	0.01%	0.02%	0.01%
	WEC	B	0.06%	0.01%	0.01%
	WELL	B	0.16%	0.01%	0.01%
	WFC	A	0.5%	0.01%	0.01%
	WM	A	0.16%	0.01%	0.01%
	WMB	B	0.14%	0.01%	0.01%
	WMT	A	0.74%	0.01%	0.01%
	WY	F	0.05%	0.01%	0.01%
	XEL	A	0.08%	0.01%	0.01%
	XOM	B	1.09%	0.01%	0.01%
	XYL	F	0.06%	0.02%	0.02%
	ZBH	C	0.05%	0.05%	0.05%
	ZTS	D	0.16%	0.02%	0.02%

PBP Overweight 163 Positions Relative to VCIT

	Symbol	Grade	Weight
	META	B	2.54%
	BRK.A	B	1.74%
	TSLA	B	1.63%
	NFLX	A	0.68%
	AMD	F	0.48%
	CSCO	A	0.47%
	ACN	B	0.45%
	ISRG	A	0.37%
	UBER	F	0.32%
	BX	A	0.26%
	VRTX	B	0.26%
	FI	A	0.25%
	PANW	B	0.25%
	PLTR	B	0.23%
	ANET	C	0.22%
	KKR	B	0.21%
	ELV	F	0.2%
	GEV	B	0.19%
	SNPS	C	0.17%
	TDG	D	0.16%
	CMG	B	0.16%
	CDNS	B	0.16%
	CEG	D	0.15%
	CRWD	B	0.15%
	CL	F	0.15%
	FCX	F	0.14%
	MCK	B	0.14%
	ABNB	C	0.13%
	AJG	A	0.13%
	TRV	B	0.12%
	PCAR	B	0.12%
	HLT	A	0.12%
	FICO	B	0.11%
	GWW	B	0.11%
	RCL	A	0.11%
	AMP	A	0.11%
	HWM	B	0.1%
	PAYX	B	0.1%
	FAST	B	0.1%
	CPRT	A	0.1%
	BKR	B	0.09%
	COR	B	0.09%
	KVUE	A	0.09%
	VST	B	0.09%
	ODFL	B	0.09%
	F	C	0.09%
	AME	A	0.09%
	MSCI	B	0.09%
	GLW	B	0.08%
	YUM	B	0.08%
	IQV	F	0.08%
	MNST	B	0.08%
	MPWR	F	0.08%
	CBRE	B	0.08%
	CTSH	A	0.08%
	MCHP	F	0.08%
	GEHC	D	0.08%
	TRGP	B	0.08%
	IT	B	0.08%
	IR	A	0.08%
	GRMN	A	0.07%
	WTW	A	0.07%
	VICI	D	0.07%
	CNC	F	0.07%
	AXON	B	0.07%
	IRM	D	0.07%
	OXY	F	0.07%
	IDXX	F	0.07%
	RMD	C	0.07%
	LULU	B	0.07%
	TTWO	A	0.06%
	DXCM	C	0.06%
	MTD	F	0.06%
	HPE	B	0.06%
	ANSS	B	0.06%
	KHC	F	0.06%
	CSGP	F	0.06%
	ON	F	0.06%
	WAT	B	0.05%
	WDC	D	0.05%
	SBAC	D	0.05%
	PTC	B	0.05%
	EQT	B	0.05%
	PPL	A	0.05%
	WST	B	0.05%
	CPAY	A	0.05%
	CCL	B	0.05%
	GDDY	B	0.05%
	DECK	B	0.05%
	VLTO	D	0.05%
	TYL	B	0.05%
	FTV	C	0.05%
	SW	B	0.05%
	TROW	A	0.05%
	CDW	F	0.05%
	MRNA	F	0.04%
	TER	F	0.04%
	CTRA	B	0.04%
	WRB	B	0.04%
	BALL	D	0.04%
	FDS	A	0.04%
	J	D	0.04%
	ULTA	C	0.04%
	HOLX	D	0.04%
	WBD	B	0.04%
	NRG	C	0.04%
	MOH	F	0.04%
	LYV	A	0.04%
	ZBRA	B	0.04%
	IP	B	0.04%
	BLDR	C	0.04%
	FSLR	F	0.04%
	FE	D	0.04%
	STX	D	0.04%
	DAY	B	0.03%
	INCY	B	0.03%
	JKHY	C	0.03%
	ROL	C	0.03%
	FFIV	B	0.03%
	POOL	D	0.03%
	NDSN	B	0.03%
	CF	B	0.03%
	RVTY	C	0.03%
	JBHT	C	0.03%
	DPZ	C	0.03%
	GEN	B	0.03%
	ALGN	D	0.03%
	AKAM	F	0.03%
	EG	D	0.03%
	PODD	B	0.03%
	EXPD	C	0.03%
	WYNN	C	0.02%
	IVZ	B	0.02%
	MGM	D	0.02%
	CZR	F	0.02%
	HSIC	F	0.02%
	APA	F	0.02%
	AOS	F	0.02%
	TFX	F	0.02%
	MTCH	F	0.02%
	TAP	B	0.02%
	LKQ	C	0.02%
	ENPH	F	0.02%
	SOLV	C	0.02%
	MKTX	C	0.02%
	CTLT	D	0.02%
	ERIE	F	0.02%
	NWSA	B	0.02%
	GNRC	B	0.02%
	CRL	C	0.02%
	PAYC	B	0.02%
	ALB	C	0.02%
	SMCI	F	0.02%
	TPR	A	0.02%
	LW	B	0.02%
	EPAM	B	0.02%
	TECH	D	0.02%
	KMX	B	0.02%
	NCLH	B	0.02%
	NWS	B	0.01%
	FOX	A	0.01%
	PARA	B	0.01%
	DVA	C	0.01%

PBP Underweight 153 Positions Relative to VCIT

	Symbol	Grade	Weight
	DT	C	-0.28%
	WIT	B	-0.15%
	DB	D	-0.07%
	BABA	D	-0.07%
	KOF	F	-0.06%
	BMO	A	-0.05%
	ARCC	A	-0.05%
	TD	D	-0.05%
	BHF	B	-0.05%
	AZN	F	-0.05%
	NWG	B	-0.05%
	AGR	C	-0.04%
	AMG	B	-0.04%
	XRAY	F	-0.04%
	EXP	B	-0.04%
	CNH	D	-0.04%
	PAA	C	-0.04%
	AER	B	-0.04%
	BLK	A	-0.04%
	MPLX	A	-0.04%
	ET	A	-0.04%
	GSK	F	-0.04%
	VOD	F	-0.04%
	MRVL	B	-0.03%
	KEX	A	-0.03%
	HRB	D	-0.03%
	INGR	B	-0.03%
	ILMN	C	-0.03%
	KSS	D	-0.03%
	FHN	A	-0.03%
	FAF	C	-0.03%
	AYI	A	-0.03%
	BNS	A	-0.03%
	BERY	D	-0.03%
	SBRA	C	-0.03%
	HP	C	-0.03%
	JD	C	-0.03%
	DXC	B	-0.03%
	FLS	B	-0.03%
	DOX	C	-0.03%
	BC	D	-0.03%
	CNO	B	-0.03%
	CMA	A	-0.03%
	AGO	B	-0.03%
	ARW	F	-0.03%
	AAT	B	-0.03%
	BDN	D	-0.03%
	TEL	B	-0.03%
	WB	F	-0.03%
	ZION	B	-0.03%
	VNT	C	-0.03%
	RPM	A	-0.03%
	SCS	B	-0.03%
	SON	F	-0.03%
	SNX	C	-0.03%
	RGA	A	-0.03%
	CSL	B	-0.03%
	VFC	C	-0.03%
	WTRG	C	-0.03%
	GLPI	D	-0.03%
	FLEX	B	-0.03%
	EPD	A	-0.03%
	MUFG	A	-0.03%
	UNM	A	-0.02%
	TME	F	-0.02%
	R	B	-0.02%
	SKT	A	-0.02%
	SITC	F	-0.02%
	RS	C	-0.02%
	SAFE	F	-0.02%
	AVT	C	-0.02%
	BKU	A	-0.02%
	AN	C	-0.02%
	AMH	C	-0.02%
	NVT	C	-0.02%
	HR	C	-0.02%
	GXO	B	-0.02%
	EPRT	C	-0.02%
	WU	F	-0.02%
	TKR	F	-0.02%
	RYN	F	-0.02%
	SF	A	-0.02%
	NOV	C	-0.02%
	NHI	D	-0.02%
	DSS	F	-0.02%
	AFG	A	-0.02%
	WBS	A	-0.02%
	VOYA	B	-0.02%
	VNO	C	-0.02%
	FSK	A	-0.02%
	OSK	B	-0.02%
	LII	B	-0.02%
	MCY	B	-0.02%
	PDM	D	-0.02%
	OC	A	-0.02%
	LEG	F	-0.02%
	LAZ	C	-0.02%
	KRC	C	-0.02%
	PRE	D	-0.02%
	LNC	B	-0.02%
	H	B	-0.02%
	WPC	F	-0.02%
	EPR	D	-0.02%
	FNF	C	-0.02%
	CP	F	-0.02%
	LEA	F	-0.02%
	HUN	F	-0.02%
	BIDU	F	-0.02%
	ESGR	B	-0.02%
	RPRX	F	-0.02%
	JEF	B	-0.02%
	GBDC	B	-0.01%
	SAVE	F	-0.01%
	OCSL	D	-0.01%
	PSEC	F	-0.01%
	NEU	C	-0.01%
	OGS	B	-0.01%
	KRG	B	-0.01%
	WTFC	B	-0.01%
	CBT	C	-0.01%
	KMT	B	-0.01%
	WLK	F	-0.01%
	THG	A	-0.01%
	CHH	B	-0.01%
	ADC	A	-0.01%
	KMPR	A	-0.01%
	RNR	D	-0.01%
	AAL	B	-0.01%
	LXP	D	-0.01%
	NFG	D	-0.01%
	MKL	A	-0.01%
	OPI	F	-0.01%
	HPP	F	-0.01%
	CUBE	D	-0.01%
	BKH	A	-0.01%
	SWX	B	-0.01%
	OGE	B	-0.01%
	GP	F	-0.01%
	HIW	D	-0.01%
	FLO	F	-0.01%
	AXS	A	-0.01%
	REXR	F	-0.01%
	CNA	C	-0.01%
	AAP	C	-0.01%
	SUI	F	-0.01%
	NNN	F	-0.01%
	AL	B	-0.01%
	OHI	C	-0.01%
	WHR	B	-0.01%
	WEST	D	-0.01%
	BRX	A	-0.01%
	EQH	B	-0.01%
	HSBC	B	-0.01%

PBP: Top Represented Industries & Keywords

Industries: Diversified Industrials Software - Application Utilities - Regulated Electric Business Services Semiconductors Diagnostics & Research Oil & Gas E&P Aerospace & Defense Asset Management Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Medical Devices Medical Instruments & Supplies Specialty Retail Credit Services Health Care Plans Household & Personal Products Information Technology Services

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

VCIT: 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 Packaged Foods REIT - Office Semiconductors Specialty Chemicals Specialty Retail Business Services Credit Services Insurance - Life 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 Computing Aerospace Chemical Investment Bank Mining Plastic Financial Products Beverage Commercial Banking