PHDG vs. VCIT ETF Comparison

Comparison of PowerShares S&P 500 Downside Hedged Portfolio (PHDG) to Vanguard Intermediate-Term Corporate Bond ETF (VCIT)

PHDG

PowerShares S&P 500 Downside Hedged Portfolio

PHDG Description

The PowerShares S&P 500® Downside Hedged Portfolio (the Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed-income market returns. The Fund seeks to achieve its investment objective by using a quantitative, rules-based strategy designed to provide returns that correspond to the performance of the S&P 500® Dynamic VEQTOR Index (the Index). The Index provides investors with broad equity market exposure with an implied volatility hedge by dynamically allocating between equity, volatility and cash. The index allows investors to receive exposure to the equity and volatility of the S&P 500 Index in a dynamic framework.

Grade (RS Rating)

Last Trade

$37.04

Average Daily Volume

11,451

Number of Holdings ^*

496

* 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

$81.65

Average Daily Volume

4,935,546

Number of Holdings ^*

491

* may have additional holdings in another (foreign) market

Performance

Period	PHDG	VCIT
30 Days	-1.31%	2.90%
60 Days	2.59%	3.66%
90 Days	4.74%	4.16%
12 Months	12.19%	9.16%

336 Overlapping Holdings

	Symbol	Grade	Weight in PHDG	Weight in VCIT	Overlap
	A	B	0.06%	0.02%	0.02%
	AAL	F	0.01%	0.01%	0.01%
	AAPL	C	4.43%	0.01%	0.01%
	ABBV	A	0.45%	0.13%	0.13%
	ABT	B	0.26%	0.02%	0.02%
	ACGL	D	0.05%	0.03%	0.03%
	ADBE	B	0.34%	0.05%	0.05%
	ADI	D	0.15%	0.04%	0.04%
	ADM	D	0.05%	0.05%	0.05%
	ADP	A	0.14%	0.04%	0.04%
	ADSK	C	0.07%	0.03%	0.03%
	AEE	A	0.03%	0.01%	0.01%
	AEP	A	0.07%	0.01%	0.01%
	AES	D	0.02%	0.02%	0.02%
	AFL	A	0.07%	0.01%	0.01%
	AIG	C	0.07%	0.02%	0.02%
	AIZ	B	0.01%	0.02%	0.01%
	ALL	A	0.06%	0.02%	0.02%
	ALLE	B	0.02%	0.02%	0.02%
	AMAT	D	0.24%	0.04%	0.04%
	AMCR	A	0.02%	0.01%	0.01%
	AMGN	B	0.25%	0.01%	0.01%
	AMT	A	0.14%	0.03%	0.03%
	AMZN	D	2.33%	0.09%	0.09%
	AON	B	0.09%	0.01%	0.01%
	APD	C	0.08%	0.02%	0.02%
	APH	D	0.1%	0.02%	0.02%
	APTV	D	0.03%	0.01%	0.01%
	ARE	D	0.03%	0.01%	0.01%
	ATO	A	0.03%	0.02%	0.02%
	AVB	A	0.04%	0.02%	0.02%
	AVGO	D	0.92%	0.01%	0.01%
	AVY	D	0.02%	0.02%	0.02%
	AWK	A	0.04%	0.02%	0.02%
	AXP	A	0.19%	0.11%	0.11%
	AZO	B	0.07%	0.03%	0.03%
	BA	D	0.15%	0.03%	0.03%
	BAC	C	0.4%	0.01%	0.01%
	BAX	C	0.03%	0.02%	0.02%
	BBY	C	0.02%	0.02%	0.02%
	BDX	C	0.09%	0.03%	0.03%
	BEN	D	0.01%	0.04%	0.01%
	BG	C	0.02%	0.03%	0.02%
	BIIB	F	0.05%	0.07%	0.05%
	BK	A	0.07%	0.01%	0.01%
	BKNG	D	0.17%	0.03%	0.03%
	BLK	A	0.16%	0.04%	0.04%
	BMY	B	0.13%	0.03%	0.03%
	BR	A	0.03%	0.04%	0.03%
	BRO	A	0.03%	0.02%	0.02%
	BSX	D	0.15%	0.01%	0.01%
	BWA	C	0.01%	0.01%	0.01%
	BXP	B	0.01%	0.02%	0.01%
	C	B	0.17%	0.02%	0.02%
	CAG	A	0.02%	0.01%	0.01%
	CAH	B	0.03%	0.05%	0.03%
	CARR	B	0.08%	0.04%	0.04%
	CAT	C	0.24%	0.02%	0.02%
	CB	A	0.15%	0.01%	0.01%
	CBOE	B	0.03%	0.02%	0.02%
	CCI	A	0.06%	0.03%	0.03%
	CE	F	0.02%	0.02%	0.02%
	CFG	B	0.03%	0.03%	0.03%
	CHD	D	0.03%	0.02%	0.02%
	CHRW	A	0.01%	0.03%	0.01%
	CHTR	B	0.04%	0.06%	0.04%
	CI	C	0.14%	0.02%	0.02%
	CINF	A	0.03%	0.02%	0.02%
	CLX	D	0.02%	0.01%	0.01%
	CMCSA	C	0.21%	0.02%	0.02%
	CME	F	0.1%	0.03%	0.03%
	CMI	B	0.05%	0.04%	0.04%
	CMS	A	0.03%	0.02%	0.02%
	CNP	F	0.03%	0.02%	0.02%
	COF	B	0.08%	0.03%	0.03%
	COP	F	0.18%	0.01%	0.01%
	COST	D	0.51%	0.07%	0.07%
	CPB	A	0.01%	0.03%	0.01%
	CPT	A	0.02%	0.02%	0.02%
	CRM	C	0.35%	0.07%	0.07%
	CSX	B	0.09%	0.02%	0.02%
	CTAS	A	0.09%	0.05%	0.05%
	CTVA	C	0.05%	0.02%	0.02%
	CVS	C	0.1%	0.02%	0.02%
	CVX	C	0.39%	0.01%	0.01%
	D	A	0.06%	0.01%	0.01%
	DAL	F	0.04%	0.03%	0.03%
	DD	A	0.05%	0.1%	0.05%
	DE	F	0.14%	0.01%	0.01%
	DFS	C	0.05%	0.01%	0.01%
	DG	D	0.04%	0.03%	0.03%
	DGX	A	0.02%	0.01%	0.01%
	DHI	B	0.07%	0.02%	0.02%
	DHR	A	0.25%	0.04%	0.04%
	DIS	D	0.23%	0.03%	0.03%
	DLR	B	0.07%	0.03%	0.03%
	DLTR	F	0.03%	0.07%	0.03%
	DOC	A	0.02%	0.01%	0.01%
	DOV	C	0.04%	0.02%	0.02%
	DOW	F	0.05%	0.01%	0.01%
	DRI	D	0.02%	0.02%	0.02%
	DTE	A	0.03%	0.01%	0.01%
	DUK	A	0.12%	0.01%	0.01%
	DVN	F	0.04%	0.01%	0.01%
	EA	B	0.05%	0.04%	0.04%
	EBAY	A	0.04%	0.04%	0.04%
	ECL	B	0.09%	0.01%	0.01%
	ED	A	0.05%	0.01%	0.01%
	EFX	A	0.05%	0.03%	0.03%
	EIX	A	0.04%	0.01%	0.01%
	EL	F	0.03%	0.02%	0.02%
	EMN	B	0.02%	0.03%	0.02%
	EMR	B	0.09%	0.01%	0.01%
	EOG	C	0.1%	0.05%	0.05%
	EQIX	B	0.1%	0.02%	0.02%
	EQR	A	0.03%	0.02%	0.02%
	ES	A	0.03%	0.01%	0.01%
	ESS	A	0.03%	0.01%	0.01%
	ETN	D	0.16%	0.03%	0.03%
	ETR	A	0.03%	0.01%	0.01%
	EVRG	A	0.02%	0.01%	0.01%
	EW	F	0.05%	0.03%	0.03%
	EXC	B	0.05%	0.01%	0.01%
	EXPE	D	0.02%	0.05%	0.02%
	EXR	B	0.05%	0.02%	0.02%
	FANG	C	0.05%	0.04%	0.04%
	FDX	B	0.1%	0.02%	0.02%
	FIS	D	0.06%	0.03%	0.03%
	FITB	B	0.04%	0.03%	0.03%
	FMC	B	0.01%	0.03%	0.01%
	FOXA	A	0.01%	0.03%	0.01%
	FRT	A	0.01%	0.02%	0.01%
	FTNT	F	0.05%	0.02%	0.02%
	GD	C	0.09%	0.01%	0.01%
	GE	B	0.25%	0.04%	0.04%
	GILD	B	0.13%	0.01%	0.01%
	GIS	B	0.05%	0.04%	0.04%
	GL	C	0.01%	0.02%	0.01%
	GM	D	0.07%	0.02%	0.02%
	GOOG	D	1.17%	0.01%	0.01%
	GOOGL	D	1.39%	0.04%	0.04%
	GPC	B	0.03%	0.02%	0.02%
	GPN	D	0.04%	0.02%	0.02%
	GS	B	0.23%	0.05%	0.05%
	HAL	F	0.04%	0.06%	0.04%
	HAS	B	0.01%	0.01%	0.01%
	HBAN	B	0.03%	0.02%	0.02%
	HCA	A	0.1%	0.05%	0.05%
	HD	C	0.5%	0.03%	0.03%
	HES	D	0.06%	0.02%	0.02%
	HIG	A	0.04%	0.03%	0.03%
	HII	C	0.02%	0.01%	0.01%
	HON	D	0.19%	0.01%	0.01%
	HPQ	C	0.04%	0.04%	0.04%
	HRL	B	0.01%	0.01%	0.01%
	HST	F	0.02%	0.03%	0.02%
	HSY	B	0.04%	0.01%	0.01%
	HUBB	C	0.03%	0.01%	0.01%
	HUM	D	0.07%	0.01%	0.01%
	IBM	B	0.25%	0.01%	0.01%
	ICE	A	0.12%	0.03%	0.03%
	IEX	D	0.02%	0.05%	0.02%
	IFF	A	0.04%	0.02%	0.02%
	INTC	F	0.19%	0.05%	0.05%
	INTU	B	0.25%	0.02%	0.02%
	INVH	B	0.03%	0.04%	0.03%
	IPG	B	0.02%	0.02%	0.02%
	ITW	C	0.09%	0.04%	0.04%
	JBL	F	0.02%	0.03%	0.02%
	JCI	C	0.06%	0.02%	0.02%
	JNJ	B	0.54%	0.01%	0.01%
	JNPR	A	0.02%	0.03%	0.02%
	JPM	B	0.85%	0.01%	0.01%
	K	A	0.02%	0.02%	0.02%
	KDP	A	0.05%	0.03%	0.03%
	KEY	C	0.02%	0.02%	0.02%
	KEYS	F	0.03%	0.03%	0.03%
	KIM	A	0.02%	0.02%	0.02%
	KLAC	D	0.15%	0.04%	0.04%
	KMB	B	0.07%	0.02%	0.02%
	KMI	B	0.06%	0.01%	0.01%
	KO	A	0.36%	0.01%	0.01%
	KR	B	0.05%	0.01%	0.01%
	L	B	0.02%	0.04%	0.02%
	LDOS	C	0.03%	0.05%	0.03%
	LEN	B	0.06%	0.01%	0.01%
	LHX	B	0.07%	0.01%	0.01%
	LIN	B	0.3%	0.03%	0.03%
	LLY	D	0.92%	0.03%	0.03%
	LMT	A	0.16%	0.04%	0.04%
	LNT	A	0.02%	0.01%	0.01%
	LOW	B	0.19%	0.01%	0.01%
	LRCX	F	0.16%	0.04%	0.04%
	LUV	F	0.02%	0.01%	0.01%
	LVS	F	0.02%	0.04%	0.02%
	LYB	B	0.03%	0.03%	0.03%
	MA	C	0.5%	0.03%	0.03%
	MAA	A	0.02%	0.01%	0.01%
	MAR	F	0.08%	0.01%	0.01%
	MAS	B	0.02%	0.02%	0.02%
	MCD	C	0.26%	0.01%	0.01%
	MCO	A	0.1%	0.02%	0.02%
	MDLZ	C	0.13%	0.02%	0.02%
	MDT	C	0.15%	0.02%	0.02%
	MET	B	0.07%	0.07%	0.07%
	MHK	B	0.01%	0.02%	0.01%
	MKC	B	0.03%	0.01%	0.01%
	MLM	B	0.05%	0.01%	0.01%
	MMC	A	0.15%	0.04%	0.04%
	MMM	A	0.08%	0.02%	0.02%
	MO	A	0.12%	0.02%	0.02%
	MOS	D	0.01%	0.04%	0.01%
	MPC	C	0.09%	0.04%	0.04%
	MRK	F	0.45%	0.06%	0.06%
	MRO	D	0.02%	0.05%	0.02%
	MS	B	0.18%	0.01%	0.01%
	MSFT	D	4.39%	0.23%	0.23%
	MSI	A	0.09%	0.02%	0.02%
	MTB	B	0.04%	0.04%	0.04%
	MU	D	0.17%	0.03%	0.03%
	NDAQ	B	0.04%	0.03%	0.03%
	NEE	A	0.21%	0.01%	0.01%
	NEM	A	0.07%	0.05%	0.05%
	NI	A	0.02%	0.03%	0.02%
	NKE	F	0.12%	0.04%	0.04%
	NOC	A	0.09%	0.02%	0.02%
	NOW	B	0.24%	0.07%	0.07%
	NSC	B	0.07%	0.01%	0.01%
	NTAP	C	0.04%	0.03%	0.03%
	NTRS	B	0.03%	0.02%	0.02%
	NUE	F	0.05%	0.02%	0.02%
	NVDA	D	3.9%	0.06%	0.06%
	NVR	A	0.04%	0.05%	0.04%
	NXPI	D	0.09%	0.03%	0.03%
	O	A	0.07%	0.03%	0.03%
	OKE	B	0.07%	0.01%	0.01%
	OMC	B	0.03%	0.03%	0.03%
	ORCL	B	0.31%	0.02%	0.02%
	ORLY	A	0.09%	0.01%	0.01%
	OTIS	D	0.05%	0.04%	0.04%
	PCG	A	0.05%	0.01%	0.01%
	PEG	A	0.05%	0.01%	0.01%
	PEP	B	0.33%	0.02%	0.02%
	PFE	B	0.24%	0.03%	0.03%
	PFG	C	0.03%	0.02%	0.02%
	PG	B	0.55%	0.04%	0.04%
	PGR	B	0.18%	0.01%	0.01%
	PH	B	0.1%	0.05%	0.05%
	PHM	B	0.04%	0.03%	0.03%
	PKG	A	0.02%	0.02%	0.02%
	PLD	B	0.16%	0.01%	0.01%
	PM	A	0.25%	0.02%	0.02%
	PNC	B	0.1%	0.01%	0.01%
	PNR	B	0.02%	0.01%	0.01%
	PNW	A	0.01%	0.01%	0.01%
	PPG	F	0.04%	0.02%	0.02%
	PRU	B	0.06%	0.02%	0.02%
	PSA	B	0.07%	0.01%	0.01%
	PSX	C	0.09%	0.04%	0.04%
	PWR	D	0.05%	0.05%	0.05%
	PYPL	C	0.09%	0.05%	0.05%
	QCOM	D	0.28%	0.05%	0.05%
	QRVO	C	0.02%	0.05%	0.02%
	REG	A	0.01%	0.02%	0.01%
	REGN	A	0.16%	0.06%	0.06%
	RF	B	0.03%	0.03%	0.03%
	RJF	F	0.03%	0.07%	0.03%
	RL	D	0.01%	0.03%	0.01%
	ROK	D	0.04%	0.01%	0.01%
	ROP	D	0.08%	0.03%	0.03%
	ROST	D	0.07%	0.02%	0.02%
	RSG	B	0.05%	0.01%	0.01%
	RTX	A	0.21%	0.01%	0.01%
	SBUX	F	0.12%	0.02%	0.02%
	SCHW	F	0.14%	0.01%	0.01%
	SHW	A	0.11%	0.02%	0.02%
	SJM	B	0.02%	0.03%	0.02%
	SLB	C	0.1%	0.05%	0.05%
	SNA	B	0.02%	0.01%	0.01%
	SO	A	0.13%	0.02%	0.02%
	SPG	B	0.07%	0.01%	0.01%
	SPGI	A	0.22%	0.02%	0.02%
	SRE	A	0.07%	0.03%	0.03%
	STE	A	0.03%	0.05%	0.03%
	STLD	C	0.03%	0.02%	0.02%
	STT	B	0.04%	0.01%	0.01%
	STZ	F	0.06%	0.02%	0.02%
	SWK	B	0.02%	0.03%	0.02%
	SWKS	C	0.03%	0.03%	0.03%
	SYF	C	0.03%	0.03%	0.03%
	SYK	D	0.16%	0.02%	0.02%
	SYY	B	0.05%	0.05%	0.05%
	T	A	0.19%	0.05%	0.05%
	TDY	B	0.03%	0.03%	0.03%
	TEL	C	0.07%	0.03%	0.03%
	TFC	B	0.08%	0.02%	0.02%
	TGT	C	0.1%	0.02%	0.02%
	TJX	A	0.18%	0.01%	0.01%
	TMO	A	0.32%	0.03%	0.03%
	TMUS	A	0.13%	0.09%	0.09%
	TRMB	F	0.02%	0.03%	0.02%
	TSCO	D	0.04%	0.03%	0.03%
	TSN	A	0.02%	0.06%	0.02%
	TT	B	0.1%	0.03%	0.03%
	TXN	C	0.25%	0.02%	0.02%
	TXT	B	0.03%	0.01%	0.01%
	UAL	F	0.02%	0.01%	0.01%
	UDR	B	0.02%	0.01%	0.01%
	UHS	A	0.02%	0.04%	0.02%
	UNH	A	0.73%	0.01%	0.01%
	UNP	B	0.2%	0.02%	0.02%
	UPS	F	0.13%	0.03%	0.03%
	URI	C	0.07%	0.04%	0.04%
	USB	B	0.1%	0.01%	0.01%
	V	D	0.57%	0.03%	0.03%
	VLO	B	0.08%	0.03%	0.03%
	VMC	A	0.05%	0.02%	0.02%
	VRSK	C	0.06%	0.06%	0.06%
	VRSN	C	0.02%	0.04%	0.02%
	VTR	A	0.03%	0.02%	0.02%
	VTRS	B	0.02%	0.04%	0.02%
	VZ	C	0.24%	0.04%	0.04%
	WAB	D	0.04%	0.04%	0.04%
	WBA	F	0.01%	0.02%	0.01%
	WEC	A	0.04%	0.01%	0.01%
	WELL	A	0.09%	0.01%	0.01%
	WFC	C	0.29%	0.01%	0.01%
	WM	C	0.1%	0.01%	0.01%
	WMB	B	0.07%	0.01%	0.01%
	WMT	B	0.42%	0.01%	0.01%
	WY	B	0.03%	0.01%	0.01%
	XEL	B	0.04%	0.01%	0.01%
	XOM	B	0.75%	0.01%	0.01%
	XYL	D	0.05%	0.02%	0.02%
	ZBH	C	0.03%	0.05%	0.03%
	ZTS	B	0.12%	0.02%	0.02%

PHDG Overweight 160 Positions Relative to VCIT

	Symbol	Grade	Weight
	META	C	1.41%
	BRK.A	C	1.11%
	TSLA	C	0.86%
	NFLX	D	0.39%
	AMD	F	0.32%
	ACN	C	0.29%
	CSCO	C	0.27%
	ISRG	B	0.22%
	UBER	F	0.19%
	VRTX	A	0.18%
	ELV	C	0.17%
	PANW	C	0.15%
	BX	B	0.14%
	SNPS	F	0.12%
	KKR	B	0.11%
	MCK	A	0.11%
	ANET	C	0.11%
	CL	A	0.11%
	TDG	D	0.1%
	CMG	D	0.1%
	CDNS	F	0.1%
	ABNB	F	0.09%
	FCX	D	0.09%
	HLT	C	0.08%
	CEG	D	0.08%
	CRWD	F	0.08%
	AJG	A	0.08%
	TRV	B	0.07%
	PCAR	F	0.07%
	IDXX	D	0.06%
	FICO	B	0.06%
	IR	C	0.06%
	FAST	C	0.06%
	PAYX	A	0.06%
	OXY	F	0.06%
	MRNA	F	0.06%
	DXCM	F	0.06%
	GWW	C	0.06%
	IQV	B	0.06%
	MSCI	B	0.06%
	GEV	C	0.06%
	F	F	0.06%
	CPRT	D	0.06%
	AMP	D	0.06%
	MCHP	F	0.06%
	CBRE	A	0.05%
	HWM	A	0.05%
	GLW	C	0.05%
	GEHC	B	0.05%
	SMCI	D	0.05%
	KVUE	D	0.05%
	BKR	B	0.05%
	YUM	C	0.05%
	RCL	C	0.05%
	CNC	B	0.05%
	IT	A	0.05%
	CTSH	B	0.05%
	ODFL	B	0.05%
	MNST	C	0.05%
	MPWR	C	0.05%
	AME	D	0.05%
	SW	F	0.04%
	HPE	D	0.04%
	TROW	D	0.04%
	GRMN	B	0.04%
	KHC	B	0.04%
	ANSS	F	0.04%
	IRM	A	0.04%
	LULU	F	0.04%
	WTW	A	0.04%
	ON	D	0.04%
	TRGP	A	0.04%
	MTD	A	0.04%
	CDW	D	0.04%
	RMD	B	0.04%
	VICI	A	0.04%
	CSGP	C	0.04%
	WBD	D	0.03%
	EXPD	A	0.03%
	HOLX	A	0.03%
	J	B	0.03%
	WAT	B	0.03%
	MOH	C	0.03%
	TER	D	0.03%
	CTRA	F	0.03%
	BALL	C	0.03%
	BLDR	C	0.03%
	GDDY	C	0.03%
	STX	C	0.03%
	WST	F	0.03%
	EQT	F	0.03%
	CPAY	C	0.03%
	PTC	D	0.03%
	FE	A	0.03%
	PPL	A	0.03%
	WDC	F	0.03%
	DECK	D	0.03%
	VLTO	A	0.03%
	AXON	C	0.03%
	SBAC	B	0.03%
	FSLR	D	0.03%
	VST	D	0.03%
	TYL	B	0.03%
	TTWO	F	0.03%
	FTV	F	0.03%
	ALB	F	0.02%
	APA	C	0.02%
	MGM	D	0.02%
	CRL	B	0.02%
	EPAM	C	0.02%
	JKHY	B	0.02%
	TECH	B	0.02%
	INCY	C	0.02%
	KMX	C	0.02%
	NDSN	C	0.02%
	LYV	C	0.02%
	ROL	C	0.02%
	PODD	B	0.02%
	POOL	B	0.02%
	JBHT	C	0.02%
	CF	D	0.02%
	AKAM	C	0.02%
	DPZ	D	0.02%
	FDS	F	0.02%
	WRB	B	0.02%
	ENPH	F	0.02%
	IP	A	0.02%
	ALGN	F	0.02%
	EG	D	0.02%
	NRG	D	0.02%
	ZBRA	B	0.02%
	CCL	D	0.02%
	ULTA	F	0.02%
	FOX	A	0.01%
	PARA	D	0.01%
	BIO	B	0.01%
	CZR	D	0.01%
	ETSY	D	0.01%
	BBWI	F	0.01%
	LW	F	0.01%
	DVA	D	0.01%
	WYNN	F	0.01%
	IVZ	B	0.01%
	NCLH	D	0.01%
	PAYC	C	0.01%
	SOLV	B	0.01%
	DAY	C	0.01%
	MKTX	C	0.01%
	MTCH	B	0.01%
	TPR	D	0.01%
	HSIC	B	0.01%
	GNRC	C	0.01%
	TAP	C	0.01%
	AOS	C	0.01%
	FFIV	B	0.01%
	NWSA	C	0.01%
	LKQ	F	0.01%
	TFX	B	0.01%
	CTLT	A	0.01%
	NWS	C	0.0%

PHDG Underweight 155 Positions Relative to VCIT

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

PHDG: Top Represented Industries & Keywords

Industries: Diversified Industrials Utilities - Regulated Electric Software - Application Semiconductors Business Services Diagnostics & Research Asset Management Oil & Gas E&P Aerospace & Defense Banks - Regional - US Capital Markets Drug Manufacturers - Major Packaged Foods Specialty Retail Medical Devices Medical Instruments & Supplies 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 Aerospace Real Estate Investment Trust Telecommunications Medicine 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 Insurance - Life REIT - Office Semiconductors Specialty Chemicals Specialty Retail Business Services Credit Services Packaged Foods REIT - Residential Capital Markets Oil & Gas E&P Aerospace & Defense

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