VBR vs. VCIT ETF Comparison

Comparison of Vanguard Small-Cap Value ETF - DNQ (VBR) to Vanguard Intermediate-Term Corporate Bond ETF (VCIT)

VBR

Vanguard Small-Cap Value ETF - DNQ

VBR Description

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$213.47

Average Daily Volume

424,590

Number of Holdings ^*

794

* 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

$81.01

Average Daily Volume

6,195,281

Number of Holdings ^*

488

* may have additional holdings in another (foreign) market

Performance

Period	VBR	VCIT
30 Days	6.79%	-0.49%
60 Days	6.95%	-2.68%
90 Days	8.40%	-1.49%
12 Months	33.61%	8.61%

125 Overlapping Holdings

Symbol	Grade	Weight in VBR	Weight in VCIT	Overlap
AAL	B	0.26%	0.01%	0.01%
AAP	C	0.06%	0.01%	0.01%
AAT	B	0.04%	0.03%	0.03%
ADC	B	0.22%	0.01%	0.01%
AES	F	0.34%	0.02%	0.02%
AFG	A	0.28%	0.02%	0.02%
AGO	B	0.12%	0.03%	0.03%
AIZ	A	0.29%	0.02%	0.02%
AL	B	0.13%	0.01%	0.01%
ALLE	D	0.36%	0.02%	0.02%
AMG	B	0.16%	0.04%	0.04%
AN	C	0.15%	0.02%	0.02%
ARW	D	0.18%	0.03%	0.03%
ATO	A	0.58%	0.02%	0.02%
AVT	C	0.14%	0.02%	0.02%
AXS	A	0.17%	0.01%	0.01%
AYI	B	0.27%	0.03%	0.03%
BC	C	0.15%	0.03%	0.03%
BDN	C	0.02%	0.03%	0.02%
BEN	C	0.1%	0.04%	0.04%
BERY	B	0.22%	0.03%	0.03%
BG	F	0.35%	0.03%	0.03%
BHF	B	0.08%	0.05%	0.05%
BKH	A	0.12%	0.01%	0.01%
BKU	A	0.08%	0.02%	0.02%
BRX	A	0.24%	0.01%	0.01%
BWA	D	0.22%	0.01%	0.01%
BXP	D	0.33%	0.02%	0.02%
CBT	C	0.17%	0.01%	0.01%
CHRW	C	0.34%	0.03%	0.03%
CMA	A	0.25%	0.03%	0.03%
CNO	A	0.1%	0.03%	0.03%
CPT	B	0.36%	0.02%	0.02%
CSL	C	0.57%	0.03%	0.03%
DOC	D	0.23%	0.01%	0.01%
DXC	B	0.1%	0.03%	0.03%
EMN	D	0.36%	0.03%	0.03%
EPR	D	0.1%	0.02%	0.02%
EQH	B	0.42%	0.01%	0.01%
ESGR	B	0.11%	0.02%	0.02%
EVRG	A	0.19%	0.01%	0.01%
FAF	A	0.18%	0.03%	0.03%
FHN	A	0.27%	0.03%	0.03%
FLO	D	0.12%	0.01%	0.01%
FLS	B	0.2%	0.03%	0.03%
FMC	D	0.24%	0.03%	0.03%
FRT	B	0.27%	0.02%	0.02%
GL	B	0.28%	0.02%	0.02%
GLPI	C	0.38%	0.03%	0.03%
HAS	D	0.25%	0.01%	0.01%
HII	D	0.21%	0.01%	0.01%
HIW	D	0.1%	0.01%	0.01%
HP	B	0.04%	0.03%	0.03%
HPP	F	0.02%	0.01%	0.01%
HRB	D	0.24%	0.03%	0.03%
HUBB	B	0.33%	0.01%	0.01%
HUN	F	0.11%	0.02%	0.02%
IEX	B	0.47%	0.05%	0.05%
INGR	B	0.25%	0.03%	0.03%
IPG	D	0.32%	0.02%	0.02%
JBL	B	0.39%	0.03%	0.03%
JEF	A	0.27%	0.02%	0.02%
JNPR	F	0.37%	0.03%	0.03%
KEX	C	0.19%	0.03%	0.03%
KIM	A	0.47%	0.02%	0.02%
KMPR	B	0.11%	0.01%	0.01%
KMT	B	0.06%	0.01%	0.01%
KRC	C	0.14%	0.02%	0.02%
KSS	F	0.06%	0.03%	0.03%
LDOS	C	0.36%	0.05%	0.05%
LEA	D	0.16%	0.02%	0.02%
LEG	F	0.04%	0.02%	0.02%
LNC	B	0.17%	0.02%	0.02%
LXP	D	0.08%	0.01%	0.01%
MCY	A	0.05%	0.02%	0.02%
MHK	D	0.21%	0.02%	0.02%
MOS	F	0.25%	0.04%	0.04%
NFG	A	0.16%	0.01%	0.01%
NHI	D	0.1%	0.02%	0.02%
NI	A	0.23%	0.03%	0.03%
NNN	D	0.23%	0.01%	0.01%
NVT	B	0.36%	0.02%	0.02%
OC	A	0.45%	0.02%	0.02%
OGE	B	0.23%	0.01%	0.01%
OGS	A	0.12%	0.01%	0.01%
OHI	C	0.32%	0.01%	0.01%
OSK	B	0.19%	0.02%	0.02%
PDM	D	0.04%	0.02%	0.02%
PNR	A	0.48%	0.01%	0.01%
PNW	B	0.29%	0.01%	0.01%
QRVO	F	0.2%	0.05%	0.05%
R	B	0.18%	0.02%	0.02%
REG	B	0.38%	0.02%	0.02%
RGA	A	0.41%	0.03%	0.03%
RL	B	0.22%	0.03%	0.03%
RNR	C	0.4%	0.01%	0.01%
RPM	A	0.48%	0.03%	0.03%
RS	B	0.46%	0.02%	0.02%
RYN	D	0.14%	0.02%	0.02%
SBRA	C	0.13%	0.03%	0.03%
SCS	C	0.03%	0.03%	0.03%
SF	B	0.29%	0.02%	0.02%
SJM	D	0.34%	0.03%	0.03%
SKT	B	0.11%	0.02%	0.02%
SNX	C	0.22%	0.03%	0.03%
SON	D	0.15%	0.03%	0.03%
STLD	B	0.28%	0.02%	0.02%
SWX	B	0.13%	0.01%	0.01%
THG	A	0.14%	0.01%	0.01%
TKR	D	0.15%	0.02%	0.02%
UHS	D	0.34%	0.04%	0.04%
UNM	A	0.28%	0.02%	0.02%
VFC	C	0.24%	0.03%	0.03%
VNO	B	0.22%	0.02%	0.02%
VNT	B	0.17%	0.03%	0.03%
VOYA	B	0.23%	0.02%	0.02%
WBA	F	0.1%	0.02%	0.02%
WBS	A	0.26%	0.02%	0.02%
WHR	B	0.17%	0.01%	0.01%
WLK	D	0.07%	0.01%	0.01%
WTFC	A	0.23%	0.01%	0.01%
WTRG	B	0.28%	0.03%	0.03%
WU	D	0.11%	0.02%	0.02%
XRAY	F	0.14%	0.04%	0.04%
ZION	B	0.22%	0.03%	0.03%

VBR Overweight 669 Positions Relative to VCIT

Symbol	Grade	Weight
SW	A	0.78%
BAH	F	0.69%
EME	C	0.61%
FCNCA	A	0.61%
BLDR	D	0.58%
NRG	B	0.55%
UTHR	C	0.49%
TOL	B	0.44%
USFD	A	0.44%
THC	D	0.43%
ACM	B	0.42%
FFIV	B	0.4%
WSM	B	0.39%
EWBC	A	0.39%
SFM	A	0.38%
JLL	D	0.38%
TTEK	F	0.38%
PFGC	B	0.37%
CACI	D	0.36%
CG	A	0.34%
ATR	B	0.33%
SCI	B	0.33%
BJ	A	0.33%
CCK	C	0.33%
KMX	B	0.33%
ITT	A	0.33%
TPR	B	0.32%
RRX	B	0.32%
EPAM	C	0.3%
FBIN	D	0.3%
OVV	B	0.3%
AA	B	0.3%
ARMK	B	0.29%
EHC	B	0.29%
SOLV	C	0.29%
WCC	B	0.28%
TAP	C	0.28%
TFX	F	0.28%
ALLY	C	0.28%
EVR	B	0.28%
LKQ	D	0.28%
Z	A	0.27%
MLI	C	0.27%
ALSN	B	0.27%
PRI	A	0.27%
APA	D	0.26%
SEIC	B	0.26%
DTM	B	0.26%
DCI	B	0.26%
AIT	A	0.26%
LAD	A	0.26%
FYBR	D	0.26%
HSIC	B	0.26%
KBR	F	0.26%
FLR	B	0.26%
MUSA	A	0.26%
APG	B	0.25%
GPK	C	0.25%
GME	C	0.25%
NYT	C	0.25%
WAL	B	0.25%
ORI	A	0.24%
AXTA	A	0.24%
EGP	F	0.24%
CHRD	D	0.23%
DKS	C	0.23%
X	C	0.23%
KNX	B	0.23%
SAIC	F	0.22%
IVZ	B	0.22%
SSB	B	0.22%
JXN	C	0.22%
CR	A	0.22%
ESAB	B	0.21%
UFPI	B	0.21%
COHR	B	0.21%
XPO	B	0.21%
CBSH	A	0.21%
AGNC	D	0.21%
CFR	B	0.21%
MKSI	C	0.2%
ANF	C	0.2%
RHI	B	0.2%
RLI	B	0.2%
TMHC	B	0.2%
STAG	F	0.2%
G	B	0.2%
SNV	B	0.2%
RRC	B	0.2%
MAT	D	0.2%
BIO	D	0.2%
FR	D	0.2%
MIDD	C	0.2%
FCN	D	0.2%
AGCO	D	0.19%
BPOP	B	0.19%
JAZZ	B	0.19%
MTG	C	0.19%
LUMN	C	0.19%
MTH	D	0.19%
UHAL	D	0.19%
PB	A	0.19%
ALK	C	0.18%
ESNT	D	0.18%
CLF	F	0.18%
CADE	B	0.18%
ONB	B	0.18%
CMC	B	0.18%
MSA	D	0.18%
BBWI	D	0.18%
ELAN	D	0.18%
LPX	B	0.18%
DINO	D	0.18%
STWD	C	0.18%
VMI	B	0.18%
BECN	B	0.17%
NSIT	F	0.17%
SRCL	C	0.17%
ACI	C	0.17%
LAMR	D	0.17%
PARA	C	0.17%
SUM	B	0.17%
SIRI	C	0.17%
DVA	B	0.17%
CRUS	D	0.17%
ESI	A	0.17%
GBCI	B	0.17%
OMF	A	0.17%
COLB	A	0.17%
NXST	C	0.16%
COOP	B	0.16%
MOG.A	B	0.16%
PVH	C	0.16%
KNF	A	0.16%
IDA	A	0.16%
SIGI	C	0.16%
TPG	A	0.16%
ALB	C	0.16%
NCLH	B	0.16%
MDU	D	0.16%
KBH	D	0.15%
GAP	B	0.15%
UBSI	B	0.15%
UGI	A	0.15%
PSN	D	0.15%
BCC	B	0.15%
ST	F	0.15%
VVV	F	0.15%
MATX	C	0.15%
FNB	A	0.15%
WTS	B	0.15%
RDN	C	0.15%
THO	B	0.15%
JHG	A	0.15%
KD	B	0.15%
GPI	A	0.14%
BDC	B	0.14%
CUZ	B	0.14%
OZK	B	0.14%
KTB	B	0.14%
PIPR	B	0.14%
MDGL	B	0.14%
SLM	A	0.14%
OLN	D	0.14%
OGN	D	0.14%
AM	A	0.14%
AUR	C	0.14%
POR	C	0.14%
CNX	A	0.14%
SLG	B	0.14%
HOMB	A	0.14%
GATX	A	0.14%
ZWS	B	0.14%
RIVN	F	0.13%
PR	B	0.13%
BCO	D	0.13%
WTM	A	0.13%
EAT	A	0.13%
FFIN	B	0.13%
LYFT	C	0.13%
HWC	B	0.13%
MUR	D	0.13%
UMBF	B	0.13%
NJR	A	0.13%
ABG	B	0.13%
GTES	A	0.13%
ACA	A	0.13%
DNB	B	0.12%
ICUI	D	0.12%
FUL	F	0.12%
M	D	0.12%
MAC	B	0.12%
ABCB	B	0.12%
EDR	A	0.12%
HASI	D	0.12%
VLY	B	0.12%
SLGN	A	0.12%
ITGR	B	0.12%
CRC	A	0.12%
MGM	D	0.12%
SEE	C	0.12%
AVNT	B	0.12%
TPH	D	0.11%
NVST	B	0.11%
SKYW	B	0.11%
CDP	C	0.11%
SANM	B	0.11%
PBH	A	0.11%
AX	A	0.11%
ASO	F	0.11%
GVA	A	0.11%
KFY	B	0.11%
ALE	A	0.11%
PII	D	0.11%
SMG	D	0.11%
ACHC	F	0.11%
NUVL	D	0.11%
HOG	D	0.11%
AR	B	0.11%
PNFP	B	0.11%
HL	D	0.11%
SIG	B	0.11%
MTZ	B	0.11%
ENS	D	0.11%
ASGN	F	0.11%
ASH	D	0.11%
PLXS	B	0.11%
PNM	F	0.11%
MGEE	C	0.1%
NWE	A	0.1%
PCH	D	0.1%
OTTR	C	0.1%
TEX	D	0.1%
FULT	A	0.1%
WEN	D	0.1%
HCC	B	0.1%
BNL	D	0.1%
ABM	B	0.1%
SEM	B	0.1%
BGC	C	0.1%
UCB	A	0.1%
AUB	B	0.1%
ASB	B	0.1%
IBOC	A	0.1%
AEO	F	0.1%
IAC	D	0.1%
NWL	B	0.1%
PRGO	B	0.1%
SR	A	0.1%
WD	D	0.1%
GMS	B	0.1%
RUSHA	C	0.1%
MSM	C	0.1%
TCBI	B	0.1%
GNW	A	0.09%
WSFS	A	0.09%
AVA	A	0.09%
JWN	C	0.09%
BRC	D	0.09%
DEI	B	0.09%
MAN	D	0.09%
SATS	D	0.09%
MIR	A	0.09%
PENN	C	0.09%
PTEN	C	0.09%
PAG	B	0.09%
NPO	A	0.09%
ADTN	A	0.09%
ATKR	C	0.09%
APAM	B	0.09%
AWR	B	0.09%
TDC	D	0.09%
AMED	F	0.09%
CWK	B	0.09%
BTU	B	0.09%
CATY	B	0.09%
FBP	B	0.09%
FHB	A	0.09%
TNL	A	0.09%
EBC	B	0.09%
PRIM	A	0.09%
SXT	B	0.09%
APLE	B	0.09%
COMP	B	0.09%
CBU	B	0.09%
AROC	B	0.09%
FHI	A	0.09%
ESE	B	0.09%
FIBK	A	0.08%
AKR	B	0.08%
CVBF	A	0.08%
COTY	F	0.08%
CXT	B	0.08%
ABR	C	0.08%
NSP	D	0.08%
PBF	D	0.08%
TDS	B	0.08%
IOSP	B	0.08%
UE	C	0.08%
UNF	B	0.08%
CC	C	0.08%
TGNA	B	0.08%
SYNA	C	0.08%
DBRG	F	0.08%
REZI	A	0.08%
PRGS	A	0.08%
GHC	C	0.08%
PK	B	0.08%
WAFD	B	0.08%
SFNC	B	0.08%
MPW	F	0.08%
ALIT	C	0.08%
GFF	A	0.08%
MGRC	B	0.08%
RNG	B	0.08%
AMKR	D	0.08%
TRN	B	0.08%
IOVA	F	0.08%
BOH	B	0.08%
ATGE	B	0.08%
BYD	C	0.07%
OMCL	C	0.07%
GT	C	0.07%
ENR	B	0.07%
ENOV	C	0.07%
CDE	D	0.07%
PFS	B	0.07%
PECO	A	0.07%
FFBC	A	0.07%
HBI	B	0.07%
CWEN	C	0.07%
RNA	D	0.07%
CNXC	F	0.07%
VSCO	B	0.07%
BOKF	B	0.07%
SPB	C	0.07%
SM	B	0.07%
DY	D	0.07%
MTX	B	0.07%
VAC	B	0.07%
HAYW	B	0.07%
PPBI	B	0.07%
ARCB	C	0.07%
BFH	B	0.07%
BXMT	C	0.07%
OUT	A	0.07%
PRK	B	0.07%
URBN	C	0.07%
ARCH	B	0.07%
INDB	B	0.07%
HUBG	A	0.07%
PFSI	D	0.07%
POST	C	0.07%
VIRT	B	0.07%
NMRK	B	0.06%
NATL	B	0.06%
CGON	F	0.06%
AZTA	D	0.06%
TRMK	B	0.06%
LRN	A	0.06%
IMVT	F	0.06%
RXO	C	0.06%
PHIN	A	0.06%
HI	C	0.06%
BLKB	B	0.06%
BANF	B	0.06%
MHO	D	0.06%
NBTB	B	0.06%
AIR	B	0.06%
WLY	B	0.06%
GEO	B	0.06%
EQC	B	0.06%
PINC	B	0.06%
SMMT	D	0.06%
STRA	C	0.06%
PSMT	C	0.06%
SFBS	B	0.06%
ZG	A	0.06%
VIAV	B	0.06%
SHO	C	0.06%
IBTX	B	0.06%
HURN	B	0.06%
FRME	B	0.06%
RNST	B	0.06%
ZD	B	0.06%
EVTC	B	0.06%
LAUR	A	0.06%
MTRN	C	0.06%
VSH	D	0.06%
CAKE	C	0.06%
AIN	C	0.06%
INFA	D	0.06%
IVT	B	0.06%
TOWN	B	0.06%
B	B	0.06%
OSIS	B	0.06%
IPGP	D	0.06%
AZZ	B	0.06%
WERN	C	0.06%
TTMI	B	0.06%
JOBY	B	0.06%
SXI	B	0.06%
FL	F	0.06%
BANR	B	0.06%
HNI	B	0.06%
CPRI	F	0.06%
SCL	C	0.05%
SHOO	D	0.05%
MLKN	D	0.05%
LZB	B	0.05%
DDS	B	0.05%
FCF	A	0.05%
UAA	C	0.05%
HEES	B	0.05%
CHCO	B	0.05%
CNK	B	0.05%
APOG	B	0.05%
LTC	B	0.05%
PDCO	D	0.05%
DRH	B	0.05%
HE	C	0.05%
NWBI	B	0.05%
THS	D	0.05%
NBHC	B	0.05%
GOLF	B	0.05%
PZZA	D	0.05%
KAR	B	0.05%
PPC	C	0.05%
EPC	D	0.05%
OI	C	0.05%
STEP	B	0.05%
GBX	A	0.05%
PRG	C	0.05%
VSTS	C	0.05%
WSBC	B	0.05%
SUPN	C	0.05%
GNL	F	0.05%
CRGY	B	0.05%
LGND	B	0.05%
VYX	B	0.05%
OFG	B	0.05%
ROIC	A	0.05%
CRI	D	0.05%
EIG	B	0.04%
PBI	B	0.04%
ARI	C	0.04%
FDP	B	0.04%
DYN	F	0.04%
SPNT	A	0.04%
IART	C	0.04%
VC	D	0.04%
WS	B	0.04%
DNOW	B	0.04%
GO	C	0.04%
VRE	B	0.04%
BKE	B	0.04%
COLM	B	0.04%
NNI	D	0.04%
LADR	B	0.04%
RRR	D	0.04%
WABC	B	0.04%
CSGS	B	0.04%
REVG	B	0.04%
VRNT	C	0.04%
CAR	C	0.04%
SBH	C	0.04%
LCII	C	0.04%
ALEX	C	0.04%
NX	C	0.04%
STBA	B	0.04%
ESRT	C	0.04%
HTH	B	0.04%
CODI	B	0.04%
BLMN	F	0.04%
WT	B	0.04%
REYN	D	0.04%
HOPE	B	0.04%
NTCT	C	0.04%
VCTR	B	0.04%
TROX	D	0.04%
UPBD	B	0.04%
AMN	F	0.04%
CXW	B	0.04%
SMR	B	0.04%
HELE	C	0.04%
KN	B	0.04%
VRTS	B	0.04%
WKC	D	0.04%
ANDE	D	0.04%
JBGS	D	0.04%
NWN	A	0.04%
ELME	D	0.04%
BHE	B	0.04%
CENTA	C	0.04%
LC	A	0.04%
FTRE	D	0.04%
HMN	B	0.04%
NGVT	B	0.04%
NHC	C	0.04%
GEF	A	0.04%
GTY	B	0.04%
HLIO	B	0.04%
NPAB	B	0.04%
CABO	C	0.04%
AVNS	F	0.03%
MMI	B	0.03%
THR	B	0.03%
FA	C	0.03%
XRX	F	0.03%
LGF.A	C	0.03%
SCSC	B	0.03%
CWEN	C	0.03%
BV	B	0.03%
OMI	F	0.03%
JACK	D	0.03%
MYGN	F	0.03%
BRKL	B	0.03%
DK	C	0.03%
DNUT	D	0.03%
RWT	D	0.03%
USM	B	0.03%
ODP	F	0.03%
MRC	B	0.03%
DAN	D	0.03%
CARS	B	0.03%
UA	B	0.03%
WMK	C	0.03%
KWR	C	0.03%
INSW	F	0.03%
ECPG	B	0.03%
TRS	B	0.03%
INVA	D	0.03%
SNDR	B	0.03%
CBRL	C	0.03%
MD	B	0.03%
ACT	D	0.03%
KFRC	D	0.03%
FBRT	C	0.03%
CSR	B	0.03%
ATSG	B	0.03%
OXM	D	0.03%
HTLF	B	0.03%
VSAT	F	0.03%
NAVI	C	0.03%
SAFT	C	0.03%
RBRK	A	0.03%
CNNE	B	0.03%
MSGE	F	0.03%
KALU	C	0.03%
AIV	C	0.03%
JELD	F	0.03%
UNFI	A	0.03%
WOR	F	0.03%
VSTO	A	0.03%
GIII	D	0.03%
WWW	B	0.03%
BHLB	B	0.03%
PMT	D	0.03%
BKD	D	0.03%
UNIT	B	0.03%
AMRX	C	0.03%
UVV	B	0.03%
CMPR	D	0.02%
SVC	F	0.02%
ATUS	C	0.02%
DAWN	F	0.02%
CVI	F	0.02%
FOR	F	0.02%
NAPA	B	0.02%
CWH	B	0.02%
BASE	C	0.02%
PUMP	B	0.02%
KELYA	F	0.02%
HY	D	0.02%
AXL	C	0.02%
BGS	F	0.02%
UHAL	D	0.02%
RGR	F	0.02%
KOP	C	0.02%
SWI	B	0.02%
MODG	F	0.02%
SEB	F	0.02%
BMBL	D	0.02%
MATW	C	0.02%
KREF	D	0.02%
PRLB	A	0.02%
ECVT	C	0.02%
AMWD	C	0.02%
ETWO	F	0.02%
XHR	B	0.02%
HLF	C	0.02%
ASTE	B	0.02%
CFFN	B	0.02%
PCRX	C	0.02%
WNC	C	0.02%
CMTG	F	0.02%
TMP	B	0.02%
SAH	A	0.02%
PRAA	C	0.02%
FG	B	0.02%
PRA	C	0.02%
MNRO	D	0.02%
HAIN	C	0.02%
BRSP	B	0.02%
MATV	D	0.02%
HCSG	C	0.02%
LEVI	F	0.02%
EMBC	C	0.02%
EYE	C	0.02%
DLX	B	0.02%
JBLU	F	0.02%
OLPX	D	0.01%
OPK	C	0.01%
TWKS	D	0.01%
DIN	C	0.01%
CENT	C	0.01%
ALX	D	0.01%
CMP	C	0.01%
AMBC	C	0.01%
KRO	D	0.01%
TGI	B	0.01%
VREX	C	0.01%
SWBI	C	0.01%
CNDT	C	0.01%
ZIP	F	0.01%
TRTX	B	0.01%
SRCL	C	0.01%
HTZ	C	0.01%
CRCT	F	0.01%
WOOF	D	0.01%
NVRI	F	0.01%
INN	D	0.01%
RUSHB	B	0.01%
WRLD	C	0.01%
VMEO	B	0.01%
RMR	F	0.01%
EGBN	B	0.01%
GRC	A	0.01%
EE	A	0.01%
NABL	F	0.01%
SSTK	F	0.01%
PTVE	B	0.01%
BJRI	B	0.01%
FWRD	D	0.01%
USNA	C	0.01%
CCO	C	0.01%
CLB	B	0.01%
CLBK	B	0.01%
HTLD	B	0.01%
ARRY	D	0.01%
BFS	C	0.01%
SCHL	D	0.01%
DJT	C	0.01%
TILE	B	0.01%
GCMG	B	0.01%
MXL	C	0.01%
LGF.A	C	0.01%
CAL	D	0.01%
GES	F	0.01%
SCWX	B	0.0%
AC	C	0.0%
AMCX	C	0.0%
ACDC	C	0.0%
TASK	C	0.0%
LESL	C	0.0%
LDI	C	0.0%
GEF	A	0.0%
NUS	D	0.0%
BRCC	F	0.0%

VBR Underweight 363 Positions Relative to VCIT

Symbol	Grade	Weight
DT	C	-0.28%
MSFT	F	-0.23%
WIT	A	-0.15%
ABBV	D	-0.13%
AXP	A	-0.11%
DD	D	-0.1%
AMZN	C	-0.09%
TMUS	B	-0.09%
BIIB	F	-0.07%
RJF	A	-0.07%
NOW	A	-0.07%
MET	A	-0.07%
DLTR	F	-0.07%
DB	D	-0.07%
CRM	B	-0.07%
COST	B	-0.07%
BABA	D	-0.07%
HAL	C	-0.06%
VRSK	A	-0.06%
REGN	F	-0.06%
KOF	F	-0.06%
TSN	B	-0.06%
NVDA	C	-0.06%
CHTR	C	-0.06%
MRK	F	-0.06%
ADM	D	-0.05%
BMO	A	-0.05%
ARCC	A	-0.05%
ZBH	C	-0.05%
PWR	A	-0.05%
STE	F	-0.05%
SLB	C	-0.05%
EOG	A	-0.05%
CTAS	B	-0.05%
CAH	B	-0.05%
TD	F	-0.05%
NVR	D	-0.05%
MRO	B	-0.05%
SYY	B	-0.05%
NEM	D	-0.05%
ADBE	C	-0.05%
PH	A	-0.05%
EXPE	B	-0.05%
AZN	D	-0.05%
PYPL	B	-0.05%
HCA	F	-0.05%
INTC	D	-0.05%
NWG	C	-0.05%
QCOM	F	-0.05%
T	A	-0.05%
GS	A	-0.05%
PSX	C	-0.04%
L	A	-0.04%
DHR	F	-0.04%
EA	A	-0.04%
CMI	A	-0.04%
AGR	B	-0.04%
VRSN	F	-0.04%
URI	B	-0.04%
MTB	A	-0.04%
ITW	B	-0.04%
INVH	D	-0.04%
KLAC	D	-0.04%
EXP	A	-0.04%
CNH	C	-0.04%
LVS	C	-0.04%
LMT	D	-0.04%
MPC	D	-0.04%
EBAY	D	-0.04%
BR	A	-0.04%
ADI	D	-0.04%
PAA	B	-0.04%
LRCX	F	-0.04%
HPQ	A	-0.04%
ADP	B	-0.04%
FANG	D	-0.04%
AER	B	-0.04%
AMAT	F	-0.04%
BLK	C	-0.04%
WAB	B	-0.04%
MPLX	A	-0.04%
GIS	D	-0.04%
PG	A	-0.04%
OTIS	C	-0.04%
NKE	D	-0.04%
ET	A	-0.04%
MMC	B	-0.04%
VTRS	A	-0.04%
GOOGL	C	-0.04%
GSK	F	-0.04%
DELL	C	-0.04%
CARR	D	-0.04%
GE	D	-0.04%
VOD	F	-0.04%
VZ	C	-0.04%
LLY	F	-0.03%
MRVL	B	-0.03%
ILMN	D	-0.03%
ADSK	A	-0.03%
BNS	A	-0.03%
TSCO	D	-0.03%
SWKS	F	-0.03%
RF	A	-0.03%
NDAQ	A	-0.03%
LIN	D	-0.03%
HIG	B	-0.03%
JD	D	-0.03%
EW	C	-0.03%
DOX	D	-0.03%
ETN	A	-0.03%
CME	A	-0.03%
ACGL	D	-0.03%
TEL	B	-0.03%
WB	D	-0.03%
TRMB	B	-0.03%
PHM	D	-0.03%
HST	C	-0.03%
DAL	C	-0.03%
SWK	D	-0.03%
TT	A	-0.03%
NTAP	C	-0.03%
KEYS	A	-0.03%
CFG	B	-0.03%
OMC	C	-0.03%
EFX	F	-0.03%
AZO	C	-0.03%
VLO	C	-0.03%
LYB	F	-0.03%
O	D	-0.03%
MU	D	-0.03%
ICE	C	-0.03%
FLEX	A	-0.03%
FITB	A	-0.03%
CPB	D	-0.03%
FIS	C	-0.03%
SYF	B	-0.03%
CCI	D	-0.03%
TMO	F	-0.03%
UPS	C	-0.03%
NXPI	D	-0.03%
SRE	A	-0.03%
V	A	-0.03%
MA	C	-0.03%
DG	F	-0.03%
HD	A	-0.03%
DLR	B	-0.03%
AMT	D	-0.03%
ROP	B	-0.03%
BKNG	A	-0.03%
TDY	B	-0.03%
EPD	A	-0.03%
COF	B	-0.03%
BDX	F	-0.03%
FOXA	B	-0.03%
MUFG	B	-0.03%
DIS	B	-0.03%
PFE	D	-0.03%
KDP	D	-0.03%
BMY	B	-0.03%
BA	F	-0.03%
TME	D	-0.02%
SITC	D	-0.02%
PKG	A	-0.02%
ROST	C	-0.02%
SAFE	D	-0.02%
CINF	A	-0.02%
CHD	B	-0.02%
CE	F	-0.02%
AMH	D	-0.02%
GPC	D	-0.02%
HR	C	-0.02%
IFF	D	-0.02%
GXO	B	-0.02%
EPRT	B	-0.02%
DHI	D	-0.02%
FTNT	C	-0.02%
NOV	C	-0.02%
DOV	A	-0.02%
DSS	F	-0.02%
FSK	A	-0.02%
CTVA	C	-0.02%
EXR	D	-0.02%
DRI	B	-0.02%
LII	A	-0.02%
MDT	D	-0.02%
LAZ	B	-0.02%
AVY	D	-0.02%
PRE	D	-0.02%
MAS	D	-0.02%
MCO	B	-0.02%
NUE	C	-0.02%
INTU	C	-0.02%
JCI	C	-0.02%
H	B	-0.02%
BBY	D	-0.02%
ALL	A	-0.02%
BAX	D	-0.02%
AVB	B	-0.02%
CBOE	B	-0.02%
WPC	D	-0.02%
PFG	D	-0.02%
SPGI	C	-0.02%
PPG	F	-0.02%
EQR	B	-0.02%
EL	F	-0.02%
FNF	B	-0.02%
TXN	C	-0.02%
ZTS	D	-0.02%
CP	D	-0.02%
XYL	D	-0.02%
VMC	B	-0.02%
K	A	-0.02%
CNP	B	-0.02%
CMS	C	-0.02%
BRO	B	-0.02%
BIDU	F	-0.02%
AWK	D	-0.02%
A	D	-0.02%
VTR	C	-0.02%
PRU	A	-0.02%
PM	B	-0.02%
MMM	D	-0.02%
KEY	B	-0.02%
KMB	D	-0.02%
HBAN	A	-0.02%
EQIX	A	-0.02%
FDX	B	-0.02%
APD	A	-0.02%
NTRS	A	-0.02%
CAT	B	-0.02%
SYK	C	-0.02%
MSI	B	-0.02%
CSX	B	-0.02%
APH	A	-0.02%
TGT	F	-0.02%
UNP	C	-0.02%
RPRX	D	-0.02%
SO	D	-0.02%
PEP	F	-0.02%
GM	B	-0.02%
HES	B	-0.02%
TFC	A	-0.02%
STZ	D	-0.02%
SHW	A	-0.02%
SBUX	A	-0.02%
GPN	B	-0.02%
NOC	D	-0.02%
MDLZ	F	-0.02%
ABT	B	-0.02%
AIG	B	-0.02%
MO	A	-0.02%
CVS	D	-0.02%
ORCL	B	-0.02%
CI	F	-0.02%
CMCSA	B	-0.02%
C	A	-0.02%
GBDC	C	-0.01%
SAVE	D	-0.01%
OCSL	F	-0.01%
GOOG	C	-0.01%
SNA	A	-0.01%
PSEC	D	-0.01%
NEU	C	-0.01%
APTV	D	-0.01%
KRG	B	-0.01%
WEC	A	-0.01%
CHH	A	-0.01%
ROK	B	-0.01%
HSY	F	-0.01%
MKL	A	-0.01%
OPI	F	-0.01%
NSC	B	-0.01%
CUBE	D	-0.01%
DVN	F	-0.01%
UDR	B	-0.01%
TXT	D	-0.01%
PSA	D	-0.01%
HUM	C	-0.01%
GP	F	-0.01%
PEG	A	-0.01%
REXR	F	-0.01%
XEL	A	-0.01%
PGR	A	-0.01%
ETR	B	-0.01%
CNA	B	-0.01%
CLX	B	-0.01%
SUI	D	-0.01%
TJX	A	-0.01%
LH	C	-0.01%
EMR	A	-0.01%
DGX	A	-0.01%
EIX	B	-0.01%
ED	D	-0.01%
ORLY	B	-0.01%
LNT	A	-0.01%
AEP	D	-0.01%
AEE	A	-0.01%
RSG	A	-0.01%
MLM	B	-0.01%
ESS	B	-0.01%
ES	D	-0.01%
AMCR	D	-0.01%
WELL	A	-0.01%
MAA	B	-0.01%
MKC	D	-0.01%
HRL	D	-0.01%
DTE	C	-0.01%
ARE	D	-0.01%
SPG	B	-0.01%
KR	B	-0.01%
DE	A	-0.01%
GD	F	-0.01%
STT	A	-0.01%
WM	A	-0.01%
PLD	D	-0.01%
LHX	C	-0.01%
CB	C	-0.01%
USB	A	-0.01%
WY	D	-0.01%
OKE	A	-0.01%
DFS	B	-0.01%
AON	A	-0.01%
KMI	A	-0.01%
ECL	D	-0.01%
DOW	F	-0.01%
D	C	-0.01%
CVX	A	-0.01%
DUK	C	-0.01%
BK	A	-0.01%
WEST	C	-0.01%
WMB	A	-0.01%
KO	D	-0.01%
BSX	B	-0.01%
SCHW	B	-0.01%
MAR	B	-0.01%
LEN	D	-0.01%
MCD	D	-0.01%
JNJ	D	-0.01%
EXC	C	-0.01%
GILD	C	-0.01%
CAG	D	-0.01%
AMGN	D	-0.01%
AFL	B	-0.01%
LOW	D	-0.01%
PNC	B	-0.01%
HON	B	-0.01%
COP	C	-0.01%
UNH	C	-0.01%
XOM	B	-0.01%
NEE	D	-0.01%
LUV	C	-0.01%
AAPL	C	-0.01%
IBM	C	-0.01%
WMT	A	-0.01%
UAL	A	-0.01%
MS	A	-0.01%
WFC	A	-0.01%
RTX	C	-0.01%
HSBC	B	-0.01%
PCG	A	-0.01%
JPM	A	-0.01%
AVGO	D	-0.01%
BAC	A	-0.01%