VCLT vs. HDGE ETF Comparison

Comparison of Vanguard Long-Term Corporate Bond ETF (VCLT) to Ranger Equity Bear Bear ETF (HDGE)

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

$81.70

Average Daily Volume

2,382,692

Number of Holdings ^*

339

* may have additional holdings in another (foreign) market

HDGE

Ranger Equity Bear Bear ETF

HDGE Description

The investment seeks capital appreciation through short sales of domestically traded equity securities. The Sub-Advisor seeks to achieve the fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs registered pursuant to the 1940 Act, ETNs and other ETPs. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process that seeks to identify securities with low earnings quality or aggressive accounting that may tend to mask operational deterioration and bolster the reported earnings per share over a short time period.

Grade (RS Rating)

Last Trade

$19.00

Average Daily Volume

103,954

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VCLT	HDGE
30 Days	1.83%	0.46%
60 Days	7.09%	-1.25%
90 Days	7.11%	-10.21%
12 Months	17.60%	-9.81%

9 Overlapping Holdings

Symbol	Grade	Weight in VCLT	Weight in HDGE	Overlap
AAL	D	0.03%	-1.33%	-1.33%
ALB	F	0.01%	-1.23%	-1.23%
CACC	F	0.01%	-1.45%	-1.45%
CVS	F	0.01%	-1.73%	-1.73%
HUM	F	0.01%	-1.21%	-1.21%
KSS	F	0.02%	-1.76%	-1.76%
MAR	C	0.03%	-1.82%	-1.82%
SNA	C	0.01%	-1.36%	-1.36%
WFC	D	0.01%	-1.32%	-1.32%

VCLT Overweight 330 Positions Relative to HDGE

Symbol	Grade	Weight
WIT	C	0.21%
DELL	C	0.11%
EQH	C	0.09%
MDT	C	0.08%
FITB	B	0.07%
WY	C	0.07%
FOXA	B	0.07%
DD	B	0.07%
CSCO	B	0.07%
AXP	B	0.06%
COST	B	0.06%
HPQ	D	0.06%
HCA	A	0.06%
CARR	B	0.06%
CAG	C	0.05%
SCCO	D	0.05%
BIIB	F	0.05%
TAP	D	0.05%
CRM	D	0.05%
MS	C	0.05%
AMZN	C	0.05%
L	D	0.04%
WBA	F	0.04%
LIN	B	0.04%
NXPI	D	0.04%
DT	C	0.04%
BHF	D	0.04%
TJX	C	0.04%
GPN	D	0.04%
JNPR	A	0.04%
NEM	B	0.04%
HPE	D	0.04%
GOOGL	D	0.04%
BHP	D	0.04%
AVGO	C	0.04%
ORCL	B	0.04%
AAPL	C	0.04%
ORI	B	0.03%
FTV	C	0.03%
FANG	D	0.03%
CFG	C	0.03%
STE	C	0.03%
WU	D	0.03%
WRK	C	0.03%
WM	D	0.03%
NOV	D	0.03%
MLM	D	0.03%
OHI	C	0.03%
LH	C	0.03%
LEA	F	0.03%
DG	F	0.03%
CPT	B	0.03%
PKG	B	0.03%
PYPL	B	0.03%
RPM	B	0.03%
SPGI	A	0.03%
CME	C	0.03%
CF	C	0.03%
RPRX	D	0.03%
APD	B	0.03%
AMT	C	0.03%
AMAT	D	0.03%
EBAY	B	0.03%
DVN	D	0.03%
MDLZ	C	0.03%
ITW	C	0.03%
CB	B	0.03%
VLO	F	0.03%
RJF	C	0.03%
NVDA	D	0.03%
MUFG	D	0.03%
VTRS	D	0.03%
PSX	D	0.03%
MPLX	B	0.03%
ALLY	D	0.03%
INTC	F	0.03%
TMUS	C	0.03%
CHTR	D	0.03%
ABT	C	0.03%
BMY	C	0.03%
ABBV	C	0.03%
WPC	C	0.02%
PWR	B	0.02%
PECO	B	0.02%
SCHW	D	0.02%
REGN	C	0.02%
CHD	C	0.02%
ZBH	F	0.02%
STLD	D	0.02%
FE	C	0.02%
FMC	C	0.02%
BAX	C	0.02%
CMI	C	0.02%
CL	C	0.02%
CINF	C	0.02%
OGS	B	0.02%
LHX	C	0.02%
O	C	0.02%
IVZ	B	0.02%
HRL	D	0.02%
HOG	C	0.02%
SBRA	C	0.02%
TEL	D	0.02%
AFG	B	0.02%
CPB	B	0.02%
VMI	D	0.02%
XYL	D	0.02%
WTRG	D	0.02%
WHR	C	0.02%
AJG	D	0.02%
AVY	D	0.02%
MKC	C	0.02%
NWE	B	0.02%
MSI	B	0.02%
K	A	0.02%
PAA	C	0.02%
LRCX	F	0.02%
GWW	A	0.02%
KLAC	D	0.02%
EMN	B	0.02%
ADI	C	0.02%
ROK	F	0.02%
PH	A	0.02%
SYK	C	0.02%
MOS	F	0.02%
NDAQ	A	0.02%
LNC	D	0.02%
FIS	B	0.02%
VRSK	D	0.02%
EG	C	0.02%
ES	C	0.02%
STZ	D	0.02%
OTIS	C	0.02%
MCO	A	0.02%
AFL	C	0.02%
CCI	C	0.02%
CP	C	0.02%
NI	B	0.02%
TXN	C	0.02%
SWK	B	0.02%
DHR	C	0.02%
DE	B	0.02%
TGT	C	0.02%
HES	D	0.02%
CVX	D	0.02%
DOW	D	0.02%
UPS	F	0.02%
TSN	D	0.02%
ECL	A	0.02%
MPC	D	0.02%
HAL	F	0.02%
EPD	B	0.02%
JNJ	C	0.02%
PEP	D	0.02%
ICE	C	0.02%
PM	C	0.02%
MA	B	0.02%
WMT	B	0.02%
NOC	A	0.02%
MET	A	0.02%
QCOM	F	0.02%
IBM	A	0.02%
GILD	B	0.02%
CI	C	0.02%
COP	D	0.02%
RTX	C	0.02%
PFE	C	0.02%
XOM	D	0.02%
AZN	D	0.02%
HSBC	B	0.02%
VOD	C	0.02%
GSK	D	0.02%
V	C	0.02%
BAC	D	0.02%
GE	A	0.02%
HIW	B	0.01%
FRT	C	0.01%
AGO	C	0.01%
AMH	C	0.01%
EXR	B	0.01%
BXP	B	0.01%
BWA	D	0.01%
AVA	C	0.01%
APTV	D	0.01%
DRI	B	0.01%
INGR	B	0.01%
IDA	C	0.01%
EMR	D	0.01%
MAA	C	0.01%
LXP	C	0.01%
OPI	F	0.01%
JD	C	0.01%
SIGI	D	0.01%
EA	D	0.01%
DOC	C	0.01%
ADC	C	0.01%
BEN	F	0.01%
FNF	B	0.01%
AES	C	0.01%
PHM	B	0.01%
PFG	B	0.01%
PEG	A	0.01%
VTR	C	0.01%
OGE	B	0.01%
ESS	C	0.01%
MAS	B	0.01%
RF	B	0.01%
REG	C	0.01%
EE	B	0.01%
BKH	B	0.01%
SWX	C	0.01%
VOYA	B	0.01%
DOV	B	0.01%
KRC	B	0.01%
EQIX	B	0.01%
KIM	C	0.01%
UDR	C	0.01%
TT	A	0.01%
UAL	C	0.01%
MKL	C	0.01%
HSY	D	0.01%
IPG	C	0.01%
KOF	D	0.01%
EOG	D	0.01%
CAH	C	0.01%
WELL	C	0.01%
WRB	C	0.01%
PNW	B	0.01%
PLD	C	0.01%
SJM	C	0.01%
RSG	D	0.01%
PG	C	0.01%
DTE	B	0.01%
HIG	B	0.01%
JEF	B	0.01%
IFF	C	0.01%
HAS	B	0.01%
EVRG	B	0.01%
ETN	C	0.01%
AWK	C	0.01%
AVB	C	0.01%
UNM	B	0.01%
WEC	B	0.01%
EQR	C	0.01%
ATO	B	0.01%
AEP	C	0.01%
AEE	A	0.01%
AON	B	0.01%
ZTS	C	0.01%
SRE	B	0.01%
PGR	A	0.01%
VMC	D	0.01%
NNN	C	0.01%
NEE	C	0.01%
NUE	F	0.01%
KDP	B	0.01%
EXC	B	0.01%
CNP	D	0.01%
CMS	B	0.01%
LNT	B	0.01%
OC	D	0.01%
ACGL	B	0.01%
XEL	B	0.01%
SPG	A	0.01%
WLK	D	0.01%
PPL	B	0.01%
GLW	B	0.01%
JCI	B	0.01%
EL	F	0.01%
ALL	B	0.01%
TRV	B	0.01%
TMO	C	0.01%
MMC	C	0.01%
LLY	C	0.01%
HON	D	0.01%
JBLU	D	0.01%
KR	C	0.01%
FDX	F	0.01%
D	B	0.01%
CSX	D	0.01%
EIX	C	0.01%
ED	C	0.01%
KMB	D	0.01%
ETR	A	0.01%
ADM	D	0.01%
ARE	C	0.01%
PRU	C	0.01%
SBUX	C	0.01%
IP	C	0.01%
GIS	B	0.01%
KMI	A	0.01%
GD	B	0.01%
WMB	B	0.01%
SHW	B	0.01%
LYB	F	0.01%
OKE	B	0.01%
DUK	B	0.01%
MRO	C	0.01%
NSC	C	0.01%
LOW	A	0.01%
GM	B	0.01%
BSX	B	0.01%
CAT	B	0.01%
AIG	D	0.01%
LMT	B	0.01%
ET	B	0.01%
SO	A	0.01%
SYY	D	0.01%
MMM	A	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	F	0.01%
C	D	0.01%
PCG	B	0.01%
KO	B	0.01%
JPM	D	0.01%
HD	A	0.01%
AMGN	B	0.01%
CMCSA	D	0.01%
VZ	B	0.01%
BA	F	0.01%
MSFT	C	0.01%
T	C	0.01%
GS	C	0.01%

VCLT Underweight 62 Positions Relative to HDGE

Symbol	Grade	Weight
ELF	F	--0.77%
CAR	F	--0.77%
LKQ	F	--0.96%
HTZ	F	--0.97%
MARA	F	--0.97%
ANSS	D	--0.98%
PLAB	F	--0.99%
VLY	C	--1.0%
ZS	F	--1.0%
ASAN	F	--1.01%
BRZE	F	--1.02%
NGVT	D	--1.03%
CFR	C	--1.04%
DAR	F	--1.06%
RIOT	F	--1.06%
MTRN	F	--1.07%
ENR	D	--1.07%
S	C	--1.08%
TPX	C	--1.08%
CWH	C	--1.08%
FLYW	F	--1.09%
HGV	D	--1.09%
PENN	C	--1.09%
DEO	D	--1.11%
JACK	F	--1.11%
GO	F	--1.12%
COIN	F	--1.14%
MRTN	D	--1.15%
GLBE	C	--1.17%
WDC	D	--1.17%
XRX	F	--1.17%
NCNO	D	--1.17%
WEX	C	--1.18%
JKS	D	--1.19%
DDOG	D	--1.21%
ETSY	F	--1.22%
PTC	D	--1.25%
CNXC	F	--1.27%
PCOR	F	--1.29%
SABR	C	--1.29%
ON	F	--1.3%
ROKU	C	--1.3%
CFLT	F	--1.32%
PI	B	--1.33%
IRDM	D	--1.34%
LOGI	D	--1.35%
FR	C	--1.37%
ODP	F	--1.38%
CMA	A	--1.39%
INFA	D	--1.41%
LVS	D	--1.45%
NET	D	--1.45%
MCW	F	--1.48%
VRT	C	--1.52%
DKNG	C	--1.66%
WK	D	--1.66%
NTST	D	--1.69%
OZK	D	--1.95%
SIG	C	--2.02%
TEAM	D	--2.05%
WSM	D	--2.15%
PAYC	D	--2.49%