|Bid||58.26 x 2200|
|Ask||58.82 x 4000|
|Day's Range||58.25 - 58.31|
|52 Week Range||54.06 - 59.27|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||8.49%|
|Beta (3Y Monthly)||0.65|
|Expense Ratio (net)||0.09%|
One of the great things about Vanguard, aside from the low costs, is that when the issuer's index, mutual, and exchange traded fund (ETF) lineups are added, there are plenty of choices for wide varieties of investors, including those on the more risk-averse side of the ledger.Of course, costs, as in low costs, are one of the biggest reasons why Vanguard is a behemoth in the index fund universe and the second-largest U.S. ETF issuer. The company makes clear that it is on the investor's side when it comes to fees. The less investors lose to fees, the more they earn over long holding periods."Imagine you have $100,000 invested. If the account earned 6% a year for the next 25 years and had no costs or fees, you'd end up with about $430,000," said Vanguard. "If, on the other hand, you paid 2% a year in costs, after 25 years you'd only have about $260,000. That's right: The 2% you paid every year would wipe out almost 40% of your final account value. 2% doesn't sound so small anymore, does it?"InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks Under $5 to Buy for Fall For conservative investors, the good news is that there are plenty of Vanguard funds that meet their criteria. Those offerings generally come with below-average fees. With that in mind, here are some of the best Vanguard funds for conservative investors to nibble at. Vanguard Dividend Growth Fund (VDIGX)Source: Shutterstock Expense ratio: 0.22% per year, or $22 on a $10,000 investment.Conservative investors often embrace dividend strategies. The recently-reopened Vanguard Dividend Growth Fund (MUTF:VDIGX) is an excellent avenue with which to express that view. This Vanguard fund's costs are decent, but more importantly, it's a no-load mutual fund with a track record of nearly three decades and a manager that has been in place for 13 years.There a few reasons why VDIGX is a compelling bet among Vanguard funds. First, the yield on 10-year Treasuries recently slipped below the dividend yield on the S&P 500, indicating investors continue to lack adequate compensation with government debt. Second, the market is clearly favoring defensive strategies, including steady dividend payers.Finally, some market observers believe swaps markets are not pricing in the right level of S&P 500 dividend growth for 2020. That growth is likely to come in better than currently expected, which could be a nice jolt for this Vanguard, assuming broader markets perform well in 2020. Vanguard Tax-Exempt Bond ETF (VTEB)Source: Shutterstock Expense ratio: 0.08%For conservative investors, it doesn't get much better than municipal bonds and the Vanguard Tax-Exempt Bond ETF (NYSEARCA:VTEB). It's Vanguard's initial foray into the world of municipal bond ETFs. It has been a successful one at that as highlighted by VTEB's $5.8 billion in assets under management. This Vanguard fund, which tracks the S&P National AMT-Free Municipal Bond Index, holds 4,202 muni bonds, a massive number relative to competing strategies.Yield usually isn't the name of the game with investment-grade munis, but this Vanguard fund's 2.30% yield is better than what investors get on 10-year Treasuries, plus VTEB's credit risk is almost non-existent as 92% of its holdings are rated AAA, AA, or A. * 10 Cheap Dividend Stocks to Load Up On This Vanguard fund has an average duration of 5.4 years. That puts VTEB in intermediate-term territory, which is just fine as it's likely the Federal Reserve cuts interest rates again this year, perhaps up to two more times. Vanguard Total International Bond Index Fund ETF (BNDX)Source: Shutterstock Expense ratio: 0.09%For the conservative investor looking for to diversify away from U.S. government debt, the Vanguard Total International Bond Index Fund ETF (NASDAQ:BNDX) is a fund that makes a lot of sense, and not just because the ETF has been on a streak of hitting record highs this year.With low credit risk, this Vanguard fund lobs off a 30-day SEC yield of 2.87%. Plus, many of the ETF's marquee country weights already have or are likely to join the U.S. in lowering interest rates, thereby increasing the value of the underlying bonds in this portfolio."Japanese bonds account for nearly 20% of the fund's while European debt represents nearly 57%. Japan won't be raising interest rates anytime and the European Central Bank (ECB) is pushing for easier monetary policy," according to Nasdaq.Another reason to like this Vanguard: it has a currency hedge, meaning it's designed to benefit from strength in the U.S. dollar or weakness in the currencies its holdings are denominated in. Vanguard Global ex-US Real Estate ETF (VNQI)Source: Shutterstock Expense ratio: 0.12%All that talk about lower interest rates, declining Treasury yields and investors playing defense is lifting domestic real estate funds, but don't sleep on international equivalents. The Vanguard Global ex-US Real Estate ETF (NASDAQ:VNQI), which features exposure to more than 30 countries, is up 10.2% year-to-date and yields 3.41%.VNQI "focuses on closely tracking the index's return, which is considered a gauge of overall non-U.S. real estate investment trusts' and operating companies' returns and offers high potential for investment growth; share value rises and falls more sharply than that of funds holding bonds," according to Vanguard. * 15 Growth Stocks to Buy for the Long Haul Home to 615 real estate stocks, this Vanguard fund can be considered an idea for conservative risk-takers due to its 20.40% exposure to emerging markets and its status as a mid-cap fund. Investors eyeing this Vanguard fund may want to wait because it allocates more than 12% of its weight to Hong Kong, a market battered in recent weeks due to geopolitical headwinds. The protests in Hong Kong are aimed at China, more than 10% of VNQI's weight, so wait a bit on a this Vanguard fund. Vanguard Total Corporate Bond ETF (VTC)Source: Shutterstock Expense ratio: 0.07%Among corporate bond ETFs, it's hard to find a larger lineup than the nearly 6,000 bonds featured in the Vanguard Total Corporate Bond ETF (NASDAQ:VTC). VTC arrives at that massive lineup by holding the three other Vanguard corporate bond ETFs. The Vanguard Short-Term Corporate Bond ETF (NASDAQ:VCSH) is VTC's largest holding at a weight of 36.20%While VTC's largest allocation is to a short-term Vanguard fund, its exposure to intermediate- and longer-dated corporate bonds is enough to prop its yield up to a decent 3.36%. And that's with nearly half its holdings rated AAA, AA or A.VTC has an average duration of 7.3 years, which is below the 9.08 years on the Markit iBoxx USD Liquid Investment Grade Index. With interest rates falling and VTC's lower duration relative to that rival index, the Vanguard fund is trailing that benchmark this year, but if VTC rebalances away from short-term corporates, its leverage to declining interest rates would increase. Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX)Source: Shutterstock Expense ratio: 0.07%The Vanguard Mid-Cap Value Index Fund Admiral Shares (MUTF:VMVAX) carries a $3,000 minimum investment, but this Vanguard is worth the cost of admission for conservative investors willing to bet on a value rebound while getting some mid-cap exposure."Value stocks are those that may be temporarily undervalued by investors," according to Vanguard. "These companies typically grow at a slower pace than the broader group of mid-sized companies. One of the fund's key risks is that mid-capitalization stocks tend to be more volatile than large-company stocks." * 10 Best Stocks to Buy and Hold Forever This Vanguard fund holds 206 stocks, nearly a quarter of which hail from the financial services sector. Consumer staples and discretionary names combine for over 26% of VMVAX's roster. Vanguard High Dividend Yield ETF (VYM)Source: Shutterstock Expense ratio: 0.06%One of the largest and least expensive dividend ETFs, the Vanguard High Dividend Yield ETF (NYSEARCA:VYM) is a solid bet for yield seekers and dividend growth investors. That's the case because while VYM yields almost 3.05%, that yield isn't so high as to imply reason for concern. Additionally, VYM does not feature excessive allocations to high-yield sectors like real estate and utilities. That's good news because there are risks associated with high-yield stocks."Focusing on high-yielding stocks can be dangerous because these names may be under financial distress and at risk of cutting their dividend payments," according to Morningstar. "Many pay out a large share of their earnings and have a narrow buffer to cushion these payments if their business deteriorates compared with lower-yielding counterparts."VYM holds nearly 420 stocks, many of which have a value tilt. The near-term risk with this Vanguard fund is its almost 19% weight to the financial services sector, which is being pressured by falling interest rates.Todd Shriber doesn't own any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post 7 Vanguard Funds for Conservative Investors appeared first on InvestorPlace.
In the first half of this year, fixed income ETFs saw inflows of $74 billion, including a staggering $26 billion in June alone, said CFRA Research Director of ETF & Mutual Fund Research Todd Rosenbluth in a note out Tuesday. Year to date, five bond ETFs are among the top 10 U.S.-listed ETFs in terms of new assets added and all five of those funds are iShares or Vanguard products. “While the asset manager is the US ETF industry heavyweight with $1.6 trillion in assets and a leading 39% market share, iShares is even more dominant in the bond asset class with a 49% share,” said Rosenbluth.
Bond ETFs and funds are experiencing record inflows as investors rush to safety amid global trade tensions and slowing economic growth.
ETFs have become a go-to investment vehicle for many investors across a range of backgrounds, revealing the shifting trends in investors’ habits and thoughts in a changing market environment.
Index fund and exchange-traded fund (ETF) giant Vanguard said that it is planning to introduce the Vanguard Total World Bond ETF. The Vanguard Total World Bond ETF is expected to debut in the third quarter and will use an ETF of ETFs structure, an approach Vanguard previously applied with the Vanguard Total Corporate Bond ETF (VTC). VTC, which debuted in November, holds Vanguard's other three corporate bond ETFs – the Vanguard Short-Term Corporate Bond ETF (VCSH), Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and Vanguard Long-Term Corporate Bond ETF (VCLT).
Another year, another batch of jaw-dropping inflows to Vanguard exchange-traded funds (ETFs) and index funds. Focusing on ETFs for a moment, as of May 17, Vanguard had $983.21 billion in U.S. ETF assets under management, making it the second-largest domestic ETF sponsor and putting it within spitting distance of joining BlackRock, Inc. (NYSE:BLK) in the $1 trillion club.At current ETF asset levels, Vanguard is more than 50% larger than the third-largest U.S. issuer. Year-to-date, four of the top 10 ETFs in terms of new assets added are Vanguard funds. Making Vanguard funds all the more alluring to advisors and investors is the firm's commitment to low costs. In fact, the Pennsylvania-based fund giant recently trimmed the fees on 21 of its ETFs, including some highly popular fare.Vanguard funds are spread across multiple asset classes, including domestic and international equities, various fixed income segments, real estate and some factor-based strategies. So when it comes to Vanguard funds, there is usually something for nearly every type of investor.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Marijuana Stocks to Play the CBD Trend Here are some of the best Vanguard funds for investors to consider right now. Vanguard Total International Bond ETF (BNDX)Expense ratio: 0.09% per year, or $9 on a $10,000 investment.As is the case with stocks, investors tend to have a home country bias when it comes to bonds. That bias can prevent investors from realizing compelling ex-US opportunities with Vanguard funds, such as the Vanguard Total International Bond ETF (NASDAQ:BNDX).Among Vanguard funds, BNDX does not grab many headlines, but this year, investors are waking up to this ETF's story. Year-to-date, BNDX has added $3.61 billion in new assets, a total surpassed by just nine other ETFs. More importantly, this Vanguard fund is proving to be a star among bond ETFs in 2019. BNDX is beating the widely followed, domestically-focused Bloomberg Barclays U.S. Aggregate Index by almost 100 basis points this year.BNDX tracks the Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index and holds nearly 5,800 bonds with an average duration of 7.8 years. All of this Vanguard fund's holdings have ratings ranging from Baa to Aaa, meaning credit risk is minimal. Vanguard ESG International Stock ETF (VSGX)Expense ratio: 0.15%Last year, Vanguard made its foray into the world of environmental, social and governance (ESG) ETFs with two products, including the Vanguard ESG International Stock ETF (CBOE:VSGX). This Vanguard fund takes a traditional approach to virtuous investing.VSGX "specifically excludes stocks of companies in the following industries: adult entertainment, alcohol and tobacco, weapons, fossil fuels, gambling, and nuclear power," according to Vangaurd.While there are larger ESG ETFs, this Vanguard fund is proving the "Vanguard effect" is meaningful in the ESG space. VSGX debuted last September and already has $266.2 million in assets under management, making it one of the larger international funds in this category. * 10 Small-Cap Stocks That Look Like Bargains VSGX holds a mix of developed and emerging market equities with the latter representing 19.40% of the fund's weight. Developed European markets account for nearly 42% of this Vanguard fund's geographic exposure. Vanguard Dividend Appreciation ETF (VIG)Expense ratio: 0.08%The Vanguard Dividend Appreciation ETF (NYSEARCA:VIG) is the largest U.S. dividend ETF and has attained that lofty status for multiple reasons, including an index methodology that includes only stocks with at least 10 consecutive years of dividend increases and a reputation for being one of the cheaper dividend funds on the market."This strategy focuses on dividend growth rather than dividend yield," said Morningstar in a recent note. "This approach reduces the fund's exposure to firms with weak fundamentals that may not be able to sustain their dividend payments, which is a risk that often accompanies a narrow focus on yield. The fund builds its portfolio by selecting only among stocks that have increased their dividend payment for at least 10 consecutive years. This stringent hurdle restricts the fund to holding highly profitable firms with shareholder-friendly management teams that have consistently raised dividend payments."VIG holds 183 stocks, nearly 48% of which are industrial or consumer staples stocks. With domestic dividends growing this year, but a moderated pace compared to recent years, VIG is an ideal Vanguard fund for investors looking for quality dividend growth. Vanguard Emerging Markets Government Bond ETF (VWOB)Expense ratio: 0.30%Emerging markets debt is an ideal asset class for income-hungry investors looking for exposure to developing economies with lower risk than equities. The Vanguard Emerging Markets Government Bond ETF (NASDAQ:VWOB) has a 30-day SEC yield of 4.47%, more than double the dividend yield on the MSCI Emerging Markets Index, and this Vanguard fund is outperforming the major emerging markets ETFs this year.VWOB holds 834 bonds with an average duration of 7.2 years. There is some credit risk with this Vanguard fund as over 30% of VWOB's reside toward the lower end of the investment-grade spectrum and nearly 48% carry non-investment grade ratings. Some of that risk is tempered by an almost 17% weight to China, a country that is unlikely to see its credit rating downgraded anytime soon. * 10 Baby Boomer Stocks to Buy This Vanguard fund could prove durable over the medium-term as the Federal Reserve holds off on raising interest rates and emerging markets currencies firm. Several of VWOB's largest country weights, excluding Mexico, are candidates to lower interest rates, which adds to the case for this Vanguard fund. Vanguard Mid-Cap ETF (VO)Expense ratio: 0.04%With its annual fee of just 0.04%, the Vanguard Mid-Cap ETF (NYSEARCA:VO) is one of the cheapest mid-cap ETFs on the market. Mid-cap stocks are usually defined as those names with market values of $2 billion to $10 billion, though some money managers stretch that to $15 billion. Historical data confirm the efficacy of owning mid-cap stocks."Since the Russell Midcap index started in 1979, midcaps have outperformed small-cap stocks on every rolling 10-year period, and they beat small- and midcap stocks combined 90% of the time. Midcap stocks outperform large stocks 73% of the time," according to Pensions & Investments.VO holds 369 stocks with a median market value of $15.6 billion, putting the Vanguard fund at the higher end of mid-cap territory. About 57% of the fund's weight is allocated to just three sectors - financial services, industrials and technology.Todd Shriber does not own any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 6 Stocks to Buy for This Decade's Massive Megatrend * The 7 Best Stocks to Buy From the IPO ETF * 7 Athletic Apparel Stocks With Marathon Pace Compare Brokers The post 5 of the Best Vanguard Funds to Buy appeared first on InvestorPlace.
In the world of exchange-traded funds (ETFs), equity funds are the dominant group, but advisors and investors are increasingly willing to fill out the fixed income portions of their portfolios with bond ETFs. Last year, nearly bond ETFs set an inflows record, capturing nearly a third of all U.S. ETF inflows.Bond ETFs are on a torrid asset-gathering pace again in 2019. Year-to-date, five of the top 10 ETFs in terms of new assets added are bond ETFs and investors' pensiveness on the rise, bond ETFs could continue packing on new assets over the coming months.Adding to the case for bond ETFs, particularly those with long durations, is that the Federal Reserve appears likely to hold off on raising interest rates this year. Some bond market observers are even speculating that an interest rate cut could occur later this year. While it may be prudent to expect an interest rate cut, even if the Fed simply stands pat on rates, that could benefit a slew of bond ETFs.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Dividend Stocks to Buy as the Trade War Reignites For investors looking for safety plays or to boost their income streams, here are some bond ETFs to consider. Bond ETFs: WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (SHAG)Expense Ratio: 0.12% per year, or $12 on a $10,000 investment.The WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (CBOE:SHAG) is a bond ETF for investors to consider if, for some reason, the Fed surprisingly reverses course and decides to raise rates again because SHAG has an effective duration of just 2.65 years. Lower duration bond ETFs are less sensitive to changes in interest rates, explaining why so many of these bond ETFs were popular in 2018 when the Fed boosted borrowing costs four times.SHAG's 30-day SEC yield of 2.73% is decent when considering investors are not incurring much risk with this bond ETF. That yield is boosted by a 55.37% weight to corporate bonds, while the rest of SHAG's holdings are U.S. government and agency debt. That means credit risk is mostly low with this fund, as highlighted by more than 40% of SHAG's holdings carrying AAA ratings. None of SHAG's holdings carry junk ratings.While it appears unlikely interest rates will rise, SHAG still merits consideration over the near-term due to its conservative posture and steady income stream. SPDR ICE BofAML Broad High Yield Bond ETF (CJNK)Expense Ratio: 0.15%Cheap ETFs are available in all shapes and sizes and that includes junk bond funds. In fact, the SPDR ICE BofAML Broad High Yield Bond ETF (NYSEARCA:CJNK) was recently converted into one of the least expensive junk bond ETFs on the market after being a different kind of corporate bond fund. While many investors think of junk bonds as risky, this asset class is suitable for myriad portfolios and investment objectives."High yield is an asset class that should be at the center of any income-generating portfolio, just by virtue of it carrying a yield 63% higher than that of the combined yield of global aggregate bonds and global equities, on average, over the past 20 years," according to State Street research. * 7 Cloud Stocks to Buy on Overcast Days CJNK has an option-adjusted duration of 3.61 years and holds over 1,000 junk bonds. This low-cost bond ETF has a 30-day SEC yield of 6%. VanEck Vectors Green Bond ETF (GRNB)Expense Ratio: 0.3%For investors looking to implement socially responsible investing principles in the fixed income portions of their portfolios, the VanEck Vectors Green Bond ETF (NYSEARCA:GRNB) is a bond fund to consider. A simple definition of green bonds is that these bonds are issued to finance environmentally friendly projects.GRNB's underlying index "is comprised of labeled green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally in multiple currencies," according to VanEck.Many issuers of green bonds are large, developed market governments, meaning GRNB's credit risk is low. About two-thirds of the fund's 188 holdings are rated AAA, AA or A. GRNB has a duration of 6.45 years. The green bond market is expected to grow exponentially in the years ahead."The first quarter of 2019 saw a welcome boost in green bond supply, totaling over $40 billion, which is up approximately 46% versus the same period one year ago," said VanEck in a recent note. "North American issuance was up approximately 30%, with green bonds from first time corporate issuers including Verizon and Citigroup as well as repeat issuance from companies such as Duke Energy and MidAmerican Energy." Schwab Short-Term U.S. Treasury ETF (SCHO)Source: Shutterstock Expense Ratio: 0.06%The Schwab Short-Term U.S. Treasury ETF (NYSEARCA:SCHO) is a bond ETF for conservative, cost-conscious investors. As its name implies, SCHO holds Treasuries, so there is essentially no credit risk with this fund."Indexing Treasuries in this way is a sound approach for exposure to a specific portion of the yield curve," said Morningstar in a recent note on SCHO. "It is difficult for active managers to recoup their fees while offering comparable exposure to Treasuries on this narrow segment of the yield curve, as Treasuries are one of the most competitively priced areas of the bond market and managers have little leeway to take additional duration risk." * 7 Dangerous Dividend Stocks to Stay Far Away From SCHO's effective duration is just 1.93 years. In other words, SCHO's selling points are low credit risk, low rate risk and a low fee. The first two of those points also mean a somewhat low yield (2.32%), but that is the trade-off for reducing credit and interest rate risk. Vanguard Total International Bond ETF (BNDX)Source: Shutterstock Expense Ratio: 0.09%The Vanguard Total International Bond ETF (NASDAQ:BNDX) has several factors that make it a compelling choice among bond ETFs. As is the case with so many Vanguard funds, BNDX qualifies as a cheap ETF. In fact, investors would be hard-pressed to find a cheaper international bond ETF.Second, BNDX provides investors with some international diversification, a trait that often goes overlooked in bond portfolios. Third, BNDX uses a currency hedge to provide a buffer against weakness in currencies that the fund's holdings are denominated. Home to more than 5,600 bonds, BNDX is also one of the largest bond ETFs in terms of roster size.BNDX has slight emerging markets exposure and the bulk of its geographic exposure is allocated among developed Europe and the Asia-Pacific region. Japan, France and Germany combine for 43.2% of this Vanguard fund's weight. BNDX has an average duration of 7.9 years and is one of this year's most popular bond ETFs as highlighted by inflows of $3.43 billion, good for the ninth-best tally among U.S.-listed ETFs. Vanguard Intermediate-Term Corporate Bond ETF (VCIT)Source: Shutterstock Expense Ratio: 0.07%The Vanguard Intermediate-Term Corporate Bond ETF (NASDAQ:VCIT) is one of the dominant names among intermediate-term corporate bond ETFs. One of the lowest fees in the category is a help, as is the fund's investment-grade portfolio.VCIT holds 1,770 bonds with an average duration of 5.8 years. Over 94% of the fund's holdings are rated A or Baa. VCIT has a 30-day yield of 3.6%, which is above what investors find with Treasury funds of comparable durations. This Vanguard fund is outperforming the largest corporate bond ETF by about 40 basis points over the past 12 months. * 10 Great Stocks to Buy on Dips Advisors and investors are certainly taking notice. As of May 9, VCIT's year-to-date inflows were $4.39 billion, good for the top spot among bond ETFs and the fourth spot overall among U.S.-listed ETFs. Invesco Corporate Income Value ETF (IHYV)Source: Shutterstock Expense Ratio: 0.23%At just under a year old, the Invesco Corporate Income Value ETF (NYSEARCA:IHYV) is a hidden gem among corporate bond ETFs, presenting investors with a value play on corporate bonds with non-investment-grade ratings. This bond ETF tracks the Invesco High Yield Value Index.That benchmark is "designed to provide exposure to higher value, U.S. high yield bonds and bonds with the lowest credit rating considered investment grade," according to Invesco. "Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest quality scores within the eligible universe of U.S. bonds."IHYV features scant exposure to highly speculative CCC-rated debt (3% of the portfolio), but the fund is somewhat levered to oil prices because energy issues represent over 22% of IHYV's weight. Investors are compensated for the risk that comes along with this bond ETF with a 30-day SEC yield of 6.50%. IHYV has an effective duration of 4.04 years.As of this writing, Todd Shriber did not own any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Dividend Stocks to Buy as the Trade War Reignites * 10 Stocks That Could Squeeze Short Sellers, Including CGC * 5 Tech Stocks Getting Crushed Compare Brokers The post 7 Bond ETFs to Buy appeared first on InvestorPlace.
Despite the momentum in the riskier equity market, exchange traded fund investors continued to favor conservative bets and yield-generating plays. Among the most popular ETF plays of the past week, six ...