{"url":"https://etfiq.com/methodology/categories","section":"methodology","title":"How ETFIQ places a fund in a category | ETFIQ","description":"How ETFIQ places 187 funds in three categories, stocks, bonds and commodities: the claim order, each group and segment in plain words","as_of":"Aug 31, 2026","structured_data":[{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Methodology","item":"https://etfiq.com/methodology/"},{"@type":"ListItem","position":3,"name":"Categories method","item":"https://etfiq.com/methodology/categories"}]},{"@type":"WebPage","name":"How ETFIQ places a fund in a category","description":"How ETFIQ places 187 funds in three categories, stocks, bonds and commodities: the claim order, each group and segment in plain words, and the filings every placement is read from.","url":"https://etfiq.com/methodology/categories","dateModified":"2026-10-02","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":20345,"truncated":false,"content":"ETFIQ / Methodology / Categories method \n On this page\n Scope The claim order Sources Definitions and method The reference books What each rule reads today What this cannot tell you How to check any of this Where to next \n This specification describes the data as published on Oct 2, 2026 , covering 187 funds. Rebuilt every trading night.\n How ETFIQ places a fund in a category\n This is the working specification: what is in it, where every figure comes from, how it is worked out, what is checked every night, and what it cannot tell you. It is written to be checkable by someone who does not trust it.\n 187 Funds covered \n Oct 2, 2026 Figures as of \n Nightly Rebuilt from the raw sources \n\n Scope\n Segments follow the structure of Morningstar's published US fund category definitions (October 2025). Every placement is ETFIQ's own, computed from each fund's filings and holdings; none is a Morningstar Category.\n 187 funds are placed in the three categories today: 133 stock, 45 bond and 9 commodity funds. 34 of them are placed in a group and not yet in a segment, because a figure the segment needs is not read yet. 4 more funds that the figures alone would place in a category are measured on a specialist desk, and each category page links to the desk page that holds them. The structure follows the US fund categories Morningstar publishes; every placement is ETFIQ\u2019s own, computed from each fund\u2019s filings, and none is a Morningstar Category.\n The claim order\n Each fund sits in exactly one place, and the first claim that fits decides it.\n Buffer : a fund this desk measures is placed here first.\n Income : a fund this desk measures is placed here first.\n Themes : a fund this desk measures is placed here first.\n Leverage : a fund this desk measures is placed here first.\n Crypto : a fund this desk measures is placed here first.\n Alternatives : a fund this desk measures is placed here first.\n Stocks , Bonds , Commodities : every other fund, by the groups and segments below, from its own filings.\n Not placed: a fund no rule settles is placed nowhere and listed on the core funds page with the reason. It is never guessed.\n Sources\n Every source behind these figures, what it provides, and how often it is read Source What it provides Read Spec \n SEC Form N-PORT 923 facts the placements rest on As filed or published document \n The fund\u2019s holdings book, its latest filed or published holdings 348 facts the placements rest on As filed or published document \n The fund\u2019s 485BPOS prospectus on EDGAR 110 facts the placements rest on As filed or published document \n bonds.json 36 facts the placements rest on As filed or published \u00b7 \n A commodity trust\u2019s 10-Q on EDGAR 6 facts the placements rest on As filed or published document \n A commodity trust\u2019s 10-K on EDGAR 1 facts the placements rest on As filed or published document \n\n Definitions and method\n Each group and segment as the placement rule reads it.\n Stocks: U.S. stocks (ETFIQ) Funds holding mainly U.S. companies across the market, placed by company size and by value or growth. U.S. large-cap value : Holds mainly the companies that make up the largest 70% of U.S. stock market value, tilted to stocks that are cheaper or slower-growing than their peers. 13 funds \n U.S. large-cap blend : Holds mainly the companies that make up the largest 70% of U.S. stock market value, with neither value nor growth stocks predominating. 24 funds \n U.S. large-cap growth : Holds mainly the companies that make up the largest 70% of U.S. stock market value, tilted to stocks that are faster-growing and more highly priced than their peers. 14 funds \n U.S. mid-cap value : Holds mainly companies in the next 20% of U.S. stock market value, tilted to stocks that are cheaper or slower-growing than their peers. 5 funds \n U.S. mid-cap blend : Holds mainly companies in the next 20% of U.S. stock market value, with neither value nor growth stocks predominating. 6 funds \n U.S. mid-cap growth : Holds mainly companies in the next 20% of U.S. stock market value, tilted to stocks that are faster-growing and more highly priced than their peers.\n U.S. small-cap value : Holds mainly companies in the smallest 10% of U.S. stock market value, tilted to stocks that are cheaper or slower-growing than their peers. 3 funds \n U.S. small-cap blend : Holds mainly companies in the smallest 10% of U.S. stock market value, with neither value nor growth stocks predominating. 6 funds \n U.S. small-cap growth : Holds mainly companies in the smallest 10% of U.S. stock market value, tilted to stocks that are faster-growing and more highly priced than their peers.\n Private equity : A stock fund with at least 15% of its assets in illiquid holdings, mostly stakes in established private companies.\n Venture capital : A stock fund with at least 15% of its assets in illiquid holdings, mostly minority stakes in young private companies.\n Stocks: Sector stocks (ETFIQ) Funds concentrated in one of the eleven standard stock market sectors, in the U.S. or worldwide. Communications : Concentrated in telecommunications, media and interactive media companies.\n Consumer cyclical : Concentrated in companies selling discretionary goods and services, such as retailers, carmakers and homebuilders. 3 funds \n Consumer defensive : Concentrated in makers and sellers of consumer staples such as food, drink and household goods.\n Energy : Concentrated in oil, gas and coal producers, refiners, pipelines and energy services, including energy limited partnerships. 4 funds \n Financials : Concentrated in banks, insurers, brokers, asset managers and consumer lenders.\n Health care : Concentrated in drug makers, biotechnology, medical devices and health services.\n Industrials : Concentrated in aerospace and defense, machinery, construction, transport and business services.\n Materials : Concentrated in chemicals, metals and mining, construction materials, packaging and forest products.\n U.S. real estate : Concentrated in U.S. real estate investment trusts and real estate companies. 4 funds \n Global real estate : Concentrated in real estate investment trusts and real estate companies with a large share outside the U.S..\n Technology : Concentrated in software, semiconductors, computer hardware, networking and IT services. 5 funds \n Utilities : Concentrated in electric, gas and water utilities.\n Stocks: International stocks (ETFIQ) Funds holding mainly companies outside the U.S., or worldwide with 20% to 75% in the U.S. International large-cap value : Large companies outside the U.S., tilted to cheaper or slower-growing stocks; under 20% in U.S. stocks.\n International large-cap blend : Large companies outside the U.S. with no value or growth tilt; under 20% in U.S. stocks. 9 funds \n International large-cap growth : Large companies outside the U.S., tilted to faster-growing stocks; under 20% in U.S. stocks.\n International small and mid-cap value : Smaller companies outside the U.S., tilted to cheaper stocks; under 20% in U.S. stocks.\n International small and mid-cap blend : Smaller companies outside the U.S. with no value or growth tilt; under 20% in U.S. stocks.\n International small and mid-cap growth : Smaller companies outside the U.S., tilted to faster-growing stocks; under 20% in U.S. stocks.\n Global large-cap value : Large companies worldwide, 20% to 75% of them in the U.S., tilted to cheaper stocks.\n Global large-cap blend : Large companies worldwide, 20% to 75% of them in the U.S., with no value or growth tilt. 3 funds \n Global large-cap growth : Large companies worldwide, 20% to 75% of them in the U.S., tilted to faster-growing stocks.\n Global small and mid-cap : Smaller companies worldwide, 20% to 75% of them in the U.S.\n Emerging markets : Stocks spread across the developing economies, mostly in Asia and Latin America. 5 funds \n Asia-Pacific : At least 75% of the stocks in Pacific countries, at least 10% of them in Japan.\n Asia-Pacific excluding Japan : At least 75% of the stocks in Pacific countries, under 10% in Japan.\n Europe : At least 75% of the stocks in Europe.\n Latin America : At least 75% of the stocks in Latin America.\n China region : At least 75% of the stocks in China, Hong Kong and Taiwan.\n India : At least 75% of the stocks in India.\n Japan : At least 75% of the stocks in Japan.\n Single country or narrow region : At least 75% of the stocks in one country or a small region that has no segment of its own.\n Bonds: Taxable bonds (ETFIQ) Funds holding mainly taxable debt: government, corporate, securitized and foreign bonds, and Treasury bills. Cash and ultrashort : Investment-grade debt and Treasury bills with a duration under a quarter of the core bond market's, so prices barely move with rates. 4 funds \n Short-term bond : Investment-grade U.S. bonds with a duration between a quarter and three quarters of the core bond market's.\n Intermediate core bond : Investment-grade U.S. government, corporate and securitized bonds, under 5% below investment grade, with a duration near the core bond market's.\n Intermediate core-plus bond : Mostly investment-grade U.S. bonds with room for high yield, foreign and emerging-market debt, at a duration near the core bond market's.\n Long-term bond : Investment-grade U.S. bonds with a duration above one and a quarter times the core bond market's.\n Short-term government : At least 90% of the bonds backed by the U.S. government or its agencies, with a short duration.\n Intermediate-term government : At least 90% of the bonds backed by the U.S. government or its agencies, with an intermediate duration.\n Long-term government : At least 90% of the bonds backed by the U.S. government or its agencies, with a long duration.\n Government mortgage-backed : At least 90% government-backed, with about 65% or more in mortgage pools from Ginnie Mae, Fannie Mae and Freddie Mac.\n Inflation-protected : Mainly bonds whose principal rises with inflation, such as Treasury inflation-protected securities.\n Short-term inflation-protected : Inflation-protected bonds with a duration under about four years.\n Corporate bond : More than 65% in investment-grade U.S. dollar corporate bonds, at a duration near the core bond market's.\n High yield : At least 65% of the bonds rated below investment grade or unrated. 3 funds \n Bank loans : Mainly floating-rate loans to companies rated below investment grade.\n Multisector bond : Spread across government, corporate, foreign and high-yield debt, with 35% to 65% below investment grade.\n Preferred stock : More than 65% in preferred stock and perpetual bonds.\n Securitized, diversified : At least 65% in investment-grade securitized debt spread across several kinds of pool.\n Securitized, focused : At least 65% in investment-grade securitized debt of a single kind, such as collateralized loan obligations.\n Global bond : At least 40% in bonds issued outside the U.S., with the foreign currency risk kept.\n Global bond, dollar-hedged : At least 40% in bonds issued outside the U.S., with most foreign currency risk hedged back to the dollar.\n Emerging-markets bond : More than 65% in bonds from developing countries, mostly in dollars.\n Emerging-markets local-currency bond : More than 65% in developing-country bonds in their own currencies.\n Target maturity : Investment-grade bonds that all mature in the same year.\n Nontraditional bond : Flexible bond funds that can take duration to zero or below and go short.\n Bonds: Municipal bonds (ETFIQ) Funds holding mainly bonds issued by U.S. states and local governments, whose interest is generally free of federal tax. Municipal, national, short : Tax-exempt bonds from many states, with a duration under 4 years.\n Municipal, national, intermediate : Tax-exempt bonds from many states, with a duration of 4 to 6 years.\n Municipal, national, long : Tax-exempt bonds from many states, with a duration above 6 years.\n Municipal high yield : A large share of municipal bonds rated BBB or below, or unrated.\n Municipal, single state, short : Tax-exempt bonds from one state, duration under 4 years.\n Municipal, single state, intermediate : Tax-exempt bonds from one state, duration 4 to 6 years.\n Municipal, single state, long : Tax-exempt bonds from one state, duration above 6 years.\n Municipal, California, intermediate : At least 80% California municipal debt, duration 4 to 6 years.\n Municipal, California, long : At least 80% California municipal debt, duration above 6 years.\n Municipal, New York, intermediate : At least 80% New York municipal debt, duration 4 to 6 years.\n Municipal, New York, long : At least 80% New York municipal debt, duration above 6 years.\n Municipal, Massachusetts : At least 80% Massachusetts municipal debt.\n Municipal, Minnesota : At least 80% Minnesota municipal debt.\n Municipal, New Jersey : At least 80% New Jersey municipal debt.\n Municipal, Ohio : At least 80% Ohio municipal debt.\n Municipal, Pennsylvania : At least 80% Pennsylvania municipal debt.\n Municipal target maturity : Municipal bonds that all mature in the same year.\n Commodities: Commodities (ETFIQ) Funds holding commodities directly or through futures and swaps rather than shares of companies. Broad commodities : A diversified basket across energy, metals and agriculture, held as the physical goods or through futures and swaps.\n Single commodity or commodity sector : Concentrated in one commodity or one commodity sector, such as gold, silver or crude oil. 7 funds \n The reference books\n A size, value or growth placement measures a fund\u2019s holdings against the books of funds that hold the whole market, read the same way as the fund\u2019s own.\n U.S. market size the holdings of VTI as of Aug 31, 2026, 2,359 stocks. U.S. value and growth large, IWB , IWD and IWF ; mid, VO and VOE ; small, IWM and IWO ; small fallback, VB , VBR and VBK ; each book as of its own date, Aug 31, 2026, Sep 30, 2026 and Oct 1, 2026. International market size the N-PORT of VXUS for the period ending Jul 31, 2026, 8,639 stocks ( the filing ). What each rule reads today\n Where a rule works from less than its definition asks for, it says so here: what it reads today, what it does not have yet, and where that would come from.\n us.size-style (size) Today: the size the prospectus states for its index; otherwise each holding's place in a cap-weighted total-market book ( VTI ), one snapshot. Not read yet: each holding's market capitalisation, averaged over three years. It would come from SEC XBRL frames (dei:EntityCommonStockSharesOutstanding, one request for every filer) times the price N-PORT gives as value over balance. us.size-style (style) Today: which of Russell's and CRSP's growth and value index books hold each stock, fitted by size band from IWB / IWD / IWF , VO / VOE , IWM / IWO and VB / VBR /VBK. Not read yet: each holding's price ratios, dividend yield and growth rates, the inputs a value or growth score is built from. It would come from SEC XBRL company facts (earnings, book value, revenue, cash flow) joined to prices. foreign and global size-style (style) Today: the prospectus: a value, growth or dividend selection, or an index weighted by market value and nothing else (blend). Not read yet: a value and growth split of non-U.S. stocks. It would come from the N-PORTs of a non-U.S. value index fund and its growth twin (EFV and EFG), read like the U.S. pairs. foreign and global size-style (size) Today: the prospectus size statement; otherwise each holding's place in its region inside the all-world ex-U.S. N-PORT ( VXUS ), joined on ISIN, regions from a country table. Not read yet: market capitalisation inside each economically integrated market. It would come from as for U.S. size, with the regions Morningstar names. sector.strategy and sector.holdings Today: the sector the prospectus confines the fund to, checked against the stocks GICS-classified sector funds hold (all eleven Select Sector SPDRs cover the S&P 500; seven Vanguard sector funds cover all caps). Not read yet: the sector of every holding. It would come from the all-cap sector books not yet carried (VFH, VIS, VCR, VAW and the global iShares sector funds), or SEC SIC codes from EDGAR submissions mapped to the eleven. bond duration levels Today: site/data/bonds.json gives each fund's duration from its own N-PORT; bonds.py refuses BOND , MINT and BOXX on its own checks, does not read BINC or PFF because core.json files them as equity, and the reference is AGG 's single latest filing. Not read yet: a duration for three funds, and the reference's three-year average. It would come from a later N-PORT that passes bonds.py's checks; bonds.py choosing its funds from this file's categories instead of core.json's kind; AGG 's filings over three years. bond credit (high yield, multisector, core and core-plus, global, securitized) Today: the share of credit spread DV01 below investment grade from bonds.json (N-PORT Item B.3.b), a share of credit risk; the prospectus where bonds.json has none. Not read yet: the share of each fund's assets below investment grade, which is what the definitions' lines count. It would come from a rating per holding, which N-PORT does not carry; the shareholder report's quality table. bond.muni (state) Today: the prospectus saying national. Not read yet: the state of each municipal bond. It would come from the issuer in each bond's description, or MSRB EMMA by CUSIP. bond.preferred and target maturity Today: preferred stock as N-PORT files it; target maturity not tested. Not read yet: each bond's maturity (perpetual bonds count toward preferred; one maturity year makes a target-maturity fund). It would come from N-PORT debtSec maturity dates, in site/data/bonds.json. bond.loans and floating rate Today: N-PORT loans (LON) only. Not read yet: coupon type per bond. It would come from N-PORT debtSec couponKind, in site/data/bonds.json. nontraditional bond Today: not tested. Not read yet: an absolute-return mandate or short duration positions. It would come from the prospectus and N-PORT short positions. us.private Today: Level 3 or restricted holdings over 15% of net assets make the fund partial. Not read yet: whether private stakes control established companies or are minority stakes in young ones. It would come from the schedule of investments in the fund's shareholder report. asset.funds Today: only held funds this run also classifies are seen through. Not read yet: what the funds a fund holds own. It would come from each held fund's own N-PORT, found from the ISIN the holder files. asset.allocation Today: allocation funds are unclassified. Not read yet: a home. It would come from a decision. What this cannot tell you\n A placement says what a fund holds, not whether it is a good fund or right for anyone.\n A placement can move when a fund files new holdings or a new prospectus; each page carries its date.\n A fund a specialist desk measures is placed on that desk, so a category page does not list every fund that holds what its name says.\n How to check any of this\n Every published figure is available as JSON at a stable address on the open data page , free to use with attribution and the as-of date. Every number is recomputed nightly from the raw sources by independent code and the result is published on the statistics page . Where ETFIQ has published a figure that turned out to be wrong, it is recorded on the corrections page rather than quietly changed.\n ETFIQ is an independent publisher of exchange-traded fund data. It is not a fund issuer, broker-dealer or investment adviser, takes no payment from issuers, and makes no recommendations. A figure marked ETFIQ is one ETFIQ computed; every other figure is the issuer\u2019s or the exchange\u2019s, and is labeled as such on the page it appears on.\n Where to next\n Stock ETFs Bond ETFs Commodity ETFs Every core fund The data Every method \n Cite this page. ETFIQ, How ETFIQ places a fund in a category, data as of Oct 2, 2026. https://etfiq.com/methodology/categories Free to use with attribution ; the underlying files are at Open data .\n Other forms Plain ETFIQ, How ETFIQ places a fund in a category, data as of Oct 2, 2026. https://etfiq.com/methodology/categories APA ETFIQ. (Oct 2, 2026). How ETFIQ places a fund in a category. Retrieved from https://etfiq.com/methodology/categories Markdown [How ETFIQ places a fund in a category (ETFIQ, Oct 2, 2026)](https://etfiq.com/methodology/categories)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Aug 31, 2026. https://etfiq.com/methodology/categories"}