Best Of 2016: Do Commission Free ETFs Sway Decisions?

The idea of commission-free ETF platforms is appealing, but offering a fund free of transaction costs may not matter that much to most advisors.

Reviewed by: Cinthia Murphy
Edited by: Cinthia Murphy

[Editor's Note: We are rerunning some of our best stories of 2016.]

There’s a growing number of ETFs being offered commission-free across various platforms. But when it comes to picking the right ETF for a client, are advisors swayed by the appeal of commission-free ETFs? In other words, is that a key driver in advisor choice of one ETF over another in a given segment?

The answer, put simply, is that it depends—and it depends primarily on the size of the advisory and the size of the account.

Michael Kitces, financial advisor and the author of the “Nerd's Eye View” blog, says that for most advisors who manage “fairly sizable ETF portfolios,” having a fund be offered commission-free “rarely” sways their ETF pick.

Expense Ratios More Important

“For most of the ‘commoditized’ big-index solutions, advisors gravitate to the ones that clearly have lowest cost, e.g., Vanguard, BlackRock, and just let the transaction costs be paid,” Kitces said.

According to him, in most cases, fees of about $9.95 or less per trade isn’t all that material for accounts that are big, as in those with hundreds of thousands, or millions of dollars in assets.

In those cases, the cost of trading is “typically made up by just picking the lowest-expense-ratio ETF over any reasonable holding period,” he said.

“If the advisor wants to buy a more ‘specialized’ ETF, they’ll buy because of its specialized role, not its lack of transaction costs,” added Kitces.

Other Factors Matter More

Kitces’ view is hardly unique. Kevin Grogan, director of investment strategy at BAM Advisors—a member of the BAM Alliance comprising some 140 independent wealth management firms—also says account size plays a role here, and that other factors trump trading fees when it comes to picking the right ETF for a client.

“For our clients, whether or not an ETF has a transaction fee tends not to be a huge factor in which ETF is selected for a portfolio,” Grogan said. “The reason for this is that we don’t trade all that much, so the transaction fee isn’t incurred very often. When we do trade, it tends to be in sizes that are large enough that the transaction fee is small in percentage terms—normally 1 basis point or less.”

So when does commission-free matter? As Grogan put it: “When we need to park cash for a period of time before we accumulate enough cash to buy [a security], we’ll use a no-transaction fee short-term bond ETF for a period of time.”

No-Commission Matters For Smaller Accounts

It also matters for advisors working with a smaller portfolio or a smaller account, where trading fees can represent a significant cost.

“The one scenario where I do commonly see advisors ‘swayed’ by no-transaction-cost ETFs is when the advisor either works with much smaller clients/accounts, where even $9.95 trades are a material transaction cost,” Kitces said.

“That could be an advisor who specializes in smaller clients, or in cases where the advisor has a ‘small accounts’ portfolio model,” he noted.


The ETF Issuer Perspective

If advisors aren’t necessarily swayed by the allure of commission-free offerings, why would ETF issuers pay up to participate in commission-free platforms?

Costs to join vary product by product, even within one issuer’s lineup of offerings, and can quickly add up to tens of thousands of dollars a year on top of basis-points-per-product offered. It’s a form of pay-to-play, with the ultimate goal of attracting assets and investor attention.

To a firm like Guggenheim, one of the issuers with the biggest number of ETFs on Schwab’s commission-free platform, the Schwab ETF OneSource—some 44 funds in all—there’s no question that participating in such a platform is good for business. But determining how good is hardly easy.

“We’ve found that advisors have gravitated to commission-free ETFs more so than [Schwab] even thought they would at the outset in February 2013,” said Bill Belden, head of ETF business development for Guggenheim. “One of the things we found is that the platform has been a meaningful opportunity to increase the visibility and value of investing in ETFs to the retail audience.”

Specifically to Guggenheim, which doesn’t market or distribute ETFs directly to retail investors, participation in OneSource has meant access to a new demographic of investors. That’s the primary “why” for joining the platform. There’s also a halo benefit of increased visibility to Guggenheim’s other products not offered on the platform.

Is It Worth It?

“It’s worth it,” Belden said. “But the degree to which it’s worth it varies by product. It’s hard to make a blanket assessment. It’s a product-by-product determination.”

Ben Fulton, an ETF expert who once was at the helm of PowerShares’ ETF efforts, and now is behind a new ETF issuer, Elkhorn, is on the fence about the whole idea.

When PowerShares first signed up with OneSource, under Fulton, the decision centered on “helping” advisors with product selection, and helping PowerShares “get to the end investor on high branded products.”

Today, however, as he leads Elkhorn, Fulton has chosen thus far to stay out of commission-free platforms, because he isn’t sure the cost issuers pay translates into asset gains.

Jury Is Out

“We were one of the first to join at PowerShares, but I've chosen not to do that so far here [at Elkhorn], and it's not because I don't like or respect the platform, but I realized if it's a good product, I don't think it matters to the advisor,” Fulton said. “The jury's still out on the assets sitting in those ETFs. Is it because of the free commission, or is it because those are widely held products anyhow?”

“I think it's going to be interesting as we start seeing some of those original contracts be renewed and renegotiated,” Fulton said. “I won't say that we won't add some of our products into those suites. But it's not a guarantee for success that, just because you negotiated that fee, all of a sudden that's going to make your ETFs successful. It's one facet of distribution.”

According to Charles Schwab, assets in ETFs offered commission-free in the platform are growing at roughly twice the pace as those not in the program.

Schwab Commission-Free ETF Assets Growing

Schwab’s data show that at the end of the third quarter, total ETF assets in OneSource totaled $63 billion, up 28% year-to-date. By comparison, non-OneSource ETF assets at Schwab, totaling $229 billion, were up only 11% year-to-date, the company says.

What’s more, Schwab’s most recent 2016 Investor Study says that “80% of RIAs surveyed say that commission-free trading is important when choosing an ETF,” and 38% say it’s “extremely important.” Among retail investors, 89% of them say that commission-free trading is important when choosing an ETF, and 48% said it’s “extremely important,” Schwab says.

The data would suggest that commission-free matters in advisor and investor decisions about which ETF to own—at least among RIAs clearing through Schwab and Schwab investors.

There are 529 ETFs offered on at least one commission-free platform: 



Fund Ticker E*Trade Charles
Fidelity TD
Vanguard IB*
Alerian Energy Infrastructure ETF ENFR   X        
ALPS Emerging Sector Dividend Dogs ETF EDOG   X        
ALPS International Sector Dividend Dogs ETF IDOG   X        
ALPS Sector Dividend Dogs ETF SDOG   X        
Cambria Foreign Shareholder Yield ETF FYLD           X
Cambria Global Asset Allocation ETF GAA           X
Cambria Global Momentum ETF GMOM           X
Cambria Global Value ETF GVAL           X
Cambria Shareholder Yield ETF SYLD           X
Cambria Sovereign Bond ETF SOVB           X
Cambria Value and Momentum ETF VAMO           X
CurrencyShares Australian Dollar Trust FXA   X        
CurrencyShares British Pound Sterling FXB   X        
CurrencyShares Canadian Dollar Trust FXC   X        
CurrencyShares Euro Trust FXE   X        
CurrencyShares Japanese Yen Trust FXY   X        
CurrencyShares Swedish Krona Trust FXS   X        
CurrencyShares Swiss Franc Trust FXF   X        
DBX MSCI Brazil Hedged Equity ETF DBBR X          
DBX MSCI EAFE Hedged Equity ETF DBEF X X        
DBX MSCI Emerging Mkts Hdgd Equity ETF DBEM X X        
DBX MSCI Germany Hedged Equity ETF DBGR X          
DBX MSCI Japan Hedged Equity ETF DBJP X          
Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF DBAW   X        
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF HDAW   X        
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF DBEZ   X        
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF RVNU   X        
Direxion All Cap Insider Sentiment Shares KNOW   X        
Direxion iBillionaire Index ETF IBLN   X        
Direxion NASDAQ-100 Equal Weighted Index Shares QQQE   X        
Direxion Zacks MLP High Income Index Shares ZMLP   X        
ETFS Diversified-Factor U.S. Large Cap Index Fund SBUS   X        
ETFS Physical Palladium Shares PALL   X        
ETFS Physical Platinum Shares PPLT   X        
ETFS Physical Precious Metals Basket Shares GLTR   X        
ETFS Physical Silver Shares SIVR   X        
ETFS Physical Swiss Gold Shares SGOL   X        
Fidelity Core Dividend ETF FDVV     X      
Fidelity Corporate Bond ETF FCOR     X      
Fidelity Dividend ETF For Rising Rates FDRR     X      
Fidelity Limited Term Bond ETF FLTB     X      
Fidelity Low Volatility Factor ETF FDLO     X      
Fidelity Momentum Factor ETF FDMO     X      
Fidelity MSCI Consumer Discretionary Index ETF FDIS     X      
Fidelity MSCI Consumer Staples Index ETF FSTA     X      
Fidelity MSCI Energy Index ETF FENY     X      
Fidelity MSCI Financials Index ETF FNCL     X      
Fidelity MSCI Health Care Index ETF FHLC     X      
Fidelity MSCI Industrials Index ETF FIDU     X      
Fidelity MSCI Information Technology Index ETF FTEC     X      
Fidelity MSCI Materials Index ETF FMAT     X      
Fidelity MSCI Real Estate Index ETF FREL     X      
Fidelity MSCI Telecommunication Services Index ETF FCOM     X      
Fidelity MSCI Utilities Index ETF FUTY     X      
Fidelity NASDAQ Composite Index ETF ONEQ     X      
Fidelity Quality Factor ETF FQAL     X      
Fidelity Total Bond ETF FBND     X      
Fidelity Value Factor ETF FVAL     X      
Global X Brazil Consumer ETF BRAQ X          
Global X Brazil Mid Cap ETF BRAZ X          
Global X China Energy ETF CHIE X          
Global X China Financials ETF CHIX X          
Global X China Industrials ETF CHII X          
Global X China Materials ETF CHIM X          
Global X China Technology ETF QQQC X          
Global X Conscious Companies ETF KRMA X          
Global X Copper Miners ETF COPX X          
Global X Fertilizers/Potash ETF SOIL X          
Global X FTSE Andean 40 ETF AND X          
Global X FTSE ASEAN 40 ETF ASEA X          
Global X Guru Activist Index ETF ACTX X         X
Global X Guru Index ETF GURU X         X
Global X Guru International Index ETF GURI X         X
Global X JPMorgan Efficiente Index ETF EFFE X         X
Global X JPMorgan US Sector Rotator Index ETF  SCTO X X       X
Global X Junior MLP ETF MLPJ X         X
Global X MLP & Energy Infrastructure ETF MLPX X         X
Global X MLP ETF MLPA X X       X
Global X MSCI Pakistan ETF PAK X          
Global X Next Emerging & Frontier ETF EMFM X          
Global X Nigeria Index ETF NGE X          
Global X Permanent ETF PERM X         X
Global X S&P 500 Catholic Values ETF CATH X          
Global X Scientific Beta Asia ex-Japan ETF SCIX X         X
Global X Scientific Beta Europe ETF SCID X         X
Global X Scientific Beta Japan ETF SCIJ X         X
Global X Scientific Beta US ETF SCIU X         X
Global X SuperDividend Alternatives ETF ALTY X         X
Global X SuperDividend Emerging Markets ETF SDEM X         X
Global X SuperDividend REIT ETF SRET X         X
Global X SuperDividend U.S. ETF DIV X         X
Global X SuperDividend ETF SDIV X         X
Global X SuperIncome Preferred ETF SPFF X         X
Global X YieldCo Index ETF YLCO X          
Guggenheim BRIC ETF EEB   X        
Guggenheim BulletShares 2016 Corporate Bond ETF BSCG   X        
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF BSJG   X        
Guggenheim BulletShares 2017 Corporate Bond ETF BSCH   X        
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF BSJH   X        
Guggenheim BulletShares 2018 Corporate Bond ETF BSCI   X        
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF BSJI   X        
Guggenheim BulletShares 2019 Corporate Bond ETF BSCJ   X        
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF BSJJ   X        
Guggenheim BulletShares 2020 Corporate Bond ETF BSCK   X        
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF BSJK   X        
Guggenheim BulletShares 2021 Corporate Bond ETF BSCL   X        
Guggenheim BulletShares 2021 High Yield Corporate Bond ETF BSJL   X        
Guggenheim BulletShares 2022 Corporate Bond ETF BSCM   X        
Guggenheim BulletShares 2022 High Yield Corporate Bond ETF BSJM   X        
Guggenheim BulletShares 2023 Corporate Bond ETF BSCN   X        
Guggenheim BulletShares 2023 High Yield Corporate Bond ETF BSJN   X        
Guggenheim BulletShares 2024 Corporate Bond ETF BSCO   X        
Guggenheim BulletShares 2025 Corporate Bond ETF BSCP   X        
Guggenheim China All-Cap ETF YAO   X        
Guggenheim China Small Cap ETF HAO   X        
Guggenheim China Technology ETF CQQQ   X        
Guggenheim Defensive Equity ETF DEF   X        
Guggenheim Frontier Markets ETF FRN   X        
Guggenheim International Multi-Asset Income ETF HGI   X        
Guggenheim MSCI Emerging Markets Equal Country Weight ETF EWEM   X        
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF RCD   X        
Guggenheim S&P 500 Equal Weight Consumer Staples ETF RHS   X        
Guggenheim S&P 500 Equal Weight ETF RSP   X        
Guggenheim S&P 500 Equal Weight Energy ETF RYE   X        
Guggenheim S&P 500 Equal Weight Financials ETF RYF   X        
Guggenheim S&P 500 Equal Weight Health Care ETF RYH   X        
Guggenheim S&P 500 Equal Weight Industrials ETF RGI   X        
Guggenheim S&P 500 Equal Weight Materials ETF RTM   X        
Guggenheim S&P 500 Equal Weight Technology ETF RYT   X        
Guggenheim S&P 500 Equal Weight Utilities ETF RYU   X        
Guggenheim S&P 500 Pure Growth ETF RPG   X        
Guggenheim S&P 500 Pure Value ETF RPV   X        
Guggenheim S&P 500 Top 50 ETF XLG   X        
Guggenheim S&P Global Water Index ETF CGW   X        
Guggenheim S&P MidCap 400 Pure Growth ETF RFG   X        
Guggenheim S&P MidCap 400 Pure Value ETF RFV   X        
Guggenheim S&P SmallCap 600 Equal Weight ETF EWSC   X        
Guggenheim S&P SmallCap 600 Pure Growth ETF RZG   X        
Guggenheim S&P SmallCap 600 Pure Value ETF RZV   X        
Infracap MLP ETF AMZA           X
iPath Bloomberg Commodity Index Total Return ETN DJP       X    
IQ 50 Percent Hedged FTSE Europe ETF HFXE   X        
IQ 50 Percent Hedged FTSE International ETF HFXI   X        
IQ 50 Percent Hedged FTSE Japan ETF HFXJ   X        
IQ Enhanced Core Bond U.S. ETF AGGE   X        
IQ Enhanced Core Plus Bond U.S. ETF AGGP   X        
IQ Global Agribusiness Small Cap ETF CROP   X        
IQ Global Resources ETF GRES   X        
IQ Hedge Market Neutral Tracker ETF QMN   X        
IQ Hedge Multi-Strategy Tracker ETF QAI   X        
IQ Merger Arbitrage ETF MNA   X        
iShares 0-5 Year High Yield Corporate Bond ETF SHYG     X      
iShares 0-5 Year Investment Grade Corporate Bond ETF SLQD     X      
iShares 0-5 Year TIPS Bond ETF STIP     X      
iShares 1-3 Year Credit Bond ETF CSJ       X    
iShares 1-3 Year International Treasury Bond ETF ISHG     X      
iShares 1-3 Year Treasury Bond ETF SHY     X X    
iShares 20+ Year Treasury Bond ETF TLT     X X    
iShares 3-7 Year Treasury Bond ETF IEI     X X    
iShares 7-10 Year Treasury Bond ETF IEF     X      
iShares Agency Bond ETF AGZ     X      
iShares California AMT-Free Bond ETF CMF     X      
iShares China Large-Cap ETF FXI       X    
iShares Core 10+ Year USD Bond ETF ILTB     X      
iShares Core 1-5 Year USD Bond ETF ISTB     X      
iShares Core Aggressive Allocation ETF AOA       X    
iShares Core Conservative Allocation ETF AOK       X    
iShares Core Dividend Growth ETF DGRO     X      
iShares Core Growth Allocation ETF AOR       X    
iShares Core High Dividend ETF HDV     X      
iShares Core International Aggregate Bond ETF IAGG     X      
iShares Core Moderate Allocation ETF AOM       X    
iShares Core MSCI EAFE ETF IEFA     X      
iShares Core MSCI Emerging Markets ETF IEMG     X      
iShares Core MSCI Europe ETF IEUR     X      
iShares Core MSCI Pacific ETF IPAC     X      
iShares Core MSCI Total Interanational Stock ETF IXUS     X      
iShares Core S&P 500 ETF IVV     X X    
iShares Core S&P Mid-Cap ETF IJH     X X    
iShares Core S&P Small-Cap ETF IJR     X X    
iShares Core S&P Total U.S. Stock Market ETF ITOT     X      
iShares Core Total USD Bond Market ETF IUSB     X      
iShares Core U.S. Aggregate Bond ETF AGG     X X    
iShares Core US Growth ETF IUSG     X      
iShares Core US Treasury Bond ETF GOVT     X      
iShares Core US Value ETF IUSV     X      
iShares Edge MSCI Min Vol Eafe ETF EFAV     X      
iShares Edge MSCI Min Vol Emerging Markets ETF EEMV     X      
iShares Edge MSCI Min Vol Global ETF ACWV     X      
iShares Edge MSCI Min Vol Usa ETF USMV     X      
iShares Emerging Markets Dividend ETF DVYE     X      
iShares Emerging Markets Local Currency Bond ETF LEMB     X      
iShares Europe ETF IEV     X      
iShares Floating Rate Note ETF FLOT     X      
iShares Global 100 ETF IOO       X    
iShares GNMA Bond ETF GNMA     X      
iShares iBoxx $ High Yield Corporate Bond ETF HYG     X      
iShares iBoxx $ Investment Grade Corporate Bond ETF LQD     X      
iShares iBoxx $ Investment Grade Corporate Bond ETF LQD       X    
iShares India 50 ETF INDY     X      
iShares Intermediate Credit Bond ETF CIU       X    
iShares Intermediate Government/Credit Bond ETF GVI     X X    
iShares International Developed Real Estate ETF IFGL     X      
iShares International Select Dividend ETF IDV     X      
iShares International Treasury Bond ETF IGOV     X      
iShares J.P. Morgan USD Emerging Markets Bond ETF EMB     X      
iShares Latin America 40 ETF ILF     X X    
iShares MBS ETF MBB     X X    
iShares Microcap ETF IWC     X      
iShares MSCI ACWI ETF ACWI     X X    
iShares MSCI All Country Asia Ex Japan ETF AAXJ     X X    
iShares MSCI Australia ETF EWA       X    
iShares MSCI Brazil Capped ETF EWZ       X    
iShares MSCI BRIC ETF BKF     X X    
iShares MSCI Canada ETF EWC       X    
iShares MSCI China ETF MCHI     X      
iShares MSCI EAFE Growth ETF EFG     X X    
iShares MSCI EAFE Small-Cap ETF SCZ     X X    
iShares MSCI EAFE Value ETF EFV     X X    
iShares MSCI Emerging Markets Small-Cap ETF EEMS     X      
iShares MSCI France ETF EWQ       X    
iShares MSCI Frontier 100 ETF FM     X      
iShares MSCI Germany ETF EWG       X    
iShares MSCI Global Agriculture Producers ETF VEGI     X      
iShares MSCI Global Gold Miners ETF RING     X      
iShares MSCI Global Select Metals & Mining Producers ETF PICK     X      
iShares MSCI Global Silver Miners ETF SLVP     X      
iShares MSCI Italy Capped ETF EWI       X    
iShares MSCI Japan ETF EWJ     X X    
iShares MSCI Spain Capped ETF EWP       X    
iShares MSCI United Kingdom ETF EWU       X    
iShares National Muni Bond ETF MUB     X X    
iShares New York AMT-Free Muni Bond ETF NYF     X      
iShares Russell 1000 ETF IWB       X    
iShares Russell 1000 Growth ETF WF       X    
iShares Russell 1000 Value ETF IWD       X    
iShares Russell 2000 Growth ETF IWO       X    
iShares Russell 2000 Value ETF IWN       X    
iShares Russell 3000 ETF IWV       X    
iShares Russell Mid-Cap Growth ETF IWP       X    
iShares Russell Mid-Cap Value ETF IWS       X    
iShares S&P 100 ETF OEF     X X    
iShares S&P 500 Growth ETF IVW     X      
iShares S&P 500 Value ETF IVE     X X    
iShares S&P Midcap 400 Growth ETF IJK     X      
iShares S&P Midcap 400 Value ETF IJJ     X      
iShares S&P Short Term National AMT-Free Bond ETF SUB     X      
iShares S&P SmallCap 600 Growth ETF IJT     X      
iShares S&P Small-Cap 600 Value ETF IJS     X X    
iShares Select Dividend ETF DVY     X      
iShares Short Treasury Bond ETF SHV     X      
iShares TIPS Bond ETF TIP     X X    
iShares U.S. Preferred Stock ETF PFF     X      
John Hancock Multifactor Consumer Discretionary ETF JHMC   X        
John Hancock Multifactor Consumer Staples ETF JHMS   X        
John Hancock Multifactor Energy ETF JHME   X        
John Hancock Multifactor Financials ETF JHMF   X        
John Hancock Multifactor Health Care ETF JHMH   X        
John Hancock Multifactor Industrial ETF JHMI   X        
John Hancock Multifactor Large Cap ETF JHML   X        
John Hancock Multifactor Materials ETF JHMA   X        
John Hancock Multifactor Mid Cap ETF JHMM   X        
John Hancock Multifactor Technology ETF JHMT   X        
John Hancock Multifactor Utilities ETF JHMU   X        
JPMorgan Diversified Return Emerging Markets Equity ETF JPEM   X        
JPMorgan Diversified Return Europe Equity ETF JPEU   X        
JPMorgan Diversified Return Global Equity ETF JPGE   X        
JPMorgan Diversified Return International Currency Hedged ETF JPIH   X        
JPMorgan Diversified Return International Equity ETF JPIN   X        
JPMorgan Diversified Return U.S. Equity ETF JPUS   X        
O'Shares FTSE Asia Pacific Quality Dividend ETF OAPH           X
O'Shares FTSE Asia Pacific Quality Dividend ETF OASI           X
O'Shares FTSE Europe Quality Dividend ETF OEUR           X
O'Shares FTSE Europe Quality Dividend Hedged ETF OEUH           X
O'Shares FTSE US Quality Dividend ETF OUSA           X
PIMCO 0-5 Year High Yield Corporate Bond Index ETF HYS   X        
PIMCO 1-5 Year U.S. TIPS Index ETF STPZ       X    
PIMCO 25+ Year Zero Coupon U.S. Treasury ETF ZROZ   X        
PIMCO Investment Grade Corporate Bond ETF CORP   X        
PowerShares Buyback Achievers Portfolio PKW   X        
PowerShares DB Commodity Index Tracking Fund DBC       X    
PowerShares DB G10 Currency Harvest Fund DBV       X    
PowerShares DB Oil Fund DBO       X    
PowerShares DWA Developed Markets Momentum Porfolio PIZ   X        
PowerShares DWA Emerging Markets Momentum Portfolio  PIE   X        
PowerShares DWA Momentum Portfolio PDP   X        
PowerShares DWA SmallCap Momentum Portfolio DWAS   X        
PowerShares Dynamic Media Portfolio PBS   X        
PowerShares Emerging Markets Sovereign Debt Portfolio PCY   X   X    
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio PAF   X        
Powershares Fundamental High Yield Corporate Bond Portfolio PHB   X        
PowerShares Global Gold & Precious Metals Portfolio PSAU   X        
PowerShares Global Short Term High Yield Bond Portfolio PGHY   X        
PowerShares India Portfolio PIN   X        
PowerShares International Dividend Achievers Portfolio PID   X        
PowerShares Multi-strategy Alternative Portfolio LALT   X        
PowerShares Preferred Portfolio PGX   X        
PowerShares S&P 500 High Beta Portfolio SPHB   X        
PowerShares S&P 500 Low Volatility Portfolio SPLV   X        
PowerShares S&P Emerging Markets Low Volatility Portfolio EELV   X        
PowerShares S&P International Developed Low Volatility Portfolio IDLV   X        
PowerShares Senior Loan Portfolio BKLN   X        
PowerShares Variable Rate Preferred Portfolio VRP   X        
ProShares Hedged FTSE Europe ETF HGEU   X        
ProShares Hedged FTSE Japan ETF HGJP   X        
ProShares High Yield-Interest Rate Hedged ETF HYHG   X        
ProShares Investment Grade-Interest Rate Hedged  IGHG   X        
ProShares Large Cap Core Plus CSM   X        
ProShares Morningstar Alternatives ETF ALTS   X        
ProShares RAFI Long/Short RALS   X        
ProShares S&P 500 Dividend Aristocrats Portfolio NOBL   X        
Schwab Emerging Markets Equity ETF SCHE   X        
Schwab Fundamental Emerging Markets Large Co. Index ETF FNDE   X        
Schwab Fundamental International Large Co. Index ETF FNDF   X        
Schwab Fundamental International Small Co. Index ETF FNDC   X        
Schwab Fundamental US Broad Market Index ETF FNDB   X        
Schwab Fundamental US Large Co. Index ETF FNDX   X        
Schwab Fundamental US Small Co. Index ETF FNDA   X        
Schwab Intermediate-Term US Treasury ETF SCHR   X        
Schwab International Equity ETF SCHF   X        
Schwab International Small-Cap Equity ETF SCHC   X        
Schwab Short-Term U.S. Treasury ETF SCHO   X        
Schwab U.S. Aggregate Bond ETF SCHZ   X        
Schwab U.S. Broad Market ETF SCHB   X        
Schwab U.S. Dividend Equity ETF SCHD   X        
Schwab U.S. Large-Cap ETF SCHX   X        
Schwab U.S. Large-Cap Growth ETF SCHG   X        
Schwab U.S. Large-Cap Value ETF SCHV   X        
Schwab U.S. Mid-Cap ETF SCHM   X        
Schwab U.S. REIT ETF SCHH   X        
Schwab U.S. Small-Cap ETF SCHA   X        
Schwab U.S. TIPS ETF SCHP   X        
SPDR Bloomberg Barclays International Treasury Bond ETF BWX   X   X    
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF BWZ   X        
SPDR Blackstone / GSO Senior Loan ETF SRLN   X        
SPDR Bloomberg Barclays Convertible Securities ETF CWB   X        
SPDR Bloomberg Barclays International Corporate Bond ETF IBND   X        
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF FLRN   X        
SPDR Bloomberg Barclays Long Term Treasury ETF TLO   X        
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF CJNK   X        
SPDR Dorsey Wright Fixed Income Allocation ETF DWFI   X        
SPDR MFS Systematic Core Equity ETF SYE   X        
SPDR MFS Systematic Growth EquitYield Corporate Bond ETF SYG   X        
SPDR MFS Systematic Value Equity ETF SYV   X        
SPDR MSCI ACWI Low Carbon Target ETF LOWC   X        
SPDR MSCI Australia StrategicFactors ETF QAUS   X        
SPDR MSCI Canada StrategicFactors ETF QCAN   X        
SPDR MSCI Emerging Markets StrategicFactors ETF QEMM   X        
SPDR MSCI Germany StrategicFactors ETF QDEU   X        
SPDR MSCI Japan StrategicFactors ETF QJPN   X        
SPDR MSCI Spain StrategicFactors ETF QESP   X        
SPDR MSCI United Kingdom StrategicFactors ETF QGBR   X        
SPDR MSCI USA StrategicFactors ETF QUS   X        
SPDR Nuveen S&P High Yield Municipal Bond ETF HYMB   X        
SPDR S&P 1000 ETF SMD   X        
SPDR S&P 400 Mid Cap Growth ETF MDYG   X        
SPDR S&P 400 Mid Cap Value ETF MDYV   X        
SPDR S&P 500 Fossil Fuel Reserves Free ETF SPYX   X        
SPDR S&P 500 High Dividend ETF SPYD   X        
SPDR S&P 600 Small Cap Growth ETF SLYG   X        
SPDR S&P 600 Small Cap Value ETF SLYV   X        
SPDR S&P China ETF GXC   X   X    
SPDR S&P Emerging Asia Pacific ETF GMF   X        
SPDR S&P Emerging Markets Dividend ETF EDIV   X        
SPDR S&P Global Dividend ETF WDIV   X        
SPDR S&P Global Natural Resources ETF GNR   X        
SPDR S&P International Dividend ETF DWX   X        
SPDR SSGA Gender Diversity Index ETF SHE   X        
SPDR SSgA Global Allocation ETF GAL   X        
SPDR SSgA Income Allocation ETF INKM   X        
SPDR SSgA Multi-Asset Real Return ETF RLY   X        
SPDR STOXX Europe 50 ETF FEU   X        
SPDR Wells Fargo Preferred Stock ETF PSK   X        
SPDRÂ Bloomberg Barclays High Yield Bond ETF JNK       X    
SPDRÂ Citi International Government Inflation-Protected Bond ETF WIP       X    
SPDRÂ Dow Jones Global Real Estate ETF RWO   X   X    
SPDRÂ Dow Jones International Real Estate ETF RWX   X   X    
SPDRÂ Dow Jones REIT ETF RWR       X    
SPDRÂ Nuveen Bloomberg Barclays Municipal Bond ETF TFI   X   X    
SPDRÂ Nuveen Bloomberg Barclays Short Term Municipal Bond ETF SHM   X   X    
SPDRÂ S&P Emerging Europe ETF GUR       X    
SPDRÂ S&P Emerging Markets Small Cap ETF EWX   X   X    
Sprott Gold Miners ETF SGDM   X        
United States 12 Month Natural Gas ETF UNL   X        
United States 12 Month Oil Fund, LP USL   X        
United States Commodity Index ETF USCI   X        
United States Gasoline ETF UGA   X        
VanEck Vectors AMT-Free Intermediate Municipal Index ETF ITM       X    
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC       X    
VanEck Vectors Russia ETF RSX       X    
Vanguard Consumer Discretionary Index Fund VCR         X  
Vanguard Consumer Staples Index Fund VDC         X  
Vanguard Dividend Appreciation Index Fund VIG       X X  
Vanguard Emerging Markets Government Bond Index Fund VWOB         X  
Vanguard Energy Index Fund VDE         X  
Vanguard Extended Duration Treasury Index Fund EDV       X X  
Vanguard Extended Market Index Fund VXF       X X  
Vanguard Financials Index Fund VFH         X  
Vanguard FTSE All-World ex-US Index Fund VEU       X X  
Vanguard FTSE All-World ex-US Small-Cap Index Fund VSS       X X  
Vanguard FTSE Developed Markets Index Fund VEA       X X  
Vanguard FTSE Emerging Markets Index Fund VWO       X X  
Vanguard FTSE Europe Index Fund VGK       X X  
Vanguard FTSE Pacific Index Fund VPL         X  
Vanguard Global ex-US Real Estate Index Fund VNQI         X  
Vanguard Growth Index Fund VUG       X X  
Vanguard Health Care Index Fund VHT         X  
Vanguard High Dividend Yield Index Fund VYM       X X  
Vanguard Industrials Index Fund VIS         X  
Vanguard Information Technology Index Fund VGT         X  
Vanguard Intermediate-Term Bond Index Fund BIV       X X  
Vanguard Intermediate-Term Corporate Bond Index Fund VCIT       X X  
Vanguard Intermediate-Term Government Bond Index Fund VGIT       X X  
Vanguard International Dividend Appreciation Index Fund VIGI         X  
Vanguard International High Dividend Yield Index Fund VYMI         X  
Vanguard Large Cap Index Fund VV         X  
Vanguard Long-Term Bond Index Fund BLV       X X  
Vanguard Long-Term Corporate Bond Index Fund VCLT       X X  
Vanguard Long-Term Government Bond Index Fund VGLT       X X  
Vanguard Materials Index Fund VAW         X  
Vanguard Mega Cap Growth Index Fund MGK       X X  
Vanguard Mega Cap Index Fund MGC         X  
Vanguard Mega Cap Value Index Fund MGV         X  
Vanguard Mid-Cap Growth Index Fund VOT       X X  
Vanguard Mid-Cap Index Fund VO       X X  
Vanguard Mid-Cap Value Index Fund VOE       X X  
Vanguard Mortgage-Backed Securities Index Fund VMBS       X X  
Vanguard REIT Index Fund VNQ       X X  
Vanguard Russell 1000 Growth Index Fund VONG         X  
Vanguard Russell 1000 Index Fund VONE         X  
Vanguard Russell 1000 Value Index Fund VONV         X  
Vanguard Russell 2000 Growth Index Fund VTWG         X  
Vanguard Russell 2000 Index Fund VTWO         X  
Vanguard Russell 2000 Value Index Fund VTWV         X  
Vanguard Russell 3000 Index Fund VTHR         X  
Vanguard S&P 500 Growth Index Fund VOOG         X  
Vanguard S&P 500 Index Fund VOO         X  
Vanguard S&P 500 Value Index Fund VOOV         X  
Vanguard S&P Mid Cap 400 Index Fund IVOO         X  
Vanguard S&P Mid Cap 400 Value Index Fund IVOV         X  
Vanguard S&P Mid-Cap 400 Growth Index Fund IVOG         X  
Vanguard S&P Small Cap 600 Growth Index Fund VIOG         X  
Vanguard S&P Small Cap 600 Index Fund VIOO         X  
Vanguard S&P Small Cap 600 Value Index Fund VIOV         X  
Vanguard Short Term Inflation Protected Securities Index Fund VTIP         X  
Vanguard Short-Term Bond Index Fund BSV       X X  
Vanguard Short-Term Corporate Bond Index Fund VCSH       X X  
Vanguard Short-Term Government Bond Index Fund VGSH       X X  
Vanguard Small-Cap Growth Index Fund VBK       X X  
Vanguard Small-Cap Index Fund VB       X X  
Vanguard Small-Cap Value Index Fund VBR       X X  
Vanguard Tax-Exempt Bond Index Fund VTEB         X  
Vanguard Telecommunication Services Index Fund VOX         X  
Vanguard Total Bond Market Index Fund BND       X X  
Vanguard Total International Bond Index Fund BNDX         X  
Vanguard Total International Stock Index Fund VXUS         X  
Vanguard Total Stock Market Index Fund VTI       X X  
Vanguard Total World Stock Index Fund VT       X X  
Vanguard Utilities Index Fund VPU         X  
Vanguard Value Index Fund VTV       X X  
Wilshire Micro-Cap ETF WMCR   X        
WisdomTree Asia Local Debt ETF ALD X          
WisdomTree Asia-Pacific ex-Japan AXJL X          
WisdomTree Australia Dividend AUSE X          
WisdomTree Barclays U.S. Aggregate Bond AGND X          
WisdomTree Barclays U.S. Aggregate Bond Enhanced Yield Fund AGGY X X        
WisdomTree Barclays U.S. Aggregate Bond Zero Duration Fund AGZD X X        
WisdomTree Bloomberg U.S. Dollar Bullish Fund USDU X X        
WisdomTree BofA Merrill Lynch Short-Term High Yield Bond Negative Duration Fund HYND X          
WisdomTree BofA Merrill Lynch Short-Term High Yield Bond Zero Duration Fund HYZD X X        
WisdomTree Brazilian Real Fund BZF X          
WisdomTree China Dividend Ex-Financials ETF CHXF X          
WisdomTree Chinese Yuan Fund CYB X          
WisdomTree DEFA DWM X          
WisdomTree DEFA Equity Income DTH X          
WisdomTree Dividend ex-Financials DTN X          
WisdomTree Dreyfus New Zealand Dollar AUNZ X          
WisdomTree Dynamic Currency Hedged International Equity Fund DDWM X X        
WisdomTree Dynamic Long/Short U.S. Equity Fund DYLS   X        
WisdomTree Earnings 500 EPS X          
WisdomTree Emerging Currency Fund CEW X          
WisdomTree Emerging Markets Consumer Growth Fund EMCG X          
WisdomTree Emerging Markets Corporate Bond ETF EMCB X          
WisdomTree Emerging Markets Equity Inc DEM X          
WisdomTree Emerging Markets Ex-State-Owned Enterprises Fund XSOE X          
WisdomTree Emerging Markets Local Debt ELD X          
WisdomTree Emerging Markets Quality Dividend Growth Fund DGRE X X        
WisdomTree Emerging Mkts SmallCap Div DGS X          
WisdomTree Equity Income DHS X          
WisdomTree Europe Dividend Growth Fund EUDG X          
WisdomTree Europe Hedged Equity Fund HEDJ X          
WisdomTree Europe Hedged Small Cap Equity Fund EUSC X X        
WisdomTree Europe SmallCap Dividend DFE X          
WisdomTree Germany Hedged Equity Fund DXGE X X        
WisdomTree Global Equity Income DEW X          
WisdomTree Global ex-US Quality Dividend Growth Fund DNL X X        
WisdomTree Global ex-US Real Estate DRW X X        
WisdomTree Global Real Return RRF X          
WisdomTree India Earnings Fund EPI X     X    
WisdomTree Indian Rupee Fund ICN X          
WisdomTree International Div ex-Finncls DOO X          
WisdomTree International Hedged Quality Dividend Growth Fund IHDG X X        
WisdomTree International LargeCap Div DOL X          
WisdomTree International MidCap Dividend DIM X          
WisdomTree International SmallCap Div DLS X          
WisdomTree Japan Hedged Equity DXJ X          
WisdomTree Japan Hedged Financials Fund DXJF X          
WisdomTree Japan Hedged Quality Dividend Growth Fund JHDG X X        
WisdomTree Japan Hedged Real Estate Fund DXJR X          
WisdomTree Japan Hedged SmallCap Equity Fund DXJS X X        
WisdomTree Japan SmallCap Dividend DFJ X          
WisdomTree Korea Hedged Equity Fund DXKW X          
WisdomTree LargeCap Dividend DLN X          
WisdomTree LargeCap Value EZY X          
WisdomTree Managed Futures WDTI X X        
WisdomTree MidCap Dividend DON X          
WisdomTree MidCap Earnings EZM X          
WisdomTree Middle East Dividend GULF X          
WisdomTree SmallCap Dividend DES X          
WisdomTree SmallCap Earnings EES X          
WisdomTree Strategic Corporate Bond Fund CRDT X          
WisdomTree Total Dividend DTD X          
WisdomTree Total Earnings EXT X          
WisdomTree U.S. Quality Dividend Growth Fund DGRW X X        
WisdomTree U.S. SmallCap Quality Dividend Growth Fund DGRS X X        
WisdomTree United Kingdom Hedged Equity Fund DXPS X          

*Interactive Brokers


Contact Cinthia Murphy at [email protected]


Cinthia Murphy is head of digital experience, advocating for the user in all that does. She previously served as managing editor and writer for, specializing in ETF content and multimedia. Cinthia’s experience includes time at Dow Jones and former BridgeNews, covering commodity futures markets in Chicago and Brazil equities in Sao Paulo. She has a bachelor’s degree in journalism from the University of Missouri-Columbia.