ETF.com's 2017 Capital Gains Report

[Editor's Note: A previous version of this article stated that BND only held bonds with maturities less than 12 months. According to the prospectus, BND's index only holds bonds with maturities greater than 12 months. We regret the error.]

'Tis the season for capital gains. Once again, ETF companies are making their year-end distributions, leaving investors with a little extra cash in pocket—and a higher tax bill.

Generally speaking, ETFs are far less prone to capital gains distributions than mutual funds. But gone are the days when investors could count on one hand how many ETFs would make year-end payouts.

As complexity in the ETF landscape rises, so too has the number of ETFs making taxable distributions to their shareholders.

This year, more than 20 issuers are making year-end capital gains distributions to shareholders, impacting at least 146 ETFs, or 7% of the total ETF marketplace.

Surveying The Landscape

Rarely are investors able to see at a glance which issuers are distributing capital gains on what ETFs, and how much. Each issuer pays on its own schedule and the distribution details are often buried in press releases or on company websites. Further complicating the matter is that issuers often release distribution estimates weeks or even months prior, whose amounts sometimes vary significantly from final payouts.

This year, ETF.com investigated whether all 91 ETF issuers (as listed in the most recent ETF League Table) planned to distribute capital gains to their shareholders.

First, though, a few notes of process: Some companies in our League Table—like UBS and Credit Suisse—only issue exchange-traded notes (ETNs), which hold no securities and therefore don't pay out capital gains. Other issuers, like Nationwide or Point Bridge Capital, launched their ETFs so recently that these funds likely did not have enough time to generate much in the way of capital gains. We excluded those issuers as well.

As of Dec. 19, 2017, 20 ETF issuers had not published their distribution information or replied to request for comment in time for publication. An additional 9 issuers declined to comment, or said that their distribution information would be announced at a later date.

Of the remaining issuers, 25 issuers said either through official documentation or via email and phone interviews that they did not plan to pay out capital gains distributions to their clients. These include big names, like Charles Schwab and ALPS, and many smaller, specialty issuers, like Serenity Shares and ACSI Funds.

That leaves 23 issuers with at least one ETF making a capital gains distribution to shareholders. For a full list, see the table at the end of this article.

What Makes ETFs Tax Efficient

To understand why these ETFs in particular are paying out capital gains distributions, first you need to understand why most ETFs don't.

Unlike mutual funds, which rely heavily on active management, ETFs tend to be index funds with low turnover. Less selling activity means fewer capital gains.

But that's not the entire reason.

When investors wish to exit an ETF position, all they have to do is sell their shares, like a stock. The ETF issuer itself doesn't have to sell any securities; thus, no capital gains can occur. This is much simpler than mutual funds; any time an investor wishes to exit a mutual fund, the issuer usually must sell securities to raise enough cash to satisfy that redemption request, potentially generating capital gains.

ETFs are more tax-efficient on an institutional scale, too. When authorized participants—the special ETF market makers who have the ability to make and destroy ETF shares—wish to redeem their ETF shares, they can do so by trading them in to the issuer, which delivers an equivalent amount of the ETF's underlying holdings in an "in-kind" transaction. It's a switcheroo, not a sale; thus, it too generates no capital gains.

In fact, ETF issuers can even pick and choose which shares to give to APs, meaning they can offload the shares with the lowest possible cost basis (and biggest potential to generate a profit, if sold). That leaves the ETF issuer with shares bought at or above today's market price, thus reducing the fund company's total tax burden even further.

 

Why ETFs Pay Out Cap Gains

However, none of this means ETFs are immune from paying out capital gains. There are many reasons funds might still make yearly distributions, including:

1. High turnover

Many active, and even many smart-beta ETFs, engage in the frequent buying and selling of securities to achieve some alpha (or smart beta).

2. Forced selling of securities

Some ETFs are forced to sell securities often to maintain their index objective. Examples include bond ETFs targeting a specific maturity, or leveraged and commodity ETFs that hold futures contracts. To stick to their mandate, these ETFs must constantly sell aging securities and buy new ones. Lots of sales mean lots of potential for capital gains. ETFs may also be forced to sell securities when an index is reconstituted or changed, or if securities fall below some capitalization or liquidity threshold.

3. Portfolio concentration

Thematic funds or those with highly concentrated portfolios often must frequently sell assets to maintain diversification requirements, as set forth in their investment objectives.

4. Low redemption activity

Low redemption activity can also generate capital gains if it comes at inopportune times. If not enough APs redeem their shares before a big annual or quarterly rebalance, there's no way for ETF issuers to offload their lower-cost-basis securities. That can result in big capital gains incursions. This can be especially problematic for "hot" sector ETFs, whose constituent stocks see large, high-velocity increases; or for tactical ETFs that are forced to sell to achieve their particular objective.

5. Cash transactions

Although most ETF redemptions occur in-kind, not all do. Some bond ETFs, for example, use cash transactions or some or all of their redemptions.

State Street: Unfortunate King Of Capital Gains

This year, State Street issued the most capital gains payments to investors, with 34 of its 131 ETFs (26%) making distributions.

It wasn't readily apparent why so many of State Street's ETFs paid out gains, but higher portfolio turnover could be to blame: 21 of the distributing ETFs were smart-beta funds, while another four were actively managed.

Interestingly, State Street also had the ETFs with the highest capital gains by dollar amount per share: the SPDR S&P 600 Small Cap Growth ETF (SLYG), at $9.00/share; the SPDR S&P Internet ETF (XWEB), at $6.68/share; and the SPDR S&P 600 Small Cap Value ETF (SLYV), at $5.89/share. (Note: We report these by dollar amount instead of percentage net asset value because many issuers still have only posted estimates of their distributions. Exact percentages of NAV will depend on whatever the NAV is on the ex-dividend date.)

Smart Beta vs. Active ETFs

Of the 146 ETFs paying out capital gains distributions this year, 71 of them (or 49%) are smart-beta ETFs.

At first glance, that might seem a surprisingly high percentage. But smart-beta funds make up 48% of the total ETF marketplace (using an admittedly very wide net that includes traditional factors like growth and value), which means our data set is simply an accurate cross section of the greater ETF landscape.

There is little commonality among the smart-beta ETFs that post gains, though curiously, smart-beta ETFs tended to pay out much larger (by dollar size) actual or expected distributions than their active counterparts. Without more information on how this compares in percent NAV terms, however, it's difficult to draw any meaningful conclusions.

 

ESG, Tech ETFs Biggest Offenders

More interesting, perhaps, is the fact that 16 ETFs in our data set fall under the label "socially responsible," meaning that some 32% of all (environmental, social and governance (ESG) ETFs are paying out capital gains this year. These include some of the more (but not the most) popular ESG ETFs, such as the SPDR SSGA Gender Diversity Index ETF (SHE) and the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX).

The likely culprit behind these gains is the strict mandates ESG ETFs must adhere to, which can force issuers to sell off securities. Furthermore, as individual companies gain or lose in ESG rankings systems, their weightings in ESG ETF baskets must be adjusted accordingly. Put another way, the more “active” a strategy, the more likely it’s going to have some unavoidable taxable turnover.

Furthermore, 10 technology ETFs, or one in six tech ETFs, paid out capital gains this year, and some had sizable amounts to distribute. Technology ETFs with large distributions include XWEB, with $6.68/share (8.9% of NAV); and the SPDR S&P Technology Hardware ETF (XTH), with $5.62/share (6.8% of NAV). Also, although the iShares Edge MSCI Multifactor Technology ETF (TCHF) is estimated to pay out $1.96 to $2.39/share, that represents some estimated 4.8-5.8% of NAV.

The relative prevalence of tech ETFs in our data set shouldn't be much of a surprise. Tech stocks saw enormous and rapid gains this year. When stocks rise far and fast, it can be difficult for issuers to offload their lower-cost-basis securities—especially when ETF volumes are low, as is the case for XWEB and XTH. Further complicating the matters for XTH and XWEB is a diversity mandate that stipulates the ETFs must have at least 22 stocks in their baskets at rebalance time.

Target Maturity Bond ETFs Make Distributions

On the fixed-income side, a majority of ETFs paying out gains were funds that held a maturity target. Thirty-one (31) bond ETFs planned to pay out capital gains distributions to shareholders, 16 of which (52%) attempted to hit some target maturity.

That includes two of three Vanguard ETFs paying out capital gains this year: the Vanguard Intermediate Term Bond ETF (BIV), the Vanguard Extended Duration Treasury ETF (EDV) and the Vanguard Total Bond Market (BND). This isn’t exactly surprising; as mentioned earlier, a bond portfolio with a target maturity must constantly adjust its holdings to stay on target, buying longer-dated bonds and selling shorter-dated ones.

Nonvanilla fixed-income ETFs also represented a sizable number of ETFs making distributions: seven smart-beta bond ETFs and six actively managed bond ETFs paid out capital gains. Notably, this included the largest PIMCO ETF, the $8 billion PIMCO Enhanced Short Maturity Active ETF (MINT).

Conclusion … And A Word Of Caution

We caution readers that these numbers are subject to change as more issuers make their capital gains distributions and publish more information about what's to come. The list of ETFs making capital gains will undoubtedly grow in the weeks to come. 

 

Table 1: Issuers Not Making Any Capital Gains Distributions For 2017

Issuers Not Paying Cap Gains

ACSI Funds

Alpha Architect

ALPS

Aptus Capital Advisors

Cambria

Charles Schwab

Davis

Diamond Hill

Elkhorn

Goldman Sachs

GraniteShares

Highland Capital Management

J.P. Morgan

Janus Henderson

John Hancock

Merk

Natixis

OBP Capital

Pacer Financial

Premise Capital

ProShares

Renaissance Capital

SerenityShares

Teucrium

USCF Advisers

Sources: Individual company websites, documentation and PR. All data current as of 12/15/17.

 

Table 2: ETFs With Capital Gains Distributions For 2017

Fund	Ticker	Estimated Short-Term Cap Gains	Estimated Long-Term Cap Gains	Total Distribution	% of NAV
VanEck Vectors Fallen Angel High Yield Bond ETF	ANGL	0.07	0.018	0.088	-
iShares Core Aggressive Allocation ETF	AOA	0.50 - 0.61	1.19 - 1.46	1.69 - 2.07	3.09% - 3.78%
iShares Core Conservative Allocation ETF	AOK	0.07 - 0.08	0.23 - 0.28	0.30 - 0.36	0.85% - 1.04%
iShares Core Moderate Allocation ETF	AOM	0.15 - 0.19	0.39 - 0.47	0.54 - 0.66	1.41% - 1.72%
iShares Core Growth Allocation ETF	AOR	0.26 - 0.32	0.82 - 1.00	1.08 - 1.32	2.38% - 2.90%
ARK Genomic Revolution Multi-Sector ETF	ARKG	0.21	0.15	0.36	1.43%
ARK Innovation ETF	ARKK	0.48	0.07	0.55	1.47%
ARK Industrial Innovation ETF	ARKQ	0.27	0.22	0.49	1.41%
ARK Web X.0 ETF	ARKW	0.55	0.53	1.08	2.33%
FlexShares Real Assets Allocation Index Fund	ASET	0.01	-	0.01	-
Global X Health & Wellness Thematic ETF	BFIT	0.1741	0.1112	0.2853	-
Vanguard Intermediate  Term Bond ETF	BIV	-	0.08	0.08	0.10%
Vanguard Total Bond Market ETF	BND	-	0.04	0.04	0.05%
Global X Founder-Run Companies ETF	BOSS	0.2991	-	0.2991	-
Guggenheim BulletShares 2019 Corporate Bond ETF	BSCJ	-	-	0.010-0.020
Guggenheim BulletShares 2020 Corporate Bond ETF	BSCK	-	-	0.010-0.020
Guggenheim BulletShares 2021 Corporate Bond ETF	BSCL	-	-	0.010-0.030
Guggenheim BulletShares 2022 Corporate Bond ETF	BSCM	-	-	0.000-0.010
Guggenheim BulletShares 2023 Corporate Bond ETF	BSCN	-	-	0.030-0.050
Guggenheim BulletShares 2026 Corporate Bond ETF	BSCQ	-	-	0.000-0.010
Guggenheim BulletShares 2021 High Yield Corporate Bond ETF	BSJL	-	-	0.030-0.050
Guggenheim BulletShares 2023 High Yield Corporate Bond ETF	BSJN	-	-	0.060-0.080
Guggenheim BulletShares 2024 High Yield Corporate Bond ETF	BSJO	-	-	0.060-0.080
VictoryShares Emerging Market Volatility Wtd Index ETF	CEZ	0.90677	0.17289	1.07966	-
VanEck Vectors Oil Refiners ETF	CRAK	-	0.07	0.070	-
Direxion Daily Healthcare Bull 3X Shares	CURE	0.01573	–	0.01573	-
Direxion Daily CSI China Internet Bull 2X Shares	CWEB	1.52176	–	1.52176	-
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF*	DBES	0.06	0.5	0.56	1.89
WisdomTree Dynamic Currency Hedged Europe Equity Fund	DDEZ	0.04717	$0.13	0.17432	0.56%
Xtrackers FTSE Emerging Comprehensive Factor ETF*	DEMG	0.76	0.01	0.77	2.31
Xtrackers Russell 2000 Comprehensive Factor ETF*	DESC	0.34	0.02	0.36	1.04
Direxion Daily Aerospace & Defense Bull 3X Shares	DFEN	0.63069	–	0.63069	-
WisdomTree Dynamic Currency Hedged International Quality Dividend Growth Fund	DHDG	0.06978	0.09548	0.16526	0.66%
Reality Shares DIVS ETF	DIVY	-	-	0.24	-
Guggenheim Dow Jones Industrial Average Dividend ETF	DJD	-	-	0.040-0.060
Direxion Daily Industrials Bull 3X Shares	DUSL	0.08780	–	0.08780	-
Direxion Daily Developed Markets Bull 3X Shares	DZK	0.34401	–	0.34401	-
Legg Mason Emerging Markets Diversified Core ETF	EDBI	0.12 - 0.13	0.33 - 0.38	0.45 - 0.51	1.39% - 1.60%
Vanguard Extended Duration Treasury ETF	EDV	0.01	0.33	0.34	0.27%
PowerShares S&P Emerging Markets Momentum Portfolio	EEMO	0.70-0.85	-	0.700-0.850	-
SPDR® MSCI Emerging Markets Fossil Fuel Reserves Free ETF	EEMX	0.33	-	0.33	0.47%
Global X MSCI SuperDividend® EAFE ETF	EFAS	0.1394	-	0.1394	-
SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF	EFAX	0.25	0	0.25	0.34%
Direxion Daily Emerging Markets Bond Bull 3X Shares	EMBU	0.22408	–	0.22408	-
Xtrackers Emerging Markets Bond - Interest Rate Hedged ETF*	EMIH	-	0.05	0.05	0.2
WisdomTree Strong Dollar Emerging Markets Equity Fund	EMSD	-	1.31783	1.31783	4.57%
SPDR® DoubleLine® Emerging Markets Fixed Income ETF	EMTL	0.56	0.06	0.62	1.22%
Oppenheimer Global ESG Revenue ETF	ESGF	0.18	-	0.18	0.61%
Columbia Sustainable International Equity Income ETF	ESGN	0.60-0.70	0.07-0.12	0.67-0.82	-
Columbia Sustainable U.S. Equity Income ETF	ESGS	3.15-3.40	0.80-0.90	3.95-4.30	-
iShares MSCI USA ESG Optimized ETF	ESGU	0.13 - 0.16	-	0.13 - 0.16	0.24% - 0.29%
Columbia Sustainable Global Equity Income ETF	ESGW	1.35-1.45	0.15-.20	1.50-1.65	-
Direxion Daily European Financials Bull 2X Shares	EUFL	3.03707	–	3.03707	-
Direxion Daily EURO STOXX 50 Bull 3X Shares	EUXL	2.15098	–	2.15098	-
Guggenheim S&P 500 Equal Weight Real Estate ETF	EWRE	-	-	0.320-0.350
iShares Fallen Angels USD Bond ETF	FALN	0.19 - 0.23	0.17 - 0.21	0.36 - 0.44	1.30% - 1.59%
First Trust Brazil AlphaDEX Fund	FBZ	-	(0.82 - 1.22)%	(0.82 - 1.22)%	-
First Trust Emerging Markets Small Cap AlphaDEX® Fund	FEMS	-	(0.07 - 0.47)%	(0.07 - 0.47)%	-
First Trust TCW Opportunistic Fixed Income ETF	FIXD	-	(0.01-0.20)%	(0.01-0.20)%	-
Franklin Liberty International Opportunities ETF	FLIO	-	-	0.360-0.430	-
iShares Edge MSCI Multifactor Financials ETF	FNCF	0.53 - 0.64	0.20 - 0.25	0.73 - 0.89	2.16% - 2.64%
PowerShares Developed EuroPacific Currency Hedged Low Volatilty Portfolio	FXEP	-	0.300-0.400	0.300-0.400	-
PowerShares Japan Currency Hedged Low Volatility Portfolio	FXJP	0.900-1.100	0.350-0.450	1.250-1.550	-
Guggenheim S&P High Income Infrastructure ETF	GHII	-	-	0.250-0.280
VanEck Vectors Green Bond ETF	GRNB	0.004	-	0.004	-
Guggenheim Total Return Bond ETF	GTO	-	-	0.130-0.150
SPDR® S&P® International Small Cap ETF	GWX	0.74	0.33	1.07	2.94%
Hartford Corporate Bond ETF	HCOR	0.31	0.03	0.34	0.64%
WisdomTree Global ex-US Hedged Real Estate Fund	HDRW	-	1.1969	1.1969	4.12%
iShares Currency Hedged MSCI Switzerland ETF	HEWL	0.30 - 0.36	0.45 - 0.55	0.75 - 0.91	2.73% - 3.29%
IQ 50 Percent Hedged FTSE International ETF	HFXI	0.0039	-	0.0039	0.02%
Hartford Quality Bond ETF	HQBD	0.27	0.09	0.36	0.70%
iBonds® Dec 2019 Term Corporate ETF	IBDK	0.00 - 0.01	0.01 - 0.02	0.01 - 0.03	0.03% - 0.11%
iBonds® Dec 2022 Term Corporate ETF	IBDN	0.00 - 0.01	0.01 - 0.02	0.01 - 0.03	0.06% - 0.10%
iBonds® Dec 2023 Term Corporate ETF	IBDO	-	0.01 - 0.02	0.01 - 0.02	0.04% - 0.09%
iShares Convertible Bond ETF	ICVT	0.08 - 0.10	0.09 - 0.11	0.17 - 0.21	0.32% - 0.39%
iShares Edge MSCI Intl Momentum Factor ETF	IMTM	0.00 - 0.01	0.02 - 0.03	0.02 - 0.04	0.06% - 0.14%
iShares Edge MSCI Multifactor Industrials ETF	INDF	0.64 - 0.79	0.42 - 0.52	1.06 - 1.31	3.35% - 4.17%
Direxion All Cap Insider Sentiment Shares	KNOW	2.60402	–	2.60402	-
Direxion Daily South Korea Bull 3X Shares	KORU	1.84000	–	1.84000	-
Global X Conscious Companies ETF	KRMA	0.0378	-	0.0378	-
Direxion Daily S&P Biotech Bull 3X Shares	LABU	0.13261	–	0.13261	-
Reality Shares DIVCON Leaders Dividend ETF	LEAD	-	-	0.025	-
SPDR SSGA US Large Cap Low Volatility Index ETF	LGLV	2.17	-	2.17	2.38%
Global X Longevity Thematic ETF	LNGR	0.1132	0.0416	0.1548	-
iShares Edge MSCI Multifactor Materials ETF	MATF	0.15 - 0.18	-	0.15 - 0.18	0.45% - 0.55%
SPDR® S&P® 400 Mid Cap Growth ETF	MDYG	0.1	1.83	1.93	1.25%
SPDR® S&P® 400 Mid Cap Value ETF	MDYV	0.99	-	0.99	0.98%
Direxion Daily Mid Cap Bull 3X Shares	MIDU	1.17221	–	1.17221	-
Global X Millennials Thematic ETF	MILN	0.0262	0.0377	0.0639	-
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	MINT	0.02	0.01	0.03	0.02%
VanEck Vectors Morningstar International Moat ETF	MOTI	0.832	0.124	0.956	-
Direxion Daily Homebuilders & Supplies Bull 3X Shares	NAIL	0.98815	0.16435	1.1525	-
SPDR® S&P® North American Natural Resources ETF	NANR	0.03	0.11	0.14	0.43%
SPDR® Russell 1000 Momentum Focus ETF	ONEO	1.17	3.33	4.5	5.99%
SPDR® Russell 1000 Low Volatility Focus ETF	ONEV	2.17	1.56	3.73	5.02%
SPDR® Russell 1000 Yield Focus ETF	ONEY	3.19	2.06	5.25	7.23%
Global X MSCI Pakistan ETF	PAK	0.4923	-	0.4923	-
PowerShares S&P 500 BuyWrite Portfolio	PBP	1.100-1.250	0.100-0.200	1.200-1.450	-
The 3D Printing ETF	PRNT	0.43	0.1	0.53	2.00%
PowerShares Balanced Multi-Asset Allocation Portfolio	PSMB	0.025- 0.040	-	0.025-0.040	-
PowerShares Conservative Multi-Asset Allocation Portfolio	PSMC	0.015-0.030	-	0.015-0.030	-
PowerShares Growth Multi-Asset Allocation Portfolio	PSMG	0.025-0.040	-	0.025-0.040	-
PowerShares Moderately Conservative Multi-Asset Allocation Portfolio	PSMM	0.025-0.040	-	0.025-0.040	-
WisdomTree CBOE S&P 500 PutWrite Strategy Fund	PUTW	0.3874	0.5804	0.9678	3.23%
SPDR® MSCI USA StrategicFactorsSM ETF	QUS	0.03	0.01	0.04	0.05%
SPDR® MSCI World StrategicFactorsSM ETF	QWLD	0.37	-	0.37	0.49%
Oppenheimer Emerging Markets Revenue ETF	REEM	0.204	-	0.204	0.77%
iShares Global REIT ETF	REET	-	0.03 - 0.04	0.03 - 0.04	0.10% - 0.17%
First Trust RiverFront Dynamic Emerging Markets ETF	RFEM	-	(0.01 - 0.28)%	(0.01 - 0.28)%	-
SPDR® S&P® Dividend ETF	SDY	0.77	1.57	2.34	2.49%
WisdomTree Fundamental U.S. Short-Term High Yield Corporate Bond Fund	SFHY	0.33619	0.37949	0.71568	1.41%
WisdomTree Barclays Yield Enhanced U.S. Short-Term Aggregate Bond Fund	SHAG	0.06373	-	0.06373	0.13%
SPDR® SSGA Gender Diversity Index ETF	SHE	0.42	2.11	2.53	3.55%
SPDR® S&P® 600 Small Cap ETF	SLY	1.09	0.67	1.76	1.32%
SPDR® S&P® 600 Small Cap Growth ETF	SLYG	0.33	8.67	9	3.82%
SPDR® S&P® 600 Small Cap Value ETF	SLYV	4.75	1.14	5.89	4.56%
SPDR SSGA US Small Cap Low Volatility Index ETF	SMLV	3.6	1.15	4.75	4.88%
SPDR® Portfolio Mid Cap ETF	SPMD	0.3	-	0.3	0.92%
SPDR® Portfolio Small Cap ETF	SPSM	-	0.01	0.01	0.20%
Direxion Daily S&P 500 Bull 3X Shares	SPXL	1.60359	–	1.60359	-
SPDR® Portfolio S&P 500® High Dividend ETF	SPYD	0.29	0.08	0.37	1.01%
SPDR® Portfolio S&P 500® Value ETF	SPYV	0.24	-	0.24	0.81%
SPDR® S&P® 500 Fossil Fuel Reserves Free ETF	SPYX	-	0.02	0.02	0.04%
SPDR® MFS Systematic Core Equity ETF	SYE	0.39	0.48	0.87	1.19%
SPDR® MFS Systematic Growth Equity ETF	SYG	0.18	-	0.18	0.23%
SPDR® MFS Systematic Value Equity ETF	SYV	0.67	0.61	1.28	2.00%
iShares Edge MSCI Multifactor Technology ETF	TCHF	0.87 - 1.06	1.09 - 1.33	1.96 - 2.39	4.79% - 5.83%
Direxion Daily Transportation Bull 3X Shares	TPOR	2.93468	–	2.93468	-
Legg Mason US Diversified Core ETF	UDBI	0.06 - 0.07	0.79 - 0.91	0.85 - 0.98	2.74% - 3.15%
WisdomTree Bloomberg Floating Rate Treasury Fund	USFR	0.03065	0.00028	0.03093	0.12%
VictoryShares US Multi-Factor Minimum Volatility ETF	VSMV	-	0.00009	0.00009	-
WisdomTree Fundamental U.S. High Yield Corporate Bond Fund	WFHY	0.25982	0.1428	0.40262	0.78%
SPDR® Citi International Government Inflation-Protected Bond ETF	WIP	0.02	0.5	0.52	0.89%
Wilshire US REIT ETF	WREI	-	-	0.030-0.050
Columbia EM Core ex-China ETF	XCEM	0.25-0.30	1.40-1.65	1.65-1.95	-
SPDR® S&P® Health Care Equipment ETF	XHE	0.5	0.03	0.53	0.79%
SPDR® FactSet Innovative Technology ETF	XITK	0.61	0.17	0.78	0.93%
SPDR® NYSE Technology ETF	XNTK	0.13	0.43	0.56	0.65%
SPDR® S&P® Software & Services ETF	XSW	0.2	-	0.2	0.28%
SPDR® S&P® Technology Hardware ETF	XTH	5.44	0.18	5.62	6.78%
SPDR® S&P® Internet ETF	XWEB	5.91	0.77	6.68	8.87%
				0.475524476

Sources: Individual company websites, documentation, and PR. All data current as of 12/14/17. Distribution data includes estimated and actual distribution data.

Lara Crigger can be reached at [email protected]