Complete Guide To 2011 ETF Cap Gain Payouts

December 29, 2011

Only 6 percent of U.S. ETFs paid capital gains distributions in 2011; bond funds top the list.

 

(The following story has been updated to reflect updated information from a number of fund sponsors. We will continue to update the story as we collect definitive information from different firms, notably ETF Securities, United States Commodity Funds and RevenueShares.)

 

Only 103 of the 1,370 ETFs trading in the United States are paying capital gains distributions this year, according to a comprehensive survey of ETF providers conducted by IndexUniverse. The numbers include 202 exchange-traded notes, which are included within the broader ETF universe under the IndexUniverse ETF Classification System.

The low payout ratio—just 7.5 percent of the broader universe—is a clear reaffirmation of the tax efficiency of ETFs.

The record for ETFs wasn't perfect, however, and varied by asset category.

The most impressive performance came in traditional equity ETFs, where just 20 of 756 ETFs paid distributions. These payouts, however, included the fund with one the bigger distributions by any index equity ETF this year: the 7.02 percent payout by the Market Vectors ? Brazil Small Cap ETF (NYSEArca: BRF).

The largest equity distributions went to the actively managed Columbia Concentrated Large Cap Value Strategy Fund (NYSEArca: GVT), which totaled 10.74 percent of the fund’s net asset value at the end of 2010. That’s not a huge surprise since portfolio turnover on active funds is usually much greater than on index funds.

Fixed income, however, fared far worse. Thirty-seven of 160 fixed-income ETFs paid out distributions, or nearly 24 percent of all nonleveraged ETFs. The payouts were small—31 of 37 funds paid out gains totaling less than 1 percent of each of the fund's net asset value. Nonetheless, the number of payouts was high.

Leveraged and inverse ETFs also saw significant distributions, with 15 of 259 geared ETFs on the market paying out distributions, or about 8 percent of all products.

Alternative ETFs—an asset category that includes hedge fund replication, long/short ETFs and similar strategies—had 10 of 49 ETFs paying distributions, or 20 percent of those funds.

Currency ETFs and asset allocation ETFs, however, weren't quite perfect, with six currency fund payouts among a combined 51 ETFs.

ETFs are known for being tax efficient for two primary reasons. First, the vast majority of ETFs are index funds, which have low turnover and therefore tend to be more tax efficient than mutual funds. Second, the in-kind creation and redemption mechanism at the center of every ETF allows most ETFs to continually cleanse their portfolios of positions with embedded capital gains.

ETNs are uniquely advantaged when it comes to capital gains, as due to their note structure, they don't make capital gains distributions. ETNs make up approximately 15 percent of all U.S.-listed exchange-traded products, across all asset classes. If you exclude ETNs, there were 97 payouts from 1,168 true exchange-traded funds, or just over 8 percent of all actual ETFs.

Bond Fund Payouts In Focus

The payouts in bond funds gained particular attention this year.

Of note, all the capital gains distributions reported by the three-biggest U.S. ETF sponsors—iShares, State Street Global Advisors and Vanguard Group—were in fixed-income ETFs. Bond funds face various challenges in terms of tax efficiency. For starters, unlike equity ETFs, some use a cash-based redemption mechanism, which generates more internal turnover and can lead the funds to generate capital gains.

According to some experts, the bigger factor this year was market conditions.

"You had a huge rally in fixed income this year, especially intermediate and longer-term Treasurys," Joel Dickson, a principal at Vanguard's investor strategy group, said in a telephone interview. "So for bond funds that maintain consistent average maturity versus the index they're tracking, they have to sell bonds that appreciated in value."

He noted that the fact the 10 Vanguard ETFs with capital gains distributions all have long-term gains is a clear indication that the challenge of managing a bond portfolio when fixed-income markets are rallying is not just confined to 2011.

Leveraged Funds

Another aspect of IndexUniverse's data mining that bears mentioning is the divergent story lines from the two major U.S. purveyors of inverse and leveraged funds, ProShares and Direxion.

On the one hand, ProShares didn't report any capital gains distributions in 2011. That in itself is noteworthy, as any fund prospectus from either ProShares or Direxion clearly warns that the turnover required by daily-rebalanced portfolios should create a greater likelihood of capital gains distributions.

Direxion, however, had payouts in 25 of its 50 leveraged and inverse funds. Some of its funds had payouts on more than one date last year.

One important variable may be that Direxion specializes in triple-exposure funds, while ProShares focuses on double-exposure funds. The triple-exposure component may make Direxion's challenge a bit more significant.

The Direxion distributions do include a number of bullish Treasury funds, which dovetails with what Dickson of Vanguard spoke about.

But the capital distributions at Direxion also extend to a host of equity investments, including a bull and bear pair of ETFs focused on gold mining companies, which is more of a mystery.

In any case, a Direxion official who spoke to IndexUniverse on condition of anonymity stressed that it's always the company's aim to minimize such distributions.

 

 

ETF Capital Gains Distributions For 2011
AdvisorShares 13 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
WCM/BNY Mellon Focused Growth ADR ETF AADR   29.7479 0.1124 0.38% - - 0.1124 0.38%
Peritus High Yield ETF HYLD   50.3869 0.4715 0.94% - - 0.4715 0.94%
Madrona International ETF FWDI 6/21/2011 25.057 0.024 0.10% - - 0.024 0.10%
Accuvest Global Long Short ETF AGLS   25.3996 0.3079 1.21% - - 0.3079 1.21%
                   
ALPS 3 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Charles Schwab 15 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Columbia 5 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Columbia Concentrated Large Cap Value Strategy Fund GVT   31.7221 2.198 6.93% 1.20786 3.81% 3.40586 10.74%
Columbia Growth Equity Strategy Fund RPX   31.1623 1.3245 4.25% 2.6147 8.39% 3.9392 12.64%
Columbia Large-Cap Growth Equity Strategy Fund RWG   30.8645 1.14609 3.71% 1.46007 4.73% 2.60616 8.44%
Columbia Core Bond Strategy Fund GMTB   50.51 0.65241 1.29% 0.27373 0.54% 0.92614 1.83%
 
Deutsche Bank 10 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
db-X MSCI Brazil Currency-Hedged Equity ETF DBBR 6/9/2011 25.1146 0.177682 0.71% 0.254024 1.01% 0.431706 1.72%
db-X MSCI Canada Currency-Hedged Equity ETF DBCN 6/9/2011 25.1641 0.076551 0.30% 0.207366 0.82% 0.283917 1.13%
db-X MSCI Emerging Markets Currency-Hedged Equity ETF DBEM 6/9/2011 25.0073 0.202733 0.81% 0.387141 1.55% 0.589874 2.36%
                   
Direxion 52 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Daily Total Market Bear 1x Shares TOTS 6/15/2011 40.7039 1.996 4.90% - - 1.996 4.90%
Daily Mid Cap Bull 3x Shares MWJ   47.4748 0.454 0.96% 1.957 4.12% 2.411 5.08%
Daily Mid Cap Bull 3x Shares MWJ   47.4748 1.549 3.26% - - 1.549 3.26%
Daily Mid Cap Bull 3x Shares MWJ   47.4748 0.415 0.87% 0.584 1.23% 0.999 2.10%
Daily Agribusiness Bear 3x Shares COWS 5/25/2011 38.4496 2.318 6.03% - - 2.318 6.03%
Daily Gold Miners Bull 3x Shares NUGT   39.2591 1.019 2.60% - - 1.019 2.60%
Daily Gold Miners Bear 3x Shares DUST   40.3268 1.977 4.90% - - 1.977 4.90%
Daily Healthcare Bull 3x Shares CURE 6/15/2011 38.363 0.736 1.92% - - 0.736 1.92%
Daily Healthcare Bear 3x Shares SICK 6/15/2011 41.6294 2.162 5.19% - - 2.162 5.19%
Daily Real Estate Bull 3x Shares DRN   56.7244 0.696 1.23% 1.299 2.29% 1.995 3.52%
Daily Retail Bull 3x Shares RETL   57.3966 1.486 2.59% 1.412 2.46% 2.898 5.05%
Daily Semiconductor Bear 3x Shares SOXS   78.0859 0.745 0.95% - - 0.745 0.95%
Daily Technology Bull 3X Shares TYH   45.3465 0.841 1.85% - - 0.841 1.85%
Daily BRIC Bear 3x Shares BRIS   26.7228 1.243 4.65% - - 1.243 4.65%
Daily Developed Markets Bull 3X Shares DZK   67.0839 1.007 1.50% 1.102 1.64% 2.109 3.14%
Daily Developed Markets Bull 3X Shares DZK   67.0839 1.038 1.55% - - 1.038 1.55%
Daily Emerging Markets Bull 3X Shares EDC   206.1897 0.425 0.21% - - 0.425 0.21%
Daily Emerging Markets Bull 3X Shares EDC   206.1897 0.642 0.31% 0.011 0.01% 0.653 0.32%
Daily Latin America Bull 3x Shares LBJ   203.4872 0.664 0.33% 5.453 2.68% 6.117 3.01%
Daily Latin America Bear 3x Shares LHB   16.612 0.233 1.40% - - 0.233 1.40%
Daily Latin America Bear 3x Shares LHB   16.612 0.394 2.37% - - 0.394 2.37%
Daily 7-10 Year Treasury Bull 3x Shares TYD   54.7254 1.685 3.08% - - 1.685 3.08%
Daily 7-10 Year Treasury Bull 3x Shares TYD   54.7254 0.56 1.02% - - 0.56 1.02%
Daily 7-10 Year Treasury Bull 3x Shares TYD   54.7254 1.123 2.05% - - 1.123 2.05%
Daily 20 Year Plus Treasury Bull 3x Shares TMF   35.0429 0.499 1.42% - - 0.499 1.42%
                   
Emerging Global Shares 19 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
ETF Securities 7 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Company expects to provide data by end of January.
 
FactorShares 5 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Not expecting any capital gains distributions, but final determination could differ.
 
Fidelity 1 ETF Total
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
First Trust 61 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Expects no capital gains distributions for 2011, but final determination could differ.
 
FlexShares 4 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
FlexShares IBOXX 3-Year Target Duration TIPS Index Fund TDTT 9/22/2011 4.314 0.033275 0.77% - - 0.033275 0.77%
FlexShares IBOXX 5-Year Target Duration TIPS Index Fund TDTF 23/09/2011 24.8901 0.009698 0.04% - - 0.009698 0.04%
                   
FocusShares 15 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Global X 39 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Global X FTSE Nordic 30 ETF GXF   20 0.06 0.30% 0.01 0.05% 0.07 0.35%
Global X Copper Miners ETF COPX   19.64 0.34 1.73% 0.01 0.05% 0.35 1.78%
Global X Russell Emerging Markets Value ETF EMVX 1/25/2011 25.22 0.68 2.70% - - 0.68 2.70%
Global X Fertilizers/Potash ETF SOIL 5/26/2011 15.22 0.02 0.13% - - 0.02 0.13%
                   
Greenhaven 1 Total ETF
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Guggenheim 44 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Wilshire 5000 Total Market ETF WFVK   27.96 - - 0.006 0.02% 0.006 0.02%
Wilshire 4500 Completion ETF WXSP   29.6 0.035 0.12% 0.005 0.02% 0.04 0.14%
BulletShares 2013 High Yield Corporate Bond ETF BSJD 1/25/2011 25.1579 0.001 0.00% - - 0.001 0.00%
Enhanced Core Bond ETF GIY   52.11 1.357 2.60% 1.551 2.98% 2.908 5.58%
Enhanced Short Duration Bond ETF GSY   49.81 0.012 0.02% - - 0.012 0.02%
                   
IndexIQ 15 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
IQ Inflation Hedged ETF CPI   25.4652 - - 0.054 0.21% 0.054 0.21%
IQ  ARB Global Resources ETF (NYSEArca:GRES) GRES   31.4891 0.334 1.06% 0.538 1.71% 0.872 2.77%
IQ Australia Small Cap KROO   29.6721 0.778 2.62% 0.072 0.24% 0.85 2.86%
IQ South Korea Small Cap SKOR   28.1443 0.411 1.46% - - 0.411 1.46%
                   
Invesco PowerShares 164 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
PowerShares Active US Real Estate PSR   45.8234 - - 0.0801 0.17% 0.0801 0.17%
PowerShares CEF Income Composite Portfolio PCEF   25.363 - - 0.0142 0.06% 0.0142 0.06%
PowerShares S&P 500 Buy Write PBP   20.8457 - - 0.10978 0.53% 0.10978 0.53%
                   
iShares 234 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
iShares Barclays Aggregate Bond Fund AGG   105.5453 0.25 0.24% 0.08 0.08% 0.33 0.31%
iShares Barclays Intermediate Credit Bond Fund CIU   105.0065 - - 0.04 0.04% 0.04 0.04%
                   
Jefferies 2 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Merrill Lynch 11 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Firm has not returned queries for information.
 
Pax World 2 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Pimco 17 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Pimco 1-3 Year Treasury Fund TUZ   50.797 0.056885 0.11% 0.044186 0.09% 0.101071 0.20%
Pimco 1-5 Year U.S. TIPS Index Fund STPZ   52.4811 0.047563 0.09% 0.022128 0.04% 0.069691 0.13%
Pimco 7-15 Year U.S. Treasury Index Fund TENZ   76.5913 0.451847 0.59% 0.215175 0.28% 0.667022 0.87%
Pimco 3-7 Year U.S. Treasury Index Fund FIVZ   76.9474 0.113902 0.15% 0.227658 0.30% 0.34156 0.44%
Pimco Enhanced Short Maturity Strategy Fund MINT   100.6606 0.05676 0.06% - - 0.05676 0.06%
Pimco Intermediate Municipal Bond Strategy Fund MUNI   50.3561 0.042723 0.08% 0.020378 0.04% 0.063101 0.13%
Pimco Short Term Municipal Bond Strategy Fund SMMU   49.9909 0.016053 0.03% 0.016162 0.03% 0.032215 0.06%
Pimco Build America Bond Strategy Fund BABZ   46.9196 1.304348 2.78% - - 1.304348 2.78%
Pimco Broad U.S. Treasury Index Fund TRSY   96.66 0.67995 0.70% - - 0.67995 0.70%
                   
Precidian 1 Total ETF
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
ProShares 126 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Expects that none of its 126 equity and fixed-income ETFs will pay any 2011 capital gain distributions.
 
QuantShares/FFCM 7 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
QuantShares U.S. Market Neutral Size Fund ETF SIZ 07/09/2011 25.23 0.18178 0.72% 0.00042 0.00% 0.1822 0.72%
QuantShares U.S. Market Neutral Momentum Fund ETF MOM 07/09/2011 24.99 0.61862 2.48% 0.00201 0.01% 0.62063 2.48%
QuantShares U.S. Market Neutral Anti-Beta Fund ETF BTAL 12/09/2011 25 0.40207 1.61% 0.00105 0.00% 0.40312 1.61%
QuantShares U.S. Market Neutral Value Fund CHEP 12/09/2011 25 0.57659 2.31% 0.00079 0.00% 0.57738 2.31%
QuantShares U.S. Market Neutral Quality ETF QLT 07/09/2011 24.8 0.16208 0.65% 0.00043 0.00% 0.16251 0.66%
QuantShares U.S. Market Neutral Anti-Momentum Fund NOMO 07/09/2011 24.95 0.54673 2.19% 0.00013 0.00% 0.54686 2.19%
QuantShares U.S. Market Neutral Beta ETF BTAH 12/09/2011 25 0.10647 0.43% - - 0.10647 0.43%
                   
RevenueShares 6 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Has potential short-term gains on three funds.
 
Russell 24 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
Rydex 37 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
SSgA 106 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
SPDR Barclays Capital Aggregate Bond ETF LAG   55.5878 0.0347604 0.06% 0.162144 0.29% 0.1969044 0.35%
SPDR Barclays Capital Convertible Bond ETF CWB   40.6333 0.121431 0.30% 0.396765 0.98% 0.518196 1.28%
SPDR Barclays Capital High Yield Bond ETF JNK   39.4401 - - 0.264078 0.67% 0.264078 0.67%
SPDR Barclays Capital Intermediate Term Corporate Bond ETF ITR   32.5305 0.011431 0.04% 0.088242 0.27% 0.099673 0.31%
SPDR Barclays Capital Intermediate Term Treasury ETF ITE   58.6518 0.037236 0.06% 0.118794 0.20% 0.15603 0.27%
SPDR Barclays Capital Mortgage Backed Bond ETF MBG   26.8126 0.521081 1.94% - - 0.521081 1.94%
SPDR Barclays Capital Short Term Corporate Bond ETF SCPB   30.2123 0.021823 0.07% 0.038775 0.13% 0.060598 0.20%
SPDR Nuveen Barclays Capital California Municipal Bond ETF CXA   21.1541 - - 0.023519 0.11% 0.023519 0.11%
SPDR Nuveen Barclays Capital Municipal Bond ETF TFI   21.988 - - 0.066847 0.30% 0.066847 0.30%
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF SHM   23.8639 0.010039 0.04% 0.030881 0.13% 0.04092 0.17%
SPDR Nuveen S&P High Yield Municipal Bond ETF HYMB 4/14/2011 49.9557 0.124617 0.25% - - 0.124617 0.25%
                   
Teucrium 6 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
No capital gains distributions for 2011.
 
US Commodity Funds 10 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Company said capital gains information not yet available.
 
Van Eck 46 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Market Vectors Brazil Small-Cap ETF BRF   57.1945 0.197 0.34% 3.817 6.67% 4.014 7.02%
Market Vectors Gaming ETF BJK   31.4784 - - 0.033 0.10% 0.033 0.10%
Market Vectors India Small-Cap Index ETF SCIF   20.2482 0.005 0.02% - - 0.005 0.02%
Market Vectors Junior Gold Miners ETF GDXJ   39.8099 0.025 0.06% 0.349 0.88% 0.374 0.94%
Market Vectors Latin America Small-Cap ETF LATM   32.4569 0.306 0.94% - - 0.306 0.94%
Market Vectors Short Municipal Index ETF SMB   17.2101 - - 0.0002 0.00% 0.0002 0.00%
Market Vectors LatAm Aggregate Bond ETF BONO 5/12/2011 24.9614 0.012 0.05% - - 0.012 0.05%
Market Vectors CEF Municipal Income ETF XMPT 7/13/2011 25.0088 0.0175 0.07% - - 0.0175 0.07%
                   
Vanguard 64 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
Extended Duration Treasury EDV   82.5 1.326 1.61% 1.276 1.55% 2.602 3.15%
Intermediate-Term Bond BIV   82.56 0.081 0.10% 0.937 1.13% 1.018 1.23%
Intermediate-Term Corporate Bond VCIT   78.61 - - 0.063 0.08% 0.063 0.08%
Intermediate-Term Government Bond VGIT   60.99 0.056 0.09% 0.068 0.11% 0.124 0.20%
Long-Term Bond BLV   79.07 0.04 0.05% 0.757 0.96% 0.797 1.01%
Mortgage-Backed Securities VMBS   50.23 0.243 0.48% 0.01 0.02% 0.253 0.50%
Short-Term Bond BSV   80.35 0.061 0.08% 0.313 0.39% 0.374 0.47%
Short-Term Corporate Bond VCSH   77.08 0.048 0.06% 0.044 0.06% 0.092 0.12%
Short-Term Government Bond VGSH   60.53 0.051 0.08% 0.054 0.09% 0.105 0.17%
Total Bond Market BND   80.21 0.152 0.19% 0.235 0.29% 0.387 0.48%
                   
WisdomTree 47 Total ETFs
Fund Name Ticker First NAV Date if not 12/31/10 12/31/2010 NAV Short-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Long-Term
Distribution
($/share)
Percentage
of NAV
(12/31/10)
Total
Distribution
($/share)
Total
Distribution
(%)
WisdomTree Chinese Yuan Fund CYB   25.3818 0.21285 0.84% 0.3388 1.33% 0.55165 2.17%
WisdomTree Dreyfus Brazilian Real Fund BZF   26.5593 2.32224 8.74% 3.40392 12.82% 5.72616 21.56%
WisdomTree Dreyfus Indian Rupee Fund ICN   26.5001 3.28023 12.38% - - 3.28023 12.38%
WisdomTree Dreyfus South African Rand Fund SZR   29.2117 0.95886 3.28% 0.79378 2.72% 1.75264 6.00%
WisdomTree Dreyfus Emerging Currency Fund CEW   22.4953 0.89692 3.99% 0.16031 0.71% 1.05723 4.70%
WisdomTree Dreyfus Commodity Currency Fund CCX   26.2289 2.20465 8.41% 2.85721 10.89% 5.06186 19.30%
WisdomTree Emerging Markets Local Debt Fund ELD   51.717 0.03631 0.07% 0.01239 0.02% 0.0487 0.09%
WisdomTree Managed Futures Strategy Fund WDTI 1/5/2011 50.1828 0.25884 0.52% 0.52147 1.04% 0.78031 1.55%
WisdomTree Global Real Return Fund RRF 7/14/2011 50.08 0.0462 0.09% - - 0.0462 0.09%

Note: Number of total funds for each sponsor according to IndexUniverse's ETF Classification System. Capital gains percentages have been calculated using traditional "holding period" methodologies. Where possible, all cap gains paid in a calendar year are divided by the NAV at the start of that year. Where a fund did not begin trading until after the first of the year, the longest possible holding period is used.

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