Best Of 2016: Do Commission Free ETFs Sway Decisions?

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: 



Alerian Energy Infrastructure ETFENFR X    
ALPS Emerging Sector Dividend Dogs ETFEDOG X    
ALPS International Sector Dividend Dogs ETFIDOG X    
ALPS Sector Dividend Dogs ETFSDOG X    
Cambria Foreign Shareholder Yield ETFFYLD     X
Cambria Global Asset Allocation ETFGAA     X
Cambria Global Momentum ETFGMOM     X
Cambria Global Value ETFGVAL     X
Cambria Shareholder Yield ETFSYLD     X
Cambria Sovereign Bond ETFSOVB     X
Cambria Value and Momentum ETFVAMO     X
CurrencyShares Australian Dollar TrustFXA X    
CurrencyShares British Pound SterlingFXB X    
CurrencyShares Canadian Dollar TrustFXC X    
CurrencyShares Euro TrustFXE X    
CurrencyShares Japanese Yen TrustFXY X    
CurrencyShares Swedish Krona TrustFXS X    
CurrencyShares Swiss Franc TrustFXF X    
DBX MSCI Brazil Hedged Equity ETFDBBRX     
DBX MSCI Emerging Mkts Hdgd Equity ETFDBEMXX    
DBX MSCI Germany Hedged Equity ETFDBGRX     
DBX MSCI Japan Hedged Equity ETFDBJPX     
Deutsche X-trackers MSCI All World ex-US Hedged Equity ETFDBAW X    
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETFHDAW X    
Deutsche X-trackers MSCI Eurozone Hedged Equity ETFDBEZ X    
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETFRVNU X    
Direxion All Cap Insider Sentiment SharesKNOW X    
Direxion iBillionaire Index ETFIBLN X    
Direxion NASDAQ-100 Equal Weighted Index SharesQQQE X    
Direxion Zacks MLP High Income Index SharesZMLP X    
ETFS Diversified-Factor U.S. Large Cap Index FundSBUS X    
ETFS Physical Palladium SharesPALL X    
ETFS Physical Platinum SharesPPLT X    
ETFS Physical Precious Metals Basket SharesGLTR X    
ETFS Physical Silver SharesSIVR X    
ETFS Physical Swiss Gold SharesSGOL X    
Fidelity Core Dividend ETFFDVV  X   
Fidelity Corporate Bond ETFFCOR  X   
Fidelity Dividend ETF For Rising RatesFDRR  X   
Fidelity Limited Term Bond ETFFLTB  X   
Fidelity Low Volatility Factor ETFFDLO  X   
Fidelity Momentum Factor ETFFDMO  X   
Fidelity MSCI Consumer Discretionary Index ETFFDIS  X   
Fidelity MSCI Consumer Staples Index ETFFSTA  X   
Fidelity MSCI Energy Index ETFFENY  X   
Fidelity MSCI Financials Index ETFFNCL  X   
Fidelity MSCI Health Care Index ETFFHLC  X   
Fidelity MSCI Industrials Index ETFFIDU  X   
Fidelity MSCI Information Technology Index ETFFTEC  X   
Fidelity MSCI Materials Index ETFFMAT  X   
Fidelity MSCI Real Estate Index ETFFREL  X   
Fidelity MSCI Telecommunication Services Index ETFFCOM  X   
Fidelity MSCI Utilities Index ETFFUTY  X   
Fidelity NASDAQ Composite Index ETFONEQ  X   
Fidelity Quality Factor ETFFQAL  X   
Fidelity Total Bond ETFFBND  X   
Fidelity Value Factor ETFFVAL  X   
Global X Brazil Consumer ETFBRAQX     
Global X Brazil Mid Cap ETFBRAZX     
Global X China Energy ETFCHIEX     
Global X China Financials ETFCHIXX     
Global X China Industrials ETFCHIIX     
Global X China Materials ETFCHIMX     
Global X China Technology ETFQQQCX     
Global X Conscious Companies ETFKRMAX     
Global X Copper Miners ETFCOPXX     
Global X Fertilizers/Potash ETFSOILX     
Global X FTSE Andean 40 ETFANDX     
Global X Guru Activist Index ETFACTXX    X
Global X Guru Index ETFGURUX    X
Global X Guru International Index ETFGURIX    X
Global X JPMorgan Efficiente Index ETFEFFEX    X
Global X JPMorgan US Sector Rotator Index ETF SCTOXX   X
Global X Junior MLP ETFMLPJX    X
Global X MLP & Energy Infrastructure ETFMLPXX    X
Global X MSCI Pakistan ETFPAKX     
Global X Next Emerging & Frontier ETFEMFMX     
Global X Nigeria Index ETFNGEX     
Global X Permanent ETFPERMX    X
Global X S&P 500 Catholic Values ETFCATHX     
Global X Scientific Beta Asia ex-Japan ETFSCIXX    X
Global X Scientific Beta Europe ETFSCIDX    X
Global X Scientific Beta Japan ETFSCIJX    X
Global X Scientific Beta US ETFSCIUX    X
Global X SuperDividend Alternatives ETFALTYX    X
Global X SuperDividend Emerging Markets ETFSDEMX    X
Global X SuperDividend REIT ETFSRETX    X
Global X SuperDividend U.S. ETFDIVX    X
Global X SuperDividend ETFSDIVX    X
Global X SuperIncome Preferred ETFSPFFX    X
Global X YieldCo Index ETFYLCOX     
Guggenheim BRIC ETFEEB X    
Guggenheim BulletShares 2016 Corporate Bond ETFBSCG X    
Guggenheim BulletShares 2016 High Yield Corporate Bond ETFBSJG X    
Guggenheim BulletShares 2017 Corporate Bond ETFBSCH X    
Guggenheim BulletShares 2017 High Yield Corporate Bond ETFBSJH X    
Guggenheim BulletShares 2018 Corporate Bond ETFBSCI X    
Guggenheim BulletShares 2018 High Yield Corporate Bond ETFBSJI X    
Guggenheim BulletShares 2019 Corporate Bond ETFBSCJ X    
Guggenheim BulletShares 2019 High Yield Corporate Bond ETFBSJJ X    
Guggenheim BulletShares 2020 Corporate Bond ETFBSCK X    
Guggenheim BulletShares 2020 High Yield Corporate Bond ETFBSJK X    
Guggenheim BulletShares 2021 Corporate Bond ETFBSCL X    
Guggenheim BulletShares 2021 High Yield Corporate Bond ETFBSJL X    
Guggenheim BulletShares 2022 Corporate Bond ETFBSCM X    
Guggenheim BulletShares 2022 High Yield Corporate Bond ETFBSJM X    
Guggenheim BulletShares 2023 Corporate Bond ETFBSCN X    
Guggenheim BulletShares 2023 High Yield Corporate Bond ETFBSJN X    
Guggenheim BulletShares 2024 Corporate Bond ETFBSCO X    
Guggenheim BulletShares 2025 Corporate Bond ETFBSCP X    
Guggenheim China All-Cap ETFYAO X    
Guggenheim China Small Cap ETFHAO X    
Guggenheim China Technology ETFCQQQ X    
Guggenheim Defensive Equity ETFDEF X    
Guggenheim Frontier Markets ETFFRN X    
Guggenheim International Multi-Asset Income ETFHGI X    
Guggenheim MSCI Emerging Markets Equal Country Weight ETFEWEM X    
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETFRCD X    
Guggenheim S&P 500 Equal Weight Consumer Staples ETFRHS X    
Guggenheim S&P 500 Equal Weight ETFRSP X    
Guggenheim S&P 500 Equal Weight Energy ETFRYE X    
Guggenheim S&P 500 Equal Weight Financials ETFRYF X    
Guggenheim S&P 500 Equal Weight Health Care ETFRYH X    
Guggenheim S&P 500 Equal Weight Industrials ETFRGI X    
Guggenheim S&P 500 Equal Weight Materials ETFRTM X    
Guggenheim S&P 500 Equal Weight Technology ETFRYT X    
Guggenheim S&P 500 Equal Weight Utilities ETFRYU X    
Guggenheim S&P 500 Pure Growth ETFRPG X    
Guggenheim S&P 500 Pure Value ETFRPV X    
Guggenheim S&P 500 Top 50 ETFXLG X    
Guggenheim S&P Global Water Index ETFCGW X    
Guggenheim S&P MidCap 400 Pure Growth ETFRFG X    
Guggenheim S&P MidCap 400 Pure Value ETFRFV X    
Guggenheim S&P SmallCap 600 Equal Weight ETFEWSC X    
Guggenheim S&P SmallCap 600 Pure Growth ETFRZG X    
Guggenheim S&P SmallCap 600 Pure Value ETFRZV X    
Infracap MLP ETFAMZA     X
iPath Bloomberg Commodity Index Total Return ETNDJP   X  
IQ 50 Percent Hedged FTSE Europe ETFHFXE X    
IQ 50 Percent Hedged FTSE International ETFHFXI X    
IQ 50 Percent Hedged FTSE Japan ETFHFXJ X    
IQ Enhanced Core Bond U.S. ETFAGGE X    
IQ Enhanced Core Plus Bond U.S. ETFAGGP X    
IQ Global Agribusiness Small Cap ETFCROP X    
IQ Global Resources ETFGRES X    
IQ Hedge Market Neutral Tracker ETFQMN X    
IQ Hedge Multi-Strategy Tracker ETFQAI X    
IQ Merger Arbitrage ETFMNA X    
iShares 0-5 Year High Yield Corporate Bond ETFSHYG  X   
iShares 0-5 Year Investment Grade Corporate Bond ETFSLQD  X   
iShares 0-5 Year TIPS Bond ETFSTIP  X   
iShares 1-3 Year Credit Bond ETFCSJ   X  
iShares 1-3 Year International Treasury Bond ETFISHG  X   
iShares 1-3 Year Treasury Bond ETFSHY  XX  
iShares 20+ Year Treasury Bond ETFTLT  XX  
iShares 3-7 Year Treasury Bond ETFIEI  XX  
iShares 7-10 Year Treasury Bond ETFIEF  X   
iShares Agency Bond ETFAGZ  X   
iShares California AMT-Free Bond ETFCMF  X   
iShares China Large-Cap ETFFXI   X  
iShares Core 10+ Year USD Bond ETFILTB  X   
iShares Core 1-5 Year USD Bond ETFISTB  X   
iShares Core Aggressive Allocation ETFAOA   X  
iShares Core Conservative Allocation ETFAOK   X  
iShares Core Dividend Growth ETFDGRO  X   
iShares Core Growth Allocation ETFAOR   X  
iShares Core High Dividend ETFHDV  X   
iShares Core International Aggregate Bond ETFIAGG  X   
iShares Core Moderate Allocation ETFAOM   X  
iShares Core MSCI EAFE ETFIEFA  X   
iShares Core MSCI Emerging Markets ETFIEMG  X   
iShares Core MSCI Europe ETFIEUR  X   
iShares Core MSCI Pacific ETFIPAC  X   
iShares Core MSCI Total Interanational Stock ETFIXUS  X   
iShares Core S&P 500 ETFIVV  XX  
iShares Core S&P Mid-Cap ETFIJH  XX  
iShares Core S&P Small-Cap ETFIJR  XX  
iShares Core S&P Total U.S. Stock Market ETFITOT  X   
iShares Core Total USD Bond Market ETFIUSB  X   
iShares Core U.S. Aggregate Bond ETFAGG  XX  
iShares Core US Growth ETFIUSG  X   
iShares Core US Treasury Bond ETFGOVT  X   
iShares Core US Value ETFIUSV  X   
iShares Edge MSCI Min Vol Eafe ETFEFAV  X   
iShares Edge MSCI Min Vol Emerging Markets ETFEEMV  X   
iShares Edge MSCI Min Vol Global ETFACWV  X   
iShares Edge MSCI Min Vol Usa ETFUSMV  X   
iShares Emerging Markets Dividend ETFDVYE  X   
iShares Emerging Markets Local Currency Bond ETFLEMB  X   
iShares Europe ETFIEV  X   
iShares Floating Rate Note ETFFLOT  X   
iShares Global 100 ETFIOO   X  
iShares GNMA Bond ETFGNMA  X   
iShares iBoxx $ High Yield Corporate Bond ETFHYG  X   
iShares iBoxx $ Investment Grade Corporate Bond ETFLQD  X   
iShares iBoxx $ Investment Grade Corporate Bond ETFLQD   X  
iShares India 50 ETFINDY  X   
iShares Intermediate Credit Bond ETFCIU   X  
iShares Intermediate Government/Credit Bond ETFGVI  XX  
iShares International Developed Real Estate ETFIFGL  X   
iShares International Select Dividend ETFIDV  X   
iShares International Treasury Bond ETFIGOV  X   
iShares J.P. Morgan USD Emerging Markets Bond ETFEMB  X   
iShares Latin America 40 ETFILF  XX  
iShares MBS ETFMBB  XX  
iShares Microcap ETFIWC  X   
iShares MSCI All Country Asia Ex Japan ETFAAXJ  XX  
iShares MSCI Australia ETFEWA   X  
iShares MSCI Brazil Capped ETFEWZ   X  
iShares MSCI Canada ETFEWC   X  
iShares MSCI China ETFMCHI  X   
iShares MSCI EAFE Growth ETFEFG  XX  
iShares MSCI EAFE Small-Cap ETFSCZ  XX  
iShares MSCI EAFE Value ETFEFV  XX  
iShares MSCI Emerging Markets Small-Cap ETFEEMS  X   
iShares MSCI France ETFEWQ   X  
iShares MSCI Frontier 100 ETFFM  X   
iShares MSCI Germany ETFEWG   X  
iShares MSCI Global Agriculture Producers ETFVEGI  X   
iShares MSCI Global Gold Miners ETFRING  X   
iShares MSCI Global Select Metals & Mining Producers ETFPICK  X   
iShares MSCI Global Silver Miners ETFSLVP  X   
iShares MSCI Italy Capped ETFEWI   X  
iShares MSCI Japan ETFEWJ  XX  
iShares MSCI Spain Capped ETFEWP   X  
iShares MSCI United Kingdom ETFEWU   X  
iShares National Muni Bond ETFMUB  XX  
iShares New York AMT-Free Muni Bond ETFNYF  X   
iShares Russell 1000 ETFIWB   X  
iShares Russell 1000 Growth ETFWF   X  
iShares Russell 1000 Value ETFIWD   X  
iShares Russell 2000 Growth ETFIWO   X  
iShares Russell 2000 Value ETFIWN   X  
iShares Russell 3000 ETFIWV   X  
iShares Russell Mid-Cap Growth ETFIWP   X  
iShares Russell Mid-Cap Value ETFIWS   X  
iShares S&P 100 ETFOEF  XX  
iShares S&P 500 Growth ETFIVW  X   
iShares S&P 500 Value ETFIVE  XX  
iShares S&P Midcap 400 Growth ETFIJK  X   
iShares S&P Midcap 400 Value ETFIJJ  X   
iShares S&P Short Term National AMT-Free Bond ETFSUB  X   
iShares S&P SmallCap 600 Growth ETFIJT  X   
iShares S&P Small-Cap 600 Value ETFIJS  XX  
iShares Select Dividend ETFDVY  X   
iShares Short Treasury Bond ETFSHV  X   
iShares TIPS Bond ETFTIP  XX  
iShares U.S. Preferred Stock ETFPFF  X   
John Hancock Multifactor Consumer Discretionary ETFJHMC X    
John Hancock Multifactor Consumer Staples ETFJHMS X    
John Hancock Multifactor Energy ETFJHME X    
John Hancock Multifactor Financials ETFJHMF X    
John Hancock Multifactor Health Care ETFJHMH X    
John Hancock Multifactor Industrial ETFJHMI X    
John Hancock Multifactor Large Cap ETFJHML X    
John Hancock Multifactor Materials ETFJHMA X    
John Hancock Multifactor Mid Cap ETFJHMM X    
John Hancock Multifactor Technology ETFJHMT X    
John Hancock Multifactor Utilities ETFJHMU X    
JPMorgan Diversified Return Emerging Markets Equity ETFJPEM X    
JPMorgan Diversified Return Europe Equity ETFJPEU X    
JPMorgan Diversified Return Global Equity ETFJPGE X    
JPMorgan Diversified Return International Currency Hedged ETFJPIH X    
JPMorgan Diversified Return International Equity ETFJPIN X    
JPMorgan Diversified Return U.S. Equity ETFJPUS X    
O'Shares FTSE Asia Pacific Quality Dividend ETFOAPH     X
O'Shares FTSE Asia Pacific Quality Dividend ETFOASI     X
O'Shares FTSE Europe Quality Dividend ETFOEUR     X
O'Shares FTSE Europe Quality Dividend Hedged ETFOEUH     X
O'Shares FTSE US Quality Dividend ETFOUSA     X
PIMCO 0-5 Year High Yield Corporate Bond Index ETFHYS X    
PIMCO 1-5 Year U.S. TIPS Index ETFSTPZ   X  
PIMCO 25+ Year Zero Coupon U.S. Treasury ETFZROZ X    
PIMCO Investment Grade Corporate Bond ETFCORP X    
PowerShares Buyback Achievers PortfolioPKW X    
PowerShares DB Commodity Index Tracking FundDBC   X  
PowerShares DB G10 Currency Harvest FundDBV   X  
PowerShares DB Oil FundDBO   X  
PowerShares DWA Developed Markets Momentum PorfolioPIZ X    
PowerShares DWA Emerging Markets Momentum Portfolio PIE X    
PowerShares DWA Momentum PortfolioPDP X    
PowerShares DWA SmallCap Momentum PortfolioDWAS X    
PowerShares Dynamic Media PortfolioPBS X    
PowerShares Emerging Markets Sovereign Debt PortfolioPCY X X  
PowerShares FTSE RAFI Asia Pacific ex-Japan PortfolioPAF X    
Powershares Fundamental High Yield Corporate Bond PortfolioPHB X    
PowerShares Global Gold & Precious Metals PortfolioPSAU X    
PowerShares Global Short Term High Yield Bond PortfolioPGHY X    
PowerShares India PortfolioPIN X    
PowerShares International Dividend Achievers PortfolioPID X    
PowerShares Multi-strategy Alternative PortfolioLALT X    
PowerShares Preferred PortfolioPGX X    
PowerShares S&P 500 High Beta PortfolioSPHB X    
PowerShares S&P 500 Low Volatility PortfolioSPLV X    
PowerShares S&P Emerging Markets Low Volatility PortfolioEELV X    
PowerShares S&P International Developed Low Volatility PortfolioIDLV X    
PowerShares Senior Loan PortfolioBKLN X    
PowerShares Variable Rate Preferred PortfolioVRP X    
ProShares Hedged FTSE Europe ETFHGEU X    
ProShares Hedged FTSE Japan ETFHGJP X    
ProShares High Yield-Interest Rate Hedged ETFHYHG X    
ProShares Investment Grade-Interest Rate Hedged IGHG X    
ProShares Large Cap Core PlusCSM X    
ProShares Morningstar Alternatives ETFALTS X    
ProShares RAFI Long/ShortRALS X    
ProShares S&P 500 Dividend Aristocrats PortfolioNOBL X    
Schwab Emerging Markets Equity ETFSCHE X    
Schwab Fundamental Emerging Markets Large Co. Index ETFFNDE X    
Schwab Fundamental International Large Co. Index ETFFNDF X    
Schwab Fundamental International Small Co. Index ETFFNDC X    
Schwab Fundamental US Broad Market Index ETFFNDB X    
Schwab Fundamental US Large Co. Index ETFFNDX X    
Schwab Fundamental US Small Co. Index ETFFNDA X    
Schwab Intermediate-Term US Treasury ETFSCHR X    
Schwab International Equity ETFSCHF X    
Schwab International Small-Cap Equity ETFSCHC X    
Schwab Short-Term U.S. Treasury ETFSCHO X    
Schwab U.S. Aggregate Bond ETFSCHZ X    
Schwab U.S. Broad Market ETFSCHB X    
Schwab U.S. Dividend Equity ETFSCHD X    
Schwab U.S. Large-Cap ETFSCHX X    
Schwab U.S. Large-Cap Growth ETFSCHG X    
Schwab U.S. Large-Cap Value ETFSCHV X    
Schwab U.S. Mid-Cap ETFSCHM X    
Schwab U.S. REIT ETFSCHH X    
Schwab U.S. Small-Cap ETFSCHA X    
Schwab U.S. TIPS ETFSCHP X    
SPDR Bloomberg Barclays International Treasury Bond ETFBWX X X  
SPDR Bloomberg Barclays Short Term International Treasury Bond ETFBWZ X    
SPDR Blackstone / GSO Senior Loan ETFSRLN X    
SPDR Bloomberg Barclays Convertible Securities ETFCWB X    
SPDR Bloomberg Barclays International Corporate Bond ETFIBND X    
SPDR Bloomberg Barclays Investment Grade Floating Rate ETFFLRN X    
SPDR Bloomberg Barclays Long Term Treasury ETFTLO X    
SPDR BofA Merrill Lynch Crossover Corporate Bond ETFCJNK X    
SPDR Dorsey Wright Fixed Income Allocation ETFDWFI X    
SPDR MFS Systematic Core Equity ETFSYE X    
SPDR MFS Systematic Growth EquitYield Corporate Bond ETFSYG X    
SPDR MFS Systematic Value Equity ETFSYV X    
SPDR MSCI ACWI Low Carbon Target ETFLOWC X    
SPDR MSCI Australia StrategicFactors ETFQAUS X    
SPDR MSCI Canada StrategicFactors ETFQCAN X    
SPDR MSCI Emerging Markets StrategicFactors ETFQEMM X    
SPDR MSCI Germany StrategicFactors ETFQDEU X    
SPDR MSCI Japan StrategicFactors ETFQJPN X    
SPDR MSCI Spain StrategicFactors ETFQESP X    
SPDR MSCI United Kingdom StrategicFactors ETFQGBR X    
SPDR MSCI USA StrategicFactors ETFQUS X    
SPDR Nuveen S&P High Yield Municipal Bond ETFHYMB X    
SPDR S&P 1000 ETFSMD X    
SPDR S&P 400 Mid Cap Growth ETFMDYG X    
SPDR S&P 400 Mid Cap Value ETFMDYV X    
SPDR S&P 500 Fossil Fuel Reserves Free ETFSPYX X    
SPDR S&P 500 High Dividend ETFSPYD X    
SPDR S&P 600 Small Cap Growth ETFSLYG X    
SPDR S&P 600 Small Cap Value ETFSLYV X    
SPDR S&P Emerging Asia Pacific ETFGMF X    
SPDR S&P Emerging Markets Dividend ETFEDIV X    
SPDR S&P Global Dividend ETFWDIV X    
SPDR S&P Global Natural Resources ETFGNR X    
SPDR S&P International Dividend ETFDWX X    
SPDR SSGA Gender Diversity Index ETFSHE X    
SPDR SSgA Global Allocation ETFGAL X    
SPDR SSgA Income Allocation ETFINKM X    
SPDR SSgA Multi-Asset Real Return ETFRLY X    
SPDR Wells Fargo Preferred Stock ETFPSK X    
SPDRÂ Bloomberg Barclays High Yield Bond ETFJNK   X  
SPDRÂ Citi International Government Inflation-Protected Bond ETFWIP   X  
SPDRÂ Dow Jones Global Real Estate ETFRWO X X  
SPDRÂ Dow Jones International Real Estate ETFRWX X X  
SPDRÂ Nuveen Bloomberg Barclays Municipal Bond ETFTFI X X  
SPDRÂ Nuveen Bloomberg Barclays Short Term Municipal Bond ETFSHM X X  
SPDRÂ S&P Emerging Europe ETFGUR   X  
SPDRÂ S&P Emerging Markets Small Cap ETFEWX X X  
Sprott Gold Miners ETFSGDM X    
United States 12 Month Natural Gas ETFUNL X    
United States 12 Month Oil Fund, LPUSL X    
United States Commodity Index ETFUSCI X    
United States Gasoline ETFUGA X    
VanEck Vectors AMT-Free Intermediate Municipal Index ETFITM   X  
VanEck Vectors J.P. Morgan EM Local Currency Bond ETFEMLC   X  
VanEck Vectors Russia ETFRSX   X  
Vanguard Consumer Discretionary Index FundVCR    X 
Vanguard Consumer Staples Index FundVDC    X 
Vanguard Dividend Appreciation Index FundVIG   XX 
Vanguard Emerging Markets Government Bond Index FundVWOB    X 
Vanguard Energy Index FundVDE    X 
Vanguard Extended Duration Treasury Index FundEDV   XX 
Vanguard Extended Market Index FundVXF   XX 
Vanguard Financials Index FundVFH    X 
Vanguard FTSE All-World ex-US Index FundVEU   XX 
Vanguard FTSE All-World ex-US Small-Cap Index FundVSS   XX 
Vanguard FTSE Developed Markets Index FundVEA   XX 
Vanguard FTSE Emerging Markets Index FundVWO   XX 
Vanguard FTSE Europe Index FundVGK   XX 
Vanguard FTSE Pacific Index FundVPL    X 
Vanguard Global ex-US Real Estate Index FundVNQI    X 
Vanguard Growth Index FundVUG   XX 
Vanguard Health Care Index FundVHT    X 
Vanguard High Dividend Yield Index FundVYM   XX 
Vanguard Industrials Index FundVIS    X 
Vanguard Information Technology Index FundVGT    X 
Vanguard Intermediate-Term Bond Index FundBIV   XX 
Vanguard Intermediate-Term Corporate Bond Index FundVCIT   XX 
Vanguard Intermediate-Term Government Bond Index FundVGIT   XX 
Vanguard International Dividend Appreciation Index FundVIGI    X 
Vanguard International High Dividend Yield Index FundVYMI    X 
Vanguard Large Cap Index FundVV    X 
Vanguard Long-Term Bond Index FundBLV   XX 
Vanguard Long-Term Corporate Bond Index FundVCLT   XX 
Vanguard Long-Term Government Bond Index FundVGLT   XX 
Vanguard Materials Index FundVAW    X 
Vanguard Mega Cap Growth Index FundMGK   XX 
Vanguard Mega Cap Index FundMGC    X 
Vanguard Mega Cap Value Index FundMGV    X 
Vanguard Mid-Cap Growth Index FundVOT   XX 
Vanguard Mid-Cap Index FundVO   XX 
Vanguard Mid-Cap Value Index FundVOE   XX 
Vanguard Mortgage-Backed Securities Index FundVMBS   XX 
Vanguard REIT Index FundVNQ   XX 
Vanguard Russell 1000 Growth Index FundVONG    X 
Vanguard Russell 1000 Index FundVONE    X 
Vanguard Russell 1000 Value Index FundVONV    X 
Vanguard Russell 2000 Growth Index FundVTWG    X 
Vanguard Russell 2000 Index FundVTWO    X 
Vanguard Russell 2000 Value Index FundVTWV    X 
Vanguard Russell 3000 Index FundVTHR    X 
Vanguard S&P 500 Growth Index FundVOOG    X 
Vanguard S&P 500 Index FundVOO    X 
Vanguard S&P 500 Value Index FundVOOV    X 
Vanguard S&P Mid Cap 400 Index FundIVOO    X 
Vanguard S&P Mid Cap 400 Value Index FundIVOV    X 
Vanguard S&P Mid-Cap 400 Growth Index FundIVOG    X 
Vanguard S&P Small Cap 600 Growth Index FundVIOG    X 
Vanguard S&P Small Cap 600 Index FundVIOO    X 
Vanguard S&P Small Cap 600 Value Index FundVIOV    X 
Vanguard Short Term Inflation Protected Securities Index FundVTIP    X 
Vanguard Short-Term Bond Index FundBSV   XX 
Vanguard Short-Term Corporate Bond Index FundVCSH   XX 
Vanguard Short-Term Government Bond Index FundVGSH   XX 
Vanguard Small-Cap Growth Index FundVBK   XX 
Vanguard Small-Cap Index FundVB   XX 
Vanguard Small-Cap Value Index FundVBR   XX 
Vanguard Tax-Exempt Bond Index FundVTEB    X 
Vanguard Telecommunication Services Index FundVOX    X 
Vanguard Total Bond Market Index FundBND   XX 
Vanguard Total International Bond Index FundBNDX    X 
Vanguard Total International Stock Index FundVXUS    X 
Vanguard Total Stock Market Index FundVTI   XX 
Vanguard Total World Stock Index FundVT   XX 
Vanguard Utilities Index FundVPU    X 
Vanguard Value Index FundVTV   XX 
Wilshire Micro-Cap ETFWMCR X    
WisdomTree Asia Local Debt ETFALDX     
WisdomTree Asia-Pacific ex-JapanAXJLX     
WisdomTree Australia DividendAUSEX     
WisdomTree Barclays U.S. Aggregate BondAGNDX     
WisdomTree Barclays U.S. Aggregate Bond Enhanced Yield FundAGGYXX    
WisdomTree Barclays U.S. Aggregate Bond Zero Duration FundAGZDXX    
WisdomTree Bloomberg U.S. Dollar Bullish FundUSDUXX    
WisdomTree BofA Merrill Lynch Short-Term High Yield Bond Negative Duration FundHYNDX     
WisdomTree BofA Merrill Lynch Short-Term High Yield Bond Zero Duration FundHYZDXX    
WisdomTree Brazilian Real FundBZFX     
WisdomTree China Dividend Ex-Financials ETFCHXFX     
WisdomTree Chinese Yuan FundCYBX     
WisdomTree DEFADWMX     
WisdomTree DEFA Equity IncomeDTHX     
WisdomTree Dividend ex-FinancialsDTNX     
WisdomTree Dreyfus New Zealand DollarAUNZX     
WisdomTree Dynamic Currency Hedged International Equity FundDDWMXX    
WisdomTree Dynamic Long/Short U.S. Equity FundDYLS X    
WisdomTree Earnings 500EPSX     
WisdomTree Emerging Currency FundCEWX     
WisdomTree Emerging Markets Consumer Growth FundEMCGX     
WisdomTree Emerging Markets Corporate Bond ETFEMCBX     
WisdomTree Emerging Markets Equity IncDEMX     
WisdomTree Emerging Markets Ex-State-Owned Enterprises FundXSOEX     
WisdomTree Emerging Markets Local DebtELDX     
WisdomTree Emerging Markets Quality Dividend Growth FundDGREXX    
WisdomTree Emerging Mkts SmallCap DivDGSX     
WisdomTree Equity IncomeDHSX     
WisdomTree Europe Dividend Growth FundEUDGX     
WisdomTree Europe Hedged Equity FundHEDJX     
WisdomTree Europe Hedged Small Cap Equity FundEUSCXX    
WisdomTree Europe SmallCap DividendDFEX     
WisdomTree Germany Hedged Equity FundDXGEXX    
WisdomTree Global Equity IncomeDEWX     
WisdomTree Global ex-US Quality Dividend Growth FundDNLXX    
WisdomTree Global ex-US Real EstateDRWXX    
WisdomTree Global Real ReturnRRFX     
WisdomTree India Earnings FundEPIX  X  
WisdomTree Indian Rupee FundICNX     
WisdomTree International Div ex-FinnclsDOOX     
WisdomTree International Hedged Quality Dividend Growth FundIHDGXX    
WisdomTree International LargeCap DivDOLX     
WisdomTree International MidCap DividendDIMX     
WisdomTree International SmallCap DivDLSX     
WisdomTree Japan Hedged EquityDXJX     
WisdomTree Japan Hedged Financials FundDXJFX     
WisdomTree Japan Hedged Quality Dividend Growth FundJHDGXX    
WisdomTree Japan Hedged Real Estate FundDXJRX     
WisdomTree Japan Hedged SmallCap Equity FundDXJSXX    
WisdomTree Japan SmallCap DividendDFJX     
WisdomTree Korea Hedged Equity FundDXKWX     
WisdomTree LargeCap DividendDLNX     
WisdomTree LargeCap ValueEZYX     
WisdomTree Managed FuturesWDTIXX    
WisdomTree MidCap DividendDONX     
WisdomTree MidCap EarningsEZMX     
WisdomTree Middle East DividendGULFX     
WisdomTree SmallCap DividendDESX     
WisdomTree SmallCap EarningsEESX     
WisdomTree Strategic Corporate Bond FundCRDTX     
WisdomTree Total DividendDTDX     
WisdomTree Total EarningsEXTX     
WisdomTree U.S. Quality Dividend Growth FundDGRWXX    
WisdomTree U.S. SmallCap Quality Dividend Growth FundDGRSXX    
WisdomTree United Kingdom Hedged Equity FundDXPSX     

*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.