Best Of 2016: Do Commission Free ETFs Sway Decisions?

Dec 01, 2016

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 Schwab	Fidelity	TD Ameritrade	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 MSCI ACWI IMI ETF	ACIM		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 ex-US ETF	CWI		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 EURO STOXX 50 ETF	FEZ				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

| Contact: [email protected]

Cinthia Murphy is head of digital experience, advocating for the user in all that etf.com does. She previously served as managing editor and writer for etf.com, 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.

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