ticker,description BSJQ,"The Invesco BulletShares 2026 High Yield Corp Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from_ high-yield exposure can Sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired " EDZ,"This ETF offers 3x daily short leverage to the broad-based MSCI Emerging Markets Index, making it a powerful tool for investors with a bearish short-term outlook for emerging markets. Investors should note that EDZ's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EDZ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " JJC,"This fund offers exposure to one of the world's most important industrial metals, copper, potentially giving JJC appeal as an inflation hedge. However, investors should be wary of investing via the futures-based strategy as it is susceptible to contango, a phenomenon that can eat into returns. For investors seeking exposure to copper beyond physical exposure or through a mining firm, JJC is the only pure play choice available. " UYM,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Basic Materials Index, making it a powerful tool for investors with a bullish short-term outlook for materials equities. Investors should note that UYM's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UYM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " FLTB,"The Fidelity Limited Term Bond ETF (FLTB) is an actively managed bond fund that invests in investment-grade securities. FLTB aims to provide a higher rate of income, and normally maintains an average maturity between two and five years. The fund may invest in lower-quality securities or derivatives that increase leverage. The fund is managed to have the same overall interest rate risk as the Fidelity Limited Term Composite Index. The management fee is reasonable for active management, though there are cheaper options available. Investors may want to compare FLTB to funds like the Vanguard Short-Term Corporate Bond Fund (VCSH) or the iShares Short-Term Corporate Bond Fund (IGSB). " JJG,"This ETN gives investors futures-based exposure to the price of corn, wheat, soybeans, and soybean-oil, a specific basket of commodities that often receive minimal weightings in broad-based agricultural or commodity products. As such, JJG can be a useful tool for achieving a very specific type of exposure, and may perform well in environments where food prices face upward pressure. This product is probably way too targeted for those building a long-term, buy-and-hold portfolio; JJG is most useful as a means of establishing a shorter-term tactical tilt towards a specific corner of the commodity market. There are a couple noteworthy attributes of this JJG: as an ETN, this product is a debt instrument that exposes investors to credit risk of the issuing institution but generally avoids tracking error. Moreover, the ETN structure may result in unique tax consequences. Additionally, it should be noted that the underlying index consists of futures contracts, meaning that JJG won't necessarily track the performance of spot grains prices. The slope of the futures curve can have a potentially big impact on returns, depending on the environment and market prices. GRU also offers exposure to grains commodities, but this iPath is a better choice; investors will enjoy superior liquidity and transparency, both of which are sorely lacking from the competing ETN. Those looking for more broadly-based exposure may prefer agriculture ETFs such as DBA (or AGF, an ETN) or the broad commodity ETPs such as DBC or DJCI. " MMLG,"MMLG is actively managed to invest in US large cap growth stocks. Stock selections are made by two portfolio managers. " PSCH,"This fund gives investors exposure to the small cap health care industry, a market segment that has both value and growth characteristics. Securities in this corner of the market can be also be prone to quick shifts in sentiment thanks to changing government regulations or policies. Furthermore, many companies in this corner of the market are unprofitable and rely on FDA drug approval in order to snap back into the green, a very risky proposition. With that being said, PSCH gives investors a nice mix of biotech, pharma, medical tech, and facility companies spreading risk around the various corners of the health care world. However, it should be noted that the fund does still have singificant concentrattion in its top ten holdings as these companies make up close to one third of total assets, rather high considering the fund only has 70 securities in total. As a result, investors should consider this fund only if they are looking to tactically tilt towards the sector or round out exposure to the health care segment. " RDIV,"The Invesco S&P Ultra Dividend Revenue ETF tracks an index of U.S. mid- and large-cap stocks with the highest dividend yield. The methodology begins with the S&P 500 index of U.S. large-cap stocks plus the S&P MidCap 400 Index, excluding securities that don’t pay dividends as well as those that don’t have positive earnings. Of the remaining securities, then winnows down to 60 companies with some of the highest dividend yields. The portfolio is then weighted based on revenue rather than market size. The result is a portfolio that diverges widely from the broader market. The strategy is too targeted for most buy-and-hold investors, although it may appeal to those looking to squeeze a little more yield from their portfolios. The fund fees are reasonable for a specialized index strategy, though there are plenty of cheaper plain- vanilla ETFs offering exposure to the same markets. " FQAL,"The Fidelity Quality Factor ETF (FQAL) tracks a proprietary index that selects U.S. stocks based on factors like higher profitability, a good balance sheet, and stable cash flows. The fund owns about 125 securities. As with many single- factor funds, FQAL may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors seeking to overlay Fidelity’s version of a quality tilt on top of a core allocation to U.S. markets. FQAL is reasonably priced for a factor fund, but there are cheaper options available. There has been a proliferation of factor funds in recent years, and investors can compare FQAL to rivals like the iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL), the Schwab Fundamental U.S. Large Cap Company Index ETF (FNDX), or the JPMorgan U.S. Quality Factor ETF (JQUA). " DDIV,"DDIV tracks an index of 50 large- and mid-cap, high-yield stocks exhibiting relative strength. Holdings are weighted by dividend yield. " ONEY,"ONEY tracks an index of large-cap stocks from the Russell 1000 Index, selected and weighted by four factors that are scaled by market cap. " HTEC,"HTEC tracks a proprietary index of global health care technology companies. " UIVM,"UIVM tracks a multi-factor-selected, volatility-weighted index of stocks from developed economies outside of the United States. " OCIO,"OCIO is an actively managed fund-of-funds that seeks to outperform a 60/40 blended benchmark by over or under weighting across a broad range of asset classes. " QQH,"QQH tracks a proprietary index that toggles between technology stocks and Treasurys, or a combination of both, depending on risk in the U.S. equity market. " PSCF,"This ETF is one of more than a dozen products offering exposure to the financial sector of the U.S. stock market, a corner of the economy that has a history of both periods of tremendous gains and major collapses. PSCF is somewhat unique in the type of exposure offered; instead of focusing on mega cap banks and Wall Street institutions, this ETF holds small cap companies that are much less likely to be household names. This results in a risk/return profile that can be quite different from large cap stocks. Given the sector-specific focus, PSCF may be too targeted for inclusion in a long-term, buy-and-hold portfolio; this ETF is probably better suited to sector rotation strategies or to establishing a tactical overweight (or short position) in the financial sector. There are a couple noteworthy elements regarding the portfolio of PSCF; this fund avoids the concentration issues that can be significant in large cap funds, as no one stock accounts for a significant portion of assets and the balance is relatively even. It should also be noted that real estate companies make up a decent chunk of the underlying portfolio; most large cap financial ETFs maintain much smaller allocations to REITs. PSCF can be a very useful tool for fine tuning U.S. equity exposure; the price is very competitive, and the exposure offered is balanced across a relatively deep basket of component securities. " IAT,"This ETF gives investors a way to play regional banks, a sub-sector of the financial sector that offers a unique risk/return profile relative to traditional financial exposure. Whereas financial funds such as XLF are dominated by large cap companies, IAT maintains significant exposure to small and mid cap banking stocks, many of which are not impacted by the factors that drive performance of big Wall Street banks. While IAT casts a reasonably wide net--it includes more than 60 individual holdings--exposure is concentrated in a handful of companies. The top two holdings account for close to a third of assets, meaning that a couple of stocks will have a major impact on total fund returns. Other regional bank ETFs include KRE and RKH, which is not technically an ETF and may present significant concentration issues. IAT is a decent option for regional bank exposure, but we like KRE much better; the equal-weighting strategy of that fund delivers more balanced exposure, while the lower expense ratio delivers better cost efficiency. " RFDA,"RFDA is an actively-managed fund that invests in US- domiciled companies with higher dividend yields than their peers within the same sector, among other factors. " FDNI,"FDNI tracks a market-cap-weighted index that holds a concentrated portfolio of the largest internet services and commerce companies outside of the US. " GSID,"GSID tracks an index of developed markets ex-North American equities selected and weighted by market capitalization. " VPN,"VPN tracks a market-cap-weighted index of global equities involved in data center REITs and related digital infrastructure companies. " NUSC,"NUSC tracks a multi-factor-weighted index of small-cap companies listed on US exchanges. Holdings are screened for environmental, social, and governance (ESG) criteria. " RFDI,"RFDI is an actively-managed fund that seeks capital appreciation from developed-country stocks (excluding the US) selected using a factor approach. The manager has discretion to currency-hedge up to 100% of the portfolio. " JMBS,"JMBS is an actively managed fund of mortgage-backed securities. The fund seeks a high level of total return. " GOAU,"The US Global Go Gold and Precious Metal Miners ETF (GOAU) truly shines thanks to its actively managed nature. GOAU only holds 28 companies, and the three royalty companies holding 30% have great financial discipline, compared to a lot of the rest of the industry. The focus for GOAU is on the carefully selected 25 other companies out of the additional 100 or so gold producers. Putting that into perspective, when gold goes up, gold mining companies tend to do even better than gold itself. " BSCT,"The Invesco BulletShares 2029 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " BUZZ,"BUZZ holds 75 US-listed firms with the most positive investor sentiment online. The fund uses a proprietary Al model to select and weight stocks. " BSCN,"The Invesco BulletShares 2023 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " EAGG,"EAGG tracks a market-value-weighted index of US dollar- denominated bonds from issuers evaluated for favorable ESG practices. " IBDD,"IBDD tracks a Bloomberg index composed of USD denominated, investment-grade corporate bonds maturing after March 31, 2022 and before April 1, 2023. " INFL,"INFL is an actively-managed fund seeking long-term capital growth in inflation-adjusted terms from companies expected to benefit, directly or indirectly, from inflation. " HYGV,"The FlexShares High Yield Value-Scored Bond Index Fund (HYGV) tracks a proprietary index of high-yield bonds screened for value and quality. HYGV’s methodology rates issuers based on factors like valuation, solvency, management efficiency and profitability. The securities are screened for liquidity, and the portfolio imposes caps on individual bonds, issuers, sectors, duration, turnover and credit score. This fund is for investors looking to add income while avoiding some of the riskiest junk debt. Other ETFs have a similar goal, but use different strategies, such as the Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) or the WisdomTree U.S. High Yield Corporate Bond Fund (WFHY). Another variation are the “fallen angel” funds which seek to invest in downgraded securities or debt from issuers that have recently slipped below investment-grade, such as the iShares Fallen Angels USD Bond ETF (FALN} or the VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL). HYGV’s management fee is reasonable for the category. " USDU,"USDU is an actively managed ETF that goes long the US dollar against a basket of global currencies from developed as well as emerging markets. " FXY,"This ETF offers exposure to the Japanese yen relative to the U.S. dollar, increasing in value when the yen strengthens and declining when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the JPY/USD exchange rate, FXY is the only real ETF option available. " DFNV,"DFNV tracks an index that seeks to provide exposure to US all-cap companies with strong free cash flow and R&D investments. " DRSK,"The Aptus Defined Risk ETF (DRSK} is an actively- managed fund that invests in a mix of stocks and bonds and employs an options strategy on U.S. stocks. DRSK’s management fee is reasonable for an active multi-asset fund. Investors could compare performance against competitors like the SPDR SSgA Global Allocation ETF (GAL) or the Principal Active Income ETF (YLD). Stock- pickers have consistently trailed index funds, especially in U.S. equities. Investors might want to compare DRSK to indexed asset-allocation strategies like the iShares (AOR). " DFND,"DFND tracks an index of dividend-paying US large-cap stocks that are likely to increase dividends, while shorting those that are unlikely to do so. At rebalance, the fund is 75% long, 25% short. " SMLV,"SMLV tracks an index of US small-cap stocks selected and weighted by low volatility and other factors. " ITOT,"This ETF gives investors an option for achieving low cost exposure to a broad basket of domestic stocks; the underlying index essentially is created by combining the S&P 500 with popular small cap (600 stocks) and mid cap (400 stocks) indexes as well. As such, ITOT can be a one stop shop for domestic equity exposure, including equities across a number of different sectors and companies of various sizes as well. Relative to other broad-based funds such as IWV and SCHB, this ETF may have a heavier tilt towards large cap companies, making it appealing for investors looking for an equity profile tilted towards the larger companies in an economy. ITOT may be an efficient tool for investors looking for a certain type of U.S. equity exposure, but be advised that there are cheaper options available (such as SCHB, VTI and FMU). " SCHV,"This ETF is linked to the Dow Jones U.S. Large-Cap Value Total Stock Market Index, which offers exposure to large- cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well- balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. SCHV is linked to an index consisting of roughly 300 holdings and exposure is tilted most heavily towards financials, energy, and consumer staples. Although the fund isn't as diversified as some in the category, its rock bottom expense ratio makes it an intriguing choice for buy and holders especially if they have a Charles Schwab account and can trade this product for free. " KEMQ,"KEMQ tracks a committee-selected, tier-weighted index of 50 emerging market technology companies. " CMF,"This fund is the most popular option for achieving exposure to municipal bonds from California issuers, a corner of the domestic bond market that has been in focus in recent years due to the state's budget issues. CMF offers the greatest depth of holdings among all California muni bond ETFs, making it a preferred choice for accessing this asset class. " RYLD,"RYLD tracks a market-cap selected and weighted index along with call options for the underlying index. " TECL,"This ETF offers 3x daily long leverage to the Technology Select Sector Index, making it a powerful tool for investors with a bullish short-term outlook for technology equities. Investors should note that TECL's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TECL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " OUSA,"OUSA tracks an index that selects and weights large-cap US stocks based on four factors: high quality, low volatility, high dividend yield, and dividend quality. " GAA,"GAA is an actively managed fund-of-funds that provides exposure to equity, fixed-income, real estate, commodities, and currencies. The fund aims for returns and reduced volatility. " PUI,"This ETF is one of many options available for investors looking to establish exposure to the utilities industry in the U.S., a corner of the domestic economy that is known for low volatility and relatively high dividend yields. As such, this sector might have appeal to investors looking to dial down risk or to enhance the current returns generated from the equity side of a portfolio. Given the sector-specific focus of this fund, PUI probably isn't too appealing to those building a buy-and-hold portfolio, as exposure to utilities is included within more broad-based funds. PUI can, however, be useful for implementing a sector rotation strategy or a tactical tilt towards this corner of the market. PUI is unique from the other funds in the Utilities ETFdb Category because of the methodology used by the underlying index; this ETF is part of the Intellidex suite of products that uses a quant- based screening technique to identify stocks with the greatest potential for capital appreciation (FXU takes a generally similar approach, though many of the factors considered vary across these products). In exchange for this attempt at alpha, investors can expect to pay a bit more; this ETF is quite a bit more expensive than low cost options for utilities exposure such as FUI or XLU. For those who believe that the Intellidex methodology is able to generate excess returns over the long run, this ETF might be a preferred way to access this sector of the U.S. market. But those more comfortable with simply owning the market and keeping fees to a minimum may prefer other funds (the equal-weighted RYU may be a nice choice for those looking to avoid cap-weighting without paying for a quant-based strategy). " CRAK,"CRAK tracks a market-cap index of global stocks issued by firms that earn at least 50% of their revenue from oil refining. " ZIG,"ZIG is an actively-managed portfolio of equity securities issued by US-listed companies that exhibit strong fundamentals and value characteristics. " BLOK,"The Amplify Transformational Data Sharing ETF is one of a handful of funds that invests in businesses involved in blockchain, the technology behind cryptocurrencies like Bitcoin. BLOK, like other funds that debuted near the height of the bitcoin craze, was the industry's answer to regulatory roadblocks to pure-play Bitcoin ETFs. Instead of investing directly in volatile digital currencies, BLOK looks for companies that are involved in the development and utilization of blockchain technology. BLOK’s portfolio includes well-known U.S. stocks like Microsoft, Google-parent Alphabet, and IBM, alongside Japanese internet firm GMO Internet and Chinese online retailer JD.com. It’s a smidge more expensive than rival Reality Shares Nasdaq NexGen Economy ETF (BLCN), which invests in many of the same companies, but BLOK had the advantage of beating BLCN to the market by one day, and it has so far raised more assets. BLOK faces the same complication faced by other niche ETFs targeting narrow, trendy slices of the economy, which is that it’s hard to build a pure-play portfolio. There's inevitable investment overlap with broad-based tech ETFs as well as other niche products such as the Global X FinTech ETF (FINX) and the ETFMG Prime Mobile Payments ETF (IPAY). " ASHR,"The Xtrackers Harvest CS! 300 China A-Shares ETF (ASHR} was the first U.S.-listed ETF to offer direct exposure stocks listed in mainland Chinese markets in Shenzhen and Shanghai. ASHR tracks an index of 300 biggest and most liquid stocks. Unlike some other ETFs that use derivatives to mimic A-shares, ASHR buys the stocks directly. ASHR has weathered significant disruptions in the A-shares market, but investors should be aware that tracking can diverge from the index. Investors should be aware that ASHR does not invest in Chinese companies listed outside mainland markets, so popular stocks listed solely in Hong Kong won't be in its portfolio. " GTEK,"GTEK actively invests in potentially growing technology companies that are believed to drive tech innovation around the world. " GRNB,"GRNB tracks a market-value-weighted index ofUSDbondsissued for climate change mitigation or other environmentally beneficial projects, as identified by the Climate Bonds Initiative. " SQQQ,"This ETF offers 3x daily short leverage to the NASDAQ- 100 Index, making it a powerful tool for investors with a bearish short-term outlook for nonfinancial equities. Investors should note that SQQQ's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SQQQ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " ONEO,"ONEO tracks an index of large-cap stocks from the Russell 1000 Index, selected and weighted by four factors (value, quality, small size and momentum) that are scaled by market cap. " XLF,"This ETF, one of the powerhouse SPDR products, provides exposure to an index that includes companies from the following industries: diversified financial services; insurance; commercial banks; capital markets; real estate investment trusts; thrift & mortgage finance; consumer finance; and real estate management & development. XLF contains the who's-who of the financial players in the domestic economy, including JP Morgan, Wells Fargo, and others. This makes it an ideal play on the U.S. financials world, which has not always been stable. After the 2008 U.S. recession, many of the financial companies in the U.S. came under a great deal of scrutiny for irresponsible practices that lead to the downfall of the economy. Since then, the government has not been shy about imposing new regulations and legislation on these big name banks and institutions. Investors looking into this product show be aware that it will likely be very effected by U.S. policy as we aim to ensure that another crisis of this magnitude does not repeat itself. Investors should also note that XLF pays out a decent dividend, which may provide steady income in times of market downturns. " EWS,"This ETF offers exposure to Singaporean equities, and is the most liquid and most popular option for achieving exposure to the Singaporean economy. Singapore is one of the more unique economies in the world, and many investors may find the risk/return profile to be attractive. As such, EWS can be used in multiple ways by different investors. This ETF can certainly be an efficient means of establishing a short-term tactical tilt towards Singapore, as the impressive liquidity allows investors to establish or liquidate positions quickly And EWS can also be appealing as a satellite holding within a more stable long- term portfolio; because Singapore receives little weighting within broad-based international or Asian ETFs, EWS can help to establish a more meaningful allocation to this country. Several elements of the EWS portfolio are worth noting. Like many international equity ETFs, EWS is dominated by large cap stocks, which introduces certain biases into the portfolio. In the case of EWS, financials receive a heavy allocation, which may be a pro or con depending on an investor's outlook. EWS is ideal for investors seeking exposure to large cap Singaporean stocks as many of these securities are not heavily represented in other developed market ETFs. Those seeking more broad-based exposure to developed Asian economies might look at EPP (which excludes Japan) or VEA (which includes a big weighting to Japan). " IXN,"This ETF offers exposure to the global tech sector, making it one of many options available to investors seeking to access an industry that is capable of remarkable rallies and steep declines over short periods of time. Given the sector-specific focus, IXN is probably too granular for those building a long-term, buy-and-hold portfolio, but can be useful for investors putting on a tactical tilt or looking to beef up tech sector exposure. IXN's offers reasonable levels of liquidity at an average expense ratio, there are certainly cheaper options out there-- such as FTQ-- but they do not offer a global focus either. IPK offers generally similar exposure, while the equal- weighted RYT gives investors an option that will be more balanced in nature and avoid concentrations in a small handful of tech giants. " SRTY,"This ETF offers 3x daily short leverage to the Russell 2000 Index, making it a powerful tool for investors with a bearish short-term outlook for small cap equities. Investors should note that SRTY's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SRTY can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " EWI,"EWI offers investors exposure to the European market of Italy by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Italian market in particular, EWI is probably the best ‘pure play’ option available. " LQDI,"LQDI tracks an index that holds the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD), which targets investment-grade corporate bond, while using swaps to hedge inflation risk. " BSJN,"The Invesco BulletShares 2023 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from_ high-yield exposure can Sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired " EGPT,"This ETF is the only pure play fund offering exposure to the Egyptian economy, a Middle Eastern market that has tremendous return potential but that can also be quite volatile. Investors looking to expand emerging markets exposure beyond the BRIC and a handful of quasi- developed countries may find EGPT to be a valuable addition, even with a relatively hefty expense ratio. EGPT is a good option for exposure to Egyptian stocks, but the sector biases towards financials is certainly worth taking into account. " SPTI,"The SPDR Portfolio Intermediate Term Treasury ETF (SPTI) tracks an index that gives investors access to intermediate-term ultra-safe U.S. Treasuries maturing in three to 10 years. By positioning itself in the middle of the Treasury curve, SPTI delivers a moderate amount of interest-rate risk. SPTI might be useful for investors who are hesitant to take on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like all of State Street's SPDR “Portfolio” funds, SPTI is priced to compete with ultra-low-cost rivals like the Schwab Intermediate-Term U.S. Treasury ETF (SCHR) and the Vanguard Intermediate- Term Treasury Index ETF (VGIT). State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds have been renamed and repriced for this purpose. Prior to September 23, 2019, SPTI traded under the name SPDR Bloomberg Barclays Intermediate Term Treasury ETF and the ticker ITE. " GLTR,"GLTR takes a unique approach to commodity investing. While many funds have adopted physical backings for more stable investments, this product has taken it a step further and invested in four separate precious metals: gold, silver, palladium, and platinum. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures- backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. Investors should take note that while this fund offers exposure to four separate metals, gold and silver account for over 85% of this basket fund. GLTR will be a good addition for investors looking for precious metal exposure that expands beyond just one of these elusive commodities. " VIS,"This ETF is one of several options offering exposure to the U.S. industrials sector, offering a way to access a corner of the U.S. economy that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. Given the sector-specific focus, VIS likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the industrials sector or as part of a sector rotation strategy. Like many Vanguard ETFs, VIS is attractive in the expense department; in addition to one of the lowest expense ratios in the category, this ETF may be available for commission-free trading in Vanguard accounts. The depth of VIS portfolio is also attractive, though this fund, like many other industrials ETFs, has a big concentration in GE stock. Those seeking to avoid this concentration may want to consider the equal-weighted RGI; those seeking exposure to ex-U.S. industrials may find IPN to be a useful tool. " INKM,"This ETF offers multi-asset class exposure to high yielding securities, delivering a diversified, balanced portfolio that is capable of paying a meaningful distribution yield. As such, INKM can be used in a number of ways within a portfolio. Those focusing on the long-term may see an allocation to INKM as a tool for enhancing current returns while also achieving exposure to asset classes that are often overlooked or underweighted in long-term portfolios, such as high yield debt, preferred stock, and convertible bonds. Other investors utilize INKM as a tactical tool for pulling back slightly on risk exposure in anticipation of broad market declines. INKM is an ETF-of- ETFs, which means that the underlying securities are other exchange-traded products. While there are a number of ETFs on the market that target these asset classes and seek to deliver high yields, INKM is unique in that it includes exposure to stocks, bonds, and alternatives all under one ticker. One item worth noting is the expense ratio; the ETF-ofETF structure results in multiple layers of fees, which can lead to some additional expenses for investors. Those looking to skimp on management fees could construct the INKM portfolio on their own--though that would involve _ potentially significant commissions. Cost conscious investors may wish to consider IYLD, as this ETF offers comparable exposure for a slightly cheaper price tag. " GYLD,"This ETF offers multi-asset class exposure to high yielding securities, delivering a diversified, balanced portfolio that is capable of paying a meaningful distribution yield. As such, GYLD can be used in a number of ways within a portfolio. Those focusing on the long-term may see an allocation to GYLD as a tool for enhancing current returns while also achieving exposure to asset classes that are often overlooked or underweighted in long-term portfolios, such as REITs, MLPs, and junk bonds. Others may see GYLD as a tactical tool for scaling back on risk exposure in anticipation of declines in risky assets. GYLD is unique in that it includes exposure to stocks, bonds, and alternatives within a single ticker, resulting in a well- diversified basket of holdings. One item worth noting is the expense ratio; a close competitor IYLD charges less for comparable exposure, although investors should be aware that this offering is structured as an ETF-of-ETFs. " UBND,"UBND is an actively managed fund that holds intermediate-term bonds of any type and rating that exhibit positive ESG characteristics. " EMBD,"EMBD is actively managed to invest in broad emerging market bonds with any maturity. " IUSB,"IUSB tracks a broad Barclays index of USD-denominated taxable bonds. The index is market value weighted. " USL,"This fund offers exposure to one of the world's most important commodities, oil, and potentially has appeal as an inflation hedge. Unlike many commodity products USL diversifies across multiple maturities, potentially eliminating the adverse impact of contango. " DBLV,"DBLV is an actively managed portfolio of US value stocks. The fund seeks long-term capital appreciation. " UPW,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Utilities Index, making it a powerful tool for investors with a bullish short-term outlook for utilities equities. Investors should note that UPW's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UPW can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " SHM,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This is especially true in the case of SHM since the fund only targets short term munis which have less default risk then their longer-dated counterparts. As a result SHM is a solid choice for investors seeking broad exposure to the muni market but with lower levels of risk. The fund still has solid levels of diversification-- holding over 330 securities-- and a cheap expense ratio, making it a decent building block of portfolios. However, investors should be aware that these shorter term instruments are likely to pay out a lower rate of interest than some of the longer-term bonds that are out there, potentially limiting current income. " QDF,"The FlexShares Quality Dividend Index Fund (QDF) is part of Northern Trust's stable of proprietary twists on factor investing. The fund follows a Northern Trust index that selects dividend-paying large-cap U.S. equities. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and styles. Lastly, the fund tries to deliver “market-like beta” — jargon used to describe how volatile the performance is relative to the market. It’s another way of saying QDF tries to match market volatility. The approach to market beta is the nuance that sets it apart from its sister funds FlexShares Quality Dividend Defensive Index Fund (QDEF) and FlexShares Quality Dividend Dynamic Index Fund (QDYN), which aim to reduce or exceed market swings, respectively. In practice, all three funds share many of the same top holdings, including blue-chip stocks like Apple, Johnson & Johnson and Microsoft. The difference comes down to weighting. QDEF might have less invested in volatile tech stocks than QDYN, while QDF will be somewhere in the middle. As with many FlexShares funds, investors will pay a premium. Management fees, though not eye-popping for proprietary index strategies, are multiples higher than U.S. equity ETFs offered by massive passives like Vanguard and iShares. Is it worth it? Investors can look at it several different ways. There are plenty of other variations on dividend investing. There are traditional defensive mainstays like utility ETFs, such as the Utilities Select Sector SPDR (XLU). There are also the ultra-cheap dividend ETFs like the giant Vanguard Dividend Appreciation ETF (VIG) or the Vanguard High Dividend Yield ETF (VYM). Both offer more liquidity than QDF at a fraction of the price. " EMGF,"EMGF tracks an index of large- and mid-cap equities from emerging markets. Stocks are selected and weighted to optimize exposure to five factors: quality, value, momentum, smaller size and low volatility. " FV,"FV tracks an equal-weighted index of US and global ETFs issued by First Trust. The index selects 5 ETFs based on relative price momentum. " EASG,"The Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) tracks an MSCI index of developed market stocks outside North America, selecting those securities that score the highest relative to their peers on environmental, social and governance factors, known by the acronym ESG. EASG includes companies that score in the top 50% of scores in each sector — and so will own about half as many companies as the parent index — then weights those stocks to keep the sector allocation in line with the parent index. The fund excludes companies involved in alcohol, tobacco, gambling, controversial and conventional weapons, nuclear power, and_ civilian firearms. EASG’s management fee is a bit cheaper than rival iShares ESG MSCI EAFE ETF (ESGD), but ESGD had a head start and has significantly greater assets and daily liquidity. The iShares ESGD follows a less stringent MSCI ESG index for the region and so has more stocks in its portfolio than Xtrackers EASG.The idea is that companies with higher ESG scores will outperform their rivals over the long run. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. Today's strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is maintain market-like diversification with a tilt toward the best corporate citizens. It's worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Investors who prefer plain-vanilla ETFs can take a look at funds like IEFA or the Vanguard FTSE Developed Markets ETF (VEA). " IBMN,"IBMN tracks a_ market-value-weighted index of investment-grade, AMT-Free municipal bonds that mature between January and December 2025. " DIG,"This ETF offers 2x daily long leverage to the broad-based Dow Jones U.S. Oil & Gas Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. energy large cap stocks. Investors should note that DIG's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DIG can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " TDSD,"TDSD is an actively managed fund-of-funds which aims to provide long-term growth that adjusts an asset allocation to pursue a targeted risk parameter of 13% from peak to trough. " QINT,"The American Century Quality Diversified International ETF tracks an index of large- and mid-cap global stocks outside the U.S. that exhibit sound financials, strong growth prospects, and attractive fundamentals relative to their share price. The fund seeks to manage risk by focusing on larger, less volatile companies, and shifting its emphasis between growth and value stocks depending on market conditions. QINT owns a narrower portfolio of stocks than a plain-vanilla index ETF, and is probably best used to complement a core position in international stocks rather than replace it. QINT is one of several multi- factor ETFs that invests in international equities. The fund's fees are reasonable for an international factor ETF but there are cheaper options out there. Investors should compare price, performance, liquidity, and holdings against both active and passive options, including plain- vanilla index ETFs and factor funds. " FGRO,"FGRO is an actively-managed, non-transparent ETF that invests in growth stocks from domestic and foreign issuers. Stocks are selected based on fundamental factors. The fund utilizes the Fidelity non-transparent model. " HLAL,"HLAL tracks a principles-selected, market-cap-weighted index of US equities. " DGRS,"DGRS tracks a dividend-weighted index of US small-cap stocks with growth characteristics. " QQQ,"This ETF offers exposure to one of the world's most widely-followed equity benchmarks, the NASDAQ, and has become one of the most popular exchange-traded products. The significant average daily trading volumes reflect that QQQ is widely used as a trading vehicle, and less as a components of a balanced long-term strategy. Of course, this fund can certainly be useful as part of a buy-and-hold approach for investors looking to maintain a tilt towards the potentially volatile tech sector. The composition of QQQ is certainly unique; this fund maintains a hefty allocation to technology companies, resulting in potentially significant volatility through heightened exposure to a sector that has historically experienced both impressive rallies and devastating busts. Moreover, the relative concentration (only 100 names) may be less than ideal--especially considering that a small handful of stocks make up a material chunk of the portfolio. QQQ is used primarily by short-term traders, as evidenced by the high average daily turnover. QQQ has penny-wide spreads and can be a nice tool for those looking to quickly establish a position in U.S. equity markets (though SPY accomplishes similar objectives). But investors building a retirement portfolio or maintaining a longer-term objective would be better served to look elsewhere for a fund that achieves better balance across various sectors of the economy. It should be noted that QQQ is cost efficient; the expense ratio is one of the lowest in the industry. Other more expensive alternatives offer similar exposure, including an equal-weighted version of the same underlying index (QQEW) and a version that focuses only on the non- technology components of the NASDAQ (QQXT). " BIZD,"BIZD tracks a market cap-weighted index of US BDC companies whose principal business is to invest in, lend capital to, or provide services to privately held companies. " CHIX,"This ETF offers exposure to China's financial sector, making it one of the most precise tools available in the ETF universe. Those looking to overweight China may find this ETF useful for fine tuning exposure, especially those expecting strong performance from banks and other financial services companies. Also, investors bullish on the outlook for financial stocks but hesitant to invest in U.S. equities may consider CHIX as well. This fund can also be used in market neutral long/short trades that seek to exploit return differentials--for example going long CHIX and short XLF (or vice versa). CHIX is more expensive than most broad-based China ETFs, so those seeking exposure to the total Chinese economy may prefer funds such as YAO or GXC. " ISDX,"This ETF is no longer active. See active ETFs in the Foreig¢ Database Category. tals Analy suer Invesco The An ‘and Invesco ructure ETF cpense Ratio 0.23% [TF Home Page Home page ception Sep 12, 2018 dex Tracked Invesco Strategic De... F Database Themes FactS " GLCN,"GLCN tracks a market cap-weighted index that selects China growth companies. " BLES,"BLES follows an equal-weighted index of 400 large-cap stocks selected for their alignment with the Issuer's biblical values. " TYO,"This ETF offers 3x short leveraged exposure to the broad- based NYSE Current 7-10 Year U.S. Treasury Bond Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. 7-10 year treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TYD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " SPHB,"This ETF tracks a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. This particular ETF focuses on stocks that have a high beta, which could potentially increase the volatility of this product when compared to more broad based funds such as SPY. However, this higher volatility could lead to greater gains when markets are trending upwards but it could also lead to bigger losses when markets experience broad sell-offs as well. While this strategy may sound appealing to many investors, the fund still has very low levels of volume and charges a high expense ratio of 29 basis points, much higher than others in the space but far lower than the other beta focused funds. Thanks to this, cost conscious investors would probably be better off in funds that have tighter bid/ask spreads or those that have a lower expenses, unless they are really sold on the idea of searching for securities in the space based on their level of beta, if so, this fund is a solid choice. " GXC,"This ETF presents an interesting option for gaining exposure to Chinese equities, and may be one of the better choices for accessing the one of the world's most important economies. Like many international equity ETFs, GXC is dominated by holding in large cap stocks, potentially diminishing the connection to the local Chinese economy. But relative to the most popular China ETF, FXI, this fund has a number of advantages. GXC holds more than five times as many holdings, delivering greater diversification from an_ individual security perspective. And while the sector allocation is skewed towards banks and oil companies--a common bias in emerging markets--the profile is more desirable than FXI. Finally, this SPDR is considerably cheaper. For those seeking exposure to large cap Chinese stocks, GXC is one of the best options out there--certainly a better play than FXI. Pairing this exposure with small cap stocks through HAO or ECNS can deliver well balanced China exposure. " XHB,"This ETF is focused on the U.S. homebuilding industry, and as such offers exposure to a corner of the domestic economy that tends to be cyclical in nature. In addition to pure play homebuilders, this fund includes companies related generally to the homebuilding industry, such as Pier One. For investors seeking exposure to the homebuilding industry--or the closest thing to it available in an ETF wrapper-we think XHB is the best option out there. This fund is more cost efficient than other options such as PKB or ITB, and the equal weighting methodology ensures exposure is spread evenly across component companies. " EUO,"This ETF is designed for investors looking to bet against the performance of the euro relative to the U.S. dollar or to hedge against existing euro exposure. EUO utilizes daily leverage, meaning that its objective involves achieving amplified returns over a single trading session, and that performance over multiple sessions may not correspond to the target multiple. Given the targeted focus and use of leverage, EUO is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet against the euro zone currency, this fund can be useful, but, for most investors, it shouldn't be used at all. ULE offers a way to bet on the euro, while DRR, an ETN, offers generally similar exposure. " IBDU,"IBDU tracks a Bloomberg index of USD-denominated, investment-grade corporate bonds maturing between Jan 1 and Dec 15, 2029. " CNXT,"CNXT tracks a cap-weighted index of 100 small- and medium-size companies traded on the SME Board and ChiNext Board of the Shenzhen Stock Exchange. " PAVE,"PAVE tracks a market-cap-weighted index of US-listed companies that derive the majority of their revenue from or have a _ stated business purpose related to infrastructure development. " PMAR,"PMAR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " HDV,"This ETF from iShares tracks the Morningstar Dividend Yield Focus Index, which gives investors exposure to dividend paying large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longerterm horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. HDV is linked to an index consisting of roughly 75 holdings and exposure is tilted most heavily towards health care and consumer firms. Securities are chosen for inclusion in the fund if they have provided relatively high yields on a consistent basis. While this makes sure that only the highest paying companies are included, it does drastically cut down on the number of eligible securities and makes concentration a very real issue. As a result, investors need to make sure that they are non doubling down on equities in this fund elsewhere in their portfolio as some very large blue chips dominate this product's top holdings. " USMV,"This ETF is one of several products available to investors looking to achieve targeted exposure to a specific ""factor,"" which in the case of USMV is low volatility. The underlying index consists of stocks that have historically exhibited relatively low volatility, a unique methodology that makes USMV potentially useful in a number of different ways. This fund can be used as an alternative to broad-based domestic equity funds, though the shallow nature of the underlying portfolio may be a concern. Perhaps a better use would be as a way to dial down the overall risk of an equity portfolio, essentially allowing investors to scale back their downside loss potential while still maintaining some up side. USMV is appealing in the sense that it allows investors to achieve cheap, easy exposure to a strategy that would be difficult and time consuming to implement under the ""do it yourself"" methodology the expense ratio is extremely low given the methodology employed, and the strategy offered can be a simple but effective way to fine tune the overall risk of a portfolio. We might be hesitant to achieve all of a portfolio's domestic equity exposure through this one ticker--there are only about 125 components in total--but acknowledge that USMV can be a very useful complementary holding. " BLCN,"BLCN tracks an index of global companies involved in developing, researching, or using blockchain technologies. " MVV,"This ETF offers 2x daily long leverage to the S&P MidCap 400 Index, making it a powerful tool for investors with a bullish short-term outlook for MidCap U.S. equities. Investors should note that MVV's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. MVV can be a powerful tool for sophisticated investors who are bearish on the financial industry, but should be avoided by those with a low risk tolerance. " FKU,"This ETF utilizes the AlphaDEX strategy to invest in the U.K. stock market. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings. For those looking to make a play on British equities, FKU certainly makes for a viable option, but it is on the upper range of expenses; you pay a premium for the strategy which has proven itself under numerous market environments. The ETF has a portfolio of 40 stocks with around 40% of assets going to the top ten securities; while that isn't the best diversity in the space, it certainly is not the worst. FKU would probably not be used as a core holding in a portfolio, but can be a great tool for segmenting U.K. stocks as a satellite holding of a bigger portfolio. " EWW,"EWW offers exposure to Mexican equities, by holding companies that are domiciled in the Latin American nation. For investors seeking investment in the nation, Eww is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. EWW is a nice option for investors who want to load up on Mexico but be aware the fund could experience high levels of volatility. " VTHR,"This ETF seeks to replicate the Russell 3000 Index, and as such includes exposure to companies of all different sizes and classified in all sectors of the U.S. economy. With nearly 3,000 individual holdings, few ETFs offer exposure to more individual securities. VTHR, like many All Cap Equities ETFs, is an appealing option for investors looking to capture low cost, broad exposure to equity markets and maintain a simplified portfolio; those seeking to fine tune sector or size exposure may want to consider more targeted funds. This fund can be useful both as a core component of a long term portfolio or as a means of establishing quick exposure to risky assets as part of a shorter-term strategy. Those using VTHR as part of a long term strategy should note that while companies of all sizes are included, there is a heavy tilt towards large cap stocks; those seeking balanced exposure to small and mid caps may need to use additional funds. VTHR is a blunt asset allocation tool, offering an impressive degree of diversification and an extremely cost efficient fee structure. The option to trade commission free in Vanguard accounts may further increase the appeal to cost conscious investors, and the unique attributes of Vanguard products may make this ETF a better choice than IWV. " DFAC,"DFAC actively selects US equities of all sizes with a tilt toward small-cap companies, seeking to provide long- term capital appreciation. " FFTI,"FFTI is an actively managed, global fixed income fund-of- funds. The fund selects from five major fixed income asset classes with a proprietary model driven by yield spreads and price momentum. " SH,"This ETF offers inverse exposure to an index comprised of large cap U.S. equities, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It's important to note that SH is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for ""return erosion"" in volatile markets. SH should definitely not be found in a long-term, buy-and- hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in large cap U.S. securities. Investors also have the option of simply selling short a traditional large cap fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF. " PJAN,"PJAN aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " ESPO,"The VanEck Vectors Video Gaming and eSports ETF (ESPQ) is part of VanEck’s suite of niche and thematic funds. ESPO tracks a market-cap weighted index of fewer than 30 companies involved in gaming and esports development, hardware, and software, including casinos and online betting. To make the cut, companies must derive at least half of their revenue from those businesses. ESPO charges a management fee of 55 basis points, which is pricey for passive funds but in line with other nice products. ESPO’s portfolio is dominated by companies including NVIDIA, Tencent and Advanced Micro Devices, stocks commonly found in cheaper, diversified tech ETFs. U.S. equities account for more than a third of the portfolio, followed by Japan, China and South Korea. Alternatives include the Global X Video Games & ESports ETF (HERO), which is a bit cheaper at 50 basis points. Like ESPO, HERO tracks an index of global firms that get more than half their revenue from video games and esports. But HERO, unlike ESPO, places caps on individual holdings, which keeps some of the larger companies from swamping the portfolio. " UGA,"This ETF offers targeted exposure to a widely-used energy commodity, making UGA a potentially useful tool for investors looking to bet on an increase in RBOB gasoline prices. Given the targeted nature of this fund, as well as the frequent contango in futures market, UGA probably doesn't have much appeal to anyone building a long-term, buy-and-hold portfolio; this ETP is more useful for establishing a shorter-term tactical tilt towards a specific corner of the energy market. Those looking for broad-based commodity exposure have a number of options in the Commodities ETFdb Category, while those looking for a basket of energy commodities (including crude and natural gas) might want to consider UBN or DBE. Note that while gasoline generally exhibits a strong correlation to crude oil, this fund is not a crude oil ETF. Those considering UGA should note that this fund won't necessarily offer exposure to spot gasoline prices; the underlying assets are futures contracts, and as such the nuances of futures-based investing--such as the slope of the futures curve--will have an impact on bottom line returns. Investors should also consider the ramifications of the UGA structure; as a partnership, this fund may have unique tax consequences and require certain administrative responsibilities that investors may prefer to avoid (such as K1s). For most investors, UGA is probably of limited usefulness; those looking to establish targeted exposure to gasoline may find it to be quite handy. " FCPI,"The Fidelity Stocks for Inflation ETF (FCPI) tracks a proprietary index of large- and mid-cap U.S. stocks with attractive valuations, high quality profiles, and positive price momentum, with an emphasis on industries that tend to outperform in inflationary environments. As of June 2020, its portfolio was tilted toward tech, health care, and consumer staples. With about 100 stocks in its portfolio, FCPI offers a shallower portfolio than some of its competitors, making it unlikely to replace a core U.S. equity allocation. The ETF marketplace has recently seen an explosion in ‘factor’ funds covering every asset class. Investors can compare it to funds like the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), the JPMorgan Diversified Return US Equity ETF (JPUS), or the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD). FCPI isn’t unreasonably priced for a multi-factor fund, but there are cheaper index options out there. Investors might also consider plain vanilla U.S. equity funds like the iShares S&P 500 ETF (IVV) or Vanguard Total Stock Market ETF (VTI), which lack fancy factors but offer broad U.S. equity exposure at a fraction of the price. " NRGU,"NRGU tracks three times the performance of an equal- weighted index of US Oil & Gas companies. " PIO,"This ETF offers exposure to a group of companies operating generally in the water industry, including both water utilities and infrastructure companies and water equipment and materials companies. As such, this ETF likely doesn't belong in a long-term buy-and-hold portfolio due to the targeted nature of exposure, but may be appealing to those who believe that scarcity issues will prompt increased demand for water treatment companies. While this investment thesis may seem compelling, it is not clear how strong the link between water usage/scarcity trends and performance will be going forward. Given the complexity of the issues, as well as the various other business operations of component companies, we're skeptical of the ability of this ETF to accomplish the objective investors may be expecting of it. Moreover, PIO faces severe concentration issues, as a few individual stocks receive huge allocations-- arguably the most so out of the Category-- and it is the priciest fund in the Category as well. From the universe of water ETFs--which includes FIW, PHO, and CGW, this fund is probably the worst choice; it it the most concentrated and expensive and investors looking for exposure to the industry would be better served by looking elsewhere. " SPVM,"The Invesco S&P 500 Value with Momentum ETF tracks an index of the 100 stocks within the S&P 500 that are the most undervalued and have the strongest price momentum. Momentum investing emphasizes stocks that have had better recent price performance, while value investing seeks out those stocks that are underpriced based on the company’s fundamentals. The methodology winnows the investment universe down to 200 stocks by assessing earnings and sales relative to stock price. The 100 remaining stocks with the strongest momentum are then included. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. SPVM charges high fees than pure-play ultra-low-cost value ETFs but the fees arent outrageous for the multi-factor space. However, SPVM’s strategy is too narrow for most buy-and-hold investors, and the fund lacks the daily liquidity that some tactical traders might be looking for. " SWAN,"SWAN tracks an index of long-dated options on an S&P 500 ETF (SPY) and US Treasurys averaging 10-year maturity. " USSG,"The MSCI USA ESG Leaders Equity ETF (USSG) tracks an MSCI index of U.S. stocks, selecting those securities that score the highest relative to their peers on environmental, social and governance factors (ESG). USSG includes companies that score in the top 50% of scores in each sector — and so will own about half as many companies as the parent index — then weights those stocks to keep the sector allocation in line with the parent index. The fund excludes companies involved in alcohol, tobacco, gambling, controversial and conventional weapons, nuclear power, and_ civilian firearms. USSG’s management fee is cheaper than rival iShares ESG MSCI USA ETF (ESGU). The iShares fund has significantly more assets, but both funds have drawn a sizable investor following and offer good daily liquidity. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. Today's strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is maintain market-like diversification with a tilt toward the best corporate citizens. It's worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Investors who prefer plain-vanilla ETFs can take a look at funds like VTI or the iShares S&P 500 ETF (IVV). " QLV,"The FlexShares US Quality Low Volatility Index Fund (QLV) is part of Northern Trust’s stable of factor ETFs. QLV tracks a proprietary index of U.S. companies that aims for a portfolio bias toward quality and reduced volatility. The index methodology first assesses financial strength and stability based on quality metrics like profitability, management efficiency and cash flow. The lowest-scoring companies are excluded. Top holdings include Johnson & Johnson, MasterCard, Verizon, and Apple. As with many FlexShares ETFs, investors pay a premium for a factor twist, though it’s not unreasonably priced for a multi-factor fund. Investors can compare it to some of the other quality and low-volatility funds on the market, such as the iShares Edge MSCI Min Vol U.S.A. ETF (USMV) or the Invesco S&P 500 Low Volatility ETF (SPLV). There are also straightforward quality-focused funds, like the relatively inexpensive iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL), which shares a lot of the top holdings with QLV. " USEP,"USEP aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " SCHC,"This ETF offers exposure to an asset class that should be in every portfolio, but is often overlooked by investors. Most international ETFs are dominated by mega cap stocks, a bias that can tilt exposure towards energy and financials and result in a weak correlation to domestic consumption patterns in the target market. Small cap equities may be a better ""pure play"" on the economies where shares are traded, and as such funds like SCHC can be nice complements to other EFA products. This ETF is competitive from a cost perspective, and the depth of holdings assures balanced exposure to a number of ex- U.S. developed economies. SCHC is a nice complement to EAFE ETFs such as EFA, and should be used to achieve more complete international equity exposure. " FDG,"The American Century Focused Dynamic Growth ETF, which debuted in March 2020, is part of the first wave of active, non-transparent ETFs to reach the market. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. The fund's objective is to invest in large- and mid-cap U.S. companies that have the potential for rapid growth and high profitability. For years, many active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non-transparent will pay off remains to be seen. While other active money managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this means many active equity ETFs, transparent or not, may lean heavily on large cap U.S. equities. The biggest U.S. stocks are highly liquid, but they’ve also proven a challenging market for active managers and very few consistently beat their benchmarks. Moreover, some active non-transparent ETFs target the same investment strategies pursued by factor funds. Money managers have long recognized that certain factors, when deployed during certain market conditions, have consistently rewarded investors.There are plenty of other growth ETFs on the market, including index-tracking funds, factor ETFs, and active funds like FDG. FDG's fees are competitive for active management, though significantly higher than low-cost index funds. With a limited real-world performance history, it remains to be seen whether FDG will beat its indexed rivals over the long haul. Investors should compare price, liquidity, and performance to other active and passive value ETFs, including plain-vanilla funds and factor ETFs focused on growth. " PFF,"This ETF offers investors exposure to preferred stock, an interesting segment of the capital markets that most investors do not have a lot of exposure to. Preferred stock holders have a ‘preferred’ position on assets compared to other common shareholders should there be a liquidity event in the company. However, these shareholders generally do not have voting rights in exchange for this premium position. Preferred stock also generally pay out solid dividend yields but then also do not participate as much in equity appreciation as their common share counterparts. Due to this preferred stock could be appropriate for those seeking to boost yields in a portfolio or for those looking for less risky forms of equity exposure that are relatively absent from broad portfolios of stocks. PFF is reasonably diversified by both sector and in terms of total number of holdings; the fund has just under 250 securities and is heavily weighted towards the financial industry although other sectors do comprise nearly 20% of the fund as well. As a result, this fund should be considered part of the financial holding of a portfolio and only used in small amounts to boost yields. If used properly, PFF could be a powerful tool for investors, just be careful and make sure to not overinvest in the sector. " JSMD,"JSMD tracks an index of US small- and mid-cap stocks with strong fundamental measures of growth, profitability and capital efficiency. Weighting relies on the actively- managed Janus Triton Fund. " HYDW,"The Xtrackers Low Beta High Yield Bond ETF (HYDW) tracks an index of “junk” bonds — debt issued by borrowers with a higher risk of default — that exhibit lower market beta — jargon used to describe how volatile performance is relative to the market. It’s another way of saying HYDW tries to be less risky than the overall high- yield debt market. Investors should expect less of a bumpy ride than the Xtrackers USD High Yield Corporate Bond ETF (HYLB), which offers broad exposure to the high-yield debt category. HYDW is priced competitively and has attracted a decent amount of assets since its 2018 launch. HYDW might be a good choice for investors who want the higher returns that come with the risk of junk debt, but want to mitigate some of that risk by tilting toward higher quality issuers. " IYW,"This ETF offers low cost exposure to the U.S. tech sector, making it one of many options available to investors seeking to access an industry that is capable of remarkable rallies and steep declines over short periods of time. Given the sector-specific focus, IYW is probably too granular for those building a long-term, buy-and-hold portfolio, but can be useful for investors putting on a tactical tilt or looking to beef up tech sector exposure. IYW's primary appeal is its decent scope in holdings-- the fund has more than 150 securities in total-- and the fund's liquid nature’ it trades roughly 200,000 shares a day and has more than $1.5 billion in assets. However, it should be noted that typical tech giants such as Apple, IBM, and Microsoft dominate the top of the list of holdings and may already be found in large quantities in other parts of an investor's portfolio. VGT and XLK offer generally similar exposure, while the equal-weighted RYT gives investors an option that will be more balanced in nature and avoid concentrations in a small handful of tech giants. " BUFF,"BUFF tracks an equal-weighted index of Innovators twelve monthly Power Buffer ETFs, which targets specific buffered losses and capped gains on the S&P 500. " THY,"THY is an actively managed fund of funds that seeks current income, while limiting risk, by investing in global high-yield bonds and equities based on technical factors. " FLGE,"The Credit Suisse Fl Large Cap Growth Enhanced ETN (FLGE) aims to double the daily return of the Russell 1000 Growth Index, an index of U.S. large-cap equities such as Microsoft, Apple, and Amazon. The notes are intended to be used as short-term trading tools by sophisticated investors. FLGE, like most leveraged products, rebalances at the end of every trading day. In practice, this means FLGE's performance will diverge significantly from the underlying stocks. The daily reset means that FLGE could lose money over time even if the underlying equities have posted a gain, which can come as a rude surprise to buy-and-hold investors. Investors looking for long-term exposure to the Russell 1000 Growth Index would do better with un-leveraged funds like the Vanguard Russell 1000 Growth ETF (VONG) or iShares Russell 1000 Growth ETF (IWF). There are plenty of other low-cost growth stock ETFs out there too, like the Schwab U.S. Large-Cap Growth ETF (SCHG), which follows a Dow Jones index, or the Vanguard Growth ETF (VUG), which follows a CRSP index. FLGE's management fee of 85 basis points might seem like a high price to pay for a passive investment, but that shouldn't be a major concern for short-term trading. Similar products include the UBS AG FI Enhanced Large Cap Growth ETN (FBGX) and the GS Finance Large Cap Growth Index-Linked ETN (FRLG), which is the cheapest of the bunch. " UCON,"UCON is an actively managed fund, which broadly invests in various fixed income securities of almost any sector, maturity, or credit quality. " GDX,"This ETF offers investors exposure to some of the largest gold mining companies in the world, thereby delivering what can be thought of as ""indirect"" exposure to gold prices. Because the profitability of gold miners depends on the prevailing market price for the goods that they sell, these stocks will generally exhibit a strong correlations to movements in spot gold prices. When gold prices go up, gold miners make more money (and vice versa). It should be noted, however, that this relationship is not perfect; in certain environments, gold miner stocks and physical gold prices can move in opposite directions, and correlation between the two can be less than perfect. There are a number of potential benefits to investing in gold through stocks. Some investors have a hard time with the fact that physical gold will never make a distribution or generate a cash flow; gold miner stocks make dividends and report earnings, which can make valuation more straightforward. Also, gold miner stocks tend to trade as leveraged plays on spot gold prices; investors seeking to ramp up exposure may prefer to use stocks instead of the physical metal. There are a few interesting alternatives in the space to the ultra-popular GDX. Perhaps the most intriguing of those is GGGG, a product from Global X that focuses more narrowly on firms that derive the vast majority of their revenues from gold mining. As such, mining firms with significant operations revolving around silver or other industrial or precious metals are excluded from that fund, which generally includes a much more meaningful tilt towards smaller companies. For investors looking to isolate gold exposure and maximize the correlation to the precious metal--without including silver, copper, or other metals--GGGG might be preferable to GDX. " BSJP,"The Invesco BulletShares 2025 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from_ high-yield exposure can Sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired " RSX,"This ETF offers exposure to Russian equities, making it one of many options available for accessing a component of the BRIC bloc that holds tremendous potential but also significant risks. Russia's economy remains largely dependent on the energy sector, and as such ETFs such as RSX can exhibit significant volatility. RXS is probably too granular for long-term buy-and-holders, but can be useful for investors looking to implement a country rotation strategy or to tilt exposure towards this emerging market. RSX is, perhaps not surprisingly, tilted heavily towards the energy sector, and has significant concentrations in a few individual companies. This Russia ETF is, however, more balanced from both a sector perspective and an individual holding perspective than other options such as ERUS or RBL. For those seeking balanced exposure to the Russian economy, Van Eck also offers RSXJ, a small cap Russia ETF that may be better able to provide pure play exposure to the local Russian economy (and without the heavy energy tilt). " SMIN,"SMIN offers exposure to a portfolio of nearly 240 small cap Indian stocks, meaning that this fund may serve as a better ""pure play"" on the Indian economy than products dominated by mega cap equities such as EPI, INP, or INDA. SMIN can exhibit significant volatility in the short term, but its long term potential is tremendous, especially if India's economy continues to expand at an impressive rate. This ETF is similar to SCIF and SCIN, which also offer exposure to small Cap Indian stocks; however, SMIN boasts a deeper portfolio and features a lower expense fee than both of its competitors. SMIN is an attractive, well diversified small cap offering that could serve as a useful complement to large cap India exposure. " IYR,"This ETF offers exposure to the real estate industry within the U.S. equity market , an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. [YR follows the Dow Jones U.S. Real Estate Index, which has fewer than 100 holdings diversified primarily across large and mid-cap size companies. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). VNQ is a cheaper alternative with similar exposure, while FRL boasts the lowest expense fee in this category. " FJAN,"FJAN aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " SEIX,"SEIX provides actively-managed exposure to noninvestment-grade, floating-rate loans made by banks to US corporations. " CNBS,"CNBS is an actively managed portfolio of global stocks related to cannabis and hemp. The fund also invests in derivatives with similar characteristics. " AEMB,"AEMB is an actively managed fund that invests in both investment- and non-investment grade government and corporate bonds from emerging market countries denominated predominately in US dollar but also local currencies. " IPO,"The Renaissance IPO ETF adds positions of the most significant U.S. listed companies after they go public. They are added on a fast entry basis on the stock's fifth day of trading or upon quarterly review. Positions are then removed after two years of trading. " BUG,"BUG tracks a modified market-cap-weighted global index of companies selected on the basis of revenue related to cybersecurity activities. " BBSA,"The JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (BBSA) tracks an index that offers exposure to U.S.- dollar denominated, investment-grade corporate bonds with a remaining maturity ranging from one to five years. By investing in debt at the low-to-midpoint of the maturity spectrum, BBSA delivers a moderate amount of both interest-rate and credit risk. BBSA might be useful for investors looking to enhance fixed income returns but hesitant to take on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like all of JPMorgan’s ‘BetaBuilders’ ETFs, the fund’s management fee was set low enough to compete with ultra-low-cost rivals like the Vanguard Short-Term Corporate Bond ETF (VCSH), the SPDR Portfolio Short Term Corporate Bond ETF (SPSB), and the iShares Short-Term Corporate Bond ETF (IGSB) Ultra-short debt ETFs are another popular option for investors looking for a relatively safe way to eke out more yield than they can get from brokerage sweep accounts or long-term Treasuries. There are several competitors, such as the JPMorgan Ultra-Short Income ETF (JPST), the iShares Ultra Short-Term Bond ETF (ICSH), and the Goldman Sachs Access Ultra Short Bond ETF (GSST). " HKND,"HKND tracks an index that selects and weights US stocks, of any capitalization, based on socially responsible investment criteria. " IBMP,"IBMP tracks the investment results of an investment- grade U.S. municipal bonds index expected to mature or be redeemed before mid-December 2027. " TECS,"This ETF offers 3x daily short leverage to the Technology Select Sector Index, making it a powerful tool for investors with a bearish short-term outlook for technology equities. Investors should note that TECS's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TECS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " RING,"This ETF offers investors exposure to some of the largest gold mining companies in the world, thereby delivering what can be thought of as ""indirect"" exposure to gold prices. RING sets itself apart from competitors like GDX by offering international exposure; the underlying holdings are spread out across both developed and emerging markets. Because the profitability of gold miners depends on the prevailing market price for the goods that they sell, these stocks will generally exhibit a strong correlations to movements in spot gold prices. When gold prices go up, gold miners make more money (and vice versa). It should be noted, however, that this relationship is not perfect; in certain environments, gold miner stocks and physical gold prices can move in opposite directions, and correlation between the two can be less than perfect. There are a number of potential benefits to investing in gold through stocks. Some investors have a hard time with the fact that physical gold will never make a distribution or generate a cash flow; gold miner stocks make dividends and report earnings, which can make valuation more straightforward. Also, gold miner stocks tend to trade as leveraged plays on spot gold prices; investors seeking to ramp up exposure may prefer to use stocks instead of the physical metal. RING is by far the most appealing gold miners ETF available from a cost perspective; this fund charges a mere 0.39% in expense fees compared to the next cheapest product, GDX, which costs 0.53%. Similar to GDX, this ETF holds a number of diversified mining companies which generate revenues from metals other than gold. Investors should consider GGGG as it offer more a pure play on the gold mining sector by holding companies that derive a significant portion of their revenues from the previous yellow metal. " VUG,"This ETF is linked to the MSCI US Prime Market Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. VUG is linked to an index consisting of just over 400 holdings and exposure is tilted most heavily towards technology, while industrials, health care, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include IWF and SPYG. " PAPR,"PAPR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " NURE,"NURE tracks an index composed of U.S. REITs that typically have shorter-term lease durations than average. " FCAL,"FCAL is an actively managed fund that targets fixed income securities of various maturities and credit ratings, with interest income that is exempted from federal and California state income tax. " IDV,"This ETF is one of the many options for investors seeking to access stocks of developed markets outside of the U.S., an asset class that is a major component of almost any balanced portfolio and that can be quite useful for implementing tactical tilts. IDV offers exposure that is generally similar to funds like EFA and VEA, but with a few meaningful nuances. The most significant is the focus on dividend paying companies, a technique that shifts exposure towards value companies in certain sectors, and that may have obvious appeal for investors looking to enhance current returns or to fine tune risk exposure. It should also be noted that IDV includes some exposure to Canada, a market not included in EAFE funds and therefore overlooked completely by many long-term ""balanced"" portfolios. There are a number of alternatives to IDV beyond the plain vanilla, market cap-weighted funds mentioned above; WisdomTree offers DTH and DWM, both of which also focus on dividend paying stocks in a similar region. " FLRT,"FLRT is an actively managed fund targeting floating-rate US debt from non-investment-grade issuers. " IGN,"This iShares fund gives investors exposure to the networking sector of the U.S. technology market. A potentially attractive investment for many investors thanks to the rapidly developing cloud computing industry. As this technology continues to improve, these networking companies will act as a vital cornerstone for connecting users and supporting all of the new software. This ETF provides exposure to some of the biggest household names in the U.S., including Cisco and Research in Motion, although it maintains high weightings in a number of other, smaller, companies as well. As a result, the fund has heavy exposure to mid cap securities and close to 20% in small/micro caps as well. Due to this allocation profile, IGN will likely carry more risks, as smaller companies are much more susceptible to volatility, but it will also carry great potential for reward through potentially higher levels of growth. So while this fund could make for a good bet on the networking industry, most investors would probably be better served by looking at a broader technology fund that allocates assets across multiple sectors of the technology market instead of just the relatively obscure networking space. " CLOU,"The Global X Cloud Computing ETF invests in an index of companies that stand to benefit from the increased adoption of cloud-based computing, including firms that provide cloud-based software, platforms and infrastructure. Part of the Global X suite of niche thematic ETFs, the index methodology attempts to keep giants like Microsoft and Amazon from swamping the portfolio. To gain entry into the benchmark, companies must get at least half their revenue from these businesses. There's an exception for firms that earn more than $500 million from cloud computing, but those stocks are limited to a combined 10 percent of the portfolio. CLOU’s top holdings include Zscaler, Akamai and Netflix. At 68 basis points, the CLOU management fee is high for passive funds, but niche products aren't designed to be core portfolio products for set-it-and-forget-it investors. Micro-sector funds are geared for medium-term tactical wagers of weeks or months. There are plenty of cheaper technology ETFs for buy-and- hold investors looking for broad exposure to tech, such as State Street's popular Technology Select Sector SPDR Fund (XLK) and the Vanguard Information Technology ETF (VGT). There are also funds devoted to a subset of tech, like the Invesco S&P SmallCap Information Technology ETF (PSCT) or the iShares Exponential Technologies ETF (XT), but none offer the same targeted exposure to cloud computing. " IEMG,"The iShares Core MSCI Emerging Markets ETF (IEMG) is the younger, cheaper variation on BlackRock’s flagship iShares MSCI Emerging Markets ETF (EEM). IEMG debuted in 2012 as part of the new ultra-low-cost iShares Core series, which was designed to attract buy-and-hold investors. IEMG delivers broad exposure to emerging markets equities included the popular MSCI emerging market benchmarks, and does it for a fraction of the price charged by the legacy iShares fund. IEMG also includes smaller-cap names ignored by its older sibling, making it a staple holding of long-term investors who want exposure to emerging markets. IEMG’s massive size makes it easy for institutional investors to buy and sell large blocks. But its pricier sibling is still favored by active traders, who prefer EEM for its deep liquidity, tight tracking and massive options market. While IEMG beats EEM on fees, it is still not as cheap as rivals like the Vanguard Emerging Markets ETF (VWO) or Charles Schwab's Emerging Markets Equity ETF (SCHE). But investors should note a critical difference: Both VWO and SCHE track an indexes that exclude South Korea, which is instead classified with developed markets, whereas the iShares funds follow MSCI benchmarks that lump South Korea in with emerging markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight South Korea, or missing out on the country entirely. " NULV,"NULV tracks an index of US large-cap value stocks that score highly on environmental, social, and governance (ESG) criteria. The fund is weighted using a multi-factor optimizer. " LCTU,"LCTU is an actively-managed portfolio of large- and mid- cap US firms in the Russell 1000 Index that are selected and weighted with a preference for lower carbon emissions. " ARCM,"ARCM is an actively managed fund that seeks to preserve capital and maximize income potential by investing in investment-grade, short-term debt securities. " EWQ,"EWQ offers investors exposure to the European market of France by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the French market in particular, EWQ is probably the best ‘pure play’ option available. " EWU,"EWU offers investors exposure to the European market of the United Kingdom by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the British market in particular, EWU is probably the best ‘pure play’ option available. " RTH,"This ETF is one of several options for achieving exposure to the retail industry, a corner of consumer discretionary market that is capable of delivering big returns but that also comes with some unique risk factors. Given this investment objective, RTH is probably more useful for those looking to achieve tactical exposure to this specific corner of the market; the appeal to buy-and-holders will be limited since most of the underlying holdings are included in more broad-based funds. A couple aspects of RTH are noteworthy. First and foremost, RTH is now structured as a true ETF, it used to be one of the HOLDRS products offered by Merrill Lynch. However, some of the concentration that was characteristic of those products remains in RTH; the underlying portfolio is relatively shallow and concentration in the top allocations is significant. Further, RTH includes only U.S. stocks, meaning that some of the biggest players located in booming emerging markets are absent from the underlying portfolio. RTH is a decent option for retail exposure, but there are probably some better ETFs out there for tapping into this segment of the market. XRT offers better depth of holdings, while PMR utilizes an array of investment criteria to select its holdings. " GUSH,"GUSH provides 2x daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. " DALT,"DALT is an actively managed fund-of-funds utilizing a tactical approach to four asset classes: equity, fixed income, commodities, and alternatives with the goal of capital growth and income over full market cycles. " DXD,"This ETF offers 2x daily short leverage to the broad-based Dow Jones Industrial Average Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. large cap stocks. Investors should note that DXD's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DXD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " SJB,"This ETF is designed to deliver daily inverse exposure to an index comprised of junk bonds, an asset class that generally delivers high expected returns and features considerable risk of default. As such, SJB probably isn't that useful for investors looking to build a portfolio for the long run; this ETF is more useful as a tool for implementing a tactical bet against the junk bond sector. Those looking to bet against the investment grade bond market may prefer SAGG, while IGS offers an easy way to establish a short position in investment grade corporate debt. Investors should be aware that SJB features a daily reset of exposure, meaning that it will deliver -100% returns of the underlying index for a single trading period only. This fund may still be useful for establishing a short position over a longer period of time, but investors should understand the nuances of compounding returns and be prepared to monitor / rebalance this position as necessary. It should also be noted that there are some differences between using an inverse ETF and shorting a traditional long ETF; the potential for loss and volatility will differ between these two strategies. " EWL,"EWL offers investors exposure to the European market of Switzerland by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Swiss market in particular, EWL is probably the best ‘pure play’ option available. " ESGS,"ESGS tracks an index composed of 100 US equities (excluding REITs). Securities are screened for dividend yields and the Investment Managers proprietary ESGM Ratings that draw on the SASB materiality framework. " FDT,"This ETF is one of many options that offers exposure to developed markets outside of the U.S., an asset class that includes stocks from Western Europe, Japan, and Australia. It should also be noted that FDT includes meaningful exposure to Canadian stocks, distinguishing this fund from EAFE ETFs that avoid North American equities altogether. Given this focus, FDT may have appeal to investors building a long-term, buy-and-hold portfolio; ex-U.S. developed markets exposure should be a core component of portfolios for those in it for the long run. FDT is unique because of the methodology employed by the underlying index; this ETF is part of the AlphaDEX suite of products that employs a quant-based approach with the goal of identifying component companies that maintain the greatest potential for capital appreciation. In exchange for this attempt to generate alpha, which may be appealing to those opposed to market cap weighting, investors can expect to pay a little bit more. FDT's expense ratio is on the high end of the range for its ETFdb Category; those who believe the AlphaDEX methodology is capable of generating excess returns over the long run may be willing to pay for this exposure, while those looking to keep costs down and simply own the market may prefer other options (such as SCHF). " FFIU,"FFIU is an actively managed portfolio of a broad array of fixed income securities with dollar-weighted average effective duration between three and seven years. " DSI,"This ETF offers exposure to an index consisting of companies that exhibit positive environmental, social, and governance characteristics, while seeking to maintain a risk/return profile that is generally similar to a more general benchmark of U.S. equities. KLD's holdings are generally large cap U.S. companies with which many investors are familiar, as the fund consists primarily of mega cap and large cap stocks. KLD can be used as a substitute to other large cap funds such as SPY, potentially appealing to investors who wish to avoid companies with questionable morals. There is also an investment case to be made for using an ESG screening methodology, as companies that avoid lawsuits and other penalties and establish strong reputations among consumers should perform well over the long run. KLD is well balanced from a sector perspective, and does a nice job spreading around exposure to individual stocks. The biggest potential drawback is the expense ratio; investors can expect to pay a bit more for the peace of mind (or the pursuit of alpha through a focus on ESG metrics). " BCD,"BCD is passively managed to track the performance of a broad commodity market index. The fund targets futures contracts typically 27 months out to expiration. " VEU,"This ETF offers broad-based exposure to equity markets outside of the U.S., including both developed and emerging markets. As such, VEU can be a useful tool for many investors constructing long-term portfolios, or as a tactical tilt for those looking to beef up international allocations. VEU is impressive in both its cost efficiency and depth of holdings, and does a nice job of balancing exposure across a number of ex-U.S. economies. Like all Vanguard ETFs, VEU may be available commission free in Vanguard accounts, further enhancing the appeal of this fund to cost-conscious investors. It should be noted that the balance between emerging and developed markets may not be consistent with all investment objectives; further fine tuning may be required in some instances. Also, VEU consists primarily of large cap stocks; complementary exposure through VSS will result in a more balanced portfolio that includes smaller firms with potentially greater capital appreciation possibilities. " WDIV,"WDIV tracks an index of 100 high-dividend-yielding stocks from the S&P Global BMI Index. Constituents are selected and weighted by dividends. " TUR,"TUR offers exposure to Turkish equities specifically focusing on companies that are based in the nation. For investors seeking investment in the nation, TUR is one of the only choices available as most ETFs do not offer any allocations to the emerging country. TUR is a nice option for investors who want to load up on Turkey but be aware the fund could experience high levels of volatility. " DAPR,"DAPR aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " ILTB,"This ETF offers broad-based exposure to investment grade U.S. bonds, making ILTB a building block for any investor constructing a balanced long-term portfolio as well as a potentially attractive safe haven for investors pulling money out of equity markets. While ILTB can potentially be a one stop shop for fixed income exposure, a close look at the composition of this fund is advised. Many may find the significant allocations to MBS and Treasuries somewhat insufficient for their return objectives; increased corporate bond exposure through LQD may result in a better balance and more attractive return. Furthermore, the fund only has securities that are maturing in ten years or longer. While this will help to boost the overall yield for the fund, it will also make it more susceptible to default and interest rate risk as well. While ILTB includes hundreds of individual securities, this ETF actually only holds a fraction of the bonds that make up the underlying benchmark; the sampling strategy employed avoids illiquid issues, but may lead to tracking error. ILTB has reasonable levels of liquidity-- there are more liquid options out there-- but the expense ratio for this fund is pretty low and is among the lowest in the Category. However, for investors looking to avoid compounding costs and tracking error, the broad-based BND may be a better option for U.S. fixed income exposure, although ILTB is certainly a viable option for those seeking longer-dated securities in their portfolio. " SAA,"This ETF offers 2x daily long leverage to the S&P SmallCap 600 Index, making it a powerful tool for investors with a bullish short-term outlook for small cap U.S. equities. Investors should note that SAA's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SAA can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " FNOV,"FNOV aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " VTV,"This ETF is linked to the MSCI US Prime Market Value Index, which offers exposure to large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. VTV is linked to an index consisting of roughly 400 holdings and exposure is tilted most heavily towards financials, energy, and industrials. Thanks to this fund's solid level of diversification and rock-bottom price, investors could definitely make VTV a_ significant portion of their portfolios. " PSCI,"This ETF is one of several options offering exposure to the U.S. industrials sector, offering a way to access a corner of the U.S. economy that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. However, unlike most of the other products in this space, PSCI focuses exclusively on small cap securities giving the fund a tilt towards high risks but also higher rewards as well. Given the sector- specific focus, PSCI doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the industrials sector or as part of a sector rotation strategy. Additionally, despite its focus on small caps, the fund's fees are pretty comparable to others in the category, although they are a few basis points more than most other products. Lastly, while large cap funds are heavy in companies such as GE or UTX, this fund largely consists of products that are pretty much non- existent in other portfolios. As a result, the fund could offer investors a way to capture all of the securities in the market segment at a low cost without the very real risk of doubling-down on some of the largest names in the space. " VFMV,"The Vanguard U.S. Minimum Volatility Factor ETF is an actively managed fund that aims to invest in U.S. stocks that are less susceptible to wide price gyrations. VFMV relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so- called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others, like VFMV, target a single factor. VFMV’s portfolio can be expected to diverge from its Russell 3000 benchmark. For example, VFMV holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index- tracking fund that draws from the same universe of stocks. The size and industry breakdown of the portfolio will vary widely from the benchmark. VFMV'‘s fees are quite low for active management, but after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. For investors who want to minimize volatility for a reasonable price, VFMV makes a good complement to a core portfolio holding in U.S. equities. While VFMV is competitively priced, investors should compare fees, performance, and portfolio against other U.S. min vol funds, both active and passive. " PNQI,"This ETF dedicates its assets to the largest and most liquid companies that are engaged in internet-related businesses. While the ETF invests in only U.S.-listed securities, a fair amount of these companies are still domiciled overseas, meaning that this fund will give investors exposure to this sector on a global scale. From a sector standpoint, PNQI dedicates the majority of its assets to technology, and to the lesser-known consumer cyclical sector. The consumer cyclical sector is more or less composed of consumer discretionary firms, which tend to do better than average during strong times, and vice versa during slumps. This ETP gives investors exposure to firms of all different market cap sizes, giving solid base with potential for growth available. Investors should note that the holdings of this ETF are somewhat bizarre, as all of the companies do business over the internet, but do not necessarily have anything in common outside of that factor. " FM,"FM is an actively managed fund that invests in stocks of companies from frontier markets and, to a lesser degree, emerging countries. " ITB,"This ETF offers exposure to the U.S. homebuilding industry, and as such offers exposure to a corner of the domestic economy that tends to be cyclical in nature. In addition to pure play homebuilders, this fund includes companies related generally to the homebuilding industry, such as Home Depot. For homebuilder exposure, ITB is competitive in terms of expense ratio, but may be significantly more concentrated than other options such as PKB or XHB. " IJUL,"JUL aims for specific buffered losses and capped gains on the MSCI EAFE Index over a specific holdings period. The actively-managed fund holds options and collateral. " SCJ,"This ETF gives investors an option for exposure to small cap Japanese stocks, a targeted asset class that is absent from most portfolios. Some investors see small cap stocks as a better ""pure play"" on the local economy than large caps that generally derive revenues from a number of different geographic regions. As such, SCJ may be appealing for investors looking to tilt exposure towards Japan, or perhaps as part of a long/short play. This ETF includes hundreds of individual holdings--the vast majority of which most U.S. investors have likely never heard of. Exposure is spread evenly across component companies; SC) features very little concentration among the largest names. JSC and DFJ are the closest alternatives to this iShares fund; both of those funds are more expensive suggesting that SCJ may be the choice for cost-conscious investors. " DRW,"This ETF offers exposure to global real estate markets, including both developed and emerging economies outside of the U.S. (previously, DRW had focused exclusively on developed ex-U.S. As such, this ETF has the potential to be useful both as a tactical tool for establishing a short term tilt towards this risky asset class or as a component of a longer-term portfolio that fills a void left by most international equity funds. International real estate securities can exhibit significant risk, but are also capable of delivering both meaningful capital appreciation and current returns. DRW maintains a broad-based portfolio of REITs, but has some significant concentration in a few big names in the portfolio. Moreover, a couple of countries account for big chunks of holdings, increasing sensitivity to commercial real estate markets in Australia and Hong Kong. It should also be noted that DRW is linked to a dividend-weighted index; that feature may be appealing for those who find fault with cap-weighting methodology, and may also serve to boost the yield component of the return profile. The focus on companies that pay regular cash dividends could offer more stability than others in the category but also provide less growth potential. This ETF is one of several options in the Global Real Estate ETFdb Category; DRW is set apart thanks to its dividend-weighted methodology and focus on both developed and emerging markets. Investors weighing the various options should take into consideration expenses (DRW is competitive in this regard), depth and balance of holdings, and allocations to emerging markets (that breakdown can have a meaningful impact on the risk/return profile). " SHV,"This popular ETF offers exposure to the ultrashort end of the maturity curve, focusing on U.S. Treasury securities that have between one and twelve months until maturity. SHV is extremely light on both interest rate risk and credit risk, and as such will generally deliver a very low expected return. SHV can be a great safe haven to park assets in volatile markets, but won't deliver much in the way of current yield. " OSCV,"OSCV is an actively managed fund that selects US small- cap companies and REITs based on valuation plus quality and growth metrics. The fund seeks capital appreciation. " CMDY,"CMDY tracks an index that holds futures contracts on a roll-cost optimized broad market commodity index. " VBK,"VBK seeks to replicate a benchmark which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, VBK does an excellent job of dividing up assets as the fund holds close to 1,000 securities in total and doesn't give any one security more than 0.6% of the total assets. Thanks to this high level of diversification and VBK's ultra-low expense ratio, the fund could make for a superb addition to portfolios of investors who are looking for small caps but are seeking a higher risk/reward profile in the space. However, it should be noted that there are several other products in the category, namely WO, PWT, and SLYG, that offer slightly more diversification although at higher prices, potentially making them better choices for certain long-term investors. " RFV,"This ETF is one of several options available to investors looking to access mid cap U.S. stocks exhibiting value characteristics, such as high dividend yields and low pricing multiples. As such, RFV may be a useful tool for those looking to implement a tactical tilt towards a sector of the U.S. equity market that may perform relatively well in certain economic environments. It is probably too targeted for those looking to build a long-term, buy-and- hold portfolio, though it can potentially be useful for fine- tuning exposure offered by other ETFs. RFV is noteworthy because of the ""pure style"" distinction offered; this product is very different from funds like IJJ and IWS, which often have considerable overlap with their growth counterparts. RFV focuses on a much smaller universe of mid cap value stocks, including only those with the most significant value characteristics. So for investors seeking to establish a value tilt, RFV will be a much more effective tool than broadly based funds that cast a significantly wider net and are likely to include growth stocks as well. " EWC,"EWC offers exposure to Canadian stocks with a heavy focus on mega cap firms. Canadian equities are often overlooked by popular developed market funds so many of the securities in this fund may receive minimal allocations in some portfolios. Due to this, EWC has appeal as a compliment to EFA funds or those who are bullish on the overall Canadian economy. " SMMD,"SMMD tracks a market-cap-weighted index of US companies ranked 501-3,000 by market cap. " JCPB,"The JPMorgan Core Plus Bond ETF (JCPB) is an actively- managed fund that can invest in a wide range of U.S. and non-U.S. debt. The fund invests primarily in investment- grade debt, and the portfolio will not, under normal circumstances, have more than 35% of its assets in riskier high-yield securities. Up to 35% of the portfolio may be in non-U.S. securities, including securities denominated in non-U.S. currencies. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in JCPB is ultimately a bet on the manager's ability to outperform the market. JCPB is priced competitively with rivals like the SPDR DoubleLine Total Return Tactical ETF (TOTL) and the PIMCO Active Bond ETF (BOND). " TILT,"This ETF is one of several options available for investors seeking broad-based exposure to the U.S. equity market, but is unique in a few ways from the other funds in the All Cap Equities ETFdb Category. Instead of simply weighting by market capitalization (or some fundamental metric), TILT tilts exposure towards the small cap and value segments of the U.S. market by giving these companies slightly higher weightings than they would in a simple cap-weighted methodology. The results is a portfolio that has significant overlap with products linked to popular indexes such as the Russell 3000, but with a unique makeup. For investors who believe that small cap and value companies maintain greater long-term potential, this ETF can be a unique way to achieve instant, cheap exposure to a strategy that might otherwise be difficult and expensive to maintain. TILT offers exposure to thousands of individual securities, including companies of all sizes (despite the tilt towards small caps) and across all sectors of the domestic economy. Given this broad focus, TILT is probably most appealing to those building a long-term, buy-and-hold portfolio and in search of a unique type of domestic equity exposure (though it can certainly be used as a shorter-term trading vehicle as well). In exchange for the specific value and small cap tilts offered by this product, investors will pay a bit more; TILT's expense ratio is well below the average for its ETFdb Category, but considerably higher than some of the cheapest options available (those looking to maximize cost efficiency might like VTI or FMU. " FRDM,"FRDM tracks an index that selects and weights exposure to emerging market equities based on personal and economic freedom metrics. " SMH,"SMH tracks the overall performance of the 25 largest, U.S. listed companies that produce semiconductors, a crucial component of modern computing. Semiconductor chips act as the brains to numerous devices that we rely on today, including smartphones, calculators, computers, and much more. As technology continues to improve and expand, these chips will invariably be in demand to help power new devices. The fund focuses on U.S. stocks entirely, offering investors concentrated exposure to America's semiconductor industry. Investors should note that this fund is equally split between giant, large, and mid cap size companies, offering a well-balanced risk/return profile. Given its shallow portfolio, SMH is inherently top-heavy; the top ten holdings account for over two-thirds of total assets. Overall, this ETF is fairly priced and it may hold appeal as a long-term, core holding for buy-and-hold investors looking to tilt exposure towards this corner of the technology sector. " EUFN,"This ETF offers exposure to the financial sector of Western Europe, a corner of the developed world that can exhibit significant volatility and has demonstrated big fluctuations in recent years. As such, EUFN is way too targeted for any investors building a long-term portfolio, but can be a potentially useful tool for those looking to apply a tactical tilt or capitalize on perceived short-term mispricings. EUFN can also be useful as part of a long/short pairs trade, such as long XLF / short EUFN. This ETF is, not surprisingly, tilted towards large cap stocks. And while the portfolio includes more than 100 individual securities, a few of the bigger companies make up significant portions of total assets. EUFN is a valuable tool for investors with a very specific objective, but is probably too precise for most. " VGK,"This ETF offers broad based exposure to the developed economies of Europe, spreading holdings across more than a dozen markets. As such, this ETF can be an efficient tool for investors looking to tilt exposure towards this region of the world. Those seeking broader exposure to ex-U.S. developed markets may prefer a fund such as VEA, which includes Pacific economies as well. For those seeking exposure to developed European economies, VGK is perhaps the best ETF option available. This ETF offers exposure that is balanced across countries, sectors, and individual holdings; with nearly 500 component securities, concentration to any one name is minimal. Moreover, the expense ratio is among the lowest in the ETFdb Category, making VGK one of the most cost efficient ways to access developed Europe's equity markets. " JIDA,"JIDA actively selects global equities of any market cap outside the US using a top-down and bottom-up approach in seeking to provide long-term capital appreciation. " FNGO,"FNGO provides 2x the daily price movements of an index of US-listed technology and consumer discretionary companies. The index is highly concentrated and equally weighted. " XMHQ,"The Invesco S&P MidCap Quality ETF tracks an index of U.S. mid-cap stocks with stronger balance sheets and financial fundamentals than their peers. The methodology begins with the S&P MidCap 400 Index and assesses return on equity, operating assets, and financial leverage. Approximately 80 of the top scoring stocks are included in the index. The portfolio is weighed based on a combination of companies’ market capitalization and quality scores. The fund fees are reasonable for a mid-cap factor strategy, though there are cheaper ultra-low-cost options in the mid-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a quality overlay to their mid-cap exposure. Prior to June 21, 2019, the fund tracked an equal weight index of mid-cap stocks. " QCLN,"QCLN is a unique member of the Alternative Energy Category, as this ETF invests in companies that are engaged in a variety of different activities related to several green energy sub-sectors. By _ including companies focused on biofuels, solar energy, and advanced batteries (among others), QCLN casts a wide net of exposure. That, along with a relatively deep basket of individual companies, may make it appealing for those seeking broad-based exposure to alternative energy sources. There are cheaper options for exposure to alternative energy, but few that offer the depth and breadth of holdings QCLN can boast. " DGRO,"DGRO tracks an index of US stocks that are selected by dividends, dividend growth and payout ratio, then weighted by dividend dollars. " NUMV,"NUMV tracks an index of US mid-cap value stocks that score highly on environmental, social, and governance (ESG) criteria. The fund weighting uses a multi-factor optimizer. " EWGS,"This product is the small cap counterpart to the well- known EWG, which focuses on German large cap securities. The German economy has been a global powerhouse for the past few decades, as they have been able to boast relative stability and strong GDP. The country is also home to some of the biggest and most profitable exporters in the world. EWGS is designed to provide investors with significant exposure to the small cap sector of the German economy, which employs over 70% of the country's workers. As with any small cap fund, this product will carry more risk than your traditional large cap-heavy international equity ETF, as small caps tend to be much more susceptible to market blips and jumps. But for investors willing to take on the risks, EWGS may be a great addition for those looking to cash in on the small cap segment of this robust European economy. Investors should also consider GERJ, which offers comparable exposure for a cheaper expense fee. " XLV,"This ETF is one of the most popular options for gaining exposure to the U.S. health care sector, and as such might be an attractive option for investors looking to tilt exposure towards lower risk industries. XLV is among the cheapest ways to gain access to health care companies, and offers impressive depth of holdings as well. XLV can be a good option for a sector rotation strategy or as a means of establishing a long term tilt towards the health care sector. " TBT,"This ETF offers 2x short leveraged exposure to the broad- based Barclays Capital U.S. 20+ Year Treasury Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TBT can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " ILF,"This ETF offers broad exposure to the emerging Latin American region with the heaviest holdings going to the nations of Brazil, Mexico, and Chile. Thanks to this focus on rapidly emerging nations which are sometimes forgotten by other emerging market ETFs, ILF could have some appeal to long-term investors with a buy-and-hold philosophy, but it is more likely to appeal to those looking to implement a tactical shift or capitalize on perceived mispricings over a relatively short time horizon. The main downside to this product is that although it is a 'broad' LM fund, it really only offers material holdings to four countries; the three aforementioned ones as well as a sub five percent holding in Peru. This suggests that the fund is really more of a concentrated bet than most might believe suggesting that investors need to be careful to make sure they are not doubling down on some of the largest components in the fund such as PetroBras, Vale, or Wal-Mart De Mexico. This is especially a problem in ILF as the fund only holds 35 securities in total and has close to two-thirds of its assets in its top ten holdings. So for investors looking for broad LM exposure that do not have any in their current portfolio, ILF could make for a solid choice but GML offers a slightly better investment profile making it the better pick in our opinion. " NETL,"NETL tracks an index that provides current income by investing in net lease US real estate equities weighted by a modified market-cap strategy. " PTNQ,"PTNQ tracks an index that holds the NASDAQ-100 securities and/or 3-month US T-bills according to momentum. " FXI,"FXI is the most popular ETF option for achieving exposure to the Chinese equity market, and offers unparalleled liquidity. There are, however, some drawbacks to FXI: the portfolio consists of just a handful of large cap stocks and maintains heavy biases towards certain industries (financials and energy, while going light on tech and consumer stocks). For short term traders who value liquidity, FXl is a great option. But for those seeking China exposure over the long run, there are better ETF options available. " FHLC,"The Fidelity MSCI Health Care Index ETF (FHLC) tracks an index of U.S. companies involved in the healthcare market. FHLC owns close to 400 stocks, including small cap companies, which makes it broadly similar to the Vanguard Healthcare ETF (VHT). Both offer a more diversified portfolio than rivals like the Health Care Select Sector SPDR ETF (XLV) and the iShares U.S. Healthcare ETF (IYH), which lean more heavily on large cap stocks. FHLC is competitively priced, though short-term tactical traders will likely prefer the size and liquidity of XLV. " SCHI,"SCHI tracks a market-weighted index of USD- denominated investment-grade corporate bonds with intermediate maturities of 5-10 years. " HAIL,"HAIL tracks an index of US-listed companies that focuses on autonomous vehicle technology, drone technology, and advanced transportation tracking and transport optimization systems. " FLDR,"The Fidelity Low Duration Bond Factor ETF (FLDR) tracks an index of U.S. investment-grade floating-rate notes and U.S. Treasuries maturing in seven to 10 years. The fund aims to maintain a duration of one year or less. Duration is a measure of bond price sensitivity to interest rate moves. Typically bond prices fall when interest rates rise. A fund like FLDR may appeal to investors who want to earn a little more yield but don’t want to risk taking a hit when rates begin to climb. FLDR is reasonably priced for what it offers, though there are cheaper options available. Ultra-short debt ETFs are a popular option for investors looking for a relatively safe way to eke out a little more yield than they can get from brokerage sweep accounts or long-term Treasuries. There are several competitors, such as the JPMorgan Ultra-Short Income ETF (PST}, the iShares Ultra Short-Term Bond ETF (ICSH), and the Goldman Sachs Access Ultra Short Bond ETF (GSST). " PRF,"This ETF offers exposure to the largest U.S. Equities with a twist, as the fund is linked to a RAFl-weighted index. This alternative weighting methodology is based on four fundamental measures of firm size: book value, cash flow, sales and dividends. The 1000 equities with the highest fundamental strength are weighted by their fundamental scores. While this ETF has considerable overlap with more popular funds such as VTV or IWD, there are some key distinctions that shape a very unique risk/return profile. Since PRF is linked to a RAFI-weighted index, this ETF breaks the link between stock price and security allocation and may have appeal as an alternative to market capitalization weighting systems that have numerous potential drawbacks. PRF features the same biases that are common in many broad-based equity ETFs, including big weightings to financials and industrials/energy. An alternative is VONV, which has a much cheaper expense fee and offers comparable exposure (focused on Value companies) in terms of holdings. " UOCT,"UOCT aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " AGZD,"AGZD tracks a long/short net-zero-duration bond index that's long US investment-grade issues and_ short Treasury futures. " MOON,"MOON tracks a tier-weighted index that selects US-listed companies seeking innovative technologies. " PPLT,"This fund offers exposure to one of the world's most expensive metals, platinum. PPLT is designed to track the spot price of platinum bullion by holding bars of the metal in a secure vault, allowing investors to free themselves from finding a place to store the commodity. PPLT is one of the only ways that investors can obtain exposure to the metal beyond buying shares of the few platinum miners, purchasing individual coins, or holding a futures contract on platinum. However, futures contracts encounter roll yield issues and are inherently more expensive and risky than just holding the physical metal. Due to this, PPLT is an excellent choice for investors looking to load up on the precious metal, just don't let it be the only commodity that you hold as platinum is often highly correlated to the car industry and can be very cyclical. " KMLM,"KMLM aims to track an index of long and short managed futures, based on a trend following methodology. The fund allocates to commodity, currency and global fixed income futures based on relative historical volatility. " UDOW,"This ETF offers 3x daily long leverage to the Dow Jones Industrial Average, making it a powerful tool for investors with a bullish short-term outlook for blue chip equities. Investors should note that UDOW's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UDOW can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " FVC,"FVC tracks an index of global sector and industry ETFs, selected by price momentum and weighted equally. The fund can also allocate to cash in varying amounts based on momentum. " RESP,"RESP is actively managed to select US stocks that are screened based on fundamental and technical factors, and ESG characteristics. " SIVR,"This ETF uses a physically-backed methodology, an idea that was popularized by ETFs, due to investors growing tired of the complexities of futures contracts and the dangers that are associated with them. By using this physically-backed strategy, this fund is able to eliminate the issues of contango and backwardation, as well as give investors a more realistic pricing of the metal it holds. Silver, along with other precious metals, is most often used as an inflationary hedge, or to protect against volatile equities. This fund doesn't work very well in the long term buy and hold scenario, but may be a good option for investor seeking to find a safe haven during times of market uncertainty. When it comes to physically- backed silver, SIVR and SLV are nearly identical, though SIVR does charge a slightly lower expense ratio. " SNSR,"SNSR tracks a market-cap-weighted index composed of developed market companies that facilitate the Internet of Things industry. " HAP,"This ETF gives investors exposure to hard-assets producers, and its portfolio of developed-market equities is heavily concentrated in basic materials, with an emphasis on energy. The fund holds primarily giant and large-cap companies, which additionally improve the risk- adjusted returns gained from commodities exposure. HAP is a nice option for investors looking to bet on increasing demand for raw materials as the global economic recovery picks up speed. " BALT,"BALT aims to participate in the price movement of the SPDR S&P 500 ETF (ticker: SPY), up to a cap while buffering the first 15-20% decline. The fund resets it's buffer and cap levels every three-months. The actively managed fund holds FLEX options. " FNGS,"The MicroSectors FANG+ exchange-traded notes aim to track an index of so-called FANG stocks, meaning Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet Inc. The fund offers highly concentrated exposure those five “core” companies, plus another five technology growth stocks, including Alibaba, Baidu, NVIDIA, Tesla and Twitter. The management fee of 58 basis points might seem like a high price to pay for a passive investment, but that shouldn’‘t be a major concern for short-term trading. For traders who want the leverage but prefer to bet a against a broader universe of tech stocks, there's products like Direxion Technology Bear 3X Shares (TECS), which bets against the same universe of stocks held by State Street Corp.'s Technology Select Sector SPDR Fund (XLK), or the ProShares UltraShort Technology ETF (REW) which aims to double the daily loss of the stocks held by the iShares U.S. Technology ETF (IYW). " PJUN,"PJUN aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " AMND,"AMND tracks a_ dividend-weighted index of North American midstream energy stocks and MLPs that pay regular cash dividends. " IEUS,"IEUS tracks a market-cap-weighted index of companies in developed countries of Europe. " USXF,"USXF tracks an index of large- and mid-cap US equities screened for positive environmental, social and governance rating while also screening for involvement in controversial activities. " SGDM,"SGDM tracks an equity index of gold mining firms. Firms with higher revenue growth, lower debt to equity and higher free cash flow yield receive more weight. " FBCV,"The Fidelity Blue Chip Value ETF (FBCV) is an actively managed fund that invests in large cap companies that are priced below their expected long-term value. It is one of Fidelity’s contributions to the new space of actively managed, non-transparent ETFs. Would-be issuers lobbied regulators for years for permission to introduce ETFs run by stock pickers that don’t disclose their holdings. Firms like Fidelity wanted to protect their secret sauce from prying eyes. Fidelity was among a handful of firms that won approval in 2019. It remains to be seen whether ETF investors will be as excited as issuers about the prospect. An investment in an active fund is ultimately a bet on the manager’s ability to outperform the market — something many stock pickers fail to achieve. That’s a big reason why the biggest winners in the ETF marketplace have been cheap and transparent index products. FBCV, which debuted in June 2020, is reasonably priced for active management, though it looks expensive in an industry dominated by ultra-low-cost index funds. Investors might compare its performance to U.S. and global-stock value index funds like the iShares MSCI EAFE Value ETF (EFV), Schwab U.S. Large-Cap Value ETF (SCHV), and the Vanguard Value ETF (VTV). " WBIL,"WBIL is an actively-managed fund that invests primarily in global equity securities. The fund can also invest its assets in nearly anything the manager deems tactical. " DBAW,"The Xtrackers MSCI All World ex US Hedged Equity Fund (DBAW) offers broad exposure to global equities outside of the U.S., but includes derivatives that hedge out the currency exposure that an investment in international equities brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments. DBAW offers similar exposure as the unhedged iShares Core MSCI Total International Stock ETF (IXUS), but the currency hedges means the performance of the two will be substantially different. Investors who expect the U.S. dollar to appreciate relative to other currencies might prefer this fund as a way to bet on the performance of international stocks; DBAW should outperform IXUS when the U.S. currency strengthens. Those expecting the dollar to lose value relative to other currencies will probably prefer to leave currency exposure unhedged, utilizing a fund such as IXUS instead. Those investors without a strong view in either direction might use a mix of both hedged and unhedged equity ETFs (e.g., 50% DBAW and 50% IXUS). The iShares Currency Hedged MSCI ACWI ex-U.S. ETF (HAWX) is similar to DBAW, though DBAW has more assets. For cost-conscious investors who want plain- vanilla global stock exposure, IXUS and the Vanguard FTSE All-World ex-US ETF (VEU) offer more liquidity at a fraction of the price. " IWF,"This ETF is linked to the Russell 1000 Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer- term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. IWF is linked to an index consisting of just over 600 holdings and exposure is tilted most heavily towards technology, while industrials, energy, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include IVW and RPG, while VONG is the cheapest option. " SNLN,"SNLN tracks an index comprised of 100 senior loans with at least one year remaining in maturity. Loans are selected by liquidity and weighted by market value. " IOO,"This ETF offers exposure to the global equity market through the stocks of 100 of the largest companies in the world. But 100 is not truly global in nature; exposure is limited to developed markets, including the U.S., Japan, and Europe. As such, IOO can be a potentially useful tool for investors seeking one stop exposure to the developed global economy, including U.S. stocks and developed markets outside North America. Those considering this fund should take a close look at the exposure breakdown; many of the holdings are U.S. companies, and close to half the total portfolio is American companies. It should also be noted that 100 is almost exclusively large cap stocks; allocations to smaller firms is minimal in this fund. This fund is relatively balanced from a sector perspective, giving investors a sampling of every corner of the developed market economy. I|OO is a fine ETF at an appealing price point, but there are alternatives that offer considerably greater depth of holdings, such as ACWI and VT. " XDQQ,"XDQQ aims for 2x the price return of Invesco QQQ Trust ETF (QQQ), subject to an upside return cap over a specific holdings period. " SGOV,"SGOV tracks a market-value weighted index of US Treasurys maturing in less than or equal to three months. " EDC,"This ETF offers 3x daily long leverage to the broad-based MSCI Emerging Markets Index, making it a powerful tool for investors with a bullish short-term outlook for emerging markets. Investors should note that EDC's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EDC can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " GTO,"The Invesco Total Return Bond ETF is an actively- managed fund that invests in debt securities, including corporate debt, asset-backed loans, mortgage-backed securities, bank loans, municipal bonds and sovereign debt. The fund may invest up to a third of its portfolio in debt issued by junk-rated borrowers, and it may own distressed securities. The fund fees are competitive with other actively-managed debt ETFs, but still higher than index ETFs offering broad fixed income exposure. Investors should note that active fixed income money managers have a far better track record beating the market than their stock-picking peers. Investors should compare fees, liquidity and returns against ETFs pegged to broad fixed income indices, such as the iShares Core U.S. Aggregate Bond ETF (AGG) or the Vanguard Total Bond Market ETF (BND}. " REML,"REML provides 2x leveraged exposure to a market-cap-weighted index of residential and commercial mortgage REITs. Leverage is reset monthly. " SXUS,"SXUS is an actively managed fund that invests in global ex-US stocks screened for sustainability criteria relative to various ESG factors. Holdings must be aligned with four megatrends: population growth, resource constraints, climate change, and aging population. " URE,"This ETF offers 2x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a tool for expressing a bullish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature makes URE inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a useful tool for hedging short real estate exposure or simply for speculating on an increase in the value of this asset class over a short period of time. But URE shouldn't ever be found in a long-term, buy-and-hold portfolio; it's simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. Investors looking for exposure to real estate for the long haul should take a look at VNQ or other options in the Real Estate and Global Real Estate ETFdb Categories. SRS is an option for making a short leveraged bet on this asset class; investors seeking 3x daily real estate exposure have both bull (DRN) and bear (DRV) options in ETF form. " BTEC,"The Principal Healthcare Innovators Index ETF (BTEC) tracks an index of U.S. health care stocks, avoiding large- cap and less liquid companies. The index aims to score companies based on their investment in researching and developing innovative medicines, therapies, equipment, and facilities. The portfolio includes the highest ranked 150 to 200 companies. Top holdings include Seattle Genetics, Exact Sciences Corp. and Moderna, which became a household name for its vaccine efforts early the 2020 coronavirus pandemic. BTEC’s management fee is lower than the average for the ETFdb health and biotech equities category, but there a number of less expensive funds in the space. BTEC has been on the market since 2016 but hasn’t gathered the assets of its more seasoned competitors. This may be why BTEC trades at wider spreads than the he Fidelity MSCI Health Care Index ETF (FHLC), the iShares U.S. Health Care ETF (IYH), the Health Care Select Sector SPDR Fund (XLV), and the Vanguard Health Care ETF (VHT), all of which offer more liquidity — in some cases at a fraction of the price. Investors can also take a look at the iShares Nasdaq Biotechnology Fund (IBB) and Goldman Sachs Human Evolution ETF (GDNA). For an actively-managed fund that has shown consistent outperformance, there’s also the ARK Genomic Revolution ETF (ARKG). " EWSC,"The Invesco S&P Smallcap 600 Equal Weight ETF tracks an index of small-cap stocks, but equal weights the portfolio rather than weighting by market size. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. EWSC’s sector breakdown diverges widely from its market-cap rivals, which is the point. The portfolio also tends to tilt a bit smaller. EWSC also lacks the deep liquidity provided by rival mid-cap funds, and its higher price tag is unlikely to appeal to buy-and-hold investors. EWSC could be a good pick for tactical investors that favor equal weight strategies. Prior to January 26, 2016, the fund tracked a different equal-weight index of small-cap stocks. " BUYZ,"The Franklin Disruptive Commerce ETF (BUYZ) is an actively managed fund that seeks to profit from companies that disrupt traditional commerce, such as online marketplaces and auctions, electronic payments, the sharing economy, or advances in shipping. The portfolio may include retailers, payment companies, logistics and delivery companies, and more. Many of its top holdings, like Amazon, are likely to be found in any diversified equity fund. It is one of three actively managed thematic funds launched by Franklin Templeton in February 2020. Ultimately any actively managed fund is a bet on the manager’s ability to outperform the market. BUYZ offers a narrow portfolio and investors and advisers will want to consider whether or not BUYZ is suitable for their objectives. It is reasonably priced for what it offers, though BUYZ is not a tool for buy-and-hold investors who want low-cost asset allocation. " ATMP,"ATMP tracks a tiered-weighted index consisting of US and Canadian MLPs and general partners of MLPs that are selected based on fundamental criteria. " PEZ,"This ETF offers targeted exposure toward the U.S. consumer discretionary sector, making it a potentially useful tool for those employing a sector rotation strategy or for investors looking to tilt their portfolio towards a high beta sector that can perform well in bull markets. PEZ is one of the ""Dynamic"" ETFs offered by PowerShares, meaning that the underlying index utilizes a quant based analytical framework to select holdings. In exchange for this attempt to generate alpha, investors can expect to pay a bit more; PEZ is more expensive than FCL and XLY. For those who believe the Intellidex methodology has the ability to add value, PEZ might be an interesting play. But considering the less-than- impressive track record and expense differential, there are probably better ETF options for exposure to this sector. " GLIN,"GLIN tracks a market-cap-weighted index of growth companies in India. " FNI,"This ETF offers an one stop option for exposure to two of the world's most promising emerging markets, China and India. FNI might be appealing as a tool for investors looking to tilt emerging markets exposure towards these two markets, lessening the weighting towards economies such as Brazil and Russia. FNI can be useful in certain situations, though an abundance of China and India ETFs make it relatively easy for investors to fine tune exposure to these economies on their own. " PICB,"This ETF offers an opportunity to access corporate bonds issued by international corporations, making PICB a potentially powerful tool for investors looking to diversify fixed income exposure. While many portfolios consist of equities from around the globe, fixed income exposure is often limited to the U.S. Including PICB as an international complement to a fund like LQD has the potential to both boost returns and smooth overall risk through geographic diversification. The underlying securities are generally issued by high quality companies in Western Europe, meaning that credit risk is generally moderate. Another option for investors seeking international corporate bond exposure is IBND, which is slightly more expensive than this PowerShares fund. " QYLG,"QYLG tracks an index that holds Nasdaq 100 stocks and sells call options on half the value of those stocks, to collect the premiums and allow for growth. " QMOM,"QMOM is an active, equal-weighted portfolio of US stocks, screened for their strong and consistent momentum. " XCEM,"XCEM tracks a market-cap-weighted index that provides broad equity exposure to emerging markets excluding China. " GSIE,"The Goldman Sachs ActiveBeta International Equity ETF (GSIE) offers broad exposure to developed market stocks outside the U.S. with Goldman’s multi-factor twist. GSIE tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. Top holdings include Nestle, Roche and Novartis. GSIE is reasonably priced for a smart-beta approach to developed markets, though it’s still more expensive than ultra-low-cost plain-vanilla rivals like the iShares Core MSCI EAFE ETF (IEFA) and the Vanguard FTSE Developed Markets ETF (VEA). They lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. There’s also competition to consider in the multi- factor space, including the JPMorgan Diversified Return International Equity ETF (JPIN) or the iShares Edge MSCI Multi-factor International ETF (INTF}. " SRET,"SRET tracks an equal-weighted index of REITs from around the world. The fund selects 30 companies the issuer determines to have the highest yield and lowest volatility. " EJAN,"EJAN aims for specific buffered losses and capped gains on the MSCI Emerging Markets Index over a specific holdings period. The actively-managed fund holds options and collateral. " PSCC,"This ETF offers exposure to the consumer staples sector of the U.S. economy, giving investors a tool for accessing stocks of companies engaged in the production and sale of food and beverages, household products, and personal products. Since many of the components of PSCC are found in small cap ETFs and other broad-based equity funds, there might not be much use for this ETF within a long-term, buy-and-hold portfolio. PSCC can, however, be useful as a means of implementing a tactical tilt towards the consumer staples sector; this fund can be a nice tool for implementing a sector rotation strategy. PSCC may also be useful in a long/short trade (such as long PSCC / short XLP or vice versa). There are a number of options in the Consumer Staples ETFdb Category, but most focus primarily on large cap stocks. PSCC is unique in that it holds smaller companies that may offer greater long term growth potential (along with potentially higher volatility). While all consumer staples ETFs will generally exhibit a high correlation with one another, these products are far from identical; PSCC may deliver returns that are very different from XLP and RHS. Investors should take note that PSCC's portfolio is somewhat shallow; there are only about 25 components, and some of these stocks account for a big portion of total assets. That concentration may be undesirable for investors seeking to limit exposure to any one name. The suite of PowerShares small cap sector ETFs can be nice alternatives or complements to the large cap focused sector SPDRs. " ONLN,"ONLN tracks a global, modified market-cap weighted index of stocks issued by companies classified as online retailers. " GSY,"This active ETF looks to achieve maximum current income while preserving capital and maintaining daily liquidity. As a result, the fund should be considered an ultra-safe place to park assets in times of great turmoil. Just don't expect the fund to pay out a very high yield as the product only seeks to beat the 1-3 month Treasury Bill Index and maintains securities that have a duration of less than one year. The fund invests in both U.S. treasuries, corporate debt and even up to ten percent in high yield bonds. This added bond holding could help the fund boost yield and since it is such short term the product could see very little in terms of defaults. GSY is a quality product for parking cash but probably shouldn't make up very high portions of a portfolio. " IAPR,"IAPR aims for specific buffered losses and capped gains on the MSCI EAFE Index over a specific holdings period. The actively-managed fund holds options and collateral. " PHYL,"PHYL is an actively managed portfolio of high yield bonds. The fund seeks total return. " MLPR,"MLPR provides quarterly 1.5x leveraged exposure to a market-cap-weighted index of 50 publicly traded energy MLPs. " BWX,"This ETF offers exposure to bonds issued by governments outside the U.S., offering an efficient way to access an asset class that is overlooked within the portfolios of many U.S.-based investors. Most fixed income portfolios are comprised almost entirely of securities from U.S. issuers, but the addition of international debt has the potential to enhance returns and add diversification benefits as well. As such, BWX may be an appealing option for those looking to construct a balanced fixed income portfolio or have tactical appeal to those with a less-than-bullish outlook on U.S. debt markets. BWX is one of several options available offering exposure to this asset class, joining IGOV, BWZ, and ISHG. When evaluating these ETF options, factors to consider include the breakdown by country, effective duration, and attractiveness of the current yield. " DAUG,"DAUG aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " INDL,"This ETF offers 2x daily long leverage to the Indus India Index, making it a powerful tool for investors with a bullish short-term outlook for Indian equities. Investors should note that INDL's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. INDL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " SMB,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This is especially true in the case of SMB since the fund only targets short term munis which have less default risk then their longer-dated counterparts. As a result SMB is a solid choice for investors seeking broad exposure to the muni market but with lower levels of risk. The fund still has solid levels of diversification-- holding over 190 securities-- and one of the cheapest expense ratios in the category at just 16 basis points. However, investors should be aware that these shorter term instruments are likely to pay out a lower rate of interest than some of the longer-term bonds that are out there, potentially limiting current income. " TFI,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. TFI is a solid choice in this Category as the fund holds close to 300 securities in total and allocates under 15% of its total assets to its top ten holdings ensuring relatively high levels of diversification. While the fund may not be as diversified as MUB, it is a cheaper alternative making it a solid choice for those looking to keep costs down and are willing to sacrifice a little in the way of diversification and liquidity. " ICF,"This ETF offers exposure to the REITs sector of the U.S. equity market, an asset class that has been recently overlooked by many _ investors following the unprecedented housing crisis. ICF follows the Cohen & Steers Realty Majors Index, which has just over 30 holdings diversified primarily across mid and large-cap equities. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). IYR is a viable alternative with more broad-based exposure that comes at a steeper price, while FRL boasts the lowest expense fee in this category. " IAK,"This ETF gives investors an option to gain targeted exposure to the insurance sub-sector of the U.S. equity market. Like many products offering such granular exposure, IAK is relatively concentrated; this ETF consists of about 60 individual stocks, and a handful of large cap companies account for a significant portion of total assets. Insurance companies are driven by a unique set of performance factors, and those that believe this portion of the financial sector is set to surge may find IAK to be an efficient option for exposure. Other options for targeted exposure to the insurance industry include KIE, which is more efficient from a cost perspective and experiences less significant concentration issues, and PIC. Those seeking broader exposure to the financial sector may prefer XLF or RYF. " VDC,"This ETF offers targeted exposure to the U.S. consumer staples sector, making it too targeted for investors looking to simply buy and hold but a potentially useful tool for those implementing a sector rotation strategy or seeking to tilt their portfolio towards low beta holdings. Vanguard ETFs are generally among the most cost efficient choices in any category, but that isn't necessarily the case here; both FCD and XLP are slightly cheaper in terms of expense ratio. There are, however, no consumer staples ETFs that can match the depth of holdings delivered by VDC; the unique Vanguard structure allows this fund to hold more than 100 individual stocks and avoid excessive concentration in a small handful of mega cap stocks. There are a number of potential alternatives to VDC besides those ETFs mentioned above; the equal-weighted RHS is one option, while the alpha- seeking FXG and PSL could be interesting options as well. " SHYL,"The Xtrackers Short Duration High Yield Bond ETF tracks an index of U.S.-dollar denominated “junk” bonds — debt issued by borrowers with a higher risk of default — that are five years or less from maturity. SHYL reduces interest-rate risk by shortening overall duration, a measure of how sensitive a bond is to changes in interest rates. Bond prices typically fall when rates rise. SHYL is priced competitively for the category but lacks the size and daily liquidity of larger rivals like the iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) or the SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK). " PIZ,"This ETF is linked to an index deemed to maintain powerful relative strength characteristics, utilizing a metric valued by many investors to develop a way to access developed markets outside of the U.S. This fund can be seen as an alternative to broad-based EAFE funds such as VEA or EFA in long-term portfolios, potentially appealing to investors who believe the relative strength screens are capable of generating excess returns. While the exposure offered is generally similar, there are several noteworthy differences as well. PIZ holds only a fraction of the names that funds like EFA do, and as such the concentration in a small handful of stocks can be greater. Moreover, the nature of the underlying methodology will generally result in higher turnover, potentially creating tax liabilities and occasionally resulting in skews towards certain sectors, regions, or individual economies. Finally, PIZ is considerably more expensive than many alternative ETFs, creating a substantial hurdle of excess returns that must be generated annually by the relative strength methodology (compare PIZ to VEA to quantify the gap this fund must make up on an annual basis). " ETHO,"ETHO tracks the performance of an equal-weighted index that selects US stocks that exhibit the least carbon impact within its industry. The fund excludes certain industries with negative ESG profiles. " AGOV,"AGOV is an actively managed fund that invests in a broad range of local currency bonds issued by Asia-Pacific national governments. " FMF,"FMF seeks positive returns uncorrelated with major asset classes. The actively managed fund uses futures in commodity (50%), currency (25%) and equity (25%) indexes. " EBLU,"EBLU tracks an index of water infrastructure and management companies listed in developed countries. " PXI,"This ETF offers exposure to the domestic energy market, including many of the Big Oil companies that are responsible for significant portions of global energy supply. PXI is likely too targeted for those with a long time horizon, but this fund can potentially be useful for those implementing a sector rotation strategy or looking to overweight this corner of the market. PXI is part of the suite of Intellidex products from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PXI to be the ideal way to access the U.S. energy market; those not convinced about the methodology may prefer cheaper ETF options such as XLE or FEG. It should be noted that the methodology of the underlying index has one potential advantage that is unique in the energy sector; PXI does not exhibit nearly the degree of concentration as do ETFs linked to cap- weighted indexes, offering a more balanced way to play the U.S. energy sector (the equal-weighted RYE is another option). " TWM,"This ETF offers 2x daily short leverage to the Russell 2000 Index, making it a powerful tool for investors with a bearish short-term outlook for small cap equities. Investors should note that TWM's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TWM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " DMAY,"DMAY aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " FLV,"The American Century Focused Large Cap Value ETF, which debuted in March 2020, is part of the first wave of active, non-transparent ETFs to reach the market. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. The fund's objective is to invest in large cap companies that are selling at a discount to their fair value. For years, many active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non-transparent will pay off remains to be seen. While other active money managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this means many active equity ETFs, transparent or not, may lean heavily on large cap U.S. equities. The biggest U.S. stocks are highly liquid, but they’ve also proven a challenging market for active managers and very few consistently beat their benchmarks. Moreover, some active non- transparent ETFs target the same investment strategies pursued by factor funds. Money managers have long recognized that certain factors, when deployed during certain market conditions, have consistently rewarded investors. So-called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long- term. There are plenty of value funds on the market, including index-tracking funds, factor ETFs, and active funds like FLV. FLV’s fees are competitive for active management, though significantly higher than low-cost value index funds. With a limited real-world performance history, it remains to be seen whether FLV will beat its indexed rivals over the long haul. Investors should compare price, liquidity, and performance to other active " CEFS,"CEFS is an actively managed fund-of-funds that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value and hedging for duration risk. " YLDE,"YLDE is an actively managed fund that seeks income, growth of income, and long-term capital appreciation. The fund focuses on global large-cap stocks with attractive dividends and positive ESG attributes. " RBUS,"The Nationwide Risk-Based U.S. Equity ETF (RBUS) tracks an index of large-cap U.S. equities. RBUS follows the Rothschild & Co. Risk-Based U.S. Index that aims to deliver on that ever- elusive promise: reduce volatility without sacrificing returns. The index assesses securities for risk and volatility and eliminates the riskiest 50 percent. The remaining securities are weighted by volatility and correlation, in an effort to make sure that every stock contributes the same amount of risk to the portfolio. RBUS has about 250 securities in its portfolio and is rebalanced quarterly. It's worth noting that RBUS falls into ETFdb’s Large-Cap Growth category, but that, by design, almost 40% of RBUS's portfolio is invested in mid-cap stocks. That's significantly more mid-cap exposure than other index funds in the category, and investors who own ETFs targeting mid-cap companies may want to make sure they avoid an unintentional overweight. Launched in 2017, RBUS is a latecomer to a crowded space of large-cap growth equities. Nationwide is often the biggest investor in its own ETFs, a common strategy, especially for newer entrants, known as BYOA: Bring Your Own Assets. And while it's not outrageously prices, there are plenty of cheaper funds out there. Investors have plenty of alternatives, many with lower fees and more liquidity, such as the iShares Russell 1000 Growth ETF (IWF) or the Vanguard Growth ETF (VUG). Other so-called “smart” U.S. stock index strategies include funds like the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) or the JPMorgan Diversified Return US Equity ETF (JPUS). Lastly, investors might want to compare returns with plain-vanilla U.S. funds that charges a fraction of RBUS’s management fee, like the Vanguard Total Stock Market ETF (VTI) or iShares Core S&P500 ETF (IV). " SPMO,"The Invesco S&P 500 Momentum ETF tracks an index of the 100 stocks in the S&P 500 that have had better recent price performance compared with peers. The methodology measures the percentage change in stock prices over the past year, excluding the most recent month, and then adjusts for volatility. The portfolio is then weighted based on a combination of company size and momentum score. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. SPMO is priced competitively compared with rival momentum funds, but its relatively narrow portfolio makes it less appealing to buy-and-hold investors. Investors who are looking for a tactical tilt toward momentum stocks can find momentum ETFs with deeper liquidity or broader portfolios, though it’s worth comparing SPMO's fees and strategy against rival momentum funds. " FEUZ,"FEUZ tracks an index of firms operating in the Eurozone, selected by growth and value factors and equal-weighted within tiers. " MVRL,"MVRL provides 1.5x leveraged exposure to a market-cap weighted index of mortgage REITs. Leverage is reset quarterly. " IWP,"This ETF offers exposure to mid cap stocks that exhibit growth characteristics, making IWP a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Growth strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments. It should be noted that there is often considerable overlap between IWP and its value counterpart IWS, the result of a methodology that uses a generous definition of growth stocks. Rydex offers a pure style alternative, RFG, that is slightly more expensive but will offer a considerably more targeted focus on growth equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that IJK and IVOG seek to replicate the same index at comparable expense ratios. VOT is slightly cheaper, and may be available commission free in certain accounts, while IWP will generally feature narrow spreads. IWP is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, lower fees, or potentially better execution. " IDLV,"Launching in early 2012 this ETF seeks to provide exposure to a more stable basket of holdings that are domiciled in developed countries. To be included in the underlying index, each stock must have a market cap of at least $100 million and an annual dollar value traded of $50 million or more. From there, the fund takes those criteria and applies it to the 200 least volatile stocks around the world. Note that the fund contains no U.S. exposure as it is dedicated to developed countries outside of our own borders. From a holdings perspective, the majority of underlying securities take home a large cap tag, helping to keep the fund more stable. IDLV focuses its holdings primarily on four countries: Canada, Japan, the U.K., and Singapore. It also does a good job of not affording too much to weight to any one stock, as the top and bottom holdings are separated by just 50 basis points, a gap that is relatively unheard of as far as cap weighted funds are concerned. Overall IDLV is a fund with a solid exposure and low prices to boot. Though it may not be considered a main holding in many portfolios it could certainly fit as a larger holding to help smooth volatility and stabilize returns. " FLRU,"The Franklin FTSE Russia ETF (FLRU) tracks an index of large and mid-size companies in Russia. This ETF offers a deeper portfolio and more exposure to small caps than the iShares MSCI Russia ETF (ERUS). As of June 2020, FLRU’s management fee is significantly cheaper than its iShares rival, but it continues to trail in assets and liquidity. FLRU's exposure is, not surprisingly, tilted heavily toward the energy sector. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in diversified international ETFs, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets. " EFA,"This ETF offers exposure to the major developed markets outside of North America, including Western Europe, Japan, and Australia. As such, EFA is a cornerstone of many long-term portfolios, delivering access to an asset class that provides valuable geographic diversification to equity allocations. It should be noted that this fund is tilted heavily towards large cap stocks; the small cap focused SCZ can be an excellent complement to the mega caps in this fund to provide more balanced exposure. EFA offers unrivaled liquidity, but there are several alternatives that may be more appealing to certain investors. Rydex offers an equal-weighted EAFE ETF (EWEF), while PowerShares offers a RAFl-weighted option. But the biggest competition may be from Vanguard's VEA, which replicates the exact same index at a lower expense ratio and generally lower tracking error. That's a tough offer to beat, unless you have access to this ETF commission free or value liquidity (and related option liquidity) above all else; it's not surprising that EFA features much higher turnover, indicating a preference among more active traders. " IBHF,"IBHF tracks a market-value-weighted index of USD- denominated, high yield and BBB-rated corporate bonds maturing in 2026. The fund will terminate in December 2026. " ERY,"This ETF offers 3x daily short leverage to the Energy Select Sector Index, making it a powerful tool for investors with a bearish short-term outlook for the broad energy sector. Investors should note that ERY's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. ERY can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " PSC,"The Principal U.S. Small Cap Multi-Factor ETF (PSC) takes a multi-factor approach to investing in small companies. PSC tracks an index of U.S. firms that exhibit value, quality, and momentum characteristics. The index methodology eliminates the least liquid stocks, then scores companies based on quality growth, shareholder yield and price momentum. The portfolio is tilted toward the highest-scoring companies that are the most liquid and least volatile. Investors have a number of other small-cap multifactor ETFs to choose from, including the iShares Edge Multifactor U.S.A. Small-Cap ETF (SMLF), the First Trust Small Cap Core AlphaDEX Fund (FYX}, the JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE), and the John Hancock Multifactor Small Cap ETF. PSC’s expense ratio is below the average for the ETFdb small- cap blend category, but there are a number of ultra-low cost plain-vanilla options out there, including the Vanguard Small Cap Value ETF (VBR) and the iShares Russell 2000 Value ETF (IWN). " OEUR,"OEUR tracks an index that selects and weights large and mid-cap Europe stocks based on three factors: high quality, low volatility, and high dividend yield. " KBWY,"This ETF offers exposure to the real estate industry within the U.S. equity market, an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. KBWY follows the KBW Premium Yield Equity REIT Index, which is constructed using a dividend yield weighted methodology that seeks to reflect the performance of approximately 24 to 40 small- and mid-cap equity REITs in the United States. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). VNQ is a more liquid and cheaper alternative with similar exposure, while FRL boasts the lowest expense fee in this category. " EWG,"EWG offers investors exposure to the European market of Germany by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the German market in particular, EWG is probably the best 'pure play’ option available. " XWEB,"XWEB tracks an equal-weighted index of US internet retail, software, and services companies, as defined by GIcs. " UMI,"UMI holds an actively-managed portfolio of midstream energy infrastructure companies. The fund is income- focused and uses a fundamental approach that integrates ESG research. " LRNZ,"LRNZ is actively managed and invests in global equities focused on artificial intelligence and deep learning. " PULS,"PULS is an actively managed bond fund that specializes in short-term, high-credit-quality debt securities denominated in US dollars. The fund seeks total return that is consistent with capital preservation. " QUAL,"The iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL) tracks an index that selects large- and mid-cap U.S. stocks based on quality factors like stable earnings growth and low debt-to-equity. QUAL is priced competitively with other single-factor funds that invest in U.S. equities. The fund owns more than 100 securities. As with many single-factor funds, QUAL isn’t diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay a quality tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare QUAL to rivals like the Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP}, the Schwab Fundamental U.S. Large Cap Company Index ETF (FNDX), or the JPMorgan U.S. Quality Factor ETF (JQUA). Cost-conscious investors might prefer ultra-low-cost plain vanilla U.S. funds like the Vanguard Total Stock Market ETF (VTI) or the iShares S&P 500 ETF (vv). " STOT,"STOT is actively managed and has broad capabilities to invest in short duration investment grade and high-yield fixed income securities. " NOBL,"The ProShares S&P500 Dividend Aristocrats ETF (NOBL) is one of many funds trying to deliver exposure to large-cap U.S. stocks that pay out the best dividends. NOBL tracks an index that selects S&P 500 stocks that have increased their dividend for at least 25 consecutive years. NOBL equal weights its holdings, and doesn’t allow any one sector to be more than 30% of the index. The methodology does a good job of keeping NOBL diversified across most segments of the economy. NOBL is a little expensive for what it offers and there are cheaper competitors, but investors who believe in its strategy likely won’t mind paying a little more in fees. NOBL is part of a series of ProShares ETF that look for consistent dividend growth stocks across global stock markets. " ICSH,"ICSH is actively managed to invest in broad market, investment-grade bonds with ultra-short-term maturity. " CHGX,"CHGX tracks an index of 100 US large-cap stocks that meet diverse environmental, social, and governance standards. " VTWO,"VTWO seeks to replicate a benchmark which offers exposure to small cap firms in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors' portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on both value and growth securities, could provide more of a diversified play than products that just focus on ‘growth’ or 'value' securities within this segment. Thanks to this broad focus, VTWO has an extremely large number of securities-- close to 2,000 in total-- and does a great job of dividing up assets among the components as no one company makes up more than 40 basis points of total assets. Thanks to this high level of diversification and VTWO's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure and do not have a preference in terms of value or growth equities. " DVY,"This ETF is one of several options available to investors looking to focus equity exposure on dividend-paying stocks; the underlying index screens the equity universe by factors such as dividend per share growth rate, dividend payout percentage rate, and dividend yield. Given this focus, DVY may be useful as a core component within a long-term portfolio, though investors should note that there will likely be a material bias towards value stocks and certain sectors of the U.S. economy such as utilities. DVY can also be effective as a tactical tool, shifting holdings towards companies that will often exhibit lower volatility in certain environments. The underlying portfolio is somewhat shallow with only about 100 stocks, but well balanced across those names that do make up the related benchmark. DVY is relatively efficient from a cost perspective, with an expense ratio comparable to funds offering similar exposure. FVD, VYM, and SDY are just a few of the many ETFs focused on large cap dividend paying companies; investors seeking exposure to this corner of the U.S. equity market have plenty of ETF options to choose from. " PALC,"PALC invests in US large cap equities that allocates to multi-factor sub-indices based on relative strength. " IEUR,"The iShares Core MSCI Europe ETF (IEUR) tracks an index of large-, mid-, and small-cap European stocks for an extremely competitive price. The fund owns nearly a thousand securities, making it a well-diversified option for long-term investors building a balanced portfolio. Its portfolio is dominated by the United Kingdom, France, Switzerland, and Germany. Like all iShares Core ETFs, the management fee is competitive with ultra-low-cost rivals like the the SPDR Portfolio Europe ETF (SPEU) and the Vanguard FTSE Europe ETF (VGK), as well as newer low- cost entrants like the JPMorgan BetaBuilders Europe ETF (BBEU). " EGIS,"EGIS is an actively managed fund of large- and mid-cap US companies that meet 2nd Amendment and border security social criteria. " VWOB,"The Vanguard Emerging Markets Government Bond ETF (VWOB) tracks an index of U.S.-dollar denominated debt issued by emerging market governments. This ETF delivers exposure to an asset class that can enhance current returns and deliver geographic diversification, without subjecting investors to currency fluctuations. VWOB is one of the least expensive options available in the category and has significant assets and daily liquidity. Investors can compare VWOB to the iShares JPMorgan USD Emerging Markets Bond ETF (EMB), the JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB), or the Invesco Emerging Markets Sovereign Debt ETF (PCY). " BKSE,"The BNY Mellon US Small Cap Core Equity ETF (BKSE) tracks an index of hundreds of small cap U.S. stocks, including REITs. BKSE’s index methodology first screens for liquidity. The index is composed of companies whose cumulative total market capitalization represents approximately the bottom 3% to 10% of the remaining securities. The investment thesis behind a small cap investment is the growth factor that comes along with these securities. While mega cap firms have already hit their peak, smaller companies may be the next juggernaut. The downside to small cap investing is additional risk. Changes in regulation, credit availability, or product viability could send share prices plummeting. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept relatively low since this market segment experiences extreme volatility. Investors in total-market ETFs already have some allocation to small caps and should ensure they are not unintentionally overweighting a risky space. Conversely, investors with strong convictions about small caps might want to augment a total market fund with a targeted small cap fund. BKSE is priced to match or beat rivals like the iShares Core S&P Small Cap ETF (IJR) or the SPDR Portfolio S&P 600 Small Cap ETF (SPSM). BKSE is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon garnered attention by offering extremely low-fee products, including some of the first zero-fee ETFs, making its new funds some of the cheapest on the market. " PPA,"This fund provides exposure to an interesting segment of the industrials industry, the aerospace and defense sector. Companies in this sector tend to be rather large, slow growing, but remarkably stable due to the widespread use of long-term government contracts for most of their services. However, this focus on the government could also present a downside especially if defense spending declines sharply in the years ahead or if budget concerns force drastic cuts to more ‘discretionary’ defense programs. For those willing to take the risks of the industry, PPA remains a viable choice although it is significantly more expensive than its counterpart ITA. However, the fund is much more liquid and significantly less concentrated, suggesting that the fund may be a better choice for those seeking broad exposure to the industry. " NANR,"NANR tracks an index of US & Canadian firms involved in natural resources and commodities businesses. " TLTE,"This ETF offers exposure to emerging market economies, an asset class that is at the core of many long term, buy- and-hold portfolios. Given the tremendous growth potential of developing economies, many investors now make substantial allocations to this asset class; TLTE is one of several ETFs in the Emerging Markets Equities ETFdb Category that can be used to tap into this corner of the market. The unique attribute of TLTE is its tilt towards small cap and value companies. This feature is based on evidence suggesting these types of securities may deliver excess returns over the long term; for investors interested in achieving broad, generally balanced exposure while implementing this tilt, this FlexShares ETF represents an efficient way to make that strategic shift. The one potential downside is the cost; TLTE has an annual management fee that is considerably higher than some of the low cost emerging markets ETFs out there, such as VWO and SCHE. " CHIQ,"This ETF offers targeted exposure to the Chinese economy, giving investors looking to fine-tune their portfolio a powerful tool. For long-term plays, more broad- based funds might be the better option. CHIQ can be used as part of a long/short play or as a complement to other ETFs, as the consumer sector is often under represented in China funds. " URNM,"URNM tracks a market-cap-weighted index of global companies in the uranium industry. " SPLB,"The SPDR Portfolio Long Term Corporate Bond ETF (SPLB) tracks an index that offers exposure to investment-grade corporate bonds with a maturity greater than or equal to 10 years. The index includes U.S.-dollar denominated, fixed-rate debt. Some structured notes, floating-rate securities, and private placements are excluded. SPLB delivers a moderate amount of credit risk, but by investing in longer-term securities, a significant amount of interest-rate risk. SPLB might be useful for investors looking to enhance fixed income returns and willing to take on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like most SPDR “Portfolio” ETFs, SPLB is priced competitively with ultra-low-cost rivals like the Vanguard Long-Term Corporate Bond ETF (VCLT) and the iShares Long-Term Corporate Bond ETF (IGLB). State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds were renamed and repriced for this purpose. Prior to October 2017, SPLB traded under the name SPDR Bloomberg Barclays Long Term Corporate Bond ETF, under the ticker LWC. " XOUT,"XOUT tracks a market-cap weighted index of US large-cap stocks selected based on a proprietary, quantitative scoring methodology excluding potentially underperforming companies. " YCS,"This ETF is designed for investors looking to bet on a weak performance of the Japanese yen relative to the U.S. dollar or to hedge against existing yen exposure in their portfolios. YCS utilizes daily leverage, meaning that its objective involves achieving amplified returns over a single trading session, and that performance over multiple sessions may not correspond to the target multiple. Given the targeted focus and use of leverage, YCS is probably not appropriate for most investors; it should never be used in a long-term portfolio, and makes sense only for those with the willingness and ability to monitor and rebalance their portfolio regularly. For those looking to make a bet against the Japanese currency, this fund can be useful; for most investors, it shouldn't be used at all. YCL offers a way to place a leveraged bet on the yen, betting that the Japanese currency will appreciate relative to the dollar over the short term. " LSAT,"LSAT is actively-managed to invest in US stocks selected by multiple factors. The fund employs a risk overlay to overweight money-market securities during riskier periods. " BMAR,"BMAR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " HDRO,"HDRO tracks a modified market-cap-weighted index that targets globally-listed firms in the hydrogen and fuel cell segment. " EWK,"EWK offers investors exposure to the European market of Belgium by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Belgian market in particular, EWK is probably the best ‘pure play’ option available. " SPY,"SPY is one of the largest and most heavily-traded ETFs in the world, offering exposure to one of the most well known equity benchmarks. While SPY certainly may have appeal to investors seeking to build a long-term portfolio and include large cap U.S. stocks, this fund has become extremely popular with more active traders as a way to toggle between risky and safe assets. A look at SPY's daily turnover reveals the short average holding period and the popularity with active traders. For those seeking to establish exposure to large cap U.S. stocks, the liquidity of SPY (including the deep options market) is unrivaled. Spreads are always very narrow, and investors can move in and out of this fund with ease. But for those looking to establish a longer-term portfolio, there may be better options within the Large Cap Blend ETFdb Category. In fact, other ETFs targeting the S&P 500 may be more appealing for buy-and-holders. Vanguard's VOO is cheaper by a few basis points, while iShares’ IVV is another option. The advantage of these funds is structural in nature; SPY is a UIT, which means it doesn't maintain the flexibility to lend out shares or reinvest dividends. Over the long run, those limitations may allow true ETFs such as VOO and IVV to add a few additional basis points to the bottom line. Another potentially intriguing alternative is RSP, which holds the same companies as SPY but assigns an equal weighting to each. Historically, RSP has performed quite well, generating alpha with surprising consistency. SPY is a fine ETF, and is particularly useful for those looking to execute a trade quickly and efficiently. But those in it for the long run have better options available. " EDOG,"EDOG tracks an equal-weighted index that selects five companies with the highest dividend yield in each of the ten GICS sectors excluding real estate. " HLGE,"HLGE tracks an index of US companies expected to benefit from the growth of the aging population and the substantial buying power it represents. " PBD,"This ETF offers exposure to the global clean energy index, including both U.S. and international stocks in the underlying portfolio. PBD also diversifies across various types of clean energy--such as wind, solar, and hydro-- making it an interesting option for those looking to bet on a clean energy boom but unwilling to make a concentrated bet on a specific sub-sector. Relative to competing options such as ICLN or GEX, PBD may be appealing because it maintains a much smaller concentration of assets among its top holdings--thereby minimizing the fund's dependence on a few select stocks. On the downside, PBD is significantly more expensive than some alternatives, particularly ICLN. Those who value balanced exposure may find that PBD is worth the extra fees charged relative to other options. " TGRW,"TGRW is an actively-managed, non-transparent fund that focus on companies with growth characteristics. The fund utilizes the T. Rowe non-transparent model. " DFAE,"DFAE actively selects emerging markets securities of all sizes with a tilt toward small-cap companies, seeking to provide long-term capital appreciation. " HJEN,"HJEN tracks a modified market-cap-weighted index of global companies involved in businesses related to the hydrogen industry. " SOXQ,"The Invesco PHLX Semiconductor ETF track a market-cap weighted index of the 30 largest U.S.-listed companies engaged in the semiconductor business, such as memory chips, microprocessors, integrated circuits and other related equipment. Eligible securities must have a market capitalization of at least $100 million and must meet certain daily trading thresholds. Invesco launched the fund in June 2020 with a temporary fee waiver that knocked the expense ratio to zero. Even without the waiver, SOXQ dramatically undercut the fees of similar ETFs in the same industry. The ETF quickly picked up assets but it has a long way to go to catch up to established rivals. Traders looking for short-term liquidity may want to compare trading against competing funds. For investors making a longer-term play, Invesco’s fund fees are hard to beat, though it’s worthwhile to comparison shop since the ETF industry has a long history of price wars. " DGRW,"DGRW tracks the performance of an index that invests in large- and mid-cap dividend-paying US common stocks with growth characteristics. " PFIG,"This ETF offers exposure to investment grade U.S. corporate bonds, an asset class that many investors and advisors believe should hold a core position in long-term, buy-and-hold portfolios. This asset class has the potential to offer a significant yield upgrade from Treasuries without exposing investors to the risk that often accompanies high yield bonds. While corporate debt is often included in total bond market ETFs such as AGG and BND, it is noted that allocations are often on the small side. As such, a position in products such as PFIG might make sense as complementary additions to a long-term portfolio. PFIG distinguishes itself from other products in the Corporate Bonds ETFdb Category by the weighting methodology employed by the underlying index. Most bond ETFs are linked to cap weighted indexes that give the largest allocations to the biggest issuers of debt and to the most expensive securities. That approach has multiple potential drawbacks; the biggest debtors receive the highest weightings, and there exists a tendency to overweight overvalued securities. PFIG offers an alternative to cap weighted bond ETFs that may have appeal to investors looking to break the link between security weightings and the level of debt maintained. Rather, PFIG is constructed with the goal of giving the largest weightings to the companies with the greatest ability to service their debt. This is accomplished by scoring issuers based on four fundamental measures of size, including dividends and cash flow. The result is a portfolio that is similar to more popular products such as LQD, but backed by a more sound construction methodology. It should be noted that CBND shares a generally similar objective, but uses slightly different metrics to score the issuers of debt. One potential drawback of PFIG is the slightly above average expense ratio; investors will pay a " PSJ,"This ETF seeks to replicate a benchmark that is comprised of various software companies. PSJ, an Invesco PowerShares product, invests in only U.S. companies, so this may not be the right fund for those who wish to gain exposure on a global scale. At first glance, investors may assume that the ETF would invest in mega cap software firms, when in actuality, the fund invests primarily in medium cap companies, giving investors access to a fair amount of lesser-known, potentially high growth firms. As we move more into cloud computing technology, software companies could get a huge boost from selling their products via the cloud instrumentation as opposed to selling through major retailers, which could turn into big gains for this ETF. " BBCA,"The JPMorgan BetaBuilders Canada ETF (BBCA) offers targeted exposure to the Canadian equity market, at a reasonable price. Why Canada? Some popular developed markets funds exclude Canada and investors might use country-specific funds like BBCA to fill that gap. JPMorgan priced its BetaBuilders ETF lineup to compete with other low-cost providers of core portfolio building blocks. As of June 2020, BBCA charged a_ significantly lower management fee than its rival iShares MSCI Canada ETF (EWC) and had also surpassed the older fund in assets. A cheaper option is the Franklin FTSE Canada ETF (FLCA), but FLCA has struggled to gain assets, making BBCA the better bet when it comes to liquidity. " XNTK,"XNTK tracks an equal-weighted index of 35 US-listed technology-related stocks. " IWC,"IWC seeks to replicate a benchmark which offers exposure to the micro cap sector of the U.S. equity market. The investment thesis behind micro caps is a very similar, but more aggressive approach than small caps. The companies held in this ETF will be very small and volatile firms that have a huge potential for both explosive growth and utter failure. At one point in time every company was a micro cap, and this ETF will give investors exposure to the ones that work their way into the upper echelon of the U.S. equities market. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept low as this ETF will likely exhibit a high amount of volatility as well as being incredibly risky. IWC spreads its assets relatively evenly across numerous market sectors with a slight bias toward technology. This fund will be a good addition for investor looking for growth, but do not mind a bit of risk in their portfolio. " SPIP,"The SPDR Portfolio TIPS ETF (SPIP) tracks an index of treasury inflation-protected securities, or TIPS: bonds that feature a principal that adjusts based on certain measures of inflation. SPIP can be useful as a tool for investors who are particularly concerned about inflationary pressures. It is important to note that TIPS are not perfect hedges against inflation; there are some potential drawbacks to using products such as SPIP to hedge against a climb in CPI. But for those looking to use inflation-protected bonds in that capacity, SPIP offers broad TIPS exposure at a reasonable price. Like most SPDR “Portfolio” ETFs, SPIP is priced competitively, somewhere between ultra-low-cost rivals like the Schwab U.S. TIPS ETF (SCHP} — the cheapest as of June 2020 — and higher-priced funds like the iShares TIPS Bond ETF (TIP) or the PIMCO Broad U.S. TIPS Index ETF (TIPZ). It is worth noting that broad exposure to longer-dated TIPS may expose investors to longer duration, a measure of sensitivity to interest rate moves. (Bond prices typically fall when interest rates rise.) Investors who want to hedge against inflation and changing interest rates might consider short-term TIPS ETFs such as the iShares 0-5 Year TIPS Bond ETF (STIP) or the PIMCO 1-5 Year U.S. TIPS Index ETF (STPZ). State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds, including SPIP, have been renamed and repriced for this purpose. Prior to September 23, 2019, SPIP traded under the name SPDR " RVNU,"The Xtrackers Municipal Infrastructure Revenue Bond Fund (RVNU) tracks an index of investment-grade municipal bonds backed by revenue from local infrastructure projects like airports, water and sewer, and toll roads. Holdings include bonds issued by the New York City water and sewer system, the San Francisco City & County Airports, and the Tampa-Hillsborough County Expressway Authority. It’s a narrow slice of the muni bond market, which may increase credit risk. While there are plenty of muni bond ETFs on the market as well as other infrastructure funds out there — such as the FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) or the ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) — RVNU is an unusual hybrid. RVNU is competitively priced for the ETFdb national muni category. Investors looking for something a little more conventional in the muni space might consider, iShares National AMT- Free Muni Bond ETF (MUB) or the Vanguard Tax-Exempt Bond Index ETF (VTEB), the two largest funds in the category. " FMAY,"FMAY aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " IEF,"This ETF offers exposure to Treasurys with seven to ten years to maturity, exposing investors to moderate levels of interest risk but delivering higher income than short- term products such as SHY or even IEI. IEF can be a nice tool for fine tuning fixed income exposure, especially for those looking for greater holdings in the middle part of the curve. " ITM,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This particular fund targets munis that mostly mature between six and 17 years from now, giving the fund both a moderate risk and current income profile. As a result ITM is a solid choice for investors seeking broad exposure to the muni market but with moderate levels of risk. The fund still has impressive levels of diversification-- holding over 375 securities-- and a below average expense ratio, making it a quality choice for a building block of portfolios, especially for those seeking to keep costs down but are unwilling to look at total market funds or those that target the short or long end of the curve. " BBJP,"The JPMorgan BetaBuilders Japan ETF (BBJP} tracks a diversified index of large and mid-size Japanese companies at an excellent price. JPMorgan priced its BetaBuilders ETF lineup to compete with other low-cost providers of core portfolio building blocks. BBJP’s management fee is well below average for the category, and considerably lower than the iShares MSCI Japan ETF (EWJ), long the dominant fund in the space. BBJP has amassed significant assets since its 2018 debut and provides good daily liquidity. It offers broadly similar exposure to EW], and its lower cost makes BBJP a worthy alternative. " PBE,"This ETF offers exposure to the biotech sub-sector of the U.S. health care industry, serving up access to a group of stocks that can thrive on technological breakthroughs and increased investment in medical processes. PBE is part of the suite of Dynamic ETFs from PowerShares, using quant-based screening to identify component companies that may be poised for outperformance relative to a broad-based universe. As such, the portfolio of this ETF is considerably more limited than IBB, which includes more than 100 individual names. That feature can be particularly important in the biotech space, where company-specific developments can send a single stock soaring. PBE does a nice job of spreading exposure evenly across the portfolio components, which include a balance of large caps, mid caps, and small cap stocks. IBB and FBT are other ETF options for biotech exposure; those considering this sector should take a close look at depth of exposure and weighing methodology, as these factors can have a major impact on the risk and return profiles achieved. The expense differentials are also worth noting; PBE is a bit more expensive than the iShares alternative. " SMCP,"SMCP is an actively-managed portfolio of ETFs that holds small-cap stocks. " TPLE,"TPLE tracks a volatility-weighted index of US large-cap stocks screened for Christian values. " REMX,"This ETF gives investors unique exposure to rare earth/strategic metals through a basket of securities involved in the mining, refining, and manufacturing process. Based on the funds top holdings, exposure is tilted towards producers of titanium and molybdenum, while producers of cerium, manganese, and tungsten are also covered. REMX is a nice option for investors betting on increased demand for specialized metals, which are further expected to rise in price given their scare supply. " GII,"This product dedicates its assets to an index which tracks the performance of the global infrastructure sector. Infrastructure makes for a unique but often risky investment, as any kind of economic downturn will see new project put on hold until the economy begins to prosper again. Nevertheless, with roads, bridges, and other transportation means constantly need updating or built, an investment in infrastructure could be a great long term play as both developed and emerging markets will need to upgrade their systems immensely in the coming years. In particular, IGF gives investors global exposure to infrastructure companies all across the world with a focus on European markets. Investors should note that this fund offers littke emerging market exposure, meaning that it will be more stable, but may offer less growth opportunity than a fund that allocates more of its funds to emerging market securities. For those investors, there are a number of country specific infrastructure products which may be more suitable for their investment goals. " DDWM,"DDWM tracks a dividend-weighted index of dividend- paying developed-market equities outside the US and Canada. The index dynamically hedges currency exposure for USD investors based on three equal- weighted signals. " IMTB,"IMTB tracks a market value-weighted, USD-denominated broad bond index with maturities between five and ten years. Eligible sectors include US Treasurys, global government-related bonds, global investment-grade and high yield corporate bonds, and emerging market bonds. " VFMF,"The Vanguard U.S. Multifactor ETF is an actively managed fund that seeks to invest in companies based on value, quality, and price momentum. VFMF, like Vanguard's other actively managed factor ETFs, relies on a quantitative methodology to evaluate U.S. companies of all sizes and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. The fund’s managers try to identify those stocks that exhibit a low price compared to fundamentals, solid financial health compared to rivals, and strong price momentum. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently rewarded investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so- called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. VFMF holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index-tracking fund that draws from the same universe of stocks. VFMF’s fees are quite low for active management, but after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. While VFMF holds hundreds of U.S. stocks, its holdings are still more concentrated than the benchmark, making the ETF less appealing as a core portfolio holding. However, for investors with a strong factor conviction and confidence in Vanquard’s money manaqers, VFMF makes for a good " PFXF,"PFXF tracks an index comprised of USD denominated preferred securities and securities that the index provider deems to be functionally equivalent. Securities issued by financial firms are excluded. " SKOR,"The FlexShares Credit-Scored U.S. Corporate Bond Index Fund (SKOR) is part of Northern Trust’s sizable stable of ETFs built with the firm's twist on factor investing. SKOR follows a proprietary index that looks for investment- grade bonds maturing in one to 10 years. SKOR then uses an in-house scoring strategy to weight those bonds based on measures of the issuer’s quality and value, such as profitability and solvency. To prevent unintended concentrations, the index imposes limits on issuers, individual bonds, sectors and duration. The index is reconstituted monthly. While SKOR’s expense ratio is just a smidge higher than average for the ETFdb corporate bond category, it charges significantly more than some of the cheapest intermediate-term bond ETFs. Cost-conscious investors who aren’t sold on the FlexShares factor twist might consider lower-cost funds like State Street's SPDR Portfolio Intermediate-Term Corporate Bond ETF (SPIB), iShares Intermediate-Term Corporate Bond ETF (IGIB) or the Vanguard Intermediate-Term Corporate Bond ETF (VCIT). " PBW,"This ETF offers a unique way to play clean energy, focusing on companies that focus on greener and generally renewable sources of energy and technologies that facilitate cleaner energy. So the sector exposure profile of PBW may differ from funds such as ICLN; PBW is heavy in tech companies, spreading the rest of the exposure across’ industrials, materials, consumer companies, utilities, and even health care firms. With this ETF in particular, it is important to take a close look at the underlying holdings and not make assumptions about the factors that will impact the risk/return profile. PBW is a very specialized product that may appeal to a very narrow investment thesis. The price tag for PBW is a bit hefty, but there are no real alternatives to the exposure this fund delivers. " IDNA,"IDNA tracks a market-cap-selected and -weighted index of global stocks involved in genomics, immunology, and bioengineering. " FTXO,"FTXO tracks an index composed of the most liquid US banking companies. Holdings are selected by their liquidity, and weighted based on volatility, value, and growth factors. " BNDC,"The FlexShares Core Select Bond Fund (BNDC) is an actively-managed fund-offunds designed to give investors broad exposure to investment-grade debt securities, including U.S. Treasuries, corporate bonds and mortgage backed securities. BNDC gets its exposure largely by buying other ETFs, including some of FlexShares other fixed income funds, though a large slice of BNDC is invested in iShares ETFs, including the iShares MBS ETF (MBB), the iShares Short-Term Corporate Bond ETF (IGSB), the iShares Long-Term Bond ETF (IGLB), and several iShares Treasury ETFs. BNDC isn’t outrageously priced for an actively-managed bond fund, but for the cost-conscious there are cheaper competitors out there, such as the JPMorgan U.S. Aggregate Bond ETF (JAGG) and the Franklin Liberty U.S. Core Bond ETF (FLCB)}. " SCHM,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. SCHM offers exposure to a balanced portfolio of stocks, including close to 500 individual names and spreading exposure relatively evenly. The expense ratio is by far the best in the space although the liquidity level is just so-so suggesting that bid ask spreads may be higher than in other products. In addition to the more popular cap-weighted choices such as MDY and IJH, there is the alpha-seeking FNX, and equal- weighted EWRM. " BBIN,"The JPMorgan BetaBuilders International Equity ETF (BBIN) tracks an index of large and mid-cap developed- market stocks outside the U.S., and does so at an extremely attractive price. The fund owns more than a thousand securities, making it a well-diversified option for long-term investors building a balanced portfolio. Like all of JPMorgan’s “BetaBuilders” ETFs, BBIN’s management fee was set low enough to compete with ultra low-cost rivals like the iShares Core MSCI EAFE ETF (IEFA), the SPDR Portfolio Developed World ex-US ETF (SPDW), the Vanguard FTSE Developed Markets ETF (VEA), and Charles Schwab’‘s International Equity ETF (SCHF)}. BBIN debuted in December 2019 and, as of June 2020, still lags its rivals in assets and daily liquidity. Investors should note that BBIN, like IEFA, excludes Canada and South Korea. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight Canada and South Korea or missing out on those countries entirely. BBIN, unlike IEFA, doesn’t include small cap stocks. " ACIO,"ACIO is an actively-managed portfolio of US large cap equities as well as corresponding options collars for those constituents. " CALF,"CALF tracks an index of 100 companies out of the S&P Small Cap 600 Index selected and weighted by free cash flow. " QWLD,"The SPDR MSCI World StrategicFactors ETF (QWLD) tracks a proprietary index of large- and mid-cap developed market stocks worldwide. QWLD, unlike many developed markets ETFs, includes North America. The methodology weights stocks based on three factors: value, volatility, and quality. QWLD invests in more than a thousand securities. Total-market funds can be an appealing option for investors looking to simplify their portfolios and minimize rebalancing obligations, but they also tend to own a relatively narrow universe of stocks, which may be why the category has been slow to gain traction with investors. QWLD is priced competitively to rivals like the JPMorgan Diversified Return Global Equity ETF (JPGE) and the iShares MSCI World ETF (URTH}. " VEA,"This ETF offers exposure to developed markets outside of North America, including Western Europe, Japan, and Australia. As such, VEA is a core holding of many long- term portfolios, and can also be used as an efficient tool for overweighting ex-U.S. developed markets. Like many Vanguard funds, this ETF is impressive in both its depth of holdings (nearly 1,000 component securities) and cost efficiency (VEA is considerably cheaper than iShares’ EFA, which seeks to replicate the same index). While VEA is an excellent choice for EAFE exposure, there is no shortage of compelling alternatives; the equal-weighted EWEF may offer an attractive weighting methodology, as does the RAFl-weighted PXF (which also includes Canadian stocks). Like most international ETFs, VEA is heavy on exposure to large caps, introducing potential sector biases; the small cap focused SCZ can deliver complementary exposure, or may be desirable as a substitute for this fund. " FXB,"This ETF offers exposure to the British pound relative to the U.S. dollar, increasing in value when the pound strengthens and declining when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the GBP/USD exchange rate, FXB is the only real ETF option available. " CFO,"CFO tracks an index of the largest US stocks by market cap, screened for positive earnings and weighted by volatility. The fund can move to 75% cash maximum in market downturns. " KHYB,"KHYB is an actively managed fund that provides broad exposure to primarily high-yield bonds from the Asia- Pacific. " RYJ,"This interesting product from Guggenheim, offers investors broad based equity exposure to a group of (generally) mid and small cap firms. However, the main difference between RY] and a number of other mid and small cap focused products is that its index is developed in concert with Raymond James Associates, an investment research company that has a dynamic stock selection process. The underlying benchmark in this fund takes Value Line's proprietary methodology and selects 100 securities that have received Value Line's top grade for the company's Timeliness Ranking System. This method has performed well when compared against fellow mid cap funds such as IJH, outperforming over longer time horizons. However, FVL does have a significantly higher expense ratio than many of these counterparts so cost-conscious investors may want to avoid this fund unless they really believe in the Value Line system and its ability to consistently generate alpha over the long haul. " PTBD,"PTBD tracks an index that uses a momentum-driven proprietary strategy that toggles between U.S. High Yield Corporate Bonds and 7-10 Year Treasury Bonds. " PRFZ,"This ETF offers exposure to small and mid-cap equities in the U.S. market, thereby delivering a way to access an asset class that is often overlooked by many investors. PRFZ is linked to a RAFl-weighted index which selects holdings based on the following four fundamental measures of size: book value, cash flow, sales and dividends. Mid and small caps can offer a unique risk/return profile, delivering increased sensitivity to local consumption and exposure that some consider to be more reflective of the local economy. As such PRFZ can be appealing to those looking to construct a long-term portfolio with well-rounded exposure, by serving as a great complement to more popular large-cap heavy ETFs. Other alternatives within this category include the equal- weighted EWRS or the more liquid IWM. PRFZ is also considerably more expensive than VTWO, but for investors who believe in the merits of the RAFI methodology it may be a better way to achieve emerging markets exposure. " IFGL,"This ETF offers exposure to global real estate markets, excluding American securities in favor of assets in developed countries in either Europe, or the Asia Pacific region. The fund also provides some level of exposure to Canada and China, helping to round out holdings across the globe. As such, IFGL has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). IFGL has a reasonable level of diversification with more than 175 holdings spread across a variety of countries. IFGL may be appropriate for investors looking to compliment their American real estate holdings with similar exposure abroad but it is unlikely to function as a one stop shop for some due to its exclusion of American assets. Nevertheless, thanks to its broad exposure and its relatively cheap expense ratio, IFGL could make for a solid choice for a number of investors who are in it for the long term. . " VIG,"This ETF tracks the performance of the NASDAQ US Dividend Achievers Select Index, which offers exposure to dividend paying large-cap companies that exhibit growth characteristics within the U.S. equity market. Investors with a longerterm horizon should consider the importance of large cap growth stocks and the benefits they can add to any well-balanced portfolio, including dividends. VIG is linked to an index consisting of roughly 180 holdings and exposure is tilted most heavily towards consumer staples, health care, and industrials. Securities are chosen for inclusion in the fund based on their history of increasing dividends; only companies that have increased payouts for at least ten consecutive years are included in the fund. Thanks to this focus, VIG only invests in companies that are most likely to continue to pay out dividends in the future making it a solid pick for dividend focused investors even if the diversification is a little lacking. " EPI,"EP| offers exposure to Indian equities, weighting individual holdings by earnings instead of market capitalization. For investors who want to overweight Indian equities in their portfolios, this ETF is one of the many options for accessing the economy. EPI is a nice option for investors who want to load up on India but believe cap weighted methodologies are less than ideal. " FLBR,"The Franklin FTSE Brazil ETF (FLBR) tracks an index of large- and mid-size Brazilian companies. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. As of June 2020, FLBR’s management fee is about a third of the iShares MSCI Brazil ETF (EWZ), though FLBR continues to trail its iShares rival in size and liquidity. EWZ focuses on the largest and most liquid names in the portfolio while FLBR invests in more stocks, including more small cap names. The sector exposure of the two funds is broadly similar. " SDEM,"SDEM follows an equal-weighted index of emerging market countries. The index selects stocks by highest dividend yield, excluding those ranking low on price return. " PTLC,"PTLC tracks an index that allocates to a proprietary US large-cap index and/or 3-month US T-bills, according to momentum. " XMPT,"This ETF offers a unique way of accessing the municipal bond market; XMPT invests in closed end funds that in turn invest in munis; an approach to this asset class that has both potential advantages and drawbacks. XMPT features impressive diversity of exposure, and also offers investors a way to gain access to some of the world's most successful muni bond managers through a single ticker. Moreover, because the methodology is designed to overweight CEFs trading at a discount to their NAV, this product may be able to deliver attractive current returns. XMPT will be most appealing to investors in a higher tax bracket given the nature of the underlying holdings. This ETF can be used in a number of different ways; it could have appeal as a tactical tool for establishing short term exposure to this segment of the bond market, and could also be useful as a longer-term core fixed income holding. Investors should note that some of the underlying CEFs employ leverage, which can lead to both enhanced returns and higher volatility. The primary drawback of XMPT is the hefty expense ratio. Although the management fee charged by Van Eck is reasonable, the fund-of-fund structure creates another layer of fees that are effectively borne by investors in this product. There are several options in the National Munis ETFdb Category that are considerably cheaper, including the ultra-popular MUB. That ETFdb Category also features a number of options for fine-tuning muni bond exposure, whether it be by maturity or credit quality. " KBWP,"This ETF gives investors an option to gain targeted exposure to the insurance sub-sector of the U.S. equity market. Like many products offering such granular exposure, KBWP is relatively concentrated; this ETF consists of about 25 individual stocks, and a handful of large cap companies account for a significant portion of total assets. Insurance companies are driven by a unique set of performance factors, and those that believe this portion of the financial sector is set to surge may find KBWP to be an efficient option for exposure. Other options for targeted exposure to the insurance industry include KIE, which is equally efficient from a cost perspective and experiences less significant concentration issues, and PIC. Those seeking broader exposure to the financial sector may prefer XLF or RYF. " UJUL,"UJUL aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " DTH,"This ETF offers exposure to developed markets outside of the U.S. and Canada, applying a twist to distinguish itself from other options focusing in on the EFA region. DTH could potentially have appeal to investors looking to build a long-term portfolio that overweights high dividend paying foreign equities, this ETF could also be appealing to investors looking for a shorter-term tilt towards EFA equities with a focus on enhancing current returns. This ETF has a heavy tilt towards Western Europe, though exposure is spread across a number of different countries in that region. Australia also makes up a large chunk of assets although Japanese holdings are curiously missing from the fund. Besides financials, which make up roughly one-fourth of the fund's total assets, DTH does a reasonable job of spreading exposure across a number of sectors--something that can't often be said about ETFs focusing on dividend payers. DTH can be used to beef up dividend payments to a portfolio while still maintaining equity upside, and investors may be surprised at the types of yields this asset class can deliver. " GSIG,"GSIG tracks an index of fundamentally-selected US investment-grade corporate bonds, maturing between one to five years. " VLUE,"VLUE tracks an index of large- and mid-cap US equities. Stocks are selected and weighted using fundamental metrics (earnings, revenue, book value and cash earnings), aiming for exposure to undervalued stocks in each sector. " CCOR,"CCOR is an actively managed ETF that seeks capital appreciation and preservation with low correlation to the broad US equity market. The fund primarily holds dividend-paying large-cap stocks with an option collar overlay. " LEAD,"LEAD tracks an index of dividend-paying US large-cap stocks that are deemed likely to increase their dividends in the next twelve months. " WOMN,"WOMN tracks an index of large- and mid-cap US equities that are selected and weighted to maximize exposure to firms that score highly on gender diversity, within marketlike constraints. " RIGS,"RIGS is an actively managed global fixed-income portfolio that invests in various types of fixed-income securities without currency limitation. " CNYA,"CNYA tracks a market-cap-weighted index of Chinese A- share equities. " FIVG,"The Defiance Next Gen Connectivity ETF (FIVG) invests in companies involved in research, development and commercialization of new infrastructure that supports connective technology. The ETF tracks the BlueStarGlobal 5G Communications Index, which identified about 60 U.S.-listed stocks from around the world that are involved in the development of 5G networks, such as carrier equipment manufacturing like cell phone antennas and routers, enhanced mobile broadband chips, new radio technology, cloud computing equipment, satellite communications and mobile networks. Maximum weights are imposed on sub-sectors of the 5G industry to keep the largest firms from dominating the portfolio. Top holdings include Ericsson, Qualcom, Analog Devices, as well as familiar U.S. telecom like Verizon and AT&T. While other funds own some of the same stocks as FIVG, none offer the same targeted exposure. At 30 basis points, FIVG is a bit pricey for passive but on the lower end for niche thematic products. The closest competitor might be the First Trust Indxx NextG ETF (NXTG, formerly FONE prior to May 2019), which targets the same industry but owns a very different portfolio. Both funds were launched or reconstituted in the first half of 2019, so there’s no long-term track record to compare, but FIVG costs half as much as NXTG, has garnered more assets, and trades with tighter spreads. " UTSL,"UTSL provides daily 3x exposure to a market-cap- weighted index of utility companies in the US. " HSRT,"HSRT is an actively managed fund that seeks to provide capital preservation and income by holding USD- denominated floating-rate CLOs rated AAA and of any maturity. " BOND,"This ETF offers a way for investors to access one of the most successful bond fund managers of all time, as BOND (formerly known as TRXT) is essentially an exchange- traded version of PIMCO's Total Return mutual fund. Benchmarked against the Barclays Capital U.S. Aggregate Index, BOND will generally contain a broad-based basket of investment grade U.S. debt securities. As such, BOND will likely have appeal as a core holding in many long- term, buy-and-hold portfolios. There are several ETFs that seek to passively replicate the index against which BOND is benchmarked; funds such as BND, AGG, LAG, and SCHZ might be more appealing options for those who believe that active managers are not able to consistently generate alpha over the long term. It should be noted that BOND charges about 45 basis points more in annual fees than the cheapest of those ETFs, meaning that the PIMCO fund must beat its benchmark by close to 55 basis points annually to justify the higher fees. " BKCH,"BKCH tracks a market-cap-weighted index of global companies involved in blockchain technologies. " FILL,"This ETF offers exposure to the global energy sector through a diverse portfolio of domestic and international equities, with exposure spreading across both developed and emerging markets. Not surprisingly, FILL has a heavy tilt towards mega cap stocks, as this ETF includes a number of the world's biggest oil companies. Furthermore, the global label on this ETF may be a bit misleading seeing as how emerging market companies account for only a minimal fraction of total assets. Roughly half of the underlying portfolio is invested in U.S. energy stocks, which makes this fund less of a true broad-based play on the global energy sector than some might expect. On the other hand, FILL features by far the most diverse portfolio of holdings among broad energy ETFs. Investors looking to minimize costs may opt for the domestic-focused XLE instead, while small cap-focused ETFs like IOIL and PSCE can help to complement large- cap, core holdings. " OUNZ,"OUNZ tracks the gold spot price, less expenses, using gold bars and coins held in London vaults. Investors can redeem their shares for gold in increments of 1 troy oz. " AZAL,"AZAL aims for specific buffered losses and capped gains on the S&P 500 index over a specific holdings period. The actively- managed fund holds options and collateral. " DFAU,"DFAU actively selects US equities of all sizes with a tilt toward small-cap companies, seeking to provide long- term capital appreciation. " EPRF,"EPRF tracks an index composed of U.S.-listed, investment grade, fixed-rate preferred issues, with a modified equal weighting. " PBP,"This ETF offers investors exposure to the total rate of return from a ‘covered call’ strategy on the S&P 500. In this method, a long position is taken in the S&P 500 while a call is sold one month out on S&P 500 index options. PBP could be appropriate for investors seeking exposure to the S&P 500 with a measure of downside protection should the bottom fall out of the market. " BKHY,"The BNY Mellon High Yield Beta ETF (BKHY) offers broad exposure to “junk” bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. ETFs offer quite a few high-yield options, including active management, so-called “smart” indexing, and even an ETF that screens junk debt based on environmental, social, and government criteria. BKHY is competitively priced. It is much cheaper than its largest rivals: the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK). It competes with other low-cost high-yield funds like the SPDR Portfolio High Yield Bond ETF (SPHY) BKHY is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon garnered attention by offering extremely low-fee products, including some of the first zero-fee ETFs, making its new funds some of the cheapest on the market. " BKIE,"The BNY Mellon International Equity ETF (BKIE) tracks an index that offers broad exposure to large cap equities in developed markets outside the U.S., including company stock and real estate investment trusts, or REITs. Stocks are screened out based on liquidity, and the index then targets the largest 70% of companies from each eligible country. BKIE is priced competitively with ultra-low-cost rivals like the iShares Core MSCI EAFE ETF (IEFA), the SPDR Portfolio Developed World ex-US ETF (SPDW), the Charles Schwab’s International Equity ETF (SCHF), and the Vanguard FTSE Developed Markets ETF (VEA). As a result of its methodology, BKIE owns a far smaller universe of securities than those funds, and tilts more heavily toward large cap stocks. Another important consideration is that BKIE excludes South Korea but includes Canada. By contrast, IEFA excludes both Canada and South Korea, lumping South Korea into emerging markets. Meanwhile, VEA, SPDW, and SCHF include both Canada and South Korea. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight Canada and South Korea, or missing out on those countries entirely. This could make for a bit of a muddle for investors and advisers who swap between similar funds as part of tax-loss harvesting strategies. BKIE is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon garnered attention by offering extremely low-fee products, including some of the first zero-fee ETFs, making its new funds some of the cheapest on the market. " IDHQ,"This ETF invests in a basket of international holdings, excluding U.S. securities, which are deemed to be of the highest quality based on historical records of earnings and dividends. Investors with a longer-term horizon should consider the importance of high quality large cap stocks and the benefits they can add to any well- balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world, offering a steady stream of distributions while also maintain the potential for capital gains. IDHQ is incredibly well- balanced from a portfolio composition perspective; this ETF holds close to 300 holdings and the top-ten components receive less than 10% of total assets. Investors should however note that IDHQ is tilted towards European securities which account for nearly half of the entire portfolio, followed by Japanese stocks which account for roughly one-fifth. IDV is worth a closer look as this ETF offers generally similar exposure for a cheaper price tag. " PXJ,"This ETF offers exposure to the oil services sub-sector of the domestic energy market, making it a potentially useful tool for those looking to target stocks of companies responsible for providing equipment and services to firms engaged in the extraction of oil and gas. PX] is likely too targeted for those with a long-term focus, but can be useful as a tactical overlay or as part of a sector rotation strategy. PX] is part of the suite of Intellidex product from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PX] to be the ideal way to access this corner of the U.S. energy market; those not convinced about the methodology may prefer cheaper ETF options such as IEZ. " ACVF,"ACVF is an actively managed fund of large-cap US companies that are perceived to align with political conservative values. " CPER,"This ETP seeks to replicate an index which is comprised of a basket of exchange traded futures contracts. The underlying index is designed to reflect the performance of a portfolio of copper futures contracts, diversified across multiple maturities, fully collateralized with 3-month U.S. Treasury Bills. CPER utilizes a unique roll methodology in an effort to maximize backwardation and minimize the potentially adverse effects of contango; it selects futures contracts in liquid positions alog the futures curve as it deems necessary. Copper is one of the oldest metals, having been used as currency more than ten thousand years ago. Copper has also been instrumental in the development of human civilization, playing a key role in various developments throughout history. Copper's widespread use has not diminished; it is still one of the most widely-used industrial metals, a key component of construction activity and other industrial uses around the globe. It has also become popular as an investable asset, acting as both a potential inflation hedge as well as an opportunity to profit from increased demand for raw materials from emerging markets. CPER could be an effective tool for achieving exposure to this industrial metal, although investors should consider the nearly identical JJC and CUPM, both of which are cheaper alternatives. " FDEM,"The Fidelity Targeted Emerging Markets Factor ETF (FDEM) tracks a proprietary index of emerging markets stocks that have attractive valuations, high quality profiles, positive momentum, and lower volatility than the broader market. With about 200 stocks, FDEM has a shallower portfolio when compared with some competing factor funds, making it less appealing as a standalone core emerging market holding. Investors should note that FDEM includes South Korea. Some issuers classify South Korea in with developed markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight South Korea or missing out on the country entirely. FDEM is reasonably priced for a smart-beta approach to emerging markets, though it's still more expensive than ultra-low-cost plain vanilla rivals like the iShares Core MSCI Emerging Markets ETF (IEMG) and the Vanguard FTSE Emerging Markets ETF (VWO), which lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. There’s also competition to consider in the multi-factor space, including the Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) or the JPMorgan Diversified Return Emerging Markets Equity ETF (PEM). " ILCV,"ILCV tracks a market cap-weighted index of value stocks, selected from the top 90% of the US market-cap spectrum. " JHMS,"JHMS tracks an index of large- and mid-cap of US equities from the consumer staples sector. Stocks are selected by market cap and weighted by multiple factors: size, value, profitability, and momentum. " NAPR,"NAPR aims for specific buffered losses and capped gains on the NASDAQ 100 over a specific holdings period. The actively-managed fund holds options and collateral. " IGLB,"IGLB tracks a market-value weighted index of US dollar- denominated, investment-grade corporate debt with at least 10 years remaining in maturity. " TCHP,"TCHP is an actively-managed, non-transparent fund that focus on companies with potential for above-average growth. The fund utilizes the T. Rowe non-transparent model. " XLRE,"XLRE tracks a market-cap-weighted index of REITs and real estate stocks, excluding mortgage REITs, from the S&P 500. " VAMO,"VAMO is an actively-managed portfolio of large-, mid and small-cap US stocks selected by long-term value factors and midterm momentum factors. The managers have discretion to hedge up to 100% of the portfolio. " AVEM,"AVEM is an actively managed fund that holds emerging- market stocks of all market capitalizations considered favorable on multiple factors. The fund seeks to provide capital appreciation. " INCO,"This ETF is one of the more targeted options out of several that focus on the economies of emerging markets, making it potentially useful for investors looking to fine tune exposure to this important asset class. While the precision of INCO may make it most appropriate for investors with a very specific outlook on a corner of the Indian stock market, this ETF may also be appealing as a ""satellite"" allocation of a longer-term portfolio. INCO's appeal lies in the fact that this fund offers exposure to a corner of the Indian stock market that maintains tremendous long-term potential but is often overlooked by investors and receives relatively small allocations in broad India ETFs and ETNs. Ongoing urbanization and increases in levels of wealth and discretionary income stand to benefit India's consumer sector tremendously; a rising middle class will translate into greater expenditures on consumer goods and services. INCO focuses on this Indian consumer sector, positioning this fund to thrive as these trends play out. While the holdings are concentrated in this sector, it should be noted that INCO includes a number of different types of companies, such as car manufacturers, food and beverage companies, and hotel and leisure firms. The underlying portfolio is somewhat shallow, but relatively well balanced in order to provide an acceptable level of diversification. And while INCO is among the more expensive passive ETFs, the fees charged are reasonable considering the type of exposure offered. Investors seeking more broad-based exposure to the Indian economy have a number of funds from which to choose, while those looking to invest more generally in the consumer sector of emerging markets may prefer ECON. That fund includes allocations to consumer companies in about a dozen different developing economies, including India. " HSCZ,"HSCZ tracks an index of small-cap stocks from developed markets outside the US and Canada, hedged against movements in the underlying currencies for US investors. " IBHE,"IBHE tracks a market-value-weighted index of USD- denominated, high yield and BBB-rated corporate bonds maturing in 2025. The fund will terminate in December 2025. " FIXD,"FIXD is an actively managed, broad-based, and broad- maturity bond fund that aims for a weighted average duration within 1 year of the Bloomberg US Aggregate Index. The fund may hold derivatives. " CSM,"This fund provides exposure to a '130/30' strategy offering investors the chance to bring hedge fund-like techniques to their individual portfolios. 130/30 strategies take investors cash, invest it 'long' in securities and then sell short another 30% of the portfolio and buy more securities long with the proceeds. At the end of the process, the investment portfolio is 130% long and 30% short, hence the name. When done right, this strategy can provide investors will solid returns while at the same time taking out some of the overall volatility of a portfolio. However, it is all dependent on the analysts shorting the right stocks and investing those proceeds in the correct funds, if this is not done correctly the fund could significantly underperform the market. Unlike the other 130/30 fund, CSM is an ETF which means that the fund has no credit risk but it may face tracking error in some cases. CSM could make for a decent choice for investors seeking to implement this strategy in part of their portfolio, however, the fund should definitely not make up more than 5 or 10% of an overall portfolio. " FNDE,"FNDE tracks an index of emerging market stocks. Its selection and weighting are based on three fundamental factors: sales, cash flow, and dividends/buybacks. " SGOL,"This fund offers exposure to one of the world's most famous metals, gold. SGOL is designed to track the spot price of gold bullion by holding gold bars in a secure vault in Switzerland that is audited twice a year. The company also posts the serial numbers of the bars, giving investors further security over the status of their investment. While SGOL isn't the most liquid way to gain exposure to gold, it could be a solid choice for investors seeking greater peace of mind regarding their precious metals investment. " ISMD,"ISMD tracks an equal-weighted index of 500 small- and mid-cap US stocks that are screened for alignment with biblical values defined by the Issuer. " ACWV,"This ETF offers exposure to global equity markets, including both developed and emerging economies. Given this broad focus, ACWV could be an appealing tool within a long-term, buy-and-hold portfolio, or could be used as more of a tactical instrument. The unique attribute of ACWV is the focus on low volatility stocks; this methodology should generally result in a portfolio with limited downside potential compared to the broad markets, while still allowing investors to maintain equity market exposure. ACWV is one of several ETFs that allows investors to achieve cheap and efficient access to a strategy that would otherwise require significant time and expense to construct. For investors looking to scale back the amount of volatility exhibited by their portfolio, an allocation to ACWYV can be a quick way to smooth out some of the dips and jumps without conducting extensive stock screens. This ETF is extremely cost efficient considering the type of exposure offered, making it potentially very appealing to investors looking to minimize both expenses and volatility. " SGG,"This ETN offers exposure to sugar futures, making it one of the more targeted and obscure commodity ETPs available. Sugar prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and SGG is the best way to play this commodity. For investors seeking exposure to sugar, SGG is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot sugar prices. " ISCV,"ISCV tracks a market-cap-weighted index of US small-cap value stocks. The index selects stocks from 90-99.5% of market cap that fall into Morningstar's value style categorization. " CSML,"CSML tracks an equal-weighted index of small US companies selected by value, growth, technical, and sentiment factors. " IGF,"This product dedicates its assets to an index which tracks the performance of the global infrastructure sector. Infrastructure makes for a unique but often risky investment, as any kind of economic downturn will see new project put on halt until the economy begins to prosper. With roads, bridges, and other transportation means constantly need updating or built, an investment in infrastructure essentially means the investor is making a play on a particular government's willingness to spend on infrastructure updates and developments. In particular, IGF gives investors a global exposure to infrastructure companies all across the world. Investors should note that this fund offers little emerging market exposure, meaning that it will be more stable, but may off less growth opportunity than a fund that allocates more of its funds to emerging market securities. " VONV,"This ETF is linked to the Russell 1000 Value Index, which offers exposure to large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longerterm horizon should consider the importance of large cap value growth stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest companies in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. VONV is linked to an index consisting of roughly 650 holdings and exposure is tilted most heavily towards financials, energy, and health care. Thanks to this fund's solid level of diversification and cheap price, investors could definitely make VONV a significant portion of their portfolio. " FXD,"This ETF offers exposure to the U.S. consumer discretionary sector, seeking to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance relative to a broader universe. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; FXD's expense ratio is about 50 basis points higher than low cost options for consumer exposure such as XLY and FCL. The unique index construction methodology has some other potential advantages; FXD maintains much lower concentration of top holdings than do cap-weighted funds such as XLY. As such, performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access financials. For those who believe in the merits of the AlphaDEX methodology and willing to pay a little extra for a shot at alpha, FXD can be an excellent way to gain exposure to the consumer discretionary sector. " QAI,"This hedge fund replication ETF seeks to deliver returns reflective of a variety of techniques that have historically been implemented by hedge funds and other sophisticated investors. QAI relies on a quant-based methodology to deliver absolute returns, and has the potential to exhibit low correlations to stock and bond ETFs. Investors should be aware, however, that QAI isn't likely to deliver huge gains that some might expect of hedge funds; it is primarily designed to smooth overall portfolio volatility and function as a non-correlated asset. QAI might make sense in small doses within a stock-and- bond portfolio, and can be a powerful tool for accessing investment strategies that would otherwise be out of reach or prohibitively expensive. " FUMB,"FUMB is an actively managed fund of US municipal debt with a targeted portfolio duration of less than one year. The fund seeks tax-exempt income and_ capital preservation. " SKYY,"SKYY is the first ETF to offer exposure to the cloud computing industry, a narrow segment of the technology sector that involves a fast-growing application. SKYY is one of the most targeted sector funds on the market, making it a tool for fine tuning portfolio exposure. This ETF can be useful for making short-term tactical plays, but could also have appeal as a minor complementary holding in a longer-term buy-and-hold portfolio. Some investors might consider a small position in SKYY as a means of adding opportunity for alpha to a portfolio that otherwise consists of broad based ""plain vanilla"" funds. The index methodology used by SKYY is worth reviewing and understanding before investing. In addition to smaller pure play cloud computing companies, this ETF makes allocations to larger firms that are involved in the cloud computing space but derive the majority of their revenues from other operations. This feature may diminish the relationship between the growth of the cloud computing space and the performance of the cloud computing ETF. Creating an investment product that successfully taps into a broader theme or industry can be challenging when there is a limited number of public companies that maintain focused operations on the niche in question. SKYY is an innovative and creative product, but investors should be aware of the nature of the underlying assets and the limitations that the index methodology may encounter. Investors seeking leveraged exposure to cloud computing stocks have LSKY as an option; that ETN offers 2x monthly leveraged exposure to the same underlying index. " FRI,"This ETF offers exposure to the investable U.S. real estate investment trust market , an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. FRI follows the S&P United States REIT Index, which has just over 100 holdings diversified primarily across large and mid-cap size companies. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). IYR is a viable alternative and the most liquid fund in this category, while VNQ offers similar exposure for a much lower expense fee. " KBWR,"This ETF offers exposure to regional banks, delivering targeted exposure to a unique corner of the U.S. financials sector. Given the narrow focus of KBWR, this fund might be most useful for investors looking to implement a shorter term tactical tilt towards this corner of the market, though it can certainly also be used as a component of a long-term portfolio as well. KBWR's portfolio is unique from the most popular ETFs in the Financials Equities ETFdb Category; this ETF is designed to focus on firms that do business as regional banks or thrifts, and as such does not include Wall Street titans that make up funds such as XLF. Moreover, it should be noted that these smaller regional banks often maintain risk/return profiles that differ considerably from their large cap peers; though impacted by some of the same factors, regional banks generally depend more heavily on traditional banking functions to drive profits. KBWR's portfolio is reasonably deep, consisting of about 50 individual holdings. And this ETF features a nice degree of balance as well; no one name accounts for a huge portion of assets. For investors looking to target this corner of the market, the competitive expense ratio and balanced portfolio make KBWR a potentially appealing option. Alternative ETPs covering the same corner of the market include KRE (which is linked to an equal-weighted index) and IAT, while ProShares offers a pair of leveraged ETFs targeting regional banks (KRS, KRU). " JCTR,"JCTR tracks a market-cap-weighted index of large-cap US stocks that are selected with a preference toward lower carbon footprint. " DINT,"DINT holds an actively-managed portfolio of international companies outside the US, selected based on prospects for long-term growth of capital. " FINX,"FINX tracks a market-cap-weighted index of companies in developed markets that derive significant revenues from providing financial technology products and services. " VRIG,"The Invesco Variable Rate Investment Grade ETF is an actively-managed fund that tries to boost income while limiting vulnerability to interest rate increases. The fund will invest in investment-grade, variable rate securities, including floating rate U.S. Treasurys, mortgage-backed securities, asset backed debt, collateralized loan obligations, corporate debt, U.S. agency debt. The fund may invest up to 20% of its portfolio in junk-rated debt. The fund aims to limit duration, a measure of sensitivity to interest rate increases, to one year. Bonds with shorter duration typically take less of a hit from rate hikes than longer-term debt. Variable-rate debt adds another layer of protection since coupons adjust along with interest rates. Fund fees are reasonable, although there are lower cost indexed ETFs that track floating rate debt. VRIG could be a good choice for investors who are willing to accept a little more risk in order to bolster income while limiting interest rate risk. " IVOV,"This ETF offers exposure to mid cap stocks that exhibit value characteristics, making IVOV a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Value strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments such as recessions. It should be noted that there is often considerable overlap between the value and the growth variations of these funds since many providers have generous definitions that tend to put some securities in both categories. Rydex offers a pure style alternative, RFV, that is slightly more expensive but will offer a considerably more targeted focus on value equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that JKI and IJJ seek to replicate similar indexes at comparable expense ratios. However, IVOV is slightly cheaper and may be available commission free in certain accounts, making it a solid choice of the three. IVOV is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution, just be aware of the differences before deciding between these similar ETFs. " SCHA,"SCHA seeks to replicate a benchmark which offers exposure to small cap firms in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors' portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on both value and growth securities, could provide more of a diversified play than products that just focus on ‘growth' or ‘value’ securities within this segment. Thanks to this broad focus, SCHA has a large number of securities-- close to1,750 in total-- and does a phenomenal job of dividing up assets among the components as no one company makes up more than 30 basis points of total assets. Thanks to this high level of diversification and SCHA's ultra low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure and do not have a preference in terms of value or growth equities. " AGGY,"AGGY tracks an index of USD-denominated investment- grade securities, divided into 20 subcomponents. Subcomponents are reweighted to achieve higher yield- to-worst. " ALFA,"This ETF tracks a dynamic benchmark which is based on top holdings of hedge fund managers. The underlying index is constructed by analyzing 13F filings, which are regulatory filings that institutional investors with $100 million or more in assets under management are required to file with the SEC within 45 days of the end of each quarter. As such, ALFA attempts to mimic the positions and strategies implemented by professional money- managers, many of whom have a proven track record of consistently generating alpha. There are some drawbacks to this strategy however; besides the time lag associated with the SEC paperwork, there is also the issue of incompleteness of these filings and the nuances of net exposure reported. Investors should also consider GURU, which offers a generally similar strategy for a cheaper price tag; the distinguishing feature being that ALFA has the flexibility to vary between a traditional long only portfolio and a market hedged strategy based on relative price targets. " FCOM,"The Fidelity MSCI Communication Services Index ETF (FCOM) tracks an index of well-known stocks like Facebook, Twitter, Netflix, and Google-parent Alphabet Inc. As of June 2020, FCOM owned about 100 stocks, including small caps, making it a better-diversified option than the Communications Services Select Sector SPDR (XLC). FCOM may appeal to investors looking to tilt their portfolio toward volatile companies once lumped in with technology firms. In 2018, several well-known tech stocks were reclassified as communications services as part of a massive overhaul of the Global Industry Classification Standard, or GICS. The resulting changes implemented by index providers like MSCI and S&P had a ripple effect throughout ETFs. Technology ETFs sold off well-known companies like Facebook, which were picked up by ‘communications services’ funds, which now look nothing like the old telecommunications funds that were dominated by stocks like AT&T and Verizon. FCOM is competitively priced when compared with the Vanguard Communication Services ETF (VOX), which is nearly identical, though traders might prefer the size and liquidity of XLC. " HAWX,"HAWX tracks an index of global large- and mid-cap stocks outside the US, hedged against movements in the underlying currencies for US investors. " DTEC,"DTEC tracks an index of 100 global companies that are involved in disruptive technologies across 10 themes. " SPTM,"The SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) tracks the S&P Composite 1500 Index, which offers broad exposure to the U.S. equity market. SPTM invests in more than a thousand different companies across all sectors and sizes, making SPTM an appealing option for investors looking to simplify their portfolios and minimize rebalancing obligations. SPTM can easily serve as the core holding of a long-term portfolio. As with all of State Street's SPDR “Portfolio” lineup, SPTM competes on price with ultra-low-cost funds like the Vanguard Total Stock Market ETF (VTI), the Schwab U.S. Broad Market ETF (SCHB) and the iShares Core S&P Total U.S. Stock Market ETF (ITOT). All four funds charge the same barely- there management fee. The funds have broadly similar allocations when it comes to sector and market-cap, though investors should note that SPTM leans more heavily on large-cap stocks than the other three. Those seeking more exposure to smaller U.S. companies may want to use SPTM alongside small-cap funds. SPTM is also a relative latecomer to the low-cost market and lags its main rivals in assets, but still offers plenty of liquidity. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street pretty much founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its “Portfolio” funds, including SPTM, were renamed and repriced for this purpose. Prior to October 2017, SPTM tracked the Russell 3000 index and traded under the ticker THRK. Prior to January 24, 2020, it tracked the SSgA Total Stock Market Index. " TYD,"This ETF offers 3x long leveraged exposure to the broad- based NYSE Current 7-10 Year U.S. Treasury Bond Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. 7-10 year treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TYD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " DDEC,"DDEC aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " RNLC,"RNLC tracks a dividend-selected, tier-weighted index of large-cap US equities. " BGRN,"BGRN tracks a market-value-weighted index of USD- denominated investment-grade government and corporate bonds linked to environmentally beneficial projects, as identified by MSCI. " LDEM,"LDEM tracks a tier-weighted index composed of large- and mid-cap emerging-market stocks with high environmental, social, and governance traits relative to their sector peers. " VO,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. Mid cap stocks are appealing to many because they still have significant growth potential but they are less risky than their small and micro cap brethren. VO offers exposure to a balanced portfolio of stocks, including close to 460 individual names and spreading exposure relatively evenly. The expense ratio is among the cheapest in the category making it an excellent choice for those looking to keep costs to an absolute minimum. For those seeking other options in the space similar choices can be found in the MDY and IJH funds, the ultra-cheap FMM, and equal-weighted EWRM. " SIMS,"SIMS tracks an index of US-listed companies that focuses on innovative infrastructure. " FNGU,"The MicroSectors FANG+ Index 3X Leveraged exchange- traded note aims to triple the daily return of an index of so-called FANG stocks, meaning Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet Inc. The fund offers highly concentrated exposure those five “core” companies, plus another five technology growth stocks, including Alibaba, Baidu, NVIDIA, Tesla and Twitter. The notes are intended to be used as short-term trading tools by sophisticated investors. FNGU, like most leveraged products, rebalances at the end of every trading day. In practice, this means FNGU’s performance will diverge significantly from the underlying stocks. The daily reset means that FNGU could lose money over time even if the underlying equities have posted a gain, which can come as a rude surprise to buy-and-hold investors. Investors looking for long-term exposure to technology might be better-served with low-cost funds like State Street Corp.’s Technology Select Sector SPDR Fund (XLK) or the Vanguard Information Technology ETF (VGT). Both offer broad tech exposure, but don’t invest in household names like Alphabet, Facebook and Twitter due to an indexing change that reclassified those companies into communications services. (Those stocks can be found in XLC and VOX instead.) Another long-term option is the Invesco QQQ Trust, which invests in non-financial companies listed on the Nasdaq. (QQQ includes all the FANG stocks except Twitter, which is listed on the New York Stock Exchange.) FNGU’s management fee of 95 basis points might seem like a high price to pay for a passive investment, but that shouldn‘t be a major concern for short-term trading. For traders who want the leverage but prefer broad exposure to tech, there’s products like TECL from Direxion, which uses leverage to juice returns of the same stocks as XLK. " ZSL,"This ETF offers -2x daily leverage to silver prices, making ZSL a powerful tool for expressing a bearish outlook on the shiny precious metal. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make ZSL inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the underlying index won't always move in unison with spot silver prices, even over the course of a single trading session. For advanced investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging silver exposure or simply for speculating on a decline in value. But ZSL shouldn't ever be found in a long-term, buy-and-hold portfolio; it's simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. ZSL is a trading instrument, and should be treated as such. " SILJ,"SIL) tracks an index of smaller silver companies from around the world. The fund overweights pure-play companies based on their sector focus. " FLQE,"The Franklin LibertyQ Emerging Markets ETF (FLQE) tracks an index of stocks from emerging markets countries based on quality, value, momentum, and low volatility. The index tilts more heavily toward quality and value, with a lesser emphasis on momentum and low-vol. Investors should note that, as of June 2020, FLQE includes South Korea, which some other funds lump in with developed markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight South Korea or missing out on that country entirely. FLQE is reasonably priced for a smart-beta approach to emerging markets, though it's still more expensive than ultra-low-cost plain vanilla rivals like the iShares Core MSCI Emerging Markets ETF (IEMG) and the Vanguard FTSE Emerging Markets ETF (VWO), which lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. There’s also competition to consider in the multi-factor space, including funds that have attracted more assets and daily trading, like the Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM), the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM), and the JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM). " TRTY,"TRTY is an actively managed fund-of-funds with exposure to a variety of asset classes, including equity, fixed income, real estate, commodities, and currencies. The fund seeks income and capital appreciation. " USFR,"USFR tracks a market-value-weighted index of US Treasury floating-rate securities. " VXX,"This ETF offers investors a way to access equity market volatility, an asset class that may have appeal thanks primarily to its negative correlation to U.S. and international stocks. The VIX index tends to spike when anxiety increases, and as such often moves in the opposite direction of stocks. However, it's important to note that VXX does not represent a spot investment in the VIX, but rather is linked to an index comprised of VIX futures. As such, the performance of this product will often vary significantly from a hypothetical investment in the VIX (which isn't possible to establish). The focus on short-dated futures increases the correlation to the VIX, but also increases the potential for the adverse impacts of contango. Longer-dated options such as VIIZ, VIXM, or VXZ may be appropriate for longer holding periods. This ETP should never be held over the long term in a buy- and-hold portfolio; it is designed as a trading instrument that appeals to those looking to place a short term bet against the market or use as a hedging tool. One structural note: as an ETN, VXX avoids tracking error but may expose investors to credit risk, as well as unique tax treatments. VIXY offers similar exposure in an ETF wrapper, while VIIX is a near-identical ETN alternative. " GVIP,"The Goldman Sachs Hedge Industry VIP ETF (GVIP) is one of a handful of funds that tries to imitate the stock picks of top hedge fund managers. GVIP screens publicly- available data of fundamentally-driven hedge fund managers and identifies the stocks that appear most often in their top 10 holdings, i.e., their “very-important positions.” The universe of hedge funds is limited to those that hold $100 million or more in U.S.-listed stocks, and 10 to 200 distinct equity positions. GVIP typically owns about 50 stocks and is rebalanced quarterly. Top holdings include Sea Ltd., Raytheon, Change Healthcare, Citigroup, and Booking Holdings. There’s an appealing irony in a relatively inexpensive index fund that tries to swipe the best investment ideas of expensive stock pickers, especially since passive stock funds have consistently trounced their actively- managed competition. Given the consistent under-performance of active management, investors might wonder if there's any point in trying to imitate them. Does it work? Sometimes. The answer, of course, depends on the time frame and the fund you compare it to. GVIP isn't the only fund out there that tries to pull investment ideas from stock pickers. Competitors include The Motley Fool 100 Index ETF (TMFC}, Direxion All Cap Insider Sentiment Shares (KNOW), or the Global X Guru Index ETF (GURU). " LEXI,"LEXI is an actively-managed, multi-asset fund whose exposure varies among asset classes depending on market conditions and fund advisers assessment of multiple factors. " BKSB,"The BNY Mellon Short Duration Corporate Bond ETF (BKSB) tracks an index that offers exposure to investment-grade corporate bonds with a remaining maturity ranging from one to five years. The index includes U.S.-dollar denominated, fixed-rate debt. By investing in shorterterm securities, BKSB reduces interest-rate risk. BKSB might be useful for investors looking to enhance fixed income returns without taking on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. BKSB is priced competitively with ultra-low- cost rivals like the Vanguard Short-Term Corporate Bond ETF (VCSH), the SPDR Portfolio Short Term Corporate Bond ETF (SPSB), and the iShares Short-Term Corporate Bond ETF (IGSB). Ultra-short debt ETFs are another popular option for investors looking for a relatively safe way to eke out more yield than brokerage sweep accounts or long-term Treasuries. There are several competitors, such as the JPMorgan Ultra-Short Income ETF (JPST), the iShares Ultra Short-Term Bond ETF (ICSH}, and the Goldman Sachs Access Ultra Short Bond ETF (GSST). BKSB is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon garnered attention by offering extremely low-fee products, including some of the first zero-fee ETFs, making its new funds some of the cheapest on the market. " IQDE,"The FlexShares International Quality Dividend Defensive Index Fund (IQDE) is part of Northern Trust’s stable of proprietary factor strategies. This one has an international flair. The fund follows a Northern Trust index that selects dividend-paying companies in developed and emerging markets outside the U.S. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and regions. Lastly, the fund aims for lower market beta — jargon used to describe how volatile performance is relative to the market. It’s another way of saying IQDE tries to be less risky than the market. Investors can be excused for confusing IQDE with its sister funds: the FlexShares International Quality Dividend Dynamic Index Fund (IQDY)} and the FlexShares International Quality Dividend Index Fund (IQDF)}. Like FlexShares' domestic variations on the same theme, the three funds are distinguished by their approach to market beta. IQDE aims for a little less risk than the market, IQDY for a little more, and IQDF tries to match it. In practice, all three funds share many of the same top holdings, including Royal Bank of Canada, GlaxoSmithKline and L'Oreal. The difference comes down to weighting, with IQDY leaning a little more on volatile tech stocks than IQDE and IQDF. Most FlexShares funds charge a premium for the Northern Trust expertise, but the FlexShares international dividend ETFs are priced competitively. Still, they are multiples more expensive than plain-vanilla international equity ETFs. Is it worth it? Investors can look at it several different ways. There are other international factor strategies out there, like the Vident International Equity Fund (VIDI} or the highly-concentrated (and extremely expensive) First Trust Dorsey Wright International Focus 5 " CACG,"CACG is an actively-managed fund of global stocks selected for above average long-term earnings and/or cash flow growth while also including ESG criteria. " DWEQ,"DWEQ is an actively managed fund that follows a quantitative proprietary model based on momentum indicators and seeks long-term capital appreciation. " MMIT,"MMIT is actively managed to provide enhanced total- return potential by investing mainly in investment-grade, AMT-free US municipal bonds with duration between 3-10 years. " IBTH,"IBTH tracks a market-value-weighted index of US Treasury bonds maturing between January and December 2027. The fund will terminate in December 2027. " FEMS,"This ETF utilizes the AlphaDEX strategy to invest in emerging market small caps. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings. For those looking to make a play on small cap equities, FEMS certainly makes for a viable option. The fund has nearly 200 holdings, but allocates over 25% of its assets to Taiwan; an economy that most believe is already fully developed. This may dilute the emerging market exposure and lead to undesirable results. Beyond that, the fund has a sound strategy and can be used as a part of a bigger emerging market strategy, but the fund is not deep enough to be your core holding for exposure to developing economies. " CMBS,"This ETF offers targeted exposure to commercial mortgage-backed securities. CMBS separates itself from other offerings in the Mortgage Backed Securities ETFdb Category by focusing specifically on debt which is deemed to be “ERISA eligible”. This means that the underlying holdings must meet the minimum standards for pension plans established by the Employee Retirement Income Security Act of 1974 (ERISA). As such, CMBS focuses on types of bonds that are not necessarily included in broad-based bond funds such as AGG or BND, so this fund might not be all that useful for those building a long-term portfolio (since it is a bit targeted). Nonetheless, CMBS can certainly be very useful as a tactical tool for establishing exposure to this segment in the market for those who believe it offers superior risk adjusted returns or is poised for a period of strong performance. CMBS tends to be tilted towards the long end of the duration spectrum, so investors will be taking on a fair amount of interest rate risk along with some moderate credit risk with this investment. There are a handful of other ETFs in the Mortgage Backed Securities ETFdb Category; investors would be wise to compare the risk and return characteristics of these products before establishing a position. " EWJV,"EWJV tracks a multi-factor-selected, market cap-weighted portfolio of Japanese equities. " DWAS,"The Invesco DWA SmallCap Momentum ETF tracks is based on proprietary Dorsey Write index designed to identify small-cap companies that demonstrate strong price momentum. Selection begins with the smallest 2,000 companies in the Nasdaq U.S. Benchmark Index, and winnows the universe to approximately 200 companies with the highest relative strength scores. The portfolio is weighted based on those scores. The fund imposes some constraints on how large any one sector or industry can grow relative to the underlying index. The fund fees are high compared to plain-vanilla indexes, and higher than other small-cap strategies on the market. By design, the fund is highly-concentrated in the fastest- growing small-cap U.S. equities, so investors should expect some price volatility. The portfolio also sacrifices some diversification, so it’s not a good pick for buy-and- hold investors. DWAS is really targeted toward investors and tactical traders with strong short-term or medium- term views on small-cap growth. Investors should compare liquidity, holdings and fund fees against other rivals in the small-cap space. " FFTG,"FFTG is an actively managed fund-of-funds with equally weighted positions in three broad asset classes with the strongest positive price momentum. In the absence of positive price momentum, the fund holds short-term US Treasurys. " MEAR,"MEAR holds a portfolio of actively managed municipal bonds and targets a weighted average portfolio maturity of 3 years or less. " SPXE,"SPXE tracks a market cap-weighted index of US large- and mid-cap stocks, excluding firms in the energy sector. " GMOM,"GMOM is an_ actively-managed fund that selects approximately 17 ETFs, across various asset classes, based on price momentum. The fund aims for capital appreciation rather than income. " OPER,"OPER is an actively managed portfolio seeking current income by investing primarily in repurchase agreements, with a portfolio maturity of less than one year. " VNLA,"VNLA is an actively-managed fixed income fund that aims to outperform the FTSE 3-Month US Treasury Bill Index by holding a wide range of fixed income securities with an aggregate duration target of 0-2 years. " NUSI,"NUSI is an actively-managed portfolio of stocks included in the Nasdaq-100 Index combined with an options collar. The fund seeks to generate current income with some downside protection. " MSVX,"MSVX is an actively managed portfolio that can take long or short positions on derivative instruments based on the implied volatility of the S&P 500 Index and the CBOE Volatility Index. " ISHG,"This ETF offers exposure to bonds issued by governments outside the U.S., offering an efficient way to access an asset class that is overlooked within the portfolios of many U.S.-based investors. Most fixed income portfolios are comprised almost entirely of securities from U.S. issuers, but the addition of international debt has the potential to enhance returns and add diversification benefits as well. By focusing on short-term debt, ISHG may appeal to investors concerned about the adverse impact of rising interest rates, and is primarily a tactical tool to be used for fine tuning the fixed income side of a portfolio. BWZ will offer generally similar exposure to this ETF, and IGOV and BWX offer a way to access international Treasuries across a range of maturities. When evaluating these ETF options, factors to consider include the breakdown by country, effective duration, and attractiveness of the current yield. " HDEF,"The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) offers broad exposure to developed markets outside of the U.S. and Canada, but with a twist: it looks for stocks that pay high dividends compared to their price. HDEF draws its holdings from the MSCI EAFE Index, then applies further screens for quality and dividends with the goal of outperforming its merely cap-weighted brethren. This smart beta approach includes excluding REITs for liquidity and a focus on dividend sustainability and persistence. HDEF is competitively priced. It has raised significant assets, though it’s still quite a ways behind the older iShares International Select Dividend ETF (IDV), an ETF that invests in similar markets but charges a higher management fee. HDEF is also concentrated heavily in large caps while IDV will give investors a distinct small- cap tilt. " IWL,"This ETF tracks the Russell Top 200 Index, a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a concentrated play on mega cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, IWL is a quality choice for investors seeking broad mega cap exposure but most would probably be better served by investing in a broader fund that is a little more diversified, although IWL is better than most in the mega cap space. " TYA,"TYA seeks to match or outperform a US Treasury 20+ year index for a calendar quarter. The portfolio utilizes futures, call, and put options on US Treasury futures, ETFs, and government securities. " EWN,"EWN offers investors exposure to the European market of the Netherlands by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Dutch market in particular, EWN is probably the best 'pure play’ option available. " PCY,"This ETF offers exposure to debt of emerging markets issuers that is denominated in U.S. dollars, delivering exposure to an asset class that can enhance current returns and deliver geographic diversification without bringing exchange rate fluctuations into the equation. For investors seeking to diversify exposure to the U.S. dollar, funds like ELD or EMLC might make more sense. But for those seeking exposure to emerging market debt denominated in the greenback, PCY offers a low cost option that is well diversified and extremely liquid. " VCIT,"VCIT offers exposure to investment grade corporate bonds that fall in the middle of the maturity spectrum, thereby delivering a moderate amount of both interest rate and credit risk. Like most Vanguard ETFs, VCIT is among the most cost-efficient in its ETFdb Category. VCIT might be useful for investors looking to enhance fixed income returns but hesitant to lengthen duration too much. " MUNI,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This particular fund targets munis that mostly mature between five and ten years from now, giving the fund both a moderate risk and current income profile. As a result MUNI is a solid choice for investors seeking broad exposure to the muni market but with moderate levels of risk. The fund still has solid levels of diversification-- holding over 120 securities-- and an average expense ratio, making it a decent building block of portfolios. However, investors should be aware that this fund is active and as a result costs a little more than other products, holds fewer securities and could underperform a benchmark. However, the watchful eye of a professional could make this an outperforming fund and could potentially add alpha if the manager selects the right securities. " HYLV,"HYLV tracks an index of USD-denominated high-yield bonds. Securities are selected for low credit spread sensitivity. " IDIV,"IDIV tracks an index that replicates solely the cash dividends of the S&P 500 index. The fund holds annual S&P 500 dividend futures contracts and US Treasury securities. " XES,"This ETF offers exposure to the equipment and services sub-sector of the U.S. energy industry. XES is probably too targeted for any investor with a long-term focus, though it can be useful for those seeking exposure to the energy industry without focusing exclusively on major refiners and drillers such as Exxon and Chevron. XES is unique because it seeks to replicate an equal-weighted index; as such, exposure is balanced more evenly across the portfolio stocks than a fund such as IEO, which includes many of the same companies but allocates big percentages to a few large cap companies. XES is also more appealing from a cost perspective, making this ETF the preferred way to gain exposure to companies that provide equipment and services to the oil industry. " IBHD,"IBHD tracks a market-value-weighted index of USD- denominated, high yield and BBB-rated corporate bonds maturing in 2024. The fund will terminate in December 2024. " IGHG,"IGHG tracks an index with long exposure to USD- denominated investment-grade debt and short exposure to US Treasurys. The fund aims to minimize interest-rate risk. " IBBQ,"The Invesco Nasdaq Biotechnology ETF tracks a market- cap weighted index of biotechnology and pharmaceutical firms listed on the Nasdaq. Companies must have a minimum market capitalization of $200 million and meet certain daily trading thresholds. The index may include large-, mid- and small-cap companies, and caps are imposed on the weighting of Individual holdings. Invesco launched the fund in June 2020 with a temporary fee waiver that knocked the expense ratio to zero. Even without the fee waiver, IBBQ dramatically undercut the fees of similar ETFs in the same industry. The ETF quickly picked up assets but it has a long way to go to catch up to established rivals. Traders looking for short-term liquidity may want to compare trading against competing funds. For investors making a longer-term play, Invesco’s fund fees are hard to beat, though it's worthwhile to comparison shop since the ETF industry has a long history of price wars. " GMF,"This ETF offers exposure to a host of emerging Asian economies, making GMF a potentially intriguing option for those investors looking to tilt exposure towards this corner of the market. China accounts for a big portion of this ETF, but a handful of other economies--including India, Malaysia, Thailand, and the Philippines--are represented as well. That gives a nice balance in terms of geographic exposure, and provides a way to access stocks that may thrive if Asia in general continues to see its economic importance increase. Unlike many country- specific or region-specific funds, GMF does a nice job of spreading exposure across individual securities; with weights given to more than 250 different stocks, this ETF earns high marks for diversification. Large and mega caps get heavy weights in this ETF, a common bias among international equity funds. GMF can be a nice tool to fine tune international exposure, as the impressive breadth of holdings give well-rounded exposure to emerging economies in Asia. Those seeking to access emerging market more generally (including South America and other regions) may find VWO or EWX to be better fits. " WEBL,"WEBL provides 3x leveraged daily exposure to a market- cap-weighted index of the largest and most liquid U.S. Internet companies. " SIXL,"SIXL is an actively managed fund of US stocks selected for fundamental factors of growth and low volatility. Securities are equally weighted. " PSMG,"The Invesco Growth Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide long- term capital appreciation. Depending on market conditions, the fund will invest 65 percent to 95 percent of its portfolio in equity ETFs, 5 percent to 35 percent in fixed income ETFs, and 10 percent to 15 percent in American and global depositary receipts. PSMG achieves its asset mix by investing largely in a mix of other Invesco ETFs. It's important to note, investors are not double-charged for fund fees. Rather, PSMG charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMG investors pay acquired fund fees for PSMG’s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMG‘s costs are competitive compared with other actively- managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in- one asset allocation strategy, the fees are quite reasonable. The fund is the most aggressive of the four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. For buy-and-hold investors that want a single-ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMG are worth a look. " FDD,"This ETF offers investors a way to target a group of European equities that exhibit high dividend yields, screening the universe of potential components by various dividend-related metrics. As such, while FDD is probably too narrow and too targeted for most long-term portfolios, but it can be a useful tool for investors looking to enhance current returns from their equity allocations or implement a value tilt in the European equity portion of their portfolios. Not surprisingly, FDD has a heavy tilt towards large cap stocks, though a significant allocation to mid caps is present as well. Though FDD is inherently concentrated due to the fixed number of index components, this fund spreads exposure across the portfolio in a relatively even manner. It's worth taking a closer look at the country breakdown, as FDD has been known to make big weightings to a small handful of European economies. Those seeking broader European exposure would be better served by ETFs such as VGK or IEV, though neither of these options is likely to come close to FDD's dividend yield. " AMNA,"AMNA tracks a market-cap-weighted, narrow index of North American MLPs whose distribution is generated from midstream activities. " JXI,"This ETF seeks to replicate a benchmark that measures the performance of the utilities sector of the global equity market. An investment in the utilities sector offers several advantages to the average investor. Firstly, many utilities are a necessity in today's world, and as our population continues to grow in the future, the demand for these companies will only increase in theory. Second, utility companies are known for their high dividend yields, giving investors a steady stream of income despite what market conditions may be like. Finally, these companies may prove to be somewhat recession proof; no matter what the economic conditions are, people still need to use electricity and other utilities to go about their daily lives. JXI spreads its assets across numerous countries, including the U.S., UK, Germany, France, and others. This product will be a good option for investors who feel that there are opportunities abroad, but still wish to obtain exposure to this robust sector in the U.S. economy as well. " QDYN,"The FlexShares Quality Dividend Dynamic Index Fund (QDYN) is part of Northern Trust’s stable of proprietary twists on factor investing. The fund follows a Northern Trust index that selects dividend-paying large-cap U.S. equities. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and styles. Lastly, the fund tries to deliver “above market beta” — jargon used to describe how volatile the performance is relative to the market. It’s another way of saying QDYN tries to exceed market volatility. The approach to market beta is the nuance that sets it apart from its sister funds FlexShares Quality Dividend Defensive Index Fund (QDEF) and The FlexShares Quality Dividend Index Fund (QDF), which aim to reduce or match market swings, respectively. In practice, all three funds share many of the same top holdings, including blue-chip stocks like Apple, Johnson & Johnson and Microsoft. The difference comes down to weighting. QDYN might have more invested in volatile tech stocks than QDEF, while QDF will be somewhere in the middle. As with many FlexShares funds, investors will pay a premium. Management fees, though not eye-popping for proprietary index strategies, are multiples higher than U.S. equity ETFs offered by massive passives like Vanguard and iShares. Is it worth it? Investors can look at it several different ways. There are plenty of other variations on dividend investing, such as the WisdomTree U.S. Total Dividend Fund (DTD) or the Invesco Dividend Achievers ETF (PFM.} There are traditional defensive mainstays like utility ETFs, such as the Utilities Select Sector SPDR (XLU). And there are ultra-cheap dividend funds like the giant Vanguard Dividend Appreciation ETF (VIG) and the Vanquard High Dividend Yield ETF (VYM). " PDBC,"The Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC}, as the name implies, offers exposure to commodity futures without the tax hassle of a K1, which some investors avoid. The fund is actively- managed, and tries to avoid “negative roll yield,” a well- known problem of passive commodity funds that can substantially erode returns over time. There are several similar strategies on the market, including some that charge a lower fee, but PDBC has by far the most assets and trading volume. " BBH,"This ETF offers targeted exposure to the biotech industry, a corner of the health care sector that is capable of delivering big returns but also exhibiting significant volatility. Given that risk/return profile, accessing biotech through the exchange-traded wrapper has some obvious appeal; it allows investors to spread out exposure, thereby increasing the opportunity of holding a stock that hits it big. Given that targeted objective, this ETF is probably most useful for those seeking tactical exposure to this corner of the market; the underlying holdings are generally found in broad-based equity ETFs, so there should be little appeal to buy-and-holders. BBH used to be structured as a HOLRDS offered by Merrill Lynch, and converted to a true ETF in 2011. It should be noted, however, that this fund still maintains some of the concentration that was characteristic of HOLDS; a few stocks receive significant allocations in the portfolio, and the top ten holdings combine to make up the majority of assets. There are some other biotech ETFs out there that may be interesting opportunities, including IBB, XBI, FBT, and PBE. Those looking for a deep, balanced portfolio will probably prefer to avoid this Market Vectors ETF and utilize a fund such as IBB or XBI instead. " HEZU,"HEZU tracks a cap-weighted index of large- and mid-cap securities from the eurozone, while hedging out its exposure to the euro currency relative to the US dollar. " BAPR,"BAPR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " AMOM,"AMOM is an actively-managed portfolio of U.S. Large Cap equities chosen with the aid of artificial intelligence. " FDN,"This ETF offers exposure to companies that derive at least half of their sales from the Internet, a unique group of stocks that features a heavy tilt towards tech companies with a sprinkling of consumer firms as well. While the idea of exposure to web-based businesses may be appealing, it's important to note that the underlying holdings consist of companies engaged in a wide variety of businesses, and as such are impacted by entirely unique factors. Unlike many ETFs that focus on a specific sector, FDN isn't necessarily backed by a cohesive investment thesis; besides a general dependence on the Internet, the underlying components have little in common. As such, it's unclear exactly how FDN could fit into a portfolio, though it likely has little use for those interested in constructing a long-term portfolio. FDN is reasonably well balanced across about 40 names, though there is a general tilt towards large caps and a few well known tech giants account for a significant portion of holdings. Overall, FDN may be useful for a select few investors with a very specific view of the tech sector or a desire for fine tuned equity exposure, but most will find little use in this fund. Broad-based tech ETFs such as XLK may will be more useful for general tactical overlays, including more component stocks at a much lower fee. " FFHG,"FFHG is an actively-managed fund-of-funds that seeks capital appreciation via a tactical approach. The fund holds ETFs tracking broad-based US equities (including leveraged or inverse equity) and US Treasurys. " KOLD,"This ETF offers 2x daily inverse leveraged exposure to natural gas, an asset class that is capable of delivering big swings in price over a relatively short period of time. Combining this volatility with explicit leverage results in a fund that has the potential to churn out big gains or losses, meaning that KOLD is really only appropriate for sophisticated, active investors. It is important to understand exactly what KOLD offers; this product seeks to deliver leveraged returns not on spot natural gas prices but rather amplified returns on an index comprised of natural gas futures contracts. Depending on the slope of the futures curve, returns delivered by futures-based funds can vary significantly from hypothetical gains on an investment in spot (for obvious reasons, an investment in spot natural gas is not realistic for most investors). It is also important to note that BOIL maintains a daily reset feature, which means that this position should be monitored carefully if kept open for multiple trading sessions. KOLD does not belong in a long-term, buy-and-hold portfolio, and should generally be avoided by anyone without a thorough understanding of leveraged ETFs and natural gas futures markets. For those looking to make a short term bet against natural gas prices, however, KOLD can be a very powerful tool. Expect this fund to see increases in volatility and trading volume on Thursdays around the release of the weekly natural gas storage report. ProShares also offers a 200% counterpart, BOIL, which is linked to the same underlying index but designed to perform well when natural gas futures prices rise. For investors seeking traditional mnon-leveraged, long exposure to natural gas futures, there are a number of options, including UNG, UNL, NAGS, and GAZ. Those seeking to access the natural qas space through stocks " VSS,"This ETF offers exposure to small caps listed outside of the U.S., an asset class that should be a core component of any long-term portfolio but that is often overlooked by investors. Most broad ex-U.S. ETFs focus primarily on large cap stocks, and feature portfolios that maintain minimal allocations to small or mid cap stocks. Because large cap stocks are often multi-national firms that generate their revenue globally (including the U.S.}, they won't always be great pure plays on the local economy. VSS offers exposure to smaller companies, an asset class that can round out exposure and serve as a nice complement to funds like VEU or ACWX. This fund splits exposure between developed and emerging economies, though advanced markets receive the bulk of the allocation (those looking to beef up small cap emerging markets exposure may like EWX). VSS, like most Vanguard products, is extremely efficient from a cost perspective, and is available commission free in Vanguard accounts. " UXI,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Industrials Index, making it a powerful tool for investors with a bullish short-term outlook for industrial equities. Investors should note that UXI's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UX! can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " SHYD,"SHYD tracks a market value-weighted US bond index composed of high-yield municipal bonds with 1-12 years remaining in maturity. " FTLS,"FTLS takes both long and short position in US-listed equity with US and foreign exposure. The actively managed funds will typically be 90-100% long and 0-50% short. " IGRO,"IGRO tracks an index of international equities that have growing dividends. " CHIK,"CHIK tracks a market cap-weighted index of Chinese large- and mid-cap companies in the information technology sector. The index includes A shares. " XSW,"This ETF offers targeted exposure to U.S. companies operating in the software and services sector, delivering precise access to a relatively narrow corner of the technology industry. Within this sub-sector, holdings are actually somewhat balanced; XSW includes exposure to application software stocks, Internet software and services companies, data processing firms, systems software manufacturers, IT consulting companies, and makers of home entertainment software. Given this targeted focus, XSW probably has limited appeal to investors looking to build a long-term portfolio; this ETF is likely more useful for those looking to establish a tactical overweight position to this corner of the market. There are a couple aspects of XSW that are noteworthy. First, this ETF is linked to an equal-weighted index, a feature that results in a balanced portfolio and lack of company-specific concentration. XSW is also very cheap considering the granularity of exposure offered; while there are cheaper broad-based funds in the Technology Equities ETFdb Category (such as XLK and FTQ), this fund is a good bet for investors keeping an eye on fees. XSW is a very targeted product, and as such isn't optimal for every investor. But for those seeking exposure to software firms, the index construction methodology and cost efficiency make XSW an appealing option. " ERM,"ERM is an actively-managed, long-only fund that provides long-term capital appreciation with capital preservation as a secondary objective. " VTWG,"VTWG looks to track an index which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide quality growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, VTWG does an excellent job of dividing up assets as the fund holds close to 1,270 securities in total and doesn't give any one company more than 0.8% of the total assets. Thanks to this high level of diversification and VTWG's ultra-low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small caps but are seeking a higher risk/reward profile. However, it should be noted that there are several other products in the space, namely IWO, SLYG, and VBK, that offer similar diversification at a similar price, potentially making them better choices for traders since they have tighter bid/ask spreads. " PSI,"PSI tracks a benchmark that is designed to provide returns based on various investment criteria of semiconductor firms. Semiconductor chips act as the brains to numerous devices that we rely on today, including smartphones, calculators, computers, and much more. As technology continues to improve and expand, these chips will invariably be in demand to help power new devices. The fund focuses entirely on U.S. stocks, giving investors pure domestic exposure to numerous semiconductor producers. Investors should note that this fund dedicates the majority of its assets to medium and small cap funds, meaning that it will be more volatile than a traditional large cap fund, but it also presents strong growth opportunities for those who believe in the semiconductor segment of our nation. " ULTR,"ULTR is an actively-managed portfolio of ultra-short maturity investment grade bonds. " XLI,"This SPDR is one of several ETFs available to investors seeking exposure to the U.S. industrials sector, offering a way to access a corner of the U.S. economy that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. Given the sector-specific focus, XLI likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the industrials sector or as part of a sector rotation strategy. The primary appeal of XLI lies in the impressive liquidity; used widely as a trading vehicle by active investors, XLI will generally feature very narrow bid-ask spreads. The depth of the XLI portfolio, however, leaves something to be desired. This ETF has far fewer holdings than options such as VIS, FIL, and IY], and also maintains a big weighting in GE. Those seeking to steer clear of concentrations in single stocks may prefer the equal-weighted RGI, while those seeking exposure to ex-U.S. industrials may find IPN to be a useful tool. XLI is great for investors seeking a quick entry into the industrials sector, but those seeking exposure over the long term may want to find a more balanced option. " FLIA,"The Franklin Liberty International Aggregate Bond ETF (FLIA) is an actively managed bond fund that invests that invests primarily in investment-grade fixed- or floating- rate bonds issued by governments, government agencies, or corporate issuers outside the U.S. The bulk of the portfolio is in government and agency debt. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in FLIA is ultimately a bet on the manager’s ability to beat the market. FLIA is priced competitively with rivals like the SPDR DoubleLine Total Return Tactical ETF (TOTL} or the PIMCO Active Bond ETF (BOND), though it trails them both in assets and daily liquidity. Both BOND and TOTL also invest in U.S. markets. Investors could also compare FLIA to the Vanguard Total International Bond ETF (BNDX), an inexpensive index fund. " SMLF,"SMLF tracks an index of small-cap US equities. Stocks are selected and weighted to increase exposure to four factors (quality, value, momentum, and low volatility). " KBE,"This ETF offers exposure to U.S. banking institutions, delivering access to a narrow slice of the financial sector that has historically exhibited significant volatility but is capable of turning in big performances over a short period of time. Since KBE focuses on a narrow sub-sector of the financial space, it probably doesn't have much appeal for investors interested in building a long-term, buy-and-hold portfolio. But this fund can be useful for establishing a tactical tilt towards financial stocks, and may be an efficient way to go ""bargain hunting"" after big sell-offs in financial stocks. It's worth noting that KBE is a concentrated ETF; it holds only about 25 individual stocks, and makes some hefty allocations to the bigger names in the portfolio. That isn't necessarily a dealbreaker, but is worth considering when analyzing the options for targeted financial exposure. PJB offers similar exposure (with a higher price} while a slew of ETFs offer a way to play smaller regional and community banks (including KRE, QABA, and IAT). " LMBS,"LMBS is an actively managed fund that invests in a variety of mortgage-backed securities with target duration of less than 3 years. " POTX,"POTX tracks an index of developed market companies related to cannabis, hemp & CBD. " JPXN,"JPXN tracks a market-capitalization-weighted index of Japanese companies selected by fundamental and qualitative attributes. " BSMP,"The Invesco BulletShares 2025 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund's portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and " BSCU,"The Invesco BulletShares 2030 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " FDRR,"The Fidelity Dividend ETF for Rising Rates (FDRR) tracks a proprietary index of large- and mid-cap developed market stocks that are expected to continue to pay and increase their dividends and have a positive correlation of returns to increasing 10-year U.S. Treasury yields. In bond funds, rising interest rates are a concern because bond prices typically fall when rates rise. Dividend-paying stocks typically react the same way, underperforming the market when rates rise. The idea is that a closer correlation with 10-year Treasury yields will protect investors from rising interest rates. FDRR’s portfolio relies mainly on U.S. stocks, and its portfolio is relatively narrow, so FDRR is probably most useful for those investors seeking a dividend tilt. " RWR,"This ETF offers exposure to the real estate industry within the U.S. equity market. RWR follows the Dow Jones U.S. Select REIT Index, tracking the performance of an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). IYR is the most liquid alternative available, but it comes with a steeper price tag, while SCHH tracks the same index at around half the cost. " AMUB,"AMUB tracks a market-cap-weighted index of 50 publicly traded energy MLPs. " ACSI,"ACSI tracks an index of tier-weighted US large-cap companies assigned with the highest customer satisfaction scores. Holdings are weighted equally within each industry. " UUP,"This ETF offers exposure to a basket of currencies relative to the U.S. dollar, decreasing in value when the trade- weighted basket strengthens and increasing when the dollar appreciates. This fund could be appropriate for investors seeking to a fund that is inversely correlated to the broad stock market or for those making a bet on a flight to quality. For investors seeking exposure to the dollar against a broad range of developed market currencies, UUP is one of the best choices out there. " PSL,"This ETF offers targeted exposure toward the U.S. consumer staples sector, making it a potentially useful tool for those employing a sector rotation strategy or for investors looking to tilt their portfolio towards a low beta sector that can perform relatively well in down markets. PSL is one of the ""Dynamic"" ETFs offered by PowerShares, meaning that the underlying index utilizes a quant based analytical framework to select holdings. In exchange for this attempt to generate alpha, investors can expect to pay a bit more; PSL is more expensive than FCD and XLP. For those who believe the Intellidex methodology has the ability to add value, PSL might be an interesting play (First Trust's FXG also utilizes a quant-based methodology within this sector). But considering the less-than- impressive track record and expense differential, there are probably better ETF options for exposure to this sector. " FPXI,"FPXI tracks a market-cap-weighted index of the 50 largest developed markets ex-US IPOs over the first 1,000 trading days for each stock. " TPHD,"TPHD tracks a volatility-weighted index of US high dividend large-caps screened for Christian values. " FAPR,"FAPR aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " GNMA,"This ETF offers targeted exposure to mortgage-backed pass-through securities issued by GNMA, a unique corner of the domestic fixed income market that has had its shares of ups and downs over the years. The GNMA portfolio will generally consist of bonds with strong credit ratings, though history has taught investors that these ratings are not always worth all that much. GNMA focuses on types of bonds that are often included in broad-based bond funds such as AGG or BND, so this fund might not be all that useful for those building a long-term portfolio (since it is a bit targeted). But it can certainly be very useful as a tactical tool for establishing exposure to this segment in the market for those who believe it offers superior risk adjusted returns or is poised for a period of strong performance. GNMA tends to be tilted towards the long end of the duration spectrum, so investors will be taking on a fair amount of interest rate risk along with some moderate credit risk with this investment. There are a handful of other ETFs in the Mortgage Backed Securities ETFdb Category; investors would be wise to compare the risk and return characteristics of these products before establishing a position. " RUSL,"This fund offers 3x exposure to the Russian equities by tracking the leveraged version of the DAXglobal Russia Index. This makes it an extremely volatile option for playing a component of the BRIC bloc that holds tremendous potential but also significant risks. Russia's economy remains largely dependent on the energy sector, thanks to the country's vast reserves of natural gas and oil, and as such RUSL can be heavily influenced by changes in energy prices. RUSL should definitely not be used by long-term buy and holders but for those looking to make a concentrated bet on Russia over a single day, this fund is perfect. Just be aware that the product will almost certainly face significant volatility over the short and long term and that it must be monitored very closely. " JNK,"JNK offers exposure to the ""junk"" bond space by investing in a index which holds middle rated bonds with at least one year to maturity, and have $600 million or more in outstanding face value. The high yield bond space has been cracked wide open by ETFs, as these products have offered numerous ways for investors to take advantage of this space. High yields can be a great addition to a yield- starved portfolio, as they can offer yields into the double digits for those willing to take on the risks that come along with it. The high returns come from riskier bond choices who have to pay out higher ratios to compensate investors for high risks. this means that the holdings of these ETFs will have higher chances of defaults, and could potentially leave investors out to dry. But for those who have done their homework on the holdings of a particular ""junk"" bond fund have the ability to generate strong returns from these powerful products. This corporate-bond dominated fund dedicates most of its assets to U.S. debts, though it does offer a significant exposure to foreign corporate notes. JNK will make for a strong investment for those who believe that the corporate bond holdings will make good on their debts, and provide the attractive yields that these products are known for. " ROBT,"ROBT tracks a modified equal-weighted index of all-cap, global companies involved in artificial intelligence or robotics. " JOET,"JOET tracks an equal-weighted index of large-cap stocks in the US displaying quality fundamental and technical attributes. " VOT,"This ETF offers exposure to mid cap stocks that exhibit growth characteristics, making VOT a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Growth strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments. It should be noted that there is often considerable overlap between VOT and its value counterpart VOE, the result of a methodology that uses a generous definition of growth stocks. Rydex offers a pure style alternative, RFG, that is slightly more expensive but will offer a considerably more targeted focus on growth equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that IJK and IVOG seek to replicate similar indexes at comparable expense ratios. IVOG is slightly more expensive but may be available commission free in certain accounts, while IJK will generally feature more narrow spreads. VOT is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution. " PGHY,"The Invesco Global Short Term High Yield Bond ETF tracks an index of U.S.-dollar denominated debt issued by junk- rated U.S. and foreign companies. The fund attempts to mitigate interest rate risk by targeting short-term debt with remaining maturities of three years or less. The largest single slice of the portfolio is devoted to debt issued by U.S. corporations, but the majority comes from outside the U.S., including a sizable allocation to sovereign debt. The fund mitigates interest rate risk by targeting short-term debt, which is less susceptible to interest rate hikes. But high-yield debt is tricky and expensive to trade, and the short-term methodology narrows PGHY's universe even further. The fund fees are reasonable, but investors should compare fees, liquidity and performance against other short-term debt ETFs, including investment grade and high-yield funds. " SPLG,"The SPDR Portfolio S&P 500 ETF (SPLG) offers exposure to the S&P 500 Index, one of the world's best-known and most widely followed stock benchmarks. The S&P 500 Index includes many large and well known U.S. firms, often called ‘Blue Chips’, including Johnson & Johnson, Apple, Microsoft, Amazon and Visa. Investors should think of this as a play on mega and large cap stocks in the American market. These companies are sizable core holdings of any portfolio, and SPLG’s ultra-low management fee makes it an appealing choice for the category. SPLG may cause many veteran ETF investors to scratch their heads because State Street’s other S&P 500 fund — the S&P 500 ETF Trust, better known by its ticker SPY — is the oldest and largest ETF on the market. The 1993 debut of SPY pretty much established the modern ETF industry, and SPY is often touted as one of the most-traded securities on the planet. So why did State Street bother with a clone? There are a few reasons. Like other early ETFs, SPY was structured as a UIT, which means it lacks the flexibility to lend out shares and reinvest dividends. These factors are part of the reason why SPY’s management fee has remained persistently higher than upstart rivals like the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO), which helped those funds swipe market share from SPY. SPLG is State Street's answer to that problem. SPY’s higher fee won't deter short-term traders, who are more concerned with liquidity than fees, but for buy-and-old investors, SPLG is the better alternative. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street pretty much founded the modern ETF market in 1993 with the launch of SPY. State Street was late to the ultra-low-cost " EINC,"EINC tracks a market cap-weighted index of North American companies in midstream energy segments. " URTH,"The iShares MSCI World ETF (URTH) tracks a market cap- weighted index of large- and mid-cap developed market stocks worldwide. URTH, unlike many developed markets ETFs, includes North America. URTH invests in about 1,200 securities, with more than 60% of its portfolio in U.S. securities as of June 2020. Total-market funds can be an appealing option for investors looking to simplify their portfolios and minimize rebalancing obligations, but they also tend to own a relatively narrow universe of stocks, which may be why the category has been slow to gain traction with investors. URTH is priced competitively to rivals like the JPMorgan Diversified Return Global Equity ETF (PGE) and the SPDR MSCI World StrategicFactors ETF (QWLD). " SCHB,"SCHB is Charles Schwab's entry into the all cap equity ETF space, and offers investors a way to access more than 1,500 companies across various sectors and sizes. As such, this fund has the potential to be utilized as core holding of a long-term, buy-and-hold portfolio or as a means of establishing quick exposure to risky securities as part of a shorter-term strategy. For investors with a long-term focus, SCHB is appealing in terms of balance of holdings and minimal fees. Concentration in any one name is minimal, and every sector of the U.S. economy is represented. From an expense perspective, SCHB is one of the cheapest options out there, and the option to trade this fund commission free in Schwab accounts further enhances the value proposition for cost-conscious investors. For investors seeking broad-based, low-cost exposure to U.S. equities, SCHB is one of the best ETF options out there (VTI is another good option). " SPGP,"The Invesco S&P 500 GARP ETF tracks an index that targets growth at a reasonable price. The index selects the 75 growth stocks within the S&P 500 that exhibit quality characteristics and have attractive valuations. Growth is measured as three year earnings per share, sales per share. Quality and value are assessed by looking at leverage, return on equity, and earnings to price. Investors should note that prior to September 21, 2019 the fund tracked an index of growth stocks. SPGP is too too targeted for many buy-and-hold investors, and there are cheaper and better diversified growth ETFs on the market. Still, SPGP could be appealing for investors looking for a way to target growth stocks without buying into overvalued companies. The fund is reasonably priced, though fees are significantly higher than other ultra-low-cost ETFs that invest in growth stocks. Investors should compare fees, liquidity, portfolio and performance to other growth stock ETFs. " BOCT,"BOCT aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " SUSC,"SUSC tracks an index of USD-denominated, investment- grade, corporate debt, selected based on positive ESG characteristics. Holdings are optimally weighted to provide a similar risk and return characteristics of the Bloomberg US Corporate Index. " PWS,"PWS tracks an index that toggles between equity and Treasurys, or a combination of both, on a monthly basis depending on monthly moving averages. " EWMC,"The Invesco S&P MidCap 400 Equal Weight ETF tracks an index of mid-cap U.S. equities, and equal weights its portfolio rather than weighing by market size. Adherents of equal weighting argue that it eliminates the market- cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a_ portfolio. EWMC’s sector breakdown diverges widely from its market-cap rivals, which is the point. The portfolio also tends to tilt a bit smaller. EWMC also lacks the deep liquidity provided by rival mid-cap funds, and its higher price tag is unlikely to appeal to buy-and-hold investors. EWMC could be a good pick for tactical investors that favor equal weight strategies. " HEEM,"HEEM tracks an index of broad emerging market equities with currency exposure from the underlying stocks hedged out for USD investors. " FLKR,"The Franklin FTSE South Korea ETF (FLKR) tracks an index of large and mid-size companies in South Korea. This single-country ETF can be especially useful for investors who mix-and-match emerging and developed markets funds from different issuers, since issuers differ on how South Korea is classified. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI South Korea ETF (EWY), though the Franklin fund continues to trail its iShares rival in size and liquidity. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in regional ETFs as well as emerging- and developed-market funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets. " TIPZ,"This ETF offers broad-based exposure to TIPS, bonds issued by the U.S. government featuring principal that adjusts based on certain measures of inflation. As such, TIPZ may have appeal as a minor allocation in a long- term portfolio, with increased weighting given if investors are particularly concerned about inflationary pressures. TIP is one of several broad TIPS ETFs; and it is arguably the second most popular of the bunch, right behind TIP in terms of assets under management in the Category. This fund is competitive from a cost perspective and offers up impressive liquidity, making it worthy of consideration for any investors seeking exposure to this corner of the bond market. While TIPS have become popular as a means of protecting against inflation, it is noted that there are potential limitations to this asset class in accomplishing this objective as well. Short-term TIPS ETFs such as STIP or STPZ may be forth a closer look, as well as more creative alternatives such as CPI or other ‘alternative’ ETFs. " PFLD,"PFLD tracks a market-value weighted U.S. index of short- term preferred and hybrid securities that are multifactor selected. " FIHD,"FIHD provides 2x levered exposure to an index of developed market stocks selected by yield and weighted by market-cap, with screens for sustainability. " IGIB,"The iShares Intermediate-Term Corporate Bond ETF (IGIB) offers exposure to investment grade corporate bonds that fall in the middle of the maturity spectrum, thereby delivering a moderate amount of both interest-rate and credit risk. IGIB might be useful for investors looking to enhance fixed income returns but hesitant to take on longer duration, a measure of bonds’ price sensitivity to interest rate changes. Typically bond prices fall when rates rise. IGIB, like all of iShares Core series, is priced competitively with ultra-low-cost rivals like the SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) or the Vanguard Intermediate-Term Corporate Bond ETF (VCIT), though IGIB is significantly behind VCIT in assets. " IBD,"IBD tracks an equally weighted index of bonds issued by S&P 500-component companies that meet biblically responsible investing standards according to the Issuer. " RFCI,"RFCI is an actively managed portfolio with broad latitude to invest in various fixed income securities in almost any sector, maturity or credit quality, targeting total return with a five-year investment timeline. " IWFL,"IWFL provides 2x leveraged exposure to a market-cap- weighted index of US large-cap growth companies. " WOOD,"The cleverly named WOOD offers investors a way to access the global timber industry, making this ETF a potentially attractive option for fine tuning a portfolio or implementing a targeted sector rotation strategy. This ETF may also have appeal to investors looking to protect against inflation, as timber has been shown to hedge effectively against a general rise in prices. Like many targeted sector ETFs, WOOD is relatively concentrated; there are only about 30 names in total in this fund, and a relatively small handful accounts for a substantial portion of total assets. Still, WOOD gives a good representation of the global timber industry, splitting exposure between international and domestic stocks. The other option for investors seeking timber exposure is CUT. " RORO,"RORO is an actively managed fund-of-funds, focused on capital appreciation by toggling between US equities and long duration US Treasurys based on a proprietary market risk indicator. " IQDF,"The FlexShares International Quality Dividend Index Fund (IQDF) is part of Northern Trust’s stable of proprietary factor strategies. This one has an international flair. The fund follows a Northern Trust index that selects dividend- paying companies in developed and emerging markets outside the U.S. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and regions. Lastly, the fund aims to match market beta — jargon used to describe how volatile performance is relative to the market. It’s another way of saying IQDF aims to be no more or less risky than the market. Investors can be excused for confusing IQDF with its sister funds: The FlexShares International Quality Dividend Dynamic Index Fund (IQDY} and the FlexShares International Quality Dividend Defensive Index Fund (IQDE). Like FlexShares’ domestic variations on the same theme, the three funds are distinguished by their approach to market beta. IQDY aims for a little more risk than the market, IQDE for a little less, and IQDF tries to match it. In practice, all three funds share many of the same top holdings, including Royal Bank of Canada, GlaxoSmithKline and L’Oreal. The difference comes down to weighting, with IQDY leaning a little more on volatile tech stocks than IQDE and IQDF. Many FlexShares funds charge a premium for the Northern Trust expertise, but the FlexShares international dividend ETFs are priced competitively. Still, they are multiples more expensive than plain-vanilla international equity ETFs. Is it worth it? Investors can look at it several different ways. There are other international factor strategies out there, like the Vident International Equity Fund (VIDI} or the highly-concentrated (and extremely " ASET,"The FlexShares Real Assets Allocation Index Fund (ASET) is meant to provide comprehensive real asset exposure to real estate, infrastructure, and natural resources. ASET's portfolio consists of three other FlexShares funds: FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR), FlexShares Global Quality Real Estate Index Fund (GQRE) and FlexShares STOCC Global Broad Infrastructure Index Fund (NFRA). Looking through to those portfolios, ASET’s top holding include Prologis, Canadian National Railway and Verizon. The management is on the pricey side for passive, though not outrageous for a niche product. Competitors include the Virtus Real Asset Income ETF (VRAI) or the VanEck Vectors Real Estate Allocation ETF (RAAX), which is actively managed. " PTH,"This ETF is a component of the suite of ""dynamic"" ETF products from PowerShares, seeking to replicate a benchmark that is constructed based on a proprietary screening methodology. While PTH is an index-based fund, the underlying index seeks to generate alpha by using quant-based filters to select individual stocks. For those who believe the methodology employed is capable of generating alpha over the long run, PTH might be an attractive way to access health care stocks. For those who believe in efficient markets and are looking to keep expenses down, there are probably better options out there; PTH is considerably more expensive than other options such as XLV and FHC. As a sector-specific fund, PTH is probably too targeted for inclusion in a long-term portfolio; this ETF will be more useful for establishing a short-term tactical tilt or as part of a sector rotation strategy. " SFIG,"SFIG tracks an index composed of investment grade, short-term, US bonds. Constituents are selected and weighted by fundamental company and bond risk characteristics. " DNL,"This unique ETF offers exposure to developed and emerging markets outside of the U.S., including dividend paying companies that are selected based on a methodology that includes growth of earnings and revenue metrics. As such, this fund is one of many options for investors looking to establish exposure to international equities, a core holding in any long-term portfolio. DNL maintains a more narrow focus than many of the products in the Global Equities ETFdb Category, resulting in a bit of a concentration in just a few securities. The other potential drawback is the expense structure; DNL is quite a bit more expensive than the other ETF options offering generally similar exposure. Still, for investors who understand the methodology used by the underlying index and are attracted to the investment strategy, DNL may be a compelling choice. " YYY,"YYY tracks an index of US-listed closed-end funds, weighted by yield, discount to NAV, and trading volume. There are no restrictions on the assets or strategies of the underlying funds. " FTSD,"The Franklin Liberty Short Duration U.S. Government ETF (FTSD) is an actively managed fund that invests in short- term investment-grade U.S. government bonds. The ETF invests in Treasuries with a remaining maturity of three years or less. The ETF provides minimal credit risk and low interest rate risk. By investing in shorter-term securities, FTSD reduces duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. FTSD is reasonably priced for active fund, though there are cheaper index-tracking options available, like the Vanguard Short-Term Treasury ETF (VGSH), the Schwab Short-Term U.S. Treasury ETF (SCHO), and the SPDR Portfolio Short Term Treasury ETF (SPTS) For those willing to take on more credit risk, ultra-short debt ETFs are another popular option for investors looking for a relatively safe way to eke out more yield than brokerage sweep accounts or long-term Treasuries provide. There are several competitors, such as the JPMorgan Ultra-Short Income ETF (JPST), the iShares Ultra Short-Term Bond ETF (ICSH}, and the Goldman Sachs Access Ultra Short Bond ETF (GSST). " PSCE,"This ETF tracks an index that is comprised of common stocks of U.S. energy companies that are principally engaged in the business of producing, distributing or servicing energy related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy. For decades, our nation, as well as the majority of the developed world, have been dependent on the use of fossil fuels as our primary means of energy. But at some point in the future, sources will begin to dwindle, and the world will be forced to adopt a new energy strategy, in order to cope for the losses that the non-renewable fossil fuel industry will inevitably see. As one of the largest consumers of oil in the world, the U.S. may be faced with this problem sooner than other nations. PSCE will give investors exposure to a wealth of small cap companies who have their hands in alternative forms of energy, any of which could become the next big producer for the country. For now, the ETF still gives investors healthy exposure to small cap oil-based firms, while also creating an upside potential with holdings based in alternative energy. " FMIL,"The Fidelity New Millennium ETF (FMIL) is an actively managed fund that invests in global stocks that could benefit from long-term changes in the marketplace. It is one of Fidelity’s contributions to the new space of actively managed, non-transparent ETFs. Would-be issuers lobbied regulators for years for permission to introduce ETFs run by stock pickers that don’t disclose their holdings. Firms like Fidelity wanted to protect their secret sauce from prying eyes. Fidelity was among a handful of firms that won approval in 2019. It remains to be seen whether ETF investors will be as excited as issuers about the prospect. An investment in an active fund is ultimately a bet on the manager’s ability to outperform the market — something many stock pickers fail to achieve. That’s a big reason why the biggest winners in the ETF marketplace have been cheap, transparent index products. FMIL, which debuted in June 2020, is reasonably priced for active management, though it looks expensive in an industry dominated by ultra-low-cost index funds. Investors might compare FMIL performance to plain vanilla global index funds like the Vanguard Total World Stock ETF (VT). " XPH,"This ETF is one of several options for investors looking to establish exposure to the U.S. pharmaceutical industry, a sub-sector of the health care space that can post big returns during periods of consolidation or as a result of advancements in medicine. Given this narrow focus, XPH probably doesn't belong in a long-term portfolio, though it may be useful for covering a corner of the domestic equity market that receives minimal weight in most portfolios. XPH is noteworthy because of the methodology employed by the underlying index; as an equal-weighted benchmark, this fund offers balanced exposure to the pharma sector, avoiding the potential pitfalls of cap- weighted benchmarks. This equal-weighted methodology distinguishes XPH from other pharma ETFs, such as PIP, PPH, and IHE. " RNMC,"RNMC tracks a dividend-selected, tier-weighted index of mid-cap US equities. " FID,"FID tracks an index of up to 100 high-dividend-yielding stocks from developed and emerging markets, ex-US. Constituents are selected and weighted by dividends, with screens for payout ratio and long-term dividend growth. " GBUY,"Given the name, investors considering the Goldman Sachs New Age Consumer ETF (GBUY) can be forgiven for wondering if their investment comes with cleansing crystals and a Tarot deck (It doesn’t). GBUY tracks a bespoke index that seeks exposure to some familiar segments of the market — like e-commerce, social media, health and wellness, and online games, music and video — as well as a few less familiar concepts like “evolution of education” and “experiences over goods.” Goldman's own marketing materials describe the investment thesis this way: “We believe that people are best suited to forecast change that is radically different from the past.” The clearest explanation from Goldman is that GBUY provides “exposure to the beneficiaries of technological innovation, regardless of sector, geography or market capitalization.” The contents of its portfolio provide a bit more clarity, and top holdings include familiar names like Facebook, Amazon, Tencent, Alibaba and _ Netflix. Investments are selected and weighted “by a function of ‘thematic’ beta.'” GBUY’s management fee isn’t outrageous, but it's high for the world of indexing, especially when many of the top holdings can be found in other ultra-low-cost vanilla index bunds. This may be why GBUY has been slow to gain assets. If some of GBUY’s marketing lingo doesn’t sound like the Goldman Sachs you think you know, there’s a good reason. GBUY is one of five ETFs that Goldman launched in 2019 with indexes designed by Motif Investing Inc. The indexes selected stocks using artificial intelligence and machine learning. Goldman worked with Motif to design indexes that aim to identify companies that fit with broad themes that Goldman’s money managers thought would drive growth. (The “Motif” moniker was removed from the fund name in May 2020 when Motif dropped out as the index provider.) The funds were yet another example of " CIZ,"CIZ tracks an index of 500 ex-US developed-market stocks screened for positive earnings weighted by volatility. The fund can hold up to 75% cash in market downturns. " ESGE,"ESGE tracks an index of large- and mid-cap companies from emerging market economies. Stocks are selected and weighted for positive environmental, social, and governance characteristics while maintaining similar investment risk/return of the market. " BSCE,"This ""BulletShares® ETF is a relatively recent innovation in the bond ETF space, and is somewhat unique among the universe of fixed income ETPs. BSCE offers focused exposure to investment grade corporate bonds maturing in 2014, making it much more granular than many other products. Most bond ETFs focus on securities maturing within a certain number of years (such as 1-5 year Treasuries or 20+ year corporate bonds). These bond ETFs generally operate indefinitely, maintaining a similar duration and interest rate risk across time and reinvesting any proceeds from the sale of component bonds into new securities. BSCE is different in that it has a target maturity date and will eventually close down after the underlying bonds have reached maturity and the principal has been distributed to shareholders (over time, BSCE's portfolio will gradually shift to cash). As such, this product will deliver a ""yield experience"" that is more similar to holding an individual bond; investors in BSCE will receive periodic interest payments as well as repayments of principal when the underlying bonds reach maturity. Unlike holding a single bond, however, BSCE provides diversification across sectors and issuers-- reducing risk in the process. This ""BulletShares"" strategy has a number of potential advantages and applications. It allows investors to precisely manage the risk/return profile of a fixed income portfolio, and can be a useful tool for matching up expected cash inflows (from bond maturities) with expected future liabilities. The predictable cash flow profile afforded by this approach may be appealing for all types of investors, from pension funds planning for a big distribution several years down the road to families planning to fund a college education. The target maturity date structure has other potential advantages as well; it may sidestep the “return erosion"" that some believe plagues bond ETFs as a result of minimum maturity windows or front-running opportunities... " SSLY,"SSLY tracks an index that holds all constituents of the S&P 600 Index, reweighted to diversify related business risk. " DFAS,"DFAS actively invests in small-cap US companies, selected using multiple factors and weighted by market capitalization. " USRT,"USRT tracks a market-cap-weighted index of US-listed REITs. It excludes mortgage, timber and infrastructure REITs. " UYG,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Financials Index, making it a powerful tool for investors with a bullish short-term outlook for financial equities. Investors should note that UYG's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UYG can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " DIAL,"DIAL tracks an index comprised of six sub-indexes, each representing a different sector within the fixed income space. The index allocates fixed weights to each of the six sectors. " NUMG,"NUMG tracks an index composed of mid-cap US companies with growth characteristics that also meet certain environmental, social, and governance criteria. " NFTY,"NFTY tracks an equally weighted index of the 50 largest and most liquid Indian equity securities. " AVDE,"AVDE is an actively managed portfolio of non-US companies from developed markets, of all market capitalizations, focusing on smaller, value companies. " VALT,"VALT is an actively managed fund investing in high- quality, short-term USD-denominated debt securities. " SPEU,"The SPDR Portfolio Europe ETF (SPEU) tracks an index of European stocks, and does it for an extremely competitive price. The fund owns more than a thousand securities, making it a well-diversified option for long- term investors building a balanced portfolio. Its portfolio is dominated by the United Kingdom, France, Switzerland, and Germany. Like all of State Street's SPDR Portfolio ETFs, SPEU’s management fee was set low enough to compete with ultra-low-cost rivals like the iShares Core MSCI Europe ETF (IEUR) and the Vanguard FTSE Europe ETF (VGK). SPEU also has competition from newer low- cost rivals like the JPMorgan BetaBuilders Europe ETF (BBEU). State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds, including SPEU, have been renamed and repriced for this purpose. Prior to September 23, 2019, SPEU traded under the name SPDR STOXX Europe 50 ETF, an index of mega-cap stocks, and traded under the ticker FEU. " MJ,"The ETFMG Alternative Harvest ETF was the first pure- play cannabis ETF listed in the U.S. The ETF tracks an index of companies involved in the legal business of growing, marketing and selling cannabis products for medical and recreational use. Since marijuana is still illegal under U.S. federal law, the fund's holdings are dominated by Canadian cannabis companies. M]'s portfolio is rounded out with investments in other industries like fertilizer and tobacco. Like other cannabis ETFs, MJ's holdings are largely concentrated in thinly-traded small-cap equities, which has raised questions about whether there’s enough liquidity in the underlying stocks to absorb investor inflows without distorting prices. MJ is one of the most expensive options on the market, with a management fee of $75 a year for every $1,000 invested. Rivals offering similar exposure charge much less: The Cannabis ETF (THCX) charges $70 and the Global X Cannabis ETF (POTX) costs just $50. Another interesting alternative is the Cambria Cannabis ETF (TOKE), an actively-managed fund. MJ is by far the largest fund, and short-term traders might prefer MJ's size and liquidity to that of its smaller competitors. Investors should discount MJ's performance prior to Dec. 26, 2017, which is when ETF Managers Group converted it to cannabis investing. Prior to that, the fund invested in Latin American real estate. One unusual consideration in the case of MJ is the reputation of ETF Managers Group, the firm that runs the fund. ETFMG is facing lawsuits from former business partners alleging theft of profits and intellectual property. So far there's little indication that the firm's legal woes have hurt investors in the ETFs but investors should be " MMTM,"The SPDR S&P 1500 Momentum Tilt ETF (MMTM) tracks an index of large, mid-size, and small U.S. companies that exhibit positive price momentum. The fund owns more than 1,200 securities, making it a more diversified option than most single-factor ETFs. Investors with strong views on market momentum could use MMTM as a core U.S. equity holding, though momentum-based investing could result in exposure that’s heavily tilted toward sectors that might suffer most if (or when) a bubble bursts. The fund is more likely to be useful to tactical traders who want to overlay a momentum tilt on top of a core allocation to U.S. markets. MMTM is priced competitively for the single-factor space, though it still lags in assets and liquidity. There has been a proliferation of factor funds in recent years, and investors can compare MMTM to rivals like the JPMorgan U.S. Momentum Factor ETF (JMOM), the iShares Edge MSCI USA Momentum Factor ETF (MTUM), and the Invesco DWA Momentum ETF (PDP). Vanguard also offers the actively managed Vanguard U.S. Momentum Factor ETF (VFMO). " AUSF,"AUSF tracks an index of US large- and mid-cap stocks with exposure to value, momentum, and/or low volatility factors. Factor exposure is determined by the recent performance of each factor. " TZA,"This ETF offers 3x daily short leverage to the Russell 2000 Index, making it a powerful tool for investors with a bearish short-term outlook for small cap equities. Investors should note that TZA's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TZA can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " IBUY,"IBUY tracks an index of global stocks issued by firms with revenues dominated by online retail sales. Stocks are equally weighted within two geographic buckets. " WUGI,"WUGI is an actively-managed portfolio of global companies involved in the 5G-enabled digital economy. " DON,"This ETF offers exposure to mid cap stocks that pay dividends on a regular basis, making DON a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long- term portfolio would be better off with a fund such as MDY or JJH that includes greater depth of holdings and a mix of various styles. Dividend-focused strategies often come with biases towards specific sectors such as real estate and away from technology, and may outperform more broadly-based indexes in certain economic environments such as recessions. Nevertheless, DON has a wide diversity of holdings, containing more than 340 securities in total. Furthermore, the fund does a great job of spreading out assets among the holdings; the top ten make up just 10.5% of the fund's total assets and no one firm makes up more than 1.5% of assets. However, the fund does charge a little more than most in the category, suggesting that cost conscious investors may be better served by a product such as VOT which charges roughly half of the expenses as this WisdomTree fund. DON is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution at a cheaper price. However, if investors are dead set on looking at dividend paying equities in this space, this is a quality fund that will likely satisfy the dual objectives of yield and capital appreciation. " JHMM,"JHMM tracks an index of US firms ranked 200-950 by size, weighted by multiple factors relative to their sector peers. " GDXU,"GDXU provides 3x daily leveraged exposure to a market- cap weighted index comprised of two gold miners ETFs. " SOXX,"SOXX tracks a popular benchmark of companies that produce semiconductors, a crucial part of modern computing. Semiconductor chips act as the brains to numerous devices that we rely on today, including smartphones, calculators, computers, and much more. As technology continues to improve and expand, these chips will invariably be in demand to help power new devices. The fund focuses on U.S. stocks, but it also puts one- quarter of its assets in international firms, giving it relatively balanced exposure from a geographic perspective. Investors should note that this fund dedicates the majority of its assets to medium and large cap funds, meaning that it will be more volatile than a traditional large cap fund, but it also presents strong growth opportunities for those who believe in the semiconductor segment of our nation. Considering the focus of the fund, a decent level of diversification is present in this product as it holds close to 125 securities in total. Nevertheless, some of the fund's top names do account for a significant portion of the holdings and many of the top names are likely to be found in other products as well suggesting that this is probably inappropriate for those seeking to build a long-term buy and hold portfolio. " TLT,"This ETF is one of the most popular options for investors seeking to establish exposure to long-dated Treasuries, an asset class that is light on credit risk but may offer attractive yields thanks to an extended duration and therefore material interest rate risk. TLT might not be a core holding in a buy-and-hold portfolio, as long-term Treasuries are included in broader-based bond funds such as AGG and BND. But for those looking to extend the duration of their portfolio and potentially enhance the current return offered, this can be a useful product. TLT is efficient from a cost perspective, offers exposure to hundreds of individual securities, and delivers impressive liquidity to those looking to execute a trade quickly. Investors may also wish to consider similar products such VGLT and TLO; the yield and duration of these products may differ slightly, making one potentially more appealing depending on exact investment objectives. " QLVD,"FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD) is part of Northern Trust's stable of factor ETFs. QLVD tracks a proprietary index of companies from developed markets outside the U.S., aiming for a portfolio bias toward quality and reduced volatility. The index methodology first assesses financial strength and stability based on quality metrics like profitability, management efficiency and cash flow. The lowest-scoring companies are excluded. Top holdings include Roche, Nestle and GlaxoSmithKline. As with many FlexShares ETFs, investors pay a premium for a factor twist, though it’s not unreasonably priced for a multi-factor fund. Investors can compare it to some of the other international factor ETFs, such as the WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL), the Goldman Sachs ActiveBeta International Equity ETF (GSIE), the Hartford Multifactor Developed Markets ex-U.S. ETF (RODM) or the JPMorgan Diversified Return International Equity ETF (JPIN). Lastly, investors might want to compare returns with a plain-vanilla ex-U.S. fund that charges a fraction of QLVD's management fee, like the Vanguard FTSE All-World ex-U.S. ETF (VEU). " VEGI,"This ETF gives investors indirect exposure to agricultural commodity prices through an international portfolio of equities engaged in the agribusiness industry. VEGI's underlying holdings are poised to benefit from the ongoing increase in food demand from developed and emerging markets alike, and furthermore it can double as a hedge since agricultural commodities are often among the first to rise in inflationary environments. Investors looking to tap into this corner of the market will likely find VEGI as an appealing instrument. First and foremost, this ETF offers by far the most diverse portfolio of holdings amongst agriculture ETFs. Additionally, VEGI features the lowest expense ratio among agriculture ETFs, making it an irresistible choice for cost conscious investors. " BSCR,"The Invesco BulletShares 2027 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " ERSX,"ERShares International Entrepreneur ETF (ERSX) selects the most entrepreneurial, primarily Non-US Small Cap companies, that meet the thresholds embedded in their proprietary Entrepreneur Factor (EF). ERShares’ EF delivers strong performance across a _ variety of investment strategies without disrupting investors’ underlying risk profile metrics. Their geographic diversity enables them to harness global advantages through additional returns associated with currency fluctuations, strategic geographic allocations, comparative trade imbalances and relative supply/demand strengths. Their EF incorporates a methodology, powered by artificial intelligence (Al), that stands above other investment factors such as: momentum, sector, growth, value, leverage, market cap (size) and geographic orientation. Moreover, with the aid of Al and Thematic Research, ERShares incorporates a macro-economic, top- down approach that integrates changing investment flows, innovation entry points, sector growth and other characteristics into a dynamic, global perspective model. In addition to evaluating 55,000+ global public companies for entrepreneurial characteristics, ERShares exploits state-of-the-art machine learning techniques to develop a more sophisticated assessment of targeted investments. The net result helps them maintain an edge in delivering their one-of-a-kind, proprietary, alpha- generating, Entrepreneur Factor (EF). ERShares’ research, developed at Harvard University, has been widely disseminated in leading investment journals around the world and has surpassed independent peer review. This proprietary research and ERShares’ long standing position as one of the first (if not the first} thematic investment managers (established in 2005}, enables them to maintain their leadership status within the community of disruptive, innovative and Entrepreneurial " IEO,"This ETF offers exposure to the exploration and production sub-sector of the U.S. industry, a corner of the market that may be appealing for investors bullish on the outlook of the energy sector. Given the targeted focus of IEO, this ETF is likely inappropriate for those constructing a long-term portfolio, but it can be very useful for more active traders seeking to establish a tilt towards domestic energy companies. Like many energy ETFs IEO faces some concentration issues, as a handful of stocks account for a significant chunk of this portfolio. XOP stands out as a more balanced option that delivers generally similar exposure, spreading assets more equally among component companies. " IEZ,"This ETF is one option available to investors seeking to bet on the oil equipment and services sector of the domestic energy market, making it appealing to those who believe that increased oil demand will spark a need for the services these companies provide. Given the targeted focus of IEZ, this fund may be too granular for many long-term buy-and-holders but can be useful for those looking to fine tune energy exposure or generally increase a portfolio's weight to this sector. Like many energy ETFs, IEZ leaves a bit to be desired as far as diversification goes. A small handful of stocks account for a major chunk of the underlying portfolio, making IEZ potentially sensitive to company-specific developments. XES exists as a more balanced alternative; that equal- weighted ETF includes similar stocks but in drastically different proportions. " QSPT,"QSPT aims for specific buffered losses and capped gains on QQQ ETF over a specific holding period. The actively- managed fund holds options and collateral. " EDV,"This ETF offers exposure to long-dated Treasuries, an asset class that is generally safe in terms of credit risk but that can offer attractive return potential by exposing investors to interest rate risk. The index underlying this fund consists of Treasury STRIPS with maturities ranging from 20 to 30 years, a unique approach to accessing long-dated government debt. EDV will exhibit a high level of sensitivity to interest rate changes, surging when rates climb but plummeting on speculation that the Fed will push rates higher. For investors who believe that rates will hold steady or decline, EDV can be an attractive source of return, as the yields delivered are significantly higher than short-term Treasuries. Like most Vanguard ETFs, EDV is appealing to investors keeping a close eye on fees; the expense ration is among the lowest in the Government Bonds ETFdb Category, and commission free trading in Vanguard accounts may further increase the appeal to cost conscious investors. TLT offers generally exposure, though the underlying index doesn't consist of STRIPS. For investors looking to bet against long-term Treasuries, TBT and TBF may be interesting options. " SNPE,"The Xtrackers S&P 500 ESG ETF (SNPE) was the first to offer exposure to S&P 500 stocks screened for environmental, social and governance factors, known by the acronym ESG. SNPE excludes companies with disqualifying U.N. Global Compact scores, and those involved with tobacco or controversial weapons. The fund targets the 75% with the highest ESG scores within each industry group of the S&P 500. The portfolio holdings are market-cap weighted but adjusted to maintain broadly similar sector exposure to the parent index. SNPE is priced competitively. It owns just over 300 of the stocks in the S&P 500, and its top holdings look — by design — very similar to the plain- vanilla index. Some notable names are left out, including Johnson & Johnson and Berkshire Hathaway. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. today’s strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is maintain market-like diversification with a tilt toward the best corporate citizens. It's worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Investors who prefer plain-vanilla ETFs can take a look at funds like the Vanguard S&P 500 ETF (VOO) or the iShares S&P 500 ETF (IVV). " SVAL,"SVAL tracks an equally-weighted index of small-cap value companies selected by multiple factors. " HYZD,"HYZD tracks a long/short net-zero duration bond index that's long US high-yield issues and short Treasury futures. " PJUL,"PJUL aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " PDP,"This ETF tracks the Dorsey Wright Technical Leaders Index, which includes approximately 100 U.S.-listed companies that demonstrate powerful relative strength characteristics. The index uses a__ proprietary methodology which takes into account numerous factors of individual securities, including the performance of each company compared to its index, and the relative performance of the industry sectors and sub-sectors. Investors should note that this ETF offers a bias towards companies of medium market capitalization. This means that the fund may be slightly more volatile than the average ""blue-chip"" product, but it will also offer greater growth potential as some of these companies may have yet to hit their peak. PDP holds most of its assets within the U.S., though it does allocate meager portions to Canada and the UK. For investors who believe that technicals are the best way to pick a stock, PDP will be an intriguing opportunity. " EFIV,"EFIV tracks a market-cap weighted index of S&P 500 stocks that are screened for sustainability criteria related to ESG factors. " RJA,"This ETN offers exposure to agricultural commodities, seeking to replicate a well-known commodity benchmark. Given this relatively narrow focus, RJA probably doesn't have much use for those building a long-term buy-and-hold portfolio; it will be better suited to those looking to implement a shorter-term tactical tilt towards agricultural commodities. RJA is just one of many options out there for exposure to agriculture, and the low volume and occasionally wide spreads may be cause for concern. RJA can be an effective tool for gaining exposure to agricultural commodities, but DBA offers better liquidity while UAG is cheaper. It should be noted that this product is an ETN, meaning that unlike ETFs (such as DBA) it will expose investors to the credit risk of the issuing institution but will avoid issued related to tracking error (which can be material in the commodity space). Moreover, the tax treatment across commodity ETFs and ETNs may be unique. And it is critical to note that the underlying index consists to futures contracts; as such, RJA won't necessarily offer exposure to spot agriculture prices. " FTC,"This ETF offers exposure to the large cap growth sector of the U.S. equity market, making it one of many options for accessing an asset class that is often at the core of balanced portfolios. As such, FTC will appeal primarily to investors constructing exposure for the long term, and won't be of much use to short-term focused traders. This ETF is one of the AlphaDEX products from First Trust, linked to an index that utilizes rules-based quantitative screens to identify companies that are poised to outperform broad-based cap-weighted benchmarks. The AlphaDEX products have an impressive track record compared to funds such as IWF, though the historical period is somewhat limited. Investors convinced by the stellar performance and underlying methodology may prefer FTC as a tool for tilting large cap exposure towards growth stocks, while those who believe in perfectly efficient markets and focus on minimizing fees will want to look elsewhere. This fund's expense ratio is considerably higher than other options such as IWF or IVw. " ISCG,"ISCG tracks a market-cap-weighted index of US small-cap growth stocks. The index selects stocks from 90-99.5% of market cap that fall into Morningstar's growth style categorization. " DRIP,"DRIP provides 2x inverse daily exposure to an equal- weighted index of the largest oil and gas exploration and production companies in the US. " FTHI,"FTHI is an actively managed portfolio of US-listed stocks, with an overlay of short calls on the S&P 500. " IWML,"IWML provides 2x leveraged exposure to a market-cap- weighted index of US small-cap companies. " HOLD,"HOLD is an actively managed fund that holds short-term investment-grade USD-denominated fixed-income securities. It aims for duration under 1 year and weighted average maturity under 3 years. " URTY,"This ETF offers 3x daily long leverage to the Russell 2000 Index, making it a powerful tool for investors with a bullish short-term outlook for small cap equities. Investors should note that URTY's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. URTY can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " CLTL,"The Invesco Treasury Collateral ETF tracks an index of U.S. Treasurys with a maximum remaining maturity of 12 months. The fund combines the safety of debt backed by the full faith and credit of the U.S. government with an ultra-short-term portfolio that guards against interest rate increases. Bond prices typically fall when rates rise because rising rates erode the purchasing power of a bond’s coupon payment. Long-term debt typically takes a larger hit than short-term debt. The fund’s fees are competitive with rival short-term Treasury ETFs. The ETF could be a good fit for invests and advisers looking for a short-term place to stash cash and manage liquidity. Investors looking to eke out higher returns could look to other ETFs. For those willing to take on more default risk, there are ultra-short-term debt ETFs that invest in corporate debt, while those willing to accept more rate risk could boost returns with funds that invest in debt with longer-dated maturities. " SIL,"This ETF gives investors an opportunity to achieve exposure to silver without holding the physical metal or encountering the nuances of a futures-based strategy. For investors looking to bet on increased demand for a raw material used widely in various applications, SIL is a nice option. SIL often trades as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but can be a powerful tool for profiting from a surge in commodity prices. " CEFD,"CEFD provides monthly 1.5x leveraged exposure to an index of three types of yield-focused CEFs: investment- grade fixed-income, high-yield fixed-income, and option- writing. CEFs that trade at discount receive higher weights. " VXZ,"This ETP offers exposure to medium-term VIX futures, giving investors a way to achieve exposure to an asset class that often exhibits a strong negative correlation with equities. It should be noted that VXZ does not offer exposure to the spot VIX; rather it replicates an index comprised of futures contracts, and as such will be impacted by factors beyond simply movements in the ""fear index."" Because VXZ consists of longer-dated futures contracts, it may feature diminished correlation to the spot VIX, but generally won't be subject to the significant contango-related return erosion experienced by short term products such as VXX, VIIX, or VIXY. Still, this product should not be a component of long-term buy- and-hold portfolios; it is designed for sophisticated investors with a short-term focus, and is nearly guaranteed to lose value over the long run. One structural note: as an ETN, VXZ avoids tracking error but may expose investors to credit risk, as well as unique tax treatments. VIXM offers similar exposure in an ETF wrapper, while VIIZ is a near-identical ETN alternative. " FTXN,"FTXN tracks an index composed of 50 US oil and gas companies. Holdings are selected by liquidity and weighted based on volatility, value and growth factors. " PSCT,"PSCT tracks a broad index of small companies in the information technology sector which the issuer considers to be the following areas; software, internet, electronics, semiconductors, communication and hardware. As a result, this fund tracks some of the quickest growing and most volatile companies in the technology sector. The fund focuses entirely on U.S. stocks, and is relatively well spread out; it holds 130 securities in total and puts just 19.5% in its top ten holdings. Investors should also note that while this is a small cap fund it also offers exposure to other asset class sizes as well; mid caps make up almost 2.1% while micro caps make up nearly 30% as well. As a result, this fund will be more of a growth play than one that presents strong value opportunities for investors. So while this is a decent fund for those looking to achieve broad exposure to the tech sector, most investors should look to broader fund which take into account all sectors of the technology industry instead for their portfolios. However, it should also be noted that this fund could make for an excellent compliment for investors who are bullish on tech but already have significant exposure to large caps; this fund could provide a different mix of companies and add to overall diversification within the sector. " BAR,"BAR tracks the gold spot price, less trust expenses and liabilities, using physically held gold stored and secured in vaults in London. " DEED,"DEED is an actively-managed fund of US securitized debt securities that have broad maturities. " DEEF,"The Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) tracks an index of developed markets outside the US. that selects, and weights securities based on quality, size, volatility, momentum, and value. DEEF debuted in 2015 and is priced competitively but hasn‘t gained as much traction as rivals with better brand recognition, like Goldman Sachs and JPMorgan. This hurts DEEF when it comes to liquidity. DEEF’s competition in the multi-factor international equity space includes Goldman Sachs ActiveBeta International Equity ETF (GSIE), Hartford Multifactor Developed Markets ex-U.S. ETF (RODM), the JPMorgan Diversified Return International Equity ETF (PIN) or the iShares Edge MSCI Multi-factor International ETF (INTF). The international equity space also includes ultra-low- cost plain-vanilla rivals like the iShares Core MSCI EAFE ETF (IEFA) and the Vanguard FTSE Developed Markets ETF (VEA). They lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. " VIOV,"VIOV seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, VIOV does a solid job of dividing up assets as the fund holds more than 400 securities in total and doesn't give any one security more than 1.0% of the total assets. Thanks to this extreme diversification and VIOV's ultra cheap price, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure but are seeking lower risk assets in the space. " JHMT,"JHMT tracks an index composed of US-based technology stocks, with heavier weighting toward smaller-cap, lower-relative-price and higher-profitability companies. " EMQQ,"EMQQ tracks a market cap-weighted index of companies producing most of their revenue from internet or ecommerce activity in emerging markets. " WPS,"This ETF offers exposure to global real estate markets, excluding American securities in favor of assets in developed countries in either Europe, or the Asia Pacific region. The fund also provides some level of exposure to Canadian securities, helping to round out holdings across the globe. As such, WPS has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). WPS has pretty solid level of diversification with more than 300 holdings spread across a variety of countries. WPS may be appropriate for investors looking to compliment their American real estate holdings with similar exposure abroad but it is unlikely to function as a one stop shop for some due to its exclusion of American assets. Nevertheless, thanks to its broad exposure and its relatively cheap expense ratio, WPS could make for a solid choice for a number of investors who are in it for the long term. . " IQDG,"IQDG tracks an index of dividend-paying total market stocks from developed markets outside the US and Canada. The index is weighted by dividends paid. " RSP,"This ETF is linked to the S&P 500 Index, however its unique weighting methodology will make it useful for some, while impractical for active traders. Like many Rydex products, RSP is linked to an equal-weighted index, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as SPY, and a methodology that some investors believe will add value over the long haul. In return for this unique exposure you can expect higher fees; this ETF is considerably more expensive and less liquid than both SPY and IVV, though it is still extremely cost efficient compared to most mutual funds. " HEDJ,"HED] tracks an index of Eurozone dividend-paying companies that derive a majority of revenue from exports outside of Europe. The fund is hedged against the euro for US investors. " VFVA,"The Vanguard U.S. Value Factor ETF aims to invest in U.S. stocks that are priced cheaply compared with their fundamental value. Investors familiar with Vanguard's enormously popular Vanguard Value ETF (VTV), which debuted in 2004, may wonder why Vanguard would launch a rival U.S. value ETF. The biggest difference is management style: VTV tracks an index, while VFVA is actively managed. This might come as something of a surprise to Bogleheads, those devotees of the late Vanguard founder Jack Bogle, a pioneer and champion of passive investing. But Vanguard has been steadily adding to its active ETF lineup. Another key difference between VTV and VFVA is in the portfolio. Both invest in U.S. value stocks, but VTV is limited to large cap companies while VFVA invests across the size spectrum. VFVA relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so- called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others, like VFVA, target a single factor. VFVA’s fees are quite low for active management and the fund has attracted significant assets since its 2018 launch. But after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanquard’s managers can consistently beat " SDG,"SDG tracks an index composed of companies whose revenues are driven by products and services that address at least one of the United Nation's Sustainable Development Goals. " VGSH,"This ETF offers exposure to short term government bonds, focusing on Treasury bonds that mature in one to three years. As such, interest rate exposure for this product will be towards the low end, giving VGSH safe haven appeal as an asset that avoids both credit risk and interest rate risk. VGIT offers exposure to mid-dated Treasuries while VGLT is an option for those looking to focus on the long end of the maturity curve and enhance returns. VGSH probably doesn't have much appeal as a core holding, since the overlap with broad-based funds such as BND will be significant. But this ETF can be a useful tool for tilting exposure towards Treasury bonds with a bias towards the shorter end of the maturity spectrum, decreasing the effective duration of a portfolio and minimizing overall volatility. Like most Vanguard ETFs, VGSH is among the cheapest options available; commission free trading in Vanguard accounts may increase the cost appeal to those keeping an eye on fees. Other options offering similar exposure include SHY and TUZ; the effective durations and yields on these products may vary slightly. " DIV,"DIV tracks an equally weighted index of 50 high-dividend, low-volatility securities. " TDVG,"TDVG is an actively-managed, non-transparent fund of global, large- and mid-cap companies with sustainable, above-average growth in earnings and dividends. The fund utilizes the T. Rowe non-transparent model. " DGL,"This ETF seeks to replicate a benchmark that invests in futures contracts on gold, and is intended to reflect the spot price of gold. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. DGL gives a unique exposure to gold, where many ETFs offer physical exposure, the futures-based approach DGL takes may be more appealing to investors who understand how to use this complex product. " FXP,"This ETF offers 2x daily short leverage to the FTSE/Xinhua China 25 Index, making it a powerful tool for investors with a bearish short-term outlook for this index. Investors should note that FXP's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. FXP can be a _ powerful tool for sophisticated investors who are bearish on the financial industry, but should be avoided by those with a low risk tolerance. " IJS,"JS seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, IJS does a solid job of dividing up assets as the fund holds close to 440 securities in total and doesn't give any one security more than 1.0% of the total assets. Thanks to this high level of diversification and IJS's reasonable expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure but are seeking lower risk assets in the space. However, it should be noted that there are several other products in the space, namely VBR, VIOV, and VTWV, that offer more diversification at a cheaper price, potentially making them better choices for long- term investors. " ITA,"This fund provides exposure to an interesting segment of the industrials industry, the aerospace and defense sector. Companies in this sector tend to be rather large, slow growing, but remarkably stable due to the widespread use of long-term government contracts for most of their services. However, this focus on the government could also present a downside especially if defense spending declines sharply in the years ahead or if budget concerns force drastic cuts to more ‘discretionary’ defense programs. For those willing to take the risks of the industry, ITA remains a viable choice as it is significantly less expensive than its counterpart, PPA. However, the fund is less liquid and more heavily concentrated in top names, suggesting that those seeking broad exposure might be better served with PPA. Yet on the other hand, for investors seeking exposure to just the top names in the industry and those that are most impacted by the trends of the sector, ITA is a solid choice despite its relatively undiversified portfolio. " USML,"USML provides 2x leveraged exposure to an index of US large- and mid-cap securities selected and weighted to create a low-volatility portfolio, subject to various constraints. " EPOL,"This ETF offers exposure to Polish equity markets, allowing investors to tap into a potentially promising emerging market in Eastern Europe. While Poland is included in many emerging markets funds, the weighting afforded to the country is often very minor. As such, investors with a bullish outlook for this economy may find EPOL to be a useful tool for implementing a tactical overlay or for use in a country rotation strategy. There are a few noteworthy items regarding the exposure offered by EPOL. First, the fund is somewhat lacking on the diversification front, as financials make up a huge portion of the portfolio and a small handful of stocks account for roughly 50% of assets. PLND is another option for Poland exposure; that Van Eck fund maintains fewer total holdings, but is spread more evenly (and also has a heavy tilt towards financials). EPOL is a fine option for Poland exposure, but be sure to take a look under the hood and understand exactly what this fund offers. " DTD,"This ETF is linked to the WisdomTree Dividend Index, which offers exposure to dividend paying large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. DTD is linked to an index consisting of roughly 830 holdings and although the fund holds an impressive number of securities exposure is surprisingly heavy in the top ten holdings; more than one-quarter of the assets goes to the top ten. DTD offers investors broad exposure to dividend paying companies, giving investors a much wider net than the other dividend focused firms in the space. As a result, DTD could be a better pick for long-term buy and hold investors than some of the other products, plus it has a much lower expense ratio to boot. " DBV,"This ETP offers a way to play the carry trade through a single ticker, seeking to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. By borrowing in cheap currencies and investing in higher-yielding accounts, DBV is capable of delivering non-correlated returns that will generally be positive. Beware, however, that the carry trade has unwound before, and that such a phenomenon can lead to relatively significant losses in a short period of time. The other option for investors looking to implement a similar strategy is ICI, an ETN from iPath. Besides the structural differences, these products take a very different approach to the carry trade, so further investigation is warranted if trying to decide between the two. " PWC,"This ETF takes a fundamental approach to investing, tracking the Dynamic Market Intellidex Index. This benchmark seeks to select U.S. stocks from each sector identified as having the greatest capital appreciation pursuant to a proprietary Amex Intellidex Methodology. Thanks to this approach, the fund is very diversified across sectors and across market capitalization levels, although it it is slightly biased towards large cap securities. Furthermore, it should be noted that the fund also has a tilt towards growth securities suggesting that it may be too risky for value investors. In total, the fund has roughly 100 securities and it does a decent job of dividing up assets between them; no one fund makes up more than 4.6% of total assets and the top ten holdings take up a reasonable 31.5% of total assets. While this may be a little expensive for a growth fund that is tilted towards large caps-- the expense ratio is 59 basis points-- the methodology has thoroughly crushed the S&P 500 over the long term and the short term although it has been underperforming over the five year period by a small margin. Nevertheless, for investors willing to fork over a little more for extra fees, this methodology may be on to something and could provide growth oriented investors with a solid choice for a small part of their portfolios. " ECON,"ECON offers exposure to the consumer sector in emerging markets, focusing on a corner of the market that is often overlooked by cap-weighted products but is a critical component of the emerging market growth story. Like all EGA funds, ECON is a ""pure play"" on emerging markets, avoiding quasi-developed countries such as Taiwan and Korea. ECON focuses in on a narrow slice of emerging markets, and can make a nice complement to broad-based funds such as EEM to result in more balanced exposure. " XTL,"This ETF offers broad-based exposure to the U.S. telecom industry, making it a handy tool for investors looking to implement a sector rotation strategy or tilt exposure towards companies that often pay juicy dividends. XTL is appealing because holdings are spread more evenly across component securities, avoiding the concentration issues that plague many other telecom ETFs. XTL is more expensive than a fund like VOX, but the balanced exposure and depth of holdings make it a potentially more attractive option for telecom exposure. " GNR,"This ETF gives investors broad-based exposure to commodities through a global portfolio of large-cap companies that meet certain investibility requirements. Sector exposure includes livestock, precious metals; grains, energy, industrial metals, timber; water, and coal. GNR is appealing since it gives investors commodity exposure and serves as an inflation-hedge, while also providing terrific diversification benefits at an attractively low expense ratio. " AVUS,"AVUS is an actively managed portfolio of US equities of all market capitalizations, with a bias toward smaller, more profitable or value companies. " FLCO,"The Franklin Liberty Investment Grade Corporate ETF (FLCO) is an actively managed fund that invests in U.S.- dollar denominated investment-grade corporate bonds. The fund caps overseas exposure at 40% of assets and may invest up to 15% of the portfolio in non-U.S. dollar denominated securities. FLCO is reasonably priced for an active ETF, though there are less expensive options out there. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in FLCO is ultimately a bet on the manager’s ability to beat the market. Investors can compare FLCO to the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD), a giant in the indexed bond space. " CQQQ,"This ETF offers targeted exposure to the Chinese economy, giving investors looking to fine-tune their portfolio a powerful tool. For long-term plays, more broad- based funds might be the better option. CQQQ can be used as part of a long/short play or as a complement to other ETFs, as the technology sector is often under- represented in China funds. " IXUS,"IXUS tracks a market-cap-weighted index of global stocks covering 99% of the global market capitalization outside the US. " PY,"The Principal Value ETF (PY) follows a Nasdaq index of dividend-paying large and midsize U.S. companies. The index methodology aims to identify companies that generate shareholder yield through strong cash flow and share buybacks. The portfolio tends to have a strong tilt toward quality stocks, weighted based on dividend yield. The management fee of PY is a bit high compared ultra- low-cost passive, but reasonable for a specialty index. There are plenty of other dividend and quality variations on the market, some cheaper than PY and some considerably more expensive. Investors can compare PY to other dividend strategies such as the WisdomTree U.S. Quality Dividend Growth Fund (DGRW) or the Legg Mason Low Volatility High Dividend ETF (LVHD). FlexShares offers a trio of dividend funds with slight variations in methodology: FlexShares Quality Dividend Defensive Index Fund (QDEF), FlexShares Quality Dividend Index Fund (QDF), and FlexShares Quality Dividend Dynamic Index Fund (QDYN). There are straightforward quality- focused funds, like the relatively inexpensive iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL). And there are the ultra-cheap dividend ETFs like the giant Vanguard Dividend Appreciation ETF (VIG) or the Vanguard High Dividend Yield ETF (VYM). " GURU,"This ETF tracks a dynamic benchmark which is based on top holdings of hedge fund managers. The underlying index is constructed by analyzing 13F filings, which are regulatory filings that institutional investors with $100 million or more in assets under management are required to file with the SEC within 45 days of the end of each quarter. As such, GURU attempts to mimic the positions and strategies implemented by professional money- managers, many of whom have a proven track record of consistently generating alpha. There are some drawbacks to this strategy however; besides the time lag associated with the SEC paperwork, there is also the issue of incompleteness of these filings and the nuances of net exposure reported. Investors should also consider ALFA, which offers a generally similar strategy for a steeper price tag; the distinguishing feature being that ALFA can vary between a traditional long only portfolio and a market hedged strategy based on relative price targets. " KJUL,"KJUL aims for specific buffered losses and capped gains on the Russell 2000 over a specific holdings period. The actively-managed fund holds options and collateral. " DEF,"This ETF offers exposure to a unique investment strategy, seeking to identify stocks that perform well during bearish market periods by analyzing valuation multiples, accounting practices, and dividend payments. Given this objective, DEF probably doesn't make much sense as a holding in a long-term portfolio, though it may be useful as a tactical play for those looking to scale back beta and volatility in anticipation of a bear market. In terms of the portfolio, DEF offers a somewhat predictable tilt towards low beta industries, though all corners of the economy receive some allocation in the fund. It's worth noting that DEF isn't simply a mega cap fund; companies of all sizes are included in the underlying portfolio. Those considering an investment in DEF would be wise to analyze the efficiency with which this ETF has achieved its stated objective; a quick look at the beta should give a general impression of how well DEF has identified stocks that hold up well in bear markets. DEF is a bit on the pricey side, but those who believe the methodology succeeds at identifying defensive stocks will likely be happy to pay for the specialized exposure. " MLPO,"MLPO tracks a market-cap-weighted index of US-listed MLPs and limited liability corporations that have tax treatment similar to MLPs. " FNDA,"FNDA tracks a fundamentally selected and weighted index of small US firms based on adjusted sales, retained operation cash flow, and dividends plus buybacks. " BSV,"This popular ETF offers exposure to the short end of the maturity curve, with exposure to all types of bonds that have maturities between one and five years. BSV is light on both interest rate risk and credit risk, and as such will generally deliver a relatively low expected return. BSV can be a great safe haven to park assets in volatile markets, and is likely to offer more in terms of yield than comparable funds focusing on T-Bills. " XLB,"This ETF is one of several funds offering exposure to the U.S. materials sector, a corner of the market that may be appealing for investors looking to gain indirect exposure to commodity prices through the stocks of companies engaged in the extraction or production of natural resources. Because the materials sector often accounts for a small portion of broad-based benchmarks, XLB may be a useful tool for long-term investors looking for more balanced exposure to the U.S. equity market. It can also be handy for those looking to implement a shorter-term tilt towards the materials sector. Like most Sector SPDRs, XLB's appeal lies in its cost efficiency and liquidity; it is among the cheapest funds in the Materials ETFdb Category, and has a higher average daily volume than any comparable fund. XLB is, however, somewhat concentrated; it has far fewer holdings than funds such as VAW, and allocations to the biggest components are significant. The equal-weighted RTM may have some appeal to those seeking more balanced representation of the materials sector, while IRV could be appealing as an international option. " ACWF,"ACWF tracks an index of large- and mid-cap global equities. Stocks are selected and weighted to increase exposure to 4 factors (quality, value, momentum and small size) while maintaining similar characteristics to the MSCI ACWI Index. " NERD,"NERD tracks a modified market cap-weighted index of globally listed equities of companies engaged in the video games and eSports industry. " CXSE,"CXSE tracks a market-cap-weighted index of Chinese companies that are not state-owned, defined as government ownership of less than 20%. " IGOV,"This ETF offers exposure to bonds issued by governments outside the U.S., offering an efficient way to access an asset class that is overlooked within the portfolios of many U.S.-based investors. Most fixed income portfolios are comprised almost entirely of securities from U.S. issuers, but the addition of international debt has the potential to enhance returns and add diversification benefits as well. As such, IGOV may be an appealing option for those looking to construct a balanced fixed income portfolio or have tactical appeal to those with a less-than-bullish outlook on U.S. debt markets. IGOV is one of several options available offering exposure to this asset class, joining BWX, BWZ, and ISHG. When evaluating these ETF options, factors to consider include the breakdown by country, effective duration, and attractiveness of the current yield. " UWM,"This ETF offers 2x daily long leverage to the Russell 2000 Index, making it a powerful tool for investors with a bullish short-term outlook for small cap equities. Investors should note that UWM's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UWM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " JMST,"JMST is an actively managed portfolio of US municipal bonds with a weighted average maturity of two years or less. " GNOM,"GNOM tracks an index of global biotech equities, selected and weighted by market cap. " IBDT,"IBDT tracks a Bloomberg index of USD-denominated, investment-grade corporate bonds maturing between Jan 1 and Dec 15, 2028. " DMRL,"DMRL tracks an index with three subcomponents: equity, fixed income, and cash. The fund uses an algorithm to limit volatility, allocating between the three subcomponents. " GERM,"GERM tracks a tier-weighted index of US-listed healthcare companies engaged in treatments, testing, and other medical advancements. Holdings are selected by the index committee. " KCE,"KCE offers targeted exposure to a sub-sector of the U.S. financial sector, focusing on companies that include securities brokers and dealers, asset managers, and securities or commodities exchanges. As is often the case with niche funds offering such targeted exposure, KCE is relatively concentrated with fewer than 30 individual holdings. That level of concentration is often required to deliver such fine tuned exposure, but may result in a few big names driving total return. This ETF does a nice job spreading exposure across the components. Investors seeking broader exposure to the U.S. financial sector may prefer a fund such as XLF or RYF that include a more diverse lineup of component companies. KCE offers exposure to a very specific type of financial firms, though it is noted that many components are involved in a wide variety of financial activities, and as such may not serve efficiently as pure plays on the investment thesis behind this fund. For example, Goldman Sachs and Morgan Stanley, two of the largest components, generate substantial revenues from other financial activities. KCE isn't the only ETF available for investors seeking targeted broker-dealer exposure-- there is also IAI-- but investors should be aware of the potential limitations to this fund. " EJUL,"EJUL aims for specific buffered losses and capped gains on the MSCI Emerging Markets Index over a specific holdings period. The actively-managed fund holds options and collateral. " FLGV,"FLGV is actively managed to invest in US Treasurys with remaining maturities of 1 30 years. " REM,"This ETF offers exposure to the residential and commercial real estate, mortgage finance, and savings associations sectors of the U.S. equity market. REM follows the FTSE NAREIT All Mortgage Capped Index, which has 50 holdings diversified evenly across small, mid, and large-cap equities, also allocating a little less than half of its assets to the financial services sector. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). VNQ is a cheaper and more liquid alternative available, while FRL boasts the lowest expense fee in this category. " CLIX,"CLIX tracks a fixed-selection, tier-weighted index of both long and short positions in US-listed securities. " MXDU,"The Nationwide Maximum Diversification U.S. Core Equity ETF (MXDU) tracks an index of large-cap U.S. equities outside of North America. MXDU follows the TOBAM Maximum Diversification U.S.A. Index. The index, developed by TOBAM, a Paris-based asset manager, looks for large- and mid-cap U.S. equities. Instead of weighting stocks by market size, MXDU attempts to weight stocks based on measures of risk, such as volatility and cross correlation. Launched in 2017, MXDU is a latecomer to a crowded space of large-cap growth equities. Nationwide is often the biggest investor in its own ETFs, a common strategy, especially for newer entrants, known as BYOA: Bring Your Own Assets. And while it's not outrageously prices, there are plenty of cheaper funds out there. Alternatives include the JPMorgan BetaBuilders U.S. Equity ETF (BBUS), Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), iShares Russell 1000 Growth ETF (IWF) or the Vanguard Growth ETF (VUG). Investors might want to compare returns with plain-vanilla U.S. funds that charges a fraction of RBUS’s management fee, like the Vanguard Total Stock Market ETF (VTI) or iShares Core S&P500 ETF (IVV). Given MXDU's relative youth, it's hard to draw performance comparisons. So far it has had bouts of lagging plain-vanilla funds, and periods where it came out ahead. " FEM,"This fund offers broad exposure to emerging markets by investing in the Defined Emerging Markets Index. This benchmark provides access to a variety of emerging markets across the globe although it is heavy in its exposure to countries such as China and Taiwan in particular. Emerging markets are a key allocation in many portfolios thanks to the high growth potentials that many of these markets have. Many citizens in these countries are entering the ranks of the middle class for the first time and are beginning to consumer more like their Western counterparts. However, risks remain high in many of these nations as corruption and inflation rates are through the roof suggesting that investors need to be concerned over the short term when investing in these securities. FEM invests in an index that provides less diversification than many others in the field and it also is slightly more expensive. However, the fund does seek to weed out some of the worst names across various countries making it a potentially less volatile play on a choppy corner of the market. " KBWD,"This ETF is one of the more unique offerings in the financial sector, as KBWD offers a way to access banks and other institutions that pay out attractive dividend yields. KBWD is definitely a risky bet, as the underlying companies generally include the less stable financial institutions that aren't necessarily on strong fiscal footing. As such, this fund probably isn't appropriate for those with a low risk tolerance and the hyper-targeted nature diminishes the appeal to those constructing a balanced portfolio for the long run. But for those seeking to tilt towards dividend paying stocks and enhance the current return generated from the equity side of a portfolio, KBWD can be a very attractive option, as the effective dividend yield may be in excess of 10%. The dividend weighted methodology may have some appeal to investors, not only because it maximizes current returns but because the potential drawbacks of cap weighting are avoided entirely. KBWD is appropriate only for a very small slice of investors, but it can be a very powerful tool for opportunistic, yield-hungry individuals or clients. " RWX,"This ETF offers exposure to global real estate markets, excluding American securities in favor of assets in developed countries in either Europe, or the Asia Pacific region. The fund also provides some level of exposure to Canadian securities as well, helping to round out holdings across the globe. As such, RWX has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and _ significant appreciation for long term capital appreciation (along with meaningful volatility and risk). RWX has a reasonable level of diversification with more than 130 holdings spread across a variety of countries. RWX may be appropriate for investors looking to compliment their American real estate holdings with similar exposure abroad but it is unlikely to function as a one stop shop for some due to its exclusion of American assets. Nevertheless, thanks to its broad exposure and its high level of liquidity, RWX could make for a solid choice for a number of investors who are in it for the long term and short term alike. . " XLK,"State Street's XLK grants investors the opportunity to gain exposure to numerous powerhouse tech firms all under a single ticker. To be included in this ETF, a company must be one of numerous sectors under the technology umbrella. This includes market segments like IT services, wireless telecommunication services, and semiconductors to name just a few. The fund invests in the who's-who of the U.S. tech sector, with major holdings in companies like Apple and IBM. The fund splits its assets mainly between the technology and communication services sectors, while allocating mainly to giant and large cap firms. One of the major strengths of this ETF is the fact that it does not single out a particular sector; rather it invests in companies from all across the technology sector. This makes the fund and ideal choice for investors who want tech exposure, but are unsure as to which particular segment of this broad market that they feel will perform the best. " ESGG,"The FlexShares STOXX Global ESG Impact Index Fund (ESGG) tracks a proprietary STOXX index that rates companies based on environmental, social and governance factors that influence risk and return, such as workplace safety, executive compensation, and board diversity. The portfolio is weighted in favor of the best performers. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. So, today’s ESG strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is to maintain market-like diversification with a tilt toward the best corporate citizens. The top holdings aren’t that much different than plain-vanilla global stock funds, with holdings like Microsoft, Apple and Amazon. The difference comes down to weighting. It’s worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments, which means FlexShares has a lot of competition — especially when it comes to price. ESGG’s management fees are on the high side, especially for investors who don’t mind buying their U.S. and international funds separately. Vanguard, for example, offers its domestic and international ESG funds at a fraction of the cost: Vanguard ESG International Stock ETF (VGSX) and Vanguard ESG U.S. Stock ETF (ESGV). Investors would do well to comparison shop. " PSCD,"This ETF offers exposure to the consumer discretionary sector of the U.S. economy, making PSCD one of many options available for accessing a sector that includes restaurants, automakers, and retailers. Given the sector- specific focus of PSCD, this fund might have tremendous appeal to those building a long-term, buy-and-hold portfolio; many PSCD holdings are already included in small cap equity funds. This ETF may be useful for those looking to establish a tactical tilt towards the consumer discretionary sector, perhaps in anticipation of a bull market. There is no shortage of options in the Consumer Discretionary Equities ETFdb Category; PSCD is unique from most other products because of the focus exclusively on small cap stocks. This feature results in a risk/return profile that differs from funds such as XLY and VCR that include primarily large cap stocks; small caps may offer greater growth potential and higher volatility than their large cap counterparts. There is no universally superior choice in this regard, as different environments may favor different types of equities. As far as the underlying portfolio goes, PSCD offers excellent balance, as no one name receives a huge weighting (a common feature in large cap sector funds). " FLQD,"FLQD is passively managed to invest in 100 global equities screened for high dividend income and quality characteristics. " BND,"This popular ETF offers exposure to entire investment grade bond market in a single ticker, with holdings in T- Bills, corporates, MBS, and agency bonds. While it holds securities of all maturity lengths, it is heavily weighted towards the short end of the curve. BND could make for a good choice for investors who currently have little to no bond exposure and are looking to broadly increase their holdings in the segment across a variety of sectors. " IHDG,"IHDG tracks a dividend-weighted index of stocks in developed markets outside North America, screened for quality and growth factors. The fund is currency hedged for US investors. " FIBR,"FIBR tracks an index composed of USD-denominated bonds and Treasury futures. The index seeks to equalize exposure to interest rate risk and credit risk. " PSET,"The Principal Quality ETF (PSET) tracks an index of large and midsize U.S. companies that can name their price through any market cycle without affecting demand. The methodology tries to identify companies with strong brands that can maintain higher profitability across market cycles. The companies are scored using a modified equal-weighting of the top 150 performers. Top holdings include e-trading firm MarketAxess, industrial supply company Fastenal and pharmaceutical maker Eli Lilly. PSET’s management fee is a bit high for passive but not unreasonable for factor ETFs. The fund has been on the market since 2016 but has been slow to gather assets, which may make for wider spreads. Investors can take a look at other multi-factor ETFs, like the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD), the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), or the Franklin LibertyQ U.S. Equity ETF (FLQL). " EUSB,"EUSB tracks a broad array of USD-denominated bonds, without restriction of credit quality or duration, from issuers with favorable ESG ratings as viewed by MSCI research and screened further to remove those issuers for involvement in controversial activities. " AESR,"AESR is an actively managed fund-of-funds of large-cap US equities that uses macroeconomic and forecasting methodology to pursue a sector rotation strategy. " VNQ,"The Vanguard Real Estate Trust (VNQ) offers broad exposure to U.S. equity REITs, alongside a small allocation to specialized REITs and real estate firms. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and for its low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors. The fund offers an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). VNQ has several competitors in the low-cost REIT space, including the JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) and the Schwab U.S. REIT ETF (SCHH). As of June 2020, VNQ charges a significantly lower management fee than the iShares U.S. Real Estate ETF (IYR), long a giant in the segment. Before February 1, 2018, VNQ tracked the MSCI US REIT Index. Vanguard changed the underlying index of VNQ to allow the fund to augment its REIT holdings with certain specialized REITs as well as real estate management and development companies. Investors who preferred VNQ‘s earlier iteration can look to BBRE, which as of June 2020 tracked VNQ‘s former index. " EEMA,"EEMA tracks a market-cap-weighted index of Asian emerging markets firms. " IAGG,"IAGG tracks an index composed of global non-U.S. dollar denominated investment grade bonds, hedged against currency fluctuations for USD investors. " AIQ,"AIQ tracks a market-cap-weighted index of developed- market equities involved in artificial intelligence & big data. " RWM,"This ETF offers inverse exposure to an index comprised of small cap U.S. equities as chosen by Russell, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It's important to note that MYY is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for ""return erosion"" in volatile markets. MLPS should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in small cap U.S. securities. Investors also have the option of simply selling short a traditional small cap fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF. " SPIB,"SPIB tracks a market-value-weighted index of investment- grade, fixed-rate taxable US corporate bonds with a maturity of at least one year, but no more than 10 years. " TDSB,"TDSB is an actively managed fund-of-funds which aims to provide long-term growth that adjusts an asset allocation to pursue a targeted risk parameter of 7% from peak to trough. " GVI,"This ETF offers broad-based exposure to investment grade U.S. bonds, making GVI a building block for any investor constructing a balanced long-term portfolio as well as a potentially attractive safe haven for investors pulling money out of equity markets. While GVI can potentially be a one stop shop for fixed income exposure, a close look at the composition of this fund is advised. Many may find the significant allocations to MBS and Treasuries somewhat insufficient for their return objectives; increased corporate bond exposure through LQD may result in a better balance and more attractive return. Furthermore, the fund only has securities that are maturing in less than ten years, foregoing the rest of the spectrum. While this will help to decrease credit risk and interest rate risk, the overall yield will suffer as well. While GVI includes hundreds of individual securities, this ETF actually only holds a fraction of the bonds that make up the underlying benchmark; the sampling strategy employed avoids illiquid issues, but may lead to tracking error. GVI has reasonable levels of liquidity-- there are more liquid options out there-- but the expense ratio for this fund is pretty low and is among the lowest in the Category. However, for investors looking to avoid compounding costs and tracking error, the broad-based BND may be a better option for U.S. fixed income exposure, although GVI is certainly a viable option for those seeking short-dated securities in their portfolio. " BETZ,"BETZ tracks an index of global companies that are involved in the sports betting & iGaming industry, with tilted exposure to those with higher income derived from these themes. " DSTX,"DSTX actively selects global ex-US, large- and mid-cap stocks that score favourably for financial indebtedness, fundamental stability, and valuation. " ACWI,"This ETF offers exposure to thousands of countries across dozens of different developed and emerging economies, giving it appeal to investors looking to simplify the portfolio construction process and minimize rebalancing needs. Be aware that the allocation of exposure across countries, regions, and development levels may not correspond to economic reality, so some investors may want to use other products to fine tune exposure or simply put the pieces of the puzzle together independently. ACWI offers cheap, balanced exposure to the global economy, though investors may wish to take a closer look at the composition of this ETF and make adjustments to exposure. " XVV,"XVV tracks a market-cap weighted index of US large-caps caps screened for sustainability and excluding those with exposure to certain controversial business activities. " PSFF,"PSFF is an actively managed fund-of-funds of Pacer Swan SOS ETFs that provide exposure to US securities while limiting downside risk with buffers and caps over one year. " SPYG,"This ETF is linked to the S&P 500 Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer- term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. SPYG is linked to an index consisting of just over 300 holdings and exposure is tilted most heavily towards technology, while industrials, health care, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include VOOG and RPG. " EWUS,"EWUS offers exposure to a portfolio of nearly 270 British small cap stocks, meaning that this fund may serve as a better ""pure play"" on the United Kingdom economy than its more popular large cap counterpart EWU. EWUS can exhibit significant volatility in the short term, but its long term potential is lucrative and could hold appeal for those with bullish prospects for the United Kingdom. The underlying portfolio is very deep and extremely well- rounded; the top ten holdings account for less than 15% of total assets. In terms of expenses, EWUS is relatively cheap considering it offers small cap exposure for just 6 basis points more than the large cap-heavy EWU. " SPHQ,"This ETF represents an alternative to popular funds tracking the S&P 500 Index, a broad-based measure of large cap U.S. equity performance. PIV consists of S&P 500 components that are deemed to reflect long-term growth and stability of earnings and dividends, perhaps making the fund more appealing for investors seeking lower volatility and hesitant to simply embrace cap- weighted indexing strategies. The downside to PIV is the expenses; at 0.50%, management fees are considerably higher than other options out there (VOO, which seeks to replicate the S&P 500, comes in at just six basis points, and SPY charges just 0.09%). PIV might be appealing to investors who believe that the methodology employed by the underlying index is capable of consistently generating excess returns, but the ""alpha hurdle"" calculated as the expense differential may scare away those looking to simply own the market and minimize fees. PIV has historically been a reliable way to destroy value, as the performance since inception has been less than inspiring. " XBAP,"XBAP aims for 2x the price return of the SPDR S&P 500 ETF (SPY), subject to an upside return cap and downside buffer over a specific holdings period. " FXH,"This ETF offers exposure to the U.S. health care sector, making it one of many options for accessing a corner of the market that is generally stable and can offer attractive dividends. Given the sector-specific focus, FXH likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the health care sector. FXH seeks to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; FXH's expense ratio is about 50 basis points higher than low cost options for health care exposure such as FHC and XLV. The unique index construction methodology has some other potential advantages; FXH maintains a much lower concentration of top holdings than do cap- weighted funds such as XLF. That means that performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access health care stocks. For those who believe in the merits of the AlphaDEX methodology and are willing to pay a little extra for a shot at alpha, FXH might be worth a closer look. Those looking to keep a cap on expenses and simply own the broader market have cheaper options available to them. " SCZ,"This ETF offers exposure to an asset class that should be in every portfolio, but is often overlooked by investors. Most international ETFs are dominated by mega cap stocks, a bias that can tilt exposure towards energy and financials and result in a weak correlation to domestic consumption patterns in the target market. Small cap equities may be a better ""pure play"" on the economies where shares are traded, and as such funds like SCZ can be nice complements to products. This ETF is competitive from a cost perspective, and the depth of holdings assures balanced exposure to a number of ex-U.S. developed economies. SCZ is a nice complement to EAFE ETFs such as EFA, and should be used to achieve more complete international equity exposure. " FLCH,"The Franklin FTSE China ETF (FLCH) tracks an index of large and mid-size companies in China. Though FLCH offers broad exposure at a reasonable price, it competes in a crowded category and hasn‘t attracted the assets and liquidity of rivals like the iShares MSCI China ETF (MCHI), the dominant China-focused ETF. FLCH has broadly similar sector exposure to MCHI, with some variations. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in broadly diversified international equity funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets. " QAT,"QAT tracks a market-cap-weighted index of large-, mid and small-cap Qatari companies. " IYK,"This ETF offers unique exposure to a slice of the domestic consumer market, focusing on manufacturers of consumer goods while excluding consumer services. This methodology results in a blend of different sectors, including the heaviest weight to consumer staples (though discretionary firms are also found in IYK). As such, this ETF is probably too finely tuned for long-term investors, but can be a nice tool for those looking to implement a sector rotation strategy or tactical overlay. Like many consumer ETFs, IYK is somewhat lacking in terms of diversification. Though there are more than 100 individual holdings, a few big names (among them PG, KO, PM, and PEP) accounts for a big portion of holdings. Though there are a number of consumer staples ETFs, IYK is the only true consumer goods fund available. " MXI,"This ETF offers exposure to the global materials sector, a corner of the world economy that includes companies engaged in the extraction and production of various natural resources (and therefore potentially useful as a means of establishing ""indirect"" commodity exposure through commodity-intensive companies). Given the targeted nature of the underlying benchmark, MXI probably isn't very useful for those building a long-term portfolio; it will be more useful as a means of establishing a tactical tilt towards the materials sector or as part of a sector rotation strategy. Investors seeking more targeted exposure to companies engaged in the production of a certain type of raw material likely have a more granular ETF available to them; the Commodity Producers Equities ETFdb Category includes dozens of resource-specific funds, ranging from agribusiness to gold to timber. With regards to the underlying portfolio, MXI is spread across U.S. stocks and ex-U.S. economies, though there is a heavy tilt towards developed markets (EMT can be a useful tool for emerging markets materials exposure). With respect to the nature of the underlying portfolio, it should be noted that while MXI includes more than 100 individual stocks, a small handful account for a significant chunk of assets--a characteristic common among ETFs focused on this sector. Investors seeking U.S. materials exposure have a number of choices, including XLB and the equal-weighted RTM; those looking to steer clear of the U.S. may want to look at IRV. Overall, MXI can be a nice tool for broad-based materials exposure, useful for those looking to overweight this sector while maintaining a global representation. " SCO,"This ETF offers 2x daily short leverage to the broad based Dow Jones-UBS Crude Oil Sub-Index, making it a powerful tool for investors with a bearish short-term outlook for crude oil. Investors should note that SCO's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SCO can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " TLTD,"This ETF offers exposure to developed markets outside the U.S., an asset class that includes many of the largest economies in Europe and Asia. As such, developed ex- U.S. stocks are generally a core holding in long-term, buy- and-hold portfolios; TLTD is one of several ETFs that can be used to achieve exposure to this asset class. The unique attribute of this ETF is the tilt towards small cap and value stocks, based on the premise that these types of securities have the potential to generate excess returns over the long run. TLTD allows investors to maintain generally broad-based, cheap exposure to this asset class while putting on a tactical tilt towards corners of the market that can potentially generate excess returns over the long haul. One potential downside for investors is the price tag; TLTD is very reasonable, but there are some ETFs that offer generally similar exposure at a much lower expense ratio (VEA, for example). " SPUS,"SPUS tracks a market-cap weighted index of S&P 500 stocks that are Sharia-compliant. " IPAY,"The ETFMG Prime Mobile Payments ETF invests in companies that stand to benefit from the transition away from cash and credit cards to digital payment technology. Top holdings include familiar names like Visa and Mastercard, but the index methodology caps the weight of any company at 6%, which keeps those giants from swamping the portfolio. Other top holdings include Paypal, Fleetcor and Square. The management fee of 75 basis points is high for a passive ETF, but not unusual for niche products. One alternative is the Global X FinTech ETF (FINX), which invests in some of the same companies but comes with a lower fee, and a portfolio that isn’t dominated by old- school credit card companies. One unusual consideration in the case of IPAY is the reputation of ETF Managers Group, the firm that runs the fund. ETFMG is facing lawsuits from former business partners alleging theft of management fees from a handful of ETFs, including IPAY. So far there’s little indication that the firm’s legal woes have hurt investors in the disputed funds but investors and advisers should be aware of the controversy. In December 2019, a federal judge ordered ETFMG to pay $80 million to Nasdaq, one former business partner. The judge sharply criticized ETFMG’s founder and chief executive. ETFMG has appealed. " FPEI,"FPEI is actively managed to provide current income and total return by investing in global institutional preferred and income-producing debt securities. " KOKU,"The Xtrackers MSCI Kokusai Equity ETF (KOKU) tracks an index of large- and mid-cap stocks in developed markets outside of Japan. KOKU could be used as a core global equity holding for investors who believe Japanese equities will underperform. Many EAFE funds make sizable allocations to Japan. While Japan is one of the world’s largest economies, it has also had extended periods of low growth rates and rising debt burdens. Some investors would rather avoid this potential drag on their portfolio. KOKU’s management fee is extraordinarily low. At its April 2020 debut, KOKU's fee was less than half that of its main rival, the iShares MSCI Kokusai ETF (TOK), a nearly identical fund that invests in the same index. TOK has been on the market since 2007, but KOKU has just about caught up on assets and daily liquidity despite TOK’s 13- year head start. KOKU offers impressive depth of holdings for those looking to avoid Japan but tap into other developed markets of the world. And at a significant discount to its main rival, there’s a lot to like about this fund. " EMLC,"This ETF offers exposure to debt of emerging markets issuers that is denominated in local currencies, making it a potentially attractive option for investors interested in diversifying fixed income exposure beyond U.S. borders. This asset class can be valuable both as a hedge against the U.S. dollar and as a means for enhancing current returns in low interest rate environments. Unlike EMB and Pcy, this ETF focuses on debt denominated in the currency of the issuers. EMLC is one of several nice options available for emerging markets bond exposure, and this ETF is among the most efficient from a cost perspective. " IBDR,"IBDR tracks a Bloomberg index of USD-denominated, investment-grade corporate bonds maturing between Dec 31, 2025 and Jan 1, 2027. " EET,"This ETF offers 2x daily long leverage to the broad-based MSCI Emerging Markets Index, making it a powerful tool for investors with a bullish short-term outlook for emerging markets. Investors should note that EET's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. EET can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " FFTY,"FFTY tracks an index of 50 US-listed stocks with aggressive growth characteristics. Holdings are selected based on fundamental and technical rankings. The fund can toggle to 50% T-bills based on market technical signals. " DIVO,"DIVO is an actively managed ETF that provides income by selecting stocks from the S&P 500 Index overlaid with a tactical call writing strategy. " DWM,"This ETF offers investors an alternative means of accessing the developed markets outside of the U.S., as DWM may have appeal as a substitute to EAFE funds such as EFA or VEA. Unlike those cap-weighted products, DWM is linked to a dividend-weighted index that determines components and_ individual security allocations based on cash dividends paid. That methodology may be appealing to investors looking to maximize their current returns, but may also be attractive simply because it avoids the potential pitfalls of cap- weighting methodologies. DWM casts a wide net, spreading its portfolio across hundreds of individual securities in various countries and sectors of the economy. The potential drawback of DWM is the fees; it is considerably more expensive than VEA. Cost conscious investors will likely gravitate towards the Vanguard alternative, but those who find the dividend weighting methodology compelling may be happy to fork over a few extra basis points. " IHF,"This ETF offers exposure to health care providers, a narrow sub-sector of the health care industry that may be subject to unique regulatory risks. Given the extremely narrow focus of this fund, IHF probably doesn't belong in a long-term portfolio in any major amount, though this fund can be useful for those investors looking to implement a tactical tilt towards health care providers or perhaps as part of a long/short pairs trade. Not surprisingly, IHF is somewhat limited in terms of individual security diversification; the underlying portfolio is not extremely deep, and a few of the bigger names in the basket receive significant allocations in this fund. IHF is probably to granular for the vast majority of investors out there, but for those with a very specific objective it can be a useful tool for fine tuning portfolio exposure. Those looking for broader health care representation will prefer funds such as VHT or XLV; the equal-weighted RYH is also an interesting option. There are a number of other hyper-targeted options available under the health care umbrella, including medical devices (IHI}, pharmaceuticals (IHE), and health care equipment (XHE). " HYHG,"HYHG tracks a market-value-weighted index that goes long high-yield USD debt from US and Canadian issuers and shorts a duration-matched combination of 2-, 5- and 10-year US Treasurys. " DWX,"This ETF offers exposure to dividend-paying stocks in developed markets outside of the U.S. and Canada, making it a potential cornerstone of a balanced long-term portfolio that may have appeal to investors who value the approach offered by dividend-focused funds. DWX should be seen as a potential alternative to other foreign core holding funds such as EFA or VEA, although this fund has a much greater focus on mid cap securities than most in the Category. DWX is more expensive than other developed market ETF options, but it is no where near the most expensive. In fact, DWX is comfortably below the Category average for expenses. As a result, DWX could make for a solid core holding for investors seeking greater foreign exposure with a focus on high dividend paying equities. " SDS,"This ETF offers 2x daily short leverage to the S&P 500 Index, making it a powerful tool for investors with a bearish short-term outlook for large cap U.S. equities. Investors should note that SDS's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SDS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " IDX,"IDX offers investors exposure to the Emerging market of Indonesia by investing in securities of companies that are based or do a great deal of business in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, IDX could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the Indonesian market, IDX is one of the only ‘pure play' option available. " SLVP,"This ETF gives investors an opportunity to achieve exposure to silver without holding the physical metal or encountering the nuances of a futures-based strategy. For investors looking to bet on increased demand for this raw material used widely in various applications, SLVP is a viable option. Like other commodity producers ETFs, this product can be expected to trades as a leveraged play on the underlying silver spot price, meaning that this fund can experience significant volatility, while also serving as a potentially powerful tool for profiting from a surge in commodity prices. The word global in SLVP’s name could be interpreted as a bit misleading; this ETF allocates less than a quarter of its total assets to stocks from emerging markets. Similar to its only competitor, SIL, this ETF is also tilted towards Canadian mining stocks. However, SLVP is the more appealing option from a _ cost perspective as it boasts a cheaper expense ratio. Investors should however also note that SIL is available for commission free trading on the E* Trade and Interactive Brokers platforms. " IYH,"This ETF is one of several funds that offers exposure to the U.S. health care sector, a corner of the domestic stock market that has historically exhibited relatively low volatility and can occasionally offer attractive dividend yields. As a sector-specific fund, IYH probably doesn't have much use for those constructing a long-term, buy- and-hold portfolio; this ETF is a more useful tool for those looking to establish a tactical tilt towards health care or for use in a sector rotation strategy. Beware the significant concentration in this fund; though IYH has more than 100 stocks in the underlying portfolio, a relatively small handful account for a big portion of total assets. Another potential drawback of IYH is the fees; both XLV and FHC offer generally similar exposure with considerably lower expense ratios. For a similar price, the equal-weighted RYH offers a way to steer clear of the significant concentration. There are better ETF options out there for health care exposure; it's probably best to choose one of the other funds mentioned above. " TDSA,"TDSA is an actively managed fund-of-funds which aims to provide long-term growth that adjusts an asset allocation to pursue a targeted risk parameter of 5% from peak to trough. " MUB,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. MUB is by far the most popular fund in the national munis Category and for good reason; the fund holds over 1,200 individual securities and allocates just 5.5% to its top ten holdings ensuring high levels of diversification. Due to this MUB is a solid choice for any investor looking to gain broad exposure to the muni bond sector across a variety of states and projects around the nation. " FALN,"FALN tracks a market value weighted index of bonds that were rated investment grade at issuance, but later downgraded to sub-investment grade. " SZNE,"SZNE tracks an equal-weighted index of large-cap stocks following a seasonal rotation strategy. " ASHS,"The Xtrackers Harvest CSI 500 China-A Shares Small Cap Fund (ASHS) offers exposure to small mainland-listed Chinese equities, a segment that’s often overlooked by China-specific funds, which tend to have a bias toward larger companies. The tilt toward bigger firms can overemphasize the financial and energy sectors. This fund can be paired with the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), the first and largest U.S.- listed ETF to offer direct exposure to mainland-listed Chinese equities, called A-shares. The A-share focus is what sets ASHS apart from the iShares MSC! China Small-Cap ETF, which excludes A- shares. Investors looking for small-cap China exposure might consider mixing ECNS and ASHS. " WCLD,"WCLD tracks and index of US companies primarily focused on cloud software and services. Stocks are equal weighted in the index. " PICK,"This ETF offers a way to access the global mining industry through an international basket of companies engaged in the extraction and production of metals, including aluminum, steel, and precious metals. As such, PICK can be useful as a tool for tilting portfolio exposure towards the mining sector or betting on a short term surge from mining stocks. PICK features by far the most diverse portfolio of holdings among broad-based mining ETFs, making this an appealing option for those interested in establishing well-rounded exposure to the mining sector over the long-haul. However, short-term traders who value liquidity above all else will likely opt for the more popular XME instead. Furthermore, this ETF is heavily tilted towards companies from developed nations; investors looking to tap into more lucrative opportunities overseas should consider EMT, which offers exposure to mining companies in emerging markets. " RYU,"This ETF offers exposure to equities included in the S&P 500 Utilities Index, which covers the following industries: electric utilities, gas utilities, | multi-utilities © and unregulated power and water utilities, telecommunication service companies, including fixed-line, cellular, wireless, high bandwidth and fiber-optic cable networks. RYU is different from other ETF tracking the same index because it employs a unique equal-weighted strategy, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as XLU, and a methodology that some investors believe will add value over the long haul. In return for this unique exposure you can expect higher fees; this ETF is considerably more expensive than both XLU and IDU, though it is still extremely cost efficient compared to most mutual funds. " AVIG,"AVIG offers an active exposure to a broad range of investment-grade debt securities from issuers around the globe. " PPH,"This ETF is one of several options for achieving exposure to the pharma industry, a corner of the health care market that is capable of delivering big returns but that also comes with some unique risk factors. Given this investment objective, PPH is probably more useful for those looking to achieve tactical exposure to this specific corner of the market; the appeal to buy-and-holders will be limited since many of the components are included in more broad-based funds. A couple aspects of PPH are noteworthy. First, though PPH is now structured as a true ETF, it used to be one of the HOLDRS products offered by Merrill Lynch. Some of the concentration that was characteristic of those products remains in PPH; the portfolio is relatively shallow and concentration in the top allocations is significant. Further, PPH includes only U.S. stocks, meaning that some of the biggest players in the pharmaceutical industry are excluded from the underlying portfolio. PPH is a decent option for pharma exposure, but there are probably some better ETFs out there for tapping into this segment of the market. IHE offers better depth of holdings, while DRGS may be appealing to those looking to achieve truly global exposure. " MRGR,"MRGR tracks an index of developed-market equities involved in merger deals, with long exposure to target firms and short exposure to acquiring firms. The fund is net long and hedges FX risk. " IVOL,"IVOL is an actively managed portfolio of TIPS and long options tied to the U.S. interest rate swap curve. " FXA,"This ETF offers exposure to the Australian dollar relative to the U.S. dollar, increasing in value when the Aussie dollar strengthens and declining when the American dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the AUD/USD exchange rate, FXA is the only real ETF option available. " WINC,"WINC is an actively-managed portfolio of USD- denominated, short-term corporate debt securities issued by US or foreign entities. " SCHD,"This ETF offers exposure to dividend-paying U.S. equities, making SCHD a potentially useful tool for either enhancing current returns derived from the equity portion of a portfolio or for scaling back risk exposure within a portfolio. While there are dozens of funds offering exposure to dividend-paying stocks, SCHD offers a somewhat unique approach to this strategy. The underlying index methodology requires a long track record of distributions, meaning that this product is unlikely to include small, speculative firms that are offering an attractive distribution yield because their stock price has been depressed. The methodology also considers multiple metrics, including dividend growth and dividend yield, resulting in a portfolio that should offer a substantial upgrade in payout compared to the broader market. Given the methodology employed by this fund, SCHD can be used in a number of different ways. Though the portfoli ois somewhat shallow, this fund certainly could be used as a core holding for achieving U.S. equity exposure; it could also be used as a complement to a more broadly- based fund to derive greater yield. Like most Schwab ETFs, SCHD is extremely competitive from a cost perspective; this ETF is cheaper than the vast majority of other products in the All Cap Equities ETFdb Category. Further enhancing the appeal to certain cost conscious investors is the ability to trade this product commission free within Schwab accounts; that feature may have appeal to investors looking to keep a lid on trading-related fees. " DXJS,"DXJS tracks a dividend-weighted index of Japanese small- cap stocks. The fund is hedged for currency fluctuations between the USD and JPY. " VHT,"This ETF is one of many offering exposure to U.S. health care stocks, a corner of the domestic economy that has historically exhibited relatively low volatility. As a sector specific ETF, VHT probably isn't all that useful in a long- term, buy-and-hold portfolio; most of the underlying companies will be included in broader U.S. equity products. This fund will be more attractive to those looking to put a tactical tilt towards health care stocks in place or as a tool in a sector rotation strategy. One noteworthy element of this ETF is the depth of holdings; with hundreds of individual stocks, VHT casts a considerably wider net than other health care ETFs such as XLV. But this fund is still somewhat concentrated; a small handful of stocks account for a significant portion of the total portfolio, while many of the smaller names have very minor weightings. VHT is also appealing from an expense perspective; the ER is one of the lowest in the ETFdb Category, and commission free trading in Vanguard accounts may further increase the appeal to cost conscious investors. Other options include XLV (for those seeking instant liquidity) and RYH, an equal- weighted fund that may be attractive for those looking to steer clear of market capitalization weighting methodologies. " IJT,"IT seeks to replicate a benchmark which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, IJT does a solid job of dividing up assets as the fund holds close to 360 securities in total and doesn't give any one security more than 1.8% of the total assets. Thanks to this high level of diversification and IJT's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small caps but are seeking a higher risk/reward profile in the space. However, it should be noted that there are several other products in the space, namely IWO, SLYG, and VBK, that offer more diversification at a cheaper price, potentially making them better choices for long-term investors. " PJP,"PJP is designed to give investors exposure to numerous U.S. pharmaceuticals companies. This ETF, however, hand picks its individual securities based on a wide variety of investment merit criteria, including stock valuation and risk factors. Investing in pharmaceuticals can be a difficult task because of the various regulations outlined by the FDA and rigorous testing it takes for a product to hit the U.S. markets. Investors interested in PJP should keep up to date on FDA regulations and policies to see how it will affect their holdings. Another factor that investors should be aware of is the patent lives of the drugs from some of these brand name companies. Once major drugs lose their patent, the companies can take a big hit as the generic competitors aim to swoop in and undercut big business. PJP offers an excellent spread of the major players in domestic pharmaceuticals, and will be a great addition for any investor willing to keep up with the happenings of this fast-paced industry. " GENY,"The Principal Millennials Index ETF (GENY) tracks an index of global stocks that derive a significant portion of their revenue from millennial consumers. It’s expensive for a passive ETF, though not outrageous for a niche product. Top holdings include Tencent, Alibaba, Facebook, Home Depot, Apple, and Chipotle. GENY owns about 115 securities and may present more of a concentration risk than global funds that own thousands of securities. There's a lot of portfolio overlap with plain-vanilla index funds and investors can find cheaper, more liquid ETFs out there with similar holdings. GENY has been on the market since 2016 but has been slow to raise assets and can trade at wide spreads. That said, GENY has had significant periods of outperformance against other global index funds, like the Vanguard Total World Stock ETF (VT). The choice ultimately comes down to whether investors believe it’s possible to identify those companies driven by millennial consumption, and whether millennials provide a strong investment case in the first place. " ARKW,"The ARK Next Generation Internet ETF (ARKW) is an actively-managed fund from the team at ARK Invest. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. The stated goal of ARKW is to invest in companies that are poised to profit from advances in cloud computing, e- commerce, big data, artificial intelligence, mobile technology, social platforms and financial technology. The fund's biggest holdings include familiar names like Tesla, Square, Amazon and Roku, as well as lesser-known firms like Splunk and 2U. ARKW’s management fee of 76 basis points might seem pricey in the ultra-low-cost world of passive ETFs, but it’s cheap for active management. It appears to be worth it. ARKW has returned nearly twice as much over the past five years as the First Trust ISE Cloud Computing Index Fund (SKYY). SKYY isn’t all that cheap either, charging 60 basis points for a fund that simply tracks an index, and lags behind ARKW’s performance to boot. For skeptics worried ARK has been lucky rather than good, ARK’s flagship Innovation ETF (ARKK) has routinely outperformed passive rivals like State Street’s popular index-tracking Technology Select Sector SPDR Fund (XLK). But ARK is known for high-conviction bets, and the firm has come under fire for its outsized wager on Tesla. Any actively-managed product is ultimately a wager on the portfolio managers who pick the stocks. ARK’s products are geared toward investors who have the fortitude and faith to ride out short-term blips in favor of long-term gains. ARKW is an interesting choice for investors who believe in the long-term prospects of the internet of things, and are willing to pay a slightly higher price for an active manager that might deliver an " IMFL,"The Invesco International Developed Dynamic Multifactor ETF applies a proprietary strategy to investing in non-U.S. companies. Invesco starts with a FTSE index of large- and mid-cap stocks, then assesses the prevailing economic environment and market conditions, and then scores companies based on the factors that are most relevant given the overall outlook. Invesco looks at economic and market barometers such as consumer sentiment, construction activity, manufacturing gauges and labor market conditions to determine whether the economy is expanding, slowing, contracting or recovering, and then scores stocks accordingly. During recovery or expansion, the fund targets company size and value, while during a slowdown or contraction the fund focuses on stocks with healthier balance sheets and reduced susceptibility to market swings. In both expanding or contracting conditions, the fund also targets momentum stocks. The methodology excludes stocks whose multi-factor score falls below certain relative thresholds. The remaining stocks are weighted based on both the multi-factor score and the company’s weight in the baseline index. To prevent concentration, individual company’s are capped at 5 percent of the portfolio. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. It’s important to note that IMFL’s baseline index includes South Korea among developed markets, whereas other indices classify the country as an emerging market. Investors who mix and match funds from different providers should make sure they’re not unintentionally overweighting or underweighting South Korea. Investors should also note that IMFL owns a significantly narrower universe of companies than broadly diversified —_plain-vanilla international equity ETFs like the ultra-low cost options " SCHJ,"SCH] tracks a market-weighted index of USD- denominated investment-grade corporate bonds with short-term maturities of 1-5 years. " HCRB,"HCRB is an actively-managed fund that invests in a broad array of global investment grade debt securities with broad maturities. " PCEF,"This ETF is one of the more unique offerings within the ETP lineup, offering exposure to a basket of closed-end funds that invest in various types of fixed income securities. Unlike ETFs, closed-end funds often trade at a premium or discount to their NAV, introducing both another risk factor and an opportunity to enhance current returns. By focusing on CEFs trading at a big discount to NAV, PCEF is able to sport an impressive distribution yield that may make this fund an intriguing option for those looking to beef up current returns. The juicy yields offered by this fund might make PCEF an appealing option to include within a long-term portfolio as a source of additional yield; this ETF may also be attractive for those looking to establish a shorter-term tactical tilt towards high yielding securities. One potential drawback is the relatively high expense ratio charged, and the layered exposure strategy results in multiple layers of fees on this product. Still, the yield offered by PCEF will be hard to find anywhere else. " FEX,"This ETF offers exposure to the large cap sector of the U.S. equity market, making it one of many options for accessing an asset class that receives significant allocations in many portfolios. As such, FEX will appeal primarily to investors constructing exposure for the long term, and won't be of much use to short-term focused traders. This ETF is one of the AlphaDEX products from First Trust, linked to an index that utilizes rules-based quantitative screens to identify companies that are poised to outperform broad-based cap-weighted benchmarks. The AlphaDEX products have an impressive track record compared to funds such as SPY, though the historical period is somewhat limited. Investors convinced by the stellar performance and underlying methodology may prefer FEX as a tool for accessing large cap U.S. stocks, while those who believe in perfectly efficient markets and focus on minimizing fees will want to look elsewhere. This fund's expense ratio is considerably higher than other options such as SPY or VOO. " PFEB,"PFEB aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " VXUS,"This ETF is offers broad exposure to equity markets outside of the U.S., including both developed and emerging markets. As such, VXUS may be useful as a core holding in a long-term portfolio, potentially functioning as one stop exposure for international equity allocations. It should be noted, however, that the split between developed and emerging markets may require some fine tuning based on individual risk tolerance and investment objectives. Moreover, VXUS is heavy on large cap companies; there is little in the way of mid cap or small cap exposure (VSS can be a nice complementary holding in this regard). For investors seeking ex-U.S. equity exposure, VXUS scores well in terms of both balance of holdings and cost efficiency; this fund has thousands of individual stocks from dozens of different countries, and is among the cheapest options on the market. VXUS is likely most appealing to long-term buy- and-holders, but could also potentially be useful as a short-term ""risk on"" play or as part of a long/short pairs trade. Other options for similar exposure include VEU and ACWX. " DBJP,"This ETF offers exposure to large cap Japanese stocks, making DBJP one of several ETFs for establishing targeted exposure to one of the world's largest economies. This product is unique from many ETFs in the Japan Equities ETFdb Category in that DBJP hedges out the currency exposure that an investment in international equities brings. This essentially delivers isolated exposure to the performance of the underlying equities in local prices. The impact of currency appreciation or depreciation can be significant in many cases, especially considering the sometimes meaningful swings in the JPY/USD exchange rate. Though EW] and DBJP maintain substantially identical portfolios, the risk/return profiles of these ETFs may vary significantly. Investors who expect the U.S. dollar to appreciate relative to the yen might prefer this fund as a way to bet on the performance of Japanese stocks; DBJP should outperform EW] when the U.S. currency strengthens. Those expecting the dollar to lose value relative to its Japanese rival will probably prefer to leave currency exposure unhedged, utilizing a fund such as EW] instead. Those investors without a strong view in either direction might use a mix of both hedged and unhedged Japan equity ETFs (e.g., 50% DBJP and 50% EW)). Given the relatively narrow country-specific focus of this ETF, DBJP may be most useful to those looking to establish a tactical tilt towards Japan or implementing a country rotation strategy. The more broad-based DBEF includes exposure to Japanese stocks as well as other ex- U.S. international equities, as do a handful of other EAFE ETFs. Those looking for exposure to Japanese stocks that steers clear of currency risk also have DX] to consider; that WisdomTree ETF employs a similar strategy to eliminate the impact of exchange rate fluctuations, and is linked to a dividend-weighted index that will impact the shape of the underlying portfolio. " FLMI,"The Franklin Dynamic Municipal Bond ETF (FLMI)} is an actively managed fund that invests in municipal securities whose interest is free from federal income taxes. The fund attempts to maintain a maturity of three to 10 years and does not invest more than 15% of its portfolio in any one state. It has a shorter maturity target than the Franklin Municipal Green Bond ETF (FLMB), which may be appealing for investors who prefer short- to medium-term fixed income investments. FLMI is reasonably priced for active management, though it’s a bit pricey for the segment. Investors can compare it to index-tracking funds like the iShares National AMT-Free Muni Bond ETF (MUB) or the Vanguard Tax-Exempt Bond Index ETF (VTEB). " TMF,"This ETF offers 3x long leveraged exposure to the broad- based NYSE 20 Year Plus Treasury Bond Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TMF can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " BNDW,"The Vanguard Total World Bond ETF provides exactly what the name implies: exposure to a diversified portfolio of investment-grade bonds from around the world, including short-, intermediate-, and long-term maturities. The portfolio includes government debt, corporate bonds, asset-backed securities, mortgage debt, and other securities. Like Vanguard’s U.S.-centric counterpart VTC, BNDW has an unusual way of achieving its exposure. Instead of investing directly in bonds, BNDW invests in two other Vanguard ETFs: BNDX and BND. This makes it a convenient one-stop-shop for investors who want a low- cost investment they can set and forget. For those who prefer to manage their own maturity or geographical exposure, or for traders looking for highly-liquid short- term trading vehicles, competing ETFs might be a better fit. " DIA,"This ETF tracks the Dow Jones Industrial Average, one of the most famous benchmarks in the world and one that tracks some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips’ and are some of the most famous and profitable companies in the country, including well known names such as_ ExxonMobil, Caterpillar, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, DIA is a decent choice for investors seeking broad mega and large cap exposure, but it is less diversified than most, containing just 30 securities in total. As a result, investors may want to look to other more diversified funds-- such as VONE or VOO-- in order to accomplish their goals in the large and giant cap space. " EDOC,"EDOC tracks a market-cap weighted index of companies in the global health care industry with high exposure to telemedicine & digital health. " MLPX,"MLPX tracks an index of MLPs and companies engaged in energy infrastructure. The ETF is structured as an open- ended fund. " IVAL,"IVAL is an active, equal-weighted portfolio of developed- market ex-US value stocks, screened for forensic accounting and earnings quality. " DNOV,"DNOV aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " LIT,"This ETF offers exposure to companies engaged in various aspects of the lithium industry, thereby giving exposure to a commodity for which many expect the market to surge in coming years. Lithium is used in a number of ""next generation"" technologies, positioning prices and demand to increase through technological improvements. LIT will often trade as a leveraged play on the underlying natural resource, making it a volatile but potentially powerful tool for betting on the lithium market. " MFUS,"MFUS tracks an index of US companies that are selected and weighted by a combination of fundamental and technical factors. " FLEH,"The Franklin FTSE Europe Hedged ETF (FLEH) tracks an index of large and mid-size stocks in Europe while hedging out the currency exposure that an investment in international equities brings. This delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non- U.S. dollar investments. FLEH delivers hedged exposure at an extremely reasonable price, but it trails competitors like the Xtrackers MSCI Europe Hedged Equity Fund (DBEU) in assets and liquidity. FLEH maintains broadly similar sector exposure to the unhedged iShares Core MSCI Europe ETF (IEUR), but IEUR has a deeper portfolio with a larger allocation to mid- and small-cap stocks. FLEH’s currency hedges means the performance of the two will be substantially different. Investors who expect the U.S. dollar to appreciate relative to the euro might prefer this fund to bet on the performance of European stocks. FLEH should outperform IEUR when the U.S. currency strengthens. Those expecting the dollar to lose value relative to the euro will probably prefer to leave currency exposure unhedged, utilizing a fund such as IEUR instead. Those investors without a strong view in either direction might use a mix of both hedged and unhedged European equity ETFs (e.g., 50% FLEH and 50% IEUR). " RDOG,"RDOG tracks an equal-weighted index that selects the five highest yielding US REITs within nine REIT segments. " MFEM,"MFEM tracks an index of emerging-market companies that are selected and weighted by a combination of fundamental and technical factors. " IQLT,"IQLT tracks an index of large- and mid-cap stocks in developed countries, outside of the US. The index is selected and weighted for exposure to fundamental quality metrics. " EIS,"EIS offers exposure to Israeli stocks with a heavy focus on mega cap firms. Israeli equities are often overlooked by popular developed market funds so many of the securities in this fund may receive minimal allocations in some portfolios. Due to this, EIS has appeal as a compliment to EFA funds or those who are bullish on the overall Israeli economy. " IMCB,"IMCB tracks a market cap-weighted index consisting of US mid-cap stocks with both growth and value characteristics. " CWB,"This unique ETF is the only product on the market that offers investors diversified exposure to a relatively obscure sector of the market; convertible bonds. These securities allow investors to 'convert' their bond notes for equity in the underlying company, potentially allowing investors to benefit from broad increases in stock prices. Additionally, it should be noted that since these notes have the option to convert to equity, they generally pay out smaller yields then their unconvertible brethren. With that being said, the fund still pays out a decent yield comparable to most bonds of similar maturity levels and the long time horizon on many of the instruments should allow the underlying stocks plenty of time to reach their full potential. CWB certainly isn't for everyone but for investors looking to diversify their bond holdings while at the same time leaving them open to at least some level of equity appreciation, this fund could be a solid choice. " IWB,"This ETF tracks the Russell 1000 Index, a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, IWB is a quality choice for investors seeking broad mega and large cap exposure and it is more diversified than most, containing just under 1,000 securities in total. As a result, this fund could serve as a building block for many portfolios making it an excellent choice for many buy and holders. " FLBL,"The Franklin Liberty Senior Loan ETF (FLBL) is an actively managed ETF that seeks to invest in senior loans, a segment of the debt market that can offer great yields for those investors willing to take on significant risks. FLBL invests in leveraged loans, bank loans, and floating-rate loans, which are often extended to ‘junk’ borrowers with below investment-grade credit ratings. The fund may invest in loans of companies whose financial condition is uncertain, including companies involved in bankruptcy proceedings and restructuring. FLBL is _ priced competitively for active management. Investors can compare performance and fees against passive rivals like the Invesco Senior Loan ETF (BKLN). " WANT,"WANT provides 3x leveraged exposure to the U.S. consumer discretionary sector. " WLDR,"WLDR tracks an index of multi-factor-selected securities from the developed markets, weighted in accordance with a proprietary risk model. " JUSA,"JUSA actively selects US large-cap equities using a top- down and bottom-up approach in seeking to provide long- term capital appreciation. " SPMV,"The Invesco S&P 500 Minimum Variance ETF tracks an index that seeks to reduce the volatility of the S&P 500 while maintaining similar characteristics to the index. Rather than using market-cap to weight the stocks within the index, SPMV weights based on its goal of minimizing forecasted volatility, while remaining within certain boundaries when it comes to the weighting of factors, sectors, and individual stocks in the portfolio. Despite these constraints, SPMV’s portfolio diverges widely from the S&P 500. The fund is reasonably priced, but the strategy is too targeted for most buy-and-hold investors. " JHMD,"JHMD tracks an index of stocks from developed markets ex-US and Canada, covering 85% of the market capitalization. Holdings are weighted based on fundamental and technical factors. " BSCO,"The Invesco BulletShares 2024 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " MBCC,"MBCC tracks an equal-weighted index of companies selected from the S&P 500 Index that are perceived to be fundamentally sound. " PTIN,"PTIN tracks an index that allocates to a proprietary ex-US Large-Cap Index and/or 3-month US T-bills, according to momentum. " LCTD,"LCTD is an actively managed fund that targets companies in developed markets outside of the US that are considered to be equipped for a low-carbon economy transition. " WTMF,"WTMF is actively managed to provide positive returns in rising and falling markets. The fund seeks to emulate the returns of an index that takes long and short positions in currency, commodity, and Treasury futures. " BBEU,"The JPMorgan BetaBuilders Europe ETF (BBEU) tracks an index of hundreds of European stocks. The index is designed to cover the top 85% of the float-adjusted market capitalization of European equity markets, so it misses many of the small cap Japanese companies captured by rival funds like the Vanguard FTSE Europe ETF (VGK), SPDR Portfolio Europe ETF (SPEU), and iShares Core MSCI Europe ETF (IEUR). JPMorgan priced its BetaBuilders ETF lineup to compete with other low-cost providers of core portfolio building blocks. BBEU offers diversified exposure to European equities at a reasonable price, though investors looking for small cap exposure might prefer the competition. " IBMO,"IBMO tracks a market-value weighted index of AMT-free municipal bonds that mature between January and December 2026. " EMNT,"EMNT is an actively managed fund that seeks greater income and total return potential than money market funds by investing in short-term debt securities with an ESG screen. " QTUM,"QTUM tracks an adjusted-equal-weighted index of companies involved in the research and development of quantum computers. " SUSB,"SUSB tracks an index of USD-denominated, investment- grade, short-term corporate debt, selected based on positive ESG characteristics. Holdings are optimally weighted to provide a similar risk and return of the Bloomberg US Corporate 1-5 years Index. " ALTY,"ALTY tracks an index consisting of a variety of assets such as equity, debt securities and covered calls. Selected based on high dividend yield and low volatility. " BLV,"This popular ETF offers exposure to the long end of the maturity curve, with exposure to all types of bonds that have maturities greater than 10 years. BLV is heavy on both interest rate risk and credit risk, and as such will generally deliver a relatively high expected return. BLV can be a quality pick for investors seeking a one stop shop for longer term bond exposure that likely has a greater yield than a comparable pure T-Bill fund. " VCR,"The Vanguard Consumer Discretionary ETF (VCR) offers targeted exposure to the U.S. consumer discretionary sector, including stocks like apparel retailers, hotel operators, cruise line companies, auto makers, and more. Consumer discretionary ETFs can be a useful tool for investors implementing a sector rotation strategy or seeking to tilt their portfolio. VCR may appeal to some buy-and-hold investors during times of economic strength since the discretionary sector typically does well when consumers have a little extra money to spend. VCR is competitively priced against rivals like the Consumer Discretionary Select Sector SPDR (XLY} and the iShares U.S. Consumer Services ETF (IYC}. As of June 2020, VCR owns more than 200 stocks, making it a more diversified option than XLY, long the dominant fund in the space. Short-term traders may still prefer the size and liquidity of XLY. " GSSC,"The Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) offers broad exposure to small-cap stocks with Goldman's multi-factor twist. GSSC tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. Top holdings include Trex, Deckers Outdoor and Boston Beer Company. The case for investing in small companies is the growth potential compared to mega-cap stocks that may have already hit their peak. The downside is that small companies also come with a fair amount of risk. Changes in regulations, economic circumstances, or access to credit could send share prices tumbling. While some exposure to small companies is standard for many portfolios, investors should avoid the risk of leaning too heavily on a notably volatile segment. GSSC is reasonably priced for a multi-factor ETF, though more expensive than the iShares Core S&P Small-Cap ETF (JR), the plain-vanilla index ETF that is among the biggest in the small-cap segment. There are other differences besides cost. GSSC owns more than twice as many stocks as IJR. It also has a smaller slice of its portfolio invested in micro-cap stocks. Does Goldman’‘s factor twist work? There's limited performance history to go on since GSSC was launched in mid-2017, but it did outperform IJR during the pandemic turmoil of the first five months of 2020. " HYEM,"This ETF offers access to junk bonds from emerging markets issuers, an asset class that is generally excluded from long-term portfolios, but that has the potential to deliver impressive risk-adjusted returns. Most bond portfolios are dominated by holding in high quality debt of U.S. issuers. As such, HYEM offers unique exposure in two regards; it focuses on junk bonds of companies headquartered in emerging markets. As such, this ETF has the potential to bring geographic and currency diversification to a fixed income portfolio while also delivering returns materially higher than those on investment grade debt. HYEM focuses on U.S. dollar denominated debt, which removes the foreign exchange rate risk from the equation. There are a number of other emerging markets bond ETFs that include currency exposure (such as ELD), though they generally include exposure to corporate as well as sovereign debt. HYEM offers similar exposure as EMHY for a fraction of the cost, increasing its appeal among cost-conscious investors. " TECB,"TECB tracks an index of US equities that could benefit from breakthrough technologies, modified market cap weighted. " PBTP,"The Invesco PureBeta 0-5 Yr US TIPS ETF tracks an index of inflation-protected securities backed by the U.S. government. The fund invests in debt with a remaining maturity of less than five years. The mix of short- and medium-term duration also gives the fund some protection against rising interest rates, which tend to put a larger dent in the value of longer-dated Treasurys. The tradeoff is that shorter-dated Treasurys provide lower returns. PBTP may be a good choice for investors who want the safety of U.S.-backed government debt, but are also worried that a sudden surge in inflation — and the likelinood of a resulting interest rate hike — will drag down the value of longer-dated Treasurys. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. As expected, fund fees are competitive, though investors should note that older ETFs in the space have drawn more assets and liquidity. " SOXS,"This ETF offers 3x daily short leverage to the PHLX Semiconductor Index, making it a powerful tool for investors with a bearish short-term outlook for semiconductor equities. Investors should note that SOXS's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SOXS can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " GEM,"The Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) offers broad exposure to emerging market stocks with Goldman’s multi-factor twist. GEM tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. GEM is reasonably priced for a smart-beta approach to emerging markets, though it's still more expensive than ultra-low-cost plain-vanilla rivals like the iShares Core MSCI Emerging Markets ETF (IEMG) and the Vanguard FTSE Emerging Markets ETF (VWO). They lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. There’s also competition to consider in the multifactor space, including JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM) or the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM). " DMXF,"DMXF tracks a market cap-weighted, ESG-screened index of large- and mid-cap stocks from the developed markets outside North America. " HYLS,"HYLS is an actively managed fund holding up to 130% in long positions in high yield bonds it expects to outperform, and up to 30% short positions in issues it expects to underperform. " GSUS,"GSUS tracks an index of US equities selected and weighted by market capitalization. " GDXD,"GDXD provides 3x daily inverse leveraged exposure to a market-cap weighted index comprised of two gold miners ETFs. " DOO,"This ETF offers exposure to developed markets outside of the U.S. and Canada, applying a twist to distinguish itself from other options focusing in on the EAFE region. DOO could potentially have appeal to investors looking to build a long-term portfolio that underweights the financial sector, and this ETF could also be appealing to investors looking for a shorter-term tilt towards EAFE equities with a focus on enhancing current returns. This ETF has a heavy tilt towards Western Europe, though exposure is spread across a number of different countries in that region. Besides financials, which are explicitly excluded, DOO does a nice job of spreading exposure across a number of sectors--something that can't often be said about ETFs focusing on dividend payers. DOO can be used to beef up dividend payments to a portfolio while still maintaining equity upside, and investors may be surprised at the types of yields this asset class can deliver. " IBDO,"IBDO tracks a Bloomberg global index of USD denominated, investment-grade corporate bonds maturing between Dec 31, 2022 and Jan 1, 2024. " EWY,"This ETF offers exposure to South Korea, a dynamic economy that often receives a meaningful allocation in most long-term portfolios. EWY is the most liquid and most popular option for achieving exposure to the economy of South Korea, though there are other ETF options as well. Given this targeted focus, EWY is most appropriate for investors looking to fine tune international equity exposure or make a tactical and short term tilt towards this market. This ETF may also be useful as a small allocation within a longer-term portfolio among investors who believe South Korea maintains a bright long-term economic outlook. Some investors may prefer to achieve their South Korea exposure through more broad-based funds within the Global Equities ETFdb Category or Asia Pacific Equities ETFdb Category. There are some noteworthy elements of the EWY portfolio. A few companies make up a big chunk of holdings, and the portfolio is dominated by large cap stocks. Moreover, certain sectors (such as technology) receive big weightings in the fund, while others are hardly represented at all. Investors looking for exposure to South Korea through small caps--which many believe offer better ""pure play"" access to the local economy--may prefer SKOR. The combination of those two will deliver well rounded exposure to this Asian powerhouse. " AFK,"This fund offers broad exposure to continent of Africa, focusing in one numerous emerging markets in the region. AFK is heavily weighted towards the continent's largest economies with South Africa, Egypt, and Nigeria dominating the top holdings. The focus is large and mid caps but since many ETFs focus in on other regions of the world, it is likely that investors have little in terms of African exposure in their portfolios. AFK may be appropriate for investors seeking more exposure to the Southeast Asia region as most ETFs offer little in terms of investment in the area. " IXP,"This ETF offers exposure to the global telecom industry, splitting holdings between U.S. and international stocks. As such, IXP could be potentially useful for investors looking to implement a global sector rotation strategy, or for those looking to overweight the sector as part of a tactical overlay. Like many telecom ETFs, IXP_ will generally offer an attractive dividend payout, making it an interesting option for yield-hungry investors. Also like other telecom ETFs, IXP is extremely top heavy; while the underlying portfolio consists of about 50 individual securities, a small handful of those account for the majority of total assets. IST and AXTE may be alternatives for investors looking to avoid the U.S., while VOX and FCQ exists as U.S.-only alternatives. " QVAL,"QVAL is an active, equal-weighted portfolio of US value stocks, screened for forensic accounting and earnings quality. " AZBL,"AZBL aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " JIG,"The JPMorgan International Growth ETF (JIG) is an actively managed fund that invests in global equities outside the U.S. The portfolio management team analyzes company fundamentals and seeks to identify those stocks with strong growth and quality characteristics. JIG debuted in May 2020, so performance information is limited. Investors could compare it to the JPMorgan Diversified Return International Equity ETF (JPIN), a factor-based index strategy that invests in similar markets. Ultimately an investment in any actively managed product is a bet on the manager's ability to beat the market. JIG is relatively cheap for active management, but expensive for the foreign large cap equity segment. It’s especially pricey when compared with ultra-low-cost plain vanilla options like the iShares Core MSCI EAFE ETF (IEFA), the Vanguard FTSE Developed Markets ETF (VEA), and Charles Schwab’s International Equity ETF (SCHF). " SDOG,"This ETF offers exposure to a strategy that is largely similar to the popular ""Dogs of the Dow"" approach that involves a portfolio consisting of the ten components of the Dow Jones Industrial Average with the highest dividend yields. SDOG, however, casts a much wider net by drawing from the S&P 500 as its universe of potential stocks. The fund is also unique in that it maintains equal allocations to each of ten sectors; that makes it very different from many dividend-focused products, which tend to have biases towards utilities and financials. The portfolio also consists of equal weighting to each individual component stocks, which might be appealing to those who favor equal weight strategies. SDOG can be a useful tool for achieving a diverse portfolio of large cap U.S. stocks while also seeking to capture a meaningful dividend yield. SDOG will generally maintain a dividend yield that is much greater than the S&P 500, and will often exceed many other dividend- focused ETFs as well. One potential caveat is the possibility of falling into ""value trap"" stocks that have high yields that result from deteriorating business models and depressed stock prices. However, since the universe is the S&P 500, component stocks are more likely to be generally stable, large companies. SDOG is more expensive than some other funds in the Large Cap Value Equities ETFdb Category, but still features a relatively low expense ratio given the specialized objective. For investors interested in a refined, logical way to target yield, this ETF is certainly an interesting option. " FNDF,"FNDF tracks an index of large firms from developed markets ex-US. The fund selects and weights using fundamental factors. " IBDV,"IBDV tracks a Bloomberg index of USD-denominated, investment-grade corporate bonds maturing between Jan 1 and Dec 15, 2029. " HYD,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. With that being said, HYD targets bonds that are rated below investment grade and thus contains issues that have a much higher chance of default. Due to this, HYD pays out a yield that is far superior to any other funds in the category including MLN which targets long- dated issues. The fund also offers solid levels of diversification although not as much as other products in the segment; it holds about 100 securities in total with just 21% of assets going to the top ten holdings. Due to its reasonable level of diversification and its ultra high yield, HYD could be a decent choice for investors seeking additional current income and are willing to add more risk to their portfolios. Just make sure to use HYD sparingly and do not allocate all of your muni bond holdings to this somewhat risky fund. " WBII,"WBII offers an actively-managed, income-oriented portfolio with a broad range of asset choices to meet its objective of income generation with downside risk protection. " XRLV,"The Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF tracks an index that targets low-volatility stocks that are less susceptible to interest rate increases. The index looks for the 100 companies in the S&P 500 that exhibit the lowest volatility, and low sensitivity to changes in 10- year U.S. Treasury rates. The aim is to avoid stocks that perform poorly in rising rate environment. Some low-vol ETFs such as the popular Invesco S&P Low-Volatility ETF, end up with portfolios that lean heavily on staid, dividend-paying utility stocks. When interest rates rise, the dividends paid by utilities look less appealing compared to lower-risk debt investments. Rising rates can also make it more expensive for utilities to borrow money. XRLV’s rate sensitivity screen makes for a very different portfolio mix. XRLV is too targeted for many buy- and-hold investors, though it could appeal to investors trying to who want less turbulence without the pronounced overweight on utilities. Another option might be competing low-vol funds that have guard rails on how large industries can be within their portfolio. " DGP,"This ETF offers 2x daily long leverage to the broad based Deutsche Bank Liquid Commodity Index-Optimum Yield Gold, making it a powerful tool for investors with a bullish short-term outlook for gold futures and Treasury bills. Investors should note that DGP's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DGP can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " FCEF,"FCEF is an actively managed ETF that holds closed-end funds to get exposure to US and non-US equity, fixed income securities, and commodities. The fund's primary objective is to provide current income. " DVYE,"This ETF offers exposure to dividend paying stocks in emerging markets, making DVYE a tool for tine tuning exposure to an asset class that is at the core of many long-term portfolios. Given this objective, DVYE can be used in a number of different ways; it could certainly have appeal as part of a buy-and-hold strategy for those who believe that focus on dividend paying stocks leads to higher returns over the long run. DVYE can also be a way for scaling back risk exposure in emerging markets, since dividend paying stocks tend to feature lower volatility than broader markets. Finally, this ETF could potentially be used to complement other emerging markets positions, since DVYE generally focuses on sectors that may be underweighted by products such as EEM and VWo. DVYE will generally offer an attractive dividend yield that is considerably higher than funds such as EEM and VWO, delivering higher current returns to investors. An added benefit may be lower volatility, which can help to reduce downside risk during stock sell-offs. There are a number of other ETFs in the Emerging Markets Equities ETFdb Category that also place an emphasis on dividend-paying stocks; investors may wish to compare this fund to products such as HILO and EDIV on the basis of yield, volatility, and expenses before making a decision. " THNQ,"THNQ tracks a global index of companies involved in developing the technology and the infrastructure of enabling artificial intelligence. " SDY,"This ETF is linked to the S&P High Yield Dividend Aristocrats Index, which offers exposure to dividend paying large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longerterm horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. SDY is linked to an index consisting of roughly 60 holdings and exposure is tilted most heavily towards consumer, utilities, and industrials. Securities are chosen for inclusion in the fund based on their current yield; only the highest yielding companies are chosen and these firms must have increased dividends every year for at least 25 consecutive years. Thanks to this focus, SDY only invests in companies that are most likely to continue to pay out dividends in the future making it a solid pick for dividend focused investors even if the diversification is a little lacking. " FIDI,"The Fidelity International High Dividend ETF (FIDI) tracks a proprietary index of large- and mid-cap developed market stocks that are expected to continue to pay and increase their dividends. FID] owns less than 100 stocks. The shallow portfolio makes it less appealing as a standalone core holding, though it may be attractive to investors looking to augment their existing holdings in the hopes of earning a bit of added income. FIDI is reasonably priced, though there are cheaper competitors out there, like the Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF). Other rivals include the Global X MSCI SuperDividend EAFE ETF (EFAS), the iShares International Select Dividend ETF (IDV), and the WisdomTree International High Dividend Fund (DTH). Cost-conscious investors untroubled by dividend yields might consider the iShares Core MSCI Total International Stock ETF (IEFA) or the Vanguard FTSE Developed Markets ETF (VEA). " RNRG,"RNRG tracks a market-cap-weighted index of global renewable energy companies including YieldCos. " TPIF,"TPIF tracks a volatility-weighted index of international stocks screened for defined Christian values. " VOX,"This ETF offers low cost, broad-based exposure to the telecom industry, making in an option for investors looking to overweight a corner of the U.S. market that can often deliver attractive dividend yields. There are, however, some potential drawbacks: a handful of mega cap companies account for a huge portion of total assets, diminishing some of the diversification benefits that may be more apparent in a fund like XTL. VOX can be a handy tool for investors implementing a sector rotation strategy or establish a value tilt, but be aware of the huge concentration in a small handful of stocks. " TCTL,"TCTL is a fund-of-funds tracking an index which allocates across equity and fixed income ETFs globally, based on modern portfolio theory and intermediate trends. " AIEQ,"AIEQ tracks an index that holds US companies of any market cap selected using a proprietary, quantitative model based on artificial intelligence. " RZG,"RZG seeks to replicate a benchmark which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, RZG is unique in the space because it implements a ‘pure’ system. This forces the provider to classify companies in the space as either growth or value ensuring that there is no overlap between this fund and its counterpart RZV. Thanks to this shift, this fund has substantially less securities than similar products in the space and is relatively more concentrated. In fact, RZG holds just 150 securities and puts close to 17.5% of its assets in the top ten holdings, a far cry from some funds in the space that hold over 1,200 securities. Due to this, investors should consider this fund if they are looking to only tap into growth securities and want nothing to do with value companies in the space. The fund does charge more than others in the category but its methodology may be worth it to many investors. " EUM,"This ETF offers inverse exposure to an index comprised of securities from emerging markets, making it a potentially attractive option for investors looking to bet against this sector of the global economy. It's important to note that EUM is designed to deliver inverse results over a single trading session, with exposure resetting on a daily basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for ""return erosion"" in volatile markets. EUM should definitely not be found in a long-term, buy-and- hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in emerging market equities. Investors also have the option of simply selling short a traditional emerging market fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF. " FLSW,"The Franklin FTSE Switzerland ETF (FLSW) tracks an index of large and mid-size companies in Switzerland. FLSW offers broadly similar exposure to the iShares MSCI Switzerland ETF (EWL) at a fraction of the price. Despite the lower management fee, FLSW hasn’t attracted the size and liquidity of EWL. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in broadly diversified international equity funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets. " COMT,"COMT tracks a broad-market commodity index that utilizes a flexible dynamic roll strategy. " BBUS,"The JPMorgan BetaBuilders U.S. Equity ETF (BBUS) offers broad, diversified exposure to large- and mid-cap U.S. equities at an extremely competitive price. Launched in March 2019, BBUS was priced to compete with ultra-low- cost funds like the Vanguard Total Stock Market ETF (VTI), the Schwab U.S. Broad Market ETF (SCHB), and the iShares Core S&P Total U.S. Stock Market ETF (ITOT}. Its barely-there fee and diversified portfolio make this a contender for core U.S. equity holdings, but investors should be aware that it largely ignores the small-cap segment picked up by total-market rivals. " BTAL,"This ETF is part of a suite of ""market neutral"" products offered by QuantShares, a unique lineup of funds that has the potential to appreciate (or lose value) in any type of market. Because BTAL maintains equal long and short dollar positions, its performance is independent of the overall market; rather, it depends on how certain sub-sets (or factors) of the U.S. equity market perform relative to one another. As such, these securities can be used in a number of different ways. Since they should exhibit very low correlations to both stock and bond markets, some may see BTAL as a tool for smoothing out portfolio volatility-essentially a diversifying agent within traditional stock-and-bond portfolios. Others who believe the methodology has the potential to exploit market inefficiencies may see it as a means of generating alpha over both long and short time periods. Specifically, BTAL is designed to capture the spread return between high beta and low beta stocks; the portfolio maintains long positions in low beta stocks and short positions in high beta stocks. As such, BTAL can be generally expected to perform well when the market declines and to struggle when markets are climbing. This strategy is certainly nothing new; investors have been implementing strategies designed to capture the spreads between asset classes or sub-classes for decades. But the availability of this strategy within the ETF wrapper is a new innovation; it gives investors an opportunity to access a technique that may be time consuming and quite expensive if implemented individually through a single ticker symbol that brings all the efficiencies of ETFs. There are a couple interesting aspects of BTAL (and all QuantShares ETFs for that matter). The underlying portfolios are sector neutral, which ensures that the fund isn't simply long in sectors that traditionally exhibit low betas (such as utilities) and short sectors that have high " EFZ,"This ETF offers inverse exposure to an index comprised of securities from European Australasian, and Far Eastern markets, making it a potentially attractive option for investors looking to bet against this sector of the global economy. It's important to note that EFZ is designed to deliver inverse results over a single trading session, with exposure resetting on a daily basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for ""return erosion"" in volatile markets. EFZ should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in EAFE equities. Investors also have the option of simply selling short a traditional EAFE fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF. " XITK,"XITK tracks an index composed of US-listed technology and electronic media companies deemed innovative or disruptive by FactSet. " NIB,"This ETN offers exposure to cocoa futures, making it one of the more targeted and obscure commodity ETPs available. Cocoa prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and NIB is the best way to play this commodity. For investors seeking exposure to cocoa, NIB is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot cocoa. " UST,"This ETF offers 2x long leveraged exposure to the broad- based Barclays Capital U.S. 7-10 Year Treasury Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. UST can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " SUSA,"SUSA tracks an index of US companies with high environmental, social and governance (ESG) factor scores as calculated by MSCI. " FSTA,"The Fidelity MSCI Consumer Staples Index ETF (FSTA) offers exposure to the consumer staples sector, making it an appealing option for investors looking to implement a sector rotation strategy or tilt exposure toward corners of the U.S. market that may perform well during a downturn. As of June 2020, FSTA owned about 90 stocks, including small caps, making it a better-diversified option than the Consumer Staples Select Sector SPDR (XLP}, though traders may prefer the size and liquidity of XLP. FSTA is competitively priced compared with rivals like XLP and the Vanguard Consumer Staples ETF (VDC). " DBO,"This ETF provides exposure to light sweet crude oil (WTI), which is the most popular oil benchmark in the world. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. Specifically, DBO provides returns on fossil fuels that are vital to economies all around the world. WTI is the preferred crude in the majority of the world, and as such, can be a powerful investment tool. This product may be a good choice for investors looking to gain exposure to futures contracts on fossil fuels, but do not want the risks associated with a futures-contract purchase. " GLDM,"GLDM tracks the gold spot price, less expenses and liabilities, using gold bars held in London vaults. " FLRN,"This ETF offers cheap, liquid exposure to high quality floating rate bonds, an asset class that can be useful for capturing a bit of return in certain environments. Floating rate debt has very low sensitivity to interest rates, since the payouts to investors adjust with movements in a reference benchmark rate. So for those concerned about increases in interest rates, FLRN can be a useful tool for minimizing interest rate risk while still deriving some yield. It should be noted that FLRN is unlikely to deliver substantial current returns to investors; because of the floating rate feature and the focus on investment grade debt, there is little in the way of credit risk or interest rate risk to require compensation. So this security should exhibit relatively low volatility; it can be a nice way to generate a little bit of yield, perhaps as a place to park cash in between allocations to riskier asset classes. There are a number of other ETFs that offer similar exposure to floating rate debt; alternatives include FLOT and FLTR. One advantage of FLRN: this ETF is incredibly cheap. " KJAN,"KJAN aims for specific buffered losses and capped gains on the Russell 2000 over a specific holdings period. The actively-managed fund holds options and collateral. " EMHY,"This ETF offers access to junk bonds from emerging markets issuers, an asset class that is generally excluded from long-term portfolios, but that has the potential to deliver very attractive returns and _— currency diversification. Most bond portfolios are dominated by holding in high quality debt of U.S. issuers. EMHY offers unique exposure in two regards; it focuses on junk bonds of companies headquartered in emerging markets. As such, this ETF has the potential to bring geographic and currency diversification to a fixed income portfolio while also delivering returns materially higher than those on investment grade debt. It should be noted that the EMHY portfolio may consist of debt denominated in U.S. dollars, since junk bond markets outside the U.S. tend to be heavily traded in the greenback. That means that EMHY won't necessarily be impacted by changes in exchange rates that can affect local currency-denominated bonds. " EAPR,"EAPR aims for specific buffered losses and capped gains on the MSCI Emerging Markets Index over a specific holdings period. The actively-managed fund holds options and collateral. " BDEC,"BDEC aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " XLU,"This Sector SPDR is one of the most popular options for investors looking to gain exposure to the U.S. utilities sector, a corner of the domestic stock market known for relatively low volatility and relatively high distribution yields. A fund like XLU might be useful for establishing low risk equity exposure or for enhancing the current returns generated by the equity side of a portfolio. Like most sector-specific ETFs, XLU is probably most appealing to those implementing a sector rotation strategy or looking to establish a tactical tilt towards this low beta sector of the U.S. market. Those building a long-term buy- and-hold portfolio will likely achieve utilities exposure through broad-based equity funds (though the allocation to this sector can be relatively small}. Investors should be wary of unintentional over-concentrations, since many dividend ETFs and low-volatility funds have a significant slice of their assets invested in utility stocks. While the exposure offered by XLU is generally similar to other products in the Utilities Equities ETFdb Category, one potential drawback is the relatively shallow portfolio, which leans heavily on large cap stocks. Investors looking for broader exposure, including small caps, might prefer the Fidelity MSCI Utilities Index ETF (FUTY) or the Vanguard Utilities ETF (VPU). The Invesco S&P 500 Equal Weight Utilities ETF (RYU) offers an approach that avoids big concentrations in any one name. As of June 2020, XLU has a higher management fee than FUTY and VPU, but XLU offers unparalleled liquidity within this category, making it a popular choice among those looking to establish or liquidate a position quickly. " FSMD,"The Fidelity Small-Mid Factor ETF (FSMD) is one of a handful of funds that offers exposure to small- and mid- cap U.S. stocks, an asset class that can make up a significant slice of many long-term portfolios. FSMD targets companies with attractive valuations, high quality profiles, positive momentum, and lower volatility than the broader market. This ETF may be appealing both to those in the asset allocation business, and to buy-and-hold investors who already maintain large cap exposure through something like an S&P 500 fund. Many funds focus exclusively on small- or mid-cap stocks, making FSMD a convenient one-stop-shop for those looking to invest in the bottom slice of the size spectrum. While FSMD owns hundreds of stocks, it has a shallower portfolio than either the iShares Russell 2500 ETF (SMMD) or the Vanguard Extended Market ETF (VXF). FSMD is reasonably priced for a factor ETF, but VXF offers more diversification and better liquidity at a fraction of the price. " DBEM,"This ETF offers exposure to emerging markets, making DBEM one of many products offering exposure to an asset class that is often a core component of long-term, buy-and-hold portfolios. This fund is similar to products such as EEM and VWO as far as the underlying portfolio; the overlap between these ETFs is nearly perfect. But DBEM is unique from other emerging markets ETFs because it hedges out the currency exposure that an investment in international equities entails. In addition to establishing a long position in international stocks, investors using most emerging markets ETFs are also going long the currencies of the underlying stocks (including the Brazilian real, Indian rupee, and Russian ruble) and short the U.S. dollar. DBEM uses short term forward contracts to neutralize the impact of exchange rate fluctuations, essentially isolating the local performance of the emerging market stocks as the driver of returns. While this difference may seem minor, the impact of currency movements on equities can be a significant source of return--both positive and negative-- to U.S. based investors. Though DBEM's portfolio is nearly identical to those of EEM and VWO, the risk/return profiles of these products can vary significantly. Investors who expect the U.S. dollar to strengthen relative to its developed market rivals may prefer DBEM as the optimal means of establishing exposure to the emerging markets region, as this fund should outperform EEM / VWO when the U.S. currency appreciates. Those with a bearish outlook for the greenback may prefer to leave currency exposure unhedged, utilizing a fund such as EEM instead. Those investors without a strong view in either direction might use a mix of both hedged and unhedged EAFE ETFs (eg 50% in DBEM and 50% in EEM). Given the broad focus of this ETF, DBEM might be very useful to those building a long-term portfolio; the EAFE " JDIV,"The JPMorgan U.S. Dividend ETF (JDIV) tracks a rules- based index that weights stocks based on volatility and yield and selects the highest-yielding stocks. As of June 2020, the fund owns more than 200 stocks ranging from micro cap to large cap. JDIV is competitively priced, though there are less expensive rivals, including ultra- cheap dividend ETFs like the giant Vanguard Dividend Appreciation ETF (VIG) or the Vanguard High Dividend Yield ETF (VYM). JDIV also lags in both assets and liquidity. " RBIN,"The Nationwide Risk-Based International Equity ETF (RBIN) tracks an index of large-cap U.S. equities outside of North America. RBIN follows the Rothschild & Co. Risk-Based International Index that assesses securities for risk and volatility, eliminating the riskiest 50 percent of the universe. The remaining securities are weighted by volatility and correlation, in an effort to make sure that every stock contributes the same amount of risk to the portfolio. There are about 200 stocks in RBIN’s portfolio. Launched in 2017, RBIN is a latecomer to a crowded space of foreign large-cap equities. Nationwide is often the biggest investor in its own ETFs, a common strategy, especially for newer entrants, known as BYOA: Bring Your Own Assets. And while it's not outrageously priced, there are plenty of cheaper funds out there. Investors have plenty of alternatives for exposures to these markets, many with significantly lower fees, such as the Invesco RAFI Strategic Developed ex-U.S. ETF (ISDX), the Schwab Fundamental International Large Cap Equity Index ETF (FNDF), the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (QLVD), the Goldman Sachs ActiveBeta International Equity ETF (GSIE), or the JPMorgan Diversified Return International Equity ETF (JPIN). Lastly, investors might want to compare returns with plain-vanilla ex-U.S. funds that charge a fraction of RBIN’s management fee, like the Vanguard FTSE All-World ex-U.S. ETF (VEU) or iShares Core MSCI EAFE ETF (IEFA). IEFA owns more than two thousand securities, and so is far less concentrated than RBIN, and provides much more liquidity. RBIN has limited performance history, but in the time it's been on the market, it has sometimes lagged IEFA and other times come out ahead. " CTEC,"CTEC tracks a market-cap weighted index of global companies involved in the development and production of technologies that reduce negative impact on the environment " BSJO,"The Invesco BulletShares 2024 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from_ high-yield exposure can Sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired " ESEB,"The Xtrackers J.P Morgan ESG Emerging Markets Sovereign ETF (ESEB) tracks an index of debt issued by emerging market governments, but screens the securities based on environmental, social and governance factors, an investing style known by the acronym ESG. ESEB will exclude issuers that are involved in thermal coal, tobacco, weapons, or violations of the UN Global Compact principles. Each issuer is scored based on ESG criteria, then divided into five tiers. Those in the lowest tier are removed, and the remainder are weighted based on their tier, so that the portfolio tilts toward those securities with the highest ESG scores. Bonds that earn the “green” designation from the Climate Bond Initiative will be boosted up a tier. There are plenty of ESG funds, and plenty of emerging-market debt funds, but ESEB is unique in its combination of emerging market debt with an ESG screen. Better yet, ESEB’s management fee is below average for the emerging debt category. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. Today's strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is maintain market-like diversification with a tilt toward the best corporate citizens. It's worth nothing that there are plenty of skeptics when it comes to “green” bonds and ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Investors who prefer plain-vanilla emerging market debt ETFs can take a look at the iShares JPMorgan USD Emerging Markets Bond ETF (EMB) or the Invesco Emerging Markets Sovereign Debt ETF (PCY). " SCHR,"This ETF offers exposure to Treasurys with three to ten years to maturity, providing moderate interest rate risk but delivering higher returns than short-term products such as SHY. SCHR can be a nice tool for fine tuning fixed income exposure, and is rather efficient from a cost perspective, especially if you have a Charles Schwab account. " INDA,"This ETF offers exposure to Indian equity markets, making INDA one of many ETF choices for investors looking to access an emerging market that maintains both tremendous growth potential and considerable volatility. Considerable India exposure is a part of many broad- based emerging markets ETFs, but those looking to overweight this economy may find INDA to be a useful tool. Like many international ETFs, INDA leaves a bit to be desired in terms of diversification; with just about 70 components in total and a heavy allocation to the ten holdings, the underlying portfolio is somewhat concentrated. Investors should note that the fund is dominated by large cap companies; pairing this fund with a small cap ETF such as SCIF or SCIN may result in more complete exposure to India's equity markets. For those seeking comparable large cap products with a more established track record, there are some other options available, including earnings-weighted EPI and cap- weighted INP. It’s worth nothing that INDA boasts the cheapest expense ratio among India ETFs, making this an appealing option for cost conscious, buy-and-hold investors. " YANG,"This ETF offers 3x daily short leverage to the FTSE China 50 Index, making it a powerful tool for investors with a bearish short-term outlook for China large cap stocks. Investors should note that YANG's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. YANG can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " VEGA,"This ETF is actively managed, and offers investors a way to gain access to the popular buy-write strategy. The buy- write strategy this ETF implements essentially involves the combination of long positions in various asset classes with short positions in call options on those asset classes. The result is limited upside -- gains will be capped in bull markets due to the writing of the options -- along with a reduction in the loss potential. As such, this technique can be used to lower overall volatility and limit downside risk while potentially boosting returns and providing a stream of income to the portfolio. For investors looking so smooth volatility, VEGA could potentially be useful. It should be noted that htis ETF is actively manged, which contributes to a relatively high overall expense ratio. There are a couple other exchange-traded products that offer access to long-short strategies as well, including PBP. That ETF has a much lower expense ratio, and implements this strategy on the S&P 500. " IWO,"IWO seeks to replicate a benchmark which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. With that being said, IWO does an impressive job of dividing up assets as the fund holds close to 1,260 securities in total and doesn't give any one security more than 0.8% of the total assets. Thanks to this high level of diversification and IWO's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small caps but are seeking a higher risk/reward profile in the space. However, it should be noted that there are several other products in the space, namely IJT, SLYG, and VBK, that offer similar diversification at a cheaper price, potentially making them better choices for long-term investors. " USO,"This fund offers exposure to one of the the world's most important commodities, oil, and potentially has appeal as an inflation hedge. While oil may be appealing, USO often suffers from severe contango making the product more appropriate for short-term traders. " QJUN,"QJUN aims for specific buffered losses and capped gains on QQQ ETF over a specific holding period. The actively- managed fund holds options and collateral. " XSLV,"The Invesco S&P SmallCap Low Volatility ETF is a small- cap variation of the popular Invesco S&P 500 Low Volatility ETF, which invests in large-cap U.S. stocks that exhibit lower market turbulence. XSLV starts with the S&P SmallCap 600 index, and selects the 120 stocks with the lowest realized volatility in the previous year. Like its sister fund, XSLV is likely to have a widely different sector composition compared with a plain-vanilla small-cap ETF. Fees are reasonable for a factor fund, although there are cheaper small-cap options from plain-vanilla rivals. The higher fees and targeted portfolio are probably not what buy-and-hold investors are looking for, but XSLV could be a good option for tactics investors who want to tilt their small-cap portfolio toward less volatile stocks. " SSO,"This ETF offers 2x daily long leverage to the S&P 500 Index, making it a powerful tool for investors with a bullish short-term outlook for large cap equities. Investors should note that SSO's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SSO can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " PREF,"The Principal Spectrum Preferred Securities Active ETF (PREF) is an actively-managed fund that seeks to invest in preferred securities that offer attractive yields, diversification and reduced risk compared with other fixed-income funds. The portfolio team at Principal also seeks out securities that have variable or floating interest rates that might result in increased coupons and help manage interest rate risk. PREF’s management fee is below average for the ETFdb preferred stock/ convertible bond ETF category. Investors can compare performance to the First Trust Institutional Preferred Securities Income ETF (FPEI), another actively-managed fund. Both funds launched in 2017. PREF has raised more assets, perhaps because its fee is significantly lower. Investors also have a number of options for index- tracking ETFs that invest in preferred securities, such as the iShares Preferred and Income Securities ETF (PFF}, the Invesco Financials Preferred ETF (PGF), the VanEck Vectors Preferred Securities ex-Financials ETF (PFXF}, or the Global X U.S. Preferred ETF (PFFD). " TDIV,"TDIV tracks a modified dividend-weighted index of US- listed technology companies that pay regular dividends. " NUAG,"NUAG tracks a US broad-market investment-grade bond index, overweighting market segments with higher yield potential while maintaining the overall risk and credit profile of the broad market. " IGM,"This ETF offers low cost exposure to the U.S. tech sector, making it one of many options available to investors seeking to access an industry that is capable of remarkable rallies and steep declines over short periods of time. Given the sector-specific focus, IGM is probably too granular for those building a long-term, buy-and-hold portfolio, but can be useful for investors putting on a tactical tilt or looking to beef up tech sector exposure. IGM's primary appeal is its wide scope in holdings, the fund has more than 250 securities in total and does a decent job of spreading assets around among these companies. However, it should be noted that typical tech giants such as Apple, IBM, and Microsoft dominate the top of the list of holdings and may already be found in large quantities in other parts of an investor's portfolio. VGT and XLK offer generally similar exposure, while the equal- weighted RYT gives investors an option that will be more balanced in nature and avoid concentrations in a small handful of tech giants. " WFIG,"WFIG tracks an index composed of investment grade, US corporate bonds. Constituents are selected and weighted by fundamental company and bond risk characteristics. " TOLZ,"TOLZ tracks an index of companies that derive more than 70% of cash flows from infrastructure-related businesses. " AMJ,"This ETF will invest its assets in a market-cap weighted, float-adjusted index created to provide a comprehensive benchmark for investors to track the performance of the energy MLP sector. MLPs have attracted significant interest for two primary reasons: (1) required quarterly distributions provide a steady stream of current income, and (2) because they are partnerships, MLPs avoid corporate income taxes at both the federal and state level; the tax liability is passed through to the individual partners. By generating at least 90% of income from natural resource-based activities such as transportation and storage, an entity can qualify as an MLP and not be taxed as a corporation. So the IRS treats shareholders of an MLP as partners, making the MLP itself a pass-through entity. That means that taxes are avoided at the corporate level, and investors avoid the double taxation of income. AM] will be a great addition to a yield-starved portfolio seeking the steady income offered by these robust products. " GBF,"This ETF offers broad-based exposure to investment grade U.S. bonds, making GBF a building block for any investor constructing a balanced long-term portfolio as well as a potentially attractive safe haven for investors pulling money out of equity markets. While GBF can potentially be a one stop shop for fixed income exposure, a close look at the composition of this fund is advised. Many may find the significant allocations to MBS and Treasuries somewhat insufficient for their return objectives; increased corporate bond exposure through LQD may result in a better balance and more attractive return. While GBF includes hundreds of individual securities, this ETF actually only holds a fraction of the bonds that make up the underlying benchmark; the sampling strategy employed avoids illiquid issues, but may lead to tracking error. GBF has reasonable levels of liquidity-- there are more liquid options out there-- but the expense ratio for this fund is pretty low and is among the lowest in the Category. However, for investors looking to avoid compounding costs and tracking error, the broad- based BND may be a better option for U.S. fixed income exposure. " SPYX,"SPYX follows an S&P 500- based index excluding companies with known fossil fuel reserves. " GK,"GK is an actively managed fund that offers exposure to a portfolio of US growth stocks across multiple investment themes believed to represent top thematic macro opportunities. " FXF,"This ETF offers exposure to the Swiss franc relative to the U.S. dollar, increasing in value when the franc strengthens and declining when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the CHF/USD exchange rate, FXF is the only real ETF option available. " FTEC,"The Fidelity MSCI Information Technology ETF is one of the cheaper broad-based tech ETFs on the market but it hasn’t enjoyed the same popularity as pricier rivals offered by State Street and Vanguard. For a management fee of 8 basis points, FTEC offers broad exposure to more than 300 tech firms, dominated by giants like Apple, Microsoft and Intel. Like rivals including State Street's popular Technology Select Sector SPDR Fund (XLK) and the Vanguard Information Technology ETF (VGT), FTEC also owns sizable slugs of Visa and Mastercard. Launched in 2013, FTEC has amassed less than $3 billion in assets while its pricier rivals XLK and VGT manage more than $500 billion apiece. The divergence is even more surprising given FTEC’s cheaper price tag: XLK charges 13 basis points and VGT charges 10 basis points. The lack of popularity isn’t due to any particular defect of FTEC; rather, it’s largely due to a dearth of marketing by Fidelity, which has a long-standing arrangement with BlackRock’s iShares funds, which are offered commission free on Fidelity’s platform. FTEC might appeal most to existing Fidelity brokerage customers who want a commission-free fund that offers broad and inexpensive exposure to the technology sector. Investors should note that that FTEC, like XLK and VGT, doesn't invest in popular stocks often thought of as technology firms, including Facebook, Twitter and Google- parent Alphabet Inc. This is due to a global shift in index taxonomy reclassified those firms as “communications services.” And for sophisticated traders, XLK is still the preferred tool because of its size, liquidity and active options market. " PIE,"This ETF offers exposure to emerging market economies, standing out as a potential alternative to cap-weighted products such as EEM or VWO. Instead of simply including the largest emerging market stocks, PIE screens potential components based on relative strength factors, selecting approximately 100 securities. For investors who buy into the investment thesis behind the relative strength strategy, PIE might make for a better way to access emerging economies. The methodology may also be appealing because it avoids the concentration issues that can plague cap-weighted products; though PIE has only 100 or so components, exposure is spread very evenly across the names that make up the portfolio. It's also likely to have a bigger allocation to small caps and mid caps, while EEM and VWO are primarily comprised of large cap stocks. The biggest drawback of PIE is the expenses; the management fee is considerably higher than low cost options such as VWO, and the potentially higher turnover may lead to less-than-optimal tax efficiency. If you buy the relative strength methodology, PIE might be very attractive. Otherwise, there are a number of alternatives, including the equal-weighted EWEM or the RAFI-weighted PXH. " JAGG,"This ETF is no longer active. See active ETFs in the Total | Category. tals Analy suer JPMorgan Chase The An and JPMorgan ructure ETF cpense Ratio 0.07% [TF Home Page Home page ception Dec 12, 2018 dex Tracked ACTIVE - No Index F Database Themes FactS " EMCB,"This ETF offers exposure to debt of emerging markets issuers, focusing specifically on corporate bonds. As such, EMCB offers access to a corner of the global bond market that many fixed income portfolios overlook; it represents away to round out exposure to emerging markets with a position to complement emerging markets stock ETFs. Emerging markets corporate bonds offer a way to enhance returns relative to U.S. debt, potentially without taking on significant incremental risk. EMCB focuses on dollar-denominated debt, which removes the exchange rate risk from the equation. There are a number of other emerging markets bond ETFs that include currency exposure (such as ELD), though they generally include exposure to corporates and sovereign debt. Another noteworthy aspect of EMCB is that this ETF is actively managed as opposed to index-based. That results in a slightly higher expense ratio, but may be soothing for investors who aren't comfortable with the combination of indexing strategies and fixed income, or for those who are simply prefer an experienced manager in asset classes that can be potentially illiquid and inefficient. " XYLD,"XYLD tracks an index of S&P 500 stocks and sells one- month, at-the-money call options on up to 100% of each stock. " FBT,"FBT is one of a handful of biotech ETFs available, offering exposure to a corner of the market that can perform well during periods of consolidation and is capable of big jumps in the event of major drug approvals. FBT focuses on a narrow sector of the health care market segment, and as such is probably too precise for most investors seeking to construct a long-term portfolio. But this ETF can be useful for those seeking to fine tune exposure or for those bullish on the sector over the long run. FBT focuses primarily on U.S. stocks, and consists primarily of mid cap and small cap securities. FBT's portfolio is somewhat limited, though the equal-weighted methodology of the underlying index ensures that assets are balanced across all components. That feature can be particularly important in the biotech space, where specific companies are capable of turning in big gains over short periods of time. PBE and IBB are other ETF options for biotech exposure; those considering this sector should take a close look at depth of exposure and weighing methodology, as these factors can have a major impact on the risk and return profiles achieved. " IAI,"IAl offers targeted exposure to a sub-sector of the U.S. financial sector, focusing on companies that include securities brokers and dealers, online brokers, and securities or commodities exchanges. As is often the case with niche funds offering such targeted exposure, IAI is relatively concentrated with fewer than 30 individual holdings. That level of concentration is often required to deliver such fine tuned exposure, but may result in a few big names driving total returns. This ETF does a nice job spreading exposure across the components. Investors seeking broader exposure to the U.S. financial sector may prefer a fund such as XLF or RYF that include a more diverse lineup of component companies. IAI offers exposure to a very specific type of financial firms, though it is noted that many components are involved in a wide variety of financial activities, and as such may not serve efficiently as pure plays on the investment thesis behind this fund. For example, Goldman Sachs and Morgan Stanley, two of the largest components, generate substantial revenues from other financial activities. IAI isn't the only ETF available for investors seeking targeted broker-dealer exposure-- there is KCE as well-- but investors should be aware of the potential limitations to this fund. " QQQM,"The Invesco NASDAQ 100 ETF (QQQM) tracks the top 100 largest non-financial companies listed on the Nasdaq. If that sounds familiar, it should: QQQM is virtually identical to Invesco's QQQ Trust (QQQ}, one of the oldest, largest and most-traded ETFs on the market. So why would Invesco launch a twibling? The short answer: Invesco designed the new QQQM to appeal to buy-and-hold investors, while traders and institutional buyers may prefer to stick with the original QQQ. Let's explain. For starters, the new fund is cheaper. QQQM (affectionately known as the Q mini) has a lower management fee. Shares of the Q mini are also a fraction of the value of QQQ, putting the mini within reach of small savers who might balk at QQQ’s price tag. So why didn’t Invesco just cut the price of QQQ? There are several reasons. Many older funds like QQQ, which launched in 1999, were structured as trusts. Trusts, unlike many other equity ETFs, can’t lend out the stocks in their portfolio, and use the revenue to help offset fees. They also can’t reinvest dividends, which many buy-and-hold savers prefer. The Q mini can do both. Invesco is not the only ETF firm to introduce newbie versions of older, pricier funds. State Street did the same thing with SPLG, a buy-and-hold version of SPY, the oldest and largest ETF in the world. And BlackRock’s iShares successfully pioneered the concept with its Core series, which offered cheaper versions of legacy iShares ETFs. This way, ETF issuers can appeal to all comers — better to cannibalize your own funds with in-house rivals than watch a competitor eat your market share. Does that mean QQQM is meant to replace QQQ? That depends on the investor. For the buy-and-hold saver, the mini-Q is likely the more appealing option: lower fees, smaller share price, reinvested dividends. But big institutional investors and high-speed firms will likely stick with QQQ, at least for now; the larger size makes QQQ cheaper to trade, and the QQQ has a sizable lead when it comes to liquidity. " RDVY,"RDVY tracks an index of 50 large-cap stocks with rising, high-quality dividends. " JPMB,"The JPMorgan USD Emerging Markets Sovereign Bond ETF (PMB) tracks a_ proprietary index of U.S.-dollar denominated debt issued by emerging market governments, filtered for liquidity and country risk and allocated across credit ratings. This ETF delivers exposure to an asset class that can enhance current returns and deliver geographic diversification without subjecting investors to the exchange fluctuations of local-currency debt. Investors who prefer plain vanilla emerging market debt ETFs can look to the iShares JPMorgan USD Emerging Markets Bond ETF (EMB), the Vanguard Emerging Markets Government Bond ETF (VWOB), or the Invesco Emerging Markets Sovereign Debt ETF (PCY). JPMB is priced competitively though it lags its rivals in assets and liquidity. " NLR,"This ETF offers exposure to the nuclear power industry, while also offering a way to invest in stocks of companies engaged in the production of uranium--the key component of nuclear power. As such, NLR offers exposure to all spots along the value chain for nuclear power, from the manufacture of input materials to operation of power plants. It should also be noted that this ETF is global in nature, with about a quarter of assets going to U.S. stocks. This ETF can be an interesting option for those looking to bet on nuclear power over the long run, with URA and NUCL serving as the closest alternatives. URA is more of a pure play on the uranium industry, whereas NUCL may be more appealing from an expense perspective. " DMAR,"DMAR aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " IEV,"This ETF offers investors a way to access the economies of developed Europe, including 350 stocks in more than a dozen different economies. For investors who favor a region by region approach to international equities, IEV can be a building block in a long-term buy-and-hold portfolio (though some may prefer broader EAFE funds such as VEA). This iShares fund offers impressive liquidity and solid diversification, as no one name accounts for a significant portion of assets and the portfolio is spread across numerous markets and sectors. The biggest concern with IEV is the expenses; this ETF is considerably more expensive than options such as VGK; that fund includes more holdings at only a fraction of the cost. IEV is an efficient way of establishing a Europe bias, but the fees are too high to be justified, especially considering the cost structure of the closest competition. " DBMF,"DBMF aims to emulate the performance of a group of CTA hedge funds. The funds model allocates weights to derivatives selected by the funds active managers. " BJUL,"BJUL aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " NOCT,"NOCT aims for specific buffered losses and capped gains on the NASDAQ 100 over a specific holdings period. The actively-managed fund holds options and collateral. " IYT,"This fund, issued by iShares, provides exposure to a benchmark that represents the transportation industry of the US. An investment on the transportation industry could reach into multiple tiers of the economy, as consumer goods as well as raw materials are always in need of being ferried from one location to another. Energy, though behind the scenes, has a major impact on the transportation industry, as rising gas prices or new alternative solutions can have a huge impact on the performance of these individual companies, their bottom lines, as well as the mode of transportation that is in most demand. IYT is heavily exposed to two corners of the transportation market with railroads and trucking making up the two biggest sections by far. For investors looking at transportation from a business perspective this fund represents a solid choice but for those looking to tap into consumer transportation XTN could be the way to go. Either way, the fund is likely to granular for most investors and it should be used as more of a tactical tilt than a core holding by most investors. " QVMS,"QVMS tracks a market-cap-weighted index of small-cap companies in the US that exhibit quality, value and momentum factors. " PXH,"This ETF offers exposure to emerging markets, making it a potential cornerstone of any long-term portfolio and a useful tool for implementing shorter-term tactical overlays as well. While this ETF has considerable overlap with more popular EM ETFs such as VWO or EEM, there are some key distinctions that shape a very unique risk/return profile. PXH is linked to a RAFI-weighted index that determines components and individual security weightings based on fundamental measures such as book value and cash flow. As such, PXH breaks the link between stock price and security allocation and may have appeal as an alternative to market capitalization weighting systems that have numerous potential drawbacks. PXH features the same biases that are common in many EM ETFs, including big weightings to energy and financials. This fund does offer nicely balanced exposure, with about 300 components (though a few account for a big portion of assets). Other alternatives to cap-weighted ETFs include the equal- weighted EWEM or the dividend-weighted DEM, both of which have potential advantages and drawbacks. PXH is considerably more expensive than VWO, but for investors who believe in the merits of the RAFI methodology it may be a better way to achieve emerging markets exposure. " TMV,"This ETF offers 3x short leveraged exposure to the broad- based NYSE 20 Year Plus Treasury Bond Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. 30 year treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TMV can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " DIVB,"DIVB tracks an index of all-cap US stocks that have a history of dividend payments and/or share buybacks. " CSA,"CSA tracks an inverse-volatility-weighted index of 500 largest US companies in the small-cap space meeting certain market capitalization limit. " VMOT,"VMOT is an active, equal-risk-weighted portfolio of value- and momentum-oriented ETFs. The fund can fully hedge its equity exposure in down-trending markets. " LSAF,"LSAF tracks an equal-weighted index of US stocks selected by multiple fundamental factors. " IFV,"IFV is an ETF-of-ETFs that tracks a momentum-driven, country/region rotation index of international equities. The index is equal-weighted. " LABU,"LABU provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. " XSHD,"The Invesco S&P SmallCap High Dividend Low Volatility ETF tracks an index of 60 dividend-paying U.S. small-caps which are less susceptible to market swings. The index methodology starts with 600 U.S. small-cap stocks, and selects the 90 that have the highest dividend yields in the past year. No one sector can contribute more than 10 stocks. From those 90, the index selects the 60 with the lowest volatility in the past 12 months. The companies with they shiest dividend yields receive the largest weights within the portfolio. While fees are reasonable, XSHD is more expensive than rival small-cap ETFs, and the portfolio is too narrow for most buy-and-hold investors. Invesco offers similar strategies in large-cap U.S. equities. While the sister fund has attracted substantial assets, XSHD has struggled to boost inflows and liquidity. There are cheaper small-cap ETFs out there that offer deeper liquidity and better diversification. " IDOG,"IDOG tracks an equal-weighted index that selects the five companies with the highest dividend yield in each of the 10 GICS sectors from international developed markets. " ULVM,"ULVM tracks an index of large-cap US stocks that are selected by equal parts value and momentum, and weighted by volatility. " RPG,"This ETF is linked to the S&P 500 Pure Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. RPG is linked to an index consisting of roughly 130 holdings and exposure is tilted most heavily towards consumer cyclical and technology. Viable alternatives with comparable holdings include IVW and SPYG, while VOOG is the cheapest option. " VONG,"This ETF is linked to the Russell 1000 Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer- term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as companies re- invest earnings. VONG is linked to an index consisting of just over 600 holdings and exposure is tilted most heavily towards technology, while industrials, energy, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include IWF and SCHG. " GUNR,"This ETF is one of the more unique products in the Commodity Producers Equities ETFdb Category; GUNR focuses on the ""upstream"" portion of the natural resources supply chain, maintaining meaningful exposure to the water and timber industries along with positions in companies engaged in energy production, metals extraction, and agriculture. While this focus of GUNR might seem unique, this product consists of many well known stocks that are also found in other commodity- related products. GUNR is tilted heavily towards mega cap stocks, including Big Oil and major mining furms. Products such as GUNR may have appeal as ways to establish ""indirect"" exposure to commodity prices. Because the profitability of the component stocks tends to move in unison with spot prices of the underlying resources, this fund should perform well when natural resource prices are on the rise. GUNR can be used in a number of different ways; those looking to maintain a tilt towards commodity intensive equities might find this fund to be a valuable addition to a long-term, buy-and-hold portfolio. It can also be an effective way to establish more tactical, short-term exposure to the commodity industry. The GUNR portfolio consists of a number of names that are probably widely recognized by most investors, including mega cap energy and mining firms. With more than 100 individual components, GUNR offers relatively deep exposure to the global commodity sector; it also achieves impressive balance, spreading holdings relatively evenly across the basket of stocks. In terms of expenses, GUNR is towards the low end for this corner of the ETF market. For investors seeking more targeted exposure to commodity-intensive equities, there are a number of options in the Commodity Producers Equities ETFdb " DIVS,"DIVS is an actively-managed portfolio of dividend-paying companies from both developed and emerging markets. The fund seeks income and consistent dividend growth. " LABD,"LABD provides daily 3 times inverse exposure to the S&P Biotechnology Select Industry Index. " FVD,"This unique ETF gives investors an opportunity to access stocks of dividend paying companies, an asset class that may have appeal to long-term investors looking to maximize current returns from the equity portion of their portfolios or to those with more of a short-term focus looking to capitalize on bargain prices among value stocks. FVD relies on rankings assigned by Value Line, a research company that analyzes stocks using a proprietary methodology. As such, FVD is one of the ETFs that blurs the lines between active and passive management, seeking to replicate an index that employs quant-based analysis to determine its holdings. FVD gives investors balanced exposure to dividend-paying stocks, spreading exposure across a variety of sectors and market capitalizations and avoiding any _ significant concentrations in individual securities. The relatively narrow focus of this fund may limit its usefulness to investors seeking broad exposure, though FVD can be useful for those looking to focus on dividends and who believe the underlying Value Line methodology is sound. A potential drawback of this ETF is fees; FVD is considerably more expensive than most dividend ETFs, such as VTV. " MFDX,"MFDX tracks an international, developed-market equity index that selects securities according to a combination of fundamental and technical factors. " VIXM,"This ETF offers exposure to medium-term VIX futures, giving investors a way to achieve exposure to an asset class that often exhibits a strong negative correlation with equities. It should be noted that VIXM does not offer exposure to the spot VIX; rather it replicates an index comprised of futures contracts, and as such will be impacted by factors beyond simply movements in the ""fear index."" Because VIXM consists of longer-dated futures contracts, it may feature diminished correlation to the spot VIX, but generally won't be subject to the significant contango-related return erosion experienced by short term products such as VXX, VIIX, or VIXY. Still, this product should not be a component of long-term buy- and-hold portfolios; it is designed for sophisticated investors with a short-term focus, and is nearly guaranteed to lose value over the long run. One structural note: VIXM is an ETF, whereas the products offering similar exposure (VXZ and VIIZ) are ETNs. ETFs aren't exposed to credit risk, but may experience tracking error. Also, there can be different tax treatments between the two; the nuances should be understood when determining which is best for your objectives. " KEUA,"KEUA tracks an index of EUA carbon credit futures. The index holds futures that mature in December of the next one or two years. " TNA,"This ETF offers 3x daily long leverage to the Russell 2000 Index, making it a powerful tool for investors with a bullish short-term outlook for small cap equities. Investors should note that TNA's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TNA can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " EWP,"EWP offers investors exposure to the European market of Spain by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Spanish market in particular, EWP is probably the best ‘pure play’ option available. " GIGB,"The Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) is Goldman’‘s offering for investors looking to access a corner of the bond market that should be a core component of any-long term, buy-and-hold portfolio. GIGB tracks the proprietary FTSE Goldman Sachs Investment Grade Corporate Bond Index. The index tries to eliminate issuers that exhibit deteriorating fundamentals, like worsening operating margins and leverage. The portfolio leans more heavily on cash and shorter-dated securities than the iShares iBoxx §$ Investment Grade Corporate Bond ETF (LQD), the giant in the space GIGB is competitively priced for this ETFdb category. In a crowded segment, Goldman has managed to raise significant assets since its 2017 debut, though it’s still a fraction of the size of LQD and lacks LQD’s liquidity and tight spreads. Other competition in the space includes the ultra-low-cost SPDR Portfolio Corporate Bond ETF (SPBO), the Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) or the WisdomTree U.S. Corporate Bond Fund (WFIG). " FLQL,"The Franklin LibertyQ U.S. Equity ETF (FLQL) tracks a proprietary index of U.S. large cap stocks. The methodology aims to mitigate the risk of loss in a downturn while still capturing gains. The index tilts toward quality and value, with smaller allocations to momentum and low-volatility. FLQL is reasonably priced for the category, though there are cheaper options out there. Investors might compare it to other value and quality funds, as well as multi-factor ETFs such as the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD), the Schwab U.S. Large-Cap Value ETF (SCHV}, and the Vanguard Value ETF (VTV}. " SENT,"SENT is an actively-managed fund that uses data analytics to invest in US-listed stocks with near-term revenue upside potential while hedging overall market exposure. " IBTD,"IBTD tracks a market-value-weighted index of US Treasury bonds maturing between January and December 2023. The fund will terminate in December 2023. " KOCT,"KOCT aims for specific buffered losses and capped gains on the Russell 2000 over a specific holdings period. The actively-managed fund holds options and collateral. " GOVT,"This ETF provides broad-based exposure to U.S. Treasuries with a number of different maturities. GOVT separates itself from popular funds like AGG by focusing exclusively on Treasuries, unlike the latter ETF which also includes a mixture of agency and corporate bonds as well. GOVT should not be considered as a core holding however, since Treasuries often make up a significant chunk of broad-based fixed income products such as AGG and BND. This ETF holds a basket of debt securities with a remaining maturity of one or more years; as such, investors who are wary of interest rate risk may wish to tilt exposure towards the short end of the maturity curve with a product like SHY. On the other hand, a product like TLT will be more appropriate for investors who are looking to target long-term Treasuries. " MGK,"This ETF is linked to the MSCI US Large Cap Growth Index, which offers exposure to large-cap companies within the growth sector of the domestic equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. MGK is linked to an index consisting of just under 200 holdings and exposure is tilted most heavily towards technology, while health care, industrials, and consumer goods receive equal weightings. Viable alternatives with similar holdings include IWF and JKE, while SCHG is the only option with a comparably low expense fee. " ASEA,"This fund offers broad exposure to the original five members of the Association of Southeast Asian Nations; Singapore, Indonesia, Malaysia, Thailand, and the Philippines. Its primary focus is large cap companies and the fund is heavily weighted towards firms in Singapore and Malaysia. ASEA may be appropriate for investors seeking more exposure to the Southeast Asia region as most ETFs offer little in terms of investment in the area. " XRT,"This ETF offers exposure to the U.S. retail industry, a targeted sub-sector of the consumer discretionary space that may have appeal for investors looking to bet on increased consumer consumption in the domestic market. XRT is probably too targeted for any investor with a long- term buy-and-hold strategy, but may have appeal for those looking to implement a sector rotation strategy or overweight high beta corners of the U.S. market. For those seeking exposure to retail, there are a number of options, including PMR and RTH. XRT is an attractive option because of the balanced nature of the exposure offered; this SPDR holds more individual holdings than either PMR or RTH, and employs an equal-weighted methodology that avoids concentration in a few big names (an issue that plagues RTH). Moreover, XRT is the most efficient from a cost perspective, besting PMR by a wide margin. If you're seeking exposure to the retail market, XRT is likely the best choice out there. " FAB,"This ETF offers broad-based exposure to U.S. equity markets, making it appealing to investors seeking to obtain domestic stock market allocation with a value tilt through a single ticker. FAB is one of the AlphaDEX products from First Trust, meaning that it is linked to an index that employs stock screening tactics with the objective of outperforming simple cap-weighted benchmarks. The AlphaDEX methodology has an impressive track record, so those in hunt of alpha may want to take a closer look at this ETF. Those seeking to minimize costs will probably steer clear, as FAB is considerably more expensive than IWW. FAB is a trade-off between the potential to beat a broad cap-weighted benchmark (such as the Russell 3000) and increased expenses. " USMF,"USMF tracks an index of 200 US-listed equities. Stocks are selected and weighted by a combination of investment factors. " EPU,"EPU offers exposure to Peruvian equities, by holding companies that are domiciled in the South American nation. For investors seeking investment in the nation, EPU is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. EPU is a nice option for investors who want to load up on Peru but be aware the fund could experience high levels of volatility. " KGRN,"KGRN tracks an index of Chinese companies that derive at least 50% of their revenue from products and services that benefit the environment. " DBB,"This ETF offers exposure to a basket of base metals, including copper, zinc, and aluminum. As such, DBB can be a tactical tool for investors with a bullish outlook on this corner of the commodities market; those seeking more broad-based exposure to natural resources would be better served by a fund such as DBC or DJP that includes a variety of other products including; precious metals, agriculture, and others. Those seeking more granular exposure have metal-specific ETPs available to them, such as JJC which tracks copper. The structure of DBB is worth noting; as an ETF that invests in futures contracts, this fund may be subject to some unique tax consequences; investors may want to take a look at the similar BDG or JJM, both of which are structured as ETNs, for treatment that potentially could be more favorable. " OVT,"OVT is actively managed to provide exposure to US short- term, investment grade bonds combined with a US large cap put spread strategy. " IYM,"This ETF offers exposure to the U.S. materials sector, a corner of the domestic economy that includes companies engaged in the extraction and production of various natural resources (and therefore potentially useful as a means of establishing ""indirect"" commodity exposure through commodity-intensive companies). Given the targeted nature of the underlying benchmark, IYM probably isn't very useful for those building a long-term portfolio; it will be more useful as a means of establishing a tactical tilt towards the materials sector or as part of a sector rotation strategy. Investors seeking more targeted exposure to companies engaged in the production of a certain type of raw material likely have a more granular ETF available to them; the Commodity Producers Equities ETFdb Category includes dozens of resource-specific funds, ranging from agribusiness to gold to timber. With regards to the underlying portfolio, it should be noted that while IYM includes about 70 individual stocks, a small handful account for a significant chunk of assets--a characteristic common among ETFs focused on this sector. Investors looking for better balance among materials stocks may prefer the equal-weighted RTM. The biggest drawback of IYM is the hefty price tag; investors can achieve generally similar exposure through FBM or XLB, both of which are considerably cheaper (and FBM may be eligible for commission-free trading in Scottrade accounts). " EWD,"EWD offers investors exposure to the European market of Sweden by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Swedish market in particular, EWD is probably the best 'pure play’ option available. " FYX,"FYX seeks to replicate a benchmark which offers exposure to small cap firms in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors' portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on both value and growth securities, could provide more of a diversified play than products that just focus on ‘growth' or ‘value’ securities within this segment. Thanks to this broad focus, FYX has a large number of securities-- close to 450 in total-- and does a phenomenal job of dividing up assets among the components as no one company makes up more than 60 basis points of total assets. Thanks to this high level of diversification and FYX's ‘alpha' methodology, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure and do not have a preference in terms of value or growth equities. " WWJD,"WWID offers exposure to equity in large firms outside the US, screened for biblical values per the index provider and weighted equally. " ARKQ,"The ARK Autonomous Technology & Robotics ETF (ARKQ) is an actively-managed fund from the team at ARK Invest that tries to pick the companies best positioned to profit from advancements in energy, automation, manufacturing, materials and transportation. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. Like several other ARK ETFs, the fund's biggest holding is Tesla, reflecting ARK’s high conviction in the value of the electronic carmaker’s technology. Other top investments as of March 2020 include 3D printing companies like Stratasys Ltd. and Protolabs, Chinese online retailer JD.com, and Teradyne, a robotics and automation company. ARKQ’s management fee of 75 basis points might seem pricey in the ultra-low-cost world of passive ETFs, but it’s cheap for active management. It appears to be worth it. In the three years through March 2020, ARKQ outperformed passive rivals like the Global X Robotics & Artificial Intelligence ETF (BOTZ) and the ROBO Global Robotics & Automation Index ETF (ROBO). For skeptics worried ARK has been lucky rather than good, ARK’s flagship Innovation ETF (ARKK) has routinely outperformed passive rivals like State Street’s popular index-tracking Technology Select Sector SPDR Fund (XLK). But ARK is known for idiosyncratic high-conviction bets, and the firm has come under fire for its outsized wager on Tesla. Any actively-managed product is ultimately a bet on the portfolio managers who pick the stocks. ARK’s products are geared toward investors who have the fortitude and faith to ride out short-term blips in favor of the prospect " XLE,"This ETF offers exposure to the U.S. energy industry, including many of the world's largest oil producers. While XLE probably doesn't make sense for those constructing a long-term buy-and-hold portfolio, it can be potentially useful as a tactical overlay for those looking to shift exposure towards a sector that thrives when oil prices show strength. Compared to other energy options, XLE is impressive in terms of both cost efficiency and liquidity; investors can generally expect to execute at penny wide spreads. But like many funds offering exposure to the energy sector, XLE maintains some concentration issues, as a few stocks account for big chunks of the total portfolio. Those seeking to avoid this issue may like the equal weighted RYE; the alpha-seeking FXN may also be an intriguing option for energy exposure. " XLSR,"XLSR is an actively-managed portfolio of companies classified within favorable sectors of the S&P 500. " OVL,"OVL is actively managed to provide exposure to large cap U.S. equities combined with a put spread option overlay strategy. " WBIF,"WBIF is an actively-managed fund that focuses on global value stocks that pay dividends. The fund seeks long- term capital appreciation with reduced volatility during market declines. " JHMF,"JHMF tracks an index of large- and mid-cap US equities from the financial sector. Stocks are selected by market cap and weighted based on multiple factors: size, value, profitability and momentum. " ARKG,"The ARK Genomic Revolution ETF (ARKG) is an actively- managed fund from the team at ARK Invest that tries to pick the companies best positioned to profit from advancements in energy, automation, manufacturing, materials and transportation. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. ARKG invests in companies that could profit from technological and scientific advancements in gene editing, genetic therapy, molecular diagnostics, and stem cell advances. It’s a niche product without a lot of competition. ARKG’s nearest rival is likely the iShare Genomics immunology and Healthcare ETF, an index-tracking ETF that launched in June 2019. Beyond the active/passive difference, IDNA’s holdings are dominated by major pharmaceutical firms like Moderna, Regeneron and Gilead Sciences, whereas ARKG's portfolio is tilted toward significantly smaller firms. There isn't a lot of performance history to compare, but it's worth nothing that IDNA beat ARKG in the first ten weeks of 2020, when global markets were rocked by the coronavirus outbreak and investors were eagerly hunting for potential profit in companies researching treatment and vaccines. But that’s just a fleeting snapshot during a particularly turbulent time. Any actively-managed product is ultimately a bet on the portfolio managers who pick the stocks. ARK’s products are geared toward investors who have the fortitude and faith to ride out short-term blips in favor of the prospect long-term alpha. " BKF,"This ETF offers exposure to the BRIC economies of Brazil, Russia, India, and China, and might be appealing for investors looking to tilt emerging markets exposure towards these economies and away from ""quasi- developed"" markets that can make up significant portions of more broad-based emerging markets ETFs. BKF is the most popular BRIC ETF, but investors should take note that the fund is tilted towards China and Brazil with smaller allocations to the other members of the bloc. " ESGD,"ESGD tracks an index of developed market international companies that have been selected and weighted for positive environmental, social, and governance characteristics. " VOE,"This ETF offers exposure to mid cap stocks that exhibit value characteristics, making VOE a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Value strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments such as recessions. It should be noted that there is often considerable overlap between this fund and its growth counterpart, the result of a methodology that uses a generous definition of value stocks. Rydex offers a pure style alternative, RFV, that is slightly more expensive but will offer a considerably more targeted focus on value equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that IWS and JKI seek to replicate similar indexes at comparable expense ratios. VOE is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution. " PBSM,"The Invesco PureBeta MSCI USA Small Cap ETF tracks an index of small-cap U.S. companies. The fund provides comprehensive, low-cost exposure to the segment, which represents approximately 14% of the market capitalization of the U.S. market. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. While fund fees are reasonable, the fund hasn’t attracted the assets and daily liquidity of competing ETFs. " PWV,"This ETF is one of the many funds that offers targeted exposure to large cap U.S. stocks deemed to exhibit value characteristics, such as low pricing multiples and high dividend yields. This asset class could potentially be appealing to investors building a long-term portfolio, and may also have appeal as a means of implementing a shorter-term tactical tilt towards value stocks. PWV is unique in the methodology utilized to determine underlying holdings; instead of including all value stocks and focusing on the biggest names, PWV is linked to an ""intelligent"" index that uses quant-based screens to identify stocks deemed to have the most promising outlook. As such, PWV is one of the funds that blurs the lines between active and passive management; those who believe the underlying methodology is sound and capable of adding alpha over the long run may gravitate towards this stock as a choice for large cap exposure, while those who believe in efficient markets and minimizing costs may look towards ETFs with lower expense ratios (IWD and VTV are considerably cheaper than PWV). " EDIV,"This ETF offers exposure to a number of emerging markets, focusing on dividend paying stocks in the developing world. Many emerging markets companies offer substantial distributions, making EDIV a potentially intriguing option for investors looking to enhance current returns to their portfolio. EDIV may be viewed as an alternative to more popular EM ETFs such as VWO and EEM, offering exposure to similar countries but skewing the sector profile towards utilities, financials, and telecoms. It should be noted that EDIV doesn't offer quite the depth of exposure maintained by some broad-based emerging markets ETFs, and that quasi-developed economies such as Taiwan and South Korea find their way into the underlying portfolio. With a competitive expense ratio, EDIV can be a_ useful tool for fine-tuning international equity exposure. VWO might be a better choice for those looking to minimize expenses, while EMVX could also be appealing for those seeking a value tilt within emerging markets. " ENTR,"ERShares Entrepreneur ETF (ENTR) selects the most entrepreneurial, primarily US Large Cap companies, that meet the thresholds embedded in their proprietary Entrepreneur Factor (EF). Their EF incorporates a bottom-up investment orientation, powered by artificial intelligence (Al), that stands above other investment factors such as: momentum, sector, growth, value, leverage, market cap (size) and geographic orientation. Moreover, with the aid of Al and Thematic Research, ERShares incorporates a macro-economic, top-down approach that integrates changing investment flows, innovation entry points, sector growth and other characteristics into a dynamic, global perspective model. ERShares EF delivers strong performance across a variety of investment strategies without disrupting investors‘ underlying risk profile metrics. ERShares’ research, developed at Harvard University, has been widely disseminated in leading investment journals around the world and has surpassed independent peer review. This proprietary research, and ERShares’ long standing position as one of the first (if not the first} thematic investment managers (established in 2005}, enables them to maintain their leadership status within the community of disruptive, innovative and Entrepreneurial investment strategies. Many of the ENTR portfolio companies experience unique cost efficiencies and demand explosions, through disruptive innovation adjustments in their respective industries. The ENTR ETF exploits these demand expansions/cost utilizations through its investment methodology applied across a multitude of industrial sectors though typically has a penchant to concentrate primarily on sectors within Information Technology, HealthCare, Communication Services and Consumer " XBI,"XBI is one of a handful of biotech ETFs available, offering exposure to a corner of the market that can perform well during periods of consolidation and is capable of big jumps in the event of major drug approvals. XBI focuses on a narrow sector of the health care sector, and as such is probably too precise for most investors seeking to construct a long-term portfolio. However, this ETF can be useful for those seeking to fine tune exposure or for those bullish on the sector over the long run. XBI focuses exclusively on American stocks, and primarily consists of mid cap and small cap securities. XBI's portfolio is somewhat limited, though the equal-weighted methodology of the underlying index ensures that assets are balanced across all components. That feature can be particularly important in the biotech space, where specific companies are capable of turning in big gains over short periods of time. PBE and IBB are other ETF options for biotech exposure; those considering this sector should take a close look at depth of exposure and weighing methodology, as these factors can have a major impact on the risk and return profiles achieved. " VWO,"VWO is one of the largest ETFs in the world, having been embraced by investors as an efficient way to establish exposure to emerging markets. Given the opportunity to establish broad-based exposure to the developing economies of the world, VWO may appeal to a number of different investors; this fund can be used as a short-term trading vehicle or as a core holding in a long-term, buy- and-hold portfolio. It should be noted, however, that VWO tends to attract longer-term investors; those with short time horizons gravitate towards EEM, which boasts a deep and active options market and _ generally experiences greater trading volumes. VwWo has become incredibly popular for a reason; the extremely low expense ratio charged by this ETF makes it a cheap way to access an asset class that is a critical component of any growth-oriented long-term strategy. The fact that VWO is available for commission-free trading on multiple platforms further enhances the appeal to cost-conscious investors. There's a lot to like about the balance of the portfolio as well; VWO invests in hundreds of stocks across dozens of different emerging markets in all corners of the globe, ensuring that no one market or sector has too significant an impact on performance. There are, of course, plenty of intriguing alternatives to Vwo. An equal-weighted fund from Rydex (EWEM) includes the same holdings as VWO but assigns an equivalent weight to each, making it potentially appealing for those seeking to avoid cap-weighted methodologies. WisdomTree's dividend-weighted DEM is another option for those who prefer alternative weightings strategies, as is PXH from PowerShares. Overall, VWO is a great option for long-term investors, offering balanced exposure at a low fee. " GLD,"GLD is one of the most popular ETFs in the world, offering exposure to an asset class that has become increasingly important to the asset allocation process in recent years. GLD can be used in a number of different ways; some may establish short term positions as a way of hedging against equity market volatility, dollar weakness, or inflation. Others may wish to include gold exposure as part of a long-term investment strategy. GLD is a relatively straightforward product; the underlying assets consist of gold bullion stored in secure vaults. As such, the price of this ETF can be expected to move in lock step with spot gold prices. The physically-backed nature of this product eliminates any of the uncertainties introduced through futures-based strategies, though investors also have the option to approach this precious metal through futures-based funds such as UBG and DGL. The primary alternatives to GLD are other physically- backed gold ETFs, including AGOL, SGOL, and IAU. The first two on that list may appeal to investors looking to vault their gold outside of New York and London; AGOL stores bullion in Singapore, while SGOL's vaults are located in Switzerland. IAU is, in our opinion, represents a better way to play gold through the exchange-traded structure. While the underlying assets are similar and interchangeable, the expense ratios on these two funds are not. IAU is cheaper by 15 basis points; that margin isn't enormous, but is enough to essentially guarantee that GLD will lag behind IAU in terms of performance. Investors in IAU give up very little in the way of liquidity (that fund is massive as well} and will add a few basis points to their bottom lines. Bigger isn't always better; GLD is certainly an efficient tool for adding gold to a portfolio, but there is a better option out there that should be appealing particularly to cost conscious investors. " SCHQ,"SCHQ tracks a market-value weighted Index of U.S. Investment-grade Treasury bonds with remaining maturities of 10 years or more. " XVOL,"XVOL is an actively managed fund that consists of 40 to 80 dividend and growth stocks selected from the US large-cap space. It seeks capital growth with reduced volatility relative to the S&P 500 through various options strategies. " FFEB,"FFEB aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " ECH,"ECH offers exposure to Chilean equities, by holding companies that are domiciled in the South American nation. For investors seeking investment in the nation, ECH is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. ECH is a nice option for investors who want to load up on Chile but be aware the fund could experience high levels of volatility. " SOYB,"This product is one of several resource-specific commodity ETPs available to investors, offering exposure to the commodity of soybeans. A widely used agricultural commodity, soybeans have become an investable asset thanks to the development of exchange traded futures contracts linked to this resource. Given this narrow focus on a single natural resource, SOYB probably has little or no use to buy-and-hold investors building a long-term portfolio; this ETF is more useful for more sophisticated, shorter-term investors looking to make a tactical play on this segment of the agricultural commodities market. Investors seeking more broad-based exposure to commodities have a number of options in the Commodities ETFdb Category (DJCI and USCI are a couple of our favorites). It is important to note that SOYB does not offer exposure to spot soybean prices; this product invests in soybean futures contracts, and as such the slope of the futures curve will have a potentially significant impact on returns and volatility realized (as will any interest earned on uninvested cash). If you're unclear on the nuances of futures-based investment strategies, SOYB is not for you: steer clear of this fund. For more sophisticated investors looking to make a play on soybeans, SOYB can be a very efficient way to achieve low maintenance access to this corner of the commodity market. Unlike a direct investment in futures contracts, SOYB requires no maintenance on the part of investors. One of the more noteworthy attributes of this product is the manner in which the underlying futures contracts are structured and maintained; rather than simply rolling exposure to front month futures contracts upon expiration, holdings are spread across multiple maturities, with the objective of minimizing the potentially adverse impact of contango on bottom line returns. " DRN,"This ETF offers 3x daily leverage to an index comprised of U.S. REITs, giving sophisticated investors a powerful tool for expressing a bullish short-term view of the U.S. real estate sector. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make DRN inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging out a short bet on real estate or simply for speculating on a rise in the value of this asset class. But DRN shouldn't ever be found in a long-term, buy-and-hold portfolio; it's simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. DRN is a trading instrument, and should be treated as such. " FTXR,"FTXR tracks an index composed of 30 US transportation companies. Holdings are selected by liquidity and weighted based on volatility, value and growth factors. " FNGD,"FNGD tracks -3x the daily price movements of an index of technology and consumer discretionary companies. The note uses derivatives to achieve its -3x exposure. " PLW,"This PowerShares ETF is unique from many other funds offering exposure to government bonds; instead of focusing on specific maturities or implementing a barbell strategy, PLW offers exposure to the entire maturity curve. This ETF can be an efficient means of implementing a laddered Treasury strategy, or can be used to achieve well-balanced exposure to government bonds. " EEMS,"This ETF offers exposure to small cap stocks in emerging markets, an asset class that is often overlooked by investors but that should be included in most buy-and- hold portfolios. In addition to being a very useful tool for investors with a long-term time horizon, EEMS can be appealing to more active traders as well; this ETF offers a way to achieve quick exposure to risky assets that often exhibit relatively high volatility in both directions. The most popular emerging markets ETFs, including EEM and VWO, are dominated by large cap stocks. While these funds offer exposure to the largest companies in the developing world, they may be impacted more significantly by broader macroeconomic trends than changes in local consumption. Small cap emerging markets companies may offer better ""pure plays"" on the local economies, and may also provide exposure to sectors that are underrepresented in large cap-heavy funds (which tend to be tilted toward energy and financials). Given its objective, EEMS can be useful as either an alternative or complement to products such as EEM or VWO; those seeking to achieve well rounded emerging markets exposure can do so by combining positions in large cap and small cap funds. The EEMS portfolio is both broad and deep; the concentration issues that can pop up in large cap funds are not present, and this fund is relatively well balanced from a sector perspective as well. EEMS is more expensive than many other emerging markets ETFs, but the fees charged are reasonable given the type of exposure offered (though EWX offers a way to improve cost efficiency). Beyond EWX, another option for similar exposure is the dividend-weighted DGS (that ETF is also a bit cheaper). Investors also have a number of more targeted small cap ETFs that focus on specific emerging markets, including India (SCIN), China (ECNS), Brazil (BRF), and Russia (RSXI). " ICOW,"ICOW tracks an index of 100 companies out of the FTSE Developed Ex-US Index selected and weighted by free cash flow. " FPRO,"FPRO is an actively-managed, non-transparent ETF that invests in global real estate companies. The fund utilizes the Fidelity non-transparent model. " XAR,"This ETF offers targeted exposure to the aerospace & defense sector, a corner of the domestic economy that is capable of generating significant returns but that may also be subject to political risk in certain environments. Given the narrow focus of XAR--as well as the fact that the fund focuses primarily on large cap stocks--there might be little use for this fund in long-term, buy-and- hold portfolios (since most of the stocks held in XAR are already included in broad-based equity funds). This ETF can, however, be a useful tool for tactical traders looking to overweight this corner of the market. For investors seeking broad-based exposure to the industrials sector, there are a number of options available in the Industrials ETFdb Category. And there are other targeted aerospace and defense ETFs as well, including the more established ITA and PPA. This ETF from State Street stands out from the competition in a couple of ways. First, the underlying index is equal-weighted, giving this fund a balanced portfolio that avoids significant company specific risk (and may address concerns about the efficiency of cap-weighted benchmarks). Second, XAR is cheaper than the competition, an obvious plus for those seeking to minimize expenses. Given the targeted focus of this fund, XAR probably isn't for everyone. But for investors looking to access the aerospace & defense sector, this fund is the best option out there. " RXI,"This ETF offers exposure to the global consumer discretionary sector, splitting holdings roughly evenly between U.S. and international stocks. As such, RXI can be a useful tool for investors looking to implement a sector rotation strategy on a global level, and may also be useful for those looking to tilt exposure towards a high beta industry that may perform well in bull markets. This fund probably doesn't have much use for long-term buy- and-holders, who would be better suited by a broader fund offering exposure to multiple sectors. RXI receives high marks on the diversification front; in addition to including more than a dozen different countries, individual security concentration is low. Those seeking U.S. only exposure to the consumer discretionary sector may gravitate towards XLY or VCR, while those seeking to avoid the U.S. entirely may like AXDI or IPD. " SHYG,"SHYG tracks a market-value-weighted index of high-yield USD-denominated bonds with 0-5 years remaining in maturity. " HOMZ,"HOMZ tracks a tier-weighted index of 100 equities representing the US residential housing industry. " FLCB,"The Franklin Liberty U.S. Core Bond ETF (FLCB) is an actively managed fund that offers broad exposure to U.S. investment-grade bonds, a staple of most buy-and-hold portfolios. FLCB owns U.S. Treasuries, mortgage-backed debt, and corporate bonds. The fund seeks to track the Bloomberg Barclays U.S. Aggregate Bond Index. The fund is reasonably priced for an active fund. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in FLCB is ultimately a bet on the manager's ability to beat the market. Investors can compare performance with the iShares Core U.S. Aggregate Bond ETF (AGG), a passive fund that hews to the same index. " JPSE,"The JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) tracks a broad index of small-cap U.S. stocks. The methodology combines risk-based portfolio construction with multi-factor security selection based on value, momentum, and quality. The case for investing in small companies is growth potential. Mega-cap stocks that may have already hit their peak. The downside is that small companies also come with a fair amount of risk. Changes in regulations, economic circumstances, or access to credit could send share prices tumbling. While some exposure to small companies is standard for many portfolios, investors should avoid the risk of leaning too heavily on a notably volatile segment. The ETF marketplace has seen an explosion in recent years in “factor” funds covering every asset class. JPSE's competition includes the iShares Edge Multifactor U.S.A. Small-Cap ETF (SMLF), the First Trust Small Cap Core AlphaDEX Fund (FYX), the Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC), and the John Hancock Multifactor Small Cap ETF. JPSE is reasonably prices for a multi-factor ETF. As of June 2020, its management fee is a bit below the average for the ETFdb small-cap growth category. However, it is still considerably more expensive than ultra-low-cost rivals like the Vanguard Small Cap Value ETF (VBR) and the iShares Core S&P Small-Cap ETF (IJR}, which is among the biggest in the small-cap segment. " AVMU,"AVMU is actively managed to invest in investment-grade US municipal securities. " VBR,"VBR seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, VBR does a Solid job of dividing up assets as the fund holds close to 1,000 securities in total and doesn't give any one security more than 0.5% of the total assets. Thanks to this extreme diversification and VBR's ultra cheap price-- the lowest in the category-- the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure but are seeking lower risk assets in the space. " BSMO,"The Invesco BulletShares 2024 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund's portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and " BSCL,"The Invesco BulletShares 2021 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " EWT,"This ETF offers exposure to Taiwanese equities, and is the most liquid and most popular option for achieving exposure to the quasi-developed economy of Taiwan. As such, this ETF can be used in a number of different ways within a portfolio; EWT can be used as a short-term trading vehicle for betting on strong performance in Taiwan's equity markets, or as a smaller complementary allocation in a long-term portfolio. Some investors, however, may prefer to achieve Taiwan exposure through more broad-based emerging markets ETFs such as EEM and VWO. Like many international equity ETFs, EWT is dominated by large cap stocks, which introduces certain biases into the portfolio. Within EWT's portfolio, the tech sector receives a huge allocation that may be a pro or a con depending on the investor's outlook for that segment of the market. Investors looking to access this market through small cap stocks may prefer TWON, which focuses on a different subset of the country's equity market. Combining EWT and TWON in complementary roles will deliver broad- based, well-rounded exposure to investors. " IPAC,"IPAC tracks a market-cap-weighted index of developed Pacific securities. " QLC,"The FlexShares US Quality Large Cap Index Fund (QLC) is part of Northern Trust’s stable of factor ETFs. QLC tracks an index of large-cap U.S. companies that scores companies based on quality metrics like profitability, management efficiency and cash flow. The methodology weeds out the lowest-scoring companies. Top holdings include familiar blue-chip companies like Apple, Microsoft, and Johnson & Johnson. As with many FlexShares ETFs, investors pay a premium for a factor twist. It charges more than double the management fee of the iShares Edge MSCI Quality Factor ETF (QUAL), which makes a similar investment case but uses a different methodology. There’s plenty of crossover between QUAL and QLC, but they have substantially different portfolios. Which is the better performer? It depends on the time frame, but in the three years through May 2020, QUAL is the clear leader. There's plenty of other competition, like the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GLSC), which also has a significantly lower price tag and better 3-year returns through May 2020. There are periods where QLC has come out ahead, and past performance is no guarantee of future results. But lagging behind competitors makes it hard to justify a higher management fee. " DBC,"This ETF is one of the largest and most popular options for investors looking to achieve broad-based commodity exposure. DBC has the potential to add valuable return enhancement and diversification benefits to traditional stock-and-bond portfolios, but investors should be aware that this ETF invests in futures contracts. That exposes DBC to the nuances of contango, and may complicate the tax picture somewhat. DBC is a fine option for broad commodity exposure, but investors might also want to take a look at ""later generation"" products such as USCI. " VMBS,"This ETF provides exposure to the mortgage backed security slice of the bond market, a corner of the finance world that has seen its share of troubles over the past few years. While MBS funds were at the heart of the subprime crisis, this product invests in liquid, stable bonds that are unlikely to default, pay out solid rates of interest, and provide valuable diversification benefits to a portfolio. Due to these benefits, most investors should consider adding some MBS holdings to their portfolio, albeit in a very small amount. Although VMBS is the cheapest of the three, it also is the least popular and as such may not be appropriate for traders who are seeking tight bid ask spreads and high levels of liquidity. However, the fund does offer significant benefits in terms of total diversification as it holds well over 300 securities in total, by far the most in the Category. Thanks to this impressive diversification as well as the fund's rock bottom expense ratio, long-term investors should consider buying this fund if they are looking for higher levels of exposure to the MBS market. " FISR,"FISR is an actively-managed portfolio of fixed income ETFs classified within favorable sectors. " FTSM,"FTSM is actively-managed to invest in a variety of fixed income securities with a target maturity of less than three years. " DYNF,"DYNF is an actively-managed fund of large- and mid-cap US stocks that uses five equity style factors. " BBAX,"The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) tracks and index of large- and mid-cap stocks in developed markets in Asia, excluding Japan. Many Asia- Pacific equity funds make a large allocation to Japan. While Japan is one of the world’s largest economies, it has also had extended periods of low growth rates and rising debt burdens. Some investors would rather avoid this potential drag on their portfolio. JPMorgan priced its BetaBuilders ETF lineup to compete with other low-cost providers of core portfolio building blocks. As of June 2020, BBAX was priced significantly lower than its rival iShares MSCI Pacific ex-Japan ETF (EPP). " RPAR,"RPAR is an actively managed fund-of-funds allocating to four major asset classes: global equities, US Treasurys, commodities and TIPS based on risk parity. " SDOW,"This ETF offers 3x daily short leverage to the Dow Jones Industrial Average, making it a powerful tool for investors with a bearish short-term outlook for large cap U.S. equities. Investors should note that SDOW's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SDOW can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " RFFC,"RFFC is an actively managed fund that broadly invests in stocks of various market capitalization. At least 75% of assets are invested in securities by US issuers. " VTC,"The Vanguard Total Corporate Bond ETF aims to track an index of investment-grade U.S. corporate bonds. VTC is unusual in that it’s an ETF that owns other ETFs. The portfolio consists of a mix of three other Vanguard bond ETFs that invest in short-, intermediate-, and long-term maturities. The upside of this is that VTC is able to offer the full spectrum of maturities under a single ticker — and all at an ultra-low price. As with many other Vanguard ETFs, VTC doesn’t precisely hew to the index, but uses a sampling methodology to produce a portfolio that’s comparable to the index. This can be an advantage when it comes to bond ETFs since bond indices can be tough, if not impossible, to follow exactly, which is one reason active managers often have an edge in fixed income. While Vanguard’s fees are hard to beat, there are plenty of inexpensive options in the U.S. corporate bond space. VTC is probably best-suited for a buy-and-hold investor looking for simplicity and low costs. For those who prefer to manage their own maturity exposure, or for traders looking for highly-liquid short-term trading vehicles, competing corporate bond ETFs might be a better fit. " RWO,"This ETF offers exposure to global real estate markets, splitting assets pretty evenly between U.S. REITs and companies domiciled in developed markets. As such, RWO has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). RWO is pretty diverse in its individual holdings-- the fund has over 200 securities in total-- but its scope of countries is somewhat limited as the U.S. makes up 50% while the Asia Pacific region accounts for another 20%. RWO may be appropriate for investors looking for a specific split between U.S. and international real estate exposure, while those looking for a more precise bifurcation may wish to use multiple funds to accomplish the objective of this ETF (options like IFAS and IFEU may allow more granularity in the international real estate segment). RWO is pretty cheap from an expense perspective, and significant spreads are unlikely thanks to the fund's robust AUM making it a quality choice for traders and long term investors alike. " BICK,"BICK applies a twist on the concept of investing in the BRIC bloc of emerging market economies, swapping out Russia and replacing exposure with South Korean equities. Some investors believe that Russia doesn't really fit in the BRIC bloc due to high levels of corruption and the outsized impact of the oil and gas industry. For investors who believe Russia's dependence on natural resources results in excessively risky exposure, BICK might be a good substitute for emerging markets exposure. " ICLN,"This fund offers a way to invest in the global clean energy index, including both domestic and international stocks in its portfolio. Given the narrow focus, ICLN likely doesn't deserve a huge weighting in a long-term portfolio, but can be useful as a satellite holding to cover a corner of the market that is often overlooked by broad-based funds. For investors who maintain a long-term bullish outlook on the alternative energy space, this fund can be a nice way to achieve broad-based exposure; ICLN includes companies engaged in various sub-sectors, such as wind power, solar power, and other renewable sources. Those seeking more targeted exposure within the clean energy space have multiple options available for betting on solar power (such as TAN or KWT), nuclear power (URA or NLR), or wind power (FAN or PWND). The portfolio maintained by ICLN is somewhat limited; it has only a few dozen holdings, and some of the components account for big chunks of assets. But that is to be expected given the asset class represented; the number of public alternative energy companies is somewhat limited. Other options providing similar exposure include PBW, PBD, and GEX; a comparison of the expenses, allocation to emerging markets, depth of holdings, and breakdown by sub-sector will help to determine which fund is right for their objectives and risk tolerance. " UMAR,"UMAR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " UBT,"This ETF offers 2x long leveraged exposure to the broad- based Barclays Capital U.S. 20+ Year Treasury Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. UBT can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " AIRR,"AIRR tracks a multifactor-selected index of equities that can benefit from potential regain in market share of US industrial and community banking sector. " FAUG,"FAUG aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " EAOK,"EAOK is an index-tracking fund-of-funds that tactically allocates 30/70 global equites and US investment grade bonds with positive ESG characteristics. " HAUZ,"The Xtrackers International Real Estate ETF (HAUZ)} tracks an index of publicly-traded global real estate securities in developed and emerging markets outside of the U.S., Pakistan and Vietnam. HAUZ has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). This ETF has the potential to be used as a tactical tool to establish a short-term tilt towards this riskier asset class, or as a component in a longer-term portfolio that fills a void left by many international index funds. The fund is one of the cheapest in the ETFdb global real estate category. There are plenty of other variations on international real estate ETFs for investors to compare, such as the Vanguard Global ex-U.S. Real Estate Index Fund ETF (VNQI) or the iShares Global REIT ETF (REET), the two giants in the category. Other options include the WisdomTree Global ex-U.S. Real Estate Fund (DRW), the SPDR Dow Jones Global Real Estate ETF (RWO)}, the Global X SuperDividend REIT ETF (SRET), or the FlexShares Global Quality Real Estate Index Fund (GQRE), which tracks a proprietary index that assesses real estate investments based on quality, momentum and value. Note: Prior to February 2019, this fund was known as the Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF and had a_ different investment objective and performance profile. " FXZ,"This ETF offers exposure to the U.S. materials sector, a corner of the domestic economy that includes companies engaged in the extraction and production of various natural resources (and therefore potentially useful as a means of establishing ""indirect"" commodity exposure through commodity-intensive companies). Given the sector-specific focus, FXZ likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the materials sector. FXZ seeks to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; FXZ's expense ratio is about 50 basis points higher than low cost options for materials exposure such as FBM and XLB. The unique index construction methodology has some other potential advantages; FXZ maintains much lower concentration of top holdings than do cap-weighted funds such as FBM and XLB. That means that performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access materials. For those who believe in the merits of the AlphaDEX methodology and willing to pay a little extra for a shot at alpha, FXZ might be worth a closer look. Those looking to keep a cap on expenses and simply own the broader market have cheaper options available to them. " DFNL,"DFNL is an actively-managed portfolio of global financial sector stocks. The fund seeks long-term growth of capital. " IDEV,"IDEV tracks a market-cap-weighted index of large-, mid, and small-cap stocks from developed countries, excluding the US. " EFG,"This ETF offers style-specific exposure to developed economies outside of North America, making EFG a potentially useful tool for investors looking to maintain a growth stock bias in their long-term portfolio or to put a tactical tilt on international equity exposure. By focusing on stocks that generally exhibit higher pricing multiples, lower dividend yields, and greater future growth potential, EFG offers targeted exposure to an asset sub- class that may perform well in certain environments. EFG is broad-based in nature, including hundreds of individual stocks across a number of different regions and more than a dozen countries. It should be noted, however, that there is some significant overlap between this fund and its value counterpart, EFV; these ETFs are based on indexes that use broad value and growth criteria, and as such the risk/return profile may be slightly different than expected. There are few alternatives for EAFE growth exposure, though those seeking to cast a wider net in this international equity space may prefer EFA, or better yet the low-cost VEA. " MILN,"MILN tracks an index composed of US-listed companies that derive a significant source of their revenue from spending categories determined to be associated with millennials - people born between 1980 and 2000. " FEP,"This ETF is one of many products offering exposure to the developed economies of Western Europe, an asset class that includes many of the world's largest stocks markets and is often a core holding within long-term, buy-and-hold portfolios. As such, FEP may be appealing to both investors with a long-term focus and to those looking to establish a shorter-term tactical tilt towards European stock markets. FEP is unique from other options in the Europe Equities ETFdb Category thanks to the methodology of the underlying index; this fund seeks to replicate an AlphaDEX benchmark that employs a quant- based screening system designed to select the component stocks with the greatest potential for capital appreciation. In exchange for this attempt to generate alpha relative to cap-weighted benchmarks, investors can expect to pay a bit more; FEP has an expense ratio quite a bit higher than low cost options for European exposure such as VGK. For those who believe that the AlphaDEX methodology has the ability to generate excess returns over the long run, this ETF might be the optimal way to establish exposure to European stock markets. Those looking to minimize costs or who believe in fully efficient markets may prefer cheaper options such as VGK or FEZ. " BRF,"This ETF offers targeted exposure to Brazil's small cap segment, making it a powerful tool that can be used to fine tune equity portfolios. Given the granularity of this fund, BRF likely has some appeal to long-term investors with a buy-and-hold philosophy but it is more likely to appeal to those looking to implement a tactical shift or capitalize on perceived mispricings over a relatively short time horizon. However, some might view the product as a more accurate representation of the Brazilian economy instead of the top heavy-- as well as energy and financial heavy-- EWZ. Small and mid caps are thought by many to offer more of a pure play on national economies but small caps are likely to offer less stability than their mid cap brethren but could offer higher returns over the long run. However, this targeted exposure comes at a price as the fund has only about 40 holdings in total and it has high levels of concentration in some of its top holdings. But for efficient, targeted exposure to Brazil's small caps, BRF can certainly deliver. The expense ratio on this fund is comparable to other products in the category, and given its focus on small caps, this suggests that the fund is a pretty good value for investors and traders alike. " FNCL,"The Fidelity MSCI Financials Index ETF (FNCL) is one of several options for investors looking to gain access the U.S. financial sector, a corner of the domestic equity market that generally exhibits significant volatility. As a sector-specific ETF, FNCL is most appropriate for those looking to implement a tactical tilt or carry out a sector rotation strategy, and probably has little use for those building a long-term, buy-and-hold portfolio. This fund is heavily skewed towards large caps but does also include some mid- and small-cap exposure. With more than 300 holdings, FNCL offers considerably deeper exposure than the ultra-popular Financial Select Sector SPDR Fund (XLF). As of June 2020, FNCL is competitively priced against rivals including XLF, the Vanguard Financials ETF (VFH), and the iShares U.S. Financials ETF (IYF}, which as of June 2020 was one of the more expensive options in the category. Short-term traders will likely prefer the size and liquidity of XLF. " FNDX,"FNDX tracks a fundamentally selected and weighted index of large-cap US companies based on sales, cash flow and dividends/buybacks. " TUSA,"TUSA tracks an index of US large-, mid- and small-cap stocks selected by value and growth factors and weighted in tiers. " CCRV,"CCRV tracks an index composed of future contracts on commodities selected from a broad commodity universe based on positive roll yield. " FSMB,"FSMB is an actively managed portfolio of US municipal debt with a targeted portfolio duration of 1 to 3 years. The fund seeks tax-exempt income and_ capital preservation. " USMC,"The Principal U.S. Mega-Cap ETF (USMC) tracks an index of the largest U.S. companies. The index first divides the biggest 10% of companies by market value from the bottom 90%. The top tier is weighted by market value while the bottom 90% are equal-weighted, with a tilt based on volatility. The result is a concentrated portfolio of about 40 securities. The biggest holdings are familiar names like Microsoft, Amazon, and Johnson & Johnson, with the lower tier including stocks like Home Depot and Chevron. USMC charges a reasonable management fee for the category. USMC’s concentrated portfolio is an argument against using the fund as a core portfolio holding, especially considering that there's so much portfolio overlap with better-diversified funds. USMC has plenty of competition in the multi-factor space, such as the JPMorgan Diversified Return U.S. Equity ETF (JPUS), the Invesco S&P 500 Low Volatility ETF (SPLV), the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD), or the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), to name a few. Plain-vanilla market-cap weighted index funds also come with a built-in bent toward the largest companies, so investors should also take a look at ultra-low-cost S&P 500 index ETFs like the iShares S&P 500 ETF (IVV} or the Vanguard S&P 500 ETF (VOO}. " OIH,"This ETF is designed to track the largest 25 U.S.-listed oil service companies. As such, investors should not expect a deep portfolio, but it is important to note that the fund heavily favors its top ten holdings. It is also important to mention that about one quarter of the fund is invested in foreign equities, as several firms on the list are cross listed on foreign exchanges, or hold their headquarters beyond our borders. Looking under the hood, OIH focuses on large cap firms with a fair amount of giant and mid cap representation as well. With major holdings in large energy companies, this ETF is able to pay out a handsome dividend yield and may be a useful tool for boosting income in a portfolio. As far as energy holdings are concerned, OIH would probably not be considered a core position, but rather a tactical tool for segmenting a select few companies under one roof. " HYLD,"This actively managed ETF targets junk bonds seeking to provide investors with high levels of current income while looking to mitigate downside risks as much as possible. The fund managers look to do this by focusing on the secondary market of bonds while at the same time avoiding recently issued notes that were released at the height of the bubble in 2006-2008. The company also shuns a ‘cap weighted' approach which they believe gives higher weightings to the companies that are most in debt, leaving a portfolio dangerously overrepresented in subpar bonds. So far, the fund has outperformed all others in the ETFdb Category by a wide margin while paying a much higher yield as well. Thanks to this outperformance, investors should consider HYLD as a go to choice for exposure in the junk bond space, so long as they can stomach the relatively high expense ratio. The fund could be especially beneficial for those looking for a boost to current incomes far above comparable Treasury bond levels and other products, an important factor in today's low yield environment. " FGM,"This ETF utilizes the AlphaDEX strategy to invest in the German stock market. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings. For those looking to make a play on German equities, FGM certainly makes for a viable option, but it is on the upper range of expenses; you pay a premium for the strategy which has proven itself under numerous market environments. Germany’s economy has long been hailed as one of the strongest in Europe, as they have withstood a number of issues that other countries have fell prey to, making this ETF an enticing opportunity. The ETF has a portfolio of 40 stocks with around 40% of assets going to the top ten securities; while that isn’t the best diversity in the space, it certainly is not the worst. FGM would probably not be used as a core holding in a portfolio, but can be a great tool for segmenting German stocks as a satellite holding of a bigger portfolio. " LDUR,"LDUR is an actively managed broad-market, investment- grade bond fund with target duration between 1-3 years. " SBIO,"SBIO tracks, a market-cap weighted index comprising US- listed biotech companies with one or more drugs currently in either Phase II or Phase III FDA clinical trials. " ESGU,"ESGU tracks an index composed of US companies that are selected and weighted for positive environmental, social and governance characteristics. " BKEM,"The BNY Mellon Emerging Markets Equity ETF (BKEM) tracks an index that offers broad exposure to large cap equities in emerging markets. Stocks are screened out based on liquidity, and the index then targets the largest 70% of companies from each eligible country. BKEM is priced competitively with ultra-low-cost rivals like the SPDR Portfolio Emerging Markets ETF (SPEM}), the iShares Core MSCI Emerging Markets ETF (IEMG), the Charles Schwab Emerging Markets Equity ETF (SCHE}, and the Vanguard FTSE Emerging Markets ETF (VWO). As a result of its methodology, BKEM owns a smaller universe of securities than those funds, and tilts more heavily toward large cap stocks. Another important consideration is that BKEM, like IEMG, includes South Korea. By contrast, VEA, SPDW, and SCHF exclude South Korea, classifying it instead with developed markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight South Korea, or missing out on the country entirely. BKEM is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon garnered attention by offering extremely low-fee products, including some of the first zero-fee ETFs, making its new funds some of the cheapest on the market. " HUSV,"HUSV is an actively-managed fund that uses volatility forecasting to select and weight large-cap US stocks. " TOTL,"The SPDR DoubleLine Total Return Tactical ETF (TOTL) is an actively managed bond fund managed by veteran bond investor Jeffrey Gundlach’s of DoubleLine Group. TOTL seeks to outperform the Bloomberg Barclays US Aggregate Bond Index by investing in different kinds of debt from developed and emerging markets around the world. As of June 2020, the fund owned mortgage-backed securities, Treasury bonds, emerging market debt, bank loans, asset-backed securities, and investment-grade and high-yield corporate debt. There are some constraints: the fund will not invest more than 25% of its assets in junk-rated corporate debt and aims to keep all other sub- investment-grade debt to less than 40% of the portfolio. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in TOTL is ultimately a bet on the manager’s ability to outperform the market. TOTL is priced competitively with rivals like the JPMorgan Global Bond Opportunities ETF JPGB) and the PIMCO Active Bond ETF (BOND). " FLTR,"This ETF is among a small number of products that offers exposure to floating rate debt, giving it a risk/return profile that is somewhat unique. The securities held by FLTR generally won't be included in the ETFs in the Total Bond Market ETFdb Category, making FLTR a potentially useful tool for those looking to round out a fixed income portfolio. This fund can also be useful for investors looking to fine tune fixed income exposure in certain environments. Whereas most bond ETFs _ invest exclusively in debt that pays a fixed coupon over the life of the note, this ETF holds debt that adjusts its coupon payment based on a reference rate. As a result, there is minimal interest rate risk associated with this fund, as the effective duration is close to zero. That makes FLIR appealing for investors who believe that interest rates are headed higher (rate hikes generally have an adverse impact on the price of fixed rate bonds). FLIR compensates investors for the credit risk taken on, but allows them to steer clear of any interest rate risk. Those looking for fixed rate investment grade corporate debt have a number of options in the Corporate Bonds ETFdb Category (LQD is perhaps the most popular choice) while those seeking higher yields from floating rate debt may prefer the Bank Loan Portfolio (BKLN) that focuses on floating rate securities from issuers with lower credit ratings. " SGDJ,"SGD] tracks an equity index of small-cap gold mining firms. Stocks are weighted by price momentum for gold explorers and by revenue growth for gold developers. " PKW,"This ETF focuses in on companies that have bought back large numbers of shares in the past year. In order to be included, a company must have repurchased at least 5% of its outstanding shares in the past twelve months. PowerShares believes that this system could lead to outperformance as a lower number of shares outstanding will increase the EPS. While not appropriate for all investors, PKW could be a decent satellite holding for those who believe in the power of share buybacks and their impact on EPS and stock price. " STIP,"This ETF offers exposure to short-dated TIPS, a segment of the U.S. Treasury market that may have appeal to investors looking to protect against inflation. While most investors are familiar with the nuances of TIPS, the ramifications of the shorter duration should be understood before establishing a position. While a shorter time to maturity means lower yields, it also means that investors face less in terms of interest rate risk, making these funds excellent choices for those seeking extremely safe assets. Because inflationary environment are often accompanied by rate hikes, the effectiveness of this tool may be limited in certain situations. There are a number of more broad-based ETF options for exposure to TIPS, including TIP, TIPZ, and SCHP. Moreover, ETFs focusing on the medium or long end of the duration curve may have additional benefits; these include LTPZ and IPE. " UEVM,"UEVM tracks a multi-factor-selected, volatility-weighted index of stocks from emerging economies. " VCEB,"VCEB tracks an index of US investment-grade corporate bonds of varying maturities, selected based on certain ESG traits provided by MSCI ESG research. " CFA,"CFA tracks an index of the largest US stocks by market cap, screened for positive earnings and weighted by volatility. " IEI,"This ETF offers exposure to Treasurys with three to seven years to maturity, providing relatively little interest rate risk but delivering higher returns than short-term products such as SHY. IEI can be a nice tool for fine tuning fixed income exposure, and is rather efficient from a cost perspective. " VCLT,"VCLT offers exposure to investment grade corporate bonds that fall towards the long end of the maturity spectrum, thereby delivering a moderate amount of credit risk and ample interest rate risk. Like most Vanguard ETFs, VCLT is among the most cost-efficient in its ETFdb Category. VCLT might be useful for investors looking to enhance fixed income returns and willing to extend the duration of their portfolio to do so. " LFEQ,"LFEQ tracks an index that uses technical signals to determine an allocation between the S&P 500 and US Treasury bills. The fund may use ETFs for equity exposure. " IJR,"This ETF is linked to an index which tracks the performance of small cap U.S. stocks. The investment thesis behind a small cap investment is the growth factor that comes along with these securities. While mega cap firms have already hit their peak, many of these companies may be well on their way to becoming the next large cap, and this product gives investors access to over 600 of them. The downside to small cap investing is that these companies carry a fair amount of risk; because they are so small, the slightest change in regulations or anything specific to an individual company could send share prices plummeting. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept low as this ETF will likely exhibit a high amount of volatility as well as being incredibly risky. IJR tends to spread its investments across several market sectors, though it slightly favors the technology and industrial segments. This fund will make for a good investment for traders looking for growth and are aware of the risks that come along with investing in a small cap ETF. " GSST,"The Goldman Sachs Access Ultra Short Bond ETF (GSST) is Goldman’s answer to the hugely successful ETF launched by its competitors at JPMorgan. Like the JPMorgan Ultra-Short Income ETF (JPST), GSST is an actively-managed fund that invests in short-term investment-grade debt. GSST may be suitable for investors looking for a relatively safe way to eke out a little more yield than they can get from brokerage sweep accounts, money market funds or long-term Treasuries. The fund is a smidge cheaper than JPST, but JPST has attracted the most assets and trading volume. " GXTG,"GXTG is a passively managed fund-of-funds providing global equity exposure todisruptive-growth trends. Selectionisbased ona quantitativemethodologyemphasizingrealized sales growth. " UMAY,"UMAY aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " IMCG,"IMCG tracks a market cap-weighted index of US mid-cap stocks companies selected based on their growth characteristics. " ACWX,"This ETF offers exposure to global equity markets outside of the U.S., including stocks listed in more than a dozen emerging and developed markets. As such, ACWX can be useful as a core component of long-term portfolios, though those seeking to fine-tune the balance between developed and emerging markets may wish to utilize more targeted options (ACWX is tilted heavily towards developed markets). This fund could also be useful in a long/short trade for investors seeking to capture return differentials between U.S. markets and international stocks. The balance of exposure offered by this ETF is impressive; nearly 1,000 securities are spread across different countries and sectors, giving this fund a minimal amount of concentration risk. The expense ratio is also impressive, making this ETF appealing to cost-conscious investors. Other alternatives offering similar exposure include Vanguard's VEU (which is even cheaper and offers considerably more depth of exposure). VSS could potentially be a nice complement, adding small cap exposure to the large cap-heavy ACWX. " PSP,"This ETF is among the more unique exchange-traded products available to U.S. investors; it offers a way to invest in publicly-traded private equity firms. This sector of the market likely receives little allocation in most portfolios, and as such PSP can offer access to an asset class that most investors generally overlook. It should be noted that private equity firms can exhibit significant volatility, and the downside risks in unfavorable environments can be significant. However, the opportunity to gain indirect exposure to hundreds of private companies that may maintain promising growth characteristics has obvious appeal, and as such PSP may be worth a closer look for risk tolerant investors. There are some other similar options out there; BDCS, structured as an ETN, has some overlap but is different in several ways as well. " SPGM,"The SPDR Portfolio MSCI Global Stock Market ETF (SPGM) tracks an index that offers broad exposure to the global equity market. SPGM invests in more than a thousand different companies across all markets (excluding frontier markets), making SPGM an appealing option for investors looking to simplify their portfolios and minimize rebalancing obligations. SPGM can easily serve as the core holding of a long-term portfolio. As with all of State Street’s SPDR “Portfolio” lineup, SPGM competes on price with ultra-low-cost funds like the Vanguard Total World Stock ETF (VT), and it is significantly cheaper than the iShares MSCI ACWI ETF (ACWI). While SPGM has broadly similar exposure to VT, it lacks the Vanguard fund’s size and liquidity. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds, including SPGM, have been renamed and repriced for this purpose. Prior to September 23, 2019, SPGM traded under the name SPDR MSCI ACWI ETF, under the ticker ACIM. " FSZ,"This ETF utilizes the AlphaDEX strategy to invest in the Swiss stock market. This methodology involves a quantitative screening methodology designed to identify the stocks from a specific universe that have the greatest potential for capital appreciation. Specifically, stocks from the eligible universe are ranked on growth factors such as recent price appreciation, sales-to-price ratio, and one year sales growth, and separately on value factors such as book value to price ratio, cash flow to price ratio, and return on assets. Stocks with the highest scores are included in the benchmark, and the highest weightings are afforded larger weightings. For those looking to make a play on Swiss equities, FSZ certainly makes for a viable option, but it is on the upper range of expenses; you pay a premium for the strategy which has proven itself under numerous market environments. Switzerland's economy has long been known for its stability and neutrality on international affairs, giving credence to FSZ. The ETF has a portfolio of 40 stocks with around 40% of assets going to the top ten securities; while that isn’t the best diversity in the space, it certainly is not the worst. FSZ would probably not be used as a core holding in a portfolio, but can be a great tool for seqmenting Swiss stocks as a Satellite holding of a bigger portfolio. " PSQ,"This ETF offers inverse exposure to an index comprised of the 100 largest nonfinancial securities on the NASDAQ, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It's important to note that PSQ is designed to deliver inverse results over a single trading session, with exposure resetting on a monthly basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for ""return erosion"" in volatile markets. PSQ should definitely not be found in a long-term, buy-and-hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in the top nonfinancial NASDAQ securities. Investors also have the option of simply selling short a traditional NASDAQ fund, though that strategy will generally involve greater potential losses than utilizing an inverse ETF. " FDVV,"The Fidelity High Dividend ETF (FDVV) tracks an index of large- and mid-cap developed market stocks that pay high dividends, making it an appealing choice for investors looking for steady income from their equity holdings. As of June 2020, FDVV owns about 100 securities, so it doesn’t provide broad, diversified exposure across developed markets. Long-term investors would likely use FDVV to eke a little extra income out of their portfolio. FDVV’s exposure leans heavily on North American equities. Investors looking for more diversified regional exposure might consider the Global X SuperDividend ETF (SDIV). " IQSI,"IQSI tracks a proprietary index of developed-market stocks selected by ESG criteria and weighted by market- cap. " IGEB,"IGEB tracks a broad-maturity, multi-factor, investment- grade bond index. The index selects and weights bonds based on default probability, default-adjusted spreads, and volatility. " UFO,"UFO tracks a tier-weighted index of aerospace companies located globally. " UTES,"UTES is an actively managed ETF that holds US utility stocks. UTES' managers aim to outperform the sector by selecting and weighting stocks based on fundamental, growth and risk metrics. " EQL,"This ETF offers exposure to the domestic equity market, but utilizes a unique methodology to access this asset class. Each sector of the economy receives an equal weight in EQL, a strategy that results in a drastically different composition relative to market cap-weighted products such as SPY. EQL is designed to offer more balanced exposure and has the added benefit of avoiding the potentially adverse impact of rallies or crashes in specific sectors of the economy. EQL is an alternative to SPY, and is backed by a sound and compelling investment methodology; the downside is the price tag, as the expense ratio is significantly higher than other U.S. equity ETFs, close to four times greater in some cases. " DJD,"The Invesco Dow Jones Industrial Average Dividend ETF tracts an index of dividend-paying stocks included in the Dow Jones Industrial Average, weighted by their dividend yield over the prior year. The index comprises 30 of the best-known U.S. companies, largely some of the biggest blue-chip stocks. Given the design of the index, DJD will own 30 stocks or less, a very narrow slice of the U.S. equity market. This is not meant to be a diversified core holding of large-cap U.S. equities. For investors who don’t mind concentrated exposure, DJD offers an inexpensive way to boost dividend yield. Fund fees are quite low, though investors should compare price, performance and portfolio against competing ETFs, both plain-vanilla index funds and rivals that follow similar strategies on broader indices, such as the S&P 500 index. " GBUG,"GBUG tracks the Barclays Gold 3 Month Index Total Return by rolling specified gold futures contracts. " XOP,"This ETF offers exposure to the exploration and production sub-sector of the domestic energy market, making it a potentially useful tool for those looking to target stocks of companies responsible for discovering and accessing new deposits of oil and gas. XOP is likely too targeted for those with a long-term focus, but can be useful as a tactical overlay or as part of a sector rotation strategy. XOP is unique in that it seeks to replicate an equal-weighted benchmark. As such, the exposure offered by this fund is considerably more balanced than IEO, which includes many of the same stocks but assigns weighting based on market capitalization. It often costs more to pursue an equal-weighted strategy, but that isn't the case here; XOP is also very appealing from a cost perspective, making it the most attractive option for those seeking to bet on this corner of the U.S. energy market. " CRBN,"CRBN tracks an index of stocks from global firms selected for a bias toward lower carbon emissions. " AGNG,"AGNG tracks a market-cap-weighted index of companies from developed markets, whose revenue or main business purpose is tied to enhancing and elongating the lives of senior citizens. " BATT,"BATT tracks a market-cap-weighted index that invests in global advanced battery material companies such as those that mine or produce lithium, cobalt, nickel, manganese, and graphite. " GSP,"This ETN is linked to a broad-based commodity index, making it one of many options available to those seeking exposure to natural resources. Though GSP offers exposure to a number of commodity families, it is heavily weighted towards energy resources, including crude oil and natural gas. Precious metals and livestock receive relatively minor allocations; GCC may be a better choice for those seeking balanced commodity exposure. It should also be noted that GSO is structured as an ETN, which has both potential drawbacks and _ benefits. Investors are exposed to the credit risk of the issuing institution, but will avoid tracking error and may receive more favorable tax treatment. For those seeking commodity exposure tilted heavily towards energy, this ETN might be a good choice. Those seeking more balanced exposure should look elsewhere. " MTGP,"MTGP is an actively-managed fund of U.S. securitized intermediate-term debt primarily agency mortgage- backed securities, which are rated investment grade and high yield. " IBDS,"IBDS tracks a Bloomberg global index of USD- denominated, investment-grade corporate bonds maturing between December 31, 2026 and December 16, 2027. " FDEC,"FDEC aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " SSPX,"SSPX is an actively managed portfolio that seeks long- term capital growth by targeting US companies considered to be contributing positively to the environment and society. " EWM,"EWM offers investors exposure to the emerging market of the Malaysia by investing in securities of companies that are based in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, EWM could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the Malaysian market, EWM is one of the only ‘pure play’ option available. " VIDI,"VIDI tracks an index of companies from both developed and emerging markets, ex-US. The fund selects and weights its constituents in a tiered structure based on various risk and fundamental measures. " BMAY,"BMAY aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " FNY,"This ETF is one of several products offering exposure to mid cap growth stocks, a corner of the domestic equity market that may feature a unique risk/return profile and be attractive in certain environments. Given the narrow focus, FNY might not be on the radar screens of those building a long-term, buy-and-hold portfolio; many investors will elect to achieve exposure to this slice of the market through more broadly-based equity ETFs that don't focus exclusively on a single style. FNY can, however, be useful to those building U.S. equity exposure piece by piece or for those looking to implement a tactical tilt towards this corner of the market. FNY stands apart from other options in the Mid Cap Growth ETFdb Category because of the unique methodology behind the underlying index. FNY is part of the AlphaDEX suite of products that seek to replicate ""enhanced"" indexes that rely on quant-based screens to determine component companies. This process aims to select the most promising stocks from the broader universe, which if successful would result in a product that outperforms indexes that simply own the market. As such, FNY blurs the lines between active and passive management; this indexed product essentially seeks to outperform cap- weighted benchmarks. For those who think the AlphaDEX methodology can generate excess returns over the long run, FNY might be a nice way to access this asset class. For those looking to keep costs down and happy to simply own the market; FNY probably doesn't have much appeal; this fund is considerably more expensive than alternatives such as VOT or IJK. " XLP,"The ETF offers exposure to the consumer staples sector, making it an appealing option for investors looking to implement a sector rotation strategy or tilt exposure towards corners of the U.S. market that may perform well during a downturn. XLP offers impressive liquidity, cost efficiency, and depth of exposure, making it one of the best ETF options for playing the consumer staples sector. " OGIG,"OGIG tracks an index of global internet and internet technology stocks, selected and weighted by growth and quality factors. " EES,"This fund offers exposure to small cap U.S. stocks, an asset class that needs to be a part of most long-term portfolios and can be useful for tactical traders looking to implement a tilt towards riskier securities. EES is one of dozens of options for small cap exposure through ETFs, and is unique because of the weighting methodology employed. The related benchmark is earnings-weighted and includes just the bottom 25% of the market capitalization of the WisdomTree Earnings Index. Thanks to this method, all of the unprofitable small caps and many of the riskiest securities are excluded from the product making this fund a potentially more stable choice in the small cap world. As a result, investors who are seeking more small cap holdings but are concerned about market volatility would be wise to take a closer look at this fund. This is of course assuming that investors can tolerate the higher fees that this product charges when compared to similar non-earnings focused products in the space. " MOAT,"This ETF tracks an index of companies that have 'wide moats' or sustainable competitive advantages that are very difficult for competitors to breach. These firms could make for great long term investments as they generally rely on either brand name power, have high switching costs, or use the ‘network effect’ to prevent new entrants. Not surprisingly, the fund has a heavy focus on giant and large cap firms, in other words, those that have exploited their advantages to the utmost. Investors should note that WMW offers virtually identical exposure and features no tracking error since it’s an ETN; however, WMW is more expensive than MOAT and also exposes investors to the credit risk of the issuing institution. " FMAR,"FMAR aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " DURA,"DURA tracks a dividend-weighted index of US firms that are screened for dividend yield, financial health, and valuation. " EPHE,"EPHE offers investors exposure to the emerging market of the Philippines by investing in securities of companies that are based in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, EPHE could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the Filipino market, EPHE is one of the only ‘pure play' option available. " PID,"This ETF seeks to replicate an index comprised of stocks that have increased their annual dividend for five consecutive years, an exclusive club that may have obvious appeal to investors looking to enhance current returns generated by the equity portion of their portfolios. PID can also be a useful tool for investors who believe dividend payers have become undervalued, or are poised to outperform their growth counterparts in the current environment. While PID maintains some emerging market exposure, it consists primarily of ex-U.S. developed market stocks, and as such has potential appeal as an alternative to funds like EFA or VEA in a buy-and-hold portfolio. The focus on dividend payers results in a tilt towards certain sector of the international economy, including telecom and energy companies, and it should be noted that the underlying portfolio is considerably smaller than broad-based equity ETFs. PID holds only a fraction the number of stocks that VEA or EFA contain, resulting in greater single security concentration. There is no shortage of alternatives for investors seeking exposure to international dividend payers; IDV, DTH, and DWM are a few intriguing options that may offer similar access with greater depth of holdings. " IBMM,"IBMM_ tracks a market-value-weighted index of investment-grade AMT-Free municipal bonds that mature between January 1 and December 2, 2024. " PBUS,"The Invesco PureBeta MSCI USA ETF tracks an index of large- and mid-cap companies in the U.S. By excluding small-caps, the fund looks more like an S&P 500 ETF than a total U.S. market fund, and could be suitable for investors who prefer to manage their small-cap holdings separately. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. Fund fees are competitive. PBUS has attracted significant assets, but lacks the daily trading liquidity of some of the giants in the large-cap U.S. equity landscape, including behemoths like the SPDR S&P 500 ETF Trust and the iShares Core S&P 500 ETF. " RYH,"This ETF offers exposure to the domestic health care industry and it uses an alternative strategy to access this lucrative asset class. The fund follows the S&P 500 Health Care Index, however each sub-industry component is given an equal weight. A strategy like this might appeal to investors looking to avoid traditional indexing methodology which typically distributes holdings based on market-cap. RYH is designed to offer more balanced exposure for the long-term investor since it has the added benefit of avoiding the potentially adverse impact of rallies or crashes in a specific sub-industry within health care. RYH is an alternative to XLV, however it has a higher price-tag as the expense ratio is higher and liquidity is lower. " FPX,"This ETF focuses in on companies that have recently undergone an Initial Public Offering (IPO) and are now available to the general public for investment. These companies, which are less than 1,000 days old on the market, may not have been properly valued at the time of launch thus making them possible candidates for outperforming their more established brethren. While not appropriate for all investors, FPX could be a decent satellite holding for those who believe that companies that recently had an IPO could be poised for outperformance in the short term. " IWX,"This ETF is linked to the Russell Top 200 Value Index, which offers exposure to large and mega-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of mega cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. IWX is linked to an index consisting of roughly 130 holdings and exposure is tilted most heavily towards financials, energy, and health care. Thanks to this fund's reasonable level of diversification and cheap price, WX could definitely make up a solid portion of a portfolio especially for those looking for more mega cap exposure. " VEGN,"VEGN seeks to track a principles-based index of U.S. equities weighted by market-cap. " KSA,"KSA tracks a market-cap-weighted index of Saudi Arabian firms covering 99% of the market cap spectrum. " DMRM,"DMRM tracks and index that offers dynamic exposure to three sub-indices: US mid-cap equity, 5-year Treasuries, and T-bills, with the goal of maintaining a given volatility level. The fund is rebalanced daily. " RETL,"This ETF offers 2x daily long leverage to the Russell 1000 RGS Retail Index, making it a powerful tool for investors with a bullish short-term outlook for retail equities. Investors should note that RETL's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. RETL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " PSEP,"PSEP aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " SPDN,"SPDN provides daily inverse exposure to the S&P 500, a market-cap-weighted index of 500 US large-cap firms selected by the S&Ps index committee. " SPAB,"SPAB tracks a market value-weighted index of the aggregate USD-denominated investment-grade bond market with at least one year to maturity. " PEJ,"This ETF offers exposure to U.S. media companies, making it an option for gaining targeted exposure to a specific sub-sector of the consumer discretionary industry. As such, this fund probably won't have much appeal to long-term buy-and-holders, but can be useful for overweighting exposure to consumer discretionaries or potentially implementing a long/short trade. Like many fine tuned ETFs, PE] is somewhat concentrated; the portfolio consists of only about 30 individual stocks, though assets are spread relatively evenly. PEJ is part of the suite of Intellidex products, meaning that the underlying index is designed to select components expected to perform well relative to a broader universe. There aren't many other options for pure play media exposure, through those seeking broad-based exposure to consumer discretionaries have a number of choices, including XLY or RCD. " RINF,"This ETF is designed to deliver a unique way for investors to protect their portfolios from the adverse impacts associated with an uptick in inflation. As such, RINF can be used in a number of different ways; it may have appeal as a core holding in long-term portfolios, or as a more tactical allocation when expectations for inflation increase. This ETF should be viewed as an alternative to traditional TIPS, which are generally the default tool for protecting against inflation. Despite their popularity, there are some significant drawbacks with TIPS--specifically, they are bonds that can be impacted by changes in interest rates. Because rising interest rates often accompany jumps in inflation, the ability of this asset class to protect against rising prices may be limited. RINF taks a unique approach; because it consists of long and short positions in assets with approximately equal durations, the interest rate component is removed. That essentially isolates inflation expectations as the source of returns; if the market's expectations for inflation rise, TIPS will outperform otherwise comparable Treasuries and RINF will appreciate. This is a relatively complex ETF, and may not be appropriate for all investors. But if you're interested in making a bet on increasing expectations for inflation, RINF offers a unique way to isolate these risk factors. " CN,"The Xtrackers MSCI All China Equity Fund (CN) tracks an index of Chinese equities listed in mainland China as well as in Hong Kong, the U.S. and Singapore. What sets CN apart from other All China ETFs is that it buys mainland China stocks, called A-shares, as well as securities of Chinese companies that are incorporated or listed outside of China. CN’s portfolio includes companies incorporated in the People’s Republic of China but listed in Hong Kong, known as H-shares, as well as those listed for trading on foreign markets, known as B-shares. CN also invests in so-called Red Chips — securities issued by companies outside of China but which are controlled, directly or indirectly, by the Chinese government — as well as P-chips, which are issued by companies incorporated outside of China but are controlled by individuals within China. CN also includes securities like ADRs that may be listed on U.S. markets. The fund gets its A-shares exposure by buying its sister funds: the Xtrackers Harvest CSI 300 China A- Shares ETF (ASHR) — the first and largest A-shares ETF— and the Xtrackers Harvest CSI 500 China A-Shares Small Cap (ASHS). With the 2013 launch of ASHR, DWS Group became the first to offer a U.S.-listed ETF that invested in the coveted A-shares market, and the firm has a long track record in the region. CN is competitively priced — it’s actually a little bit cheaper than the iShares MSCI China ETF (MCHI), the dominant China-focused ETF, But CN has not been able to match the assets and liquidity of larger rivals like MCHI or the SPDR S&P China ETF (GXC). " GSEE,"GSEE tracks an index of emerging market equities, selected and weighted by market capitalization. " LSST,"LSST is an actively managed fund that seeks current income and capital preservation by selecting a wide range of short-duration fixed income securities. " SRLN,"SRLN- provides actively managed exposure to noninvestment-grade, floating-rate senior secured debt of US and non-US corporations that resets in 3 months or less. " TPYP,"TPYP tracks an index of North American pipeline entities organized as MLPs, MLP affiliates, LLCs, and corporations. " PXUS,"PXUS is an actively managed fund of developed ex-US stocks selected and weighted based on a proprietary rules-based multi-factor methodology. " ISCB,"ISCB tracks a market-cap-weighted index of US small-cap stocks. The index selects stocks from 90-99.5% of market cap that fall into Morningstar's style categorization. " SOCL,"This ETF offers exposure to companies engaged in some way in social media, including companies that provide social networking, file sharing, and other web-based media applications. As such, SOCL delivers targeted access to a relatively new--and potentially volatile--corner of the global technology industry. Given the concentration in a few names and potentially big swings in prices, SOCL probably shouldn't receive a huge allocation in any long- term buy-and-hold portfolio. But this EF can certainly be useful as a ""satellite"" position for investors who believe that social media companies will be successful in the future, and can be a way of establishing positions to companies not included in more popular, broad-based equity ETFs. It should be noted that SOCL maintains a global focus, meaning that social media companies in both developed and emerging markets outside the U.S. are included in the underlying portfolio. It should also be noted that SOCL may include companies that maintain significant operations outside of the social media arena (GOOG is a good example of that situation). The inclusion of these companies may diminish the correlation between SOCL's price and the success of social media companies. Finally, it is important to know that many social media companies are non-public, meaning that this ETF won't necessarily include all components of this industry. SOCL is very targeted in nature, but can be useful for achieving certain objectives. Those seeking more broad- based technology exposure have a number of options in the Technologies Equities ETFdb Category, including XLK. " DWUS,"DWUS is an actively managed fund of funds of US large- caps that follows a proprietary rules-based momentum strategy and seeks long-term capital appreciation. " ESGA,"The American Century Sustainable Equity ETF is an actively managed fund that blends fundamental financial analysis with a strategy that invests in U.S. companies that compare favorably on environmental, social, and governance criteria, also known as ESG. ESG funds are an increasingly popular segment of the ETF marketplace, but ESGA is one of the rare ESG funds managed by stock pickers rather than an index. ESGA is rarer still in that it is one of a recent wave of non-transparent ETFs. This means the fund’s stock pickers don’t have to disclose their holdings every day, unlike most ETFs. ESG strategies offer values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. ESGA, which debuted in July 2020, will use a model to assign ESG scores to evaluate criteria like carbon emissions, board independence, digital privacy, and other issues, and only the highest-scoring companies in their respective sectors will make the cut. ESGA’s goal is to generate better returns without taking on additional risk while maintaining a stronger ESG profile than the S&P 500 index. For years, many active managers resisted launching ETFs because of fears that the daily portfolio transparency would give away their trade secrets. The Securities and Exchange Commission finally approved non-transparent funds in 2019. Whether active non- transparent will pay off remains to be seen. While other active money managers can close their funds to new investors if they believe their trade is getting too crowded, ETF managers can’t. An active ETF must continue to accept new money, and therefore must be mindful of the capacity constraints of the underlying market. In practice, this may force managers to lean heavily on large cap U.S. equities, an area of the market where active managers struggle to find a persistent edge. Given ESGA’s limited real-world track record, it’s hard to judge whether the fund’s managers will do any better. ESGA also owns a substantially narrower universe of stocks than other U.S. equity ETFs, and the reduced " CSD,"This ETF focuses in on companies that have recently undergone an split and have sold off a portion of their business as a new entity. This may unlock some value in the new entity potentially allowing investors to capture alpha against the S&P 500. While not appropriate for all investors, CSD could be a decent satellite holding for those who believe that companies that recently have spun-off from their parent firms could be poised for outperformance in the short term. " BSJL,"The Invesco BulletShares 2021 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk- off tool; in the final year of the fund's life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from high-yield exposure can sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it's far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018... " TDTT,"The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund (TDTT) offers exposure to short-term TIPS, bonds issued by the U.S. government that feature a principal that adjusts based on certain measures of inflation. TDTT can be useful as a tool for protecting portfolios against anticipated upticks in inflationary pressures. TDTT could be used, in moderate amounts, by buy-and-hold investors, or as a tactical play for those looking to shift into low-risk assets that may hold up well in inflationary environments. TDTT generally won't deliver much in the way of current returns, given that it features securities that are relatively close to maturity and that exhibit minimal credit risk; it is more appropriate as a ""risk off"" tool for those anticipating chaos in the markets. It's important to note that TIPS are not perfect hedges against inflation; there are some potential drawbacks to using products such as TDTT to hedge against a climb in CPI. But for those looking to use inflation-protected bonds in that capacity, funds that buy shorter-dated TIPS might be a better choice than those that invest in longer-dated securities, like the iShares TIPS Bond ETF (TIP). By minimizing the interest rate risk, investors can cut back on loss potential if interest rates start climbing--a scenario that often accompanies an uptick in inflation. FlexShares offers several variations on the theme, including the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) and the FlexShares iBoxx 7-Year Duration TIPS Index Fund (TDTS). There are plenty of good TIPS options available on the ETF market. Investors can compare TDTT to SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX), iShares 0-5 Year TIPS Bond ETF (STIP}, or Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). " RZV,"RZV seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, RZV is unique in the space because it implements a ‘pure’ system. This forces the provider to classify companies in the space as either growth or value ensuring that there is no overlap between this fund and its counterpart RZG. Thanks to this shift, this fund has substantially less securities than similar products in the space and is relatively more concentrated. In fact, RZV holds just 150 securities and puts close to 17.5% of its assets in the top ten holdings, a far cry from some funds in the space that hold over 1,200 securities. Due to this, investors should consider this fund if they are looking to only tap into value securities and want nothing to do with growth companies in the space. The fund does charge more than others in the category but its methodology may be worth it to many investors. " FEMB,"FEMB is an actively managed fund that invests in a broad range of bonds issued by emerging-market sovereign, sub-sovereign and quasi-sovereign entities, denominated in local currencies. " IBDQ,"IBDQ tracks a global index of USD-denominated, investment-grade corporate bonds maturing between Dec 31, 2024 and Jan 1, 2026. " CRPT,"CRPT actively invests in companies supporting the crypto industry and the digital economy around the world. " HYDR,"HYDR tracks a modified market-cap-weighted index that provides global exposure to companies positioned to benefit from hydrogen economy. " FXC,"This ETF offers exposure to the Canadian dollar relative to the U.S. dollar, increasing in value when the ‘loonie’ strengthens and declining when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the CAD/USD exchange rate, FXC is the only real ETF option available. " JHMC,"JHMC tracks an index of US consumer discretionary stocks, weighted for exposure to four factors: small size, low relative price, high profitability and high momentum. " RSXJ,"This ETF offers exposure to small cap Russian equities, making it one of several options available for accessing a component of the BRIC bloc that holds tremendous potential but also significant risks. Russia's economy remains largely dependent on the energy sector, thanks to the country's vast reserves of natural gas and oil, and as such RSXJ can be heavily influenced by changes in energy prices. RSX] is probably too granular for long- term buy-and-holders, but can be useful for investors looking to implement a country rotation strategy or to tilt exposure towards this emerging market. RSX] is, surprisingly, not as heavily tilted towards the energy sector as its large cap peers as just 17.5% of the fund goes towards that sector. That weighting is matched by similar levels in the utilities, materials, and industrials spaces, suggesting that RSX] may offer a more balanced play on the Russian market. Nevertheless, the combination of small caps and Russia is a pretty potent mix and investors should use extreme caution when investing in this often volatile product. " DALI,"DALI tracks an index that uses momentum indicators to rotate between asset classes. The fund holds a single asset class at a time and uses other First Trust ETFs for exposure. " QYLD,"The Global X NASDAQ 100 Covered Call ETF (QYLD) follows a “covered call” strategy in which the ETF buys the stocks in the Nasdaq 100 index, then sells corresponding call options to generate a little extra income for investors. For investors who want the added yield without the hassle of getting into options trading, QYLD delivers a little something extra on top of the same companies in the Invesco QQQ Trust (QQQ). QYLD and similar strategies could be appropriate for investors who want exposure to Nasdaq stocks with a bit of downside protection should stocks plummet. " TAIL,"TAIL is an actively managed fund that holds mostly cash and treasuries while using the strategy of buying put options on the S&P 500 with the purpose of portfolio downside protection. " VSDA,"VSDA tracks an index of dividend-paying US large- and mid-cap stocks with a high likelihood of future dividend growth. " JHSC,"JHSC tracks an index of US small-cap stocks selected by relative price and profitability. Securities are weighted by multiple factors relative to their sector peers. " HEFA,"HEFA tracks a market cap-weighted, USD-hedged index of large- and mid-cap stocks from developed countries outside the US and Canada. " DGS,"This ETF offers an opportunity to access small cap emerging markets equities, making it a nice complement to funds such as EEM or VWO that are heavy on large cap stocks. Because mega caps are often multi-national companies that generate revenues in multiple regions, small caps can be better ""pure plays"" on the local economy and may be more reflective of domestic consumption patterns. DGS is a nice option for small cap emerging market exposure, an asset class that is often overlooked but that can be a valuable addition to most portfolios. " PPTY,"PPTY tracks an index of fundamentally-selected and -weighted US-listed equities that derive income from the ownership or management of real estate. " LRGE,"LRGE is actively-managed to invest in global large-cap growth stocks with positive environmental, social, and governance (ESG) traits. The fund aims for long-term capital appreciation. " JUST,"The Goldman Sachs JUST U.S. Large Cap Equity ETF QUST) tracks an index of Russell 1000 companies “that demonstrate just business behavior.” The methodology scores companies on issues such as customer privacy, diversity, inclusion, gender diversity and greenhouse gas emissions. The portfolio invests in those companies with above-average scores. JUST is a hybrid creature in the world of socially- responsible investing. On the one hand, it fits into the legacy values-investing segment by providing a liberal alternative to funds that avoid so-called “sin stocks.” JUST’s focus on inclusion and diversity is at the opposite end of the spectrum from the Inspire 100 ETF (BIBL), which has been criticized for enshrining bigotry by deliberately excluding companies that engage in the “promotion or acceptance of the LGBT lifestyle.” JUST also appeals to investors interested in the growing ESG segment of the fund market, where companies are rated and weighted based on environmental, social and governance factors. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. Today’s ESG strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is to maintain § market-like diversification with a tilt toward the best corporate citizens. It’s worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments, so [UST has plenty of competition. For cost conscious " TBF,"This ETF offers inverse leveraged exposure to the broad- based Barclays Capital U.S. 20+ Year Treasury Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. long-term treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. TBF can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " YINN,"This ETF offers 3x daily long leverage to FTSE China 50 Index, making it a powerful tool for investors with a bullish short-term outlook for China large cap stocks. Investors should note that YINN's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. YINN can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " WIZ,"WIZ tracks a proprietary index that uses artificial intelligence to analyze momentum indicators in order to shift between aggressive or conservative ETF portfolios. The fund aims for capital appreciation. " UAPR,"UAPR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " EUDG,"EUDG tracks an index of companies in developed Europe, selected for growth characteristics and weighted by total dividends paid. " IUS,"The Invesco RAFI Strategic US ETF tracks a proprietary index that targets U.S. companies that exhibit strong sales, cash flow, return on capital, and book value. The companies are assigned a score based on the ratio of sales to assets in the prior year, and on the growth of sales-to-assets in the previous five years. Component companies are then ranked, with the top tier being eligible for inclusion. Companies are weighted according to their scores. The result is a portfolio of large- and mid- cap U.S. equities that has a markedly different sector breakdown compared with a market-cap weighted S&P 500 ETF Fund fees are reasonable, though more expensive than some of the cheapest plain-vanilla U.S. equity ETFs on the market. Is it worth it? The fund launched in September 2018, so there’s limited real-world trading but it has had some periods of outperformance compared with S&P 500 funds. For investors who believe in the strategy, IUS could be a good complement to core U.S. equity exposure. Investors should compare price, performance and portfolio to plain-vanilla index ETFs as well as other U.S. factor strategies. " QID,"This ETF offers 2x daily short leverage to the NASDAQ- 100 Index, making it a powerful tool for investors with a bearish short-term outlook for technology equities. Investors should note that QID's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. QID can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " TTT,"This ETF offers a way for investors to bet heavily against long-term Treasuries, amplifying exposure against debt obligations with more than 20 years remaining until maturity. As such, TTT could be a way to bet on rising interest rates, a phenomenon that would impact long- dated Treasuries most substantially. TTT can also be a way for betting against bonds in anticipation of strong equity market performance. It should be noted that TTT is an extremely risky product that utilizes leverage in order to magnify the results delivered. This product is certainly not constructed with buy-and-holders in mind; rather, TTT is more useful for sophisticated investors willing and able to take on a significant amount of risk. It's important to understand that TTT features a daily reset of exposure, which results in unpredictable returns over longer period of times and means that TTT will be impacted by both the direction and volatility of the underlying index. If you grasp the nuances of leveraged ETFs and understand the risk involved, TTT can be a tremendously powerful tool. But most investors should stay away from this fund; it's simply too risky and too complex. " GREK,"This country-focused fund tracks an index comprised of the top 20 companies that are domiciled in Greece, making it the first ETF to dedicate itself to this nation. GREK, from Global X, has a unique risk/return profile they may attract some while scaring off others, as Greece's economic history has been relatively unstable. The ETF focuses the majority of its assets on three sectors, financial services, consumer cyclical, and consumer defensive. Note that the heavy allocation to banks makes this fund especially volatile given the instability of Greek banks during the euro zone crisis. Another noteworthy allocation is the market cap breakdown of the product. GREK has no giant or even large cap holdings; instead, the fund diverts the majority of its assets to small and mid cap firms with some micro cap exposure. GREK will be more volatile as a result because small and mid cap companies tend to exhibit more volatility than their large cap counterparts. GREK would likely never be an integral part of your portfolio, but it could be effective as a satellite holding. Though the fund comes with a high risk, it also has a handsome upside potential that may fit well for investors who can stomach a bit of volatility. " EMXF,"EMXF tracks a market cap-weighted index of large- and mid-cap equities in emerging markets, screened for positive ESG rating while also screening for involvement in controversial activities. " PDN,"This ETF offers exposure to mid cap equities in developed markets outside of the U.S., thereby delivering a way to access an asset class that is often overlooked by investors. Most international equity ETFs are dominated by large cap stocks, potentially resulting in both sector biases and diminished connection to local events. Mid and small caps can offer a unique risk/return profile, delivering increased sensitivity to local consumption and exposure that some consider to be more reflective of a national economy. As such, PDN can be appealing to those looking to construct a long-term portfolio with well- rounded exposure to international stocks, complementing large cap-heavy ETFs. This ETF could also be viewed as an alternative to EAFE ETFs such as VEA or EFA, offering exposure to the same region with a different methodology. PDN is linked to a RAFI-weighted index, utilizing a methodology that may have appeal compared to traditional market cap-weighting. This exposure comes with a heftier price tag than other options such as SCZ or MDD, but those who subscribe to the merits of RAFI weighting may believe that long-term outperformance will more than make up for any differential in fees. " BNKU,"BNKU tracks 3x the performance of an equal-weighted index of US Large Banks. " HEWJ,"HEW]J tracks an index of large- and mid-cap Japanese stocks, while fully hedging out its exposure to the yen relative to the US dollar. " IQSU,"IQSU tracks a proprietary index of large-cap US stocks selected by ESG criteria and weighted by market capitalization. " DEW,"This ETF offers exposure to dividend paying stocks around the globe, including the U.S. and developed and international markets. As such, DEW is one option for investors seeking to construct a simplified long-term portfolio, as it delivers exposure to dozens of countries across all sectors of the global economy. DEW is differentiated by ETFs such as ACWI by the weighting methodology; the underlying index uses cash dividends paid to select components and determine individual weightings. As such, this fund can be useful for enhancing current returns generated from the equity portion of a portfolio, or simply for those who believe that a dividend-weighting strategy will generate alpha over the long run. DEW features the sector biases that are traditional in dividend-weighted ETFs, as_ financials, telecom, and energy make up big portions of this ETF. Exposure is balanced across several hundred individual holdings, with a bias towards large cap stocks. DEW is more expensive than some alternatives in the Global Equities ETFdb Category, but that differential may be more than worthwhile for those seeking to implement a dividend-weighted strategy. " FUTY,"The Fidelity MSCI Utilities Index ETF (FUTY) tracks an index of U.S. utility stocks, a sector known for relatively low volatility and relatively high distribution yields. A fund like FUTY can be useful for establishing exposure to a low- risk segment that can enhance current returns. Like most sector ETFs, FUTY is most appealing to portfolio managers implementing a sector rotation strategy. Most long-term, buy-and hold investors will likely achieve utilities exposure through broad-based equity funds (though the allocation to this sector can be relatively small). Still, investors should be wary of unintentional over-concentration, since some dividend funds and low- volatility ETFs have a significant slice of their assets invested in utilities. FUTY owns more than 60 companies, including small caps, making it similar to the Vanguard Utilities ETF (VPU). Both FUTY and VPU offer a more diversified portfolio than the Utilities Select Sector SPDR Fund (XLU}, which has long been the giant in the space. FUTY is competitively priced against rivals, though short- term tactical traders may prefer the size and liquidity of XLU. " GCOR,"GCOR tracks a_ broad-maturity, USD-denominated, investment-grade taxable bond index which screens securities for fundamental criteria. " FBND,"The Fidelity Total Bond ETF (FBND) is an actively managed bond fund that can invest in a wide range of U.S.-dollar denominated debt securities, using the Bloomberg Barclays U.S. Universal Bond Index as a guide in allocating assets. The fund’s managers may invest up to 20% of assets in junk-rated corporate debt. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in FBND is ultimately a bet on the manager’s ability to outperform the market. FBND is priced competitively with rivals like the JPMorgan Global Bond Opportunities ETF (JPGB), SPDR DoubleLine Total Return Tactical ETF (TOTL), and the PIMCO Active Bond ETF (BOND). " FTXD,"FTXD follows a liquidity-selected, multi-factor-weighted index of 50 US retail companies. " SCHK,"SCHK tracks a proprietary market-cap-weighted index that includes 1,000 of the largest US-listed stocks. " USCI,"This ETF is often described as a ""third generation"" product, and is noteworthy in that the composition of the underlying index changes monthly based on observable price signals. USCI screens out commodities that show the most significant backwardation or moderate contango, making it appealing to those frustrated by the nuances of futures-based investing. The rules-based index is designed so that exposure is spread across multiple types of commodities at all times, making USCI an alternative to products such as DBC or DJP for investors who buy into the academic research behind the underlying index. USCI is slightly more expensive than DBC or DJP, but the manner in which the index is constructed arguably makes this ETF a better way to gain exposure to prices of natural resources. " TPSC,"TPSC tracks a volatility-weighted index of U.S small-caps screened for defined Christian values. " CIL,"CIL tracks an index of developed-market equities outside the US. The index screens for positive earnings and weights its securities inversely by volatility. " DFEN,"The Direxion Daily Aerospace & Defense Bull 3X Shares aims to triple the daily return of an index of defense industry stocks like Boeing, United Technologies, Lockheed Martin and Raytheon. DFEN, like all leveraged products, is designed for short- term trading by sophisticated investors. DFEN rebalances daily, which means its performance over longer time periods will diverge significantly from the underlying stocks. The daily reset means that DFEN could lose money over time even if the underlying equities have posted a gain, which can come as a rude surprise to buy- and-hold investors who don’t read the fine print. DFEN is ideal for traders looking for a way to place an ultra-short-term high-conviction wager on a rally in defense industry stocks. The management fee of 99 basis points might seem high in the world of passive investments, but it’s in line with other leveraged products and shouldn‘t be a major concern for traders who plan to cash out of their positions quickly. For longer-term investors who want passive exposure to defense stocks without the complications of leverage, BlackRock’s iShares U.S. Aerospace & Defense ETF (ITA) tracks the same underlying index as DFEN, and State Street’s SPDR S&P Aerospace and Defense ETF (XAR) tracks an MSCI index and invests in many of the same companies. XAR charges a fee of 35 basis points, which is high for an index-tracking ETF but cheaper than competitors including ITA, FITE, PPA and ROKT. " CEMB,"This ETF offers exposure to debt of emerging markets issuers, focusing specifically on bonds issued by corporations and quasi-sovereign corporations. As such, CEMB offers access to a corner of the global bond market that many fixed income portfolios overlook; it represents away to round out exposure to emerging markets with a position to complement emerging markets stock ETFs. Emerging markets corporate bonds offer a way to enhance returns relative to U.S. debt, potentially without taking on significant incremental risk. CEMB focuses on U.S. dollar-denominated debt, which removes the exchange rate risk from the equation. There are a number of other emerging markets bond ETFs that include currency exposure (such as ELD), though they generally include exposure to corporate as well as sovereign debt. A close competitor, EMCB, offers similar exposure for the same price as well as active- management and is also available commission free to E*TRADE account holders; however, CEMB features a deeper and less top heavy portfolio of holdings, potentially offering more in the way of diversity. " MDY,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. MDY offers exposure to a balanced portfolio of stocks, including close to 400 individual names and spreading exposure relatively evenly. The expense ratio is competitive with the other options out there and the level of liquidity is unmatched in the space. In addition to cap-weighted choices such as this fund and IJH, there is the alpha-seeking FNX, ultra-cheap FMU, and equal-weighted EWRM. " RODM,"RODM tracks an index that selects developed-market companies outside the US, based on factors like valuation, momentum and quality. " JPHY,"The JPMorgan High Yield Research Enhanced ETF (JPHY) is an actively-managed fund for investors looking to access to U.S.- dollar denominated ‘junk’ bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. JPHY may invest assets in high-yield corporate debt, convertible securities, REITs, fixed- and floating- rate instruments, and pay-in-kind instruments. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in JPHY is ultimately a bet on the manager's ability to beat the market. JPHY's management fee is extremely competitive, especially when compared with passive rivals like the SPDR Bloomberg Barclays High-Yield Bond ETF (JNK} and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG). The ETF marketplace offers offer quite a few high-yield variations, including active management, so-called ‘smart’ indexing, and even an ETF that screens junk debt based on environmental, social, and government criteria. " CDL,"CDL tracks an index of dividend-paying large-cap stocks, weighted by inverse volatility. " MOTI,"MOTI tracks an equal-weighted index of 50 non-US companies that Morningstar deems to have a sustainable competitive advantage and an attractive valuation. " SRVR,"SRVR tracks a market cap-weighted index of real estate companies from developed markets that are related to data and infrastructure. " RXL,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Health Care Index, making it a powerful tool for investors with a bullish short-term outlook for health care equities. Investors should note that RXL's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. RXL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " ARMR,"ARMR is passively managed and invests in sectors of the US equity market, selected by a proprietary method and weighted by market-cap. The strategy has the ability to shift portfolio exposure to US Treasury ETFs or cash. " LQDH,"LQDH tracks an index that holds iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD), which targets USD-denominated investment corporate bonds, while mitigating duration risk. " QDPL,"QDPL tracks an index based on the stocks in the S&P 500 Index, long S&P Dividend futures and 3-year Treasurys. The objective is to provide 400% of the ordinary yield of the S&P 500 Index in exchange for reduced participation in the price performance. " VT,"This ETF is one of the broadest equity products on the market, offering exposure to global equity markets, including the U.S., ex-U.S. developed markets, and emerging economies. As such, VT can potentially be a one stop shop for equity exposure to those building a long-term portfolio, though the balance between the three asset classes mentioned above may require some fine tuning based on return objectives and risk tolerances. It should also be noted that VT is dominated by large cap stocks, and maintains minimal exposure to small cap companies; as such, those building a long-term portfolio may wish to seek out complementary holdings for rounding out exposure. With thousands of individual securities in dozens of different countries, VT scores well in terms of diversification; no one stock accounts for a meaningful portion of the total portfolio, and the fund is balanced from both a regional and sector perspective. Like most Vanguard ETFs, VT compares favorably from a cost perspective, and the option to trade commission free in Vanguard accounts further increases the appeal to cost conscious investors. While this fund was designed for buy-and-holders, it has the potential to be used as a shorter-term ""risk on"" vehicle for establishing broad- based, global equity exposure. Other ETF options for similar exposure include ACWI, while investors seeking ex-U.S. exposure may prefer ACWX or VEU. " PQDI,"PQDI actively selects dividend-paying securities that have favorable federal tax treatment, including preferred and capital securities, from global issuers. " CNCR,"CNCR tracks an equal-weighted index of companies currently developing oncology drugs or selling cancer therapeutic products. " ROAM,"ROAM tracks a multifactor and quant-driven index of emerging market stocks aimed at reducing concentration risk prevalent in cap-weighted indexes. " PIN,"This ETF offers exposure to Indian equity markets, making PIN one of many ETF choices for investors looking to access an emerging market that maintains both tremendous growth potential and considerable volatility. Considerable India exposure is a part of many broad- based emerging markets ETFs, but those looking to overweight this economy may find PIN to be a useful tool. Like many international ETFs, PIN leaves a bit to be desired in terms of diversification; with just about 50 components and near double digit exposure to multiple stocks, the underlying portfolio is somewhat concentrated. It's also worth noting that the fund is dominated by large cap companies; pairing this fund with a small cap ETF such as SCIF or SCIN may result in more complete exposure to India's equity markets. For those seeking large caps, there are some other options available, including earnings-weighted EPI and INP, an ETN that could alleviate concerns about the liquidity of Indian stock markets. PIN's expenses may seem high compared to other equity ETFs, but the fees are quite reasonable considering the type of exposure offered (INP comes in a few basis points lower for those with major concerns about expenses). " XYLG,"XYLG tracks an index of S&P 500 stocks and sells one- month, at-the-money call options on up to 50% of each stock. " INTF,"INTF tracks an index of large- and mid-cap equities in developed markets outside the US. Stocks are selected and weighted to maximize exposure to five factors: momentum, quality, value, low volatility, and size. " OVLH,"OVLH is actively managed to provide exposure to the US large-cap space combined with an option overlay strategy, utilizing a put spread and long-term OTM put options. " IDU,"This ETF allocates its assets to a benchmark that measures the performance of the utilities sector of the U.S. equity market. An investment in the utilities sector offers several advantages to the average investor. Firstly, many utilities are a necessity in today's world, and as our population continues to grow in the future, the demand for these companies will only increase in theory. Second, utility companies are known for their high dividend yields, giving investors a steady stream of income despite what market conditions may be like. Finally, these companies may prove to be somewhat recession proof; no matter what the economic conditions are, people still need to use electricity and other utilities to go about their daily lives. IDU has a tilt towards large cap firms, giving this product nice stability for its investors. With a strong yield, this ETF may be a perfect fit for investors looking for stable utilities exposure inside U.S. borders. " META,"tals Analy suer Roundhill Investments Pendin Downlc and Roundhill here. ructure ETF cpense Ratio 0.59% [TF Home Page Home page ception Jun 30, 2021 dex Tracked Ball Metaverse Index... F Database Themes FactS ategory Technology Equities Segm: sset Class Equity Categ " IG,"The Principal Investment Grade Corporate Active ETF (IG) is an actively-managed fund that invests in investment- grade corporate debt denominated in U.S. dollars. The fund is unconstrained and has a duration — a measure of bond price sensitivity to interest rate moves — of about 7.8 years, putting it in the medium-term category. IG‘s management fee is competitive for the category. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. IG has a number of competitors in the actively- managed corporate bond space, including the iShares Interest Rate Hedged Corporate Bond ETF (LQDH), the Franklin Liberty Investment Grade Corporate ETF (FLCO), the JPMorgan Corporate Bond Research Enhanced ETF QIGB), or the iShares Inflation Hedged Corporate Bond ETF (LQDI). " SCHH,"This ETF offers exposure to the real estate industry within the U.S. equity market. SCHH follows the Dow Jones U.S. Select REIT Index, tracking the performance of an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). IYR is the most liquid alternative available, but it comes with a steeper price tag, while FRL is the only option with a cheaper expense fee. " LTPZ,"This ETF offers exposure to long-dated TIPS, a segment of the U.S. Treasury market that may have appeal to investors looking to protect against inflation. While most investors are familiar with the nuances of TIPS, the ramifications of the longer duration should be understood before establishing a position. While a longer time to maturity means higher yields, it also introduces additional interest rate risk. Because inflationary environments are often accompanied by rate hikes, the effectiveness of this tool may be limited in certain situations. There are a number of more broad-based ETF options for exposure to TIPS, including TIP, TIPZ, and SCHP. Moreover, ETFs focusing on the short end of the duration curve may have additional benefits; these include STIP and STPZ. " IBND,"IBND offers exposure to investment grade corporate bonds that fall in the middle of the maturity spectrum, thereby delivering a moderate amount of both interest rate and credit risk. IBND might be useful for investors looking to enhance fixed income returns but hesitant to lengthen duration too much. " FXG,"This ETF offers exposure to the U.S. consumer staples sector, seeking to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance relative to a broader universe consisting of consumer staples stocks. In return for exposure to this strategy, which has historically delivered impressive returns across the entire suite, investors can expect to pay a bit more; FXG's expense ratio is about 50 basis points higher than low cost options for financial exposure such as FCD and XLP. The unique index construction methodology has some other potential advantages; FXG maintains much a lower concentration of top holdings than do cap-weighted funds such as XLP. As such, performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access financials. For those who believe in the merits of the AlphaDEX methodology and willing to pay a little extra for a shot at alpha, FXG can be an excellent way to gain exposure to the consumer staples sector. " DFE,"This ETF offers exposure to small cap European stocks, giving investors a way to access an asset class that is often overlooked (most European ETFs are tilted heavily towards large cap stocks). Because their performance is generally more closely tied to local consumption, small caps may be a better way to access the local economies of Western Europe. As such, DFE can potentially be used for complementary exposure to large caps, or perhaps as an alternative means of overweighting this region. It should be noted that SCZ is a more broadly-based small cap option; that fund offers exposure to small caps throughout the EAFE region. DFE's dividend-weighting methodology may have appeal to those looking to enhance current returns or simply steer clear of the potential pitfalls associated with cap-weighting. DFE is a little on the pricey side, but the depth and balance of exposure offered are impressive. " SLX,"This ETF gives investors exposure to publicly traded companies primarily involved in steel production, including the operation of manufacturing mills, fabrication of productions, and the extraction and reduction of iron ore. SLX is poised to benefit nicely from increased steel demand as the global economic recovery picks up speed and from continued investments in infrastructure. SLX often trades as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but can be a powerful tool for profiting from a surge in steel prices. " PBJ,"This ETF offers targeted exposure to the consumer sector, including a blend of both discretionary and staples. Part of the suite of Intellidex products, PBJ is linked to an index that utilizes quantitative analysis and stock screening to identify holdings. PBJ's methodology results in a more expensive price tag, but may have appeal to investors who believe the strategy can consistently generate alpha. " OMFL,"The Invesco Russell 1000 Dynamic Multifactor ETF applies a proprietary index strategy to investing in large-cap U.S. companies. Invesco starts with the Russell 1000 index of the largest U.S. companies, then assesses the prevailing economic environment and market conditions. Companies are scored based on the factors that are most relevant given the overall outlook. Invesco looks at economic and market barometers such as consumer sentiment, construction activity, manufacturing gauges and labor market conditions to determine whether the economy is expanding, slowing, contracting or recovering, and then scores stocks accordingly. During recovery or expansion, the fund targets company size and value, while during a slowdown or contraction the fund focuses on stocks with healthier balance sheets and reduced susceptibility to market swings. In both expanding or contracting conditions, the fund also targets momentum stocks. The methodology excludes stocks whose multi-factor score falls below certain relative thresholds. The remaining stocks are weighted based on both the multi-factor score and the company’s weight in the baseline index. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. The result of OMFL's methodology is a portfolio that can diverge significantly from a plain-vanilla Russell 1000 ETF. The industry and sector mix may look different, and OMFL tends to have a larger allocation to mid-cap stocks than some traditional large-cap index funds. OMFL may not own the full roster of companies in the Russell 1000 but the fund still owns a diversified mix of hundreds of U.S. equities. For believers in Invesco’s multi-factor approach, the fund could be a good complement to a core portfolio allocation, and may even replace a traditional large-cap holding like an S&P " SIXS,"SIXS is a portfolio of US small-caps with low beta and value characteristics, actively selected from the S&P 600. " PXF,"This ETF offers exposure to large-cap equities in developed markets excluding the U.S., making it a potential cornerstone of any long-term portfolio and a useful tool for implementing shorter-term tactical overlays as well. While this ETF has considerable overlap with more popular funds such as VEU or GWL, there are some key distinctions that shape a very unique risk/return profile. PXF is linked to a RAFI-weighted index that determines components and individual security weightings based on fundamental measures such as book value and cash flow. As such, PXF breaks the link between stock price and security allocation and may have appeal as an alternative to market capitalization weighting systems that have numerous potential drawbacks. PXF features the same biases that are common in many developed-market ETFs, including big weightings to financials and energy. This fund does offer nicely balanced exposure and it's holdings include just over 1000 components. Other alternatives to cap- weighted ETFs include the equal-weighted EWAC or the dividend-weighted LVL, both of which have potential advantages and drawbacks. PXF is considerably more expensive than VEU, but for investors who believe in the merits of the RAFI methodology it may be a better way to achieve international exposure. " VSGX,"VSGX tracks a market-cap-weighted index of global ex-US companies screened for environmental, social, and corporate governance criteria. " VTI,"This ETF offers broad exposure to the U.S. equity market, investing in thousands of different securities across all sectors. That makes VTI an appealing option for investors looking to simplify their portfolios and minimize rebalancing obligations, as this fund can serve as a core holding of a long-term portfolio. VTI can potentially be useful as a tool for establishing quick exposure to risky assets, though most shorter-term traders with that objective will gravitate towards products such as SPY instead. One of the most attractive aspects of VTI, in addition to the extremely broad base of holdings and balance of exposure, is the price. This ETF is one of the cheapest products available, and the ability to trade commission free within a Vanguard account further increases the appeal to cost-conscious investors. For those looking to minimize fees, VTI will fit right into a portfolio. One attribute worth noting, however, is the tilt towards large caps. While VTI includes companies of all sizes, the allocations to mid caps and small caps are not significant. Those seeking more balanced exposure to U.S. equities may want to use VTI alongside more targeted products focusing on smaller companies. " HDG,"This ETF seeks to replicate the risk/return profiles of a diversified benchmark of hedge funds, potentially giving all types of investors access to a strategy that may otherwise be out of reach. HDG seeks to accomplish this objective by maintaining exposure to six ""factors"" that include U.S. stocks, international equities, Treasuries, and the euro. The fund has the flexibility to establish long or short exposure to most of these factors (long or flat to some) based on a proprietary quantitative analysis. It's important for investors to realize what hedge fund replication strategies entail, and the limitations to such techniques. HDG doesn't have access to all the same tools as famous hedge fund managers, and shouldn't be confused with a product that will seek to generate huge absolute returns in any environment. Instead, the primary appeal of this product may be in its ability to offer non- correlated returns, adding diversification benefits to traditional stock-and-bond portfolios and smoothing overall volatility. The exposure offered by HDG would be quite expensive and demanding for most investors to establish; this ETF offers a way to access this advanced and potentially time-consuming strategy at a relatively low price point. There are several other options for hedge fund replication exposure in the ETF universe, including the broad-based QAI, MCRO (macro strategy), merger arbitrage products (MNA), and long/short techniques. " ROMO,"ROMO is a passively managed fund-of-funds that shifts exposure to global equities regionally or U.S. Treasurys based on momentum and trend. " XTN,"This ETF, issued by State Street, provides exposure to a benchmark that represents the transportation industry of the US. An investment on the transportation industry could reach into multiple tiers of the economy, as consumer goods as well as consumers themselves are in constant need of transportation from one place to another. Energy, though behind the scenes, has a major impact on the transportation industry, as rising gas prices or new alternative solutions can have a major impact on the performance of these individual companies. XTN has some bizarre holdings that may not offer the play on transportation equities that is right for everyone. Three of the top ten holdings feature rental car services in the US making this fund more of a play on the transportation of consumers rather than goods. Investors should note that this product offers significant small cap exposure, meaning that it will be slightly more volatile than a typical large cap product. " EMB,"This ETF offers exposure to debt of emerging markets issuers that is denominated in U.S. dollars, delivering exposure to an asset class that can enhance current returns and deliver geographic diversification without bringing exchange rate fluctuations into the equation. For investors seeking to diversify exposure to the U.S. dollar, funds like ELD or EMLC might make more sense. But for those seeking exposure to emerging market debt denominated in the greenback, EMB offers a low cost option that is well diversified and extremely liquid. " SPSM,"The SPDR Portfolio S&P 600 Small Cap ETF (SPSM) tracks an index of small cap U.S. stocks. The investment thesis behind a small cap investment is the growth factor that comes along with these securities. While mega-cap firms have already hit their peak, smaller companies may be the next juggernaut. The downside to small-cap investing is additional risk. Changes in regulation, credit availability, or product viability could send share prices plummeting. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept relatively low since this market segment experiences extreme volatility. Investors in total-market ETFs already have some allocation to small-caps and should make sure that they’re not unintentionally overweighting a risky space. Conversely, investors with strong convictions about small-caps might want to augment a total market fund with SPSM to boost their exposure. Like all of State Streets’s SPDR Portfolio lineup, SPSM is priced to match or beat rivals like the iShares Core S&P Small Cap ETF (IJR). SPSM has changed its underlying index a couple of times in recent years, but as of January 2020 it tracks the same S&P SmallCap 600 index as IJR and at a lower fee, making it an appealing option for longer-term investors who are looking for growth and aware of the risks that come with small-cap stocks. SPSM still lags IJR in assets though and some short-term traders might prefer IJR’s size and liquidity. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street pretty much founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its “Portfolio” funds, including SPSM, were renamed " SCHG,"This ETF is linked to the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, which offers exposure to large- cap companies within the growth sector of the U.S. equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. SCHG is linked to an index consisting of roughly 500 holdings and exposure is tilted most heavily towards technology, while industrials, health care, energy, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include ELG and JKE, while MGK is the only option with a comparably low expense fee. " SLVO,"SLVO offers the returns of a covered-call strategy comprising long shares of a physical silver ETF (SLV) and short 1-month call options with a strike price of 106% of SLV. " QTEC,"This ETF offers exposure to the U.S. tech sector, making it one of many options available to investors seeking to access an industry that is capable of remarkable rallies and steep declines over short periods of time. Given the sector-specific focus, QTEC is probably too granular for those building a long-term, buy-and-hold portfolio, but can be useful for investors putting on a tactical tilt or looking to beef up tech sector exposure. However, its narrow focus and relatively high expense ratio means that it should be avoided by most investors. QTEC holds just 40 securities in total and while it does a decent job of dividing up assets among these firms-- the top ten make up just one-fourth of total assets-- this amount of securities is too small to offer real diversification in the tech sector. Furthermore, with an expense ratio of 60 basis points, the product is about 12 basis points more expensive than others in the category which offer more diversification such as IXN or IYW. For these reasons, investors should avoid QTEC at all costs; its gimmicky structure of holdings only Nasdaq-100 companies that are in the tech sector is rather arbitrary and will not help investors accomplish any objectives effectively. " SPTS,"The SPDR Portfolio Short Term Treasury ETF (SPTS) tracks an index of short-term U.S. Treasuries. The ETF invests in Treasuries with a remaining maturity of one to three years. The ETF provides minimal credit risk and low interest-rate risk. By investing in shorter-term securities, SPTS reduces duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like most SPDR “Portfolio” ETFs, SPTS is priced competitively with ultra-low-cost rivals like the Vanguard Short-Term Treasury ETF (VGSH) and the Schwab Short-Term U.S. Treasury ETF (SCHO). For those willing to take on more credit risk, ultra-short debt ETFs are another popular option for investors looking for a relatively safe way to eke out more yield than brokerage sweep accounts or long-term Treasuries. There are several competitors, such as the JPMorgan Ultra-Short Income ETF (JPST}, the iShares Ultra Short- Term Bond ETF (ICSH}, and the Goldman Sachs Access Ultra Short Bond ETF (GSST)}. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentilly founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds were renamed and repriced for this purpose. Prior to October 2017, SPTS traded under the name SPDR Bloomberg Barclays Short Term Treasury ETF and the ticker SST. " DFUS,"DFUS actively selects US equities of all sizes weighted by market capitalization in seeking to provide long-term capital appreciation. " IGSB,"IGSB tracks a market-value-weighted index of US dollar denominated, investment-grade corporate debt with 1-5 years remaining in maturity. " SYLD,"SYLD offers active exposure to US stocks with attractive cash flow characterized by dividends, shares buybacks and net debt paydown. " STNC,"STNC is an actively-managed, non-transparent ETF that holds a concentrated portfolio of US firms screened for ESG criteria. The fund utilizes the Blue Tractor non- transparent model. " VRP,"The Invesco Variable Rate Preferred ETF follows a market- cap weighted index of floating- and variable-rate preferred stock as well as hybrid securities that are “functionally equivalent” to preferred stock. Preferred stock has features of both stocks and bonds. Companies must generally pay distributions to preferred stockholders before paying dividends to investors holding common stock. Preferred stockholders are generally ahead of common stockholders in liquidation proceedings, but still behind creditors. Preferred stock is appealing to investors looking for more income than they'd get from dividends or bonds. Fund fees are reasonable fro active management although there are cheaper preferred stock ETFs on the market. VRP tracked a different index of variable rate preferred securities through June 30, 2021. " NGE,"The Global X MSCI Nigeria ETF is part of the firm’s legacy line-up of country funds. While there are other country- specific ETFs out there, NGE is the only one to exclusively target Nigerian equities. The fund tracks an MSCI index of the largest and most-liquid Nigerian companies. The portfolio includes about 20 stocks of companies that are either based in Nigeria, listed on Nigerian markets or whose revenues are primarily from the country. NGE charges a relatively steep management fee for a passive fund, but investors for fast and easy exposure to Nigerian equities via a U.S.-listed fund shouldn’t be deterred by a few extra basis points in fees. As with many country- specific funds, especially in emerging and _ frontier markets, liquidity can be a challenge, and large block orders could trigger price distortions in the underlying market. Investors should expect wider spreads and poor tracking. Investors looking for broad exposure to emerging markets can find cheaper one-stop-funds like the Vanguard FTSE Emerging Markets ETF (VWO)}, and those seeking frontier markets might consider the iShares MSCI Frontier 100 ETF (FM), which isn’t as cheap as VWO but comes with a lower management fee than NGE. " IWN,"IWN seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, IJS does an impressive job of dividing up assets as the fund holds close to 1,300 securities in total and doesn't give any one security more than 0.6% of the total assets. Thanks to this extreme level of diversification and IWN's reasonable expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure but are seeking lower risk assets in the space. However, it should be noted that there are several other products in the space, namely VBR, VIOV, and VTWV, that offer similar diversification at a cheaper price, potentially making them better choices for long-term investors. " PLTM,"PLTM tracks the platinum spot price, less trust expenses and liabilities, using physically held platinum. " AOM,"This ETF is a one stop shop for investors seeking a moderate strategy that falls between its aggressive (AOA) and conservative (AOK) counterparts. It should be noted, however, that risk tolerance concepts and objectives vary from investor to investor, so using a ""one size fits all"" approach might not be advisable. AOM maximizes simplicity, but many investors will want to use other products to fine tune the risk/return portfolio this fund offers. " JHML,"JHML tracks an index of largest 800 US firms, weighted by multiple factors relative to their sector peers. " RLY,"This ETF takes a multi-pronged approach to combating inflation, combining exposure to inflation-linked bonds with commodities, domestic and international real estate, and publicly-traded companies operating in natural resource businesses. RLY takes a comprehensive approach to tackling a potentially tricky challenge to portfolio management, giving investors a potentially powerful tool for protecting assets against the adverse impact of rising prices. As such, this ETF could potentially be used in small doses in a long-term portfolio, smoothing out overall volatility and giving a baseline defense against inflation. RLY’s underlying portfolio is very well- balanced; exposure is split fairly equal among each of the above mentioned asset classes. This fund shouldn't be expected to deliver huge gains in any environment, but can be a useful tool for those concerned about capital preservation when inflationary pressures are intensifying. Investors should note that RLY is structured as a fund-of funds; those looking to minimize costs ought to consider RRF instead, which offers comparable exposure with active-management for a slightly cheaper price tag. " SMDV,"The ETF or ETN formerly traded under this ticker symbol is no longer active. To see funds that offer generally similar exposure and risk/return profiles, consider other options in the Mid Cap Value Equities ETFdb Category. " NTSX,"NTSX is an actively managed portfolio of US equities and US Treasury futures contracts. " DFJ,"This ETF gives investors an option for exposure to small cap Japanese stocks, a targeted asset class that is absent from most portfolios. Some investors see small cap stocks as a better ""pure play"" on the local economy than large caps that generally derive revenues from a number of different geographic regions. As such, DFJ may be appealing for investors looking to tilt exposure towards Japan, or perhaps as part of a long/short play. This ETF includes hundreds of individual holdings--the vast majority of which most U.S. investors have likely never heard of. Exposure is spread evenly across component companies; DFJ features very little concentration among the largest names. Because this ETF seeks to replicate a dividend-weighted benchmark, it may have appeal for investors seeking to enhance current returns from their equity allocation or simply looking to avoid the potential pitfalls of cap-weighted ETFs. JSC and SCJ are the closest alternatives to this WisdomTree ETF; both of those funds are cheaper but do not offer a dividend-weighted strategy, and thus may be more volatile as well. " XME,"This ETF offers a way to access U.S. companies engaged in the extraction of metals and other natural resources. As such, XME can be useful as a tool for tilting portfolio exposure towards the mining sector or betting on a short term surge from mining stocks. Because the underlying companies tend to become more profitable when natural resource prices climb, XME may have appeal as a hedge in inflationary environments as well. There are several noteworthy items regarding XME's composition. First, the focus solely on U.S. stocks excludes many of the world's largest commodity producers. Second, the equal- weighted methodology of the underlying index ensures balanced exposure to the mining sector, as no single name accounts for a significant portion of total assets. That can be appealing for investors seeking broad-based representations. Investors seeking more general exposure to commodity producers may take a look at HAP or CRBQ, while EMT can be used to gain exposure to the emerging market segment of this sector. " PFIX,"PFIX is actively managed to provide a hedge against a sharp increase in long-term interest rates. The fund holds OTC interest rate options, US Treasurys, and US Treasury Inflation-Protected Securities (TIPS). " MTUL,"MTUL provides 2x leveraged exposure to an index of US large- and mid-cap securities selected and weighted based on momentum. " PAWZ,"PAWZ tracks a tier-weighted index of global equities related to pet ownership. " DUST,"This ETF offers 2x daily short leverage to the broad-based NYSE Arca Gold Miners Index, making it a powerful tool for investors with a bearish short-term outlook for gold mining stocks. Investors should note that DUST's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DUST can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " ISCF,"ISCF tracks an index of international small-cap firms in developed markets outside the US. Stocks are selected and weighted to increase exposure to four investment factors (quality, value, momentum, and low volatility). " DBP,"DBP seeks to provide exposure to two of the most popular precious metals: gold and silver. This product generates returns based on futures contracts of the two metals, and has been trading since 2007. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. DBP will be a good choice for investors who have no preference between silver and gold exposure, and simply want access to both through a single equity-based ticker. " BBRE,"The JPMorgan BetaBuilders MSC] US REIT ETF (BBRE) offers MSCI US REIT Index exposure, which has just over 100 holdings diversified primarily across mid- and large- cap equities, while exposure to small caps is also abundant. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors. They offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). JPMorgan priced its BetaBuilders ETF lineup to compete with other low-cost providers of core portfolio building blocks. BBRE is priced in line with low-cost rivals like the Vanguard Real Estate Index Fund (VNQ) and the Schwab U.S. REIT ETF (SCHH). As of June 2020, BBRE charges a significantly lower management fee than the iShares U.S. Real Estate ETF (IYR), long a giant in the segment. " VIOG,"VIOG looks to match an index which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide quality growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, VIOG does a solid job of dividing up assets as the fund holds close to 360 securities in total and doesn't give any one company more than 1.6% of the total assets. Thanks to this high level of diversification and VIOG's ultra-low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small caps but are seeking a higher risk/reward profile. However, it should be noted that there are several other products in the space, namely IWO, SLYG, and VBK, that offer more diversification at a similar price, potentially making them better choices for long-term investors. " PTF,"This ETF is comprised of stocks of various companies based in the technology sector of the market. PTF invests all of its assets in domestic securities, and its top holdings feature some of the biggest names in the tech sector, including Apple and IBM. The U.S. tech sector is one of the few left that is still exhibiting strong growth, while others have grown dormant. With new innovations year after year, an investment in a PTF will afford investors the opportunity to cash in on the inevitable forward momentum that the tech sector carries. What investors may fund surprising about this broad-based technology fund is that PTF spreads its assets across companies of various market cap sizes, with a bias towards those of medium capitalization. " SPD,"SPD is an actively managed fund-of-funds that provides exposure to US large-cap stocks while applying a downside options overlay strategy. " FCOR,"The Fidelity Corporate Bond ETF (FCOR) is an actively managed fund that invests in investment-grade corporate bonds, a core holding of any diversified portfolio. The strategy is the same that underlies the Fidelity Corporate Bond mutual fund. FCOR is reasonably priced for active management, though cheaper options exist. Investors may also want to compare FCOR with index-tracking rivals like the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) and iShares Core U.S. Aggregate Bond ETF (AGG), both of which lead FCOR in assets and liquidity. " SUB,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This is especially true in the case of SUB since the fund only targets short term munis which have less default risk then their longer-dated counterparts. As a result SUB is a solid choice for investors seeking broad exposure to the muni market but with lower levels of risk. The fund still has very good levels of diversification-- holding over 500 securities- but a relatively high expense ratio making the fund a choice for those who are willing to sacrifice a few basis points in fees for one of the most diversified portfolios in the Category. However, investors should be aware that these shorter term instruments are likely to pay out a lower rate of interest than some of the longer-term bonds that are out there, potentially limiting current income. " FNK,"This ETF is one of several that offers targeted exposure to mid cap value stocks, a corner of the U.S. stock market that features a unique risk/return profile relative to equities of other sizes and styles and that may be attractive in certain environments. Given the narrow focus, FNK might not be a consideration for those building a long-term, buy-and-hold portfolio; many investors will elect to achieve exposure to this segment of the domestic market through more broadly-based equity ETFs that don't focus exclusively on a single style. FNK might be most effective for those interested in establishing a tactical tilt towards mid cap stocks. FNK is different from other options in the Mid Cap Value ETFdb Category because of the strategy employed by the underlying index. FNY is part of the AlphaDEX suite of products that are linked to indexes that use quant-based screens to select individual stocks deemed to possess the greatest potential for capital appreciation. Access to this process, which is based on quantitative analysis, comes with a higher price tag; FNK has an expense ratio well above the low cost ETF options such as VOE or Ij]. For those who believe that the AlphaDEX methodology is capable of generating excess returns over the long run, FNK might be an appealing way to access this asset class. For those looking to keep costs down and are happy to simply own the market, this ETF probably isn't all that appealing. Investors that fall into that camp are more likely to utilize an ETF such as VOE or IVOV, both of which are cheaper than FNK by wide margins. " TBX,"This inverse ETF offers short exposure to a specific corner of the Treasury market, giving investors with a bearish outlook on government bonds a tool to fine tune their portfolios. Given this focus, TBX probably doesn't make very much sense for any investor building a long-term portfolio; this fund is more useful for those looking to establish a relatively short term position against Treasuries. The daily reset feature of TBX is an important attribute that may have a significant impact on the risk/return profile of this fund. This ETF is designed to offer -100% exposure over a single holding period only; if held for longer or shorter than that time frame, the effective leverage delivered may differ, depending on volatility in markets. That doesn't mean that TBX can't be held for multiple sessions, but simply that investors considering a position should understand the nuances of compounding returns and be willing / able to monitor and potentially rebalance this position. Those seeking to short longer-dated Treasuries may prefer TYBS, while SAGG offers a tool for shorting the broader investment grade bond market (including Treasuries and corporate debt). For those looking to dial up inverse exposure to this slice of the Treasury market, PST can deliver amplified daily returns. " PXQ,"This product, from Invesco PowerShares, gives investors exposure to the networking sector of the U.S. market. An investment in networking could make for a great play on the rapidly developing cloud computing industry. As the technology for the cloud continues to increase these networking companies will act as a vital cornerstone for keeping the segment afloat and supporting all of the new software. This ETF provides exposure to some of the biggest household names in the U.S., affording investors with a strong, diverse exposure to the U.S. networking sector. Investors should take note that the majority of this funds assets lie in small cap companies, though it does allocate a significant amount of funds to both large and medium cap sectors. This means that PXQ will carry more risks, as smaller companies are much more susceptible to volatility, but it will also carry great potential for reward through high growth that strong small cap companies have been known to exhibit. This product will make a good addition for investors looking to gain diverse exposure to a wide range of domestic networking firms. " SHUS,"SHUS is actively managed, aiming for capital growth through a fund-of-funds approach by investing in the SSPY ETF. The underlying fund is passively managed, holding large-cap US stocks. The strategy includes an options overlay to hedge risk. " IBHC,"IBHC tracks a market-value-weighted index of USD- denominated, high yield and BBB-rated corporate bonds maturing in 2023. The fund will terminate in December 2023. " PAK,"The Global X MSCI Pakistan ETF is part of the firm's legacy line-up of country funds. While there are other country-specific ETFs out there, PAK is the only one to exclusively target Pakistani equities. The fund tracks an MSCI index of the largest and most-liquid Pakistani companies. The portfolio includes about 30 stocks of companies that are either based in Pakistan, listed on local markets or whose revenues are primarily from the country. PAK charges a relatively steep management fee for a passive fund, but investors for fast and easy exposure to Pakistan equities via a U.S.-listed fund shouldn't be deterred by a few extra basis points in fees. As with many country-specific funds, especially in emerging and frontier markets, liquidity can be a challenge, and large block orders could trigger price distortions in the underlying market. Investors should expect wider spreads and poor tracking. Investors looking for broad exposure to emerging markets can find cheaper one-stop-funds like the Vanguard FTSE Emerging Markets ETF (VWO)}, and those seeking frontier markets might consider the iShares MSCI Frontier 100 ETF (FM), which isn’t as cheap as VWO but comes with a lower management fee than PAK. " GHYG,"This ETF offers exposure to the global high yield bond market, making GHYG one of many options available to investors looking to gain access to junk bonds. GHYG could be a component of a long-term, buy-and-hold portfolio, especially since many broad-based bond ETFs focus only on the investment grade segment of the market. This ETF could also be a useful tactical tool for beefing up current returns or increasing the risk exposure within a fixed income portfolio. Junk bonds have potential to deliver substantial returns, though they are subject to significant volatility in certain environments. For investors with the tolerance for such risk, GHYG offers a way to tap into an asset class that has tremendous potential but is often overlooked or underweighted in portfolios. Most of the ETFs in the High Yield Bonds ETFdb Category focus exclusively on debt of U.S. issuers; by contrast, GHYG includes international securities as well. It should be noted, however, that there is a huge tilt towards the U.S., with U.S. issuers accounting for the majority of exposure. Moreover, the international component is dominated by Canada and Western Europe, with little or no weight afforded to emerging markets or developed Asian economies. For those looking to access junk bonds elsewhere in the world, EMHY and HYXU might be useful tools for ex-U.S. exposure. " BAUG,"BAUG aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " PAMC,"PAMC invests in US mid-cap equities that allocates to multi-factor sub-indices based on relative strength. " IWM,"This ETF is one of several offering exposure to the Russell 2000 Index, a widely followed measure of small cap U.S. stocks. Given this investment objective, IWM may be useful in a number of different ways; more active investors may use this fund as a way to establish short- term exposure to a risky asset class when risk tolerance is expected to climb, while IWM can also be appealing as a way of accessing an asset class that should be included in any long-term, buy-and-hold portfolio. IWM has appeal as a portfolio ""building block"" thanks to the balanced nature of the underlying portfolio and the relative cost efficiency offered. Every sector of the U.S. economy is well represented in the underlying portfolio, and no one stock accounts for a significant portion of assets. Moreover, IWM is relatively cheap, and the ability to trade commission free on Fidelity platforms may enhance the value proposition. However, it should be noted that Vanguard's VTWO is linked to the exact same index (the Russell 2000), but charges a significantly lower expense ratio. For investors concerned about minimizing costs, that Vanguard fund may be a better choice. " RAYC,"RAYC is an actively managed portfolio of Chinese stocks selected and weighted based on a combination of quantitative and fundamental, quantamental, proprietary research. " IBMQ,"IBMQ tracks the investment results of an investment- grade U.S. municipal bonds index expected to mature or be redeemed before mid-December 2028. " WCBR,"WCBR tracks an index of developed market companies primarily involved in cybersecurity and security-oriented technology. " OIL,"This particular ETN looks at the commodity of crude oil, arguably, the most important resource in the world. Crude is vital to modern society and as such it can be a great play on the health of the world economy, surging when growth is robust and slumping when markets hit recessions. This note tracks the S&P GSCI Crude Oil Total Return Index which is designed to reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. Thanks to this focus, the fund could offer investors a higher return than comparable products since it collateralizes its investment with T-Bills, a move that help reduce overall costs to investors. In terms of futures contracts the fund is heavy in long dates contracts which expire a year from now. This reduces the risks of contango-- at least initially-- but it likely means that fund will deviate significantly from spot prices, at least in the near term. For investors seeking exposure to spot prices, contracts closer to maturity would probably be more appropriate. Besides this fund, investors have a few other options for achieving exposure to oil via the futures market. Other options are far more liquid but they face steeper contango issues as well. Additionally, investors have a number of equity options which allow for exposure to crude without the issues of contango but face risks of stocks. One particularly intriguing choice in this slice of the market is XOIL as it looks to stay very correlated to crude oil prices over the long haul. " FPE,"FPE is an actively managed fund that attempts to generate income by investing globally in preferred equities and income producing debt across the market cap spectrum. " VPC,"VPC tracks an index of closed-end funds focused on the private credit market, including business development companies. The index is weighted by dividend yield. " IHI,"This ETF focuses in on an interesting and often forgotten segment of the health care industry, the medical device makers. Companies in this segment tend to have more stable revenue streams, less issues with patent pipelines, and are often much smaller than their counterparts in big pharma. As a result of their size, many of the companies in IH| are found in very small quantities in large diversified health care ETFs such as XLV making IHI an interesting play to 'complete' exposure to the industry. However, while the industry may not have the same patent issues as pharma or the volatility of the biotech industry, it does have incredibly high levels of competition. This is because any commodity type products are easy to replicate while any patented products are often not crucial to a hospital and instead just make life a lot easier or more efficient for medical personnel, making these goods more ‘luxury’ in nature. Overall, IHI offers a nice mix of exposure in the industry and could be an excellent choice for investors who already are heavy in holdings to the pharma or broad health care industry but are still looking to round out overall exposure. " SPTL,"The SPDR Portfolio Long Term Treasury ETF (SPTL) tracks an index that offers exposure to U.S. Treasuries with a remaining maturity of 10 years or more. SPTL delivers minimal credit risk, but a significant amount of interest- rate risk. SPTL might be useful for investors who crave safety and are willing to take on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like most SPDR “Portfolio” ETFs, SPTL is priced competitively with ultra-low-cost rivals like the Vanguard Long-Term Treasury ETF (VGLT) and the Schwab Long- Term U.S. Treasury ETF (SCHQ). SPTL also has good daily liquidity, making the fund a solid contender for investors looking for exposure to long-term U.S. Treasuries. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds were renamed and repriced for this purpose. Prior to October 2017, SPTL traded under the name SPDR Bloomberg Barclays Long Term Treasury ETF with the ticker TLO. " DLS,"This ETF offers a way to access a corner of international equity markets that many portfolios are missing. Most international ETFs are dominated by mega cap stocks, a bias that can tilt exposure towards energy and financials and result in a weak correlation to domestic consumption patterns in the target market. This ETF offers impressive depth of exposure, and avoids concentration in a handful of securities-another potential pitfall of large cap products. DLS is a nice tool for complementing positions in large cap funds, though it's worth noting a significant concentration in Japan. " PFFD,"PFFD tracks a market-value-weighted index of US preferred stocks, selected and weighted by market value. " CVY,"This ETF is designed to focus on companies with high income and superior risk return profiles, making CVY one of the funds that blurs the line between active management and passive indexing. Those who believe the methodology employed by the index provider is sound may find CVY as a useful tool for enhancing current returns and maximizing dividend yields, while those who prefer to minimize costs and believe in efficient markets will likely gravitate towards cheaper options out there. CVY could potentially be used as a core holding within a portfolio, though the limited nature of the underlying portfolio (less than 200 stocks) may make such a strategy less than optimal. CVY may make sense as a Satellite holding for investors looking to identify strategies with the potential to generate alpha over the long term packaged around a core of more traditional passively- indexed products. " PRNT,"The 3D Printing ETF (PRNT) is an index fund from a team better known for its actively-managed products. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. PRNT is one of ARK's few passive products. The fund tracks a tiered, equal-weighted index of approximately 50 companies involved in 3D printing, including hardware, software, printing centers, scanners and materials. Each business line is assigned a certain weight within the index. Eligible companies hail from the U.S., developed markets outside the U.S., and Taiwan. 3D printing is a niche market that garnered considerable attention during the SARS-CoV2 pandemic — think 3D- printed face shields and ventilator splitters. But niche investment products like PRNT are designed for high- conviction investors seeking concentrated exposure. PRNT has been on the market since 2016 but has been slow to pick up assets, which isn't unusual for niche ETFs but can make for thin liquidity. With a management fee of 66 basis points, PRNT is pricey for passive but comparable to other ETFs with narrow industry focus, especially since PRNT is one-of-a-kind. Those looking for broader (and cheaper) technology index funds would be better off with ultra-low-cost products from massive- passive shops like iShares and Vanguard. Those looking for broader technology exposure combined with Ark’s expertise can find some of the same 3D printing companies — such as Stratasys Ltd. and Protolabs — in Ark’s flagship Ark Innovation ETF (ARKK). " PUTW,"PUTW tracks an index that consists of short SPY put options and cash collateral. The index selects put options that target a premium of 2.5% and rolls its exposure twice a month. " VAW,"This ETF is one of several funds offering exposure to the U.S. materials sector, a corner of the market that may be appealing for investors looking to gain indirect exposure to commodity prices through the stocks of companies engaged in the extraction or production of natural resources. Because the materials sector often accounts for a small portion of broad-based benchmarks, VAW may be a useful tool for long-term investors looking for more balanced exposure to the U.S. equity market. It can also be handy for those looking to implement a shorter-term tilt towards the materials sector. The most appealing attributes of VAW are the depth of holdings (more than 125 individual stocks) and low fees, though there are some big allocations in a few of the larger names and XLB and FBM are both cheaper from an expense ratio perspective. This ETF is also available for commission free trading in Vanguard accounts, potentially increasing the appeal to cost-conscious investors. Those seeking more balanced materials exposure may prefer RTM, while those looking to avoid U.S. stocks completely have IRV as an option. " MLPB,"MLPB tracks a market-cap-weighted index of 25 North American energy infrastructure master limited partnerships. " EFAX,"EFAX tracks a subset of the MSCI EAFE Index that excludes companies that own fossil fuel reserves. " RGI,"This ETF offers exposure to equities included in the S&P 500 Industrials Index, which covers the following industries: aerospace and defense, building products, construction and engineering, electrical equipment, conglomerates, machinery; commercial services and supplies, air freight and logistics, airlines, and marine, road and rail transportation infrastructure. RGI is different from other ETF tracking the same index because it employs a unique equal-weighted strategy, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as XLI, and a methodology that some investors believe will add value over the long haul. In return for this unique exposure you can expect higher fees; this ETF is considerably more expensive than both XLI and especially VIS, though it is still extremely cost efficient compared to most mutual funds. " HELX,"The Franklin Genomic Advancements ETF (HELX) is an actively managed fund that invests in companies that stand to benefit from advancements in genomic-based research techniques and technologies. It is one of three actively managed thematic funds launched by Franklin Templeton in February 2020. The fund's management fee is high compared to ultra- low-cost plain vanilla index funds, but it isn’t outrageous for actively managed products. One plain vanilla index alternative is the iShare Genomics Immunology and Healthcare ETF (IDNA). The Goldman Sachs Human Evolution ETF (GDNA) offers a smart-beta option. For investors who want access to the sector and don’t mind paying a bit extra, there’s also actively managed ETFs such as the ARK Genomic Revolution ETF (ARKG). Ultimately any actively managed fund is a bet on the manager’s ability to outperform the market. HELX offers a narrow portfolio and investors and advisers will want to consider whether or not HELX is suitable for their objectives. It is reasonably priced for what it offers, though HELX is not a tool for buy-and-hold investors who want low-cost asset allocation. " IIGD,"The Invesco Investment Grade Defensive ETF tracks a proprietary index of bonds issued by investment-grade U.S. companies, then applies a quality tilt. The index targets bonds with at least $600 million in face value outstanding, and two to 10 years remaining until maturity. The index applies a quality score based on credit rating and the remaining maturity, giving higher scores to bonds that have less time remaining until maturity. Those bonds with the highest scores are selected for inclusion. The result is an investment-grade portfolio that’s largely tilted toward issuers rated A and higher, with the bulk of the bonds maturing in one to five years. The result is a portfolio with a shorter effective duration than some other intermediate bond ETFs, which may reduce vulnerability to interest rate increases but is also likely to sacrifice some yield. Duration is a measure of sensitivity to interest rates. Bond prices typically fall when interest rates rise because inflation erodes the value of interest income. Longer-duration bonds typically come with higher yields but are more sensitive to interest rates hikes. So reducing duration may appeal to investors who worry that strengthening economic growth and rising inflation could lead to rising rates, which will drag down the value of their fixed income portfolio. While that may be useful, rate-sensitive investors might be able to achieve similar results with ETFs that invest in short-term corporate debt. Investors who are worried about both credit and rate risk should also look at mixing short- and intermediate-term sovereign debt ETFs. Fund fees are reasonable, though higher than some rival short- and intermediate-term debt ETFs. It’s worth comparing fees, liquidity, returns, credit quality and duration against other intermediate- and short-term ETFs investing in investment grade U.S. corporates and even those that invest in a mix of investment-grade and high-yield debt. " DPST,"DPST provides 3x leveraged exposure to an equally- weighted index of US regional banking stocks. " MINT,"This popular active ETF offers exposure to the ultrashort end of the maturity curve, focusing on corporate debt that matures within one year. MINT is extremely light on both interest rate risk and credit risk, and as such will generally deliver a very low expected return. MINT can be a great safe haven to park assets in volatile markets, and could outperform others in the category, but it has by far the highest expense ratio of the money market funds. " GRES,"GRES gives investors unique exposure to global companies that operate in commodity-specific market segments. The fund uses momentum and valuation factors to identify trends in equities within the livestock, grains, metals, and energy sectors. GRES holds only securities that trade in developed markets, and the fund also includes short exposure to global equities as a partial equity market hedge. " DUDE,"DUDE is a fund-of-funds that is passively managed to track an index that shifts strategies during times of bull and bear markets. The fund uses an algorithmic indicator that utilizes momentum and other technical factors to assess market risk. " LVHI,"LVHI tracks an all-cap index of developed ex-US stocks, selected and weighted to emphasize profitability, high dividends, low price volatility and low earnings volatility. " VPL,"This ETF is a low cost option for accessing advanced Asia Pacific economies. VPL consists almost entirely of developed market exposure, with Japan accounting for most of the portfolio and Australia also making up a significant chunk. Given this profile, VPL can potentially be used in a number of different ways; this ETF is certainly useful as a short term trading vehicle for those seeking exposure to advanced Asian economies, and can potentially be used as a core holding in a longer-term portfolio as well. It should be noted, however, that VPL won't give investors exposure to emerging Asian economies (some of the other options in the Asia Pacific Equities ETFdb Category will include both developed and emerging markets). The portfolio of VPL is concentrated in two equity markets, but overall this ETF does a nice job of spreading exposure across sectors of the economy, and limits individual security concentration by holding nearly 500 different stocks. The concentration in large and mega cap stocks is worth noting, as this feature often diminishes the correlation to local markets. VPL's biggest draw is its rock bottom expense ratio; this Vanguard fund is considerably cheaper than other ETFs offering exposure to the Asia Pacific region. Moreover, VPL is available commission free for some investors (those with Vanguard accounts), which could further increase the value proposition. " DMRI,"DMRI tracks an index with three subcomponents: developed ex- US equity, fixed income, and cash. The fund uses an algorithm to limit volatility, allocating between the three subcomponents. " MLN,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This particular fund targets munis that mostly mature more than 17 years from now, giving the fund a higher risk profile but also greater current income potential. As a result MLN is a solid choice for investors seeking broad exposure to the muni market but are looking for higher levels of current income and risk, but still in the investment grade segment of the market. The fund still has impressive levels of diversification-- holding over 150 securities-- and a below average expense ratio, making it a quality choice for a building block of portfolios, especially for those seeking to keep costs down but are unwilling to look at total market funds or those that target the short or intermediate sections of the curve. " SSPY,"SSPY tracks an index that holds all constituents of the S&P 500 Index, reweighted to diversify related business risk. " SLQD,"SLQD tracks a market-value-weighted index of investment-grade, USD-denominated corporate bonds with 0-5 years remaining to maturity. " IVV,"IVV has become one of the largest ETFs in the world, offering exposure to one of the world's best-known and most widely followed stock indexes. This ETF tracks the S&P 500 Index, which includes many large and well known U.S. firms. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. Given this focus, IVV has obvious appeal as a core holding in a long-term, buy-and-hold portfolio; it offers cheap and relatively balanced exposure to many of the world's largest companies, giving investors a way to own a basket of companies that makes up a sizable portion of global market cap. For investors seeking exposure to the S&P 500 Index, there are multiple ETFs from which to choose. The largest is SPY, but IVV has some structural advantages over the ultra-popular SPDR. SPY is a UIT, an outdated structure that differs slightly from true 1940 Act ETFs such as IV. This fund has the ability to lend out share (thereby generating some additional revenues) and to reinvest dividends (which can add value if markets generally trend up). As such, IVV is probably a better choice than SPY for those seeking exposure to large cap U.S. stocks as part of a long-term strategy. SPY's more liquid options market may make it useful for those implementing more advanced short-term strategies. Another alternative is VOO, which is slightly cheaper and is eligible for commission free trading within Vanguard accounts. Beyond the S&P 500, RSP may be another alternative worth a closer look; that ETF, which is a bit more expensive, holds all stocks in the S&P 500 but gives an equivalent weighting to each. As such, it might be attractive to investors looking to steer clear of the " MNA,"This ETF offers exposure to a merger arbitrage strategy that has been popular among hedge funds and other sophisticated investors for decades. By seeking to capture the gap between the ultimate transaction price and current price levels for takeover targets, MNA is capable of delivering relatively stable returns that should exhibit low correlations to asset classes such as stocks and bonds. As such, this fund may have appeal for investors looking to smooth the overall volatility of their portfolio. While MNA is unlikely to make up a significant chunk of any portfolio, it could be a useful tool for those constructing a long-term, low-maintenance portfolio. It should be noted that CSMA offers exposure to a similar strategy in an ETN wrapper; that structure may be capable of delivering tax advantages that can't be captured through MNA. " IBB,"This ETF offers exposure to the biotech sub-sector of the health care industry, serving up access to a group of stocks that can thrive on technological breakthroughs and increased investment in medical processes. IBB is primarily focused on U.S. stocks, though a smattering of international firms adds some degree of international diversification. This biotech ETF casts a considerably wider net that the other ETF options for exposure to the space, investing in more than 100 stocks. That feature can be particularly important in the biotech space, where company-specific developments can send a single stock soaring. IBB is somewhat top-heavy, but generally spreads exposure across large caps, mid caps, and small cap stocks. PBE and FBT are other ETF options for biotech exposure; those considering this sector should take a close look at depth of exposure and weighing methodology, as these factors can have a major impact on the risk and return profiles achieved. The expense differentials are also worth noting; IBB is the most attractive in this respect. " TIP,"This ETF offers broad-based exposure to TIPS, bonds issued by the U.S. government featuring principal that adjusts based on certain measures of inflation. TIP has become tremendously popular as a way of protecting asset values against upticks in inflation, and as such can be used in different ways by a number of different types of investors. This ETF may have appeal as a tactical play when concerns about inflationary pressures intensify, or may be used as a core holding in a long-term, but-and- hold portfolio. As a very low risk asset, TIP will generally feature a relatively meager yield. TIP is one of several broad TIPS ETFs; and it is arguably the most famous of the bunch as it has by far the most assets in the Category. This fund is competitive from a cost perspective and offers up unmatched liquidity, making it worthy of consideration for any investors seeking exposure to this corner of the bond market. While TIPS have become popular as a means of protecting against inflation, it is noted that there are potential limitations to this asset class in accomplishing this objective as well. TIP is by no means a surefire defense against inflation; rising interest rates, which tend to accompany upticks in CPI, have the potential to erode the value of this fund. Short-term TIPS ETFs such as STIP or STPZ may be forth a closer look, as well as more creative alternatives such as CPI, RRF or other real return ETFs. " SDVY,"SDVY tracks an equal-weighted index of small- and mid- cap US companies with historically increasing dividends and that meet various fundamental criteria. " NACP,"NACP tracks an index of US large- and mid-cap companies selected and weighted based on social criteria as defined by the NAACP. " ICVT,"ICVT tracks an index of USD-denominated convertible bonds weighted by market value. The index contains only cash-pay convertibles and excludes mandatory and preferred convertibles. " EZM,"This ETF offers exposure to mid cap stocks that are generating positive earnings, filtering out companies that are losing money. This makes EZM a potentially useful tool for investors seeking exposure to mid caps while at the same time only holding the more stable companies in the segment. This can allow investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or IJH that includes greater depth of holdings and a mix of various styles. Earnings-focused strategies often come with biases towards specific sectors such as industrials and consumer staples, and may outperform more broadly-based indexes in certain economic environments such as recessions. Nevertheless, EZM has a wide diversity of holdings, containing more than 620 securities in total. Furthermore, the fund does a great job of spreading out assets among the holdings; the top ten make up just 8.5% of the fund's total assets and no one firm makes up more than 1.5% of assets. However, the fund does charge a little more than most in the category, suggesting that cost conscious investors may be better served by a product such as VOT which charges roughly half of the expenses as this WisdomTree fund. EZM is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution at a cheaper price. However, if investors are dead set on looking at only mid caps that have earnings in this space, this is a quality fund that will likely satisfy the dual objectives of safety and capital appreciation. " IAUF,"IAUF follows an index that provides exposure to the price performance of gold by holding gold futures and gold ETPs. " RYT,"This ETF offers exposure to equities included in the S&P 500 Information Technology Index, which covers the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services. RYT is different from other ETF tracking the same index because it employs a unique equal-weighted strategy, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as XLK, and a methodology that some investors believe will add value over the long haul. In return for this unique exposure you can expect higher fees; this ETF is considerably more expensive than both XLK and IYW, though it is still extremely cost efficient compared to most mutual funds. " USAI,"USAI tracks an index of US and Canadian MLPs involved in midstream energy infrastructure. " FSMO,"FSMO is an actively-managed, non-transparent ETF that invests in global stocks with small to medium capitalization. The fund utilizes the Fidelity non- transparent model. " ELD,"This ETF offers exposure to debt of emerging markets issuers that is denominated in local currencies, making it a potentially attractive option for investors interested in diversifying fixed income exposure beyond U.S. borders. This asset class can be valuable both as a hedge against the U.S. dollar and as a means for enhancing current returns in low interest rate environments. Unlike EMB and Pcy, this ETF focuses on debt denominated in the currency of the issuers, and unlike EMLC and EBND this ETF is actively managed. For emerging markets bonds exposure, ELD is a good option thanks to cost efficiency and the flexibility afforded by the active structure. " KNG,"KNG tracks an equal-weighted index of US large-cap companies that have increased dividends for at least 25 years, with a partial overlay of covered call options. " HYMB,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. With that being said, HYMB targets bonds that are rated below investment grade and thus contains issues that have a much higher chance of default. Due to this, HYMB pays out a yield that is far superior to any other funds in the category including MLN which targets long-dated issues. The fund also offers reasonable levels of diversification although not as much as other products in the segment; it holds about 55 securities in total with just 21% of assets going to the top ten holdings. Due to its reasonable level of diversification and its ultra high yield, HYMB could be a decent choice for investors seeking additional current income and are willing to add more risk to their portfolios. Just make sure to use HYMB sparingly and do not allocate all of your muni bond holdings to this somewhat risky fund. " ILCB,"ILCB tracks a market cap-weighted index consists of both growth and value stocks, selected from the top 90% of the US market-cap spectrum. " BSCP,"The Invesco BulletShares 2025 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " IJH,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. IJH offers exposure to a balanced portfolio of stocks, including close to 400 individual names and spreading exposure relatively evenly. The expense ratio is competitive with the other options out there; in addition to cap-weighted choices such as this fund and MDY, there is the alpha-seeking FNX, ultra- cheap FMM, and equal-weighted EWRM. " KIE,"This ETF gives investors a way to play insurance companies, a sub-sector of the financial sector that offers a unique risk/return profile relative to traditional financial exposure. Whereas financial funds such as XLF are dominated by mega caps, KIE maintains significant exposure to mid and large cap firms which are not impacted by the same factors that drive the performance of big Wall Street investment banks. Instead, insurance companies tend to be far less volatile and tend to be more conservative. Firms in this sector are more likely to be impacted by news of natural disasters rather than new banking regulations. However, due to the capital constraints of the industry as well as some barriers to entry, the list of companies in the index remains very small as only 25 firms constitute KIE. As a result of this, diversification may not be as robust as some need in their portfolios and for those investors a broader financial fund would probably be preferable. " EWRE,"The Invesco S&P 500 Equal Weight Real Estate ETF tracks an index of U.S. companies that are classified as real estate stocks, then equal weights those holdings. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. Like most sector ETFs, EWRE is too targeted for most buy-and-hold investors. For those who want to overweight an industry, or for advisers engaged in tactical sector rotation strategies, EWRE could be a good choice. It’s worth noting that EWRE is more expensive and less liquid than the popular SPDR sector ETF, a market-cap weighted ETF focusing on the same sector, so investors should compare fees, performance and liquidity. " EMFM,"EMFM tracks an index of emerging and frontier markets, excluding BRIC, Taiwan and South Korea. " CLRG,"CLRG tracks an equal-weighted index of large-cap US stocks selected based on a multi-factor model. " NFRA,"The FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is one of a handful of ETFs on the market that target a loosely-defined infrastructure segment. The idea is that infrastructure investments can hedge inflation while boosting returns and income. NFRA follows a market-cap-weighted index that invests in companies that derive at least 50% of their revenue from segments including energy, communications, utilities, transportation and — an unusual twist — government outsourcing, like hospitals, prisons and postal services. To maintain diversification, the index imposes certain constraints, such as limits on the overall weighting of each segment. The portfolio is dominated by North American equities, followed by Japan, Australia and the U.K. Top holdings include Canadian National Railway, Verizon, and the pipeline company Enbridge. The fund is one of the larger infrastructure funds out there. It's expensive compared with ultra-low-cost index funds but reasonable in the small world of infrastructure funds. Investors could compare it to the ProShares DJ Brookfield Global Infrastructure ETF (TOLZ), which restricts its universe to companies that derive 70% of cash flow from infrastructure-related businesses. " GVAL,"GVAL is actively managed to select the top 25% of countries from a list of 45 developed and emerging economies, then selects approximately 100 securities from those countries. " IVLU,"IVLU tracks an index of large- and mid-cap developed ex- US equities, selected using fundamental metrics, and weighted by these metrics and market-cap. " PBUG,"PBUG tracks an index that hedges volatility by using a dynamic allocation strategy to provide exposure to the total return of rolling gold futures contracts and/or three-month US Treasury bills. " PAUG,"PAUG aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " ESUS,"ESUS provides 2x leveraged exposure to the compounded quarterly performance of an index containing large- and mid-cap US companies that are selected and weighted based on various ESG factors. " FTSL,"FTSL holds senior floating rate bank loans from firms around the globe. The actively managed fund can hold up to 20% of assets in non-senior loans, including high-yield bonds and equities. " XJR,"XJR tracks a market-cap weighted index of US small-caps screened for sustainability and excluding those with exposure to certain controversial business activities. " ERX,"This ETF offers 2x daily long leverage to the Energy Select Sector Index, making it a powerful tool for investors with a bullish short-term outlook for the broad energy market. Investors should note that ERX's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. ERX can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " SLYV,"SLYV seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, SLYV does a solid job of dividing up assets as the fund holds more than 430 securities in total and doesn't give any one security more than 1.0% of the total assets. Thanks to this extreme diversification and SLYV's cheap price, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure but are seeking lower risk assets in the space. " UNG,"This fund offers exposure to one of the America's most important commodities, natural gas, and potentially has appeal as an inflation hedge. While natural gas may be appealing, UNG often suffers from severe contango making the product more appropriate for short-term traders. " FXL,"This ETF offers exposure to the U.S. tech sector, making it one of many options available to investors seeking to access an industry that is capable of remarkable rallies and steep declines over short periods of time. Given the sector-specific focus, FXL is probably too granular for those building a long-term, buy-and-hold portfolio, but can be useful for investors putting on a tactical tilt or looking to beef up tech sector exposure. FXL's primary appeal is the use of the 'AlphaDex' methodology which seeks to select the best tech companies from the Russell 1000 Index universe. This is done by ranking the firms on a variety of growth and value factors including momentum, ROE, and CF/P just to name a few. Thanks to this method, the fund casts a much smaller net than others in the sector, holdings just 85 securities compared to several hundred for many of the other products in the Category. For those looking for a more qualitative approach to the tech sector FXL could make for a solid choice although VGT and XLK offer generally similar exposure, while the equal-weighted RYT gives investors an option that will be more balanced in nature and avoid concentrations in a small handful of tech giants. " FDHY,"The Fidelity High Yield Factor ETF (FDHY) is an actively managed fund for investors looking to access to U.S.- dollar denominated ‘junk’ bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. FDHY may invest in securities issued by G10 member countries, Western European nations, and U.S. territories. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in FDHY is ultimately a bet on the manager’s ability to beat the market. FDHY's management fee is reasonable for active management, but there are cheaper options out there, especially passive rivals like the SPDR Bloomberg Barclays High- Yield Bond ETF (JNK) and the iShares iBoxx USD High Yield Corporate Bond ETF (HYG). The ETF marketplace offers quite a few high-yield variations, including active management, so-called ‘smart’ indexing, and even an ETF that screens junk debt based on environmental, social, and government criteria. " FAAR,"FAAR is an actively-managed fund that, through a subsidiary, provides broad long/short exposure to commodity futures contracts. " DWLD,"DWLD is an actively-managed portfolio of global equities. The fund seeks long-term capital growth. " FITE,"State Street's SPDR S&P Kensho Future Security ETF tracks an index of U.S. companies involved in aerospace and defense innovations, a twist on the traditional defense ETF. FITE looks for companies that are engaged in other defense-related businesses, including those in cybersecurity and advanced border security, and apportions its portfolio across a series of sub-sectors, including drones, robotics, wearable tech, space tech, and virtual reality. As a result, FITE’s portfolio isn’t dominated by aerospace and defense stocks like Northrop Grumman, Lockheed Martin and Raytheon, though those companies are in there. Instead, FITE has sizable slices of its portfolio invested in information technology, software and communications. Perhaps that’s why FITE charges a bit of a premium over traditional defense ETFs, including State Street's own SPDR S&P Aerospace and Defense ETF (XAR) and BlackRock’s iShares U.S. Aerospace & Defense ETF (ITA). But FITE still isn’t outrageously priced — it isn't even the most expensive defense ETF on the market — making FITE one option investors who want a more nuanced approach to investing in national defense. " QCON,"QCON is actively managed to provide an investment portfolio of US convertible securities, of any credit quality, using a proprietary screening method. " DWSH,"DWSH is actively managed to achieve long-term capital appreciation by shorting US-listed large-cap companies exhibiting weak relative strength. " ESML,"ESML tracks an index of US small-cap companies with high environmental, social, and governance factor scores as determined by MSCI. " USTB,"USTB is an actively managed bond fund that invests primarily in US issues with a dollar-weighted average maturity of three years or less. " FXN,"This ETF offers exposure to the U.S. energy sector, seeking to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. As such, FXN is probably too targeted for some investors, but can be a useful tool in sector rotation strategies and an efficient means of tilting exposure towards the energy sector (it may also be useful in long/short pairs trades). The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance relative to a broader universe consisting of oil and gas stocks. In return for exposure to this strategy, which has historically delivered impressive returns across the entire suite, investors can expect to pay a bit more; FXN's expense ratio is about 50 basis points higher than low cost options for financial exposure such as FEG and XLE. The unique index construction methodology has some other potential advantages; FXN maintains much lower concentration of top holdings than do cap-weighted funds such as XLE. As_ such, performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access financials. For those who believe in the merits of the AlphaDEX methodology and willing to pay a little extra for a shot at alpha, FXG can be an excellent way to gain exposure to the energy sector. " ONEQ,"This Fidelity ETF offers exposure to the broad-based NASDAQ Composite Index, and includes more than 2,000 individual holdings. ONEQ is tilted heavily towards U.S. equities, but also includes some international exposure. It should be noted that the sector allocation is skewed heavily towards technology, and as such might not make sense as the exclusive source of U.S. equity exposure; broad-based funds that spread exposure across all sectors such as VTI or SCHB may be more useful for those seeking balanced exposure to the U.S. economy through a single ticker. ONEQ is cost efficient and the depth of exposure is impressive, but investors should note the heavy tech sector bias; ONEQ may be a _ nice complementary holding or a way to overweight technology in a portfolio. " QLD,"This ETF offers 2x daily long leverage to the NASDAQ-100 Index, making it a powerful tool for investors with a bullish short-term outlook for technology equities. Investors should note that QLD's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. QLD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " QQXT,"This ETF offers exposure to 'non-technology' companies within the NASDAQ-100 Index, which mostly consists of large-cap growth stocks. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. QQXT is linked to an index consisting of about 60 holdings and exposure is tilted most heavily towards consumer cyclical and health care, while industrials and communication services receive equal weightings. This ETF comes with a hefty expense fee and viable alternatives with comparable exposure are currently unavailable. " SPCX,"SPCX is an actively-managed fund that aims to provide a broad exposure to Special Purpose Acquisitions Corporations (SPACs) and newly-listed firms. " FTXL,"FTXL tracks an index of the most liquid US semiconductor companies, weighted according to factors related to value, volatility and growth. " EWH,"This ETF offers targeted exposure to equities domiciled in Hong Kong. The fund focuses in on large caps with a heavy focus on financial companies. For investors bullish on Hong Kong and looking for more exposure to the area, EWH is your best bet " UAE,"UAE tracks a market-cap-weighted index of large-, mid and small-cap UAE companies. " CHAD,"CHAD provides daily inverse exposure to an index of the 300 largest and most liquid Chinese shares traded on the Shanghai and Shenzhen exchanges. " SPSK,"SPSK tracks an index of USD-denominated global investment-grade sukuk of various maturities and weighted by market value. " IYC,"This ETF offers exposure to the U.S. consumer sector, and as such includes exposure to both consumer cyclical and consumer staples companies (with a few other sectors thrown in as well). Given the variety of component companies included in IYC, pinpointing the price drivers of this ETF can be tricky. Since it isn't a pure sector ETF, I¥YC might not go nicely with any specific investment thesis. Investors looking for consumer staples would be better off with a more targeted option such as XLP, while those with a desire for exposure to more cyclical firms could select XLY or a similar fund. IYC offers a nice balance of holdings and only moderate concentration, but the connection between the index and a reasonable investment thesis seems to be missing. There are better, more granular ways to play the consumer sector among the other ETF offerings. " DTN,"This ETF is one of several dividend-weighted products from WisdomTree, part of a suite of products that uses fundamental factors as a means of allocating exposure and avoiding the potential pitfalls of market cap-weighting strategies. This product is unique in that it removes the financial sector from the underlying portfolio; because financial stocks often pay attractive dividend yields, this sector generally has a meaningful allocation in any dividend-weighted product. For investors looking to steer clear of financial stocks, DTN can be an effective way to access large and mid cap U.S. stocks without the risks associated with big banks and other financial institutions. As such, DTN has the potential to be used as a component of a long-term portfolio, or as a shorter-term tactical tool for shifting exposure away from from financials while enhancing the current returns generated by the equity portion of a portfolio. " EWCO,"The Invesco S&P 500 Equal Weight Communication Services ETF tracks an index of U.S. companies that are classified as communications services stocks, then equal weights those holdings. If there are fewer than 22 companies in the index, the fund will supplement its holdings with the largest communication services companies in the S&P MidCap 400 index. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal- weighting is just another way of tilting toward smaller companies in a portfolio. EQCO tends to have a larger allocation to mid-cap stocks than market-cap weighted rivals tracking the same industry. Sector funds are a relatively niche strategy, and most buy-and-hold investors already own the underlying stocks as part of their U.S. equity portfolio. For those who want to overweight an industry, or for advisers engaged in tactical sector rotation strategies, EWCO could be a good choice. It's worth noting that EWCO is more expensive and less liquid than the popular SPDR sector ETF, a market-cap weighted ETF focusing on the same sector. Investors should compare fees, performance and liquidity. " EWX,"This ETF offers exposure to small cap stocks in emerging markets, an asset class that is generally overlooked by most emerging markets funds. ETFs such as VWO and EEM are dominated by large cap stocks, which tend to be multi-national firms conducting business around the world. Small caps may be more representative of their local economy, and have historically exhibited a risk/return profile very different from their large cap counterparts. While EWX can potentially be a substitute for funds such as EEM and VWO, it is perhaps more appropriately seen as a complementary holdings to deliver well rounded emerging markets exposure. EWX is relatively efficient from a cost perspective, and extremely well balanced in terms of individual securities sectors, and countries (no one stock accounts for more than 1% of assets). The only potential drawback worth noting is the inclusion of ""quasi-developed"" markets, which make up a material portion of holdings. For those seeking exposure to small cap BRICs, it may make sense to use individual country ETFs (such as BRF, ECNS, RSX], and SCIN). " ACES,"ACES tracks an index of US- and Canada-listed companies in the clean energy industry. " EWO,"EWO offers investors exposure to the European market of Austria by investing in securities that trade on the national stock exchange of the nation. Since many of the large caps in this fund are likely to be found in other EFA holdings, the fund is not appropriate for investors seeking broad diversification across Europe. For investors looking for high levels of exposure to the Austrian market in particular, EWO is probably the best 'pure play’ option available. " GHYB,"The Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) is Goldman's offering for investors looking to access to the riskier corner of the corporate debt market. GHYB tracks the proprietary FTSE Goldman Sachs High Yield Corporate Bond Index. The index tries to eliminate issuers that exhibit deteriorating fundamentals, like worsening operating margins and leverage. This fund is for investors looking to add income while avoiding some of the riskiest junk debt. Other ETFs have a similar goal, but use different strategies, such as the FlexShares High Yield Value-Scored Bond Index Fund (HYGV) or the WisdomTree U.S. High Yield Corporate Bond Fund (WFHY). Another variation are the “fallen angel” funds which seek to invest in downgraded securities or debt from issuers that have recently slipped below investment-grade, such as the iShares Fallen Angels USD Bond ETF (FALN} or the VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL). GHYB's management fee is competitive, especially when compared to plain-vanilla index ETFs like iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK), the giants in the space. GHYB owns fewer securities than HYG — hardly surprising since GHYB is a fraction of HYG‘s size. Both portfolios look similar when it comes to credit ratings and maturities. Does Goldman's factor twist work? There's limited performance history to go on since GSSC was launched in September 2017, but it did outperform HYG during the pandemic turmoil of the first five months of 2020. " GSEU,"The Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) offers broad exposure to European stocks with Goldman's multi-factor twist. GSEU tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. Top holdings include Nestle, Roche and Novartis. GSEU is reasonably priced for a smart-beta approach to European markets. Investors might compare GSEU to other multi-factor funds that invest in European stocks, such as the JPMorgan Diversified Return Europe Equity ETF (JPEU) or the First Trust Europe AlphaDEX Fund (FEP). " MTUM,"The iShares Edge MSCI USA Momentum Factor ETF (MTUM) tracks an index of large-cap U.S. stocks with that exhibit positive price momentum. The index is diversified across sectors on a market cap-weighted basis, and individual securities within each sector are weighted to ensure diversification. The fund owns more than 100 securities. As with many single-factor funds, MTUM may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay a momentum tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare MTUM to rivals like the JPMorgan U.S. Momentum Factor ETF (JMOM), the SPDR S&P 1500 Momentum Tilt ETF (MMTM), and the Invesco DWA Momentum ETF (PDP). Vanguard also offers the actively managed Vanguard U.S. Momentum Factor ETF (VFMO). " OVB,"OVB is actively managed to provide exposure to U.S. Investment-grade bonds combined with a U.S. large cap put spread strategy. " IBMK,"IBMK tracks a market-value-weighted index of investment-grade AMT-Free municipal bonds that mature between January and December 2022. " FDLO,"The Fidelity Low Volatility Factor ETF (FDLO) tracks a proprietary index of large- and mid-cap U.S. stocks that are less susceptible to market swings. The fund’s sector allocations are broadly similar to the Russell 1000 index, though there is some variation. FDLO owns more than 100 securities, and so may not be diversified enough to stand alone as a core U.S. equity holding. It is more likely to be useful to investors seeking to overlay a low-vol tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare FDLO to rivals like the iShares Edge MSCI Min Vol U.S.A. ETF (USMV) or the Invesco S&P 500 Low Volatility ETF (SPLV). FDLO is reasonably priced for the segment, though there are cheaper funds available. " RFEM,"RFEM is actively-managed to select in emerging market stocks using multiple factors. The manager has discretion to hedge currency exposure up to 100% of the portfolio. " NULC,"NULC tracks a multi-factor-weighted index of large-cap companies listed on US exchanges. Holdings are screened for environmental, social, and governance criteria (ESG). " ROSC,"ROSC invests in US companies with small market capitalizations screened for risk, valuation, momentum and quality factors. " AAXJ,"This ETF offers a way to invest in several promising Asian economies while sidestepping exposure to Japan, a market many see as trapped in a multi-decade stretch of low growth. AAX] is somewhat unique in that it includes significant exposure to countries across all development levels, from emerging China to quasi-developed South Korea and Taiwan to developed Hong Kong and Singapore. As such, this ETF could be useful for investors building an Asia-centric portfolio, and has the potential to be appealing as a means of implementing a short-term play or as establishing a longer-term tilt towards a region that might be expected to outperform global equity markets. For an international ETF, AAX] offers impressive depth of holdings, casting a wide net across several Asian economies. It is noted, however, that the portfolio is tilted heavily towards large cap companies, a common bias present in international equity funds. For those who believe in the growth potential of Asia, AAXJ is an interesting option--as long as you don't mind a heavy dose of mega cap companies. " HYUP,"The Xtrackers High Beta High Yield Bond ETF (HYUP) tracks an index of “junk” bonds — debt issued by borrowers with a higher risk of default — that exhibit lower market beta — jargon used to describe how volatile performance is relative to the market. It’s another way of saying HYUP takes on more risk than the overall high- yield debt market. Investors should expect a bumpier ride than the Xtrackers USD High Yield Corporate Bond ETF (HYLB), which offers broad exposure to the high-yield debt category. HYUP is priced competitively and has attracted a decent amount of assets since its 2018 launch. HYUP might be a good choice for investors who are willing to take on a bit more risk in exchange for higher returns. " MCHI,"This ETF offers exposure to the Chinese equity market, making it one of many options for investors looking to gain access to one of the world's largest and most important economies. As such, this fund can be a useful tool for investors looking to overweight China in a long- term portfolio or as a means of implementing a shorter- term tactical tilt towards the BRIC member. Competition among China ETFs is intense, with a number of different offerings. Though MCHI is not nearly as popular as FXI, it offers much more diversified exposure to the Chinese market by holding significantly more individual stocks-- making it potentially more attractive to those with a long time horizon. It's important to note that MCHI, like many China ETFs, has a big allocation to financials and consists almost entirely of large cap stocks; those looking to establish a position in smaller Chinese firms may prefer HAO or ECNS. This ETF is a fine option, but there are a number of other solid choices in the China Equities ETFdb Category; investors in the market for China exposure should consider balance of exposure across sectors and market capitalizations, as well as expenses. GXC is another China ETF that might be worth a closer look. " SMMU,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This is especially true in the case of SMMU since the fund only targets short term munis which have less default risk then their longer-dated counterparts. As a result SMMU is a solid choice for investors seeking broad exposure to the muni market but with lower levels of risk. The fund offers less diversification than most with under 80 total securities while charging one of the higher expense ratios in the Category of 35 basis points. As a result, investors seeking short-term muni bond exposure should probably look beyond this PIMCO fund to any of the other funds in the space which could provide a better cross section of the market at a much more competitive rate. " EBND,"This ETF offers exposure to debt of emerging markets issuers that is denominated in local currencies, making it a potentially attractive option for investors interested in diversifying fixed income exposure beyond U.S. borders. This asset class can be valuable both as a hedge against the U.S. dollar and as a means for enhancing current returns in low interest rate environments. Unlike EMB and Pcy, this ETF focuses on debt denominated in the currency of the issuers, EBND is slightly cheaper than the actively-managed ELD, and offers impressive depth of holdings as well. " ENOR,"Norwegian exposure was once hard to come by as far as ETFs are concerned. While it was not the first of its kind, ENOR was one of the earliest products to dedicate itself to Norway’s economy. While Norway may not have the largest economy in Europe, it certainly presents a number of lucrative opportunities for investors. The fund holds about 50 securities but grants most of that exposure to the top ten, with that select group accounting for well over half of total assets. It should also be noted that ENOR has a heavy tilt towards energy, as Norway’s economy is well known for their strong production of fossil fuels. Digging deeper into the holdings, investors will find that the fund has a nice diversity as far as market cap spread is concerned, with companies of all sizes given equitable representation. Despite its pitfalls, ENOR comes out with solid Norwegian exposure as it has a deeper, more diversified set of holdings than the competing NORW. ENOR does charge 3 basis points more than the aforementioned ETF, but the cost may be worth the more detailed exposure. " WFHY,"WFHY tracks an index composed of high-yield, US corporate bonds. Constituents are selected and weighted by fundamental factors and bond risk characteristics. " DES,"This ETF offers exposure to small cap U.S. stocks, an asset class that is included in most long-term portfolios and can be useful for tactical traders looking to implement a tilt towards riskier securities. DES is one of dozens of options for small cap exposure through ETFs, and is unique because of the weighting methodology employed. The related benchmark is dividend-weighted, determining components companies and _ individual allocations based on cash dividends paid. That methodology has the effect of enhancing current returns from the equity side of a portfolio, and may also be appealing for those looking to utilize alternatives to market cap-weighting (which has a _ tendency to overweight overvalued stocks, and underweight undervalued companies). DES is slightly more expensive than some of the cap-weighted alternatives, but investors who believe the dividend-weighting approach has the potential to add value over the long run will find the expense differentials to be minimal. This fund may be worth considering as an alternative to products such as IWM and JR. " STPZ,"This ETF offers exposure to short-dated TIPS, a segment of the U.S. Treasury market that may have appeal to investors looking to protect against inflation. While most investors are familiar with the nuances of TIPS, the ramifications of the shorter duration should be understood before establishing a position. While a shorter time to maturity means lower yields, it also means that investors face less in terms of interest rate risk, making these funds excellent choices for those seeking extremely safe assets. Because inflationary environment are often accompanied by rate hikes, the effectiveness of this tool may be limited in certain situations. There are a number of more broad-based ETF options for exposure to TIPS, including TIP, TIPZ, and SCHP. Moreover, ETFs focusing on the medium or long end of the duration curve may have additional benefits; these include LTPZ and IPE. " MUSI,"MUSI seeks to provide a high level of current income via an actively managed broad-based, global bond portfolio without a specific target duration. " IBCE,"IBCE tracks an index of investment grade USD-denominated bonds excluding those issued by financial firms. The target maturity fund will terminate in 2023 by design. " DBEH,"DBEH is an actively managed fund that seeks to model the performance of long/short equity hedge fund strategies via US futures contracts. The fund seeks long- term capital appreciation. " EFAD,"EFAD tracks an equally weighted broad-market index of developed-market companies, ex-North America, that have raised their dividend for each of the past 10 years. " RPV,"This ETF offers a way for investors to access large cap U.S. equities that are classified as value stocks, generally maintaining low pricing multiples and higher dividend yields. RPV may seem similar to the more popular and liquid S&P 500 Value Index Fund (IVE), but the methodologies used are actually quite different. RPV maintains a “pure value"" focus, holding a relatively small number of firms that demonstrate the most significant value characteristics, while IVE uses a more liberal definition of value stocks and includes several securities that are also found in the growth counterpart. RPV is slightly more expensive, but is a more targeted choice for those investors who are seeking to focus explicitly on value companies. Not surprisingly, RPV exhibits a bias towards certain sector of the U.S. economy, generally tilting exposure towards financial companies and energy firms. " RNDM,"RNDM tracks an index of developed international ex-US equities, selected for low volatility and weighted according to a tiered methodology: first market-cap followed by modified equal weights. " HYS,"This ETF is one of several products that offers exposure to junk bonds, an asset class that has historically exhibited equity like returns with relatively low volatility. Because most broad-based bond ETFs focus only on the investment grade side of the market, funds such as HYS can be useful for rounding out the fixed income side of a long-term portfolio. This ETF could also be appealing to those looking to establish a shorter-term tactical tilt towards high yield debt. Unlike other products in the High Yield Bonds ETFdb Category such as JNK or HYG, this ETF focuses on short- term debt. That focus may be appealing for investors concerned about rising interest rates; the lower the effective duration, the lower the impact of rate changes on the value of the related fixed income securities. The elimination of some interest rate risk may translate into a reduction of yields as well; HYS may exhibit return metrics that are lower than other more broadly-based funds. For investors looking to beef up current returns but concerned about the impact of rising rates, this ETF might be a useeful tool for fine tuning fixed income exposure. This ETF is among the more expensive choices for high yield debt exposure, though the deltas in expense ratios are relatively small throughout this ETFdb Category. Investors seeking to fine tune exposure and capture a yield experience more similar to an individual bond may like the BulletShares products from Guggenheim, while those who would prefer to achieve junk bond exposure through an experienced manager might like HYLD. " KORU,"KORU provides 300% daily leveraged exposure to a market-cap-weighted index of large- and mid-cap South Korean companies. " ESGV,"The Vanguard ESG U.S. Stock ETF tracks an index of U.S. stocks that are screened based on environmental, social, and governance (ESG) criteria. ESG funds are an increasingly popular segment of the ETF marketplace, offering values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. Vanguard’s is one of dozens, if not hundreds, of similar funds that have debuted in recent years. ESGV invests in hundreds of U.S. companies, including small-, medium-, and large-cap equities, but eschews the so-called sin stocks such as adult entertainment, alcohol, tobacco, and gambling. ESGV also excludes weapons makers, fossil fuel companies, and nuclear power. Not surprisingly, the elimination of fossil fuels giants means ESGV has a bit more of a tilt toward tech stocks than an S&P 500 fund, and has less of its portfolio in energy stocks. For investors looking to align their portfolio with their values, ESGV is a good low-cost option for U.S. equity exposure, though rivals also offer competitively priced options. " COPX,"This ETF gives investors an opportunity to achieve exposure to copper without encountering the nuances of a futures-based strategy. For investors looking to bet on increased demand for a raw material used widely in various applications, COPX is a nice option. COPX often trades as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but be a powerful tool for profiting from a surge in commodity prices. " IBDM,"IBDM tracks an index of USD-denominated, investment-grade corporate bonds maturing between Dec. 31, 2020 and Jan. 1, 2022. " HMOP,"HMOP is actively-managed to provide current income and long-term total return from a broad portfolio of municipal bonds. " FLHY,"The Franklin Liberty High Yield Corporate ETF (FLHY) is an actively managed fund for investors looking to access to U.S.-dollar denominated ‘junk’ bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. FLHY may invest assets in high-yield corporate debt, convertible securities, bank loans, corporate loans, and other instruments. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in FLHY is ultimately a bet on the manager's ability to beat the market. FLHY’s management fee is competitive when compared with passive rivals like the SPDR Bloomberg Barclays High-Yield Bond ETF (JNK) or the iShares iBoxx USD High Yield Corporate Bond ETF (HYG). The ETF marketplace offers offer quite a few high- yield variations, including active management, so-called ‘smart’ indexing, and even an ETF that screens junk debt based on environmental, social, and government criteria. " KRE,"This ETF gives investors a way to play regional banks, a sub-sector of the financial sector that offers a unique risk/return profile relative to traditional financial exposure. Whereas financial funds such as XLF are dominated by large cap companies, KRE maintains significant exposure to small and mid cap banking stocks, many of which are not impacted by the factors that drive performance of big Wall Street banks. KRE, like many State Street ETFs, is linked to an equal weighted index. That results in a balanced portfolio that avoids big concentrations in a handful of stocks--a_ potential drawback found in the other two regional banks ETFs (RKH, IAT). KRE doesn't cast quite as wide a net as IAT-- the SPDR has fewer holdings--but the weighting methodology delivers a better balance among all holdings and results in a significant weighting to small cap stocks. In addition to these allocation advantages, KRE is cheaper in terms of bottom line expense ratio. IAT and RKH are also options for similar exposure, but we like KRE as the preferred means of gaining regional bank exposure through the ETF wrapper. " VYM,"This ETF is linked to the FTSE High Dividend Yield Index, which offers exposure to dividend paying large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. VYM is linked to an index consisting of roughly 440 holdings and exposure is tilted most heavily towards consumer, energy, and industrials. Securities are chosen for inclusion in the fund based on their current yield; only the highest yielding companies are chosen. Thanks to this focus, VYM offers investors broad exposure to dividend paying companies, giving investors a much wider net than the other dividend focused firms in the space. As a result, VYM could be a better pick for long-term buy and hold investors than some of the other products, plus it has a much lower expense ratio to boot. " FNX,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. Mid cap stocks are appealing to many because they still have significant growth potential but they are less risky than their small and micro cap brethren. FNX offers exposure to a balanced portfolio of stocks, including close to 300 individual names and spreading exposure relatively evenly. The expense ratio is much higher than many of the other products in the category but that is thanks to the fund's methodology which attempts to screen out some of the worst companies in the index, potentially adding to the overall return. For those seeking other, cheaper choices, there are cap-weighted choices such as MDY and JJH, the ultra- cheap FMU, and equal-weighted EWRM. " MGV,"This ETF is linked to the MSCI US Large Cap Value Index, which offers exposure to mega-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. MGV is linked to an index consisting of roughly 150 holdings and exposure is tilted most heavily towards financials, energy, and health care. Thanks to this fund's reasonable level of diversification and cheap price, investors could definitely make MGV a significant portion of their portfolios. However, there are many other options out there that provide more diversification across the large cap value sector although few are cheaper than MGV. " MDYG,"This ETF offers exposure to mid cap stocks that exhibit growth characteristics, making MDYG a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Growth strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments. It should be noted that there is often considerable overlap between MDYG and its value counterpart MDYV, the result of a methodology that uses a generous definition of growth stocks. Rydex offers s pure style alternative, RFG, that is slightly more expensive but will offer a considerably more targeted focus on growth equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that IJK and IVOG seek to replicate the same index at comparable expense ratios. IVOG is slightly cheaper, and may be available commission free in certain accounts, while IJK will generally feature more narrow spreads. MDYG is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, lower fees, or potentially better execution. " BCI,"BCI is passively managed to track the performance of a broad commodity market index. The fund targets near- term futures contracts and 3-month Treasury Bills. " QEFA,"QEFA tracks an index of securities from developed markets in Europe, Australia and the Far East. The index equal-weights 3 subindexes: value, minimum volatility and quality. " CYB,"CYB offers a way for investors to gain exposure to the value of the Chinese currency, and as such has a number of potential uses. CYB can be a safe haven that provides diversification from the U.S. dollar, or can be a longer- term holding that allows investors to benefit if the Chinese yuan is ultimately allowed to float freely and gains ground against the greenback. The structure of CYB is noteworthy; whereas many currency ETPs are structured as grantor trusts or ETNs, CYB is a true, actively-managed 1940 Act ETF. That may provide favorable tax treatment for those seeking long-term exposure, and can have the added benefit of enhanced diversification. Investors interested in yuan exposure should take a closer look at the securities CYB uses to accomplish its objective, and understand the potential limitations the strategy may impose. " GDMA,"GDMA is an actively-managed portfolio that may hold any asset class. The fund seeks total return. " JJN,"This fund offers exposure to one of the world's most important industrial metals, nickel, potentially giving JJN appeal as an inflation hedge. However, investors should be wary of investing via the futures-based strategy as it is susceptible to contango, a phenomenon that can eat into returns. For investors seeking exposure to nickel beyond physical exposure or through a mining firm, JJN is the only pure play choice available. " EMXC,"EMXC tracks a market-cap- weighted index of emerging- market firms, excluding China. The index covers 85% of the universe by market cap. " AGG,"This ETF offers broad-based exposure to investment grade U.S. bonds, making AGG a building block for any investor constructing a balanced long-term portfolio as well as a potentially attractive safe haven for investors pulling money out of equity markets. While AGG can potentially be a one stop shop for fixed income exposure, a close look at the composition of this fund is advised. Many may find the significant allocations to MBS and Treasuries somewhat insufficient for their return objectives; increased corporate bond exposure through LQD may result in a better balance and more attractive return. While AGG includes hundreds of individual securities, this ETF actually only holds a fraction of the bonds that make up the underlying benchmark; the sampling strategy employed avoids illiquid issues, but may lead to tracking error. AGG is unmatched in terms of liquidity, but investors can achieve similar exposure at a lower cost; BND and LAG both seek to replicate the same benchmark but charge lower expense ratios. For investors looking to avoid compounding costs and tracking error, the broad-based BND may be a better option for U.S. fixed income exposure. " VGT,"VGT tracks a broad index of companies in the information technology sector which the company considers to be the following three areas; software, consulting, and hardware. As a result, this fund tracks some of the most crucial companies in the technology sector across a wide range of market cap levels. The fund focuses entirely on U.S. stocks, and is relatively top heavy; three securities make up 25% of the fund 54% of assets go to the top ten even though the fund holds over 425 securities in total. Investors should also note that this fund dedicates the majority of its assets to giant and large cap funds, meaning that it will be less volatile than some of the other products in the space that focus on relatively unproven companies and technologies. As a result, this fund will be more of a value play than one that presents strong growth opportunities. So while this is a decent fund for those looking to achieve broad exposure to the tech sector without the influence of semiconductors, most investors should look to broader fund which take into account all sectors of the technology industry instead for their portfolios. " GSFP,"GSFP is an actively-managed fund of global companies that seek to address environmental problems. " VFMO,"The Vanguard U.S. Momentum Factor ETF aims to invest in U.S. stocks with strong recent price gains. VFMO, which is part of Vanguard's suite of actively managed ETFs, relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so- called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. VFMO’s portfolio can be expected to diverge from its Russell 3000 benchmark. For example, VFMO holds a significantly narrower universe of stocks than Vanguard's Russell 3000 ETF, a passive index-tracking fund that draws from the same universe of stocks. VFMO’s fees are quite low for active management, but after decades of drilling investors in the futility of stock-picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. For investors with a strong momentum conviction who want a reasonably-priced fund, VFMO makes for a good complement to a core portfolio holding in U.S. equities. While VFMO is quite reasonably priced, investors should compare price, performance, and portfolio against other U.S. momentum funds, both active and passive. " TDSE,"TDSE is an actively managed fund-of-funds which aims to provide long-term growth that adjusts an asset allocation to pursue a targeted risk parameter of 16% from peak to trough. " IYF,"The iShares U.S. Financials ETF (IYF) delivers targeted exposure to the US. financial sector, making it one option for investors seeking to tilt their portfolios towards U.S. banks. As a sector-specific ETF, IYF is most appropriate for those looking to implement a tactical tilt or carry out a sector rotation strategy and probably has little use for those building a long-term buy-and-hold portfolio. This fund is heavily skewed towards large caps, but does include some mid- and small-cap exposure. As of June 2020, IYF has more than 200 stocks in its portfolio, giving it broader exposure than the ultra-popular Financial Select Sector SPDR Fund (XLF}. For investors looking to dig deep into financial stocks, another good option is the Vanguard Financials ETF (VFH). As of June 2020, VFH was significantly cheaper than IYF, which has one of the higher management fees in the segment. (We wouldn't be surprised if iShares cuts its sector ETF fees in the future to better compete with rivals, so cost-conscious investors would do well to comparison shop.) Short-term traders will likely prefer the size and liquidity of XLF. " USOI,"USOI offers the returns of a covered call strategy on a front-month oil futures ETF. " REET,"REET tracks a global, market-cap-weighted index of firms involved in the ownership and operation of real estate. " FFR,"This ETF offers exposure to real estate markets in North America, Europe, and Asia, splitting assets between U.S. REITs and primarily companies domiciled in developed markets. As such, FFR has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). FFR casts a relatively wide net, including hundreds of individual securities in more than a dozen different countries; concentration issues are minimal in this fund. FFR may be appropriate for investors looking for a specific split between U.S. and international real estate exposure, while those looking for a more precise bifurcation may wish to use multiple funds to accomplish the objective of this ETF (options like IFAS and IFEU may allow more granularity in the international real estate segment). FFR is a bit on the pricey side, though not considerably more expensive than options such as RWO. " USHY,"USHY tracks a market value-weighted index of USD- denominated high yield corporate debt with broad maturities. " EPP,"This ETF offers a way to tap into the Asia Pacific region while avoiding potential return drag Japan. This strategy might have appeal to investors concerned that the Japanese economy will continue to struggle thanks to intensifying competition from emerging markets and staggering public debt burdens. Investors looking to fine tune their international equity exposure may find EPP to be a useful tool in building a long-term portfolio, though those looking to cast a wider net and include all major Asian economies might want to consider VPL instead. This ETF can also have appeal over a much shorter-time horizon; EPP can be a useful tactical tool that gives investors a way to bet on short-term strength from Asian economies. Several elements of the EPP portfolio are worth noting. Investors should be aware that EPP is dominated by developed market stocks--this ETF won't give you much in the way of exposure to China or Malaysia, and is instead dominated by Australian equities. And like many international equity ETFs, there are certain biases in the portfolio; EPP is skewed towards large cap and mega cap stocks, and certain sectors receive hefty allocations (in particular, there's a big weight to banks). Those looking to focus more on emerging Asian economies should take a look at GMF, which features a very unique risk/return profile. EPP is a nice tool for investors looking to fine tune their international equity exposure, avoiding Japan in favor of more promising developed Asia Pacific economies. But the nuances of the exposure should be recognized and understood before establishing a position. " ABEQ,"ABEQ is an actively-managed portfolio of US stocks seeking positive absolute returns. " GSG,"This ETF technically offers broad commodity exposure, but the underlying index is tilted heavily towards energy resources. Crude oil, natural gas, and other energy commodities make up close to 70% of the exposure, meaning that metals and livestock are under-represented in this products. GSG is essentially a cross between a pure energy ETF such as DBE and a more broad-based commodity fund such as DBC or USCI. We don't see GSG as a tremendously useful product; those seeking energy exposure would be better off in an oil ETF, while those seeking balanced commodity exposure should gravitate towards DBS or USCI. " IDME,"IDME is an actively managed fund of funds which selects global ex-US ETFs that exhibit positive fundamental and momentum characteristics combined with a downside hedge. " BFOR,"BFOR tracks an equally weighted index comprising 400 US companies selected on fundamental parameters. " CDC,"CDC tracks an index of 100 high-yield stocks pulled from the largest 500 US stocks, with an earnings screen and volatility weighting. " AOR,"This ETF offers one stop exposure for investors seeking to implement a growth strategy, investing in a number of other ETFs to effectively function as an entire portfolio within one ticker. Given its growth focus, AOR is tilted towards equities, making it potentially appropriate for those with a higher risk tolerance and longer time horizon. While this ETF offers an extremely simplified option for building a portfolio, there are potential drawbacks as well. Because each investor's risk tolerance and objectives will differ, it's unlikely the profile maintained by AOR is exactly appropriate for many investors--some fine-tuning may be required. Moreover, layered fees can increase costs; constructing a similar portfolio on your own would save you money over the long run. " VSMV,"VSMV tracks an index of large- and mid-cap US stocks, selected and weighted based on multiple factors. ETF optimization and constraints are used in order to minimize volatility. " HTRB,"HTRB is an actively managed fund that invests in a wide array of global fixed income instruments considered attractive from a total-return perspective, with current income as a secondary goal. " QVMM,"QVMM tracks a market cap-weighted index of US mid-cap stocks that exhibit strong quality, value, and momentum based on a multi-factor score. " IXJ,"This ETF offers exposure to the global health care sector, a corner of the world economy that can exhibit low volatility and bring some degree of stability to a portfolio. The underlying portfolio is spread across U.S. stocks and ex-U.S. developed markets; emerging economies are nowhere to be found in this fund. It should be noted that IX] has a heavy tilt towards domestic securities; those seeking a bigger allocation to international companies may prefer IRY. Given the sector-specific nature of this fund, IX] probably shouldn't be included in a long-term, buy-and-hold portfolio; it is more useful for those looking to implement a tactical tilt towards health care or to pursue a sector rotation strategy. Though IX] includes more than a dozen individual economies and close to 100 individual stocks, a relatively small handful account for a relatively large portion of the total portfolio--leaving something to be desired in terms of diversification. " EXI,"This ETF offers exposure to the global industrial sector, a corner of the economy that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. Given the targeted nature of the underlying benchmark, EXI probably isn't very useful for those building a long-term portfolio; it will be more useful as a means of establishing a tactical tilt towards the industrials sector or as part of a global sector rotation strategy. A few items are noteworthy with respect to EXI. U.S. stocks have a heavy weighting in the portfolio, accounting for about half of total assets. In addition, it should be noted that this ETF achieves good balance, spreading exposure across close to 200 stocks and generally avoiding major concentrations in individual securities. EX! probably is too targeted for most investors out there, but for those looking to bet on industrials with a global focus, it can be a useful tool. Those seeking U.S. exposure may prefer XLI or the equal-weighted RGI, while those looking to steer clear of the U.S. may want to consider IPN. " DVLU,"DVLU tracks an index of 50 large- and mid-cap value stocks exhibiting relative strength. Holdings are weighted by value metrics. " BYLD,"BYLD is a fund-of-funds that tracks a broad index of debt securities optimized for yield and mean variance. " FTA,"This ETF offers exposure to large cap U.S. equities that are classified as value companies, making FTA a potentially useful tool for those looking to tap into this segment of the domestic stock market or shift exposure towards companies with lower pricing multiples and higher dividend yields. There are a number of ETF options offering exposure to this asset class; FTA is unique because of the methodology it uses to determine holdings. Instead of offering exposure to all large cap value stocks, FTA utilizes a quant-based screening methodology to identify companies deemed to have the greatest potential for capital appreciation. For investors who believe the AlphaDEX methodology is sound and has the ability to generate alpha consistently, FTA may be a very appealing option for accessing large cap value stocks. For those who believe that markets are completely efficient, there are several cheaper options out there, including IWD and VTV. FTA's exposure is somewhat unique compared to more broad-based value ETFs; this fund offers more balanced exposure that breaks the link between market capitalization and index allocation. That feature may be appealing for certain investors, especially those looking for alternatives to cap- weighting. " IAUM,"IAUM tracks the gold spot price, less expenses and liabilities, using gold bars held in vaults. " FCTR,"FCTR tracks an index of US large-cap stocks. Exposure rotates among four investment factors, selected by a risk- adjusted relative strength score. The fund aims to outperform the broad market over time. " BDCX,"BDCX provides 1.5x leveraged exposure, compounded quarterly, to a tiered-weighted index of business development companies (BDC) listed and incorporated in the US " FXE,"This ETF offers exposure to the euro, the official currency of the eurozone, relative to the U.S. dollar, increasing in value when the euro strengthens and declining when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the EUR/USD exchange rate, FXE is the only real ETF option available. " XJH,"XJH tracks a market-cap weighted index of US mid-caps screened for sustainability and excluding those with exposure to certain controversial business activities. " VUSB,"The Vanguard Ultra-Short Bond ETF is an actively managed fund that aims to bolster income while minimizing volatility. The fund invests in short-term fixed income securities with maturities of up to two years, and is designed for those with an investment time horizon of six to 18 months. The portfolio includes asset-backed debt, government issued bonds, and investment-grade corporates. While VUSB skews toward securities issued by high-quality borrowers, the fund also invests in some riskier medium-quality fixed income assets. Under normal market conditions, the fund aims to invest at least 80% of its portfolio in fixed income securities. Ultra-short-term debt ETFs have have become a popular way to boost income as a prolonged era of near-zero interest rates drags down yields on savings vehicles like money market funds and CDs. Ultra-short debt ETFs like VUSB can help investors squeeze a little more income out of their portfolios without overloading on risk. VUSB, which debuted in April 2021, is a relatively late entrant into the ultra-short debt category, but it is managed by the same portfolio team as Vanguard's comparable mutual fund, which has been around since 2015. As one would expect from Vanguard, VUSB is competitively priced compared with rival ETFs. " DBE,"This ETF provides exposure to some of the most popular commodities futures in the world. This includes light sweet crude, heating oil, Brent crude oil, RBOB gasoline, and Natural gas. Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not. Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio. This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products. Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it. Specifically, DBE provides returns on fossil fuels that are vital to economies all around the world. This product may be a good choice for investors looking to gain exposure to futures contracts on fossil fuels, but do not want the risks associated with a futures- contract purchase. " HDMV,"HDMV is an actively-managed fund of low expected volatility mid and large-cap stocks from developed markets. " PSMB,"The Invesco Balanced Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide current income while maximizing diversification. Depending on market conditions, the fund will invest 45 percent to 75 percent of its portfolio in equity ETFs, 25 percent to 55 percent in fixed income ETFs, and 10 percent to 30 percent in American and global depositary receipts. PSMB achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMB charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMB investors pay acquired fund fees for PSMB‘s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMB’s costs are competitive compared with other actively-managed funds (and _ significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite reasonable. The fund is one of four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. The issue with PSMB is identifying who it’s for. Invesco’s other asset allocation funds come with descriptive labels like “conservative,” “moderately conservative,” or “growth,” which helps investors get a sense of the risk targets. Given PSMB’s vague label “balanced” and the wide range of its possible stock and bond mix, it’s difficult to " SQEW,"SQEW is an actively managed fund that invests in global equities. The fund weights companies based on quantitative factors including statistical skew. " BBP,"BBP tracks an index of US-listed biotechnology companies considered to be in the product stage by the index provider. " BIB,"This ETF offers 2x daily long leverage to the broad-based NASDAQ Biotechnology Index, making it a powerful tool for investors with a bullish short-term outlook for biotechnology or pharmaceuticals companies. Investors should note that BIB's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. BIB can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " VB,"VB seeks to replicate a benchmark which offers exposure to small cap firms in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors' portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on both value and growth securities, could provide more of a diversified play than products that just focus on ‘growth' or ‘value’ securities within this segment. Thanks to this broad focus, VB has an extremely large number of securities-- close to 1,720 in total-- and does a great job of dividing up assets among the components as no one company makes up more than 30 basis points of total assets. Thanks to this high level of diversification and VB's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure and do not have a preference in terms of value or growth equities. " BFIT,"BFIT invests in companies whose revenue or main business purpose is encompassed by a cross- sector definition of health and wellness. Equities in this fund come from developed countries. " SCHO,"This ETF offers exposure to the short end of the maturity curve, focusing on securities with one to three years to maturity. SCHO is light on both interest rate risk and credit risk, and as such will generally deliver a relatively low expected return. SCHO can be a great safe haven to park assets in volatile markets, especially for those with Charles Schwab accounts that can trade the security for free. " SPC,"SPC is an actively managed ETF that invests in pre- merger Special Purpose Acquisitions Companies. " NUBD,"NUBD tracks an index of US investment-grade bonds selected for exhibiting certain environmental, social, and governance criteria. " UCO,"This ETF offers 2x daily leverage to an index that consists of crude oil futures contracts, making UCO a powerful tool for expressing a bullish outlook on energy prices. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make UCO inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the underlying index consists of oil futures contracts, and as such, this fund won't always move in unison with spot oil prices. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool. But UCO shouldn't ever be found in a long- term, buy-and-hold portfolio; it's simply too risky, and the nuances of this fund make it likely to lose money over the long run regardless of changes in spot oil prices, thanks to the damaging impact of contango. " IXG,"This ETF is a global play on the financial sector, including U.S. companies, developed market stocks, and banks of emerging economies. This ETF has a heavy tilt towards large cap stocks--a common bias in the financial sector-- though it does include some exposure to smaller companies. Given its sectorspecific focus, this fund probably doesn't have much appeal to those constructing a long-term portfolio. But IXG can be a useful tool for establishing a tilt towards the global financial sector, or potentially as part of a global sector rotation strategy. Though the U.S. accounts for a significant chunk, IXG includes a number of different countries and hundreds of individual securities. " FTRI,"FTRI tracks an index of natural resource stocks selected by dividend yield and weighted by market cap. " TSJA,"TSJA aims for cumulative capped gains on SPY, QQQ and IWM shares over a specific holding period. The actively- managed fund holds options and collateral. " CWI,"This ETF offers exposure to developed and emerging markets outside of the U.S., making CWI one option for investors seeking a cornerstone of broad-based international equity exposure. It should be noted that this ETF is tilted towards developed markets, and investors seeking to fine tune the balance between the two may wish to achieve the exposure offered by this fund through multiple ETFs. CWI offers exposure that is well balanced across countries, sectors, and individual securities, as concentration is not an issue with this fund. Investors may want to take a look at ACWI, which offers exposure to the exact same index, and investigate any differences in the manner in which holdings are constructed. CWI may utilize sampling strategies, resulting in more substantial tracking error. " SCHZ,"This ETF offers exposure to a broad-based bond index designed to measure the performance of the U.S. investment grade debt market. SCHZ's portfolio includes Treasuries, mortgage-backed securities, corporate debt, and securities issued by agencies of the U.S. government. As such, SCHZ makes sense as a core holding in a long- term, buy-and-hold portfolio; this ETF offers exposure to thousands of fixed income securities, and can be a core component that delivers stable current return to investors. It should be noted, however, that SCHZ doesn't cover all corners of the U.S. debt market; segments that are excluded from this ETF include junk bonds and floating rate debt. Moreover, SCHZ doesn't include any international debt; investors looking to extend their bond portfolio beyond the U.S. might want to consider products in the International Government Bond or Emerging Market Bonds ETFdb Categories. SCHZ is a good start toa well-rounded fixed income portfolio, but some complementary positions are necessary for investors interested in achieving truly global exposure. There are plenty of alternatives to SCHZ; the ultra popular AGG and BND are linked to the same index. The biggest appeal of this ETF is the low fees; SCHZ is one of the cheapest ETFs available anywhere, and the eligibility for commission free trading in Schwab accounts may further increase the appeal of this fund to cost conscious investors. " VFQY,"The Vanguard U.S. Quality Factor ETF is an actively managed fund that aims to invest in U.S. stocks that exhibit strong financial health compared with rivals. Quality may be measured by strong profitability and healthy balance sheets. VFQY, which is part of Vanguard's suite of actively managed factor ETFs, relies on a quantitative methodology to evaluate U.S. companies of all sizes, and uses a rules-based screen to ensure diversification and to mitigate exposure to less liquid stocks. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. There are macroeconomic trends like economic growth and inflation, as well as fairly predictable performance patterns for certain types of stocks. For example, so- called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Over time, money managers have devised methodologies to identify and exploit factors such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others, like VFQY, target a single factor. VFQY’s portfolio can be expected to diverge from its Russell 3000 benchmark. For example, VFQY holds a significantly narrower universe of stocks than Vanguard’s Russell 3000 ETF, a passive index- tracking fund that draws from the same universe of stocks. VFQY’s fees are quite low for an active fund, but after decades of drilling investors in the futility of stock- picking, it remains to be seen whether Vanguard can convince investors that some managers can consistently beat the market after all. For investors with a strong quality conviction who want a reasonably-priced fund, VFQY makes a good complement to a core portfolio holding in U.S. equities. While VFQY is quite reasonably priced, investors should compare price, performance, and " RFEU,"RFEU is an actively-managed fund that seeks capital appreciation from developed European stocks selected using a factor approach. The manager has discretion to currency-hedge up to 100% of the portfolio. " HIPS,"HIPS tracks an equal-weighted index of US-listed assets that produce high income and pass through that income without being taxed at the constituent level. The portfolio includes REITs, MLPs, BDCs, and closed-end funds. " DEUS,"The Xtrackers Russell US Multifactor ETF (DEUS) tracks an index of U.S. equities that selects, and weights securities based on quality, size, volatility, momentum, and value. DEEF debuted in 2015 and is priced competitively but hasn't gained as much traction as rivals with better brand recognition, like Goldman Sachs and JPMorgan. DEUS has plenty of competition in the multi-factor U.S. equity space including the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC), the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD), or the JPMorgan Diversified Return US Equity ETF (JPUS). The U.S. equity space also includes ultra-low-cost plain-vanilla rivals like the iShares S&P 500 ETF (IVV) and the Vanguard Total Stock Market ETF (VTI). They lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. " DBOC,"DBOC aims for cumulative capped gains on SPY & QQQ shares while providing a partial buffer on SPYs loss over a one-year period, starting each October. The actively- managed fund holds FLEX options and collateral. " JPIN,"The JPMorgan Diversified Return International Equity ETF QPIN) tracks an index of large cap companies in developed markets outside the U.S. The methodology combined risk-weighted portfolio construction with multi- factor security selection based on value, momentum, and quality. The ETF marketplace has seen an explosion in recent years in “factor” funds covering every asset class. Investors can compare it to the Goldman Sachs ActiveBeta International Equity ETF (GSIE) or the iShares Edge MSCI Multi-factor International ETF (INTF). JPIN is not unreasonably priced for a multi-factor international fund, though cheaper options are available. The international equity space also includes ultra-low- cost, plain-vanilla rivals like the iShares Core MSC] EAFE ETF (IEFA) and the Vanguard FTSE Developed Markets ETF (VEA). They lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. It is worth noting that JPIN tracks an index that includes South Korea but excludes Canada. By contrast, GSIE includes Canada but excludes South Korea, classifying it instead with emerging markets. These two countries are a common source of confusion for developed markets funds. Some hold one or both, while others own neither. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight Canada and South Korea or missing out on those countries entirely. This could make for a bit of a muddle for investors and advisers who swap between similar funds as part of tax-loss harvesting strategies. " VGLT,"This ETF offers exposure to long term government bonds, focusing on Treasuries that mature in ten years or more. As such, interest rate exposure for this product will be towards the high end, potentially creating an attractive yield profile; VGIT offers exposure to mid-dated Treasuries while VGSH is an option for those looking to focus on the short end of the maturity curve. VGLT probably doesn't have much appeal as a core holding, since the overlap with broad-based funds such as BND will be significant. But this ETF can be a useful tool for tilting exposure towards Treasuries with a bias towards the longer end of the maturity spectrum, lengthening the effective duration of a portfolio and potentially boosting the yield without taking on much in the way of credit risk. Like most Vanguard ETFs, VGLT is among the cheapest options available; commission free trading in Vanguard accounts may increase the cost appeal to those keeping an eye on fees. Other options offering similar exposure include TLT and TLO; the effective durations and yields on these products may vary slightly. " ANEW,"ANEW tracks a market-cap-weighted index of global stocks that benefit from transformational changes in peoples work, health care, consumption, and connection. " HYLB,"The Xtrackers USD High Yield Corporate Bond ETF (HYLB) offers broad exposure to “junk” bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. ETFs offer quite a few high-yield options, including active management, so-called “smart” indexing, and even an ETF that screens junk debt based on environmental, social and government criteria. HYLB is competitively priced. In fact, it is much cheaper than its largest rivals: the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK). HYLB has also raised significant assets since its 2016 debut, has decent daily liquidity, and in all is a worthwhile choice for access to the high-yield debt category. " GLDI,"GLDI offers the returns of a covered call strategy comprised of shares of the ETF GLD, a physical gold ETF, and one-month call options with a strike price of 103% of GLD. " FLCA,"The Franklin FTSE Canada ETF (FLCA) tracks an index of large and mid-size companies in Canada. Why Canada? Some popular developed markets funds exclude Canada, and investors might use country-specific funds like FLCA to fill that gap. As of June 2020, FLIY’s management fee is one of the lowest for the segment but it continues to trail rivals in assets and liquidity. The iShares MSCI Canada ETF (EWC), one of the oldest single-country ETFs on the market, is significantly more expensive than FLCA. For liquid Canadian equity exposure at a reasonable price, investors and traders may prefer the JPMorgan BetaBuilders Canada ETF (BBCA). The JPMorgan fund launched in 2018, but quickly outstripped its rivals in assets and liquidity. Moreover, while not as cheap as FLCA, BBCA is still significantly less expensive than EWC. FLCA is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in diversified international ETFs and investors should be careful not to take on an unintentional overweight. " VNM,"VNM offers exposure to Vietnamese equities, including both companies that are domiciled in the country as well as those that generate at least 50% of their revenues from the country. For investors seeking investment in the nation, VNM is one of the only choices available as most ETFs do not offer any allocations to the emerging nation. VNM is a nice option for investors who want to load up on Vietnam but be aware the fund could experience high levels of volatility. " EMCR,"EMCR tracks an index of large- and mid-cap emerging market stocks that are selected based on ESG criteria. Holdings are weighted in tiers, in favor of low carbon intensity " ISTB,"ISTB tracks a broad USD-denominated bond index with 1- 5 years remaining in maturities. " EWZS,"This ETF offers targeted exposure to Brazil's small cap segment, making it a powerful tool that can be used to fine tune equity portfolios. Given the granularity of this fund, EWZS likely has some appeal to long-term investors with a buy-and-hold philosophy but it is more likely to appeal to those looking to implement a tactical shift or capitalize on perceived mispricings over a relatively short time horizon. However, some might view the product as a more accurate representation of the Brazilian economy instead of the top heavy-- as well as energy and financial heavy-- EWZ. Small and mid caps are thought by many to offer more of a pure play on national economies but small caps are likely to offer less stability than their mid cap brethren but could offer higher returns over the long run. However, this targeted exposure comes at a price as the fund has only about 70 holdings in total and it has moderate levels of concentration in some of its top holdings, although less so than BRF. But for efficient, targeted exposure to Brazil's small caps, EWZS can certainly deliver. The expense ratio on this fund is comparable to other products in the category, and given its focus on small caps, this suggests that the fund is a pretty good value for investors and traders alike. " BDCZ,"BDCZ tracks an index of at least 25 companies invested in the initial growth stages of small firms. " DLN,"This ETF is one of many options available to investors seeking exposure to large cap U.S. equities, an asset class that is a core component of most long-term portfolios. DLN is unique thanks to the methodology employed by the underlying index, a fundamentally- weighted benchmark that uses cash dividends to determine components and_ individual security allocations. As such, DLN may be appealing to those looking to maximize current returns from the equity portion of their portfolios, or simply to those looking to avoid the potential pitfalls of market capitalization weighting. The underlying portfolio is balanced across hundreds of large cap stocks, with the dividend-related methodology resulting in a bias towards certain sectors that have historically made significant distributions (though DLN does a nice job of including all corners of the U.S. economy). On an individual security level, a few stocks make up meaningful chunks of the portfolio, though concentrate is not too extreme. DLN is more expensive than some of the cheapest large cap equity ETFs, though still very efficient from a cost perspective. Those who believe the dividend-weighted methodology is a preferred means of establishing and maintaining stock exposure likely won't hesitate to pay a few extra basis points in fees. " NUHY,"NUHY tracks an index of market-value-weighted US dollar- denominated high yield corporate bonds screened for favorable ESG criteria. " SPLV,"This ETF tracks an index consisting of some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Thanks to this, the fund could be a better choice for those looking for more stability in their portfolio without such big daily moves. Additionally, it should be noted that this fund will likely outperform in a bear market and underperform broad markets in a bull market, making it a way to bet on the economic growth prospects of the country as well. However, the fund does charge a rather high expense ratio so it may not be appropriate for buy and holders, but the cost is far less than other volatility focused funds such as LVOL. For investors seeking lower volatility securities believing the economy to be poised for a bear market, this product could be a quality choice. " KVLE,"KVLE tracks a multi-factor-weighted index of US large-cap stocks with high dividend yields and rated highly on a safety and timeliness ranking system. " COWZ,"COWZ tracks a free cash flow-weighted index of companies selected from the Russell 1000 Index. " WBND,"WBND is an actively managed portfolio of fixed income securities from any geography with any credit rating. " KBA,"KBA tracks a subset of market cap-weighted large- and mid-cap Chinese equities listed in Shanghai and Shenzhen. " FJUN,"FJUN aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " EDEN,"This fund, which launched in early 2012, was the first fund to employ a Denmark-specific strategy. The fund, which was quick to grab investor attention, charges an expense ratio of 53 basis points, somewhat high for a developed economy exposure. As is typical of first to market country products, EDEN’s portfolio is relatively shallow. The fund has just over 30 securities with nearly two thirds of the fund’s assets dedicated to the top ten holdings. Investors will also notice a large tilt towards health care and industrial equities while leaving other sectors relatively untouched. The fund executes a large cap tilt with the majority of its holdings, giving added stability to the product. It should be noted that EDEN launched in the midst of the second euro-zone crisis meaning that it fought an uphill battle from the start. For those looking to target exposure to this European nation, EDEN offers a strong investment thesis, but this product is likely too targeted for the majority of the investing population. " BRZU,"BRZU provides 2x daily leveraged exposure to a market- cap-weighted index of large- and mid-cap Brazilian companies. " DOL,"This ETF offers exposure to dividend-paying stocks in developed markets outside of the U.S. and Canada, making it a potential cornerstone of a balanced long-term portfolio that may have appeal to investors who value the approach offered by dividend-weighted funds. DOL should be seen as a potential alternative to cap-weighted funds such as EFA or VEA, focusing on the EAFE region. Because the underlying index determines components and allocations based on dividends paid, this ETF may feature a risk/return profile that is unique compared to EFA, including different sector and region allocations (DOL is heavily tilted towards Europe}. DOL is more expensive than other developed market ETF options, but for investors who believe that a dividend-weighted approach offers value over the long run, the additional fees will be worthwhile. " ADME,"ADME is actively managed to select large-cap US stocks that exhibit positive fundamental and momentum characteristics combined with a downside hedge. " BSCQ,"The Invesco BulletShares 2026 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " FAD,"This ETF offers broad-based exposure to U.S. equity markets, including stocks across a number of different sectors and companies of various sizes. As such, FAD may be appealing to investors building a long-term, buy-and- hold portfolio; this fund covers an asset class that is a core holding of most investor portfolios. FAD is one of the AlphaDEX products from First Trust, meaning that it is linked to an index that employs stock screening tactics with the objective of outperforming simple cap-weighted benchmarks. The AlphaDEX methodology has an impressive track record, so those in hunt of alpha may want to take a closer look at this ""enhanced"" ETF that is linked to a quant-based index. Those seeking to minimize costs will probably steer clear, as FAD is considerably more expensive than IWZ (which seeks to replicate the Russell 3000 Growth Index). FAB is a trade-off between the potential to beat a broad cap-weighted benchmark (such as the Russell 3000) and increased annual expenses.Those who believe the AlphaDEX methodology can generate alpha over the long term may prefer this fund, while those who believe in efficient markets may want to stick to simple cap-weighting. " DBEF,"This ETF offers exposure to developed equity markets outside of the U.S., making DBEF one of many products offering exposure to an asset class that is often a core component of long-term, buy-and-hold portfolios. This fund is unique from other EAFE ETFs such as EFA and VEA because it hedges out the currency exposure that an investment in international equities entails. In addition to establishing a long position in international stocks, investors using most EAFE ETFs are also going long the currencies of the underlying stocks (including the euro, yen, Aussie dollar, and pound sterling) and short the U.S. dollar. DBEF uses short term forward contracts to neutralize the impact of exchange rate fluctuations, essentially isolating the performance of the developed market stocks as the driver of returns. While this difference may seem minor, the impact of currency movements on equities can be significant sources of return--both positive and negative--to U.S. based investors. Though DBEF's portfolio is nearly identical to those of VEA and EFA, the risk/return profiles of these products can vary significantly. Investors who expect the U.S. dollar to strengthen relative to its developed market rivals may prefer DBEF as the optimal means of establishing exposure to the EAFE region, as this fund should outperform EFA when the U.S. currency appreciates. Those with a bearish outlook for the greenback may prefer to leave currency exposure unhedged, utilizing a fund such as EFA instead. Those investors without a strong view in either direction might use a mix of both hedged and unhedged EAFE ETFs (eg 50% in DBEF and 50% in EFA). Given the broad focus of this ETF, DBEF might be very useful to those building a long-term portfolio; the EAFE region generally receives a big weighting in most portfolios. DBEF can also be useful for establishing a currency-neutral tactical tilt towards this corner of the " RAVI,"The FlexShares Ready Access Variable Income Fund (RAVI) is part of Northern Trust’s sizable stable of ETFs built with the firm’s twist on factor investing. RAVI is one of several short-term debt funds marketed to investors who want to preserve capital while wringing out a bit more income than they can get from Treasuries. The Northern Trust portfolio team behind RAVI looks for short- term investment-grade debt, including public and private securities from U.S. and non-U.S. issuers. The portfolio mix makes RAVI a bit awkward to compare head-to-head with other ETFs, but there are several alternatives in both the short-term and cash management segments. Investors concerned about fund fees might prefer cheaper passive options such as the SPDR Portfolio Short Term Corporate Bond ETF (SPSB) or iShares Short- Term Corporate Bond ETF (IGSB). Those looking to preserve capital while earning a bit more than Treasuries or the typical brokerage sweep account could look to ultra-short debt ETFs such as the Goldman Sachs Access Ultra Short Bond ETF (GSST} or the JPMorgan Ultra-Short Income ETF (JPST). " RCD,"This ETF offers exposure to the consumer discretionary sector of the domestic economy, making it one option available to investors implementing sector rotation strategies or looking to tilt exposure towards a high beta industry, perhaps in anticipation of a bull market. Like many Rydex products, RCD is linked to an equal-weighted index, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as XLY, and a methodology that some investors believe will add value over the long haul. In return for this exposure you can expect higher fees; this ETF is considerably more expensive than both XLY and FCL, though it is still extremely cost efficient compared to most mutual funds. " DXGE,"DXGE tracks a dividend-weighted index of German companies. The fund fully hedges exposure to the EUR for US investors. " THD,"THD offers exposure to Thai equities specifically focusing on companies that are based in the nation. For investors seeking investment in the nation, THD is one of the only choices available as most ETFs only offer small allocations to the emerging country. THD is a nice option for investors who want to load up on Thai but be aware the fund could experience high levels of volatility. " PFM,"This ETF is one of the several options for investors seeking to focus on stocks of dividend-paying U.S. companies. PFM's inclusion requirements are particularly tough; the underlying index consists of companies that have increased their annual dividend for ten or more consecutive fiscal years. As such, PFM may be a useful tool for investors looking to construct a long-term portfolio that maximizes the current return generated by the equity component, and may also be appealing to those looking to make a shorter-term tilt towards value stocks. It should be noted, however, that this fund doesn't necessarily include the companies offering the highest dividends or dividend yields; its primary screen values consistency as opposed to recent or expected payments. Like many ETFs that focus on dividend-payers, PFM will generally maintain tilts towards certain sectors of the economy, and there is minimal allocation in this fund to mid cap and small cap stocks. But this ETF is relatively efficient from an expense perspective, and maintains an impressive depth of exposure. " BITQ,"BITQ is passively managed to track a modified market- cap-weighted index of global companies supporting a crypto-asset-enabled decentralized economy. " VTIP,"The Vanguard Short-Term Inflation Protected Securities ETF tracks an index of inflation-protected securities backed by the U.S. government. The fund invests in debt with a remaining maturity of less than five years. The mix of short- and medium-term duration also gives the fund some protection against rising interest rates, which tend to put a larger dent in the value of longer-dated Treasuries. The tradeoff is that shorter-dated Treasuries provide lower returns. VTIP may be a good choice for investors who want the safety of U.S.-backed government debt, but are also worried that a sudden surge in inflation — and the likelihood of a resulting interest rate hike — will drag down the value of longer-dated Treasuries. The fund has substantial assets and daily liquidity, and at the low price investors expect from Vanguard. " IMOM,"IMOM is an active, equal-weighted portfolio of developed- market ex-North America stocks, screened for their strong and consistent momentum. " UNOV,"UNOV aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " DOG,"This ETF offers inverse exposure to an index comprised of 30 ""blue-chip"" U.S. stocks, making it a potentially attractive option for investors looking to bet against this sector of the U.S. economy. It's important to note that DOG is designed to deliver inverse results over a single trading session, with exposure resetting on a daily basis. Investors considering this ETF should understand how that nuance impacts the risk/return profile, and realize the potential for ""return erosion"" in volatile markets. DOG should definitely not be found in a long-term, buy-and- hold portfolio, but may be a useful tool for more active investors looking to either hedge existing exposure or bet on a decline in the U.S. large cap firms. Investors also have the option of simply selling short a traditional large cap ETF, though that strategy will generally involve greater potential losses than utilizing an inverse ETF. " IYZ,"This ETF offers exposure to the U.S. telecom market, making it one option available to investors implementing a sector rotation strategy or focusing on corners of the domestic stock market that generally offer attractive dividend yields. Like most other telecom ETFs, IYZ is concentrated in a relatively small number of mega cap companies, resulting in a top heavy structure (State Street's XTL is linked to an equal-weighted index, delivering more balanced exposure to the telecom sector). Another drawback of this ETF is expenses. IYZ is not competitive on price; both VOX and FCQ offer similar exposure with a much lower price tag. Those looking to achieve exposure to the global telecom market may consider IYZ, while those looking to steer clear of the U.S. altogether might like IST or AXTE. " EEMV,"This ETF offers exposure to stocks of emerging markets, giving investors a way to access equities in many of the world's fastest-growing economies. EEMV is unique from many other products in the Emerging Markets Equities ETFdb Category because the underlying index is targeted in nature, consisting of only stocks that have historically exhibited low volatility relative to the broad market. That means that EEMV should be expected to maintain smaller potential for downside losses, while still allowing investors to maintain exposure to emerging markets. The appeal of EEMV is that it allows cheap and easy exposure to an investment strategy that is somewhat complex and would otherwise require a_ significant investment of time and potentially expenses to construct and maintain. As such, this ETF can potentially be used as a long-term complement to EEM for investors looking to reduce the volatility of their emerging markets positions, or as a shorter-term tactical tool to dial down risk ahead of a period of anticipated market volatility. " TDV,"This fund is designed to give investors planning to retire in 2040 a broad portfolio of stocks, bonds and ADRs in a single ticker. The fund becomes less risky as the retirement date approaches, cycling into more cash and bonds and selling off stocks to reduce volatility. TDV could be appropriate for investors retiring in 2040 that are seeking a ‘one stop shop' for portfolios with a very hands- off approach. " PVI,"This popular ETF offers exposure to the ultrashort end of the maturity curve, focusing on tax-exempt Variable Rate Demand Obligations or VRDOs. These issues are issued by municipalities and reset on a weekly basis, meaning it has virtually no interest rate risk. PVI can be a great safe haven to park assets in volatile markets, but won't deliver much in the way of current yield. " JEPI,"The JPMorgan Equity Premium Income ETF (JEPI) is an actively managed fund that generates income by selling options on U.S. large cap stocks. The fund invests in S&P 500 stocks that exhibit low-volatility and value characteristics, and sells options on those stocks to generate additional income. JEPI was launched in May 2020 so there is limited performance data available. The written call options should provide the fund with additional income but may mean that JEP! will miss out on the full gains from increases in the underlying portfolio. Ultimately any actively managed fund is a bet on the manager’s ability to outperform the market. JEPI offers a hedge-fund like strategy in an ETF wrapper, and investors and advisers should consider whether JEPI is suitable for their objectives. It is quite reasonably priced for what it offers. " SCHF,"This ETF offers exposure to large and mid cap stocks from about 20 developed markets outside of the U.S., making SCHF one option for accessing an asset class that is a cornerstone of many long-term balanced portfolios. SCHF is an excellent choice for a number of reasons. With close to 1,000 individual holdings, this ETF brings immediate diversification, especially since exposure is balanced across individual stocks, sectors, and countries. Moreover, SCHF includes exposure to Canada, a region that many EAFE ETFs, such as EFA and VEA, overlook entirely. That can result in more balanced exposure, and the inclusion of the resource-rich Canadian economy (albeit in a relatively small dose} can be valuable in certain environments.Finally, SCHF is extremely cost efficient; the bargain basement expense ratio and ability to trade commission free in certain accounts should appeal to any cost-conscious investors. There are a number of alternatives to SCHF, but few (if any) make a better pick for a long-term balanced portfolio. " DIM,"This ETF offers exposure to a corner of the equity market that is often overlooked, accessing mid cap companies in developed markets that offer attractive dividend yields. DIM can be a nice tool for rounding out international exposure, making it a potentially nice complement to other products that are heavy in mega cap companies. DIM can be effective for filling in a common hole in investor portfolios, though investors should be aware that this ETF comes with a value tilt. " BBC,"BBC tracks an equally weighted index of US-listed biotech companies with lead drugs in various phases of clinical trials. " VTWV,"VTWV seeks to replicate a benchmark which offers exposure small cap firms that exhibit value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, VTWV does a great job of dividing up assets as the fund holds more than 1,200 securities in total and doesn't give any one security more than 50 basis points of the total assets. Thanks to this extreme diversification and VTWV's ultra cheap price, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure but are seeking lower risk assets in the space. " VLU,"VLU tracks an index that weights securities according to a combination of fundamental factors, and aims to find those with lower prices relative to valuations. " KXI,"This ETF delivers exposure to the global consumer staples sector, including roughly even allocations to U.S. and international stocks. KX! is heavily tilted towards developed markets, with the biggest international weightings afforded to a handful of Western European economies. As such, this ETF may be appealing for investors looking to implement a sector rotation strategy ona more global level or for those looking to implement a tactical overlay that involves a sector-specific focus. KXI is efficient from a cost perspective, but leaves a bit to be desired in terms of diversification. Though holdings are spread across more than 100 different securities, the largest stocks of that group receive a hefty weighting in the portfolio. Investors looking for U.S. exposure to the consumer sectors sector will like XLP or RHS, while those looking to avoid the U.S. altogether may like AXSL or IPS. " JSML,"JSML tracks a market cap-weighted index of US small cap stocks selected by fundamental measures of growth, profitability and capital efficiency. Weighting relies on the actively-managed Janus Venture Fund. " UTRN,"UTRN tracks an equal-weighted index of large-cap US stocks believed to benefit from a short-term reversal. " SPBC,"SPBC is actively managed to invest in US equities and spot Bitcoin ETPs. The fund seeks long-term capital appreciation. " BKAG,"The BNY Mellon Core Bond ETF (BKAG) tracks an index that offers broad exposure to investment-grade, U.S.- dollar denominated debt ... and it does it for free. That's right: BKAG’s management fee is zero. BKAG is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon is betting that its fee-free and ultra-low-cost funds will help win over investors. BKAG includes corporate debt, mortgage- backed securities, Treasuries, and other debt having at least one year remaining until maturity. The nonexistent fee makes BKAG an interesting choice for cost-conscious investors, though as a newcomer BKAG may struggle to catch up to larger and more liquid rivals like the iShares Core U.S. Aggregate Bond ETF (AGG), the Schwab U.S. Aggregate Bond ETF (SCHZ), or the SPDR Portfolio Aggregate Bond ETF (SPAB). " AVSF,"AVSF is an actively managed ETF investing in investment- grade, short-term fixed income securities across sectors from issuers around the globe. " QUS,"QUS tracks an index of US large- and mid-cap stocks comprising three equally weighted subindexes with value, quality and minimum volatility factor strategies. " IFED,"IFED tracks a total return index of large-cap US equities that the issuer believes will benefit from the prevailing monetary environment. The fund uses multiple fundamental factors to select and weight securities for inclusion. " POCT,"POCT aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " FOVL,"FOVL tracks a tier-weighted index of US listed equities selected using a variety of value factors. " JEMA,"JEMA is an actively-managed fund utilizing emerging market equity strategies across countries, regions, styles, and market capitalizations. " PWZ,"PWZ offers exposure to insured municipal bonds of California issuers, making this ETF potentially attractive for investors in a high tax bracket looking to take on additional risk and expected return relative to a broad- based muni bond ETF. PWZ is a fine option, but investors looking to minimize costs may want to consider CXA, while those seeking depth of holdings may be better off with CMF. " AGQ,"This ETF offers 2x daily long leverage to the Silver bullion, making it a powerful tool for investors with a bullish short-term outlook for silver. Investors should note that AGQ's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. AGQ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " QDEC,"QDEC aims for specific buffered losses and capped gains on QQQ ETF over a specific holdings period. The actively- managed fund holds options and collateral. " COMB,"COMB seeks to outperform a broad commodity market index through active management of the funds collateral. The index include futures contracts on up to 24 different commodities. " KFVG,"KFVG tracks a market-cap weighted index of Chinese companies in the 5G and _ semiconductor-related industries. " GINN,"GINN tracks an index that selects companies globally, believed to benefit from technological innovation and changes in the economy across five themes: data, finance, human evolution, manufacturing, and shifts with consumers. " JPME,"The JPMorgan Diversified Return US Mid Cap Equity ETF (PME) tracks a broad index of midsize U.S. stocks. The methodology combines risk-based portfolio construction with multi-factor security selection based on value, momentum, and quality. The ETF marketplace has recently seen an explosion of ‘factor’ funds covering every asset class. Investors can compare it to funds like the John Hancock Multifactor Mid Cap ETF (JHMM). U.S. mid-cap stocks are likely to be a core holding in almost any portfolio and may already be included in broad U.S. equity funds. Investors should ensure they’re not doubling down on mid-caps when buying a focused fund like JPME. This ETF may be more appealing to those in the portfolio construction business. JPME is priced competitively for a multi-factor fund, though there are cheaper plain vanilla options out there, including the Vanguard Mid-Cap ETF (VO), Schwab U.S. Mid-Cap ETF (SCHM), and iShares Core S&P Mid-Cap ETF (IJH). Tactical traders might prefer the size and liquidity of the SPDR Midcap 400 ETF Trust (MDY). " VYMI,"The Vanguard International High Dividend Yield ETF tracks an index of non-U.S. companies that have a high dividend yield, meaning the dividend payout relative to their stock price. The underlying index focuses on developed- and emerging-market equities that are forecasted to have above-average dividend yields. Rather than investing in the entire index, VYMI uses sampling to piece together a portfolio that represents, in the aggregate, comparable characteristics to the full index, such as industry weighting, price to earnings, and company size. The portfolio includes hundreds of companies, and the bulk of the assets are in large cap firms. Vanguard’s fees are competitive for the category. As with any fund in this category, investors should note that dividend yield fluctuates with stock price. And while a high dividend yield may indicate a company is undervalued, it may also indicate that the company is struggling and the dividend may be in jeopardy. " HDAW,"The Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW) offers broad exposure to dividend-paying global equities outside of the U.S. while applying a series of dividend and quality screens. HDEF draws its holdings from the MSCI ACWI ex US High Dividend Yield Index. HDAW consists of high quality large to mid-cap companies, excluding REITS for liquidity, focused on dividend sustainability and persistence in a smart beta strategy that aims to outperform fund relying on cap-weighting alone. Other options that offer broadly similar exposure include the SPDR S&P International Dividend ETF (DWxX}, though it is more than double the price of HDAW, or the First Trust S&P International Dividend Aristocrats ETF (FID), which is even more expensive. " FXO,"This ETF offers exposure to the U.S. financial sector, seeking to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; FXO's expense ratio is about 50 basis points higher than low cost options for financial exposure such as FFL and XLF. The unique index construction methodology has some other potential advantages; FXO maintains much lower concentration of top holdings than do cap-weighted funds such as XLF. That means that performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access financials. For those who believe in the merits of the AlphaDEX methodology and willing to pay a little extra for a shot at alpha, FXO might be worth a closer look. " CORP,"This ETF is designed to offer exposure to the investment grade corporate bond market across all maturities. As such, CORP can potentially be a nice complement to broad-based bond funds such as AGG or BND, which generally make significant allocations to Treasuries. Investors seeking more finely-tuned fixed income exposure have more options available that further target specific maturities, such as VCSH or VCLT. CORP can be an effective way to increase the current return to a fixed income portfolio, and can be a stop along the risk/return spectrum for those looking to pull out of equities but not willing to go all the way to low-risk Treasuries. Like most PIMCO ETFs, CORP is efficient from a cost perspective and very well managed. Other options offering similar exposure include LQD, which has considerably more assets and a higher average daily trading volume. " DDM,"This ETF offers 2x daily long leverage to the broad-based Dow Jones Industrial Average Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. large cap stocks. Investors should note that DDM's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. DDM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " EIDO,"EIDO offers investors exposure to the emerging market of Indonesia by investing in securities of companies that are based in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, EIDO could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the Indonesian market, EIDO is one of the only ‘pure play’ option available. " LGH,"LGH tracks a proprietary index that toggles between US large-cap stocks and Treasurys, or a combination of both, depending on risk in the US equity market. " LEGR,"LEGR tracks an index of global equities selected based on their exposure to the development or usage of blockchain technology. " ENZL,"This ETF offers exposure to New Zealand's equity market, giving investors an opportunity to access a developed Asia Pacific economy that often receives little weight in portfolios. For investors seeking exposure to New Zealand is likely to be one of the only options available; even most Asia Pacific ETFs include only a minor allocation to this economy, and there are no other pure play choices available. Given the targeted focus, ENZL is probably most useful as a tactical tool for short-term tilts towards this developed economy. For those who believe that New Zealand maintains superior long term economic potential, however, ENZL may be worthy of inclusion in a longer- term, buy-and-hold portfolio; this ETF can be useful as a satellite holding for overweighting a market that is one of the smaller components of most portfolios (if it's included at all). Like most international equity ETFs, ENZL is relatively shallow in terms of total holdings, and subject to significant biases towards certain sectors. In this case, it is not banks and energy, but materials and telecom that receive the lion's share of the asset allocation. ENZL leaves something to be desired in terms of breadth and depth of exposure, but this fund is one of the only options for accessing New Zealand and delivers this Pacific market at a relatively affordable price. " NUEM,"NUEM tracks an index of large- and mid-cap emerging- market stocks that score highly on environmental, social, and governance (ESG) criteria. The index is optimized for market-like risk and return characteristics. " PBND,"The Invesco PureBeta US Aggregate Bond ETF tracks an index of U.S. investment-grade debt, including corporates, Treasurys, mortgage-backed securities and asset-backed debt. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. While fund fees are competitive, the fund hasn’t attracted the assets and daily liquidity of competing ETFs. " SFYX,"SFYX tracks a multi-factor-weighted index of US mid-cap equities, selected by market cap. " NJAN,"NJAN aims for specific buffered losses and capped gains on the NASDAQ 100 over a specific holdings period. The actively-managed fund holds options and collateral. " FDL,"This ETF is linked to the Morningstar Dividend Leaders Index, which offers exposure to large and mega cap firms that have shown dividend consistency and dividend sustainability in years past. Investors with a longer-term horizon should consider the importance of mega and cap value stocks and the benefits they can add to any well- balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. FDL is linked to an index consisting of roughly 100 holdings and exposure is tilted most heavily towards utilities, telecoms and energy. However, the fund is highly concentrated in its top holdings; the top ten make up more than three-fifths of the total assets of the fund. Nevertheless, thanks to this fund's focus on dividends and cheap price, FDL could definitely make up a solid portion of a portfolio especially for those looking for more large cap dividend exposure exposure. " QVML,"QVML tracks a market-cap-weighted index that selects the top 90% of stocks in the S&P 500 based on three factors: quality, value, and momentum. " BIV,"This ETF offers exposure to investment grade U.S. debt with maturities between five and ten years, putting it in between short-term funds such as BSV and longer-dated products such as BLV. BIV's holdings include Treasuries, corporate debt, and agency securities, avoiding high risk junk bonds or floating rate debt. BIV may be a useful tool for fine tuning the effective duration of a fixed income portfolio, though investors seeking broad-based investment grade debt exposure may wish to utilize a fund such as AGG or BND to accomplish that objective. It should be noted that the cash flow profile exhibited by BIV is different than what investors would experience by purchasing individual bonds; the effective duration of this ETF will remain steady across time, and there will be no maturity event that includes a return of principal. BIV gets high marks for its cost efficiency (including a low expense ratio and commission free trading in Vanguard accounts) and impressive depth of exposure made possible in part by Vanguard's unique patent and fund structure. Uses of this ETF are somewhat limited, but for those seeking exposure to this specific corner of the bond market, BIV is an effective, efficient tool. " EEMX,"EEMX tracks a subset of the MSCI Emerging Markets Index that excludes companies that own fossil fuel reserves. " FAN,"This ETF offers exposure to the global wind power industry, a corner of the market that may have tremendous long term potential but often exhibits significant volatility in the short term. Given FAN's narrow focus, it is likely most effective for those looking to establish a tactical tilt towards the wind power industry, either as part of a long term strategy or a shorter term move. The most noteworthy attribute of FAN is the composition of the underlying index, which includes both pure play wind power companies and firms with more broad-based operations that maintain some focus on wind power. As a result, this ETF is more broadly based than PWND (i.e., contains a greater number of holdings) but may include firms whose primary operations focus on oil and gas or auto parts, as well as diversified industrial conglomerates. The impact of this inclusion is felt on the risk/return profile; while FAN and PWND have some overlap, these products are actually quite different. If you're considering FAN for wind power exposure, be sure to take a look under the hood and understand the consequences of the index construction methodology. This fund can be an very useful tool for certain objectives, but the composition of the portfolio may be somewhat surprising as well. " XSVM,"The Invesco S&P SmallCap Value with Momentum ETF tracks an index of undervalued U.S. small-cap stocks that exhibit strong price momentum. The methodology begins with the S&P SmallCap 600 Index and assesses book value, earnings and sales to determine the 240 most undervalued companies. Of the remaining stocks, the 120 with the strongest price momentum are included in the index. The portfolio is weighed based on companies’ value scores. The fund fees are reasonable for a factor strategy, though there are cheaper ultra-low-cost options in the small-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a value and momentum tilt to their small-cap exposure. Prior to June 21, 2019, the fund tracked a different index of value stocks. " XLC,"State Street's Communication Services Select Sector SPDR Fund (XLC) is one of the newest additions to State Street’s popular legacy lineup of sector ETFs. Investors looking for broad-based exposure to companies like Facebook, Twitter, Netflix and Google-parent Alphabet will find those stocks in XLC. The fund was created in 2018 in response to a worldwide change in index taxonomy that reclassified social media giants out of the technology sector and into a new “communications services” category. As a result popular ETFs like State Street’s Technology Select Sector SPDR Fund (XLK) and the Vanguard Information Technology ETF (VGT) sold off the reclassified stocks, which were then bought up by new or reconstituted ETFs like XLC that target communications services stocks. (Apple kept its spot in the tech sector while Amazon was moved to consumer discretionary.) XLC’s closest rival is the Vanguard Communication Services ETF (VOX), which is nearly identical, barring VOX's lower fee and differences in the way Vanguard manages index rebalancing. One other difference between State Street and Vanguard’s sector funds has typically been the audience. Vanguard funds are favorites of the buy-and-hold investors while the sector SPDRs are more popular with traders who prize their deep liquidity, massive options market and tight spreads. " GOEX,"GOEX tracks a market-cap-weighted index of global stocks in the gold mining industry as an explorer or developer. " JHMH,"JHMH tracks an index composed of US health care stocks, with heavier weighting toward smaller-cap, lower-relative-price and higher-profitability companies. " TPOR,"The Direxion Daily Transportation Bull 3X Shares (TPOR) aims to triple the daily return of an index of the Dow Jones Transportation Average Index, a benchmark of companies involved in road, rail, air travel, marine transport, air freight, and logistics. TPOR is intended to be used as a short-term trading tool by sophisticated investors. TPOR, like most leveraged products, rebalances at the end of every trading day. In practice, this means TPOR’s performance will diverge significantly from the underlying stocks. The daily reset means that TPOR could lose money over time even if the underlying equities have gained, which can come as a rude surprise to unsuspecting buy-and-hold investors. " WBIG,"WBIG is an actively managed fund of global equities from all capitalizations that focuses on dividend yields. The fund seeks long-term capital appreciation with reduced volatility during market declines. " FIDU,"The Fidelity MSCI Industrials Index ETF (FIDU) tracks an index of U.S. industrial stocks, including transportation firms, providers of commercial and professional services, and manufacturers of capital goods. Given the sector- specific focus, FIDU likely doesn't merit a core allocation spot, but may be useful as a means of implementing a tactical tilt towards the industrials sector or as part of a sector rotation strategy. As of June 2020, XLI owned more than 300 stocks, including small caps, making it a better- diversified option than the Industrial Select Sector SPDR Fund (XLI). FIDU is competitively priced when compared with rivals like XLI and the Vanguard Industrials ETF (VIS), but short-term traders will likely prefer the size and liquidity of XLI. " SPXS,"This ETF offers 3x daily short leverage to the broad-based S&P 500 Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. large cap stocks. Investors should note that the leverage on SPXS resets on a daily basis, which results in compounding of returns when held for multiple periods. BGZ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " SCHE,"This ETF offers broad-based emerging markets exposure, and as such may be a core holding in many long-term portfolios. SCHE is generally similar to popular EM ETFs such as VWO and EEM, including hundreds of individual securities across more than a dozen different economies. Like most EM ETFs, SCHE has a heavy tilt towards the energy and financial sectors, and is dominated by large cap stocks. There are a few noteworthy items about SCHE for those seeking emerging markets exposure. Relative to Vwo and EEM, this ETF makes considerably smaller allocations to quasi-developed countries such as Taiwan and South Korea--potentially making it more appealing to those seeking BRIC-heavy EM exposure. Like all Schwab ETFs, this fund may be eligible for commission-free trading in Schwab accounts, further reducing the overall cost and certainly appealing to those with a more active approach to asset allocation and portfolio management. Finally, SCHE offers a very competitive expense ratio (though slightly higher than VWO). " BSCM,"The Invesco BulletShares 2022 Corporate Bond ETF invests an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " TTAI,"TTA aims to outperform a broad global ex-US equity index. The actively managed fund selects stocks based on free cash flow. " BKLC,"The BNY Mellon US Large Cap Core Equity ETF (BKLC) tracks an index of large cap U.S. equities...and does it for free. That's right: BKLC’s management fee is zero. BKLC is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon is betting that its fee-free and ultra-low-cost funds will help win over investors. BKLC’s methodology, which includes REITs, screens securities for liquidity. The index is composed of companies whose cumulative total market capitalization represents approximately the top 70% of the remaining securities. As a result of its methodology, BKLC owns hundreds of fewer securities when compared with inexpensive rivals like the Schwab U.S. Large-Cap ETF (SCHX}, the iShares Core S&P 500 ETF (IVV), the Vanguard S&P 500 ETF (VOO}, and the SPDR Portfolio S&P 500 ETF (SPLG). The smaller portfolio makes it less diversified than those funds. As a newcomer, BKLC also lacks the size and liquidity of established rivals, which may be a deterrent, at least initially, for investors looking to trade in size. " SPDW,"The SPDR Portfolio Developed World ex-US ETF (SPDW) offers broad exposure to developed market stocks outside the U.S., and does it for an extremely competitive price. The fund owns thousands of securities, making it a well-diversified option for long-term investors building a balanced portfolio. Like all of State Street’s SPDR Portfolio ETFs, SPDW's management fee was set low enough to compete with ultra-low-cost rivals like the iShares Core MSCI EAFE ETF (IEFA), the Vanguard FTSE Developed Markets ETF (VEA), and Charles Schwab’s International Equity ETF (SCHF). Investors should note that SPDW (like VEA and SCHF) includes stocks in South Korea and Canada, whereas IEFA follows an MSCI index that excludes Canada and lumps South Korea in with emerging markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight Canada and South Korea or missing out on those countries entirely. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds, including SPDW, were renamed and repriced for this purpose. Prior to October 2017, SPDW traded under the name SPDR S&P World ex- US ETF under the ticker GWL. " IVW,"This ETF offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as companies re-invest earnings. IVW is linked to an index consisting of just over 300 holdings and exposure is tilted most heavily towards technology, while industrials, health care, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include IWF and VOOG, while SCHG is the cheapest option. " RESE,"RESE is actively managed to invest in emerging market equities selected for various factors and ESG characteristics. " DEEP,"DEEP tracks an equal-weighted index of 100 smallest US stocks, by market-cap, that are potentially undervalued based on their fundamentals. " FNDC,"FNDC tracks a fundamentally-selected and -weighted index of small firms in developed ex-US markets based on adjusted sales, retained operational cash flow, and dividends/buybacks. " DDLS,"DDLS tracks an index of dividend-paying developed- market small-cap equities outside the US & Canada, weighted by cash dividends. The index dynamically hedges currency exposure for USD investors based on three equal-weighted signals. " GLL,"This ETF offers 2x daily shot leverage to the Gold bullion, making it a powerful tool for investors with a bearish short-term outlook for gold bullion. Investors should note that GLL's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. GLL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " FXR,"This ETF offers exposure to the U.S. industrials sector, a corner of the domestic market that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. Given the sector-specific focus, FXR likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the industrials sector. FXR seeks to replicate an index that employs a unique strategy designed to generate excess returns relative to traditional cap-weighted benchmarks. The underlying AlphaDEX Index employs a quant-based screening methodology designed to identify stocks poised for outperformance. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; FXR's expense ratio is about 50 basis points higher than low cost options for industrials exposure such as FIL and XLI. The unique index construction methodology has some other potential advantages; FXR maintains much lower concentration of top holdings than do cap-weighted funds such as XLI. That means that performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access industrials. For those who believe in the merits of the AlphaDEX methodology and willing to pay a little extra for a shot at alpha, FXR might be worth a closer look. Those looking to keep a cap on expenses and simply own the broader market have cheaper options available to them. " PST,"This ETF offers 2x short leverage to the broad-based Barclays Capital U.S. 7-10 Year Treasury Index, making it a powerful tool for investors with a bearish short-term outlook for U.S. 7-10 treasuries. An investment in leveraged debt can be a very risky one, as there are numerous factors that can converge to drastically change the returns of these products. Investing in leveraged bond ETFs requires a careful understand of the specific economy, in this case the US, and what kind of policies and regulations are currently in place and are set to be enforced in the future. PST can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. For those who feel educated enough on the specific economy and its inner workings, this ETF can be a great addition to an investment portfolio. " AADR,"This actively-managed ETF offers exposure to global equity markets, including both U.S. and stocks listed in developed and emerging markets. AADR doesn't seek to replicate a specific benchmark, instead relying on a fund manager to identify the most promising global equity securities. As such, AADR may be appealing to investors who believe the portfolio manager is capable of consistently generating sufficient alpha to at lease offset the hefty expense ratio (though it should be noted that AADR is cheaper than many comparable mutual funds). This ETF can serve as one stop exposure for global equity exposure, though the significant concentration in a relatively small number of holdings may not make that such a wise move. Low cost index-based alternatives include ACWI or VT. " DVOL,"DVOL tracks an index of 50 large- and mid-cap, low- volatility stocks exhibiting relative strength. Holdings are weighted by the inverse of their volatility. " EZA,"EZA offers investors exposure to the emerging market of South Africa by investing in securities of companies that are based in the nation. Since many of the large caps in this fund are likely to not be found in other EM funds, EZA could make for an interesting satellite holding but is probably not appropriate as a core holding in a diversified portfolio. For investors seeking greater exposure to the South African market, EZA is one of the only ‘pure play' option available. " EWJ,"This ETF offers exposure to large cap Japanese stocks, making EWJ an opportunity to bet on one of the largest economies in the world that has been stuck in a low growth environment for several decades. EW] is by far the most popular ETF option for exposure to Japanese stocks, and is by far the oldest focusing on this market. EWJ is very well diversified for an international equity ETF, holding hundreds of individual stocks and generally avoiding significant concentrations in any big names. Exposure is balanced from a sector perspective as well; besides a decent allocation to industrials close to one- quarter of the total-- the portfolio is spread relatively evenly across the Japanese economy. It should be noted that EW] consists primarily of large and mega cap stocks; investors who would prefer to round out exposure through small caps or prefer small caps as a means of establishing international equity exposure have multiple options (SCJ, JSC, and DFJ) available to them. EW] is a nice option for Japanese equity exposure; thin spreads, low costs, and balanced exposure make for a quality ETF. " UBOT,"UBOT offers 2x daily leveraged exposure to a market-cap- selected and -weighted index of robotics and artificial intelligence companies from developed countries. " ECNS,"This ETF offers exposure to small cap Chinese stocks, an asset class that is generally overlooked, even by investors with significant exposure to Chinese equity markets. The majority of China-specific funds and emerging markets ETFs are dominated by mega cap stocks, and often exhibit a significant tilt towards the energy and financial sectors. ECNS does not share those biases, making this fund a potential complement or alternative to large cap-heavy ETFs; ECNS can be partnered with FXI or GXC to deliver more complete and well-rounded China exposure. Because small cap companies depend more heavily on local consumption than their large cap counterparts, these stocks are often a better ""pure play"" on the local economy. With about 300 holdings and only 10% of total holdings in the top ten securities, ECNS receives high marks for diversification. This fund is also relatively cheap considering the nature of the exposure, coming in right in line with the category average. HAO is another option delivering similar exposure, while YAO focuses on Chinese stocks across all market capitalizations. " MORT,"This ETF offers exposure to mortgage REITs, a corner of the real estate market that features both significant risks and potential for significant returns. Unlike more traditional REITs, mortgage REITs don't actually own real estate. Instead, these entities generate revenue through real estate financing by issuing mortgages or acquiring loans and mortgage-backed securities. The streams of revenue generated from these operations can often be substantial, making MORT a potentially attractive tool for investors seeking to enhance the current returns generated from their portfolios. As such, this ETF has the potential to be useful as a yield enhancement tool in a long-term portfolio, and it can certainly also be useful in shorter-term strategies as well. It should be noted, however, that MORT is capable of significant volatility; because many of the underlying entities utilize leverage in their operations, this ETF can be fairly sensitive to interest rate changes and the overall health of the U.S. real estate market. Investors considering a position should take a look at the underlying portfolio in order to determine the extent to which leverage is used (Van Eck provides this information on its web site). The MORT portfolio is somewhat concentrated; the number of holdings is relatively shallow, and a small handful of components makes up a significant portion of total assets. However, it's important to keep in mind that component companies generally have exposure to thousands of individual mortgages or other real estate- related securities, potentially lessening the importance of balance in this corner of the markets. For investors looking to achieve attractive current returns and willing to take on a bit of risk to do so, MORT can be an intriguing destination. Investors looking for other options may want to take a look at REM, which features a " QQQN,"QQQN tracks a market-cap weighted, narrow index of 50 non-financial stocks that are next-eligible for inclusion in the NASDAQ-100 Index. " ROBO,"ROBO tracks a global index of companies involved in robotics and automation. The portfolio utilizes a tiered weighting strategy. " PFFR,"PFFR tracks a modified market-cap-weighted index of US- listed preferred securities issued by real estate investment trusts (REITs). " FLAU,"The Franklin FTSE Australia ETF (FLAU) tracks an index of small and mid-size companies in Australia, and for a very reasonable price. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI Australia ETF (EWA), though the Franklin fund continues to trail its iShares rival in size and liquidity. FLAU has a deeper portfolio than EWA, and a larger allocation to small- and mid-cap stocks. The funds have broadly similar sector exposure, with some variations. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in regional ETFs as well as emerging- and developed-market funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets. " CSF,"CSF tracks an index of 500 US small-cap stocks, screened for positive earnings and weighted by volatility. The fund can hold up to 75% cash in market downturns. " SPSB,"The SPDR Portfolio Short Term Corporate Bond ETF (SPSB) tracks an index that offers exposure to investment-grade corporate bonds with a remaining maturity ranging from one to three years. The index includes U.S.-dollar denominated, fixed-rate debt. Some structured notes, floating-rate securities, and private placements are excluded. By investing in shorter-term securities, SPSB reduces interest-rate risk. SPSB might be useful for investors looking to enhance fixed income returns without taking on longer duration, a measure of bond price sensitivity to interest rate changes. Typically bond prices fall when rates rise. Like most SPDR “Portfolio” ETFs, SPSB is priced competitively with ultra-low-cost rivals like the Vanguard Short-Term Corporate Bond ETF (VCSH) and the iShares Short-Term Corporate Bond ETF (IGSB). Ultra-short debt ETFs are another popular option for investors looking for a relatively safe way to eke out more yield than brokerage sweep accounts or long-term Treasuries. There are several competitors, such as the JPMorgan Ultra-Short Income ETF (JPST), the iShares Ultra Short-Term Bond ETF (ICSH}, and the Goldman Sachs Access Ultra Short Bond ETF (GSST). State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds were renamed and repriced for this purpose. Prior to October 2017, SPSB traded under the name SPDR Bloomberg Barclays Short Term Corporate Bond ETF under the ticker SCPB. " IETC,"IETC is an actively managed fund of US stocks in the information technology sector according to an alternative classification system defined by machine learning algorithms. The market cap-weighted fund targets an increased exposure to firms with high Technology Independence Score. " SPEM,"The SPDR Portfolio Emerging Markets ETF (SPEM) offers broad exposure to emerging markets, and does it for an extremely competitive price. The fund owns more than a thousand securities, making it a well-diversified option for long-term investors building a balanced portfolio. Like all of State Street's SPDR Portfolio ETFs, SPEM'‘s management fee was set low enough to compete with ultra-low-cost rivals like the iShares Core MSCI Emerging Markets ETF (IEMG), the Charles Schwab Emerging Markets Equity ETF (SCHE), and the Vanguard FTSE Emerging Markets ETF (VWO). Investors should note that SPEM (like VWO and SCHE) tracks an index that excludes South Korea, which is instead classified with developed markets. By contrast, IEMG tracks an MSCI index that lumps South Korea in with emerging markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight South Korea or missing out on the country entirely. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds, including SPEM, were renamed and repriced for this purpose. Prior to October 2017, SPEM traded under the name SPDR S&P Emerging Markets ETF under the ticker GMM. " GCC,"GCC is a long-only commodity strategy providing actively- managed exposure to four broad commodity sectors: Energy, Agriculture, Industrial Metals, and Precious Metals via related futures contracts. " PHB,"This ETF is one of several that offers exposure to junk bonds, an asset class that may have appeal for investors looking to enhance current returns through the assumption of additional credit risk. Because junk bonds are excluded fron broad-based total bond market funds such as AGG or BND, this ETF may be a useful tool for those looking to construct a well-rounded fixed income portfolio for the long run; PHB can also be useful for those looking to beef up current yields from the bond portion of their holdings. PHB is unique from other more popular junk bond funds such as HYG or JNK due to the nature of the underlying index. Instead of giving the biggest weightings to the biggest debtors, the related benchmark analyzes fundamental factors to determine the allocations to each security. As a result, PHB will generally offer exposure to higher quality issuers, and as such may maintain a lower expected return than JNK or HYG. Think of this ETF as a step between LQD and JNK along the risk/return spectrum. Upon closer analysis, many investors will likely find that the methodology underlying this ETF is much more sound than the majority of bond ETFs, making PHB a potentially attractive option for high yielding fixed income exposure. " AMLP,"AMLP seeks to replicate a benchmark that offers exposure to MLPs that each earn at least 50% of EBITDA from assets that are not directly exposed to changes in commodity prices. MLPs have attracted significant interest for two primary reasons: (1) required quarterly distributions provide a steady stream of current income, and (2) because they are partnerships, MLPs avoid corporate income taxes at both the federal and state level; the tax liability is passed through to the individual partners. By generating at least 90% of income from natural resource-based activities such as transportation and storage, an entity can qualify as an MLP and not be taxed as a corporation. So the IRS treats shareholders of an MLP as partners, making the MLP itself a pass-through entity. That means that taxes are avoided at the corporate level, and investors avoid the double taxation of income. AMLP holds all of its assets in domestic equities, offering a pure play on the U.S. MLP sector. Investors looking for steady and strong yields should give this particular product a closer look. " SPMD,"The SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) track the S&P 400 MidCap Index, which offers broad exposure to mid-sized U.S. companies. SPMD is one of several that offer exposure to an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. This ETF may be more appealing to those in the portfolio construction business as opposed to short-term traders. SPMD offers exposure to a balanced portfolio of about 400 individual stocks. As with all of State Street’s SPDR “Portfolio” lineup, SPMD competes — and even beats — the management fee of ultra-low-cost rivals like Vanguard Mid-Cap ETF (VO), Schwab U.S. Mid-Cap ETF (SCHM) and iShares Core S&P Mid-Cap ETF (IJH). All four funds offer broadly similar allocation to sectors and company size. SPMD is a relative latecomer and lags these three rivals in assets but still offers good liquidity. Tactical traders might prefer SPMD’s older and larger sister fund: the SPDR Midcap 400 ETF Trust (MDY). MDY is one of the oldest ETFs on the market and tracks the same index as SPMD, but costs much more. Why? A number of State Street's older funds, like MDY, were structured as Ulls, and therefore lack the flexibility to lend out securities and reinvest dividends. Some of them are also burdened by costly legacy royalty contracts. MDY’s higher fee won't deter short-term traders, who are more concerned with liquidity than fees, but for buy-and-old investors we'd recommend SPMD (or one of its low-cost rivals). State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street pretty much founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years " MSOS,"MSOS is an actively managed narrow portfolio of US stocks or swap contracts related to the domestic cannabis and hemp industry. " KAPR,"KAPR aims for specific buffered losses and capped gains on the Russell 2000 over a specific holdings period. The actively-managed fund holds options and collateral. " TDSC,"TDSC is an actively managed fund-of-funds which aims to provide long-term growth that adjusts an asset allocation to pursue a targeted risk parameter of 10% from peak to trough. " FDIS,"The Fidelity MSCI Consumer Discretionary Index ETF (FDIS) offers targeted exposure to the U.S. consumer discretionary sector, including stocks like apparel retailers, hotel operators, cruise line companies, auto makers, and more. Consumer discretionary ETFs can be a useful tool for investors implementing a sector rotation strategy or seeking to tilt their portfolio. FDIS may appeal to some buy-and-hold investors during times of economic strength since the discretionary sector generally typically does well when consumers have a little extra money to spend. FDIS is competitively priced against rivals like the Consumer Discretionary Select Sector SPDR (XLY), the Vanguard Consumer Discretionary ETF (VCR), and the iShares U.S. Consumer Services ETF (IYC}. As of June 2020, FDIS owns more than 200 stocks, including small caps, making it a more diversified option than XLY, long the dominant fund in the space. Short-term traders may prefer the size and liquidity of XLY. " FBCG,"The Fidelity Blue Chip Growth ETF (FBCG) is an actively managed fund that invests in large cap U.S. stocks with earnings growth potential and sustainable business models. The fund's managers aim to identify stocks that have been “mispriced by the market.” It is one of Fidelity’s contributions to the new space of actively managed, non-transparent ETFs. Would-be issuers lobbied regulators for years for permission to introduce ETFs run by stock pickers that don’t disclose their holdings. Firms like Fidelity wanted to protect their secret sauce from prying eyes. Fidelity was among a handful of firms that won approval in 2019. It remains to be seen whether ETF investors will be as excited as issuers about the prospect. An investment in an active fund is ultimately a bet on the manager’s ability to outperform the market — something many stock pickers fail to achieve. That’s a big reason why the biggest winners in the ETF marketplace have been cheap and transparent index products. FBCG, which debuted in June 2020, is reasonably priced for active management, though it looks expensive in an industry dominated by ultra-low-cost index funds. Investors might compare fund performance to plain vanilla U.S. index funds like the Vanguard Total Stock Market ETF (VTI) and the iShares Core S&P 500 ETF (vv). " CURE,"This ETF offers 3x daily leveraged exposure to an index consisting of healthcare stocks, including companies engaged in the manufacture of health care products and materials, and those responsible for providing health- related services. Given the narrow focus and the leveraged exposure, CURE doesn't belong in any long- term, buy-and-hold portfolios; this ETF is designed for risk-tolerant investors looking to express a bullish outlook on a Specific sector of the U.S. economy over a relatively short period of time. Investors looking to establish a non- leveraged tilt towards health care stocks have a number of choices in the Health & Biotech Equities ETFdb Category, including XLV (which is linked to the same index as this product). Investors considering this leveraged ETF should understand the impact that the daily reset feature has on the risk/return profile. CURE is designed to offer 3x leveraged exposure over the course of a single trading session only; those holding this fund for longer or shorter than this time period may experience returns that vary (sometimes significantly) from the target multiple. CURE can still be used effectively as part of longer-term strategies; investors must simply understand the nuances of compounding returns in a daily reset fund, and be willing/able to monitor and rebalance as needed. Investors looking to make a leveraged bet against health care stocks have SICK available, while those seeking 2x exposure may prefer RXL (long) or RXD (short). " RFG,"This ETF is one of several options available to investors looking to access mid cap U.S. stocks exhibiting growth characteristics, such as low dividend yields and high pricing multiples. As such, RFG may be a useful tool for those looking to implement a tactical tilt towards a sector of the U.S. equity market that may perform relatively well in certain economic environments. It is probably too targeted for those looking to build a long-term, buy-and- hold portfolio, though it can potentially useful for fine- tuning exposure offered by other ETFs. RFG is noteworthy because of the ""pure style"" distinction, making this product is very different from funds like IJK and IWP, which often have considerable overlap with their value counterparts. RFG focuses on a much smaller universe of mid cap growth stocks, including only those with the most significant growth characteristics. So for investors seeking to establish a growth tilt, RFG will be a much more effective tool than broadly based funds that cast a significantly wider net and are likely to include value stocks as well. " ESHY,"The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY) tracks an index of debt issued by junk- rated issuers, but screens the securities based on environmental, social and governance factors, an investing style known by the acronym ESG. ESHY will exclude issuers that are involved in thermal coal, tobacco, weapons, or violations of the UN Global Compact principles. Each issuer is scored based on ESG criteria, then divided into five tiers. Those in the lowest tier are removed, and the remainder are weighted based on their tier, so that the portfolio tilts toward those securities with the highest ESG scores. Bonds that earn the “green” designation from the Climate Bond Initiative will be boosted up a tier. There are plenty of ESG funds, and plenty of junk debt funds, but ESHY is unique in its combination of high-yield debt with an ESG screen. Better yet, ESHY’s management fee is below average for the category. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. Today's strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is maintain market-like diversification with a tilt toward the best corporate citizens. It's worth nothing that there are plenty of skeptics when it comes to “green” bonds and ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Investors who prefer plain-vanilla high- yield debt ETFs can take a look at the SPDR Bloomberg Barclays High-Yield Bond ETF (JNK) or the iShares iBoxx USD High Yield Corporate Bond ETF (HYG). " AGZ,"This ETF tracks the Agency segment of the U.S. bond market, offering exposure to notes issued by organizations such as the FDIC, Fannie Mae, and Freddie Mac. These notes tend to be very short term in nature and the fund has an average weighted maturity of less than four years. The good thing about this product is that since agencies still operate in a grey area in terms of federal government gurantees, they often pay a higher interest rate than comparable government bonds. However, many of the agencies are pretty much unsustainable over the long haul and the federal government may at some point have to remove the guranatee and allow the agencies to float freely without government support. Due to this risk, | believe agencies aren't really worth your time but for investors that aren't concerned about this and are looking for a higher yield than Treasuries without the risks of corporates, AGZ makes for a cost efficient pick. " AZBJ,"AZBJ aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " RAAX,"RAAX is an actively managed fund of funds that seeks to maximize long-term real returns. It invests in ETPs with exposure to real assets, such as real estate, commodities, natural resources, or infrastructure, and may hold up to 100% cash or equivalents. " MBOX,"MBOX is an actively managed fund that seeks dividend growth by selecting US-listed companies the advisor believes to have the greatest potential to provide rising dividends over time. " FLJP,"The Franklin FTSE Japan ETF (FLJP) tracks an index of large- and mid-size Japanese equities, providing a way for investors to make a targeted bet on one of the largest economies in the world. Japan has undergone significant periods of economic stagnation, and some tactical investors prefer to manage their exposure to the country rather than outsourcing it to broad, developed-market indexes that include Japan. As of June 2020, FLJP’s management fee is well below average for the category, and considerably lower than the iShares MSCI Japan ETF (EWJ), long the dominant fund in the space. FLJP owns more securities than EWJ, but has more of its portfolio in mid cap stocks. Both funds have broadly similar sector allocations. Another low-cost alternative for investors looking for exposure to Japan is the JPMorgan BetaBuilders Japan ETF (BBJP). " RTM,"This ETF offers exposure to equities included in the S&P 500 Materials Index, which covers the following industries: chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. RTM is different from other ETF tracking the same index because it employs a unique equal-weighted strategy, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as XLB, and a methodology that some investors believe will add value over the long haul. In return for this unique exposure you can expect higher fees; this ETF is considerably more expensive than both XLB and especially VAW, though it is still extremely cost efficient compared to most mutual funds. " KLDW,"KLDW is actively managed to invest in highly innovative companies from developed markets. " TIPX,"TIPX tracks a market-value-weighted index of 1-10 years US Treasury Inflation-Protected Securities (TIPS). " ALTL,"ALTL tracks an index that alternates exposure between low volatility and high-beta US stocks, weighted by momentum. " SHY,"This popular ETF offers exposure to the short end of the maturity curve, focusing on securities with less than three years to maturity. SHY is light on both interest rate risk and credit risk, and as such will generally deliver a relatively low expected return. SHY can be a great safe haven to park assets in volatile markets, but won't deliver much in the way of current yield. " JHEM,"JHEM tracks a multi-factor weighted index of large- and mid-cap stocks from emerging markets. " EUSA,"This market cap weighted ETF is one of several options offering broad-based exposure to U.S. equity markets, including various sectors of the domestic economy and companies of all various sizes. While EUSA is found in the All Cap Equities ETFdb Category, it should be noted that this ETF has a heavy tilt towards large and mega cap stocks, with minimal exposure to smaller firms. Moreover, it holds far fewer individual securities than broad-based ETFs such as VTI or IWV, which may be better options for those seeking to cast a wider net across the U.S. stock market (EUSA is designed to offer exposure to the largest 85% of the U.S. stock market). This ETF boasts a low expense ratio, and as such could be appealing to investors looking to build a cost efficient long-term portfolio (though VTI is far cheaper). Those seeking a specific type of domestic equity exposure may gravitate towards EUSA, but there are generally better options available out there for access to the U.S. equity market. " BSJR,"The Invesco BulletShares 2027 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk-off tool; in the final year of the fund’s life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from_ high-yield exposure can Sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired " TQQQ,"This ETF offers 3x daily long leverage to the NASDAQ-100 Index, making it a powerful tool for investors with a bullish short-term outlook for nonfinancial equities. Investors should note that TQQQ's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. TQQQ can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " DHS,"This ETF is linked to the WisdomTree Equity Income Index, which offers exposure to dividend paying large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. DHS is linked to an index consisting of roughly 330 holdings and although the fund holds an impressive number of securities exposure is surprisingly heavy in the top ten holdings; close to 44% of the assets goes to the top ten firms. DHS offers investors broad exposure to dividend paying companies, giving investors a much wider net than many of the other dividend focused firms in the space. As a result, DHS could be a better pick for long- term buy and hold investors than some of the other products, plus it has a much lower expense ratio to boot. Additionally, it should be noted that this fund weights securities based on total dividends paid, potentially giving investors a different slice of exposure in the market, weighting more to the large firms that pay out sizable amounts. " ROM,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Technology Index, making it a powerful tool for investors with a bullish short-term outlook for technology equities. Investors should note that ROM's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. ROM can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and- hold strategy. " FYC,"FYC looks to track an index which offers exposure to small cap firms that exhibit growth characteristics in the American equity market. The investment idea behind small caps is that these firms are likely to provide quality growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, focuses on a modified equal-dollar weighted index, the Defined Small Cap Growth Index, which seeks to select stocks from the S&P Small Cap 600 that may be able to generate alpha relative to traditional indexes. As a result, this fund is far less diversified than other products in the space and it charges a much higher expense ratio, one that is nearly three times higher than other funds in the space. However, the fund does do a decent job of removing some of the worst securities from the index and it may be a decent choice for those looking for greater exposure to small cap growth equities with lower levels of risk. Nevertheless, cost conscious investors should probably look elsewhere to a fund like VBK or VIOG instead. " NAIL,"NAIL provides 3x daily leveraged bullish exposure to an index composed of US companies within the home construction sector. " PZA,"This fund tracks an index of municipal bonds, a slice of the bond market that is highly coveted due to its tax features. These bonds are generally free from federal taxes and in some cases, state and local income taxes as well making these funds crucial components of portfolios for those in high tax brackets. Muni bonds are used by local entities to pay for a variety of services or to make improvements to infrastructure paying for everything from new sewer systems to school renovations and bridge construction as such, they are relatively low risk instruments. This is especially true in the case of PZA since the fund only targets munis that are insured or in other words, have bought insurance from a private company that will pay out if the underlying bond defaults. As a result PZA is a solid choice for investors seeking broad exposure to the muni market but with much lower levels of risk; allowing investors the safety of an insured product but with the tax advantages of the muni sector. However, the fund does have a much lower rate of interest than others in the category and its level of diversification is a little lacking compared to other muni funds; the product holds just under 160 securities in total but puts close to 30% in the fund's top ten holdings. Still, for risk adverse investors in high tax brackets this could make for a solid fund, however, other investors should probably look to other corners of the muni market in order to capture higher levels of current income. " GAL,"This ETF is one of the many funds that offers exposure to multiple asset classes through a single ticker. GAL in particular targets a mix of roughly 60% equities and 40% fixed income. As such, this fund will appeal to investors looking to preserve capital, while also generating a meaningful current income without having to stomach excessive portfolio volatility. While using a product like GAL simplifies the portfolio construction process, there are some drawbacks to this approach as well. First and foremost, because risk tolerances and objectives vary from investor to investor, it's unlikely that the one size fits all approach will work perfectly for you. There’s also the issue of expenses; as a fund-of-funds, GAL has multiple layers of fees and more seasoned investors may be capable of constructing a similar portfolio on their own. However, this ETF is actively-managed and boasts one of the cheapest price tags in the Diversified Portfolio ETFdb Category; investors looking for an all-in-one strategy should also consider PERM and IYLD. " FYT,"This ETF seeks to replicate a benchmark which offers exposure small cap firms that have value characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular fund, since it focuses on value securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM. However, the fund does employ an_ ‘alphaDEX methodology which makes it somewhat different from other products in the space. This method uses an equal dollar weighting system which looks to only invest in the best companies in the small cap space. While this greatly decreases the number of securities that the fund holds, it also increases expenses as well as FYT has a much higher expense ratio than comparable products, close to three times higher than many other funds in the space. As a result, cost conscious investors would be wise to look at other products and avoid FYT for their portfolios. " FLMB,"FLMB is an actively managed fund that invests primarily in investment-grade municipal bonds, with a broad range in maturities, that intend to finance projects promoting environmental sustainability. " FDMO,"The Fidelity Momentum Factor ETF (FDMO) tracks a proprietary index of U.S. stocks, using price trends to identify companies that may outperform over the medium term, on the assumption that these companies may continue to perform well. The fund owns more than 100 securities, making it less diversified than competitors like the Vanguard U.S. Momentum Factor ETF (VFMO), an actively managed fund. As with many single-factor funds, FDMO may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors seeking to overlay a momentum tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare FDMO to rivals like the iShares Edge MSCI USA Momentum Factor ETF (MTUM}, the SPDR S&P 1500 Momentum Tilt ETF (MMTM), and the Invesco DWA Momentum ETF (PDP). Vanguard also offers the actively managed VFMO. " CORN,"This fund offers exposure to one of the world's most important agricultural commodities, and potentially has appeal as an inflation hedge. CORN may be too specialized for inclusion in a long-term, buy-and-hold portfolio, through it can be a very useful tool for expressing a tactical tilt towards this corner of the agricultural market. Investors seeking more broadly- based exposure to agricultural commodities have a number of options in the Agricultural Commodities ETFdb Category, while those seeking to access other types of resources may prefer the funds in the Commodities ETFdb Category. CORN is unique not only for the resources included but for the structure of this fund; unlike many commodity products, CORN diversifies across multiple maturities. That structure is designed to mitigate or potentially eliminate the adverse impact of contango, making CORN more useful for investors expressing a longer-term outlook on the commodity. " SCHY,"SCHY tracks a modified market-cap-weighted index of 100 high-dividend-yielding stocks located outside of the US. Stocks are selected based on additional fundamental criteria and low volatility. " NUSA,"NUSA tracks a USD-denominate — broad-market, investment-grade, short-term bond index. The index selects its constituents based on ESG performance data collected by MSCI ESG Research. " IVE,"This ETF is linked to the S&P 500/Citigroup Value Index, which offers exposure to large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. IVE is linked to an index consisting of roughly 340 holdings and exposure is tilted most heavily towards financials, energy, and industrials. Thanks to this fund's solid level of diversification and cheap price, investors could definitely make IVE a significant portion of their portfolios. " ERUS,"This ETF offers exposure to Russian equities, making it one of many options available for accessing a component of the BRIC bloc that holds tremendous potential but also significant risks. Russia's economy remains largely dependent on the energy sector, and as such ETFs such as ERUS can exhibit significant volatility. ERUS is probably too granular for long-term buy-and-holders, but can be useful for investors looking to implement a country rotation strategy or to tilt exposure towards this emerging market. ERUS is, perhaps not surprisingly, tilted heavily towards the energy sector, and has huge concentrations in a few individual companies. For those seeking more balanced exposure, RSX may be a better choice; that Van Eck ETF boasts better depth and diversification, along with a comparable expense ratio. Van Eck also offers RSXJ, a small cap Russia ETF that may be better able to provide pure play exposure to the local Russian economy (without the heavy energy tilt). " KBWB,"This ETF offers exposure to banks, delivering targeted exposure to a unique corner of the U.S. financials sector. Given the narrow focus of KBWB, this fund might be most useful for investors looking to implement a shorter term tactical tilt towards this corner of the market, though it can certainly also be used as a complimentary holding in many long-term portfolios as well. KBWB's underlying portfolio is unique from the most popular ETFs in the Financials Equities ETFdb Category; this ETF is comprised of common stocks of national money centers, leading regional banks, and thrifts. Moreover, it should be noted that while bellwether companies make an appearance, there are a fair amount of small cap, regional-based firms that have significant representation. Small banks often maintain risk/return profiles that differ considerably from their large cap peers; though impacted by some of the same factors, smaller banks generally depend more heavily on traditional banking functions to drive profits. KBWB's portfolio is somewhat shallow, consisting of about 25 individual holdings. Investors should note that over one third of the fund's total assets are dedicated to the top five holdings, potentially increasing the company- specific risk associated with this product; something that should certainly be considered prior to investment. Alternative ETPs covering the same corner of the market include KBE, which is linked to a different benchmark with a considerably different set of top holdings. " GWX,"This ETF offers a way to access a corner of international equity markets that many portfolios are missing. Most international ETFs are dominated by mega cap stocks, a bias that can tilt exposure towards energy and financials and result in a weak correlation to domestic consumption patterns in the target market. Most investors won't recognize the names of the companies that make up the GWX portfolio, but the exposure offered by this ETF can go a long way towards establishing more balanced equity exposure. GWX can be used either as a complement to EAFE funds such as EFA or perhaps even as an alternative that offers a better ""pure play"" on developed markets outside of the U.S. " AIA,"This fund offers broad exposure to the ‘Asian Tiger’ countries of Hong Kong, South Korea, Singapore, and Taiwan investing in large caps in these four nations. For investors seeking to load up on exposure to these four nations AIA could be an interesting pick but most investors would be better served with a broad Asia fund such as EPP or AAX]. " NULG,"NULG tracks an index composed of large-cap US companies with growth characteristics that also meet certain environmental, social, and governance (ESG) criteria. " FAZ,"This ETF offers 3x daily short leverage to the Russell 1000 Financial Services Index, making it a powerful tool for investors with a bearish short-term outlook for the broad financial market. Investors should note that FAZ's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. FAZ can be a powerful tool for sophisticated investors who are bearish on the financial industry, but should be avoided by those with a low risk tolerance. " DJUN,"DJUN aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " SPBO,"The SPDR Portfolio Corporate Bond ETF (SPBO) is State Street’s offering for investors looking to access a corner of the bond market essential to any long-term, buy-and- hold portfolio. SPBO is one of the least expensive investment-grade bond ETFs in this ETFdb category, yet it has been slow to gain assets since its 2011 launch. The reason might be performance: SPBO has had consistently lagged behind the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), the dominant ETF in this segment. SPBO has a larger slice of its portfolio in shorter-dated bonds, which may explain some of the underperformance. Liquidity is another issue: SPBO tends to trade at wider spreads than LQD. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds have been renamed and repriced for this purpose. Prior to September 23, 2019, SPBO traded under the name SPDR Bloomberg Barclays Corporate Bond ETF under the ticker CBND. " FLIN,"The Franklin FTSE India ETF (FLIN} tracks an index of large and mid-size companies in India. FLIN’s management fee is a fraction of the price of the iShares MSCI India ETF (INDA), though the Franklin fund continues to trail its iShares rival in size and liquidity. FLIN also offers a deeper portfolio than INDA, with more exposure to mid cap stocks. The two funds have broadly similar sector exposure, with some variation. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in diversified international equity funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio and are more appealing to short-term traders placing tactical bets on specific markets. Given the relatively narrow country-specific focus of this ETF, FLIN may be most useful to those looking to establish a tactical tilt towards Germany or implementing a country rotation strategy. " SPXL,"This ETF offers 3x daily long leverage to the broad-based S&P 500 Index, making it a powerful tool for investors with a bullish short-term outlook for U.S. large cap stocks. Investors should note that leverage on SPXL resets on a daily basis, which results in compounding of returns when held for multiple periods. BGU can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " QDEF,"The FlexShares Quality Dividend Defensive Index Fund (QDEF) is part of Northern Trust’s stable of proprietary twists on factor investing. The fund follows a Northern Trust index that selects dividend-paying large-cap U.S. equities. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and styles. Lastly, there’s the “defensive” spin. QDEF aims to deliver “below market beta exposure” — jargon used to describe how volatile the performance is relative to the market. It’s another way of saying QDEF tries to tamp down volatility. The approach to market beta is the nuance that sets it apart from its sister funds FlexShares Quality Dividend Index Fund (QDF} and FlexShares Quality Dividend Dynamic Index Fund (QDYN), which aim to match or exceed market swings, respectively. In practice, all three funds share many of the same top holdings, including blue-chip stocks like Apple, Johnson & Johnson, and Microsoft. The difference comes down to weighting. QDEF might have less invested in volatile tech stocks, and more in staid utilities. As with many FlexShares funds, investors will pay a premium. Management fees, though not eye-popping for proprietary index strategies, are multiples higher than U.S. equity ETFs offered by massive passives like Vanguard and iShares. Is it worth it? Investors can look at it several different ways. There are other factor variations on defensive dividend investing, such as the WisdomTree U.S. Quality Dividend Growth Fund (DGRW) or the Legg Mason Low Volatility High Dividend ETF (LVHD). Both share a roughly similar investment case with QDEF. Each uses its own proprietary index recipes, which results in noticeably different portfolios. (Both are also cheaper " SPHD,"As the name implies, the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) tracks an index that tries to pick those S&P 500 stocks that deliver the highest dividends with the least turbulence. Not surprisingly, SPHD tends to be heavy on utility stocks and light on fast-growing tech companies. SPHD imposes guardrails that prevent a single sector from dominating the portfolio, with each sector limited to ten stocks and 25% of the portfolio at rebalance. Between rebalances, better-performing sectors can become a bigger slice of the pie. As of March 2020, the fund has 37% of its money in financial stocks. SPHD is a bit on the pricey side for dividend funds, but reasonable for factor funds. There are other, cheaper low- vol funds out there, such as Invesco’s own SPLV or the iShares Edge MSCI Min Vol USA ETF. And there are plenty of funds that chase dividends, like the ultra-low-cost Vanguard High Dividend Yield ETF (VYM). But SPHD the only ETF targeting that specific combination of factors. As with most ETFs that invest in the S&P 500 universe, there's plenty of liquidity in the underlying stocks, so institutional investors should find it easy to execute large block trades. " BSEP,"BSEP aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " JDST,"JDST provides daily -2x exposure to an index of junior gold and silver mining companies from developed as well as emerging markets. " BOTZ,"The Global X Robotics & Artificial Intelligence ETF invests in an index of companies that stand to benefit from the increased adoption of automation, robotics and artificial intelligence. Part of the Global X suite of niche thematic ETFs, BOTZ's top holdings include NVIDIA, Keyence Corp and Mitsubishi Electric. At 68 basis points, the BOTZ management fee is high for passive funds, but niche products aren’‘t designed to be core portfolio products for set-it-and- forget-it investors. Micro-sector funds are geared for medium-term tactical wagers of weeks or months. Investors might also consider the actively-managed ETFs from Ark Invest. The funds cost a bit more, but Ark's team of stock pickers has a decent track record of beating the market. In the past three years, the ARK Industrial Innovation ETF (ARKQ) has significantly outperformed BOTZ, as has ARK’s flagship Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). Skeptics of active investing might argue that ARK’s portfolio team has been lucky rather than good, in which case BOTZ provides exposure to a fast-growing slice of the market at a price that’s cheaper than rivals like the ROBO Global Robotics and Automation Index ETF from Exchange-Traded Concepts, which invests in man of the same companies but charges a significantly higher fee. For targeted tech exposure at a lower price, there's also the Invesco S&P SmallCap Information Technology ETF (PSCT) or the iShares Exponential Technologies ETF (XT). For broad-based technology exposure, long-term investors can look at low-cost technology funds like VGT, FTEC or XLK. " XSOE,"XSOE tracks a market-cap-weighted index of emerging market companies, excluding state-owned enterprises. " FOCT,"FOCT aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " HEGD,"HEGD is an actively managed fund that provides hedged exposure to US large-cap companies using ETFs and options. " HYG,"This product is designed to replicate a benchmark which provides a broad representation of the U.S. dollar denominated high yield liquid corporate bond market. The high yield bond space has been cracked wide open by ETFs, as these products have offered numerous ways for investors to take advantage of this space. High yields can be a great addition to a yield-starved portfolio, as they can offer yields into the double digits for those willing to take on the risks that come along with it. The high returns come from riskier bond choices who have to pay out higher ratios to compensate investors for high risks. this means that the holdings of these ETFs will have higher chances of defaults, and could potentially leave investors out to dry. But for those who have done their homework on the holdings of a particular ""junk"" bond fund have the ability to generate strong returns from these powerful products. HYG keeps most of its assets inside of the U.S., though it does offer a slice of international exposure as well. The ETF is dominated by corporate bonds, the majority of which have investment grades between B and BB. This product will make a great income addition to any investor who is fully aware of the risks a high yield bond product carries. " HTUS,"HTUS aims for capital appreciation, regardless of market cycle, using long, short and leveraged positions in the S&P 500, along with cash. The actively managed fund primarily uses ETFs to gain exposure to the equity component of its portfolio. " BAB,"BAB will offer exposure to an index which is designed to track the performance of U.S. dollardenominated Build America Bonds publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. market. Unlike most municipal bonds, Build America Bonds are taxable securities, eliminating one of the advantages that has traditionally allowed municipalities to issue debt at lower rates than otherwise comparable corporate debt. Here's the unique element of Build America Bonds: the U.S. Treasury makes a payment to the issuers of direct-payment Build America Bonds equal to 35% of the total interest payable to investors. So if a municipality issues a $100 million Build America Bond with a taxable coupon of 10%, the issuer would make an annual interest payment to investors of $10 million and would receive a $3.5 million payment from the Treasury, resulting in an effective interest rate of 6.5%. BAB invests primarily in investment grade debts, giving investors safety during unstable markets, and with an average coupon rate above 5%, the ETF will also offer and attractive yield. " SCHP,"This ETF offers broad-based exposure to TIPS, bonds issued by the U.S. government featuring principal that adjusts based on certain measures of inflation. As such, SCHP may have appeal as a minor allocation in a long- term portfolio, with increased weighting given if investors are particularly concerned about inflationary pressures. SCHP is one of several broad TIPS ETFs; TIP, and TIPZ will offer up very similar exposure. However, its superior expense ratio should more than compensate investors for this making SCHP a decent choice for any investors seeking exposure to this corner of the bond market. While TIPS have become popular as a means of protecting against inflation, it is noted that there are potential limitations to this asset class in accomplishing this objective as well. Short-term TIPS ETFs such as STIP or STPZ may be forth a closer look, as well as more creative alternatives such as CPI or other ‘alternative’ ETFs. " SPVU,"The Invesco S&P 500 Enhanced Value ETF targets the 100 most undervalued stocks within the S&P 500 index. To assess whether a stock is trading at a low price relative to its fundamentals, the methodology evaluates the stock price compared with companies’ earnings, book value and sales. Proponents of value investing say under- appreciated stocks will outperform in bear markets, especially if overhyped growth stocks plunge back to earth. Value companies are often considered some of the safest and most stable bets in the world, though limited growth opportunities means they may lag in bull markets. SPVU is reasonably priced for an index ETF, though it charges higher fees than some ultra-low-cost rivals. SPVU also invests in a narrow subset of value stocks, making it less diversified than competing value ETFs. SPVU could be a good choice for investors who want to overweight large-cap U.S. value, though investors should compare fees, liquidity and performance against other U.S. value ETFs. " GRN,"This unique ETN targets carbon credits from the EU Emission Trading Scheme and the Kyoto Protocol's Clean Development Mechanism. This strategy gives investors exposure to the changes in prices of these contracts potentially allowing them to benefit from a reduction in supply of the credits. While GRN is a unique product, far better ways to play a global warming trend are out there. " TPHE,"TPHE tracks a volatility-weighted index of high dividend US large-caps screened for Christian values. The fund hedges market risk by using a cash-trigger strategy. " RAFE,"RAFE tracks an index of US companies that are selected and weighted by a combination of fundamental and ESG criteria. " PBS,"This fund offers concentrated exposure to the U.S. media industry, focusing in on firms that either develop or distribute types of media across the country. Due to this focus, the fund holds many securities that are not widely represented in many standard portfolios, suggesting that it could open up new slices of the market for investment. Although it would make for a poor core holding, PBS could be appropriate for investors seeking greater exposure to the media industry at large. " IYG,"This fund offers exposure to the U.S. financial services industry, a sub-sector of the general financial sector that includes many of the country's largest banks, as well as real estate and general finance firms. Given this narrow focus, IYG likely doesn't have much appeal to those building a long-term portfolio; it is more appropriate for those looking to tilt exposure towards the financial sector or even pull off a short-term trade designed to capitalize on short-term mispricings. IYG is dominated by large caps, and subject to significant concentration issues. Though there are well more than 100 _ individual components, a small handful of banks account for the bulk of the underlying portfolio. Those seeking to fine tune exposure may have use for IYG, but most will prefer broader financial ETFs such as XLF or FFL, both of which are considerably cheaper than this fund. " SHAG,"SHAG tracks an index of USD-denominated investment- grade securities with maturities of less than five years. The index consists of 13 subcomponents weighted for yield-to-worst. " JMOM,"The JPMorgan U.S. Momentum Factor ETF (JMOM) tracks an index of large- and mid-cap U.S. stocks with that exhibit positive price momentum. The index is diversified across sectors on a market-cap weighted basis, and individual securities within each sector are weighted to ensure diversification. The fund owns more than 200 securities. As with many single-factor funds, JMOM may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay a momentum tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare JMOM to rivals like the iShares Edge MSCI USA Momentum Factor ETF (MTUM), the SPDR S&P 1500 Momentum Tilt ETF (MMTM) and the Invesco DWA Momentum ETF (PDP). Vanguard also offers the actively-managed Vanguard U.S. Momentum Factor ETF (VFMO). " VOOV,"This ETF is linked to the S&P 500/Citigroup Value Index, which offers exposure to large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longer-term horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. VOOV is linked to an index consisting of roughly 340 holdings and exposure is tilted most heavily towards financials, energy, and _ industrials. Thanks to this fund's solid level of diversification and cheap price, investors could definitely make VOOV a significant portion of their portfolios. " ULST,"ULST is an actively managed fund that aims to maximize income and preserve capital using USD-denominated fixed-income securities with maturities ranging from 6 to 18 months and durations of 3 to 6 months. " AOK,"This ETF is a one stop shop for investors seeking a conservative strategy that tilts towards fixed income and away from equities. It should be noted, however, that risk tolerance concepts and objectives vary from investor to investor, so using a ""one size fits all"" approach might not be advisable. AOK maximizes simplicity, but many investors will want to use other products to fine tune the risk/return portfolio this fund offers. " ESG,"FlexShares STOXX US ESG Select Index Fund (ESG) tracks a proprietary STOXX index that rates companies based on environmental, social and governance factors that influence risk and return, such as workplace safety, executive compensation, and board diversity. The portfolio is weighted in favor of the best performers. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. So today’s strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is to maintain market-like diversification with a tilt toward the best corporate citizens. The top holdings aren’t that much different than plain-vanilla U.S. stock funds, with holdings like Microsoft, Apple and Amazon. The difference comes down to weighting. It’s worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments, which means FlexShares has a lot of competition — especially when it comes to price. The management fees for FlexShares ESG are more than double that of rivals including the Vanguard ESG U.S. Stock ETF (ESGV) and the iShares ESG MSCI U.S.A. ETF (ESGU}. Investors would do well to comparison shop. " CYA,"CYA is an actively managed fund-of-funds that invests in US fixed income and income generating ETFs, while investing in derivatives to hedge tail risk. " EMLP,"EMLP is an actively-managed ETF which invest in MLPs, Canadian income trusts, pipeline companies, and utilities that generate at least half of their revenues from the operation of energy infrastructure assets including pipelines, storage tanks, and power transmission. MLPs have attracted significant interest for two primary reasons: (1) required quarterly distributions provide a steady stream of current income, and (2) because they are partnerships, MLPs avoid corporate income taxes at both the federal and state level; the tax liability is passed through to the individual partners. By generating at least 90% of income from natural resource-based activities such as transportation and storage, an entity can qualify as an MLP and not be taxed as a corporation. So the IRS treats shareholders of an MLP as partners, making the MLP itself a pass-through entity. That means that taxes are avoided at the corporate level, and investors avoid the double taxation of income. Investors who prefer the ETN structure as the preferred means of tapping into this asset class should consider AMJ or MLPI. Those looking to minimize expenses should take a closer look at MLPA, as this offering has by far the cheapest price tag in the MLP space. " VPU,"This Vanguard ETF offers exposure to the domestic utilities sector, a corner of the U.S. market that has historically exhibited low volatility and often features an attractive distribution yield. As a sector-specific ETF, VPU is probably more appealing to investors looking to establish a shorter-term tactical tilt or make a sector rotation play than it is to those building a long-term, buy- and-hold portfolio (though utilities generally receive a relatively small weight in broad-based equity ETFs, meaning that a complementary holding could result in more balanced sector weightings). Like most Vanguard ETFs, VPU is among the cheapest options available for investors seeking exposure to the asset class represented (XLU and FUI are also low cost options for utilities exposure). This ETF may be available for commission free trading in Vanguard accounts, potentially increasing the appeal to cost conscious investors. Another noteworthy element of this ETF is the impressive depth of holdings; VPU has considerably more individual stocks than XLU. This ETF does a relatively good job of offering up balanced exposure; though a few stocks account for significant chunks of assets, the concentration is not as significant as in some other products (those seeking to avoid cap-weighting might prefer RYU as a tool for achieving access to the utilities sector}. " LGLV,"LGLV tracks an index of the least volatile large-cap US stocks. " BCM,"This exchange-traded note offers exposure to a broad basket of commodities futures, including contracts linked to agricultural resources, precious and industrial metals, and various fuels. As such, BCM is one of many funds in the Commodities ETFdb Category that has the potential to bring diversification and return enhancement benefits to stock-and-bond portfolios; this ETF can be useful as either a components of a long-term portfolio or as a shorter-term play for those bullish on commodity prices. There are several ETPs offering similar exposure, and a handful of nuances that make BCM unique. First, it should be noted that BCM is an ETN, meaning that investors are exposed to the credit (default) risk of the bank behind the exchange-traded note, but will be able to avoid tracking error (which can be a big issue among some commodity ETFs). The ETN structure may also have some favorable tax characteristics relative to ETFs, especially for investors who intend to establish a position for more than a year. Another noteworthy attribute of BCM is the roll frequency of the underlying index; this ETN is linked to an index comprised of futures contracts, and as such may not correspond to movements in spot prices for the underlying resources. Unlike many commodity ETPs, BCM does not roll exposure on a predetermined schedule; the roll timing is based on a proprietary methodology designed to reduce the impact of contango or backwardation on returns. This feature, which is conceptually similar to the strategy behind DBC (a popular broad-based commodity ETF) may make BCM more appealing to investors looking to establish a position over the long term. Other broad-based commodity options to consider are DBC and USCI (both ETFs) as well as the cost efficient DJCI (an ETN). Be sure to take a look under the hood and examine the allocation across various commodity families; this mix can vary from ETP to ETP, and generally has a big impact on bottom line returns. " DSTL,"DSTL actively selects large-cap stocks that score favourably for financial indebtedness, fundamental stability, and valuation. " JHME,"JHME tracks an index of large- and mid-cap US equities from the energy sector. The index selects stocks by market caps and weights them by multiple factors: size, value, profitability and momentum. " AMZA,"AMZA is a complex, actively managed fund that invests in midstream MLPs that collect, process, store, or transport energy products. Structured as a C-corporation, the ETF pays taxes at the fund level. " DJP,"DJP is a popular option for investors looking to achieve broad-based exposure to commodities, including energy resources, precious metals, and agriculture. The construction of the underlying portfolio ensures that energy commodities are not overweighted, a nice feature to have in a commodity ETN. But there are some drawbacks to DJP as well, including potentially the ETN structure that exposes investors to credit risk. Costs are also an issue; investors in this ETN are essentially throwing their money away, as DJCI offers exposure to the exact same index at a far cheaper cost. " IJAN,"JAN aims for specific buffered losses and capped gains on the MSCI EAFE Index over a specific holdings period. The actively-managed fund holds options and collateral. " DGRE,"DGRE is an actively managed portfolio of dividend-paying emerging-market stocks with growth characteristics. The fund seeks income and capital appreciation. " JZRO,"JZRO is an actively-managed portfolio of globally-listed companies that are positioned to benefit in the transition to a low-carbon economy. " RYF,"This ETF focuses exclusively on the financial sector of the U.S. economy, making it one option available to investors looking to overweight banks and _ other financial institutions in their portfolio. RYF distinguishes itself from other broad-based financial ETFs by its weighting methodology. Unlike XLF and other cap-weighted products, RYF is linked to an equal-weighted index-- meaning that each component receives an equivalent allocation in the fund upon rebalancing. As a result, RYF maintains considerably lower concentration than most financial ETFs, as exposure is spread around evenly as opposed to being concentrated among a handful of mega cap stocks. For investors who believe that equal weighting represents a more logical approach to asset allocation, RYF may be a better way to gain access to the U.S. financial sector. The downside is in the price; this type of exposure results in a considerably higher price tag than the low cost XLF or FFL. " HERO,"HERO tracks a modified market-cap-weighted global index of companies in video games and esports industry. " GRID,"This unique produce from First Trust targets companies engaged in the ‘smart grid' movement which seeks to upgrade America's electricity grid with 21st century technologies. This process looks to transform the electric system to one that is more efficient and all around ‘smarter’ than the current grid, potentially benefiting consumers and utilities alike. Companies in this fund include those that areengaged and involved in maintaining and operating the electric grid, electric meters and devices, networks, energy storage and management, and enabling software used by the smart grid infrastructure sector. Due to the often specialized nature of many of the companies in this field, most do not find their way into other, broad utility ETFs such as XLU or UTH making GRID an interesting pick for those looking to ‘complete’ their exposure to the utility sector. However, with budget crises around the country, the amount of money that can go to smart grid projects here in the U.S. may be limited so many should look for high levels of volatility in these products both due to their small cap nature as well as the political uncertainty surrounding the field. " FJP,"This fund offers broad exposure to securities that are domiciled and trade in the Japanese equity market. That makes FJP one of many ways to bet on the third largest economy in the world behind only China and the U.S. Unfortunately, Japan has been stuck in an economic malaise for quite some time now although the country does have impressive capabilities in the manufacturing and technology sectors and it remains well positioned to benefit from broad Asian growth. FJP does employ an ‘alphadex' methodology in order to select securities for this modified equal-dollar weighted fund. As a result, the fund could be appropriate for some investors seeking to make a tactical tilt towards Japanese equities while at the same time employing the popular methodology from First Trust in order to potentially avoid some of the worst names in the index. However, the fund does charge investors fees that are nearly double the cheaper securities in the category suggesting that those especially worried about fees should look elsewhere for their Japanese exposure. " USVM,"USVM tracks an index of small- and mid-cap US stocks that are selected by equal parts value and momentum, and weighted by volatility. " GDXJ,"This ETF gives investors an opportunity to achieve exposure to gold without holding the physical metal or encountering the nuances of a futures-based strategy. For investors looking to bet on increased demand for one of the world's most famous metals, GDX] is a nice option. GDX] often trades as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but can be a powerful tool for profiting from a surge in commodity prices. " GTIP,"The Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) tracks an index of treasury inflation-protected securities, or TIPS: bonds that feature a principal that adjusts based on certain measures of inflation. Goldman’‘s particular twist is that it invests in “off-the-run” securities. The most-traded TIPS tend to be the newest issues, or “on-the-run” securities. Other rules-based TIPS strategies buy only on-the-run TIPS, which may increase demand and drive up the price. Goldman helped develop an index designed to avoid any potential feeding frenzy by buying the less popular off-the-run TIPS. The fund invests in a broad mix of fixed-rate, U.S. dollar-denominated sovereign bonds that have a minimum issue size of $5 billion and at least one year to maturity. GTIP can be useful as a tool for investors who are particularly concerned about inflationary pressures. It's important to note that TIPS are not perfect hedges against inflation; there are some potential drawbacks to using products such as GTIP to hedge against a climb in CPI. But for those looking to use inflation-protected bonds in that capacity, GTIP offers broad TIPS exposure at a reasonable price. GTIP is a relative latecomer to a well-covered segment of the market, and it has yet to gather the assets of some of its seasoned rivals, like the iShares TIPS Bond ETF (TIP). There's plenty of other rivals to compare it to, including the Schwab U.S. TIPS ETF (SCHP}, PIMCO Broad U.S. TIPS Index ETF (TIPZ) or the SPDR Portfolio TIPS ETF (SPIP). It’s also worth noting that broad exposure to longer-dated TIPS may expose investors to longer duration, a measure of bonds’ sensitivity to interest-rate moves. Investors who want to hedge against inflation and changing interest rates might consider short-term TIPS ETFs such as the iShares 0-5 Year TIPS Bond ETF (STIP} or the PIMCO 1-5 Year U.S. TIPS Index ETF (STPZ). " AZAO,"AZAO aims for specific buffered losses and capped gains on the S&P 500 index over a specific holdings period. The actively- managed fund holds options and collateral. " IUSG,"IUSG tracks an index of US large- and mid-cap growth stocks. The index selects from stocks ranked 1-3000 by market cap based on fundamental growth factors. " LKOR,"The FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) follows a proprietary index of investment-grade debt with maturities of 10 years or longer, but with a twist characteristic of Northern Trust's FlexShares lineup. The index scores bonds by evaluating the issuers’ value and quality by looking at measures like solvency, profitability, and management efficiency. The index weights the portfolio towards those with the highest scores while those with the worst performance are excluded. Then, to preserve diversification, the methodology limits the weight of individual bonds, issuers, sectors, duration and turnover. Like many FlexShares funds, investors pay a premium for Northern Trust's fancy factors. Is it worth it? We compared performance to a few long-term corporate bond ETFs that charge a fraction of LKOR’s management fee, such as the Vanguard Long-Term Corporate Bond ETF (VCLT) or the iShares Long-Term Corporate Bond ETF (IGLB). LKOR beat them both. It also outperformed the iShares Edge Investment Grade Enhanced Bond ETF (IGEB}, which also tries to mitigate risk by focussing on quality on value. As they say, past performance is no guarantee of future results, but LKOR is definitely worth considering. " BBMC,"The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) owns about 500 securities, making it a well- diversified option for long-term investors building a balanced portfolio. BBMC is one of several that offer exposure to an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. This ETF may be more appealing to those in the portfolio construction business as opposed to short-term traders. Like all of JPMorgan’s “BetaBuilders” ETFs, BBMC’s management fee was set low enough to compete with ultra-low-cost rivals like the SPDR Portfolio S&P 400 Mid Cap ETF (SPMD), Vanguard Mid-Cap ETF (VO}, Schwab U.S. Mid-Cap ETF (SCHM), and iShares Core S&P Mid-Cap ETF (JH). BBMC debuted in April 2020, and lags some of its older rivals in size and liquidity, though this may be a problem that time will solve. Tactical traders might prefer the size and liquidity of the SPDR Midcap 400 ETF Trust (MDY). " EPS,"This ETF offers exposure to the large cap U.S. equity market, making it one of many options available for accessing an asset class that is a major component of many portfolios. EPS should be viewed as an alternative to funds like SPY and IVV, as this ETF offers exposure to a generally similar group of securities but features nuances that result in a unique risk/return profile. Most notable is the weighting methodology; the underlying index uses reported earnings to determine component companies and the weightings assigned to individual components. As such, EPS may feature a value tilt and biases towards/away from certain sector of the U.S. economy. This methodology may be appealing because it shifts exposure towards low P/E companies, and avoids the potential drawbacks of simple market cap weighting. EPS is slightly more expensive than some of the cap-weighted ETF options out there, but those who believe the unique methodology will consistently add alpha may be happy to pay a few extra basis points. " BJAN,"BJAN aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " QGRO,"The American Century STOXX U.S. Quality Growth ETF tracks an index that tries to identify U.S. companies that have higher growth potential and stronger financial fundamentals relative to rivals. The index screens stocks based on growth, quality, and income, using measures like sales, profitability, cash flow, and return on assets and equity. By focusing on larger companies with sound fundamentals and less volatility, QGRO attempts to mitigate some of the risk inherent in growth equities. The fund aims to have 35 percent to 65 percent of its portfolio in high-growth stocks, and 30 percent to 65 percent in so- called stable growth companies that exhibit attractive profitability and valuation. QGRO has a larger allocation to mid cap names than some single-factor quality and growth ETFs on the market, making it appealing for investors who want some diversification out of the large cap space. Money managers have long recognized that certain factors, when deployed during certain market conditions, have consistently rewarded investors, such as volatility, value, quality, growth, and price momentum. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target single factors or a combination. QGRO is reasonably priced for a multi-factor index fund, though it’s more expensive than ultra-low-cost plain-vanilla index ETFs. QGRO also owns a relatively narrow slice of the market, so investors sacrifice diversification in exchange for the factor strategy. QGRO could make a good complement for a core equity holding for investors who want a multi- factor approach and believe in American Century's strategy. Investors should compare price, performance, and portfolio against plain-vanilla index funds and other multi-factor ETFs in the U.S. equity space, as well as quality, growth, and dividend-focused ETFs. " PSMM,"The Invesco Moderately Conservative Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide current income while giving investors some exposure to the potential upside of the stock market. Depending on market conditions, the fund will invest 45 percent to 75 percent of its portfolio in fixed income ETFs, 25 percent to 55 percent in equity ETFs, and 5 percent to 30 percent in American and global depositary receipts. PSMM achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMM charges an_ ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMM investors pay acquired fund fees for PSMM‘s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMM’s costs are reasonable compared with other actively-managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite competitive. The fund is one of four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. For buy-and-hold investors that want a single- ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMM are worth a look. " BUFD,"BUFD is an actively managed fund-offunds that holds a laddered portfolio of 12 FT Vest U.S. Equity Deep Buffer ETFs. " PZT,"This ETF offers exposure to the municipal bond market, specifically focusing in on notes that are issued by municipalities in the state of New York. As a result, the fund is likely to be heavily influenced by any New York specific events, budget dealings, or political changes in the region. Muni investing in New York is an interesting proposition as it offers investors a nice mix of urban, suburban, and rural projects, offering immense diversification in a relatively small area. PZT offers a similar focus to its counterparts in the Category but it only tracks the best quality bonds on the market. This PowerShares fund only holds AAA-rated securities that are insured and tax-exempt. While this strategy undoubtedly decreases the default risk as well as the coupon payment, it greatly cuts down on the number of total holdings as well; PZT only holds 35 securities in total. PZT could be a good fund for investors looking for higher levels of muni exposure with virtually no risk but most would probably be better served by buying into a broader fund instead. " WIP,"This ETF can be thought of as the international counterpart to TIP, as it offers exposure to inflation- protected bonds issued by primarily European governments. Because the principal of the underlying holdings adjust with inflation, these securities have become popular as a tool to protect against rising asset prices and a jump in CPI. WIP is an attractive tool for investors looking to diversify fixed income holdings beyond U.S. borders, but it's important to recognize the limitations of inflation-protected bonds. " INDS,"INDS tracks an index of developed market companies that derive at least 85% of their revenue from industrial real estate activities. " BDRY,"BDRY tracks an index of long-only exposure to the nearest calendar quarter of dry bulk freight futures contracts on specified indexes. " BJUN,"BJUN aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " MDYV,"This ETF offers exposure to mid cap stocks that exhibit value characteristics, making MDYV a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Value strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments such as recessions. It should be noted that there is often considerable overlap between this fund and its growth counterpart, the result of a methodology that uses a generous definition of value stocks. Rydex offers a pure style alternative, RFV, that is slightly more expensive but will offer a considerably more targeted focus on value equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that IWS and JKI seek to replicate similar indexes at comparable expense ratios. MDYV is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution. " AAAU,"AAAU tracks the gold spot price, less expenses and liabilities, using gold bars held in vaults located in the UK. " FGD,"This ETF offers exposure to dividend paying stocks around the globe, including the U.S. and developed and international markets. As such, FGD is one option for investors seeking to construct a simplified long-term portfolio, as it delivers exposure to dozens of countries across all sectors of the global economy while also paying out a solid dividend yield. Thanks to this focus on dividend paying equities, this fund can be useful for enhancing current returns generated from the equity portion of a portfolio, or simply for those who believe that a dividend-focused strategy will generate alpha over the long run. FGD features the sector biases that are traditional in dividend-weighted ETFs, as_ financials, telecom, utilities, and energy make up big portions of this ETF. Exposure is balanced across several roughly one hundred individual holdings, with a bias towards large and mid cap stocks. FGD is more expensive than some alternatives in the Global Equities ETFdb Category, but that differential may be more than worthwhile for those seeking to implement a dividend-centric strategy. " VXF,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. While most funds in this Category focus exclusively on mid caps, this fund also includes small caps as well making it an interesting choice for investors seeking exposure to both market cap levels in a single ticker. VXF offers exposure to a balanced portfolio of stocks, including more than 1,000 individual securities and spreading exposure relatively evenly suggesting that fund is extremely diversified. The expense ratio is among the cheapest in the category making it an excellent choice for those looking to keep costs to an absolute minimum. For those seeking other options in the space that provide exposure only to mid caps, MDY and IJH could make for good choices as well as the ultra-cheap FMM, and equal-weighted EWRM. However, for those seeking both mid and small caps in a single product, VXF is tough to beat. " AWAY,"The ETFMG Travel Tech ETF (AWAY), which launched in early 2020, is a variation on a handful of funds that invest in transportation and travel businesses. AWAY tracks an index of companies involved in travel technology, and top holdings include Webjet, Booking Holdings, Uber, Lyft, and travel website operators like Trip.com and Expedia. Niche ETFs like AWAY are typically used for short-term tactical allocations. AWAY has competition in the broader travel and transportation space, such as the SPDR S&P Transportation ETF (XTN), and the triple-leveraged Direxion Daily Transportation Bull 3X Shares (TPOR). There's also the U.S. Global Jets ETF (JETS), the only pure- play air travel ETF on the market. AWAY’s management fee is a bit high for indexed equity ETFs, but comparable to other niche products. " RYE,"This ETF offers a unique way to access the U.S. energy market, giving investors seeking to avoid cap-weighted products an alternative way to bet on oil stocks. RYE is likely too targeted for those investors with a long-term focus, but can be useful as a way to tilt portfolio exposure towards a specific sector or as part of a long/short pairs trade. Like many Rydex ETFs, RYE is equal-weighted, meaning that exposure is spread evenly across portfolio components. This methodology may be particularly appealing in the top-heavy energy industry, where traditional cap-weighting can result in significant concentration issues. ETF options such as XLE or FEG will be cheaper form a cost perspective, but this Rydex ETF offers an opportunity to achieve more balanced exposure to the energy sector that avoids the potential performance drags of cap-weighted ETFs. " MGMT,"MGMT is an actively-managed fund that aims for positive risk-adjusted returns. " ARGT,"ARGT offers exposure to Argentinian equities, by holding companies that are domiciled in the South American nation. For investors seeking investment in the nation, ARGT is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. ARGT is a nice option for investors who want to load up on Argentina but be aware the fund could experience high levels of volatility. " LOUP,"LOUP tracks an index of developed- and emerging-market stocks that are identified as being on the frontier of the development of technology. Holdings are selected and weighted based on fundamental criteria. The weighting then tilts towards those with a higher investment conviction. " FLSP,"The Franklin Liberty Systematic Style Premia ETF (FLSP) is an actively managed fund that allocates its assets across two strategies. In the first, the portfolio managers focus on factors like value, momentum, and carry, and consider those factors in making bullish and bearish bets across stocks, bonds, commodities, and currencies. In the second strategy, the team uses factors like quality, momentum, and value in determining whether to hold long or short positions in individual stocks and stock indices. The fund is reasonably priced for what it offers but offers little liquidity and often trades at wide spreads. Ultimately any actively managed fund is a bet on the manager’s ability to outperform the market. FLSP is reasonably priced for what it offers but is not a tool for buy-and-hold investors who want low-cost, diversified asset allocation. There are other hedge-fund imitators in the ETF marketplace. Given the consistent under-performance of active management, investors might wonder if there's any point in trying to mimic them, but that hasn’‘t stopped issuers from trying. Other variations include the SPDR SSga Multi-Asset Real Return ETF (RLY), the RPAR Risk Parity ETF (RPAR), and the First Trust Long/Short Equity ETF (FTLS). " TMDV,"TMDV tracks an equal-weighted index of Russell 3000 constituents that have increased dividend payments annually for at least 35 years. " DFAT,"DFAT is an active, tax-managed fund that seeks to provide long-term capital appreciation from a portfolio of US mid- and small-cap value stocks. " UGL,"This ETF offers 2x daily leverage to gold prices, making UGL a powerful tool for expressing a bullish outlook on precious metals. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make UGL inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the underlying index won't always move in unison with spot gold prices, even over the course of simply a single trading session. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool. But UGL shouldn't ever be found in a long-term, buy-and-hold portfolio; it's simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. UGL is a trading instrument, and should be treated as such. " IWDL,"IWDL provides 2x leveraged exposure to the compounded quarterly performance of a US large-cap index emphasizing value. " IZRL,"The ARK Israel Innovative Technology ETF (IZRL) is an index fund from a team better known for its actively- managed products. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. IZRL is one of ARK's few passive products. As the name implies, IZRL tracks an equal-weighted index of fewer than 40 Israeli companies “causing disruptive innovation” in health care, biotechnology, genomics, industrials, manufacturing, the Internet and IT. Like most niche products, IZRL is best suited for high-conviction investors seeking concentrated risk. The fund has been on the market since late 2017, but has picked up fewer assets than its main competitor: BlueStar Israel Technology ETF (ITEQ). ITEQ launched two years earlier and still enjoys the first-move advantage despite a significantly higher price tag. ITEQ charges 75 basis points while IZRL costs 49 bps. Both are price for passive, but reasonable for niche products. " EUSC,"EUSC tracks an index of dividend-paying, eurozone small- cap equities that hedges out EUR/USD FX moves for US investors. " CNRG,"CNRG tracks a tier-weighted index of US equities associated with the clean power sector. " JO,"This ETN offers exposure to coffee futures, making it one of the more targeted and obscure commodity ETPs available. Coffee prices can often exhibit significant volatility due to concentration of production and geopolitical instability, and JO is the best way to play this commodity. For investors seeking exposure to coffee, JO is one of the best options out there. But investors should be aware that this ETN exposes them to credit risk, and follows a futures-based index that may lag behind a hypothetical return on spot coffee prices. " PSCU,"This ETF is one of several within the Utilities ETFdb Category that offers targeted exposure to this sector of the U.S. economy. Because utilities have historically shown low volatility and high dividend yields, this asset class might be appealing for those seeking low beta equity exposure or looking to beef up the current returns generated by the equity side of a portfolio. Given the sector-specific focus, this ETF might be more appealing to those with a specific outlook on utilities, as opposed to those looking to build a longer-term, buy-and-hold portfolio. PSCU is unique because this fund focuses on small cap stocks; most utilities ETFs are dominated by positions in large cap names (and mid caps to a lesser extent). While large cap and small cap utilities will be impacted by many of the same price drivers, these asset classes often show very unique risk/return profiles. Small caps will generally offer greater potential for capital appreciation, but may experience greater volatility as well. Investors looking for large cap utilities exposure have a number of options available, including XLU, VPU, and the equal-weighted RYU. It should also be noted that this small cap ETF includes some telecom stocks, as these equities generally exhibit similar returns and volatility as utilities (many technology sector ETFs include telecom stocks under that umbrella). " MUST,"MUST tracks an index with fixed-weight exposure to multiple sectors of the US municipal bond market. Each sector is market-value weighted. " IWS,"This ETF offers exposure to mid cap stocks that exhibit value characteristics, making IWS a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a_ specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Value strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments such as recessions. It should be noted that there is often considerable overlap between this fund and its growth counterpart, the result of a methodology that uses a generous definition of value stocks. Rydex offers a pure style alternative, RFV, that is slightly more expensive but will offer a considerably more targeted focus on value equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that JKI and MDYV seek to replicate similar indexes at comparable expense ratios. IWS is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution. " IBTF,"IBTF tracks a market-value-weighted index of US Treasury bonds maturing between January and December 2025. The fund will terminate in December 2025. " DJCB,"DJCB tracks a broad basket of commodity contracts with varying roll schedules. Contract maturity can range from one to five months. " GSEW,"The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) is Goldman’s contribution to the lineup of funds that equal-weight stocks as opposed to investing in proportion with company size. The idea behind equal weighting is that it forces the fund to sell winners and buy losers when it rebalances each month. GSEW launched in 2017 with a management fee of 9 basis points, competitive with plain-vanilla U.S. equity funds and making it one of the cheapest equal-weight funds on the market. Its fee is less than half the cost of the Invesco S&P 500 Equal Weight ETF (RSP), the largest in the space. GSEW has raised a decent amount of assets, but it still lacks the size and liquidity of RSP. Other equal-weight strategies include the ALPS Equal Sector Weight ETF (EQL), the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF (SZNE) and the the Invesco S&P 100 Equal Weight ETF (EQWL). " DAPP,"DAPP tracks a market-cap-weighted index of global innovative companies that are involved in the digitalization of the worlds economy through a diverse range of digital assets. " KBUY,"KBUY tracks a market-cap-weighted index of Chinese companies engaged in Consumer-Related Industries. " PTEU,"PTEU tracks an index of large- and mid-cap eurozone equities selected and weighted by market cap. Stocks can be mixed with or replaced by US Treasury bills based on momentum. " VGIT,"This ETF offers exposure to intermediate term government bonds, focusing on Treasuries that mature in three to ten years. As such, interest rate exposure for this product will be moderate; VGLT offers exposure to longer- dated Treasuries while VGSH is an option for those looking to focus on the short end of the maturity curve. VGIT probably doesn't have much appeal as a core holding, since the overlap with broad-based funds such as BND will be significant. But this ETF can be a useful tool for tilting exposure towards Treasuries without a bias towards either end of the maturity spectrum. Like most Vanguard ETFs, VGIT is among the cheapest options available; commission free trading in Vanguard accounts may increase the cost appeal to those keeping an eye on fees. Other options offering similar exposure include IEI, FIVZ, SCHR, and ITE; the effective durations and yields on these products may vary slightly. " CPI,"CPI seeks to deliver a real return over inflation, using a variety of different asset classes around a core of short- term bonds in an attempt to achieve this objective. As such, this fund shouldn't be expected to deliver huge absolute returns in most environments, but can be an effective tool for smoothing overall portfolio volatility and adding a non-correlated asset to the mix. CPI may become especially attractive when concerns over inflation intensify; we believe this ETF is a better choice than TIPS when prices begin to rise. " LEMB,"This ETF is one of several products that offers exposure to debt of emerging markets issuers, an asset class that is often overlooked by U.S.-based investors but that has the potential to deliver attractive yields and dollar diversification. Emerging market debt generally offers higher interest rates than debt of U.S. issuers, making this fund potentially appealing to those looking to boost the amount of current income derived from their portfolios. LEMB can be used to complement positions in U.S. debt generally achieved through funds such as AGG or BND, allowing investors to diversify their debt holdings geographically. It should be noted that the Emerging Markets Bonds ETFdb Category includes both products that invest in dollar denominated debt securities and those that invest in bonds denominated in the local currency of the issuer. LEMB falls into the latter category; because the debt is issued in emerging markets currencies, this product includes exchange rate risk. A strengthening dollar will hurt LEMB's returns, while a decline in the greenback will help this fund; those looking for dollar diversification can achieve it through LEMB (or through funds such as ELD or EMLC). Those looking to avoid fluctuations caused by changes in the exchange rate might prefer EMB, which holds dollar-denominated debt. Alternative ETFs offering similar exposure include the actively-managed ELD and EMLC from Van Eck; both of those products are a bit cheaper than this fund. " VIOO,"VIGO seeks to replicate a benchmark which offers exposure to small cap firms in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors' portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on both value and growth securities, could provide more of a diversified play than products that just focus on ‘growth' or ‘value’ securities within this segment. Thanks to this broad focus, VIOO has a large number of securities-- close to 600 in total-- and does a great job of dividing up assets among the components as no one company makes up more than 80 basis points of total assets. Thanks to this high level of diversification and VIGO's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure and do not have a preference in terms of value or growth equities. " OILK,"OILK tracks an index holding three separate contracts at equal-weighting with different roll schedules. " SIXA,"SIXA is an actively managed fund that invests in large- cap US equities selected from the Russell 3000 Index. " REZ,"This ETF offers exposure to the residential real estate, healthcare, and self-storage sectors of the U.S. equity market. REZ follows the FTSE NAREIT All Residential Capped Index, which has fewer than 40 holdings diversified primarily across mid-cap equities, while exposure to large and small-cap companies is also included. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). VNQ is a cheaper and more liquid, but broad-based alternative, while FRL boasts the lowest expense fee in this category. " GBIL,"The Goldman Sachs Treasury Access 0-1 Year ETF (GBIL) tracks an index of U.S. Treasury securities maturing within the next 12 months, with a focus on the most liquid securities. GBIL’s management fee is reasonable though a bit higher than some competitors, including the Invesco Treasury Collateral ETF (CLTL) and the iShares Short Treasury Bond ETF (SHV). Short-term Treasury securities have less interest-rate risk than longer-dated debt, but they also offer a paltry yield. For investors looking for a bit more of a return — albeit at a bit more risk — there are cash-management alternatives like the Goldman Sachs Access Ultra Short Bond ETF (GSST) or the JPMorgan Ultra-Short Income ETF (JPST}). Both are actively-managed funds that invests in short-term investment-grade debt, and may be suitable for investors looking for a relatively safe way to eke out a little more yield than they can get from brokerage sweep accounts and Treasuries. " IBDP,"IBDP tracks a global index of USD-denominated, investment-grade corporate bonds maturing between Dec 31, 2023 and Jan 1, 2025. " URA,"This ETF gives investors an opportunity to achieve exposure to uranium, an important mineral that currently is inaccessible via futures. For investors looking to bet on increased demand for a raw material used widely in power production, URA is a nice option. URA often trades as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but can be a powerful tool for profiting from a surge in commodity prices. " IFRA,"IFRA tracks an index of US-listed infrastructure companies that derive a significant portion of their revenue from within the US. " LRGF,"LRGF tracks an index of US large- and mid-cap equities. Stocks are selected and weighted to maximize exposure to five factors: momentum, quality, value, low volatility, and size. " JSTC,"JSTC is an actively managed fund of global companies screened for social justice criteria. " PALL,"This fund offers exposure to one of the world's most famous precious metals, palladium. PALL is designed to track the spot price of palladium bullion by holding bars of the metal in a secure vault, allowing investors to free themselves from finding a place to store the commodity. PALL is one of the only ways that investors can obtain exposure to the metal beyond holding a futures contract on palladium as there are no pure palladium miners. While futures contracts are an option, they encounter roll yield issues and are inherently more expensive and risky than just holding the physical metal. Due to this, PALL is an excellent choice for investors looking to load up on the precious metal, just don't let it be the only commodity that you hold as palladium is often highly correlated to the car industry and can be very cyclical. " SUSL,"SUSL tracks an index of US large- and mid-cap firms with the highest ESG ratings, weighted by market-cap within each sector buckets. " TMAT,"TMAT is actively managed to pursue aggressive growth, globally. The fund aims to outperform the MSCI ACWI Index in rising markets while limiting losses during periods of decline. The strategy focuses on thematic rotation and may involve option strategies to manage risk or enhance returns. " PFFA,"PFFA is an actively managed fund of US preferred stock that leverages the portfolio to varying degrees. The fund seeks current income, with capital appreciation as a secondary goal. " REIT,"REIT is an actively managed ETF that provides exposure to publicly traded equity securities of US REITs. " SFY,"SFY tracks a multi-factor-weighted index of US large-cap equities selected by market-cap. " SIXH,"SIXH is an actively managed fund that provides exposure to US equities and sells call options against SPY. " GXG,"GXG offers exposure to Colombian equities, by holding the largest and most liquid companies that are domiciled in the South American nation. For investors seeking investment in the nation, GXG is one of the only choices available as most ETFs do not offer any allocations to the emerging nation except for broad Latin America funds. GXG is a nice option for investors who want to load up on Colombia but be aware the fund could experience high levels of volatility. " SIZE,"SIZE tracks an index of large- and mid-cap US stocks. Holdings are weighted by the inverse natural logarithm of their market capitalization. " CZA,"This ETF offers exposure to the mid cap segment of the U.S. market, making it one option for accessing an asset class that is a critical component of many long-term portfolios. This ETF is linked to an enhanced index that seeks to generate alpha relative to traditional cap- weighted indexes by employing a proprietary screening methodology. As such, CZA won't be as broad-based as funds such as IJH or MDY, and may exhibit unique sector allocations depending on the environment. It should be noted that this opportunity for alpha comes with a heftier price tag than other mid cap ETFs, a potential drawback for cost conscious investors who believe that markets are completely efficient. FNX and PJG are similar funds that seek to generate excess returns through a quant-based methodology; a historical comparison of these ETFs may be a good idea for investors considering this fund. " CATH,"CATH tracks an index of US large-cap stocks selected from the S&P 500. The cap-weighted index omits companies from certain industries at odds with Catholic values. " UDEC,"UDEC aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " JPEM,"The JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM) offers broad exposure to emerging market stocks with JPMorgan’s multi-factor twist. JPEM tracks an index that combines risk-based portfolio construction with multi-factor security selection based on value, momentum, and quality. Factors are determined by characteristics like return on equity, risk-adjusted returns, profitability, and solvency. The methodology aims to diversify risk across sectors, regions, and individual securities. Investors should note that, as of June 2020, JPEM does not include South Korea, which is lumped into developed market stocks. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight South Korea or missing out on the country entirely. JPEM is reasonably priced for a smart-beta approach to emerging markets, though it's still more expensive than ultra-low-cost plain vanilla rivals like the iShares Core MSCI Emerging Markets ETF (IEMG) and the Vanguard FTSE Emerging Markets ETF (VWO), which lack fancy factors but offer similar exposure and great liquidity at a fraction of the price. There’s also competition to consider in the multi-factor space, including the Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM). " BNO,"Unlike most oil ETPs, this product tracks Brent Crude Oil instead of its West Texas Intermediate Cousin. Brent Crude is the benchmark for the EMEA region and often trades at a different price than WTI. For investors seeking exposure to crude beyond WTI, BNO could make for an interesting choice. " TMFC,"TMFC tracks an index of 100 of the largest US companies identified by any of the Motley Fool publications, including the top companies in the Motley Fool IQ Database. " MLPA,"MLPA seeks to replicate a benchmark that offers exposure the overall performance of the United States master limited partnerships (MLP) asset class. MLPs have become very popular in recent years for primarily two reasons: (1) required quarterly distributions provide a steady stream of current income, and (2) because they are partnerships, MLPs avoid corporate income taxes at both the federal and state level as the the tax liability is passed through to the individual partners. By generating at least 90% of income from natural resource-based activities such as transportation and storage, an entity can qualify as an MLP and not be taxed as a corporation. So the IRS treats shareholders of an MLP as partners, making the MLP itself a pass-through entity. That means that taxes are avoided at the corporate level, and investors avoid the double taxation of income. MLPA is by far the cheapest MLP product on the market, offering cost-conscious investors an appealing way to beef up their portfolio’s current income. " SPHY,"The SPDR Portfolio High Yield Bond ETF (SPHY) offers broad exposure to “junk” bonds — debt issued by borrowers with a higher risk of default. For taking on the added risk, investors are rewarded with higher yields than those offered on ultra-safe U.S. Treasuries or investment-grade debt issued by the most creditworthy companies. ETFs offer quite a few high-yield options, including active management, so-called “smart” indexing, and even an ETF that screens junk debt based on environmental, social, and government criteria. Like all SPDR “Portfolio” ETFs, SPHY is competitively priced. It is much cheaper than its largest rivals: the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Bloomberg Barclays High Yield Bond ETF (JNK). Yet SPHY has struggled to pick up assets and lacks the liquidity of its competitors. State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street essentially founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its SPDR Portfolio funds have been renamed and repriced for this purpose. Prior to September 23, 2019, SPHY traded under the name SPDR ICE BofAML Broad High Yield Bond ETF with the ticker CJNK. " EMSG,"The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG) tracks an MSCI index of emerging market stocks, selecting those securities that score the highest relative to their peers on environmental, social and governance factors, known by the acronym ESG. EMSG includes companies that score in the top 50% of scores in each sector — and so will own about half as many companies as the parent index — then weights those stocks to keep the sector allocation in line with the parent index. The fund excludes companies involved in alcohol, tobacco, gambling, controversial and conventional weapons, nuclear power, and_ civilian firearms. EMSG‘’s management fee is cheaper than rival iShares ESG MSCI EM ETF (ESGE)}, but the iShares fund has significantly more assets and daily liquidity. The idea is that companies with higher ESG scores will outperform their rivals over the long run. Issuers have rolled out dozens of ESG-style funds in recent years to appeal to younger investors who are concerned about the social impact of their investments. ESG (the strategy, not the ticker) is different from traditional socially-responsible investing, which typically tried to exclude bad actors and industries. Many advisers worried that this came at the expense of diversification and returns. Today's strategies aim to be more inclusive. Instead of ignoring large swathes of the market, the goal is maintain market-like diversification with a tilt toward the best corporate citizens. It's worth nothing that there are plenty of skeptics when it comes to ESG investing, and critics say ESG whitewashes a portfolio rather than driving companies to truly change their behavior. Investors who prefer plain-vanilla ETFs can take a look at funds like the Vanguard FTSE Emerging Markets ETF (VWO) or IEMG. " DVYA,"This ETF offers a way to invest in dividend-paying stocks from the Asia Pacific region, a relatively narrow segment of the global equity universe that could potentially be appealing to a wide range of investors. DVYA could be useful for those looking to beef up the current returns from their equity holdings, and might also be a useful way to lower overall volatility by focusing on dividend paying securities. Though this ETF could be used in long- term portfolio, it's probably most useful as a tactical tool for shifting exposure to this segment of the market for a shorter period of time. As the name suggests, DVYA maintains a relatively shallow portfolio of stocks, which results in some material concentrations in a small handful of names. Also, there are some predictable sector tilts in the underlying portfolio, with sectors that are known as big dividend payers receiving some big allocations (though, on the whole, DVYA spreads exposure across all segments of the Asia Pacific economy). DVYA isn't the cheapest tool for gaining exposure to Asia Pacific economies--other products in the Asia Pacific Equities Category take that title--but it is relatively affordable given the objective, and does manage to deliver a considerably higher dividend yield than its peers. " WBIY,"WBIY tracks an index of 50 US firms selected for high forecasted dividend yield and strong fundamental factors. Holdings are weighted by forecasted dividend yield. " TOK,"This ETF offers exposure to a unique segment of the international economy, including economies classified by MSCI as developed except for Japan. As such, this fund can be potentially appealing as a building block of a portfolio for investors who believe Japanese equities will underperform, functioning as a one stop shop for global equity exposure (many global and EAFE ETF options make a meaningful allocation to Japan, one of the world's largest economies). While Japan is one of the world's largest economies, it has struggled from a performance perspective for several decades, exhibiting low growth rates and accumulating significant debt burdens. So there are many investors who would rather avoid this potential return drag when constructing their portfolio, especially in certain environments. Investors considering TOK should not the heavy tilt towards U.S. stocks; those seeking greater international allocations may prefer to utilize a piecemeal approach. TOK is very efficient in terms of expenses, and offers impressive depth of holdings; for those looking to avoid Japan but tap into the other developed markets of the world, there is a lot to like about this fund. " MGC,"This ETF tracks the MSCI US Large Cap 300 Index, a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a concentrated play on mega cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, MGC is a quality choice for investors seeking broad mega cap exposure but most would probably be better served by investing in a broader fund that is a little more diversified, although MGC is better than most in the mega cap space. Furthermore, Vanguard usually does a great job of keeping costs down so if you are dead set on mega caps this fund remains a quality choice. " DUSA,"DUSA is an actively managed portfolio of US large-cap stocks. The investment process targets companies considered to have long-term value potential. " DUSL,"DUSL provides 3X leveraged exposure to a market-cap- weighted index of US industrial companies. " TAN,"The cleverly-named TAN delivers targeted exposure to the solar power energy, making it potentially useful for both betting on long-term adoption of this energy source or capitalizing on perceived short-term mispricings. Like many granular ETFs focusing on specific sub-sectors, TAN doesn't offer tremendous diversification; there are only about 35 individual components-including both U.S. and international stocks--with three or four names accounting for a third of assets. Investors seeking broad-based exposure to clean energy may want to take a look at ICLN or GEX, while KWT offers another option for targeted solar power exposure. TAN's hyper-targeted focus makes it appropriate only for a select few, but for those seeing to overweight the solar power space this ETF can be a nice option. " FMHI,"FMHI is an actively managed fund that holds a broad range of US municipal bonds. " BULZ,"BULZ tracks 3x the daily price movements of an equal- weighted index of US-listed technology companies. " PSK,"This ETF offers investors exposure to preferred stock, an interesting segment of the capital markets that most investors do not have a lot of exposure to. Preferred stock holders have a ‘preferred’ position on assets compared to other common shareholders should there be a liquidity event in the company. However, these shareholders generally do not have voting rights in exchange for this premium position. Preferred stock also generally pay out solid dividend yields but then also do not participate as much in equity appreciation as their common share counterparts. Due to this preferred stock could be appropriate for those seeking to boost yields in a portfolio or for those looking for less risky forms of equity exposure that are relatively absent from broad portfolios of stocks. PSK is reasonably diversified by both sector and in terms of total number of holdings; the fund has just over 160 securities and is heavily weighted towards the financial industry although other sectors do comprise nearly 20% of the fund as well. As a result, this fund should be considered part of the financial holding of a portfolio and only used in small amounts to boost yields. If used properly, PSK could be a powerful tool for investors, just be careful and make sure to not overinvest in the sector. " BUFR,"BUFR is an actively managed fund-of-funds, which holds a laddered portfolio of 12 FT Vest U.S. Equity Buffer ETFs. " QABA,"QABA offers exposure to community banks, a sub-sector of the financial space that often receives little to no weight in broad-based indexes and ETFs. Community banks are often impacted by very different factors than giant Wall Street institutions, and as such QABA may offer be a way to complement exposure to big banks or to achieve financial exposure in a different manner. The hyper-targeted nature of this fund may diminish its appeal to those constructing long-term portfolios, but QABA can be an effective tool for establishing a tactical tilt, especially for opportunistic investors. This fund is dominated by small and mid cap stocks, and offers a risk/return profile that is unique even from regional banking ETFs such as KRE. The balanced nature of the portfolio is appealing, as QABA presents a way to play a high level investment thesis as opposed to concentrated developments in a small handful of stocks. Most investors will find this fund to be too targeted for their purposes, but it can be a very efficient way to play a specific strategy. " SPYC,"SPYC is an actively managed, fund-of-funds that provides exposure to the S&P 500 with a systematic options overlay strategy. The overlay strategy seeks to enhance upside potential and hedge downside risk. " QLTA,"This ETF is the first product of its kind in the Corporate Bonds ETFdb Category to focus exclusively on debt securities with a specific credit rating. The underlying portfolio is well-balanced; less than a quarter of total assets are allocated to the top ten holdings alone. QLTA's holdings consist of the highest rated investment grade bonds; all of underlying debt securities are rated Aaa-A based on the median rating assigned by the three primary rating agencies, including Moody's, Fitch, and Standard & Poor's. LQD is by far the biggest and most popular ETF in the corporate bonds space, however, this product is less-than-ideal for investors looking to focus on the high-quality segment of the corporate debt market. From a credit rating perspective, roughly more than half of LQD's holdings would not meet the standards for inclusion in QLTA. As such, QLTA is a viable instrument with a fairly cheap expense ratio that can help investors round out their fixed income component by adding a tilt towards higher-quality debt. " IMTM,"IMTM tracks an index of large- and mid-cap stocks from developed countries, ex-US. The momentum-selected stocks are weighted by market cap and momentum. " PDEC,"PDEC aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " HYGH,"HYGH tracks an index that holds the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) that targets USD- denominated corporate high-yield bonds while mitigating interest-rate risk. " IYLD,"This ETF offers multi-asset class exposure to high yielding securities, delivering a diversified, balanced portfolio that is capable of paying a meaningful distribution yield. As such, IYLD can be used in a number of ways within a portfolio. Those focusing on the long-term may see an allocation to IYLD as a tool for enhancing current returns while also achieving exposure to asset classes that are often overlooked or underweighted in long-term portfolios. More active investors may see IYLD as a handy tactical tool for pulling back slightly on risk exposure in anticipation of declines in risky assets. IYLD is an ETF-of-ETFs, which means that the underlying securities are other exchange-traded products. While there are a number of ETFs on the market that target these asset classes and seek to deliver high yields, IYLD is unique in that it includes exposure to stocks, bonds, and alternatives within a single ticker. So while it may appear that there are only 10 or so component holdings, IYLD actually offers access to thousands of individual securities. One item worth noting is the expense ratio; the ETF-of- ETF structure results in multiple layers of fees, which can lead to some additional expenses for investors. Those looking to skimp on management fees could construct the IYLD portfolio on their own--though that would involve potentially significant commissions. " FEDL,"FEDL provides 2x leveraged exposure to the compounded quarterly performance of a total return index consisting of large-cap US equities that the issuer believes will benefit from the prevailing monetary environment. The fund uses multiple fundamental factors to select and weight securities. " DMRS,"DMRS tracks an index with three subcomponents: equity, fixed income, and cash. The fund uses an algorithm to limit volatility, allocating between the three subcomponents. " JPUS,"The JPMorgan Diversified Return US Equity ETF (JPUS) tracks a broad index of large cap U.S. stocks. The methodology combines risk-weighted portfolio construction with multi-factor security selection based on value, momentum, and quality. The ETF marketplace has seen an explosion in recent years in “factor” funds covering every asset class. Investors can compare it to funds like the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) or the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD). JPUS is not unreasonably priced for a multi-factor fund but there are cheaper index options out there. Investors can also check out plain- vanilla U.S. equity funds like the iShares S&P 500 ETF (IVV) or the Schwab U.S. Large-Cap ETF, which lack fancy factors but offer broad U.S. equity exposure at a fraction of the price. " LQD,"This ETF is the most popular option for investors looking to gain exposure to investment grade corporate bonds, making it a useful tool for those looking to access a corner of the bond market that should be a core component of any long-term, buy-and-hold portfolio. LQD is probably of limited use for short term traders, who will prefer to utilize more extreme ends of the risk spectrum to capitalize off of short term movements in asset prices and risk tolerance. This ETF should, however, be very useful to those building a long-term portfolio; exposure to corporate bonds can deliver attractive yields without excessive risks. LQD can specifically be helpful for those with holdings in AGG or BND, beefing up the relatively minor allocations those aggregate products make to corporate debt (those ETFs are dominated by government bonds). While LQD is spread out across the maturity spectrum, investors do have options for more granular exposure to long term (VCLT) or short term (SCPB, VCSH) corporate debt. LQD is extremely cost efficient, and offers an impressively deep underlying portfolio of fixed income securities. But there are some interesting alternatives out there that may make more sense for certain investors. CBND, for example, offers similar exposure but uses a unique weighting methodology that may be more appealing. Whereas LQD gives the largest weightings to the biggest issues of debt, CBND uses fundamental factors such as return on assets and interest coverage ratio to determine the weightings assigned. " BSCS,"The Invesco BulletShares 2028 Corporate Bond ETF tracks an index of U.S. investment-grade corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because, once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into shorter-term corporate debt or Treasurys. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Investors can, at any time, sell their BulletShares ETF on the stock market and reinvest elsewhere, including rolling over into another BulletShares ETF. Investors and advisers can “ladder” their BulletShares holdings across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income, combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018. BulletShares provide income, diversification and liquidity, and all for an extremely competitive fee. " VOTE,"VOTE tracks a market-cap-weighted index consisting of large-cap US stocks. The fund intends to encourage transformational changes in companies through shareholder activism. " UJAN,"UJAN aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " XMVM,"The Invesco S&P MidCap Value with Momentum ETF tracks an index of undervalued U.S. mid-cap stocks that exhibit strong price momentum. The methodology begins with the S&P MidCap 400 Index and assesses book value, earnings and sales to determine the 160 most undervalued companies. Of the remaining stocks, the 80 with the strongest price momentum are included in the index. The portfolio is weighed based on companies’ values scores. The fund fees are reasonable for a mid-cap factor strategy, though there are cheaper ultra-low-cost options in the mid-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a value and momentum tilt to their mid-cap exposure. Prior to June 21, 2019, the fund tracked a different index of mid-cap value stocks. " NYF,"This ETF offers exposure to the municipal bond market, specifically focusing in on notes that are issued by municipalities in the state of New York. As a result, the fund is likely to be heavily influenced by any New York specific events, budget dealings, or political changes in the region. Muni investing in New York is an interesting proposition as it offers investors a nice mix of urban, suburban, and rural projects, offering immense diversification in a relatively small area. NYF is the most popular fund in the Category with as much assets as the other funds in the space combined. NYF focuses in on investment grade notes in the New York bond market and offers a solid level of diversification, holding just under 175 securities in total. Although expenses are just middle of the road, the fund would probably be best suited for traders looking to establish a broad quick position in the New York muni market across a variety of cities and sectors. Long-term investors could also find use for this fund but INY offers similar exposure at a cheaper price. " SSUS,"SSUS is an actively managed US fund-of-funds that overweights and underweights 11 US large-cap sectors based on proprietary risk model. " FRTY,"FRTY is an actively-managed, non-transparent ETF that provides exposure to US mid-cap companies with growth characteristics. The fund utilizes the Precidian non- transparent model. " JVAL,"The JPMorgan U.S. Value Factor ETF (JVAL) tracks a proprietary index that selects U.S. stocks that have attractive valuations based on characteristics like book yield, earnings yield, dividend yield, and cash flow yield. The fund is priced competitively for a factor fund but, as of June 2020, is considerably more expensive than traditional value ETFs. It also lags in assets and daily volume when compared with rivals like the the Schwab U.S. Large-Cap Value ETF (SCHV), the iShares Core S&P U.S. Value ETF (IUSV), and the Vanguard Value ETF (VTY). The fund owns more than 300 securities spread across large, mid-size, and small U.S. companies. As of June 2020, JVAL also had a far heavier weighting toward technology than its competitors, which lean on the health care and financial sectors. As with many single-factor funds, JVAL may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay JPMorgan’s version of a value tilt on top of a core allocation to U.S. markets. " DAX,"DAX tracks a market-cap-weighted, total return index of the 30 largest and most liquid securities traded on the Frankfurt Exchange. " SPFF,"SPFF tracks a market value-weighted index of 50 of the highest-yielding US preferred securities. " VTEB,"VTEB tracks a market-weighted index of investment- grade debt issued by state and local governments and agencies. Interest is exempt from US income tax and from AMT, " IYY,"This ETF offers broad-based, low cost exposure to U.S. stocks, maintaining more than 1,300 individual holdings across all sectors of the U.S. economy and including companies of all different sizes. As such, IYY may be a useful tools for those building a long-term portfolio and looking to simplify the process; this fund can offer exposure to a core asset class in a single ticker, delivering broad-based U.S. equity exposure to investors. Of course, there are a number of other options available in the All Cap Equities ETFdb Category, and many of these competing funds offer generally similar exposure. This fund maintains fewer holdings than ETFs linked to the Russell 3000 Index, meaning that the exposure offered may be more heavily tilted towards large cap equities. For investors seeking more significant inclusion of small cap and mid cap stocks, it may make sense to use multiple funds to establish U.S. equity exposure, or to achieve complementary exposure through small and mid cap ETFs. IYY is one option for simple, one stop exposure to U.S. equity markets, but investors should note that other products, such as SCHB and FMU, offer similar exposure at a cheaper price. Also, options like VTI or IWV cast a wider net, including significantly more holdings and therefore offering potentially superior balance of exposure. " ISRA,"ISRA tracks a cap-weighted, committee-reviewed index of Israeli and Israeli-linked companies. " FLGB,"The Franklin FTSE United Kingdom ETF (FLGB) tracks an index of large- and mid-size U.K. companies. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single- country ETF space. Many of the stocks in FLGB's portfolio are likely to be found in diversified European or developed market funds, and investors should be careful not to take on an unintentional overweight. Single- country funds are typically not appropriate for investors seeking a diversified portfolio, and FLGB is more likely to appeal to short-term traders placing tactical bets on U.K. markets. As of June 2020, FLBR’s management fee is a fraction of the price of the iShares MSCI United Kingdom ETF (EWU), though FLGB continues to trail its iShares rival in size and liquidity. FLBR invests in more stocks, including more mid cap names than EWU. The sector exposure of the two funds is broadly similar though there is some variation in sector weightings. " GCOW,"GCOW tracks an index of developed-market large-cap stocks, selected by free cash flow yield and dividend yield, and weighted by aggregate dividends. " REGL,"REGL tracks an equal-weighted index of mid-cap companies that have increased their dividends for at least 15-consecutive years. " LGOV,"LGOV holds an actively managed portfolio of US government bonds with an average duration of eight or more years. The fund seeks current income with a focus on capital preservation. " SHE,"SHE tracks a market cap-weighted index of US large- and mid-sized companies promoting gender diversity whilst exhibiting a relatively high proportion of women throughout all levels of their organizations. " SVOL,"SVOL is an actively managed portfolio that aims to provide income via short exposure to S&P 500 VIX short- term futures, reset daily. The fund also utilizes an option overlay strategy to protect against adverse moves in VIX. " GAMR,"GAMR tracks a market cap-weighted index of the 20 largest companies from the global video gaming industry, specifically those involved in the video game value chain. " HIBL,"HIBL provides 3x daily leveraged exposure to a beta- weighted index of 100 highest-beta stocks in the S&P 500. " IGE,"This fund gives investors exposure to increasing commodity prices through a basket of U.S.-traded natural resource related equities. IGE has an attractively low expense ratio and the funds principal holdings are big-oil companies and precious metal miners. Investors can use IGE as a means of gaining exposure to the growing natural resources sector, while reasonably reducing their expected volatility given the giant market-cap size of its top holdings. " HDGE,"This ETF is unlike the majority of products offering short exposure to domestic and international equity markets; HDGE is an actively-managed fund that seeks to identify candidates for short selling based on forensic accounting and other quant-based methodologies. The managers behind this fund have an impressive track record, and HDGE can be a powerful tool for managers required to maintain a short allocation or those looking to hedge against a market pullback. HDGE has a wide variety of potential applications depending on an investor's outlook for the U.S. market; the primary downside of this ETF is the hefty expense ratio. " CWEB,"CWEB provides 2x leveraged daily exposure to an index composed of overseas-listed Chinese internet companies. " FAS,"This ETF offers 3x daily long leverage to the Russell 1000 Financial Services Index, making it a powerful tool for investors with a bullish short-term outlook for the broad financial market. Investors should note that FAS's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. FAS can be a powerful tool for sophisticated investors who are bullish on the financial industry, but should be avoided by those with a low risk tolerance. " ROKT,"ROKT tracks a tier-weighted index of US equities associated with space and deep sea exploration. " SFYF,"SFYF tracks an index of 50 US listed stocks most widely held in self-directed brokerage accounts of SoFi Securities based on highest weighted average value. " AFIF,"AFIF is an actively managed, diversified global portfolio of fixed income instruments. " HACK,"The ETFMG Prime Cyber Security ETF was the first ETF to focus on the cyber security industry. It tracks an index of companies involved in hardware, software and services, classifying the underlying stocks as either infrastructure or service providers. Top holdings include Cisco Systems, Akamai and Qualys, HACK management fee matches its main competitor, the First Trust NASDAQ CEA Cybersecurity ETF (CIBR), but until recently HACK was the largest player of the two. However, since late 2020, investors have been pulling money out of HACK while CIBR has been picking up assets, in part because of concerns about the reputation of ETF Managers Group, the firm that runs HACK’s day-to- day operations. ETFMG is facing lawsuits from former business partners alleging theft of management fees from a handful of ETFs, of which HACK is by far the largest. In December 2019, a federal judge ordered ETFMG to pay $80 million to Nasdaq, a former business partner in HACK. So far there's little indication that the firm’s legal woes have hurt investors in the disputed funds but investors and advisers should be aware of the controversy. One peculiarity of HACK is that, at times, an unusually large slice of HACK's assets are invested in cash-like instruments, including VALT, ETFMG‘s own short-term debt ETF. In March 2020, VALT was HACK’s biggest holding, accounting for almost 5% of the portfolio, an unusually high (and expensive) cash-like allocation for an equity index fund. " FMB,"FMB is an actively managed fund that invests primarily in investment-grade municipal bonds, with some high-yield exposure. " VFH,"The Vanguard Financial ETF (VFH)} delivers targeted exposure to the US. financial sector, making it one option for investors seeking to tilt their portfolios towards U.S. banks. As a sector-specific ETF, VFH is most appropriate for those looking to implement a tactical tilt or carry out a sector rotation strategy, and probably has little use for those building a long-term buy-and-hold portfolio. This fund is heavily skewed towards large caps, but does include some mid- and small-cap exposure. As of June 2020, VFH has more than 400 stocks in its portfolio, giving it broader exposure than the ultra-popular Financial Select Sector SPDR Fund (XLF). For investors looking to dig deep with their exposure to financial stocks, VFH is a good option. The ETF is among the cheapest in the category. " JMUB,"The JP Morgan Municipal ETF (JMUB) is an actively- managed fund that invests in municipal securities. The portfolio managers focus on investment-grade securities and aim to deliver tax-free income while managing credit risk and duration, a measure of sensitivity to interest rate changes. Typically bond prices fall when interest rates rise. Bonds have been one of the bright spots for active managers, and many bond ETFs manage to outperform their benchmarks — something stock pickers often fail to achieve. An investment in JMUB is ultimately a bet on the manager’s ability to outperform the market. Actively- managed alternatives include the PIMCO Municipal Bond Strategy Fund (MUNI). Investors looking for index-tracking funds can compare JMUB to the iShares National AMT-Free Muni Bond ETF (MUB) or the Vanguard Tax-Exempt Bond Index ETF (VTEB), the two largest funds in the municipal bond category. " IBTE,"IBTE tracks a market-value-weighted index of US Treasury bonds maturing between January and December 2024. The fund will terminate in December 2024. " XHS,"This ETF offers targeted exposure to health care services companies, a narrow slice of the U.S. economy that includes health care service providers, managed health care firms, health care facilities, and health care distributors. The health care sector may be appealing to investors looking to add stability to their portfolio, and this corner of the market is also capable of delivering solid distribution yields to investors. Given the relatively narrow focus, this fund probably is of little use to investors building a long-term, buy-and-hold portfolio; it will be more useful to those looking to establish a tactical tilt within their portfolios. There are a couple aspects of XHS that make this product noteworthy and unique from competing funds. First, the underlying index is equal weighted, a feature that results in a well balanced portfolio. That should be appealing to investors for a number of reasons, including the potential to avoid market cap weighting methodologies that some believe contain potential drawbacks to long-term performance. There are a number of broad-based funds in the Health & Biotech ETFdb Category that offer similar exposure to this corner of the market. For investors looking to achieve targeted exposure to health care services stocks, XHS is an efficient way to tap into this corner of the market. " TTAC,"TTAC aims to outperform a broad US equity index. The actively-managed fund selects stocks based on strong free cash flow and ESG rankings. " BNOV,"BNOV is an actively managed ETF designed to track the price return of the S&P 500 with capped gains and some buffering against losses over a predetermined period. " WEAT,"This ETF offers exposure to wheat futures contracts; when WEAT debuted in 2011, it became the first pure play wheat ETP on the market. Like many exchange-traded commodity products, WEAT should not be expected to deliver exposure to spot wheat prices. Because the underlying index consists of wheat futures contracts, factors such as the slope of the futures curve and the current level of interest rates will impact the performance of WEAT. One distinguishing factor of WEAT--and of all Teucrium agricultural products--is the structure of the underlying holdings. Instead of concentrating holdings in front month futures, WEAT spreads futures contracts across multiple maturities. That is done with the objective of minimizing the impact of contango on bottom line returns. Given the targeted focus of WEAT, this product probably isn't of much use for those building a long-term, buy-and- hold portfolio. This product can, however, be useful for those looking to establish tactical exposure to a specific corner of the commodity market. For investors seeking more broad-based grains exposure (i.e, including soybeans and corn), JJG, GRU, and WEET (all ETNs) might be worth a closer look. For those in the market for broad exposure to agricultural commodities, there are a number of products in the Agricultural Commodities ETFdb Category that might be useful. Finally, the structure of WEAT should be noted. Because this product is structured as a partnership, investors can expect to receive a K-1 at the end of the year detailing their share of profits or losses. Moreover, WEAT will be required to buy and sell the underlying futures contracts, which can result in tracking error and_ trading commissions (meaning that the expense ratio may not include all the fees investors in this fund will pay). While the administrative duties associated with K-1s are minimal, some investors prefer to achieve exposure to " IEFA,"The iShares Core MSCI EAFE ETF (IEFA) is the younger, cheaper variation on BlackRock’s flagship iShares MSCI EAFE ETF (EFA). IEFA debuted in 2012 as part of the new ultra-low-cost iShares Core series, which was designed to attract buy-and-hold investors. IEFA delivers broad exposure to developed markets equities outside of the U.S., and does it for a fraction of the price charged by the legacy iShares fund. IEFA also includes smaller-cap names ignored by its older sibling, making it a staple holding of long-term investors who want exposure to developed markets outside North America. IEFA’s massive size makes it easy for institutional investors to buy and sell large blocks. But its pricier sibling is still favored by active traders, who prefer EFA for its deep liquidity, tight tracking and massive options market. While IEFA beats EFA on fees, it is still not as cheap as rivals like the Vanguard FTSE Developed Markets ETF (VEA) or Charles Schwab‘s International Equity ETF (SCHF}). But investors should note a few critical differences: Both VWO and SCHE track an indexes that include Canada and South Korea, whereas the iShares funds follow MSCI benchmarks that exclude Canada from EAFE indexes and lump South Korea in with emerging markets. Unsuspecting investors who mix and match funds from different firms may find themselves either unintentionally overweight Canada and South Korea, or missing out on those countries entirely. " BSMQ,"The Invesco BulletShares 2026 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund's portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and " FTCS,"FTCS tracks an equally weighted US large-cap equity index targeting companies with a strong cash balance, low long-term debt, and high return on equity. " EVX,"This ETF offers exposure to companies that may benefit from the global increase in demand for consumer waste disposal, removal and storage of industrial by-products, and the management of associated resources. The fund focuses primarily on U.S. industrial stocks but includes smaller allocations to a number of other sectors and markets as well. As a sub-sector specific offering, EVX is likely far too granular for investors seeking to construct a well balanced, long-term portfolio. But this ETF can be useful as a tactical tilt towards a sector of the economy that may benefit either from short term developments or longer term demographic or regulatory trends. Not surprisingly, EVX is somewhat concentrated, with only a couple dozen individual stocks and hefty allocations to some of the biggest names in the portfolio. WSTE may be another name worth considering for targeted exposure to this sector, as there is some overlap between these products. " SDIV,"This ETF is one of several products designed to offer exposure to a basket of dividend-paying equities, but one of few that combines this objective with a global scope. SDIV can be used in a variety of different ways within a portfolio; it may have appeal as a core holding as part of a long-term, buy-and-hold strategy that emphasizes current return, and could also be useful for establishing a shorter-term tactical tilt towards a group of equities that offer attractive distributions and a unique risk/return profile. SDIV is also unique in the weighting methodology employed. While many dividend ETFs use a dividend- weighted or cap-weighted methodology, SDIV is linked to an equal-weighted index. That approach has several potential benefits: it breaks the link between stock price and allocation (a common criticism of cap-weighted funds) and avoids concentration of holdings in a small number of holdings. The equal-weighting approach will also force a disciplined rebalancing of holdings, taking gains from stocks that have performed well recently and moving them into names that have lagged behind. For investors looking to establish exposure to a dividend- focused fund, SDIV is one of several good options. It makes sense to compare the yields of the potential options, as well as the geographic allocation and the balance of holdings (SDIV will be hard to beat on that front). Other funds with a global focus and emphasis on dividends include DEW and FGD. " CANE,"This product is one of several resource-specific commodity ETPs available to investors, offering exposure to the commodity of sugar. Given this narrow focus on a single natural resource, CANE probably has little or no use to buy-and-hold investors building a long-term portfolio; this ETF is more useful for those looking to make a tactical play on this segment of the soft commodities market. Investors seeking more broad- based exposure to commodities have a number of options in the Commodities ETFdb Category (DJCI and USCI are a couple of our favorites). It is important to note that CANE does not offer exposure to spot sugar prices; this product invests in sugar futures, and as such the slope of the futures curve will have a potentially significant impact on returns and volatility realized. For more sophisticated investors looking to make a play on sugar, CANE can be a very efficient way to achieve low maintenance access to this corner of the commodity market. One of the more noteworthy attributes of this product is the manner in which the underlying futures contracts are structured and maintained; rather than simply rolling exposure to front month futures contracts upon expiration, holdings are spread across multiple maturities in a manner designed to minimize the adverse impact of contango on bottom line returns. There are other ETP options for gaining access to sugar; iPath offers SGG and SGAR, both of which are structured as ETNs, and each of which offers a unique roll methodology. The ETN structure exposes investors to the credit risk of the issuing institution, but also has certain advantages in the commodity space, including tax efficiencies and elimination of commissions. " FVAL,"The Fidelity Value Factor ETF (FVAL) tracks a proprietary index that selects U.S. stocks with low prices relative to fundamentals. The fund is priced competitively for a factor fund but, as of June 2020, is considerably more expensive than traditional value ETFs. It also lags in assets and daily volume as compared with rivals like the the Schwab U.S. Large-Cap Value ETF (SCHV), the iShares Core S&P U.S. Value ETF (IUSV), and the Vanguard Value ETF (VTV). The fund owns about 125 securities, making it a less diversified option than, say, VTV. As of June 2020, FVAL also had a far heavier weighting toward technology than its competitors, which lean toward the healthcare and financial sectors. As with many single-factor funds, FVAL may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay Fidelity’s version of a value tilt on top of a core allocation to U.S. markets. " RWL,"This ETF tracks the RevenueShares Large Cap Index, a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, the fund employs a_ different weighting methodology than the cap weighted funds in the index, potentially giving it a different risk/return profile. The fund tracks all the same stocks in the S&P 500 but instead of weighting on market cap uses top line revenues to determine the allocations. Thanks to this, the fund could outperform or possibly underperform funds such as SPY or VOO that track the exact same index. Overall, RWL is a quality choice for investors seeking broad mega and large cap exposure as it contains just over 500 securities in total. However, the fees are marginally higher than other funds that employ a cap weighted methodology suggesting that those who need to keep costs to an absolute minimum would be better served elsewhere. If, however, investors believe in the promise of the revenue weighting system, RWL is a fine pick that will offer well rounded exposure. " KEMX,"KEMX tracks the investment results of an index focused on large-cap and mid-cap companies within emerging market countries, excluding China. " ACTV,"ACTV actively selects US equity securities that are the target of shareholder activism. " DRIV,"DRIV tracks an index that uses artificial intelligence to select global stocks involved in the development, production, or supporting technology of autonomous and electronic vehicles. " ECLN,"ECLN is an actively-managed fund comprised of developed-economy equities of companies committed to a reduction of carbon emissions. " SECT,"SECT is an actively managed fund-of-funds that uses fundamental analysis to pursue a sector rotation strategy. The fund aims to outperform the S&P 500 while limiting losses during periods of decline, and may hold equities of any market cap or geographic exposure. " KOCG,"KOCG is an actively managed fund that invests in companies of any size across the world that meet certain Catholic investment guidelines. " DOCT,"DOCT aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " ITEQ,"ITEQ tracks a market cap-weighted index composed of Israeli technology companies. The fund provides exposure to various industries, including biotech, healthcare, defense tech, clean energy, water tech, and life sciences. " SMHB,"SMHB tracks twice the monthly returns of a dividends- selected, liquidity-weighted index of US small-cap equities. " DFAI,"DFAI is an actively-managed fund that seeks a broad exposure to relatively low-priced and profitable stocks in developed countries outside the US. " XMLV,"The Invesco S&P MidCap Low Volatility ETF tracks an index of the 80 least volatile stocks culled from the S&P 400 Index. The fund is the mid-cap variation of the popular Invesco S&P 500 Low Volatility ETF. Like its sister fund, XMLV is likely to have a widely different sector composition compared with a plain-vanilla mid-cap ETF. It is also more expensive. The higher fees and narrower portfolio are probably not what buy-and-hold investors are looking for, but XMLV could be a good option for tactics investors who want to tilt their mid-cap portfolio toward less volatile stocks. " NFLT,"NFLT is an actively managed portfolio of bonds. The portfolio managers can invest in domestic, international and emerging market bonds, USD- or non-USD denominated, investment grade or high yield and in any sector. " ANGL,"This ETF offers exposure to high yield or junk bonds, a corner of the domestic fixed income market that has appeal to risk tolerant investors interested in boosting the current returns derived from their bond portfolios. As such, ANGL can have appeal both to investors building a long-term portfolio or to those looking to make a tactical allocation to this corner of the market. Because junk bonds are generally excluded from broad-based fixed income ETFs such as AGG or BND, this product can be a tool for rounding out the fixed income side of a portfolio. ANGL is unique from many other products in the High Yield Bonds ETFdb Category in that it focuses exclusively on debt that was rated as investment grade at time of issuance but has since been downgraded to junk status. Given that objective, ANGL will tend to be concentrated at the higher end of the credit quality spectrum, and may hold bonds that are more likely to be upgraded back to investment grade status (which would generally involve a jump in price). This ETF is a bit more expensive than some of the competing junk bond ETFs out there, but still very cheap given the investment objective. " IBML,"IBML tracks a market-value-weighted index of investment-grade AMT-Free municipal bonds that mature between January and December 2023. " IGLD,"IGLD aims to generate income from a long position in SPDR Gold Trust ETF (GLD) and call spreads utilizing FLEX options. The fund gains exposure through a wholly-owned subsidiary. " UCIB,"UCIB tracks a broad-commodity index representing five commodity sectors. It uses a set of five futures contracts of different maturities to maintain exposure to each commodity. " IHAK,"IHAK tracks a market cap-selected and -weighted index of large- and mid-cap companies involved in cyber hardware and software. " AZBO,"AZBO aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " HEWG,"HEWG tracks an index of large- and mid-cap German stocks, while fully hedging out its exposure to the euro relative to the US dollar. " FXU,"This ETF invests in an ""enhanced"" index which employs an quantitative methodology to picking individual utilities securities from the Russell 1000 index. An investment in the utilities sector offers several advantages to the average investor. Firstly, many utilities are a necessity in today's world, and as our population continues to grow in the future, the demand for these companies will only increase in theory. Second, utility companies are known for their high dividend yields, giving investors a steady stream of income despite what market conditions may be like. Finally, these companies may prove to be somewhat recession proof; no matter what the economic conditions are, people still need to use electricity and other utilities to go about their daily lives. FXU invests the majority of its assets in the U.S., and has a bias towards companies of medium market capitalization. Investors should also note that this product has an attractive dividend yield to generate stable returns for a portfolio. " TFLO,"TFLO tracks a broad maturity market-value-selected and -weighted bond index of US Treasury floating rate securities. " RHS,"This ETF offers exposure to the consumer staples sector of the U.S. economy, making it one option available to investors implementing sector rotation strategies or looking to tilt exposure towards a low beta industry, perhaps in anticipation of a down market. Like many Rydex products, RHS is linked to an equal-weighted index, meaning that component companies receive approximately equal allocations. That results in exposure that is considerably more balanced than other alternatives such as XLP, and a methodology that some investors believe will add value over the long haul. In return for this exposure you can expect higher fees; this ETF is considerably more expensive than both XLP and FCD, though it is still extremely cost efficient compared to most mutual funds. " NUDM,"NUDM tracks an index of companies from developed countries, excluding the US and Canada, that align with various environmental, social, and governance principles. " FREL,"The Fidelity MSCI Real Estate Index ETF (FREL) offers broad exposure to U.S. equity REITs, alongside a small allocation to specialized REITs and real estate firms. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). FREL is competitively priced compared to rivals in the low-cost REIT space, including JPMorgan BetaBuilders MSCI US REIT ETF (BBRE), the Vanguard Real Estate Trust (VNQ), and the Schwab U.S. REIT ETF (SCHH}. As of June 2020, FREL charges a significantly lower management fee than the iShares U.S. Real Estate ETF (IYR), long a giant in the segment. " IWD,"This ETF is linked to the Russell 1000 Value Index, which offers exposure to large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longerterm horizon should consider the importance of large cap value growth stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest companies in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. IWD is linked to an index consisting of roughly 650 holdings and exposure is tilted most heavily towards financials, energy, and health care. Thanks to this fund's solid level of diversification and cheap price, investors could definitely make IWD a significant portion of their portfolio. " SPDV,"SPDV tracks an index of US large-caps selected for high dividend and free-cash-flow yields. Securities are equally- weighted. " THCX,"THCX tracks an index of legal cannabis companies selected and weighted by market capitalization. The fund primarily holds North American companies but may also invest in other countries. " DWAW,"DWAW is an actively managed fund of funds that follows a proprietary rules-based momentum strategy and seeks long-term capital appreciation. " PGJ,"This ETF offers an option for accessing companies that are listed on U.S. exchanges but derive a substantial portion of their revenues from China. As such, it may be a unique tool for accessing Chinese equity markets while mitigating some of the risk that comes with emerging markets (e.g., less stringent accounting standards, etc.). Unlike some China ETFs, PGJ does a pretty good job of spreading exposure throughout the economy; weightings to banks and energy aren't overwhelming, and the often- overlooked tech sector receives a significant weighting as well. PG] is tilted towards mega cap companies, but does include some degree of exposure to smaller Chinese firms as well. And this ETF casts a wide net, investing in more than 200 names (though ten of those account for about half of total assets). PG] has the potential to deliver more balanced China exposure than funds like FXI; other options for similar exposure may include GXC. " UAUG,"UAUG aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " RJI,"This ETN is linked to a broad-based commodity benchmark, as the related index includes more than 30 different futures contracts. As such, RJI offers exposure to a number of different commodity families, ranging from energy to precious and industrial metals to agriculture. The structure of RJl has an impact on its risk/return profile; as an ETN, investors are exposed to the credit risk of the issuing institution. They may also face more favorable tax treatment relative to partnerships such as DBC, and will avoid tracking error that can plague other commodity products. One caveat on Rul: average volume is minimal and spreads can be wide, so use of limit orders and potentially alternative liquidity providers is strongly advised. " HNDL,"HNDL is a fund of funds that targets a high distribution rate. The funds index reflects a balanced portfolio of US equities, fixed income, and alternative investments. The index is leveraged by a factor of 1.3x. " VV,"This ETF tracks the MSCI US Prime Market 750 Index, a benchmark tracking some of the largest and most profitable companies in the United States. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips’ and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, VV is a quality choice for investors seeking broad mega and large cap exposure and it is more diversified than most, containing just over 750 securities in total. As a result, this fund could serve as a building block for many portfolios making it an excellent choice for many buy and holders, especially for those looking to keep costs at a minimum. " EDOW,"EDOW tracks an equal-weighted index of companies included in the Dow Jones Industrial Average. " QQEW,"This ETF offers exposure to one of the world's most widely-followed equity benchmarks, but with a twist; weighting each of the component securities equally. While QQQ is well known among investors, this ETF has some appeal to those constructing a long-term, balanced portfolio as its equal-weighting methodology mitigates some of the impact from the heavy tech weighting. However, the sheer number of tech companies in the Nasdaq ensures that even with this equal-weighting, the fund is heavily dependent on technology names. QQEW should be used by more long-term investors while traders should seek out the more liquid QQQ instead. QQQ has penny-wide spreads and can be a nice tool for those looking to quickly establish a position in U.S. equity markets. But investors building a retirement portfolio or maintaining a longer-term objective would be better served by looking at this often forgotten fund from First Trust instead if they are dead-set on obtaining broad exposure to the Nasdaq-100. " GQRE,"The FlexShares Global Quality Real Estate Index Fund (GQRE) tracks a proprietary index that assesses real estate investments based on quality, momentum, and value. The index weights its holdings based on how well they score on those factors, then imposes caps to ensure diversification. GQRE invests in real estate companies in developed U.S. and international markets, including real estate investment trusts and and real estate operating companies. There are other variations on real estate ETFs for investors to compare, such as the ALPS REIT Dividend Dogs ETF (RDOG), the SPDR Dow Jones Global Real Estate ETF (RWO), the Global X SuperDividend REIT ETF (SRET), or the iShares Global REIT ETF (REET), which is the least expensive of the bunch. " JQUA,"The JPMorgan U.S. Quality Factor ETF (JQUA) tracks a proprietary index that selects stocks in large- and mid- cap U.S. stocks based on quality, profitability, and solvency. JQUA is priced competitively with other single- factor funds that invest in U.S. equities. The fund owns more than 200 securities. As with many single-factor funds, JQUA may not be diversified enough to stand alone as a core U.S. equity holding. It tends to be useful to investors who want to overlay a quality tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare JQUA to rivals like the Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP}, the Schwab Fundamental U.S. Large Cap Company Index ETF (FNDX), or the iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL). Cost-conscious investors might prefer ultra-low-cost plain vanilla U.S. funds like the Vanguard Total Stock Market ETF (VTI} or the iShares S&P 500 ETF (IVV). " AOA,"This ETF is a one stop shop for investors seeking an aggressive strategy that tilts towards equities and away from fixed income. It should be noted, however, that risk tolerance concepts and objectives vary from investor to investor, so using a ""one size fits all"" approach might not be advisable. AOA maximizes simplicity, but many investors will want to use other products to fine tune the risk/return portfolio this fund offers. " FPA,"This ETF offers exposure to a handful of developed economies in Asia, including South Korea, Hong Kong, Australia and Singapore but excluding Japan. As such, this fund may be appealing to those who are looking to tilt developed markets exposure towards Asia, but are skeptical of Japan's ability to generate meaningful GDP growth. Many of the underlying economies are included in broad-based international ETFs, so beware double-dipping on some of these markets (though FPA can be useful for a tactical overweight position). While there are multiple Asia ex-Japan ETFs available, FPA is unique because of the methodology underlying the related index. This ETF is part of the AlphaDEX suite of ETFs from First Trust that are linked to indexes utilizing quant-based screens in an attempt to identify the stocks poised to outperform their broad peer group. In exchange for this advanced methodology, investors will have to pay a bit more; FPA is a bit more expensive than cap-weighted ETF options such as AAXJ and EPP (though the gap is relatively small compared to expense differentials among U.S equity funds). For those who believe that the AlphaDEX methodology has the ability to generate excess returns over the long run, this ETF may be very appealing as a way of overweighting developed Asian economies in a long-term portfolio or for establishing a short-term tactical tilt towards this region. For those looking to minimize fees or skeptical about the ability of the methodology to add value, EPP may be a better option. " UVXY,"This ETF offers leveraged exposure to an index comprised of short-term VIX futures contracts, making it a very powerful tool for those looking to implement sophisticated strategies requiring exposure to the VIX. The VIX, also known as the ""fear index,"" is a widely followed indicator of equity market volatility. Because the VIX tends to spike when stock markets struggle, this asset class has become appealing to investors looking for negative correlations to stocks. It is important to note that UVXY does not offer exposure to the spot VIX; although the underlying index is comprised of VIX futures, its performance can vary significantly from a hypothetical investment in the spot VIX< depending largely on the slope of the VIX futures curve. Moreover, investors should consider the type of leverage offered by UVXY; because leverage resets on a daily basis, the performance over multiple trading sessions will be impacted by the compounding of returns. UVXY is a very powerful tool that is designed primarily for sophisticated investors; those without a _ firm understanding of futures markets and the VIX are advised to stay away, and this product certainly doesn't belong in a long-term, buy-and-hold portfolio. But for those with very specific investment objectives, UVXY has the potential to deliver huge gains over a relatively short period of time. Investors seeking non-leveraged exposure to VIX futures have a number of choices in the Volatility ETFdb Category, while TVIX offers generally similar exposure within the ETN wrapper. " VUSE,"VUSE tracks an index of US companies selected and weighted based on a multi-factor model that considers corporate governance, quality, and momentum. " XSHQ,"The Invesco S&P SmallCap Quality ETF tracks an index of U.S. small-cap stocks with stronger balance sheets and financial fundamentals than their peers. The methodology begins with the S&P SmallCap 600 Index and assesses return on equity, operating assets, and financial leverage. Approximately 120 of the top scoring stocks are included in the index. The portfolio is weighed based on a combination of companies’ market capitalization and quality scores. The fund fees are reasonable for a small- cap factor strategy, though there are cheaper ultra-low- cost options in the small-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a quality overlay to their small-cap exposure. Prior to March 18, 2016, the fund tracked a different index of quality stocks. " IWR,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. Mid cap stocks are appealing to many because they still have significant growth potential but they are less risky than their small and micro cap brethren. IWR offers exposure to a balanced portfolio of stocks, including close to 780 individual names, among the most in this particular Category. The expense ratio is pretty cheap, although there are several funds that do offer a lower cost. For those seeking other options in the space similar choices can be found in the MDY and IJH funds, the ultra-cheap FMM, and equal-weighted EWRM. " ICOL,"ICOL tracks an index of large-, mid and small-cap Colombian companies. " GLRY,"GLRY seeks to maximize growth and outperform its benchmark by actively selecting US mid-cap stocks that are screened for their alignment in biblical values. " RWJ,"This ETF offers exposure to small cap U.S. stocks, an asset class that is included in most long-term portfolios and can be useful for tactical traders looking to implement a tilt towards riskier securities. RWJ is one of dozens of options for small cap exposure through ETFs, distinguishing itself from the alternatives though the unique weighting methodology employed. The related benchmark consists of all the stocks included in the S&P SmallCap 600, but determines the individual allocations based on top line revenue (as opposed to market capitalization). That methodology may be appealing for investors who see value in a strategy that shifts exposure towards companies with low price-to-sales multiples, and may also be appealing for those looking to utilize alternatives to market cap-weighting (which has a tendency to overweight overvalued stocks, and underweight undervalued companies}. There are other ETFs out there for alternative weighting approaches within the small cap space; DES weights holdings based on cash dividends paid, while EES uses earnings to construct the underlying portfolio. RW] is slightly more expensive than some of the cap-weighted alternatives, but investors who believe the revenue-weighting approach has the potential to add value over the long run will find the expense differentials to be minimal. This fund may be worth considering as an alternative to products such as IWM and IJR. " SVXY,"This ETF offers inverse exposure to an index comprised of VIX futures contracts, making it an intriguing tool in certain environments. The VIX is a widely followed indicator of expected equity market volatility, and as such has a tendency to exhibit a strong negative correlation to equity markets. Inverse exposure to the VIX, therefore, can expected to generally move in the same direction as equities--though products such as SVXY can be considerably more volatile. Like most volatility ETPs, SVXY does not offer exposure to the spot VIX; rather, the returns generated by this product will often depend in large part on the slope of the futures curve. When the VIX futures market is in a state of steep contango--as it often has been historically-SVXY may offer exposure to a compelling strategy that can exploit structural inefficiencies. When the VIX market is backwardated, however, the strategy employed by this fund essentially has it flying into the wind, vulnerable to significant return erosion from the roll process. It should also be noted that SVXY maintains a daily reset feature; over multiple holding periods, this product will be impacted by the compounding of returns. SVXY can potentially be a very powerful tool, but is generally appropriate only for more sophisticated investors; those without an understanding of the VIX or futures-based strategies should steer clear. And this ETF doesn't belong in a long-term, buy-and-hold portfolio. The exposure offered by SVXY is generally similar to XIV, a popular product from VelocityShares. It should be noted, however, that the structures of these products differ; SVXY is an ETF, while XIV is an ETN. Both have potential advantages and drawbacks; SVXY avoids the credit risk that is inherent in any ETN, though XIV will not incur tracking error when rolling holdings. " LVHD,"LVHD tracks an index of roughly 50-100 US stocks selected from across the market cap spectrum. Stocks are selected and weighted to emphasize profitability, high dividends, low price volatility and low earnings volatility. " KARS,"KARS tracks a modified market-cap-weighted index of stocks that are involved in the production of electric vehicles or other initiatives that may enhance future mobility. " UITB,"UITB is an actively managed bond fund that invests primarily in US issues with a dollar-weighted average maturity of three to ten years. " ARKF,"The ARK Fintech Innovation ETF (ARKF) is an actively- managed fund from the team at ARK Invest that tries to pick the companies best positioned to profit from advancements in energy, automation, manufacturing, materials and transportation. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. This fund aims to pick the winners in financial technology such as blockchain, transaction innovation, and customer platforms. The fund owns about 40 stocks. Its top holding is mobile payment company Square Inc., real estate listings giant Zillow, and MercadoLibre, an online trading site for Latin American markets. ARKF also owns sizable slugs of tech and social media giants like Apple and Pinterest. ARKF launched in late 2019, years after some of its closer competitors, so it lags in size but has still raised more than $100 million in assets. ARKF’s management fee of 75 basis points might seem expensive in the ultra-low- cost world of passive ETFs, but it’s cheap for active management. It might look like an especially good bargain compared with passive competitors such as the ETFMG Prime Mobile Payments ETF (IPAY) which charges the same fee as ARKF, or the Global X FinTech ETF (FINX) which costs 68 basis points. Any actively-managed product is ultimately a bet on the portfolio managers who pick the stocks. ARK’s products are geared toward investors who have the fortitude and faith to ride out short-term blips in the hopes of earning long-term alpha. " FEZ,"This ETF is one option available for investors seeking to establish exposure to the economies of the euro zone, a sub-set of general European equity exposure. As such, FEZ is more than likely too targeted for long-term portfolios; broad EAFE funds such as VEA or even all- inclusive European ETFs such as VGK are probably better building blocks for buy-and-holders. But this fund can potentially be useful for implementing short-term tactical tilts, and has the potential to be a component of long/short trades as well. FEZ maintains a few biases; it is almost exclusively comprised of large cap stocks, and financials receive a hefty allocation. This product is also not the greatest in terms of diversification; with just 50 holdings, FEZ includes only a small fraction of Euro zone stocks. EZU offers similar Euro zone exposure with greater depth, as that fund holds more than 200 individual names and exhibits a more balanced sector and market cap breakdown. " BSJM,"The Invesco BulletShares 2022 High Yield Corporate Bond ETF tracks an index of junk-rated U.S. corporate bonds that mature in the indicated year. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. As the maturity date nears, BulletShares high-yield ETFs roll the proceeds of their maturing bonds into cash, cash equivalents, Treasurys or investment-grade corporate paper. This acts as an automatic risk- off tool; in the final year of the fund's life, the portfolio will steadily tilt more and more heavily toward ultra-safe Treasurys. This is appealing for investors looking for a guaranteed cash distribution at maturity, and are willing to accept steadily lower yields in the final year. Once the target date is reached, the fund distributes the capital back to investors and shuts down. Of course, the appeal of junk debt is the increased yields over Treasurys or investment-grade corporates. Investors who want to maintain the income from high-yield exposure can sell their maturing BulletShares ETF on the stock market and reinvest in a comparable BulletShares with a later maturity. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them especially appealing for those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it's far easier and cheaper to buy a BulletShares ETF than it is for them to source one or two underlying bonds. BulletShares ETFs debuted in 2010 under the Claymore brand and eventually moved to Invesco when the company acquired Guggenheim’s ETF business in 2018... " ERTH,"The Invesco MSCI Sustainable Future ETF invests in companies from around the world that offer products and services that contribute to a more environmentally sustainable economy. The fund invests in small-, mid- and large-cap companies from around the world. Companies are eligible for inclusion in the index if they derive 75% or more of their cumulative revenue from six areas: alternative energy, energy efficiency, green building, sustainable water, pollution prevention and control, and sustainable agriculture. The index excludes companies that faced very severe controversies related to environmental, social and governance issues in the last three years, as well as companies involved in controversial weapons. The fund is among dozens of ETFs that target companies that compare favorably on environmental, social and governance criteria, also known as ESG. ESG funds are an increasingly popular segment of the ETF marketplace, offering values-driven investors a diverse portfolio of U.S. stocks without compromising their conscience. ERTH is part of a narrower subset of ESG known as impact funds, whose goal is to invest in companies that try to bring about a measurable, beneficial social or environmental impact. Invesco’s fund fees are reasonable for the segment, though fees for impact ETFs tend to be significantly higher than plain-vanilla index funds and some broad- based ESG funds. The holdings are also significantly narrower. Due to the increased diversification and concentration risk of its portfolio, ERTH is not a good replacement for a core global equity position though it may be a good complement for investors committed to sustainable businesses. Prior to March 24, 2021, the fund traded under a different name and ticker and followed a different index and strategy. The was formerly known as the Invesco Cleantech ETF and traded under the ticker PZD. " EURL,"EURL provides 3X daily levered exposure to a market-cap- weighted index of companies in developed Europe. " USD,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Semiconductors Index, making it a powerful tool for investors with a bullish short-term outlook for semiconductor equities. Investors should note that USD's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. USD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " EWA,"This ETF offers exposure to Australian equities, and is the most liquid and most popular option for achieving exposure to the Australian economy. As such, EWA can be potentially useful as a tool for fine tuning the international equity section of a long-term portfolio. It can also be a useful fund for making a short-term bet on Australia, a resource rich economy that might have tremendous appeal in certain environments. Investors building a long-term portfolio may find more broad-based EAFE ETFs such as EFA or VEA to be more efficient from a cost perspective. Like many international equity ETFs, EWA is dominated by large cap stocks, which introduces certain biases into the portfolio. In the case of EWA, financials receive a heavy allocation, while access to the country's potentially desirable natural resources sector is relatively limited. The small-cap focused KROO might be a more appealing means of establishing exposure to Australia (or could alternatively be used to complement the exposure offered by EWA). Another potential alternative for exposure to Australian equities is AUSE; that ETF is linked to a dividend-weighted strategy that may be appealing to certain types of investors. " EEM,"EEM is one of the most popular ETFs in the world, and is one of the oldest products on the market offering exposure to stock markets of emerging economies. Given this objective, EEM can be used in a number of different ways; this ETF can be equally useful as a short-term trade to increase exposure to risky assets or as a core holding in a long-term, buy-and-hold portfolio. EEM certainly qualifies as a portfolio ""building block"" given the importance of the asset class covered, but it also has some noteworthy flaws. In terms of the exposure offered, there is a lot to like about EEM; the underlying portfolio includes hundreds of stocks from dozens of different emerging markets. Though there are some significant allocations to certain sectors, EEM is generally very well balanced. It should be noted that EEM consists almost entirely of large cap stocks; those looking to round out emerging markets exposure should like funds such as EEMS and EWX as complementary positions. The biggest drawback is the significant expense ratio; EEM is considerably more expensive than VWO, a Vanguard fund that is linked to the exact same index. That means that this ETF is destined to lag behind that alternative in terms of bottom line performance. It should be noted, however, that EEM has a very active options market. So while VWO is generally a better choice for buy-and-holders, this iShares fund can be useful for those looking to implement more advanced strategies that include options. There are a number of alternatives to both EEM and VWO. An equal-weighted fund from Rydex (EWEM) includes the same holdings as VWO but assigns an equivalent weight to each, making it potentially appealing for those seeking to avoid cap-weighted methodologies. WisdomTree's dividend-weighted DEM is another option for those who " VONE,"This ETF tracks the Russell 1000 Index, a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, VONE is a quality choice for investors seeking broad mega and large cap exposure and it is more diversified than most, containing just under 1,000 securities in total. As a result, this fund could serve as a building block for many portfolios making it an excellent choice for many buy and holders, especially for those seeking to keep costs to an absolute minimum. " JNUG,"JNUG provides daily 2x exposure to an index of junior gold and silver mining companies from developed as well as emerging markets. " UMDD,"This ETF offers 3x daily long leverage to the S&P MidCap 400 Index, making it a powerful tool for investors with a bullish short-term outlook for mid cap equities. Investors should note that UMDD's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UMDD can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " VCSH,"VCSH offers exposure to investment grade corporate bonds that fall towards the short end of the maturity spectrum, thereby delivering a moderate amount of credit risk but limiting exposure to rising interest rates. Like most Vanguard ETFs, VCSH is among the most cost- efficient in its ETFdb Category. VCSH might be useful for investors looking to enhance fixed income returns through additional credit risk but also interested in shortening up effective duration. " DBA,"This ETF is one of the most popular options for achieving exposure to agricultural commodities; DBA invests in a diversified basket of various agricultural natural resources, and as such can be a useful diversifying agent or inflation hedge. The targeted focus of this fund makes it often more appropriate for investors looking to implement a shorter term tactical tilt, though DBA may also be useful as a component of a long-term, buy-and- hold portfolio. Those seeking more broadly-based commodities exposure may prefer funds such as DBC or DJP. Investors considering agriculture exposure should take note of the frequency with which the underlying holdings are rolled and the mix of exposure across various contracts. The tax consequences should also be noted; as an ETF, DBA will feature slightly different tax treatments than ETNs such as AGF (it also won't expose investors to the credit risk of the issuing institution). " IBDN,"IBDN tracks a Bloomberg global index of USD denominated, investment-grade corporate bonds maturing between Dec 31, 2021 and Jan 1, 2023. " IRBO,"IRBO tracks an equal-weighted index of global equities involved in robotics and artificial intelligence. " MOO,"This ETF gives investors worldwide exposure to a basket of equities that are involved in the agriculture business. MOO's holdings are primarily in developed regions, although the fund still has emerging market exposure in Brazil, Singapore, and Malaysia. The fund's holdings are poised to benefit from the ongoing increase in food demand from developed and emerging markets alike, and furthermore it doubles as a hedge since agricultural commodities are often among the first to rise in inflationary environments. " FLAX,"The Franklin FTSE Asia ex Japan ETF (FLAX) tracks and index of large- and mid-cap stocks in developed and emerging markets in Asia, excluding Japan. Many Asia- Pacific equity funds make a large allocation to Japan. While Japan is one of the world’s largest economies, it has also had extended periods of low growth rates and rising debt burdens. Some investors would rather avoid this potential drag on their portfolio. FLAX invests in China, South Korea, Hong Kong, India, Indonesia, Malaysia, Pakistan, the Philippines, Singapore, Taiwan, and Thailand. The inclusion of emerging and developed markets, plus a sizable allocation to mid cap stocks gives FLAX a deeper portfolio than some of its rivals. FLAX is reasonably priced, and as of June 2020 is significantly cheaper than rival iShares MSCI Pacific ex- Japan ETF (EPP), though investors should always comparison shop since issuers regularly cut prices. Despite the lower management fee, FLAX has been slow to attract assets and liquidity. " MBSD,"The FlexShares Disciplined Duration MBS Index Fund (MBSD) tracks a proprietary index of mortgage-backed securities. MBSD’s particular twist is that it aims to keep duration within a range. Duration measures sensitivity to a change in interest rates. Bond prices typically fall when rates rise. The higher the duration, the more volatile the expected change. MBSD invests in U.S.-dollar denominated mortgage- backed securities with terms ranging from 15 years to 30 years, but the index targets a composite portfolio duration between 3.25 years and 4.25 years. The index excludes some riskier types of mortgage debt, such as balloon mortgages, mobile home loans, graduated mortgage payments, and collateralized mortgage obligations. MBSD’s secret sauce also means a significantly higher management fee than the ultra-low-cost competition. Is it worth it? Investors can compare MBSD to the iShares MBS ETF (MBB), the SPDR Portfolio Mortgage Backed Bond ETF (SPMB), or the Vanguard Mortgage Backed Securities ETF (VMBS). " CUT,"This ETF gives investors indirect exposure to the price of timber through a basket of global equities which own or lease forested land and harvest the timber for commercial use and sale of wood-based products. The profitability of these companies is linked to the prevailing market price of timber, and they often trade as a leveraged play on spot prices. CUT's holdings are internationally diversified in developed countries, and increased investment in infrastructure and a recovery in the housing market will further benefit the timber industry. " FMAT,"The Fidelity MSCI Materials Index ETF (FMAT) offers exposure to the U.S. materials sector, which includes companies involved in the production, extraction, and processing of natural resources. This segment may appeal to investors looking for indirect exposure to commodities prices. FMAT may be a useful tool for investors looking to implement a short-term tilt, or for long-term investors who want to augment the materials exposure provided by broad index funds. As of June 2020, FMAT owned more than 100 stocks, making it a more diversified option than the Materials Select Sector SPDR (XLB), though traders will likely prefer XLB’s size and liquidity. FMAT is competitively priced with rivals like XLB and the Vanguard Materials ETF (VAW). " MDIV,"MDIV tracks an index of equal-weighted US-listed securities, comprised of dividend-paying equities, REITs, preferred securities, MLPs, and a high-yield bond ETF. " KALL,"KALL tracks a market cap-weighted index of large- and mid-cap Chinese stocks. The fund includes A- and B- shares, as well as Chinese stocks listed in Hong Kong (H- shares, Red chips, and P-chips). " BKMC,"The BNY Mellon US Mid Cap Core Equity ETF (BKMC) offers broad exposure to hundreds of mid-sized U.S. companies. BKMC’s methodology, which includes REITs, screens securities for liquidity. The index is composed of companies whose cumulative total market capitalization represents approximately the bottom 10% to 30% of the remaining securities. BKMC is one of several ETFs that offer exposure to an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. This ETF may be more appealing to those in the portfolio construction business, as opposed to short-term traders. BKMC is priced competitively with ultra-low-cost rivals like Vanguard Mid-Cap ETF (VO), the SPDR Portfolio S&P 400 Mid Cap ETF (SPMD), Schwab U.S. Mid-Cap ETF (SCHM), and iShares Core S&P Mid-Cap ETF (IJH). BKMC is part of a lineup of ETFs introduced by BNY Mellon in April 2020. As a latecomer to a crowded market, BNY Mellon garnered attention by offering extremely low-fee products, including some of the first zero-fee ETFs, making its new funds some of the cheapest on the market. " DBEU,"While the Xtrackers MSCI Europe Hedged Equity Fund (DBEU) offers broad exposure to European stocks, its currency hedge makes it distinct among Europe-focused index. This fund delivers isolated exposure to the performance of the underlying equities in local prices. Currency fluctuations can be a significant driver of gains and losses, and some investors may prefer the potential diversification benefit of exposure to non-U.S. dollar investments. DBEU maintains broadly similar exposure to the unhedged iShares Core MSCI Europe ETF (IEUR), but the currency hedges means the performance of the two will be substantially different. Investors who expect the U.S. dollar to appreciate relative to the euro might prefer this fund as a way to bet on the performance of European stocks; DBEU should outperform IEUR when the U.S. currency strengthens. Those expecting the dollar to lose value relative to the euro will probably prefer to leave currency exposure unhedged, utilizing a fund such as IEUR instead. Those investors without a strong view in either direction might use a mix of both hedged and unhedged European equity ETFs (e.g., 50% DBEU and 50% IEUR). Competitors offer similar hedged exposure to European stocks, such as the iShares Currency Hedged MSCI Eurozone ETF (HEZU) or the WisdomTree Europe Hedged Equity Fund (HEDJ). DWS Group’s Xtrackers lineup also includes the Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ). The biggest difference between the two is that DBEU includes stocks from the U.K. and other countries, like Sweden, that aren‘t part of the Eurozone. " COW,"This ETN offers an opportunity for investors to gain exposure to hogs and cattle, making it an effective tool for gaining targeted exposure to commodities that often perform well when inflationary pressures kick in. Those seeking more broad-based agricultural exposure may prefer products such as AGF or DBA, while UBC offers generally similar exposure to livestock. Given the narrow focus of this security, COW probably has little use in long- term, buy-and-hold portfolios; it can, however, be a very useful tool for expressing a shorter-term view on a specific corner of the commodity market. There are several noteworthy elements of COW; investors should be aware that COW is a debt instrument, exposing investors to the credit risk of the issuing institution. Moreover, this note is linked to a futures-based index, meaning that the slope of the futures curve often impacts returns and that COW won't necessarily offer exposure to spot prices. Finally, the ETN structure can have an impact on the tax consequences, which may be unique from comparable ETNs. " YOLO,"YOLO is an actively-managed ETF that seeks long-term capital appreciation by investing in both domestic and foreign cannabis equities, as well as total return swaps of similar securities. " FLLV,"The Franklin Liberty U.S. Low Volatility ETF (FLLV) is an actively managed fund that seeks to identify and invest in U.S. companies with the lowest volatility profile in each sector. The fund seeks capital appreciation while aiming to provide less market turbulence than the Russell 1000 index. As with many single-factor funds, FLLV may not be diversified enough stand alone as a core U.S. equity holding. It is more likely to be useful to investors who want to overlay a low-vol tilt on top of a core allocation to U.S. markets. There has been a proliferation of factor funds in recent years, and investors can compare FLLV to indexed rivals like the iShares Edge MSCI Min Vol U.S.A. ETF (USMV) or the Invesco S&P 500 Low Volatility ETF (SPLV). FLLV is competitively priced for active management though more expensive than its indexed peers. It also trails USMV and SPLV in assets in assets and liquidity. " CIBR,"The First Trust NASDAQ CEA Cybersecurity ETF (CIBR) tracks an index of companies engaged in the cybersecurity segment of the tech and industrial sectors. To make the cut, a company must be classified as a cybersecurity company by the Consumer Technology Association and have a minimum market cap of $250 million. Te ensure liquidity in the underlying stocks, which is a concern for ETFs that invest in small-cap names, companies must have a minimum free-float of 20%. The index then weights stocks based on their underlying liquidity, and imposes caps on how large any one security can become. The portfolio includes familiar names like Cisco Systems, Akamai and NortonLifeLock. Though priced the same as its main rival, the ETFMG Prime Cyber Security ETF (HACK), CIBR was long overshadowed because HACK had the advantage of being the first cybersecurity ETF on the market. However, CIBR has since overtaken HACK in assets and inflows, due in part to controversies that have damaged the reputation of ETF Managers Group, the firm that runs HACK’s day-to- day operations. CIBR is a bit on the expensive side for an index-tracking fund, but that’s par for the course with niche funds. CIBR is a good choice for investors who want targeted exposure to cybersecurity, but there are cheaper alternatives available for buy-and-hold investors looking for broad exposure to tech. " SPRE,"SPRE tracks a market-cap-weighted index of Shariah- compliant global REITs. " HFXI,"HFXI tracks a market cap-weighted index of large- and mid-cap companies located in developed nations outside of North America, with roughly half of its foreign currency exposure hedged to the USD. " PGF,"This ETF offers investors exposure to preferred stock, an interesting segment of the capital markets that most investors do not have a lot of exposure to. Preferred stock holders have a ‘preferred’ position on assets compared to other common shareholders should there be a liquidity event in the company. However, these shareholders generally do not have voting rights in exchange for this premium position. Preferred stock also generally pay out solid dividend yields but then also do not participate as much in equity appreciation as their common share counterparts. Due to this preferred stock could be appropriate for those seeking to boost yields in a portfolio or for those looking for less risky forms of equity exposure that are relatively absent from broad portfolios of stocks. PGF isn't very diversified even by the lower standards of this Category. The fund holds just 30 securities in total and all of them are in the financial sector suggesting this is a concentrated bet on the banking industry. As a result, investors should consider this holding a part of the financials allocation of a portfolio and only used in small amounts to boost yields. If used properly, PGF could be a powerful tool for investors, just be careful and make sure to not overinvest in the sector. " BIBL,"BIBL tracks a market-cap-weighted index of large-cap US stocks, selected based on a proprietary definition of biblical values. " HTAB,"HTAB is an actively managed fund of US investment- grade debt selected for tax-efficient cash flow. Investments include both taxable and tax-free debt, and the fund uses derivatives to supplement its tax-efficient strategy. " XLY,"The ETF offers exposure to the consumer discretionary sector, making it an appealing option for investors looking to implement a sector rotation strategy or tilt exposure towards corners of the U.S. market that may perform well during a recovery. XLY offers impressive liquidity, cost efficiency, and depth of exposure, making it one of the best ETF options for playing the consumer discretionary sector. " IQIN,"IQIN tracks an index of developed market ex-US stocks. The index uses fundamental factors for selection and weighting. " SPUU,"SPUU provides 2x daily leveraged exposure to the S&P 500, a market-cap-weighted index of US large-cap stocks selected by S&Ps index committee. " PHDG,"The Invesco S&P 500 Downside Hedged ETF is an actively-managed fund that invests in a combination of S&P 500 stocks, cash and contracts pegged to the CBOE Volatility Index, also known as the VIX. The aim is to maintain exposure to rising equities while using VIX- linked derivatives to hedge against a sudden stock market downturn. The VIX, a gauge of market turbulence, typically rises when stocks fall, making it appealing as a kind of insurance against a crash. However, maintaining VIX hedges can get pricey, especially during stable markets. This means PHDG could lag during steadily rising markets and outperform when the market tumbles. The fund is reasonably priced for an active strategy. Is it worth it? Investors should compare PHDG’s performance against ultra-low-cost S&P 500 index funds, both over the long haul and during downdrafts. " KSTR,"KSTR tracks an index of the top 50 companies by market- cap that are listed on the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board. " EAOA,"EAOA is an index-tracking fund of funds that tactically allocates 80/20 global equites and US investment grade bonds with positive ESG characteristics. " EYLD,"EYLD is actively managed to invest in emerging market stocks focused on shareholder yield, as measured by dividend payments and net share buybacks. " VBND,"VBND tracks a multi-factor-weighted USD bond index that is based on sector tail risk, security valuation, and issuer corporate governance. " LDSF,"LDSF is an actively managed fund-of-funds. Holdings consist of short-term fixed income securities, primarily from US issuers. The fund seeks current income and capital preservation. " FBGX,"The UBS AG FI Enhanced Large Cap Growth ETN (FBGX) aims to double the daily return of the Russell 1000 Growth Index, an index of U.S. large-cap equities such as Microsoft, Apple and Amazon. The notes are intended to be used as short-term trading tools by sophisticated investors. FBGX, like most leveraged products, rebalances at the end of every trading day. In practice, this means FBGX's performance will diverge significantly from the underlying stocks. The daily reset means that FBGX could lose money over time even if the underlying equities have posted a gain, which can come as a rude surprise to buy-and-hold investors. Investors looking for long-term exposure to the Russell 1000 Growth Index would do better with un-leveraged funds like the Vanguard Russell 1000 Growth ETF (VONG) or iShares Russell 1000 Growth ETF (IWF). There are plenty of other low-cost growth stock ETFs out there too, like the Schwab U.S. Large-Cap Growth ETF (SCHG), which follows a Dow Jones index, or the Vanguard Growth ETF (VUG), which follows a CRSP index. FBGX’s management fee of 85 basis points might seem like a high price to pay for a passive investment, but that shouldn‘t be a major concern for short-term trading. Still, it’s more expensive than nearly-identical products like the Credit Suisse Fl Large Cap Growth Enhanced ETN (FLGE) and the GS Finance Large Cap Growth Index-Linked ETN (FRLG), which is the cheapest of the bunch. " EFAV,"This ETF offers exposure to developed markets outside of North America, an asset class that is often a core holding in many long-term, buy-and-hold portfolios. As the name suggests, EFAV focuses on stocks that have historically exhibited relatively low volatility, making this tool potentially useful as a way of scaling back overall risk within a portfolio. This ETF essentially focuses on a subset of the stocks included in products such as EFA and VEAn which are linked to a more broad-based EAFE index. The appeal of EFAV lies in the ability of investors to achieve cheap, liquid access to an investment strategy that would otherwise be both time consuming and expensive to implement. This fund offers a way to target international stocks that exhibit low volatility, meaning that in bear markets they would be expected to exhibit less downside potential compared to the broad market. That feature means that EFAV can be used as a complement in a longer-term portfolio for risk averse investors or as a more tactical tool for lowering overall risk exposure ahead of a perceived rough patch for stock markets. We might be hesitant to use EFAV as the sole source of developed international markets exposure since the portfolio is somewhat shallow, but this fund has the potential to be useful in a number of different scenarios. " CWS,"CWS is an actively-managed ETF that aims to achieve long-term capital appreciation and outperform the S&P 500 Index by holding a focused group of US-listed stocks using proprietary models. " BOIL,"This ETF offers 2x daily leveraged exposure to natural gas, an asset class that is capable of delivering big swings in price over a relatively short period of time. Combining this volatility with explicit leverage results in a fund that has the potential to churn out big gains or losses, meaning that BOIL is really only appropriate for sophisticated, active investors. It is important to understand that BOIL seeks to deliver leveraged returns not on spot natural gas prices but rather amplified returns on an index comprised of natural gas futures contracts. Depending on the slope of the futures curve, returns delivered by futures-based funds can vary significantly from hypothetical gains on an investment in spot (for obvious reasons, an investment in spot natural gas is not realistic for most investors). It is also important to note that BOIL maintains a daily reset feature, which means that this position should be monitored carefully if kept open for multiple trading sessions. BOIL does not belong in a long-term, buy-and-hold portfolio, and should generally be avoided by anyone without a deep understanding of leveraged ETFs and natural gas futures markets. For those looking to make a short term bet on nat gas prices, however, BOIL can be a very powerful tool. ProShares also offers a -200% counterpart, KOLD, which is designed to perform well when natural gas futures prices decline. For investors seeking traditional non-leveraged, long exposure to natural gas futures, there are a number of options, including UNG, UNL, NAGS, and GAZ. Those seeking to access the natural gas space through stocks might want to take a closer look at FCG. " RECS,"RECS tracks an index of US stocks pulled from the Russell 1000. The index uses multifactor selection and market cap weighting. " PYZ,"This ETF offers exposure to the U.S. materials sector, a corner of the domestic economy that includes companies engaged in the extraction and production of various natural resources (and therefore potentially useful as a means of establishing ""indirect"" commodity exposure through commodity-intensive companies). Given the sector-specific focus, PYZ likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the materials sector. PYZ is unique within this category due to the nature of the underlying index; this fund is part of the PowerShares Intellidex suite, seeking to replicate an index that employs quant- based screening techniques to identify companies deemed to maintain the greatest potential for capital appreciation. In return for exposure to this strategy, which has historically delivered impressive returns, investors can expect to pay a bit more; PYZ's expense ratio is about 40 basis points higher than low cost options for materials exposure such as FBM and XLB. The unique index construction methodology has some other potential advantages; PYZ maintains much lower concentration of top holdings than do cap-weighted funds such as FBM and XLB. That means that performance isn't as dependent on a handful of large cap stocks, potentially giving a better way to access materials. For those who believe in the merits of the Intellidex methodology and willing to pay a little extra for a shot at alpha, PYZ might be worth a closer look (First Trust's FXZ maintains a similar objective; a comparison of these two funds and a third cap-weighted or equal-weighted option from the Materials ETFdb Category is probably a good idea for those considering an investment). Those looking to keep a cap on expenses and simply own the broader market have cheaper options available to them. " XSMO,"The Invesco S&P SmallCap Momentum ETF tracks an index of U.S. small-cap stocks that exhibit strong price momentum. The methodology begins with the S&P 600 SmallCap 600 Index and assesses the percentage change in the stock price in the past 12 months, excluding the most recent month, and then adjusts for volatility. Approximately 120 of the top scoring stocks are included in the index. The portfolio is weighed based on a combination of companies’ market capitalization and momentum scores. The fund fees are reasonable for a small-cap factor strategy, though there are cheaper ultra- low-cost options in the small-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a momentum overlay to their small-cap exposure. Prior to June 21, 2019, the fund tracked an index of small-cap growth stocks. " IJJ,"This ETF offers exposure to mid cap stocks that exhibit value characteristics, making |JJ a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a_ specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Value strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments such as recessions. It should be noted that there is often considerable overlap between the value and the growth variations of these funds since many providers have generous definitions that tend to put some securities in both categories. Rydex offers a pure style alternative, RFV, that is slightly more expensive but will offer a considerably more targeted focus on value equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that JKI and IVOV seek to replicate similar indexes at comparable expense ratios. IVOV is slightly cheaper and may be available commission free in certain accounts, while JKI will generally feature more narrow spreads. lJ] is a fine ETF, but there are a number of alternatives out there that offer more compelling methodologies, or potentially better execution. " FYLD,"FYLD is actively managed to invest in Developed Ex-US stocks with focus on shareholder yield, as measured by dividend payments and net share buybacks. " VOOG,"This ETF is linked to the S&P 500 Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer- term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. VOOG is linked to an index consisting of just over 300 holdings and exposure is tilted most heavily towards technology, while industrials, health care, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include SPYG and RPG. " FDM,"FDM seeks to replicate a benchmark which offers exposure to the micro cap sector of the U.S. equity market. The investment thesis behind micro caps is a very similar, but more aggressive approach than small caps. The companies held in this ETF will be very small and volatile firms that have a huge potential for both explosive growth and utter failure. At one point in time most companies were micro caps, and this ETF will give investors exposure to the ones that work their way into the upper echelons of the U.S. equities market. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept low as this ETF will likely exhibit a high amount of volatility as well as being incredibly risky. FDM spreads its assets relatively evenly across numerous market sectors with a slight bias toward financials and consumer stocks. However, this fund has less diversification than other micro cap funds in the field as First Trust employs a ‘select’ methodology that attempts to weed out some of the worst performers. As a result, this fund will be a good addition for investor looking for growth, but do not mind a bit of risk in their portfolio. " SMMV,"SMMV tracks an index of US-listed small capitalization stocks selected and weighted to create a low volatility portfolio, subject to constraints. " QQQE,"This ETF offers exposure to one of the most widely followed indexes in the world, but with a unique twist that makes the exposure offered very different from many other products linked to the NASDAQ. The NASDAQ is an index consisting of blue chip U.S. stocks, with a significant tilt towards the technology sector (tech stocks account for more than half of the underlying index). QQQE will consist of the same stocks as QQQ, one of the most popular ETFs out there. But the two products are far from identical as a result of the weighting methodologies employed; QQQ is a modified cap weighted ETF, while QQQE assigns an equal allocation to each of the approximately 100 components. The result is that the QQQE portfolio is much more balanced, whereas QQQ tends to be top heavy and dominated by a small handful of tech giants. For investors who believe that equal weighting represents a superior way to access stocks, QQQE might be a preferred way to tap into the tech-heavy NASDAQ. " IVOG,"This ETF offers exposure to mid cap stocks that exhibit growth characteristics, making IVOG a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Growth strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments. It should be noted that there is often considerable overlap between IVOG and its value counterpart IVOV, the result of a methodology that uses a generous definition of growth stocks. Rydex offers s pure style alternative, RFG, that is slightly more expensive but will offer a considerably more targeted focus on growth equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. It should also be noted that IJK seeks to replicate the same index, though it is slightly more expensive than this fund. IVOG may have further appeal to those able to trade this ETF commission free (it's eligible for commission-free trading in Vanguard accounts). " GSLC,"The Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) is Goldman's contribution to the crowded universe of large-cap equity ETFs. GSLC tracks a proprietary index that takes a multi-factor approach, looking for stocks that exhibit good value, strong momentum, high quality, and low volatility. GSLC’s 2015 debut made a splash by charging an ultra- low management fee. At just 9 basis points, it was significantly cheaper than the smart-beta competition, and exactly the same price as the plain-vanilla SPDR S&P 500 ETF Trust (SPY), the first and largest ETF on the market. It was a cheeky publicity move — and it worked. GSLC quickly picked up considerable assets, a notable success for a late-mover. Other multi-factor funds come with a higher price tag, which could be a turn-off for cost conscious investors. GSLC’s low management fee makes it contender for a core portfolio allocation to U.S. large- cap stocks. Top holdings include Microsoft, Apple, Amazon, and Johnson & Johnson. Like most U.S. large-cap funds, the portfolio tilts toward tech stocks. Though past performance is no guarantee of future results, GSLC has had higher returns than plain-vanilla U.S. equity funds like SPY and the cheaper iShares S&P 500 ETF (IVV). Investors can also run comparisons against other multi-factor ETFs, like the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD). " IHY,"This ETF offers exposure to a basket of junk bonds from international issuers, giving investors a way to tap into a corner of the global bond market that is often overlooked. This ETF will primarily have appeal to investors looking to enhance current returns; IHY will often pay a significant yield that exceeds returns on domestic investment grade debt by a wide margin. Since most portfolios don't include an allocation to international junk bonds, IHY offers a way to potentially add to the depth of a portfolio and bring some diversification benefits as well. There are a couple noteworthy aspects of IHY. First, the portfolio includes both developed and emerging markets. It should also be noted that the portfolio is split between dollar denominated bonds and those denominated in other currencies, thereby bringing some exchange rate risk but also currency diversification. Overall, IHY maintains a balanced portfolio that spreads holdings around multiple currencies, countries, sectors, and durations. IHY could be useful as a component of a long-term portfolio, bringing enhancements to the current return portion. It could also be used as more of a tactical tool for establishing shorter term exposure to this asset class. " PBDM,"The Invesco PureBeta FTSE Developed ex-North America ETF tracks an index of large- and mid-cap companies from developed economies outside of North America. Investors should note that PBDM excludes small-cap companies that are included in other ETFs investing in the same markets. It’s also important to note that the fund relies on a FTSE index that includes South Korea among developed markets, whereas other indices classify the country as an emerging market. Investors who mix and match funds from different providers should make sure they’re not unintentionally overweighting or underweighting South Korea. The fund is part of Invesco’s low-cost PureBeta ETF roster, which is designed to compete with ultra-low cost rivals like Vanguard, iShares Core and State Street’s Portfolio lineups. Fees are competitive with rivals, but the fund hasn’t attracted the assets and daily liquidity of competing ETFs. " MMIN,"MMIN is an actively managed US municipal bond fund for insured, investment-grade_ securities of varying maturities. " KURE,"KURE tracks a market cap-weighted index of large- and mid-cap Chinese stocks in the health care sector. " PSCM,"This ETF is one of many in the Materials ETFdb Category, offering exposure to the U.S. materials sector, a corner of the domestic stock market that may have appeal to investors looking to gain indirect exposure to commodity prices through the stocks of companies engaged in the extraction or production of natural resources. Because the materials sector generally accounts for a relatively small allocation within broad-based equity ETFs, some investors may be interested in adding this ETF to a long- term portfolio. PSCM may also be useful for establishing a tactical tilt towards the materials sector, and can be useful as part of a sector rotation strategy. Unlike most of the other materials ETFs available to U.S. investors, PSCM focuses primarily on small cap stocks; funds such as XLB are generally dominated by large cap stocks in comparison. While these groups of companies are impacted by many of the same factors, there can be some significant differences in the risk/return profiles as well; small caps will generally feature greater volatility, but may offer greater potential for capital appreciation over the long run. The small cap approach may have other benefits as well. PSCM, for example, features a relatively balanced portfolio; no one stocks accounts for a huge percentage of assets. XLB, on the other hand, has close to 10% of its assets in a handful of different stocks, and the top ten components account for well more than half of the total portfolio. For investors looking to establish materials exposure, this ETF is worth a close look; the balance of holdings and efficient cost structure make it one of many good options out there. " XLG,"This ETF tracks the 50 largest securities, by market capitalization, in the Russell 3000 universe of U.S.-based equities. As a result, investors should think of this as a concentrated play on mega cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, XLG is a decent choice for investors seeking broad mega cap exposure but most investors would probably be better served by investing in a broader fund that is a little more diversified. " IDRV,"IDRV tracks a market-cap selected and weighted index of equities related to self-driving vehicles. " SPYD,"State Streets SPDR Portfolio S&P 500 High Dividend ETF tracks an index that tries to pick the top 80 dividend- yielding companies in the S&P 500. The yield is determined by dividing the dividend by the company’s share price, and the holdings are equally weighted. SPYD does a good job of diversifying its portfolio across most segments of the economy, and its top holdings aren’t so large that they present a significant concentration risk. There are several dividend ETFs on the market that focus on large-cap U.S. stocks, but SPYD is part of State Street’s low-cost core funds, and is among the cheapest dividend funds available. SPYD is a good choice for investors who want dividend-paying stocks at an ultra-low price. " SPXU,"This ETF offers 3x daily short leverage to the S&P 500 Index, making it a powerful tool for investors with a bearish short-term outlook for large cap equities. Investors should note that SPXU's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SPXU can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " QQQJ,"The Invesco NASDAQ Next Gen 100 ETF (QQQJ) tracks an index of the largest non-financial stocks listed on Nasdaq that aren't included in the Nasdaq-100 index. Yes, that's a mouthful. Just think of QQQ) as Q Junior. Here’s what it means: Invesco’s enormously popular QQQ Trust (QQQ) owns the 100 largest non-financial Nasdaq stocks. Q Junior owns the next 100. So investors will find blue-chip giants like Apple, Microsoft and Amazon in QQQ. (Those top Nasdaq-100 stocks can also be found in the near-identical Invesco NASDAQ 100 ETF (QQQM), a new buy-and-hold version of QQQ sometimes called the Q mini.) By contrast, Q Junior owns the next tranche down the ladder, including — as of Nov. 2020 — familiar names like Garmin and Roku. The idea behind the junior Q is that it gives investors easy exposure a slew of Nasdaq stocks that might prove to be the next big thing. For investors concerned about a size bias in their tech holdings, the junior Q can also help offset the large-cap tilt of QQQ and the Q mini. QQQ) is a 2020 addition to Invesco’s popular Nasdaq lineup, which is headlined by the heavyweight Invesco QQQ Trust (QQQ}, one of the largest and most-traded exchange- traded funds on the market. " KWEB,"KraneShares CSI China Internet ETF (KWEB) is the only ETF on the market that offers pureplay exposure to Chinese software and information technology stocks that are China’s answer to U.S. firms like Amazon and Facebook. KraneShares specializes in Chinese markets, and is majority owned by a leading Chinese investment bank. Their lineup includes other thematic funds targeting narrow slices of the Chinese economy. KWEB’s portfolio is dominated by well-known large-cap stocks like Alibaba and Tencent, but also owns a sizable chunk of mid- and small-cap firms that many U.S. investors might not recognize. KWEB is the only ETF of its type, which allows it to command a higher fee of 76 basis points, which isn’t an unreasonable premium to pay for targeted exposure to Chinese internet firms. One foible to keep in mind is that KWEB only invests in overseas-listed shares of Chinese firms, primarily share classes listed in the U.S. and Hong Kong, which means it misses out on a slice of the mainland China market. For the past few years, index giant MSCI Inc. has been slowly and steadily adding slices of mainland China A-shares to its global benchmarks, which has given U.S. investors easier access to companies listed in Shanghai and Shenzhen. For broader exposure to Chinese stocks, investors might consider KraneShares MSCI All China Index ETF (KALL), Deutsche Bank’s Ztrackers Harvest CSI 300 China A- Shares ETF (ASHR) or iShares MSCI China ETF (MCHI). he KraneShares Bosera MSCI China A Share ETF (KBA) was reconfigured in December 2017 to invest in an index of mainland Chinese stocks added to MSCI’s popular emerging markets indices. " FLTW,"The Franklin FTSE Taiwan ETF (FLTW) tracks an index of large and mid-sized companies in Taiwan. As of June 2020, FLCH’s management fee is a fraction of the price of the iShares MSCI Taiwan ETF (EWT), though the Franklin fund continues to trail in size and liquidity. Both funds are heavy on tech stocks, and FLTW has a smidge more exposure to mid caps than its iShares rival. The fund is part of a series of single-country ETFs that Franklin Templeton began rolling out in 2017. The funds debuted with significantly lower management fees than rival iShares funds, which have long dominated the single-country ETF space. Many of the stocks in the fund's portfolio are likely to be found in diversified international equity funds, and investors should be careful not to take on an unintentional overweight. Single-country funds are typically not appropriate for investors seeking a diversified portfolio, and are more appealing to short- term traders placing tactical bets on specific markets. " PKB,"This ETF offers exposure to the U.S. homebuilding industry, and as such offers exposure to a corner of the domestic economy that tends to be cyclical in nature. In addition to pure play homebuilders, this fund includes companies related generally to the homebuilding industry, such as Home Depot. PKB might have appeal for investors looking for exposure to homebuilders who believe the methodology used by the underlying index-- which utilizes quant-based stock screens--is capable of generating alpha. For homebuilder exposure PKB makes sense for those looking to avoid cap-weighting, though options such as XHB are cheaper. " EWZ,"EWZ offers exposure to Brazilian equities, holding the largest and most liquid companies that are domiciled in the South American nation. For investors seeking investment in the nation, EWZ is one of many options and offers the broadest exposure to the country's large cap segment. EWZ is a decent option for investors who want to load up on Brazil but there are many other options out there which could accomplish portfolio goals as well. " LOWC,"LOWC tracks an index of stocks from global firms selected for lower carbon emissions. " PFFV,"PFFV tracks an index of variable rate US preferred securities, selected and weighted by market value. " XSD,"XSD tracks a popular benchmark of companies that produce semiconductors, a crucial part of modern computing. Semiconductor chips act as the brains to numerous devices that we rely on today, including smartphones, calculators, computers, and much more. As technology continues to improve and expand, these chips will invariably be in demand to help power new devices. The fund focuses on U.S. stocks entirely, offering investors concentrated exposure to America's semiconductor industry. Investors should note that this fund dedicates the majority of its assets to medium and small cap funds, meaning that it will be more volatile than a traditional large cap fund, but it also presents strong growth opportunities for those who believe in the semiconductor segment of our nation. Considering the focus of the fund, a decent level of diversification is present in this product as it holds close to 50 securities in total and has less than one-quarter of total assets in the top ten holdings. Furthermore, many of the top holdings are unlikely to be found in other products as well suggesting that this is probably a solid fund for those looking to tilt exposure to the semiconductor industry without doubling down on a host of other products that are also in the tech sector. " UFEB,"UFEB aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " ROUS,"ROUS tracks an index of US large-cap stocks. The index relies on value, momentum and quality factors, among others. " FNDB,"FNDB tracks a US equity index, selected and weighted based on three fundamental factors (sales, cash flow, and dividends/buybacks). " RISN,"RISN is an actively-managed fund that tactically shift exposure between US equities and treasurys, or other defensive assets, that are screened for biblically-aligned criteria as defined by the Issuer. " DEM,"This ETF offers exposure to some of the highest dividend yielding stocks in the emerging market world with a fundamental weighting system. For investors looking for a value tilt or those looking for higher levels of current income, DEM could be an intriguing pick. " KRBN,"KRBN seeks to track a carbon credit futures index that weights holdings based on trade volume. The fund holds December futures from three major cap-and-trade programs " EELV,"Emerging market investments are known to exhibit a fair amount of volatility, which wards some risk-averse investors away from their potential gains. EELV seeks to eliminate that gap by offering a methodology that chooses low volatility emerging market stocks. The fund tracks an index which picks 200 of the least volatile securities from emerging markets all around the world. On that note, EELV has a fair amount of diversity, with all 200 holdings garnering a fair amount of assets and no one security being dominant over the others. The country breakdown is typically the most important factor for any emerging product, and EELV stays true to some of the most lucrative developing economies with Malaysia, South Africa, Taiwan, and Brazil being just some of the nations that the fund focuses on. Perhaps the biggest advantage this fund offers is its low expense ratio relative to its unique strategy. Finally, it is important to note that EELV is a bit financials heavy, though other sectors like consumer staples and utilities also have fair representation. Allin all, EELV is a pretty solid fund and could be used as a base emerging market holding for those looking to ward off volatility but still maintain a position in these vital assets. " ROOF,"This ETF is one of many in the Real Estate ETFdb Category that offers exposure to U.S.-listed REITs. While some investors have shunned this asset class in recent years thanks to a stretch of abysmal performances, many continue to include real estate exposure in a long-term, buy-and-hold portfolio. So while ROOF can be useful to those with a long time horizon, it can also be an effective means of establishing a tactical tilt towards a corner of the domestic equity market that is capable of delivering generous current returns and capital appreciation in certain environments. ROOF is unique as a result of its focus on small cap REITs; the majority of real estate products are dominated by large cap stocks, but ROOF focuses on the bottom 10% of market capitalization in the U.S. REIT market. This asset class often trades at a significant discount to large cap counterparts, and may offer more attractive distribution yields in many environments. While small cap and large cap REITs are moved by many of the same factors, these asset classes are far from identical, and the differences in performance can be significant even over the short term. ROOF offers unique exposure, and has very little overlap with more established large cap-heavy real estate ETFs. For investors looking to round out long-term exposure or fine tune a tactical position, ROOF has the potential to be a very useful tool. " QARP,"The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) tracks an index of large-cap U.S. companies that exhibit higher quality and value characteristics. While QARP is priced competitively, its 2018 debut made it a relative latecomer to a crowded space. It hasn’t had the success raising assets that some of its rivals have enjoyed, putting it at a disadvantage when it comes to daily liquidity. There are also a number of ways to skin this particular factor, and investors have plenty of choices offered by better-known brands, such as the Schwab Fundamental U.S. Large Cap Company Index ETF (FNDX), the iShares Edge MSCI U.S.A. Quality Factor ETF (QUAL), the FlexShares US Quality Low Volatility Index Fund (QLV), or the iShares Core S&P U.S. Value ETF (IUSV). The list goes on. Cost-conscious investors might want to compare returns with plain-vanilla U.S. funds like the Vanguard Total Stock Market ETF (VTI} or the iShares S&P 500 ETF (IVV). " ENFR,"ENFR tracks an index of energy infrastructure companies in the US and Canada, weighted by market capitalization. " JPST,"The JPMorgan Ultra-Short Income ETF (JPST) had one of the most successful fund launches in the industry, and has been a big hit for JP Morgan’s asset management business. The actively-managed fund capitalizes on JPMorgan’s reputation for cash management, and does it at a low cost. The fund invests in short-term investment- grade debt, and may be suitable for investors looking for a relatively safe way to eke out a little more yield than they can get from brokerage sweep accounts, money market funds or long-term Treasuries. There are several competitors out there, including cheaper funds such as the iShares Ultra Short-Term Bond ETF (ICSH} and the Goldman Sachs Access Ultra Short Bond ETF (GSST). But JPST has drawn the most assets and trading volume. " SMOG,"SMOG tracks a market-cap-weighted index of companies that focuses specifically on renewable energy. Such companies are defined as deriving at least 50% of their revenues from wind, solar, geothermal, hydro, hydrogen, waste, and biofuels. " JETS,"The U.S. Global Jets ETF (JETS) tracks an index of companies involved in the air travel industry, including airline operators, manufacturers, airports and terminal services. Top holdings include airlines like American, Southwest, United and Delta. The bulk of its holdings are in North American securities, with smaller allocations to companies in Europe, Asia and Latin America. JETS is the only real pure-play air travel ETF on the market, though there are competitors in the broader travel and transportation space, such as the SPDR S&P Transportation ETF (XTN), the iShares Transportation Average ETF (IYT), the ETFMG Travel Tech ETF (AWAY), which launched in early 2020, and the triple-leveraged Direxion Daily Transportation Bull 3X Shares (TPOR). JETS management fee is a bit high for indexed equity ETFs, but comparable to other niche products. " PNOV,"PNOV aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " XMMO,"The Invesco S&P MidCap Momentum ETF tracks an index of U.S. mid-cap stocks that exhibit strong price momentum. The methodology begins with the S&P MidCap 400 Index and assesses the percentage change in the stock price in the past 12 months, excluding the most recent month, and then adjusts for volatility. Approximately 80 of the top scoring stocks are included in the index. The portfolio is weighed based on a combination of companies’ market capitalization and momentum scores. The fund fees are reasonable for a mid-cap factor strategy, though there are cheaper ultra- low-cost options in the mid-cap market. The strategy is too targeted for most buy-and-hold investors, but may suit a tactical investor who wants to apply a momentum overlay to their mid-cap exposure. Prior to June 21, 2019, the fund tracked an index of mid-cap growth stocks. " FLQM,"The Franklin LibertyQ U.S. Mid Cap Equity ETF (FLQM) tracks an index of mid-size U.S. companies based on quality, value, momentum, and low volatility. The index tilts more heavily toward quality and value, with a lesser emphasis on momentum and low-vol. FLQM is one of several that offer exposure to an asset class that can make up a significant portion of long-term buy-and-hold portfolios. This ETF may be more appealing to those in the portfolio construction business as opposed to short- term traders. FLQM offers exposure to about 200 companies, a shallower portfolio than some of its rivals in the segment. Its management fee is reasonable for factor funds, but more expensive than plain vanilla index rivals like the Vanguard Mid-Cap ETF (VO), Schwab U.S. Mid-Cap ETF (SCHM), and iShares Core S&P Mid-Cap ETF (IJH). FLQM is a relative latecomer to the segment and lags these funds in assets and liquidity. " OEF,"This ETF tracks the 100 securities in the S&P 100 Index, a benchmark of some of America's largest companies. As a result, investors should think of this as a concentrated play on mega cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, OEF is a decent choice for investors seeking broad mega cap exposure but most would probably be better served by investing in a broader fund that is a little more diversified, although OEF is better than most in the mega cap space. " TPLC,"TPLC tracks a volatility-weighted index of US large-cap stocks screened for Christian values. " IAU,"This fund offers exposure to one of the world's most famous metals, gold. IAU is designed to track the spot price of gold bullion by holding gold bars in a secure vault, allowing investors to free themselves from finding a place to store the metal. While IAU isn't the most liquid way to gain exposure to gold, it does have among the lowest expense ratios, making it a solid choice for cost- conscious investors. " SLY,"SLY seeks to replicate a benchmark which offers exposure to small cap firms in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors' portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on both value and growth securities, could provide more of a diversified play than products that just focus on ‘growth' or ‘value’ securities within this segment. Thanks to this broad focus, SLY has a large number of securities-- close to 600 in total-- and does a great job of dividing up assets among the components as no one company makes up more than 90 basis points of total assets. Thanks to this high level of diversification and SLY's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small cap exposure and do not have a preference in terms of value or growth equities. " FLOT,"This ETF offers exposure to floating rate debt, an asset class that may be appealing to investors looking to minimize interest rate risk (perhaps related to concerns about rising rates). Most bond ETFs offer exposure to securities that pay a fixed coupon over the life of the note, and as such are impacted when interest rates rise or fall. FLOT invests in debt with coupon payments calculated in reference to a benchmark rate, such as LIBOR. As such, the payments made by the underlying securities will fluctuate along with prevailing market interest rates. That results in an extremely low effective duration, and almost no interest rate risk. The diminished risk of course translates into a lower expected yields as well; FLOT will generally offer less in the way of return potential than other ETFs in the Corporate Bonds ETFdb Category that invest in fixed rate debt. There are a number of potential uses for FLOT. This fund can be used as a tactical allocation in environments where interest rates are expected to rise, shielding investors from interest rate increases. It can also be used to round out fixed income exposure in a long-term portfolio, providing exposure to credit risk while minimizing interest rate risks. This ETF focuses on investment grade, dollar- denominated debt (though the underlying portfolio includes issuers from several different countries). Investors seeking more in the way of credit risk (and return potential) might want to take a look at BKLN. That fund also invests in floating rate debt, but focuses on obligations of lower quality issuers. FLTR is another fund offering generally similar exposure to FLOT; investors considering this asset class should compare the expenses, various yield metrics, and effective durations of these funds to find the best match for their objectives. " BWZ,"This ETF offers exposure to bonds issued by governments outside the U.S., offering an efficient way to access an asset class that is overlooked within the portfolios of many U.S.-based investors. Most fixed income portfolios are comprised almost entirely of securities from U.S. issuers, but the addition of international debt has the potential to enhance returns and add diversification benefits as well. By focusing on short-term debt, BWZ may appeal to investors concerned about the adverse impact of rising interest rates, and is primarily a tactical tool to be used for fine tuning the fixed income side of a portfolio. ISHG will offer generally similar exposure to this ETF, and IGOV and BWX offer a way to access international Treasuries across multiple maturities. When evaluating these ETF options, factors to consider include the breakdown by country, effective duration, and attractiveness of the current yield. " IJK,"This ETF offers exposure to mid cap stocks that exhibit growth characteristics, making IJK a potentially useful tool for investors looking to fine tune their domestic equity exposure or implement a tilt towards a_ specific investment style. Investors constructing a long-term portfolio would be better off with a fund such as MDY or JH that includes greater depth of holdings and a mix of various styles. Growth strategies often come with biases towards specific sectors, and may outperform more broadly-based indexes in certain economic environments. It should be noted that there is often considerable overlap between IJK and its value counterpart IJ, which is the result of a methodology that uses a generous definition of growth stocks. Rydex offers s pure style alternative, RFG, that is slightly more expensive but will offer a considerably more targeted focus on growth equities. Those seeking to make a meaningful tilt in their portfolio would be better served by using that fund. " PWB,"This ETF is linked to the Dynamic Large Cap Growth Intellidex Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. PWB is designed to provide capital appreciation while maintaining consistent stylistically accurate exposure. The Style Intellidexes apply a rigorous ten factor style isolation process to objectively segregate companies into their appropriate investment style and size universe. Viable alternatives with comparable holdings include VONG and IWY, while SCHG is the cheapest option. " FCVT,"FCVT is an actively managed fund of convertible securities from within and outside the US. " VNQI,"This ETF offers exposure to global real estate markets, excluding American securities in favor of assets in developed countries in either Europe, or the Asia Pacific region. The fund also provides some level of exposure to Canadian securities, helping to round out holdings across the globe. As such, VNQI has the potential to deliver broad-based access to an asset class that can deliver attractive current returns and significant appreciation for long term capital appreciation (along with meaningful volatility and risk). VNQI has a pretty solid level of diversification with close to 425 holdings spread across a variety of countries. VNQI may be appropriate for investors looking to compliment their American real estate holdings with similar exposure abroad but it is unlikely to function as a one stop shop for some due to its exclusion of American assets. Nevertheless, thanks to its broad exposure and its extremely cheap expense ratio, VNQI could make for a solid choice for a number of investors who are in it for the long term. " KORP,"The American Century Diversified Corporate Bond ETF is an actively managed fund that seeks to generate income by investing in U.S. corporate debt. The fund seeks to maintain a duration, a measure of sensitivity to interest rate risk, of five to seven years. The bulk of the portfolio is in investment-grade debt — barely. Much of it is from borrowers rated BBB, the lower bound of the investment- grade universe. KORP also invests a portion of its portfolio in riskier junk-rated debt. The credit quality of KORP’s holdings is significantly lower than the Bloomberg Barclays U.S. Intermediate Corporate Bond Index though, as an active money manager, KORP may change the composition of its portfolio. While higher risk equates to higher yields, investors looking for the security of investment-grade may want to consider whether they‘re comfortable with the risk of the portfolio. KORP is reasonably priced for active management in fixed income, though there are cheaper options for U.S. corporate debt, especially among index-tracking passive ETFs. Given its composition, KORP could be a good pick for investors looking to strike a balance between risk and income. Since active managers can switch up their holdings, investors should take a close look at the portfolio, and compare the fund’s track record with competing corporate debt ETFs. " MIDU,"This ETF offers 3x daily long leverage to the S&P Midcap 400 Index, making it a powerful tool for investors with a bullish short-term outlook for MidCap U.S. equities. Investors should note that MIDU's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. MIDU can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " FCG,"This ETF gives investors an opportunity to achieve exposure to natural gas, an important fuel for both heating and cooling. For investors looking to bet on increased demand for a raw material used widely in power production, but are wary of UNG and its heavily- contangoed nature, FCG is a nice option. FCG can trade as a leveraged play on the underlying natural resources, meaning that this fund can experience significant volatility but can be a powerful tool for profiting from a surge in commodity prices. " EQAL,"The Invesco Russell 1000 Equal Weight ETF is a variation on Invesco’s popular equal-weight S&P 500 ETF, taking the 1000 largest U.S. stocks in the Russell index and assigning them equal weight in the portfolio. The result is a sector and size mix that diverges significantly from the traditional index fund. Adherents of equal weighting argue that it eliminates the market-cap bias built into traditional indexes, while critics say equal-weighting is just another way of tilting toward smaller companies in a portfolio. Does the strategy outperform? Sometimes, but not always. Investors should be aware that the unique exposure comes with higher fees than plain-vanilla index funds. EQAL may be a good complement to a core U.S. large-cap position, but its unlikely to replace a core position due to the higher fees and _ weighting methodology. " PFI,"This ETF offers exposure to the domestic financial sector, including many of the large Wall Street institutions that can exhibit significant volatility in certain environments. Due to the sector-specific nature of the fund, PFI probably doesn't have a place in long-term, buy-and-hold portfolios; it is more appropriate for use as a tactical overlay or part of a sector rotation strategy. PFI is part of the suite of Intellidex product from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PFI to be the ideal way to access the U.S. financials market; those not convinced about the methodology may prefer cheaper ETF options such as XLF or FFL. It should be noted that the methodology of the underlying index has one potential advantage that is unique in the financial sector; PFI does not exhibit nearly the degree of concentration as do ETFs linked to cap- weighted indexes, offering a more balanced way to play the U.S. financial sector (the equal-weighted RKH is another option). " ARKK,"The ARK Innovation ETF (ARKK) is the flagship actively- managed fund from the team at ARK Invest. The advisory firm, led by Catherine Wood, has an impressive track record doing what most stock pickers fail to do: beating the market. ARKK has routinely outperformed passive rivals like State Street’s popular index-tracking Technology Select Sector SPDR Fund (XLK). At one point, the fund made an exceptionally well-timed investment in Bitcoin, which turbocharged its performance. But ARK is known for high- conviction bets, and the firm has come under fire for its outsized wager on Tesla. The stated goal of ARKK is to invest in companies that are poised to profit from “disruptive innovation” like artificial intelligence, DNA _ technologies, energy innovation, automation, financial technology and the increased use in cloud computing. Like many of ARK's ETFs, ARKK has made a long-term bet on Tesla. Other top holdings include 3D printer firms like Protolabs, as well as companies involved in genetic therapies like Intellia Therapeutics. Any actively-managed product is ultimately a wager on the portfolio managers who pick the stocks. ARK’s products are geared toward investors who have the fortitude and faith to ride out short-term volatility in favor of long-term gains. ARKW’s management fee might seem pricey in the ultra-low-cost world of passive ETFs, but it’s cheap for active management, especially when the manager delivers significant alpha. For investors worried ARK has been lucky rather than good, there are broad-based technology funds available for a fraction of the price, including XLK or the Vanguard Information Technology ETF (VGT). " VDE,"This ETF offers broad-based exposure to the U.S. energy industry, making it a potentially useful tool for those looking to fine tune the domestic equity portion of their portfolio or perhaps pair against another sector/region in a long/short trade. VDE is one of the most competitive energy ETFs available from a cost perspective, in a similar class as XLE and FEG on the expenses front. VDE distinguishes itself from XLE in terms of exposure depth, including roughly four times the number of individual stocks. Like most energy ETFs, concentration is a big issue in VDE; a few stocks account for big chunks of the total portfolio, and large caps dominate the underlying basket. The equal-weighted RYE is one_ interesting alternative, as is the alpha-seeking FXN. " SPMB,"SPMB tracks an index of US agency mortgage pass- through debt. " FMAG,"FMAG is an actively-managed, non-transparent ETF that provides exposure to fundamentally-selected firms located globally. The fund utilizes the Fidelity non- transparent model. " CGW,"This ETF offers exposure to a group of companies operating generally in the water industry, including both water utilities, infrastructure companies, and water equipment and materials companies. As such, this ETF likely doesn't belong in a long-term buy-and-hold portfolio due to the targeted nature of exposure, but may be appealing to those who believe that scarcity issues will prompt increased demand for water treatment companies. While this investment thesis may seem compelling, it is not clear how strong the link between water usage/scarcity trends and performance will be going forward. Given the complexity of the issues, as well as the various other business operations of component companies, we're skeptical of the ability of this ETF to accomplish the objective investors may be expecting of it. Moreover, CGW faces some concentration issues, as a few individual stocks receive huge allocations, and it is on the pricey side. From the universe of water ETFs--which includes FIW, PIO, and PHO, this fund may be a good choice. But don't expect too much from CGW. " TRND,"This innovative ETN provides exposure to either the price of the S&P 500 or the yield on a three-month T-Bill, depending on an SMA chart for the S&P 500 index. While it employs a unique methodology, TRND is pretty expensive and investors may want to try implementing the strategy on their own instead. " COM,"COM tracks a broad-market index consisting of 12 commodity futures contracts, weighted by historical volatility, which can toggle to cash based on momentum. The fund will also hold short-term fixed income securities as collateral. " IVOO,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. Mid cap stocks are appealing to many because they still have significant growth potential but they are less risky than their small and micro cap brethren. IVOO offers exposure to a balanced portfolio of stocks, including close to 400 individual names and spreading exposure relatively evenly. The expense ratio is among the cheapest in the category making it an excellent choice for those looking to keep costs to an absolute minimum. For those seeking other options in the space similar choices can be found in the MDY and IJH funds, the ultra-cheap FMM, and equal-weighted EWRM. " EMTL,"EMTL is actively managed and has broad capabilities to invest in investment grade and high-yield emerging market debt. " NRGD,"NRGD tracks three times the inverse of the performance of an equal-weighted index of U.S. Oil & Gas Companies. " PSR,"This ETF offers exposure to real estate investment trusts within the U.S. equity market, an asset class that has been recently overlooked by many investors following the unprecedented housing crisis. PSR follows the FTSE NAREIT Equity REITs Index, which has just fewer than 50 holdings diversified primarily across mid and large-cap equities. Real estate has historically been embraced because of its ability to deliver excess returns during bull markets and low correlation with traditional stock and bond investments. REITs might appeal to investors seeking current income, as these trusts must distribute at least 90% of their income to investors, and offer an efficient way for investors to gain indirect exposure to real estate prices (as opposed to direct exposure gained through ownership of a residential property). IYR is a cheaper and more liquid alternative available, while FRL boasts the lowest expense fee in this category. " IMCV,"IMCV tracks a market cap-weighted index of US mid-cap stocks companies selected based on their value characteristics. " HYXU,"This ETF offers exposure to junk bonds from developed markets outside the U.S., an asset class that has the potential to deliver significant returns but that is often underweighted or excluded entirely from investor portfolios. Because many broad-based bond ETFs focus on dollar-denominated investment grade debt, junk bonds often get little allocation in long-term portfolios. Moreover, the ETFs in the High Yield Bonds ETFdb Category focus primarily on junk bonds of U.S.-based issuers. As a result, HYXI offers a way to add securities that may bring both return enhancement and diversification benefits to a bond portfolio. HYXU could be used as a long term holding with a moderate weighting, or more as a tactical tool when junk bond yields are appealing. It should be noted that HYXU focuses on developed markets outside the U.S., and may have a heavy tilt towards issuers in Canada and Western Europe (with little allocation afforded to developed Asian economies). Within those regions, however, the portfolio is well balanced across country and industry. HYXU is more expensive than ETFs focusing exclusively on U.S. debt, but still very affordable given the type of exposure offered through the underlying portfolio. " KRMA,"KRMA tracks an equal-weighted index composed of U.S.- listed companies that exhibit environmental, social, and corporate governance (ESG) characteristics. " PRN,"This ETF is a component of the suite of ""dynamic"" ETF products from PowerShares, seeking to replicate a benchmark that is constructed based on a proprietary screening methodology. While PRN is an index-based fund, the underlying index seeks to generate alpha by using quant-based filters to select individual stocks. For those who believe the methodology employed is capable of generating alpha over the long run, PRN might be an attractive way to access industrials stocks. For those who believe in efficient markets and are looking to keep expenses down, there are probably better options out there; PRN is considerably more expensive than other options such as XLI and FIL. As a sector-specific fund, PRN is probably too targeted for inclusion in a long-term portfolio; this ETF will be more useful for establishing a short-term tactical tilt or as part of a sector rotation strategy. " PXE,"This ETF offers exposure to the exploration and production sub-sector of the domestic energy market, making it a potentially useful tool for those looking to target stocks of companies responsible for discovering and accessing new deposits of oil and gas. PXE is likely too targeted for those with a long-term focus, but can be useful as a tactical overlay or as part of a sector rotation strategy. PXE is part of the suite of Intellidex product from PowerShares, meaning that this ETF is linked to an index designed to outperform traditional cap-weighted benchmarks. Those who believe this methodology has the potential to generate excess returns may find PXE to be the ideal way to access this corner of the U.S. energy market; those not convinced about the methodology may prefer cheaper ETF options such as XOP or IEO. " KOMP,"KOMP tracks a tier-weighted index of US-listed companies with products or services that disrupt traditional industries. " DWMF,"DWMF is an actively managed portfolio of equities from developed market economies, excluding US and Canada selected by a proprietary methodology using various style factors. " QULL,"QULL provides 2x leveraged exposure to an index of US large- and mid-cap quality stocks selected and weighted based on various fundamental factors. " EFV,"This ETF offers style-specific exposure to developed economies outside of North America, making EFV a potentially useful tool for investors looking to maintain a value stock bias in their long-term portfolio or to put a tactical tilt on international equity exposure. By focusing on stocks that generally exhibit lower pricing multiples and higher dividend yields, EFV offers targeted exposure to an asset sub-class that may perform well relative to the broader universe in certain environments. EFV is broad-based in nature, including hundreds of individual stocks across a number of different regions and more than a dozen countries. It should be noted, however, that there is some significant overlap between this fund and its value counterpart, EFG; these ETFs are based on indexes that use broad value and growth criteria, and as such the risk/return profile may be slightly different than expected. Alternatives to EFV may include dividend- weighted ETFs such as DTH and DWM; while not explicitly value funds, the weighting methodology will generally skew exposure towards value companies. Those seeking to cast a wider net in this international equity space may prefer EFA, or better yet the low-cost VEA. " AZAJ,"AZAJ aims for specific buffered losses and capped gains on the S&P 500 index over a specific holdings period. The actively- managed fund holds options and collateral. " VRAI,"VRAI tracks an equal-weighted index of US-listed real estate, infrastructure and natural resources equities. The index selects stocks using fundamental factors primarily dividend growth. " SPXB,"SPXB tracks a market-value-weighted index of investment-grade bonds issued by companies in the S&P 500 Index. " PLRG,"PLRG is an actively-managed portfolio of US large-cap companies selected and weighted in consideration of several factors as well as the current market risk regime, as determined by the fund adviser. " IPKW,"The Invesco International BuyBack Achievers ETF invests an index of common stock of non-U.S. companies that have bought back significant amounts of stock. The fund is an international copycat of the popular Invesco BuyBack Achievers ETF, a U.S.-focused fund that follows a similar strategy. IPKW targets companies that have reduced shares by 5 percent or more in the latest fiscal year. Companies must have minimum market capitalization of at least $250 million and must meet certain daily trading thresholds. The idea is that management buys back shares when they perceive their stock price as undervalued. The portfolio consists of mostly of large- and mid-cap stocks, and leans heavily on Japan and Canada. The fund fees are on the higher side for passive but are still reasonable for specialty strategies. The holdings are significantly more concentrated than a broad-based index ETF, so IPKW would be better as an add-on to international equity exposure rather than a core holding. " ZROZ,"This unique ETF offers investors an opportunity to access long-dated Treasuries, and is one of the most effective tools out there for those looking to dial up interest rate risk and extend the effective duration of a fixed income portfolio. ZROZ invests exclusively in STRIPS, the final principal payments of U.S. Treasuries with at least 25 years remaining until maturity. As such, this product will be very sensitive to changes in interest rate movements, performing very well when rates fall but likely struggling if rates begin to climb. In return for exposing investors to this interest rate risk, ZROZ often exhibits a very attractive yield--though those looking for actual dividends may want to look elsewhere. ZROZ probably doesn't have much use as a core holding in a fixed income portfolio, but can be a very useful tool for those looking to extend overall duration or bet on a decline in interest rates. " FIVA,"The Fidelity International Value Factor ETF (FIVA) tracks an index of mid- and large-cap developed market stocks outside the U.S. that have attractive valuations. With about 100 stocks, FIVA has a shallower portfolio when compared with rival Shares MSCI EAFE Value ETF (EFV). Like many single-factor funds, FIVA isn’t a replacement for a core, standalone holding of developed market stocks. It is more attractive as a tactical bet or to add a value tilt to an international portfolio. FIVA is reasonably priced for a factor fund, though cost conscious investors may prefer ultra-low-cost plain vanilla index funds like the iShares Core MSCI EAFE ETF (IEFA) and the Vanguard FTSE Developed Markets ETF (VEA). " SLYG,"SLYG seeks to replicate a benchmark which offers exposure small cap firms that exhibit growth characteristics in the U.S. equity market. The investment thesis behind small caps is that these firms are likely to provide strong growth prospects to a portfolio and should have a much easier time growing then their large cap counterparts. However, these securities are extremely volatile and can experience large losses or gains in a very short period of time. Despite their volatility, these products should probably be in every investors’ portfolio as they tend to move somewhat independently of large caps and can be a better ‘pure play' on the American economy. This particular ETF, since it focuses on growth securities, has certain biases in its portfolio holdings and may not offer as much of a cross section as funds such as IWM and be more volatile as well. However, SLYG does a solid job of dividing up assets as the fund holds close to 360 securities in total and doesn't give any one security more than 1.8% of the total assets. Thanks to this high level of diversification and SLYG's low expense ratio, the fund could make for a quality addition to portfolios of investors who are looking for small caps but are seeking a higher risk/reward profile in the space. However, it should be noted that there are several other products in the category, namely IWO, PWT, and VBK, that offer slightly more diversification at a similar price point, potentially making them better choices for long-term investors. " OMFS,"The Invesco Russell 2000 Dynamic Multifactor ETF applies a proprietary index strategy to investing in smaller U.S. companies. Invesco starts with the Russell 2000 index of U.S. stocks, then assesses the prevailing economic environment and market conditions. Companies are scored based on the factors that are most relevant given the overall outlook. Invesco looks at economic and market barometers such as consumer sentiment, construction activity, manufacturing gauges and labor market conditions to determine whether the economy is expanding, slowing, contracting or recovering, and then scores stocks accordingly. During recovery or expansion, the fund may target company size and value, while during a slowdown or contraction the fund focuses on stocks with healthier balance sheets and reduced susceptibility to market swings. In both expanding or contracting conditions, the fund also may also target momentum stocks. The methodology excludes stocks whose multi-factor score falls below certain relative thresholds. The remaining stocks are weighted based on both the multi-factor score and the company’s weight in the baseline index. Money managers have long recognized that certain factors, when deployed during certain market conditions, consistently reward investors. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some funds combine factors while others target a single factor. The result of OMFS‘s methodology is a portfolio that can diverge significantly from a plain-vanilla Russell 2000 ETF. The industry and sector mix may look different, and the fund may have a tilt toward smaller companies. OMFS won’t own the full roster of companies in the Russell 2000 but the fund still owns a diversified mix of hundreds of U.S. equities. For believers in Invesco’s multi-factor approach, the fund could be a good complement to a small-cap allocation, and may even be used as a core position. However, investors should note that the fund fees, while reasonable " YLD,"The Principal Active Income ETF (YLD) is an actively- managed fund that seeks to provide income from a mix of stocks, master-limited partnerships and fixed-income securities. YLD is a truly active fun, with no constraints on security type, sectors, countries or regions. Its stated goal is provide “current income with diversified risk” by investing in companies with a “defensive quality bias.” YLD’s management fee is reasonable for an active fund. Investors could compare performance against other active multi-asset funds like the SPDR SSgA Global Allocation ETF (GAL) or the Aptus Defined Risk ETF (DRSK). Stock-pickers have consistently trailed index funds, especially in U.S. equities. Investors might want to compare YLD to indexed asset-allocation strategies like the iShares Core Growth Allocation ETF (AOR). The two funds have very different mixes of stocks and debt, which is to be expected, but it’s worth noting for comparison. " EQWL,"The Invesco S&P 100 Equal Weight ETF is a variation on Invesco’s popular equal-weight S&P 500 ETF, taking the 100 largest companies in the S&P 500 and assigning them equal weight in the portfolio. The result is a portfolio with a significantly different industry and sector mix than a traditional market-cap weighted ETF. The fund is, by nature, highly concentrated play on mega-cap U.S. companies, most of which investors already have in their portfolios. The lineup includes some of the safest bluechip bets in the U.S. market, but these companies aren’t likely to grow very much. Investors should think of this as a tactical play on mega-cap holdings, possibly a complement to a core U.S. position but certainly not a replacement for it. EQWL may be a decent choice for traders seeking mega cap exposure — though they should compare liquidity against the plain-vanilla S&P 100 index ETF — but the fund’s relatively high fees, concentrated portfolio and weighting structure mean most buy-and-hold investors would be better served by investing a cheaper, better diversified ETF. " BJK,"This fund offers concentrated exposure to the global gaming industry, focusing in on casino operators but also holding technology firms and sports & race book operators as well. Due to this focus, the fund holds many securities that are not widely represented in many standard portfolios, suggesting that it could open up new slices of the market for investment. Although it would make for a poor core holding, BJK could be appropriate for investors seeking greater exposure to the gaming industry at large. " IUSV,"IUSV tracks an index of large- and mid-cap value stocks in the US. The index selects from stocks ranked 1-3000 by market-cap based on 3 value factors. " SJNK,"This ETF offers targeted exposure to a corner of the bond market that features a significant amount of credit risk but very little interest rate risk. As such, SJNK might not be all that useful in a long-term portfolio but can be used as a tactical tool to fine tune fixed income exposure quite nicely. This ETF becomes particularly useful for investors looking to enhance current returns but concerned about the impact of rising interest rates on bond valuations. The focus on lower quality bonds delivers a_ significant amount of credit risk (and, therefore, the associated returns) while the focus on the short end of the maturity spectrum limits the sensitivity to changes in interest rates. Most of the other ETFs in the High Yield Bonds ETFdb Category focus on longer-term debt, and as such may be more sensitive to changes in interest rate risk. SINK can be expected to deliver lower yields than broad-based funds such as HYG and JNK, but could perform better when rates climb or when the longer-term economic forecast deteriorates. For investors looking to beef up current returns, SJNK is yet another tool in the toolbox. " NUGT,"This ETF offers 2x daily long leverage to the NYSE Arca Gold Miners Index, making it a powerful tool for investors with a bullish short-term outlook for gold mining equities. Investors should note that NUGT's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. NUGT can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " EZU,"This ETF offers exposure to the equity markets of the EMU member countries: meaning only those who have adopted the Euro. This bloc of nations represents some of the strong economies east of the Atlantic, such as Germany, France, and Italy. This ETF offers exposure to some of Europe's largest companies as well, including the French energy firm ‘Total SA, and the German conglomerate Siemens AG. From a sector standpoint, this fund does a good job of spreading its assets across the board, leaving investors with a healthy diversity when adding this fund to their portfolio. When it comes to countries, however, EZU does carry a bias towards France, Germany, and Spain, who account for the majority of the fund's asset allocation. This ETF may represent a strong play for investors who are looking to gain exposure to the euro through a equity structure, or for those who simply believe in these powerhouse economies. " HYDB,"HYDB tracks a broad-maturity, multifactor index of high- yield bonds. The index selects and weights bonds based on default probability, default-adjusted spreads, and volatility. " SOXL,"This ETF offers 3x daily long leverage to the PHLX Semiconductor Index, making it a powerful tool for investors with a bullish short-term outlook for semiconductor equities. Investors should note that SOXL's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. SOXL can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " KOIN,"KOIN tracks an equal-weighted index that uses a proprietary model in selecting stocks globally as fintech leaders. " VALQ,"The American Century STOXX U.S. Quality Value ETF tracks an index that tries to identify undervalued large cap companies that have stronger financial fundamentals relative to rivals. The index screens stocks based on value, quality, and income. The fund aims to have 30 percent to 80 percent of its portfolio in value stocks, and 20 percent to 65 percent in stocks that exhibit sustainable income. Money managers have _ long recognized that certain factors, when deployed during certain market conditions, have consistently rewarded investors, such as volatility, value, quality, growth, and price momentum. So-called value stocks — defined as companies with low share prices relative to their fundamentals — have historically outperformed the market over the long-term. Factor ETFs have proliferated in recent years and there are many active and passive ETF options that target different factors. Some target a single factor while others invest in a combination. VALQ is reasonably priced for a multi-factor index fund, though it’s more expensive than ultra-low-cost plain-vanilla index ETFs. VALQ also owns a relatively narrow slice of the market, so investors sacrifice diversification in exchange for the factor strategy. VALQ could make a good complement for a core equity holding for investors who want a multi-factor approach and believe in American Century’s strategy. Investors should compare price, performance, and portfolio against plain-vanilla index funds and other multi-factor ETFs in the U.S. equity space, as well as quality, value, and dividend-focused ETFs. " AZBA,"AZBA aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " BBSC,"BBSC tracks a market-cap-weighted index of US small cap companies. " TOKE,"TOKE is an actively-managed portfolio of globally-listed companies related to cannabis and hemp. " EFNL,"This ETF, which launched in early 2012, was the first fund to employ a Finland-specific strategy. EFNL charges an expense ratio of 53 basis points, which is somewhat high for a developed economy focused product. As is typical of first to market country products, EFNL’s portfolio is relatively shallow. The fund has less than 50 securities with nearly two thirds of total assets allocated to the top ten holdings alone. Like most other international equity funds, this ETF is also tilted towards large cap companies which tend to generate their revenues from all over the globe. EFNL is well diversified from a sector breakdown perspective; industrials, information technology, materials, and financials all receive fairly equal allocations. It should be noted that EFNL launched in the midst of the second euro-zone crisis meaning that it fought an uphill battle from the start. For those looking to target exposure to this European nation, EFNL offers a strong investment thesis, but this product is likely too targeted for the majority of the investing population. " SLV,"This ETF uses a physically-backed methodology, an idea that was popularized by ETFs, due to investors growing tired of the complexities of futures contracts and the dangers that are associated with them. By using this physically-backed strategy, this fund is able to eliminate the issues of contango and backwardation, as well as give investors a more realistic pricing of the metal it holds. Silver, along with other precious metals, is most often used as an inflationary hedge, or to protect against volatile equities. This fund doesn't work very well in the long term buy and hold scenario, but may be a good option for investor seeking to find a safe haven during times of market uncertainty. When it comes to physically- backed silver, SIVR and SLV are nearly identical, though SLV does charge a slightly higher expense ratio. " PHO,"This ETF offers exposure to a group of companies operating generally in the water industry, including both water utilities and infrastructure companies and water equipment and materials companies. As such, this ETF likely doesn't belong in a long-term buy-and-hold portfolio due to the targeted nature of exposure, but may be appealing to those who believe that scarcity issues will prompt increased demand for water treatment companies. While this investment thesis may seem compelling, it is not clear how strong the link between water usage/scarcity trends and performance will be going forward. Given the complexity of the issues, as well as the various other business operations of component companies, we're skeptical of the ability of this ETF to accomplish the objective investors may be expecting of it. Moreover, PHO faces some concentration issues, as a few individual stocks receive huge allocations, and is on the pricey side, however, this fund is the cheapest in the category. From the universe of water ETFs--which includes FIW, PIO, and CGW, this fund may be a good choice. But don't expect too much from the fund over the long term.. " WFH,"WEFH tracks an equally-weighted index of global firms that provide technology that supports a more flexible work environment. Stocks are selected using a proprietary natural language processing algorithm. " IGBH,"IGBH tracks an index that holds the iShares 10+ Year Investment Grade Corporate Bond ETF (IGLB) and uses derivatives to hedge out interest rate risk. " XT,"XT tracks an equal-weighted index that provides exposure to firms from developed and emerging markets, which create or use exponential technologies as defined by Morningstar. " IYJ,"This ETF is one of several options offering exposure to the U.S. industrials sector, offering a way to access a corner of the U.S. economy that includes transportation firms, providers of commercial and professional services, and manufacturers of capital goods. Given the sector-specific focus, IY] likely doesn't deserve a core allocation, but may be useful as a means of implementing a tactical tilt towards the industrials sector or as part of a sector rotation strategy. Perhaps the biggest drawback of IYJ relates to fees; the expense ratio of this fund is considerably higher than those of XLI, VIS, and FIL, some of which are available for commission-free trading as well. As far as the underlying portfolio goes, IY] offers an impressive depth of holdings with hundreds of individual stocks. With the exception of GE, which accounts for a big chunk of assets, the exposure offered is generally well balanced; those seeking to avoid this concentration may prefer the equal-weighted RGI. IYJ is a fine fund, but there are cheaper and more balanced options available out there; investors seeking industrials exposure can likely do better. " VIGI,"The Vanguard International Dividend Appreciation ETF tracks an index of non-U.S. stocks that have a track record of raising dividends. VIGI focuses on high-quality companies in developed and emerging markets, with a focus on stocks that have demonstrated sustainable dividend growth. VIGI is the international complement to Vanguard’s enormously popular VIG, which follows a similar dividend strategy but invests in U.S. equities. As investors expect from Vanguard, VIGI offers exposure to dividend-paying companies outside the U.S. at a reasonable price compared with rivals. " IWV,"This ETF is a one-stop shop for exposure to U.S. equity markets, allowing investors to access thousands of securities across multiple sectors and of varying sizes through a single ticker. As such, this fund may have appeal as a portfolio ""building block"" that delivers access to one of the core asset classes: U.S. equities. Though IWV may be ideal for investors seeking simplicity in their portfolios, be aware of the heavy tilt towards mega cap and large cap stocks; those seeking more balanced representation of mid cap and small cap stocks may be better off building U.S. equity exposure piecemeal, allowing for fine tuning of the exposure offered to each segment of the domestic market. Another potential drawback of IWV is the expense ratio; while this fund is cheaper than the majority of products in the ETP lineup, it is considerably more expensive than multiple funds offering generally similar exposure, such as SCHB and VTL. " TDTF,"This ETF offers exposure to short-term TIPS, bonds issued by the U.S. government that feature a principal that adjusts based on certain measures of inflation. Given this investment objective, TDTF can be useful as a tool for protecting portfolios against anticipated upticks in inflationary pressures. As such, this ETF can potentially be used in a moderate amount in a buy-and-hold portfolio or as more of a tactical play for investors looking to shift their allocation towards low risk assets that may perform well in inflationary environments. TDTF generally won't deliver much in the way of current returns, given that it features securities that are relatively close to maturity and that exhibit minimal credit risk; it is more appropriate as a ""risk off"" tool for those anticipating chaos in the markets. It's important to note that TIPS are not perfect hedges against inflation; there are some potential drawbacks to using products such as TDTF to hedge against a climb in CPI. But for those looking to use inflation-protected bonds in that capacity, we like TDTF more than options such as TIP that include longer-dated securities. By minimizing the interest rate risk, investors can cut back on loss potential if interest rates start climbing--a scenario that often accompanies an uptick in inflation. TDTF is a very targeted tool, delivering cheap and easy exposure to a narrow segment of the bond market. For investors seeking to access short-term TIPS, this ETF is a solid choice. There are plenty of alternatives in the Inflation Protected Bonds ETFdb Category, including the short term STPZ, TDTT, and STIP. " DXJ,"This ETF offers investors broad based exposure to the Japanese equity market with a twist; it hedges out the currency fluctuations. As a result, the fund is a ‘pure play' on the performance of Japanese stocks, stripping out the impact of the yen and its changes in value. Thanks to this methodology, DX] could be a great choice for investors who believe that the yen will weaken against the dollar but are still looking to scoop up Japanese equities. However, it would make for a poor choice if you think that the yen will strengthen as it will not partake in the currency appreciation and will probably underpeform other broad based Japan ETFs such as EWJ in this time frame. It should also be noted that the fund costs significantly more than comparable Japanese ETF products so it might not make the best pick for cost- conscious investors. With that being said, DXJ implements this strategy much cheaper than investors would likely be able to do on their own making it a quality pick for investors wary of currency changes but bullish on Japanese stocks. " QEMM,"QEMM tracks an index of emerging-market securities equally-weighted between 3 sub-indexes that focus on value, minimum volatility and quality. " MSTB,"MSTB is an actively managed fund that aims to outperform the large-cap US equity market by holding long exposure to the S&P 500 combined with a dynamic risk overlay. The risk overlay can go long or short equity and volatility through the use of derivatives. " HIBS,"HIBS provides 3x daily inverse exposure to a beta- weighted index of 100 highest-beta stocks in the S&P 500. " CHAU,"CHAU provides daily 2x leveraged exposure to an index of the 300 largest and most liquid Chinese shares traded on the Shanghai and Shenzhen exchanges. " AVUV,"AVUV is an actively-managed portfolio of US small-cap value companies selected based on fundamental criteria. " FLEE,"The Franklin FTSE Europe ETF (FLEE) tracks an index of large and mid-size companies in 16 developed countries in Europe, and does so at an extremely competitive price. The fund owns more than 500 securities, making it a well- diversified option for long-term investors building a balanced portfolio. However, investors should be aware that FLEE has little allocation to small cap stocks. Investors looking for deeper market coverage of Europe may prefer rivals like the iShares Core MSCI Europe ETF (IEUR) or the Vanguard FTSE Europe ETF (VGK). Like other European equity funds, FLEE’s portfolio is dominated by the United Kingdom, France, Switzerland, and Germany. There is plenty of competition in the category. In addition to VGK and IEUR, investors can compare FLEE to the JPMorgan BetaBuilders Europe ETF (BBEU) or the SPDR Portfolio Europe ETF (SPEU). " BIL,"This popular ETF offers exposure to the ultrashort end of the maturity curve, focusing on zero coupon U.S. T-Bills with less than three months until maturity. BIL is extremely light on both interest rate risk and credit risk, and as such will generally deliver a very low expected return. BIL can be a great safe haven to park assets in volatile markets, but won't deliver much in the way of current yield. " SCHX,"This ETF tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, a benchmark consisting of some of America's largest companies. As a result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips' and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, VONE is a quality choice for investors seeking broad mega and large cap exposure and it is more diversified than most, containing just over 750 securities in total. As a result, this fund could serve as a building block for many portfolios making it an excellent choice for many buy and holders, especially for those seeking to keep costs to an absolute minimum. " IYE,"This ETF offers exposure to the domestic energy market, including many of the Big Oil companies that are responsible for significant portions of global energy supply. IYE is likely too targeted for those with a long time horizon, but this fund can potentially be useful for those implementing a sector rotation strategy or looking to overweight this corner of the market. Like many domestic energy ETFs, IYE has significant concentration in a small handful of names that account for big chunks of the overall portfolio; the equal-weighted RYE may be an appealing option for those looking to avoid this issue (same goes for the alpha-seeking FXN}. Another drawback of IYE is the cost; the expense ratio is considerably higher than both XLE and FEG, limiting the usefulness of this fund. Cost conscious investors have better choices available, as do those concerned about excessive concentration. " ILCG,"ILCG tracks a market cap-weighted index of growth stocks, selected from the top 90% of the US market-cap spectrum. " PTMC,"PTMC tracks an index that allocates to a proprietary US mid-cap Index and/or 3-month US T-bills, according to momentum. " UCC,"This ETF offers 2x daily long leverage to the Dow Jones U.S. Consumer Services Index, making it a powerful tool for investors with a bullish short-term outlook for consumer service equities. Investors should note that UCC's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UCC can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " VOO,"This ETF tracks the S&P 500 Index, one of the most famous benchmarks in the world and one that tracks some of America's largest companies. As a_ result, investors should think of this as a play on mega and large cap stocks in the American market. These securities are usually known as ‘Blue Chips’ and are some of the most famous and profitable companies in the country, including well known names such as ExxonMobil, Apple, IBM, and GE. The fund is probably one of the safest in the equity world as the companies on this list are very unlikely to go under unless there is an apocalyptic event in the economy. However, these securities are unlikely to grow very much either as they are already pretty large and have probably seen their quickest growing days in years past, but most do pay out solid dividends which should help to ease the pain of this realization. Overall, VOO is a quality choice for investors seeking broad mega and large cap exposure and it is more diversified than most, containing just over 500 securities in total. As a result, this fund could serve as a building block for many portfolios making it an excellent choice for many buy and holders, especially for those looking to keep costs at a minimum. " GOVZ,"GOVZ tracks a market-value weighted index of US separate trading of registered interest and principal securities (STRIPS}, with remaining maturities of at least 25 years. " AMTR,"AMTR tracks a market-cap-weighted index of North American MLPs whose distribution is generated from midstream energy activities and automatically reinvested at the fund level. " TEQI,"TEQI is an actively-managed, non-transparent fund of global large-cap companies that are positioned to outperform the Russell 1000 Value Index. The fund utilizes the T. Rowe non-transparent model. " BSMN,"The Invesco BulletShares 2023 Municipal Bond ETF tracks an index of U.S. municipal debt that matures in the indicated year. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes. This makes munis especially appealing to investors in high tax brackets. BulletShares are different than traditional bond ETFs because once the scheduled maturity date is reached, the funds distribute the principal back to investors. Traditional bond ETFs continuously buy and sell their underlying bonds to maintain their target maturity. For this reason, BulletShares behave more like a traditional bond than like a bond fund. This appeals to investors who want to lock in a fixed coupon while still gaining the diversification that an ETF portfolio provides. BulletShares aims to invest fixed-rate, investment-grade municipal securities whose distributions are exempt from federal taxes including the alternative minimum tax. Municipal bonds are issued by state and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. As the maturity date nears, BulletShares ETFs roll the proceeds of their maturing bonds into other securities including cash, cash equivalents, fixed-income ETFs, derivatives and options. Investors should note that some fund distributions may be subject to federal income tax, capital gains or the AMT. As the fund's portfolio matures in the final year, its yields may decline. Investors who prefer to maintain their exposure to munis can sell their maturing ETF and buy a later-dated BulletShares muni fund. One popular strategy is “laddering” BulletShares across a range of maturity dates, which locks in fixed coupon payments and plans ahead for cash distributions at maturity. This makes them attractive to those who want the guaranteed income combined with the ease and diversification benefits an ETF can provide. For most investors, it’s far easier and " EBIZ,"EBIZ tracks a market-cap-weighted index of global e- commerce companies, including online retailers, retail platforms, and supporting businesses. " VIXY,"This ETF offers investors a way to access equity market volatility, an asset class that may have appeal thanks primarily to its negative correlation to U.S. and international stocks. The VIX index tends to spike when anxiety increases, and as such often moves in the opposite direction of stocks. However, it's important to note that VIXY does not represent a spot investment in the VIX, but rather is linked to an index comprised of VIX futures. As such, the performance of this product will often vary significantly from a hypothetical investment in the VIX (which isn't possible to establish). The focus on short-dated futures increases the correlation to the VIX, but also increases the potential for the adverse impacts of contango. Longer-dated options such as VIIZ, VIXM, or VXZ may be appropriate for longer holding periods. This ETF should never be held over the long term in a buy- and-hold portfolio; it is designed as a trading instrument that appeals to those looking to place a short term bet against the market or use as a hedging tool. One structural note: VIXY is an ETF, while other options for similar exposure (VXX and VIIX) are ETNs. That distinction can have an impact on the potential tracking error, tax treatment, and credit risk. " BKLN,"BKLN delves into the high yield bond space by investing in leveraged loans to offer juicy yields to those willing to forgo the risks and invest in this product. The high yield bond space has been cracked wide open by ETFs, as these products have offered numerous ways for investors to take advantage of this space. High yields can be a great addition to a yield-starved portfolio, as they can offer yields into the double digits for those willing to take on the risks that come along with it. The high returns come from riskier bond choices who have to pay out higher ratios to compensate investors for high risks. this means that the holdings of these ETFs will have higher chances of defaults, and could potentially leave investors out to dry. But for those who have done their homework on the holdings of a particular ""junk"" bond fund have the ability to generate strong returns from these powerful products. BKLN invests entirely in U.S. leveraged loans, giving investors a pure play on the domestic economy that other ""junk"" bond products do not offer. This product will make a strong addition to investors who understand the risks and want a diversified exposure to the high yielding space as it exists in the US. " RWK,"This ETF is one of several ETFs available that offers exposure to mid cap U.S. stocks, an asset class that can make up a significant portion of long-term, buy-and-hold portfolios. As such, this ETF may be more appealing to those in the portfolio construction process as opposed to short term traders. Mid cap stocks are appealing to many because they still have significant growth potential but they are less risky than their small and micro cap brethren. While many products in this category utilize a cap-weighted system, RWK weights companies by top line revenues instead. Due to this the weightings of the fund are far different than those using a cap weighting system, even though both styles still chose from the same number of funds. In total RWK holds about 400 securities and has less than 20% of its portfolio in its top ten securities suggesting that a solid level of diversification is present. Unfortunately, the expense ratio for this product is far higher than some of the cap weighted funds but for those willing to put up with a higher expense ratio RWK could make for a key building block in numerous buy and hold portfolios. " CAPE,"CAPE is an actively managed, non-transparent ETF that aims to outperform the S&P 500 Index by investing in US stocks of any size from the most undervalued sectors based on the CAPE ratio and momentum factors. The fund utilizes the Precidian non-transparent model. " IVES,"IVES tracks a market cap-weighted index of companies around the globe engaged in the cloud computing industry. " MBB,"This ETF provides exposure to the mortgage backed security slice of the bond market, a corner of the finance world that has seen its share of troubles over the past few years. While MBS funds were at the heart of the subprime crisis, this product invests in liquid, stable bonds that are unlikely to default, pay out solid rates of interest, and provide valuable diversification benefits to a portfolio. Due to these benefits, most investors should consider adding some MBS holdings to their portfolio, albeit in a very small amount. MBB represents an excellent choice for investors looking to do just that as the fund is by far the most popular in the Category as well as the most liquid. In terms of diversification, the fund does a pretty solid job as it holds over 150 securities and its top ten holdings make up less than 15% of the total fund. Thanks to this, any further shocks to the housing market are unlikely to grossly impact this fund making MBB a solid choice for buy and holders and traders alike. " IHE,"This ETF is one of the options available for investors looking to access the pharmaceutical industry, a sub- sector of health care that has the potential to perform well during periods of consolidation and that may be appealing as a source of capital appreciation over the long run. Given the targeted focus of IHE, this ETF probably isn't that useful as a core holding in a long-term portfolio; it may, however, be appealing to those looking to apply a tactical tilt towards pharma or implement a sector rotation strategy. IHE is somewhat concentrated, with a relatively shallow basket of holdings and significant weightings afforded to the larger companies in the underlying index. Other options for exposure to pharmaceutical firms include PPH (which is extremely concentrated) and XPH, which is linked to an equal- weighted index and therefore may offer better balance. There is also the ""Dynamic"" PJP, a more expensive option that may be attractive for those who believe the quant- based methodology adds value. " TLH,"This ETF offers exposure to Treasuries towards the longer end of the maturity spectrum, 10-20 years, presenting another tool to investors looking to fine tune their fixed income exposure. TLH probably doesn't belong as a core holding in a long-term portfolio, as most of the underlying securities are already included in broad-based funds such as AGG or BND. But for investors looking to lengthen the effective duration of a short-heavy fixed income section of a portfolio, TLH can be a very useful tool to enhance current returns by the addition of additional interest rate risk. TLH is efficient from a cost perspective, and offers sufficient liquidity as well. There are few funds offering identical exposure, though those seeking general access to long-term Treasuries can choose from a number of different ETFs, including VGLT and TLO. " BNDX,"BNDxX tracks an investment-grade, non-USD denominated bond index, hedged against currency fluctuations for US investors. " USIG,"USIG tracks a market-value-weighted index of USD- denominated, investment-grade corporate debt. " AVDV,"AVDV is an actively-managed portfolio of non-US small- cap value companies in developed markets. " IEDI,"IEDI is an actively managed fund of US stocks in the discretionary spending sector according to an alternative classification system defined by machine learning algorithms. The market cap-weighted fund targets an increased exposure to firms with high US Consumer Score. " SPYV,"This ETF is linked to the S&P 500 Value Index, which offers exposure to large-cap companies that exhibit value characteristics within the U.S. equity market. Investors with a longerterm horizon should consider the importance of large cap value stocks and the benefits they can add to any well-balanced portfolio including dividends and rock solid stability. Companies within this segment are often considered some of the safest firms in the world and tend to be in more stable industries as well, potentially skewing some portfolios that are heavy in value securities. SPYV is linked to an index consisting of roughly 340 holdings and exposure is tilted most heavily towards financials, energy, and _ industrials. Thanks to this fund's solid level of diversification and cheap price, investors could definitely make SPYV a significant portion of their portfolios. " NXTG,"NXTG tracks a tiered-weighted index of global equities related to next generation digital cellular technologies. " PEY,"This ETF offers a way to access stocks of U.S. companies that have increased dividends consistently over time, focusing in on a select group of companies that have a solid track record as a source of consistent dividends and may offer attractive current yields relative to the broader market. Stocks are selected based on dividend yield and consistent dividend growth, resulting in a portfolio that should exhibit a beta less than 1.0 and offer a much higher distribution yield than broad-based market ETFs such as SPY or IWV. As such PEY may be an attractive option for investors looking to scale back risk while still maintaining exposure to equities, and it may also be effective for investors seeking to enhance current returns from the equity portion of a portfolio in low interest rate environments. There are dozens of ETFs that offer exposure to dividend-paying companies, including products linked to dividend-weighted indexes and benchmarks that employ a wide variety of screens to ensure that component companies offer attractive dividend yields. A comparison of the relevant yield metrics, expenses, and balance of exposure is worthwhile for any investors seeking to implement a dividend- intensive strategy through ETFs. In return for the enhanced current returns and specialized exposure, investors can expect to pay a bit more; PEY is more expensive than cap-weighted ETFs by a material margin. " SCDL,"SCDL provides 2x leveraged exposure to a market-cap- weighted index of 100 dividend-paying US companies. " OUSM,"OUSM tracks an index of US small-cap stocks weighted for exposure to quality, low volatility, high dividend yield, and dividend quality factors. " CBON,"CBON tracks a broad index of fixed-rate, investment- grade onshore Chinese Yuan-denominated bonds with maturities of 0-10 years. " IGV,"This ETF seeks to replicate a benchmark that is comprised of various software companies. IGV, an iShares product, invests in only U.S. companies, so this may not be the right fund for those who wish to gain exposure on a global scale. At first glance, investors may assume that the ETF would invest in mega cap software firms, when in actuality, the fund invests primarily in medium cap companies, giving investors access to a fair amount of lesser-known, potentially high growth firms. With that being said, a number of large well-known firms dominate the top of this index as high weightings are given to Oracle, Microsoft, and Adobe. As a result, investors should take a closer look at their overall portfolio to make sure that they aren't doubling down on this sector by investing in this fund as many of the top holdings will already be in large cap equity products as well. Many investors may be better off by looking at a more diversified tech ETF that offers exposure to multiple sectors instead of the software industry which is facing headwinds thanks to cloud computing and rampant piracy. " CARZ,"This ETF offers exposure to the global automotive industry, making it one option for tapping into a sector that has a long history of both huge gains and sudden and severe declines. Given the narrow focus of this fund and the presence of many components in broad-based equity funds, CARZ probably doesn't have much appeal to those building a long-term, buy-and-hold portfolio; it will be more useful as a tool for implementing a shorter- term tactical tilt towards the automotive industry. CARZ may also be useful as a trading vehicle in certain instances, as the auto industry often sees big swings when manufacturers report sales figures. Another option for investors interested in this sector is YVROM; while these two funds are generally similar, there are a number of key differences as well. VROM casts a wider net, including parts manufacturers and other firms not engaged in the end manufacture of automobiles. Investors may also want to consider the allocations among these funds to emerging markets, as increasing ownership rates in developing economies are likely to have a major impact on the growth of the auto industry. " DFEB,"DFEB aims for specific buffered losses and capped gains on the SPDR S&P 500 ETF Trust over a specific holdings period. The actively managed fund holds options and collateral. " MINC,"MINC is an actively managed fund that holds a broad variety of corporate, sovereign, municipal and mortgage- backed bonds, targeting a duration of one to three years. " FDIV,"FDIV is actively managed, investing primarily in US companies that are forecasted to raise their dividends. The fund constructs its portfolio using a quantitative dividend screening methodology with the goal of generating above-average income. " DGT,"This ETF offers exposure to developed equity markets around the world with a heavy tilt towards American companies although several large European names are in the fund's top ten holdings as well. As such, DGT has the potential to be included as a cornerstone of an equity component of a long-term portfolio. DGT is linked to a cap-weighted benchmark consisting of about 55 stocks, and as such is dominated by mega cap companies (SCZ, which offers exposure to small cap developed market ex- U.S. stocks, could make for a nice complement). Most investors considering DGT be better off in VEA; that Vanguard fund includes close to ten times the number of individual securities, thereby offering considerably more depth of exposure and lowering concentration. Moreover, VEA is considerably cheaper than DGT, making it difficult to justify inclusion of this fund in a portfolio, especially for investors who already have a large compliment of American stocks. " EIRL,"This ETF offers pure play exposure to the Irish economy, investing in stocks listed on Irish stock exchanges and generating substantial portions of their revenues in the country. As such, EIRL is probably too targeted for buy- and-hold portfolios, but can be useful for those looking to fine tune their Europe exposure or perhaps combine this fund with another position to create a long/short trade. EIRL is the only ETF option for exclusive Ireland exposure, but there are some limitations to consider. Holdings are far from balanced from a sector perspective, as many corners of the Irish economy are overlooked completely. And EIRL has only about 25 stocks in total, limiting the diversification of the underlying basket and resulting in significant concentrations in some big names. EIRL can still be a very efficient means of accessing the Emerald Isle, but these limitations should be noted. " ONEV,"ONEV tracks an index of large-cap stocks from the Russell 1000 Index, selected and weighted by four factors that are scaled by market cap. " FENY,"The Fidelity MSCI Energy Index ETF (FENY) tracks an index of U.S. energy stocks, including many of the world's largest oil producers. While FENY probably doesn't make sense for those constructing a long-term buy-and-hold portfolio, it can be useful as a tactical overlay for those looking to shift exposure towards a sector that thrives when oil prices show strength. As of June 2020, FENY owns about 80 stocks, including small caps, making it a better-diversified option than the Energy Select Sector SPDR Fund (XLE). It is competitively priced compared with rivals like XLE and the Vanguard Energy ETF (VDE), which is nearly identical, though short-term traders may prefer the size and liquidity of XLE. " FFSG,"FFSG is an actively managed fund of funds. The portfolio allocates between growth-oriented US and international stock ETFs, and can hold US Treasurys to protect against equity. " XDSQ,"XDSQ aims for 2x the price return of the SPDR S&P 500 ETF (SPY), subject to an upside return cap over a three- month outcome period " INDY,"This ETF offers investors a way to access the Indian equity market, a staple of any exposure to emerging markets. Indian stocks can exhibit significant volatility, and there are a number of risk factors that can derail these assets (including inflation). INDY tracks 50 of the largest companies in the nation so it looks to provide higher levels of liquidity than many of its other peers in the space. For investors worried about the ETN structure of INP and are looking for liquid Indian stocks, INDY could be the way to go for India exposure. " IXC,"This ETF offers exposure to the global energy industry, splitting exposure between U.S. and domestic stocks. While IXC may be too granular for those with a long-term buy-and-hold strategy, it can be a useful tool for tilting overall exposure towards this sector or perhaps for use in a long/short pairs trade as well. Not surprisingly, IXC has a heavy tilt towards mega cap stocks, as this ETF includes a number of the world's biggest oil companies (IOIL offers complementary exposure to small caps). IXC gives significant exposure to the U.S.; those seeking to steer away from domestic oil stocks may prefer ex-U.S. energy ETFs such as AXEN. Like many large cap energy funds, IXC features a fair amount of concentration; a few stocks make up big chunks of the total portfolio, potentially diminishing the balance of exposure offered. This ETF may be useful for some, but because it is somewhere in between broad-based and finely-tuned, it's likely that there may be a more appropriate option out there in the Energy Equities ETFdb Category. " ARKX,"The ARK Space Exploration & Innovation ETF is an actively managed fund that invests in global companies engaged in space exploration and innovation. The portfolio includes orbital and suborbital aerospace companies, companies that stand to benefit from aerospace activities, and firms that develop technology that enables space exploration, including robotics, artificial intelligence, materials, 3D printing, and energy storage. Not surprisingly, the fund is heavy on technology stocks. The fund owns a narrow universe of companies, so it is not diversified enough to replace a core allocation to technology, but it could augment core holdings for investors who have faith in ARK's management team. ARKX, which debuted in March 2021, is a relatively new addition to the active ETF lineup from ARK, which has had considerable success with some of its other actively managed products. Any actively managed product is ultimately a wager on the portfolio managers who pick the stocks. ARK’s products are geared toward investors who have the fortitude and faith to ride out short-term volatility in favor of long-term gains. ARKX’s management fee might seem pricey in the ultra-low-cost world of passive ETFs, but it's cheap for active management, especially when the manager delivers significant alpha. " PEX,"PEX tracks a market-cap-weighted index of publicly traded private equity firms around the world. " XHE,"This ETF offers targeted exposure to the health care equipment space, a targeted sector of the health care industry that includes manufacturers of various equipment and supplies. Given this narrow focus, XHE likely isn't appropriate for investors building a long-term, buy-and-hold portfolio; this ETF will appeal to those looking to implement a tactical tilt towards a very specific corner of the U.S. markets. The equal-weighted nature of the underlying index is appealing for the balance of holdings, as no one name accounts for a meaningful portion of total assets. Investors seeking more broad- based health care exposure may prefer XLV, while those looking to go international have options such as IRY available to them. " PGX,"This ETF offers investors exposure to preferred stock, an interesting segment of the capital markets that most investors do not have a lot of exposure to. Preferred stock holders have a ‘preferred’ position on assets compared to other common shareholders should there be a liquidity event in the company. However, these shareholders generally do not have voting rights in exchange for this premium position. Preferred stock also generally pay out solid dividend yields but then also do not participate as much in equity appreciation as their common share counterparts. Due to this preferred stock could be appropriate for those seeking to boost yields in a portfolio or for those looking for less risky forms of equity exposure that are relatively absent from broad portfolios of stocks. PGX is a little short in terms of diversification as the fund holds just under 80 securities in total and the vast majority of them are in the financial industry. As a result, this fund should be considered part of the financial holding of a portfolio and only used in small amounts to boost yields. If used properly, PGX could be a powerful tool for investors, just be careful and make sure to not overinvest in the sector. " FTGC,"FTGC is an actively managed fund that, through a subsidiary, provides broad exposure to commodities through futures contracts. The fund is structured as a 1940 Act open-ended fund. " UDN,"This ETF offers exposure to a basket of currencies relative to the U.S. dollar, increasing in value when the trade- weighted basket strengthens and decreasing when the dollar appreciates. This fund could be appropriate for investors seeking to hedge exchange rate exposure or bet against the greenback. For investors seeking exposure to the a broad range of developed market currencies against the U.S. dollar, UDN is the only real choice. " CSB,"CSB tracks the performance of the Compass EMP US Small Cap High Dividend 100 Volatility Weighted Index by investing in small-cap dividend-paying US common stocks. " NEAR,"NEAR provides active management to a portfolio of USD- denominated fixed- and floating-rate debt securities with investment grade rating and of varying maturities. It aims for a three years or less effective duration while seeking total return. " IWY,"This ETF is linked to the Russell Top 200 Growth Index, which offers exposure to large-cap companies within the growth sector of the U.S. equity market. Investors with a longer-term horizon ought to consider the importance of growth stocks and the diversification benefits they can add to any well-balanced portfolio. Companies within the growth segment offer tremendous profit potential since they are still in the early stages of their life cycle, which in turn also raises the risk level associated with this asset class. Growth stocks may also appeal to those seeking capital appreciation versus dividend income, as these companies re-invest earnings. IWY is linked to an index consisting of roughly 130 holdings and exposure is tilted most heavily towards technology, while industrials, energy, and consumer goods receive equal weightings. Viable alternatives with comparable holdings include SPYG and RPG, while SCHG is the cheapest option. " TAXF,"The American Century Diversified Municipal Bond ETF is an actively managed bond ETF that mixes investment- grade and high-yield municipal bonds to boost income while reducing taxes. Municipal bonds are a popular segment because they are generally exempt from exempt from federal taxes and, in some instances, may be exempt from state and/or local taxes. This makes munis especially appealing to investors in high tax brackets. Municipal bonds are issued by federal, state, and local governments and agencies to pay for everything from road projects to school buildings. They are typically considered a relatively safe investment since the issuer can impose taxes to repay the debt, though defaults are not unheard of. TAXF allocates up to 35% of its portfolio to riskier municipal securities, depending on market conditions. The fund is competitively priced compared with rivals in actively managed municipal bonds, though investors should compare performance and portfolio credit quality against some of the cheaper index options available. " FIW,"This product offers exposure to an index which selects companies who generate the majority of their revenues from the potable and wastewater industry. While water may seem like a strange investment at first glance, a closer look gives this product a lot of value. As the world's population continues to expand, clean and safe drinking water will be one of the top priorities in order to promote and protect human life. These companies will have their hands in making this a possibility for nations all around the world. FIW keeps the majority of its assets in companies based in the US, the majority of which are medium or small capitalization funds. This fund will be a strong addition for investors who feel that the population growth will lead to a surge in activity and revenues for the firms that are included in this underlying index. " ADRE,"This market cap weighted ETF offers investors exposure to fifty of the largest companies based in emerging markets that have depository receipts. These receipts allow the securities to be cross listed on develop market exchanges which can provide higher levels of liquidity or regulation. For investors looking for greater emerging market exposure with minimal risks, ADRE could make for a fine choice. " NJUL,"NJUL aims for specific buffered losses and capped gains on the NASDAQ 100 over a specific holdings period. The actively-managed fund holds options and collateral. " UPRO,"This ETF offers 3x daily long leverage to the S&P 500 Index, making it a powerful tool for investors with a bullish short-term outlook for large cap equities. Investors should note that UPRO's leverage resets on a daily basis, which results in compounding of returns when held for multiple periods. UPRO can be a powerful tool for sophisticated investors, but should be avoided by those with a low risk tolerance or a buy-and-hold strategy. " PMAY,"PMAY aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral. " IQDY,"The FlexShares International Quality Dividend Dynamic Index Fund (IQDY) is part of Northern Trust’s stable of proprietary factor strategies. This one has an international flair. The fund follows a Northern Trust index that selects dividend-paying companies in developed and emerging markets outside the U.S. Simple enough, but then the index weights the portfolio toward companies that earned the highest “dividend quality” scores. To prevent unintentional concentrations, the methodology caps the weighting of individual securities, industry groups, sectors and regions. Lastly, the fund tries to deliver “above market beta” — jargon used to describe how volatile performance is relative to the market. It’s another way of saying IQDY targets higher market risk. Investors can be excused for confusing IQDY with its sister funds: FlexShares International Quality Dividend Index Fund (IQDF} and the FlexShares International Quality Dividend Defensive Index Fund (IQDE). Like FlexShares' domestic variations on the same theme, the three funds are distinguished by their approach to market beta. IQDY aims for a little more risk than the market, IQDE for a little less, and IQDF tries to match it. In practice, all three funds share many of the same top holdings, including Royal Bank of Canada, GlaxoSmithKline and L’Oreal. The difference comes down to weighting, with IQDY leaning a little more on volatile tech stocks than IQDE and IQDF. Many FlexShares funds charge a premium for the Northern Trust expertise, but the FlexShares international dividend ETFs are priced competitively. Still, they are multiples more expensive than plain-vanilla international equity ETFs. Is it worth it? Investors can look at it several different ways. There are other international factor strategies out there, like the Vident International Equity Fund (VIDI} or the highly-concentrated (and extremely expensive) First Trust Dorsey Wright International Focus 5 "