Tag Archives: australia

Smart Beta Strategy: Aces Australian Scrutiny

Paul Docherty, a senior lecturer at Newcastle Business School, University of Newcastle, in Australia, has studied the performance of the factors that underlie smart beta portfolios within the equity markets of that country. On the basis of a long time-series of data, Docherty has concluded that four such factors “all generate positive abnormal returns” in those markets: value, momentum, low vol, and quality. Diversifying across these four factors is the smart way to make use of smart beta , he thinks. The other factor in the usual list of five is size . Since Rolf W. Banz’ work in 1981 , there has been speculation that small firms generate greater return than do larger firms, after controlling for risk. But Docherty can’t find evidence for this in Australia. After accounting for illiquidity and transaction costs, the remaining “size effect” is insignificant. “Not an investable anomaly,” he says. This is in accord with recent international findings. But with the other four smart-beta factors? Value refers to the book-to-market ratio. This is also known as the HML ratio, from the phrase “high minus low”, given the Fama-French argument that companies with high book-to-market ratios (value stocks) outperform those with low ratios (growth stocks). Docherty mentions that there are several other ways to measure “value” aside from book-to-market. One might use the P/E ratio, for example, or compare cash flow to price. But book-to-market “is the superior proxy for value in the Australian equity market.” The HML ratio has had a good run over most of the sample period Docherty employs, beginning in 1990, and its cumulative returns across time are impressive, but it’s important to observe that “there is an evident reduction in the gradient of the cumulative returns in recent years.” Performance of the WML factor in Australia Mean St. Dev. T-Strat Sharpe Ratio Hit Rate Max Drawdown 1991-2015 1.29% 5.19% 4.27 0.25 63% -19.96% 1991-1995 0.31% 3.53% 0.68 0.09 53.3% -7.98% 1996-2000 1.15% 5.28% 1.68 0.22 65% -19.96% 2001-2005 2.61% 5.12% 3.95 0.51 71.7% -8.51% 2006-2010 0.89% 6.53% 1.06 0.14 61.7% -13.68% 2011-2015 1.37% 4.80% 2.15 0.28 64.9% -13.41% (Source: Docherty, “How smart is smart beta investing?” Table 3.) Moving on… the momentum factor (or “winner-minus-loser”, that is, WML) is the best-documented anomaly of the traditional five. Docherty cites a recent study by Vanstone and Hahn that reports that “the capacity of momentum investing in Australia is sufficiently large in dollar terms to support its practical implementation as an investment strategy.” Low vol has been under discussion as a factor in above-normal returns since a seminal paper by Black, Jensen, and Scholes in 1972. The notion of a low vol premium by definition implies that the actual security market line is much flatter than the one predicted by the Capital Asset Pricing Model. Significant Drawdowns Docherty’s data indicates that the mean monthly return on the vol factor in Australian markets is 1.45%, the highest monthly return of any of the five factors he looked at. Both the vol factor and WML share one drawback – both have seen significant drawdowns. The max drawdown for the vol factor in Australia over the covered period in 25.56%. Then, there is quality , or quality-minus-junk (QMJ). As in all fields, “quality” in the realm of capital assets is a tricky thing to define. As Docherty understands it, the term refers to asset growth and accruals (negatively) as well as to corporate governance and profitability (on the positive side). Quality, as so understood, has “relatively modest returns compared with other smart beta factors,” he finds, but it does provide a hedge against downturns in broad market movements. What is most intriguing about Docherty’s numbers is that the correlations among the factors he discusses “are quite low and, in many cases, negative.” Given this situation , the real question is not whether smart beta is smart (it is) or which factor is smartest (that depends on where one is in the business cycle, and other matters), but what mix of the four (or, if one wants to continue including size, what mix of the five) factors is optimal.

After Earnings, How Are Oil Service ETFs Shaping?

A lot is being said about oil for the last one-and-a-half years. Almost every day, the commodity is hitting headlines for all wrong reasons. The acute and persistent plunge in oil prices and no hope for immediate recovery is actually pushing down the global market. The worry has reached such a delirious stage that jittery investors are fervently keeping an eye on the earnings performance of the oil service companies before taking their call on any investment in energy stocks. After all, the investing world is busy figuring out whether oil has hit a bottom after a horrendous sell-off and is due to turn around soon, benefitting the broader energy sector. The Zacks Industry Rank for the said space is presently in the bottom 17%. Thanks to this outright bearish backdrop, the sector tops investors’ attention list this earnings season as everyone will be interested in the health of the oil companies. Let’s delve a little deeper into the earnings scenario and see how things are shaping up for the space. In this piece, we have considered two stocks, namely – Schlumberger Ltd. (NYSE: SLB ) and Halliburton Company (NYSE: HAL ) . Among the duo, Schlumberger reported earnings results on January 21 after the market closed while Halliburton reported on January 25 before the market opened. Results in Detail Halliburton – the second largest oil service company – came up with an earnings beat though revenues missed in Q4. Earnings of $0.31 per share from continuing operations beat the Zacks Consensus Estimate of $0.24. Improved stimulation works in Kuwait and Australia helped the company to beat on the bottom line despite rock-bottom oil prices. The bottom line fell considerably from fourth-quarter 2014 earnings of $1.19. However, Halliburton’s revenues of $5.08 billion reflected a 42.1% year-over-year improvement but a 0.3% miss the Zacks Consensus Estimate. Shares were down 4.1% in the two trading sessions following the declaration of results. Schlumberger – the world’s largest oilfield services provider – came up with a mixed Q4. Adjusted earnings of $0.65 per share (excluding special items) edged past the Zacks Consensus Estimate of $0.63 but fell from the year-ago number of $1.50. Continued decline in rig activity amid the oil price carnage was behind the year-over-year decline. Total revenue of $7.7 billion declined 38.9% year over year but was in line with the Zacks Consensus Estimate. SLB advanced more than 6% in the trading day following the results. Market Impact The space got mixed signals thanks to not-extremely-downbeat performances as many expected from these oil service giants. We would like to note that both companies currently have a Zacks Rank #5 (Sell), solely because of poor industry fundamentals. Still investors might want to know the impact on ETFs that are heavily invested in these popular oil service companies. Below, we have highlighted three oil-services ETFs with considerable allocation to SLB and HAL that could be in focus following oil-service earnings: iShares US Oil Equipment & Services ETF (NYSEARCA: IEZ ) This ETF – tracking the Dow Jones U.S. Select Oil Equipment & Services Index – invests about $195.7 million of assets in 41 securities, focusing solely on the energy world. In-focus SLB takes up the first position here with 19.41% of holdings. Generally, when one stock accounts for as much as 19% of an ETF’s weight, its individual performance decides much of the fund’s price movement. HAL takes up the second position with about 9.26% of total assets. The fund gained about 1.2% in the last three trading sessions (as of January 26, 2016) following the release of the earnings by the duo. IEZ charges 0.45% for its expense ratio. The fund has a Zacks ETF Rank #5 with a High risk outlook. Market Vectors Oil Services ETF (NYSEARCA: OIH ) OIH tracks the Market Vectors US Listed Oil Services 25 Index. The index invests $924.7 million of assets in 26 holdings. OIH devotes as much as 20.44% of the portfolio weight to SLB, followed by 11.66% in HAL. OIH is cheap in the space with an expense ratio of 0.35%. The fund returned about 0.9% in the last three trading sessions (as of January 26, 2016). OIH has a Zacks ETF Rank #5 with a High risk outlook. PowerShares Dynamic Oil & Gas Services Fund (NYSEARCA: PXJ ) This product offers exposure to 30 energy stocks with SLB and HAL at the second and fourth positions, respectively, allocating 5.5-6% of total assets to each. PXJ tracks the Dynamic Oil & Gas Services Intellidex Index and has amassed about $31.9 million thus far. The ETF charges 63 bps in fees, so it is a bit more expensive than some of its counterparts in the space. The fund has added about 0.1% following the earnings release of the two companies. PXJ has a Zacks ETF Rank #5 with a High risk outlook. Original Post

284 ETP Debuts Of 2015: A Complete List

# Ticker Security Name Category IPO Date Notes 1 LLDM Direxion Daily FTSE Developed Mkt Bull 1.25x Leveraged 1/7/2015 2 2 LLEM Direxion Daily FTSE Emerging Mkt Bull 1.25x Leveraged 1/7/2015 2 3 LLSP Direxion Daily S&P 500 Bull 1.25x Leveraged 1/7/2015 2 4 LLSC Direxion Daily Small Cap Bull 1.25x Leveraged 1/7/2015 2 5 HIPS Master Income Style/Strat 1/7/2015 4 6 JPEM JPMorgan Diversified Return Emerging Market Equity Global/Intl 1/8/2015 7 IMTM iShares MSCI International Dev Momentum Factor Global/Intl 1/15/2015 8 IQLT iShares MSCI International Dev Quality Factor Global/Intl 1/15/2015 9 DIVA QuantShares Hedged Dividend Income Style/Strat 1/15/2015 3,4 10 ZLRG ETFS Zacks Earnings Large-Cap U.S. Style/Strat 1/20/2015 11 ZSML ETFS Zacks Earnings Small-Cap U.S. Style/Strat 1/20/2015 12 SBEU ETFS Diversified-Factor Developed Europe Global/Intl 1/27/2015 13 SBUS ETFS Diversified-Factor U.S. Large Cap Style/Strat 1/27/2015 14 RGRO Oppenheimer Global Growth Revenue Global/Intl 2/2/2015 15 SMHD ETRACS Mthly Pay 2x US Small Cap High Div ETN Leveraged 2/4/2015 4 16 FREL Fidelity MSCI Real Estate Sector 2/5/2015 4 17 SMDV ProShares Russell 2000 Dividend Growers Style/Strat 2/5/2015 4 18 REGL ProShares S&P MidCap 400 Div Aristocrats Style/Strat 2/5/2015 4 19 SPYB SPDR S&P 500 Buyback Style/Strat 2/5/2015 20 GHII Guggenheim S&P High Income Infrastructure Style/Strat 2/11/2015 4 21 KEMP KraneShares FTSE Emerging Markets Plus Global/Intl 2/13/2015 22 GDXX ProShares Ultra Gold Miners Leveraged 2/13/2015 23 GDJJ ProShares Ultra Junior Miners Leveraged 2/13/2015 24 GDXS ProShares UltraShort Gold Miners Inverse 2/13/2015 25 GDJS ProShares UltraShort Junior Miners Inverse 2/13/2015 26 FLRT AdvisorShares Pacific Asset Enhanced Floating Rate Bond 2/19/2015 1 27 RISE Sit Rising Rate Inverse 2/19/2015 28 TONS WisdomTree (Greenhaven) Coal Fund Commodity 2/20/2015 29 TOTL SPDR DoubleLine Total Return Tactical Bond 2/24/2015 1 30 TUTT Tuttle Tactical Management U.S. Core Style/Strat 2/25/2015 1,2 31 INC iShares U.S. Fixed Income Balanced Risk ETF Bond 2/26/2015 1 32 RODM Lattice Developed Markets (ex-US) Strategy Global/Intl 2/26/2015 33 ROAM Lattice Emerging Markets Strategy Global/Intl 2/26/2015 34 ROUS Lattice U.S. Equity Strategy Style/Strat 2/26/2015 35 QVM Arrow QVM Equity Factor Style/Strat 2/27/2015 36 EMIH Deutsche X-trackers Emg Mkts Bond Interest Hedged Bond 3/3/2015 3 37 HYIH Deutsche X-trackers HY Corporate Interest Hedged Bond 3/3/2015 3 38 IGIH Deutsche X-trackers Invest Grd Bond Interest Hedged Bond 3/3/2015 3 39 EUSC WisdomTree Europe Hedged SmallCap Equity Global/Intl 3/4/2015 3,4 40 MEAR iShares Short Maturity Municipal Bond Bond 3/5/2015 1 41 VLLV Direxion Value Line Conservative Equity Style/Strat 3/11/2015 42 VLML Direxion Value Line Mid-Lg-Cap High Dividend Style/Strat 3/11/2015 4 43 VLSM Direxion Value Line Sml-Md-Cap High Dividend Style/Strat 3/11/2015 4 44 HOMX ETRACS ISE Exclusively Homebuilders ETN Sector 3/11/2015 45 HOML ETRACS Mth 2x ISE Exclusively Homebuilders ETN Leveraged 3/11/2015 46 AFTY CSOP FTSE China A50 Global/Intl 3/12/2015 47 IBDJ iShares iBonds Dec 2017 Corporate Bond 3/12/2015 48 IBDK iShares iBonds Dec 2019 Corporate Bond 3/12/2015 49 IBDM iShares iBonds Dec 2021 Corporate Bond 3/12/2015 50 IBDN iShares iBonds Dec 2022 Corporate Bond 3/12/2015 51 IBDO iShares iBonds Dec 2023 Corporate Bond 3/12/2015 52 IBDP iShares iBonds Dec 2024 Corporate Bond 3/12/2015 53 IBDQ iShares iBonds Dec 2025 Corporate Bond 3/12/2015 54 SDEM Global X SuperDividend Emerging Markets Global/Intl 3/17/2015 4 55 SRET Global X SuperDividend REIT Sector 3/17/2015 4 56 XT iShares Exponential Technologies ETF Style/Strat 3/23/2015 57 QED IQ Hedge Event-Driven Tracker Style/Strat 3/24/2015 2,3 58 QLS IQ Hedge Long/Short Tracker Style/Strat 3/24/2015 2,3 59 ROGS Lattice Global Small Cap Strategy ETF Global/Intl 3/24/2015 60 SGDJ Sprott Junior Gold Miners Sector 3/31/2015 61 DBRE Deutsche X-trackers DJ Hdg Intl Real Estate Sector 4/9/2015 3,4 62 DBIF Deutsche X-trackers S&P Hedged Global Infrastructure Global/Intl 4/9/2015 3 63 FFTY Innovator IBD 50 Fund Style/Strat 4/9/2015 1 64 XRLV PowerShares S&P 500 x-Rate Sensitive Low Volatility Style/Strat 4/9/2015 65 JHDG WisdomTree Japan Hedged Quality Dividend Growth Global/Intl 4/9/2015 3,4 66 CHAU Direxion Daily CSI 300 China A Share Bull 2x Leveraged 4/16/2015 67 QUS SPDR MSCI USA Quality Mix Style/Strat 4/16/2015 68 SMCP AlphaMark Actively Managed Small Cap Style/Strat 4/21/2015 1 69 PAK Global X MSCI Pakistan Global/Intl 4/23/2015 70 ACTX Global X Guru Activist Style/Strat 4/29/2015 71 UK Recon Capital FTSE 100 Global/Intl 4/29/2015 72 ACWF iShares FactorSelect MSCI Global Global/Intl 4/30/2015 73 INTF iShares FactorSelect MSCI International Global/Intl 4/30/2015 74 ISCF iShares FactorSelect MSCI International Small-Cap Global/Intl 4/30/2015 75 LRGF iShares FactorSelect MSCI USA Style/Strat 4/30/2015 76 SMLF iShares FactorSelect MSCI USA Small-Cap Style/Strat 4/30/2015 77 JETS U.S. Global Jets Sector 4/30/2015 78 LRET ETRACS Monthly Pay 2x MSCI US REIT ETN Leveraged 5/6/2015 4 79 FXEU PowerShares Europe Currency Hedged Low Vlty Global/Intl 5/7/2015 3 80 DHVW Diamond Hill Valuation-Weighted 500 Style/Strat 5/12/2015 81 SCIX Global X Scientific Beta Asia ex-Japan Global/Intl 5/13/2015 82 SCID Global X Scientific Beta Europe Global/Intl 5/13/2015 83 SCIJ Global X Scientific Beta Japan Global/Intl 5/13/2015 84 SCIU Global X Scientific Beta US Style/Strat 5/13/2015 85 VXDN AccuShares Spot CBOE VIX Down Shares Volatility 5/19/2015 86 VXUP AccuShares Spot CBOE VIX Up Shares Volatility 5/19/2015 87 CAPX Elkhorn S&P 500 Capital Expenditures Style/Strat 5/27/2015 88 LABD Direxion Daily S&P Biotech Bear 3x Inverse 5/28/2015 89 LABU Direxion Daily S&P Biotech Bull 3x Leveraged 5/28/2015 90 DRIP Direxion Daily S&P Oil & Gas Expl & Prod Bear 3x Inverse 5/28/2015 91 GUSH Direxion Daily S&P Oil & Gas Expl & Prod Bull 3x Leveraged 5/28/2015 92 YLCO Global X YieldCo Index Sector 5/28/2015 4 93 JDG WisdomTree Japan Quality Dividend Growth Global/Intl 5/28/2015 4 94 HHDG Highland HFR Equity Hedge Style/Strat 6/1/2015 3 95 DRVN Highland HFR Event-Driven Style/Strat 6/1/2015 3 96 HHFR Highland HFR Global Style/Strat 6/1/2015 3 97 FCFI TrimTabs Intl Free-Cash Flow Global/Intl 6/2/2015 98 ICVT iShares Convertible Bond Bond 6/4/2015 99 DXUS WisdomTree Global ex-U.S. Hedged Dividend Global/Intl 6/4/2015 3,4 100 HDLS WisdomTree Intl Hedged SmallCap Dividend Global/Intl 6/4/2015 3,4 101 HEGE Direxion Daily MSCI Europe Currency-Hedged Bull 2x Leveraged 6/10/2015 3 102 HEGJ Direxion Daily MSCI Japan Currency-Hedged Bull 2x Leveraged 6/10/2015 3 103 SPUN Market Vectors Global Spin-Off Global/Intl 6/10/2015 104 HFEZ SPDR EURO STOXX 50 Currency Hedged Global/Intl 6/10/2015 3 105 TUTI Tuttle Tactical Mgmt Multi-Strategy Income Style/Strat 6/10/2015 1,2,4 106 UBND WisdomTree Western Asset Unconstrained Bond Bond 6/11/2015 1 107 PTNQ Pacer Trendpilot 100 Style/Strat 6/12/2015 108 PTMC Pacer Trendpilot 450 Style/Strat 6/12/2015 109 PTLC Pacer Trendpilot 750 Style/Strat 6/12/2015 110 CHAD Direxion Daily CSI 300 China A Share Bear 1x Inverse 6/17/2015 111 ISZE iShares MSCI International Developed Size Factor Global/Intl 6/18/2015 112 IVLU iShares MSCI International Developed Value Factor Global/Intl 6/18/2015 113 HBU ProShares Ultra Homebuilders & Supplies Leveraged 6/23/2015 114 UOP ProShares Ultra Oil & Gas Expl & Prod Leveraged 6/23/2015 115 UBIO ProShares UltraPro Nasdaq Biotechnology Leveraged 6/23/2015 116 ZBIO ProShares UltraProShort Nasdaq Biotechnology Inverse 6/23/2015 117 HBZ ProShares UltraShort Homebuilders & Supplies Inverse 6/23/2015 118 SOP ProShares UltraShort Oil & Gas Expl & Prod Inverse 6/23/2015 119 JPN Deutsche X-trackers Japan JPX-Nikkei 400 Equity Global/Intl 6/24/2015 120 HTUS Hull Tactical US Style/Strat 6/25/2015 1,2,3 121 HGEU ProShares Hedged FTSE Europe Global/Intl 6/25/2015 3 122 HGJP ProShares Hedged FTSE Japan Global/Intl 6/25/2015 3 123 TPYP Tortoise North American Pipeline Sector 6/30/2015 4 124 SLDR ALPS Sector Leaders Style/Strat 7/1/2015 125 SLOW ALPS Sector Low Volatility Style/Strat 7/1/2015 126 HACW iShares Currency Hedged MSCI ACWI Global/Intl 7/1/2015 2,3 127 HAWX iShares Currency Hedged MSCI ACWI ex U.S. Global/Intl 7/1/2015 2,3 128 HAUD iShares Currency Hedged MSCI Australia Global/Intl 7/1/2015 2,3 129 HEWC iShares Currency Hedged MSCI Canada Global/Intl 7/1/2015 2,3 130 HSCZ iShares Currency Hedged MSCI EAFE Small-Cap Global/Intl 7/1/2015 2,3 131 HEWI iShares Currency Hedged MSCI Italy Global/Intl 7/1/2015 2,3 132 HEWW iShares Currency Hedged MSCI Mexico Global/Intl 7/1/2015 2,3 133 HEWY iShares Currency Hedged MSCI South Korea Global/Intl 7/1/2015 2,3 134 HEWP iShares Currency Hedged MSCI Spain Global/Intl 7/1/2015 2,3 135 HEWL iShares Currency Hedged MSCI Switzerland Global/Intl 7/1/2015 2,3 136 HEWU iShares Currency Hedged MSCI United Kingdom Global/Intl 7/1/2015 2,3 137 PUTX ALPS Enhanced Put Write Strategy Style/Strat 7/7/2015 1 138 CIBR First Trust NASDAQ CEA Cybersecurity Sector 7/7/2015 139 CDL Compass EMP US Large Cap High Div 100 Vlty Wtd Style/Strat 7/8/2015 4 140 CSA Compass EMP US Small Cap 500 Vlty Wtd Style/Strat 7/8/2015 141 CSB Compass EMP US Small Cap High Div 100 Vlty Wtd Style/Strat 7/8/2015 4 142 KLDW GaveKal Knowledge Leaders Developed World Global/Intl 7/8/2015 143 KLEM GaveKal Knowledge Leaders Emerging Markets Global/Intl 7/8/2015 144 YLD Principal EDGE Active Income Style/Strat 7/9/2015 1,4 145 AGGY WisdomTree Barclays U.S. Aggregate Bond Enh Yield Bond 7/9/2015 146 HDWM WisdomTree International Hedged Equity Global/Intl 7/9/2015 3,4 147 ALTY Global X SuperDividend Alternatives Style/Strat 7/14/2015 4 148 MOTI Market Vectors Morningstar International Moat Global/Intl 7/14/2015 149 OUSA O’Shares FTSE U.S. Quality Dividend Style/Strat 7/14/2015 4 150 MLPV ETRACS 2xMonthly Leveraged S&P MLP ETN Leveraged 7/15/2015 4 151 BDAT PureFunds ISE Big Data Sector 7/16/2015 152 IPAY PureFunds ISE Mobile Payments Sector 7/16/2015 153 USSD WisdomTree Strong Dollar U.S. Equity Style/Strat 7/21/2015 154 USWD WisdomTree Weak Dollar U.S. Equity Style/Strat 7/21/2015 155 HFXE IQ 50 Percent Hedged FTSE Europe Global/Intl 7/22/2015 3 156 HFXI IQ 50 Percent Hedged FTSE International Global/Intl 7/22/2015 3 157 HFXJ IQ 50 Percent Hedged FTSE Japan Global/Intl 7/22/2015 3 158 CLYH iShares Interest Rate Hedged 10+ Yr Credit Bond Bond 7/23/2015 1,2,3 159 EMBH iShares Interest Rate Hedged Emg Mkt Bond Bond 7/23/2015 1,2,3 160 HHYX iShares Currency Hedged International High Yield Bond Bond 7/30/2015 2,3 161 NFLT Virtus Newfleet Multi-Sector Unconstrained Bond Bond 8/11/2015 1 162 HDAW Deutsche X-trackers MSCI AWxUS Hi Div Yld Hedged Global/Intl 8/12/2015 3,4 163 HDEF Deutsche X-trackers MSCI EAFE Hi Div Yld Hedged Global/Intl 8/12/2015 3,4 164 HDEE Deutsche X-trackers MSCI EmgMkt Hi Div Yld Hedged Global/Intl 8/12/2015 3,4 165 HDEZ Deutsche X-trackers MSCI Eurozone Hi Div Yld Hedged Global/Intl 8/12/2015 3,4 166 EWRE Guggenheim S&P 500 Equal Weight Real Estate Sector 8/13/2015 4 167 JPNH Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Global/Intl 8/19/2015 3 168 DBAU Deutsche X-trackers MSCI Australia Hedged Global/Intl 8/19/2015 3 169 DBES Deutsche X-trackers MSCI EAFE Sml Cap Hedged Global/Intl 8/19/2015 3 170 DBIT Deutsche X-trackers MSCI Italy Hedged Global/Intl 8/19/2015 3 171 DBSE Deutsche X-trackers MSCI So Europe Hedged Global/Intl 8/19/2015 3 172 DBSP Deutsche X-trackers MSCI Spain Hedged Global/Intl 8/19/2015 3 173 CLAW Direxion Daily Homebuilders & Supplies Bear 3x Inverse 8/19/2015 174 NAIL Direxion Daily Homebuilders & Supplies Bull 3x Leveraged 8/19/2015 175 WDRW Direxion Daily Regional Banks Bear 3x Inverse 8/19/2015 176 DPST Direxion Daily Regional Banks Bull 3x Leveraged 8/19/2015 177 CRAK Market Vectors Oil Refiners Sector 8/19/2015 178 OASI O’Shares FTSE AsiaPacific Quality Dividend Global/Intl 8/19/2015 4 179 OEUR O’Shares FTSE Europe Quality Dividend Global/Intl 8/19/2015 4 180 CIL Compass EMP International 500 Volatility Weighted Global/Intl 8/20/2015 181 CID Compass EMP Intl High Div 100 Volatility Weighted Global/Intl 8/20/2015 4 182 OAPH O’Shares FTSE AsiaPacific Quality Dividend Hedged Global/Intl 8/25/2015 2,3,4 183 OEUH O’Shares FTSE Europe Quality Dividend Hedged Global/Intl 8/25/2015 2,3,4 184 VTEB Vanguard Tax-Exempt Bond Bond 8/25/2015 185 XCEM EGShares EM Core ex-China Global/Intl 9/2/2015 186 IBMJ iShares iBonds Dec 2021 AMT-Free Muni Bond Bond 9/3/2015 187 IBMK iShares iBonds Dec 2022 AMT-Free Muni Bond Bond 9/3/2015 188 VAMO Cambria Value and Momentum Style/Strat 9/9/2015 1,3 189 EUDV ProShares MSCI Europe Dividend Growers Global/Intl 9/10/2015 4 190 HDWX SPDR MSCI International Dividend Currency Hedged Global/Intl 9/15/2015 3,4 191 HREX SPDR MSCI International Real Estate Currecny Hedged Sector 9/15/2015 3,4 192 HAKD Direxion Daily Cyber Security Bear 2x Inverse 9/16/2015 193 HAKK Direxion Daily Cyber Security Bull 2x Leveraged 9/16/2015 194 PILS Direxion Daily Pharmaceutical & Medical Bear 2x Inverse 9/16/2015 195 PILL Direxion Daily Pharmaceutical & Medical Bull 2x Leveraged 9/16/2015 196 KSA iShares MSCI Saudi Arabia Capped ETF Global/Intl 9/17/2015 197 GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity Style/Strat 9/21/2015 198 LKOR FlexShares Credit-Scored US Long Corp Bond Bond 9/23/2015 199 QLC FlexShares US Quality Large Cap Style/Strat 9/23/2015 200 SPXE ProShares S&P 500 Ex-Energy Style/Strat 9/24/2015 201 SPXN ProShares S&P 500 Ex-Financials Style/Strat 9/24/2015 202 SPXV ProShares S&P 500 Ex-Health Care Style/Strat 9/24/2015 203 SPXT ProShares S&P 500 Ex-Technology Style/Strat 9/24/2015 204 UTES Reaves Utilities Sector 9/24/2015 1 205 GEM Goldman Sachs ActiveBeta Emerging Markets Equity Global/Intl 9/29/2015 206 JHMC John Hancock Multifactor Consumer Discretionary Sector 9/29/2015 207 JHMF John Hancock Multifactor Financials Sector 9/29/2015 208 JHMH John Hancock Multifactor Healthcare Sector 9/29/2015 209 JHML John Hancock Multifactor Large Cap Style/Strat 9/29/2015 210 JHMM John Hancock Multifactor Mid Cap Style/Strat 9/29/2015 211 JHMT John Hancock Multifactor Technology Sector 9/29/2015 212 MLTI CS X-Links Multi-Asset High Income ETN Style/Strat 9/30/2015 4 213 QGTA IQ Leaders GTAA Tracker Style/Strat 9/30/2015 2,3 214 JPUS JPMorgan Diversified Return U.S. Equity Style/Strat 9/30/2015 215 HJPX iShares Currency Hedged JPX-Nikkei 400 Global/Intl 10/1/2015 2,3 216 BSJN Guggenheim BulletShares 2023 High Yield Corp Bond Bond 10/7/2015 217 BSCP Guggenheim BulletShares 2025 Corp Bond Bond 10/7/2015 218 XLFS SPDR Financial Services Select Sector Sector 10/8/2015 219 XLRE SPDR Real Estate Select Sector Sector 10/8/2015 4 220 LBDC ETRACS 2x Wells Fargo BDC Series B ETN Leveraged 10/9/2015 4 221 AMUB ETRACS Alerian MLP Index Series B ETN Sector 10/9/2015 4 222 MLPB ETRACS Alerian MLP Infrastructure Series B ETN Sector 10/9/2015 4 223 MRRL ETRACS Mthly Pay 2x Mortgage REIT Series B ETN Leveraged 10/9/2015 4 224 UCIB ETRACS UBS Bloomberg CMCI Series B ETN Commodity 10/9/2015 225 BDCZ ETRACS Wells Fargo BDC Series B ETN Style/Strat 10/9/2015 4 226 FXEP PowerShares Developed EuroPacific Hedged Low Vlty Global/Intl 10/9/2015 3 227 DWTR PowerShares DWA Tactical Sector Rotation Style/Strat 10/9/2015 2 228 FXJP PowerShares Japan Currency Hedged Low Volatility Global/Intl 10/9/2015 3 229 SPMO PowerShares S&P 500 Momentum Style/Strat 10/9/2015 230 SPVU PowerShares S&P 500 Value Style/Strat 10/9/2015 231 CNCR Loncar Cancer Immunotherapy Sector 10/14/2015 232 HAHA CSOP China CSI 300 A-H Dynamic Global/Intl 10/20/2015 233 CNHX CSOP MSCI China A International Hedged Global/Intl 10/20/2015 3 234 ASHX Deutsche X-trackers CSI 300 China A Hedged Equity Global/Intl 10/20/2015 2,3 235 SPYD SPDR S&P 500 High Dividend Style/Strat 10/22/2015 4 236 BITE The Restaurant ETF Sector 10/28/2015 237 XINA SPDR MSCI China A Shares IMI Global/Intl 10/29/2015 238 EZR WisdomTree Europe Local Recovery Global/Intl 10/29/2015 239 HDRW WisdomTree Global ex-U.S. Hedged Real Estate Sector 10/29/2015 3,4 240 EMSD WisdomTree Strong Dollar Emerging Markets Equity Global/Intl 10/29/2015 241 HACV iShares Cur Hedged MSCI ACWI Min Volatility Global/Intl 11/2/2015 2,3 242 HEFV iShares Cur Hedged MSCI EAFE Min Volatility Global/Intl 11/2/2015 2,3 243 HEMV iShares Cur Hedged MSCI EM Min Volatility Global/Intl 11/2/2015 2,3 244 HEUV iShares Cur Hedged MSCI Europe Min Volatility Global/Intl 11/2/2015 2,3 245 HEUS iShares Cur Hedged MSCI Europe Small-Cap Global/Intl 11/2/2015 2,3 246 ITEQ BlueStar TA-BIGTech Israel Technology Sector 11/3/2015 247 FCVT First Trust SSI Strategic Convertible Securities Bond 11/4/2015 1 248 IDLB PowerShares FTSE Intl Low Beta Equal Weight Global/Intl 11/5/2015 249 USLB PowerShares Russell 1000 Low Beta Equal Weight Style/Strat 11/5/2015 250 ALFI AlphaClone International Global/Intl 11/10/2015 3 251 TLDH FlexShares Currency Hedged Mstar DM ex-US Factor Tilt Global/Intl 11/10/2015 2,3 252 TLEH FlexShares Currecny Hedged Mstar EM Factor Tilt Global/Intl 11/10/2015 2,3 253 GSIE Goldman Sachs ActiveBeta International Equity Global/Intl 11/10/2015 254 PRME First Trust Heitman Global Prime Real Estate Sector 11/12/2015 1,4 255 IAGG iShares Core International Aggregate Bond Bond 11/12/2015 256 GSD WisdomTree Global SmallCap Dividend Global/Intl 11/12/2015 4 257 ETHO Etho Climate Leadership U.S. Style/Strat 11/19/2015 258 HGSD WisdomTree Global Hedged SmallCap Dividend Global/Intl 11/19/2015 2,3,4 259 DEEF Deutsche X-trackers FTSE Developed ex US Enh Beta Global/Intl 11/24/2015 260 DEUS Deutsche X-trackers Russell 1000 Enh Beta Style/Strat 11/24/2015 261 ASET FlexShares Real Assets Allocation Style/Strat 11/24/2015 2 262 SPYX SPDR S&P 500 Fossil Fuel Free Style/Strat 12/1/2015 263 QMOM MomentumShares U.S. Quantitative Momentum Style/Strat 12/2/2015 1 264 SICK Direxion Daily Healthcare Bear 3x Inverse 12/3/2015 265 GASX Direxion Daily Natural Gas Related Bear 3x Inverse 12/3/2015 266 LABS Direxion Daily S&P Biotech Bear 1x Inverse 12/3/2015 267 ONEV SPDR Russell 1000 Low Volatility Focus Style/Strat 12/3/2015 268 ONEO SPDR Russell 1000 Momentum Focus Style/Strat 12/3/2015 269 ONEY SPDR Russell 1000 Yield Focus Style/Strat 12/3/2015 4 270 LARE Tierra XP Latin America Real Estate Sector 12/3/2015 4 271 ELKU Elkhorn FTSE RAFI U.S. Equity Income Style/Strat 12/10/2015 4 272 EMGF iShares FactorSelect MSCI Emerging Global/Intl 12/10/2015 273 PAEU Pacer Autopilot Hedged European Index Global/Intl 12/15/2015 3 274 PTEU Pacer Trendpilot European Index Global/Intl 12/15/2015 275 DJD Guggenheim Dow Jones Industrial Average Dividend Style/Strat 12/16/2015 4 276 NANR SPDR S&P North American Natural Resources Sector 12/16/2015 277 JPEU JPMorgan Diversified Return Europe Equity Global/Intl 12/21/2015 278 IMOM MomentumShares International Quantitative Momentum Global/Intl 12/23/2015 1 279 DYB WisdomTree Dynamic Bearish U.S. Equity Style/Strat 12/23/2015 3 280 DYLS WisdomTree Dynamic Long/Short U.S. Equity Style/Strat 12/23/2015 3 281 DDBI Legg Mason Developed ex-US Diversified Core Global/Intl 12/29/2015 282 EDBI Legg Mason Emerging Markets Diversified Core Global/Intl 12/29/2015 283 LVHD Legg Mason Low Volatility High Dividend Style/Strat 12/29/2015 4 284 UDBI Legg Mason US Diversified Core Style/Strat 12/29/2015