Fundamental ETFs
A fundamental ETF is a so-called smart beta ETF that follows an index that selects stocks to buy using some fundamental measure about a company, such as the company's total revenue, or total stockholders equity, or debt to equity ratio. In the investing world, the term "fundamental" generally refers to information about a company that you can obtain from the company's financial statements. Some fundamental indexes also weight the stocks they are holding not on each stock's market capitalization but instead using each stock's total sales revenue, or some other fundamental measure of a company's size.
The idea is to select "good companies" based on each company's financial statements. Proponents of fundamental indexes believe that traditional stock market indexes that select and weight stocks using each company's market capitalization end up holding too many stocks that are "overvalued" or "overhyped".
We end up classifying most fundamental ETFs as "multi-factor" ETFs, because many fundamental ETFs select stocks using some measure of the company's earnings, which is the quality factor, or they select stocks with dividends.
The fundamental ETFs use different approaches, so let's run through a few examples of what they are doing.
FNDB, the Schwab Fundamental U.S. Broad Market Index ETF, tracks the Russell RAFI U.S. index, which selects and weights stocks using the average of three fundamental measures of company size: retained operating cash flow, adjusted sales, and dividends plus buybacks. FNDB is very much a "multi-factor" ETF, because by selecting stocks based on retained operating cash flow and dividends it is using the "quality" factor, while also selecting stocks based on dividends plus stock buybacks. FNDB also is using an alternate weighting scheme.
RWL, the Revenue Shares Large Cap Fund ETF, tracks the S&P 500 but weights the stocks using each company's top line revenue rather than market capitalization.
FNDB and RWL are good examples of the challenge investors face when looking at smart beta ETFs:
- Smart beta ETFs are fairly new
- Every smart beta ETF seems to use a slightly different methodology (it seems like no two smart beta ETFs are ever the same)
- It is hard to understand what "factor tilts" you are getting
One thing to always worry about with these smart beta ETFs is the unintended factor tilts that occur. RWL weights the S&P 500 using top line revenue. Is that really a good thing? The data provided by RWL's website clearly shows a value tilt, but it is hard to know what other factor tilts occur by doing this. Quality is one of the most well documented factors -- all things being equal, the stocks of highly profitable companies tend to outperform over long periods of time. Does ranking the S&P 500 by top line revenue unintentionally reduce your exposure to the "quality" factor? It is hard to know.
Both FNDB and RWL have decent track records so far, so we don't want to sound like we are being too critical. We are just trying to illustrate the difficulties associated with analyzing smart beta ETFs. Especially since every one seems to use a slightly different approach.
Here are the fundamental ETFs that use fundamental factors as an investment factor:
| Name | Symbol | Last price | Currency | AUM | Expense ratio, % | Inception date |
|---|---|---|---|---|---|---|
| Schwab US Dividend Equity ETF | ARCX:SCHD | 28.07 | USD | 67,995,242,496 | 0.06 | Oct 20, 2011 |
| iShares MSCI USA Quality Factor ETF | BATS:QUAL | 184.10 | USD | 51,255,084,433 | 0.15 | Jul 18, 2013 |
| iShares Core Dividend Growth ETF | ARCX:DGRO | 63.47 | USD | 30,765,669,721 | 0.08 | Jun 12, 2014 |
| Schwab Fundamental U.S. Large Company ETF | ARCX:FNDX | 24.68 | USD | 18,139,875,328 | 0.25 | Aug 15, 2013 |
| VanEck Morningstar Wide Moat ETF | BATS:MOAT | 95.81 | USD | 14,702,918,080 | 0.46 | Apr 25, 2012 |
| Schwab Fundamental International Equity ETF | ARCX:FNDF | 34.57 | USD | 13,567,887,360 | 0.25 | Aug 15, 2013 |
| Invesco S&P 500 Quality ETF | XNYS:SPHQ | 67.24 | USD | 12,079,617,480 | 0.15 | Dec 06, 2005 |
| iShares Core High Dividend ETF | ARCX:HDV | 114.44 | USD | 11,185,854,334 | 0.08 | Mar 31, 2011 |
| First Trust Rising Dividend Achievers ETF | XNAS:RDVY | 62.52 | USD | 11,078,860,360 | 0.49 | Jan 07, 2014 |
| Schwab Fundamental U.S. Small Company ETF | ARCX:FNDA | 30.71 | USD | 9,928,787,968 | 0.25 | Aug 15, 2013 |
| First Trust Capital Strength ETF | XNAS:FTCS | 89.93 | USD | 8,985,914,183 | 0.54 | Jul 11, 2006 |
| iShares MSCI Intl Quality Factor ETF | ARCX:IQLT | 38.94 | USD | 7,991,407,840 | 0.30 | Jan 21, 2015 |
| Invesco FTSE RAFI US 1000 ETF | ARCX:PRF | 42.10 | USD | 7,622,455,500 | 0.29 | Dec 19, 2005 |
| Schwab Fundamental Emerging Markets Equity ETF | ARCX:FNDE | 29.58 | USD | 6,260,644,352 | 0.39 | Aug 15, 2013 |
| First Trust SMID Cap Rising Dividend Achievers ETF | XNAS:SDVY | 37.80 | USD | 5,249,313,067 | 0.60 | Nov 03, 2017 |
| JPMorgan U.S. Quality Factor ETF | ARCX:JQUA | 59.39 | USD | 4,405,366,000 | 0.12 | Nov 09, 2017 |
| Invesco Exchange-Traded Fund Trust II Invesco S&P 500 Revenue ETF | ARCX:RWL | 102.96 | USD | 4,296,743,220 | 0.39 | Feb 19, 2008 |
| Invesco S&P 500 GARP ETF | ARCX:SPGP | 110.60 | USD | 4,181,649,640 | 0.29 | Jun 16, 2011 |
| First Trust Morningstar ETF | ARCX:FDL | 41.25 | USD | 4,024,261,879 | 0.45 | Mar 15, 2006 |
| WisdomTree Japan Hedged Equity Fund | ARCX:DXJ | 110.75 | USD | 4,016,043,200 | 0.48 | Jun 16, 2006 |
| WisdomTree India Earnings Fund | ARCX:EPI | 43.55 | USD | 3,914,849,760 | 0.85 | Feb 26, 2008 |
| iShares U.S. Infrastructure ETF | BATS:IFRA | 48.45 | USD | 3,299,418,072 | 0.30 | Apr 05, 2018 |
| Schwab Fundamental International Small Equity ETF | ARCX:FNDC | 34.94 | USD | 3,170,176,512 | 0.39 | Aug 15, 2013 |
| VanEck Fallen Angel High Yield Bond ETF | XNYS:ANGL | 29.03 | USD | 2,974,272,570 | 0.25 | Apr 11, 2012 |
| Invesco FTSE RAFI US 1500 Small-Mid ETF | XNAS:PRFZ | 43.07 | USD | 2,717,388,120 | 0.29 | Sep 20, 2006 |
| SPDR S&P Kensho New Economies Composite ETF | ARCX:KOMP | 54.02 | USD | 2,223,770,000 | 0.20 | Oct 22, 2018 |
| iShares Cohen & Steers REIT ETF | BATS:ICF | 61.05 | USD | 2,085,778,491 | 0.33 | Feb 02, 2001 |
| iShares Fallen Angels USD Bond ETF | XNAS:FALN | 27.10 | USD | 1,910,796,180 | 0.25 | Jun 21, 2016 |
| SPDR Portfolio Corporate Bond ETF | ARCX:SPBO | 28.72 | USD | 1,884,370,000 | 0.03 | Apr 06, 2011 |
| Invesco Exchange-Traded Fund Trust II Invesco S&P SmallCap 600 Revenue ETF | ARCX:RWJ | 47.72 | USD | 1,841,803,727 | 0.39 | Feb 19, 2008 |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | ARCX:PXF | 49.80 | USD | 1,711,476,000 | 0.45 | Jun 25, 2007 |
| WisdomTree Europe Hedged Equity Fund | ARCX:HEDJ | 46.54 | USD | 1,618,889,260 | 0.58 | Jan 15, 2010 |
| FlexShares High Yield Value-Scored Bond Index Fund | ARCX:HYGV | 41.23 | USD | 1,412,323,240 | 0.37 | Jul 18, 2018 |
| Invesco BuyBack Achievers ETF | XNAS:PKW | 119.97 | USD | 1,286,894,270 | 0.50 | Dec 20, 2006 |
| iShares Morningstar Large-Cap ETF | ARCX:ILCB | 84.34 | USD | 1,250,738,557 | 0.03 | Jul 13, 2004 |
| Invesco FTSE RAFI Emerging Markets ETF | XNYS:PXH | 20.27 | USD | 1,243,375,200 | 0.49 | Sep 27, 2007 |
| Fidelity Quality Factor ETF | ARCX:FQAL | 67.87 | USD | 1,062,495,752 | 0.16 | Sep 16, 2016 |
| iShares Morningstar Mid-Cap ETF | ARCX:IMCB | 79.78 | USD | 1,041,614,704 | 0.04 | Jul 13, 2004 |
| U.S. Global Jets ETF | ARCX:JETS | 26.25 | USD | 973,465,500 | 0.60 | Apr 30, 2015 |
| Invesco Exchange-Traded Fund Trust II Invesco S&P MidCap 400 Revenue ETF | XNYS:RWK | 116.85 | USD | 933,447,620 | 0.39 | Feb 20, 2008 |
| iShares International Dividend Growth ETF | BATS:IGRO | 69.72 | USD | 928,909,425 | 0.15 | May 19, 2016 |
| SPDR Russell 1000 Yield Focus ETF | ARCX:ONEY | 112.38 | USD | 920,430,000 | 0.20 | Dec 02, 2015 |
| WisdomTree U.S. LargeCap Fund | ARCX:EPS | 63.63 | USD | 911,805,165 | 0.08 | Feb 23, 2007 |
| Schwab Fundamental U.S. Broad Market ETF | ARCX:FNDB | 24.23 | USD | 910,276,800 | 0.25 | Aug 15, 2013 |
| Goldman Sachs Access Investment Grade Corporate Bond ETF | ARCX:GIGB | 45.20 | USD | 868,312,500 | 0.14 | Jun 08, 2017 |
| Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF | ARCX:RDIV | 49.47 | USD | 836,953,280 | 0.39 | Sep 30, 2013 |
| WisdomTree U.S. MidCap Fund | ARCX:EZM | 64.83 | USD | 760,199,040 | 0.38 | Feb 23, 2007 |
| iShares Emerging Markets Dividend Index Fund Exchange Traded Fund | ARCX:DVYE | 26.44 | USD | 692,209,345 | 0.49 | Feb 24, 2012 |
| JPMorgan USD Emerging Markets Sovereign Bond ETF | ARCX:JPMB | 38.49 | USD | 649,060,000 | 0.39 | Jan 31, 2018 |
| Invesco RAFI Strategic US ETF | XNAS:IUS | 51.55 | USD | 642,432,501 | 0.19 | Sep 12, 2018 |
| Invesco S&P MidCap 400 GARP ETF | ARCX:GRPM | 116.85 | USD | 606,667,000 | 0.35 | Dec 03, 2010 |
| WisdomTree U.S. SmallCap Fund | ARCX:EES | 55.41 | USD | 595,502,710 | 0.38 | Feb 23, 2007 |
| iShares Core Dividend ETF | BATS:DIVB | 49.35 | USD | 592,037,475 | 0.05 | Nov 09, 2017 |
| First Trust DJ Global Select Dividend | ARCX:FGD | 22.78 | USD | 525,412,445 | 0.56 | Nov 27, 2007 |
| SPDR S&P Emerging Markets Dividend ETF | ARCX:EDIV | 35.61 | USD | 520,039,999 | 0.49 | Feb 23, 2011 |
| FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund | ARCX:TLTD | 71.31 | USD | 467,869,988 | 0.39 | Oct 02, 2012 |
| iShares U.S. Tech Breakthrough Multisector ETF | ARCX:TECB | 55.29 | USD | 446,085,831 | 0.30 | Jan 13, 2020 |
| Invesco AI and Next Gen Software ETF | ARCX:IGPT | 48.62 | USD | 425,145,040 | 0.50 | Jun 23, 2005 |
| iPath Select MLP ETN | BATS:ATMP | 31.14 | USD | 421,845,126 | 0.95 | Mar 13, 2013 |
| FlexShares Credit-Scored US Corporate Bond Index Fund | XNAS:SKOR | 47.83 | USD | 413,727,988 | 0.15 | Nov 13, 2014 |
| Invesco Fundamental High Yield Corporate Bond ETF | XNYS:PHB | 18.13 | USD | 410,565,300 | 0.50 | Nov 15, 2007 |
| Invesco S&P SmallCap Quality ETF | XNYS:XSHQ | 42.27 | USD | 403,448,805 | 0.29 | Apr 06, 2017 |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | ARCX:PDN | 32.71 | USD | 401,758,200 | 0.49 | Sep 27, 2007 |
| Goldman Sachs ETF Trust Goldman Sachs Access U.S. Aggregate Bond ETF | ARCX:GCOR | 40.36 | USD | 395,010,000 | 0.14 | Sep 17, 2020 |
| Invesco S&P International Developed Quality ETF | XNYS:IDHQ | 28.83 | USD | 374,027,650 | 0.29 | Jun 13, 2007 |
| iShares MSCI USA Size Factor ETF | ARCX:SIZE | 155.01 | USD | 334,728,593 | 0.15 | Apr 18, 2013 |
| Roundhill Ball Metaverse ETF | ARCX:METV | 15.05 | USD | 333,163,902 | 0.59 | Jun 30, 2021 |
| Invesco India ETF | ARCX:PIN | 24.90 | USD | 260,133,960 | 0.78 | Mar 05, 2008 |
| FlexShares Morningstar Emerging Markets Factor Tilt Index Fund | ARCX:TLTE | 51.91 | USD | 259,841,051 | 0.57 | Oct 02, 2012 |
| Sprott Gold Miners ETF | ARCX:SGDM | 30.60 | USD | 250,422,700 | 0.50 | Jul 15, 2014 |
| iShares Morningstar Small-Cap ETF | ARCX:ISCB | 61.35 | USD | 244,288,473 | 0.04 | Jul 13, 2004 |
| WisdomTree U.S. High Yield Corporate Bond Fund | BATS:QHY | 45.77 | USD | 220,973,280 | 0.38 | |
| American Century Quality Diversified International ETF | ARCX:QINT | 50.19 | USD | 203,360,375 | 0.39 | Sep 18, 2018 |
| iShares JPX-Nikkei 400 ETF | ARCX:JPXN | 72.29 | USD | 177,844,320 | 0.48 | Oct 26, 2001 |
| First Trust DJ Select MicroCap ETF | ARCX:FDM | 70.65 | USD | 176,873,830 | 0.60 | Sep 30, 2005 |
| Invesco Bloomberg Analyst Rating Improvers ETF | ARCX:UPGD | 72.16 | USD | 151,951,594 | 0.40 | May 19, 2006 |
| Goldman Sachs Access High Yield Corporate Bond ETF | ARCX:GHYB | 45.06 | USD | 148,941,000 | 0.34 | Sep 25, 2017 |
| LeaderShares AlphaFactor US Core Equity ETF | ARCX:LSAF | 42.90 | USD | 141,864,500 | 0.75 | Oct 02, 2018 |
| ALPS O'Shares Global Internet Giants ETF | BATS:OGIG | 48.81 | USD | 139,441,974 | 0.48 | Jun 05, 2018 |
| Monarch ProCap Index ETF | BATS:MPRO | 29.14 | USD | 138,960,000 | 1.14 | Mar 29, 2021 |
| Elevation Series Trust SRH U.S. Quality ETF | ARCX:SRHQ | 39.09 | USD | 137,513,776 | 0.35 | Oct 05, 2022 |
| Barron's 400 ETF | ARCX:BFOR | 76.31 | USD | 136,755,500 | 0.65 | Jun 04, 2013 |
| Global X Millennial Consumer ETF | XNAS:MILN | 46.87 | USD | 133,300,000 | 0.50 | May 04, 2016 |
| U.S. Diversified Real Estate ETF | ARCX:PPTY | 32.19 | USD | 132,966,000 | 0.53 | Mar 27, 2018 |
| ROBO Global Artificial Intelligence ETF | ARCX:THNQ | 52.52 | USD | 128,707,460 | 0.68 | May 18, 2020 |
| ALPS Medical Breakthroughs ETF | ARCX:SBIO | 32.32 | USD | 119,156,809 | 0.50 | Dec 30, 2014 |
| WisdomTree Cybersecurity Fund | XNAS:WCBR | 29.92 | USD | 117,181,440 | 0.45 | Jan 28, 2021 |
| Monarch Blue Chips Core Index ETF | BATS:MBCC | 35.76 | USD | 107,415,000 | 1.25 | Mar 29, 2021 |
| Amplify ETF Trust Amplify AI Powered Equity ETF | ARCX:AIEQ | 41.76 | USD | 100,108,000 | 0.75 | Oct 18, 2017 |
| IQ 500 International | ARCX:IQIN | 32.60 | USD | 99,224,608 | 0.25 | Dec 13, 2018 |
| Fidelity International High Dividend ETF | ARCX:FIDI | 20.26 | USD | 99,057,417 | 0.18 | Jan 25, 2018 |
| SPDR FactSet Innovative Technology ETF | ARCX:XITK | 185.82 | USD | 97,040,000 | 0.45 | Jan 13, 2016 |
| Invesco International BuyBack Achievers ETF | XNAS:IPKW | 39.91 | USD | 95,436,200 | 0.55 | Feb 27, 2014 |
| US Global GO Gold and Precious Metal Miners ETF | ARCX:GOAU | 20.74 | USD | 91,956,000 | 0.60 | Jun 29, 2017 |
| American Customer Satisfaction ETF | BATS:ACSI | 62.51 | USD | 84,227,000 | 0.65 | Nov 07, 2016 |
| EA Series Trust Strive U.S. Semiconductor ETF | XNYS:SHOC | 49.24 | USD | 83,169,360 | 0.40 | Oct 06, 2022 |
| Monarch Ambassador Income Index ETF | BATS:MAMB | 22.28 | USD | 81,540,000 | 1.39 | Mar 29, 2021 |
| Hoya Capital High Dividend Yield ETF | ARCX:RIET | 10.09 | USD | 77,353,600 | 0.50 | Sep 22, 2021 |
| Roundhill Sports Betting & iGaming ETF | ARCX:BETZ | 19.80 | USD | 75,570,215 | 0.75 | Jun 04, 2020 |
| ETRACS IFED Invest with the Fed TR Index ETN | ARCX:IFED | 42.90 | USD | 71,051,200 | 0.45 | Sep 16, 2021 |
| Goldman Sachs ETF Trust Goldman Sachs Access Emerging Markets USD Bond ETF | BATS:GEMD | 40.43 | USD | 67,248,000 | 0.39 | Feb 18, 2022 |
| Xtrackers Russell 1000 US Quality at a Reasonable Price ETF ETF | ARCX:QARP | 54.00 | USD | 65,850,348 | 0.19 | Apr 05, 2018 |
| WBI Power Factor High Dividend ETF | ARCX:WBIY | 30.65 | USD | 64,800,500 | 0.99 | Dec 22, 2016 |
| Innovator Deepwater Frontier Tech ETF | ARCX:LOUP | 60.11 | USD | 64,607,056 | 0.70 | Aug 02, 2018 |
| Global X Aging Population ETF | XNAS:AGNG | 31.53 | USD | 61,700,000 | 0.50 | May 09, 2016 |
| Pacer US Export Leaders ETF | ARCX:PEXL | 51.21 | USD | 61,444,370 | 0.60 | Oct 18, 2018 |
| Siren Nasdaq NexGen Economy ETF | XNAS:BLCN | 28.36 | USD | 61,086,000 | 0.68 | Jan 17, 2018 |
| Invesco Fundamental Investment Grade Corporate Bond ETF | XNYS:PFIG | 23.43 | USD | 59,577,500 | 0.22 | Sep 15, 2011 |
| GraniteShares Nasdaq Select Disruptors ETF | ARCX:DRUP | 59.69 | USD | 55,849,128 | 0.60 | Oct 07, 2019 |
| ETF Series Solutions AAM Transformers ETF | ARCX:TRFM | 40.73 | USD | 54,270,000 | 0.49 | Jul 12, 2022 |
| Robo Global Healthcare Technology and Innovation ETF | ARCX:HTEC | 30.95 | USD | 54,107,151 | 0.68 | Jun 25, 2019 |
| PIMCO RAFI ESG U.S. ETF | ARCX:RAFE | 37.67 | USD | 53,320,000 | 0.29 | Dec 19, 2019 |
| Direxion Daily NYSE FANG+ Bull 2X Shares | ARCX:FNGG | 199.29 | USD | 52,264,857 | 0.98 | Sep 30, 2021 |
| VanEck Durable High Dividend ETF | BATS:DURA | 33.19 | USD | 50,376,850 | 0.29 | Oct 31, 2018 |
| Columbia Research Enhanced Emerging Economies ETF | ARCX:ECON | 21.27 | USD | 49,857,500 | 0.49 | Sep 14, 2010 |
| WisdomTree U.S. Short Term Corporate Bond Fund | BATS:QSIG | 48.28 | USD | 48,896,600 | 0.18 | |
| Hoya Capital Housing ETF | ARCX:HOMZ | 46.61 | USD | 47,612,955 | 0.30 | Mar 20, 2019 |
| Invesco Investment Grade Defensive ETF | ARCX:IIGD | 24.19 | USD | 44,011,824 | 0.13 | Jul 25, 2018 |
| Donoghue Forlines Yield Enhanced Real Asset ETF | BATS:ABLD | 29.35 | USD | 43,999,297 | 0.69 | Dec 15, 2021 |
| Global X Telemedicine & Digital Health ETF | XNAS:EDOC | 10.82 | USD | 43,910,000 | 0.68 | Jul 29, 2020 |
| The RBB Fund, Inc. Motley Fool Capital Efficiency 100 Index ETF | BATS:TMFE | 27.47 | USD | 43,720,430 | 0.50 | Dec 31, 2021 |
| TrimTabs ETF Trust Donoghue Forlines Risk Managed Innovation ETF | BATS:ABOT | 37.34 | USD | 43,497,270 | 0.69 | Dec 08, 2020 |
| FlexShares Trust FlexShares Credit-Scored US Long Corporate Bond Index Fund | BATS:LKOR | 41.89 | USD | 43,151,705 | 0.15 | Sep 24, 2015 |
| ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | ARCX:QULL | 51.49 | USD | 43,002,800 | 0.95 | Feb 09, 2021 |
| First Trust Exchange-Traded Fund II First Trust Emerging Markets Human Flourishing ETF | ARCX:FTHF | 22.31 | USD | 42,525,995 | 0.75 | Oct 03, 2023 |
| ETRACS 2x Leveraged IFED Invest with the Fed TR Index ETN | ARCX:FEDL | 55.71 | USD | 39,895,800 | 0.95 | Sep 17, 2021 |
| ETRACS 2x Leveraged US Dividend Factor TR ETN | ARCX:SCDL | 40.91 | USD | 37,162,000 | 0.95 | Feb 09, 2021 |
| Nuveen Enhanced Yield U.S. Aggregate Bond ETF | ARCX:NUAG | 20.65 | USD | 35,765,656 | 0.21 | Sep 15, 2016 |
| Invesco Next Gen Media and Gaming ETF | ARCX:GGME | 53.61 | USD | 35,327,160 | 0.50 | Jun 23, 2005 |
| Fidelity Metaverse ETF | XNAS:FMET | 31.16 | USD | 33,039,870 | 0.40 | Apr 21, 2022 |
| Procure Space ETF | XNYS:UFO | 25.39 | USD | 32,094,450 | 0.75 | Apr 11, 2019 |
| Global X S&P 500 Quality Dividend ETF | ARCX:QDIV | 35.45 | USD | 31,670,000 | 0.20 | Jul 13, 2018 |
| TrimTabs ETF Trust Donoghue Forlines Tactical High Yield ETF | BATS:ABHY | 19.13 | USD | 30,214,702 | 0.89 | Dec 08, 2020 |
| First Trust Dividend Strength ETF | XNAS:FTDS | 52.52 | USD | 22,116,698 | 0.70 | Dec 23, 2014 |
| WisdomTree New Economy Real Estate Fund | ARCX:WTRE | 17.66 | USD | 20,334,820 | 0.58 | Jun 05, 2007 |
| WisdomTree U.S. Corporate Bond Fund | BATS:QIG | 43.96 | USD | 18,366,520 | 0.18 | Nov 17, 2010 |
| Virtus Real Asset Income ETF | ARCX:VRAI | 23.68 | USD | 16,640,495 | 0.55 | Feb 08, 2019 |
| Amplify Cash Flow Dividend Leaders ETF | XNAS:COWS | 30.31 | USD | 15,730,176 | 0.39 | Sep 13, 2023 |
| Global X Thematic Growth ETF | XNAS:GXTG | 24.27 | USD | 15,690,000 | 0.50 | Oct 25, 2019 |
| VanEck Morningstar Global Wide Moat ETF | BATS:MOTG | 37.82 | USD | 14,782,280 | 0.52 | Oct 31, 2018 |
| Amplify ETF Trust Amplify Natural Resources Dividend Income ETF | ARCX:NDIV | 29.75 | USD | 14,113,300 | 0.59 | Aug 24, 2022 |
| DoubleLine ETF Trust DoubleLine Fortune 500 Equal Weight ETF | ARCX:DFVE | 29.70 | USD | 13,451,700 | 0.20 | Feb 01, 2024 |
| VanEck Moody's Analytics IG Corporate Bond ETF | BATS:MIG | 21.10 | USD | 12,812,580 | 0.20 | Dec 02, 2020 |
| Invesco Nasdaq Free Cash Flow Achievers ETF | XNAS:QOWZ | 35.15 | USD | 10,964,514 | 0.39 | Dec 06, 2023 |
| Golden Sachs ETF Trust Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | ARCX:GSIG | 46.89 | USD | 9,406,000 | 0.14 | Jul 13, 2020 |
| VanEck Moody's Analytics BBB Corporate Bond ETF | BATS:MBBB | 21.24 | USD | 8,575,840 | 0.25 | Dec 02, 2020 |
| ProShares Long Online/Short Stores ETF | ARCX:CLIX | 49.34 | USD | 8,417,728 | 0.65 | Nov 16, 2017 |
| ProShares MSCI Emerging Markets Dividend Growers ETF | BATS:EMDV | 42.74 | USD | 8,173,522 | 0.60 | Jan 27, 2016 |
| iShares Future Cloud 5G and Tech ETF | ARCX:IDAT | 35.52 | USD | 7,940,760 | 0.47 | Jun 14, 2021 |
| Harbor ETF Trust Harbor AlphaEdge Small Cap Earners ETF | ARCX:EBIT | 33.08 | USD | 7,886,250 | 0.29 | Oct 22, 2008 |
| NYLI U.S. Large Cap R&D Leaders ETF | XNAS:LRND | 35.60 | USD | 7,883,100 | 0.14 | Feb 08, 2022 |
| NYLI Global Equity R&D Leaders ETF | XNAS:WRND | 30.65 | USD | 6,273,450 | 0.18 | Feb 08, 2022 |
| iShares Emergent Food and AgTech Multisector ETF | XNAS:IVEG | 21.22 | USD | 4,145,380 | 0.47 | Apr 27, 2022 |
| Tidal Trust II iREIT - MarketVector Quality REIT Index ETF | ARCX:IRET | 20.03 | USD | 3,725,750 | 0.60 | Mar 06, 2024 |
| Pacer BioThreat Strategy ETF | BATS:VIRS | 40.03 | USD | 3,711,820 | 0.70 | Jun 29, 2020 |
| ETF Series Solutions Blue Horizon BNE ETF | ARCX:BNE | 22.49 | USD | 3,622,745 | 0.87 | Dec 09, 2020 |
| ProShares Trust ProShares S&P Global Core Battery Metals ETF | ARCX:ION | 26.48 | USD | 2,794,110 | 0.58 | Dec 01, 2022 |
| Invesco Exchange-Traded Fund Trust II Invesco S&P SmallCap 600 GARP ETF | ARCX:GRPZ | 26.76 | USD | 2,781,570 | 0.35 | Mar 27, 2024 |
| Amplify ETF Trust Amplify Thematic All-Stars ETF | ARCX:MVPS | 25.97 | USD | 2,490,488 | 0.49 | Jul 21, 2021 |
| First Trust Nasdaq Lux Digital Health Solutions ETF | XNAS:EKG | 18.43 | USD | 2,379,932 | 0.65 | Mar 23, 2022 |
| Themes Natural Monopoly ETF | XNAS:CZAR | 29.67 | USD | 1,366,325 | 0.35 | Dec 13, 2023 |
| First Trust Exchange-Traded Fund First Trust S&P 500 Diversified Free Cash Flow ETF | ARCX:FCFY | 25.38 | USD | 1,268,751 | 0.60 | Aug 28, 2023 |
| Themes US R&D Champions ETF | XNAS:USRD | 31.28 | USD | 1,165,962 | 0.29 | |
| Themes US Small Cap Cash Flow Champions ETF | XNAS:SMCF | 32.97 | USD | 870,528 | 0.29 | Mar 13, 2024 |
| Themes US Cash Flow Champions ETF | XNAS:USCF | 31.39 | USD | 853,446 | 0.29 | Mar 13, 2024 |
| Spx Flow Inc | XNYS:FLOW | 86.24 | USD | Sep 17, 2015 | ||
| ETF Series Solutions U.S. Global Sea to Sky Cargo ETF | XNYS:SEA | USD | Jun 11, 2010 | |||
| Northern Lights Fund Trust IV Monarch Volume Factor Global Unconstrained Index ETF | BATS:MVFG | 27.07 | USD | |||
| Northern Lights Fund Trust IV Monarch Volume Factor Dividend Tree Index ETF | BATS:MVFD | 26.88 | USD | |||
| Northern Lights Fund Trust IV Monarch Dividend Plus Index ETF | BATS:MDPL | 25.79 | USD | |||
| First Trust Exchange-Traded Fund VI First Trust Bloomberg R&D Leaders ETF | ARCX:RND | 26.01 | USD | |||
| Simplify Exchange Traded Funds Simplify Next Intangible Core Index ETF | BATS:NXTI | 29.53 | USD | |||
| First Trust Exchange-Traded Fund VI First Trust S&P 500 Economic Moat ETF | ARCX:EMOT | 21.92 | USD |