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Inside WisdomTree’s New Dividend Growth ETF

Demand for safe-haven assets peaked amid an uncertain global economic outlook and growing volatility across many asset classes. With safe-haven assets in demand, dividend has been an area to watch out for as not all income products are devoid of risks. Stocks that are hiking dividend continuously are on the other hand said to be the best bets. Meanwhile, treasury yields are also showing a downtrend. Yield on 10-year Treasury notes fell by almost 44 bps to 1.80% as of April 14, 2016. This has made investors thirstier for yields lately (read: High Dividend Sector ETFs Hitting All-Time Highs ). Meanwhile, chances of the Fed hiking rates in the near-term have also dropped significantly after the Fed Chair Janet Yellen’s dovish comments, which were further reinforced by Fed Bank of New York President William C. Dudley. Dudley said that due to uncertain outlook for the U.S. economy, a cautious and gradual approach to interest-rate increases is expected. Yield on Japan’s benchmark 10-year government bond has been hitting record lows after it slid to sub-zero for the first time in February. Bank of Japan introduced negative interest rates earlier this year following the European Central Bank (ECB) footsteps. Denmark, Sweden and Switzerland adopted similar measures. Meanwhile, in March, the ECB came up with a more intensified economic stimulus and opted for multiple rate cuts and the expansion of its quantitative easing program to boost the economy. Monthly asset purchases were raised to EUR 80 billion from 60 billion previously (read: Surprise ETF Winners & Losers Post ECB Easing ). Because of these factors, dividend ETFs have gained a lot of popularity as investors continue to search for attractive and stable yield in this ultralow rate interest environment. Probably, this is why WisdomTree recently rolled out a dividend growth ETF targeting international economies. In fact, the global footprint made the fund more attractive given the ultralow interest rate backdrop prevailing in most developed economies. Below, we have highlighted the newly launched fund – WisdomTree International Quality Dividend Growth Fund (BATS: IQDG ) . IQDG in Focus IQDG tracks the WisdomTree International Quality Dividend Growth Index, which provides exposure to dividend paying developed market companies. Index comprises 300 companies from the WisdomTree International Equity Index selected on the basis of both growth factors – long-term earnings growth expectations and quality factors – three-year historical averages for return on equity and return on assets, which are then weighted on the basis of annual cash dividends paid. The fund has a net expense ratio of 0.38%. However, the net expense ratio reflects a contractual waiver of 0.1% through July 31, 2017. As of April 13, 2016, the fund had 207 dividend-paying companies from the developed world, excluding Canada and the U.S. in its basket. The fund is well diversified with none of the stocks holding more than 4% except the top two holdings, British American Tobacco plc (NYSEMKT: BTI ) (5.3%) and Roche Holding AG ( OTCQX:RHHBY ) (4.9%). From a country perspective, U.K. takes the top spot with about 19.4% of the basket followed by Japan (14%), Switzerland (10.1%), Germany (7%) and the Netherlands (6.9%). As for a sector point of view, Consumer Staples dominates the fund with about 22.7% exposure, followed by Consumer Discretionary and Industrials with 18.7% and 16.4% allocation, respectively. Launched on April 7, the fund has already amassed $2.5 million in its asset base. The fund is up 3.5% in the last 5 days. How Could it Fit in a Portfolio? The ETF could be well suited for investors looking for higher dividend paying securities across the globe. It also offers diversification benefits. These low-risk vehicles are excellent options for investors looking to protect their portfolio in a bearish environment. With interest rates being low in most developed nations, the appeal of dividend ETFs has increased as these offer strong yields. However, investors looking for high growth may not be satisfied with this product. Additionally, changes in currency exchange rates may affect the value of the fund’s investment adversely. Competition The ETF could face competition from other dividend ETFs with a global perspective. There are quite a few international dividend ETFs which specifically target this market. Of these, the popular fund, the iShares International Select Dividend ETF (NYSEARCA: IDV ) , has a total asset base of $2.6 billion. This fund tracks the Dow Jones EPAC Select Dividend Index and trades in heavy volume of 911,000 shares per day and charges 50 bps in annual fees. Another fund targeting the international dividend market space, the SPDR S&P International Dividend ETF (NYSEARCA: DWX ) , has AUM of nearly $856.8 million and exchanges 190,000 shares a day. The fund has an expense ratio of 45 bps. Apart from these, IQDG could also face competition from the FlexShares International Quality Dividend Index ETF (NYSEARCA: IQDF ) with an asset base of $342 million and the PowerShares International Dividend Achievers Portfolio ETF (NYSEARCA: PID ) with AUM of $700.1 million. IQDG looks attractive with a lower expense ratio as compared to IDV and DWX. The fund has a chance of making a name for itself if it manages to generate returns net of fees greater than the currently available products in this ETF space. IQDG’s focus on selecting high dividend paying stocks with both quality and growth looks to be a great strategy. Link to the original post on Zacks.com Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

Continental Europe Materializing As Intermediate-Term Beta Play

In a mid-February address in front of the European Parliament, ECB President Mario Draghi highlighted both the progress of the Eurozone’s economic recovery as well as the evolving challenges still confronting the region, particularly as it relates to mounting concerns over emerging market economies and broader geopolitical risks. In his speech , however, Draghi helped eliminate one of the big question marks facing investors in the region when he affirmed unequivocally that the European Central Bank “will not hesitate to act” if required to help put the euro-area economy on still firmer ground. This, in addition to other catalysts, is among the key factors driving optimism around European equities, as the region could provide one of the more attractive destinations for investors over the next 12 to 18 months. As most marketwatchers are well aware, the economic travails in Europe in the years following the 2008 financial crisis left many investors in the region with white knuckles and lingering suspicions around the durability of any recovery. But today, some 18 months after the U.S. economy has stabilized, it’s becoming evident that European business and economic cycles have finally established a foundation from which more growth will likely come. With an improving macro-economic picture and Mario Draghi affirming his commitment to maintain an accommodative monetary policy, investors in the region can still benefit from valuations that on a relative basis reflect the region’s plodding, indirect path to recovery as opposed to the improving opportunity set now materializing. And while renewed global economic unrest and market volatility may give pause to investors still battle worn from the region, we believe the improving macro picture, the ECB’s ongoing commitment to stimulus, and the attractive valuations, together, make Continental Europe one of the more compelling areas for investors seeking returns amid a volatile global environment. Normalizing Growth In a lot of ways, the opportunity for equities in Continental Europe resembles a coiled spring. The double-dip recession served to defer the start of the region’s economic cycle, but with real GDP growth now beginning to accelerate, the gap between the euro area and the rest of the world is quickly closing (see charts, below). Click to enlarge And while the OECD recently lowered its global growth forecasts , it still projects the Eurozone economy to expand by 1.4% and 1.7% in 2016 and 2017, respectively. Even as the macro picture doesn’t necessarily signal the likelihood for rapid growth, the transition to more consistent and steady expansion will lend itself to improved performance at the corporate level. As companies in the region have focused on cost-cutting initiatives over the previous seven years, the transition back to a growing economy means a large proportion of these businesses are well positioned to increase revenue and earnings and improve margins. Moreover, even as the banking sector in Europe remains an area of concern, bank balance sheets have improved and significant reforms have been implemented, which together have translated into a more robust capital markets environment with available capital to support business expansion. Coupled with GDP growth, the added liquidity is a critical catalyst as most key sectors in Europe seek to resume a growth trajectory. According to S&P Investment Advisory Services, eight out of 10 sectors from the Euro 350 are expected to show significant earnings growth in 2016. Of the eight sectors expected to grow profits, seven are pegged to show double-digit increases this year, led by Technology, Consumer Discretionary and Financials. Only the Energy and Materials sectors are currently projected to show year-over-year profit declines. Click to enlarge Incoming Wave of Liquidity While the European Central Bank was slower to respond than the United States Federal Reserve coming out of the financial crisis, since 2014 the ECB has made up for lost time. In June 2014, the ECB pushed the deposit rate into negative territory, while subsequent interest rate cuts have left the deposit rate at negative 0.4 percent, the most recent cut coming in the second week of March. The ECB also enacted its version of quantitative easing at the start of 2015 and alongside its March interest rate cut, also boosted its bond-buying program from €60 billion a month to €80 billion and made euro-denominated non-bank corporate bonds eligible for the first time. These efforts have had a positive effect, reflected in both economic growth as well as a gradual recovery in credit conditions. In 2015, loans to both non-financial corporations and households showed material increases. (See charts, below.) Click to enlarge For those parsing the minutes from the ECB’s February monetary policy meeting , it was clear that the European Central Bank remains intent on using all means necessary to ensure the recovery stays on track. The ECB, four separate times, underscored that it expected policy rates to remain at current or lower levels for an extended period of time, and reinforced that policy makers were reviewing the technical conditions to ensure “the full range of policy options” would be available if needed. And when the ECB met again in March, it followed through with a 10 basis point cut and the expansion of its QE program. In its decision to include corporate bonds in the QE program, the minutes released in April reveal that the ECB premised the move on an anticipated spillover effect for small and medium-sized enterprises. Finding Value The renewed urgency from the ECB stems from worries over weak energy prices that while positive to household income and corporate profits, are also helping to frame an uncertain backdrop along with skittishness over emerging market growth and renewed geopolitical tensions. Since the ECB’s December 3 policy announcement, the STOXX 600 index had lost as much as 15% leading up to Mario Draghi’s comments in front of the European Parliament in mid February. But as an intermediate-term play, these near-term worries overshadow the fact that on a historical basis, the stock market capitalization of European equities remains near its nadir. Click to enlarge Going back to 2009, the S&P 500 has significantly outperformed the STOXX 600, and European equities today remain far less expensive than US stocks. This is true on both an absolute and relative basis, using a cyclically adjusted price-to-earnings ratio. (See charts, below.) Moreover, as of March 31, 2016, the forward-looking price-to-earnings ratio of 15.2x for the STOXX 600 index remains below the index’s long-term average. When coupled with the consensus expectation of an 11.5% increase in earnings, the upside potential to investors in Europe is clear. Going Passive From the perspective of fund investors, the opportunity set can perhaps be best realized through pure exposure to Continental Europe, excluding the United Kingdom, whose equity markets, today, more closely resemble US stocks on a valuation basis. We also see Europe as a beta play, as current valuations and the ECB’s commitment to stimulus provides a floor for investors offering downside protection, whereas the potential for alpha, via stock selection through actively managed funds, is somewhat muted given the efficiency of the large-cap segment in the region. Of course, those familiar with Europe understand too that several unknowns still weigh on equities. Ongoing efforts to fix the European banking system, which has moved in fits and starts, remain critical to future growth, and marketwatchers already understand that Europe has considerably more exposure to China than U.S. equities. These are two of the primary drivers behind the volatility witnessed at the close of 2015 and into 2016. Not to be overlooked, the left-leaning Socialist movements are another cause for concern, especially as the market witnessed what can happen when the Greece debt crisis unfolded last year, necessitating a third bailout agreement. Today, the biggest unknown facing European equities is around a potential “Brexit” and whether or not UK voters will opt to stay in the European Union. Should voters decide to depart the EU, Britain’s exit would have significant spillover across the continent. On top of all of this, investors have to contend with the “unknown” unknowns, be it terrorism, world affairs or other unforeseen, black swan events. All that being said, over the intermediate term few regions in the world today can match the catalysts currently favoring European equities – benefiting from the improving macro environment, the ECB’s commitment to stimulus and historically attractive valuations. Even as the near-term promises more noise and the long-term may see valuations level off, over the intermediate term, continental Europe represents one of the more attractive destinations for investors in a market suddenly devoid of obvious alternatives. Michael A. Mullaney is a Vice President and Chief Investment Officer in the Boston office of Fiduciary Trust Company ( fiduciary-trust.com ), having joined the firm 15 years ago. Disclosure: The opinions expressed in this publication are as of the date issued and subject to change at any time. The materials discuss general market conditions and trends and should not be construed as investment advice. Any reference to specific securities are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Nothing contained herein is intended to constitute legal, tax or accounting advice and clients should discuss any proposed arrangement or transaction with their legal or tax advisors. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. Additional disclosure: The opinions expressed in this publication are as of the date issued and subject to change at any time. The materials discuss general market conditions and trends and should not be construed as investment advice. Any reference to specific securities are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Nothing contained herein is intended to constitute legal, tax or accounting advice and clients should discuss any proposed arrangement or transaction with their legal or tax advisors.

ETF Stats For March 2016: 17 Births, 17 Deaths

The 17 fund closures cancelled out the 17 product launches of March, leaving the quantity of current listings unchanged at 1,863. The product mix consists of 1,659 exchange-traded funds (“ETFs”) and 204 exchange-trade notes (“ETNs”). The number of actively managed ETFs decreased by one to 136. If you are having any doubts about the industry shift toward smart-beta products, the fact that all 17 of the March introductions carry a smart-beta designation should remove some of those doubts. In addition to the popular factors of yield, momentum, value, quality, and volatility, the new ETF strategies include security selection and weighting schemes involving gender diversification, “drone score,” and sustainable pricing power. Our database currently has 594 ETFs, or 32% of all listings, tagged as following a smart-beta strategy. Assets under management (“AUM”) jumped by 7.4% to a new record of $2.17 trillion, slightly surpassing the previous record of $2.14 trillion established 10 months ago. Inflows were quite strong at $33.1 billion; however, they only accounted for 22% of March’s AUM increase. The vast majority of the $149.3 billion jump in assets was produced by the $116.2 billion in market gains. The asset boost improved the overall health of the industry. The quantity of ETFs holding more than $10 billion in assets grew from 53 to 56, and they control 62.8% of the assets. Funds with $1 billion or more in assets jumped from 246 to 257, and they have a 90.0% market share. A whopping 430 ETFs and ETNs cannot muster even $10 million in assets, and half of all listings hold less than the median asset level of $66.7 million. Despite the stellar market gains, trading activity declined another 10.1% in March. The $1.68 trillion in dollar volume for the month is 22.6% below the level of January. The quantity of funds averaging $1 billion or more in daily trading activity dropped from 15 to 11. However, this small handful of ETFs still accounted for the majority (52.3%) of overall dollar volume. At the other end of the spectrum, 23 funds went the entire month without a single trade, and 277 (14.9%) registered zero volume on the last day of the month. March 2016 Month End ETFs ETNs Total Currently Listed U.S. 1,659 204 1,863 Listed as of 12/31/2015 1,644 201 1,845 New Introductions for Month 17 0 17 Delistings/Closures for Month 17 0 17 Net Change for Month 0 0 0 New Introductions 6 Months 101 12 113 New Introductions YTD 37 6 43 Delistings/Closures YTD 22 3 25 Net Change YTD +15 +3 +18 Assets Under Management $2,149 B $21.1 B $2,170 B % Change in Assets for Month +7.4% +9.1% +7.4% % Change in Assets YTD +2.5% -1.6% +2.4% Qty AUM > $10 Billion 56 0 56 Qty AUM > $1 Billion 253 4 257 Qty AUM > $100 Million 781 33 814 % with AUM > $100 Million 47.1% 16.2% 43.7% AUM Flows for Month $32.67 B $0.47 B $33.14 B AUM Flows YTD $35.80 B $0.83 B $36.63 B Monthly $ Volume $1,612 B $68.0 B $1,680 B % Change in Monthly $ Volume -9.9% -13.8% -10.1% Avg Daily $ Volume > $1 Billion 10 1 11 Avg Daily $ Volume > $100 Million 92 5 97 Avg Daily $ Volume > $10 Million 325 12 337 Actively Managed ETF Count (w/ change) 136 -1 mth -1 ytd Actively Managed AUM $24.7 B +1.7% mth +7.7% ytd Data sources: Daily prices and volume of individual ETPs from Norgate Premium Data. Fund counts and all other information compiled by Invest With An Edge. New products launched in March (sorted by launch date): Vanguard International Dividend Appreciation ETF (NASDAQ: VIGI ) , launched 3/2/16, seeks to track the NASDAQ International Dividend Achievers Select Index, a benchmark that measures the investment return of non-U.S. companies that have a history of increasing dividends. Its universe includes both developed and emerging markets. The ETF employs a passively managed, full-replication strategy, with an expense ratio of 0.25% ( VIGI overview ). Vanguard International High Dividend Yield ETF (NASDAQ: VYMI ) , launched 3/2/16, seeks to track the FTSE All-World ex US High Dividend Yield Index, a benchmark that measures the investment return of non-U.S. developed and emerging-market companies characterized by a high dividend yield. It has an expense ratio of 0.30% ( VYMI overview ). Goldman Sachs ActiveBeta Europe Equity ETF (NYSEMKT: GSEU ) , launched 3/4/16, seeks to track the Goldman Sachs ActiveBeta Europe Equity Index, which uses a performance-seeking methodology that invests in issuers across 15 developed market countries in Europe. The multifactor strategy targets good value, strong momentum, high quality, and low volatility, and has an expense ratio of 0.25% ( GSEU overview ). Goldman Sachs ActiveBeta Japan Equity ETF (NYSEMKT: GSJY ) , launched 3/4/16, seeks to track the Goldman Sachs ActiveBeta Japan Equity Index. The multifactor strategy seeks to capture common sources of active equity returns, including value (the security’s price compared to market value), momentum (performance history), quality (profitability relative to total assets), and volatility (consistency of returns). The ETF is reconstituted and rebalanced quarterly and carries an expense ratio of 0.25% ( GSJY overview ). SPDR SSGA Gender Diversity Index ETF (NYSEARCA: SHE ) , launched 3/8/16, seeks to track the performance of U.S. large-capitalization companies that are “gender diverse,” which are defined as companies that exhibit gender diversity in their senior leadership positions. The methodology begins with the largest 1,000 U.S. companies, segregated into 10 sectors. The methodology ranks these stocks by gender diversification within each sector, and then weights them by float-adjusted market cap to arrive at 10% sector weightings. The new ETF has an expense ratio of 0.20% ( SHE overview ). PureFunds Drone Economy Strategy ETF (NYSEARCA: IFLY ) , launched 3/9/16, seeks to track the Reality Shares Drone Index. Drone technology has seen rapid growth in recreational use by consumers and enthusiasts in addition to numerous commercial applications in agriculture, construction, real estate, energy, media, and government markets. The underlying index categorizes companies as either primary or secondary, and then caps the overall weights for each category based on the drone component of their business. Within each category, a committee determines the individual stock weightings based on their “drone score.” The eligible universe includes all countries, and the ETF has an expense ratio of 0.75% ( IFLY overview ). PureFunds Video Game Tech ETF (NYSEARCA: GAMR ) , launched 3/9/16, seeks to provide investment results of the EEFund Video Game Tech Index, a benchmark of companies involved in the video game technology industry, including game developers, console and chip manufacturers, and game retailers. Constituent companies (from both developed and emerging markets) are segmented into pure play, not pure, or conglomerate, with the conglomerate exposure limited to 10%. Stocks are then equal weighted within each segment. The ETF has an expense ratio of 0.75% ( GAMR overview ). PowerShares DWA Tactical Multi-Asset Income Portfolio (NASDAQ: DWIN ) , launched 3/10/16, is a fund-of-funds ETF tracking an index designed to select investments from a universe of income strategy ETFs. The criteria for inclusion are based on a combination of relative strength and current yield. Positions are evaluated monthly for potential rebalancing and reconstitution, with five ETFs being selected from a universe of seven segments plus a cash component. The ETF has a management fee of 0.25% plus acquired fund fees and expenses of 0.44% for a total expense ratio of 0.69% ( DWIN overview ). First Trust Dorsey Wright Dynamic Focus 5 ETF (NASDAQ: FVC ) , launched 3/18/16, is a fund-of-funds tracking the Dorsey Wright Dynamic Focus Five Index. The underlying index provides targeted exposure to five sector and industry ETFs sponsored by First Trust, along with a cash component. The sector rotation strategy is based on momentum, with the underlying relative strength analysis conducted twice monthly. The portfolio is rebalanced at each constituent change, with each ETF position being equally weighted. The cash portion can vary between 0% and 95%, and cash changes are capped at 33% at each twice-monthly evaluation. The ETF has a management fee of 0.30% plus acquired fund fees and expenses of 0.49% for a total expense ratio of 0.79% ( FVC overview ). Principal Price Setters Index ETF (NASDAQ: PSET ) , launched 3/22/16, tracks an index of mid- and large-capitalization U.S. stocks of companies with sustainable pricing power, consistent sales growth, high/stable margins, quality earnings, low leverage, and high levels of profitability. These characteristics are determined by a series of quantitative and qualitative factors, and the top-ranked securities are weighted by a proprietary methodology. The ETF has an expense ratio of 0.40% ( PSET overview ). Principal Shareholder Yield Index ETF (NASDAQ: PY ) , launched 3/22/16, tracks an index of mid- and large-capitalization U.S. stocks with sustainable shareholder yield, strong cash flow generation, and the capacity to increase dividends and/or buybacks. The universe of securities is screened by a series of quantitative and qualitative factors, and the top-ranked securities are weighted by a proprietary weighting methodology. PY comes with an expense ratio of 0.40% ( PY overview ). Victory CEMP Emerging Market Volatility Wtd Index ETF (NASDAQ: CEZ ) , launched 3/23/16, tracks a volatility-weighted index of emerging-market stocks with consistent positive earnings. The methodology begins with all publicly traded stocks from emerging-market countries. It then screens for consistent net positive earnings over four consecutive quarters, selects the 500 largest, and inversely weights them based on their 180-day standard deviation. The ETF is reconstituted every March and September, and its expense ratio is capped at 0.50% ( CEZ overview ). John Hancock Multifactor Consumer Staples ETF (NYSEARCA: JHMS ) , launched 3/29/16, tracks a Dimensional Fund Advisors (“DFA”) developed index targeting a wide range of U.S. consumer staples stocks. The multifactor approach emphasizes the three characteristics of smaller capitalization, lower relative price, and higher profitability. The expense ratio is capped at 0.50% ( JHMS overview ). John Hancock Multifactor Energy ETF (NYSEARCA: JHME ) , launched 3/29/16, tracks a DFA developed index targeting a wide range of U.S. energy stocks. The multifactor approach emphasizes the characteristics of smaller capitalization, lower relative price, and higher profitability. The expense ratio is capped at 0.50% ( JHME overview ). John Hancock Multifactor Industrials ETF (NYSEARCA: JHMI ) , launched 3/29/16, tracks a DFA developed index targeting a wide range of U.S. industrial stocks. The multifactor approach emphasizes the characteristics of smaller capitalization, lower relative price, and higher profitability. The expense ratio is capped at 0.50% ( JHMI overview ). John Hancock Multifactor Materials ETF (NYSEARCA: JHMA ) , launched 3/29/16, tracks a DFA developed index targeting a wide range of U.S. materials stocks. The multifactor approach emphasizes the characteristics of smaller capitalization, lower relative price, and higher profitability. The expense ratio is capped at 0.50% ( JHMA overview ). John Hancock Multifactor Utilities ETF (NYSEARCA: JHMU ) , launched 3/29/16, tracks a DFA developed index targeting a wide range of U.S. utilities stocks. The multifactor approach emphasizes the characteristics of smaller capitalization, lower relative price, and higher profitability. The expense ratio is capped at 0.50% ( JHMU overview ). Product closures in March and last day of listing : ETFS Physical White Metal Basket Shares (NYSEARCA: WITE ) 3/2/16 Recon Capital FTSE 100 (NASDAQ: UK ) 3/10/16 MAXIS Nikkei 225 (NYSEARCA: NKY ) 3/11/16 PowerShares China A-Share (NYSEARCA: CHNA ) 3/18/16 PowerShares Fundamental Emerging Markets Local Debt (NYSEARCA: PFEM ) 3/18/16 PowerShares KBW Capital Markets (NYSEARCA: KBWC ) 3/18/16 PowerShares KBW Insurance (NYSEARCA: KBWI ) 3/18/16 ProShares Managed Futures Strategy (NYSEARCA: FUTS ) 3/18/16 Direxion Value Line Conservative Equity (NYSEARCA: VLLV ) 3/23/16 Direxion Value Line Mid- and Large-Cap High Dividend (NYSEARCA: VLML ) 3/23/16 Direxion Value Line Small- and Mid-Cap High Dividend (NYSEARCA: VLSM ) 3/23/16 ALPS Sector Leaders (NYSEARCA: SLDR ) 3/24/16 ALPS Sector Low Volatility (NYSEARCA: SLOW ) 3/24/16 ALPS STOXX Europe 600 (NYSEARCA: STXX ) 3/24/16 Global Commodity Equity (NYSEARCA: CRBQ ) 3/24/16 iShares iBonds Mar 2016 Term Corp ex-Financials (NYSEARCA: IBCB ) 3/29/16 iShares iBonds Mar 2016 Term Corporate (NYSEARCA: IBDA ) 3/29/16 Product changes in March and prior months: Compass EMP ETFs were renamed Victory CEMP ETFs effective October 28, 2015. EGShares Emerging Markets Domestic Demand ETF (NYSEARCA: EMDD ) became EGShares EM Strategic Opportunities ETF (EMSO) and reduced its expense ratio to 0.65% effective March 1. Despite the name and ticker change, the underlying index still claims to be “a 50-stock free-float market-capitalization-weighted index designed to measure the performance of companies in emerging markets that are tied to domestic demand.” Global X FTSE Greece 20 ETF (NYSEARCA: GREK ) changed its underlying index and its name to Global X MSCI Greece ETF effective March 1. The names of the iShares iBonds target maturity ETFs were changed to include “Term”, and the “AMT-Free” funds were renamed “Muni Bond” ETFs effective March 1. VelocityShares performed a 1-for-10 reverse split of UWTI and 1-for-25 reverse split of UGAZ ( press release ) effective March 14. SPDR executed 1-for-2 reverse splits of TFI and SHM ( press release ) effective March 15. Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (NYSE: DEEF ) was renamed Deutsche X-trackers FTSE Developed Ex US Comprehensive Factor ETF, and Deutsche X-trackers Russell 1000 Enhanced Beta ETF (NYSE: DEUS ) was renamed Deutsche X-trackers Russell 1000 Comprehensive Factor ETF effective March 16. Invesco PowerShares changed the names and underlying indexes on four ETFs , with two receiving new ticker symbols, effective March 21. PowerShares S&P Emerging Markets High Beta ETF (NYSEARCA: EEHB ) became PowerShares S&P Emerging Market Momentum ETF (EEMO). PowerShares S&P International Developed High Beta Portfolio ETF (NYSEARCA: IDHB ) became PowerShares S&P International Developed Momentum ETF (IDMO). PowerShares S&P International Developed High Quality ETF (NYSEARCA: IDHQ ) became PowerShares S&P International Developed Quality ETF. PowerShares S&P 500 High Quality Portfolio ETF (NYSEARCA: SPHQ ) became PowerShares S&P 500 Quality Portfolio ETF. United States 12 Month Natural Gas ETF (NYSEARCA: UNL ) became a “broken product” on March 21 when it suspended its ability to create new shares . United States Short Oil ETF (NYSEARCA: DNO ) became a “broken product” on March 21 when it suspended its ability to create new shares . Direxion performed reverse splits on GUSH , GASL , INDL , LABU , BRZU , LBJ , EDC , and RUSL and forward splits on YANG and OTCQB:DRIO ( press release ) effective March 24. Announced product changes for coming months: Highland will close its three hedge-fund replication ETFs. April 11 will be the last day of trading for Highland HFR Equity Hedge ETF (NYSEARCA: HHDG ), Highland HFR Global ETF (NYSEARCA: HHFR ), and Highland HFR Event-Driven Activist ETF (NYSEARCA: DRVN ). ProShares 30 Year TIPS/TSY Spread (NYSEARCA: RINF ) will become ProShares Inflation Expectations ETF, with a new underlying index effective April 15 . Global X GF China Bond ETF (NYSEARCA: CHNB ) will close and liquidate, with its last day of trading set for April 18. Barclays is seeking shareholder approval to add an early termination trigger to the iPath S&P GSCI Crude Oil Total Return ETN (NYSEARCA: OIL ) and reduce the investor fee from 0.75% to 0.70% effective April 29. Horizons Korea KOSPI 200 ETF (NYSEARCA: HKOR ) will close and liquidate, with its last day of trading being April 29 . Van Eck Global intends to unite all of its investment products under the VanEck brand . As part of this effort, the entire lineup of Market Vector ETFs will become VanEck Vectors ETFs effective May 1. Previous monthly ETF statistics reports are available here . Disclosure: Author has no positions in any of the securities, companies, or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) is received from, or on behalf of, any of the companies or ETF sponsors mentioned.