Core Insights - The Schwab Fundamental International Small Company Index ETF (FNDC) debuted on August 13, 2013, and provides broad exposure to the Foreign Small/Mid Value ETF category [1] - FNDC is managed by Charles Schwab and aims to match the performance of the Russell RAFI Developed ex-U.S. Small Co. Index [5] Fund Overview - FNDC has accumulated over $2.99 billion in assets, making it one of the larger ETFs in its category [5] - The fund has an annual operating expense of 0.39% and a 12-month trailing dividend yield of 2.70% [6] Performance Metrics - Year-to-date, FNDC has increased by approximately 26.46%, and it is up about 29.98% over the last 12 months as of August 7, 2025 [9] - The fund has a beta of 0.80 and a standard deviation of 15.68% over the trailing three-year period, indicating a low-risk profile [10] Holdings and Sector Exposure - FNDC's top 10 holdings account for about 1.56% of its total assets, with Celestica Inc (CLS) being the largest at approximately 0.23% [7][8] - The fund holds around 1727 different stocks, effectively diversifying company-specific risk [10] Alternatives in the Market - Other ETFs in the Foreign Small/Mid Value segment include Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) and WisdomTree Dynamic International SmallCap Equity Fund (DDLS), with assets of $365.06 million and $438.6 million respectively [12] - PDN has an expense ratio of 0.47%, while DDLS has an expense ratio of 0.48% [12]

Core Insights - The Invesco Russell 1000 Dynamic Multifactor ETF (OMFL) is a smart beta ETF launched on November 8, 2017, providing broad exposure to the Large Cap Growth category [1] - OMFL has accumulated over $4.96 billion in assets, positioning it as one of the larger ETFs in its category [5] - The ETF aims to match the performance of the Russell 1000 Invesco Dynamic Multifactor Index, which selects equity securities from the 1,000 largest U.S. companies [6] Investment Strategy - Smart beta ETFs, like OMFL, utilize non-cap weighted strategies to potentially outperform traditional market cap weighted indexes [3] - OMFL employs a rules-based methodology to select stocks based on specific fundamental characteristics [4] Cost Structure - OMFL has an annual operating expense ratio of 0.29%, which is competitive within its peer group [7] - The ETF offers a 12-month trailing dividend yield of 0.70% [7] Sector Allocation and Holdings - The largest sector allocation for OMFL is Information Technology, comprising approximately 26.4% of the portfolio [8] - Top holdings include Apple Inc (7.58%), Microsoft Corp, and Meta Platforms Inc, with the top 10 holdings accounting for about 41.49% of total assets [9] Performance Metrics - As of August 7, 2025, OMFL has gained approximately 8.25% year-to-date and 22.15% over the past year [11] - The ETF has a beta of 1.01 and a standard deviation of 15.93% over the trailing three-year period, indicating effective diversification of company-specific risk [11] Alternatives - Other ETFs in the Large Cap Growth space include Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), with VUG having $182.33 billion in assets and an expense ratio of 0.04%, while QQQ has $362.46 billion and an expense ratio of 0.20% [12]

Core Insights - The ProShares Russell 2000 Dividend Growers ETF (SMDV) is designed to provide broad exposure to the Style Box - Small Cap Value category and was launched on February 3, 2015 [1] - The fund has accumulated over $643.67 million in assets, making it an average-sized ETF in its category [5] - SMDV seeks to match the performance of the Russell 2000 Dividend Growth Index, targeting companies that have increased dividend payments for at least 10 consecutive years [5] Fund Characteristics - The annual operating expenses for SMDV are 0.40%, which is competitive within its peer group [6] - The ETF has a 12-month trailing dividend yield of 2.68% [6] - The fund has a beta of 0.83 and a standard deviation of 19.57% over the trailing three-year period, indicating medium risk [10] Sector Exposure - The ETF has the highest allocation in the Financials sector, comprising approximately 32% of the portfolio [7] - The top three sectors also include Industrials and Utilities [7] - Spartannash Co (SPTN) is the largest individual holding at about 1.31% of total assets, with the top 10 holdings accounting for approximately 9.4% of total assets [8] Performance Metrics - SMDV has experienced a loss of about -2.99% year-to-date and a gain of approximately 0.91% over the past year as of August 7, 2025 [10] - The fund has traded between $58.95 and $75.88 in the past 52 weeks [10] - With around 108 holdings, SMDV effectively diversifies company-specific risk [10] Alternatives - Other ETFs in the same space include iShares Core Dividend Growth ETF (DGRO) and Vanguard Dividend Appreciation ETF (VIG), with assets of $32.68 billion and $93.36 billion respectively [12] - DGRO has a lower expense ratio of 0.08% compared to SMDV, while VIG has an expense ratio of 0.05% [12]

Core Viewpoint - The ALPS (OUSA) is a smart beta ETF launched to provide broad exposure to the Style Box - Large Cap Value category, with a focus on outperforming traditional market cap weighted indexes [1][5]. Fund Overview - OUSA was launched on July 14, 2015, and is designed to match the performance of the FTSE US Qual / Vol / Yield Factor 5% Capped Index [1][5]. - The fund is managed by Alps and has accumulated over $810.22 million in assets, categorizing it as an average-sized ETF in its segment [5]. Cost Structure - The annual operating expenses for OUSA are 0.48%, which is competitive with most peer products in the same space [6]. - The ETF has a 12-month trailing dividend yield of 1.32% [6]. Sector Exposure and Holdings - OUSA has a significant allocation in the Financials sector, comprising approximately 26.6% of the portfolio, followed by Information Technology and Healthcare [7]. - Microsoft Corp. (MSFT) is the largest holding at about 5.74%, with the top 10 holdings accounting for approximately 43.56% of total assets [8]. Performance Metrics - As of August 7, 2025, OUSA has gained about 3.13% year-to-date and 11.88% over the past year [10]. - The ETF has traded between $47.97 and $55.50 in the past 52 weeks, with a beta of 0.83 and a standard deviation of 13.53% over the trailing three-year period, indicating medium risk [10]. Alternatives - Other ETFs in the same space include Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Value ETF (VTV), with SCHD having $69.59 billion in assets and an expense ratio of 0.06%, while VTV has $138.9 billion and an expense ratio of 0.04% [12].

Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]

Core Insights - The iShares MSCI USA Equal Weighted ETF (EUSA) is a smart beta ETF that debuted on May 5, 2010, providing broad exposure to the Style Box - All Cap Blend category of the market [1] - EUSA is managed by Blackrock and aims to match the performance of the MSCI USA Equal Weighted Index, which includes equity securities in the top 85% by market capitalization in the U.S. [5] Fund Characteristics - EUSA has accumulated over $1.52 billion in assets, making it one of the larger ETFs in its category [5] - The ETF has an annual operating expense ratio of 0.09%, positioning it as one of the least expensive options in the market [6] - EUSA offers a 12-month trailing dividend yield of 1.49% [6] Sector Exposure and Holdings - The ETF has the highest allocation in the Information Technology sector, accounting for approximately 16.2% of the portfolio, followed by Industrials and Financials [7] - The top 10 holdings of EUSA represent about 2.51% of its total assets, with individual holdings like Blk Csh Fnd Treasury Sl Agency (XTSLA) at 0.33% [8] Performance Metrics - As of August 6, 2025, EUSA has gained approximately 5.67% year-to-date and 16.96% over the past year [9] - The fund has traded between $82.93 and $102.26 in the last 52 weeks, with a beta of 1.01 and a standard deviation of 16.87% over the trailing three-year period, indicating medium risk [9] Alternatives - EUSA is a viable option for investors looking to outperform the Style Box - All Cap Blend segment, but there are other ETFs available for consideration [10] - Alternatives include iShares Core S&P Total U.S. Stock Market ETF (ITOT) and Vanguard Total Stock Market ETF (VTI), which have significantly larger asset bases and lower expense ratios of 0.03% [11]

Core Insights - The Invesco Leisure and Entertainment ETF (PEJ) offers broad exposure to the Consumer Discretionary sector and has amassed over $340.2 million in assets, making it one of the larger ETFs in this category [5][10] - PEJ seeks to match the performance of the Dynamic Leisure & Entertainment Intellidex Index, which evaluates U.S. leisure and entertainment companies based on various investment criteria [6][10] - The ETF has a year-to-date performance increase of approximately 8.89% and a 12-month increase of about 34.11% [10] Fund Management and Strategy - Managed by Invesco, PEJ employs a smart beta strategy that focuses on non-cap weighted stock selection to potentially outperform traditional market cap weighted indexes [3][5] - The fund's expense ratio is 0.57%, which is competitive within its peer group, and it has a trailing dividend yield of 0.10% [7] Sector Exposure and Holdings - The fund has a significant allocation of 57.9% to the Consumer Discretionary sector, with Telecom and Industrials also being prominent sectors [8] - Royal Caribbean Cruises Ltd (RCL) is the largest holding at approximately 6.06% of total assets, with the top 10 holdings comprising about 46.3% of total assets under management [9] Performance Metrics - PEJ has a beta of 1.24 and a standard deviation of 21.48% over the trailing three-year period, indicating a higher risk profile compared to its peers [10] - The ETF has traded between $42.70 and $59.35 in the past 52 weeks, reflecting its price volatility [10] Alternatives and Market Position - PEJ may not be the best option for investors looking to outperform the Consumer Discretionary ETFs segment, with alternatives such as the Global X Video Games & Esports ETF (HERO) and VanEck Video Gaming and eSports ETF (ESPO) available [11][12] - Traditional market cap weighted ETFs are suggested for investors seeking lower-cost and lower-risk options [13]

Core Viewpoint - The Invesco S&P 500 Equal Weight Industrials ETF (RSPN) aims to provide broad exposure to the industrials sector through an equal-weighted strategy, which may offer potential advantages over traditional market-cap weighted ETFs [1][5]. Fund Overview - RSPN was launched on November 1, 2006, and is managed by Invesco, accumulating over $665.75 million in assets, positioning it as an average-sized ETF in the Industrials category [1][5]. - The fund seeks to match the performance of the S&P 500 Equal Weight Industrials Index, which equally weights stocks in the industrials sector of the S&P 500 [5]. Cost Structure - The annual operating expenses for RSPN are 0.40%, making it one of the more affordable options in the ETF space [6]. - The ETF has a 12-month trailing dividend yield of 0.92% [6]. Sector Exposure and Holdings - RSPN's portfolio is entirely allocated to the Industrials sector, with a heavy focus on diversification [7]. - Generac Holdings Inc (GNRC) constitutes approximately 1.45% of the fund's total assets, with the top 10 holdings accounting for about 13.72% of total assets under management [8]. Performance Metrics - As of August 6, 2025, RSPN has gained approximately 9.89% year-to-date and 21.97% over the past year [9]. - The ETF has traded between $43.34 and $56.33 in the past 52 weeks [9]. - RSPN has a beta of 1.09 and a standard deviation of 18.01% over the trailing three-year period, indicating a moderate level of risk [10]. Alternatives - Other ETFs in the industrials space include the Vanguard Industrials ETF (VIS) and the Industrial Select Sector SPDR ETF (XLI), which have significantly larger asset bases of $6.01 billion and $23.09 billion, respectively [12]. - VIS has a lower expense ratio of 0.09%, while XLI charges 0.08%, making them potentially more cost-effective options for investors [12].

Core Viewpoint - The First Trust Value Line Dividend ETF (FVD) is a smart beta ETF designed to provide broad exposure to the Large Cap Value category, with a focus on companies that pay above-average dividends and have potential for capital appreciation [1][5]. Fund Overview - FVD was launched on August 19, 2003, and is managed by First Trust Advisors, accumulating over $9.04 billion in assets, making it one of the larger ETFs in its category [1][5]. - The ETF seeks to match the performance of the Value Line Dividend Index, which is a modified equal dollar weighted index [5]. Cost Structure - FVD has an annual operating expense ratio of 0.61%, which is considered high compared to other products in the space [6]. - The ETF offers a 12-month trailing dividend yield of 2.25% [6]. Sector Exposure and Holdings - The ETF has a significant allocation in the Industrials sector, accounting for approximately 20.8% of the portfolio, followed by Utilities and Financials [7]. - The top 10 holdings represent about 4.81% of FVD's total assets, with Us Dollar ($USD) making up about 0.72% of the fund's total assets [8]. Performance Metrics - FVD has returned approximately 4.97% year-to-date and 10.03% over the last year as of August 6, 2025 [9]. - The ETF has traded between $40.62 and $46.70 in the past 52 weeks [9]. - It has a beta of 0.72 and a standard deviation of 13.02% over the trailing three-year period, indicating medium risk [10]. Alternatives - Other ETFs in the same space include Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Value ETF (VTV), which have significantly larger asset bases and lower expense ratios [12].

Core Viewpoint - The iShares MSCI ACWI Low Carbon Target ETF (CRBN) is a smart beta ETF that aims to provide broad exposure to the global market while focusing on low carbon emissions [1][5]. Fund Overview - Launched on December 8, 2014, CRBN has accumulated over $1.03 billion in assets, positioning it as one of the larger ETFs in the World ETFs category [1][5]. - The fund is sponsored by Blackrock and seeks to match the performance of the MSCI ACWI Low Carbon Target Index, which addresses carbon emissions and potential emissions from fossil fuel reserves [5]. Cost and Performance - CRBN has an annual operating expense ratio of 0.20%, making it one of the least expensive options in its category [6]. - The fund's 12-month trailing dividend yield is 1.86% [6]. - As of August 5, 2025, CRBN has returned approximately 11.36% and is up about 20.97% year-to-date [9]. Holdings and Sector Exposure - The top 10 holdings of CRBN account for about 23.1% of its total assets, with Nvidia Corp (NVDA) making up approximately 4.68% of the fund [7][8]. - The fund holds around 1020 different stocks, effectively diversifying company-specific risk [10]. Risk Profile - CRBN has a beta of 0.94 and a standard deviation of 15.70% over the trailing three-year period, indicating it is a low-risk choice within its category [10].