Complete Guide To 2012 Cap Gain Payouts

IndexUniverse.com

 

(The following story and the accompanying table will be updated to reflect new data calculations, and fresh information from a number of fund sponsors, notably ETF Securities and Exchange Traded Concepts.)

Only 112 of the 1,442 ETFs trading in the United States are paying capital gains distributions this year, according to a comprehensive survey of ETF providers conducted by IndexUniverse. The numbers include 208 exchange-traded notes, which are included within the broader ETF universe under the IndexUniverse ETF Classification System .

The low payout ratio—just 7.7 percent of the broader universe—is a clear reaffirmation of the tax efficiency of ETFs, and is just 2 basis points more than the 7.5 percent rate recorded in our survey last year, the "Complete Guide to 2011 ETF Cap Gain Payouts."

The record for ETFs wasn't perfect, however, and varied by asset category, with equity funds coming in with relatively few capital gains distributions, while bond fund managers had considerably less success dodging the tax man as they struggled against the bullish flavor in bond markets in the anxiety-ridden aftermath of the 2008 market meltdown.

The most impressive performance came in traditional equity ETFs, where just 33 of 936 equity ETFs, or 3.6 percent of U.S.-listed equity funds, paid distributions. These payouts, however, included funds with some of the bigger distributions of any index equity ETF this year:the 10.95 percent by the Market Vectors Biotech ETF (BBH).

Another similarly large distribution comes from Deutsche Bank's db-X MSCI EAFE Currency Hedged Equity Fund (DBEF). It totaled more than 10 percent of the fund's net asset value at the end of 2012.

Active funds seemed to distribute capital gains a bit more frequently than index strategies, as payouts from both AdvisorShares and Columbia Funds suggest. That's not a huge surprise since portfolio turnover on active funds is usually much greater than on index funds.

Fixed Income Takes It On The Chin

Fixed income fared far worse than equities. Seventy-nine of 224 such ETFs paid out distributions, or about 35 percent of all nonleveraged ETFs. The payouts were small—68 of 79 paid out gains totaling less than 1 percent of each of the fund's net asset value.

Nonetheless, the number of payouts was rather high.

That pattern essentially reflects the post-crisis environment that has featured investors piling into fixed income in flight-to-safety, one-way traffic that has limited many managers' ability to offset cap gains through sales of readily available low-cost-basis securities at the portfolio level.

The challenge is rendered more difficult because bonds—unlike stocks—mature, forcing fund managers to realize gains at that time. Moreover, bond ETF creations and redemptions can occur in cash, which is less tax advantageous than the in-kind transactions that prevail in the world of equities.

Of the top three ETF sponsors, Vanguard and State Street Global Advisors had a fairly large number of bond funds with capital gains distributions, though iShares, the world's biggest ETF provider, had relatively few.

Additionally, Pimco, the world's biggest bond fund manager, declared cap gains distributions on 14 of its 19 ETFs.

 


 

All The Rest

Leveraged and inverse ETFs—unlike in 2011, when a plethora of funds were saddled with capital gains distributions—saw very few cap gains payouts in 2012. Just one fund from Direxion had a payout, and none from ProShares did. That's impressive, considering a total of 185 leveraged and inverse ETFs are listed in the United States.

Currency ETFs almost completely evaded the tax man this year, with just one of the 34 U.S.-listed currency ETF reporting capital gains payouts this year in our survey so far.

Alternative ETFs—an asset category that includes hedge fund replication, long/short ETFs and similar strategies—had five of 70 ETFs paying distributions in our preliminary tally. That's just 7 percent of those funds.

Why So Tax Efficient?

ETFs are known for being tax efficient for two primary reasons.

First, the vast majority of ETFs are index funds, which have low turnover and therefore tend to be more tax efficient than mutual funds. Second, the in-kind creation and redemption mechanism at the center of every ETF allows most ETFs to continually cleanse their portfolios of positions with embedded capital gains.

ETNs are uniquely advantaged when it comes to capital gains, as due to their note structure, they don't make capital gains distributions. ETNs make up approximately 14 percent of all U.S.-listed exchange-traded products, across all asset classes.

Excluding ETNs, there were 112 payouts from 1,234 true exchange-traded funds, or just over 9 percent of all bona fide ETFs.

 

 

ETF Capital Gains Distributions For 2012
AdvisorShares 17 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
AdvisorShares Madrona Global Bond ETF FWDB 0.0000 0.00% 0.0040 0.02% 0.0040 0.02% 26.4891
AdvisorShares Global Echo ETF GIVE 0.2340 0.46% - 0.00% 0.2340 0.46% 51.2208
AdvisorShares Peritus High Yield ETF HYLD 0.0060 0.01% 0.00% 0.0060 0.01% 49.8316
AdvisorShares QAM Equity Hedge ETF QEH 0.1020 0.40% - 0.00% 0.1020 0.40% 25.4799
AdvisorShares Global Alpha ' Beta ETF RRGR 0.0190 0.07% 0.00% 0.0190 0.07% 25.9719
AdvisorShares Rockledge SectorSAM ETF SSAM 0.3790 1.52% 0.00% 0.3790 1.52% 24.9117
AdvisorShares TrimTabs Float Shrink ETF TTFS 0.1230 0.36% 0.00% 0.1230 0.36% 33.7641
AdvisorShares STAR Global Buy-Write ETF VEGA 0.0310 0.13% 0.00% 0.0310 0.13% 24.624






ALPS 8 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions for 2012.

Charles Schwab 15 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions for 2012.

Columbia 5 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Columbia Concentrated Large Cap Value Fund GVT 0.1765 0.57% 0.1765 0.57% 30.8484
Columbia Intermediate Municipal Bond Strategy Fund GMMB 0.0082 0.02% 0.0095 0.02% 0.0176 0.03% 54.4379

Deutsche Bank 10 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
db-X MSCI Brazil Currency-Hedged Equity ETF DBBR 0.0378 0.19% 1.2684 6.30% 1.3062 6.49% 20.1384
db-X MSCI Canada Currency-Hedged Equity ETF DBCN 0.0000 0.00% 0.4258 1.88% 0.4258 1.88% 22.5915
db-X MSCI EAFE Currency-Hedged Equity Fund DBEF 0.6510 2.97% 1.7536 7.99% 2.4047 10.96% 21.9406
db-X MSCI Emerging Markets Currency-Hedged Equity ETF DBEM 0.0000 0.00% 0.2492 1.10% 0.2492 1.10% 22.6468






Direxion 47 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Daily Retail Bull 3x Shares RETL 6.0089 6.22% 0.00% 6.0089 6.22% 96.5811
Direxion All Cap Insider Sentiment Shares KNOW 1.5441 3.53% 0.00% 1.5441 3.53% 43.6824
Direxion Large Cap Insider Sentiment Shares INSD 1.4456 3.52% 0.00% 1.4456 3.52% 41.1057
Direxion S'P 1500 RC Volatility Response Shares VSPR 0.1690 0.40% 0.00% 0.1690 0.40% 42.4926






Emerging Global Shares 22 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No cap gains in 2012

ETF Securities 7 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012

FactorShares 8 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions in 2012.

FFCM (QuantShares) 4 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions in 2012.

Fidelity 1 ETF Total
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions for 2011.

First Trust 61 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
First Trust S'P REIT Index Fund FRI 0.00% 0.0342 0.19% 0.0342 0.19% 17.6812
Multi-Asset Diversified Income Index Fund MDIV 0.0011 0.01% 0.0011 0.01% 19.726

FlexShares (Northern Trust) 4 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
FlexShares IBOXX 3-Year Target Duration TIPS Index Fund TDTT 0.0061 0.02% 0.0004 0.00% 0.0065 0.03% 25.4619
FlexShares IBOXX 5-Year Target Duration TIPS Index Fund TDTF 0.0986 0.38% 0.0011 0.00% 0.0998 0.38% 26.2357






Global X 39 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Global X FTSE Greece 20 ETF GREK $ 0.013137 0.07% $ 0.013137 0.07% 17.76
Global X Top Guru Holdings Index ETF GURU $ 0.779840 4.53% $ 0.779840 4.53% 17.21
Global X SuperIncome Preferred ETF SPFF $ 0.013166 0.09% $ 0.013166 0.09% 14.86






Greenhaven 1 Total ETF
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
GreenHaven Continuous Commodity GCC - - - - - -
No capital gains distributions in 2012.

Guggenheim 44 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Guggenheim BulletShares 2012 Corporate Bond ETF BSCC 0.002-0.02 0.01%-0.10%
Guggenheim BulletShares 2013 Corporate Bond ETF BSCD 0.002-0.02 0.01%-0.10%
Guggenheim BulletShares 2014 Corporate Bond ETF BSCE 0.002-0.02 0.01%-0.10%
Guggenheim BulletShares 2015 Corporate Bond ETF BSCF 0.011-0.04 0.05%-0.18%
Guggenheim BulletShares 2016 Corporate Bond ETF BSCG 0.011-0.04 0.05%-0.18%
Guggenheim BulletShares 2017 Corporate Bond ETF BSCH 0.010-0.02 0.04%-0.09%
Guggenheim BulletShares 2019 Corporate Bond ETF BSCJ 0.001-0.01 0.00%-0.05%
Guggenheim BulletShares 20120Corporate Bond ETF BSCK 0.030-0.04 0.14%-0.19%
Guggenheim BulletShares 2012 High Yield Corporate Bond ETF BSJC 0.10-0.12 0.39%-0.47%
Guggenheim BulletShares 2013 High Yield Corporate Bond ETF BSJD 0.030-0.04 0.12%-0.16%
Guggenheim BulletShares 2014 High Yield Corporate Bond ETF BSJE 0.041-0.06 0.16%-0.23%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF BSJF
Guggenheim Enhanced Core Bond ETF GIY
Guggenheim Enhanced Short Duration Bond ETF GSY
Wilshire 5000 Total Market ETF WFVK - - 0.001-0.01 0.00%-0.03% 31.35
Wilshire 4500 Completion ETF WXSP 0.001-0.01 0.00%-0.03%
Wilshire US REIT ETF WREI 0.001-0.01 0.00%-0.03%






IndexIQ 11 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distribution in 2012.







Invesco PowerShares 171Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
PowerShares S'P 500 Buy Write PBP - 0.00% 0.1454 0.74% 0.1454 0.74% 19.5776
PowerShares 1-30 Laddered Treasury Portfolio PLW 0.00% 0.0010 0.00% 0.0010 0.00% 32.8853
PowerShares Active Low Duration Fund PLK 0.00% 0.0634 0.25% 0.0634 0.25% 25.3674






iShares 280 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
iShares Barclays Aggregate Bond Fund AGG 0.4000 0.36% 0.0400 0.04% 0.4400 0.40% 111.16
iShares Barclays GNMA Bond Fund GNMA 0.2200 0.44% 0.00% 0.2200 0.44% 49.9
iShares iBoxx $ Investment Grade Corporate Bond Fund LQD 0.00% 0.0100 0.01% 0.0100 0.01% 121.19
iShares Barclays MBS Bond Fund MBB 0.2300 0.21% 0.00% 0.2300 0.21% 108.06
iShares Financials Sector Bond Fund MONY 0.2600 0.49% 0.00% 0.2600 0.49% 52.8






Jefferies 2 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions in 2012.

Pax World 2 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No 2012 capital gains distributions.

Pimco 17 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Pimco 1-3 Year Treasury Fund TUZ 0.0000 0.00% 0.1438 0.28% 0.1438 0.28% 50.8781
Pimco 1-5 Year U.S. TIPS Index Fund STPZ 0.0025 0.00% 0.0285 0.05% 0.0310 0.06% 54.0587
Pimco Broad U.S.

TIPS Index Fund

TIPZ 0.0000 0.00% 0.0043 0.01% 0.0043 0.01% 61.4969
Pimco 7-15 Year U.S. Treasury Index Fund TENZ 0.0542 0.06% 0.4948 0.57% 0.5490 0.63% 87.0384
Pimco 3-7 Year U.S. Treasury Index Fund FIVZ 0.0642 0.08% 0.5554 0.68% 0.6197 0.76% 81.3582
Pimco Total Return Fund BOND 0.8826 0.81% 0.0000 0.00% 0.8826 0.81% 108.9998
Pimco Intermediate Municipal Bond Strategy Fund MUNI 0.0574 0.11% 0.0127 0.02% 0.0701 0.13% 54.2718
Pimco Short Term Municipal Bond Strategy Fund SMMU 0.0000 0.00% 0.0044 0.01% 0.0044 0.01% 50.3649
Pimco Build America Bond Strategy Fund BABZ 0.8501 1.53% 0.8532 1.54% 1.7033 3.07% 55.4794
Pimco Investment Grade Corporate Bond Index ETF CORP 0.6021 0.56% 0.1512 0.14% 0.7533 0.70% 108.1828
Pimco Broad U.S.

Treasury Index Fund

TRSY 2.8282 2.69% 0.0000 0.00% 2.8282 2.69% 105.1238
Pimco Australia Bond Index Fund AUD 0.0777 0.07% 0.0000 0.00% 0.0777 0.07% 103.7533
Pimco Canada Bond Index Fund CAD 0.3031 0.29% 0.0000 0.00% 0.3031 0.29% 105.3904
Pimco Global Advantage Inflation-Linked Bond Fund ILB 0.1590 0.30% 0.0000 0.00% 0.1590 0.30% 53.5856






Precidian 1 Total ETF
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions in 2012

ProShares 139 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Company says none of its equity and fixed-income ETFs will pay any 2012 capital gain distributions.

RevenueShares 6 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions at this time.

Russell 24 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
No capital gains distributions in 2012.
Note:Company shut 25 index ETFs in August.

SSgA 117 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
SPDR Barclays Capital Aggregate Bond ETF LAG 0.2350 0.40% 0.0830 0.14% 0.3180 0.54% 58.7026
SPDR Barclays Capital Convertible Securities ETF CWB 0.1170 0.29% 0.3830 0.96% 0.5000 1.25% 39.9474
SPDR Barclays Capital Intermediate Term Corporate Bond ETF ITR 0.0080 0.02% 0.0620 0.18% 0.0700 0.20% 34.6583
SPDR Barclays Capital Intermediate Term Treasury ETF ITE 0.0000 0.00% 0.2860 0.47% 0.2860 0.47% 60.8336
SPDR Barclays Capital Mortgage Backed Bond ETF MBG 0.4220 1.55% 0.0000 0.00% 0.4220 1.55% 27.2844
SPDR Barclays Capital Short Term Corporate Bond ETF SCPB 0.0090 0.03% 0.0180 0.06% 0.0270 0.09% 30.6541
SPDR Nuveen Barclays Capital California Municipal Bond ETF CXA 0.0440 0.18% 0.4840 1.99% 0.5280 2.17% 24.2792
SPDR Nuveen Barclays Capital Municipal Bond ETF TFI 0.0040 0.02% 0.2730 1.13% 0.2770 1.14% 24.2211
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF SHM 0.0010 0.00% 0.0450 0.19% 0.0460 0.19% 24.2648
SPDR Nuveen S'P High Yield Municipal Bond ETF HYMB 0.0830 0.14% 0.0000 0.00% 0.0830 0.14% 58.2991
SPDR Barclays Capital Issuer Scored Corporate Bond ETF CBND 0.0530 0.16% 0.0460 0.14% 0.0990 0.30% 32.6487
SPDR Barclays International Corporate Bond ETF IBND 0.0040 0.01% 0.0310 0.09% 0.0350 0.10% 35.2046
SPDR Barclays Long Term Corporate Bond ETF LWC 0.0460 0.11% 0.0800 0.19% 0.1260 0.30% 41.5977
SPDR Barclays Emerging Markets Local Bond ETF EBND 0.0380 0.12% 0.0080 0.02% 0.0460 0.14% 32.0176
SPDR Nuveen Barclays New York Municipal Bond ETF INY 0.0000 0.00% 0.1650 0.69% 0.1650 0.69% 24.0017
SPDR Dow Jones Mid Cap ETF EMM 0.2380 0.36% 0.2440 0.37% 0.4820 0.73% 65.6071
SPDR S'P Software ' Services ETF XSW 1.1760 1.90% 0.0000 0.00% 1.1760 1.90% 61.9437
SPDR S'P Health Care Services ETF XHS 2.7010 4.09% 0.0000 0.00% 2.7010 4.09% 66.0353
SPDR S'P Health Care Equipment ETF XHE 0.6140 1.10% 0.2650 0.48% 0.8790 1.58% 55.7313
SPDR S'P Aerospace ' Defense ETF XAR 0.3410 0.54% 0.0000 0.00% 0.3410 0.54% 63.4464
SPDR S'P International Mid Cap ETF MDD 0.0670 0.23% 0.0000 0.00% 0.0670 0.23% 28.5849
SPDR MSCI ACWI IMI ETF ACIM 0.0160 0.03% 0.0000 0.00% 0.0160 0.03% 51.0533
SPDR S'P Small Cap Emerging Asia Pacific ETF GMFS 3.2210 7.79% 0.0000 0.00% 3.2210 7.79% 41.3611






Teucrium 6 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Capital gains. if any. are allocated and not distributed in futures-based commodities funds.

US Commodity Funds 10 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Capital gains. if any. are allocated and not distributed in futures-based commodities funds.

Van Eck 46 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Market Vectors Biotech ETF BBH 0.1660 0.31% 5.6750 10.64% 5.8410 10.95% 53.323
Market Vectors Small-Cap Brazil ETF BRF 0.0000 0.00% 0.0250 0.06% 0.0250 0.06% 41.7584
Market Vectors Oil Services ETF OIH 0.0070 0.02% 0.0000 0.00% 0.0070 0.02% 38.2265
Market Vectors CEF Municipal Income ETF XMPT 0.0065 0.0065 TBA
Market Vectors Intermediate Municipal Index ETF ITM 0.0021 0.0021 TBA
Market Vectors Short Municipal Index ETF SMB 0.0110 0.0110 TBA
Market Vectors Emerging Markets High Yield Bond ETF HYEM 0.0080 0.0080 TBA
Market Vectors Fallen Angel High Yield Bond ETF ANGL 0.1200 0.1200 TBA
Market Vectors LatAm Aggregate Bond ETF BONO 0.0120 0.0120 TBA
Market Vectors Mortgage REIT ETF MORT 0.0022 0.0022 TBA






Vanguard 64 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
Extended Duration Treasury ETF EDV 1.3200 1.12% 2.9200 2.48% 4.2400 3.60% 117.71
Intermediate-Term Bond ETF BIV 0.1200 0.14% 1.4200 1.61% 1.5400 1.75% 88.15
Intermediate-Term Corporate Bond ETF VCIT 0.2800 0.32% 0.1700 0.19% 0.4500 0.51% 87.46
Intermediate-Term Government Bond ETF VGIT 0.1800 0.27% 0.4300 0.66% 0.6100 0.93% 65.5
Long-Term Bond ETF BLV 0.2300 0.24% 1.0900 1.16% 1.3200 1.40% 94.31
Vanguard Long-Term Corporate Bond ETF VCLT 0.2000 0.22% 0.0300 0.03% 0.2300 0.25% 92.02
Vanguard Long-Term Government Bond ETF VGLT 0.0200 0.03% 0.1200 0.16% 0.1400 0.18% 76.04
Mortgage-Backed Securities ETF VMBS 0.2600 0.50% 0.0100 0.02% 0.2700 0.52% 52.19
Short-Term Bond ETF BSV 0.0300 0.04% 0.1800 0.22% 0.2100 0.26% 80.91
Short-Term Corporate Bond ETF VCSH 0.0400 0.05% 0.0900 0.11% 0.1300 0.16% 79.98
Short-Term Government Bond ETF VGSH 0.0300 0.05% 0.0700 0.12% 0.1000 0.16% 60.85
Total Bond Market ETF BND 0.1700 0.20% 0.2600 0.31% 0.4300 0.51% 83.98






WisdomTree 47 Total ETFs
Name Ticker Short Term Distribution ($/share) Estimated Percentage of NAV Long Term Distribution ($/share) Estimated Percentage of NAV Total Distribution ($/share) Total Distribution (%) NAV as of 12/27/2012
WisdomTree Euro Debt Fund EU 0.1955 0.86% 0.1955 0.86% 22.6809
WisdomTree Emerging Markets Local Debt Fund ELD 0.0948 0.18% 0.0561 0.11% 0.1508 0.28% 53.0339
WisdomTree Asia Local Debt Fund ALD 0.2665 0.51% 0.0164 0.03% 0.2829 0.54% 52.3359
WisdomTree Dreyfus Chinese Yuan Fund CYB 0.00% 0.1992 0.78% 0.1992 0.78% 25.5211

Note:Number of total funds for each sponsor according to IndexUniverse's ETF Classification System . Capital gains percentages have been calculated using traditional "holding period" methodologies. Where possible, all cap gains paid in a calendar year are divided by the NAV at the start of that year. Where a fund did not begin trading until after the first of the year, the longest possible holding period is used.

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