Source: ETF Screener & Database (March, 2015). The excluded ETFs are categorized based on the first criteria that removed them from consideration in the Betterment portfolio (many ETFs fit into multiple exclusion categories). ETFs excluded based on total cost had a cost score based on expense ratio and bid-ask spread that were too high for a given asset class. Only equities and fixed income asset classes were considered. ETFs excluded due to 'asset strategy' meant the fund has a strategy element (focus, niche, category, geography, etc.) that does not fit our investment philosophy. All leveraged, inverse, and alternative weighting funds are excluded. Some ETFs were excluded due to insufficient trading volume or duplicate indices.

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