On the other hand, the emerging and developed international smart beta ETFs include volatility screens along with a neutral approach to sectors.

The two ETFs rank securities by trailing 12 month volatility within their respective countries and the 25 securities with the lowest volatility from each country are selected for inclusion in the index and equally weighted within a sector.

Lastly, the California Municipal High Income ETF will largely hold investment-grade municipal securities issued on behalf of the State of California, including municipal lease obligations (and certificates of participation in such obligations), municipal general obligation bonds,municipal revenue bonds, municipal notes, municipal cash equivalents, private activity bonds (including without limitation industrial development bonds), and prerefunded and escrowed to maturity bonds, according to the prospectus. Additionally, the fund may hold no more than 50% of its assets in high-yield or junk bonds.

For more information on new fund products, visit our new ETFs category.