As expected, the reference portfolio predominantly consisted of large - cap, dividend - paying equity ETFs: the ProShares Large Cap Core Plus (CSM), WisdomTree Dividend ex-Financials Fund (DTN), Vanguard High Dividend Yield ETF (VYM), Vanguard Mega Cap
Value ETF (MGV), and
iShares International Developed Property ETF (WPS).
The main change was getting rid of the fundamental - weighted ETFs for the US and
international exposure, and replacing these with cheaper
value and small - cap funds from Vanguard and
iShares.