August 28th, 2009

Investing in Exchange Traded Funds (ETFs):

DIAMONDs, SPDRs, Qubes, HOLDRs, VIPERs, iShares

 

They are simple and valuable investments with strange sounding names! Exchange Traded Funds (ETFs) essentially are mutual funds that trade like a stock. They are baskets of securities held in a trust (just like mutual funds) and can be traded as a listed security on a stock exchange (just like a stock).

 

Differences between mutual funds and ETFs

·        Securities held in most mutual funds are actively managed. Securities held in ETFs track an index established by a stock exchange. Selection of securities is predetermined (i.e. passively managed). Accordingly, the cost of managing Exchange Traded Funds and their corresponding Management Expense Ratios (MERs) are significantly less than mutual funds.

·        Mutual funds are priced once a day based on their net asset value at the end of the trading day. ETFs are priced in the market during the trading day based on their tracking value of the index that they represent.

·        Mutual funds hold securities that are actively bought and sold during the year by managers who are using their expertise and experience to improve portfolio returns. ETFs, by definition, hold securities that are infrequently changed, and therefore tend to have lower capital gains distributions at the end of the year.

 

Differences between listed securities and ETFs

·        Buying a diversified portfolio of individual securities, that approximately represents the market, can be time consuming and expensive. In contrast, buying an ETF, that holds a diversified portfolio of securities representing the market, can be completed easily in one trade.

·        Transaction costs normally are lower for ETFs than for individual securities (particularly on broadly based ETFs) because bid/ask spreads for ETFs frequently are less.

 

Why the strange sounding names?

 

 The names frequently are an acronym for an Exchange Traded Fund:

·        SPDRs (also called SPDRS): Standard & Poor’s 500 index Deposit Receipts

·        DIAMONDS: Dow Jones Industrial Average tracking unit.

·        VIPERS: Vanguard Index Participation Equity Receipts

·        Qubes: based on symbol for the NASDAQ 100 tracking units: QQQQ.

·        HOLDRs: Holding Company Depositary Receipts

 

 

 

 

An Example using SPDRs

 

SPDRs are an Exchange Traded Fund that tracks the S&P 500 Index. SPDRs trade approximately at 1/10th the value of the Index. If the S&P 500 Index is trading at 900, SPDRs (Symbol: SPY) will trade at almost exactly $90 per unit. The cost of 100 units will be $90 x 100 = $9,000 U.S.. If the S&P 500 Index rises to 1000, the price of SPDRs will increase to $100. The value of 100 units will improve to $10,000.

 

Types of Indices Tracked by ETFs

 

Seven types are available:

·        ETFs on broadly based indices (e.g. S&P 500 Index, Dow Jones Industrial Average, S&P/TSX 60 Index)

·        ETFs on sector indices (e.g. health care, high tech, financial services)

·        ETFs on style indices (e.g. growth, value, small cap, medium cap)

·        ETFs on indices of countries or regions outside of North America (e.g. the Euro 350 Index, the EAFE Index)

·        ETFs on bond indices.

·        ETFs on commodities and currencies

·        Leveraged, inverse and inverse leveraged ETFs

Currently, 375 U.S. equity based ETFs, 41 U.S. bond based ETFs, 131 international, 34 commodity-based ETFs, 21 commodity based ETNs, 12 currency based ETFs, 7 actively managed ETFs, 86 Canadian equity based ETFs, one actively managed Canadian ETF, 10 Canadian bond based ETFs and two international bond ETFs trade on North American exchanges. A complete list is provided at the end to this report.

 

Reasons to own ETFs

 

·        Easy to understand and to follow. The media frequently comments on events that influence the performance of broadly based indices such as the S&P 500 Index, the Dow Jones Industrial Average and the S&P/TSX 60 Index. Their comments also apply to performance of ETFs that track broadly based indices.

·        A convenient way to build a diversified portfolio. Each ETF owns a basket of securities. For example, iUnits in the S&P/TSX 60 Index holds a diversified portfolio of Canada’s top 60 companies. Risks associated with ownership of individual securities in the basket are reduced.

·        A low Management Expense Ratio (MER) relative to actively managed investments. The average MER on a broadly based Canadian or U.S. mutual fund actively managed by a Canadian based investment firm is 2.50%. In contrast, the MER on iUnits on the S&P/TSX 60 Index is only 0.17% and the MER on SPDRs is only 0.10%. A list of MERs on ETFs is provided at the end of this report.

·        More tax efficient than actively managed investments. Capital gains distributions at year-end from U.S. traded ETFs currently are nil due to their legal structure. Capital gains distributions at year-end from Canadian traded ETFs are low and frequently are nil. The reason: changes in indices are infrequent and, therefore, chances of realizing a capital gain for tax purposes due to index changes are low. In contrast, a portfolio of actively managed investments frequently is adjusted and is more likely to distribute taxable capital gains at the end of the year.

·        Easily bought and sold (particularly ETFs on broadly based indices). SPDRs were the most actively traded equity security in the world in 2008 based on value of trading. Qubes were the most actively traded security in the world in 2008 based on the number of shares that traded. Volumes in both ETFs rose in 2008. Average daily volume in i60s, Canada’s most actively traded ETF recently has been averaging 15 million units per day. In addition, bid/ask spreads on broadly based ETFs frequently are $0.10 per unit or less.

  • Better performers relative to most actively managed investments.

 

Standard and Poor’s recently issued its Canadian “Standard & Poor’s Indices

Versus Active Funds Scorecard” (SPIVA) report for the period ending March 2009. Link to the report is

http://www2.standardandpoors.com/spf/pdf/index/SPIVA_Canada_1Q2009.pdf

 

The report once again confirms that most of Canada’s actively managed mutual funds have underperformed their benchmark indices.

 

Standard and Poor’s uses the following S&P indices as their benchmarks:

Category                                       Comparison Index

Canadian Equity                             S&P/TSX Composite Index Total Return

Cdn. Small/Mid Cap Equity            S&P/TSX Canadian Completion Total Return

Cdn. Dividend & Income Eq.          S&P Cdn. Dividend Aristocrats Index Total Return

U.S. Equity                         S&P 500 Total Return C$

International Equity             S&P/Citigroup EPAC PMI Index Total Return C$

Global Equity                                  S&P/Citigroup World PMI Index Total Return C$

 

Results of the study revealed the following:

Percent of Active Funds Outperforming Benchmark Index

Category                                       One Year        Three Years   Five Years

Canadian Equity                             46.03               24.68                 8.41

Cdn. Small/Mid Cap Equity            45.61               N/A                 N/A

Cdn. Dividend & Income Eq.          53.13              42.42                 0.00

U.S. Equity                         28.24               17.20               11.04

International Equity             37.50               25.00               11.11

Global Equity                                  41.96               23.08               15.49

 

 

The cost of buying and selling ETFs

 

Investors can choose between buying and selling ETFs in a transaction-based account or in a fee-based account. Costs in a transaction-based account will be the regular commission charged by your broker for completing an equity trade. Costs in a fee-based account in most cases will be zero for the transaction, but a fee based on the value of the portfolio will be assessed periodically. Investors, who make most of their own investment decisions, probably will prefer a transaction-based account. Investors, who rely on their broker to offer investment advice on a continuing basis, may prefer to complete transactions through a fee-based account. A fee of 1.5% per year for an equity account valued between $100,000 and $500,000 is approximately “the going rate” by Canadian investment dealers.

 

Other features of ETFs

 

The following information was obtained from publicly available web sites:

 

·        ETFs listed on the Toronto Exchange are 100% eligible as Canadian content in tax deferred accounts (e.g. RRSPs, RRIFs. TFSAs).

·        Most ETFs pay a quarterly dividend.

·        Dividends paid by ETFs with Canadian equity content listed on the Toronto Exchange are eligible for the Dividend Tax Credit.

·        Trading hours correspond with the regular trading hours of the Toronto Exchange and U.S. exchanges (normally 9:30 AM – 4:00 PM Eastern time).

·        All ETFs have redemption features. Holders with large positions in ETFs are allowed to exchange their units for shares that underlie the unit. Net result: units consistently trade at or near their net asset value.

·        Many ETFs have listed options and Long term Equity APpreciation Securities (LEAPS). A list of optionable ETFs is provided at the end of this report.

·        Dividend re-investment (DRIP) programs on broadly based ETFs are available through selected brokers.

·         ETFs are marginable.

·         ETFs can be shorted.

·         ETFs are sponsored by well-known financial institutions.

 

Portfolio Strategies

 

Core and satellite investing

One of the more popular strategies! Investors place a large portion (i.e. the core) of their equity portfolio into Exchange Traded Funds. This portion acts as the anchor for the portfolio, ensuring that portfolio performance will approximate stock market returns. Size of the core depends upon the amount of stock market risk that the investor is willing to assume. Investors, who are satisfied with realization of returns that approximate “the market”, will place a larger portion of their portfolio into ETFs (say 40%-80%). Investors, who are willing to take more risk in order to improve prospects for “outperforming the market”, will place a smaller portion into ETFs. The remainder of the portfolio is invested into “special situations” with the potential to outperform the market. Choices include attractive equities, specialty mutual funds, sector ETFs, hedge funds, etc.

 

Portfolio Rebalancing

ETF positions can be adjusted easily when equity, fixed income and cash weights in a portfolio need to be rebalanced due to changing market conditions. With one trade in an ETF of a broadly based index, equity positions can be increased or reduced.

 

Sector Investing

Investors can choose, when timely, to over weight sectors that have better potential. Investors can choose between six Canadian sector ETFs and over 60 U.S. sector ETFs.

 

Seasonal Trend Investing

North American, European and Japanese equity markets tend to be strongest from the end of October to the end of March /April. Investors can take advantage by owning broadly based ETFs during the period of seasonal strength and by switching into treasury bills during the remainder of the year.

 

Sectors in equity markets also have seasonality and can be traded accordingly. See the Special Report section at www.timingthemarket.ca  for background.

 

Risks

 

By definition, an investor holding an Exchange Traded Fund will never outperform the market. The investor will track the market (less a small MER).

 

Some ETFs have a high percent of their portfolio invested either in a sector or an individual security. Concentrations can influence the volatility and performance of the ETF.

 

A small number of ETFs hold a basket of securities that are known to be volatile. Most of these hold high tech securities with a history of significant price swings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monitoring ETFs through the Internet

 

The following web sites are useful for investors who are looking for more information about ETFs:

Sites for a quick overview and description of ETFs that trade on U.S. exchanges:

www.nasdaq.com

www.nyse.com

 

ETF content and weights:

IShares U.S. information: www.us.ishares.com/home   

iShares Canadian information: www.ca.ishares.com/index.do

Select sector SPDRs information: www.spdrindex.com

StreetTracks ETF information: www.streettracks.com

Merrill Lynch HOLDRs information: www.holdrs.com

Vanguard ETF information: www.personal.vanguard.com/us/funds/etf/byname

PowerShares ETF information: www.powershares.com

FT Portfolios ETF information: www.ftportfolios.com

Proshares ETF information: www.proshares.com

Rydex Funds ETF information: www.rydexfunds.com

Wisdomtree ETF information: www.wisdomtree.com

Claymore Investments ETF information: www.claymoreinvestments.ca

XShares ETF information: www.xshares.com

ETF information: www.exchangetradedfunds.com

Horizon BetaPro: www.hbpetfs.com  

 

Index providers:

S&P indices: www.standardandpoors.com

Dow Jones indices: www.djindexes.com

MSCI International indices: www.msci.com

Russell indices: www.russell.com

Wilshire indices: www.wilshire.com

            FTSE group indices: www.ftse.com

            Index universe: www.indexuniverse.com

 

           ETF Information and opinion sources

           www.exchangetradedfunds.com

           www.indexfund.com

           www.globeinvestor.com

           www.finance.yahoo.com/etf

           www.etfguide.com

           www.thestreet.com

           www.marketwatch.com

          www.morningstar.com

          www.currencyshares.com



Exchange Traded Fund List

 

Equity Index Units Traded in Canada

 

Name                                                                          SymbolMER  Opt. Volume

                                                                                                (%)               Daily

                                                                                                                   3 months

                                                                                                                   Aug.2009

                                                                                                                         (000)

IShares S&P/TSX 60 Index                                         XIU     0.17     yes     20,000       

IShares Composite Cdn. Eq Capped Index                   XIC     0.25     no           300

IShares S&P 500 C$ Index Fund                                 XSP     0.25     no           500

IShares International C$ Index Fund                             XIN     0.50     no           300

iSharesDividend Index                                                  XDV    0.50     no           100

IShares S&P/TSX Canadian Capped Energy Index      XEG    0.55     yes       1,000

ISharesS&P/TSX Canadian Capped Financial Index     XFN    0.55     yes       1,000

ISharesS&P/TSX Canadian Capped Gold Index          XGD    0.55     yes       1,000

iShares Income Trust Sector Index                                XTR     0.55     no           150

IShares S&P/TSX Canadian Capped Info.Tech.           XIT      0.55     yes            40

iSharesMaterials Sector Index                                       XMA   0.55     yes          150

IShares S&P/TSX Canadian Capped Midcap Index     XMD   0.55     no             20

ISharesS&P/TSX Canadian Capped REIT Index          XRE     0.55     no           250

iShares Cdn. Value Index Fund                                     XCV    0.50     no             10

iShares Cdn. Growth Index Fund                                  XCG    0.50     no             10

iShares Cdn. Janzi Social Index Fund                            XEN    0.50     no               1

iShares Cdn. Small Cap Index Fund                              XCS    0.55     no             25

iShares Cdn. Russell 2000 Index Fund                          XSU    0.35     no             10

iShares Alternate Completion Portfolio Builders             XAL    0.70     no               1

iShares Conservative Core Portfolio Builders                XCR    0.60     no               1

iShares Global Completion Portfolio Builders                XGC    0.70     no               1

iShares Growth Core Portfolio Builders                         XGR    0.60     no               1

iShares Cdn. MSCI World Index                                  XWD   0.45     no               4

iShares Cdn. MSCI Emerging Markets Index                XEM   0.82     no             25

Merrill Lynch CP HOLDRS                                         HCH    *          no               1

Claymore FTSE RAFI Canadian Index Fund                CRQ    0.65     no             50

Claymore Cdn Dividend and Income Achievers             CDZ    0.60     no             25

Claymore U.S. Fundamental Index (C$ hedged)           CLU    0.65     no             25

Claymore Oil Sands sector                                           CLO    0.60     no             20

Claymore BRIC                                                           CBQ    0.60     no             50

Claymore International Fundamental                              CIE      0.65     no             20

Claymore Preferred Shares                                           CPD    0.45     no             70

Claymore Japan Fundamental                                       CJP      0.65     no             10  

Claymore Global Water                                                CWW  0.60     no            10

Claymore Global Mining                                               CMW  0.55     no             10

Claymore Global Balanced Income                               CBD    0.70     no               2

Claymore Global Balanced Growth                               CBN    0.70     no               2

Claymore Global Agriculture                                         COW   0.65     yes            50

Claymore Global Monthly Yield Hog                            CYH    0.65     no             30

Claymore Cdn. Financial Services                                 CEW   0.65     no             20

Claymore Global Real Estate                                        CGR    0.65     no             10

Claymore Global Infrastructure                                     CIF      0.65     no             10

Claymore Alberta Natural Gas                                      GAS    0.80     no        1000

Claymore Financial Monthly Income                             FIE      1.00     no             75

Claymore Laddered 1-5 year Government Bond           CLF     0.15     no           100

Claymore Laddered 1-5 year Corporate Bond              CBO    0.25     no           250

Horizon BetaPro 60 Bull +                                            HXU    1.15     no        2,500

Horizon BetaPro 60 Bear +                                          HXD    1.15     no        3,000

Horizon BetaPro Financial Bull +                                  HFU    1.15     no        1,000

Horizon BetaPro Financial Bear +                                 HFD    1.15     no           500

Horizon BetaPro Energy Bull +                                     HEU    1.15     no        1,000

Horizon BetaPro Energy Bear +                                    HED    1.15     no           300

Horizon BetaPro Gold Bull +                                        HGU    1.15     no        3,000

Horizon BetaPro Gold Bear +                                       HGD    1.15     no        1,500

Horizon BetaPro Crude Oil Bull+                                  HOU    1.15     no      10,000

Horizon BetaPro Crude Oil Bear +                               HOD    1.15     no        2,000

Horizon BetaPro Natural Gas Bull+                              HNU    1.15     no      25,000

Horizon BetaPro Natural Gas Bear +                            HND    1.15     no        1,000

Horizon BetaPro Comex Gold Bullion Bull+                  HBU    1.15     yes          100

Horizon BetaPro Comex Gold Bullion Bear +               HBD    1.15     yes            20

Horizon BetaPro S&P/TSX Global Mining Bull +          HMU   1.15     no             20

Horizon BetaPro S&P/TSX Global Mining Bear +        HMD   1.15     no             50

Horizon BetaPro Agriculture Bull +                               HAU    1.15     no             30

Horizon BetaPro Agriculture Bear +                              HAD    1.15     no               2

Horizon BetaPro S&P 500 Bull +                                 HSU    1.15     no           300

Horizon BetaPro S&P 500 Bear +                                HSD    1.15     no           150

Horizon BetaPro NASDAQ 100 Bull +                        HQU    1.15     no             20

Horizon BetaPro NASDAQ 100 Bear +                       HQD    1.15     no            50

Horizon BetaPro U.S. Dollar Bull +                              HDU    1.15     no             10

Horizon BetaPro U.S. Dollar Bear +                             HDD    1.15     no             50

Horizon BetaPro 30 Year Bond Bull +                          HTU    1.15     no               2

Horizon BetaPro 30 Year Bond Bear +                        HTD    1.15     no             50

Horizon BetaPro MSCI Emerging Markets Bull +         HJU     1.15     no             30

Horizon BetaPro MSCI Emerging Markets Bear +        HJD     1.15     no           100

Horizon AlphaPro TOP 60 ETF                                   HAX    0.70     no               5

Horizon BetaPro S&P/TSX 60 Inverse                         HIX     1.15     no           100

Horizon BetaPro S&P/TSX Financials Inverse              HIF      1.15     no             30

Horizon BetaPro S&P/TSX Energy Inverse                  HIE      1.15     no             25

Horizon BetaPro S&P TSX Gold Inverse                     HIG     1.15     no             10

Horizon BetaPro Comex Silver                                     HUZ    0.65     no               5

Horizon BetaPro Comex Gold                                      HUG    0.65     no               2

Horizon BetaPro Nymex Winter Term Crude Oil          HUC    0.75     no               1

Horizon BetaPro Nymes Winter Natural Gas                HUN    0.75     no               5  

BMO Cdn. Government bond                                      BGB    0.325   no          N/A

BMO Dow Jones Canada Titans 60 Index                    BCA    0.15     no          N/A

BMO U.S. Equity Index (CAD hedged)                       BUE     0.22     no          N/A

BMO Dow Jones Diamonds Index (CAD hedged)        BDJ     0.23     no          N/A

 

Equity Index Units Traded in the U.S.

 

Major Market ETFs                                          SymbolMER  Opt. Volume

                                                                                                (%)               Daily

                                                                                                                    3 months

                                                                                                                         (000)

Broad Market                                                                                           Aug.2009

Total Stock Market VIPERs                                         VTI      0.15     yes         1,989

IShares Russell 3000                                                    IWV    0.21     yes           807

IShares DJ US Total Market                                        IYY     0.20     yes              57  

IShares S&P 1500                                                       ISI       0.20     no               64

Fidelity NASDAQ Composite Tracking Stock              ONEQ 0.30     yes              14

Extended Market VIPERs                                            VXF    0.15     yes            163

StreetTRACKS Total Market                                       TMW   0.20     yes              21

FTSE RAFI U.S. 1000                                                PRF     0.39     yes              54

Dynamic MagniQuant                                                   PIQ      0.67     no                 5

 

Large-Cap

Diamond Trust Series 1                                                DIA     0.16     yes      13,036

NASDAQ 100 Index Tracking Stock                           QQQQ0.20     yes    113,175

IShares S&P 100                                                         OEF     0.20     yes       1,113

IShares S&P 500                                                         IVV     0.09     yes       4,133

IShares NYSE 100                                                      NY      0.20     yes               5

IShares NYSE Composite                                            NYC    0.25     no              12

Standard and Poors Depository Receipts                      SPY     0.09     yes    207,270

IShares Russell 1000                                                    IWB     0.15     yes       2,809

Rydex S&P Equalweight                                               RSP     0.40     yes       1,354

Large Cap VIPERS                                                      VV      0.13     yes           391

Morningstar Large Core                                               JKD     0.20     no             30

StreetTRACKS DJ Wilshire Large Cap                        ELR     0.20     no                5

First Trust NASDAQ 100 Equal Weight                       QQEW0.73     no              30

Rydex Russell Top 50                                                   XLG    0.20     no            155

Dynamic Large Cap                                                      PJF      0.60     no              10

Vanguard Mega Cap 300                                             MGC   0.13     yes             36

RevenueShares Large Cap                                            RWL    0.49     no              27

PowerShares NASDAQ Next Q Portfolio                    PNXQ 0.70     no                1

Wisdom Tree Large Cap Growth                                  ROI     0.38     no                2

 

Mid-Cap

IShares S&P MidCap 400                                           IJH       0.21     yes         1,011

S&P Midcap 400 Depository Receipts                         MDY   0.25     yes         4,219

IShares Russell Midcap                                                IWR     0.21     yes         1,517

Mid-Cap VIPERS                                                        VO     0.15     yes            244

Morningstar MidCore                                                   JKG     0.25     no                 7

StreetTRACKS DJ Wilshire Mid Cap                          EMM   0.25     no               10

Dynamic Mid-Cap                                                        PJG      0.73     no                 9

First Trust Mid Cap Core AlphaDEX                           FNX    0.70     no                 5

RevenueShares Mid Cap                                              RWK   0.54     no               28

 

Small Cap

IShares S&P Small Cap 600                                        IJR       0.20     yes       1,670

IShares Russell 2000                                                    IWM    0.24     yes      46,558

Small-cap VIPERS                                                         VB     0.15     yes           285

Morningstar SmallCore                                                 JKJ      0.25     no              24

iShares Microcap                                                         IWC    0.68     yes           170

StreetTRACKS DJ Wilshire Small Cap                        DSC    0.25     no                5

First Trust MicroCap                                                    FDM    0.60     yes             14

Zacks Small Cap                                                          PZJ      0.70     yes               5

Zacks Micro Cap                                                         PZI      0.70     no              28

FTSE RAFI Small – Mid                                              PRFZ   0.39     no              33

FT Dow Jones Select Microcap                                    FDM    0.60     yes             14    

Dynamic Small Cap                                                      PJM     0.79     no                7

First Trust Small Cap Core AlphaDEX                         FYX    0.70     no                6

RevenueShares Small Cap                                            RWJ    0.54     no              31

PowerShares FTSE Small Cap Portfolio                       PQSC  0.70     no                1

 

Style ETFs

 

Broad Market Growth

IShares Russell 3000 Growth                                        IWZ     0.25     no               94

First Trust Growth                                                        FPX     0.60     no                3

 

Broad Market Value

IShares Russell 3000 Value                                          IWW   0.25     no                78

First Trust Equity Income                                              FDL     0.60     no                12

First Trust Multi Cap Growth AlphaDEX                      FAD    0.70     no                  3

First Trust Multi Cap Value AlphaDEX                         FAB     0.70     no                  5

 

Large-Cap Growth

IShares S&P 500/Barra Growth                                   IVW    0.18     yes       1,181

IShares Russell 1000 Growth                                        IWD    0.20     yes       2,366

StreetTRACKS DJ Wilshire Large Cap Growth           ELG     0.20     no              24

Growth VIPERS                                                          VUG    0.15     yes          574

Morningstar Large Growth                                            JKE     0.25     no              48

Dynamic Large Growth                                                 PWB    0.60     no            151

Rydex S&P 500 Growth                                              RPG     0.35     no              13

First Trust Large Cap Growth AlphaDEX                     FTC     0.70     no                4

Vanguard Mega Cap Growth                                        MGK   0.13     yes           192

 

Large-Cap Value

IShares S&P 500/Barra Value                                      IVE      0.18     yes           941

IShares Russell 1000 Value                                          IWD    0.20     yes       2,367

StreetTRACKS DJ Wilshire Large Cap Value              ELV     0.20     no              12

Value VIPERS                                                             VTV    0.15     yes           445

Morningstar Large Value                                              JKF     0.25     no              30

Dynamic Large Value                                                   PWV   0.63     yes           124

Rydex S&P 500 Value                                                 RPV     0.35     no              11

FT DB Strategic Value                                                 FDN    0.60     no              21

First Trust Large Cap Value AlphaDEX                        FTA     0.70     no                5

Vanguard Mega Cap Value                                          MGV   0.13     yes              41

 

Mid-Cap Growth

IShares S&P MidCap 400/Barra Growth                     IJK      0.25     yes           279

IShares Russell MidCap Growth                                   IWP     0.25     yes           856

            Morningstar Mid Growth                                              JKH     0.30     no              33

Dynamic Mid Growth                                                   PWJ     0.63     no              57

StreetTRACKS DJ Wilshire Mid Cap Growth              EMG    0.25     no              10

Rydex Midcap 400 Growth                                          RFG     0.35     no              31

 

Mid-Cap Value

IShares S&P MidCap 400/Barra Value                        IJJ        0.28     yes           200

IShares Russell MidCap Value                                      IWS     0.27     yes       1,591

Morningstar Mid Value                                                 JKI      0.30     no              18

Dynamic Mid Value                                                      PWP    0.63     no              14

StreetTRACKS DJ Wilshire Mid Cap Value                 EMV    0.25     no                2

Rydex Midcap 400 Value                                             RFV     0.35     no                8

 

Small-Cap Growth

IShares S&P SmallCap 600/Barra Growth                   IJT       0.25     yes           312

IShares Russell 2000 Growth                                        IWO    0.25     yes       1,930

StreetTRACKS DJ SmallCap Growth                          DSG    0.25     no              30

Small-Cap Growth VIPERS                                         VBK    0.15     yes           169

Morningstar Small Growth                                            JKK     0.30     no              15

Dynamic Small Growth                                                 PWT    0.63     yes             17

Rydex Small Cap Growth                                             RZG     0.35     no                8

 

Small-Cap Value

IShares S&P SmallCap 600/Barra Value                      IJS       0.25     yes           268

IShares Russell 2000 Value                                          IWN    0.33     yes       1,991

StreetTRACKS DJ SmallCap Value                             DSV    0.25     no              12

Small-Cap Value VIPERS                                            VBR    0.15     yes           188

Morningstar Small Cap Value                                       JKL     0.30     no              38

            Dynamic Small Cap Value                                            PWY   0.63     yes             27

            Rydex Small Cap Value                                                RZV     0.35     no            103

 

Sector ETFs

 

Consumer Discretionary

Consumer Discretionary Select Sector SPDR                XLY    0.21     yes       7,088

IShares DJ US Consumer Cyclical Sector                     IYC     0.48     yes           184

Retail HOLDRS                                                           RTH     0*        yes       3,061

Consumer Discretionary VIPERS                                 VCR    0.25     no              67

Dynamic Leisure and Entertainment                               PEJ      0.63     yes             32

Dynamic Retail                                                             PMR    0.63     no              36

SPDR Retail                                                                 XRT     0.35     yes      17,403

Dynamic Consumer Discretionary                                 PEZ     0.70     yes             10 

Market Vector Environmental Services                         EVX    0.55     yes               4

Rydex Equal Weight Consumer Discretionary                RCD    0.50     no                9

 

 

Consumer Staples

Consumer Staples Select Sector SPDR                         XLP     0.21     yes       4,680

IShares DJ US Consumer Non-Cyclical Sector             IYK     0.48     yes             37

Consumer Staples VIPERS                                          VDC    0.25     yes             52

Dynamic Food and Beverage                                        PBJ      0.63     no              85

Dynamic Consumer Staples                                          PSL     0.69     no                8

Rydex Equal Weight Consumer Staples                         RHS     0.50     no                2

First Trust Consumer Staples AlphaDEX                      FXG    0.70     no               4

 

Energy

Energy Select Sector SPDR                                          XLE     0.21     yes      21,037

IShares DJ US Energy Sector                                       IYE      0.48     yes           500

Vanguard Energy VIPERs                                            VDE    0.25     yes           217

Oil Service HOLDRS                                                   OIH     0*        yes        9,124

Dynamic Energy Exploration and Production                 PXE     0.63     yes             27

Dynamic Energy Sector                                                PXI      0.68     no              15

Dynamic Oil and Gas Services                                      PXJ      0.62     yes           107

iShares DJ Exploration & Production                            IEO      0.48     yes           366

iShares DJ Oil Equipment                                             IEZ      0.48     yes           295

SPDR Oil and Gas Equipment and Services                  XES     0.35     yes           193

SPDR Oil and Gas Exploration and Production             XOP    0.35     yes       2,172

Rydex Equal Weight Energy                                          RYE     0.50     no                8

First Trust Energy AlphaDEX                                       FXN    0.70     no              11

First Trust ISE Revere Natural Gas                               FCG    0.60     yes          275

Market Vector Nuclear Energy                                     NLR    0.61     yes             70

 

Financials

Financial Select Sector SPDR                                       XLF     0.21     yes    125,525

IShares DJ US Financial Sector                                    IYF      0.48     yes        5,270

IShares DJ US Financial Services                                 IYG     0.48     yes       1,773

Regional Bank HOLDRS                                              RKH    0*        yes       2,318

Financials VIPERS                                                       VFH    0.25     yes           347

StreetTRACKS KBW Bank                                        KBE    0.35     yes       6,098

StreetTRACKS KBW Capital Markets                        KCE    0.35     yes           757

StreetTRACKS KBW Insurance                                  KIE      0.35     yes           602

Dynamic Insurance                                                       PIC      0.63     no              10

iShares DJ Broker Dealer                                             IAI       0.48     yes           327

iShares DJ Insurance                                                    IAK     0.48     no              30

iShares Regional Banks                                                 IAT      0.48     yes           212

SPDR Regional Banking                                               KRE    0.35     yes       5,086

Dynamic Banking                                                          PJB      0.66     yes             50

Dynamic Financial                                                         PFI      0.72     yes               6

            Rydex  Equal Weight Financials                                    RYF     0.50     no              17

            First Trust Financials AlphaDEX                                   FXO    0.70     no              10

 

Health Care

Biotech HOLDRS                                                        BBH    0*        yes           181

IShares NASDAQ Biotech                                           IBB      0.48     yes           828

iShares Biotech SPDRs                                                XBI      0.35     yes           200

Amex Biotech                                                               FBT     0.60     yes             60

Dynamic Biotech and Genome                                      PBE     0.63     no             67

Health Care Select Sector SPDR                                  XLV    0.26     yes       6,377

IShares DJ US Healthcare Sector                                 IYH     0.48     yes           113

iShares Pharmaceuticals                                                IHE      0.48     no              33

iShares Healthcare Providers                                        IHF      0.48     no            111

iShares Medical Devices                                               IHI       0.48     yes             92

Pharmaceutical HOLDRS                                             PPH     0*        yes           540

Health Care VIPERS                                                    VHT    0.25     yes             67

Dynamic Pharmaceutical                                               PJP      0.63     yes             75

SPDR Pharmaceutical                                                   XPH    0.35     no              16

Dynamic Healthcare Services                                        PTJ      0.67     yes               8

Dynamic Healthcare                                                      PTH     0.66     no              18

Rydex Equal Weight Health Care                                  RYH    0.50     no             21

First Trust Health Care AlphaDEX                                FXH    0.70     no              11

 

Industrials

Industrial Select Sector SPDR                                      XLI      0.21     yes      11,225

IShares DJ Transportation Average                               IYT      0.48     yes           924

IShares DJ US Industrial Sector                                    IYJ       0.48     yes           159

Vanguard Industrials VIPERs                                        VIS      0.25     yes             57

Dynamic Building and Construction                               PKB    0.63     no              55

iShares Home Construction                                           ITB      0.48     yes           521

Homebuilder SPDRs                                                    XHB    0.35     yes       7,530

Dynamic Aerospace and Defense                                  PPA     0.66     no              61

iShares Aerospace and Defence                                    ITA      0.48     no              33

            Rydex Equal Weight Industrials                                     RGI      0.50     no                3

            First Trust Industrials/Producer Durables AlphaDEXFXR          0.70     no                4 

                                                                                               

Information Technology – Broad Based

IShares DJ US Technology Sector                                IYW    0.48     yes          469

IShares Goldman Sachs Tech                                       IGM     0.48     no           107

StreetTRACKS MS High-Tech 35                               MTK   0.50     no             38

Technology Select Sector SPDR                                   XLK    0.26     yes       3,907

Information Technology VIPERS                                  VGT    0.25     yes          141

Dynamic Technology                                                    PTF     0.68     yes            18

Rydex Equal Weight Technology                                   RYT     0.50     no             13

First Trust Technology AlphaDEX                                FXL     0.70     no             13

 

Information Technology – Internet

Internet HOLDRS                                                        HHH    0*        yes            51

B2B Internet HOLDRS                                                BHH    0*        no             36

Internet Architecture HOLDRS                                     IAH     0*        no               3

Internet Infrastructure HOLDRS                                   IIH       0*        no             16

Dow Jones Internet                                                       FDN    0.60     no             21

 

 

Information Technology – Other

IShares Goldman Sachs Networking                             IGN     0.48     yes          138

IShares Goldman Sachs Semiconductor                        IGW    0.48     yes          226

IShares Goldman Sachs Software                                 IGV     0.48     no           134

Broadband HOLDRS                                                   BDH    0*        yes            12

Semiconductor HOLDRS                                             SMH    0*        yes     12,870

Software HOLDRS                                                      SWH   0*        yes            25

Dynamic Networking                                                    PXQ    0.63     no             20

Dynamic Software                                                        PSJ      0.63     no             32

Lux Nanotech                                                               PXN    0.60     yes            29

Semiconductor SPDRs                                                 XSD    0.35     yes          129

First Trust NASDAQ 100 Equal Weight Tech              QTEC  0.60     no             30

 

Materials

IShares DJ US Basic Materials Sector                          IYM     0.48     yes       2,338

Materials Select Sector SPDR                                      XLB     0.21     yes     10,698

Materials VIPERS                                                        VAW   0.25     yes          192

SPDR Metals and Mining                                             XME    0.35     yes       3,985

Rydex Equal Weight Materials                                      RTM    0.50     no             20

Dynamic Basic Materials                                               PYZ     0.68     no             12

First Trust Materials AlphaDEX                                    FXZ     0.70     no               9

Market Vector Steel                                                     SLX     0.55     yes          372

 

Natural Resources

IShares Goldman Sachs Natural Resources                   IGE      0.48     yes          352

 

Real Estate

IShares DJ US Real Estate                                           IYR      0.48     yes     24,587

IShares Cohen & Steers Realty Majors                         ICF      0.35     yes       1,198

StreetTRACKS Wilshire REIT                                     RWR   0.25     yes          972

Vanguard REIT VIPERs                                               VNQ   0.15     yes       2,765

First Trust S&P REIT                                                   FRI      0.50     no             15

iShares FTSE Industrial/Office                                      FIO      0.48     no               5

iShares FTSE Mortgage REIT                                      REM    0.48     no             31

iShares Real Estate 50                                                  FTY     0.48     no             20

iShares Residential                                                        REZ     0.48     no             33

iShares Retail                                                                RTL     0.48     no               2

 

Telecommunications

IShares DJ US Telecom Sector                                    IYZ      0.48     yes          543

Vanguard Telecommunication Services VIPERs            VOX    0.25     no              37

Telecom HOLDRS                                                       TTH     0*        yes             31

Wireless HOLDRS                                                       WMH  0*        no                1

Dynamic Media                                                            PBS     0.63     no              23

Dynamic Telecommunications                                       PTE     0.63     no              12

 

Utilities

IShares DJ US Utilities Sector                                      IDU     0.48     yes             90

Utilities Select Sector SPDR                                         XLU    0.26     yes       8,264

Utilities HOLDRS                                                         UTH    0*        yes             26

Utilities VIPERS                                                           VPU    0.25     yes           142

Dynamic Utilities                                                           PUI      0.63     no              15

First Trust Utilities AlphaDEX                                       FXU    0.70     no                9

 

Dividend ETFs

 

IShares Dow Jones Select Dividend                              DVY    0.40     yes           416

Power Shares Dividend Achievers Portfolio                  PEY     0.60     no              62

SPDR Dividend                                                            SDY    0.35     yes           187

Dividend Top 100                                                        DTN    0.38     no              29

Large Cap Dividend                                                     DLN    0.28     no              44

Mid Cap Dividend                                                        DON   0.38     no              11

High Yielding Equity                                                     DHS    0.38     no              32

Small Cap Dividend                                                      DES     0.38     no              23

Claymore Yield Hog                                                     CVY    0.78     no            125

Claymore/BBD High Income                                        LVL     1.73     no                8

FT Morningstar Dividend Leaders                                 FDL     0.45     no             12

 

Specialty ETFs

 

FT ValueLine                                                               FVI      0.70     no               1

ValueLine Timeliness Select                                          PIV      0.70     no              26

ValueLine Industry Rotation                                          PYH    0.76     no                7

FT ValueLine 100                                                        FVL     0.70     no              20

Water Resources                                                          PHO    0.63     yes           316

Claymore Sector Rotation                                             XRO    0.60     no                8

Claymore Sabrient Insider                                             NFO    0.66     no               27

Claymore Sabrient Stealth                                             STH     0.67     no                2

Claymore Spin-off                                                        CSD    0.69     no                2

Claymore/Sabient Defender                                          DEF     0.70     no                2

Claymore/Ocean Tomo Patent                                      OTP     0.75     no                1

Claymore/Ocean Tomo Growth                                    OTR    0.53     no                1

Claymore/Great Companies Large Cap Growth            XGC    0.45     no                2

Claymore/Zacks Mid-Cap Core                                   CZA    0.60     no                1

Claymore Morningstar Manufacturing                            MZG    1.39     no                1

Claymore Morningstar Information                                MZN   1.46     no                1

Claymore Morningstar Services                                    MZO   1.51     no                1

Claymore/Zacks Country Rotation                                CRO    1.24     no                1

PowerShares Dynamic Market Portfolio                       PWC   0.59     no              27

PowerShares Dynamic OTC Portfolio                           PWO   0.60     no                6

Powershares Private Equity                                           PSP     0.71     no            135

Powershares CleanTech                                               PZD     0.69     no              20

Powershares Buy Back Achievers                                 PKW   0.73     no                6

Powershares Financial Preferred                                   PGF     0.72     yes       1,064

Powershares DWA Technical Leaders                          PDP     0.71     yes             69

Powershares S&P 500 Buy Write                                 PBP     0.75     no              52

Wilderhill Clean Energy                                                 PBW    0.67     yes           524

Wilderhill Progressive Energy                                        PUW   0.60     no              11

iShares KLD Select Social Index                                  KLD    0.50     yes               8

First Trust NASDAQ 100 Ex-Technology                    QQXT 0.60     no                5

First Trust NASDAQ Clean Edge                                 QCLN 0.60     no              23

WisdomTree Earnings 500 Index                                  EPS     0.28     no                8

WisdomTree Earnings Index                                         EXT     0.28     no                3

WisdomTree Midcap Earnings Index                            EZM    0.38     no                6

WisdomTree Small Cap Earnings Index                        EES     0.38     no              22

WisdomTree Top 100 Index                                         EEZ     0.38     no                3

WisdomTree Low P/E Index                                        EZY     0.38     no                4

First Trust ISE Water Index                                          FIW     0.60     yes             10

Van Eck Agribusiness                                                   MOO   0.59     yes           911

Market Vectors Coal                                                    KOL    0.62     yes           421

Market Vectors Gaming                                               BJK     0.70     no              24

Market Vectors Solar                                                   KWT   0.65     yes             37

Claymore Solar                                                            TAN    0.79     yes           560

 

 

International ETFs

 

Broad Based – International

IShares MSCI EAFE                                                   EFA     0.34     yes        1,678

BLDRS Development Markets 100 ADR                     ADRD 0.30     no              10

IShares MSCI Emerging Markets Free                         EEM    0.72     yes      69,532

BLDRS Emerging Markets 50 ADR                             ADRE  0.30     yes           193

Claymore BRIC                                                           EEB     0.60     yes           396

Claymore/Robeco Developed International Equity         EEN     0.35     no                3

Vanguard FTSE All-World Ex U.S.                              VEU    0.25     yes           699

SPDR S&P Emerging Markets                                     GMM  0.59     no              18

Dynamic International Opportunities                              PFA     0.75     no              21

FTSE RAFI Developed Markets ex U.S. Small-Mid     PDN    0.75     no              11

FTSE RAFI Emerging Markets                                     PXH    0.85     no            103

iShares MSCI BRIC                                                    BKF    0.72     no            335

iShares MSCI Small Cap EAFE Index                          SCZ     0.40     no            114

iShares S&P Global Infrastructure                                 IGF      0.48     no            110

iShares MSCI Kokasai Index                                       TOK    0.25     no             202

iShares MSCI All Country World Index                        ACWI  0.35     no             251

iShares MSCI All Country World Index ex U.S.           ACWX0.35     no             113

SPDR Emerging Markets Small Cap                             EWX   0.65     no               32

SPDR International Small Cap                                      GWX   0.34     yes            184

SPDR World ex U.S.                                                   GWL   0.45     no               32

SPDR International MidCap                                         MDD   0.65     no               13

 

 

Regional – International

BLDRS Europe 100 ADR                                            ADRU 0.30     no                4

Europe 2001 HOLDRS                                                EKH    0*        no                1

Fresco Dow Jones STOXX 50                                     FEU     0.29     no                8

IShares S&P Europe 350                                             IEV      0.60     yes           363

Fresco Dow Jones Euro STOXX 50                            FEZ     0.29     yes           108

IShares MSCI EMU                                                    EZU     0.52     yes          276

IShares MSCI Pacific ex-Japan                                    EPP     0.28     yes       1,411

BLDRS Asia 50 ADR                                                  ADRA 0.30     no              20

IShares S&P Latin America 40                                     ILF      0.50     yes       2,094

Vanguard Emerging Markets VIPERS                          VWO   0.27     yes       6,263

Vanguard European VIPERS                                        VGK    0.18     yes           405

SPDR S&P Emerging Asia Pacific                                GMF    0.59     no            104

SPDR S&P China                                                        GXC    0.59     yes           138

SPDR Emerging Europe                                               GUR    0.59     no            129

SPDR Emerging Latin America                                     GML    0.59     no              56

SPDR Emerging Middle East and Africa                       GAF    0.59     no              20

First Trust ChIndia                                                        FNI      0.60     yes             81

Wisdom Tree India                                                       EPI      0.88     yes           843

 

Style/International

ISharese MSCI EAFE Value                                        EFV     0.40     yes           222

IShares MSCI EAFE Growth                                       EFG     0.40     no            163

 

Asia/Pacific

IShares MSCI Australia                                                EWA   0.52     yes       3,651

IShares MSCI Hong Kong                                           EWH   0.52     yes       6,108

IShares MSCI Japan                                                    EWJ     0.52     yes      23,913

IShares MSCI Malaysia (Free)                                     EWM   0.52     yes       1,376

IShares MSCI Singapore                                              EWS    0.52     no        3,392

IShares MSCI South Korea                                         EWY   0.63     yes       3,465

IShares MSCI Taiwan                                                  EWT    0.73     yes      15,385

IShares FTSE/Xinhuu China 25                                    FXI      0.74     yes      23,588

iShares MSCI Japan Small Cap                                    SCJ      0.53     no              11

iShares MSCI Thailand IMI                                          THD    0.68     no              68

PowerShares Golden Dragon USX China Portfolio       PGJ      0.69     yes           309

Vanguard Pacific VIPERS                                            VPL     0.18     yes           230

Streettracks Russell/Nomura Japan Prime                     JPP      0.50     yes               1

Streettracks Russell/Nomura Japan Small Cap              JSC      0.55     yes             25

S&P Asia                                                                     AIA     0.52     no              41

PowerShares India                                                       PIN      0.78     yes            250

 

Europe

IShares MSCI Austria                                                  EWO   0.52     no            194

IShares MSCI Belgium                                                 EWK   0.52     no            143

IShares MSCI France                                                  EWQ   0.52     no            105

IShares MSCI Germany                                               EWG   0.52     yes           898

IShares MSCI Italy                                                      EWI     0.52     no            152

IShares MSCI Netherlands                                           EWN   0.52     yes           128

IShares MSCI Spain                                                    EWP    0.52     yes             94

IShares MSCI Sweden                                                 EWD   0.52     yes           261

IShares MSCI Switzerland                                           EWL    0.52     yes           123

IShares MSCI United Kingdom                                    EWU   0.52     yes         1,097

Van Eck Russia                                                            RSX     0.62     yes         2,267

 

 

Americas

IShares MSCI Brazil                                                    EWZ    0.63     yes      18,617

IShares MSCI Canada                                                 EWC   0.52     yes       3,279

IShares MSCI Mexico                                                 EWW  0.52     yes       3,836

iShares MSCI Chile                                                      ECH    0.63     no            200

Market Vectors Brazil Small Cap                                  BRF     0.73     no            174

 

Emerging

IShares MSCI South Africa                                          EZA     0.63     yes           432

iShares Turkey                                                             TUR     0.68     no            156

iShares Israel IMI                                                         EIS      0.68     no              26                         

Broad Based – Global

StreetTRACKS DJ Global Titans                                 DGT    0.50     no                8

IShares S&P Global 100                                              IOO     0.40     no            119

Market 2000+ HOLDRS                                             MKH   0*        no                1

iShares S&P World ex U.S. property                           WPS    0.48     no              16

 

Sectors – Global

IShares S&P Global Energy Sector                               IXC     0.48     no            205

IShares S&P Global Financial Sector                            IXG     0.48     no           110

IShares S&P Global Healthcare Sector                         IXJ       0.48     yes            83

IShares S&P Global Technology Sector                        IXN     0.48     yes             59

IShares S&P Global Telecommunications                      IXP      0.48     no              57

iShares S&P Emerging Markets Infrastructure   EMIF   0.75    no                 8

PowerShares Global Nuclear                                        PKN    0.75     no                8

Streettracks International Real Estate                            RWX   0.59     yes           181

Market Vector Global Alternative Energy                      GEX    0.62     yes             72

PowerShares Global Clean Energy                                PBD     0.75     no              69

PowerShares Global Water                                          PIO      0.75     yes             88

Claymore Global Water                                                CGW   0.70     yes             71

Claymore Global Exchanges, Brokers and Asset           EXB     0.87     no                4

Claymore/SVM Canadian Energy Income                     ENY    0.83     no              42

FTSE Global Real Estate ex U.S.                                  IFGL    0.48     no              71

FTSE Asia Real Estate                                                 IFAS    0.48     no                7

FTSE Europe Real Estate                                             IFEU    0.48     no                7

FTSE Developed Small Cap ex North America             IFSM   0.50     no                7

Claymore China Real Estate                                          TAO    0.95     no             134

Claymore Global Timber                                               CUT    0.95     no               71

Claymore Global Shipping                                            SEA     0.80     yes            265

SPDR DJ Wilshire Global Real Estate                           RWO   0.50     no               18

SPDR International Consumer Discretionary                 IPD      0.50     no                 2

SPDR International Consumer Staples                          IPS      0.50     no                 1

SPDR International Energy                                           IPW     0.50     no                 5

SPDR International Financial                                         IPF      0.50     no                 5

SPDR International Health Care                                    IRY      0.50     no                 1

SPDR International Industrial                                        IPN      0.50     no                 1

SPDR International Materials                                        IRV      0.50     no               16

SPDR International Technology                                    IPK      0.50     no                 8

SPDR International Telecommunications                       IST      0.50     no                 5

SPDR International Utilities                                           IPU      0.50     no                 1

PowerShares Global Agriculture                                   PAGG  0.75     no               34

PowerShares Global Coal                                             PKOL  0.75     no              16

PowerShares Global Steel                                            PSTL   0.75     no                5

PowerShares Global Gold and Precious Metals             PSAU  0.75     no              16

PowerShares Global Progressive Transportation           PTRP   0.75     no                3

PowerShares Global Biotech                                        PBTQ  0.75     no                1

PowerShares Emerging Markets Infrastructure              PXR     0.75     no              38

Claymore ARCA Global Airline                                    FAA    0.80     no                8

 

International Dividend

International Dividend Achievers Portfolio                     PID      0.56     no            144

Pacific ex Japan Dividend                                             DND    0.48     yes             33

Pacific ex Japan High Yielding                                       DNL    0.58     no                8

Japan Total Dividend                                                    DXJ     0.48     no              43

Japan High Yielding Equity                                            DNL    0.58     no                8

DIEFA                                                                         DWM  0.48     no              43

International Dividend Top 100                                     DOO   0.58     no              23

International Mid Cap   Dividend                                   DIM     0.58     no              13

DIEFA High Yielding Dividend                                     DTH    0.58     no              24

International Small Cap Dividend                                  DLS     0.58     no              36

Europe Total Dividend                                                  DEB     0.48     no            111

Europe High Yielding Equity                                         DEW   0.58     no                7

Europe Small Cap Dividend                                          DFE     0.58     no                4

Japan Small Cap Dividend                                            DFJ      0.58     no              18

Total International Dividend                                          DTD    0.28     no              20

SPDR International Dividend                                        DWX   0.45     no              33

 

 

Leveraged ETFs

 

Double returns

Ultra QQQ                                                                   QLD    0.95     yes      14,373

Ultra S&P 500                                                             SSO     0.95     yes      37,817

Ultra Dow 30                                                               DDM   0.95     yes        5,345

Ultra Mid Cap 400                                                       MVV   0.95     yes           357

Ultra Small Cap 600                                                     SAA    0.95     no            120

Ultra Russell 1000 Growth                                            UVG    0.95     no              25

Ultra Russell 1000 Value                                              UKF    0.95     no              22

Ultra Russell MidCap Value                                          UVU    0.95     no              14

Ultra Russell MidCap Growth                                       UKW   0.95     no              14

Ultra Russell 2000                                                        UWM  0.95     yes       3,912

Ultra Russell 2000 Growth                                            UKK   0.95     no              60

Ultra Russell 2000 Value                                              UVT    0.95     no              14

Ultra DJ Basic Materials                                               UYM   0.95     yes       5,643

Ultra DJ Consumer Goods                                            UGE    0.95     no              16

Ultra DJ Consumer Services                                         UCC    0.95     no              15

Ultra DJ Financials                                                        UYG    0.95     yes      45,134

Ultra DJ Health Care                                                    RXL     0.95     no             43

Ultra DJ Industrials                                                       UXI     0.95     no              84

Ultra DJ Oil and Gas                                                    DIG     0.95     yes        7,803

Ultra DJ Real Estate                                                     URE     0.95     yes      29,099

Ultra DJ Semiconductors                                              USD    0.95     no            481

Ultra DJ Technology                                                     ROM   0.95     yes           321

Ultra DJ Utilities                                                           UPW   0.95     no              26

Ultra Telecommunications                                             TLL     0.95     no                3

Ultra DJ-AIG Commodity                                            UCD    0.95     no              54

Ultra Crude Oil                                                 UCO    0.95     yes       4,351

Ultra Euro                                                                    ULE     0.95     no                9

Ultra Yen                                                                     YCL    0.95     yes             12

Ultra Gold Bullion                                                         UGL    0.95     yes           236

Ultra Silver                                                                   AGQ    0.95     no            256

Ultra MSCI EAFE                                                       EFO     0.95     no                3

Ultra MSCI Emerging Markets                         EET     0.95     no              29

Ultra MSCI Japan                                                        EZJ      0.95     no                9

Ultra FTSE/Xinhua China 25                                        XPP     0.95     no              47

Rydex 2x S&P 500                                                      RSU     0.70     no            176

Rydex 2x S&P Midcap 400                                         RMM   0.70     no              11

Rydex 2x Russell 2000                                                 RRZ     0.70     no              25

 

Inverse returns

Short QQQ                                                                  PSQ     0.95     yes          233

Short S&P 500                                                            SH       0.95     yes       2,829

Short Dow 30                                                              DOG    0.95     yes          474

Short Mid Cap 400                                                      MYY   0.95     yes            68

            Short Small Cap 600                                                    SBB     0.95     no             49

            Short Russell 2000                                                       RWM  0.95     no           230

            Short MSCI Emerging Market                                      EUM    0.95     no           162

            Short MSCI EAFE                                                       EFZ     0.95     no             26

 

Double inverse returns

Ultra Short QQQ                                                         QID     0.95     yes      21,721

Ultra Short S&P 500                                                    SDS     0.95     yes      39,619

Ultra Short Dow 30                                                      DXD    0.95     yes        6,498

Ultra Short Mid Cap 400                                              MZZ    0.95     yes           393

Ultra Short Small Cap 600                                            SDD    0.95     no              65

Ultra Short Russell 1000 Growth                                  SJF      0.95     no              20

Ultra Short Russell 1000 Value                                     SFK     0.95     no              18

Ultra Short Russell MidCap Growth                              SJL      0.95     no                3

Ultra Short Russell MidCap Value                                SDK    0.95     no                9

Ultra Short Russell 2000                                               TWM   0.95     yes       4,485

Ultra Short Russell 2000 Growth                                  SKK    0.95     no              32

Ultra Short Russell 2000 Value                                     SJH      0.95     no              29

Ultra Short DJ Basic Materials                                      SMN   0.95     yes       3,759

Ultra Short DJ Consumer Goods                                  SZK     0.95     no              17

Ultra Short DJ Consumer Services                                SCC    0.95     no            126

Ultra Short DJ Financials                                              SKF     0.95     yes      29,349

Ultra Short DJ Health Care                                           RXD    0.95     no               9

Ultra Short DJ Industrials                                              SIJ       0.95     no              87

Ultra Short DJ Oil and Gas                                           DUG    0.95     yes        8,960

Ultra Short DJ Real Estate                                            SRS     0.95     yes      30,058

Ultra Short DJ Semiconductors                                     SSG     0.95     yes           304

Ultra Short DJ Technology                                            REW    0.95     yes             96

Ultra Short DJ Telecommunications                               LTL     0.95     no              12

Ultra Short DJ Utilities                                                  SDP     0.95     no              15

Ultra Short Emerging Markets                                       EEV     0.95     yes       2,693

Ultra Short FTSE/Xinhua China 25                               FXP     0.95     yes       4,177

Ultra Short MSCI Japan                                               EWV   0.95     no                7

Ultra Short Gold Bullion                                                GLL     0.95     no            212

Ultra Short Silver                                                          ZSL     0.95     no           828

Ultra Short AIG Commodity                                         CMD   0.95     no              24

Ultra Short Crude Oil                                                   SCO    0.95     yes       2,107

Ultra Short Euro                                                           EUO    0.95     yes           114

Ultra Short Yen                                                            YCS    0.95     yes            75

Rydex Inverse 2x S&P 500                                          RSX     0.62     yes       2,267

            Rydex Inverse 2x Midcap 400                                      RMS    0.70     no             10

            Rydex Inverse 2x Russell 2000                                     RRZ     0.70     no             25

 

            Triple Returns

 

            Direxion Large Cap Bull (Russell 1000)                        BGU    0.95     yes       12,107

            Direxion Small Cap Bull (Russell 2000)                         TNA    0.95     yes       12,844

            Direxion Energy Bull     (Russell 1000 Energy)               ERX     0.95     yes         5,025

            Direxion Financial Bull (Russell 1000 Financial)             FAS     0.95     yes       35,596

            Direxion Emerging Markets Bull (MSCI Emerging)        EDC    0.95     yes            648

            Direxion Developed Markets Bull (MSCI EAFE)          DZK    0.95     no               25

            Direxion Technology Bull (Russell 1000 Tech)               TYH    0.95     no             354

            Direxion 10 year Treasury Bull                                      TYD    0.95     no               12

            Diresion 30 year Treasury Bull                                      TMF    0.95     no               62

 

            Inverse Triple Returns

 

            Direxion Large Cap Bear (Russell 1000)                       BGZ     0.95     yes       11,232

            Direxion Energy Bear (Russell 1000 Energy)                 ERY     0.95     yes          3,917

            Direxion Financial Bear (Russell 1000 Financial)            FAZ     0.95     yes       39,669

            Direxion Emerging Markets Bear (MSCI Emerging)      EDZ     0.95     yes          1,834

            Direxion Developed Markets Bear (MSCI EAFE)        DPK    0.95     no                29

            Direxion Technology Bear (Russell 1000 Tech) TYP     0.95     yes             569

            Direxion Mid Cap Bear (Russell Mid Cap)                    MWN  0.95     no                78

            Direxion 10 Year Treasury Bear 3x Shares                   TYO    0.95     no             10

            Direxion 30 Year Treasury Bear 3x Shares                   TMV    0.95     no             80

 

Fixed Income ETFs

 

Fixed Income ETFsU.S.

IShares Lehman 1-3 Year Treasury                              SHY    0.15     yes          871

IShares Lehman 7-10 Year Treasury                            IEF      0.15     yes           627

IShares Lehman 20+ Year Treasury                              TLT     0.15     yes       4,630

Ishares GS $InvesTop Corporate                                 LQD    0.15     yes       1,005

Ishares Lehman Aggregate                                            AGG    0.24     yes           610

IShares Lehman TIPS                                                   TIP      0.20     yes       1,123

iShares Lehman Short Term Treasury Bond                  SHV    0.15     no           264

iShares Lehman 3-7 year Treasury Bond                       IEI       0.15     no             72

iShares Lehman 10-20 year Treasury Bond                   TLH     0.15     no              51

iShares Lehman 1-3 Year Credit Bond                         CSJ      0.20     no           383

iShares Lehman Intermediate Credit Bond                     CIU     0.20     no           193

iShares Lehman Credit Bond                                        CFT     0.20     no              61

iShares Lehman Intermediate Gov’t/Credit Bond           GVI     0.20     no              22

iShares Government/Credit Bond                                  GBF     0.20     no                6

iShares Lehman MBS Fixed Rate Bond                        MBB    0.34     no            144

iShares iBoxx $High Yield Corporate Bond                  HYG    0.50     yes           707

Vanguard Short Term Bond                                          BSV     0.14     yes           275

Vanguard Intermediate Term Bond                               BIV      0.14     yes           106

Vanguard Long Term Bond                                          BLV     0.14     no              24

Vanguard Total Bond Market                                       BND    0.14     yes           477

SPDR Lehman 1-3 Month T-Bill                                  BIL      0.13     yes           425

SPDR Lehman Intermediate Term Treasury                  ITE      0.18     no              31

SPDR Lehman Long Term Treasury                             TLO     0.13     yes              6

SPDR Barclays Capital Tips                                         IPE      0.18     yes             66

SPDR Lehman Aggregate Bond                                    LAG    0.13     no              34

SPDR Lehman Municipal Bond                                    TFI      0.20     yes           192

SPDR Lehman High Yield Corporate Bond                  JNK     0.40     yes       1,087

SPDR Barclays Mortgage Back Bond              MBG   0.20     no                4

SPDR Barclays Short Term Int’l Treasury Bond            BWZ    0.50     no                7 

SPDR KBW Mortgage Finance                                    KME               no                1 

PowerShares VRDO Tax Free Weekly Portfolio          PVI      0.25     no           519

PowerShares Preferred                                                 PGX    0.50     no            495

PowerShares Corporate Bond                                      PHB     0.50     no            114

Market Vectors Lehman AMT-free Int. Municipal        ITM     0.24     no              31

Market Vectors Lehman AMT-free Long Municipal      MLN   0.24     no              16

Market Vectors High Yield Municipal               HYD    0.35     no              31

SPDR International TIPS                                              WIP     0.50     no            115 

Claymore U.S. Capital Markets Bonds                         UBD    0.57     no                1

Claymore U.S. Micro-Term Fixed                                ULQ    0.27     no                9

Ultra Short Lehman 7-10 Year                                     PST     1.15     yes           191

Ultra Short Lehman 20+ Year                                       TBT     1.15     yes         7,216

Pimco 1-3 year U.S. Treasury Index Fund                    TUZ     0.09     no               21

 

Fixed Income ETFs- International

iShares S&P/Citigroup International Treasury    IGOV  0.35    no                 5

 

Fixed Income ETFsCanada

IShares on Canadian Short Bond Index                         XSB     0.25     no            200

IShares on the Scotia Mcleod Bond Index                    XBB    0.30     no            200

iShares Canadian Real Return Bond Index                    XRB    0.35     no            100

iShares Canadian Long Bond Index                              XLB     0.35     no              15

iShares Canadian Government Bond Index                    XGB    0.35     no              50

iShares Corporate Bond Index                                      XCB    0.40     no            300

Claymore 1-5 year Laddered Government Bond           CLF     0.15     no            100

Claymore Premium Money Market                               CMR   0.25     no               10

 

Commodity Based ETFs

 

World Gold Council Gold                                             GLD    0.40     yes      10,405

iShares COMEX Gold (U.S.)                                       IAU     0.40     yes           301

                                      (TSX)                                    IGT      0.40     no                5

iShares Silver                                                                SLV     0.50     yes       8,753

Deutschebank Commodity                                            DBC    0.75     yes       2,380

Crude Oil                                                                     USO    0.50     yes      12,910

Market Vectors Gold Miners                                        GDX    0.55     yes       6,323

IShares GSCI Commodity Index                                  GSG    0.75     yes           661

Greenhaven Cont. IDX                                                 GCC    N/A     yes           121

PowerShares DB Energy                                              DBE     0.60     yes           127

PowerShares DB Oil Fund                                           DBO    0.60     yes           313

PowerShares DB Precious Metals                                DBP     0.60     yes             68

PowerShares DB Gold                                                 DGL    0.60     yes             39

PowerShares DB Silver                                                DBS     0.60     yes           111

PowerShares Base Metals                                            DBB    0.60     yes           549

PowerShares Agriculture                                              DBA    0.60     yes       2,600

United States Natural Gas                                             UNG    0.73     yes       41,999

Unleaded Gasoline                                                        UGA    0.60     yes           155

DB Gold Double Long ETN                                         DGP    0.50     no        1,063

DB Gold Double Short ETN                                         DZZ     0.50     no            353

DB Gold Short ETN                                                     DGZ    0.50     no              71

 

 

Commodity Based Exchange Traded Notes

iPath Commodities                                                        DJP      0.75     no            399

iPath GSCI Total Return                                               GSP     0.75     no              28

iPath Softs                                                                    JJS       0.75     no                2

iPath Precious Metals                                                   GSP     0.75     no              28

iPath Grains                                                                  JJG      0.75     no              28

iPath Energy                                                                 JJE       0.75     no                6

iPath Industrial Metal                                                    JJM      0.75     no              26

iPath Livestock                                                             COW   0.75     no              78

iPath Cocoa                                                                 NIB     0.75     no                9

iPath Coffee                                                                 JO        0.75     no              12

iPath Cotton                                                                 BAL     0.75     no               7

iPath Sugar                                                                   SGG    0.75     no              21

iPath Aluminum                                                             JJU      0.75     no                7

iPath Lead                                                                    LD       0.75     no                3

iPath Tin                                                                       JJT       0.75     no                5

iPath Platinum                                                               PGM    0.75     no              31

iPath Natural Gas                                                         GAZ    0.75     no            574

iPath Crude Oil                                                             OIL      0.75     no        1,289

iPath Copper                                                                JJC      0.75     no              93

iPath Nickel                                                                  JJN      0.75     no              27

 

 

Currency Based ETFs

 

Rydex Euro                                                                  FXE     0.40     yes           323

Rydex Mexican Peso                                                    FXM    0.40     yes               3

Rydex Swedish Krona                                                  FXS     0.40     yes               4

Rydex Australian Dollar                                                FXA    0.40     yes           211

Rydex British Pound                                                     FXB     0.40     yes           107

Rydex Canadian Dollar                                                 FXC    0.40     yes           210

Rydex Swiss Franc                                                       FXF     0.40     yes             69

Wisdom Tree Chinese Yuan                                         CYB    0.45     yes             53

Wisdom Tree Indian Rupee                                          ICN     0.45     yes               6

Wisdom Tree Brazilian Real                                          BZF     0.45     yes             70

 

 

 

            Actively Managed ETFs

           

            PowerShares Active Low Duration                               PLK     0.29     no               9

            PowerShares    Mega Cap                                            PMA    0.75     no               1

            PowerShares    Alpha Q                                               PQY    0.75     no               1

            PowerShares    Alpha Multi-Cap                                  PQZ     0.75     no               2

            PowerShares New Frontier Global DynamicGrowth      PTO     0.75     no             11

            PowerShares New Frontier Global BalancedGrowth     PAO    0.79     no               6

            PowerShares New Frontier Global Balanced                PCA    0.73     no             10

            PowerShares U.S. Real Estate                          PSR     0.75     no               3

 

*Expenses for HOLDRS consist of a custody fee of $2 per round lot (100 shares) per quarter. However, the trustee will wave that portion of the fee, which exceeds the total cash distribution.

 

Data Sources: Various website by sponsoring ETF distributors and exchanges as well as

www.yahoo.com

 

Comments on Exchange Traded Funds regularly appear at www.dvtechtalk.com

 

Disclaimer: Comments and opinions offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.