August 28^th, 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 1/10^th 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 ETFs – U.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 ETFs – Canada

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.