June 10th, 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
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
·
ETFs on bond indices.
·
ETFs on commodities and currencies
·
Leveraged,
inverse and inverse leveraged ETFs
Currently, 375
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
·
A low
Management Expense Ratio (MER) relative to actively managed investments. The average MER on a broadly based Canadian or
·
More tax
efficient than actively managed investments. Capital gains distributions at year-end from
·
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,
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
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
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
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
·
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
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
ETF content and weights:
IShares
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
Exchange Traded Fund List
Equity Index Units Traded in
Name SymbolMER Opt. Volume
(%) Daily
3 months
Feb.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
150
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 200
IShares S&P/TSX Canadian Capped Info.Tech. XIT 0.55 yes 50
iSharesMaterials Sector Index XMA 0.55 yes 250
IShares
S&P/TSX Canadian Capped Midcap Index XMD 0.55 no
50
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
2
iShares Cdn. Small Cap Index Fund XCS 0.55 no
50
iShares Cdn. Russell 2000 Index
Fund XSU 0.35 no
10
iShares Alternate Completion Portfolio Builders XAL 0.70 no 5
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
Merrill
Lynch CP HOLDRS HCH * no 2
Claymore FTSE RAFI Canadian Index Fund CRQ 0.65 no
50
Claymore Cdn Dividend and
Income Achievers CDZ 0.60 no
20
Claymore U.S. Fundamental Index (C$ hedged) CLU 0.65 no 40
Claymore Oil Sands sector CLO 0.60 no
15
Claymore BRIC CBQ 0.60 no 60
Claymore International Fundamental CIE 0.65 no
30
Claymore Preferred Shares CPD 0.45 no
50
Claymore
Claymore Global Water CWW 0.60 no 15
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 20
Claymore Cdn. Financial
Services CEW 0.65 no
10
Claymore Global Real Estate CGR 0.65 no
10
Claymore Global Infrastructure CIF 0.65 no
20
Claymore
Claymore Financial Monthly Income FIE 1.00 no
50
Claymore Laddered 1-5 year Government Bond CLF 0.15
no N/A
Claymore Laddered 1-5 year Corporate Bond CBO 0.25 no N/A
Horizon BetaPro 60 Bull + HXU 1.15 no 4,000
Horizon BetaPro 60 Bear + HXD 1.15 no 2,500
Horizon BetaPro Financial
Bull + HFU 1.15 no 1,000
Horizon BetaPro Financial Bear
+ HFD 1.15 no
300
Horizon BetaPro Energy Bull
+ HEU 1.15 no 3,000
Horizon BetaPro Energy Bear
+ HED 1.15 no
400
Horizon BetaPro Gold Bull + HGU 1.15 no 5,000
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 2,000
Horizon BetaPro Natural Gas
Bear + HND 1.15 no
200
Horizon BetaPro Comex Gold Bullion Bull+ HBU 1.15 yes
250
Horizon BetaPro Comex Gold Bullion Bear + HBD 1.15 yes
50
Horizon BetaPro S&P/TSX
Global Mining Bull + HMU 1.15 no
100
Horizon BetaPro S&P/TSX
Global Mining Bear + HMD 1.15 no
50
Horizon BetaPro Agriculture
Bull + HAU 1.15 no
20
Horizon BetaPro Agriculture
Bear + HAD 1.15 no
2
Horizon BetaPro S&P 500
Bull + HSU 1.15 no
500
Horizon BetaPro S&P 500
Bear + HSD 1.15 no
250
Horizon BetaPro NASDAQ 100
Bull + HQU 1.15 no
100
Horizon BetaPro NASDAQ 100
Bear + HQD 1.15 no 150
Horizon BetaPro U.S. Dollar Bull
+ HDU 1.15 no
10
Horizon BetaPro U.S. Dollar
Bear + HDD 1.15 no
100
Horizon BetaPro 30 Year Bond
Bull + HTU 1.15 no
2
Horizon BetaPro 30 Year Bond
Bear + HTD 1.15 no
100
Horizon BetaPro MSCI
Emerging Markets Bull + HJU 1.15 no
100
Horizon BetaPro MSCI
Emerging Markets Bear + HJD 1.15 no
70
Horizon AlphaPro TOP 60 ETF HAX 0.70 no
5
Horizon BetaPro S&P/TSX
60 Inverse HIX 1.15 no
N/A
Horizon BetaPro S&P/TSX
Financials Inverse HIF 1.15 no
N/A
Horizon BetaPro S&P/TSX
Energy Inverse HIE 1.15 no
N/A
Horizon BetaPro S&P TSX
Gold Inverse HIG 1.15 no
N/A
BMO Cdn. Government bond BGB 0.325 no
N/A
BMO Dow Jones
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
Major Market ETFs SymbolMER Opt. Volume
(%)
Daily
3 months
(000)
Broad
Market Feb.2009
Total
Stock Market VIPERs VTI 0.07 yes 10,616
IShares
Russell 3000 IWV 0.20 yes 1,798
IShares DJ
US Total Market IYY 0.20 yes 157
IShares S&P 1500 ISI 0.20 no
129
Fidelity NASDAQ Composite Tracking Stock ONEQ 0.30 yes
15
Extended
Market VIPERs VXF 0.08 yes
310
StreetTRACKS
Total Market TMW 0.20 yes
59
FTSE
RAFI
Dynamic MagniQuant PIQ 0.60 no
19
Large-Cap
Diamond
Trust Series 1 DIA 0.18 yes 32,650
NASDAQ
100 Index Tracking Stock QQQQ0.20 yes
158,131
IShares
S&P 100 OEF 0.20 yes 3,481
IShares
S&P 500 IVV 0.09 yes 7,741
IShares
NYSE 100 NY 0.20 yes
17
IShares
NYSE Composite NYC 0.25 no 28
Standard
and Poors Depository Receipts SPY 0.10 yes
366,960
IShares
Russell 1000 IWB 0.15 yes 9,406
Rydex
S&P Equalweight RSP 0.40 yes
816
Large
Cap VIPERS
VV 0.07 yes 1,033
Morningstar
Large Core JKD 0.20 no
83
StreetTRACKS
DJ Wilshire Large Cap ELR 0.20 no
23
First
Trust NASDAQ 100 Equal Weight QQEW0.60 no 12
Rydex
Russell Top 50 XLG 0.20 no
555
Dynamic
Large Cap PJF 0.60 no
32
Vanguard Mega Cap 300 MGC 0.13 yes
234
RevenueShares Large Cap RWL 0.49 no
46
PowerShares NASDAQ Next Q Portfolio PNXQ 0.70 no 5
Wisdom Tree Large Cap Growth ROI 0.38 no 6
Mid-Cap
IShares
S&P MidCap 400 IJH 0.20 yes
1,883
S&P Midcap 400 Depository Receipts MDY 0.25 yes
9,510
IShares
Russell Midcap IWR 0.20 yes
4,533
Mid-Cap
VIPERS
VO 0.13 yes 780
Morningstar
MidCore JKG 0.25 no
15
StreetTRACKS DJ Wilshire Mid Cap EMM 0.25 no
13
Dynamic Mid-Cap PJG 0.60 no
26
First Trust Mid Cap Core AlphaDEX FNX 0.70 no
3
RevenueShares Mid Cap RWK 0.54 no
7
Small
Cap
IShares
S&P Small Cap 600 IJR 0.20 yes 2,499
IShares
Russell 2000 IWM 0.20 yes 78,925
Small-cap
VIPERS VB 0.10 yes 591
Morningstar SmallCore JKJ 0.25 no 23
iShares Microcap IWC 0.60 yes
271
StreetTRACKS DJ Wilshire Small Cap DSC 0.25 no
12
First Trust MicroCap FDM 0.60 yes 14
Zacks Small Cap PZJ 0.60 yes
16
Zacks Micro Cap PZI 0.60 no
77
FTSE RAFI Small – Mid PRFZ 0.60 no
233
FT Dow Jones Select Microcap FDM 0.60 yes 14
Dynamic Small Cap PJM 0.60 no
12
First Trust Small Cap Core AlphaDEX FYX 0.70 no
4
RevenueShares Small Cap RWJ 0.54 no 5
PowerShares FTSE Small Cap Portfolio PQSC 0.70 no 6
Style ETFs
Broad
Market Growth
IShares
Russell 3000 Growth IWZ 0.25 no
341
First
Trust Growth FPX 0.60 no 4
Broad
Market Value
IShares Russell 3000 Value IWW 0.25 no
199
First Trust Equity Income FDL 0.60 no
36
First Trust Multi Cap Growth AlphaDEX FAD 0.70 no
3
First Trust Multi Cap Value AlphaDEX FAB 0.70 no
6
Large-Cap
Growth
IShares S&P 500/Barra Growth IVW 0.18 yes 2,979
IShares
Russell 1000 Growth IWD 0.20 yes 7,338
StreetTRACKS
DJ Wilshire Large Cap Growth ELG 0.20 no
48
Growth
VIPERS VUG 0.15 yes 1,116
Morningstar
Large Growth JKE 0.25 no
98
Dynamic Large Growth PWB 0.60 no
269
Rydex S&P 500 Growth RPG 0.35 no
12
First
Trust Large Cap Growth AlphaDEX FTC 0.70 no
5
Vanguard
Mega Cap Growth MGK 0.13 yes
390
Large-Cap
Value
IShares S&P 500/Barra Value IVE 0.18 yes 2,653
IShares
Russell 1000 Value IWD 0.20 yes 7,338
StreetTRACKS DJ Wilshire Large Cap Value ELV 0.20 no 30
Value VIPERS VTV 0.15 yes 1,341
Morningstar
Large Value JKF 0.25 no
60
Dynamic
Large Value PWV 0.60 yes
298
Rydex S&P 500 Value RPV 0.35 no
15
FT DB Strategic Value FDN 0.60 no 19
First Trust Large Cap Value AlphaDEX FTA 0.70 no
8
Vanguard Mega Cap Value MGV 0.13 yes
119
Mid-Cap
Growth
IShares
S&P MidCap 400/Barra Growth IJK 0.25 yes
561
IShares
Russell MidCap Growth IWP 0.25 yes 2,081
Morningstar Mid
Growth JKH 0.30 no
75
Dynamic
Mid Growth PWJ 0.60 no
146
StreetTRACKS DJ Wilshire Mid Cap Growth EMG 0.25 no
7
Rydex Midcap 400 Growth RFG 0.35 no
15
Mid-Cap
Value
IShares
S&P MidCap 400/Barra Value IJJ 0.25 yes 370
IShares Russell MidCap Value IWS 0.25 yes 2,809
Morningstar Mid Value JKI 0.30 no
18
Dynamic
Mid Value PWP 0.60 no
48
StreetTRACKS
DJ Wilshire Mid Cap Value EMV 0.25 no 4
Rydex
Midcap 400 Value RFV 0.35 no
6
Small-Cap
Growth
IShares
S&P SmallCap 600/Barra Growth IJT 0.25 yes
609
IShares
Russell 2000 Growth IWO 0.25 yes 3,135
StreetTRACKS DJ SmallCap Growth DSG 0.25 no
19
Small-Cap
Growth VIPERS VBK 0.22 yes
311
Morningstar
Small Growth JKK 0.30 no
15
Dynamic Small Growth PWT 0.60 yes
27
Rydex Small Cap Growth RZG 0.35 no
3
Small-Cap
Value
IShares
S&P SmallCap 600/Barra Value IJS 0.25 yes
509
IShares
Russell 2000 Value IWN 0.25 yes 3,015
StreetTRACKS
DJ SmallCap Value DSV 0.25 no
11
Small-Cap
Value VIPERS VBR 0.22 yes
457
Morningstar Small Cap Value JKL 0.30 no 26
Dynamic Small Cap
Value PWY 0.60 yes
55
Rydex Small Cap Value RZV 0.35 no
25
Sector ETFs
Consumer
Discretionary
Consumer Discretionary Select Sector SPDR XLY 0.26 yes 7,936
IShares
DJ US Consumer Cyclical Sector IYC 0.48 yes 153
Retail
HOLDRS RTH 0* yes 5,596
Consumer
Discretionary VIPERS VCR 0.28 no
124
Dynamic
Leisure and Entertainment PEJ 0.60 yes
17
Dynamic Retail PMR 0.60 no
54
Dynamic Hardware and Consumer Electronics PHW 0.60 no
2
SPDR Retail XRT 0.35 yes 6,514
Dynamic Consumer Discretionary PEZ 0.60 yes 34
Market Vector Environmental Services EVX 0.55 yes
7
Rydex Equal Weight Consumer Discretionary RCD 0.50 no
13
Consumer
Staples
Consumer Staples Select Sector SPDR XLP 0.26 yes 6,796
IShares DJ US Consumer Non-Cyclical Sector IYK 0.48 yes 85
Consumer
Staples VIPERS VDC 0.28 yes
155
Dynamic
Food and Beverage PBJ 0.60 no
44
Dynamic
Consumer Staples PSL 0.60 no
16
Rydex Equal Weight Consumer Staples RHS 0.50 no 3
First Trust Consumer Staples AlphaDEX FXG 0.70 no 6
Energy
Energy
Select Sector SPDR XLE 0.26 yes 40,996
IShares
DJ US Energy Sector IYE 0.60 yes 1,479
Vanguard
Energy VIPERs VDE 0.28 yes
315
Oil
Service HOLDRS OIH 0* yes 11,366
Dynamic Energy Exploration and Production PXE 0.60 yes
43
Dynamic
Energy Sector PXI 0.60 no
13
Dynamic Oil and Gas Services PXJ 0.60 yes
146
iShares DJ Exploration & Production IEO 0.48 yes
571
iShares DJ Oil Equipment IEZ 0.48 yes
293
SPDR Oil and Gas Equipment and Services XES 0.35 yes
160
SPDR Oil and Gas Exploration and Production XOP 0.35 yes
2,365
Rydex Equal Weight Energy
First Trust Energy AlphaDEX FXN 0.70 no
12
First
Trust ISE Revere Natural Gas FCG 0.70 yes 42
Market Vector Nuclear Energy NLR 0.65 yes 86
Financials
Financial
Select Sector SPDR XLF 0.26 yes 182,319
IShares
DJ US Financial Sector IYF 0.48 yes 10,292
IShares
DJ US Financial Services IYG 0.48 yes 1,494
Regional
Bank HOLDRS RKH 0* yes 2,607
Financials
VIPERS VFH 0.28 yes
645
StreetTRACKS
KBW Bank KBE 0.35 yes 6,403
StreetTRACKS
KBW Capital Markets KCE 0.35 yes
257
StreetTRACKS
KBW Insurance KIE 0.35 yes 466
Dynamic
Insurance PIC 0.60 no
27
iShares DJ Broker Dealer IAI 0.48 yes
232
iShares DJ Insurance IAK 0.48 no
22
iShares Regional Banks IAT 0.48 yes
188
SPDR Regional Banking KRE 0.35 yes 3,311
Dynamic Banking PJB 0.60 yes 73
Dynamic Financial PFI 0.60 yes
15
Rydex Equal
Weight Financials RYF 0.50 no
11
First Trust Financials AlphaDEX FXO 0.70 no
10
Health
Care
Biotech
HOLDRS BBH 0* yes
119
IShares NASDAQ
Biotech IBB 0.48 yes
951
iShares Biotech SPDRs XBI 0.35 yes 278
Amex
Biotech FBT 0.60 yes
20
Dynamic Biotech and Genome PBE 0.60 no
80
Health Care Select Sector SPDR XLV 0.26 yes
5,829
IShares
DJ US Healthcare Sector IYH 0.48 yes
123
iShares Pharmaceuticals IHE 0.48 no
42
iShares Healthcare Providers IHF 0.48 no
57
iShares Medical Devices IHI 0.48 yes
107
Pharmaceutical
HOLDRS PPH 0* yes
623
Health
Care VIPERS VHT 0.28 yes
128
Dynamic
Pharmaceutical PJP 0.60 yes
69
SPDR
Pharmaceutical XPH 0.35 no
38
Dynamic
Healthcare Services PTJ 0.60 yes 5
Dynamic
Healthcare PTH 0.60 no
29
Rydex Equal
Weight Health Care RYH 0.50 no 11
HealthShares
Diagnostics HHD 0.75 no
6
HealthShares
Enabling Technology HHV 0.75 no 2
HealthShares
Cancer HHK 0.75 no
1
HealthShares
European Drug HRJ 0.75 no
1
First
Trust Health Care AlphaDEX FXH 0.70 no 8
Industrials
Industrial Select Sector SPDR XLI 0.26 yes 12,647
IShares
DJ Transportation Average IYT 0.48 yes
813
IShares
DJ US Industrial Sector IYJ 0.48 yes
118
Vanguard
Industrials VIPERs VIS 0.28 yes
189
iShares Home Construction ITB 0.48 yes
421
Homebuilder
SPDRs XHB 0.35 yes 6,739
Dynamic
Aerospace and Defense PPA 0.60 no
56
iShares Aerospace and Defence ITA 0.48 no
57
Dynamic
Industrials PRN 0.60 yes
16
Market
Vector Steel SLX 0.55 yes
320
Rydex
Equal Weight Industrials RGI 0.50 no
2
First Trust Industrials/Producer
Durables AlphaDEXFXR 0.70 no 4
Information
Technology – Broad Based
IShares
DJ US Technology Sector IYW 0.48 yes
357
IShares
Goldman Sachs Tech IGM 0.48 no
87
StreetTRACKS
MS High-Tech 35 MTK 0.50 no
60
Technology
Select Sector SPDR XLK 0.26 yes 7,977
Information
Technology VIPERS VGT 0.28 yes
212
Dynamic
Technology PTF 0.60 yes
18
Rydex
Equal Weight Technology RYT 0.50 no
3
NYSE
Arca Tech 100 NXT 0.50 no
1
First Trust Technology AlphaDEX FXL 0.70 no
5
Information
Technology – Internet
Internet
HOLDRS HHH 0* yes
48
B2B
Internet HOLDRS BHH 0* no 31
Internet Architecture HOLDRS IAH 0* no
10
Internet
Infrastructure HOLDRS IIH 0*
no 9
Dow
Jones Internet FDN 0.60 no
19
Information
Technology – Other
IShares
Goldman Sachs Networking IGN 0.48 yes
43
IShares
Goldman Sachs Semiconductor IGW 0.48 yes
156
IShares
Goldman Sachs Software IGV 0.48 no
156
Broadband
HOLDRS BDH 0* yes
5
Semiconductor
HOLDRS SMH 0* yes 12,543
Software
HOLDRS SWH 0* yes 15
Dynamic
Networking PXQ 0.60 no
3
Dynamic
Semiconductor PSI 0.60 no
24
Dynamic
Software PSJ 0.60 no
17
Lux
Nanotech PXN 0.60 yes
19
Semiconductor SPDRs XSD 0.35 yes 14
First Trust NASDAQ 100 Equal Weight Tech QTEC 0.60 no
6
Materials
IShares DJ US Basic Materials Sector IYM 0.48 yes 1,832
Materials Select Sector SPDR XLB 0.26 yes 10,458
Materials VIPERS VAW 0.28 yes
205
SPDR Metals and Mining XME 0.35 yes 1,910
Rydex Equal Weight Materials RTM 0.50 no
1
Dynamic Basic Materials PYZ 0.60 no
10
First Trust Materials AlphaDEX FXZ 0.70 no
10
Market Vector Steel SLX 0.55 yes
320
Natural
Resources
IShares
Goldman Sachs Natural Resources IGE 0.48 yes
787
Real
Estate
IShares DJ
US Real Estate IYR 0.48 yes 38,892
IShares Cohen & Steers Realty Majors ICF 0.35 yes 2,603
StreetTRACKS Wilshire REIT RWR 0.25 yes 1,189
Vanguard
REIT VIPERs VNQ 0.12 yes 3,053
First
Trust S&P REIT FRI 0.50 no
16
iShares FTSE Industrial/Office FIO 0.48 no
5
iShares FTSE Mortgage REIT REM 0.48 no
58
iShares Real Estate 50 FTY 0.50 no
24
iShares Residential REZ 0.50 no
172
iShares Retail RTL 0.50 no
2
Adelante
Re Shelter AQS 0.58 no
12
Telecommunications
IShares
DJ US Telecom Sector IYZ 0.48 yes 410
Vanguard
Telecommunication Services VIPERs VOX 0.26 no 98
Telecom
HOLDRS TTH 0* yes
55
Wireless
HOLDRS WMH 0* no
3
Dynamic
Media PBS 0.60 no
18
Dynamic Telecommunications PTE 0.60 no
15
Utilities
IShares DJ US Utilities Sector IDU 0.48 yes
221
Utilities
Select Sector SPDR XLU 0.26 yes 7,931
Utilities
HOLDRS UTH 0* yes 12
Utilities
VIPERS VPU 0.28 yes
307
Dynamic
Utilities PUI 0.60 no
44
First Trust Utilities AlphaDEX FXU 0.70 no
25
Dividend
ETFs
IShares
Dow Jones Select Dividend DVY 0.40 yes 1,051
Power
Shares Dividend Achievers Portfolio PEY 0.50 no
98
SPDR
Dividend SDY 0.30 yes
234
Dividend
Top 100 DTN 0.38 no
51
Large
Cap Dividend DLN 0.28 no
116
Mid
Cap Dividend DON 0.38 no
33
High
Yielding Equity DHS 0.38 no
47
Small
Cap Dividend DES 0.38 no
39
Claymore Yield Hog CVY 0.60 no
35
Claymore/BBD High Income LVL 0.60 no
8
FT Morningstar Dividend Leaders FDL 0.45 no
36
Specialty ETFs
FT ValueLine FVI 0.60 no 5
ValueLine Timeliness Select PIV 0.60 no
60
ValueLine Industry Rotation PYH 0.60 no
17
FT ValueLine 100 FVL 0.60 no
28
Water Resources PHO 0.60 yes
528
Claymore Sector Rotation XRO 0.60 no
13
Claymore Sabrient Insider NFO 0.60 no
4
Claymore Sabrient Stealth STH 0.60 no
2
Claymore Spin-off CSD 0.60 no
3
Claymore/Sabient Defender DEF 0.60 no
9
Claymore/Ocean Tomo Patent OTP 0.60 no
2
Claymore/Ocean Tomo Growth OTR 0.60 no
2
Claymore/Great Companies Large Cap Growth XGC 0.60 no 2
Claymore/Zacks Mid-Cap Core CZA 0.60 no
3
Claymore Morningstar Manufacturing MZG 0.40 no
2
Claymore Morningstar Information MZN 0.40 no
1
Claymore Morningstar Services MZO 0.40 no
1
Claymore/Zacks Country
Rotation CRO 0.65 no
4
PowerShares Dynamic Market Portfolio PWC 0.60 no 63
PowerShares Dynamic OTC Portfolio PWO 0.60 no
11
Powershares Private Equity PSP 0.69 no
116
Powershares CleanTech PZD 0.60 no
42
Powershares Buy Back Achievers PKW 0.60 no
13
Powershares Financial Preferred PGF 0.60 yes
841
Powershares DWA Technical Leaders PDP 0.60 yes
109
Powershares S&P 500 Buy Write PBP 0.75 no
72
Wilderhill Clean Energy PBW 0.60 yes
811
Wilderhill Progressive Energy PUW 0.60 no
6
iShares KLD Select Social Index KLD 0.50 yes 29
First Trust NASDAQ 100 Ex-Technology QQXT 0.60 no
6
First Trust NASDAQ Clean Edge QCLN 0.60 no 22
WisdomTree Earnings 500 Index EPS 0.28 no
44
WisdomTree Earnings Index EXT 0.28 no
5
WisdomTree Midcap Earnings Index EZM 0.38 no
7
WisdomTree Small Cap Earnings Index EES 0.38 no 7
WisdomTree Top 100 Index EEZ 0.38 no
3
WisdomTree Low P/E Index EZY 0.38 no
11
First Trust ISE Water Index FIW 0.60 yes
8
Van Eck Agribusiness MOO 0.65 yes
525
Market Vectors Coal KOL 0.65 yes
414
Market Vectors Gaming BJK 0.65 no
1
Market Vectors Solar KWT 0.65 yes 39
Claymore Solar TAN 0.65 yes
372
International ETFs
Broad
Based – International
IShares
MSCI EAFE EFA 0.35 yes 35,942
BLDRS
Development Markets 100 ADR ADRD 0.30 no
8
IShares MSCI Emerging Markets Free EEM 0.75 yes
95,087
BLDRS
Emerging Markets 50 ADR ADRE 0.30 yes
318
Claymore
BRIC EEB 0.60 yes
261
Claymore/Robeco Developed International Equity EEN 0.65 no 1
Vanguard FTSE All-World Ex U.S. VEU 0.25 yes 1,484
SPDR S&P Emerging Markets GMM 0.60 no
23
Dynamic International Opportunities PFA 0.75 no
83
FTSE RAFI Developed Markets ex
FTSE RAFI Emerging Markets PXH 0.85 no
80
iShares MSCI BRIC BKF 0.75 no
50
iShares MSCI Small Cap EAFE Index SCZ 0.40 no 210
iShares S&P Global Infrastructure IGF 0.58 no 110
iShares MSCI Kokasai Index TOK 0.25 no
228
iShares MSCI All Country World Index ACWI 0.35 no 394
iShares MSCI All Country World Index ex U.S. ACWX0.35 no 264
SPDR Emerging Markets Small Cap EWX 0.65 no 6
SPDR International Small Cap GWX 0.65 yes
353
SPDR World ex
SPDR International MidCap MDD 0.65 no
8
Regional
– International
BLDRS
Europe
2001 HOLDRS EKH 0* no
1
Fresco Dow Jones STOXX 50 FEU 0.30 no
26
IShares
S&P Europe 350 IEV 0.48 yes
650
Fresco
Dow Jones Euro STOXX 50 FEZ 0.30 yes
161
IShares
MSCI EMU EZU 0.59 yes
477
IShares
MSCI Pacific ex-Japan EPP 0.50 yes 1,053
BLDRS
IShares S&P Latin America 40 ILF 0.50 yes 2,357
Vanguard Emerging Markets VIPERS VWO 0.30 yes 5,005
Vanguard
European VIPERS VGK 0.18 yes
563
SPDR
S&P Emerging
SPDR
S&P China GXC 0.60 yes
59
SPDR
Emerging
SPDR Emerging
SPDR
Emerging Middle East and
First
Trust ChIndia FNI 0.60
yes 28
Wisdom
Tree India EPI 0.88 yes
373
SPDR Emerging Middle East & Africa GAF 0.60 no
26
Style/International
ISharese
MSCI EAFE Value EFV 0.40 yes 557
IShares
MSCI EAFE Growth EFG 0.40 no
366
Asia/Pacific
IShares
MSCI Australia EWA 0.59 yes 2,804
IShares
MSCI Hong Kong EWH 0.59 yes 4,845
IShares
MSCI Japan EWJ 0.59 yes 32,115
IShares MSCI Malaysia (Free) EWM 0.59 yes 1,009
IShares
MSCI
IShares
MSCI South Korea EWY 0.74 yes 3,655
IShares
MSCI Taiwan EWT 0.74 yes 11,714
IShares
FTSE/Xinhuu China 25 FXI 0.74 yes 41,653
iShares MSCI Japan Small Cap SCJ 0.59 no
15
iShares MSCI Thailand IMI THD 0.74 no
18
PowerShares
Golden Dragon USX China Portfolio PGJ 0.60 yes
175
Vanguard
Pacific VIPERS VPL 0.18 yes
452
Streettracks
Russell/Nomura Japan Prime JPP 0.51 yes
11
Streettracks Russell/Nomura Japan Small Cap JSC 0.56 yes 28
S&P
Asia AIA 0.50 no
22
PowerShares
India PIN 0.78 yes
113
IShares
MSCI
IShares MSCI
IShares
MSCI
IShares
MSCI Germany EWG 0.54 yes
628
IShares
MSCI
IShares
MSCI Netherlands EWN 0.54 yes
64
IShares
MSCI Spain EWP 0.54 yes
161
IShares MSCI Sweden EWD 0.54 yes
180
IShares
MSCI Switzerland EWL 0.54 yes
267
IShares
MSCI United Kingdom EWU 0.54 yes
897
Van
Eck Russia RSX 0.69 yes 1,402
FTSE
IShares
MSCI Brazil EWZ 0.74 yes 19,007
IShares
MSCI Canada EWC 0.57 yes 1,758
IShares
MSCI Mexico EWW 0.57 yes 3,263
iShares MSCI Chile ECH 0.74 no
61
Market
Vectors
Emerging
IShares
MSCI South Africa EZA 0.74 yes 386
iShares Turkey TUR 0.74 no
34
iShares Israel IMI EIS 0.74 no
46
SPDR
S&P Emerging Market Small Cap EWX 0.65 no 6
Broad
Based – Global
StreetTRACKS
DJ Global Titans DGT 0.50 no
16
IShares
S&P Global 100 IOO 0.20 no
325
Market
2000+ HOLDRS MKH 0* no
2
iShares S&P World ex
Sectors
– Global
IShares
S&P Global Energy Sector IXC O.65 no
191
IShares
S&P Global Financial Sector IXG 0.65 no 78
IShares S&P Global Healthcare Sector IXJ 0.65 yes 82
IShares
S&P Global Technology Sector IXN 0.65 yes
79
IShares
S&P Global Telecommunications IXP 0.65 no
84
PowerShares
Global Nuclear PKN 0.75 no
9
Streettracks
International Real Estate RWX 0.60 yes
277
Market
Vector Global Alternative Energy GEX 0.55 yes
143
PowerShares
Global Clean Energy PBD 0.75 no
84
PowerShares
Global Water PIO 0.75 yes
108
Claymore Global Water CGW 0.74 yes 73
Claymore Global Exchanges, Brokers and Asset EXB 0.65 no 5
Claymore/SVM
Canadian Energy Income ENY 0.65 no
27
FTSE Global Real Estate ex
FTSE
FTSE
FTSE Developed Small Cap ex
Claymore
Claymore Global Solar TAN 0.65 yes
372
Claymore
Global Timber CUT 0.65 no
25
Claymore
Global Shipping SEA 0.65 yes
59
SPDR DJ Wilshire Global Real Estate RWO 0.50 no
20
SPDR
International Consumer Discretionary IPD 0.50 no
113
SPDR International Consumer Staples IPS 0.50 no
1
SPDR
International Energy IPW 0.50 no
4
SPDR
International Financial IPF 0.50 no
4
SPDR
International Health Care IRY 0.50 no
2
SPDR
International Industrial IPN 0.50 no
1
SPDR
International Materials IRV 0.50 no
4
SPDR
International Technology IPK 0.50 no
1
SPDR
International Telecommunications IST 0.50 no
3
SPDR
International Utilities IPU 0.50 no
3
PowerShares
Global Agriculture PAGG 0.75 no
9
PowerShares
Global Coal PKOL 0.75 no
3
PowerShares
Global Steel PSTL 0.75 no
2
PowerShares Global Gold and Precious Metals PSAU 0.75 no
7
PowerShares
Global Progressive Transportation PTRP 0.75 no
1
PowerShares
Global Biotech PBTQ 0.75 no
1
PowerShares Emerging Markets Infrastructure PXR 0.75 no
10
XShares Airshares EU Carbon
Allowance ASO 0.85 no
1
Claymore ARCA Global Airline FAA 0.65 no 10
International Dividend
International
Dividend Achievers Portfolio PID 0.60 no
170
Pacific
ex Japan Dividend DND 0.48 yes
9
Pacific ex
Japan
Total Dividend DXJ 0.48 no
16
Japan
High Yielding Equity DNL 0.58 no
16
DIEFA DWM 0.48 no
99
International Dividend Top 100 DOO 0.58 no
37
International
Mid Cap Dividend DIM 0.58 no
23
DIEFA High Yielding Dividend DTH 0.58 no
26
International
Small Cap Dividend DLS 0.58 no 70
Japan
Small Cap Dividend DFJ 0.58 no
66
Total International Dividend DTD 0.28 no
40
SPDR International Dividend DWX 0.45 no
12
Leveraged ETFs
Double returns
Ultra
QQQ QLD 0.95 yes 36,342
Ultra
S&P 500 SSO 0.95 yes 86,232
Ultra
Dow 30 DDM 0.95 yes 19,516
Ultra
Mid Cap 400 MVV 0.95 yes 1,650
Ultra
Small Cap 600 SAA 0.95 no
148
Ultra
Russell 1000 Growth UVG 0.95 no
72
Ultra
Russell 1000 Value UKF 0.95 no
53
Ultra
Russell MidCap Value UVU 0.95 no
31
Ultra Russell MidCap Growth UKW 0.95 no
43
Ultra
Russell 2000 UWM 0.95 yes 6,626
Ultra
Russell 2000 Growth UKK 0.95 no
98
Ultra
Russell 2000 Value UVT 0.95 no
66
Ultra
DJ Basic Materials UYM 0.95 yes 8,544
Ultra
DJ Consumer Goods UGE 0.95 no
17
Ultra
DJ Consumer Services UCC 0.95 no
27
Ultra
DJ Financials UYG 0.95 yes 147,075
Ultra
DJ Health Care RXL 0.95 no 54
Ultra
DJ Industrials UXI 0.95 no
46
Ultra
DJ Oil and Gas DIG 0.95 yes 21,332
Ultra
DJ Real Estate URE 0.95 yes
19,723
Ultra
DJ Semiconductors USD 0.95 no
512
Ultra
DJ Technology ROM 0.95 yes
276
Ultra
DJ Utilities UPW 0.95 no
48
Ultra
Telecommunications TLL 0.95 no
4
Ultra
DJ-AIG Commodity UCD 0.95 no
16
Ultra Crude Oil UCO 0.95 yes 6,518
Ultra
Euro ULE 0.95 no
13
Ultra
Yen YCL 0.95 yes
15
Ultra
Gold Bullion UGL 0.95 yes
174
Ultra
Silver AGQ 0.95 no
60
Ultra
MSCI EAFE EFO 0.95 no
N/A
Ultra MSCI Emerging Markets EET 0.95 no
N/A
Ultra
MSCI
Ultra
FTSE/Xinhua
Rydex 2x S&P
500 RSU 0.70 no
325
Rydex 2x
S&P Midcap 400 RMM 0.70 no
9
Rydex 2x Russell 2000 RRZ 0.70 no
42
Inverse returns
Short
QQQ PSQ 0.95 yes
464
Short
S&P 500 SH 0.95 yes 1,569
Short
Dow 30 DOG 0.95 yes
935
Short
Mid Cap 400 MYY 0.95 yes
60
Short Small Cap 600 SBB 0.95 no
15
Short Russell 2000 RWM 0.95 no 348
Short MSCI Emerging Market EUM 0.95 no
36
Short MSCI EAFE EFZ 0.95 no
35
Double inverse returns
Ultra
Short QQQ QID 0.95 yes 26,140
Ultra
Short S&P 500 SDS 0.95 yes 50,114
Ultra
Short Dow 30 DXD 0.95 yes 13,512
Ultra
Short Mid Cap 400 MZZ 0.95 yes 1,307
Ultra
Short Small Cap 600 SDD 0.95 no 65
Ultra
Short Russell 1000 Growth SJF 0.95 no
19
Ultra Short Russell 1000 Value SFK 0.95 no
30
Ultra
Short Russell MidCap Growth SJL 0.95 no 8
Ultra
Short Russell MidCap Value SDK 0.95 no 21
Ultra
Short Russell 2000 TWM 0.95 yes 5,719
Ultra
Short Russell 2000 Growth SKK 0.95 no
36
Ultra Short Russell 2000 Value SJH 0.95 no
48
Ultra Short DJ Basic Materials SMN 0.95 yes 2,929
Ultra
Short DJ Consumer Goods SZK 0.95 no
32
Ultra
Short DJ Consumer Services SCC 0.95 no
107
Ultra
Short DJ Financials SKF 0.95 yes 25,678
Ultra
Short DJ Health Care RXD 0.95 no 5
Ultra
Short DJ Industrials SIJ 0.95 no
57
Ultra
Short DJ Oil and Gas DUG 0.95 yes 17,347
Ultra
Short DJ Real Estate SRS 0.95 yes 17,768
Ultra Short DJ Semiconductors SSG 0.95 yes
85
Ultra
Short DJ Technology REW 0.95 yes
121
Ultra
Short DJ Telecommunications LTL
0.95 no
14
Ultra Short DJ Utilities SDP 0.95 no
33
Ultra Short Emerging Markets EEV 0.95 yes 3,251
Ultra Short FTSE/Xinhua China 25 FXP 0.95 yes 2,949
Ultra Short MSCI
Ultra Short Gold Bullion GLL 0.95 no
79
Ultra Short Silver ZSL 0.95 no
19
Ultra Short AIG Commodity CMD 0.95 no
5
Ultra Short Crude Oil SCO 0.95 yes
814
Ultra Short Euro EUO 0.95 yes
52
Ultra Short Yen YCS 0.95 yes
17
Rydex Inverse 2x S&P 500 RSX 0.70 yes 1,402
Rydex
Inverse 2x Midcap 400 RMS 0.70 no
10
Rydex
Inverse 2x Russell 2000 RRZ 0.70 no
42
Triple Returns
Direxion Large Cap Bull
(Russell 1000) BGU 1.75 yes 10,458
Direxion
Small Cap Bull (Russell 2000) TNA 1.75 yes
7,586
Direxion Energy Bull (Russell 1000 Energy) ERX 1.75 yes
1,901
Direxion
Financial Bull (Russell 1000 Financial) FAS 1.75 yes 33,626
Direxion
Emerging Markets Bull (MSCI Emerging) EDC 1.75 yes
94
Direxion
Developed Markets Bull (MSCI EAFE) DZK 1.75 no
8
Direxion
Technology Bull (Russell 1000 Tech) TYH 1.75 no
62
Direxion
Mid Cap Bull (Russell Mid Cap) MWJ 1.75 no N/A
Direxion
10 year Treasury Bull TYD 1.75 no
N/A
Diresion
30 year Treasury Bull TMF 1.75 no
N/A
Inverse Triple
Returns
Direxion Large Cap Bear
(Russell 1000) BGZ 1.75 yes
5,016
Direxion Small Cap Bear
(Russell 2000) TZQ 1.75 no
N/A
Direxion
Energy Bear (Russell 1000 Energy) ERY 1.75 yes
747
Direxion Financial Bear
(Russell 1000 Financial) FAZ 1.75 yes
8,269
Direxion Emerging Markets Bear
(MSCI Emerging) EDZ 1.75 yes
50
Direxion Developed Markets Bear
(MSCI EAFE) DPK 1.75 no 6
Direxion Technology Bear (Russell
1000 Tech) TYP 1.75 yes
29
Direxion Mid
Cap Bear (Russell Mid Cap) MWN 1.75 no
68
Direxion 10 Year Treasury Bear
3x Shares TYO 1.75 no
N/A
Direxion 30 Year Treasury Bear
3x Shares TMV 1.75 no
N/A
Fixed Income ETFs
Fixed Income ETFs –
IShares
Lehman 1-3 Year Treasury SHY 0.15 yes 1,124
IShares
Lehman 7-10 Year Treasury IEF 0.15 yes
450
IShares
Lehman 20+ Year Treasury TLT 0.15 yes 2,706
Ishares
GS $InvesTop Corporate LQD 0.15 yes
1,403
Ishares
Lehman Aggregate AGG 0.20 yes 774
IShares
Lehman TIPS TIP 0.20 yes
848
iShares Lehman Short Term Treasury Bond SHV 0.15 no
286
iShares Lehman 3-7 year Treasury Bond IEI 0.15 no 111
iShares Lehman 10-20 year Treasury Bond TLH 0.15 no 26
iShares Lehman 1-3 Year Credit Bond CSJ 0.20 no 127
iShares Lehman Intermediate Credit Bond CIU 0.20 no
76
iShares Lehman Credit Bond CFT 0.20 no
30
iShares Lehman Intermediate Gov’t/Credit
Bond GVI 0.20 no
20
iShares Government/Credit Bond GBF 0.20 no 14
iShares Lehman MBS Fixed Rate Bond MBB 0.25
no 103
iShares iBoxx $High Yield Corporate
Bond HYG 0.50 yes
762
Vanguard
Short Term Bond BSV 0.11 yes
147
Vanguard
Intermediate Term Bond BIV 0.11 yes
96
Vanguard
Long Term Bond BLV 0.11 no
22
Vanguard
Total Bond Market BND 0.11 yes
300
SPDR
Lehman 1-3 Month T-Bill BIL 0.13 yes 611
SPDR
Lehman Intermediate Term Treasury ITE 0.18 no
30
SPDR
Lehman Long Term Treasury TLO 0.13 yes 11
SPDR
Barclays Capital Tips IPE 0.13 yes
47
SPDR
Lehman Aggregate Bond LAG 0.13 no
30
SPDR
Lehman Municipal Bond TFI 0.20 yes
199
SPDR
Lehman High Yield Corporate Bond JNK 0.40 yes
604
SPDR
Barclays Mortgage Back Bond MBG 0.20 no
1
SPDR
Barclays Short Term Int’l Treasury Bond BWZ 0.35 no 5
SPDR
KBW Mortgage Finance KME no
PowerShares
VRDO Tax Free Weekly Portfolio PVI 0.25 no 95
PowerShares Preferred PGX 0.50 no
451
PowerShares
Corporate Bond PHB 0.50 no
97
Market
Vectors Lehman AMT-free Int. Municipal ITM 0.20 no
19
Market
Vectors Lehman AMT-free Long Municipal MLN 0.24 no
24
Market
Vectors High Yield Municipal HYD 0.24 no
60
SPDR
International TIPS WIP 0.50 no 44
Claymore
Claymore
Ultra Short Lehman 7-10 Year PST 1.15 yes
194
Ultra Short Lehman 20+ Year TBT 1.15 yes 4,366
SPDR Convertible Bond CWB no N/A
Pimco 1-3 year U.S. Treasury Index Fund TUZ 0.09 no
N/A
Fixed Income ETFs-
International
iShares S&P/Citigroup International Treasury IGOV no
1
Fixed
Income ETFs –
IShares on Canadian Short Bond Index XSB 0.25 no 111
IShares
on the
iShares Canadian Real Return Bond Index XRB 0.35 no
27
iShares Canadian Long Bond Index XLB 0.35 no 15
iShares Canadian Government Bond Index XGB 0.35 no 30
iShares Corporate Bond Index XCB 0.40 no
270
Claymore 1-5 year Laddered Government Bond CLF 0.15 no 33
Claymore Premium Money Market CMR 0.25 no 9
Commodity Based ETFs
World
Gold Council Gold GLD 0.40 yes 14,896
iShares COMEX Gold (U.S.) IAU 0.40 yes
613
(TSX) IGT 0.40 no
10
iShares Silver SLV 0.50 yes 6,541
Deutschebank
Commodity DBC 0.75 yes 1,164
Crude
Oil USO
0.50 yes 29,868
Market
Vectors Gold Miners GDX 0.55 yes 7,969
IShares
GSCI Commodity Index GSG 0.75 yes
393
Greenhaven Cont. IDX GCC N/A yes
14
PowerShares
DB Energy DBE 0.60 yes
51
PowerShares
DB Oil Fund DBO 0.60 yes
227
PowerShares
DB Precious Metals DBP 0.60 yes
34
PowerShares DB Gold DGL 0.60 yes
48
PowerShares
DB Silver DBS 0.60 yes
79
PowerShares
Base Metals DBB 0.60 yes
67
PowerShares
Agriculture DBA 0.60 yes 1,298
United
States Natural Gas UNG 0.77 yes 3,964
Unleaded
Gasoline UGA 0.60 yes
101
DB
Gold Double Long ETN DGP 0.50 no 2,109
DB
Gold Double Short ETN DZZ 0.50
no 593
DB
Gold Short ETN DGZ 0.50 no
20
Commodity Based Exchange Traded Notes
iPath Commodities DJP 0.75 no
846
iPath GSCI Total Return GSP 0.75 no
96
iPath Softs JJS 0.75 no
1
iPath Precious Metals GSP 0.75 no
96
iPath Grains JJG 0.75 no
19
iPath Energy JJE 0.75 no
5
iPath Industrial Metal JJM 0.75 no
2
iPath Livestock COW 0.75 no
26
iPath Cocoa NIB 0.75 no
5
iPath Coffee JO 0.75 no
3
iPath Cotton BAL 0.75 no
3
iPath Sugar SGG 0.75 no
3
iPath Aluminum JJU 0.75 no
1
iPath Lead LD 0.75 no 3
iPath Tin JJT 0.75 no
1
iPath Platinum PGM 0.75 no
26
iPath Natural Gas GAZ 0.75 no 19
iPath Crude Oil OIL 0.75 no 2,298
iPath Copper JJC 0.75 no
11
iPath Nickel JJN 0.75 no
5
Currency Based ETFs
Rydex
Euro FXE 0.40 yes N/A
Rydex
Mexican Peso FXM 0.40 yes
5
Rydex
Swedish Krona FXS 0.40 yes
3
Rydex Australian
Dollar FXA 0.40 yes
121
Rydex
British Pound FXB 0.40 yes
N/A
Rydex Canadian Dollar FXC 0.40 yes
86
Rydex
Swiss Franc FXF 0.40 yes
113
Rydex
Japanese Yen FXJ 0.40 yes
N/A
Wisdom
Tree Chinese Yuan CYB 0.45 yes
47
Wisdom
Tree Indian Rupee ICN 0.45
yes 11
Wisdom
Tree Brazilian Real BZF 0.45 yes
24
Actively Managed ETFs
PowerShares Active Low Duration PLK 0.29 no
1
PowerShares Mega Cap PMA 0.75 no
8
PowerShares Alpha Q PQY 0.75 no
2
PowerShares Alpha Multi-Cap PQZ 0.75 no 5
PowerShares New Frontier Global
DynamicGrowth PTO 0.75 no
14
PowerShares New Frontier Global
BalancedGrowth PAO 0.75 no
8
PowerShares New Frontier Global
Balanced PCA 0.75 no
12
PowerShares
*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
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.