Bigger Isn't Always Better - IndexUniverse.com

Vol. 11 | No. 10 

October 2011 

Bigger Isn’t 

Always Better 

By Devin Riley 

You’ve got your black-box model of the 

global economy finally worked out and 

your investment thesis over the next two 

years scrawled in bold red letters on your 

whiteboard. Now the tough question: 

Which ETF do you choose? 

Oftentimes multiple funds exist that 

provide exposure to the same area of the 

market, and selecting between them is a 

headache. One easy way is to follow the 

crowd, assume other people have done 

the homework and jump into the fund 

that has the most assets. 

Sometimes that will land you in the 

best possible fund, but not always. Oftentimes 

the subtle reasons that make 

one ETF superior aren’t widely enough 

known to shift major assets from one ETF 

to another. That’s what makes chasing 

AUM alone a mistake. 

There are a few times in the history 

of the ETF industry when investors have 

UPDATES 

www.indexuniverse.com/ETFR 

made the switch en masse from a well-established 

fund to a newer alternative—the 

move from the iShares Emerging Markets 

ETF (NYSE Arca: EEM) to the Vanguard 

MSCI Emerging Markets ETF (NYSE Arca: 

VWO) is the classic example. In this article, 

we’ll run through some cases where you 

might do better going with a smaller ETF. 

Short-Term Treasurys: 

SHY Vs. SHV 

Investors spooked by this summer’s market 

gyrations turned to short-term Treasury 

ETFs as a place to park cash. More 

than anything else, they turned to the 

iShares Barclays 1-3 Year Treasury Bond 

ETF (NYSE Arca: SHY). SHY is the king 

of short-term Treasurys ETFs, with more 

than $7 billion in AUM. 

Are investors getting the fund they 

want? Maybe not. 

The primary considerations investors 

should make when they al- 10 

BlackRock Plans Nontransparent Active ETFs 

IN THIS ISSUE 

Just because a fund has the largest 

amount of assets doesn’t necessarily 

mean it’s the best. We look at five cases 

where “bigger” doesn’t mean “better.” 

Page 1 

Gold prices have skyrocketed since the 

beginning of the year, approaching 

$2,000 an ounce. What’s the best way 

to access gold today? 

Page 4 

Gary Gordon, President of Pacific Park 

Financial, tells ETFR why his firm uses 

EWM to access the increasingly important 

Malaysian market. 

Page 7 

The first-of-its-kind BKLN offers ETF investors 

access to senior loan debt. Find out 

how it works–and why it matters. 

Page 9 

ETFR’s monthly data bank covers all 

U.S.-listed ETFs, including assets, performance 

data and more. 

Pages 13-22 

News Highlights: BlackRock Plans 

Nontransparent Active ETFs; Six 

HOLDRS To Become Van Eck Sector 

ETFs; iShares Rolls Out Emerging Mkts 

Small-Cap ETF; Federated Plans To 

Enter ETF Market … And much more! 

Pages 1-3 

BlackRock, the parent of the world’s largest 

ETF firm, iShares, filed paperwork with 

the SEC seeking permission to market 

nontransparent, actively managed ETFs. 

BlackRock plans to form a blind 

trust working on behalf of the authorized 

participant (AP) that would keep 

disclosure of holdings under wraps 

until regulators require it. If approved, 

BlackRock’s plan would include disclosure 

requirements similar to those in 

place for mutual funds. 

Day to day, though, APs for the 

products would effectively be doing 

creations and redemptions for cash 

and hedging the funds based on the 

fact that they could redeem shares 

for the exact cash value of the funds’ 

net asset value (NAV). Creations and 

redemptions would happen in-kind in 

the blind trust, allowing the fund to 

enjoy some of the tax efficiencies that 

transparent ETFs currently enjoy. 

BlackRock’s concept goes to the heart 

of an ongoing pursuit in the money management 

industry to provide strategies 

that aim to beat market benchmarks. 

Six HOLDRS To Become 

Van Eck Sector ETFs 

Van Eck Global filed paperwork with U.S. 

regulators to market six sector-specific 

ETFs to replace Merrill Lynch’s HOLDRS. 

Terms weren’t disclosed. 

Under an agreement, the ETFs now in 

registration will retain the corresponding

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HOLDRS’ tickers. The six HOLDRS have 

a combined $3.65 billion in assets, or 

almost 90 percent of all assets in Merrill’s 

17 existing HOLDRS. 

Launched in the ’90s, HOLDRS are 

narrowly focused portfolios that never 

changed. Van Eck said it expects the 

exchange offer to happen sometime 

in the third quarter, and the whole 

transaction to be consummated in 

the fourth quarter. 

The new ETFs will have expense ratios 

of 0.35 percent. They include: 

• Market Vectors Biotech ETF 

(NYSE Arca: BBH) 

• Market Vectors Money-Center 

Bank ETF (NYSE Arca: RKH) 

• Market Vectors Oil Services ETF 

(NYSE Arca: OIH) 

• Market Vectors Pharmaceutical 

ETF (NYSE Arca: PPH) 

• Market Vectors Retail ETF 

(NYSE Arca: RTH) 

• Vectors Semiconductor ETF 

(NYSE Arca: SMH) 

Merrill Lynch is expected to delist 

the HOLDRS once the transaction is 

completed, Van Eck said on its website. 

According to an updated prospectus, 

the remaining 11 funds will 

likely be shut down. 

iShares Rolls Out 

Emerging Markets 

Small-Cap ETF 

iShares launched a broad emerging 

markets equities ETF focused on 

small-cap companies in August. The 

iShares Emerging Markets Small Cap 

Index Fund (NYSE Arca: EEMS), costing 

0.69 percent, will go head-tohead 

with the SPDR S&P Emerging 

Markets Small Cap ETF (NYSE Arca: 

EWX), which costs 0.65 percent. 

While EEMS will track an MSCI 

benchmark that tracks companies with 

market capitalization under $3 billion 

in 21 emerging markets, EWX is linked 

to an S&P index comprising the under-$2-billion-in-market-cap 

names. 

EEMS allocates nearly 20 percent of 

its basket to Taiwan names, with South 

Korea and Hong Kong also at the top. 

By contrast, EWX allocates 32 percent 

of its portfolio to Taiwan, with China, 

South Africa and India rounding off its 

top country holdings. 

BlackRock Files To Be 

An Index Provider 

BlackRock Inc. filed paperwork with 

the SEC to offer its own indexes. The 

firm said in the filing that each of its 

indexes will be rules based and will 

comprise equity and/or fixed-income 

securities, including depositary receipts 

and/or other assets. 

If BlackRock chooses to segue to its 

own indexes on existing funds, the effects 

would reverberate widely in the 

U.S. ETF industry. Its ETF firm, iShares, 

now has almost $430 billion in ETF assets, 

according to data compiled by 

IndexUniverse. 

The “BlackRock Index Provider” will 

be solely responsible for all BlackRock 

Index compilation, maintenance, calculation, 

dissemination and reconstitution 

activities, the filing said. Each 

BlackRock index will be transparent. 

Federated Plans 

To Enter ETF Market 

Federated Investment Management filed 

paperwork with U.S. regulators seeking 

permission to market actively managed 

ETFs, the first of which would be a shortdated, 

fixed-income fund that’s similar 

to a Pimco money-market proxy. 

The Federated Active UltraShort Fixed 

Income ETF would strive to outperform 

three-month Libor by investing in fixedand 

floating-rate fixed-income securities. 

Its holdings would include investmentgrade 

and noninvestment-grade corporate 

as well as U.S. government debt, 

the company said in the filing. 

Federated’s fund would steer clear 

of derivatives instruments, according 

to the filing, adding that neither this 

initial fund nor any other in the future 

would rely on such instruments. 

Global X Joins Dorsey 

Wright Platform 

Global X Funds will now offer a group of 

its funds on the Dorsey Wright platform. 

The Global Opportunities Portfolio will 

consist of seven of Global X’s 35 ETFs, in 

a mix that relies on Dorsey Wright’s technical-analysis-focused, 

relative-strength 

approach. Terms weren’t disclosed. 

Dorsey Wright is a well-respected 

investment advisor firm known for research 

and its roster of model 12 

ETFR • October 2011 3

Going For The Gold 

By Lara Crigger 

In August, the SPDR Gold Trust (NYSE 

Arca: GLD) briefly became the world’s 

largest exchange-traded fund, with $76 

billion in AUM, surpassing the longreigning 

champ, the SPDR S&P 500 ETF 

(NYSE Arca: SPY), with $74 billion. 

While GLD’s dominance was shortlived—SPY 

quickly reclaimed the top 

seat—the gold market bull trend hasn’t 

been. Investors want gold, and GLD’s success 

is just one piece. What’s the best way 

to gain exposure to the yellow metal? 

Getting Physical 

The most popular way to play gold is 

through ETFs that just buy gold. 

Physically backed funds, including 

GLD and its competitors, hold one asset: 

gold bars. These funds store standard 

London good delivery bars in secure 

vaults located in major gold markets 

such as London or New York. They all 

tightly reflect gold’s daily price performance, 

minus expenses (Figure 1). 

They are not, however, identical. For 

starters, the funds differ on costs. IAU has 

an expense ratio of just 25 basis points, 

while GLD, SGOL and AGOL each charge 

39-40 bps in fees. While the difference 

isn’t jaw-dropping, it should ensure that 

IAU outperforms the other physically 

backed ETFs over the long term. 

Another distinguishing factor is 

where their gold is stored. GLD stores 

its gold in London, the world’s leading 

market for gold; IAU vaults in London, 

New York and Toronto; SGOL stores its 

bullion in Switzerland; and AGOL uses 

vaults in Singapore. 

The theory here is this: Should the 

U.S. or British governments decide 

for some reason to prohibit private 

gold ownership, only holdings outside 

those countries would remain safe. 

While there is some historical precedent 

for this (the U.S. confiscated gold 

holdings in 1933), it’s clearly a tail risk 

for gold holders, and not one that’s 

free to hedge. The trade-off is liquidity: 

AGOL in particular has a noted lack 

of liquidity, and while SGOL trades at 

tight spreads, it’s less robustly liquid 

than IAU or GLD. 

One downside shared equally by all 

physically backed ETFs is tax treatment. 

The IRS taxes their long-term capital gains 

at the collectibles rate of 28 percent. 

That’s substantially higher than the 15 

percent rate that applies to most ETFs. 

The Futures Fix 

Gold investors can dodge the collectibles 

tax through futures-based ETPs. Two 

currently exist on U.S. exchanges: the 

PowerShares DB Gold Fund (NYSE Arca: 

DGL) and the UBS E-TRACS CMCI Gold 

Total Return ETN (NYSE Arca: UBG). 

DGL is the big player: In the four years 

since its inception, DGL has amassed $342 

million in assets under management; UBG 

has just $7.3 million (Figure 2). 

Because DGL and UBG track futures 

contracts, both funds are subject to 

backwardation and contango, where farther-out 

contracts on the curve are either 

less or more expensive than near-term 

contracts. Gold futures tend to trade in a 

persistent, small contango, which creates 

a low-grade drag on returns. 

DGL at least follows a methodology 

that, come roll, selects whichever contract 

over the next 13 months offers the highest 

positive roll yield—or, barring that, 

the lowest negative yield. UBG holds five 

contracts of constant maturities, ranging 

from three months out to three years, in 

an attempt to avoid contango. 

DGL’s fancier methodology comes at 

a price: UBG costs just 30 basis points 

per year, while DGL charges 75 basis 

points. However, as an ETN, UBG also 

inherently carries some credit risk, which 

could discourage some investors. 

Taxwise, UBG is the more advantageous 

of the two: According to current 

precedent, long-term holdings in 

UBG are taxed at 15 percent and no 

taxes are due until you sell the fund. 

By contrast, futures-holding ETFs like 

DGL are marked-to-market each year, 

meaning investors will owe taxes on 

any gains at year-end even if they 

don’t sell the fund. Gains are taxed at 

the 60/40 blended tax rate common 

to all futures investments. 

The Equity Approach 

Another tax approach is to skip gold exposure 

altogether. Several ETFs track the 

stocks of gold miners and producers, led 

Figure 1 

Physical Gold ETFs 

FUND 

TICKER 

6-MONTH 

RETURN 

(%) 

YTD 

RETURN 

(%) 

1-YEAR 

RETURN 

BULLION 

HOLDINGS 

(TONNES) 

AUM 

($,M) 

EXP 

RATIO 

INCEPTION 

DATE 

SPDR Gold GLD 26.31 25.80 44.21 1,230.80 75,302.40 0.40 11/12/04 

iShares Gold Trust IAU 26.32 25.83 44.31 147.44 8,201.22 0.25 1/21/05 

ETFS Physical Swiss Gold SGOL 26.24 25.72 44.10 29.13 1,559.92 0.39 9/9/09 

ETFS Physical Asian Gold AGOL 26.35 N/A N/A 1.13 65.00 0.39 1/14/11 

Source: Bloomberg. Data as of 09/01/2011 

4 ETFR • October 2011

Figure 2 

Futures-Based Gold ETFs 

FUND 

TICKER 

YTD 

RETURN (%) 

1 YEAR 

RETURN (%) 

AUM 

($,M) 

EXP 

RATIO 

INCEPTION 

DATE 

UBS E-TRACS CMCI 

Gold Total Return ETN 

UBG 26.30 44.30 7.31 0.30 4/1/08 

PowerShares DB Gold DGL 25.82 43.53 342.30 0.75 1/5/07 


Figure 3 

Gold Miners ETFs 

FUND 

TICKER 

6-MONTH 

RETURNS 

YTD 

RETURN 

1-YEAR 

RETURNS 

AUM 

($,M) 

EXPENSE 

RATIO 

INCEPTION 

DATE 

Market Vectors Gold Miners GDX 3.58 1.43 17.68 7,175.41 0.53 5/16/06 

PowerShares Global Gold and 

Precious Metals Portfolio 

PSAU 1.03 -1.98 21.45 65.63 0.75 9/18/08 

Market Vectors Jr Gold Miners GDXJ -6.57 -9.40 28.41 2,337.79 0.54 11/10/09 

Global X Gold Explorers GLDX -16.32 -18.97 N/A 25.92 0.65 11/3/10 

Global X PURE Gold Miners GGGG N/A N/A N/A 3.79 0.59 3/14/11 


by the $7.2 billion Market Vectors Gold 

Miners ETF (NYSEArca: GDX) (Figure 3). 

Gold miner ETFs offer indirect exposure 

to gold prices, since the profitability 

of these companies depends on 

the price they can fetch for their output. 

However, they tend to correlate more 

closely with the broad stock market than 

with bullion prices: Over the past year, 

GLD returned over 50 percent, while 

GDX rose just 22 percent. 

A Word Of Caution 

No matter which gold ETF you ultimately 

choose, its fate will ultimately depend on 

the fate of the broader global economy. 

In bad times, gold thrives, but when the 

markets pick back up, gold prices—and 

their relevant ETFs—will surely take a hit. 

That’s not to say you should dump 

your gold allocation the moment the 

S&P 500 recovers. Just be aware that, as 

with all investments, gold has a certain 

time and place when it will shine. 

Get the most up-to-date, in-depth news, features and data on 

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DBO 

T H E P O W E R S H A R E S D B 

OIL FUND 

To download a copy of a prospectus, visit PowerShares.com/DBOpro 

The fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 

1940 and is not subject to its regulation. 

DB Commodity Services LLC, a wholly owned subsidiary of Deutsche Bank AG, is the managing owner of the fund. Certain marketing 

services may be provided to the fund by Invesco Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC (together, 

“Invesco”). Invesco will be compensated by Deutsche Bank or its affiliates. ALPS Distributors, Inc. is the distributor of the fund. Invesco, 

Deutsche Bank and ALPS Distributors, Inc. are not affiliated. 

Commodity futures contracts generally are volatile and are not suitable for all investors. 

An investor may lose all or substantially all of an investment in the fund.

Why I Own: EWM 

iShares MSCI 

Malaysia ETF 

Name: Gary Gordon 

Title: President 

Firm: Pacific Park Financial Inc. 

Founded: 1984 

Location: Aliso Viejo, CA 

AUM: $95 million 

All ETFs? No (75%) 

ETFR: Why did you pick EWM? 

Gordon: Malaysia has been one of my 

favorites for three years. EWM only has 

about, over last year, a 0.5 correlation 

with VWO, which is kind of a weak correlation 

in the world of stocks, where correlations 

tend to be 0.8, or 0.9. The fund 

is also one-fifth as volatile, with a beta of 

0.17 with the S&P 500. You often can’t 

even get bonds with volatility that low in 

the current market environment. 

ETFR: Why not Indonesia, through the 

iShares MSCI Indonesia Investable Market 

Index Fund (NYSE Arca: EIDO)? 

Gordon: For one, Indonesia is far more 

volatile. Secondly, Indonesia’s economy 

has much higher inflation—double that 

of Malaysia. And its growth is expected 

to decline in 2012 because they’re going 

to have to fight that inflation. 

In contrast, inflation is stable in Malaysia. 

It has the lowest inflation in all of 

Asia, except for Taiwan. And its growth 

is expected to accelerate in 2012. With 

the Japanese rebuilding, they’ll need lots 

of tropical timber and liquefied natural 

gas that comes from Malaysia. Because 

of that, Malaysia’s growth is going to increase 

in the next year, but its inflation— 

unlike everywhere else in the region—is 

expected to be stable. 

Indonesia and India, for example, 

have incredible growth stories, but they 

both have to slow it down, so that’s the 

difference. Meanwhile, Malaysian unemployment 

is only 3.2 percent. It doesn’t 

get much better than that. 

top-performing funds. This year, it’s better 

than most of the emerging markets, and 

it’s on par with the S&P 500 right now. 

ETFR: I noticed that financials are the 

biggest part of the portfolio. 

Gordon: What’s interesting is what it 

dosen’t have: a lot of industrials or materials. 

With emerging markets, particularly 

Russia, Brazil—any of the BRIC countries— 

you usually get a lot of energy and materials, 

or industrials. The opposite is true 

for Malaysia. So you’re getting a different 

area of the emerging market field that you 

can’t get from big funds like Vanguard 

Emerging Markets (NYSE Arca: VWO). 

The first reaction people have when 

they see the financials is to panic. But 

here’s the twist on that: The safest banks 

in the world are Asian in origin. If we 

were left dealing with an Asia currency 

crisis like in ’98, it might be a different 

story. But China’s been tightening its reserves 

and raising bank reserves so that 

they could avoid the problems that happen 

here. And Malaysia is in a good situation 

as far as that’s concerned. 

Sure, there are drawbacks. But the 

risk, the beta itself, tells you that it hasn’t 

been something subject to rapid swings. 

That’s attractive to people who are trying 

to lower the volatility of their portfolio. 

So if the macroeconomic picture is 

iShares MSCI Malaysia ETF 

Equity: Malaysia - Total Market 

Issuer: BlackRock 

Legal Structure: Open-Ended Fund 

Expense Ratio: 0.53% 

AUM: $994.53 million 

ADV (60-Day): 3,161,736 

Avg. Spread: 0.07% 

good and their microeconomic is equally 

good, the corporations are just as solid. 

Those are positive things. 

ETFR: Do you think that this is an investment 

theme a lot of people aren’t aware of? 

Gordon: Investors don’t have to do 

much more than look at the trends 

and look at the risk profiles and see it’s 

doing well. But I think anyone who’s 

had an Asia focus understands: China 

is the big dog. China is the next big 

economy. China is the one that runs 

the world. But that doesn’t mean that 

investing directly in China is your best 

choice anymore than when Japan was 

king of the block, that investing directly 

in Japan was your best choice. 

ETFR: What do you think is missing from 

EWM? 

Gordon: I might reduce the weighting 

at the top, just because there are only 43 

companies in that fund. 

And even then, nobody wants to see financials 

moved up from 29 to 32 percent 

of the portfolio. That’s a lot. You want to 

see more diversity. But there’s a butterfly 

effect: Once you adjust it, if it now is only 

20 percent financials, but has 15 percent 

materials and 10 percent energy, for example, 

half the good things I mentioned 

in the portfolio won’t exist. 

September 9, 2010 – September 9, 2011 

6.11% 

ETFR: Have you owned EWM for a long 

time? 

Gordon: It’s been one of my holdings 

since 2008. And last year, it was one of the 

Competing Funds: N/A 

Data as of: 09/09/11 

Source: Bloomberg 

S O 

2010 

N 

D 

J F M A M J J A 

2011 

S 


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nt1123_ETFR_8x10.5.indd 1 

9/12/11 11:42 AM

BKLN: Senior Loans Made Easy 

By Cory Banks 

New ETFs launch all the time. This year 

alone, issuers have brought 215 new 

products to market, according to the 

IndexUniverse ETF Classification System. 

Many are useful, relevant products, but 

few become superstars. 

The launch of the PowerShares Senior 

Loan Portfolio (NYSE Arca: BKLN), 

however, was something altogether different. 

Released on March 3, the fixedincome 

product accumulated more 

than $100 million in assets under management 

in a little more than 60 days, 

paving the way for similar filings from 

First Trust and Guggenheim. 

And yet, most investors don’t understand 

“senior loans” as a discrete asset 

class, which begs the question: What 

are these things, and how can investors 

effectively use BKLN? 

First In Line 

In Case Of Default 

Senior-loan funds—also called bank-loan, 

prime-rate, loan-participation or sometimes 

floating-rate funds—provide access 

to a specific breed of corporate debt. Often 

issued by companies with less-than-stellar 

credit ratings, senior loans originate from 

an era when savings and loans would issue 

debt to just about anyone—and often set 

themselves up for default in the process. 

The term “senior loan” is literal; loan 

holders are the first in line if the borrower 

defaults, receiving the highest-ranking 

claim on a defaulted firm’s assets, 

above unsecured debt, preferred stock 

and equity holders. 

When they start auctioning off the 

office chairs, it’s the senior loan holders 

who pocket the proceeds. 

Unlike most debt notes, the interest 

paid on senior loans “floats,” adjusting 

according to changes to the London 

Interbank Offered Rate (Libor) or prime 

rate. The variable rate, which typically 

adjusts on a monthly, quarterly or annual 

basis, means that these loans perform 

well when interest rates increase, 

while fixed-rate debt instruments suffer 

significant price erosion. 

With such benefits, it’s amazing that 

senior loans haven’t been available in an 

ETF until now. In fact, historically, the 

only way to access senior loans has been 

through closed-end mutual funds that 

can trade at uncontrollable premiums. 

Wrapping senior loans in an ETF 

structure solves those premium concerns, 

giving investors exposure to the 

true underlying liquidity of the seniorloan 

market, and no doubt accounting 

for much of BKLN’s asset growth. 

Betting On 

Interest Increases 

Throughout 2011, fixed-income gurus 

like Bill Gross have insisted that interest 

rates would skyrocket in reaction to 

the country’s rapidly increasing debt. 

Pimco, Gross’ investment firm and the issuer 

of popular actively managed bond 

ETFs like the Pimco Enhanced Short Maturity 

Strategy (NYSE Arca: MINT), has 

witnessed firsthand the broad sell-off 

of government debt, in anticipation of 

an uptick in interest rates and a looming 

debt debacle. As Gross himself proclaimed 

in a New York Times interview 

from April, “Americans have assumed the 

roller coaster goes one way. It’s been a 

great thrill as rates descended, but now 

we face an extended climb.” 

The appeal of senior loans is the floating 

interest rate component, in combination 

with a call on higher-credit-risk corporate 

debt. Moving away from Treasurys 

to a product using senior loans, then, can 

make sense: As rates climb, each loan held 

in BKLN will eventually reset to the new, 

higher interest level. That adaptability 

to interest hikes is a core component of 

BKLN’s role in an investment strategy. 

Looking Under The Hood 

Unlike most fixed-income funds, BKLN 

can fully replicate its benchmark, the 

S&P LSTA U.S. Leveraged Loan 100 Index. 

The ETF holds all 100 facilities in the 

index, itself reflecting the top 100 facilities 

in the leveraged loan market. Most of 

the issues mature in the short term, with 

just more than half of the holdings in the 

one- to five-year range. The longest maturity 

date in the portfolio is in January 

2023, a rarity in BKLN’s holdings. 

The term “facilities” is important: Not 

only does BKLN hold actual debt notes 

from firms like Tribune Co., Intelsat Jackson 

Holdings, and Texas Competitive Electric; 

it also holds shares of three closed-end 

mutual funds that focus on senior loans. 

This may concern investors. Closedend 

funds are often subject to massive 

premiums and/or discounts in prices, and 

that variability can directly affect the price 

authorized participants pay when building 

creation units of BKLN—especially if a 

premium collapses. However, such funds 

only make up 3.4 percent of BKLN’s portfolio, 

so the concern isn’t too large. 

BKLN’s launch predated a growing 

theme of floating interest rates in bond 

ETFs. The Market Vectors Investment 

Grade Floating Rate ETF (NYSE Arca: 

FLTR) and iShares Floating Rate Note 

Fund (NYSE Arca: FLOT) both launched 

within months of the senior loan product, 

and both invest in instruments 

that adjust interest rates according 

to flexible schedules. However, BKLN 

remains unique for its focus on highyield 

and noninvestment grade issues, 

making it a better fit for yield hunters 

with a high risk tolerance. 

Although the senior nature of the 

debt should assuage investors, it’s important 

to note that in certain cases, senior 

loans may lose their first-in-line status. 

This is especially true of senior loans issued 

by holding companies whose debt 

is actually subordinate to the debt of the 

holding companies’ subsidiaries. 

Opening New Doors 

BKLN seems tailor-made for today’s 

yield-seeking, interest-rate-wary investor. 

With recent worries over the U.S. 

debt ceiling dominating headlines and 

the search for income rapidly taking 

over 2011’s core investment themes, 

BKLN opens doors to new strategies 

for your ETF portfolio. 

“It’s the only unique play in ETFs to 

get high-yield, corporate exposure 

12 


Bigger from page 1 

cate to a fixed income fund are credit risk 

and duration. 

Since we’re talking about short-term 

Treasurys, the appetite for credit risk is clear: 

zilch. That leaves only duration, or the sensitivity 

of a fund to changes in interest rates. 

SHV—despite the cute ticker—has a much 

higher duration than its smaller peer, the 

iShares Barclays Short Treasury Bond ETF 

(NYSE Arca: SHV): 1.79 vs. just 0.36. SHV’s 

mandate is to invest in Treasurys with less 

than 12 months to expiration. 

Is SHV right for everyone? Of course 

not. Its short-term focus means its 30- 

day SEC yield is actually negative (-0.05 

percent), compared with the whopping 

Figure 1 

Crude Oil Challenge: DBO Vs. USO 

Percent Change 

20 

0 

-20 

-40 

-60 

-80 

S 

2008 

M 

2009 

Source: Bloomberg. Data as of 09/06/2011. 

positive 0.08 percent payout on SHY. But 

for the short term, SHV’s shorter maturities 

have reduced interest rate risk, which 

means people who are solely looking to 

park their cash have less to worry about. 

Crude Oil: USO Vs. DBO 

No ETF better illustrates the folly of following 

AUM than the United States 

Oil Fund (NYSE Arca: USO). The fund 

dominates the crude oil ETF space, with 

more than $1.5 billion in assets, all of it 

plainly invested in crude oil futures. Unfortunately 

for USO, its most distinguishing 

factor—besides its popularity—is its 

worst-in-class (for investors) strategy. 

USO’s main issue is that it invests strictly 

in near-month contracts. Unfortunately, for 

most of the past few years, the front end 

of the futures curve has been heavily impacted 

by contango—the situation where 

prices for out-month contracts are more 

expensive than prices for near-month contracts. 

According to HardAssetsInvestor. 

com, as of Aug. 29, 2011, the level state 

of contango in the WTI crude market cost 

investors the equivalent of 4.44 percent a 

year (assuming the market maintains its 

current shape). USO is a great tool for trading 

oil, as it’s very sensitive to short-term 

moves in WTI oil prices. But long term, the 

level of contango in the market has been a 

steady detractor for returns. 

Some alternative ETFs in the crude 

oil space address the issue as best they 

S 

M 

S 

2010 

■ DBO Equity ■ USO Equity 

M 

2011 

can. For instance, the PowerShares DB 

Oil Fund (NYSE Arca: DBO) invests in 

contracts that undergo the least damage 

from contango. While it still provides 

pure exposure to WTI crude oil 

contracts, it uses a rules-based methodology 

to select exactly which contracts 

it will enter into, which dampens the 

effects of markets in contango. DBO’s 

strategy has been good for a 24 percentage 

point improvement in returns 

over USO during the past three years. 

Energy Stocks: VDE Vs. XLE 

It might be equity ETFs that are easiest 

for investors to write off as basically being 

all the same. People assume that if 

you’re just an index fund tracking, say, 

S 

energy stocks, there’s not much difference 

between you and the competition. 

It’s usually not that simple though. Indexes 

differ markedly in the depth and 

size of their holdings and their weighting 

strategies, which adds up to funds with 

some pretty different characteristics. 

Take a look at two of the big energy 

sector funds on the market, the Energy 

Select Sector SPDR (NYSE Arca: XLE) 

and the Vanguard Energy ETF (NYSE 

Arca: VDE). The SPDR fund is the biggest 

energy fund, with $8.5 billion under 

management. It does its job well, and 

certainly cheaply at just 0.20 percent a 

year in annual fees. But the Vanguard 

fund, with $1.9 billion in assets, has 

much more comprehensive coverage of 

the sector. The fund has roughly an extra 

100 names in its portfolio, which means 

more exposure to small-cap companies 

and more diversification. 

Gold Bullion: GLD Vs. IAU 

When it comes to physically backed gold 

ETFs, there isn’t a whole lot to tell funds 

apart by. Unlike the more nuanced world 

of stocks, bonds and futures contracts, at 

the end of the day, physical gold funds 

hold the same exact thing: gold bars. 

Every physical-gold ETF works essentially 

the same way. Each has a few pallets 

of pure gold bricks stored in a bank vault 

or bank vaults somewhere. The names of 

the banks and their locations differ, but the 

ETFs provide exactly the same exposure— 

namely to the spot price of gold. That simplifies 

the calculus of selecting an ETF quite 

a bit; since the exposure is identical, you 

might as well pay as little as possible for it. 

Investors following AUM alone would 

buy the SPDR Gold Trust ETF (NYSE 

Arca: GLD), which recently spent a few 

days as the largest ETF in the world and 

currently has about $75 billion in assets. 

But that fund charges 15 more basis 

points per year in fees than the iShares 

Gold Trust (NYSE Arca: IAU). Generally, 

management costs are just one of many 

considerations when selecting an ETF, 

but with physical-gold funds, there isn’t 

much more to go on. The usual caveat 

is trading costs, but IAU now has more 

than $8 billion in assets, and trading 

costs between the two funds for most 

investors are similar. 

12 


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Bigger from page 10 

The big funds we mentioned here have 

their own advantages: They are liquid, well 

established and often have liquid options 

markets associated with them that allow 

BKLN from page 9 

without taking on too much interest-rate 

risk,” said IndexUniverse ETF Analyst Gene 

Koyfman, CFA. “It’s also a much more diversified 

exposure across different sectors 

within corporate bonds than investmentgrade, 

floating-rate securities. Those are 

still heavily weighted in financials.” 

Updates from page 3 

portfolios that include ETF baskets from 

powerhouses such as iShares, State Street 

Global Advisors, Vanguard, WisdomTree 

and Invesco PowerShares. 

The initial lineup includes: 

• Global X Aluminum ETF 

(NYSE Arca: ALUM) 

• Global X FTSE Andean 40 ETF 

(NYSE Arca: AND) 

• Global X FTSE Argentina 20 ETF 

(NYSE Arca: ARGT) 

• Global X Copper Miners ETF 

(NYSE Arca: COPX) 

• Global X FTSE Colombia 20 ETF 

(NYSE Arca: GXG) 

• Global X SuperDividend ETF 

(NYSE Arca: SDIV) 

• Global X Auto ETF 

(NYSE Arca: VROM) 

Deutsche To Buy 

Back 3 Elements ETNs 

Germany-based Deutsche Bank bought 

back three Elements ETNs that carry investing 

legend Benjamin Graham’s name. 

It didn’t cite a reason, but the three ETNs 

have gathered few assets. 

The three ETNs were: 

• Elements Benjamin Graham Total 

Market Value Index-Total Return 

ETN (NYSE Arca: BVT) 

• Elements Benjamin Graham Large 

Cap Value Index-Total Return ETN 

(NYSE Arca: BVL) 

• Elements Benjamin Graham Small 

Cap Value Index-Total Return ETN 

(NYSE Arca: BSC) 

Holders of the ETNs received a cash 

payment on Aug. 26 equal to the daily repurchase 

value on Aug. 23, Deutsche said 

folks to execute complex trading strategies. 

But it’s important for investors to 

realize that the first choice isn’t always 

the best choice for long-term investors, 

and that they should evaluate funds by 

That alone can explain why investors 

have put more than $158 million into 

the fund’s coffers in such a short time. 

BLKN’s rapid asset accumulation has 

attracted a number of copycat funds: 

Both First Trust and Guggenheim have 

filed paperwork with the SEC to introduce 

their own senior-loan products 

in a press release. The company, which already 

uses Invesco PowerShares to market 

a family of ETFs and ETNs it sponsors in the 

U.S., also began to roll out its very own 

ETFs under the DBX brand earlier this year. 

iShares Launches 

2 New Target-Date ETFs 

iShares rolled out two additional target-date 

exchange-traded funds, bringing to nine the 

number of fund-of-funds ETFs that are organized 

around a specific retirement date. 

The two new funds, the iShares S&P 

Target Date 2045 Index Fund (NYSE Arca: 

TZW) and the iShares S&P Target Date 2050 

Index Fund (NYSE Arca: TZY), both come 

with a net annual expense ratio of 0.32 percent, 

the company said on its website. 

Like the rest of the target-date funds 

in the iShares lineup, the new funds are 

built out of different ETFs sponsored by 

the San Francisco-based firm. Target-date 

funds are designed so that asset allocations 

shift over time away from equities to 

make way for more fixed-income holdings 

as the targeted retirement date nears. 

New iPath ETN Debuts 

Dynamic Volatility Play 

Barclays Bank added to its iPath roster 

of volatility-linked ETNs with the launch 

of its first dynamic volatility strategy, designed 

as a tool for investors to benefit 

from volatility spikes while managing the 

roll cost during calm markets. 

The iPath S&P 500 Dynamic VIX ETN 

(NYSE Arca: XVZ) is designed to give exposure 

to the S&P 500 Dynamic VIX Futures TR 

Index, which allocates between the S&P 500 

Short-Term Futures Index Excess Return and 

the S&P 500 VIX Mid-Term Futures Index 

several factors, not by which is the biggest 

game in town. Oftentimes you’ve 

got to do some more looking under the 

hood to see which fund really gives you 

the exposure you’re looking for. 

to the marketplace. While details are 

scant, it’s likely that both products will 

at least attempt to undercut BKLN’s 

0.83 percent net expense ratio. 

For income investors who are willing 

to take on the credit risk but want to 

avoid interest rate risk, BKLN is the only 

game in town. 

Excess Return by monitoring the steepness 

of the implied volatility curve. XVZ comes 

with a yearly fee of 0.95 percent. 

Van Eck Debuts 

Mortgage REIT ETF 

Van Eck Global launched a mortgage REIT 

ETF that focuses on companies involved 

with the purchase or service of commercial 

and residential mortgage loans. 

The Market Vectors Mortgage REIT Income 

ETF (NYSE Arca: MORT) will track 

Van Eck’s proprietary Market Vectors Global 

Mortgage REITs Index, a rules-based, 

capitalization-weighted benchmark comprising 

companies that derive at least 50 

percent of their revenue from mortgage 

REITs. Its net expense ratio is 0.40 percent. 

The entire 25-stock portfolio is allocated 

to REITs focused on residential and 

commercial mortgages, but excludes 

mortgage finance companies and saving 

accounts, the company said. 

Cantor Fitzgerald To 

Create ETF Arb Business 

New York-based capital markets investment 

bank Cantor Fitzgerald is taking steps to 

build its own ETF arbitrage business. The 

company has enlisted Dan Segal, formerly of 

SEG Capital, to head its ETF arbitrage group, 

and hired a group of trader/market makers 

that include Joseph La Grasta, Todd Alberico 

and Kanellas Cafcules, who will focus on domestic 

ETFs, international/currency ETFs and 

fixed-income/commodities ETFs, respectively, 

according to a press release. 

The move brings Cantor Fitzgerald 

closer to competing firms like Knight Capital 

Group, Susquehanna, Wallach-Beth 

and other ETF market makers and APs. 


October 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return 

Issue No. 131 

Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev 

U.S. Equity: Total Market 

WisdomTree Dividend Ex-Financials DTN 0.38 570.3 -5.96 3.98 21.44 25.57 5.54 1.99 21,367 14.63 23.68 3.33 

WisdomTree Total Dividend DTD 0.28 170.3 -7.00 1.54 16.32 19.57 1.65 0.30 38,365 13.61 21.90 2.92 

iShares S&P 1500 ISI 0.20 300.3 -9.20 -1.89 16.24 26.59 0.75 1.04 32,705 13.78 21.96 1.80 

iShares Dow Jones US IYY 0.20 541.6 -9.57 -2.24 16.50 28.25 0.84 1.23 30,947 13.76 22.06 1.79 

Schwab U.S. Broad Market SCHB 0.06 742.7 -9.78 -2.27 17.10 - - - 28,506 13.83 - 1.76 

Vanguard Total Stock Market VTI 0.07 19,299.0 -9.88 -2.51 17.45 28.87 1.15 1.45 27,072 15.45 22.32 1.92 

iShares Russell 3000 IWV 0.20 3,111.0 -9.92 -2.56 16.82 28.29 0.69 1.01 26,264 13.78 22.54 1.76 

SPDR Dow Jones Total Market TMW 0.20 177.9 -9.37 -2.72 17.34 27.89 0.88 1.24 29,213 13.76 22.66 1.73 

PowerShares Dynamic Market PWC 0.60 150.6 -13.90 -6.23 17.33 18.47 -2.40 -1.31 10,860 12.32 21.00 1.47 

U.S. Equity: Total Market Growth 

iShares Russell 3000 Growth IWZ 0.25 297.2 -8.21 -0.52 17.42 36.83 2.75 3.50 28,191 16.24 21.95 1.23 

Fidelity Nasdaq Composite ONEQ 0.30 152.6 -8.57 -2.31 17.79 45.16 3.86 4.15 16,410 16.96 24.71 0.81 

U.S. Equity: Total Market Value 

iShares Russell 3000 Value IWW 0.25 286.4 -11.49 -4.51 15.76 19.66 -1.52 -1.69 24,442 11.89 23.31 2.21 

U.S. Equity: Extended Cap 

Vanguard Extended Market VXF 0.16 1,238.8 -13.33 -4.62 27.62 37.90 2.93 3.36 2,407 17.71 27.08 1.05 

PowerShares FTSE RAFI US SmMid PRFZ 0.39 326.2 -14.28 -7.86 28.30 58.64 7.00 - 984 15.70 32.34 0.92 

U.S. Equity: Large Cap 

WisdomTree LargeCap Dividend DLN 0.28 737.9 -6.67 1.88 14.98 17.31 1.11 -0.05 59,604 13.23 21.08 2.67 

SPDR DJIA DIA 0.18 9,649.0 -7.35 1.53 13.97 22.72 2.92 2.94 105,342 12.73 19.14 2.67 

PowerShares S&P 500 High Quality PIV 0.50 125.2 -7.84 0.26 20.50 12.59 -5.59 -1.20 22,907 15.40 21.46 1.52 

ProShares Credit Suisse 130/30 CSM 0.95 112.1 -9.08 -0.94 14.17 - - - 29,883 14.35 - 0.69 

Rydex Russell Top 50 XLG 0.20 446.4 -6.57 -1.29 9.32 20.30 -0.32 -0.19 135,205 12.57 19.23 2.03 

Vanguard Mega Cap 300 MGC 0.13 322.0 -8.56 -1.79 13.77 25.24 0.24 - 61,430 14.78 21.08 2.02 

SPDR S&P 500 SPY 0.09 91,823.7 -8.96 -1.95 15.02 26.31 0.44 0.74 46,971 13.49 21.40 1.99 

Schwab U.S. Large-Cap SCHX 0.08 614.3 -9.24 -1.97 15.92 - - - 39,280 13.66 - 1.84 

iShares S&P 500 IVV 0.09 26,314.3 -8.95 -1.97 15.11 26.61 0.46 0.75 46,971 13.49 21.44 1.99 

Vanguard Large-Cap VV 0.12 2,992.6 -9.24 -2.00 15.93 27.36 0.91 1.30 40,595 15.32 21.77 1.93 

iShares Morningstar Large Core JKD 0.20 275.1 -8.50 -2.02 12.68 21.09 -0.34 1.81 60,089 13.74 21.07 1.98 

iShares S&P 100 OEF 0.18 2,974.1 -7.87 -2.04 12.48 22.12 -0.25 0.32 99,360 12.71 20.23 2.07 

Vanguard S&P 500 VOO 0.06 1,359.5 -9.03 -2.12 - - - - 49,263 15.16 - - 

iShares Russell 1000 IWB 0.15 6,407.9 -9.46 -2.13 16.02 28.39 0.73 1.01 35,029 13.67 22.01 1.84 

Rydex S&P Equal Weight RSP 0.40 2,656.8 -11.38 -2.73 21.39 44.59 3.88 2.49 12,838 14.46 26.59 1.52 

First Trust Large Core AlphaDEX FEX 0.70 236.4 -11.09 -2.81 20.67 36.83 2.90 - 13,788 14.00 24.22 0.97 

iShares MSCI KLD 400 Social DSI 0.50 142.5 -8.67 -3.11 11.42 30.73 0.48 - 32,900 14.60 21.90 1.47 

iShares MSCI USA ESG Select Social KLD 0.50 159.1 -9.36 -3.36 13.89 30.38 0.40 0.89 28,282 15.65 21.83 1.55 

RevenueShares Large Cap RWL 0.49 180.1 -10.83 -3.46 16.81 29.86 1.12 - 38,838 12.86 24.60 1.74 

PowerShares FTSE RAFI US 1000 PRF 0.39 1,097.8 -11.03 -4.28 19.69 41.74 4.06 1.73 31,884 13.50 26.48 1.93 

PowerShares S&P 500 Low Volatility SPLV 0.25 250.1 -3.42 - - - - - 20,011 15.16 - - 

U.S. Equity: Large Cap Growth 

PowerShares QQQ QQQ 0.20 22,183.6 -5.45 1.46 19.89 54.67 6.73 7.74 59,894 16.63 24.16 0.76 

Rydex S&P 500 Pure Growth RPG 0.35 304.3 -8.71 1.36 26.90 49.33 8.90 6.15 14,289 17.22 25.27 0.41 

SPDR 500 Growth SPYG 0.20 188.0 -6.10 1.02 16.25 36.95 3.14 3.89 48,145 15.40 22.09 1.15 

iShares Russell Top 200 Growth IWY 0.20 394.7 -5.60 1.01 11.98 - - - 77,052 15.15 - 1.44 

iShares S&P 500 Growth IVW 0.18 6,428.9 -6.55 0.90 14.94 31.13 2.94 3.14 48,156 15.40 20.27 1.50 

iShares Russell 1000 Growth IWF 0.20 13,114.4 -7.60 -0.01 16.48 36.73 2.83 3.60 37,314 16.09 21.63 1.35 

Vanguard Mega Cap 300 Growth MGK 0.13 527.2 -6.58 -0.37 14.53 35.01 2.03 - 52,489 17.54 21.04 1.37 

iShares Morningstar Large Growth JKE 0.25 350.1 -5.64 -0.70 12.57 43.94 1.25 2.50 59,083 16.66 22.48 0.80 

Vanguard Growth VUG 0.12 5,845.1 -7.67 -0.81 17.23 36.08 2.28 3.77 36,189 18.28 21.73 1.27 

Schwab U.S. Large-Cap Growth SCHG 0.13 309.2 -8.87 -1.97 16.85 - - - 30,029 16.04 - 0.80 

First Trust Large Growth AlphaDEX FTC 0.70 125.6 -9.88 -2.80 23.62 28.83 1.55 - 14,971 20.11 23.03 0.66 

PowerShares Dyn Large Cap Growth PWB 0.60 171.0 -9.58 -2.84 13.74 34.61 -1.59 1.09 43,870 18.99 22.14 0.81 

U.S. Equity: Large Cap Value 

PowerShares Dyn Large Cap Value PWV 0.60 377.6 -9.98 -1.00 13.29 18.60 2.53 2.35 56,053 10.48 19.70 2.44 

Schwab U.S. Large-Cap Value SCHV 0.13 242.0 -9.50 -2.15 14.86 - - - 50,915 11.91 - 2.61 

First Trust Large Cap Value AlphaDEX FTA 0.70 167.6 -11.98 -2.76 18.69 40.43 3.88 - 13,046 11.13 27.64 1.23 

iShares Morningstar Large Value JKF 0.25 211.5 -10.44 -2.82 14.57 11.02 -1.53 -3.05 68,236 10.15 20.20 2.76 

Vanguard Mega Cap 300 Value MGV 0.13 352.1 -10.67 -3.28 13.16 15.73 -1.47 - 72,044 12.71 22.15 2.58 

Vanguard Value VTV 0.12 5,004.4 -11.13 -3.48 14.57 19.88 -0.66 -1.30 45,655 13.13 22.43 2.58 

iShares Russell 1000 Value IWD 0.20 10,396.0 -11.21 -4.12 15.44 19.23 -1.52 -1.69 32,816 11.82 22.92 2.24 

iShares Russell Top 200 Value IWX 0.20 152.3 -10.42 -4.29 10.59 - - - 67,460 11.40 - 2.32 

iShares S&P 500 Value IVE 0.18 3,818.9 -11.52 -5.00 14.97 20.90 -2.30 -1.95 45,710 11.81 23.63 2.33 

SPDR S&P 500 Value Index SPYV 0.20 155.4 -11.59 -5.28 15.53 17.03 -2.12 -1.83 45,735 11.81 21.54 2.49 

Yield 

Data as of 08/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. 3-Mo is 3-month total return. YTD is year-to-date. 3- and 5-year 

returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation. Yield is 12-month. Includes all 

U.S.-listed ETFs and ETNs with assets over $100 million. 



Issue No. 131 


U.S. Equity: Mid Cap 

WisdomTree MidCap Dividend DON 0.38 246.2 -8.92 1.24 21.65 31.91 5.32 2.55 3,687 17.67 27.51 2.78 

First Trust Mid Cap Core AlphaDEX FNX 0.70 261.4 -12.18 -2.24 26.64 46.78 6.34 - 2,803 15.48 26.82 0.43 

iShares Morningstar Mid Core JKG 0.25 148.3 -11.52 -2.43 26.49 38.64 3.47 3.30 5,528 16.13 26.88 1.51 

WisdomTree MidCap Earnings EZM 0.38 112.8 -11.95 -2.52 25.60 50.22 7.77 - 2,493 12.91 27.50 1.34 

SPDR S&P MidCap 400 MDY 0.25 9,645.5 -12.65 -2.93 26.26 37.52 3.71 4.32 3,422 18.42 25.28 1.04 

Vanguard Mid-Cap VO 0.12 3,336.7 -12.30 -2.96 25.68 40.47 3.48 2.90 6,434 18.57 25.86 1.23 

iShares S&P 400 MidCap IJH 0.21 9,463.2 -12.29 -2.99 26.73 37.81 3.92 4.54 3,246 16.61 25.30 1.17 

iShares Russell Midcap IWR 0.21 6,078.4 -12.14 -3.21 25.31 40.70 2.81 2.86 6,467 15.48 26.03 1.67 

RevenueShares Mid Cap RWK 0.54 120.2 -13.11 -5.02 23.21 51.87 5.58 - 2,980 14.69 28.76 0.63 

U.S. Equity: Mid Cap Growth 

Rydex S&P MidCap 400 Pure Growth RFG 0.35 585.2 -9.66 2.98 34.84 60.81 13.87 11.72 3,478 20.11 27.52 0.10 

iShares Morningstar Mid Growth JKH 0.30 168.2 -10.69 -0.21 27.84 42.17 2.74 4.70 6,099 23.22 25.18 0.46 

iShares S&P Mid Cap 400 Growth IJK 0.26 2,830.6 -11.17 -0.29 30.44 41.11 5.68 6.80 3,703 18.90 25.47 0.62 

iShares Russell Mid Cap Growth IWP 0.25 3,107.9 -11.87 -1.91 26.03 46.47 3.57 4.07 6,761 19.00 25.81 0.95 

Vanguard Mid-Cap Growth VOT 0.12 1,226.5 -11.80 -2.00 29.14 43.91 2.94 3.88 7,115 22.82 26.06 0.54 

U.S. Equity: Mid Cap Value 

Vanguard Mid-Cap Value VOE 0.12 809.8 -12.91 -4.12 21.77 38.28 3.59 1.55 5,789 15.56 26.39 1.99 

iShares Russell Midcap Value IWS 0.26 2,692.0 -12.52 -4.31 24.43 33.31 1.97 1.24 6,190 12.98 27.06 2.33 

iShares S&P MidCap 400 Value IJJ 0.27 1,977.0 -13.35 -5.45 22.58 34.35 1.98 2.16 2,830 14.67 25.84 1.74 

U.S. Equity: Small Cap 

iShares S&P SmallCap 600 IJR 0.20 6,212.7 -12.35 -4.03 26.61 25.88 2.00 2.57 1,012 16.62 27.03 1.14 

First Trust Small Cap Core AlphaDEX FYX 0.70 102.8 -11.70 -4.81 27.35 36.82 3.91 - 790 15.83 29.60 0.33 

Vanguard Small-Cap VB 0.17 4,591.4 -13.52 -5.07 28.12 36.61 3.24 3.27 1,549 16.89 28.53 1.22 

Schwab U.S. Small-Cap SCHA 0.13 462.5 -13.63 -5.14 28.62 - - - 1,422 15.44 - 1.21 

iShares Morningstar Small Core JKJ 0.25 151.2 -13.85 -5.59 27.68 39.78 2.64 2.15 1,577 15.69 29.54 1.20 

WisdomTree SmallCap Earnings EES 0.38 116.3 -11.03 -5.94 26.97 48.71 8.03 - 616 11.68 30.68 1.30 

RevenueShares Small Cap RWJ 0.54 106.9 -12.08 -6.08 25.96 46.53 6.45 - 922 15.39 32.90 0.46 

WisdomTree SmallCap Dividend DES 0.38 226.9 -10.00 -6.66 27.05 22.15 3.21 0.02 779 14.39 30.04 3.80 

iShares Russell 2000 IWM 0.26 13,995.4 -14.11 -6.68 26.90 28.53 0.81 1.53 931 15.39 27.41 1.30 

U.S. Equity: Small Cap Growth 

SPDR S&P SmallCap 600 Growth SLYG 0.25 151.0 -12.59 -1.04 30.21 47.12 5.72 5.61 1,129 17.42 29.63 0.52 

iShares S&P SmallCap 600 Growth IJT 0.25 1,602.1 -12.84 -1.08 28.24 28.78 3.32 4.40 1,129 17.42 26.51 0.87 

Vanguard Small-Cap Growth VBK 0.12 2,056.4 -13.90 -3.27 30.95 42.79 4.19 5.36 1,616 20.83 28.52 0.49 

iShares Morningstar Small Growth JKK 0.30 105.7 -13.13 -3.59 31.18 32.73 2.87 3.63 1,556 20.33 27.26 0.35 

iShares Russell 2000 Growth IWO 0.25 3,620.8 -14.15 -4.76 29.38 34.61 2.09 3.56 1,079 18.73 27.48 0.64 

U.S. Equity: Small Cap Value 

Vanguard Small-Cap Value VBR 0.23 1,880.6 -13.09 -6.96 25.12 30.97 2.03 1.00 1,485 14.28 28.61 2.05 

iShares S&P SmallCap 600 Value IJS 0.25 1,564.0 -11.96 -7.13 24.70 22.36 0.52 0.71 907 15.86 28.34 1.33 

iShares Morningstar Small Value JKL 0.30 156.0 -13.28 -7.21 25.80 40.06 5.23 2.36 1,513 12.91 29.71 2.20 

SPDR S&P SmallCap 600 Value SLYV 0.25 102.2 -12.10 -7.54 24.62 36.93 3.17 1.74 906 15.85 28.75 1.73 

iShares Russell 2000 Value IWN 0.40 3,789.5 -14.18 -8.81 24.68 20.59 -0.68 -0.75 804 13.01 28.20 2.03 

U.S. Equity: Micro Cap 

iShares Russell Microcap IWC 0.67 404.8 -15.68 -10.98 29.55 23.72 -1.54 -2.77 234 12.31 29.28 1.04 

U.S. Equity: Basic Materials 

Vanguard Materials VAW 0.24 619.2 -10.98 -6.10 24.46 51.44 -0.39 6.19 12,128 15.09 31.10 2.33 

Materials Select SPDR XLB 0.20 2,102.5 -10.62 -7.22 20.56 48.11 -1.15 4.74 19,251 13.50 29.84 3.67 

First Trust Materials AlphaDEX FXZ 0.70 354.1 -15.25 -7.97 28.28 59.45 1.89 - 5,471 14.74 37.34 1.73 

iShares DJ US Basic Materials IYM 0.47 745.7 -12.24 -8.20 31.02 64.37 0.04 7.23 13,743 12.57 34.75 1.50 

SPDR S&P Metals and Mining XME 0.35 768.4 -18.33 -14.66 34.15 88.12 -5.51 6.67 2,916 17.27 43.82 0.72 

U.S. Equity: Consumer Cyclicals 

SPDR S&P Retail XRT 0.35 545.6 -8.22 2.90 37.39 77.29 17.15 7.63 3,029 16.15 31.67 0.93 

iShares DJ US Consumer Services IYC 0.47 225.7 -6.99 1.48 23.26 32.63 6.81 3.87 22,419 16.22 22.82 1.10 

Consumer Discr Select SPDR XLY 0.20 2,076.2 -6.79 1.09 27.49 40.52 9.01 4.21 26,054 16.18 26.27 1.55 

Vanguard Consumer Discretionary VCR 0.24 338.3 -7.95 -0.28 30.57 46.42 9.22 4.14 16,311 17.44 27.91 1.00 

First Trust Consumer Discr AlphaDEX FXD 0.70 403.4 -10.68 -0.61 32.01 57.11 10.11 - 7,157 15.48 32.90 0.43 

Retail HOLDRS RTH - 140.7 -5.55 -1.15 15.55 26.78 4.49 3.76 45,314 15.90 20.22 - 

PowerShares Dynamic Media PBS 0.60 130.4 -14.53 -4.89 20.18 61.92 4.39 -0.36 8,139 17.29 30.85 0.75 

SPDR S&P Homebuilders XHB 0.35 637.1 -20.10 -13.01 17.40 27.60 -7.10 -12.36 2,516 20.05 38.48 2.28 

iShares DJ US Home Construction ITB 0.47 258.7 -24.51 -22.44 10.43 23.24 -13.97 -21.32 2,303 24.56 41.72 0.76 

Yield 






Issue No. 131 


U.S. Equity: Consumer Non-Cyclicals 

First Trust Cons Staples AlphaDEX FXG 0.70 185.1 -6.14 12.76 19.75 27.47 10.63 - 10,166 13.05 18.15 0.77 

Vanguard Consumer Staples VDC 0.24 767.5 -3.39 7.58 14.62 16.55 7.12 7.15 44,571 15.81 14.51 2.41 

Consumer Staples Select SPDR XLP 0.20 5,283.9 -3.73 6.71 13.81 14.22 6.11 6.55 53,850 15.41 14.52 2.70 

PowerShares Dyn Food/Beverage PBJ 0.60 260.5 -5.22 6.06 29.97 10.95 8.02 6.36 6,009 13.64 16.13 0.90 

iShares DJ US Consumer Goods IYK 0.47 380.5 -4.96 4.41 18.99 23.32 6.68 5.75 36,258 15.01 17.49 2.10 

U.S. Equity: Energy 

PowerShares Dynamic Energy PXI 0.60 142.0 -10.14 2.77 39.56 42.19 0.95 - 6,755 18.07 31.07 0.84 

UBS E-TRACS MLP Infrastr ETN MLPI 0.85 176.6 -0.92 2.60 - - - - - - - 5.21 

SPDR S&P Oil & Gas Expl/Prod XOP 0.35 816.6 -11.82 2.32 28.58 40.16 -0.09 7.37 3,549 17.01 32.40 0.89 

Alerian MLP AMLP 0.85 1,298.7 -0.73 1.50 - - - - 7,110 17.92 - 6.36 

Energy Select SPDR XLE 0.20 8,487.4 -10.67 1.25 21.81 21.81 -1.03 5.87 54,045 12.93 25.67 1.55 

iShares DJ US Energy IYE 0.47 943.8 -10.82 1.04 19.00 19.28 -1.76 5.52 59,205 12.46 24.84 1.35 

Vanguard Energy VDE 0.24 1,792.0 -11.18 0.62 21.05 25.54 -1.53 5.74 51,176 15.24 26.65 1.24 

JPMorgan Alerian MLP ETN AMJ 0.85 2,840.8 -3.36 0.15 34.53 - - - - - - 5.26 

iShares DJ US Oil Equip/Services IEZ 0.47 537.0 -12.03 -0.21 31.77 63.64 -4.76 5.45 12,610 20.55 39.99 0.44 

First Trust ISE-Revere Natural Gas FCG 0.60 481.4 -12.27 -0.27 12.23 50.06 -6.51 - 12,573 17.11 35.80 0.28 

iShares DJ US Oil & Gas Expl/Prod IEO 0.47 385.3 -11.88 -0.92 18.65 41.06 -1.77 5.66 14,648 18.05 31.27 0.47 

PowerShares Dyn Oil/Gas Services PXJ 0.60 205.0 -13.22 -1.37 29.18 52.86 -8.17 2.16 5,224 24.44 40.87 0.36 

First Trust Energy AlphaDEX FXN 0.70 154.5 -12.97 -1.46 27.63 46.57 -3.61 - 10,330 15.54 36.92 0.51 

PowerShares S&P SmallCap Energy PSCE 0.29 102.2 -16.00 -1.58 - - - - 1,504 18.30 - 1.26 

Credit Suisse Cushing 30 MLP MLPN 0.85 179.9 -5.70 -1.69 - - - - - - - 4.09 

SPDR S&P Oil & Gas Equip/Services XES 0.35 366.3 -14.60 -2.26 30.12 67.80 -4.21 5.28 3,211 20.39 39.55 0.83 

Oil Services HOLDRS OIH - 2,257.9 -12.68 -4.19 20.42 62.71 -8.98 0.99 29,011 24.25 38.78 - 

PowerShares WilderHill Clean Energy PBW 0.60 328.7 -24.08 -30.22 -5.55 27.61 -28.45 -16.73 1,140 9.31 39.34 - 

U.S. Equity: Financials 

iShares DJ US Financial IYF 0.47 386.1 -13.96 -12.87 12.20 16.86 -9.95 -12.40 21,951 11.51 32.72 1.42 

Vanguard Financials VFH 0.27 544.2 -14.51 -13.59 14.83 14.32 -9.70 -11.89 19,950 12.54 32.84 1.71 

Financial Select SPDR XLF 0.20 5,140.1 -15.24 -15.61 11.91 17.50 -12.75 -14.77 37,659 10.58 35.79 1.38 

SPDR KBW Regional Banking KRE 0.35 410.1 -14.46 -16.03 20.65 -21.93 -9.57 -12.19 1,159 15.34 30.64 1.66 

SPDR KBW Insurance KIE 0.35 122.0 -18.24 -17.39 26.08 27.92 -4.68 -5.89 10,454 10.82 38.77 2.03 

iShares DJ US Financial Services IYG 0.47 169.5 -16.07 -17.86 7.71 16.11 -13.14 -15.76 34,637 10.43 34.52 0.75 

SPDR KBW Bank KBE 0.35 1,151.7 -19.95 -22.78 23.07 -1.82 -13.91 -16.20 19,882 10.06 39.15 1.00 

U.S. Equity: Health Care 

Biotech HOLDRS BBH - 244.6 -6.09 9.78 2.15 11.49 3.06 4.41 29,580 15.05 18.26 - 

PowerShares Dyn Pharmaceuticals PJP 0.60 166.4 -4.66 9.30 27.51 17.43 13.65 9.54 10,857 15.96 18.00 0.59 

iShares DJ US Pharmaceuticals IHE 0.47 194.1 -5.46 8.90 12.72 30.06 11.88 7.62 14,604 16.52 19.07 1.31 

Pharmaceutical HOLDRS PPH - 508.4 -5.57 7.38 1.67 20.47 4.96 2.29 83,810 17.53 17.13 - 

Health Care Select SPDR XLV 0.20 3,396.0 -7.06 7.01 3.32 19.49 2.82 2.22 43,454 15.31 17.81 1.90 

Vanguard Health Care VHT 0.24 703.5 -8.51 5.94 5.60 21.81 3.35 3.00 26,812 17.32 18.39 1.64 

iShares DJ US Healthcare IYH 0.47 574.4 -8.16 5.92 4.13 20.96 2.77 2.67 33,207 15.46 18.14 1.52 

SPDR S&P Pharmaceuticals XPH 0.35 224.8 -6.74 5.44 22.47 27.60 13.84 8.97 6,119 16.76 20.05 0.84 

First Trust Health Care AlphaDEX FXH 0.70 175.1 -11.20 4.94 19.01 51.22 11.79 - 8,291 14.95 21.24 0.23 

PowerShrs S&P SmCap Health Care PSCH 0.29 111.3 -13.90 4.92 - - - - 1,207 19.61 - 0.25 

iShares DJ US Healthcare Providers IHF 0.47 222.9 -14.59 4.60 11.47 35.44 4.56 1.12 9,009 11.05 26.27 0.21 

iShares DJ US Medical Devices IHI 0.47 386.6 -10.76 4.14 11.35 38.49 -0.35 5.45 7,794 17.89 24.98 0.11 

iShares Nasdaq Biotechnology IBB 0.48 1,352.7 -12.02 2.99 14.84 15.17 4.05 5.66 5,710 18.48 21.35 0.53 

SPDR S&P Biotech XBI 0.35 505.9 -16.07 0.11 17.60 0.36 -0.50 6.69 2,614 18.06 24.24 - 

First Trust NYSE Arca Biotechnology FBT 0.60 411.8 -19.48 -8.39 36.94 45.05 12.08 11.62 4,992 21.36 29.51 - 

PowerShares Dyn Biotech/Genome PBE 0.60 167.4 -15.04 -9.73 31.47 21.91 0.32 3.37 3,419 21.03 23.60 - 

U.S. Equity: Industrials 

iShares DJ US Aerospace/Defense ITA 0.47 107.4 -9.65 -0.75 16.60 25.32 0.77 5.01 7,667 12.97 26.98 1.09 

Industrial Select SPDR XLI 0.20 3,077.0 -13.49 -6.25 27.85 22.00 -0.43 2.25 29,386 14.35 28.49 2.05 

iShares DJ US Industrial IYJ 0.47 374.8 -14.04 -6.25 25.49 25.81 -0.99 2.07 17,546 14.71 28.64 1.78 

Vanguard Industrials VIS 0.24 465.9 -14.12 -7.24 27.32 22.05 -1.61 1.69 19,304 17.55 29.43 1.42 

iShares DJ Transportation Avg IYT 0.47 374.6 -14.90 -8.33 26.74 18.93 -1.38 3.08 9,460 19.03 28.11 1.30 

U.S. Equity: Technology 

Internet HOLDRS HHH - 127.2 0.20 10.58 24.35 82.50 16.47 10.51 49,824 32.25 29.42 - 

Technology Select SPDR XLK 0.20 6,713.1 -7.28 -2.29 11.41 51.25 4.01 4.23 77,069 13.49 22.61 1.44 

iShares S&P North Am Technology IGM 0.48 371.5 -8.93 -3.73 11.98 62.42 3.56 5.07 45,321 14.25 25.14 0.51 

Vanguard Information Technology VGT 0.24 1,819.6 -8.91 -3.77 12.78 61.89 4.17 4.96 40,759 15.70 24.98 0.61 

iShares DJ US Technology IYW 0.47 1,303.6 -8.51 -4.43 12.42 63.79 4.40 4.88 61,465 13.66 24.79 0.52 

First Trust Dow Jones Internet FDN 0.60 465.3 -12.13 -5.48 36.72 79.07 14.14 9.81 10,329 29.07 27.81 0.15 

iShares S&P North Amer Software IGV 0.48 510.6 -15.45 -6.06 24.64 47.53 3.67 6.44 11,626 21.10 24.82 - 

Rydex S&P Equal Weight Technology RYT 0.50 110.4 -15.28 -8.57 17.89 69.07 3.17 - 12,448 14.09 28.21 0.53 

Semiconductor HOLDRS SMH - 527.5 -18.67 -9.63 18.52 61.55 2.48 -1.74 20,304 11.53 29.57 - 

First Trust NASDAQ-100-Technology QTEC 0.60 160.9 -15.85 -10.38 21.71 79.71 6.60 5.03 18,616 14.85 28.60 0.69 

SPDR Morgan Stanley Technology MTK 0.50 170.2 -13.81 -10.87 15.31 70.44 2.25 3.39 36,070 14.21 27.48 0.67 

Yield 






Issue No. 131 


U.S. Equity: Technology (Continued) 

iShares PHLX SOX Semiconductor SOXX 0.48 159.4 -18.65 -12.91 14.32 74.92 0.53 -3.62 11,000 10.32 32.25 1.06 

First Trust Technology AlphaDEX FXL 0.70 146.0 -20.44 -13.22 26.64 66.79 2.91 - 6,813 13.72 30.22 0.03 

PowerShares Dynamic Networking PXQ 0.60 103.5 -20.91 -14.21 46.46 63.13 12.57 8.40 3,600 25.96 29.87 0.47 

iShares S&P North Am Multimedia IGN 0.48 155.7 -18.94 -15.60 24.30 60.57 -1.16 -0.49 8,094 15.22 34.02 0.10 

U.S. Equity: Telecommunications 

Telecom HOLDRS TTH - 127.9 -7.08 0.50 16.38 7.05 2.50 0.80 90,028 10.87 17.58 - 

Vanguard Telecommunication Svcs VOX 0.24 394.8 -10.26 -0.73 19.52 29.45 4.66 2.48 19,962 14.80 20.67 2.93 

iShares DJ Telecommunications IYZ 0.47 619.6 -12.37 -3.15 20.72 26.22 1.36 0.07 12,364 13.70 23.12 2.74 

U.S. Equity: Utilities 

Utilities Select SPDR XLU 0.20 6,006.1 1.06 10.25 5.35 11.69 0.72 3.24 15,201 14.04 16.36 3.91 

Vanguard Utilities VPU 0.24 804.6 0.37 10.00 7.05 11.27 1.42 3.45 10,515 14.59 16.04 3.64 

iShares DJ US Utilities IDU 0.47 573.0 0.11 9.60 7.21 12.31 0.62 2.85 11,289 14.44 16.22 3.60 

U.S. Equity: Real Estate 

iShares FTSE NAREIT Residential Plus REZ 0.48 157.3 0.39 14.52 30.81 20.73 6.09 - 6,261 40.05 31.60 2.94 

iShares Cohen & Steers Realty Majrs ICF 0.35 2,433.4 -6.96 7.79 29.14 25.54 0.49 -1.01 10,833 35.37 41.08 2.82 

SPDR Dow Jones REIT RWR 0.25 1,497.9 -7.00 6.50 28.03 28.24 1.75 -0.48 7,766 36.14 40.00 3.01 

Vanguard REIT VNQ 0.12 9,244.9 -7.33 5.65 28.43 30.07 2.71 0.61 6,461 39.45 39.27 3.41 

First Trust S&P REIT FRI 0.50 280.5 -7.45 5.44 27.73 28.41 1.49 - 6,682 39.76 40.03 2.59 

iShares DJ US Real Estate IYR 0.47 3,009.3 -8.08 4.03 26.60 30.46 1.55 -1.05 7,784 21.96 37.57 3.66 

Schwab U. S. REIT SCHH 0.13 148.5 -7.16 - - - - - 7,762 36.13 - - 

U.S. Equity: Theme 

iShares FTSE NAREIT Mortgage Plus REM 0.48 240.4 -8.41 -7.70 16.49 11.31 0.14 - 3,647 6.81 17.82 10.45 

PowerShares Water Resources PHO 0.60 977.5 -13.24 -9.08 13.27 18.01 -7.20 0.93 2,006 18.20 28.82 0.87 

U.S. Equity: Alpha-Seeking 

PowerShares DWA Technical Leaders PDP 0.60 440.8 -7.78 3.36 26.59 28.03 1.41 - 9,401 20.11 25.69 0.15 

Guggenheim Insider Sentiment NFO 0.60 194.8 -12.60 -3.09 26.79 48.69 7.45 - 3,701 12.23 29.59 0.63 

U.S. Equity: High Dividend Yield 

First Trust Morningstar Div Leaders FDL 0.45 192.1 -3.67 5.19 16.20 13.38 5.38 -1.54 39,638 13.58 23.82 3.69 

WisdomTree Equity Income DHS 0.38 251.6 -4.76 5.17 17.63 17.03 2.27 -1.78 37,503 14.07 25.88 3.61 

Guggenheim Multi-Asset Income CVY 0.60 436.4 -6.02 4.31 17.83 50.31 5.62 - 12,139 11.92 27.33 4.93 

iShares Dow Jones Select Dividend DVY 0.40 7,142.4 -4.98 4.05 17.79 11.15 2.67 -1.19 10,453 14.03 21.35 3.53 

First Trust Value Line Dividend FVD 0.70 290.5 -6.18 3.03 16.08 19.16 4.79 3.26 15,349 14.11 18.84 2.65 

PowerShares Dividend Achievers PFM 0.50 208.5 -5.87 2.36 14.81 10.70 0.35 -0.18 55,919 14.15 20.00 2.48 

Vanguard High Dividend Yield VYM 0.18 1,644.2 -6.55 2.17 14.25 17.17 1.79 - 54,354 14.38 21.55 2.90 

SPDR S&P Dividend SDY 0.35 6,211.0 -5.66 1.17 16.42 19.04 6.25 1.66 13,199 15.21 21.36 3.36 

Vanguard Dividend Appreciation VIG 0.18 7,179.8 -7.29 0.40 14.76 19.56 2.76 2.80 43,096 15.31 18.08 2.16 

PowerShares HiYld Eq Div Achievers PEY 0.50 193.5 -5.30 -2.18 20.92 3.64 -0.91 -7.08 4,561 14.70 28.79 4.20 

iShares High Dividend Equity HDV 0.40 275.4 -4.14 - - - - - 63,423 13.92 - - 

Global Equity 

iShares S&P Global 100 IOO 0.40 949.4 -11.36 -4.50 5.91 24.02 -1.80 -0.67 100,317 10.80 23.79 2.79 

Vanguard Total World Stock VT 0.25 982.2 -10.46 -4.75 13.07 32.66 0.07 - 34,076 13.69 25.47 2.02 

iShares MSCI ACWI ACWI 0.35 1,917.6 -11.06 -5.57 12.82 32.31 -0.77 - 37,174 13.07 25.54 2.31 

SPDR DJ Global Titans DGT 0.50 117.9 -11.51 -7.23 4.99 23.04 -3.75 -3.08 54,416 11.93 21.75 2.63 

Global Equity Ex-U.S. 

Vanguard FTSE All-World ex-US VEU 0.22 6,651.6 -11.62 -6.75 11.80 37.61 -0.68 - 26,914 12.71 28.73 2.29 

SPDR S&P World ex-US GWL 0.34 128.4 -11.77 -6.77 11.29 28.63 -1.48 - 21,480 11.40 27.15 2.87 

Vanguard FTSE All-World ex-US Small VSS 0.33 968.9 -12.10 -7.43 25.59 - - - 1,494 13.73 - 2.34 

SPDR MSCI ACWI ex-US CWI 0.34 413.8 -12.37 -7.77 11.60 37.14 -0.48 - 29,891 11.10 28.48 2.87 

iShares MSCI ACWI ex US ACWX 0.35 898.7 -12.35 -7.91 10.44 36.28 -2.36 - 29,102 11.80 28.93 2.80 

Vanguard Total International Stock VXUS 0.20 308.7 -11.15 - - - - - 19,520 12.74 - - 

International Equity: Blended Development 

iShares S&P Asia 50 AIA 0.50 202.9 -12.38 -8.98 19.56 60.79 5.47 - 45,553 10.34 29.01 2.01 

iShares MSCI All Country Asia ex-Jpn AAXJ 0.69 1,664.8 -11.13 -10.87 16.22 68.40 5.91 - 18,148 12.99 30.52 2.26 

International Equity: Developed 

iShares MSCI New Zealand ENZL 0.55 132.9 -1.63 12.26 - - - - 1,976 18.49 - - 

SPDR Russell/Nomura Small Cap Japan JSC 0.55 102.0 3.96 1.42 17.96 3.91 5.68 - 995 13.86 21.46 1.54 

iShares MSCI Switzerland EWL 0.53 524.2 -11.23 0.38 14.48 22.05 4.45 3.59 67,106 9.64 24.93 2.16 

WisdomTree Japan SmallCap Div DFJ 0.58 219.9 5.42 0.01 17.40 0.94 4.50 -1.62 870 12.98 20.31 2.23 

iShares MSCI Spain EWP 0.54 180.4 -15.21 -0.24 -18.61 32.89 -5.28 -0.19 35,082 - 37.77 5.33 

WisdomTree Intl Div ex-Financials DOO 0.58 180.1 -10.89 -0.84 5.70 33.13 -1.85 -0.06 23,626 10.45 30.46 4.42 

iShares MSCI Australia EWA 0.53 3,080.3 -7.30 -2.64 15.35 67.90 5.72 7.39 31,501 14.02 33.99 4.39 

iShares MSCI Canada EWC 0.53 5,056.7 -8.54 -2.93 19.80 53.07 1.34 5.59 22,569 16.85 31.18 1.75 




16 ETFR • October 2011 

Yield


Issue No. 131 


International Equity: Developed (Continued) 

iShares MSCI Kokusai TOK 0.25 626.0 -10.20 -3.09 11.45 31.45 -0.57 - 41,051 13.40 24.25 2.41 

WisdomTree DEFA DWM 0.48 409.1 -11.13 -3.16 5.19 27.12 -2.50 -0.73 26,804 10.84 27.45 3.92 

iShares MSCI Pacic ex-Japan EPP 0.50 3,548.5 -7.46 -3.34 17.77 63.22 6.67 7.94 24,840 13.18 31.57 3.89 

WisdomTree Intl LargeCap Div DOL 0.48 128.5 -11.33 -3.45 1.87 24.99 -3.31 -1.23 52,962 10.55 27.71 4.24 

WisdomTree Intl SmallCap Div DLS 0.58 415.0 -8.36 -3.98 19.43 37.09 1.86 1.43 1,033 11.45 28.52 3.80 

iShares MSCI United Kingdom EWU 0.53 1,199.4 -10.66 -4.03 10.28 36.12 -1.86 -2.04 54,735 12.03 27.15 2.89 

WisdomTree Intl MidCap Div DIM 0.58 136.2 -10.55 -4.11 11.31 33.99 0.70 1.09 5,274 11.61 28.76 3.59 

SPDR S&P International Small Cap GWX 0.59 887.7 -8.07 -4.61 24.96 38.30 3.58 - 1,074 12.23 28.91 2.16 

iShares MSCI Singapore EWS 0.53 1,709.3 -7.01 -4.66 24.51 67.83 9.15 11.70 15,648 11.41 33.45 3.79 

iShares MSCI Hong Kong EWH 0.53 1,608.0 -8.06 -5.48 24.16 54.94 7.19 7.71 16,887 11.48 27.17 2.32 

iShares MSCI EAFE Small Cap SCZ 0.40 1,440.0 -10.91 -5.50 21.51 42.78 2.38 - 1,507 13.34 29.69 3.75 

Vanguard European VGK 0.14 2,719.4 -15.26 -5.62 6.05 31.33 -3.98 -1.65 40,633 12.17 30.20 5.00 

iShares MSCI EAFE Growth EFG 0.40 1,297.7 -11.18 -5.67 13.11 24.15 -2.15 -0.28 29,635 14.71 26.34 2.15 

iShares S&P Europe 350 IEV 0.60 1,112.0 -15.64 -5.85 3.74 28.90 -4.44 -2.28 43,027 10.59 29.96 3.17 

iShares MSCI France EWQ 0.54 357.1 -18.10 -5.94 -2.38 27.12 -6.47 -3.26 36,485 11.48 33.50 2.96 

Vanguard MSCI EAFE VEA 0.12 6,622.9 -11.85 -5.97 8.33 27.52 -2.49 - 32,333 12.31 27.78 2.66 

Schwab International Equity SCHF 0.13 634.2 -12.13 -6.07 9.31 - - - 27,384 11.54 - 1.83 

iShares MSCI EAFE EFA 0.35 35,439.9 -11.98 -6.17 8.25 26.88 -2.72 -1.56 32,320 11.95 27.58 3.14 

Schwab Intl Small-Cap Equity SCHC 0.35 162.1 -12.42 -6.17 - - - - 1,662 12.74 - 2.42 

Vanguard Pacic VPL 0.14 1,527.9 -4.97 -6.49 15.50 20.35 0.64 -0.79 18,978 12.89 24.10 4.21 

iShares MSCI South Korea EWY 0.61 4,071.3 -13.65 -6.85 29.58 71.72 10.49 5.46 18,400 12.01 41.52 0.87 

iShares MSCI EAFE Value EFV 0.40 1,269.2 -13.19 -7.39 4.59 28.28 -3.72 -3.24 35,081 9.95 29.45 4.15 

iShares MSCI EMU EZU 0.54 738.2 -19.05 -8.56 -3.00 26.41 -8.71 -3.97 33,982 11.29 34.72 3.62 

SPDR Euro STOXX 50 FEZ 0.29 132.2 -19.47 -8.75 -7.75 25.23 -9.02 -4.15 53,518 10.08 34.93 4.56 

iShares MSCI Japan EWJ 0.54 7,194.5 -3.25 -8.93 13.61 3.14 -3.34 -5.12 16,605 13.42 22.40 1.65 

PowerShrs F/R Dev Mkts ex-US SmMid PXF 0.75 288.2 -15.85 -9.84 6.81 36.02 -2.28 - 29,133 11.04 31.80 2.95 

iShares MSCI Germany EWG 0.53 2,761.9 -20.94 -10.33 8.31 20.31 -6.29 0.39 43,401 11.69 35.76 3.21 

iShares S&P/TOPIX 150 ITF 0.50 101.0 -4.35 -10.51 14.05 3.36 -4.44 -5.62 20,394 14.21 22.70 1.97 

iShares MSCI Netherlands EWN 0.53 121.7 -17.12 -10.71 4.95 40.67 -5.94 -2.10 18,819 10.61 33.17 2.55 

iShares MSCI Sweden EWD 0.53 329.9 -20.60 -11.37 36.11 55.00 6.23 4.33 18,414 11.18 35.81 3.87 

WisdomTree Japan Hedged Equity DXJ 0.48 542.1 -6.76 -12.14 -1.77 1.19 -8.19 -7.63 11,252 13.18 21.36 2.27 

iShares MSCI Austria EWO 0.54 137.0 -18.39 -14.92 15.81 57.66 -10.92 -6.77 5,722 13.25 44.09 2.47 

iShares MSCI Italy EWI 0.54 144.7 -25.27 -14.96 -14.20 21.97 -15.51 -11.51 24,295 10.61 37.43 3.61 

Maxis Nikkei 225 NKY 0.50 125.8 - - - - - - - - - - 

International Equity: Emerging 

iShares MSCI Indonesia EIDO 0.61 260.9 4.08 13.56 - - - - 10,222 19.47 - 0.79 

Market Vectors Indonesia IDX 0.60 711.2 1.65 10.12 41.77 - - - 10,747 15.32 - 0.86 

iShares MSCI Thailand THD 0.62 632.8 -0.50 4.36 56.76 81.30 24.30 - 6,895 - 36.01 2.33 

iShares MSCI Malaysia EWM 0.53 978.4 -4.87 -0.24 38.97 49.34 18.43 16.61 9,176 17.91 20.58 2.80 

Global X FTSE Colombia 20 GXG 0.78 148.4 -6.00 -4.27 51.44 - - - 5,046 21.24 - 0.65 

iShares MSCI Mexico EWW 0.53 1,243.7 -5.07 -4.40 27.95 53.82 5.62 9.07 17,134 - 33.62 1.26 

iShares MSCI Russia Capped ERUS 0.65 111.8 -12.26 -4.68 - - - - 42,465 7.79 - - 

SPDR S&P China GXC 0.59 771.3 -11.55 -5.99 7.58 60.45 4.89 - 29,351 11.16 30.91 1.85 

iShares MSCI South Africa EZA 0.61 504.1 -4.34 -6.64 36.91 51.23 11.47 10.53 13,115 15.79 35.18 3.48 

SPDR S&P Emerging Asia Pacic GMF 0.59 606.4 -10.59 -8.29 19.47 70.33 7.95 - 14,555 11.90 32.80 1.63 

PowerShares Halter USX China PGJ 0.60 327.3 -10.59 -8.34 11.31 63.14 1.24 9.77 10,265 11.98 32.22 1.13 

SPDR S&P BRIC 40 BIK 0.50 455.2 -11.79 -8.44 11.37 78.35 1.92 - 80,415 8.44 32.50 2.10 

First Trust ISE Chindia FNI 0.60 125.3 -11.00 -8.68 18.17 82.55 5.13 - 16,933 15.66 35.84 0.67 

Vanguard MSCI Emerging Markets VWO 0.22 45,420.4 -10.55 -8.76 19.45 76.26 5.01 8.21 19,348 12.12 31.58 1.86 

iShares MSCI Poland EPOL 0.61 165.3 -20.36 -8.88 - - - - 5,985 11.71 - 1.42 

iShares FTSE/Xinhua China 25 FXI 0.72 6,507.8 -13.47 -8.89 3.51 47.28 -1.13 9.85 75,468 9.50 30.77 2.23 

SPDR S&P Emrg Middle East/Africa GAF 0.59 123.0 -4.65 -9.21 30.55 49.96 8.39 - 7,876 14.94 28.21 2.13 

SPDR S&P Emerging Europe GUR 0.59 167.0 -14.69 -9.25 15.70 78.98 -3.92 - 15,699 9.95 40.60 1.51 

SPDR S&P Emerging Markets GMM 0.59 187.8 -10.12 -9.37 18.76 72.29 4.92 - 17,058 10.52 31.98 1.70 

iShares MSCI Emerging Markets EEM 0.69 33,496.3 -11.03 -9.37 16.54 68.82 4.07 7.59 20,107 11.65 32.01 1.98 

Schwab Emerging Markets Equity SCHE 0.25 396.7 -9.72 -9.79 - - - - 20,060 10.48 - 0.89 

Market Vectors Brazil Small-Cap BRF 0.62 840.1 -11.24 -10.58 24.12 - - - 1,773 14.16 - 1.44 

Guggenheim BRIC EEB 0.60 546.4 -10.32 -10.77 10.70 86.11 1.05 - 44,817 7.71 32.98 2.09 

PowerShares FTSE RAFI Emrg Mkts PXH 0.85 478.5 -12.08 -10.92 13.26 67.02 3.80 - 23,355 10.33 32.51 1.35 

WisdomTree EM SmallCap Dividend DGS 0.64 824.1 -11.58 -11.08 30.19 83.15 11.85 - 1,189 10.29 32.44 3.22 

PowerShares BLDRS Em Mkt 50 ADR ADRE 0.30 489.7 -9.09 -11.09 10.98 65.54 -0.33 7.83 59,047 8.80 30.20 2.28 

iShares S&P Latin America 40 ILF 0.50 1,952.4 -8.77 -11.27 15.53 91.00 2.78 13.58 35,300 7.32 33.59 2.42 

Market Vectors Russia RSX 0.62 2,435.6 -13.70 -11.90 22.14 139.25 -3.63 - 28,271 10.41 48.39 0.55 

iShares MSCI Taiwan EWT 0.71 2,857.5 -12.82 -12.04 22.70 73.62 5.65 5.22 9,985 13.38 34.39 2.10 

SPDR S&P Emerging Latin America GML 0.59 149.0 -10.96 -12.80 15.39 103.84 3.87 - 25,735 6.92 36.31 1.95 

iShares MSCI BRIC BKF 0.69 866.2 -13.01 -13.52 9.21 85.39 0.31 - 34,830 10.22 35.12 2.36 

iShares MSCI Chile ECH 0.61 707.9 -11.08 -13.98 46.57 86.02 16.39 - 8,965 15.87 26.14 1.46 

iShares MSCI Brazil EWZ 0.61 11,332.1 -11.60 -14.09 7.69 121.50 0.68 14.80 26,322 8.16 37.78 5.56 

SPDR S&P Emerging Mkts Small Cap EWX 0.65 1,083.4 -11.80 -14.59 23.51 94.66 7.27 - 1,007 12.20 35.22 0.68 

iShares MSCI All Peru Capped EPU 0.62 472.1 -3.46 -15.54 57.69 - - - 4,284 12.84 - 2.23 

iShares S&P India Nifty 50 INDY 0.89 195.2 -10.56 -18.97 24.45 - - - 18,622 14.40 - 0.43 

Yield 






Issue No. 131 


International Equity: Emerging (Continued) 

PowerShares India PIN 0.78 417.4 -10.67 -19.63 16.29 79.68 1.07 - 20,798 16.85 39.05 1.16 

Guggenheim China Small Cap HAO 0.75 196.6 -17.80 -20.29 15.85 96.55 9.84 - 1,705 9.89 37.78 1.85 

WisdomTree India Earnings EPI 0.83 1,069.7 -11.64 -21.18 20.28 95.08 3.45 - 11,477 12.67 40.93 0.69 

iPath MSCI India ETN INP 0.89 604.9 -11.11 -22.10 21.23 102.47 3.42 - 16,117 7.92 42.25 - 

iShares MSCI Turkey TUR 0.61 448.7 -18.22 -24.05 25.64 102.82 0.72 - 4,655 11.28 43.85 2.78 

International Equity: Frontier 

Guggenheim Frontier Markets FRN 0.70 165.4 -5.88 -11.62 33.88 54.34 0.90 - 8,026 8.54 28.77 0.58 

Market Vectors Vietnam VNM 0.76 244.8 -5.28 -25.94 4.10 - - - 1,908 10.90 - 1.77 

Global Equity: Sector 

iShares S&P Global Healthcare IXJ 0.48 529.6 -7.39 7.22 1.87 17.54 2.59 1.29 50,509 15.61 19.21 2.18 

Market Vectors Gaming BJK 0.65 149.3 -2.54 6.48 37.88 36.20 6.05 - 7,140 18.06 35.78 2.42 

iShares S&P Glb Consumer Staples KXI 0.48 407.3 -4.17 5.85 13.16 21.72 7.42 - 55,475 15.38 16.70 2.32 

Global X Silver Miners SIL 0.65 483.0 8.59 3.10 - - - - 4,393 26.46 - 0.86 

Market Vectors Gold Miners GDX 0.53 9,641.3 8.00 2.16 33.90 36.72 18.96 9.73 14,004 20.15 46.70 0.64 

SPDR Dow Jones Global Real Estate RWO 0.50 308.4 -7.72 1.70 24.01 32.04 0.62 - 6,829 13.76 33.19 7.18 

iShares S&P Glb Telecom IXP 0.48 415.1 -5.97 1.37 11.63 11.28 2.96 5.14 65,329 11.71 19.76 4.75 

PowerShares Global Agriculture PAGG 0.75 136.4 -4.69 -0.97 20.96 49.22 - - 14,449 14.99 - 1.05 

iShares S&P Global Infrastructure IGF 0.48 491.6 -9.65 -1.30 6.97 18.14 -2.17 - 12,665 13.13 25.46 4.01 

iShares S&P Global Utilities JXI 0.48 232.4 -6.43 -2.24 -1.79 6.22 -6.36 - 18,739 11.11 19.52 4.25 

iShares S&P Global Energy IXC 0.48 1,054.6 -11.80 -2.46 11.79 24.71 -2.47 3.49 72,253 10.72 25.30 2.09 

Market Vectors Agribusiness MOO 0.56 5,769.4 -5.89 -2.48 23.04 58.74 1.93 - 14,681 13.67 32.94 0.63 

iShares S&P North Am Nat Resources IGE 0.48 2,047.1 -10.31 -3.21 23.34 37.10 -0.88 5.43 30,859 14.03 28.98 1.43 

iShares S&P Glb Consumer Discr RXI 0.48 133.2 -9.56 -3.48 23.29 37.45 5.24 - 24,766 14.64 26.53 1.53 

Jefferies TR/J CRB Glb Commodity Eq CRBQ 0.65 111.8 -7.54 -3.64 16.96 - - - 41,089 12.79 - 1.11 

Guggenheim S&P Global Water CGW 0.65 214.2 -9.63 -3.76 15.02 31.54 -1.45 - 4,351 14.68 25.85 2.08 

Market Vectors Hard Asset Producers HAP 0.59 241.4 -10.07 -4.39 16.52 42.51 -1.43 - 31,201 12.93 29.32 0.84 

SPDR Global Natural Resources GNR 0.40 186.7 -9.77 -6.42 - - - - 43,532 10.35 - - 

Market Vectors Junior Gold Miners GDXJ 0.54 2,564.5 -1.66 -6.47 66.53 - - - 965 - - 7.90 

PowerShares Cleantech PZD 0.60 122.2 -15.44 -6.73 7.61 35.58 -8.85 - 3,643 17.21 34.38 0.15 

iShares S&P Global Technology IXN 0.48 494.6 -9.36 -6.77 10.44 52.44 0.92 2.23 60,914 12.96 25.74 0.82 

iShares S&P Global Industrials EXI 0.48 180.3 -13.80 -7.53 23.28 25.93 -0.96 - 23,463 13.96 28.94 2.11 

Market Vectors Rare Earth REMX 0.57 345.6 -20.44 -9.17 - - - - 1,572 - - - 

iShares S&P Global Materials MXI 0.48 619.1 -11.07 -9.63 19.92 60.38 -0.07 - 26,733 11.99 33.79 2.17 

Guggenheim Timber CUT 0.70 143.3 -16.98 -9.94 18.19 50.20 1.92 - 2,914 11.36 38.99 3.19 

PowerShares Listed Private Equity PSP 0.60 364.6 -18.41 -10.75 25.90 30.22 -14.31 - 2,665 8.72 41.78 10.95 

PowerShares Global Water PIO 0.75 311.1 -15.25 -11.40 11.24 39.02 -2.86 - 2,486 15.12 31.16 1.36 

Market Vectors Coal KOL 0.59 518.0 -14.83 -11.49 31.34 144.65 -2.08 - 8,780 20.00 51.66 0.46 

First Trust ISE Global Copper CU 0.70 108.2 -10.92 -12.89 - - - - 8,568 11.25 - 1.52 

iShares S&P Global Financials IXG 0.48 179.4 -16.48 -13.19 3.90 31.74 -10.47 -11.09 36,606 9.59 37.16 2.92 

iShares S&P Global Timber & Forestry WOOD 0.48 187.1 -18.57 -14.21 16.19 37.71 -5.52 - 4,241 12.36 35.92 3.87 

PowerShares Global Clean Energy PBD 0.75 149.0 -22.12 -18.77 -16.09 31.84 -23.80 - 1,807 12.17 40.57 0.27 

Global X Lithium LIT 0.75 128.4 -13.68 -21.18 - - - - 1,682 17.39 - 1.38 

Market Vectors Uranium/Nuclear NLR 0.57 137.4 -12.64 -21.78 16.59 17.33 -10.26 - 2,778 20.79 33.95 5.34 

Market Vectors Steel SLX 0.55 190.2 -19.57 -22.93 19.65 112.78 -9.19 - 17,888 10.04 47.45 1.83 

Guggenheim Solar TAN 0.65 118.2 -27.10 -25.21 -28.50 16.88 -40.67 - 1,843 6.72 56.09 0.53 

Global X Uranium URA 0.69 210.9 -19.17 -46.79 - - - - 1,026 - - - 

Global Ex-U.S. Equity: Sector 

SPDR DJ Intl Real Estate RWX 0.59 2,198.1 -7.63 -1.77 21.83 36.34 0.56 - 5,879 8.02 30.05 9.46 

WisdomTree Glb Ex-US Real Estate DRW 0.58 125.8 -8.19 -2.12 17.68 43.07 0.93 - 6,581 7.86 31.81 11.74 

Vanguard Global ex-US Real Estate VNQI 0.35 183.8 -8.06 -4.37 - - - - 5,352 10.35 - - 

International Equity: Developed Sector 

iShares FTSE E/N Dev Real Est ex-US IFGL 0.48 378.4 -8.45 -2.83 14.57 42.86 0.33 - 6,417 8.31 30.03 6.87 

iShares S&P Dev Ex-US Property WPS 0.48 139.0 -7.83 -3.70 18.13 37.27 0.91 - 5,643 8.27 31.26 5.87 

Guggenheim Canadian Energy Inc ENY 0.70 163.8 -16.58 -8.50 22.60 60.41 -8.34 - 5,528 21.25 39.07 2.76 

International Equity: Emerging Sector 

EGShares DJ EM Consumer Titans ECON 0.85 239.9 -1.89 0.00 - - - - 17,105 19.19 - - 

Global X China Consumer CHIQ 0.65 174.2 -9.19 -7.70 10.79 - - - 5,257 16.35 - 1.14 

iShares S&P EM Infrastructure EMIF 0.75 124.8 -13.86 -8.64 18.66 - - - 7,896 13.25 - 2.91 

PowerShares Em Mkt Infrastructure PXR 0.75 156.7 -16.97 -16.18 26.20 86.98 - - 5,760 13.99 - 1.32 

Global Ex-U.S. Equity: High Dividend Yield 

SPDR S&P International Dividend DWX 0.45 531.4 -13.56 -3.94 7.87 62.12 0.61 - 6,792 8.13 35.44 5.51 

International Equity: High Dividend Yield 

PowerShares Intl Dividend Achievers PID 0.50 514.1 -7.23 0.34 13.47 37.96 -0.53 1.00 25,634 12.69 27.94 3.82 

iShares DJ Intl Select Dividend IDV 0.50 581.3 -9.70 -0.22 11.84 60.56 3.45 - 15,770 10.49 32.70 4.77 

WisdomTree DEFA Equity Income DTH 0.58 138.3 -11.31 -0.80 -0.99 33.11 -3.03 -1.96 31,513 10.15 29.79 4.60 





Yield


Issue No. 131 


International Equity: High Dividend Yield (Continued) 

WisdomTree Emrg Mkt Equity Income DEM 0.63 1,721.9 -7.03 -2.11 24.67 58.07 10.17 - 9,388 10.98 27.69 3.73 

International Equity: Alpha Seeking 

PowerShares DWA Emrg Mkt Tech Ldrs PIE 0.90 242.6 -3.49 -1.31 25.11 57.65 1.55 - 5,836 15.11 36.17 0.48 

U.S. Fixed Income: Broad Market - Broad Maturities 

iShares Barclays Govt/Credit Bond GBF 0.20 112.1 3.40 6.46 5.71 3.25 6.78 - - - 6.10 3.05 

Vanguard Total Bond Market BND 0.11 11,314.8 2.92 5.91 6.20 3.67 7.15 - - - 5.01 3.20 

SPDR Barclays Aggregate Bond LAG 0.17 271.9 2.51 5.88 6.25 3.57 7.41 - - - 4.23 2.59 

iShares Barclays Aggregate Bond AGG 0.22 12,589.4 2.77 5.66 6.37 3.01 6.88 6.35 - - 5.47 3.30 

U.S. Fixed Income: Broad Market - Intermediate 

Vanguard Intermediate-Term Bond BIV 0.11 2,264.2 4.56 9.14 9.14 3.93 9.49 - - - 7.87 3.72 

iShares Barclays Intrmdt Gov/Cred Bond GVI 0.20 622.2 2.33 4.87 5.46 1.99 5.98 - - - 5.14 2.70 

U.S. Fixed Income: Broad Market - Long-Term 

Vanguard Long-Term Bond BLV 0.11 408.5 7.20 13.14 10.01 0.11 11.06 - - - 13.54 4.54 

U.S. Fixed Income: Broad Market - Short-Term 

Vanguard Short-Term Bond BSV 0.11 6,648.8 1.27 2.91 3.89 1.55 4.60 - - - 3.74 2.02 

U.S. Fixed Income: Government 

Vanguard Short-Term Govt Bond VGSH 0.15 149.7 0.59 1.43 2.29 - 0.54 0.32 - - - 0.66 

U.S. Fixed Income: Treasury - Broad Maturities 

PowerShares 1-30 Laddered Treasury PLW 0.25 291.2 8.07 12.04 8.80 -11.09 8.30 - - - 11.70 2.91 

U.S. Fixed Income: Treasury - Short-Term 

iShares Barclays 1-3 Year Treasury SHY 0.15 9,104.8 0.63 1.41 2.28 0.36 2.54 3.85 - - 1.39 0.93 

Schwab Short-Term U. S. Treasury SCHO 0.12 171.9 0.56 1.37 - - - - - - - 0.33 

PIMCO 1-3 Year U.S. Treasury TUZ 0.09 112.9 0.52 1.08 2.43 - - - - - - 0.77 

iShares Barclays Short Treasury SHV 0.15 4,277.5 0.00 0.05 0.12 0.16 0.43 - - - 0.30 0.10 

SPDR Barclays 1-3 Month T-Bill BIL 0.13 3,131.5 0.01 0.02 -0.04 0.27 0.17 - - - 0.35 - 

U.S. Fixed Income: Treasury - Intermediate 

iShares Barclays 7-10 Year Treasury IEF 0.15 3,546.7 7.42 11.72 9.36 -6.56 8.58 8.62 - - 8.82 2.77 

iShares Barclays 3-7 Year Treasury IEI 0.15 2,026.5 3.74 7.00 6.31 -1.69 6.59 - - - 4.63 1.85 

SPDR Barclays Intermdt-Term Treasury ITE 0.13 220.1 3.18 5.62 4.93 -1.55 5.38 - - - 3.79 1.91 

U.S. Fixed Income: Treasury - Long-Term 

PIMCO 25+ Yr Zero Coupon US Treasury ZROZ 0.15 106.7 19.80 24.55 9.90 - - - - - - 3.69 

Vanguard Ext Duration Treasury EDV 0.13 120.1 18.07 23.88 9.79 -35.63 9.72 - - - 30.24 3.62 

iShares Barclays 20+ Yr Treasury Bond TLT 0.15 2,826.9 11.83 16.67 9.04 -21.75 8.80 8.51 - - 18.76 3.81 

iShares Barclays 10-20 Year Treasury TLH 0.15 277.8 9.19 14.19 9.69 -9.08 9.64 - - - 12.92 3.13 

U.S. Fixed Income: Agencies 

iShares Barclays MBS Bond MBB 0.31 3,216.3 2.21 4.90 5.58 4.69 6.86 - - - 3.48 3.32 

iShares Barclays Agency Bond AGZ 0.20 371.0 2.02 3.74 3.74 1.50 - - - - - 1.75 

U.S. Fixed Income: TIPS 

PIMCO 15+ Year U.S. TIPS LTPZ 0.20 322.9 12.20 17.86 8.66 - - - - - - 3.78 

SPDR Barclays Capital TIPS IPE 0.18 494.3 5.74 10.73 6.25 10.23 6.68 - - - 8.54 4.07 

iShares Barclays TIPS Bond TIP 0.20 20,818.3 5.35 10.24 6.13 8.95 6.50 6.99 - - 8.88 4.25 

Schwab U.S. TIPS SCHP 0.14 218.1 5.04 9.98 - - - - - - - 2.07 

PIMCO 1-5 Year U.S. TIPS STPZ 0.20 1,235.0 0.69 4.46 3.51 - - - - - - 2.94 

iShares Barclays 0-5 Year TIPS Bond STIP 0.20 209.1 0.61 4.41 - - - - - - - - 

U.S. Fixed Income: Municipal - Broad Market 

iShares S&P Calif AMT-Free Muni CMF 0.25 184.2 4.56 12.02 -2.62 8.19 5.39 - - - 7.91 3.70 

iShares S&P Natl AMT-Free Muni MUB 0.25 2,172.8 3.82 10.16 0.10 7.09 5.76 - - - 6.44 3.48 

SPDR Barclays Municipal Bond TFI 0.23 857.9 3.31 9.78 -0.51 9.99 5.96 - - - 6.56 3.30 

PowerShares Ins Natl Municipal Bond PZA 0.28 500.9 3.71 9.35 -0.47 17.58 5.49 - - - 7.96 4.65 

U.S. Fixed Income: Municipal - Short Term 

Market Vectors Short Municipal SMB 0.20 103.5 2.00 5.10 1.21 7.89 4.66 - - - 3.44 1.98 

SPDR Nuveen Barclays Shrt Trm Muni SHM 0.20 1,337.6 1.28 3.28 1.02 4.24 3.72 - - - 2.87 1.45 

iShares S&P Short-Term Natl Muni SUB 0.25 442.3 0.50 2.78 0.36 4.24 - - - - - 1.25 

U.S. Fixed Income: Municipal - Intermediate 

Market Vectors Intermediate Muni ITM 0.24 258.1 3.75 9.17 1.63 10.67 6.44 - - - 6.91 3.35 

Yield 






Issue No. 131 


U.S. Fixed Income: Municipal - High Yield 

Market Vectors High-Yield Municipal HYD 0.35 258.1 3.22 7.25 0.34 - - - - - - 6.03 

U.S. Fixed Income: Municipal - VRDO 

PowerShares VRDO Tax-Free Weekly PVI 0.25 420.1 0.26 0.43 0.29 1.00 1.01 - - - 0.50 0.51 

U.S. Fixed Income: Municipal - Build American Bonds 

PowerShares Build America Bond BAB 0.29 592.3 4.32 13.56 9.38 - - - - - - 5.35 

U.S. Fixed Income: Corporate - Investment Grade - Broad Maturities 

iShares iBoxx $ Inv Gr Corp Bond LQD 0.15 14,636.3 1.96 6.45 9.33 8.58 9.17 6.69 - - 12.21 4.58 

iShares Barclays Credit Bond CFT 0.20 859.3 2.40 6.32 8.42 11.19 8.70 - - - 8.81 4.28 

U.S. Fixed Income: Corporate - Investment Grade - Short-Term 

Vanguard Short-Term Corporate Bond VCSH 0.15 1,904.7 0.34 2.82 5.27 - - - - - - 2.32 

iShares Barclays 1-3 Year Credit Bond CSJ 0.20 8,382.7 0.18 1.59 2.88 7.17 4.09 - - - 4.14 2.08 

SPDR Barclays Short Term Corp Bond SCPB 0.12 360.9 0.17 1.52 2.80 - - - - - - 1.83 

U.S. Fixed Income: Corporate - Investment Grade - Intermediate 

Vanguard Intermdt-Term Corp Bond VCIT 0.15 717.1 2.18 7.09 9.97 - - - - - - 3.97 

iShares Barclays Intermdt Credit Bond CIU 0.20 3,853.6 1.98 5.37 6.83 12.79 7.66 - - - 7.02 3.89 

SPDR Barclays US Intermdt Corp Bond ITR 0.15 193.6 1.12 5.06 7.16 - - - - - - 3.38 

U.S. Fixed Income: Corporate - Investment Grade - Long-Term 

iShares 10+ Year Credit Bond CLY 0.20 199.3 4.83 9.90 10.69 - - - - - - 5.04 

Vanguard Long-Term Corporate Bond VCLT 0.15 274.7 2.57 8.50 10.62 - - - - - - 5.05 

U.S. Fixed Income: Corporate - High Yield - Broad Maturities 

PowerShrs Fundamntl HiYld Corp Bond PHB 0.50 523.3 -2.47 2.96 9.07 23.69 1.81 - - - 20.53 6.62 

SPDR Barclays High Yield Bond JNK 0.40 6,628.8 -3.27 2.10 14.20 37.65 8.80 - - - 21.56 8.28 

iShares iBoxx $ HiYld Corp Bond HYG 0.50 8,288.9 -2.91 1.90 11.96 28.86 8.09 - - - 19.16 8.06 

U.S. Fixed Income: Corporate - Convertibles 

SPDR Barclays Convertible Bond CWB 0.40 736.6 -10.34 -6.02 14.01 - - - - - - 3.79 

U.S. Fixed Income: Corporate - Loans 

PowerShares Senior Loan BKLN 0.83 158.7 -6.99 - - - - - - - - - 

U.S. Fixed Income: Corporate - Preferred Stock 

PowerShares Preferred PGX 0.50 1,390.9 -0.76 4.31 11.56 19.69 2.71 - - - 28.61 6.75 

SPDR Wells Fargo Preferred Stock PSK 0.45 116.8 -1.53 3.98 13.98 - - - - - - 6.79 

PowerShares Financial Preferred PGF 0.60 1,570.6 -3.85 2.91 15.99 38.50 6.29 - 30,243 - 39.03 7.22 

iShares S&P US Preferred Stock PFF 0.48 7,408.3 -4.22 1.17 13.83 38.70 8.71 - - - 32.18 7.18 

International Fixed Income: Blended Development 

SPDR DB Intl Govt In-Protected Bond WIP 0.50 1,406.5 1.80 9.19 6.56 17.14 5.01 - - - 16.14 3.69 

PIMCO Enh Short Maturity Strategy MINT 0.35 1,434.3 -0.37 0.52 1.64 - - - - - - 0.87 

WisdomTree Asia Local Debt ALD 0.55 660.1 3.24 - - - - - - - - - 

International Fixed Income: Developed 

iShares S&P/Citigroup Intl Treasury IGOV 0.35 273.5 4.04 9.23 1.59 - - - - - - 2.56 

SPDR Barclays International Treasury BWX 0.50 1,565.1 2.74 8.80 3.82 5.44 7.22 - - - 12.06 1.29 

SPDR Barclays Short-Tm Intl Treasury BWZ 0.35 265.8 1.14 7.32 1.59 - - - - - - 0.32 

iShares S&P/Citi 1-3 Yr Intl Treasury ISHG 0.35 208.7 1.41 6.45 1.09 - - - - - - 1.71 

International Fixed Income: Emerging 

PowerShares Emrg Mkts Sov Debt PCY 0.50 1,286.1 3.78 8.33 10.84 35.70 11.32 - - - 21.76 5.44 

Market Vectors EM Lcl Currency Bond EMLC 0.49 567.9 2.34 7.46 - - - - - - - 4.85 

iShares JPM USD Emerging Mkts Bond EMB 0.60 3,272.1 3.14 6.89 10.86 15.50 9.73 - - - 19.40 4.86 

WisdomTree Emrg Mkts Local Debt ELD 0.55 1,415.7 1.99 6.63 - - - - - - - 4.54 

Commodities: Broad Market 

PowerShares DB Commodity DBC 0.85 6,195.1 -0.30 9.47 11.90 16.19 -6.70 5.19 - - 25.45 - 

GreenHaven Continuous Commodity GCC 0.85 729.2 0.95 6.93 25.19 20.07 3.57 - - - 20.12 - 

UBS E-TRACS CMCI ETN UCI 0.65 162.6 -0.04 4.19 18.61 40.58 -1.00 - - - 25.68 - 

United States Commodity USCI 1.24 450.2 -2.16 2.56 - - - - - - - - 

iPath S&P GSCI ETN GSP 0.75 117.2 -5.24 2.34 8.36 15.25 -16.91 -5.88 - - 30.75 - 

ELEMENTS Rogers Intl Commodity ETN RJI 0.75 847.3 -4.06 2.27 17.86 26.45 -6.69 - - - 26.61 - 

iShares S&P GSCI Commodity GSG 0.75 1,473.7 -4.63 1.44 7.17 11.22 -16.80 -6.00 - - 29.91 - 

iPath DJ-UBS Commodity ETN DJP 0.75 2,987.4 -1.71 0.71 16.23 20.09 -5.26 0.09 - - 22.55 - 

Yield 






Issue No. 131 


Commoditites: Agriculture 

Teucrium Corn CORN 1.42 130.2 10.82 28.68 - - - - - - - - 

PowerShares DB Agriculture DBA 0.85 3,022.1 4.22 5.44 22.35 0.99 -0.62 - - - 20.95 - 

iPath DJ-UBS Grains ETN JJG 0.75 301.2 2.38 4.63 29.85 -1.86 -2.21 - - - 32.26 - 

iPath DJ-UBS Agriculture ETN JJA 0.75 203.6 2.93 4.07 38.40 13.17 4.85 - - - 27.39 - 

ELEMENTS RICI Agriculture ETN RJA 0.75 624.2 -0.92 0.19 35.01 6.29 0.44 - - - 26.15 - 

Commoditites: Energy 

United States Gasoline UGA 0.90 118.7 1.64 22.17 15.11 87.97 -2.10 - - - 42.16 - 

PowerShares DB Energy DBE 0.75 175.6 -5.34 8.74 2.63 30.36 -12.26 - - - 31.48 - 

PowerShares DB Oil DBO 0.75 608.8 -14.56 -6.98 2.36 42.92 -15.73 - - - 34.39 - 

United States 12 Month Oil USL 0.90 203.7 -14.58 -7.31 6.52 35.36 -16.88 - - - 32.75 - 

United States Oil USO 0.80 1,293.0 -14.79 -11.51 -0.71 18.67 -28.11 -11.84 - - 38.26 - 

iPath S&P GSCI Crude Oil ETN OIL 0.75 528.2 -15.58 -11.75 -1.04 11.22 -31.01 -13.77 - - 40.84 - 

United States Natural Gas UNG 1.11 1,547.2 -13.32 -14.71 -40.56 -56.50 -48.20 - - - 31.51 - 

Commoditites: Industrial Metals 

PowerShares DB Base Metals DBB 0.75 563.6 -3.21 -4.91 8.58 88.92 1.94 - - - 30.10 - 

iPath DJ-UBS Copper ETN JJC 0.75 180.4 -1.09 -7.53 29.04 133.55 4.31 - - - 36.36 - 

Commoditites: Precious Metals 

ETFS Physical Silver SIVR 0.30 797.1 7.59 34.23 82.16 - - - - - - - 

iShares Silver SLV 0.50 12,952.3 7.58 34.03 82.48 47.67 44.63 25.66 - - 39.54 - 

PowerShares DB Silver DBS 0.75 219.2 7.74 33.55 81.16 47.07 43.49 - - - 39.81 - 

iPath DJ-UBS Precious Metals ETN JJP 0.75 135.8 15.81 28.77 41.91 28.42 32.52 - - - - - 

PowerShares DB Precious Metals DBP 0.75 694.6 15.96 28.60 37.56 26.58 31.27 - - - 23.91 - 

iShares Gold Trust IAU 0.25 9,748.4 18.88 28.20 29.46 23.90 29.54 23.38 - - 21.10 - 

SPDR Gold GLD 0.40 71,824.6 18.77 28.11 29.27 24.03 29.56 23.33 - - 21.13 - 

ETFS Physical Swiss Gold SGOL 0.39 1,835.5 18.68 28.06 29.23 - - - - - - - 

PowerShares DB Gold DGL 0.75 384.2 18.55 27.29 27.89 22.03 27.77 - - - 21.19 - 

ETFS Physical Precious Metal GLTR 0.60 267.3 11.81 26.65 - - - - - - - - 

ETFS Physical Platinum PPLT 0.60 886.0 0.60 3.77 - - - - - - - - 

ETFS Physical Palladium PALL 0.60 721.0 0.61 -3.04 - - - - - - - - 

Currency: Blended Development 

PowerShares DB US$ Bullish UUP 0.75 959.9 -1.26 -7.22 -1.60 -6.52 -3.95 - - - 11.58 - 

Currency: Developed 

CurrencyShares Swiss Franc FXF 0.40 944.2 5.69 15.47 10.54 2.21 10.63 9.16 - - 15.05 - 

CurrencyShares Euro FXE 0.40 251.0 -0.08 7.68 -6.87 2.53 -0.40 3.86 - - 15.05 0.13 

CurrencyShares Australian Dollar FXA 0.40 865.0 1.14 7.29 17.87 29.29 11.26 11.62 - - 19.01 3.66 

CurrencyShares Swedish Krona FXS 0.40 149.6 -2.17 6.27 6.96 9.01 1.04 4.18 - - 17.24 0.77 

CurrencyShares Japanese Yen FXY 0.40 290.1 6.37 5.77 14.20 -3.16 12.00 - - - 11.36 - 

CurrencyShares British Pound Sterling FXB 0.40 113.2 -1.38 3.47 -3.33 10.62 -3.72 -1.28 - - 11.85 - 

CurrencyShares Canadian Dollar FXC 0.40 1,027.2 -1.05 2.11 4.96 15.24 2.79 3.85 - - 13.02 0.11 

Currency: Emerging 

WisdomTree Dreyfus Brazilian Real BZF 0.45 481.3 0.83 9.19 12.46 34.01 9.03 - - - 18.65 - 

WisdomTree Dreyfus Chinese Yuan CYB 0.45 567.9 1.33 1.77 1.21 1.20 1.40 - - - 2.80 - 

WisdomTree Emerging Currency CEW 0.55 585.4 -1.21 1.46 6.40 - - - - - - - 

Asset Allocation 

PowerShares CEF Income Composite PCEF 1.62 247.0 -5.54 1.34 - - - - 42,032 14.68 - 8.59 

Alternatives: Absolute Return 

PowerShares DB G10 Currency Harvest DBV 0.75 349.2 -1.98 2.23 0.85 21.22 -1.73 - - - 14.78 - 

Credit Suisse Merger Arbitrage Liquid ETN CSMA 0.55 110.6 -2.38 2.04 - - - - - - - - 

IQ Hedge Multi-Strategy Tracker QAI 1.06 141.8 -1.04 0.52 2.59 - - - 8,540 12.99 - 1.51 

iShares Diversied Alternatives ALT 0.95 129.1 -4.88 -2.02 1.62 - - - - - - - 

Cambria Global Tactical GTAA 0.99 174.8 -7.02 -3.72 - - - - 15,820 17.00 - - 

WisdomTree Managed Futrs Strategy WDTI 0.95 229.6 -3.92 - - - - - - - - - 

Alternatives: Tactical Tools 

iPath S&P 500 VIX Short-Tm Futrs ETN VXX 0.89 945.3 83.00 3.59 -72.40 - - - - - - - 

iPath S&P 500 VIX Mid-Tm Futrs ETN VXZ 0.89 511.9 26.22 -4.39 -14.43 - - - - - - - 

Leveraged 

ProShares Ultra Gold UGL 0.95 492.1 38.38 58.34 58.28 41.39 - - - - - - 

PowerShares DB Gold Dbl Lng ETN DGP 0.75 837.3 38.22 57.35 62.37 46.16 55.69 - - - 42.72 - 

ProShares Ultra Silver AGQ 0.95 1,071.1 8.49 41.74 182.44 78.25 - - - - - - 

ProShares Ultra 7-10 Year Treasury UST 0.95 115.5 15.32 23.41 - - - - - - - 0.01 

PowerShares DB Agricultr Dbl Lng ETN DAG 0.75 149.6 12.36 16.28 30.88 5.70 -6.29 - - - 53.13 - 

ProShares Ultra Real Estate URE 0.95 423.0 -18.47 3.13 48.36 12.10 -27.42 - - - 71.49 0.65 




Yield 



Issue No. 131 


Leveraged (Continued) 

ProShares Ultra Dow30 DDM 0.95 312.4 -15.41 0.64 25.37 39.71 -3.10 -2.74 - - 39.46 0.48 

Direxion Daily Real Estate Bull 3x DRN 1.03 148.2 -29.80 0.25 63.51 - - - - - - 0.10 

ProShares Ultra QQQ QLD 0.95 790.8 -12.90 -1.12 36.90 121.20 2.36 4.71 - - 49.45 - 

Barclays Long C Lev S&P 500 ETN BXUC 0.75 134.2 -14.47 -3.52 27.35 - - - - - - - 

ProShares Ultra Oil & Gas DIG 0.95 316.6 -23.43 -4.00 33.69 20.59 -19.47 - - - 51.15 0.36 

ProShares UltraPro QQQ TQQQ 0.95 189.9 -21.87 -6.56 - - - - - - - - 

ProShares Ultra S&P 500 SSO 0.92 1,726.2 -19.61 -7.78 26.86 47.27 -9.52 -8.17 - - 44.09 0.67 

ProShares Ultra MidCap 400 MVV 0.95 115.1 -25.97 -10.65 52.88 68.15 -5.53 -2.61 - - 51.44 0.02 

Direxion Daily Energy Bull 3x ERX 1.03 437.7 -37.17 -14.94 48.96 14.71 - - - - - - 

ProShares UltraPro S&P 500 UPRO 0.95 369.8 -30.47 -15.25 36.37 - - - - - - 0.08 

Direxion Daily Large Cap Bull 3x BGU 1.18 323.7 -31.74 -16.18 39.81 65.15 - - - - - 0.17 

ProShares Ultra Russell 2000 UWM 0.95 213.2 -29.62 -18.13 50.63 42.89 -13.08 - - - 55.15 0.01 

ProShares Ultra Basic Materials UYM 0.95 270.8 -26.26 -20.95 57.39 126.82 -18.73 - - - 69.60 0.02 

Direxion Daily Technology Bull 3x TYH 2.25 195.7 -28.72 -23.87 21.28 240.15 - - - - - - 

ProShares Ultra Financials UYG 0.95 835.3 -29.42 -28.50 18.04 -5.50 -38.64 - - - 64.41 0.10 

ProShares Ultra DJ-UBS Crude Oil UCO 0.95 511.5 -30.05 -29.61 -1.46 -7.38 - - - - - - 

Direxion Daily Small Cap Bull 3x TNA 1.03 1,097.3 -44.98 -32.48 69.81 42.94 - - - - - - 

Direxion Daily Emerging Mkts Bull 3x EDC 1.01 415.3 -37.00 -38.99 24.29 206.32 - - - - - 0.56 

Direxion Daily Financial Bull 3x FAS 1.02 1,727.9 -44.68 -43.94 13.02 -41.44 - - - - - - 

Direxion Daily Semiconductor Bull 3X SOXL 1.03 101.6 -52.14 -45.19 - - - - 11,979 12.00 - 0.03 

Inverse 

PowerShares DB Cr Oil Dbl Short ETN DTO 0.75 297.1 32.80 12.32 -20.26 -54.19 22.28 - - - 76.88 - 

ProShares UltraShort Financials SKF 0.95 359.7 18.51 11.44 -35.33 -76.48 -46.88 - - - 59.72 - 

Direxion Daily Financial Bear 3x FAZ 1.15 747.4 22.06 8.55 -51.36 -94.56 - - - - - - 

ProShares Short Financials SEF 0.95 124.5 11.05 7.97 -17.43 -41.60 -16.09 - - - 32.08 - 

PowerShares DB US$ Bearish UDN 0.75 150.4 0.84 6.68 -1.60 5.19 1.64 - - - 11.16 - 

ProShares Short MSCI Emerging Mkts EUM 0.95 227.4 8.57 4.17 -20.92 -50.67 -25.49 - - - 25.34 - 

ProShares UltraShort China 25 FXP 0.95 190.1 21.26 1.99 -28.30 -76.27 -57.97 - - - 51.40 - 

ProShares Short MSCI EAFE EFZ 0.95 238.1 9.34 0.84 -14.24 -30.36 -11.53 - - - 25.30 - 

ProShares Short Russell 2000 RWM 0.95 497.9 11.13 0.25 -27.39 -32.86 -15.13 - - - 26.03 - 

ProShares Short S&P 500 SH 0.92 2,043.4 7.06 -1.44 -16.59 -27.02 -9.49 -4.43 - - 20.04 - 

ProShares UltraShort Russell 2000 TWM 0.95 396.3 19.00 -4.26 -50.14 -60.27 -36.94 - - - 49.25 - 

ProShares Short Dow30 DOG 0.95 265.7 5.32 -4.83 -15.29 -23.66 -10.52 -5.76 - - 18.28 - 

ProShares UltraShort S&P 500 SDS 0.90 2,384.9 12.20 -5.18 -32.21 -50.59 -24.88 -15.48 - - 37.56 - 

ProShares Short QQQ PSQ 0.95 277.5 2.63 -5.57 -20.61 -40.20 -15.56 -11.72 - - 22.21 - 

ProShares UltraShort Dow 30 DXD 0.95 331.6 9.24 -10.92 -29.76 -44.98 -25.25 -16.86 - - 34.15 - 

ProShares UltraPro Short S&P 500 SPXU 0.95 338.6 14.96 -11.33 -46.51 - - - - - - - 

Direxion Daily Large Cap Bear 3x BGZ 1.02 143.5 15.76 -12.22 -48.74 -70.71 - - - - - - 

ProShares UltraShort QQQ QID 0.95 608.4 3.10 -13.14 -38.90 -66.80 -34.67 -28.34 - - 41.90 - 

ProShares UltraShort Yen YCS 0.95 274.7 -12.48 -13.21 -26.43 -2.52 - - - - - - 

Direxion Daily Small Cap Bear 3x TZA 1.15 524.5 21.53 -13.92 -68.34 -79.41 - - - - - - 

ProShares UltraShort Euro EUO 0.95 701.1 -1.34 -16.89 8.61 -12.04 - - - - - - 

ProShares Short 20+ Year Treasury TBF 0.95 966.6 -12.04 -17.13 -12.39 - - - - - - - 

ProShares UltraShort Real Estate SRS 0.95 178.6 5.22 -21.17 -51.63 -85.21 -66.94 - - - 68.68 - 

ProShares UltraShort 7-10 Yr Treasury PST 0.95 436.3 -14.50 -21.85 -21.51 2.43 -21.05 - - - 16.96 - 

ProShares UltraShort 20+ Yr Treasury TBT 0.95 4,897.7 -23.27 -31.29 -25.74 32.20 -26.95 - - - 35.06 - 

VelocityShares Daily Inv VIX Sh-Tm ETN XIV 1.35 543.7 -58.17 -34.16 - - - - - - - - 

ProShares UltraShort Gold GLL 0.95 166.8 -32.09 -43.53 -46.28 -45.81 - - - - - - 

Direxion Daily 30-Yr Treasury Bear 3x TMV 1.14 348.7 -35.47 -45.82 -36.69 - - - - - - - 

ProShares UltraShort Silver ZSL 0.95 504.0 -27.53 -70.32 -79.50 -72.65 - - - - - - 

Yield 

READ IT IN 





FIRST

VTWO 

Vanguard Russell 2000 ETF 

VTWO has an expense ratio 36% lower than the industry average.* 

Every client’s portfolio could use some Vanguarding. ® 

The Vanguard Russell 2000 ETF is one option in a suite of seven Vanguard Russell 

Index ETFs. On average, our expense ratio costs are 1 / 3 lower than our competitors, 

making it a great building block to help your clients reach their goals. Help them 

keep more of their returns with the Vanguard Russell ETF lineup. 

Take a closer look at advisors.vanguard.com/ VTWO 

800-453-3390 

All investments are subject to risk. Vanguard funds are not insured or guaranteed. 

Vanguard ETFs are not redeemable with an Applicant Fund other than in Creation Unit aggregations. Instead, investors must buy or sell 

Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor will incur brokerage commissions 

and may pay more than net asset value when buying and receive less than net asset value when selling. 

For more information about Vanguard ETF Shares, visit advisors.vanguard.com/VTWO, call 800-453-3390, or contact your broker 

to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the 

prospectus; read and consider it carefully before investing. 

The Russell 2000 Index and Russell ® are registered trademarks of Russell Investments and have been licensed for use by The Vanguard 

Group, Inc. The Product(s) are not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no 

representation regarding the advisability of investing in the Products. 

*Source: Morningstar as of 05/01/2011. Based on Vanguard Russell 2000 ETF expense ratio of 0.19% and 2011 ETF industry average 

expense ratio of 0.28% for similar funds. 

© 2011 The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7,337,138. Vanguard Marketing Corporation, Distributor. 

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