US-Listed ETFs Sorted by Asset Class and Year-to-Date Return

Issue No. 128
July 2011
www.indexuniverse.com/ETFR
GSG Tracking: What
Really Happened
By Sumit Roy and Matt Hougan
When it comes to commodity indexes,
the S&P GSCI is far and away the
leader. More than $100 billion in assets
is tied to this index, including nearly
$2 billion split between two popular
exchange-traded products: the $1.7
billion iShares S&P GSCI Commodity-
Indexed Trust (NYSE Arca: GSG) and
its smaller cousin, the $121 million iPath
S&P GSCI Total Return Index ETN
(NYSE Arca: GSP).
The two products aim to do the
exact same thing: provide investors
with exposure to the S&P GSCI Total
Return Index. Compare recent returns,
however, and you get two very different
pictures: As of June 6, GSG had
returned 3.95 percent year-to-date,
while GSP had returned 6.03 percent.
Considering that the actual S&P GSCI
benchmark is up 6.13 percent, GSG has
underperformed expectations.
UPDATES
Do investors have this wrong? Is the
$1.7 billion in GSG tracking an inferior
product? Should they swap out for GSP
immediately?
Not necessarily—the story is more
complex than it looks.
Two Approaches To
Tracking The Index
While GSP and GSG aim to track the same
index, they do so in different ways that
promise two different kinds of results.
As an ETN, GSP eliminates tracking
error. ETNs are structured as debt
notes, whereby the underwriting
bank—in this case, Barclays Capital—
guarantees to deliver the exact return
of the benchmark index. Barring unusual
events, ETNs will track nearly
perfectly to their indexes, and GSP has
delivered on this promise.
There is no such thing as a free
lunch, of course, and the per-
Russell Launches First In-House ETFs
12
IN THIS ISSUE
iShares’ GSG suddenly and inexplicably
underperformed its benchmark, even
as its ETN competition excelled. What
happened, and will the ETF correct?
Page 1
At the height of the silver bubble, the
CME increased margin requirements on
futures contracts six times. Did the CME
pop the bubble?
Page 6
Ben Tobias, president of Tobias
Financial, shares why VIG is his favorite
ETF for dividends, and why income is so
important for his clients.
Page 8
Float adjustment is one of the oldest
controversies in index investments. Learn
how each index provider calculates
float—and how your ETFs are affected.
Page 9
ETFR’s monthly data bank covers all U.S.-
listed ETFs, including assets, performance
data and more.
Pages 15-22
News Highlights: Russell Finally
Launches ETFs; Guggenheim Unveils
Active Bond ETFs; iShares’ Parsons Joins
VelocityShares; Global X ETFs Trade Free
On Interactive … And much more!
Pages 1-4
In mid-May, Russell Investments launched
six exchange-traded funds, its first after
a protracted regulatory process that has
left it a latecomer to the now-crowded
field of ETF sponsors.
The new funds, called the “Russell Investment
Discipline ETFs,” are based on what
the firm called the most prevalent strategies
professional investment managers use
when selecting individual securities. They
are all priced at 0.37 percent and include:
• Russell Aggressive Growth ETF
(NYSE Arca: AGRG)
• Russell Consistent Growth ETF
(NYSE Arca: CONG)
• Russell Growth at a Reasonable Price ETF
(NYSE Arca: GRPC)
• Russell Equity Income ETF
(NYSE Arca: EQIN)
• Russell Low P/E ETF (NYSE Arca: LWP)
• Russell Contrarian ETF
(NYSE Arca: CNTR)
Russell had been trying to obtain
permission from the Securities and Exchange
Commission to market its own
line of active and passive ETFs for about
two years. The process usually takes anywhere
from six to nine months, though
sources at Russell disputed the notion
that its so-called exemptive relief petitions
at the SEC were somehow being
held up. Industry sources have said the
delays for Russell were related to 3

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UPDATES
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the SEC not being comfortable granting
exemptive relief to a firm that already
has such a large presence in the
world of indexing.
At the end of May, Russell followed up
the initial launch with the rollout of 10
more ETFs tracking “factor-based” versions
of the Russell 1000 and Russell 2000.
Guggenheim Unveils
Active Bond ETFs
Guggenheim Funds entered the actively
managed ETF space in May with the
launch of two bond funds that target
core exposure as well as an investor’s
need for income.
The Guggenheim Enhanced Core
Bond ETF (NYSE Arca: GIY) and the
Guggenheim Enhanced Ultra-Short
Bond ETF (NYSE Arca: GSY) are currently
the cheapest actively managed
fixed-income ETFs available.
GIY aims to outperform the Barclays
Capital U.S. Aggregate Bond Index using
a quantitative strategy that seeks to
both identify mispriced bonds and estimate
future returns linked to a correction
in those mispricings.
Guggenheim’s other offering, GSY,
focuses on the short end of the yield
curve and seeks to outperform the oneto
three-month Treasury Bill Index.
The fund seeks “maximum income”
and invests primarily in dollar-denominated
investment-grade government
and corporate bonds, but it may include
some foreign debt as well.
The two new Guggenheim ETFs have
annual expense ratios of 0.27 percent.
VelocityShares Adds
iShares’ Parsons To Board
VelocityShares, the new ETN company
known for its volatility-linked products,
in May named to its board J. Parsons,
who was previously global head of
iShares sales while it was part of Barclays
Global Investors.
VelocityShares first entered the ETP
market with the launch of six VIX-based
ETNs in November 2010, among them
the VelocityShares Daily 2X VIX Short-
Term ETN (NYSE Arca: TVIX). The company
said its family of ETNs has since
amassed about $180 million in assets.
Parsons, who led iShares’ global
business development from its inception
through its sale to BlackRock, said
he is “thrilled” to help the company
continue to grow.
VelocityShares’ lineup of VIX-linked
ETNs includes leveraged as well as inverse
strategies. It said TVIX now trades
more than 1 million shares a day, and is
one of the most liquid ETPs launched in
the last six months.
Parsons left BlackRock in 2010.
Global X ETF Trades
Free On Interactive
Interactive Brokers began offering free
trades on ETFs sponsored by New Yorkbased
Global X in May. Terms of the
agreement weren’t disclosed.
The free-trading offer is the latest
sign of competition in the rapidly growing
world of ETFs. The most conspicuous
price battle is between Vanguard, the
No. 3 U.S. ETF firm, and discount broker
Schwab, with both firms offering free
trades to clients trading their respective
proprietary ETFs. Additionally, Scottrade
is offering free trades on a new lineup of
15 equity funds it rolled out in March.
Interactive Brokers and its affiliates
execute almost 1 million trades per
day on a variety of electronic products,
among them stocks, options, futures,
foreign exchange and bonds, according
to the company’s website. The company’s
mission is to create technology and
provide liquidity on better terms.
Global X has gathered almost $1.7
billion in assets spread among well over
30 funds; it rolled out its first ETF in
February 2009.
First Trust Rolls Out
First-Ever Auto ETF
In May, First Trust rolled out the world’s
first ETF focused on automobile manufacturers,
in part as a reflection of high
hopes in the investment world that the
emerging markets will power global
growth in the coming years.
The First Trust Nasdaq Global Auto
Index Fund (NasdaqGM: CARZ) is based
on the Nasdaq OMX Global Auto Index,
a benchmark designed to track the performance
of the biggest and most liquid
companies engaged in the auto manufacturing
industry. The ETF has an an-
ETFR • July 2011 3

UPDATES
nual expense ratio of 0.70 percent.
The biggest country holding in the ETF
at launch was Japan, at almost a third of
the portfolio, followed by Germany, at just
over 20 percent and the U.S., at almost 18
percent. South Korean companies make
up about 10 percent of the ETF.
The top three companies in the fund
are Germany’s Daimler AG, at 8.28 percent;
General Motors at 7.64 percent;
and Honda at 5.67 percent.
Direxion Changes
Tickers On Natgas Funds
Direxion changed the ticker symbols on
a pair of its natural gas funds in May.
The Direxion Daily Natural Gas Related
Bull 2x Shares will now trade under the
ticker GASL and the Direxion Daily Natural
Gas Related Bear 2x Shares under the
ticker GASX. The funds’ previous tickers
were FCGL and FCGS, respectively. Both
ETFs trade on the NYSE Arca exchange.
The new tickers are motivated simply
by the company’s desire to make its
monikers more easily recognizable to
investors seeking to take advantage of
short-term market movement, a company
spokesperson said.
The pair of funds is designed to provide
twice the daily or inverse performance
of the ISE-Revere Natural Gas Index,
and has been around since August
2010. The previous tickers bore clear resemblance
to the trading symbol of the
popular First Trust ISE-Revere Natural
Gas ETF (NYSE Arca: FCG).
Global X Debuts
Fertilizer, Farming ETFs
In May, Global X Funds launched two
ETFs, focusing on global fertilizer producers
and farming equities.
The Global X Fertilizers/Potash ETF
(NYSE Arca: SOIL), by tracking the
Solactive Global Fertilizers/Potash Index,
owns the largest and most liquid global
names involved in various aspects of the
fertilizer industry. SOIL comes with a
0.69 percent price tag.
The Global X Farming ETF (NYSE Arca:
BARN), on the other hand, is likely to
face stiff competition from the likes of
the $5.25 billion Market Vectors Agribusiness
ETF (NYSE Arca: MOO). Still, BARN
claims to be more narrowly focused than
its competitors, as it only includes companies
in the agricultural products, livestock
operations and farming equipment
manufacturing segments.
BARN tracks the Solactive Global
Farming Index from Germany-based
Structured Solutions AG. The benchmark
comprises 50 securities screens for liquidity,
and weights securities based on freefloat
market capitalization.
Retail Investors Power
Schwab ETF Gains
Charles Schwab managed $121 billion in
ETF assets at the end of the first quarter, 32
percent more than a year ago, according to
the company’s latest ETF investor data. The
increase is due largely to retail investors and
a generally growing appetite for ETFs.
Retail investor assets in the various
ETFs offered through Schwab’s platform
soared 58 percent between March 2010
and March 2011, and now represent 37
percent of Schwab’s total ETF pie, up
from 31 percent a year earlier. Similarly,
demand from clients using registered
investment advisors grew 18 percent,
though an exodus from international equity
ETFs slowed the RIA-related growth,
the company said.
For Schwab, about 85 percent of
advisors already include ETFs in their
portfolios, while only a small portion of
retail investors do, Beth Flynn, Schwab’s
vice president of ETF platform development,
said in a telephone interview in
May. But usage by these retail investors
is growing faster, she noted.
While a retail investor who uses ETFs
had, on average, a 16 percent allocation
to cash, a non-ETF retail investor tied
nearly 40 percent of invested assets to
cash, Schwab data showed.
IndexIQ Rolls Out
Japan MidCap ETF
In June, IndexIQ rolled out a first-of-itskind
ETF focused on midcap Japanese
companies that the firm says have growth
characteristics of small-cap enterprises
with the size and stability of larger ones.
The IQ Japan Mid Cap ETF (NYSE Arca:
RSUN) is designed to give investors pureplay
exposure to the midcap universe either
as a stand-alone fund or in conjunction
with small- and large-cap Japanese
offerings to create broader-based exposure,
the company said in a press release.
As of May 16, the industrial sector made
up 23.2 percent of the ETF’s underlying
index, while the financial and technology
sectors made up 17.7 percent and about 9
percent, respectively, IndexIQ said.
The new ETF has an annual expense
ratio 0.69 percent.
UBS Launches 2X
Business Development ETN
In late May, Swiss bank UBS launched a double-exposure
exchange-traded note focused
on business development companies.
The UBS 2X Leveraged Long Wells
Fargo Business Development Company
ETN (NYSE Arca: BDCL) is essentially
a double-exposure play on an ETN it
launched on April 28 with the ticker
(NYSE Arca: BDCS).
Both ETNs are based on the market-capitalization-weighted
Wells Fargo Business
Development Company Index, and have
annual expense ratios of 0.85 percent.
The new ETNs reflect a growing interest
in financing for smaller companies
that some say goes hand in hand with
an economy that’s starting to grow on its
own, aside from government aid. While
credit markets have normalized to a large
extent, small companies are still having
problems obtaining loans since the economic
crisis of 2008.
Deutsche Debuts Leveraged
Dollar Index ETNs
Deutsche Bank and Invesco PowerShares
rolled out in late May the first-ever U.S.
dollar index leveraged ETNs that provide
triple-long and triple-short exposure
to futures contracts on the currency
benchmark that measures the value of
the greenback compared with six of the
world’s most-traded currencies.
The Powershares DB 3x Long US Dollar
Index Futures ETN (NYSE Arca: UUPT)
and PowerShares DB 3x Short US Dollar
Index Futures ETN each charge an annual
expense ratio of 0.95 percent.
They are designed to replicate the performance
of the dollar relative to a basket
of six currencies: the euro, Japanese yen,
British pound, Canadian dollar, Swedish
krona and Swiss franc.
The ETNs are rebalanced monthly.
4 ETFR • July 2011

DBA
T H E P O W E R S H A R E S D B
AGRICULTURE FUND
To download a copy of a prospectus, visit PowerShares.com/DBApro
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.

Hidden In The Margins: Can
CME Drive Commodities Prices?
By Cory Banks
Between March 25 and May 9—the
height of the silver bubble—the Chicago
Mercantile Exchange increased required
margins on silver commodities futures
trades six times. Each change adjusted
the amount of margin investors needed
to put up for futures contracts through
the world’s largest commodities exchange,
and sent chills down the spines
of dyed-in-the-wool futures traders.
The CME stated in vague press release
language that margin increases
were due to rising volatility. Some serious
futures traders question that, however,
concerned over the lack of transparency
behind what amounts to more
required buy-in. Meanwhile, ETF investors
were left scratching their heads. Is
it really possible that the exchange was
trying to manipulate the market?
The CME’s Safety Valves
Margins are the safety valves set for every
contract traded on the CME—the
amount of collateral investors must put
up to purchase a futures contract in any
of the products traded on the exchange.
Instead of paying all $100,000 of a contract
for wheat delivery in August, a
futures trader can post the minimum
amount required.
Here’s how it works: Suppose Bob the
investor buys a 12-month contract for
cotton for $100, using $20 of his own
money, and $80 borrowed from his broker.
The net value (share minus loan) is
$20. The broker wants a minimum margin
requirement of $10, which means
that the net value of the loan must remain
above $10.
The next day, the price of cotton
goes down to $85. The net value of the
contract is now only $5. Bob has hit the
margin requirement: He will either have
to sell the contract or put up more margin
(i.e., repay part of the $80 loan) so
that the net value of his position is again
above $10. Add in quite a few zeroes
and you’ve got the situation for millions
of traders and billions of dollars a day.
Each type of commodity traded
through the CME’s system has an assigned
set of margins. The initial
amount of collateral you’d pay to trade
oil is different from sugar or cotton. According
to the CME, the amount of collateral
required depends on the volatility
of the chosen commodity, as well as
a variety of other factors.
I think there is
some truth that
the speculators
in funds and new
products are driving
a lot of volume
that was never
here before.
—Kevin Kerr
“The largest piece of data we’re looking
at is historical volatility,” said Amy
McCormick of the CME clearing group.
This includes tracking the price for each
product every day and monitoring the
changes. For many commodities, Mc-
Cormick says volatility is the biggest
component of the equation.
What the rest of that equation is, however,
remains a well-guarded secret.
Smoke And Mirrors?
Because CME keeps its calculations
behind a veil, many traders are convinced
that some sort of conspiracy
exists between the exchanges and the
commodities offered. The stories range
from mere coincidence (the CME raised
margins to make a profit as the bubble
grew) to full-blown conspiracy theories
(the CME is working in an interagency
conspiracy to control the price of silver).
The latter is fueled by memories of how
a margin call ruined the Hunt brothers’
attempts to corner the silver market in
1980. With little hard information available,
the chatter between traders ranges
from speculative to spooked.
Even experienced investors are cautious.
“Eight increases so far in one year—
it sends the wrong signal, let’s put it that
way,” said Kevin Kerr of Kerr Trading, an
investor with 20 years of futures trading
experience. “When any of these margins
increase, we’re talking about significant
amounts of money. People have to liquidate,
and traders see the liquidation.”
With “increased volatility” the only official
reason given for the changes, the
opportunity for whispered rumormongering
increases. One of the biggest rumors
is that the CME, due to increased pressure
from the U.S. Commodity Futures Trading
Commission (CFTC) and members of
Congress, is trying to flush out speculators
from fragile commodities markets. Many
point to this scenario in gasoline—in early
May, CME increased margins on the fuel
by 48 percent, and shortly afterward,
gasoline prices dropped significantly. The
rapid change in the market, according to
some, comes from the CME pricing out
speculative traders.
“I think there is some truth that the
speculators in funds and new products
are driving a lot of volume that was never
here before,” said Kerr. But he also understands
the exchange’s position, to a
point. “I think CME is saying, ‘Yes, we’re
raising the margins, because we want to
protect those people. We want to protect
the integrity of the exchange.’”
“We’re not trying to send the market
any messages with our chang- 13
6 ETFR • July 2011

YOU CAN’T FORCE A ROUND INVESTMENT
INTO A SQUARE STRATEGY.
Some people think it takes dog years to
find an investment that fits their strategy.
So they wind up settling for whatever is
“close enough.”
At State Street, we believe precision is an
investor’s best friend. With over 100 SPDR ®
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segment, you’ll get exactly what’s on the
label. Nothing more. Nothing less.
If you’re tired of barking up the wrong tree,
scan the QR code with your smartphone or
visit spdrs.com for details.
Before investing, consider the funds’ investment objectives, risks, charges
and expenses. To obtain a prospectus or summary prospectus, which contains
this and other information, call 1.866.787.2257 or visit www.spdrs.com.
Read it carefully.
ETFs trade like stocks, fl uctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will
reduce returns.
The SPDR S&P 500 ® ETF Trust, SPDR S&P MidCap 400 ® ETF Trust and the SPDR Dow Jones Industrial Average ETF Trust are all unit investment trusts and issue
shares intended to track performance of their respective benchmark indices.
“SPDR,” S&P, S&P 500 and S&P MidCap 400 are registered trademarks of Standard & Poor’s Financial Services, LLC (“S&P”) and have been licensed for use by State Street
Corporation. No fi nancial product offered by State Street or its affi liates is sponsored, endorsed, sold or promoted by S&P.
Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation
and its affi liates. Certain State Street affi liates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF
Trust, SPDR S&P MidCap 400 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust, all unit investment trusts and the Select Sector SPDRs Trust.
IBG-3345

Why I Own: VIG
Vanguard Dividend
Appreciation ETF
Name: Ben Tobias
Title: President
Firm: Tobias Financial Advisors
Founded: 1980
Location: Florida
AUM: $180 million
All ETFs? No
ETFR: What is your favorite ETF at the
moment?
Tobias: Well, I’ll give you a choice: DLN
[WisdomTree LargeCap Dividend Fund]
or VIG [Vanguard Dividend Appreciation
ETF]. They’re both very similar, and
they select stocks based on dividends.
ETFR: What made you decide to buy
into VIG?
Tobias: Basically, I’ve always thought
that value is more appropriate for the
kind of portfolios that we run than
growth; there’s just a little bit less volatility.
Moreover, our client base has a
lot of preretirees and retirees, and income
is a little bit more important than
just capital gains. In the long run, I truly
believe that value performs better than
growth, and that the dividend yield is
a large component of that. This is especially
so in the case of VIG in terms
of dividend increases: With VIG, the
actual dollar amount of the dividend
increases, but the percentage of the
value doesn’t necessarily go up. Plus,
over the long run, you can do a little
bit better with a little bit less volatility.
And as with most ETFs that we use,
we like to use low expense ratios.
ETFR: How does VIG help you overweight
value?
Tobias: Actually, these funds and the
DFAs [Dimensional Fund Advisors] are
almost all of our portfolios. You know,
that’s most of where we go in. My
background is in certified public accounting,
and since those days, I’ve
always been partial to the companies
that have shown consistent growth in
dividends. I feel that that’s a good corporate
responsibility that every company
should have. And I think the results
speak for themselves over time.
We do a lot of rebalancing. Rebalancing
with ETFs makes life a little bit
easier as far as doing the trades, and
sometimes setting prices, and things
along those lines. Also—though hopefully
we don’t have this for a while—
the similarities and differences between
these two ETFs mean that in the event
that the market takes large swings, we
could use these to book losses, and harvest
tax losses in accounts where that is
appropriate.
ETFR: Looking at these two funds, DLN
has a distribution yield of 2.43 percent—higher
than VIG’s 2.13 percent—
but the Vanguard product is much
cheaper at only 18 basis points.
Tobias: Yes, the pricing of the Vanguard
fund is magnificent.
Vanguard Dividend Appreciation
Equity: U.S. - High Dividend Yield
Issuer: Vanguard
Legal Structure: 1940s Act
Expense Ratio: 0.18%
AUM: $6,317.15 billion
ADV (60-Day): 685,000
Avg. Spread: 0.03%
Competing Funds:
DLN, DVY, SDY, PEY
Data as of: 06/08/11
Source: Bloomberg
June 7, 2010 – June 7, 2011
ETFR: What is it that makes you have a
preference for one over the other? And
does that preference change over time
as you’re holding the product?
Tobias: It’s like, “What comes first, the
chicken or the egg?” I’m not sure which
one of their core principles works better.
DLN is more dividend weighted,
and VIG is more based on increasing
dividends. There’s a little bit of a fundamental
difference between the two
of those, and honestly, I can’t decide.
I’ve looked at the data for both, and I
can’t decide which one I would prefer
to be in, if I had to choose one or the
other. I like them both.
ETFR: Is the focus on these two dividend
funds a new thing for you? There’s a lot
of chatter in the headlines right now
about dividends. Is this an area you’re
focusing on now, or have you been here
all along?
Tobias: I’ll say we’ve been here all
along, as far as focusing on dividends
on the large-value side. VIG is a very
new fund for us, though.
Even though we’ve got well over 40
percent of our overall portfolios in ETFs,
I have stayed away from the smaller
ones, the sectors ones, and things like
that. I’m not comfortable with them.
And again, I think it’s my background
as an auditor. The smaller you get, the
more issues you can have, and I don’t
like surprises.
ETFR: Do the sizes of these two products factor
into why you decided to go with them?
Tobias: They’re large enough; I’m not
necessarily looking for funds the size of
IVV [iShares S&P 500 Index Fund] all
the time.
J J A S O N D J F M A M J
2010
2011
24.39%
8 ETFR • July 2011

Rethinking Float
By Gene Koyfman
Consider two countries: China and
Switzerland.
China is huge. It occupies nearly 10
million square kilometers, has 1.3 billion
people and has the second-largest
economy in the world.
Switzerland, by contrast, is tiny. It occupies
just 41,000 square kilometers, has
fewer than 8 million citizens and has an
economy one-tenth the size of China.
Yet investors in broad-based global
stock funds like the iShares MSCI All-Country
World Index ETF (NYSEArca: ACWI) currently
put 43 percent more money to work
in Switzerland than they do in China.
It’s not just Switzerland. Despite its
size, China occupies just 2.33 percent of
the most popular global index, and ranks
ninth on the list of country allocations,
below France, Australia and Germany.
The reason has nothing to do with
the size of its stock market. Depending
on which day you check, China has either
the second- or third-largest stock
market in the world, accounting for
nearly 7 percent of total global market
cap. But because of the rules indexers
use to create their benchmarks, that 7
percent weight gets chopped down to
the aforementioned 2.33 percent.
That rule—called free-float adjustment—gets
ignored by many investors
as the wonky inner workings of index
geeks. But with a 4 percent-plus swing
in China at stake and larger swings in
other countries—it pays to understand
what’s going on, and why.
How Free-Float
Adjustment Works
Fans of passive strategies will tell you the
best way to invest is to simply own the
market. The ideal approach, they say, is to
own an equity stake in each company in
the proportion of its value in the market.
Suppose, for instance, that there
were only two companies in the world:
BIG Co. and SMALL Inc. BIG’s stock
trades at $10 per share with 900 shares
outstanding, while SMALL’s stock
trades at $5 per share with 200 shares
outstanding. BIG is worth $9,000, and
SMALL is worth $1,000, meaning the
two stocks represent 90 and 10 percent
of the market, respectively. An investor
looking to own the entire market would
put 90 percent of his money into BIG
Figure 1
Float Criteria By Index Provider
FLOAT RESTRICTED BY FTSE MSCI RUSSELL S&P
Block ownership Yes Yes
Capital Controls
Controlling
shareholdings
Source: Index providers
Yes
Yes Yes Yes
Cross-holdings Yes Yes Yes Yes
ESOP Yes Yes Yes Yes
FDI or joint
venture holdings
Governmental holdings Yes Yes Yes Yes
Insider holdings Yes Yes Yes Yes
IPO lockups
Restricted shares Yes Yes Yes Yes
Strategic holdings Yes Yes
Foreign holdings restrictions Yes Yes Yes Yes
Treasury shares Yes Yes Yes
Yes
Yes
ETFR • July 2011 9

Figure 2
The Float Effect
COUNTRY
UNADJUSTED
MKT CAP
United States 29.6% 42.3% 41.3%
Japan 7.0% 7.7% 7.2%
China 6.9% 2.3% 2.5%
United Kingdom 6.6% 8.4% 8.2%
Hong Kong 4.8% 1.3% 1.4%
Canada 4.1% 4.6% 4.1%
France 3.6% 3.9% 4.5%
India 2.8% 1.0% 1.3%
Brazil 2.8% 1.9% 2.3%
Germany 3.1% 3.4% 3.5%
Australia 2.7% 3.4% 3.4%
Switzerland 2.5% 3.3% 3.0%
Source: Bloomberg. Data as of June 13, 2011.
and 10 percent into SMALL.
That’s the way the first market-capweighted
indexes were built.
But during the 1980s and 1990s, as
money started to flow into passive index
strategies, indexers realized something:
This perfect representation of
the market wouldn’t work in the long
run because the market and stock ownership
structures are complex.
Specifically, while a company like BIG
may have had 900 shares outstanding,
not all of those are actually available
for sale. Some are held by corporate
insiders who can’t sell due to lockup
requirements; others are held by other
companies who won’t sell because it’s a
strategic investment. Let’s imagine, for
the sake of argument, that only 10 percent
of the shares are available—just 90
shares, worth $900. What happens if an
investor wants to put $2,000 to work in
this index? There’s nowhere for it to go.
As Lori Richards, Benchmark Business
managing director at Russell Investments,
explained, “Indexes should
be representative of the opportunity
set available to managers.”
ISHARES ACWI
VANGUARD
TOTAL WORLD
David Blitzer, managing director
and chairman of the Index Committee
at S&P Indices, pointed out that “the
index should be the same as if you calculated
a portfolio representing all the
shares and all the stocks in the market.
And if the founder of some company
wasn’t going to sell his shares no matter
what happened, then his shares aren’t
really in the market, so they ought to
be adjusted out.”
Blitzer explained, “If I included a
U.S. company with a 12 percent float
in the S&P 500 [at full weight], and the
indexers followed suit, all the shares
would be owned by the indexers.” The
share prices would be bid up by investors,
distorting and overstating the actual
value of the stock.
Going back to our theoretical example,
if 800 shares of BIG’s stock are
locked up due to legal restrictions, only
100 shares are truly available for trading.
Because an indexer adjusting for
float only considers the shares available
for trading when building a benchmark,
the resulting weightings in the index
would be 50 percent BIG and 50 percent
SMALL, dramatically different from
what the unadjusted weightings would
be. And any money invested in the index
would stream in cleanly and efficiently.
According to Blitzer, “The S&P 500
traditionally was not float adjusted.”
However, the index excluded entirely
any stock that does not have 50 percent
in public float, thereby reducing
liquidity concerns.
Essentially, no indexes were adjusted
for float until fairly recently. In 1984, Russell
Indexes launched the Russell 1000
and Russell 2000 indexes, the first U.S.
indexes float adjusted from inception. A
few years later, in 1989, the predecessor
to what is currently the S&P Global Broad
Market Index Family was launched; its
methodology included rules for adjusting
the float of the constituents and
made additional adjustments for restrictions
on foreign holdings.
That basically opened the floodgates,
setting an industry standard for
cap-weighted indexes that is followed
by every major index provider.
“[Float adjustment] has definitely
become the industry standard practice.
I don’t know of any cap-weighted index
that’s not float adjusted,” Blitzer said.
Differing Opinions
But should it be standard practice?
Little consensus exists about the
different methods of float adjustment.
Some adjustments address legal restrictions
on the trading of shares such as
IPO lockups and foreign holding restrictions.
Other adjustments of a more
subjective nature are made to take into
account holdings by individuals or organizations
that are not expected to
sell their stakes in the near future. According
to Russell’s Richards, the three
most important factors are beneficial
owners, such as officers or directors of
a company holding blocks of shares;
cross-ownership, which occurs when
companies own shares in other companies;
and IPO lockups.
Real-World Implications
The decision whether or not to make
float adjustments has far-reaching
global implications for indexers. How-
10 ETFR • July 2011

ever, these implications vary according
to the market scenario.
“[Float adjustment] is far more significant
in emerging markets than in
developed markets, and it is far more
significant outside the U.S. than inside
the U.S., and that’s just the way the
world is at this point,” Blitzer noted.
Adjusted or not, the United States, as
the world’s largest economy, inevitably
holds the largest country weighting in
any global index. U.S. companies represent
29.6 percent of the total world
capitalization. By comparison, the
iShares MSCI ACWI Index Fund (NasdaqGM:
ACWI), which aims to track the
float-adjusted MSCI All Country World
Index, allocates a weighting of 42.3
percent to the United States. As mentioned,
China’s 6.9 percent market capitalization
gets adjusted down sharply
as well. Funds tracking FTSE and S&P
indices show similar deviations.
Kevin Carter, co-founder and head
of index development at AlphaShares,
takes a firm position against this very
practice. “Float-adjustment factors, in
my mind, are bad from start to finish,”
he said. “If there’s $60 billion of Petro-
China, is there any manager that can’t
get what he wants? I understand the
reason for it, but the reason has gone
too far. People apply it as a measure for
something it’s totally irrelevant to.”
Adjusting Out The Float
An investor wishing to forgo the float
adjustment has to do the work to remove
the adjustment from his portfolio.
One way to do this is to adjust one’s
country exposure, despite the fact that
float adjustments are made at the company
level. But upping one’s exposure
to a country like China can lead to accusations
of active management.
“The problem is, [you] call it ‘overweight’
and a flag goes up, and it sounds
like you’re taking on risk. We talk to institutions
and they say: ‘We have a huge
bet in China: We have 3 percent in China.’
And they’re serious. They’re thinking
they’ve gone so far from their benchmark
that they might get fired for it. It’s just
preposterous,” Carter explained.
Disregarding trading cost for a moment,
an investor wishing to construct
a portfolio that is not adjusted for float
would accomplish this by purchasing
the unadjusted proportions via an index
fund or ETF tracking the country’s index.
iShares has ETFs tracking almost every
country in the world, thereby allowing
investors the flexibility to achieve their
desired country weightings. The math
to get the proportion of assets to allocate
to the two funds may require a little
algebra, but not much else.
At its core, the issue comes down to
intent and purpose.
From an index provider’s perspective,
a market-cap-weighted index, Richards
noted, “You would always float-adjust.
It is kind of irresponsible not to.” The
adjustment factors define the opportunity
set available if all investors chose to
index and managers needed to go into
the market to procure shares in quantities
not readily available.
However, from the perspective of an
individual investor who wishes to passively
own the market in its entirety,
adjusting for float adds tilts that distort
the proportions of the global market’s
full value. Thus it falls on the individual
to adjust his holdings to counterbalance
the adjustments embedded in the
index methodologies.
Why advertise in the Journal of Indexes?
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AT WWW.JOURNALOFINDEXES.COM/ADVERTISE
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ETFR • July 2011 11

GSG Tracking from page 1
Figure 1
GSG Historical Performance Compared
PERIOD
S&P GSCI TOTAL
RETURN INDEX
RETURN
ISHARES S&P GSCI
COMMODITY-
INDEXED TRUST
(GSG) RETURN
IPATH S&P GSCI
TOTAL RETURN
INDEX ETN (GSP)
RETURN
GSG VS.
BENCHMARK
GSP VS.
BENCHMARK
2006 -18.79% -18.79% -19.11% 0.00% -0.32%
2007 32.67% 31.45% 31.99% -1.22% -0.68%
2008 -46.49% -47.47% -47.74% -0.98% -1.26%
2009 13.49% 15.12% 13.17% 1.64% -0.31%
2010 9.03% 7.83% 8.59% -1.19% -0.44%
2011 YTD 6.13% 3.95% 6.03% -2.18% -0.10%
Since
Inception
-23.56% -27.54% -26.56% -3.97% -3.00%
Sources: Issuers, Bloomberg. Data as of June 6, 2011
fect tracking of GSP comes with an important
caveat: counterparty risk. As a
debt note, GSP is fully susceptible to a
default by Barclays. In the event that
Barclays defaults, GSP investors will
face substantial losses. The worst-case
scenario is something akin to the failure
of Lehman Brothers in 2008, which
essentially wiped out investors in three
ETNs issued by that company.
GSG doesn’t share that counterparty
risk; it is structured as a trust. That means
it actually purchases and holds assets designed
to provide exposure to the S&P
GSCI. Shareholders in the fund have a
pro rata stake in those underlying holdings,
and no default by iShares’ parent
company BlackRock can take that away.
GSG is a bit unusual in that, unlike
most commodity ETFs, it purchases a specific
type of futures contract traded on
the Chicago Mercantile Exchange called
commodity excess return futures, or
CERFs. Unlike traditional futures contracts,
CERFs are designed to provide long-term
exposure to a given asset class. The CME
has listed two CERF contracts since 2006,
which have had durations of five years
and three and a half years, respectively.
That contrasts with typical futures contracts
that expire monthly or quarterly.
There are a number of potential reasons
why iShares chose CERFs rather
than traditional futures contracts to
underlie the GSG product. The first
is transaction costs: By having to roll
over its contracts less frequently, GSG
should reap savings—at least in theory.
That’s offset by the fact that the CERFs
GSG holds are relatively illiquid. iShares
dominates the market for CERFs, holding
more than 88 percent of the current
open interest.
The Source Of Recent
Tracking Error
One obvious question is whether the
use of CERFs—as opposed to traditional
(and more liquid) futures contracts—
has increased the likelihood of negative
tracking error for GSG.
A look at the annual returns for GSG
suggests otherwise. In 2009, for instance,
GSG actually outperformed its
benchmark by 1.64 percent. That move
came after two years of underperformance,
which may indicate that the
fund’s tracking error is mean-reverting.
The long-term track record backs that
up. Since inception in 2006, GSG has returned
-27.54 percent, just 3.97 percent
below the benchmark return. That is very
close to the 3.70 underperformance that
would be expected based solely on the
0.75 percent annual expense ratio compounded
over five years.
While it’s impossible to say exactly
what caused GSG’s recent underperformance,
there are two leading theories—both
of which, curiously, actually
augur well for the fund.
The first is that 2011 was the firstever
roll by GSG. With the starting
round of contracts expiring, iShares
had to roll the entire portfolio into new
contracts. This could theoretically have
led to slippage.
There’s no exact way to test this,
however, and the previous variability
of tracking performance says that this
is unlikely to be the true driver of the
returns difference. If it were, investors
would not have to worry about it again
until the spring of 2014, when the next
wave of CERFs expire.
The second and more likely explanation
is futures mispricing, whereby
GSG’s underlying holdings—the CME
CERFs—trade away from their intrinsic
value. Futures contracts are designed
to converge with spot returns by expiration;
prior to expiration, they may
temporarily trade away from “fair value.”
Under this scenario, the vacillating
tracking performance would be driven
by movements above and below fair
value for the underlying contracts.
This would cause the tracking error to
be roughly mean-reverting—after all, the
CERFs must revert to fair value by their
expiration in March 2014. If they underperformed
this year, then one might ex-
12 ETFR • July 2011

pect them to reverse course in ensuing
years. That roughly aligns with the variable
annual tracking performance we’ve
seen since GSG’s launch in 2006, and
would suggest that periods of underperformance
will eventually be matched by
periods of outperformance.
GSG Vs. GSP
In short, we can expect to see the different
tracking experiences continue.
While this year’s 2.18 percent underperformance
is concerning, history suggests
that much of that may be reversed
in the future. This is especially true in
light of GSG’s extremely solid tracking
performance since the trust’s inception.
Rival GSP—the ETN—has had more
consistent performance, staying tighter
with the underlying index. Over the long
haul, it has generated slightly superior
performance for investors, with a 3 percent
underperformance over the same
period compared to GSG’s 3.97 percent.
For many investors, the tigher
tracking performance of GSP must be
weighed against its greater credit risk
and inferior liquidity, with the latter
point being perhaps the most important
consideration.
Hidden In The Margins from page 6
es,” CME’s McCormick confirmed. “The
goal is never to affect the price or send
a message. The goal is simply to ensure
that the clearinghouse has enough assets
on hand to cover the volatility we
see in the market.”
Sound And Fury
Even if the goal is not to move the market,
can the CME inadvertently push commodities
prices around? In the case of silver, the
argument that margin increases popped
the bubble looks profoundly weak.
Based on margin data provided by the
CME, it’s clear that the margin increases
didn’t ramp up until the price of silver
had already peaked on April 29. At that
point, with the price of silver at $48.60
per troy ounce, the amount of collateral
required to purchase a contract was at 6
percent of the total contract value. The
CME clearing group further increased initial
and maintenance margins three more
times, but at this point silver prices were
already tumbling back down to Earth.
According to this data, not only did the
clearinghouse not manipulate the market,
it was slow to act as prices escalated. Only
when the bubble burst, on May 3 through
May 9, did the clearinghouse start making
bold hikes in margin percentage. At that
point, the fall in price had led to extreme
amounts of volatility in the market.
“You can probably conclude that the
price of silver was rising and the CME was
playing catch-up. What you can’t conclude
from any of this is that their margin
changes are the approximate cause of the
price changes,” said John Hyland, founder
of U.S. Commodities Indexes. “The
notional value of a contract was going
down, but the volatility was going up; so
Figure 1
Margins Of Error
$50
$45
$40
$35
$30
$25
$20
Oct Nov Dec Jan Feb Mar Apr May
2010 2011
■ Silver Price (troy ounce)
Sources: CME Group, Bloomberg
● Margin
that could have been the catalyst there.”
Even factoring in the lack of transparency,
it’s hard to believe that the changes
CME pushes can actually affect market
prices—especially for those using ETFs for
their commodities exposure. According
to Hyland, that’s one of the problems with
margin conspiracy theories. “People say
you’ll cause the price to fall. Well, why?
What you’re doing is forcing out people
who can’t post up more margins.”
He points to highly leveraged investments
as the only concerning point when
it comes to margins: Instead of the entire
6.3%
5.7%
FUND
6.0%
10.5%
7.6%
11.6%
market shaking when margins increase
by $600, it’s truly only the leveraged positions
that get eroded by increases. “Any
unlevered buyer is probably indifferent
to what the margin is,” said Hyland.
Even with compelling evidence, the
conspiracy theories are unlikely to die out.
But as more investors dip their collective
toes into the commodities asset class,
converting fiction to fact will become
ever-more important. “The justification of
having margins is to protect the clearing
process, pure and simple,” said Hyland.
“It’s not to manipulate the price.”
ETFR • July 2011 13

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July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Alternatives
PowerShares DB G10 Currency Harvest DBV 0.75 371.1 3.77 4.30 0.85 21.22 -2.59 - - - 14.92 -
Cambria Global Tactical GTAA 0.99 173.3 0.48 3.55 - - - - 10,355 16.1 - -
PowerShares S&P 500 BuyWrite PBP 0.75 119.0 1.78 3.49 4.89 24.00 -1.69 - 51,276 16.4 16.63 1.17
iShares Diversie Alternatives ALT 0.95 129.5 0.81 3.00 1.62 - - - - - - -
IQ Hee ulti-Stratey Tracer QAI 1.13 130.7 2.47 1.57 2.59 - - - 12,317 15.4 - 1.49
iPath S&P 500 VIX i-Term utures T VXZ 0.89 765.2 -11.05 -24.25 -14.43 - - - - - - -
iPath S&P 500 VIX Short-Term utures T VXX 0.89 1,274.5 -29.46 -43.39 -72.40 - - - - - - -
WisomTree anae utures Stratey WDTI 0.95 124.5 0.73 - - - - - - - - -
Asset Allocation
PowerShares C Income Comosite PC 1.62 233.3 4.62 7.28 - - - - 42,746 15.3 - 8.34
iShares S&P Growth Allocation AOR 0.32 109.4 2.40 5.52 11.14 18.99 - - 19,670 16.6 - 1.85
Commodities
TS Physical Silver SIVR 0.30 688.0 13.57 24.77 82.16 - - - - - - -
iShares Silver SLV 0.50 12,347.2 13.56 24.59 82.48 47.67 31.14 24.39 - - 41.36 -
PowerShares DB Silver DBS 0.75 201.5 13.83 23.96 81.16 47.07 30.02 - - - 41.52 -
Unite States Gasoline UGA 0.90 141.6 7.41 20.20 15.11 87.97 -6.72 - - - 42.98 -
Teucrium Corn COR 1.71 131.3 3.64 16.12 - - - - - - - -
PowerShares DB nery DB 0.75 235.3 3.07 14.88 2.63 30.36 -13.95 - - - 32.90 -
TS Physical Precious etal Baset Shares GLTR 0.60 240.5 9.48 13.27 - - - - - - - -
iPath Dow Jones-UBS Precious etals T JJP 0.75 141.7 9.98 11.20 41.91 28.42 - - - - - -
PowerShares DB Precious etals DBP 0.75 539.4 9.70 10.90 37.56 26.58 20.88 - - - 24.29 -
PowerShares DB Commoity Tracin DBC 0.85 6,298.3 1.78 9.80 11.90 16.19 -8.80 4.82 - - 26.81 -
PowerShares DB Oil DBO 0.75 627.0 2.37 8.87 2.36 42.92 -13.27 - - - 35.33 -
Unite States 12 onth Oil USL 0.96 234.0 3.48 8.52 6.52 35.36 -14.60 - - - 33.81 -
iPath Dow Jones-UBS Coee T JO 0.75 128.3 -4.50 8.15 65.37 14.76 - - - - - -
iPath S&P GSCI T GSP 0.75 124.2 0.95 8.00 8.36 15.25 -18.75 - - - 32.02 -
TS Physical Swiss Gol SGOL 0.39 1,381.2 8.69 7.90 29.23 - - - - - - -
SPDR Gol GLD 0.40 59,788.8 8.70 7.87 29.27 24.03 19.61 18.43 - - 20.97 -
iShares Gol Trust IAU 0.25 6,795.0 8.70 7.84 29.46 23.90 19.67 18.48 - - 20.88 -
PowerShares DB Gol DGL 0.75 258.7 8.39 7.38 27.89 22.03 18.07 - - - 20.97 -
LTS Roers International Commoity T RJI 0.75 928.9 -0.51 6.60 17.86 26.45 -8.22 - - - 27.60 -
iShares S&P GSCI Commoity GSG 0.75 1,729.0 0.50 6.36 7.17 11.22 -18.86 - - - 31.46 -
GreenHaven Continuous Commoity GCC 0.85 767.2 -1.22 5.92 25.19 20.07 1.13 - - - 21.52 -
Unite States Commoity USCI 1.24 473.0 -4.61 4.82 - - - - - - - -
iPath S&P GSCI Crue Oil T OIL 0.75 639.9 3.56 4.53 -1.04 11.22 -29.49 - - - 41.64 -
UBS -TRACS CCI T UCI 0.65 157.2 -1.60 4.24 18.61 40.58 -3.05 - - - 26.82 -
Unite States Oil USO 0.80 1,576.8 3.34 3.85 -0.71 18.67 -26.75 -9.77 - - 39.15 -
TS Physical Platinum PPLT 0.60 788.5 1.22 3.15 - - - - - - - -
iPath Dow Jones-UBS Commoity T DJP 0.75 3,212.7 - 2.46 16.23 20.09 -8.41 - - - 24.21 -
iPath Dow Jones UBS Grains T JJG 0.75 303.4 -1.38 2.20 29.85 -1.86 -4.14 - - - 32.74 -
PowerShares DB Ariculture DBA 0.75 3,273.0 -6.41 1.17 22.35 0.99 -1.96 - - - 23.26 -
LTS RICI Ariculture T RJA 0.75 655.3 -6.07 1.12 35.01 6.29 -0.49 - - - 26.62 -
iPath Dow Jones UBS Ariculture T JJA 0.75 269.0 -4.11 1.11 38.40 13.17 3.08 - - - 28.22 -
iPath Dow Jones-UBS atural Gas T GAZ 0.75 119.3 11.71 0.75 -43.63 -51.15 -51.82 - - - 38.05 -
Unite States atural Gas UG 1.11 2,042.4 9.37 -1.61 -40.56 -56.50 -52.68 - - - 37.20 -
PowerShares DB Base etals DBB 0.75 604.0 -5.33 -1.76 8.58 88.92 0.86 - - - 30.10 -
TS Physical Pallaium PALL 0.60 785.9 -3.12 -3.63 - - - - - - - -
iPath Dow Jones-UBS Coer T JJC 0.75 210.0 -7.48 -6.51 29.04 133.55 2.66 - - - 36.69 -
Currency
CurrencyShares Swiss ranc X 0.40 731.2 8.82 9.25 10.54 2.21 6.73 - - - 15.00 -
CurrencyShares Sweish rona XS 0.40 136.9 2.69 8.62 6.96 9.01 -0.33 - - - 17.52 0.42
WisomTree Dreyus Brailian Real BZ 0.45 176.7 6.96 8.29 12.46 34.01 9.40 - - - 18.87 -
CurrencyShares uro X 0.40 365.3 4.36 7.76 -6.87 2.53 -2.01 3.95 - - 15.42 0.03
CurrencyShares Australian Dollar XA 0.40 839.3 5.88 6.08 17.87 29.29 7.49 - - - 19.68 3.40
PowerShares DB US Dollar Bearish UD 0.75 171.9 3.17 5.79 -1.60 5.19 -0.45 - - - 11.59 -
WisomTree Dreyus Commoity Currency CCX 0.55 146.1 4.73 5.49 - - - - - - - -
CurrencyShares British Poun Sterlin XB 0.40 139.0 1.12 4.91 -3.33 10.62 -5.58 - - - 12.46 -
CurrencyShares Canaian Dollar XC 0.40 867.4 0.31 3.19 4.96 15.24 1.03 - - - 13.20 0.06
WisomTree Dreyus merin Currency CW 0.55 583.6 3.48 2.70 6.40 - - - - - - -
WisomTree Dreyus Chinese uan CB 0.45 668.4 0.43 0.43 1.21 1.20 1.14 - - - 2.80 -
CurrencyShares Jaanese en X 0.40 176.2 0.26 -0.57 14.20 -3.16 8.55 - - - 11.32 -
Inverse
VelocityShares Daily Inverse VIX Short Term T XIV 1.35 117.9 33.46 57.40 - - - - - - - -
iPath U.S. Treasury lattener T LAT 0.75 128.7 6.01 4.82 - - - - - - - -
ProShares UltraShort en CS 0.95 368.4 -1.83 -0.83 -26.43 -2.52 - - - - - -
ProShares Short SCI merin arets U 0.95 220.7 -7.08 -4.04 -20.92 -50.67 -22.26 - - - 26.48 -
ProShares Short 20 ear Treasury TB 0.95 996.2 -6.12 -5.79 -12.39 - - - - - - -
ProShares UltraShort inancials S 0.95 308.0 6.05 -5.97 -35.33 -76.48 -48.85 - - - 65.65 -
Yield
Data as of 05/31/2011. 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.
ETFR • July 2011 15

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Inverse (Continued)
PowerShares DB US Dollar Bullish UUP 0.75 1,139.8 -3.40 -6.04 -1.60 -6.52 -1.83 - - - 12.05 -
ProShares Short SCI A Z 0.95 103.8 -2.06 -7.77 -14.24 -30.36 -9.21 - - - 25.87 -
ProShares Short S&P 500 SH 0.92 1,501.1 -2.28 -7.94 -16.59 -27.02 -9.17 - - - 20.62 -
ProShares Short QQQ PSQ 0.95 234.6 -1.94 -7.99 -20.61 -40.20 -14.16 - - - 23.02 -
ProShares UltraShort 7-10 ear Treasur PST 0.95 464.3 -8.58 -8.60 -21.51 2.43 -18.70 - - - 16.12 -
ProShares UltraShort SCI merin arets V 0.95 118.2 -14.18 -8.96 -41.82 -79.25 -54.25 - - - 49.50 -
ProShares Short Dow30 DOG 0.95 231.3 -3.89 -9.63 -15.29 -23.66 -9.76 - - - 19.34 -
ProShares Short Russell 2000 RW 0.95 398.3 -4.44 -9.79 -27.39 -32.86 -18.17 - - - 26.14 -
ProShares UltraShort 20 ear Treasur TBT 0.95 5,771.8 -11.85 -10.45 -25.74 32.20 -22.95 - - - 33.31 -
Direion Dail inancial Bear 3 AZ 1.15 613.8 9.00 -11.07 -51.36 -94.56 - - - - - -
ProShares UltraShort Basic aterials S 0.95 105.0 -7.25 -13.62 -54.68 -78.16 -42.15 - - - 61.31 -
PowerShares DB Crue Oil Doule Short T DTO 0.75 223.2 -12.99 -15.42 -20.26 -54.19 - - - - - -
ProShares UltraShort S&P 500 SDS 0.90 2,034.9 -4.78 -15.48 -32.21 -50.59 -24.16 - - - 38.94 -
ProShares UltraShort QQQ QID 0.95 693.7 -4.02 -15.75 -38.90 -66.80 -32.59 - - - 43.61 -
ProShares UltraShort uro UO 0.95 502.4 -9.42 -15.76 8.61 -12.04 - - - - - -
ProShares UltraShort TSXinhua China 25 XP 0.95 173.7 -16.17 -15.89 -28.30 -76.27 -57.77 - - - 53.42 -
Direion Dail 30-ear Treasur Bear 3 TV 1.14 480.8 -18.01 -16.04 -36.69 - - - - - - -
ProShares UltraShort DJ-UBS Crue Oil SCO 0.95 132.3 -13.77 -16.50 -25.49 -56.89 - - - - - -
ProShares UltraShort Dow 30 DXD 0.95 339.3 -7.76 -18.45 -29.76 -44.98 -24.05 - - - 36.60 -
ProShares UltraShort Russell 2000 TW 0.95 443.2 -9.25 -19.55 -50.14 -60.27 -40.90 - - - 49.92 -
ProShares UltraPro Short S&P 500 SPXU 0.95 301.5 -7.54 -22.87 -46.51 - - - - - - -
Direion Dail Lare Ca Bear 3 BGZ 1.02 170.5 -8.60 -24.17 -48.74 -70.71 - - - - - -
ProShares UltraShort Real state SRS 0.95 173.3 -10.53 -25.08 -51.63 -85.21 -67.34 - - - 70.52 -
ProShares UltraShort Oil & Gas DUG 0.95 115.2 0.11 -26.08 -41.26 -49.12 -36.95 - - - 44.83 -
Direion Dail Small Ca Bear 3 TZA 1.15 539.2 -14.47 -29.17 -68.34 -79.41 - - - - - -
ProShares UltraShort Silver ZSL 0.95 524.7 -47.59 -59.04 -79.50 -72.65 - - - - - -
Leveraged
Direion Dail Real state Bull 3 DR 1.03 121.4 14.78 42.80 63.51 - - - - - - 0.48
Direion Dail ner Bull 3 RX 1.03 416.3 -8.57 35.40 48.96 14.71 - - - - - 0.06
ProShares Ultra Silver AGQ 0.95 1,146.2 11.24 30.65 182.44 78.25 - - - - - -
ProShares Ultra Real state UR 0.95 562.1 8.31 26.49 48.36 12.10 -27.55 - - - 72.20 0.65
ProShares Ultra Oil & Gas DIG 0.95 383.5 -5.23 25.37 33.69 20.59 -20.22 - - - 52.20 0.37
Direion Dail Lare Ca Bull 3 BGU 1.18 241.6 4.34 22.80 39.81 65.15 - - - - - 0.18
Direion Dail Small Ca Bull 3 TA 1.03 756.1 7.42 22.73 69.81 42.94 - - - - - -
ProShares UltraPro S&P 500 UPRO 0.95 283.2 3.62 21.90 36.37 - - - - - - 0.12
ProShares Ultra iCa 400 VV 0.95 166.9 7.14 20.70 52.88 68.15 -1.41 - - - 50.99 0.01
ProShares UltraPro QQQ TQQQ 0.95 132.3 1.46 19.60 - - - - - - - -
ProShares Ultra Dow30 DD 0.95 340.1 6.07 18.97 25.37 39.71 -3.76 - - - 40.62 0.46
ProShares Ultra Russell 2000 UW 0.95 279.5 5.70 16.33 50.63 42.89 -3.57 - - - 54.53 0.01
ProShares Ultra S&P 500 SSO 0.92 1,678.2 2.82 14.72 26.86 47.27 -8.40 - - - 44.40 0.61
Direion Dail Semiconuctor Bull 3X SOXL 1.03 111.7 -14.97 14.52 - - - - 14,109 13.8 - 0.01
ProShares Ultra Gol UGL 0.95 283.4 16.80 14.42 58.28 41.39 - - - - - -
PowerShares DB Gol Doule Lon T DGP 0.75 603.9 17.08 13.84 62.37 46.16 32.58 - - - 42.39 -
ProShares Ultra QQQ QLD 0.95 768.9 1.34 13.53 36.90 121.20 0.73 - - - 50.16 -
ProShares Ultra Technolo RO 0.95 127.6 -3.85 7.53 19.91 146.38 -1.23 - - - 50.71 -
ProShares Ultra Basic aterials U 0.95 350.2 2.86 7.21 57.39 126.82 -18.87 - - - 69.50 0.06
Direion Dail Technolo Bull 3 TH 2.25 199.7 -8.58 6.81 21.28 240.15 - - - - - -
PowerShares DB Ariculture Doule Lon T DAG 0.75 132.7 -6.31 3.48 30.88 5.70 -11.66 - - - 54.58 -
Direion Dail inancial Bull 3 AS 1.02 1,706.0 -13.25 1.35 13.02 -41.44 - - - - - -
ProShares Ultra inancials UG 0.95 1,192.0 -7.93 1.31 18.04 -5.50 -38.42 - - - 66.08 0.07
ProShares Ultra DJ-UBS Crue Oil UCO 0.95 322.5 2.37 0.62 -1.46 -7.38 - - - - - -
Direion Dail merin arets Bull 3 DC 1.01 439.2 11.18 -3.17 24.29 206.32 - - - - - 0.50
U.S. Equity
iShares Dow Jones U.S. Healthcare Proviers IH 0.47 323.3 9.94 22.47 11.47 35.44 9.02 6.44 10,654 13.4 26.73 0.16
PowerShares S&P SmallCa Health Care PSCH 0.29 211.9 16.18 21.85 - - - - 1,382 21.3 - 0.22
irst Trust Consumer Stales AlhaDX XG 0.70 135.5 13.22 20.14 19.75 27.47 12.31 - 10,855 14.9 18.60 0.87
SPDR S&P Biotech XBI 0.35 646.8 20.25 19.28 17.60 0.36 8.40 11.25 3,063 - 26.20 -
irst Trust Health Care AlhaDX XH 0.70 327.9 10.64 18.18 19.01 51.22 17.37 - 9,283 15.8 21.05 0.10
PowerShares Dnamic Small Ca Growth PWT 0.39 163.1 10.48 17.61 27.31 17.50 5.26 2.10 1,447 24.6 24.65 -
PowerShares S&P SmallCa ner PSC 0.29 123.8 0.33 17.17 - - - - 1,582 22.1 - 1.06
iShares asa Biotechnolo IBB 0.48 1,654.9 15.50 17.06 14.84 15.17 11.52 8.56 5,858 19.4 22.63 0.47
iShares Dow Jones U.S. eical Devices IHI 0.47 484.8 7.88 16.70 11.35 38.49 5.66 7.76 8,316 21.0 24.93 0.06
SPDR S&P Oil & Gas loration & Prouction XOP 0.35 1,023.9 -0.78 16.03 28.58 40.16 -1.29 - 4,717 21.2 34.33 0.81
iShares Cohen & Steers Realt aors IC 0.35 2,723.4 6.24 15.86 29.14 25.54 0.61 3.05 10,382 41.5 41.44 2.53
Vanuar Health Care VHT 0.24 808.5 11.01 15.79 5.60 21.81 7.57 6.36 24,648 16.7 18.56 1.50
iShares Dow Jones U.S. Healthcare IH 0.48 687.7 10.89 15.34 4.13 20.96 6.83 5.98 34,666 17.3 18.31 1.41
iShares Dow Jones U.S. Pharmaceuticals IH 0.47 224.3 14.54 15.19 12.72 30.06 14.97 10.21 14,892 17.7 19.14 1.23
Health Care Select SPDR XLV 0.20 3,841.5 11.02 15.14 3.32 19.49 6.10 5.43 46,513 17.1 17.92 1.70
SPDR Dow Jones RIT RWR 0.25 1,593.0 5.76 14.51 28.03 28.24 2.03 3.49 7,513 41.6 40.36 2.71
SPDR S&P Oil & Gas uiment & Services XS 0.35 524.6 -1.36 14.45 30.12 67.80 -3.68 - 3,945 22.5 39.70 0.73
Yield
Data as of 05/31/2011. 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.
16 ETFR • July 2011

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
U.S. Equity (Continued)
PXI 0.65 175.3 1.08 14.37 39.56 42.19 0.70 - 6,483 17.7 31.71 0.50
0.48 122.4 5.80 14.08 30.81 20.73 5.74 - 5,526 42.1 32.63 2.74
0.12 9,634.5 5.45 14.00 28.43 30.07 3.34 4.50 6,237 44.8 39.61 3.08
0.35 696.3 7.52 13.99 34.84 60.81 15.62 12.96 3,864 19.3 27.32 0.07
0.60 278.0 15.20 13.78 36.94 45.05 24.24 - 5,673 21.1 29.61 -
0.60 615.5 -0.53 13.67 12.23 50.06 -8.18 - 12,715 17.7 37.39 0.22
PowerShares Dynamic Oil & Gas Services PXJ 0.63 258.2 -0.84 13.65 29.18 52.86 -7.95 3.97 5,803 23.0 40.56 0.31
0.63 102.2 -2.20 13.57 39.97 19.88 -3.09 8.71 8,408 17.3 32.22 0.46
IJT 0.25 2,176.7 8.33 13.49 28.24 28.78 7.46 6.58 1,288 20.4 26.22 0.75
0.47 648.2 -2.65 13.43 31.77 63.64 -4.52 6.07 15,059 23.8 39.85 0.39
Pharmaceutical HOLDRS PPH - 464.2 10.96 13.41 1.67 20.47 6.85 5.48 89,527 18.4 17.29 -
0.20 9,776.0 -1.51 13.34 21.81 21.81 -1.89 8.41 60,305 15.8 26.67 1.36
0.48 1,087.0 -1.86 13.31 19.00 19.28 -2.33 8.37 65,240 15.2 25.53 1.16
0.24 2,071.0 -1.57 13.28 21.05 25.54 -1.87 8.42 50,302 17.0 27.29 1.10
0.70 183.3 -0.70 13.23 27.63 46.57 -4.52 - 11,994 17.9 38.20 0.48
0.25 185.6 8.33 13.21 30.21 47.12 9.17 8.02 1,291 20.4 29.29 0.35
0.47 3,720.5 4.54 13.17 26.60 30.46 1.69 2.87 7,718 24.3 38.04 3.17
SPDR S&P Pharmaceuticals XPH 0.35 268.2 13.36 13.06 22.47 27.60 18.68 - 7,394 17.6 20.04 0.69
0.65 104.0 6.79 12.91 28.34 47.59 3.10 - 4,260 17.0 32.18 2.10
0.48 558.6 -0.81 12.44 18.65 41.06 -3.67 9.01 17,025 23.4 33.24 0.41
0.12 3,228.7 4.83 12.35 30.95 42.79 7.97 7.69 1,674 21.9 28.11 0.42
0.25 3,524.3 5.54 12.26 30.44 41.11 7.30 8.65 4,108 20.4 25.28 0.53
SPDR S&P Retail XRT 0.35 763.0 10.15 12.11 37.39 77.29 19.64 - 3,682 18.5 32.22 0.93
PDP 0.70 453.1 5.40 12.08 26.59 28.03 -0.70 - 9,002 20.2 25.97 0.21
RPV 0.35 120.3 4.18 12.01 22.53 53.44 6.72 3.69 10,265 13.7 37.19 1.12
PBJ 0.63 265.1 10.27 11.90 29.97 10.95 8.18 8.10 7,641 18.9 17.16 1.02
0.30 210.7 4.62 11.74 27.84 42.17 2.70 6.23 7,189 24.1 25.11 0.36
VDC 0.24 743.8 10.04 11.35 14.62 16.55 7.94 9.29 42,023 15.7 15.11 2.33
0.70 296.6 3.76 11.32 26.64 46.78 8.54 - 2,979 17.2 26.81 0.40
IWP 0.25 3,536.3 4.98 11.30 26.03 46.47 4.30 6.36 7,816 21.0 25.82 0.79
PBS 0.63 162.7 1.44 11.28 20.18 61.92 3.94 2.35 7,988 18.8 31.47 0.42
0.70 616.2 6.69 11.27 32.01 57.11 11.22 - 7,520 17.9 33.44 0.40
0.38 274.2 4.93 11.16 21.65 31.91 6.28 - 4,041 19.5 28.08 2.48
0.25 11,203.2 4.30 11.14 26.26 37.52 5.73 6.73 3,662 20.4 25.14 0.85
VOT 0.12 1,609.4 4.25 11.12 29.14 43.91 3.02 - 7,046 23.5 26.09 0.47
IGV 0.48 655.6 6.18 11.11 24.64 47.53 7.86 11.46 12,916 26.6 24.62 -
RPG 0.35 280.6 4.77 11.03 26.90 49.33 9.02 8.59 14,809 19.4 25.37 0.37
0.60 499.2 4.78 10.99 17.83 50.31 4.73 - 12,844 14.5 27.93 4.52
0.30 146.0 4.65 10.99 31.18 32.73 6.80 5.88 1,857 26.2 26.94 0.26
iShares Russell 2000 Growth IWO 0.25 4,539.7 5.47 10.94 29.38 34.61 7.00 6.19 1,301 21.0 27.04 0.55
0.60 162.9 6.47 10.87 26.79 48.69 10.60 - 4,326 14.4 29.24 0.56
XLP 0.20 4,589.8 9.31 10.84 13.81 14.22 7.18 8.91 55,572 16.5 14.91 2.50
- 492.8 0.43 10.79 18.52 61.55 4.95 2.38 22,047 12.7 29.42 -
0.38 119.6 4.01 10.70 25.60 50.22 10.50 - 2,840 14.0 27.43 1.17
VO 0.12 5,015.8 4.02 10.65 25.68 40.47 4.41 5.48 6,421 18.6 25.92 1.08
VOX 0.24 420.8 9.82 10.62 19.52 29.45 4.61 6.52 20,820 17.3 21.20 2.63
IJH 0.22 11,905.9 3.89 10.59 26.73 37.81 5.87 6.87 3,640 19.0 25.17 0.98
0.38 389.5 6.62 10.57 21.44 25.57 4.77 - 22,427 16.6 24.86 3.22
iShares Dow Jones Telecommunications 0.48 792.8 10.84 10.51 20.72 26.22 2.09 4.44 14,302 15.3 23.51 2.79
0.70 186.8 3.54 10.47 18.69 40.43 5.83 - 15,036 12.4 27.88 1.15
DHS 0.38 200.4 6.67 10.42 17.63 17.03 0.56 - 38,486 15.6 27.72 3.61
Internet HOLDRS HHH - 124.8 5.32 10.32 24.35 82.50 11.96 8.48 44,978 31.5 30.37 -
0.25 178.1 3.71 10.28 26.49 38.64 4.77 5.93 6,517 19.1 26.90 1.23
IWR 0.20 6,555.3 4.11 10.17 25.31 40.70 4.17 5.70 7,531 18.1 26.05 1.42
0.12 1,020.4 3.68 10.08 21.77 38.28 5.35 - 5,813 15.2 26.61 1.73
0.16 1,429.8 3.48 10.05 27.62 37.90 5.78 6.14 2,329 19.3 26.85 0.91
PWV 0.63 430.3 3.84 9.98 13.29 18.60 3.92 5.94 66,568 13.3 19.80 2.12
0.60 100.3 4.14 9.91 20.78 58.82 6.67 7.28 15,898 19.5 27.47 0.47
ITA 0.47 145.4 2.72 9.86 16.60 25.32 1.05 6.96 9,452 15.0 28.35 0.92
0.48 366.7 8.12 9.86 18.99 23.32 7.72 8.04 36,968 15.8 18.30 2.01
SCHA 0.13 554.1 3.33 9.83 28.62 - - - 1,585 17.7 - 0.95
0.70 277.6 4.88 9.82 16.08 19.16 5.17 8.28 16,649 15.4 19.56 2.48
VB 0.17 5,776.0 3.30 9.77 28.12 36.61 6.85 6.14 1,589 18.6 28.42 1.06
RSP 0.40 3,341.6 3.33 9.76 21.39 44.59 5.33 5.23 14,133 16.9 26.86 1.30
XSD 0.35 119.8 -1.63 9.74 15.71 98.99 8.93 4.55 3,148 17.8 33.25 0.66
VPU 0.24 747.0 6.30 9.59 7.05 11.27 -1.53 5.46 9,732 13.9 16.46 3.56
0.25 210.5 3.19 9.58 27.68 39.78 6.49 5.34 1,910 18.2 29.35 0.94
0.40 6,378.6 6.25 9.50 17.79 11.15 1.78 0.87 10,814 14.9 23.10 3.24
IJR 0.20 7,627.3 4.72 9.50 26.61 25.88 5.99 4.85 1,148 19.2 26.96 0.99
iShares Dow Jones U.S. Utilities IDU 0.48 527.0 6.06 9.48 7.21 12.31 -2.41 4.86 11,301 14.6 16.73 3.52
Oil Services HOLDRS OIH - 2,912.9 -6.55 9.47 20.42 62.71 -9.12 1.23 26,914 24.4 38.66 -
IWS 0.25 3,456.1 3.35 9.38 24.43 33.31 3.87 4.52 7,280 16.1 27.16 1.89
0.18 1,409.1 4.13 9.33 14.25 17.17 1.64 - 54,004 14.9 22.30 2.55
Data as of 05/31/2011. 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.
Yield
ETFR • July 2011 17

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
U.S. Equity (Continued)
0.70 272.8 2.66 9.32 20.67 36.83 4.33 - 14,980 15.3 24.32 0.81
0.54 155.5 2.54 9.32 23.21 51.87 8.03 - 3,218 16.2 28.75 0.52
DIA 0.18 9,919.8 3.03 9.23 13.97 22.72 2.60 4.95 111,484 14.2 19.83 2.41
0.45 192.1 5.87 9.20 16.20 13.38 4.01 0.91 41,794 14.5 25.88 3.43
DTD 0.28 176.9 4.34 9.18 16.32 19.57 1.53 - 40,433 16.0 22.73 2.65
0.28 762.8 4.20 9.15 14.98 17.31 0.67 - 63,809 15.6 21.94 2.52
0.30 119.8 2.83 9.14 20.46 35.42 5.35 3.79 6,732 12.6 27.77 2.52
IJJ 0.28 2,449.6 2.11 9.12 22.58 34.35 4.33 4.88 3,228 17.7 25.79 1.46
iShares Dow Jones U.S. Consumer Services 0.48 217.4 4.27 9.11 23.26 32.63 7.76 5.01 23,854 18.3 23.61 0.96
Utilities Select SPDR XLU 0.20 4,368.1 6.48 9.10 5.35 11.69 -2.44 5.03 15,059 14.1 16.76 3.86
0.70 228.0 -0.72 9.07 26.64 66.79 7.31 - 7,679 15.7 29.69 0.02
0.47 512.3 2.00 9.06 25.49 25.81 1.23 4.26 20,384 17.7 28.78 1.47
0.70 117.6 0.89 9.02 28.27 14.19 -4.00 1.85 3,450 14.6 24.30 -
0.95 115.0 2.17 8.96 14.17 - - - 30,340 15.1 - 0.64
PWC 0.60 179.7 2.56 8.90 17.33 18.47 0.17 1.81 13,317 16.0 20.65 1.32
XHB 0.35 864.2 6.07 8.88 17.40 27.60 0.01 -11.13 3,328 19.3 39.79 1.79
PWJ 0.39 128.1 5.41 8.82 29.58 23.61 -0.08 5.91 7,245 25.9 24.10 0.25
PIV 0.50 113.0 4.43 8.78 20.50 12.59 -5.02 -1.40 23,640 16.9 21.36 0.54
PSCT 0.29 116.6 1.75 8.78 - - - - 1,018 21.1 - 0.19
0.60 216.6 4.21 8.75 14.81 10.70 0.55 1.95 57,945 15.5 20.71 2.02
iShares Russell 2000 0.28 16,059.7 3.33 8.65 26.90 28.53 5.81 4.66 1,158 17.8 27.22 1.05
VTV 0.12 5,223.9 1.51 8.61 14.57 19.88 0.42 2.07 46,646 14.3 22.74 2.26
0.70 637.9 3.74 8.59 28.28 59.45 4.16 - 6,061 16.6 36.96 1.48
0.25 251.4 1.45 8.50 14.57 11.02 -1.73 0.64 77,451 12.2 20.72 2.38
PXQ 0.63 171.1 -0.03 8.47 46.46 63.13 19.00 12.73 5,577 31.1 29.15 0.37
Consumer Discretionary Select SPDR 0.20 2,382.1 2.94 8.45 27.49 40.52 9.61 5.35 27,331 18.1 27.20 1.37
iShares Russell 3000 Growth IWZ 0.25 362.7 2.54 8.38 17.42 36.83 3.08 5.44 30,389 17.3 22.07 1.12
XLI 0.20 4,202.7 2.10 8.37 27.85 22.00 1.32 4.24 34,566 17.4 28.83 1.69
VCR 0.24 387.0 3.62 8.33 30.57 46.42 9.93 5.39 15,698 18.1 28.88 0.92
SCHB 0.06 764.6 2.30 8.32 17.10 - - - 30,290 15.8 - 1.43
VIG 0.18 6,477.5 3.26 8.30 14.76 19.56 3.63 4.85 42,457 16.1 18.48 1.93
0.13 438.1 1.00 8.28 13.16 15.73 -0.53 - 72,946 14.1 22.47 2.22
RWL 0.49 222.7 1.98 8.27 16.81 29.86 1.50 - 41,574 14.6 24.90 1.43
PPA 0.66 101.3 1.26 8.24 10.59 23.04 -1.08 4.73 11,432 14.3 25.80 0.85
iShares Russell 1000 Growth 0.20 13,945.4 2.15 8.21 16.48 36.73 2.83 5.38 40,916 17.1 21.80 1.23
VTI 0.07 20,335.3 2.23 8.18 17.45 28.87 2.09 4.05 27,387 16.5 22.48 1.71
iShares Russell 3000 IWV 0.21 3,424.0 2.16 8.18 16.82 28.29 1.65 3.64 28,288 15.9 22.72 1.54
Telecom HOLDRS TTH - 127.8 8.95 8.16 16.38 7.05 -0.18 4.52 96,719 12.8 18.94 -
iShares Dow Jones U.S. 0.20 631.9 2.09 8.11 16.50 28.25 1.63 3.81 32,913 15.7 22.24 1.54
SCHV 0.13 240.1 1.87 8.11 14.86 - - - 55,559 13.5 - 2.23
iShares Russell 1000 IWB 0.15 7,046.7 2.05 8.10 16.02 28.39 1.30 3.60 37,949 15.8 22.24 1.61
0.65 111.1 2.51 8.06 33.03 14.91 0.86 - 4,810 19.2 28.06 0.64
iShares S&P 1500 ISI 0.20 345.0 2.09 8.04 16.24 26.59 1.41 3.51 35,132 16.7 22.20 1.57
VIS 0.24 568.1 1.60 8.02 27.32 22.05 0.58 3.82 19,751 19.0 29.60 1.21
SCHX 0.08 620.0 2.08 8.01 15.92 - - - 41,823 15.6 - 1.51
iShares Russell 1000 Value IWD 0.20 12,101.9 1.83 7.99 15.44 19.23 -0.45 1.56 35,155 14.6 23.21 1.90
VV 0.12 3,232.8 2.03 7.98 15.93 27.36 1.38 3.86 41,311 16.3 21.99 1.69
iShares S&P 500 Growth IVW 0.18 6,496.1 3.07 7.97 14.94 31.13 2.79 5.24 48,851 17.3 20.46 1.34
0.50 142.7 -0.77 7.93 17.89 69.07 4.88 - 14,062 17.5 28.38 0.33
iShares Russell 3000 Value IWW 0.26 338.9 2.01 7.88 15.76 19.66 -0.10 1.66 26,324 14.6 23.58 1.91
0.70 138.8 1.92 7.87 23.62 28.83 1.95 - 14,595 20.5 23.01 0.49
0.70 121.5 3.94 7.81 27.35 36.82 8.05 - 846 17.7 29.63 0.36
0.47 714.6 7.84 7.72 26.74 18.93 2.16 4.67 10,447 23.4 27.88 1.07
SPDR S&P 500 0.09 89,233.4 1.73 7.70 15.02 26.31 0.88 3.24 50,224 15.4 21.68 1.73
iShares S&P 500 IVV 0.09 28,271.7 1.72 7.66 15.11 26.61 0.92 3.24 50,231 15.4 21.72 1.73
VOO 0.06 1,301.8 1.73 7.60 - - - - 50,103 16.1 - -
0.39 1,229.5 1.68 7.59 19.69 41.74 4.96 4.88 33,828 15.1 26.91 1.53
SPDR 500 Growth 0.20 205.0 2.83 7.59 16.25 36.95 2.72 5.37 48,849 17.3 22.32 0.84
0.60 775.3 3.99 7.58 36.72 79.07 13.79 - 9,227 31.1 28.08 0.10
SCHG 0.13 335.5 2.15 7.57 16.85 - - - 31,070 18.6 - 0.66
0.39 402.0 1.42 7.50 28.30 58.64 10.78 - 1,028 17.0 32.22 0.67
PWB 0.61 194.9 3.32 7.45 13.74 34.61 -0.49 2.76 45,662 20.2 22.00 0.62
VUG 0.12 5,933.5 2.62 7.43 17.23 36.08 2.48 5.52 36,511 19.0 21.84 1.10
0.13 339.9 1.58 7.40 13.77 25.24 0.72 - 62,916 15.9 21.35 1.79
iShares S&P 500 Value 0.18 4,599.4 0.35 7.38 14.97 20.90 -1.24 1.03 51,715 13.8 24.14 2.00
0.20 198.1 1.76 7.34 17.34 27.89 1.61 3.78 31,008 15.8 22.81 1.49
PowerShares QQQ QQQ 0.20 24,342.5 1.17 7.31 19.89 54.67 5.88 9.00 56,824 17.6 24.62 0.66
0.35 5,873.0 3.25 7.25 16.42 19.04 5.72 4.00 13,051 16.5 23.30 3.15
SPDR S&P 500 Value 0.20 176.4 0.22 7.13 15.53 17.03 -0.81 1.67 51,893 13.8 21.88 2.24
0.20 317.8 2.00 7.08 12.68 21.09 1.37 4.08 66,555 16.0 21.37 1.71
VBR 0.23 2,697.5 1.64 7.06 25.12 30.97 5.31 4.27 1,503 16.2 28.99 1.78
SOXX 0.48 217.4 -3.95 7.06 14.32 74.92 1.98 0.47 13,780 13.2 32.65 1.05
0.20 399.6 0.96 7.00 11.98 - - - 81,438 15.9 - 1.27
Data as of 05/31/2011. 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.
18 ETFR • July 2011
Yield

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
U.S. Equity (Continued)
0.30 203.2 1.57 7.00 25.80 40.06 8.83 5.69 1,830 14.0 30.32 1.80
IWX 0.20 244.7 0.85 6.84 10.59 - - - 75,264 14.0 - 1.87
0.30 167.8 2.29 6.84 17.79 45.16 4.85 6.17 14,960 18.5 25.01 0.63
RWJ 0.54 141.4 1.54 6.82 25.96 46.53 11.05 - 1,035 17.5 32.93 0.39
0.13 528.5 2.20 6.65 14.53 35.01 2.09 - 54,014 18.3 21.22 1.19
0.50 170.0 1.42 6.62 13.89 30.38 1.68 3.34 31,222 17.1 21.94 1.40
0.60 626.6 -0.47 6.50 21.71 79.71 7.68 9.11 20,206 17.6 28.86 0.36
iShares S&P 100 0.20 2,985.4 0.61 6.33 12.48 22.12 0.09 2.81 105,814 14.5 20.66 1.84
iShares Russell 2000 Value 0.41 4,614.8 1.23 6.25 24.68 20.59 4.46 2.84 1,022 15.1 28.34 1.64
0.63 222.1 10.54 6.25 31.47 21.91 8.82 7.52 3,485 20.1 24.70 -
Biotech HOLDRS BBH - 247.1 4.75 6.19 2.15 11.49 8.50 3.96 30,375 15.2 20.97 -
0.60 147.0 1.99 6.19 25.58 20.02 3.97 1.99 479 17.7 28.88 0.35
DSI 0.50 157.0 1.89 6.09 11.42 30.73 1.56 - 35,719 16.2 22.19 1.28
0.38 142.9 1.72 5.73 26.97 48.71 11.55 - 689 13.8 30.87 1.12
0.48 450.0 -0.61 5.71 11.98 62.42 3.86 7.43 43,756 16.4 25.44 0.48
XLG 0.20 401.9 0.12 5.66 9.32 20.30 -0.46 2.33 144,813 14.4 19.67 1.84
VGT 0.24 1,912.6 -0.78 5.64 12.78 61.89 4.60 7.36 41,260 16.7 25.25 0.56
IWC 0.71 526.0 2.03 5.59 29.55 23.72 3.48 0.28 332 15.3 29.12 0.78
VAW 0.24 719.2 2.28 5.48 24.46 51.44 -0.56 8.35 12,404 20.4 31.03 2.07
IJS 0.25 1,853.2 1.46 5.48 24.70 22.36 4.43 3.21 1,024 18.1 28.44 1.14
0.20 7,875.4 -0.06 5.38 11.41 51.25 2.99 6.60 74,838 15.4 23.10 1.26
0.25 379.4 0.32 5.24 12.57 43.94 0.33 3.84 60,641 19.1 22.58 0.72
0.25 134.4 1.47 5.19 24.62 36.93 5.97 4.78 1,025 18.1 29.03 1.69
0.70 121.8 -1.35 4.86 19.25 33.55 3.93 - 7,065 11.5 30.90 1.21
PowerShares Water Resources PHO 0.64 1,219.2 1.07 4.79 13.27 18.01 -3.76 3.62 2,400 19.3 28.98 0.51
0.47 1,054.9 2.18 4.61 31.02 64.37 -0.18 9.39 14,735 14.6 34.75 1.15
0.35 1,102.0 0.30 4.50 34.15 88.12 -5.46 - 3,455 22.2 44.77 0.57
0.47 1,520.4 -1.56 4.45 12.42 63.79 4.40 7.39 57,836 15.8 25.09 0.42
Retail HOLDRS RTH - 159.8 4.24 4.45 15.55 26.78 6.21 4.35 45,856 16.7 21.14 -
0.48 274.2 -7.25 4.12 24.30 60.57 2.74 2.31 8,244 21.2 33.89 0.08
XLB 0.20 2,648.7 1.05 3.81 20.56 48.11 -1.01 7.05 20,593 15.6 29.75 3.09
0.38 249.3 1.57 3.71 27.05 22.15 5.39 - 877 17.2 30.82 3.26
0.85 184.8 -3.19 3.55 - - - - - - - 5.09
0.50 223.1 -2.40 3.42 15.31 70.44 4.04 6.86 38,543 17.3 27.52 0.44
0.60 209.3 2.52 3.29 20.92 3.64 -0.97 -4.87 4,803 15.9 31.30 3.93
0.85 132.2 -3.76 2.89 - - - - - - - 3.75
iShares Dow Jones U.S. Home Construction ITB 0.47 500.0 1.44 2.75 10.43 23.24 -6.73 -19.65 2,626 22.5 42.28 0.59
0.85 2,665.1 -3.97 2.28 34.53 - - - - - - 4.99
0.85 1,113.9 -2.06 2.25 - - - - 7,312 27.0 - -
0.48 520.0 -3.80 1.27 12.20 16.86 -9.18 -9.15 25,262 13.3 33.99 1.07
0.27 662.7 -4.04 1.07 14.83 14.32 -8.44 -8.49 22,132 14.3 34.13 1.31
0.35 208.3 -4.53 1.04 26.08 27.92 -1.43 -1.79 12,901 12.5 39.05 1.63
0.48 164.9 -1.99 0.77 16.49 11.31 -5.19 - 3,190 7.4 20.27 9.57
0.20 7,361.2 -5.75 -0.44 11.91 17.50 -11.86 -11.38 43,838 12.4 36.93 1.02
0.35 579.6 -2.75 -1.83 20.65 -21.93 -5.44 - 1,322 19.6 33.10 1.40
0.48 236.5 -6.13 -2.13 7.71 16.11 -11.96 -12.34 40,036 12.8 36.28 0.47
IAT 0.48 144.1 -4.11 -2.79 20.25 -10.92 -8.96 -10.87 9,468 14.8 33.86 1.18
0.35 1,480.6 -5.68 -3.53 23.07 -1.82 -10.96 -11.97 24,367 12.4 41.31 0.59
- 105.0 -7.27 -3.91 12.62 3.29 -8.83 -9.26 58,953 11.5 37.79 -
PBW 0.70 479.7 -11.25 -8.08 -5.55 27.61 -24.79 -14.31 1,306 13.4 39.30 -
SCHH 0.13 122.2 5.91 - - - - - 7,511 41.6 - -
International Equity
0.54 209.8 2.81 17.66 -18.61 32.89 -6.39 4.83 37,530 - 38.02 4.99
iShares S&P Global Healthcare IXJ 0.48 562.4 11.71 15.78 1.87 17.54 5.80 4.59 55,113 16.95 19.23 1.91
0.54 463.1 4.58 14.85 -2.38 27.12 -5.49 1.75 42,903 13.04 33.22 2.37
0.61 299.6 12.07 14.41 - - - - 6,883 14.81 - 0.95
0.57 509.7 10.80 14.17 - - - - 1,543 22.15 - -
0.55 108.1 16.67 14.12 - - - - 1,828 18.10 - -
0.54 144.9 0.70 13.80 -14.20 21.97 -12.88 -5.20 29,072 12.32 36.79 1.71
0.53 3,808.6 4.42 13.41 8.31 20.31 -4.04 5.80 47,041 13.83 34.51 1.06
0.29 180.1 1.92 13.31 -7.75 25.23 -7.43 1.25 64,022 11.70 34.51 3.07
0.53 585.0 10.35 13.08 14.48 22.05 4.88 7.38 63,415 14.77 24.90 1.15
0.54 930.2 3.19 12.96 -3.00 26.41 -7.87 1.24 38,644 13.11 34.44 2.33
DTH 0.58 140.7 3.68 11.85 -0.99 33.11 -4.82 - 40,749 12.01 30.23 3.95
0.53 670.4 9.04 11.62 36.11 55.00 6.35 9.74 21,913 13.18 36.25 1.59
0.6 1,448.3 3.71 11.61 3.74 28.90 -4.26 2.24 48,180 12.04 29.89 2.25
0.14 3,656.1 4.15 11.37 6.05 31.33 -3.89 2.73 41,955 13.26 30.16 4.24
DOO 0.58 160.4 5.20 11.27 5.70 33.13 -3.83 - 29,564 12.34 30.98 3.86
DWX 0.45 532.1 7.06 11.13 7.87 62.12 0.10 - 9,930 10.14 35.72 4.19
IXC 0.48 1,400.2 -1.89 10.60 11.79 24.71 -3.51 6.57 81,188 13.38 25.92 1.66
IDV 0.5 544.0 4.07 10.51 11.84 60.56 0.14 - 17,608 12.20 33.56 3.63
0.48 367.3 10.20 10.45 13.16 21.72 6.58 - 57,499 14.24 17.37 2.11
Data as of 05/31/2011. 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.
Yield
ETFR • July 2011 19

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
International Equity (Continued)
PowerShares Cleantech PZD 0.67 155.7 4.52 10.30 7.61 35.58 -7.07 - 4,191 20.71 34.27 0.02
SPDR Dow Jones Global Real state RWO 0.5 311.4 4.99 10.21 24.01 32.04 -1.35 - 7,016 15.64 33.76 6.48
irst Trust Dow Jones Global Select Diien GD 0.6 110.6 4.84 9.70 12.60 59.96 1.46 - 11,722 12.96 33.66 3.60
Guenheim Canaian nery Income 0.7 229.6 -6.11 9.68 22.60 60.41 -7.10 - 6,371 27.63 39.41 2.34
PowerShares Liste Priate uity PSP 0.6 481.0 3.16 9.40 25.90 30.22 -12.77 - 3,388 10.19 42.38 4.65
aret Vectors Gamin BJ 0.65 140.2 8.07 9.26 37.88 36.20 -0.49 - 7,002 19.14 36.71 2.35
iShares S&P Global Infrastructure IG 0.48 552.6 2.19 9.24 6.97 18.14 -4.03 - 13,866 14.02 25.72 3.40
iShares SCI Inonesia IDO 0.61 191.1 15.58 9.11 - - - - 10,668 18.48 - 0.48
WisomTree DA DW 0.48 473.8 2.84 8.96 5.19 27.12 -4.11 - 32,822 13.03 27.73 3.11
WisomTree International LareCa Diien DOL 0.48 150.4 2.11 8.89 1.87 24.99 -4.61 - 64,079 12.59 27.96 3.22
iShares SCI Russia Cae RUS 0.65 128.9 -1.97 8.64 - - - - 59,741 11.08 - -
Guenheim Timber CUT 0.7 228.4 0.40 8.48 18.19 50.20 2.39 - 3,764 12.40 39.36 2.65
aret Vectors Inonesia IDX 0.6 545.6 15.28 8.34 41.77 - - - 9,526 17.15 - 0.88
PowerShares Intl Diien Achieers PID 0.57 547.7 4.24 8.16 13.47 37.96 -2.57 3.42 27,109 12.92 28.52 2.81
iShares SCI ousai TO 0.25 624.2 2.36 7.93 11.45 31.45 -1.05 - 43,798 15.32 24.32 1.91
iShares S&P orth American atural Resources IG 0.48 2,312.0 -2.83 7.92 23.34 37.10 -2.28 7.58 35,869 16.90 29.84 1.42
iShares SCI South orea W 0.61 5,068.6 13.69 7.88 29.58 71.72 4.81 8.87 19,336 - 42.36 0.67
iShares S&P Global Telecommunications IXP 0.48 428.7 4.08 7.81 11.63 11.28 0.13 7.59 68,874 11.31 20.44 3.94
iShares S&P Global 100 IOO 0.4 1,129.8 1.02 7.74 5.91 24.02 -1.32 2.76 109,958 12.20 23.78 2.04
iShares SCI etherlans W 0.53 175.4 1.20 7.73 4.95 40.67 -5.62 3.21 20,458 13.67 33.57 1.42
iShares SCI Unite inom WU 0.53 1,400.1 1.63 7.43 10.28 36.12 -3.03 1.31 56,258 13.36 27.22 2.27
iShares S&P Global Inustrials XI 0.48 257.2 1.23 7.28 23.28 25.93 -0.60 - 27,785 17.21 29.04 1.38
WisomTree International iCa Diien DI 0.58 152.3 2.34 7.21 11.31 33.99 -1.33 - 6,211 13.90 29.12 2.91
Schwab International Small-Ca uity SCHC 0.35 176.4 4.31 7.13 - - - - 1,856 14.29 - 2.15
PowerShares R De ts e-US Smi PX 0.75 288.3 0.24 7.13 6.81 36.02 -2.07 - 31,315 12.81 31.69 2.29
Schwab International uity SCH 0.13 680.7 1.27 6.90 9.31 - - - 30,547 13.23 - 1.62
iShares S&P Global Consumer Discretionary RXI 0.48 153.6 1.92 6.73 23.29 37.45 5.06 - 26,512 16.62 27.00 1.00
iShares SCI A Value V 0.4 1,487.5 -1.24 6.68 4.59 28.28 -4.58 0.46 37,769 11.53 29.55 3.05
Vanuar SCI A VA 0.12 6,864.9 0.74 6.67 8.33 27.52 -3.81 - 31,792 13.82 27.92 2.34
WisomTree International Real state DRW 0.58 135.7 4.35 6.61 17.68 43.07 -3.01 - 6,004 9.38 32.61 8.88
iShares SCI A A 0.35 40,597.0 0.83 6.60 8.25 26.88 -4.05 1.64 33,789 13.96 27.72 2.26
Guenheim S&P Global Water CGW 0.65 249.7 6.24 6.50 15.02 31.54 -1.20 - 4,840 17.07 26.09 1.89
SPDR S&P merin uroe GUR 0.59 278.8 0.38 6.38 15.70 78.98 -8.22 - 15,858 12.70 41.07 0.90
Vanuar Total Worl Stoc VT 0.25 986.4 1.92 6.38 13.07 32.66 - - 34,245 15.04 - 1.81
SPDR Dow Jones International Real state RWX 0.59 2,240.4 3.65 6.34 21.83 36.34 -3.17 - 6,477 9.36 30.98 8.36
aret Vectors RV Har Assets Proucers HAP 0.59 253.6 -1.43 6.32 16.52 42.51 - - 33,897 15.51 - 0.76
SPDR S&P China GXC 0.59 794.5 7.28 6.28 7.58 60.45 2.92 - 33,879 13.08 31.54 1.18
iShares SCI A Growth G 0.4 1,469.7 2.82 6.20 13.11 24.15 -3.71 2.74 30,998 17.01 26.49 1.69
Guenheim China All-Ca AO 0.7 100.7 7.33 6.19 8.81 - - - 30,898 13.35 - 0.98
iShares SCI ACWI ACWI 0.35 1,882.7 1.89 6.17 12.82 32.31 -1.26 - 39,417 14.93 25.64 1.64
iShares TS De Real state e-US IGL 0.48 426.0 3.11 6.13 14.57 42.86 -3.45 - 7,112 9.69 30.94 5.94
iShares SCI Canaa WC 0.53 6,031.2 -2.29 6.13 19.80 53.07 -0.31 7.88 24,880 18.85 31.41 1.52
iShares S&P merin arets Infrastructure I 0.75 149.0 8.80 6.07 18.66 - - - 9,234 15.31 - 2.48
iShares SCI A Small Ca SCZ 0.4 1,661.7 2.99 6.06 21.51 42.78 0.01 - 1,632 14.98 29.99 2.70
SPDR S&P Worl e-US GWL 0.34 147.3 1.07 5.66 11.29 28.63 -3.05 - 24,484 13.32 27.32 2.14
Vanuar TS All-Worl e-US VU 0.22 7,691.6 1.88 5.51 11.80 37.61 -2.45 - 27,244 14.25 28.93 2.03
iShares S&P Global Timber & orestry WOOD 0.48 285.6 -1.95 5.36 16.19 37.71 - - 4,936 13.23 - 2.35
Guenheim International ulti-Asset Income HGI 0.89 101.9 2.42 5.32 12.14 50.10 -1.11 - 16,500 13.23 30.10 4.00
Vanuar TS All-Worl e-US Small Ca VSS 0.33 1,038.8 4.31 5.31 25.59 - - - 1,481 14.47 - 2.08
WisomTree merin arets uity Income D 0.63 1,591.6 8.23 5.29 24.67 58.07 8.15 - 10,562 12.59 28.26 3.13
iShares TSXinhua China 25 XI 0.72 7,593.4 6.88 5.29 3.51 47.28 -2.07 14.86 88,716 11.23 31.39 1.38
SPDR SCI ACWI e-US CWI 0.34 476.1 1.13 5.25 11.60 37.14 -2.06 - 33,393 12.93 28.70 2.21
iShares SCI ACWI e US ACWX 0.35 974.8 1.20 5.06 10.44 36.28 -3.83 - 31,484 14.12 29.07 2.19
iShares SCI Australia WA 0.53 3,396.9 2.34 5.03 15.35 67.90 1.23 9.80 34,356 15.55 34.70 3.12
PowerShares DWA De t Technical Leaers PIZ 0.8 138.8 3.93 4.91 21.07 37.76 -2.68 - 11,456 16.26 30.72 0.41
iShares SCI Thailan THD 0.62 697.3 9.77 4.89 56.76 81.30 13.57 - 6,441 - 37.04 2.32
iShares SCI alaysia W 0.53 972.9 7.18 4.87 38.97 49.34 12.53 18.25 9,392 18.52 21.88 2.30
SPDR DJ Global Titans DGT 0.5 153.1 -0.89 4.83 4.99 23.04 -3.33 0.71 59,536 13.42 21.77 2.13
WisomTree International SmallCa Diien DLS 0.58 477.0 1.80 4.79 19.43 37.09 -1.28 - 1,198 13.26 29.23 2.59
PowerShares Global Water PIO 0.75 380.2 4.70 4.55 11.24 39.02 -3.18 - 2,755 18.41 31.29 0.83
iShares S&P Deeloe -US. Proerty WPS 0.48 156.2 1.99 4.48 18.13 37.27 -3.10 - 6,186 10.07 32.13 5.20
iShares S&P Global Utilities JXI 0.48 260.2 -0.57 4.48 -1.79 6.22 -7.72 - 20,527 11.66 19.64 4.08
iShares SCI Pacic e-Jaan PP 0.5 4,147.5 3.90 4.45 17.77 63.22 2.59 10.61 27,170 14.55 32.23 3.18
PowerShares Global Clean nery PBD 0.75 196.8 0.55 4.30 -16.09 31.84 -20.58 - 2,153 15.61 40.13 0.13
iShares SCI Austria WO 0.54 190.3 2.51 4.25 15.81 57.66 -12.64 -2.64 6,287 13.98 44.19 1.07
Jefferies TRJ CRB Global Commoity uity CRBQ 0.65 157.3 -2.86 4.23 16.96 - - - 44,031 15.64 - 0.95
Vanuar Global e-U.S. Real state VQI 0.35 178.1 3.91 4.01 - - - - 5,370 10.26 - -
iShares S&P Global inancials IXG 0.48 277.2 -3.98 3.95 3.90 31.74 -10.41 -6.97 43,261 11.39 37.90 2.04
aret Vectors Coal OL 0.59 692.6 3.17 3.92 31.34 144.65 -2.64 - 9,681 22.70 52.07 0.39
PowerShares Global Ariculture PAGG 0.75 149.1 0.27 3.90 20.96 49.22 - - 14,692 16.64 - 0.92
iShares S&P Asia 50 AIA 0.52 244.0 6.62 3.88 19.56 60.79 3.63 - 52,378 13.14 29.30 1.51
SPDR S&P BRIC 40 BI 0.5 555.9 1.93 3.79 11.37 78.35 -2.78 - 96,340 11.29 33.23 1.49
SPDR S&P International Small Ca GWX 0.59 975.6 1.04 3.76 24.96 38.30 0.75 - 1,198 14.10 29.19 2.29
Data as of 05/31/2011. 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.
20 ETFR • July 2011
Yield

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
International Equity (Continued)
0.4 171.1 -1.93 3.71 - - - - 49,462 12.34 - -
0.56 5,219.8 -1.25 3.62 23.04 58.74 -3.16 - 15,985 16.74 33.84 0.60
0.48 614.8 -2.15 2.86 10.44 52.44 0.43 4.71 59,667 15.72 26.10 0.65
0.53 2,067.6 4.18 2.80 24.16 54.94 3.55 10.78 19,476 12.52 27.93 2.31
0.65 174.0 -8.77 2.60 -28.50 16.88 -35.30 - 1,847 9.07 56.20 0.39
0.6 156.8 4.48 2.60 18.17 82.55 3.51 - 17,518 20.89 36.67 0.67
0.59 763.1 7.69 2.57 19.47 70.33 4.96 - 16,123 14.58 33.47 1.29
0.53 1,928.1 8.81 2.53 24.51 67.83 4.99 14.52 15,077 12.99 33.76 2.99
PGJ 0.7 414.4 0.29 2.52 11.31 63.14 -1.81 12.29 10,067 14.47 33.25 0.65
0.9 299.8 8.74 2.26 25.11 57.65 -6.49 - 6,238 15.95 37.13 0.33
RSX 0.62 3,186.2 -5.38 2.08 22.14 139.25 -11.83 - 34,923 12.12 49.44 0.48
VWO 0.22 48,672.5 5.82 2.00 19.45 76.26 0.80 11.36 20,434 14.44 32.19 1.66
0.85 205.1 9.19 1.93 - - - - 16,533 19.77 - -
0.69 40,064.1 5.98 1.86 16.54 68.82 0.58 11.04 20,115 14.29 32.44 1.33
GXG 0.78 174.7 6.78 1.84 51.44 - - - 5,436 26.64 - 0.62
Global X China Consumer CHIQ 0.65 198.6 10.58 1.64 10.79 - - - 5,524 17.78 - 1.04
0.48 808.2 0.24 1.62 19.92 60.38 -3.25 - 30,108 14.17 34.27 1.62
PXH 0.85 547.9 1.83 1.32 13.26 67.02 1.38 - 25,120 12.74 32.82 1.01
PXR 0.75 239.5 5.94 0.96 26.20 86.98 - - 7,228 16.16 - 0.83
0.71 3,644.3 6.92 0.90 22.70 73.62 2.79 7.52 11,180 16.61 35.03 1.84
0.59 225.4 4.38 0.83 18.76 72.29 1.13 - 18,460 13.12 32.53 1.43
0.62 980.4 11.15 0.75 24.12 - - - 1,983 15.53 - 1.29
0.53 1,694.2 2.03 0.71 27.95 53.82 1.28 13.34 19,247 17.30 34.15 0.87
DGS 0.63 971.6 8.99 0.57 30.19 83.15 10.40 - 1,664 12.54 32.78 2.55
AAXJ 0.69 2,055.4 6.25 0.30 16.22 68.40 - - 21,552 14.14 - 1.51
0.64 186.9 6.83 0.24 - - - - 22,356 16.21 - 0.36
0.25 453.9 3.87 -0.07 - - - - 22,734 12.76 - 0.80
0.6 699.5 0.99 -0.50 10.70 86.11 -3.98 - 48,981 10.05 33.83 1.88
0.69 1,099.0 1.33 -0.59 9.21 85.39 -4.46 - 31,685 12.77 35.87 1.74
0.6 148.3 -5.07 -0.90 -19.20 7.12 -28.67 - 3,788 16.07 42.01 0.95
VPL 0.14 1,656.3 -5.51 -1.60 15.50 20.35 -3.47 0.26 18,691 14.80 24.55 4.00
0.59 210.4 2.16 -2.06 15.39 103.84 -0.68 - 28,626 9.18 37.03 2.58
0.3 594.3 0.56 -2.20 10.98 65.54 -3.82 11.03 62,211 10.51 30.71 1.68
CU 0.7 500.7 -1.48 -2.22 - - - - 9,975 14.63 - 0.82
0.61 617.6 5.06 -2.41 36.91 51.23 7.98 10.83 14,904 15.63 35.86 2.50
JSC 0.55 117.8 -8.90 -2.44 17.96 3.91 -0.71 - 944 14.67 21.73 1.67
iShares S&P Latin America 40 0.5 2,464.6 0.31 -2.75 15.53 91.00 -2.11 17.30 39,436 - 34.34 2.23
COPX 0.65 100.8 -0.82 -2.80 - - - - 6,925 11.82 - 0.48
0.61 12,766.4 1.28 -2.81 7.69 121.50 -4.91 19.05 25,620 10.12 38.72 3.78
HAO 0.75 327.4 4.26 -3.03 15.85 96.55 6.94 - 1,853 12.32 38.38 1.52
0.65 614.1 6.23 -3.16 23.51 94.66 4.07 - 1,076 14.61 35.70 0.49
0.61 919.8 10.19 -3.26 46.57 86.02 15.80 - 8,720 21.70 26.72 0.66
SLX 0.55 236.7 -5.71 -4.17 19.65 112.78 -11.57 - 23,875 12.88 47.85 1.47
0.59 144.2 4.77 -4.79 30.55 49.96 5.57 - 8,457 15.01 28.70 2.13
GDXJ 0.54 2,215.0 -1.45 -4.89 66.53 - - - 1,321 - - 7.72
SIL 0.65 488.2 -4.14 -5.06 - - - - 3,601 27.79 - 0.94
0.58 236.5 -9.48 -5.14 17.40 0.94 -2.01 - 814 14.79 20.54 1.80
0.78 114.0 1.37 -5.14 25.27 35.00 - - 8,110 16.91 - 1.14
GDX 0.53 6,910.7 -2.81 -5.40 33.90 36.72 8.43 9.01 13,963 22.56 47.67 0.69
0.61 120.2 0.86 -5.47 15.39 81.19 1.74 - 6,251 13.26 25.65 3.35
DXJ 0.48 471.2 -11.01 -5.76 -1.77 1.19 -10.35 - 12,177 13.55 21.43 1.25
0.54 7,272.9 -10.93 -5.87 13.61 3.14 -7.54 -4.89 15,199 14.99 22.47 1.38
0.7 183.3 4.32 -6.10 33.88 54.34 - - 7,524 - - 0.54
0.5 106.7 -11.36 -6.44 14.05 3.36 -8.20 -4.84 22,006 14.04 22.70 1.60
TUR 0.61 610.6 4.65 -7.13 25.64 102.82 7.61 - 5,217 14.07 46.32 2.09
Global X Lithium LIT 0.75 169.4 -7.94 -8.69 - - - - 1,954 - - -
0.89 215.6 4.76 -9.41 24.45 - - - 20,608 20.73 - 0.44
0.78 520.2 4.05 -10.03 16.29 79.68 -1.58 - 21,703 17.88 40.68 1.03
0.57 177.9 -15.20 -10.45 16.59 17.33 -12.37 - 4,902 20.95 33.89 4.66
0.88 1,322.6 4.34 -10.80 20.28 95.08 1.05 - 13,451 15.26 42.56 0.61
0.89 746.6 4.61 -12.36 21.23 102.47 -0.07 - 16,117 7.92 44.25 -
0.62 464.6 -7.39 -12.52 57.69 - - - 4,750 14.77 - 2.16
0.76 285.2 -15.59 -21.81 4.10 - - - 1,914 13.30 - 1.65
Global X Uranium URA 0.69 268.9 -35.57 -34.25 - - - - 1,313 - - -
VXUS 0.2 146.1 1.16 - - - - - 19,579 14.20 - -
Yield
Data as of 05/31/2011. 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.
ETFR • July 2011 21

July 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 128
Fund Name Ticker Exp Ratio Assets 3-Mo YTD 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
U. S. Fixed Income
BAB 0.29 703.2 6.95 8.86 9.38 - - - - - - 5.51
0.25 196.3 4.76 7.13 -2.62 8.19 4.02 - - - 7.93 3.82
0.65 1,838.0 3.79 7.03 16.00 38.50 4.48 - 27,387 - 39.63 6.85
0.23 880.4 4.38 6.26 -0.51 9.99 4.96 - - - 6.61 3.45
0.25 2,097.7 3.91 6.10 0.10 7.09 4.54 - - - 6.35 3.59
0.48 7,899.1 3.18 5.63 13.83 38.70 5.08 - - - 32.82 7.19
0.45 118.3 3.29 5.60 13.98 - - - - - - 5.73
PHB 0.50 481.3 2.35 5.57 9.07 23.69 0.44 - - - 20.74 6.85
0.40 7,390.8 2.15 5.55 14.20 37.65 8.25 - - - 21.60 8.29
BLV 0.11 375.9 5.44 5.54 10.01 0.11 9.23 - - - 13.07 4.78
PZA 0.28 497.5 4.33 5.45 -0.48 17.58 3.66 - - - 7.91 4.73
VCLT 0.15 103.2 4.43 5.33 10.62 - - - - - - 5.23
0.24 232.0 4.05 5.23 1.63 10.67 5.39 - - - 6.80 3.42
PGX 0.50 1,442.7 3.52 5.11 11.56 19.69 -1.35 - - - 29.22 6.62
0.50 8,986.7 1.78 4.95 11.96 28.86 7.71 - - - 19.24 7.79
0.13 132.6 8.91 4.92 9.79 -35.63 6.73 - - - 28.92 4.24
CWB 0.40 922.5 1.77 4.82 14.01 - - - - - - 3.81
0.18 438.6 3.79 4.72 6.25 10.23 5.43 - - - 8.35 2.99
Schwab U.S. TIPS SCHP 0.14 167.8 3.90 4.71 - - - - - - - -
TIP 0.20 20,485.9 3.87 4.64 6.13 8.95 5.35 6.64 - - 8.71 3.15
TLH 0.15 221.5 4.62 4.58 9.69 -9.08 7.86 - - - 12.30 3.41
VCIT 0.15 517.0 2.98 4.47 9.97 - - - - - - 4.05
LQD 0.15 13,775.7 3.25 4.41 9.33 8.58 8.19 6.94 - - 12.20 4.66
BIV 0.11 1,994.2 3.66 4.38 9.14 3.93 8.12 - - - 7.71 3.86
TLT 0.15 3,103.6 5.89 4.33 9.04 -21.75 6.56 7.46 - - 17.89 4.20
LTPZ 0.20 291.1 4.49 4.09 8.66 - - - - - - 3.56
0.15 3,167.0 4.24 4.00 9.36 -6.56 7.22 7.86 - - 8.37 3.01
0.35 228.1 2.36 3.90 0.34 - - - - - - 6.08
ITR 0.15 183.1 2.47 3.89 7.16 - - - - - - 3.45
0.20 862.6 2.61 3.84 8.42 11.19 7.50 - - - 8.78 4.35
STIP 0.20 144.1 2.14 3.78 - - - - - - - -
PLW 0.25 295.3 4.53 3.68 8.80 -11.09 6.77 - - - 11.12 3.10
CIU 0.20 3,464.0 2.21 3.32 6.83 12.79 7.03 - - - 7.03 3.96
LAG 0.17 238.2 3.00 3.29 6.25 3.57 6.83 - - - 4.11 2.81
0.15 1,432.5 2.96 3.14 6.31 -1.69 6.15 - - - 4.48 1.97
0.20 109.6 2.68 2.96 5.71 3.25 6.03 - - - 5.98 3.11
0.11 9,962.5 2.51 2.90 6.20 3.67 6.44 - - - 4.92 3.31
STPZ 0.20 1,136.8 1.41 2.87 3.51 - - - - - - 2.28
AGG 0.24 11,333.9 2.60 2.81 6.37 3.01 6.25 6.37 - - 5.39 3.38
0.33 2,865.2 2.50 2.64 5.58 4.69 6.42 - - - 3.46 3.37
GVI 0.20 590.5 2.10 2.48 5.46 1.99 5.60 - - - 5.09 2.78
0.13 214.5 2.22 2.37 4.93 -1.55 5.08 - - - 3.70 1.97
VCSH 0.15 1,567.0 1.51 2.27 5.27 - - - - - - 2.31
SUB 0.25 418.0 1.84 2.27 0.36 4.24 - - - - - 1.25
0.20 1,283.6 1.91 1.98 1.02 4.24 3.63 - - - 2.92 1.51
AGZ 0.20 376.6 1.60 1.68 3.74 1.50 - - - - - 1.79
BSV 0.11 6,416.6 1.47 1.61 3.89 1.55 4.51 - - - 3.73 2.10
CSJ 0.20 8,170.0 0.70 1.41 2.88 7.17 4.43 - - - 4.12 2.21
SCPB 0.12 359.9 0.65 1.35 2.80 - - - - - - 1.86
Schwab Short-Term U. S. Treasury SCHO 0.12 110.7 0.75 0.80 - - - - - - - -
VGSH 0.15 118.6 0.61 0.78 2.29 - - - - - - 0.72
0.15 7,930.7 0.77 0.78 2.28 0.36 2.72 4.07 - - 1.40 0.96
TUZ 0.09 107.2 0.70 0.49 2.43 - - - - - - 0.79
PVI 0.25 431.2 0.07 0.17 0.29 1.00 1.19 - - - 0.53 0.43
SHV 0.15 4,332.2 0.06 0.05 0.12 0.16 0.61 - - - 0.33 0.10
BIL 0.13 940.1 0.01 0.01 -0.04 0.27 0.33 - - - 0.40 -
PowerShares Senior Loan 0.83 157.1 - - - - - - - - - -
International Fixed Income
WIP 0.50 1,377.7 4.18 7.25 6.56 17.14 3.31 - - - 16.40 1.95
BWZ 0.35 238.0 3.47 6.11 1.59 - - - - - - -
BWX 0.50 1,497.8 4.33 5.90 3.82 5.44 5.08 - - - 12.38 0.59
0.49 361.8 5.71 5.01 - - - - - - - -
IGOV 0.35 233.5 3.15 5.00 1.59 - - - - - - 2.31
ISHG 0.35 151.6 2.81 4.97 1.09 - - - - - - 1.18
0.55 981.2 5.95 4.55 - - - - - - - -
0.50 1,053.0 5.20 4.39 10.84 35.70 8.28 - - - 21.97 5.68
0.60 2,714.5 4.78 3.63 10.86 15.50 8.43 - - - 19.46 4.99
0.35 1,008.3 0.40 0.81 1.64 - - - - - - 0.88
ALD 0.55 275.4 - - - - - - - - - -
Yield
Data as of 05/31/2011. 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.
22 ETFR • July 2011

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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