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

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Commodity ETFs 

And The Tax Man 

By Dennis Hudachek 

ETFs have opened doors to inaccessible 

asset classes, like commodities. Since 

the introduction of the SPDR Gold Trust 

(NYSE Arca: GLD) in 2004, ETF investors 

have experienced growing opportunities 

in the commodities space. But with 

this new access comes new challenges: 

Unlike stocks or bonds, commodities 

exposure works on an entirely different 

level in Uncle Sam’s eyes. 

Commodity ETFs come in three distinct 

structures: grantor trusts, limited 

partnerships or exchange-traded notes 

(ETN). Knowing how each structure 

will affect your tax filing is a crucial 

part of the selection process, and can 

save you money on April 15. 

Note: The tax rates discussed here are 

relevant through the end of 2012, but are 

scheduled to change in 2013. Long-term 

gains apply to positions held for longer 

than one year; short-term gains apply to 

positions held for one year or less. 

Limited Partnerships 

Exchange-traded products that use 

futures contracts in their portfolios 

are structured as limited partnerships. 

Many of the oldest ETFs in commodities 

are built this way, including the PowerShares 

DB Commodity Fund (NYSE 

Arca: DBC) and the United States Natural 

Gas Fund (NYSE Arca: UNG). Many 

futures-based commodity ETFs are 

regulated by the Commodity Futures 

Trading Commission as commodities 

pools. Since they’re classified as limited 

partnerships by the IRS, however, “limited 

partnership” will be used to refer 

to these funds here. 

Limited partnerships have unique tax 

implications. Currently, 60 percent of 

any gains are taxed at the long- 10 

Vol. 11 | No. 12 

December 2011 

IN THIS ISSUE 

Commodity ETFs follow three distinct 

structures, each with different tax rules. 

Learn how each structure works, and 

how upcoming funds may affect your tax 

day paperwork. 

Page 1 

Jess Gaspar of Commonfund explains the 

ins and outs of the commodities complex 

in this special interview, from the construction 

of broad-based indexes to the everlasting 

allure of gold. 

Page 6 

Blair Shein, vice president of Compass 

Financial Group, shows why Indonesia holds 

a growing place in his clients’ portfolios and 

how EIDO stacks up to its competition. 

Page 11 

ETFR’s monthly data bank covers all U.S.- 

listed ETFs, including assets, performance 

data and more. 

Pages 13-22 

News Highlights: iShares’ Archard, 

Kauffman CIO Testify To Congress; 

Vanguard Finally Files for Int’l Bond Funds; 

PowerShares Launches Financial ETFs; 

CurrencyShares Rolls Out Renminbi ETF … 

And much more! 

Pages 1-4 

iShares’ Archard, Kauffman CIO Testify To Congress 

The U.S. Senate held a subcommittee 

hearing on Wednesday, Oct. 19, 

to discuss the role that ETFs might be 

playing in driving market volatility and 

whether they posing risks to the stability 

of the financial system. 

Noel Archard, managing director at 

iShares, and Harold Bradley, chief investment 

officer at the nonprofit Kauffman 

Foundation, were among those testifying 

at the U.S. Senate Banking subcommittee 

hearing, “Market Microstructure: Examination 

of Exchange-Traded Funds (ETFs).” 

Also on the panel were Nasdaq’s Eric 

Noll, an executive at the exchange in 

charge of transaction services, as well 

as Eileen Rominger, the director of the 

Securities and Exchange Commission’s 

Investment Management division, the 

Senate said on its website. 

The hearing took place at a time when 

many question whether ETFs—particularly 

leveraged and inverse ETFs—play a 

crucial role in driving increased market 

volatility. Others worry that short-selling 

in the ETF market represents a systemic 

risk to investors. 

The hearing addressed several overarching 

concerns about ETFs, such as 

whether or not they add to market volatility 

and if the use of ETFs and indexing 

is slowing the issuance of initial public 

offerings. Three of the hearing participants—all 

but Bradley—felt strongly 

that, since ETF shares are traded between 

buyer to seller, there was little chance of

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market movement impact. The IPO impact 

was largely dismissed as well: The 

proliferation of new and different indexes 

created for ETFs would be a reason 

for management to be confident in 

an IPO, instead of skittish. 

Another issue raised by Mr. Archard 

concerned uniform labeling standards, 

which would exclude leveraged, inverse 

and derivative products from the 

ETF label. As of yet, little support exists 

for such an initiative. 

Vanguard Plans 

Int’l Bond Funds—Finally 

After years of deliberation on international 

bonds as a worthy investment, Vanguard 

Group filed paperwork with the 

SEC in October for two bonds—one focused 

on investment-grade debt outside 

the United States and the other on sovereign 

credits from emerging markets. 

The two funds and the estimated 

expense ratios of the ETF versions are: 

• Vanguard Total International Bond 

Index Fund, 0.30 percent 

• Vanguard Emerging Markets Government 

Bond Index Fund, 0.35 percent 

The international bond fund will be 

hedged, meaning that whatever currency 

exposure a given bond has will 

be neutralized by the fund’s hedging 

strategy, Vanguard said in a press release. 

The emerging markets fund will 

meanwhile own dollar-denominated 

credits, according to the filing. 

By hedging currency exposure, Vanguard 

said the fund’s returns should 

more closely correlate with the underlying 

performance of international bonds 

without currency distortions. Vanguard, 

citing Lipper Inc. research, said most 

international bond funds offered today 

don’t use hedging strategies. 

PowerShares Launches 

Financial ETFs 

Invesco PowerShares launched four 

new financial-industry ETFs in October, 

based on the same KBW indexes State 

Street Global Advisors stopped using 

on a group of similar funds. 

The new ETFs and their tickers are: 

• PowerShares KBW Bank Portfolio 

(NYSE Arca: KBWB) 

• PowerShares KBW Capital Markets Index 

(NYSE Arca: KBWC) 

• PowerShares KBW Insurance Portfolio 

(NYSE Arca: KBWI) 

• PowerShares KBW Regional Banking 

Portfolio (NYSE Arca: KBWR) 

The funds target various pockets of 

the financial sector, no doubt set to be 

a crucial part of the broader recovery. 

Industry sources said PowerShares was 

contemplating filing a lawsuit to block 

SSgA from reintroducing the SSgA funds 

before the PowerShares launch. Those 

SSgA funds include the $1.19 billion 

SPDR S&P Bank ETF (NYSE Arca: KBE) 

and also the SPDR S&P Regional Banking 

ETF (NYSE Arca: KRE), a $47 million fund 

that also happens to be one of the most 

heavily shorted ETFs on the market. 

SSgA officials declined to comment 

on financial aspects of its indexing 

agreements with either S&P or KBW. 

CurrencyShares 

Rolls Out Renminbi ETF 

In October, CurrencyShares rolled out a 

currency ETF that is designed to reflect 

the value of China’s currency in dollars. 

The CurrencyShares Chinese Renminbi 

Trust (NYSE Arca: FXCH) takes advantage 

of China’s commitment to let its 

currency appreciate against the U.S. dollar. 

That upward trend has been halted in 

times of crisis, but its upward trend over 

time is widely considered inevitable. 

Moreover, some sources believe 

currency appreciation is a tool China 

will use to tame inflationary pressures 

as its economy grows. A stronger currency 

would soften the blow of inflation 

by increasing purchasing power 

for China as it seeks out goods and 

services in global markets. 

FXCH has an annual expense ratio 

of 0.40 percent. 

iShares Launches 

Local Currency Bond ETF 

BlackRock unit iShares launched a local 

currency bond ETF in October, focused 

on the emerging markets. The iShares 

Emerging Markets Local Currency Bond 

Fund (NYSE Arca: LEMB) has an annual 

expense ratio of 0.60 percent, making 

it more expensive than the competing 

funds already on the market. 

LEMB will track a Barclays Capital 

ETFR • December 2011 3

UPDATES 

benchmark that tracks debt from Brazil, 

Chile, Egypt and Hungary. The fund will use 

a representative sampling strategy rather 

than replicate the credits in the index. 

The competing WisdomTree Emerging 

Markets Local Debt ETF (NYSE Arca: ELD) 

had $1.12 billion in assets under management 

as of Oct. 18, while Van Eck’s Market 

Vectors Emerging Markets Local Currency 

Bond ETF (NYSE Arca: EMLC) had 

$504 million, according to data compiled 

by IndexUniverse. Both were rolled out a 

bit more than a year ago. 

Schwab Debuts 

Dividend ETF 

In October, Charles Schwab rolled out a 

high-dividend ETF that will undercut the 

price on two dividend-focused ETFs from 

Vanguard Group. 

The Schwab US Dividend Equity ETF 

(NYSE Arca: SCHD) comes with an expense 

ratio of 0.18 percent, just below the 

0.18 percent cost of both the Vanguard 

High Dividend Yield Index ETF (NYSE 

Arca: VYM) and the Vanguard Dividend 

Appreciation ETF (NYSE Arca: VIG). 

Dividend-focused investments loom 

largely in an investment universe fraught 

with volatility. Getting a reliable payout 

is a welcome option among investors 

tired out by the market’s gyrations 

and frustrated by low yields on many 

bond investments. 

Schwab said its dividend-focused 

ETF, which will choose companies that 

consistently pay dividends and have 

strong “financial ratios” relative to their 

peers, is based on the Dow Jones U.S. 

Dividend 100 Index. That benchmark is 

a subset, excluding REITs, of the Dow 

Jones U.S. Broad Market Index, according 

to regulatory filings. 

AdvisorShares Launches 

ETF With TrimTabs 

AdvisorShares launched an ETF in October, 

with TrimTabs as advisor. The AdvisorShares 

TrimTabs Float Shrink ETF 

(NYSE Arca: TTFS) seeks to beat the Russell 

3000 Index by picking stocks with 

liquidity and fundamental characteristics 

that historically have superior long-term 

performance, according to information 

on AdvisorShares’ website. 

TTFS recalls some of the passive strategies 

based on enhanced beta that screen 

securities for variables such as low beta 

or volatility, only in this case the security 

selection will be based on research that 

focuses on stock prices as a function of 

supply and demand rather than value. 

The advisor, TrimTabs Asset Management, 

is a unit of TrimTabs Investment 

Research. The new ETF comes with an annual 

expense ratio of 0.99 percent. 

Russell Plans 

6 Active US Equity ETFs 

Russell Investments filed regulatory paperwork 

with the SEC in October to market 

six actively managed ETFs that target 

U.S. equities by size and style. 

The six funds are: 

• Russell Large Cap ETF 

• Russell Large Cap Growth ETF 

• Russell Large Cap Value ETF 

• Russell All Cap ETF 

• Russell Mid Cap ETF 

• Russell Small Cap ETF 

The lead portfolio manager for all six 

funds is Robert Kuharic, who has been 

in various money management activities 

at Russell since 2005. The funds will also 

make use of a multimanager approach. 

The additional managers will be unaffiliated 

and given the discretion to utilize 

a variety of investing styles, including 

ones focusing on growth, value and/or 

market-oriented, according to the filing. 

UBS Launches 

2X Cloud Computing ETN 

UBS released to market a double-exposure 

exchange-traded note targeting the 

world of cloud computing, bringing it 

into competition with a so-far successful 

single-exposure ETF that First Trust 

brought to market during the summer. 

The ETRACS Monthly 2xLeveraged ISE 

Cloud Computing TR Index ETN due October 

4, 2041 (NYSE Arca: LSKY) seeks to 

match the performance of the ISE Cloud 

Computing Index, the same benchmark 

that First Trust’s “SKYY” is based on. Its 

exposure is compounded monthly. 

Cloud computing refers to computer 

users accessing many different servers to 

meet their needs, as opposed to using 

centralized computing resources. The 

UBS ETN comes with an annual expense 

ratio of 0.60 percent, the same as SKYY’s. 

Russell Launches 

3 Int’l Factor-Based ETFs 

Russell Investments last month launched 

three non-U.S. international “factorbased” 

ETFs. The three funds, which 

all have net annual expense ratios of 

0.25 percent, are: 

• Russell Developed ex-U.S. Low Beta ETF 

(NYSE Arca: XLBT) 

• Russell Developed ex-U.S. Low Volatility 

ETF (NYSE Arca: XLVO) 

• Russell Development ex-U.S. High Momentum 

ETF (NYSE Arca: XHMO) 

All three ETFs are “intelligent beta” 

products that go beyond the plain-vanilla 

market-cap-weighted funds that dominate 

the industry. Such smart beta products 

cherry-pick securities with certain 

characteristics with a view to managing 

risk the way an active manager might, 

only with rules-based indexes instead. 

And as is common with U.S. ETFs that 

track foreign stocks, some of the assets 

in the Russell ETFs are likely to be in the 

form of depositary receipts, which offer 

greater liquidity, but can also introduce 

larger tracking errors. Russell has said the 

tracking error on the ETFs isn’t likely to be 

more than 5 percent. 

Direxion Sets Reverse 

Split On 6 ETFs 

Direxion planned reverse share splits on 

six of its ETFs applying to shareholders 

of record after the Nov. 9 market close. 

Reverse splits are designed to raise pershare 

prices on each of the securities. 

Five will be 1-for-5 reverse splits, Direxion 

said in a press release. Those affected 

securities are: 

• Direxion Daily Real Estate Bear 3x 

Shares (NYSE Arca: DRV) 

• Direxion Daily Emerging Markets Bull 

3x Shares (NYSE Arca: EDC) 

• Direxion Daily Financial Bull 3x Shares 

(NYSE Arca: FAS) 

• Direxion Daily Latin America Bull 3x 

Shares (NYSE Arca: LBJ) 

• Direxion Daly 20+ Treasury Bear 3x 

Shares (NYSE Arca: TMV) 

The sixth will be a 1-for-3 reverse split, 

the company said. That ETF is: 

• Direxion Daily Russia Bull 3x Shares 

(NYSE Arca: RUSL) 

Each of the ETFs will be offered on a postsplit 

basis on Nov. 10, Direxion said. 

4 ETFR • December 2011

Commonfund’s Gaspar: 

Why You Should Own Commodities 

By Cory Banks 

Commodities are gaining ground in the 

ETF world. Long considered the purview of 

hardcore traders, producers and investors 

with millions of dollars in margin, the doors 

to this asset class have been thrown open 

by exchange-traded products. Some of 

the largest ETPs in the industry track commodities, 

whether through benchmarks 

like the Dow Jones-UBS Commodity Index, 

subsection indexes for specific commodity 

markets, single commodities or even the 

spot price of physical commodities. 

Because of the overwhelming potential, 

many in the markets are bullish 

on the role of commodities in an investor’s 

portfolio. One of those bulls is Jess 

Gaspar, head of Quantitative Research at 

Commonfund Asset Management and coauthor 

of “Commodity Investing: Maximizing 

Returns Through Fundamental 

Analysis.” Gaspar believes in the growing 

importance of oil, agricultural and other 

commodity markets in an investment 

portfolio. Speaking with ETFR Managing 

Editor Cory Banks, Gaspar explained what 

makes these products so important, and 

what drives their performance. 

ETFR: Why should investors consider 

commodities as an asset class? 

GASPAR: First, over the last 10 years, 

commodities have had equitylike returns 

with equitylike volatility. Secondly, 

they have historically had low correlation 

with stocks, bonds and most other 

asset classes. The third reason is that 

you’ve got a relatively high correlation 

with inflation. There are very few quality 

inflation hedges. It’s an imperfect world 

when you’re trying to protect yourself 

from inflation, and commodities are one 

of the few asset classes that can actually 

help you out. Finally, commodities indices 

are composed of futures, which are 

the most liquid markets in the world. 

ETFR: Is it possible to index broad commodities? 

Jess Gaspar 

GASPAR: If you can make the right calls 

on individual commodities, go for it. If 

you’re less confident in your ability to 

make the right calls, then you buy indexes. 

When we’re talking about investing 

in commodity futures, they are an 

investment that is really predicated on 

the value of a particular commodity at a 

particular point in time. 

Why do commodity investments 

make money? The No. 1 reason is you 

get the collateral return. When you 

buy a future, it’s basically setting aside 

margins, no money down. So you earn 

your collateral. For most folks, that’s T- 

bills. And in some periods, unlike the 

present, T-bills can actually have a decent 

rate of return. 

The second reason is insurance. This is 

why most people would argue that commodities 

are an attractive investment. 

Producers of commodities tend to have 

long time frames. They need to put in 

place plants or mines or facilities to make 

a commodity. When they’re thinking 

about a large capital expenditure, they 

don’t want to take a huge risk. They have 

no revenues associated or low revenues 

associated with that capital expenditure. 

What they want to do is sell forward 

their production. They’re willing to pay 

a little bit extra to get rid of the risk. So 

commodities investors are earning the 

insurance premium provided by producers 

and other long-term sellers. 

The third reason you make money in 

commodities is rebalancing. There are 

19 commodities in the Dow Jones-UBS 

Index and it rebalances. The index ends 

up selling the expensive commodities 

and buying the cheap ones. And that 

rebalancing itself is a source of return 

when there are instruments that are imperfectly 

correlated with one another. 

And then the fourth reason—and I 

think this is a little more subtle—is convenience 

yield. If there is a product that, in 

some states of the world could be scarce, 

it’s pretty helpful to have it. If there is 

an environment where you might not 

be able to get food, you’d be in a lot of 

trouble. So you will store a little bit. 

Well, what happens is that for most 

inventory levels of corn or beans or 

wheat or whatever it might be, there is 

a fairly calm relationship between the 

inventory level and the price of the underlying 

product. When inventories get 

scarce, it gets highly nonlinear. They call 

it a hockey stick. And the reason is because 

if you can’t get it, you’re going 

to pay whatever you can because you 

don’t want to starve. Now that’s clearly 

an exaggeration of reality. 

However, if you can’t get heating 

oil or natural gas, you’re going to pay 

a pretty high price in the winter. If you 

can’t get copper to produce cars, and 

it’s going to hold up your entire production 

process, you’re going to pay a lot for 

copper. So there’s this region of inelastic 

demand when you have small inventories 

that can really lead to profitable spikes in 

prices. So, one of the benefits of holding 

commodity futures and commodities in 

general is you can earn some premium in 

those times of shortage. 


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Figure 1 

10 Commodity ETFs To Watch In 2012 

TickeR NAme focuS Aum ($m) 

CORN Teucrium Corn Corn 99.45 1.49 

USCI United States Commodity Broad Market 426.05 0.95 

DBA PowerShares DB Agriculture Broad Market 2,408.17 0.85 

USO United States Oil Crude Oil 1,344.85 0.45 

BNO United States Brent Oil Crude Oil 77.19 0.75 

IAU iShares Gold Trust Gold 9,690.93 0.25 

GLD SPDR Gold Gold 72,650.29 0.40 

SLV iShares Silver Silver 10,877.36 0.50 

MOO Market Vectors Agribusiness Agriculture Equity 5,795.49 0.56 

SOYB Teucrium Soybeans Soybeans 2.19 1.00 

Source: IndexUniverse 

ETFR: Each commodity market is distinct 

from one another. Do broad-based commodities 

indexes make sense? Should we 

be talking about gold and corn in the 

same benchmark? 

GASPAR: If you were to use a mathematical 

program to sit down and 

construct an optimal portfolio of commodities, 

it might not look like the indices 

that we currently have. They are 

intended to be what I would call reasonably 

robust and intuitive. 

You look at three primary things. 

One is, how important is this commodity 

in world production? How large is 

crude oil compared to coffee? Well, 

you’re going to have a much bigger 

weight in crude oil because it’s a much 

bigger part of the economy. 

The second part is, how liquid is the 

market in which it trades? You probably 

want to have more position in more liquid 

markets. And then the third piece is what I 

would call “robustness” criteria. You don’t 

want to be too concentrated in any particular 

thing. By combining those things 

together, I think you can build an intuitive 

index that makes reasonable sense. 

A lot of the recent work on the index 

side has been on constructing dynamic 

indices that shift across commodities, 

to try and take advantage of surpluses 

and shortages. A passive index may be 

less efficient than an active index. But 

when you take active risk, it’s a different 

exP 

RATio 

source of risk. You have to make your 

own judgment as to whether you think 

active risk is a worthy investment on the 

commodities side. 

ETFR: So much of the commodities bull 

story is about China. What happens if 

China has a hard landing? 

GASPAR: China is a very small, poor, 

rural, agricultural society that is shifting 

to an industrializing, more advanced, 

urban society. That process has a lot of 

characteristics. One of the most important 

characteristics for commodities is it 

involves industrialization and urbanization, 

which are extremely commodity 

intensive. They are rapacious consumers 

of commodities. 

In the last 10 years, that process has 

kicked into full gear, which is creating 

very large rapid growth and demand 

suddenly. So the supply, which normally 

would grow, may not have had 

enough time yet to reappear. That leads 

me to be a short-run Malthusian and a 

long-run technologist. Malthus basically 

says, “Look. We’re going to run out of 

these natural resources. And that’s going 

to keep humanity from getting very 

wealthy.” And in the short run, that can 

certainly be true. In the long run, we have 

to be more technologists, because man 

has been incredibly ingenious in devising 

new and better gadgets and widgets and 

finding alternatives to substitute for the 

way things have been done in the past. 

But whether China will have a hard 

landing is not entirely clear. What 

should be evident is that the torrential 

growth rate that China has had the last 

decade or two has to slow down, because 

they’ve gone from this heavily 

rural labor force to a slightly less rural labor 

force. They’ve already moved quite 

far along that technological frontier towards 

where the U.S., Japan and other 

leading nations are. 

That doesn’t mean China is going 

to slow down dramatically, but they’re 

probably not going to grow at the pace 

they have in the past. 

ETFR: We’re talking about China simply 

from the perspective of demand. Does 

China have an impact on supply? 

GASPAR: It does. But China is not particularly 

resource abundant. Its abundant 

resource is labor. They are already 

importing corn from the U.S., and 

they’re major importers of the metals 

and of energy. So they are really one of 

these countries that are coming online 

that has lots of labor and not so much 

natural resources. 

Brazil is the reverse. Brazil has tons of 

natural resources. 

ETFR: Would you consider Brazil a big 

player in commodities? 

GASPAR: Yes, definitely. Brazil is a significant 

exporter of grains. They are an exporter 

of iron ore and other things as well. 

ETFR: You had mentioned inflation concerns 

in the overall case for commodities. 

Can you go into more detail on that? 

GASPAR: Sure. These gigantic government 

debt levels and large budget deficits 

will have to be resolved somehow or 

other. One way they can be resolved is to 

grow faster. Now, none of us has a magic 

button that says, “Grow faster.” We don’t 

really know how to do that yet. The second 

way we can address those budget 

deficits and debts is to cut spending, but 

that’s hard to do, too. Thirdly, we can 

raise taxes, which nobody likes. 

The fourth option is inflation. When 

you have 5 percent inflation, every dollar 

is now worth 95 cents next year. 

People see the dollar in their hand, they 


don’t think about the real value of the 

dollar. They’re not necessarily cognizant 

of the fact that the money that they’ve 

got in the bank can’t buy as much now 

as it did the year before. 

But there are two impediments to inflation. 

One is that central banks have 

this hard-won independence and credibility 

over inflation-fighting. They don’t 

want to lose that. 

I think the larger concern with inflation 

is that a future administration which 

is more populist gets rid of someone like 

Ben Bernanke and throws in somebody 

who is much less concerned about inflation, 

which is called a tail risk. If that happens, 

then we could really get substantial 

inflation, even double-digit inflation, 

potentially. It’s something that people 

should be paying attention to and appropriately 

hedging their portfolios for. 

Figure 2 

ETFR: Does gold ever come up in that hedge? 

GASPAR: It does. There are three 

camps: those who love gold, those who 

hate gold and then those who just don’t 

pay attention to it. I’m in that middle 

crowd. And the reason is because gold 

really plays the role of an alternative currency. 

If you don’t have confidence in 

your own currency, you go to gold. 

But the only reason gold works is 

because people think gold works. If nobody 

thought gold was a good stored 

value, then it wouldn’t be. 

Now, over the last 45 years, commodity 

indices broadly returned about 

18 percent a year. Between them, equities 

and bonds average about 1 percent. 

So that’s an example of a situation where 

But the only 

reason gold works 

is because people 

think gold works. 

If nobody thought 

gold was a good 

stored value, then it 

wouldn’t be. 

commodities are—or at least have been 

historically—very attractive investments. 

And gold is part of that. 

ETFR: Do you think commodities, as an 

asset class, are going to continue like 

that? That’s just such a big number compared 

to equities and bonds. 

GASPAR: Yeah. That’s a pretty extreme 

outcome. I’m not going to assert that 

that’s going to happen again. But it is 

suggestive of some of the forces at work 

in an environment where interest rates 

have been kept low for a long time. Suppose 

you park your money in the bank. 

Back to that earlier point, you’re losing 

the rate of inflation every year, because 

you’re not earning any interest rate on 

that. So you just lose [to] inflation. 

So why should you bother? Why not 

buy gold and, in the event that gold 

prices rise, you make some returns? And 

it doesn’t cost you anything to finance 

it, because that interest rate is zero. 

ETFR: Do you think commodity investments 

require more diligence than stocks, 

than bonds? 

GASPAR: It’s a different set of things 

you have to focus on. To be a very good 

equity investor, you need to understand 

the fundamentals of a company, and 

that takes resources and time. To be a 

very good investor of commodities, you 

have to do the same thing. You’re still 

looking at fundamentals, they’re just 

different fundamentals. 

You want to understand the weather 

for corn and beans and other agricultural 

commodities. You’re going to want to 

look at demand and supply and all those 

types of things. Perhaps people aren’t 

accustomed to looking at those types of 

information, because it’s a different set 

of information. 

Five Upcoming Commodity ETFs In Registration 

eTf 

Why iT’S iNTeReSTiNG 

Market Vectors 

Unconventional Oil & Gas ETF 

United States Asian Commodity Basket Fund 

Invests in companies engaged in the production of oil and gas via nontraditional methods. 

Holds futures contracts in commodities important to Asian economies. 

Teucrium Agricultural Fund 

SSgA Real Assets Fund 

iShares Copper Trust 

Invests equally in Teucrium’s futures-based funds covering corn, wheat, soybeans and sugar. 

An actively managed fund that invests in ETPs with exposure to futures, producers, 

inflation-protected securities and real estate securities. 

A grantor trust holding physical copper. Similar funds from JP Morgan and ETF 

Securities are also in registration. 


Commodity ETFs from page 1 

term capital gains rate of 15 percent, 

with the remaining 40 percent taxed 

at the investor’s ordinary income rate, 

regardless of how long the shares are 

held. This comes out to a blended maximum 

capital gains rate of 23 percent. 

Limited partnership ETFs are also 

considered pass-through investments, 

so the trust is “marked-to-market” at 

the end of each year. Any gains accrued 

are passed on to its investors, potentially 

creating a taxable event. This means 

that your cost basis adjusts at year-end 

and you can be subject to pay taxes on 

gains regardless of whether or not you 

sold your shares. 

Finally, for tax reporting, limited 

partnership ETFs also generate a Schedule 

K-1 form. These forms often create 

uncertainty and annoyance for the average 

investor not familiar with K-1s when 

they receive these forms in the mail. 

These forms can also be mailed out later 

than 1099s, which can add to frustration 

on the part of some investors looking to 

get their taxes out of the way early. 

Exchange-Traded Notes 

Limited partnerships may seem complicated, 

but they’re not the only option. 

In fact, of the 135 commodity products 

available as of Oct. 31, the vast majority—87—are 

actually ETNs. 

Instead of holding physical commodities 

or futures, ETNs are unsecured, unsubordinated 

debt notes issued by banks 

that promise to provide the return of a 

specific index. This means they carry 

credit risk: If the bank issuing the note 

goes bankrupt or defaults, investors can 

lose their entire investment. 

Popular commodity ETNs include the 

iPath Dow Jones UBS Commodity ETN 

(NYSE Arca: DJP), the Elements Rogers 

International Commodity ETN (NYSE 

Arca: RJI) and the iPath S&P GSCI Crude 

Oil ETN (NYSE Arca: OIL). 

From a tax standpoint, ETNs have 

some distinct advantages for longterm 

investors. They’re currently taxed 

like equity funds and get reported on a 

1099 form—long-term gains are taxed 

at 15 percent (note that this is for 

commodity ETNs; currency ETNs are 

taxed differently). 

Grantor Trusts 

The final structure—grantor trusts— 

are used for “physically held” precious 

metals ETFs, such as the SPDR Gold 

Trust (NYSE Arca: GLD), the iShares Silver 

Trust (NYSE Arca: SLV) and the ETFS 

Physical Swiss Gold Shares (NYSE Arca: 

SGOL). ETFs like these store bullion in 

vaults, giving investors direct exposure 

to spot returns. 

Under current IRS rules, investments 

in these precious metals ETFs are considered 

collectibles. Collectibles never qualify 

for the 15 percent tax rate applied to 

traditional equity investments; instead, 

long-term gains are taxed at a maximum 

rate of 28 percent. If shares are held for 

one year or less, gains are taxed as ordinary 

income (maximum 35 percent). 

A Better Way? 

If you’re looking for tax efficiency without 

the ETN credit risk, there may be 

hope. ETF Securities recently filed paperwork 

with the Securities and Exchange 

Commission for a suite of collateralized 

swap-based commodity 

funds. While the filings are light on details, 

according to the ETFS Collateralized 

Commodities Trust S-1 filing from 

May 27, 2010, the new funds will be 

structured as limited partnerships and 

reported on K-1s. 

That means investors will still have 

extra paperwork. But according to the 

filing, the funds are expected to be 

treated as prepaid forward contracts 

and qualify for the long-term capital 

gains rate of 15 percent if shares are 

held for over a year. This would make 

the taxation of these funds similar to 

commodity ETNs and benefit long-term 

Figure 1 

Tax Rates By ETF Structure 

investors who are wary of ETNs due to 

their credit risks. While counterparty risk 

is also a concern for investors, according 

to the filing, it looks like these funds will 

be fully collateralized. 

Making The Right Choice 

Finding the right ETF requires evaluating 

plenty of factors, of which taxes are 

only a part. But knowing the tax implications 

of different choices can make a 

difference, especially with commodity 

and currency funds. 

From a tax perspective, the time period 

that you expect to own a fund matters. 

For short-term holders in high tax 

brackets, for example, LPs offer a strong 

tax benefit, since 60 percent of any gains 

are taxed at the low 15 percent tax rate, 

regardless of holding period. 

On the flip side, long-term investors 

might gain an advantage with ETNs 

because they are subject to 15 percent 

long-term gains, compared with the 

60/40 blend of partnerships, which 

comes out to a blended maximum of 

23 percent. The Catch-22 is that ETNs 

come with credit risk. 

Then there are tax reporting differences. 

The tax structure associated with 

LPs can be challenging for investors who 

are accustomed to 1099s when they 

receive K-1s in the mail. For investors 

looking to simplify their taxes without 

K-1s, grantor trusts and ETNs might 

look more appealing. 

Disclaimer: We are not professional tax 

advisors. This article and table is for informational 

purposes only and not intended 

to be tax advice. Individuals should always 

consult with a professional tax advisor regarding 

fund taxation. 

STRucTuRe LoNG-TeRm ShoRT-TeRm 

Open End (40 Act) N/A N/A 

UIT (40 Act) N/A N/A 

Grantor Trust (33 Act) 28% 35% 

*Limited Partnership (33 Act) **23% **23% 

ETN (33 Act) 15% 35% 

*Distributes K-1 

**Max rate of blended 60 LT/40 ST 


Why I Own: EIDO 

iShares MSCI Indonesia 

Investable Market 

Name: Blair Shein 

Title: Vice President 

firm: Compass Financial 

Group Inc. 

founded: 1961 

Location: Deerfield Beach, Fla 

Aum: $200 million 

All eTfs? No 

ETFR: Today you wanted to talk about 

single-country Indonesian funds? 

Shein: Right. When we began purchasing 

Indonesia ETFs, we did so through the 

Market Vectors Indonesia Index ETF (NYSE 

Arca: IDX), because that was the only one 

available at the time. We’ve added the 

iShares MSCI Indonesia Investable Market 

Index Fund (NYSE Arca: EIDO), because 

we like the fact that it has a little higher 

allocation to the consumer discretionary 

sector. We saw it as a way to add to our Indonesia 

exposure with an investment that 

didn’t have the same tax basis. 

ETFR: When did you first buy IDX? 

Shein: We started buying Indonesia in 2009. 

Since that time, it’s appreciated by about 50 

percent. When we wanted to add exposure 

during 2011, we asked, “What difference is 

there between IDX and EIDO?” 

One of the reasons we like Indonesia is 

because of the consumers and the growth 

that we see there. And EIDO has a slightly 

higher allocation to the consumer discretionary 

sector. It also has about twice the 

number of holdings as IDX. 

ETFR: What made you decide to look at 

Indonesia? 

Shein: One of the main reasons is that 

its economy is heavily consumer-driven. 

About 60 percent of its GDP is related to 

domestic consumption. And, with the 

country’s current demographics, the 

potential for additional growth there is 

significant. It’s not heavily driven by exports, 

and it appears to have a growing 

local demand. From the financial stability 

standpoint, it has exercised some fiscal 

constraint, unlike many of the other 

countries out there. Its debt-to-GDP ratio 

is roughly 25 percent, which is well 

below that of the U.S. and many other 

developed countries. 

ETFR: How does this compare with 

other countries? 

Shein: Japan is probably the most startling 

comparison. Japan’s debt-to-GDP ratio is 

close to 200 percent, while China’s is about 

20 percent. Japan is near the top of the 

country debt ratio list. Some of the others— 

Italy, Greece—are high up there, too. 

ETFR: Is EIDO’s sector breakdown appealing 

to you because it has a 15 percent allocation 

to consumer discretionary? 

Shein: Yes, compared to 11 percent for 

IDX. And when we purchased EIDO earlier 

this year, it was actually at 18 percent. 

ETFR: When you’re evaluating products, 

do you evaluate each specific holding? 

Shein: No, not every single security. We 

will look at some of the individual positions 

to see if there is a specific company 

that we want to have exposure to. But 

really, when we make our decision, we’re 

looking more at the demographics of the 

country as a whole. 

ETFR: Are you looking at these positions 

from a long-term perspective? 

Shein: For the most part, yes. That being 

said, investors should be aware that 

iShares mSci indonesia investable market 

Equity: Indonesia - Total Market 

issuer: BlackRock 

Legal Structure: 1940s Act 

expense Ratio: 0.61% 

Aum: $300 billion 

ADV (30-Day): 266,120 

Avg. Spread: 0.17% 

competing funds: IDX 

Data as of: 11/09/11 

Source: Bloomberg 

there are risks. The country still has considerable 

improvements that need to be 

made when it comes to infrastructure, the 

efficiency and productivity of their workforce, 

and managing their inflation. It also 

has a lot of corruption. 

There have been inflationary concerns 

in Indonesia. In January, the country’s 

inflation registered about 7 percent 

on an annualized basis. That has since 

slowed down. Through September, Indonesia 

just reported an annualized rate 

of 4.6 percent, which is definitely better. 

It also recently reported annualized GDP 

numbers of about 6.5 percent, with 

projections for increases next year. But 

a couple of the rating agencies—S&P 

and Fitch—have upgraded the rating on 

Indonesia earlier this year to one notch 

below investment grade. 

ETFR: These two funds are crushing the 

broader-based emerging markets funds. Is 

that something you take into consideration? 

Shein: Our approach is to look for opportunities 

wherever they are in the world. 

And while we’ll often hold the broad-based 

exposure, we’re not restricted by a benchmark 

target that constrains us from implementing 

what we feel are our best ideas. 

We would rather invest in something 

that we feel has future opportunity. We 

feel that Indonesia does have that future 

opportunity. 

November 9, 2010 – November 9, 2011 

N D J F M A M J J A 

2010 2011 

S O N D 

-0.26% 



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

Vol. 11 | No. 12 

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

U.S. Equity: Total Market 

WisdomTree Dividend Ex-Financials DTN 0.38 761.3 2.18 7.60 21.44 25.57 14.19 1.53 21,928 15.0 21.77 3.41 

WisdomTree Total Dividend DTD 0.28 181.3 -0.38 4.68 16.32 19.11 11.11 -0.12 39,667 13.9 20.01 2.95 

iShares S&P 1500 ISI 0.20 299.2 -2.64 0.98 16.24 26.59 11.98 0.49 33,661 14.1 20.01 1.76 

Schwab US Broad Market SCHB 0.06 763.6 -2.85 0.82 17.10 - - - 29,361 14.0 - 1.80 

iShares Dow Jones US IYY 0.20 535.3 -3.26 0.57 16.50 28.22 12.41 0.69 31,862 14.0 19.91 1.77 

Vanguard Total Stock Market VTI 0.07 19,070.9 -3.35 0.33 17.45 28.87 12.48 0.86 27,053 15.4 20.32 1.89 

SPDR Dow Jones Total Market TMW 0.20 182.4 -2.84 0.31 17.34 27.83 11.85 0.69 30,230 14.0 20.06 1.71 

iShares Russell 3000 IWV 0.20 3,166.2 -3.21 0.19 16.82 28.07 12.03 0.45 27,260 14.0 20.32 1.72 

PowerShares Dynamic Market PWC 0.60 141.1 -6.50 -4.64 17.33 18.47 9.23 -1.98 9,548 10.0 19.26 1.31 

U.S. Equity: Total Market Growth 

iShares Russell 3000 Growth IWZ 0.25 294.8 -3.03 2.23 17.42 36.83 15.22 2.80 29,315 16.3 19.32 1.26 

Fidelity NASDAQ Composite ONEQ 0.30 158.7 -2.06 1.71 17.79 45.16 17.13 3.32 16,195 14.8 22.05 0.82 

U.S. Equity: Total Market Value 

iShares Russell 3000 Value IWW 0.25 288.8 -3.66 -1.75 15.76 19.66 8.68 -2.14 25,370 12.2 21.80 2.16 

U.S. Equity: Extended Cap 

Vanguard Extended Market VXF 0.16 1,178.6 -6.79 -3.06 27.62 37.29 16.78 2.49 2,407 17.7 25.01 1.03 

PowerShares FTSE RAFI US 1500 SmMid PRFZ 0.39 331.8 -7.40 -5.64 28.30 58.64 20.85 3.73 825 13.0 30.89 1.01 

U.S. Equity: Large Cap 

WisdomTree LargeCap Dividend DLN 0.28 834.2 0.22 5.31 14.98 17.31 10.14 -0.42 61,402 13.6 19.08 2.79 

SPDR DJ Industrial Average Trust DIA 0.18 11,253.6 -0.91 5.10 13.97 22.47 11.51 2.38 108,492 13.1 17.99 2.68 

PowerShares S&P 500 High Quality PIV 0.50 116.2 -0.13 4.47 20.50 12.59 8.23 -1.87 20,925 13.7 17.47 1.89 

iShares MSCI USA ESG Select Social KLD 0.50 163.4 -1.58 2.24 13.89 30.51 12.27 0.71 25,918 13.3 19.50 1.43 

ProShares Credit Suisse 130/30 CSM 0.95 103.6 -2.10 2.14 14.17 - - - 29,883 14.4 - 0.87 

iShares Russell Top 200 IWL 0.15 107.2 -1.86 2.06 11.26 - - - 74,477 13.4 - 1.82 

Rydex Russell Top 50 XLG 0.20 449.9 -1.47 2.05 9.32 20.29 8.15 -0.68 140,023 12.9 17.99 2.00 

Vanguard Mega Cap 300 MGC 0.13 321.5 -2.44 1.31 13.77 25.09 10.59 - 61,430 14.8 19.55 1.96 

iShares Morningstar Large Core JKD 0.20 275.1 -1.51 1.22 12.68 21.05 9.84 1.04 61,441 14.0 19.28 2.01 

SPDR S&P 500 SPY 0.15 90,879.7 -2.48 1.18 15.02 26.31 11.35 0.22 48,493 13.8 19.47 1.96 

iShares MSCI KLD 400 Social DSI 0.50 146.5 -1.72 1.16 11.42 30.64 10.63 - 34,464 14.9 19.80 1.40 

iShares S&P 500 IVV 0.09 27,459.1 -2.55 1.11 15.11 26.43 11.24 0.21 48,476 13.8 19.53 1.95 

iShares S&P 100 OEF 0.20 2,809.3 -2.30 1.11 12.48 22.01 9.19 -0.30 102,723 13.0 18.91 1.96 

Vanguard S&P 500 VOO 0.06 1,874.1 -2.48 1.03 - - - - 49,199 15.2 - 1.93 

Vanguard Large-Cap VV 0.12 2,997.4 -2.91 0.89 15.93 27.36 11.92 0.77 40,552 15.3 19.78 1.89 

Schwab US Large-Cap SCHX 0.08 670.7 -2.73 0.85 15.92 - - - 40,338 13.9 - 1.80 

iShares Russell 1000 IWB 0.15 6,119.5 -3.15 0.66 16.02 28.10 11.84 0.45 36,328 13.9 19.90 1.83 

First Trust Large Core AlphaDEX FEX 0.70 255.3 -2.61 0.62 20.67 36.83 17.25 - 12,041 11.8 21.47 0.94 

RevenueShares Large Cap RWL 0.49 164.8 -2.38 0.24 16.81 29.86 13.52 - 33,667 10.6 21.24 1.74 

Rydex S&P Equal Weight RSP 0.40 3,033.4 -3.66 0.06 21.39 44.59 17.83 1.84 12,753 14.5 24.00 1.41 

PowerShares FTSE RAFI US 1000 PRF 0.39 1,121.5 -3.22 -1.36 19.69 41.66 16.00 1.20 29,404 11.5 24.54 2.01 

PowerShares S&P 500 Low Volatility SPLV 0.25 533.9 3.45 - - - - - 18,931 14.8 - - 

U.S. Equity: Large Cap Growth 

PowerShares QQQ QQQ 0.20 25,397.2 0.09 6.98 19.89 54.67 21.56 6.91 57,005 14.9 20.72 0.71 

SPDR 500 Growth SPYG 0.20 199.2 -1.58 4.37 16.25 37.14 15.56 3.41 49,805 15.7 19.13 1.34 

iShares Russell Top 200 Growth IWY 0.20 390.0 -1.57 4.26 11.98 - - - 79,876 15.3 - 1.43 

iShares S&P 500 Growth IVW 0.18 6,506.4 -1.69 4.22 14.94 31.13 14.35 2.69 49,787 15.7 17.89 1.48 

Rydex S&P 500 Pure Growth RPG 0.35 265.9 -3.93 3.76 26.90 50.12 23.25 5.53 14,923 17.4 22.36 0.41 

Vanguard Mega Cap 300 Growth MGK 0.13 547.4 -1.44 3.43 14.53 34.84 13.89 - 52,489 17.5 18.85 1.27 

iShares Morningstar Large Growth JKE 0.25 355.8 -1.98 3.11 12.57 43.94 15.04 2.15 61,928 17.0 19.24 0.81 

iShares Russell 1000 Growth IWF 0.20 13,557.2 -2.76 2.73 16.48 36.73 15.00 2.86 38,812 16.2 18.96 1.32 

Vanguard Growth VUG 0.12 6,007.9 -2.49 2.53 17.23 36.08 14.80 3.23 36,189 18.3 19.16 1.19 

Schwab US Large-Cap Growth SCHG 0.13 333.0 -3.68 0.65 16.85 - - - 32,184 16.2 - 0.88 

PowerShares Dyn Large Cap Growth PWB 0.60 171.3 -4.59 -0.06 13.74 34.49 11.24 0.39 37,879 16.4 19.38 0.87 

First Trust Large Growth AlphaDEX FTC 0.70 123.5 -5.48 -2.34 23.62 29.77 15.53 - 13,206 16.5 19.08 0.65 

U.S. Equity: Large Cap Value 

PowerShares Dyn Large Cap Value PWV 0.60 379.2 -1.87 3.46 13.29 18.60 11.83 2.16 50,748 9.9 18.64 2.39 

First Trust Large Cap Value AlphaDEX FTA 0.70 179.4 -0.88 2.67 18.69 40.43 17.24 - 11,380 9.5 25.78 1.16 

Schwab US Large-Cap Value SCHV 0.13 246.3 -1.86 1.09 14.86 - - - 49,778 12.3 - 2.60 

Vanguard Mega Cap 300 Value MGV 0.13 350.9 -2.75 -0.23 13.16 15.74 7.70 - 72,044 12.7 20.85 2.62 

iShares Morningstar Large Value JKF 0.25 214.8 -3.54 -0.42 14.57 11.02 6.32 -3.40 69,297 10.3 19.38 2.81 

Vanguard Value VTV 0.12 4,954.4 -3.37 -0.88 14.57 19.88 8.86 -1.82 45,549 13.1 20.95 2.60 

iShares Russell Top 200 Value IWX 0.20 153.6 -2.74 -0.93 10.59 - - - 69,354 11.8 - 2.44 

SPDR S&P 500 Value Index SPYV 0.20 159.0 -2.10 -0.96 15.53 17.03 7.82 -2.00 47,118 12.1 20.44 2.29 

iShares Russell 1000 Value IWD 0.20 10,615.5 -3.30 -1.24 15.44 19.23 8.57 -2.12 33,946 12.1 21.47 2.18 

iShares S&P 500 Value IVE 0.18 3,879.8 -3.41 -2.18 14.97 20.90 7.71 -2.52 47,015 12.1 22.18 2.25 

Yield 

Data as of 10/31/2011. 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. 



Vol. 11 | No. 12 


U.S. Equity: Mid Cap 

WisdomTree MidCap Dividend DON 0.38 248.8 -2.11 3.53 21.65 31.91 17.47 1.85 3,727 17.8 24.50 2.93 

First Trust Mid Cap Core AlphaDEX FNX 0.70 221.7 -3.80 1.30 26.64 46.78 21.45 - 2,373 12.8 24.62 0.41 

iShares Morningstar Mid Core JKG 0.25 153.2 -4.00 1.03 26.49 39.76 19.13 2.70 5,733 16.4 23.21 1.45 

WisdomTree MidCap Earnings EZM 0.38 115.1 -4.16 0.45 25.60 50.22 21.85 - 2,528 12.9 25.53 1.21 

Vanguard Mid-Cap VO 0.12 3,307.7 -5.20 -1.11 25.68 40.47 18.48 2.21 6,444 18.6 22.58 1.20 

iShares Russell Midcap IWR 0.21 6,019.4 -4.96 -1.12 25.31 40.70 17.51 2.14 6,595 15.6 22.90 1.53 

SPDR S&P MidCap 400 MDY 0.25 9,415.7 -5.63 -1.32 26.26 37.49 17.59 3.65 2,912 15.0 22.59 1.02 

iShares S&P 400 MidCap IJH 0.21 9,312.8 -5.49 -1.42 26.73 37.48 17.54 3.89 3,252 16.9 22.84 1.20 

RevenueShares Mid Cap RWK 0.54 129.1 -4.13 -1.74 23.21 52.55 20.48 - 2,276 11.3 26.70 0.58 

U.S. Equity: Mid Cap Growth 

Rydex S&P MidCap 400 Pure Growth RFG 0.35 636.8 -5.01 4.84 34.84 60.81 28.55 10.70 3,441 20.8 24.75 0.10 

iShares S&P Mid Cap 400 Growth IJK 0.26 2,743.7 -5.15 1.53 30.44 41.11 20.98 6.15 3,685 19.5 22.23 0.63 

iShares Morningstar Mid Growth JKH 0.30 160.8 -5.99 1.41 27.84 42.17 19.30 3.85 6,177 23.3 20.61 0.39 

iShares Russell Mid Cap Growth IWP 0.25 2,967.8 -4.94 0.17 26.03 46.28 19.90 3.25 6,884 19.0 22.00 0.93 

Vanguard Mid-Cap Growth VOT 0.12 1,137.4 -5.98 -0.49 29.14 43.91 19.52 3.26 7,115 22.8 22.25 0.53 

U.S. Equity: Mid Cap Value 

Vanguard Mid-Cap Value VOE 0.12 775.7 -4.14 -1.63 21.77 38.11 17.32 1.01 5,812 15.6 23.49 1.94 

iShares Russell Midcap Value IWS 0.26 2,645.6 -4.89 -2.17 24.43 33.31 15.64 0.65 6,317 13.1 24.27 2.10 

iShares S&P MidCap 400 Value IJJ 0.27 1,956.2 -6.05 -3.99 22.58 34.24 14.59 1.55 2,859 14.8 23.86 1.76 

U.S. Equity: Small Cap 

iShares S&P SmallCap 600 IJR 0.20 6,492.6 -4.95 -1.08 26.61 25.80 13.36 2.03 1,033 17.0 25.95 1.17 

First Trust Small Cap Core AlphaDEX FYX 0.70 117.0 -4.20 -1.48 27.35 37.78 17.54 - 663 13.1 28.34 0.32 

RevenueShares Small Cap RWJ 0.54 102.5 -4.42 -2.19 25.96 46.53 20.96 - 721 12.4 31.34 0.48 

Schwab US Small-Cap SCHA 0.13 455.7 -5.63 -2.25 28.62 - - - 1,366 15.2 - 1.33 

Vanguard Small-Cap VB 0.17 3,865.7 -5.94 -2.58 28.12 35.94 16.63 2.59 1,549 16.9 26.78 1.19 

WisdomTree SmallCap Earnings EES 0.38 120.0 -4.72 -2.83 26.97 48.34 20.27 - 643 12.0 29.87 1.36 

WisdomTree SmallCap Dividend DES 0.38 231.1 -2.90 -3.65 27.05 22.15 12.21 -0.67 792 14.8 29.38 3.82 

iShares Russell 2000 IWM 0.26 16,156.5 -6.84 -4.57 26.90 28.45 13.02 0.72 955 15.2 26.22 1.39 

iShares Morningstar Small Core JKJ 0.25 143.0 -8.18 -4.74 27.68 39.78 16.46 1.05 1,579 15.6 27.73 1.23 

U.S. Equity: Small Cap Growth 

SPDR S&P SmallCap 600 Growth SLYG 0.25 144.5 -3.98 2.97 30.21 47.12 21.82 5.10 1,150 17.9 26.78 0.62 

iShares S&P SmallCap 600 Growth IJT 0.25 1,481.6 -4.63 2.18 28.24 28.81 16.11 4.07 1,150 17.9 24.59 0.85 

Vanguard Small-Cap Growth VBK 0.12 1,873.0 -5.85 -0.38 30.95 42.79 19.75 4.63 1,616 20.8 26.31 0.47 

iShares Russell 2000 Growth IWO 0.25 3,497.3 -6.29 -2.14 29.38 34.61 16.30 2.71 1,111 17.6 25.63 0.69 

U.S. Equity: Small Cap Value 

iShares Morningstar Small Value JKL 0.30 152.5 -4.54 -3.73 25.80 40.06 16.25 1.84 1,573 13.3 28.95 2.34 

SPDR S&P SmallCap 600 Value Index SLYV 0.25 104.9 -4.89 -4.09 24.62 36.93 15.41 1.53 927 16.2 27.20 1.54 

iShares S&P SmallCap 600 Value IJS 0.25 1,502.2 -5.07 -4.20 24.70 21.53 11.16 0.02 928 16.2 27.87 1.36 

Vanguard Small-Cap Value VBR 0.23 1,760.9 -6.13 -4.87 25.12 30.97 13.71 0.36 1,485 14.3 27.12 2.01 

iShares Russell 2000 Value IWN 0.40 3,592.8 -7.25 -6.96 24.68 20.59 9.62 -1.46 820 13.3 27.11 2.11 

U.S. Equity: Micro Cap 

iShares Russell Microcap IWC 0.67 395.8 -9.70 -10.08 29.55 23.72 9.69 -3.71 242 12.3 27.96 1.15 

U.S. Equity: Basic Materials 

Vanguard Materials VAW 0.24 581.5 -9.43 -7.95 24.46 51.44 16.17 4.51 12,128 15.1 28.86 2.37 

Materials Select SPDR XLB 0.20 1,942.5 -8.59 -8.78 20.56 48.11 13.09 3.20 18,680 13.1 28.43 2.58 

First Trust Materials AlphaDEX FXZ 0.70 170.6 -12.06 -10.08 28.28 59.45 22.60 - 4,280 11.6 32.68 1.76 

iShares DJ US Basic Materials IYM 0.47 633.4 -12.26 -11.93 31.02 64.37 18.73 5.21 13,349 11.9 32.01 1.75 

SPDR S&P Metals and Mining XME 0.35 1,004.1 -17.23 -19.67 34.15 87.85 21.88 4.11 2,556 15.2 37.92 0.77 

U.S. Equity: Consumer Cyclicals 

SPDR S&P Retail XRT 0.35 550.7 -1.07 9.31 37.39 78.03 33.31 6.16 3,049 16.5 28.42 0.93 

Consumer Discr Select SPDR XLY 0.20 2,181.3 -1.24 5.36 27.49 40.52 21.88 2.51 27,294 16.6 23.99 1.55 

iShares DJ US Consumer Services IYC 0.47 222.3 -1.31 5.08 23.26 32.66 18.42 2.54 22,910 16.2 20.58 1.10 

First Trust Consumer Discr AlphaDEX FXD 0.70 491.4 -3.27 4.66 32.01 57.11 27.89 - 6,184 12.5 29.44 0.41 

Vanguard Consumer Discr VCR 0.24 352.5 -1.88 4.17 30.57 46.87 23.72 2.59 16,311 17.4 25.36 0.95 

PowerShares Dynamic Media PBS 0.63 115.1 -8.17 -4.13 20.18 61.92 20.75 -1.87 6,913 13.7 27.68 0.68 

SPDR S&P Homebuilders XHB 0.35 810.0 -2.87 -5.92 17.40 27.71 6.35 -12.58 2,312 20.5 37.31 2.73 

iShares DJ US Home Construction ITB 0.47 264.9 -8.70 -18.21 10.43 22.12 -3.60 -21.82 2,405 25.1 39.59 0.86 

U.S. Equity: Consumer Non-Cyclicals 

First Trust Consumer Staples AlphaDEX FXG 0.70 190.9 -3.71 12.05 19.75 27.47 16.75 - 9,498 12.8 16.71 0.78 

Vanguard Consumer Staples VDC 0.24 811.9 1.12 8.53 14.62 16.55 12.72 6.88 44,055 15.8 12.82 2.39 

Consumer Staples Select SPDR XLP 0.20 5,633.7 1.43 8.02 13.81 14.22 11.16 6.44 52,885 15.3 12.72 2.75 

iShares DJ US Consumer Goods IYK 0.47 415.6 0.17 6.17 18.99 23.32 14.36 5.31 35,359 15.1 15.54 2.09 

PowerShares Dyn Food & Beverage PBJ 0.63 210.3 -3.31 4.89 29.97 11.04 14.41 5.32 6,578 14.2 14.69 0.98 




14 ETFR • December 2011 

Yield


Vol. 11 | No. 12 


U.S. Equity: Energy 

ETRACS MLP Infrastructure ETN MLPI 0.85 184.3 6.01 9.17 - - - - - - - 5.05 

JPMorgan Alerian MLP ETN AMJ 0.85 3,241.6 4.12 7.25 34.53 - - - - - - 4.98 

Alerian MLP AMLP 0.85 1,577.3 3.66 5.48 - - - - 6,802 16.7 - 6.13 

Credit Suisse Cushing 30 MLP ETN MLPN 0.85 206.9 2.28 4.49 - - - - - - - 3.90 

PowerShares Dynamic Energy PXI 0.60 133.3 -11.21 4.09 39.56 42.19 19.28 8.07 5,433 12.0 30.25 0.88 

Energy Select SPDR XLE 0.20 7,943.7 -8.41 3.29 21.81 21.63 12.98 6.19 56,107 13.1 25.10 1.55 

iShares Dow Jones US Energy IYE 0.47 879.9 -8.52 3.02 19.00 19.03 11.03 5.68 61,155 12.7 24.05 1.38 

SPDR S&P Oil/Gas Expl & Production XOP 0.35 1,047.8 -13.28 2.83 28.58 40.16 17.40 8.08 3,611 16.1 32.56 0.94 

Vanguard Energy VDE 0.24 1,760.9 -8.92 2.61 21.05 24.85 12.67 5.99 51,176 15.2 25.60 1.22 

iShares DJ US Oil/Gas Expl & Production IEO 0.47 360.5 -10.79 0.51 18.65 40.75 14.41 6.49 16,379 17.6 31.75 0.50 

First Trust ISE-Revere Natural Gas FCG 0.60 410.0 -15.38 -3.58 12.23 50.06 8.77 - 8,637 12.1 34.64 0.29 

First Trust Energy AlphaDEX FXN 0.70 101.8 -14.23 -3.64 27.63 46.54 15.09 - 8,234 10.9 34.98 0.52 

SPDR S&P Oil/Gas Equipment & Services XES 0.35 329.5 -16.97 -3.74 30.12 67.80 18.62 5.31 3,104 20.4 36.02 0.83 

iShares DJ US Oil Equipment & Services IEZ 0.47 431.6 -18.99 -3.97 31.77 63.57 17.10 4.79 12,073 19.8 37.08 0.47 

PowerShares Dyn Oil & Gas Services PXJ 0.63 185.5 -19.50 -5.63 29.18 52.86 12.31 1.57 3,605 16.1 39.67 0.38 

PowerShares WilderHill Clean Energy PBW 0.60 263.4 -26.15 -41.08 -5.55 27.61 -14.97 -19.25 852 5.3 35.24 1.53 

U.S. Equity: Financials 

SPDR KBW Regional Banking KRE 0.35 566.8 -4.72 -10.13 20.65 -21.93 -8.25 -11.07 1,922 14.4 32.76 1.68 

iShares DJ US Financial IYF 0.47 348.4 -7.58 -11.85 12.20 16.37 -0.59 -13.27 21,601 11.7 31.72 1.54 

Vanguard Financials VFH 0.27 551.8 -8.11 -12.70 14.83 14.32 -0.57 -12.79 19,950 12.5 32.00 1.87 

SPDR KBW Insurance KIE 0.35 141.6 -5.60 -13.68 26.08 27.92 13.78 -5.86 9,579 9.7 34.73 1.97 

Financial Select SPDR XLF 0.20 5,803.0 -8.40 -14.52 11.91 16.57 -2.74 -15.61 37,244 10.8 35.30 1.49 

iShares DJ US Financial Services IYG 0.47 168.0 -10.74 -18.30 7.71 15.69 -6.53 -16.96 33,008 10.4 34.44 0.95 

SPDR KBW Bank KBE 0.35 1,152.7 -13.19 -22.93 23.07 -1.29 -10.55 -16.83 6,174 12.4 39.44 1.31 

U.S. Equity: Health Care 

Biotech HOLDRS BBH - 264.1 3.39 18.75 2.15 11.49 11.05 4.68 28,634 13.9 17.97 - 

PowerShares Dyn Pharmaceuticals PJP 0.63 156.9 0.62 13.01 27.51 16.85 20.99 9.06 11,199 14.1 17.20 0.64 

iShares DJ US Pharmaceuticals IHE 0.47 252.9 -1.28 10.92 12.72 30.06 19.93 7.17 14,882 18.4 17.21 1.34 

Pharmaceutical HOLDRS PPH - 478.1 -0.91 8.29 1.67 20.47 10.75 2.01 86,295 17.9 16.05 - 

Health Care Select SPDR XLV 0.20 4,088.9 -1.09 8.12 3.32 19.49 9.83 2.06 44,561 15.8 16.18 1.96 

PowerShares S&P SmallCap Health Care PSCH 0.29 106.5 -5.03 7.53 - - - - 1,111 17.7 - 0.24 

iShares DJ US Healthcare Providers IHF 0.47 216.9 -6.06 7.40 11.47 35.44 18.53 2.92 8,262 11.2 23.43 0.22 

SPDR S&P Pharmaceuticals XPH 0.35 242.6 -2.28 7.30 22.47 27.60 23.09 8.59 6,160 17.4 18.26 0.93 

iShares DJ US Healthcare IYH 0.47 555.9 -2.11 6.93 4.13 21.07 10.06 2.45 33,550 16.0 16.54 1.54 

Vanguard Health Care VHT 0.24 680.3 -2.51 6.84 5.60 21.81 11.26 2.76 26,812 17.3 16.56 1.63 

iShares NASDAQ Biotechnology IBB 0.48 1,350.5 -5.46 5.15 14.84 15.17 11.43 4.48 5,933 18.8 19.92 - 

SPDR S&P Biotech XBI 0.35 409.9 -7.08 4.80 17.60 0.17 7.46 5.74 2,405 - 24.12 - 

First Trust Health Care AlphaDEX FXH 0.70 435.1 -5.88 4.74 19.01 51.22 22.51 - 7,837 12.9 17.49 0.23 

iShares DJ US Medical Devices IHI 0.47 337.8 -8.45 0.69 11.35 38.49 9.70 4.11 6,498 17.3 21.64 0.19 

PowerShares Dyn Biotech/Genome PBE 0.63 158.4 -3.61 -7.17 31.47 21.91 11.72 2.00 2,975 16.6 21.45 - 

First Trust NYSE Arca Biotechnology FBT 0.60 435.3 -13.53 -10.15 36.94 45.05 19.72 8.26 4,761 20.0 28.68 - 

U.S. Equity: Industrials 

iShares Dow Jones US Aerospace/Defense ITA 0.47 108.0 -3.05 2.57 16.60 25.32 12.97 4.46 8,221 12.9 24.65 1.03 

Industrial Select SPDR XLI 0.20 3,450.1 -3.06 -2.72 27.85 21.69 12.88 1.69 30,042 14.6 26.90 2.06 

iShares DJ US Industrial IYJ 0.47 349.4 -3.45 -2.76 25.49 25.46 13.36 1.59 18,086 14.7 26.52 1.47 

Vanguard Industrials VIS 0.24 454.0 -3.80 -4.03 27.32 22.11 12.00 1.08 19,304 17.6 27.77 1.37 

iShares DJ Transportation Average IYT 0.47 350.0 -5.62 -4.03 26.74 18.93 9.64 2.05 10,123 19.1 28.04 1.49 

U.S. Equity: Technology 

Internet HOLDRS HHH - 132.4 -2.15 12.71 24.35 82.50 34.58 9.29 48,553 30.4 23.55 - 

Technology Select SPDR XLK 0.20 7,603.5 1.16 4.39 11.41 51.25 17.80 3.98 82,151 14.0 19.52 1.40 

Vanguard Information Technology VGT 0.24 1,957.5 0.74 3.59 12.78 61.89 20.09 4.92 40,759 15.7 21.69 0.57 

iShares DJ US Technology IYW 0.47 1,347.7 0.79 3.18 12.42 63.29 19.56 4.89 65,358 14.5 21.84 0.53 

iShares S&P North Amer Software IGV 0.48 564.2 1.57 2.74 24.64 47.53 21.04 6.31 12,659 22.8 21.15 - 

iShares S&P North American Technology IGM 0.48 389.6 -0.13 2.71 11.98 62.27 19.02 4.82 49,213 14.9 21.76 0.63 

Semiconductor HOLDRS SMH - 537.6 -0.61 -1.24 18.52 61.55 17.29 0.07 22,986 11.4 27.27 - 

First Trust NASDAQ-100 Technology QTEC 0.60 177.2 2.24 -1.99 21.71 79.71 25.20 5.35 15,412 12.9 25.40 0.63 

Rydex S&P Equal Weight Technology RYT 0.50 109.7 -0.06 -2.25 17.89 69.07 21.43 - 12,755 14.8 25.19 0.52 

First Trust DJ Internet FDN 0.60 528.8 -5.56 -2.39 36.72 79.37 31.21 8.55 7,734 24.3 24.07 0.15 

SPDR Morgan Stanley Technology MTK 0.50 177.7 0.52 -3.34 15.31 70.14 20.06 3.34 38,353 15.2 23.89 0.70 

iShares PHLX SOX Semiconductor SOXX 0.48 225.0 0.14 -5.34 14.32 74.92 17.50 -2.16 12,525 11.4 29.54 1.22 

First Trust Technology AlphaDEX FXL 0.70 145.9 -2.94 -6.78 26.64 66.79 22.80 - 5,861 11.1 26.25 0.03 

iShares S&P North Am Multimedia Netwrk IGN 0.48 195.1 -1.18 -14.27 24.30 60.57 15.77 -1.12 8,408 16.0 30.81 0.15 

U.S. Equity: Telecommunications 

Telecom HOLDRS TTH - 122.3 0.52 2.24 16.38 7.05 10.45 -0.38 92,282 11.1 15.31 - 

Vanguard Telecommunication Svcs VOX 0.24 385.4 -5.91 -3.66 19.52 29.25 15.04 0.23 19,962 14.8 17.00 3.02 

iShares DJ Telecommunications IYZ 0.47 521.4 -8.92 -7.70 20.72 25.68 13.16 -2.29 14,957 12.8 18.34 3.11 

Yield 






Vol. 11 | No. 12 


U.S. Equity: Utilities 

Utilities Select SPDR XLU 0.20 6,838.1 6.14 14.54 5.35 11.69 10.61 3.27 15,762 14.5 12.37 3.88 

Vanguard Utilities VPU 0.24 917.8 5.37 13.86 7.05 11.27 11.37 3.48 10,515 14.6 12.82 3.62 

iShares DJ US Utilities IDU 0.47 677.7 5.30 13.68 7.21 12.06 10.79 2.93 11,740 14.9 12.75 3.52 

First Trust Utilities AlphaDEX FXU 0.70 116.4 -0.85 7.00 10.47 22.62 14.02 - 7,638 13.9 14.57 2.20 

U.S. Equity: Real Estate 

iShares FTSE NAREIT Residential Plus REZ 0.48 152.8 -0.85 13.54 30.81 20.73 17.18 - 5,768 40.8 28.90 3.05 

iShares Cohen & Steers Realty Majors ICF 0.35 2,286.7 -3.74 9.67 29.14 25.54 15.91 -2.36 11,207 35.6 37.52 2.88 

SPDR Dow Jones REIT RWR 0.25 1,412.8 -3.64 8.48 28.03 28.24 16.18 -1.67 7,998 36.5 36.72 3.01 

Vanguard REIT VNQ 0.12 9,014.8 -3.85 7.63 28.43 30.07 17.43 -0.57 6,461 39.4 35.58 3.44 

First Trust S&P REIT FRI 0.50 360.1 -4.08 7.31 27.73 28.42 16.67 - 6,112 32.1 36.75 2.54 

iShares DJ US Real Estate IYR 0.47 3,195.5 -4.28 5.17 26.60 30.46 16.05 -2.55 7,937 21.3 33.72 3.80 

Schwab U. S. REIT SCHH 0.13 155.5 -3.56 - - - - - 7,998 36.5 - - 

U.S. Equity: Theme 

iShares FTSE NAREIT Mortgage Plus REM 0.48 228.3 -1.76 -8.46 16.49 11.32 5.55 - 3,132 6.5 16.64 11.04 

PowerShares Water Resources PHO 0.60 879.1 -7.23 -9.47 13.27 18.01 7.91 -0.22 1,712 14.1 25.20 0.97 

U.S. Equity: Alpha-Seeking 

PowerShares DWA Technical Leaders PDP 0.60 459.7 -6.20 2.58 26.59 28.03 16.87 - 8,443 17.1 21.07 0.23 

Guggenheim Insider Sentiment NFO 0.60 110.8 -8.03 -1.75 26.79 51.01 20.50 5.36 3,583 12.6 28.96 0.63 

U.S. Equity: High Dividend Yield 

First Trust Mstar Dividend Leaders FDL 0.45 320.9 3.99 8.72 16.20 13.38 10.49 -1.76 39,517 13.4 22.92 3.62 

WisdomTree Equity Income DHS 0.38 292.2 2.13 8.67 17.63 16.87 10.37 -2.01 38,814 14.5 23.75 3.92 

iShares DJ Select Dividend DVY 0.40 8,291.9 2.46 7.40 17.79 10.77 7.68 -1.54 10,678 14.6 20.94 3.54 

Vanguard High Dividend Yield VYM 0.18 1,980.0 0.56 5.74 14.25 17.17 10.35 - 54,354 14.4 19.98 2.90 

First Trust Value Line Dividend FVD 0.70 332.9 1.49 6.47 16.08 19.16 13.00 2.81 14,065 12.8 17.48 2.63 

Guggenheim Multi-Asset Income CVY 0.60 450.0 -0.41 6.27 17.83 50.43 18.54 1.28 10,737 11.3 24.31 5.27 

PowerShares Dividend Achievers PFM 0.50 235.6 0.65 5.49 14.81 10.70 8.30 -0.47 53,512 12.9 17.42 2.50 

SPDR S&P Dividend SDY 0.35 7,246.5 2.71 4.61 16.42 19.04 10.74 1.44 11,995 15.6 20.93 3.26 

PowerShares HiYld Equity Div Achievers PEY 0.50 276.8 5.61 3.70 20.92 3.34 3.34 -6.67 4,413 14.2 26.85 3.98 

Vanguard Dividend Appreciation VIG 0.18 7,904.9 -0.56 3.14 14.76 19.56 11.64 2.39 43,096 15.3 16.62 2.14 

iShares High Dividend Equity HDV 0.40 528.8 3.80 - - - - - 60,906 14.0 - - 

Global Equity 

iShares S&P Global 100 IOO 0.40 985.8 -6.22 -2.95 5.91 24.02 7.21 -1.13 102,656 11.0 22.80 2.74 

Vanguard Total World Stock VT 0.25 970.6 -7.86 -5.38 13.07 32.66 11.71 - 34,062 13.7 23.03 2.03 

iShares MSCI ACWI ACWI 0.35 2,146.6 -7.64 -5.85 12.82 32.31 10.82 - 32,335 11.3 23.49 2.30 

SPDR DJ Global Titans DGT 0.50 105.9 -9.40 -8.13 4.99 24.18 3.48 -3.97 53,010 10.8 20.85 2.70 

Global Equity Ex-U.S. 

SPDR S&P World ex-US GWL 0.34 131.5 -9.76 -8.73 11.29 27.97 9.80 - 21,624 11.3 25.12 2.90 

Vanguard FTSE All-World ex-US VEU 0.22 6,300.6 -11.23 -9.55 11.80 37.61 12.01 - 26,914 12.7 26.06 2.36 

SPDR MSCI ACWI ex-US CWI 0.34 401.8 -10.54 -9.72 11.60 37.14 12.11 - 26,869 10.1 25.97 2.91 

iShares MSCI ACWI ex US ACWX 0.35 868.8 -11.07 -10.19 10.44 36.28 10.73 - 23,832 10.2 26.00 2.85 

Vanguard FTSE All-World ex-US SmCap VSS 0.33 905.9 -15.32 -13.91 25.59 - - - 1,494 13.7 - 2.50 

Vanguard Total International Stock VXUS 0.20 425.7 -11.84 - - - - - 19,520 12.7 - - 

International Equity: Blended Development 

iShares S&P Asia 50 AIA 0.50 194.4 -11.53 -11.16 19.56 60.79 18.52 - 55,215 10.2 27.79 2.01 

iShares MSCI All Country Asia ex-Japan AAXJ 0.69 1,987.1 -14.06 -15.00 16.22 68.40 19.33 - 15,166 9.7 28.99 2.33 

International Equity: Developed 

iShares MSCI New Zealand ENZL 0.55 111.4 -11.38 3.85 - - - - 1,677 19.1 - 2.41 

WisdomTree Intl Dividend ex-Financials DOO 0.58 246.2 -7.53 -1.87 5.70 33.20 12.62 -1.60 23,829 10.6 26.02 4.43 

iShares MSCI Spain EWP 0.54 187.5 -8.96 -2.15 -18.61 32.89 5.74 -2.91 27,936 - 35.59 5.36 

iShares MSCI United Kingdom EWU 0.53 1,288.7 -5.98 -2.27 10.28 36.12 11.43 -2.37 45,919 9.8 24.85 2.83 

iShares MSCI Kokusai TOK 0.25 640.9 -8.02 -3.06 11.45 31.45 10.50 - 36,045 11.6 22.10 2.38 

WisdomTree Intl LargeCap Dividend DOL 0.48 132.0 -7.89 -3.61 1.87 24.90 8.07 -2.18 54,066 10.4 25.59 4.50 

iShares MSCI Switzerland EWL 0.53 519.0 -10.71 -4.38 14.48 22.05 10.61 1.77 57,864 11.8 24.69 2.24 

iShares MSCI Australia EWA 0.53 2,956.8 -5.83 -5.04 15.35 67.90 22.35 5.46 25,168 11.3 31.77 4.40 

WisdomTree Japan SmallCap Dividend DFJ 0.58 200.7 -7.98 -5.15 17.37 0.94 8.77 -2.13 830 12.7 19.11 2.18 

WisdomTree DEFA DWM 0.48 403.2 -9.58 -5.30 5.19 27.12 9.10 -2.10 27,519 10.6 24.62 4.21 

iShares S&P Europe 350 IEV 0.60 1,092.2 -10.65 -6.76 3.74 28.90 7.78 -3.34 43,803 10.4 27.94 3.17 

Vanguard European VGK 0.14 2,630.0 -10.50 -6.89 6.05 31.33 8.65 -2.83 40,633 12.2 27.99 5.05 

iShares MSCI Pacific ex-Japan EPP 0.50 3,491.0 -8.92 -7.67 17.77 63.22 21.80 5.60 20,404 9.9 29.30 3.97 

WisdomTree Intl MidCap Dividend DIM 0.58 128.8 -10.89 -7.69 11.31 34.00 13.68 -1.01 5,173 11.0 25.19 3.91 

Schwab International Equity SCHF 0.13 648.4 -10.54 -8.09 9.31 - - - 28,125 11.4 - 1.85 

WisdomTree Intl SmallCap Dividend DLS 0.58 392.9 -9.53 -8.22 19.41 37.09 15.34 -0.83 1,003 11.4 23.96 3.99 

iShares MSCI EAFE EFA 0.35 38,615.0 -10.78 -8.25 8.25 26.85 8.65 -2.76 26,681 10.7 25.08 3.16 

iShares MSCI Canada EWC 0.53 5,039.3 -8.73 -8.29 19.80 53.07 15.91 4.49 18,626 13.9 27.36 1.85 




16 ETFR • December 2011 

Yield


Vol. 11 | No. 12 


International Equity: Developed (Continued) 

Vanguard MSCI EAFE VEA 0.12 6,736.2 -11.03 -8.49 8.33 27.52 8.71 - 32,124 12.3 25.33 2.71 

iShares MSCI EAFE Value EFV 0.40 1,253.3 -10.44 -8.55 4.59 28.28 7.52 -4.43 29,296 9.1 27.10 4.15 

iShares MSCI EAFE Growth EFG 0.40 1,251.0 -11.35 -8.72 13.11 24.15 8.72 -1.43 24,214 13.1 24.30 2.19 

iShares MSCI South Korea EWY 0.61 3,666.1 -15.65 -8.99 29.58 72.21 26.55 4.41 14,968 9.7 39.84 0.87 

iShares MSCI Germany EWG 0.53 2,863.1 -17.57 -9.13 8.31 20.31 7.33 -0.49 31,299 10.2 34.28 3.14 

SPDR Euro STOXX 50 FEZ 0.29 138.9 -13.33 -9.27 -7.75 25.23 3.18 -5.12 54,153 10.1 33.46 4.83 

iShares MSCI EAFE Small Cap SCZ 0.40 1,343.8 -12.47 -9.87 21.51 42.78 16.33 - 1,245 11.6 25.53 3.89 

iShares MSCI Singapore EWS 0.53 1,565.8 -14.81 -10.29 24.51 67.35 25.10 7.95 12,223 - 29.90 3.98 

Vanguard Pacific VPL 0.14 1,472.2 -10.51 -10.43 15.50 20.35 9.71 -2.03 18,978 12.9 21.49 4.38 

iShares MSCI France EWQ 0.54 340.0 -14.55 -10.43 -2.38 27.12 5.06 -4.67 28,210 8.5 31.87 3.07 

iShares MSCI EMU EZU 0.54 775.1 -14.29 -10.74 -3.00 26.41 4.42 -5.40 26,635 9.2 32.33 3.66 

Schwab International Small-Cap Eq SCHC 0.35 154.3 -13.37 -11.02 - - - - 1,464 11.9 - 2.54 

SPDR S&P International Small Cap GWX 0.59 760.4 -13.86 -11.16 24.96 38.52 17.03 - 925 12.2 25.08 2.28 

PowerShares F/R Dev Mkts ex-US SmMid PXF 0.75 245.7 -11.79 -11.23 6.81 36.02 9.47 - 23,896 9.6 29.66 3.42 

iShares MSCI Sweden EWD 0.53 302.9 -11.41 -11.99 36.11 55.30 23.87 1.84 16,382 9.9 32.74 3.86 

iShares MSCI Japan EWJ 0.54 6,264.9 -12.23 -13.09 13.61 2.93 3.04 -6.10 14,623 14.4 20.26 1.68 

iShares MSCI Hong Kong EWH 0.53 1,842.4 -13.84 -13.30 24.16 54.94 19.80 5.26 15,828 7.4 25.34 2.47 

WisdomTree Japan Hedged Equity DXJ 0.48 478.5 -8.43 -14.03 -1.78 1.19 -2.42 -8.03 10,971 12.9 19.78 2.27 

iShares MSCI Italy EWI 0.54 125.2 -14.50 -15.65 -14.20 21.97 -3.38 -12.22 18,308 8.0 35.80 3.59 

Maxis Nikkei 225 NKY 0.50 165.9 -10.64 - - - - - - - - - 

International Equity: Emerging 

iShares MSCI Indonesia EIDO 0.61 296.4 -12.83 3.09 - - - - 9,042 16.4 - 0.82 

Market Vectors Indonesia IDX 0.60 471.9 -13.19 1.57 41.77 - - - 8,764 12.5 - 0.93 

iShares MSCI Malaysia EWM 0.53 929.0 -7.90 -2.48 38.97 49.34 28.34 14.97 7,640 14.5 20.08 2.76 

iShares MSCI Thailand THD 0.62 479.5 -17.99 -7.31 56.76 81.30 42.88 - 5,748 - 30.78 2.56 

Global X/InterBolsa FTSE Colombia 20 GXG 0.78 140.7 -5.38 -9.03 51.44 - - - 5,324 21.4 - 0.69 

iShares MSCI Mexico EWW 0.53 1,103.0 -10.56 -10.09 27.95 53.82 23.25 5.24 15,532 - 28.49 1.31 

iShares MSCI Russia ERUS 0.65 111.9 -20.63 -11.40 - - - - 33,181 5.7 - - 

SPDR S&P BRIC 40 BIK 0.50 410.8 -13.01 -12.22 11.37 79.10 20.37 - 74,879 7.9 28.54 2.16 

SPDR S&P China GXC 0.59 698.0 -15.60 -13.16 7.58 60.45 20.34 - 27,048 9.7 29.20 1.93 

BLDRS Emerging Markets 50 ADR ADRE 0.30 452.2 -9.33 -13.32 10.98 65.54 16.98 5.76 47,798 7.5 25.56 2.81 

SPDR S&P Emerging Markets GMM 0.59 147.8 -12.42 -13.43 18.76 72.29 21.34 - 18,222 9.6 28.10 1.77 

First Trust ISE Chindia FNI 0.60 102.3 -14.30 -13.45 18.17 82.24 20.71 - 15,406 12.2 33.77 0.71 

iShares MSCI Emerging Markets EEM 0.69 34,821.3 -13.36 -13.47 16.64 68.82 19.16 5.40 16,060 9.3 29.90 2.05 

Vanguard MSCI Emerging Markets VWO 0.22 46,291.1 -14.05 -13.74 19.45 75.30 21.26 5.72 19,348 12.1 29.39 1.95 

SPDR S&P Emerging Asia Pacific GMF 0.59 534.1 -14.26 -13.79 19.47 70.57 22.38 - 19,712 11.2 30.39 1.68 

iShares MSCI South Africa EZA 0.61 568.2 -9.18 -14.05 36.91 51.23 26.71 8.13 10,364 14.8 31.92 3.77 

Schwab Emerging Markets Equity SCHE 0.25 400.3 -11.93 -14.27 - - - - 21,192 9.5 - 0.93 

iShares S&P Latin America 40 ILF 0.50 1,733.3 -8.16 -14.27 15.53 91.00 22.77 10.93 37,485 - 29.18 2.50 

PowerShares FTSE RAFI Emrg Mkts PXH 0.85 444.8 -13.03 -14.40 13.26 67.02 18.92 - 18,398 8.4 29.46 2.33 

Guggenheim BRIC EEB 0.60 497.2 -11.84 -14.50 10.70 86.03 19.44 9.66 41,703 6.3 28.64 2.19 

iShares FTSE China 25 FXI 0.72 6,798.1 -14.87 -14.95 3.51 46.82 14.73 6.73 73,555 8.6 28.26 2.30 

SPDR S&P Emerging Europe GUR 0.59 117.1 -19.54 -15.49 15.70 78.98 13.56 - 15,389 9.1 36.91 1.63 

SPDR S&P Emerging Latin America GML 0.59 135.2 -9.72 -16.04 15.39 103.84 24.91 - 24,031 - 31.98 2.03 

SPDR S&P Emerging Middle East/Africa GAF 0.59 107.2 -10.52 -16.56 30.55 50.18 19.85 - 6,933 14.0 26.05 2.30 

PowerShares Halter USX China PGJ 0.60 282.9 -16.32 -16.57 11.31 62.59 15.29 6.49 7,213 8.8 30.00 1.76 

iShares MSCI Taiwan EWT 0.71 2,571.6 -14.61 -17.13 22.70 73.62 17.96 2.82 8,682 11.4 32.22 2.20 

WisdomTree Emrg Mkts SmallCap Div DGS 0.64 769.5 -16.67 -17.79 30.19 82.94 27.00 - 1,096 10.1 29.17 4.02 

iShares MSCI BRIC BKF 0.69 806.5 -14.84 -18.10 9.21 88.86 18.15 - 24,542 7.8 31.45 2.46 

iShares MSCI Brazil EWZ 0.61 10,613.1 -11.62 -18.20 7.69 122.06 23.39 12.19 19,138 6.5 33.05 5.75 

Market Vectors Brazil Small-Cap BRF 0.59 658.9 -12.42 -19.35 24.05 - - - 1,148 10.5 - 1.58 

Market Vectors Russia RSX 0.62 1,881.1 -22.91 -19.68 22.14 139.25 19.67 - 19,620 7.0 44.50 0.60 

iShares MSCI Poland EPOL 0.61 137.2 -23.30 -19.70 - - - - 4,133 8.7 - 1.58 

iShares MSCI Chile ECH 0.61 563.4 -9.67 -20.00 46.57 86.02 29.13 - 6,637 14.2 26.04 1.53 

iShares MSCI All Peru EPU 0.62 423.9 -7.97 -20.21 57.69 - - - 3,496 10.7 - 2.46 

iShares S&P India Nifty 50 INDY 0.89 195.4 -12.79 -20.74 24.45 - - - 19,838 13.2 - 0.43 

PowerShares India PIN 0.78 402.8 -13.40 -21.95 16.29 79.38 18.07 - 18,080 15.4 34.74 0.94 

SPDR S&P Emrg Mkts Small Cap EWX 0.65 888.8 -19.10 -22.86 23.51 94.66 24.39 - 875 8.6 30.94 0.73 

iPath MSCI India ETN INP 0.89 590.3 -12.11 -23.19 21.23 102.47 21.96 - 16,604 7.9 38.20 - 

WisdomTree India Earnings EPI 0.83 922.2 -13.89 -23.64 20.28 95.08 21.55 - 9,624 7.7 36.56 0.86 

iShares MSCI Turkey TUR 0.61 442.1 -14.33 -26.51 25.64 102.82 21.47 - 5,660 12.2 37.07 2.75 

Guggenheim China Small Cap HAO 0.75 175.0 -21.61 -29.17 15.85 97.75 22.88 - 1,606 7.8 37.41 2.02 

International Equity: Frontier 

Guggenheim Frontier Markets FRN 0.70 137.3 -9.84 -18.66 33.88 54.34 13.69 - 7,879 - 25.66 0.62 

Market Vectors Vietnam VNM 0.76 236.9 -6.45 -30.18 4.10 - - - 1,507 9.4 - 1.88 

Global Equity: Sector 

iShares S&P Global Healthcare IXJ 0.48 522.2 -4.04 7.01 1.87 17.26 9.23 1.13 51,140 15.7 17.48 2.18 

iShares S&P Global Consumer Staples KXI 0.48 440.4 -0.40 6.34 13.16 21.72 13.48 7.03 54,412 15.7 15.20 2.30 

Market Vectors Gaming BJK 0.65 117.9 -10.13 3.67 37.88 36.20 22.88 - 5,270 11.9 33.66 2.48 

Yield 






Vol. 11 | No. 12 


Global Equity: Sector (Continued) 

iShares S&P Global Telecommunications IXP 0.48 440.6 -2.65 2.02 11.63 10.67 12.41 2.94 66,367 11.6 17.44 4.69 

iShares S&P Global Energy IXC 0.48 1,095.9 -6.84 0.44 11.79 24.71 10.24 3.98 75,141 10.6 24.58 2.03 

SPDR DJ Global Real Estate RWO 0.50 316.8 -7.08 0.19 24.01 32.04 14.50 - 6,838 13.7 30.69 7.32 

iShares S&P Global Infrastructure IGF 0.48 440.8 -4.92 -0.26 6.97 18.14 8.84 - 13,103 13.4 22.84 3.95 

iShares S&P Global Technology IXN 0.48 519.3 -0.46 -0.57 10.44 52.24 15.85 2.22 67,356 14.4 22.66 0.76 

iShares S&P Global Consumer Discr RXI 0.48 127.9 -6.58 -1.89 23.29 37.45 15.81 0.40 25,622 15.0 25.11 1.50 

iShares S&P Global Utilities JXI 0.48 244.8 -3.42 -2.40 -1.79 6.22 2.19 -0.87 18,823 12.3 16.87 4.22 

Market Vectors Gold Miners GDX 0.53 9,507.3 3.41 -4.29 33.90 36.72 41.51 9.77 14,939 17.8 40.31 0.68 

iShares S&P North Amer Natural Res IGE 0.48 1,935.0 -10.29 -4.63 23.34 37.10 15.34 5.25 31,356 13.8 26.58 1.74 

Guggenheim S&P Global Water CGW 0.65 201.2 -6.77 -5.20 15.02 31.04 12.05 - 4,433 14.7 21.71 2.10 

Market Vectors Agribusiness MOO 0.56 5,832.8 -7.57 -6.56 23.04 58.74 23.74 - 11,392 10.7 26.94 0.65 

Jefferies TR/J CRB Global Commodity Equity CRBQ 0.65 100.5 -8.66 -7.16 16.96 - - - 34,440 9.6 - 1.30 

Market Vectors Hard Assets Producers HAP 0.59 188.0 -10.00 -7.32 16.52 42.51 15.26 - 25,851 9.7 26.57 0.87 

iShares S&P Global Industrials EXI 0.48 178.3 -8.56 -7.49 23.28 24.92 12.97 0.19 23,962 13.6 26.49 2.11 

PowerShares Global Agriculture PAGG 0.75 123.1 -11.27 -7.78 20.96 49.22 21.27 - 11,158 11.5 28.63 0.96 

SPDR Global Natural Resources GNR 0.40 179.5 -11.04 -10.59 - - - - 45,945 9.8 - 1.15 

Global X Silver Miners SIL 0.65 363.6 -8.64 -11.81 - - - - 3,712 19.9 - 1.02 

PowerShares Cleantech PZD 0.60 108.7 -13.84 -12.84 7.61 35.58 8.80 -1.52 3,070 13.5 28.60 0.16 

PowerShares Listed Private Equity PSP 0.60 329.7 -13.89 -13.60 25.90 29.86 -0.35 -14.63 1,760 5.9 38.24 11.53 

iShares S&P Global Financials IXG 0.48 192.1 -11.30 -14.36 3.90 31.74 1.44 -12.26 36,927 9.6 34.77 2.93 

iShares S&P Global Materials MXI 0.48 552.3 -13.38 -14.53 19.92 60.38 17.84 4.41 25,553 10.9 30.01 2.29 

PowerShares Global Water PIO 0.75 279.0 -12.83 -14.61 11.24 38.63 13.51 - 1,887 11.8 25.84 1.67 

iShares S&P Global Timber/Forestry WOOD 0.48 155.7 -9.88 -15.07 16.19 37.71 8.90 - 4,107 12.5 31.75 3.88 

Guggenheim Timber CUT 0.70 121.7 -11.56 -15.85 18.19 50.20 16.86 - 3,432 11.3 34.97 3.39 

Market Vectors Coal KOL 0.59 410.0 -22.07 -19.67 31.34 147.48 28.42 - 6,375 12.9 45.88 0.51 

Market Vectors Junior Gold Miners GDXJ 0.54 2,342.2 -13.65 -21.96 66.53 - - - 708 17.3 - 9.41 

Market Vectors Rare Earth Metals REMX 0.57 266.8 -26.95 -23.88 - - - - 1,032 11.5 - - 

Market Vectors Nuclear Energy NLR 0.57 123.8 -14.85 -25.13 16.59 17.33 6.24 - 3,349 15.3 29.29 5.59 

Market Vectors Steel SLX 0.55 195.5 -19.37 -27.27 19.65 112.49 18.39 5.59 11,914 6.4 41.28 1.94 

PowerShares Global Clean Energy PBD 0.75 128.1 -22.54 -29.53 -16.09 31.84 -7.37 - 1,319 7.6 35.21 0.90 

Global X Lithium LIT 0.75 107.3 -20.14 -30.59 - - - - 1,728 15.4 - 1.55 

Global X Uranium URA 0.69 199.3 -20.91 -50.60 - - - - 1,015 - - - 

Global Ex-U.S. Equity: Sector 

SPDR DJ Intl Real Estate RWX 0.59 2,231.5 -10.28 -7.68 21.83 36.34 13.83 - 5,584 7.6 26.48 9.96 

WisdomTree Global Ex-US Real Estate DRW 0.58 119.6 -11.58 -8.50 17.68 43.24 15.31 - 6,305 7.3 28.23 12.86 

Vanguard Global ex-US Real Estate VNQI 0.35 172.7 -12.59 -10.10 - - - - 5,352 10.3 - - 

International Equity: Developed Sector 

iShares FTSE E/N Dev Real Est ex-US IFGL 0.48 369.4 -11.63 -8.68 14.57 42.86 13.14 - 6,126 7.9 26.87 6.34 

iShares S&P Dev Ex-US Property WPS 0.48 129.4 -11.86 -9.70 18.13 37.66 13.84 - 5,323 7.7 27.97 6.23 

Guggenheim Canadian Energy Inc ENY 0.70 132.9 -16.27 -14.56 22.60 59.55 9.55 - 4,646 19.2 36.15 2.53 

International Equity: Emerging Sector 

EGShares DJ Emrg Mkts Consumer Titans ECON 0.85 260.5 -4.71 -2.01 - - - - 16,803 18.4 - 0.07 

iShares S&P Emrg Mkts Infrastructure EMIF 0.75 118.7 -10.49 -10.27 18.66 - - - 7,734 12.1 - 2.95 

Global X China Consumer CHIQ 0.65 136.9 -19.48 -17.98 10.79 - - - 4,626 13.7 - 1.24 

PowerShares Emrg Mkts Infrastructure PXR 0.75 131.1 -19.42 -23.08 26.20 86.98 27.54 - 3,910 9.6 36.20 1.77 

Global Equity: High Dividend Yield 

First Trust Dow Jones Global Select Dividend FGD 0.60 128.0 -3.95 0.43 12.60 59.96 19.84 - 9,449 10.8 28.89 4.73 

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

SPDR S&P International Dividend DWX 0.45 577.2 -9.66 -7.15 7.87 60.31 17.56 - 6,813 8.4 31.48 6.71 

International Equity: High Dividend Yield 

PowerShares Intl Dividend Achievers PID 0.50 658.5 -3.79 1.01 13.47 37.96 13.96 0.16 23,406 11.6 23.80 3.79 

WisdomTree DEFA Equity Income DTH 0.58 142.8 -6.39 -0.69 -0.99 33.11 10.07 -2.87 32,760 10.2 26.43 4.95 

iShares DJ Intl Select Dividend IDV 0.50 667.2 -6.65 -1.68 11.84 60.55 20.06 - 16,252 9.9 28.34 4.94 

WisdomTree Emrg Mkts Equity Income DEM 0.63 1,887.5 -10.36 -8.41 24.66 58.07 21.77 - 8,883 10.7 25.67 4.52 

International Equity: Alpha Seeking 

PowerShares DWA EM Tech Leaders PIE 0.90 172.3 -16.34 -11.24 25.11 59.35 20.40 - 4,675 13.4 31.67 0.53 

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

iShares Barclays Government/Credit Bond GBF 0.20 112.9 3.67 8.12 5.71 2.84 9.39 - - - 5.50 3.04 

Vanguard Total Bond Market BND 0.11 12,867.6 2.45 6.73 6.20 3.36 8.71 - - - 4.68 3.16 

SPDR Barclays Aggregate Bond LAG 0.17 284.5 2.10 6.64 6.25 3.71 8.05 - - - 3.99 2.31 

iShares Barclays Aggregate Bond AGG 0.22 13,751.3 2.43 6.61 6.37 3.32 8.59 6.18 - - 4.90 3.19 

Schwab US Aggregate Bond SCHZ 0.10 112.7 2.48 - - - - - - - - - 

Yield 






Vol. 11 | No. 12 


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

Vanguard Short-Term Bond BSV 0.11 7,110.6 0.56 2.83 3.89 1.56 5.37 - - - 3.45 1.97 

U.S. Fixed Income: Broad Market - Intermediate 

Vanguard Intermediate-Term Bond BIV 0.11 2,632.5 3.09 9.78 9.14 3.93 12.32 - - - 7.00 3.68 

iShares Barclays Intermdt Gov/Cred Bond GVI 0.20 621.0 1.58 5.25 5.46 1.99 7.51 - - - 4.51 2.69 

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

Vanguard Long-Term Bond BLV 0.11 500.4 11.09 19.61 10.01 0.61 17.48 - - - 12.37 4.30 

U.S. Fixed Income: Government 

Vanguard Short-Term Govt Bond VGSH 0.15 161.7 0.43 1.52 2.29 - 0.57 0.34 - - - 0.82 

U.S. Fixed Income: Treasury - Broad Maturities 

PowerShares 1-30 Laddered Treasury PLW 0.25 262.2 9.71 15.92 8.80 -11.09 9.77 - - - 12.18 2.89 

U.S. Fixed Income: Treasury - Short Term 

iShares Barclays 1-3 Yr Treasury Bond SHY 0.15 9,594.6 0.28 1.34 2.28 0.36 1.94 3.66 - - 1.30 0.89 

Schwab Short-Term US Treasury SCHO 0.12 202.0 0.27 1.24 - - - - - - - 0.41 

PIMCO 1-3 Year US Treasury TUZ 0.09 122.9 0.23 1.05 2.43 - - - - - - 0.77 

iShares Barclays Short Treasury Bond SHV 0.15 3,207.3 0.04 0.05 0.12 0.16 0.26 - - - 0.24 0.09 

SPDR Barclays 1-3 Month T-Bill BIL 0.13 2,255.3 -0.07 -0.04 -0.04 0.25 0.02 - - - 0.16 - 

U.S. Fixed Income: Treasury - Intermediate 

iShares Barclays 7-10 Yr Treasury Bond IEF 0.15 4,156.9 5.61 12.74 9.36 -6.56 9.29 8.44 - - 8.88 2.73 

Schwab Intermediate-Term US Treasury SCHR 0.12 105.6 2.79 8.45 - - - - - - - 1.56 

iShares Barclays 3-7 Yr Treasury Bond IEI 0.15 2,361.3 2.11 7.30 6.31 -1.69 5.83 - - - 4.61 1.81 

SPDR Barclays Intermediate Treasury ITE 0.13 219.5 1.75 5.56 4.93 -1.55 4.83 - - - 3.82 1.74 

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

Vanguard Ext Duration Treasury EDV 0.13 167.5 34.48 43.16 9.79 -35.95 14.54 - - - 33.53 3.17 

iShares Barclays 20+ Yr Treasury TLT 0.15 3,440.8 19.37 27.01 9.04 -21.75 12.10 9.75 - - 20.22 3.49 

iShares Barclays 10-20 Yr Treasury TLH 0.15 423.8 9.61 17.51 9.69 -9.07 12.09 - - - 12.92 3.03 

U.S. Fixed Income: Agencies 

iShares Barclays MBS Bond MBB 0.31 3,482.4 1.43 4.96 5.58 4.69 7.16 - - - 3.27 3.34 

iShares Barclays Agency Bond AGZ 0.20 382.0 1.30 3.90 3.74 1.66 - - - - - 1.73 

U.S. Fixed Income: TIPS 

PIMCO 15+ Year US TIPS LTPZ 0.20 323.5 7.84 23.16 8.66 - - - - - - 3.75 

SPDR Barclays TIPS IPE 0.18 536.4 2.89 12.95 6.25 9.95 11.79 - - - 6.53 4.02 

iShares Barclays TIPS Bond TIP 0.20 21,171.0 2.72 12.51 6.13 8.95 11.92 7.42 - - 6.60 4.20 

Schwab US TIPS SCHP 0.14 253.9 2.70 12.50 - - - - - - - 2.82 

PIMCO 1-5 Year US TIPS STPZ 0.20 1,017.6 -0.12 5.12 3.51 - - - - - - 3.01 

iShares Barclays 0-5 Year TIPS Bond STIP 0.20 220.7 -0.11 5.04 - - - - - - - - 

U.S. Fixed Income: Municipal - Broad Market 

iShares S&P California Muni Bond CMF 0.25 184.3 3.06 13.45 -2.62 9.20 7.36 - - - 7.10 3.67 

PowerShares Insured Natl Muni Bond PZA 0.28 535.7 4.12 10.76 -0.47 17.64 9.11 - - - 6.63 4.64 

SPDR Barclays Municipal Bond TFI 0.23 926.9 2.12 9.67 -0.51 10.55 7.72 - - - 5.39 3.00 

iShares S&P Natl Municipal Bond MUB 0.25 2,279.4 2.80 9.54 0.10 7.14 7.13 - - - 6.08 3.44 

Market Vectors Short Municipal SMB 0.20 111.3 0.71 4.30 1.21 7.82 5.08 - - - 3.78 1.98 

U.S. Fixed Income: Municipal - Short Term 

iShares S&P Short Term Natl Muni Bond SUB 0.25 439.2 0.49 3.01 0.36 4.24 - - - - - 1.27 

SPDR Nuveen Barclays Sh-Trm Muni Bond SHM 0.20 1,377.5 0.16 2.48 1.02 4.06 3.78 - - - 2.40 1.32 

U.S. Fixed Income: Municipal - Intermediate 

Market Vectors Intermediate Muni ITM 0.24 297.2 3.45 9.13 1.63 10.56 8.47 - - - 6.55 3.37 

PIMCO Intermediate Muni Bond Strategy MUNI 0.35 107.2 0.98 5.24 3.74 - - - - - - 2.33 

U.S. Fixed Income: Municipal - High Yield 

Market Vectors High-Yield Municipal HYD 0.35 283.7 4.22 9.64 0.34 - - - - - - 5.99 

U.S. Fixed Income: Municipal - VRDO 

PowerShares VRDO Tax-Free Weekly PVI 0.25 427.5 0.22 0.49 0.29 1.00 0.79 - - - 0.32 0.55 

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

PowerShares Build America Bond BAB 0.29 664.6 6.37 18.29 9.38 - - - - - - 5.29 

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

iShares iBoxx $ Inv Gr Corporate Bond LQD 0.15 15,993.0 3.22 9.51 9.33 8.58 15.20 6.80 - - 9.99 4.49 

iShares Barclays Credit Bond CFT 0.20 965.3 2.62 8.36 8.42 11.01 13.87 - - - 6.84 4.23 




Yield 



Vol. 11 | No. 12 


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

Vanguard Short-Term Corporate Bond VCSH 0.15 2,060.3 -0.47 2.62 5.27 - - - - - - 2.31 

iShares Barclays 1-3 Year Credit Bond CSJ 0.20 8,514.2 0.22 1.91 2.88 7.17 5.87 - - - 3.30 2.02 

SPDR Barclays Sh-Trm Corporate Bond SCPB 0.12 397.2 -0.30 1.61 2.80 - - - - - - 1.65 

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

Vanguard Intermediate Corporate Bond VCIT 0.15 804.8 0.95 7.70 9.97 - - - - - - 3.93 

iShares Barclays Intermediate Credit Bond CIU 0.20 4,155.8 0.93 5.61 6.83 12.79 11.47 - - - 5.07 3.83 

SPDR Barclays US Intermediate Corp Bond ITR 0.15 200.3 0.21 5.49 7.16 - - - - - - 3.08 

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

iShares 10+ Year Credit Bond CLY 0.20 266.9 6.77 16.25 10.69 - - - - - - 4.74 

Vanguard Long-Term Corporate Bond VCLT 0.15 344.6 7.78 15.97 10.62 - - - - - - 4.64 

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

Guggenheim BulletShares 2013 Corporate Bond BSCD 0.24 102.6 -0.59 1.31 - - - - - - - 1.34 

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

PowerShares Fundamental HiYld Corp Bond PHB 0.50 566.7 -0.14 5.51 9.07 23.70 13.08 - - - 17.22 6.23 

iShares iBoxx $ HiYld Corporate Bond HYG 0.50 9,961.3 -0.03 4.70 11.96 28.74 17.92 - - - 17.30 7.77 

SPDR Barclays High Yield Bond JNK 0.40 8,410.3 -1.26 3.92 14.20 39.35 20.53 - - - 17.78 7.88 

U.S. Fixed Income: Corporate - Convertibles 

SPDR Barclays Convertible Bond CWB 0.40 736.8 -5.16 -5.44 14.01 - - - 2,057 20.8 - 3.39 

U.S. Fixed Income: Corporate - Loans 

PowerShares Senior Loan BKLN 0.83 165.9 -1.65 - - - - - - - - - 

U.S. Fixed Income: Corporate - Preferred Stock 

PowerShares Preferred PGX 0.50 1,395.5 1.23 4.73 11.56 19.69 11.41 - - - 23.61 6.79 

SPDR Wells Fargo Preferred Stock PSK 0.45 119.8 -0.79 2.72 13.98 - - - - - - 6.12 

PowerShares Financial Preferred PGF 0.60 1,507.8 -1.76 1.75 15.99 38.70 16.68 - - - 35.49 7.24 

iShares S&P US Preferred Stock PFF 0.48 7,327.9 -1.95 1.06 13.83 38.70 17.83 - - - 28.62 6.96 

International Fixed Income: Blended Development 

SPDR DB Intl Govt Infl-Protected Bond WIP 0.50 1,290.0 -5.18 3.95 6.56 17.14 11.60 - - - 13.75 3.91 

PIMCO Enh Short Maturity Strategy MINT 0.35 1,549.7 -0.57 0.26 1.64 - - - - - - 0.86 

WisdomTree Asia Local Debt ALD 0.55 422.9 -3.21 - - - - - - - - - 

International Fixed Income: Developed 

SPDR Barclays Intl Treasury Bond BWX 0.50 1,626.9 -1.74 5.76 3.82 5.44 8.83 - - - 11.91 1.75 

iShares S&P/Citi Intl Treasury Bond IGOV 0.35 282.1 -2.00 4.97 1.59 - - - - - - 2.96 

SPDR Barclays Sh-Trm Intl Treasury Bond BWZ 0.35 237.0 -2.90 4.77 1.59 - - - - - - 0.51 

iShares S&P/Citi 1-3 Yr Intl Treasury Bond ISHG 0.35 166.8 -3.64 2.48 1.09 - - - - - - 2.67 

International Fixed Income: Emerging 

PowerShares Emrg Mkts Sov Debt PCY 0.50 1,319.1 0.97 7.73 10.84 36.04 26.44 - - - 14.16 5.45 

iShares JPM USD Emrg Mkts Bond EMB 0.60 3,144.3 0.64 7.01 10.86 15.26 20.89 - - - 14.85 4.89 

WisdomTree Emrg Mkts Local Debt ELD 0.55 1,144.5 -5.15 1.62 - - - - - - - 4.82 

Market Vectors EM Lcl Currency Bond EMLC 0.49 534.0 -5.39 1.17 - - - - - - - 5.37 

Commodities: Broad Market 

PowerShares DB Commodity Tracking DBC 0.85 5,628.0 -8.45 0.62 11.90 16.19 3.54 4.11 - - 22.08 - 

United States Commodity USCI 0.95 423.9 -7.50 -4.87 - - - - - - - - 

iPath S&P GSCI ETN GSP 0.75 112.7 -5.86 -1.49 8.36 15.25 -4.12 -3.93 - - 26.92 - 

GreenHaven Continuous Commodity GCC 0.85 618.4 -6.56 -2.25 25.19 20.07 12.37 - - - 17.45 - 

iShares S&P GSCI Commodity GSG 0.75 1,341.3 -5.40 -2.38 7.17 11.22 -4.18 -4.08 - - 25.75 - 

ETRACS CMCI ETN UCI 0.65 131.6 -9.72 -4.83 18.61 40.58 11.64 - - - 21.18 - 

ELEMENTS Rogers Intl Commodity ETN RJI 0.75 710.2 -8.10 -5.41 17.86 26.45 4.72 - - - 23.15 - 

iPath DJ-UBS Commodity ETN DJP 0.75 2,575.0 -8.94 -8.92 16.23 20.09 3.42 -1.61 - - 20.12 - 

Commodities: Agriculture 

PowerShares DB Agriculture DBA 0.85 2,489.3 -5.71 -6.00 22.35 0.92 6.29 - - - 18.70 - 

ELEMENTS RICI Agricultural ETN RJA 0.75 497.2 -7.52 -12.87 35.01 6.29 7.88 - - - 24.24 - 

iPath DJ-UBS Agriculture ETN JJA 0.75 155.6 -8.37 -13.33 38.40 13.17 10.82 - - - 26.83 - 

iPath DJ-UBS Grains ETN JJG 0.75 224.0 -8.68 -14.39 29.85 -1.86 3.17 - - - 32.26 - 

Commoditites: Energy 

PowerShares DB Energy DBE 0.75 140.1 -8.20 4.06 2.63 30.36 0.34 - - - 27.41 - 

United States 12 Month Oil USL 0.85 191.1 -7.64 -6.26 6.52 36.05 -1.55 - - - 29.11 - 

PowerShares DB Oil DBO 0.75 589.7 -8.57 -6.63 2.36 42.85 -0.95 - - - 31.12 - 

United States Oil USO 0.45 1,151.2 -4.49 -8.36 -0.71 18.67 -13.69 -7.26 - - 35.45 - 

Yield 






Vol. 11 | No. 12 


Commoditites: Energy (Continued) 

iPath S&P GSCI Crude Oil ETN OIL 0.75 468.7 -4.55 -8.32 -1.04 11.22 -16.45 -9.20 - - 38.19 - 

United States Natural Gas UNG 0.60 1,361.1 -14.19 -24.81 -40.56 -56.50 -46.12 - - - 31.34 - 

Commoditites: Industrial Metals 

PowerShares DB Base Metals DBB 0.75 433.9 -19.82 -17.72 8.58 88.92 12.54 - - - 27.56 - 

iPath DJ-UBS Copper ETN JJC 0.75 144.3 -20.25 -20.64 29.04 133.55 21.04 - - - 33.26 - 

Commodities: Precious Metals 

iShares Gold Trust IAU 0.25 9,134.2 5.67 20.65 29.46 23.90 32.82 22.77 - - 19.80 - 

SPDR Gold GLD 0.40 68,824.6 5.72 20.63 29.27 23.99 32.87 22.68 - - 19.83 - 

ETFS Physical Swiss Gold SGOL 0.39 1,793.0 5.65 20.57 29.23 - - - - - - - 

PowerShares DB Gold DGL 0.75 445.8 5.60 19.84 27.89 22.03 31.16 - - - 19.80 - 

PowerShares DB Precious Metals DBP 0.75 524.7 0.71 17.39 37.56 26.58 34.91 - - - 23.69 - 

iPath DJ-UBS Precious Metals ETN JJP 0.75 102.4 0.18 17.27 41.91 28.42 36.06 - - - - - 

ETFS Physical Precious Metal Basket GLTR 0.60 247.6 -5.03 11.99 - - - - - - - - 

ETFS Physical Silver SIVR 0.30 666.5 -13.86 11.06 82.16 - - - - - - - 

iShares Silver SLV 0.50 10,743.8 -13.93 10.80 82.14 47.29 51.43 22.21 - - 41.36 - 

PowerShares DB Silver DBS 0.75 107.8 -14.24 9.85 81.16 47.07 50.42 - - - 41.68 - 

ETFS Physical Platinum PPLT 0.60 706.9 -9.99 -10.04 - - - - - - - - 

ETFS Physical Palladium PALL 0.60 448.9 -21.70 -19.69 - - - - - - - - 

Currency: Blended Development 

PowerShares DB US Dollar Bearish UDN 0.75 124.2 -3.07 3.69 -1.60 5.24 4.45 - - - 10.83 - 

Currency: Developed 

CurrencyShares Australian Dollar FXA 0.40 862.4 -3.10 6.49 17.87 28.88 20.43 10.95 - - 17.40 3.79 

CurrencyShares Swiss Franc FXF 0.40 516.4 -10.52 5.94 10.54 2.21 9.42 7.49 - - 16.44 - 

CurrencyShares Euro FXE 0.40 257.1 -3.61 3.78 -6.87 2.53 2.94 3.05 - - 14.51 0.19 

CurrencyShares Japanese Yen FXY 0.40 657.1 -1.66 3.51 14.20 -2.89 7.67 - - - 10.69 - 

CurrencyShares Canadian Dollar FXC 0.40 635.8 -4.10 0.35 4.96 15.24 6.33 3.61 - - 12.14 0.13 

Currency: Emerging 

WisdomTree Dreyfus Brazilian Real BZF 0.45 137.2 -8.68 1.47 12.46 34.01 16.74 - - - 18.21 - 

WisdomTree Dreyfus Chinese Yuan CYB 0.45 518.5 0.43 0.99 1.21 1.20 1.50 - - - 3.14 - 

WisdomTree Dreyfus Emrg Currency CEW 0.55 391.1 -6.97 -3.59 6.40 - - - - - - - 

Asset Allocation 

iShares S&P Moderate Allocation AOM 0.31 106.7 -1.10 2.25 7.88 13.50 - - 21,239 12.0 - 2.24 

iShares S&P Growth Allocation AOR 0.32 101.8 -2.32 1.11 11.14 18.52 - - 16,357 12.4 - 2.33 

PowerShares CEF Income Composite PCEF 1.62 244.4 -3.11 -0.12 - - - - 42,645 13.4 - 8.46 

Alternatives: Absolute Return 

PowerShares DB G10 Currency Harvest DBV 0.75 347.0 -0.33 2.74 0.85 21.28 6.25 0.04 - - 12.00 - 

IQ Hedge Multi-Strategy Tracker QAI 1.06 164.5 -0.40 0.77 2.59 - - - 11,847 11.9 - 1.50 

iShares Diversified Alternatives ALT 0.95 128.8 -2.96 -1.96 1.62 - - - - - - - 

Cambria Global Tactical GTAA 1.42 163.1 -7.41 -6.11 - - - - 16,809 14.7 - 0.93 

WisdomTree Managed Futures Strategy WDTI 0.95 246.2 -9.23 - - - - - - - - - 

Alternatives: Tactical Tools 

iPath S&P 500 VIX Short-Term Futures ETN VXX 0.89 840.8 71.34 6.65 -72.40 - - - - - - - 

iPath S&P 500 VIX Mid-Term Futures ETN VXZ 0.89 402.6 24.36 -7.62 -14.43 - - - - - - - 

Leveraged 

ProShares Ultra Gold UGL 0.95 419.3 8.08 37.47 58.28 41.39 - - - - - - 

PowerShares DB Gold Dbl Long ETN DGP 0.75 727.5 7.89 36.36 62.37 46.16 66.08 - - - 39.69 - 

ProShares Ultra 7-10 Year Treasury UST 0.95 177.0 11.28 25.03 - - - - - - - 0.02 

ProShares Ultra QQQ QLD 0.95 674.2 -3.12 8.40 36.90 121.20 36.27 3.13 - - 42.43 - 

ProShares Ultra Dow30 DDM 0.95 280.2 -4.71 5.86 25.37 39.71 16.34 -3.90 - - 36.47 0.46 

ProShares UltraPro QQQ TQQQ 0.95 178.7 -9.32 5.32 - - - - - - - - 

ProShares Ultra Real Estate URE 0.95 377.0 -12.98 3.26 48.36 12.45 -0.22 - - - 65.46 1.15 

ProShares Ultra Technology ROM 0.95 104.9 -2.07 0.60 19.91 146.38 31.67 - - - 44.72 - 

Direxion Daily Real Estate Bull 3x DRN 1.03 141.1 -26.08 -2.62 63.51 - - - 6,286 32.3 - 0.10 

ProShares Ultra Oil/Gas DIG 0.95 295.8 -21.01 -2.91 33.69 20.59 8.34 - - - 48.55 0.14 

ProShares Ultra S&P 500 SSO 0.92 1,566.0 -8.52 -3.24 26.86 47.05 13.80 -9.14 - - 39.86 0.56 

Direxion Daily Technology Bull 3x TYH 2.25 208.7 -7.40 -8.20 21.28 240.15 - - 67,698 13.1 - - 

ProShares UltraPro S&P 500 UPRO 0.95 298.6 -17.01 -10.87 36.37 - - - - - - 0.06 

Direxion Daily Large Cap Bull 3x BGU 1.18 291.9 -19.15 -13.26 39.81 63.98 - - 33,666 12.6 - - 

ProShares Ultra Silver AGQ 0.95 856.3 -36.68 -15.04 182.44 78.25 - - - - - - 

PowerShares DB Agriculture Dbl Long ETN DAG 0.75 104.6 -14.99 -16.13 30.88 5.70 6.57 - - - 49.78 - 

ProShares Ultra Russell 2000 UWM 0.98 191.6 -19.03 -17.08 50.63 42.03 11.10 - - - 52.94 - 

Direxion Daily Energy Bull 3x ERX 1.03 374.1 -35.69 -17.11 48.96 14.89 - - 67,682 14.5 - - 

Direxion Daily Gold Miners Bull 2X NUGT 0.95 109.1 1.53 -17.12 - - - - 14,004 20.1 - - 




Yield 



Vol. 11 | No. 12 


Leveraged (Continued) 

ProShares Ultra DJ-UBS Crude Oil UCO 0.95 380.2 -14.01 -27.03 -1.46 -7.38 - - - - - - 

ProShares Ultra Financials UYG 0.95 812.1 -20.55 -29.21 18.04 -5.34 -21.74 - - - 62.75 0.32 

VelocityShares Daily 2X VIX Sh-Trm ETN TVIX 1.65 159.5 114.56 -29.85 - - - - - - - - 

ProShares Ultra Basic Materials UYM 0.95 257.9 -28.49 -29.99 57.39 126.82 19.44 - - - 64.86 - 

Direxion Daily Semiconductor Bull 3X SOXL 1.03 121.7 -13.08 -34.23 - - - - 11,000 10.3 - - 

Direxion Daily Small Cap Bull 3x TNA 1.03 905.7 -34.65 -34.40 69.81 41.15 - - 831 13.3 - - 

Direxion Daily Financial Bull 3x FAS 1.02 1,585.3 -36.05 -47.31 13.02 -41.44 - - 27,790 12.4 - - 

Direxion Daily Emrg Mkts Bull 3x EDC 1.01 400.1 -46.51 -52.14 24.29 206.32 - - 20,107 11.6 - 0.19 

Inverse 

ProShares Short MSCI Emrg Mkts EUM 0.95 282.7 8.02 4.96 -20.92 -50.67 -29.63 - - - 28.13 - 

ProShares UltraShort FTSE China 25 FXP 0.95 179.8 12.86 2.73 -28.30 -76.27 -58.80 - - - 60.99 - 

ProShares Short Financials SEF 0.95 124.3 0.35 2.62 -17.43 -41.60 -20.93 - - - 31.71 - 

ProShares Short MSCI EAFE EFZ 0.95 248.9 6.10 0.42 -14.24 -30.36 -18.08 - - - 24.29 - 

ProShares UltraShort Financials SKF 0.95 347.9 -5.81 -2.44 -35.33 -76.48 -50.28 - - - 60.72 - 

PowerShares DB US Dollar Bullish UUP 0.75 1,657.9 2.57 -5.02 -1.60 -6.52 -6.40 - - - 11.04 - 

ProShares Short Russell 2000 RWM 0.95 561.4 -0.20 -5.44 -27.39 -32.57 -22.83 - - - 25.37 - 

ProShares Short S&P 500 SH 0.90 2,667.4 -1.10 -6.02 -16.59 -27.02 -16.63 -4.55 - - 18.84 - 

Direxion Daily Emrg Mkts Bear 3x EDZ 1.15 110.2 6.97 -7.06 -59.34 -92.47 - - - - - - 

ProShares Short Dow30 DOG 0.95 278.1 -2.09 -9.14 -15.29 -23.66 -15.84 -5.75 - - 17.64 - 

PowerShares DB Crude Oil Dbl Short ETN DTO 0.75 236.3 -6.78 -9.41 -20.26 -54.19 -10.66 - - - 70.55 - 

ProShares UltraShort Yen YCS 0.95 270.5 2.08 -10.04 -26.43 -2.52 - - - - - - 

ProShares UltraShort DJ-UBS Crude Oil SCO 0.95 118.4 -3.95 -10.05 -25.49 -56.89 - - - - - - 

ProShares Short QQQ PSQ 0.95 234.5 -3.53 -11.62 -20.61 -40.20 -24.21 -11.48 - - 19.14 - 

ProShares UltraShort Euro EUO 0.95 896.8 5.65 -11.67 8.61 -12.04 - - - - - - 

ProShares UltraShort S&P 500 SDS 0.89 2,475.4 -5.15 -14.77 -32.21 -50.58 -34.65 -15.74 - - 36.52 - 

Direxion Daily Financial Bear 3x FAZ 1.15 1,207.6 -17.84 -15.81 -51.36 -94.56 - - - - - - 

ProShares UltraShort Russell 2000 TWM 0.95 422.8 -6.39 -17.50 -50.14 -60.27 -47.01 - - - 48.44 - 

ProShares UltraShort MSCI Europe EPV 0.95 110.5 -1.30 -19.62 -34.66 - - - - - - - 

ProShares UltraShort Dow 30 DXD 0.95 349.5 -6.42 -19.66 -29.76 -44.94 -32.60 -16.89 - - 34.51 - 

ProShares UltraShort 7-10 Yr Treasury PST 0.95 397.2 -11.67 -23.83 -21.51 2.41 -22.16 - - - 16.96 - 

ProShares Short 20+ Yr Treasury TBF 0.95 781.7 -18.17 -24.90 -12.39 - - - - - - - 

ProShares UltraShort QQQ QID 0.95 671.3 -9.65 -24.99 -38.90 -66.80 -45.87 -27.96 - - 36.84 - 

ProShares UltraPro Short S&P 500 SPXU 0.95 533.9 -11.85 -26.02 -46.51 - - - - - - - 

ProShares UltraShort Oil/Gas DUG 0.95 110.5 0.85 -26.67 -41.26 -49.12 -43.33 - - - 45.86 - 

Direxion Daily Large Cap Bear 3x BGZ 1.02 198.7 -11.66 -26.73 -48.74 -70.71 - - - - - - 

ProShares UltraShort Real Estate SRS 0.95 164.6 -8.79 -29.11 -51.63 -85.21 -71.10 - - - 63.35 - 

Direxion Daily Small Cap Bear 3x TZA 1.15 925.8 -18.62 -34.59 -68.34 -79.41 - - - - - - 

ProShares UltraPro Short QQQ SQQQ 0.95 112.4 -17.92 -39.03 - - - - - - - - 

ProShares UltraShort Gold GLL 0.95 142.5 -17.48 -39.39 -46.28 -45.81 - - - - - - 

Direxion Daily Energy Bear 3x ERY 1.18 110.2 -6.36 -42.57 -60.02 -69.54 - - - - - - 

ProShares UltraShort 20+ Yr Treasury TBT 0.93 3,630.6 -34.41 -44.30 -25.74 32.20 -31.57 - - - 37.39 - 

VelocityShares Daily Inv VIX Sh-Trm ETN XIV 1.35 362.8 -58.95 -45.12 - - - - - - - - 

Direxion Daily 30-Yr Treasury Bear 3x TMV 1.14 291.7 -49.74 -61.37 -36.69 - - - - - - - 

ProShares UltraShort Silver ZSL 0.95 294.6 -14.23 -70.54 -79.50 -72.97 - - - - - - 

Active Bear HDGE 1.85 116.0 4.56 - - - - - - - - - 

Yield 

READ IT IN 

FIRST 





BND 

Vanguard Total Bond Market ETF 

BND has a 35% lower expense ratio than the industry average.* 

Are you Vanguarding ® your clients’ portfolios? 

Lower expense ratios let your clients keep more of their returns. Start Vanguarding their 

portfolios with the Vanguard Total Bond Market ETF. With a 0.11% expense ratio, it can help 

your clients reach their goals. 

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

800-523-0664 

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

interest rate, credit, and inflation risk. 

To buy or sell Vanguard ETFs, contact your financial advisor. Usual commissions apply. Not redeemable. Market price may be 

more or less than NAV. 

For more information about Vanguard ETF Shares, visit advisors.vanguard.com/BND, call 800-523-0664, 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. 

*Source: Morningstar as of 05/01/2011. Based on 2011 industry average expense ratio for bond ETFs of 0.17% and Vanguard BND 

expense ratio of 0.11%. 

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

Follow us @Vanguard_FA for important insights, news and education.

What’s really in your ETF index? 

Market Vectors Index Methodology 

For Emerging Markets ETF Investors. 

➤ Inclusive. 

Includes publicly traded companies deriving at least 50% of their revenues from a country, even if the company is listed, 

domiciled or headquartered elsewhere. Many emerging market companies list in New York, Hong Kong, London and Toronto. 

➤ Diversified. 

Stock weightings are capped at 8%, often resulting in greater diversification by holding and by sector. 

➤ Liquid. 

Each stock must meet minimum requirements for market capitalization and daily trading volume. 1 

Improves ability to track index. 

➤ Transparent. 

Constituents and weights are updated and published daily, and are accessible for free at vaneck.com. 

Market Vectors Indonesia Index ETF (IDX) 2 

Based on the Market Vectors Indonesia Index (MVIDXTR) 3 

➤ Inclusive and diversified Indonesia exposure. 

➤ Constituents must meet minimum liquidity requirements. 

➤ See the latest fund performance and get the full list 

of index constituents and weights, updated daily, at 

vaneck.com/idx. 

vaneck.com/idx ➤ 888.MKT.VCTR 

1 To be “liquid,” a stock must have: a market cap over USD $150 million, a three-month average daily trading volume over USD $1 million, and 

traded at least 250,000 shares per month over the last six months. 

2 The Fund is classified as a “non-diversified” investment company under the 1940 Act. 

3 

Factors identified refer to the index. 

The Fund is subject to elevated risks, including those associated with investing in foreign securities, in particular in Indonesian issuers, which 

include, among others, expropriation, confiscatory taxation, political instability, armed conflict and social instability. Investors should be willing to 

accept a high degree of volatility and the potential of significant loss. The Fund may loan its securities, which may subject it to additional credit 

and counterparty risk. Please refer to the prospectus for complete risk information. ➤ Fund shares are not individually redeemable and will be 

issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and 

otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a 

premium or discount to their NAV in the secondary market. ➤ The Market Vectors Indonesia Index (the “Index”) is the exclusive property of 4assetmanagement 

GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best 

efforts to ensure that the Index is calculated correctly. Irrespective of its obligations toward 4asset-management GmbH, Structured Solutions AG 

has no obligation to point out errors in the Index to third parties. Market Vectors Indonesia Index ETF (the “Fund”) is not sponsored, endorsed, sold 

or promoted by 4asset-management GmbH, and 4asset-management GmbH makes no representation regarding the advisability of investing in the 

Fund. ➤ Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges 

and expenses of the investment company carefully before investing. To obtain a prospectus or summary prospectus, which contains 

this and other information, call 888.MKT.VCTR or visit vaneck.com/idx. Please read the prospectus or summary prospectus carefully 

before investing. 

V A N E C K S E C U R I T I E S C O R P O R A T I O N , D I S T R I B U T O R ■ 3 3 5 M A D I S O N A V E N U E ■ N E W Y O R K , N Y 1 0 0 1 7

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

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