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

Issue No. 126
May 2011
www.indexuniverse.com/ETFR
Emerging Europe ETFs:
From Russia With Love
By Devin Riley
Investors in the broad-based emerging
Europe ETFs may not be aware of it, but
they love Russia, whether they like it or
not. In a cap-weighted landscape, Russia’s
gargantuan economy (2010 GDP
is estimated at $1.4 trillion) dwarfs its
Eastern European neighbors. The two
emerging Europe ETFs on the market—
the iShares MSCI Emerging Markets
Eastern Europe ETF (NYSE Arca: ESR)
and the SPDR S&P Emerging Europe ETF
(NYSE Arca: GUR)—both offer outsize
exposure to Russia: The country gobbles
up 63 percent of the SPDR, and more
than 72 percent of the iShares fund.
Before you get too caught up in
Russia’s influence on the emerging Europe
ETFs though, it’s helpful to step
back and look at the emerging markets
landscape. What exactly encompasses
“emerging Europe”? Are any European
countries truly “emerging”?
Emerging Markets:
Getting Technical
Emerging is a slippery term for an economy,
and the distinction between “emerging”
and “developed” can be highly
subjective. Thankfully, there is some consensus
among a few big organizations—
the IMF, the World Bank—about what
belongs where.
Generally, emerging markets are considered
to be those that are industrializing
and growing rapidly, have diversified
exports (e.g., they’re not solely oil producers)
and meet a baseline per-capita
income. People commonly categorize
emerging markets in a way that aligns
with the well-established BRIC economies
(Brazil, Russia, India, China): fast
growing, with big populations and plenty
of natural resources.
Index providers, which have to
think beyond politics and look to the
world of investing, go further 11
IN THIS ISSUE
Emerging European ETFs are largely
dominated by Russian holdings. Does
“emerging” Europe exist without Russia
in the mix?
Page 1
Main Management’s Kim Arthur explains
why EPOL is his favorite European ETF,
and how it fits into his firm’s strategy.
Page 6
Germany’s resilient economy has attracted
plenty of attention from investors, but
only two ETFs provide targeted access.
Page 7
The EU and its holdouts have divided
Europe into two separate visions for
investors. What’s the difference?
Page 9
ETFR’s monthly data bank covers all U.S.-
listed ETFs and ETNs, including assets,
performance data and more.
Pages 14-22
News Highlights: FocusShares Returns,
Trading Glitch Ensues; Wave Of Inverse
Bond Funds Launch; DB, PowerShares
Roll Out Sovereign Debt ETNs; Credit
Suisse Debuts Leveraged Merger ETN …
And much more!
Pages 1-4
UPDATES
FocusShares Returns; Trading Glitch Ensues
In the final days of March, FocusShares—
now owned by Scottrade—returned to
the ETF market with the launch of 15
funds tied to Morningstar indexes.
Notably, many of the products are
the cheapest, or among the cheapest,
ETFs in their asset category. The funds
are also commission free to Scottrade’s
2 million clients as well as 800 financial
advisors who are part of its Scottrade
Advisor Services.
The Focus Morningstar US Market
Index ETF (NYSE Arca: FMU) has an
annual expense ratio of 0.05 percent,
0.01 percent cheaper than the Schwab
U.S. Broad Market Equity ETF (NYSE
Arca: SCHB). And the Focus Morningstar
Large Cap Index ETF (NYSE Arca
FLG)—also priced at 0.05 percent—is 1
basis point cheaper than the Vanguard
S&P 500 ETF (NYSE Arca: VOO).
The remainder of the funds cover
the midcap and small-cap size segments,
the real estate market and the
standard 10 sectors.
In a strange twist, on their second
day of trading, March 31, prices on 10
of the newly launched funds became
unhinged, leading to canceled trades,
and dredging up memories of the
“flash crash” of May 6, 2010.
The erroneous trades, which occurred
in the first 30 minutes of 3

Average Annual Total Return Comparison (as of 3/31/11)
RSP. Beating the cap out
®
of the cap-weighted S&P 500
Index since
April 2003.
25%
20%
15%
10%
5%
Rydex S&P 500 ® Equal Weight
ETF (RSP) has outperformed the
S&P 500 ® cap-weighted Index
since its inception in April 2003.
Should RSP be part of your
clients’ well-allocated portfolio?
Call 800.258.4332. Or visit
www.rydex-sgi.com/equalweight
0%
1 Year 3 Years 5 Years
Since Fund Inception
4/24/03
Rydex S&P 500 ® Equal Weight ETF (NAV)
S&P 500 ® Equal Weight Index
Rydex S&P 500 ® Equal Weight ETF (Market Close)
S&P 500 ® Index
Since Fund *Expense Inception
1-Year 3-Year 5-Year Inception Ratio Date
Rydex S&P 500 ® Equal Weight ETF (NAV) 20.35% 7.36% 4.26% 10.56% 0.40% 4/24/03
Rydex S&P 500 ® Equal Weight ETF (Market Close) 20.39% 7.14% 4.30% 10.56% 0.40% 4/24/03
S&P 500 ® Equal Weight Index 20.98% 8.06% 5.00% 11.19% — —
S&P 500 ® Index 17.31% 2.35% 2.62% 6.95% — —
The intelligent pursuit of wealth.
Performance displayed represents past performance which is not guarantee of future results. Investment return and
principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost.
Returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance
data quoted. For up-to-date fund performance, including performance current to the most recent month end, visit
the Rydex|SGI web site at www.rydex-sgi.com. For additional information, see the fund’s prospectus. ETFs are subject
to third party transaction fees/ commissions. Net asset value (NAV) is calculated by subtracting total liabilities from
total assets, then dividing by the number of shares outstanding. Market close is the last price at which shares are
traded. Funds shares may trade at, above or below NAV.
Rydex S&P 500 ® Equal Weight ETF seeks to replicate as closely as possible, before fees and expenses, the daily performance of the S&P 500 ® Equal Weight Index. S&P 500 ® Equal
Weight Index is the equal-weight version of the S&P 500 ® Index. The index has the same constituents as the capitalization weighted S&P 500, ® but each company in the equal weight
is allocated equally. Performance shown for the S&P 500 ® Index is for comparative purposes only. Each index is unmanaged and not available for direct investment. Index returns do
not reflect any management fees, transaction costs or expenses.
Rydex S&P Equal Weight ETF may not be suitable for all investors. • The fund is subject to the risk that unanticipated early closings of securities exchanges and other financial
markets may result in the fund’s inability to buy or sell securities or other financial instruments on that day. • In certain circumstances, it may be diffi cult for the fund to purchase
and sell particular investments within a reasonable time at a fair price. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices
to fluctuate over time. An investment in the fund may lose money. • Unlike many investment companies, the fund is not actively “managed.” This means that, based on market and
economic conditions, the fund’s performance could be lower than other types of funds that may actively shift their portfolio assets to take advantage of market opportunities or to
lessen the impact of a market decline.• Tracking error risk refers to the risk that the advisor may not be able to cause the fund’s performance to match or correlate to that of the
fund’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the fund’s performance to be less than you expect. • Shares may trade below their net
asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the fund’s holdings. In addition, although the fund’s shares are currently listed on NYSE
Arca, Inc. there can be no assurance that an active trading market for shares will develop or be maintained. • The fund is subject to the risk that large-capitalization stocks may underperform
other segments of the equity market or the equity market as a whole. See prospectus for more details.
For more complete information regarding RydexShares, ® call 800.258.4332 or visit www.rydex-sgi.com for a prospectus and a summary prospectus (if
available). Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. The fund’s prospectus and its summary prospectus
(if available) contain this and other information about the fund. Please read the prospectus and summary prospectus (if available) carefully before you invest or send
money.
“Standard & Poor’s, ® ” “S&P, ® ” “S&P 500, ® ” “Standard & Poor’s 500” and “500” are trademarks of Standard & Poor’s Financial Services LLC, and have been licensed for use by Rydex|SGI and its affiliates.
The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product.
RydexShares ® are distributed by Rydex Distributors, LLC (RDL). Security Investors, LLC (SI) is a registered investment advisor, and does business as Security Global Investors SM and Rydex Investments. SI and
RDL are affiliates and are subsidiaries of Security Benefit Corporation, which is wholly owned by Guggenheim SBC Holdings, LLC, a special purpose entity managed by an affiliate of Guggenheim Partners,
LLC, a diversified financial services firm with more than $100 billion in assets under supervision. *The fund has adopted a distribution (12b-1) plan pursuant to which the fund may bear an annual
12b-1 fee of up to 0.25%. However, no such fee is currently charged to the fund and no such fees will be charged prior to 3/01/2012.

Index Publications LLC
353 Sacramento Street, Suite 1520
San Francisco, CA 94111
Publisher
Jim Wiandt
415 659 9007
Fax 415 659 9005
jwiandt@indexuniverse.com
Editor
Matt Hougan
mhougan@indexuniverse.com
Managing Editor
Heather Bell
hbell@indexuniverse.com
Copy Editor
Lisa Barr
lbarr@indexuniverse.com
Art Director
Jodie Battaglia
jbattaglia@fa-mag.com
Online Production Manager
Juan Calderon
jcaldero@indexuniverse.com
Director of Advertising
Don Friedman
415 659 9009
dfriedman@indexuniverse.com
SUBSCRIPTION INFORMATION
The introductory rate to subscribe to ETFR
is $279 annually. Subscribe by contacting
Steve Kimball at
skimball@fa-mag.com or by calling
732.450.8866, ext. 12.
COPYRIGHT STATEMENT
© 2011 Index Publications LLC. All rights reserved.
The text, images and other materials contained or displayed
are proprietary to Index Publications LLC, except where otherwise
noted, and constitute valuable intellectual property.
No material from any part of any Index Publications LLC publication,
product, service, report, e-mail or Web site may be
downloaded, transmitted, broadcast, transferred, assigned,
reproduced or in any other way used or otherwise disseminated
in any form to any person or entity, without the explicit
written consent of Index Publications LLC.
For permission to photocopy and use material electronically,
please contact reprints@indexuniverse.com or call
415-659-9004.
business, were canceled by the New York
Stock Exchange and the Nasdaq OMX,
according to a spokeswoman at St. Louis-based
Scottrade. Some of the affected
funds briefly lost almost all of their value,
while others lost anywhere from a quarter
to 80 percent of their values, according
to data from Bloomberg.
Scottrade and Knight Capital Americas
said in a joint press release that the
broken trades were the result of an error
by Knight, the lead market maker for the
funds in question. The funds resumed
normal trading after the problem was
resolved, the press release said.
Wave Of Inverse
Bond Funds Launch
With expectations of a bond-market
sell-off on the rise, inverse bond ETFs
have been debuting left and right
from late March into early April.
Direxion launched three on March
23, including the Direxion Daily Total
Bond Market Bear 1x Shares (NYSE
Arca: SAGG), Direxion Daily 7-10 Year
Treasury Bear 1x Shares (NYSE Arca:
TYNS) and Direxion Daily 20 Year Plus
Treasury Bear 1x Shares (NYSE Arca:
TYBS). Each comes with an annual net
expense ratio of 0.65 percent.
That same day, ProShares launched
an inverse junk bond ETF. In all, from
March 23 to April 5, the firm rolled
out four different ETFs tied to the corporate
and Treasury segments of the
fixed-income market:
• ProShares Short High Yield ETF
(NYSE Arca: SJB)
• ProShares Short Investment
Grade Corporate ETF (NYSE
Arca: IGS)
• ProShares UltraShort 3-7 Year
Treasury ETF (NYSE Arca: TBZ)
• ProShares Short 7-10 Year Treasury
ETF (NYSE Arca: TBX)
The ProShares funds each charge expense
ratios of 0.95 percent.
DB, PowerShares Roll Out
Sovereign Debt ETNs
In late March, Deutsche Bank rolled
out three pairs of ETNs focused on German,
Italian and Japanese sovereign
debt futures that serve up single- and
triple-long exposure to their respective
UPDATES
indexes. The German bank uses Invesco
PowerShares for marketing of the notes.
The ETNs include:
• PowerShares DB German Bund
Futures ETN (NYSE Arca: BUNL)
• PowerShares DB 3x German Bund
Futures ETN (NYSE Arca: BUNT)
• PowerShares DB Italian Treasury
Bond Futures ETN (NYSE Arca:
ITLY)
• PowerShares DB 3x Italian Treasury
Bond Futures ETN (NYSE
Arca: ITLT)
• PowerShares DB Japanese Govt
Bond Futures ETN (NYSE Arca:
JGBL)
• PowerShares DB 3x Japanese Govt
Bond Futures ETN (NYSE Arca:
JGBT)
The triple-exposure securities rebalance
monthly, the same as all leveraged
DB PowerShares products.
The single-exposure ETNs each have
an expense ratio of 0.50 percent, while
the triple-exposure products have expense
ratios of 0.95 percent.
Credit Suisse Debuts
Leveraged Merger ETN
In early March, Credit Suisse launched a
double-exposure exchange-traded note
that attempts to profit from merger activity,
in a follow-up to a similar, singleexposure
ETN it launched in October
2010.
The 2x Monthly Leveraged Credit
Suisse Merger Arbitrage Liquid Index
ETN (NYSE Arca: CSMB) is rebalanced
monthly, and is a follow-on to the
Credit Suisse Merger Arbitrage Liquid
Index ETN (NYSE Arca: CSMA). Both
securities aim to capture the spread
between the price at which the stock
of a target company trades after a
proposed acquisition is announced,
and the price which the acquiring
company will pay.
Credit Suisse said the ETN is designed
to have lower volatility than
equity markets and low correlation to
them. Gains are booked when deals are
closed, and losses are incurred when
deals break. The relatively slow, accretive
return profile of the strategy makes
it ideal for a leveraged version, a Credit
Suisse official said.
ETFR • May 2011 3

UPDATES
Both CSMA and the double-exposure
CSMB are based on an index that uses a
quantitative methodology to track a dynamic
basket of securities held as long
or short positions and cash.
The leveraged CSMB has an annual
expense ratio of 0.55 percent, the same
price as CSMA.
Van Eck Launches
Competing Colombia ETF
Van Eck launched an equities ETF focused
on Colombia, South America’s
second-largest country, in mid-March.
The Market Vectors Colombia ETF
(NYSE Arca: COLX) competes directly with
Global X Funds’ two-year-old Global X
FTSE Colombia 20 ETF (NYSE Arca: GXG),
but COLX is the cheaper of the two funds.
COLX has an annual expense ratio of 0.75
percent compared with GXG’s recently
lowered net expense ratio of 0.78 percent.
COLX, which tracks the Market Vectors
Colombia Index, is designed as a
“pure-play” exposure to companies either
headquartered in Colombia or that
derive most of their revenue from Colombia.
Nearly a quarter of the mix is
allocated to companies listed outside of
Colombia that have significant business
in the country. In addition, the ETF’s
benchmark limits any one position to 8
percent of the fund in an effort to keep
the portfolio diversified by sector and
market capitalization, Van Eck said.
Colombia has benefited from strong
commodities price trends, solid exports
and better access to credit in recent
years, thanks to government policies
that have opened up the country to foreign
investment and allowed it to realize
strong economic growth, a Van Eck
representative noted.
New IndexIQ ETF
Tracks Ag Small-Caps
IndexIQ rolled out a global agribusiness
ETF on March 22 designed to tap into
rising food prices and the alternative energy
story through a small-cap security.
The IQ Global Agribusiness Small
Cap ETF (NYSE Arca: CROP) joins Van
Eck’s $3.8 billion, large-cap-focused
Market Vectors Agribusiness ETF (NYSE
Arca: MOO). CROP costs 0.75 percent,
while MOO costs 0.56 percent.
IndexIQ said the two funds have little
overlap, with CROP’s portfolio focused on
smaller companies in crop production,
supplies and logistics, while MOO’s owns
larger companies that are in the agricultural
chemicals and operations sectors.
CROP caps each sector allocation at
25 percent of the portfolio. It owns securities
from some 14 countries to maximize
diversification. Its top holdings
at launch included Canada’s Viterra,
the U.S.’ Tractor Supply, Netherlandsbased
Nutreco, Spain’s Ebro Foods and
Brazil’s Cosan.
WisdomTree Debuts
Asian Bond ETF
WisdomTree Investments debuted an
actively managed Asia ex-Japan bond
fund denominated in local currency in
mid-March.
The WisdomTree Asia Local Debt
Fund (NYSE Arca: ALD) will cast a wide
net, covering China, Hong Kong, India,
Indonesia, South Korea, Malaysia, Philippines,
Singapore, Taiwan, Thailand,
Australia and New Zealand. The fund
categorically excludes Japan, while Vietnam’s
poor fundamentals mean that it
didn’t make the cut for inclusion.
ALD doesn’t use a benchmark;
rather, its constituents are chosen by a
WisdomTree investment committee focused
on a number of parameters in a
given country, including liquidity, debtto-GDP
ratio, foreign reserves, inflation
and unemployment.
ALD has an expense ratio of 0.55
percent.
Schwab Plans To
Use ETFs In 401(k)s
Charles Schwab plans to lower 401(k) costs
by steering assets, for the first time, toward
lower-priced passive index funds and ETFs,
beginning this year. Should Schwab’s plan
gain traction, it could seriously upset the
world of defined-contribution retirement
plans that’s dominated by actively managed
mutual funds.
The San Francisco-based company,
which has a long-standing reputation as a
discount broker and purveyor of low-cost
funds, plans to begin rolling out the index
mutual fund piece of its plan later this year,
while the ETF portion will come to market
sometime in 2012, a Schwab representative
said. The company already runs about
$200 billion in retirement assets.
Schwab’s push is based on a study it
published in September 2010 called “The
New Rules of Engagement for 401(k)
Success” that found that high costs and a
lack of investor education have together
conspired to limit the amount people
save for their retirements, according to
the Schwab representative.
EGPT Creations Resume
Van Eck Global resumed creations of its
Market Vectors Egypt Index ETF (NYSE
Arca: EGPT) after the Egyptian exchange
reopened on March 23. The New Yorkbased
company halted creations in late
January amid turmoil in the North African
country that led to the closure of
the Egyptian Stock Exchange.
The firm originally halted creations
on EGPT on Jan. 31, during the unrest
that hobbled daily life in Egypt and
ultimately led to the end of President
Hosni Mubarak’s 30-year rule there.
Throughout the seven-week episode,
redemptions were still possible, Van
Eck stressed in its prepared statement.
At the close on March 22, EGPT was
trading at a 12.8 percent premium to
its net asset value, or NAV, according to
data compiled by IndexUniverse.
The Q’s Lose A ‘Q’
Invesco PowerShares changed the ticker
symbol on its popular Nasdaq-100 ETF,
the PowerShares QQQ Trust (Nasdaq
GM: QQQ) to “QQQ” from “QQQQ” so
that the fund’s name matches its ticker.
The change became effective on
March 23, 2011. PowerShares emphasized
in a prepared statement that everything
else about the funds would
remain exactly the same, including its
listing on the Nasdaq exchange.
The “Q’s,” as it is called by ETF industry
insiders, had turnover of almost $1.052
trillion in all of 2010, making it the thirdmost-liquid
fund in the U.S. ETF universe
after the large-cap SPDR S&P 500 ETF
(NYSE Arca: SPY) and the small-cap iShares
Russell 2000 Index Fund (NYSE Arca:
IWM), according to data compiled by IndexUniverse.
It had assets of nearly $23
billion when the change took effect.
4 ETFR • May 2011

T H E P O W E R S H A R E S D B
COMMODITY INDEX
TRACKING FUND
To download a copy of the prospectus, visit PowerShares.com/DBCpro

Why I Own: EPOL
iShares MSCI Poland
Investable Market ETF
Name: Kim Arthur
Title: President
Firm: Main Management
Founded: 2002
Location: San Francisco, CA
AUM: $450 million
All ETFs? Yes
ETFR: Do you have a favorite ETF for European
exposure?
Arthur: Right now, we’re very interested
and have owned—for full disclosure
here—Poland ETFs. There are two ways
to play it: EPOL or PLND. You’re basically
picking up EPOL for a trailing P/E of 13x. It
has an adjusted return on equity of almost
8 percent and yields about 2.5 percent.
And what I find interesting is, when
we’re kind of swimming around and
looking at ex-U.S., you pick up EPOL for
about 1.5 multiple points cheaper. You’ve
got about the same dividend yield. But
you’re getting almost a point-plus higher
return on equity. And, obviously, the
growth rate is significantly higher.
Poland is one of the few countries that
have actually raised rates since we hit the
bottom of the crisis. I think they’re ahead
of the issue; they have positive real rates
over there. They’re not sitting in an easy
monetary policy situation.
ETFR: Why adopt a single-country ETF approach,
instead of using something more
broad-based, like the Vanguard MSCI Europe
ETF (NYSE Arca: VGK)?
Arthur: We do like broad-based country
exposure where we’re just looking for a
country or sector or asset class exposure.
But in this specific case, we’re trying to
get very granular with the countries that
we really feel good about. We want to
make sure that we don’t have unintended
consequences or unintended bets
that you get from a shotgun approach,
when you take a broad country basket or
sector approach.
That’s specific to the way this product
is constructed. As a result, we’re kind of
unconstrained by the benchmark. We
can actually have zero exposure to countries
that the benchmark has exposure
to. But we’d better hope that we’re more
right than wrong with regard to a country
that we deleted, because otherwise
it’s going to cause us some headaches.
ETFR: Does the individual-country approach
require more maintenance and
oversight than the “set it and forget it”
stance that many investors might take with
a more regional approach?
Arthur: It definitely does; I think there’s
a lot more tactical maneuvering that
you have to do, because those individual
countries are kind of zigging and zagging.
You either get opportunities or you’ve got
flash points, where you need to pause and
consider if your thesis still holds true.
This is a lot more of a hands-on approach,
and one that advisors can do
themselves if they’re going to be dedicated,
following all of the different metrics
that you need to look at. If they look
at that and say, “My real function is actually
asset-gathering and servicing my clients,”
then they’re probably better off either
outsourcing to a manager like us, or
taking the “set it and forget it” approach
you mentioned, with periodic rebalancing
when things get out of whack.
ETFR: If investors had to pick one or the
other, why choose PLND vs. EPOL? Why go
with Market Vectors instead of iShares?
Arthur: The easiest question there would
iShares MSCI Poland Investable Market ETF (EPOL)
Segment: Equity Poland–Total Market
Issuer: BlackRock
Legal Structure: Open-End Fund
Expense Ratio: 0.61%
AUM: $134.6 million
ADV (60-Day): $44.5 million
Avg. Spread: 0.27%
Competing Funds: PLND
Data as of: 4/11/2011
be, “Do you want pure MSCI exposure?”
If you’re benchmarked against an MSCI
index, then you’re better off buying EPOL.
But if you want a little bit more of an
active component, it would be PLND.
PLND was first to market. When we started
playing in Poland, it was the only play
out there. Now, obviously, you have EPOL
and you can choose between the two of
them. EPOL actually has become very liquid—it’s
picked up. I think a lot of it is because
there are a lot of MSCI benchmark
managers out there. They just sit down
and say, “Give me the MSCI pure-play.”
ETFR: What do you mean by “more active”
with PLND?
Arthur: You’re not going right up against
the MSCI benchmark. Many of Van Eck’s
country ETFs use custom benchmarks. So
you’re going to have a little bit more of
what Van Eck has put into it. We’ve used
their Vietnam ETF [NYSE Arca: VNM] and
their Egypt ETF [NYSE Arca: EGPT].
In Egypt’s case, a lot of the names that
they have in that index are not indigenous
companies sitting on the ground in Egypt,
but doing business with Egypt. It allows
the ETF to get exposure to those markets.
I think that’s why Van Eck is first to market
in a lot of these places.
We typically will look through the sector
exposure on two comparable ETFs like
EPOL and PLND and ask, “Are we getting
the sector exposure that we want? Is
there too much materials sector in PLND
vs. EPOL?” If that’s the case, then maybe,
all other things considered, we’ll pick the
one that gives us the right exposure.
May 26, 2010–April 11, 2011
M J J A S O N D J F M
2010 2011
55.43%
6 ETFR • May 2011

German ETFs: Now Or Never?
By Paul Baiocchi
When it comes to hunting for bargains
in Europe in the past few years, all eyes
have been on PIIGS, for better or worse.
Portugal, Ireland, Italy, Greece and Spain
have overshadowed more developed European
nations in many investors’ minds.
But when the sovereign debt crisis boiled
over last summer, investors left the PIIGS
behind and headed to Germany.
As the continent’s largest and most dynamic
economy, Germany holds much of
the eurozone’s future in its hands. During
the summer meltdown, Germany’s status
as the anchor of the eurozone meant any
bailout plans had to be cleared by Berlin.
The country proved incredibly resilient in
the face of the global credit crisis, bouncing
back from a 4.7 percent decline in
GDP in 2009 to post a 3.6 percent rise in
2010. Unlike its European brethren, Germany
managed to keep unemployment
below 10 percent even during the recession
of 2008-09. In fact, Germany’s 7.4
percent unemployment rate in 2010 was
its lowest since reunification.
Will Germany’s economy continue
to power forward unabated? Or will the
headwinds facing its economy, both internally
and externally, overwhelm investor
returns? While returns may not match
those realized by investors since the market
bottom, German-focused ETFs have significant
positives in their favor right now.
Currently, there are two ETFs that target
Germany exclusively (see Figure 1):
the well-established iShares MSCI Germany
Index Fund (NYSE Arca: EWG), which
launched in March 1996 and has nearly $3
billion in assets; and the brand-new Market
Vectors Germany Small-Cap ETF (NYSE
Arca: GERJ), which launched in early April,
just days before this issue went to print.
A Bumpy Road Ahead?
Despite its resiliency in recent times, the
German economy is not without its warts.
The German population is relatively old,
with an average age of 44.9 years. This is
a product of the country’s low birth rate
as well as its low population growth rate,
Will Germany’s
economy continue
to power forward
unabated? Or will
the headwinds
facing its economy,
both internally and
externally, overwhelm
investor returns?
both of which put Germany low in the
global rankings, in the 17th percentile.
More troubling, however, is the reliance
of the eurozone on Germany. The
sovereign debt issues of the eurozone
have the potential to drag on the German
economy, as any further bailouts
will require significant German involvement.
Not only do German banks have
exposure to the sovereign issues of the
PIIGS, but bailouts of its European counterparts
would raise the specter of higher
taxes, putting pressure on German consumers.
Over 50 percent of German exports
are to other European countries,
making further economic turmoil in the
region a significant risk to the continued
prosperity of the German economy. A
strong euro also makes German exports
to the U.S. and China—which together
currently receive over 14 percent of Germany’s
exports—less competitive.
As with virtually every country on
the planet right now, Germany also has
much to fear from inflation. German
consumer prices have risen sharply in the
first half of the year. The prices of all basic
materials are on the rise, with the rise
in the price of oil being exacerbated by
uncertainty in the Middle East. Because
Germany has a daily deficit of over 2.5
million barrels of oil and 81 billion cubic
meters of natural gas, rising energy prices
pose a significant economic threat to
company margins; specifically, iron and
steel producers. It should also be noted
that Germany has very little to nothing
in the way of domestic companies operating
in the energy sector, meaning it is
not only shelling out for things like natural
gas and oil, it is not benefiting in any
way from the rising prices.
For investors, these issues are likely to
impact newcomer GERJ more than the
entrenched EWG; the small-cap fund has
a far greater weight in the industrials and
consumer discretionary sectors at nearly
50 percent of the fund, in addition to a
negligible weighting in consumer staples
(see Figure 2). Meanwhile, EWG’s collective
weighting in those three sectors is less
than 35 percent of its portfolio.
The Good News
Despite the potential pitfalls, Germany’s
economy remains vital. The country
boasts a highly skilled workforce and a
literacy rate in excess of 99 percent. Seventy
percent of the German economy
comes from the service sector, bolstered
by a reputation for tech-savviness and
the world’s most advanced telecommunications
network.
And despite their reliance on European
buyers, the specific buyers—France,
the Netherlands, the U.K., Switzerland,
Belgium and Austria—are in much better
shape than the faltering economies
that make the headlines. Furthermore,
Germany’s export growth to China has
accelerated in recent years, as the world’s
fastest-growing economy is now the
country’s second-largest customer.
Tough Choices For Investors
The German economy has provided investors
with strong returns ever since the
ETFR • May 2011 7

March 6, 2009 lows. iShares’ EWG has
returned 87 percent since that bottom,
comparing favorably to broader international
stocks as represented by the widely
followed iShares MSCI EAFE Index Fund
(NYSE Arca: EFA), which returned “just”
72 percent in that time period.
EWG has been the only choice for Germanophiles
for a long time, and as such,
has amassed $3 billion in assets. It’s broadly
diversified, and captures all the important
sectors of the German economy.
“EWG is pretty diverse,” said Matthew
McCall, president of Penn Financial
Group LLC and noted sector-focused
advisor. “You have financials, consumer
discretionary, industrials and materials all
between 15-20 percent, although you
do have a heavy focus on services within
those top four sectors.”
Although the fund is a fair representation
of the German economy, it’s
heavily concentrated: 62 percent of the
fund’s assets are invested in the top 10
holdings, and the average market cap
is $50 billion. The top 10 holdings are
large multinational companies that derive
the majority of their revenues in
foreign countries. This is in line with the
economic fundamentals of the German
economy, which has the third-largest
current account surplus in the world.
The launch of Van Eck’s new small-cap
fund (GERJ) gives investors a new way to
play. The same firm also has a Germany
midcap ETF in registration.
Whether these funds catch on is largely
dependent on whether they provide a
true alternative.
“Will the new funds focus on companies
that are Germany specific?” asked
McCall prior to GERJ’s launch. “Will
they focus on the German consumer
and the German economy, or will they
be more like EWG, which owns large
multinational firms like Siemens, BASF,
Allianz and Baer?”
GERJ’s small-cap focus could serve
it very well on these vectors, attracting
investors who might be daunted by the
top-heavy nature of Germany’s large-cap
market. With roughly 90 components,
GERJ’s top 10 holdings are just a third of
the total portfolio, and the fund clearly
has a much more diversified distribution
across its holdings than EWG.
Moreover, with 70 percent of German
workers employed by small-cap
companies (according to Van Eck), GERJ
should be providing access to the “real”
Germany, with less of the international
noise seen by EWG—though it should
be noted that there are multinationals in
GERJ’s portfolio.
However, the fund is less diversified in
terms of sectors, with nearly 35 percent
of its portfolio invested in industrials. The
rest of the fund’s top five sector weights
range from a 15.8 percent weighting in
information technology to a 9.7 percent
weighting in health care, with consumer
discretionary and financials falling between
those two. Aside from materials,
with a 9.5 percent weight, the remaining
four sectors represented in the fund all
have weights of 2.2 percent or less.
Financials, consumer discretionary,
industrials, materials, health care and
Figure 1
Two ETFs Target Germany’s Markets
Figure 2
FUND
Sources: ETF issuers; data as of April 6, 2011.
Sector Weights: GERJ vs. EWG
GERJ
Sources: ETF issuers; data as of April 7, 2011.
iSHARES MSCI
GERMANY
utilities are all top sectors in EWG, with
weights ranging from 9.1 percent for
utilities to roughly 18.5 percent for financials.
The remaining three sectors
with any significant representation in the
fund have weights ranging from 3.7 to
6.6 percent.
With these allocations, there’s little
doubt that GERJ will rise and fall more
on the fate of Germany alone than the
health of the eurozone.
For investors, that makes the decision
about where to invest a simpler one
than it used to be. If your investment
thesis is that Germany will anchor recovery
throughout the eurozone, and that
German multinationals will drive global
growth, then EWG is the logical choice
to express that opinion. If you believe the
resilience of the German economy will
make it an island in a faltering Europe,
then GERJ is more likely to deliver.
MARKET VECTORS
GERMANY SMALL-CAP
Ticker EWG GERJ
Exp Ratio 0.53% 0.55%
Assets (M) $2,918.7 $2.5
Largest Holding Siemens AG, 11.2% MTU Aero Engines, 4.2%
Inception 3/12/1996 4/4/2011
EWG
Industrials 34.5% Financials 18.5%
Information Technology 15.8% Consumer Discretionary 16.6%
Consumer Discretionary 14.9% Industrials 16.2%
Financials 12.5% Materials 15.2%
Health Care 9.7% Health Care 10.1%
Materials 9.5% Utilities 9.1%
Telecommunications 2.2% Information Technology 6.6%
Consumer Staples 0.5% Telecommunications 3.9%
Energy 0.2% Consumer Staples 3.7%
Utilties 0.2% Other/Undefined 0.2%
8 ETFR • May 2011

Eurozone Vs. Pan-European:
Know The Difference
By Carolyn Hill
So you think you know Europe? Many
U.S. investors claim they have a handle on
the Old World, but the Europe of the past
is rapidly evolving. The truth is, as the European
Union has grown, a divergent line
has formed. There are really two Europes
now: the eurozone, with countries that
have embraced the euro as their currency;
and geographic Europe, a pan-European
view that includes non-EU countries—
namely, Denmark, Norway, Sweden,
Switzerland and the United Kingdom.
Investors chasing exposure in Europe
through ETFs have to choose between
these two visions of the continent: ETFs
with holdings in what is widely considered
the “pan-European” region, and ETFs that
only cover the “eurozone.” The former includes
the SPDR STOXX 50 (NYSE Arca:
Figure 1
FEU), the PowerShares BLDRS Europe 100
ADR (NasdaqGM: ADRU), the iShares S&P
Europe 350 (NYSE Arca: IEV) and the Vanguard
MSCI Europe ETF (NYSE Arca: VGK).
The latter includes the SPDR Euro STOXX
50 (NYSE Arca: FEZ) and the iShares MSCI
EMU (NYSE Arca: EZU). (See Figure 1.)
It may seem like a shallow choice, but
as with many ETF choices, the differences
to your portfolio can be dramatic.
One Continent, Two Choices
The biggest missing pieces in eurozone
ETFs are the large U.K. or Swiss stocks
that traditionally make up large percentages
of pan-European funds. On average,
the U.K. comprises 38.1 percent of
pan-European ETFs, while Switzerland
accounts for 13.4 percent. That means
the U.K. and Switzerland drive 50 percent
of pan-European ETF performance,
making those products much different
investments than the eurozone ETFs.
(See Figure 2.)
The drastically different holdings between
both sets of European funds make
sense, as half of the companies that pan-
European ETFs invest in are off limits to
the eurozone ETFs. But the exclusion of
U.K. and Swiss stocks also makes a significant
impact on each fund’s sector allocations,
and this (combined with currency
variance) is likely the more dramatic
source of return differential.
The U.K.’s tilts have a stronger impact on
pan-European tilts than Switzerland’s, but
both matter. The U.K.’s higher concentration
in energy pulls up that sector’s weight
in the pan-European ETFs, while its lower
industrials weighting pulls the same sector
Eurozone And Pan-European ETFs Compared
RETURNS
FUND TICKER AUM (M) 1-MO 3-MO 1-YR SPREAD
EXP.
RATIO
LARGEST
COUNTRY
LARGEST
HOLDING
EUROZONE
SPDR Euro
STOXX 50
FEZ $170 -1.34% 9.50% 6.77% 0.13% 0.29%
France
37.05%
Total
5.59%
iShares
MSCI EMU
EZU $873 -0.78% 8.98% 9.15% 0.06% 0.56%
France
30.78%
Total
3.47%
PAN-EUROPEAN
SPDR STOXX 50 FEU $38 -1.62% 5.80% 6.52% 0.52% 0.29%
PowerShares
BLDRS Europe
100 ADR
iShares S&P
Europe 350
Vanguard
MSCI Europe
ADRU $21 -1.90% 5.94% 8.92% 0.20% 0.30%
IEV $1,343 -1.67% 5.87% 11.08% 0.04% 0.60%
VGK $3,152 -1.88% 5.40% 11.60% 0.03% 0.14%
U.K.
37.92%
U.K.
47.34%
U.K.
34.08%
U.K.
33.10%
Nestlé
5.75%
HSBC
5.76%
Nestlé
3.02%
Shell
2.90%
Sources: iShares, PowerShares, SSgA, Vanguard, Bloomberg and NYSE Arcavision. 60-day average spread data as of 3/29/2011; all other data as of 3/25/2011.
ETFR • May 2011 9

Figure 2
ETF Country Weights
EUROZONE
PAN-EUROPEAN
FEZ EZU FEU ADRU IEV VGK
UK 0.00% 0.00% 37.92% 47.34% 34.08% 33.10%
France 37.05% 30.78% 11.66% 7.87% 14.79% 15.40%
Germany 30.55% 28.04% 15.63% 6.96% 12.17% 13.10%
Switzerland 0.00% 0.20% 18.23% 10.80% 12.75% 12.00%
Spain 13.20% 11.20% 6.35% 7.93% 5.12% 5.50%
Sweden 0.00% 0.00% 1.90% 0.00% 4.83% 4.80%
Italy 8.93% 8.52% 3.33% 2.29% 4.14% 4.40%
Netherlands 5.52% 8.97% 2.44% 5.02% 3.94% 4.00%
Belgium 2.02% 3.11% 1.21% 1.60% 1.47% 1.40%
Finland 1.84% 3.80% 1.10% 0.00% 1.57% 1.60%
Ireland 0.71% 0.81% 0.00% 0.00% 0.38% 0.40%
Denmark 0.00% 0.00% 0.00% 1.49% 1.29% 1.60%
Israel* 0.00% 0.00% 0.00% 1.68% 0.00% 0.00%
Luxembourg 0.00% 1.59% 0.00% 0.00% 0.79% 0.00%
Austria 0.00% 1.13% 0.00% 0.00% 0.41% 0.50%
Portugal 0.00% 0.86% 0.00% 0.00% 0.47% 0.40%
Greece 0.00% 0.77% 0.00% 0.00% 0.25% 0.40%
Norway 0.00% 0.00% 0.00% 0.00% 1.14% 1.40%
Sources: iShares, PowerShares, SSgA and Vanguard. Data as of 3/25/2011. *ADRU’s index is the only one in the group to include Israel in its selection universe.
down in the pan-European funds. Switzerland
has a much higher concentration in
health care, which manifests itself in the
pan-European ETFs, as does its much lower
utilities concentration. (See Figure 3.)
All told, the biggest differences between
the two baskets of securities occur
in the energy, industrials, health care, consumer
discretionary and utilities sectors.
Any investor wary of the European
health care sector may want to invest in
eurozone ETFs over pan-European. Even
though Denmark, Sweden and Norway
make up a smaller percentage of securities
by weight than the U.K. and Switzerland,
their higher allocation is still
enough to pull up the health care totals.
Similarly, the pan-European ETFs
all have higher weightings in energy.
Given the recent nuclear energy fears,
investors may want to embrace or avoid
energy stocks, depending on their outlook.
Another consideration: The eurozone
ETFs have higher consumer discretionary
weightings, which may be an
interesting play for those who forecast a
global recovery driven by consumers.
Fewer Differences
In Performance
Despite fairly different sector and country
weights, the return series of the major eurozone
ETF and the major pan-European
ETF are highly correlated. The iShares
MSCI EMU ETF (EZU) and Vanguard MSCI
Europe ETF (VGK) have an r 2 of 95 percent
since EZU’s 2005 inception.
Although correlations are generally very
high, they occasionally drop in response to
country- or currency-specific events. For
example, when the time frame is limited to
March 2007-July 2008, the r 2 drops from
95 percent to 91 percent. During this period,
the British pound began its collapse,
dropping from a high of 1.49 euros per
pound to 1.25 euros. Although the pound
had not yet bottomed out in July 2008, the
other European countries started suffering
alongside the United Kingdom.
Investing in an international ETF means
you’re also investing in the underlying currencies
that each underlying stock uses,
and this can affect your choice. The British
pound collapse is a prime example of
an event that may only impact one of the
two potential baskets of securities. However,
this example also shows that because
Europe is so intertwined, a crisis in one
country generally spreads to the others—
sometimes even before the crisis 12
10 ETFR • May 2011

From Russia With Love from page 1
than entities like the IMF. They decide
a country’s status based on specifically
defined factors.
“It’s purely quantitative,” said Dimitris
Melas, executive director of Research
at MSCI. “We’re not looking at
subjective factors, like whether they
have natural resources or not,” he explains.
“As you would imagine, what
we classify as emerging markets, some
of those markets may have natural resources,
others not. The criteria are
actually very, very objective when it
comes to economic development.”
That means looking at macroeconomic
measurements like GDP per capita,
but also at the size, liquidity and
openness of capital markets. At the end
of the day, index providers must draw
a line in the sand and decide what’s still
developing and what’s developed. That
means two countries with very different
economies—say, Russia and Hungary—
end up under the same umbrella.
The quantitative approach takes
much of the guesswork out of developing
indexes, but it also means a host of
countries that fall along different parts
of the development spectrum end up
in the same bucket. For instance, India’s
GDP per capita is just $3,400. The
Czech Republic, also labeled emerging,
is several times higher, at $25,600 (by
comparison, the U.S. is at $47,400).
And of course, every index provider has
its own set of factors in the analysis.
The Country Lineup
So what countries make up the emerging
Europe segment? There are some
surprising answers.
As we’ve seen, Russia makes the cut.
Both S&P and MSCI consider Russia part
of Europe, and that ends up playing
a huge role in the holdings of the two
broad-based emerging Europe funds.
The other surprise is Turkey, a country
whose status as “European” is often
questioned. The major index providers
diverge in their classification of the
country’s status. S&P lumps it in with Europe,
while MSCI considers it part of the
Middle East. That shakes out in the ETF
world, with roughly 17 percent exposure
to the country in GUR, while the MSCIbased
iShares fund has none.
Poland, Hungary and the Czech Republic
are the other emerging European
economies large and liquid enough to be
held by ETFs in meaningful amounts.
Big Fish In A Little Pond
Russia’s inclusion in the two broadbased
emerging Europe ETFs is a double-edged
sword: It provides exposure
to one of the world’s largest emerging
economies, but it significantly dilutes
exposure to anything else.
Adding Russia to a portfolio has another
side effect: It creates huge sector tilts.
Energy and basic materials, big drivers of
the Russian economy, together make up
over 60 percent of the iShares emerging
Europe exposure. Gazprom, the Russian
energy giant, single-handedly accounts
for approximately 20 percent of both
broad-based ETFs—more weight than the
entire nation of Poland.
Greg Savage, a senior portfolio manager
at BlackRock, shrugs off Russia’s
Figure 1
Top 5 Countries: ESR And GUR
ESR
Source: Bloomberg. Data as of April 7, 2011.
dominance. “We view indexing in a
market cap framework,” he said. “So
if you’re going into an Eastern Europe
index, Russia is going to have a large
weight there.”
Single-Country ETFs
For those turned off by the heavy Russia
exposure of the broad-based funds, the
alternative is to invest in single-country
ETFs; in essence, creating your own index
of Eastern European economies. These
products let investors balance their country
exposure to their liking. The country
options are limited—there are no Czech
or Hungary ETFs on the market, let alone
smaller Eastern European economies—
but funds covering Poland, Turkey (and
of course, Russia) are available.
The second-tier countries, while lacking
the star-power of Russia, have merits
of their own. As Savage puts it: “One of
the differences is that on a GDP per-capita
basis, Eastern Europe has significantly
more wealth than Brazil, China, and In-
GUR
Russia 74.07% Russia 59.01%
Poland 17.03% Turkey 16.62%
Hungary 4.41% Poland 12.57%
Czech Republic 4.13% Hungary 4.56%
Ukraine 0.34% Czech Republic 4.11%
Figure 2
Sector Weights: ESR And GUR
Consumer Discretionary 0.44% 3.32%
Consumer Staples 2.67% 1.74%
Energy 48.13% 39.43%
Financials 21.91% 23.41%
Health Care 0.93% 1.09%
Industrials 0.18% 2.96%
Information Technology 0.16% 0.28%
Materials 13.00% 14.20%
Telecommunication Services 5.37% 9.24%
Utilities 6.82% 3.61%
Not Classified 0.38% 0.72%
Source: Bloomberg. Data as of April 7, 2011.
ESR
GUR
ETFR • May 2011 11

dia. They’re more developed countries
from that standpoint.” In other words,
the Eastern European economies offer a
more developed tilt, which may be preferable
to those worried about the fate of
less established economies.
The other benefit of holding those
countries is getting exposure to a diversity
of economic structures, which could help
insulate against a downturn in Russia’s
dominant materials or energy industries.
Eastern European countries tend to have a
strong showing in the financial sector—the
iShares MSCI Poland Investable Market Index
ETF (NYSE Arca: EPOL) has more than
40 percent weight in financials—and they
also tend to be more leveraged to their
trade partners in Western Europe, which
means more revenue from manufacturing.
Old World Made New
For investors looking for real diversification,
the current crop of Russia-dominated
emerging Europe ETFs, with few singlecountry
alternatives, simply falls short. In
part, that’s just due to the nature of the region—a
landscape dotted with small countries
with correspondingly small economies.
Some of the countries simply don’t have
economies large enough to take as large
an influx of U.S. investor dollars as we’ve
seen in other “hot” countries like Brazil and
Indonesia. But this may be changing.
ETF issuers could venture into slightly
smaller territory. Countries such as Ukraine
and Romania seem ripe for inclusion (in
fact, Ukraine is already a very small part of
ESR’s current basket), and would provide
genuine (although not riskless) diversification
in emerging Europe. Emerging Europe
is also an interesting place for alternative
weighting schemes. Equal-weighting, for
instance, would mitigate Russia’s influence
over a broad-based fund and give
those funds a more attractive balance.
The other possible good news is that
there may be a new option on the ETF
horizon: an emerging Europe ex-Russia
ETF. Van Eck has filed paperwork with
the Securities and Exchange Commission
to launch just such a fund; however, the
fund has been in registration for three
years, with no sign of launching. Should
it launch, the fund could mark a turning
point for emerging Europe ETFs, ushering
in a new era of funds offering a more balanced
and diversified take on an area that
has no shortage of reasons to invest.
Eurozone from page 10
Figure 3
Sector Weights
Sector Eurozone Pan-European Eurozone/Pan-European Difference
Financials 24.27% 22.58% 1.69%
Consumer Staples 9.02% 11.56% -2.54%
Energy 8.45% 13.80% -5.35%
Industrials 12.18% 8.22% 3.96%
Materials 8.57% 9.87% -1.30%
Health Care 6.01% 12.86% -6.85%
Consumer Discretionary 9.98% 5.39% 4.59%
Telecommunication Services 7.93% 8.05% -0.12%
Utilities 9.12% 3.89% 5.23%
Information Tech 4.32% 3.64% 0.67%
Sources: iShares, PowerShares, SSgA and Vanguard. Data as of 3/25/2011. Eurozone and pan-European weights are averaged ETF weights.
has reached its apex. Put more simply, the
difference between the euro, the pound
and the Swiss franc is less dramatic than
that between the U.S. dollar or the yen.
Choosing Your View
Even with the similar returns, syncing your
vision of European exposure with the available
options is important. In the short term,
it’s rare that sector differences will affect
one country—a technology breakdown
won’t affect just Norway, for example. And
while the Nordic countries stand just slightly
apart from the eurozone, their impact on
a given fund’s holdings is light, at best.
When looking toward future exposure,
your choice comes down to how you feel
about the United Kingdom and the continued
strength of the British pound. As long
as England stands outside of the eurozone,
your choices will remain divided. But if the
U.K. decides to join the EU, investors may
once again have a more unified view for
European investments.
12 ETFR • May 2011

What’s really in your ETF index?
Market Vectors Index Methodology
For Emerging Markets ETF Investors.
➤ Liquid.
Each stock must meet minimum requirements for market capitalization and daily trading volume. 1
Improves ability to track index.
➤ 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.
➤ 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.
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 4asset-management 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.
Van Eck Securities Corporation, Distributor | 335 Madison Avenue | New York, NY 10017

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Total Market
iShares Russell 3000 Value IWW 0.26 343.3 6.42 15.26 15.76 19.66 0.99 1.26 26,100 15.0 23.67 1.93
Schwab US Broad Market SCHB 0.06 699.1 6.37 17.51 17.10 - - - 30,155 16.5 - 1.46
Vanguard Total Stock Market VTI 0.07 19,521.4 6.26 17.56 17.42 28.89 3.79 3.20 26,218 14.7 22.58 1.74
iShares Dow Jones US IYY 0.20 657.4 6.26 17.06 16.50 28.25 3.37 3.01 32,659 16.5 22.36 1.57
iShares S&P 1500 ISI 0.20 339.1 6.26 16.77 16.24 26.59 3.06 2.73 34,542 16.5 22.32 1.60
iShares Russell 3000 Growth IWZ 0.25 360.2 6.24 18.95 17.42 36.83 5.38 4.10 30,068 18.2 22.23 1.14
iShares Russell 3000 IWV 0.21 3,455.6 6.14 17.21 16.82 28.29 3.31 2.78 28,125 16.5 22.82 1.56
SPDR Dow Jones Total Market TMW 0.20 194.5 6.00 16.36 17.34 27.89 3.53 3.02 31,002 16.4 22.93 1.51
WisdomTree Total Dividend DTD 0.28 170.9 5.88 17.77 16.32 19.57 1.47 - 39,656 15.6 22.81 2.74
WisdomTree Dividend Ex-Financials DTN 0.38 343.4 5.26 21.58 21.44 25.57 3.71 - 21,565 16.3 24.87 3.38
Fidelity Nasdaq Composite ONEQ 0.30 186.3 4.75 16.83 17.79 45.16 7.78 4.21 15,587 18.5 25.22 0.65
Large Cap
First Trust Large Core AlphaDEX FEX 0.70 231.0 7.54 21.16 20.67 36.83 6.55 - 13,519 15.0 24.46 0.83
Rydex S&P Equal Weight RSP 0.40 3,000.9 7.08 20.35 21.39 44.59 7.36 4.26 13,734 17.1 26.99 1.34
SPDR DJ Industrial Average DIA 0.18 9,287.4 6.78 16.10 13.97 22.72 2.98 4.63 109,594 14.9 19.85 2.41
RevenueShares Large Cap RWL 0.49 221.3 6.34 15.33 16.81 29.86 2.79 - 41,041 14.1 25.06 1.26
iShares Russell 1000 IWB 0.15 7,082.9 6.16 16.42 16.02 28.39 2.91 2.80 37,679 16.4 22.34 1.64
PowerShares FTSE RAFI US 1000 PRF 0.39 1,146.0 6.05 16.48 19.69 41.74 6.13 4.47 32,720 14.3 26.97 1.55
Schwab US Large-Cap SCHX 0.08 521.5 5.96 16.26 15.92 - - - 41,720 16.3 - 1.54
Vanguard Large-Cap VV 0.12 3,146.4 5.90 16.25 15.93 27.36 2.88 3.05 39,528 14.5 22.08 1.73
iShares S&P 500 IVV 0.09 27,025.4 5.83 15.59 15.11 26.61 2.36 2.54 50,185 16.1 21.82 1.76
Vanguard S&P 500 VOO 0.06 1,123.6 5.76 - - - - - 48,105 15.5 - -
Vanguard Mega Cap 300 MGC 0.13 320.1 5.48 14.41 13.74 25.24 2.04 - 59,973 14.1 21.44 1.82
WisdomTree LargeCap Dividend DLN 0.28 611.1 5.46 16.71 14.98 17.31 0.25 - 62,348 15.2 21.98 2.61
SPDR S&P 500 SPY 0.09 89,878.9 5.43 15.02 15.02 26.31 2.23 2.43 50,197 16.1 21.78 1.77
iShares S&P 100 OEF 0.20 3,035.0 5.18 13.08 12.48 22.12 1.29 2.36 105,913 15.3 20.76 1.86
Rydex Russell Top 50 XLG 0.20 373.7 4.96 10.57 9.32 20.30 0.66 1.90 144,629 15.1 19.75 1.86
iShares Morningstar Large Core JKD 0.20 310.0 4.94 12.23 12.68 21.09 1.88 3.36 65,736 16.4 21.31 1.75
iShares MSCI USA ESG Select Social KLD 0.50 160.5 4.91 14.22 13.89 30.38 2.99 2.56 30,679 17.0 21.97 1.44
iShares MSCI KLD 400 Social DSI 0.50 150.2 3.67 9.78 11.42 30.73 2.82 - 34,670 16.6 22.31 1.32
Large-Cap Growth
Rydex S&P 500 Pure Growth RPG 0.35 248.5 7.52 27.48 26.90 49.33 10.98 6.53 14,545 19.3 25.50 0.38
First Trust Lrg Growth Opps AlphaDEX FTC 0.70 131.0 7.09 22.11 23.62 28.83 4.33 - 13,404 21.1 23.16 0.50
iShares Russell 1000 Growth IWF 0.20 13,564.5 5.93 18.05 16.48 36.73 5.09 4.09 40,490 18.0 21.98 1.25
Schwab US Large-Cap Growth SCHG 0.13 308.6 5.77 17.48 16.85 - - - 30,998 19.4 - 0.68
PowerShares QQQ QQQ 0.20 24,443.4 5.60 20.14 19.89 54.67 10.14 6.99 51,332 19.5 25.08 0.67
iShares Russell Top 200 Growth IWY 0.20 370.7 5.33 14.95 11.98 - - - 80,272 16.9 - 1.30
S&P 500 Growth SPYG 0.20 199.3 5.13 16.31 16.25 36.95 5.15 4.08 48,129 17.8 22.53 0.87
iShares S&P 500 Growth IVW 0.18 6,180.5 5.02 16.44 14.94 31.13 4.66 3.88 48,122 17.8 20.66 1.38
PowerShares Dyn Large Cap Growth PWB 0.61 194.5 4.99 16.90 13.74 34.61 1.89 1.09 44,041 20.8 22.23 0.64
Vanguard Growth VUG 0.14 5,564.5 4.97 17.22 17.21 36.08 4.89 4.31 35,820 18.5 22.08 1.13
Vanguard Mega Cap 300 Growth MGK 0.13 471.9 4.24 14.45 14.51 35.01 4.16 - 52,713 18.2 21.41 1.22
iShares Morningstar Large Growth JKE 0.25 388.0 4.18 14.04 12.57 43.94 3.46 2.61 60,458 20.0 22.90 0.73
Large-Cap Value
First Trust Lrg Cap Val Opps AlphaDEX FTA 0.70 136.9 7.94 19.70 18.69 40.43 7.95 - 13,820 11.9 27.99 1.18
iShares Morningstar Large Value JKF 0.25 232.2 7.72 16.81 14.57 11.02 -0.90 0.62 78,284 13.0 20.94 2.41
Vanguard Value VTV 0.14 4,955.6 6.95 15.31 14.57 19.88 1.12 1.75 43,619 11.8 22.79 2.30
S&P 500 Value Index SPYV 0.20 175.3 6.92 16.39 15.53 17.03 0.33 1.58 52,634 14.6 21.94 2.25
Vanguard Mega Cap 300 Value MGV 0.13 349.8 6.79 14.33 13.13 15.73 -0.15 - 68,138 11.4 22.51 2.25
iShares S&P 500 Value IVE 0.18 4,567.3 6.72 14.68 14.97 20.90 -0.24 0.90 52,379 14.7 24.16 2.01
PowerShares Dyn Large Cap Value PWV 0.63 404.6 6.35 13.63 13.29 18.60 4.59 5.16 60,980 12.5 19.85 2.19
iShares Russell 1000 Value IWD 0.20 12,017.3 6.33 14.87 15.44 19.23 0.31 1.21 35,038 14.9 23.27 1.93
Schwab US Large-Cap Value SCHV 0.13 220.8 6.30 15.08 14.86 - - - 55,592 14.1 - 2.27
iShares Russell Top 200 Value IWX 0.20 228.2 6.25 12.28 10.59 - - - 75,443 14.5 - 1.90
Extended Market
Vanguard Extended Market VXF 0.13 1,444.9 8.57 27.13 27.62 37.90 8.94 4.96 2,142 18.3 27.03 0.92
PowerShrs FTSE RAFI US 1500 SmMid PRFZ 0.39 408.3 7.35 25.08 28.30 58.64 13.50 - 1,039 18.1 32.22 0.67
Mid Cap
First Trust Mid Cap Core AlphaDEX FNX 0.70 213.6 10.58 27.00 26.64 46.78 13.06 - 2,824 17.0 27.18 0.41
RevenueShares Mid Cap RWK 0.54 156.9 9.69 23.60 23.21 51.87 11.82 - 3,056 15.8 28.95 0.52
iShares S&P 400 MidCap IJH 0.22 11,180.6 9.09 26.88 26.73 37.81 9.85 5.90 3,616 20.2 25.54 1.00
SPDR S&P MidCap 400 MDY 0.25 11,496.3 9.03 26.33 26.26 37.52 9.67 5.67 3,514 19.8 25.56 0.86
WisdomTree MidCap Earnings EZM 0.38 105.7 8.92 26.01 25.60 50.22 13.39 - 2,753 13.7 27.52 1.19
iShares Morningstar Mid Core JKG 0.25 174.9 8.64 26.47 26.49 38.64 8.11 4.74 6,338 19.9 27.14 1.25
Vanguard Mid-Cap VO 0.14 3,836.6 8.19 25.16 25.68 40.47 7.50 4.44 5,864 16.6 26.22 1.10
iShares Russell Midcap IWR 0.20 6,403.8 7.47 24.15 25.31 40.70 7.05 4.48 7,216 18.4 26.31 1.45
WisdomTree MidCap Dividend DON 0.38 256.6 7.17 20.21 21.65 31.91 7.75 - 3,891 19.0 28.17 2.57
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
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.
14 ETFR • May 2011
Yield

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Mid-Cap Growth
Rydex S&P MidCap 400 Pure Growth RFG 0.35 573.9 10.26 35.69 34.84 60.81 19.11 10.72 3,782 23.9 27.57 0.08
iShares S&P Mid Cap 400 Growth IJK 0.25 3,337.1 9.68 30.91 30.44 41.11 11.35 7.19 4,089 23.3 25.71 0.55
iShares Morningstar Mid Growth JKH 0.30 205.3 9.44 29.82 27.84 42.17 6.86 4.84 6,950 25.6 25.73 0.37
Vanguard Mid-Cap Growth VOT 0.14 1,269.7 8.71 30.61 29.14 43.91 6.88 - 6,416 20.6 26.59 0.48
iShares Russell Mid Cap Growth IWP 0.25 3,441.2 7.78 26.72 26.03 46.47 7.39 4.65 7,516 21.7 26.16 0.82
PowerShares Dyn Mid Cap Growth PWJ 0.63 126.1 6.74 26.06 29.58 23.61 4.23 4.49 6,246 24.1 24.68 0.26
Mid-Cap Value
iShares S&P MidCap 400 Value IJJ 0.28 2,413.8 8.83 22.89 22.58 34.35 8.08 4.46 3,207 17.7 26.06 1.46
Vanguard Mid-Cap Value VOE 0.14 899.5 7.55 19.56 21.77 38.28 7.63 - 5,338 13.9 26.75 1.77
iShares Russell Midcap Value IWS 0.25 3,569.5 7.44 22.03 24.43 33.31 6.53 3.93 6,954 16.1 27.36 1.93
iShares Morningstar Mid Value JKI 0.30 117.2 7.34 17.84 20.46 35.42 7.08 3.28 6,457 12.9 27.83 2.58
Small Cap
iShares Morningstar Small Core JKJ 0.25 204.7 9.53 28.50 27.68 39.78 10.23 4.52 1,885 18.9 29.49 0.94
Vanguard Small-Cap VB 0.14 4,886.5 8.77 26.86 28.12 36.61 10.22 4.86 1,430 17.8 28.56 1.07
Schwab US Small-Cap SCHA 0.13 516.4 8.58 27.07 28.62 - - - 1,537 19.0 - 0.96
iShares Russell 2000 IWM 0.28 17,598.4 7.80 25.66 26.90 28.53 8.72 3.35 1,125 18.6 27.32 1.06
iShares S&P SmallCap 600 IJR 0.20 7,564.6 7.62 25.16 26.61 25.88 8.37 3.54 1,138 20.3 27.07 1.01
RevenueShares Small Cap RWJ 0.54 129.2 7.20 21.57 25.96 46.53 12.70 - 1,011 17.6 32.86 0.36
First Trust Small Cap Core AlphaDEX FYX 0.70 112.6 7.15 24.87 27.35 36.82 9.74 - 792 17.4 29.64 0.36
WisdomTree SmallCap Earnings EES 0.38 134.7 6.23 25.35 26.97 48.71 13.35 - 672 13.8 30.81 1.12
WisdomTree SmallCap Dividend DES 0.38 248.2 3.27 18.35 27.05 22.15 6.12 - 855 17.5 30.79 3.27
Small-Cap Growth
Vanguard Small-Cap Growth VBK 0.14 2,316.7 10.59 32.78 30.95 42.79 11.85 6.02 1,479 20.6 28.36 0.43
iShares Morningstar Small Growth JKK 0.30 138.5 9.35 31.20 31.18 32.73 10.07 4.09 1,821 26.6 27.12 0.27
iShares Russell 2000 Growth IWO 0.25 4,383.8 9.15 31.02 29.38 34.61 10.39 4.32 1,263 21.7 27.22 0.56
iShares S&P SmallCap 600 Growth IJT 0.25 2,137.1 8.98 30.15 28.24 28.78 9.29 4.64 1,276 21.4 26.33 0.78
S&P SmallCap 600 Growth SLYG 0.25 190.1 8.89 30.11 30.21 47.12 11.71 5.73 1,280 21.4 29.43 0.37
Small-Cap Value
Vanguard Small-Cap Value VBR 0.14 2,096.5 6.88 21.32 25.12 30.97 8.32 3.43 1,381 15.7 29.07 1.79
iShares Morningstar Small Value JKL 0.30 197.4 6.58 20.48 25.80 40.06 10.45 4.80 1,780 14.1 30.30 1.81
iShares Russell 2000 Value IWN 0.41 4,692.6 6.38 20.27 24.68 20.59 6.95 2.10 995 16.0 28.39 1.64
iShares S&P SmallCap 600 Value IJS 0.25 1,893.5 6.25 20.37 24.70 22.36 6.96 2.44 1,018 19.2 28.48 1.13
S&P SmallCap 600 Value Index SLYV 0.25 142.7 6.10 19.55 24.62 36.93 8.82 4.29 1,019 19.2 29.09 1.67
Micro Cap
First Trust DJ Select Micro Cap FDM 0.60 155.9 7.27 25.83 25.58 20.02 6.45 1.31 444 17.8 28.85 0.35
iShares Russell Microcap IWC 0.71 564.5 6.18 24.93 29.55 23.72 5.53 -1.03 325 16.4 29.13 0.77
PowerShares Zacks Micro Cap PZI 0.74 117.0 3.94 17.15 23.52 12.13 -1.49 -5.52 333 13.5 30.49 0.61
Dividend - US
Guggenheim Multi-Asset Income CVY 0.60 456.2 7.17 19.35 17.83 50.31 5.73 - 12,225 14.2 28.01 4.68
Vanguard Dividend Appreciation VIG 0.23 5,848.5 5.99 16.19 14.76 19.56 3.87 - 42,189 16.2 18.40 1.97
First Trust Value Line Dividend FVD 0.70 245.6 5.84 16.51 16.08 19.16 6.12 7.02 15,519 15.0 19.64 2.57
Vanguard High Dividend Yield VYM 0.18 1,258.5 5.73 15.31 14.25 17.17 1.20 - 51,228 14.2 22.22 2.65
PowerShares Dividend Achievers PFM 0.60 211.4 5.60 16.05 14.81 10.70 0.13 1.38 55,630 15.0 20.64 2.08
iShares Dow Jones Select Dividend DVY 0.40 6,067.7 5.49 17.49 17.79 11.15 0.74 0.25 10,124 14.6 23.13 3.36
First Trust Mstar Dividend Leaders FDL 0.45 170.5 5.40 19.87 16.20 13.38 2.18 0.37 39,533 12.3 25.97 3.55
WisdomTree Equity Income DHS 0.38 178.3 5.08 20.47 17.63 17.03 -0.98 - 36,974 15.2 27.76 3.80
SPDR S&P Dividend SDY 0.35 5,507.8 4.90 13.68 16.42 19.04 5.91 3.57 12,126 16.7 23.31 3.21
PowerShrs HiYld Eqty Div Achievers PEY 0.60 197.4 1.30 13.32 20.92 3.64 -4.72 -5.69 4,694 15.0 31.53 3.95
Real Estate
iShares Cohen & Steers Realty Majors ICF 0.35 2,473.1 7.45 26.19 29.14 25.54 0.03 0.13 9,544 46.4 41.46 2.72
iShares Dow Jones US Real Estate IYR 0.47 3,128.3 7.05 23.79 26.60 30.46 1.99 0.38 7,197 23.8 38.08 3.35
SPDR Dow Jones REIT RWR 0.25 1,520.3 6.53 24.13 28.03 28.24 1.59 0.59 6,903 46.1 40.38 2.91
Vanguard REIT VNQ 0.13 8,687.8 6.34 24.24 28.43 30.07 3.00 1.79 5,584 41.8 39.65 3.30
iShares FTSE NAREIT Mortgage REM 0.48 142.7 -0.41 10.77 16.49 11.31 -1.98 - 3,032 7.8 21.01 9.67
Basic Materials
SPDR S&P Metals and Mining XME 0.35 1,400.3 8.10 31.69 34.15 88.12 3.16 - 3,569 28.6 45.66 0.55
First Trust Materials AlphaDEX FXZ 0.70 584.8 7.11 24.64 28.28 59.45 9.42 - 6,202 16.3 37.44 1.50
iShares Dow Jones US Basic Materials IYM 0.47 1,233.7 5.77 30.39 31.02 64.37 5.11 9.76 15,486 20.9 35.08 1.14
Vanguard Materials VAW 0.24 711.9 5.76 26.12 24.46 51.44 3.38 8.00 12,112 18.2 31.26 2.06
Materials Select SPDR XLB 0.20 2,548.4 4.51 22.28 20.56 48.11 2.66 7.06 21,203 21.3 29.94 3.07
Consumer Cyclicals
PowerShares Dynamic Media PBS 0.63 150.2 9.05 17.35 20.18 61.92 6.43 1.45 7,416 17.5 31.60 0.43
First Trust Consumer Discr AlphaDEX FXD 0.70 537.5 6.67 24.75 32.01 57.11 11.95 - 7,575 18.2 33.44 0.42
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
Yield
ETFR • May 2011 15

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Consumer Cyclicals (continued)
SPDR S&P Retail XRT 0.35 1,006.7 5.19 24.44 37.39 77.29 18.84 - 3,388 17.8 32.21 0.99
SPDR S&P Homebuilders XHB 0.35 794.8 4.90 10.43 17.40 27.60 -3.96 -15.22 3,270 19.8 40.18 1.86
Consumer Discretionary Select SPDR XLY 0.20 2,312.8 4.72 20.80 27.49 40.52 10.18 4.52 26,932 18.0 27.17 1.42
iShares DJ US Consumer Services IYC 0.48 204.7 4.59 17.09 23.26 32.63 8.30 3.74 22,820 18.0 23.63 1.00
Vanguard Consumer Discretionary VCR 0.24 385.5 4.42 21.81 30.57 46.42 10.48 4.21 15,083 10.6 28.88 0.95
iShares DJ US Home Construction ITB 0.47 478.8 0.70 -1.58 10.43 23.24 -11.91 - 2,554 23.5 43.07 0.61
Retail HOLDRS RTH - 576.7 -0.21 7.31 15.55 26.78 6.54 2.62 44,667 16.7 21.19 -
Consumer Non-cyclicals
iShares DJ US Consumer Goods IYK 0.48 278.1 3.12 14.92 18.99 23.32 5.54 6.59 34,591 16.1 18.16 2.14
Vanguard Consumer Staples VDC 0.24 619.9 3.00 11.12 14.63 16.55 5.70 7.85 40,309 16.2 14.84 2.52
Consumer Staples Select SPDR XLP 0.20 3,440.8 2.64 10.24 13.81 14.22 5.25 7.50 51,784 15.9 14.69 2.70
Energy
PowerShares S&P SmCap Energy PSCE 0.29 129.9 25.01 - - - - - 1,715 23.7 - -
SPDR S&P Oil & Gas Expl/Prod XOP 0.35 1,514.8 22.74 54.27 28.58 40.16 7.02 - 4,777 21.9 34.98 0.77
PowerShares Dyn Oil/Gas Services PXJ 0.63 311.5 20.84 58.92 29.18 52.86 0.68 5.90 6,712 20.6 41.32 0.29
iShares DJ US Oil Equip/Services IEZ 0.47 691.7 20.41 55.01 31.77 63.64 3.92 - 16,056 24.7 40.52 0.36
Rydex S&P Equal Weight Energy RYE 0.50 109.2 19.93 45.14 26.08 44.75 5.71 - 19,328 20.4 33.18 0.43
PowerShares Dyn Energy Expl/Prod PXE 0.63 113.3 19.90 60.10 39.97 19.88 5.16 9.45 8,345 16.3 32.98 0.44
SPDR S&P Oil & Gas Equip/Svcs XES 0.35 702.7 19.85 49.36 30.12 67.80 4.66 - 4,164 22.9 40.43 0.69
First Trust ISE-Revere Natural Gas FCG 0.60 704.7 18.65 35.16 12.23 50.06 0.42 - 14,036 18.0 38.50 0.21
PowerShares Dynamic Energy PXI 0.65 182.2 17.48 55.06 39.56 42.19 8.83 - 6,480 16.9 32.64 0.49
First Trust Energy AlphaDEX FXN 0.70 185.0 17.29 43.92 27.63 46.57 3.57 - 11,943 19.2 39.05 0.47
Energy Select SPDR XLE 0.20 11,087.9 17.22 41.02 21.81 21.81 4.29 9.59 61,635 17.0 27.32 1.31
Oil Services HOLDRS OIH - 3,894.8 17.14 36.37 20.42 62.71 -0.94 3.35 28,669 20.2 39.41 -
Vanguard Energy VDE 0.24 2,200.0 17.12 40.71 21.07 25.54 4.51 9.63 44,204 15.5 27.99 1.07
iShares Dow Jones US Energy IYE 0.48 1,156.8 16.96 38.74 19.00 19.28 3.42 9.53 66,403 16.3 26.20 1.13
iShares DJ US Oil & Gas Expl/Prod IEO 0.48 577.3 16.91 37.78 18.65 41.06 3.11 - 17,379 22.1 33.82 0.39
Credit Suisse Cushing 30 MLP MLPN 0.85 126.5 6.73 - - - - - - - - -
JPMorgan Alerian MLP ETN AMJ 0.85 2,563.7 5.70 31.19 34.53 - - - - - - 4.73
UBS E-TRACS MLP Infrastr ETN MLPI 0.85 190.4 5.47 - - - - - - - - -
PowerShares WilderHill Clean Energy PBW 0.70 562.6 3.66 8.13 -5.55 27.61 -18.09 -12.65 1,325 18.0 39.71 -
Alerian MLP AMLP 0.85 939.8 3.32 - - - - - 6,615 21.3 - -
Financials
First Trust Financials AlphaDEX FXO 0.70 166.3 5.27 14.73 19.25 33.55 5.26 - 6,630 11.3 30.97 1.20
iShares Dow Jones US Insurance IAK 0.47 102.2 3.51 9.00 20.03 14.01 -6.87 - 11,602 11.2 35.10 1.76
Vanguard Financials VFH 0.24 676.1 3.18 6.00 14.83 14.32 -7.50 -8.23 21,817 13.8 34.38 1.29
iShares Dow Jones US Financial IYF 0.48 552.7 3.12 4.81 12.20 16.86 -8.29 -8.93 26,818 14.4 34.28 1.05
Financial Select SPDR XLF 0.20 8,155.4 3.02 3.85 11.91 17.50 -11.00 -10.71 47,215 13.9 37.34 0.99
iShares DJ US Broker-Dealers IAI 0.48 185.1 2.98 7.27 4.87 42.07 -5.82 - 5,938 19.3 31.09 1.57
SPDR KBW Insurance KIE 0.35 209.8 2.83 8.76 26.08 27.92 0.31 -1.18 12,343 12.5 39.01 1.60
iShares DJ US Financial Services IYG 0.48 249.0 1.92 -0.59 7.71 16.11 -10.82 -11.56 43,177 14.6 36.65 0.45
Regional Bank HOLDRS RKH - 176.7 1.36 0.04 12.62 3.29 -7.97 -8.08 64,130 12.6 38.04 -
SPDR KBW Regional Banking KRE 0.35 667.1 0.97 3.07 20.65 -21.93 -6.51 - 1,322 21.3 33.15 1.36
SPDR KBW Bank KBE 0.35 1,922.5 -0.17 0.65 23.07 -1.82 -10.97 -10.87 26,088 15.3 41.64 0.57
iShares DJ US Regional Banks IAT 0.48 142.8 -0.97 0.54 20.25 -10.92 -9.26 - 9,515 17.4 34.04 1.16
Health Care
iShares DJ US Healthcare Providers IHF 0.47 250.7 14.93 18.90 11.47 35.44 9.64 - 9,521 12.9 26.76 0.17
PowerShares S&P SmCap Health Care PSCH 0.29 137.6 11.88 - - - - - 1,205 18.7 - -
First Trust Health Care AlphaDEX FXH 0.70 101.2 11.09 20.00 19.01 51.22 16.93 - 8,685 14.6 21.00 0.10
iShares DJ US Medical Devices IHI 0.47 456.5 9.08 10.09 11.35 38.49 4.31 - 7,942 20.3 24.73 0.07
iShares Nasdaq Biotechnology IBB 0.48 1,462.4 7.21 10.79 14.84 15.17 10.04 4.18 5,873 19.6 22.36 0.51
Vanguard Health Care VHT 0.24 667.0 6.74 7.75 5.61 21.81 5.98 3.44 24,242 14.5 18.26 1.63
Biotech HOLDRS BBH - 675.1 6.67 2.98 2.15 11.49 7.66 2.26 25,246 12.9 21.27 -
iShares DJ US Healthcare IYH 0.48 601.4 6.11 6.00 4.13 20.96 5.04 3.13 31,539 16.5 17.98 1.54
SPDR S&P Biotech XBI 0.35 470.7 5.85 11.38 17.60 0.36 8.18 6.22 2,744 - 25.93 -
Health Care Select SPDR XLV 0.20 2,944.8 5.57 5.13 3.32 19.49 4.07 2.54 42,517 16.2 17.57 1.86
First Trust NYSE Arca Biotechnology FBT 0.60 218.3 5.34 10.87 36.94 45.05 22.29 - 4,820 - 29.48 -
iShares DJ US Pharmaceuticals IHE 0.47 162.5 3.96 12.80 12.72 30.06 13.05 - 13,878 16.4 18.70 1.37
Pharmaceutical HOLDRS PPH - 1,140.4 3.41 3.79 1.67 20.47 4.45 2.87 78,404 15.1 16.85 -
SPDR S&P Pharmaceuticals XPH 0.35 210.7 1.80 12.22 22.47 27.60 16.74 - 6,897 17.3 19.66 0.76
PowerShares Dyn Biotech/Genome PBE 0.63 199.2 -0.50 12.21 31.47 21.91 9.25 3.96 3,022 17.1 24.65 -
Industrials
iShares DJ US Aerospace/Defense ITA 0.47 147.8 9.37 12.22 16.60 25.32 4.04 - 9,020 15.7 28.68 0.92
iShares Dow Jones US Industrial IYJ 0.47 511.7 8.97 24.14 25.49 25.81 3.20 4.08 20,359 19.0 28.78 1.47
PowerShares Aerospace/Defense PPA 0.66 115.0 8.88 10.13 10.59 23.04 2.42 4.21 11,286 13.9 26.12 0.85
Vanguard Industrials VIS 0.24 570.5 8.56 23.88 27.32 22.05 2.42 3.83 18,102 18.4 29.56 1.21
Industrial Select SPDR XLI 0.20 4,114.7 8.47 22.94 27.85 22.00 2.64 4.35 34,714 18.9 28.77 1.69
Yield
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
16 ETFR • May 2011

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Industrials (continued)
PowerShares Water Resources PHO 0.64 1,275.3 7.11 17.35 13.27 18.01 2.44 3.01 2,388 19.2 29.76 0.50
iShares DJ Transportation Avg IYT 0.47 632.6 4.14 22.78 26.74 18.93 5.46 4.40 10,379 23.4 28.26 1.10
Technology
PowerShares S&P SmCap Infotech PSCT 0.29 101.1 9.00 - - - - - 1,017 21.3 - -
First Trust Technology AlphaDEX FXL 0.70 186.5 8.06 31.70 26.64 66.79 12.10 - 7,049 15.7 30.03 0.02
SPDR S&P Semiconductor XSD 0.35 149.5 7.39 23.06 15.71 98.99 15.43 2.29 3,026 18.6 33.88 0.67
Software HOLDRS SWH - 159.3 7.09 19.01 12.48 44.03 9.94 6.44 40,727 20.5 24.22 -
Rydex S&P Equal Wt Technology RYT 0.50 131.7 6.86 21.56 17.89 69.07 9.87 - 13,388 17.1 28.88 0.34
Semiconductor HOLDRS SMH - 1,289.3 6.69 26.14 18.52 61.55 8.24 0.30 22,046 14.0 29.60 -
iShares PHLX SOX Semiconductor SOXX 0.48 254.1 6.25 20.99 14.32 74.92 7.15 -1.20 13,252 13.3 33.14 1.05
iShares S&P NA Multimedia Netwk IGN 0.48 313.2 6.21 24.15 24.30 60.57 9.57 -0.38 8,443 21.2 34.48 0.08
iShares S&P North Amer Software IGV 0.48 545.1 6.13 27.68 24.64 47.53 11.42 8.35 12,230 26.1 25.20 -
PowerShares Dynamic Networking PXQ 0.63 182.5 6.10 36.97 46.46 63.13 24.49 9.44 3,898 29.4 29.52 0.38
First Trust Dow Jones Internet FDN 0.60 693.6 5.94 36.38 36.72 79.07 17.91 - 9,292 26.9 28.29 0.11
Internet HOLDRS HHH - 409.7 5.35 24.74 24.35 82.50 11.87 5.81 38,283 30.5 29.98 -
First Trust NASDAQ-100-Technology QTEC 0.60 587.2 5.10 24.11 21.71 79.71 14.03 - 20,119 18.3 29.68 0.37
Vanguard Information Technology VGT 0.24 1,830.4 4.41 15.00 12.78 61.89 8.84 5.29 41,321 17.2 25.65 0.56
iShares S&P North Amer Technology IGM 0.48 453.4 4.28 14.11 11.98 62.42 8.02 5.32 43,551 16.9 25.86 0.49
Technology Select SPDR XLK 0.20 6,971.8 3.80 14.43 11.41 51.25 6.79 4.58 74,816 16.1 23.54 1.28
iShares Dow Jones US Technology IYW 0.47 1,565.6 3.46 14.50 12.42 63.79 8.78 5.38 57,444 16.4 25.52 0.42
SPDR Morgan Stanley Technology MTK 0.50 226.8 2.51 13.80 15.31 70.44 9.16 4.75 38,494 17.7 28.06 0.45
Telecom
Telecom HOLDRS TTH - 183.7 4.81 27.34 16.38 7.05 1.13 2.70 83,297 10.2 19.10 -
Vanguard Telecom Services VOX 0.24 356.3 4.48 25.53 19.51 29.45 6.51 4.44 20,066 13.7 21.53 2.78
iShares DJ Telecommunications IYZ 0.48 636.8 2.63 22.98 20.72 26.22 4.37 2.05 13,699 15.3 24.02 3.01
Utilities
Vanguard Utilities VPU 0.24 687.4 3.89 14.18 7.05 11.27 -0.32 4.94 9,504 12.3 16.72 3.75
iShares Dow Jones US Utilities IDU 0.48 504.0 3.89 14.09 7.21 12.31 -1.15 4.33 10,566 14.0 17.02 3.71
Utilities Select SPDR XLU 0.20 3,934.3 2.65 12.10 5.35 11.69 -1.66 4.42 14,026 13.4 16.94 4.10
Utilities HOLDRS UTH - 264.1 2.38 10.46 4.23 6.76 -3.66 0.68 19,752 12.4 16.87 -
Global Equity
Guggenheim Solar TAN 0.65 227.2 20.55 3.21 -28.50 16.88 - - 2,126 16.0 - 0.33
iShares S&P Global Energy IXC 0.48 1,514.2 13.72 28.32 11.79 24.71 3.15 7.68 81,175 15.6 26.90 1.62
Market Vectors Glb Alt Energy GEX 0.62 159.0 13.34 -0.24 -19.20 7.12 -21.67 - 3,682 15.1 42.50 0.84
iShares S&P Global Timber/Forestry WOOD 0.48 279.5 13.06 26.06 16.19 37.71 - - 5,166 14.3 - 2.20
PowerShares Global Clean Energy PBD 0.75 211.2 12.61 6.22 -16.09 31.84 -14.85 - 2,043 17.6 40.52 0.12
Guggenheim Timber CUT 0.70 213.8 12.60 28.30 18.19 50.20 5.67 - 3,873 13.8 39.29 2.57
PowerShares Cleantech PZD 0.67 159.1 11.64 20.69 7.61 35.58 -1.33 - 3,831 20.8 34.94 0.02
Market Vectors Rare Earth Metals REMX 0.57 463.2 9.58 - - - - - 1,261 - - -
Market Vectors Hard Assets Producers HAP 0.65 257.8 8.99 26.13 16.52 42.51 - - 32,640 16.1 - 0.74
PowerShares Listed Private Equity PSP 0.60 430.7 7.81 23.53 25.90 30.22 -11.10 - 2,232 11.0 42.29 4.72
Jefferies TR/J CRB Glb Commodity Eq CRBQ 0.65 153.6 7.56 26.01 16.96 - - - 43,871 17.1 - 0.92
Market Vectors Coal KOL 0.59 833.6 7.37 35.07 31.34 144.65 10.65 - 8,474 22.3 54.05 0.39
iShares S&P Global Industrials EXI 0.48 239.1 7.31 21.27 23.28 25.93 1.11 - 28,158 18.3 28.94 1.38
SPDR Global Natural Resources GNR 0.40 125.1 6.09 - - - - - 49,388 14.8 - -
iShares S&P Glb Telecommunications IXP 0.48 428.2 5.97 21.80 11.63 11.28 1.68 7.40 70,707 12.3 20.53 4.01
iShares S&P Global Infrastructure IGF 0.48 518.1 5.33 12.25 6.97 18.14 -3.14 - 13,136 14.3 25.70 3.53
SPDR DJ Global Titans DGT 0.50 155.2 5.02 9.78 4.99 23.04 -2.18 0.68 158,071 13.4 21.67 2.15
iShares S&P Global 100 IOO 0.40 1,110.0 4.95 10.14 5.91 24.02 -0.73 2.33 106,678 13.5 23.72 2.10
Market Vectors Agribusiness MOO 0.56 3,735.3 4.67 25.04 23.04 58.74 2.37 - 16,408 19.0 34.41 0.59
iShares S&P Global Financials IXG 0.48 296.3 4.60 4.55 3.90 31.74 -9.20 -7.00 44,790 12.2 38.15 2.02
iShares S&P Global Healthcare IXJ 0.48 479.6 4.52 5.52 1.87 17.54 3.25 1.90 48,020 15.9 18.69 2.10
Vanguard Total World Stock VT 0.25 936.2 4.31 14.15 13.07 32.66 - - 33,603 14.2 - 1.85
Global X Silver Miners SIL 0.65 586.2 3.98 - - - - - 3,755 42.1 - -
SPDR DJ Global Real Estate RWO 0.50 247.1 3.59 22.62 24.01 32.04 - - 6,535 15.4 - 6.90
iShares MSCI ACWI ACWI 0.35 1,900.3 3.31 13.29 12.82 32.31 0.66 - 37,850 14.9 25.86 1.67
PowerShares Global Agriculture PAGG 0.75 129.6 3.03 21.80 20.96 49.22 - - 15,809 19.2 - 0.92
iShares S&P Glb Consumer Discr RXI 0.48 136.4 2.44 18.05 23.29 37.45 4.77 - 25,915 17.3 26.90 1.04
Market Vectors Steel SLX 0.55 271.5 2.40 10.27 19.65 112.78 -2.64 - 17,090 13.7 48.61 1.38
Market Vectors Gaming BJK 0.65 128.6 2.30 27.76 37.88 36.20 -4.45 - 6,046 21.4 36.37 2.53
PowerShares Global Water PIO 0.75 363.3 2.10 14.52 11.24 39.02 -1.66 - 2,606 16.4 31.32 0.85
Guggenheim S&P Global Water CGW 0.65 240.0 2.02 17.29 15.02 31.54 0.38 - 4,512 17.1 26.17 1.97
iShares S&P Global Technology IXN 0.48 609.4 1.90 8.96 10.44 52.44 4.26 2.70 59,138 16.2 26.45 0.66
iShares S&P Global Materials MXI 0.48 832.9 1.84 19.50 19.92 60.38 1.01 - 29,432 16.5 34.44 1.62
iShares S&P Global Consumer Staples KXI 0.48 313.0 1.60 10.58 13.16 21.72 3.93 - 52,560 15.8 16.96 2.29
iShares S&P Global Utilities JXI 0.48 254.1 1.50 4.70 -1.79 6.22 -6.49 - 20,457 11.4 19.64 4.17
First Trust ISE Global Copper CU 0.70 437.3 -0.27 41.60 - - - - 9,352 17.2 - 0.81
Market Vectors Junior Gold Miners GDXJ 0.59 2,246.2 -1.68 63.86 66.53 - - - 1,164 - - 7.49
Yield
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
ETFR • May 2011 17

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Global Equity (continued)
Market Vectors Gold Miners GDX 0.53 6,665.9 -2.23 36.22 33.90 36.72 8.33 - 14,313 22.9 47.85 0.67
Global X Copper Miners COPX 0.65 101.5 -2.50 - - - - - 6,824 13.8 - -
Global X Lithium LIT 0.75 184.7 -5.34 - - - - - 1,708 21.3 - -
Market Vectors Uranium/Nuclear NLR 0.62 197.7 -9.23 6.35 16.59 17.33 -6.43 - 4,647 9.2 35.02 4.60
Global X Uranium URA 0.69 232.4 -27.45 - - - - - 1,741 - - -
Global Equity - Ex US
SPDR S&P World ex-US GWL 0.34 144.0 4.01 14.22 11.29 28.63 -1.33 - 23,353 14.1 27.30 2.19
SPDR MSCI ACWI ex-US CWI 0.34 468.1 3.54 13.73 11.60 37.14 0.10 - 32,051 14.3 28.71 2.24
Vanguard FTSE All-World ex-US VEU 0.22 7,375.0 3.33 13.36 11.79 37.61 -0.79 - 26,800 14.3 28.90 2.07
iShares MSCI ACWI ex US ACWX 0.35 923.3 3.20 11.85 10.44 36.28 -1.58 - 30,141 14.8 29.26 2.22
Vanguard FTSE All-Wrld ex-US SmCap VSS 0.33 968.5 2.32 22.84 25.63 - - - 1,462 15.5 - 2.14
iShares S&P Asia 50 AIA 0.52 239.2 1.90 20.69 19.56 60.79 5.38 - 52,107 13.1 29.99 1.54
SPDR DJ International Real Estate RWX 0.59 1,745.4 0.74 21.52 21.83 36.34 -3.99 - 6,138 9.4 30.92 8.79
Vanguard Global ex-US Real Estate VNQI 0.35 130.7 -0.02 - - - - - 5,445 11.6 - -
iShares MSCI All Country Asia ex-Jpn AAXJ 0.69 2,010.4 -1.13 12.86 16.22 68.40 - - 20,370 13.2 - 1.53
Global Equity - Developed
iShares MSCI Spain EWP 0.54 290.6 15.46 6.88 -18.61 32.89 -6.46 4.79 35,535 - 37.61 5.10
Guggenheim Canadian Energy Inc ENY 0.70 260.7 13.71 31.34 22.60 60.41 1.27 - 6,563 20.7 40.43 2.27
iShares MSCI Italy EWI 0.54 155.3 13.43 4.10 -14.20 21.97 -11.05 -4.49 25,122 11.2 36.39 1.71
iShares S&P NA Natural Resources IGE 0.48 2,501.0 12.53 38.23 23.34 37.10 4.57 9.16 37,152 18.9 30.42 1.36
SPDR Euro STOXX 50 FEZ 0.29 170.3 10.73 8.79 -7.75 25.23 -6.74 1.03 61,660 13.0 34.13 3.14
iShares MSCI France EWQ 0.54 353.9 10.14 10.91 -2.38 27.12 -4.58 1.23 38,636 15.0 33.03 2.47
iShares MSCI EMU EZU 0.54 874.9 9.84 11.11 -3.00 26.41 -7.16 0.83 34,804 13.2 34.10 2.39
iShares MSCI Netherlands EWN 0.53 192.7 9.29 15.04 4.95 40.67 -3.61 3.39 20,328 15.1 33.41 1.40
iShares MSCI Canada EWC 0.53 6,470.6 8.42 22.54 19.80 53.07 5.35 8.95 24,814 19.7 31.87 1.49
iShares MSCI Germany EWG 0.53 2,869.1 8.40 20.46 8.31 20.31 -3.50 4.90 41,382 12.8 33.85 1.10
iShares MSCI Kokusai TOK 0.25 659.8 8.08 18.12 11.45 31.45 1.21 - 42,341 15.0 24.48 1.96
WisdomTree Intl Div ex-Financials DOO 0.58 149.9 7.16 15.48 5.70 33.13 -3.30 - 27,177 11.9 30.78 4.01
iShares S&P Europe 350 IEV 0.60 1,343.1 6.47 12.23 3.74 28.90 -4.25 1.70 45,612 13.2 29.53 2.35
Vanguard European VGK 0.14 3,157.2 5.83 13.04 6.05 31.33 -4.02 2.12 39,809 12.6 29.82 4.45
WisdomTree DEFA DWM 0.48 458.0 5.36 11.34 5.19 27.12 -3.53 - 30,859 12.7 27.57 3.21
WisdomTree Intl LargeCap Dividend DOL 0.48 164.5 5.29 8.96 1.87 24.99 -3.84 - 59,800 12.4 27.78 3.33
iShares MSCI South Korea EWY 0.61 4,830.2 5.16 29.84 29.58 71.72 6.13 7.68 16,580 14.9 42.29 0.69
iShares MSCI Sweden EWD 0.53 631.1 5.00 32.27 36.11 55.00 6.38 8.04 18,879 11.5 35.96 1.68
iShares MSCI Austria EWO 0.54 223.8 4.79 20.19 15.81 57.66 -8.22 -2.78 5,894 16.0 44.65 1.07
iShares MSCI Australia EWA 0.53 3,219.4 4.64 14.81 15.35 67.90 5.50 10.56 33,204 15.6 34.71 3.13
PowerShrs F/R Dev Mkts ex-US SmMid PXF 0.75 250.0 4.49 12.28 6.81 36.02 -0.97 - 30,691 13.6 31.52 2.34
iShares MSCI EAFE Value EFV 0.40 1,458.3 4.41 8.54 4.59 28.28 -3.55 0.26 36,065 11.8 29.45 3.11
WisdomTree Intl MidCap Dividend DIM 0.58 156.0 4.37 14.86 11.31 33.99 -0.76 - 5,777 13.2 28.96 2.99
Schwab International Equity SCHF 0.13 601.5 4.04 12.12 9.31 - - - 29,593 14.0 - 1.66
Schwab Intl Small-Cap Equity SCHC 0.35 147.3 3.84 23.21 - - - - 1,752 13.3 - 2.21
IQ Canada Small Cap CNDA 0.69 118.9 3.38 40.33 - - - - 1,945 22.7 - 1.34
Vanguard MSCI EAFE VEA 0.15 6,102.7 3.24 10.45 8.33 27.52 -2.79 - 31,214 13.8 27.83 2.42
iShares MSCI EAFE EFA 0.35 39,097.9 3.19 10.31 8.25 26.88 -3.01 1.15 32,535 14.4 27.68 2.33
iShares MSCI United Kingdom EWU 0.53 1,338.2 3.11 13.22 10.28 36.12 -2.56 1.19 54,664 14.6 27.12 2.38
iShares MSCI Pacic ex-Japan EPP 0.50 4,029.9 2.83 16.62 17.77 63.22 5.62 10.68 26,065 14.7 32.36 3.22
WisdomTree Intl SmCap Dividend DLS 0.58 475.7 2.72 16.10 19.43 37.09 -0.70 - 1,123 13.5 29.08 2.64
iShares MSCI EAFE Small Cap SCZ 0.40 1,511.6 2.68 19.46 21.51 42.78 0.26 - 1,504 14.5 29.80 2.78
SPDR S&P International Small Cap GWX 0.59 928.9 2.43 21.25 24.96 38.30 1.61 - 1,151 14.4 29.04 2.31
iShares MSCI EAFE Growth EFG 0.40 1,416.8 1.91 12.17 13.11 24.15 -2.74 1.93 29,363 17.9 26.36 1.75
WisdomTree Intl Real Estate DRW 0.58 122.7 1.90 19.10 17.68 43.07 -4.79 - 5,879 9.8 32.66 9.28
iShares FTSE E/N Dev Real Estate ex-US IFGL 0.48 399.3 1.72 15.84 14.57 42.86 -4.63 - 7,037 9.8 30.99 6.19
PowerShares DWA Dev Mkts Tech Ldrs PIZ 0.80 133.7 0.90 17.93 21.07 37.76 -1.33 - 10,905 16.5 30.64 0.43
iShares MSCI Switzerland EWL 0.53 496.3 0.84 11.24 14.48 22.05 0.98 5.34 57,307 13.7 24.24 1.28
iShares S&P Dev Ex-US Property WPS 0.48 146.5 0.37 16.82 18.13 37.27 -3.84 - 6,125 10.1 32.19 5.42
iShares MSCI Hong Kong EWH 0.53 1,845.5 0.05 19.42 24.16 54.94 5.33 10.04 19,104 12.5 28.28 2.37
SPDR Russell/Nomura SmCap Japan JSC 0.55 113.7 -1.05 7.57 17.98 3.91 1.52 - 943 16.5 21.75 1.64
iShares MSCI Singapore EWS 0.53 1,877.2 -1.30 22.78 24.51 67.83 6.23 13.20 13,638 12.5 33.75 3.10
Vanguard Pacic VPL 0.14 1,571.6 -2.12 6.30 15.50 20.35 -0.50 -0.29 19,965 16.8 24.85 4.02
iShares MSCI Israel Capped EIS 0.61 127.4 -2.40 4.10 15.39 81.19 9.10 - 6,431 15.1 26.52 3.23
WisdomTree Japan SmCap Dividend DFJ 0.58 235.7 -2.53 5.38 17.40 0.94 0.56 - 816 15.4 20.58 1.74
WisdomTree Japan Hedged Equity DXJ 0.48 495.0 -3.41 -11.66 -1.77 1.19 -7.34 - 12,044 13.2 21.73 1.21
iShares MSCI Japan EWJ 0.54 7,402.4 -5.45 0.21 13.61 3.14 -4.57 -5.35 17,036 16.2 22.88 1.36
iShares S&P/TOPIX 150 ITF 0.50 108.4 -5.66 -0.19 14.05 3.36 -4.79 -5.23 22,202 13.9 23.26 1.58
Global Equity - Emerging
SPDR S&P Emerging Europe GUR 0.59 280.7 10.96 22.05 15.70 78.98 -2.08 - 18,336 13.0 41.32 0.86
SPDR S&P Russia RBL 0.59 145.6 10.46 30.11 - - - - 26,963 - - 0.49
Market Vectors Russia RSX 0.62 3,938.5 9.81 21.79 22.14 139.25 -2.49 - 37,688 12.7 50.45 0.44
SPDR S&P BRIC 40 BIK 0.50 557.5 7.55 18.54 11.37 78.35 3.97 - 89,718 12.7 34.00 1.45
Yield
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
18 ETFR • May 2011

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Global Equity - Emerging (continued)
iShares MSCI Poland EPOL 0.61 121.3 6.58 - - - - - 5,548 13.8 - -
First Trust ISE Chindia FNI 0.60 168.3 6.00 20.84 18.17 82.55 10.15 - 16,153 21.6 37.49 0.65
SPDR S&P China GXC 0.59 717.4 5.39 13.09 7.58 60.45 6.69 - 34,036 13.7 33.23 1.20
iShares S&P Emrg Mkts Infrastructure EMIF 0.75 136.0 4.83 18.92 18.66 - - - 7,907 16.5 - 2.52
PowerShares Golden Dragon China PGJ 0.70 436.5 4.47 13.09 11.31 63.14 4.54 11.86 9,494 15.3 34.16 0.64
iShares FTSE/Xinhua China 25 FXI 0.72 7,958.1 4.22 8.29 3.51 47.28 1.54 14.31 84,779 11.6 33.05 1.41
iShares MSCI Thailand THD 0.62 589.4 3.41 43.73 56.76 81.30 13.05 - 6,477 - 36.75 2.37
Market Vectors Indonesia IDX 0.60 451.5 2.87 29.85 41.77 - - - 7,831 16.6 - 0.92
iShares MSCI Malaysia EWM 0.53 948.7 2.85 29.96 38.97 49.34 11.11 18.07 8,714 19.4 21.99 2.34
Guggenheim BRIC EEB 0.60 752.2 2.77 13.13 10.70 86.11 3.55 - 46,650 13.3 34.90 1.82
iShares MSCI Indonesia EIDO 0.61 208.3 2.58 - - - - - 9,411 18.3 - -
iShares MSCI BRIC BKF 0.69 1,226.2 2.40 10.55 9.21 85.39 2.12 - 33,625 13.4 36.74 1.70
iShares MSCI Emrg Mkts EEM 0.69 38,230.2 2.16 17.29 16.54 68.82 4.73 9.89 18,667 14.5 32.76 1.33
First Trust BICK BICK 0.64 196.3 2.13 - - - - - 20,244 16.3 - -
PowerShares FTSE RAFI Emrg Mkts PXH 0.85 554.0 1.98 15.72 13.26 67.02 5.77 - 36,857 12.5 33.09 1.00
Vanguard MSCI Emrg Mkts VWO 0.22 47,079.8 1.67 18.13 19.45 76.29 4.07 10.30 20,255 14.8 32.41 1.67
iShares MSCI Mexico EWW 0.53 1,617.5 1.50 18.92 27.95 53.82 3.72 12.08 20,157 17.8 34.33 0.86
SPDR S&P Emrg Mkts GMM 0.59 225.5 1.25 17.57 18.78 72.29 4.92 - 18,639 14.9 32.72 1.43
PowerShares BLDRS Emrg Mkts 50 ADR ADRE 0.30 623.5 0.81 12.21 10.98 65.54 2.07 10.64 51,980 13.6 31.39 1.64
Schwab Emerging Markets Equity SCHE 0.25 403.4 0.79 17.24 - - - - 22,558 15.1 - 0.80
PowerShares Emrg Mkts Infrastructure PXR 0.75 201.7 0.55 21.48 26.20 86.98 - - 7,027 14.0 - 0.83
SPDR S&P Emerging Asia Pacic GMF 0.59 731.4 0.51 18.43 19.50 70.33 5.91 - 15,946 15.3 33.74 1.31
PowerShrs DWA Emrg Mkts Tech Ldrs PIE 0.90 287.0 0.41 20.22 25.11 57.65 -5.32 - 4,609 16.9 37.04 0.34
iShares MSCI Brazil EWZ 0.61 13,201.8 0.14 9.27 7.69 121.50 4.50 17.91 32,246 12.6 40.22 3.65
iShares S&P Latin America 40 ILF 0.50 2,672.5 -0.13 14.23 15.53 91.00 4.66 16.38 38,599 14.9 34.98 2.18
SPDR S&P Emerging Latin America GML 0.59 230.9 -1.21 13.10 15.39 103.84 5.16 - 27,913 14.3 37.55 2.55
WisdomTree Emrg Mkts SmCap Div DGS 0.63 927.5 -1.67 23.27 30.19 83.15 10.47 - 1,565 12.5 32.62 2.62
Market Vectors Brazil Small-Cap BRF 0.65 942.0 -1.68 31.94 24.12 - - - 1,792 17.3 - 1.34
EGS DJ Emrg Mkts Consumer Titans ECON 0.85 194.7 -2.01 - - - - - 16,685 22.3 - -
iShares MSCI South Africa EZA 0.61 641.5 -2.34 23.83 36.91 51.23 13.03 8.18 13,838 15.0 36.02 2.49
Guggenheim China Small Cap HAO 0.75 374.1 -2.89 7.13 15.85 96.55 10.51 - 1,934 12.1 38.61 1.52
iShares MSCI Turkey TUR 0.61 572.4 -3.58 13.93 25.64 102.82 13.39 - 5,628 11.5 45.94 2.00
iShares S&P India Nifty 50 INDY 0.89 203.9 -4.34 12.52 24.45 - - - 21,859 21.8 - 0.41
Global X China Consumer CHIQ 0.65 165.5 -4.50 0.85 10.79 - - - 4,750 18.4 - 1.11
Global X/InterBolsa FTSE Colombia 20 GXG 0.78 135.0 -4.74 27.85 51.44 - - - 5,073 18.1 - 0.65
iShares MSCI Taiwan EWT 0.71 3,387.8 -4.85 20.65 22.70 73.62 1.60 6.50 10,489 19.5 34.87 1.95
Market Vectors Africa AFK 0.83 112.6 -5.00 7.29 25.27 35.00 - - 6,772 19.3 - 1.16
SPDR S&P Emrg Mkts Small Cap EWX 0.65 641.7 -5.53 12.18 23.51 94.66 - - 1,007 15.4 - 0.51
SPDR S&P Emrg Middle East/Africa GAF 0.59 159.1 -5.56 15.06 30.55 49.96 9.33 - 8,482 15.2 28.77 2.13
PowerShares India PIN 0.78 567.1 -5.66 6.37 16.29 79.68 -0.01 - 20,081 12.6 41.16 0.98
WisdomTree India Earnings EPI 0.88 1,487.1 -6.03 6.93 20.28 95.08 3.42 - 13,865 15.3 42.99 0.58
iPath MSCI India ETN INP 0.89 847.0 -6.35 8.80 21.23 102.47 3.36 - 16,117 7.9 44.87 -
iShares MSCI All Peru Capped EPU 0.62 550.5 -9.24 39.50 57.69 - - - 4,951 17.5 - 2.00
Market Vectors Vietnam VNM 0.76 283.8 -9.36 -4.40 4.10 - - - 1,822 13.4 - 1.48
Guggenheim Frontier Markets FRN 0.70 182.9 -9.74 17.77 33.88 54.34 - - 7,048 9.7 - 0.56
iShares MSCI Chile ECH 0.61 852.5 -9.75 31.92 46.57 86.02 12.22 - 7,402 26.1 26.39 0.70
Global Equity - Dividend
WisdomTree DEFA Equity Income DTH 0.58 131.5 7.84 10.79 -0.99 33.11 -4.32 - 37,405 11.9 29.99 4.09
iShares DJ Intl Select Dividend IDV 0.50 471.2 7.16 18.36 11.84 60.56 0.10 - 17,109 12.8 33.32 3.74
SPDR S&P International Dividend DWX 0.45 399.1 6.43 14.68 7.89 62.12 -1.66 - 9,617 10.2 35.35 4.37
PowerShares Intl Dividend Achievers PID 0.57 521.2 5.55 16.81 13.47 37.96 -1.02 3.24 26,902 12.2 28.59 2.88
First Trust DJ Global Select Dividend FGD 0.60 112.0 5.47 19.14 12.60 59.96 1.01 - 9,153 11.5 33.53 3.76
WisdomTree Emrg Mkts Equity Income DEM 0.63 1,325.2 2.68 21.05 24.67 58.07 10.28 - 10,071 12.5 28.22 3.22
Fixed Income - Broad Market
Vanguard Intermediate-Term Bond BIV 0.12 1,892.1 0.39 7.17 9.14 3.93 5.79 - - - 7.79 3.99
iShares Barclays Intmdt Gov/Cred Bond GVI 0.20 537.6 0.31 4.39 5.46 1.99 4.30 - - - 5.16 2.85
iShares Barclays Gov/Credit Bond GBF 0.20 107.2 0.24 4.70 5.71 3.25 4.56 - - - 6.02 3.18
Vanguard Total Bond Market BND 0.12 9,308.5 0.24 4.99 6.20 3.67 5.04 - - - 4.97 3.42
SPDR Barclays Aggregate Bond LAG 0.17 222.2 0.20 4.97 6.25 3.57 5.42 - - - 4.13 2.94
Vanguard Short-Term Bond BSV 0.12 6,097.9 0.04 2.94 3.89 1.55 3.51 - - - 3.80 2.18
iShares Barclays Aggregate Bond AGG 0.24 10,951.2 -0.01 4.67 6.37 3.01 4.94 5.70 - - 5.43 3.45
Vanguard Long-Term Bond BLV 0.12 336.3 -0.28 7.70 10.01 0.11 6.16 - - - 13.10 5.00
Fixed Income - US Government
iShares Barclays TIPS Bond TIP 0.20 19,810.3 1.94 7.97 6.13 8.95 3.78 6.10 - - 8.75 2.68
SPDR Barclays TIPS IPE 0.18 393.4 1.88 8.00 6.25 10.23 3.67 - - - 8.42 2.49
Schwab US TIPS SCHP 0.14 133.5 1.82 - - - - - - - - -
PIMCO 1-5 Year US TIPS STPZ 0.20 1,084.8 1.76 4.61 3.51 - - - - - - 1.38
PIMCO 15+ Year US TIPS LTPZ 0.20 251.4 0.56 10.03 8.66 - - - - - - 2.80
iShares Barclays MBS Bond MBB 0.33 2,484.0 0.40 4.26 5.58 4.69 5.38 - - - 3.51 3.43
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
Yield
ETFR • May 2011 19

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Fixed Income - US Government (continued)
iShares Barclays Agency Bond AGZ 0.20 383.1 0.15 2.98 3.74 1.50 - - - - - 1.87
SPDR Barclays Intermediate Treasury ITE 0.13 198.7 0.11 3.88 4.93 -1.55 3.36 - - - 3.91 2.02
iShares Barclays Short Treasury Bond SHV 0.15 4,166.2 0.01 0.11 0.12 0.16 0.63 - - - 0.33 0.09
Vanguard Short-Tm Gov Bond VGSH 0.15 111.8 0.01 1.49 2.29 - - - - - - 0.68
SPDR Barclays 1-3 Month T-Bill BIL 0.13 921.8 0.00 -0.02 -0.04 0.27 0.34 - - - 0.40 -
iShares Barclays 3-7 Yr Treasury Bond IEI 0.15 1,349.2 -0.09 4.84 6.31 -1.69 3.79 - - - 4.74 2.08
iShares Barclays 1-3 Yr Treasury Bond SHY 0.15 7,837.1 -0.12 1.46 2.28 0.36 2.01 3.96 - - 1.54 0.99
iShares Barclays 10-20 Yr Treas Bond TLH 0.15 190.2 -0.23 7.52 9.69 -9.08 4.83 - - - 12.37 3.60
PIMCO 1-3 Year US Treasury TUZ 0.09 106.5 -0.32 1.51 2.43 - - - - - - 0.80
iShares Barclays 7-10 Yr Treas Bond IEF 0.15 2,766.5 -0.38 7.21 9.36 -6.56 4.21 6.78 - - 8.53 3.16
PowerShares 1-30 Laddered Treasury PLW 0.25 281.9 -0.93 6.15 8.80 -11.09 3.65 - - - 11.22 3.30
iShares Barclays 20+ Yr Treasury Bond TLT 0.15 2,978.5 -1.44 7.22 9.04 -21.75 2.75 5.62 - - 17.96 4.25
Vanguard Ext Duration Treasury EDV 0.13 114.5 -3.77 8.12 9.90 -35.63 0.69 - - - 29.03 4.60
Fixed Income - Municipal
iShares S&P Calif Muni Bond CMF 0.25 199.4 2.93 -0.95 -2.62 8.19 3.01 - - - 7.85 4.02
SPDR Barclays Muni Bond TFI 0.23 824.5 2.21 0.93 -0.51 9.99 4.17 - - - 6.49 3.58
PowerShares Build America Bond BAB 0.29 672.2 1.94 6.88 9.38 - - - - - - 5.81
Market Vectors Intermediate Muni ITM 0.24 209.8 1.27 2.07 1.63 10.67 4.36 - - - 6.68 3.50
iShares S&P Short Tm Natl Muni SUB 0.25 409.7 0.98 1.19 0.36 4.24 - - - - - 1.27
iShares S&P Natl AMT-Free Muni MUB 0.25 1,959.4 0.89 -0.16 0.10 7.09 3.53 - - - 6.12 3.75
Market Vectors High-Yield Muni HYD 0.35 194.5 0.82 -1.13 0.34 - - - - - - 6.29
iShares BarCap Short Term Muni Bond SHM 0.20 1,270.6 0.33 1.32 1.02 4.24 3.10 - - - 2.91 1.55
PowerShares VRDO Tax-Free Weekly PVI 0.25 452.5 0.12 0.41 0.29 1.00 1.33 - - - 0.53 0.41
PowerShares Insured Natl Muni Bond PZA 0.28 476.6 -0.12 -1.71 -0.48 17.58 3.09 - - - 7.86 4.94
Fixed Income - Corporate
PowerShares Financial Preferred PGF 0.65 1,813.0 4.76 12.46 16.00 38.50 3.82 - 32,469 - 39.64 6.92
SPDR Wells Fargo Preferred Stock PSK 0.45 104.9 3.76 11.65 13.98 - - - - - - 5.83
PowerShrs Fundamntl HiYld Corp Bond PHB 0.50 452.9 3.48 10.89 9.07 23.69 1.07 - - - 20.86 7.17
iShares S&P US Preferred Stock PFF 0.48 7,082.0 3.36 10.41 13.83 38.70 6.34 - - - 32.98 7.35
PowerShares Preferred PGX 0.50 1,395.6 3.33 10.07 11.56 19.69 -1.56 - - - 29.25 6.65
SPDR Barclays High Yield Bond JNK 0.40 7,252.6 3.29 13.07 14.20 37.65 8.93 - - - 21.66 8.65
iShares iBoxx $ HiYld Corp Bond HYG 0.50 8,475.3 3.16 13.06 11.96 28.86 8.11 - - - 19.31 8.00
SPDR Barclays Convertible Bond CWB 0.40 772.8 3.00 12.72 14.01 - - - - - - 3.99
SPDR Barclays US Interm Corp Bond ITR 0.15 153.4 1.01 5.42 7.16 - - - - - - 3.57
iShares Barclays Credit Bond CFT 0.20 790.1 0.97 6.74 8.42 11.19 6.53 - - - 8.80 4.51
Vanguard Intermediate Corp Bond VCIT 0.15 392.5 0.96 8.03 9.98 - - - - - - 3.85
iShares Barclays Intermdt Credit Bond CIU 0.20 3,180.1 0.79 5.53 6.83 12.79 5.82 - - - 7.08 4.10
iShares iBoxx $ Inv Gr Corp Bond LQD 0.15 12,808.7 0.58 7.36 9.33 8.58 6.50 6.06 - - 12.27 4.85
SPDR Barclays Short Tm Corp Bond SCPB 0.12 333.0 0.57 2.95 2.80 - - - - - - 1.89
iShares Barclays 1-3 Year Credit Bond CSJ 0.20 7,958.7 0.52 2.29 2.88 7.17 3.88 - - - 4.17 2.36
Vanguard Short-Term Corporate Bond VCSH 0.15 1,374.5 0.21 3.68 5.27 - - - - - - 1.95
Fixed Income - International
SPDR Barclays Short Term Intl Treas BWZ 0.35 206.3 4.11 8.78 1.59 - - - - - - -
SPDR DB Intl Gov In-Protected Bond WIP 0.50 1,141.9 4.07 11.68 6.56 17.14 1.64 - - - 16.18 2.16
iShares S&P/Citigroup 1-3 Yr Intl Treas ISHG 0.35 128.3 3.15 7.26 1.09 - - - - - - 1.02
iShares S&P/Citigroup Intl Treasury IGOV 0.35 208.0 2.58 6.62 1.59 - - - - - - 2.26
SPDR Barclays Intl Treasury Bond BWX 0.50 1,433.7 2.36 7.60 3.82 5.44 2.56 - - - 12.21 0.61
Market Vectors Em Mkt Lcl Curr Bond EMLC 0.49 288.3 1.75 - - - - - - - - -
WisdomTree Emrg Mkts Local Debt ELD 0.55 729.2 0.80 - - - - - - - - -
PowerShares Emrg Mkts Sov Debt PCY 0.50 918.2 0.55 6.85 10.84 35.70 7.22 - - - 21.96 5.87
iShares JPM USD Emrg Mkts Bond EMB 0.60 2,311.4 0.44 7.67 10.86 15.50 7.76 - - - 19.46 5.14
PIMCO Enh Short Maturity Strategy MINT 0.35 1,190.3 0.38 1.71 1.64 - - - - - - 0.79
WisdomTree Asia Local Debt ALD 0.55 172.7 - - - - - - - - - -
Currency
CurrencyShares Euro FXE 0.40 431.1 6.06 4.78 -6.87 2.53 -2.80 4.89 - - 15.10 0.01
WisdomTree Dreyfus Brazilian Real BZF 0.45 171.0 3.92 17.57 12.46 34.01 - - - - - -
CurrencyShares Canadian Dollar FXC 0.40 679.8 3.09 4.66 4.96 15.24 2.21 - - - 13.12 0.04
CurrencyShares British Pound Sterling FXB 0.40 135.4 2.41 5.43 -3.33 10.62 -6.15 - - - 12.18 -
WisdomTree Commodity Currency CCX 0.55 131.3 2.29 - - - - - - - - -
CurrencyShares Australian Dollar FXA 0.40 731.5 2.11 16.94 17.87 29.29 8.16 - - - 19.42 3.31
CurrencyShares Swiss Franc FXF 0.40 525.1 1.53 14.31 10.54 2.21 2.51 - - - 14.87 -
WisdomTree Emerging Currency CEW 0.55 449.8 1.42 6.80 6.40 - - - - - - -
WisdomTree Chinese Yuan CYB 0.45 639.1 -0.04 1.41 1.21 1.20 - - - - - -
CurrencyShares Japanese Yen FXY 0.40 166.8 -2.46 11.98 14.20 -3.16 5.81 - - - 11.67 -
PowerShares DB US Dollar Bullish UUP 0.75 865.8 -4.05 -8.45 -1.60 -6.52 -0.69 - - - 11.80 -
Yield
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
20 ETFR • May 2011

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Commodity - Broad Market
iPath S&P GSCI ETN GSP 0.75 127.3 11.92 23.62 8.36 15.25 -13.12 - - - 32.66 -
PowerShares DB Commodity DBC 0.85 6,347.9 10.74 29.72 11.90 16.19 -4.64 6.35 - - 27.09 -
iShares S&P GSCI GSG 0.75 2,032.3 9.53 19.87 7.17 11.22 -13.58 - - - 32.07 -
United States Commodity USCI 0.95 422.2 9.43 - - - - - - - - -
ELEMENTS RICI ETN RJI 0.75 914.2 9.42 32.85 17.86 26.45 -4.78 - - - 27.66 -
UBS E-TRACS CMCI ETN UCI 0.65 157.7 6.95 28.70 18.61 40.58 - - - - - -
GreenHaven Continuous Commodity GCC 0.85 809.6 6.92 40.47 25.19 20.07 2.89 - - - 21.38 -
iPath DJ-UBS Commodity ETN DJP 0.75 3,284.9 4.54 28.83 16.23 20.09 -5.78 - - - 24.15 -
Commodity - Agricultural
iPath DJ-UBS Cotton ETN BAL 0.75 278.1 42.72 168.57 96.22 28.59 - - - - - -
iPath DJ-UBS Softs ETN JJS 0.75 244.0 9.55 98.77 58.86 43.31 - - - - - -
iPath DJ-UBS Livestock ETN COW 0.75 108.5 6.70 9.48 9.20 -15.92 -6.45 - - - 13.47 -
PowerShares DB Agriculture DBA 0.75 3,887.0 5.81 41.33 22.35 0.99 -1.50 - - - 23.23 -
ELEMENTS RICI Agriculture ETN RJA 0.75 738.7 5.69 59.80 35.01 6.29 0.67 - - - 26.57 -
iPath DJ UBS Agriculture ETN JJA 0.75 429.3 4.04 67.53 38.40 13.17 4.31 - - - 28.26 -
iPath DJ UBS Grains ETN JJG 0.75 352.5 2.87 60.54 29.85 -1.86 -3.09 - - - 32.78 -
Commodity - Energy
United States Gasoline UGA 0.60 156.4 19.60 32.98 15.11 87.97 1.26 - - - 43.51 -
PowerShares DB Energy DBE 0.75 239.8 17.00 21.99 2.63 30.36 -6.17 - - - 34.22 -
PowerShares DB Oil DBO 0.75 684.7 14.32 14.72 2.36 42.92 -4.63 - - - 36.24 -
United States 12 Month Oil USL 0.60 286.2 12.30 18.42 6.52 35.36 -6.13 - - - 35.15 -
iPath S&P GSCI Crude Oil ETN OIL 0.75 780.7 10.11 5.78 -1.04 11.22 -22.44 - - - 42.68 -
United States Oil USO 0.45 2,166.3 9.23 5.73 -0.71 18.67 -19.40 - - - 40.29 -
iPath DJ-UBS Natural Gas ETN GAZ 0.75 115.8 7.45 -8.85 -43.63 -51.15 -48.48 - - - 39.08 -
United States Natural Gas UNG 0.60 2,287.8 -4.03 -16.79 -40.56 -56.50 -50.87 - - - 38.09 -
Commodity - Industrial Metals
iPath DJ-UBS Tin ETN JJT 0.75 194.4 17.58 76.15 58.74 66.19 - - - - - -
PowerShares DB Base Metals DBB 0.75 652.2 -0.04 8.49 8.58 88.92 -0.25 - - - 30.24 -
iPath DJ-UBS Copper ETN JJC 0.75 225.4 -3.72 17.81 29.04 133.55 1.68 - - - 37.00 -
Commodity - Precious Metals
ETFS Physical Silver SIVR 0.30 698.3 22.06 114.96 82.16 - - - - - - -
iShares Silver SLV 0.50 13,556.9 21.84 114.53 82.48 47.67 29.22 - - - 36.57 -
PowerShares DB Silver DBS 0.75 412.5 21.35 113.11 81.16 47.07 28.25 - - - 36.70 -
ETFS Physical Precious Metal Basket GLTR 0.60 228.9 8.44 - - - - - - - - -
PowerShares DB Precious Metals DBP 0.75 338.4 4.88 42.09 37.56 26.58 17.30 - - - 22.98 -
iShares Gold Trust IAU 0.25 5,780.1 0.86 28.59 29.46 23.90 15.64 19.21 - - 20.66 -
ETFS Physical Swiss Gold SGOL 0.39 1,282.3 0.85 28.36 29.23 - - - - - - -
SPDR Gold GLD 0.40 56,017.2 0.82 28.37 29.27 24.03 15.65 19.21 - - 20.70 -
PowerShares DB Gold DGL 0.75 222.6 0.62 27.10 27.89 22.03 14.00 - - - 20.78 -
ETFS Physical Platinum PPLT 0.60 760.0 -0.20 6.98 - - - - - - - -
ETFS Physical Palladium PALL 0.60 785.2 -4.80 58.89 - - - - - - - -
Alpha-Seeking
First Trust Value Line 100 FVL 0.70 112.7 9.76 32.62 28.27 14.19 -1.16 1.32 3,280 15.2 24.42 -
PowerShares DWA Technical Leaders PDP 0.70 392.9 9.06 26.32 26.59 28.03 1.86 - 9,262 20.0 26.23 0.22
PowerShares Dynamic Market PWC 0.60 190.4 6.85 20.16 17.33 18.47 1.90 0.66 11,645 14.3 20.79 1.35
Guggenheim Insider Sentiment NFO 0.60 165.9 5.97 23.36 26.79 48.69 12.00 - 4,187 14.4 29.31 0.58
PowerShares S&P 500 High Quality PIV 0.50 108.4 4.90 19.89 20.50 12.59 -3.06 -3.12 22,440 16.5 21.72 0.56
PowerShares CEF Income Composite PCEF 1.62 203.0 3.33 7.42 - - - - 41,437 15.0 - 8.72
PowerShares DB G10 Currency Harvest DBV 0.75 364.8 2.61 3.26 0.85 21.22 -1.31 - - - 15.00 -
Cambria Global Tactical GTAA 1.29 145.3 2.58 - - - - - 10,797 17.6 - -
PowerShares S&P 500 BuyWrite PBP 0.75 119.1 1.28 5.34 4.89 24.00 -2.28 - 50,690 16.1 17.14 1.20
iShares Diversied Alternatives ALT 0.95 127.4 0.55 2.62 1.62 - - - - - - -
IQ Hedge Multi-Strategy Tracker QAI 1.13 124.3 -0.32 1.97 2.59 - - - 19,995 14.7 - 1.52
iPath S&P 500 VIX Mid-Tm Futures ETN VXZ 0.89 570.8 -16.29 -18.48 -14.43 - - - - - - -
iPath S&P 500 VIX Shrt-Trm Futures ETN VXX 0.89 1,436.7 -21.91 -65.05 -72.40 - - - - - - -
Asset Allocation
iShares S&P Growth Allocation AOR 0.32 104.1 3.63 11.82 11.14 18.99 - - 19,063 16.5 - 1.89
Leveraged
Direxion Daily Energy Bull 3x ERX 1.03 376.1 53.60 131.33 48.96 14.71 - - - - - 0.06
ProShares Ultra Silver AGQ 0.95 1,057.0 41.93 289.63 182.44 78.25 - - - - - -
ProShares Ultra Oil/Gas DIG 0.95 468.2 35.24 81.71 33.69 20.59 -10.82 - - - 53.62 0.34
Direxion Daily Small Cap Bull 3x TNA 1.03 755.6 21.70 61.51 69.81 42.94 - - - - - -
ProShares Ultra MidCap 400 MVV 0.95 157.8 17.93 52.21 52.88 68.15 6.15 - - - 51.83 0.01
Direxion Daily Large Cap Bull 3x BGU 1.18 305.8 17.27 41.35 39.81 65.15 - - - - - 0.19
Yield
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
ETFR • May 2011 21

May 2011 U.S.-Listed ETFs Sorted by Asset Class and Year-to-Date Return
Issue No. 126
Fund Name Ticker Exp Ratio Assets YTD 12-Mo 2010 2009 3-Yr 5-Yr Mkt Cap P/E Std Dev
Leveraged (continued)
Direxion Daily Real Estate Bull 3x DRN 1.03 139.9 17.02 49.17 63.51 - - - - - - 0.58
ProShares UltraPro S&P 500 UPRO 0.95 302.5 16.70 38.34 36.37 - - - - - - 0.13
ProShares Ultra Russell 2000 UWM 0.95 273.3 15.34 47.54 50.63 42.89 1.78 - - - 54.77 0.01
ProShares UltraPro QQQ TQQQ 0.95 203.8 15.11 53.02 - - - - - - - -
Direxion Daily Semiconductor Bull 3X SOXL 1.03 134.7 14.90 35.25 - - - - 12,669 14.8 - 0.01
ProShares Ultra DJ-UBS Crude Oil UCO 0.95 302.6 14.03 9.09 -1.46 -7.38 - - - - - -
ProShares Ultra Dow30 DDM 0.95 347.9 13.72 30.53 25.37 39.71 -3.26 - - - 40.64 0.48
ProShares Ultra Real Estate URE 0.95 534.9 13.51 42.20 48.36 12.10 -27.39 - - - 72.30 0.72
ProShares Ultra S&P 500 SSO 0.92 1,777.5 11.13 27.82 26.86 47.27 -5.89 - - - 44.59 0.63
ProShares Ultra QQQ QLD 0.95 889.8 10.49 37.48 36.90 121.20 8.77 - - - 51.08 -
ProShares Ultra Basic Materials UYM 0.95 398.3 10.37 56.42 57.39 126.82 -10.36 - - - 70.16 0.06
Direxion Daily Financial Bull 3x FAS 1.02 1,928.3 8.75 -5.84 13.02 -41.44 - - - - - -
PowerShares DB Ag Dbl Long ETN DAG 0.75 127.3 6.40 110.26 30.88 5.70 - - - - - -
ProShares Ultra Technology ROM 0.95 140.7 5.90 23.64 19.91 146.38 6.72 - - - 51.52 -
ProShares Ultra Financials UYG 0.95 1,274.4 5.41 3.06 18.04 -5.50 -37.76 - - - 66.66 0.06
Direxion Daily Technology Bull 3x TYH 2.25 262.6 4.18 23.72 21.28 240.15 - - - - - -
ProShares Ultra Gold UGL 0.95 250.7 0.58 56.74 58.28 41.39 - - - - - -
PowerShares DB Gold Double Long ETN DGP 0.75 500.3 0.30 58.89 62.37 46.16 23.70 - - - 41.90 -
Direxion Daily Emrg Mkts Bull 3x EDC 1.01 381.1 0.10 25.99 24.29 206.32 - - - - - 0.49
Yield
Inverse
PowerShares DB US Dollar Bearish UDN 0.75 157.8 3.84 6.07 -1.60 5.19 -1.36 - - - 11.34 -
ProShares UltraShort Yen YCS 0.95 368.4 3.83 -24.11 -26.43 -2.52 - - - - - -
Direxion Daily 30-Yr Treasury Bear 3x TMV 0.65 487.3 1.18 -33.76 -36.69 - - - - - - -
ProShares UltraShort 20+ Yr Treasury TBT 0.95 6,022.8 1.08 -23.11 -25.74 32.20 - - - - - -
ProShares Short 20+ Yr Treasury TBF 0.95 960.6 0.16 -11.20 -12.39 - - - - - - -
ProShares UltraShort 7-10 Yr Treasury PST 0.95 478.1 -0.05 -17.92 -21.51 2.43 - - - - - -
ProShares Short MSCI Emrg Mkts EUM 0.95 215.4 -3.36 -21.03 -20.92 -50.67 -25.34 - - - 26.86 -
ProShares Short S&P 500 SH 0.92 1,563.4 -6.09 -16.85 -16.59 -27.02 -10.39 - - - 20.71 -
ProShares Short QQQ PSQ 0.95 271.0 -6.14 -20.77 -20.61 -40.20 -17.21 - - - 23.34 -
ProShares Short Dow30 DOG 0.95 237.9 -7.08 -16.99 -15.29 -23.66 -9.90 - - - 19.37 -
ProShares UltraShort MSCI Emrg Mkts EEV 0.95 126.8 -7.35 -41.42 -41.82 -79.25 -57.94 - - - 49.61 -
ProShares UltraShort Financials SKF 0.95 304.8 -8.33 -25.30 -35.33 -76.48 -50.34 - - - 66.18 -
ProShares Short Russell 2000 RWM 0.95 295.9 -8.48 -26.65 -27.39 -32.86 -20.09 - - - 26.18 -
ProShares UltraShort China 25 FXP 0.95 179.7 -11.87 -32.54 -28.30 -76.27 -61.46 - - - 55.95 -
ProShares UltraShort S&P 500 SDS 0.90 2,202.8 -11.95 -32.49 -32.21 -50.59 -26.42 - - - 39.11 -
ProShares UltraShort Euro EUO 0.95 381.8 -12.11 -14.18 8.61 -12.04 - - - - - -
ProShares UltraShort QQQ QID 0.95 722.6 -12.38 -39.12 -38.90 -66.80 -37.86 - - - 44.34 -
ProShares UltraShort Dow 30 DXD 0.95 321.6 -13.77 -32.39 -29.76 -44.98 -24.45 - - - 36.67 -
ProShares UltraShort Real Estate SRS 0.95 202.1 -14.77 -48.81 -51.63 -85.21 -67.65 - - - 70.63 -
Direxion Daily Financial Bear 3x FAZ 1.15 687.8 -14.88 -40.29 -51.36 -94.56 - - - - - -
ProShares UltraShort Russell 2000 TWM 0.95 445.2 -16.86 -49.33 -50.14 -60.27 -44.17 - - - 50.03 -
ProShares UltraPro Short S&P 500 SPXU 0.95 291.1 -17.88 -46.96 -46.51 - - - - - - -
ProShares UltraShort DJ-UBS Crude Oil SCO 0.95 136.8 -18.78 -32.68 -25.49 -56.89 - - - - - -
Direxion Daily Large Cap Bear 3x BGZ 1.02 182.6 -18.81 -49.11 -48.74 -70.71 - - - - - -
PowerShares DB Cr Oil Dbl Short ETN DTO 0.75 138.7 -19.87 -28.63 -20.26 -54.19 - - - - - -
Direxion Daily Small Cap Bear 3x TZA 1.15 628.9 -25.09 -67.35 -68.34 -79.41 - - - - - -
ProShares UltraShort Silver ZSL 0.95 127.9 -40.61 -85.70 -79.50 -72.65 - - - - - -
READ IT IN
FIRST ETFR
The print version of the April 2011 issue of ETFR had incorrect data in the columns labeled “2010,” “2009,” “3-Yr,” and “5-Yr” in the
data section. That has been corrected in the downloadable PDF currently available on the website. The error did not appear in the
expanded data available in the online version of ETFR.
Data for every U.S.-listed ETF can be found in the online version (both in printlike PDF format or in searchable HTML at www.indexuniverse.com/ETFR) for
paid subscribers. For expanded data coverage including more than 40 data points for indexes, index funds and ETFs, visit www.indexuniverse.com/data
Data as of 03/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. YTD is year-to-date. 12-Mo is 12-month total return.
3- and 5-year returns are annualized. Mkt Cap is geometric average market capitalization. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation.
Yield is 12-month. Includes all U.S.-listed ETFs and ETNs with assets over $100 million.
22 ETFR • May 2011

VWO
Vanguard MSCI Emerging Markets ETF
Because every client’s portfolio should
include some Vanguarding. ®
VWO has a 65% lower expense ratio than the industry average. *
Lower expense ratios mean your clients can keep more of their returns. So take a
closer look at the Vanguard MSCI Emerging Markets ETF. With a lower expense ratio
than the industry average, it can help your clients build a more solid portfolio.
Are you Vanguarding your clients’ portfolios?
To take a closer look, visit advisors.vanguard.com/VWO
All investments are subject to risk. Vanguard funds are not insured or guaranteed.
To buy or sell Vanguard ETF Shares, 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/VWO, call 800-453-3398,
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.
Foreign investing involves additional risks including currency fluctuations and political uncertainty. Stocks of
companies in emerging markets are generally more risky than stocks of companies in developed countries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears
no liability with respect to any such funds or securities. For any such funds or securities, the prospectus or the
Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with
The Vanguard Group and any related funds.
*Source: Morningstar as of 6/14/2010. Based on 2010 industry average expense ratio for emerging market ETFs
of 0.62% and Vanguard VWO expense ratio of 0.22%.
© 2011 The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7,337,138. Vanguard Marketing Corporation, Distributor.