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10 RISING
STARS
www.IndexUniverse.com/ETFReport
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Volume 12 | No. 11
Contents
features
6
18
10 Rising Stars Of ETFs
In this inaugural feature, IndexUniverse profiles 10 of the best and brightest in the ETF advisor
services industry. Featuring Rick Ferri, King Lip, Michael McClary, James McDonald, Tyler Mordy,
Neil Peplinski, Mitch Reiner, Kevin Simpson, Rich Steinberg and Jeff Wycoff.
Keep Them Happy:
Ric Edelman’s Advice To The Industry
The biggest ETF advisor in the world shares his thoughts on where the industry
is going—and the best way to grow your business.
SUBSCRIBE TODAY
Subscribe by contacting Nicholas Chang
at nchang@indexuniverse.com
or by calling 415-659-9029.
The annual subscription rate is $99.
Publisher, Director of Sales
Foster Wright, 646.867.4481
fwright@indexuniverse.com
Global Head of Editorial
Matt Hougan
mhougan@indexuniverse.com
Managing Editor
Cory Banks
cbanks@indexuniverse.com
Copy Editor
Lisa Barr
Creative Director
Jeannine Gaubert Pamoukdjian
IndexUniverse LLC
353 Sacramento Street, Ste. 1520
San Francisco, CA 94111
www.IndexUniverse.com
Departments
2 New ETF Launches
iShares launches the first competitor to Guggenheim’s Frontier
Markets ETF. Plus: Our monthly look at new ETF offerings.
4 ETF Explainer: VWO
What market movements push the return of the largest
emerging markets ETF? Our explainer shows you the news
behind the performance.
22 Sectors In Review
The end of the third quarter brings big gains for almost all
of the broad sector ETFs. We highlight the best winners.
24 Why I Own: UUP
Jonathan Citrin of The Citrin Group explains why his firm
thinks UUP is the smartest play on the currency asset class.
26 ETF Data
Our monthly databank breaks down ETF returns
for every market segment.
Founder, CEO
Jim Wiandt
COO, Executive VP
Don Friedman
© 2012 IndexUniverse LLC. All rights reserved. The text, images and other materials
contained or displayed are proprietary to IndexUniverse LLC, except where otherwise
noted, and constitute valuable intellectual property. No material from any part of
any IndexUniverse LLC publication, product, service, report, email or website 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 IndexUniverse LLC. For permission to photocopy and use
material electronically, please contact reprints@indexuniverse.com or call 415.659.9029.
CORRECTION:
The October feature, “Choosing The
Best Broad-Based Commodities ETF,”
incorrectly stated the expense ratio for
the STREAM S&P Dynamic Roll Global
Commodities Fund (BNPC) as 1.24%.
Its correct expense ratio is 0.78%.

NEW Funds
ETF
Launches
etf filing activity
7%
INVERSE
8%
US EquitY
6%
ALTERNATIVES
5%
asset allocation
146
ETFs
Year-to-date
3%
commodities
40%
intl EquitY
Launches
U.S. Equity
RBS US Large Cap Alternator ETN
International Equity
iShares MSCI Frontier 100
FlexShares Mstar Emrg Mkts Factor Tilt
FlexShares Mstar Dev Mkts ex-US Factor Tilt
WisdomTree China Div Ex-Financials
Alternatives
STAR Global Buy-Write
FM Quick View
Issuer
BlackRock
Segment
Equity: Frontier
Markets - Total Market
Expense Ratio 0.79%
Structure
Open-Ended Fund
Date LAUNCHED September 12, 2012
Competing Funds
9%
INTL FIXED INCOME
Featured ETF
FRN
10%
LEVERAGED
On Sept. 12, iShares
launched an ETF targeting
frontier market
equities. The iShares
MSCI Frontier 100 Index
Fund (FM) tracks
an MSCI benchmark
that taps into stocks
from 20 frontier markets,
including Argentina,
Bangladesh, Croatia, Estonia, Jordan,
Kazakhstan, Kenya, Kuwait, Lebanon,
Mauritius, Nigeria, Oman, Pakistan, Qatar,
Romania, Serbia, Sri Lanka, Ukraine, the
United Arab Emirates and Vietnam.
The portfolio is heavily allocated to
financial names, which comprise more
than 56% of its total market capitalization.
Telecommunications, industrials
13%
US FIXED INCOME
iShares MSCI Frontier 100 Index Fund (FM)
iShares Debuts First Competitor To FRN
and energy also have a strong presence
in the fund.
iShares appears to be the first ETF sponsor
to create a broad frontier markets fund
since Guggenheim launched the market’s
first frontier markets ETF (FRN) in 2008.
But the new iShares also looks to be the first
pure-play frontier fund, as the $142 million
Guggenheim fund has heavy allocations to
countries that some index providers consider
emerging rather than frontier.
The time for FM’s launch seems right, as
investors increase allocation to international
equities—and look for more prospective
sources of returns at a time when some of
the key emerging markets economies such
as China and Brazil are slowing down.
FM comes with an annual expense ratio
of 0.79%.
GO
Filings
ALPS/GS Momentum Builder Gr Mkts
ALPS/GS Momentum Builder Multi-Asset
ALPS/GS Risk-Adj Return US Large Cap
Market Vectors EM Aggregate Bond
PureFunds ISE Diamond/Gemstone
PureFunds ISE Junior Silver
QuantShares US High Momentum
QuantShares US Low Beta
QuantShares US Relative Value
QuantShrs US High Div Abs Return
VelocityShares EM Depositary Receipt
VelocityShares Emrg Asia Dep Receipt
VelocityShares Volatility Hdgd Large Cap
VelocityShrs Tail Risk Hedged Lrg Cap
Closures
Global X, iPath and UBS all announced
multiple exchange-traded product closures
in September
ONLINE
For the latest ETF listings, visit
IndexUniverse.com/ETFWatch
2 IndexUniverse.com/ETFReport
Source: IndexUniverse. Data and information as of 9/30/2012. ETF Filings sidebar covers launches and filings for the month of September.

©2012, THE NASDAQ OMX GROUP, INC. ALL RIGHTS RESERVED.
WHERE THE WORLD’S
MARKETS GET INDEXED.
The NASDAQ Global Index Family SM covers 98% of the investable universe. Our rules-based
indexes cover approximately 9,000 securities from 45 world markets, broken down by
geography, sector, and size. That’s why, for investors, the world is growing.
LEARN MORE ABOUT THE VALUE OF OUR NEW GLOBAL INDEX FAMILY AT WWW.NASDAQOMX.COM/GLOBALINDEXFAMILY
WELCOME TO THE NASDAQ OMX CENTURY SM
COVERING
98%
OF THE INVESTABLE
UNIVERSE
9,000
SECURITIES
45
WORLD MARKETS

in detail
ETF Explainer: VWO
Vanguard MSCI Emerging Markets ETF
Each month, we look at an ETF with a particularly interesting chart and explain the market forces
behind its performance. This month we look at the Vanguard MSCI Emerging Markets ETF (VWO),
in light of Vanguard’s announced benchmark change. What drives VWO’s performance?
RETURN
VWO Quick View
30 %
Issuer
Vanguard
FEB
17 MAR
05
Segment
Equity: Emerging
Markets-Total Market
25
20
JAN
31
APR
23
Expense Ratio 0.20%
AUM
$57 Billion
Competing Funds EEM, SCHE, PXH
SEP
13
20.88%
15
JUL
07
10
DEC
20
5
0
oct nov dec jan feb mar apr may jun jul aug sep
2012
vwo ETF
DEC
20
Analysts worry that a cooling demand for raw materials will
hurt emerging markets; especially Brazil.
APR
23
China Mobile Ltd., the world’s largest phone carrier by
users, falls 3% after it missed analyst estimations.
JAN
31
Emerging markets stocks post best start to a year since
2001, as European officials agreed to reign in sovereign debt.
VWO rose 10%+ in January alone.
APR
23
Economic indicators show that Chinese manufacturing may
contract for sixth-consecutive month after European officials
claim that the sovereign debt crisis threatens global growth.
FEB
17
Emerging markets stocks rise to a 6-month high on signs of a
healthier U.S. economy and a solution to the Greek debt crisis.
JUL
07
Brazil’s central bank slashes rates to a record low of 8% in
an eighth-consecutive reduction since August 2011, while
South Korea reduces rates by 25 bps to 3%.
MAR
05
China cuts growth target to 7.5%, its lowest since 2004.
VWO drops 4.94% in 2 days.
SEP
13
Emerging markets stocks rally as the Fed announces plans
for more quantitative easing (QE3).
4 IndexUniverse.com/ETFReport
Source: Bloomberg. Data for 9/26/2011 to 9/25/2012.

HYEM
Emerging Markets
High Yield Bond ETF
INVEST BEYOND SOVEREIGNS
➤ Focuses solely on non-sovereign segment of the HY EM bond 1 market
➤ HY EM corporates currently have higher yields than HY EM sovereigns and HY U.S. corporates 2
➤ HY EM corporates historically have had lower default rates than HY U.S. corporates 3
Scan to view HYEM yield
and performance.
marketvectorsetfs.com/hyem
888.MKT.VCTR
1
All references to high-yield emerging markets corporate or non-sovereign bonds are to U.S. dollar-denominated bonds within these categories.
2
As represented by The BofA Merrill Lynch High Yield U.S. Emerging Markets Liquid Corporate Plus Index for USD-denominated EM high-yield corporate bonds, The BofA Merrill
Lynch USD Emerging Markets Sovereigns Index for USD-denominated EM high-yield sovereign bonds and The BofA Merrill Lynch U.S. High Yield Master Index II for U.S. high-yield
corporate bonds.
3
Source: Standard & Poor’s Global Fixed Income Research and Standard & Poor’s CreditPro ® ; 2011 Annual Global Corporate Default Study and Rating Transitions
The Fund may be subject to credit risk, interest rate risk and a greater risk of loss of income and principal than higher rated securities. Emerging markets securities
are subject to elevated risks, which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations of foreign
ownership, 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.
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.
Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as
interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To
obtain a prospectus and summary prospectus, which contain this and other information, call 888.MKT.VCTR or visit marketvectorsetfs.com/hyem.
Please read the prospectus and summary prospectus carefully before investing.
VAN ECK SECURITIES CORPORATION, DISTRIBUTOR ■ 335 MADISON AVENUE ■ NEW YORK, NY 10017

10 RISING
STARS
IndexUniverse highlights 10 of the
brightest firms AND PERSONALITIES
WORKING WITH ETFs TODAY.
By Cory Banks

Rick Ferri «
King Lip «
Michael McClary «
James McDonald «
Tyler Mordy «
Neil Peplinski «
Mitch Reiner «
Kevin Simpson «
Rich Steinberg «
Jeff Wycoff «
What is a rising star in the ETF industry?
It’s the most important thing to understand before reading
the following pages. And it’s exceptionally hard to define.
For us, the ETF industry is built on the shoulders of
“rising stars.” Those shoulders belong to firms and
advisors—often just a couple of people in a room—
who wanted to find a new way of managing their
clients’ money. Protecting it. Growing it. All in an
environment that doesn’t require excessive fees or
complex forms. The mutual fund industry is built
upon those bad practices and more not listed here.
The firms on the following pages thought they
could do better—and they did.
One firm, Capital Wealth Planning, has focused
on providing its clients with additional income
by buying and selling options. Another, Fort
Point Capital, uses options as the ultimate hedging
vehicle, protecting assets in times of market
stress. Steinberg Asset Global is taking a risk on
the smaller retail investment market, essentially
hiring itself as an asset manager for those with
$50,000 to put to work. Another firm, Portfolio
Solutions, keeps costs as low as possible through
index funds and ETFs, effectively rejecting the
concept of an “active” manager.
The firms in this list are not ranked in order of
our preference; this isn’t a top 10 list. Some of the
firms are new, with less than $50 million AUM in
client assets, while others are already at $3 billion
and climbing. Some work directly with clients,
targeting high-wealth or mass-affluent investors;
others work as intermediaries for other advisors
or institutional clients.
There are many differences between the firms
on the following pages, but they all have one thing
in common. Each firm is a rising star—a growing financial
advisory firm that uses ETFs in innovative
ways to address its clients’ needs. We think you
should know these people, firms and their ideas.

Th e
Low-Cost
Leader
Rick
Ferri
Founder, Portfolio Solutions
rising star
firm
Portfolio Solutions
location
Troy, MI
founded
1999
AUM
$1.2 billion
AUM GROWTH (YOY)
28%
% AUM IN ETFs
42%
MIN. ASSET SIZE
$500,000
It’s hard to call Rick Ferri
a rising star. Rock star is more like it.
He’s one of the leading torchbearers
for John Bogle’s “cost matters”
hypothesis; appears regularly on CNBC;
and has more than $1.2 billion in assets
under management. His books, including
The Power of Passive Investing: More Wealth
with Less Work and The ETF Book: All You
Need to Know About Exchange-Traded Funds,
are required reading for new employees
at IndexUniverse.
But here’s the thing about Ferri: We
think he’s just getting started.
Ferri takes Jack Bogle’s central investing
idea—cost matters—and extends it
into the advisory space. He builds simple,
ultra-low-cost portfolios with high-quality
ETFs and mutual funds and charges a pittance
to manage them.
How much? Twenty-five basis points,
with costs moving lower from there based
on asset size. In an industry built around
the concept of charging 1%, 25 basis
points is a disruptive number. It’s also
good for clients.
“We’re trying to keep the cost as low as
possible,” said Ferri. “We’re increasing the
client’s return by lowering their overall
cost, not only in the funds but in trading
and also in our fee.”
Rather than offering model portfolios
for its client base, Portfolio Solutions
builds buckets of equity and fixed-income
exposure, then allocates percentages to its
clients on a customized basis. The firm’s
fund selection process considers not just
liquidity and expenses, but how well the
fund really matches its benchmark. Ferri
favors bond mutual funds over ETFs, for
example, because bond ETFs tend to sample
the available securities in an index instead
of fully replicating that benchmark.
While others in the financial services
field put a tactical spin on their offerings,
Ferri maintains that the best strategy is
still buy-and-hold, with a caveat for rebalancing.
“This simple strategy has absolutely
done well,” Ferri said. “Much better
than what pundits want people to believe.”
Low costs. Sensible portfolios. No nonsense.
A rising star indeed.
8 IndexUniverse.com/ETFReport

Easing
Client
Worry
King
Lip
C I O,
Baker Avenue
Asset Management
Lip’s firm takes a tactical
approach to investment management.
His philosophy, and
the philosophy behind all of Baker Avenue’s
strategies, is to provide downside
protection against down markets. “People
are really starting to gravitate toward active
management especially in down markets,”
he said.
Baker Avenue’s most popular strategy
focuses on dividends. Using 12 ETFs
on average, the portfolio aims to add to a
portfolio’s yield through global stock ETFs
carrying dividing-paying firms. Lip’s team
evaluates the income ETFs it uses by first
screening the available universe of funds
for yields greater than the S&P 500. Then
it applies a screen that measures the relative
strength of the ETF’s segment. “We’re
looking for asset classes and income production
that is timely in terms of producing
returns and yield,” Lip said. “We’re
looking from a total return perspective.”
The income portfolio currently holds
ETFs that cover homebuilders, financials,
REITs and preferred stock, among others.
That’s vastly different from 12 months
ago, based on how the relative strength of
those segments have changed as the markets
fluctuate.
This focus on income-generating stocks
contrasts with the traditional use of bonds,
which are paying far lower yields in the
current environment. Lip says the firm
was defensively positioned earlier this year
through bond ETF positions, but sees the
current environment as better for stocks.
“The market’s really changed since
2008,” said Lip. “People are no longer saying,
‘The markets are going to take care of
me for the rest of my life. If I just invest
in stocks, I’ll be okay.’” It may be a pessimistic
view of the markets, but he attributes
these client concerns as a primary
reason why the firm’s income strategy is
so popular–and why the firm’s assets are
on the climb. “A lot of clients that come
on board with us are saying, ‘I can’t afford
another down 30-40% market,’” he
said. “Our concept is that we’ll protect
you against those down markets. You can
sleep at night.”
rising star
firm
Baker Avenue Asset
Management
location
San Francisco, CA
founded
2005
AUM
$800 million
AUM GROWTH (YOY)
14%
% AUM IN ETFs
60%
MIN. ASSET SIZE
$500,000
november 2012
9

Young
Gun
Changing
An O ld
Market
Michael
McClary
CIO & Vice President,
ValMark ADVISERS
rising star
firm
Valmark ADVISERS
location
Akron, OH
founded
1997
AUM
$2.2 billion
AUM GROWTH (YOY)
200%
% AUM IN ETFs
70%
MIN. ASSET SIZE
$100 million
When you think of
ValMark, you don’t think
of ETFs. You think insurance.
The firm has $42 billion of in-force
life insurance, has been in that market since
1963, and sells insurance in all 50 states.
Michael McClary is starting to change
all that. The 30-year-old CIO has leveraged
ValMark’s network and a smart portfolio
model to turn the company into a leader—ValMark’s
advisor group now holds
$2.2 billion in ETFs through seven distinct
model portfolios.
When McClary joined ValMark in
2003, the insurance broker-dealer had just
jumped into ETFs, and it was considering
getting out. The program was small, at just
$5 million in assets, and the firm’s sales
force wasn’t sure how to sell the new products
to advisors. But McClary believed.
ValMark’s seven portfolios each take a
strategic stance for asset allocation, what
McClary defines as a view for the next
“12-36 months.” Holding 20-25 different
ETFs, the portfolios target different levels
of risk and hold a varying amount of equi-
ties from 27% to 98%. Right now, McClary
is wary of most bond investments. “I don’t
think the hazard pay is high enough right
now for the risk,” he said, noting, however,
that they are “perpetual holders of TIPS.”
McClary sees TIPS as insurance against
portfolio inflation, relating them to another
big part of ValMark’s business. “We
feel that’s almost like life insurance,” he
said. “You don’t add or subtract your life
insurance coverage. We have shortened
our duration on TIPS and moved a third of
our position into the new FlexShares Target
Duration funds.”
What’s most striking about ValMark’s
growth is how exclusive the firm is. McClary
says that the firm works closely with its
core distribution channels, and ValMark’s
services are not generally available to the
normal advisor community. “We stick to
what we do best,” McClary said. “We’re not
a firm that’s generally available to the advisor
community through the more open
platforms. That enables us to have a better
idea of who our customer is, and adds another
layer to our level of management.”
10 IndexUniverse.com/ETFReport

Th e
Social
Media
Advisory
Firm
James
McDonald
CEO & CIO, Index Strategy Advisors
James McDonald is out to
build the next major advisory platform;
one that takes the model used
by firms like Edward Jones and tweaks it
for the 21st century.
“The Edward Jones model is simple
and effective,” said McDonald. “Hire
smart, honest professionals; train them up
through mentorships; and help them build
their book of business by leveraging their
personal circle of influence, whether that’s
friends and family, alumni connections, or
civic and professional organization colleagues.
Index Strategy Advisors aims to
do the same thing, but through technology
and at lower costs.”
Instead of traditional mentorships, Index
Strategy Advisors has built an online
learning portal and training program to
bring young advisors along. Instead of expensive
portfolios, McDonald has built an
online model system and second-opinion
generator using advanced portfolio construction
theory, ETFs and HTML5 to instantly
offer lower-cost alternatives to investors
stuck in old-school portfolios. And
he’s helping advisors tap into their social
network to expand their “circle of influence”
nationwide, targeting not 50 or 100
people, but 1,000, 5,000 or more.
“The reach of social media means that
your circle of influence is no longer small
and it’s no longer local,” says McDonald.
“If you’re smart about it, it’s national and
it’s massive.”
For all the practice management ideas,
McDonald says that he’s most proud of
the portfolio management side. The firm
has built an algorithmic portfolio construction
process that monitors 1,560 sectors
across 46 countries in real time. It has
a risk-hedging system that allocates 15%
of the portfolio at all times to an incomeproducing
risk hedge through JNK, the
junk bond ETF. Technology even factors
into the firm’s customer service—its investment
platform dynamically allows
for adjustments and rebalancing on the
fly. So far, it’s working. The firm, which
just launched last year, projects to bring
in $75 million in assets a quarter for the
foreseeable future.
rising star
firm
Index Strategy Advisors
location
Houston, TX
founded
2011
AUM
$12.4 million
AUM GROWTH (YOY)
30,000%
% AUM IN ETFs
100%
MIN. ASSET SIZE
none
november 2012
11

Managing
o n a
macro
level
Tyler
Mordy
Director of Research & Co-CIO,
Hahn Investment Stewards
rising star
firm
Hahn Investment
Stewards
location
Toronto, ON
founded
2001
AUM
$500 million
AUM GROWTH (YOY)
20%
% AUM IN ETFs
100%
MIN. ASSET SIZE
$100,000
If Beta is the new Alpha, as
BlackRock’s Larry Fink likes to say,
Tyler Mordy plans to find it.
Founded in 2001, Hahn’s investment
philosophy focuses not on the small, but
on the big. Mordy believes that a macro
view of the global economy is the best way
to manage money.
“We started the firm with a view that
it’s easier to create alpha through asset
allocation than through individual stock
picking,” he said.
At the time, this investment philosophy
was a radical departure from the traditional
way of thinking about building
portfolios—where advisors would divvy
up assets between 60% in stocks and 40%
in bonds, and search out alpha on the
micro level. “The old ways might have
worked in the ’80s and ’90s,” Mordy said,
“but it wouldn’t work for the future.”
Relying exclusively on ETFs, Mordy’s
team manages $3 billion in accounts
from Canada’s version of registered investment
advisors. The firm’s screening
process is rigorous, using a seven-point
rating criteria for evaluating any exchange-traded
fund to be included in the
firm’s portfolios.
Mordy says the company has screened
every ETF launched so far, and considers
each new option as fast as the industry
can launch it. The ETFs that pass muster
that pass muster are used in a set of core
portfolios, as well as more focused portfolios,
though Mordy stresses that every
portfolio offered by Hahn has a certain
level of asset class diversification.
Mordy points to exchange-traded
funds as a vehicle that forces advisors to
rethink how they allocate assets, for the
benefit of the end client. But most managers,
he says, are not used to thinking
about how the different asset classes can
truly work together. “In the 1980s, it was
about single-silo investors—guys who focused
on large-cap growth or value,” he
said. “And the paradigm shift has created
the potential for a better portfolio, but
there’s a mismatch of skill sets.”
12 IndexUniverse.com/ETFReport

Th e
Track
Record
Neil
Peplinski
Managing Partner,
Good Harbor Financial
rising star
There are only a few things
you need to know about Good
Harbor, and they’re all numbers.
The first is 7.23%. That’s the amount
by which the firm’s Tactical Core U.S. ETF
Model has beaten the S&P 500, on an annualized
basis, over the past 10 years. Through
Sept. 30, the firm’s strategy had an annualized
return of 14.29% since inception in
April 2003, compared with 7.06% for the
S&P 500 Index it uses as a benchmark.
The second number is $300 million.
That’s the amount of money it’s raising in
new inflows each month.
“Redemptions are sparse,” says Neil
Peplinski, managing partner in the firm.
Good Harbor’s investment philosophy
breaks away from traditional efficient
markets theory. Yes, the markets are constant,
but the firm believes that the risk
in those markets is not. So when Peplinski
engineered the firm’s flagship U.S. Tactical
Core strategy, evaluating risk premiums
was the issue at the center of it. “What really
drives equity prices in the short term
has less to do with company fundamentals,”
he said, “and more to do with investors’
appetites for risk.”
Peplinksi’s team tracks three key categories
to get a sense of where the environment
is in the short term: economic data
such as growth rate, credit spreads and
movement on the VIX volatility index; activity
on the U.S. Treasury curve; and overall
momentum measures. Based on the
data, the firm then makes large market
moves into equities (if the risk premium is
falling) or fixed income (if risks are rising).
The strategy employs large, popular ETFs
like the SPDR S&P 500 (SPY), iShares S&P
500 (IVV) and SPDR S&P MidCap 400 (MDY)
to capture exposure to stocks while using
bond ETFs such as the iShares Barclays
1-3 Year Treasury Bond (SHY), iShares
Barclays 3-7 Year Treasury Bond (IEI) and
iShares Barclays 7-10 Year Treasury Bond
(IEF) as defensive plays. The portfolio also
employs leveraged ETFs from ProShares to
add additional beta, with a target of 1.5 for
the portfolio.
firm
Good Harbor Financial
location
CHICAGO, IL
founded
1999
AUM
$3.3 billion
AUM GROWTH (YOY)
700%
% AUM IN ETFs
99%
MIN. ASSET SIZE
$100,000
november 2012
13

Serving
A
New
Client
Base
Mitch
Reiner
Managing Partner, Wela Strategies
rising star
firm
Wela Strategies
location
ATLANTA, ga
founded
2008
AUM
$40 million
AUM GROWTH (YOY)
63%
% AUM IN ETFs
95%
MIN. ASSET SIZE
$10,000
“
We were founded to managing
solve a specific problem,”
Reiner tells us on a phone
call. It’s a great problem to have: Wela’s
parent company, Capital Investment Advisors,
would regularly receive inquiries
for help from retail investors looking for
advice—where to put their money and
how to make it grow. Since the investors
were well below Capital Investment’s $10
million minimum asset size, the firm
used to point those clients to Vanguard or
Fidelity—leaving all of that small money
on the table.
Instead, Capital Investment’s executive
team built Wela to manage those clients,
setting the minimum asset size to
only $10,000 and charging accounts under
$250,000 just 1% in fees. Reiner and
his partners at the firm move the clients
into one of 14 model portfolios that use
ETFs to efficiently invest the new client’s
assets. And while Wela’s assets and client
base have grown considerably, Reiner
runs the firm at the same time that he’s
150 clients and more than
$200 million in AUM. “[Wela’s] turned
into something bigger than what we initially
imagined,” he said. “We saw that
our models were working, and it’s just
taken off.”
Wela’s models are impressive: One,
dubbed the “Agg Yield” strategy, uses
a combination of fixed income, REITs,
MLPs, preferred securities and closed-end
funds selected by momentum and valuation
to deliver income to the client’s assets.
Other models follow legendary investor
John Bogle’s advice to own your
age in bonds. The models tie right back
to the reason why Wela exists in the first
place. “We started this business [because]
we were looking out for the teacher who
had $200,000 saved,” Reiner says, “and
nowhere to turn but the big asset management
firms that would likely charge
him high fees. We wanted to build a platform
where we could offer objective investment
advice, and that’s why we created
the Own Your Age portfolios.”
14 IndexUniverse.com/ETFReport

Th e
Income
Generator
Kevin
Simpson
Portfolio Manager,
Capital Wealth Planning
rising star
Kevin Simpson’s message
to clients is simple: High income,
low risk.
His Florida-based investment advisory
firm, Capital Wealth Planning,
achieves these goals by writing call options
against fairly conservative, broadbased
portfolios of ETFs.
Simpson’s portfolios use equity ETFs
across large-, mid- and small-caps, with
some tactical rotation into the various sectors.
The portfolio also always includes an
inverse position to hedge against downside
risk. The firm attempts to sell calls on
100% of the portfolio, placing those calls
five to 8% out of the money.
Simpson’s goal? Capture 60% of the
market’s upside, while limiting downside
to 35%.
“It’s really not an equity strategy,”
said Simpson. “It’s an income strategy.
What’s nice is that when the markets are
up as they have been this year, we get to
participate in some of that upside. At the
same time, we limit our downside risk.
Our objective isn’t to outperform the rising
markets, but to participate in them.”
The strategies tend to generate around
2% in straight dividend income, and recently,
option premiums have been adding
another 4%. Put it all together and
you have an overall portfolio yield of
around 6%.
ETFs chosen for the strategy tend to be
big, standard stock ETFs—SPY, MDY, IWM,
etc. Simpson looks carefully at the open
interest on related options when choosing
funds. “The selection process has to do
with how tight the spreads are, how good
the open interest is, and ultimately, how
optionable an ETF is.”
The focus on income is resonating
with investors.
“We’re looking at a market that over
the next three or four years will have
depressed interest rates,” said Simpson.
“Retirees and others need income alternatives.
A covered call strategy can help
support client income needs in a low interest
rate environment.”
firm
Capital Wealth Planning
location
Naples, FL
founded
2005
AUM
$307 million
AUM GROWTH (YOY)
20%
% AUM IN ETFs
90%
MIN. ASSET SIZE
$100,000
november 2012
15

Th e
Duke
of
Smooth
Rich
Steinberg
President & CIO,
Steinberg GLOBAL ASSET
rising star
firm
Steinberg GLOBAL ASSET
location
Boca Raton, FL
founded
1993
AUM
$510 million
AUM GROWTH (YOY)
10%
% AUM IN ETFs
33%
MIN. ASSET SIZE
$1 million
Steinberg’s NO. 1 goal for
his clients is to give them a
smooth ride, free of the topsyturvy
roller-coaster rides that the markets
often throw out. To do that, Steinberg
Global Asset uses a variety of model
portfolios and custom-built solutions that
use ETFs with other instruments. Many
clients receive a mix of the firm’s different
equity and fixed-income investments,
depending on their needs. “A smoother
ride is more important than beating an
index,” he said, “as long as we get our
clients to their performance goals to live
their lifestyle.”
In the ETF-focused portfolios, Steinberg
evaluates which ETFs to hold by many of
the same performance metrics that drive
more traditional vehicles—relative value,
relative price-to-earnings and target prices.
The equity ETF portfolio owns roughly 15
funds offering large-, mid- and small-cap
exposure at all times. ETFs are selected by
generating a forward P/E for each fund,
then converting those into an EPS per
share and looking for the right upside. For
the past year, Steinberg has also included
a large dividend component, based on client
needs, and will even use an inverse ETF
when a hedge is needed. “There may be
times when we have a 20% hedge on the
portfolio,” he said.
Outside of its model portfolios, the
firm also manages rules-based portfolios
for foundations that use single-country
ETFs for international exposure. And Steinberg
himself stresses uses for ETFs in many
of the firm’s custom solutions for its highnet-worth
clients. “We may add ETFs to
complement existing positions or low-cost
basis positions,” he said. “Not every client
of ours is in a model portfolio.”
Perhaps most interesting, however,
is how the firm is moving from highwealth
clients to address the mass-affluent
crowd. Steinberg recently launched a
separate business, SG Select LLC, to manage
accounts with assets that fall in the
$50,000 to $1 million range. The company
will serve smaller clients in its own company
as well as clients of other registered
investment advisors.
16 IndexUniverse.com/ETFReport

Th e
ETF
Psychologist
Jeff
Wycoff
Managing Partner,
Fort Point Capital
Most advisors focus on
the performance of their investments.
Wycoff puts the
focus on the investment experience. Fort
Point shapes the experience a client has
with their investments from top to bottom,
both through advanced portfolio management
techniques and good old fashioned
client psychology. “The modern application
of portfolio theory acts as if individuals
will behave in the same way as institutions,”
said Wycoff. “And they don’t.”
The firm builds custom portfolios for
its 50 clients, using what it calls an “active
risk management overlay” to control the
investment outcome as much as possible.
Wycoff and his team use options to generate
a “soft hedge” for the portfolio, and
more importantly, show their clients that
good things are happening during rough
market periods. “Typically, the advisors
don’t have a dynamic way of responding
to negative environments,” said Wycoff.
“In our case, that’s not what’s happening.
The option overlays are dynamically
creating more cash. Clients see that activ-
ity and feel that something’s being done,
that they’re not being asked to wait.”
That same psychological approach applies
to Fort Point’s robust tax-loss harvesting.
The portfolio managers monitor each investment’s
price movement in the portfolio,
and based on the client’s cost basis,
will replace positions to filter out undesired
tax events.
Fort Point’s strategy of anticipating client
reactions and providing positive feedback
through options and harvesting tax
losses gives the firm a discipline Wycoff
says others struggle to maintain. “Calibrating
for the natural cognitive biases of the individual
is important, not only for them but
for the professional. Because the professional
doesn’t want to lose their client, they’ll
do whatever they need to do to change their
investment policy. They’re going to react.”
“The cognitive biases that usually force
clients to deviate at the worst possible moments,
that’s where advisors and institutions
lose their clients,” he said. “We tend
to gain clients during negative market environments,
as well as positive.”
rising star
firm
Fort Point Capital
location
San Francisco, CA
founded
2008
AUM
$250 million
AUM GROWTH (YOY)
29%
% AUM IN ETFs
50%
MIN. ASSET SIZE
$1 million
november 2012
17

Keep Them Happy
Ric Edelman’s Advice
To The Industry
The biggest ETF advisor in the world
shares his thoughts on where the
industry is going—and the best way
to grow your business.
By Cory Banks
Ric Edelman is one of the largest independent financial
advisors in the world—his firm manages $8 billion in assets for
thousands of clients, while his radio shows and writings capture the broad
attention of the markets. Ten years ago, he abandoned the mutual fund industry
and built his firm almost exclusively around exchange-traded funds, making him
one of the industry’s biggest success stories.
But he doesn’t credit ETFs as much as he credits a commitment to customer
service. It’s a recurring theme throughout my conversation with the
man behind Edelman Financial Services—more than the evils of mutual fund
fees, gunning for Merrill Lynch or his view on the 401(k) industry as the next
frontier to tame. Edelman believes the financial services industry needs to put
the emphasis back on its clients. “You need to stop worrying about you and
your needs,” he tells ETF Report, “and focus instead on your client’s needs.”
Advisor Quick View
Firm
Edelman Financial
Services LLC
Founded 1987
Location
aum
All ETFs?
Fairfax, Va.
$8 billion
No
Why do you use ETFs?
There are two reasons.
The first is that ETFs
are virtually free of
the deceptive business
practices that are pervasive throughout the retail
mutual fund industry. ETFs, because of their
design and management approach, are largely,
if not entirely, immune to these problems. And
part of the way they accomplish that is by investing
in a more passive, highly diversified and
consistent manner, which dramatically reduces
turnover and fund expenses—which leads to the
second reason we like ETFs: They are extraordinarily
inexpensive. They’re as much as 90%
cheaper than traditional retail mutual funds.
Have you transitioned fully to ETFs, or are
there still some mutual funds that you use?
In addition to ETFs, we extensively use Dimensional
Funds, which is a fund company that looks
and acts like ETFs in terms of how they operate.
And we use a smattering of Vanguard funds,
which are also very similar. So it’s not that we are
dogmatic in our approach, we’re not using ETFs
simply because they’re ETFs: We’re seeking investment
solutions that meet our clients’ needs.
18 IndexUniverse.com/ETFReport

THE POWERSHARES DB
COMMODITY INDEX
TRACKING FuND
Listed in 2006, DBC has become the largest
broad-based commodity ETF in the world.
- Broad access to commodities
- 100% daily transparency
- Intraday liquidity
// To download a copy of the prospectus, visit PowerShares.com/DBCpro // ETFs publish their holdings daily and trade on exchanges, like stocks, continuously throughout
the trading day. // The fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940 and is
not subject to its regulation. // DB Commodity Services LLC, a wholly owned subsidiary of Deutsche Bank AG, is the managing owner of the fund. Certain marketing
services may be provided to the fund by Invesco Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC (together, “Invesco”). Invesco will be
compensated by Deutsche Bank or its affiliates. ALPS Distributors, Inc. is the distributor of the fund. Invesco, Deutsche Bank and ALPS Distributors, Inc. are not affiliated.
// Commodity futures contracts generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment in the fund.
powershares.com/DB |
Follow us @PowerShares

How does heavy usage of ETFs affect
your fee structure for the clients that
you manage?
Well, what matters when dealing with
pricing is the total cost to the client. Too
often, advisors only look at pricing from
their own personal perspective—what
is their comp, or what is the fee they are
charging the client? The client cares about
total all-in costs: the cost of the advisor,
plus the cost of the investments that the
advisor recommends.
Because ETFs cost so much less than
other forms of investing, frankly, it provides
room for the advisory fee to be a little
bit higher. We can earn a little bit more,
which helps to improve the quality of our
services. And the client is still paying less
than they would pay elsewhere.
Your firm has quickly grown to managing
$8 billion in assets. What’s the secret to
your growth?
First and foremost is outstanding client
services in investment management. Obviously,
if we aren’t good at what we do, nobody
would be a client. But it’s not enough
to be a great chef; people have to know that
you’re a great chef. And we have established
a very good reputation among consumers
by virtue of the massive amounts
of consumer education that we have been
doing for 25 years.
We have engaged in more financial
education and literacy programs than
any other advisor. I have radio and television
shows. I’ve written seven best-selling
books. We have a monthly 16-page newsletter.
We do hundreds of seminars. We
have a major website devoted to financial
education. And this availability of information
has helped to create both credibility
and name recognition.
It’s cumbersome. It takes a lot of time
and effort and money to deliver. But it
greatly serves the investing public.
If you’re already doing all of that, what’s
the next hill to climb?
There are a variety of new business activities
we are engaged in. We are still very
small. I mean, we only have $8 billion in assets.
Merrill has, what, $2 trillion? So we’re
tiny. And there are still millions of Americans
who need our services: people who are
largely being ignored by the rest of the financial
services sector, which tends to deal
only with higher-net-worth consumers.
Most firms have $500,000 or $1 million
minimums. We don’t. So we are developing
a variety of additional business initiatives
that will expand our reach so that we
can serve a lot more people.
The ETF industry has grown tremendously.
What can it do better?
I don’t see any concerns or flaws in the ETF
world. I think this is just the beginning. The
tipping point is coming very soon. And it will
be led by the retirement plan marketplace.
When employees got their own ability
to invest the money in their 401(k), most
of those employers were beginning to offer
mutual fund choices. Most consumers had
never heard of a mutual fund. They didn’t
know what it was.
And they began to realize that these
things are pretty cool: They’re inexpensive;
you could invest $100 or less. You can have
automatic reinvestment. You get diversification.
You have a professional money
manager picking stocks for you. It was
simple, clean, easy; it didn’t require a lot
of knowledge or time. And people began to
say, “Why don’t I buy these on my own? If
Because ETFs cost so much less ...
we can earn a little bit more.
it’s such a cool deal inside my 401(k), let
me go buy them on my own.” That began
the explosion of the mutual fund industry
through the late 1980s, to where we are
today. What do they have, $13 trillion in
assets now? ETFs at this point are generally
not available in 401(k) plans.
And what’s the hurdle to getting more ETFs
in front of consumers through 401(k)s?
Motivated self-interest of the financial services
industry. ETFs do not provide compensation
to the brokerage industry the
way that mutual funds do. And there is no
incentive for plan providers to offer ETFs to
employers. Eventually it will take hold as
employers continue to lose lawsuits where
their employees are suing them for offering
I think this is just the beginning.
The tipping point is coming very soon.
investments that are too expensive. And as
workers continue to learn about the opportunity
of ETFs, we will begin to see ETFs
offered in the marketplace with increasing
frequency, repeating what we experienced
in the ’80s and ’90s.
What indicators would you suggest other
advisors watch for their outlook?
We are looking at technology advances predominantly,
which is going to be the leading
cause of economic growth globally. Second
are demographic trends, which are equally
bullish. And those two factors frankly are
overriding all the other concerns. The only
thing that might derail it—which of course
are significant threats—are natural disaster
and terrorism. We’ve always got those
risks. And they could be of course abhorrent,
but they’re uncontrollable.
What advice would you give the investment
advisor who’s moving into the ETF industry?
What do they need to think about in order
to be successful?
In a nutshell, commitment to excellence
and your clients’ best interests. That’s kind
of a vague, all-encompassing phrase—I
might as well say “oxygen.”
Is that something you don’t think a lot of
investment advisors consider?
No. If they were fundamentally devoted to
excellence, then they would work very hard
to make sure they are delivering not merely
good advice and services, but excellent advice
and services—better than what their clients
would obtain elsewhere.
And second, they would be focusing
on the client’s best interests, they would
ensure that the advice they were providing
was in fact serving their client first and
themselves second. We have seen too many
practitioners in our field providing advice
and recommendations that serve the advisor’s
interests first, rather than the client’s.
And when you behave that way, you
limit your own growth because clients see
it. They recognize it.
20 IndexUniverse.com/ETFReport

ETF Analytics
There are over 1,000 eTFs on The markeT. own The righT ones.
Equity: U.S. Energy
Equity Segment Report
OVERVIEW
IndexUniverse Insight
Eight ETFs offer very different approaches to the energy space, providing
investors with access to everything from the broad market—dominated
by names like Exxon Mobil or
Eight ETFs offer ConocoPhillips—to quant-based
strategies that attempt to pick
very different
winners from the many companies
approaches to the
energy space.
and sub industries in U.S. energy.
Four funds—VDE, IYE, XLE and
FEG—deliver broad, market-like
sector exposure that ranges from very good to great, though they diverge
sharply on costs and risks. IYE and XLE offer the most representative
portfolio of stocks, but IYE's 0.47% expense ratio is far and away the
highest of these four “plain vanilla” funds. In contrast, XLE delivers the
best combination of broad exposure at the segment-lowest fee: 0.18%.
The fund brings something else to the party--massive liquidity. As one of
the most liquid ETFs in the world, XLE trades about $1 billion a day,
15 June 2012
making its all-in costs from trading and fees tough to beat. VDE also
delivers a market-like basket at a low fee (0.19%). Then there’s FEG, the
polar opposite from XLE on trading volume. Despite an excellent
portfolio offered at the second lowest price in the segment (tied with VDE
at 0.19%), FEG suffers from poor on-screen liquidity and carries high
fund-closure risk from its low asset base.
Four other funds offer clear alternatives to traditional sector exposure
due to their strategy or selection universe. PSCE differs the most from the
sector by focusing exclusively on small-cap energy companies. FXN and
PXI use quant strategies to pick winners from the sector instead of merely
owning the market like the vanilla funds. RYE offers an equal-weighted
version of XLE. As they stray from vanilla exposure, all four funds
come—in varying degrees—with greater risks, higher price tags and
less-than-perfect tracking, but contribute to a well-rounded segment:
There’s something for everyone here.
Analyze, compare and select the
right ETF for every investment strategy
with IndexUniverse ETF Analytics.
Related ETFs
Snapshot
Overall
Ticker Fund Name
Rating Efficiency Tradability Fit Notes
IYE iShares Dow Jones U.S. Energy A 97 88 98 97
VDE Vanguard Energy A 93 91 98 93
TRADABILITY
XLE Energy Select SPDR A 93 94 99 93
FEG Focus Morningstar Energy B 94 85 78 94
IndexUniverse Tradability Insight
U.S. energy funds vary dramatically in Tradability, with XLE reigning over tier, averaging around 0.14% ($0.06). Still, like the top tier, PXI scores
PXI PowerShares Dynamic Energy Portfolio B 65 81 86 65
all. For on-screen liquidity, XLE is not only the most liquid ETF in the high with regard to block liquidity—indicating it’s still easy to trade in
RYE Guggenheim S&P Equal Weight Energy B 52 82 79 52
segment, it’s one of the most liquid size.
FXN First Trust Energy AlphaDEX B 41 80 83 41
U.S. energy funds ETFs in the world, trading an
average of about $1 billion daily. Funds that trade around and below $1 million a day in volume land at
PSCE PowerShares S&P SmallCap Energy B 26 89 74 26
vary dramatically in
Segment Average | Ranked by Overall Score
Tradability.
VDE and IYE are distant seconds by the bottom tier of Tradability—PSCE, RYE, FXN and FEG. Of these, FEG
volume, with ADV averaging $13 may be the least lucky, considering its portfolio of securities is among the
million and $9 million,
most liquid. FEG was victim to a pricing error on its first day of trading
1-Year Total Return
respectively. Still, VDE and IYE deliver excellent liquidity for most
that led to wacky trades and bad press—likely scaring away investors at a
investors. All of the top three funds trade multiples of their creation unit critical early stage for the new fund. While all four funds experience
1-Year
sizes (50,000 shares), with average spreads between 0.01% and 0.04%. wider spreads—with averages as high as 0.24% in the case of PSCE—their
PXI -7.97%
holdings are incredibly liquid, as indicated by their high block-liquidity
10%
Bench -8.44% PXI occupies a second tier of Tradability within the U.S. Energy segment. scores. The irony of this is that large investors will find these funds easy FIT
IYE -9.08% With its ADV of $2 million, it trades well above our minimum threshold to trade in size (with the help of a liquidity provider), but small investors
0%
FEG -9.41% of $1 million. Spreads range a good deal wider for PXI than for the top only have limit orders to use as an aid when placing trades.
IndexUniverse Fit Insight
Segment funds deliver clear choices regarding their portfolios, roughly exposure: It overweights service and equipment firms and completely
XLE -10.11%
Median
split along the lines of those that try to match the sector and those that ignores the integrated oil & gas industry. (PSCE passes on names like
-10%
VDE -10.54%
Average Daily
Average
Premium/
Maximum
Maximum
Creation
don’t. VDE, IYE, XLE and FEG all Chevron and Exxon Mobil in favor of SEACOR Holdings and Lufkin
Ticker Tradability Rating
Volume ($)
Spread
Discount
Premium
Discount
Basket Size
RYE -16.60%
Segment funds land in the first camp. They aim to Industries.) Though PSCE has outperformed its competitors over the
XLE 99 1.07 B 0.02% 0.00% 0.38% -0.17% 50,000
deliver the broad market and past year, its beta of 1.42 indicates that it’s risky relative to the broad
-20%
PSCE -19.54%
deliver clear
generally do a great job at it, with market, though this shouldn’t surprise (or necessarily deter) investors
IYE 98 9.55 M 0.04% 0.00% 0.16% -0.20% 50,000
FXN -24.28%
VDE 98 13.08 M 0.04% 0.00% 0.17% -0.15% 100,000choices regarding
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2012
PXI 86 2.32 M 0.14% -0.03% 0.60% -1.03% 50,000their portfolios.
IYE and XLE edging out the rest. looking for small-cap energy companies.
These four funds all follow a
market-cap weighting scheme that Investors looking for an equal-weight strategy will want to examine RYE.
As of 06/14/12
FXN 83 963.16 K 0.13% -0.04% 0.38% -0.50% 50,000
gives them top-heavy
The fund strays from the broad market—instead it overweights midcap
concentration of major players such as Exxon Mobil and Chevron, and companies with zero exposure to small-caps. As a result, RYE loads up on
RYE 79 309.18 K 0.12% -0.02% 1.97% -1.80% 50,000
generally heavy exposure to the integrated oil & gas industry. However, the exploration & production industry—a space that tends to be
FEG 78 309.04 K 0.14% 0.00% 1.93% -1.35% 50,000there are differences to note. For one, XLE selects from a mid-to-large dominated by midcap firms. RYE’s beta of 1.18 indicates the fund is
PSCE 74 621.02 K 0.24% -0.05% 0.68% -0.52% 50,000universe within the S&P 500, but due to the capping restrictions of the relatively risky compared to the broad market.
S&P indexes, the fund ends up with a portfolio slightly skewed toward
Segment Average | Ranked by Tradability Score
midcaps. VDE, the second-broadest fund in the segment, slightly
PXI and FXN follow similar strategies: They use quant strategies to select
overweights exploration & production firms, making it a tad riskier than winners within the energy space. While their goals are similar, their
Spread Dispersion
Premium/Discount Dispersion
the market with a beta of 1.03. That said, it’s FEG that tilts the most selection screens differ. As a result, PXI heavily overweights mid- and
Premium
toward smaller companies (among the four vanilla funds), with a
small-cap stocks. FXN also dips into the small-cap space, but loads up
| Equity: U.S. Energy | 15 June 2012 | Source data provided by
Page 1 of 6
weighted average market cap of $130 billion vs. the sector’s $150 billion. massively on midcaps. By industry, both funds skimp on the integrated
0.8%
oil & gas space, while loading up on exploration & production firms. In
1%
PSCE
PSCE The other 4 funds diverge from the market, and from each other, by the case of PXI, its current portfolio is particularly exposed to refining
0.6%
FXN
VDE nature of their unique strategies. PSCE scores lowest in Fit, but with good and marketing firms. Both funds are relatively risky in comparison to the
PXI
FXN
reason—the fund doesn’t attempt to represent the broad market—it broad market. FXN and PXI have yet to show any statistically significant
0%
focuses solely on small-caps. PSCE’s firm size-universe affects industry alpha relative to the market.
FEG
XLE
0.4%
RYE
IYE
VDE -1%
FEG
Index Methodology
Average # of Goodness
0.2%
IYE
PXI Ticker Fit Rating Weighting Selection P/E P/B
Market Cap Holdings of Fit (R) Note
XLE Discount
RYE IYE 97 Market Cap Market Cap 9.7 1.6 $144.96 B 91 99.94% Broad exposure, high
cost
JunJul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
JunJul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
2012
2012
FEG 94 Market Cap Market Cap 10.0 1.6 $130.36 B 100 99.86% Youngest fund
VDE 93 Market Cap Market Cap 9.8 1.6 $131.08 B 172 99.90% Broad exposure,
IndexUniverse / Knight Block Liquidity
second for lowest cost
IYE VDE XLE FEG PXI RYE FXN PSCE This measure shows how easy it is to trade
XLE 93 Market Cap Proprietary 9.8 1.6 $126.55 B 44 99.80% AUM giant, cheapest
25,000 shares of any given ETF. It reflects
5
5
5
5
5
5
5
5
fund
the liquidity and hedgeability of a fund’s
4
4
4
4
4
4
4
4 underlying securities. A score of 5 means a
PXI 65 Tiered Multi-Factor 9.9 1.5 $26.45 B 60 95.75% Quant-based strategy
3
3
3
3
3
3
3
3 fund is extremely liquid.
RYE 52 Equal Proprietary 10.7 1.3 $31.77 B 44 96.91% Equal-weighted
2
2
2
2
2
2
2
2
exposure
|
1
1
1
1
1
1
1
1
FXN 41 Tiered Multi-Factor 9.2 1.2 $27.27 B 54 95.42% Quant-based strategy
PSCE 26 Tiered Proprietary 15.0 1.1 $1.02 B 24 90.04% Small-cap play
Segment Average | Ranked by Fit Score
} Complete eTF due
diligence process
} robust scoring system:
efficiency, Tradability, Fit
} Unbiased institutional analysis
| Equity: U.S. Energy | 15 June 2012 | Source data provided by
Geographic Exposure
United States Switzerland Bermuda Netherlands Brazil Canada
Benchmark 96.84% 2.00% 0.65% 0.32% 0.10% 0.09%
IYE 97.15% 2.19% 0.22% 0.44% 0.00% 0.00%
VDE 97.74% 1.26% 0.43% 0.42% 0.00% 0.15%
XLE 98.87% 0.60% 0.52% 0.00% 0.00% 0.00%
Page 3 of 6PXI 96.15% 0.00% 1.30% 1.24% 0.00% 1.30%
RYE 96.04% 2.20% 1.76% 0.00% 0.00% 0.00%
FXN 96.51% 0.00% 2.16% 1.34% 0.00% 0.00%
PSCE 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
FEG 97.81% 1.88% 0.32% 0.00% 0.00% 0.00%
Balanced 5%+ 1% to 3% 1% to to 5% Underweight 3% to 5% Overweight 3% 3% 5%+
} Plain-english explanations
} Best data in the eTF industry
| Equity: U.S. Energy | 15 June 2012 | Source data provided by
Page 4 of 6
Learn more at www.IndexUniverse.com/ETF-Analytics or by contacting
our ETF Analyst team at 415-501-0939 or analytics@indexuniverse.com
©2012 IndexUniverse LLC, IndexUniverse ETF Analytics

in review
September’s strong performance
ended the third quarter on a high note. Telecom posted
some of the strongest returns, as the iShares Dow Jones
Telecommunications ETF (IYZ) gained 6.44% and the
Vanguard Telecommunication Services ETF (VOX) was
up 5.86%. Health care also continued to climb—the
Health Care Select SPDR (XLV) rose almost 4%, while
subsector ETFs like the iShares Dow Jones U.S. Medical
Devices (IHI) and the SPDR S&P Health Care Equipment
(XHE) were up 5.36% and 5.93%, respectively.
In fact, the only down sector was real estate, where
the massive bounce in the homebuilding industry has
not translated to big gains in REITs, leading to a 1% loss
in the iShares Dow Jones U.S. Real Estate ETF (IYR) and
an almost 2% loss in the Vanguard REIT ETF (VNQ).
Despite the losses, IYR led the field in top inflows,
with $991 million in new assets. The Financial Select
SPDR (XLF) came in second, with $963 million, followed
by the Market Vectors Gold Miners (GDX) at $684 million.
In outflows, the Industrial Select SPDR (XLI) lost
$203 million in AUM, followed by the Direxion Daily
Financial Bull 3x (FAS) at $132 million, and the Power-
Shares KBW Bank (KBWB) at $81 million.
Top Inflows ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ticker net flows aum ($m)
iShares Dow Jones U.S. Real Estate IYR 991.40 4,852.0 Real Estate
Financial Select SPDR XLF 962.82 7,970.5 Financials
Market Vectors Gold Miners GDX 684.02 10,238.3 Basic Materials
Vanguard REIT VNQ 665.99 14,426.5 Real Estate
Technology Select SPDR XLK 463.51 10,696.9 Technology
Top Outflows |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ticker net flows aum ($m)
Industrial Select SPDR XLI -203.45 3,230.9 Industrials
Direxion Daily Financial Bull 3x FAS -131.89 1,114.9 Financials
PowerShares KBW Bank KBWB -80.82 129.5 Financials
iShares Cohen & Steers Realty Majors ICF -59.88 2,843.7 Real Estate
SPDR Dow Jones REIT RWR -51.56 1,928.2 Real Estate
Sector
Performance SEPTEMBER 2012
BASIC MATERIALS CONS. CYCL. CONS. NON-CYCL. ENERGY FINANCIAL HEALTH CARE INDUSTRIAL REAL ESTATE TECH TELECOM UTILITIES
BROAD
XLB
3.69%
MINING
XME
6.50%
BROAD
XLY
3.16%
HOMEBLD
XHB
5.49%
MEDIA
PBs
4.54%
RETAIL
xrt
2.78%
LEISURE
PeJ
5.11%
BROAD
XLP
1.60%
FOOD
PBJ
-0.01%
BROAD
XLe
3.22%
EQUIP
iez
0.85%
EXPLOR
xop
5.91%
BROAD
XLF
3.41%
BANKS
kbwb
5.17%
BANK & IN
iai
2.80%
insurance
kbwi
2.90%
SERVICES
iyg
4.63%
BROAD
XLV
3.92%
BIOTECH
ibb
4.83%
MED DEV
ihi
5.36%
pharma
ihe
3.70%
equipment
xhe
5.93%
services
ihf
2.83%
BROAD
XLI
1.19%
DEFENSE
ppa
1.80%
TRANSPO
iyt
-2.24%
engineer
pkb
6.67%
BROAD
IYR
-0.99%
BROAD
vnq
-1.85%
BROAD
xlk
1.64%
INTERNET
fdn
3.56%
SEMIS
xsd
-4.04%
software
igv
1.14%
BROAD
IYZ
6.44%
BROAD
vox
5.86%
BROAD
XLU
1.16%
BROAD
vpu
1.37%
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Source: Bloomberg. Data for 08/31/2012 to 09/30/2012. ETFs chosen to represent each sector
based on the most liquid ETF in each segment of the IndexUniverse ETF Classification System.
KEY:
-
≤-5.0
-3.0 ≤-4.9
-1.0 ≤-2.9
-0.1 ≤-0.9
0
0.1 ≤ 0.9
1.0 ≤ 2.9
3.0 ≤ 4.9
≥ 5.0
+
22 IndexUniverse.com/ETFReport

8 Goldman Sachs GS 2.66%
9 Simon Property SPG 2.66%
10 Metlife MET 1.85%
TIRED OF TOEING THE LINE WITH YOUR
EQUITY
DISCOVER A STOCK ALTERNATIVE
THE FINANCIAL SECTOR SPDR ETF
Potential benefits of adding XLF to your portfolio include:
• Undiluted exposure to the Financial Sector of the S&P 500
• The all-day tradability of stocks
• The diversification of mutual funds
• Total transparency
• Liquidity
XLF Top 10 Holdings Symbol Portfolio %
1 Wells Fargo WFC 10.02%
2 Berkshire Hathaway B BRK.b 8.27%
3 JP Morgan Chase JPM 7.67%
4 Bank of America BAC 4.97%
Visit www.sectorspdrs.com
or call 1-866-SECTOR-ETF
5 Citigroup C 4.53%
6 US Bancorp USB 3.44%
7 American Express AXP 3.29%
* Components and weightings as of 6/30/12. Please see website
for daily updates. Holdings subject to change.
Consumer Discretionary - XLY Consumer Staples - XLP Utilities - XLU Financial - XLF Technology - XLK Health Care - XLV Energy - XLE Industrial - XLI Materials - XLB
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information,
call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing.
The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index
were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an
unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations
and represents approximately two-thirds of the total market value of all domestic common stocks. Investors cannot invest directly in an index. The S&P 500 Index fi gures do not refl ect
any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a
high level of trading activity.
Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible
loss of principal. Funds focusing on a single sector generally experience greater volatility. Diversifi cation does not eliminate the risk of experiencing investment losses.
ALPS Distributors, Inc. a registered broker-dealer, is distributor for the Select Sector SPDR Trust. SEL000930 exp. 09/30/2012

Strategy
WHY
I own
UUP
PowerShares DB US
Dollar Index Bullish ETF
Jonathan Citrin
Founder & CEO
Firm: The Citrin Group LLC
Location: Birmingham, MI
Founded: 2003
AUM: $55 Million
All ETFs? Yes
Why do you use the PowerShares DB US Dollar Index
Bullish ETF (UUP)?
The primary reason is its low correlation with global
equity markets. UUP has a correlation to the MSCI
EAFE Index of -0.7, and to the S&P of -0.55 over the
last eight years. It’s really a risk-mitigation instrument
in our portfolio.
Tell me a little bit about how UUP works. It expresses a
long position on the dollar by shorting other currencies?
Right. We feel that not only will people run to currencies,
but they’ll run to the dollar above all those other
currencies. So it’s OK to have an inverse basket of
other currencies, because of the dollar’s prominence
in the world as the reserve currency.
The yen has done so well lately, and in my mind, is
probably the strongest currency. But I think you’d see
that change a lot if we had another global downturn—
people would opt for the dollar over the yen. And that’s
been the way historically since 1971 or even before 1971.
UUP has been pretty volatile over the last 12 months.
Is that volatility something that you considered?
Certainly there’s been significant volatility in the dollar,
and it’s been down a lot. But we’ve researched the
actual statistical-standard deviation of it, which is half
that of the S&P 500, and less than half of the EFA. And
we’re buying it not for when the market
is doing mediocre or well, we’re buying it
for when the market has a second or third
standard-deviation movement to the south.
We’re looking very closely at it when global
conditions are really, really bad. If it reverts
to its mean in times of poor economic performance,
I’m happy.
Does your position on the dollar indicate a
bullish position for the U.S. economy?
I like it. It’s my belief that if things improve
economically, we’d actually see a tighter
stance from the Fed. And therefore you
might see conditions where the dollar rises with markets.
But what more typically happens from a historical
perspective is that there’s a lag between when the
Fed acts and when the market recovers.
When the economy starts to improve, the next big
issue will be inflation. Therefore, I’m more worried
about a devaluing of the dollar relative to an improving
economy than an increasing value of the dollar. So
when I look at the portfolio, I don’t look at the dollar
and SPY or the U.S. market as one and the same. I look
at them as very different assets. Even though, in theory,
if our economy does well, our dollar is worth more.
But historically, that’s not how it always plays out.
What does holding this position express about your
opinion on the world?
Owning the dollar is a commentary that no one in
this market truly knows where markets are going to
go. I see a trend in markets a certain way, but I don’t
think I know everything. So I’m humble enough to
own the dollar just in case. We’re going to make sure
that we have something in there as a true hedge. It’s a
bit of a depressing reason, but it’s true. At the end of
the day, obviously, these people are on TV and talking
and screaming—myself included; we don’t know what
we’re talking about. I’m just, I think, humble enough
to admit it.
Is there a time to sell this position?
The difficulty there is if I see a sharp movement
downward in global markets, I expect the dollar to go
up and that would be a good time to use some of that
appreciation of the dollar to buy low. But we get more
specific—if we have a 20% rise in the dollar relative to
the other positions, we cut our position in the dollar
down and use that money to buy into the others. So
we have a tolerance band on our dollar position over
20% upside. If it moves more than 20% up relative to
global equities, we’re out. And then we’ll get back in
when it’s back down and we’ll buy low again.
PowerShares DB US Dollar Index Bullish ETF (UUP)
Segment: Inverse Currency:
Basket - Global Ex-US
Issuer: Invesco PowerShares
Legal Structure: Commodities
Pool (Limited Partnership)
Expense Ratio: 0.80%
AUM: $1.06 Million
AD$V (30-Day): $32.6 Billion
Avg. Spread: 0.05%
Competing Fund: UUPT
RETURN
5%
4
3
2
0
-1
-2
-3
-4
-5
-6
S O N D J F M A M J J A S
2012
Source: Bloomberg. Data as of 9/25/2012.
-1.71%
24 IndexUniverse.com/ETFReport

InsideETFsTrading
December
conference
ExECUTION, LIqUIDITy & ETF TRADING TEChNIqUES
2012
Producers of:
InsideETFs InsideCommodities InsideIndexing InsideFixedIncome
december 11, 2012
new york stock exchange • new york, ny
Save the date!
Designed for FINANCIAL ADVISORS and INSTITUTIONAL INVESTORS
Featured SpeakerS:
Tom Dorsey
president, Founding Member
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TAKE ADVANTAGE OF OUR FINANCIAL ADVISOR/INSTITUTIONAL INVESTOR RATE.
www.InsideETFsTrading.com/ETFR or call 415-659-9006
Presented by:
november 2012
25

Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr %
ETF
DATA
U.S. Equity: Total Market
PowerShares Dynamic Market PWC 0.60 130.5 18.90 11.76 -0.13
Vanguard Total Stock Market VTI 0.06 23,288.1 16.18 13.40 1.55
SPDR Dow Jones Total Market TMW 0.20 433.6 16.04 13.24 1.42
Schwab US Broad Market SCHB 0.04 1,117.2 15.92 - -
iShares Dow Jones US IYY 0.20 626.7 15.91 13.17 1.30
iShares Russell 3000 IWV 0.20 3,840.1 15.87 13.04 1.16
iShares S&P 1500 ISI 0.20 362.3 15.71 13.15 1.21
iShares MSCI USA EUSA 0.15 143.8 15.49 - -
FlexShares Morningstar U.S. Market Factor Tilt Index TILT 0.27 125.4 15.03 - -
WisdomTree Total Dividend DTD 0.28 300.1 13.54 14.73 1.14
iShares MSCI USA Minimum Volatility USMV 0.15 365.5 12.65 - -
WisdomTree Dividend Ex-Financials DTN 0.38 1,268.4 11.53 18.47 2.60
U.S. Equity: Total Market Growth
Fidelity NASDAQ Composite ONEQ 0.31 184.1 19.83 14.53 3.75
iShares Russell 3000 Growth IWZ 0.25 356.3 16.32 14.46 3.01
U.S. Equity: Total Market Value
iShares Russell 3000 Value IWW 0.25 335.5 15.38 11.53 -0.87
U.S. Equity: Extended Cap
Vanguard Extended Market VXF 0.14 1,394.1 14.92 14.05 2.74
PowerShares FTSE RAFI US 1500 SmMid PRFZ 0.39 450.9 13.83 12.09 4.74
U.S. Equity: Large Cap
U.S.-Listed ETFs
by Asset Class and
Year-to-Date Return
› Data as of 09/30/2012
› Exp Ratio is annual expense ratio
› AUM is net assets in $US millions
› YTD is year-to-date
› 3YR and 5YR returns are annualized
› Includes all U.S.-listed ETFs and ETNs
with assets of $100 million and above
› Source: Morningstar
Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr %
Guggenheim Russell Top 50 XLG 0.20 621.7 19.20 12.90 0.91
iShares S&P 100 OEF 0.20 4,991.8 18.26 13.14 0.81
Vanguard Mega Cap 300 MGC 0.12 455.5 16.97 13.05 -
Vanguard S&P 500 VOO 0.05 5,530.4 16.46 - -
SPDR S&P 500 SPY 0.09 118,000.0 16.43 13.14 0.98
iShares S&P 500 IVV 0.09 31,521.2 16.33 13.08 0.96
Vanguard Large-Cap VV 0.10 3,566.4 16.30 13.22 1.33
Vanguard Russell 1000 VONE 0.12 170.7 16.22 - -
iShares Russell 1000 IWB 0.15 6,533.0 16.20 13.14 1.12
iShares Morningstar Large Core JKD 0.20 290.6 16.19 12.66 2.19
Schwab US Large-Cap SCHX 0.04 931.0 16.18 - -
RevenueShares Large Cap RWL 0.49 159.1 15.74 12.90 -
PowerShares FTSE RAFI US 1000 PRF 0.39 1,450.0 14.26 11.37 1.95
Guggenheim S&P Equal Weight RSP 0.40 2,836.5 14.06 13.50 2.47
WisdomTree LargeCap Dividend DLN 0.28 1,275.6 13.76 14.75 0.78
iShares MSCI KLD 400 Social DSI 0.50 171.8 12.39 10.87 0.82
SPDR DJ Industrial Average Trust DIA 0.17 11,729.8 12.06 14.27 1.99
First Trust Large Core AlphaDEX FEX 0.70 340.5 11.55 12.91 1.63
PowerShares S&P 500 Low Volatility SPLV 0.25 2,475.1 11.06 - -
iShares MSCI USA ESG Select Social KLD 0.50 176.8 10.12 10.94 0.40
Barclays ETN+ S&P Veqtor ETN VQT 0.95 364.1 3.61 - -
U.S. Equity: Large Cap Growth
PowerShares QQQ QQQ 0.20 34,766.4 23.65 18.47 6.62
iShares Morningstar Large Growth JKE 0.25 470.9 20.81 14.87 2.65
Vanguard Mega Cap 300 Growth MGK 0.12 926.5 19.37 15.03 -
Vanguard Growth VUG 0.10 8,334.8 18.32 15.12 3.50
PowerShares Dyn Large Cap Growth PWB 0.61 174.7 18.21 13.42 0.84
Schwab US Large-Cap Growth SCHG 0.07 501.0 17.97 - -
iShares Russell Top 200 Growth IWY 0.20 367.2 17.54 14.99 -
iShares S&P 500 Growth IVW 0.18 7,336.8 16.86 14.77 3.40
SPDR 500 Growth SPYG 0.20 235.8 16.68 15.29 3.90
iShares Russell 1000 Growth IWF 0.20 16,586.2 16.62 14.54 2.99
Guggenheim S&P 500 Pure Growth RPG 0.35 341.0 14.00 16.70 5.52
First Trust Large Growth AlphaDEX FTC 0.70 127.7 8.46 11.74 -0.15
U.S. Equity: Large Cap Value
iShares S&P 500 Value IVE 0.18 4,487.1 15.65 11.22 -1.65
iShares Russell 1000 Value IWD 0.20 12,991.1 15.61 11.63 -1.01
SPDR S&P 500 Value Index SPYV 0.20 103.6 15.59 11.45 -1.36
PowerShares Dyn Large Cap Value PWV 0.59 452.5 15.26 14.14 3.34
Vanguard Mega Cap 300 Value MGV 0.12 424.3 14.82 11.05 -
Schwab US Large-Cap Value SCHV 0.07 413.8 14.50 - -
Vanguard Value VTV 0.10 6,599.1 14.08 11.35 -1.01
iShares Morningstar Large Value JKF 0.25 248.4 13.43 10.92 -2.64
First Trust Large Cap Value AlphaDEX FTA 0.70 262.1 13.25 13.73 2.68
U.S. Equity: Mid Cap
iShares Russell Midcap IWR 0.21 6,178.1 13.82 14.10 2.13
SPDR S&P MidCap 400 MDY 0.25 10,111.3 13.65 14.03 3.47
iShares S&P 400 MidCap IJH 0.21 12,318.4 13.64 14.12 3.68
iShares Morningstar Mid Core JKG 0.25 157.6 13.19 15.62 3.09
Schwab US Mid-Cap SCHM 0.07 222.5 13.02 - -
Vanguard Mid-Cap VO 0.10 3,773.9 12.83 13.95 1.89
WisdomTree MidCap Dividend DON 0.38 383.5 11.82 15.41 3.62
WisdomTree MidCap Earnings EZM 0.38 154.8 11.39 15.13 5.29
First Trust Mid Cap Core AlphaDEX FNX 0.70 304.4 10.18 14.21 4.84
RevenueShares Mid Cap RWK 0.54 110.0 8.79 11.55 -
U.S. Equity: Mid Cap Growth
Guggenheim S&P MidCap 400 Pure Growth RFG 0.35 529.1 14.67 17.91 9.65
iShares Morningstar Mid Growth JKH 0.30 170.2 14.38 14.99 1.48
iShares S&P Mid Cap 400 Growth IJK 0.25 3,091.0 14.05 15.75 5.03
Vanguard Mid-Cap Growth VOT 0.10 1,183.3 13.80 14.89 1.38
iShares Russell Mid Cap Growth IWP 0.25 3,296.2 13.68 14.55 2.34
U.S. Equity: Mid Cap Value
iShares Russell Midcap Value IWS 0.28 3,427.1 13.85 13.58 1.60
iShares S&P MidCap 400 Value IJJ 0.27 2,173.1 13.28 12.51 2.29
Vanguard Mid-Cap Value VOE 0.10 1,058.9 12.13 12.96 2.03
U.S. Equity: Small Cap
WisdomTree SmallCap Dividend DES 0.38 385.8 15.68 14.30 2.82
Schwab US Small-Cap SCHA 0.10 674.8 15.11 - -
Vanguard Small-Cap VB 0.16 4,423.1 15.06 14.36 3.51
iShares Russell 2000 IWM 0.23 18,200.1 14.49 13.06 2.27
RevenueShares Small Cap RWJ 0.54 120.4 14.38 13.47 -
Vanguard Russell 2000 VTWO 0.22 160.5 14.23 - -
iShares S&P SmallCap 600 IJR 0.22 7,960.2 13.89 15.08 3.21
SPDR S&P SmallCap 600 Index SLY 0.20 211.2 13.43 15.18 4.16
iShares Morningstar Small Core JKJ 0.25 135.5 12.86 12.60 2.54
First Trust Small Cap Core AlphaDEX FYX 0.70 159.5 12.71 14.41 3.46
WisdomTree SmallCap Earnings EES 0.38 154.1 12.70 13.11 5.42
U.S. Equity: Small Cap Growth
Vanguard Small-Cap Growth VBK 0.10 2,118.7 15.57 15.91 4.22
iShares Russell 2000 Growth IWO 0.25 3,866.3 14.25 14.35 3.11
SPDR S&P SmallCap 600 Growth SLYG 0.25 176.0 13.13 16.84 5.01
iShares S&P SmallCap 600 Growth IJT 0.25 1,651.6 13.10 16.60 3.90
U.S. Equity: Small Cap Value
SPDR S&P SmallCap 600 Value Index SLYV 0.25 136.5 14.85 13.58 3.57
Vanguard Small-Cap Value VBR 0.21 2,128.3 14.78 12.66 2.65
iShares S&P SmallCap 600 Value IJS 0.29 1,876.1 14.58 13.65 2.51
iShares Russell 2000 Value IWN 0.37 4,227.5 14.42 11.64 1.32
26 IndexUniverse.com/ETFReport

Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr % Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr %
iShares Morningstar Small Value JKL 0.30 176.3 13.65 13.92 4.86
U.S. Equity: Micro Cap
iShares Russell Microcap IWC 0.69 470.2 19.60 11.49 -0.66
U.S. Equity: Basic Materials
First Trust Materials AlphaDEX FXZ 0.70 175.3 16.17 12.83 3.78
Vanguard Materials VAW 0.19 667.3 13.36 11.30 0.97
Materials Select SPDR XLB 0.18 2,346.8 11.44 8.66 -0.18
iShares DJ US Basic Materials IYM 0.47 505.0 6.62 9.21 0.00
SPDR S&P Metals and Mining XME 0.35 995.5 -10.36 -0.69 -6.40
U.S. Equity: Consumer Cyclicals
iShares DJ US Home Construction ITB 0.47 1,374.4 63.40 17.04 0.51
SPDR S&P Homebuilders XHB 0.35 1,914.3 46.42 19.78 4.58
PowerShares Dynamic Media PBS 0.63 153.2 25.57 16.32 1.62
iShares DJ US Consumer Services IYC 0.47 316.0 22.10 19.68 6.24
Vanguard Consumer Discr VCR 0.19 554.6 21.31 21.03 6.01
Consumer Discr Select SPDR XLY 0.18 3,343.2 21.12 21.26 6.69
SPDR S&P Retail XRT 0.35 809.4 20.30 24.02 11.42
First Trust Consumer Discr AlphaDEX FXD 0.70 461.1 11.52 15.96 4.22
U.S. Equity: Consumer Non-Cyclicals
Vanguard Consumer Staples VDC 0.19 1,137.4 12.41 15.37 7.89
Consumer Staples Select SPDR XLP 0.18 6,117.9 12.40 15.26 7.98
iShares DJ US Consumer Goods IYK 0.47 376.2 10.47 14.70 5.52
PowerShares Dyn Food & Beverage PBJ 0.63 114.2 5.90 14.55 4.65
First Trust Consumer Staples AlphaDEX FXG 0.70 357.2 3.31 13.09 5.37
U.S. Equity: Energy
PowerShares Dynamic Energy PXI 0.65 118.7 11.45 19.91 4.94
JPMorgan Alerian MLP ETN AMJ 0.85 5,219.3 7.82 23.95 -
Energy Select SPDR XLE 0.18 7,784.1 7.62 12.73 1.24
iShares Dow Jones US Energy IYE 0.47 1,092.1 7.20 11.50 0.82
ETRACS MLP Infrastructure ETN MLPI 0.85 394.7 6.81 - -
SPDR S&P Oil/Gas Expl & Production XOP 0.35 936.0 6.34 13.80 4.19
Vanguard Energy VDE 0.19 1,974.2 6.12 11.85 1.10
iShares DJ US Oil/Gas Expl & Production IEO 0.47 339.5 4.88 8.63 2.10
Alerian MLP AMLP 0.85 4,195.9 4.25 - -
Credit Suisse Cushing 30 MLP ETN MLPN 0.85 291.2 4.24 - -
First Trust Energy AlphaDEX FXN 0.70 136.8 1.66 8.11 -1.66
iShares DJ US Oil Equipment & Services IEZ 0.47 364.0 0.59 8.64 -3.56
PowerShares Dyn Oil & Gas Services PXJ 0.63 131.1 0.20 6.31 -5.82
SPDR S&P Oil/Gas Equipment & Services XES 0.35 304.0 -1.54 7.71 -2.49
First Trust ISE-Revere Natural Gas FCG 0.60 441.9 -4.01 1.85 -2.60
PowerShares WilderHill Clean Energy PBW 0.70 131.2 -14.94 -26.03 -27.95
U.S. Equity: Financials
PowerShares KBW Bank Portfolio KBWB 0.35 129.5 27.52 - -
iShares DJ US Financial Services IYG 0.47 273.4 24.19 1.02 -13.09
iShares Dow Jones US Regional Banks IAT 0.47 149.3 22.17 8.53 -8.83
Financial Select SPDR XLF 0.18 7,970.5 21.38 2.87 -12.64
iShares DJ US Financial IYF 0.47 469.6 20.26 4.96 -10.06
Vanguard Financials VFH 0.23 792.0 20.23 5.01 -9.65
PowerShares KBW High Div Yld Financial KBWD 1.32 157.1 19.97 - -
SPDR KBW Bank KBE 0.35 1,685.4 19.89 1.45 -12.86
SPDR KBW Regional Banking KRE 0.35 1,318.8 18.74 12.09 -5.84
First Trust Financials AlphaDEX FXO 0.70 184.4 16.13 9.15 -1.56
SPDR KBW Insurance KIE 0.35 107.9 14.98 7.12 -4.16
U.S. Equity: Health Care
Market Vectors Biotech BBH 0.35 132.3 48.50 - -
First Trust NYSE Arca Biotechnology FBT 0.60 257.7 42.07 18.34 12.97
SPDR S&P Biotech XBI 0.35 682.8 40.68 20.30 10.35
iShares NASDAQ Biotechnology IBB 0.48 2,415.7 37.20 20.97 11.68
PowerShares Dyn Pharmaceuticals PJP 0.63 322.8 23.12 26.72 14.15
First Trust Health Care AlphaDEX FXH 0.70 626.4 21.09 19.14 9.98
PowerShares Dyn Biotech/Genome PBE 0.63 139.1 20.44 12.41 4.90
iShares DJ US Healthcare IYH 0.47 655.4 19.70 14.65 5.30
Vanguard Health Care VHT 0.19 975.0 19.60 14.87 5.48
iShares DJ US Pharmaceuticals IHE 0.47 438.9 18.97 21.11 12.26
SPDR S&P Pharmaceuticals XPH 0.35 418.2 18.05 20.87 13.54
Health Care Select SPDR XLV 0.18 5,022.5 17.44 14.11 4.59
iShares DJ US Medical Devices IHI 0.47 299.1 17.34 11.27 2.90
iShares DJ US Healthcare Providers IHF 0.47 226.1 16.90 17.92 3.11
PowerShares S&P SmallCap Health Care PSCH 0.29 132.1 16.54 - -
Market Vectors Pharmaceutical PPH 0.35 173.9 12.78 - -
U.S. Equity: Industrials
iShares DJ US Industrial IYJ 0.47 557.5 12.27 13.78 0.37
Vanguard Industrials VIS 0.19 498.4 11.24 13.44 -0.42
Industrial Select SPDR XLI 0.18 3,230.9 9.96 13.85 -0.03
First Trust Industrials/Producer Durables AlphaDEX FXR 0.70 117.7 7.82 11.27 0.30
iShares DJ Transportation Average IYT 0.47 526.6 -1.84 9.71 1.53
U.S. Equity: Technology
Technology Select SPDR XLK 0.18 10,696.9 22.48 15.57 4.21
Vanguard Information Technology VGT 0.19 2,586.3 19.60 14.43 4.56
iShares DJ US Technology IYW 0.47 1,866.5 19.35 14.10 4.43
iShares S&P North Amer Software IGV 0.48 633.5 17.89 13.59 5.09
First Trust DJ Internet FDN 0.60 482.0 17.43 18.27 7.95
iShares S&P North American Technology IGM 0.48 547.5 17.18 12.77 3.42
SPDR Morgan Stanley Technology MTK 0.50 170.3 16.88 9.32 1.11
Guggenheim S&P Equal Weight Technology RYT 0.50 123.4 10.43 10.13 1.00
First Trust Technology AlphaDEX FXL 0.70 237.3 7.59 10.14 -0.30
First Trust NASDAQ-100 Technology QTEC 0.60 123.9 7.50 10.96 2.54
iShares PHLX SOX Semiconductor SOXX 0.48 225.6 5.92 6.12 -4.26
Market Vectors Semiconductor SMH 0.35 282.4 3.98 - -
iShares S&P North Am Multimedia Netwrk IGN 0.48 233.8 -0.14 0.63 -5.47
U.S. Equity: Telecommunications
iShares DJ Telecommunications IYZ 0.47 640.4 23.78 14.01 -2.36
Vanguard Telecommunication Svcs VOX 0.19 555.0 20.72 14.50 0.89
U.S. Equity: Utilities
First Trust Utilities AlphaDEX FXU 0.70 149.4 8.05 12.34 3.05
Vanguard Utilities VPU 0.19 1,150.7 4.36 12.38 2.48
Utilities Select SPDR XLU 0.18 6,158.9 4.11 11.96 2.19
iShares DJ US Utilities IDU 0.47 666.6 4.05 12.24 2.00
U.S. Equity: Real Estate
iShares DJ US Real Estate IYR 0.47 4,877.9 16.24 19.09 1.12
Vanguard REIT VNQ 0.10 14,420.9 14.75 20.48 2.70
First Trust S&P REIT FRI 0.50 394.7 14.58 19.84 1.43
SPDR Dow Jones REIT RWR 0.25 1,928.2 14.24 20.25 1.56
Schwab U. S. REIT SCHH 0.07 379.4 14.12 - -
iShares Cohen & Steers Realty Majors ICF 0.35 2,855.4 13.36 20.67 0.54
iShares FTSE NAREIT Residential Plus REZ 0.48 226.0 9.05 22.48 4.47
U.S Equity: Theme
iShares FTSE NAREIT Mortgage Plus REM 0.48 900.3 29.59 11.27 -3.10
PowerShares Water Resources PHO 0.62 805.6 16.57 6.10 -1.30
U.S. Equity: Alpha-Seeking
PowerShares DWA Technical Leaders PDP 0.67 647.2 15.88 16.11 0.98
PowerShares Buyback Achievers PKW 0.71 185.4 13.57 16.57 4.42
U.S. Equity: High Dividend Yield
Vanguard High Dividend Yield VYM 0.13 4,088.4 13.90 14.49 1.59
Guggenheim Multi-Asset Income CVY 0.78 760.2 13.67 15.72 3.18
WisdomTree Equity Income DHS 0.38 570.5 13.33 16.48 -0.12
iShares High Dividend Equity HDV 0.40 2,223.7 12.75 - -
First Trust Mstar Dividend Leaders FDL 0.45 645.2 12.29 17.75 0.65
PowerShares Dividend Achievers PFM 0.60 282.0 12.20 13.96 0.83
Schwab US Dividend Equity SCHD 0.07 514.6 11.99 - -
Vanguard Dividend Appreciation VIG 0.13 11,890.5 10.94 12.76 2.91
First Trust Value Line Dividend FVD 0.70 501.7 10.69 14.59 3.83
SPDR S&P Dividend SDY 0.35 9,428.4 10.39 13.39 3.33
iShares DJ Select Dividend DVY 0.40 11,176.5 10.28 15.99 0.44
PowerShares HiYld Equity Div Achievers PEY 0.60 311.7 7.63 13.01 -3.74
Global Equity
Vanguard Total World Stock VT 0.22 1,383.2 12.57 7.07 -
iShares MSCI ACWI ACWI 0.34 3,052.1 12.29 6.83 -
iShares MSCI All Country World Minimum Volatility ACWV 0.35 623.4 11.20 - -
iShares S&P Global 100 IOO 0.40 1,036.1 9.68 5.11 -2.64
Global Equity Ex-U.S.
Vanguard FTSE All-World ex-US SmCap VSS 0.28 1,012.0 13.70 5.93 -
SPDR S&P World ex-US GWL 0.34 411.3 11.21 2.84 -4.37
Vanguard FTSE All-World ex-US VEU 0.18 7,349.7 10.33 2.97 -3.95
november 2012
27

Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr % Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr %
Vanguard Total International Stock VXUS 0.18 959.1 9.91 - -
iShares MSCI ACWI ex US ACWX 0.34 1,091.0 9.08 2.25 -
SPDR MSCI ACWI ex-US CWI 0.34 384.2 8.85 2.56 -3.96
International Equity: Blended Development
iShares S&P Asia 50 AIA 0.50 201.8 14.65 7.09 -
iShares MSCI All Country Asia ex-Japan AAXJ 0.67 1,919.9 13.87 3.86 -
International Equity: Developed
iShares MSCI Singapore EWS 0.52 1,588.4 25.89 11.72 2.30
iShares MSCI New Zealand ENZL 0.51 109.6 24.61 - -
iShares MSCI Germany EWG 0.51 3,271.3 20.99 2.95 -5.26
iShares MSCI Hong Kong EWH 0.52 2,104.2 20.40 8.59 0.55
iShares MSCI Pacific ex-Japan EPP 0.50 3,309.3 17.11 7.40 -0.12
iShares MSCI Sweden EWD 0.51 385.1 16.57 10.28 -1.31
iShares MSCI Australia EWA 0.52 2,361.4 13.37 6.27 -0.85
iShares MSCI EAFE Small Cap SCZ 0.40 1,539.2 13.17 5.26 -
iShares MSCI South Korea EWY 0.59 2,988.6 13.15 8.51 -1.73
Schwab International Small-Cap Eq SCHC 0.20 167.1 12.53 - -
iShares MSCI Kokusai TOK 0.25 654.4 12.41 8.15 -
iShares MSCI Switzerland EWL 0.52 571.1 11.80 6.56 0.49
Vanguard European VGK 0.14 3,630.3 11.77 2.09 -5.50
WisdomTree Intl SmallCap Dividend DLS 0.58 408.9 11.75 5.61 -3.41
iShares S&P Europe 350 IEV 0.60 1,050.2 11.33 1.38 -5.93
iShares MSCI EMU EZU 0.52 1,211.5 10.96 -4.40 -9.43
iShares MSCI EAFE Growth EFG 0.40 1,313.1 10.48 4.21 -4.39
iShares MSCI United Kingdom EWU 0.52 1,387.9 10.28 7.23 -3.83
Schwab International Equity SCHF 0.09 832.0 10.20 - -
iShares MSCI France EWQ 0.52 406.7 10.11 -4.05 -8.13
SPDR S&P International Small Cap GWX 0.59 679.1 9.76 4.82 -3.36
iShares MSCI EAFE Value EFV 0.40 1,341.6 9.63 -0.07 -6.26
Vanguard MSCI EAFE VEA 0.12 9,322.5 9.57 2.03 -5.11
iShares MSCI EAFE EFA 0.34 36,392.8 9.57 1.98 -5.37
WisdomTree DEFA DWM 0.48 423.5 9.52 2.02 -5.34
WisdomTree Intl LargeCap Dividend DOL 0.48 186.4 9.22 1.73 -5.29
SPDR Euro STOXX 50 FEZ 0.29 993.8 9.22 -5.34 -9.27
iShares MSCI Canada EWC 0.52 4,393.4 8.03 5.73 -0.87
Vanguard Pacific VPL 0.14 1,560.5 7.39 2.60 -4.13
PowerShares F/R Dev Mkts ex-US SmMid PXF 0.75 280.9 7.07 -2.17 -5.77
WisdomTree Intl Dividend ex-Financials DOO 0.58 336.8 5.57 2.74 -5.63
Maxis Nikkei 225 NKY 0.50 191.5 5.28 - -
WisdomTree Japan SmallCap Dividend DFJ 0.58 157.7 3.10 2.71 -1.23
iShares MSCI Italy EWI 0.51 206.4 2.76 -13.52 -15.56
WisdomTree Japan Hedged Equity DXJ 0.48 547.8 1.92 -6.49 -8.77
iShares MSCI Japan EWJ 0.51 4,248.4 1.64 -0.92 -6.99
iShares MSCI Spain EWP 0.52 189.3 -5.83 -12.22 -9.24
International Equity: Emerging
iShares MSCI Turkey TUR 0.59 583.0 38.59 5.96 -
iShares MSCI Philippines EPHE 0.59 102.9 31.03 - -
iShares MSCI Thailand THD 0.59 656.3 28.27 25.36 -
iPath MSCI India ETN INP 0.89 466.0 25.91 -0.13 -4.19
iShares S&P India Nifty 50 INDY 0.92 298.5 24.80 - -
iShares MSCI Poland EPOL 0.59 138.8 23.34 - -
iShares MSCI Mexico EWW 0.52 1,296.7 22.86 16.07 4.00
WisdomTree India Earnings EPI 0.83 1,064.1 22.36 -2.72 -
Global X/InterBolsa FTSE Colombia 20 GXG 0.78 206.9 19.08 14.15 -
SPDR S&P Emrg Mkts Small Cap EWX 0.65 897.4 18.87 3.98 -
iShares MSCI All Peru EPU 0.59 335.7 17.72 13.84 -
PowerShares India PIN 0.79 392.0 15.96 -3.29 -
iShares MSCI Emerging Markets Minimum Volatility EEMV 0.25 499.4 15.40 - -
iShares MSCI Taiwan EWT 0.59 2,481.2 14.26 5.46 -0.78
WisdomTree Emrg Mkts SmallCap Div DGS 0.64 1,035.8 14.12 7.87 -
Market Vectors Brazil Small-Cap BRF 0.59 534.4 12.10 7.65 -
SPDR S&P Emerging Asia Pacific GMF 0.59 389.8 11.15 4.88 -1.21
iShares MSCI South Africa EZA 0.59 518.5 11.08 10.16 3.81
iShares MSCI Russia ERUS 0.58 192.2 10.64 - -
Vanguard MSCI Emerging Markets VWO 0.20 57,357.2 10.55 4.98 -1.66
iShares MSCI Emerging Markets EEM 0.67 37,249.7 10.28 3.90 -1.70
SPDR S&P Emerging Markets GMM 0.59 166.0 10.05 4.83 -0.74
iShares MSCI Malaysia EWM 0.52 972.6 9.50 16.29 7.92
Schwab Emerging Markets Equity SCHE 0.15 545.2 9.49 - -
First Trust Emerging Markets AlphaDex FEM 0.80 118.3 9.33 - -
iShares MSCI Chile ECH 0.59 554.4 9.21 10.58 -
Market Vectors Russia RSX 0.62 1,830.8 8.03 2.21 -7.65
PowerShares FTSE RAFI Emrg Mkts PXH 0.85 366.0 7.43 1.74 -2.04
iShares MSCI China MCHI 0.58 384.4 6.58 - -
SPDR S&P China GXC 0.59 759.2 6.43 0.95 -5.46
SPDR S&P BRIC 40 BIK 0.50 296.3 6.13 1.70 -3.43
iShares MSCI BRIC BKF 0.67 728.4 6.03 -1.44 -
BLDRS Emerging Markets 50 ADR ADRE 0.30 341.6 4.65 0.77 -3.55
SPDR S&P Emerging Latin America GML 0.59 114.1 4.18 2.82 0.46
iShares MSCI Indonesia EIDO 0.59 279.8 2.95 - -
Guggenheim China Small Cap HAO 0.75 152.9 2.38 -4.15 -
iShares FTSE China 25 FXI 0.72 4,706.3 1.71 -3.41 -8.59
iShares S&P Latin America 40 ILF 0.50 1,640.2 1.56 2.45 0.28
Guggenheim BRIC EEB 0.64 344.0 1.28 -0.77 -3.74
Market Vectors Indonesia IDX 0.57 390.8 0.39 14.19 -
PowerShares Halter USX China PGJ 0.69 196.2 -1.74 -4.75 -9.58
iShares MSCI Brazil EWZ 0.59 8,448.5 -3.86 -3.66 -2.52
International Equity: Frontier
Guggenheim Frontier Markets FRN 0.70 152.5 10.86 6.06 -
Market Vectors Vietnam VNM 0.76 257.8 10.31 -16.96 -
Global Equity: Sector
PowerShares Listed Private Equity PSP 2.32 284.2 19.32 5.04 -13.69
iShares S&P Global Financials IXG 0.48 159.2 19.08 -1.76 -11.24
SPDR DJ Global Real Estate RWO 0.50 543.5 19.01 13.82 -
iShares S&P Global Technology IXN 0.48 581.9 18.18 10.70 1.40
Global X Silver Miners SIL 0.65 376.1 17.93 - -
iShares S&P Global Consumer Discr RXI 0.48 139.5 17.10 13.16 1.42
iShares S&P Global Healthcare IXJ 0.48 617.1 16.18 12.36 3.91
Guggenheim S&P Global Water CGW 0.70 206.2 15.74 8.58 -0.70
PowerShares Global Water PIO 0.75 213.7 12.74 1.32 -6.45
iShares S&P Global Consumer Staples KXI 0.48 546.6 12.62 14.06 6.54
PowerShares Global Agriculture PAGG 0.75 111.8 12.56 9.46 -
iShares S&P Global Telecommunications IXP 0.48 587.7 12.04 9.22 -0.28
Guggenheim Timber CUT 0.70 141.8 11.19 4.18 -
iShares S&P Global Timber/Forestry WOOD 0.48 171.5 10.69 6.39 -
Market Vectors Agribusiness MOO 0.53 5,662.3 9.84 11.08 3.10
iShares S&P Global Industrials EXI 0.48 151.3 9.25 8.44 -2.84
iShares S&P Global Infrastructure IGF 0.48 353.4 8.35 5.81 -
FlexShares Morningstar Glbl Upstream Nat Res GUNR 0.48 517.3 7.91 - -
Market Vectors Hard Assets Producers HAP 0.49 143.4 7.06 6.61 -
Market Vectors Oil Services OIH 0.35 1,097.5 5.07 - -
iShares S&P North Amer Natural Res IGE 0.48 1,833.0 5.00 8.36 -0.43
iShares S&P Global Materials MXI 0.48 503.4 4.97 3.96 -4.02
SPDR Global Natural Resources GNR 0.40 414.9 4.69 - -
iShares S&P Global Energy IXC 0.48 1,140.8 4.42 7.33 -0.70
Market Vectors Gold Miners GDX 0.52 10,238.3 4.39 6.25 4.14
iShares S&P Global Utilities JXI 0.48 236.0 3.08 0.38 -4.49
Market Vectors Junior Gold Miners GDXJ 0.54 3,177.8 0.08 - -
Global X Uranium URA 0.69 148.1 -6.13 - -
Market Vectors Steel SLX 0.55 131.7 -7.74 -4.26 -9.38
Market Vectors Rare Earth Metals REMX 0.57 163.8 -12.80 - -
Market Vectors Coal KOL 0.59 196.4 -27.57 -7.65 -
iShares MSCI Glbl Select Metals & Mining Producers PICK 0.39 212.9 - - -
Global Ex-U.S. Equity: Sector
Vanguard Global ex-US Real Estate VNQI 0.35 355.7 28.17 - -
WisdomTree Global Ex-US Real Estate DRW 0.58 108.9 27.26 8.66 -5.06
SPDR DJ Intl Real Estate RWX 0.59 3,136.7 27.09 9.75 -4.47
International Equity: Developed Sector
iShares S&P Dev Ex-US Property WPS 0.48 160.3 26.97 8.01 -4.68
iShares FTSE E/N Dev Real Est ex-US IFGL 0.48 1,295.2 26.76 7.92 -
International Equity: Emerging Sector
iShares S&P Emrg Mkts Infrastructure EMIF 0.75 124.4 14.86 7.90 -
EGShares DJ Emrg Mkts Consumer Titans ECON 0.85 450.4 10.65 - -
Global X China Consumer CHIQ 0.65 110.8 -2.92 - -
28 IndexUniverse.com/ETFReport

Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr % Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr %
Global Equity: High Dividend Yield
Global X SuperDividend SDIV 0.58 134.3 12.93 - -
First Trust Dow Jones Global Select Dividend FGD 0.60 206.2 11.84 8.36 -
Guggenheim Intl Multi-Asset Income HGI 0.84 113.8 4.37 3.37 -2.87
Global Ex-U.S. Equity: High Dividend Yield
SPDR S&P International Dividend DWX 0.45 1,000.5 2.90 0.55 -
International Equity: High Dividend Yield
iShares DJ Intl Select Dividend IDV 0.50 1,154.2 11.49 5.26 -3.72
WisdomTree DEFA Equity Income DTH 0.58 174.5 8.76 0.89 -5.80
WisdomTree Emrg Mkts Equity Income DEM 0.63 4,423.6 8.05 8.26 4.88
PowerShares Intl Dividend Achievers PID 0.56 717.5 6.88 7.40 -3.22
SPDR S&P Emrg Mkts Dividend EDIV 0.59 301.5 -2.43 - -
International Equity: Alpha Seeking
PowerShares DWA EM Tech Leaders PIE 0.90 174.1 8.91 8.95 -
U.S. Fixed Income: Broad Market - Broad Maturities
Vanguard Total Bond Market BND 0.10 17,473.0 3.90 6.03 6.47
iShares Barclays Government/Credit Bond GBF 0.20 173.7 3.82 6.16 6.56
iShares Barclays Aggregate Bond AGG 0.20 15,658.5 3.78 5.79 6.31
SPDR Barclays Aggregate Bond LAG 0.17 621.8 3.55 5.93 6.55
Schwab US Aggregate Bond SCHZ 0.05 326.8 3.54 - -
U.S. Fixed Income: Broad Market - Short-Term
Vanguard Short-Term Bond BSV 0.11 9,013.6 1.86 2.97 4.26
U.S. Fixed Income: Broad Market - Intermediate
Vanguard Intermediate-Term Bond BIV 0.11 4,092.9 6.35 8.70 8.48
iShares Barclays Intermdt Gov/Cred Bond GVI 0.20 919.0 3.13 4.81 5.61
U.S. Fixed Income: Broad Market - Long-Term
iShares 10+ Year Government/Credit Bond GLJ 0.20 192.4 9.07 - -
Vanguard Long-Term Bond BLV 0.11 789.3 8.10 12.31 11.01
U.S. Fixed Income: Government
Vanguard Intermediate-Term Government Bond VGIT 0.14 129.6 2.47 - -
Vanguard Short-Term Govt Bond VGSH 0.14 204.2 0.32 0.66 0.39
iShares Barclays U.S. Treasury Bond GOVT 0.15 498.9 - - -
U.S. Fixed Income: Treasury - Broad Maturities
PowerShares 1-30 Laddered Treasury PLW 0.25 167.0 3.81 9.14 -
U.S. Fixed Income: Treasury - Short-Term
iShares Barclays 1-3 Yr Treasury Bond SHY 0.15 8,590.7 0.27 1.29 2.69
Schwab Short-Term US Treasury SCHO 0.08 227.5 0.18 - -
PIMCO 1-3 Year US Treasury TUZ 0.09 122.6 0.16 1.33 -
iShares Barclays Short Treasury Bond SHV 0.15 2,677.9 -0.01 0.08 0.87
SPDR Barclays 1-3 Month T-Bill BIL 0.13 1,058.3 -0.04 -0.05 0.55
U.S. Fixed Income: Treasury - Intermediate
iShares Barclays 7-10 Yr Treasury Bond IEF 0.15 4,576.2 4.05 8.62 8.81
Schwab Intermediate-Term US Treasury SCHR 0.10 184.9 2.36 - -
iShares Barclays 3-7 Yr Treasury Bond IEI 0.15 2,089.7 2.06 5.31 6.34
SPDR Barclays Intermediate Treasury ITE 0.13 178.2 1.72 4.12 5.27
U.S. Fixed Income: Treasury - Long-Term
Vanguard Ext Duration Treasury EDV 0.13 181.1 4.75 15.51 -
iShares Barclays 10-20 Yr Treasury TLH 0.15 628.3 4.46 10.20 9.92
iShares Barclays 20+ Yr Treasury TLT 0.15 3,338.7 4.32 12.05 11.21
U.S. Fixed Income: Agencies
Vanguard Mortgage-Backed Securities VMBS 0.15 269.1 2.96 - -
iShares Barclays MBS Bond MBB 0.26 5,974.3 2.53 4.84 5.89
iShares Barclays Agency Bond AGZ 0.20 375.5 1.85 3.33 -
U.S. Fixed Income: TIPS
PIMCO 15+ Year US TIPS LTPZ 0.20 393.0 10.48 14.81 -
PIMCO Broad US TIPS TIPZ 0.20 118.1 6.22 9.29 -
SPDR Barclays TIPS IPE 0.18 770.9 6.08 9.26 7.88
iShares Barclays TIPS Bond TIP 0.20 23,110.1 6.02 9.07 7.78
Schwab US TIPS SCHP 0.07 524.7 5.95 - -
FlexShares iBoxx 5-Year Target Duration TIPS TDTF 0.20 341.3 4.74 - -
FlexShares iBoxx 3-Year Target Duration TIPS TDTT 0.20 622.9 2.56 - -
PIMCO 1-5 Year US TIPS STPZ 0.20 993.8 1.88 4.09 -
iShares Barclays 0-5 Year TIPS Bond STIP 0.20 365.6 1.80 - -
U.S. Fixed Income: Municipal - Broad Market
PowerShares Insured Natl Muni Bond PZA 0.28 884.8 8.73 6.75 -
SPDR Barclays California Municipal Bond CXA 0.20 101.9 8.49 6.53 -
iShares S&P California Muni Bond CMF 0.25 260.2 7.40 6.35 -
iShares S&P New York AMT-Free Municipal Bond NYF 0.25 117.6 6.35 5.44 -
SPDR Barclays Municipal Bond TFI 0.23 1,179.3 5.58 5.72 6.10
iShares S&P Natl Municipal Bond MUB 0.25 3,134.1 5.52 5.45 5.77
Market Vectors Short Municipal SMB 0.20 168.6 2.13 3.04 -
U.S. Fixed Income: Municipal - Short-Term
SPDR Nuveen Barclays Sh-Trm Muni Bond SHM 0.20 1,612.9 1.50 2.28 -
iShares S&P Short Term Natl Muni Bond SUB 0.25 586.6 0.85 1.51 -
U.S. Fixed Income: Municipal - Intermediate
Market Vectors Intermediate Muni ITM 0.24 617.8 5.62 6.16 -
PIMCO Intermediate Muni Bond Strategy MUNI 0.35 183.0 4.29 - -
U.S. Fixed Income: Municipal - Long-Term
Market Vectors Long Municipal MLN 0.24 106.3 9.49 7.04 -
U.S. Fixed Income: Municipal - High Yield
Market Vectors High-Yield Municipal HYD 0.35 864.0 14.51 7.76 -
SPDR Nuveen S&P High Yield Municipal Bond HYMB 0.45 143.9 13.20 - -
U.S. Fixed Income: Municipal - VRDO
PowerShares VRDO Tax-Free Weekly PVI 0.25 332.4 -0.01 0.34 -
U.S. Fixed Income: Municipal - Build America Bonds
SPDR Nuveen Barclays Build America Bond BABS 0.35 110.3 9.29 - -
PowerShares Build America Bond BAB 0.28 1,073.0 8.80 - -
U.S. Fixed Income: Corporate - Investment Grade - Broad Maturities
PIMCO Investment Grade Corporate Bond CORP 0.20 274.8 10.24 - -
iShares iBoxx $ Inv Gr Corporate Bond LQD 0.15 24,477.5 9.93 9.43 8.18
iShares Barclays Credit Bond CFT 0.20 1,384.7 7.07 8.04 7.58
U.S. Fixed Income: Corporate - Investment Grade - Short-Term
Vanguard Short-Term Corporate Bond VCSH 0.14 3,981.1 4.90 - -
SPDR Barclays Sh-Trm Corporate Bond SCPB 0.12 1,274.2 3.47 - -
iShares Barclays 1-3 Year Credit Bond CSJ 0.20 9,555.3 2.59 2.66 3.96
U.S. Fixed Income: Corporate - Investment Grade - Intermediate
Vanguard Intermediate Corporate Bond VCIT 0.14 2,858.6 9.14 - -
SPDR Barclays US Intermediate Corp Bond ITR 0.15 308.6 7.30 6.77 -
iShares Barclays Intermediate Credit Bond CIU 0.20 5,478.4 6.26 6.56 6.70
U.S. Fixed Income: Corporate - Investment Grade - Long-Term
Vanguard Long-Term Corporate Bond VCLT 0.14 1,056.8 10.84 - -
iShares 10+ Year Credit Bond CLY 0.20 411.5 10.15 - -
SPDR Barclays Long Term Corporate Bond LWC 0.15 120.7 9.58 10.67 -
U.S. Fixed Income: Corporate - Investment Grade - Fixed Maturities
Guggenheim BulletShares 2017 Corporate Bond BSCH 0.24 150.4 9.34 - -
Guggenheim BulletShares 2016 Corporate Bond BSCG 0.24 140.0 6.51 - -
Guggenheim BulletShares 2015 Corporate Bond BSCF 0.24 153.7 5.59 - -
Guggenheim BulletShares 2014 Corporate Bond BSCE 0.24 169.0 3.06 - -
Guggenheim BulletShares 2013 Corporate Bond BSCD 0.24 156.7 1.92 - -
Guggenheim BulletShares 2012 Corporate Bond BSCC 0.24 101.3 -0.17 - -
U.S. Fixed Income: Corporate - Investment Grade - Floating Rate
iShares Floating Rate Note FLOT 0.20 341.9 3.70 - -
U.S. Fixed Income: Corporate - High Yield - Broad Maturities
Peritus High Yield HYLD 1.36 134.5 11.81 - -
SPDR Barclays High Yield Bond JNK 0.40 12,453.0 9.64 11.32 -
iShares iBoxx $ HiYld Corporate Bond HYG 0.50 17,188.0 8.06 10.63 6.31
PowerShares Fundamental HiYld Corp Bond PHB 0.50 1,088.4 7.38 9.51 -
U.S. Fixed Income: Corporate - High Yield - Short-Term
Pimco 0-5 Year High Yield Corporate Bond HYS 0.55 492.1 8.04 - -
U.S. Fixed Income: Corporate - High Yield - Fixed Maturities
Guggenheim BulletShares 2015 HiYld Bond BSJF 0.42 294.0 8.26 - -
Guggenheim BulletShares 2014 HiYld Bond BSJE 0.42 163.0 7.68 - -
Guggenheim BulletShares 2013 HiYld Bond BSJD 0.42 188.3 5.77 - -
U.S. Fixed Income: Corporate - Convertibles
SPDR Barclays Convertible Bond CWB 0.40 850.0 11.82 7.86 -
U.S. Fixed Income: Corporate - Loans
PowerShares Senior Loan BKLN 0.76 927.3 8.70 - -
U.S. Fixed Income: Corporate - Preferred Stock
PowerShares Financial Preferred PGF 0.66 1,723.0 20.14 13.06 4.36
iShares S&P US Preferred Stock PFF 0.48 10,202.2 16.35 10.47 4.45
PowerShares Preferred PGX 0.50 1,993.8 13.46 10.33 -
SPDR Wells Fargo Preferred Stock PSK 0.45 286.6 12.98 10.69 -
International Fixed Income: Blended Development
SPDR DB Intl Govt Infl-Protected Bond WIP 0.50 1,339.5 9.82 6.15 -
WisdomTree Asia Local Debt ALD 0.55 430.4 5.24 - -
november 2012 29

Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr % Fund Name Ticker ExP Ratio % AUM ($M) YTD % 3Yr % 5Yr %
PIMCO Enh Short Maturity Strategy MINT 0.35 1,977.5 2.17 - -
Guggenheim Enhanced Ultra-Short Bond ETF GSY 0.27 215.2 1.07 0.33 -
International Fixed Income: Developed
PowerShares Intl Corporate Bond PICB 0.50 110.6 11.53 - -
iShares S&P International Preferred Stock IPFF 0.55 111.9 9.53 - -
SPDR Barclays Intl Treasury Bond BWX 0.50 1,907.0 5.94 3.76 -
iShares S&P/Citi Intl Treasury Bond IGOV 0.35 344.5 4.08 1.32 -
SPDR Barclays Sh-Trm Intl Treasury Bond BWZ 0.35 232.4 3.80 1.09 -
iShares S&P/Citi 1-3 Yr Intl Treasury Bond ISHG 0.35 185.8 1.67 -0.89 -
International Fixed Income: Emerging
PowerShares Emrg Mkts Sov Debt PCY 0.50 2,277.8 16.57 11.60 -
iShares JPM USD Emrg Mkts Bond EMB 0.60 5,727.7 13.96 10.96 -
Market Vectors EM Lcl Currency Bond EMLC 0.47 841.0 11.37 - -
WisdomTree Emrg Mkts Local Debt ELD 0.55 1,352.9 10.17 - -
SPDR Barclays Emrg Mkts Local Bond EBND 0.50 237.2 9.93 - -
Commodities: Broad Market
PowerShares DB Commodity Tracking DBC 0.85 6,707.3 6.86 9.14 1.22
ETRACS CMCI ETN UCI 0.65 150.4 6.23 8.46 -
United States Commodity USCI 0.95 466.3 5.11 - -
ELEMENTS Rogers Intl Commodity ETN RJI 0.75 669.8 4.70 8.37 -
iPath DJ-UBS Commodity ETN DJP 0.75 2,111.6 4.66 4.66 -3.84
iShares S&P GSCI Commodity GSG 0.75 1,325.7 2.49 4.43 -6.44
iPath S&P GSCI ETN GSP 0.75 116.1 1.96 5.92 -6.33
GreenHaven Continuous Commodity GCC 0.85 516.7 1.94 8.36 -
GS Connect S&P GSCI Enh ETN GSC 1.25 252.4 1.76 6.99 -2.59
Commodities: Agriculture
iPath DJ-UBS Grains ETN JJG 0.75 156.0 33.58 19.02 -
iPath DJ-UBS Agriculture ETN JJA 0.75 120.4 15.42 14.81 -
ELEMENTS RICI Agricultural ETN RJA 0.75 403.5 7.49 11.13 -
PowerShares DB Agriculture DBA 0.85 1,916.6 1.84 4.92 0.67
Commodities: Energy
PowerShares DB Energy DBE 0.75 176.8 2.93 6.37 -0.51
United States 12 Month Oil USL 0.85 115.1 -7.26 3.28 -
PowerShares DB Oil DBO 0.75 679.3 -8.61 1.64 -1.47
United States Oil USO 0.65 1,086.8 -10.47 -1.94 -11.42
iPath S&P GSCI Crude Oil ETN OIL 0.75 427.5 -11.15 -2.12 -13.59
United States Natural Gas UNG 0.85 1,155.0 -17.41 -38.98 -41.29
Commodities: Industrial Metals
iPath DJ-UBS Copper ETN JJC 0.75 130.5 8.06 7.13 -
PowerShares DB Base Metals DBB 0.75 380.2 6.17 2.70 -4.29
Commodities: Precious Metals
iShares Silver SLV 0.50 11,053.3 24.28 26.91 19.65
ETFS Physical Silver SIVR 0.30 641.8 24.27 27.07 -
ETFS Physical Platinum PPLT 0.60 869.7 18.55 - -
ETFS Physical Precious Metal Basket GLTR 0.60 211.5 16.39 - -
PowerShares DB Precious Metals DBP 0.75 357.3 14.44 20.44 17.33
iShares Gold Trust IAU 0.25 11,407.9 13.39 20.41 18.59
ETFS Physical Swiss Gold SGOL 0.39 2,000.6 13.14 20.27 -
SPDR Gold GLD 0.40 75,391.5 13.09 20.25 18.53
PowerShares DB Gold DGL 0.75 439.4 12.18 18.98 16.79
ETFS Physical Palladium PALL 0.60 508.4 -2.65 - -
Currency: Developed
CurrencyShares Australian Dollar FXA 0.40 594.1 3.89 9.29 7.20
CurrencyShares Canadian Dollar FXC 0.40 520.5 3.70 2.87 0.78
CurrencyShares Swiss Franc FXF 0.40 345.7 -0.39 2.87 4.31
CurrencyShares Euro FXE 0.40 402.6 -0.95 -4.35 -1.30
CurrencyShares Japanese Yen FXY 0.40 176.7 -1.66 4.36 7.65
Currency: Emerging
WisdomTree Dreyfus Emrg Currency CEW 0.55 283.0 5.48 1.75 -
WisdomTree Dreyfus Chinese Yuan CYB 0.45 253.8 0.75 0.93 -
Asset Allocation
PowerShares CEF Income Composite PCEF 1.56 356.0 16.32 - -
iShares S&P Growth Allocation AOR 0.31 139.7 9.77 8.27 -
iShares S&P Moderate Allocation AOM 0.31 149.8 7.05 6.54 -
iShares S&P Conservative Allocation AOK 0.30 106.8 5.32 6.11 -
Alternatives: Absolute Return
PowerShares S&P 500 BuyWrite PBP 0.75 281.6 7.75 8.28 -
30 IndexUniverse.com/ETFReport
PowerShares DB G10 Currency Harvest DBV 0.75 329.5 6.78 3.31 -1.42
IQ Hedge Multi-Strategy Tracker QAI 1.03 273.4 3.99 2.61 -
WisdomTree Managed Futures Strategy Fund WDTI 0.95 142.0 -10.57 - -
Alternatives: Tactical Tools
iPath S&P Dynamic VIX ETN XVZ 0.95 326.1 -6.70 - -
iPath S&P 500 VIX Mid-Term Futures ETN VXZ 0.89 129.1 -44.16 -26.50 -
ProShares VIX Short-Term VIXY 0.83 165.8 -74.62 - -
iPath S&P 500 VIX Short-Term Futures ETN VXX 0.89 1,682.5 -74.67 -64.43 -
Leveraged
ProShares UltraPro QQQ TQQQ 0.95 218.5 78.38 - -
Direxion Daily Technology Bull 3x TECL 1.10 136.4 62.41 29.05 -
Direxion Daily Financial Bull 3x FAS 1.10 1,114.9 61.78 -8.38 -
ProShares UltraPro S&P 500 UPRO 0.95 303.1 50.26 28.06 -
VelocityShares 3X Long Silver ETN USLV 1.65 126.7 49.75 - -
ProShares Ultra QQQ QLD 0.95 602.4 49.35 33.64 3.44
Direxion Daily Large Cap Bull 3x SPXL 1.11 176.1 48.29 27.22 -
ProShares Ultra Financials UYG 0.95 785.8 40.95 2.07 -35.32
ProShares Ultra Silver AGQ 2.58 984.9 40.09 26.79 -
Direxion Daily Small Cap Bull 3x TNA 1.13 625.5 37.18 15.63 -
ProShares Ultra Real Estate URE 0.95 359.4 32.82 32.29 -20.52
ProShares Ultra S&P 500 SSO 0.92 1,088.7 32.68 22.11 -6.93
ProShares Ultra Russell 2000 UWM 0.98 664.3 26.51 18.31 -8.21
ProShares Ultra MidCap 400 MVV 0.95 600.9 25.67 22.31 -3.86
PowerShares DB Gold Dbl Long ETN DGP 0.75 561.6 23.65 36.97 -
ProShares Ultra Dow30 DDM 0.95 210.1 23.37 25.53 -3.83
ProShares Ultra Gold UGL 1.85 388.7 22.67 36.00 -
Direxion Daily Emrg Mkts Bull 3x EDC 1.15 324.6 19.09 -12.38 -
Direxion Daily Energy Bull 3x ERX 1.09 262.2 14.28 15.74 -
ETRACS 2X Monthly Lev MLP Infrastr ETN MLPL 0.85 123.1 12.67 - -
ProShares Ultra Oil/Gas DIG 0.95 249.1 11.26 15.37 -12.86
ProShares Ultra Basic Materials UYM 0.95 168.7 9.65 8.84 -15.75
Direxion Daily Gold Miners Bull 2X NUGT 1.26 375.0 -9.45 - -
ProShares Ultra DJ-UBS Crude Oil UCO 0.99 382.0 -23.77 -11.38 -
VelocityShares Daily 2X VIX Sh-Trm ETN TVIX 1.65 163.2 -95.24 - -
ProShares Ultra VIX Short-Term Futures UVXY 1.56 188.7 -95.76 - -
Inverse
VelocityShares Daily Inv VIX Sh-Trm ETN XIV 1.35 246.8 161.44 - -
ProShares UltraShort DJ-UBS Crude Oil SCO 0.93 116.5 5.25 -21.24 -
ProShares UltraShort Yen YCS 0.93 229.2 0.93 -12.05 -
ProShares UltraShort Euro EUO 0.93 756.8 -1.13 3.67 -
PowerShares DB US Dollar Bullish UUP 0.75 1,008.1 -2.45 -1.29 -1.54
ProShares Short 20+ Yr Treasury TBF 0.95 800.0 -6.67 -14.94 -
ProShares UltraShort 7-10 Yr Treasury PST 0.95 307.8 -9.73 -19.32 -
ProShares Short MSCI EAFE EFZ 0.95 153.2 -11.83 -9.17 -
ProShares Short Dow30 DOG 0.95 265.4 -12.35 -15.83 -7.33
ProShares Short MSCI Emrg Mkts EUM 0.95 294.0 -13.09 -12.00 -
ProShares UltraShort 20+ Yr Treasury TBT 0.93 2,992.6 -13.72 -29.24 -
ProShares Short S&P 500 SH 0.90 1,986.4 -15.66 -15.39 -7.21
ProShares Short Russell 2000 RWM 0.95 447.9 -15.84 -18.91 -13.01
Active Bear HDGE 1.85 326.7 -16.07 - -
ProShares UltraShort FTSE China 25 FXP 0.95 172.0 -17.65 -20.08 -
ProShares Short QQQ PSQ 0.95 232.6 -21.32 -19.86 -13.06
Direxion Daily 30-Yr Treasury Bear 3x TMV 1.09 290.0 -21.65 -41.76 -
ProShares UltraShort Dow 30 DXD 0.95 302.0 -23.58 -30.72 -19.04
ProShares UltraShort S&P 500 SDS 0.89 1,924.1 -29.34 -30.38 -19.74
ProShares UltraShort Russell 2000 TWM 0.95 276.5 -30.41 -38.37 -32.55
ProShares UltraShort Real Estate SRS 0.95 126.0 -30.60 -44.01 -53.87
ProShares UltraShort MSCI Europe EPV 0.95 130.2 -32.04 -31.37 -
Direxion Daily Energy Bear 3x ERY 1.20 115.7 -32.36 -52.66 -
ProShares UltraPro Short Dow 30 SDOW 0.95 103.3 -33.95 - -
ProShares UltraShort Financials SKF 0.95 203.2 -36.33 -27.76 -34.45
ProShares UltraShort QQQ QID 0.95 450.6 -38.84 -37.88 -29.94
Direxion Daily Emrg Mkts Bear 3x EDZ 1.12 132.6 -40.38 -44.91 -
ProShares UltraPro Short S&P 500 SPXU 0.95 563.8 -41.54 -44.72 -
Direxion Daily Large Cap Bear 3x SPXS 1.14 193.8 -41.82 -45.66 -
Direxion Daily Small Cap Bear 3x TZA 1.13 1,002.9 -43.81 -56.61 -
ProShares UltraShort Silver ZSL 2.69 116.0 -49.41 -66.63 -
Direxion Daily Financial Bear 3x FAZ 1.13 743.6 -51.21 -44.04 -
ProShares UltraPro Short QQQ SQQQ 0.95 194.7 -53.30 - -

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