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

Issue No. 128 

July 2011 

www.indexuniverse.com/ETFR 

GSG Tracking: What 

Really Happened 

By Sumit Roy and Matt Hougan 

When it comes to commodity indexes, 

the S&P GSCI is far and away the 

leader. More than $100 billion in assets 

is tied to this index, including nearly 

$2 billion split between two popular 

exchange-traded products: the $1.7 

billion iShares S&P GSCI Commodity- 

Indexed Trust (NYSE Arca: GSG) and 

its smaller cousin, the $121 million iPath 

S&P GSCI Total Return Index ETN 

(NYSE Arca: GSP). 

The two products aim to do the 

exact same thing: provide investors 

with exposure to the S&P GSCI Total 

Return Index. Compare recent returns, 

however, and you get two very different 

pictures: As of June 6, GSG had 

returned 3.95 percent year-to-date, 

while GSP had returned 6.03 percent. 

Considering that the actual S&P GSCI 

benchmark is up 6.13 percent, GSG has 

underperformed expectations. 

UPDATES 

Do investors have this wrong? Is the 

$1.7 billion in GSG tracking an inferior 

product? Should they swap out for GSP 

immediately? 

Not necessarily—the story is more 

complex than it looks. 

Two Approaches To 

Tracking The Index 

While GSP and GSG aim to track the same 

index, they do so in different ways that 

promise two different kinds of results. 

As an ETN, GSP eliminates tracking 

error. ETNs are structured as debt 

notes, whereby the underwriting 

bank—in this case, Barclays Capital— 

guarantees to deliver the exact return 

of the benchmark index. Barring unusual 

events, ETNs will track nearly 

perfectly to their indexes, and GSP has 

delivered on this promise. 

There is no such thing as a free 

lunch, of course, and the per- 

Russell Launches First In-House ETFs 

12 

IN THIS ISSUE 

iShares’ GSG suddenly and inexplicably 

underperformed its benchmark, even 

as its ETN competition excelled. What 

happened, and will the ETF correct? 

Page 1 

At the height of the silver bubble, the 

CME increased margin requirements on 

futures contracts six times. Did the CME 

pop the bubble? 

Page 6 

Ben Tobias, president of Tobias 

Financial, shares why VIG is his favorite 

ETF for dividends, and why income is so 

important for his clients. 

Page 8 

Float adjustment is one of the oldest 

controversies in index investments. Learn 

how each index provider calculates 

float—and how your ETFs are affected. 

Page 9 

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

listed ETFs, including assets, performance 

data and more. 

Pages 15-22 

News Highlights: Russell Finally 

Launches ETFs; Guggenheim Unveils 

Active Bond ETFs; iShares’ Parsons Joins 

VelocityShares; Global X ETFs Trade Free 

On Interactive … And much more! 

Pages 1-4 

In mid-May, Russell Investments launched 

six exchange-traded funds, its first after 

a protracted regulatory process that has 

left it a latecomer to the now-crowded 

field of ETF sponsors. 

The new funds, called the “Russell Investment 

Discipline ETFs,” are based on what 

the firm called the most prevalent strategies 

professional investment managers use 

when selecting individual securities. They 

are all priced at 0.37 percent and include: 

• Russell Aggressive Growth ETF 

(NYSE Arca: AGRG) 

• Russell Consistent Growth ETF 

(NYSE Arca: CONG) 

• Russell Growth at a Reasonable Price ETF 

(NYSE Arca: GRPC) 

• Russell Equity Income ETF 

(NYSE Arca: EQIN) 

• Russell Low P/E ETF (NYSE Arca: LWP) 

• Russell Contrarian ETF 

(NYSE Arca: CNTR) 

Russell had been trying to obtain 

permission from the Securities and Exchange 

Commission to market its own 

line of active and passive ETFs for about 

two years. The process usually takes anywhere 

from six to nine months, though 

sources at Russell disputed the notion 

that its so-called exemptive relief petitions 

at the SEC were somehow being 

held up. Industry sources have said the 

delays for Russell were related to 3

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UPDATES 

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the SEC not being comfortable granting 

exemptive relief to a firm that already 

has such a large presence in the 

world of indexing. 

At the end of May, Russell followed up 

the initial launch with the rollout of 10 

more ETFs tracking “factor-based” versions 

of the Russell 1000 and Russell 2000. 

Guggenheim Unveils 

Active Bond ETFs 

Guggenheim Funds entered the actively 

managed ETF space in May with the 

launch of two bond funds that target 

core exposure as well as an investor’s 

need for income. 

The Guggenheim Enhanced Core 

Bond ETF (NYSE Arca: GIY) and the 

Guggenheim Enhanced Ultra-Short 

Bond ETF (NYSE Arca: GSY) are currently 

the cheapest actively managed 

fixed-income ETFs available. 

GIY aims to outperform the Barclays 

Capital U.S. Aggregate Bond Index using 

a quantitative strategy that seeks to 

both identify mispriced bonds and estimate 

future returns linked to a correction 

in those mispricings. 

Guggenheim’s other offering, GSY, 

focuses on the short end of the yield 

curve and seeks to outperform the oneto 

three-month Treasury Bill Index. 

The fund seeks “maximum income” 

and invests primarily in dollar-denominated 

investment-grade government 

and corporate bonds, but it may include 

some foreign debt as well. 

The two new Guggenheim ETFs have 

annual expense ratios of 0.27 percent. 

VelocityShares Adds 

iShares’ Parsons To Board 

VelocityShares, the new ETN company 

known for its volatility-linked products, 

in May named to its board J. Parsons, 

who was previously global head of 

iShares sales while it was part of Barclays 

Global Investors. 

VelocityShares first entered the ETP 

market with the launch of six VIX-based 

ETNs in November 2010, among them 

the VelocityShares Daily 2X VIX Short- 

Term ETN (NYSE Arca: TVIX). The company 

said its family of ETNs has since 

amassed about $180 million in assets. 

Parsons, who led iShares’ global 

business development from its inception 

through its sale to BlackRock, said 

he is “thrilled” to help the company 

continue to grow. 

VelocityShares’ lineup of VIX-linked 

ETNs includes leveraged as well as inverse 

strategies. It said TVIX now trades 

more than 1 million shares a day, and is 

one of the most liquid ETPs launched in 

the last six months. 

Parsons left BlackRock in 2010. 

Global X ETF Trades 

Free On Interactive 

Interactive Brokers began offering free 

trades on ETFs sponsored by New Yorkbased 

Global X in May. Terms of the 

agreement weren’t disclosed. 

The free-trading offer is the latest 

sign of competition in the rapidly growing 

world of ETFs. The most conspicuous 

price battle is between Vanguard, the 

No. 3 U.S. ETF firm, and discount broker 

Schwab, with both firms offering free 

trades to clients trading their respective 

proprietary ETFs. Additionally, Scottrade 

is offering free trades on a new lineup of 

15 equity funds it rolled out in March. 

Interactive Brokers and its affiliates 

execute almost 1 million trades per 

day on a variety of electronic products, 

among them stocks, options, futures, 

foreign exchange and bonds, according 

to the company’s website. The company’s 

mission is to create technology and 

provide liquidity on better terms. 

Global X has gathered almost $1.7 

billion in assets spread among well over 

30 funds; it rolled out its first ETF in 

February 2009. 

First Trust Rolls Out 

First-Ever Auto ETF 

In May, First Trust rolled out the world’s 

first ETF focused on automobile manufacturers, 

in part as a reflection of high 

hopes in the investment world that the 

emerging markets will power global 

growth in the coming years. 

The First Trust Nasdaq Global Auto 

Index Fund (NasdaqGM: CARZ) is based 

on the Nasdaq OMX Global Auto Index, 

a benchmark designed to track the performance 

of the biggest and most liquid 

companies engaged in the auto manufacturing 

industry. The ETF has an an- 

ETFR • July 2011 3

UPDATES 

nual expense ratio of 0.70 percent. 

The biggest country holding in the ETF 

at launch was Japan, at almost a third of 

the portfolio, followed by Germany, at just 

over 20 percent and the U.S., at almost 18 

percent. South Korean companies make 

up about 10 percent of the ETF. 

The top three companies in the fund 

are Germany’s Daimler AG, at 8.28 percent; 

General Motors at 7.64 percent; 

and Honda at 5.67 percent. 

Direxion Changes 

Tickers On Natgas Funds 

Direxion changed the ticker symbols on 

a pair of its natural gas funds in May. 

The Direxion Daily Natural Gas Related 

Bull 2x Shares will now trade under the 

ticker GASL and the Direxion Daily Natural 

Gas Related Bear 2x Shares under the 

ticker GASX. The funds’ previous tickers 

were FCGL and FCGS, respectively. Both 

ETFs trade on the NYSE Arca exchange. 

The new tickers are motivated simply 

by the company’s desire to make its 

monikers more easily recognizable to 

investors seeking to take advantage of 

short-term market movement, a company 

spokesperson said. 

The pair of funds is designed to provide 

twice the daily or inverse performance 

of the ISE-Revere Natural Gas Index, 

and has been around since August 

2010. The previous tickers bore clear resemblance 

to the trading symbol of the 

popular First Trust ISE-Revere Natural 

Gas ETF (NYSE Arca: FCG). 

Global X Debuts 

Fertilizer, Farming ETFs 

In May, Global X Funds launched two 

ETFs, focusing on global fertilizer producers 

and farming equities. 

The Global X Fertilizers/Potash ETF 

(NYSE Arca: SOIL), by tracking the 

Solactive Global Fertilizers/Potash Index, 

owns the largest and most liquid global 

names involved in various aspects of the 

fertilizer industry. SOIL comes with a 

0.69 percent price tag. 

The Global X Farming ETF (NYSE Arca: 

BARN), on the other hand, is likely to 

face stiff competition from the likes of 

the $5.25 billion Market Vectors Agribusiness 

ETF (NYSE Arca: MOO). Still, BARN 

claims to be more narrowly focused than 

its competitors, as it only includes companies 

in the agricultural products, livestock 

operations and farming equipment 

manufacturing segments. 

BARN tracks the Solactive Global 

Farming Index from Germany-based 

Structured Solutions AG. The benchmark 

comprises 50 securities screens for liquidity, 

and weights securities based on freefloat 

market capitalization. 

Retail Investors Power 

Schwab ETF Gains 

Charles Schwab managed $121 billion in 

ETF assets at the end of the first quarter, 32 

percent more than a year ago, according to 

the company’s latest ETF investor data. The 

increase is due largely to retail investors and 

a generally growing appetite for ETFs. 

Retail investor assets in the various 

ETFs offered through Schwab’s platform 

soared 58 percent between March 2010 

and March 2011, and now represent 37 

percent of Schwab’s total ETF pie, up 

from 31 percent a year earlier. Similarly, 

demand from clients using registered 

investment advisors grew 18 percent, 

though an exodus from international equity 

ETFs slowed the RIA-related growth, 

the company said. 

For Schwab, about 85 percent of 

advisors already include ETFs in their 

portfolios, while only a small portion of 

retail investors do, Beth Flynn, Schwab’s 

vice president of ETF platform development, 

said in a telephone interview in 

May. But usage by these retail investors 

is growing faster, she noted. 

While a retail investor who uses ETFs 

had, on average, a 16 percent allocation 

to cash, a non-ETF retail investor tied 

nearly 40 percent of invested assets to 

cash, Schwab data showed. 

IndexIQ Rolls Out 

Japan MidCap ETF 

In June, IndexIQ rolled out a first-of-itskind 

ETF focused on midcap Japanese 

companies that the firm says have growth 

characteristics of small-cap enterprises 

with the size and stability of larger ones. 

The IQ Japan Mid Cap ETF (NYSE Arca: 

RSUN) is designed to give investors pureplay 

exposure to the midcap universe either 

as a stand-alone fund or in conjunction 

with small- and large-cap Japanese 

offerings to create broader-based exposure, 

the company said in a press release. 

As of May 16, the industrial sector made 

up 23.2 percent of the ETF’s underlying 

index, while the financial and technology 

sectors made up 17.7 percent and about 9 

percent, respectively, IndexIQ said. 

The new ETF has an annual expense 

ratio 0.69 percent. 

UBS Launches 2X 

Business Development ETN 

In late May, Swiss bank UBS launched a double-exposure 

exchange-traded note focused 

on business development companies. 

The UBS 2X Leveraged Long Wells 

Fargo Business Development Company 

ETN (NYSE Arca: BDCL) is essentially 

a double-exposure play on an ETN it 

launched on April 28 with the ticker 

(NYSE Arca: BDCS). 

Both ETNs are based on the market-capitalization-weighted 

Wells Fargo Business 

Development Company Index, and have 

annual expense ratios of 0.85 percent. 

The new ETNs reflect a growing interest 

in financing for smaller companies 

that some say goes hand in hand with 

an economy that’s starting to grow on its 

own, aside from government aid. While 

credit markets have normalized to a large 

extent, small companies are still having 

problems obtaining loans since the economic 

crisis of 2008. 

Deutsche Debuts Leveraged 

Dollar Index ETNs 

Deutsche Bank and Invesco PowerShares 

rolled out in late May the first-ever U.S. 

dollar index leveraged ETNs that provide 

triple-long and triple-short exposure 

to futures contracts on the currency 

benchmark that measures the value of 

the greenback compared with six of the 

world’s most-traded currencies. 

The Powershares DB 3x Long US Dollar 

Index Futures ETN (NYSE Arca: UUPT) 

and PowerShares DB 3x Short US Dollar 

Index Futures ETN each charge an annual 

expense ratio of 0.95 percent. 

They are designed to replicate the performance 

of the dollar relative to a basket 

of six currencies: the euro, Japanese yen, 

British pound, Canadian dollar, Swedish 

krona and Swiss franc. 

The ETNs are rebalanced monthly. 

4 ETFR • July 2011

DBA 

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

AGRICULTURE FUND 

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

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

of 1940 and is not subject to its regulation. 

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

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

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

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

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

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

Hidden In The Margins: Can 

CME Drive Commodities Prices? 

By Cory Banks 

Between March 25 and May 9—the 

height of the silver bubble—the Chicago 

Mercantile Exchange increased required 

margins on silver commodities futures 

trades six times. Each change adjusted 

the amount of margin investors needed 

to put up for futures contracts through 

the world’s largest commodities exchange, 

and sent chills down the spines 

of dyed-in-the-wool futures traders. 

The CME stated in vague press release 

language that margin increases 

were due to rising volatility. Some serious 

futures traders question that, however, 

concerned over the lack of transparency 

behind what amounts to more 

required buy-in. Meanwhile, ETF investors 

were left scratching their heads. Is 

it really possible that the exchange was 

trying to manipulate the market? 

The CME’s Safety Valves 

Margins are the safety valves set for every 

contract traded on the CME—the 

amount of collateral investors must put 

up to purchase a futures contract in any 

of the products traded on the exchange. 

Instead of paying all $100,000 of a contract 

for wheat delivery in August, a 

futures trader can post the minimum 

amount required. 

Here’s how it works: Suppose Bob the 

investor buys a 12-month contract for 

cotton for $100, using $20 of his own 

money, and $80 borrowed from his broker. 

The net value (share minus loan) is 

$20. The broker wants a minimum margin 

requirement of $10, which means 

that the net value of the loan must remain 

above $10. 

The next day, the price of cotton 

goes down to $85. The net value of the 

contract is now only $5. Bob has hit the 

margin requirement: He will either have 

to sell the contract or put up more margin 

(i.e., repay part of the $80 loan) so 

that the net value of his position is again 

above $10. Add in quite a few zeroes 

and you’ve got the situation for millions 

of traders and billions of dollars a day. 

Each type of commodity traded 

through the CME’s system has an assigned 

set of margins. The initial 

amount of collateral you’d pay to trade 

oil is different from sugar or cotton. According 

to the CME, the amount of collateral 

required depends on the volatility 

of the chosen commodity, as well as 

a variety of other factors. 

I think there is 

some truth that 

the speculators 

in funds and new 

products are driving 

a lot of volume 

that was never 

here before. 

—Kevin Kerr 

“The largest piece of data we’re looking 

at is historical volatility,” said Amy 

McCormick of the CME clearing group. 

This includes tracking the price for each 

product every day and monitoring the 

changes. For many commodities, Mc- 

Cormick says volatility is the biggest 

component of the equation. 

What the rest of that equation is, however, 

remains a well-guarded secret. 

Smoke And Mirrors? 

Because CME keeps its calculations 

behind a veil, many traders are convinced 

that some sort of conspiracy 

exists between the exchanges and the 

commodities offered. The stories range 

from mere coincidence (the CME raised 

margins to make a profit as the bubble 

grew) to full-blown conspiracy theories 

(the CME is working in an interagency 

conspiracy to control the price of silver). 

The latter is fueled by memories of how 

a margin call ruined the Hunt brothers’ 

attempts to corner the silver market in 

1980. With little hard information available, 

the chatter between traders ranges 

from speculative to spooked. 

Even experienced investors are cautious. 

“Eight increases so far in one year— 

it sends the wrong signal, let’s put it that 

way,” said Kevin Kerr of Kerr Trading, an 

investor with 20 years of futures trading 

experience. “When any of these margins 

increase, we’re talking about significant 

amounts of money. People have to liquidate, 

and traders see the liquidation.” 

With “increased volatility” the only official 

reason given for the changes, the 

opportunity for whispered rumormongering 

increases. One of the biggest rumors 

is that the CME, due to increased pressure 

from the U.S. Commodity Futures Trading 

Commission (CFTC) and members of 

Congress, is trying to flush out speculators 

from fragile commodities markets. Many 

point to this scenario in gasoline—in early 

May, CME increased margins on the fuel 

by 48 percent, and shortly afterward, 

gasoline prices dropped significantly. The 

rapid change in the market, according to 

some, comes from the CME pricing out 

speculative traders. 

“I think there is some truth that the 

speculators in funds and new products 

are driving a lot of volume that was never 

here before,” said Kerr. But he also understands 

the exchange’s position, to a 

point. “I think CME is saying, ‘Yes, we’re 

raising the margins, because we want to 

protect those people. We want to protect 

the integrity of the exchange.’” 

“We’re not trying to send the market 

any messages with our chang- 13 


YOU CAN’T FORCE A ROUND INVESTMENT 

INTO A SQUARE STRATEGY. 

Some people think it takes dog years to 

find an investment that fits their strategy. 

So they wind up settling for whatever is 

“close enough.” 

At State Street, we believe precision is an 

investor’s best friend. With over 100 SPDR ® 

Exchange Traded Funds, we’re sure to have 

an investment that precisely matches your 

investment strategy. 

Interested in Emerging Markets? Fixed 

Income? Dividends? Whatever the market 

segment, you’ll get exactly what’s on the 

label. Nothing more. Nothing less. 

If you’re tired of barking up the wrong tree, 

scan the QR code with your smartphone or 

visit spdrs.com for details. 

Before investing, consider the funds’ investment objectives, risks, charges 

and expenses. To obtain a prospectus or summary prospectus, which contains 

this and other information, call 1.866.787.2257 or visit www.spdrs.com. 

Read it carefully. 

ETFs trade like stocks, fl uctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will 

reduce returns. 

The SPDR S&P 500 ® ETF Trust, SPDR S&P MidCap 400 ® ETF Trust and the SPDR Dow Jones Industrial Average ETF Trust are all unit investment trusts and issue 

shares intended to track performance of their respective benchmark indices. 

“SPDR,” S&P, S&P 500 and S&P MidCap 400 are registered trademarks of Standard & Poor’s Financial Services, LLC (“S&P”) and have been licensed for use by State Street 

Corporation. No fi nancial product offered by State Street or its affi liates is sponsored, endorsed, sold or promoted by S&P. 

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation 

and its affi liates. Certain State Street affi liates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF 

Trust, SPDR S&P MidCap 400 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust, all unit investment trusts and the Select Sector SPDRs Trust. 

IBG-3345

Why I Own: VIG 

Vanguard Dividend 

Appreciation ETF 

Name: Ben Tobias 

Title: President 

Firm: Tobias Financial Advisors 

Founded: 1980 

Location: Florida 

AUM: $180 million 

All ETFs? No 

ETFR: What is your favorite ETF at the 

moment? 

Tobias: Well, I’ll give you a choice: DLN 

[WisdomTree LargeCap Dividend Fund] 

or VIG [Vanguard Dividend Appreciation 

ETF]. They’re both very similar, and 

they select stocks based on dividends. 

ETFR: What made you decide to buy 

into VIG? 

Tobias: Basically, I’ve always thought 

that value is more appropriate for the 

kind of portfolios that we run than 

growth; there’s just a little bit less volatility. 

Moreover, our client base has a 

lot of preretirees and retirees, and income 

is a little bit more important than 

just capital gains. In the long run, I truly 

believe that value performs better than 

growth, and that the dividend yield is 

a large component of that. This is especially 

so in the case of VIG in terms 

of dividend increases: With VIG, the 

actual dollar amount of the dividend 

increases, but the percentage of the 

value doesn’t necessarily go up. Plus, 

over the long run, you can do a little 

bit better with a little bit less volatility. 

And as with most ETFs that we use, 

we like to use low expense ratios. 

ETFR: How does VIG help you overweight 

value? 

Tobias: Actually, these funds and the 

DFAs [Dimensional Fund Advisors] are 

almost all of our portfolios. You know, 

that’s most of where we go in. My 

background is in certified public accounting, 

and since those days, I’ve 

always been partial to the companies 

that have shown consistent growth in 

dividends. I feel that that’s a good corporate 

responsibility that every company 

should have. And I think the results 

speak for themselves over time. 

We do a lot of rebalancing. Rebalancing 

with ETFs makes life a little bit 

easier as far as doing the trades, and 

sometimes setting prices, and things 

along those lines. Also—though hopefully 

we don’t have this for a while— 

the similarities and differences between 

these two ETFs mean that in the event 

that the market takes large swings, we 

could use these to book losses, and harvest 

tax losses in accounts where that is 

appropriate. 

ETFR: Looking at these two funds, DLN 

has a distribution yield of 2.43 percent—higher 

than VIG’s 2.13 percent— 

but the Vanguard product is much 

cheaper at only 18 basis points. 

Tobias: Yes, the pricing of the Vanguard 

fund is magnificent. 

Vanguard Dividend Appreciation 

Equity: U.S. - High Dividend Yield 

Issuer: Vanguard 

Legal Structure: 1940s Act 

Expense Ratio: 0.18% 

AUM: $6,317.15 billion 

ADV (60-Day): 685,000 

Avg. Spread: 0.03% 

Competing Funds: 

DLN, DVY, SDY, PEY 

Data as of: 06/08/11 

Source: Bloomberg 

June 7, 2010 – June 7, 2011 

ETFR: What is it that makes you have a 

preference for one over the other? And 

does that preference change over time 

as you’re holding the product? 

Tobias: It’s like, “What comes first, the 

chicken or the egg?” I’m not sure which 

one of their core principles works better. 

DLN is more dividend weighted, 

and VIG is more based on increasing 

dividends. There’s a little bit of a fundamental 

difference between the two 

of those, and honestly, I can’t decide. 

I’ve looked at the data for both, and I 

can’t decide which one I would prefer 

to be in, if I had to choose one or the 

other. I like them both. 

ETFR: Is the focus on these two dividend 

funds a new thing for you? There’s a lot 

of chatter in the headlines right now 

about dividends. Is this an area you’re 

focusing on now, or have you been here 

all along? 

Tobias: I’ll say we’ve been here all 

along, as far as focusing on dividends 

on the large-value side. VIG is a very 

new fund for us, though. 

Even though we’ve got well over 40 

percent of our overall portfolios in ETFs, 

I have stayed away from the smaller 

ones, the sectors ones, and things like 

that. I’m not comfortable with them. 

And again, I think it’s my background 

as an auditor. The smaller you get, the 

more issues you can have, and I don’t 

like surprises. 

ETFR: Do the sizes of these two products factor 

into why you decided to go with them? 

Tobias: They’re large enough; I’m not 

necessarily looking for funds the size of 

IVV [iShares S&P 500 Index Fund] all 

the time. 

J J A S O N D J F M A M J 

2010 

2011 

24.39% 


Rethinking Float 

By Gene Koyfman 

Consider two countries: China and 

Switzerland. 

China is huge. It occupies nearly 10 

million square kilometers, has 1.3 billion 

people and has the second-largest 

economy in the world. 

Switzerland, by contrast, is tiny. It occupies 

just 41,000 square kilometers, has 

fewer than 8 million citizens and has an 

economy one-tenth the size of China. 

Yet investors in broad-based global 

stock funds like the iShares MSCI All-Country 

World Index ETF (NYSEArca: ACWI) currently 

put 43 percent more money to work 

in Switzerland than they do in China. 

It’s not just Switzerland. Despite its 

size, China occupies just 2.33 percent of 

the most popular global index, and ranks 

ninth on the list of country allocations, 

below France, Australia and Germany. 

The reason has nothing to do with 

the size of its stock market. Depending 

on which day you check, China has either 

the second- or third-largest stock 

market in the world, accounting for 

nearly 7 percent of total global market 

cap. But because of the rules indexers 

use to create their benchmarks, that 7 

percent weight gets chopped down to 

the aforementioned 2.33 percent. 

That rule—called free-float adjustment—gets 

ignored by many investors 

as the wonky inner workings of index 

geeks. But with a 4 percent-plus swing 

in China at stake and larger swings in 

other countries—it pays to understand 

what’s going on, and why. 

How Free-Float 

Adjustment Works 

Fans of passive strategies will tell you the 

best way to invest is to simply own the 

market. The ideal approach, they say, is to 

own an equity stake in each company in 

the proportion of its value in the market. 

Suppose, for instance, that there 

were only two companies in the world: 

BIG Co. and SMALL Inc. BIG’s stock 

trades at $10 per share with 900 shares 

outstanding, while SMALL’s stock 

trades at $5 per share with 200 shares 

outstanding. BIG is worth $9,000, and 

SMALL is worth $1,000, meaning the 

two stocks represent 90 and 10 percent 

of the market, respectively. An investor 

looking to own the entire market would 

put 90 percent of his money into BIG 

Figure 1 

Float Criteria By Index Provider 

FLOAT RESTRICTED BY FTSE MSCI RUSSELL S&P 

Block ownership Yes Yes 

Capital Controls 

Controlling 

shareholdings 

Source: Index providers 

Yes 

Yes Yes Yes 

Cross-holdings Yes Yes Yes Yes 

ESOP Yes Yes Yes Yes 

FDI or joint 

venture holdings 

Governmental holdings Yes Yes Yes Yes 

Insider holdings Yes Yes Yes Yes 

IPO lockups 

Restricted shares Yes Yes Yes Yes 

Strategic holdings Yes Yes 

Foreign holdings restrictions Yes Yes Yes Yes 

Treasury shares Yes Yes Yes 

Yes 

Yes 


Figure 2 

The Float Effect 

COUNTRY 

UNADJUSTED 

MKT CAP 

United States 29.6% 42.3% 41.3% 

Japan 7.0% 7.7% 7.2% 

China 6.9% 2.3% 2.5% 

United Kingdom 6.6% 8.4% 8.2% 

Hong Kong 4.8% 1.3% 1.4% 

Canada 4.1% 4.6% 4.1% 

France 3.6% 3.9% 4.5% 

India 2.8% 1.0% 1.3% 

Brazil 2.8% 1.9% 2.3% 

Germany 3.1% 3.4% 3.5% 

Australia 2.7% 3.4% 3.4% 

Switzerland 2.5% 3.3% 3.0% 

Source: Bloomberg. Data as of June 13, 2011. 

and 10 percent into SMALL. 

That’s the way the first market-capweighted 

indexes were built. 

But during the 1980s and 1990s, as 

money started to flow into passive index 

strategies, indexers realized something: 

This perfect representation of 

the market wouldn’t work in the long 

run because the market and stock ownership 

structures are complex. 

Specifically, while a company like BIG 

may have had 900 shares outstanding, 

not all of those are actually available 

for sale. Some are held by corporate 

insiders who can’t sell due to lockup 

requirements; others are held by other 

companies who won’t sell because it’s a 

strategic investment. Let’s imagine, for 

the sake of argument, that only 10 percent 

of the shares are available—just 90 

shares, worth $900. What happens if an 

investor wants to put $2,000 to work in 

this index? There’s nowhere for it to go. 

As Lori Richards, Benchmark Business 

managing director at Russell Investments, 

explained, “Indexes should 

be representative of the opportunity 

set available to managers.” 

ISHARES ACWI 

VANGUARD 

TOTAL WORLD 

David Blitzer, managing director 

and chairman of the Index Committee 

at S&P Indices, pointed out that “the 

index should be the same as if you calculated 

a portfolio representing all the 

shares and all the stocks in the market. 

And if the founder of some company 

wasn’t going to sell his shares no matter 

what happened, then his shares aren’t 

really in the market, so they ought to 

be adjusted out.” 

Blitzer explained, “If I included a 

U.S. company with a 12 percent float 

in the S&P 500 [at full weight], and the 

indexers followed suit, all the shares 

would be owned by the indexers.” The 

share prices would be bid up by investors, 

distorting and overstating the actual 

value of the stock. 

Going back to our theoretical example, 

if 800 shares of BIG’s stock are 

locked up due to legal restrictions, only 

100 shares are truly available for trading. 

Because an indexer adjusting for 

float only considers the shares available 

for trading when building a benchmark, 

the resulting weightings in the index 

would be 50 percent BIG and 50 percent 

SMALL, dramatically different from 

what the unadjusted weightings would 

be. And any money invested in the index 

would stream in cleanly and efficiently. 

According to Blitzer, “The S&P 500 

traditionally was not float adjusted.” 

However, the index excluded entirely 

any stock that does not have 50 percent 

in public float, thereby reducing 

liquidity concerns. 

Essentially, no indexes were adjusted 

for float until fairly recently. In 1984, Russell 

Indexes launched the Russell 1000 

and Russell 2000 indexes, the first U.S. 

indexes float adjusted from inception. A 

few years later, in 1989, the predecessor 

to what is currently the S&P Global Broad 

Market Index Family was launched; its 

methodology included rules for adjusting 

the float of the constituents and 

made additional adjustments for restrictions 

on foreign holdings. 

That basically opened the floodgates, 

setting an industry standard for 

cap-weighted indexes that is followed 

by every major index provider. 

“[Float adjustment] has definitely 

become the industry standard practice. 

I don’t know of any cap-weighted index 

that’s not float adjusted,” Blitzer said. 

Differing Opinions 

But should it be standard practice? 

Little consensus exists about the 

different methods of float adjustment. 

Some adjustments address legal restrictions 

on the trading of shares such as 

IPO lockups and foreign holding restrictions. 

Other adjustments of a more 

subjective nature are made to take into 

account holdings by individuals or organizations 

that are not expected to 

sell their stakes in the near future. According 

to Russell’s Richards, the three 

most important factors are beneficial 

owners, such as officers or directors of 

a company holding blocks of shares; 

cross-ownership, which occurs when 

companies own shares in other companies; 

and IPO lockups. 

Real-World Implications 

The decision whether or not to make 

float adjustments has far-reaching 

global implications for indexers. How- 


ever, these implications vary according 

to the market scenario. 

“[Float adjustment] is far more significant 

in emerging markets than in 

developed markets, and it is far more 

significant outside the U.S. than inside 

the U.S., and that’s just the way the 

world is at this point,” Blitzer noted. 

Adjusted or not, the United States, as 

the world’s largest economy, inevitably 

holds the largest country weighting in 

any global index. U.S. companies represent 

29.6 percent of the total world 

capitalization. By comparison, the 

iShares MSCI ACWI Index Fund (NasdaqGM: 

ACWI), which aims to track the 

float-adjusted MSCI All Country World 

Index, allocates a weighting of 42.3 

percent to the United States. As mentioned, 

China’s 6.9 percent market capitalization 

gets adjusted down sharply 

as well. Funds tracking FTSE and S&P 

indices show similar deviations. 

Kevin Carter, co-founder and head 

of index development at AlphaShares, 

takes a firm position against this very 

practice. “Float-adjustment factors, in 

my mind, are bad from start to finish,” 

he said. “If there’s $60 billion of Petro- 

China, is there any manager that can’t 

get what he wants? I understand the 

reason for it, but the reason has gone 

too far. People apply it as a measure for 

something it’s totally irrelevant to.” 

Adjusting Out The Float 

An investor wishing to forgo the float 

adjustment has to do the work to remove 

the adjustment from his portfolio. 

One way to do this is to adjust one’s 

country exposure, despite the fact that 

float adjustments are made at the company 

level. But upping one’s exposure 

to a country like China can lead to accusations 

of active management. 

“The problem is, [you] call it ‘overweight’ 

and a flag goes up, and it sounds 

like you’re taking on risk. We talk to institutions 

and they say: ‘We have a huge 

bet in China: We have 3 percent in China.’ 

And they’re serious. They’re thinking 

they’ve gone so far from their benchmark 

that they might get fired for it. It’s just 

preposterous,” Carter explained. 

Disregarding trading cost for a moment, 

an investor wishing to construct 

a portfolio that is not adjusted for float 

would accomplish this by purchasing 

the unadjusted proportions via an index 

fund or ETF tracking the country’s index. 

iShares has ETFs tracking almost every 

country in the world, thereby allowing 

investors the flexibility to achieve their 

desired country weightings. The math 

to get the proportion of assets to allocate 

to the two funds may require a little 

algebra, but not much else. 

At its core, the issue comes down to 

intent and purpose. 

From an index provider’s perspective, 

a market-cap-weighted index, Richards 

noted, “You would always float-adjust. 

It is kind of irresponsible not to.” The 

adjustment factors define the opportunity 

set available if all investors chose to 

index and managers needed to go into 

the market to procure shares in quantities 

not readily available. 

However, from the perspective of an 

individual investor who wishes to passively 

own the market in its entirety, 

adjusting for float adds tilts that distort 

the proportions of the global market’s 

full value. Thus it falls on the individual 

to adjust his holdings to counterbalance 

the adjustments embedded in the 

index methodologies. 

Why advertise in the Journal of Indexes? 

JOURNAL OF INDEXES ADVERTISING INFORMATION 

AT WWW.JOURNALOFINDEXES.COM/ADVERTISE 

Index Publications LLC, 353 Sacramento St., Suite 1520, San Francisco, CA 94111 • Advertising and Reprints Inquiries: 415.659.9004 


GSG Tracking from page 1 

Figure 1 

GSG Historical Performance Compared 

PERIOD 

S&P GSCI TOTAL 

RETURN INDEX 

RETURN 

ISHARES S&P GSCI 

COMMODITY- 

INDEXED TRUST 

(GSG) RETURN 

IPATH S&P GSCI 

TOTAL RETURN 

INDEX ETN (GSP) 

RETURN 

GSG VS. 

BENCHMARK 

GSP VS. 

BENCHMARK 

2006 -18.79% -18.79% -19.11% 0.00% -0.32% 

2007 32.67% 31.45% 31.99% -1.22% -0.68% 

2008 -46.49% -47.47% -47.74% -0.98% -1.26% 

2009 13.49% 15.12% 13.17% 1.64% -0.31% 

2010 9.03% 7.83% 8.59% -1.19% -0.44% 

2011 YTD 6.13% 3.95% 6.03% -2.18% -0.10% 

Since 

Inception 

-23.56% -27.54% -26.56% -3.97% -3.00% 

Sources: Issuers, Bloomberg. Data as of June 6, 2011 

fect tracking of GSP comes with an important 

caveat: counterparty risk. As a 

debt note, GSP is fully susceptible to a 

default by Barclays. In the event that 

Barclays defaults, GSP investors will 

face substantial losses. The worst-case 

scenario is something akin to the failure 

of Lehman Brothers in 2008, which 

essentially wiped out investors in three 

ETNs issued by that company. 

GSG doesn’t share that counterparty 

risk; it is structured as a trust. That means 

it actually purchases and holds assets designed 

to provide exposure to the S&P 

GSCI. Shareholders in the fund have a 

pro rata stake in those underlying holdings, 

and no default by iShares’ parent 

company BlackRock can take that away. 

GSG is a bit unusual in that, unlike 

most commodity ETFs, it purchases a specific 

type of futures contract traded on 

the Chicago Mercantile Exchange called 

commodity excess return futures, or 

CERFs. Unlike traditional futures contracts, 

CERFs are designed to provide long-term 

exposure to a given asset class. The CME 

has listed two CERF contracts since 2006, 

which have had durations of five years 

and three and a half years, respectively. 

That contrasts with typical futures contracts 

that expire monthly or quarterly. 

There are a number of potential reasons 

why iShares chose CERFs rather 

than traditional futures contracts to 

underlie the GSG product. The first 

is transaction costs: By having to roll 

over its contracts less frequently, GSG 

should reap savings—at least in theory. 

That’s offset by the fact that the CERFs 

GSG holds are relatively illiquid. iShares 

dominates the market for CERFs, holding 

more than 88 percent of the current 

open interest. 

The Source Of Recent 

Tracking Error 

One obvious question is whether the 

use of CERFs—as opposed to traditional 

(and more liquid) futures contracts— 

has increased the likelihood of negative 

tracking error for GSG. 

A look at the annual returns for GSG 

suggests otherwise. In 2009, for instance, 

GSG actually outperformed its 

benchmark by 1.64 percent. That move 

came after two years of underperformance, 

which may indicate that the 

fund’s tracking error is mean-reverting. 

The long-term track record backs that 

up. Since inception in 2006, GSG has returned 

-27.54 percent, just 3.97 percent 

below the benchmark return. That is very 

close to the 3.70 underperformance that 

would be expected based solely on the 

0.75 percent annual expense ratio compounded 

over five years. 

While it’s impossible to say exactly 

what caused GSG’s recent underperformance, 

there are two leading theories—both 

of which, curiously, actually 

augur well for the fund. 

The first is that 2011 was the firstever 

roll by GSG. With the starting 

round of contracts expiring, iShares 

had to roll the entire portfolio into new 

contracts. This could theoretically have 

led to slippage. 

There’s no exact way to test this, 

however, and the previous variability 

of tracking performance says that this 

is unlikely to be the true driver of the 

returns difference. If it were, investors 

would not have to worry about it again 

until the spring of 2014, when the next 

wave of CERFs expire. 

The second and more likely explanation 

is futures mispricing, whereby 

GSG’s underlying holdings—the CME 

CERFs—trade away from their intrinsic 

value. Futures contracts are designed 

to converge with spot returns by expiration; 

prior to expiration, they may 

temporarily trade away from “fair value.” 

Under this scenario, the vacillating 

tracking performance would be driven 

by movements above and below fair 

value for the underlying contracts. 

This would cause the tracking error to 

be roughly mean-reverting—after all, the 

CERFs must revert to fair value by their 

expiration in March 2014. If they underperformed 

this year, then one might ex- 


pect them to reverse course in ensuing 

years. That roughly aligns with the variable 

annual tracking performance we’ve 

seen since GSG’s launch in 2006, and 

would suggest that periods of underperformance 

will eventually be matched by 

periods of outperformance. 

GSG Vs. GSP 

In short, we can expect to see the different 

tracking experiences continue. 

While this year’s 2.18 percent underperformance 

is concerning, history suggests 

that much of that may be reversed 

in the future. This is especially true in 

light of GSG’s extremely solid tracking 

performance since the trust’s inception. 

Rival GSP—the ETN—has had more 

consistent performance, staying tighter 

with the underlying index. Over the long 

haul, it has generated slightly superior 

performance for investors, with a 3 percent 

underperformance over the same 

period compared to GSG’s 3.97 percent. 

For many investors, the tigher 

tracking performance of GSP must be 

weighed against its greater credit risk 

and inferior liquidity, with the latter 

point being perhaps the most important 

consideration. 

Hidden In The Margins from page 6 

es,” CME’s McCormick confirmed. “The 

goal is never to affect the price or send 

a message. The goal is simply to ensure 

that the clearinghouse has enough assets 

on hand to cover the volatility we 

see in the market.” 

Sound And Fury 

Even if the goal is not to move the market, 

can the CME inadvertently push commodities 

prices around? In the case of silver, the 

argument that margin increases popped 

the bubble looks profoundly weak. 

Based on margin data provided by the 

CME, it’s clear that the margin increases 

didn’t ramp up until the price of silver 

had already peaked on April 29. At that 

point, with the price of silver at $48.60 

per troy ounce, the amount of collateral 

required to purchase a contract was at 6 

percent of the total contract value. The 

CME clearing group further increased initial 

and maintenance margins three more 

times, but at this point silver prices were 

already tumbling back down to Earth. 

According to this data, not only did the 

clearinghouse not manipulate the market, 

it was slow to act as prices escalated. Only 

when the bubble burst, on May 3 through 

May 9, did the clearinghouse start making 

bold hikes in margin percentage. At that 

point, the fall in price had led to extreme 

amounts of volatility in the market. 

“You can probably conclude that the 

price of silver was rising and the CME was 

playing catch-up. What you can’t conclude 

from any of this is that their margin 

changes are the approximate cause of the 

price changes,” said John Hyland, founder 

of U.S. Commodities Indexes. “The 

notional value of a contract was going 

down, but the volatility was going up; so 

Figure 1 

Margins Of Error 

$50 

$45 

$40 

$35 

$30 

$25 

$20 

Oct Nov Dec Jan Feb Mar Apr May 

2010 2011 

■ Silver Price (troy ounce) 

Sources: CME Group, Bloomberg 

● Margin 

that could have been the catalyst there.” 

Even factoring in the lack of transparency, 

it’s hard to believe that the changes 

CME pushes can actually affect market 

prices—especially for those using ETFs for 

their commodities exposure. According 

to Hyland, that’s one of the problems with 

margin conspiracy theories. “People say 

you’ll cause the price to fall. Well, why? 

What you’re doing is forcing out people 

who can’t post up more margins.” 

He points to highly leveraged investments 

as the only concerning point when 

it comes to margins: Instead of the entire 

6.3% 

5.7% 

FUND 

6.0% 

10.5% 

7.6% 

11.6% 

market shaking when margins increase 

by $600, it’s truly only the leveraged positions 

that get eroded by increases. “Any 

unlevered buyer is probably indifferent 

to what the margin is,” said Hyland. 

Even with compelling evidence, the 

conspiracy theories are unlikely to die out. 

But as more investors dip their collective 

toes into the commodities asset class, 

converting fiction to fact will become 

ever-more important. “The justification of 

having margins is to protect the clearing 

process, pure and simple,” said Hyland. 

“It’s not to manipulate the price.” 


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

Issue No. 128 

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

Alternatives 

PowerShares DB G10 Currency Harvest DBV 0.75 371.1 3.77 4.30 0.85 21.22 -2.59 - - - 14.92 - 

Cambria Global Tactical GTAA 0.99 173.3 0.48 3.55 - - - - 10,355 16.1 - - 

PowerShares S&P 500 BuyWrite PBP 0.75 119.0 1.78 3.49 4.89 24.00 -1.69 - 51,276 16.4 16.63 1.17 

iShares Diversie Alternatives ALT 0.95 129.5 0.81 3.00 1.62 - - - - - - - 

IQ Hee ulti-Stratey Tracer QAI 1.13 130.7 2.47 1.57 2.59 - - - 12,317 15.4 - 1.49 

iPath S&P 500 VIX i-Term utures T VXZ 0.89 765.2 -11.05 -24.25 -14.43 - - - - - - - 

iPath S&P 500 VIX Short-Term utures T VXX 0.89 1,274.5 -29.46 -43.39 -72.40 - - - - - - - 

WisomTree anae utures Stratey WDTI 0.95 124.5 0.73 - - - - - - - - - 

Asset Allocation 

PowerShares C Income Comosite PC 1.62 233.3 4.62 7.28 - - - - 42,746 15.3 - 8.34 

iShares S&P Growth Allocation AOR 0.32 109.4 2.40 5.52 11.14 18.99 - - 19,670 16.6 - 1.85 

Commodities 

TS Physical Silver SIVR 0.30 688.0 13.57 24.77 82.16 - - - - - - - 

iShares Silver SLV 0.50 12,347.2 13.56 24.59 82.48 47.67 31.14 24.39 - - 41.36 - 

PowerShares DB Silver DBS 0.75 201.5 13.83 23.96 81.16 47.07 30.02 - - - 41.52 - 

Unite States Gasoline UGA 0.90 141.6 7.41 20.20 15.11 87.97 -6.72 - - - 42.98 - 

Teucrium Corn COR 1.71 131.3 3.64 16.12 - - - - - - - - 

PowerShares DB nery DB 0.75 235.3 3.07 14.88 2.63 30.36 -13.95 - - - 32.90 - 

TS Physical Precious etal Baset Shares GLTR 0.60 240.5 9.48 13.27 - - - - - - - - 

iPath Dow Jones-UBS Precious etals T JJP 0.75 141.7 9.98 11.20 41.91 28.42 - - - - - - 

PowerShares DB Precious etals DBP 0.75 539.4 9.70 10.90 37.56 26.58 20.88 - - - 24.29 - 

PowerShares DB Commoity Tracin DBC 0.85 6,298.3 1.78 9.80 11.90 16.19 -8.80 4.82 - - 26.81 - 

PowerShares DB Oil DBO 0.75 627.0 2.37 8.87 2.36 42.92 -13.27 - - - 35.33 - 

Unite States 12 onth Oil USL 0.96 234.0 3.48 8.52 6.52 35.36 -14.60 - - - 33.81 - 

iPath Dow Jones-UBS Coee T JO 0.75 128.3 -4.50 8.15 65.37 14.76 - - - - - - 

iPath S&P GSCI T GSP 0.75 124.2 0.95 8.00 8.36 15.25 -18.75 - - - 32.02 - 

TS Physical Swiss Gol SGOL 0.39 1,381.2 8.69 7.90 29.23 - - - - - - - 

SPDR Gol GLD 0.40 59,788.8 8.70 7.87 29.27 24.03 19.61 18.43 - - 20.97 - 

iShares Gol Trust IAU 0.25 6,795.0 8.70 7.84 29.46 23.90 19.67 18.48 - - 20.88 - 

PowerShares DB Gol DGL 0.75 258.7 8.39 7.38 27.89 22.03 18.07 - - - 20.97 - 

LTS Roers International Commoity T RJI 0.75 928.9 -0.51 6.60 17.86 26.45 -8.22 - - - 27.60 - 

iShares S&P GSCI Commoity GSG 0.75 1,729.0 0.50 6.36 7.17 11.22 -18.86 - - - 31.46 - 

GreenHaven Continuous Commoity GCC 0.85 767.2 -1.22 5.92 25.19 20.07 1.13 - - - 21.52 - 

Unite States Commoity USCI 1.24 473.0 -4.61 4.82 - - - - - - - - 

iPath S&P GSCI Crue Oil T OIL 0.75 639.9 3.56 4.53 -1.04 11.22 -29.49 - - - 41.64 - 

UBS -TRACS CCI T UCI 0.65 157.2 -1.60 4.24 18.61 40.58 -3.05 - - - 26.82 - 

Unite States Oil USO 0.80 1,576.8 3.34 3.85 -0.71 18.67 -26.75 -9.77 - - 39.15 - 

TS Physical Platinum PPLT 0.60 788.5 1.22 3.15 - - - - - - - - 

iPath Dow Jones-UBS Commoity T DJP 0.75 3,212.7 - 2.46 16.23 20.09 -8.41 - - - 24.21 - 

iPath Dow Jones UBS Grains T JJG 0.75 303.4 -1.38 2.20 29.85 -1.86 -4.14 - - - 32.74 - 

PowerShares DB Ariculture DBA 0.75 3,273.0 -6.41 1.17 22.35 0.99 -1.96 - - - 23.26 - 

LTS RICI Ariculture T RJA 0.75 655.3 -6.07 1.12 35.01 6.29 -0.49 - - - 26.62 - 

iPath Dow Jones UBS Ariculture T JJA 0.75 269.0 -4.11 1.11 38.40 13.17 3.08 - - - 28.22 - 

iPath Dow Jones-UBS atural Gas T GAZ 0.75 119.3 11.71 0.75 -43.63 -51.15 -51.82 - - - 38.05 - 

Unite States atural Gas UG 1.11 2,042.4 9.37 -1.61 -40.56 -56.50 -52.68 - - - 37.20 - 

PowerShares DB Base etals DBB 0.75 604.0 -5.33 -1.76 8.58 88.92 0.86 - - - 30.10 - 

TS Physical Pallaium PALL 0.60 785.9 -3.12 -3.63 - - - - - - - - 

iPath Dow Jones-UBS Coer T JJC 0.75 210.0 -7.48 -6.51 29.04 133.55 2.66 - - - 36.69 - 

Currency 

CurrencyShares Swiss ranc X 0.40 731.2 8.82 9.25 10.54 2.21 6.73 - - - 15.00 - 

CurrencyShares Sweish rona XS 0.40 136.9 2.69 8.62 6.96 9.01 -0.33 - - - 17.52 0.42 

WisomTree Dreyus Brailian Real BZ 0.45 176.7 6.96 8.29 12.46 34.01 9.40 - - - 18.87 - 

CurrencyShares uro X 0.40 365.3 4.36 7.76 -6.87 2.53 -2.01 3.95 - - 15.42 0.03 

CurrencyShares Australian Dollar XA 0.40 839.3 5.88 6.08 17.87 29.29 7.49 - - - 19.68 3.40 

PowerShares DB US Dollar Bearish UD 0.75 171.9 3.17 5.79 -1.60 5.19 -0.45 - - - 11.59 - 

WisomTree Dreyus Commoity Currency CCX 0.55 146.1 4.73 5.49 - - - - - - - - 

CurrencyShares British Poun Sterlin XB 0.40 139.0 1.12 4.91 -3.33 10.62 -5.58 - - - 12.46 - 

CurrencyShares Canaian Dollar XC 0.40 867.4 0.31 3.19 4.96 15.24 1.03 - - - 13.20 0.06 

WisomTree Dreyus merin Currency CW 0.55 583.6 3.48 2.70 6.40 - - - - - - - 

WisomTree Dreyus Chinese uan CB 0.45 668.4 0.43 0.43 1.21 1.20 1.14 - - - 2.80 - 

CurrencyShares Jaanese en X 0.40 176.2 0.26 -0.57 14.20 -3.16 8.55 - - - 11.32 - 

Inverse 

VelocityShares Daily Inverse VIX Short Term T XIV 1.35 117.9 33.46 57.40 - - - - - - - - 

iPath U.S. Treasury lattener T LAT 0.75 128.7 6.01 4.82 - - - - - - - - 

ProShares UltraShort en CS 0.95 368.4 -1.83 -0.83 -26.43 -2.52 - - - - - - 

ProShares Short SCI merin arets U 0.95 220.7 -7.08 -4.04 -20.92 -50.67 -22.26 - - - 26.48 - 

ProShares Short 20 ear Treasury TB 0.95 996.2 -6.12 -5.79 -12.39 - - - - - - - 

ProShares UltraShort inancials S 0.95 308.0 6.05 -5.97 -35.33 -76.48 -48.85 - - - 65.65 - 

Yield 

Data as of 05/31/2011. Source: Morningstar. Exp Ratio is annual expense ratio. Assets are net assets in $US millions. 3-Mo is 3-month total return. YTD is year-to-date. 3- and 5-year 

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

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



Issue No. 128 


Inverse (Continued) 

PowerShares DB US Dollar Bullish UUP 0.75 1,139.8 -3.40 -6.04 -1.60 -6.52 -1.83 - - - 12.05 - 

ProShares Short SCI A Z 0.95 103.8 -2.06 -7.77 -14.24 -30.36 -9.21 - - - 25.87 - 

ProShares Short S&P 500 SH 0.92 1,501.1 -2.28 -7.94 -16.59 -27.02 -9.17 - - - 20.62 - 

ProShares Short QQQ PSQ 0.95 234.6 -1.94 -7.99 -20.61 -40.20 -14.16 - - - 23.02 - 

ProShares UltraShort 7-10 ear Treasur PST 0.95 464.3 -8.58 -8.60 -21.51 2.43 -18.70 - - - 16.12 - 

ProShares UltraShort SCI merin arets V 0.95 118.2 -14.18 -8.96 -41.82 -79.25 -54.25 - - - 49.50 - 

ProShares Short Dow30 DOG 0.95 231.3 -3.89 -9.63 -15.29 -23.66 -9.76 - - - 19.34 - 

ProShares Short Russell 2000 RW 0.95 398.3 -4.44 -9.79 -27.39 -32.86 -18.17 - - - 26.14 - 

ProShares UltraShort 20 ear Treasur TBT 0.95 5,771.8 -11.85 -10.45 -25.74 32.20 -22.95 - - - 33.31 - 

Direion Dail inancial Bear 3 AZ 1.15 613.8 9.00 -11.07 -51.36 -94.56 - - - - - - 

ProShares UltraShort Basic aterials S 0.95 105.0 -7.25 -13.62 -54.68 -78.16 -42.15 - - - 61.31 - 

PowerShares DB Crue Oil Doule Short T DTO 0.75 223.2 -12.99 -15.42 -20.26 -54.19 - - - - - - 

ProShares UltraShort S&P 500 SDS 0.90 2,034.9 -4.78 -15.48 -32.21 -50.59 -24.16 - - - 38.94 - 

ProShares UltraShort QQQ QID 0.95 693.7 -4.02 -15.75 -38.90 -66.80 -32.59 - - - 43.61 - 

ProShares UltraShort uro UO 0.95 502.4 -9.42 -15.76 8.61 -12.04 - - - - - - 

ProShares UltraShort TSXinhua China 25 XP 0.95 173.7 -16.17 -15.89 -28.30 -76.27 -57.77 - - - 53.42 - 

Direion Dail 30-ear Treasur Bear 3 TV 1.14 480.8 -18.01 -16.04 -36.69 - - - - - - - 

ProShares UltraShort DJ-UBS Crue Oil SCO 0.95 132.3 -13.77 -16.50 -25.49 -56.89 - - - - - - 

ProShares UltraShort Dow 30 DXD 0.95 339.3 -7.76 -18.45 -29.76 -44.98 -24.05 - - - 36.60 - 

ProShares UltraShort Russell 2000 TW 0.95 443.2 -9.25 -19.55 -50.14 -60.27 -40.90 - - - 49.92 - 

ProShares UltraPro Short S&P 500 SPXU 0.95 301.5 -7.54 -22.87 -46.51 - - - - - - - 

Direion Dail Lare Ca Bear 3 BGZ 1.02 170.5 -8.60 -24.17 -48.74 -70.71 - - - - - - 

ProShares UltraShort Real state SRS 0.95 173.3 -10.53 -25.08 -51.63 -85.21 -67.34 - - - 70.52 - 

ProShares UltraShort Oil & Gas DUG 0.95 115.2 0.11 -26.08 -41.26 -49.12 -36.95 - - - 44.83 - 

Direion Dail Small Ca Bear 3 TZA 1.15 539.2 -14.47 -29.17 -68.34 -79.41 - - - - - - 

ProShares UltraShort Silver ZSL 0.95 524.7 -47.59 -59.04 -79.50 -72.65 - - - - - - 

Leveraged 

Direion Dail Real state Bull 3 DR 1.03 121.4 14.78 42.80 63.51 - - - - - - 0.48 

Direion Dail ner Bull 3 RX 1.03 416.3 -8.57 35.40 48.96 14.71 - - - - - 0.06 

ProShares Ultra Silver AGQ 0.95 1,146.2 11.24 30.65 182.44 78.25 - - - - - - 

ProShares Ultra Real state UR 0.95 562.1 8.31 26.49 48.36 12.10 -27.55 - - - 72.20 0.65 

ProShares Ultra Oil & Gas DIG 0.95 383.5 -5.23 25.37 33.69 20.59 -20.22 - - - 52.20 0.37 

Direion Dail Lare Ca Bull 3 BGU 1.18 241.6 4.34 22.80 39.81 65.15 - - - - - 0.18 

Direion Dail Small Ca Bull 3 TA 1.03 756.1 7.42 22.73 69.81 42.94 - - - - - - 

ProShares UltraPro S&P 500 UPRO 0.95 283.2 3.62 21.90 36.37 - - - - - - 0.12 

ProShares Ultra iCa 400 VV 0.95 166.9 7.14 20.70 52.88 68.15 -1.41 - - - 50.99 0.01 

ProShares UltraPro QQQ TQQQ 0.95 132.3 1.46 19.60 - - - - - - - - 

ProShares Ultra Dow30 DD 0.95 340.1 6.07 18.97 25.37 39.71 -3.76 - - - 40.62 0.46 

ProShares Ultra Russell 2000 UW 0.95 279.5 5.70 16.33 50.63 42.89 -3.57 - - - 54.53 0.01 

ProShares Ultra S&P 500 SSO 0.92 1,678.2 2.82 14.72 26.86 47.27 -8.40 - - - 44.40 0.61 

Direion Dail Semiconuctor Bull 3X SOXL 1.03 111.7 -14.97 14.52 - - - - 14,109 13.8 - 0.01 

ProShares Ultra Gol UGL 0.95 283.4 16.80 14.42 58.28 41.39 - - - - - - 

PowerShares DB Gol Doule Lon T DGP 0.75 603.9 17.08 13.84 62.37 46.16 32.58 - - - 42.39 - 

ProShares Ultra QQQ QLD 0.95 768.9 1.34 13.53 36.90 121.20 0.73 - - - 50.16 - 

ProShares Ultra Technolo RO 0.95 127.6 -3.85 7.53 19.91 146.38 -1.23 - - - 50.71 - 

ProShares Ultra Basic aterials U 0.95 350.2 2.86 7.21 57.39 126.82 -18.87 - - - 69.50 0.06 

Direion Dail Technolo Bull 3 TH 2.25 199.7 -8.58 6.81 21.28 240.15 - - - - - - 

PowerShares DB Ariculture Doule Lon T DAG 0.75 132.7 -6.31 3.48 30.88 5.70 -11.66 - - - 54.58 - 

Direion Dail inancial Bull 3 AS 1.02 1,706.0 -13.25 1.35 13.02 -41.44 - - - - - - 

ProShares Ultra inancials UG 0.95 1,192.0 -7.93 1.31 18.04 -5.50 -38.42 - - - 66.08 0.07 

ProShares Ultra DJ-UBS Crue Oil UCO 0.95 322.5 2.37 0.62 -1.46 -7.38 - - - - - - 

Direion Dail merin arets Bull 3 DC 1.01 439.2 11.18 -3.17 24.29 206.32 - - - - - 0.50 

U.S. Equity 

iShares Dow Jones U.S. Healthcare Proviers IH 0.47 323.3 9.94 22.47 11.47 35.44 9.02 6.44 10,654 13.4 26.73 0.16 

PowerShares S&P SmallCa Health Care PSCH 0.29 211.9 16.18 21.85 - - - - 1,382 21.3 - 0.22 

irst Trust Consumer Stales AlhaDX XG 0.70 135.5 13.22 20.14 19.75 27.47 12.31 - 10,855 14.9 18.60 0.87 

SPDR S&P Biotech XBI 0.35 646.8 20.25 19.28 17.60 0.36 8.40 11.25 3,063 - 26.20 - 

irst Trust Health Care AlhaDX XH 0.70 327.9 10.64 18.18 19.01 51.22 17.37 - 9,283 15.8 21.05 0.10 

PowerShares Dnamic Small Ca Growth PWT 0.39 163.1 10.48 17.61 27.31 17.50 5.26 2.10 1,447 24.6 24.65 - 

PowerShares S&P SmallCa ner PSC 0.29 123.8 0.33 17.17 - - - - 1,582 22.1 - 1.06 

iShares asa Biotechnolo IBB 0.48 1,654.9 15.50 17.06 14.84 15.17 11.52 8.56 5,858 19.4 22.63 0.47 

iShares Dow Jones U.S. eical Devices IHI 0.47 484.8 7.88 16.70 11.35 38.49 5.66 7.76 8,316 21.0 24.93 0.06 

SPDR S&P Oil & Gas loration & Prouction XOP 0.35 1,023.9 -0.78 16.03 28.58 40.16 -1.29 - 4,717 21.2 34.33 0.81 

iShares Cohen & Steers Realt aors IC 0.35 2,723.4 6.24 15.86 29.14 25.54 0.61 3.05 10,382 41.5 41.44 2.53 

Vanuar Health Care VHT 0.24 808.5 11.01 15.79 5.60 21.81 7.57 6.36 24,648 16.7 18.56 1.50 

iShares Dow Jones U.S. Healthcare IH 0.48 687.7 10.89 15.34 4.13 20.96 6.83 5.98 34,666 17.3 18.31 1.41 

iShares Dow Jones U.S. Pharmaceuticals IH 0.47 224.3 14.54 15.19 12.72 30.06 14.97 10.21 14,892 17.7 19.14 1.23 

Health Care Select SPDR XLV 0.20 3,841.5 11.02 15.14 3.32 19.49 6.10 5.43 46,513 17.1 17.92 1.70 

SPDR Dow Jones RIT RWR 0.25 1,593.0 5.76 14.51 28.03 28.24 2.03 3.49 7,513 41.6 40.36 2.71 

SPDR S&P Oil & Gas uiment & Services XS 0.35 524.6 -1.36 14.45 30.12 67.80 -3.68 - 3,945 22.5 39.70 0.73 

Yield 






Issue No. 128 


U.S. Equity (Continued) 

PXI 0.65 175.3 1.08 14.37 39.56 42.19 0.70 - 6,483 17.7 31.71 0.50 

0.48 122.4 5.80 14.08 30.81 20.73 5.74 - 5,526 42.1 32.63 2.74 

0.12 9,634.5 5.45 14.00 28.43 30.07 3.34 4.50 6,237 44.8 39.61 3.08 

0.35 696.3 7.52 13.99 34.84 60.81 15.62 12.96 3,864 19.3 27.32 0.07 

0.60 278.0 15.20 13.78 36.94 45.05 24.24 - 5,673 21.1 29.61 - 

0.60 615.5 -0.53 13.67 12.23 50.06 -8.18 - 12,715 17.7 37.39 0.22 

PowerShares Dynamic Oil & Gas Services PXJ 0.63 258.2 -0.84 13.65 29.18 52.86 -7.95 3.97 5,803 23.0 40.56 0.31 

0.63 102.2 -2.20 13.57 39.97 19.88 -3.09 8.71 8,408 17.3 32.22 0.46 

IJT 0.25 2,176.7 8.33 13.49 28.24 28.78 7.46 6.58 1,288 20.4 26.22 0.75 

0.47 648.2 -2.65 13.43 31.77 63.64 -4.52 6.07 15,059 23.8 39.85 0.39 

Pharmaceutical HOLDRS PPH - 464.2 10.96 13.41 1.67 20.47 6.85 5.48 89,527 18.4 17.29 - 

0.20 9,776.0 -1.51 13.34 21.81 21.81 -1.89 8.41 60,305 15.8 26.67 1.36 

0.48 1,087.0 -1.86 13.31 19.00 19.28 -2.33 8.37 65,240 15.2 25.53 1.16 

0.24 2,071.0 -1.57 13.28 21.05 25.54 -1.87 8.42 50,302 17.0 27.29 1.10 

0.70 183.3 -0.70 13.23 27.63 46.57 -4.52 - 11,994 17.9 38.20 0.48 

0.25 185.6 8.33 13.21 30.21 47.12 9.17 8.02 1,291 20.4 29.29 0.35 

0.47 3,720.5 4.54 13.17 26.60 30.46 1.69 2.87 7,718 24.3 38.04 3.17 

SPDR S&P Pharmaceuticals XPH 0.35 268.2 13.36 13.06 22.47 27.60 18.68 - 7,394 17.6 20.04 0.69 

0.65 104.0 6.79 12.91 28.34 47.59 3.10 - 4,260 17.0 32.18 2.10 

0.48 558.6 -0.81 12.44 18.65 41.06 -3.67 9.01 17,025 23.4 33.24 0.41 

0.12 3,228.7 4.83 12.35 30.95 42.79 7.97 7.69 1,674 21.9 28.11 0.42 

0.25 3,524.3 5.54 12.26 30.44 41.11 7.30 8.65 4,108 20.4 25.28 0.53 

SPDR S&P Retail XRT 0.35 763.0 10.15 12.11 37.39 77.29 19.64 - 3,682 18.5 32.22 0.93 

PDP 0.70 453.1 5.40 12.08 26.59 28.03 -0.70 - 9,002 20.2 25.97 0.21 

RPV 0.35 120.3 4.18 12.01 22.53 53.44 6.72 3.69 10,265 13.7 37.19 1.12 

PBJ 0.63 265.1 10.27 11.90 29.97 10.95 8.18 8.10 7,641 18.9 17.16 1.02 

0.30 210.7 4.62 11.74 27.84 42.17 2.70 6.23 7,189 24.1 25.11 0.36 

VDC 0.24 743.8 10.04 11.35 14.62 16.55 7.94 9.29 42,023 15.7 15.11 2.33 

0.70 296.6 3.76 11.32 26.64 46.78 8.54 - 2,979 17.2 26.81 0.40 

IWP 0.25 3,536.3 4.98 11.30 26.03 46.47 4.30 6.36 7,816 21.0 25.82 0.79 

PBS 0.63 162.7 1.44 11.28 20.18 61.92 3.94 2.35 7,988 18.8 31.47 0.42 

0.70 616.2 6.69 11.27 32.01 57.11 11.22 - 7,520 17.9 33.44 0.40 

0.38 274.2 4.93 11.16 21.65 31.91 6.28 - 4,041 19.5 28.08 2.48 

0.25 11,203.2 4.30 11.14 26.26 37.52 5.73 6.73 3,662 20.4 25.14 0.85 

VOT 0.12 1,609.4 4.25 11.12 29.14 43.91 3.02 - 7,046 23.5 26.09 0.47 

IGV 0.48 655.6 6.18 11.11 24.64 47.53 7.86 11.46 12,916 26.6 24.62 - 

RPG 0.35 280.6 4.77 11.03 26.90 49.33 9.02 8.59 14,809 19.4 25.37 0.37 

0.60 499.2 4.78 10.99 17.83 50.31 4.73 - 12,844 14.5 27.93 4.52 

0.30 146.0 4.65 10.99 31.18 32.73 6.80 5.88 1,857 26.2 26.94 0.26 

iShares Russell 2000 Growth IWO 0.25 4,539.7 5.47 10.94 29.38 34.61 7.00 6.19 1,301 21.0 27.04 0.55 

0.60 162.9 6.47 10.87 26.79 48.69 10.60 - 4,326 14.4 29.24 0.56 

XLP 0.20 4,589.8 9.31 10.84 13.81 14.22 7.18 8.91 55,572 16.5 14.91 2.50 

- 492.8 0.43 10.79 18.52 61.55 4.95 2.38 22,047 12.7 29.42 - 

0.38 119.6 4.01 10.70 25.60 50.22 10.50 - 2,840 14.0 27.43 1.17 

VO 0.12 5,015.8 4.02 10.65 25.68 40.47 4.41 5.48 6,421 18.6 25.92 1.08 

VOX 0.24 420.8 9.82 10.62 19.52 29.45 4.61 6.52 20,820 17.3 21.20 2.63 

IJH 0.22 11,905.9 3.89 10.59 26.73 37.81 5.87 6.87 3,640 19.0 25.17 0.98 

0.38 389.5 6.62 10.57 21.44 25.57 4.77 - 22,427 16.6 24.86 3.22 

iShares Dow Jones Telecommunications 0.48 792.8 10.84 10.51 20.72 26.22 2.09 4.44 14,302 15.3 23.51 2.79 

0.70 186.8 3.54 10.47 18.69 40.43 5.83 - 15,036 12.4 27.88 1.15 

DHS 0.38 200.4 6.67 10.42 17.63 17.03 0.56 - 38,486 15.6 27.72 3.61 

Internet HOLDRS HHH - 124.8 5.32 10.32 24.35 82.50 11.96 8.48 44,978 31.5 30.37 - 

0.25 178.1 3.71 10.28 26.49 38.64 4.77 5.93 6,517 19.1 26.90 1.23 

IWR 0.20 6,555.3 4.11 10.17 25.31 40.70 4.17 5.70 7,531 18.1 26.05 1.42 

0.12 1,020.4 3.68 10.08 21.77 38.28 5.35 - 5,813 15.2 26.61 1.73 

0.16 1,429.8 3.48 10.05 27.62 37.90 5.78 6.14 2,329 19.3 26.85 0.91 

PWV 0.63 430.3 3.84 9.98 13.29 18.60 3.92 5.94 66,568 13.3 19.80 2.12 

0.60 100.3 4.14 9.91 20.78 58.82 6.67 7.28 15,898 19.5 27.47 0.47 

ITA 0.47 145.4 2.72 9.86 16.60 25.32 1.05 6.96 9,452 15.0 28.35 0.92 

0.48 366.7 8.12 9.86 18.99 23.32 7.72 8.04 36,968 15.8 18.30 2.01 

SCHA 0.13 554.1 3.33 9.83 28.62 - - - 1,585 17.7 - 0.95 

0.70 277.6 4.88 9.82 16.08 19.16 5.17 8.28 16,649 15.4 19.56 2.48 

VB 0.17 5,776.0 3.30 9.77 28.12 36.61 6.85 6.14 1,589 18.6 28.42 1.06 

RSP 0.40 3,341.6 3.33 9.76 21.39 44.59 5.33 5.23 14,133 16.9 26.86 1.30 

XSD 0.35 119.8 -1.63 9.74 15.71 98.99 8.93 4.55 3,148 17.8 33.25 0.66 

VPU 0.24 747.0 6.30 9.59 7.05 11.27 -1.53 5.46 9,732 13.9 16.46 3.56 

0.25 210.5 3.19 9.58 27.68 39.78 6.49 5.34 1,910 18.2 29.35 0.94 

0.40 6,378.6 6.25 9.50 17.79 11.15 1.78 0.87 10,814 14.9 23.10 3.24 

IJR 0.20 7,627.3 4.72 9.50 26.61 25.88 5.99 4.85 1,148 19.2 26.96 0.99 

iShares Dow Jones U.S. Utilities IDU 0.48 527.0 6.06 9.48 7.21 12.31 -2.41 4.86 11,301 14.6 16.73 3.52 

Oil Services HOLDRS OIH - 2,912.9 -6.55 9.47 20.42 62.71 -9.12 1.23 26,914 24.4 38.66 - 

IWS 0.25 3,456.1 3.35 9.38 24.43 33.31 3.87 4.52 7,280 16.1 27.16 1.89 

0.18 1,409.1 4.13 9.33 14.25 17.17 1.64 - 54,004 14.9 22.30 2.55 




Yield 



Issue No. 128 



0.70 272.8 2.66 9.32 20.67 36.83 4.33 - 14,980 15.3 24.32 0.81 

0.54 155.5 2.54 9.32 23.21 51.87 8.03 - 3,218 16.2 28.75 0.52 

DIA 0.18 9,919.8 3.03 9.23 13.97 22.72 2.60 4.95 111,484 14.2 19.83 2.41 

0.45 192.1 5.87 9.20 16.20 13.38 4.01 0.91 41,794 14.5 25.88 3.43 

DTD 0.28 176.9 4.34 9.18 16.32 19.57 1.53 - 40,433 16.0 22.73 2.65 

0.28 762.8 4.20 9.15 14.98 17.31 0.67 - 63,809 15.6 21.94 2.52 

0.30 119.8 2.83 9.14 20.46 35.42 5.35 3.79 6,732 12.6 27.77 2.52 

IJJ 0.28 2,449.6 2.11 9.12 22.58 34.35 4.33 4.88 3,228 17.7 25.79 1.46 

iShares Dow Jones U.S. Consumer Services 0.48 217.4 4.27 9.11 23.26 32.63 7.76 5.01 23,854 18.3 23.61 0.96 

Utilities Select SPDR XLU 0.20 4,368.1 6.48 9.10 5.35 11.69 -2.44 5.03 15,059 14.1 16.76 3.86 

0.70 228.0 -0.72 9.07 26.64 66.79 7.31 - 7,679 15.7 29.69 0.02 

0.47 512.3 2.00 9.06 25.49 25.81 1.23 4.26 20,384 17.7 28.78 1.47 

0.70 117.6 0.89 9.02 28.27 14.19 -4.00 1.85 3,450 14.6 24.30 - 

0.95 115.0 2.17 8.96 14.17 - - - 30,340 15.1 - 0.64 

PWC 0.60 179.7 2.56 8.90 17.33 18.47 0.17 1.81 13,317 16.0 20.65 1.32 

XHB 0.35 864.2 6.07 8.88 17.40 27.60 0.01 -11.13 3,328 19.3 39.79 1.79 

PWJ 0.39 128.1 5.41 8.82 29.58 23.61 -0.08 5.91 7,245 25.9 24.10 0.25 

PIV 0.50 113.0 4.43 8.78 20.50 12.59 -5.02 -1.40 23,640 16.9 21.36 0.54 

PSCT 0.29 116.6 1.75 8.78 - - - - 1,018 21.1 - 0.19 

0.60 216.6 4.21 8.75 14.81 10.70 0.55 1.95 57,945 15.5 20.71 2.02 

iShares Russell 2000 0.28 16,059.7 3.33 8.65 26.90 28.53 5.81 4.66 1,158 17.8 27.22 1.05 

VTV 0.12 5,223.9 1.51 8.61 14.57 19.88 0.42 2.07 46,646 14.3 22.74 2.26 

0.70 637.9 3.74 8.59 28.28 59.45 4.16 - 6,061 16.6 36.96 1.48 

0.25 251.4 1.45 8.50 14.57 11.02 -1.73 0.64 77,451 12.2 20.72 2.38 

PXQ 0.63 171.1 -0.03 8.47 46.46 63.13 19.00 12.73 5,577 31.1 29.15 0.37 

Consumer Discretionary Select SPDR 0.20 2,382.1 2.94 8.45 27.49 40.52 9.61 5.35 27,331 18.1 27.20 1.37 

iShares Russell 3000 Growth IWZ 0.25 362.7 2.54 8.38 17.42 36.83 3.08 5.44 30,389 17.3 22.07 1.12 

XLI 0.20 4,202.7 2.10 8.37 27.85 22.00 1.32 4.24 34,566 17.4 28.83 1.69 

VCR 0.24 387.0 3.62 8.33 30.57 46.42 9.93 5.39 15,698 18.1 28.88 0.92 

SCHB 0.06 764.6 2.30 8.32 17.10 - - - 30,290 15.8 - 1.43 

VIG 0.18 6,477.5 3.26 8.30 14.76 19.56 3.63 4.85 42,457 16.1 18.48 1.93 

0.13 438.1 1.00 8.28 13.16 15.73 -0.53 - 72,946 14.1 22.47 2.22 

RWL 0.49 222.7 1.98 8.27 16.81 29.86 1.50 - 41,574 14.6 24.90 1.43 

PPA 0.66 101.3 1.26 8.24 10.59 23.04 -1.08 4.73 11,432 14.3 25.80 0.85 

iShares Russell 1000 Growth 0.20 13,945.4 2.15 8.21 16.48 36.73 2.83 5.38 40,916 17.1 21.80 1.23 

VTI 0.07 20,335.3 2.23 8.18 17.45 28.87 2.09 4.05 27,387 16.5 22.48 1.71 

iShares Russell 3000 IWV 0.21 3,424.0 2.16 8.18 16.82 28.29 1.65 3.64 28,288 15.9 22.72 1.54 

Telecom HOLDRS TTH - 127.8 8.95 8.16 16.38 7.05 -0.18 4.52 96,719 12.8 18.94 - 

iShares Dow Jones U.S. 0.20 631.9 2.09 8.11 16.50 28.25 1.63 3.81 32,913 15.7 22.24 1.54 

SCHV 0.13 240.1 1.87 8.11 14.86 - - - 55,559 13.5 - 2.23 

iShares Russell 1000 IWB 0.15 7,046.7 2.05 8.10 16.02 28.39 1.30 3.60 37,949 15.8 22.24 1.61 

0.65 111.1 2.51 8.06 33.03 14.91 0.86 - 4,810 19.2 28.06 0.64 

iShares S&P 1500 ISI 0.20 345.0 2.09 8.04 16.24 26.59 1.41 3.51 35,132 16.7 22.20 1.57 

VIS 0.24 568.1 1.60 8.02 27.32 22.05 0.58 3.82 19,751 19.0 29.60 1.21 

SCHX 0.08 620.0 2.08 8.01 15.92 - - - 41,823 15.6 - 1.51 

iShares Russell 1000 Value IWD 0.20 12,101.9 1.83 7.99 15.44 19.23 -0.45 1.56 35,155 14.6 23.21 1.90 

VV 0.12 3,232.8 2.03 7.98 15.93 27.36 1.38 3.86 41,311 16.3 21.99 1.69 

iShares S&P 500 Growth IVW 0.18 6,496.1 3.07 7.97 14.94 31.13 2.79 5.24 48,851 17.3 20.46 1.34 

0.50 142.7 -0.77 7.93 17.89 69.07 4.88 - 14,062 17.5 28.38 0.33 

iShares Russell 3000 Value IWW 0.26 338.9 2.01 7.88 15.76 19.66 -0.10 1.66 26,324 14.6 23.58 1.91 

0.70 138.8 1.92 7.87 23.62 28.83 1.95 - 14,595 20.5 23.01 0.49 

0.70 121.5 3.94 7.81 27.35 36.82 8.05 - 846 17.7 29.63 0.36 

0.47 714.6 7.84 7.72 26.74 18.93 2.16 4.67 10,447 23.4 27.88 1.07 

SPDR S&P 500 0.09 89,233.4 1.73 7.70 15.02 26.31 0.88 3.24 50,224 15.4 21.68 1.73 

iShares S&P 500 IVV 0.09 28,271.7 1.72 7.66 15.11 26.61 0.92 3.24 50,231 15.4 21.72 1.73 

VOO 0.06 1,301.8 1.73 7.60 - - - - 50,103 16.1 - - 

0.39 1,229.5 1.68 7.59 19.69 41.74 4.96 4.88 33,828 15.1 26.91 1.53 

SPDR 500 Growth 0.20 205.0 2.83 7.59 16.25 36.95 2.72 5.37 48,849 17.3 22.32 0.84 

0.60 775.3 3.99 7.58 36.72 79.07 13.79 - 9,227 31.1 28.08 0.10 

SCHG 0.13 335.5 2.15 7.57 16.85 - - - 31,070 18.6 - 0.66 

0.39 402.0 1.42 7.50 28.30 58.64 10.78 - 1,028 17.0 32.22 0.67 

PWB 0.61 194.9 3.32 7.45 13.74 34.61 -0.49 2.76 45,662 20.2 22.00 0.62 

VUG 0.12 5,933.5 2.62 7.43 17.23 36.08 2.48 5.52 36,511 19.0 21.84 1.10 

0.13 339.9 1.58 7.40 13.77 25.24 0.72 - 62,916 15.9 21.35 1.79 

iShares S&P 500 Value 0.18 4,599.4 0.35 7.38 14.97 20.90 -1.24 1.03 51,715 13.8 24.14 2.00 

0.20 198.1 1.76 7.34 17.34 27.89 1.61 3.78 31,008 15.8 22.81 1.49 

PowerShares QQQ QQQ 0.20 24,342.5 1.17 7.31 19.89 54.67 5.88 9.00 56,824 17.6 24.62 0.66 

0.35 5,873.0 3.25 7.25 16.42 19.04 5.72 4.00 13,051 16.5 23.30 3.15 

SPDR S&P 500 Value 0.20 176.4 0.22 7.13 15.53 17.03 -0.81 1.67 51,893 13.8 21.88 2.24 

0.20 317.8 2.00 7.08 12.68 21.09 1.37 4.08 66,555 16.0 21.37 1.71 

VBR 0.23 2,697.5 1.64 7.06 25.12 30.97 5.31 4.27 1,503 16.2 28.99 1.78 

SOXX 0.48 217.4 -3.95 7.06 14.32 74.92 1.98 0.47 13,780 13.2 32.65 1.05 

0.20 399.6 0.96 7.00 11.98 - - - 81,438 15.9 - 1.27 




18 ETFR • July 2011 

Yield


Issue No. 128 



0.30 203.2 1.57 7.00 25.80 40.06 8.83 5.69 1,830 14.0 30.32 1.80 

IWX 0.20 244.7 0.85 6.84 10.59 - - - 75,264 14.0 - 1.87 

0.30 167.8 2.29 6.84 17.79 45.16 4.85 6.17 14,960 18.5 25.01 0.63 

RWJ 0.54 141.4 1.54 6.82 25.96 46.53 11.05 - 1,035 17.5 32.93 0.39 

0.13 528.5 2.20 6.65 14.53 35.01 2.09 - 54,014 18.3 21.22 1.19 

0.50 170.0 1.42 6.62 13.89 30.38 1.68 3.34 31,222 17.1 21.94 1.40 

0.60 626.6 -0.47 6.50 21.71 79.71 7.68 9.11 20,206 17.6 28.86 0.36 

iShares S&P 100 0.20 2,985.4 0.61 6.33 12.48 22.12 0.09 2.81 105,814 14.5 20.66 1.84 

iShares Russell 2000 Value 0.41 4,614.8 1.23 6.25 24.68 20.59 4.46 2.84 1,022 15.1 28.34 1.64 

0.63 222.1 10.54 6.25 31.47 21.91 8.82 7.52 3,485 20.1 24.70 - 

Biotech HOLDRS BBH - 247.1 4.75 6.19 2.15 11.49 8.50 3.96 30,375 15.2 20.97 - 

0.60 147.0 1.99 6.19 25.58 20.02 3.97 1.99 479 17.7 28.88 0.35 

DSI 0.50 157.0 1.89 6.09 11.42 30.73 1.56 - 35,719 16.2 22.19 1.28 

0.38 142.9 1.72 5.73 26.97 48.71 11.55 - 689 13.8 30.87 1.12 

0.48 450.0 -0.61 5.71 11.98 62.42 3.86 7.43 43,756 16.4 25.44 0.48 

XLG 0.20 401.9 0.12 5.66 9.32 20.30 -0.46 2.33 144,813 14.4 19.67 1.84 

VGT 0.24 1,912.6 -0.78 5.64 12.78 61.89 4.60 7.36 41,260 16.7 25.25 0.56 

IWC 0.71 526.0 2.03 5.59 29.55 23.72 3.48 0.28 332 15.3 29.12 0.78 

VAW 0.24 719.2 2.28 5.48 24.46 51.44 -0.56 8.35 12,404 20.4 31.03 2.07 

IJS 0.25 1,853.2 1.46 5.48 24.70 22.36 4.43 3.21 1,024 18.1 28.44 1.14 

0.20 7,875.4 -0.06 5.38 11.41 51.25 2.99 6.60 74,838 15.4 23.10 1.26 

0.25 379.4 0.32 5.24 12.57 43.94 0.33 3.84 60,641 19.1 22.58 0.72 

0.25 134.4 1.47 5.19 24.62 36.93 5.97 4.78 1,025 18.1 29.03 1.69 

0.70 121.8 -1.35 4.86 19.25 33.55 3.93 - 7,065 11.5 30.90 1.21 

PowerShares Water Resources PHO 0.64 1,219.2 1.07 4.79 13.27 18.01 -3.76 3.62 2,400 19.3 28.98 0.51 

0.47 1,054.9 2.18 4.61 31.02 64.37 -0.18 9.39 14,735 14.6 34.75 1.15 

0.35 1,102.0 0.30 4.50 34.15 88.12 -5.46 - 3,455 22.2 44.77 0.57 

0.47 1,520.4 -1.56 4.45 12.42 63.79 4.40 7.39 57,836 15.8 25.09 0.42 

Retail HOLDRS RTH - 159.8 4.24 4.45 15.55 26.78 6.21 4.35 45,856 16.7 21.14 - 

0.48 274.2 -7.25 4.12 24.30 60.57 2.74 2.31 8,244 21.2 33.89 0.08 

XLB 0.20 2,648.7 1.05 3.81 20.56 48.11 -1.01 7.05 20,593 15.6 29.75 3.09 

0.38 249.3 1.57 3.71 27.05 22.15 5.39 - 877 17.2 30.82 3.26 

0.85 184.8 -3.19 3.55 - - - - - - - 5.09 

0.50 223.1 -2.40 3.42 15.31 70.44 4.04 6.86 38,543 17.3 27.52 0.44 

0.60 209.3 2.52 3.29 20.92 3.64 -0.97 -4.87 4,803 15.9 31.30 3.93 

0.85 132.2 -3.76 2.89 - - - - - - - 3.75 

iShares Dow Jones U.S. Home Construction ITB 0.47 500.0 1.44 2.75 10.43 23.24 -6.73 -19.65 2,626 22.5 42.28 0.59 

0.85 2,665.1 -3.97 2.28 34.53 - - - - - - 4.99 

0.85 1,113.9 -2.06 2.25 - - - - 7,312 27.0 - - 

0.48 520.0 -3.80 1.27 12.20 16.86 -9.18 -9.15 25,262 13.3 33.99 1.07 

0.27 662.7 -4.04 1.07 14.83 14.32 -8.44 -8.49 22,132 14.3 34.13 1.31 

0.35 208.3 -4.53 1.04 26.08 27.92 -1.43 -1.79 12,901 12.5 39.05 1.63 

0.48 164.9 -1.99 0.77 16.49 11.31 -5.19 - 3,190 7.4 20.27 9.57 

0.20 7,361.2 -5.75 -0.44 11.91 17.50 -11.86 -11.38 43,838 12.4 36.93 1.02 

0.35 579.6 -2.75 -1.83 20.65 -21.93 -5.44 - 1,322 19.6 33.10 1.40 

0.48 236.5 -6.13 -2.13 7.71 16.11 -11.96 -12.34 40,036 12.8 36.28 0.47 

IAT 0.48 144.1 -4.11 -2.79 20.25 -10.92 -8.96 -10.87 9,468 14.8 33.86 1.18 

0.35 1,480.6 -5.68 -3.53 23.07 -1.82 -10.96 -11.97 24,367 12.4 41.31 0.59 

- 105.0 -7.27 -3.91 12.62 3.29 -8.83 -9.26 58,953 11.5 37.79 - 

PBW 0.70 479.7 -11.25 -8.08 -5.55 27.61 -24.79 -14.31 1,306 13.4 39.30 - 

SCHH 0.13 122.2 5.91 - - - - - 7,511 41.6 - - 

International Equity 

0.54 209.8 2.81 17.66 -18.61 32.89 -6.39 4.83 37,530 - 38.02 4.99 

iShares S&P Global Healthcare IXJ 0.48 562.4 11.71 15.78 1.87 17.54 5.80 4.59 55,113 16.95 19.23 1.91 

0.54 463.1 4.58 14.85 -2.38 27.12 -5.49 1.75 42,903 13.04 33.22 2.37 

0.61 299.6 12.07 14.41 - - - - 6,883 14.81 - 0.95 

0.57 509.7 10.80 14.17 - - - - 1,543 22.15 - - 

0.55 108.1 16.67 14.12 - - - - 1,828 18.10 - - 

0.54 144.9 0.70 13.80 -14.20 21.97 -12.88 -5.20 29,072 12.32 36.79 1.71 

0.53 3,808.6 4.42 13.41 8.31 20.31 -4.04 5.80 47,041 13.83 34.51 1.06 

0.29 180.1 1.92 13.31 -7.75 25.23 -7.43 1.25 64,022 11.70 34.51 3.07 

0.53 585.0 10.35 13.08 14.48 22.05 4.88 7.38 63,415 14.77 24.90 1.15 

0.54 930.2 3.19 12.96 -3.00 26.41 -7.87 1.24 38,644 13.11 34.44 2.33 

DTH 0.58 140.7 3.68 11.85 -0.99 33.11 -4.82 - 40,749 12.01 30.23 3.95 

0.53 670.4 9.04 11.62 36.11 55.00 6.35 9.74 21,913 13.18 36.25 1.59 

0.6 1,448.3 3.71 11.61 3.74 28.90 -4.26 2.24 48,180 12.04 29.89 2.25 

0.14 3,656.1 4.15 11.37 6.05 31.33 -3.89 2.73 41,955 13.26 30.16 4.24 

DOO 0.58 160.4 5.20 11.27 5.70 33.13 -3.83 - 29,564 12.34 30.98 3.86 

DWX 0.45 532.1 7.06 11.13 7.87 62.12 0.10 - 9,930 10.14 35.72 4.19 

IXC 0.48 1,400.2 -1.89 10.60 11.79 24.71 -3.51 6.57 81,188 13.38 25.92 1.66 

IDV 0.5 544.0 4.07 10.51 11.84 60.56 0.14 - 17,608 12.20 33.56 3.63 

0.48 367.3 10.20 10.45 13.16 21.72 6.58 - 57,499 14.24 17.37 2.11 




Yield 



Issue No. 128 


International Equity (Continued) 

PowerShares Cleantech PZD 0.67 155.7 4.52 10.30 7.61 35.58 -7.07 - 4,191 20.71 34.27 0.02 

SPDR Dow Jones Global Real state RWO 0.5 311.4 4.99 10.21 24.01 32.04 -1.35 - 7,016 15.64 33.76 6.48 

irst Trust Dow Jones Global Select Diien GD 0.6 110.6 4.84 9.70 12.60 59.96 1.46 - 11,722 12.96 33.66 3.60 

Guenheim Canaian nery Income 0.7 229.6 -6.11 9.68 22.60 60.41 -7.10 - 6,371 27.63 39.41 2.34 

PowerShares Liste Priate uity PSP 0.6 481.0 3.16 9.40 25.90 30.22 -12.77 - 3,388 10.19 42.38 4.65 

aret Vectors Gamin BJ 0.65 140.2 8.07 9.26 37.88 36.20 -0.49 - 7,002 19.14 36.71 2.35 

iShares S&P Global Infrastructure IG 0.48 552.6 2.19 9.24 6.97 18.14 -4.03 - 13,866 14.02 25.72 3.40 

iShares SCI Inonesia IDO 0.61 191.1 15.58 9.11 - - - - 10,668 18.48 - 0.48 

WisomTree DA DW 0.48 473.8 2.84 8.96 5.19 27.12 -4.11 - 32,822 13.03 27.73 3.11 

WisomTree International LareCa Diien DOL 0.48 150.4 2.11 8.89 1.87 24.99 -4.61 - 64,079 12.59 27.96 3.22 

iShares SCI Russia Cae RUS 0.65 128.9 -1.97 8.64 - - - - 59,741 11.08 - - 

Guenheim Timber CUT 0.7 228.4 0.40 8.48 18.19 50.20 2.39 - 3,764 12.40 39.36 2.65 

aret Vectors Inonesia IDX 0.6 545.6 15.28 8.34 41.77 - - - 9,526 17.15 - 0.88 

PowerShares Intl Diien Achieers PID 0.57 547.7 4.24 8.16 13.47 37.96 -2.57 3.42 27,109 12.92 28.52 2.81 

iShares SCI ousai TO 0.25 624.2 2.36 7.93 11.45 31.45 -1.05 - 43,798 15.32 24.32 1.91 

iShares S&P orth American atural Resources IG 0.48 2,312.0 -2.83 7.92 23.34 37.10 -2.28 7.58 35,869 16.90 29.84 1.42 

iShares SCI South orea W 0.61 5,068.6 13.69 7.88 29.58 71.72 4.81 8.87 19,336 - 42.36 0.67 

iShares S&P Global Telecommunications IXP 0.48 428.7 4.08 7.81 11.63 11.28 0.13 7.59 68,874 11.31 20.44 3.94 

iShares S&P Global 100 IOO 0.4 1,129.8 1.02 7.74 5.91 24.02 -1.32 2.76 109,958 12.20 23.78 2.04 

iShares SCI etherlans W 0.53 175.4 1.20 7.73 4.95 40.67 -5.62 3.21 20,458 13.67 33.57 1.42 

iShares SCI Unite inom WU 0.53 1,400.1 1.63 7.43 10.28 36.12 -3.03 1.31 56,258 13.36 27.22 2.27 

iShares S&P Global Inustrials XI 0.48 257.2 1.23 7.28 23.28 25.93 -0.60 - 27,785 17.21 29.04 1.38 

WisomTree International iCa Diien DI 0.58 152.3 2.34 7.21 11.31 33.99 -1.33 - 6,211 13.90 29.12 2.91 

Schwab International Small-Ca uity SCHC 0.35 176.4 4.31 7.13 - - - - 1,856 14.29 - 2.15 

PowerShares R De ts e-US Smi PX 0.75 288.3 0.24 7.13 6.81 36.02 -2.07 - 31,315 12.81 31.69 2.29 

Schwab International uity SCH 0.13 680.7 1.27 6.90 9.31 - - - 30,547 13.23 - 1.62 

iShares S&P Global Consumer Discretionary RXI 0.48 153.6 1.92 6.73 23.29 37.45 5.06 - 26,512 16.62 27.00 1.00 

iShares SCI A Value V 0.4 1,487.5 -1.24 6.68 4.59 28.28 -4.58 0.46 37,769 11.53 29.55 3.05 

Vanuar SCI A VA 0.12 6,864.9 0.74 6.67 8.33 27.52 -3.81 - 31,792 13.82 27.92 2.34 

WisomTree International Real state DRW 0.58 135.7 4.35 6.61 17.68 43.07 -3.01 - 6,004 9.38 32.61 8.88 

iShares SCI A A 0.35 40,597.0 0.83 6.60 8.25 26.88 -4.05 1.64 33,789 13.96 27.72 2.26 

Guenheim S&P Global Water CGW 0.65 249.7 6.24 6.50 15.02 31.54 -1.20 - 4,840 17.07 26.09 1.89 

SPDR S&P merin uroe GUR 0.59 278.8 0.38 6.38 15.70 78.98 -8.22 - 15,858 12.70 41.07 0.90 

Vanuar Total Worl Stoc VT 0.25 986.4 1.92 6.38 13.07 32.66 - - 34,245 15.04 - 1.81 

SPDR Dow Jones International Real state RWX 0.59 2,240.4 3.65 6.34 21.83 36.34 -3.17 - 6,477 9.36 30.98 8.36 

aret Vectors RV Har Assets Proucers HAP 0.59 253.6 -1.43 6.32 16.52 42.51 - - 33,897 15.51 - 0.76 

SPDR S&P China GXC 0.59 794.5 7.28 6.28 7.58 60.45 2.92 - 33,879 13.08 31.54 1.18 

iShares SCI A Growth G 0.4 1,469.7 2.82 6.20 13.11 24.15 -3.71 2.74 30,998 17.01 26.49 1.69 

Guenheim China All-Ca AO 0.7 100.7 7.33 6.19 8.81 - - - 30,898 13.35 - 0.98 

iShares SCI ACWI ACWI 0.35 1,882.7 1.89 6.17 12.82 32.31 -1.26 - 39,417 14.93 25.64 1.64 

iShares TS De Real state e-US IGL 0.48 426.0 3.11 6.13 14.57 42.86 -3.45 - 7,112 9.69 30.94 5.94 

iShares SCI Canaa WC 0.53 6,031.2 -2.29 6.13 19.80 53.07 -0.31 7.88 24,880 18.85 31.41 1.52 

iShares S&P merin arets Infrastructure I 0.75 149.0 8.80 6.07 18.66 - - - 9,234 15.31 - 2.48 

iShares SCI A Small Ca SCZ 0.4 1,661.7 2.99 6.06 21.51 42.78 0.01 - 1,632 14.98 29.99 2.70 

SPDR S&P Worl e-US GWL 0.34 147.3 1.07 5.66 11.29 28.63 -3.05 - 24,484 13.32 27.32 2.14 

Vanuar TS All-Worl e-US VU 0.22 7,691.6 1.88 5.51 11.80 37.61 -2.45 - 27,244 14.25 28.93 2.03 

iShares S&P Global Timber & orestry WOOD 0.48 285.6 -1.95 5.36 16.19 37.71 - - 4,936 13.23 - 2.35 

Guenheim International ulti-Asset Income HGI 0.89 101.9 2.42 5.32 12.14 50.10 -1.11 - 16,500 13.23 30.10 4.00 

Vanuar TS All-Worl e-US Small Ca VSS 0.33 1,038.8 4.31 5.31 25.59 - - - 1,481 14.47 - 2.08 

WisomTree merin arets uity Income D 0.63 1,591.6 8.23 5.29 24.67 58.07 8.15 - 10,562 12.59 28.26 3.13 

iShares TSXinhua China 25 XI 0.72 7,593.4 6.88 5.29 3.51 47.28 -2.07 14.86 88,716 11.23 31.39 1.38 

SPDR SCI ACWI e-US CWI 0.34 476.1 1.13 5.25 11.60 37.14 -2.06 - 33,393 12.93 28.70 2.21 

iShares SCI ACWI e US ACWX 0.35 974.8 1.20 5.06 10.44 36.28 -3.83 - 31,484 14.12 29.07 2.19 

iShares SCI Australia WA 0.53 3,396.9 2.34 5.03 15.35 67.90 1.23 9.80 34,356 15.55 34.70 3.12 

PowerShares DWA De t Technical Leaers PIZ 0.8 138.8 3.93 4.91 21.07 37.76 -2.68 - 11,456 16.26 30.72 0.41 

iShares SCI Thailan THD 0.62 697.3 9.77 4.89 56.76 81.30 13.57 - 6,441 - 37.04 2.32 

iShares SCI alaysia W 0.53 972.9 7.18 4.87 38.97 49.34 12.53 18.25 9,392 18.52 21.88 2.30 

SPDR DJ Global Titans DGT 0.5 153.1 -0.89 4.83 4.99 23.04 -3.33 0.71 59,536 13.42 21.77 2.13 

WisomTree International SmallCa Diien DLS 0.58 477.0 1.80 4.79 19.43 37.09 -1.28 - 1,198 13.26 29.23 2.59 

PowerShares Global Water PIO 0.75 380.2 4.70 4.55 11.24 39.02 -3.18 - 2,755 18.41 31.29 0.83 

iShares S&P Deeloe -US. Proerty WPS 0.48 156.2 1.99 4.48 18.13 37.27 -3.10 - 6,186 10.07 32.13 5.20 

iShares S&P Global Utilities JXI 0.48 260.2 -0.57 4.48 -1.79 6.22 -7.72 - 20,527 11.66 19.64 4.08 

iShares SCI Pacic e-Jaan PP 0.5 4,147.5 3.90 4.45 17.77 63.22 2.59 10.61 27,170 14.55 32.23 3.18 

PowerShares Global Clean nery PBD 0.75 196.8 0.55 4.30 -16.09 31.84 -20.58 - 2,153 15.61 40.13 0.13 

iShares SCI Austria WO 0.54 190.3 2.51 4.25 15.81 57.66 -12.64 -2.64 6,287 13.98 44.19 1.07 

Jefferies TRJ CRB Global Commoity uity CRBQ 0.65 157.3 -2.86 4.23 16.96 - - - 44,031 15.64 - 0.95 

Vanuar Global e-U.S. Real state VQI 0.35 178.1 3.91 4.01 - - - - 5,370 10.26 - - 

iShares S&P Global inancials IXG 0.48 277.2 -3.98 3.95 3.90 31.74 -10.41 -6.97 43,261 11.39 37.90 2.04 

aret Vectors Coal OL 0.59 692.6 3.17 3.92 31.34 144.65 -2.64 - 9,681 22.70 52.07 0.39 

PowerShares Global Ariculture PAGG 0.75 149.1 0.27 3.90 20.96 49.22 - - 14,692 16.64 - 0.92 

iShares S&P Asia 50 AIA 0.52 244.0 6.62 3.88 19.56 60.79 3.63 - 52,378 13.14 29.30 1.51 

SPDR S&P BRIC 40 BI 0.5 555.9 1.93 3.79 11.37 78.35 -2.78 - 96,340 11.29 33.23 1.49 

SPDR S&P International Small Ca GWX 0.59 975.6 1.04 3.76 24.96 38.30 0.75 - 1,198 14.10 29.19 2.29 




20 ETFR • July 2011 

Yield


Issue No. 128 


International Equity (Continued) 

0.4 171.1 -1.93 3.71 - - - - 49,462 12.34 - - 

0.56 5,219.8 -1.25 3.62 23.04 58.74 -3.16 - 15,985 16.74 33.84 0.60 

0.48 614.8 -2.15 2.86 10.44 52.44 0.43 4.71 59,667 15.72 26.10 0.65 

0.53 2,067.6 4.18 2.80 24.16 54.94 3.55 10.78 19,476 12.52 27.93 2.31 

0.65 174.0 -8.77 2.60 -28.50 16.88 -35.30 - 1,847 9.07 56.20 0.39 

0.6 156.8 4.48 2.60 18.17 82.55 3.51 - 17,518 20.89 36.67 0.67 

0.59 763.1 7.69 2.57 19.47 70.33 4.96 - 16,123 14.58 33.47 1.29 

0.53 1,928.1 8.81 2.53 24.51 67.83 4.99 14.52 15,077 12.99 33.76 2.99 

PGJ 0.7 414.4 0.29 2.52 11.31 63.14 -1.81 12.29 10,067 14.47 33.25 0.65 

0.9 299.8 8.74 2.26 25.11 57.65 -6.49 - 6,238 15.95 37.13 0.33 

RSX 0.62 3,186.2 -5.38 2.08 22.14 139.25 -11.83 - 34,923 12.12 49.44 0.48 

VWO 0.22 48,672.5 5.82 2.00 19.45 76.26 0.80 11.36 20,434 14.44 32.19 1.66 

0.85 205.1 9.19 1.93 - - - - 16,533 19.77 - - 

0.69 40,064.1 5.98 1.86 16.54 68.82 0.58 11.04 20,115 14.29 32.44 1.33 

GXG 0.78 174.7 6.78 1.84 51.44 - - - 5,436 26.64 - 0.62 

Global X China Consumer CHIQ 0.65 198.6 10.58 1.64 10.79 - - - 5,524 17.78 - 1.04 

0.48 808.2 0.24 1.62 19.92 60.38 -3.25 - 30,108 14.17 34.27 1.62 

PXH 0.85 547.9 1.83 1.32 13.26 67.02 1.38 - 25,120 12.74 32.82 1.01 

PXR 0.75 239.5 5.94 0.96 26.20 86.98 - - 7,228 16.16 - 0.83 

0.71 3,644.3 6.92 0.90 22.70 73.62 2.79 7.52 11,180 16.61 35.03 1.84 

0.59 225.4 4.38 0.83 18.76 72.29 1.13 - 18,460 13.12 32.53 1.43 

0.62 980.4 11.15 0.75 24.12 - - - 1,983 15.53 - 1.29 

0.53 1,694.2 2.03 0.71 27.95 53.82 1.28 13.34 19,247 17.30 34.15 0.87 

DGS 0.63 971.6 8.99 0.57 30.19 83.15 10.40 - 1,664 12.54 32.78 2.55 

AAXJ 0.69 2,055.4 6.25 0.30 16.22 68.40 - - 21,552 14.14 - 1.51 

0.64 186.9 6.83 0.24 - - - - 22,356 16.21 - 0.36 

0.25 453.9 3.87 -0.07 - - - - 22,734 12.76 - 0.80 

0.6 699.5 0.99 -0.50 10.70 86.11 -3.98 - 48,981 10.05 33.83 1.88 

0.69 1,099.0 1.33 -0.59 9.21 85.39 -4.46 - 31,685 12.77 35.87 1.74 

0.6 148.3 -5.07 -0.90 -19.20 7.12 -28.67 - 3,788 16.07 42.01 0.95 

VPL 0.14 1,656.3 -5.51 -1.60 15.50 20.35 -3.47 0.26 18,691 14.80 24.55 4.00 

0.59 210.4 2.16 -2.06 15.39 103.84 -0.68 - 28,626 9.18 37.03 2.58 

0.3 594.3 0.56 -2.20 10.98 65.54 -3.82 11.03 62,211 10.51 30.71 1.68 

CU 0.7 500.7 -1.48 -2.22 - - - - 9,975 14.63 - 0.82 

0.61 617.6 5.06 -2.41 36.91 51.23 7.98 10.83 14,904 15.63 35.86 2.50 

JSC 0.55 117.8 -8.90 -2.44 17.96 3.91 -0.71 - 944 14.67 21.73 1.67 

iShares S&P Latin America 40 0.5 2,464.6 0.31 -2.75 15.53 91.00 -2.11 17.30 39,436 - 34.34 2.23 

COPX 0.65 100.8 -0.82 -2.80 - - - - 6,925 11.82 - 0.48 

0.61 12,766.4 1.28 -2.81 7.69 121.50 -4.91 19.05 25,620 10.12 38.72 3.78 

HAO 0.75 327.4 4.26 -3.03 15.85 96.55 6.94 - 1,853 12.32 38.38 1.52 

0.65 614.1 6.23 -3.16 23.51 94.66 4.07 - 1,076 14.61 35.70 0.49 

0.61 919.8 10.19 -3.26 46.57 86.02 15.80 - 8,720 21.70 26.72 0.66 

SLX 0.55 236.7 -5.71 -4.17 19.65 112.78 -11.57 - 23,875 12.88 47.85 1.47 

0.59 144.2 4.77 -4.79 30.55 49.96 5.57 - 8,457 15.01 28.70 2.13 

GDXJ 0.54 2,215.0 -1.45 -4.89 66.53 - - - 1,321 - - 7.72 

SIL 0.65 488.2 -4.14 -5.06 - - - - 3,601 27.79 - 0.94 

0.58 236.5 -9.48 -5.14 17.40 0.94 -2.01 - 814 14.79 20.54 1.80 

0.78 114.0 1.37 -5.14 25.27 35.00 - - 8,110 16.91 - 1.14 

GDX 0.53 6,910.7 -2.81 -5.40 33.90 36.72 8.43 9.01 13,963 22.56 47.67 0.69 

0.61 120.2 0.86 -5.47 15.39 81.19 1.74 - 6,251 13.26 25.65 3.35 

DXJ 0.48 471.2 -11.01 -5.76 -1.77 1.19 -10.35 - 12,177 13.55 21.43 1.25 

0.54 7,272.9 -10.93 -5.87 13.61 3.14 -7.54 -4.89 15,199 14.99 22.47 1.38 

0.7 183.3 4.32 -6.10 33.88 54.34 - - 7,524 - - 0.54 

0.5 106.7 -11.36 -6.44 14.05 3.36 -8.20 -4.84 22,006 14.04 22.70 1.60 

TUR 0.61 610.6 4.65 -7.13 25.64 102.82 7.61 - 5,217 14.07 46.32 2.09 

Global X Lithium LIT 0.75 169.4 -7.94 -8.69 - - - - 1,954 - - - 

0.89 215.6 4.76 -9.41 24.45 - - - 20,608 20.73 - 0.44 

0.78 520.2 4.05 -10.03 16.29 79.68 -1.58 - 21,703 17.88 40.68 1.03 

0.57 177.9 -15.20 -10.45 16.59 17.33 -12.37 - 4,902 20.95 33.89 4.66 

0.88 1,322.6 4.34 -10.80 20.28 95.08 1.05 - 13,451 15.26 42.56 0.61 

0.89 746.6 4.61 -12.36 21.23 102.47 -0.07 - 16,117 7.92 44.25 - 

0.62 464.6 -7.39 -12.52 57.69 - - - 4,750 14.77 - 2.16 

0.76 285.2 -15.59 -21.81 4.10 - - - 1,914 13.30 - 1.65 

Global X Uranium URA 0.69 268.9 -35.57 -34.25 - - - - 1,313 - - - 

VXUS 0.2 146.1 1.16 - - - - - 19,579 14.20 - - 

Yield 






Issue No. 128 


U. S. Fixed Income 

BAB 0.29 703.2 6.95 8.86 9.38 - - - - - - 5.51 

0.25 196.3 4.76 7.13 -2.62 8.19 4.02 - - - 7.93 3.82 

0.65 1,838.0 3.79 7.03 16.00 38.50 4.48 - 27,387 - 39.63 6.85 

0.23 880.4 4.38 6.26 -0.51 9.99 4.96 - - - 6.61 3.45 

0.25 2,097.7 3.91 6.10 0.10 7.09 4.54 - - - 6.35 3.59 

0.48 7,899.1 3.18 5.63 13.83 38.70 5.08 - - - 32.82 7.19 

0.45 118.3 3.29 5.60 13.98 - - - - - - 5.73 

PHB 0.50 481.3 2.35 5.57 9.07 23.69 0.44 - - - 20.74 6.85 

0.40 7,390.8 2.15 5.55 14.20 37.65 8.25 - - - 21.60 8.29 

BLV 0.11 375.9 5.44 5.54 10.01 0.11 9.23 - - - 13.07 4.78 

PZA 0.28 497.5 4.33 5.45 -0.48 17.58 3.66 - - - 7.91 4.73 

VCLT 0.15 103.2 4.43 5.33 10.62 - - - - - - 5.23 

0.24 232.0 4.05 5.23 1.63 10.67 5.39 - - - 6.80 3.42 

PGX 0.50 1,442.7 3.52 5.11 11.56 19.69 -1.35 - - - 29.22 6.62 

0.50 8,986.7 1.78 4.95 11.96 28.86 7.71 - - - 19.24 7.79 

0.13 132.6 8.91 4.92 9.79 -35.63 6.73 - - - 28.92 4.24 

CWB 0.40 922.5 1.77 4.82 14.01 - - - - - - 3.81 

0.18 438.6 3.79 4.72 6.25 10.23 5.43 - - - 8.35 2.99 

Schwab U.S. TIPS SCHP 0.14 167.8 3.90 4.71 - - - - - - - - 

TIP 0.20 20,485.9 3.87 4.64 6.13 8.95 5.35 6.64 - - 8.71 3.15 

TLH 0.15 221.5 4.62 4.58 9.69 -9.08 7.86 - - - 12.30 3.41 

VCIT 0.15 517.0 2.98 4.47 9.97 - - - - - - 4.05 

LQD 0.15 13,775.7 3.25 4.41 9.33 8.58 8.19 6.94 - - 12.20 4.66 

BIV 0.11 1,994.2 3.66 4.38 9.14 3.93 8.12 - - - 7.71 3.86 

TLT 0.15 3,103.6 5.89 4.33 9.04 -21.75 6.56 7.46 - - 17.89 4.20 

LTPZ 0.20 291.1 4.49 4.09 8.66 - - - - - - 3.56 

0.15 3,167.0 4.24 4.00 9.36 -6.56 7.22 7.86 - - 8.37 3.01 

0.35 228.1 2.36 3.90 0.34 - - - - - - 6.08 

ITR 0.15 183.1 2.47 3.89 7.16 - - - - - - 3.45 

0.20 862.6 2.61 3.84 8.42 11.19 7.50 - - - 8.78 4.35 

STIP 0.20 144.1 2.14 3.78 - - - - - - - - 

PLW 0.25 295.3 4.53 3.68 8.80 -11.09 6.77 - - - 11.12 3.10 

CIU 0.20 3,464.0 2.21 3.32 6.83 12.79 7.03 - - - 7.03 3.96 

LAG 0.17 238.2 3.00 3.29 6.25 3.57 6.83 - - - 4.11 2.81 

0.15 1,432.5 2.96 3.14 6.31 -1.69 6.15 - - - 4.48 1.97 

0.20 109.6 2.68 2.96 5.71 3.25 6.03 - - - 5.98 3.11 

0.11 9,962.5 2.51 2.90 6.20 3.67 6.44 - - - 4.92 3.31 

STPZ 0.20 1,136.8 1.41 2.87 3.51 - - - - - - 2.28 

AGG 0.24 11,333.9 2.60 2.81 6.37 3.01 6.25 6.37 - - 5.39 3.38 

0.33 2,865.2 2.50 2.64 5.58 4.69 6.42 - - - 3.46 3.37 

GVI 0.20 590.5 2.10 2.48 5.46 1.99 5.60 - - - 5.09 2.78 

0.13 214.5 2.22 2.37 4.93 -1.55 5.08 - - - 3.70 1.97 

VCSH 0.15 1,567.0 1.51 2.27 5.27 - - - - - - 2.31 

SUB 0.25 418.0 1.84 2.27 0.36 4.24 - - - - - 1.25 

0.20 1,283.6 1.91 1.98 1.02 4.24 3.63 - - - 2.92 1.51 

AGZ 0.20 376.6 1.60 1.68 3.74 1.50 - - - - - 1.79 

BSV 0.11 6,416.6 1.47 1.61 3.89 1.55 4.51 - - - 3.73 2.10 

CSJ 0.20 8,170.0 0.70 1.41 2.88 7.17 4.43 - - - 4.12 2.21 

SCPB 0.12 359.9 0.65 1.35 2.80 - - - - - - 1.86 

Schwab Short-Term U. S. Treasury SCHO 0.12 110.7 0.75 0.80 - - - - - - - - 

VGSH 0.15 118.6 0.61 0.78 2.29 - - - - - - 0.72 

0.15 7,930.7 0.77 0.78 2.28 0.36 2.72 4.07 - - 1.40 0.96 

TUZ 0.09 107.2 0.70 0.49 2.43 - - - - - - 0.79 

PVI 0.25 431.2 0.07 0.17 0.29 1.00 1.19 - - - 0.53 0.43 

SHV 0.15 4,332.2 0.06 0.05 0.12 0.16 0.61 - - - 0.33 0.10 

BIL 0.13 940.1 0.01 0.01 -0.04 0.27 0.33 - - - 0.40 - 

PowerShares Senior Loan 0.83 157.1 - - - - - - - - - - 

International Fixed Income 

WIP 0.50 1,377.7 4.18 7.25 6.56 17.14 3.31 - - - 16.40 1.95 

BWZ 0.35 238.0 3.47 6.11 1.59 - - - - - - - 

BWX 0.50 1,497.8 4.33 5.90 3.82 5.44 5.08 - - - 12.38 0.59 

0.49 361.8 5.71 5.01 - - - - - - - - 

IGOV 0.35 233.5 3.15 5.00 1.59 - - - - - - 2.31 

ISHG 0.35 151.6 2.81 4.97 1.09 - - - - - - 1.18 

0.55 981.2 5.95 4.55 - - - - - - - - 

0.50 1,053.0 5.20 4.39 10.84 35.70 8.28 - - - 21.97 5.68 

0.60 2,714.5 4.78 3.63 10.86 15.50 8.43 - - - 19.46 4.99 

0.35 1,008.3 0.40 0.81 1.64 - - - - - - 0.88 

ALD 0.55 275.4 - - - - - - - - - - 

Yield 





VTWO 

Vanguard Russell 2000 ETF 

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

Every client’s portfolio could use some Vanguarding. ® 

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

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

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

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

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

800-453-3390 

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

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

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

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

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

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

prospectus; read and consider it carefully before investing. 

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

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

representation regarding the advisability of investing in the Products. 

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

expense ratio of 0.28% for similar funds. 

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

Bond Bubble? 

ProShares Short Fixed-Income etFs 

Short 20+ Year treaSUrY (TBF) 

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Short 7-10 Year treaSUrY (TBX) 

UltraShort 7-10 Year treaSUrY (PST) 

UltraShort 3-7 Year treaSUrY (TBZ) 

UltraShort tIPS 

(TPS) 

Short hIgh YIeld 

(SJB) 

Short InveStment grade CorPorate (IGS) 

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Short ProShares seek returns that are -1x, -2x or -3x the return of an index or other benchmark (target) for a single day. Due to the compounding of 

daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. 

Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please 

read the prospectus. 

Investing involves risk, including the possible loss of principal. ProShares are non-diversified and entail certain risks, including risk associated 

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Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can 

be found in their summary and full prospectuses. Read them carefully before investing. Obtain them from your financial adviser or broker/ 

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ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the advisor. ProShares Treasury ETFs are benchmarked to Barclays Capital indexes. Barclays 

Capital and Barclays Capital Inc. are trademarks of Barclays Capital Inc. ProShares Short High Yield and Short Investment Grade Corporate ETFs are benchmarked to iBoxx ® indexes. iBoxx 

is a registered trademark of Markit Indices Limited. All have been licensed for use by ProShares. ProShares have not been passed on by these entities or their affiliates as to their legality or 

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THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES. © 2011 PSA 2011-2148

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

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