February 13, 2008
Investing in Exchange Traded Funds (ETFs):
DIAMONDs, SPDRs, Qubes, HOLDRs, VIPERs, iShares
They are simple and valuable investments with strange sounding names! Exchange
Traded Funds (ETFs) essentially are mutual funds that trade like a stock. They are
baskets of securities held in a trust (just like mutual funds) and can be traded as a listed
security on a stock exchange (just like a stock).
Differences between mutual funds and ETFs



Securities held in most mutual funds are actively managed. Securities held in
ETFs track an index established by a stock exchange. Selection of securities is
predetermined (i.e. passively managed). Accordingly, the cost of managing
Exchange Traded Funds and their corresponding Management Expense Ratios
(MERs) are significantly less than mutual funds.
Mutual funds are priced once a day based on their net asset value at the end of the
trading day. ETFs are priced in the market during the trading day based on
their tracking value of the index that they represent.
Mutual funds hold securities that are actively bought and sold during the year by
managers who are using their expertise and experience to improve portfolio
returns. ETFs, by definition, hold securities that are infrequently changed, and
therefore tend to have lower capital gains distributions at the end of the year.
Differences between listed securities and ETFs


Buying a diversified portfolio of individual securities, that approximately
represents the market, can be time consuming and expensive. In contrast, buying
an ETF, that holds a diversified portfolio of securities representing the
market, can be completed easily in one trade.
Transaction costs normally are lower for ETFs than for individual securities
(particularly on broadly based ETFs) because bid/ask spreads for ETFs frequently
are less.
Why the strange sounding names?
The names frequently are an acronym for an Exchange Traded Fund:
 SPDRs (also called SPDRS): Standard & Poor’s 500 index Deposit Receipts
 DIAMONDS: Dow Jones Industrial Average tracking unit.
 VIPERS: Vanguard Index Participation Equity Receipts
 Qubes: based on symbol for the NASDAQ 100 tracking units: QQQQ.
 HOLDRs: Holding Company Depositary Receipts
An Example using SPDRs
SPDRs are an Exchange Traded Fund that tracks the S&P 500 Index. SPDRs trade
approximately at 1/10th the value of the Index. If the S&P 500 Index is trading at 1400,
SPDRs (Symbol: SPY) will trade at almost exactly $140 per unit. The cost of 100 units
will be $140 x 100 = $14,000 U.S.. If the S&P 500 Index rises to 1500, the price of
SPDRs will increase to $150. The value of 100 units will improve to $15,000.
Types of Indices Tracked by ETFs
Six types are available:
 ETFs on broadly based indices (e.g. S&P 500 Index, Dow Jones Industrial
Average, S&P/TSX 60 Index)
 ETFs on sector indices (e.g. health care, high tech, financial services)
 ETFs on style indices (e.g. growth, value, small cap, medium cap)
 ETFs on indices of countries or regions outside of North America (e.g. the Euro
350 Index, the EAFE Index)
 ETFs on bond indices.
 ETFs on commodities and currencies
 Leveraged, inverse and inverse leveraged ETFs
Currently, 392 U.S. equity based ETFs, 33 U.S. bond based ETFs, 103 international, 18
commodity-based ETFs, 8 currency based ETFs, 52 Canadian equity based ETFs and 6
Canadian bond based ETFs trade on North American exchanges. A complete list is
provided at the end to this report.
Reasons to own ETFs




Easy to understand and to follow. The media frequently comments on events
that influence the performance of broadly based indices such as the S&P 500
Index, the Dow Jones Industrial Average and the S&P/TSX 60 Index. Their
comments also apply to performance of ETFs that track broadly based indices.
A convenient way to build a diversified portfolio. Each ETF owns a basket of
securities. For example, iUnits in the S&P/TSX 60 Index holds a diversified
portfolio of Canada’s top 60 companies. Risks associated with ownership of
individual securities in the basket are reduced.
A low Management Expense Ratio (MER) relative to actively managed
investments. The average MER on a broadly based Canadian or U.S. mutual fund
actively managed by a Canadian based investment firm is 2.50%. In contrast, the
MER on iUnits on the S&P/TSX 60 Index is only 0.17% and the MER on SPDRs
is only 0.10%. A list of MERs on ETFs is provided at the end of this report.
More tax efficient than actively managed investments. Capital gains
distributions at year-end from U.S. traded ETFs currently are nil due to their legal
structure. Capital gains distributions at year-end from Canadian traded ETFs are
low and frequently are nil. The reason: changes in indices are infrequent and,
therefore, chances of realizing a capital gain for tax purposes due to index


changes are low. In contrast, a portfolio of actively managed investments
frequently is adjusted and is more likely to distribute taxable capital gains at the
end of the year.
Easily bought and sold (particularly ETFs on broadly based indices). SPDRs
were the most actively traded equity security in the world in 2007 based on value
of trading. Qubes were the most actively traded security in the world in 2007
based on the number of shares that traded. Volumes in both ETFs rose in 2007.
Average daily volume in i60s, Canada’s most actively traded ETF was
approximately 2.3 million per day in 2007. In addition, bid/ask spreads on broadly
based ETFs frequently are $0.10 per unit or less.
Better performers relative to most actively managed investments. History
shows that most actively managed investments have been unable to exceed the
performance of their benchmark index over an extended period of time. On
January 1st 2008, Globe Investor released the annual performance of Canada’s top
180 mutual funds by assets. Once again, most of Canada’s mutual funds devoted
to investments in Canadian equities underperformed the TSX Composite Index.
The TSX Composite Index recorded a 9.3% total return in 2007. The list of 180
top funds was reduced to 108 to exclude fixed income funds, international funds
and funds with unknown performance. Only 11 funds (including iShares on the
TSX 60 Index) outperformed their benchmark in 2007.
The cost of buying and selling ETFs
Investors can choose between buying and selling ETFs in a transaction-based
account or in a fee-based account. Costs in a transaction-based account will be the
regular commission charged by your broker for completing an equity trade. Costs in a
fee-based account in most cases will be zero for the transaction, but a fee based on the
value of the portfolio will be assessed periodically. Investors, who make most of their
own investment decisions, probably will prefer a transaction-based account. Investors,
who rely on their broker to offer investment advice on a continuing basis, may prefer to
complete transactions through a fee-based account. A fee of 1.5% per year for an equity
account valued between $100,000 and $500,000 is approximately “the going rate” by
Canadian investment dealers.
Other features of ETFs
The following information was obtained from publicly available web sites:




ETFs listed on the Toronto Exchange are 100% eligible as Canadian content
in tax deferred accounts (e.g. RRSPs and RRIFs).
Most ETFs pay a quarterly dividend.
Dividends paid by ETFs with Canadian equity content listed on the Toronto
Exchange are eligible for the Dividend Tax Credit.
Trading hours correspond with the regular trading hours of the Toronto
Exchange and U.S. exchanges (normally 9:30 AM – 4:00 PM Eastern time).






All ETFs have redemption features. Holders with large positions in ETFs are
allowed to exchange their units for shares that underlie the unit. Net result:
units consistently trade at or near their net asset value.
Many ETFs have listed options and Long term Equity APpreciation Securities
(LEAPS). A list of optionable ETFs is provided at the end of this report.
Dividend re-investment (DRIP) programs on broadly based ETFs are
available through selected brokers.
ETFs are marginable.
ETFs can be shorted.
ETFs are sponsored by well-known financial institutions.
Portfolio Strategies
Core and satellite investing
One of the more popular strategies! Investors place a large portion (i.e. the core) of their
equity portfolio into Exchange Traded Funds. This portion acts as the anchor for the
portfolio, ensuring that portfolio performance will approximate stock market returns. Size
of the core depends upon the amount of stock market risk that the investor is willing to
assume. Investors, who are satisfied with realization of returns that approximate “the
market”, will place a larger portion of their portfolio into ETFs (say 40%-80%).
Investors, who are willing to take more risk in order to improve chances of
“outperforming the market”, will place a smaller portion into ETFs. The remainder of the
portfolio is invested into “special situations” with the potential to outperform the market.
Choices include attractive equities, specialty mutual funds, sector ETFs, hedge funds, etc.
Portfolio Rebalancing
ETF positions can be adjusted easily when equity, fixed income and cash weights in a
portfolio need to be rebalanced due to changing market conditions. With one trade in an
ETF of a broadly based index, equity positions can be increased or reduced.
Sector Investing
Investors can choose, when timely, to over weight sectors that have better potential.
Investors can choose between six Canadian sector ETFs and over 60 U.S. sector ETFs.
Seasonal Trend Investing
North American, European and Japanese equity markets tend to be strongest from the end
of October to the end of March /April. Investors can take advantage by owning broadly
based ETFs during the period of seasonal strength and by switching into treasury bills
during the remainder of the year.
Sectors in equity markets also have seasonality and can be traded accordingly. See the
Special Report section at www.dvtechtalk.com for background.
Risks
By definition, an investor holding an Exchange Traded Fund will never outperform the
market. The investor will track the market (less a small MER).
Some ETFs have a high percent of their portfolio invested either in a sector or an
individual security. Concentrations can influence the volatility and performance of the
ETF.
A small number of ETFs hold a basket of securities that are known to be volatile. Most of
these hold high tech securities with a history of significant price swings.
Monitoring ETFs through the Internet
The following web sites are useful for investors who are looking for more
information about ETFs:
Sites for a quick overview and description of ETFs that trade on U.S.
exchanges:
www.nasdaq.com
www.amex.com
www.nyse.com
ETF content and weights:
IShares U.S. information: www.ishares.com
iShares Canadian information: www.ishares.ca
Select sector SPDRs information: www.spdrindex.com
StreetTracks ETF information: www.streettracks.com
Merrill Lynch HOLDRs information: www.holdrs.com
Vanguard ETF information: www.vipers.vanguard.com/etf
PowerShares ETF information: www.powershares.com
FT Portfolios ETF information: www.ftportfolios.com
Proshares ETF information: www.proshares.com
Rydex Funds ETF information: www.rydexfunds.com
Wisdomtree ETF information: www.wisdomtree.com
Claymore Investments ETF information: www.claymoreinvestments.ca
XShares ETF information: www.xshares.com
ETF information: www.exchangetradedfunds.com
Index providers:
S&P indices: www.standardandpoors.com
Dow Jones indices: www.djindexes.com
MSCI International indices: www.msci.com
Russell indices: www.russell.com
Wilshire indices: www.wilshire.com
FTSE group indices: www.ftse.com
Index universe: www.indexuniverse.com
ETF Information and opinion sources
www.exchangetradedfunds.com
www.indexfund.com
www.globeinvestor.com
www.finance.yahoo.com/etf
www.etfguide.com
www.thestreet.com
www.marketwatch.com
www.morningstar.com
www.currencyshares.com
Exchange Traded Fund List
Equity Index Units Traded in Canada
Name
SymbolMER Opt. Volume
(%)
Daily
3 months
Jan. 2008
(000)
IShares S&P/TSX 60 Index
XIU 0.17 yes
4,000
IShares Composite Cdn. Eq Capped Index
XIC 0.25 no
50
IShares S&P 500 C$ Index Fund
XSP 0.25 no
150
IShares International C$ Index Fund
XIN 0.50 no
150
iSharesDividend Index
XDV 0.50 no
50
IShares S&P/TSX Canadian Capped Energy Index XEG 0.55 yes
350
ISharesS&P/TSX Canadian Capped Financial Index XFN 0.55 yes
250
ISharesS&P/TSX Canadian Capped Gold Index
XGD 0.55 yes
500
iShares Income Trust Sector Index
XTR 0.55 no
100
IShares S&P/TSX Canadian Capped Info.Tech.
XIT 0.55 yes
80
iSharesMaterials Sector Index
XMA 0.55 yes
150
IShares S&P/TSX Canadian Capped Midcap Index XMD 0.55 no
40
ISharesS&P/TSX Canadian Capped REIT Index
XRE 0.55 no
150
iShares Cdn. Value Index Fund
XCV 0.50 no
5
iShares Cdn. Growth Index Fund
XCG 0.50 no
10
iShares Cdn. Janzi Social Index Fund
XEN 0.50 no
4
iShares Cdn. Small Cap Index Fund
XCS 0.55 no
10
iShares Cdn. Russell 2000 Index Fund
XSU 0.35 no
10
Merrill Lynch CP HOLDRS
HCH *
no
1
Claymore FTSE RAFI Canadian Index Fund
CRQ 0.65 no
15
Claymore Cdn Dividend and Income Achievers
CDZ 0.60 no
5
Claymore U.S. Fundamental Index (C$ hedged)
CLU 0.65 no
10
Claymore Oil Sands sector
CLO 0.60 no
10
Claymore BRIC
CBQ 0.60 no
60
Claymore International Fundamental
CIE 0.65 no
10
Claymore Preferred Shares
CPD 0.45 no
20
Claymore Japan Fundamental
CJP 0.65 no
5
Claymore Global Water
CWW 0.60 no
10
Claymore Global Mining
CMW 0.55 no
10
Claymore Global Balanced Income
CBD 0.70 no
2
Claymore Global Balanced Growth
CBN 0.70 no
2
Claymore Global Agriculture
COW 0.65 no
N/A
Claymore Global Monthly Yield Hog
CYH 0.65 no
N/A
Claymore AECO Natural Gas
GAS 0.80 no
N/A
Claymore Cdn. Financial Services
CEW 0.65 no
N/A
Horizon BetaPro 60 Bull +
HXU 1.15 no
500
Horizon BetaPro 60 Bear +
HXD 1.15 no
1500
Horizon BetaPro Financial Bull +
Horizon BetaPro Financial Bear +
Horizon BetaPro Energy Bull +
Horizon BetaPro Energy Bear +
Horizon BetaPro Gold Bull +
Horizon BetaPro Gold Bear +
Horizon BetaPro Crude Oil Bull+
Horizon BetaPro Crude Oil Bear +
Horizon BetaPro Natural Gas Bull+
Horizon BetaPro Natural Gas Bear +
Horizon BetaPro Comex Gold Bullion Bull+
Horizon BetaPro Comex Gold Bullion Bear +
Horizon BetaPro S&P/TSX Global Mining Bull +
Horizon BetaPro S&P/TSX Global Mining Bear +
HFU
HFD
HEU
HED
HGU
HGD
HOU
HOD
HGU
HGD
HBU
HBD
HMU
HMD
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
no
no
no
no
no
no
no
no
no
no
no
no
no
no
100
50
50
50
300
400
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Equity Index Units Traded in the U.S.
Major Market ETFs
Broad Market
Total Stock Market VIPERs
IShares Russell 3000
IShares DJ US Total Market
IShares S&P 1500
Fidelity NASDAQ Composite Tracking Stock
Extended Market VIPERs
StreetTRACKS Total Market
FTSE RAFI U.S. 1000
Dynamic MagniQuant
SymbolMER Opt. Volume
(%)
Daily
3 months
(000)
Jan. 2008
VTI 0.07 yes
469
IWV 0.20 yes
472
IYY 0.20 yes
62
ISI
0.20 yes
48
ONEQ 0.30 yes
32
VXF 0.08 yes
65
TMW 0.20 yes
25
PRF 0.60 yes
210
PIQ 0.60 yes
28
Large-Cap
Diamond Trust Series 1
NASDAQ 100 Index Tracking Stock
IShares S&P 100
IShares S&P 500
IShares NYSE 100
IShares NYSE Composite
Standard and Poors Depository Receipts
IShares Russell 1000
Rydex S&P Equalweight
Large Cap VIPERS
Morningstar Large Core
StreetTRACKS DJ Wilshire Large Cap
First Trust NASDAQ 100 Equal Weight
DIA 0.18
QQQQ0.20
OEF 0.20
IVV 0.09
NY
0.20
NYC 0.25
SPY 0.10
IWB 0.15
RSP 0.40
VV 0.07
JKD 0.20
ELR 0.20
QQEW0.60
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
15,761
174,386
1,773
2,972
13
20
215,368
1,045
834
177
16
4
46
Rydex Russell Top 50
Dynamic Large Cap
First Trust Large Cap Core AlphaDEX
Vanguard Mega Cap 300
XLG
PJF
FEX
MGC
0.20
0.60
0.70
0.13
yes
yes
no
no
50
12
4
18
Mid-Cap
IShares S&P MidCap 400
S&P Midcap 400 Depository Receipts
IShares Russell Midcap
Mid-Cap VIPERS
Morningstar MidCore
StreetTRACKS DJ Wilshire Mid Cap
Dynamic Mid-Cap
First Trust Mid Cap Core AlphaDEX
IJH
MDY
IWR
VO
JKG
EMM
PJG
FNX
0.20
0.25
0.20
0.13
0.25
0.25
0.60
0.70
yes
yes
yes
yes
yes
yes
yes
no
539
5,764
321
150
12
7
11
3
Small Cap
IShares S&P Small Cap 600
IShares Russell 2000
Small-cap VIPERS
Morningstar SmallCore
iShares Microcap
StreetTRACKS DJ Wilshire Small Cap
First Trust MicroCap
Zacks Small Cap
Zacks Micro Cap
FTSE RAFI Small – Mid
FT Dow Jones Select Microcap
Dynamic Small Cap
First Trust Small Cap Core AlphaDEX
IJR
IWM
VB
JKJ
IWC
DSC
FDM
PZJ
PZI
PRFZ
FDM
PJM
FYX
0.20
0.20
0.10
0.25
0.60
0.25
0.60
0.60
0.60
0.60
0.60
0.60
0.70
yes
yes
yes
yes
yes
yes
yes
yes
yes
no
yes
yes
no
1,989
95,299
167
20
165
7
6
32
90
29
6
10
5
Broad Market Growth
IShares Russell 3000 Growth
First Trust Growth
IWZ
FPX
0.25
0.60
yes
yes
127
8
Broad Market Value
IShares Russell 3000 Value
First Trust Equity Income
First Trust Multi Cap Growth AlphaDEX
First Trust Multi Cap Value AlphaDEX
IWW
FDL
FAD
FAB
0.25
0.60
0.70
0.70
yes
yes
no
no
89
21
7
5
Large-Cap Growth
IShares S&P 500/Barra Growth
IShares Russell 1000 Growth
StreetTRACKS DJ Wilshire Large Cap Growth
IVW
IWD
ELG
0.18
0.20
0.20
yes
yes
yes
887
2,355
39
Style ETFs
Growth VIPERS
Morningstar Large Growth
Dynamic Large Growth
Rydex S&P 500 Growth
First Trust Large Cap Growth AlphaDEX
Vanguard Mega Cap Growth
VUG
JKE
PWB
RPG
FTC
MGK
0.15
0.25
0.60
0.35
0.70
0.13
yes
yes
yes
yes
no
no
333
76
342
26
6
15
Large-Cap Value
IShares S&P 500/Barra Value
IShares Russell 1000 Value
StreetTRACKS DJ Wilshire Large Cap Value
Value VIPERS
Morningstar Large Value
Dynamic Large Value
Rydex S&P 500 Value
FT DB Strategic Value
First Trust Large Cap Value AlphaDEX
Vanguard Mega Cap Value
IVE
IWD
ELV
VTV
JKF
PWV
RPV
FDN
FTA
MGV
0.18
0.20
0.20
0.15
0.25
0.60
0.35
0.60
0.70
0.13
yes
yes
yes
yes
yes
yes
yes
yes
no
no
565
2,355
14
244
60
85
21
49
3
48
Mid-Cap Growth
IShares S&P MidCap 400/Barra Growth
IShares Russell MidCap Growth
Morningstar Mid Growth
Dynamic Mid Growth
StreetTRACKS DJ Wilshire Mid Cap Growth
Rydex Midcap 400 Growth
IJK
IWP
JKH
PWJ
EMG
RFG
0.25
0.25
0.30
0.60
0.25
0.35
yes
yes
yes
yes
yes
yes
166
498
36
236
8
13
Mid-Cap Value
IShares S&P MidCap 400/Barra Value
IShares Russell MidCap Value
Morningstar Mid Value
Dynamic Mid Value
StreetTRACKS DJ Wilshire Mid Cap Value
Rydex Midcap 400 Value
IJJ
IWS
JKI
PWP
EMV
RFV
0.25
0.25
0.30
0.60
0.25
0.35
yes
yes
yes
yes
yes
yes
118
501
13
41
2
12
Small-Cap Growth
IShares S&P SmallCap 600/Barra Growth
IShares Russell 2000 Growth
StreetTRACKS DJ SmallCap Growth
Small-Cap Growth VIPERS
Morningstar Small Growth
Dynamic Small Growth
Rydex Small Cap Growth
IJT
IWO
DSG
VBK
JKK
PWT
RZG
0.25
0.25
0.25
0.22
0.30
0.60
0.35
yes
yes
yes
yes
yes
yes
yes
177
4,855
13
133
22
29
5
Small-Cap Value
IShares S&P SmallCap 600/Barra Value
IJS
0.25
yes
148
IShares Russell 2000 Value
StreetTRACKS DJ SmallCap Value
Small-Cap Value VIPERS
Morningstar Small Cap Value
Dynamic Small Cap Value
Rydex Small Cap Value
IWN
DSV
VBR
JKL
PWY
RZV
0.25
0.25
0.22
0.30
0.60
0.35
yes
yes
yes
yes
yes
yes
3,206
18
172
14
58
15
Consumer Discretionary
Consumer Discretionary Select Sector SPDR
IShares DJ US Consumer Cyclical Sector
Retail HOLDRS
Consumer Discretionary VIPERS
Dynamic Leisure and Entertainment
Dynamic Retail
Dynamic Hardware and Consumer Electronics
SPDR Retail
Dynamic Consumer Discretionary
Market Vector Environmental Services
Rydex Equal Weight Consumer Discretionary
XLY
IYC
RTH
VCR
PEJ
PMR
PHW
XRT
PEZ
EVX
RCD
0.26
0.48
0*
0.28
0.60
0.60
0.60
0.35
0.60
0.55
0.50
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
no
3,943
96
5,880
46
34
50
29
3,388
37
10
42
Consumer Staples
Consumer Staples Select Sector SPDR
IShares DJ US Consumer Non-Cyclical Sector
Consumer Staples VIPERS
Dynamic Food and Beverage
FTSE RAFI Consumer Goods
Dynamic Consumer Staples
Rydex Equal Weight Consumer Staples
First Trust Consumer Staples AlphaDEX
XLP
IYK
VDC
PBJ
PRFG
PSL
RHS
FXG
0.26
0.48
0.28
0.60
0.60
0.60
0.50
0.70
yes
yes
yes
yes
no
yes
no
yes
3,199
35
56
34
1
6
2
1
Energy
Energy Select Sector SPDR
IShares DJ US Energy Sector
Vanguard Energy VIPERs
Oil Service HOLDRS
Dynamic Energy Exploration and Production
Dynamic Energy Sector
Dynamic Oil and Gas Services
iShares DJ Exploration & Production
iShares DJ Oil Equipment
SPDR Oil and Gas Equipment and Services
SPDR Oil and Gas Exploration and Production
FTSE RAFI Energy
XLE
IYE
VDE
OIH
PXE
PXI
PXJ
IEO
IEZ
XES
XOP
PRFE
0.26
0.60
0.28
0*
0.60
0.60
0.60
0.48
0.48
0.35
0.35
0.60
yes
yes
yes
yes
yes
yes
yes
no
no
yes
yes
no
21,563
172
38
7,084
46
10
224
91
520
67
219
7
Sector ETFs
Rydex Equal Weight Energy
First Trust Energy AlphaDEX
First Trust ISE Revere Natural Gas
Market Vector Nuclear Energy
RYE
FXN
FCG
NLR
0.50
0.70
0.70
0.65
no
yes
yes
no
9
2
20
82
Financials
Financial Select Sector SPDR
IShares DJ US Financial Sector
IShares DJ US Financial Services
Regional Bank HOLDRS
Financials VIPERS
StreetTRACKS KBW Bank
StreetTRACKS KBW Capital Markets
StreetTRACKS KBW Insurance
Dynamic Insurance
iShares DJ Broker Dealer
iShares DJ Insurance
iShares Regional Banks
SPDR Regional Banking
FTSE RAFI Financials
Dynamic Banking
Dynamic Financial
Rydex Equal Weight Financials
First Trust Financials AlphaDEX
XLF
IYF
IYG
RKH
VFH
KBE
KCE
KIE
PIC
IAI
IAK
IAT
KRE
PRFF
PJB
PFI
RYF
FXO
0.26
0.48
0.48
0*
0.28
0.35
0.35
0.35
0.60
0.48
0.48
0.48
0.35
0.60
0.60
0.60
0.50
0.70
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
no
no
yes
no
yes
yes
yes
no
91,518
575
270
1,007
140
1,688
677
230
33
1,345
24
77
2,179
13
77
11
5
1
Health Care
Biotech HOLDRS
IShares NASDAQ Biotech
iShares Biotech SPDRs
Amex Biotech
Dynamic Biotech and Genome
Health Care Select Sector SPDR
IShares DJ US Healthcare Sector
iShares Pharmaceuticals
iShares Healthcare Providers
iShares Medical Devices
Pharmaceutical HOLDRS
Health Care VIPERS
Dynamic Pharmaceutical
SPDR Pharmaceutical
FTSE RAFI Health
Dynamic Healthcare Services
Dynamic Healthcare
Rydex Equal Weight Health Care
HealthShares Cardio Devices
HealthShares Diagnostics
BBH
IBB
XBI
FBT
PBE
XLV
IYH
IHE
IHF
IHI
PPH
VHT
PJP
XPH
PRFH
PTJ
PTH
RYH
HHE
HHD
0*
0.48
0.35
0.60
0.60
0.26
0.48
0.48
0.48
0.48
0*
0.28
0.60
0.35
0.60
0.60
0.60
0.50
0.75
0.75
yes
yes
yes
yes
yes
yes
yes
no
no
no
yes
yes
yes
yes
no
yes
yes
no
no
no
208
1,301
36
36
42
2,511
71
27
73
74
761
44
22
5
3
44
29
13
1
29
HealthShares Emerging Cancer
HealthShares Enabling Technology
HealthShares Patient Care Services
HealthShares Metabolic-Endocrine Disorder
HealthShares Autoimmune-Inflammation
HealthShares Cancer
HealthShares Cardiology
HealthShares Composite
HealthShares GI/Gender Health
HealthShares Respiratory/Pulmonary
HealthShares Neuroscience
HeathShares Ophthalmology
HHJ
HHV
HHB
HHM
HHA
HHK
HRD
HHQ
HHU
HHR
HHN
HHZ
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
yes
no
no
no
no
no
no
no
no
no
no
no
5
6
3
1
1
8
1
3
1
3
1
1
HealthShares European Drug
HealthShares Infectious Disease
HealthShares Dermatology and Wound Care
First Trust Health Care AlphaDEX
HRJ
HHG
HRW
FXH
0.75
0.75
0.75
0.70
no
no
no
no
2
1
1
3
Industrials
Industrial Select Sector SPDR
XLI
IShares DJ Transportation Average
IYT
IShares DJ US Industrial Sector
IYJ
Vanguard Industrials VIPERs
VIS
Dynamic Building and Construction
PKB
iShares Home Construction
ITB
Homebuilder SPDRs
XHB
Dynamic Aerospace and Defense
PPA
iShares Aerospace and Defence
IHE
FTSE RAFI Industrials
PRFN
Dynamic Industrials
PRN
Market Vector Steel
SLX
PowerShares Aerospace and Defense
PPA
Rydex Equal Weight Industrials
RGI
First Trust Industrials/Producer Durables AlphaDEXFXR
0.26
0.48
0.48
0.28
0.60
0.48
0.35
0.60
0.48
0.60
0.60
0.55
0.60
0.50
0.70
yes
yes
yes
yes
yes
no
yes
yes
no
no
yes
yes
yes
no
no
5,451
660
59
37
46
499
4,613
164
27
19
24
161
164
6
1
Information Technology – Broad Based
IShares DJ US Technology Sector
IShares Goldman Sachs Tech
StreetTRACKS MS High-Tech 35
Technology Select Sector SPDR
Information Technology VIPERS
FTSE RAFI Telecom and Technology
Dynamic Technology
Rydex Equal Weight Technology
NYSE Arca Tech 100
First Trust Technology AlphaDEX
0.48
0.48
0.50
0.26
0.28
0.60
0.60
0.50
0.50
0.70
yes
yes
yes
yes
yes
no
no
no
no
no
256
198
64
3,997
93
6
11
14
8
2
IYW
IGM
MTK
XLK
VGT
PRFQ
PTF
RYT
NXT
FXL
Information Technology – Internet
Internet HOLDRS
B2B Internet HOLDRS
Internet Architecture HOLDRS
Internet Infrastructure HOLDRS
Dow Jones Internet
HHH
BHH
IAH
IIH
FDN
0*
0*
0*
0*
0.60
yes
yes
yes
yes
yes
173
47
53
87
49
Information Technology – Other
IShares Goldman Sachs Networking
IShares Goldman Sachs Semiconductor
IShares Goldman Sachs Software
Broadband HOLDRS
Semiconductor HOLDRS
Software HOLDRS
Dynamic Networking
Dynamic Semiconductor
Dynamic Software
Lux Nanotech
Semiconductor SPDRs
First Trust NASDAQ 100 Equal Weight Tech
IGN
IGW
IGV
BDH
SMH
SWH
PXQ
PSI
PSJ
PXN
XSD
QTEC
0.48
0.48
0.48
0*
0*
0*
0.60
0.60
0.60
0.60
0.35
0.60
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
177
226
211
107
9,846
250
13
165
17
39
42
35
Materials
IShares DJ US Basic Materials Sector
Materials Select Sector SPDR
Materials VIPERS
SPDR Metals and Mining
FTSE RAFI Basic Materials
Rydex Equal Weight Materials
Dynamic Basic Materials
First Trust Materials AlphaDEX
Market Vector Steel
IYM
XLB
VAW
XME
PRFM
RTM
PYZ
FXZ
SLX
0.48
0.26
0.28
0.35
0.60
0.50
0.60
0.70
0.55
yes
yes
yes
yes
no
no
yes
yes
yes
229
7,740
42
546
3
4
16
2
161
Natural Resources
IShares Goldman Sachs Natural Resources
IGE
0.48
yes
93
Real Estate
IShares DJ US Real Estate
IShares Cohen & Steers Realty Majors
StreetTRACKS Wilshire REIT
Vanguard REIT VIPERs
First Trust S&P REIT
iShares FTSE Industrial/Office
iShares FTSE Mortgage REIT
iShares Real Estate 50
IYR
ICF
RWR
VNQ
FRI
FIO
REM
FTY
0.48
0.35
0.25
0.12
0.50
0.48
0.48
0.50
yes
yes
yes
yes
yes
no
no
no
7,217
1,134
234
410
2
1
14
5
iShares Residential
iShares Retail
Adelante Re Composite
Adelante Re Classics
Adelante Re Growth
Adelante Re Kings
Adelante Re Yield Plus
Adelante Re Shelter
Adelante Re Value
REZ
RTL
ACB
ACK
AGV
AKB
ATY
AQS
AVU
0.50
0.50
0.58
0.58
0.58
0.58
0.58
0.58
0.58
no
no
no
no
no
no
no
no
no
4
9
1
1
3
1
1
2
N/A
Telecommunications
IShares DJ US Telecom Sector
Vanguard Telecommunication Services VIPERs
Telecom HOLDRS
Wireless HOLDRS
Dynamic Media
Dynamic Telecommunications
IYZ
VOX
TTH
WMH
PBS
PTE
0.48
0.26
0*
0*
0.60
0.60
yes
yes
yes
yes
yes
yes
461
40
109
11
40
14
Utilities
IShares DJ US Utilities Sector
Utilities Select Sector SPDR
Utilities HOLDRS
Utilities VIPERS
Dynamic Utilities
FTSE RAFI Utilities
First Trust Utilities AlphaDEX
IDU
XLU
UTH
VPU
PUI
PRFU
FXU
0.48
0.26
0*
0.28
0.60
0.60
0.70
yes
yes
yes
yes
yes
no
no
87
5,347
76
39
11
3
1
DVY
PEY
SDY
PEY
PHJ
DTN
DLN
DON
DHS
DES
CVY
LVL
FDL
0.40
0.50
0.30
0.60
0.60
0.38
0.28
0.38
0.38
0.38
0.60
0.60
0.45
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
no
yes
876
140
47
140
17
43
71
32
36
55
24
6
21
FVI
0.60
yes
4
Dividend ETFs
IShares Dow Jones Select Dividend
Power Shares Dividend Achievers Portfolio
SPDR Dividend
High Yield Equity Dividend Achievers Portfolio
High Growth Rate Dividend Achievers Portfolio
Dividend Top 100
Large Cap Dividend
Mid Cap Dividend
High Yielding Equity
Small Cap Dividend
Claymore Yield Hog
Claymore/BBD High Income
FT Morningstar Dividend Leaders
Specialty ETFs
FT ValueLine
ValueLine Timeliness Select
PIV 0.60
ValueLine Industry Rotation
PYH 0.60
FT ValueLine 100
FVL 0.60
Water Resources
PHO 0.60
Claymore Sector Rotation
XRO 0.60
Claymore Sabrient Insider
NFO 0.60
Claymore Sabrient Stealth
STH 0.60
Claymore Spin-off
CSD 0.60
Claymore/Sabient Defender
DEF 0.60
Claymore/LGA Green
GRN 0.60
Claymore/Ocean Tomo Patent
OTP 0.60
Claymore/BIR Leaders 50
BST 0.60
Claymore/Ocean Tomo Growth
OTR 0.60
Claymore/Zacks Growth and Income
CZG 0.60
Claymore/BIR Leaders Mid-Cap Core
BMV 0.60
Claymore/BIR Leaders Small-Cap Core
BES 0.60
Claymore/Great Companies Large Cap Growth
XGC 0.60
Claymore/Zacks Mid-Cap Core
CZA 0.60
Claymore/IndexIQ Small Cap Value
SCV 0.60
Claymore/Robeco Boston Partners Large Cap Value CLV 0.60
Claymore/Clear Mid-Cap Growth
MCG 0.60
Claymore/KLD Sudan Free Large Cap Core
KSF 0.50
Claymore Morningstar Manufacturing
MZG 0.40
Claymore Morningstar Information
MZN 0.40
Claymore Morningstar Services
MZO 0.40
Claymore/Zacks Country Rotation
CRO 0.65
Claymore/Zacks Sector Rotation
XRO 0.60
PowerShares Dynamic Market Portfolio
PWC 0.60
PowerShares Dynamic OTC Portfolio
PWO 0.60
Powershares Private Equity
PSP 0.69
Powershares CleanTech
PZD 0.60
Powershare Aggressive Growth
PGZ 0.60
Powershares Deep Value
PVM 0.60
Powershares Buy Back Achievers
PKW 0.60
Powershares Financial Preferred
PGF 0.60
Powershares DWA Technical Leaders
PDP 0.60
Powershares S&P 500 Buy Write
PBP 0.75
Wilderhill Clean Energy
PBW 0.60
Wilderhill Progressive Energy
PUW 0.60
iShares KLD Select Social Index
KLD 0.50
First Trust NASDAQ 100 Ex-Technology
QQXT 0.60
First Trust NASDAQ Clean Edge
QCLN 0.60
WisdomTree Earnings 500 Index
EPS 0.28
WisdomTree Earnings Index
EXT 0.28
WisdomTree Midcap Earnings Index
EZM 0.38
WisdomTree Small Cap Earnings Index
EES 0.38
yes
yes
no
yes
yes
yes
yes
yes
yes
yes
yes
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
yes
yes
yes
yes
yes
yes
yes
no
no
no
no
yes
yes
yes
no
no
no
no
no
no
108
31
58
533
107
11
10
23
8
2
2
1
2
1
2
2
5
2
2
3
1
1
4
3
1
5
107
60
15
63
59
14
3
21
106
175
7
1,104
15
10
3
33
18
9
16
12
WisdomTree Top 100 Index
WisdomTree Low P/E Index
First Trust ISE Water Index
Van Eck Agribusiness
FocusShares ISE Homebuilders
FocusShares ISE SINdex
FocusShares ISE Homeland Security
FocusShares ISE Wal-Mart Supplier
Market Vectors Coal
Market Vectors Gaming
EEZ
EZY
FIW
MOO
SAQ
PUF
MYP
WSI
KOL
BJK
0.38
0.38
0.60
0.65
0.35
0.60
0.60
0.60
N/A
N/A
no
no
yes
yes
yes
yes
yes
yes
no
no
8
10
7
436
N/A
6
4
2
N/A
N/A
Broad Based – International
IShares MSCI EAFE
EFA 0.35
BLDRS Development Markets 100 ADR
ADRD 0.30
IShares MSCI Emerging Markets Free
EEM 0.75
BLDRS Emerging Markets 50 ADR
ADRE 0.30
Claymore BRIC
EEB 0.60
Claymore/Robeco Developed World Equity
EEW 0.65
Claymore/Robeco Developed International Equity EEN 0.65
Vanguard FTSE All-World Ex U.S.
VEU 0.25
SPDR S&P Emerging Markets
GMM 0.60
Dynamic International Opportunities
PFA 0.75
FTSE RAFI Developed Markets ex U.S. Small-Mid PDN 0.75
FTSE RAFI Emerging Markets
PXH 0.85
International Listed Private Equity
PFP 0.75
iShares MSCI BRIC
BKF 0.75
iShares MSCI Small Cap EAFE Index
SCZ 0.40
iShares S&P Global Infrastructure
IGF 0.58
iShares MSCI Kokasai Index
TOK 0.25
yes
no
yes
yes
yes
no
no
yes
yes
no
no
yes
yes
no
no
no
no
10,797
38
18,894
409
708
1
2
284
16
37
7
34
25
19
17
1
N/A
Regional – International
BLDRS Europe 100 ADR
Europe 2001 HOLDRS
Fresco Dow Jones STOXX 50
IShares S&P Europe 350
Fresco Dow Jones Euro STOXX 50
IShares MSCI EMU
IShares MSCI Pacific ex-Japan
BLDRS Asia 50 ADR
IShares S&P Latin America 40
Vanguard Emerging Markets VIPERS
Vanguard European VIPERS
no
no
no
yes
yes
no
no
yes
yes
yes
yes
18
1
29
359
208
355
335
30
475
808
353
International ETFs
ADRU 0.30
EKH 0*
FEU 0.30
IEV 0.48
FEZ 0.30
EZU 0.59
EPP 0.50
ADRA 0.30
ILF
0.50
VWO 0.30
VGK 0.18
SPDR S&P Emerging Asia Pacific
SPDR S&P China
SPDR Emerging Europe
SPDR Emerging Latin America
SPDR Emerging Middle East and Africa
First Trust ChIndia
Dynamic Europe
GMF
GXC
GUR
GML
GAF
FNI
PEH
0.60
0.60
0.60
0.60
0.60
0.60
0.75
yes
yes
no
no
yes
yes
no
31
228
24
24
29
105
5
Style/International
ISharese MSCI EAFE Value
IShares MSCI EAFE Growth
EFV
EFG
0.40
0.40
yes
no
127
178
Asia/Pacific
IShares MSCI Australia
IShares MSCI Hong Kong
IShares MSCI Japan
IShares MSCI Malaysia (Free)
IShares MSCI Singapore
IShares MSCI South Korea
IShares MSCI Taiwan
IShares FTSE/Xinhuu China 25
iShares MSCI Japan Small Cap
PowerShares Golden Dragon USX China Portfolio
Vanguard Pacific VIPERS
Streettracks Russell/Nomura Japan Prime
Streettracks Russell/Nomura Japan Small Cap
Dynamic Asia/Pacific
FTSE RAFI Asia Pacific ex Japan Small-Mid
S&P Asia
EWA
EWH
EWJ
EWM
EWS
EWY
EWT
FXI
SCJ
PGJ
VPL
JPP
JSC
PUA
PDQ
AIA
0.59
0.59
0.59
0.59
0.59
0.74
0.74
0.74
0.59
0.60
0.18
0.51
0.56
0.75
0.80
0.50
yes
yes
yes
yes
yes
yes
yes
yes
no
yes
yes
yes
yes
no
yes
no
2,377
4,575
18,252
3,247
4,617
2,781
8,107
6,586
1
1,468
143
11
24
25
8
22
Europe
IShares MSCI Austria
IShares MSCI Belgium
IShares MSCI France
IShares MSCI Germany
IShares MSCI Italy
IShares MSCI Netherlands
IShares MSCI Spain
IShares MSCI Sweden
IShares MSCI Switzerland
IShares MSCI United Kingdom
Van Eck Russia
FTSE Europe Small-Mid
EWO
EWK
EWQ
EWG
EWI
EWN
EWP
EWD
EWL
EWU
RSX
PWD
0.54
0.54
0.54
0.54
0.54
0.54
0.54
0.54
0.54
0.54
0.69
0.75
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
no
185
130
388
1,443
162
147
375
353
197
767
405
3
Americas
IShares MSCI Brazil
EWZ 0.74
yes
14,731
IShares MSCI Canada
IShares MSCI Mexico
iShares MSCI Chile
EWC 0.57
EWW 0.57
ECH 0.74
yes
no
no
1,391
3,769
38
EMEA
IShares MSCI South Africa
EZA
0.74
yes
251
Broad Based – Global
StreetTRACKS DJ Global Titans
IShares S&P Global 100
Market 2000+ HOLDRS
iShares S&P World ex U.S. property
DGT
IOO
MKH
WPS
0.50
0.20
0*
0.48
yes
yes
no
no
13
150
5
34
Sectors – Global
IShares S&P Global Energy Sector
IShares S&P Global Financial Sector
IShares S&P Global Healthcare Sector
IShares S&P Global Technology Sector
IShares S&P Global Telecommunications
Streettracks International Real Estate
Market Vector Global Alternative Energy
PowerShares Global Clean Energy
PowerShares Global Water
Claymore Global Water
Claymore Global Exchanges, Brokers and Asset
Claymore Vaccine Global Index
Claymore/SVM Canadian Energy Income
FTSE Global Real Estate ex U.S.
FTSE Asia Real Estate
FTSE Europe Real Estate
FTSE Developed Small Cap ex North America
IXC
IXG
IXJ
IXN
IXP
RWX
GEX
PBD
PIO
CGW
EXB
JNR
ENY
IFGL
IFAS
IFEU
IFSM
O.65
0.65
0.65
0.65
0.65
0.60
0.55
0.75
0.75
0.74
0.65
0.65
0.65
0.48
0.48
0.48
0.48
yes
yes
yes
yes
yes
yes
no
no
no
yes
yes
no
no
no
no
no
no
46
48
125
62
58
205
83
83
126
103
42
1
18
12
8
2
6
International Dividend
International Dividend Achievers Portfolio
Pacific ex Japan Dividend
Pacific ex Japan High Yielding
Japan Total Dividend
Japan High Yielding Equity
DIEFA
International Dividend Top 100
International Mid Cap Dividend
DIEFA High Yielding Dividend
International Small Cap Dividend
Europe Total Dividend
Europe High Yielding Equity
Europe Small Cap Dividend
PID
DND
DNL
DXJ
DNL
DWM
DOO
DIM
DTH
DLS
DEB
DEW
DFE
0.60
0.48
0.58
0.48
0.58
0.48
0.58
0.58
0.58
0.58
0.48
0.58
0.58
yes
no
no
no
no
no
no
no
no
no
no
no
no
283
81
9
7
9
75
57
33
24
67
14
11
13
Japan Small Cap Dividend
Total International Dividend
DFJ 0.58
DTD 0.28
no
no
20
25
Double returns
Ultra QQQ
Ultra S&P 500
Ultra Dow 30
Ultra Mid Cap 400
Ultra Small Cap 600
Ultra Russell 1000 Growth
Ultra Russell 1000 Value
Ultra Russell MidCap Value
Ultra Russell MidCap Growth
Ultra Russell 2000
Ultra Russell 2000 Growth
Ultra Russell 2000 Value
Ultra DJ Basic Materials
Ultra DJ Consumer Goods
Ultra DJ Consumer Services
Ultra DJ Financials
Ultra DJ Health Care
Ultra DJ Industrials
Ultra DJ Oil and Gas
Ultra DJ Real Estate
Ultra DJ Semiconductors
Ultra DJ Technology
Ultra DJ Utilities
Rydex 2x S&P 500
Rydex 2x S&P Midcap 400
Rydex 2x Russell 2000
QLD
SSO
DDM
MVV
SAA
UVG
UKF
UVU
UKW
UWM
UKK
UVT
UYM
UGE
UCC
UYG
RXL
UXI
DIG
URE
USD
ROM
UPW
RSU
RMM
RRZ
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.70
0.70
0.70
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
4,988
2,223
642
105
16
7
13
4
9
492
10
8
21
6
7
487
7
6
64
45
56
53
13
5
2
16
Inverse returns
Short QQQ
Short S&P 500
Short Dow 30
Short Mid Cap 400
Short Small Cap 600
Short Russell 2000
Short MSCI Emerging Market
PSQ
SH
DOG
MYY
SBB
RWM
EUM
0.95
0.95
0.95
0.95
0.95
0.95
0.95
no
no
no
no
no
no
no
98
214
236
34
8
60
29
Double inverse returns
Ultra Short QQQ
Ultra Short S&P 500
QID
SDS
0.95
0.95
no
no
27,855
18,401
Leveraged ETFs
Ultra Short Dow 30
Ultra Short Mid Cap 400
Ultra Short Small Cap 600
Ultra Short Russell 1000 Growth
Ultra Short Russell 1000 Value
Ultra Short Russell MidCap Growth
Ultra Short Russell MidCap Value
Ultra Short Russell 2000
Ultra Short Russell 2000 Growth
Ultra Short Russell 2000 Value
Ultra Short DJ Basic Materials
Ultra Short DJ Consumer Goods
Ultra Short DJ Consumer Services
Ultra Short DJ Financials
Ultra Short DJ Health Care
Ultra Short DJ Industrials
Ultra Short DJ Oil and Gas
Ultra Short DJ Real Estate
Ultra Short DJ Semiconductors
Ultra Short DJ Technology
Ultra Short DJ Utilities
Ultra Short Emerging Markets
Ultra Short FTSE/Xinhua China 25
Ultra Short MSCI Japan
Rydex Inverse 2x S&P 500
Rydex Inverse 2x Midcap 400
Rydex Inverse 2x Russell 2000
DXD
MZZ
SDD
SJF
SFK
SJL
SDK
TWM
SKK
SJH
SMN
SZK
SCC
SKF
RXD
SIJ
DUG
SRS
SSG
REW
SDP
EEV
FXP
EWV
RSX
RMS
RRZ
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.70
0.70
0.70
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
no
3,348
798
61
9
9
9
5
5,528
34
57
161
21
37
2,430
2
18
1,048
974
21
38
12
293
1,367
15
405
2
16
SHY
IEF
TLT
LQD
AGG
TIP
SHV
IEI
TLH
CSJ
CIU
CFT
GVI
GBF
MBB
0.15
0.15
0.15
0.15
0.20
0.20
0.15
0.15
0.15
0.20
0.20
0.20
0.20
0.20
0.25
yes
yes
yes
yes
yes
yes
no
no
yes
no
no
no
no
no
yes
883
296
1,694
148
542
273
76
36
23
23
23
5
11
8
20
Fixed Income ETFs
Fixed Income ETFs – U.S.
IShares Lehman 1-3 Year Treasury
IShares Lehman 7-10 Year Treasury
IShares Lehman 20+ Year Treasury
Ishares GS $InvesTop Corporate
Ishares Lehman Aggregate
IShares Lehman TIPS
iShares Lehman Short Term Treasury Bond
iShares Lehman 3-7 year Treasury Bond
iShares Lehman 10-20 year Treasury Bond
iShares Lehman 1-3 Year Credit Bond
iShares Lehman Intermediate Credit Bond
iShares Lehman Credit Bond
iShares Lehman Intermediate Gov’t/Credit Bond
iShares Government/Credit Bond
iShares Lehman MBS Fixed Rate Bond
iShares iBoxx $High Yield Corporate Bond
HYG
Vanguard Short Term Bond
BSV
Vanguard Intermediate Term Bond
BIV
Vanguard Long Term Bond
BLV
Vanguard Total Bond Market
BND
SPDR Lehman 1-3 Month T-Bill
BIL
SPDR Lehman Intermediate Term Treasury
ITE
SPDR Lehman Long Term Treasury
TLO
SPDR Barclays Capital Tips
IPE
SPDR Lehman Aggregate Bond
LAG
SPDR Lehman Municipal Bond
TFI
SPDR Lehman High Yield Corporate Bond
JNK
Ameristock 1 year Treasury
GKA
Ameristock 2 year Treasury
GKB
Ameristock 5 year Treasury
GKC
Ameristock 10 year Treasury
GKD
Ameristock 20 year Treasury
GKE
PowerShares VRDO Tax Free Weekly Portfolio
PVI
PowerShares Preferred
PGX
PowerShares Corporate Bond
PHB
Market Vectors Lehman AMT-free Int. Municipal ITM
Market Vectors Lehman AMT-free Long Municipal MLN
Fixed Income ETFs – Canada
IShares on Canadian Short Bond Index
IShares on the Scotia Mcleod Bond Index
iShares Canadian Real Return Bond Index
iShares Canadian Long Bond Index
iShares Canadian Government Bond Index
iShares Corporate Bond Index
0.50
0.11
0.11
0.11
0.11
0.13
0.18
0.13
0.13
0.13
0.20
0.40
0.15
0.15
0.15
0.15
0.15
yes
yes
yes
yes
yes
yes
yes
yes
yes
no
yes
no
no
no
no
yes
yes
no
no
no
no
no
44
48
28
18
213
115
3
6
10
20
45
N/A
1
1
1
1
1
12
N/A
2
1
N/A
XSB
XBB
XRB
XLB
XGB
XCB
0.25
0.30
0.35
0.35
0.35
0.40
no
no
no
no
no
no
100
100
25
10
10
15
GLD
IAU
IGT
SLV
DBC
USO
GDX
GSG
UCR
DCR
GCC
DBE
0.40
0.40
0.40
0.50
0.75
0.50
0.55
0.75
1.60
1.60
N/A
0.60
no
no
no
no
no
no
yes
no
no
no
yes
yes
7,977
226
2,328
508
468
3,469
124
14
49
37
N/A
40
Commodity Based ETFs
World Gold Council Gold
iShares COMEX Gold (U.S.)
(TSX)
iShares Silver
Deutschebank Commodity
Crude Oil
Market Vectors Gold Miners
IShares GSCI Commodity Index
Claymore Crude Oil (Up)
Claymore Crude Oil (Down)
Greenhaven Cont. IDX
PowerShares DB Energy
PowerShares DB Oil Fund
PowerShares DB Precious Metals
PowerShares DB Gold
PowerShares DB Silver
PowerShares Base Metals
PowerShares Agriculture
United States Natural Gas
DBO
DBP
DGL
DBS
DBB
DBA
UNG
0.60
0.60
0.60
0.60
0.60
0.60
0.77
yes
yes
yes
yes
yes
yes
yes
FXE
FXM
FXS
FXA
FXB
FXC
FXF
0.40
0.40
0.40
0.40
0.40
0.40
0.40
no
no
no
no
no
no
no
32
20
20
53
682
1,324
1,435
Currency Based ETFs
Rydex Euro
Rydex Mexican Peso
Rydex Swedish Krona
Rydex Australian Dollar
Rydex British Pound
Rydex Canadian Dollar
Rydex Swiss Franc
184
5
11
91
45
102
73
*Expenses for HOLDRS consist of a custody fee of $2 per round lot (100 shares)
per quarter. However, the trustee will wave that portion of the fee, which exceeds
the total cash distribution.
Data Sources: Various website by sponsoring ETF distributors and exchanges as well as
www.yahoo.com
Comments on Exchange Traded Funds regularly appear at www.dvtechtalk.com
Disclaimer: Comments and opinions offered in this report are for information only. They
should not be considered as advice to purchase or to sell mentioned securities. Data
offered in this report is believed to be accurate, but is not guaranteed.