MUTUAL FUND Investor Guide THE ETF Investor Guide · Energy Weigh on Returns ... stocks didn’t...

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Market Perspective: A Strong Dollar & Weak Energy Weigh on ReturnsSeveral indexes are now in negative territory in 2015 after giving up their gains in the fi rst two weeks of March. The S&P 500 index and the Dow Jones Industrial Average are both down for the year, the former sliding 0.27 percent and the latter 0.41 percent. On a positive note, small-cap stocks didn’t fall, but rather climbed toward their 52-week highs. The U.S. dollar and energy may explain much of the weakness in large-cap stock indexes and the relative strength in small-caps. Mega-cap com-panies are nearly all multinationals with massive overseas operations. Such fi rms generate revenue in euros and hold the funds in Europe to fi nance European operations, exposing the company to little currency risk, but these fi rms report earn-ings in U.S. dollars. As the euro falls, so do those European earnings; the result is lower earnings estimates, which negatively impacts stock prices. In contrast to large-cap companies, small-caps are more likely to have no exports. These fi rms rely on the domestic economy for earnings, thereby eliminating currency risk. One sector where this was very clear was industrials. Due to interna-tional exposure, SPDR Industrials (XLI) fell 1.91 percent over the past month, but PowerShares S&P Small Cap Industrials (PSCI) gained 0.93 percent, creating a gap of 2.84 percent. Energy may also be weighing on the large-cap in-dexes because the S&P 500 index has nearly dou-ble the energy exposure as the small-cap Russell 2000 Index. Due to economies of scale, energy fi rms tend to grow larger over time, causing them to be underrepresented in the small-cap indexes. Shares of SPDR Energy (XLE) fell 9 percent over the past month as crude oil prices sank back to their lows. At the present time, crude oil produc-tion remains steady in North America. With de-mand down, excess supply is being funneled into inventory. If the production and consumption pic-ture doesn’t change before June, we may run out of storage availability. The odds of that happening are extremely small, but as long as inventories are rising, oil prices will remain low.

Economic data steadily deteriorated from expec-tations in recent weeks. Businesses were too op-timistic at the end of last year, just as they were too optimistic at the end of 2013. They built up inventory in expectation of faster growth, only to be disappointed by an economy that has remained on the same slow growth path since 2009. Last year, the U.S. economy contracted 2.1 percent in the fi rst quarter. This year, the Atlanta Federal Reserve, using a model designed to match the Bu-reau of Economic Analysis’ offi cial number, has fi rst-quarter GDP growth at 0.6 percent. At the end of 2014, economists were generally forecast-ing growth in the low 2 percent range. We saw the same pattern play out last year, so it’s too early to draw a conclusion for full-year GDP growth. One data point suggesting better growth later in the year is the uptick in infl ation. Consumer Prices were falling due to the drop in oil, but now they’re rising despite the weakness, signaling that the economy remains on a sound footing.S&P 500 earnings estimates are coming down thanks to the strong dollar and weak energy prices. FactSet Research reports the average S&P 500 earnings growth estimate for the fi rst quarter is a decline of 4.9 percent. It’s worth noting that analysts have been overly pessimistic recently, with earnings estimates falling ahead of earnings season and then, when earnings season arrives, companies beating the estimates. Analysts fore-cast the Dow Jones Industrial Average will see steeper declines due to both Exxon (XOM) and Chevron (CVX) being in the index of 30 stocks. For the index, earnings are expected to decline 15.3 percent in the fi rst quarter, 9.5 percent in the second quarter and 5.9 percent in the third quarter. In contrast to energy, both fi nancials and health-care are expected to report solid earnings growth. In the face of reduced economic and earnings expectations, stocks have been surprisingly resil-ient. One factor adding confi dence to the market is the Federal Reserve’s stance on interest rates. The removal of the word “patient” from the Fed statement on March 18 leaves room for the Fed to hike rates in June. The Fed would not make such change to the language if it expected economic weakness later this year. Right now, the Fed and investors are betting that the fi rst-quarter dip in

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

MARCH 2015

Matthew D. SauerFounder & Chief Investment Offi cer

Matthew Sauer is the Founder and Chief Investment Offi cer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Prior to starting the Mutual Fund Investor Guide, Matthew was President and Chief Investment Offi cer of the Fidelity Independent Adviser, ETF Report & Sector Momentum Tracker newsletters.

IN THIS ISSUE 1 Perspective

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

15 New Dividend-

Focused ETFs

for 2015

THE ETF Investor Guide

(continued on page 2)

2 MARCH 2015 | PHONE: (888) 252-5372


economic activity is a repeat of the pat-tern seen last year, with growth starting off weak and then picking up later in the year.Finally, the strong U.S. dollar may finally be ready to take a breather. The U.S. Dol-lar Index finished with a gain in Febru-ary, the eighth consecutive month and

the longest monthly streak in history. In March, it broke out of a long-term down-trend stretching back to 1985, while the euro broke down to a long-term trend line stretching back to the same period. This is as good a spot as any for a bounce, or at least a halt to the rally. Stocks rallied sharply in February when the U.S. Dol-lar Index was up only slightly. A falling

dollar would be even better news for global equities, with beaten-down emerg-ing markets among those most likely to benefit. Investors should not chase a rally based on a weaker dollar, though, because the greenback may have further to rise be-fore this bull market ends.

Portfolio UpdatesThe month ending March 15 was mixed for the markets. Stocks started the month on the upside but gave up much of their gains over the first two weeks of March. The S&P 500 index fell 2.08 percent for the month; year to date it is down 0.27 percent. The Dow Jones Industrial Average did slightly bet-ter, losing 1.50 percent on the month, but still trails with a 0.41 percent decline on the year. The Nasdaq was stronger thanks to less energy exposure; it fell 0.45 percent for the month but has gained 2.87 percent this year. The Russell 2000 advanced 0.74 percent as investors looked to avoid the downside of a strong dollar; it is up 2.28 percent this year. The MSCI EAFE fell 1.28 percent, a decent result considering the euro fell sharply. European quantitative easing is clearly having a strong and positive impact on equities. We will make several changes to the port-folios this month. In the ETF Straight Growth Portfolio, we will sell iShares Core High Dividend (HDV) and purchase WisdomTree MidCap Dividend (DON). In the ETF Balanced Growth Portfolio, we will sell iShares Core High Dividend (HDV) and split the proceeds equally be-tween WisdomTree MidCap Dividend (DON) and PowerShares Senior Loan Portfolio (BKLN). In the ETF Conser-vative Income Portfolio, we will sell half of iShares Core High Dividend (HDV) and purchase SPDR Barclays Short Term Corporate Bond (SCPB). In the ETF Ab-solute Return/Down Market Portfolio, we will sell Utilities Select Sector SPDR (XLU) and purchase ProShares Short S&P 500 (SH).The ETF Aggressive Sector Portfolio in-

creased 0.44 percent over the past month and is up 3.47 percent this year. SPDR Bio-tech (XBI) gained 12.31 percent last month and delivered the vast majority of the port-folio’s gain. The only other fund that gained ground was Fidelity MSCI Healthcare (FHLC), up 2.34 percent. iShares U.S. Con-sumer Non-Cyclicals (IYK) was the largest decliner, down 2.88 percent on the month. The ETF Straight Growth Portfolio fell 0.52 percent last month, led by a 4.64 per-cent drop in iShares Core High Dividend (HDV). Interest rates moved higher in the past month, and that caused dividend-pay-ing shares to underperform. Exxon (XOM) is the largest stock in the fund, at 8.7 percent of assets, and Chevron (CVX) is second at 6.2 percent of assets. Energy is the largest sector overall, with 22.3 percent of assets, triple the S&P 500 index. Rydex S&P Mid-Cap 400 Pure Growth (RFG) climbed 1.45 percent last month as growth, mid-caps, and small-caps continue to beat value- and large-caps. iShares U.S. Pharmaceuticals (IHE) increased 5.54 percent. Overall, this portfolio is up 3.23 percent in 2015.The ETF Balanced Growth Portfolio de-creased 2.15 percent last month and is down 0.07 percent this year. Guggenheim S&P 500 Pure Growth (RPG) fell 0.13 percent but still beat the broader market. iShares Core High Dividend (HDV) pulled the portfolio lower with its 4.64 percent loss. iShares High Yield Corporate Bond (HYG) fell 0.58 percent, hurt by higher interest rates and weaker energy prices. The ETF Conservative Income Portfolio decreased 1.78 percent last month, lowering the 2015 return to negative territory. As with other portfolios, iShares Core High Divi-dend (HDV) weighed on the returns here.

PIMCO Enhanced Short Maturity (MINT) was the lone gainer, up 0.16 percent. SPDR Barclays Convertible Securities (CWB) slipped 0.76 percent but is still sitting on a solid gain of 6 percent in 2015.The ETF Global Portfolio slipped 1.33 percent last month but remains up a solid 3.83 percent in 2015. Currency losses pulled this portfolio lower, as equities gains were wiped out by the strong dollar. WisdomTree Europe Hedged Equity (HEDJ) rallied 7.45 percent, though, thanks to being hedged against the euro. Able to capture the full benefit of European quantitative easing, the fund is up 19 percent this year. Due to high exposure to the energy sector and a position roughly on par with HDV’s exposure, Pow-erShares International Dividend Achievers (PID) fell 5.30 last month.The ETF Aggressive Value Portfolio fell 3.37 percent last month but is still up 0.95 percent in 2015. The drop in oil sent Mar-ket Vectors Russia (RSX) and PowerShares DB Energy (DBE) down sharply. Vanguard European Stock (VGK) was hit by the weak euro and fell 2.82 percent. iShares Core Small Cap (IJR) was a winner, up 0.38 per-cent.The ETF Absolute Return Portfolio slipped 0.53 percent last month but remains up 0.35 percent this year. PowerShares DB U.S. Dollar Index Bullish Fund (UUP) de-livered the gain, rising 6.34 percent amid a broad rally for the greenback. Utilities Select SPDR (XLU) fell again last month, losing 3.74 percent as interest rates moved higher. Consumer Staples Select SPDR (XLP) fell 2.46 percent, also hurt by higher rates. Gold broke its positive correlation with the dollar and fell 6 percent on the month.

Market Perspective: A Strong Dollar and Weak Energy Weigh on Returns (continued)

www.MutualFundInvestorGuide.com | MARCH 2015 3

ETF AGGRESSIVE SECTOR PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueIYK iShares US Cons Non-Cyc 103.59 151.40 8.74% -2.88% -1.12% $15,683.84XBI SPDR Biotech 228.43 92.94 11.84% 12.31% 22.51% $21,231.00IGV iShares NA Software 95.04 200.56 10.63% -1.58% 2.41% $19,061.65FHLC Fidelity MSCI Healthcare 34.99 1031.37 20.12% 2.34% 6.35% $36,087.55XLP Cons Staples Select SPDR 48.28 520.52 14.01% -2.46% -0.43% $25,130.55IYF iShares US Financial 89.47 397.53 19.83% -0.60% -0.81% $35,566.66XLK Technology Select Sect SPDR 41.49 641.76 14.84% -2.72% 0.34% $26,626.53

TOTAL 100.00% 0.44% 3.47% $179,387.78

ETF STRAIGHT GROWTH PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueDON WisdomTree MidCap Div 84.34 587.96 29.17% N/A N/A $49,588.67VIG Vanguard Div Appreciation 80.64 374.01 17.74% -2.12% -0.64% $30,160.06SPY SPDR S&P 500 205.83 97.17 11.77% -1.88% 0.71% $20,000.89IHE iShares DJ US Pharma 172.54 237.77 24.13% 5.54% 13.96% $41,025.39RFG Rydex S&P MidCap 400 Pure 129.14 226.27 17.19% 1.45% 6.03% $29,220.10

TOTAL 100.00% -0.52% 3.23% $169,995.12

ETF AGGRESSIVE VALUE PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueIJR iShares Core Small Cap 116.31 249.52 26.60% 0.38% 1.97% $29,021.29XLU Utilities Select Sector SPDR 43.48 297.90 11.87% -3.74% -3.74% $12,952.87DBE PwrShrs DB Energy 15.77 585.63 8.47% -9.52% -9.73% $9,235.39VGT Vanguard Info Tech 105.57 335.66 32.48% -2.29% 1.04% $35,435.66VGK Vanguard European Stock 53.41 244.50 11.97% -2.82% 1.91% $13,058.79RSX Market Vectors Russia 15.95 588.80 8.61% -11.63% 9.02% $9,391.38

TOTAL 100.00% -3.37% 0.95% $109,095.37

Model Portfolios (Data provided as of 3/15/15)

ETF BALANCED GROWTH PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueDON WisdomTree MidCap Div 84.34 348.17 20.62% N/A N/A $29,364.24RPG Gugg S&P 500 Pure Growth 82.04 249.27 14.36% -0.13% 3.17% $20,450.16HYG iShares High Yield Bond 90.20 281.94 17.86% -0.58% 1.93% $25,430.60MINT PIMCO Short Maturity 101.17 200.28 14.23% 0.16% 0.23% $20,262.36BKLN PowerShares Senior Loan 24.06 1220.46 20.62% N/A N/A $29,364.24CWB SPDR Barc Convertible Secs 47.24 371.19 12.31% -0.76% 6.26% $17,535.16

TOTAL 100.00% -2.15% -0.07% $142,406.77

ETF ABSOLUTE RETURN/DOWN MARKET PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueXLP Cons Staples Select SPDR 48.28 432.98 22.55% -2.46% -0.43% $20,904.04SH ProShares Short S&P 500 21.63 594.89 13.88% N/A N/A $12,867.53IAU iShares Comex Gold 11.17 781.32 9.42% -6.06% -2.36% $8,727.33UUP PwrShrs DB Dollar Bullish 26.49 657.91 18.80% 6.34% 10.51% $17,428.04MINT PIMCO Short Maturity 101.17 323.87 35.35% 0.16% 0.23% $32,765.74

TOTAL 100.00% -0.53% 0.35% $92,692.67

ETF CONSERVATIVE INCOME PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueHDV iShares Core High Dividend 74.56 244.27 13.67% -4.64% -2.59% $18,212.51HYG iShares High Yield Bond 90.20 461.05 31.22% -0.58% 1.77% $41,586.36IVV iShares S&P 500 Index 207.27 88.09 13.71% -1.90% 0.19% $18,258.38MINT PIMCO EnhShort Maturity 101.17 254.81 19.35% 0.16% 0.23% $25,779.01SCPB SPDR Barc ST Corp Bond 30.64 594.40 13.67% N/A N/A $18,212.51CWB SPDR Barc Convertible Secs 47.24 236.13 8.37% -0.76% 6.26% $11,154.66

TOTAL 100.00% -1.78% -0.17% $133,203.43ETF GLOBAL PORTFOLIOTicker Name Price Shares Allocation 1-Month YTD ValueHEDJ WTree Europe Hedged 66.61 593.53 28.19% 7.45% 19.22% $39,535.09PID PwrShrs Int'l Divid Ach. 17.33 2245.90 27.75% -5.30% -1.03% $38,921.42IOO iShares S&P Global 100 75.83 348.64 18.85% -2.99% 0.22% $26,437.73IDV iShares DJ Intl Select Div 33.74 1047.85 25.21% -4.42% 0.60% $35,354.50

TOTAL 100.00% -1.33% 3.83% $140,248.74

4 MARCH 2015 | PHONE: (888) 252-5372


LARGE CAP GROWTHFTC First Trust Large Cap Gr AlphaDEX® ETF 47.98 90 Buy 3.27 0.50 6.05 15.36 18.15 15.10 1.04 10.66 0.65IUSG iShares Core US Growth 80.48 89 Buy 2.73 -0.74 5.51 14.33 16.20 15.54 1.67 1.01 9.96 0.09IVW iShares S&P 500 Growth 113.62 91 Strong Buy 1.81 -1.23 4.08 15.39 16.85 15.69 1.74 0.96 9.39 0.18IWF iShares Russell 1000 Growth 98.31 94 Buy 2.82 -0.96 5.41 14.84 16.20 15.54 1.59 0.99 9.80 0.20JKE iShares Morningstar Large-Cap Growth 118.06 93 Buy 4.32 -0.56 6.82 17.98 17.09 15.74 1.46 0.98 10.24 0.25MGK Vanguard Mega Cap Growth ETF 83.05 83 Buy 2.19 -1.41 4.58 15.38 16.71 15.67 1.37 1.01 10.06 0.11ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 191.71 89 Buy 3.19 -0.38 5.03 15.76 18.41 16.65 0.81 1.09 11.32 0.21PWB PowerShares Dynamic Large Cap Growth ETF 30.42 93 Buy 3.96 1.03 6.92 15.39 19.21 16.74 0.49 0.95 9.87 0.58QQEW First Trust NASDAQ-100 Equal Wtd ETF 43.44 94 Buy 1.94 -0.84 3.91 17.23 18.83 16.93 1.17 12.42 0.60QQQ PowerShares QQQ ETF 105.32 94 Strong Buy 2.02 -1.47 2.98 19.30 18.25 18.63 0.45 1.06 11.52 0.20QQXT First Trust NASDAQ-100 ex-Tech Sect ETF 41.17 94 Buy 2.92 -0.05 5.65 15.89 20.75 17.73 1.08 11.70 0.60RPG Guggenheim S&P 500® Pure Growth ETF 82.04 94 Strong Buy 3.17 -0.13 5.40 11.46 19.97 18.49 1.10 11.55 0.35SPYG SPDR® S&P 500 Growth ETF 98.35 91 Strong Buy 1.56 -1.16 4.12 15.34 16.95 15.65 1.39 0.96 9.38 0.15VUG Vanguard Growth ETF 106.93 82 Buy 2.43 -1.07 5.01 14.94 16.57 15.76 1.25 1.01 10.11 0.09

LARGE CAP BLENDDGRO iShares Core Dividend Growth 26.17 85 Buy -1.34 -2.10 2.05 0.12DSI iShares MSCI KLD 400 Social 76.40 87 Buy -0.25 -1.74 2.31 11.02 15.77 13.27 1.35 0.99 9.60 0.50EPS WisdomTree Earnings 500 ETF 71.25 88 Hold -1.01 -2.34 1.83 12.77 15.49 14.30 1.03 9.87 0.28EXT WisdomTree Total Earnings ETF 73.38 91 Buy -1.31 -2.37 1.50 11.79 15.41 14.44 1.05 10.07 0.28FEX First Trust Large Cap Core AlphaDEX® ETF 45.90 89 Buy 0.59 -2.30 4.61 12.04 16.34 14.91 1.07 10.50 0.64ITOT iShares Core S&P Total US Stock Mkt 94.26 93 Buy 0.39 -1.72 3.39 13.06 16.09 14.64 1.99 1.01 9.58 0.07IVV iShares Core S&P 500 207.27 94 Strong Buy 0.19 -1.90 3.02 13.41 16.12 14.61 2.09 1.00 9.50 0.07IWB iShares Russell 1000 115.40 87 Hold 0.67 -1.64 3.60 13.09 16.28 14.75 1.91 1.00 9.55 0.15IWL iShares Russell Top 200 46.52 88 Hold -1.43 -2.29 2.09 12.87 15.57 14.09 2.14 1.00 9.49 0.15IWV iShares Russell 3000 123.27 82 Buy 0.80 -1.45 3.94 12.50 16.14 14.65 1.81 1.02 9.71 0.20IYY iShares Dow Jones US 104.07 92 Buy 0.49 -1.58 3.56 12.71 15.99 14.60 1.84 1.01 9.61 0.20JKD iShares Morningstar Large-Cap 121.22 94 Buy -1.87 -1.79 0.18 13.66 17.54 15.26 1.81 1.00 9.78 0.20KLD iShares MSCI USA ESG Select 84.89 82 Buy -1.42 -2.28 1.45 11.12 13.26 12.63 1.55 1.00 9.79 0.50MGC Vanguard Mega Cap ETF 70.26 84 Buy 0.01 -1.98 2.88 13.15 15.93 14.46 1.97 0.99 9.42 0.11MOAT Market Vectors® Mstar Wide Moat ETF 29.90 82 Buy -3.81 -3.63 -1.89 5.63 1.32 0.49OEF iShares S&P 100 90.62 88 Buy -0.35 -2.20 2.19 12.99 14.83 13.73 2.27 0.99 9.51 0.20ONEK SPDR® Russell 1000 ETF 97.16 89 Buy 0.33 -1.62 2.81 12.84 16.69 14.69 1.75 1.00 9.52 0.11PBP PowerShares S&P 500 BuyWrite ETF 20.63 76 Hold -0.48 -0.86 3.06 2.20 5.48 5.93 1.43 0.54 6.25 0.75PFM PowerShares Dividend Achievers™ ETF 21.13 84 Buy -2.63 -3.38 0.71 9.36 12.47 12.90 2.74 0.86 8.78 0.55PKW PowerShares Buyback Achievers ETF 48.82 84 Buy 1.60 -1.13 6.09 15.33 19.96 18.66 0.39 1.08 10.71 0.68PXLC PowerShares Fundamental Pure Lg Core ETF 39.84 91 Buy -1.95 -2.00 0.82 12.54 16.99 14.42 1.67 0.95 9.40 0.39RSP Guggenheim S&P 500® Equal Weight ETF 80.21 93 Buy 0.20 -2.08 3.58 12.79 17.39 15.58 1.05 10.22 0.40SPHQ PowerShares S&P 500 High Quality ETF 23.32 90 Strong Buy 0.17 -1.19 3.28 16.23 17.39 16.73 2.01 0.91 9.02 0.29SPY SPDR® S&P 500 ETF 205.83 93 Strong Buy 0.14 -1.88 3.02 13.32 16.04 14.56 1.00 9.48 0.09THRK SPDR® Russell 3000 ETF 154.75 86 Buy 0.02 -1.36 3.84 12.61 16.21 14.62 1.72 1.02 9.71 0.10VIG Vanguard Dividend Appreciation ETF 80.64 86 Strong Buy -0.64 -2.12 2.43 10.43 13.57 13.25 2.01 0.97 9.54 0.10VLLV Direxion Value Line Conservative Eq ETF 25.22 80 Hold 0.58VTI Vanguard Total Stock Market ETF 106.87 83 Buy 0.82 -1.48 3.96 12.55 16.30 14.89 1.79 1.02 9.72 0.05VV Vanguard Large-Cap ETF 94.81 84 Buy 0.44 -1.76 3.35 13.33 16.14 14.72 1.86 1.00 9.50 0.09XLG Guggenheim Russell Top 50® Mega Cap ETF 141.16 86 Buy -0.38 -2.49 1.91 12.76 13.75 13.03 0.99 9.63 0.20

LARGE CAP VALUECVY Guggenheim Multi-Asset Income ETF 21.80 73 Hold -2.55 -5.42 1.00 -6.73 4.99 8.75 5.21 0.85 9.77 0.84DEF Guggenheim Defensive Equity ETF 37.53 94 Strong Buy -0.50 -3.54 2.09 13.07 12.82 14.02 0.59 8.30 0.66DHS WisdomTree Equity Income ETF 59.98 91 Buy -2.14 -3.92 0.46 12.44 14.06 15.72 0.72 8.45 0.38DIA SPDR® Dow Jones Industrial Average ETF 177.56 92 Buy 0.18 -1.28 3.22 12.63 13.06 13.51 1.00 9.82 0.17DLN WisdomTree LargeCap Dividend ETF 72.87 84 Buy -1.39 -2.96 1.50 13.23 14.36 14.84 0.90 8.84 0.28DTD WisdomTree Total Dividend ETF 73.64 86 Buy -1.15 -2.79 1.94 13.12 14.76 14.98 0.90 8.87 0.28DTN WisdomTree Dividend ex-Financials ETF 74.61 88 Hold -2.44 -3.63 1.24 12.46 14.58 16.09 0.87 8.92 0.38EZY WisdomTree LargeCap Value ETF 65.90 85 Buy 1.20 -0.97 3.88 13.43 15.75 14.37 1.04 10.27 0.38FDL First Trust Morningstar Div Leaders ETF 23.18 88 Buy -3.30 -5.04 -0.27 9.20 12.80 14.18 0.59 8.44 0.45FTA First Trust Large Cap Val AlphaDEX® ETF 43.00 83 Buy -1.65 -4.68 3.46 9.35 14.70 14.42 1.07 10.96 0.64

Data & Rankings (Data provided as of 3/15/15)% Return (3 and 5 Years Annualized)

Yield %Beta

3 YearSD

3 YearExpense

RatioSymbol Name NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year


% Return (3 and 5 Years Annualized)Yield %

Beta 3 Year

SD 3 Year

Expense RatioSymbol Name NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year

LARGE CAP VALUE (continued)

FVD First Trust Value Line® Dividend ETF 23.73 87 Strong Buy -1.77 -2.47 1.28 13.13 14.77 14.42 0.82 8.92 0.70HDV iShares Core High Dividend 74.56 92 Strong Buy -2.59 -4.64 -0.20 10.39 12.79 3.62 0.70 8.89 0.12IUSV iShares Core US Value 134.56 77 Buy -1.41 -2.12 2.15 10.75 15.99 13.64 2.23 1.02 10.00 0.09IVE iShares S&P 500 Value 92.22 78 Buy -1.65 -2.62 1.92 10.93 15.01 13.23 2.26 1.04 10.13 0.18IWD iShares Russell 1000 Value 102.76 75 Buy -1.57 -2.50 1.75 11.06 16.04 13.74 2.14 1.01 9.85 0.20IWX iShares Russell Top 200 Value 42.98 81 Hold -3.46 -3.22 0.21 10.10 15.23 13.40 2.26 1.03 10.16 0.20JKF iShares Morningstar Large-Cap Value 83.47 70 Hold -3.17 -3.25 1.06 7.89 12.46 11.65 2.71 0.98 9.91 0.25MGV Vanguard Mega Cap Value ETF 59.70 82 Buy -1.63 -2.50 1.37 11.47 15.41 13.40 2.47 0.98 9.68 0.11PRF PowerShares FTSE RAFI US 1000 ETF 90.67 89 Hold -0.83 -2.34 2.67 11.41 16.55 14.28 1.97 1.03 10.00 0.39PWV PowerShares Dynamic Large Cap Value ETF 30.59 90 Buy -2.17 -3.53 1.56 10.04 16.16 14.50 2.46 0.95 9.52 0.57RWL RevenueShares Large Cap ETF 40.94 87 Buy 0.42 -2.06 4.17 14.39 18.27 15.47 1.04 10.08 0.49SDY SPDR® S&P Dividend ETF 77.49 89 Strong Buy -1.66 -2.11 1.35 12.12 15.22 13.96 2.33 0.88 9.32 0.35SPYV SPDR® S&P 500 Value ETF 99.93 79 Buy -1.60 -2.58 1.78 10.66 15.05 13.46 2.24 1.04 10.11 0.15USMV iShares MSCI USA Minimum Volatility 40.85 84 Strong Buy 0.91 -1.52 3.29 16.34 15.74 1.91 0.72 8.19 0.15VOOV Vanguard S&P 500 Value ETF 88.84 82 Buy -1.38 -2.45 1.86 11.06 15.29 2.28 1.04 10.14 0.15VTV Vanguard Value ETF 83.33 82 Buy -1.37 -2.41 1.79 11.73 15.84 13.74 2.41 0.99 9.69 0.09VYM Vanguard High Dividend Yield ETF 67.91 89 Strong Buy -1.22 -3.00 1.58 13.26 15.28 15.10 2.92 0.92 9.16 0.10

MID CAP GROWTHDWAQ PowerShares DWA NASDAQ Momentum ETF 75.92 74 Buy 6.24 2.25 8.28 5.91 14.98 12.51 0.24 1.21 14.57 0.60FAD First Trust Multi Cap Gr AlphaDEX® ETF 50.25 89 Hold 2.88 0.67 6.54 10.57 16.12 14.76 1.06 11.12 0.70IJK iShares S&P Mid-Cap 400 Growth 167.60 87 Buy 4.97 0.40 8.35 11.41 15.09 15.68 0.90 1.00 10.99 0.25IWP iShares Russell Mid-Cap Growth 96.75 94 Strong Buy 3.78 -0.15 7.18 13.16 16.73 16.16 0.77 1.06 10.96 0.25JKH iShares Morningstar Mid-Cap Growth 163.92 92 Buy 4.71 1.77 8.16 12.36 15.80 15.72 0.24 1.07 11.58 0.30MDYG SPDR® S&P 400 Mid Cap Growth ETF 123.28 81 Buy 4.02 -0.07 7.78 10.85 14.98 15.33 0.95 1.00 10.99 0.15PDP PowerShares DWA Momentum ETF 42.99 89 Buy 4.70 1.11 7.58 14.18 17.13 16.79 0.28 0.87 9.66 0.65PXMG PowerShares Fundamental Pure Mid Gr ETF 31.80 79 Buy 0.28 -1.95 4.10 8.68 13.14 13.01 0.05 0.98 10.24 0.39RFG Guggenheim S&P MidCap 400® Pure Gr ETF 129.14 81 Buy 6.03 1.45 9.33 5.95 13.57 15.69 1.09 12.39 0.35VOT Vanguard Mid-Cap Growth ETF 105.86 80 Buy 4.18 0.75 7.57 14.84 16.16 16.19 0.69 1.05 11.15 0.09

MID CAP BLENDCSD Guggenheim Spin-Off ETF 45.83 82 Hold 2.32 -1.53 5.49 1.94 20.94 18.10 1.03 13.35 0.66EWRI Guggenheim Russell 1000® Equal Wt ETF 51.15 84 Buy 0.41 -2.07 4.58 9.24 15.94 1.04 10.51 0.41EWRM Guggenheim Russell MidCap® Equal Wt ETF 51.30 85 Buy 1.20 -1.75 5.12 8.08 15.83 1.06 10.95 0.42EZM WisdomTree MidCap Earnings ETF 94.69 89 Buy 2.20 -0.69 6.25 9.23 16.96 16.63 1.20 12.62 0.38FNX First Trust Mid Cap Core AlphaDEX® ETF 53.34 79 Buy 0.97 -1.37 4.87 6.09 13.97 14.45 1.16 12.23 0.67FVL First Trust Value Line® 100 ETF ETF 20.89 89 Hold 2.25 -0.52 6.60 11.37 15.30 14.05 1.32 13.72 0.70IJH iShares Core S&P Mid-Cap 149.07 89 Strong Buy 2.95 -0.60 6.77 11.09 15.86 15.26 1.36 1.04 11.05 0.12IWR iShares Russell Mid-Cap 171.02 94 Buy 2.38 -0.86 5.99 12.79 17.33 15.94 1.33 1.01 10.25 0.20JKG iShares Morningstar Mid-Cap 150.96 95 Strong Buy 2.40 -1.22 5.79 15.02 17.63 17.43 1.34 1.01 10.34 0.25MDY SPDR® S&P MidCap 400 ETF 271.59 88 Strong Buy 2.89 -0.70 6.64 10.91 15.61 15.06 1.04 11.02 0.25NFO Guggenheim Insider Sentiment ETF 48.89 76 Buy -0.35 -1.43 2.87 4.58 13.19 13.38 1.26 12.71 0.66PWC PowerShares Dynamic Market ETF 74.89 85 Hold 1.39 -0.08 3.94 8.22 18.81 15.24 1.49 1.15 11.67 0.60RSCO SPDR® Russell Small Cap Completeness ETF 85.86 86 Buy 1.75 0.42 6.30 7.70 16.19 15.70 1.24 1.08 11.69 0.11TTFS AdvisorShares TrimTabs Float Shrink ETF 56.49 92 Buy 2.02 -1.29 4.81 16.18 19.85 1.06 10.58 0.99VO Vanguard Mid-Cap ETF 126.52 84 Buy 2.40 -0.67 6.02 13.98 17.20 15.95 1.28 1.04 10.47 0.09VXF Vanguard Extended Market ETF 90.76 78 Buy 3.38 0.14 7.56 8.51 16.73 15.68 1.20 1.11 11.83 0.10

MID CAP VALUECZA Guggenheim Mid-Cap Core ETF 50.20 90 Buy 1.39 -1.01 5.66 10.60 16.61 16.14 0.93 9.56 0.66DON WisdomTree MidCap Dividend ETF 84.34 88 Strong Buy 0.89 -2.42 4.70 14.05 17.58 16.31 0.94 9.96 0.38DVY iShares Select Dividend 76.89 87 Strong Buy -3.16 -3.37 0.41 10.37 14.59 14.90 3.01 0.73 9.16 0.39FAB First Trust Multi Cap Val AlphaDEX® ETF 46.70 80 Buy -1.18 -3.49 3.90 6.61 14.66 14.44 1.18 12.14 0.72IJJ iShares S&P Mid-Cap 400 Value 128.94 83 Buy 0.87 -1.76 4.89 10.48 16.39 14.66 1.59 1.09 11.50 0.25IVOV Vanguard S&P Mid-Cap 400 Value ETF 97.24 84 Buy 0.65 -1.77 4.70 10.56 16.91 1.58 1.09 11.50 0.20IWS iShares Russell Mid-Cap Value 74.32 87 Buy 0.76 -1.71 4.27 12.40 17.62 15.58 1.82 0.96 9.92 0.25JKI iShares Morningstar Mid-Cap Value 124.16 87 Buy -0.31 -2.35 3.24 9.71 18.12 14.83 2.12 1.08 10.95 0.30PEY PowerShares High Yld Eq Div Achiev™ ETF 13.07 86 Buy -2.40 -2.39 1.17 13.92 15.38 14.54 4.30 0.79 9.46 0.55PXMV PowerShares Fundamental Pure Mid Val ETF 27.39 86 Buy -0.83 -2.19 3.95 10.73 18.80 14.98 1.55 1.16 11.78 0.40RPV Guggenheim S&P 500® Pure Value ETF 53.48 91 Buy -2.69 -4.05 1.21 9.02 19.47 17.11 1.27 13.50 0.35RWK RevenueShares Mid Cap ETF 49.23 91 Buy 1.68 -1.33 5.45 11.15 16.46 15.23 1.24 13.24 0.54SPHB PowerShares S&P 500 High Beta ETF 33.99 85 Buy -0.41 -2.38 3.34 11.85 16.39 1.41 15.08 0.25

6 MARCH 2015 | PHONE: (888) 252-5372

THE ETF Investor Guide% Return (3 and 5 Years Annualized)

Yield %Beta

3 YearSD

3 YearExpense

RatioSymbol Name NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 YearMID CAP VALUE (continued)

VLML Direxion Value Line Md&Lg-Cp Hi Div ETF 25.02 80 Hold 0.58VOE Vanguard Mid-Cap Value ETF 90.01 88 Buy 0.65 -2.02 4.56 13.00 18.03 15.53 1.87 1.03 10.24 0.09

SMALL CAP GROWTHIJT iShares S&P Small-Cap 600 Growth 127.67 82 Buy 4.31 0.71 9.35 7.96 16.77 16.99 0.90 1.08 12.67 0.25IWO iShares Russell 2000 Growth 149.60 80 Buy 5.07 1.93 9.63 8.80 17.22 16.37 0.69 1.20 14.10 0.25JKK iShares Morningstar Small-Cap Growth 141.08 84 Buy 4.41 0.84 7.83 7.26 15.73 15.88 0.48 1.14 13.32 0.30PXSG PowerShares Fundamental Pure Sm Gr ETF 25.13 84 Hold 1.74 0.28 6.32 4.14 13.32 13.85 1.03 11.35 0.41RZG Guggenheim S&P SmallCap 600® Pure Gr ETF 85.82 80 Buy 6.32 1.17 11.06 8.64 16.37 17.06 1.12 13.83 0.35SLYG SPDR® S&P 600 Small Cap Growth ETF 184.61 86 Buy 3.71 0.40 8.74 7.52 16.86 16.85 1.00 1.08 12.66 0.15VBK Vanguard Small-Cap Growth ETF 131.74 70 Buy 4.61 0.44 8.67 6.01 15.94 15.96 0.86 1.09 12.37 0.09VTWG Vanguard Russell 2000 Growth ETF 108.64 74 Buy 4.48 1.96 9.30 8.70 17.08 0.47 1.21 14.12 0.20

SMALL CAP BLENDEES WisdomTree SmallCap Earnings ETF 82.90 78 Buy 0.21 -0.31 4.71 3.72 15.00 14.73 1.29 14.17 0.38FDM First Trust Dow Jones Sel MicroCap ETF 33.65 73 Hold 0.78 1.65 6.03 5.17 15.99 13.11 1.24 14.71 0.60FYX First Trust Small Cap Core AlphaDEX® ETF 49.75 74 Buy 1.53 -0.16 6.72 3.63 14.98 14.66 1.25 14.20 0.67IJR iShares Core S&P Small-Cap 116.31 83 Buy 1.97 0.38 6.90 7.33 16.61 15.84 1.20 1.14 12.77 0.12IWC iShares Micro-Cap 78.61 74 Buy 2.12 2.20 7.66 1.20 17.19 14.32 0.97 1.19 14.59 0.60IWM iShares Russell 2000 122.61 78 Buy 2.50 0.89 7.28 6.11 15.66 14.28 1.27 1.19 13.42 0.20JKJ iShares Morningstar Small-Cap 141.26 86 Buy 1.89 0.17 6.02 8.41 15.95 14.37 1.15 1.15 12.41 0.25PRFZ PowerShares FTSE RAFI US 1500 Sm-Mid ETF 102.18 81 Hold 1.43 -0.08 5.82 5.20 15.89 13.87 0.94 1.21 13.17 0.39RWJ RevenueShares Small Cap ETF 57.33 86 Buy 0.47 -0.32 5.85 6.55 18.13 15.86 1.32 14.58 0.54SLY SPDR® S&P 600 Small Cap ETF 106.88 79 Buy 2.26 0.62 6.73 7.24 16.45 15.82 1.18 1.14 12.77 0.15VB Vanguard Small-Cap ETF 119.88 76 Buy 2.76 0.02 7.04 8.27 16.80 15.51 1.37 1.12 12.02 0.09

SMALL CAP VALUEDES WisdomTree SmallCap Dividend ETF 70.40 89 Buy -0.46 -1.18 3.46 7.50 16.20 14.60 1.12 12.50 0.38IJS iShares S&P Small-Cap 600 Value 117.40 78 Buy -0.46 -0.10 4.22 6.23 16.12 14.56 1.25 1.20 13.17 0.25IWN iShares Russell 2000 Value 101.61 65 Hold -0.07 -0.28 4.81 3.36 13.99 12.10 1.77 1.17 13.13 0.25JKL iShares Morningstar Small-Cap Value 129.25 82 Buy 0.22 -0.65 4.35 8.53 16.35 14.50 2.17 1.15 12.37 0.30PXSV PowerShares Fundamental Pure Sm Val ETF 25.92 81 Buy -0.27 -0.32 5.07 5.49 17.41 14.85 0.70 1.30 14.28 0.39PZI PowerShares Zacks Micro Cap ETF 16.14 74 Hold -0.37 1.25 4.71 -4.77 13.81 10.14 0.50 1.20 14.29 0.91RFV Guggenheim S&P MidCap 400® Pure Val ETF 53.26 74 Hold -2.02 -3.60 2.30 7.61 15.12 12.55 1.29 13.72 0.37RZV Guggenheim S&P SmallCap 600® PureVal ETF 62.85 68 Hold -1.10 -0.95 3.64 2.14 16.32 12.08 1.50 17.10 0.36SLYV SPDR® S&P 600 Small Cap Value ETF 105.79 81 Buy 0.05 0.15 4.44 6.22 16.25 14.64 1.36 1.20 13.16 0.15VBR Vanguard Small-Cap Value ETF 107.02 81 Buy 1.18 -0.38 5.67 10.14 17.36 14.85 1.82 1.15 12.04 0.09VLSM Direxion Value Line Sm&Md-Cp Hi Div ETF 25.03 75 Hold 0.58

ALLOCATIONAOA iShares Aggressive Allocation 46.80 86 Hold 1.12 -1.18 3.41 7.64 11.03 10.71 2.04 1.34 8.48 0.23AOR iShares Growth Allocation 40.28 84 Hold 0.40 -1.06 2.27 6.69 8.73 8.61 2.10 1.01 6.35 0.24IYLD iShares Morningstar Multi-Asset Income 25.48 74 Hold -0.17 -2.00 0.89 5.60 5.93 0.60

ALTERNATIVEAGLS AdvisorShares Accuvest Glbl Lg Sht ETF 20.34 62 Hold 2.01 1.70 3.35 -2.68 -1.77 0.10 5.86 1.74CPI IQ Real Return ETF 26.65 62 Sell -1.99 0.00 1.00 2.01 0.63 1.40 0.27 2.29 0.62DIVY Reality Shares DIVS ETF 23.86 70 Hold 0.17 -0.71 0.85HDGE AdvisorShares Ranger Equity Bear ETF 11.32 35 Sell -0.96 2.44 -4.39 -12.59 -17.86 -1.28 15.60 1.70LSC ELEMENTS S&P CTI TR ETN 6.13 58 Hold 0.72 1.89 -0.48 5.57 -3.43 -5.80 0.33 9.38 0.75MCRO IQ Hedge Macro Tracker ETF 25.25 62 Sell -1.36 -1.10 -1.15 -2.68 -1.72 0.08 0.55 4.36 1.04PFF iShares US Preferred Stock 39.74 91 Strong Buy 1.66 -0.23 2.99 9.64 6.94 7.08 5.61 0.78 3.98 0.47PSP PowerShares Global Listed Private Eq ETF 11.31 63 Sell 3.01 -1.22 5.82 -2.01 14.15 9.73 3.25 1.17 13.29 2.04QAI IQ Hedge Multi-Strategy Tracker ETF 29.65 69 Hold 0.88 -0.80 1.68 3.14 3.36 3.08 0.53 3.88 0.91VXX iPath® S&P 500 VIX ST Futures™ ETN 28.10 17 Sell -10.82 -9.27 -17.08 -39.05 -56.44 -55.02 1.00 51.46 0.89VXZ iPath® S&P 500 VIX MT Futures™ ETN 12.66 13 Sell -3.51 -3.36 -8.72 -20.08 -37.27 -28.67 0.46 26.50 0.89WDTI WisdomTree Managed Futures Strategy ETF 44.62 61 Hold 2.41 3.02 1.85 8.38 0.96 0.33 5.85 0.95

COMMODITIESBAL iPath® DJ-UBS Cotton SubTR ETN 41.20 31 Sell 0.05 -4.45 -0.39 -28.09 -8.45 1.12 0.79 25.09 0.75CORN Teucrium Corn ETF 25.00 26 Sell -6.16 -3.92 -8.26 -25.35 -15.17 0.91 25.25 2.68COW iPath® DJ-UBS Livestock SubTR ETN 26.15 42 Sell -13.98 -2.13 -13.70 -17.92 -4.49 -2.44 0.14 13.50 0.75DBA PowerShares DB Agriculture ETF 22.07 45 Sell -11.33 -6.36 -12.42 -23.31 -8.29 -2.13 0.56 12.66 0.85DBC PowerShares DB Commodity Tracking ETF 16.95 30 Sell -8.13 -7.38 -12.22 -34.53 -16.77 -6.34 0.91 14.22 0.85DJP iPath® DJ-UBS Cmdty TR ETN 27.64 34 Sell -7.59 -7.06 -13.35 -29.95 -14.08 -7.13 0.85 13.41 0.75GCC GreenHaven Continuous Commodity ETF 20.99 42 Sell -8.18 -6.54 -11.43 -26.04 -12.24 -3.76 0.70 11.70 0.85


COMMODITIES (continued)


Beta 3 Year

SD 3 Year


GSG iShares S&P GSCI Commodity-Indexed Trust 19.32 29 Sell -10.47 -8.78 -15.34 -40.50 -18.63 -9.01 1.11 17.59 0.75GSP iPath® S&P GSCI® Total Return ETN 18.72 29 Sell -11.28 -9.52 -16.54 -43.34 -20.08 -9.43 1.17 18.62 0.75JO iPath® DJ-UBS Coffee SubTR ETN 22.98 59 Sell -24.61 -22.91 -27.78 -43.58 -20.41 -9.10 0.87 36.82 0.75RJI ELEMENTS Rogers Intl Cmdty TR ETN 5.79 33 Sell -8.24 -7.51 -12.80 -31.80 -14.18 -5.27 0.86 13.33 0.75SGG iPath® DJ-UBS Sugar SubTR ETN 32.18 8 Sell -13.10 -15.20 -16.07 -45.12 -28.21 -10.85 0.43 19.45 0.75WEAT Teucrium Wheat ETF 10.69 11 Sell -16.06 -5.65 -17.58 -33.15 -20.31 0.60 24.98 3.67

COMMUNICATIONSFCOM Fidelity® MSCI Telecommunication Svc ETF 26.94 88 Hold 1.17 -4.06 6.15 11.26 0.12IXP iShares Global Telecom 60.79 71 Sell 1.16 -4.72 2.09 4.73 9.45 9.06 3.38 0.78 11.22 0.48IYZ iShares US Telecommunications 30.22 81 Sell 3.21 -2.23 8.13 7.01 13.07 11.99 2.81 0.88 13.59 0.45PBS PowerShares Dynamic Media ETF 26.49 84 Hold 3.56 0.42 6.45 3.12 21.61 16.04 0.57 1.02 13.94 0.62VOX Vanguard Telecommunication Services ETF 85.91 85 Hold 1.40 -3.69 6.29 8.98 13.01 12.92 3.21 0.66 11.48 0.12

CONSUMER DISCRETIONARYBJK Market Vectors® Gaming ETF 35.80 51 Sell -6.94 -10.52 -6.20 -29.67 3.50 10.89 1.76 1.29 18.88 0.65FDIS Fidelity® MSCI Consumer Discret ETF 30.33 86 Buy 3.80 0.36 7.61 14.77 0.12ITB iShares US Home Construction 26.96 79 Hold 4.17 -2.00 10.12 10.53 21.72 15.21 0.29 1.12 20.57 0.45IYC iShares US Consumer Services 143.81 90 Buy 4.39 0.67 8.25 18.83 22.86 20.67 0.79 0.85 10.95 0.45PEJ PowerShares Dynamic Leisure & Entmnt ETF 38.12 82 Buy 6.69 3.11 9.48 9.46 21.58 20.84 0.97 0.82 12.20 0.63PMR PowerShares Dynamic Retail ETF 40.87 89 Buy 4.71 2.00 9.69 24.68 18.47 20.11 0.61 0.87 13.80 0.63PSCD PowerShares S&P SmCap Cnsmr Discret ETF 52.89 77 Buy 4.29 0.74 6.76 9.73 19.58 0.96 14.08 0.29RCD Guggenheim S&P 500® Eq Wt Cons Discr ETF 90.34 86 Hold 1.96 -0.43 5.67 15.33 19.74 19.06 0.98 12.41 0.40RXI iShares Globl Consumer Discretionary 89.93 85 Buy 5.63 0.39 7.60 11.98 17.34 16.05 1.17 1.00 11.60 0.48VCR Vanguard Consumer Discretionary ETF 121.24 78 Buy 3.73 0.29 7.51 14.70 20.70 20.23 1.22 0.94 11.92 0.12XHB SPDR® S&P Homebuilders ETF 35.51 80 Sell 4.07 -2.34 10.36 9.78 19.27 17.33 0.40 1.01 17.23 0.35XLY Consumer Discret Sel Sect SPDR® ETF 75.16 89 Buy 4.17 0.36 7.82 15.62 20.79 20.23 1.23 0.93 11.85 0.15XRT SPDR® S&P Retail ETF 98.92 85 Buy 3.03 0.92 7.40 16.52 18.43 21.00 0.61 1.01 13.99 0.35

CONSUMER STAPLESCROP IQ Global Agribusiness Small Cap ETF 26.25 63 Sell 4.67 -0.83 4.14 1.26 2.39 0.70 9.28 0.75FSTA Fidelity® MSCI Consumer Staples ETF 29.30 90 Strong Buy -0.55 -2.50 1.39 16.53 0.12FXG First Trust Cnsmr Staples AlphaDEX® ETF 44.21 94 Strong Buy 3.85 -0.32 6.37 23.46 22.60 19.58 0.85 12.42 0.67IYK iShares US Consumer Goods 103.59 90 Hold -1.12 -2.88 0.83 12.28 14.38 14.51 1.97 0.72 9.76 0.45KXI iShares Global Consumer Staples 90.75 87 Buy 1.27 -1.97 2.74 10.63 11.76 12.05 2.13 0.77 10.00 0.48PBJ PowerShares Dynamic Food & Beverage ETF 31.27 95 Strong Buy 2.56 1.86 3.82 17.66 17.92 16.67 1.77 0.58 10.68 0.61PSCC PowerShares S&P SmallCap Cnsmr Stapl ETF 52.28 78 Hold -4.02 -0.97 -0.59 8.55 17.01 0.70 12.80 0.29PSL PowerShares DWA Consumer Staples Mom ETF 53.07 96 Strong Buy 4.17 0.95 7.26 21.49 19.54 17.28 1.86 0.76 11.40 0.60RHS Guggenheim S&P 500® Eq Wt Cons Stapl ETF 106.00 96 Strong Buy 1.45 -1.64 3.27 17.19 19.70 17.13 0.66 9.94 0.40VDC Vanguard Consumer Staples ETF 124.48 87 Strong Buy -0.61 -2.35 1.62 16.57 16.13 15.42 2.31 0.64 9.88 0.12XLP Consumer Staples Select Sector SPDR® ETF 48.28 92 Strong Buy -0.43 -2.46 1.50 16.36 15.66 15.04 2.36 0.61 9.90 0.15

ENERGYAMJ JPMorgan Alerian MLP ETN 41.80 83 Sell -9.03 -8.67 -3.42 -5.03 5.90 11.73 0.68 14.43 0.85BNO United States Brent Oil ETF 20.39 32 Sell -10.18 -11.54 -15.75 -52.34 -22.68 1.42 25.13 0.90DBE PowerShares DB Energy ETF 15.77 33 Sell -9.73 -9.52 -14.34 -45.34 -20.28 -9.09 1.23 20.94 0.75DBO PowerShares DB Oil ETF 13.48 29 Sell -14.14 -9.41 -20.85 -51.37 -24.31 -13.31 1.32 24.55 0.75ENY Guggenheim Canadian Energy Income ETF 9.99 33 Sell -15.01 -12.52 -0.65 -29.44 -15.33 -8.45 3.44 1.33 20.67 0.71FCG First Trust ISE-Revere Natural Gas ETF 10.09 45 Sell -9.99 -13.83 -2.30 -46.89 -18.24 -11.21 1.54 26.06 0.60FENY Fidelity® MSCI Energy ETF 21.50 56 Sell -5.83 -9.13 1.62 -12.84 0.12FXN First Trust Energy AlphaDEX® ETF 20.37 58 Sell -2.68 -9.06 5.75 -17.30 -0.33 3.69 1.38 19.04 0.67GAZ iPath® DJ-UBS Natural Gas SubTR ETN 1.37 41 Sell -31.84 -4.86 -38.20 -52.43 -35.60 -34.02 1.23 45.10 0.75GEX Market Vectors® Global Alt Energy ETF 56.60 79 Hold 4.85 -0.51 7.15 -7.84 17.45 -2.05 0.05 1.54 22.00 0.62ICLN iShares Global Clean Energy 11.33 73 Hold 17.05 5.99 18.70 4.07 9.36 -7.15 3.15 1.60 23.07 0.48IEO iShares US Oil&Gas Explor&Prodtn 70.38 63 Sell -1.47 -8.35 7.37 -13.50 1.46 5.38 1.38 1.28 18.53 0.45IEZ iShares US Oil Equipment&Services 45.05 50 Sell -9.83 -10.22 -3.11 -29.08 -6.65 0.38 2.38 1.34 21.26 0.45IXC iShares Global Energy 34.30 46 Sell -7.77 -10.58 -0.84 -16.12 -3.43 1.74 3.21 1.19 15.48 0.48IYE iShares US Energy 42.21 61 Sell -5.80 -9.17 1.76 -12.51 0.99 6.29 2.33 1.13 15.36 0.45KOL Market Vectors® Coal ETF 13.00 21 Sell -11.38 -8.71 -9.13 -23.52 -25.71 -18.00 2.14 1.43 21.41 0.59PBD PowerShares Global Clean Energy ETF 12.16 43 Hold 5.55 1.41 7.00 -11.30 10.65 -3.02 0.22 1.40 20.59 0.76PBW PowerShares WilderHill Clean Energy ETF 5.49 48 Hold 4.17 1.10 9.67 -24.94 1.38 -9.54 1.74 26.58 0.70PSCE PowerShares S&P SmallCap Energy ETF 27.20 53 Sell -8.36 -9.87 4.52 -41.90 -10.45 1.66 25.38 0.29PUW PowerShares WilderHill Prog Engy ETF 25.74 61 Sell -2.66 -2.31 3.01 -18.81 -0.47 2.33 0.34 1.34 16.66 0.70

8 MARCH 2015 | PHONE: (888) 252-5372

THE ETF Investor Guide% Return (3 and 5 Years Annualized)

Yield %Beta

3 YearSD

3 YearExpense

RatioSymbol Name NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 YearENERGY (continued)

PXE PowerShares Dynamic Engy Explr&Prdtn ETF 28.15 69 Sell 1.48 -7.55 11.06 -15.77 4.14 11.70 1.74 1.39 20.30 0.64PXI PowerShares DWA Energy Momentum ETF 44.88 71 Sell 0.16 -5.08 10.42 -17.55 2.98 10.26 1.84 1.22 19.23 0.60PXJ PowerShares Dynamic Oil & Gas Svcs ETF 15.56 40 Sell -11.19 -10.83 -4.26 -37.86 -10.24 -1.86 1.39 22.62 0.61TAN Guggenheim Solar ETF 42.79 78 Hold 25.48 10.31 29.70 -5.32 20.72 -9.26 2.45 43.94 0.71UNG United States Natural Gas ETF 13.81 47 Sell -6.50 -2.88 -28.15 -43.19 -9.25 -26.36 1.01 35.95 0.85UNL United States 12 Month Natural Gas ETF 12.95 54 Sell -6.23 -2.84 -21.13 -33.62 -9.46 -21.81 0.68 23.61 0.90USO United States Oil ETF 16.80 18 Sell -17.48 -14.37 -23.39 -52.46 -25.62 -15.72 1.27 24.68 0.61VDE Vanguard Energy ETF 105.23 76 Sell -5.72 -9.10 1.70 -12.88 0.75 6.06 2.52 1.14 15.55 0.12XES SPDR® S&P Oil & Gas Equipment&Svcs ETF 24.26 33 Sell -14.00 -12.23 -6.21 -42.80 -13.26 -3.98 2.30 1.49 22.96 0.35XLE Energy Select Sector SPDR® ETF 74.63 60 Sell -5.72 -9.03 1.43 -11.72 1.91 6.89 2.68 1.09 15.18 0.15XOP SPDR® S&P Oil & Gas Explor & Prodtn ETF 47.73 50 Sell -0.27 -10.48 9.10 -29.11 -6.27 2.73 1.83 1.53 23.34 0.35

FINANCIALSFNCL Fidelity® MSCI Financials ETF 28.95 95 Strong Buy -0.62 -0.17 2.28 12.39 0.12FXO First Trust Financials AlphaDEX® ETF 23.41 91 Buy 0.60 -0.68 3.78 10.06 17.11 14.00 0.89 11.29 0.80IAI iShares US Broker-Dealers 43.24 86 Buy 1.38 2.85 6.06 13.11 21.88 10.51 1.04 1.03 17.26 0.45IAK iShares US Insurance 49.35 78 Buy -1.32 0.08 1.84 10.22 17.29 12.92 1.49 1.03 13.85 0.45IAT iShares US Regional Banks 35.37 77 Buy 1.20 1.52 5.16 5.68 15.57 9.87 1.85 0.72 13.60 0.45IXG iShares Global Financials 56.05 75 Hold -0.73 -1.02 0.90 4.19 12.13 6.49 1.91 1.23 13.63 0.48IYF iShares US Financials 89.47 89 Strong Buy -0.81 -0.60 1.94 12.59 17.74 11.61 1.56 0.89 11.63 0.45KBE SPDR® S&P Bank ETF 33.93 59 Buy 1.13 2.01 4.66 3.15 15.33 7.88 1.52 0.90 15.38 0.35KCE SPDR® S&P Capital Markets ETF 50.34 73 Hold -1.01 -0.05 4.42 5.86 17.00 8.64 1.68 1.18 16.09 0.35KIE SPDR® S&P Insurance ETF 66.83 72 Hold 0.21 -0.88 3.48 10.56 18.93 13.35 1.43 0.93 12.67 0.35KRE SPDR® S&P Regional Banking ETF 41.35 80 Strong Buy 1.60 2.50 6.28 3.02 15.71 11.87 1.61 0.88 15.95 0.35PGF PowerShares Financial Preferred ETF 18.35 93 Strong Buy 1.92 -0.07 2.99 10.59 7.20 7.95 6.74 0.87 4.26 0.63VFH Vanguard Financials ETF 49.37 78 Strong Buy -0.68 -0.34 2.26 12.30 17.54 11.47 2.08 0.89 11.75 0.12XLF Financial Select Sector SPDR® ETF 24.32 78 Strong Buy -1.66 -0.45 1.26 12.73 18.41 11.09 1.59 0.94 12.87 0.15

HEALTHCAREFBT First Trust NYSE Arca Biotech ETF 120.87 96 Strong Buy 18.48 9.67 19.02 47.88 44.88 26.64 0.72 18.83 0.60FHLC Fidelity® MSCI Health Care ETF 34.99 96 Strong Buy 6.35 2.34 6.63 25.37 0.12FXH First Trust Health Care AlphaDEX® ETF 65.59 97 Strong Buy 8.79 4.16 9.70 27.06 29.72 23.33 0.76 12.02 0.66IBB iShares Nasdaq Biotechnology 345.33 96 Strong Buy 13.84 6.76 12.82 35.76 42.32 30.83 0.75 18.02 0.48IHE iShares US Pharmaceuticals 172.54 96 Strong Buy 13.96 5.54 15.57 35.58 30.26 25.70 0.75 0.75 12.27 0.45IHF iShares US Healthcare Providers 128.64 95 Strong Buy 8.68 4.31 11.58 34.86 26.22 20.92 0.06 0.69 12.21 0.45IHI iShares US Medical Devices 117.54 94 Strong Buy 3.92 0.25 5.53 21.32 21.37 15.72 0.58 0.86 12.96 0.45IXJ iShares Global Healthcare 105.80 95 Strong Buy 6.27 1.53 5.12 18.47 23.54 17.40 1.37 0.78 9.76 0.48IYH iShares US Healthcare 152.61 95 Strong Buy 5.88 1.99 5.72 24.80 27.49 20.04 0.89 0.71 10.17 0.45PBE PowerShares Dynamic Biotech & Genome ETF 56.17 96 Strong Buy 11.89 6.42 11.21 26.47 36.26 23.82 0.78 19.73 0.59PJP PowerShares Dynamic Pharmaceuticals ETF 77.09 96 Strong Buy 15.87 4.44 16.25 35.79 37.98 32.92 0.84 0.77 13.36 0.58PTH PowerShares DWA Healthcare Momentum ETF 60.57 96 Strong Buy 11.57 7.66 12.60 23.01 24.91 19.89 0.80 14.77 0.60RYH Guggenheim S&P 500® Eq Weight HC ETF 152.22 95 Strong Buy 6.77 2.41 8.03 29.74 28.61 21.44 0.72 10.30 0.40VHT Vanguard Health Care ETF 133.53 94 Strong Buy 6.32 2.27 6.64 25.21 28.03 20.69 1.24 0.71 10.28 0.12XBI SPDR® S&P Biotech ETF 228.43 99 Strong Buy 22.51 12.31 24.65 46.72 43.95 30.89 0.62 0.82 25.70 0.35XLV Health Care Select Sector SPDR® ETF 71.81 95 Strong Buy 5.02 1.54 4.79 23.99 26.94 19.83 1.25 0.70 9.86 0.15XPH SPDR® S&P Pharmaceuticals ETF 125.95 97 Strong Buy 16.66 6.22 18.42 37.30 35.30 27.87 0.89 0.80 15.70 0.35

INDUSTRIALSEXI iShares Global Industrials 71.69 83 Hold 1.67 -0.76 4.12 5.31 11.80 10.77 1.48 0.97 10.69 0.48FIDU Fidelity® MSCI Industrials ETF 28.79 92 Buy 0.00 -1.22 4.12 8.53 0.12FLM First Trust ISE Glb Engnrg And Const ETF 45.04 61 Sell -0.31 2.29 4.19 -10.35 3.99 4.36 1.29 15.86 0.70FXR First Trust Indtls/PrdcrDurbAlphaDEX®ETF 30.78 87 Hold 1.48 -0.87 6.14 8.06 17.57 15.28 0.97 12.44 0.67GII SPDR® S&P Global Infrastructure ETF 46.35 66 Sell -4.39 -5.06 -2.45 3.29 8.26 6.36 2.85 0.73 10.20 0.40IGF iShares Global Infrastructure 40.32 73 Sell -4.34 -4.77 -1.98 3.07 7.96 7.17 2.80 0.80 10.34 0.48ITA iShares US Aerospace & Defense 122.16 86 Buy 6.51 0.90 12.07 14.59 23.58 18.15 0.80 0.80 11.74 0.44IYJ iShares US Industrials 107.46 91 Buy 0.82 -1.55 4.82 9.55 16.13 15.35 1.38 0.91 11.04 0.45IYT iShares Transportation Average 160.97 85 Hold -1.89 -0.78 1.33 20.78 20.88 16.85 0.74 0.61 11.09 0.45PKB PowerShares Dynamic Building & Const ETF 22.87 70 Hold 5.87 0.88 10.62 1.47 17.40 14.23 0.35 1.30 17.27 0.63PPA PowerShares Aerospace & Defense ETF 36.16 94 Buy 4.06 -1.09 8.76 13.64 23.22 15.96 1.10 0.77 11.01 0.66PRN PowerShares DWA Industrials Momentum ETF 48.05 83 Hold 1.35 -0.37 6.54 1.75 17.97 16.43 0.89 0.95 13.74 0.60PSCI PowerShares S&P SmallCap Industrials ETF 46.98 72 Hold 0.70 0.93 8.28 4.52 17.56 1.06 15.56 0.29SEA Guggenheim Shipping ETF 18.71 63 Hold 1.46 0.00 6.46 -10.33 4.24 4.03 1.06 15.64 0.66



Beta 3 Year

SD 3 Year


MATERIALS & PRECIOUS METALS (continued)

VIS Vanguard Industrials ETF 106.66 81 Buy -0.15 -1.20 4.01 9.65 17.00 15.64 1.72 0.90 11.29 0.12XLI Industrial Select Sector SPDR® ETF 56.08 86 Hold -0.88 -1.91 2.87 10.89 16.43 15.37 1.87 0.85 10.74 0.15

MATERIALS & PRECIOUS METALSAGOL ETFS Physical Asian Gold 113.41 48 Sell -3.96 -6.28 -5.85 -15.11 -11.69 0.43 17.18 0.39DBB PowerShares DB Base Metals ETF 14.86 26 Sell -6.54 -2.62 -9.56 -3.94 -10.99 -7.51 0.36 15.16 0.75DBP PowerShares DB Precious Metals ETF 35.76 35 Sell -2.44 -6.97 -6.59 -19.41 -15.23 -1.13 0.51 18.27 0.75DBS PowerShares DB Silver ETF 25.05 20 Sell -0.87 -10.57 -9.20 -29.20 -24.34 -3.74 0.89 28.55 0.75GDX Market Vectors® Gold Miners ETF 18.07 27 Sell -1.69 -15.00 -2.44 -34.15 -29.13 -16.08 0.49 0.39 35.25 0.53GDXJ Market Vectors® Junior Gold Miners ETF 22.41 22 Sell -6.35 -17.00 -6.03 -49.61 -39.46 -23.55 0.78 44.51 0.57GLD SPDR® Gold Shares 110.88 48 Sell -2.38 -6.02 -5.56 -16.13 -11.93 0.54 0.43 17.19 0.40GLDX Global X Gold Explorers ETF 9.66 22 Sell -5.76 -14.51 -1.29 -42.76 -38.42 0.70 46.87 0.65IAU iShares Gold Trust 11.17 48 Sell -2.36 -6.06 -5.58 -16.08 -11.78 0.67 0.43 17.15 0.25JJM iPath® DJ-UBS Ind Metals SubTR ETN 25.37 36 Sell -6.14 -1.75 -10.92 -11.58 -13.13 -9.08 0.45 16.37 0.75JJP iPath® DJ-UBS Prec Metals SubTR ETN 54.35 26 Sell -3.03 -7.91 -6.77 -19.42 -16.16 -1.23 0.54 19.08 0.75PALL ETFS Physical Palladium 76.90 52 Sell -0.76 0.14 -2.72 1.59 3.40 10.68 0.60 21.73 0.60PGM iPath® DJ-UBS Platinum SubTR ETN 24.34 28 Sell -6.03 -5.00 -8.58 -25.50 -14.65 -8.77 0.60 17.93 0.75PPLT ETFS Physical Platinum 108.25 31 Sell -7.52 -7.49 -9.25 -24.84 -13.37 -7.58 0.61 18.05 0.60PSAU PowerShares Global Gold & Prec Mtls ETF 15.40 24 Sell -3.75 -15.66 -3.55 -33.62 -28.09 -15.49 0.03 0.66 32.93 0.75RING iShares MSCI Global Gold Miners 7.35 25 Sell -1.34 -15.69 -1.47 -36.67 -31.04 0.77 0.47 35.28 0.39SIL Global X Silver Miners ETF 8.21 21 Sell -11.34 -19.35 -8.51 -42.26 -29.64 0.91 39.78 0.65SLV iShares Silver Trust 14.90 24 Sell -1.06 -9.92 -8.59 -26.82 -22.70 -2.33 0.91 28.87 0.50WITE ETFS Physical White Metal Basket 32.25 26 Sell -3.15 -7.73 -7.75 -22.04 -16.45 0.77 22.75 0.60

NATURAL RESOURCESCOPX Global X Copper Miners ETF 6.44 27 Sell -12.50 -7.96 -7.41 -24.92 -22.15 1.75 1.75 28.25 0.65CU First Trust ISE Global Copper ETF 15.71 27 Sell -13.16 -9.45 -9.78 -23.01 -20.33 -10.26 1.65 26.69 0.70CUT Guggenheim Timber ETF 25.13 65 Sell 3.67 -3.20 7.02 2.97 11.24 8.59 1.21 14.94 0.71FIW First Trust ISE Water ETF 31.44 56 Sell -6.74 -2.97 -1.99 -6.65 10.82 10.96 1.10 14.80 0.60FMAT Fidelity® MSCI Materials ETF 27.98 75 Hold 1.68 -3.25 6.23 5.91 0.12FXZ First Trust Materials AlphaDEX® ETF 31.25 72 Hold -0.95 -3.93 4.19 -2.65 9.41 10.33 1.14 13.70 0.70GNAT WisdomTree Global Natural Resources ETF 15.30 25 Sell -7.05 -11.98 -2.67 -22.44 -13.56 -5.93 1.33 17.27 0.58GRES IQ Global Resources ETF 25.28 55 Sell -5.11 -7.40 -2.71 -13.98 -4.23 0.21 0.77 11.18 0.76HAP Market Vectors® Natural Resources ETF 32.36 55 Sell -4.49 -8.48 0.06 -9.74 -2.37 1.03 1.95 1.11 13.00 0.50IGE iShares North American Natural Resources 36.28 54 Sell -5.32 -9.16 1.96 -14.53 -2.60 2.29 2.12 1.14 15.89 0.48IYM iShares US Basic Materials 82.90 74 Hold 0.52 -3.75 4.91 2.57 7.47 7.53 1.79 1.12 13.04 0.45LIT Global X Lithium ETF 11.50 42 Sell 3.32 -1.19 3.58 -15.48 -10.21 1.12 1.68 22.03 0.75MOO Market Vectors® Agribusiness ETF 53.44 60 Sell 1.73 -3.61 4.16 4.73 2.95 4.94 1.59 0.93 11.65 0.55MXI iShares Global Materials 56.91 35 Sell 1.79 -4.26 5.07 -4.40 -1.71 0.17 2.10 1.18 14.47 0.48PAGG PowerShares Global Agriculture ETF 28.87 55 Sell -1.27 -6.11 1.15 -0.71 0.74 2.10 0.83 0.90 11.81 0.75PHO PowerShares Water Resources ETF 24.62 53 Hold -4.39 -2.65 -0.05 -6.09 9.64 8.12 0.62 0.97 13.23 0.61PIO PowerShares Global Water ETF 22.43 59 Hold -2.31 -2.35 0.65 -5.13 9.36 6.14 2.28 1.09 12.61 0.76PYZ PowerShares DWA Basic Materials Mom ETF 53.83 86 Buy 2.53 -2.96 6.89 4.26 13.96 14.53 1.01 1.13 12.99 0.60PZD PowerShares Cleantech ETF 29.78 57 Sell 2.87 -0.03 5.46 -6.62 8.61 5.19 0.26 1.25 15.02 0.67REMX Market Vectors® Rare EarthStrat Mtls ETF 25.11 16 Sell -0.31 -3.42 3.20 -25.56 -28.37 0.26 1.22 20.97 0.57RTM Guggenheim S&P 500® Eq Wt Materials ETF 86.69 80 Hold 2.90 -4.01 7.46 9.93 13.18 11.67 1.09 12.63 0.40SLX Market Vectors® Steel ETF 30.97 21 Sell -12.69 -12.02 -7.48 -25.68 -14.90 -11.95 2.01 1.58 22.00 0.55URA Global X Uranium ETF 10.23 23 Sell -9.87 -5.10 -8.59 -41.22 -29.71 1.54 28.87 0.69VAW Vanguard Materials ETF 109.12 80 Buy 1.61 -3.27 6.23 5.96 11.95 11.55 1.82 1.06 12.00 0.12WOOD iShares Global Timber & Forestry 53.68 76 Sell 1.40 -5.23 4.75 5.78 10.15 7.70 2.06 1.07 13.75 0.48XLB Materials Select Sector SPDR® ETF 49.84 74 Buy 2.59 -3.11 7.16 8.36 12.85 11.08 1.90 1.01 11.59 0.15

REAL ESTATEDRW WisdomTree Global ex-US Real Estate ETF 28.62 77 Sell 1.68 -5.03 3.41 11.93 7.62 8.14 0.93 13.98 0.58FFR First Trust FTSE EN Dev Mkts Rel Est ETF 43.84 79 Sell 0.26 -4.97 2.33 13.43 10.43 10.70 0.69 12.25 0.60FRI First Trust S&P REIT ETF 22.57 84 Sell 1.35 -3.26 3.08 20.88 13.11 15.03 0.46 13.51 0.50FTY iShares Real Estate 50 47.62 81 Sell 0.74 -3.09 2.67 20.44 11.84 14.32 2.90 0.44 12.80 0.48GRI Cohen & Steers Global Realty Majors ETF 44.55 80 Hold 2.47 -3.67 3.49 15.68 10.39 11.07 0.69 12.78 0.55ICF iShares Cohen & Steers REIT 98.98 83 Sell 2.21 -3.07 3.43 25.39 12.73 15.48 2.61 0.40 14.12 0.35IYR iShares US Real Estate 77.81 80 Sell 1.26 -3.11 2.84 18.85 12.01 13.91 2.95 0.48 12.47 0.45MORT Market Vectors® Mortgage REIT Income ETF 23.55 76 Sell -0.63 -0.34 -1.14 5.76 9.48 10.66 0.53 13.91 0.41PSR PowerShares Active US Real Estate ETF 73.29 88 Sell -1.53 -3.83 1.84 22.03 12.27 14.89 2.98 0.48 13.08 0.80

10 MARCH 2015 | PHONE: (888) 252-5372


REAL ESTATE (continued)


Beta 3 Year

SD 3 Year


REZ iShares Residential Rel Est Capped 60.61 86 Buy 2.89 -2.43 3.73 25.86 13.41 16.97 2.81 0.25 15.22 0.48ROOF IQ U.S. Real Estate Small Cap ETF 27.32 84 Sell -0.60 -2.39 1.86 13.41 17.61 0.69 12.82 0.69RWO SPDR® Dow Jones Global Real Estate ETF 48.64 76 Hold 1.91 -3.66 3.38 16.46 11.59 12.65 2.48 0.64 12.38 0.50RWR SPDR® Dow Jones REIT ETF 92.16 80 Sell 1.39 -3.22 2.94 22.89 13.17 15.42 2.98 0.44 13.69 0.25VNQ Vanguard REIT ETF 82.38 86 Sell 1.70 -3.15 3.28 21.79 13.63 15.66 2.83 0.45 13.55 0.10VNQI Vanguard Global ex-US Real Estate ETF 54.71 61 Hold 2.22 -3.70 3.29 8.29 8.81 0.94 13.52 0.24WPS iShares International Developed Property 37.31 68 Sell 2.98 -3.27 3.70 7.84 9.83 8.87 2.24 0.91 13.44 0.48

TECHNOLOGYFDN First Trust Dow Jones Internet ETF 64.74 90 Buy 5.58 0.30 8.32 3.70 21.19 19.51 1.02 15.38 0.60FTEC Fidelity® MSCI Information Tech ETF 31.99 95 Strong Buy 0.95 -2.20 3.48 17.94 0.12IGM iShares North American Tech 102.87 86 Buy 0.93 -2.17 3.50 14.06 15.00 14.29 1.21 0.94 11.97 0.48IGN iShares North American Tech-Multimd Ntwk 37.77 60 Buy 1.67 -0.21 5.85 10.14 8.57 6.58 0.49 1.02 17.02 0.48IGV iShares North American Tech-Software 95.04 94 Strong Buy 2.41 -1.58 6.21 12.78 13.60 14.60 0.19 0.96 14.05 0.48IXN iShares Global Tech 95.96 77 Buy 1.14 -1.71 3.43 16.88 12.92 12.17 1.69 0.88 11.12 0.48IYW iShares US Technology 104.66 83 Strong Buy 0.25 -2.80 2.50 17.73 12.37 13.62 1.98 0.88 12.24 0.45MTK SPDR® Morgan Stanley Technology ETF 100.79 72 Buy -0.99 -2.84 2.59 11.37 14.26 12.26 0.87 1.05 13.27 0.35PNQI PowerShares NASDAQ Internet 68.94 88 Buy 2.76 -1.20 4.23 -2.43 19.82 20.25 1.09 16.38 0.60PSJ PowerShares Dynamic Software ETF 40.20 88 Buy 0.63 -3.94 4.14 8.90 14.57 12.80 0.86 12.86 0.63PTF PowerShares DWA Technology Momentum ETF 40.52 84 Buy 5.60 1.11 8.64 15.40 14.97 12.36 1.06 15.03 0.60PXQ PowerShares Dynamic Networking ETF 36.27 65 Buy 3.81 3.31 7.06 8.96 8.92 12.43 1.05 17.35 0.63QTEC First Trust NASDAQ-100-Tech Sector ETF 43.49 87 Buy -0.59 -1.61 1.13 19.21 16.60 15.87 1.12 14.60 0.60SKYY First Trust ISE Cloud Computing ETF 28.97 82 Hold 1.83 -1.46 5.77 5.18 11.74 1.17 16.09 0.60SOXX iShares PHLX Semiconductor 95.93 91 Buy 3.27 0.52 5.62 26.61 19.81 16.16 1.18 1.11 15.55 0.47TDIV First Trust NASDAQ Technology Div ETF 26.89 86 Strong Buy -2.85 -5.45 -0.52 14.26 0.50VGT Vanguard Information Technology ETF 105.57 88 Strong Buy 1.04 -2.29 3.48 17.77 14.49 14.81 1.22 0.90 11.92 0.12XLK Technology Select Sector SPDR® ETF 41.49 87 Strong Buy 0.34 -2.72 2.69 17.88 13.70 14.67 1.69 0.80 10.73 0.15XSD SPDR® S&P Semiconductor ETF 88.16 85 Hold 10.57 3.35 14.73 32.96 20.32 13.88 0.42 1.15 18.42 0.35

UTILITIESDBU WisdomTree Global ex-US Utilities ETF 16.84 48 Sell -7.01 -5.45 -5.88 -5.93 0.26 -0.41 1.06 13.28 0.58FUTY Fidelity® MSCI Utilities ETF 28.23 84 Sell -7.62 -3.48 -4.01 9.97 0.12FXU First Trust Utilities AlphaDEX® ETF 23.47 89 Hold -5.69 -4.54 -1.37 12.27 13.05 12.21 0.44 11.23 0.70IDU iShares US Utilities 109.23 76 Sell -7.64 -3.59 -4.27 10.17 11.15 12.30 2.62 0.26 13.26 0.45JXI iShares Global Utilities 45.05 60 Sell -8.38 -5.42 -6.61 0.20 5.88 3.87 2.87 0.63 11.09 0.48PSCU PowerShares S&P SmallCap Utilities ETF 37.63 75 Hold -6.27 -1.70 0.35 10.58 10.45 0.63 14.69 0.29PUI PowerShares DWA Utilities Momentum ETF 22.03 77 Sell -7.09 -4.09 -2.91 5.37 12.03 11.56 3.69 0.46 11.45 0.60RYU Guggenheim S&P 500® Eq Wt Utilities ETF 73.48 88 Hold -6.48 -4.40 -2.80 13.47 13.52 13.86 0.37 12.13 0.40VPU Vanguard Utilities ETF 94.60 88 Hold -7.57 -3.54 -4.06 9.88 11.45 12.48 3.39 0.27 13.22 0.12XLU Utilities Select Sector SPDR® ETF 43.48 81 Sell -7.92 -3.74 -4.45 10.59 10.93 12.13 3.54 0.22 13.45 0.15

FOREIGN LARGE CAPACWI iShares MSCI ACWI 59.11 78 Hold 1.06 -2.18 3.17 6.64 10.17 8.88 2.07 0.81 10.50 0.33ACWX iShares MSCI ACWI ex US 43.56 69 Hold 1.26 -2.48 2.88 -0.16 4.79 3.97 2.34 1.00 12.46 0.33ADRD BLDRS Developed Markets 100 ADR ETF 22.76 72 Hold 1.57 -3.30 2.37 -2.37 7.49 5.20 2.56 1.04 13.41 0.30CCXE WisdomTree Commodity Country Equity ETF 24.21 60 Sell -5.24 -7.84 -2.08 -12.24 -5.18 0.36 1.18 16.16 0.58CWI SPDR® MSCI ACWI ex-US ETF 33.86 72 Sell 1.20 -2.20 3.17 1.00 5.36 4.53 2.14 1.00 12.52 0.34DEW WisdomTree Global Equity Income ETF 43.22 81 Hold -1.64 -5.36 0.64 -1.98 5.16 5.35 0.94 11.91 0.58DGT SPDR® Global Dow ETF 68.84 73 Hold -0.32 -2.86 1.32 2.53 9.61 6.59 2.03 0.88 11.56 0.50DNL WisdomTree Global ex-US Dividend Gr ETF 49.27 75 Hold -0.71 -4.55 1.04 2.02 0.54 2.47 1.01 13.14 0.58DOL WisdomTree International LargeCp Div ETF 47.83 71 Hold 2.35 -3.09 2.75 -1.68 7.23 5.06 1.07 13.57 0.48DOO WisdomTree Intl Div ex-Fincls ETF 43.00 70 Buy -0.02 -4.44 0.75 -6.12 5.41 4.73 1.04 13.52 0.58DTH WisdomTree DEFA Equity Income ETF 42.55 74 Hold 0.58 -4.64 1.93 -4.75 7.66 5.07 1.10 14.17 0.58DWM WisdomTree DEFA ETF 50.79 66 Hold 2.42 -2.59 3.48 -1.08 8.25 5.94 1.05 13.22 0.48DWX SPDR® S&P International Dividend ETF 40.83 60 Hold -2.83 -8.96 -1.10 -8.49 -0.91 0.20 5.95 1.15 15.13 0.45EFA iShares MSCI EAFE 63.09 73 Hold 3.70 -1.14 4.46 0.01 8.04 5.75 2.37 1.03 12.97 0.33EFAV iShares MSCI EAFE Minimum Volatility 64.56 85 Strong Buy 4.64 -1.04 5.35 9.24 10.40 2.58 0.70 10.23 0.20EFG iShares MSCI EAFE Growth 68.83 73 Buy 4.59 0.07 4.80 2.17 7.94 6.46 1.72 0.94 12.01 0.40EFV iShares MSCI EAFE Value 52.20 58 Hold 2.29 -2.56 3.62 -2.43 7.58 4.72 2.90 1.10 14.11 0.40FDT First Trust Dev Mkts Ex-US AlphaDEX® ETF 49.26 71 Buy 4.08 -0.34 5.88 -1.62 6.78 0.96 12.68 0.80FGD First Trust Dow Jones Global Sel Div ETF 25.14 76 Hold -0.91 -4.48 0.64 -2.93 7.02 8.01 0.96 12.77 0.60GWL SPDR® S&P World ex-US ETF 27.74 72 Hold 3.12 -0.82 4.49 0.21 6.91 5.67 1.93 0.99 12.40 0.34



Beta 3 Year

SD 3 Year


FOREIGN LARGE CAP (continued)

HGI Guggenheim Intl Multi-Asset Inc ETF 16.71 67 Hold -1.05 -5.04 1.18 -5.66 1.44 2.80 3.46 0.98 12.42 0.81IDV iShares International Select Dividend 33.74 75 Hold 0.15 -4.42 1.13 -6.36 6.34 6.58 4.07 1.12 14.78 0.50IOO iShares Global 100 75.83 82 Hold -0.51 -2.99 0.95 4.12 9.24 7.80 2.61 0.83 11.14 0.40LVL Guggenheim S&P Global Div Opps Idx ETF 11.05 61 Hold -3.24 -8.15 -1.68 -10.49 -1.51 0.31 5.46 1.03 14.04 1.08PID PowerShares Intl Div Achiev ETF 17.33 87 Hold -1.03 -5.30 1.98 0.00 6.64 7.03 3.05 0.87 11.42 0.54PIZ PowerShares DWA Developed Mkts Mom ETF 24.60 71 Hold 2.37 -0.16 3.33 -5.73 10.64 7.67 0.86 1.04 14.42 0.80PXF PowerShares FTSE RAFI Dev Mkts ex-US ETF 40.25 55 Hold 1.89 -2.41 2.88 -3.08 6.62 4.03 2.62 1.11 14.25 0.45RTR RevenueShares ADR ETF 34.83 66 Hold -3.01 -6.55 0.67 -4.13 2.20 2.21 1.10 14.37 0.49SDIV Global X SuperDividend™ ETF 22.65 88 Buy -0.80 -4.23 1.33 1.22 7.66 6.12 0.91 12.63 0.58TOK iShares MSCI Kokusai 54.55 87 Hold 0.72 -1.78 2.94 6.94 12.83 10.69 2.13 0.79 10.60 0.25VEA Vanguard FTSE Developed Markets ETF 39.27 67 Hold 3.67 -1.03 4.56 0.31 8.08 5.86 1.03 13.10 0.09VEU Vanguard FTSE All-World ex-US ETF 47.79 67 Hold 1.98 -2.09 3.53 0.89 5.31 4.70 1.01 12.65 0.14VT Vanguard Total World Stock ETF 60.89 76 Buy 1.28 -1.87 3.72 6.47 10.52 9.21 0.81 10.59 0.17

LATIN AMERICAARGT Global X MSCI Argentina ETF 20.38 62 Hold 8.63 2.20 9.02 10.19 -1.61 0.82 1.46 23.70 0.75BRF Market Vectors® Brazil Small-Cap ETF 15.55 13 Sell -26.20 -14.14 -25.34 -38.45 -28.15 -15.53 1.81 1.41 24.82 0.60ECH iShares MSCI Chile Capped 38.10 38 Sell -4.49 -7.12 -1.96 -7.27 -16.28 -6.64 1.78 0.96 17.09 0.62EPU iShares MSCI All Peru Capped 28.34 50 Sell -11.33 -8.02 -11.17 -9.48 -12.25 -0.13 1.38 0.50 16.39 0.62EWW iShares MSCI Mexico Capped 57.27 69 Sell -3.57 -3.10 2.40 -1.97 -0.80 3.66 0.43 0.99 17.59 0.48EWZ iShares MSCI Brazil Capped 29.31 35 Sell -19.85 -16.38 -16.80 -22.86 -22.13 -14.13 4.21 1.45 24.41 0.62EWZS iShares MSCI Brazil Small-Cap 10.28 13 Sell -28.01 -15.60 -26.57 -39.14 -26.95 4.73 1.34 24.69 0.62GML SPDR® S&P Emerging Latin America ETF 45.27 50 Sell -13.63 -11.08 -9.88 -15.43 -15.65 -8.54 2.51 1.24 19.20 0.49GXG Global X MSCI Colombia ETF 10.12 34 Sell -21.31 -16.98 -12.82 -38.45 -20.20 -6.90 3.97 0.76 21.28 0.61ILF iShares Latin America 40 28.04 59 Sell -11.85 -11.27 -7.45 -12.51 -14.44 -7.58 2.82 1.21 19.29 0.49

ASIAAIA iShares Asia 50 48.14 77 Hold 2.32 -1.88 5.20 12.21 3.88 6.19 1.65 0.79 12.66 0.50ASEA Global X Southeast Asia ETF 15.08 74 Sell -4.50 -4.98 -2.90 0.84 0.92 2.42 0.71 12.25 0.65AUSE WisdomTree Australia Dividend ETF 53.47 78 Hold 2.82 1.12 5.65 -7.69 2.69 3.52 1.18 19.03 0.58AXJL WisdomTree Asia Pacific ex-Japan ETF 65.52 74 Hold 0.43 -4.38 2.78 7.54 3.61 5.14 0.84 12.28 0.48DFJ WisdomTree Japan SmallCap Dividend ETF 53.38 72 Buy 10.02 4.36 11.32 11.09 8.40 7.57 0.58 12.31 0.58DXJ WisdomTree Japan Hedged Equity ETF 55.44 94 Strong Buy 12.61 7.25 12.43 34.99 20.65 9.81 0.82 16.35 0.48EPHE iShares MSCI Philippines 41.25 90 Hold 7.98 -0.98 9.08 24.03 14.43 0.93 0.67 16.83 0.62EPI WisdomTree India Earnings ETF 22.87 72 Hold 3.72 -4.27 5.00 31.24 4.33 1.12 1.28 24.13 0.83EPP iShares MSCI Pacific ex Japan 44.44 74 Hold 1.11 -3.22 3.00 -0.25 4.77 5.20 3.23 1.07 16.02 0.49EWA iShares MSCI Australia 22.66 71 Hold 2.21 -2.45 5.25 -4.66 4.02 3.84 3.81 1.20 18.97 0.48EWH iShares MSCI Hong Kong 20.97 84 Buy 2.09 -3.72 2.09 12.05 8.12 8.65 2.15 0.87 14.42 0.48EWJ iShares MSCI Japan 12.48 80 Hold 11.03 4.61 10.51 13.15 9.02 5.57 1.47 0.72 12.91 0.48EWM iShares MSCI Malaysia 12.80 69 Sell -5.04 -6.43 -2.02 -11.78 -1.61 5.58 2.76 0.49 11.00 0.48EWO iShares MSCI Austria Capped 15.47 27 Sell 1.91 -3.55 0.81 -16.86 0.86 -1.85 1.73 1.28 18.77 0.48EWS iShares MSCI Singapore 12.27 78 Sell -6.19 -5.32 -5.16 2.55 2.22 5.23 2.83 0.85 13.28 0.48EWT iShares MSCI Taiwan 15.62 71 Hold 3.38 -2.38 5.98 12.89 6.56 7.22 2.18 0.59 11.60 0.62EWY iShares MSCI South Korea Capped 54.79 59 Sell -0.90 -2.21 1.03 -5.64 -2.37 3.48 0.38 0.84 14.48 0.62FCHI iShares FTSE China 51.70 75 Hold 1.37 -1.95 4.33 24.20 5.28 3.92 2.57 0.82 16.30 0.74FNI First Trust ISE Chindia ETF 29.36 80 Hold 2.66 -4.33 1.72 0.19 10.04 7.17 1.22 19.20 0.60FXI iShares China Large-Cap 41.49 76 Hold -0.31 -3.47 6.20 29.26 4.16 2.52 2.57 0.89 18.08 0.74GMF SPDR® S&P Emerging Asia Pacific ETF 85.11 75 Hold 2.04 -2.95 4.48 16.39 5.34 5.83 1.77 0.81 12.05 0.49GXC SPDR® S&P China ETF 79.15 68 Sell -0.62 -2.46 3.29 15.15 5.10 4.05 2.32 0.81 15.06 0.59IDX Market Vectors® Indonesia ETF 23.51 63 Hold -3.21 -5.09 0.01 0.85 -5.07 2.78 1.69 0.69 18.30 0.57IDXJ Market Vectors® Indonesia Small-Cap ETF 12.80 63 Sell -6.43 -4.90 -3.66 -6.56 0.83 0.61INP iPath® MSCI India ETN 74.07 66 Hold 6.35 -3.44 6.88 30.61 7.21 2.87 1.21 22.35 0.89INXX EGShares India Infrastructure ETF 13.27 60 Hold 4.81 -1.42 6.30 31.20 -1.80 1.60 32.30 0.85IPAC iShares Core MSCI Pacific 50.86 73 Hold 7.57 2.60 8.04 0.14ITF iShares Japan Large-Cap 53.51 78 Hold 10.38 4.68 10.13 13.62 9.47 5.40 1.45 0.72 12.83 0.50JSC SPDR® Russell/Nomura Small Cap Japan ETF 51.70 72 Hold 7.86 4.05 7.82 9.39 7.77 7.40 1.05 0.67 13.60 0.40PAF PowerShares FTSE RAFI Asa Pac ex-Jpn ETF 50.48 68 Hold 0.20 -3.37 1.86 -2.62 1.86 4.22 2.28 1.01 14.86 0.49PEK Market Vectors® ChinaAMC A-Share ETF 46.29 66 Hold 0.59 2.78 12.41 68.45 7.85 0.03 24.97 0.72PGJ PowerShares Golden Dragon China ETF 27.31 59 Sell -1.94 -5.47 -1.94 -11.82 7.81 3.54 0.63 0.97 21.31 0.70SCIF Market Vectors® India Small-Cap ETF 47.99 61 Hold 7.38 -0.79 8.31 51.99 -2.82 0.59 1.60 34.47 0.93SCJ iShares MSCI Japan Small-Cap 56.20 79 Hold 8.79 3.96 9.79 11.78 9.51 8.30 1.53 0.66 13.65 0.48

12 MARCH 2015 | PHONE: (888) 252-5372


ASIA (continued)


Beta 3 Year

SD 3 Year


TAO Guggenheim China Real Estate ETF 20.60 72 Sell -1.29 -4.63 0.70 16.70 6.36 4.75 0.81 17.23 0.71THD iShares MSCI Thailand Capped 78.29 86 Buy 1.07 -6.33 1.81 12.65 5.52 15.21 2.79 1.00 19.48 0.62VNM Market Vectors® Vietnam ETF 18.31 72 Sell -4.73 -6.25 -3.66 -14.24 0.26 -5.46 2.43 0.65 22.05 0.76VPL Vanguard FTSE Pacific ETF 60.52 59 Hold 6.42 1.59 7.64 7.55 7.56 5.64 0.90 13.06 0.12YAO Guggenheim China All-Cap ETF 27.22 72 Hold -1.73 -3.41 2.08 15.49 4.58 3.75 0.83 15.40 0.71

EUROPEDFE WisdomTree Europe SmallCap Dividend ETF 54.58 76 Hold 6.04 -0.96 7.36 -8.22 16.09 11.89 1.08 15.95 0.58EWD iShares MSCI Sweden 32.89 74 Hold 3.85 -1.88 2.99 -4.43 8.28 8.45 2.64 1.20 16.87 0.48EWG iShares MSCI Germany 29.19 69 Buy 6.49 0.00 5.61 0.50 10.50 8.55 2.22 1.16 16.33 0.48EWI iShares MSCI Italy Capped 14.24 33 Sell 4.71 -1.39 4.36 -12.73 4.09 -2.27 2.24 1.54 24.78 0.48EWK iShares MSCI Belgium Capped 16.45 74 Hold 1.51 -4.08 2.45 -0.46 14.74 8.33 1.83 0.98 13.49 0.48EWL iShares MSCI Switzerland Capped 32.47 86 Hold 2.46 -1.07 1.31 -0.86 12.21 9.74 1.29 0.92 12.62 0.48EWN iShares MSCI Netherlands 25.05 61 Hold 4.79 0.56 5.26 2.35 12.06 6.41 1.58 1.05 15.54 0.48EWP iShares MSCI Spain Capped 32.52 50 Sell -6.09 -5.49 -7.33 -13.27 6.71 -0.42 0.55 1.81 26.97 0.48EWQ iShares MSCI France 25.34 50 Hold 2.80 -3.21 3.80 -7.41 7.26 3.16 2.55 1.19 16.78 0.48EWU iShares MSCI United Kingdom 17.89 75 Hold -0.78 -5.39 2.55 -5.34 5.03 6.12 3.05 1.00 13.39 0.48EZU iShares MSCI EMU 37.56 52 Hold 3.39 -1.91 3.13 -4.52 8.74 3.92 1.87 1.26 17.23 0.48FEU SPDR® STOXX Europe 50 ETF 34.54 66 Hold 0.93 -3.61 1.23 -4.46 6.30 3.96 2.52 1.08 14.16 0.29FEZ SPDR® EURO STOXX 50 ETF 37.67 53 Hold 2.20 -2.16 2.03 -4.40 8.24 3.02 1.77 1.31 18.32 0.29GREK Global X FTSE Greece 20 ETF 10.68 17 Sell -20.30 -21.76 -21.77 -55.82 -13.04 2.99 45.78 0.61GUR SPDR® S&P Emerging Europe ETF 26.00 44 Sell -4.80 -12.37 -7.88 -17.21 -13.79 -7.69 2.87 1.53 21.44 0.49HEDJ WisdomTree Europe Hedged Equity ETF 66.61 92 Strong Buy 19.76 7.45 23.00 31.78 17.55 10.75 0.70 11.77 0.58IEUR iShares Core MSCI Europe 44.58 55 Hold 1.92 -2.45 2.93 0.14IEV iShares Europe 43.30 53 Hold 1.81 -2.70 2.63 -4.16 8.10 5.71 2.15 1.12 14.68 0.60NORW Global X MSCI Norway ETF 11.36 43 Sell -4.78 -9.98 0.31 -24.84 -4.56 3.35 1.31 19.20 0.50PLND Market Vectors® Poland ETF 16.49 46 Sell -8.77 -7.69 -14.36 -20.83 -3.41 -5.10 1.42 1.37 21.45 0.61RBL SPDR® S&P Russia ETF 15.48 39 Hold 7.80 -11.24 4.56 -20.74 -19.44 -10.23 4.17 1.74 27.98 0.59RSX Market Vectors® Russia ETF 15.95 40 Hold 9.02 -11.63 5.15 -21.07 -19.20 -11.65 3.50 1.77 28.67 0.63VGK Vanguard FTSE Europe ETF 53.41 70 Hold 1.91 -2.82 2.76 -3.87 8.49 6.27 1.10 14.41 0.12

EMERGING MARKETSADRE BLDRS Emerging Markets 50 ADR ETF 33.86 64 Sell -4.67 -8.20 -2.18 1.86 -5.83 -2.59 1.39 1.12 16.29 0.30BICK First Trust BICK ETF 22.10 62 Sell -6.10 -7.88 -4.90 -1.23 -5.47 1.22 17.23 0.64BIK SPDR® S&P BRIC 40 ETF 21.45 66 Sell -1.74 -6.25 1.42 7.59 -3.82 -0.44 2.68 1.18 16.90 0.49BKF iShares MSCI BRIC 34.59 57 Sell -1.26 -5.94 1.81 7.79 -5.02 -3.29 2.71 1.14 16.44 0.68DEM WisdomTree Emerging Markets Eq Inc ETF 40.77 75 Sell -3.30 -8.51 -1.38 -5.59 -7.65 -0.52 0.95 13.55 0.63DGS WisdomTree Emerging Markets SmCp Div ETF 42.45 84 Sell -1.65 -4.82 -0.35 -2.55 -1.40 2.78 0.83 12.41 0.63EDIV SPDR® S&P Emerging Markets Dividend ETF 31.89 67 Sell -6.51 -8.23 -5.66 -5.22 -11.53 5.83 1.05 15.18 0.49EEM iShares MSCI Emerging Markets 38.30 80 Sell -2.52 -5.83 1.30 2.50 -2.88 0.38 2.71 0.97 13.53 0.68EWX SPDR® S&P Emerging Markets Small Cap ETF 43.78 71 Sell -1.26 -2.56 0.33 -1.52 -0.21 1.29 1.81 0.87 12.37 0.65FRN Guggenheim Frontier Markets ETF 13.12 37 Sell -5.51 -3.85 -0.69 -9.58 -11.65 -4.32 0.94 15.31 0.71GAF SPDR® S&P Emerging Middle East&Afr ETF 66.23 71 Sell -1.15 -6.98 4.37 1.93 -0.25 3.23 1.88 0.96 15.97 0.49GMM SPDR® S&P Emerging Markets ETF 61.77 69 Sell -1.70 -5.94 1.34 5.77 -1.49 1.67 1.92 0.98 13.61 0.59HILO EGShares Low Volatility EM Dividend ETF 13.93 52 Sell -3.67 -6.01 -3.26 -7.20 -8.77 0.99 14.64 0.85PIE PowerShares DWA Emerging Markets Mom ETF 17.49 84 Sell -0.40 -5.05 2.43 0.29 -0.20 3.90 0.89 0.91 14.40 0.90VWO Vanguard FTSE Emerging Markets ETF 39.20 67 Sell -2.05 -6.18 1.37 6.65 -1.87 1.32 1.00 14.12 0.15

FOREIGN - OTHEREGPT Market Vectors® Egypt ETF 59.80 74 Hold 2.57 -2.37 -0.48 -7.10 9.61 -2.68 1.63 0.86 26.56 0.98EIS iShares MSCI Israel Capped 48.52 59 Hold 3.72 3.48 2.74 -2.75 8.31 -1.09 2.47 0.62 13.36 0.62EWC iShares MSCI Canada 26.56 81 Sell -7.97 -5.41 -1.73 -7.35 -0.42 1.29 1.81 0.88 13.36 0.48EZA iShares MSCI South Africa 62.76 78 Sell -3.18 -9.87 4.26 2.90 -1.01 4.33 1.89 0.97 17.34 0.62

BONDSAGG iShares Core US Aggregate Bond 110.34 80 Hold 0.53 -0.21 0.46 4.63 2.65 4.02 2.03 1.02 2.98 0.08BIV Vanguard Intermediate-Term Bond ETF 85.05 78 Hold 0.86 -0.36 0.57 5.11 3.37 5.67 2.37 1.49 4.44 0.10BKLN PowerShares Senior Loan ETF 24.06 86 Strong Buy 1.05 0.10 1.99 0.99 3.82 4.06 0.14 2.47 0.65BLV Vanguard Long-Term Bond ETF 94.25 83 Sell 0.59 -0.75 1.30 14.36 6.60 9.52 3.64 3.05 9.37 0.10BND Vanguard Total Bond Market ETF 82.61 76 Hold 0.69 -0.03 0.51 4.42 2.64 4.10 2.06 1.04 3.05 0.08BOND PIMCO Total Return Active ETF 109.31 87 Hold 2.26 0.30 2.04 6.53 5.96 1.13 1.09 3.67 0.55CIU iShares Intermediate Credit Bond 109.77 84 Hold 0.80 -0.05 0.77 3.09 3.11 4.35 2.10 0.84 2.68 0.20CMBS iShares CMBS 51.85 82 Sell 1.67 0.10 1.30 3.64 3.14 2.46 0.65 2.36 0.25



Beta 3 Year

SD 3 Year


BONDS (continued)

CRED iShares Core US Credit Bond 111.77 85 Hold 0.42 -0.26 1.02 5.61 3.99 5.63 2.75 1.38 4.26 0.15CWB SPDR® Barclays Convertible Secs ETF 47.24 94 Strong Buy 1.09 -0.76 2.79 4.53 11.03 9.10 1.90 1.08 7.49 0.40FLOT iShares Floating Rate Bond 50.68 82 Strong Buy 0.33 0.23 0.35 0.43 1.16 0.45 0.50 0.20HYG iShares iBoxx $ High Yield Corporate Bd 90.20 94 Strong Buy 1.51 -0.58 4.69 1.34 5.74 7.44 5.04 0.67 4.81 0.50HYHG ProShares High Yield—Interest Rate Hdgd 73.52 77 Strong Buy 1.27 -0.62 4.21 -2.82 0.50HYS PIMCO 0-5 Year High Yield Corp Bd ETF 101.58 86 Strong Buy 1.50 0.13 2.73 0.44 5.67 4.17 0.26 3.27 0.55IPE SPDR® Barclays TIPS ETF 55.60 66 Sell -0.68 -1.12 -1.26 0.94 -0.29 3.85 0.10 1.83 5.75 0.15ITR SPDR® Barclays Interm Term Corp Bd ETF 34.27 80 Hold 0.71 0.28 0.48 3.36 3.38 4.66 2.31 0.90 2.87 0.12IUSB iShares Core Total USD Bond Market 101.46 76 Hold 1.09 0.47 1.04 2.11 0.15JNK SPDR® Barclays High Yield Bond ETF 39.07 93 Strong Buy 2.15 -0.44 5.31 0.72 5.66 7.46 5.64 0.67 5.15 0.40LAG SPDR® Barclays Aggregate Bond ETF 58.29 82 Hold 0.35 -0.29 0.47 4.50 2.55 4.06 2.11 1.00 2.92 0.10LQD iShares iBoxx $ Invst Grade Crp Bond 119.97 95 Strong Buy 1.02 -0.44 1.60 6.51 4.88 6.74 3.06 1.63 5.18 0.15LWC SPDR® Barclays Long Term Corp Bd ETF 41.55 86 Hold 1.13 -0.37 1.74 12.26 7.29 8.77 4.18 2.67 8.54 0.12MBB iShares MBS 109.62 88 Hold 0.45 -0.15 0.29 4.48 2.09 3.21 1.81 0.74 2.40 0.27MBG SPDR® Barclays Mortgage Backed Bond ETF 27.32 82 Sell 1.06 0.34 0.46 4.61 2.16 3.51 2.28 0.70 2.32 0.29MINT PIMCO Enhanced Short Maturity Active ETF 101.17 84 Strong Buy 0.23 0.16 0.12 0.51 0.94 1.15 0.66 0.05 0.31 0.35SCPB SPDR® Barclays Short Term Corp Bd ETF 30.62 87 Strong Buy 0.50 0.25 0.60 1.01 1.52 2.03 1.33 0.18 0.83 0.12SJNK SPDR® Barclays Short Term Hi Yld Bd ETF 29.09 85 Strong Buy 1.42 -0.11 2.55 -0.84 5.20 0.40SRLN SPDR® Blackstone / GSO Senior Loan ETF 49.36 82 Strong Buy 1.21 0.67 3.12 1.94 4.00 0.70TIP iShares TIPS Bond 111.51 79 Sell -0.45 -1.02 -1.13 0.43 -0.37 3.73 1.72 5.41 0.20

GOVERNMENT BONDSBSV Vanguard Short-Term Bond ETF 80.13 77 Strong Buy 0.43 0.12 0.22 1.13 1.17 1.93 1.08 0.36 1.19 0.10CSJ iShares 1-3 Year Credit Bond 105.18 84 Buy 0.17 0.08 0.27 0.61 1.25 1.69 1.04 0.17 0.76 0.20CXA SPDR® Nuveen Barclays CA Muni Bd ETF 23.85 82 Sell 0.43 -0.41 0.06 6.86 4.46 5.72 1.99 1.36 5.09 0.20EDV Vanguard Extended Duration Treasury ETF 124.80 80 Sell 0.69 -1.64 0.96 32.01 9.35 15.42 2.69 5.68 19.51 0.12GBF iShares Government/Credit Bond 114.25 82 Sell 0.07 -0.53 0.57 4.82 2.54 4.20 1.93 1.16 3.42 0.20GVI iShares Interm Government/Credit Bd 110.92 73 Sell 0.52 -0.13 0.18 2.15 1.72 3.06 1.41 0.72 2.16 0.20HYD Market Vectors® High-Yield Municipal ETF 30.96 85 Buy 1.17 0.47 0.73 9.79 5.30 5.89 4.63 1.44 6.02 0.35IEF iShares 7-10 Year Treasury Bond 106.56 75 Sell 0.86 -0.42 0.05 6.20 2.74 5.76 1.92 1.84 5.63 0.15IEI iShares 3-7 Year Treasury Bond 122.84 74 Hold 0.65 -0.10 0.17 2.38 1.41 3.29 1.44 0.91 2.84 0.15INY SPDR® Nuveen Barclays NY Muni Bd ETF 23.23 79 Sell -1.51 -0.94 -0.04 6.40 3.39 4.45 2.07 1.26 4.71 0.20ITE SPDR® Barclays Intermediate Term Trs ETF 60.06 72 Hold 0.37 -0.09 -0.02 1.89 1.18 2.63 1.10 0.67 2.07 0.10ITM Market Vectors® Intermediate Muni ETF 23.53 79 Sell -0.22 -0.41 -0.14 5.69 3.39 4.65 2.19 1.25 4.74 0.24MLN Market Vectors® Long Municipal ETF 19.69 79 Sell -0.28 -0.50 0.18 9.65 4.30 5.82 3.34 1.84 6.96 0.24MUB iShares National AMT-Free Muni Bond 109.78 77 Hold -0.07 0.06 0.19 5.44 3.01 4.30 1.60 1.08 4.03 0.25PLW PowerShares 1-30 Laddered Treasury ETF 32.89 85 Sell 0.45 -0.76 0.02 10.67 3.97 6.95 1.77 2.31 7.43 0.25PRB Market Vectors® Pre-Refunded Muni ETF 24.50 66 Sell 0.86 -0.65 -0.10 -0.11 0.05 0.66 0.40 0.44 1.86 0.24PWZ PowerShares Calif AMT-Free Muni Bd ETF 25.63 83 Hold 0.33 0.13 0.66 10.54 5.17 5.90 1.97 1.15 4.46 0.28PZA PowerShares National AMT-Free MuniBd ETF 25.33 82 Hold 0.60 0.26 0.73 10.10 4.73 5.77 2.20 1.40 5.38 0.28PZT PowerShares New York AMT-Free MuniBd ETF 24.38 79 Hold 0.58 0.70 1.09 10.25 4.14 5.24 1.99 1.28 5.16 0.28SHM SPDR® Nuveen Barclays ST Muni Bd ETF 24.24 72 Hold -0.04 -0.43 -0.05 0.30 0.81 1.40 0.68 0.26 1.27 0.20SHV iShares Short Treasury Bond 110.27 59 Buy 0.02 0.00 0.02 0.03 0.02 0.04 0.14 0.00 0.04 0.15SHY iShares 1-3 Year Treasury Bond 84.63 77 Buy 0.29 0.02 0.08 0.51 0.46 0.85 0.50 0.15 0.55 0.15SMB Market Vectors® Short Municipal ETF 17.52 69 Buy 0.07 -0.65 -0.29 0.19 0.81 1.71 0.87 0.33 1.50 0.20SMMU PIMCO Short Term Municipal Bond Actv ETF 50.27 66 Buy 0.34 -0.13 -0.20 0.33 0.55 0.92 0.47 0.13 0.63 0.35SUB iShares ST National AMTFree Muni Bnd 105.92 69 Buy 0.12 0.02 0.10 0.31 0.56 1.09 0.42 0.15 0.75 0.25TENZ PIMCO 7-15 Year U.S. Treasury ETF 86.04 82 Sell 0.87 -0.35 0.12 6.49 2.77 5.77 1.85 1.89 5.83 0.15TLH iShares 10-20 Year Treasury Bond 136.08 80 Sell 1.01 -0.41 0.19 10.04 4.08 7.42 2.16 2.34 7.43 0.15TLO SPDR® Barclays Long Term Treasury ETF 73.11 85 Sell 0.73 -0.69 0.81 18.23 6.08 9.62 2.46 3.49 11.49 0.10TLT iShares 20+ Year Treasury Bond 126.72 76 Sell 1.04 -0.95 0.95 20.16 6.60 10.51 2.54 3.78 12.60 0.15

INTERNATIONAL BONDSALD WisdomTree Asia Local Debt ETF 45.53 61 Hold -2.60 -2.46 -2.98 -3.87 -2.30 0.97 5.71 0.55AUNZ WisdomTree Australia & NZL Dbt ETF 17.93 55 Sell -4.92 -2.82 -4.87 -8.27 -4.57 1.22 1.47 10.44 0.45BWX SPDR® Barclays International Trs Bd ETF 51.61 72 Sell -6.72 -4.69 -7.62 -11.74 -2.88 0.10 0.66 0.93 6.12 0.50ELD WisdomTree Emerging Markets Lcl Dbt ETF 38.56 61 Sell -6.50 -6.02 -5.93 -10.07 -5.98 1.33 9.28 0.55EMB iShares JPMorgan USD Emerg Markets Bond 109.72 80 Sell 0.67 -1.50 2.56 5.18 3.06 5.91 5.04 1.57 7.71 0.40EMCB WisdomTree Emerging Markets Corp Bd ETF 71.14 78 Hold -0.78 -0.07 1.96 1.52 2.82 0.60IBND SPDR® Barclays International Corp Bd ETF 30.34 70 Sell -11.73 -7.50 -13.26 -18.03 -1.69 0.40 0.03 7.78 0.50ILB PIMCO Global Advtg Infl-Lkd Bd Actv ETF 42.34 60 Sell -6.83 -5.32 -6.71 -8.98 2.22 0.60

14 MARCH 2015 | PHONE: (888) 252-5372


INTERNATIONAL BONDS (continued)


Beta 3 Year

SD 3 Year


ITIP iShares Intnl Inflation-Linked Bond 40.87 67 Sell -7.62 -5.09 -8.52 -9.88 -4.45 1.16 8.34 0.40LEMB iShares Emerg Mkts Local Currency Bond 42.73 68 Sell -7.07 -6.01 -6.05 -8.79 -3.43 4.83 1.23 8.80 0.50PCY PowerShares Emerging Markets Sov Dbt ETF 27.85 81 Sell 0.11 -1.89 2.10 7.20 4.00 6.57 5.04 2.11 9.04 0.50WIP SPDR® DB Intl Govt Inflation-Prot Bd ETF 53.05 74 Sell -6.85 -4.69 -7.86 -8.43 -1.67 2.11 0.24 1.15 7.88 0.50

CURRENCYBZF WisdomTree Brazilian Real Strategy ETF 14.27 47 Sell -15.71 -11.70 -15.68 -18.85 -11.29 -4.83 -22.14 11.69 0.45CCX WisdomTree Commodity Currency Strat ETF 16.26 52 Sell -7.40 -3.96 -7.56 -17.59 -8.94 33.84 9.26 0.55CEW WisdomTree Emerging Currency Strat ETF 17.75 63 Sell -4.52 -3.58 -4.83 -10.22 -5.50 -2.65 24.25 7.12 0.55CYB WisdomTree Chinese Yuan Strategy ETF 25.20 72 Hold 0.28 0.08 -0.21 0.51 1.64 1.52 4.79 1.80 0.45DBV PowerShares DB G10 Currency Harvest ETF 25.06 73 Sell -1.88 2.62 -0.12 -1.80 -0.44 1.41 -4.64 8.14 0.76FXA CurrencyShares® Australian Dollar ETF 76.33 67 Sell -6.30 -1.75 -7.29 -14.01 -8.30 -0.90 0.56 10.75 0.40FXB CurrencyShares® British Pound Ster ETF 144.68 66 Sell -5.48 -4.32 -6.28 -11.59 -2.40 -0.89 0.33 7.36 0.40FXC CurrencyShares® Canadian Dollar ETF 77.75 65 Sell -9.09 -2.54 -9.51 -13.40 -8.05 -4.34 0.70 8.09 0.40FXE CurrencyShares® Euro ETF 103.08 60 Sell -13.48 -8.10 -15.94 -24.70 -7.48 -5.53 0.46 8.42 0.40FXF CurrencyShares® Swiss Franc ETF 96.92 75 Sell -1.26 -7.31 -4.22 -13.35 -3.19 0.62 0.42 8.88 0.40FXS CurrencyShares® Swedish Krona ETF 114.90 52 Sell -9.41 -2.78 -12.72 -26.24 -7.51 -3.56 0.53 9.03 0.40FXY CurrencyShares® Japanese Yen ETF 80.06 41 Sell -1.42 -2.21 -2.39 -16.66 -12.26 -6.09 -0.30 8.12 0.40ICN WisdomTree Indian Rupee Strategy ETF 21.07 69 Hold 1.61 -0.88 0.81 2.78 -1.19 -0.87 -11.37 11.00 0.45UDN PowerShares DB US Dollar Bearish ETF 21.10 48 Sell -11.20 -7.29 -13.42 -22.54 -7.81 -4.78 0.37 6.82 0.75UUP PowerShares DB US Dollar Bullish ETF 26.49 83 Buy 10.51 6.34 13.06 24.19 5.91 2.49 -0.36 6.65 0.75

INVERSE & LEVERAGEDADZ PowerShares DB Agriculture Short ETN 33.50 15.52 0.00 15.52 19.64 11.47 -1.18 0.69 18.31 0.75AGA PowerShares DB Agriculture Dble Shrt ETN 28.50 18.13 11.50 24.62 69.03 16.23 -8.23 1.39 36.60 0.75BDD PowerShares DB Base Metals Dble Long ETN 6.55 -12.90 -2.39 -16.77 -15.27 -20.95 -16.62 0.68 29.17 0.75BOIL ProShares Ultra Bloomberg Natural Gas 12.51 -20.72 -6.99 -52.69 -72.34 -36.94 1.71 65.15 1.01BOM PowerShares DB Base Metals Dble Shrt ETN 17.86 17.89 5.86 26.22 8.24 16.48 2.17 0.73 29.17 0.75BOS PowerShares DB Base Metals Short ETN 25.34 12.12 5.58 14.82 4.84 9.37 3.01 0.36 14.58 0.75BUNT PowerShares DB 3x German Bund Futs ETN 52.59 7.92 3.48 10.87 44.08 20.38 3.96 15.56 0.95DAG PowerShares DB Agriculture Dble Long ETN 4.18 -19.62 -10.88 -23.58 -49.76 -27.39 -12.54 1.42 36.66 0.75DDM ProShares Ultra Dow30 134.26 -0.27 -2.70 5.71 23.85 24.76 24.72 2.01 19.73 0.95DGP PowerShares DB Gold Double Long ETN 22.06 -6.13 -12.18 -11.94 -31.79 -25.54 -3.68 0.83 32.44 0.75DGZ PowerShares DB Gold Short ETN 15.87 1.28 5.91 4.75 15.94 9.95 -4.35 0.42 16.22 0.75DIG ProShares Ultra Oil & Gas 47.28 -12.46 -17.49 1.41 -27.41 -2.09 6.57 2.31 30.62 0.95DOG ProShares Short Dow30 23.14 -0.62 1.07 -3.76 -13.03 -13.40 -14.55 9.79 0.95DTO PowerShares DB Crude Oil Double Shrt ETN 111.19 38.11 36.75 50.79 221.17 46.68 12.12 2.44 49.19 0.75DUG ProShares UltraShort Oil & Gas 57.94 8.62 20.23 -8.06 13.14 -12.39 -24.78 -2.36 31.24 0.95DXD ProShares UltraShort Dow30 21.40 -1.66 2.05 -7.76 -24.78 -25.43 -27.99 -1.98 19.53 0.95DZZ PowerShares DB Gold Double Short ETN 7.68 1.59 12.12 8.78 32.41 18.63 -11.09 0.84 32.44 0.75EEV ProShares UltraShort MSCI Emerging Mkts 20.28 2.53 12.04 -5.54 -13.33 -5.75 -17.26 -1.98 29.20 0.95EFU ProShares UltraShort MSCI EAFE 41.03 -8.00 2.58 -9.65 -5.33 -20.60 -22.52 -2.15 26.88 0.95EFZ ProShares Short MSCI EAFE 33.06 -4.20 1.01 -5.16 -2.48 -10.35 -10.40 -1.07 13.37 0.95EUM ProShares Short MSCI Emerging Markets 26.77 1.67 6.02 -2.32 -6.07 -1.68 -6.89 -0.97 14.47 0.95EUO ProShares UltraShort Euro 28.52 31.98 18.05 39.67 70.37 12.99 7.25 -0.92 17.26 0.93EWV ProShares UltraShort MSCI Japan 52.55 -19.55 -8.47 -19.36 -27.95 -24.79 -21.27 -1.61 30.12 0.95FXP ProShares UltraShort FTSE China 50 41.36 -2.15 6.30 -14.81 -47.89 -22.50 -24.23 -1.43 37.56 0.95INDL Direxion Daily India Bull 3X ETF 94.91 17.94 -7.70 19.91 85.84 -7.27 -9.50 3.46 64.47 1.07LBJ Direxion Daily Latin America Bull 3X ETF 7.74 -35.33 -30.58 -26.00 -46.45 -46.98 -35.84 3.62 57.38 1.10LBND PowerShares DB 3x Long 25+Yr Trsy Bd ETN 55.57 1.55 -1.38 -0.75 58.77 12.77 3.08 35.42 0.95MVV ProShares Ultra MidCap400 77.46 5.24 -1.48 12.98 19.80 29.30 26.10 2.09 22.27 0.95MZZ ProShares UltraShort MidCap400 38.97 -6.70 1.01 -13.55 -23.62 -30.48 -33.33 -2.03 21.61 0.95PSQ ProShares Short QQQ 57.96 -2.56 1.36 -3.62 -18.60 -17.95 -19.11 -1.04 11.30 0.95PST ProShares UltraShort 7-10 Year Treasury 24.23 -2.18 0.62 -0.90 -13.71 -7.92 -13.83 -3.64 11.11 0.95QID ProShares UltraShort QQQ 37.39 -5.29 2.78 -7.36 -34.32 -33.43 -35.99 -2.07 22.39 0.95QLD ProShares Ultra QQQ 141.52 3.50 -3.06 5.08 37.90 35.63 35.14 2.15 23.34 0.95REK ProShares Short Real Estate 20.09 -0.36 2.67 -3.29 -18.21 -13.61 -0.42 12.36 0.95RUSL Direxion Daily Russia Bull 3X ETF 18.20 10.04 -33.36 -17.35 -73.41 -62.21 4.90 85.49 1.11RWM ProShares Short Russell2000 14.96 -3.17 -0.99 -7.60 -9.39 -16.94 -18.01 -1.17 13.26 0.95RXL ProShares Ultra Health Care 137.23 10.77 4.12 10.71 51.39 58.30 39.78 1.79 20.76 0.95


SAA ProShares Ultra SmallCap600 118.52 3.86 1.17 11.95 12.09 31.47 26.94 2.30 25.72 0.95SBB ProShares Short SmallCap600 51.39 -3.08 0.11 -6.62 -9.85 -17.20 -18.53 -1.13 12.60 0.95SCO ProShares UltraShort Bloomberg Crude Oil 90.03 17.66 28.52 32.34 39.99 6.88 2.86 55.08 0.93SDOW ProShares UltraPro Short Dow30 19.96 -2.92 3.15 -11.84 -35.63 -36.49 -40.47 -2.96 29.19 0.95SDS ProShares UltraShort S&P500 21.71 -1.54 3.58 -7.22 -25.65 -29.35 -29.94 -1.96 18.68 0.89SEF ProShares Short Financials 17.55 0.06 0.17 -2.93 -13.80 -17.84 -15.54 -1.11 11.66 0.95SH ProShares Short S&P500 21.63 -0.69 1.69 -3.74 -13.62 -15.70 -15.57 -0.99 9.36 0.89SJB ProShares Short High Yield 27.43 -2.00 0.44 -5.15 -4.16 -8.41 -0.68 5.65 0.95SKF ProShares UltraShort Financials 50.06 -0.26 0.48 -6.17 -26.12 -33.42 -31.24 -2.23 23.36 0.95SMN ProShares UltraShort Basic Materials 28.70 -3.14 7.29 -11.69 -12.87 -21.81 -27.61 -2.29 26.06 0.95SRS ProShares UltraShort Real Estate 12.19 -4.28 5.50 -7.55 -33.56 -26.20 -33.74 -0.84 24.57 0.95SRTY ProShares UltraPro Short Russell2000 27.70 -10.36 -3.18 -22.60 -30.05 -46.15 -51.83 -3.43 39.00 0.95SSO ProShares Ultra S&P500 127.91 -0.31 -3.82 5.31 25.21 31.14 26.43 2.01 19.14 0.89SZO PowerShares DB Crude Oil Short ETN 70.92 14.17 18.20 22.40 85.32 23.49 8.64 1.22 24.60 0.75TBT ProShares UltraShort 20+ Year Treasury 44.72 -3.60 1.13 -3.87 -34.72 -17.54 -25.24 -7.36 24.36 0.92TWM ProShares UltraShort Russell2000 37.02 -6.49 -2.06 -15.09 -19.24 -32.23 -35.59 -2.32 26.25 0.95TYO Direxion Daily 7-10 Yr Trs Bear 3X ETF 18.05 -4.17 0.66 -2.88 -21.71 -13.56 -21.34 -5.56 17.07 0.97UDOW ProShares UltraPro Dow30 139.61 -1.31 -4.21 7.75 34.98 36.85 35.12 3.02 29.70 0.95URE ProShares Ultra Real Estate 107.67 1.91 -6.41 4.85 38.55 22.49 24.00 0.86 25.04 0.95USD ProShares Ultra Semiconductors 90.60 -3.64 -4.55 -1.43 60.82 28.68 23.30 2.37 30.49 0.95UWM ProShares Ultra Russell2000 94.30 4.28 1.66 14.06 8.48 29.14 23.30 2.39 27.03 1.00UYG ProShares Ultra Financials 146.23 -1.93 -1.20 3.47 24.06 35.12 18.37 2.23 23.26 0.95UYM ProShares Ultra Basic Materials 50.05 0.46 -7.26 9.16 2.06 11.11 8.44 2.27 26.07 0.95XPP ProShares Ultra FTSE China 50 68.18 -1.53 -7.06 11.48 61.53 4.89 0.36 1.27 36.74 0.95YCS ProShares UltraShort Yen 91.30 2.24 4.38 3.97 39.20 24.47 8.65 0.61 16.85 0.93YINN Direxion Daily FTSE China Bull 3X ETF 34.40 -3.80 -10.81 15.01 87.78 10.39 -1.13 2.54 50.70 1.02

New Dividend-Focused ETFs for 2015ETF providers are aggressively fighting over dividend investor dollars, and there are four new ETFs aimed at grabbing a slice of this popular market. Three of the funds are from Direxion and combine two popular themes: dividends and low volatility. The fourth comes from Reality Shares and focuses on dividend growth; it tries to isolate growth with a complex derivatives strategy. Are any of these funds appropriate for your portfo-lio? Let’s find out.Direxion, famous for its three-times-leveraged ETFs popular with day and swing traders, is targeting the buy-and-hold market with three new ETFs. The firm recently launched Direxion Value Line Small and Mid Cap High Dividend (VLSM), Direxion Value Line Mid and Large Cap High Dividend (VLML), and Direxion Value Line Conservative Equity (VLLV).

VLSMVLSM and VLML use Value Line’s Timeliness, Performance and Safety Ranking System, as well as the Financial Strength rating. Timeliness and Performance Ranks are based on expected stock performance, while Safety Ranks are based on volatility and financial strength, which

is doubly counted due to breaking out the Finan-cial Strength rating. The index holds 50 securi-ties weighted equally and is monitored weekly, with additions and subtractions made quarterly and reweighting done annually. The Safety Rank adds a degree of low volatility to the mix.VLSM is extremely overweight financials, with nearly 44 percent of assets in the sector. The next three largest sectors are materials, energy and utilities, and together with finan-cials, these account for more than 75 percent of assets. Since the fund just launched, it does not have an indicated yield, but the fund will pay monthly dividends. Given the excessive weight in the financial sec-tor, VLSM is not an attractive core dividend ETF for mid- or small-cap exposure. Other small- and mid-cap dividend ETFs with more diversified ex-posure, such as WisdomTree Mid Cap Dividend (DON), are better choices. Investors hunting for financial exposure may want to watch the fund, though, especially with the Federal Reserve con-sidering rate hikes. An increase in interest rates is generally favorable for the financial sector.

VLMLVLML is constructed the same way as VLSM, but with mid- and large-cap stocks. This seem-ingly small difference leads to a large division

when it comes to sector exposure. The largest sector in VLML is materials, at 17 percent of as-sets, and seven of the 10 major S&P 500 sectors have at least 10 percent of assets. The fund has no exposure in healthcare, 4 percent in telecom and 6 percent in consumer staples. Aside from utilities at 11 percent of assets, the fund is tilted away from traditional dividend and defensive sectors.VLML also pays monthly dividends, and it has a diversified portfolio that shies away from tra-ditional dividend fund holdings. This fund could serve as a core holding in a portfolio, and it could be attractive if it’s able to grow dividends faster than the competition, but we want to see the in-dicated yield and some performance before rec-ommending it.

VLLVVLLV relies solely on Value Line’s Safety Rank to choose 140 high-yielding equities out of the 1,700 stocks with Safety Ranks. The Safety Rank combines volatility and financial strength, which puts the fund in historically low-volatility shares with solid balance sheets. The holdings are equally weighted.Due to its focus on low volatility and financial strength, VLLV’s portfolio more closely re-sembles a typical defensive dividend portfolio.


Beta 3 Year

SD 3 Year


INVERSE & LEVERAGED (continued)

(continued on page 16)


DISCLOSURE: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this newsletter, including Vanguard and Fidelity Investments. These results include the reinvestment of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide specific investment advice. This newsletter has been prepared solely for informational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. All investments involve risk including total loss of principal.

16 MARCH 2015 | PHONE: (888) 252-5372


Healthcare is tops with 19 percent of assets, closely followed by consumer staples with 17 percent and then technology at 13 percent. At 9 percent of assets, utilities are overweight relative to the S&P 500 index, but not to an excessive degree. One indication that VLLV might turn out to be a solid ETF comes from looking at two existing ETFs that use Value Line indexes. First Trust Value Line 100 (FVL) has been an underper-former since inception, trailing the S&P 500 index by 1 annualized percentage point over the past 10 years and trailing the mid-cap blend category by more than 2 annualized percentage points over the same period. First Trust Value Line Dividend (FVD) has outperformed over the long term thanks to holding up well in 2008. It fell only 24 percent that year, versus 37 per-cent for the S&P 500 index. FVD also earned a five-star rating from Morningstar and has been a consistent performer. The main difference be-tween these two funds is that FVL relies on the Timeliness Rank, while FVD uses the Safety Rank as the initial screen. Based on this limited evidence, Value Line indexes seem to do best when they focus on the Safety Rank, which could work in VLLV’s favor. VLLV will not pay monthly dividends, and the prospectus says only that dividends will be paid at least annually. VLLV has stiff compe-tition from existing dividend funds such as iS-hares Core High Dividend (HDV), Vanguard High Dividend Yield (VYM), Vanguard Div-idend Appreciation (VIG) and FVD, among others. Although those funds aren’t specifi-cally low volatility, they do tend to have less volatility than the broader market. As VLLV starts to generate a history, we’ll want to see how its yield and volatility compare to the competition.

DIVYThe other new dividend ETF hitting the market puts a new twist on dividend investing. Real-ity Shares DIVS ETF (DIVY) is designed to capture the dividend growth rate. If dividend growth is 5 percent, the fund would theoretically rise 5 percent. Using options and other deriva-tives, the fund invests at least 70 percent of as-sets in S&P 500 companies and up to 30 percent in Nasdaq-listed firms. The 10-year dividend growth rate of this 70/30 split is 11.70 percent.

Dividend growth is loosely correlated with stock prices because dividends are paid out of earnings. Investors may dump stocks due to rising fear or pessimism, but dividends might still rise thanks to earnings growth. Dividends for many firms, including those in the technol-ogy and consumer staples sectors, increased straight through 2008 and 2009, even though tech stock prices dropped substantially. For example, PowerShares QQQ (QQQ) tumbled 41.7 percent, despite an increase in dividends. Clearly, capturing dividend gains apart from stock market fluctuations is an attractive prop-osition, but in order to do so, the fund must employ a complex derivatives strategy.DIVY is not an income fund, but instead is a derivatives fund. Instead of offering inves-tors the opportunity to own stocks and col-lect dividends, the fund uses index option contracts to isolate changes in stock prices based on changes in expected dividend pay-outs. On paper, the fund’s strategy is a sound one. Changes in dividends affect the value of securities, and these are reflected in changes in derivative values since dividends are part of a security’s value. In practice, however, the fund’s strategy could run into trouble. Assuming it works as expected, the fund would rise in value when actual div-idend increases exceed expected dividend increases. It would drop if actual dividend in-creases are smaller than expected. As with earnings estimates and price-to-earnings ratios, expectations about dividend growth rise and fall with optimism and pessimism. When in-vestors price 50 percent earnings growth into a stock and growth of 40 percent is delivered, the stock price often tumbles even though 40 per-cent growth is spectacular. Similarly, if investors are pricing in a large increase in dividends, but the actual increase is smaller than expected, the strategy employed by DIVY will lose money, even if dividend growth is substantial.Expectations risk is a manageable one, but the larger risk comes from the use of derivatives. DIVY cannot completely isolate the signal from dividends. The fund uses a mix of puts and calls to isolate changes in dividends, but the price of puts and calls is also subject to shifts in investor pessimism and optimism. During a financial crisis, derivatives may de-viate wildly from their expected behavior and fail to capture the effect of dividends.

New Dividend-Focused ETFs for 2015 (continued)

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The strategy offered by DIVY is an interesting one. It isn’t an untested thesis, as hedge funds and other large investors already employ it. In-vestors who are familiar with options and op-tions valuation and are comfortable holding a complex derivatives strategy can give the fund a look, but for the vast majority of investors, this is a fund that is best left to the profession-als due to its significant complexity. If nothing else, caution is warranted until it establishes a meaningful track record.

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