MuTuaL Fund Investor Guide The eTF Investor Guide...T ETF Investor Guide The U.S. dollar could...
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1 Market Perspective: Falling Oil Weighs on Markets in December Fear of a continued decline in oil prices spread into the broader stock market through the middle of December. After hitting a new all-time high on December 5, the S&P 500 Index declined 4.1 percent through December 15. The majority of losses were concentrated in the en- ergy sector. SPDR Energy (XLE), one of the less vola- tile energy ETFs, fell 8.6 percent over this period, but that drop was still less than the decline in oil prices over the same period. West Texas Intermediate crude fell 17 percent and sank to the mid-$50 level after one major OPEC producer said it saw a $40 level coming before OPEC may finally decide to cut production. Stocks came under pressure after oil prices fell far enough to warrant concern about the broader economy. Reuters reported that layoffs have been announced in Texas, and economists are anticipating slower growth in some of the American boom states powered by the shale revolution. The outlook for emerging economies, which rely far more on commodity production as a per- centage of GDP, is much worse. In the coming weeks, economists will likely revise their emerging market growth estimates lower for 2015 based on weaker en- ergy prices. Part of the weakness is being driven by China, which is still shifting away from an export and infrastructure driven economy. China’s industrial production slowed in November, and investment has fallen to the lowest levels since the 2008 financial crisis. Real estate invest- ment growth was running at nearly 20 percent at the start of the year, but now is down to 7.6 percent as of November. If these investment numbers hold into 2015, GDP growth could slide below 7 percent. Although 5 percent growth sounds encouraging com- pared with no growth in Europe and Japan, China’s slowdown is concentrated in energy intensive sectors such as infrastructure. Massive amounts of energy are needed to make the steel and concrete used in building projects. In November, industries such as concrete and plate glass were in full blown recession. Even if China continues growing, its current investment rates indicate construction projects will keep slowing into 2015, and that means far less demand than expected. The current drop in oil prices, for example, was heralded by the drop in iron ore prices from nearly $136 a ton at the end of 2013 to $68 recently, a 50 percent decline. The collapse in iron ore prices was mainly due to optimistic projections for Chinese demand that suddenly became less optimistic in 2014, as supply far outpaced demand. The situation in the oil market is not as reliant on China, but the story is similar. Slower than expected growth, and in the case of oil, faster supply growth, made for a big drop in prices. Even though there’s some risk for energy producing states, investors may be overestimating the cost of low oil prices to the U.S. economy. The Markit Manufac- turing PMI for December slipped to 53.7, down from November’s 54.8, though any number above 50 still signals expansion. Markit’s number is also below the Institute for Supply Management’s (ISM) November ISM reading of 58.7, which still signals a robust expan- sion in this leading sector. In its report, ISM also noted that backlogs, exports and new orders were all growing at a faster rate in November, which is excellent news for the manufacturing sector. Other than the most recent slip in manufacturing data, the previous couple of months have seen a steady im- provement in economic results. Third quarter GDP growth was revised up to 3.9 percent on the back of strong exports and business investment. Companies created 321,000 jobs in November, significantly above the estimates of 230,000. It was the highest monthly number in 2014, exceeding April’s 288,000 by a wide margin. The Wall Street Journal noted the economy is seeing “the best year for job growth since 1999.” In addition to the growth in jobs, wages are going up too, climbing 0.4 percent in November. We also know consumers are shifting their behavior. Sales of Ford’s Navigator SUV jumped 91 percent last month, while sales of the compact Ford Fusion fell 9 percent. Retail sales growth improved to 0.7 percent in November too, one of the best showings in 2014. While it remains to be seen how much consumers spend this holiday season, between rising wages and lower oil prices, they at least have the wind at their back for the first time in many years. Also helping consumers and the U.S. economy is a stronger U.S. dollar, which reached a new high in De- cember. Although the euro and yen have since rallied, emerging market currencies continued to fall, led by the collapse of the Russian ruble. The ruble was 37 to $1 at the start of September; 50 at the start of December; and 54 on December 12. In the next four days, the currency plunged all the way to 80 intraday before stabilizing around 65. (continued on next page) MutualFundInvestorGuide.com THE ETF Investor Guide MUTUAL FUND Investor Guide DECEMBER 2014 Matthew D. Sauer Founder & Chief Investment Officer Matthew Sauer is the Founder and Chief Investment Officer 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 Officer of the Fidelity Independent Adviser, ETF Report & Sector Momentum Tracker newsletters. IN THIS ISSUE 1 Perspective 2 Portfolio Updates 3 Model Portfolios 4 Data & Rankings 15 The Impact of Falling Oil Prices
Transcript of MuTuaL Fund Investor Guide The eTF Investor Guide...T ETF Investor Guide The U.S. dollar could...
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Market Perspective: Falling Oil Weighs on Markets in DecemberFear of a continued decline in oil prices spread into the broader stock market through the middle of December. After hitting a new all-time high on December 5, the S&P 500 Index declined 4.1 percent through December 15. The majority of losses were concentrated in the en-ergy sector. SPDR Energy (XLE), one of the less vola-tile energy ETFs, fell 8.6 percent over this period, but that drop was still less than the decline in oil prices over the same period. West Texas Intermediate crude fell 17 percent and sank to the mid-$50 level after one major OPEC producer said it saw a $40 level coming before OPEC may fi nally decide to cut production. Stocks came under pressure after oil prices fell far enough to warrant concern about the broader economy. Reuters reported that layoffs have been announced in Texas, and economists are anticipating slower growth in some of the American boom states powered by the shale revolution. The outlook for emerging economies, which rely far more on commodity production as a per-centage of GDP, is much worse. In the coming weeks, economists will likely revise their emerging market growth estimates lower for 2015 based on weaker en-ergy prices.Part of the weakness is being driven by China, which is still shifting away from an export and infrastructure driven economy. China’s industrial production slowed in November, and investment has fallen to the lowest levels since the 2008 fi nancial crisis. Real estate invest-ment growth was running at nearly 20 percent at the start of the year, but now is down to 7.6 percent as of November. If these investment numbers hold into 2015, GDP growth could slide below 7 percent. Although 5 percent growth sounds encouraging com-pared with no growth in Europe and Japan, China’s slowdown is concentrated in energy intensive sectors such as infrastructure. Massive amounts of energy are needed to make the steel and concrete used in building projects. In November, industries such as concrete and plate glass were in full blown recession. Even if China continues growing, its current investment rates indicate construction projects will keep slowing into 2015, and that means far less demand than expected. The current drop in oil prices, for example, was heralded by the drop in iron ore prices from nearly $136 a ton at the end of 2013 to $68 recently, a 50 percent decline. The
collapse in iron ore prices was mainly due to optimistic projections for Chinese demand that suddenly became less optimistic in 2014, as supply far outpaced demand. The situation in the oil market is not as reliant on China, but the story is similar. Slower than expected growth, and in the case of oil, faster supply growth, made for a big drop in prices.Even though there’s some risk for energy producing states, investors may be overestimating the cost of low oil prices to the U.S. economy. The Markit Manufac-turing PMI for December slipped to 53.7, down from November’s 54.8, though any number above 50 still signals expansion. Markit’s number is also below the Institute for Supply Management’s (ISM) November ISM reading of 58.7, which still signals a robust expan-sion in this leading sector. In its report, ISM also noted that backlogs, exports and new orders were all growing at a faster rate in November, which is excellent news for the manufacturing sector. Other than the most recent slip in manufacturing data, the previous couple of months have seen a steady im-provement in economic results. Third quarter GDP growth was revised up to 3.9 percent on the back of strong exports and business investment. Companies created 321,000 jobs in November, signifi cantly above the estimates of 230,000. It was the highest monthly number in 2014, exceeding April’s 288,000 by a wide margin. The Wall Street Journal noted the economy is seeing “the best year for job growth since 1999.” In addition to the growth in jobs, wages are going up too, climbing 0.4 percent in November. We also know consumers are shifting their behavior. Sales of Ford’s Navigator SUV jumped 91 percent last month, while sales of the compact Ford Fusion fell 9 percent. Retail sales growth improved to 0.7 percent in November too, one of the best showings in 2014. While it remains to be seen how much consumers spend this holiday season, between rising wages and lower oil prices, they at least have the wind at their back for the fi rst time in many years. Also helping consumers and the U.S. economy is a stronger U.S. dollar, which reached a new high in De-cember. Although the euro and yen have since rallied, emerging market currencies continued to fall, led by the collapse of the Russian ruble. The ruble was 37 to $1 at the start of September; 50 at the start of December; and 54 on December 12. In the next four days, the currency plunged all the way to 80 intraday before stabilizing around 65.
(continued on next page)
MutualFundInvestorGuide.comThe eTF Investor GuideInvestor GuideInvestor Guide
MuTuaL Fund Investor Guide
deCeMber 2014
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
4 Data & Rankings
15 The Impact of Falling Oil Prices
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The U.S. dollar could remain strong in 2015 if the European Central Bank decides to launch a quantitative easing program. That would be bullish for European equities as well, and would most benefit a fund such as Wisdom-Tree Hedged Europe (HEDJ), which hedges against currency risk. Moreover, Europe could again be the central focus for investors should Greece decide to change its government. A presidential vote is scheduled for December 17, with two more rounds if no one is elected. Members of parlia-ment vote for the largely ceremonial president; victory requires 200 out of 300 legislators in the first two rounds, with only 180 needed in
round three. The ruling coalition is said to need about 7 votes to reach 180, which means the vote will likely come down to the third and final round at the end of December. If there is no winner, a general election will take place at the end of January. The opposition party, which opposes austerity, is leading the polls and would likely win a general election. If the Greeks decide to change course and break from their financial arrangements with the rest of Europe, the Greek sovereign debt crisis could be back. On the day the election was an-nounced, Greek stocks saw their biggest daily loss since 1987.Low commodity prices are hurting emerging
markets, and the slowing Chinese economy will keep the pressure on these markets in 2015. In Japan, Shinzo Abe won reelection and now has a mandate to continue Abenomics, which mainly involves weakening the Japa-nese yen. In Europe, a new quantitative easing program, or at least stepped up intervention, could launch in 2015. Back in the U.S., growth remains strong. Some weakness in oil produc-ing states could keep GDP growth moderate in the fourth quarter, but lower energy prices will certainly benefit consumers. With the manufacturing sector still in robust expansion, global investors will find the U.S. a safe haven in 2015.
Portfolio UpdatesUntil the second and third week of December, returns had been quite strong for the Model Portfolios as the major indexes reached new highs. However, losses in the oil patch weighed on the broad indexes, taking the S&P 500 Index down 2.46 percent on the month. The Dow Jones Industrial Average slipped 2.57 percent, and the Nasdaq fell 1.78 percent. The Russell 2000 fell 2.86 percent. The MSCI EAFE, still weighed down by weak foreign currencies, slid 4.62 percent. Year to date, the Nasdaq is up 10.26 percent. The S&P 500 Index has gained 7.64 percent. The DJIA is up 3.64 percent, and the Russell 2000 Index is down 2.01 percent. The MSCI EAFE has declined 9.72 percent.We made no changes to the Model Portfolios this month. The ETF Aggressive Sector Portfolio slipped 0.38 percent over the past month but is still up 12.77 percent in 2014. iShares North American Software (IGV), which gained more than 13 percent over the prior month, slipped 3.26 per-cent and was the worst performer in the port-folio. In contrast, SPDR Biotech (XBI) gained 4.75 percent as biotech shares stayed hot. Fi-delity MSCI Healthcare (FHLC) rallied 1.65 percent, the only other gainer on the month. The two consumer funds, as well as iShares U.S. Financials (IYF), still outperformed the broader market. The ETF Straight Growth Portfolio fell 1.92 percent in the past month; it is up 9.40 percent this year. iShares U.S. Pharmaceuticals (IHE) gained 2.24 percent, lifting its 2014 return to 26.79 percent. Rydex S&P MidCap 400 Pure Growth (RFG) weighed on the portfolio, hurt
by weakness in the small and midcap sectors. It fell 4.63 percent on the month. As expected, Vanguard Dividend Appreciation (VIG) out-performed in a down month, losing only 1.62 percent. VIG holds companies with very strong balance sheets, which makes investors less likely to sell them when the markets weaken. The ETF Balanced Growth Portfolio slid 2.92 percent in the past month and is now pos-itive 4.43 percent in 2014. iShares High Divi-dend (HDV) fell 3.27 percent. HDV holds oil producer Chevron (CVX) in the top ten, and its top two holdings are AT&T (T) and Veri-zon (VZ). The drop in oil stocks doesn’t bear repeating, but telecom stocks also saw a bout of intense selling after investors became con-cerned about increased competition in the sec-tor. High yield debt was impacted by the oil sector, and ProShares High Yield Interest Rate Hedged (HYHG) also lost ground due to a rally in Treasury bonds, causing it to lose on its in-terest rate hedges.The ETF Conservative Income Portfolio de-creased 2.96 percent for the month; overall, the portfolio is up 2.32 percent this year. iShares High Yield Bond (HYG) fell 4.21 percent due to energy sector bonds taking a beating. As mentioned above, HYHG saw even larger losses due to Treasury rates turning lower. iS-hares S&P 500 Index (IVV) fell 2.32 percent, and SPDR Barclays Convertible Securities (CWB) outperformed, falling only 2.01 percent on the month.The ETF Global Portfolio fell 5.15 percent in the past month and has declined 1.96 percent for the year. Shares of iShares Dow Jones In-ternational Select Dividend (IDV) and Power-Shares International Dividend Achievers (PID) weighed heavily on the portfolio, losing 7.04
percent and 8.21 percent, respectively. Nei-ther fund is currency hedged, which cost them a few percentage points. PID’s largest sector exposure is energy, and IDV’s largest country exposure is Australia, which is a commodity exporting country hurt by a slowing China. WisdomTree Japan Hedged Equity (DXJ) and WisdomTree Europe Hedged Equity (HEDJ) fared much better, losing only 3.33 percent and 1.61 percent, respectively.The ETF Aggressive Value Portfolio tumbled 12.28 percent in the past month and is down 12.75 percent for the year. Market Vectors Rus-sia (RSX), PowerShares DB Energy (DBE) and First Trust ISE Revere Natural Gas (FCG) were all devastated by the collapse in energy prices that accelerated following OPEC’s Thanksgiving Day meeting. All three funds are back near their 2009 lows as a result of the past three weeks’ incredible moves in energy shares. FCG and RSX are undervalued, but a bounce has remained elusive to this point. While the performance of the model may be concerning, any bounce could be significant in a very short period of time.The ETF Absolute Return Portfolio gained 0.22 percent on the month, and is up 2.08 per-cent this year. Utilities Select SPDR (XLU) gained 1.29 percent, helped by tumbling inter-est rates and a desire for defense on the part of investors. PowerShares DB U.S. Dollar Index Bullish Fund (UUP) rallied 0.99 percent on the month as the greenback extended its gains versus the euro and yen. iShares Comex Gold (IAU) may have finally bottomed out; it lost only 0.09 percent in the past month amid a collapse in other commodity prices. Consumer Staples Select SPDR (XLP) held up well, los-ing only 0.36 percent.
Market Perspective: Falling Oil Weighs on Markets in December (continued)
www.MutualFundInvestorGuide.com | DECEMBER 2014 3
Model Portfolios (Data provided as of 12/15/14)ETF AggrEssivE sEcTor PorTFolioTicker Name Price shares Allocation 1-Month YTD valueIYK iShares US Cons Non-Cyc 102.45 150.64 9.18% -1.33% 2.25% $15,432.57XBI SPDR Biotech 175.89 92.70 9.70% 4.75% 36.76% $16,304.83IGV iShares NA Software 89.38 200.42 10.66% -3.26% 9.27% $17,913.50FHLC Fidelity MSCI Healthcare 32.58 1028.62 19.94% 1.65% 17.48% $33,512.31XLP Cons Staples Select SPDR 47.59 516.79 14.63% -0.36% 7.14% $24,593.87IYF iShares US Financial 87.20 396.01 20.55% -0.68% 10.34% $34,531.93XLK Technology Select Sect SPDR 40.37 638.42 15.34% -2.98% 14.74% $25,773.13
TOTAL 100.00% -0.38% 12.77% $168,062.16
ETF BAlANcED growTh PorTFolioTicker Name Price shares Allocation 1-Month YTD valueHDV iShares Core High Dividend 74.75 780.88 41.75% -3.27% 9.00% $58,370.85RPG Gugg S&P 500 Pure Growth 77.38 248.95 13.78% -2.25% 10.69% $19,263.63HYHG ProShares High Rate Hedged 71.51 348.81 17.84% -5.37% -6.84% $24,943.58MINT PIMCO Short Maturity 101.09 199.92 14.46% -0.14% 0.64% $20,209.52CWB SPDR Barc Convertible Secs 48.35 351.92 12.17% -2.01% 5.91% $17,015.25
TOTAL 100.00% -2.92% 4.43% $139,802.84
ETF gloBAl PorTFolioTicker Name Price shares Allocation 1-Month YTD valueDXJ Wtree Japan Hedged 52.80 564.94 22.90% -3.33% 2.96% $29,828.63HEDJ WTree Europe Hedged 55.58 444.69 18.98% -1.61% -1.61% $24,716.01PID PwrShrs Int'l Divid Ach. 16.78 2229.12 28.72% -8.21% -6.15% $37,404.62IOO iShares S&P Global 100 74.78 246.74 14.17% -4.12% -0.80% $18,451.09IDV iShares DJ Intl Select Div 33.30 596.20 15.24% -7.04% -9.16% $19,853.56
TOTAL 100.00% -5.15% -1.96% $130,253.92
ETF ABsoluTE rETurN/DowN MArkET PorTFolioTicker Name Price shares Allocation 1-Month YTD valueXLP Cons Staples Select SPDR 47.59 429.87 22.50% -0.36% 12.77% $20,457.62XLU Utilities Select Sector SPDR 45.52 293.35 14.68% 1.29% 22.97% $13,353.36IAU iShares Comex Gold 11.52 781.32 9.90% -0.09% -14.03% $9,000.79UUP PwrShrs DB Dollar Bullish 23.48 657.91 16.99% 0.99% 9.11% $15,447.73MINT PIMCO Short Maturity 101.09 323.28 35.94% -0.14% 1.52% $32,680.30
TOTAL 100.00% 0.22% 2.08% $90,939.80
ETF sTrAighT growTh PorTFolioTicker Name Price shares Allocation 1-Month YTD valueHDV iShares Core High Dividend 74.75 659.35 30.89% -3.27% 9.00% $49,286.69VIG Vanguard Div Appreciation 78.78 371.91 18.36% -1.62% 1.52% $29,299.07SPY SPDR S&P 500 199.51 96.62 12.08% -2.32% 10.13% $19,277.08IHE iShares DJ US Pharma 148.16 237.17 22.02% 2.24% 26.79% $35,138.98RFG Rydex S&P MidCap 400 Pure 117.64 225.87 16.65% -4.63% -4.12% $26,571.78
TOTAL 100.00% -1.92% 9.40% $159,573.60
ETF coNsErvATivE iNcoME PorTFolioTicker Name Price shares Allocation 1-Month YTD valueHDV iShares Core High Dividend 74.75 484.32 27.70% -3.27% 9.00% $36,203.20HYG iShares High Yield Bond 87.20 176.33 11.76% -4.21% -5.59% $15,376.11IVV iShares S&P 500 Index 200.82 87.62 13.46% -2.32% 10.20% $17,596.36HYHG ProShares High Rate Hedged 71.51 349.48 19.12% -5.37% -6.84% $24,991.12MINT PIMCO EnhShort Maturity 101.09 254.35 19.67% -0.14% 0.64% $25,711.80CWB SPDR Barc Convertible Secs 48.35 223.87 8.28% -2.01% 5.91% $10,823.92
TOTAL 100.00% -2.96% 2.32% $130,702.51
ETF AggrEssivE vAluE PorTFolioTicker Name Price shares Allocation 1-Month YTD valueIJR iShares Core Small Cap 108.35 248.52 26.04% -2.99% 4.63% $26,927.18FCG FirstTr Natural Gas 10.16 1143.06 11.23% -32.36% -47.97% $11,613.54DBE PwrShrs DB Energy 17.92 585.63 10.15% -22.29% -38.52% $10,494.49VGT Vanguard Info Tech 102.47 331.94 32.90% -2.03% 14.44% $34,013.89VGK Vanguard European Stock 51.38 243.15 12.08% -4.39% -9.42% $12,493.08RSX Market Vectors Russia 13.93 564.15 7.60% -32.61% -42.93% $7,858.59
TOTAL 100.00% -12.28% -12.75% $103,400.77
4 DECEMBER 2014 | PHONE: (888) 252-5372
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Data & Rankings (Data provided as of 12/15/14)
LArge CAp grOwThFTC First Trust Large Cap Gr AlphaDEX® ETF 45.12 87 Buy 10.64 -0.97 2.59 15.56 20.02 15.52 1.05 10.33 0.65IUSG iShares Core US Growth 76.01 87 Hold 8.71 -2.23 1.33 13.50 19.93 15.22 1.14 1.05 9.83 0.09IVW iShares S&P 500 Growth 108.88 89 Strong Buy 11.39 -2.09 1.85 16.03 20.31 15.46 1.52 0.97 9.02 0.18IWF iShares Russell 1000 Growth 93.07 91 Buy 9.37 -2.28 1.31 14.15 19.97 15.16 1.23 1.03 9.64 0.20JKE iShares Morningstar Large-Cap Growth 110.07 90 Buy 11.10 -2.41 1.27 15.73 21.15 14.94 0.63 1.05 10.47 0.25MGK Vanguard Mega Cap Growth ETF 79.08 81 Buy 10.11 -2.18 1.67 15.22 20.75 15.43 1.28 1.05 9.97 0.11ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 181.70 87 Buy 11.80 -1.35 2.38 16.63 23.32 17.13 0.88 1.14 11.42 0.21PWB PowerShares Dynamic Large Cap Growth ETF 28.43 90 Buy 10.20 -0.39 4.44 14.76 22.80 15.86 0.49 1.00 9.94 0.58QQEW First Trust NASDAQ-100 Equal Wtd ETF 41.80 93 Buy 15.86 -0.33 4.38 21.23 24.09 17.52 1.20 12.58 0.60QQQ PowerShares QQQ ETF 101.65 93 Strong Buy 16.85 -1.56 3.38 21.52 24.48 19.32 0.45 1.12 11.68 0.20QQXT First Trust NASDAQ-100 ex-Tech Sect ETF 38.72 94 Strong Buy 12.26 -0.18 4.65 17.13 24.73 18.10 1.13 12.08 0.60RPG Guggenheim S&P 500® Pure Growth ETF 77.38 91 Strong Buy 10.68 -2.25 -0.55 15.25 23.44 18.96 1.15 11.57 0.35SPYG SPDR® S&P 500 Growth ETF 94.37 89 Strong Buy 11.42 -1.90 2.03 16.20 20.36 15.83 1.35 0.97 9.01 0.20VUG Vanguard Growth ETF 101.49 80 Buy 10.03 -2.25 1.48 15.17 20.66 15.62 1.19 1.06 10.11 0.09
LArge CAp BLendDGRO iShares Core Dividend Growth 25.60 85 Buy -1.65 1.74 0.12DSI iShares MSCI KLD 400 Social 74.52 86 Buy 8.84 -1.62 0.97 13.72 19.55 13.56 1.39 1.00 9.17 0.50EPS WisdomTree Earnings 500 ETF 69.68 87 Buy 9.48 -2.31 0.46 13.88 20.01 14.49 1.02 9.33 0.28EXT WisdomTree Total Earnings ETF 71.87 90 Buy 8.82 -2.04 0.45 13.56 20.40 14.88 1.05 9.56 0.28FEX First Trust Large Cap Core AlphaDEX® ETF 43.89 87 Buy 7.48 -2.36 -0.80 12.12 20.02 15.23 1.11 10.35 0.64ITOT iShares Core S&P Total US Stock Mkt 90.95 92 Buy 8.90 -2.32 0.62 13.52 20.22 14.82 1.69 1.01 9.19 0.07IVV iShares Core S&P 500 200.82 93 Strong Buy 9.67 -2.32 0.75 14.27 20.29 14.71 1.86 1.00 9.04 0.07IWB iShares Russell 1000 111.17 86 Buy 9.11 -2.43 0.35 13.71 20.41 14.84 1.75 1.01 9.19 0.15IWL iShares Russell Top 200 45.41 88 Buy 9.68 -2.34 0.67 13.82 20.05 14.17 1.85 0.99 8.95 0.15IWV iShares Russell 3000 118.31 81 Buy 8.22 -2.46 0.26 12.79 20.15 14.79 1.68 1.03 9.36 0.20IYY iShares Dow Jones US 100.34 91 Buy 8.81 -2.26 0.38 13.34 20.19 14.79 1.67 1.02 9.27 0.20JKD iShares Morningstar Large-Cap 120.78 94 Strong Buy 13.62 -0.70 4.30 17.78 22.65 15.81 1.88 0.97 9.09 0.20KLD iShares MSCI USA ESG Select 83.23 81 Buy 9.45 -2.37 0.93 14.27 17.52 12.98 1.34 1.02 9.50 0.50MGC Vanguard Mega Cap ETF 68.14 82 Buy 9.35 -2.45 0.51 13.95 20.19 14.46 1.89 0.99 8.97 0.11MOAT Market Vectors® Mstar Wide Moat ETF 30.82 83 Strong Buy 6.87 -3.26 -2.13 12.94 1.32 0.49OEF iShares S&P 100 88.36 87 Buy 8.81 -2.93 -0.02 13.27 19.23 13.74 1.87 0.97 8.91 0.20ONEK SPDR® Russell 1000 ETF 93.76 88 Buy 9.50 -2.54 -0.29 13.66 20.46 14.74 1.78 1.01 9.14 0.11PBP PowerShares S&P 500 BuyWrite ETF 20.10 75 Buy 0.37 -3.37 -6.68 2.89 6.68 5.54 1.43 0.54 6.24 0.75PFM PowerShares Dividend Achievers™ ETF 20.98 91 Buy 6.83 -2.51 0.21 10.86 15.44 13.20 2.74 0.82 8.26 0.55PKW PowerShares Buyback Achievers ETF 46.12 82 Hold 7.84 -1.64 1.16 13.32 22.50 18.53 0.39 1.06 10.05 0.68PXLC PowerShares Fundamental Pure Lg Core ETF 39.11 91 Buy 10.12 -1.61 0.75 13.93 20.47 14.77 1.67 0.92 8.80 0.39RSP Guggenheim S&P 500® Equal Weight ETF 77.37 92 Buy 9.78 -1.91 0.70 14.63 21.79 16.31 1.07 9.97 0.40SPHQ PowerShares S&P 500 High Quality ETF 22.62 89 Strong Buy 12.18 -0.35 4.79 16.67 20.58 17.23 2.01 0.90 8.54 0.29SPY SPDR® S&P 500 ETF 199.49 92 Strong Buy 9.53 -2.32 0.74 14.19 20.22 14.67 1.00 9.02 0.09THRK SPDR® Russell 3000 ETF 149.45 85 Buy 8.64 -2.09 0.48 13.23 20.22 14.92 1.73 1.03 9.37 0.10VIG Vanguard Dividend Appreciation ETF 78.79 86 Strong Buy 6.25 -1.62 1.73 10.73 16.38 13.24 1.96 0.93 8.83 0.10VTI Vanguard Total Stock Market ETF 102.59 81 Buy 8.35 -2.45 0.24 13.00 20.39 15.06 1.78 1.03 9.40 0.05VV Vanguard Large-Cap ETF 91.53 83 Buy 9.38 -2.35 0.55 13.98 20.38 14.86 1.81 1.01 9.12 0.09XLG Guggenheim Russell Top 50® Mega Cap ETF 138.09 89 Buy 8.02 -3.13 0.01 12.54 18.42 12.93 0.97 9.08 0.20
LArge CAp VALueCVY Guggenheim Multi-Asset Income ETF 21.73 73 Sell -9.03 -9.23 -13.15 -5.63 8.30 9.52 5.65 0.87 9.45 0.82DEF Guggenheim Defensive Equity ETF 37.41 93 Strong Buy 9.45 -2.45 -2.14 13.48 14.34 14.26 0.66 8.44 0.65DHS WisdomTree Equity Income ETF 59.64 91 Buy 11.19 -2.58 1.02 14.82 16.97 15.69 0.69 8.30 0.38DIA SPDR® Dow Jones Industrial Average ETF 171.79 91 Buy 5.83 -2.34 1.45 11.35 15.77 13.14 0.97 9.11 0.17DLN WisdomTree LargeCap Dividend ETF 71.77 88 Buy 10.22 -2.58 0.99 14.42 17.95 14.78 0.86 8.20 0.28DTD WisdomTree Total Dividend ETF 72.20 89 Buy 10.01 -2.47 1.00 14.10 18.25 15.05 0.88 8.35 0.28DTN WisdomTree Dividend ex-Financials ETF 74.02 87 Buy 10.51 -1.89 1.34 15.04 17.89 16.55 0.86 8.55 0.38EZY WisdomTree LargeCap Value ETF 62.20 84 Buy 8.94 -1.42 -0.21 13.04 18.55 13.75 0.99 9.34 0.38FDL First Trust Morningstar Div Leaders ETF 23.24 94 Strong Buy 8.77 -3.85 -1.07 12.79 14.80 14.09 0.53 8.57 0.45FTA First Trust Large Cap Val AlphaDEX® ETF 41.64 82 Buy 4.89 -3.71 -4.03 9.24 19.71 14.66 1.13 11.00 0.64FVD First Trust Value Line® Dividend ETF 23.40 89 Strong Buy 11.52 -0.93 2.94 15.59 17.57 14.85 0.85 8.82 0.70
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
www.MutualFundInvestorGuide.com | DECEMBER 2014 5
HDV iShares Core High Dividend 74.75 94 Strong Buy 9.00 -3.27 -0.48 12.24 15.25 3.65 0.63 8.84 0.12IUSV iShares Core US Value 131.39 76 Buy 7.96 -2.50 -0.62 12.28 20.31 14.30 2.11 1.01 9.46 0.09IVE iShares S&P 500 Value 90.44 81 Buy 7.54 -2.59 -0.54 11.99 19.99 13.70 2.08 1.03 9.55 0.18IWD iShares Russell 1000 Value 100.78 78 Buy 8.61 -2.56 -0.66 13.05 20.58 14.35 2.18 1.00 9.29 0.20IWX iShares Russell Top 200 Value 42.80 86 Buy 8.20 -2.71 -0.58 12.41 20.11 13.33 2.23 0.99 9.32 0.20JKF iShares Morningstar Large-Cap Value 82.35 75 Buy 4.30 -3.88 -3.37 8.45 16.14 11.80 2.86 0.92 9.12 0.25MGV Vanguard Mega Cap Value ETF 58.85 85 Strong Buy 8.78 -2.66 -0.34 13.06 19.82 13.62 2.38 0.94 8.96 0.11PRF PowerShares FTSE RAFI US 1000 ETF 88.22 88 Buy 7.62 -2.71 -0.92 12.14 20.83 15.34 1.97 1.02 9.45 0.39PWV PowerShares Dynamic Large Cap Value ETF 30.12 89 Buy 7.48 -2.93 -1.92 12.15 19.70 14.78 2.46 0.90 8.86 0.57RWL RevenueShares Large Cap ETF 39.30 86 Buy 8.82 -1.70 0.92 13.20 22.36 15.88 1.05 9.65 0.49SDY SPDR® S&P Dividend ETF 78.37 93 Strong Buy 9.76 -1.48 3.32 13.54 17.99 14.76 2.25 0.88 8.98 0.35SPYV SPDR® S&P 500 Value ETF 98.24 82 Buy 7.84 -2.43 -0.44 11.94 20.07 13.78 2.19 1.03 9.53 0.20VOOV Vanguard S&P 500 Value ETF 87.14 84 Buy 7.85 -2.30 -0.33 12.17 20.21 2.26 1.03 9.57 0.15VTV Vanguard Value ETF 81.70 84 Buy 8.77 -2.49 -0.23 13.03 20.17 14.11 2.33 0.96 9.03 0.09VYM Vanguard High Dividend Yield ETF 66.91 92 Strong Buy 9.56 -3.35 0.22 13.66 18.58 15.17 2.83 0.87 8.53 0.10
Mid CAp grOwThDWAQ PowerShares DWA NASDAQ Momentum ETF 69.37 71 Hold 0.10 -1.32 0.25 5.38 17.48 12.59 0.24 1.28 14.47 0.60FAD First Trust Multi Cap Gr AlphaDEX® ETF 47.08 86 Hold 4.51 -1.17 1.23 9.62 18.13 15.47 1.10 10.96 0.70IJK iShares S&P Mid-Cap 400 Growth 154.09 84 Hold 3.23 -2.83 -1.16 7.69 18.25 15.89 0.76 1.14 11.61 0.25IWP iShares Russell Mid-Cap Growth 90.03 92 Buy 7.49 -2.31 0.29 12.05 20.37 16.25 0.74 1.11 11.09 0.25JKH iShares Morningstar Mid-Cap Growth 149.71 89 Buy 5.41 -3.53 -0.63 10.03 18.90 15.74 0.16 1.16 12.11 0.30MDYG SPDR® S&P 400 Mid Cap Growth ETF 114.95 78 Hold 3.34 -2.42 -0.71 7.95 18.38 15.57 0.90 1.14 11.61 0.25PDP PowerShares DWA Momentum ETF 39.66 86 Buy 8.38 -3.17 -0.35 13.38 20.24 17.10 0.28 0.93 9.85 0.65PXMG PowerShares Fundamental Pure Mid Gr ETF 30.51 78 Buy 5.87 -2.76 -0.77 10.42 17.34 13.72 0.05 1.07 10.62 0.39RFG Guggenheim S&P MidCap 400® Pure Gr ETF 117.64 77 Hold -4.02 -4.63 -6.53 0.49 16.22 15.98 1.20 12.87 0.35VOT Vanguard Mid-Cap Growth ETF 98.62 77 Buy 9.29 -2.40 0.86 14.09 20.22 16.40 0.71 1.13 11.57 0.09
Mid CAp BLendCSD Guggenheim Spin-Off ETF 43.66 80 Hold -3.00 -3.60 -4.97 0.56 24.64 19.20 1.07 13.30 0.65EWRI Guggenheim Russell 1000® Equal Wt ETF 48.95 83 Buy 6.28 -3.40 -2.75 10.98 19.98 1.08 10.41 0.40EWRM Guggenheim Russell MidCap® Equal Wt ETF 48.76 83 Buy 5.60 -3.81 -3.48 9.77 20.00 1.10 10.93 0.41EZM WisdomTree MidCap Earnings ETF 88.97 87 Buy 3.66 -3.08 -1.90 8.03 21.44 17.34 1.24 12.55 0.38FNX First Trust Mid Cap Core AlphaDEX® ETF 50.70 77 Buy 0.96 -3.11 -3.08 5.93 18.18 15.54 1.22 12.22 0.67FVL First Trust Value Line® 100 ETF ETF 19.63 86 Hold 6.90 -1.23 -2.75 11.99 18.84 14.50 1.33 13.32 0.70IJH iShares Core S&P Mid-Cap 139.28 87 Buy 5.05 -2.63 -1.38 9.34 19.66 15.77 1.19 1.13 11.33 0.12IWR iShares Russell Mid-Cap 161.39 91 Buy 8.70 -2.17 -0.02 13.16 21.12 16.47 1.42 1.07 10.29 0.20JKG iShares Morningstar Mid-Cap 143.07 93 Buy 11.62 -1.12 1.16 16.52 21.93 17.94 1.21 1.06 10.44 0.25MDY SPDR® S&P MidCap 400 ETF 253.89 86 Buy 4.78 -2.56 -1.41 9.12 19.44 15.57 1.13 11.30 0.25NFO Guggenheim Insider Sentiment ETF 47.54 75 Hold 1.43 -2.64 -1.55 6.14 18.24 14.53 1.31 12.59 0.65PWC PowerShares Dynamic Market ETF 71.32 83 Hold 5.11 -2.61 -1.52 8.89 23.20 14.96 1.49 1.19 11.44 0.60RSCO SPDR® Russell Small Cap Completeness ETF 83.29 84 Hold 1.92 -2.97 -1.97 6.91 19.89 15.93 1.35 1.15 11.79 0.11TTFS AdvisorShares TrimTabs Float Shrink ETF 54.04 90 Buy 11.45 -0.35 3.27 16.84 23.68 1.10 10.51 0.99VO Vanguard Mid-Cap ETF 120.18 81 Buy 9.26 -1.98 0.70 13.86 21.21 16.59 1.29 1.09 10.51 0.09VXF Vanguard Extended Market ETF 84.85 76 Buy 2.43 -3.12 -1.90 7.16 20.32 16.19 1.19 1.18 12.02 0.10
Mid CAp VALueCZA Guggenheim Mid-Cap Core ETF 47.63 88 Buy 4.91 -3.58 -3.47 8.71 19.59 16.25 0.94 9.24 0.68DON WisdomTree MidCap Dividend ETF 80.53 89 Strong Buy 10.45 -1.77 0.85 14.68 20.56 17.03 0.99 9.88 0.38DVY iShares Select Dividend 76.66 93 Strong Buy 10.04 -1.48 2.19 13.79 17.60 15.52 3.56 0.78 9.20 0.39FAB First Trust Multi Cap Val AlphaDEX® ETF 44.98 79 Buy 2.12 -4.01 -3.71 6.41 19.61 15.29 1.22 11.96 0.72IJJ iShares S&P Mid-Cap 400 Value 122.81 81 Buy 6.84 -2.42 -1.58 11.07 20.94 15.52 1.55 1.12 11.34 0.25IVOV Vanguard S&P Mid-Cap 400 Value ETF 93.67 82 Buy 7.13 -2.16 -1.39 11.33 20.96 1.64 1.12 11.35 0.20IWS iShares Russell Mid-Cap Value 71.23 85 Buy 9.77 -2.13 -0.48 14.22 21.66 16.55 1.99 1.02 9.92 0.25JKI iShares Morningstar Mid-Cap Value 119.72 86 Buy 6.15 -2.33 -2.68 10.55 22.38 15.84 2.14 1.12 10.82 0.30PEY PowerShares High Yld Eq Div Achiev™ ETF 12.92 89 Strong Buy 12.98 -0.64 3.42 16.47 17.43 15.73 4.30 0.78 9.34 0.55PXMV PowerShares Fundamental Pure Mid Val ETF 26.31 85 Buy 7.32 -2.61 -3.09 11.83 23.11 15.48 1.55 1.18 11.49 0.40RPV Guggenheim S&P 500® Pure Value ETF 52.81 91 Strong Buy 7.44 -2.62 -2.00 12.16 26.59 19.43 1.30 13.30 0.35RWK RevenueShares Mid Cap ETF 46.48 89 Hold 4.59 -2.07 -2.05 9.29 21.21 15.97 1.29 13.19 0.54SPHB PowerShares S&P 500 High Beta ETF 32.80 84 Buy 7.90 -4.35 -2.39 14.47 23.48 1.48 15.52 0.25VOE Vanguard Mid-Cap Value ETF 87.09 86 Hold 9.19 -1.49 0.46 13.61 21.99 16.60 1.87 1.06 10.01 0.09
LArge CAp VALue (continued)
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
6 DECEMBER 2014 | PHONE: (888) 252-5372
The eTF Investor Guide
SMALL CAp grOwThIJT iShares S&P Small-Cap 600 Growth 116.26 79 Hold -1.50 -3.11 0.36 2.58 18.19 17.09 0.67 1.12 12.42 0.25IWO iShares Russell 2000 Growth 135.26 77 Hold 0.31 -1.88 1.10 5.74 19.50 16.38 0.73 1.27 14.02 0.25JKK iShares Morningstar Small-Cap Growth 128.35 81 Hold -2.76 -3.24 -0.70 2.41 17.82 16.12 0.31 1.19 13.21 0.30PXSG PowerShares Fundamental Pure Sm Gr ETF 23.56 82 Hold 0.17 -3.50 -2.65 5.09 16.47 14.89 1.10 11.51 0.41RZG Guggenheim S&P SmallCap 600® Pure Gr ETF 76.52 75 Hold -3.88 -4.24 -2.44 0.07 16.71 16.75 1.17 13.56 0.35SLYG SPDR® S&P 600 Small Cap Growth ETF 175.31 83 Hold -1.55 -2.82 0.69 3.10 18.29 17.35 0.70 1.12 12.41 0.25VBK Vanguard Small-Cap Growth ETF 121.30 67 Buy -0.80 -3.24 -1.95 4.34 18.75 16.50 0.83 1.17 12.59 0.09VTWG Vanguard Russell 2000 Growth ETF 98.79 63 Hold 0.27 -1.52 1.06 5.96 19.44 0.43 1.27 14.04 0.20
SMALL CAp BLendEES WisdomTree SmallCap Earnings ETF 78.88 77 Hold -2.66 -3.29 -0.72 2.49 19.10 15.73 1.29 13.91 0.38FDM First Trust Dow Jones Sel MicroCap ETF 31.39 70 Hold -3.11 -2.72 1.18 1.70 18.33 13.86 1.24 14.18 0.60FYX First Trust Small Cap Core AlphaDEX® ETF 46.43 72 Hold -4.24 -3.32 -0.72 0.35 18.00 15.73 1.27 13.92 0.67IJR iShares Core S&P Small-Cap 108.35 81 Hold 0.15 -2.99 0.36 4.61 19.44 16.66 1.00 1.17 12.49 0.12IWC iShares Micro-Cap 72.37 71 Hold -2.93 -2.10 0.09 2.53 19.90 15.25 1.13 1.25 14.45 0.60IWM iShares Russell 2000 113.54 75 Hold -0.66 -2.69 -0.22 4.38 18.44 14.95 1.39 1.23 13.28 0.20JKJ iShares Morningstar Small-Cap 132.58 84 Hold 3.34 -2.68 -1.18 8.28 19.77 15.27 0.84 1.21 12.40 0.25PRFZ PowerShares FTSE RAFI US 1500 Sm-Mid ETF 96.33 79 Hold -0.82 -3.10 -1.60 4.49 19.87 15.74 0.94 1.26 13.09 0.39RWJ RevenueShares Small Cap ETF 53.83 84 Hold 0.12 -2.85 -0.45 5.04 21.67 17.34 1.32 14.06 0.54SLY SPDR® S&P 600 Small Cap ETF 102.22 78 Hold 0.36 -2.61 0.52 4.76 19.39 16.70 1.14 1.17 12.48 0.20VB Vanguard Small-Cap ETF 112.61 75 Buy 2.43 -3.04 -1.75 7.28 20.04 16.32 1.38 1.18 12.05 0.09
SMALL CAp VALueDES WisdomTree SmallCap Dividend ETF 67.99 87 Buy 2.71 -2.48 1.03 6.98 19.75 16.17 1.14 12.37 0.38IJS iShares S&P Small-Cap 600 Value 112.25 76 Buy 1.93 -2.70 0.56 6.41 20.63 16.16 1.25 1.21 12.82 0.25IWN iShares Russell 2000 Value 96.68 63 Hold -1.62 -3.56 -1.44 3.02 17.37 13.46 1.93 1.20 12.93 0.25JKL iShares Morningstar Small-Cap Value 124.06 80 Buy 4.57 -2.38 -0.56 9.18 20.39 16.00 2.46 1.18 12.09 0.30PXSV PowerShares Fundamental Pure Sm Val ETF 24.52 80 Hold -0.78 -3.37 -1.65 4.26 21.61 15.81 0.70 1.33 13.97 0.39PZI PowerShares Zacks Micro Cap ETF 15.36 72 Hold -8.27 -4.72 -4.44 -2.97 17.53 11.47 0.50 1.25 14.18 0.91RFV Guggenheim S&P MidCap 400® Pure Val ETF 51.99 74 Buy 3.39 -1.96 -2.85 7.65 20.79 14.92 1.28 13.18 0.38RZV Guggenheim S&P SmallCap 600® PureVal ETF 60.33 67 Hold -2.66 -4.04 -2.16 2.24 20.94 15.32 1.44 16.21 0.35SLYV SPDR® S&P 600 Small Cap Value ETF 107.36 81 Hold 1.91 -2.45 0.70 6.57 20.69 15.98 1.41 1.21 12.82 0.25VBR Vanguard Small-Cap Value ETF 102.15 79 Buy 4.93 -2.94 -1.64 9.72 20.91 15.84 1.84 1.18 11.86 0.09
ALLOCATiOnAOA iShares Aggressive Allocation 45.14 85 Hold 2.73 -3.03 -2.42 6.56 14.32 10.93 2.14 1.33 8.61 0.30AOR iShares Growth Allocation 39.30 83 Hold 3.66 -2.21 -1.19 6.52 11.00 8.57 2.22 0.99 6.42 0.30IYLD iShares Morningstar Multi-Asset Income 25.43 74 Buy 7.48 -3.11 -1.78 8.89 0.60
COMMOdiTieSBAL iPath® DJ-UBS Cotton SubTR ETN 41.37 32 Sell -22.21 1.85 -6.34 -20.67 -7.93 2.39 0.84 24.56 0.75CORN Teucrium Corn ETF 27.34 30 Sell -10.60 2.74 12.51 -11.78 -10.35 1.07 25.21 2.68COW iPath® DJ-UBS Livestock SubTR ETN 30.12 49 Hold 10.98 -7.95 -4.80 11.14 0.82 1.33 0.07 12.30 0.75DBA PowerShares DB Agriculture ETF 25.27 50 Sell 4.21 -2.32 -0.59 2.68 -2.91 -0.89 0.62 12.07 0.85DBC PowerShares DB Commodity Tracking ETF 19.00 35 Sell -25.95 -12.20 -20.37 -25.17 -9.88 -4.32 0.97 13.66 0.85DJP iPath® DJ-UBS Cmdty TR ETN 31.47 38 Sell -14.37 -7.06 -10.70 -15.11 -8.07 -5.03 0.91 12.85 0.75GCC GreenHaven Continuous Commodity ETF 23.49 46 Sell -8.61 -4.29 -7.28 -8.93 -6.77 -2.08 0.79 11.78 0.85GSG iShares S&P GSCI Commodity-Indexed Trust 22.37 32 Sell -30.51 -16.56 -25.71 -29.52 -10.72 -5.73 1.06 15.21 0.75GSP iPath® S&P GSCI® Total Return ETN 21.97 32 Sell -32.54 -18.14 -27.83 -31.45 -11.60 -5.79 1.11 16.16 0.75JO iPath® DJ-UBS Coffee SubTR ETN 32.79 74 Sell 51.11 -9.57 -4.04 44.13 -15.49 -4.82 1.00 35.53 0.75RJI ELEMENTS Rogers Intl Cmdty TR ETN 6.57 37 Sell -19.59 -9.00 -15.12 -19.39 -6.82 -2.69 0.89 12.53 0.75SGG iPath® DJ-UBS Sugar SubTR ETN 38.32 14 Sell -30.94 -6.03 -8.76 -29.97 -21.58 -11.28 0.67 20.16 0.75WEAT Teucrium Wheat ETF 13.21 18 Sell -10.44 7.92 14.77 -14.55 -13.23 0.65 24.03 3.67
COMMuniCATiOnSFCOM Fidelity® MSCI Telecommunication Svc ETF 25.56 80 Hold 1.43 -7.96 -3.63 7.14 0.12IXP iShares Global Telecom 60.09 70 Sell -3.09 -6.82 -5.96 1.09 10.05 7.80 5.41 0.66 10.59 0.48IYZ iShares US Telecommunications 28.08 78 Hold -4.00 -8.89 -7.12 2.57 14.10 10.46 3.23 0.74 12.65 0.45PBS PowerShares Dynamic Media ETF 24.82 82 Sell -6.52 -0.84 -1.59 0.46 25.61 17.20 0.57 0.93 13.14 0.62VOX Vanguard Telecommunication Services ETF 83.01 83 Buy -0.78 -8.42 -4.97 4.48 14.19 11.52 3.19 0.51 10.81 0.14
COnSuMer diSCreTiOnAryBJK Market Vectors® Gaming ETF 39.92 54 Sell -25.24 -11.60 -11.15 -21.85 13.56 13.06 1.76 1.31 18.70 0.65FDIS Fidelity® MSCI Consumer Discret ETF 28.13 73 Hold 4.95 0.11 2.53 9.35 0.12ITB iShares US Home Construction 24.28 77 Hold -1.93 -3.34 3.24 8.50 30.28 16.92 0.55 1.11 20.63 0.45
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
www.MutualFundInvestorGuide.com | DECEMBER 2014 7
IYC iShares US Consumer Services 132.78 87 Buy 10.10 1.40 5.40 14.02 25.51 20.33 0.98 0.81 10.49 0.45PEJ PowerShares Dynamic Leisure & Entmnt ETF 34.30 78 Hold 0.89 0.18 2.96 5.58 25.01 21.83 0.97 0.82 12.12 0.63PMR PowerShares Dynamic Retail ETF 37.32 86 Buy 7.91 3.41 9.83 12.05 22.70 20.56 0.61 0.89 13.67 0.63PSCD PowerShares S&P SmCap Cnsmr Discret ETF 49.17 75 Hold 0.58 1.35 6.49 5.33 24.29 0.99 14.35 0.29RCD Guggenheim S&P 500® Eq Wt Cons Discr ETF 85.44 84 Hold 7.61 1.23 3.81 11.78 24.37 20.12 0.96 12.11 0.40RXI iShares Globl Consumer Discretionary 83.30 82 Sell 0.06 -0.29 0.02 4.50 21.41 15.16 1.18 1.01 11.76 0.48VCR Vanguard Consumer Discretionary ETF 113.61 75 Buy 5.08 0.11 2.56 9.48 24.77 20.70 1.17 0.90 11.46 0.14XHB SPDR® S&P Homebuilders ETF 32.27 78 Hold -2.76 -0.09 4.39 5.23 27.12 18.23 0.46 1.11 17.92 0.35XLY Consumer Discret Sel Sect SPDR® ETF 69.55 86 Sell 5.12 0.43 2.56 9.39 24.06 20.15 1.27 0.87 11.17 0.16XRT SPDR® S&P Retail ETF 92.45 82 Hold 5.60 1.27 4.96 9.07 23.06 22.65 0.66 1.01 13.88 0.35
COnSuMer STApLeSCROP IQ Global Agribusiness Small Cap ETF 25.31 62 Sell -7.96 -5.52 -4.06 -5.17 5.26 0.73 9.17 0.75FSTA Fidelity® MSCI Consumer Staples ETF 28.87 89 Strong Buy 12.82 -0.28 5.72 15.51 0.12FXG First Trust Cnsmr Staples AlphaDEX® ETF 41.42 94 Strong Buy 17.41 -0.29 4.94 20.77 22.96 20.11 0.74 12.18 0.67IYK iShares US Consumer Goods 102.45 93 Strong Buy 8.54 -1.33 2.89 11.37 17.75 15.24 1.98 0.63 9.28 0.45KXI iShares Global Consumer Staples 88.35 85 Buy 3.85 -2.54 -0.98 7.10 13.37 11.74 2.38 0.70 9.96 0.48PBJ PowerShares Dynamic Food & Beverage ETF 29.83 93 Strong Buy 14.39 -0.69 4.09 18.59 17.97 17.75 1.77 0.47 10.42 0.61PSCC PowerShares S&P SmallCap Cnsmr Stapl ETF 52.96 78 Buy 6.48 -0.53 4.16 10.70 21.40 0.64 12.10 0.29PSL PowerShares DWA Consumer Staples Mom ETF 49.20 92 Strong Buy 12.44 -1.04 3.01 15.61 19.64 16.66 1.86 0.66 11.08 0.60RHS Guggenheim S&P 500® Eq Wt Cons Stapl ETF 102.19 97 Strong Buy 15.00 -0.48 4.95 18.13 20.67 17.80 0.54 9.68 0.40VDC Vanguard Consumer Staples ETF 124.30 86 Strong Buy 12.60 -0.31 5.62 15.53 18.13 15.68 2.28 0.54 9.76 0.14XLP Consumer Staples Select Sector SPDR® ETF 47.59 95 Strong Buy 12.76 -0.36 5.79 15.52 17.58 15.18 2.36 0.51 9.83 0.16
energyAMJ JPMorgan Alerian MLP ETN 42.11 84 Sell -5.38 -16.96 -19.16 -0.03 9.10 14.18 0.61 14.13 0.85BNO United States Brent Oil ETF 23.68 33 Sell -46.83 -24.44 -39.33 -44.69 -12.90 1.28 21.38 0.90DBE PowerShares DB Energy ETF 17.92 37 Sell -38.52 -22.29 -34.77 -37.28 -12.56 -6.13 1.14 18.07 0.75DBO PowerShares DB Oil ETF 16.24 28 Sell -41.38 -28.49 -40.73 -40.03 -15.66 -8.79 1.18 21.23 0.75ENY Guggenheim Canadian Energy Income ETF 10.06 30 Sell -30.23 -25.26 -37.85 -27.95 -11.40 -6.45 3.62 1.24 19.72 0.71FCG First Trust ISE-Revere Natural Gas ETF 10.16 48 Sell -47.69 -32.36 -47.97 -46.08 -15.98 -9.58 1.30 24.79 0.60FENY Fidelity® MSCI Energy ETF 21.04 64 Sell -17.32 -15.57 -22.83 -13.42 0.12FXN First Trust Energy AlphaDEX® ETF 19.13 57 Sell -23.55 -19.08 -29.57 -20.09 2.58 4.05 1.32 18.81 0.67GAZ iPath® DJ-UBS Natural Gas SubTR ETN 2.19 55 Sell -13.10 -11.34 -11.70 -17.05 -18.73 -31.78 0.62 41.85 0.75GEX Market Vectors® Global Alt Energy ETF 51.84 77 Hold -7.36 -8.41 -16.51 -1.75 19.03 -5.71 0.05 1.43 21.83 0.62ICLN iShares Global Clean Energy 9.66 65 Sell -6.98 -4.51 -15.53 -3.15 7.74 -13.25 3.05 1.58 22.91 0.48IEO iShares US Oil&Gas Explor&Prodtn 64.73 61 Sell -20.78 -18.91 -28.61 -17.69 4.26 5.20 0.42 1.33 19.14 0.45IEZ iShares US Oil Equipment&Services 46.56 52 Sell -27.53 -21.51 -32.87 -25.04 -0.75 2.76 0.28 1.33 21.23 0.45IXC iShares Global Energy 34.59 47 Sell -18.98 -15.45 -23.63 -15.31 0.55 1.94 2.10 1.16 15.26 0.48IYE iShares US Energy 41.31 61 Sell -17.10 -15.37 -22.55 -13.26 4.73 6.29 1.32 1.11 15.30 0.45KOL Market Vectors® Coal ETF 14.33 25 Sell -26.29 -14.85 -21.74 -24.59 -22.31 -15.31 2.14 1.44 21.88 0.59PBD PowerShares Global Clean Energy ETF 11.25 40 Hold -6.37 -7.33 -16.63 -1.86 13.19 -6.40 0.22 1.42 21.10 0.81PBW PowerShares WilderHill Clean Energy ETF 4.98 36 Sell -20.94 -11.70 -26.03 -14.74 2.70 -12.77 1.67 26.66 0.70PSCE PowerShares S&P SmallCap Energy ETF 27.41 52 Sell -44.82 -30.68 -44.63 -42.84 -7.15 1.56 24.49 0.29PUW PowerShares WilderHill Prog Engy ETF 24.60 61 Sell -22.64 -12.81 -22.46 -18.46 5.82 1.97 0.34 1.33 16.57 0.70PXE PowerShares Dynamic Engy Explr&Prdtn ETF 24.99 65 Sell -26.69 -19.52 -28.88 -23.20 7.71 10.73 1.74 1.42 20.45 0.64PXI PowerShares DWA Energy Momentum ETF 40.18 67 Sell -27.29 -22.34 -33.71 -24.04 4.28 9.73 1.84 1.19 19.01 0.60PXJ PowerShares Dynamic Oil & Gas Svcs ETF 16.17 42 Sell -37.16 -25.10 -39.19 -34.95 -4.68 0.00 1.29 21.99 0.61TAN Guggenheim Solar ETF 32.98 68 Sell -6.25 -5.64 -24.25 -1.08 15.00 -17.07 2.41 45.17 0.70UNG United States Natural Gas ETF 19.02 59 Sell -8.07 -10.70 -11.12 -11.16 -11.67 -25.19 0.58 34.43 0.85UNL United States 12 Month Natural Gas ETF 16.24 64 Hold -11.50 -5.75 -8.87 -12.51 -10.03 -21.50 0.39 22.91 0.90USO United States Oil ETF 21.02 21 Sell -40.37 -26.95 -39.06 -39.20 -16.47 -10.13 1.21 22.29 0.61VDE Vanguard Energy ETF 104.61 76 Sell -17.38 -15.76 -23.04 -13.52 4.41 6.36 2.41 1.12 15.46 0.14XES SPDR® S&P Oil & Gas Equipment&Svcs ETF 25.77 36 Sell -40.67 -25.52 -39.84 -38.12 -6.71 -0.93 1.68 1.41 22.19 0.35XLE Energy Select Sector SPDR® ETF 73.42 60 Sell -15.90 -14.91 -21.74 -12.15 5.67 7.34 2.52 1.08 15.16 0.16XOP SPDR® S&P Oil & Gas Explor & Prodtn ETF 42.73 47 Sell -37.23 -28.81 -41.69 -34.09 -3.59 2.26 1.60 1.47 23.01 0.35
FinAnCiALSFNCL Fidelity® MSCI Financials ETF 28.16 93 Strong Buy 9.72 -0.77 2.69 13.83 0.16FXO First Trust Financials AlphaDEX® ETF 22.51 89 Buy 4.65 -1.68 1.01 8.67 22.92 14.84 0.90 11.22 0.80IAI iShares US Broker-Dealers 40.84 85 Hold 6.52 -0.17 2.46 10.57 28.64 10.28 1.06 1.02 16.04 0.45IAK iShares US Insurance 48.36 78 Buy 3.30 -0.94 1.07 7.01 22.31 14.66 1.52 0.96 12.56 0.45
COnSuMer diSCreTiOnAry (continued)
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
8 DECEMBER 2014 | PHONE: (888) 252-5372
The eTF Investor Guide
IAT iShares US Regional Banks 33.54 63 Buy 2.59 -2.36 -1.13 6.61 20.81 12.20 1.58 0.62 11.96 0.45IXG iShares Global Financials 55.31 74 Hold -0.17 -3.42 -4.21 4.71 19.52 6.71 2.02 1.24 13.65 0.48IYF iShares US Financials 87.20 92 Strong Buy 9.96 -0.68 3.25 14.24 24.51 12.95 1.52 0.88 11.24 0.45KBE SPDR® S&P Bank ETF 32.34 57 Hold -1.44 -3.29 -2.05 2.13 21.90 10.41 1.57 0.80 13.76 0.35KCE SPDR® S&P Capital Markets ETF 48.15 73 Hold -2.73 -2.27 -1.15 3.01 24.57 8.83 1.42 1.20 15.73 0.35KIE SPDR® S&P Insurance ETF 64.66 71 Hold 3.65 -1.57 1.10 7.56 23.53 15.49 1.43 0.86 11.83 0.35KRE SPDR® S&P Regional Banking ETF 38.76 60 Buy -3.49 -4.34 -1.74 0.72 20.77 14.56 1.68 0.77 14.20 0.35PGF PowerShares Financial Preferred ETF 18.01 92 Strong Buy 12.92 -0.78 2.46 12.86 10.27 9.39 6.74 1.08 6.15 0.63VFH Vanguard Financials ETF 48.24 77 Strong Buy 9.81 -0.84 2.73 13.84 24.26 12.99 2.05 0.89 11.43 0.19XLF Financial Select Sector SPDR® ETF 23.91 78 Strong Buy 10.72 -0.58 2.74 15.08 26.11 12.64 1.53 0.93 12.29 0.16
heALThCAreFBT First Trust NYSE Arca Biotech ETF 98.69 98 Strong Buy 42.66 2.18 9.79 49.64 48.12 28.77 0.92 21.40 0.60FHLC Fidelity® MSCI Health Care ETF 32.58 96 Strong Buy 23.52 1.65 7.55 27.76 0.12FXH First Trust Health Care AlphaDEX® ETF 59.17 97 Strong Buy 23.09 2.05 5.93 27.96 31.99 22.72 0.76 12.05 0.66IBB iShares Nasdaq Biotechnology 297.66 98 Strong Buy 31.32 3.29 11.89 38.37 44.34 30.53 0.82 18.45 0.48IHE iShares US Pharmaceuticals 148.16 93 Strong Buy 26.79 2.24 6.91 31.76 27.62 22.73 1.32 0.63 11.59 0.45IHF iShares US Healthcare Providers 114.86 96 Strong Buy 23.34 3.19 5.97 28.31 27.18 19.10 0.09 0.69 12.09 0.45IHI iShares US Medical Devices 110.58 95 Strong Buy 19.69 1.57 8.00 25.05 26.18 16.30 0.28 0.90 13.41 0.45IXJ iShares Global Healthcare 99.80 92 Strong Buy 17.13 -0.04 2.67 21.51 24.60 16.30 1.58 0.68 9.29 0.48IYH iShares US Healthcare 143.33 96 Strong Buy 24.08 1.57 7.39 28.35 29.31 19.19 1.50 0.65 9.95 0.45PBE PowerShares Dynamic Biotech & Genome ETF 49.19 97 Strong Buy 33.59 0.29 8.28 39.39 37.57 24.84 0.82 19.89 0.59PJP PowerShares Dynamic Pharmaceuticals ETF 67.28 98 Strong Buy 26.26 1.23 8.29 32.05 36.61 30.79 0.84 0.71 12.83 0.58PTH PowerShares DWA Healthcare Momentum ETF 52.85 91 Buy 11.71 3.26 5.68 15.28 24.86 18.08 0.80 14.74 0.60RYH Guggenheim S&P 500® Eq Weight HC ETF 139.87 96 Strong Buy 27.15 1.47 8.73 32.28 30.85 20.53 0.70 10.30 0.40VHT Vanguard Health Care ETF 125.19 91 Strong Buy 23.79 1.53 7.48 28.19 29.76 19.67 1.15 0.66 10.09 0.14XBI SPDR® S&P Biotech ETF 175.82 99 Strong Buy 36.41 4.75 12.49 44.32 42.07 28.41 0.60 0.94 26.52 0.35XLV Health Care Select Sector SPDR® ETF 68.18 97 Strong Buy 24.26 1.34 7.47 28.55 28.75 18.82 1.30 0.63 9.59 0.16XPH SPDR® S&P Pharmaceuticals ETF 110.70 95 Strong Buy 26.18 1.83 5.43 31.62 32.25 25.82 0.54 0.69 14.87 0.35
induSTriALSEXI iShares Global Industrials 68.89 82 Hold -2.36 -3.76 -3.45 3.23 16.11 11.14 2.12 0.97 10.79 0.48FIDU Fidelity® MSCI Industrials ETF 27.69 85 Buy 2.11 -3.65 -0.49 7.62 0.12FLM First Trust ISE Glb Engnrg And Const ETF 43.02 59 Sell -15.36 -4.44 -13.65 -9.47 10.02 4.44 1.31 15.96 0.70FXR First Trust Indtls/PrdcrDurbAlphaDEX®ETF 29.12 86 Hold 3.17 -4.65 -4.09 8.44 21.98 15.64 0.94 12.16 0.67GII SPDR® S&P Global Infrastructure ETF 47.31 66 Hold 7.59 -3.70 -5.07 12.00 10.40 6.01 3.03 0.71 10.26 0.40IGF iShares Global Infrastructure 41.18 74 Hold 7.25 -3.54 -4.79 11.93 12.45 7.48 3.94 0.85 10.47 0.48ITA iShares US Aerospace & Defense 108.83 82 Buy 4.06 -2.49 -0.53 9.43 24.53 17.88 1.06 0.76 11.38 0.44IYJ iShares US Industrials 102.72 89 Strong Buy 2.33 -3.52 -0.13 7.92 20.47 15.64 1.39 0.88 10.78 0.45IYT iShares Transportation Average 159.19 92 Buy 21.44 -2.07 4.25 26.42 23.81 17.58 1.22 0.49 10.72 0.45PKB PowerShares Dynamic Building & Const ETF 20.53 67 Hold -8.39 -5.59 -5.96 -2.33 21.90 13.29 0.35 1.22 16.70 0.63PPA PowerShares Aerospace & Defense ETF 33.20 92 Buy 7.53 -1.86 1.50 13.40 25.14 15.55 1.10 0.72 10.53 0.66PRN PowerShares DWA Industrials Momentum ETF 44.87 80 Hold -5.81 -5.04 -4.31 -2.03 20.39 16.06 0.89 0.90 13.52 0.60PSCI PowerShares S&P SmallCap Industrials ETF 43.47 69 Hold -4.48 -3.91 -0.68 0.43 19.58 0.99 14.71 0.29SEA Guggenheim Shipping ETF 17.56 61 Sell -16.94 -9.02 -20.11 -9.80 9.92 3.83 1.14 17.08 0.66VIS Vanguard Industrials ETF 103.91 80 Buy 3.88 -3.13 0.47 9.52 21.60 16.29 1.62 0.87 11.06 0.14XLI Industrial Select Sector SPDR® ETF 54.68 85 Buy 5.98 -2.97 1.72 11.85 21.10 16.28 1.83 0.84 10.58 0.16
MATeriALS & preCiOuS MeTALSAGOL ETFS Physical Asian Gold 120.46 46 Sell 2.72 5.48 -0.29 -0.45 -8.08 0.79 18.82 0.39DBB PowerShares DB Base Metals ETF 16.23 32 Sell -3.74 -4.64 -5.25 -1.46 -3.71 -5.42 0.45 16.78 0.75DBP PowerShares DB Precious Metals ETF 37.08 39 Sell -5.38 -0.24 -5.70 -7.78 -12.04 -0.86 0.92 19.84 0.75DBS PowerShares DB Silver ETF 26.14 11 Sell -19.05 -1.21 -14.60 -20.30 -19.75 -3.42 1.51 31.35 0.75GDX Market Vectors® Gold Miners ETF 17.35 20 Sell -17.94 -8.83 -27.48 -17.09 -29.99 -17.73 0.49 0.85 34.02 0.53GDXJ Market Vectors® Junior Gold Miners ETF 22.06 14 Sell -28.95 -16.28 -42.76 -27.03 -37.20 -23.98 1.29 45.84 0.57GLD SPDR® Gold Shares 114.39 47 Sell -1.49 -0.07 -3.58 -4.18 -9.11 0.75 0.79 18.83 0.40GLDX Global X Gold Explorers ETF 9.22 17 Sell -16.18 -13.75 -34.28 -16.03 -37.75 1.14 47.73 0.65IAU iShares Gold Trust 11.52 48 Sell -1.37 -0.09 -3.52 -4.08 -8.99 0.87 0.81 19.98 0.25JJM iPath® DJ-UBS Ind Metals SubTR ETN 28.11 39 Sell -5.23 -4.12 -7.75 -3.20 -5.62 -6.06 0.51 17.54 0.75JJP iPath® DJ-UBS Prec Metals SubTR ETN 56.70 26 Sell -6.45 1.09 -6.34 -8.88 -12.75 -0.81 0.97 20.70 0.75PALL ETFS Physical Palladium 77.31 54 Sell 11.05 3.97 -4.71 10.47 8.22 0.71 22.13 0.60PGM iPath® DJ-UBS Platinum SubTR ETN 26.37 30 Sell -11.14 1.80 -10.69 -11.11 -6.37 -7.20 1.02 20.87 0.75
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
FinAnCiALS (continued)
www.MutualFundInvestorGuide.com | DECEMBER 2014 9
PPLT ETFS Physical Platinum 117.20 34 Sell -12.45 -0.50 -11.51 -11.82 -5.53 1.03 22.18 0.60PSAU PowerShares Global Gold & Prec Mtls ETF 14.86 18 Sell -19.51 -9.45 -26.80 -17.68 -27.36 -16.51 0.03 1.10 32.69 0.75RING iShares MSCI Global Gold Miners 7.01 12 Sell -22.81 -9.43 -30.87 -21.70 0.74 0.39SIL Global X Silver Miners ETF 8.39 20 Sell -25.09 -10.93 -30.72 -22.30 -25.29 1.43 40.68 0.65SLV iShares Silver Trust 15.47 15 Sell -17.32 -1.02 -13.67 -18.36 -18.16 -1.97 1.50 32.24 0.50WITE ETFS Physical White Metal Basket 34.29 28 Sell -10.00 1.60 -9.95 -10.42 -10.44 1.24 26.25 0.60
nATurAL reSOurCeSCOPX Global X Copper Miners ETF 6.90 30 Sell -26.36 -17.07 -28.87 -20.03 -16.40 2.49 1.59 25.85 0.65CU First Trust ISE Global Copper ETF 17.14 33 Sell -21.55 -13.49 -25.03 -15.79 -13.29 1.50 24.49 0.70CUT Guggenheim Timber ETF 23.78 68 Sell -8.18 -1.98 -3.21 -3.12 16.19 7.57 1.31 15.52 0.71FIW First Trust ISE Water ETF 31.95 62 Hold -5.02 -5.12 -3.24 0.05 17.44 12.35 1.11 14.54 0.60FMAT Fidelity® MSCI Materials ETF 26.33 81 Hold 0.71 -5.42 -6.85 5.87 0.12FXZ First Trust Materials AlphaDEX® ETF 30.01 72 Hold -6.57 -6.71 -10.13 -1.64 15.48 11.46 1.17 14.32 0.70GNAT WisdomTree Global Natural Resources ETF 15.57 27 Sell -25.46 -16.85 -26.78 -21.71 -8.77 -6.07 1.30 17.05 0.58GRES IQ Global Resources ETF 26.18 57 Sell -7.90 -7.35 -8.65 -5.27 -1.17 1.92 0.74 11.01 0.76HAP Market Vectors® Natural Resources ETF 32.85 56 Sell -12.26 -9.10 -14.76 -7.88 2.09 1.21 1.95 1.17 13.74 0.50IGE iShares North American Natural Resources 35.22 53 Sell -17.99 -16.14 -24.72 -14.50 0.48 2.27 1.05 1.17 16.20 0.48IYM iShares US Basic Materials 78.95 73 Hold -2.04 -7.36 -9.12 3.15 10.20 7.92 1.54 1.11 13.73 0.45LIT Global X Lithium ETF 11.18 41 Sell -14.08 -8.31 -16.84 -10.87 -7.06 1.76 23.64 0.75MOO Market Vectors® Agribusiness ETF 52.56 59 Sell -3.54 -3.89 -1.35 1.12 6.44 4.73 1.59 1.02 12.58 0.55MXI iShares Global Materials 53.89 34 Sell -12.50 -7.33 -13.53 -7.47 1.14 -0.61 1.93 1.23 15.28 0.48PAGG PowerShares Global Agriculture ETF 28.51 58 Sell -2.84 -3.62 -4.26 0.83 5.23 2.47 0.83 1.01 12.78 0.76PHO PowerShares Water Resources ETF 24.50 58 Hold -6.15 -5.62 -3.55 0.15 15.49 8.60 0.62 1.01 13.48 0.61PIO PowerShares Global Water ETF 22.23 59 Hold -2.81 -5.04 -5.83 4.03 15.57 5.69 2.28 1.15 13.36 0.82PYZ PowerShares DWA Basic Materials Mom ETF 50.10 88 Hold -1.14 -8.29 -11.31 3.71 19.08 14.04 1.01 1.20 14.71 0.60PZD PowerShares Cleantech ETF 27.87 56 Hold -11.68 -5.62 -8.45 -5.65 11.36 3.62 0.26 1.19 14.65 0.67REMX Market Vectors® Rare EarthStrat Mtls ETF 24.20 15 Sell -32.35 -11.42 -27.44 -29.95 -25.53 0.26 1.32 22.79 0.57RTM Guggenheim S&P 500® Eq Wt Materials ETF 80.57 78 Hold 2.08 -3.96 -4.83 7.53 15.90 11.41 1.07 12.89 0.40SLX Market Vectors® Steel ETF 33.74 25 Sell -32.14 -17.14 -29.94 -27.84 -8.35 -9.39 2.01 1.56 22.64 0.55URA Global X Uranium ETF 11.41 26 Sell -25.28 -18.27 -18.21 -20.87 -21.99 1.76 32.45 0.69VAW Vanguard Materials ETF 103.78 83 Buy 0.51 -5.72 -7.17 5.87 15.18 11.01 1.85 1.06 12.90 0.14WOOD iShares Global Timber & Forestry 51.90 75 Sell -2.33 -0.49 -0.74 2.73 14.93 7.58 1.95 1.16 14.10 0.48XLB Materials Select Sector SPDR® ETF 46.54 76 Hold 2.06 -5.56 -6.13 7.91 15.19 10.02 1.99 1.00 12.30 0.16
reAL eSTATeDRW WisdomTree Global ex-US Real Estate ETF 28.01 76 Sell 4.61 -5.14 -5.43 6.98 12.97 7.62 1.10 14.93 0.58FFR First Trust FTSE EN Dev Mkts Rel Est ETF 42.94 79 Hold 11.34 -1.69 1.57 14.34 15.06 10.62 0.85 12.68 0.60FRI First Trust S&P REIT ETF 21.85 87 Hold 26.09 1.83 9.47 28.43 16.47 16.37 0.60 13.40 0.50FTY iShares Real Estate 50 46.35 83 Hold 25.33 1.33 8.16 27.52 15.13 15.47 3.51 0.57 12.72 0.48GRI Cohen & Steers Global Realty Majors ETF 42.84 78 Hold 11.66 -1.70 2.58 14.76 14.58 11.09 0.85 13.16 0.55ICF iShares Cohen & Steers REIT 95.58 93 Buy 30.90 2.59 11.85 32.99 15.80 16.80 2.76 0.55 13.87 0.35IYR iShares US Real Estate 75.56 83 Hold 23.27 0.91 7.45 26.06 15.44 15.08 3.58 0.61 12.57 0.45MORT Market Vectors® Mortgage REIT Income ETF 24.31 75 Hold 16.50 -2.57 1.20 21.53 13.41 10.66 0.56 14.27 0.41PSR PowerShares Active US Real Estate ETF 71.80 87 Hold 27.04 1.03 9.96 29.33 15.75 16.42 2.98 0.60 13.02 0.80REZ iShares Residential Rel Est Capped 58.07 87 Buy 32.22 1.85 12.18 33.23 14.86 17.79 3.22 0.34 14.99 0.48ROOF IQ U.S. Real Estate Small Cap ETF 26.94 85 Hold 15.84 -0.49 6.49 20.99 23.00 0.82 13.81 0.69RWO SPDR® Dow Jones Global Real Estate ETF 46.91 75 Hold 15.62 -0.76 3.66 19.09 15.56 12.94 2.53 0.79 12.59 0.50RWR SPDR® Dow Jones REIT ETF 89.43 89 Hold 28.34 1.93 10.73 30.75 16.67 16.82 2.97 0.58 13.57 0.25VNQ Vanguard REIT ETF 79.78 88 Hold 26.70 1.70 9.56 29.08 16.93 17.02 2.83 0.60 13.42 0.10VNQI Vanguard Global ex-US Real Estate ETF 53.57 60 Hold -0.20 -5.00 -5.02 2.76 14.18 1.09 14.77 0.27WPS iShares International Developed Property 35.95 72 Sell -1.09 -4.94 -4.89 3.31 14.90 8.33 3.04 1.05 14.41 0.48
TeChnOLOgyFDN First Trust Dow Jones Internet ETF 59.22 87 Buy -1.07 -4.79 -3.31 4.21 23.72 19.80 0.91 14.54 0.60FTEC Fidelity® MSCI Information Tech ETF 30.83 86 Strong Buy 14.73 -1.78 2.08 20.60 0.12IGM iShares North American Tech 99.05 85 Buy 11.26 -1.94 0.87 17.12 20.10 14.37 0.45 0.93 11.84 0.48IGN iShares North American Tech-Multimd Ntwk 35.80 59 Buy 11.28 0.53 2.03 19.74 11.44 7.00 0.13 0.98 16.34 0.48IGV iShares North American Tech-Software 89.38 91 Strong Buy 9.17 -3.26 2.14 15.10 17.90 14.90 0.02 0.99 14.71 0.48IXN iShares Global Tech 92.77 76 Buy 12.03 -1.98 0.65 17.51 18.41 12.33 0.72 0.90 11.36 0.48IYW iShares US Technology 101.78 86 Strong Buy 16.05 -2.43 0.73 22.05 18.67 13.83 0.44 0.88 12.28 0.45
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
MATeriALS & preCiOuS MeTALS (continued)
10 DECEMBER 2014 | PHONE: (888) 252-5372
The eTF Investor Guide
MTK SPDR® Morgan Stanley Technology ETF 97.40 75 Buy 9.47 -1.70 0.20 15.24 19.96 12.88 0.92 1.07 13.59 0.50PNQI PowerShares NASDAQ Internet 65.47 86 Buy -4.38 -5.03 -4.53 0.60 24.70 20.95 1.08 16.40 0.60PSJ PowerShares Dynamic Software ETF 38.35 87 Buy 6.17 -1.31 6.14 11.74 18.25 13.93 0.85 13.01 0.63PTF PowerShares DWA Technology Momentum ETF 37.25 81 Buy 4.97 0.59 5.67 9.94 18.32 11.36 1.11 15.45 0.60PXQ PowerShares Dynamic Networking ETF 33.56 58 Buy 6.24 -0.42 1.79 16.33 12.52 14.27 1.02 16.85 0.63QTEC First Trust NASDAQ-100-Tech Sector ETF 43.02 86 Buy 22.12 0.07 4.65 27.98 23.45 16.93 1.10 14.31 0.60SKYY First Trust ISE Cloud Computing ETF 27.34 80 Hold 3.04 -3.70 -1.81 9.29 16.54 1.25 16.98 0.60SOXX iShares PHLX Semiconductor 90.71 88 Buy 25.78 3.23 5.53 33.32 25.47 15.32 0.91 1.11 15.78 0.47TDIV First Trust NASDAQ Technology Div ETF 27.00 89 Strong Buy 11.82 -2.34 -1.49 18.27 0.50VGT Vanguard Information Technology ETF 102.53 87 Strong Buy 14.44 -2.03 1.90 20.57 20.27 14.93 1.20 0.90 11.91 0.14XLK Technology Select Sector SPDR® ETF 40.38 90 Strong Buy 14.46 -2.98 1.41 20.20 19.40 14.49 1.69 0.77 10.30 0.16XSD SPDR® S&P Semiconductor ETF 77.19 80 Hold 26.24 6.28 3.22 34.40 22.85 12.27 0.45 1.24 18.86 0.35
uTiLiTieSDBU WisdomTree Global ex-US Utilities ETF 17.82 52 Hold 0.55 -5.26 -10.23 2.79 5.39 -0.38 1.07 13.23 0.58FUTY Fidelity® MSCI Utilities ETF 29.33 86 Buy 20.96 0.79 7.46 23.88 0.12FXU First Trust Utilities AlphaDEX® ETF 23.81 89 Buy 19.19 -0.58 4.12 22.42 14.88 12.08 0.44 11.24 0.70IDU iShares US Utilities 113.97 88 Strong Buy 21.74 1.03 7.88 24.67 13.65 12.23 3.59 0.31 12.81 0.45JXI iShares Global Utilities 48.15 64 Buy 11.21 -1.27 -0.15 14.94 9.56 4.04 4.43 0.67 10.91 0.48PSCU PowerShares S&P SmallCap Utilities ETF 37.67 75 Buy 9.23 -0.32 7.79 13.37 11.21 0.66 14.38 0.29PUI PowerShares DWA Utilities Momentum ETF 22.63 78 Hold 11.13 -2.01 1.39 16.45 15.37 11.25 3.69 0.55 10.87 0.60RYU Guggenheim S&P 500® Eq Wt Utilities ETF 75.60 93 Strong Buy 22.42 -0.55 5.47 25.37 15.94 13.82 0.39 12.06 0.40VPU Vanguard Utilities ETF 98.50 94 Strong Buy 21.23 0.86 7.48 24.04 13.74 12.31 3.19 0.31 12.82 0.14XLU Utilities Select Sector SPDR® ETF 45.52 91 Strong Buy 23.01 1.29 8.34 25.83 13.43 11.82 3.32 0.27 12.99 0.16
FOreign LArge CApACCU AdvisorShares Accuvest Global Opport ETF 23.86 52 Sell -16.25 -3.16 -10.30 -13.07 1.44ACWI iShares MSCI ACWI 57.16 77 Hold 0.58 -4.27 -4.81 5.34 13.95 8.56 3.04 0.80 10.55 0.33ACWX iShares MSCI ACWI ex US 42.15 70 Hold -7.97 -6.33 -10.22 -3.41 8.71 3.46 2.60 1.00 12.74 0.33ADRD BLDRS Developed Markets 100 ADR ETF 22.10 76 Hold -8.72 -5.73 -10.89 -2.86 10.54 4.43 2.56 0.97 12.99 0.30CCXE WisdomTree Commodity Country Equity ETF 24.20 60 Sell -17.49 -14.67 -20.70 -14.11 0.14 0.78 1.17 16.29 0.58CWI SPDR® MSCI ACWI ex-US ETF 32.71 71 Sell -6.53 -5.98 -9.86 -1.84 8.76 3.82 2.32 1.00 12.79 0.34DEW WisdomTree Global Equity Income ETF 42.73 81 Hold -7.31 -6.88 -10.82 -2.10 8.48 4.71 0.88 11.64 0.58DGT SPDR® Global Dow ETF 67.08 76 Hold -1.06 -4.27 -6.09 3.44 13.69 5.91 2.19 0.87 11.48 0.50DNL WisdomTree Global ex-US Dividend Gr ETF 47.85 74 Hold -3.95 -5.34 -8.47 -0.04 4.92 2.72 1.05 13.92 0.58DOL WisdomTree International LargeCp Div ETF 46.11 74 Hold -7.88 -6.24 -10.52 -2.87 9.94 3.95 1.01 13.36 0.48DOO WisdomTree Intl Div ex-Fincls ETF 42.59 70 Hold -7.53 -6.83 -11.81 -2.79 7.98 3.81 0.98 13.30 0.58DTH WisdomTree DEFA Equity Income ETF 41.46 73 Hold -8.62 -7.21 -11.92 -3.11 10.16 3.93 1.03 13.90 0.58DWM WisdomTree DEFA ETF 48.76 68 Hold -7.24 -5.38 -9.35 -2.02 11.25 4.93 1.01 13.15 0.48DWX SPDR® S&P International Dividend ETF 41.26 61 Sell -9.72 -9.68 -13.77 -5.01 3.09 0.54 5.52 1.10 15.04 0.45EFA iShares MSCI EAFE 59.97 71 Hold -8.42 -5.35 -8.97 -3.28 10.89 4.77 3.03 1.00 12.97 0.33EFAV iShares MSCI EAFE Minimum Volatility 61.38 83 Buy 1.75 -3.70 -3.66 5.68 10.42 3.51 0.65 10.04 0.20EFG iShares MSCI EAFE Growth 65.14 70 Hold -7.50 -4.29 -6.96 -2.27 11.10 5.64 2.33 0.93 12.14 0.40EFV iShares MSCI EAFE Value 50.16 60 Hold -9.61 -6.24 -10.51 -4.45 10.46 3.75 3.88 1.06 14.01 0.40FDT First Trust Dev Mkts Ex-US AlphaDEX® ETF 46.25 69 Hold -9.14 -4.93 -9.82 -5.17 9.01 0.96 13.02 0.80FGD First Trust Dow Jones Global Sel Div ETF 25.01 76 Hold -4.67 -6.26 -9.20 0.69 10.28 7.60 0.94 12.85 0.60GWL SPDR® S&P World ex-US ETF 26.57 70 Hold -7.77 -4.97 -9.22 -2.84 10.16 4.86 2.17 0.98 12.60 0.34HGI Guggenheim Intl Multi-Asset Inc ETF 16.49 67 Hold -8.37 -8.54 -13.81 -4.00 5.89 2.69 3.77 0.97 12.60 0.81IDV iShares International Select Dividend 33.30 74 Hold -8.60 -7.04 -10.31 -3.96 9.89 6.34 5.37 1.08 14.72 0.50IOO iShares Global 100 74.78 85 Buy -0.78 -4.12 -4.68 3.79 13.08 7.29 2.79 0.77 10.65 0.40LVL Guggenheim S&P Global Div Opps Idx ETF 11.15 62 Sell -11.88 -11.08 -15.34 -7.56 1.55 0.94 5.59 0.94 13.30 1.08PID PowerShares Intl Div Achiev ETF 16.78 86 Hold -6.13 -8.21 -12.42 -1.38 8.80 6.91 3.05 0.79 10.90 0.54PIZ PowerShares DWA Developed Mkts Mom ETF 23.62 70 Hold -9.80 -3.67 -6.50 -4.39 14.26 7.58 0.86 1.01 14.42 0.81PXF PowerShares FTSE RAFI Dev Mkts ex-US ETF 38.82 56 Hold -9.21 -5.57 -10.80 -3.99 10.56 3.43 2.62 1.08 14.23 0.47RTR RevenueShares ADR ETF 34.32 66 Hold -9.99 -8.38 -15.51 -6.17 6.48 2.12 1.08 14.46 0.49SDIV Global X SuperDividend™ ETF 22.42 87 Hold 0.87 -6.11 -8.95 5.50 11.26 5.71 0.89 12.72 0.58TOK iShares MSCI Kokusai 52.67 86 Hold 1.56 -3.76 -3.97 7.11 15.62 10.10 2.19 0.77 10.42 0.25VEA Vanguard FTSE Developed Markets ETF 37.20 65 Sell -8.21 -5.17 -8.99 -3.27 11.00 4.89 1.01 13.18 0.09VEU Vanguard FTSE All-World ex-US ETF 45.75 65 Sell -7.54 -6.25 -10.15 -3.03 9.04 4.02 1.01 13.06 0.15VT Vanguard Total World Stock ETF 58.43 74 Buy 0.13 -4.31 -5.10 4.91 14.25 8.74 0.81 10.74 0.18
TeChnOLOgy (continued)
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
www.MutualFundInvestorGuide.com | DECEMBER 2014 11
LATin AMeriCAARGT Global X MSCI Argentina ETF 18.10 56 Sell -7.46 -12.86 -15.70 -6.32 -5.26 0.83 1.33 23.60 0.75BRF Market Vectors® Brazil Small-Cap ETF 20.79 21 Sell -29.81 -11.42 -29.02 -28.57 -16.19 -11.33 1.81 1.57 26.17 0.60ECH iShares MSCI Chile Capped 38.38 39 Sell -18.10 -8.75 -10.33 -15.02 -11.11 -5.42 1.42 1.00 17.86 0.61EPU iShares MSCI All Peru Capped 31.31 55 Hold -5.83 -4.94 -13.08 -2.04 -4.40 1.62 2.07 0.63 17.43 0.61EWW iShares MSCI Mexico Capped 56.03 72 Sell -17.33 -14.77 -20.98 -15.62 3.50 3.57 1.28 0.93 16.85 0.50EWZ iShares MSCI Brazil Capped 34.35 41 Sell -21.58 -12.55 -28.98 -19.94 -12.78 -12.00 2.95 1.51 25.42 0.61EWZS iShares MSCI Brazil Small-Cap 13.77 23 Sell -29.57 -11.16 -27.91 -28.34 -13.02 1.98 1.51 25.64 0.61GML SPDR® S&P Emerging Latin America ETF 48.84 53 Sell -20.61 -14.63 -26.06 -19.36 -8.34 -7.39 2.08 1.27 19.75 0.59GXG Global X MSCI Colombia ETF 11.65 40 Sell -35.81 -28.66 -40.10 -36.12 -10.84 -2.62 2.71 0.86 21.60 0.61ILF iShares Latin America 40 29.81 61 Sell -18.71 -13.22 -25.72 -16.75 -8.23 -6.76 2.53 1.19 19.13 0.49
ASiAAIA iShares Asia 50 46.06 75 Hold -2.94 -4.70 -6.70 -1.35 8.51 5.35 2.39 0.90 14.01 0.50ASEA Global X Southeast Asia ETF 15.63 74 Hold 0.84 -6.74 -8.00 2.87 6.02 2.40 0.76 12.86 0.65AUSE WisdomTree Australia Dividend ETF 50.32 75 Sell -10.47 -13.25 -15.51 -6.05 3.54 3.22 1.16 19.04 0.58AXJL WisdomTree Asia Pacific ex-Japan ETF 62.98 74 Hold -2.32 -7.65 -9.88 0.12 7.02 5.17 0.89 13.12 0.48DFJ WisdomTree Japan SmallCap Dividend ETF 47.73 67 Hold -5.66 -3.44 -8.28 -2.87 7.21 6.22 0.57 12.23 0.58DXJ WisdomTree Japan Hedged Equity ETF 52.80 87 Strong Buy 5.00 -3.33 2.96 10.32 21.28 7.78 0.79 16.45 0.48EPHE iShares MSCI Philippines 38.22 88 Hold 21.82 -0.44 0.71 26.80 19.74 1.92 0.77 17.41 0.61EPI WisdomTree India Earnings ETF 21.28 68 Hold 23.38 -8.32 -6.38 29.15 11.07 0.55 1.55 27.92 0.83EPP iShares MSCI Pacific ex Japan 43.80 78 Sell -4.80 -9.77 -10.61 -0.85 8.18 5.32 3.76 1.11 16.75 0.50EWA iShares MSCI Australia 22.00 73 Sell -8.37 -11.93 -14.26 -3.79 5.32 3.94 4.38 1.18 19.09 0.51EWH iShares MSCI Hong Kong 20.48 83 Hold 2.01 -8.08 -5.05 4.14 14.41 8.26 2.57 0.98 15.27 0.51EWJ iShares MSCI Japan 11.14 75 Sell -7.60 -5.35 -5.59 -4.16 8.88 4.12 2.83 0.70 12.84 0.50EWM iShares MSCI Malaysia 13.07 69 Sell -16.02 -11.63 -16.16 -14.70 2.81 6.90 3.35 0.46 10.79 0.51EWO iShares MSCI Austria Capped 15.01 27 Sell -22.19 -5.72 -12.43 -19.46 6.71 -3.05 2.58 1.22 18.01 0.51EWS iShares MSCI Singapore 13.06 80 Sell 0.56 -2.32 -3.90 3.78 10.46 6.55 2.82 1.03 15.71 0.51EWT iShares MSCI Taiwan 15.03 68 Hold 4.23 -3.96 -5.65 7.74 11.63 6.20 4.03 0.67 12.93 0.61EWY iShares MSCI South Korea Capped 55.44 60 Sell -14.27 -2.05 -12.65 -9.79 3.49 4.03 0.56 0.94 15.66 0.61FCHI iShares FTSE China 49.15 74 Sell 1.73 -2.60 -2.49 2.48 9.27 1.95 2.43 0.95 17.66 0.74FNI First Trust ISE Chindia ETF 28.54 79 Sell 1.82 -9.77 -6.47 5.36 18.33 7.40 1.32 20.82 0.60FXI iShares China Large-Cap 39.45 74 Hold 4.33 -2.47 -2.28 4.78 7.63 0.37 2.37 1.00 19.19 0.74GMF SPDR® S&P Emerging Asia Pacific ETF 81.70 77 Hold 6.44 -5.48 -5.75 8.61 10.09 5.11 1.80 0.91 13.58 0.59GXC SPDR® S&P China ETF 77.04 71 Sell 0.15 -5.54 -3.90 1.28 10.65 3.01 2.40 0.93 16.47 0.59IDX Market Vectors® Indonesia ETF 22.92 63 Hold 7.81 -7.80 -10.26 12.71 -4.22 3.82 1.69 0.68 18.40 0.57IDXJ Market Vectors® Indonesia Small-Cap ETF 13.06 64 Hold 9.75 -4.74 -9.56 12.34 0.83 0.61INP iPath® MSCI India ETN 67.51 61 Hold 18.52 -8.58 -5.17 24.37 12.38 1.28 1.42 25.24 0.89INXX EGShares India Infrastructure ETF 12.19 55 Sell 14.57 -11.18 -10.89 18.28 5.53 1.92 36.19 0.85IPAC iShares Core MSCI Pacific 47.80 69 Hold -6.82 -7.43 0.14ITF iShares Japan Large-Cap 47.71 73 Sell -8.83 -5.16 -5.90 -5.38 8.84 3.97 1.40 0.72 12.91 0.50JSC SPDR® Russell/Nomura Small Cap Japan ETF 46.62 68 Sell -6.48 -3.18 -7.71 -3.49 6.55 6.35 0.95 0.65 13.57 0.55PAF PowerShares FTSE RAFI Asa Pac ex-Jpn ETF 50.53 73 Hold -8.21 -7.47 -12.19 -4.85 5.86 4.70 2.28 1.09 16.09 0.49PEK Market Vectors® ChinaAMC A-Share ETF 41.42 72 Buy 30.17 17.47 28.93 25.39 10.49 0.35 21.77 0.72PGJ PowerShares Golden Dragon China ETF 27.69 62 Sell -8.17 -12.54 -11.99 -3.75 14.71 3.95 0.63 1.03 21.75 0.70SCIF Market Vectors® India Small-Cap ETF 43.31 54 Sell 36.62 -10.31 -11.36 53.09 5.05 0.59 2.03 40.29 0.93SCJ iShares MSCI Japan Small-Cap 51.24 74 Hold -4.99 -2.84 -7.10 -1.88 8.45 6.88 1.78 0.65 13.61 0.50TAO Guggenheim China Real Estate ETF 20.81 72 Hold 3.74 -4.37 -5.96 4.32 15.41 3.59 1.03 19.74 0.71THD iShares MSCI Thailand Capped 75.42 90 Hold 11.70 -8.98 -9.80 9.16 10.31 15.55 2.00 1.07 20.20 0.61VNM Market Vectors® Vietnam ETF 19.16 75 Sell 2.13 -9.10 -15.91 4.48 10.11 -2.91 2.43 0.82 24.07 0.76VPL Vanguard FTSE Pacific ETF 56.07 56 Sell -7.16 -6.56 -7.86 -3.45 8.77 4.90 0.91 13.39 0.12YAO Guggenheim China All-Cap ETF 27.16 72 Hold -0.40 -4.80 -3.76 0.32 10.72 2.76 0.96 16.89 0.70
eurOpeDFE WisdomTree Europe SmallCap Dividend ETF 50.48 74 Sell -10.75 -1.19 -7.39 -4.04 21.18 10.74 1.11 16.48 0.58EWD iShares MSCI Sweden 31.60 72 Hold -9.28 -3.60 -5.56 -1.15 14.08 9.40 0.95 1.21 17.42 0.51EWG iShares MSCI Germany 27.01 66 Hold -13.24 0.33 -6.83 -7.32 15.58 6.20 2.93 1.23 17.78 0.51EWI iShares MSCI Italy Capped 13.47 29 Sell -12.39 -5.61 -16.13 -5.52 7.68 -4.52 4.49 1.45 24.35 0.50EWK iShares MSCI Belgium Capped 15.99 73 Hold -1.15 -0.93 -4.14 5.59 20.36 7.68 3.05 0.98 13.83 0.50EWL iShares MSCI Switzerland Capped 31.57 85 Hold -2.11 -3.22 -5.11 3.25 15.78 9.91 0.25 0.84 12.20 0.51EWN iShares MSCI Netherlands 23.47 58 Hold -7.82 -2.25 -4.86 -1.19 15.48 5.09 2.70 0.98 15.17 0.50
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
12 DECEMBER 2014 | PHONE: (888) 252-5372
The eTF Investor Guide
EWP iShares MSCI Spain Capped 35.52 55 Hold -6.66 -2.87 -11.40 1.19 10.92 -1.10 5.84 1.60 26.01 0.51EWQ iShares MSCI France 24.14 53 Hold -13.37 -4.74 -12.12 -8.11 12.23 1.49 3.70 1.16 16.87 0.51EWU iShares MSCI United Kingdom 17.56 75 Hold -11.76 -7.29 -12.51 -5.71 7.86 5.28 3.13 0.95 13.15 0.51EZU iShares MSCI EMU 35.95 50 Hold -11.45 -2.57 -9.70 -5.56 13.37 2.12 3.55 1.23 17.34 0.50FEU SPDR® STOXX Europe 50 ETF 33.66 65 Hold -10.33 -5.37 -10.74 -4.43 9.57 2.85 2.79 1.00 13.69 0.29FEZ SPDR® EURO STOXX 50 ETF 36.46 51 Hold -11.41 -2.80 -10.87 -5.04 12.56 1.18 2.36 1.26 18.24 0.29GREK Global X FTSE Greece 20 ETF 13.82 31 Sell -38.66 -10.49 -32.35 -36.95 -0.22 0.61GUR SPDR® S&P Emerging Europe ETF 27.42 45 Sell -31.18 -17.33 -26.14 -30.30 -6.62 -5.92 2.29 1.57 22.50 0.59HEDJ WisdomTree Europe Hedged Equity ETF 55.58 81 Strong Buy 0.33 -1.61 -4.94 7.10 12.65 0.66 10.75 0.58IEUR iShares Core MSCI Europe 42.82 57 Sell -4.27 -9.41 0.14IEV iShares Europe 41.73 55 Hold -9.66 -4.46 -10.03 -3.58 12.05 4.56 2.73 1.07 14.55 0.60NORW Global X MSCI Norway ETF 11.90 43 Sell -28.63 -21.30 -28.27 -24.25 2.12 2.87 1.35 20.57 0.50PLND Market Vectors® Poland ETF 19.89 52 Sell -12.99 -3.73 -10.08 -12.95 7.69 -1.13 1.42 1.46 23.16 0.61RBL SPDR® S&P Russia ETF 13.67 36 Sell -50.89 -31.53 -41.97 -48.11 -17.56 3.53 1.60 25.26 0.59RSX Market Vectors® Russia ETF 13.92 37 Sell -51.75 -32.61 -42.22 -48.79 -17.78 -13.17 3.50 1.63 26.18 0.63VGK Vanguard FTSE Europe ETF 51.37 72 Sell -9.42 -4.39 -9.73 -3.39 12.54 5.20 1.06 14.33 0.12
eMerging MArkeTSADRE BLDRS Emerging Markets 50 ADR ETF 34.38 65 Sell -6.52 -10.77 -17.08 -4.56 -0.52 -2.66 1.39 1.15 17.05 0.30BICK First Trust BICK ETF 23.10 64 Hold -5.81 -6.68 -12.41 -2.65 2.09 1.36 19.73 0.64BIK SPDR® S&P BRIC 40 ETF 20.94 68 Sell -10.60 -11.53 -14.77 -8.70 1.19 -1.34 2.64 1.27 18.42 0.50BKF iShares MSCI BRIC 33.62 58 Sell -9.69 -9.72 -15.40 -8.10 0.06 -4.06 2.12 1.24 18.30 0.67DEM WisdomTree Emerging Markets Eq Inc ETF 40.39 75 Sell -17.81 -11.95 -19.33 -15.86 -3.20 0.12 0.95 14.00 0.63DGS WisdomTree Emerging Markets SmCp Div ETF 42.26 84 Hold -6.11 -5.67 -11.50 -5.63 4.76 3.37 0.93 13.93 0.63EDIV SPDR® S&P Emerging Markets Dividend ETF 33.47 69 Sell -11.15 -6.59 -13.12 -10.87 -5.46 5.37 1.11 16.31 0.59EEM iShares MSCI Emerging Markets 37.79 82 Sell -8.87 -8.81 -13.27 -6.17 2.42 0.08 1.90 1.05 14.98 0.67EWX SPDR® S&P Emerging Markets Small Cap ETF 43.86 74 Sell -4.92 -6.86 -12.56 -2.61 7.80 1.67 1.87 1.03 14.90 0.65FRN Guggenheim Frontier Markets ETF 13.24 37 Sell -18.44 -14.14 -22.62 -17.48 -7.31 -4.30 0.97 15.90 0.71GAF SPDR® S&P Emerging Middle East&Afr ETF 63.11 70 Sell -7.45 -14.05 -13.45 -1.85 3.67 3.08 1.95 1.04 16.84 0.59GMM SPDR® S&P Emerging Markets ETF 60.57 71 Sell -5.55 -9.14 -12.84 -2.57 3.94 1.42 1.91 1.07 15.05 0.59HILO EGShares Low Volatility EM Dividend ETF 14.30 55 Sell -15.82 -7.02 -13.41 -15.04 -2.77 1.01 15.27 0.85PIE PowerShares DWA Emerging Markets Mom ETF 16.95 83 Hold -6.64 -7.58 -11.37 -5.60 3.78 3.66 0.89 0.94 14.74 0.90VWO Vanguard FTSE Emerging Markets ETF 38.07 69 Hold -5.37 -9.66 -12.75 -2.97 3.24 1.06 1.08 15.50 0.15
FOreign - OTherEGPT Market Vectors® Egypt ETF 60.71 71 Sell 13.03 -10.15 -16.52 12.74 18.16 1.63 1.33 31.32 0.98EIS iShares MSCI Israel Capped 47.71 57 Hold -0.69 -1.75 -5.66 2.49 7.91 0.27 3.33 0.59 14.06 0.61EWC iShares MSCI Canada 27.16 83 Sell -6.17 -10.42 -15.68 -2.30 4.55 3.02 1.60 0.86 12.51 0.51EZA iShares MSCI South Africa 59.80 77 Sell -6.43 -15.04 -11.84 -0.48 3.21 4.15 2.58 1.06 18.01 0.61
BOndSAGG iShares Core US Aggregate Bond 110.26 80 Sell 5.78 0.62 2.13 5.77 2.65 4.09 1.87 1.01 2.75 0.08BIV Vanguard Intermediate-Term Bond ETF 85.29 79 Hold 7.21 0.78 2.30 6.45 3.55 5.78 2.44 1.50 4.14 0.10BLV Vanguard Long-Term Bond ETF 93.70 85 Hold 19.13 3.01 6.41 18.50 5.80 9.54 3.73 2.97 8.49 0.10BND Vanguard Total Bond Market ETF 82.75 79 Hold 5.82 0.80 2.04 5.63 2.61 4.17 2.06 1.02 2.78 0.08BOND PIMCO Total Return Active ETF 108.93 86 Hold 6.63 0.79 1.97 6.54 2.11 0.55CIU iShares Intermediate Credit Bond 109.32 84 Hold 3.65 -0.11 0.69 3.57 3.80 4.53 2.08 0.90 2.73 0.20CMBS iShares CMBS 51.49 82 Sell 2.81 -0.09 1.15 2.07 2.12 0.25CRED iShares Core US Credit Bond 111.36 85 Sell 7.36 0.72 1.82 7.31 4.64 5.86 2.81 1.43 4.14 0.15CWB SPDR® Barclays Convertible Secs ETF 48.35 93 Strong Buy 5.73 -2.01 -2.89 8.74 14.49 9.52 1.91 1.08 7.68 0.40HYG iShares iBoxx $ High Yield Corporate Bd 87.20 93 Strong Buy -1.25 -4.20 -4.47 -0.78 6.41 7.07 5.46 1.01 5.22 0.50HYHG ProShares High Yield—Interest Rate Hdgd 71.51 76 Strong Buy -6.47 -5.37 -7.29 -5.74 0.50HYS PIMCO 0-5 Year High Yield Corp Bd ETF 99.98 84 Strong Buy -2.36 -3.53 -3.65 -1.68 6.01 4.45 0.50 3.32 0.55IPE SPDR® Barclays TIPS ETF 56.10 67 Hold 4.80 -0.30 0.02 4.11 0.46 4.03 0.18 1.85 5.50 0.19ITR SPDR® Barclays Interm Term Corp Bd ETF 34.19 80 Hold 4.26 0.42 0.95 4.14 4.21 4.93 2.30 0.96 2.94 0.15IUSB iShares Core Total USD Bond Market 100.90 75 Hold -0.26 0.88 2.04 0.15JNK SPDR® Barclays High Yield Bond ETF 37.74 92 Strong Buy -1.97 -4.87 -5.59 -1.32 6.50 7.30 6.05 1.06 5.41 0.40LAG SPDR® Barclays Aggregate Bond ETF 58.22 82 Sell 5.58 0.51 1.99 5.43 2.51 4.14 2.00 1.00 2.70 0.15LQD iShares iBoxx $ Invst Grade Crp Bond 119.33 94 Strong Buy 7.84 0.97 2.28 8.27 5.88 6.91 3.11 1.70 5.16 0.15LWC SPDR® Barclays Long Term Corp Bd ETF 41.13 86 Sell 15.34 1.81 3.64 16.00 6.66 8.74 4.25 2.73 8.17 0.15MBB iShares MBS 109.59 88 Hold 6.23 0.52 2.14 5.93 2.11 3.31 1.48 0.79 2.36 0.27
eurOpe (continued)
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
www.MutualFundInvestorGuide.com | DECEMBER 2014 13
MBG SPDR® Barclays Mortgage Backed Bond ETF 27.59 81 Sell 6.31 0.70 2.51 6.11 2.18 3.43 2.18 0.77 2.30 0.29MINT PIMCO Enhanced Short Maturity Active ETF 101.09 84 Strong Buy 0.42 -0.17 -0.20 0.45 1.22 1.12 0.59 0.07 0.45 0.35SJNK SPDR® Barclays Short Term Hi Yld Bd ETF 28.67 84 Strong Buy -2.55 -2.88 -3.74 -1.95 5.58 0.40TIP iShares TIPS Bond 112.34 79 Hold 3.90 -0.71 -0.35 3.30 0.38 3.91 1.73 5.16 0.20
gOVernMenT BOndSBSV Vanguard Short-Term Bond ETF 80.16 76 Strong Buy 1.41 0.01 0.51 1.23 1.20 1.96 0.98 0.34 1.04 0.10CSJ iShares 1-3 Year Credit Bond 105.10 84 Buy 0.51 -0.09 0.08 0.70 1.64 1.80 0.91 0.18 0.85 0.20CXA SPDR® Nuveen Barclays CA Muni Bd ETF 23.98 82 Sell 11.87 1.00 1.79 10.74 5.64 6.06 1.94 1.38 5.34 0.20EDV Vanguard Extended Duration Treasury ETF 125.00 78 Hold 44.27 8.79 18.66 42.99 5.98 14.97 2.77 5.17 17.21 0.12GBF iShares Government/Credit Bond 113.87 81 Sell 5.57 0.64 2.17 5.40 2.48 4.25 1.82 1.13 3.09 0.20GVI iShares Interm Government/Credit Bd 110.88 73 Sell 2.95 0.27 1.10 2.65 1.92 3.21 1.37 0.71 1.98 0.20HYD Market Vectors® High-Yield Municipal ETF 31.05 84 Buy 15.11 0.95 3.21 15.53 7.02 6.35 4.63 1.47 6.29 0.35IEF iShares 7-10 Year Treasury Bond 106.62 75 Hold 9.55 1.62 4.14 8.18 2.33 5.79 1.94 1.78 5.09 0.15IEI iShares 3-7 Year Treasury Bond 122.70 73 Hold 3.38 0.39 1.70 2.75 1.18 3.32 1.40 0.85 2.48 0.15INY SPDR® Nuveen Barclays NY Muni Bd ETF 23.57 79 Hold 11.47 1.24 3.43 11.50 4.53 4.95 2.09 1.25 4.83 0.20ITE SPDR® Barclays Intermediate Term Trs ETF 60.02 72 Hold 2.50 0.27 1.24 2.16 0.94 2.61 1.01 0.63 1.83 0.14ITM Market Vectors® Intermediate Muni ETF 23.64 79 Hold 9.92 1.10 1.94 9.42 3.93 5.05 2.19 1.25 4.86 0.24MLN Market Vectors® Long Municipal ETF 19.80 79 Sell 17.03 1.72 3.35 16.56 5.67 6.02 3.34 1.83 7.10 0.24MUB iShares National AMT-Free Muni Bond 110.06 77 Hold 8.86 0.67 1.52 8.70 3.76 4.56 1.61 1.09 4.19 0.25PLW PowerShares 1-30 Laddered Treasury ETF 33.00 85 Hold 15.27 3.25 6.81 14.21 3.09 6.93 2.03 2.18 6.61 0.25PRB Market Vectors® Pre-Refunded Muni ETF 24.32 66 Sell 0.23 -0.68 -0.87 -1.12 0.16 0.70 0.40 0.45 1.92 0.24PWZ PowerShares Calif AMT-Free Muni Bd ETF 25.64 82 Hold 15.06 1.12 2.15 14.41 6.23 6.09 2.09 1.17 4.65 0.28PZA PowerShares National AMT-Free MuniBd
ETF25.35 82 Hold 15.03 1.24 2.74 14.38 5.73 5.91 2.55 1.43 5.62 0.28
PZT PowerShares New York AMT-Free MuniBd ETF 24.23 79 Hold 14.59 0.88 1.62 13.31 4.77 5.19 2.28 1.31 5.39 0.28SHM SPDR® Nuveen Barclays ST Muni Bd ETF 24.32 72 Buy 0.97 -0.17 0.07 1.13 1.14 1.59 0.60 0.25 1.19 0.20SHV iShares Short Treasury Bond 110.26 59 Buy 0.01 -0.01 -0.01 0.01 0.01 0.05 0.12 0.00 0.04 0.15SHY iShares 1-3 Year Treasury Bond 84.60 77 Buy 0.59 -0.07 0.25 0.50 0.37 0.87 0.37 0.12 0.42 0.15SMB Market Vectors® Short Municipal ETF 17.58 69 Buy 1.12 -0.36 -0.06 1.24 1.26 2.01 0.87 0.31 1.45 0.20SMMU PIMCO Short Term Municipal Bond Actv ETF 50.47 66 Buy 1.09 0.17 0.27 0.94 0.75 0.43 0.12 0.55 0.35SUB iShares ST National AMTFree Muni Bnd 106.11 69 Buy 0.59 0.06 0.01 0.66 0.73 1.19 0.30 0.15 0.73 0.25TENZ PIMCO 7-15 Year U.S. Treasury ETF 86.11 82 Hold 9.74 1.84 4.30 8.48 2.32 5.72 2.00 1.83 5.28 0.15TLH iShares 10-20 Year Treasury Bond 136.25 80 Sell 14.99 2.91 6.32 13.75 3.11 7.44 2.28 2.33 6.99 0.15TLO SPDR® Barclays Long Term Treasury ETF 72.83 84 Sell 24.97 5.27 10.83 23.58 4.22 9.43 2.58 3.20 10.04 0.14TLT iShares 20+ Year Treasury Bond 126.04 76 Sell 27.15 5.72 11.80 25.90 4.38 10.17 2.64 3.46 11.04 0.15
inTernATiOnAL BOndSALD WisdomTree Asia Local Debt ETF 46.96 65 Hold -0.55 -1.84 -3.19 -0.42 -0.08 1.26 6.05 0.55AUNZ WisdomTree Australia & NZL Dbt ETF 19.03 60 Sell -0.90 -3.88 -5.64 -1.40 1.86 2.20 10.49 0.45BWX SPDR® Barclays International Trs Bd ETF 56.28 75 Sell -1.66 -0.32 -3.21 -2.07 0.45 1.15 0.89 1.24 6.18 0.50ELD WisdomTree Emerging Markets Lcl Dbt ETF 40.90 66 Sell -7.94 -6.22 -9.67 -8.38 -1.88 1.58 9.68 0.55EMB iShares JPMorgan USD Emerg Markets Bond 106.70 78 Hold 2.59 -5.43 -4.93 2.80 3.84 5.77 4.91 1.82 7.66 0.60EMCB WisdomTree Emerging Markets Corp Bd ETF 69.97 76 Hold -1.57 -6.72 -7.36 0.60IBND SPDR® Barclays International Corp Bd ETF 35.09 90 Hold -3.08 -0.17 -2.20 -2.99 4.96 0.58 0.47 7.44 0.55ILB PIMCO Global Advtg Infl-Lkd Bd Actv ETF 45.67 63 Sell 0.60 -2.92 -4.98 -0.48 3.74 0.60ITIP iShares Intnl Inflation-Linked Bond 44.51 70 Sell -1.15 -2.69 -5.28 -2.34 1.01 3.35 1.55 8.63 0.40LEMB iShares Emerg Mkts Local Currency Bond 45.19 72 Sell -4.92 -4.32 -8.04 -5.05 0.22 4.86 1.38 9.26 0.60PCY PowerShares Emerging Markets Sov Dbt ETF 27.23 80 Hold 5.55 -4.48 -4.03 6.07 5.05 6.66 4.85 2.26 8.97 0.50WIP SPDR® DB Intl Govt Inflation-Prot Bd ETF 57.54 77 Sell 0.32 -1.46 -3.34 -0.23 3.06 3.21 0.33 1.52 8.17 0.50
CurrenCyBZF WisdomTree Brazilian Real Strategy ETF 16.64 53 Sell -3.82 -2.75 -11.02 -4.75 -5.17 -1.62 65.34 12.38 0.45CCX WisdomTree Commodity Currency Strat ETF 17.21 54 Sell -13.69 -7.52 -11.88 -13.82 -4.82 81.69 9.25 0.55CEW WisdomTree Emerging Currency Strat ETF 18.34 65 Sell -8.57 -5.27 -8.35 -9.21 -2.24 -1.80 72.50 7.75 0.55CYB WisdomTree Chinese Yuan Strategy ETF 25.32 72 Hold -0.61 -0.63 -0.08 -0.47 2.10 1.57 9.24 1.82 0.45DBV PowerShares DB G10 Currency Harvest ETF 24.83 74 Sell -2.33 -4.80 -3.92 -1.32 2.07 1.36 52.05 7.44 0.81FXA CurrencyShares® Australian Dollar ETF 82.13 70 Sell -6.62 -6.32 -8.79 -6.86 -4.01 0.82 70.02 10.66 0.40FXB CurrencyShares® British Pound Ster ETF 153.71 69 Sell -5.88 -0.17 -3.71 -4.32 -0.03 -1.08 32.00 6.97 0.40FXC CurrencyShares® Canadian Dollar ETF 85.29 71 Sell -8.70 -3.26 -5.17 -8.91 -3.69 -1.76 48.61 6.62 0.40FXE CurrencyShares® Euro ETF 122.45 67 Sell -9.96 -0.79 -4.02 -9.85 -1.88 -3.30 24.29 7.78 0.40
BOndS (continued)
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
14 DECEMBER 2014 | PHONE: (888) 252-5372
The eTF Investor Guide% return (3 and 5 Years Annualized)
Yield %Beta
3 YearsD
3 YearExpense
ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
FXF CurrencyShares® Swiss Franc ETF 101.07 72 Sell -7.97 -0.70 -3.24 -8.17 -1.29 1.10 26.85 7.46 0.40FXS CurrencyShares® Swedish Krona ETF 130.05 60 Sell -15.82 -2.90 -6.82 -13.86 -2.60 -0.77 57.13 8.51 0.40FXY CurrencyShares® Japanese Yen ETF 82.67 43 Sell -10.88 -1.23 -9.02 -12.65 -13.20 -5.68 40.70 8.53 0.40ICN WisdomTree Indian Rupee Strategy ETF 20.53 68 Hold 2.96 -3.38 -2.98 4.00 0.97 -0.75 77.73 11.91 0.45UDN PowerShares DB US Dollar Bearish ETF 24.34 54 Sell -10.05 -1.10 -5.07 -9.95 -3.07 -2.71 37.07 6.30 0.75UUP PowerShares DB US Dollar Bullish ETF 23.47 77 Buy 9.11 0.99 4.68 8.80 1.34 0.60 -36.52 6.19 0.75
inVerSe & LeVerAgedADZ PowerShares DB Agriculture Short ETN 29.00 23.14 -0.68 -3.33 28.89 3.44 -2.19 0.85 18.35 0.75AGA PowerShares DB Agriculture Dble Shrt ETN 22.80 60.45 -2.98 -8.40 56.38 3.98 -8.25 1.70 36.69 0.75BDD PowerShares DB Base Metals Dble Long ETN 7.74 -7.86 -8.35 -9.58 -1.02 -8.43 -13.56 0.87 32.39 0.75BOIL ProShares Ultra Bloomberg Natural Gas 25.86 -34.16 -22.53 -23.85 -38.50 -39.34 0.91 63.07 1.01BOM PowerShares DB Base Metals Dble Shrt ETN 14.68 8.98 9.55 12.84 5.08 -1.82 -4.23 0.92 32.39 0.75BOS PowerShares DB Base Metals Short ETN 22.26 46.45 3.34 3.29 20.32 -0.63 -0.79 0.46 16.20 0.75BUNT PowerShares DB 3x German Bund Futs ETN 47.34 46.43 3.77 11.78 43.06 17.79 4.54 16.12 0.95DAG PowerShares DB Agriculture Dble Long ETN 5.49 -24.38 -6.31 -8.04 -26.80 -17.65 -12.06 1.70 36.73 0.75DDM ProShares Ultra Dow30 125.51 9.70 -4.86 2.09 21.23 30.98 23.93 1.94 18.25 0.95DGP PowerShares DB Gold Double Long ETN 23.85 -4.98 0.13 -7.49 -10.20 -20.72 -3.13 1.55 35.09 0.75DGZ PowerShares DB Gold Short ETN 15.55 -1.14 -0.19 3.00 1.44 6.48 -4.45 0.77 17.55 0.75DIG ProShares Ultra Oil & Gas 45.74 -34.06 -29.17 -41.44 -27.89 5.47 6.73 2.37 30.51 0.95DOG ProShares Short Dow30 24.21 -7.28 2.24 -2.04 -11.90 -15.40 -14.26 -0.97 9.13 0.95DTO PowerShares DB Crude Oil Double Shrt ETN 77.95 119.76 60.95 120.14 110.22 19.54 -0.13 2.35 44.44 0.75DUG ProShares UltraShort Oil & Gas 64.19 30.44 35.59 56.83 18.80 -17.88 -24.50 -2.46 31.07 0.95DXD ProShares UltraShort Dow30 23.55 -14.11 4.67 -4.15 -22.63 -28.77 -27.48 -1.93 18.29 0.95DZZ PowerShares DB Gold Double Short ETN 7.46 -2.99 -0.27 6.42 1.91 11.17 -11.08 1.54 35.09 0.75EEV ProShares UltraShort MSCI Emerging Mkts 22.05 9.54 18.80 28.95 2.99 -15.63 -17.17 -2.32 31.35 0.95EFU ProShares UltraShort MSCI EAFE 46.94 12.46 10.97 18.24 0.62 -25.05 -21.46 -2.33 26.64 0.95EFZ ProShares Short MSCI EAFE 35.41 6.66 5.48 9.02 0.77 -12.76 -9.65 -1.16 13.25 0.95EUM ProShares Short MSCI Emerging Markets 27.79 5.67 9.19 13.90 2.34 -6.98 -6.76 -1.15 15.67 0.95EUO ProShares UltraShort Euro 20.48 20.05 1.34 7.56 19.63 0.59 2.41 -53.52 15.90 0.93EWV ProShares UltraShort MSCI Japan 67.54 6.96 10.69 8.71 -1.14 -24.66 -19.12 -1.76 29.79 0.95FXP ProShares UltraShort FTSE China 50 48.82 -20.12 2.65 -0.16 -21.26 -27.70 -21.44 -1.74 38.82 0.95INDL Direxion Daily India Bull 3X ETF 73.00 32.78 -26.52 -25.59 50.36 2.74 4.81 74.47 1.20ITLT PowerShares DB 3x Italn Trsy Bd Futs ETN 63.38 69.15 10.26 12.30 70.19 64.61 2.12 27.90 0.95LBJ Direxion Daily Latin America Bull 3X ETF 9.56 -55.76 -37.06 -62.76 -52.49 -34.07 -34.16 3.74 57.06 1.11LBND PowerShares DB 3x Long 25+Yr Trsy Bd ETN 55.26 84.08 17.25 34.75 88.34 7.21 9.85 31.34 0.95MVV ProShares Ultra MidCap400 67.62 6.57 -5.19 -3.55 15.45 37.93 27.25 2.27 22.90 0.95MZZ ProShares UltraShort MidCap400 45.66 -14.56 4.87 0.57 -21.38 -34.98 -34.01 -2.22 22.05 0.95PSQ ProShares Short QQQ 60.75 -16.78 1.33 -4.18 -19.98 -22.06 -19.63 -1.09 11.40 0.95PST ProShares UltraShort 7-10 Year Treasury 24.63 -18.71 -3.41 -8.42 -16.86 -7.16 -13.99 -3.54 10.11 0.95QID ProShares UltraShort QQQ 41.20 -31.29 2.74 -8.40 -36.58 -39.93 -36.81 -2.17 22.53 0.95QLD ProShares Ultra QQQ 131.98 32.74 -3.15 6.05 43.32 50.44 36.70 2.26 23.72 0.95REK ProShares Short Real Estate 21.01 -20.86 -1.49 -8.12 -22.52 -16.35 -0.64 12.46 0.95RUSL Direxion Daily Russia Bull 3X ETF 2.39 -92.29 -72.51 -83.51 -90.92 -57.01 4.57 75.35 1.09RWM ProShares Short Russell2000 16.35 -3.14 2.25 -1.03 -7.99 -19.03 -18.55 -1.23 13.11 0.95RXL ProShares Ultra Health Care 121.57 50.21 3.08 14.15 59.48 63.21 37.79 1.85 20.30 0.95SAA ProShares Ultra SmallCap600 102.88 -2.91 -6.12 -0.12 6.31 38.10 28.77 2.34 25.16 0.95SBB ProShares Short SmallCap600 55.53 -3.60 2.57 -0.62 -8.06 -19.42 -19.24 -1.15 12.31 0.95SCO ProShares UltraShort Bloomberg Crude Oil 73.51 133.34 75.12 140.97 123.30 19.40 -1.76 2.63 48.64 0.93SDOW ProShares UltraPro Short Dow30 23.11 -21.43 6.97 -6.65 -32.66 -40.65 -2.89 27.43 0.95SDS ProShares UltraShort S&P500 23.75 -19.93 4.53 -2.90 -26.45 -34.10 -30.10 -1.97 17.86 0.89SEF ProShares Short Financials 18.22 -11.60 0.19 -4.11 -14.98 -22.47 -16.63 -1.12 11.21 0.95SH ProShares Short S&P500 22.60 -10.42 2.17 -1.35 -14.10 -18.59 -15.66 -0.99 8.93 0.89SJB ProShares Short High Yield 29.04 -0.98 4.65 3.90 -1.73 -8.89 -1.02 6.04 0.95SKF ProShares UltraShort Financials 54.33 -22.03 0.74 -8.04 -27.98 -40.63 -33.02 -2.25 22.47 0.95SMN ProShares UltraShort Basic Materials 33.00 -3.59 15.14 17.10 -13.25 -25.84 -28.58 -2.35 26.99 0.95SRS ProShares UltraShort Real Estate 13.52 -37.38 -2.10 -14.59 -40.18 -30.54 -35.30 -1.27 24.79 0.95SRTY ProShares UltraPro Short Russell2000 36.86 -14.28 6.66 -4.78 -26.52 -50.14 -3.60 38.55 0.95SSO ProShares Ultra S&P500 119.91 17.06 -4.84 0.67 27.11 40.83 26.64 2.01 18.21 0.89SZO PowerShares DB Crude Oil Short ETN 59.68 53.06 34.41 53.46 49.54 11.67 2.73 1.17 22.22 0.75
CurrenCy (continued)
www.MutualFundInvestorGuide.com | DECEMBER 2014 15
TBT ProShares UltraShort 20+ Year Treasury 46.68 -41.06 -11.03 -21.10 -40.10 -14.07 -24.83 -6.87 21.55 0.92TWM ProShares UltraShort Russell2000 44.47 -7.59 4.64 -2.52 -16.72 -35.63 -36.44 -2.42 25.95 0.95TYO Direxion Daily 7-10 Yr Trs Bear 3X ETF 18.63 -28.10 -5.08 -12.85 -25.63 -12.49 -21.01 -5.41 15.54 1.01UDOW ProShares UltraPro Dow30 126.96 12.90 -7.31 2.48 31.10 47.40 2.91 27.40 0.95URE ProShares Ultra Real Estate 100.75 49.75 1.80 15.09 56.42 30.37 26.48 1.33 25.24 0.95USD ProShares Ultra Semiconductors 90.79 71.01 9.08 11.71 91.65 43.49 25.04 2.38 30.67 0.95UWM ProShares Ultra Russell2000 81.02 -4.79 -5.67 -1.51 5.00 35.40 24.75 2.48 26.79 1.00UYG ProShares Ultra Financials 139.08 18.57 -1.52 6.03 28.00 51.04 21.08 2.27 22.54 0.95UYM ProShares Ultra Basic Materials 45.26 -6.64 -14.46 -18.33 3.44 16.78 8.97 2.32 27.66 0.95XPP ProShares Ultra FTSE China 50 60.76 4.98 -5.46 -5.70 5.45 11.98 -3.81 1.55 38.72 0.95YCS ProShares UltraShort Yen 86.43 21.86 2.14 19.40 26.74 27.26 7.65 -72.33 18.00 0.93YINN Direxion Daily FTSE China Bull 3X ETF 29.67 -1.43 -9.71 -11.11 -1.23 23.90 -4.83 3.02 55.03 0.99
The Impact of Falling Oil PricesSince July of this year, West Texas Inter-mediate crude oil has plunged from $105 to $55 per barrel. The decline accelerated in November after the OPEC meeting, where Saudi Arabia and its allies convinced OPEC to keep production quotas steady. In the days following the meeting, the Saudis came out and said oil might stabilize around $60. Recently, Iran said oil could fall to $40 if OPEC doesn’t make changes. It went on to say the drop in oil prices was due to “treachery,” a comment aimed at geopoliti-cal foe Saudi Arabia and its allies. Later, a United Arab Emirates official said there was no need for an emergency meeting and no production cuts would occur until oil hits $40 a barrel.Behind the drop in prices is a weaken-ing global economy. Even though overall growth remains positive, faster growth was priced into the oil market. China’s rebal-ancing has the country’s economy slowing; ,more important, even if its GDP growth rate is maintained, it is shifting into less energy intensive industries. Oil demand is down in the developed world thanks to a mix of slowing population growth, lower economic growth outside the United States, and large improvements in efficiency. Oil demand growth has been revised lower in 2015, and the International Energy Agency (IEA) sees demand for OPEC oil below 29 million bar-rels per day, 1 million below current OPEC production quotas. Estimates put non-OPEC oil production supply at 1 million barrels per day above demand as well, providing for ap-proximately a 2 million barrel oversupply in the market. Inventory is high in the United States and Europe, and China was recently
buying all it could to build up its reserves at lower prices. There is an excess of supply and falling demand, a recipe for lower prices in any industry. In a shrinking market, low cost producers try to grab market share and push competitors out, which results in an acceler-ating decline in prices.
ETF IMPaCTIf a list waswere drawn up of the ETFs most impacted by falling oil prices, funds such as SPDR Energy (XLE) would top the list, but the impact goes far beyond commodity and equity funds in the energy sector. A number of commodity exporting countries have seen their currencies decline even though they do not rely on oil exports. High-yield bonds have also seen heavy selling due to energy exposure.
HIGH YIElD BONDsThere are several estimates of the amount of high yield debt issued by the energy sec-tor, but 15 to 20 percent of the total high yield bond market is considered realistic. The two main high yield debt ETFs are iShares iBoxx High Yield Corporate Bond (HYG) and SPDR Barclays High Yield Bond (JNK). HYG breaks down its hold-ings by sector, while JNK does not. As of December 15, HYG reported 13.36 per-cent exposure to oil and gas companies. JNK likely has higher exposure to the en-ergy sector because HYG and JNK have very little variation in their relative perfor-mance going back years, but since Octo-ber, HYG has been steadily outperforming. Since September 30, HYG is down 3.90 percent, including dividends. Over the same period, JNK is down 4.72 percent.
There are also two short-term high yield bond funds: SPDR Barclays Short Term High Yield Bond (SJNK) and PIMCO 0-5 Year High Yield Corporate Bond (HYS). Since October, HYS has bested SJNK, but it’s unclear if that is due to having less en-ergy exposure or to having slightly higher credit quality. Both HYS and SJNK have held up better than HYG and JNK since Oc-tober.Investors concerned about the energy mar-ket and looking for better performance may want to switch to a short-term high yield bond fund, but it will come at the cost of yield. For those who want to stick with ag-gregate high yield bond funds, HYG is the best choice. For those who want to speculate on a rebound in energy prices, JNK has the most ground to make up. We are maintain-ing our position in HYG in the portfolio as it has only a modest exposure to energy. We also hold ProShares High Yield Interest Rate Hedged (HYHG) in the models as protec-tion against rising interest rates. That said, over the short term, we may see increased volatility in these positions.
COuNTRY ETFsThe decline in oil prices has hit major oil ex-porting countries quite hard, along with tum-bling stock prices and currencies. Among the hardest hit has been Russia, which is also suffering from sanctions aimed at pun-ishing the country for its actions in Ukraine. There are also emerging market economies that don’t have meaningful exposure to en-ergy production and may even benefit from lower energy prices, but they have been caught up in the mass selling of emerging market shares. Such countries include China and India. In between are oil producers such
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inVerSe & LeVerAged (continued)
% return (3 and 5 Years Annualized)Yield %
Beta 3 Year
sD 3 Year
Expense ratiosymbol Fund Price rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year
The Impact of Falling Oil Prices (continued)
as Mexico, which either have a small en-ergy sector or don’t overly rely on it for government finances.The largest oil importers are the eurozone, the United States, Japan, China and India. These nations stand to benefit the most from falling energy prices because that will cut down on their imports. Aside from the United States, these nations also don’t have much in the way of oil production, so en-ergy savings will have little negative im-pact.
CuRRENCY ETFsOne big reason emerging market ETFs have broadly underperformed is due to currency effects. The U.S. dollar is in a broad rally versus emerging market currencies, devel-oped market currencies and commodities. Emerging market currency ETFs, such as WisdomTree Dreyfus Emerging Currency (CEW), are down more than 10 percent since July, with more than half of those losses coming over the past two months. Currencies of resources exporters, such as the Canadian and Australian dollars, have also lagged. The U.S. dollar isn’t going to go up in a straight line, and a pullback may already be underway, but until the slide in commodity prices stops, most currencies may also fall against the dollar.
DIvIDEND ETFsWith many energy ETFs down 30 to 40 percent over the past three months, many
dividend ETFs are back to levels seen at the lowest point of the 2008 financial cri-sis. Guggenheim Canadian Energy Income (ENY) is one example. The stocks in this fund have been hit twice over: once by the drop in energy prices and again by fears of dividend cuts. Dividends are likely to be cut, making them unattractive for those in-vestors seeking current income. However, long-term investors may want to think about the future yield on the ETF. By the time oil prices recover and dividends are raised, share prices could be significantly higher. Investors willing to wait and aver-age down if prices drop further can pick up shares at their lowest point in six years. The risk is that it could take several years for prices and dividends to recover.A similar fund in this category is JPMorgan Alerian MLP ETN (AMJ). It is an ETN, which is a debt instrument issued by JP-Morgan, designed to track the Alerian MLP Index. Shares are back to where they were at the start of 2013.
CONClusIONConservative investors shouldn’t jump into the energy market with a large posi-tion, expecting a fast rebound. First off, the energy market remains in a highly volatile state. Oil is hovering around $55 a barrel currently, and a drop to around $40 is now not unimaginable. In percentage terms, that would be a large drop, but it would cause bigger losses for stocks since more firms
will be unable to pump oil profitably at those levels. Aggressive investors may want to use this opportunity to find very inexpensive po-sitions, as long as they are willing to wait to see a return on their investment. At the nadir of the global financial crisis, oil prices bottomed out at $35 a barrel and were back to $50 a barrel a few months later. The shale revolution has greatly increased global energy supplies, but it is a revolution based on high prices, not new technology. Below $40 a barrel, a lot of shale produc-tion starts shutting down. Absent a global recession, demand will outstrip supply at these lower prices, and unless the current drop in oil prices heralds a recession that the data haven’t yet revealed, prices will rebound in 2015. Investors who want to bet on a rebound should make targeted bets on oil equities and avoid indirect exposure. Country funds could rebound along with oil prices, but they could also lag due to the drop in oil prices setting off a recession across the en-tire economy. Currency weakness or politi-cal instability could weigh on returns. Plain vanilla energy funds and subsector funds, such as the iShares or SPDRs, are the best way to play a rebound.
16 DECEMBER 2014 | PHONE: (888) 252-5372
The eTF Investor Guide
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.
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