Darwin's Finance » ETF

ETF List Extreme – 894 Funds Ranked by YTD Return

Darwin — Fri, 02 Apr 2010 02:51:36 +0000

This ETF List has been expanded to include 894 Exchange Traded Funds covering all sectors and strategies from emerging markets and commodities to leveraged and short ETFs. This ETF ticker symbol list is updated routinely so be sure to bookmark and utilize as a permanent reference. Over the past several months, I’ve reviewed several of the most interesting and high-performing ETFs, primarily at my new blog dedicated solely to ETFs, ETFBase. So you can easily identify ETFs with detailed reviews, just check out the ones with green hyperlinks within:

Ticker YTD Name
AGA   41.2%   PowerShares DB Agriculture Dble Shrt ETN
JJN   35.2%   iPath DJ-UBS Nickel TR Sub-Idx ETN
FAS   30.5%   Direxion Daily Financial Bull 3X Shares
FBT   30.1%   First Trust NYSE Arca Biotech Index
TNA   28.0%   Direxion Daily Small Cap Bull 3X Shares
DRN   26.4%   Direxion Daily Real Estate Bull 3X Shrs
MWJ   23.9%   Direxion Daily Mid Cap Bull 3X Shares
KBE   22.1%   SPDR KBW Bank
RFL   21.8%   Rydex 2x S&P Select Sector Financial
UYG   20.7%   Ultra Financials ProShares
UXI   20.7%   Ultra Industrials ProShares
JFT   20.6%   KEYnotes First Trust Enh 130/30 LgCp ETN
UCC   20.5%   Ultra Consumer Services ProShares
UVT   20.1%   Ultra Russell2000 Value ProShares
RZV   19.5%   Rydex S&P SmallCap 600 Pure Value
KIE   19.2%   SPDR KBW Insurance
UVU   18.8%   Ultra Russell MidCap Value ProShares
MVV   18.5%   Ultra MidCap400 ProShares
IAT   18.5%   iShares Dow Jones US Regional Banks
URE   18.4%   Ultra Real Estate ProShares
RMM   18.2%   Rydex 2x S&P MidCap 400
KRE   18.2%   SPDR KBW Regional Banking
UWM   17.8%   Ultra Russell2000 ProShares
RRY   17.5%   Rydex 2x Russell 2000
ADZ   17.4%   PowerShares DB Agriculture Short ETN
PEJ   17.2%   PowerShares Dynamic Leisure & Entertain
SAA   17.1%   Ultra SmallCap600 ProShares
PBE   16.6%   PowerShares Dynamic Biotech & Genome
EZJ   16.1%   Ultra MSCI Japan ProShares
KME   16.0%   SPDR KBW Mortgage Finance
BGU   16.0%   Direxion Daily Large Cap Bull 3X Shares
FAA   15.9%   Claymore/NYSE Arca Airline
UKK   15.3%   Ultra Russell2000 Growth ProShares
UPRO   15.0%   UltraPro S&P500 ProShares
UKW   14.9%   Ultra Russell MidCap Growth ProShares
RTL   14.4%   iShares FTSE NAREIT Retail Cp Idx
RWW   14.2%   RevenueShares Financials Sector
IIH   14.2%   Internet Infrastructure HOLDRs
BXUB   14.0%   Barclays Long B Leveraged S&P 500 TR ETN
IAK   14.0%   iShares Dow Jones US Insurance
RKH   14.0%   Regional Bank HOLDRs
RYF   13.9%   Rydex S&P Equal Weight Financials
ITA   13.6%   iShares Dow Jones US Aerospace & Defense
PXQ   13.5%   PowerShares Dynamic Networking
QABA   13.4%   First Trust NASDAQ ABA Community Bank
RFV   13.2%   Rydex S&P Midcap 400 Pure Value
SEA   13.2%   Claymore/Delta Global Shipping
ITB   13.0%   iShares Dow Jones US Home Construction
MES   12.9%   Market Vectors Gulf States Index ETF
FXD   12.9%   First Trust Consumer Disc AlphaDEX
RPV   12.8%   Rydex S&P 500 Pure Value
GXG   12.8%   Global X/InterBolsa FTSE Colombia 20 ETF
THD   12.8%   iShares MSCI Thailand Invest Mkt Index
PEZ   12.6%   PowerShares Dynamic Consumer Disc
PIC   12.4%   PowerShares Dynamic Insurance
UGE   12.4%   Ultra Consumer Goods ProShares
IDX   12.3%   Market Vectors Indonesia Index ETF
VCR   11.9%   Vanguard Consumer Discretionary ETF
RCD   11.9%   Rydex S&P Equal Weight Consumer Disc
GULF   11.7%   WisdomTree Middle East Dividend
DIA   11.7%   SPDR Dow Jones Industrial Average
PBS   11.7%   PowerShares Dynamic Media
VFH   11.7%   Vanguard Financials ETF
VIS   11.6%   Vanguard Industrials ETF
DRR   11.4%   Market Vectors Double Short Euro ETN
UVG   11.3%   Ultra Russell1000 Value ProShares
JKL   11.3%   iShares Morningstar Small Value Index
PMR   11.3%   PowerShares Dynamic Retail
EUO   11.2%   UltraShort Euro ProShares
IBB   11.1%   iShares Nasdaq Biotechnology
SLX   11.1%   Market Vectors Steel ETF
RWJ   11.1%   RevenueShares Small Cap
UYM   11.0%   Ultra Basic Materials ProShares
CSD   11.0%   Claymore/Beacon Spin-Off
PJB   10.9%   PowerShares Dynamic Banking
AFK   10.9%   Market Vectors Africa Index ETF
IFNA   10.9%   iShares FTSE EPRA/NAREIT North America
DSV   10.6%   SPDR Dow Jones Small Cap Value
PJM   10.5%   PowerShares Dynamic Small Cap
RSU   10.5%   Rydex 2x S&P 500
IYG   10.4%   iShares Dow Jones US Financial Services
IYF   10.4%   iShares Dow Jones US Financial Sector
BJK   10.4%   Market Vectors Gaming ETF
IHI   10.3%   iShares Dow Jones US Medical Devices
SSO   10.3%   Ultra S&P500 ProShares
IWN   10.3%   iShares Russell 2000 Value Index
FNX   10.3%   First Trust Mid Cap Core AlphaDEX
FXZ   10.2%   First Trust Materials AlphaDEX
VBR   10.2%   Vanguard Small Cap Value ETF
FXH   10.2%   First Trust Health Care AlphaDEX
IYJ   10.2%   iShares Dow Jones US Industrial
RSX   10.1%   Market Vectors Russia ETF
PRFZ   10.1%   PowerShares FTSE RAFI US 1500 Small-Mid
IWC   10.1%   iShares Russell Microcap Index
IYC   10.1%   iShares Dow Jones US Consumer Services
FXR   10.1%   First Trust Indust/Producer Dur AlphaDEX
IJS   10.1%   iShares S&P SmallCap 600 Value Index
QLD   10.0%   Ultra QQQ ProShares
EWM   10.0%   iShares MSCI Malaysia Index
ICF   10.0%   iShares Cohen & Steers Realty Majors
VNQ   9.9%   Vanguard REIT Index ETF
RGI   9.9%   Rydex S&P Equal Weight Industrials
SCHA   9.9%   Schwab U.S. Small-Cap ETF
FRI   9.9%   First Trust S&P REIT Idx
RWR   9.9%   SPDR Dow Jones REIT
PSP   9.9%   PowerShares Listed Private Equity
DES   9.9%   WisdomTree SmallCap Dividend
VB   9.9%   Vanguard Small Cap ETF
DSC   9.8%   SPDR Dow Jones Small Cap
FXG   9.8%   First Trust Consumer Staples AlphaDEX
PWJ   9.7%   PowerShares Dynamic Mid Cap Growth
PZJ   9.7%   PowerShares Zacks Small Cap
JKI   9.7%   iShares Morningstar Mid Value Index
BVT   9.7%   ELEMENTS BG Total Market ETN
PZI   9.6%   PowerShares Zacks Micro Cap
PBJ   9.6%   PowerShares Dynamic Food & Beverage
RFG   9.6%   Rydex S&P Midcap 400 Pure Growth
IWS   9.6%   iShares Russell Midcap Value Index
VOE   9.5%   Vanguard Mid-Cap Value ETF
IPK   9.5%   SPDR S&P International Technology Sector
IYR   9.5%   iShares Dow Jones US Real Estate
FXO   9.4%   First Trust Financials AlphaDEX
BSC   9.4%   ELEMENTS BG Small Cap ETN
JKK   9.4%   iShares Morningstar Small Growth Index
RWK   9.3%   RevenueShares Mid Cap
PNXQ   9.3%   PowerShares NXQ
PPA   9.3%   PowerShares Aerospace & Defense
IJK   9.3%   iShares S&P MidCap 400 Growth Index
PDP   9.3%   PowerShares DWA Technical Leaders
FYX   9.3%   First Trust Small Cap Core AlphaDEX
DDM   9.2%   Ultra Dow30 ProShares
UWC   9.2%   Ultra Russell3000 ProShares
EWW   9.2%   iShares MSCI Mexico Investable Mkt Idx
EXI   9.1%   iShares S&P Global Industrials
BXUC   9.1%   Barclays Long C Leveraged S&P 500 TR ETN
VBK   9.1%   Vanguard Small Cap Growth ETF
VXF   9.0%   Vanguard Extended Market Index ETF
DSG   9.0%   SPDR Dow Jones Small Cap Growth
PRF   9.0%   PowerShares FTSE RAFI US 1000
IJH   9.0%   iShares S&P MidCap 400 Index
NFO   8.9%   Claymore/Sabrient Insider
IJR   8.9%   iShares S&P SmallCap 600 Index
IWM   8.9%   iShares Russell 2000 Index
JKJ   8.9%   iShares Morningstar Small Core Index
QQXT   8.8%   First Trust NASDAQ-100 ex-Tech Sec Idx
PQSC   8.7%   PowerShares FTSE NASDAQ Small Cap
MDY   8.7%   SPDR S&P MidCap 400
JKG   8.7%   iShares Morningstar Mid Core Index
EMV   8.7%   SPDR Dow Jones Mid Cap Value
VO   8.6%   Vanguard Mid Cap ETF
UKF   8.6%   Ultra Russell1000 Growth ProShares
PSR   8.6%   PowerShares Active U.S. Real Estate
DFJ   8.6%   WisdomTree Japan SmallCap Dividend
ROB   8.6%   Claymore/Robb Report Global Luxury
IJJ   8.6%   iShares S&P MidCap 400 Value Index
PWO   8.5%   PowerShares Dynamic OTC
REZ   8.5%   iShares FTSE NAREIT Resid Plus Cp Idx
JSC   8.5%   SPDR Russell/Nomura Small Cap Japan
IWR   8.5%   iShares Russell Midcap Index
FTC   8.4%   First Trust Large Cap Gr Opp AlphaDEX
PYH   8.4%   PowerShares Value Line Industry Rotation
RHS   8.4%   Rydex S&P Equal Weight Consumer Staples
FAB   8.3%   First Trust Multi Cap Value AlphaDEX
EZM   8.3%   WisdomTree MidCap Earnings
EIS   8.2%   iShares MSCI Israel Cap Invest Mkt Index
SCJ   8.2%   iShares MSCI Japan Small Cap Index
PBTQ   8.2%   PowerShares Global Biotech
FTY   8.1%   iShares FTSE NAREIT Real Estate 50
PEY   8.1%   PowerShares HighYield Dividend Achievers
PGF   8.1%   PowerShares Financial Preferred
EWD   8.0%   iShares MSCI Sweden Index
PWY   8.0%   PowerShares Dynamic Small Cap Value
RSP   8.0%   Rydex S&P Equal Weight
PJO   8.0%   PowerShares FTSE RAFI Japan
PFI   8.0%   PowerShares Dynamic Financials
EZA   8.0%   iShares MSCI South Africa Index
RZG   7.9%   Rydex S&P SmallCap 600 Pure Growth
FAD   7.9%   First Trust Multi Cap Growth AlphaDEX
ITF   7.8%   iShares S&P/TOPIX 150 Index
JKH   7.8%   iShares Morningstar Mid Growth Index
IWO   7.8%   iShares Russell 2000 Growth Index
GVT   7.8%   Grail American Beacon Large Value ETF
RYJ   7.8%   Claymore/Raymond James SB-1 Equity
IHF   7.7%   iShares Dow Jones US Healthcare Provider
RWL   7.7%   RevenueShares Large Cap
PWT   7.7%   PowerShares Dynamic Small Cap Growth
RXL   7.7%   Ultra Health Care ProShares
DON   7.7%   WisdomTree MidCap Dividend
EMM   7.5%   SPDR Dow Jones Mid Cap
IYT   7.5%   iShares Dow Jones Transportation Average
VOT   7.5%   Vanguard Mid-Cap Growth ETF
SDY   7.4%   SPDR S&P Dividend
EMG   7.4%   SPDR Dow Jones Mid Cap Growth
DXJ   7.4%   WisdomTree Japan Total Dividend
FVI   7.4%   First Trust Value Line Equity Allc Index
IJT   7.4%   iShares S&P SmallCap 600 Growth
EES   7.4%   WisdomTree SmallCap Earnings
PJG   7.3%   PowerShares Dynamic Mid Cap
GXF   7.3%   Global X FTSE Nordic 30 ETF
PJP   7.3%   PowerShares Dynamic Pharmaceuticals
IWP   7.2%   iShares Russell Midcap Growth Index
EWJ   7.2%   iShares MSCI Japan Index
GAF   7.2%   SPDR S&P Emerging Middle East & Africa
FEX   7.1%   First Trust Large Cap Core AlphaDEX
RTH   7.1%   Retail HOLDRs
PTM   7.1%   UBS E-TRACS Long Platinum TR ETN
FDM   7.1%   First Trust Dow Jones Select MicroCp Idx
FTA   7.0%   First Trust Large Cap Value Opp AlphaDEX
RPG   7.0%   Rydex S&P 500 Pure Growth
CZA   7.0%   Claymore/Zacks Mid-Cap Core
RXI   7.0%   iShares S&P Global Cons Discretionary
IVE   7.0%   iShares S&P 500 Value Index
CMD   7.0%   UltraShort DJ-UBS Commodity ProShares
PSTL   6.9%   PowerShares Global Steel
PTH   6.9%   PowerShares Dynamic Healthcare
TMW   6.9%   SPDR Dow Jones Total Market
IWW   6.9%   iShares Russell 3000 Value Index
FIW   6.9%   First Trust ISE Water Idx
IWD   6.9%   iShares Russell 1000 Value Index
AMJ   6.8%   JPMorgan Alerian MLP Index ETN
PLND   6.8%   Market Vectors Poland ETF
PKW   6.8%   PowerShares Buyback Achievers
PNQI   6.8%   PowerShares NASDAQ Internet
IYK   6.8%   iShares Dow Jones US Consumer Goods
BVL   6.8%   ELEMENTS BG Large Cap ETN
FIO   6.7%   iShares FTSE NAREIT Industrl/Offc Cp Idx
DBT   6.7%   WisdomTree International Technology
PTO   6.6%   PowerShares Autonomic Gr NFA Glbl Asset
PFF   6.6%   iShares S&P U.S. Preferred Stock Index
PWP   6.6%   PowerShares Dynamic Mid Cap Value
CQQQ   6.6%   Claymore/AlphaShares China Technology
PQY   6.5%   PowerShares Active AlphaQ
FXM   6.5%   CurrencyShares Mexican Peso Trust
RHM   6.5%   Rydex 2x S&P Select Sector Health Care
RYH   6.5%   Rydex S&P Equal Weight Health Care
DOD   6.5%   ELEMENTS DJ High Yield Select 10 ETN
COW   6.4%   iPath DJ-UBS Livestock TR Sub-Idx ETN
CSM   6.4%   ProShares Credit Suisse 130/30
PSL   6.4%   PowerShares Dynamic Consumer Staples
VPL   6.4%   Vanguard Pacific Stock ETF
IGN   6.3%   iShares S&P North Amer Tech-Multimd Ntwk
QQEW   6.3%   First Trust NASDAQ-100 Equal Weight Idx
TUR   6.3%   iShares MSCI Turkey Invest Mkt Index
JPP   6.3%   SPDR Russell/Nomura PRIME Japan
IYM   6.3%   iShares Dow Jones US Basic Materials
PMNA   6.3%   PowerShares MENA Frontier Countries
VTV   6.3%   Vanguard Value ETF
VDC   6.3%   Vanguard Consumer Staples ETF
FDN   6.2%   First Trust Dow Jones Internet Index
FVL   6.2%   First Trust Value Line 100 ETF
PRN   6.2%   PowerShares Dynamic Industrials
ENY   6.2%   Claymore/SWM Canadian Energy Income
VTI   6.1%   Vanguard Total Stock Market ETF
ELV   6.1%   SPDR Dow Jones Large Cap Value
UBC   6.1%   UBS E-TRACS CMCI Livestock TR ETN
RTM   6.1%   Rydex S&P Equal Weight Materials
SCHV   6.1%   Schwab U.S. Large-Cap Value ETF
PWV   6.0%   PowerShares Dynamic Large Cap Value
FZB   6.0%   FaithShares Baptist Values
EWC   6.0%   iShares MSCI Canada Index
SCHB   6.0%   Schwab U.S. Broad Market ETF
JJM   6.0%   iPath DJ-UBS Ind Metals TR Sub-Idx ETN
JJT   6.0%   iPath DJ-UBS Tin TR Sub-Idx ETN
PSK   5.9%   SPDR Wells Fargo Preferred Stock
PQZ   5.9%   PowerShares Active Alpha Multi-Cap
BBH   5.8%   Biotech HOLDRs
INDY   5.8%   iShares S&P India Nifty 50 Index
CVY   5.8%   Claymore/Zacks Multi-Asset Income
IWB   5.8%   iShares Russell 1000 Index
IWV   5.8%   iShares Russell 3000 Index
ELR   5.8%   SPDR Dow Jones Large Cap
ISI   5.8%   iShares S&P 1500 Index
MDD   5.8%   SPDR S&P International Mid Cap
IYY   5.8%   iShares Dow Jones U.S. Index
DVY   5.8%   iShares Dow Jones Select Dividend Index
PXI   5.8%   PowerShares Dynamic Energy
EPI   5.7%   WisdomTree India Earnings
MGV   5.7%   Vanguard Mega Cap 300 Value Index ETF
JKF   5.7%   iShares Morningstar Large Value Index
SCHX   5.7%   Schwab U.S. Large-Cap ETF
STH   5.6%   Claymore/Sabrient Stealth
VV   5.6%   Vanguard Large Cap ETF
FPX   5.6%   First Trust US IPO Index
ONEQ   5.6%   Fidelity Nasdaq Composite Index Tracking
GWX   5.6%   SPDR S&P International Small Cap
FMV   5.6%   FaithShares Methodist Values
PIQ   5.5%   PowerShares Dynamic MagniQuant
PSJ   5.5%   PowerShares Dynamic Software
RWG   5.5%   RP Focused Large Cap Growth ETF
PJF   5.5%   PowerShares Dynamic Large Cap
JJC   5.5%   iPath DJ-UBS Copper TR Sub-Idx ETN
PIV   5.4%   PowerShares Value Line Timeliness Select
IPN   5.4%   SPDR S&P International Industrial Sector
FVD   5.4%   First Trust Value Line Dividend Index
PTJ   5.4%   PowerShares Dynamic Healthcare Services
DEM   5.4%   WisdomTree Emerging Markets Equity Inc
PYZ   5.4%   PowerShares Dynamic Basic Materials
IVV   5.4%   iShares S&P 500 Index
PTE   5.4%   PowerShares Dynamic Telecom & Wireless
JKD   5.4%   iShares Morningstar Large Core Index
QQQQ   5.3%   PowerShares QQQ
CRBI   5.3%   Jefferies TR/J CRB Global Ind Metals Eq
AOA   5.3%   iShares S&P Aggressive Allocation
EMT   5.2%   EGS DJ Emerging Mkts Met & Mining Titans
DLS   5.2%   WisdomTree International SmallCap Div
DSI   5.2%   iShares KLD 400 Social Index
SCHG   5.2%   Schwab U.S. Large-Cap Growth ETF
PKB   5.2%   PowerShares Dynamic Building & Construct
GUR   5.2%   SPDR S&P Emerging Europe
FCV   5.2%   FaithShares Catholic Values
NY   5.2%   iShares NYSE 100 Index
EEH   5.2%   ELEMENTS SPECTRUM Lg Cap U.S. Sector ETN
EWA   5.1%   iShares MSCI Australia Index
ELG   5.1%   SPDR Dow Jones Large Cap Growth
RFF   5.1%   RP Financials ETF
EZY   5.1%   WisdomTree LargeCap Value
FDV   5.0%   First Trust DB Strategic Value Index
HAO   5.0%   Claymore/AlphaShares China Small Cap
UBM   5.0%   UBS E-TRACS CMCI Industrial Mtls TR ETN
SPY   5.0%   SPDR S&P 500
HHH   5.0%   Internet HOLDRs
VUG   5.0%   Vanguard Growth ETF
EWY   5.0%   iShares MSCI South Korea Index
IRO   4.9%   Claymore/Zacks Dividend Rotation
CHIQ   4.9%   Global X China Consumer ETF
EPS   4.9%   WisdomTree Earnings 500
IWZ   4.9%   iShares Russell 3000 Growth Index
MGC   4.9%   Vanguard Mega Cap 300 Index ETF
PXE   4.8%   PowerShares Dynamic Energy Explor & Prod
FOC   4.8%   FaithShares Christian Values
RWO   4.8%   SPDR Dow Jones Global Real Estate
VYM   4.8%   Vanguard High Dividend Yield Indx ETF
DEF   4.8%   Claymore/Sabrient Defensive Equity
REM   4.7%   iShares FTSE NAREIT Mort Plus Cp Idx
CZM   4.7%   Direxion Daily China Bull 3X Shares
PGX   4.7%   PowerShares Preferred
VIG   4.7%   Vanguard Dividend Appreciation ETF
TZO   4.7%   iShares S&P Target Date 2035
IWX   4.6%   iShares Russell Top 200 Value Index
VSS   4.6%   Vanguard FTSE All-Wld ex-US SmCp Idx ETF
OEF   4.6%   iShares S&P 100 Index
EEZ   4.6%   WisdomTree Earnings Top 100
VHT   4.6%   Vanguard Health Care ETF
KLD   4.6%   iShares KLD Select Social Index
EMIF   4.6%   iShares S&P Emerging Mkts Infrastructure
AGF   4.6%   PowerShares DB Agriculture Long ETN
OTR   4.6%   Claymore/Ocean Tomo Growth
FFR   4.5%   First Trust FTSE EN Dev Mkts Rel Est Idx
IWF   4.5%   iShares Russell 1000 Growth Index
PIE   4.5%   PowerShares DWA Em Mkts Technical Ldrs
PFM   4.5%   PowerShares Dividend Achievers
PXR   4.5%   PowerShares Emerg Mks Infrastructure
SCZ   4.4%   iShares MSCI EAFE Small Cap Index
INR   4.4%   Market Vectors Indian Rupee/USD ETN
PDN   4.4%   PowerShares FTSE RAFI Dev Mkts ex-US S/M
KOL   4.4%   Market Vectors Coal ETF
VAW   4.4%   Vanguard Materials ETF
INP   4.4%   iPath MSCI India Index ETN
DTN   4.3%   WisdomTree Dividend ex-Financials
PWC   4.3%   PowerShares Dynamic Market
JNK   4.3%   SPDR Barclays Capital High Yield Bond
BAB   4.3%   PowerShares Build America Bond
PCY   4.3%   PowerShares Emerging Mkts Sovereign Debt
MGK   4.3%   Vanguard Mega Cap 300 Gr Index ETF
BAL   4.3%   iPath DJ-UBS Cotton TR Sub-Idx ETN
ESR   4.3%   iShares MSCI Emerg Mkts Eastern Eur Idx
EXT   4.3%   WisdomTree Total Earnings
IYH   4.2%   iShares Dow Jones US Healthcare
FLM   4.2%   First Trust ISE Glbl Engnrg & Const Idx
NYC   4.2%   iShares NYSE Composite Index
EQL   4.2%   ALPS Equal Sector Weight ETF
CWB   4.2%   SPDR Barclays Capital Convertible Bond
RYE   4.2%   Rydex S&P Equal Weight Energy
TZV   4.1%   iShares S&P Target Date 2040
IFSM   4.1%   iShares FTSE Dev Sm Cap ex-North Amer
TZL   4.1%   iShares S&P Target Date 2030
EWH   4.0%   iShares MSCI Hong Kong Index
EWX   4.0%   SPDR S&P Emerging Markets Small Cap
FXN   4.0%   First Trust Energy AlphaDEX
DENT   4.0%   Dent Tactical ETF
EFN   4.0%   EGS DJ Emerging Mkts Financials Titans
KXI   4.0%   iShares S&P Global Consumer Staples
IXG   3.9%   iShares S&P Global Financials
FXL   3.9%   First Trust Technology AlphaDEX
USD   3.9%   Ultra Semiconductor ProShares
IHE   3.9%   iShares Dow Jones US Pharmaceuticals
ICN   3.9%   WisdomTree Dreyfus Indian Rupee
MTK   3.9%   SPDR Morgan Stanley Technology
EEN   3.9%   Claymore/BNY Mellon EW Euro-Pacific LDRs
DGS   3.9%   WisdomTree Emerging Mkts Small Cap Div
DTD   3.9%   WisdomTree Total Dividend
EPP   3.8%   iShares MSCI Pacific ex-Japan
PMA   3.8%   PowerShares Active Mega Cap
PCA   3.8%   PowerShares Autonomic Bal NFA Glbl Asset
EWL   3.8%   iShares MSCI Switzerland Index
OTP   3.8%   Claymore/Ocean Tomo Patent
CUT   3.7%   Claymore/Beacon Global Timber Index
TZG   3.7%   iShares S&P Target Date 2020
ADRA   3.7%   BLDRS Asia 50 ADR Index
RPQ   3.7%   RP Technology ETF
IVW   3.7%   iShares S&P 500 Growth Index
FNI   3.7%   First Trust ISE Chindia Idx
TZI   3.7%   iShares S&P Target Date 2025
TDV   3.6%   TDX Independence 2040 ETF
SLV   3.6%   iShares Silver Trust
RYT   3.6%   Rydex S&P Equal Weight Technology
IGV   3.6%   iShares S&P North Amer Tech-Software
PIZ   3.6%   PowerShares DWA Dev Mkts Technical Ldrs
RPX   3.6%   RP Growth ETF
UGA   3.5%   United States Gasoline
AYT   3.5%   Barclays GEMS Asia-8 ETN
SIVR   3.4%   ETFS Physical Silver Shares
EMB   3.4%   iShares JPMorgan USD Emerg Markets Bond
GCE   3.4%   Claymore CEF GS Connect ETN
CHIB   3.4%   Global X China Technology ETF
SZR   3.4%   WisdomTree Dreyfus South African Rand
FXC   3.4%   CurrencyShares Canadian Dollar Trust
FKL   3.4%   FaithShares Lutheran Values
PHO   3.4%   PowerShares Water Resources
RJZ   3.3%   ELEMENTS Rogers Intl Commodity Metal ETN
TZE   3.3%   iShares S&P Target Date 2015
VT   3.3%   Vanguard Total World Stock Index ETF
IXN   3.3%   iShares S&P Global Technology
DLN   3.2%   WisdomTree LargeCap Dividend
DBS   3.2%   PowerShares DB Silver
PIN   3.1%   PowerShares India
UUP   3.1%   PowerShares DB US Dollar Index Bullish
OIH   3.1%   Oil Services HOLDRs
PUW   3.1%   PowerShares WilderHill Progrsv Energy
PKN   3.1%   PowerShares Global Nuclear Energy
PTRP   3.1%   PowerShares Global Progressive Transport
QTEC   3.1%   First Trust NASDAQ-100-Tech Index
EVX   3.1%   Market Vectors Environmental Svcs ETF
OIL   3.0%   iPath S&P GSCI Crude Oil Ttl Ret Idx ETN
UCO   3.0%   Ultra DJ-UBS Crude Oil ProShares
MOO   3.0%   Market Vectors Agribusiness ETF
SDP   3.0%   UltraShort Utilities ProShares
FXA   2.9%   CurrencyShares Australian Dollar Trust
IWL   2.9%   iShares Russell Top 200 Index
AGQ   2.9%   Ultra Silver ProShares
ACWI   2.9%   iShares MSCI ACWI Index
TZD   2.9%   iShares S&P Target Date 2010
JKE   2.8%   iShares Morningstar Large Growth Index
PGJ   2.8%   PowerShares Gldn Dragon Halter USX China
VWO   2.8%   Vanguard Emerging Markets Stock ETF
DFE   2.8%   WisdomTree Europe SmallCap Dividend
EFG   2.8%   iShares MSCI EAFE Growth Index
RWV   2.7%   RevenueShares Navellier Overall A-100
AOR   2.7%   iShares S&P Growth Allocation
GRN   2.7%   iPath Global Carbon ETN
ROM   2.7%   Ultra Technology ProShares
ITR   2.7%   SPDR Barclays Cap Interm Term Credit Bnd
TDN   2.7%   TDX Independence 2030 ETF
PAO   2.6%   PowerShares Autonmc Bal Gr NFA Glbl Asst
PAF   2.6%   PowerShares FTSE RAFI Asia Pacific ex-Jp
GRI   2.6%   Cohen & Steers Global Realty Majors ETF
FRN   2.6%   Claymore/BNY Mellon Frontier Markets
IWY   2.6%   iShares Russell Top 200 Growth Index
PFA   2.6%   PowerShares Dynamic Developed Intl Opps
EPU   2.6%   iShares MSCI All Peru Capped Index
USO   2.6%   United States Oil
CFT   2.6%   iShares Barclays Credit Bond
EEO   2.5%   EGS DJ Emerging Mkts Energy Titans
DDP   2.5%   PowerShares DB Commodity Short ETN
DGP   2.5%   PowerShares DB Gold Double Long ETN
GRES   2.5%   IQ ARB Global Resources ETF
DND   2.4%   WisdomTree Pacific ex-Japan Total Div
DNL   2.4%   WisdomTree World ex-US Growth
LQD   2.4%   iShares iBoxx $ Invest Grade Corp Bond
VGT   2.4%   Vanguard Information Technology ETF
VCIT   2.4%   Vanguard Interm-Tm Corp Bd Idx ETF
PSI   2.4%   PowerShares Dynamic Semiconductors
PGM   2.4%   iPath DJ-UBS Platinum TR Sub-Idx ETN
PID   2.4%   PowerShares Intl Dividend Achievers
IEZ   2.4%   iShares Dow Jones US Oil Equipment Index
IGM   2.3%   iShares S&P North Amer Technology
PAGG   2.3%   PowerShares Global Agriculture
JEM   2.3%   Barclays GEMS Index ETN
HYD   2.3%   Market Vectors High-Yield Muni ETF
GMM   2.3%   SPDR S&P Emerging Markets
IPS   2.3%   SPDR S&P International Cons Stapl Sector
TXF   2.3%   TXF Large Companies ETF
BIV   2.2%   Vanguard Intermediate-Term Bond ETF
DZK   2.2%   Direxion Daily Dev Mkts Bull 3X Shrs
AOK   2.2%   iShares S&P Conservative Allocation
IAH   2.2%   Internet Architecture HOLDRs
DBN   2.2%   WisdomTree International Basic Materials
TDH   2.2%   TDX Independence 2020 ETF
MXI   2.2%   iShares S&P Global Materials
ICI   2.2%   iPath Optimized Currency Carry ETN
TGR   2.2%   iShares S&P Target Date Retirement Inc
FDL   2.2%   First Trust Morningstar Div Leaders Idx
MBG   2.2%   SPDR Barclays Cap Mortgage Backed Bond
HYG   2.2%   iShares iBoxx $ High Yield Corporate Bd
EXB   2.1%   Claymore/Beacon Glbl Exchanges, Brokers
TYH   2.1%   Direxion Daily Technology Bull 3X Shares
MNA   2.1%   IQ ARB Merger Arbitrage ETF
JJU   2.1%   iPath DJ-UBS Aluminum TR Sub-Idx ETN
PWB   2.1%   PowerShares Dynamic Large Cap Growth
IPD   2.1%   SPDR S&P International Cons Disc Sector
ROI   2.1%   WisdomTree LargeCap Growth
CRBA   2.1%   Jefferies TR/J CRB Global Agriculture Eq
HEDJ   2.1%   WisdomTree International Hedged Equity
EWK   2.0%   iShares MSCI Belgium Investable Mkt Idx
CIU   2.0%   iShares Barclays Intermediate Credit Bd
IRV   2.0%   SPDR S&P International Materials Sector
PWZ   2.0%   PowerShares Insured California Muni Bond
DBO   2.0%   PowerShares DB Oil
REA   2.0%   Rydex 2x S&P Select Sector Energy
TOK   2.0%   iShares MSCI Kokusai Index
LWC   1.9%   SPDR Barclays Capital Long Crdt Term Bd
USV   1.9%   UBS E-TRACS CMCI Silver TR ETN
ACWX   1.9%   iShares MSCI ACWI ex US Index
VEU   1.9%   Vanguard FTSE All-World ex-US ETF
BLV   1.9%   Vanguard Long-Term Bond ETF
AAXJ   1.8%   iShares MSCI All Country Asia ex Jpn Idx
PHB   1.8%   PowerShares High Yield Corporate Bond
TLH   1.8%   iShares Barclays 10-20 Year Treasury Bd
JJP   1.8%   iPath DJ-UBS Prec Metals TR Sub-Idx ETN
DEE   1.7%   PowerShares DB Commodity Dble Short ETN
VGIT   1.7%   Vanguard Interm-Tm Govt Bd Idx ETF
MBB   1.7%   iShares Barclays MBS Bond
DNH   1.7%   WisdomTree Pacific ex-Japan Equity Inc
CLY   1.7%   iShares 10+ Year Credit Bond
IEF   1.6%   iShares Barclays 7-10 Year Treasury
TDD   1.6%   TDX Independence 2010 ETF
AGG   1.6%   iShares Barclays Aggregate Bond
EFO   1.6%   Ultra MSCI EAFE ProShares
AOM   1.6%   iShares S&P Moderate Allocation
CWI   1.6%   SPDR MSCI ACWI (ex-US)
IYW   1.6%   iShares Dow Jones US Technology
UGL   1.6%   Ultra Gold ProShares
IAU   1.6%   iShares COMEX Gold Trust
PLW   1.6%   PowerShares 1-30 Laddered Treasury
UBG   1.5%   UBS E-TRACS CMCI Gold TR ETN
DBP   1.5%   PowerShares DB Precious Metals
SGOL   1.5%   ETFS Physical Swiss Gold Shares
TDX   1.5%   TDX Independence In-Target ETF
DHS   1.5%   WisdomTree Equity Income
GLD   1.5%   SPDR Gold Shares
VCSH   1.5%   Vanguard Short-Term Corp Bd Idx ETF
CXA   1.5%   SPDR Barclays Capital California Muni Bd
EEM   1.5%   iShares MSCI Emerging Markets Index
MLN   1.5%   Market Vectors Long Municipal Index ETF
VMBS   1.5%   Vanguard Mortgage-Backed Sec Idx ETF
EET   1.5%   Ultra MSCI Emerging Mkts ProShares
SCHF   1.4%   Schwab International Equity ETF
GMF   1.4%   SPDR S&P Emerging Asia Pacific
DPC   1.4%   WisdomTree International Cons Discretion
LAG   1.4%   SPDR Barclays Capital Aggregate Bond
OOK   1.4%   OOK ETF
BND   1.4%   Vanguard Total Bond Market ETF
VCLT   1.4%   Vanguard Long-Term Corp Bond Idx ETF
KCE   1.4%   SPDR KBW Capital Markets
GVI   1.3%   iShares Barclays Interm Govt/Credit Bond
GWL   1.3%   SPDR S&P World ex-US
OLO   1.3%   PowerShares DB Crude Oil Long ETN
INY   1.3%   SPDR Barclays Capital New York Muni Bond
IEI   1.3%   iShares Barclays 3-7 Year Treasury Bond
EFA   1.3%   iShares MSCI EAFE Index
VEA   1.3%   Vanguard Europe Pacific ETF
IDV   1.3%   iShares Dow Jones Intl Select Div Idx
DGL   1.3%   PowerShares DB Gold
GBF   1.2%   iShares Barclays Government/Credit Bond
CMF   1.2%   iShares S&P CA AMT-Free Municipal Bd
TLO   1.2%   SPDR Barclays Capital Long Term Treasury
MUB   1.2%   iShares S&P National AMT-Free Muni Bd
FIVZ   1.2%   PIMCO 3-7 Year U.S. Treasury Index ETF
PZT   1.2%   PowerShares Insured New York Muni Bond
NYF   1.2%   iShares S&P NY AMT-Free Municipal Bd
BKF   1.2%   iShares MSCI BRIC Index
TYD   1.1%   Direxion Daily 10 Yr Trsy Bull 3X Shares
PZA   1.1%   PowerShares Insured National Muni Bond
ITE   1.1%   SPDR Barclays Capital Interm Term Trs
CSJ   1.1%   iShares Barclays 1-3 Year Credit Bond
HGI   1.1%   Claymore/Zacks Intl Multi-Asset Income
SWH   1.1%   Software HOLDRs
CEW   1.1%   WisdomTree Dreyfus Emerging Currency
TENZ   1.1%   PIMCO 7-15 Year U.S. Treasury Index ETF
BIK   1.0%   SPDR S&P BRIC 40
USL   1.0%   United States 12 Month Oil
ILF   1.0%   iShares S&P Latin America 40 Index
RWX   1.0%   SPDR Dow Jones Intl Real Estate
BSV   1.0%   Vanguard Short-Term Bond ETF
EWO   1.0%   iShares MSCI Austria Investable Mkt Idx
RTR   1.0%   RevenueShares ADR
IFAS   1.0%   iShares FTSE EPRA/NAREIT Dev Asia Idx
AIA   1.0%   iShares S&P Asia 50 Index
EEG   0.9%   EGS DJ Emerging Mkts Titans Composite
IOO   0.9%   iShares S&P Global 100 Index
AGZ   0.9%   iShares Barclays Agency Bond
IXJ   0.9%   iShares S&P Global Healthcare
IPF   0.9%   SPDR S&P International Financial Sector
LTL   0.9%   Ultra Telecommunications ProShares
PBP   0.9%   PowerShares S&P 500 BuyWrite
ITM   0.8%   Market Vectors Intermediate Muni ETF
DDI   0.8%   WisdomTree International Industrial
GML   0.8%   SPDR S&P Emerging Latin America
BWV   0.8%   iPath CBOE S&P 500 BuyWrite Index ETN
DIM   0.8%   WisdomTree International MidCap Dividend
VDE   0.8%   Vanguard Energy ETF
TFI   0.8%   SPDR Barclays Capital Municipal Bond
PKOL   0.8%   PowerShares Global Coal
IYZ   0.7%   iShares Dow Jones US Telecom
VGSH   0.7%   Vanguard Short-Term Govt Bd Idx ETF
MCRO   0.7%   IQ Hedge Macro Tracker ETF
IAI   0.7%   iShares Dow Jones US Broker-Dealers
SHY   0.7%   iShares Barclays 1-3 Year Treasury Bond
HAP   0.7%   Market Vectors RVE Hard Assets Prod ETF
IEO   0.7%   iShares Dow Jones US Oil & Gas Ex Index
JVS   0.6%   JETS DJ Islamic Market Intl Index
EFV   0.6%   iShares MSCI EAFE Value Index
IFGL   0.6%   iShares FTSE EPRA/NAREIT Dev RE ex-US
MUNI   0.6%   PIMCO Intermediate Muni Bond Strgy ETF
FCHI   0.6%   iShares FTSE China (HK Listed) Index
EEB   0.6%   Claymore/BNY Mellon BRIC ETF
PLK   0.5%   PowerShares Active Low Duration
STPZ   0.5%   PIMCO 1-5 Year US TIPS Index ETF
EKH   0.5%   Europe 2001 HOLDRs
UBD   0.5%   Claymore U.S. Capital Markets Bond
PPH   0.5%   Pharmaceutical HOLDRs
TUZ   0.5%   PIMCO 1-3 Year US Treasury Index ETF
CRO   0.5%   Claymore/Zacks Country Rotation
LVL   0.5%   Claymore/S&P Global Dividend Opp
DGT   0.4%   SPDR DJ Global Titans
EWU   0.4%   iShares MSCI United Kingdom Index
IGE   0.4%   iShares S&P North Amer Natural Resources
IGW   0.4%   iShares S&P North Amer Tech-Semicondctrs
VGLT   0.4%   Vanguard Long-Term Govt Bd Idx ETF
IGF   0.4%   iShares S&P Global Infrastructure Index
RTG   0.4%   Rydex 2x S&P Select Sector Technology
PTF   0.4%   PowerShares Dynamic Technology
IRY   0.3%   SPDR S&P International HealthCare Sector
IYE   0.3%   iShares Dow Jones US Energy
RJN   0.3%   ELEMENTS Rogers Intl Commodity Engy ETN
QAI   0.3%   IQ Hedge Multi-Strategy Tracker ETF
SMB   0.3%   Market Vectors Short Municipal Index ETF
ECH   0.3%   iShares MSCI Chile Investable Mkt Idx
SCPB   0.3%   SPDR Barclays Capital Short Term Corp Bd
GXC   0.3%   SPDR S&P China
MINT   0.3%   PIMCO Enhanced Short Maturity Strgy ETF
TLT   0.2%   iShares Barclays 20+ Year Treas Bond
CNY   0.2%   Market Vectors Chinese Renminbi/USD ETN
IPE   0.2%   SPDR Barclays Capital TIPS
UHN   0.2%   United States Heating Oil
DBV   0.2%   PowerShares DB G10 Currency Harvest
TIP   0.2%   iShares Barclays TIPS Bond
BHH   0.2%   B2B Internet HOLDRs
PRB   0.2%   Market Vectors Pre-Refunded Muni ETF
SUB   0.2%   iShares S&P S/T Natnl AMT-Free Muni Bd
DWX   0.1%   SPDR S&P International Dividend
TIPZ   0.1%   PIMCO Broad U.S. TIPS Index ETF
EWS   0.1%   iShares MSCI Singapore Index
GLJ   0.1%   iShares 10+ Year Government/Credit Bond
DRW   0.1%   WisdomTree International Real Estate
CGW   0.1%   Claymore S&P Global Water
DBB   0.0%   PowerShares DB Base Metals
SHM   0.0%   SPDR Barclays Capital Short Term Muni Bd
VRD   0.0%   SPDR S&P VRDO Municipal Bond
SHV   0.0%   iShares Barclays Short Treasury Bond
PVI   0.0%   PowerShares VRDO Tax-Free Weekly
BIL   0.0%   SPDR Barclays Capital 1-3 Month T-Bill
GSR   0.0%   GlobalShares FTSE Emerging Markets
ULQ   0.0%   Claymore U.S. Capital Mkts Micro-Trm F/I
TAO   -0.1%   Claymore/AlphaShares China Real Estate
GDXJ   -0.1%   Market Vectors Junior Gold Miners ETF
CRBQ   -0.2%   Jefferies TR/J CRB Global Commodity Eq
SMH   -0.2%   Semiconductor HOLDRs
CHIX   -0.2%   Global X China Financials ETF
PXH   -0.2%   PowerShares FTSE RAFI Emerging Markets
CYB   -0.2%   WisdomTree Dreyfus Chinese Yuan
MKH   -0.2%   Market 2000 HOLDRs
USY   -0.3%   WisdomTree U.S. Short-Term Govt Income
DPN   -0.3%   WisdomTree International Cons Staples
EWN   -0.3%   iShares MSCI Netherlands Invstbl Mkt Idx
ADRE   -0.3%   BLDRS Emerging Markets 50 ADR Index
JYF   -0.3%   WisdomTree Dreyfus Japanese Yen
FGD   -0.3%   First Trust DJ Global Select Dividend
DBR   -0.4%   WisdomTree International Health Care
FXI   -0.4%   iShares FTSE/Xinhua China 25 Index
ALT   -0.4%   iShares Diversified Alternatives Trust
PZD   -0.5%   PowerShares Cleantech
CPI   -0.5%   IQ CPI Inflation Hedge ETF
NLR   -0.5%   Market Vectors Nuclear Energy ETF
DIG   -0.5%   Ultra Oil & Gas ProShares
FXY   -0.5%   CurrencyShares Japanese Yen Trust
VOX   -0.5%   Vanguard Telecom Services ETF
DEW   -0.6%   WisdomTree Global Equity Income
FXU   -0.6%   First Trust Utilities AlphaDEX
BZF   -0.6%   WisdomTree Dreyfus Brazilian Real
PXF   -0.7%   PowerShares FTSE RAFI Dev Mkts ex-US
WIP   -0.7%   SPDR DB Intl Govt Infl-Protected Bond
VGK   -0.7%   Vanguard European ETF
IFEU   -0.7%   iShares FTSE EPRA/NAREIT Dev EU Idx
DWM   -0.7%   WisdomTree DEFA
ADRD   -0.8%   BLDRS Developed Markets 100 ADR Index
PQBW   -0.8%   PowerShares NASDAQ-100 BuyWrite
JYN   -0.8%   iPath JPY/USD Exchange Rate ETN
PIO   -0.8%   PowerShares Global Water
IXC   -0.9%   iShares S&P Global Energy
FXS   -1.0%   CurrencyShares Swedish Krona Trust
DDG   -1.0%   Short Oil & Gas ProShares
BDG   -1.1%   PowerShares DB Base Metals Long ETN
ERX   -1.1%   Direxion Daily Energy Bull 3X Shares
LTPZ   -1.1%   PIMCO 15+ Year US TIPS Index ETF
TBF   -1.2%   Short 20+ Year Treasury ProShares
BNZ   -1.2%   WisdomTree Dreyfus New Zealand Dollar
BWX   -1.2%   SPDR Barclays Capital Intl Treasury Bond
EDC   -1.3%   Direxion Daily Emrg Mkts Bull 3X Shares
VNM   -1.3%   Market Vectors Vietnam ETF
EWZ   -1.3%   iShares MSCI Brazil Index
BOS   -1.3%   PowerShares DB Base Metals Short ETN
CHII   -1.4%   Global X China Industrials ETF
UCI   -1.4%   UBS E-TRACS CMCI TR ETN
JO   -1.5%   iPath DJ-UBS Coffee TR Sub-Idx ETN
DGZ   -1.5%   PowerShares DB Gold Short ETN
FCG   -1.5%   First Trust ISE-Revere Natural Gas Idx
DBE   -1.6%   PowerShares DB Energy
IEV   -1.6%   iShares S&P Europe 350 Index
PGD   -1.7%   Barclays Asian & Gulf Currency Reval ETN
TMF   -1.7%   Direxion Daily 30 Yr Trsy Bull 3X Shares
PSAU   -1.8%   PowerShares Global Gold & Prec Metals
PXJ   -1.8%   PowerShares Dynamic Oil & Gas Services
ADRU   -1.8%   BLDRS Europe 100 ADR Index
FXF   -1.8%   CurrencyShares Swiss Franc Trust
GSP   -1.9%   iPath S&P GSCI Total Return Index ETN
GSC   -1.9%   GS Connect S&P GSCI Enh Commodity TR ETN
DOL   -2.0%   WisdomTree International LargeCap Div
IST   -2.0%   SPDR S&P International Telecom Sector
GSG   -2.1%   iShares S&P GSCI Commodity-Indexed Trust
GWO   -2.1%   ELEMENTS CS Global Warming ETN
DOO   -2.1%   WisdomTree International Div ex-Finncls
EDV   -2.2%   Vanguard Extended Dur Trs Idx ETF
IGOV   -2.3%   iShares S&P/Citi Intl Treasury Bond
CHIE   -2.3%   Global X China Energy ETF
RYU   -2.3%   Rydex S&P Equal Weight Utilities
IDU   -2.4%   iShares Dow Jones US Utilities
PUI   -2.4%   PowerShares Dynamic Utilities
TBT   -2.4%   UltraShort 20+ Year Treasury ProShares
EWG   -2.5%   iShares MSCI Germany Index
VPU   -2.6%   Vanguard Utilities ETF
EFZ   -2.7%   Short MSCI EAFE ProShares
BWZ   -2.8%   SPDR Barclays Cap S/T Intl Treasury Bond
ISHG   -2.8%   iShares S&P/Citi 1-3 Yr Intl Treasury Bd
PEF   -2.8%   PowerShares FTSE RAFI Europe
BDD   -2.8%   PowerShares DB Base Metals Dble Long ETN
IXP   -2.9%   iShares S&P Global Telecommunications
QCLN   -2.9%   First Trust NASDAQ Cln Edg Green En Idx
DZZ   -2.9%   PowerShares DB Gold Double Short ETN
RJI   -2.9%   ELEMENTS Rogers Intl Commodity ETN
NUCL   -3.1%   iShares S&P Global Nuclear Energy Index
EPV   -3.1%   UltraShort MSCI Europe ProShares
EWQ   -3.1%   iShares MSCI France Index
EUM   -3.2%   Short MSCI Emerging Mkts ProShares
EWT   -3.2%   iShares MSCI Taiwan Index
IPW   -3.3%   SPDR S&P International Energy Sector
TMV   -3.3%   Direxion Daily 30 Yr Trsy Bear 3X Shares
RTW   -3.4%   Rydex Inverse 2x S&P Select Sector Tech
DRF   -3.5%   WisdomTree International Financial
FEU   -3.5%   SPDR DJ STOXX 50
BZQ   -3.6%   UltraShort MSCI Brazil ProShares
PXN   -3.6%   PowerShares Lux Nanotech
UDN   -3.7%   PowerShares DB US Dollar Index Bearish
DPU   -3.7%   PowerShares DB Commodity Long ETN
GII   -3.8%   SPDR FTSE/Macquarie Global Infra 100
DUG   -3.9%   UltraShort Oil & Gas ProShares
GDX   -3.9%   Market Vectors Gold Miners ETF
BDH   -4.0%   Broadband HOLDRs
LBJ   -4.0%   Direxion Daily Latin America Bull 3X Shs
DTH   -4.1%   WisdomTree DEFA Equity Income
EZU   -4.1%   iShares MSCI EMU Index
DBU   -4.1%   WisdomTree International Utilities
DKA   -4.2%   WisdomTree International Energy
DGG   -4.2%   WisdomTree International Communications
TTH   -4.2%   Telecom HOLDRs
UTH   -4.2%   Utilities HOLDRs
GRID   -4.3%   First Trust NASDAQ Cln Edge Smrt Grd Inf
SZO   -4.3%   PowerShares DB Crude Oil Short ETN
DEB   -4.4%   WisdomTree Europe Total Dividend
PST   -4.4%   UltraShort 7-10 Year Treasury ProShares
TLL   -4.4%   UltraShort Telecommunications ProShares
TYO   -4.4%   Direxion Daily 10 Yr Trsy Bear 3X Shares
DBC   -4.5%   PowerShares DB Commodity Index Tracking
UBN   -4.5%   UBS E-TRACS CMCI Energy TR ETN
GCC   -4.7%   GreenHaven Continuous Commodity Index
DNO   -4.8%   United States Short Oil
JXI   -4.8%   iShares S&P Global Utilities
DYY   -4.9%   PowerShares DB Commodity Dble Long ETN
UPW   -5.0%   Ultra Utilities ProShares
REC   -5.1%   Rydex Inverse 2x S&P Select Sector Engy
DOG   -5.2%   Short Dow30 ProShares
EU   -5.3%   WisdomTree Dreyfus Euro
BXDB   -5.4%   Barclays Short B Lvgd Inv S&P 500 TR ETN
PTD   -5.4%   UBS E-TRACS Short Platinum ER ETN
IPU   -5.4%   SPDR S&P International Utilities Sector
BOM   -5.6%   PowerShares DB Base Metals Dble Shrt ETN
DJCI   -5.6%   UBS E-TRACS DJ-UBS Commodity Idx TR ETN
DJP   -5.7%   iPath DJ-UBS Commodity Index TR ETN
FXE   -5.7%   CurrencyShares Euro Trust
SH   -5.8%   Short S&P500 ProShares
PSQ   -6.0%   Short QQQ ProShares
FXB   -6.1%   CurrencyShares British Pound Sterling Tr
FEZ   -6.1%   SPDR DJ EURO STOXX 50
GLL   -6.2%   UltraShort Gold ProShares
REW   -6.2%   UltraShort Technology ProShares
FXP   -6.3%   UltraShort FTSE/Xinhua China25 Proshares
EFU   -6.4%   UltraShort MSCI EAFE ProShares
EWI   -6.5%   iShares MSCI Italy Index
FDD   -6.6%   First Trust DJ STOXX Euro Select Div Idx
ERO   -6.8%   iPath EUR/USD Exchange Rate ETN
GBB   -6.9%   iPath GBP/USD Exchange Rate ETN
RHO   -7.1%   Rydex Inverse 2x S&P Select Sector Hlth
BRF   -7.5%   Market Vectors Brazil Small-Cap ETF
ERY   -7.7%   Direxion Daily Energy Bear 3X Shares
EEV   -8.0%   UltraShort MSCI Emerging Mkts ProShares
GEX   -8.2%   Market Vectors Glb Alternatve Energy ETF
DBA   -8.4%   PowerShares DB Agriculture
LSC   -8.5%   ELEMENTS S&P CTI ETN
SBB   -8.9%   Short SmallCap 600 ProShares
MYY   -9.3%   Short MidCap400 ProShares
RXD   -9.3%   UltraShort Health Care ProShares
JJE   -9.4%   iPath DJ-UBS Energy TR Sub-Idx ETN
RWM   -9.4%   Short Russell2000 ProShares
PBW   -9.5%   PowerShares WilderHill Clean Energy
TYP   -9.7%   Direxion Daily Technology Bear 3X Shares
DPK   -9.9%   Direxion Daily Dev Mkts Bear 3X Shrs
SFK   -10.1%   UltraShort Russell1000 Growth ProShares
SCO   -10.1%   UltraShort DJ-UBS Crude Oil ProShares
BXDC   -10.4%   Barclays Short C Lvgd Inv S&P 500 TR ETN
DXD   -10.4%   UltraShort Dow30 ProShares
DTO   -10.5%   PowerShares DB Crude Oil Dble Short ETN
SSG   -10.5%   UltraShort Semiconductor ProShares
SEF   -10.6%   Short Financials ProShares
RJA   -10.7%   ELEMENTS Rogers Intl Commodity Agri ETN
NIB   -10.9%   iPath DJ-UBS Cocoa TR Sub-Idx ETN
PBD   -11.0%   PowerShares Global Clean Energy
RSW   -11.2%   Rydex Inverse 2x S&P 500
ULE   -11.4%   Ultra Euro ProShares
TWQ   -11.4%   UltraShort Russell3000 ProShares
FAN   -11.5%   First Trust Global Wind Energy
SDS   -11.6%   UltraShort S&P500 ProShares
LHB   -11.9%   Direxion Daily Latin America Bear 3X Shs
JPX   -11.9%   UltraShort MSCI Pacific ex-Jpn ProShares
UCD   -11.9%   Ultra DJ-UBS Commodity ProShares
URR   -12.0%   Market Vectors Double Long Euro ETN
EWP   -12.1%   iShares MSCI Spain Index
QID   -12.1%   UltraShort QQQ ProShares
VXZ   -12.1%   iPath S&P 500 VIX Mid-Term Futures ETN
JJS   -12.5%   iPath DJ-UBS Softs TR Sub-Idx ETN
LD   -12.8%   iPath DJ-UBS Lead TR Sub-Idx ETN
EDZ   -12.9%   Direxion Daily Emrg Mkts Bear 3X Shares
SZK   -13.8%   UltraShort Consumer Goods ProShares
JJA   -14.1%   iPath DJ-UBS Agriculture TR Sub-Idx ETN
SJF   -14.1%   UltraShort Russell1000 Value ProShares
FUE   -14.1%   ELEMENTS MLCX Biofuels Index TR ETN
FUD   -14.3%   UBS E-TRACS CMCI Food TR ETN
PWND   -14.5%   PowerShares Global Wind Energy
EWV   -14.8%   UltraShort MSCI Japan ProShares
SDK   -15.3%   UltraShort Russell MidCap Gr ProShares
ICLN   -15.4%   iShares S&P Global Clean Energy Index
GRU   -15.6%   ELEMENTS MLCX Grains Index TR ETN
BXDD   -15.6%   Barclays Short D Lvgd Inv S&P 500 TR ETN
RMS   -16.0%   Rydex Inverse 2x S&P MidCap 400
KWT   -16.4%   Market Vectors Solar Energy ETF
TAN   -16.5%   Claymore/MAC Global Solar Energy
SKK   -16.6%   UltraShort Russell2000 Growth ProShares
SMN   -16.7%   UltraShort Basic Materials ProShares
JJG   -16.8%   iPath DJ-UBS Grains TR Sub-Idx ETN
UAG   -17.0%   UBS E-TRACS CMCI Agriculture TR ETN
SPXU   -17.2%   UltraPro Short S&P500 ProShares
CZI   -17.3%   Direxion Daily China Bear 3X Shares
SDD   -17.4%   UltraShort SmallCap600 ProShares
RRZ   -18.0%   Rydex Inverse 2x Russell 2000
MZZ   -18.0%   UltraShort MidCap400 ProShares
TWM   -18.2%   UltraShort Russell2000 ProShares
BGZ   -18.2%   Direxion Daily Large Cap Bear 3X Shares
SJL   -18.6%   UltraShort Russell MidCap Val ProShares
SMK   -18.8%   UltraShort MSCI Mexico InvstMt ProShares
SCC   -19.1%   UltraShort Consumer Services ProShares
SJH   -19.3%   UltraShort Russell2000 Value ProShares
SRS   -19.5%   UltraShort Real Estate ProShares
SIJ   -19.5%   UltraShort Industrials ProShares
SKF   -20.6%   UltraShort Financials ProShares
RFN   -21.2%   Rydex Inverse 2x S&P Select Sector Fincl
UNL   -25.1%   United States 12 Month Natural Gas
MWN   -25.2%   Direxion Daily Mid Cap Bear 3X Shares
TZA   -27.4%   Direxion Daily Small Cap Bear 3X Shares
DRV   -30.1%   Direxion Daily Real Estate Bear 3X Shrs
FAZ   -30.7%   Direxion Daily Financial Bear 3X Shares
UNG   -31.5%   United States Natural Gas
GAZ   -33.5%   iPath DJ-UBS Natural Gas TR Sub-Idx ETN
DAG   -33.8%   PowerShares DB Agriculture Dble Long ETN
SGG   -36.4%   iPath DJ-UBS Sugar TR Sub-Idx ETN
VXX   -38.3%   iPath S&P 500 VIX Short-Term Futures ETN

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Can a 130/30 Fund Beat the Market? You Bet!

Darwin — Thu, 18 Mar 2010 10:04:38 +0000

130/30 Mutual Funds have been en vogue for a few years now given the prospect of enhanced returns above and beyond broad market performance without the formal use of leverage.

What is a 130/30 Fund?

Basically, a fund manager employs a strategy whereby they start with a baseline of 100% of a fully invested portfolio, they short 30% and invest that additional 30% (with the cash proceeds from the short side) in the long portion of their portfolio. The end result is a 130% Long position and a 30% Short position. While the net amount invested is still 100% of assets (no external leverage required), the goal is to have shorted assets that are believed to underperform the market and go heavy (30% extra market-weighting) assets that are believed to outperform the market. If the fund manager is right, even with a very small positive alpha (performance above and beyond the expected market return due to asset management skill – not luck), the internal leverage employed by being short marginal losers and long marginal winners can produce hefty returns above the benchmark which is typically a broad market index like the S&P500. Over a long investment horizon, even annualized 1-2% returns above benchmark can make a 6-figure difference for even a middle-class investor in retirement that put away a few grand a year for 30 years (see what happens to the 25 year old investor vs a 35 year old investor starting out).

This 130/30 theory sounds great, and investor funds have poured into various 130/30 funds over the years chasing these market beating returns. The problem is, many of these funds have not lived up to expectations and they often carry higher fees to boot. The financial crisis certainly didn’t help, since many of these funds were LONG Financials when all hell broke lose. When the entire market is tanking and investors are unloading everything at firesale prices, it’s tough to discern what to short and what to buy. Fundamentals and rationality broke down; heck, even the price of gold vs weak dollar correlation broke down which is a rarity.

130/30 Mutual Fund Performance

Using the S&P500 as a benchmark, even though some of these 130/30 mutual funds rely on various asset classes, below is a comparison of how you could have done as opposed to just investing in a standard low-fee broad market index ETF like SPY. The only 130/30 mutual fund that routinely beat SPY over the recent time periods was BNY Mellon US Core Equity 130/30 Inv (MUCIX). The others are from various other fund families and did not outperform. Note however, that the 130/30 ETF CSM (below) outperformed even this mutual fund over multiple time periods.

130/30 ETF – ProShares Credit Suisse 130/30 (CSM)

In looking at various time periods of CSM vs. its competing mutual fund brethren and the S&P500, CSM wins out most of the time. While its performance history is relatively meek, if you’re a believer in the 130/30 rationale and use historical performance to help judge the prospects of future returns, CSM may be the optimal selection.

130/30 ETN – KEYnotes First Trust 130/30 LgCp ETN (JFT)

Aside from the fact that Exchange Traded Notes (ETN)s have some constraints and risks that ETFs don’t like the credit risk associated with the issuer, ETNs often have massive tracking errors or very low volume. Take this gold ETN that returned 421% in a single month when the price of gold bullion barely budged. Not that investors were complaining on the way up. But when it corrected, the herd was slaughtered. That bring us to JFT. The performance is rather jumpy and while roughly correlated with the other 130/30 players over long periods, the volume is so low, it barely trades at all on some days and the bid/ask spread was a whopping $3 today (10% of the share price!), making it completely unsuitable as an investment in my opinion. I won’t even pay a load on a mutual fund, let alone a 10% spread commission. Frankly, I don’t know why it’s trading and who the traders are, but I’d prefer to rely on CSM over JFT any day.

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I’ve been posting most of my ETF Research at my other blog ETFBase – If you enjoyed this article and are interested in keeping up to date on other market-beating ETFs and the latest ETF strategies, make sure to visit ETFBase or simply follow the ETFBase RSS.

Double-Digit Returns in Any Market – Update 2

Darwin — Thu, 25 Feb 2010 12:58:54 +0000

It’s been a month since I published Darwin’s Inverse Leveraged Short ETF Strategy and the results are astounding. In short (no pun intended), since leveraged ETFs lose value over time due to the simple, yet deceptive properties of daily rebalancing, by shorting opposing leveraged ETF pairs simultaneously, in most markets (MOST), you make money by shorting these depreciating assets to the tune of 11%-50% annualized, depending on what the market is doing. The strategy requires some maintenance in the case of a runaway market like the 65% from the bottom we saw in the 9 months following the March 2009 lows.

To recap, here was the table I shared in January with my actual trading account results showing annualized returns of anywhere from 11%-53% depending on the particular ETF pair (full list of all leveraged ETFs ). These returns were presented in a conservative fashion, by accounting for distributions for short dividends payments, distributions, etc.

YTD Hypothetical Scenario: 12% – 30% Annualized

For the month of February, I’d like to share how these trades held up in the YTD period for about 2 months’ perspective, and also, share some new short positions I just initiated.

Here’s a chart with the YTD performance of these same short pairs positions:

They’re all net losers YTD. That’s good. Because I’m short. To put into perspective what a couple % here and there means each month, I’ve put these YTD returns into the same format I had in my initial short leveraged ETF pair article. See below:

New Short Positions

Additionally, due to a combination of which shares were available for shorting last week combined with a desire to mix of my asset classes, I also entered into new short paired positions for the following:

(CZI) – Direxion Daily China Bear 3x Shares ETF
(CZM) – Direxion Daily China Bear 3x Shares ETF

(AGQ) – ProShares Ultra Silver
(ZSL) – ProShares UltraShort Silver

(TYH) – Direxion Daily Tech Bull 3x Shs
(TYP) – Direxion Daily Tech Bear 3x Shs

In doing so, now I have a mix of commodities, countries and sectors. I had initially considered adding a Currency short pair to the mix (if I could find the shares), but the volatility wasn’t high enough to justify the effort and margin requirements. Even when factoring in the weak dollar trend we’ve seen recent history with the subsequent rebound, the annualized gain over most periods is roughly flat to high single digits. I’m focusing my efforts on a mix of diverse/volatile sectors to optimally exploit this phenomena.

I’m going to continue to update on my returns and trades monthly so be sure to Subscribe Here for Free for future updates and also be sure to check out my other project, the ETFBase for new ETF launches, new strategies and market-beating ETFs.

Darwin’s Inverse Leveraged Short ETF Strategy – Incredible Results Outlined

Darwin — Tue, 26 Jan 2010 12:13:03 +0000

The time has arrived to finally unveil Darwin’s Inverse Leveraged Short ETF Strategy. If you’re wondering what it is and why it matters, in a nutshell, it has completely changed the face of trading for me – and it can for you too, if you have the access to the 2X or 3X Leveraged Funds required, if you enable margin trading, if you have the capital requirements and if you can monitor and sustain risk of loss. It’s a long name, and it can be complex to follow so please read along.

What is Darwin’s Inverse Leveraged Short ETF Strategy?

I will start at the most basic level and delve into increasing levels of complexity as we go. At it’s most basic level, you short opposing leveraged ETFs at the same time with equal funds. The desired outcome is a market-neutral strategy whereby you can reap significant returns over time regardless of what equities at large are doing. What wealthy investors pay a hedge fund manager 2% plus 20% of profits is now at your fingertips – with risks, that you must understand and manage. Take a look at the chart below for an example from 2009. I’ve charted the performance of the 3X short ETF, 3X Long ETF and the underlying sector ETF all related to the Financial Sector.

Note how the Blue Line (XLF – 1X Financials ETF) is up marginally over the period. Meanwhile, FAS, the 3X Leveraged Financial ETF is down close to 50% while FAZ, the 3X Short Financials ETF is down over 90%. If you shorted both FAS and FAZ for calendar year 2009, you made 50% on FAS and 90%+ on FAZ for a normalized gain of 70%. You made this 70% during one of the most tumultuous, volatile and desperate trading years in our generation. And get this – you’re not really putting up the funds to earn that 70% (sort of). You can be long in whatever you want (cash, stocks, bonds, whatever) and use your short capability to dedicate a portion of your portfolio to daul inverse short ETF positions as I outline below.

Wait, if one Leveraged ETF is up, the Inverse ETF must be down, right?

Nope – More often than not, they’re both down over long periods of time (just months, we’re not talking years here). That’s the tragedy (for long investors) and the beauty (for shorts). Due to daily rebalancing, which slowly erodes the value of these ETFs, everyone’s screaming from the rooftops that they’re bad buy and hold investments. In fact, there are numerous lawsuits against Direxion and Proshares for selling these “instruments of mass destruction” to retail investors – and even professional money managers – who can’t grasp the concept. Basically, if you’re going to take a number and go up 2%, down 2% bouncing back and forth, as long it’s not a steady march in one direction for weeks on end, both sides will decline over time. Try it out yourself in a spreadsheet – you’ll see – it’s that simple. Since they are such bad investments over time, rather than diving in head first and buying them; short them!

Darwin’s Actual Returns: Inverse Leveraged Short ETF Strategy

So as to remove any doubt, I’ve included the actual screenshot of my trading account as of this weekend where Ameritrade clearly outlines my total gains and losses since opening the position. In each of the pairs (ERX) (ERY) Energy, (FAS) (FAZ) Financials and (GLL) (UGL) Gold, I’m up. Note how the NET gain for each pair is positive – that’s the key. I’m up regardless of what happened to the underlying sectors. In order to understand what these returns would look like on an annualized basis, I’ve performed some nifty excel functions since I’ve only been in each position for a few months. I also made sure to include the impact of short dividend sales and distributions that occurred late last year (which makes my return look worse, not better).

Double Digit Returns – Nice!

You might be saying “So what? The S&P500 is up 65% since the bottom in March. And you’re wasting time making 37%?“ That would come from someone that’s totally missing the point. The market will not be up 65% again in the foreseeable future. The market will undergo corrections and lackluster years. This model is blissfully indifferent to the whims of the overall market returns. This model can also make 37% when the market is down. It can make 37% when the market is flat. By using sectors that aren’t correlated closely (oil, gold, financials), and offsetting the time of entry, I’m even introducing diversification into the returns of each pair.

Remember Madoff? People Lost Their Life Savings Chasing 12% in Any Market.

Well, this is as transparent as it gets and you can capture double digit gains annually in any market – as long as you manage and understand your risks as outlined below. I will continue to share my specific short trades and results here (Subscribe).

Sounds Too Good to be True – What’s the Catch?

There’s an important factor I didn’t share yet – and I want to highlight it prominently. This model breaks down when the underlying sector takes off. There are margin issues to consider. There are several risks and considerations – please read the next section before trying this.

Risks and Considerations

I already have a disclaimer on my blog, but I want to reiterate that fact that I am not certified to provide financial advice. I am an individual trader and not your adviser. If you want to embark on a risky strategy that entails margin requirements, the ability to cover margin calls, the ability to sustain losses in the event of unforeseen market moves, and other risks that may not have been outlined here, you should consult your own adviser before doing so. I think you get the point. Aside from that, I want to highlight where this model breaks down and how I personally manage risk in my leveraged short portfolio:

Not Enough Shares to Short with Broker: I ran into this with my TMF/TMV Short Pair as evidenced in the performance snapshot. Basically, Ameritrade called up one day and said I had to close out my short position because there weren’t enough shares to short. This was a few months into the position and in looking back to 7/1/09, if I still held those shares short, I’d be up an impressive 19% on average since they each lost 19% over that ~6 month period coincidentally (see Short Treasury Pairs Chart Below). That was one of those circumstances where each side of the trade lost a substantial amount of money over a brief period. Anyway, there’s really nothing you can do to prevent this from happening other than going with a larger online broker and going with the more prominent pairs. What I’ve found is that multiple pairs I’ve tried to short with multiple online brokers have not been available to short. So, I’ve had to settle with the 3 pairs I have going now.
Margin Call – Given the recent more stringent margin requirements for leveraged ETFs (which really did nothing to address the lack of understanding of these instruments and only made it more expensive to trade), it’s entirely plausible that when one of the pairs may have gained by say, 50% (meaning you’re 50% in the hole in a short position), even though it’s inverse ETF pair may have lost, say, 70% (meaning you have a 70% gain there, for a net 20% positive position), the customer service rep likely won’t even understand the math involved and quote procedure and say that you’ve either gotta pony up more capital or close out your short position. While this would still net you a gain overall in this hypothetical scenario, you may be margin called in a sub-optimal situation or have no extra cash to input.
Margin Costs – Depending on what sort of other capital and holdings you have in your portfolio, be careful that you’re not paying exorbitant margin fees to maintain this strategy. While I’m not getting hit with margin expenses because these positions aren’t occupying a majority of my portfolio, if you have this strategy eating up the max margin window, you may be paying 10%+ in margin fees to maintain a strategy that may not even make 10% for you ex-expenses.
Runaway Market - This is pretty much your largest risk. While I outlined how you can make money on both sides of the inverse leveraged ETF pairs in many situations, when an underlying index appreciates (or depreciates) so rapidly on a routine daily basis without a significant break in the trend, you can literally have runaway returns. Remember how you can say, make 40% on one side and lose 32% on the other side and still come out ahead? Well, what happens when a leveraged ETF returns over 100% in a given period? You can’t make more than 100% by shorting anything – it’s mathematically impossible. What would actually happen is your gain would be maxed out at around 90% while the runaway leveraged ETF could be up say, 200% (net loss of 110%). Recall, when you short something, your losses are infinite. See below on how I manage a Runaway Market. To demonstrate an extremely bad situation, see below (Bad Chart) for what happened from the absolute pivot bottom in March until September in 2009. FAS was up over 500% ! This would have killed an investor who stayed in short without taking evasive action.

How to React to a Runaway Leveraged Short ETF Situation

What do you do if you undertook the strategy when an underlying index takes off, delivering triple digit gains on one side of the coin? There are a few options at your disposal, none of them being optimal.

First, you could run for cover and just close your positions. You’d take a loss, which happens in trading. I’d advise against just closing your losing position and letting the other one run since it’s no different than just opening a 1-sided short position now, which is more akin to just picking a direction and shorting it as opposed to the market-neutral returns the Inverse Leveraged Short ETF Strategy is supposed to deliver.

The next strategy, which is what I’ve modeled out and started to do for one position when it ran involves offsetting risk of further loss and seeking a new market-neutral overlay position with stock options. It’s rather complex, and up front, one can’t possibly line out how every scenario must be confronted on a generic level. Much depends on which underlying index you’re dealing with, what volatility looks like, how far out of whack the inverse ETFs are, etc. This will be the subject of Part 2 (subscribe for free for future posts) of this series on Darwin’s Inverse Leveraged Short ETF Strategy. In short, you reset the equation with options (either puts or calls, writing or buying [depends on the situation]) such that if the dual short ETF strategy runs away on you, your are compensated by the overlaid options position(s). The bottom line is you’ve gotta be prepared for another run up or down because this runaway scenario can and does occur.

How Does This Strategy Fit Into My Portfolio?

As I alluded to earlier, there are now pretty rigid margin restrictions and lack of available shares to short out there, so you can’t go willy-nilly shorting all kinds of pairs without collateral to back it up. In my case, these short positions occupy a portion of a broader trading portfolio that includes long stock positions, options, credit spreads, and other strategies. As such, a failure of any one or two inverse short ETF pairs wouldn’t be devastating, nor would it trigger margin costs that I couldn’t readily rectify. I just want to make it clear that you can’t go open a trading account funded with $2,000 and go short $2,000 in ETF pairs. If you’re considering this, consider how it fits into your broader portfolio, if at all.

Why Am I Telling the World About This Strategy?

I’m not the only smart guy out there who’s figured it out. And I’m not that smart – the traders at Goldman and the quant funds are smart. There are probably crazy blocks of trades going on exploiting this stuff on a daily basis with all kinds of derivatives, options and futures supplementing these strategies. Think of this as the poor man’s hedge fund. As such, it’s only a matter of time before it’s out there, so why not be the first to publicize and share what I’m doing? I wanted to allow several months of tested data to show that I was putting my money where my mouth is, and it’s looking good at this point. Might wider adoption result in fewer shares to short, impacting my ability to continue to do this into the future? Maybe, but there will likely be an ample supply of uninformed retail investors continuing to flood into long positions in leveraged ETFs despite my best attempts to highlight Leveraged ETF Risks of value decay over time.

Reference

Short Treasury Pairs Chart

This is what a good chart looks like – when both sides of the Leveraged ETF Pair lose value over a short period of time. Just let it ride!

Here’s What a BAD Chart would Look Like:

When this happens, you can’t sit idly by and watch your margin short position take off. Back at the 50% up mark on FAS, I would have taken evasive action as outlined above.

Check out the tickers in the lists below, plot them side by side in Yahoo!Finance or Google Finance charts and move the slider around. You’ll find some cases where this worked out beautifully and some where you could be caught with a losing position. The trick is to find the right pairs and manage the position closely by checking at least once per week.

Full Leveraged ETF List for your reference.
If you need ETF Tickers for general sectors, here are over 800 ETF Tickers by Description.

This post will surely result in some discussion and questions.
Shoot.

25 Best Personal Finance, Investing & Career Posts of 2009

Darwin — Tue, 12 Jan 2010 13:00:27 +0000

After sharing the best posts from around the blogosphere in Personal Finance and Investing with yesterday’s Carnival of Personal Finance I realized I didn’t do a look-back at 2009 from Darwin’s Finance. In this list you’ll find thousands of dollars in money saving tips, career boosters, investing tricks and tax deduction ideas you may have never heard of. I’ve intentionally selected articles that are still relevant and useful, even if they’re a few months old.

Personal Finance

How to Get a 0% Down Loan Even in 2010 – Amazingly, in the midst of the most substantial housing collapse we’ve seen in our generation, there are still 0% down loans being offered to millions of Americans under a USDA rural loan program. The thing is, there’s nothing rural about many communities that qualify – which means you! Find out more about the program if you’re thinking of buying.

The ONLY way to get your FICO Credit Score for free – Aside from learning how to do this, most people don’t fully grasp the implications their credit score has on their everyday life – from loan rates to employer screening trouble, the FICO credit score is far-reaching and a critical component of a successful personal financial plan.

Net Present Value – It’s not just for MBAs – This article shows how I used NPV to choose between multiple mortgage choices and how you should always perform a simple NPV analysis when confronted with tough financial choices.

What Statistics Really Mean – When someone throws out a fancy statistic, they often either don’t know what they’re talking about or they’re intentionally manipulating you into believing in their agenda. Understand the tips, tricks and implications of statistics and how to apply these concepts to everyday life.

Don’t be a Slave to Energy Prices – Be indifferent. By hedging your energy prices. This article outlines several simple and low cost methods to hedge against rising oil, electric and natural gas prices. Large corporations do this to avoid catastrophic impact to their bottom line, why don’t you?

What Would Happen if the US Dollar Were Replaced? Of late, there has been serious talk of foreign governments getting out of the US Dollar as their reserve currency. Can you blame them? Such an unraveling could have serious implications for all Americans.

Family Money – Fairness and Considerations in Gifting and Estate Planning – This uncomfortable topic is one many families choose to ignore. Do so at your peril. Consider your transparency and equity in how you treat your family members. You’d want to be treated the same way, right?

9 Money Habits to Live by – Check out these basic methods to ensure financial success in your family’s budget. Do you relate to these habits?

Living Paycheck to Paycheck is Costing You Thousands – The hidden costs of not having excess cash on hand every month. Life Happens – and when it does, a hand to mouth financial lifestyle can put you further in the hole.

Puppy Love? Think Twice, That May be a $100,000 Dog Over its Life – I was personally blown away when I actually calculated what our dog Jack will eventually cost us over his lifetime. My wife and I went to college for less than Jack’s expenses over his lifetime. Please make sure you understand and calculate your costs before buying that cute puppy on an impulse buy.

How FSA Plan Account Contributions Can Save You Thousands – If you have a Flex Spending Account at your disposal and you’re not using it, you’re leaving thousands of dollars on the table. See all eligible expenses and how to take advantage of this tax deduction.

Start Investing Today: An Amazing Comparison of 25 vs 35 Year Old Starters – A picture can tell a thousand words. Well, this has words and pictures showing an amazing difference in outcomes if you start investing at 25 vs. 35…even if the 25 year old STOPS investing completely when they hit 35!

Investing

How Stock Options Work – They’re not as complex and costly as you may think. And they’re NOT just for speculation. Options can provide income and hedging in a conservative portfolio as well if used right.

How Covered Call Options Work – Understand how to generate income and smooth out market returns by selling covered calls.

3 Low-Cost Option Strategies for Stock Market Speculation – Using stock options to speculate on a biotech approval or pending court case that could wallop a small tech stock doesn’t have to be expensive. See how these low-cost methods allow you to profit over 1000% on event-driven trading days for under $100 invested.

Investment Club Aspirations? Consider This…While an investment club was a positive experience for me overall, there were significant cost, tax, governance and performance issues that we didn’t consider at the outset. Make sure you understand all the barriers before you embark on a partnership.

Leveraged ETFs are Evil – If you don’t understand daily rebalancing. Please read before you EVER consider buying a 2x or 3X return ETF.

Advanta 11% Yield Notes Sound Great, Right? Find out what to watch for in an investment that seems too good to be true – and what happens to investors that ignored the warning signs.

Structured Notes – How they Work and Why You Might Want One – What if you could attain guaranteed ranges of returns that are MUCH higher than the crappy savings and CD rates out there today? You can, with Structured Notes.

Wall Street Violated Nature’s Laws – A fun look back and how Wall Street violated the most basic laws of physics in their behavior and reaction to the financial crisis.

2009 Returns for Every Country – See what you missed by investing only in the US (or by avoiding stocks altogether in 2009). Some countries returned over 100% on the year, with a financial crisis along the way.

Every ETF on Earth (Over 800 Listed) – If you can think of it, there’s probably an ETF for it. Scan this list of 800 strong to see if there’s an ETF constructed for your strategy.

Want More on ETFs? Visit ETFBase (my latest project dedicated solely to ETFs)

Career

Project Managers – Tips and Tricks – If you’re a current or prospective project manager, check out these tips and practices I follow as a Project Manager.

What’s the Best College Degree for Today’s Economy? It’s no longer Business. See what the up and coming careers are in demand in this new economy.

Your Employee Stock Options Don’t Have to be Worthless – By executing option strategies against your underlying collateral, you can guarantee yourself a hefty return regardless of what happens to your company’s share price.

Make sure to stay tuned via email updates or RSS so you don’t miss similarly themed articles in 2010 and beyond!

2009 Global Stock Market Returns – Every Country ETF Ranked

Darwin — Mon, 04 Jan 2010 12:49:45 +0000

Following the most tumultuous investment environment many have seen in their life, it’s worth reviewing the 2009 stock market performance for equities globally. Interestingly, the US (ticker SPY) ended up toward the bottom of the list from an annual performance standpoint. Reason being, while the US declined ~50% from its peak, many emerging market stock exchanges declined 75% or more. As such, when it became evident that at least a mild economic recovery was in hand and crisis was averted, these emerging market economies rocketed back with massive gains from the pivot bottom, which was around March 2009, but still showed as nice gains on the full year 2009. Without further ado:

2009 Stock Market Performance:

163%   IDX Market Vectors Indonesia Index ETF
130%   TKF Turkish Investment Fund
128%   RSX    Market Vectors Russia ETF Trust
126%   EWZ   Ishares Msci Brazil Index Fund
124%   ISL     First Israel Fund
109%   INP Ipath Msci India Index Etn
105%   HAO Claymore AlphaShares China Small Cap Index
104%   IF     Indonesia Fund
103%   EPI   WisdomTree India
90%   CH    Chile Fund
89%   GXG Global X/InterBolsa FTSE Colombia 20 ETF
86%   SGF    Singapore Fund
84%   IFN    India Fund
81%   EWT Taiwan Index Fund
77%   KEF    Korea Equity Fund
73%   EWY Ishares Msci-south Korea Index Fund
69%   EWS Ishares Msci Singapore Index Fund
63%   EWC Ishares Msci Canada Index Fund
61%   TTF    Thai Fund
60%   EWD Ishares Msci Sweden Index Fund
58%   IRL   New Ireland Fund
58%   EWO Ishares Msci Austria Index Fund
56%   EZA    Ishares Msci South Africa Index Fund
53%   MAY Malaysia Fund
44%   MXF   Mexico Fund
41%   SNF    Spain Fund
41%   EWN Ishares Msci Netherlands Index Fund
38%   EWU Ishares Msci United Kingdom Index Fund
28%   EWQ Ishares Msci France Index Fund
28% SPY   SPDR S&P 500 (ETF)
27%   EWL Ishares Msci Switzerland Index Fund
24%   EWG Ishares Msci Germany Index Fund
21%   EWI   Ishares Msci Italy Index Fund
9%   JEQ Japan Equity Fund

If some of the 2009 returns for these emerging markets ETFs stirred your interest, check out this review on Frontier Markets which are even more volatile and speculative than the more established western and emerging markets exchanges. Here’s a mid-year snapshot of stock market returns if interested in seeing how things shaped up in the back half of 2009.

Dogs of the Dow Stock Trade is Dead – Don’t Fall for the Hype

Darwin — Tue, 29 Dec 2009 13:07:36 +0000

I hate to break it to you but the Dogs of the Dow trade is dead. It’s that time of year where you’re going to hear all kinds of archaic trading strategies like the January effect and the Dogs of the Dow that worked decades back but no longer deliver any additional alpha and instead expose investors to additional fees and tax liabilities if comparing to a simple broad market index ETF like SPY. Historically, by holding the 10 highest yielding stocks of the Dow 30 Industrials (the highest yielding stocks at a particular time are usually indicative of the worst recent performance since share price is inversely correlated with yield all other things being equal), a strictly executed “Dogs of the Dow” strategy slightly outperformed the Dow Jones Industrial Average at large over long periods of time. However, the Dogs of the Dow 2009 strategy or other recent years for that matter, no longer outperforms and at this point, why investors think it would is more urban legend and investor lore than it is logic and data. The index itself has become less relevant over time (more like Dow of the Dogs), with its share-price weighted methodology and old world holdings compared with the more diverse S&P500 and Tech-centric Nasdaq, and it is terribly skewed when considering the whacked out behavior of the Financials in the DJIA over the past few years. Keep in mind also, that efficient markets don’t leave a trend intact for decades on end without arbitrageurs eventually leveling the playing field – especially for an oft-discussed strategy such as Dogs of the Dow.

Dogs of the Dow ETF, ETN or Straight Stocks?

Since there are probably very few investors who would go to the lengths of manually purchasing 10 stocks each year and rebalancing, and since there’s not a Dogs of the Dow ETF, the best proxy for this strategy is the Dogs of the Dow ETN (DOD). Aside from the fact that these Elements ETNs are thinly traded and often return bizarre results (like when this Gold ETN delivered a 421% gain while gold was up just a fraction of that), ETNs also subject you to solvency risk of the issuing party and tax liabilities as well. Putting all that aside, let’s look at actual performance:

In 2008, DOD underperformed SPY by losing 43% vs. a loss of 37% for SPY .

YTD 2009, DOD has underperformed SPY by gaining 24% vs. 26% for SPY.

Even adding in a slightly higher yield for the Dogs if you owned the stocks individually, the extra 1-2% in dividends wouldn’t make up for the offset from comparable options, especially given the higher tax turnover with such a methodology. I would not expect a Dogs of the Dow 2010 Stock strategy to outperform any more than a random selection of any 10 Dow stocks.

Looking to Beat the Market?

If you’re looking for various investment strategies that do seem to be beating the broader indices in an ETF format, checkout some of these Niche ETFs that all have recent outperformance, as well as this Spinoff ETF up over 60% YTD.