Exchange-Traded Funds Corner

Journal of Indexes: Betting or Beta?

March / April 2009

Largest New ETFs Sorted By Total Net Assets In $US Millions
Covers ETFs and ETNs launched in 2008.
Fund Name	Ticker	ER	1-Mo	3-Mo	Launch Date	Assets
ProShares UltrShrt Lehman20+Trsy	TBT	0.95	-22.05	-39.49	5/1/2008	1,548.90
PowerShares DB Cr Oil Dbl Long	DXO	0.75	-29.56	-81.37	6/16/2008	554.70
iShares MSCI AC Asia xJapan	AAXJ	0.74	10.03	-18.86	8/13/2008	468.00
DB Gold Double Long ETN	DGP	0.75	13.06	-6.41	2/27/2008	388.10
iShares MSCI ACWI	ACWI	0.35	6.13	-20.99	3/26/2008	323.70
iShares MSCI ACWI ex US	ACWX	0.35	8.01	-22.67	3/26/2008	268.40
PowerShares Preferred	PGX	0.50	9.49	5.15	1/31/2008	263.10
Direxion Large Cp Bull 3X	BGU	0.95	-2.56	-	11/5/2008	237.30
Vanguard Total World	VT	0.25	5.41	-22.82	6/24/2008	228.60
SPDR DB Intl GovInfl Bond	WIP	0.50	10.37	-6.32	3/13/2008	189.30
Direxion Financl Bull 3X	FAS	0.95	-16.91	-	11/6/2008	174.60
Market Vectors Coal	KOL	0.65	8.25	-49.11	1/11/2008	168.00
Direxion Small Cp Bull 3X	TNA	0.95	-1.51	-	11/5/2008	165.70
WisdomTree India Earnings	EPI	0.88	12.22	-28.42	2/22/2008	160.10
ProShares UltrShrt Lehman7-10Trsy	PST	0.95	-9.97	-21.15	5/1/2008	153.40
Market Vectors 2xShrt Euro ETN	DRR	0.65	-18.32	-1.8	5/6/2008	116.20
Direxion Large Cp Bear 3X	BGZ	0.95	-15.73	-	11/5/2008	107.70
ProShares Ultra DJ-AIG Cr Oil	UCO	0.95	-38.88	-	11/25/2008	107.20
Claymore/MAC Glbl Solar Energy	TAN	0.79	9.10	-51.05	4/15/2008	97.40
iShares MSCI Israel	EIS	0.68	0.19	-28.26	3/26/2008	92.00

Source: Morningstar. Data as of December 31, 2008. ER is expense ratio.

Selected ETFs In Registration

iPath S&P 500 VIX Short-Term Futures ETN

Claymore NYSE Arca Airlines ETF

Direxion 30-Year Treasury Bear 3X Shares

Emerging Global Shares DJ Emrg Markets Titans Composite

ETFS Silver Trust

Global X Egypt ETF

Grail American Beacon International Equity ETF

JETS Dow Jones Islamic Market International Index Fund

sShares KLD Europe Asia Pacific Sustainability Index ETF

PIMCO 1-3 Year U.S. Treasury Index Fund

PowerShares Alt-A Non-Agency RMBS Opportunity Fund

SPDR S&P Food & Beverage ETF

WisdomTree Dreyfus Oil Exporters Currency Fund

XShares/CRB-Research Global Energy Efficiency ETF

Market Vectors - Vietnam

SPDR S&P Commercial Paper ETF

Pro Shares Short CDX North America Investment Grade

NETS OMXS30 Index Fund (Sweden)

ETSpreads High Yield CDS Tighten Fund

MacroShares Major Metro Housing Up Shares

Source: IndexUniverse.com's ETF Watch.

Largest U.S.-listed ETFs Sorted By Total Net Assets In $US Millions
Fund Name	Ticker	Assets	Exp Ratio	3-Mo	YTD	2007	2006	3-Yr	5-Yr	Mkt Cap	P/E	Sharpe Std Dev		Yield
SPDRs (S&P 500)	SPY	0.09	93,922.2	-22.20	-37.22	5.17	15.81	-8.56	-2.36	38,575	10.7	-0.77	15.16	3.02
iShares MSCI EAFE	EFA	0.34	31,910.7	-19.33	-41.05	10.01	25.79	-6.56	1.92	22,142	5.0	-0.44	19.50	4.25
SPDR Gold Trust	GLD	0.40	21,691.1	1.70	4.92	31.10	21.95	18.82	-	-	-	0.75	21.26	0.00
iShares MSCI Emerg Mkts	EEM	0.74	19,210.4	-25.91	-48.89	33.17	31.40	-3.65	8.13	12,423	8.1	-0.11	28.54	3.48
iShares S&P 500	IVV	0.09	15,652.6	-22.13	-37.01	4.93	16.34	-8.39	-2.23	38,169	10.9	-0.75	15.25	2.94
PowerShares QQQQ	QQQQ	0.20	12,539.0	-24.12	-41.72	19.13	7.05	-9.42	-3.54	24,910	15.0	-0.53	21.31	0.46
iShares Russell 2000	IWM	0.20	10,694.5	-27.05	-34.15	-1.75	18.26	-8.54	-1.16	686	12.3	-0.53	19.92	1.76
iShares R1000 Growth	IWF	0.20	10,688.0	-23.32	-38.22	11.49	8.94	-9.13	-3.56	26,616	11.8	-0.72	16.62	1.67
iShares Lehman Aggregate	AGG	0.20	9,522.0	7.38	7.91	6.61	3.91	6.13	4.88	-	-	0.45	5.24	4.59
iShares R1000 Value	IWD	0.20	9,235.1	-21.85	-36.46	-0.72	22.48	-8.24	-0.88	32,786	10.0	-0.73	15.36	3.71
Vanguard Total Stock Market	VTI	0.07	9,199.1	-22.74	-36.68	5.37	15.68	-8.27	-1.54	25,387	14.0	-0.70	15.88	3.50
DIAMONDS Trust	DIA	0.17	8,966.0	-18.76	-32.31	8.79	18.91	-4.33	-1.39	90,112	10.7	-0.54	13.63	3.35
iShares Lehman TIPS Bond	TIP	0.20	8,676.3	-1.26	-0.53	11.93	0.29	3.74	4.39	-	-	0.04	8.10	6.46
Financial SPDR	XLF	0.23	7,791.8	-36.14	-54.91	-19.17	18.82	-24.34	-12.60	25,208	11.8	-1.21	23.56	6.15
iShares Lehman 1-3 Treas	SHY	0.15	7,691.7	2.79	6.62	7.35	3.89	5.94	3.98	-	-	1.07	1.86	3.41
iShares GS$ InvesTop	LQD	0.15	6,957.4	15.35	2.46	3.76	4.24	3.48	3.46	-	-	0.03	11.16	5.55
MidCap SPDR (S&P 400)	MDY	0.25	6,782.7	-26.28	-36.77	7.23	9.96	-9.32	-0.57	2,060	10.3	-0.61	19.11	1.82
iShares FTSE/Xinhua China	FXI	0.74	5,940.4	-14.99	-47.76	54.89	82.98	13.98	-	41,812	9.9	0.44	38.75	2.70
iShares Russell 1000	IWB	0.15	5,724.5	-22.69	-37.40	5.32	15.42	-8.70	-2.13	29,572	10.9	-0.74	15.71	2.49
iShares Japan	EWJ	0.52	5,640.3	-9.41	-26.99	-5.47	5.84	-9.94	0.65	11,891	9.1	-0.81	15.93	1.44
Vanguard Emerging Markets	VWO	0.25	5,035.8	-28.48	-52.47	37.32	29.33	-5.49	-	14,140	10.7	-0.18	28.48	5.00
iShares S&P 500 Growth	IVW	0.18	4,957.3	-20.52	-34.78	8.84	10.88	-7.67	-2.86	47,952	10.8	-0.69	15.42	1.67
Energy SPDR	XLE	0.23	4,453.4	-24.16	-38.97	36.86	18.01	-0.48	13.09	58,006	6.7	-0.02	26.36	1.85
iShares DJ Sel Dividend	DVY	0.40	3,966.5	-21.38	-32.80	-5.66	19.44	-8.85	-1.70	5,789	10.9	-0.80	14.95	5.85
iShares Russell Midcap	IWR	0.20	3,772.9	-26.80	-41.37	5.10	15.13	-10.81	-0.92	4,276	10.8	-0.68	19.38	2.08

Source: Morningstar. Data as of December 31, 2008. Exp Ratio is expense ratio. Mkt Cap is geometric average market capitalization.
P/E is price-to-earnings ratio. Sharpe ratio.
Std Dev is 3-year standard deviation. Yield is 12 month.

Journal of Indexes: Betting or Beta?

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