Etf Guide 814

August 2014
MUTUAL FUND Investor Guide
The eTF Investor Guide

MutualFundInvestorGuide.com
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 Best
Biotechnology
ETFs
Market Perspective:
Manufacturing Data Reinforces
Optimistic Outlook
The U.S. economy has rebounded from its poor showing
in the first quarter of the year as the initial estimate for second-quarter GDP growth is 4 percent. The government will
report two more revisions for second-quarter GDP, one at
the end of August and one at the end of September. Already,
economists are raising their expectations to approximately
4.2 percent since recent reports show that the trade deficit
declined in June. GDP records final sales in order to estimate domestic production, so goods imported from abroad
are subtracted and goods exported are added. Since oil prices
have been falling and oil remains a major import, economists
are also raising their growth forecasts for the third quarter.
In addition to rising GDP forecasts, the manufacturing
PMI remains in expansionary territory. At 57.1 in July (any
number above 50 signals expansion), the reading was 1.8
points higher than it was in June. This continued increase
signals that the American economy has indeed been accelerating as economists predicted. This positive data was
offset somewhat by concerns about slowing consumer
spending after Julys retail sales were reported to be flat.
A deeper look at the economic data shows why investors
should focus on the strong manufacturing number and not
the weaker consumer number. The Bureau of Economic
Analysis calculates the nations GDP report each quarter, but
it also calculates another statistic called gross output (GO).
Instead of measuring just final sales, GO measures all sales
in the economy. For example, GDP will record the final sale
of an automobile as the economy having produced a car,
whereas gross output will record all the intermediary steps
in the production process. GDP records a $16 trillion U.S.
economy, but gross output records an economy worth more
than $30 trillion.
Looking at the economy from the perspective of gross

output paints a different picture and calls into question the
aptness of the oft-used phrase the consumer economy. Instead of 70 percent of GDP, GO measures consumption to
be responsible for 40 percent of gross output. The retail sector comprises only 5 percent of gross output. Conversely, at
more than 20 percent, manufacturing contributes a far higher
percentage of the total economy than is typically thought.
The picture that emerges is an economy affected not only by
the consumer, but also by manufacturing as a driving force
behind expansion. Unfortunately, collecting all the data
needed to calculate GO is time-consuming, so we wont
know the result for the second quarter until October, when
third-quarter GDP is also released. However, we do have
up-to-date manufacturing data, such as the monthly PMI,

to give us some indication of the impact manufacturing will
have on GO when that data is finally released.
Even without gross output data, the excessive focus on consumers doesnt make a lot of sense. Everyone in the economy is a consumer, and we know that as people become
wealthier they consume more goods and services. Consumption is a good measure of the current state of the economy,
but it doesnt tell us anything about the future, other than
possibly that consumers may be starting to spend more
of their savings or may be more willing to borrow. From
a simplistic perspective, in order to increase consumption,
workers must increase their wages. In order for wages to
increase, production needs to increase. Moreover, entrepreneurs must invest in factories, machinery, software and other
goods that assist the increase in productivity. Investment and
manufacturing are the sources of future economic growth,
while consumption tells us what happened in these sectors
months or even years earlier. For example, back in December 2007, the PMI turned negative (below 50) and stayed
there for months, but many economists were too focused
on consumer spending to realize until September 2008 that
there was an underlying problem.
This year, the manufacturing PMI plunged from around 56
in late 2013 to 51.3 in January, which was largely blamed
on the brutal winter in North America. Since then, it has
been climbing steadily, hitting 57.1 in July. This increasingly
strong manufacturing data points to faster GDP growth in
the second half of the year. Growth in manufacturing should
ultimately lead to an increase in consumption, so the strong
manufacturing data overshadows the current weaker consumption data. Even with this said, and despite the flat consumer spending this year, the growth in consumer spending
is on track to be 2.5 percent for the year in aggregate, which
would be the highest since 2006.
But investors are focused on short-term issues, which is
why all the major indexes were down over the past month,
save for the Nasdaq, which rallied 1.10 percent. Tensions in
Ukraine, instability in Iraq, economic sanctions on Russia,
the Ebola outbreak and even the drought in the western U.S.
states are all headlines that create a negative mood among
investors, even if they dont directly impact the markets. On
top of this, the Federal Reserve is still planning to end quantitative easing in October and theres disagreement about
what this means for the economy, which leads to some uncertainty.
Our look beyond the headlines shows that the United States
economy is getting stronger. In addition to the PMI indicating an ongoing positive trend for the overall economy, there
(continued on next page)
1

(continued from page 1)
are other positive signs. Railroads are still moving goods at a high rate, and many of these goods
are raw materials that will turn into manufactured
goods over the months ahead. The fact that unemployment climbed 0.1 percent to 6.2 percent in
July is not necessarily a bad sign for the economy.
In fact, the U.S. economy created 209,000 new
jobs in July, marking the first time since 1997 that
more than 200,000 jobs were created in each of
six consecutive months. A meaningful portion of
the falling unemployment rate since 2008 was due
to workers leaving the workforce. When workers
become discouraged and stop looking for employment, they are no longer counted as part of the
workforce and therefore do not figure in unemployment calculations. However, if the economy
is finally going to break out of the slow growth
period of the past five years, unemployment could

rise for months and stay elevated as many potential workers begin looking for jobs once again. The
fact that these formerly discouraged workers are
re-entering the workforce is actually a grassroots
positive sign.
Portfolio Updates
month. A rally in the Nasdaq was good news for

the two technology holdings in the portfolio as
well.
The S&P 500 Index fell 0.92 percent over the past
month, decreasing its return to 5.77 percent for
the year through August 15. The Dow Jones Industrial Average lost 2.33 percent over the past
month, while the Russell 2000 and the MSCI
EAFE declined 1.05 and 2.74 percent, respectively. The Nasdaq performed well, gaining 1.10
percent.
We will make one change to the Model Portfolios
this month. In the ETF Aggressive Value Portfolio, we sold half of Vanguard European Stock
(VGK) and purchased Market Vector Russia
(RSX). With the continued conflict between Russia and the Ukraine, RSX declined significantly
over the past month. Similar to our trade a few
months ago, we see a short-term rebound opportunity.
The Model Portfolios continue to outperform,
relative to their objectives. Year-to-date, the moderate and aggressive portfolios have outpaced the
S&P 500, while the conservative income model
trails only slightly. Given the risk adverse positioning of our income portfolio, we are pleased
with its performance.
The ETF Aggressive Sector Portfolio advanced
0.56 percent in the past month and is now up
6.47 percent in 2014. SPDR S&P Biotech (XBI)
rallied 9.66 percent thanks to a successful phase
three trial of a breast cancer drug. The company
behind the success, Puma Biotechnology (PBYI),
is up more than 300 percent in the past month.
By itself, this translated into a gain of several
percentage points for XBI - on top of a generally
good month for the sector. Strength in biotechnology also helped carry Fidelity MSCI Healthcare (FHLC) to a gain of 1.59 percent in the past
One point that may be good for investors, although not necessarily for workers, is that despite
the sustained, strong job creation, average hourly
wages have remained essentially flat for the last
12 months. Since wage inflation has not arisen,
the Fed has more flexibility about when it might
raise interest rates. The current historically low
rates, strong GDP growth and job increases lead
one to expect interest rates to start to rise. This is
likely in the medium term, but the fact that hourly
wages, which are a closely watched component
of overall inflation, remain flat means the Fed can
The ETF Straight Growth Portfolio fell 1.18

percent over the past month; it has now gained
6.02 percent this year. iShares U.S. Pharmaceuticals (IHE) lost 1.12 percent as the sector failed
to join the broader rally in the healthcare sector.
Rydex S&P MidCap 400 Pure Growth (RFG)
slipped 1.41 percent, hurt by weakness in smaller
and mid cap stocks. Vanguard Dividend Appreciation (VIG) counts industrials and consumer
staples among its largest sector holdings, two
of the weaker sectors last month. The fund also
doesnt have much in the way of biotechnology in
its healthcare exposure, resulting in a slide of 1.92
percent slide for the fund.
The ETF Balanced Growth Portfolio fell 0.72

percent over the past month and is up 5.86 percent in 2014. ProShares High Yield Interest Rate
Hedged (HYHG) slipped 1.09 percent as high
yield bonds remained under pressure. Treasury
yields fell over the past month and that costs
HYHG due to having a short position on these
bonds. PIMCO Short Maturity Bond Fund provided a modest gain, increasing 0.06 percent.
Given its objective, the model continues to perform well, outperforming the S&P 500 this year.
The ETF Conservative Income Portfolio declined 0.59 percent for the month; overall, the
portfolio is up 4.32 percent this year. iShares High
Dividend Equity (HDV) fell 0.99 percent, slightly
worse than the S&P 500 Index due to HDV having three pharmaceutical firms in the top ten holdings. iShares High Yield Bond (HYG) gained 0.20
percent. The fund initially sold off in July, but it
recovered in August and the dividend payment
pushed it into positive territory. SPDR Barclays
2 AUGUST 2014 | PHONE: (888) 252-5372
allow the expansion to run longer before hinting

at coming rate increases. As of now, the Fed has
given no indications about the timing of any rate
hikes, although that will likely change, certainly by
next year. Additionally, flat wages in recent months
mean that, with continued production increases,
there could be some pent-up upward pressure on
wages. If this does materialize, it would mean the
potential for higher consumption numbers, giving
the expansion a stronger base.
Investors should stay focused on the key economic
data points and discount the headlines. As mentioned above, the PMI turned negative in late 2007,
which signaled caution was warranted. Today, the
manufacturing heart of the economy is sending the
opposite signal: optimism is warranted. Looking
ahead to 2015, the data is telling us that a stronger
economy and higher interest rates are likely.
Convertible Securities (CWB) performed well

considering it tracks with the stock market; shares
slid only 0.37 percent last month.
The ETF Global Portfolio declined 1.33 percent

in the past month and is now up 5.45 percent for
the year. PowerShares International Dividend
Achievers (PID) was the best performer for the
third straight month, this time down only 0.36
percent. WisdomTree Global Equity (DEW) was
the second best performer, down 1.32 percent. It
was a challenging month for international shares
due to continued weakness in the euro and European markets, as well as the yen and Japanese
stocks, putting pressure on foreign shares denominated in foreign currency. Still, the model significantly outperformed the MSCI EAFE this month.
The ETF Aggressive Value Portfolio slipped
1.36 percent in the past month and is now up 6.75
percent for the year. Following up on the theme
from the ETF Global Portfolio, weakness in European shares hit Vanguard European Stock (VGK)
for a 3.41 percent loss. PowerShares DB Energy
(DBE) also slipped for the second straight month
as crude oil and natural gas prices fell. Portfolio
losses were limited thanks to the 0.97 percent
rally in Vanguard Information Technology (VGT).
The ETF Absolute Return Portfolio fell 1.18

percent on the month, and is down 1.21 percent
this year. Consumer Staples Select SPDR (XLP)
and Utilities Select SPDR (XLU) both underperformed in the past month. iShares Comex Gold
(IAU) and PowerShares DB U.S. Dollar Bullish
Fund (UUP) both rallied, the former 0.72 percent
and the latter 1.21 percent. Weakness in the yen
and euro versus the dollar explains the rise in
UUP, while gold remains in an uptrend this year
following its huge correction in 2013.
Model Portfolios
ETF Aggressive Sector Portfolio

Ticker
IYK
XBI
IGV
FHLC
IYJ
IYF
XLK
Name
iShares DJ US Cons Non-Cyc

SPDR Biotech
iShares NA Software
Fidelity MSCI Healthcare
iShares DJ US Industrial
iShares DJ US Financial
Technology Select Sect SPDR
TOTAL
ETF Straight Growth Portfolio

Ticker
Name
HDV
VIG
SPY
IHE
RFG
iShares High Dividend Equity

Vanguard Div Appreciation
SPDR S&P 500
iShares DJ US Pharma
Rydex S&P MidCap 400 Pure
TOTAL
ETF Balanced Growth Portfolio

Ticker
Name
HDV
RPG
HYHG
MINT
CWB

Gugg S&P 500 Pure Growth
ProShares High Rate Hedged
PIMCO Short Maturity
SPDR Barc Convertible Secs
TOTAL
ETF Conservative Income Portfolio

Ticker
Name
HDV
HYG
IVV
HYHG
MINT
CWB

iShares High Yield Bond
iShares S&P 500 Index
ProShares High Rate Hedged
PIMCO EnhShort Maturity
SPDR Barc Convertible Secs
TOTAL
ETF Global Portfolio

Ticker
Name
DOO
DEW
PID
IOO
IDV
WTree Intl Div Ex-Fin

WTree Global Equity
PwrShrs Int'l Divid Ach.
iShares S&P Global 100
iShares DJ Intl Select Div Idx
TOTAL
ETF Aggressive Value Portfolio

Ticker
Name
IJR
EDIV
DBE
VGT
VGK
RSX
iShares Core Small Cap

SPDR S&P Emg Mkts Div
PwrShrs DB Energy
Vanguard Info Tech
Vanguard European Stock
Market Vectors Russia
TOTAL
(Data provided as of 8/15/14)

Price
Shares
Allocation
1-Month
Price
Shares
Allocation
1-Month
YTD
Value
74.66
76.49
195.72
132.07
121.73
653.91
370.03
96.17
236.51
225.52
31.57%
18.30%
12.17%
20.20%
17.75%
100.00%
-0.99%
-1.92%
-0.28%
-1.12%
-1.41%
-1.18%
7.97%
-1.92%
7.54%
12.71%
-0.94%
6.02%
$48,821.16
$28,303.94
$18,823.23
$31,235.25
$27,452.97
$154,636.54
Price
Shares
Allocation
1-Month
YTD
Value
74.66
77.33
78.85
101.43
50.07
774.44
248.64
342.49
199.00
349.17
40.80%
13.57%
19.06%
14.24%
12.34%
100.00%
-0.99%
-0.48%
-1.09%
0.01%
-0.37%
-0.72%
7.97%
10.48%
0.86%
0.51%
8.82%
5.86%
$57,819.51
$19,227.28
$27,005.42
$20,184.19
$17,482.91
$141,719.30
98.95
155.35
85.75
29.63
101.49
82.61
39.29
Ticker
Name
Cons Staples Select SPDR

Utilities Select Sector SPDR
iShares Comex Gold
PwrShrs DB Dollar Bullish
PIMCO Short Maturity
TOTAL
9.35%
9.04%
10.83%
19.15%
15.35%
20.54%
15.74%
100.00%
-0.78%
9.66%
1.53%
1.59%
-2.14%
-1.72%
0.41%
0.56%
YTD
1.18%
20.35%
4.78%
6.54%
1.68%
4.14%
11.19%
6.47%
Value
$14,827.72
$14,349.00
$17,176.25
$30,391.16
$24,355.65
$32,591.63
$24,974.72
$158,666.12
Price
Shares
Allocation
1-Month
YTD
Value
74.66
94.05
197.02
78.85
101.43
50.07
480.33
174.02
87.21
343.14
253.18
222.12
26.91%
12.28%
12.89%
20.30%
19.27%
8.35%
100.00%
-0.99%
0.20%
-0.74%
-1.09%
0.01%
-0.37%
-0.59%
7.97%
0.49%
7.60%
0.86%
0.51%
8.82%
4.32%
$35,861.25
$16,366.22
$17,182.45
$27,056.89
$25,679.56
$11,121.42
$133,267.78
Price
Shares
Allocation
1-Month
YTD
Value
49.32
48.56
19.26
77.65
38.35
745.11
542.07
2212.39
246.74
397.79
26.23%
18.79%
30.42%
13.68%
10.89%
100.00%
-1.93%
-1.32%
-0.36%
-1.51%
-2.29%
-1.33%
6.39%
4.28%
6.91%
3.01%
4.39%
5.45%
$36,748.89
$26,322.90
$42,610.56
$19,159.23
$15,255.09
$140,096.66
Price
Shares
Allocation
1-Month
YTD
Value
108.03
40.05
28.43
98.68
56.91
24.41
247.78
569.22
585.63
331.94
241.98
564.15
21.16%
18.02%
13.16%
25.89%
10.89%
10.89%
100.00%
-1.00%
-0.94%
-3.46%
0.97%
-3.41%
N/A
-1.36%
4.01%
3.23%
-2.47%
10.21%
-0.16%
N/A
6.75%
$26,767.58
$22,797.20
$16,649.46
$32,755.84
$13,770.87
$13,770.87
$126,511.83
Price
Shares
Allocation
1-Month
YTD
Value
44.52
41.97
12.63
21.70
101.43
427.16
290.73
781.32
657.91
321.79
21.61%
13.87%
11.21%
16.22%
37.09%
100.00%
-1.18%
-1.39%
0.72%
1.21%
0.01%
-0.17%
4.83%
12.37%
-5.75%
0.84%
1.39%
-1.21%
$19,017.34
$12,201.80
$9,868.05
$14,276.65
$32,639.33
$88,003.18
ETF Absolute Return/Down Market Portfolio

XLP
XLU
IAU
UUP
MINT
149.85
92.37
200.31
1025.58
239.98
394.52
635.65
www.MutualFundInvestorGuide.com | AUGUST 2014 3
Data & Rankings (Data provided as of 8/15/14)

% Return (3 and 5 Years Annualized)
Symbol
Fund
Price
Rank
FTC
IUSG
IVW
IWF
JKE
MGK
ONEQ
PWB
QQEW
QQQ
QQXT
RPG
SPYG
VUG
First Trust Large Cap Gr AlphaDEX ETF

iShares Core US Growth
iShares S&P 500 Growth
iShares Russell 1000 Growth
iShares Morningstar Large-Cap Growth
Vanguard Mega Cap Growth ETF
Fidelity Nasdaq Composite Index Tr Stk
PowerShares Dynamic Large Cap Growth ETF
First Trust NASDAQ-100 Equal Wtd ETF
PowerShares QQQ ETF
First Trust NASDAQ-100 ex-Tech Sect ETF
Guggenheim S&P 500 Pure Growth ETF
SPDR S&P 500 Growth ETF
Vanguard Growth ETF
43.66
74.19
105.65
90.93
107.80
77.26
175.17
26.95
39.69
97.40
36.93
77.33
91.48
99.28
89
87
96
96
91
81
86
90
96
97
96
95
89
80
DGRO
DSI
EPS
EXT
FEX
ITOT
IVV
IWB
IWL
IWV
IYY
JKD
KLD
MGC
MOAT
NYC
OEF
ONEK
PBP
PFM
PKW
PXLC
RSP
SPHQ
SPY
THRK
VIG
VTI
VV
XLG
iShares Core Dividend Growth

iShares MSCI KLD 400 Social
WisdomTree Earnings 500
WisdomTree Total Earnings
First Trust Large Cap Core AlphaDEX ETF
iShares Core S&P Total US Stock Mkt
iShares Core S&P 500
iShares Russell 1000
iShares Russell Top 200
iShares Dow Jones US
iShares Morningstar Large-Cap
iShares MSCI USA ESG Select
Vanguard Mega Cap ETF
Market Vectors Wide Moat ETF
iShares NYSE Composite
iShares S&P 100
SPDR Russell 1000 ETF
PowerShares S&P 500 BuyWrite ETF
PowerShares Dividend Achievers ETF
PowerShares Buyback Achievers ETF
PowerShares Fundamental Pure Lg Core ETF
Guggenheim S&P 500 Equal Weight ETF
PowerShares S&P 500 High Quality ETF
SPDR S&P 500
SPDR Russell 3000 ETF
Vanguard Dividend Appreciation ETF
Vanguard Total Stock Market ETF
Vanguard Large-Cap ETF
Guggenheim Russell Top 50 Mega Cap ETF
24.83
73.03
68.33
70.54
43.76
89.36
197.02
109.42
44.52
116.72
98.82
113.71
81.67
67.04
30.82
98.28
87.14
92.57
21.66
20.79
44.69
38.32
76.06
21.19
195.72
147.06
76.49
101.27
90.00
136.12
83
87
87
86
89
93
96
86
87
82
92
94
81
83
87
73
88
88
80
91
82
93
93
85
95
85
84
82
83
88
CVY
DEF
DHS
DIA
DLN
DTD
DTN
EZY
FDL
FTA
Guggenheim Multi-Asset Income ETF

Guggenheim Defensive Equity ETF
WisdomTree Equity Income
SPDR Dow Jones Industrial Average
WisdomTree LargeCap Dividend
WisdomTree Total Dividend
WisdomTree Dividend ex-Financials
WisdomTree LargeCap Value
First Trust Morningstar Div Leaders ETF
First Trust Large Cap Val AlphaDEX ETF
25.63
38.09
59.04
166.35
70.54
71.16
73.07
60.67
23.48
42.88
83
97
91
90
87
89
86
85
94
85
4 AUGUST 2014 | PHONE: (888) 252-5372
Advice
YTD
1 Month 3 Month
Large Cap Growth
Buy
Hold
Strong Buy
Buy
Buy
Buy
Buy
Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Buy
6.93
5.77
7.72
6.54
8.70
7.25
7.56
4.31
9.94
11.75
7.07
10.48
7.64
7.31
Large Cap Blend
Buy
Buy
Buy
Buy
Buy
Buy
Strong Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Hold
Buy
Buy
Buy
Buy
Buy
Hold
Buy
Buy
Buy
Strong Buy
Buy
Strong Buy
Hold
Buy
Buy
6.32
6.87
6.37
6.85
6.52
7.09
6.97
6.90
6.36
6.71
6.41
6.83
7.09
6.87
4.97
6.79
7.63
6.57
5.37
4.22
7.45
7.55
4.63
6.95
6.43
2.65
6.48
7.07
5.95
Large Cap Value
Hold
Strong Buy
Buy
Buy
Buy
Buy
Buy
Buy
Strong Buy
Buy
5.94
11.44
8.94
1.71
7.47
7.50
7.90
5.91
8.97
7.52
1 Year
3 Year
-0.43 6.56 22.90 18.12

-0.13 5.85 21.16 19.12
-0.33 6.33 22.67 19.64
-0.02 5.77 22.04 19.22
0.36
7.97 26.18 20.17
-0.03 6.72 23.97 20.42
1.17 9.81 24.72 21.79
-1.28 5.87 21.68 20.75
1.22 9.52 26.21 21.19
1.98 12.08 30.97 23.00
1.79 8.59 21.59 21.14
-0.35 8.37 29.12 22.41
-0.29 6.39 22.66 19.67
0.00 6.61 23.14 19.90
5 Year
17.51
17.30
17.42
17.29
17.69
17.57
18.68
17.60
19.10
20.95
19.50
22.44
17.88
17.77
-1.19
-0.71
-0.61
-0.79
-0.97
-0.82
-0.74
-0.70
-0.99
-0.65
-0.74
-0.79
-1.27
-0.68
-0.29
-1.57
-0.71
-0.28
0.46
-1.27
-0.78
-0.98
-0.77
-1.40
-0.77
-0.58
-1.92
-0.69
-0.61
-0.46
4.65
4.56
4.44
4.52
4.89
4.98
4.96
4.81
4.97
4.90
3.72
4.36
5.10
4.23
2.42
5.13
5.53
3.02
2.32
4.13
3.98
4.72
2.09
4.94
5.03
1.50
5.09
5.10
4.99
19.55
19.55
18.93
20.34
19.58
20.09
20.19
20.07
19.47
19.60
17.43
18.19
20.17
20.47
15.94
19.02
20.54
14.38
14.52
19.15
18.16
20.59
16.10
19.95
19.64
13.86
19.74
20.16
18.55
19.69
20.24
20.43
20.04
19.92
20.07
20.11
19.96
19.87
19.87
21.68
17.62
20.08
15.61
16.57
17.00
18.14
16.79
16.59
16.84
15.66
19.50
20.24
11.25
16.80
23.91
21.44
21.00
19.63
19.99
19.95
16.82
20.15
20.06
18.89
13.05
15.61
16.89
8.80
15.33
20.53
16.60
18.66
17.28
16.53
16.87
14.83
17.06
16.81
14.69
-1.16
0.50
-0.73
-2.26
-0.89
-0.81
-0.34
-2.04
-1.63
-1.11
2.27
3.96
3.73
1.66
3.82
3.85
3.11
4.41
2.78
3.31
12.78
18.10
16.76
12.47
17.85
17.77
17.69
18.21
15.02
19.00
14.51
17.41
18.76
15.93
19.10
19.27
19.58
19.48
17.71
21.38
15.71
17.08
17.49
15.06
16.51
17.06
19.44
15.48
16.86
18.62
16.77
16.83
16.71
15.11
16.52
Yield %
1.14
1.52
1.23
0.63
1.36
0.95
0.49
0.45
1.34
1.26
1.39
1.69
1.86
1.75
1.85
1.68
1.67
1.88
1.34
1.97
1.65
2.22
1.87
1.73
1.43
2.74
0.39
1.67
2.01
1.70
2.07
1.84
1.89
4.96
Beta
3 Year
SD
3 Year
Expense
Ratio
1.05
1.04
0.96
1.01
1.05
1.02
1.08
1.10
1.14
1.00
1.06
1.19
0.95
1.06
13.36
12.95
11.82
12.62
13.56
12.85
14.16
14.09
15.33
13.74
14.56
15.36
11.80
13.27
0.70
0.09
0.18
0.20
0.25
0.11
0.21
0.59
0.60
0.20
0.60
0.35
0.20
0.09
0.96
0.98
1.01
1.11
1.02
1.00
1.02
0.97
1.05
1.03
0.93
1.01
0.99
11.82
11.99
12.39
13.83
12.50
12.19
12.51
11.89
12.80
12.64
11.56
12.61
12.02
1.10
0.95
1.01
0.69
0.73
0.95
0.86
1.13
0.87
1.00
1.04
0.88
1.05
1.02
0.91
13.67
11.66
12.34
9.56
9.76
12.08
10.82
14.02
10.86
12.17
12.72
11.14
12.84
12.40
11.32
0.12
0.50
0.28
0.28
0.66
0.07
0.07
0.15
0.15
0.20
0.20
0.20
0.50
0.11
0.49
0.25
0.20
0.10
0.75
0.58
0.71
0.39
0.40
0.29
0.09
0.10
0.10
0.05
0.09
0.20
0.84 11.11
0.56 8.94
0.59
9.17
0.91 11.42
0.78 9.91
0.81 10.24
0.72 9.68
1.03 12.91
0.40 8.66
1.16 14.61
0.82
0.65
0.38
0.17
0.28
0.28
0.38
0.38
0.45
0.67

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
16.38
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
Large Cap Value (continued)
FVD
HDV
IUSV
IVE
IWD
IWX
JKF
MGV
NY
PRF
PWV
RWL
SDY
SPYV
VOOV
VTV
VYM
First Trust Value Line Dividend ETF

iShares Core High Dividend
iShares Core US Value
iShares S&P 500 Value
iShares Russell 1000 Value
iShares Russell Top 200 Value
iShares Morningstar Large-Cap Value
Vanguard Mega Cap Value ETF
iShares NYSE 100
PowerShares FTSE RAFI US 1000 ETF
PowerShares Dynamic Large Cap Value ETF
RevenueShares Large Cap ETF
SPDR S&P Dividend ETF
SPDR S&P 500 Value ETF
Vanguard S&P 500 Value ETF
Vanguard Value ETF
Vanguard High Dividend Yield ETF
22.52
74.66
130.38
89.82
100.13
42.39
84.29
58.21
87.41
87.91
30.40
38.46
75.24
97.46
86.35
80.68
66.09
88
97
77
82
79
87
78
85
81
90
92
86
94
82
85
85
92
DWAQ
FAD
IJK
IWP
JKH
MDYG
PDP
PXMG
RFG
VOT
PowerShares DWA NASDAQ Momentum ETF

First Trust Multi Cap Gr AlphaDEX ETF
iShares S&P Mid-Cap 400 Growth
iShares Russell Mid-Cap Growth
iShares Morningstar Mid-Cap Growth
SPDR S&P 400 Mid Cap Growth ETF
PowerShares DWA Momentum ETF
PowerShares Fundamental Pure Mid Gr ETF
Guggenheim S&P MidCap 400 Pure Gr ETF
Vanguard Mid-Cap Growth ETF
67.73
45.91
153.03
88.45
148.54
113.67
39.02
30.83
121.73
95.92
76
87
85
93
91
79
87
81
79
76
CSD
EWRI
EWRM
EZM
FNX
FVL
IJH
IWR
JKG
MDY
NFO
PWC
RSCO
TTFS
VO
VXF
Guggenheim Spin-Off ETF

Guggenheim Russell 1000 Equal Wt ETF
Guggenheim Russell MidCap Equal Wt ETF
WisdomTree MidCap Earnings
First Trust Mid Cap Core AlphaDEX ETF
First Trust Value Line 100 ETF ETF
iShares Core S&P Mid-Cap
iShares Russell Mid-Cap
iShares Morningstar Mid-Cap
SPDR S&P MidCap 400
Guggenheim Insider Sentiment ETF
PowerShares Dynamic Market ETF
SPDR Russell Small Cap Completeness
AdvisorShares TrimTabs Float Shrink ETF
Vanguard Mid-Cap ETF
Vanguard Extended Market ETF
44.66
49.71
49.90
89.93
51.62
20.03
139.52
159.84
139.71
254.07
47.81
71.65
84.28
51.43
117.55
85.54
81
85
86
90
80
89
88
94
94
88
78
86
86
90
82
78
CZA
DON
DVY
FAB
IJJ
IVOV
IWS
JKI
PEY
PXMV
RPV
RWK
SPHB
Guggenheim Mid-Cap Core ETF

WisdomTree MidCap Dividend
iShares Select Dividend
First Trust Multi Cap Val AlphaDEX ETF
iShares S&P Mid-Cap 400 Value
Vanguard S&P Mid-Cap 400 Value ETF
iShares Russell Mid-Cap Value
iShares Morningstar Mid-Cap Value
PowerShares High Yld Eq Div Achiev ETF
PowerShares Fundamental Pure Mid Val ETF
Guggenheim S&P 500 Pure Value ETF
RevenueShares Mid Cap ETF
PowerShares S&P 500 High Beta ETF
48.46
80.32
74.73
46.33
123.93
93.90
71.17
121.92
12.53
26.88
53.11
46.65
33.00
91
92
94
83
84
84
87
89
87
89
94
93
86
Buy
Strong Buy
Buy
Buy
Buy
Buy
Buy
Strong Buy
Buy
Buy
Buy
Buy
Strong Buy
Buy
Buy
Buy
Strong Buy
6.77
7.98
6.62
6.21
7.40
6.54
6.19
6.97
4.29
6.79
7.98
6.09
4.76
6.39
6.31
6.80
7.50
Mid Cap Growth
Buy
Hold
Hold
Buy
Buy
Hold
Buy
Buy
Hold
Buy
3.61
1.84
2.29
5.39
4.42
1.98
6.47
6.58
-0.83
6.30
Mid Cap Blend
Hold
Buy
Buy
Strong Buy
Buy
Buy
Buy
Buy
Buy
Buy
Hold
Buy
Hold
Buy
Buy
Buy
-0.78
7.58
7.75
4.45
2.62
8.91
4.89
7.36
8.69
4.63
2.05
5.37
2.78
6.06
6.87
3.46
Mid Cap Value
Buy
Strong Buy
Strong Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Strong Buy
Buy
Hold
6.74
9.08
6.43
4.80
7.39
7.38
9.32
7.56
8.26
9.26
7.60
4.78
8.47
-0.88
-0.99
-1.43
-1.23
-1.14
-1.40
-1.67
-1.09
-2.10
-1.07
-0.96
-0.83
-1.23
-1.19
-1.15
-1.19
-0.97
2.61
2.88
3.87
3.40
4.10
4.00
3.33
3.86
2.43
4.03
4.09
3.82
1.85
3.55
3.46
3.78
4.05
14.92
14.93
17.56
16.96
18.29
17.16
15.97
17.54
14.91
19.16
18.74
20.15
14.21
17.01
17.13
17.83
17.99
17.91
18.21
20.58
20.23
20.71
20.28
17.42
19.98
17.95
21.14
21.57
22.07
18.46
20.45
20.33
20.16
20.27
0.00
-1.33
-1.04
0.20
0.68
-1.05
-0.26
0.41
-1.41
0.21
0.00
5.03
4.00
5.49
6.02
3.92
6.38
3.81
4.36
6.04
19.05
17.76
15.15
18.85
17.52
14.89
20.52
18.57
15.37
18.45
17.25
17.02
16.53
18.67
16.49
16.71
18.33
16.01
15.65
17.28
15.09
17.06
18.23
18.51
18.22
18.22
19.33
16.38
19.84
18.56
-1.02
-0.96
-0.88
-1.37
-1.75
-1.43
-1.09
-0.34
-0.99
-1.09
-1.75
-1.94
-0.62
-0.08
-0.59
-0.56
2.31
4.24
4.57
4.13
3.14
5.53
4.06
5.00
4.93
4.03
2.90
2.80
4.73
3.66
4.93
4.85
15.89
20.32
19.85
18.95
17.29
24.72
17.03
19.84
21.98
16.86
14.43
22.33
17.23
19.15
19.76
17.49
27.33
20.07
20.10
22.24
19.08
18.84
18.91
20.29
21.31
18.68
17.11
22.17
20.02
23.65
0.01
-0.75
-1.55
-1.49
-1.12
-1.29
-0.95
-1.13
-0.72
-0.70
-2.19
-0.61
-1.08
4.96
4.13
2.01
2.61
4.05
4.09
4.30
3.96
3.69
4.83
2.78
4.01
8.01
18.89
20.19
16.43
17.86
18.63
18.46
20.86
20.31
18.03
22.72
24.05
16.75
26.94
20.79
20.93
18.88
21.66
21.15
21.33
21.64
23.02
19.56
24.66
27.33
21.44
20.66
16.09
15.50
16.22
13.88
15.43
14.40
17.02
17.49
17.70
16.17
15.57
15.87
16.89
3.65
2.11
2.08
2.18
2.23
2.86
2.45
2.19
1.97
2.46
2.30
2.14
2.34
2.41
2.99
0.24
0.76
0.74
0.16
0.77
0.28
0.05
0.78
0.77
0.48
1.05
1.05
1.03
1.01
0.96
0.95
0.97
1.03
0.91
1.06
0.78
1.04
1.05
0.98
0.77
10.24
9.20
13.04
12.94
12.80
12.55
12.16
11.96
12.06
12.71
11.57
13.12
10.45
12.92
12.98
12.19
10.05
0.70
0.12
0.09
0.18
0.21
0.20
0.25
0.11
0.20
0.39
0.59
0.49
0.35
0.20
0.15
0.09
0.10
1.19
1.12
1.19
1.18
1.21
1.19
0.96
1.19
1.19
1.22
16.84
14.41
15.45
15.13
15.90
15.42
12.89
15.23
15.93
15.94
0.61
0.70
0.25
0.25
0.30
0.25
0.74
0.39
0.35
0.09
15.45
14.49
15.09
16.24
16.21
19.35
15.40
14.35
14.88
15.35
18.13
16.37
15.85
20.66
18.67
16.94
18.22
18.81
19.91
18.01
17.14
17.00
18.95
1.49
1.25
1.02
1.15
1.18
1.26
1.26
1.51
1.20
1.14
1.17
1.20
1.44
1.30
1.23
19.64 18.83
20.01 18.71
1.35
1.21
1.16 14.65
1.27 16.34
0.65
0.40
0.41
0.38
0.66
0.70
0.15
0.22
0.25
0.25
0.65
0.60
0.10
0.99
0.09
0.10
1.03
0.99
0.67
1.26
1.21
1.21
1.10
1.14
0.63
1.25
1.25
1.33
1.80
0.68
0.38
0.40
0.70
0.27
0.20
0.28
0.30
0.57
0.39
0.35
0.54
0.25
19.45
20.19
17.65
18.88
18.02
19.03
18.96
16.79
18.35
23.11
18.79
1.19
1.42
1.21
3.56
1.55
1.63
1.99
2.14
4.30
1.55
12.99
12.66
9.89
15.86
15.57
15.58
13.86
14.31
9.78
15.73
16.46
17.31
23.58

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
MID CAP VALUE (continued)
VOE
Vanguard Mid-Cap Value ETF
85.65 87
IJT
IWO
JKK
PXSG
RZG
SLYG
VBK
VTWG
iShares S&P Small-Cap 600 Growth

iShares Russell 2000 Growth
iShares Morningstar Small-Cap Growth
PowerShares Fundamental Pure Sm Gr ETF
Guggenheim S&P SmallCap 600 Pure Gr ETF
SPDR S&P 600 Small Cap Growth ETF
Vanguard Small-Cap Growth ETF
Vanguard Russell 2000 Growth ETF
115.68
132.95
128.36
24.12
77.50
173.80
122.76
96.62
82
77
81
86
77
83
69
63
EES
FDM
FYX
IJR
IWC
IWM
JKJ
PRFZ
RWJ
SLY
VB
WisdomTree SmallCap Earnings

First Trust Dow Jones Sel MicroCap ETF
First Trust Small Cap Core AlphaDEX ETF
iShares Core S&P Small-Cap
iShares Micro-Cap
iShares Morningstar Small-Cap
79.45
31.09
46.88
108.03
71.88
113.39
132.90
97.49
53.97
101.54
113.51
77
70
74
81
71
76
85
81
85
77
77
DES
IJS
IWN
JKL
PXSV
PZI
RFV
RZV
SLYV
VBR
WisdomTree SmallCap Dividend

iShares S&P Small-Cap 600 Value
iShares Russell 2000 Value
iShares Morningstar Small-Cap Value
PowerShares Fundamental Pure Sm Val ETF
PowerShares Zacks Micro Cap ETF
Guggenheim S&P MidCap 400 Pure Val ETF
67.79
111.86
98.04
124.12
24.79
16.07
52.88
61.52
106.10
102.75
88
76
65
82
82
75
77
70
81
81
PowerShares FTSE RAFI US 1500 Sm-Mid ETF
RevenueShares Small Cap ETF

SPDR S&P 600 Small Cap ETF
Vanguard Small-Cap ETF
Guggenheim S&P SmallCap 600 PureVal ETF
SPDR S&P 600 Small Cap Value ETF

Vanguard Small-Cap Value ETF
AOA
AOR
IYLD
iShares Aggressive Allocation

iShares Growth Allocation
iShares Morningstar Multi-Asset Income
46.30 90
39.95 85
26.73 76
BAL
CORN
COW
DBA
DBC
DJP
GCC
GSG
GSP
JO
RJI
SGG
WEAT
iPath DJ-UBS Cotton TR Sub-Idx ETN

Teucrium Corn ETF
iPath DJ-UBS Livestock TR Sub-Idx ETN
PowerShares DB Agriculture ETF
PowerShares DB Commodity Tracking ETF
iPath DJ-UBS Commodity Index TR ETN
GreenHaven Continuous Commodity ETF
iShares S&P GSCI Commodity-Indexed Trust
iPath S&P GSCI Total Return Index ETN
iPath DJ-UBS Coffee TR Sub-Idx ETN
ELEMENTS Rogers Intl Commodity ETN
iPath DJ-UBS Sugar TR Sub-Idx ETN
Teucrium Wheat ETF
43.21
26.60
29.48
26.27
24.94
36.53
26.20
31.20
31.60
36.37
8.02
48.04
12.91
35
33
42
53
53
49
54
52
54
66
51
35
23
FCOM
IXP
IYZ
PBS
VOX
Fidelity MSCI Telecom Svcs ETF

iShares Global Telecom
iShares US Telecommunications
PowerShares Dynamic Media ETF
Vanguard Telecommunication Services ETF
26.44
63.20
30.03
25.06
86.80
80
73
81
85
84
BJK
Market Vectors Gaming ETF
48.69
71
6 AUGUST 2014 | PHONE: (888) 252-5372
Buy
7.38
Small Cap Growth
Hold
Hold
Sell
Buy
Hold
Hold
Buy
Hold
-2.17
-1.56
-3.06
2.54
-2.71
-2.58
0.39
-1.94
Small Cap Blend
Hold
Sell
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Buy
-2.22
-4.18
-3.42
-0.44
-3.82
-1.07
2.70
0.11
0.22
-0.60
3.25
Small Cap Value
Buy
Buy
Buy
Buy
Hold
Hold
Buy
Hold
Hold
Buy
1.38
1.22
-0.56
3.98
0.16
-4.37
4.84
-0.90
0.35
5.55
Allocation
Buy
Buy
Buy
5.03
4.96
11.40
-1.42
3.74 21.02 21.82 18.94
-1.04
-0.03
-0.44
-0.86
-1.29
-1.22
-0.54
-0.12
4.41
6.24
5.18
3.98
5.10
4.15
5.27
6.08
12.58
12.89
10.64
14.87
14.15
12.64
13.69
12.58
18.80 18.93
18.52 17.93
17.49 17.71
15.98 16.68
18.81 18.66
18.66 19.51
18.92 19.12
18.34
-1.56
-1.40
-1.80
3.12
2.91
3.38
4.01
3.85
4.54
3.68
4.14
3.07
3.91
4.82
12.97
11.95
12.46
14.09
12.22
12.49
16.10
15.01
17.23
14.24
16.53
20.03
18.19
19.35
20.36
19.31
18.40
18.46
19.99
22.95
20.34
20.32
18.51
15.43
18.13
18.35
15.94
16.70
17.50
18.27
19.12
18.75
18.75
-1.96
-1.37
-2.06
-2.31
-1.01
-1.50
-1.72
-1.05
3.07
3.49
2.79
3.38
3.02
3.62
4.62
3.56
3.03
4.59
13.50
15.29
12.07
16.11
15.90
10.35
16.19
17.07
14.47
19.13
20.84
21.65
18.20
21.32
22.72
19.10
23.12
22.93
21.37
21.42
18.24
17.68
15.33
18.79
17.98
13.30
18.74
15.59
17.96
18.13
-0.86
-0.40
0.79
2.80 14.96
2.56 12.65
2.51 15.66
-1.28
-1.01
-1.72
-1.17
-1.39
-1.08
-0.88
-1.20
Commodities
Sell
Sell
Sell
Hold
Sell
Sell
Hold
Sell
Sell
Sell
Sell
Sell
Sell
-18.75 -5.66 -22.35 -26.76

-13.03 -0.95 -19.75 -25.96
8.62 -9.41 -5.15
7.51
8.33
0.11 -8.18 3.83
-2.81 -2.62 -4.95 -5.71
-0.60 -3.33 -8.19 -3.99
1.95 -2.57 -7.81 -2.38
-3.08 -3.67 -6.39 -5.65
-2.98 -3.26 -6.59 -5.92
67.56 16.58 -5.75 42.48
-1.84 -3.02 -6.74 -5.54
-13.43 -8.02 -17.14 -20.04
-12.47 -0.39 -19.36 -21.76
Communications
Hold
Sell
Hold
Sell
Hold
4.07
1.92
2.14
-5.69
3.75
-2.73
-1.63
-1.38
-0.40
-2.43
Consumer Discretionary
Sell
-8.83
-2.16
14.70 13.33
11.30 10.42
-12.74
-17.76
1.92
1.10
13.72
0.09
0.67
0.73
0.31
-0.46
1.21
1.35
1.25
1.21
1.22
1.21
1.32
1.35
16.04
18.18
16.87
15.81
16.67
16.01
17.44
18.20
0.26
0.25
0.30
0.41
0.35
0.25
0.09
0.20
1.31
1.44
1.32
1.25
1.32
1.31
1.34
1.35
1.36
1.24
1.29
17.30
19.23
17.50
16.26
18.21
17.23
17.33
17.57
17.90
16.23
16.56
0.38
0.60
0.70
0.17
0.72
0.24
0.25
0.39
0.54
0.20
0.09
1.32
1.84
1.12
1.28
1.27
1.24
1.40
1.43
1.26
1.47
1.28
1.25
14.60
16.68
16.58
15.91
18.16
19.05
16.50
20.11
16.65
15.96
0.38
0.30
0.36
0.30
0.39
0.93
0.38
0.35
0.25
0.09
2.14
2.22
1.44
0.99
11.98
8.25
0.30
0.30
0.60
0.74
1.34
-0.11
0.75
0.95
0.99
0.89
0.98
1.02
1.20
0.93
0.67
24.56
26.99
12.81
14.54
15.11
15.58
14.30
16.21
16.84
39.13
14.79
20.71
0.75
2.68
0.75
0.85
0.85
0.75
0.85
0.75
0.75
0.75
0.75
0.75
3.67
0.62
0.80
0.42
1.00
1.13
1.39
0.84
0.94
1.04
1.37
1.25
1.93
2.46
0.70
0.50
6.50
-6.95
-4.97
-8.52
-8.31
-2.29
-2.39
-17.00
-4.16
-19.58
2.09
0.55
1.90
-1.11
2.08
0.79
1.50
-1.06
2.44
-6.24
10.54
14.35
25.55
14.80
10.73
14.62
21.69
15.56
5.41
3.23
0.57
3.09
0.61 11.75
0.68 14.16
1.07 17.72
0.52 12.05
0.12
0.48
0.46
0.63
0.14
0.83 14.89 15.72
18.71
1.52
1.37 22.47
0.65
0.10
1.01
1.71
7.87
0.40
15.06
12.60
15.23
12.30

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
8.11
18.36
11.99
3.92
8.99
14.96
11.54
16.45
7.24
16.67
6.51
33.23
24.69
23.13
21.92
21.70
23.51
19.28
24.31
29.21
24.26
22.38
13.42
21.79
23.70
18.34
0.55
0.98
0.97
0.61
22.26
17.35
23.18
16.95
22.82
23.62
1.18
1.26
0.72
1.22
0.68
5.28
5.54
19.69
13.01
10.20
11.10
13.15
13.15
17.08
13.03
12.72
20.10
17.28
14.06
16.26
19.12
18.27
20.67
17.47
17.34
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
CONSUMER DISCRETIONARY (continued)
FDIS
ITB
IYC
PEJ
PMR
PSCD
RCD
RXI
VCR
XHB
XLY
XRT
Fidelity MSCI Consumer Discretionary ETF

iShares US Home Construction
iShares US Consumer Services
PowerShares Dynamic Leisure & Entmnt ETF
PowerShares Dynamic Retail ETF
CROP
FSTA
FXG
IYK
KXI
PBJ
PSCC
PSL
RHS
VDC
XLP
IQ Global Agribusiness Small Cap ETF

Fidelity MSCI Consumer Staples Index ETF
First Trust Cnsmr Staples AlphaDEX ETF
iShares US Consumer Goods
iShares Global Consumer Staples
PowerShares Dynamic Food & Beverage ETF
Vanguard Consumer Staples ETF

Consumer Staples Select Sector SPDR ETF
AMJ
BNO
DBE
DBO
ENY
FCG
FENY
FXN
GAZ
GEX
ICLN
IEO
IEZ
IXC
IYE
KOL
PBD
PBW
PSCE
PUW
PXE
PXI
PXJ
TAN
UNG
UNL
USO
VDE
XES
XLE
XOP
JPMorgan Alerian MLP ETN

52.94 94
United States Brent Oil
41.34 64
PowerShares DB Energy ETF
28.43 62
PowerShares DB Oil ETF
28.33 55
Guggenheim Canadian Energy Income ETF
16.60 51
First Trust ISE-Revere Natural Gas ETF
20.11 68
Fidelity MSCI Energy Index ETF
27.96 78
27.89 76
First Trust Energy AlphaDEX ETF
iPath DJ-UBS Natural Gas TR Sub-Idx ETN
2.39 57
63.25 90
Market Vectors Global Alt Energy ETF
iShares Global Clean Energy
11.68 79
iShares US Oil&Gas Explor&Prodtn
92.13 78
iShares US Oil Equipment&Services
71.45 73
iShares Global Energy
46.35 62
iShares US Energy
54.67 76
19.50 38
Market Vectors Coal ETF
PowerShares Global Clean Energy ETF
13.26 47
PowerShares WilderHill Clean Energy ETF
6.60 41
PowerShares S&P SmallCap Energy ETF
47.66 72
PowerShares WilderHill Prog Engy ETF
32.41 78
PowerShares Dynamic Engy Explr&Prdtn ETF 35.97 84
PowerShares DWA Energy Momentum ETF
61.30 87
PowerShares Dynamic Oil & Gas Svcs ETF
27.32 66
Guggenheim Solar ETF
42.24 81
United States Natural Gas
20.85 61
United States 12 Month Natural Gas
17.48 66
United States Oil
35.44 47
Vanguard Energy ETF
138.46 91
SPDR S&P Oil & Gas Equipment & Svcs ETF
44.37 61
96.37 75
Energy Select Sector SPDR ETF
SPDR S&P Oil & Gas Explor & Prod ETF
74.88 68
FNCL
FXO
Fidelity MSCI Financials Index ETF

First Trust Financials AlphaDEX ETF
PowerShares S&P SmCap Cnsmr Discret ETF

Guggenheim S&P 500 Eq Wt Cons Discr ETF
iShares Globl Consumer Discretionary

Vanguard Consumer Discretionary ETF
SPDR S&P Homebuilders ETF
Consumer Discret Select Sector SPDR ETF
SPDR S&P Retail ETF
PowerShares S&P SmallCap Cnsmr Stapl ETF

PowerShares DWA Consumer Staples Mom ETF
Guggenheim S&P 500 Eq Wt Cons Stapl ETF
27.07
22.97
124.10
33.39
32.97
45.50
80.79
82.30
109.00
30.58
67.12
84.63
73
73
85
80
79
71
83
84
75
76
90
77
27.52
27.01
38.88
98.95
88.63
28.19
49.81
46.21
96.72
115.38
44.52
71
86
93
94
86
92
75
94
96
83
93
26.85
22.07
91
91
0.80
-7.31
2.70
-1.95
-4.78
-7.06
1.49
-1.14
0.87
-6.84
1.08
-3.52
-0.40
-3.24
-0.31
-0.59
-1.88
-2.09
0.01
-1.97
-0.37
-1.70
-0.34
-0.72
5.91
-0.44
5.46
6.10
1.41
0.19
5.95
3.13
5.85
1.43
6.41
3.02
0.07
4.97
9.93
4.29
4.18
7.83
0.00
5.46
8.31
4.81
4.83
-0.09
-1.13
-1.62
-0.78
-1.54
1.29
-0.35
0.96
-0.35
-1.22
-1.11
3.93
2.13
3.63
3.36
0.05
7.31
4.87
8.34
3.04
2.10
1.85
16.99
-7.18
-2.47
2.26
14.18
3.52
9.33
10.97
-5.16
13.03
12.82
12.45
10.87
8.57
9.17
0.31
10.23
4.05
2.89
1.50
5.21
10.81
6.05
20.07
0.77
-4.74
0.34
9.52
1.90
9.92
9.69
2.80
-3.93
-3.46
-3.77
-0.12
-8.17
-2.37
-2.62
-8.78
0.73
2.91
-2.52
-5.36
-2.85
-2.48
5.12
-1.41
0.76
-6.03
-3.22
-3.31
-2.40
-5.76
0.40
-7.46
-4.64
-3.90
-2.45
-6.25
-2.48
-3.42
8.90
-5.59
-3.76
-2.24
3.07
-7.28
3.30
4.09
-19.53
9.13
11.44
2.29
3.78
1.17
3.15
2.96
5.18
10.24
-3.14
3.22
-0.80
5.44
1.27
10.66
-15.35
-10.95
-4.32
3.18
-1.02
3.39
1.04
Sell
Sell
Hold
Sell
Sell
Sell
Hold
Hold
Hold
Sell
Hold
Hold
Consumer Staples
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Energy
Buy
Hold
Hold
Hold
Buy
Hold
Buy
Hold
Hold
Hold
Hold
Buy
Hold
Hold
Buy
Sell
Hold
Hold
Hold
Hold
Hold
Buy
Hold
Sell
Hold
Hold
Hold
Buy
Hold
Buy
Hold
Financials
Strong Buy
Buy
4.10
2.26
-1.72
-1.12
20.45
17.15
14.93
17.55
17.11
18.97
16.49
15.98
22.00 19.23 23.23

-2.08 4.04
-1.93 0.01 2.94
1.91 2.44 1.98
7.39
18.75 -0.84
16.29 0.64 6.89
26.17
3.02
32.77
27.66
23.88
19.90
18.61
20.06
4.23
27.50
23.63
14.01
15.89
20.99
24.91
14.23
65.69
15.45
3.76
-7.32
20.74
10.18
20.40
21.59
4.30
4.16 14.55
10.51
-28.61
12.53
-1.02
13.63
8.23
9.64
13.11
-21.25
6.58
-1.23
11.23
11.68
16.98
17.17
7.53
-5.13
-19.95
-16.87
1.17
12.80
7.42
13.70
11.91
15.82
-30.20
-1.86
-9.95
15.78
15.56
10.40
14.59
-6.38
-2.23
-6.73
10.06
21.29
22.06
13.20
-11.47
-26.90
-0.33
15.21
13.84
15.73
17.34
21.76 16.23
1.98
2.38
1.77
1.86
2.56
2.49
2.37
0.02
3.05
0.42
0.28
2.10
1.32
2.58
0.22
-0.22
0.34
1.74
1.84
-0.15
1.94
0.57
1.74
0.54
0.12
0.46
0.46
0.63
0.63
0.29
0.40
0.48
0.14
0.35
0.16
0.35
1.24
0.79
0.97
0.83
1.09
1.02
1.01
0.93
1.27
0.87
0.99
25.04
12.58
16.60
15.20
18.00
15.93
15.07
14.59
22.92
13.77
16.48
0.74
11.52
0.65
0.58
0.57
0.52
0.59
0.60
0.48
0.43
0.41
13.04
10.23
10.64
11.12
12.31
11.65
10.08
9.83
9.89
0.58
0.96
0.95
0.98
1.44
1.40
14.16
18.33
16.95
21.44
24.17
25.91
1.56
0.78
1.37
1.60
1.56
1.68
1.20
1.21
1.73
1.54
1.69
1.72
1.44
1.55
1.44
1.72
2.44
0.72
0.47
1.04
1.25
1.66
1.25
1.67
24.99
42.37
25.64
29.22
25.56
28.16
18.67
19.21
30.24
26.69
30.97
28.11
21.99
25.13
23.30
29.25
52.38
35.28
23.54
23.18
19.91
27.33
20.01
27.35
0.85
0.90
0.75
0.75
0.70
0.60
0.12
0.70
0.75
0.62
0.48
0.46
0.46
0.48
0.46
0.59
0.81
0.70
0.29
0.70
0.65
0.66
0.62
0.70
0.85
0.90
0.61
0.14
0.35
0.16
0.35
1.00 15.50
0.12
0.70
0.75
0.12
0.70
0.46
0.48
0.63
0.29
0.65
0.40
0.14
0.16

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
20.82
12.24
7.46
11.99
14.33
3.63
14.27
14.65
5.00
13.18
14.12
14.40
20.92
21.76
21.58
15.80
20.89
19.61
20.57
23.60
22.76
8.84
20.65
21.73
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
FINANCIALS (continued)
IAI
IAK
IAT
IXG
IYF
KBE
KCE
KIE
KRE
PGF
VFH
XLF
iShares US Broker-Dealers
iShares US Insurance
iShares US Regional Banks
iShares Global Financials
iShares US Financials
SPDR S&P Bank ETF
SPDR S&P Capital Markets ETF
SPDR S&P Insurance ETF
SPDR S&P Regional Banking ETF
PowerShares Financial Preferred ETF
Vanguard Financials ETF
Financial Select Sector SPDR ETF
FBT
FHLC
FXH
IBB
IHE
IHF
IHI
IXJ
IYH
PBE
PJP
PTH
RYH
VHT
XBI
XLV
XPH
First Trust NYSE Arca Biotech ETF

Fidelity MSCI Health Care Index ETF
First Trust Health Care AlphaDEX ETF
iShares Nasdaq Biotechnology
iShares US Pharmaceuticals
iShares US Healthcare Providers
iShares US Medical Devices
iShares Global Healthcare
iShares US Healthcare
PowerShares Dynamic Biotech & Genome ETF
PowerShares Dynamic Pharmaceuticals ETF

PowerShares DWA Healthcare Momentum ETF
Guggenheim S&P 500 Eq Weight HC ETF

Vanguard Health Care ETF
SPDR S&P Biotech ETF
Health Care Select Sector SPDR ETF
SPDR S&P Pharmaceuticals ETF
38.02
46.83
32.61
56.73
82.61
31.61
47.61
63.02
37.81
18.10
45.92
22.58
80
77
63
77
91
56
73
70
59
91
75
74
Hold
Buy
Hold
Hold
Strong Buy
Hold
Sell
Hold
Hold
Strong Buy
Strong Buy
Buy
86.36
29.64
54.19
263.41
132.07
105.36
101.34
94.15
130.30
45.72
60.95
47.91
126.04
113.46
155.35
61.96
98.15
98
97
98
98
93
98
95
95
98
98
98
91
97
87
98
98
94
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
86
86
73
90
71
79
84
91
89
71
90
84
69
75
80
84
EXI
FIDU
FLM
FXR
GII
IGF
ITA
IYJ
IYT
PKB
PPA
PRN
PSCI
SEA
VIS
XLI
iShares Global Industrials

Fidelity MSCI Industrials Index ETF
First Trust ISE Glb Engnrg And Const ETF
First Trust Indtls/PrdcrDurbAlphaDEXETF
SPDR S&P Global Infrastructure
iShares Global Infrastructure
iShares US Aerospace & Defense
iShares US Industrials
iShares Transportation Average
PowerShares Dynamic Building & Const ETF
PowerShares Aerospace & Defense ETF
PowerShares S&P SmallCap Industrials ETF
Guggenheim Shipping ETF
Vanguard Industrials ETF
Industrial Select Sector SPDR ETF
70.66
27.47
51.01
29.87
49.64
43.42
105.70
101.49
148.14
21.52
31.74
46.53
43.18
22.39
101.76
52.87
AGOL
DBB
DBP
DBS
GDX
GDXJ
GLD
GLDX
IAU
JJM
JJP
ETFS Physical Asian Gold Shares

PowerShares DB Base Metals ETF
PowerShares DB Precious Metals ETF
PowerShares DB Silver ETF
Market Vectors Gold Miners ETF
Market Vectors Junior Gold Miners ETF
SPDR Gold Shares
Global X Gold Explorers ETF
iShares Gold Trust
iPath DJ-UBS Ind Metals TR Sub-Idx ETN
iPath DJ-UBS Prec Metals TR Sub-Idx ETN
129.15
17.26
41.72
32.39
26.82
42.30
125.48
16.00
12.63
30.69
64.18
PowerShares DWA Industrials Momentum ETF
8 AUGUST 2014 | PHONE: (888) 252-5372
-1.06
-0.33
-0.70
2.39
3.79
-4.08
-4.15
0.65
-6.25
11.26
4.16
4.08
Healthcare
24.83
12.03
12.73
16.19
12.71
13.10
9.51
10.50
12.50
24.05
14.24
1.27
14.46
12.23
20.06
12.57
11.88
Industrials
Hold
Buy
Hold
Buy
Hold
Hold
Buy
Strong Buy
Buy
Hold
Buy
Hold
Sell
Buy
Buy
Buy
0.14
1.03
0.06
5.70
12.90
13.09
0.83
0.85
12.81
-3.95
2.48
-2.34
-5.22
5.16
1.73
2.11
2.34
-2.78
-6.19
-1.15
-1.75
-5.11
-1.10
-1.99
-5.76
0.28
-1.75
-1.78
6.47
2.68
1.25
2.36
4.26
1.90
4.85
2.45
1.57
1.90
4.31
4.37
8.82
15.09
11.27
7.69
12.08
8.31
8.01
15.83
13.48
9.16
12.07
11.33
5.86 16.00 44.41 34.90 27.12

1.59 8.09
1.96 8.45 30.58 27.68 24.91
4.35 15.30 39.70 41.49 28.38
-1.06
4.17 27.49 27.31 24.19
1.95 8.66 22.50 24.40 20.94
-0.53 5.25 23.88 20.25 16.69
-0.54 3.92 22.57 23.34 17.78
1.28
7.40 25.91 27.06 19.88
7.68 20.64 43.81 33.77 23.63
0.15
7.35 35.33 35.76 31.34
1.12
7.35 13.88 21.09 19.19
1.29 8.02 29.29 26.09 21.58
1.58
7.91 26.75 27.23 20.43
9.59 24.18 34.95 36.06 24.37
1.09
7.32 26.76 26.76 19.50
-3.44 3.64 33.08 30.01 27.46
-2.64
-2.52
-0.93
-1.58
-1.29
-0.87
-2.05
-2.11
-0.90
-1.91
-2.28
-2.08
-3.15
0.60
-2.57
-2.79
-0.47
0.50
0.70
2.36
3.50
4.08
-1.54
1.19
6.44
1.91
-0.59
3.43
0.01
3.19
0.72
0.21
1.06
1.52
1.58
2.02
1.52
1.58
1.40
1.40
1.65
6.74
2.10
1.50
Sell
Sell
Sell
Sell
Hold
Hold
Sell
Hold
Sell
Sell
Sell
10.13
2.37
6.46
0.31
26.93
36.23
8.06
45.45
8.13
3.26
5.89
7.71
20.06
8.83
10.84
21.24
18.51
18.77
13.95
17.93
18.94
2.94
3.94
1.06
1.39
1.22
0.35
1.10
0.89
19.07
18.84
4.18
1.74
1.82
6.17
6.31
-2.95
5.15
0.60
0.12
0.70
0.48
0.46
0.46
0.46
0.48
0.46
0.63
0.63
0.65
0.40
0.14
0.35
0.16
0.35
1.05 15.37
14.53
25.30
22.40
22.56
21.86
17.75
32.09
10.67
20.24
16.12
13.15
24.44
19.94
19.95
-1.12
4.88
4.25
-6.73
0.97 23.46
2.12
14.13
1.01
1.14 -4.48 -10.09
-1.20 7.54 -0.17 -8.40
-0.62 0.34 -7.58 -13.42
-5.71 0.72 -16.69 -22.49
4.03 13.55 -11.04 -23.35
2.00 20.34 -14.72 -31.26
0.77 0.57 -4.71 -9.94
-0.99 21.49 -7.78 -34.97
0.72 0.56 -4.61 -9.83
-2.08 4.24 0.39 -9.71
-1.50 0.69 -8.48 -14.14
0.46
0.46
0.46
0.48
0.46
0.35
0.35
0.35
0.35
0.64
0.19
0.16
1.31
1.39
1.42
0.95
1.32
0.09
0.28
1.58
1.50
-0.54
0.84
-0.29
Materials & Precious Metals
47
37
51
30
54
52
46
47
57
44
39
21.01
17.00
16.69
18.81
16.46
18.92
21.06
16.62
20.92
8.27
16.84
17.82
0.68
0.69
0.56
0.84
0.80
0.63
0.59
0.86
0.67
0.81
0.70
0.61
0.97
0.57
0.66
14.67 15.22
11.75
24.00
12.27
12.96
25.88
20.98
22.10
24.99
24.96
22.29
20.29
11.26
21.95
20.92
1.20
1.06
0.87
1.28
1.06
1.05
1.32
1.03
1.14
0.74
1.08
1.13
0.34
-0.16
13.20
18.88
12.51
15.48
14.48
10.74
10.83
21.04
13.55
15.72
11.98
11.09
27.69
10.46
15.59
1.28
1.06
0.55
0.76
0.78
0.98
0.87
1.25
0.81
1.11
1.12
1.28
0.99
0.95
19.52
17.07
10.61
12.15
13.71
15.26
16.58
20.73
13.68
18.90
18.95
22.42
15.64
14.93
0.48
0.12
0.70
0.70
0.40
0.48
0.46
0.46
0.46
0.63
0.66
0.65
0.29
0.65
0.14
0.16
0.89
0.72
1.07
1.74
0.42
1.07
0.89
1.28
0.91
0.80
1.11
21.04
20.59
22.75
35.64
32.43
45.00
21.04
48.46
22.07
21.90
23.60
0.39
0.75
0.75
0.75
0.53
0.57
0.40
0.65
0.25
0.75
0.75

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
Materials & Precious Metals (continued)
PALL
PGM
PPLT
PSAU
RING
SIL
SLV
WITE
ETFS Physical Palladium Shares

iPath DJ-UBS Platinum TR Sub-Idx ETN
ETFS Physical Platinum Shares
PowerShares Global Gold & Prec Mtls ETF
iShares MSCI Global Gold Miners
Global X Silver Miners ETF
iShares Silver Trust
ETFS Physical White Metals Basket Shares
86.96
31.90
141.69
22.96
11.31
14.06
18.86
40.45
71
47
52
48
47
49
32
45
COPX
CU
CUT
FIW
FMAT
FXZ
GNAT
GRES
HAP
IGE
IYM
LIT
MOO
MXI
PAGG
PHO
PIO
PYZ
PZD
REMX
RTM
SLX
URA
VAW
WOOD
XLB
Global X Copper Miners ETF

First Trust ISE Global Copper ETF
Guggenheim Timber ETF
First Trust ISE Water ETF
Fidelity MSCI Materials Index ETF
First Trust Materials AlphaDEX ETF
WisdomTree Global Natural Resources
IQ Global Resources ETF
Market Vectors Natural Resources ETF
iShares North American Natural Resources
iShares US Basic Materials
Global X Lithium ETF
Market Vectors Agribusiness ETF
iShares Global Materials
PowerShares Global Agriculture ETF
PowerShares Water Resources ETF
PowerShares Global Water ETF
PowerShares DWA Basic Materials Mom ETF
PowerShares Cleantech ETF
Market Vectors Rare EarthStrat Mtls ETF
Guggenheim S&P 500 Eq Wt Materials ETF
Market Vectors Steel ETF
Global X Uranium ETF
Vanguard Materials ETF
iShares Global Timber & Forestry
Materials Select Sector SPDR ETF
10.29
24.11
24.03
32.87
28.30
33.12
22.54
29.11
39.73
47.93
87.38
13.40
53.84
64.10
30.61
25.47
23.62
56.16
31.00
36.39
84.42
48.79
15.08
111.34
50.31
49.75
54
54
70
64
86
77
48
65
70
68
80
50
62
46
64
61
65
95
61
38
82
45
28
88
76
81
DRW
FFR
FRI
FTY
GRI
ICF
IYR
MORT
PSR
REZ
ROOF
RWO
RWR
VNQ
VNQI
WPS
WisdomTree Global ex-US Real Estate

First Trust FTSE EN Dev Mkts Rel Est ETF
First Trust S&P REIT ETF
iShares Real Estate 50
Cohen & Steers Global Realty Majors ETF
iShares Cohen & Steers REIT
iShares US Real Estate
Market Vectors Mortgage REIT Income ETF
PowerShares Active US Real Estate ETF
iShares Residential Rel Est Capped
IQ U.S. Real Estate Small Cap ETF
SPDR Dow Jones Global Real Estate
SPDR Dow Jones REIT ETF
Vanguard REIT ETF
Vanguard Global ex-US Real Estate ETF
iShares International Developed Property
30.78
43.65
20.78
44.50
43.38
89.35
73.28
25.08
67.45
54.64
26.36
47.14
84.38
76.23
58.91
39.14
84
81
87
92
82
94
94
78
86
89
85
78
88
87
68
79
FDN
FTEC
IGM
IGN
IGV
First Trust Dow Jones Internet ETF

Fidelity MSCI Information Technology ETF
iShares North American Tech
iShares North American Tech-Multimd Ntwk
iShares North American Tech-Software
60.56
29.73
97.03
33.66
85.75
89
86
86
56
94
Hold
Hold
Sell
Hold
Hold
Buy
Sell
Hold
24.91
6.48
5.83
24.36
24.50
25.54
0.80
5.77
Natural Resources
Sell
Sell
Sell
Hold
Hold
Hold
Sell
Sell
Sell
Hold
Buy
Sell
Sell
Sell
Sell
Hold
Hold
Buy
Hold
Sell
Hold
Sell
Sell
Buy
Sell
Buy
9.82
9.26
-7.22
-2.50
7.62
2.75
6.55
2.41
6.12
11.22
7.97
3.01
-1.19
4.08
3.92
-2.55
3.12
10.66
-1.89
1.73
6.57
-1.87
-1.24
7.84
-3.69
8.53
Real Estate
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Sell
13.53
12.31
19.37
19.31
12.42
21.43
18.49
17.84
19.32
23.32
12.17
15.27
20.09
19.95
8.80
6.94
Technology
Buy
Strong Buy
Buy
Buy
Strong Buy
1.17
10.32
8.80
4.47
4.67
3.16 9.98 16.77 5.39

-3.10 -1.54 -6.12 -8.83
-1.75 -0.69 -4.91 -7.52
3.61 12.08 -5.52 -21.09
3.73 12.19 -5.44
2.11 15.63 -10.87 -18.11
-5.13 0.64 -14.85 -21.29
-2.84 1.23 -7.86 -14.03
0.95
-5.36
0.03
0.74
1.15 41.02
1.72 35.99
1.44 29.66
5.52
8.19 -11.77
9.03 -10.44
6.04 11.41 10.38
13.62 18.82 14.97
-4.00
-5.45
-3.42
-2.05
0.03
-2.01
-1.87
-1.70
-1.19
-2.44
0.18
-4.76
-0.72
-1.26
0.13
-1.62
-2.11
1.06
-2.68
1.03
-0.97
0.37
3.93
0.13
-3.40
0.46
5.21
5.32
-3.73
0.48
4.55
0.95
1.67
-1.22
1.77
4.13
4.32
4.52
-1.30
1.62
-0.41
-0.42
-0.25
8.25
-0.70
4.48
3.93
3.81
2.17
4.73
-0.33
4.68
18.39
11.08
2.09
14.07
18.87
22.79
15.49
8.84
11.48
11.68
13.52
21.14
25.65
14.16
-11.20
21.53
14.05
-13.00
22.67
7.99
23.50
16.89
-1.02
1.02
4.73
7.42
9.94
-7.86
3.53
1.49
1.36
15.51
11.74
19.49
9.26
-23.71
16.04
-2.26
-22.99
15.43
11.61
14.98
0.59
7.96
11.52
13.22
1.95
1.05
1.54
8.10
6.06
6.76
10.84
9.54
19.69
7.53
1.50
1.93
0.83
0.62
2.28
1.01
0.26
0.31
1.99
-0.11
0.34
1.02
0.35
0.63
0.95
1.21
0.85
1.32
-0.73
0.19
0.17
0.36
0.61
-0.03
5.91
2.60
3.76
3.97
3.48
3.40
4.29
4.96
4.71
3.86
4.74
3.38
3.58
4.03
4.72
3.71
13.66
14.97
19.48
19.41
13.79
20.77
20.36
23.67
20.56
19.25
19.85
17.58
20.08
20.31
11.90
14.15
10.73
12.26
14.02
12.59
11.92
12.55
13.21
10.83
13.08
18.79
17.75
13.50
18.66
17.52
13.37
12.45
20.02
12.74
13.66
14.60
11.73
12.51
18.82
19.70
2.76
3.58
9.47
2.98
3.22
15.24
18.84
19.20
2.61
3.09
2.83
11.36
3.04
17.29
2.70
14.81
2.42
1.84
15.19
10.29
13.45
1.77
1.95
1.77
2.73 12.52 23.11 23.15 23.74

0.95 9.57
0.56 9.54 26.13 19.46 16.76
-2.23
2.15 10.64 7.22
7.15
1.53 8.67 17.41 16.88 15.78
0.94 24.89
1.12 23.04
1.13 24.21
0.72 31.87
3.51
0.45
0.13
0.02
2.03
1.89
1.19
1.00
36.01
33.78
18.57
16.50
1.30
1.38
0.73
1.23
1.29
1.37
1.74
1.17
1.31
1.23
1.06
1.10
1.42
1.22
1.59
1.19
1.78
2.04
1.26
1.06
1.22
20.39
21.84
13.15
18.83
20.79
21.66
29.36
18.77
20.40
19.79
17.19
16.76
21.93
19.05
29.48
18.51
29.72
39.25
19.72
16.52
19.04
1.12
0.99
0.84
0.78
1.00
0.83
0.81
18.60
16.50
16.42
15.61
16.95
16.89
15.59
0.82
0.59
1.05
0.91
0.84
0.84
1.12
1.06
15.89
16.45
18.13
15.74
16.55
16.41
18.46
17.69
1.04
18.51
0.88 14.35
1.00 19.35
1.00 17.86
0.60
0.75
0.60
0.75
0.39
0.65
0.50
0.60
0.65
0.70
0.70
0.60
0.12
0.70
0.58
0.77
0.50
0.48
0.46
0.75
0.55
0.48
0.76
0.62
0.82
0.65
0.67
0.57
0.40
0.55
0.69
0.14
0.48
0.16
0.58
0.60
0.50
0.48
0.55
0.35
0.46
0.41
0.80
0.48
0.69
0.50
0.25
0.10
0.27
0.48
0.60
0.12
0.48
0.48
0.48

Symbol
Fund
Price
Rank
Advice
90.73
99.15
96.82
69.12
35.80
34.85
32.17
40.39
27.22
85.09
27.15
98.68
39.29
72.27
77
85
78
91
87
80
57
85
80
90
91
88
91
78
Buy
Strong Buy
Buy
Strong Buy
Buy
Hold
Buy
Buy
Hold
Buy
Strong Buy
Strong Buy
Strong Buy
Hold
Hold
Buy
Buy
Buy
Buy
Hold
Buy
Buy
Buy
Buy
YTD
1 Month 3 Month
Beta
3 Year
SD
3 Year
1 Year
3 Year
5 Year
14.17
16.16
15.34
26.76
14.30
12.01
15.68
18.57
0.72
0.44
0.89
-0.44
-0.19
-0.06
-0.30
16.46
0.91
0.86
0.84
1.04
1.17
0.89
1.10
1.15
1.07
1.21
1.06
19.41 17.03
19.05 16.68
15.97 14.38
1.29
1.69
0.43
0.87 14.43
0.74 12.33
1.24 22.05
Yield %
Expense
Ratio
TECHNOLOGY (continued)
IXN
IYW
MTK
PNQI
PSJ
PTF
PXQ
QTEC
SKYY
SOXX
TDIV
VGT
XLK
XSD
iShares Global Tech

iShares US Technology
SPDR Morgan Stanley Technology ETF
PowerShares NASDAQ Internet
PowerShares Dynamic Software ETF
PowerShares DWA Technology Momentum ETF
PowerShares Dynamic Networking ETF

First Trust NASDAQ-100-Tech Sector ETF
First Trust ISE Cloud Computing ETF
iShares PHLX Semiconductor
First Trust NASDAQ Technology Div ETF
Vanguard Information Technology ETF
Technology Select Sector SPDR ETF
SPDR S&P Semiconductor ETF
DBU
FUTY
FXU
IDU
JXI
PSCU
PUI
RYU
VPU
XLU
WisdomTree Global ex-US Utilities

Fidelity MSCI Utilities Index ETF
First Trust Utilities AlphaDEX ETF
iShares US Utilities
iShares Global Utilities
PowerShares S&P SmallCap Utilities ETF
PowerShares DWA Utilities Momentum ETF
Guggenheim S&P 500 Eq Wt Utilities ETF
Vanguard Utilities ETF
Utilities Select Sector SPDR ETF
20.02
27.39
22.75
105.50
48.18
35.42
22.30
71.96
91.66
41.97
59
82
86
83
65
73
78
90
90
86
ACCU
ACWI
ACWX
ADRD
CCXE
CWI
DEW
DGT
DNL
DOL
DOO
DTH
DWM
DWX
EFA
EFAV
EFG
EFV
FDT
FGD
GWL
HGI
IDV
IOO
LVL
PID
PIZ
PXF
RTR
SDIV
TOK
VEA
AdvisorShares Accuvest Global Opport ETF

iShares MSCI ACWI
iShares MSCI ACWI ex US
BLDRS Developed Markets 100 ADR ETF
WisdomTree Commodity Country Equity
SPDR MSCI ACWI (ex-US)
WisdomTree Global Equity Income
SPDR Global Dow ETF
WisdomTree Global ex-US Dividend Growth
WisdomTree International LargeCap Div
WisdomTree International Div ex-Fincls
WisdomTree DEFA Equity Income
WisdomTree DEFA
SPDR S&P International Dividend
iShares MSCI EAFE
iShares MSCI EAFE Minimum Volatility
iShares MSCI EAFE Growth
iShares MSCI EAFE Value
First Trust Dev Mkts Ex-US AlphaDEX ETF
First Trust Dow Jones Global Sel Div ETF
SPDR S&P World ex-US
Guggenheim Intl Multi-Asset Inc ETF
iShares International Select Dividend
iShares Global 100
Guggenheim S&P Global Div Opps Idx ETF
PowerShares Intl Div Achiev ETF
27.29
59.81
47.21
24.73
31.60
36.52
48.56
71.32
52.69
51.93
49.32
47.77
54.50
49.66
66.13
65.08
69.97
56.49
51.62
28.34
29.42
19.50
38.35
77.65
13.79
19.26
25.44
43.87
41.04
25.67
54.50
41.36
64
82
79
83
75
80
89
82
81
83
81
82
76
74
79
88
77
69
78
85
78
78
85
89
75
94
77
66
79
97
91
73
PowerShares DWA Developed Mkts Mom ETF

PowerShares FTSE RAFI Dev Mkts ex-US ETF
RevenueShares ADR ETF

Global X SuperDividend ETF
iShares MSCI Kokusai
Vanguard FTSE Developed Markets ETF
10 AUGUST 2014 | PHONE: (888) 252-5372
9.57
12.74
8.61
0.95
-0.89
-1.79
1.84
14.49
2.56
17.67
11.83
10.21
10.92
18.53
Utilities
11.83
11.75
12.94
11.81
11.28
2.14
8.87
15.17
11.85
12.41
Foreign Large Cap
Sell
Hold
Hold
Buy
Hold
Sell
Buy
Buy
Buy
Buy
Strong Buy
Buy
Buy
Buy
Hold
Buy
Hold
Buy
Hold
Buy
Hold
Hold
Strong Buy
Strong Buy
Buy
Strong Buy
Hold
Hold
Hold
Buy
Buy
Buy
-4.20
5.25
3.08
1.45
6.43
4.35
4.32
4.76
5.15
3.17
6.40
4.54
3.10
7.66
0.98
7.88
-0.65
1.80
1.26
7.03
2.13
7.36
4.41
3.03
6.96
6.96
-3.23
2.21
6.87
13.24
5.09
1.50
0.58
1.04
0.72
2.22
-1.07
-2.03
0.59
0.27
1.64
-2.85
1.08
0.97
0.41
-2.78
8.50
10.36
8.45
14.15
6.75
9.65
4.92
10.86
7.20
10.05
7.80
9.69
8.29
10.20
25.89
28.99
24.90
26.25
11.81
10.68
12.12
32.77
16.82
37.39
24.24
27.13
25.69
33.46
17.73
18.08
19.21
23.79
16.76
15.58
12.25
21.45
15.70
21.52
-1.67
-1.40
-1.81
-1.46
-1.93
-1.67
-1.37
-0.80
-1.46
-1.39
2.40
0.98
0.29
0.71
1.49
2.38
2.47
2.11
0.90
0.76
17.80
5.82
3.15
14.93
14.47
15.99
10.73
17.34
17.61
14.57
14.67
13.74
13.14
8.90
11.28
15.20
15.50
13.43
12.91
13.46
12.46
6.01
-0.36
-1.08
-1.58
-2.60
-1.71
-1.36
-1.48
-1.59
-2.25
-2.15
-1.95
-2.03
-1.98
-1.97
-2.46
-0.96
-2.58
-2.64
-1.51
-1.12
-1.90
-1.52
-2.34
-1.67
-1.15
-0.36
-1.36
-2.42
-0.61
-0.15
-2.35
-2.01
1.01
3.12
1.21
-0.82
0.03
1.11
0.78
2.49
0.61
-1.59
-1.29
-1.50
-0.85
0.23
-0.86
1.92
-0.66
-1.33
1.79
0.09
0.35
2.25
-1.40
0.44
0.99
3.09
-1.50
-0.38
2.71
3.89
1.92
-0.31
2.54
16.45
12.26
13.52
12.15
13.31
13.43
16.76
10.16
13.16
18.58
16.07
14.29
14.92
10.97
13.20
8.42
13.01
10.73
19.10
11.84
16.73
15.38
13.70
15.29
17.36
14.67
13.75
17.54
21.93
16.09
11.78
0.86 14.37
3.59
4.43
12.61
15.21
12.59
12.04
3.69
13.60 11.63
8.76
7.73
11.60 8.32
5.49 8.96
9.08
8.14
10.51 10.00
13.07 9.40
3.59 6.96
10.99 8.28
9.66 9.24
11.93 8.93
11.04
9.18
5.39 6.51
10.47 8.53
3.04
2.60
2.56
9.44 9.06
11.20
7.45
7.59
12.51 12.92
10.11 8.75
7.63 8.83
11.42 11.55
13.23 10.42
5.99 8.72
11.89 11.79
11.28 11.15
10.36
7.19
9.63
7.35
12.84
15.12 13.43
10.63 8.67
13.86
14.55
16.81
20.51
15.58
18.45
21.63
17.51
20.46
18.28
3.52
3.70
2.23
2.06
5.49
3.03
3.51
2.33
3.88
2.13
3.43
5.37
2.79
8.39
3.05
0.86
2.62
6.10
2.19
0.38 10.87
0.22 11.83
0.52 11.22
0.52 12.64
0.45 10.55
0.30 11.55
0.21 11.82
0.16 12.12
0.85
1.00
0.97
1.12
0.99
0.82
0.90
1.11
0.97
0.90
0.96
0.96
1.03
0.97
14.31
16.55
16.51
19.59
16.42
13.96
15.12
18.87
16.46
15.64
16.44
16.13
17.79
16.32
0.95
0.99
1.02
0.81
0.96
0.96
1.00
0.80
0.84
0.78
1.12
1.08
1.06
0.88
0.83
0.97
15.94
16.91
17.81
14.36
15.95
16.16
17.38
13.94
14.91
13.58
19.76
18.21
17.95
15.52
14.26
16.42
0.48
0.46
0.50
0.60
0.63
0.65
0.64
0.60
0.60
0.48
0.50
0.14
0.16
0.35
0.58
0.12
0.70
0.46
0.48
0.29
0.63
0.40
0.14
0.16
1.81
0.34
0.34
0.30
0.58
0.34
0.58
0.50
0.58
0.48
0.58
0.58
0.48
0.45
0.34
0.20
0.40
0.40
0.80
0.60
0.34
0.83
0.50
0.40
0.90
0.56
0.81
0.47
0.49
0.58
0.25
0.09

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
FOREIGN LARGE CAP (continued)
VEU
VT
Vanguard FTSE All-World ex-US ETF

Vanguard Total World Stock ETF
51.49 74
61.55 79
ARGT
BRF
ECH
EPU
EWW
EWZ
EWZS
GML
GXG
ILF
Global X MSCI Argentina ETF

Market Vectors Brazil Small-Cap ETF
iShares MSCI Chile Capped
iShares MSCI All Peru Capped
iShares MSCI Mexico Capped
iShares MSCI Brazil Capped
iShares MSCI Brazil Small-Cap
SPDR S&P Emerging Latin America
Global X MSCI Colombia ETF
iShares Latin America 40
21.11
29.50
44.03
36.52
70.53
49.42
19.38
66.63
20.26
40.02
63
46
48
65
84
67
48
72
68
77
AIA
ASEA
AUSE
AXJL
DFJ
DXJ
EPHE
EPI
EPP
EWA
EWH
EWJ
EWM
EWO
EWS
EWT
EWY
FCHI
FNI
FXI
GMF
GXC
IDX
IDXJ
INP
INXX
IPAC
ITF
JSC
PAF
PEK
PGJ
SCIF
SCJ
TAO
THD
VNM
VPL
YAO
iShares Asia 50
Global X Southeast Asia ETF
WisdomTree Australia Dividend
WisdomTree Asia Pacific ex-Japan
WisdomTree Japan SmallCap Dividend
WisdomTree Japan Hedged Equity
iShares MSCI Philippines
WisdomTree India Earnings
iShares MSCI Pacific ex Japan
iShares MSCI Australia
iShares MSCI Hong Kong
iShares MSCI Japan
iShares MSCI Malaysia
iShares MSCI Austria Capped
iShares MSCI Singapore
iShares MSCI Taiwan
iShares MSCI South Korea Capped
iShares FTSE China
First Trust ISE Chindia ETF
iShares China Large-Cap
SPDR S&P Emerging Asia Pacific
SPDR S&P China
Market Vectors Indonesia ETF
Market Vectors Indonesia Small-Cap ETF
iPath MSCI India Index ETN
EGShares India Infrastructure ETF
iShares Core MSCI Pacific
iShares Japan Large-Cap
SPDR Russell/Nomura Small Cap Japan
Market Vectors ChinaAMC A-Share ETF
PowerShares Golden Dragon China ETF
Market Vectors India Small-Cap ETF
iShares MSCI Japan Small-Cap
Guggenheim China Real Estate ETF
iShares MSCI Thailand Capped
Market Vectors Vietnam ETF
Vanguard FTSE Pacific ETF
Guggenheim China All-Cap ETF
50.61
17.46
62.30
71.89
53.53
49.50
37.90
22.19
50.71
26.67
22.03
11.97
16.09
17.57
13.94
15.94
66.31
51.29
31.53
41.07
87.46
82.38
26.76
14.83
70.44
13.52
51.75
50.79
51.91
59.79
31.40
33.13
44.08
57.04
21.87
82.55
21.78
62.75
28.93
84
82
88
82
77
86
88
67
88
85
88
82
81
38
86
74
76
80
86
80
81
77
75
76
61
59
77
79
79
86
60
75
48
84
75
93
84
64
79
Hold
Hold
Hold
Hold
Sell
Buy
Hold
Hold
Hold
Hold
Hold
Sell
Sell
Sell
Sell
Hold
Sell
Hold
Buy
Hold
Hold
Hold
Hold
Hold
Sell
Hold
Hold
Sell
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Buy
Hold
Sell
Hold
DFE
EWD
EWG
EWI
WisdomTree Europe SmallCap Dividend

iShares MSCI Sweden
iShares MSCI Germany
iShares MSCI Italy Capped
55.98 84
34.07 80
28.52 71
15.42 35
Hold
Hold
Hold
Sell
PowerShares FTSE RAFI Asa Pac ex-Jpn ETF
3.51
4.99
Hold
Buy
Latin America
Buy
Sell
Sell
Hold
Hold
Hold
Sell
Hold
Hold
Hold
Asia
-1.27
-1.11
1.45 12.84 8.91

3.20 16.14 13.80
8.33
11.94
7.92
-0.41
-6.04
9.61
4.06
12.82
-0.87
8.32
11.63
9.13
-6.39
-2.70
-5.15
0.72
0.94
-0.60
-2.75
0.16
0.95
-0.15
9.38 10.23 -5.31

-2.32 -1.72 -10.65 1.34
-5.38 -9.55 -11.35 0.32
6.25 5.05 0.01
7.52
7.31 5.42 9.54 11.91
2.87 16.20 -5.06 -0.34
-1.96 -2.19 -6.43
4.02 9.91 -1.67 3.33
5.80 3.76 2.42 12.24
3.73 11.64 -1.33 3.25
6.64
12.64
9.07
9.87
5.81
-1.56
20.80
28.27
10.22
11.09
9.73
-0.72
3.39
-8.92
7.34
10.54
2.54
6.43
12.16
8.61
13.94
7.09
25.87
24.62
23.67
27.07
3.59
1.28
0.38
2.92
-0.26
-0.50
2.93
0.86
1.48
0.49
4.51
-1.24
0.19
-6.24
1.16
-2.75
3.11
6.13
6.99
6.95
2.97
6.41
1.40
5.30
3.74
-4.72
0.25
-2.23
-0.35
2.32
10.76
8.73
-6.96
0.24
5.64
2.44
1.54
0.21
6.83
7.87
4.90
0.37
7.23
9.82
8.86
3.54
8.53
3.32
1.51
9.84
8.28
2.35
-6.90
3.18
8.44
3.27
16.31
15.05
17.16
11.72
16.74
1.36
0.75
9.46
7.81
16.23
7.29
13.48
13.64
11.96
12.12
9.09
45.28
15.12
15.66
16.84
6.97
9.66
-1.96
8.85
23.38
19.82
14.79
33.44
15.81
19.53
18.34
1.39
-4.96
37.50
48.63
6.67
10.77
3.08
14.89
20.21
12.68
11.62
10.62
14.01
13.32
6.12
17.17
5.36 8.05 5.03

11.50 8.79
7.35
15.59 8.92 11.65
1.23 -7.77
34.40 13.00
9.15
69.40 -8.36
14.56 9.95 8.39
4.03 8.65 6.68
9.69 9.24 20.57
21.21 9.38 -1.97
11.45 9.33 7.96
18.18
7.28
-4.81
-1.07
-6.98
-7.00
-6.80 19.86
-5.79 5.30
-7.49 8.61
-5.98 14.12
-2.95
4.13
8.14
-1.32
9.74
39.05
5.77
9.02
22.26
15.91
3.35
6.09
Europe
-1.50
-2.19
-8.39
0.30
9.50
4.98
8.81
8.44
9.89
16.63
16.52
2.07
9.49
9.19
12.07
8.23
6.75
1.12
6.02
7.38
7.12
7.12
12.52
5.14
6.49
7.80
-4.27
3.83
-2.53
9.45
0.89
1.42
2.07
1.28
2.95
1.98
1.59
1.99
2.53
2.39
2.40
10.63
9.54
7.84
6.28
1.92
4.31
11.26
11.35
11.25
5.19
13.59
1.39
10.46
9.88
10.76
4.32
12.74
2.26
8.79
6.29
9.65
3.76
4.38
2.57
2.83
3.35
2.58
2.82
4.03
0.56
2.43
2.37
1.80
2.33
0.63
0.53
6.26
17.93 15.09
11.84 12.70
11.35 9.45
6.06 -0.64
1.01 16.84
0.85 14.42
0.15
0.18
1.35
1.47
1.20
0.69
1.00
1.44
1.43
1.25
0.74
1.16
28.19
29.49
24.25
20.20
20.53
28.01
28.61
23.33
20.12
22.01
0.75
0.60
0.61
0.61
0.50
0.61
0.61
0.59
0.68
0.50
0.96
0.87
1.16
0.94
0.28
0.61
0.85
1.39
1.13
1.17
1.08
0.57
0.67
1.25
1.09
0.78
1.08
1.13
1.42
1.19
1.02
1.16
0.80
17.64
16.81
22.15
16.68
12.50
17.11
20.00
31.11
20.47
22.09
19.70
14.10
14.68
22.87
20.05
16.38
20.67
22.79
26.12
24.33
18.30
22.69
21.35
14.32
13.73
20.53
21.91
26.05
43.44
13.86
27.71
23.84
24.66
14.77
23.48
0.50
0.65
0.58
0.48
0.58
0.48
0.61
0.83
0.50
0.51
0.51
0.50
0.51
0.51
0.51
0.61
0.61
0.73
0.60
0.73
0.59
0.59
0.57
0.61
0.89
0.85
0.14
0.50
0.55
0.49
0.72
0.70
0.93
0.50
0.70
0.61
0.72
0.12
0.70
1.09 19.91
1.27 22.47
1.33 23.81
1.40 27.89
0.58
0.51
0.51
0.50
1.34 29.06
1.60 38.56
1.40
0.99
2.28
-0.72
0.63
0.12
1.78
2.00
1.35
0.95
2.93
4.49
0.60
0.38
1.14
0.53
1.17
1.74
0.38
1.36
1.13
0.69
0.79
1.21

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
EUROPE (continued)
EWK
EWL
EWN
EWP
EWQ
EWU
EZU
FEU
FEZ
GREK
GUR
IEUR
IEV
NORW
PLND
RBL
RSX
VGK
iShares MSCI Belgium Capped

iShares MSCI Switzerland Capped
iShares MSCI Netherlands
iShares MSCI Spain Capped
iShares MSCI France
iShares MSCI United Kingdom
iShares MSCI EMU
SPDR STOXX Europe 50
SPDR EURO STOXX 50
Global X FTSE Greece 20 ETF
SPDR S&P Emerging Europe
iShares Core MSCI Europe
iShares Europe
Global X MSCI Norway ETF
Market Vectors Poland ETF
SPDR S&P Russia
Market Vectors Russia ETF
Vanguard FTSE Europe ETF
16.91
33.15
24.05
39.61
26.97
20.28
39.08
37.68
39.96
20.64
37.11
47.15
46.08
17.10
22.02
23.73
24.93
56.91
80
90
60
64
59
86
56
73
57
49
61
64
62
61
59
60
62
80
ADRE
BICK
BIK
BKF
DEM
DGS
EDIV
EEM
EWX
FRN
GAF
GMM
HILO
PIE
VWO
BLDRS Emerging Markets 50 ADR ETF

First Trust BICK ETF
SPDR S&P BRIC 40
iShares MSCI BRIC
WisdomTree Emerging Markets Equity Inc
WisdomTree Emerging Markets SmallCap Div
SPDR S&P Emerging Markets Dividend
iShares MSCI Emerging Markets
SPDR S&P Emerging Markets Small Cap
Guggenheim Frontier Markets ETF
SPDR S&P Emerging Middle East & Africa
SPDR S&P Emerging Markets
EGShares Low Volatility EM Dividend ETF
Vanguard FTSE Emerging Markets ETF
41.87
26.98
25.09
40.53
52.31
48.87
40.05
44.51
50.12
17.06
75.34
69.93
17.09
19.10
44.58
76
75
79
70
89
94
81
94
83
51
83
80
68
95
78
EGPT
EIS
EWC
EZA
Market Vectors Egypt ETF

iShares MSCI Israel Capped
iShares MSCI Canada
iShares MSCI South Africa
73.80
51.20
32.12
70.59
84
62
92
89
AGG
BABZ
BIV
BLV
BND
BOND
CIU
CMBS
CRED
CWB
HYG
HYHG
HYS
IPE
ITR
IUSB
JNK
LAG
iShares Core US Aggregate Bond

PIMCO Build America Bond ETF
Vanguard Intermediate-Term Bond ETF
Vanguard Long-Term Bond ETF
Vanguard Total Bond Market ETF
PIMCO Total Return ETF
iShares Intermediate Credit Bond
iShares CMBS
iShares Core US Credit Bond
SPDR Barclays Capital Convertible Secs
iShares iBoxx $ High Yield Corporate Bd
ProShares High YieldInterest Rate Hdgd
PIMCO 0-5 Year High Yield Corp Bd ETF
SPDR Barclays TIPS
SPDR Barclays Cap Interm Term Corp Bnd
iShares Core Total USD Bond Market
SPDR Barclays High Yield Bond
SPDR Barclays Aggregate Bond
109.89
52.66
85.22
91.82
82.48
109.44
110.29
51.75
111.89
50.07
94.05
78.85
105.74
57.66
34.48
101.01
41.18
58.04
85
85
77
81
77
85
87
81
84
97
97
82
88
69
80
75
96
80
PowerShares DWA Emerging Markets Mom ETF
12 AUGUST 2014 | PHONE: (888) 252-5372
4.53
Buy
2.78
Buy
-5.55
Hold
4.09
Hold
-3.22
Hold
1.90
Buy
-3.74
Hold
-0.26
Hold
-3.10
Hold
-8.39
Sell
-6.84
Sell
Hold
-0.24
Buy
2.49
Buy
-3.67
Hold
-14.76
Buy
-15.45
Buy
Strong Buy -0.14
-2.10
-3.89
-4.03
-2.70
-7.29
-2.17
-6.17
-4.38
-5.39
-0.39
-0.22
15.26 14.60 11.86

11.39 13.15 13.30
4.00 11.13 8.52
24.94 9.06 2.66
5.52
9.15
6.13
13.31 11.68 10.50
9.56 9.90 5.82
11.15 10.41
7.25
10.96 10.31 4.96
18.08
-3.17 -2.18 3.38
3.05
0.25
2.70
5.84
3.70
3.13
3.55
2.72
2.27
0.92
0.89
1.04
1.32
1.21
0.91
1.24
1.01
1.27
2.41
1.47 26.54
-4.29
-3.39
-3.17
0.65
1.08
-4.07
11.36
9.78
1.90
-5.89
-5.55
11.77
11.43
9.85
1.68
-6.47
-7.21
11.82
2.73
3.74
1.59
2.58
0.99
1.08
1.36
1.58
1.56
1.62
1.07
18.46
24.20
29.15
29.73
31.31
18.32
3.48 9.36 19.02

2.54 8.24 23.63
3.29 11.06 15.47
2.50 10.01 16.09
-0.48 4.65
7.40
0.06 4.99 8.27
-0.82 3.51 5.05
0.70 5.85 14.17
-1.24 5.75 13.92
-2.74 2.65 10.05
1.82 2.76 19.33
1.05
7.55 14.85
-0.99 3.99 -3.48
0.26 6.05 4.09
0.72 6.95 15.22
2.79
0.96
3.64
1.18
1.93
4.21
-2.85
3.73
3.84
-2.57
5.88
4.46
-0.05
3.01
3.88
4.20
1.39
5.60
3.07
7.46
8.94
2.30
2.12
1.10
1.45
1.28
1.32
0.93
1.00
0.99
1.12
1.12
0.95
0.92
1.10
19.85
25.78
22.74
23.48
16.81
18.18
18.47
19.59
19.99
18.84
18.80
19.25
9.21
7.13
0.89
1.01 18.84
1.13 20.01
0.30
0.64
0.50
0.67
0.63
0.63
0.59
0.67
0.65
0.70
0.59
0.59
0.85
0.90
0.15
37.40
6.58
10.97
10.45
6.97
-3.09
0.38
2.05
3.87 73.38
-1.72 17.85
5.92 17.02
3.04 18.75
17.02
6.51 4.39
5.01 8.51
5.18 10.52
1.40
3.33
1.60
2.58
1.28
0.89
0.86
0.94
33.61
19.58
15.82
19.69
0.98
0.61
0.51
0.61
4.60
14.28
6.15
15.12
4.60
5.10
3.84
2.69
6.69
8.64
4.62
1.27
1.89
7.52
4.23
1.07
3.44
1.16
3.00
0.97
0.82
0.74
0.39
1.21
-0.35
0.20
-1.09
-0.21
1.30
0.66
0.87
-0.01
0.80
1.08 5.88 2.76 4.38

4.18 16.31 8.38
1.27 7.20 3.70 6.30
3.16 17.33
7.62 9.30
1.03 5.64 2.76 4.42
1.21 6.60
0.91 5.50 3.64 5.22
0.96 4.65
1.29 8.99 4.99 6.22
4.72 17.27 14.38 12.42
0.95 9.66 9.53 10.49
-0.02 4.44
-0.07 6.42 8.23
2.00 6.66 1.85 5.70
1.17 6.04
4.10 5.30
1.99
3.74
2.50
3.95
2.07
2.45
1.97
2.28
2.74
1.89
4.85
1.01
2.45
1.50
3.09
1.03
2.71
7.95
4.13
9.08
2.76
0.82
2.92
3.57
0.05
2.14
1.83
5.28
2.04
0.12
1.74
0.86
5.21
5.35
3.18
0.53
1.00
7.88
2.67
0.08
0.45
0.10
0.10
0.08
0.55
0.20
0.25
0.15
0.40
0.50
0.50
0.55
0.18
0.15
0.15
0.40
0.16
Emerging Markets
Hold
Hold
Hold
Hold
Hold
Buy
Hold
Buy
Hold
Hold
Hold
Hold
Sell
Buy
Hold
13.04
9.40
7.12
8.87
3.77
7.26
4.46
7.34
8.65
5.09
10.48
9.04
-0.52
5.12
9.71
Foreign - Other
Hold
Hold
Buy
Buy
Bonds
Sell
Hold
Hold
Hold
Hold
Hold
Hold
Sell
Hold
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Hold
Hold
Strong Buy
Sell
4.98
4.38
-1.05
-2.77
-2.79
-3.63
-4.23
-2.69
-4.82
-3.34
-5.04
-5.71
-6.66
-3.30
-3.58
-3.14
-3.21
-7.34
-7.33
-3.43
0.95 10.38
0.78 5.55
9.60
2.89
8.70
2.56
9.35
6.41
7.42
3.13
9.46
7.36
11.05
4.39
5.78
1.90
1.60
1.75
1.81
16.50
15.83
19.02
27.73
21.41
16.04
21.72
17.46
22.60
1.33
4.17
1.14 10.09
0.52
7.40
0.50
0.51
0.50
0.51
0.51
0.51
0.50
0.29
0.29
0.61
0.59
0.14
0.60
0.50
0.61
0.59
0.63
0.12

Symbol
Fund
Price
Rank
119.82
41.16
108.36
27.35
101.43
30.43
115.75
93
84
86
80
84
87
81
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
BONDS (continued)
LQD
LWC
MBB
MBG
MINT
SJNK
TIP
iShares iBoxx $ Invst Grade Crp Bond

SPDR Barclays Long CorpTerm Bond ETF
iShares MBS
SPDR Barclays Mortgage Backed Bond ETF
PIMCO Enhanced Short Maturity ETF
SPDR BarCap ST High Yield Bond ETF
iShares TIPS Bond
BSV
CSJ
CXA
EDV
GBF
GVI
HYD
IEF
IEI
INY
ITE
ITM
MLN
MUB
PLW
PRB
PWZ
PZA
PZT
SHM
SHV
SHY
SMB
SMMU
SUB
TENZ
TLH
TLO
TLT
Vanguard Short-Term Bond ETF

iShares 1-3 Year Credit Bond
SPDR Nuveen Barclays Capital CA Muni Bd
Vanguard Extended Duration Treasury ETF
iShares Government/Credit Bond
iShares Interm Government/Credit Bd
Market Vectors High-Yield Municipal ETF
iShares 7-10 Year Treasury Bond
SPDR Nuveen Barclays Capital NY Muni Bd
SPDR Barclays Intermediate Term Treasury
Market Vectors Intermediate Muni ETF
Market Vectors Long Municipal ETF
iShares National AMT-Free Muni Bond
PowerShares 1-30 Laddered Treasury ETF
Market Vectors Pre-Refunded Muni ETF
PowerShares Calif AMT-Free Muni Bd ETF
PowerShares National AMT-Free MuniBd ETF
SPDR Nuveen Barclays Capital S/T Muni Bd
iShares Short Treasury Bond
Market Vectors Short Municipal ETF
PIMCO Short Term Municipal Bond ETF
iShares ST National AMTFree Muni Bnd
PIMCO 7-15 Year U.S. Treasury ETF
SPDR Barclays Long Term Treasury ETF
iShares 20+ Year Treasury Bond
80.30
105.52
23.74
112.03
113.75
111.06
30.34
104.92
122.21
23.22
59.90
23.46
19.45
109.44
31.89
24.45
25.44
24.96
23.81
24.39
110.27
84.62
17.66
50.45
106.29
85.32
131.96
68.34
117.71
75
84
80
82
80
72
80
72
72
77
71
76
75
75
81
65
80
78
75
72
59
76
69
66
69
78
76
78
80
ALD
AUD
AUNZ
BUND
BWX
CAD
ELD
EMB
EMCB
IBND
ILB
ITIP
LEMB
PCY
WIP
WisdomTree Asia Local Debt

PIMCO Australia Bond ETF
WisdomTree Australia & New Zealand Debt
PIMCO Germany Bond ETF
SPDR Barclays International Treasury Bd
PIMCO Canada Bond ETF
WisdomTree Emerging Markets Local Debt
iShares JPMorgan USD Emerg Markets Bond
WisdomTree Emerging Markets Corporate Bd
SPDR Barclays International Corporate Bd
PIMCO Global Advantage Infl-Lkd Bd ETF
iShares Intnl Inflation-Linked Bond
iShares Emerg Mkts Local Currency Bond
PowerShares Emerging Markets Sov Dbt ETF
SPDR DB Intl Govt Infl-Protected Bond
49.77
97.99
21.08
107.75
60.57
98.60
47.06
115.04
77.60
37.22
49.55
48.79
51.23
29.12
62.23
69
65
68
77
81
78
73
81
80
94
64
77
80
82
83
BZF
CCX
CEW
CYB
WisdomTree Brazilian Real Strategy

WisdomTree Commodity Currency Strategy
WisdomTree Emerging Currency Strategy
WisdomTree Chinese Yuan Strategy
19.18
20.17
20.49
25.32
65
65
72
72
PowerShares New York AMT-Free MuniBd ETF
Strong Buy
Hold
Hold
Sell
Strong Buy
Strong Buy
Sell
7.07
13.79
4.60
4.41
0.51
1.67
6.81
Government Bonds
Strong Buy
Buy
Sell
Sell
Sell
Sell
Hold
Hold
Hold
Sell
Hold
Hold
Sell
Sell
Hold
Sell
Sell
Sell
Hold
Buy
Buy
Buy
Buy
Buy
Buy
Hold
Sell
Sell
Sell
1.17
0.59
9.88
28.28
4.73
2.54
10.75
7.06
2.51
8.89
1.92
8.20
13.57
7.28
10.55
0.50
12.77
11.84
11.27
0.95
0.02
0.47
1.20
0.79
0.52
7.95
10.57
16.17
17.63
1.26
2.45
0.73
0.61
0.01
-0.39
1.13
1.28 10.83
2.10 18.79
0.92 5.53
1.26 5.29
0.11 0.92
-0.13 5.34
1.78 6.07
6.04
7.91
1.70
1.74
1.11
7.53
8.69
3.56
3.68
1.83
5.62
0.28
0.06
2.12
7.55
1.31
0.54
3.29
1.83
0.80
1.33
0.66
1.73
1.95
1.38
2.99
-0.23
2.45
1.67
0.84
0.36
0.00
0.20
0.33
-0.03
0.22
2.66
2.64
3.91
4.57
0.18
0.07
1.76
6.84
1.47
0.63
0.96
1.73
0.52
1.61
0.47
1.40
1.67
0.98
2.80
-0.42
2.69
2.38
0.88
0.39
0.01
0.11
0.35
0.15
0.12
2.32
2.52
3.69
4.19
1.72
1.48
13.33
27.53
6.68
3.22
10.87
6.52
2.71
12.69
2.14
10.93
17.20
10.19
9.95
0.55
15.02
14.04
12.75
2.44
0.02
0.66
2.15
1.13
1.25
7.30
9.98
15.45
17.17
1.20
1.60
6.61
11.80
3.18
2.01
6.98
2.81
1.30
5.52
1.16
4.56
7.14
4.42
4.41
0.46
6.70
5.78
4.87
1.23
0.02
0.34
1.81
0.83
1.14
3.06
4.18
6.09
7.15
2.24
2.05
6.46
11.07
4.46
3.52
7.92
5.61
3.54
5.10
2.74
5.41
6.70
4.87
6.45
1.05
6.76
6.54
5.68
1.84
0.07
1.02
2.35
0.71
-0.91
-0.49
-1.78
0.18
-1.37
-0.82
0.22
-0.90
-0.86
-2.57
-0.32
-0.28
0.51
0.13
1.46 4.21
0.85 10.89
1.56
7.66
-0.42 6.88
0.97 6.78
2.20 4.35
1.13 3.35
2.00 11.13
8.03 16.01
-0.62
7.09
-1.50 5.01
1.30
9.18
1.14
7.91
1.75 12.72
1.96 9.47
-0.42
-0.78
-1.42
-0.77
0.92
0.58 12.82
-1.03 0.55
0.20 1.99
1.36 0.59
International Bonds
Sell
Hold
Hold
Sell
Hold
Sell
Sell
Hold
Hold
Buy
Sell
Sell
Hold
Hold
Sell
4.71
10.46
8.92
2.96
5.58
4.95
4.32
9.16
12.59
2.40
5.43
8.00
6.39
11.19
8.06
Currency
Hold
Sell
Sell
Sell
10.87
1.15
2.14
-0.61
1.15
6.92
7.93
8.38
3.06
4.39
2.07
1.98
0.48
4.70
2.97
1.58
2.61
0.79
0.76
0.04
5.37
8.38
2.32
2.27
0.60
1.63
5.03
0.15
0.15
0.27
0.32
0.35
0.40
0.20
0.91
0.74
2.06
3.24
1.80
1.35
5.03
2.12
1.43
2.27
1.04
2.25
3.67
1.80
2.30
0.37
2.36
2.95
2.71
0.52
0.06
0.35
0.91
0.31
0.31
2.19
2.61
2.99
3.05
0.33 1.06
0.14 1.02
1.39 5.49
6.08 23.22
1.14 3.09
0.71 1.98
1.41 6.38
1.93 5.73
0.87 2.58
1.27 5.00
0.67 2.00
1.25 4.98
1.80
7.17
1.09 4.27
2.42
7.93
0.45 1.98
1.20 4.87
1.43 5.78
1.32 5.54
0.26 1.31
0.01 0.05
0.12 0.43
0.32 1.55
0.12 0.57
0.15 0.80
1.98 5.85
2.60 8.22
3.58 12.35
3.96 14.14
0.10
0.20
0.20
0.12
0.20
0.20
0.35
0.15
0.15
0.20
0.13
0.24
0.24
0.25
0.25
0.24
0.28
0.28
0.28
0.20
0.15
0.15
0.20
0.35
0.25
0.15
0.15
0.13
0.15
1.00
7.45
1.10
6.64
1.20
1.60
11.64
8.41
0.21
9.36
1.12
10.13
2.02
1.09
9.46
9.15
0.55
0.45
0.45
0.45
0.50
0.45
0.55
0.60
0.60
0.55
0.60
0.40
0.60
0.50
0.50
76.81
88.39
84.95
6.56
15.51
11.44
9.78
2.38
0.45
0.55
0.55
0.45
2.89
0.18
5.31
1.50 12.01
0.91
3.46
0.43
1.08
2.32
-0.60
6.34
8.36
4.42
7.00
2.76
8.77
5.68
0.86
1.39
1.82
4.85
4.53
0.40
-5.00
-2.77
-1.86
1.69
2.83
3.90
1.53
1.25
1.55

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
CURRENCY (continued)
DBV
FXA
FXB
FXC
FXE
FXF
FXS
FXY
ICN
UDN
UUP
PowerShares DB G10 Currency Harvest ETF

CurrencyShares Australian Dollar ETF
CurrencyShares British Pound Ster ETF
CurrencyShares Canadian Dollar ETF
CurrencyShares Euro ETF
CurrencyShares Swiss Franc ETF
CurrencyShares Swedish Krona ETF
CurrencyShares Japanese Yen ETF
WisdomTree Indian Rupee Strategy
PowerShares DB US Dollar Bearish ETF
PowerShares DB US Dollar Bullish ETF
26.03
93.33
164.24
91.30
132.11
108.24
145.27
95.23
21.10
26.58
21.70
ADZ
AGA
BDD
BOIL
BOM
BOS
BUNT
DAG
DDM
DGP
DGZ
DIG
DOG
DTO
DUG
DXD
DZZ
EEV
EFU
EFZ
EUM
EUO
EWV
FXP
INDL
ITLT
LBJ
LBND
MVV
MZZ
PSQ
PST
QID
QLD
REK
RUSL
RWM
RXL
SAA
SBB
SCO
SDOW
SDS
SEF
SH
SJB
PowerShares DB Agriculture Short ETN

PowerShares DB Agriculture Dble Shrt ETN
28.50
22.91
8.61
32.74
13.26
21.00
42.90
6.82
117.59
28.88
14.29
81.48
25.33
33.75
39.56
25.80
6.29
16.48
39.57
32.38
23.94
17.81
61.12
47.69
93.04
54.18
25.76
45.82
67.98
46.96
16.04
26.04
46.12
121.84
22.19
15.45
16.66
100.79
101.30
56.68
29.23
26.71
25.31
19.54
23.31
27.69
PowerShares DB Base Metals Dble Long ETN
ProShares Ultra Bloomberg Natural Gas

PowerShares DB Base Metals Dble Shrt ETN
PowerShares DB Base Metals Short ETN
PowerShares DB 3x German Bund Futs ETN
PowerShares DB Agriculture Dble Long ETN
ProShares Ultra Dow30
PowerShares DB Gold Double Long ETN
PowerShares DB Gold Short ETN
ProShares Ultra Oil & Gas
ProShares Short Dow30
PowerShares DB Crude Oil Double Shrt ETN
ProShares UltraShort Oil & Gas
ProShares UltraShort Dow30
PowerShares DB Gold Double Short ETN
ProShares UltraShort MSCI Emerging Mkts
ProShares UltraShort MSCI EAFE
ProShares Short MSCI EAFE
ProShares Short MSCI Emerging Markets
ProShares UltraShort Euro
ProShares UltraShort MSCI Japan
ProShares UltraShort FTSE China 25
Direxion Daily India Bull 3X Shares
PowerShares DB 3x Italn Trsy Bd Futs ETN
Direxion Daily Latin America Bull 3X Shs
PowerShares DB 3x Long 25+Yr Trsy Bd ETN
ProShares Ultra MidCap400
ProShares UltraShort MidCap400
ProShares Short QQQ
ProShares UltraShort 7-10 Year Treasury
ProShares UltraShort QQQ
ProShares Ultra QQQ
ProShares Short Real Estate
Direxion Daily Russia Bull 3X Shares
ProShares Short Russell2000
ProShares Ultra Health Care
ProShares Ultra SmallCap600
ProShares Short SmallCap600
ProShares UltraShort Bloomberg Crude Oil
ProShares UltraPro Short Dow30
ProShares UltraShort S&P500
ProShares Short Financials
ProShares Short S&P500
ProShares Short High Yield
14 AUGUST 2014 | PHONE: (888) 252-5372
76
77
75
76
74
78
69
53
68
61
71
Sell
Hold
Hold
Sell
Sell
Sell
Sell
Hold
Hold
Sell
Hold
2.40
5.46
0.58
-2.34
-2.85
-1.44
-5.98
2.66
5.82
-1.77
0.84
Inverse & Leveraged
-0.31
-0.49
-2.62
-1.22
-1.28
-0.78
-0.43
-0.65
-1.08
-1.41
1.21
-0.61
0.00
-0.64
-0.09
-2.38
-1.49
-4.06
-0.82
-1.31
-1.88
1.45
2.16
3.71
6.38
-5.21
-0.09
2.14
-5.00
-5.33
7.76
-0.52
-1.09
3.35
-1.51
0.32
-3.30
-2.77
-4.91
-1.67
-9.48
-3.56
-2.87
1.10
3.17
5.29
-0.08
0.24
-1.37
3.10
1.50
-1.90
0.52
-0.49
-1.54
21.02 3.30 15.38 27.06 8.25 -2.76

61.22
7.41 45.28 58.00 12.74 -10.60
2.50 -2.82 11.82 -1.39 -18.75 -6.08
-16.62 -14.09 -27.62 0.92
-1.48 2.79 -13.89 -3.49 3.93 -12.36
38.16 -4.76 -8.42 23.53 2.66 -4.95
32.97
5.14 11.69 33.01 18.66
-6.06 0.28 -21.25 -22.23 -21.98 -6.38
2.55 -4.32 3.23 24.23 30.64 28.27
15.06 1.05 0.35 -11.55 -23.09
7.16
-9.15 -0.90 -1.41
1.71 6.38 -9.62
17.33 -5.29
5.74 40.64 21.86 23.87
-3.00 1.96 -2.10 -12.82 -16.13 -15.81
-4.85
7.35 6.58
7.35 -17.79 -16.18
-19.61 4.30 -7.61 -35.19 -31.65 -34.89
-5.91 3.99 -4.12 -24.16 -30.44 -30.13
-18.21 -1.64 -3.23
1.78 9.66 -21.03
-18.13 -2.31 -12.06 -31.39 -21.75 -27.52
-5.20 4.60 0.76 -23.17 -27.29 -27.37
-2.47 2.22 0.37 -12.23 -13.62 -13.17
-8.97 -0.99 -6.19 -16.32 -9.64 -12.55
4.40 2.47 4.34 -2.41 2.09 -1.57
-3.21 2.53 -15.21 -20.17 -24.53 -20.99
-21.97 -13.53 -28.61 -35.66 -28.22 -25.05
69.23 6.83 27.80 88.95 -10.71
44.60 5.45 16.02 64.48 41.07
19.20 -1.30 8.60 19.43 -19.43
52.64 11.44 12.55 51.68 13.46
7.14 -2.54 7.44 31.77 34.36 32.42
-12.13
1.76 -8.58 -30.90 -36.63 -37.00
-12.11 -2.17 -11.28 -25.57 -21.71 -20.72
-14.06 -3.77 -4.09 -14.14 -8.16 -14.00
-23.08 -4.30 -21.22 -45.07 -39.79 -38.63
22.53 3.68 24.90 66.62 45.90 40.36
-16.42 -1.10 -4.47 -19.27 -15.63
-50.16 -23.36 -2.65 -33.40 -41.09
-1.30 0.66 -5.07 -14.26 -20.37 -19.92
24.47 2.21 14.77 53.57 56.74 39.18
-4.40 -3.73 6.30 24.57 37.18 31.92
-1.60 0.34 -5.39 -15.35 -21.18 -20.51
-7.44
7.42 6.25 1.99 -19.00 -19.50
-9.43 5.82 -6.28 -34.61 -43.25
-14.67
1.16 -9.90 -33.13 -35.42 -32.56
-5.17 1.53 -4.48 -14.92 -21.51 -16.32
-7.61 0.60 -5.09 -18.15 -19.09 -17.10
-5.58 -0.40 -1.53 -11.14 -11.68
61.40
73.52
33.31
59.10
27.48
53.04
59.77
8.49
110.81
35.43
-35.88
8.96
12.67
7.53
8.06
8.89
10.28
10.30
7.78
13.06
7.14
7.07
0.81
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.45
0.75
0.75
1.07 20.81
2.15 41.61
1.40 39.98
0.75
0.75
0.75
1.11
0.75
0.75
0.95
0.75
0.95
0.75
0.75
0.95
0.95
0.75
0.95
0.95
0.75
0.95
0.95
0.95
0.95
0.93
0.95
0.95
1.20
0.95
1.11
0.95
0.95
0.95
0.95
0.95
0.95
0.95
0.95
1.09
0.95
0.95
0.96
0.95
0.93
0.95
0.90
0.95
0.90
0.95
1.44
0.72
4.99
2.10
1.85
1.78
0.90
2.89
-0.87
1.91
-2.70
-1.70
1.80
-2.80
-2.29
-1.17
-1.41
-57.60
-1.37
-2.69
3.76
3.18
4.13
11.20
2.44
-2.21
-0.95
-3.83
-1.84
2.06
-0.85
5.76
-1.25
1.53
2.53
-1.18
2.04
-2.49
-1.85
-1.22
-0.95
-0.57
39.98
19.99
17.17
41.64
23.18
40.58
20.29
38.83
11.11
46.28
36.73
21.96
40.58
42.65
32.07
16.21
21.31
17.94
30.59
51.64
77.68
34.00
66.45
39.40
31.36
28.66
13.05
11.28
25.45
28.17
15.21
92.55
16.51
22.29
33.01
15.54
46.95
32.48
22.79
15.76
11.64
8.39

Symbol
Fund
Price
Rank
Advice
YTD
1 Month 3 Month
1 Year
3 Year
5 Year
-27.89
-38.05
-35.20
-40.40
40.63
4.54
-30.73
-27.71
-21.74
36.32
41.31
101.69
22.03
27.71
46.03
29.59
8.05
55.14
-40.26
-29.50
-30.49
-55.06
39.22
-7.20
-19.79
-38.90
-14.00
45.60
23.76
36.39
33.10
39.76
14.12
5.32
17.18
2.21
-32.83
-35.88
-39.51
Yield %
Beta
3 Year
SD
3 Year
Expense
Ratio
Inverse & Levergaed (continued)
SKF
SMN
SRS
SRTY
SSO
SZO
TBT
TWM
TYO
UDOW
URE
USD
UWM
UYG
UYM
XPP
YCS
YINN
ProShares UltraShort Financials

ProShares UltraShort Basic Materials
ProShares UltraShort Real Estate
ProShares UltraPro Short Russell2000
ProShares Ultra S&P500
PowerShares DB Crude Oil Short ETN
ProShares UltraShort 20+ Year Treasury
ProShares UltraShort Russell2000
Direxion Daily 7-10 Yr Trsy Bear 3X Shrs
ProShares UltraPro Dow30
ProShares Ultra Real Estate
ProShares Ultra Semiconductors
ProShares Ultra Russell2000
ProShares Ultra Financials
ProShares Ultra Basic Materials
ProShares Ultra FTSE China 25
ProShares UltraShort Yen
Direxion Daily China Bull 3X Shares
The Best Biotechnology ETFs
Biotechnology has been on a wild ride in 2014, but

in the long run, the sector represents the future of
medicine. We are now seeing medicine and treatments customized to an individuals DNA, to say
nothing of exciting developments such as the potential for printing organs. As the world ages, this
sector will be a major growth and export industry
for the United States for decades to come. Healthcare spending is already roughly 17 percent of U.S.
GDP, and it could climb above 20 percent early in
the next decade.
On top of changing demographics that favor the
healthcare industry, biotechnologys bright future is
driven by improvements in computing power. Consider that sequencing an entire human genome cost
more than $100 million at the start of the 2000s.
Today, costs are already as low as $1,000 and will
undoubtedly decrease even more. Falling costs
present the opportunity for new discoveries by a
wider variety of firms, as well as cheaper medicines
accessible to a broader market. It may not be long
before most individuals have their DNA sequenced
in order to find out which medicines are most effective for them and which could cause dangerous
side effects. The era of personalized medicine will
revolutionize healthcare around the world.
ETF investors who want biotechnology exposure
for the long haul have five solid choices. All the
funds have sufficient assets and volume to make
them attractive to all investors.
iShares Nasdaq
Biotechnology (IBB)
The largest of these funds, with $5 billion in assets
and almost four times the size of its nearest compet-
15.62
28.15
14.93
39.79
115.43
38.46
55.60
46.35
20.43
115.83
93.82
79.70
81.44
124.79
55.72
66.83
66.08
35.45
-10.33
3.17 -8.65
-17.76 -0.78 -9.22
-30.85 -2.16 -9.02
-7.47 1.97 -15.32
12.67 -1.79 9.60
-1.36 4.91 4.48
-29.80 -8.82 -9.00
-3.68 1.31 -10.14
-21.15 -5.63 -6.11
2.89 -6.49 4.72
39.17
1.73 8.47
50.00 1.27 38.32
-4.30 -2.30 8.46
6.24 -3.56
8.14
14.90 0.23 8.31
15.46 14.28 36.61
-6.81
1.13
1.15
17.77 21.24 56.93
30.75
-6.18
-22.68
-38.73
-20.22
30.84
26.09
28.36
18.66
19.47
-0.27
-0.49
-2.37
-3.06
-1.63
-3.45
2.04
0.96
-7.74
-2.41
-5.86
2.82
1.85
2.32
2.66
2.59
3.13
2.55
-7.28
3.87
30.71
43.93
29.93
46.61
24.91
23.14
26.95
32.05
17.18
35.22
31.52
35.97
35.10
33.44
43.21
49.48
16.43
67.91
0.95
0.95
0.95
0.95
0.90
0.75
0.93
0.95
1.01
0.95
0.95
0.95
0.98
0.95
0.95
0.95
0.93
0.99
itor, is iShares Nasdaq Biotechnology (IBB). This

is also the oldest offering in the sector, having been
established in 2001.
IBB is market cap weighted, has 122 holdings and
tracks the Nasdaq Biotechnology Index. While
the index tracks only Nasdaq-listed biotechnology
and pharmaceutical stocks, the majority of biotech
companies are listed on the Nasdaq, so this is less
limiting than it might at first appear. Index components must have a minimum market capitalization of $200 million and an average daily trading
volume of at least 100,000 shares. The portfolio is
reviewed semiannually.
IBBs portfolio leans toward large caps, with 61
percent of assets in the large cap category, 22 percent in midcaps and 17 percent in small caps.
The top 10 holdings in IBB accounted for about
59 percent of assets as of August 13, with a particularly large concentration among the top five
holdings. With 8.80 percent of assets, Gilead Sciences (GILD) is the number one holding. BioMarin
(BMRN), the tenth largest position comprises just
2.15 percent of assets.
IBB has an expense ratio of 0.48 percent.
Investors wont go wrong by selecting IBB for
their biotechnology exposure. It offers a good mix
of companies in terms of large, mid and small caps.
It isnt terribly overweight its top holdings, and expenses fall midway between the most expensive
and cheapest funds in the group.
BBH tracks the Market Vectors US Listed Biotech

25 Index. Inclusion in the index requires a market
capitalization of more than $150 million, a three
month average daily trading volume of more than
$1 million and at least 250,000 shares traded per
month for the last six months. More than 50 percent
of a holdings revenue must come from biotechnology-related business, and individual holdings are
capped at 20 percent of fund assets. The portfolio
is reviewed semiannually.
With 26 total holdings (counting cash), there can
be a tendency for it to overweight holdings. For
example, the number one holding, GILD, accounts
for 15.8 percent of BBHs assets while it accounts
for only 8.80 percent of IBBs assets. Overall, 73.6
percent of assets are in the top 10 holdings.
Sixty-six percent of BBHs portfolio qualifies as
large cap, 30 percent as midcap and 5 percent as
small cap.
Fewer holdings have a benefit: BBH has an expense ratio of only 0.35 percent, which is tied for
the lowest in the group.
Market Vectors
Biotechnology (BBH)
BBH has $500 million in assets, making it the
second-smallest biotech ETF. It is also relatively
young, having begun trading near the end of 2011.
PowerShares Dynamic
Biotechnology & Genome (PBE)
PBE has a little under $400 million in assets, making it the smallest of the biotechnology funds. It
(continued on next page)
Compared to IBB, this fund is less diversified, due

to its concentration in large and midcap stocks. This
concentration and the major overweighting of the
top holdings is a concern because it increases the
risk of a single stock moving the portfolio. This
fund could lead the sector when large cap biotechs
perform particularly well, but otherwise we would
not select it for biotechnology exposure.

also has the lowest average daily volume. The fund
was established in 2005.
PBE tracks the Dynamic Biotechnology & Genome
Intellidex Index, which is a smart index that uses
multiple factors to select holdings. These factors
include price momentum, earnings momentum,
quality, management action and value. The fund
is rebalanced quarterly according to the updated
index.
The fund has 29 holdings. This makes it slightly
larger than BBHs 25, but it is less concentrated: the
number one holding, also Gilead Sciences (GILD),
accounts for only 5.51 percent of assets.
PBE is much less invested in large cap stocks, with
only 31 percent of assets in the category. Midcaps
make up 37 percent of assets and small caps 32
percent.
Although it does not have many holdings, the fund
is relatively expensive due to the smart nature of
its stock picking. It has a management fee of 0.63
percent.
The fund is less concentrated than BBH, which is
attractive, but investors are really betting on PBEs
indexing strategy. Since inception, PBE has underperformed IBB by a wide margin. Although it
did outperform during a long stretch from 2009 to
2011, it doesnt have a consistent history. Given the
nature of the biotechnology sector, where new drug
discoveries determine many firms value and many
companies lose money for years, if not decades, the
smart index strategy may be ineffective at picking winners and losers.
First Trust NYSE Arca
Biotechnology (FBT)
FBT offers yet another approach to the biotechnology sector, one that has proven appealing to investors - it has attracted $1.3 billion in assets since
inception in 2006.
FBT tracks the NYSE Arca Biotechnology Index,
which is an equal-weight index covering biotechnology companies that are primarily involved in
the use of biological processes to develop products
or provide services. Companies in the index are
engaged in businesses such as recombinant DNA
technology, molecular biology, genetic engineering, monoclonal antibody-based technology, lipid/
liposome technology and genomics. The index and
fund are both rebalanced quarterly.
The fund holds 20 stocks, and each holding is rebalanced to 5 percent of the portfolio at each quarterly review. This leads to frequent changes in the
top 10. Pharmacyclics (PCYC) is up nearly 40 percent since the end of May, so its currently the top
holding, with 6.19 percent of assets.
FBT is also balanced in market capitalization. Thirty-nine percent of assets are in large caps, 32 percent in midcaps and 30 percent in small caps.
FBT is the second-most-expensive of the biotechnology ETFs, with a 0.60 percent management fee.
FBT has gone through periods of outperformance
and underperformance relative to IBB. This often
happens when a smaller biotech firm makes a big
discovery and increases in value significantly.
Since FBT equal weights its portfolio, any firm that
makes a major breakthrough can have a significant
impact on share performance, whereas in IBB some
of these firms may only account for a very small
portion of assets. Biotechnology investing has
sometimes been compared to buying lottery tickets for investors who do not have expertise in the
sector, and the equal weight approach might make
sense for investors who want to take an approach
that includes the possibility for unpredictable upside.
SPDR S&P Biotech (XBI)
XBI is similar in size to FBT, with $1.1 billion in
assets. It was established in 2006.
XBI tracks the biotechnology sector in the S&P
Total Markets Index, which tracks stocks on the
NYSE, the AMEX and Nasdaq. The index has
70 holdings and allocates assets using a modified
equal-weight strategy and is rebalanced quarterly.
Since there are 70 holdings, each individual stock
gets about 1.5 percent of assets. Top holding Puma
Biotechnology (PBYI) has 5.3 percent of assets
currently because it gained nearly 300 percent on
July 23 alone, when a cancer drug trial produced
positive results.
XBI is heavily weighted toward small caps. Large
caps receive only 12 percent of assets, midcaps 19
percent and small caps 68 percent.
The funds 0.35 percent management fee is tied for
the least expensive of the five funds discussed here.
XBI has underperformed IBB for much of its history, although it has had better luck versus the small
cap-heavy PBE. The equal-weight approach is similar to FBTs, but the addition of more stocks makes
XBI more likely to have winners, while each winner will have a smaller impact on the total portfolio.
Since the fund is heavily invested in small caps, it
will perform better in periods of general optimism
when investors are more willing to take a chance

on a research company. XBI can also do well if the
pace of discoveries quickens or if there is consolidation in the industry.
Which fund to choose?

Investing in biotechnology stocks is relatively
risky because a bad trial can send a stock plummeting just as easily as a good trial can send a stock
soaring. Some firms are targeting a single ailment,
thereby putting all their eggs in one basket, and
success or failure can make or break a company.
The best approach is diversification, which ETFs
provide.
IBB makes a strong case as it is the largest fund by
far, and going all the way back to 2006, no other
fund has consistently outperformed it. It offers
exposure across all market caps and is reasonably
diversified for a subsector fund. There are reasons
to hold other funds, but its hard to make a negative
case against IBB.
FBTs equal-weight approach makes more sense in
a market where success and failure are hit and miss.
Its performance has been solid and the small roster
of stocks makes for some big gains should a holding turn into a winner. With 20 holdings, though,
theres also a greater chance FBT wont own the
companies that end up outperforming, as was the
case when it didnt own Puma (PBYI) earlier this
year.
Ultimately, XBI is the best pick for the long-term.
It offers greater exposure than FBT in terms of the
number of firms and far more exposure to small
caps. As we said at the beginning, technological
advances are rapidly cutting costs for the industry,
and that is leveling the playing field for smaller
companies with less resources. Moving forward,
we expect industry consolidation to pick up as more
treatments become viable. Many small biotechnology companies are mainly research-oriented, and
success often leads to buyouts by larger biotechnology or pharmaceutical companies. Eventually, the
long-term underperformance by small cap biotechnology will reverse, and XBI has been competitive
with IBB over the past couple of years. Looking
ahead, small cap biotechnology may finally have its
turn to lead the sector, putting XBI win the position
to outperform its peers.
To make sure you never miss any of our market updates or

model changes, I invite you to follow us on social media:
www.facebook.com/
mutualfundinvestorguide
www.twitter.com/mutualfundIG
Disclosure: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this newsletter, including Fidelity Investments. These results include the reinvestment
of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide
specific investment advice. This newsletter has been prepared solely for informational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. All investments involve risk including total loss of principal.
16 AUGUST 2014 | PHONE: (888) 252-5372

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August 2014

MUTUAL FUND Investor Guide

The eTF Investor Guide

Matthew Sauer is the

Looking at the economy from the perspective of gross

up-to-date manufacturing data, such as the monthly PMI,

The ETF Investor Guide

period of the past five years, unemployment could

month. A rally in the Nasdaq was good news for

The ETF Straight Growth Portfolio fell 1.18

The ETF Balanced Growth Portfolio fell 0.72

2 AUGUST 2014 | PHONE: (888) 252-5372

allow the expansion to run longer before hinting

Convertible Securities (CWB) performed well

The ETF Global Portfolio declined 1.33 percent

The ETF Absolute Return Portfolio fell 1.18

ETF Aggressive Sector Portfolio

iShares DJ US Cons Non-Cyc

ETF Straight Growth Portfolio

iShares High Dividend Equity

ETF Balanced Growth Portfolio

iShares High Dividend Equity

ETF Conservative Income Portfolio

iShares High Dividend Equity

ETF Global Portfolio

WTree Intl Div Ex-Fin

ETF Aggressive Value Portfolio

iShares Core Small Cap

(Data provided as of 8/15/14)

Cons Staples Select SPDR

ETF Absolute Return/Down Market Portfolio

www.MutualFundInvestorGuide.com | AUGUST 2014 3

The ETF Investor Guide

Data & Rankings (Data provided as of 8/15/14)

First Trust Large Cap Gr AlphaDEX ETF

iShares Core Dividend Growth

Guggenheim Multi-Asset Income ETF

4 AUGUST 2014 | PHONE: (888) 252-5372

Large Cap Growth

Large Cap Blend

Large Cap Value

-0.43 6.56 22.90 18.12

% Return (3 and 5 Years Annualized)

Large Cap Value (continued)

First Trust Value Line Dividend ETF

PowerShares DWA NASDAQ Momentum ETF

Guggenheim Spin-Off ETF

Guggenheim Mid-Cap Core ETF

Mid Cap Growth

Mid Cap Blend

Mid Cap Value

www.MutualFundInvestorGuide.com | AUGUST 2014 5

The ETF Investor Guide

MID CAP VALUE (continued)

Vanguard Mid-Cap Value ETF

iShares S&P Small-Cap 600 Growth

WisdomTree SmallCap Earnings

WisdomTree SmallCap Dividend

PowerShares FTSE RAFI US 1500 Sm-Mid ETF

RevenueShares Small Cap ETF

Guggenheim S&P SmallCap 600 PureVal ETF

SPDR S&P 600 Small Cap Value ETF

iShares Aggressive Allocation

iPath DJ-UBS Cotton TR Sub-Idx ETN