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6445

January 29, 2023

ETF PORTFOLIO FEBRUARY 2023

UPDATE & NEWSLETTER
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1
February 2023 Newsletter
Happy New Year! Since the last EZTracker newsletter, US equity indices rose: the S&P +6.0%, DJII +2.5%, and NASDAQ
+11.0%. All three major domestic equity indices started the year in positive territory, mostly erasing the losses of the last
month of 2022, driven by investors' reactions to indications of lower inflation, China's continued opening up and strong
earnings reports from companies.
There are changes to all EZTracker model portfolios. Please review page 5 for further details. New subscribers please
see page 5 for more information.

January's Gain - Sustainable?

Investors, looking for any positive signs to get back into the market, saw much to like in January, as key indicators of
inflation showed signs of cooling: The latest CPI report showed that, for the third month in a row, the prices of goods fell.
Goods prices should continue to be encouraging news for inflation due to moderating consumer demand, supply chain
improvements, and the Fed’s interest rate increases.

Investors see the recent inflationary data as a potential sign that the Fed may only raise interest rates by 25 basis points
when its monetary-policy committee meets next week. (The Fed raised rates seven times last year — many times with a
hike of 75 bps — to tame inflation by limiting demand for goods and services). This upcoming Fed meeting on
Wednesday will dictate what happens in the fixed income markets-- yields need to continue to decline for the "soft
landing" thesis to remain intact, and for markets to see continued gains (led by tech and growth).

We agree that inflation is the key indicator at the moment, but a major concern is the potential for a recession, as last
year's rate hikes take full effect on the economy, a process that fed officials say will take many months. The Fed’s main
concern is that although headline inflation has declined, core inflation has not fallen much. Core inflation, which
excludes food and energy costs, peaked at 6.7% in September 2022 and came in at 5.5% for December - not a major
decline. On the other hand, Headline inflation - which includes energy - peaked at 9.1% in June 2022 and has fallen to
6.5% in December. Because a major component of that substantial decline is falling energy prices, the Fed is still
concerned that core inflation is moving “stubbornly sideways” as Chairman Powell mentioned.

Why is the Tech sector and Growth rallying?

Tech and growth massively underperformed in 2022, and despite a solid start to 2023, Value is still outperforming
growth -- by more than 19% over the past year. Many managers, through natural declines in position sizing or actively
reduced exposure, are now “underweight” tech compared to previous allocations. This sudden burst of outperformance
has extracted “FOMO” (Fear of missing out) amongst managers as such investors are pushing the space higher by
adding back tech exposure.

Help Hotline: We help new subscribers get started, and current get back on track.
Text or call 201.503.6445 | contact@eztracker401k.com
2
What We’re Watching
Index of Consumer Sentiment
January's final University of Michigan Index of
Consumer Sentiment Index continued to lift for the Jan: +5.2 Index Points
second consecutive month, rising 9% over
December's figure and is now only 3% below one
year ago. Improving assessments of personal
finance and buying conditions for durables were
supported by relatively strong incomes and the
perception of easing pricing pressure. There
remains significant risk with a majority of
consumers still expecting a downturn and also
worries about the debt ceiling debate.

Sector & Index Analysis:

Sectors: During the first month of 2023, growth sectors such as Communications Services (+15.2%), Consumer
Discretionary (+14.5%) and Technology (+9.9%) rose the most on investors' expectations of a less aggressive Fed
stemming from indications of moderating inflation. Defensive sectors such as Utilities, Consumer Staples and Healthcare
lagged.
Indices: To start the year, all S&P indices were up in January. The Growth indices led the way, with Large Cap Growth
exceeding 10% growth in January (MTD). Small cap indices also performed well across the board. Small-cap
outperformance in January could be due to the "January effect" where data suggests that small-caps do well in January.
BofA Securities advised investors to look for small-caps in 2023 to hedge against a declining market,
Earnings:
So far in January, 29% of the S&P 500 companies reported Q4 2022 results. Approximately 2/3 of the reporting
companies announced a positive earnings surprise, and 60% of them reported a positive revenue surprise.

Index Performance: Total Return YTD 2023 YTD Sector Performance: Returns (%)
16%
15.2%
14.5%

LARGE CAP 2.6% 4.1% 10.6% 12%

9.9%
9.3%
8%
7.4%
MID CAP
6.6% 7.2% 8.6% 6.0%

4% 4.3%

3.0%

0%
-2.3% -2.3% -2.2%
SMALL CAP 8.1% 8.7% 9.11%

Sector SPDRs
Morningstar -4%
Sector SPDRs
Utilities

Cons. Staples

Healthcare

Industrials

Energy

Financials

Materials

Real Estate

Technology

Cons. Disc.

Comm. Svcs.

VALUE BLEND GROWTH

Help Hotline: We help new subscribers get started, and current subscribers get back on track.
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3
What We’re Watching (continued)
Fixed Income
In the fixed income markets, the yield on the 10-year Treasury note, which is a benchmark for many other interest
rates, decreased 0.37% during January to close at 3.51%. 2 year yields decreased .225% to close at 4.20%. The
10s-2s yield spread continued it’s downward trend, decreasing 0.15% from December to close at 69 basis points.

What does an inverted yield curve mean?

An inverted yield curve represents a situation where long-term interest rates are lower than short-term interest rates.
This is considered to be an unusual occurrence and can be a sign of an upcoming recession The yield curve
typically slopes upward, with long-term rates higher than short-term rates, because investors demand a higher
return for tying up their money for a longer period of time. An inverted yield curve can be caused by a variety of
factors, including a decrease in economic growth, and increase in inflation, or a decrease in investor confidence.
EZTracker closely monitors this and other economic data and remains dedicated to helping you successfully
navigate this market environment.

NOTES ABOUT THE EZTRACKER MODEL PORTFOLIOS

EZTracker Model Portfolios are divided into three types: Aggressive, Moderate and Conservative.
• The EZTracker Aggressive model portfolios have 95-100% invested in equities. This is a high risk/high reward
portfolio, suitable for investors with a longer time horizon or whom can withstand market corrections.
• The EZTracker Moderate portfolios have equities representing 70%, with the rest held in bonds or the Stable
Value Fund / Money Market Funds (cash equivalent).
• EZTracker Conservative portfolios have 40% invested in equities and 60% invested in bonds or the Stable Value
Fund / Money Market Funds (cash equivalent).

In the moderate and conservative model portfolios we use the Stable Value Fund or other short-term money market
funds to represent the Cash position (its value remains constant notwithstanding changes in the equity or debt
markets or interest rates). There is usually little or no cash equivalents in the EZTracker Aggressive portfolios.

EZTracker does its best to achieve the best long-term returns for our model portfolios. For example, during the
beginning of the COVID-19 pandemic, when information was scarce and some investors were panicking, we
structured the EZTracker model portfolios with the expectation of a short-term, externally caused correction
followed by a recovery. This resulted in material outperformance of the EZTracker model portfolios against our
benchmarks. Last year, in viewing all of the market information in totality, EZTracker decided to reduce equity
exposure across the board, proven right by the market volatility we have saw last year.

EZTracker understands that the decision to reduce equity exposure across the board is not something we do often.
We focus on the long-term - as such, we may not catch the absolute top or bottom of a run, but aim to get superior
long-term returns for our model portfolios by sticking to our investing strategy.

Please note - while in certain situations we become more defensive (such as now), it is not EZTracker's role to
decide or change the allocation percentages between equities and cash — that remains a function of your risk
tolerance. We at EZTracker do not see volatility subsiding any time soon. If this potentially leads to sleepless nights,
then please re-assess your risk tolerance level. Whether you are an aggressive, moderate or conservative investor
depends on your individual situation.

Our friends at Friedenthal Financial provide the leading Tolerisk Risk Quiz to EZTracker subscribers. This helps you
figure which portfolio type fits you best AND gives insights on how prepared you are for your financial future.

Help Hotline: We help new subscribers get started, and current subscribers get back on track.
Text or call 201.503.6445 | contact@eztracker401k.com
4
 February 2023 Newsletter

EZTRACKER ETF Portfolios

The EZTrackerETF Aggressive, Moderate, and Conservative Portfolios seek to identify the top performing market segments for timely
investment. You can follow these portfolios with an account at any broker but may have to pay small commissions for making trades.

EZTracker now tracks 380 ETF’s with adequate daily trading value, AUM, volume, and low fees to insure sufficient liquidity. These
ETFs provide coverage of all major market segments. The EZTrackerETF newsletter is published on the last Sunday of every month.

Current Subscribers:
MAKE THE CHANGES ACCORDING TO
Aggressive Moderate Conservative
THE PORTFOLIO YOU ARE FOLLOWING Moderate ETF

ETF Name Symbol Sell: Sell: Sell:

Industrial Select Sector SPDR Fund XLI 100% 100% 100%
SPDR Bloomberg 1-3 Month T-Bill
BIL 100% 50% 50%
ETF

With total proceeds of the above sale, Buy:

iShares MSCI Emerging Markets ETF EEM 80% 50% 30%
iShares MSCI EAFE Value ETF EFV 20% 15% 10%
SPDR Bloomberg Short Term High SJNK 35% 60%
Yield Bond ETF
New Subscribers: Re-allocate your account using the chart below for the portfolio you are following.

EZTRACKER ETF PORTFOLIOS Aggressive Moderate Conservative

Health Care Select Sector
XLV 10.2% 8.6% 4.4%
SPDR Fund
Advocate Rising Rate Hedge RRH 10.5% 14.4% 23.3%
Invesco S&P 500 Equal
RSP 11.4% 8.7% 4.8%
Weight
iShares S&P Mid-Cap 400
IJJ 15.6% 11.3% 6.6%
Value
Vanguard High Dividend
VYM 20.6% 14.4% 9.4%
Yield
iShares MSCI Emerging
EEM 12.6% 9.6% 6.7%
Markets ETF
iShares MSCI EAFE Value EFV 12.5% 9.4% 6.5%
Vanguard Short-Term
VTIP 2.8% 5.1%
Inflation-Protected
Vanguard Securities
Small-Cap Value VBR 6.6% 4.1% 1.9%
SPDR Bloomberg 1-3 Month
BIL 10.0% 17.8%
T-Bill
SPDR Bloomberg Short Term
SJNK 6.7% 13.5%
High Yield Bond ETF
100.0% 100.0% 100.0%

Your percentages may vary based on the start date of your portfolio and the number of shares purchased.
Performance data for the ETFs used in the ETF Portfolios can be found in the Appendix.
5
 February 2023 Newsletter

ETF Portfolio Performance

Historical Performance
Any investment strategy should be measured one way: results over time. Not one week, one month, not even one
year. While past performance is no guarantee of future results, our record has been excellent in delivering long-
term returns. As with any long-term investing strategy, you should not expect dramatic short-term results to offset
past losses.

The Morningstar Target Risk Index series serve as benchmarks to help investment selections. They cover a global
set of stocks, bonds and commodities. While not investable, they represent challenging benchmarks for long-term
investing plans such the EZTrackerETF model portfolios.

Portfolio Returns through January 29, 2023

MTD
Core Portfolios Strategy YTD 1 Year 3 Year
January*
Aggressive 2.68% 2.68% -0.18% 32.26%

EZTrackerETF Moderate 1.17% 1.17% 0.55% 27.45%

Conservative -0.90% -0.90% 3.38% 22.35%

Morningstar Benchmarks

Aggressive Target Risk Index 7.17% 7.17% -3.82% 18.41%

Moderate Target Risk Index 5.57% 5.57% -5.59% 10.62%
Conservative Target Risk Index 3.64% 3.64% -7.36% -0.04%
S&P 500 6.02% 6.02% -8.15% 23.52%

* Performance since last newsletter

Annual Returns

Core Portfolios Strategy 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Aggressive -5.75% 9.28% 31.26% 6.91% -2.44% 4.67% 19.10% -7.33% 25.45% 21.87% 17.85% -8.34%
EZTrackerETF Moderate 0.55% 6.91% 20.59% 5.67% 0.76% 3.84% 15.41% -6.98% 20.64% 20.45% 12.68% -5.37%
Conservative 16.19% 7.48% 0.50%

Morningstar Benchmarks 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Aggressive Target Risk Index -3.60% 16.07% 24.53% 5.23% -2.67% 11.33% 21.95% -8.17% 25.79% 13.26% 17.30% -15.93%
Moderate Target Risk Index 0.59% 12.04% 14.31% 4.89% -1.79% 8.57% 14.66% -4.76% 18.88% 12.82% 10.19% -14.77%
Conservative Target Risk Index 4.38% 7.36% 2.97% 4.06% -0.92% 4.67% 7.00% -1.20% 11.00% 9.75% 2.26% -13.15%

Note: Past performance does not guarantee future results. Returns are based on total returns and exclude the impact of any commissions.

The EZTracker Conservative Portfolio (40%stock/60% Bonds) was launched January 1, 2020.

6
 February 2023 Newsletter

HOW TO USE EZTRACKER ETF

Now that you have joined the EZTrackerETF newsletter, how do you implement? It’s EZ!
Step 1: Determine the type of brokerage account you need
Are you opening a brokerage account or IRA? Compare the costs and incentives. Consider the
services offered, and then fill out the new account application.

Step 2: Fund the account

This may entail an asset transfer if you are rolling over a 401(k) plan into this account, a wire
transfer, writing a check, or an electronic funds transfer (EFT).

Step 3: Start investing

You can trade stocks, bonds, REITS, money markets, CDs, mutual funds, ETFs, MLPs, and other
investment with a brokerage account. This newsletter uses only ETFs only, but as you become
more comfortable investing, you can utilize this account to purchase anything you desire, single-
name stocks, bonds, etc.

Step 4: Choose EZTracker Model Portfolios

Let’s say you choose the following SAMPLE portfolio and you have $100,000 in your account. Use
a spreadsheet or a calculator to take calculate the amount allocated to each ETF position.

SAMPLE PORTFOLIO Moderate $ Allocation

SPDR S&P 500 ETF Trust SPY 20.0% $20,000

SAMPLE
iShares Core U.S. Aggregate Bond
Dan’s Mid ETF
Life Crisis ETF
AGG
DAN
30.0%
15.0%
$30,000
$15,000
Roger’s Top Golf Courses ETF ROG 15.0% $15,000
Joe’s Hole-in-One ETF JOE 20.0% $20,000
100.0% $100,000

Step 5: Allocate funds accordingly

So in the SAMPLE above, where you have a balance of $100,000, You would need to purchase
$20,000 worth of SPY. The general directions (May depend on which brokerage firm you choose)
should look like this:
1) Trade stocks or ETF’s
2) Symbol = SPY
3) Action = Buy
4) Quantity = X (Use calculator to enter $20,000 amount and it will calculate the number of shares)
5) Order Type = Market Order (or if you choose you can put a Limit order in)
6) Timing = Day Only (or if you choose a Limit order: Good Until Cancelled, Fill or Kill, or
Immediate or Cancel)
7) Check off the box for “Reinvest Dividends”
8) Review Order
9) Place Order
10) Repeat for the next ETF in your portfolio

7
 February 2023 Newsletter

Your ETF Portfolio

The EZTracker ETF newsletter is designed to help you manage investments outside of your 401k, such as an
IRA, HSA, or through the brokerage link in your 401k. We use the same methodology that we use  for the
401k newsletter but we use ETFs rather than mutual funds.  ETFs provide the same wide range of investment
alternatives that you find in mutual funds but with better liquidity and lower management costs. Subscribers
should evaluate their risk willingness and comfort. This is especially important for portfolios that represent a
significant part of your total investments.

Brokerage Price War = No Commissions!

October, 2019 was a great month for all retail investors as most all major brokerage houses cut equity trade
commissions to ZERO. By eliminating commissions on all stock and ETF transactions, brokers have eliminated the
benefit of offering no-transaction-fee ETFS to their customers, and they have also eliminated the fees that the
fund providers had been paying them. Consider AmeriTrade, Schwab, Fidelity, E*Trade, Ally Invest, Vanguard
(+1800 commission-free ETFs), or Interactive Brokers ($0.005 per share with $1 minimum). Some discount
brokers (AmeriTrade, Vanguard and Schwab are three) also have retail locations you can visit for in-person service.
Once your account is open, make sure you understand how to place orders. Purchase ETFs in the same way you
would purchase any stock: determine the dollar amount you want to invest in the specific ETF and divide it by the
current share price to determine roughly how many shares you want to buy. Purchase ETFs using either a market
or a limit order.

Due to the above changes, EZTrackerETF has fully consolidated the separate ETF portfolios
for Schwab, Ameritrade, Vanguard, and Fidelity into one portfolio with three allocation
options: Aggressive, Moderate, and Conservative.

ETF Information
Morningstar has an excellent ETF Center with several educational resources. Another excellent resource is ETF
Database (ETFdb.com) which provides news, commentary, and a screener.

Starting Your ETF Portfolio: Two Different Strategies.

• Jump In: Buy all positions in the ETF portfolio as soon as you get your EZTrackerETF Newsletter. This
strategy gets you totally invested.
• Wade In: Add your investment dollars over a six-month time or longer time period. With commissions now
at zero, either divide up your money into the allocations you are following (dollar cost average), or focus on the
core positions for the current month and over time, buy the other ETF’s.

Managing Your Portfolio

As one ETF drops from the portfolio, replace it with the new ETF. Some months may have no changes and
some months may have several changes. You do not need to REBALANCE your portfolio—only UPGRADE by
buying the new ETFs with the proceeds of the ETFs you sell off.

8
 February 2023 Newsletter

ETF Basics
Exchange Traded Funds (ETFs) are like mutual funds -- baskets of securities that offer diversified exposure. They are designed to mirror the
performance of a market index. Because ETFs are composed of multiple holdings, they offer investors an easy way to diversify with a single
purchase. But unlike mutual funds, ETFs can be bought and sold throughout the trading day like stocks. They can be purchased on margin,
sold short, or limit and stop loss orders can be used. The major advantages of ETFs over mutual funds are improved liquidity, lower costs and
NO trading restrictions. EZTracker introduced the Aggressive ETF model portfolio in 2004 and expanded coverage with Moderate ETF in
2011 and Conservative ETF portfolios in 2020.

ETF information is widely available. We encourage you do some investigation on your own. You should never invest in anything you don’t
understand or that makes you uncomfortable with the degree of risk involved. Any brokerage firm will have information on their website.
Please let us know if you have specific questions about ETFs. E-mail us at contact@eztracker401k.com

Stop-Loss Orders
Stop-loss orders allow investors to minimize losses in individual equities. The advantage of a stop order is that you don't have to monitor daily how an ETF
is performing-- especially handy when you are unable to monitor your investments for an extended period.

The disadvantage is that the stop price could be activated by a short-term fl uctuation in price. The key is picking a stop-loss percentage that allows for day-to-
day fl uctuation while preventing as much risk as possible. Setting a 5% stop loss on an investment with a history of fl uctuating 10% or more in a week is not the
best strategy; you'll most likely just lose money on the commissions generated from the execution of your stop-loss orders. There are no fi xed rules for the
level at which stops should be placed. This totally depends on your individual investing style. Keep in mind that once your stop price is reached, your stop-
order becomes a market order --and the actual sell price may be much different from the stop price. This is especially true in a fast-moving market where stock
prices can change rapidly.

Stop-loss orders are traditionally thought of as a way to prevent losses. Another use of this tool, though, is to lock in profits, sometimes referred to as a "trailing
stop". Here, the stop-loss order is set at a percentage level below not the price at which you bought it, but the current market price. The price of the stop-loss
adjusts as the stock price fluctuates. Remember, if a stock goes up, what you have is an unrealized gain, which means you don't have the cash in hand until you
sell. Using a trailing stop allows you to let profits run while at the same time guaranteeing at least some realized gain. 

Managing Risk
We receive numerous e-mails and phone calls asking advice about individual portfolios. EZTracker is not an investment advisor. We are publishers of financial
information. As publishers, we update our portfolios monthly and encourage subscribers to make corresponding changes as soon as they receive the new
monthly issue. Any decision to move out of the market should be based on your individual investment goals, comfort and assessment of the market.

How to Use This Newsletter

These portfolios, like all investments, involve risk and are for the investor willing and able to assume this risk. The model portfolios in each newsletter identify
the top performing ETFs. By upgrading your portfolio each month to the best performing alternatives and following market trends, you significantly increase
the likelihood of superior performance. Unlike buy-and-hold approaches, EZTracker portfolios respond to changing market conditions. By continually
upgrading to new market leaders, you can participate in a broad range of opportunities as they develop. There are many ways to use the data and information
in the EZTracker Newsletter. Most subscribers use one of the following approaches in following EZTrackerETF Newsletter:
• They select the model portfolio which best represents their investment style and risk tolerance and adjust their holdings by following the model
portfolio.
• They identify some current holdings as fixed portions of their investment plans and use one of the model portfolios for the balance.
• They select the model portfolio which best represents their investment style and risk tolerance and then use their own market analysis to adjust the
portfolios – expanding or shortening the list of holdings in the model portfolios.
• They limit their exposure to any one industry group or the extent of international exposure in their portfolio.
• They combine elements of each model portfolio and construct their own portfolio using the data in the newsletter

Why Do We Use ETFs in our Portfolios And should they be a Part of Your Portfolio?
ETF's offer advantages, particularly over mutual funds:
• Lower costs - ETFs generally have lower costs than other investment products because most ETFs are not actively managed and because ETFs are
insulated from the costs of having to buy and sell securities to accommodate shareholder purchases and redemptions.
• Buying and selling flexibility - ETFs can be bought and sold at current market prices at any time during the trading day, unlike mutual funds and unit
investment trusts, which can only be traded at the end of the trading day.
• Tax efficiency - ETFs generally generate relatively low capital gains, because they typically have low turnover of their portfolio securities.
• Market exposure and diversification - ETFs provide an economical way to rebalance portfolio. An index ETF inherently provides diversification across an
entire index. ETFs offer exposure to a diverse variety of markets, including broad-based indexes, broad-based international and country-specific
indexes, industry sector-specific indexes, bond indexes, and commodities. At EZTracker we have selected over 300 ETFs for analysis and evaluation to
construct our portfolios. We including only those ETFs which have sufficient liquidity to provide good market liquidity.
• Transparency - ETFs, whether index funds or actively managed, have transparent portfolios and with pricing continually updated throughout the trading
day.

9
 Best of | Part I February 2023 Newsletter
The EZTrackerETF Portfolio is constructed with top performing ETF’s from a wide range: Bonds, Index Funds, Large, Mid and Small
Caps, Sector Funds, Int’l Funds and Emerging Markets. The “Best Of” list - with the top 2-5 ETFs per sector - is as follows:
EZT AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)
YINN Direxion Daily FTSE China Bull 3X Shares 42.98% 207.87% -8.08% -53.89% 57.32% 103.03% 96 2,223 1.42
NRGU MicroSectors US Big Oil Index 3X 12.93% -5.31% 57.42% 112.22% 15.90% 96.69% 57 103 0.95
ERX Direxion Daily Energy Bull 2X Shares 6.23% 3.99% 43.63% 77.50% 7.81% 71.65% 103 1,505 0.95
NUGT Direxion Daily Gold Miners Index Bull 2X 17.45% 64.70% 48.12% 0.20% 25.56% 71.17% 108 3,192 1.14
KWEB KraneShares CSI China Internet ETF 14.00% 80.69% 17.55% 6.54% 18.64% 64.79% 624 21,990 0.69
OIH VanEck Oil Services ETF 7.28% 12.57% 42.66% 45.49% 7.20% 58.91% 255 840 0.35
XME SPDR S&P Metals & Mining ETF 11.52% 17.13% 23.70% 41.56% 14.64% 51.23% 191 3,689 0.35
EWW iShares MSCI Mexico ETF 12.89% 20.26% 29.60% 27.30% 17.39% 49.12% 111 2,084 0.50
SVXY ProShares Short VIX Short-Term Futures ETF 12.73% 26.54% 25.93% 24.38% 11.81% 48.86% 108 1,871 1.15
GDX VanEck Gold Miners ETF/USA 9.16% 32.42% 28.74% 10.74% 12.74% 44.21% 763 26,572 0.51
XLE Energy Select Sector SPDR Fund 3.68% 3.63% 24.66% 44.19% 4.30% 41.54% 1,920 21,607 0.10
MCHI iShares MSCI China ETF 15.37% 52.30% 9.66% -4.53% 18.04% 39.71% 294 6,247 0.58
EUFN iShares MSCI Europe Financials ETF 12.44% 30.19% 28.10% 0.71% 12.95% 38.96% 13 747 0.49
CQQQ Invesco China Technology ETF 14.67% 55.58% 8.51% -9.38% 17.42% 37.84% 11 260 0.70
FEZ SPDR EURO STOXX 50 ETF 11.55% 27.26% 23.46% 0.89% 12.27% 34.46% 103 2,648 0.29
EZU iShares MSCI Eurozone ETF 11.63% 25.86% 19.58% -1.91% 12.12% 30.09% 124 3,100 0.52
TTT ProShares UltraPro Short 20+ Year Treasury -17.98% -28.07% 15.77% 84.46% -19.42% 29.55% 11 154 0.95
TMV Direxion Daily 20 Year Plus Treasury Bear 3x -17.94% -28.04% 15.87% 84.04% -19.41% 29.42% 54 429 1.00
JETS US Global Jets ETF 19.34% 16.07% 16.13% -0.39% 18.85% 27.90% 65 3,551 0.60
GUNR FlexShares Global Upstream Natural 4.58% 11.34% 18.01% 16.86% 6.10% 27.70% 41 942 0.46
IYM iShares U.S. Basic Materials ETF 8.60% 16.07% 15.65% 8.97% 10.09% 26.89% 9 74 0.39
SPHB Invesco S&P 500 High Beta ETF 17.56% 18.04% 10.85% 2.26% 16.01% 26.57% 25 376 0.25
SMH VanEck Semiconductor ETF 19.74% 30.34% 4.16% -5.71% 17.91% 26.47% 841 3,936 0.35
ITB iShares U.S. Home Construction ETF 11.03% 22.17% 13.28% 1.51% 11.64% 26.18% 132 2,170 0.39
EFV iShares MSCI EAFE Value ETF 7.61% 21.63% 15.03% 1.26% 8.24% 24.83% 168 3,707 0.34
RPV Invesco Exchange-Traded Fund Trust - 10.68% 11.85% 12.99% 9.12% 10.57% 24.35% 42 525 0.35
IJJ iShares S&P Mid-Cap 400 Value ETF 10.00% 12.96% 11.55% 9.56% 9.78% 24.04% 65 635 0.18
AAXJ iShares MSCI All Country Asia ex Japan ETF 10.75% 30.89% 7.55% -5.99% 12.41% 23.57% 68 1,037 0.69
ITA iShares US Aerospace & Defense ETF 2.26% 8.74% 14.86% 16.27% 1.65% 22.98% 69 622 0.39
SOXX iShares Semiconductor ETF 18.83% 27.11% 2.80% -7.75% 16.99% 22.35% 409 1,117 0.35
EFA iShares MSCI EAFE ETF 8.50% 21.26% 11.46% -1.31% 9.08% 21.78% 1,482 22,494 0.33
ONLN Proshares Online Retail ETF 29.61% 25.46% 5.28% -21.37% 28.92% 21.26% 2 69 0.58
IEFA iShares Core MSCI EAFE ETF 8.43% 21.16% 11.00% -1.86% 8.97% 21.13% 822 13,273 0.07
IBB iShares Biotechnology ETF 6.16% 9.97% 10.91% 11.32% 4.52% 20.92% 234 1,758 0.44
SCHF Schwab International Equity ETF 8.48% 20.41% 10.54% -1.64% 9.22% 20.61% 163 5,074 0.06
XBI SPDR S&P Biotech ETF 13.81% 10.48% 7.18% 4.54% 7.70% 19.64% 815 9,844 0.35
EEM iShares MSCI Emerging Markets ETF 10.27% 24.47% 7.40% -7.96% 11.61% 18.64% 1,658 43,018 0.69
ESGE iShares Inc iShares ESG Aware MSCI EM ETF 10.98% 25.36% 6.96% -10.04% 12.24% 18.15% 45 1,461 0.25
SPYV SPDR Portfolio S&P 500 Value ETF 6.75% 10.35% 9.49% 5.18% 6.48% 17.33% 145 3,675 0.04
IVE iShares S&P 500 Value ETF 6.77% 10.24% 9.46% 5.04% 6.47% 17.19% 159 1,081 0.18
IJS iShares S&P Small-Cap 600 Value ETF 10.19% 9.15% 7.08% 5.01% 10.03% 17.15% 35 374 0.18
XHB SPDR S&P Homebuilders ETF 10.70% 16.17% 8.88% -4.33% 11.32% 17.14% 170 2,778 0.35
IJH iShares Core S&P Mid-Cap ETF 7.70% 9.99% 8.20% 5.35% 7.90% 17.04% 290 1,172 0.05
SPMD SPDR Portfolio S&P 400 Mid Cap ETF 7.68% 10.08% 8.16% 5.29% 7.93% 17.02% 29 670 0.05
MDY SPDR S&P MidCap 400 ETF Trust 7.62% 9.94% 8.05% 5.14% 7.87% 16.78% 312 687 0.22
VIS Vanguard Industrials ETF 4.24% 9.97% 11.41% 4.53% 4.62% 16.45% 17 91 0.10
XRT SPDR S&P Retail ETF 15.21% 11.51% 12.77% -9.77% 13.78% 16.21% 294 4,604 0.35
VBR Vanguard Small-Cap Value ETF 7.15% 9.08% 7.96% 5.34% 7.61% 16.11% 93 570 0.07
XLI Industrial Select Sector SPDR Fund 2.48% 9.90% 11.24% 3.91% 2.98% 15.02% 1,024 10,345 0.10
IGF iShares Global Infrastructure ETF 4.10% 12.58% 3.17% 7.39% 5.76% 14.86% 28 595 0.40
VB Vanguard Small-Cap ETF 9.22% 8.90% 6.36% 2.04% 8.92% 14.47% 139 738 0.05
VOE Vanguard Mid-Cap Value ETF 5.87% 10.13% 7.06% 3.38% 6.42% 14.42% 69 498 0.07
SCHA Schwab US Small-Cap ETF 9.96% 8.67% 6.13% 1.06% 9.33% 14.08% 44 1,048 0.04
RSP Invesco S&P 500 Equal Weight ETF 6.66% 10.26% 6.89% 1.90% 6.76% 14.03% 461 3,203 0.20
IYG iShares U.S. Financial Services ETF 10.32% 10.47% 10.10% -5.63% 9.21% 13.78% 8 46 0.39
SPYD SPDR Portfolio S&P 500 High Dividend ETF 5.18% 10.17% 5.40% 4.31% 5.68% 13.67% 73 1,826 0.07
DVY iShares Select Dividend ETF 2.38% 8.28% 6.33% 5.84% 3.36% 12.45% 96 791 0.38
VBK Vanguard Small-Cap Growth ETF 12.32% 8.81% 4.18% -2.57% 10.97% 12.40% 66 317 0.07
RRH Advocate Rising Rate Hedge ETF -9.80% -12.32% 15.54% 29.09% -10.07% 12.28% 2 62 0.85
EMLC VanEck J. P. Morgan EM Local Currency 5.23% 12.79% 8.48% -5.74% 4.66% 11.33% 32 1,324 0.30
10
 Best of | Part II February 2023 Newsletter
AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD EZT Avg Expense
(MM) Volume (K)
IWO iShares Russell 2000 Growth ETF 10.34% 6.21% 4.89% -0.68% 9.15% 11.32% 126 568 0.23
IWP iShares Russell Mid-Cap Growth ETF 8.76% 8.73% 5.49% -2.52% 8.17% 11.16% 94 1,096 0.23
FPE First Trust Preferred Securities and Income 7.81% 10.96% 3.92% -4.00% 7.38% 10.19% 54 3,145 0.85
VYM Vanguard High Dividend Yield ETF 1.52% 6.31% 6.98% 3.82% 1.89% 10.16% 233 2,132 0.06
PGX Invesco Preferred ETF 10.96% 12.33% 0.34% -6.38% 11.81% 9.41% 76 6,466 0.52
PFF iShares Preferred & Income Securities ETF 9.26% 11.12% 1.03% -4.46% 9.37% 9.25% 141 4,475 0.45
PCY Invesco Emerging Markets Sovereign Debt 6.58% 17.65% 8.09% -15.44% 6.27% 9.21% 23 1,210 0.50
DIA SPDR Dow Jones Industrial Average ETF 2.26% 6.52% 6.56% 1.39% 2.50% 9.13% 1,416 4,237 0.16
QUAL iShares MSCI USA Quality Factor ETF 6.72% 10.14% 3.38% -4.39% 6.84% 8.64% 119 1,029 0.15
SCHD Schwab US Dividend Equity ETF 0.67% 6.27% 6.04% 2.55% 1.09% 8.48% 259 3,398 0.06
VIG Vanguard Dividend Appreciation ETF 2.00% 7.01% 4.47% 0.37% 2.27% 7.55% 279 1,824 0.06
ITOT iShares Core S&P Total US Stock Market 7.10% 7.45% 2.46% -4.36% 6.70% 6.90% 170 1,957 0.03
SCHB Schwab US Broad Market ETF 7.03% 7.45% 2.45% -4.33% 6.65% 6.88% 66 1,453 0.03
VTI Vanguard Total Stock Market ETF 6.99% 7.38% 2.47% -4.36% 6.67% 6.80% 816 4,181 0.03
IWV iShares Russell 3000 ETF 6.93% 7.23% 2.36% -4.40% 6.55% 6.61% 72 321 0.20
IWB iShares Russell 1000 ETF 6.81% 7.32% 2.27% -4.63% 6.43% 6.42% 236 1,099 0.15
SPLG SPDR Portfolio S&P 500 ETF 6.42% 7.30% 2.11% -4.36% 6.09% 6.26% 176 3,823 0.03
IVV iShares Core S&P 500 ETF 6.41% 7.29% 2.09% -4.38% 6.10% 6.22% 1,761 4,492 0.03
VOO Vanguard S&P 500 ETF 6.39% 7.28% 2.06% -4.41% 6.13% 6.18% 1,465 4,082 0.03
SPY SPDR S&P 500 ETF Trust 6.37% 7.26% 2.05% -4.40% 6.08% 6.15% 32,116 82,150 0.09
SCHX Schwab US Large-Cap ETF 6.76% 7.30% 2.05% -4.89% 6.38% 6.12% 100 2,177 0.03
VV Vanguard Large-Cap ETF 6.63% 7.13% 1.94% -5.22% 6.30% 5.72% 65 366 0.04
SJNK SPDR Bloomberg Short Term High Yield 3.14% 4.10% 3.54% -1.13% 2.97% 5.26% 132 5,398 0.40
XLC Communication Services Select Sector 16.72% 15.91% -2.54% -20.60% 15.21% 5.18% 303 6,127 0.10
PZA Invesco National AMT-Free Municipal Bond 4.11% 10.87% 0.81% -6.87% 4.18% 4.87% 29 1,236 0.28
SHYG iShares 0-5 Year High Yield Corporate 2.69% 3.52% 3.14% -0.72% 2.52% 4.71% 130 3,140 0.30
ICVT iShares Convertible Bond ETF 5.95% 5.31% 3.81% -6.61% 5.89% 4.61% 31 431 0.20
FLOT iShares Floating Rate Bond ETF 0.92% 2.09% 2.87% 2.05% 0.72% 4.32% 87 1,736 0.15
FLRN SPDR Bloomberg Investment Grade 0.79% 2.01% 2.82% 2.04% 0.72% 4.18% 28 918 0.15
VPU Vanguard Utilities ETF -3.07% 5.86% -0.93% 5.75% -1.88% 4.15% 29 190 0.10
VTEB Vanguard Tax-Exempt Bond Index ETF 2.61% 7.27% 1.12% -3.56% 2.57% 4.06% 340 6,911 0.05
USMV iShares MSCI USA Min Vol Factor ETF 0.28% 4.66% 1.41% 0.67% 0.83% 3.82% 220 3,040 0.15
XLV Health Care Select Sector SPDR Fund -2.13% 2.07% 1.47% 5.51% -2.20% 3.77% 1,006 7,448 0.10
VOX Vanguard Communication Services ETF 16.61% 13.84% -3.00% -20.79% 15.17% 3.63% 30 353 0.10
JPST JPMorgan Ultra-Short Income ETF 0.50% 1.43% 1.86% 1.64% 0.40% 2.96% 285 5,679 0.18
NEAR BlackRock Short Maturity Bond ETF 0.69% 1.69% 1.92% 1.12% 0.59% 2.95% 43 873 0.25
VNLA Janus Henderson Short Duration Income 0.74% 1.80% 1.73% 0.76% 0.70% 2.74% 19 396 0.26
FTSM First Trust Enhanced Short Maturity ETF 0.49% 1.26% 1.66% 1.45% 0.39% 2.65% 96 1,620 0.25
BIL SPDR Bloomberg 1-3 Month T-Bill ETF 0.34% 0.94% 1.54% 1.66% 0.27% 2.44% 626 6,844 0.14
SHV iShares Short Treasury Bond ETF 0.37% 1.01% 1.39% 1.33% 0.31% 2.24% 402 3,658 0.15
VUG Vanguard Growth ETF 11.62% 7.67% -2.66% -12.72% 10.62% 2.13% 347 1,566 0.04
LMBS First Trust Low Duration Opportunities ETF 1.42% 3.02% 0.40% -1.26% 1.33% 1.95% 37 773 0.65
SCHG Schwab U.S. Large-Cap Growth ETF 11.22% 6.74% -2.86% -11.65% 10.12% 1.88% 80 1,399 0.04
VONG Vanguard Russell 1000 Growth ETF 8.98% 6.18% -1.47% -10.51% 8.29% 1.74% 86 1,507 0.08
IWF iShares Russell 1000 Growth ETF 8.98% 6.11% -1.43% -10.60% 8.38% 1.67% 599 2,709 0.18
MGK Vanguard Mega Cap Growth ETF 12.14% 7.51% -3.41% -13.71% 11.05% 1.38% 71 395 0.07
VDC Vanguard Consumer Staples ETF -2.65% 2.86% 0.85% 0.60% -1.38% 0.91% 28 147 0.10
VMBS Vanguard Mortgage-Backed Securities ETF 3.39% 6.28% -1.88% -6.97% 3.73% 0.45% 91 1,988 0.04
VGSH Vanguard Short-Term Treasury ETF 0.62% 1.23% -0.41% -2.46% 0.69% -0.55% 203 3,509 0.04
SCHO Schwab Short-Term U.S. Treasury ETF 0.64% 1.25% -0.42% -2.50% 0.68% -0.57% 132 2,716 0.03
XLP Consumer Staples Select Sector SPDR -3.55% 2.49% -0.05% -0.09% -2.27% -0.65% 728 9,806 0.10
STIP iShares 0-5 Year TIPS Bond ETF 0.82% 0.79% -1.68% -1.14% 0.89% -0.66% 162 1,662 0.03
VTIP Vanguard Short-Term Inflation-Protected 0.83% 0.78% -1.66% -1.18% 0.86% -0.67% 162 3,402 0.04
MTUM iShares MSCI USA Momentum Factor ETF -1.59% 0.09% 4.23% -5.94% -0.95% -1.75% 95 649 0.15
IUSG iShares Core S&P U.S. Growth ETF 5.90% 4.41% -4.71% -12.79% 5.69% -3.92% 93 1,112 0.04
SPYG SPDR Portfolio S&P 500 Growth ETF 6.08% 4.24% -5.33% -13.49% 5.76% -4.64% 133 2,538 0.04
VOOG Vanguard S&P 500 Growth ETF 6.05% 4.23% -5.34% -13.56% 5.76% -4.70% 35 163 0.10
IVW iShares S&P 500 Growth ETF 5.98% 4.14% -5.40% -13.62% 5.71% -4.85% 151 2,521 0.18
PSQ ProShares Short QQQ -10.83% -8.42% 1.57% 6.02% -9.92% -6.36% 270 19,051 0.95
SH ProShares Short S&P500 -5.55% -6.12% -1.76% 1.66% -5.43% -6.42% 482 30,634 0.89
11
 All ETFs Organized by Sector February 2023 Newsletter
AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD EZT Avg Expense
(MM) Volume (K)
US Large Cap - Blend
RSP Invesco S&P 500 Equal Weight ETF 6.66% 10.26% 6.89% 1.90% 6.76% 14.03% 461 3,203 0.20
DIA SPDR Dow Jones Industrial Average ETF 2.26% 6.52% 6.56% 1.39% 2.50% 9.13% 1,416 4,237 0.16
QUAL iShares MSCI USA Quality Factor ETF 6.72% 10.14% 3.38% -4.39% 6.84% 8.64% 119 1,029 0.15
SCHD Schwab US Dividend Equity ETF 0.67% 6.27% 6.04% 2.55% 1.09% 8.48% 259 3,398 0.06
ITOT iShares Core S&P Total US Stock Market 7.10% 7.45% 2.46% -4.36% 6.70% 6.90% 170 1,957 0.03
SCHB Schwab US Broad Market ETF 7.03% 7.45% 2.45% -4.33% 6.65% 6.88% 66 1,453 0.03
VTI Vanguard Total Stock Market ETF 6.99% 7.38% 2.47% -4.36% 6.67% 6.80% 816 4,181 0.03
IWV iShares Russell 3000 ETF 6.93% 7.23% 2.36% -4.40% 6.55% 6.61% 72 321 0.20
IWB iShares Russell 1000 ETF 6.81% 7.32% 2.27% -4.63% 6.43% 6.42% 236 1,099 0.15
SPLG SPDR Portfolio S&P 500 ETF 6.42% 7.30% 2.11% -4.36% 6.09% 6.26% 176 3,823 0.03
IVV iShares Core S&P 500 ETF 6.41% 7.29% 2.09% -4.38% 6.10% 6.22% 1,761 4,492 0.03
VOO Vanguard S&P 500 ETF 6.39% 7.28% 2.06% -4.41% 6.13% 6.18% 1,465 4,082 0.03
SPY SPDR S&P 500 ETF Trust 6.37% 7.26% 2.05% -4.40% 6.08% 6.15% 32,116 82,150 0.09
SCHX Schwab US Large-Cap ETF 6.76% 7.30% 2.05% -4.89% 6.38% 6.12% 100 2,177 0.03
VV Vanguard Large-Cap ETF 6.63% 7.13% 1.94% -5.22% 6.30% 5.72% 65 366 0.04
USMV iShares MSCI USA Min Vol Factor ETF 0.28% 4.66% 1.41% 0.67% 0.83% 3.82% 220 3,040 0.15
US Large Cap - Growth
SPHB Invesco S&P 500 High Beta ETF 17.56% 18.04% 10.85% 2.26% 16.01% 26.57% 25 376 0.25
VIG Vanguard Dividend Appreciation ETF 2.00% 7.01% 4.47% 0.37% 2.27% 7.55% 279 1,824 0.06
VUG Vanguard Growth ETF 11.62% 7.67% -2.66% -12.72% 10.62% 2.13% 347 1,566 0.04
SCHG Schwab U.S. Large-Cap Growth ETF 11.22% 6.74% -2.86% -11.65% 10.12% 1.88% 80 1,399 0.04
VONG Vanguard Russell 1000 Growth ETF 8.98% 6.18% -1.47% -10.51% 8.29% 1.74% 86 1,507 0.08
IWF iShares Russell 1000 Growth ETF 8.98% 6.11% -1.43% -10.60% 8.38% 1.67% 599 2,709 0.18
MGK Vanguard Mega Cap Growth ETF 12.14% 7.51% -3.41% -13.71% 11.05% 1.38% 71 395 0.07
MTUM iShares MSCI USA Momentum Factor ETF -1.59% 0.09% 4.23% -5.94% -0.95% -1.75% 95 649 0.15
IUSG iShares Core S&P U.S. Growth ETF 5.90% 4.41% -4.71% -12.79% 5.69% -3.92% 93 1,112 0.04
SPYG SPDR Portfolio S&P 500 Growth ETF 6.08% 4.24% -5.33% -13.49% 5.76% -4.64% 133 2,538 0.04
VOOG Vanguard S&P 500 Growth ETF 6.05% 4.23% -5.34% -13.56% 5.76% -4.70% 35 163 0.10
IVW iShares S&P 500 Growth ETF 5.98% 4.14% -5.40% -13.62% 5.71% -4.85% 151 2,521 0.18
US Large Cap - Value
RPV Invesco Exchange-Traded Fund Trust - 10.68% 11.85% 12.99% 9.12% 10.57% 24.35% 42 525 0.35
SPYV SPDR Portfolio S&P 500 Value ETF 6.75% 10.35% 9.49% 5.18% 6.48% 17.33% 145 3,675 0.04
IVE iShares S&P 500 Value ETF 6.77% 10.24% 9.46% 5.04% 6.47% 17.19% 159 1,081 0.18
SPYD SPDR Portfolio S&P 500 High Dividend ETF 5.18% 10.17% 5.40% 4.31% 5.68% 13.67% 73 1,826 0.07
DVY iShares Select Dividend ETF 2.38% 8.28% 6.33% 5.84% 3.36% 12.45% 96 791 0.38
IWD iShares Russell 1000 Value ETF 4.77% 8.48% 6.07% 1.54% 4.72% 11.38% 481 3,135 0.18
VTV Vanguard Value ETF 2.12% 6.51% 6.86% 3.36% 2.27% 10.29% 422 2,987 0.04
SCHV Schwab U.S. Large-Cap Value ETF 3.39% 7.84% 6.39% 1.08% 3.60% 10.20% 32 481 0.04
SDY SPDR S&P Dividend ETF 1.40% 6.50% 4.69% 6.07% 2.21% 10.18% 76 599 0.35
VYM Vanguard High Dividend Yield ETF 1.52% 6.31% 6.98% 3.82% 1.89% 10.16% 233 2,132 0.06
VLUE iShares MSCI USA Value Factor ETF 6.49% 7.72% 4.36% -4.14% 6.57% 7.86% 48 513 0.15
NOBL ProShares S&P 500 Dividend Aristocrats 0.97% 6.49% 4.17% 1.34% 1.93% 7.07% 44 479 0.35
DGRO iShares Core Dividend Growth ETF 2.04% 7.05% 3.90% -0.29% 2.20% 6.92% 115 2,288 0.08
FTCS First Trust Capital Strength ETF -0.15% 3.95% 4.62% -0.62% 0.11% 4.25% 32 424 0.56
SPLV Invesco S&P 500 Low Volatility ETF -1.83% 5.12% 1.60% 1.44% -1.00% 3.46% 120 1,886 0.25
US Mid Cap - Blend
IJH iShares Core S&P Mid-Cap ETF 7.70% 9.99% 8.20% 5.35% 7.90% 17.04% 290 1,172 0.05
MDY SPDR S&P MidCap 400 ETF Trust 7.62% 9.94% 8.05% 5.14% 7.87% 16.78% 312 687 0.22
SCHM Schwab U.S. Mid-Cap ETF 8.55% 10.47% 6.98% 1.41% 8.60% 14.95% 31 467 0.04
IWR iShares Russell Mid-Cap ETF 7.62% 9.55% 5.98% 0.29% 7.58% 12.79% 116 1,687 0.18
VO Vanguard Mid-Cap ETF 7.51% 9.80% 5.33% -0.61% 7.49% 12.02% 143 684 0.04

12
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter
AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD EZT Avg Expense
(MM) Volume (K)
US Mid Cap - Growth
SPMD SPDR Portfolio S&P 400 Mid Cap ETF 7.68% 10.08% 8.16% 5.29% 7.93% 17.02% 29 670 0.05
IWP iShares Russell Mid-Cap Growth ETF 8.76% 8.73% 5.49% -2.52% 8.17% 11.16% 94 1,096 0.23
VXF Vanguard Extended Market ETF 10.82% 8.00% 4.46% -4.41% 9.95% 10.29% 59 433 0.06
IJK iShares S&P Mid-Cap 400 Growth ETF 5.34% 7.06% 4.72% 0.90% 5.99% 9.83% 23 329 0.17
MDYG SPDR S&P 400 Mid CapGrowth ETF 5.28% 6.93% 4.64% 0.79% 5.88% 9.63% 22 329 0.15
VOT Vanguard Mid-Cap Growth ETF 9.41% 9.35% 3.35% -4.98% 8.69% 9.34% 36 196 0.07
US Mid Cap - Value
IJJ iShares S&P Mid-Cap 400 Value ETF 10.00% 12.96% 11.55% 9.56% 9.78% 24.04% 65 635 0.18
VOE Vanguard Mid-Cap Value ETF 5.87% 10.13% 7.06% 3.38% 6.42% 14.42% 69 498 0.07
IWS iShares Russell Mid-Cap Value ETF 7.01% 10.04% 6.25% 1.64% 7.24% 13.61% 69 642 0.23
US Small Cap - Blend
VB Vanguard Small-Cap ETF 9.22% 8.90% 6.36% 2.04% 8.92% 14.47% 139 738 0.05
SCHA Schwab US Small-Cap ETF 9.96% 8.67% 6.13% 1.06% 9.33% 14.08% 44 1,048 0.04
VTWO Vanguard Russell 2000 ETF 9.37% 6.37% 4.49% 0.53% 8.70% 11.32% 101 1,377 0.10
IWM iShares Russell 2000 ETF 9.44% 6.34% 4.38% 0.43% 8.73% 11.23% 4,262 23,539 0.19
IJR iShares Core S&P Small-Cap ETF 7.80% 6.99% 3.79% 1.31% 8.01% 10.85% 388 3,966 0.06
US Small Cap - Growth
VBK Vanguard Small-Cap Growth ETF 12.32% 8.81% 4.18% -2.57% 10.97% 12.40% 66 317 0.07
IWO iShares Russell 2000 Growth ETF 10.34% 6.21% 4.89% -0.68% 9.15% 11.32% 126 568 0.23
IJT iShares S&P Small-Cap 600 Growth ETF 5.57% 5.21% 0.39% -2.70% 6.16% 4.62% 25 230 0.18
US Small Cap - Value
IJS iShares S&P Small-Cap 600 Value ETF 10.19% 9.15% 7.08% 5.01% 10.03% 17.15% 35 374 0.18
VBR Vanguard Small-Cap Value ETF 7.15% 9.08% 7.96% 5.34% 7.61% 16.11% 93 570 0.07
IWN iShares Russell 2000 Value ETF 8.51% 6.42% 3.71% 1.25% 8.18% 10.85% 176 1,222 0.23
Long US Equity (Leveraged)

YINN Direxion Daily FTSE China Bull 3X Shares 42.98% 207.87% -8.08% -53.89% 57.32% 103.03% 96 2,223 1.42

MicroSectors US Big Oil Index 3X

NRGU 12.93% -5.31% 57.42% 112.22% 15.90% 96.69% 57 103 0.95
Leveraged ETN
ERX Direxion Daily Energy Bull 2X Shares 6.23% 3.99% 43.63% 77.50% 7.81% 71.65% 103 1,505 0.95
NUGT Direxion Daily Gold Miners Index Bull 2X 17.45% 64.70% 48.12% 0.20% 25.56% 71.17% 108 3,192 1.14
JNUG Direxion Daily Junior Gold Miners Index 11.89% 61.87% 33.49% -13.31% 21.23% 51.24% 56 1,570 1.06
Direxion Daily Aerospace & Defense Bull
DFEN 5.56% 22.24% 34.99% 26.30% 3.92% 48.60% 8 432 0.96
3X Shares
NAIL Direxion Daily Homebuilders & Supplies 33.63% 66.03% 16.29% -34.56% 36.46% 44.39% 13 415 0.96
AGQ ProShares Ultra Silver -4.62% 42.74% 43.00% -6.02% -3.88% 40.97% 27 987 0.95
SOXL Direxion Daily Semiconductors Bull 3x 61.60% 76.46% -19.46% -58.45% 54.91% 32.81% 1,237 107,419 0.90
Direxion Daily S&P Oil & Gas Exp. & Prod.
GUSH 5.63% -11.84% 9.08% 55.51% 10.12% 31.84% 87 527 1.01
Bull 2X Shares
FNGU MicroSectors FANG+ Index 3X Leveraged 83.40% 54.16% -24.20% -66.91% 68.48% 25.34% 136 2,705 0.95
FAS Direxion Daily Financial Bull 3X Shares 19.56% 23.63% 21.40% -26.85% 17.28% 20.58% 82 1,045 0.95
BRZU Direxion Daily MSCI Brazil Bull 2X Shares 12.70% -1.96% 18.45% -1.30% 12.16% 15.21% 14 192 1.26

UWM ProShares Ultra Russell2000 18.62% 9.43% 2.17% -10.33% 17.24% 10.85% 27 795 0.95

DDM ProShares Ultra Dow30 3.87% 11.06% 8.70% -4.59% 4.59% 10.39% 24 376 0.95
UDOW ProShares UltraPro Dow30 5.31% 14.99% 9.23% -12.98% 6.60% 9.03% 209 3,575 0.95

TNA Direxion Daily Small Cap Bull 3X Shares 28.36% 12.27% -1.50% -24.16% 26.50% 8.17% 346 9,606 1.05

URTY ProShares UltraPro Russell2000 28.12% 11.70% -2.46% -25.08% 26.24% 6.70% 37 870 0.95
LABU Direxion Daily S&P Biotech Bull 3X Shares 41.36% 19.52% -6.48% -43.94% 20.37% 5.71% 420 58,731 0.96
SSO ProShares Ultra S&P500 12.29% 12.16% -1.16% -16.98% 11.86% 3.44% 258 5,542 0.89

SPXL Direxion Daily S&P 500 Bull 3X 18.31% 16.31% -6.01% -31.14% 17.76% -1.38% 938 14,072 0.97

UPRO ProShares UltraPro S&P 500 18.22% 16.01% -6.47% -31.70% 17.64% -2.15% 441 12,532 0.91

QLD ProShares Ultra QQQ 25.06% 14.24% -12.45% -33.79% 22.63% -3.78% 187 4,847 0.95

TECL Direxion Daily Technology Bull 3X Shares 32.41% 21.39% -21.62% -48.74% 29.95% -9.03% 104 4,129 0.94

TQQQ ProShares UltraPro QQQ 38.54% 17.89% -23.68% -54.50% 34.86% -11.86% 4,049 201,153 0.95
UCO ProShares Ultra Bloomberg Crude Oil -0.70% -9.88% -23.65% 7.48% -2.21% -14.59% 67 2,312 0.95
DPST Direxion Daily Regional Banks Bull 3x 11.32% -11.35% -17.89% -48.49% 9.00% -36.22% 8 316 0.92

13
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter
EZT AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)
Short US Equity (Leveraged)
ProShares Short VIX Short-Term Futures
SVXY 12.73% 26.54% 25.93% 24.38% 11.81% 48.86% 108 1,871 1.15
ETF

PSQ ProShares Short QQQ -10.83% -8.42% 1.57% 6.02% -9.92% -6.36% 270 19,051 0.95

SH ProShares Short S&P500 -5.55% -6.12% -1.76% 1.66% -5.43% -6.42% 482 30,634 0.89
DOG ProShares Short Dow30 -1.75% -5.21% -5.34% -2.61% -2.16% -8.13% 31 930 0.95

RWM ProShares Short Russell2000 -8.24% -5.67% -4.85% -5.48% -7.64% -13.22% 61 2,576 0.95

SDS ProShares UltraShort S&P500 -11.27% -13.76% -7.16% -3.47% -10.90% -19.45% 311 6,967 0.75
QID ProShares UltraShort QQQ -21.16% -18.78% -2.51% 0.05% -19.37% -23.13% 220 9,060 0.95
SDOW ProShares UltraPro Short Dow30 -6.14% -17.97% -21.58% -19.13% -7.01% -35.36% 278 10,486 0.95
SPXU ProShares UltraPro Short S&P 500 -16.93% -21.63% -14.55% -13.45% -16.24% -36.31% 442 27,448 0.90
SPXS Direxion Daily S&P 500 Bear 3X Shares -16.96% -21.90% -14.80% -13.86% -16.37% -36.83% 522 24,565 1.01
SQQQ ProShares UltraPro Short QQQ -30.39% -29.42% -10.38% -14.56% -28.07% -46.23% 5,754 117,101 0.95
FAZ Direxion Daily Financial Bear 3X Shares -17.61% -25.00% -34.10% -20.36% -15.82% -52.95% 56 3,008 1.01
TZA Direxion Daily Small Cap Bear 3X Shares -24.13% -21.16% -24.01% -33.54% -22.32% -56.09% 333 10,324 1.00
SRTY ProShares UltraPro Short Russell2000 -24.13% -21.25% -24.51% -34.18% -22.25% -56.77% 52 1,061 0.95
DRIP Direxion Daily S&P Oil & Gas Exp. & Prod. -8.36% -0.71% -33.98% -70.67% -11.32% -62.03% 60 4,537 0.95
VIXY ProShares VIX Short-Term Futures ETF -21.48% -38.76% -41.29% -54.52% -20.04% -85.12% 71 5,905 0.85
VXX iPath Series B S&P 500 VIX Short-Term -21.20% -38.45% -46.97% -53.86% -19.97% -87.54% 90 6,233 0.89
DUST Direxion Daily Gold Miners Index Bear 2X -17.61% -49.49% -52.14% -46.75% -22.68% -90.54% 69 4,497 0.92
JDST Direxion Daily Junior Gold Miners Index -14.17% -50.89% -52.85% -50.77% -20.30% -92.01% 42 4,756 0.90
Direxion Daily S&P Biotech Bear 3X
LABD -33.25% -35.17% -45.06% -73.70% -20.41% -102.10% 206 11,342 1.00
Shares
ProShares Ultra VIX Short-Term Futures
UVXY -30.77% -53.22% -57.11% -73.94% -29.15% -117.30% 260 34,706 1.71
ETF
Global Equity - International
EFV iShares MSCI EAFE Value ETF 7.61% 21.63% 15.03% 1.26% 8.24% 24.83% 168 3,707 0.34
EFA iShares MSCI EAFE ETF 8.50% 21.26% 11.46% -1.31% 9.08% 21.78% 1,482 22,494 0.33
IEFA iShares Core MSCI EAFE ETF 8.43% 21.16% 11.00% -1.86% 8.97% 21.13% 822 13,273 0.07
SCHF Schwab International Equity ETF 8.48% 20.41% 10.54% -1.64% 9.22% 20.61% 163 5,074 0.06
VEA Vanguard FTSE Developed Markets ETF 8.67% 20.24% 10.49% -1.82% 9.27% 20.50% 642 15,224 0.05
SPDW SPDR Portfolio Developed World ex-US 8.74% 20.14% 10.22% -2.25% 9.33% 20.10% 129 4,296 0.04
ACWX iShares MSCI ACWI ex US ETF 8.76% 21.17% 9.68% -3.17% 9.67% 19.87% 124 2,719 0.32

VEU Vanguard FTSE All-World ex-US ETF 8.68% 20.74% 9.58% -3.23% 9.41% 19.51% 238 4,739 0.07

IXUS iShares Core MSCI Total International 8.61% 20.59% 9.43% -3.45% 9.42% 19.19% 151 2,600 0.07
VXUS Vanguard Total International Stock ETF 8.65% 20.45% 9.22% -3.37% 9.28% 19.06% 227 4,383 0.07
EFG iShares MSCI EAFE Growth ETF 9.13% 20.49% 7.94% -4.17% 9.48% 18.21% 100 1,179 0.36
Xtrackers Harvest CSI 300 China A-Shares
ASHR 13.43% 27.83% 1.43% -11.16% 14.24% 17.20% 144 5,079 0.65
ETF
SCZ iShares MSCI EAFE Small-Cap ETF 8.83% 19.81% 8.07% -6.34% 8.64% 16.56% 94 1,685 0.39
VT Vanguard Total World Stock ETF 7.59% 12.46% 5.19% -3.94% 7.73% 11.62% 253 2,881 0.07

ACWI iShares MSCI ACWI ETF 7.46% 12.27% 4.80% -4.54% 7.65% 10.90% 516 5,961 0.32

Region - Developed Asia Pacific

AAXJ iShares MSCI All Country Asia ex Japan 10.75% 30.89% 7.55% -5.99% 12.41% 23.57% 68 1,037 0.69

VPL Vanguard FTSE Pacific ETF 8.23% 21.09% 8.26% -0.70% 8.92% 20.11% 51 780 0.08

Region - Developed Europe

FEZ SPDR EURO STOXX 50 ETF 11.55% 27.26% 23.46% 0.89% 12.27% 34.46% 103 2,648 0.29
EZU iShares MSCI Eurozone ETF 11.63% 25.86% 19.58% -1.91% 12.12% 30.09% 124 3,100 0.52
BBEU JPMorgan BetaBuilders Europe ETF 8.65% 21.76% 13.17% -2.07% 9.07% 22.64% 127 2,536 0.09
IEUR iShares Core MSCI Europe ETF 9.02% 21.90% 13.10% -2.87% 9.39% 22.45% 44 931 0.09
VGK Vanguard FTSE Europe ETF 8.86% 21.99% 13.10% -2.87% 9.45% 22.41% 250 4,480 0.08
HEDJ WisdomTree Europe Hedged Equity Fund 8.74% 14.03% 12.14% 2.27% 9.85% 20.28% 3 46 0.58

14
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter
EZT AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)
Emerging Markets
EEM iShares MSCI Emerging Markets ETF 10.27% 24.47% 7.40% -7.96% 11.61% 18.64% 1,658 43,018 0.69
ESGE iShares Inc iShares ESG Aware MSCI EM 10.98% 25.36% 6.96% -10.04% 12.24% 18.15% 45 1,461 0.25
IEMG ETF
iShares Core MSCI Emerging Markets ETF 9.69% 23.14% 7.26% -7.42% 11.01% 17.83% 825 17,353 0.09
SCHE Schwab Emerging Markets Equity ETF 9.21% 22.87% 6.84% -7.00% 10.73% 17.41% 65 2,736 0.11
VWO Vanguard FTSE Emerging Markets ETF 8.97% 21.65% 6.76% -7.12% 10.03% 16.51% 549 13,936 0.08
SPEM SPDR Portfolio Emerging Markets ETF 8.78% 20.71% 6.68% -7.46% 9.74% 15.66% 89 2,658 0.11
XSOE Wisdomtree Emerging Markets EX-State- 10.12% 23.32% 5.47% -11.48% 12.18% 14.96% 17 607 0.32
EEMV Owned MSCI
iShares Enterprises FundMarkets Min Vol
Emerging 5.01% 11.51% 1.78% -7.00% 5.16% 6.17% 113 2,098 0.25
Factor
RegionETF
- Country Specific
RSX VanEck Russia ETF #VALU #VALU #VALU #VALU 0.00% #VALU 0 0 0.70
EWW iShares MSCI Mexico ETF E! E! E! E!
12.89% 20.26% 29.60% 27.30% 17.39% E!
49.12% 111 2,084 0.50
MCHI iShares MSCI China ETF 15.37% 52.30% 9.66% -4.53% 18.04% 39.71% 294 6,247 0.58
FXI iShares China Large-Cap ETF 14.11% 53.09% 6.65% -6.15% 17.42% 36.93% 1,209 43,553 0.74
EWI iShares MSCI Italy ETF 11.28% 26.51% 28.98% -1.52% 11.36% 35.59% 16 579 0.50
EWA iShares MSCI Australia ETF 11.29% 22.37% 13.67% 16.71% 12.19% 34.93% 67 2,985 0.50
EWP iShares MSCI Spain ETF 10.89% 24.49% 19.19% 5.61% 10.75% 32.83% 10 396 0.50
EWQ iShares MSCI France ETF 10.63% 24.35% 19.15% 1.94% 11.26% 30.58% 23 687 0.53
EWG iShares MSCI Germany ETF 12.82% 27.50% 21.68% -8.13% 13.18% 29.39% 100 3,980 0.50
ILF iShares Latin America 40 ETF 9.63% 7.23% 19.73% 12.95% 10.40% 27.02% 25 1,022 0.47
EWY iShares MSCI South Korea ETF 13.46% 28.53% 10.62% -4.36% 15.81% 26.32% 207 3,558 0.58
EWH iShares MSCI Hong Kong ETF 4.27% 36.76% 5.69% -3.27% 6.85% 23.70% 72 3,579 0.50
EWS iShares MSCI Singapore ETF 8.55% 22.44% 10.82% 1.10% 8.72% 23.40% 11 585 0.50
DXJ WisdomTree Japan Hedged Equity Fund 4.75% 9.96% 7.23% 15.51% 6.92% 20.43% 26 389 0.48
EZA iShares MSCI South Africa ETF 5.18% 20.91% 10.21% -0.18% 8.70% 19.70% 11 265 0.58
EWU iShares MSCI United Kingdom ETF 5.68% 17.93% 8.06% -0.34% 6.26% 17.09% 77 2,503 0.50
EWZ iShares MSCI Brazil ETF 7.15% 1.47% 14.54% 7.77% 6.61% 16.87% 873 29,310 0.58
EWT iShares MSCI Taiwan ETF 11.72% 28.28% 4.30% -14.31% 13.00% 16.36% 155 3,441 0.58
EWJ iShares MSCI Japan ETF 7.89% 18.49% 6.83% -4.77% 8.05% 15.51% 227 4,158 0.50
EWL iShares MSCI Switzerland ETF 6.66% 15.39% 5.24% -4.93% 7.30% 12.20% 34 795 0.50
EWC iShares MSCI Canada ETF 7.99% 9.70% 4.75% -1.57% 8.98% 11.38% 111 3,255 0.50
EIDO iShares MSCI Indonesia ETF 4.48% 0.75% 4.24% 4.52% 5.18% 7.63% 15 638 0.58
EPI WisdomTree India Earnings Fund 0.59% 2.20% 4.83% -3.45% -0.09% 2.27% 12 364 0.84
INDA iShares MSCI India ETF -2.25% -2.37% -1.26% -7.70% -2.13% -7.41% 111 2,606 0.68
Thematic
JETS US Global Jets ETF 19.34% 16.07% 16.13% -0.39% 18.85% 27.90% 65 3,551 0.60
ITA iShares US Aerospace & Defense ETF 2.26% 8.74% 14.86% 16.27% 1.65% 22.98% 69 622 0.39
BOTZ Global X Robotics & Artificial Intelligence 17.21% 21.77% 8.24% -15.16% 15.67% 17.49% 11 532 0.68
LIT ETF
Global X Lithium & Battery Tech ETF 21.54% 6.04% -2.38% -3.25% 22.33% 11.97% 35 535 0.75
ARKF ARK Fintech Innovation ETF 36.52% 13.41% 5.71% -34.97% 30.97% 11.28% 15 966 0.75
ESGU iShares ESG Aware MSCI USA ETF 6.59% 7.11% 1.75% -5.75% 6.29% 5.29% 101 1,160 0.15
ESGV Vanguard ESG US Stock ETF 8.16% 7.79% 0.65% -7.31% 7.62% 5.07% 18 274 0.09
ARKQ ARK Autonomous Technology & Robotics 22.92% 6.25% -10.18% -20.31% 18.48% -0.72% 5 119 0.75
ARKG ARK Genomic Revolution ETF 25.04% 3.24% -9.80% -22.57% 20.65% -2.23% 52 1,656 0.75
ARKW ARK Next Generation Internet ETF 37.78% 5.43% -8.59% -40.16% 30.35% -3.02% 31 701 0.79
ARKK ARK Innovation ETF 35.63% 6.65% -12.92% -39.11% 29.29% -5.31% 865 24,409 0.75
MJ ETFMG Alternative Harvest ETF 9.22% -11.82% -20.97% -50.36% 4.69% -40.33% 4 768 0.75
Sector - Communication Services
XLC Communication Services Select Sector 16.72% 15.91% -2.54% -20.60% 15.21% 5.18% 303 6,127 0.10
VOX SPDR FundCommunication Services ETF
Vanguard 16.61% 13.84% -3.00% -20.79% 15.17% 3.63% 30 353 0.10
Sector - Consumer Discretionary
ONLN Proshares Online Retail ETF 29.61% 25.46% 5.28% -21.37% 28.92% 21.26% 2 69 0.58
XRT SPDR S&P Retail ETF 15.21% 11.51% 12.77% -9.77% 13.78% 16.21% 294 4,604 0.35
IBUY Amplify Online Retail ETF 27.10% 20.69% 6.45% -28.86% 25.24% 13.84% 2 40 0.65
VCR Vanguard Consumer Discretionary ETF 16.29% 4.44% -0.66% -12.50% 14.85% 4.14% 27 116 0.10
XLY Consumer Discretionary Select Sector SPDR 16.15% 2.40% -3.56% -14.42% 14.50% 0.31% 673 4,865 0.10
Fund
15
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter
EZT AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)
Sector-Energy
OIH VanEck Oil Services ETF 7.28% 12.57% 42.66% 45.49% 7.20% 58.91% 255 840 0.35
XLE Energy Select Sector SPDR Fund 3.68% 3.63% 24.66% 44.19% 4.30% 41.54% 1,920 21,607 0.10
VDE Vanguard Energy ETF 3.36% 2.82% 23.18% 44.77% 4.21% 40.44% 75 605 0.10

IYE iShares U.S. Energy ETF 2.79% 1.85% 22.09% 43.63% 3.68% 38.38% 33 702 0.39

IXC iShares Global Energy ETF 3.51% 5.08% 20.18% 32.67% 4.26% 33.51% 27 668 0.40
TAN Invesco Solar ETF 9.67% 11.96% 3.97% 33.27% 9.88% 32.11% 82 1,052 0.66
AMJ JPMorgan Alerian MLP Index ETN 8.17% 5.29% 14.84% 27.04% 7.13% 30.19% 9 420 0.85
XOP SPDR S&P Oil & Gas Exploration & 3.57% -3.63% 10.41% 40.21% 5.59% 27.58% 648 4,511 0.35

AMLP Alerian MLP ETF 8.57% 1.53% 10.98% 22.82% 7.46% 23.95% 68 1,734 0.85

ICLN iShares Global Clean Energy ETF 3.90% 8.81% 1.01% 17.67% 3.43% 17.12% 162 7,990 0.40
QCLN First Trust NASDAQ Clean Edge Green 20.71% -0.38% -1.94% 8.21% 18.44% 14.52% 11 205 0.60
PBW Invesco WilderHill Clean Energy ETF 25.83% 3.94% -6.15% -6.07% 20.74% 9.58% 17 377 0.62
Sector - Financials
EUFN iShares MSCI Europe Financials ETF 12.44% 30.19% 28.10% 0.71% 12.95% 38.96% 13 747 0.49
IYG iShares U.S. Financial Services ETF 10.32% 10.47% 10.10% -5.63% 9.21% 13.78% 8 46 0.39
XLF Financial Select Sector SPDR Fund 6.81% 9.35% 11.11% -3.19% 5.99% 13.13% 1,464 41,923 0.10
IYF iShares US Financials ETF 7.08% 8.90% 10.64% -2.87% 6.36% 12.96% 13 164 0.39
VFH Vanguard Financials ETF 7.39% 8.74% 10.36% -3.44% 6.76% 12.58% 42 495 0.10
KBWB Invesco KBW Bank ETF 12.87% 9.86% 6.04% -13.45% 11.31% 8.35% 38 714 0.35
KBE SPDR S&P Bank ETF 7.07% 2.43% 2.15% -9.03% 6.29% 1.43% 84 1,783 0.35
KRE SPDR S&P Regional Banking ETF 4.56% -1.50% -1.84% -11.64% 3.75% -5.69% 427 7,011 0.35
Sector - Healthcare
IBB iShares Biotechnology ETF 6.16% 9.97% 10.91% 11.32% 4.52% 20.92% 234 1,758 0.44
XBI SPDR S&P Biotech ETF 13.81% 10.48% 7.18% 4.54% 7.70% 19.64% 815 9,844 0.35
IHI iShares U.S. Medical Devices ETF 3.70% 9.58% 1.00% -3.70% 2.83% 5.77% 40 770 0.39
VHT Vanguard Health Care ETF -0.77% 2.89% 1.11% 4.97% -1.12% 4.48% 62 252 0.10
XLV Health Care Select Sector SPDR Fund -2.13% 2.07% 1.47% 5.51% -2.20% 3.77% 1,006 7,448 0.10
Sector - Industrials
VIS Vanguard Industrials ETF 4.24% 9.97% 11.41% 4.53% 4.62% 16.45% 17 91 0.10
XLI Industrial Select Sector SPDR Fund 2.48% 9.90% 11.24% 3.91% 2.98% 15.02% 1,024 10,345 0.10
IYT iShares US Transportation ETF 6.39% 9.66% 3.31% -6.92% 7.53% 6.79% 38 172 0.39
Sector - Materials
GUNR FlexShares Global Upstream Natural 4.58% 11.34% 18.01% 16.86% 6.10% 27.70% 41 942 0.46
IYM iShares U.S. Basic Materials ETF 8.60% 16.07% 15.65% 8.97% 10.09% 26.89% 9 74 0.39

XLB Materials Select Sector SPDR Fund 6.12% 13.43% 11.42% 3.10% 7.36% 18.59% 397 5,001 0.10

Sector-Real Estate
ITB iShares U.S. Home Construction ETF 11.03% 22.17% 13.28% 1.51% 11.64% 26.18% 132 2,170 0.39
XHB SPDR S&P Homebuilders ETF 10.70% 16.17% 8.88% -4.33% 11.32% 17.14% 170 2,778 0.35
VNQI Vanguard Global ex-U.S. Real Estate ETF 8.40% 18.17% 0.30% -12.77% 8.32% 7.69% 15 374 0.12
REM iShares Mortgage Real Estate ETF 11.91% 18.34% -5.46% -12.34% 14.72% 6.79% 17 709 0.48
IYR iShares U.S. Real Estate ETF 8.80% 12.71% -2.73% -7.23% 9.16% 6.29% 506 5,860 0.39
XLRE Real Estate Select Sector SPDR Fund 8.91% 13.46% -3.32% -7.74% 9.26% 6.17% 240 6,336 0.10
VNQ Vanguard Real Estate ETF 9.23% 12.72% -2.84% -7.81% 9.53% 6.16% 450 5,298 0.12
SCHH Schwab U.S. REIT ETF 8.68% 12.34% -3.01% -7.10% 9.02% 5.95% 48 2,426 0.07
Sector - Staples
VDC Vanguard Consumer Staples ETF -2.65% 2.86% 0.85% 0.60% -1.38% 0.91% 28 147 0.10
XLP Consumer Staples Select Sector SPDR Fund -3.55% 2.49% -0.05% -0.09% -2.27% -0.65% 728 9,806 0.10

16
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter

EZT AVG Value AVG

Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)

Sector-Technology
KWEB KraneShares CSI China Internet ETF 14.00% 80.69% 17.55% 6.54% 18.64% 64.79% 624 21,990 0.69
CQQQ Invesco China Technology ETF 14.67% 55.58% 8.51% -9.38% 17.42% 37.84% 11 260 0.70
SMH VanEck Semiconductor ETF 19.74% 30.34% 4.16% -5.71% 17.91% 26.47% 841 3,936 0.35
SOXX iShares Semiconductor ETF 18.83% 27.11% 2.80% -7.75% 16.99% 22.35% 409 1,117 0.35

IXN iShares Global Tech ETF 12.04% 13.08% -0.12% -9.88% 11.26% 8.25% 15 329 0.40

CLOU Global X Cloud Computing ETF 15.77% 8.86% 6.05% -15.57% 12.66% 8.24% 6 364 0.68
XLK Technology Select Sector SPDR Fund 10.76% 10.40% -1.77% -8.81% 9.85% 5.77% 873 6,765 0.10
FTEC Fidelity MSCI Information Technology Index 11.35% 9.92% -1.41% -9.59% 10.21% 5.60% 17 174 0.08

VGT Vanguard Information Technology ETF 11.37% 9.87% -1.49% -9.69% 10.21% 5.49% 249 754 0.10

QTEC First Trust NASDAQ-100 Technology Index 15.30% 13.98% -4.60% -16.84% 13.63% 4.27% 9 86 0.60
IYW iShares US Technology ETF 13.07% 12.01% -3.87% -15.02% 11.72% 3.38% 39 513 0.39
FDN First Trust Dow Jones Internet Index Fund 17.63% 8.83% 2.26% -22.87% 14.79% 3.19% 66 518 0.51
QQQ Invesco QQQ Trust Series 1 12.40% 8.84% -3.03% -12.51% 11.26% 3.11% 14,506 52,170 0.20
ONEQ Fidelity Nasdaq Composite Index ETF 12.25% 7.86% -2.76% -11.76% 11.13% 3.06% 16 375 0.21
IGV iShares Expanded Tech-Software Sector ETF 12.10% 6.67% -1.57% -14.30% 10.30% 1.58% 334 1,276 0.40
WCLD WisdomTree Cloud Computing Fund 21.13% 5.07% -1.03% -28.28% 14.75% -1.70% 12 453 0.45
CIBR First Trust NASDAQ Cybersecurity ETF 6.41% -1.60% -1.91% -9.24% 4.26% -3.46% 27 695 0.60
SKYY First Trust Cloud Computing ETF 14.88% 1.33% -6.33% -25.18% 11.49% -8.34% 28 466 0.60
Sector - Utilities
IGF iShares Global Infrastructure ETF 4.10% 12.58% 3.17% 7.39% 5.76% 14.86% 28 595 0.40
VPU Vanguard Utilities ETF -3.07% 5.86% -0.93% 5.75% -1.88% 4.15% 29 190 0.10
XLU Utilities Select Sector SPDR Fund -3.45% 5.86% -1.21% 5.64% -2.28% 3.73% 792 11,400 0.10
Government/Corporate Debt/Securitized
JPST JPMorgan Ultra-Short Income ETF 0.50% 1.43% 1.86% 1.64% 0.40% 2.96% 285 5,679 0.18
NEAR BlackRock Short Maturity Bond ETF 0.69% 1.69% 1.92% 1.12% 0.59% 2.95% 43 873 0.25
VNLA Janus Henderson Short Duration Income 0.74% 1.80% 1.73% 0.76% 0.70% 2.74% 19 396 0.26
FTSM First Trust Enhanced Short Maturity ETF 0.49% 1.26% 1.66% 1.45% 0.39% 2.65% 96 1,620 0.25
GSY Invesco Ultra Short Duration ETF 0.69% 1.64% 1.59% 0.86% 0.30% 2.60% 28 569 0.23
IGSB iShares Trust iShares 1-5 Year Investment 1.45% 3.45% 0.33% -3.05% 1.45% 1.19% 242 4,852 0.04
SPIB SPDR Portfolio Intermediate Term 2.42% 5.25% 0.03% -5.59% 2.48% 1.15% 225 7,042 0.04
ISTB iShares Core 1-5 Year USD Bond ETF 1.40% 2.76% -0.05% -3.60% 1.44% 0.28% 53 1,138 0.06

BSV Vanguard Short-Term Bond ETF 1.13% 2.23% -0.52% -3.37% 1.13% -0.29% 260 3,450 0.04

FIXD First Trust TCW Opportunistic Fixed Income 3.85% 6.81% -1.40% -9.97% 3.42% -0.39% 29 664 0.65
IUSB iShares Core Total USD Bond Market ETF 2.93% 5.78% -1.19% -8.27% 3.18% -0.41% 137 3,024 0.06
BOND PIMCO Active Bond Exchange-Traded Fund 3.33% 6.80% -1.28% -9.65% 3.59% -0.44% 32 346 0.55
BIV Vanguard Intermediate-Term Bond ETF 3.02% 5.41% -1.86% -8.32% 3.16% -0.96% 89 1,188 0.04
SCHZ Schwab U.S. Aggregate Bond ETF 2.90% 5.61% -1.86% -8.42% 3.22% -0.96% 51 1,112 0.03
BND Vanguard Total Bond Market ETF 2.95% 5.51% -1.77% -8.46% 3.13% -0.97% 490 6,764 0.03
AGG iShares Core U.S. Aggregate Bond ETF 2.90% 5.56% -1.87% -8.37% 3.19% -0.97% 780 7,971 0.03
SPAB SPDR Portfolio Aggregate Bond ETF 2.82% 5.50% -2.08% -8.47% 3.06% -1.22% 99 3,907 0.03
BLV Vanguard Long-Term Bond ETF 6.36% 12.29% -3.77% -18.52% 6.87% -1.98% 46 612 0.04

17
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter
EZT AVG Value AVG
Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)
Government/Agency Debt
BIL SPDR Bloomberg 1-3 Month T-Bill ETF 0.34% 0.94% 1.54% 1.66% 0.27% 2.44% 626 6,844 0.14
SHV iShares Short Treasury Bond ETF 0.37% 1.01% 1.39% 1.33% 0.31% 2.24% 402 3,658 0.15
VGSH Vanguard Short-Term Treasury ETF 0.62% 1.23% -0.41% -2.46% 0.69% -0.55% 203 3,509 0.04
SCHO Schwab Short-Term U.S. Treasury ETF 0.64% 1.25% -0.42% -2.50% 0.68% -0.57% 132 2,716 0.03
SHY iShares 1-3 Year Treasury Bond ETF 0.64% 1.21% -0.44% -2.51% 0.69% -0.60% 456 5,606 0.15
SPTS SPDR Portfolio Short Term Treasury ETF 0.59% 1.25% -0.44% -2.52% 0.69% -0.61% 85 2,939 0.06
IEI iShares 3-7 Year Treasury Bond ETF 1.84% 2.98% -1.94% -6.20% 1.96% -1.81% 159 1,374 0.15
SCHR Schwab Intermediate-Term U.S. Treasury 2.09% 3.27% -2.23% -6.93% 2.21% -2.07% 76 1,528 0.03
VGIT Vanguard Intermediate-Term Treasury ETF 2.10% 3.25% -2.27% -6.91% 2.21% -2.09% 149 2,531 0.04
SPTI SPDR Portfolio Intermediate Term Treasury 2.09% 3.27% -2.31% -6.94% 2.20% -2.13% 107 3,754 0.06
GOVT iShares US Treasury Bond ETF 2.31% 3.75% -2.52% -8.80% 2.46% -2.87% 289 12,612 0.05
IEF iShares 7-10 Year Treasury Bond ETF 3.21% 4.50% -3.78% -10.19% 3.38% -3.41% 520 5,351 0.15
TLH iShares 10-20 Year Treasury Bond ETF 5.46% 9.36% -4.94% -18.30% 5.90% -4.59% 66 594 0.15

VGLT Vanguard Long-Term Treasury ETF 6.15% 9.88% -6.70% -22.03% 6.70% -6.92% 82 1,295 0.04

SPTL SPDR Portfolio Long Term Treasury ETF 6.13% 9.84% -6.79% -22.11% 6.68% -7.05% 155 5,208 0.06

TLT iShares 20+ Year Treasury Bond ETF 6.56% 10.26% -7.42% -23.68% 7.18% -7.78% 2,166 21,085 0.15
EDV Vanguard Extended Duration Treasury ETF 8.97% 14.74% -8.96% -30.37% 9.84% -8.52% 27 310 0.06
Floating Rate Bonds
FLOT iShares Floating Rate Bond ETF 0.92% 2.09% 2.87% 2.05% 0.72% 4.32% 87 1,736 0.15
FLRN SPDR Bloomberg Investment Grade 0.79% 2.01% 2.82% 2.04% 0.72% 4.18% 28 918 0.15
Corporate Bond Preferred
PGX Invesco Preferred ETF 10.96% 12.33% 0.34% -6.38% 11.81% 9.41% 76 6,466 0.52
PFF iShares Preferred & Income Securities ETF 9.26% 11.12% 1.03% -4.46% 9.37% 9.25% 141 4,475 0.45
BKLN Invesco Senior Loan ETF 2.43% 4.28% 4.28% 1.06% 2.58% 6.57% 182 8,753 0.65
CWB SPDR Bloomberg Convertible Securities 6.33% 6.36% 3.42% -5.73% 6.19% 5.67% 42 643 0.40
VCLT Vanguard Long-Term Corporate Bond ETF 6.66% 14.66% -1.46% -15.93% 7.24% 2.14% 119 1,536 0.04
VCIT Vanguard Intermediate-Term Corporate 3.72% 7.74% 0.04% -8.23% 3.84% 1.78% 552 7,079 0.04
Bond ETF
SPSB SPDR Portfolio Short Term Corporate Bond 0.92% 2.38% 0.45% -1.57% 0.92% 1.19% 105 3,569 0.04
ETF
VCSH Vanguard Short-Term Corporate Bond ETF 1.41% 3.43% 0.18% -3.06% 1.41% 1.07% 497 6,605 0.04
Investment Grade Corporate
FPE First Trust Preferred Securities and Income 7.81% 10.96% 3.92% -4.00% 7.38% 10.19% 54 3,145 0.85
ETF
ICVT iShares Convertible Bond ETF 5.95% 5.31% 3.81% -6.61% 5.89% 4.61% 31 431 0.20

ICSH BlackRock Ultra Short-Term Bon 0.49% 1.39% 1.70% 1.53% 0.44% 2.79% 65 1,302 0.08
IGLB iShares 10+ Year Investment Grade 6.47% 14.53% -1.37% -15.94% 7.03% 2.01% 25 482 0.04
Corporate Bond
iShares 5-10 YearETF
Investment Grade
IGIB 3.83% 8.05% 0.01% -8.23% 3.92% 2.00% 98 1,964 0.04
Corporate Bond ETF
iShares iBoxx $ Investment Grade
LQD 4.56% 9.67% -0.82% -10.64% 4.81% 1.51% 1,912 17,922 0.14
Corporate Bond ETF
SPDR Portfolio Long Term Corporate Bond
SPLB 6.47% 14.23% -1.82% -16.27% 6.99% 1.43% 24 1,038 0.04
ETF
USIG iShares Broad USD Investment Grade 3.66% 8.13% -0.43% -9.29% 3.91% 1.13% 67 1,340 0.04
High Yield
SJNK SPDR Bloomberg Short Term High Yield 3.14% 4.10% 3.54% -1.13% 2.97% 5.26% 132 5,398 0.40
Bond ETF
iShares 0-5 Year High Yield Corporate Bond
SHYG 2.69% 3.52% 3.14% -0.72% 2.52% 4.71% 130 3,140 0.30
ETF
PIMCO 0-5 Year High Yield Corporate Bond
HYS 2.93% 3.43% 3.11% -0.84% 2.71% 4.70% 36 394 0.55
Index Exchange-Traded Fund
SRLN SPDR Blackstone Senior Loan ETF 2.54% 4.24% 2.30% -2.32% 2.84% 3.69% 101 2,444 0.70
ANGL VanEck Fallen Angel High Yield Bond ETF 3.78% 5.68% 2.45% -7.35% 3.40% 2.49% 56 2,045 0.35
USHY iShares Broad USD High Yield Corporate 3.54% 4.50% 1.77% -5.28% 3.48% 2.47% 247 7,067 0.15
Bond ETF
iShares iBoxx High Yield Corporate Bond
HYG 3.45% 4.32% 1.39% -5.13% 3.44% 2.20% 2,645 35,426 0.48
ETF
Xtrackers USD High Yield Corporate Bond
HYLB 3.44% 4.10% 1.51% -5.07% 3.44% 2.18% 172 5,031 0.15
ETF
JNK SPDR Bloomberg High Yield Bond ETF 3.79% 4.68% 1.47% -6.10% 3.77% 2.10% 826 9,037 0.40

18
 All ETFs Organized by Sector (cont’d) Feb 2023 Newsletter

EZT AVG Value AVG

Symbol Name 1 Mo 3 Mo 6 Mo 12 Mo YTD Expense
Avg (MM) Volume (K)

Municipal Bond
PZA Invesco National AMT-Free Municipal Bond 4.11% 10.87% 0.81% -6.87% 4.18% 4.87% 29 1,236 0.28
VTEB Vanguard Tax-Exempt Bond Index ETF 2.61% 7.27% 1.12% -3.56% 2.57% 4.06% 340 6,911 0.05
MUB iShares National Muni Bond ETF 2.46% 6.79% 1.27% -3.16% 2.32% 4.01% 634 6,036 0.07
SHM SPDR Nuveen Bloomberg Short Term 1.36% 3.66% 0.25% -0.85% 1.40% 2.41% 55 1,178 0.20
SUB iShares Short-Term National Muni Bond ETF 0.81% 2.54% 0.23% -0.08% 0.71% 1.91% 135 1,298 0.07

HYD VanEck High Yield Muni ETF 3.70% 8.20% -2.00% -10.23% 3.86% -0.18% 81 1,584 0.35

TIPS
STIP iShares 0-5 Year TIPS Bond ETF 0.82% 0.79% -1.68% -1.14% 0.89% -0.66% 162 1,662 0.03
VTIP Vanguard Short-Term Inflation-Protected 0.83% 0.78% -1.66% -1.18% 0.86% -0.67% 162 3,402 0.04
SCHP Schwab US TIPS ETF 2.57% 2.85% -3.53% -7.38% 2.51% -2.99% 124 2,367 0.04
TIP iShares TIPS Bond ETF 2.54% 2.77% -3.71% -7.56% 2.54% -3.25% 344 3,197 0.19
Asset-Backed
LMBS First Trust Low Duration Opportunities ETF 1.42% 3.02% 0.40% -1.26% 1.33% 1.95% 37 773 0.65
VMBS Vanguard Mortgage-Backed Securities ETF 3.39% 6.28% -1.88% -6.97% 3.73% 0.45% 91 1,988 0.04
MBB iShares MBS ETF 3.12% 6.27% -2.08% -7.12% 3.47% 0.10% 223 2,370 0.04
Emerging Markets & Global Debt
EMLC VanEck J. P. Morgan EM Local Currency 5.23% 12.79% 8.48% -5.74% 4.66% 11.33% 32 1,324 0.30
PCY Bond
InvescoETF
Emerging Markets Sovereign Debt 6.58% 17.65% 8.09% -15.44% 6.27% 9.21% 23 1,210 0.50
VWOB ETF
Vanguard Emerging Markets Government 4.23% 11.73% 4.88% -10.41% 4.59% 5.69% 29 483 0.20
Bond ETF
iShares JP Morgan USD Emerging Markets
EMB 4.65% 12.24% 4.93% -11.55% 4.75% 5.61% 642 7,578 0.39
Bond ETF
BNDX Vanguard Total International Bond ETF 2.25% 1.48% -2.87% -9.61% 2.49% -4.77% 159 3,284 0.07
Currency
UUP Invesco DB US Dollar Index Bullish Fund -1.79% -6.79% -2.49% 6.34% -1.22% -2.58% 115 4,019 0.79
Commodities
XME SPDR S&P Metals & Mining ETF 11.52% 17.13% 23.70% 41.56% 14.64% 51.23% 191 3,689 0.35
GDX VanEck Gold Miners ETF/USA 9.16% 32.42% 28.74% 10.74% 12.74% 44.21% 763 26,572 0.51
GDXJ VanEck Junior Gold Miners ETF 6.44% 31.99% 24.03% 5.98% 10.77% 37.33% 236 6,725 0.52
SIL Global X Silver Miners ETF 4.99% 21.52% 23.46% -4.41% 9.37% 24.85% 13 438 0.65
SIVR abrdn Physical Silver Shares ETF -1.91% 20.55% 23.38% 3.43% -1.48% 24.79% 15 685 0.30
SLV iShares Silver Trust -1.94% 20.58% 23.18% 3.14% -1.54% 24.52% 363 17,495 0.50
SILJ ETFMG Prime Junior Silver Miners ETF 2.32% 19.14% 21.18% 1.49% 7.11% 24.07% 16 1,477 0.69
GLDM SPDR Gold MiniShares Trust 6.31% 15.90% 11.03% 7.23% 5.72% 22.07% 56 1,582 0.10
SGOL abrdn Physical Gold Shares ETF 6.28% 15.82% 11.01% 7.08% 5.61% 21.92% 34 1,940 0.17
IAU iShares Gold Trust 6.31% 15.81% 10.93% 7.06% 5.67% 21.88% 160 4,717 0.25
GLD SPDR Gold Shares 6.25% 15.82% 10.86% 6.93% 5.65% 21.74% 916 5,473 0.40
PPLT abrdn Physical Platinum Shares ETF -1.26% 5.38% 13.47% -1.23% -5.47% 8.92% 12 128 0.60
PDBC Invesco Optimum Yield Diversified 0.61% -2.19% -3.58% 11.86% 0.81% 3.65% 81 5,128 0.64
DBC Invesco DB Commodity Index Tracking 0.12% -2.66% -4.05% 11.65% 0.49% 2.76% 64 2,559 0.87
USO United States Oil Fund LP -0.04% -5.60% -10.75% 12.35% -0.87% -2.20% 258 3,763 0.72
UNG United States Natural Gas Fund LP -39.14% -48.12% -67.01% -35.46% -30.43% -103.50% 160 10,339 0.70
Rising Rate Hedges
TTT ProShares UltraPro Short 20+ Year Treasury -17.98% -28.07% 15.77% 84.46% -19.42% 29.55% 11 154 0.95
TMV Direxion Daily 20 Year Plus Treasury Bear 3x -17.94% -28.04% 15.87% 84.04% -19.41% 29.42% 54 429 1.00
TBT ProShares UltraShort 20+ Year Treasury -12.02% -18.65% 13.43% 57.69% -13.11% 22.06% 121 3,859 0.89
PFIX Simplify Interest Rate Hedge ETF -15.50% -17.27% 14.56% 54.71% -19.79% 19.90% 19 282 0.50
TYO Direxion Daily 7-10 Year Treasury Bear 3x -8.10% -11.07% 14.11% 35.50% -8.64% 16.60% 1 104 1.00
PST ProShares UltraShort Lehman 7-10 Year -5.25% -6.69% 10.59% 24.62% -5.63% 12.70% 2 86 0.95
RRH Advocate Rising Rate Hedge ETF -9.80% -12.32% 15.54% 29.09% -10.07% 12.28% 2 62 0.85
TBF ProShares Short 20+ Year Treasury -5.86% -8.98% 8.35% 28.50% -6.53% 12.01% 38 1,690 0.90
TBX ProShares Short 7-10 Treasury -2.52% -2.97% 5.81% 12.35% -2.83% 6.91% 5 172 0.95
SJB ProShares Short High Yield -3.05% -3.67% -1.15% 3.09% -3.11% -2.61% 12 632 0.95
IVOL Quadratic Interest Rate Volatility and -1.53% -1.06% -11.27% -11.37% -1.95% -13.76% 9 416 1.03

ETFs that are components of the EZTracker model portfolios are

highlighted in gray 19
 Feb 2023 Newsletter

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