ETF_Newsletter_2008_08

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					 ETFzone’s
  ExchangE-TradEd Fund nEws
             E T F    z o n E   .   c o m    •    A   u g u s T     2 0 0 8
                                                                                                QuoTE oF
                   How to Analyze Fees                                                         ThE MoNTh
                                                                                                  I sincerely believe
   Investors take fees seri-    of the more expensive one.     ETFs can bring the same               that banking
ously, but often they lack a    For instance, IVV at .09%      exposure as one total mar-        establishments are
framework with which to         is just slightly more costly   ket portfolio. Fees of these     more dangerous than
analyze them. So in prac-       than Vanguard’s Large Cap      sub-index ETFs average           standing armies, and
tice many investors ignore      ETF (VV) at .07%. IVV          about .20%-.30% higher.          that the principles of
them with unwelcome con-        follows the top 500 US         This is essentially the price     spending money to
sequences. Studies show         companies, while VV fol-       for freedom to over- or un-      be paid by posterity,
that high fees are the num-     lows the top 750. If you       derweight segments. Niche            under the name
ber one reason why many         want only large cap, then      industry sector funds are the       of funding, is but
investors trail market aver-    IVV is the best choice. But    ultimate example of this.       swindling futurity on a
ages.                           if you don’t mind a broader    One can buy a dozen or so               large scale
   This needn’t be so. A        ETF, then VV is prefer-        industry ETFs which make
few simple rules of thumb       able. As in most situations,   up a broad market ETF, but       - Thomas Jefferson
are all that is needed to as-   investor needs are the key     it costs considerably more,
sess whether the additional     deciding factor.               about .50% more per year.




                                                                                                       §
cost of an ETF is justified        Another common com-         To justify this cost, the in-
by additional benefit. The      parison is between expen-      vestor must believe they
formula must always be:
Additional Benefit > Addi-
                                sive, small and comple-
                                mentary indexes vs. one in-
                                                               have the time and talent to
                                                               exploit variations in returns    ETFs To
tional Cost.
   In the simplest case, if
                                expensive, equivalent large
                                one. For instance, three
                                                               of the various segments.
                                                                  An intriguing situation
                                                                                                 WaTch
two ETFs track exactly          large, mid and small cap                 Continued on back.    Volumes for XLF make it
the same index, and one                                                                        the most traded security in
charges more than the oth-                                                                     the US. New Gulf States
er, the choice is obvious.
Ironically, the most popu-
                                    ETFs vs. Mutual Funds                                      Index invests in Middle
                                                                                               Eastern Oil. WisdomTree
lar ETF costs more than            Happily, ETFs are by        ask spreads, but this ig-       heads the pack with its ETF
an identical but less wide-     their nature economical.       nores the bid/ask spreads       however, launching ahead
ly known rival. SPDR 500        While ETFs on average          mutual funds pay on each        of the New Gulf States
(SPY) costs .10 % per year      charge under .40% in an-       and every company they          Index. Van Eck releases
in expenses vs. the iShares     nual fees, and only a few      buy. ETFs do not have           a market vector ETF that
S&P 500 (IVV) which             charge more than 1%,           such spreads. In aggre-         covers African markets.
costs .09%. One one-hun-        mutual funds, in contrast,     gate, we give ETFs the
dredth of a percentage dif-     charge more than 1.40%         slight edge here.
                                                                                                       §




ference is not enough to        on average and many               To the credit of ETFs,
worry about. Even over          charge several percentage      we know of no instance of
ten years it only results in    points.                        gouging. No ETF charges              NEW
                                                                                                    ETFs
just over one-tenth of one         ETFs are also competi-      unconscionable fees rela-
percent difference.             tive in transaction fees.      tive to the cost of its op-
   Head-to-head competi-        A mere $10 at a discount       eration or its competitors.
tion among ETFs, how-           broker will buy you an         That cannot be said of          mEs: middlE EAsTErn
ever, is fairly rare. A more    ETF, and bid ask spreads       mutual funds where funds
common situation is when        on that trade are typically    with poor track records or           oil
funds have fairly similar       only tenths or hundredths      which simply track broad        gulF:middlE EAsTErn
fees. Since the fee differ-     of a percentage point. It      market indexes charge
ence is small, only a small     has been claimed that mu-      outrageous fees of 2%,3%,
                                                                                                    oil
added benefit need justify      tual funds do not have bid/    or even 4%.                     AFK: mArKET VEcTor,
the small incremental cost
                                                                                                    AFricA
PagE 2                                                                                      ETFzone.com



ETF rETurns                                                                           (Expenses and
                                                                                      re t u r n s i n % )

Name                                                       Ticker   Expenses 1-Month 3-Month       1-Year
Barclays GEMS                                              JEM      0.52     2.54      1.98       N/A
Bear Stearns BearLinx Alerian MLP Select                   BSR      0.85     -1.85     -6.77      -11.9
Bear Stearns Current Yield                                 YYY      0.35     0.17      0.57       N/A
Claymore CEF Index-Linked GS Connect                       GCE      0.95     -6.17     -11.38     N/A
Claymore Great Companies Large-Cap Growth                  XGC      0.6      -1.22     -10.75     -19.25
Claymore S&P Global Water                                  CGW      0.65     -1.4      -6.03      -6.15
Claymore U.S. Capital Mkts Bond                            UBD      0.49     0.1       -1.01      N/A
Claymore U.S. Capital Mkts Micro-Term Fixed Income         ULQ      0.49     0         0.04       N/A
Claymore U.S.-1-The Capital Mkts                           UEM      0.55     -1.95     -4.81      N/A
Claymore Zacks Mid-Cap Core                                CZA      0.6      0.09      -4.23      -9.86
Claymore/AlphaShares China Real Estate                     TAO      0.65     1.62      -19.14     N/A
Claymore/AlphaShares China Small Cap                       HAO      0.7      -3.96     -17.26     N/A
Claymore/BBD High Income                                   LVL      0.6      -0.84     -13.58     -22.46
Claymore/BNC BRIC                                          EEB      0.6      -7.09     -13.31     14.55
Claymore/BNY Mellon Frontier Mkts                          FRN      0.65     -2.54     N/A        N/A
Claymore/Clear Global Exchanges Brokers & Asset Managers   EXB      0.65     0.38      -15.02     -22.48
Claymore/Clear Global Timber                               CUT      0.65     -0.05     -10.68     N/A
Claymore/Clear Spinoff                                     CSD      0.6      -2.07     -9.34      -26.79
Claymore/MAC Global Solar Energy                           TAN      0.65     -8.53     -9.72      N/A
Claymore/Morningstar Information Super                     MZN      0.4      -1.52     -6.41      N/A
Claymore/Morningstar Manufacturing Super                   MZG      0.4      -4.81     -7.52      N/A
Claymore/Morningstar Services Super                        MZO      0.4      3.81      -8.47      N/A
Claymore/Ocean Tomo Growth                                 OTR      0.6      -0.59     -2.67      -6.51
Claymore/Ocean Tomo Patent                                 OTP      0.6      -1.32     -5.7       -6.5
Claymore/Robb Report Global Luxury                         ROB      0.7      -1.2      -12.38     -21.51
Claymore/Robeco Dev’d Int’l Equity                         EEN      0.65     -2.31     -9.79      -12.47
Claymore/Sabrient Defender                                 DEF      0.6      0.46      -4.37      -7.88
Claymore/Sabrient Insider                                  NFO      0.6      0.69      -3.77      -9.76
Claymore/Sabrient Stealth                                  STH      0.6      1.27      -2.5       -18
Claymore/SWM Canadian Energy Income                        ENY      0.65     -14.81    -4.77      15.95
Claymore/Zacks Country Rotation                            CRO      0.65     -1.93     -10.87     -8.75
Claymore/Zacks Dividend Rotation                           IRO      0.6      -1.74     -15.17     N/A
Claymore/Zacks Int’l Yield Hog                             HGI      0.65     2.99      -6.2       -8.21
Claymore/Zacks Rotation                                    XRO      0.6      -1.51     -3.88      -5.47
Claymore/Zacks Yield Hog                                   CVY      0.6      -0.63     -10.91     -18.65
Cohen & Steers Global Realty Majors                        GRI      0.55     0.35      N/A        N/A
CurrencyShares Australian Dollar Trust                     FXA      0.4      -1.85     -0.12      12.38
CurrencyShares British Pound Sterling Trust                FXB      0.4      -0.47     -0.29      -0.46
CurrencyShares Canadian Dollar Trust                       FXC      0.4      -0.32     -1.58      5.58

August 2008                                                                Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                           PagE 3
  Name                                           Ticker   Expenses 1-month 3-month   1-year
  CurrencyShares Euro Trust                      FXE      0.4      -0.82    0        15.27
  CurrencyShares Japanese Yen Trust              FXY      0.4      -1.58    -3.68    10.06
  CurrencyShares Mexican Peso Trust              FXM      0.4      2.76     4.75     11.41
  CurrencyShares Swedish Krona Trust             FXS      0.4      -0.66    -0.82    12.05
  CurrencyShares Swiss Franc Trust               FXF      0.4      -2.46    -1.05    15.39
  Deutsche Bank Agric Double Long                DAG      0.75     -20.67   -3.3     N/A
  Deutsche Bank Agric Double Short               AGA      0.75     21.7     -7.69    N/A
  Deutsche Bank Agric Long                       AGF      0.75     -11.77   -1.32    N/A
  Deutsche Bank Agric Short                      ADZ      0.75     11.61    -1.55    N/A
  Deutsche Bank Commod Double Long               DYY      0.75     -22.46   N/A      N/A
  Deutsche Bank Commod Double Short              DEE      0.75     23.06    N/A      N/A
  Deutsche Bank Commod Long                      DPU      0.75     -10.1    N/A      N/A
  Deutsche Bank Commod Short                     DDP      0.75     11.57    N/A      N/A
  Deutsche Bank Gold Double Long                 DGP      0.75     -3.29    6.47     N/A
  Deutsche Bank Gold Double Short                DZZ      0.75     3.37     -7.13    N/A
  Deutsche Bank Gold Short                       DGZ      0.75     1.66     -3.65    N/A
  DIAMONDS Trust                                 DIA      0.18     0.25     -11.3    -13.39
  ELEMENTS Australian Dollar                     ADE      0.4      -1.39    2.61     N/A
  ELEMENTS British Pound - GBP/USD               EGB      0.4      0.39     0.78     N/A
  ELEMENTS Canadian Dollar - CAD/USD             CUD      0.4      0.79     0.39     N/A
  ELEMENTS Dogs Of The Dow                       DOD      0.75     3.66     -17.93   N/A
  ELEMENTS EUR/USD                               ERE      0.4      -0.55    1.31     N/A
  ELEMENTS Global Warming                        GWO      0.75     -8.46    -9.93    N/A
  ELEMENTS MLCX Biofuels                         FUE      0.75     -9.5     4.86     N/A
  ELEMENTS MLCX Gold                             GOE      0.375    1.7      N/A      N/A
  ELEMENTS MLCX Grains                           GRU      0.75     -13.79   2.78     N/A
  ELEMENTS MLCX Livestock                        LSO      0.75     -3.42    -1.01    N/A
  ELEMENTS MLCX Precious Metals                  PMY      0.75     -9.14    -3.34    N/A
  ELEMENTS Morningstar Wide Moat Focus           WMW      0.75     8.19     -0.42    N/A
  ELEMENTS Rogers Int’l Commod Agric             RJA      0.75     -9.14    -1.34    N/A
  ELEMENTS Rogers Int’l Commod Energy            RJN      0.75     -13.86   6.3      N/A
  ELEMENTS Rogers Int’l Commod                   RJI      0.75     -9.68    1.96     N/A
  ELEMENTS Rogers Int’l Commod Metal             RJZ      0.75     -2.38    -4.82    N/A
  ELEMENTS SPECTRUM Large Cap US                 EEH      0.75     -4.53    -6.41    N/A
  ELEMENTS Swiss Franc                           SZE      0.4      -4.83    -5.72    N/A
  Fidelity Nasdaq Composite                      ONEQ     0.3      1.58     -3.52    -9.34
  First Trust AMEX Biotech                       FBT      0.6      17.31    14.22    10.54
  First Trust Consumer Discretionary AlphaDEX    FXD      0.7      -0.21    -11.36   -24.95
  First Trust Consumer Staples AlphaDEX          FXG      0.7      4.77     -2.54    -6.39
  First Trust DB Strategic Value                 FDV      0.65     -4.19    -7.56    -11.73
  First Trust DJ STOXX                           FDD      0.6      -1.37    -28.16   N/A
  First Trust Dow Jones Global Select Dividend   FGD      0.74     -9.31    -21.76   N/A
  First Trust Dow Jones Internet                 FDN      0.6      -2.19    -9.13    -11.59

Data as of July 31, 2008                                                    August 2008
PagE 4                                                                                      ETFzone.com
Name                                                         Ticker   Expenses 1-month 3-month    1-year
First Trust Dow Jones Select MicroCap                        FDM      0.6      4.17     -0.73     -14.02
First Trust Energy AlphaDEX                                  FXN      0.7      -19.8    -5.25     15.24
First Trust Financials AlphaDEX                              FXO      0.7      4.26     -13.87    -30.51
First Trust FTSE EPRA/NAREIT Global Real Estate              FFR      0.6      1.37     -15.73    N/A
First Trust Health Care AlphaDEX                             FXH      0.7      6.34     2.27      -3.31
First Trust Industrials AlphaDEX                             FXR      0.7      -3.36    -7.09     -8.02
First Trust IPOX-100                                         FPX      0.6      -4.22    -7.07     -7.38
First Trust ISE Chindia                                      FNI      0.7      -0.35    -16.93    -12
First Trust ISE Global Wind Energy                           FAN      0.6      -4.26    N/A       N/A
First Trust ISE Revere Natural Gas                           FCG      0.7      -21.68   -6.69     28.29
First Trust ISE Water                                        FIW      0.6      4.29     2.42      6.67
First Trust Large Cap Core AlphaDEX                          FEX      0.7      -2.53    -7.81     -14.46
First Trust Large Cap Growth Opps AlphaDEX                   FTC      0.7      -4.13    -7.09     -9.24
First Trust Large Cap Value Opps AlphaDEX                    FTA      0.7      -0.77    -8.19     -18.3
First Trust Materials AlphaDEX                               FXZ      0.7      -1.62    -0.9      9.98
First Trust Mid Cap Core AlphaDEX                            FNX      0.7      -0.53    -4.33     -7.92
First Trust Morningstar Dividend Leaders                     FDL      0.45     7.2      -14.5     -28.43
First Trust Multi Cap Growth AlphaDEX                        FAD      0.7      -2.8     -4.1      -5.47
First Trust Multi Cap Value AlphaDEX                         FAB      0.7      0.87     -7.82     -18.29
First Trust Nasdaq Clean Edge                                QCLN     0.6      -5.18    -6.54     -4.72
First Trust NASDAQ-100 Equal Weighted                        QQEW     0.6      -0.47    -6.19     -13.86
First Trust NASDAQ-100 Ex-Tech                               QQXT     0.6      0.93     -6.61     -12.43
First Trust NASDAQ-100-Tech                                  QTEC     0.6      -3.64    -7.52     -15.84
First Trust S&P REIT                                         FRI      0.7      2.54     -9.59     -7.19
First Trust Small Cap Core AlphaDEX                          FYX      0.7      4.26     -0.52     -12.52
First Trust Tech AlphaDEX                                    FXL      0.7      -3.02    -4.75     -14.98
First Trust Utilities AlphaDEX                               FXU      0.7      -2.11    -0.73     -9.39
First Trust Value Line 100                                   FVL      0.7      -4.95    -2.63     -4.83
First Trust Value Line Dividend                              FVD      0.7      2.14     -6.42     -10.18
First Trust Value Line Equity Allocation                     FVI      0.7      -0.8     -5.47     -8.6
FocusShares Home                                             SAW      0.35     6.86     -24.46    N/A
FocusShares ISE CCM Homeland Security                        MYP      0.6      1.77     2.66      N/A
FocusShares ISE Sindex                                       PUF      0.6      -1.33    -10.38    N/A
FocusShares ISE-Revere Wal-Mart Supplier                     WSI      0.6      5.9      2.55      N/A
Fresco Dow Jones STOXX 50                                    FEU      0.32     -1.59    -11.5     -13.39
Goldman Sachs Connect S&P GSCI Enh Commod Ttl Return Strat   GSC      1.25     -12.2    4.75      N/A
GreenHaven Continuous Commod                                 GCC      0.4      -8.49    0.66      N/A
Invesco PowerShares 1-30 Laddered Treasury                   PLW      0.25     0.11     -1.01     N/A
Invesco PowerShares Active Alpha Multi-Cap                   PQZ      0.75     -7       -4.43     N/A
Invesco PowerShares Active AlphaQ                            PQY      0.75     -0.78    -7.36     N/A
Invesco PowerShares Active Low Duration                      PLK      0.29     0.82     -0.2      N/A
Invesco PowerShares Active Mega Cap                          PMA      0.75     -3.34    -7.34     N/A
Invesco PowerShares Aerospace & Defense                      PPA      0.6      0.05     -10.76    -14.59

August 2008                                                                  Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                                          PagE 5
  Name                                                          Ticker   Expenses 1-month 3-month   1-year
  Invesco PowerShares BLDRS Asia 50 ADR                         ADRA     0.3      -4.12    -11.62   -13.64
  Invesco PowerShares BLDRS Dev’d Mkts 100 ADR                  ADRD     0.3      -3.2     -11.73   -11.75
  Invesco PowerShares BLDRS Emerging Mkts 50 ADR                ADRE     0.3      -7.25    -12.5    2.4
  Invesco PowerShares BLDRS Europe 100 ADR                      ADRU     0.3      -2.76    -11.46   -11.11
  Invesco PowerShares BuyBack Achievers                         PKW      0.6      1.89     -4.55    -13.85
  Invesco PowerShares Cleantech                                 PZD      0.6      -2.14    -3.39    6.42
  Invesco PowerShares DB Agric                                  DBA      0.75     -10.3    -0.3     43.27
  Invesco PowerShares DB Base Metals                            DBB      0.75     -4.52    -5.28    -9.75
  Invesco PowerShares DB Commod                                 DBC      0.75     -9.78    6.51     59.37
  Invesco PowerShares DB Energy                                 DBE      0.75     -12.59   10.17    68.72
  Invesco PowerShares DB G10 Currency Harvest                   DBV      0.75     -0.15    1.05     -3.23
  Invesco PowerShares DB Gold                                   DGL      0.5      -1.13    4.04     33.18
  Invesco PowerShares DB Oil                                    DBO      0.5      -11.34   10.02    76.74
  Invesco PowerShares DB Precious Metals                        DBP      0.75     -1.08    4.12     33.14
  Invesco PowerShares DB Silver                                 DBS      0.5      1.28     4.8      32.55
  Invesco PowerShares DB US Dollar Bearish                      UDN      0.5      -0.81    0        12.56
  Invesco PowerShares DB US Dollar Bullish                      UUP      0.5      1.02     0.49     -7.23
  Invesco PowerShares Dividend Achievers                        PFM      0.5      2.15     -8.5     -12.77
  Invesco PowerShares DWA Dev’d Mkts Tech Leaders               PIZ      0.8      -9.24    -11.86   N/A
  Invesco PowerShares DWA Emerging Mkts Tech Leaders            PIE      0.9      -10.6    -14.37   N/A
  Invesco PowerShares DWA Tech Leaders                          PDP      0.6      -6.16    -6.77    -5.31
  Invesco PowerShares Dynamic Aggressive Growth                 PGZ      0.6      0.51     -0.43    -6.48
  Invesco PowerShares Dynamic Asia Pacific Opps                 PUA      0.8      -0.23    -14.89   -16.38
  Invesco PowerShares Dynamic Banking                           PJB      0.6      11.65    -6.03    -13.17
  Invesco PowerShares Dynamic Basic Materials                   PYZ      0.6      -0.06    -1.57    9.11
  Invesco PowerShares Dynamic BioTech & Genome                  PBE      0.6      15.65    12.13    9.83
  Invesco PowerShares Dynamic Building & Construction           PKB      0.6      0.79     -3.93    -15.69
  Invesco PowerShares Dynamic Consumer Discretionary            PEZ      0.6      3.04     -9.55    -24.82
  Invesco PowerShares Dynamic Consumer Staples                  PSL      0.6      3.42     -3.71    -3.85
  Invesco PowerShares Dynamic Deep Value                        PVM      0.6      1.52     -4.79    -7.48
  Invesco PowerShares Dynamic Dev’d Int’l Opps                  PFA      0.75     -6.52    -16.11   -21.76
  Invesco PowerShares Dynamic Energy Expl & Prod                PXE      0.6      -20.85   -6.86    14.19
  Invesco PowerShares Dynamic Energy                            PXI      0.6      -15.49   -1.26    14.73
  Invesco PowerShares Dynamic Europe                            PEH      0.75     -1.79    -15.12   -21.77
  Invesco PowerShares Dynamic Financials                        PFI      0.6      4.64     -3.87    -10.01
  Invesco PowerShares Dynamic Food & Beverage                   PBJ      0.6      3.89     -5.97    -2.72
  Invesco PowerShares Dynamic Hardware & Consumer Electronics   PHW      0.6      2.91     1.61     -17.8
  Invesco PowerShares Dynamic Healthcare                        PTH      0.6      5.88     2.52     -6.23
  Invesco PowerShares Dynamic Healthcare Services               PTJ      0.6      5.47     0        -15.05
  Invesco PowerShares Dynamic Industrials                       PRN      0.6      0.48     -3.63    -6.26
  Invesco PowerShares Dynamic Insurance                         PIC      0.6      4.15     -4.07    -9.33
  Invesco PowerShares Dynamic Large Cap Growth                  PWB      0.6      -0.06    -2.48    -5.58
  Invesco PowerShares Dynamic Large Cap                         PJF      0.6      -0.65    -5.14    -7.53

Data as of July 31, 2008                                                                   August 2008
PagE 6                                                                                    ETFzone.com
Name                                                       Ticker   Expenses 1-month 3-month    1-year
Invesco PowerShares Dynamic Large Cap Value                PWV      0.6      -0.22    -7.64     -8.87
Invesco PowerShares Dynamic Leisure & Entertainment        PEJ      0.6      -0.08    -14.64    -23.77
Invesco PowerShares Dynamic MagniQuant                     PIQ      0.6      1.07     -2.51     -9.47
Invesco PowerShares Dynamic Mkt                            PWC      0.6      -1.85    -6.38     -11.82
Invesco PowerShares Dynamic Media                          PBS      0.5      -4.98    -14.73    -26.82
Invesco PowerShares Dynamic Mid Cap Growth                 PWJ      0.6      -3.3     -5.39     -6.35
Invesco PowerShares Dynamic Mid Cap                        PJG      0.6      -1.78    -4.86     -11.96
Invesco PowerShares Dynamic Mid Cap Value                  PWP      0.6      0.82     -5.97     -19.19
Invesco PowerShares Dynamic Networking                     PXQ      0.6      -2.08    -6.29     -23.93
Invesco PowerShares Dynamic Oil & Gas Services             PXJ      0.6      -12.97   0.21      10.53
Invesco PowerShares Dynamic OTC                            PWO      0.6      1.8      -0.04     -14.17
Invesco PowerShares Dynamic Pharmaceuticals                PJP      0.6      6.66     4.48      -2.13
Invesco PowerShares Dynamic Retail                         PMR      0.6      4.1      -6.43     -18.49
Invesco PowerShares Dynamic Semiconductors                 PSI      0.6      -4.56    -7.83     -21.39
Invesco PowerShares Dynamic Small Cap Growth               PWT      0.6      2.5      -0.57     -13.36
Invesco PowerShares Dynamic Small Cap                      PJM      0.6      3.03     -0.81     -9.75
Invesco PowerShares Dynamic Small Cap Value                PWY      0.6      2.62     -5.64     -13.38
Invesco PowerShares Dynamic Software                       PSJ      0.6      2.24     1.37      -8.29
Invesco PowerShares Dynamic Tech                           PTF      0.6      -0.95    -2.7      -12.87
Invesco PowerShares Dynamic Telecoms & Wireless            PTE      0.6      1.25     0.79      -23.29
Invesco PowerShares Dynamic Utilities                      PUI      0.6      -6.22    -4.79     -0.28
Invesco PowerShares Emerging Mkts Sovereign Debt           PCY      0.5      -1.37    -5.82     N/A
Invesco PowerShares Financial Preferred                    PGF      0.6      -2.46    -13.86    -18.07
Invesco PowerShares FTSE NASDAQ Small Cap                  PQSC     0.7      3.13     -3.51     N/A
Invesco PowerShares FTSE RAFI Asia Pacific ex-Japan        PAF      0.8      -2.2     -11.48    -6.29
Invesco PowerShares FTSE RAFI Asia Pacific Ex-Japan        PDQ      0.8      -1.88    -12.46    N/A
Invesco PowerShares FTSE RAFI Basic Materials              PRFM     0.6      0.75     -3.07     2.8
Invesco PowerShares FTSE RAFI Consumer Goods               PRFG     0.6      3.18     -13.39    -17.77
Invesco PowerShares FTSE RAFI Consumer Services            PRFS     0.6      0.72     -10.03    -19.42
Invesco PowerShares FTSE RAFI Dev’d Mkts                   PXF      0.75     -2.84    -11.99    -15.59
Invesco PowerShares FTSE RAFI Dev’d Mkts ex-US Small-Mid   PDN      0.75     -5.12    -12.28    N/A
Invesco PowerShares FTSE RAFI Emerging Mkts                PXH      0.85     -3.62    -10.43    N/A
Invesco PowerShares FTSE RAFI Energy                       PRFE     0.6      -12.75   -9.33     4.17
Invesco PowerShares FTSE RAFI Europe                       PEF      0.75     -1.11    -15       -16.09
Invesco PowerShares FTSE RAFI Europe Small-Mid             PWD      0.75     -6.39    -16.39    N/A
Invesco PowerShares FTSE RAFI Financials                   PRFF     0.6      6.72     -20.69    -34.74
Invesco PowerShares FTSE RAFI Health Care                  PRFH     0.6      4.88     0.13      -7.37
Invesco PowerShares FTSE RAFI Industrials                  PRFN     0.6      2.43     -7.59     -12.29
Invesco PowerShares FTSE RAFI Int’l Real Estate            PRY      0.75     -0.3     -18.31    N/A
Invesco PowerShares FTSE RAFI Japan                        PJO      0.75     -3.12    -4.35     -15.56
Invesco PowerShares FTSE RAFI Telecoms & Tech              PRFQ     0.6      -2.07    -6.9      -15.78
Invesco PowerShares FTSE RAFI US 1000                      PRF      0.6      0.37     -11.27    -18.47
Invesco PowerShares FTSE RAFI US 1500 Small-Mid            PRFZ     0.6      1.5      -4.81     -13.27

August 2008                                                                Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                                         PagE 7
  Name                                                         Ticker   Expenses 1-month 3-month   1-year
  Invesco PowerShares FTSE RAFI Utilities                      PRFU     0.6      -4.57    -4.52    -1.61
  Invesco PowerShares Global Clean Energy                      PBD      0.75     -5.33    -5.6     -3.57
  Invesco PowerShares Global Nuclear Energy                    PKN      0.75     -6.36    -2.87    N/A
  Invesco PowerShares Global Water                             PIO      0.75     -0.74    -5.62    -15.65
  Invesco PowerShares Golden Dragon Halter USX China           PGJ      0.7      0.24     -13.81   -5.73
  Invesco PowerShares High Growth Rate Dividend Achievers      PHJ      0.5      4.14     -9.5     -16.83
  Invesco PowerShares High Yield Corporate Bond                PHB      0.5      -2.78    -9.19    N/A
  Invesco PowerShares High Yield Equity Dividend Achievers     PEY      0.5      9.94     -15.32   -29.68
  Invesco PowerShares India                                    PIN      0.78     6.99     -22.56   N/A
  Invesco PowerShares Insured California Muni Bond             PWZ      0.28     -0.47    -3.02    N/A
  Invesco PowerShares Insured National Muni Bond               PZA      0.28     -1.05    -2.61    N/A
  Invesco PowerShares Insured New York Muni Bond               PZT      0.35     -0.76    -2.31    N/A
  Invesco PowerShares Int’l Dividend Achievers                 PID      0.5      -1.2     -11.75   -13.82
  Invesco PowerShares Int’l Listed Private Equity              PFP      0.75     1.36     -10.51   N/A
  Invesco PowerShares Listed Private Equity                    PSP      0.6      2.16     -13.86   -25.85
  Invesco PowerShares Lux Nanotech                             PXN      0.6      4.72     -0.36    -15.23
  Invesco PowerShares NASDAQ Next-Q                            PNXQ     0.7      1.87     -3.04    N/A
  Invesco PowerShares Preferred                                PGX      0.5      -4.21    -15.07   N/A
  Invesco PowerShares QQQ                                      QQQQ     0.2      0.64     -3.71    -6.15
  Invesco PowerShares S&P 500 BuyWrite                         PBP      0.75     0.3      -11.34   N/A
  Invesco PowerShares Value Line Industry Rotation             PYH      0.6      -2.92    -1.15    0.22
  Invesco PowerShares Value Line Timeliness Select             PIV      0.6      -3.01    -1.73    -3.63
  Invesco PowerShares VRDO Tax-Free Weekly                     PVI      0.25     0.04     0        N/A
  Invesco PowerShares Water Resources                          PHO      0.6      4.54     4.19     4.84
  Invesco PowerShares WilderHill Clean Energy                  PBW      0.6      -2.61    -9.38    -12.1
  Invesco PowerShares WilderHill Progressive Energy            PUW      0.6      -4.57    -0.78    -2.51
  Invesco PowerShares Zacks Micro Cap                          PZI      0.6      2.67     -3.68    -24.12
  Invesco PowerShares Zacks Small Cap                          PZJ      0.6      2.97     -3.34    -15.39
  iPath CBOE S&P 500 BuyWrite                                  BWV      0.75     -0.02    -5.04    -2.88
  iPath DJ AIG Aluminum                                        JJU      0.75     N/A      N/A      N/A
  iPath DJ AIG Cotton Ttl Return Sub Index                     BAL      0.75     N/A      N/A      N/A
  iPath DJ AIG Lead Ttl Return Sub-Index                       LD       0.75     N/A      N/A      N/A
  iPath DJ AIG Precious Metals Ttl Return Sub-Index            JJP      0.75     N/A      N/A      N/A
  iPath DJ AIG Softs                                           JJS      0.75     N/A      N/A      N/A
  iPath DJ AIG Tin                                             JJT      0.75     N/A      N/A      N/A
  iPath Dow Jones AIG Agric Ttl Return Sub-Index               JJA      0.75     -10.73   0.22     N/A
  iPath Dow Jones AIG Cocoa Ttl Return Sub Index               NIB      0.75     N/A      N/A      N/A
  iPath Dow Jones AIG Coffee Ttl Return Sub Index              JO       0.75     N/A      N/A      N/A
  iPath Dow Jones AIG Commod Ttl Return                        DJP      0.75     -12.18   -2.07    21.99
  iPath Dow Jones AIG Copper Ttl Return Sub-Index              JJC      0.75     -4.92    -6.15    N/A
  iPath Dow Jones AIG Energy Ttl Return Sub-Index              JJE      0.75     -20.3    -2.93    N/A
  iPath Dow Jones AIG Grains Ttl Return Sub-Index              JJG      0.75     -13.92   0.16     N/A
  iPath Dow Jones AIG Industrial Metals Ttl Return Sub-Index   JJM      0.75     -5.67    -4.38    N/A

Data as of July 31, 2008                                                                  August 2008
PagE 8                                                                                ETFzone.com
Name                                                   Ticker   Expenses 1-month 3-month    1-year
iPath Dow Jones AIG Livestock Ttl Return Sub-Index     COW      0.75     1.06     1.6       N/A
iPath Dow Jones AIG Natural Gas Ttl Return Sub-Index   GAZ      0.75     -32.47   -18.25    N/A
iPath Dow Jones AIG Nickel Ttl Return Sub-Index        JJN      0.75     -15.63   -35.6     N/A
iPath Dow Jones AIG Platinum Ttl Return Sub Index      PGM      0.75     N/A      N/A       N/A
iPath Dow Jones AIG Sugar Ttl Return Sub Index         SGG      0.75     N/A      N/A       N/A
iPath EUR/USD Exchange Rate                            ERO      0.4      -0.43    0.66      N/A
iPath GBP/USD Exchange Rate                            GBB      0.4      1        0.98      N/A
iPath Global Carbon                                    GRN      0.75     N/A      N/A       N/A
iPath JPY/USD Exchange Rate                            JYN      0.4      -1.68    -4        N/A
iPath MSCI India                                       INP      0.89     8.46     -23.33    -11.37
iPath Optimized Currency Carry                         ICI      0.22     0.94     0.92      N/A
iPath S&P GSCI Ttl Return                              GSP      0.75     -12.73   3.43      47.17
iPath Service Mark S&P GSCI Crude Oil Ttl Return       OIL      0.75     -12.25   7.47      74.13
iShares Cohen & Steers Realty Majors                   ICF      0.35     2.62     -9.9      -7.51
iShares COMEX Gold Trust                               IAU      0.4      -1.22    4.2       37.02
iShares Dow Jones EPAC Select Dividend                 IDV      0.5      -2.43    -17.31    -26.84
iShares Dow Jones Regional Banks                       IAT      0.48     11.66    -18.26    -34.98
iShares Dow Jones Select Dividend                      DVY      0.4      4.18     -13.58    -24.34
iShares Dow Jones Transportation Average               IYT      0.48     3        -1.49     0.53
iShares Dow Jones U.S. Industrial                      IYJ      0.48     1.47     -7.14     -11.25
iShares Dow Jones US Aerospace & Defense               ITA      0.48     3.82     -11.66    -12.95
iShares Dow Jones US Basic Materials                   IYM      0.48     -7.79    -2.55     13.1
iShares Dow Jones US Broker Dealers                    IAI      0.48     0.84     -18.29    -35.4
iShares Dow Jones US Consumer Goods                    IYK      0.48     3.73     -5        -5.68
iShares Dow Jones US Consumer Services                 IYC      0.48     0.42     -8.72     -18.35
iShares Dow Jones US Energy                            IYE      0.48     -71.44   -69.69    -64.32
iShares Dow Jones US Financial                         IYF      0.48     6.47     -16.67    -32.73
iShares Dow Jones US Financial Services                IYG      0.48     9.72     -18.38    -37.74
iShares Dow Jones US Healthcare Providers              IHF      0.48     5.82     -4.47     -16.39
iShares Dow Jones US Healthcare                        IYH      0.48     5.79     2.56      -3.41
iShares Dow Jones US Home Construction                 ITB      0.48     8.04     -23.29    -42.88
iShares Dow Jones US Insurance                         IAK      0.48     -0.62    -16.92    -28.85
iShares Dow Jones US Medical Devices                   IHI      0.48     4.92     5.13      3.9
iShares Dow Jones US Oil & Gas Expl & Prod             IEO      0.48     -22.35   -10.86    19.67
iShares Dow Jones US Oil Equipment & Services          IEZ      0.48     -13.55   -0.49     15.41
iShares Dow Jones US Pharmaceuticals                   IHE      0.48     4.17     2.46      -4.22
iShares Dow Jones US Real Estate                       IYR      0.48     2.47     -9.55     -11.91
iShares Dow Jones US Tech                              IYW      0.48     -1.29    -5.21     -10.86
iShares Dow Jones US Telecoms                          IYZ      0.48     -3.45    -7.99     -30.5
iShares Dow Jones US Ttl Mkt                           IYY      0.2      -0.9     -7.48     -12.63
iShares Dow Jones US Utilities                         IDU      0.48     -7.06    -5.35     -0.15
iShares FTSE Dev’d Small Cap ex-North America          IFSM     0.5      -4.7     -12.84    N/A
iShares FTSE EPRA/NAREIT Asia                          IFAS     0.5      0.94     -18.11    N/A

August 2008                                                            Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                                PagE 9
  Name                                                Ticker   Expenses 1-month 3-month   1-year
  iShares FTSE EPRA/NAREIT Europe                     IFEU 0.48         -2.37    -21.44   N/A
  iShares FTSE EPRA/NAREIT Global Real Estate ex-US   IFGL 0.48         -1.2     -18.23   N/A
  iShares FTSE EPRA/NAREIT North America              IFNA 0.48         2.94     -9.28    N/A
  iShares FTSE NAREIT Industrial/Office               FIO  0.48         2.76     -8.65    -9.65
  iShares FTSE NAREIT Mortgage                        REM  0.48         -3.63    -21.04   -47.74
  iShares FTSE NAREIT Real Estate 50                  FTY  0.48         2.72     -9.4     -7.65
  iShares FTSE NAREIT Residential                     REZ  0.48         10.53    -2.66    -4.49
  iShares FTSE/Xinhua China 25                        FXI  0.74         -65.88   -71.89   -67.54
  iShares iBoxx $ High Yield Corporate Bond           HYG  0.5          -0.11    -4.88    3.14
  iShares iBoxx $ Investment Grade Corporate Bond     LQD  0.15         -0.04    -3.95    0.83
  iShares JPMorgan USD Emerging Mkts Bond             EMB  0.6          0.4      -1.92    N/A
  iShares KLD 400 Social                              DSI  0.5          0.35     -7.03    -12.58
  iShares KLD Select Social                           KLD  0.5          0.26     -6.21    -12.35
  iShares Lehman 1-3 Year Credit Bond                 CSJ  0.2          0.06     -0.56    2.69
  iShares Lehman 1-3 Year Treasury Bond               SHY  0.15         0.17     -0.2     5.54
  iShares Lehman 10-20 Year Treasury Bond             TLH  0.15         0.14     -0.66    7.97
  iShares Lehman 20+ Year Treasury Bond               TLT  0.15         -0.73    -1.19    7.87
  iShares Lehman 3-7 Year Treasury Bond               IEI  0.15         0.46     -0.31    8.41
  iShares Lehman 7-10 Year Treasury Bond              IEF  0.15         0.39     -0.62    9.74
  iShares Lehman Aggregate Bond                       AGG  0.2          0.01     -1.82    4.24
  iShares Lehman Credit Bond                          CFT  0.2          -0.63    -2.55    1
  iShares Lehman Government/Credit Bond               GBF  0.2          -0.51    -1.75    4.11
  iShares Lehman Intermediate Credit Bond             CIU  0.2          0.34     -2.08    2.22
  iShares Lehman Intermediate Gov/Credit Bond         GVI  0.2          0.18     -1.02    4.63
  iShares Lehman MBS Fixed Rate Bond                  MBB  0.35         -0.4     -1.7     5.7
  iShares Lehman Short Treasury Bond                  SHV  0.15         0.06     0.08     2.22
  iShares Lehman TIPS Bond                            TIP  0.2          -1.28    -0.19    8.97
  iShares Morningstar Large Core                      JKD  0.2          0.9      -5.79    -8.67
  iShares Morningstar Large Growth                    JKE  0.25         -2.8     -5.01    -7.43
  iShares Morningstar Large Value                     JKF  0.25         -1.06    -14.33   -21.86
  iShares Morningstar Mid Core                        JKG  0.25         -1.93    -6       -11.88
  iShares Morningstar Mid Growth                      JKH  0.3          -5.43    -5.9     -6.24
  iShares Morningstar Mid Value                       JKI  0.3          1        -7.89    -20.22
  iShares Morningstar Small Core                      JKJ  0.25         1.65     -1.25    -11.54
  iShares Morningstar Small Growth                    JKK  0.3          0.21     -0.19    -7.98
  iShares Morningstar Small Value                     JKL  0.3          3.92     -8.03    -14.63
  iShares MSCI ACWI                                   ACWI 0.35         -3.16    -10.12   N/A
  iShares MSCI ACWI ex US                             ACWX 0.35         -3.8     -11.22   N/A
  iShares MSCI Australia                              EWA  0.59         -6.01    -10.44   -7.51
  iShares MSCI Austria                                EWO  0.59         -9.24    -14.96   -13.33
  iShares MSCI Belgium                                EWK  0.54         -7.49    -29.07   -32.2
  iShares MSCI Brazil                                 EWZ  0.74         -9.02    -10.05   28.83
  iShares MSCI BRIC                                   BKF  0.75         -7.13    -14.29   N/A

Data as of July 31, 2008                                                         August 2008
PagE 10                                                                    ETFzone.com
Name                                        Ticker   Expenses 1-month 3-month    1-year
iShares MSCI Canada                         EWC      0.54     -5.46    -3.42     6.38
iShares MSCI Chile                          ECH      0.74     3.7      -8.34     N/A
iShares MSCI EAFE                           EFA      0.35     -3.32    -12.43    -13.84
iShares MSCI EAFE Growth                    EFG      0.4      -3.34    -9.73     -7.83
iShares MSCI EAFE Small Cap                 SCZ      0.4      -6.62    -13.06    N/A
iShares MSCI EAFE Value                     EFV      0.4      -2.97    -14.6     -19.76
iShares MSCI Emerging Mkts                  EEM      0.75     -68.5    -70.85    -68.01
iShares MSCI EMU                            EZU      0.59     -51.22   -57.75    -57.15
iShares MSCI France                         EWQ      0.54     -2.02    -13.41    -13.65
iShares MSCI Germany                        EWG      0.54     -0.88    -10.71    -6.92
iShares MSCI Hong Kong                      EWH      0.54     -1.42    -14.14    -6.13
iShares MSCI Israel Capped Investable Mkt   EIS      0.68     -9.08    -7.75     N/A
iShares MSCI Italy                          EWI      0.54     -3.23    -16.75    -19.21
iShares MSCI Japan                          EWJ      0.54     -3.77    -9.64     -16.38
iShares MSCI Japan Small Cap                SCJ      0.59     -4.24    -7.33     N/A
iShares MSCI Kokusai                        TOK      0.25     -2.57    -10.17    N/A
iShares MSCI Malaysia                       EWM      0.54     -1.63    -14.32    -10.58
iShares MSCI Mexico                         EWW      0.54     -4.99    -7.41     -7.43
iShares MSCI Netherlands                    EWN      0.54     -3.42    -18.2     -17.64
iShares MSCI Pacific ex-Japan               EPP      0.5      -68.22   -70.4     -69.17
iShares MSCI Singapore                      EWS      0.54     -0.64    -9.14     -7.08
iShares MSCI South Africa                   EZA      0.7      -49.42   -54.12    -52.97
iShares MSCI South Korea                    EWY      0.7      -2.08    -16.87    -24.52
iShares MSCI Spain                          EWP      0.54     -1.33    -14.85    -7.21
iShares MSCI Sweden                         EWD      0.54     -1.01    -19.2     -27.49
iShares MSCI Switzerland                    EWL      0.54     -0.55    -8.4      -6.81
iShares MSCI Taiwan                         EWT      0.7      -7.01    -20.65    -17.51
iShares MSCI Thailand Investable Mkt        THD      0.68     -14.44   -26.56    N/A
iShares MSCI Turkey Investable Mkt          TUR      0.68     25.23    6.45      N/A
iShares MSCI United Kingdom                 EWU      0.54     -4.1     -13       -15.81
iShares Nasdaq BioTech                      IBB      0.48     15.69    14.53     14.93
iShares NYSE 100                            NY       0.2      -0.4     -9.2      -15.22
iShares NYSE Composite                      NYC      0.25     -2.37    -9.55     -11.85
iShares Russell 1000                        IWB      0.15     -1.41    -8.05     -12.94
iShares Russell 1000 Growth                 IWF      0.2      -2.28    -6.06     -8.34
iShares Russell 1000 Value                  IWD      0.2      -1.07    -10.72    -17.81
iShares Russell 2000                        IWM      0.2      3.29     -0.11     -8.29
iShares Russell 2000 Growth                 IWO      0.25     1.56     0.94      -5.54
iShares Russell 2000 Value                  IWN      0.25     4        -2.77     -12.47
iShares Russell 3000                        IWV      0.2      -1.26    -7.52     -12.72
iShares Russell 3000 Growth                 IWZ      0.25     -1.74    -5.21     -8.08
iShares Russell 3000 Value                  IWW      0.25     -0.54    -9.96     -17.49
iShares Russell Microcap                    IWC      0.6      4.6      -1.48     -17.14

August 2008                                                 Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                        PagE 11
  Name                                        Ticker   Expenses 1-month 3-month   1-year
  iShares Russell Midcap                      IWR  0.2          -2.89    -6.48    -11.95
  iShares Russell Midcap Growth               IWP  0.25         -51.99   -53.17   -54.76
  iShares Russell Midcap Value                IWS  0.25         -67.28   -69.13   -71.86
  iShares S&P 100                             OEF  0.2          0.79     -8.91    -14.56
  iShares S&P 1500                            ISI  0.2          -50.39   -53.88   -56.43
  iShares S&P 500                             IVV  0.09         -0.74    -8.34    -13.57
  iShares S&P 500 Growth                      IVW  0.18         -2.85    -6.54    -8.59
  iShares S&P 500 Value                       IVE  0.18         1.36     -10.49   -18.54
  iShares S&P Asia 50                         AIA  0.5          -1.64    -15.17   N/A
  iShares S&P California Muni Bond            CMF  0.25         -0.54    -2.86    N/A
  iShares S&P Europe 350                      IEV  0.6          -51.29   -56.81   -57.03
  iShares S&P Giobal Timber                   WOOD 0.48         2.6      N/A      N/A
  iShares S&P Global 100                      IOO  0.4          -0.75    -10.78   -11.6
  iShares S&P Global Consumer Discretionary   RXI  0.48         -0.22    -12.95   -23.51
  iShares S&P Global Consumer Staples         KXI  0.48         1.06     -7.75    -0.44
  iShares S&P Global Energy                   IXC  0.48         -71.25   -69.94   -65.34
  iShares S&P Global Financials               IXG  0.48         3.9      -18.21   -29.35
  iShares S&P Global Healthcare               IXJ  0.48         4.65     1.93     -4.24
  iShares S&P Global Industrials              EXI  0.48         -0.89    -10.6    -15.48
  iShares S&P Global Infrastructure           IGF  0.48         -4.18    -9.66    N/A
  iShares S&P Global Materials                MXI  0.48         -10.04   -9.02    4.47
  iShares S&P Global Tech                     IXN  0.48         -1.89    -7.13    -12.11
  iShares S&P Global Telecoms                 IXP  0.48         -2.91    -11.61   -10.21
  iShares S&P Global Utilities                JXI  0.48         -3.7     -4.56    3.88
  iShares S&P GSCI Commod-Indexed Trust       GSG  0.75         -13.32   3.72     47.07
  iShares S&P GSSI Natural Resources          IGE  0.48         -71.69   -68.89   -64.03
  iShares S&P GSTI Networking                 IGN  0.48         1.09     -4.15    -20.35
  iShares S&P GSTI Semiconductor              IGW  0.48         -8.22    -11.99   -29.71
  iShares S&P GSTI Software                   IGV  0.48         0.66     0.78     2.06
  iShares S&P GSTI Tech                       IGM  0.48         -0.75    -4.56    -9.14
  iShares S&P Latin America 40                ILF  0.5          -81.64   -81.74   -76.28
  iShares S&P MidCap 400                      IJH  0.2          -1.65    -3.99    -6.63
  iShares S&P MidCap 400 Growth               IJK  0.25         -3.45    -2.97    -2.29
  iShares S&P MidCap 400 Value                IJJ  0.25         -0.57    -5.52    -11.25
  iShares S&P National Muni Bond              MUB  0.25         0.3      -1.11    N/A
  iShares S&P New York Muni Bond              NYF  0.25         0.3      -2.38    N/A
  iShares S&P SmallCap 600                    IJR  0.2          1.89     -2.03    -9.96
  iShares S&P SmallCap 600 Growth             IJT  0.25         -49.82   -50.69   -53.33
  iShares S&P SmallCap 600 Value              IJS  0.25         2.87     -2.46    -12.9
  iShares S&P Topix 150                       ITF  0.5          -51.93   -54.97   -57.97
  iShares S&P US Preferred Stock              PFF  0.48         -5.14    -14.92   -15.5
  iShares S&P World ex-US Property            WPS  0.48         -1.28    -17.77   N/A
  iShares Silver Trust                        SLV  0.5          -89.85   -89.52   -86.29

Data as of July 31, 2008                                                 August 2008
PagE 12                                                                                       ETFzone.com
Name                                                           Ticker   Expenses 1-month 3-month    1-year
Mkt Vectors-Indian Rupee/USD                                   INR      0.55     2.44     -3.34     N/A
NETS AEX                                                       AEX      0.47     -9.57    N/A       N/A
NETS BEL 20                                                    BRU      0.47     -3.59    N/A       N/A
NETS CAC40                                                     FRC      0.47     -1.11    -10.09    N/A
NETS DAX                                                       DAX      0.47     -0.29    N/A       N/A
NETS FTSE 100                                                  LDN      0.47     -4.5     -10.63    N/A
NETS FTSE Singapore Straits Times                              SGT      0.47     N/A      N/A       N/A
NETS FTSE/JSE Top 40                                           JNB      0.65     -1.86    N/A       N/A
NETS Hang Seng China Enterprises                               SNO      0.51     6.47     N/A       N/A
NETS Hang Seng                                                 HKG      0.47     4.87     -9.62     N/A
NETS PSI 20                                                    LIS      0.47     -8.76    N/A       N/A
NETS S&P/ASX 200                                               AUS      0.47     -7.47    -11.22    N/A
NETS S&P/MIB                                                   ITL      0.47     N/A      N/A       N/A
NETS TA-25                                                     TAV      0.7      -9.6     N/A       N/A
NETS TOPIX                                                     TYI      0.47     -1.9     -8.93     N/A
NYSE Arca Tech 100                                             NXT      0.5      -0.33    -2.19     -9.71
Opta Lehman Brothers Commod Index Pure Beta Agric Ttl Return   EOH      0.85     -10.6    7.48      N/A
Opta Lehman Brothers Commod Index Pure Beta Ttl Return         RAW      0.85     -12.16   3.44      N/A
Opta S&P Listed Private Equity Index Net Return                PPE      0.75     -4.53    -17.24    N/A
PowerShares Autonomic Balanced Growth NFA                      PAO      0.25     4.06     N/A       N/A
PowerShares Autonomic Balanced NFA Global Asset                PCA      0.25     -0.64    N/A       N/A
PowerShares Autonomic Growth NFA Global Asset                  PTO      0.25     4.71     N/A       N/A
Powershares DB Base Metals Double Long                         BDD      0.75     N/A      N/A       N/A
PowerShares DB Base Metals Double Short                        BOM      0.75     N/A      N/A       N/A
PowerShares DB Base Metals Short                               BOS      0.75     N/A      N/A       N/A
PowerShares DB Crude Oil Double Long                           DXO      0.75     -22.96   N/A       N/A
PowerShares DB Crude Oil Double Short                          DTO      0.75     24.95    N/A       N/A
PowerShares DB Crude Oil Long                                  OLO      0.75     N/A      N/A       N/A
PowerShares DB Crude Oil Short                                 SZO      0.75     N/A      N/A       N/A
PowerShares Global Wind Energy                                 PWND     0.75     N/A      N/A       N/A
PowerShares NASDAQ Internet                                    PNQI     0.6      -2.51    N/A       N/A
PowerShares NASDAQ100 B/W                                      PQBW     0.75     N/A      N/A       N/A
ProShares Short Dow 30                                         DOG      0.95     -0.69    11.64     16.8
ProShares Short MidCap400                                      MYY      0.95     1.96     3.78      7.71
ProShares Short MSCI EAFE                                      EFZ      0.95     2.71     11.36     N/A
ProShares Short MSCI Emerging Mkts                             EUM      0.95     4.97     11.39     N/A
ProShares Short QQQ                                            PSQ      0.95     -0.78    2.86      5.7
ProShares Short Russell 2000                                   RWM      0.95     -4.03    -1.03     6.55
ProShares Short S&P 500                                        SH       0.95     0.77     8.58      15.78
ProShares Short SmallCap600                                    SBB      0.95     -2.11    0.42      9.75
ProShares Ultra Basic Materials                                UYM      0.95     -16.31   -7.3      13.67
ProShares Ultra Consumer Goods                                 UGE      0.95     6.37     -10.8     -14.81
ProShares Ultra Consumer Services                              UCC      0.95     -2.17    -19.64    -38.71

August 2008                                                                    Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                             PagE 13
  Name                                             Ticker   Expenses 1-month 3-month   1-year
  ProShares Ultra Dow 30                           DDM      0.95     0.05     -21.86   -30.62
  ProShares Ultra Financials                       UYG      0.95     8.19     -34.23   -60.94
  ProShares Ultra Health Care                      RXL      0.95     10.74    4.58     -10.45
  ProShares Ultra Industrials                      UXI      0.95     1.45     -15.34   -27.08
  ProShares Ultra MidCap400                        MVV      0.95     -4.21    -9.29    -19.73
  ProShares Ultra Oil & Gas                        DIG      0.95     -28.11   -19.68   -0.38
  ProShares Ultra QQQ                              QLD      0.95     0.44     -8.88    -20.93
  ProShares Ultra Real Estate                      URE      0.95     0.82     -22.15   -31.27
  ProShares Ultra Russell 1000 Growth              UKF      0.95     -4.01    -12.47   -21.78
  ProShares Ultra Russell 1000 Value               UVG      0.95     -2.54    -20.8    -36.07
  ProShares Ultra Russell 2000                     UWM      0.95     6.48     -1.7     -23.69
  ProShares Ultra Russell 2000 Growth              UKK      0.95     3.06     0.68     -19.23
  ProShares Ultra Russell 2000 Value               UVT      0.95     8.67     -6.07    -29.26
  ProShares Ultra Russell MidCap Growth            UKW      0.95     -8       -13.77   -24.54
  ProShares Ultra Russell MidCap Value             UVU      0.95     -3.6     -15.56   -33.04
  ProShares Ultra S&P 500                          SSO      0.95     -2.55    -16.77   -30.09
  ProShares Ultra Semiconductors                   USD      0.95     -10.92   -18.58   -46.72
  ProShares Ultra SmallCap600                      SAA      0.95     2.57     -5.57    -26.25
  ProShares Ultra Tech                             ROM      0.95     -3.15    -11.74   -27.46
  ProShares Ultra Telecoms                         LTL      0.95     -5.57    N/A      N/A
  ProShares Ultra Utilities                        UPW      0.95     -14.63   -11.79   -4.48
  ProShares UltraShort Basic Materials             SMN      0.95     14.25    -1.05    -38.46
  ProShares UltraShort Consumer Goods              SZK      0.95     -7.18    9.25     11.32
  ProShares UltraShort Consumer Services           SCC      0.95     -2.29    15.03    39.26
  ProShares UltraShort DJ30                        DXD      0.95     -1.27    23.25    28.9
  ProShares UltraShort Financials                  SKF      0.95     -22.7    19.74    45.32
  ProShares UltraShort FTSE/Xinhua China 25        FXP      0.95     -8.33    22.05    N/A
  ProShares UltraShort Health Care                 RXD      0.95     -10.79   -5.15    7.33
  ProShares UltraShort Industrials                 SIJ      0.95     -4.06    11.86    17.25
  ProShares UltraShort Lehman 20+ Year Treasury    TBT      0.95     0.71     N/A      N/A
  ProShares UltraShort Lehman 7-10 Year Treasury   PST      0.95     -1.57    N/A      N/A
  ProShares UltraShort MidCap 400                  MZZ      0.95     2.58     6.31     7.46
  ProShares UltraShort MSCI EAFE                   EFU      0.95     6.73     24.01    N/A
  ProShares UltraShort MSCI Emerging Mkts          EEV      0.95     9.67     21.63    N/A
  ProShares UltraShort MSCI Japan                  EWV      0.95     7.28     18.1     N/A
  ProShares UltraShort Oil & Gas                   DUG      0.95     32.24    13.1     -24.5
  ProShares UltraShort QQQ                         QID      0.95     -1.99    3.98     2.95
  ProShares UltraShort Real Estate                 SRS      0.95     -11.9    7.31     -13.72
  ProShares UltraShort Russell 1000 Growth         SFK      0.95     4.7      10.64    14.12
  ProShares UltraShort Russell 1000 Value          SJF      0.95     -0.61    20.51    35.48
  ProShares UltraShort Russell 2000                TWM      0.95     -9.04    -3.99    2.37
  ProShares UltraShort Russell 2000 Growth         SKK      0.95     -4.88    -5.73    -0.35
  ProShares UltraShort Russell 2000 Value          SJH      0.95     -11.06   0.1      11.37

Data as of July 31, 2008                                                      August 2008
PagE 14                                                                                      ETFzone.com
Name                                                          Ticker   Expenses 1-month 3-month    1-year
ProShares UltraShort Russell MidCap Growth                    SDK      0.95     7.67     11.68     14.47
ProShares UltraShort Russell MidCap Value                     SJL      0.95     2.34     11.72     27.28
ProShares UltraShort S&P 500                                  SDS      0.95     1.2      16.25     25.46
ProShares UltraShort Semiconductors                           SSG      0.95     7.52     12.02     35.97
ProShares UltraShort SmallCap600                              SDD      0.95     -4.85    0.57      11.19
ProShares UltraShort Tech                                     REW      0.95     1.8      7.56      13.04
ProShares UltraShort Telecoms                                 TLL      0.95     7.95     13.51     N/A
ProShares UltraShort Utilities                                SDP      0.95     15       9.21      -4.66
RevenueShares Large Cap                                       RWL      0.54     -1.17    -11.23    N/A
RevenueShares Mid Cap                                         RWK      0.54     0.14     -6.81     N/A
RevenueShares Small Cap                                       RWJ      0.54     2.94     -3.65     N/A
Rydex 2x S&P Select Energy                                    REA      0.7      N/A      N/A       N/A
Rydex 2x S&P Select Tech                                      RTG      0.7      N/A      N/A       N/A
Rydex ExpressShares 2x Russell 2000                           RRY      0.7      6.18     -2.07     N/A
Rydex ExpressShares 2x S&P 500                                RSU      0.7      -2.37    -17.03    N/A
Rydex ExpressShares 2x S&P MidCap 400                         RMM      0.7      -4.53    -9.48     N/A
Rydex ExpressShares Inverse 2x Russell 2000                   RRZ      0.7      -7.6     -3.14     N/A
Rydex ExpressShares Inverse 2x S&P 500                        RSW      0.7      0.79     16.59     N/A
Rydex ExpressShares Russell Top 50                            XLG      0.2      0.06     -9.23     -13.97
Rydex ExpressShares S&P 500 Pure Growth                       RPG      0.35     -2.55    -7.09     -8.71
Rydex ExpressShares S&P 500 Pure Value                        RPV      0.35     1.94     -15.77    -28.3
Rydex ExpressShares S&P Equal Weight Consumer Discretionary   RCD      0.5      0.24     -13.52    -27.28
Rydex ExpressShares S&P Equal Weight Consumer Staples         RHS      0.5      2.37     -3.83     -1.41
Rydex ExpressShares S&P Equal Weight Energy                   RYE      0.5      -17.58   -6.98     13.88
Rydex ExpressShares S&P Equal Weight                          RSP      0.4      -0.5     -8.24     -15.07
Rydex ExpressShares S&P Equal Weight Financial                RYF      0.5      3.05     -18.4     -33.88
Rydex ExpressShares S&P Equal Weight Health Care              RYH      0.5      6.44     2.72      -0.77
Rydex ExpressShares S&P Equal Weight Industrials              RGI      0.5      0.02     -9.82     -9.47
Rydex ExpressShares S&P Equal Weight Materials                RTM      0.5      1.76     -4.82     -6.69
Rydex ExpressShares S&P Equal Weight Tech                     RYT      0.5      -3.3     -6.66     -16.64
Rydex ExpressShares S&P Equal Weight Utilities                RYU      0.5      -2.22    -2.79     -4.2
Rydex ExpressShares S&P MidCap 400 Pure Growth                RFG      0.35     -2.96    -2.54     -3.38
Rydex ExpressShares S&P MidCap 400 Pure Value                 RFV      0.35     3.43     -10.6     -16.94
Rydex ExpressShares S&P Smallcap 600 Growth                   RZG      0.35     3.56     -1.02     -9.21
Rydex ExpressShares S&P Smallcap 600 Value                    RZV      0.35     5.7      -6.02     -24.73
SPA MktGrader 100                                             SIH      1.12     -5.68    -5.37     N/A
SPA MktGrader 200                                             SNB      1.12     -4.12    -3.85     N/A
SPA MktGrader 40                                              SFV      1.12     -6.02    -1.9      N/A
SPA MktGrader Large Cap 100                                   SZG      1.12     -6.06    -6.06     N/A
SPA MktGrader Mid Cap 100                                     SVD      1.12     -5.52    -2.84     N/A
SPA MktGrader Small Cap 100                                   SSK      1.12     -1.31    0.3       N/A
SPDR                                                          SPY      0.1      -0.9     -8.27     -12.65
SPDR Barclays Capital TIPS                                    IPE      0.18     -1.24    0.06      10.85

August 2008                                                                   Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                                PagE 15
  Name                                                Ticker   Expenses 1-month 3-month   1-year
  SPDR Biotech                                        XBI      0.35     20.1     23.89    35.99
  SPDR China                                          GXC      0.6      0.84     -16.18   -6.43
  SPDR Consumer Discretionary Select                  XLY      0.24     0.18     -9.28    -23.27
  SPDR Consumer Staples Select                        XLP      0.24     2.43     -0.9     5.06
  SPDR DB Int’l Government Inflation-Protected Bond   WIP      0.5      0.39     0.86     N/A
  SPDR DJ Wilshire Global Real Estate                 RWO      0.5      -0.09    N/A      N/A
  SPDR Dow Jones EURO STOXX 50                        FEZ      0.32     -0.08    -12.88   -11.97
  SPDR Dow Jones Global Titans                        DGT      0.5      0.3      -10.15   -12.99
  SPDR Dow Jones Wilshire Int’l Real Estate           RWX      0.6      -0.38    -15.66   -20.71
  SPDR Dow Jones Wilshire Large Cap                   ELR      0.2      -1.59    -7.9     -11.54
  SPDR Dow Jones Wilshire Large Cap Growth            ELG      0.2      -2.79    -5.6     -6.95
  SPDR Dow Jones Wilshire Large Cap Value             ELV      0.2      0.68     -10.51   -16.53
  SPDR Dow Jones Wilshire Mid Cap                     EMM      0.25     -0.92    -5.23    -9.37
  SPDR Dow Jones Wilshire Mid Cap Growth              EMG      0.25     -2.59    -3.38    -7.33
  SPDR Dow Jones Wilshire Mid Cap Value               EMV      0.25     1.11     -6.97    -13.02
  SPDR Dow Jones Wilshire REIT                        RWR      0.25     2.92     -9.63    -6.59
  SPDR Dow Jones Wilshire Small Cap                   DSC      0.25     1.45     -3.41    -10.68
  SPDR Dow Jones Wilshire Small Cap Growth            DSG      0.25     -0.45    -0.88    -8.37
  SPDR Dow Jones Wilshire Small Cap Value             DSV      0.25     2.9      -5.97    -13.67
  SPDR Dow Jones Wilshire Ttl Mkt                     TMW      0.2      -1.37    -7.7     -11.59
  SPDR Energy Select                                  XLE      0.24     -15.91   -8.99    7.64
  SPDR Financial Select                               XLF      0.25     6.76     -18.71   -34.77
  SPDR FTSE/Macquarie Global Infrastructure 100       GII      0.6      -4.23    -4.08    4.7
  SPDR Health Care Select                             XLV      0.25     4.48     1.49     -4.94
  SPDR Industrial Select                              XLI      0.24     0.79     -10.96   -12.97
  SPDR KBW Bank                                       KBE      0.35     13.75    -20.08   -36.41
  SPDR KBW Capital Mkts                               KCE      0.35     2.04     -15.04   -29.73
  SPDR KBW Insurance                                  KIE      0.35     1.89     -14.14   -23.31
  SPDR KBW Regional Banking                           KRE      0.35     13.67    -12.08   -25.37
  SPDR Lehman 1-3 Month T-Bill                        BIL      0.13     0.07     0.28     2.82
  SPDR Lehman Aggregate Bond                          LAG      0.18     0.15     -1.2     6.58
  SPDR Lehman California Muni Bond                    CXA      0.2      -0.91    -0.05    N/A
  SPDR Lehman High Yield Bond                         JNK      0.4      -1.91    -5.67    N/A
  SPDR Lehman Intermediate Term Treasury              ITE      0.13     0.31     -0.43    8.4
  SPDR Lehman Int’l Treasury Bond                     BWX      0.5      1.2      -1.01    N/A
  SPDR Lehman Long Term Treasury                      TLO      0.13     -0.39    -0.89    9.51
  SPDR Lehman Muni Bond                               TFI      0.2      0.14     -1.32    N/A
  SPDR Lehman New York Muni Bond                      INY      0.2      0        -0.91    N/A
  SPDR Lehman Short Term Muni Bond                    SHM      0.2      0.92     0.57     N/A
  SPDR Material Select                                XLB      0.24     -3.24    -4.56    2.96
  SPDR MidCap                                         MDY      0.25     -1.82    -4.1     -6.27
  SPDR Morgan Stanley Tech                            MTK      0.5      -0.18    -3.13    -12.78
  SPDR MSCI ACWI ex-US                                CWI      0.35     -3.69    -10.57   -9.85

Data as of July 31, 2008                                                         August 2008
PagE 16                                                                                       ETFzone.com
Name                                                           Ticker   Expenses 1-month 3-month    1-year
SPDR Russell/Nomura PRIME Japan                                JPP      0.51     -3.89    -9.45     -15.76
SPDR Russell/Nomura Small Cap Japan                            JSC      0.56     -4.81    -7.88     -18.87
SPDR S&P BRIC 40                                               BIK      0.4      -7.15    -11.93    9.29
SPDR S&P Dividend                                              SDY      0.35     5.42     -11.53    -18.33
SPDR S&P Emerging Asia Pacific                                 GMF      0.6      -0.83    -16.65    -8.86
SPDR S&P Emerging Europe                                       GUR      0.6      -6.74    -2.75     -0.02
SPDR S&P Emerging Latin America                                GML      0.6      -7.26    -7.73     14.34
SPDR S&P Emerging Mkts                                         GMM      0.6      -4.08    -11.21    0.25
SPDR S&P Emerging Middle East & Africa                         GAF      0.6      -0.74    -5.38     1.64
SPDR S&P Homebuilders                                          XHB      0.35     6.94     -20.57    -34.56
SPDR S&P Int’l Dividend                                        DWX      0.45     -4.29    -18.6     N/A
SPDR S&P Int’l Small Cap                                       GWX      0.6      -3.84    -9.33     -17.78
SPDR S&P Metals and Mining                                     XME      0.35     -16.05   3.93      33.83
SPDR S&P Oil & Gas Equipment & Services                        XES      0.35     -15.32   -1.23     16.72
SPDR S&P Oil & Gas Expl & Prod                                 XOP      0.35     -23.05   -8.17     22.02
SPDR S&P Pharmaceutical                                        XPH      0.35     3.4      1.45      -2.75
SPDR S&P Retail                                                XRT      0.35     3.93     -7.91     -23.95
SPDR S&P Semiconductor                                         XSD      0.35     -4.55    -8.99     -25.62
SPDR S&P World ex-US                                           GWL      0.35     -4.71    -11.53    -11.01
SPDR streetTRACKS Gold Shares                                  GLD      0.4      -1.44    3.96      36.96
SPDR Tech Select                                               XLK      0.24     -2.44    -6.09     -12.52
SPDR Utilities Select                                          XLU      0.24     -6.44    -4.51     2.23
UBS E-TRACS CMCI Agric Ttl Return                              UAG      0.65     -12.15   1.25      N/A
UBS E-TRACS CMCI Energy Ttl Return                             UBN      0.65     -17.18   2.49      N/A
UBS E-TRACS CMCI Food Ttl Return                               FUD      0.65     -7.55    4.72      N/A
UBS E-TRACS CMCI Gold Ttl Return                               UBG      0.3      0.72     4.71      N/A
UBS E-TRACS CMCI Industrial Metals Ttl Return                  UBM      0.65     -2.57    -5.42     N/A
UBS E-TRACS CMCI Livestock Ttl Return                          UBC      0.65     -1.32    -0.37     N/A
UBS E-TRACS CMCI Long Platinum Ttl Return                      PTM      0.65     -16.3    N/A       N/A
UBS E-TRACS CMCI Short Platinum Excess Return                  PTD      0.65     14.68    N/A       N/A
UBS E-TRACS CMCI Silver Ttl Return                             USV      0.4      -4.25    0.4       N/A
UBS E-TRACS CMCI Ttl Return                                    UCI      0.65     -9.38    1.98      N/A
Van Eck Mkt Vectors Agribusiness                               MOO      0.65     -9.6     -4.68     N/A
Van Eck Mkt Vectors Chinese Renminbi/USD                       CNY      0.55     0.23     0.78      N/A
Van Eck Mkt Vectors Coal                                       KOL      0.65     -15.14   10.83     N/A
Van Eck Mkt Vectors Environmental Services                     EVX      0.55     3.19     4.98      9
Van Eck Mkt Vectors Gaming                                     BJK      0.65     -0.25    -18.69    N/A
Van Eck Mkt Vectors Global Alternative Energy                  GEX      0.65     -3.32    -4.75     11.28
Van Eck Mkt Vectors Gold Miners                                GDX      0.55     -10.52   -0.28     10.24
Van Eck Mkt Vectors Intermediate Muni                          ITM      0.2      0.37     -1.18     N/A
Van Eck Mkt Vectors Lehman Brothers AMT Free Short Muni Bond   SMB      0.65     1.47     0.41      N/A
Van Eck Mkt Vectors Long Muni                                  MLN      0.24     -1.23    -3.21     N/A
Van Eck Mkt Vectors Nuclear Energy                             NLR      0.65     -10.79   -2.59     N/A

August 2008                                                                    Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                                   PagE 17
  Name                                                   Ticker   Expenses 1-month 3-month   1-year
  Van Eck Mkt Vectors Russia                             RSX      0.69     -15.57   -8.68    9.44
  Van Eck Mkt Vectors Steel                              SLX      0.55     -15.66   -8.34    35.02
  Van Eck Morgan Stanley Mkt Vectors Double Long Euro    URR      0.65     -1.31    N/A      N/A
  Van Eck Morgan Stanley Mkt Vectors Double Short Euro   DRR      0.65     1.6      N/A      N/A
  Vanguard Consumer Discretionary                        VCR      0.25     0.51     -11.43   -24.55
  Vanguard Consumer Staples                              VDC      0.25     3.18     -2.11    3.22
  Vanguard Dividend Appreciation                         VIG      0.28     1.06     -7.08    -8.08
  Vanguard Emerging Mkts                                 VWO      0.3      -4.72    -56.27   -52.6
  Vanguard Energy                                        VDE      0.25     -14.44   -6.9     9.73
  Vanguard Europe Pacific                                VEA      0.15     -3.47    -10.79   -11.64
  Vanguard European Stock                                VGK      0.18     -2.88    -11.02   -10.79
  Vanguard Extended Duration Treasury                    EDV      0.14     -2.87    -2.26    N/A
  Vanguard Extended Mkt                                  VXF      0.08     -0.45    -51.65   -54.36
  Vanguard Financials                                    VFH      0.25     7.6      -15.64   -30.24
  Vanguard FTSE All-World ex-US                          VEU      0.25     -3.68    -10.49   -8.96
  Vanguard Growth                                        VUG      0.11     -1.64    -5.24    -5.52
  Vanguard Health Care                                   VHT      0.25     6.07     3.53     -2.71
  Vanguard High Dividend Yield                           VYM      0.25     1.94     -9.46    -15.11
  Vanguard Industrials                                   VIS      0.25     1.81     -7.66    -11.08
  Vanguard Information Tech                              VGT      0.25     -1.31    -4.44    -10.04
  Vanguard Intermediate-Term Bond                        BIV      0.11     -0.27    -2.15    6.85
  Vanguard Large-Cap                                     VV       0.07     -0.91    -7.82    -11.63
  Vanguard Long-Term Bond                                BLV      0.11     -0.91    -2.94    5.21
  Vanguard Materials                                     VAW      0.25     -3.76    -3.72    6.09
  Vanguard Mega Cap 300                                  MGC      0.13     -0.5     -8.04    N/A
  Vanguard Mega Cap 300 Growth                           MGK      0.13     -0.87    -4.96    N/A
  Vanguard Mega Cap 300 Value                            MGV      0.13     -0.07    -11.16   N/A
  Vanguard Mid-Cap                                       VO       0.13     -3.94    -7.36    -12.65
  Vanguard Mid-Cap Growth                                VOT      0.13     -6.38    -7.02    -8.71
  Vanguard Mid-Cap Value                                 VOE      0.13     -1.54    -7.95    -16.59
  Vanguard Pacific                                       VPL      0.18     -3.94    -9.66    -12.59
  Vanguard REIT                                          VNQ      0.12     3.12     -9.24    -4.59
  Vanguard Short-Term Bond                               BSV      0.11     0.12     -0.79    6.4
  Vanguard Small-Cap                                     VB       0.1      1.46     -2.62    -9.14
  Vanguard Small-Cap Growth                              VBK      0.12     -0.78    -1.09    -6.78
  Vanguard Small-Cap Value                               VBR      0.12     4.06     -3.95    -11.39
  Vanguard Telecom Services                              VOX      0.25     -2.44    -7.82    -23.4
  Vanguard Ttl Bond Mkt                                  BND      0.11     -0.37    -1.68    5.84
  Vanguard Ttl Stock Mkt                                 VTI      0.07     -0.62    -53.65   -55.78
  Vanguard Utilities                                     VPU      0.25     -6.3     -4.68    1.26
  Vanguard Value                                         VTV      0.11     -0.18    -10.85   -17.92
  Victoria Bay United States 12 Month Oil                USL      0.66     -11.61   13.23    N/A
  Victoria Bay United States Gasoline                    UGA      0.6      -13.6    4.4      N/A

Data as of July 31, 2008                                                            August 2008
PagE 18                                                                             ETFzone.com
Name                                                 Ticker   Expenses 1-month 3-month    1-year
Victoria Bay United States Heating Oil               UHN      0.69     -12.37   5.62      N/A
Victoria Bay United States Natural Gas               UNG      0.6      -32.35   -18.48    2.82
Victoria Bay United States Oil                       USO      0.5      -12.03   8.1       73.9
WisdomTree DEFA                                      DWM      0.48     -2.83    -11.47    -11.91
WisdomTree DEFA High-Yielding Equity                 DTH      0.58     -2.19    -12.39    -14.12
WisdomTree Dividend Top 100                          DTN      0.38     2.57     -12.95    -20.6
WisdomTree Dreyfus Chinese Yuan                      CYB      0.45     -0.43    N/A       N/A
WisdomTree Dreyfus Euro                              EU       0.35     -0.59    N/A       N/A
WisdomTree Dreyfus Japanese Yen                      JYF      0.35     -1.98    N/A       N/A
WisdomTree Dreyfus South African Rand                SZR      0.45     N/A      N/A       N/A
WisdomTree Earnings 500                              EPS      0.28     -0.78    -9.68     -12.81
WisdomTree Earnings Top 100                          EEZ      0.38     -2.27    -12.77    -16.69
WisdomTree Emerging Mkts High-Yielding Equity        DEM      0.63     1.67     -4.83     7.11
WisdomTree Emerging Mkts SmallCap Dividend           DGS      0.63     -0.43    -13.58    N/A
WisdomTree Europe Dividend                           DEB      0.48     -2.53    -12.24    -12.83
WisdomTree Europe High-Yield Equity                  DEW      0.58     -0.07    -11.49    -14.03
WisdomTree Europe SmallCap Dividend                  DFE      0.58     -4.76    -16.25    -28.39
WisdomTree High-Yielding Equity                      DHS      0.38     6.11     -14.79    -24.31
WisdomTree India Earnings                            EPI      0.88     7.2      -22.18    N/A
WisdomTree Int’l Basic Materials                     DBN      0.58     -8.6     -10.91    -2.9
WisdomTree Int’l Communications                      DGG      0.58     -1.41    -9.17     -5.83
WisdomTree Int’l Consumer Cyclical                   DPC      0.58     -3.28    -12.22    -24.34
WisdomTree Int’l Consumer Non-Cyclical               DPN      0.58     -1.75    -10       -9.68
WisdomTree Int’l Dividend Top 100                    DOO      0.58     -1.47    -11.84    -12.35
WisdomTree Int’l Energy                              DKA      0.58     -12.04   -8.91     2.26
WisdomTree Int’l Financial                           DRF      0.58     2.11     -15.13    -22.59
WisdomTree Int’l Health Care                         DBR      0.58     2.17     1.47      -2.75
WisdomTree Int’l Industrial                          DDI      0.58     -4.81    -12.79    -18.77
WisdomTree Int’l LargeCap Dividend                   DOL      0.48     -1.65    -10.31    -9.17
WisdomTree Int’l MidCap Dividend                     DIM      0.58     -3.67    -11.55    -17.2
WisdomTree Int’l Real Estate                         DRW      0.58     -2.99    -18.58    -23.38
WisdomTree Int’l SmallCap Dividend                   DLS      0.58     -3.73    -13.33    -22.09
WisdomTree Int’l Tech                                DBT      0.58     -0.17    -2.83     -15.33
WisdomTree Int’l Utilities                           DBU      0.58     -2.23    -3.91     5.79
WisdomTree Japan Dividend                            DXJ      0.48     -3.71    -6.8      -13.63
WisdomTree Japan High-Yield Equity                   DNL      0.58     -2.32    -5.41     -12.6
WisdomTree Japan SmallCap Dividend                   DFJ      0.58     -3.44    -6.06     -15.9
WisdomTree LargeCap Dividend                         DLN      0.28     1.91     -11.26    -16.7
WisdomTree Low P/E                                   EZY      0.38     -0.57    -13.26    -18.33
WisdomTree MidCap Dividend                           DON      0.38     1.35     -8.11     -14.6
WisdomTree MidCap Earnings                           EZM      0.38     -0.31    -4.6      -12.84
WisdomTree Pacific ex-Japan Dividend                 DND      0.48     -2.59    -9.88     -4.09
WisdomTree Pacific ex-Japan High-Yielding Dividend   DNH      0.58     -0.86    -8.89     -13.45

August 2008                                                          Data as of July 31, 2008
 ExchangE-TradEd Fund nEws                                                                       PagE 19
  Name                                                       Ticker   Expenses 1-month 3-month   1-year
  WisdomTree SmallCap Dividend                               DES      0.38     5.33    -8.18     -16.54
  WisdomTree SmallCap Earnings                               EES      0.38     4.68    -4.21     -16.18
  WisdomTree Ttl Dividend                                    DTD      0.28     1.94    -10.65    -16.72
  WisdomTree Ttl Earnings                                    EXT      0.28     -2.54   -10.65    -14.63
  WisdomTree U.S. Current income                             USY      0.25     0.12    N/A       N/A
  XShares Adelante Shares RE Classics                        ACK      0.58     -6.31   -15.12    N/A
  XShares Adelante Shares RE Composite                       ACB      0.58     -1.6    -13.64    N/A
  XShares Adelante Shares RE Growth                          AGV      0.58     0.94    -10.15    N/A
  XShares Adelante Shares RE Kings                           AKB      0.58     -0.1    -10.57    N/A
  XShares Adelante Shares RE Shelter                         AQS      0.58     -2.07   -15.39    N/A
  XShares Adelante Shares RE Value                           AVU      0.58     -0.26   -12.35    N/A
  XShares Adelante Shares RE Yield Plus                      ATY      0.58     -1.97   -12.98    N/A
  XShares HealthShares Autoimmune-Inflammation               HHA      0.75     8.13    7.33      -0.26
  XShares HealthShares Cancer                                HHK      0.75     15.88   15.07     32.96
  XShares HealthShares Cardio Devices                        HHE      0.75     6.21    6.52      0.97
  XShares HealthShares Cardiology                            HRD      0.75     6.29    -1.28     2.83
  XShares HealthShares Composite                             HHQ      0.75     4.93    0.17      -8.8
  XShares HealthShares Dermatology and Wound Care            HRW      0.75     -9.29   -13.72    -20.5
  XShares HealthShares Diagnostics                           HHD      0.75     3.82    1.61      1.78
  XShares HealthShares Emerging Cancer                       HHJ      0.75     16.75   3.93      -17.65
  XShares HealthShares Enabling Technologies                 HHV      0.75     9.22    5.97      18.97
  XShares HealthShares European Drugs                        HRJ      0.95     0.23    -3.48     -16.16
  XShares HealthShares European Medical Products & Devices   HHT      1.01     -4.77   -6.21     N/A
  XShares HealthShares GI/Gender Health                      HHU      0.75     10.28   2.68      -20.09
  XShares HealthShares Infectious Disease                    HHG      0.75     11.04   11.78     -3.65
  XShares HealthShares Metabolic-Endocrine Disorders         HHM      0.75     5.95    1.65      -26.37
  XShares HealthShares Neuroscience                          HHN      0.75     -5.55   5.07      4.01
  XShares HealthShares Ophthalmology                         HHZ      0.75     2.3     -5.06     -35.95
  XShares HealthShares Orthopedic Repair                     HHP      0.75     4.05    -5.76     -12
  XShares HealthShares Patient Care Services                 HHB      0.75     0.05    -6.3      -15.11
  XShares HealthShares Respiratory/Pulmonary                 HHR      0.75     4.45    -3.46     -24.44
  XShares TDAX Independence 2010                             TDD      0.73     -1.72   -4.61     N/A
  XShares TDAX Independence 2020                             TDH      0.73     -0.91   -5.88     N/A
  XShares TDAX Independence 2030                             TDN      0.73     -0.59   -6.66     N/A
  XShares TDAX Independence 2040                             TDV      0.73     -0.14   -7.06     N/A
  XShares TDAX Independence In-Target                        TDX      0.73     -0.12   -0.7      N/A




Data as of July 31, 2008                                                               August 2008
                                      ETFzone
STAFF
Will McClatchy
Editor
Will@ETFzonE.com
                                        Continued from front.
                                        occurs when an investor must decide between
P a u l We i l                          an inexpensive plain vanilla fund and a more
Data Manager                            expensive fund which attempts to beat it with
                                        a semi-active, intelligent or fundamental meth-
PWEil@ETFzonE.com                       odology. Here investor goals or talent are less
                                        at play than the alleged superiority of the new
Jon Bernstein                           methodology. The semi-active fund must out-
                                        pace its plain vanilla rival by more than the 40%
Associate Editor                        to .60% fee differential before it can even begin
                                        to claim success. Investors should also watch
                                        to be sure the semi-active fund does not display
Jessica Chan                            greater volatility, because this would demand
JchAn@ETFzonE.com                       even higher returns.
                                           Actual historical performance of these
Design Editor                           semi-active funds is only a few years at best,
                                        although back-tested data often exists. Even if
                                        a fund looks good historically, long-patterns of
OUR MISSION                             success are very commonly reversed. Rever-
                                        sion to the mean tells us that the sharper and
ETFzonE  sEEKs To Pro-                  the longer an asset class exceeds its historical
VidE inFormATion And                    norm, the more likely excess rates of return are
                                        likely to fall.
rEAsonEd oPinion rE-                       On the other hand, semi-active funds follow
gArding      ExchAngE-                  two principles which have been shown to out-
TrAdEd Funds. iT oP-                    perform in many markets for many asset class-
ErATEs indEPEndEnTly                    es. Not slavishly following popular indexes re-
                                        duces poaching by the many Wall St. investors
oF oThEr FinAnciAl in-                  who prey on changes in holdings. Also, weight-
sTiTuTions. iT rEcEiVEs                 ing by just about any other method than market
no comPEnsATion From                    capitalization seems to deliver superior returns,
dATA And ArTiclEs.                      according to researchers. These semi-active
                                        funds use financial measures such as sales-to-
                                        earnings, earnings growth, etc., to weight their
Disclaimer Notice                       holdings.
ETFzone encourages readers to
report any errors of fact and will
make a reasonable effort to correct
mistakes. Investors are responsi-
blea for verifying the accuracy of
all statements. Many statements
in this document are forward-
looking, and all investment deci-
sions contain an element of judg-
ment and chance. ETFzone is not
a financial advisor. ETFzone staff
invest in ETFs, including some
that August appear in this article.

Copyright notice
This newsletter is the property
of Index Investing, LLC. Inqui-
ries August be made to Will Mc-
Clatchy, Editor, at will@etfzone.
com

				
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