Report on Mutual Fund Analysis of Equity Mutual Funds by lgc13617

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Report on Mutual Fund Analysis of Equity Mutual Funds document sample

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									Wednesday, May 26, 2010
Market Cap $15.02 Tril.
In $ Million unless stated otherwise


                                                     TrimTabs Market Cap                              Indices                                                                                          US L1 Components                                                                                                                            Mutual Funds and ETFs (6)
                                                                                                                                                                                         New                                                                                                                                 US Flows                 International Flows                Bonds Flows
                  Date                        TrimTabs Market                                                                            New Ann.      Completed         New                                                          Cancelled
                                                                   TrimTabs Market           Demand         Supply                                                                    Announced                       Convert. New                      Cancelled       Insider        Insider      Net Insider
                                              Cap Change (1)                                                                 L1            Cash           Cash        Announced                       New Offerings                     Cash
                                                                  Cap Level (1) ($tln)       Index (2)     Index (3)                                                                   Buybacks                         Offerings                       Buybacks        Buying          Selling      Selling (4)     Mutual Fund        ETF        Mutual Fund      ETF            Mutual Fund     ETF
                                                   ($bln)                                                                                Takeovers      Takeovers     Buybacks ($)                                                   Takeover (5)
                                                                                                                                                                                        (Count)

                 2007                              1,458                 20.9                    76             72          (929,132)        497,352        436,258        809,494          1,548           234,407         80,128         49,648                0         24,607        114,367           89,760        (43,389)         81,574        137,870       43,911            111,600        12,625
                 2008                             (8,628)                17.4                    42             23          (319,481)        282,065        186,458        372,587          1,252           252,792         54,016         45,291                0         25,331         45,267           19,936       (162,380)       120,778         (82,730)      19,355             33,797        20,622
                 2009                              3,587                 13.5                    43             21             82,629        130,393        122,787        132,511            393           310,940         60,358            752            2,951          6,709         38,266           31,557        (32,510)       (13,504)          49,782      35,511            467,220        48,481
               2010 - YTD                         (1,071)                16.3                    80             58           (95,198)         38,585         28,613        156,618            296            79,113         18,996              0                0          3,589         21,157           17,568        (18,867)        (5,723)          19,887        4,143           126,844        11,326
                 June-09                            (74)                 13.3                    48              4             24,127          2,758            725         16,020             25            39,345          2,748              0                0            364          3,247            2,883           5,690          2,728           6,510        2,644            28,950         3,238
                  July-09                          1,130                 13.5                    36             20              4,928          3,571          1,744          5,376             29            10,634          3,008            752                0            610          2,741            2,131           2,270          1,968           6,940        3,247            34,700         2,962
                August-09                           423                  14.6                    30             15             16,118          2,232          1,381          3,709             32            15,116            465              0                0            238          6,898            6,659         (2,020)          3,802           5,880        (934)            42,910         2,756
             September-09                           650                  15.2                    30             18             21,696          9,120          3,064          5,300             18            30,552          3,611              0                0            338          3,883            3,546        (11,250)        (2,155)             722        2,670            47,450         3,558
              October-09                           (422)                 15.5                    67             28           (17,442)          4,823         51,118         21,394             19            20,939          4,015              0                0            575          3,843            3,267        (14,850)        (4,149)           7,760        7,424            45,890         2,492
             November-09                            767                  15.7                    71             79           (40,115)         28,648         23,838         34,083             47            17,632          5,519              0                0            783          4,157            3,374         (8,770)          1,647           5,990        4,402            36,240         4,473
             December-09                            359                  16.0                    69             16             55,759          2,536          8,003         15,459             47            72,260         27,483              0                0            428          3,744            3,317         (8,940)         20,281           5,140        3,663            26,130         2,530
               January-10                          (711)                 16.2                    64             23            (3,346)          1,890          9,278          9,657             24            10,011          1,317              0                0            753          1,405              653           6,810       (19,883)          10,110          690            27,250         2,585
              February-10                           405                  15.6                    76             74           (47,616)          9,581          6,602         54,797             98            11,265            911              0                0            816          5,320            4,504         (4,460)          4,264           5,110      (2,652)            26,560         2,154
                March-10                            979                  16.5                    87             83           (18,521)         10,343          1,532         42,360             74            25,158          9,193              0                0            831          6,917            6,087           3,140         10,974           8,350        1,739            37,180         3,992
                 April-10                           143                  17.2                    88             38            (2,140)          5,735          8,100         17,993             32            18,475          2,565              0                0            465          4,366            3,901           5,260          2,259           8,640        4,796            27,720         1,303
              May - MTD                           (1,887)                15.9                    86             68           (23,574)         11,036          3,101         31,811             68            14,204          5,010              0                0            724          3,149            2,424        (29,617)        (3,336)        (12,323)        (431)             8,134         1,292
               27-Apr-10                           (455)                 16.9                    84             38            (7,942)            864            437          8,091              3               858            288              0                0            110            122               12                          1,045                            38                            543
               28-Apr-10                             88                  17.0                    86             37                697            896          1,036              0              0             1,560            345              0                0             23            103               80            208         (2,622)          1,645             53            7,262              o
               29-Apr-10                            195                  17.2                    84             40            (1,815)              0              0          3,155              4               908              0              0                0             32            464              432                          2,095                           (4)                          (575)
               30-Apr-10                           (281)                 16.9                    82             43                395              0            101            201              5               416              0              0                0             40            254              214                          1,601                          (76)                            181
               03-May-10                            181                  17.1                    86             44              (502)              0            696          2,300              4             1,648          1,295              0                0             40            423              382                             21                          293                             142
               04-May-10                           (582)                 16.5                    84             47            (2,040)              0              0          3,174              4             1,115            121              0                0            250            269               19                          1,330                          149                               11
               05-May-10                            (69)                 16.4                    85             56            (6,268)          3,200              0          4,888              5               633              0              0                0             17            137              121         (2,437)        (2,167)            992         (204)             8,549           (83)
               06-May-10                           (559)                 15.9                    85             59            (1,463)              0              0          2,322              4               622              0              0                0             20            256              237                          1,078                        (173)                             (31)
               07-May-10                           (253)                 15.6                    85             61              (825)              0              0            857              6                 0            184              0                0             19             51               32                          1,184                        (351)                           (101)
               10-May-10                            768                  16.4                    89             62              (526)              0              0          1,450              5               733            700              0                0             16            207              191                          3,615                        (328)                               44
               11-May-10                            (60)                 16.3                    86             67            (5,381)              0            290          6,670              4             1,217              0              0                0             19            188              169                          4,543                          540                             106
               12-May-10                            246                  16.6                    87             71            (1,887)          5,184              0          1,080              4             2,338            696              0                0             16            326              311         (8,799)          2,582         (3,712)          141             (989)             71
               13-May-10                           (192)                 16.4                    81             75            (1,345)              0              0          3,500              2             2,002            575              0                0             11            164              153                             64                            79                            216
               14-May-10                           (351)                 16.0                    81             77                (24)             0          1,635             50              3               505              0              0                0             15             81               66                        (2,253)                          (18)                              77
               17-May-10                            (11)                 16.0                    80             77              (312)          1,767              0             86              4               516              3              0                0             10            446              436                        (3,162)                        (124)                             148
               18-May-10                           (242)                 15.8                    85             78            (1,089)              0              0          1,375              4               117              0              0                0             24            193              169                          (315)                          (19)                            149
               19-May-10                            (85)                 15.7                    86             74                329              0              0            504              3               834            323              0                0             34             33               (1)        (4,794)          (365)         (1,883)        (109)               184           234
               20-May-10                           (628)                 15.1                    89             76              (646)              0              0            637              3                 0              0              0                0            114            105               (9)        (2,472)          (784)           (974)          (49)            1,322           127
               21-May-10                            254                  15.3                    88             76                822              0             25             61              3               887            887              0                0             22             26                 4        (2,023)        (6,077)         (1,610)        (121)                76              2
               24-May-10                           (214)                 15.1                    89             75                310              0              0             25              2               303             21              0                0             14             47               32         (1,333)          1,185           (527)            14              724           (46)
               25-May-10                             (6)                 15.1                    89             76                  98           885            155             32              3               666            205              0                0             36            142              105         (5,505)        (3,611)         (2,738)        (133)               648           141
               26-May-10                            (84)                 15.0                    88             70            (2,825)              0            300          2,800              5                68              0              0                0             46             53                 7        (3,229)          (205)         (1,475)          (18)            1,039             86



              5 Day Average                        (136)                 15.1                    88             75              (448)           177             96              711               3             385            223                  0               0             47           75              28         (2,912)        (1,898)         (1,465)            (61)            762            62
             22 Day Average                        (106)                 16.1                    85             63            (1,465)           582            213            1,966               4             816            257                  0               0             42          186             144         (3,376)           (55)         (1,142)            (19)          2,091            69



How To Read The Above: The Trim Tabs Market Cap $+/- is the daily change in market value for all NYSE, NASDAQ and AMEX stocks, adjusted for liquidity changes.
L1 Net Float. Measures the net change in trading float of shares. The L1 formula = New Offerings + Insider Selling - 2/3 New Cash T/O - 1/3 Completed Cash TakeOvers - New Stock BuyBacks - 2/3 Cancelled Deals.

New Cash Take-Overs: The cash portion of newly announced takeovers of public companies.
Completed Cash Take-Overs: Cash portion of completed acquisitions of public companies.
New Stock Buybacks. Dollar value at prior day close of new stock buyback announcements.
New Offerings. Dollar value of New Equity Offerings sold in US. Does not include closed end funds.
US & Global Equity Mutual Fund Fund Flow: Estimated flows in and out of US & Global Equity Mutual Funds. ETF Flows are based on 100% sample of US-traded ETFs.

(1) Note on Market Cap
TrimTab's market cap figure is based on the domestic market cap of the NYSE, the Nasdaq and the American Exchange and daily liquidity changes. It includes :
- only shares of domestic companies
- common and preferred shares.
It excludes :
- investment funds, rights, warrants, ETFs, convertible instruments
- options, futures, listed foreign shares and companies whose only business goal is to hold shares of other listed companies.

(2) Note on the Demand Index
The Demand Index is a market-timing index based on 17 sentiment variables.
It is bounded between 0 and 100, with a mean value of 50. Historically, high values of the index preceded market rallies.
For construction details, see the tab "Sentiment Index"

(3) Note on the Supply Index
The Supply Index computes a normalized score for L1 based on the two most recent years of history.
It is bounded between 0 and 100, with a mean value of 50. Historically, high values of the index preceded market rallies.
The higher the index, the greater the float shrink.
For construction details, see
http://www.trimtabs.com/

(4) Note on net Insider Selling
On January 24, Trimtabs changed its methodolgy for calculating insider activity. We now use Form-4 (Statement of Changes in Beneficial Ownership) instead of Form-144 (Notice of Proposed Sale of Securities)
Net insider selling is positive when daily insider sales exceed purchases, and negative otherwise.
Past daily estimates may change as more insider transactions are reported. In particular, the estimate for the previous day will be subject to daily adjustments.

(5) Note on Cancelled Deals
Cancelled Deals are takeovers which were recorded by TrimTabs but did not go through. Their impact on the L1 is zeroed-out on the day the deal is cancelled.

(6) Note on Equity Fund Flows
Numbers in bold are weekly estimates reported by the Investment Company Institute. They are subject to revisions.
The last five numbers are trimTabs estimates of daily flows for the most recent week.
TrimTabs Daily Mutual Fund Flow
26-May-10

Mutual Fund & ETF Flow Data Summary
($ Billions)



                                                               US Equities                                                Int. Equities                                       Bonds                  Hybrid                Commodities
                                                MF Flow                    ETF Flow                    MF Flow                        ETF Flow                 MF Flow                ETF Flow       MF Flow                  ETF Flow
                                                 ($ Billion)                 ($ Billion)                    ($ Billion)                   ($ Billion)           ($ Billion)            ($ Billion)   ($ Billion)               ($ Billion)
2003                                                129.7                        7.9                            22.6                          6.0                   31.6                   0.7           31.9                      0.0
2004                                                111.2                        40.1                           66.7                         15.5                  -10.8                   3.8           42.7                      1.3
2005                                                 30.8                        26.4                         104.8                          23.2                   31.3                   6.8           25.2                      2.3
2006                                                 11.0                        29.8                         148.5                          24.5                   60.6                   5.1           7.1                       6.3
2007                                                -43.4                        81.6                         137.9                          43.9                 111.6                   12.6           21.8                      7.1
2008                                               -162.4                      120.8                           -82.7                         19.4                   33.8                  20.6          -12.7                      8.1
2009                                                -32.5                       -13.5                           49.8                         35.5                 467.2                   48.5           32.8                     25.3
2010                                               -18.9                        -5.7                          19.9                           4.1                 126.8                   11.3          12.2                       4.8
May-09                                              14.1                         1.1                           4.3                            8.2                  31.6                   2.9           2.8                        0.5
Jun-09                                               5.7                         2.7                           6.5                            2.6                  29.0                   3.2           1.9                        1.2
Jul-09                                               2.3                         2.0                           6.9                            3.2                  34.7                   3.0           1.8                       -0.4
Aug-09                                              -2.0                         3.8                           5.9                           -0.9                  42.9                   2.8           3.2                        0.0
Sep-09                                             -11.3                        -2.2                           0.7                            2.7                  47.5                   3.6           10.6                       7.2
Oct-09                                             -14.9                        -4.1                           7.8                            7.4                  45.9                   2.5           2.9                        0.8
Nov-09                                              -8.8                         1.6                           6.0                            4.4                  36.2                   4.5           3.4                        2.6
Dec-09                                              -8.9                        20.3                           5.1                            3.7                  26.1                   2.5           2.4                        1.3
Jan-10                                               6.8                       -19.9                           10.1                           0.7                  27.3                   2.6           3.5                       -1.0
Feb-10                                              -4.5                         4.3                           5.1                           -2.7                  26.6                   2.2           2.3                       -1.1
Mar-10                                               3.1                        11.0                           8.4                            1.7                  37.2                   4.0           4.6                        0.8
Apr-10                                               5.3                         2.3                           8.6                            4.8                  27.7                   1.3           4.1                        1.0
May-10 MTD                                         -29.6                       -3.3                           -12.3                         -0.4                  8.1                     1.3          -2.4                        5.2
Last Twelve Months                                 -56.7                       18.4                           58.8                          27.3                 389.1                   33.3          38.4                       17.5
Thu, May 20                                         -2.5                        -0.8                           -1.0                           0.0                  1.3                    0.1            0.0                      -0.1
Fri, May 21                                         -2.0                        -6.1                           -1.6                          -0.1                  0.1                    0.0           -0.2                       0.0
Mon, May 24                                         -1.3                         1.2                           -0.5                           0.0                  0.7                    0.0           -0.2                       0.8
Tue, May 25                                         -5.5                        -3.6                           -2.7                          -0.1                  0.6                    0.1           -1.5                       1.2
Wed, May 26                                         -3.2                        -0.2                           -1.5                           0.0                  1.0                    0.1           -0.4                       0.1



Notes:
Flow (est) is a TrimTabs estimate based on i) flows tracked via TrimTabs daily survey, ii) market returns
Flow = (Assets(t))-(Asset(t-1)*(NAV(t)/NAV(t-1))).
For the latest ICI Total Net Assets Information, see end of page



Mutual Fund Flow Data Summary
($ Billions)



                                                               US Equities                                                Int. Equities                                       Bonds                                  Hybrid
                                                ICI Flow                       NAV                     ICI Flow                            NAV                 ICI Flow                 NAV          ICI Flow                    NAV
                                                 ($ Billion)                  Change                        ($ Billion)                    Change               ($ Billion)             Change       ($ Billion)                 Change
2005                                                 30.8                      22.2%                          104.8                         37.8%                  31.3                   4.7%           25.2                     0.2%
2006                                                 11.0                      11.4%                          148.5                         11.1%                  60.6                   1.9%           7.1                      5.0%
2007                                                -43.4                       7.6%                          137.9                          8.0%                 111.6                  -3.1%           21.8                     4.2%
2008                                               -162.4                     -48.9%                           -82.7                       -59.8%                  33.8                 -16.9%          -12.7                    -39.0%
2009                                                -32.5                      32.5%                            49.8                        35.9%                 467.2                  12.1%           32.8                     21.8%
2010                                               -18.9                       -2.5%                          19.9                         -10.4%                126.8                   1.4%          12.2                      -2.8%
May-09                                              14.1                        5.7%                           4.3                          12.8%                  31.6                   2.4%          2.8                       6.5%
Jun-09                                               5.7                        0.1%                           6.5                          -1.1%                  29.0                   0.5%          1.9                      -0.1%
Jul-09                                               2.3                        7.3%                           6.9                           8.7%                  34.7                   2.2%          1.8                       5.8%
Aug-09                                              -2.0                        3.3%                           5.9                           2.6%                  42.9                   1.6%          3.2                       3.1%
Sep-09                                             -11.3                        4.5%                           0.7                           5.9%                  47.5                   3.2%          10.6                      3.6%
Oct-09                                             -14.9                       -2.5%                           7.8                          -2.1%                  45.9                  -0.5%          2.9                      -1.3%
Nov-09                                              -8.8                        4.9%                           6.0                           4.0%                  36.2                   0.6%          3.4                       3.6%
Dec-09                                              -8.9                        2.6%                           5.1                           1.0%                  26.1                  -0.5%          2.4                       0.1%
Jan-10                                               6.8                       -3.7%                           10.1                         -4.3%                  27.3                   0.8%          3.5                      -1.9%
Feb-10                                              -4.5                        3.2%                           5.1                           0.5%                  26.6                   0.2%          2.3                       1.5%
Mar-10                                               3.1                        5.5%                           8.4                           6.5%                  37.2                   0.3%          4.6                       3.9%
Apr-10                                               5.3                        2.0%                           8.6                          -0.3%                  27.7                   1.0%          4.1                       1.2%
May-10 MTD Est.                                    -29.6                       -9.4%                          -12.3                        -12.8%                  8.1                  -0.8%           -2.4                     -7.5%
Thu, May 20                                         -2.5                       -3.7%                           -1.0                         -3.2%                  1.3                   -0.2%           0.0                     -2.3%
Fri, May 21                                         -2.0                        1.4%                           -1.6                          1.2%                  0.1                    0.0%          -0.2                      0.7%
Mon, May 24                                         -1.3                       -1.0%                           -0.5                         -0.9%                  0.7                    0.0%          -0.2                     -0.7%
Tue, May 25                                         -5.5                        0.0%                           -2.7                         -1.5%                  0.6                   -0.1%          -1.5                     -0.4%
Wed, May 26                                         -3.2                       -0.2%                           -1.5                          0.3%                  1.0                    0.0%          -0.4                     -0.1%



Notes:
Flow (est) is a TrimTabs estimate based on i) flows tracked via TrimTabs daily survey, ii) market returns
Flow = (Assets(t)-Assets(t))-(Asset(t)*((NAV(t)/NAV(t))).
For the latest ICI Total Net Assets Information, see end of page




ETF Flow Data Summary
($ Billions)


                                                               US Equities                                                Int. Equities                                       Bonds                                Commodities
                                                   Flow                        NAV                           Flow                          NAV                   Flow                   NAV           Flow                       NAV
                                                 ($ Billion)                  Change                        ($ Billion)                    Change               ($ Billion)             Change       ($ Billion)                 Change
2005                                                 26.4                       4.9%                           23.2                         16.6%                   6.8                  -2.1%           2.3                      21.2%
2006                                                 29.8                      13.2%                           24.5                         23.2%                   5.1                  -1.4%           6.3                      43.4%
2007                                                 81.6                       5.2%                           43.9                         16.1%                  12.6                  -1.2%           7.1                      10.1%
2008                                               120.8                      -41.9%                           19.4                        -52.7%                  20.6                  -6.7%           8.1                     -16.2%
2009                                                -13.5                      34.9%                           35.5                         43.5%                  48.5                   5.2%          25.3                      18.3%
2010                                                -5.7                       1.6%                            4.1                         -14.6%                 11.3                   1.0%           4.8                      3.0%
May-09                                               1.1                        3.3%                            8.2                         15.3%                  2.9                    1.9%           0.5                     12.3%
Jun-09                                               2.7                       -0.2%                            2.6                         -3.2%                  3.2                    0.8%           1.2                     -5.2%
Jul-09                                               2.0                       12.4%                            3.2                         10.0%                  3.0                    1.9%          -0.4                      1.6%
Aug-09                                               3.8                        4.1%                           -0.9                          1.2%                  2.8                    0.6%           0.0                     -1.2%
Sep-09                                              -2.2                        4.1%                            2.7                          7.4%                  3.6                    1.7%           7.2                      5.5%
Oct-09                                              -4.1                       -3.1%                            7.4                         -2.3%                  2.5                   -0.4%           0.8                      2.6%
Nov-09                                               1.6                        5.1%                            4.4                          6.1%                  4.5                    1.2%           2.6                      8.7%
Dec-09                                              20.3                        2.8%                            3.7                          0.7%                  2.5                   -1.8%           1.3                     -4.4%
Jan-10                                             -19.9                       -4.0%                            0.7                         -6.8%                  2.6                    1.0%          -1.0                     -3.4%
Feb-10                                               4.3                        3.8%                           -2.7                          2.0%                  2.2                   -0.1%          -1.1                      3.0%
Mar-10                                              11.0                        6.1%                            1.7                          7.1%                  4.0                    0.1%           0.8                     -0.8%
Apr-10                                               2.3                        7.8%                            4.8                         -1.1%                  1.3                    1.0%           1.0                      5.9%
May-10 MTD                                          -3.3                      -12.0%                           -0.4                        -15.8%                  1.3                  -0.9%           5.2                      -1.7%
Thu, May 20                                         -0.8                       -4.0%                            0.0                         -4.2%                  0.1                   -0.4%          -0.1                     -1.3%
Fri, May 21                                         -6.1                        1.5%                           -0.1                          2.6%                  0.0                    0.4%           0.0                     -0.3%
Mon, May 24                                          1.2                       -1.2%                            0.0                         -1.2%                  0.0                    0.0%           0.8                      1.0%
Tue, May 25                                         -3.6                        0.1%                           -0.1                         -0.7%                  0.1                   -0.1%           1.2                      0.1%
Wed, May 26                                         -0.2                       -0.4%                            0.0                         -0.5%                  0.1                   -0.1%           0.1                      1.3%




Mutual Fund Flow to TNA by size and style


               26-May-10                          Value                       Blend                         Growth                                             Last Week                Value         Blend                    Growth
                Large                              -0.06%                     -0.02%                         -0.11%                                             Large                   -0.40%        -0.12%                     -0.35%
               Mid-Cap                             -0.12%                     -0.14%                         -0.11%                                            Mid-Cap                  -0.96%        -1.30%                     -0.43%
                Small                              -0.11%                     -0.11%                         -0.12%                                             Small                   -0.26%        -0.36%                     -0.28%




Mutual Fund Assets and Cash Level By Asset Class, ICI Data for April 2010
($ Billions)


                          Total Assets                                                                                Cash / Assets
                           ($Million)                                                                             Equity Mutual Funds
                                Equity                       $5,279                                              October-09                             3.8%
                                   US                        $4,134                                            November-09                              3.8%
                               Global                        $1,144                                            December-09                              3.6%
                                 Bond                        $2,400                                              January-10                             3.6%
                        Money Market                         $2,858                                             February-10                             3.5%
                               Hybrid                          $686                                               March-10                              3.5%
                                 Total                      $11,222                                                 April-10                            3.6%
Results of TrimTabs Daily Survey of Mutual Funds
26-May-10
                                                                                                                                                              From                  20-May-10                 From                13-May-10                 From                   29-Apr-10                From                  23-Feb-10                From                    2-Jan-09
                                                                                                                                                              To                    26-May-10                 To                  19-May-10                 To                    26-May-10                 To                   26-May-10                 To                    26-May-10
                                                                                                                                    Today                                         Past Week                                    2 Weeks Ago                                    Past 4 Weeks                                   Past 3 months                                        YTD
                                                                                                                                  26-May-10                                 From May-20 To May-26                         From May-13 To May-19                           From Apr-29 To May-26                          From Feb-23 To May-26                            From Jan-2 To May-26
    Asset Classes             TrimTabs                             Morningstar        # of Funds   TNA             Flow          Flow-to-TNA    NAV Change           Flow        Flow-to-TNA    NAV Change           Flow      Flow-to-TNA    NAV Change           Flow        Flow-to-TNA    NAV Change           Flow       Flow-to-TNA    NAV Change           Flow        Flow-to-TNA     NAV Change
                                                       Bank Loan                              34     4,292                   2          0.05%         0.06%                   2         0.04%        -1.21%               20          0.46%        -0.67%                 96           2.20%       -2.91%               395           9.42%        0.18%                556         13.48%          2.03%
                           Corporate Bond              High Yield Bond                       132    30,679                 -35         -0.11%         0.44%               -190         -0.61%        -1.57%               17          0.06%        -1.30%               -331          -1.04%       -4.48%               660           2.08%       -0.81%              1,492           4.76%        -0.32%
                                                       Long-Term Bond                         13     1,134                   0          0.02%        -0.32%                   8         0.79%        -0.92%                -2        -0.21%         0.67%                  3           0.26%       -0.83%                14           1.23%        2.71%                 18           1.60%         2.77%
                                         Corporate Bond Subtotal                            179     36,104                 -33        -0.09%         0.37%               -180        -0.49%         -1.51%                35         0.10%         -1.16%              -232        -0.62%         -4.18%              1,069         2.93%        -0.58%              2,066          5.69%          0.06%
                      Foreign Government Debt          Emerging Markets Bond                 23      1,313                  -1         -0.10%         0.37%               -14         -1.09%         -1.38%                16         1.19%        -3.00%               -33         -2.44%         -5.61%               -27        -2.00%         -1.76%               -66         -4.96%         -1.70%
                                                       World Bond                            83     23,335                 -16         -0.07%        -0.06%               -68         -0.28%         -0.72%                58         0.26%        -0.59%               270          1.15%         -2.63%             1,655         7.21%         -1.54%             3,306         14.83%         -2.03%
                                   Foreign Government Debt Subtotal                         106     24,648                 -17        -0.07%         -0.04%               -82        -0.32%         -0.76%                74         0.31%         -0.72%               237         0.95%         -2.79%              1,628         6.72%        -1.55%              3,240        13.77%          -2.01%
                                                       Multisector Bond                      50     13,736                 28           0.20%         0.22%                16         0.13%          -1.43%                40         0.29%        -0.96%               -65         -0.47%         -3.39%                11         0.08%         0.45%                -26         -0.19%          0.89%
                          Multisector Bond             Retirement Income                     34        965                 -1          -0.15%        -0.02%                 3         0.28%          -0.98%                 3         0.33%        -1.19%                 6          0.62%         -2.30%                 0         0.00%         0.43%                 -2         -0.20%          0.85%
                                                       Short-Term Bond                      104     25,804                 40           0.16%        -0.06%               149         0.59%          -0.33%               157         0.61%         0.04%               574          2.24%         -0.31%             1,954         7.97%         0.11%              3,741         14.68%          0.75%
                                                       Ultrashort Bond                       44      2,520                 -1          -0.05%        -0.02%                 6         0.21%          -0.15%                 3         0.18%         0.10%                21          0.87%          0.03%                57         2.63%         0.95%                 83          3.92%          1.44%
                                        Multisector Bond Subtotal                           232     43,025                 66          0.15%         0.03%                174         0.41%         -0.69%               203         0.48%         -0.30%               536         1.26%         -1.32%              2,022         4.96%         0.27%              3,796          8.97%          0.84%
                                                       High Yield Muni                       48     15,455                  9           0.06%         0.00%                36         0.23%          0.07%                 31         0.20%         0.14%               120         0.78%          0.19%                455         3.03%         1.22%                758          5.09%          2.10%
                                                       Muni California Interm/Short          16      1,519                  2           0.15%        -0.02%                 2         0.17%          0.32%                  2         0.22%         0.25%                17         1.13%          0.49%                 54         3.63%         0.94%                 99          6.75%          1.70%
                                                       Muni California Long                  51      6,220                 -1          -0.02%        -0.03%                 2         0.05%          0.18%                  1         0.02%         0.19%                24         0.39%          0.31%                 37         0.60%         1.52%                  2          0.03%          2.28%
                                                       Muni Florida                           4        145                  0           0.00%         0.00%                 0         0.00%          0.00%                  0         0.00%         0.00%                 0         0.00%          0.00%                  0         0.00%         0.00%                  0          0.00%          0.00%
                                                       Muni Massachusetts                    13        997                  0           0.05%        -0.05%                 4         0.47%          0.29%                  0         0.18%         0.18%                 5         0.51%          0.49%                 25         2.55%         0.82%                 49          5.05%          1.19%
      Bonds                                            Muni Minnesota                        12        995                  1           0.07%        -0.07%                 3         0.32%          0.32%                  3         0.34%         0.26%                 4         0.41%          0.54%                  8         0.81%         0.63%                 14          1.43%          1.22%
                                                       Muni National Interm                  84     26,385                  9           0.03%         0.01%                78         0.30%          0.29%                 42         0.16%         0.20%               147         0.57%          0.39%                454         1.76%         0.46%              1,168          4.59%          1.14%
                           Municipal Bond              Muni National Long                    79     24,915                 13           0.05%        -0.03%                74         0.28%          0.18%                 36         0.14%         0.06%               204         0.82%          0.19%                543         2.22%         1.16%                823          3.39%          1.55%
                                                       Muni National Short                   38      5,406                  5           0.10%         0.00%                 6         0.12%          0.12%                 20         0.38%         0.13%                45         0.83%          0.18%                 92         1.71%         0.01%                429          8.14%          0.27%
                                                       Muni New Jersey                       19        812                  1           0.11%        -0.03%                 3         0.26%          0.25%                  1         0.08%         0.14%                 7         0.87%          0.46%                  5         0.62%         1.15%                 13          1.61%          1.93%
                                                       Muni New York Interm/Short            17      5,749                  8           0.13%        -0.01%                18         0.31%          0.18%                  8         0.14%         0.28%                35         0.61%          0.45%                120         2.12%         0.89%                -42         -0.74%          1.55%
                                                       Muni New York Long                    38     11,084                 26           0.23%        -0.10%                29         0.25%          0.24%                 -9        -0.06%         0.23%                 6         0.05%          0.80%                 40         0.37%         2.95%                -28         -0.26%          4.17%
                                                       Muni Ohio                             17        719                  0          -0.05%        -0.05%                 0         0.07%          0.29%                  0         0.11%         0.21%                 2         0.28%          0.45%                  0         0.00%         0.57%                  5          0.70%          1.38%
                                                       Muni Pennsylvania                     26      1,688                  0          -0.01%        -0.04%                 2         0.15%          0.33%                  3         0.16%         0.28%                 5         0.30%          0.70%                 18         1.07%         1.25%                 33          1.98%          1.81%
                                                       Muni Single State Interm              61      1,262                  0          -0.03%        -0.02%                 1         0.02%          0.22%                 -1        -0.07%         0.17%                 3         0.24%          0.31%                 11         0.88%         0.33%                  6          0.49%          0.74%
                                                       Muni Single State Long                23      1,336                  0          -0.04%        -0.05%                 0         0.00%          0.28%                  2         0.18%         0.22%                 4         0.30%          0.61%                  6         0.45%         1.08%                  7          0.53%          1.58%
                                         Municipal Bond Subtotal                            546    104,689                 73          0.07%         -0.02%               258         0.24%          0.20%               139         0.14%         0.16%                628         0.61%          0.36%              1,868         1.82%         1.10%              3,336          3.29%          1.77%
                                                       Inflation-Protected Bond              41      9,156                  7          0.08%          0.01%                23         0.25%          -0.34%                57         0.63%        -0.17%               197         2.16%          0.58%                613         6.96%         2.27%                894         10.42%          2.29%
                                                       Intermediate Government              114     22,226                 24          0.11%         -0.13%                92         0.41%           0.18%                27         0.13%         0.66%               127         0.58%          1.64%               -140        -0.64%         2.00%               -183         -0.84%          2.74%
                            Treasury Bond              Intermediate-Term Bond               297     83,060                 17          0.02%         -0.13%               189         0.22%          -0.35%               208         0.24%         0.33%               970         1.17%          0.00%              4,242         5.18%         1.46%              7,340          9.03%          2.37%
                                                       Long Government                        9        994                  3          0.27%         -0.48%                20         1.98%           1.73%                 1         0.00%         2.83%                39         4.10%          6.85%               -100        -9.62%         8.70%                -56         -5.61%          9.20%
                                                       Short Government                      23      3,363                  4          0.12%          0.01%                26         0.78%           0.02%                 6         0.15%         0.24%                23         0.69%          0.46%                -47        -1.40%         0.49%                -57         -1.69%          1.15%
                                           Treasury Bond Subtotal                           484    118,800                 55          0.05%         -0.12%               350         0.29%         -0.22%               299         0.24%         0.37%              1,356         1.15%          0.42%              4,568         3.92%         1.66%              7,938          6.87%          2.46%
                               Subtotal Bonds                                            1547 327,265                     144         0.04%        -0.01%                520         0.16%         -0.33%                750        0.23%        -0.04%              2,525         0.78%         -0.58%            11,155         3.49%          0.81%            20,376          6.39%          1.42%

Currency                      Currency                 Currency                              16       173                   -1        -0.51%         0.25%                 -3        -1.23%          0.47%                 -1        -0.79%        0.31%                 -6        -3.63%          1.30%                -28       -14.60%        -0.19%                -49        -24.37%          1.62%

                                                       Conservative Allocation              132     12,091   354            10          0.08%        -0.13%                55          0.46%         -1.30%                21         0.18%        -1.49%               126          1.04%         -3.31%                368        3.06%         -0.54%                607         5.11%         -0.37%
                          Assset Allocation            Moderate Allocation                  228     52,505   147           -56         -0.11%        -0.15%              -221         -0.42%         -2.70%              -173        -0.33%        -3.26%              -765         -1.41%         -7.16%             -1,624       -2.95%         -2.47%             -2,300        -4.17%         -2.53%
                                                       World Allocation                      59     45,828                 -15         -0.03%         0.00%              -243         -0.53%         -3.14%                33         0.06%        -3.22%              -143         -0.30%         -7.42%              1,418        2.94%         -3.26%              1,953         4.12%         -4.23%
                                        Assset Allocation Subtotal                          419    110,425                 -61        -0.06%         -0.09%              -409        -0.37%         -2.73%               -119        -0.11%        -3.05%              -782        -0.68%         -6.84%                162         0.16%        -2.58%                260          0.29%         -3.00%
                            Convertibles               Convertibles                          15        502                   0        -0.05%          0.56%                -1        -0.22%         -2.23%                 -1        -0.27%        -2.96%                -1        -0.19%         -6.15%                  0         0.00%        -0.62%                  0          0.00%         -0.83%
                                                       Target Date 2000-2010                 31      1,861                  -3         -0.14%         0.07%                -4         -0.25%         -2.22%                 0        -0.03%        -3.20%               -14         -0.73%         -6.20%               -45        -2.30%         -0.91%                -9         -0.46%         -0.88%
                                                       Target Date 2011-2015                 28      1,066                  -1         -0.09%        -0.02%                -3         -0.21%         -2.30%                 0        -0.04%        -3.18%                -9         -0.82%         -6.44%                 9         0.82%         -1.71%                20          1.85%         -1.93%
                                                       Target Date 2016-2020                 38      4,570                  -4         -0.08%         0.08%               -10         -0.21%         -2.76%                 9         0.20%        -3.97%                -8         -0.17%         -7.85%                 6         0.12%         -2.01%              -156         -3.28%         -2.33%
                                                       Target Date 2021-2025                 21        481                   0          0.06%         0.13%                 2          0.46%         -2.99%                 2         0.42%        -4.48%                 2          0.40%         -8.61%                37         7.56%         -2.47%                55         11.85%         -3.06%
      Hybrid
                                                       Target Date 2026-2030                 35      4,232                  -3         -0.06%         0.16%                -5         -0.12%         -3.09%                 9         0.19%        -4.68%                 5          0.11%         -9.10%                -2        -0.04%         -2.70%              -245         -5.54%         -3.32%
                             Target Date               Target Date 2031-2035                 21        573                   0         -0.04%         0.06%                 2          0.19%         -3.47%                 0         0.22%        -5.18%                 3          0.51%        -10.07%                13         2.24%         -3.58%                21          3.72%         -4.46%
                                                       Target Date 2036-2040                 34      2,417                  -1         -0.05%         0.17%                -1         -0.06%         -3.42%                 6         0.27%        -5.09%                 6          0.24%         -9.95%                12         0.47%         -3.41%                61          2.41%         -4.28%
                                                       Target Date 2041-2045                 21        316                   0         -0.04%         0.02%                 0          0.20%         -3.64%                 0         0.19%        -5.31%                -1         -0.31%        -10.53%                 1         0.31%         -3.74%                 3          0.97%         -4.73%
                                                       Target Date 2050+                     28        937                  -1         -0.11%         0.20%                -1         -0.11%         -3.54%                 2         0.24%        -5.32%                -2         -0.20%        -10.41%                17         1.69%         -3.68%                38          3.86%         -4.65%
                                                       Target-Date 2000-2014                 33        643                  -1         -0.12%        -0.14%                -3         -0.52%         -1.89%                 1         0.18%        -2.38%                 1          0.15%         -5.05%                15         2.31%         -0.90%                24          3.77%         -1.29%
                                                       Target-Date 2015-2029                 62      2,442                  -1         -0.03%        -0.16%               -18         -0.69%         -2.69%                11         0.40%        -3.56%                12          0.47%         -7.44%               110         4.34%         -1.81%               155          6.25%         -2.78%
                                                       Target-Date 2030+                    101      1,835                   0          0.01%        -0.19%                -7         -0.36%         -3.57%                12         0.61%        -4.85%                16          0.83%         -9.90%               101         5.25%         -3.36%               142          7.59%         -4.74%
                                            Target Date Subtotal                            453     21,371                 -15        -0.06%         0.05%                -48        -0.22%         -2.94%                52         0.24%         -4.23%                11         0.05%         -8.40%                274         1.24%        -2.41%                109          0.56%         -3.04%
                               Subtotal Hybrid                                             887 132,297                    -76        -0.06%        -0.06%               -458        -0.34%         -2.76%                -68       -0.06%        -3.24%               -772        -0.56%         -7.09%                436        0.33%         -2.55%                369         0.33%          -3.00%

                                                       Europe Stock                          37      1,906                  -3         -0.17%         0.05%               -27         -1.39%         -4.33%               -16        -0.72%        -6.20%               -72         -3.43%        -13.69%              -149        -6.49%        -11.55%              -168         -7.17%        -15.49%
                                                       Foreign Large Blend                  155     14,909                  -7         -0.05%         0.13%              -106         -0.70%         -4.44%               -60        -0.36%        -5.69%              -238         -1.46%        -13.09%              -392        -2.26%        -10.31%              -604         -3.46%        -14.18%
                                                       Foreign Large Growth                  52     14,443                 -24         -0.17%         0.18%               -79         -0.54%         -4.14%                 8         0.05%        -5.73%              -128         -0.83%        -11.77%                11         0.07%         -8.40%               127          0.79%        -11.17%
                                                       Foreign Large Value                   63     12,445                  -8         -0.07%        -0.21%               -83         -0.67%         -4.97%               -18        -0.14%        -5.80%              -135         -1.03%        -14.38%              -278        -2.02%        -11.94%              -515         -3.73%        -15.51%
                    Developed International Equity     Foreign Small/Mid Growth              17      3,455                  -2         -0.06%         0.48%               -15         -0.43%         -4.67%               -16        -0.43%        -6.42%               -72         -1.96%        -13.18%               -85        -2.25%         -8.69%               -96         -2.54%        -11.66%
                                                       Foreign Small/Mid Value               10      7,947                 -20         -0.25%         0.28%               -59         -0.74%         -3.35%                17         0.19%        -2.97%               -40         -0.48%         -7.16%               138         1.64%         -2.44%               221          2.67%         -2.73%
                                                       Global Real Estate                    38      2,432                 -15         -0.62%        -0.30%               -20         -0.80%         -3.76%               -16        -0.62%        -6.20%               -14         -0.54%        -10.60%                62         2.39%         -2.50%                88          3.48%         -6.78%
           Intl                                        Japan Stock                           23         91                   0         -0.08%        -0.20%                 0         -0.40%         -1.34%                 0        -0.12%        -0.66%                 0          0.00%         -2.83%                 3         3.16%         -1.82%                 4          4.20%         -2.22%
                                                       World Stock                          157     19,392                 -24         -0.12%         0.10%               -93         -0.47%         -3.95%               -47        -0.24%        -5.14%              -248         -1.20%        -10.98%              -224        -1.04%         -5.91%              -405         -1.88%         -7.27%
                                Developed International Equity Subtotal                     552     77,019                -103        -0.14%         0.09%               -482        -0.62%         -4.22%               -148        -0.18%        -5.35%              -947        -1.15%        -11.84%               -914        -1.03%        -8.00%             -1,348         -1.50%        -10.58%
                                                       Diversified Emerging Mkts             76     13,302                 -13         -0.10%         1.58%               -96         -0.72%         -3.47%              -111        -0.78%        -6.30%              -334         -2.34%        -12.12%              -182        -1.23%         -5.65%              -107         -0.72%         -9.72%
                       Emerging Markets Equity         Diversified Pacific/Asia               7        305                   0         -0.02%        -0.04%                -1         -0.35%         -4.60%                 0        -0.41%        -4.63%                 0          0.00%        -12.68%                 7         2.07%         -7.03%                 4          1.19%         -8.38%
                                                       Latin America Stock                    9      1,070                  -3         -0.32%         1.21%               -13         -1.21%         -1.37%                -6        -0.47%        -9.69%               -29         -2.48%        -13.01%               -37        -2.95%        -10.43%               -73         -5.71%        -15.04%
                                                       Pacific/Asia ex-Japan Stk             34      2,693                  -2         -0.07%         0.10%               -16         -0.56%         -3.36%                -7        -0.24%        -4.68%               -44         -1.51%        -10.62%               -89        -2.91%         -3.29%              -293         -9.51%         -8.00%
                                   Emerging Markets Equity Subtotal                         126     17,370                 -18        -0.11%         1.30%               -126        -0.72%         -3.34%               -124        -0.67%        -6.23%              -407        -2.18%        -11.95%               -301        -1.54%        -5.60%               -469         -2.36%         -9.75%
                           Subtotal International                                          678     94,389             -121           -0.13%         0.31%               -608        -0.64%         -4.06%               -272       -0.27%        -5.51%             -1,354        -1.34%       -11.86%              -1,215        -1.12%        -7.56%             -1,817        -1.66%        -10.43%

                                                       Bear Market                           33      1,452                 -15         -1.06%         0.67%                -2         -0.19%          2.43%                 6         0.47%         1.81%                 -5        -0.37%          2.59%                 46        3.50%         -6.26%                 50         3.80%         -6.21%
                                                       Large Blend                          567    141,087                 -25         -0.02%        -0.35%              -163         -0.12%         -3.69%              -335        -0.21%        -4.61%             -1,000        -0.67%         -9.67%                662        0.44%         -3.82%              2,116         1.40%         -4.39%
                                                       Large Growth                         452     85,152                 -99         -0.11%        -0.48%              -306         -0.35%         -3.50%              -326        -0.36%        -5.15%               -929        -1.03%        -10.19%             -2,111       -2.27%         -3.79%             -2,262        -2.40%         -5.00%
                                                       Large Value                          345     71,616                 -41         -0.06%        -0.30%              -287         -0.40%         -3.97%              -137        -0.18%        -4.65%               -594        -0.78%        -10.11%               -322       -0.42%         -4.00%               -635        -0.83%         -3.92%
                                                       Long-Short                            37     12,979                   2          0.02%        -0.19%               -14         -0.09%          0.24%                 0         0.00%         0.50%               -100        -0.77%          0.33%                 17        0.13%          0.13%                253         1.75%         -0.57%
                         Diversified US Equity         Mid-Cap Blend                        112     24,225                 -34         -0.14%        -0.07%              -321         -1.30%         -3.97%               -31        -0.13%        -5.10%               -430        -1.65%        -10.67%               -183       -0.69%         -1.72%                -35        -0.13%         -2.09%
                                                       Mid-Cap Growth                       194     35,236                 -39         -0.11%         0.22%              -153         -0.43%         -2.71%               -77        -0.21%        -5.79%               -379        -1.04%         -9.73%               -646       -1.74%         -0.78%               -692        -1.90%         -0.90%
                                                       Mid-Cap Value                         98     12,204                 -15         -0.12%         0.19%              -119         -0.96%         -3.65%                32         0.23%        -5.31%                -87        -0.67%         -9.53%                157        1.20%          0.46%                216         1.71%          2.21%
                                                       Small Blend                          138     18,028                 -20         -0.11%         0.38%               -66         -0.36%         -4.29%                36         0.19%        -5.04%                  1         0.01%         -9.92%                261        1.38%          0.91%                432         2.34%          2.03%
                                                       Small Growth                         214     18,255                 -21         -0.12%         0.46%               -69         -0.28%         -2.13%              -176        -0.06%        -3.75%               -277        -0.86%         -6.56%                  8        0.03%          4.29%                 85         0.40%          3.88%
                                                       Small Value                           92      9,395                 -11         -0.11%         0.37%               -26         -0.26%         -4.90%               -24        -0.24%        -5.41%                -38        -0.38%        -11.00%                294        2.96%          1.31%                307         3.22%          3.23%
           US                         Diversified US Equity Subtotal                      2282     429,629                -318        -0.07%         -0.20%            -1,526        -0.35%         -3.48%             -1,032        -0.19%        -4.69%            -3,838        -0.82%         -9.47%             -1,817        -0.38%        -2.59%               -165         -0.02%         -2.93%
                                                       Miscellaneous Sector                   6        361                  -1         -0.21%        -0.10%                -6         -1.46%         -3.07%                 0        -0.02%        -5.86%                -8         -2.07%         -9.50%                 -7       -1.81%          3.59%                -12        -3.20%          3.00%
                                                       Specialty-Communications               8        131                  -2         -1.33%         0.32%                -2         -1.72%         -0.72%                 0        -0.25%        -3.34%                -3         -2.15%         -6.72%                  2        1.46%          1.80%                 -7        -5.15%         -1.52%
                                                       Specialty-Financial                   36      1,554                  -1         -0.09%        -0.09%               -10         -0.64%         -4.08%                 1         0.04%        -6.35%               -13         -0.81%         -9.63%                 10        0.61%         -0.55%                 21         1.30%          2.80%
                                                       Specialty-Health                      46      2,995                  -4         -0.14%        -0.21%               -13         -0.41%         -4.11%                -1        -0.02%        -3.40%               -25         -0.78%         -8.24%                 41        1.20%         -5.74%                108         3.20%         -4.68%
                         Specialty US Equity           Specialty-Natural Res                 48      7517                  -21         -0.28%         0.68%               -56         -0.74%         -2.74%                 6         0.06%        -7.89%               -14         -0.17%        -14.20%                180        2.16%         -9.47%                458         5.54%        -11.22%
                                                       Specialty-Precious Metals             24      8,193                   9          0.11%         1.04%                39          0.47%         -0.17%                43         0.48%        -9.02%               156          1.88%         -3.38%                247        3.16%          9.12%                331         4.33%          5.74%
                                                       Specialty-Real Estate                 89      9,964                 -20         -0.20%        -0.16%               -67         -0.68%         -2.76%                58         0.54%        -7.42%                 1          0.01%         -7.45%                377        3.74%          6.27%                451         4.69%          5.22%
                                                       Specialty-Technology                  47      6,690                  -7         -0.11%        -0.40%               -28         -0.41%         -4.00%                -7        -0.08%        -4.52%               -51         -0.75%        -10.91%             -3,669      -54.86%         -3.69%             -3,781       -56.82%         -6.34%
                                                       Specialty-Utilities                   37      3,985                  -1         -0.03%         0.53%               -19         -0.49%         -3.79%               -19        -0.44%        -4.85%               -62         -1.46%         -9.01%               -161       -3.67%         -6.65%               -152        -3.43%         -8.79%
                                       Specialty US Equity Subtotal                         341     41,390                 -48        -0.12%         0.26%               -162        -0.39%         -2.69%                81         0.18%         -6.75%               -19        -0.03%         -8.74%             -2,980        -7.20%        -0.04%             -2,583         -6.29%         -1.73%
                                  Subtotal US                                            2623 471,019                 -366           -0.08%        -0.16%             -1,688        -0.35%         -3.41%               -951       -0.15%        -4.87%             -3,857        -0.75%         -9.41%             -4,797        -0.98%        -2.36%             -2,748        -0.57%          -2.83%
Results of TrimTabs Daily Survey of 892 ETFs
26-May-10
                                                                                                                                                                         20-May                                 13-May-10                                 29-Apr-10                                 23-Feb-10                                     2-Jan
                                                                                                                                                                         26-May                                  19-May-10                                26-May-10                                 26-May-10                                 26-May-10
                                                                                                                          Today                                    Past Week                                  2 Weeks Ago                              Past 4 Weeks                             Past 3 Months                                  YTD
                                                                                                                        26-May-10                            From May-20 To May-26                       From May-13 To May-19                     From Apr-29 To May-26                    From Feb-23 To May-26                      From Jan-2 To May-26
    Big Four         Intermediate 15                      Morningstar       # of Funds       TNA         Flow          Flow-to-TNA    NAV Change     Flow         Flow-to-TNA      NAV Change     Flow        Flow-to-TNA    NAV Change     Flow        Flow-to-TNA    NAV Change     Flow       Flow-to-TNA    NAV Change     Flow        Flow-to-TNA     NAV Change
                                                Bank Loan                                3        843             0           0.00%          0.67%          0               0.00%        -2.80%            0          0.00%        -5.52%           0           0.00%       -11.44%          0          -0.03%        -4.42%           0           -0.05%         2.95%
                     Corporate Bond             High Yield Bond                          5      9,320            -4          -0.05%         -1.40%        -66              -0.70%        -2.38%        -108          -1.11%        -2.45%        -400          -3.83%        -6.73%        973          11.04%        -4.42%       1,380          14.57%         -4.75%
                                                Long-Term Bond                           9     26,160            85           0.33%          0.01%         75               0.29%        -0.21%            0          0.00%         0.48%         109           0.41%        -0.24%        366           1.43%         1.38%        -339           -1.31%         1.97%
                                 Corporate Bond Subtotal                             17       36,323             81          0.22%         -0.34%           9             0.03%         -0.83%        -108         -0.28%         -0.41%        -292         -0.69%         -2.16%       1,338         3.87%         -0.25%       1,040          2.80%          0.27%
                Foreign Government Debt         Emerging Markets Bond                 2         2,004             0           0.00%          0.21%         -8             -0.38%         -1.19%         31           1.52%         -1.02%         12           0.59%         -2.86%        373         22.60%          0.29%        424          23.39%          -0.44%
                                                World Bond                           15         2,913             0           0.00%         -0.52%        -62             -2.08%         -1.02%        -36          -1.17%         -2.07%       -152          -4.77%         -4.65%       -249         -7.52%         -4.75%       -583         -17.39%          -6.58%
                           Foreign Government Debt Subtotal                          17        4,917              0          0.00%         -0.22%         -69            -1.39%         -1.09%          -5         -0.07%         -1.65%        -140         -2.59%         -3.92%        123          4.76%         -2.70%        -159         -0.77%          -4.08%
                    Multisector Bond            Short-Term Bond                          4     15,052             6           0.04%         -0.04%        163              1.09%         -0.25%        183          1.24%          0.15%         482          3.28%          -0.28%      3,563         30.83%         -0.31%      4,686          36.37%          0.11%
                                                Ultrashort Bond                          1        908            18           2.02%          0.02%         46              5.21%          0.02%         83          9.98%          0.00%         128         16.47%           0.04%         37          4.22%          0.02%        156          19.44%          0.00%
                                Multisector Bond Subtotal                                5    15,961             24          0.15%         -0.04%        209              1.32%         -0.23%         266         1.74%          0.14%          611         4.03%          -0.26%       3,600        29.32%         -0.29%       4,842         35.41%          0.10%
                                                High-Yield Muni                          1        160             0           0.00%         -0.16%          0              0.00%         -0.03%          0           0.00%         -0.01%          0           0.00%         0.10%          37         30.05%          0.10%         37          25.82%          1.53%
    Bonds                                       Muni California Long                     3        319             0           0.00%         -0.06%          0              0.00%          0.44%          0           0.00%          0.20%          0           0.00%         0.34%          19          6.33%          2.08%         19           6.15%          2.42%
                     Municipal Bond             Muni National Interm                     7      3,654             0           0.00%         -0.11%         34              0.92%          0.42%         19           0.52%          0.24%         81           2.28%         0.60%         292          8.81%          1.34%        469          13.84%          1.78%
                                                Muni National Long                       1         53             0           0.00%         -0.27%          0              0.00%          0.65%          0           0.00%          0.27%          0           0.00%         0.43%           5         11.48%          1.92%         11          22.48%          2.30%
                                                Muni National Short                      5      2,431             0           0.00%          0.02%          5              0.20%          0.21%        -15          -0.64%          0.11%        -11          -0.44%         0.31%          25          1.05%         -0.03%         72           2.99%          0.25%
                                                Muni New York Long                       1         25             0           0.00%          0.00%          0              0.00%          0.76%          0           0.00%          0.28%          0           0.00%         1.06%           4         22.08%          1.29%          4          20.52%          2.06%
                                  Municipal Bond Subtotal                            18        6,643              0          0.00%         -0.06%          38             0.58%          0.34%           3         0.05%          0.19%           70         1.09%          0.47%         383          6.43%          0.85%         612          9.88%          1.25%
                                                Inflation-Protected Bond              1           388             -5         -1.35%          0.33%        -10             -2.67%          0.04%         11          2.65%          -0.11%          0          0.01%           0.98%         26          7.28%          2.57%         31           8.40%           2.36%
                                                Intermediate Government               2         1,387             11          0.82%         -0.09%         68              5.03%          0.34%         34          2.63%           0.76%         92          7.30%           1.84%        190         16.19%          2.00%        224          18.46%           2.90%
                      Treasury Bond             Intermediate-Term Bond               11        15,188             35          0.23%         -0.10%        186              1.23%          0.18%         39          0.26%           0.76%        427          2.90%           1.12%      1,199          8.70%          1.86%      2,261          16.04%           2.56%
                                                Long Government                      12        31,601            -13         -0.04%          0.15%       -202             -0.64%         -0.50%        312          0.97%          -0.84%        157          0.50%          -1.37%      2,021          6.71%         -0.53%      3,328          10.94%          -1.27%
                                                Short Government                      4         9,025              0          0.00%         -0.08%        279              3.10%         -0.09%        312          3.65%           0.19%        612          7.29%           0.34%      1,004         12.51%          0.33%        967          11.72%           0.92%
                                  Treasury Bond Subtotal                             30       57,588             28          0.05%         0.04%         321              0.56%         -0.24%         708         1.26%          -0.21%       1,288         2.36%          -0.35%       4,440         8.37%          0.32%       6,810         12.57%          0.21%
                         Subtotal Bonds                                              87      121,431            133         0.11%         -0.10%         508             0.42%         -0.41%         865         0.74%          -0.26%       1,538         1.40%          -0.98%       9,884         9.53%         -0.02%      13,146        11.96%           0.10%

                                                Natural Resources                    96        44,101           357           0.81%          0.71%        611              1.40%         -2.62%        108          0.23%          -6.62%      1,357           2.81%        -11.59%      1,477          3.17%         -8.86%        828           1.74%         -10.98%
 Commodities        Specialty US Equity
                                                Commodities-Energy                    1            10             0           0.00%         -2.42%        -15            -93.76%          2.51%          0          0.00%           9.03%        -15         -74.45%         20.93%         -7        -55.62%         16.68%         -7         -45.47%          16.18%
                   Subtotal Commodities                                              97       44,111            357         0.81%          0.71%         595             1.38%         -2.62%         108         0.23%          -6.62%       1,342         2.79%        -11.58%        1,469         3.16%         -8.85%         821          1.73%        -10.98%

   Currency             Currency                Currency                                 2         18             0         0.00%         -1.89%            1            6.24%         -1.73%            0        0.00%          -2.08%            7       57.16%          -7.65%            7       55.26%       -13.03%            10       73.25%         -20.87%

                                                Conservative Allocation                  2          40            0           0.00%         -0.19%          0              0.00%         -1.13%          0          0.00%          -1.37%          0          0.00%          -2.42%          6         16.44%         -0.15%         13          34.40%           0.07%
                     Assset Allocation          Moderate Allocation                      3         305            0           0.00%          0.07%          0             -0.01%         -2.58%          4          1.36%          -5.23%          4          1.29%          -9.72%         17          5.85%         -3.61%         27           8.93%          -0.28%
                                                World Allocation                         4         130            0           0.00%          0.52%         -2             -1.69%         -2.00%          0          0.00%          -2.80%          3          1.98%          -5.38%         32         31.27%         -1.77%         60          53.08%          -1.93%
                              Assset Allocation Subtotal                                 9       475              0          0.00%         0.17%           -2            -0.47%         -2.30%           4         0.87%          -4.24%           7         1.37%          -7.92%          55        13.71%         -2.81%         100         23.17%          -0.70%
    Hybrid            Convertibles            Convertibles                               2     1,794              0          0.00%         0.23%            0             0.00%         -0.59%           0         0.00%          -4.47%           0         0.00%          -8.93%           0         0.00%         -2.17%           0          0.00%          -0.68%
                                                Target-Date 2000-2014                    1           4            0           0.00%         -0.56%          0              0.00%         -1.91%          0          0.00%          -1.36%          0          0.01%          -4.31%          1         42.60%         -0.49%          1          38.82%          -0.53%
                        Target Date             Target-Date 2015-2029                    3          20            0           0.00%          0.47%          0              0.00%         -2.73%          0          0.00%          -2.10%          0          0.05%          -6.14%          3         16.51%         -0.83%          5          24.19%          -1.40%
                                                Target-Date 2030-2044                    3          17            0           0.00%          0.17%         -3            -14.96%         -3.48%          1          7.35%          -3.77%          2          8.51%          -8.53%          5         35.05%         -2.64%          5          30.76%          -3.21%
                                    Target Date Subtotal                                 7         42             0          0.00%         0.24%           -3            -6.19%         -2.95%           1         3.04%          -2.72%           2         3.55%          -6.94%           9        26.83%         -1.54%          11         28.39%          -2.06%
                        Subtotal Hybrid                                              18        2,311              0         0.00%          0.22%           -5           -0.21%         -0.98%            6        0.23%          -4.39%            9        0.35%          -8.69%          64         3.31%         -2.29%         111          5.28%         -0.71%

                                                Europe Stock                         23         7,551             -2         -0.02%         -1.59%        134              1.75%         -5.85%        178           2.25%         -6.31%        279           3.29%        -15.07%        154          1.82%        -14.17%        255           2.93%         -19.83%
                                                Foreign Large Blend                  33        45,914              0          0.00%         -1.24%        -42             -0.09%         -5.20%         10           0.02%         -5.97%         84           0.16%        -14.18%      2,102          4.24%        -11.72%      2,924           5.63%         -15.06%
                                                Foreign Large Growth                  1         1,157              0          0.00%         -1.21%          0              0.00%         -4.99%          0           0.00%         -5.73%          0           0.00%        -13.58%         22          1.77%        -11.08%         22           1.70%         -13.79%
               Developed International Equity
                                                Foreign Large Value                   2         4,436              0          0.00%         -0.34%        -66             -1.47%         -4.13%         -9          -0.19%         -6.08%        -81          -1.60%        -10.79%        374          8.58%         -6.01%        433           9.25%          -6.56%
                                                Foreign Small/Mid Growth              2            68              0          0.00%         -0.47%          0              0.00%         -6.11%          0           0.00%         -6.36%          0           0.00%        -15.18%         13         21.63%         -9.70%         18          25.30%         -11.04%
                                                Foreign Small/Mid Value               5         1,577              0          0.00%         -1.29%        -15             -0.96%         -5.83%          0           0.00%         -6.24%         60           3.33%        -14.84%        205         13.23%        -10.23%        297          17.81%         -11.87%
                                                Japan Stock                          10         5,421            -17         -0.31%         -1.27%        -89             -1.59%         -3.87%         12           0.21%         -2.76%       -134          -2.21%         -8.45%        -39         -0.69%         -4.41%        348           5.95%          -2.51%
     Intl
                                                World Stock                          18         6,078            -18         -0.29%         -0.63%       -143             -2.32%         -4.45%        -74          -1.10%         -6.01%       -334          -4.61%        -12.81%        -48         -0.70%        -10.58%        166           2.34%         -11.80%
                        Developed International Equity Subtotal                      94       72,202             -36        -0.05%         -1.17%        -221            -0.30%         -5.05%         117         0.16%          -5.78%        -125         -0.14%       -13.52%        2,784         3.64%        -10.94%       4,462          5.54%        -13.73%
                                                Diversified Emerging Mkts            21        57,381             17          0.03%          0.04%         87              0.15%         -3.82%        -30          -0.05%         -6.75%      1,350           2.11%        -12.79%      3,310          5.71%         -7.24%       2,230          3.60%         -10.69%
                 Emerging Markets Equity
                                                Diversified Pacific/Asia              5           894             -1         -0.13%         -0.77%         -1             -0.13%         -3.97%        -21          -2.14%         -5.81%        -22          -2.08%        -12.92%        -42         -4.24%         -6.68%         -24         -2.32%         -10.37%
                                                Latin America Stock                   5        12,593            -10         -0.08%          0.77%        -71             -0.57%         -1.96%        -64          -0.47%         -9.56%       -622          -4.11%        -14.06%       -296         -2.06%        -11.39%        -719         -4.81%         -16.21%
                                                Pacific/Asia ex-Japan Stk            25        27,776              9          0.03%         -0.55%       -108             -0.38%         -3.79%       -199          -0.66%         -5.76%     -1,302          -4.00%        -12.82%        -15         -0.05%         -6.94%      -1,786         -5.64%         -10.36%
                            Emerging Markets Equity Subtotal                         56       98,644             15          0.02%         -0.04%         -94            -0.09%         -3.58%        -314         -0.30%         -6.82%        -597         -0.44%       -12.96%        2,958         3.00%         -7.68%        -299         -0.13%        -11.30%
                    Subtotal International                                          150       170,846            -21         -0.01%         -0.52%       -314             -0.18%         -4.20%       -196          -0.10%         -6.38%       -722          -0.31%        -13.20%      5,742          3.27%         -9.05%      4,163           2.27%         -12.33%


                                                Bear Market                          64        15,770           -174         -1.10%          0.95%       -544             -3.42%          6.74%        224           1.51%          9.66%       -510         -3.67%          18.11%       -409         -2.45%         -0.30%      1,747          11.84%           2.39%
                                                Large Blend                         102       185,768           -192         -0.10%         -0.54%    -10,445             -5.49%         -4.16%     -5,172          -2.46%         -5.03%     -1,735         -0.82%         -10.29%     -1,466         -0.76%         -2.83%    -12,784          -6.40%          -2.09%
                                                Large Growth                         23        24,440             12          0.05%         -0.66%       -253             -1.03%         -4.05%       -113          -0.43%         -4.88%       -661         -2.39%         -10.22%       -593         -2.31%         -3.14%     -1,125          -4.23%          -3.26%
                                                Large Value                          22        23,881            -61         -0.26%         -0.25%       -318             -1.32%         -4.21%          5           0.02%         -5.30%       -145         -0.54%         -10.77%      1,613          7.00%         -2.48%      1,554           6.31%          -0.43%
                                                Long-Short                            4           240              0          0.00%          0.17%         -6             -2.47%         -2.20%          0           0.00%         -4.13%         -9         -3.44%          -6.76%          1          0.38%         -5.59%         14           5.27%          -9.15%

                    Diversified US Equity
                                                Mid-Cap Blend                        25        25,819           -198         -0.77%          0.22%         40              0.15%         -3.52%       -199          -0.73%         -5.69%       -210         -0.72%         -10.21%      1,742          7.21%          0.23%        824           3.14%           3.06%
                                                Mid-Cap Growth                       11         6,778            -22         -0.33%          0.09%         -3             -0.04%         -2.98%        -38          -0.53%         -5.48%       -314         -4.01%          -9.57%        638         10.43%          0.67%        556           8.14%           2.53%
                                                Mid-Cap Value                         9         5,710            -18         -0.31%          0.16%         18              0.31%         -3.93%         84           1.40%         -5.90%        124          1.97%         -10.66%        235          4.28%         -0.63%        102           1.75%           2.96%
                                                Small Blend                          22        12,167            -44         -0.36%          0.12%        211              1.74%         -5.39%        164           1.27%         -5.98%        690          5.22%         -11.79%      1,611         15.32%          2.04%      1,442          12.61%           5.32%
                                                Small Growth                          7         3,363             -6         -0.18%          0.32%        188              5.71%         -4.11%         25           0.75%         -5.34%        197          5.60%          -9.96%        374         12.81%          2.47%        337          10.57%           4.21%
                                                Small Value                           7         4,219            -27         -0.63%          0.03%        330              8.03%         -5.51%         79           1.89%         -5.70%        442         10.26%         -11.81%        937         28.67%          1.79%        915          24.67%           5.61%
      US                                        Small/Mid Growth                      1           426              0          0.02%         -0.79%          0              0.03%         -5.98%          0           0.02%         -6.93%         35          7.31%         -15.03%         77         19.60%         -9.02%        137          31.86%         -10.08%
                              Diversified US Equity Subtotal                        297      308,583            -730        -0.24%         -0.32%     -10,782            -3.41%         -3.58%      -4,941         -1.40%         -4.42%      -2,095         -0.61%         -8.94%       4,759         1.85%         -2.02%      -6,282         -1.62%          -0.75%
                                                Miscellaneous Sector                  4         1,926            -12         -0.64%         -1.86%       -649            -27.40%          4.69%         10           0.42%        17.39%      -1,400         -55.19%         42.89%          8          0.62%         17.37%        552          33.08%           5.03%
                                                Communications                        6           523             -1         -0.12%         -0.61%          2              0.33%         -4.01%        -10          -1.85%        -2.63%         -23          -3.80%         -8.48%          8          1.47%         -5.04%         33           5.79%          -9.84%
                                                Financial                            25        14,959            -21         -0.14%         -0.48%        685              4.58%         -4.33%       -366          -2.36%        -9.01%       1,190           7.23%        -13.70%      1,368          9.78%         -2.87%        -30          -0.19%           2.65%
                                                Health                               18         6,207            123          1.99%         -0.54%        135              2.18%         -4.36%       -232          -3.59%        -3.48%         109           1.61%         -8.22%        -90         -1.31%         -8.67%        -50          -0.72%          -7.22%
                    Specialty US Equity         Natural Resources                    96        44,101            357          0.81%          0.71%        611              1.40%         -2.62%        108           0.23%        -6.62%       1,357           2.81%        -11.59%      1,477          3.17%         -8.86%        828           1.74%         -10.98%
                                                Precious Metals                      14        60,823            207          0.34%          0.86%      2,096              3.57%          1.29%        503           0.85%        -4.48%       5,766          10.64%          2.99%      7,672         15.89%          8.92%      6,579          12.82%          10.28%
                                                Real Estate                          25        14,113              9          0.06%         -0.38%        -90             -0.64%         -3.67%         44           0.29%        -8.17%        -757          -4.57%         -9.54%        190          1.43%          3.87%        220           1.52%           4.81%
                                                Technology                           37        13,212            -95         -0.72%         -0.80%       -259             -1.92%         -4.33%       -153          -1.07%        -5.11%        -272          -1.78%        -11.15%        -56         -0.41%         -3.36%       -107          -0.73%          -5.23%
                                                Utilities                            16         5,990           -114         -1.90%         -0.14%       -168             -2.73%         -4.43%        -39          -0.60%        -4.30%        -145          -2.14%         -8.99%       -192         -2.91%         -5.66%       -453          -6.71%          -9.37%
                               Specialty US Equity Subtotal                         241      161,854            453          0.28%         0.32%        2,361             1.59%         -1.59%        -136         -0.06%         -5.54%       5,826         4.20%          -5.21%     10,385          7.69%          0.38%       7,572          5.49%          0.51%
                           Subtotal US                                             538       470,437        -277           -0.06%         -0.10%      -8,421            -1.69%         -2.90%      -5,077        -0.94%          -4.81%       3,731         1.04%          -7.65%      15,144         3.86%         -1.20%       1,290          0.82%         -0.32%
TrimTabs ETF Report - Big Movers
Wednesday, May 26, 2010
($ Million)


TOP 5 INFLOWS in $US:

                                                                      Wednesday, May 26, 2010                                                                                                                          Last 7 days

Ticker                   Name                                                                       Flow                  Flow/TNA       NAV %CHG              Ticker     Name                                                 Flow           Flow/TNA                     NAV %CHG
XLE                      SPDR Energy                                                                $392                    6.66%         -0.21%               GLD        Streettracks Gold                                   $1,828            3.71%                       -4.98%
QQQQ                     Cubes                                                                      296                     1.67%         -1.12%               XLE        SPDR Energy                                          617             10.49%                       -4.04%
FXE                      CurrencyShares Euro Trust                                                  128                    20.79%         -1.15%               VO         Mid-Cap VIPERs                                       539             18.24%                       -1.55%
XLP                      SPDR Consumer Staples                                                      126                     5.03%         -0.65%               XRT        SPDR Retail                                          463             44.50%                       -5.12%
XLV                      SPDR Health Care                                                           124                     5.18%         -0.63%               VWO        Emerging Market VIPERs                               386              1.75%                       -4.18%



                                                                            Last 14 days                                                                                                                              Last 30 days

Ticker                   Name                                                                       Flow                  Flow/TNA       NAV %CHG              Ticker     Name                                                 Flow           Flow/TNA                     NAV %CHG
GLD                      Streettracks Gold                                                         $2,245                   4.55%          -2.39%              GLD        Streettracks Gold                                   $4,711            9.55%                        5.11%
MINT                     PIMCO ENHANCED SHORT MATURIT                                               597                    77.01%          -0.06%              GDX        Market Vectors Gold Miners                           1,139           15.89%                        -0.05%
SHY                      iShares Lehman 1-3 Year Treasury Bond Fund                                 570                     6.77%          0.16%               VWO        Emerging Market VIPERs                               1,100            4.97%                        0.55%
USO                      United States Oil Fund                                                     565                    25.74%         -11.83%              SPY        Spiders                                              1,014            1.54%                       -20.77%
VO                       Mid-Cap VIPERs                                                             533                    18.02%          -9.07%              TBT        UltraShort Lehman 20+ Trsy ProShares                  996            20.05%                       -12.62%



TOP INFLOW BY CATEGORY:
($ Million)

                                                                                  Wednesday, May 26, 2010                                                                                                                                                                             Last 7 days


Category                 Ticker                                                                     Name                     Style         Flow     Flow/TNA   NAV %CHG                                              Category                 Ticker                          Name                        Style     Flow     Flow/TNA NAV %CHG
US                       XLE                                              SPDR Energy                                     Large Blend      $392       6.66%     -0.21%                                               US                       XLE        SPDR Energy                                Large Blend     $617      10.49%   -4.98%
Global                   GDX                                              Market Vectors Gold Miners                     Large Growth      171        2.39%      0.10%                                               Global                   VWO        Emerging Market VIPERs                     Large Blend     386        1.75%   -3.83%
Size (large/Mid/Small)   XLE                                              SPDR Energy                                     Large Blend      392        6.66%     -0.21%                                               Size (large/Mid/Small)   XLE        SPDR Energy                                Large Blend     617       10.49%   -4.98%
Industry                 XLE                                              SPDR Energy                                     Large Blend      392        6.66%     -0.21%                                               Industry                 XLE        SPDR Energy                                Large Blend     617       10.49%   -4.98%



                                                                                           Last 14 days                                                                                                                                                                            Last 30 days


Category                 Ticker                                                                       Name                   Style         Flow     Flow/TNA   NAV %CHG                                              Category                 Ticker                          Name                        Style     Flow     Flow/TNA NAV %CHG
US                       MINT                                             PIMCO ENHANCED SHORT MATURIT                                     $597      77.01%      -0.06%                                              US                       SPY        Spiders                                    Large Blend    $1,014      1.54%   -12.03%
Global                   VWO                                              Emerging Market VIPERs                          Large Blend      388        1.75%     -10.42%                                              Global                   GDX        Market Vectors Gold Miners                 Large Growth    1,139     15.89%    2.40%
Size (large/Mid/Small)   VO                                               Mid-Cap VIPERs                                 Mid-Cap Blend     533       18.02%      -9.07%                                              Size (large/Mid/Small)   GDX        Market Vectors Gold Miners                 Large Growth    1,139     15.89%    2.40%
Industry                 FAS                                              Direxion Financials Bull 3X Shares                               480       33.86%     -32.05%                                              Industry                 GDX        Market Vectors Gold Miners                 Large Growth    1,139     15.89%    2.40%



TOP 5 OUTFLOWS in $US:
($ Million)

                                                                      Wednesday, May 26, 2010                                                                                                                          Last 7 days

Ticker                   Name                                                                        Flow                 Flow/TNA       NAV %CHG              Ticker     Name                                                 Flow           Flow/TNA                     NAV %CHG
SPY                      Spiders                                                                    -$407                   -0.62%        -0.60%               SPY        Spiders                                            -$6,708           -10.20%                      -4.10%
IWM                      iShares Russell 2000 Index Fund                                             -232                   -1.86%         0.24%               IWM        iShares Russell 2000 Index Fund                     -3,050           -24.47%                      -4.69%
MDY                      Midcap SPDERs                                                               -169                   -2.09%         0.24%               QQQQ       Cubes                                                -927             -5.23%                      -3.59%
VTI                      Total Stock Market VIPERs                                                   -115                   -0.86%        -0.42%               MDY        Midcap SPDERs                                        -444             -5.49%                      -4.10%
XLK                      SPDR Technology                                                              -77                   -1.87%        -0.99%               VXZ        iPath S&P 500 VIX Mid-Term Futures ETN               -374            -57.20%                      -4.16%



                                                                            Last 14 days                                                                                                                              Last 30 days

Ticker                   Name                                                                        Flow                 Flow/TNA       NAV %CHG              Ticker     Name                                                 Flow           Flow/TNA                     NAV %CHG
SPY                      Spiders                                                                   -$9,431                 -14.34%         -9.03%              QQQQ       Cubes                                              -$2,126           -11.98%                      -12.03%
IWM                      iShares Russell 2000 Index Fund                                            -3,828                 -30.71%        -10.51%              XLI        SPDR Industrials                                     -984            -37.99%                      -13.08%
QQQQ                     Cubes                                                                      -1,932                 -10.89%         -9.40%              VXX        iPath S&P 500 VIX Short-Term Futures ETN             -927            -77.04%                      -12.67%
MDY                      Midcap SPDERs                                                               -716                   -8.85%         -9.15%              IWM        iShares Russell 2000 Index Fund                      -921             -7.39%                      -12.33%
VXZ                      iPath S&P 500 VIX Mid-Term Futures ETN                                      -374                  -57.20%        16.99%               VNQ        REIT VIPERs                                          -537            -10.42%                      32.28%



TOP OUTFLOW BY CATEGORY:
($ Million)

                                                                                  Wednesday, May 26, 2010                                                                                                                                                                             Last 7 days


Category                 Ticker                                                                     Name                     Style         Flow     Flow/TNA   NAV %CHG                                              Category                 Ticker                          Name                        Style      Flow    Flow/TNA   NAV_CH
US                       SPY                                              Spiders                                         Large Blend     -$407       -0.62%    -0.60%                                               US                       SPY        Spiders                                    Large Blend    -$6,708    -10.20%    -4.10%
Global                   EPP                                              iShares MSCI Pacific ex-Japan Index Fund        Large Blend       -32       -0.99%    -0.73%                                               Global                   EEM        iShares MSCI Emerging Markets Index Fund   Large Blend      -316      -1.02%    -3.91%
Size (large/Mid/Small)   SPY                                              Spiders                                         Large Blend      -407       -0.62%    -0.60%                                               Size (large/Mid/Small)   SPY        Spiders                                    Large Blend     -6,708    -10.20%    -4.10%
Industry                 XLK                                              SPDR Technology                                Large Growth       -77       -1.87%    -0.99%                                               Industry                 FAZ        Direxion Financials Bear 3X Shares                          -209     -24.57%   10.26%



                                                                                           Last 14 days                                                                                                                                                                            Last 30 days


Category                 Ticker                                                                     Name                     Style          Flow    Flow/TNA   NAV %CHG                                              Category                 Ticker                          Name                        Style      Flow    Flow/TNA   NAV_CH
US                       SPY                                              Spiders                                         Large Blend     -$9,431    -14.34%     -9.03%                                              US                       QQQQ       Cubes                                      Large Growth   -$2,126     -0.01%   -12.67%
Global                   EEM                                              iShares MSCI Emerging Markets Index Fund        Large Blend       -316      -1.02%    -10.56%                                              Global                   FXI        iShares FTSE/Xinhua China 25 Index Fund    Large Blend      -479      -0.01%    -4.74%
Size (large/Mid/Small)   SPY                                              Spiders                                         Large Blend      -9,431    -14.34%     -9.03%                                              Size (large/Mid/Small)   QQQQ       Cubes                                      Large Growth    -2,126     -0.01%    -9.40%
Industry                 FAZ                                              Direxion Financials Bear 3X Shares         0                      -288     -33.81%     31.82%                                              Industry                 XLI        SPDR Industrials                           Large Blend      -984      -0.04%   -10.72%
TrimTabs ETF Report - Flows into Leveraged ETFs
Wednesday, May 26, 2010




                                                                                                                                                                        US Equity ETFs

                                          Long 1X ETFs                                       Long 2X ETFs                                       Long 3X ETFs                                        Short 1X ETFs                                        Short 2X ETFs                                         Short 3X ETFs

                          Assets         NAV             Flow     Flow/TNA   Assets         NAV           Flow     Flow/TNA   Assets          NAV             Flow      Flow/TNA    Assets         NAV          Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets           NAV           Flow      Flow/TNA
Last Day                 548,854        -0.2%            (327)      -0.1%    4,761         -0.8%           81         1.7%    3,127          0.3%              64          2.0%     4,281          0.4%          32            0.8%     981            0.0%         (10)            -1.0%    10,876          -4.2%          (185)       -1.7%
Last 7 Days              555,675        -2.9%          (10,725)     -2.0%    4,687        -11.7%          284         6.0%    2,977          5.2%             524         16.8%     4,198         -6.2%         183            4.3%     985            0.0%           1              0.1%    11,071         -14.2%          (720)       -6.6%
Last 2 Weeks             597,096        -7.3%          (16,871)     -3.1%    5,062        -29.7%          259         5.4%    2,942          13.4%            890         28.5%     3,939        -19.9%         229            5.3%     872           -0.9%         113             11.5%    10,360         -33.3%          (592)       -5.4%
Last 30 Days             595,877        -9.8%           (4,638)     -0.8%    5,234        -41.1%          218         4.6%    2,873          16.1%           1,822        58.3%     3,888        -31.5%         418            9.8%     807            0.3%         215             21.9%    10,331         -58.1%          (997)       -9.2%



                                             Long 1X                                            Long 2X                                            Long 3X                                             Short 1X                                            Short 2X                                               Short 3X

                                                 SPY                                               SSO                                                UPRO                                                SH                                                  SDS                                                    SPXU
     S&P 500                                 Spiders                                     Ultra S&P500 ProShares                           UltraPro S&P500 ProShares                             Short S&P500 ProShares                            UltraShort S&P500 ProShares                         UltraPro Short S&P500 ProShares
                         Assets           NAV            Flow     Flow/TNA   Assets         NAV           Flow     Flow/TNA   Assets           NAV           Flow       Flow/TNA    Assets        NAV           Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets          NAV             Flow     Flow/TNA
Last Day        26-May   65,774          -0.6%          (407)       -0.6%    1,578         -1.3%           86         5.5%     129            -2.1%            0           0.0%     1,844        0.6%            36            2.0%    3,687          1.4%           (32)           -0.9%     251           1.9%              (4)        -1.5%
Last 7 days     19-May   75,492          -4.1%         (6,708)      -8.9%    1,420         -8.4%          282        19.8%     118           -12.7%           26          22.2%     1,655        4.1%           120            7.2%    3,426          8.3%           (24)           -0.7%     253           12.6%            (33)       -13.0%
Last 30 Days    27-Apr   72,970         -12.0%          1,014        1.4%    1,558        -24.3%          326        20.9%     134           -36.5%           35          25.7%     1,449        12.1%          244           16.8%    3,181          24.2%         (132)           -4.2%     221           36.2%            (36)       -16.3%
Last 3 Months   24-Feb   72,103          -2.0%         (5,774)      -8.0%    1,495         -3.9%          202        13.5%     109            -5.3%           35          31.6%     1,692        1.4%           120            7.1%    3,433          3.0%          107              3.1%     194           4.4%              37         19.1%




                                                 DIA                                               DDM                                                BGU                                                 DOG                                                 DXD                                                    BGZ
        DJIA                                Diamonds                                     Ultra Dow30 ProShares                         Direxion Large Cap Bull 3X Shares                        Short Dow30 ProShares                             UltraShort Dow30 ProShares                          Direxion Large Cap Bear 3X Shares
                         Assets           NAV           Flow      Flow/TNA   Assets         NAV           Flow     Flow/TNA   Assets           NAV           Flow       Flow/TNA    Assets        NAV           Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets          NAV             Flow     Flow/TNA
Last Day        26-May   8,004           -0.8%           90          1.1%     320          -1.5%            6         1.9%     271            -1.5%           16           5.8%      284         0.7%             0            0.0%     565           1.5%          (16)            -2.8%     289           1.5%              (3)        -0.9%
Last 7 days     19-May   8,287           -4.9%          119          1.4%     335          -9.0%           15         4.6%     252           -12.2%           51          20.0%      264         4.4%             8            3.0%     530           9.0%          (13)            -2.5%     281           12.0%            (24)        -8.6%
Last 30 Days    27-Apr   9,234          -11.4%           42          0.5%     374         -22.1%            0         0.1%     202           -36.5%          147          72.9%      242         10.9%           19            7.8%     508           22.0%         (33)            -6.5%     259           36.3%            (43)       -16.7%
Last 3 Months   24-Feb   8,332           -2.8%          (63)        -0.8%     398          -4.6%          (59)       -14.8%    217            -6.4%           89          41.0%      277         1.8%             0            0.0%     588           3.9%          (43)            -7.4%     282           3.0%               3          1.0%




                                             QQQQ                                                  QLD                                                TYH                                                 PSQ                                                 QID                                                    TYP
   Nasdaq 100                                 Cubes                                       Ultra QQQ ProShares                          Direxion Financials Bull 3X Shares                        Short QQQ ProShares                               UltraShort QQQ ProShares                        Direxion Technology Bear 3X Shares
                         Assets           NAV           Flow      Flow/TNA   Assets         NAV           Flow     Flow/TNA   Assets           NAV           Flow       Flow/TNA    Assets        NAV           Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets          NAV             Flow     Flow/TNA
Last Day        26-May   17,737          -1.1%          296          1.7%     741          -2.4%           28         3.8%     140            -3.2%            0            0.0%     242          0.9%            0            0.0%     955            2.2%         (40)             -4.2%    68            3.0%               0         0.0%
Last 7 days     19-May   19,433          -4.0%          (927)       -4.8%     696          -8.3%          103         14.8%    161           -13.0%            0            0.0%     226          4.0%            7            2.9%     945            8.0%         (64)             -6.8%    60            13.0%              0         0.0%
Last 30 Days    27-Apr   22,011         -12.7%         (2,126)      -9.7%     838         -25.6%           68         8.2%     195           -39.3%           (1)          -0.6%     174         12.5%           47           26.9%     875           25.2%         (98)            -11.2%    56            38.5%             (7)       -12.3%
Last 3 Months   24-Feb   17,715           0.7%          244          1.4%     824           0.9%          (86)       -10.4%    230            -6.8%          (82)         -35.9%     210         -1.1%           31           14.8%     915           -2.1%          61               6.6%    53            1.9%              12         21.8%




                                                 XLF                                               UYG                                                FAS                                                 SEF                                                 SKF                                                    FAZ
  S&P 500 Financials                     SPDR Financials                              ULTRA FINANCIALS PROSHARES                       Direxion Financials Bull 3X Shares                      Short Financials ProShares                       ULTRASHORT FINANCIALS PROSHA                          Direxion Financials Bear 3X Shares
                         Assets           NAV           Flow      Flow/TNA   Assets         NAV           Flow     Flow/TNA   Assets           NAV           Flow       Flow/TNA    Assets        NAV           Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets          NAV            Flow      Flow/TNA
Last Day        26-May   6,662           -0.7%          (10)        -0.2%    1,365         -1.0%            0          0.0%   1,419           -1.5%           27           1.9%      106          0.5%            0            0.0%     657            1.1%          (3)            -0.5%     852            1.7%            (44)        -5.2%
Last 7 days     19-May   6,288           -3.7%          616          9.8%    1,480         -7.3%            0          0.0%   1,360          -10.4%          222          16.3%      103          3.6%            0            0.0%     644            7.5%         (32)            -4.9%     977           10.3%           (209)       -21.4%
Last 30 Days    27-Apr   6,449          -13.2%          983         15.2%    1,808        -27.0%           (94)       -5.2%   1,026          -40.6%          898          87.6%       91         13.4%            6            6.6%     586           26.8%         (39)            -6.7%    1,111          39.6%           (519)       -46.7%
Last 3 Months   24-Feb   5,737            0.8%         1,122        19.6%    1,777          2.2%          (402)      -22.6%   1,189            3.6%          425          35.7%      107         -1.6%            0            0.1%     750           -2.4%         (72)            -9.6%    1,026          -5.5%            (83)        -8.1%



                                                                                                                                                                     Global Equity ETFs

                                                EEM                                                                                                   EDC                                                 EUM                                                 EEV                                                    EDZ
   Emerging Markets                  MSCI Emerging Markets                                                                       Direxion Developed Markets Bull 3X Share                Short MSCI Emerging Mrkts ProShares                UltraShort MSCI Emerging Mkts Index                 Direxion Emerging Markets Bear 3X Shares
                         Assets           NAV           Flow      Flow/TNA                                                    Assets           NAV           Flow       Flow/TNA    Assets        NAV           Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets          NAV             Flow     Flow/TNA
Last Day        26-May   30,954          -0.1%           33          0.1%                                                      304            -0.7%            0           0.0%      321         0.0%             0            0.0%     297           0.1%          (19)            -6.3%     161           0.2%               0         0.0%
Last 7 days     19-May   32,576          -3.9%          (316)       -1.0%                                                      292           -11.7%           50          17.1%      294         3.7%            16            5.4%     295           7.8%          (18)            -6.1%     186           11.5%             (42)      -22.6%
Last 30 Days    27-Apr   35,028         -15.6%          189          0.5%                                                      307           -48.1%          126          40.9%      241         15.4%           51           21.1%     166           30.6%          88             53.2%     183           46.3%             (72)      -39.0%
Last 3 Months   24-Feb   33,111          -4.2%          (218)       -0.7%                                                      409           -16.7%          (40)         -9.8%      285         3.8%            25            8.9%     233           6.9%           55             23.4%    2,044          11.5%           (1,602)     -78.4%




                                                 EFA                                               EFO                                                DZK                                                 EFZ                                                 EFU                                                    DPK
   MSCI EAFE Index                 iShares MSCI EAFE Index Fund                        Ultra MSCI EAFE ProShares                 Direxion Developed Markets Bull 3X Share                     Short MSCI EAFE ProShares                          Ultrashort MSCI EAFE ProShares                 Direxion Developed Market Bear 3X Shares
                         Assets           NAV           Flow      Flow/TNA   Assets         NAV           Flow     Flow/TNA   Assets           NAV           Flow       Flow/TNA    Assets        NAV           Flow        Flow/TNA   Assets          NAV          Flow          Flow/TNA   Assets          NAV             Flow     Flow/TNA
Last Day        26-May   30,462          -1.5%            0          0.0%      5           -2.8%            0         0.0%     12             -3.9%            0           0.0%      166         1.4%             5            3.0%     52            2.9%            0              0.0%     26            4.2%               0         0.0%
Last 7 days     19-May   32,128          -5.2%            0          0.0%      6          -10.7%            0         0.0%     14            -15.3%            0           0.0%      138         5.1%            20            14.2%    47            10.0%           0              0.0%     22            15.4%              0         0.0%
Last 30 Days    27-Apr   35,414         -18.5%           (3)         0.0%      8          -37.7%            0         0.0%     20            -55.2%            0           0.0%       48         18.3%          102           212.1%    31            36.3%           9             28.9%     10            54.7%             10        106.0%
Last 3 Months   24-Feb   33,403         -10.6%         1,043         3.1%      7          -20.9%            0         0.0%     18            -32.9%           (1)         -2.8%       73         10.1%           81           111.3%    37            19.8%           6             17.4%     10            30.4%             11        108.5%



                                                                                                                                                                             US Bonds

                                                 TLT                                                                                                  TMF                                                 SHV                                                 TBT                                                    TMV
 U.S. Government Bond      iShares Lehman 20+ Year Treasury Bond Fund                                                              Direxion Daily 30 Yr Trs Bull 3X Shares              iShares Lehman Short Treasury Bond Fund            UltraShort Lehman 20+ Trsy ProShares                   Direxion Daily 30 Yr Trs Bear 3X Shares
                         Assets          NAV            Flow      Flow/TNA                                                    Assets          NAV            Flow       Flow/TNA    Assets        NAV            Flow       Flow/TNA   Assets          NAV           Flow         Flow/TNA   Assets           NAV            Flow     Flow/TNA
Last Day        26-May   2,487          -0.3%            (39)       -1.6%                                                      12            -1.0%             0           0.0%     3,988         0.0%             0           0.0%    4,965           0.5%           41             0.8%     177             1.3%             0         0.0%
Last 7 days     19-May   2,658           2.1%           (226)       -8.5%                                                       8             6.1%             4           53.6%    3,912         0.0%            77           2.0%    5,003          -4.3%          177             3.5%     180            -6.7%             9         5.2%
Last 30 Days    27-Apr   2,260           8.8%            90          4.0%                                                      15            28.9%            (5)         -31.2%    3,879         0.0%           154           4.0%    4,963         -19.2%          996            20.1%     169           -29.1%            54        31.8%
Last 3 Months   24-Feb   2,449           8.5%           (123)       -5.0%                                                      10            28.5%             0           4.3%     1,917         0.0%          2,072         108.0%   4,341         -21.0%         1,691           39.0%     126           -30.7%           113        90.0%
The TrimTabs Demand Index Closed at 88.44 on May 26 down from 88.95 on May 25, which is very Bullish.

The TrimTabs Demand Index (TTDI) measures demand conditions on the US stock market. It is bounded between 0 (very bearish) and 100 (very bullish)
Over the past nine years, it has correlated extremely well with stock prices movements
For more information on the TTDI, contact Vincent Deluard (Vincent.Deluard@TrimTabs.com)


                                                Impact of Each Demand Measure on the TTDI on May 26                                                                                                        The TrimTabs Demand Index Closed at 88.44 on May 26 down from 88.95 on May 25, which is very Bullish.
                        Demand Measures                                Bearish
                                                                                                                                                                                 Col
                                                                                                                                                                             for2 3 1
                                                                                                                                                                   Index NumColColCol 4
                                                                                                                                                                Bullish                                                   Variable                                     Unit               Current Value (1)   Indexed Value (2)   Regression T-Stat (3)   Impact on the Index


Cash Balance of Equity Mutual Funds                                                                                                                   8                    2   #   #   #   AAII Sentiment Survey                                                  % Bull - % Bear               5.99%              49.97                   0.44                   0.00
Put Call ratio Change                                                                                                                                 7                    3   #   #   #   Greenwich Sentiment Survey                                             % Bull - % Bear             -17.55%              19.99                   0.43                  -1.32
Retail Money Market Fund Assets                                                                                                                  5                         4   #   #   #   Equity Mutual Funds Flows                                                 Flow/TNA                  -0.01%              47.98                  -0.90                   0.18
Long Equity ETFs Flows                                                                                                                    3                                5   #   #   #   Bond Mutual Funds Flows                                                   Flow/TNA                   0.08%              96.92                   0.33                   1.58
Excess margin Debt                                                                                                                 2                                       6   #   #   #   Long Equity ETFs Flows                                                    Flow/TNA                   0.00%              21.27                  -2.91                   8.25
Bond Mutual Funds Flows                                                                                                            1                                       7   #   #   #   Short Equity ETFs Flows                                                   Flow/TNA                  -0.07%              70.00                  -1.68                  -3.31
Credit Balance in Margin Account                                                                                                   1                                       8   #   #   #   Equity Futures Flows                                                      Flow/TNA                   0.46%              63.63                   0.27                   0.38
Put/Call Ratio Level                                                                                                               1                                       9   #   #   #   Level of net Position of Speculative Traders on Equity futures   (long-Short)/Open Interest          5.06%              76.00                  -0.22                  -0.56
Change Net Position of Speculative Traders on Equity Futures                                                                       1                                       #   #   #   #   Change Net Position of Speculative Traders on Equity Futures     Δ(long-Short)/Open Interest        -4.47%              13.57                  -0.37                   1.34
Flows into Hedge Funds                                                                                                      0                                              #   #   #   #   Level of Short Interest on S&P 500 Stocks                                Stdev Units                 -0.02              55.54                  -0.69                  -0.38
Greenwich Sentiment Survey                                                                                                  0                                              #   #   #   #   Change in Short Interest on S&P 500 stocks                                % Change                   0.20%              60.12                  -1.13                  -1.13
Level of Short Interest on S&P 500 Stocks                                                                                   0                                              #   #   #   #   Put/Call Ratio Level                                                       Put/Calls                  0.90              22.03                  -0.49                   1.36
Equity Futures Flows                                                                                                        0                                              #   #   #   #   Put Call ratio Change                                                     % Change                   1.86%              18.23                  -1.08                   3.39
Margin Debt                                                                                                                 0                                              #   #   #   #   Margin Debt                                                               % Change                   0.00%              49.44                   1.86                  -0.11
VIX Index                                                                                                                   0                                              #   #   #   #   Credit Balance in Margin Account                                          % Change                   0.00%              58.69                   1.52                   1.35
AAII Sentiment Survey                                                                                                       0                                              #   #   #   #   Flows into Hedge Funds                                                   Flow/Assets                -0.02%              42.52                  -0.28                   0.21
Equity Mutual Funds Flows                                                                                                  -1                                              #   #   #   #   VIX Index                                                                 Close Price                23.02              43.81                  -0.38                   0.23
Level of net Position of Speculative Traders on Equity futures                                                             -1                                              #   #   #   #   Individual Investors Active Stock Allocation                              % Change                   0.01%              28.16                   0.35                  -0.78
Individual Investors Active Stock Allocation                                                                               -1                                              #   #   #   #   Retail Money Market Fund Assets                                            $ Billion                716.36              83.95                   1.39                   4.82
Change in Short Interest on S&P 500 stocks                                                                                 -1                                              #   #   #   #   Cash Balance of Equity Mutual Funds                                      % of Assets                 0.57%              99.99                   1.41                   7.20
Short Equity ETFs Flows                                                                                             -3                                                     #   #   #   #   Excess margin Debt                                                % Margin Debt - % SP Ret           0.00%              55.70                   1.79                   1.04
                                                                                                                                                                                           (1) 2-Month Moving Average
                                                                                                                                                                                           (2) 0= Extreme Fear, 100= Extreme Greed
                                                                                                                                                                                           (3) Measured by individually regressing each component against S&P 500 returns since Jan 2000
                                              Fear/Greed Reading of Each Demand Measure on May 26                                                                                          How to Read the Above Tables
                                                                                                                                                                                           Cash Balance of Equity Mutual Funds indicate greed, which is bullish for equities.
                        Demand Measures                                Fear                                                                                     Greed                      Equity Mutual Funds Flows indicate greed, which is bearish for equities.
                                                                                                                                                                                           Note: we used regression analysis over the past nine years to determine whether greed in each variable was associated with positive stocks' returns
Cash Balance of Equity Mutual Funds                                                           21
Put Call ratio Change                                                                                                                                              100
Retail Money Market Fund Assets                                                                                                                            84
Long Equity ETFs Flows                                                                        18
Excess margin Debt                                                                                                                                                  97
Bond Mutual Funds Flows                                                                       22
Credit Balance in Margin Account                                                                                                  59
Put/Call Ratio Level                                                                   14
Change Net Position of Speculative Traders on Equity Futures                                                                      56
Flows into Hedge Funds                                                                                                                   64
Greenwich Sentiment Survey                                                                                          44
Level of Short Interest on S&P 500 Stocks                                                                           43
Equity Futures Flows                                                                                                       48
Margin Debt                                                                                                                50
VIX Index                                                                                                                  49
AAII Sentiment Survey                                                                                                             56
Equity Mutual Funds Flows                                                                                                                             76
Level of net Position of Speculative Traders on Equity futures                                       28
Individual Investors Active Stock Allocation                                                                                      60
Change in Short Interest on S&P 500 stocks                                                    20
Short Equity ETFs Flows                                                                                                                         70


How to Read the Above Tables
Cash Balance of Equity Mutual Funds indicate greed, which is bullish for equities.
Equity Mutual Funds Flows indicate greed, which is bearish for equities.
Note: we used regression analysis over the past nine years to determine whether greed in each variable was associated with positive stocks' returns

								
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