Trends I'm Watching

Best Performing ETFs for the Past 4 Weeks (2009-01-23)

Trend: ERydex Inverse 2x S&P Select Sector Fincl (RFN) led the four week performance (+37%). Direxion Financial Bear 3X Shares (FAZ) and UltraShort Financials ProShares (SKF) were the second and third best performers, respectively.

The 20 ETFs with the best 4 week performance through 01/23/2009 tracked by Morningstar are highlighted below.

Source: MSN Money Exchange Traded Funds (ETFs) Performance Tracker

Name	Ticker	Category	Holdings	Morningstar	Last Price*	1-Wk	4-Wks	13-Wks	YTD	52-Wks	3-Yrs	5-Yrs
Rydex Inverse 2x S&P Select Sector Fincl	RFN	Specialty - Financial	holdings		$52.55	-0.59	37.06	15.94	60.46	N/A	N/A	N/A
Direxion Financial Bear 3X Shares	FAZ	Specialty - Financial			$60.37	-3.58	36.31	N/A	69.10	N/A	N/A	N/A
UltraShort Financials ProShares	SKF	Specialty - Financial	holdings		$158.78	2.50	31.47	4.28	54.14	50.44	N/A	N/A
PowerShares DB Crude Oil Dble Long ETN	DXO	Specialty - Natural Resources			$2.78	-0.71	29.30	-50.18	9.02	N/A	N/A	N/A
United States Gasoline	UGA	Specialty - Natural Resources	holdings		$21.82	-1.67	26.35	-31.75	12.12	N/A	N/A	N/A
iPath DJ AIG Lead TR Sub-Idx ETN	LD	Specialty - Natural Resources			$30.49	-2.06	24.91	-13.63	11.93	N/A	N/A	N/A
UltraShort Lehman 20+ Trsy ProShares	TBT	Government Bond - Treasury	holdings		$44.72	11.58	22.12	-23.44	18.53	N/A	N/A	N/A
Direxion Developed Markets Bear 3X Share	DPK	World Stock			$88.07	13.27	20.94	N/A	46.78	N/A	N/A	N/A
iPath DJ AIG Nickel TR Sub-Idx ETN	JJN	Specialty - Natural Resources			$18.10	10.50	19.71	24.28	0.65	-57.05	N/A	N/A
Short Financials ProShares	SEF	Specialty - Financial	holdings		$95.93	2.32	18.35	13.68	26.17	N/A	N/A	N/A
iPath DJ AIG Sugar TR Sub-Idx ETN	SGG	Specialty - Natural Resources			$44.26	4.41	17.74	9.77	9.07	N/A	N/A	N/A
iShares Silver Trust	SLV	Specialty - Precious Metals	holdings		$11.85	6.66	16.63	26.33	5.80	-25.47	N/A	N/A
PowerShares DB Silver	DBS	Specialty - Precious Metals	holdings		$21.40	5.89	16.43	25.09	4.59	-27.26	N/A	N/A
UltraShort MSCI EAFE ProShares	EFU	Foreign Stock	holdings		$116.53	9.95	15.93	-13.44	32.17	57.43	N/A	N/A
iPath DJ AIG Tin TR Sub-Idx ETN	JJT	Specialty - Natural Resources			$26.40	5.60	15.28	6.37	9.91	N/A	N/A	N/A
Market Vectors Double Short Euro ETN	DRR	Worldwide Bond			$53.18	4.29	15.11	-6.29	14.54	N/A	N/A	N/A
UltraShort FTSE/Xinhua China 25 ProShare	FXP	Pacific Stock	holdings		$45.39	6.93	14.71	-64.16	28.40	-49.83	N/A	N/A
PowerShares DB Gold Double Long ETN	DGP	Specialty - Precious Metals			$19.10	15.55	14.37	52.80	5.58	N/A	N/A	N/A
iPath DJ AIG Copper TR Sub-Idx ETN	JJC	Specialty - Natural Resources			$20.56	-4.19	13.72	-20.34	4.84	-52.91	N/A	N/A
UltraShort Euro ProShares	EUO	Worldwide Bond			$24.08	4.79	13.37	N/A	13.26	N/A	N/A	N/A

Disclosure: We may own any EFT above at any time.

Please verify the performance of any ETF before investing.

The Real U.S. Unemployment Rate

Trend: The number of jobless Americans is increasing to levels unseen since the Great Depression, with unpleasant ramifications for consumer spending.

Don Miller at Money Morning describes the statistics about unemployment that the government doesn't publicize.

Link: U.S. Unemployment May be a Bigger Problem Than Government Statistics Say.

The official government estimates of the current unemployment problem are staggering in their own right. 

• 791,000 manufacturing jobs were lost in 2008, hitting the auto sector hardest.
• 260,110 people lost jobs in the financial sector, part of the overall service sector that accounts for some 80% of all employment.
• The construction sector shed 899,000 since peaking in September 2006.
• The retail sector shed 522,000 jobs for all of 2008.

All told, 2.6 million people lost their jobs in 2008. And, to underscore the accelerating nature of the problem, more than half of those job losses occurred in the final four months of the year. In December, a total of 11.1 million were unemployed. An additional 8 million people were working part time – up sharply from 7.3 million in November.

The average workweek in December fell to 33.3 hours. That’s the lowest average on record, dating back to 1964, and a sign of more job reductions to come since businesses often cut hours before eliminating positions entirely.

Those are the “official” government numbers. But, as a closer look demonstrates, the unemployment figures can be understated – and misleading.

The government actually compiles unemployment figures in six different categories; as you might expect, the numbers tend to minimize the bad news.

The most commonly number quoted in the media is the “official” unemployment rate – known as U3 (the bottom line of the three in the chart below) – which now stands at 7.2%.

But to get the real picture, you have to add both in what the government refers to as "discouraged" workers (U4) and "marginally attached” workers (U5) – those who have stopped looking for work, or who haven’t looked for work recently (represented by the middle line of the three in the chart).  That number (U6) depicts an unemployment rate that’s approaching an eye-popping 14%. 

If you include the people that the government doesn’t even count – such as unemployed farm workers, the idle self-employed, and workers in private homes – the unemployment rate approaches an astonishing 18% (top line).

Obama's Boom Is Coming

Trend: Clean/renewable energy and infrastructure stocks will get a boost from Obama's spending plans in 2009.

Nick Hodge at Wealth Daily says the companies benefitting from clean energy and infrastructure stimulus spending will have tremendous momentum in 2009. Excerpts below.

Nick recommended Shaw Group (NYSE: SGR), American Superconductor (NASDAQ: AMSC), Jacobs Engineering (NSYE: JEC), and Foster Wheeler (NASDAQ: FWLT) in November.

Link: Top Infrastructure Stocks.

...from the new President:

For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act-not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories.

The new leader of the free world, in one of the most historic and anticipated speeches in decades, made direct reference to the market momentum he's about to propel, saying the economic action he'll take will be "bold and swift."

"We will build the roads and bridges, the electric grids," he said. "We will harness the sun and the winds and the soil to fuel our cars and run our factories."

What more do you need? A personal invitation to the profit party?

Just look at what's lined up for clean energy and infrastructure in the new economic stimulus package:

• $20 billion in tax breaks for wind, geothermal, hydro, and bioenergy

• $32 billion for electric infrastructure and smart grid improvements

• $16 billion for building energy efficiency

• $2.4 billion for carbon capture technology

These aren't just campaign promises anymore. This is the real thing.

It's the beginning of a prolonged and sustained bull market. According to a recent report by the Congressional Budget Office, about half the money allocated to energy and infrastructure projects would be spend by next October. The rest will be doled out later, meaning you can reap rewards from this market for years to come.

And it's not just the government money about to be spent that makes such a great case for cleantech and green infrastructure. It's also the money about to be taken away from the fossil fuel industry.

Best Performing ETFs for the Past 4 Weeks (2009-01-16)

Trend: Direxion Financial Bear 3X Shares (FAZ) led the four week performance (+70%). ERydex Inverse 2x S&P Select Sector Fincl (RFN) and UltraShort Financials ProShares (SKF) were the second and third best performers, respectively.

The 20 ETFs with the best 4 week performance through 01/16/2009 tracked by Morningstar are highlighted below.

Source: MSN Money Exchange Traded Funds (ETFs) Performance Tracker

Name	Ticker	Category	Holdings	Morningstar	Last Price*	1-Wk	4-Wks	13-Wks	YTD	52-Wks	3-Yrs	5-Yrs
Direxion Financial Bear 3X Shares	FAZ	Specialty - Financial			$62.61	50.32	69.67	N/A	75.38	N/A	N/A	N/A
Rydex Inverse 2x S&P Select Sector Fincl	RFN	Specialty - Financial	holdings		$52.86	40.86	60.19	42.33	61.42	N/A	N/A	N/A
UltraShort Financials ProShares	SKF	Specialty - Financial	holdings		$154.90	30.76	47.95	19.15	50.37	35.22	N/A	N/A
PowerShares DB Crude Oil Dble Short ETN	DTO	Specialty - Natural Resources			$174.73	11.93	36.63	173.49	19.65	N/A	N/A	N/A
UltraShort FTSE/Xinhua China 25 ProShare	FXP	Pacific Stock	holdings		$42.45	12.45	31.06	-55.48	20.08	-53.46	N/A	N/A
Short Financials ProShares	SEF	Specialty - Financial	holdings		$93.76	15.58	23.97	21.33	23.31	N/A	N/A	N/A
Market Vectors Long Municipal	MLN	Municipal Bond - National	holdings		$17.16	2.57	22.79	14.24	9.65	-11.33	N/A	N/A
UltraShort MSCI EAFE ProShares	EFU	Foreign Stock	holdings		$105.98	13.79	21.69	-12.85	20.20	55.57	N/A	N/A
PowerShares High Yield Corporate Bond	PHB	Corporate Bond - High Yield	holdings		$16.50	2.18	21.56	4.65	3.97	-25.36	N/A	N/A
UltraShort MSCI Emerging Mrkts ProShares	EEV	Diversified Emerging Markets	holdings		$58.41	12.83	19.20	-53.82	11.17	-29.90	N/A	N/A
PowerShares Insured California Muni Bond	PWZ	Municipal Bond - Single State	holdings		$22.61	1.94	18.55	18.22	5.88	-6.50	N/A	N/A
Market Vectors Intermediate Municipal	ITM	Municipal Bond - National	holdings		$21.20	2.83	18.14	19.28	6.27	4.10	N/A	N/A
PowerShares DB Crude Oil Short ETN	SZO	Specialty - Natural Resources			$71.27	6.36	17.45	69.41	7.49	N/A	N/A	N/A
UltraShort Russell1000 Value ProShares	SJF	Growth	holdings		$120.12	11.87	17.38	-4.23	16.40	53.68	N/A	N/A
PowerShares DB Base Metals Dble Long ETN	BDD	Specialty - Natural Resources			$5.65	-12.13	16.74	-42.41	5.02	N/A	N/A	N/A
ELEMENTS MLCX Grains Index TR ETN	GRU	Specialty - Natural Resources			$6.40	-1.02	16.65	21.52	0.85	N/A	N/A	N/A
Claymore U.S.-1-The Capital Markets Idx	UEM	Balanced	holdings		$38.00	4.62	16.62	0.30	5.75	N/A	N/A	N/A
SPDR Lehman High Yield Bond	JNK	Corporate Bond - High Yield	holdings		$32.29	-1.37	16.32	2.52	-0.31	-22.75	N/A	N/A
iShares iBoxx $ High Yield Corporate Bd	HYG	Corporate Bond - High Yield	holdings		$75.99	-3.38	15.99	10.35	-0.03	-14.82	N/A	N/A
iPath DJ AIG Lead TR Sub-Idx ETN	LD	Specialty - Natural Resources			$31.13	-5.72	15.94	-16.88	14.28	N/A	N/A	N/A

Disclosure: We may own any EFT above at any time.

Please verify the performance of any ETF before investing.

3x ETFs provide more Leverage (and Risk)

Trend: New EFTs have been introduced that provide more leverage (and risk) for index investing.

Direxion, a pioneer in providing alternative investment strategies to sophisticated investors, has introduced the Direxion Shares 3x Exchange-Traded Funds. The new ETFs are a group of leveraged Bull and Bear index funds that seek 300% of the daily performance, or 300% of the inverse of the daily performance (before fees and expenses) of the four distinct Russell indexes they benchmark. There is no guarantee that the funds will achieve their objective.

The new Direxion Shares ETFs are designed to give investment advisors and sophisticated investors the ability to execute active trading strategies in all types of markets. The funds deliver increased market exposure via 3 to 1 leverage, long and short of their respective indices and afford investors the opportunity to effectively allocate capital to seek improved risk-adjusted returns. Direxion Shares ETFs represent the highest amount of leverage currently available in the ETF space.

Symbol	Fund	Index/Benchmark	Daily Target	Bloomberg Index Symbol
Bull
BGU	Large Cap Bull 3x Shares	Russell 1000	300%	RIY
TNA	Small Cap Bull 3x Shares	Russell 2000	300%	RTY
ERX	Energy Bull 3x Shares	Russell 1000 Energy	300%	RGUSEL
FAS	Financial Bull 3x Shares	Russell 1000 Financial Services	300%	RGUSFL
DZK	Developed Markets Bull 3X Shares	MSCI EAFE Index	300%	MXEA
EDC	Emerging Markets Bull 3X Shares	MSCI Emerging Markets Index	300%	MXEF
TYH	Technology Bull 3X Shares	Russell 1000 Technology Index	300%	RGUSTL
MWJ	Mid Cap Bull 3x Shares	Russell Midcap Index	300%	RMC
Bear
BGZ	Large Cap Bear 3x Shares	Russell 1000	-300%	RIY
TZA	Small Cap Bear 3x Shares	Russell 2000	-300%	RTY
ERY	Energy Bear 3x Shares	Russell 1000 Energy	-300%	RGUSEL
FAZ	Financial Bear 3x Shares	Russell 1000 Financial Services	-300%	RGUSFL
DPK	Developed Markets Bear 3X Shares	MSCI EAFE Index	-300%	MXEA
EDZ	Emerging Markets Bear 3x Shares	MSCI Emerging Markets Index	-300%	MXEF
TYP	Technology Bear 3X Shares	Russell 1000 Technology Index	-300%	RGUSTL
MWN	Mid Cap Bear 3x Shares	Russell Midcap Index	-300%	RMC

Best Performing ETFs for the Past 4 Weeks (2009-01-08)

Trend: PowerShares DB Agriculture Dble Long ETN (DAG) led the four week performance (+39%). E-TRACS UBS Long Platinum ETN (PTM) and NETS FTSE/JSE Top 40 Index (JNB) were the second and third best performers, respectively.

The 20 ETFs with the best 4 week performance through 01/08/2009 tracked by Morningstar are highlighted below.

Source: MSN Money Exchange Traded Funds (ETFs) Performance Tracker

Name	Ticker	Category	Holdings	Morningstar	Last Price*	1-Wk	4-Wks	13-Wks	YTD	52-Wks	3-Yrs	5-Yrs
PowerShares DB Agriculture Dble Long ETN	DAG	Specialty - Natural Resources			$10.60	2.85	38.54	-4.47	2.85	N/A	N/A	N/A
E-TRACS UBS Long Platinum ETN	PTM	Specialty - Precious Metals			$12.61	15.02	30.73	24.65	15.02	N/A	N/A	N/A
NETS FTSE/JSE Top 40 Index	JNB	Foreign Stock	holdings		$13.50	7.83	29.86	4.93	7.83	N/A	N/A	N/A
PowerShares Global Steel	PSTL	Specialty - Natural Resources	holdings		$13.49	N/A	29.29	-3.79	6.16	N/A	N/A	N/A
PowerShares Global Gold & Prec Metals	PSAU	Specialty - Precious Metals	holdings		$24.95	N/A	27.23	4.58	-4.53	N/A	N/A	N/A
Market Vectors Steel ETF	SLX	Specialty - Natural Resources	holdings		$32.08	14.91	26.82	-0.54	14.91	-54.48	N/A	N/A
Market Vectors Gold Miners ETF	GDX	Specialty - Precious Metals	holdings		$31.31	-6.17	25.85	1.70	-6.17	-37.42	N/A	N/A
ELEMENTS MLCX Biofuels Index TR ETN	FUE	Specialty - Natural Resources			$7.34	7.57	25.71	0.88	7.57	N/A	N/A	N/A
ELEMENTS MLCX Grains Index TR ETN	GRU	Specialty - Natural Resources			$6.47	-0.63	24.95	0.16	-0.63	N/A	N/A	N/A
iPath DJ AIG Nickel TR Sub-Idx ETN	JJN	Specialty - Natural Resources			$18.16	-1.19	24.88	-12.68	-1.19	-62.18	N/A	N/A
E-TRACS UBS Bloomberg CMCI Agric ETN	UAG	Specialty - Natural Resources			$19.32	3.93	24.24	-2.91	3.93	N/A	N/A	N/A
NETS DAX Index	DAX	Europe Stock	holdings		$14.83	2.25	23.99	1.70	2.25	N/A	N/A	N/A
E-TRACS UBS Bloomberg CMCI Silver ETN	USV	Specialty - Precious Metals			$16.23	2.28	23.46	-2.50	2.28	N/A	N/A	N/A
iPath DJ AIG Grains TR Sub-Idx ETN	JJG	Specialty - Natural Resources			$43.30	1.34	23.41	-3.25	1.34	-29.36	N/A	N/A
ELEMENTS CS Global Warming ETN	GWO	Specialty - Natural Resources			$5.73	10.66	23.28	13.47	10.66	N/A	N/A	N/A
Rydex 2x S&P Select Sector Health Care	RHM	Specialty - Health	holdings		$48.87	4.01	22.89	-11.95	4.01	N/A	N/A	N/A
PowerShares DB Gold Double Long ETN	DGP	Specialty - Precious Metals			$17.13	-4.04	22.68	-18.54	-4.04	N/A	N/A	N/A
PowerShares Financial Preferred	PGF	Specialty - Financial	holdings		$14.98	11.00	22.55	31.95	11.00	-26.08	N/A	N/A
PowerShares FTSE RAFI Intl Real Estate	PRY	Specialty - Real Estate	holdings		$12.14	7.75	21.92	-10.23	7.75	-50.06	N/A	N/A
SPDR S&P Metals & Mining	XME	Specialty - Natural Resources	holdings		$29.79	12.83	21.75	-7.05	12.83	-49.71	N/A	N/A

Disclosure: We may own any EFT above at any time.

Please verify the performance of any ETF before investing.

Investing in India's Growth

Trend: India's economy continues to grow and has less exposure to toxic debt than most other major countries.

Mike Caggeso at Money Morning says the India is positioned better than most countries for stable economic growth. HIs recommendations for investing in that stability are in the excerpt below.

Link: India's Economy Standing Firm Amid the Growing Global Financial Crisis

Next to China, India’s economy will grow four-to-five times faster than most of the world’s other major economies – many of which are stuck in recession.

For now, investors should target the companies in India that are internationally competitive and are active exporters. That’s because any budget or inflationary difficulties will probably be reflected in a weakening of the rupee, which will help countries exporting from India.

Infosys Technologies Ltd. (ADR: INFY) is India’s premier exporter of software. The company carries almost no debt, and its shares are trading at a current Price/Earnings (P/E) ratio of 12.6, with a dividend yield of 1.48%. That P/E is quite low for a company in a high-growth market such as software.

Dr. Reddy’s Laboratories Ltd. (ADR: RDY) is India’s premier manufacturer of generic pharmaceuticals, and is positioned to benefit in the 2008-2012 period as many popular drugs lose their patent protection and are opened to international competition. In the near term, too, as household and corporate budgets tighten around the world, people will more likely opt for generic prescription drugs, instead of high-price name brands.

Dr. Reddy’s has moderate debt (about 50% of equity), and is trading at 19 times forward earnings – not at all pricey, given the high promise of the generic-drug sector. The stock also features a modest dividend yield of right around 1.0%.

Both stocks are down nearly 50% from their 52-week highs, suggesting value.

Some Reasons for Optimism in 2009

Trend: In February 2009, the US government will unleash some heavy financial artillery in the fight to stimulate the economy and reverse the downtrend.

In this post, we eavesdrop on Pimco's Paul McCulley (PMc) as he describes the remedies for the financial crisis to his pet rabbit Bun Bun (BB).

Link: PIMCO - GCB December 2008 McCulley All In.

PMc: The recently announced Term Asset-Backed Securities Loan Facility, known as the TALF, and scheduled to come on in February, is a perfect example of just such a joint venture, with the Treasury putting up $20 billion of equity and the Fed putting up $180 billion of loans senior to the Treasury.

The TALF will effectively step around the risk-adverse commercial banking system and provide warehouse financing directly for securitization of new consumer and business loans to Main Street. It’s a really cool innovation, which is likely to be expanded or replicated. And most important, it is likely to get reflationary traction.

The Fed also stands ready to print $600 billion of money to buy directly $500 billion of Agency MBS (Mortgage-backed Securities) and $100 billion of Agency debentures, so as to pull down and hold down long-term mortgage rates. The buying of the debentures is already under way, and the buying of MBS is likely to start in a matter of weeks.

And if necessary, the Fed is openly willing to print money to buy longer dated Treasuries, providing a further downward gravitational force for long-term interest rates.

...it is indeed a fact, a glorious fact, in my view, that the Fed does presently stand ready to print as much money as necessary to accommodate the financing of an all-in reflationary fiscal policy thrust, as promised by President-elect Obama. Through holes in the floor of heaven, Hyman Minsky weeps tears of joy.

Call it good, very good: the monetary and fiscal authorities, separately yet together, going all in. And call me cautiously optimistic that Reflation will get traction.

...With respect to the willingness of policy makers to do the right reflationary thing, we can drop the adverb cautiously. I’m flat out optimistic. But prudence demands that I at least acknowledge that even the best laid reflationary plans might go awry, at least in the short run.

The “right reflationary thing” is a macro concept, not necessarily a micro concept. It doesn’t mean extending the soothing socialist hand to every square inch of the capitalist landscape.

The right reflationary thing to do is to systemically save capitalism from its inherent debt-deflationary pathologies, not to eliminate capitalism. Recall, capitalism at its micro core is a process called creative destruction, churning resources from yesterday’s technologies and work methods to the more productive ones of tomorrow. 

Doctor Copper

Trend: Watch the price of copper to assess the health of the global economy.

In an interview at Hard Assets Investor, David Fry says that copper is a consensus indicator for the global economy. We highlight the price of copper in the chart below.

Tops ETFs in 2008

Trend: Ultrashort/inverse ETFs dominated the top performers in 2008.

The top 20 ETFs with the best 52 week performance through 12/31/2008 tracked by Morningstar are highlighted below.

Source: MSN Money Exchange Traded Funds (ETFs) Performance Tracker

Name	Ticker	Category	Holdings	Morningstar	Last Price*	1-Wk	4-Wks	13-Wks	YTD	52-Wks	3-Yrs	5-Yrs
UltraShort Semiconductor ProShares	SSG	Specialty - Technology	holdings		$77.89	-7.63	-19.04	27.58	114.30	114.30	N/A	N/A
UltraShort Russell MidCap Gr ProShares	SDK	Growth	holdings		$78.96	-9.66	-13.46	30.32	98.51	98.51	N/A	N/A
UltraShort Technology ProShares	REW	Specialty - Technology	holdings		$78.61	-5.34	-8.93	32.14	96.55	96.55	N/A	N/A
UltraShort Russell1000 Growth ProShares	SFK	Growth	holdings		$80.63	-8.13	-8.66	25.52	83.22	83.22	N/A	N/A
UltraShort Industrials ProShares	SIJ	Money Mkt - General	holdings		$54.10	-11.12	-9.63	28.05	77.74	77.74	N/A	N/A
UltraShort QQQ ProShares	QID	Growth	holdings		$57.35	-4.53	-9.67	21.93	77.66	77.66	N/A	N/A
Rydex Inverse 2x S&P 500	RSW	Growth	holdings		$112.75	-8.33	-7.25	21.67	69.28	69.28	N/A	N/A
UltraShort S&P500 ProShares	SDS	Growth	holdings		$70.94	-7.67	-6.87	16.86	61.36	61.36	N/A	N/A
Rydex Inverse 2x S&P MidCap 400	RMS	Growth	holdings		$78.82	-13.15	-13.84	27.76	60.50	60.50	N/A	N/A
UltraShort Basic Materials ProShares	SMN	Specialty - Unaligned	holdings		$38.88	-11.52	-16.45	21.24	60.15	60.15	N/A	N/A
UltraShort Russell MidCap Val ProShares	SJL	Income	holdings		$80.39	-11.20	-16.03	22.76	57.67	57.67	N/A	N/A
Vanguard Extended Dur Tre Idx ETF	EDV	Government Bond - Treasury	holdings		$145.88	-2.68	20.94	45.82	54.51	54.51	N/A	N/A
UltraShort MSCI EAFE ProShares	EFU	Income	holdings		$88.17	-9.96	-19.78	-7.15	51.92	51.92	N/A	N/A
UltraShort Russell2000 Growth ProShares	SKK	Growth	holdings		$62.46	-11.02	-18.93	25.28	51.54	51.54	N/A	N/A
UltraShort MidCap400 ProShares	MZZ	Growth	holdings		$58.30	-10.72	-15.12	23.90	49.54	49.54	N/A	N/A
UltraShort Russell1000 Value ProShares	SJF	Growth	holdings		$103.20	-9.81	-9.47	12.99	48.89	48.89	N/A	N/A
UltraShort Consumer Goods ProShares	SZK	Specialty - Unaligned	holdings		$74.01	-5.69	-1.97	28.60	47.83	47.83	N/A	N/A
UltraShort Dow30 ProShares	DXD	Growth	holdings		$53.56	-7.05	-2.88	12.55	47.48	47.48	N/A	N/A
Short QQQ ProShares	PSQ	Growth	holdings		$73.03	-2.70	-4.49	17.51	46.64	46.64	N/A	N/A
UltraShort Utilities ProShares	SDP	Specialty - Utility	holdings		$43.59	-8.64	0.14	-4.98	41.59	41.59	N/A	N/A

Disclosure: We may own any EFT above at any time.

Please verify the performance of any ETF before investing.