A sampling of research & data on exchange traded funds from AltaVista Research

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1 A sampling of research & data on exchange traded funds from AltaVista Research In this week's issue: Chart of the week: Nuclear vs. Clean Energy ETFs Fund Focus: ishares S&P Global Nuclear Energy (NUCL)... page 2 Revisions, assets flows & short interest...page EPS estimates, growth rates, and P/E multiples for major ETFs...page 4 Market monitor: big movers & by category...page 5 Chart of the week: Nuclear vs. Clean Energy ETFs EPS growth, E MARCH 21, 2011 Published by Ph: info@altavista-research.com Coverage at a glance: 60% 50% 40% 195% 2011E 2012E No. of ETFs: % 20% 10% 0% n/m URA NLR PKN NUCL TAN KWT PWND FAN ICLN Table: Ticker, fund name & ALTAR Score of ETFs in above chart. ALTAR Ticker Name Score URA Global X Uranium ETF n/m n/m NLR Market Vectors Nuclear Energy 6.0% PKN PowerShares Global Nuclear Energy 6.1% NUCL ishares S&P Gbl Nuclear Energy 6.2% TAN Guggenheim Global Solar Energy 6.2% KWT Market Vectors Solar Energy 10.7% PWND PowerShares Nasdaq OMX Clean 4.7% FAN First Trust Global Wind 5.0% ICLN ishares S&P Global Clean Energy 8.7% Note: Please visit for more information on the ALTAR Score TM, our rating of an ETF's overall investment merit, Total Market Cap (bns): $740.8 Avg. daily value traded (bns): $84.9 For similar research please visit the ETF Research Center online FREE TRIAL! see back page for details Note: Unless otherwise noted, the source for all charts and tables is AltaVista Research calculations based on historical results and consensus estimates for fund constituents, as compiled by Thomson Reuters, Bloomberg, and other data providers. This report if for information purposes only and AltaVista makes no warranties with respect to its accuracy. Trademarks or Service Marks contained herein are the property of their respective owners AltaVista Research LLC. All rights reserved. See last page for additional disclosures.

2 Fund Focus: ishares S&P Gbl Nuclear Energy (NUCL) $40.25 Trading History Fund basics ALTAR Score $60 $50 $40 $30 $20 $10 $ Source: Bloomberg Fund assets ($mns) 17 Avg. volume (000) 19 NUCL Expense ratio (bp) 48 Avg. 6.3% Total returns (market)* One year 23.5% Calculation: Five year n/m Avg. Rtn on Equity (5 yrs) 8.9% Ten year n/m divided by: P/Book Value 1.3x Since inception -1.5% less: expense ratio 48 bp Beta vs. S&P equals ALTAR Score = 6.2% Standard deviation 23% *as of 02/28/11. See Notes. Note: Please visit for more information on the ALTAR Score TM, our rating of an ETF's overall investment merit, 6.2% Valuation metrics 2011E 2012E Analyst's view: Price-to-Earnings We can't say what the ultimate impact of Japan's partial meltdown will be on global Price-to-Cash Flow demand for nuclear over other sources of energy, but for now a revival of sorts is Price-to-Sales improving the fortunes of firms in NUCL (about 30% of which are Japanese). Both margins and ROE are rising leading to double-digit gains in EPS over E. However, Price-to-Book Value few of these firms are nuclear pure plays, and in any case at current valuations shares Yield (%) have an ALTAR Score of about average. Investors may do better by assembling similar exposure using the global sector ETFs for Utilities, Energy & Industrials. Results & estimates* 104.7% 103.0% 104.7% E 2012E Sales per share $48.64 $50.74 $53.77 $49.83 $52.17 $53.76 $56.29 Earnings per share $2.35 $2.55 $2.11 $2.08 $2.51 $2.83 $3.27 Change (%) 8.5% -17.4% -1.2% 20.4% 12.9% 15.2% Net margin 4.8% 5.0% 3.9% 4.2% 4.8% 5.3% 5.8% Book value per share $24.88 $27.09 $25.49 $27.68 $29.08 $30.78 $32.83 Dividends per share-gross $0.96 $1.04 $1.11 $1.05 $1.16 $1.14 $1.21 *pro forma based on current fund constituents. See disclosures. Return on Equity Sector breakdown Compound growth rates ( E) 12% 10% 8% 6% 4% 10.1% 10.0% 8.8% 9.5% 10.3% 8.1% 7.8% Utilities Energy Sales EPS Bk Val 2.0% 3.8% 4.3% 2% DPS 3.5% 0% Industrials 0% 2% 4% 6% informational purposes only, and AltaVista makes no warranties with respect to its accuracy. See last page for additional disclosures.

3 Revisions, asset flows and short interest Estimate revisions Largest positive & negative revisions to 2011E EPS over the past month 2011E 1 month 2011E ALTAR Ticker Name EPS change P/E Score VNQ Vanguard REIT ETF $ % 49.0 x 2.1% FTY ishares FTSE/NAREIT Real Estate $ % 32.3 x 2.8% PSR PowerShares Active US Real Estate $ % 43.9 x 1.6% IYR ishares Dow Jones Real Estate $ % 32.6 x 2.9% GRI Cohen & Steers Global Realty $ % 24.0 x 3.8% SEA Claymore Delta Global Shipping $ % 15.1 x 20.1% KME SPDR KBW Mortgage Finance $ % 32.8 x n/m n/m GDXJ Mark Vectors Jr. Gold Miners $ % 27.7 x n/m n/m FAA Claymore NYSE/ARCA Airlines $ % 8.8 x n/m n/m EGPT Market Vectors Egypt Index $ % 1.1 x n/m n/m *Note: Among ETFs with 2010E EPS of at least $1.00. Asset Inflows Asset Outflows Top 5 increases in AUM (ticker, ALTAR Score ) Top 5 decreases in AUM (ticker, ATLAR Score ) S&P500 SPDR (SPY, 7.4%) $5,462 ishrs Rsl 2000 (IWM, 2.9%) -$1,625 ishrs MSCI Japan (EWJ, 5.4%) $1,145 NASDAQ-100 (QQQQ, 6.0%) -$1,015 ishrs MSCI EAFE (EFA, 8.3%) $591 ishrs S&P500 (IVV, 7.4%) -$663 Materials SPDR (XLB, 7.6%) $368 PwrShrs RAFI EmgMkt (PXH, 10.4%) -$514 SPDR Mtls & Min (XME, 6.9%) $338 ($millions) Financials SPDR (XLF, 6.1%) ($millions) -$266 $0 $2,000 $4,000 $6,000 -$2,000 -$1,500 -$1,000 -$500 $0 Short Interest Short interest as a percentage of shares outstanding Short ALTAR Ticker Name Interest Score XRT SPDR S&P Retail ETF 589% 6.3% XOP SPDR S&P Oil & Gas Exploration 265% 6.2% KRE SPDR KBW Regional Banking 154% 3.1% IYR ishares Dow Jones Real Estate 119% 2.9% IWM ishares Russell % 2.9% IYT ishares Dow Jones Transportation Index 71% 4.2% SOXX ishares PHLX SOX Semiconductor 70% 4.9% EWK ishares MSCI Belgium Investa 54% 7.5% IBB ishares NASDAQ Biotechnology Index 51% 0.1% XME SPDR Metals & Mining ETF 51% 6.9% informational purposes only, and AltaVista makes no warranties with respect to its accuracy. See last page for additional disclosures.

4 Major ETFs: select estimates & valuation metrics 2011E earnings per share, growth rate, and price-to-earnings multiples Benchmarks Weekly EPS YoY P/E change 2011E Change 2011E ALTAR Ticker Name (%) ($) (%) (%) Score SPY S&P 500 SPDR -2.4% % DIA Dow Industrials DIAMONDS -1.8% % QQQQ NASDAQ % % MDY S&P MidCap 400 SPDR -1.3% % IWM ishares Russell % % Growth & Value IVW ishrs S&P 500 Growth -2.4% % IVE ishrs S&P 500 Value -1.5% % IWF ishrs Russell 1000 Grwth -2.4% % IWD ishrs Russell 1000 Value -1.4% % IJT ishrs S&P 600 Sml Growth -0.9% % IJS ishrs S&P 600 Sml Value -1.0% % IWN ishrs Russell 2000 Value -0.8% % IWO ishrs Russell 2000 Growth -1.1% % International EFA ishrs MSCI EAFE Index -2.4% % EEM ishrs MSCI Emg. Mkts. -1.7% % FXI ishrs FTSE/Xinhua China % % EWJ ishrs MSCI Japan Index -4.1% % EWZ ishrs MSCI Brazil Index 0.2% % Sector SPDRs XLY Discretionary Sector SPDR -3.7% % XLP Staples Sector SPDR -2.3% % XLE Energy Sector SPDR 0.4% % XLF Financials Sector SPDR -1.6% % XLV Health Care Sector SPDR -2.2% % XLI Industrials Sector SPDR -1.9% % XLB Materials Sector SPDR -0.5% % XLK Technology Sector SPDR -3.5% % XLU Utilities Sector SPDR -5.0% % informational purposes only, and AltaVista makes no warranties with respect to its accuracy. See last page for additional disclosures.

5 Market monitor: Movers & Categories Best performers last week Worst performers last week Ticker, weekly change (%) Ticker, weekly change (%) TAN 9.9% -22.0% URA KWT 8.7% -10.6% NLR PWND 8.3% -10.0% PKN FAN 7.7% -10.0% NUCL ICLN 7.4% -6.0% CQQQ 0% 2% 4% 6% 8% 10% 12% -25% -20% -15% -10% -5% 0% ALTAR ALTAR Ticker Name Score Ticker Name Score TAN Guggenheim Global Solar Energy 6.2% URA Global X Uranium ETF n/m KWT Market Vectors Solar Energy 10.7% NLR Market Vectors Nuclear Energy 6.0% PWND PowerShares Nasdaq OMX Clean 4.7% PKN PowerShares Global Nuclear Energy 6.1% FAN First Trust Global Wind 5.0% NUCL ishares S&P Gbl Nuclear Energy 6.2% ICLN ishares S&P Global Clean Energy 8.7% CQQQ Claymore China Technology 3.6% ETF Price Change by Category ETF Flows by Category ($mns and % of AUM) Large Cap -2.4% Large Cap (2.3%) $3,969 Mid Cap -1.2% Mid Cap (-0.7%) -$222 Small Cap -1.0% Small Cap (-5.6%) -$1,739 Growth -1.9% Growth (-0.5%) -$224 Value -1.3% Value (0.0%) -$7 Developed -2.4% Developed (2.1%) $1,870 Emerging -1.4% Emerging (-0.2%) -$ % -2.0% -1.0% 0.0% -$2,500 $0 $2,500 $5,000 informational purposes only, and AltaVista makes no warranties with respect to its accuracy. See last page for additional disclosures.

6 Limited time FREE TRIAL offer! Sign up today at... Fundamentally different: Detailed, fundamentally-driven analysis on over 600 equity ETFs Screen funds on important, forward-looking investment criteria Generate trade and investment ideas Build and monitor all-etf portfolios with our Portfolio Builder tool Keep on top of changing markets with daily updates of critical data Disclaimer: Trading in securities is not appropriate for all persons, as the risk of loss is substantial. Speak to your financial advisor to see if it is appropriate for you. The information and opinions herein are for general information use only and are based on data obtained from recognized statistical services and other sources believed to be reliable. However, such information has not been verified by AltaVista Research, LLC ( AltaVista ), and we do not make any representations as to its accuracy or completeness. AltaVista does not assume any liability for any loss that may result from the reliance by any person upon any information or opinions it provides. Any statements which are non-factual in nature constitute only current opinions, and are subject to change without notice. Officers and directors of AltaVista (or one of its affiliates) may have positions in securities referred to herein and may sell any security mentioned herein. AltaVista may from time to time, issue reports based on fundamentals, such as expected trends, as well as reports based on technical factors, such as price and volume movements. Since such reports rely upon different criteria, there may be instanceswhen their conclusions are not in concert. Neither the information contained in this newsletter or on the altavista-research.com website, nor any opinion expressed herein is intended as an offer or solicitation with respect to the purchase or sale of any security or as personalized investment advice. Copyright 2011 AltaVista Research, LLC. No part of this newsletter may be reproduced, stored in a retrieval system, used in an electronic word processing program nor a spreadsheet, or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or otherwise without the express prior written consent of AltaVista Research, LLC. THE PAST PERFORMANCE OF A MUTUAL FUND, STOCK, OR INVESTMENT STRATEGY CANNOT GUARANTEE ITS FUTURE PERFORMANCE. IF YOU HAVE ANY QUESTIONS ABOUT THIS RESEARCH, PLEASE CONTACT YOUR PROFESSIONAL FINANCIAL ADVISOR. 243 Fifth Avenue Suite 235 New York, NY T F

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