ETF Watch: January 27 - February 2

February 04, 2007


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ProShar-ing Sectors

ProShares expanded its line-up of leveraged and inverse leveraged exchange-traded funds (ETFs) this week by launching 22 new sector ETFs onto the American Stock Exchange (AMEX). The funds track Dow Jones sector indexes, with a leveraged (200 percent exposure) and inverse leveraged (-200 percent exposure) fund for each index. Unlike in previous launches, ProShares did not launch a straight short (-100 percent exposure) ETF for the indexes.

Like all ProShares ETFs, the new funds charge 95 basis points in annual expenses. They are:

Ultra Sector ProShares
Ultra Basic Materials (UYM)
Ultra Consumer Goods (UGE)
Ultra Consumer Services (UCC)
Ultra Financials (UYG)
Ultra Health Care (RXL)
Ultra Industrials (UXI)
Ultra Oil & Gas (DIG)
Ultra Real Estate (URE)
Ultra Semiconductors (USD)
Ultra Technology (ROM)
Ultra Utilities (UPW)

UltraShort Sector ProShares (-200 percent exposure)
UltraShort Basic Materials (SMN)
UltraShort Consumer Goods (SZK)
UltraShort Consumer Services (SCC)
UltraShort Financials (SKF)
UltraShort Health Care (RXD)
UltraShort Industrials (SIJ)
UltraShort Oil & Gas (DUG)
UltraShort Real Estate (SRS)
UltraShort Semiconductors (SSG)
UltraShort Technology (REW)
UltraShort Utilities (SDP)'s initial coverage is available here.

The prospectus is available here.

Global Infrastructure

State Street Global Advisors (SSgA) trotted out its latest international ETF this week, as it debuted the SPDR FTSE/Macquarie Global Infrastructure 100 ETF (AMEX: GII) on January 30. SSgA has been aggressively moving into the international space, having introduced Japanese, global broad-market (ex-U.S.) and international real estate ETFs over the past few months. The group also has a full line-up of international ETFs in registration at the Securities and Exchange Commission (SEC). (

The latest fund, which launched January 30, is - despite the name - really a global Utilities fund, with more than 90 percent of its assets parked in the Utilities sector.

For more detail, see's initial coverage.

The prospectus is available here.



First Trust plans to roll out two NASDAQ-linked ETFs on Wednesday, February 14, as it continues to build its ETF line-up. The First Trust NASDAQ-100 Ex-Technology Sector Index Fund (NDAQ: QQXT) will, as the name suggests, track all non-technology stocks in the NASDAQ-100 index. It may surprise some people to know that non-tech stocks are the majority the index (58 out of 100). This ETF won't be for the faint of heart, with a P/E ratio that tops 45. The fund will charge 60 basis points in expenses.

The prospectus is available here.

The First Trust NASDAQ Clean Edge U. S. Liquid Series Index Fund (NDAQ: QCLN) fund will track the performance of 46 companies involved in the clean-energy business: i.e., solar, biofuels, advanced batteries, etc. The recent surge in energy prices has made these industries increasingly profitable, and this ETF aims to capture that trend. The fund follows a modified market-cap weighting scheme so that large-cap components don't dominate the small caps. It will compete in a market dominated by the PowerShares WilderHill Clean Energy Portfolio (AMEX: PBW), a $700+ million fund launched in March 2005.

The prospectus is available here.



Barclay Global Investors (BGI) know a hot market when it sees one, and despite the pullback in U.S. housing markets, real estate is about as hot as it gets in the investing marketplace these day. Just look at the SPDR DJ Wilshire International Real Estate Fund (AMEX: RWX): Launched just six weeks ago, the fund has racked up over $280 million in assets.

Looking to capitalize on rising interest in the real estate space, BGI filed with the SEC this November for the right to launch five new U.S. real estate ETFs, slicing that market into five difference categories:

iShares FTSE NAREIT Residential Index Fund
iShares FTSE NAREIT Industrial/Office Index Fund
iShares FTSE NAREIT Retail Index Fund
iShares FTSE NAREIT Mortgage REITs Index Fund
iShares FTSE NAREIT Real Estate 50 Fund

Tickers and expense ratios are not yet available.

Note: The original filings for these funds were made in 2006, but the media (including ETF Watch) largely hasn't picked up on them yet.

The prospectus is available here.

Know of a filing or fund we're missing? Send it to [email protected].


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