• Chart of the week: Sales growth, Japanese Rebuilding Plays 
• Fund Focus: First Trust ISE Global Engineering & Construction (FLM)
• Revisions, asset flows & short interest
• 2011 DPS estimates, growth rates, and yields for major ETFs
• Market monitor - movers & categories

We've assembled a list of nine ETFs that may benefit from Japan's efforts to rebuild its earthquake- and tsunami-damaged regions over the next few years. They can be broadly divided into two categories: "services" engaged in construction and infrastructure, and "materials" for building, both of which will be in demand.

Although sales forecasts have yet to fully reflect even analysts' best guesses about how the disaster will impact demand for the firms in each of these funds, as it stands now the service providers are expecting stable but generally slower sales growth than materials suppliers this year and next; sales growth is expected to decelerate for all of the materials suppliers, as their top lines are more driven by volatile commodity prices.

ALTAR Scores™--our rating of an ETF's overall investment merit--span a wide range (see table one in newsletter). However we think a good way for investors to position themselves for the rebuilding that must occur is with one of the service providers, the First Trust ISE Global Engineering & Construction (FLM). It is the subject of this week's Fund Focus.