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ETF Spotlight Newsletter
A sampling of research & data from AltaVista Research
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In This Issue
Chart of the week
Fund focus
New coverage
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Coverage at a glance
No. of ETFs
653

Total Mkt Cap ($bns)
$796.0

Avg. daily value traded ($bns)
$51.8
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May 16, 2011
Greetings!

Below please find the ETF Spotlight newsletter containing highlights of the research and data on www.etfresearchcenter.com as well as a recap of the past week's action in the ETF market. 

In this week's issue

technicianSlipping Profit Forecasts  
  • Chart of the week: Change in 2011E EPS over past 6 months  
  • Fund Focus: iShares S&P Europe 350 (IEV)
  • Revisions, asset flows & short interest
  • 2011 EPS estimates, YoY change, and P/E ratios for major ETFs
  • Market monitor - movers & categories
To download the full newsletter click here.

Chart of the week
Slipping Profit Forecasts

Although strong Q1 results have boosted expectations for S&P500 firms (SPY), outside that index the profit picture has been darkening. Over the past six months, 2011 EPS estimates for firms in the S&P MidCap 400 (MDY) have been basically flat, while estimates for small caps in the iShares Russell 2000 (IWM) are off 5.1%.


Foreign firms are also struggling to meet earlier expectations. Forecasts for firms in the EAFE fund (EFA) declined 6.5%, dragged down by Japan (EWJ), while the outlook for European stocks (IEV) has slipped only fractionally. Australia (EWA) remains a relatively bright spot. Finally, even Emerging Markets (EEM) have seen profit estimates slip, down 2.4% since the start of the year. 


Download the full newsletter here.    

Chart: Change in 2011E EPS over past 6 months   
6mo Change in Est
Source: AltaVista Research  
Fund Focus
iShares S&P Europe 350 (IEV)bbgate
 

Stocks in IEV appear more attractively valued than their large-cap counterparts in the S&P 500 (SPY), as well as those in the iShares MSCI EAFE fund (EFA), a broader index that includes many of the same names but also has exposure to expensive Japanese stocks. However, the recovery in both sales and earnings coming out of the recession has been somewhat more sluggish than for U.S. firms, and estimates have been slipping in recent months. 


To download the full newsletter, click here.

New coverage
 
We have added coverage of 40 new ETFs since our last newsletter, bringing the total to 653 funds. Check ETF Research Center for details on any of them.

TickerFund Name
SCHHSchwab US REIT
SCHMSchwab US Mid Cap
GGGGGlobal X Pure Gold Miners
TSXVGlobal X S&P/TSX Venture 30
XOILGlobal X Oil Equities ETF
ARGTGlobal X FTSE Argentina 20
WSTEGlobal X Waste Management
FLGFocus Morningstar Large Cap
FMMFocus Morningstar Mid Cap
FOSFocus Morningstar Small Cap
FBMFocus Morningstar Basic Materials
FCQFocus Morningstar Communication Services
FCLFocus Morningstar Consumer Cyclical
FCDFocus Morningstar Consumer Defensive
FEGFocus Morningstar Energy
FFLFocus Morningstar Financial Services
FHCFocus Morningstar Health Care
FILFocus Morningstar Industrials
FRLFocus Morningstar Real Estate
FTQFocus Morningstar Technology
FUIFocus Morningstar Utilities
HDViShares High Dividend
FNYFirst Trust Mid Cap Growth
FNKFirst Trust Mid Cap Value
FYTFirst Trust Small Cap Value
FYCFirst Trust Small Cap Growth
COLXMarket Vectors Colombia
EDIVSPDR S&P Emerging Markets Dividend
RSXJMarket Vectors Russia Small
GERJMarket Vectors Germany Small
MCHIiShares MSCI China
FDTFirst Trust Developed Markets ex-US
FPAFirst Trust Asia Pac Ex-Japan
FEPFirst Trust Europe
FLNFirst Trust Latin America
FKOFirst Trust South Korea
FJPFirst Trust Japan
FCAFirst Trust China
FBZFirst Trust Brazil
CROPIQ Global Agribusiness Small Cap
As always your questions & feedback are most welcome.
 
Sincerely,
 
Michael Krause
AltaVista Research