Morningstar Advisor - April/May 2009 - 72

By the Numbers: ETFs 50 Most Popular Equity ETFs Morningstar’s analysis of exchange-traded funds now harnesses the rigorous, bottom-up research that our 100-plus equity analysts conduct in order to estimate the fair value of stock ETFs. By comparing our fair value estimate for an ETF’s portfolio with the fund’s market price, we can better gauge whether an ETF is cheap, dear, or reasonably priced. In so doing, we can help you profit from inviting opportunities as they arise. The table lists the 50 most popular equity ETFs, ranked by assets under management. A Morningstar Valuation Rating of Undervalued means the ETF is trading at a significant discount to our estimate of its intrinsic worth. A rating of Overvalued means the ETF is trading at a significant premium to our fair value estimate. We rate Fairly Valued any ETF that trades in between. The fair value estimate is the aggregate, asset-weighted fair value of the stocks in an ETF portfolio that are under coverage by Morningstar equity analysts, divided by the ETF’s shares outstanding. Depending on the coverage rate, the fair value estimate may not include all of the stocks in the portfolio. As such, when calculating our estimate, we assume that all stocks not under coverage are trading at fair value. Morningstar’s exchange-traded securities team analyzes the fundamental attractiveness of hundreds of ETFs. Our extensive ETF research is available in Morningstar Principia, Advisor Workstation, and our new Analyst Research Centers. Name Morningstar Category Style Box Morningstar Rating SPDRs SPY SPDR Gold Shares GLD iShares MSCI EAFE Index EFA iShares MSCI Emerging Markets Index EEM iShares S&P 500 Index IVV PowerShares QQQ QQQQ iShares Russell 1000 Growth Index IWF Vanguard Total Stock Market ETF VTI DIAMONDS Trust, Series 1 DIA iShares Russell 2000 Index IWM iShares Russell 1000 Value Index IWD iShares FTSE/Xinhua China 25 Index FXI MidCap SPDRs MDY Vanguard Emerging Markets Stock ETF VWO iShares S&P 500 Growth Index IVW iShares MSCI Japan Index EWJ Energy Select Sector SPDR XLE iShares Russell 1000 Index IWB United States Oil USO iShares MSCI Brazil Index EWZ Market Vectors Gold Miners ETF GDX Financial Select Sector SPDR XLF iShares Silver Trust SLV iShares S&P MidCap 400 Index IJH iShares Russell Midcap Index IWR Ultra S&P500 ProShares SSO iShares S&P SmallCap 600 Index IJR iShares Dow Jones Select Dividend Index DVY iShares Russell 2000 Value Index IWN Vanguard Growth ETF VUG iShares S&P 500 Value Index IVE iShares Russell 3000 Index IWV iShares Russell 2000 Growth Index IWO Vanguard FTSE All-World ex-US ETF VEU iShares COMEX Gold Trust IAU iShares S&P 100 Index OEF Vanguard Europe Pacific ETF VEA iShares MSCI Pacific ex-Japan EPP Consumer Staples Select Sector SPDR XLP Vanguard Value ETF VTV Health Care Select Sector SPDR XLV Ultra Financials ProShares UYG Technology Select Sector SPDR XLK iShares Russell Midcap Value Index IWS Vanguard Large Cap ETF VV iShares Russell Midcap Growth Index IWP Utilities Select Sector SPDR XLU Oil Services HOLDRs OIH PowerShares DB Commodity Idx Trking Fund DBC Biotech HOLDRs BBH Data as of February 28, 2009 Large Blend Precious Metals Foreign Large Blend Diversified Emerging Mkts Large Blend Large Growth Large Growth Large Blend Large Value Small Blend Large Value Pacific/Asia ex-Japan Stk Mid-Cap Blend Diversified Emerging Mkts Large Growth Japan Stock Natural Res Large Blend Natural Res Latin America Stock Precious Metals Financial Precious Metals Mid-Cap Blend Mid-Cap Blend Large Blend Small Blend Large Value Small Value Large Growth Large Value Large Blend Small Growth Foreign Large Blend Precious Metals Large Blend Foreign Large Blend Pacific/Asia ex-Japan Stk Miscellaneous Sector Large Value Health Financial Technology Mid-Cap Value Large Blend Mid-Cap Growth Utilities Natural Res Natural Res Health È — È È È É É È Ç Ï Ç È Ë È É È Ç È — È É Ç — Ë Ë È Ï Ê Í É Ç È Ï È — È È Ç È Ç É Ç É Ê È Ì Ç É — É ÙÙÙ ÙÙÙÙÙ ÙÙÙ ÙÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙÙ ÙÙÙÙ ÙÙÙÙ ÙÙÙ — ÙÙÙÙ — Ù — ÙÙÙÙ ÙÙÙ — ÙÙÙÙ ÙÙ ÙÙÙ ÙÙÙ ÙÙ ÙÙÙ ÙÙÙ — ÙÙÙÙÙ ÙÙÙ — ÙÙÙ — ÙÙÙ ÙÙ — ÙÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ — ÙÙÙÙÙ — 72 Morningstar Advisor April/May 2009
Morningstar Advisor - April/May 2009

Table of Contents for the Digital Edition of Morningstar Advisor - April/May 2009
