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ETF Deathwatch for November 2011: Count Surges to Record High

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MICROCAPITAL BRIEF: Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States&#39; &#34;Financial Education Program&#34; Reaches 100,000 Low-Income Households in Eastern Europe, Central Asia

Market Vectors Investment Grade Floating Rate ETF

FLTR

Columbiancentrated Large Cap Value Strategy Fund

ETF Stats for April 2011: 1,216 and Counting

First Trust Adds 13 AlphaDEX ETFs to Lineup

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REX FANG & Innovation Equity Premium Income ETF

FAR EAST PHARM TECH S/ADR by Far East Pharmaceutical Technology

Innovative Pharmaceutical Biotech Ltd

For investors seeking momentum, First Trust Europe AlphaDEX Fund <a href="http://www.zacks.com/stock/quote/FEP">FEP</a> is probably on radar now. The fund just hit a 52-week high, and is up about 30.7% from its 52-week low price of $27.67 per share.
For investors seeking momentum, First Trust Europe AlphaDEX Fund FEP is probably on radar now. The fund just hit a 52-week high, and is up about 30.7% from its 52-week low price of $27.67 per share.
	But are more gains in store for this ETF? Let&#39;s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
	FEP in Focus&nbsp;&nbsp; &nbsp;
	This fund targets the European stock market with a slightly active choice as it uses the AlphaDEX methodology to select the stock. It has key holdings in consumer discretionary, industrials, financials, and materials, and is highly diversified across components with none holding more than 1.10% share. United Kingdom, France and Germany are the top three countries. The product charges 80 bps in fees per year (see: <a href="https://www.zacks.com/funds/etfs/etf-categories/European-Equity-ETFs-49">all the European Equity ETFs here</a>). &nbsp;
	Why the Move?
	The European stock market has been an area to watch lately given solid corporate earnings and dovish comments from the European Central Bank (ECB). The bank kept the interest rates steady and hinted at a gradual wind down of ultra-loose monetary policy in the fall season that has fueled optimism in European stocks, which were rattled by tapering talks in recent weeks.
	More Gains Ahead?
	Currently, FEP has a Zacks ETF Rank of 3 or &lsquo;Hold&#39; rating with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. Further, this fund might remain strong given a high <a href="https://www.barchart.com/etfs-funds/highs-lows#/timeFrame=1y&amp;page=2&amp;viewName=performance">weighted alpha of 32.20%</a> and a low <a href="https://www.barchart.com/etfs-funds/highs-lows#/timeFrame=1y&amp;page=2&amp;viewName=technical">20-day volatility of 9.01%</a>. As a result, there is still some promise for investors who want to ride on this surging ETF.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. <a href="http://www.zacks.com/registration/pfp/?ALERT=RPT_7BST_LP194&amp;ADID=BENZ_CONTENT_ZER_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;cid=CS-BENZ-FT-268448" target="_blank">Click to get this free report</a> 
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	&nbsp; 
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Exchange-traded funds tracking European equities are popular destinations this year for U.S. investors in search of value. Data confirm as much.
&ldquo;But the big take-away from the May data comes from looking under the hood, which shows that foreign assets are capturing an outsized share of investment flows. New money flowing into European stocks represented an increase of 4.4 percent in assets (on a net-long basis), compared with just 0.5 percent for U.S. stocks,&rdquo; said <a href="http://altavista-research.com/">AltaVista Research </a>in a recent note.
<h3>Diversification Pays</h3>
Investors are being rewarded for their commitments to diversified Europe ETFs, and while some eurozone markets are where the real bargains are at, ETFs with broad-based exposure to European stocks are performing well. For example, the Vanguard FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) and the iShares Europe ETF (NYSE: <a class="ticker" href="/stock/iev#NYSE">IEV</a>) are up an average of <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/06/9586834/europe-etfs-hauled-in-plenty-of-cash-in-may#/null">17 percent year to date</a>.
The theme of outperforming Europe ETFs is not relegated to traditional, cap-weighted ETFs, such as IEV and VGK. Just look at the First Trust Europe AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fep#NYSE">FEP</a>). FEP, a smart beta spin on European stocks is up 21.6 percent this year. 
<h3>FEP's Outperformance</h3>
FEP&#39;s 201 holdings are ranked &ldquo;on growth factors including three-, six- and 12- month price appreciation, sales to price and one-year sales growth, and separately on value factors including book value to price, cash flow to price and return on assets. All stocks are ranked on the sum of ranks for the growth factors and, separately, all stocks are ranked on the sum of ranks for the value factors. A stock must have data for all growth and/or value factors to receive a rank for that style,&rdquo; <a href="http://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FEP">according to First Trust</a>.
FEP compares with IEV and VGK because the First Trust offering is not a dedicated eurozone ETF. Ten countries are represented in FEP, four of which are not eurozone nations. Those allocations are led by an almost 21 percent weight to the U.K. FEP&#39;s 8.5 percent weight to Switzerland is underweight the allocations to that country found in rival cap-weighed strategies, but FEP&#39;s combined weight to France and Germany is 32.4 percent. That is slightly above what is found in competing, traditional funds.
The size factor could be one of the reasons why FEP is outperforming this year. European mid- and small-cap stocks are impressing, a theme benefiting FEP with a median market value of $9.7 billion. In other words, FEP is essentially a mid-cap ETF while its rivals are heavily allocated to large caps.
Over the past five years, FEP has outpaced the MSCI Europe Index by 310 basis points while being only slightly more volatile.
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/06/9586855/2-words-on-the-spain-etf-es-bueno">3 Words On The Spain ETF: Está Muy Bien</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/05/9476995/looking-at-drivers-for-industrial-etfs">Looking At Drivers For Industrial ETFs</a>

These days, investors have many more options beyond traditional cap-weighted exchange traded funds, or those funds that assign weights to holdings based on market value. 

That is one way of doing things and it is a methodology that ETF sponsors have used for years, but investors have also been embracing <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/02/3302462/s-p-weighs-merits-of-various-etf-compositions">alternative weighting methodologies</a>.

While cap-weighted ETFs often provided investors with the lowest fees, some funds that are constructed on fundamental factors are worthy of consideration as well. That is the case because there are plenty of examples where fundamental screening can result in superior returns for investors.

Or investors can merely say that fundamentals are an integral part of the stock picking process and acknowledge that what works at the single stock level can certainly be efficacious with ETFs. With that in mind, here are some ETFs built on fundamental factors, not cap-weighting, that may not be getting the appreciation they deserve.

First Trust Europe AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fep#NYSE">FEP</a>)
Monday's negativity serves as a reminder that all is still not well in Europe, particularly in the peripheral countries such as Italy and Spain. It cannot be forgotten that factors such as the banking system, public policy and household capacity could weigh on or be catalysts for European equities over the next two years.

No, Europe is not sanguine as global investors had previously hoped, but FEP's methodology may help investors skirt some European risk. FEP's constituents are ranked on growth factors such as sales to price and one year sales growth and value factors such as cash flow to price and return on assets. 

FEP, which will turn two years old in April, avoids single-stock risk by allocating just 1.15 percent to its largest holding and the fund <a href="http://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FEP">is not heavy on PIIGS stocks</a>.

The U.K. accounts for 26 percent of FEP's weight while Sweden and Norway combine for almost 11 percent, indicating there is significant non-Eurozone exposure in the fund. FEP is up 12 percent in the past year, but still offers a play <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/01/3271737/s-p-likes-2-etfs-for-europes-rebound">on attractive European equity valuations</a> with a P/E ratio of 11.81 and a price-to-book ratio of 1.15.

The iShares S&amp;P Europe 350 Index Fund (NYSE: <a class="ticker" href="/stock/iev#NYSE">IEV</a>) <a href="http://us.ishares.com/product_info/fund/overview/IEV.htm?fundSearch=true&amp;qt=IEV">has a P/E of almost 17 and a price-to-book of nearly three</a>.

PowerShares FTSE RAFI Emerging Markets Portfolio (NYSE: <a class="ticker" href="/stock/pxh#NYSE">PXH</a>)
Just as FEP faces intense competition in the market for diversified Europe ETFs, the PowerShares FTSE RAFI Emerging Markets Portfolio deals with the same situation among multi-country emerging markets ETFs. 

With almost $388 million in assets under management and average daily volume of nearly 115,000 shares, calling PXH anonymous "obscure" is not accurate, but it is fair to say the ETF is not as well known as some diversified emerging markets funds.

Components for PXH are selected based on book value, cash flow, sales and dividends and weighted based on a fundamental score. That methodology can work in the right environment as PXH has returned about 8.4 percent over the past six months, but investors do need to do some homework before jumping in.

Since dividends are part of PXH's screening methodology, that means the ETF will almost certainly have large allocations to Taiwan and Brazil, two of the developing nations with solid dividend reputations. Not surprisingly, those two countries account for nearly 35 percent of the fund's weight.

Combine the dividend factor with the cash flow and book value screens and it would also be reasonable to expect Russia to loom large in this fund. That is the case because the government there has forced state-controlled enterprises to boost dividends. 

Additionally, Russian firms have a reputation for being quite profitable, but also for <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/01/3294735/this-small-cap-etf-is-looking-good">trading at discounts</a> to peers in other developing markets. 

Bottom line: Russia accounts for over 11 percent of PXH's weight and two Russian stocks – Gazprom and Lukoil – are the ETF's top two holdings.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

The Microfinance Centre (<a class="ticker" href="/stock/mfc#">MFC</a>) for Central and Eastern Europe and the New Independent States, a regional network of 110 microfinance institutions (MFIs), announced its Financial Education Program (<a class="ticker" href="/stock/fep#">FEP</a>) has reached 100,000 low-income households. 

FEP is focused on “improving the financial capabilities and encouraging proactive financial behaviour of low-income households in Eastern Europe and Central Asia.” Since 2004 it has prepared approximately 1,000 local trainers and counselors in 16 countries for this effort.

According to MFC, financial literacy levels of low-income households are low in Eastern Europe and Central Asia – where there are approximately 250 million poor individuals – as a result of lingering influences of communist times “when people were discouraged from managing their finances.” The goal of FEP is to...

Continue reading <a href="http://www.microcapital.org/microcapital-brief-microfinance-centre-mfc-for-central-and-eastern-europe-and-the-new-independent-states%E2%80%99-%E2%80%9Cfinancial-education-program%E2%80%9D-reaches-100000-low-income-households/">here</a>.

MICROCAPITAL BRIEF: Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States' "Financial Education Program" Reaches 100,000 Low-Income Households in Eastern Europe, Central Asia

A barrage of product introductions in April resulted in 23 new ETFs and 20 new ETNs coming to market.  The number of launches matches the 43 in June 2008 while falling short of the record, 50 in January 2007.  The month-end quantity now stands at 1,216 (consisting of 1,053 ETFs and 163 ETNs).  Actively-managed ETF listings remained unchanged at 34.
April became the fourth month in a row without any closures.  However, the streak ends there as BXDD, Barclays' 3x no-reset inverse S&amp;P 500 ETN, becomes <a href="http://investwithanedge.com/bxdd-bites-the-dust" target="_blank">the first casualty of 2011</a> later this week.  The four-month stretch of no closures is the longest since 2007.
Trading activity plummeted in April, with total ETP dollar volume declining 30% to less than $1.3 trillion.  There were only 13% fewer trading days than March, so daily trading activity was down as well.
The number of ETFs in the Billion Dollar Club, those averaging more than one billion dollars in daily trading activity, dropped from eleven to just seven.  However, those seven funds accounted for more than 56% of all ETP dollars traded.  New to the list this month was iShares Silver Trust (<a class="ticker" href="/stock/slv#">SLV</a>), which saw unprecedented trading activity of $67 billion due to the strong rally in silver.  SLV was the third most active ETF behind SPDR S&amp;P 500 (<a class="ticker" href="/stock/spy#">SPY</a>) at $374 billion and iShares Russell 2000 (<a class="ticker" href="/stock/iwm#">IWM</a>) at $84 billion.
Products averaging more than $100 million of trading per day numbered 67, a decrease of eight from March.  Those 67 funds, just 5.5% of all ETPs, accounted for 89% of all dollars traded.
Assets under management were $1.14 trillion at the end of April, up +5.5% for the month and +12.7% year-to-date.

<table class="wptable rowstyle-alt" id="wptable-97" cellspacing="1" cellpadding="2">
<thead>
<tr>
<th class="sortable" style="width:250px" align="left">April 2011 Month End</th>
<th class="sortable" style="width:70px" align="center">ETFs</th>
<th class="sortable" style="width:70px" align="center">ETNs</th>
<th class="sortable" style="width:70px" align="center">Total</th>
</tr>
</thead>
<tr>
<td style="width:250px" align="left">Currently Listed U.S.</td>
<td style="width:70px" align="center">1,053</td>
<td style="width:70px" align="center">163</td>
<td style="width:70px" align="center">1,216</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Listed as of 12/31/2010</td>
<td style="width:70px" align="center">967</td>
<td style="width:70px" align="center">132</td>
<td style="width:70px" align="center">1,099</td>
</tr>
<tr>
<td style="width:250px" align="left">New Introductions for Month</td>
<td style="width:70px" align="center">23</td>
<td style="width:70px" align="center">20</td>
<td style="width:70px" align="center">43</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Delistings/Closures for Month</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
</tr>
<tr>
<td style="width:250px" align="left">Net Change for Month</td>
<td style="width:70px" align="center">+23</td>
<td style="width:70px" align="center">+20</td>
<td style="width:70px" align="center">+43</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">New Introductions YTD</td>
<td style="width:70px" align="center">86</td>
<td style="width:70px" align="center">31</td>
<td style="width:70px" align="center">117</td>
</tr>
<tr>
<td style="width:250px" align="left">Delistings/Closures YTD</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Net Change YTD</td>
<td style="width:70px" align="center">+86</td>
<td style="width:70px" align="center">+31</td>
<td style="width:70px" align="center">+117</td>
</tr>
<tr>
<td style="width:250px" align="left">Actively-Managed (qty)</td>
<td style="width:70px" align="center">34</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">34</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Assets Under Mgmt ($ billion)</td>
<td style="width:70px" align="center">$1,119.4</td>
<td style="width:70px" align="center">$17.6</td>
<td style="width:70px" align="center">$1,137.0</td>
</tr>
<tr>
<td style="width:250px" align="left">% Change in Assets</td>
<td style="width:70px" align="center">+5.5%</td>
<td style="width:70px" align="center">+4.1%</td>
<td style="width:70px" align="center">+5.5%</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Monthly $ Volume ($ billion)</td>
<td style="width:70px" align="center">$1,243</td>
<td style="width:70px" align="center">$18.7</td>
<td style="width:70px" align="center">$1,262</td>
</tr>
<tr>
<td style="width:250px" align="left">% Change in Monthly $ Volume</td>
<td style="width:70px" align="center">-30.0%</td>
<td style="width:70px" align="center">-39.5%</td>
<td style="width:70px" align="center">-30.1%</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Avg Daily $ Volume > $1 Billion</td>
<td style="width:70px" align="center">7</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">7</td>
</tr>
<tr>
<td style="width:250px" align="left">Avg Daily $ Volume > $100 Million</td>
<td style="width:70px" align="center">66</td>
<td style="width:70px" align="center">1</td>
<td style="width:70px" align="center">67</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Avg Daily $ Volume > $10 Million</td>
<td style="width:70px" align="center">216</td>
<td style="width:70px" align="center">14</td>
<td style="width:70px" align="center">230</td>
</tr>
</table>

 Data sources:  AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, fund counts and all other information compiled by Invest With An Edge.
New products launched in April (in chronological order):
<ol>
<li>Market Vectors Germany Small-Cap ETF (<a class="ticker" href="/stock/gerj#">GERJ</a>) (<a href="http://investwithanedge.com/market-vectors-unveils-first-germany-small-cap-etf" target="_blank">Market Vectors Unveils First Germany Small Cap ETF</a>)</li>
<li>ProShares UltraShort 3-7 Year Treasury (TBZ) (<a href="http://investwithanedge.com/proshares-introduces-additional-inverse-treasury-etfs" target="_blank">ProShares Introduces Additional Inverse Treasury ETFs</a>)</li>
<li>ProShares Short 7-10 Year Treasury (TBX)</li>
<li>SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND) (<a href="http://investwithanedge.com/fundamental-indexing-comes-to-investment-grade-bond-etfs" target="_blank">Fundamental Indexing Comes To Investment Grade Bond ETFs</a>)</li>
<li>Global X Waste Management ETF (<a class="ticker" href="/stock/wste#">WSTE</a>) (<a href="http://investwithanedge.com/global-x-waste-management-etf-wste-launches" target="_blank">Global X Waste Management ETF Launches</a>)</li>
<li>ProShares Ultra High Yield (UJB) (<a href="http://investwithanedge.com/proshares-juices-up-junk-and-investment-grade-bonds" target="_blank">ProShares Juices Up Junk and Investment Grade Bonds</a>)</li>
<li>ProShares Ultra Investment Grade Corporate (IGU)</li>
<li>Market Vectors Russia Small-Cap ETF (<a class="ticker" href="/stock/rsxj#">RSXJ</a>) (<a href="http://investwithanedge.com/market-vectors-russia-small-cap-etf-rsxj-now-trading" target="_blank">Market Vectors Russia Small-Cap ETF Now Trading</a>)</li>
<li>SPDR Nuveen S&amp;P High Yield Municipal Bond ETF (HYMB) (<a href="http://investwithanedge.com/buying-hymb-requires-a-leap-of-faith" target="_blank">Buying HYMB Requires a Leap Of Faith</a>)</li>
<li>First Trust Asia Pacific Ex-Japan AlphaDEX Fund (FPA) (<a href="http://investwithanedge.com/first-trust-adds-13-alphadex-etfs-to-lineup" target="_blank">First Trust Adds 13 AlphaDEX ETFs to Lineup</a>)</li>
<li>First Trust Brazil AlphaDEX Fund (<a class="ticker" href="/stock/fbz#">FBZ</a>)</li>
<li>First Trust China AlphaDEX Fund (<a class="ticker" href="/stock/fca#">FCA</a>)</li>
<li>First Trust Developed Markets Ex-US AlphaDEX Fund (FDT)</li>
<li>First Trust Emerging Markets AlphaDEX Fund (FEM)</li>
<li>First Trust Europe AlphaDEX Fund (<a class="ticker" href="/stock/fep#">FEP</a>)</li>
<li>First Trust Japan AlphaDEX Fund (FJP)</li>
<li>First Trust Latin America AlphaDEX Fund (FLN)</li>
<li>First Trust South Korea AlphaDEX Fund (FKO)</li>
<li>First Trust Mid Cap Growth AlphaDEX Fund (FNY)</li>
<li>First Trust Mid Cap Value AlphaDEX Fund (FNK)</li>
<li>First Trust Small Cap Growth AlphaDEX Fund (FYC)</li>
<li>First Trust Small Cap Value AlphaDEX Fund (FYT)</li>
<li>iPath Pure Beta Agriculture ETN (DIRT) (<a href="http://investwithanedge.com/barclays-offers-new-variation-of-19-existing-commodity-etns" target="_blank">Barclays Offers New Variation of 19 Existing Commodity ETNs</a>)</li>
<li>iPath Pure Beta Aluminum ETN (FOIL)</li>
<li>iPath Pure Beta Broad Commodity ETN (BCM)</li>
<li>iPath Pure Beta Cocoa ETN (CHOC)</li>
<li>iPath Pure Beta Coffee ETN (CAFE)</li>
<li>iPath Pure Beta Copper ETN (CUPM)</li>
<li>iPath Pure Beta Cotton ETN (CTNN)</li>
<li>iPath Pure Beta Crude Oil ETN (OLEM)</li>
<li>iPath Pure Beta Energy ETN (ONG)</li>
<li>iPath Pure Beta Grains ETN (WEET)</li>
<li>iPath Pure Beta Industrial Metals ETN (HEVY)</li>
<li>iPath Pure Beta Lead ETN (LEDD)</li>
<li>iPath Pure Beta Livestock ETN (LSTK)</li>
<li>iPath Pure Beta Nickel ETN (NINI)</li>
<li>iPath Pure Beta Precious Metals ETN (BLNG)</li>
<li>iPath Pure Beta S&amp;P GSCI-Weighted ETN (SBV)</li>
<li>iPath Pure Beta Softs ETN (GRWN)</li>
<li>iPath Pure Beta Sugar ETN (SGAR)</li>
<li>iPath Seasonal Natural Gas ETN (DCNG)</li>
<li>Market Vectors Investment Grade Floating Rate ETF (<a class="ticker" href="/stock/fltr#">FLTR</a>) (<a href="http://investwithanedge.com/fltr-investment-grade-floating-rate-etf" target="_blank">Investment Grade Floating Rate ETF</a>)</li>
<li>UBS E-TRACS Wells Fargo Business Development Company ETN (BDCS) (<a href="http://investwithanedge.com/exposure-to-business-development-companies-now-available-via-bdcs-etn" target="_blank">Exposure To Business Development Companies Now Available Via ETN</a>)</li>
</ol>
Product closures/delistings in April:
none
Product changes in April:
<ol>
<li>Global X FTSE Colombia 20 ETF (<a class="ticker" href="/stock/gxg#">GXG</a>) underwent a 2-for-1 split effective April 11.</li>
<li>One Fund ETF (ONEF) was renamed Russell Equity ETF (ONEF) effective 4/15/11.</li>
<li>iShares FTSE NAREIT Industrial/Office Capped Index Fund changed its ticker symbol from FIO to FNIO effective 4/28/11.</li>
</ol>
Announced Product Changes for Coming Months:
<ol>
<li>Grail American Beacon Large Cap Value (<a class="ticker" href="/stock/gvt#">GVT</a>) becomes Columbia Concentrated Large Cap Value Strategy Fund (<a class="ticker" href="/stock/gvt#">GVT</a>) effective 5/2/11.  Columbia bought Grail and will replace Grail as the manager of this actively-managed ETF.</li>
<li>SPDR DJ Global Titans ETF (<a class="ticker" href="/stock/dgt#">DGT</a>) changes its name to SPDR Global Dow ETF (<a class="ticker" href="/stock/dgt#">DGT</a>) and will follow a new index effective 5/2/11.</li>
<li>Barclays ETN+ Short D Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&amp;P 500 Total Return Index (BXDD) have been called for redemption with <a href="http://investwithanedge.com/bxdd-bites-the-dust" target="_blank">5/4/11 being the last day of trading</a>.</li>
<li>PowerShares will change the underlying indexes for its suite of 10 style-box ETFs from Intellidex Dynamic to FTSE RAFI Fundamental Pure Style Indexes effective 6/16/11.  The fund names and ticker symbols will also change.  Additional information is available in the <a href="http://www.invescopowershares.com/pdf/P-PS-PRO-5.pdf" target="_blank">prospectus supplement</a> (pdf).</li>
</ol>
Previous monthly ETF statistics reports are available <a href="http://investwithanedge.com/category/etf-statistics" target="_blank">here</a>.
Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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First Trust Advisors added 13 new funds to its quantitative, fundamental-weighted AlphaDEX ETF family last week.  Nine new international ETFs began trading on April 19 and four domestic ETFs came out the following day.  These are not the firm's first international offerings;  First Trust has seven existing international ETFs.  The new ones are the first to carry the AlphaDEX designation.  The four new domestic ETFs round out the AlphaDEX brand's style-box offerings.
First Trust AlphaDEX funds are designed to track the performance of a group of custom enhanced indexes with a proprietary, rules-based fundamental stock selection methodology.  The <a href="http://www.ftportfolios.com/common/etf/productinfo/common/AlphaDexBrochure.pdf" target="_blank">AlphaDEX methodology</a> (pdf) is relatively simple, using only three growth factors and three value factors.  Growth factors are 3, 6, and 12-month price appreciation, sales to price, and one-year sales growth.  The value factors are book value to price, cash flow to price, and return on assets.
Standard &amp; Poor's creates and maintains the underlying indexes by using the AlphaDEX methodology to select stocks from various designated universes.
AlphaDEX International ETFs
Each underlying index ranks a designated universe of stocks on the above growth and value factors.  The top stocks (quantity for each listed below) based on the selection score then comprise the “selected stocks”.  The selected stocks are divided into quintiles and the top-ranked quintiles receive a higher weighting.  Stocks are equally-weighted within each quintile.  Additional country and sector weighting constraints help ensure proper diversification.
<a href="http://www.ftportfolios.com/LoadContent/gr5dcqbi8r" target="_blank">One prospectus</a> (pdf) covers the nine new AlphaDEX International ETFs, all of which have expense ratios of 0.80%.  The fund summary and fact sheet links for each fund provide additional details on methodology, top holdings, sector allocations, and country allocations (where appropriate).
<ol>
<li>First Trust Asia Pacific Ex-Japan AlphaDEX Fund (FPA) attempts to track the Defined Asia Pacific Ex-Japan Index, which selects 100 stocks from the S&amp;P Asia Pacific Ex-Japan BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FPA" target="_blank">FPA summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=63c9159e-24ef-44d0-a842-78ae1f860022" target="_blank">FPA fact sheet</a> (pdf).</li>
<li>First Trust Brazil AlphaDEX Fund (<a class="ticker" href="/stock/fbz#">FBZ</a>) attempts to track the Defined Brazil Index, which selects 50 stocks from the S&amp;P Brazil BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FBZ" target="_blank">FBZ summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=1b915585-6eca-41ac-8821-367906fffb2d" target="_blank">FBZ fact sheet</a> (pdf).</li>
<li>First Trust China AlphaDEX Fund (FCA) attempts to track the Defined China Index, which selects 50 stocks from S&amp;P China BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FCA" target="_blank">FCA summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=091b3012-692d-4750-966f-8e1e69ce35bf" target="_blank">FCA fact sheet</a> (pdf).</li>
<li>First Trust Developed Markets Ex-US AlphaDEX Fund (FDT) attempts to track the Defined Developed Markets Ex-US Index, which selects 300 stocks from S&amp;P Developed Markets Ex-US BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FDT" target="_blank">FDT summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=7fee07d6-8942-4b69-8923-e67e67e5df4d" target="_blank">FDT fact sheet</a> (pdf).</li>
<li>First Trust Emerging Markets AlphaDEX Fund (FEM) attempts to track the Defined Emerging Markets Index, which selects 150 stocks from S&amp;P Emerging Markets BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FEM" target="_blank">FEM summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=304536a4-bd06-4611-9b92-674628a89fc0" target="_blank">FEM fact sheet</a> (pdf).</li>
<li>First Trust Europe AlphaDEX Fund (<a class="ticker" href="/stock/fep#">FEP</a>) attempts to track the Defined Europe Index, which selects 200 stocks from S&amp;P Europe BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FEP" target="_blank">FEP summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=816c08d7-8a84-4742-aba2-d59b0a8aace5" target="_blank">FEP fact sheet</a> (pdf).</li>
<li>First Trust Japan AlphaDEX Fund (FJP) attempts to track the Defined Japan Index, which selects 100 stocks from S&amp;P Japan BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=Fjp" target="_blank">FJP summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=611693f9-dba5-4e7d-ab39-0e30339ce263" target="_blank">FJP fact sheet</a> (pdf).</li>
<li>First Trust Latin America AlphaDEX Fund (FLN) attempts to track the Defined Latin America Index, which selects 50 stocks from S&amp;P Latin America BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FLN" target="_blank">FLN summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=b398cc1a-de17-497d-b004-8828cef692cc" target="_blank">FLN fact sheet</a> (pdf).</li>
<li>First Trust South Korea AlphaDEX Fund (FKO) attempts to track the Defined South Korea Index, which selects 50 stocks from S&amp;P South Korea BMI universe: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=Fko" target="_blank">FKO summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=f7163f06-c9d2-4e7d-85a3-b5e760032d9f" target="_blank">FKO fact sheet</a> (pdf).</li>
</ol>
AlphaDEX Domestic Style-Box ETFs
Each index ranks a designated universe of stocks on the growth and value factors.  The bottom 25% is eliminated and the top 75% become the “selected stocks.”  These are then divided into quintiles and the top-ranked quintiles receive a higher weight within the index.  Stocks are equally-weighted within each quintile.
The four new AlphaDEX Domestic ETFs are covered by a <a href="http://www.ftportfolios.com/LoadContent/gr5dcqbi8y" target="_blank">single prospectus</a> (pdf), and each has an expense ratio of 0.70%.  The fund summary and fact sheet links for each fund provide additional details on methodology, top holdings, and sector allocations.
<ol>
<li>First Trust Mid Cap Growth AlphaDEX Fund (FNY) attempts to track the Defined Mid Cap Growth Index, which currently consists of 140 stocks selected from the S&amp;P MidCap 400 Growth Index: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FNY" target="_blank">FNY summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=cce833d6-f18b-4995-807e-dcc96b192131" target="_blank">FNY fact sheet</a> (pdf).</li>
<li>First Trust Mid Cap Value AlphaDEX Fund (FNK) attempts to track the Defined Mid Cap Value Index, which currently consists of 160 stocks selected from the S&amp;P MidCap 400 Value Index: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FNK" target="_blank">FNK summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=db4aac62-51f6-4b3d-a624-b8ae2096420c" target="_blank">FNK fact sheet</a> (pdf).</li>
<li>First Trust Small Cap Growth AlphaDEX Fund (FYC) attempts to track the Defined Small Cap Growth Index, which currently consists of 202 stocks selected from the S&amp;P SmallCap 600 Growth Index: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FYC" target="_blank">FYC summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=29c701a2-4b98-4006-99f0-71fd4ef8a9bc" target="_blank">FYC fact sheet</a> (pdf).</li>
<li>First Trust Small Cap Value AlphaDEX Fund (FYT) attempts to track the Defined Small Cap Growth Index, which currently consists of 247 stocks selected from the S&amp;P SmallCap 600 Growth Index: <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FYT" target="_blank">FYT summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=0366c252-4da8-44e9-a2e8-54b0a8877783" target="_blank">FYT fact sheet</a> (pdf).</li>
</ol>
Conclusion
These 13 new funds are a welcome addition to the growing ETF universe.  The AlphaDEX selection methodology and its quantitative, fundamental weighting process provide investors with a unique choice.  They are a legitimate alternative in an often-redundant selection of capitalization weighted ETFs.
Disclosure covering writer, editor, and publisher:  No positions in any of the securities mentioned.  No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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Construction has begun on the Fayetteville Express Pipeline (FEP), a 50/50 joint venture between Energy Transfer Partners L.P. (<a href="http://www.zacks.com/stock/quote/etp">ETP</a>) and Kinder Morgan Energy Partners L.P. (<a href="http://www.zacks.com/stock/quote/kmp">KMP</a>).
With an initial capacity to transport up to 2 billion cubic feet per day (Bcf/d) of natural gas, the pipeline will serve the Fayetteville Shale-producing region in Arkansas. This is a 42-inch, approximately 185-mile pipeline.
Energy Transfer Partners is the operator of this pipeline and will manage the construction program. Total project cost is anticipated at $1.25 billion. FEP will start off in Conway County, Arkansas, continue eastward through White County, Arkansas, and terminate at an interconnection with Trunkline Gas Company in Panola County, Mississippi. The pipeline will be operative by the end of this year.
This is not a one-off joint venture initiative with Kinder Morgan Energy Partners. In the middle of last year, ETP and KMP started full operations on the Mid-continent Express Pipeline (MEP). This was also a 50/50 joint venture between the two partnerships. The pipeline provides access for shippers and producers in the Barnett Shale, Bossier Sands and other producing regions to markets in the eastern U.S.
With the largest intrastate system in Texas and expanding interstate assets, Energy Transfer is connected to nearly every natural gas shale play in North America, including the Haynesville, Barnett and Fayetteville shales. The partnership is ideally positioned to benefit from increasing production from unconventional sources of natural gas. Consequently, we upgraded ETP units to Neutral last week.
<a href="http://register.zacks.com/ucd/step1.php?ALERT=YAHOO_ZR&amp;d_alert=rd_final_rank&amp;ADID=GENSYND_ZER&amp;t=ETP">Read the full analyst report on "ETP"</a> <a href="http://register.zacks.com/ucd/step1.php?ALERT=YAHOO_ZR&amp;d_alert=rd_final_rank&amp;ADID=GENSYND_ZER&amp;t=KMP">Read the full analyst report on "KMP"</a> <a href="http://www.zacks.com" alt="Investment Research">Zacks Investment Research</a>

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Government Trades

First Trust Europe AlphaDEX Fund

top performing FEP trades