Morningstar Advisor - February/March 2009 - 68

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 iShares MSCI EAFE Index EFA SPDR Gold Shares GLD iShares MSCI Emerging Markets Index EEM iShares S&P 500 Index IVV PowerShares QQQ QQQQ iShares Russell 2000 Index IWM iShares Russell 1000 Growth Index IWF iShares Russell 1000 Value Index IWD DIAMONDS Trust, Series 1 DIA Vanguard Total Stock Market ETF VTI Financial Select Sector SPDR XLF MidCap SPDRs MDY iShares FTSE/Xinhua China 25 Index FXI iShares Russell 1000 Index IWB iShares MSCI Japan Index EWJ iShares S&P 500 Growth Index IVW Energy Select Sector SPDR XLE Vanguard Emerging Markets Stock ETF VWO iShares Dow Jones Select Dividend Index DVY iShares Russell Midcap Index IWR iShares S&P MidCap 400 Index IJH iShares S&P SmallCap 600 Index IJR Ultra S&P500 ProShares SSO iShares Russell 2000 Value Index IWN iShares MSCI Brazil Index EWZ iShares Russell 3000 Index IWV iShares S&P 500 Value Index IVE Market Vectors Gold Miners ETF GDX iShares S&P 100 Index OEF Vanguard Growth ETF VUG United States Oil USO iShares Russell 2000 Growth Index IWO Ultra Financials ProShares UYG iShares Silver Trust SLV iShares Russell Midcap Value Index IWS Consumer Staples Select Sector SPDR XLP Vanguard Value ETF VTV Health Care Select Sector SPDR XLV iShares Russell Midcap Growth Index IWP Utilities Select Sector SPDR XLU iShares MSCI Pacific ex-Japan EPP iShares COMEX Gold Trust IAU Vanguard FTSE All-World ex-US ETF VEU Technology Select Sector SPDR XLK Vanguard European Stock ETF VGK iShares Dow Jones US Real Estate IYR Vanguard Large Cap ETF VV Vanguard Europe Pacific ETF VEA Vanguard REIT Index ETF VNQ Data as of December 31, 2008 Large Blend Foreign Large Blend Specialty-Precious Metals Diversified Emerging Mkts Large Blend Large Growth Small Blend Large Growth Large Value Large Value Large Blend Specialty-Financial Mid-Cap Blend Pacific/Asia ex-Japan Stk Large Blend Japan Stock Large Growth Specialty-Natural Res Diversified Emerging Mkts Large Value Mid-Cap Blend Mid-Cap Blend Small Blend Large Blend Small Value Latin America Stock Large Blend Large Value Specialty-Precious Metals Large Blend Large Growth Specialty-Natural Res Small Growth Specialty-Financial Specialty-Precious Metals Mid-Cap Value Large Blend Large Value Specialty-Health Mid-Cap Growth Specialty-Utilities Pacific/Asia ex-Japan Stk Specialty-Precious Metals Foreign Large Blend Specialty-Technology Europe Stock Specialty-Real Estate Large Blend Foreign Large Blend Specialty-Real Estate È È — È È É Ï É Ç Ç È Ç Ë Ç È È É Ç È Ê Ë Ë Ï È Í Ç È Ç Ì È É — Ï Ç — Ê É Ç È Ì Ç È — È É Ç Ê È È Ë ÙÙÙ ÙÙÙ ÙÙÙÙÙ ÙÙÙÙ ÙÙÙ ÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙÙ ÙÙÙÙ ÙÙ ÙÙÙ ÙÙÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙÙ ÙÙÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙÙ ÙÙÙÙ — ÙÙÙ ÙÙÙÙ ÙÙÙ ÙÙÙ — ÙÙÙ ÙÙÙÙ — ÙÙÙ — — ÙÙÙ ÙÙÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙÙÙ ÙÙÙ ÙÙÙÙÙ — ÙÙÙÙ ÙÙÙÙ ÙÙ ÙÙÙÙ — ÙÙÙ 68 Morningstar Advisor February/March 2009

Morningstar Advisor - February/March 2009

Table of Contents for the Digital Edition of Morningstar Advisor - February/March 2009

Morningstar Advisor - February/March 2009
Contents
New on MorningstarAdvisor.com
Letter from the Editor
Contributors
Inbox
How Do You Gauge and Measure Risk?
No Skinny-Dippers Here
Heading to Shore
Investment Briefs
Weapons of Mass Destruction?
Déjà Vu All Over Again
A Failure to Gauge Risk
Five Areas to Find Opportunities
Getting a Read on Risk
Heavenly Returns
Greenspring Comes to the Rescue
How to Spot a Trustworthy REIT
Four Picks for the President
Find Succor in These Large Dividends
These Stocks Are Fiscally Fit
Mutual Fund Analyst Picks
50 Most Popular Equity ETFs
Undervalued Stocks
Most Popular Variable Annuities
New at Morningstar
You Gotta Look Sharpe
Morningstar Advisor - February/March 2009 - Intro
Morningstar Advisor - February/March 2009 - Morningstar Advisor - February/March 2009
Morningstar Advisor - February/March 2009 - Cover2
Morningstar Advisor - February/March 2009 - 1
Morningstar Advisor - February/March 2009 - 2
Morningstar Advisor - February/March 2009 - Contents
Morningstar Advisor - February/March 2009 - 4
Morningstar Advisor - February/March 2009 - 5
Morningstar Advisor - February/March 2009 - New on MorningstarAdvisor.com
Morningstar Advisor - February/March 2009 - 7
Morningstar Advisor - February/March 2009 - 8
Morningstar Advisor - February/March 2009 - Letter from the Editor
Morningstar Advisor - February/March 2009 - Contributors
Morningstar Advisor - February/March 2009 - Inbox
Morningstar Advisor - February/March 2009 - How Do You Gauge and Measure Risk?
Morningstar Advisor - February/March 2009 - 13
Morningstar Advisor - February/March 2009 - No Skinny-Dippers Here
Morningstar Advisor - February/March 2009 - 15
Morningstar Advisor - February/March 2009 - 16
Morningstar Advisor - February/March 2009 - Heading to Shore
Morningstar Advisor - February/March 2009 - 18
Morningstar Advisor - February/March 2009 - 19
Morningstar Advisor - February/March 2009 - Investment Briefs
Morningstar Advisor - February/March 2009 - 21
Morningstar Advisor - February/March 2009 - Weapons of Mass Destruction?
Morningstar Advisor - February/March 2009 - 23
Morningstar Advisor - February/March 2009 - 24
Morningstar Advisor - February/March 2009 - 25
Morningstar Advisor - February/March 2009 - 26
Morningstar Advisor - February/March 2009 - 27
Morningstar Advisor - February/March 2009 - Déjà Vu All Over Again
Morningstar Advisor - February/March 2009 - 29
Morningstar Advisor - February/March 2009 - 30
Morningstar Advisor - February/March 2009 - 31
Morningstar Advisor - February/March 2009 - 32
Morningstar Advisor - February/March 2009 - 33
Morningstar Advisor - February/March 2009 - A Failure to Gauge Risk
Morningstar Advisor - February/March 2009 - 35
Morningstar Advisor - February/March 2009 - 36
Morningstar Advisor - February/March 2009 - 37
Morningstar Advisor - February/March 2009 - Five Areas to Find Opportunities
Morningstar Advisor - February/March 2009 - 39
Morningstar Advisor - February/March 2009 - Getting a Read on Risk
Morningstar Advisor - February/March 2009 - 41
Morningstar Advisor - February/March 2009 - 42
Morningstar Advisor - February/March 2009 - 43
Morningstar Advisor - February/March 2009 - 44
Morningstar Advisor - February/March 2009 - 45
Morningstar Advisor - February/March 2009 - 46
Morningstar Advisor - February/March 2009 - 47
Morningstar Advisor - February/March 2009 - Heavenly Returns
Morningstar Advisor - February/March 2009 - 49
Morningstar Advisor - February/March 2009 - 50
Morningstar Advisor - February/March 2009 - 51
Morningstar Advisor - February/March 2009 - Greenspring Comes to the Rescue
Morningstar Advisor - February/March 2009 - 53
Morningstar Advisor - February/March 2009 - 54
Morningstar Advisor - February/March 2009 - 55
Morningstar Advisor - February/March 2009 - How to Spot a Trustworthy REIT
Morningstar Advisor - February/March 2009 - 57
Morningstar Advisor - February/March 2009 - Four Picks for the President
Morningstar Advisor - February/March 2009 - 59
Morningstar Advisor - February/March 2009 - Find Succor in These Large Dividends
Morningstar Advisor - February/March 2009 - 61
Morningstar Advisor - February/March 2009 - These Stocks Are Fiscally Fit
Morningstar Advisor - February/March 2009 - 63
Morningstar Advisor - February/March 2009 - Mutual Fund Analyst Picks
Morningstar Advisor - February/March 2009 - 65
Morningstar Advisor - February/March 2009 - 66
Morningstar Advisor - February/March 2009 - 67
Morningstar Advisor - February/March 2009 - 50 Most Popular Equity ETFs
Morningstar Advisor - February/March 2009 - 69
Morningstar Advisor - February/March 2009 - 70
Morningstar Advisor - February/March 2009 - 71
Morningstar Advisor - February/March 2009 - Undervalued Stocks
Morningstar Advisor - February/March 2009 - 73
Morningstar Advisor - February/March 2009 - 74
Morningstar Advisor - February/March 2009 - 75
Morningstar Advisor - February/March 2009 - Most Popular Variable Annuities
Morningstar Advisor - February/March 2009 - 77
Morningstar Advisor - February/March 2009 - 78
Morningstar Advisor - February/March 2009 - New at Morningstar
Morningstar Advisor - February/March 2009 - You Gotta Look Sharpe
Morningstar Advisor - February/March 2009 - Cover3
Morningstar Advisor - February/March 2009 - Cover4
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