El interés en corto de iShares Trust iShares MSCI Kuwait ETF da a los inversores una idea del grado en que los inversores apuestan por la caída de las acciones de iShares Trust iShares MSCI Kuwait ETF. Los datos de interés en corto se actualizan cada dos semanas.

iShares Trust iShares MSCI Kuwait ETF (BATS:KWT), Informe de interés en corto

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The Fund generally will invest at least 90 Percent of its assets in the component securities of the Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of the Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 10 Percent of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.

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iShares MSCI Kuwait ETF

iShares Trust iShares MSCI Kuwait ETF

KIWETINOHK ENERGY CORP by KIWETINOHK ENERGY CORP

Kiwetinohk Energy Corp

Looking at the bad can, at times, underscore the good. For example, domestic equities have been solid this year to the point that just 70 exchange traded funds sport year-to-date losses of 30 percent or more.

	Exclude leveraged exchange traded funds and volatility products, and the list dwindles further.

	As has been widely noted, the healthcare sector, the third-larges sector weight in the S&amp;P 500, is cruising toward its first annual loss since 2008. So it&#39;s not surprising that a focused healthcare ETF such as the BioShares Biotechnology Clinical Trials ETF (NASDAQ: <a class="ticker" href="/stock/bbc#NASDAQ">BBC</a>) has been punished. Plenty of healthcare ETFs <a href="https://www.benzinga.com/trading-ideas/long-ideas/16/12/8833397/meet-this-years-best-healthcare-etf">have been drubbed this year,</a> thanks in large part to election year campaign rhetoric, but BBC is down almost 37 percent.

	It has also been a brutal year for solar stocks and ETFs.

	The VanEck Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) and the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) are both down more than 42 percent year-to-date. Making matters for solar stocks is that the group slumped against the backdrop of higher oil prices. The energy sector is this year&#39;s best-performing sector, a catalyst that would normally lift solar equities.

	TAN has been stymied on multiple fronts this year. In previous periods of rising oil prices, solar stocks and TAN have participated in some of that upside, but that&#39;s not the case this year. Second, short sellers have been voraciously attacking some TAN constituents, a frequent occurrence with this exchange-traded fund, and winning.

	Some international ETFs have been drubbed as well. Political volatility and concerns over the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/16/12/8779002/no-surprise-banks-remain-a-problem-for-the-italy-etf">fragility of Italian banks</a> have sent the iShares Currency Hedged MSCI Italy (NYSE: <a class="ticker" href="/stock/hewi#NYSE">HEWI</a>) lower by nearly 31 percent, a staggering decline given the euro&#39;s recent weakness. To be fair, HEWI has shown some signs of life this month.

	The VanEck Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>) is also down more than 31 percent this year with nearly all of that decline being accrued in the current quarter.

	The Global X MSCI Nigeria ETF (NYSE: <a class="ticker" href="/stock/nge#NYSE">NGE</a>) is down 39.3 percent this year. On its own, that&#39;s a bad statistic, but it&#39;s a true indictment of NGE when considering oil prices are higher and major frontier markets benchmarks have not declined nearly as much. NGE is Africa&#39;s largest oil producer and a member of the Organization of Petroleum Exporting Countries.

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2016's Worst ETFs: International Illness And Healthcare Sickness

The United States is well on its way to "meet and probably exceed" its commitment to a 26&ndash;28 percent emissions reduction 2025, Michael Bloomberg wrote on <a href="http://www.bloombergview.com/articles/2016-04-21/here-s-why-u-s-will-meet-paris-climate-goals">Bloomberg View</a>.
Bloomberg's comments come as the world leaders are set to gather in New York Friday in order to sign the Paris Agreement on climate change. Contextually, the U.S. Supreme Court's hold on the Obama administration's Clean Power Plan.
"Their concern is understandable, but it's important to recognize: The federal government is not the primary force in the U.S. fight against climate change, and even if the court ultimately strikes down certain parts of the plan, the U.S. will meet and probably exceed its commitment to reduce emissions by 26 to 28 percent by 2025," Bloomberg wrote.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/pressreleases/16/04/p7793988/world-allergy-week-2016-explores-how-climate-changes-affect-pollen-and-">World Allergy Week 2016 Explores How Climate Changes Affect Pollen And Mold Allergies</a></bzrelatedlink>
According to Bloomberg, irrespective of the court ruling, "the federal government will still have a mandate, under the Clean Air Act, to limit carbon pollution from power plants, cars and trucks, and other major sources."
Bloomberg, who is the UN secretary-general's special envoy for cities and climate change, said the target is "modest," as by 2015, the United States had already cut emissions by 11 percent compared to levels from the decade-ago period.
"So our starting line was nearly halfway to our goal. Given this progress, many of us believed that President Obama should have set a more ambitious target. Even now, with the Clean Power Plan on hold, a more ambitious goal is achievable," Bloomberg concluded.

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First Trust ISE-Revere Natural Gas Index Fund

FSLR

Michael Bloomberg: U.S. Can Meet Paris Climate Goals (With Or Without Supreme Court)

Let&#39;s just eschew all the weather-related analogies and metaphors to say 2015 has been unkind to solar stocks and relevant exchange-traded funds. Over the past six months, the Market Vectors Solar Energy (ETF) (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) and the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) are down 19.5 percent and 25.1 percent, respectively.
Those performances include Wednesday, during which solar stocks surged after Congress introduced legislation that includes an extension of the solar investment and wind protection tax credit.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/15/12/6053656/roth-capital-shines-positive-on-solar-upgrades-ja-solar-">Roth Capital Shines Positive On Solar: Upgrades JA Solar, ReneSola, Enphase</a></bzrelatedlink>
<h3>Moves On Tax Credit Extension</h3>
TAN, the larger of the two solar ETFs, surged almost 9 percent on volume that was more than quadruple the 90-day trailing average.
Short covering certainly helped the solar ETF rally. Stocks found in KWT and TAN are often among the most shorted on U.S. exchanges. &ldquo;Currently constituents average 7.3 percent of shares outstanding on loan for TAN. This is around three times the average for companies in the S&amp;P 500 and twice the short interest for constituents of the Russell 2000,&rdquo; said financial data provider Markit in a<a href="http://www.markit.com/Commentary/Get/30112015-Equities-Shorts-dim-the-lights-on-solar"> recent research note</a>. 
<h3>Spotlight On TAN</h3>
TAN, which is home to nearly $291 million in assets, includes well-known solar stocks such as First Solar, Inc. (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>), SolarCity Corp (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>), SunPower Corporation (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>) and Trina Solar Limited (ADR) (NYSE: <a class="ticker" href="/stock/tsl#NYSE">TSL</a>). 
On Wednesday, S&amp;P Capital IQ analyst Angelo Zino raised his rating on SunPower. A <a href="http://trymsatoday.com/">research note</a> out by the firm stated that SunPower was raised &ldquo;to strong buy from buy today upon understanding the prospects of the tax credit extension. Zino believes this provides more visibility into SPWR&#39;s U.S. business over the next 6 years while the company continues to find growth internationally. S&amp;P Capital IQ thinks SPWR is best-positioned to succeed given its Total relationship and technology advantage.&rdquo;
First Solar, which S&amp;P Capital IQ raised to buy from hold, is TAN&#39;s largest holding and combines with SunPower 16.5 percent of the ETF&#39;s weight. Elon Musk&#39;s SolarCity is TAN&#39;s second-largest holding at a weight of 7.5 percent. 
<h3>Solar And Oil's Torrid Relationship</h3>
Solar stocks still have an oil problem&mdash; as in falling oil prices are problematic for the solar industry because inexpensive oil takes some of the shine off alternative fuel sources.
 As much is confirmed by TAN tumbling over the past six months, a period in which the United States Oil Fund LP (ETF) (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) is off 45.6 percent.
Sunedison Inc (NYSE: <a class="ticker" href="/stock/sune#NYSE">SUNE</a>), a stock that has plunged 68.1 percent year-to-date, is TAN&#39;s tenth-largest holding.
Analysts and investors have voiced concerns about SunEdison focusing &ldquo;around the renewable energy developer and its yieldco&#39;s abilities to execute on two major acquisitions announced earlier this year. Investors have concerns &#39;about Sunedison&#39;s debt levels, cash flow and what some have described as opaque financial structures,&rdquo; said S&amp;P Capital IQ.
The research firm has a Marketweight rating on TAN.
Image Credit: <a href="https://pixabay.com/en/solar-power-photovoltaic-stations-835894/">Public Domain</a>

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SCTY

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SUNE

Solar ETFs Could Brighten In 2016

Exchange traded funds holding solar stocks have been drubbed in recent months. Heavy allocations to Chinese stocks at a time when stocks in the world&#39;s second-largest economy are flailing is a trait that is not helping the likes of the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) and the Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>).

	Something else that is not helping those ETFs is the aggressiveness with which short sellers are going after some of the funds&#39; holdings, mainly of the Chinese variety.

	JinkoSolar Holding Co., Ltd.&nbsp;(NYSE: <a class="ticker" href="/stock/jks#NYSE">JKS</a>) has become a favorite target of short sellers as 22 percent of that company&#39;s shares are now sold short, according to Bloomberg. However, shorts are not stopping there with their bearish bets on Chinese solar companies. Trina Solar Limited (ADR) (NYSE: <a class="ticker" href="/stock/tsl#NYSE">TSL</a>) has 12 percent of its shares outstanding sold short while that number is 11 percent for JA Solar Holdings Co., Ltd. (ADR)&nbsp;(NASDAQ: <a class="ticker" href="/stock/jaso#NASDAQ">JASO</a>), according to <a href="http://www.bloomberg.com/news/articles/2015-08-02/bears-pounce-on-china-solar-makers-as-consumption-growth-slows">Bloomberg</a>.

	Among Chinese companies trading in the US, JinkoSolar, Trina Solar and JA Solar are the second-, third- and fourth-most heavily shorted. Those bets have been paying off, too. Over the past month, JinkoSolar, JA Solar and Trina are off an average of 14.2 percent, contributing to a 90-day slide of over 27 percent for TAN, the largest of the two solar ETFs.

	As of July 31, JinkoSolar, Trina and JA Solar combined for nearly 11 percent of TAN&#39;s weight. The Market Vectors Solar ETF, which has tumbled 25.7 percent over the past 90 days, devotes a combined 8.6 percent of its weight to Trina, JA Solar and JinkSolar, according to<a href="http://www.vaneck.com/market-vectors/equity-etfs/kwt/Holdings/">&nbsp;Market Vectors data</a>.

	Elon Musk&#39;s SolarCity Corp&nbsp;(NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>) is KWT&#39;s largest holding at a weight of almost 8.6 percent. TAN has a SolarCity weight of 7.3 percent, making that stock the ETF&#39;s second-largest holding. China is TAN&#39;s largest country allocation at 46.7 percent, or more than 930 basis points ahead of the U.S. KWT&#39;s China weight is 33.8 percent, just behind the US at 36 percent. Either way, those data points confirm the vulnerability of solar ETFs to weakness in Chinese stocks.

	After soaring in the first months of the year, solar ETFs have stumbled since early prices as oil prices have plunged. Rising oil prices are usually a positive catalyst for solar stocks and ETFs because, as crude rises, solar receives positive attention as a cost-effective alternative to fossil fuels. Since May 1, KWT is off 22.8 percent while TAN is lower by nearly 26 percent. The United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) is lower by 22.5 percent over the same period.

JASO

Bears Growl At Solar ETF Holdings

With demand for solar power driven by government policies and natural gas prices, the sector&#39;s recent steep decline in the stock market on oil-glut worries might mark a buying opportunity, an analyst said Monday.

	Unless the outlook for gas prices deteriorates sharply, &quot;we see no major impact&quot; on demand for solar power in the near term, Deutsche Bank&#39;s Vishal Shah said in a research note.

	Shah said recent oil-price weakness will have limited or no impact on the industry. But a decision last week by OPEC to maintain its current daily pumping quota at about 30 million barrels per day sent the sector into a tailspin.

	For further coverage on Shah&#39;s note, <a href="http://www.benzinga.com/analyst-ratings/analyst-color/14/12/5050236/deutsche-bank-says-solars-link-to-oil-is-overblown">click here</a>.

	The Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) is down more than 10 percent in the past week to $33.88, while the Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) is off by nearly as much.

	In the past three months, both funds are down more than 20 percent, falling nearly in tandem with the United States Oil Fund LP ETF (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>).

	But Shah continues to believe demand in the U.S. will double between now and 2016, while China appears unlikely to alter its policies driven by air pollution and other environmental concerns.

	The recent sector sell-off occurred even as reports dribble in that at least in certain scenarios, alternative energy, including solar, has become cost competitive with conventional power.

	For example, the asset management firm Lazard <a href="http://www.lazard.com/PDF/Levelized%20Cost%20of%20Energy%20-%20Version%208.0.pdf">recently estimated</a> that a utility scale solar power plant operating in the Southwest U.S. without current tax subsides can produce electricity at a cost of $72 to $86 per megawatt hour, vs. conventional plant&#39;s costs ranging from $61 to $332 per megawatt hour, depending on fuel.

	U.S. investment tax credits related to solar are currently set to expire in 2016.

	In many other markets, solar demand is driven by the technology&#39;s improving economics driven by its parity with gas-based electricity generation, Shah said.

	While Shah believes all solar companies are insulated from oil price volatility, companies with exposure to U.S. residential solar market are the least likely to feel affects.

	&quot;We don&#39;t see U.S. retail electricity prices declining in the near term,&quot; Shah said.

Reiteration

Update: Deutsche Bank Says Solar Industry Untouched By Oil Glut

Solar stocks have experienced a disappointing year, filled with volatile price swings and sub-par returns. The decline in traditional energy prices has likely played a role in suppressing the gains in this industry group as well.
<h3>
	Guggenheim Solar ETF</h3>

	As a result of these factors, the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) is struggling to regain positive momentum after a sharp drop in September and October that erased all of its gains in 2014. TAN tracks 30 global <a href="http://www.benzinga.com/topic/solar-stocks">solar companies</a>, including hedge fund favorites SunEdison Inc (NYSE: <a class="ticker" href="/stock/sune#NYSE">SUNE</a>), First Solar, Inc. (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>) and SolarCity Corp (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>).

	This <a href="http://www.benzinga.com/topic/clean-energy">clean energy</a> ETF is dominated by U.S.-based holdings, with China and Hong Kong solar stocks making up a significant portion of the underlying companies as well.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/short-ideas/14/10/4915392/3-solar-stocks-see-surge-in-short-interest">3 Solar Stocks See Surge In Short Interest</a></bzrelatedlink>

	The company sizes primarily fall into the small and mid-cap categories. This ETF currently has more than $300 million in total assets and charges an expense ratio of 0.70 percent.

	So far this year, TAN is clinging to a gain of 6 percent after having risen as much as 40 percent in early March.
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		<a href="https://www.benzinga.com/imce?app=nomatter%7Cimceload%40imceInline.load#" title=""><img alt="tan.png" height="284" src="https://www.benzinga.com/files/u79448/tan.png" width="460" /></a></div>
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	Despite the sharp drop earlier in the month, TAN has gained more than 12 percent in just two short weeks and may continue to attract interest if stocks continue their recent strength.

	This fast-moving industry typically entices aggressive investors interested in opportunities for out-sized gains. However, the same qualities that make solar stocks rising-growth stars also introduce greater risks.
<h3>
	Market Vectors Solar Energy (ETF)</h3>

	Another competitor in this space is the Market Vectors Solar Energy (ETF) (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>), which provides exposure to a slightly broader base of 34 global companies. While KWT has followed a similar price path as TAN this year, it is still trading in the red for the year and has not experienced the same bounce in recent weeks.

	With several of the top holdings in both KWT and TAN set to report earnings in the near future, these ETFs have the potential to add to their gains and ultimately finish the year on a positive note.

Solar ETFs Struggle To Regain Footing

The steep drop in the markets this week was a wake-up call for investors who might have become accustomed to a sense of complacency in stocks this summer.&nbsp;

	The SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) fell 1.97 percent on Thursday amid heavy selling pressure and followed that up with additional weakness on Friday as well.

	The following ETFs represent a sample of the best and worst performing funds over the last five trading sessions:

	BEST: Volatility Indexes

	Not surprisingly, this uncharacteristic drop in the markets prompted traders to hedge their positions with aggressive options bets that led to a jump in the CBOE VIX Volatility Index. As a result, the ProShares VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/vixy#NYSE">VIXY</a>) jumped more than 15 percent this week.&nbsp;

	VIXY is designed to track near-term VIX futures contracts, which are a measure of expected volatility in the S&amp;P 500.&nbsp; The fund charges an expense ratio of 0.85 percent, and currently has more than $110 million in total assets.

	Related: <a href="http://www.benzinga.com/etfs/emerging-market-etfs/14/07/4746935/argentina-etf-drops-on-sovereign-default" title="Argentina ETF Drops On Sovereign Default">Argentina ETF Drops On Sovereign Default</a>

	This ETF is different than other exchange-traded products that invest in volatility futures, because it is backed by tangible assets in a commodity pool rather than being organized as an exchange-traded note. However, this structure does require the issuance of a K-1 for tax reporting purposes.

	The iPath S&amp;P 500 VIX Short-Term Futures ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>) also moved significantly higher as a result of this jump in volatility.&nbsp;

	WORST: Solar Stocks

	Solar energy stocks were one of the hardest-hit sectors of the week, with the Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) falling nearly 9 percent. The fund is now treading water near the flat line for the year in total return as well.&nbsp;

	This ETF tracks 34 global companies engaged in the production, installation and maintenance of solar products. KWT currently has over $27 million in assets and charges a net expense ratio of 0.66 percent.

	The Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) is s similar ETF in this space, that also endured a significant drop this week.

	Both solar and volatility indexes are known for being fast movers, which is why a rebound next week may lead to another big divergence in these high beta sectors.

Specialty ETFs

VIXY

Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

Best & Worst ETFs Of The Week Amid The Summer Sell-Off

ETF Outlook for Thursday, December 12, 2013

	Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>)

	A fourth quarter revenue warning from SunEdison (NASDAQ: <a class="ticker" href="/stock/sune#NASDAQ">SUNE</a>) has the stock down over seven percent heading into the opening bell. The solar stock is also announcing a debt refinancing effort where the company plans to sell $800 million worth of convertible senior notes. SunEdison is the number two holding in KWT, making up 9.4 percent of the portfolio.

	See also: <a href="http://www.benzinga.com/markets/bonds/13/12/4149958/premarket-primer-thursday-december-12-us-budget-deal-gaining-momentum#ixzz2nGL21WxL">#PreMarket Primer: Thursday, December 12: US Budget Deal Gaining Momentum</a>

	The big move after the announcement should have a direct affect on the ETF today. The 14 percent loss in the last 5 weeks for KWT looks to be extending lower.

	iShares FTSE/Xinhua China 25 Index ETF (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>)

	Yesterday the Chinese ETF suffered one of its worsts one-day losses in months, losing 3.26 percent. The heavy volume day was driven by a combination of mixed Chinese economic numbers as well as the possibility of a taper in December.

	The feeling is that the emerging markets will be hit hard when the Fed begins to taper its monthly asset purchases. The ETF should hold the $38 support level if investors want to keep a bullish view. A close below $38 would be a breakdown and could have the ETF retest support at the $36 area.

	iShares S&amp;P 100 Index ETF (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>)

	The rumor that had been making its way around Wall Street last week is not a reality. Facebook (NASDAQ: <a class="ticker" href="/stock/fb#NASDAQ">FB</a>) will be added to the S&amp;P 500 and the S&amp;P 100 indices following the close on December 20. Alliance Data Systems (NYSE: <a class="ticker" href="/stock/ads#NYSE">ADS</a>)and Mohawk Industries (NYSE: <a class="ticker" href="/stock/mhk#NYSE">MHK</a>) will also be added to the S&amp;P 500. After hours, Facebook was up over three percent and MHK is adding two percent. With OEF only holding 100 positions it could be some movement before and after the actual addition with investors positioning themselves.

	Rydex CurrencyShares Euro ETF (NYSE: <a class="ticker" href="/stock/fxe#NYSE">FXE</a>)

	The euro ETF closed a few ticks away from the best closing price in two years on Wednesday. The continued fall of the U.S. Dollar has been the culprit as of late. This could be considered surprising considering the taper talk has begun in earnest again.

	The beginning of a taper should be bullish for the greenback and thus put pressure on the foreign currencies, but that has not been the case the last week. Add in that the ECB is more likely to have an accommodative policy in 2014 and it bears watching FXE at resistance. A breakout above $136.75 would be a significant move in the coming days.

Broad U.S. Equity ETFs

Currency ETFs

Previews

Pre-Market Outlook

ETF Outlook for Thursday, December 12, 2013 (KWT, FXI, OEF, FXE)

Shares of the following exchange traded funds are trading more than 15 percent higher than 90 days ago, and they are within 10 percent of their 52-week highs.

	This set of ETFs provides a peek at areas of investor interest early in the fourth quarter, with the uncertainty over the Federal Reserve's quantitative easing, the government shutdown and debt ceiling fight, and the lead-up to the holiday shopping season.

	First Trust BICK Index Fund (NASDAQ: <a class="ticker" href="/stock/bick#NASDAQ">BICK</a>) is trading more than four percent higher than a week ago as it recovers from a pullback early in the month and takes another run at the 52-week reached early in the year.

	The investment seeks results that correspond generally to the price and yield the ISE BICK Index, which is designed to provide a benchmark for investors interested in tracking some of the largest and most liquid public companies domiciled in Brazil, India, China (including Hong Kong) and South Korea.

	Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>) is up more than 27 percent in the past quarter, despite pulling back about six percent in the past month. The Greek economy appears to have reached bottom, but Greece remains one of the cheapest markets in the world.

	The investment seeks to provide results that correspond to the price and yield performance of the FTSE/Athex 20 Capped Index, which is designed to reflect broad-based equity market performance in Greece. Top holdings include Coca-Cola Hellenic Bottling (NYSE: <a class="ticker" href="/stock/cch#NYSE">CCH</a>) and National Bank of Greece (NYSE: <a class="ticker" href="/stock/nbg#NYSE">NBG</a>).

	See also: <a href="http://www.benzinga.com/etfs/specialty-etfs/13/11/4095798/niche-etf-of-the-week-china-technology-qqqc-bidu-qihu-sina">Niche ETF of the Week: China Technology</a>

	Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) is about 133 percent higher than at the beginning of the year . Some experts see further upside, as demand for photovoltaic cells rises particularly in China and Japan, and the Chinese government continues to support the industry.

	The investment seeks results that correspond to the performance of the MAC Global Solar Energy Index. Top holdings in the ETF include First Solar (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>), SunPower (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>) and SolarCity (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>).

	iShares MSCI Finland Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/efnl#NYSE">EFNL</a>) is trading more than 17 percent higher than three months ago and about 26 percent higher year to date. This ETF got a boost in September on news that Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) would buy the wireless device business of Nokia (NYSE: <a class="ticker" href="/stock/nok#NYSE">NOK</a>).

	The investment seeks results that correspond to the price and yield performance of the MSCI Finland IMI 25/50 Index, which is a custom index designed to measure broad-based equity market performance in Finland. The fund's top holdings include Nokia.

	iShares MSCI South Korea Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>) is more than 15 percent higher over the past three months, including up more than four percent in the past week. Wisdom Tree recently launched a similar, Korea-focused ETF.

	This non-diversified fund seeks investment results that correspond generally to the price and yield performance of the MSCI Korea 25/50 Index. The underlying index consists of stocks traded primarily on the Stock Market Division of the Korean Exchange. Top holdings include Samsung Electronics.

	See also: <a href="http://www.benzinga.com/etfs/sector-etfs/13/11/4092229/home-depot-boosting-etfs-hd-low-itb-rth">Home Depot Boosting ETFs</a>

	Market Vectors Egypt Index ETF (NASDAQ: <a class="ticker" href="/stock/egpt#NASDAQ">EGPT</a>) is up about 21 percent from six months ago and is again approaching the 52-week high reached early in the year. Note that this fund has a distribution yield near seven percent.

	The investment seeks to replicate the price and yield performance of the Market Vectors Egypt Index, which is comprised of securities of companies incorporated in Egypt or that generate at least half of their revenues in Egypt.

	Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) has risen more than 44 percent in the past 90 days, despite pulling back more than three percent in the past week. As with Guggenheim Solar ETF, strong solar demand in the Asia-Pacific region also has been instrumental in lifting this fund.

	The investment seeks results that correspond to the price and yield of the Ardour Solar Energy Index by investing in equity securities of U.S. and foreign companies primarily engaged in the production of solar power. Top holdings include First Solar and SunEdison (NASDAQ: <a class="ticker" href="/stock/sune#NASDAQ">SUNE</a>).

	At the time of this writing, the author had no position in the mentioned equities.

BICK

EFNL

GREK

MSFT

Solar And Single-Country ETFs On A Roll

More good news hitting the wires today from solar companies have the sector once again red hot and adding to this years monstrous gains. Investors have been piling into the stocks and related ETFs over the last 12 months. But is it based on newfound success and the future prospects or bargain hunting off the lows?

	The Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) is up 160 percent in 2013, but that is after falling by 95 percent from the high in 2008 to the low set in November of last year. The skeptics will view the rally as nothing more than investors playing a short-term bounce in a sector that has no long-term future. While the bulls are pointing to the consolidation in the sector along with the fundamentals improving quarter-over-quarter.

	Today several big name solar companies were in the news. SolarCity (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>)is selling $54.4 million in notes that mature in 2026 as it raises money. The stock is surging 16 percent on the news. SunPower (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>) announced it made an acquisition of a company that makes cleaning products for solar panels and the stock gaining over 10 percent. Finally, Canadian Solar (NASDAQ: <a class="ticker" href="/stock/csiq#NASDAQ">CSIQ</a>) is gaining 10 percent after raising its third quarter estimates for solar module shipments.

	From a technical perspective it is difficult to ignore the rally this year and as long as the momentum remains positive for the sector it could result in higher prices for the stocks and solar ETFs.

	Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>)

	The ETF is a geographically diversified mix of 31 solar stocks. The heaviest weightings are in China and the U.S. at 37 percent and 31 percent, respectively. The top holding is solar bellwether First Solar (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>) with an allocation of 7 percent. The performance of FSLR has lagged the overall performance of the ETF even though it is the top holding. The stock is up 99 percent versus the 160 percent for TAN.

	Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>)

	With a similar makeup to TAN, KWT has a portfolio of 33 solar stocks with the U.S. and China making up 57 percent of the allocation. The top holding is China-based Hanergy with FSLR the third largest stock in the ETF. As far as performance, KWT is greatly lagging TAN with a gain of only 117 percent in 2013. The difference is due to the allocation of the solar stocks in each ETF’s portfolio. Even though both ETF hold many of the same stocks, the weighting vary dramatically and this has resulted in differing results.

	KWT has total assets of $21.9 million versus $357 million for TAN. Early on TAN became the established leader in the niche sector and it has continued to attract the big money. Because it is viewed as the leader, there is more volume in TAN and therefore the bid/ask spread is narrower, making it more attractive for investors and traders.

	The expense ratio for TAN is 0.70 percent, slightly higher than the 0.66 percent for KWT. When all factors are considered, the better option for investors appears to be TAN even though the expense ratio is narrowly above KWT. In the end, performance, volume, and the spread are more important.

CSIQ

Solar ETFs Heating Up (TAN, KWT, FSLR, CSIQ)

Shares of the following exchange traded funds are trading more than 19 percent higher than 90 days ago, and they are within 10 percent of their 52-week highs.

	This set of ETFs provides a peek at areas of investor interest late in the third quarter, with the uncertainty over the Federal Reserve's quantitative easing, the government shutdown and debt ceiling fight, and the lead-up to the holiday shopping season.

	Direxion Daily South Korea Bull 3X Shares (NYSE: <a class="ticker" href="/stock/koru#NYSE">KORU</a>) is trading about 30 percent higher year to date but more than 41 percent higher than 90 days ago. This fund has been around only since the beginning of May.

	The nondiversified fund seeks investment results that correspond to 300 percent of the daily performance of the MSCI Korea 25/50 Index, which is designed to measure the performance of the large and mid-cap segments of the South Korea equity market.

	Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>) is up more than 35 percent in the past quarter and last week reached a new 52-week high. Clear signs that the declining Greek economy may be reaching bottom and overall rising confidence in Europe have boosted this ETF.

	The investment seeks to provide results that correspond to the price and yield performance of the FTSE/Athex 20 Capped Index, which is designed to reflect broad-based equity market performance in Greece. Top holdings include Coca-Cola Hellenic Bottling (NYSE: <a class="ticker" href="/stock/cch#NYSE">CCH</a>) and National Bank of Greece (NYSE: <a class="ticker" href="/stock/nbg#NYSE">NBG</a>).

	See also: <a href="http://www.benzinga.com/etfs/sector-etfs/13/10/3979041/do-not-ignore-the-piigs-ewp-ewi-grek-eirl">Do Not Ignore the PIIGS</a>

	Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) is about 121 percent higher than at the beginning of the year . Some experts see eight percent or more further upside, as demand for photovoltaic cells rises and the Chinese government supports the industry.

	The investment seeks results that correspond to the performance of the MAC Global Solar Energy Index. Top holdings in the ETF include Trina Solar (NYSE: <a class="ticker" href="/stock/tsl#NYSE">TSL</a>), First Solar (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>) and GT Advanced Technologies (NASDAQ: <a class="ticker" href="/stock/gtat#NASDAQ">GTAT</a>).

	iShares MSCI Finland Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/efnl#NYSE">EFNL</a>) is trading more than 19 percent higher than three months ago and less than 24 percent higher year-to-date. This ETF got a boost in September on news that Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) would buy the wireless device business of Nokia (NYSE: <a class="ticker" href="/stock/nok#NYSE">NOK</a>).

	The investment seeks investment results that correspond to the price and yield performance of the MSCI Finland IMI 25/50 Index, which is a custom index designed to measure broad-based equity market performance in Finland. The fund's top holdings include Nokia.

	Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) has risen about 30 percent in the past 90 days, despite pulling back about eight percent from a recent 52-week high. Solar Energy ETFs saw rising short interest in some of their top holdings in August, though China said it would expand solar capacity.

	The investment seeks results that correspond to the price and yield of the Ardour Solar Energy Index by investing in equity securities of U.S. and foreign companies primarily engaged in the production of solar power. Top holdings include SunEdison (NASDAQ: <a class="ticker" href="/stock/sune#NASDAQ">SUNE</a>) and First Solar.

	See also: <a href="http://www.benzinga.com/markets/bonds/13/10/4037697/etf-outlook-for-october-31-2013-socl-tan-jnk-gldx-ipo">ETF Outlook for October 31, 2013</a>

	ProShares Ultra MSCI Pacific ex-Japan (NYSE: <a class="ticker" href="/stock/uxj#NYSE">UXJ</a>) is more than 21 percent higher over the past three months as it recovered from a sell-off in early summer. The share price is still about three percent lower than six months ago.

	The non-diversified fund seeks investment results that correspond to twice the daily performance of the MSCI Pacific ex-Japan Index. The underlying index is a free-float-adjusted, market capitalization-weighted index designed to measure the equity market performance of the developed markets in the eastern Pacific region, except for Japan.

	ProShares UltraPro QQQ (NASDAQ: <a class="ticker" href="/stock/tqqq#NASDAQ">TQQQ</a>) is up more than 82 percent since the beginning of the year and hit a new multiyear high this week. This fund was unaffected by technical glitches the Nasdaq experienced back in August.

	The investment seeks to provide results that correspond to three times the daily performance of the NASDAQ-100 Index, a modified market capitalization-weighted index that includes 100 of the largest non-financial domestic and international issues listed on the Nasdaq stock market.

	At the time of this writing, the author had no position in the mentioned equities.

GTAT

KORU

TQQQ

Solar And Other ETFs On A Roll (GREK, KWT, TAN, TQQQ)

ETF Outlook for Thursday October 31, 2013

	Global X Social Media ETF (NYSE: <a class="ticker" href="/stock/socl#NYSE">SOCL</a>) &amp; Renaissance IPO ETF (NYSE: IPO)

	The number one holding in both ETFs is social media darling, Facebook (NYSE: <a class="ticker" href="/stock/fb#NYSE">FB</a>). The stock shot 15 percent higher yesterday after the closing bell rang on better than expected revenue and earnings.

	Facebook hit a new all-time high before giving back all its gains as the conference call highlighted some disturbing trends. The company saw a decline in teen daily active users and there have been rumblings that FB may not be the “cool” site it once was. Either way the stock decides to react this morning, expect the two ETFs to move in accordance throughout the trading session.

	Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) &amp; Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>)

	One of the larger holdings in the two solar energy ETFs, SunPower Corp (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>), reported earnings after the bell last night and the stock is falling and dragging down the sector. The run in the solar stocks and in particular SPWR has been eye-popping this year.

	SPWR is up 466 percent heading into today and it would not be a big surprise to see the stock fall on the news as investors take profit. The selling will likely spread to the other big names and look for TAN and KWT to be on the defensive today.

	SPDR High Yield Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>)

	The Fed announcement yesterday sent bond yields higher as the price of bonds fell. JNK closed with a small loss of 0.20 percent, however it continues to fail at a significant resistance level at $40.84.

	The ETF came with a few pennies yesterday before closing the session at $40.65. Add the failure to breakout to the overbought level on the chart and it appears JNK could be setting up for some lower prices in the week ahead.

	Global X Gold Explorers ETF (NYSE: <a class="ticker" href="/stock/gldx#NYSE">GLDX</a>)

	The buy on the rumor, sell on the news strategy appears to be in full affect when it comes to the gold mining stocks. GLDX rallied 26 percent in less than two weeks before hitting resistance at the 50-day moving average and closing lower the last two days. With the Fed set to continue pushing back the taper it should be good for gold and the miners.

	However, the 26 percent rally appears to have priced in the Fed announcement Thursday and lower prices could be in the cards for GLDX.

Bonds

New ETFs

GLDX

SOCL

ETF Outlook for October 31, 2013 (SOCL, TAN, JNK, GLDX, IPO)

Though more apt to happen with leveraged funds, reverse splits are a fact of life in the world of ETFs. Proving that traditional long ETFs have be subject to reverse splits, since the start of May, six Global X funds and <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3699927/reverse-splits-coming-for-7-market-vectors-etfs">seven Market Vectors products</a> have been reverse split.

	It is not a stretch to say that, at least officially, no ETF sponsor is going to acknowledge the reverse split curse. Then again, superstitious football players are reluctant to talk about the <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/04/3505992/reverse-split-curse-continues-for-this-etf">the Madden video game cover curse</a>.

	A curse may just be in one's imagination, but the iPath S&amp;P 500 VIX Short-Term Futures ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>) has undergone multiple reverse splits over the years, but its chart still <a href="http://www.finviz.com/quote.ashx?t=vxx">looks like this</a>. However, some ETFs that have previously traveled down Reverse Split Boulevard have recently been stellar performers. Consider the following.

	Alternative Energy 
	Specifically, solar ETFs. The Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) and the Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) were both <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2673846/another-solar-etf-to-reverse-kwt-tan">reverse split in 2012</a>, also known as the dark days for solar stocks.

	This year has brought a stunning reversal of fortune for solar ETFs as TAN and KWT are the two best-performing non-leveraged ETFs. However, there is a big gap between the two, 2,7000 basis points in favor of TAN because TAN features a larger weight to First Solar (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>), among other reasons. TAN also includes Elon Musk's Solar City (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>) among its lineup. KWT does not.

	The Market Vectors Global Alternative Energy ETF (NYSE: <a class="ticker" href="/stock/gex#NYSE">GEX</a>) was recently reverse split, though this was somewhat strange since the ETF was performing well and trading in the double-digits. In fact, GEX is the third-best non-leveraged ETF this year behind TAN and KWT. GEX has an 11.4 percent weight to some company called Tesla (NASDAQ: <a class="ticker" href="/stock/tsla#NASDAQ">TSLA</a>) and that is probably helping the ETF surge this year.

	Gold Miners 
	The recent list of ETFs to be reverse split since the start of May includes four gold miners funds. That group includes the popular Market Vectors Junior Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdxj#NYSE">GDXJ</a>). It is no secret that <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/07/3775634/put-a-ring-on-it-with-this-etf">gold miners have bounced in a big way</a> in recent weeks.

	Even when including today's 3.5 percent loss, GDX is up more than 21 percent since July 2, the day after its reverse split went into effect. Three of the Global X ETFs that were recently reverse split were &lt;a href="<a href="http://www.benzinga.com/news/13/05/3555694/global-x-to-reverse-split-3-gold-miners-etfs-3-others">http://www.benzinga.com/news/13/05/3555694/global-x-to-reverse-split-3-gold-miners-etfs-3-others</a>&gt;mining funds: The Global X Gold Explorers ETFs (NYSE: <a>mining funds</a>: The Global X Gold Explorers ETFs (NYSE: <a class="ticker">GLDX</a>), the Global X Junior Gold Miners ETF (NYSE: <a class="ticker" href="/stock/junr#NYSE">JUNR</a>) and the Global X Pure Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gggg#NYSE">GGGG</a>).

	In the past month, that trio is up an average of 25.4 percent. The Direxion Daily Gold Miners Bull 3X Shares (NYSE: <a class="ticker" href="/stock/nugt#NYSE">NUGT</a>) was reverse split on April 2 and its total performance since then is dreadful, but holding leveraged ETFs for four months at a time is a no-no. Four weeks is a different story and over the past four weeks, NUGT was up 54 percent heading into the start of trading Wednesday.

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

Stock Split

GDXJ

Market Vectors Global Alternative Energy ETF Trust

GGGG

JUNR

NUGT

TSLA

These ETFs are Beating the Reverse Split Curse

Friday is the last day of the second quarter so now is the ideal time to have a look at the themes and ETFs that worked well for investors over the past three months.

	According to simple screen that we <a href="http://www.finviz.com/screener.ashx?v=141&amp;f=ind_exchangetradedfund,ta_perf_13w10o&amp;ft=3&amp;o=-perf13w">ran on Finviz</a>, fewer than 50 ETFs and ETNs are showing second-quarter gains of 10 percent or more.

	The Direxion Daily Gold Miners Bear 3X Shares (NYSE: <a class="ticker" href="/stock/dust#NYSE">DUST</a>) is on pace for a second-quarter triple, making it the best-performing ETF for the quarter. DUST's stellar second-quarter performance is nothing new. Even with a more than eight percent loss Thursday, this triple-leveraged bearish play on gold miners is up almost 450 percent in the past six months.

	DUST also serves as a good segue to exploring some of the similarities among the second quarters ETF studs. Of the 20 top ETFs and ETNs after DUST in terms of second-quarter returns, five are bearish plays on precious metals, including the three best after DUST. Those three are the ProShares UltraShort Silver (NYSE: <a class="ticker" href="/stock/zsl#NYSE">ZSL</a>), the ProShares UltraShort Gold (NYSE: <a class="ticker" href="/stock/gll#NYSE">GLL</a>) and the PowerShares DB Gold Double Short ETN (NYSE: <a class="ticker" href="/stock/dzz#NYSE">DZZ</a>).

	Prior to Thursday, the average quarterly gain for those three products was nearly 79 percent. Of course, it must be repeated that there are significant risks involved with leveraged ETFs, <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3429669/these-leveraged-etfs-could-be-worth-the-risk">particularly over long holding periods</a>. They taketh as quickly as they giveth.

	Finding non-leveraged star performers among the "Non-DUST 20" is not hard, but the group is small in number. However, investors may already be familiar with some of these ETFs as <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3686609/interesting-similarities-among-2013s-top-performing-etfs">they are among 2013's best non-leveraged performers</a>.

	The four best non-leveraged ETFs in the current quarter are, in order starting with best returns, the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>), the Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>), the First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ: <a class="ticker" href="/stock/qcln#NASDAQ">QCLN</a>) and the PowerShares WilderHill Clean Energy (NYSE: <a class="ticker" href="/stock/pbw#NYSE">PBW</a>).

	The common theme beyond alternative energy is that as of June 18, three of those four ETFs held at least one Elon Musk stock, Solar City (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>) or Tesla (NASDAQ: <a class="ticker" href="/stock/tsla#NASDAQ">TSLA</a>). KWT was the exception.

	Four of the remaining top performers are linked by the same theme as well. That being <a>rising yields on U.S. Treasurys</a>. Specifically, these are ETFs that are designed to go up when Treasury yields do the same. That quartet includes the ProShares UltraPro Short 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ttt#NYSE">TTT</a>) and the Direxion Daily 20+ Yr Treasury Bear 3X Shares (NYSE: <a class="ticker" href="/stock/tmv#NYSE">TMV</a>), which are up an average of 22 percent this quarter.

	No surprises among some of the other non-DUST 20. Six are <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3694555/four-more-facts-about-em-etfs-you-need-to-know-now">bearish plays on emerging markets</a>, including three of the top seven. Inverse plays on three of the four BRIC nations are included in that group of six. India is the exception because there is no longer an inverse ETF for that country. The best bearish emerging markets ETF in the second quarter has been the double-leveraged ProShares UltraShort MSCI Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>). Forget its quarterly performance, though. Even with a 3.5 percent drop on Thursday, BZQ is still up 41.5 percent in just the past month.

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

After-Hours Center

DUST

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

First Trust NASDAQ Clean Edge Green Energy Index Fund

QCLN

Direxion Daily 20+ Year Treasury Bear 3X Shares

Common Themes Among Q2's Best ETFs

With 2013 nearly half complete, now is a good time to look at this year's top-performing ETFs to see what has worked, what might keep working and which funds could be vulnerable to second-half pullbacks. Before getting to the good stuff, some housekeeping is in order.

	First, 10 ETFs that will be highlighted are all plain vanilla, non-leveraged funds. Second, the list and performance data come courtesy <a href="http://www.etfreplay.com/">ETF Replay</a>, which features the 10 best an 10 worst non-leveraged funds on the front page of its web site.

	Health Care Rules 
	An investment in the Health Care Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlv#NYSE">XLV</a>) has paid off this year as that ETF has surged more than 20 percent. However, XLV's performance pales in comparison to what biotech ETFs have delivered. Interestingly, one so-called expert labeled biotech ETFs as "dangerous" in February while touting the virtues of Amgen (NASDAQ: <a class="ticker" href="/stock/amgn#NASDAQ">AMGN</a>).

	That was not the best of calls because <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3455785/biotech-breakout-boosting-etfs">biotech ETFs big and small have been stellar performers this year</a>. Lead by the Market Vectors Biotech (NYSE: <a class="ticker" href="/stock/bbh#NYSE">BBH</a>), an ETF that coincidentally allocates 13 percent of its weight to Amgen, three biotech ETFs are found among the top-10 year-to-date performers. BBH is in the seventh spot while the iShares Nasdaq Biotechnology Index Fund (NASDAQ: <a class="ticker" href="/stock/ibb#NASDAQ">IBB</a>) is number eight.

	Rounding out the top-10 is the PowerShares Dynamic Biotech &amp; Genome ETF (NYSE: <a class="ticker" href="/stock/pbe#NYSE">PBE</a>), <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/04/3490633/under-the-hood-an-unheralded-biotech-etf">which received some praise in April</a>.

	The average return for that trio is over 27 percent, but the best-performing health care to this point in 2013 is the SPDR S&amp;P Pharmaceuticals ETF (NYSE: <a class="ticker" href="/stock/xph#NYSE">XPH</a>), which is up almost 29 percent. Noteworthy about XPH is that the ETF's 29 holdings have a median market cap of just over $4 billion, proving the fund is not heavy on large-cap, blue-chip pharmaceuticals names such as Merck (NYSE: <a class="ticker" href="/stock/mrk#NYSE">MRK</a>) and Pfizer (NYSE: <a class="ticker" href="/stock/pfe#NYSE">PFE</a>).

	A Musk-y Scent 
	The four best non-leveraged ETFs on a year-to-date basis have average returns of 42.3 percent and that group is led by the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>), which is up nearly 59 percent. The quartet has a couple of things in common.

	First, all four are alternative energy funds with the Market Vectors Global Alternative Energy ETF (NYSE: <a class="ticker" href="/stock/gex#NYSE">GEX</a>), Market Vectors Solar ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) and the PowerShares WilderHill Clean Energy ETF (NYSE: <a class="ticker" href="/stock/pbw#NYSE">PBW</a>) rounding out the group.

	Second, three of those ETFs feature exposure to <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3613365/an-etf-for-elon-musk-fans">at least on Elon Musk stock</a>, either SolarCity (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>) or Tesla (NASDAQ: <a class="ticker" href="/stock/tsla#NASDAQ">TSLA</a>). KWT is the exception, but PBW holds both of those stocks to the tune of an almost 10 percent combined weight.

	And do not forget that the iShares S&amp;P Global Clean Energy Index Fund (NASDAQ: <a class="ticker" href="/stock/icln#NASDAQ">ICLN</a>) is in the ninth spot on the top-10 list. Although ICLN has no Elon Musk exposure, it is up 26.6 percent year-to-date.

	Small, So What? 
	Folks just keep on picking on small ETFs with no empirical evidence to support their assertions although it <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3642590/this-small-etf-dispels-false-liquidity-views">it has already been proven</a> that those assertions are usually misguided.

	The top-10 ETFs prove as much. Only one, IBB, has over $1 billion in assets under management. TAN, the best performer, has just $110 million. The Guggenheim Spin-Off (NYSE: <a class="ticker" href="/stock/csd#NYSE">CSD</a>), the one member of the top-10 crew that we have not highlighted, has less than $190 million in assets despite a lengthy track record of outperforming the S&amp;P 500 by wide margins.

	Of the three Market Vectors ETFs on the list, only BBH has more than $100 million in assets. KWT has just $15 million in AUM. PBW has a decent $173.5 million, but ICLN has just $36.2 million, <a href="http://us.ishares.com/product_info/fund/overview/ICLN.htm?fundSearch=true&amp;qt=ICLN">according to iShares data</a>.

	XPH and PBE combine for about $600 million in AUM.

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

AMGN

iShares S&P Global Clean Energy Index Fund

ICLN

PowerShares ETF Trust Dynamic Biotech & Genome Port

Interesting Similarities Among 2013's Top-Performing ETFs

Few U.S. chief executive officers are as hot as Elon Musk these days. Musk is the CEO of not one, but two of the highest flying publicly traded companies in the U.S. SolarCity (NASDAQ: <a class="ticker" href="/stock/scty#NASDAQ">SCTY</a>), the maker of solar energy systems for business and residential customers, has seen its shares more than double in the past month.

	Musk's other company, electric car maker Tesla (NASDAQ: <a class="ticker" href="/stock/tsla#NASDAQ">TSLA</a>) is up about 74 percent in the past month. Indeed, it is a good time to be Elon Musk and it is has been a good time for his fans that have bought shares of SolarCity or Tesla.

	Despite the popularity of Musk and his companies, accessing both stocks via one ETF is currently difficult. One ETF <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3583903/get-while-the-getting-is-good-on-these-tesla-etfs">can be considered the Tesla ETF</a>, that being the First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ: <a class="ticker" href="/stock/qcln#NASDAQ">QCLN</a>). QCLN allocates over 15 percent of its weight to Tesla.

	Solar City for all its bullishness is not even included among the Market Vector Solar Energy ETF's (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) 34 holdings, but the larger Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) does feature an almost 5.7 percent weight to the stock. Neither ETF features Tesla, however.

	Investors looking for exposure to both stocks via one ETF should consider a fund that has been called <a href="http://www.etftrends.com/2013/05/teslas-surge-buoys-inflows-to-green-energy-etf/">the Elon Musk ETF</a>. That ETF is the PowerShares WilderHill Clean Energy Portfolio (NYSE: <a class="ticker" href="/stock/pbw#NYSE">PBW</a>).

	While the weights are not staggering, SolarCity and Tesla are PBW's two largest holdings at weights of 4.75 and 4.74 percent, respectively. Based on Wednesday's closing prices, buying one share each of SolarCity and Tesla would cost about $131. Admittedly, this is should not be a deciding factor in making investment decisions, but for $131, investors can get about 24 shares of PBW.

	Indeed, PBW did not have a good Wednesday, falling by almost 4.3 percent. However, the impact of SolarCity and Tesla on this ETF is palpable as the fund has surged over 25 percent in the past month. Of course, soaring solar stocks are part of the reason PBW has performed so well.

	The ETF features a significant allocation to the solar space with names such as First Solar (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>), Trina Solar (NYSE: <a class="ticker" href="/stock/tsl#NYSE">TSL</a>) and SunPower (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>) found among the ETF's top-10 holdings.

	Until other alternative energy ETFs rebalance to include larger weights to both SolarCity and Tesla, PBW will reign as the Elon Musk ETF. It appears some investors are already buying into that concept as PBW has hauled in almost $10.1 million of its $177.9 million in assets in just the past month, <a href="http://www.invescopowershares.com/flows/">according to PowerShares data</a>.

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

Movers & Shakers

Movers

Tech

An ETF For Elon Musk Fans

Sometimes reverse splits work. Sometimes the ploy does not. Broadly speaking, it is fair to say companies and ETF issuers employ reverse splits for cosmetic reasons. Better to have a stock or ETF trading well into the double digits than threatening to fall to $2, $1 or lower goes the conventional thinking.

	Some stocks have been able to perform well after engineering reverse. Well, a more accurate way of putting it would be to say some stocks have performed admirably well after reverse splits. American International Group (NYSE: <a class="ticker" href="/stock/aig#NYSE">AIG</a>) is performing decently this year after a 2009 reverse split. So is Citigroup (NYSE: <a class="ticker" href="/stock/c#NYSE">C</a>) following its 2011 reverse split.

	Select ETFs can only hope the same fortune befalls them as a reverse split curse of sorts has permeated the ETF world over the past several years. Curses may be the stuff of urban lore, but the reverse split ETF curse is arguably more a reality than the <a href="http://keepingscore.blogs.time.com/2012/04/27/the-madden-curse-a-history/">Madden video game cover curse</a>, which held that NFL players appearing on the cover of the popular game were doomed to injury or poor performances.

	Curse or not, a recent reverse split for the Direxion Daily Gold Miners Bull 3X Shares (NYSE: <a class="ticker" href="/stock/nugt#NYSE">NUGT</a>) just is not working. That much is highlighted by NUGT's 53.2 percent plunge in just the past five trading days. NUGT <a href="http://www.benzinga.com/news/13/03/3382855/direxion-announces-reverse-forward-splits-for-16-etfs">reverse split on a five-for-one basis</a> after the close on April 1 and opened for trading at around $26 on April 2. Said another way, NUGT has lost more than 62 percent of its value in just 12 trading days.

	NUGT is designed to deliver three times the daily performance of the NYSE Arca Gold Miners Index (GDM), the same index tracked by the downtrodden Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>). As most investors by now know, gold mining stocks and ETFs <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/04/3497536/gold-mining-etfs-worse-before-its-better">ETFs have been under seige</a>.

	GDX, which earlier this week had $6.4 billion in assets under management but has seen that tally fall to $5.9 billion as of April 16, has lost almost 44 percent in the past year.

	That slide has helped NUGT keep the ETF reverse split curse alive. Consider these examples. The Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) has slid over 48 percent since its February reverse split. The Market Vectors Solar ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) is down about nine percent since its July 2012 reverse split. 
	While the U.S. Natural Gas Fund (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>) has surged over 25 percent this year, the fund has lost more than 93 percent of its value since April 2007 despite multiple reverse splits.

	This is the illustrious club NUGT now belongs to. That is another way of reiterating that traders ought to consider NUGT's bearish cousin, the Direxion Daily Gold Miners Bear 3X Shares (NYSE: <a class="ticker" href="/stock/dust#NYSE">DUST</a>). Rather than dealing with hard-to-borrow fees that are associated with shorting many leveraged ETFs, traders can just go long DUST.

	DUST is on a race to the stratosphere reminiscent of Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) at various points during 2012. Well except for the part where DUST is still going up this year. And speaking of splits, Direxion may want to consider a two-for-one forward split on DUST now that it is trading over $118. If the recent action in gold miners is any indication, DUST will be back in the triple digits in no time while another reverse split probably awaits NUGT.

	For more on gold ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/04/3497536/gold-mining-etfs-worse-before-its-better">here</a>.

Commodities

Events

AAPL

Market Vectors ETF Trust Market Vectors Gold Miners

Reverse Split Curse Continues For This ETF 

Tuesday was a good day to be in solar. Especially First Solar (NASDAQ: <a class="ticker" href="/stock/fslr#NASDAQ">FSLR</a>), when shares spiked more than 50 percent rising to a new 52-week high and ending the trading day up more than 45 percent at $39.35.

	Others in the channel saw more than a little sunshine of their own. JA Solar Holdings Co., Ltd. (NASDAQ: <a class="ticker" href="/stock/jaso#NASDAQ">JASO</a>), Sunpower Corporation (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>), Trina Solar Ltd. (NYSE: <a class="ticker" href="/stock/tsl#NYSE">TSL</a>), Hanwha SolarOne Co., Ltd. (NASDAQ: <a class="ticker" href="/stock/hsol#NASDAQ">HSOL</a>), and Canadian Solar, Inc. (NASDAQ: <a class="ticker" href="/stock/csiq#NASDAQ">CSIQ</a>), all experienced double-digit percentage spikes in their stocks.

	Solar ETFs also rallied Tuesday with Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) and Market Vector Solar ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) up over 10 percent on the day.

	The queen (or king) bee of the solar hive, however, was First Solar with the main trading trigger, lots of warm, sunny guidance from the company who said it expects to earn between $4 and $4.50 per share moving forward, with annual sales between $3.8 billion and $4 billion.

	This guidance was well above analysts’ forecasts. That expectation according to Thomson Reuters included earnings of $3.51 per share on revenue of $3.1 billion for 2013.

	Another factor in the surge was a short squeeze precipitated by a large number of buyers rushing in to cover their positions. Tuesday likely saw quite a few “Uh oh,” buys as First Solar shares rose higher and higher.

	In addition, <a href="http://online.wsj.com/article/SB10001424127887323550604578412882050212560.html">The Wall Street Journal</a> reported that First Solar plans to acquire San Jose, Calif.-based TetraSun Inc. and start making solar panels using that company’s innovative silicon technology.

	Discussing the proposed acquisition in a webcast, First Solar Chief Executive, James Hughes said, "We believe in the company, we believe in the industry [and] we believe that the energy world is just beginning to understand the capabilities of photovoltaic products."

	Finally, news reported by <a href="http://www.bloomberg.com/news/2013-04-10/jx-energy-enters-talks-with-first-solar-for-solar-panel-sales.html?cmpid=yhoo">Bloomberg</a>, that JX Nippon Oil and Energy Corp., Japan’s largest refiner, was in the beginning stages of talks with First Solar regarding a possible partnership to distribute the American solar panel makers’ products in Japan.

	JX Energy, part owner in TetraSun, said it has decided to sell its stake in TetraSun because of First Solar’s capability to mass-produce. Japan is expected to become the largest solar market after China in 2013, according to estimates by Bloomberg New Energy Finance.

	Some analysts expressed skepticism about First Solar's optimistic predictions for 2015 earnings, which were based to some extent on power plant sales for which contracts have not been signed.

	First Solar CEO, Hughes, however, said he was confident First Solar would reach its goals, given the growing level of demand in the global solar market.

	At the time of this writing, Jim Probasco had no position in any of the mentioned equities.

Earnings

Guidance

Wall Street Journal

Startups

Media

HSOL

The Sun Shines Bright for First Solar

While the sector still has its detractors, there is no getting around the fact that 2013 has been quite kind to solar stocks and the ETFs that house them. 

Buoyed by an array of factors ranging from China doing everything in its power to prop its ailing solar companies, to Warren Buffett's Berkshire Hathaway (NYSE: BRK-A) acquiring a stake in a solar project to <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3322977/first-solar-rumor-boosts-2-etfs">takeover rumors</a>, solar stocks have soared.

Heading into Tuesday's trading session, the Guggenheim Solar ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) was up 21.1 percent year-to-date while the rival Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) was up nearly 21 percent. Tack another approximately four percent onto each as KWT and TAN are soaring today on news that Argentina is planning to ramp up its use of solar power.

The South American nation is planning to increase solar capacity as much as 35-fold as part of a government plan to get 8 percent of the country's power from renewable sources by 2016, <a href="http://www.bloomberg.com/news/2013-02-18/argentina-sees-jump-in-solar-power-as-state-plans-premium.html">according to Bloomberg</a>.

Arguably lost in today's ebullience surrounding solar stocks and ETFs are the strings attached to dealing with Argentina. That is to say takeover rumors and China providing much-needed financing to its solar firms are perhaps more pure, plausible catalysts for a solar rally than anything involving Argentina.

Indeed, Argentina's solar plans are ambitious. However, this is still Argentina that is being discussed. The same Argentina that sits on the brink of its <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/11/3127327/argentina-etf-slides-after-fitch-says-default-is-probabl">second sovereign debt default this century</a>.

Moreover, this is the same Argentina run by President Cristina Fernandez de Kirchner who has shown a penchant for nationalizing companies and an overt hostility toward foreign firms doing business in her country. Those are among the reasons the Global X FTSE Argentina 20 ETF (NYSE: <a class="ticker" href="/stock/argt#NYSE">ARGT</a>) plunged last year and why the country is at <a href="http://www.benzinga.com/markets/bonds/12/10/3040350/downgrade-could-hasten-argentinas-frontier-departure">risk of losing its frontier market status</a>.

To be certain, Argentina could use increased solar investments to spur its flailing economy. Economic activity there expanded just 1.9 percent last year compared with an <a href="http://www.bloomberg.com/news/2013-02-15/argentine-economic-activity-expanded-1-9-in-2012-correct-.html">8.9 percent increase in 2011</a>. 

However, this is still Argentina. The same country that claimed inflation of 11.1 percent, but was censured earlier this month by the International Monetary Fund because some private economists believe the real rate of inflation there is 26 percent.

Argentina may be talking a good game when it comes to solar energy, clearly enough to boost KWT and TAN, but that does not mean doing business there is easy. Now South America's third-largest economy behind Brazil and Colombia, Argentina's 2012 corruption index rating was 102, <a href="http://www.transparency.org/cpi2012/results">according to Transparency International</a>. 

Here are some of the countries Transparency International rated as less corrupt than Argentina: Malawi, Swaziland, Suriname and Djibouti. South American rivals Colombia and Peru were also ranked ahead of Argentina.

Bottom line: Fighting the uptrend in KWT and TAN this year has proven perilous and it is clear the market views the Argentina as efficacious for these ETFs. On the other hand, today's rally might be overdone given the risks that come with doing business in Argentina.

For more on Argentina, click <a href="http://www.benzinga.com/stock/argt">here</a>.

ARGT

Argentina Shines on Solar ETFs

On Tuesday night, President Barrack Obama will deliver the first State of the Union speech of his second term. State of the Union addresses are often long on great oration, but short on rhetoric worth remembering beyond a couple of days after the speech. 

In recent memory, the U.S. has had few great orators in the Oval Office. Ronald Reagan and Bill Clinton top the list, but the reality is few, if any Americans run around repeating quotes from State of the Union addresses. 

For investors, the quality of the oration is not nearly as important as the substance. With the intersection of Capitol Hill and Wall Street still too close for comfort in the eyes of some, President Obama's speech will be worth parsing over to see which sectors could be in play the rest of this week. 

Without the benefit of a crystal ball or an advance copy of the speech, some educated ETF guesses are being made here, but a couple are obvious candidates for post-State of the Union action.

PowerShares Build America Bond Portfolio (NYSE: <a class="ticker" href="/stock/bab#NYSE">BAB</a>)
As some income investors no doubt remember, the PowerShares Build America Bond Portfolio and other Build America Bond funds wound up being one sub-segment of the ETF market <a href="http://www.benzinga.com/markets/bonds/12/10/3043636/unheralded-election-play-build-america-bond-etfs">caught up in the fiscal cliff debate</a>.

These bonds, authorized under the 2009 American Recovery and Reinvestment Act, are now potentially vulnerable to sequestration, which lead to automatic budget cuts. President Obama wants Build America Bonds to be a permanent fixture, as do some <a href="http://targetednews.com/disp_story.php?s_id=1113707">members of his party</a>. 

Some Republicans do not feel the same way. In other words, it is not out of the realm of possibility that Obama's SOTU address will feature at least one plug that could benefit BAB and related ETFs.

Guggenheim Solar (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>)
The Guggenheim Solar ETF is in rally mode Tuesday, surging nearly four percent. TAN's bullishness is the result of China again doing whatever it can to support its ailing solar firms, many of which populate TAN and speculation that some U.S. solar companies <a href="http://blogs.barrons.com/emergingmarketsdaily/2013/02/12/chinas-solar-stocks-break-out/">are considering conversions to MLPs or REITs</a>.

As Barron's noted, the latter issue is perhaps more fiction than reality. However, what is reality is President Obama's long-standing support, controversial as it may be, of solar power. Knowing that he does not have to seek election again, Obama can push an alternative energy agenda in his second term. 

Any language to that effect could mean a near-term pop for TAN and the rival Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>).

iShares Dow Jones US Aerospace &amp; Defense Index Fund (NYSE: <a class="ticker" href="/stock/ita#NYSE">ITA</a>)
ITA and other aerospace ETFs have held up well in what has <a href="http://www.benzinga.com/news/earnings/13/02/3320379/a-look-ahead-this-weeks-etfs-to-watch">been a challenging environment for the sector</a>. First, there was the fiscal cliff debate, at which defense spending was front-and-center. 

That was followed by Boeing's (NYSE: <a class="ticker" href="/stock/ba#NYSE">BA</a>) Dreamliner woes. Once again, ITA and other aerospace ETFs find themselves at the center of political wheeling and dealing. Negative headlines pertaining to the sequestration issue will undoubtedly hit some ITA holdings, including Boeing, Lockheed Martin (NYSE: <a class="ticker" href="/stock/lmt#NYSE">LMT</a>) and Raytheon (NYSE: <a class="ticker" href="/stock/rtn#NYSE">RTN</a>).

The PowerShares Aerospace &amp; Defense Portfolio (NYSE: <a class="ticker" href="/stock/ppa#NYSE">PPA</a>) features many of the same holdings as ITA, meaning both ETFs will be worth keeping an eye on tomorrow.

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

iShares Dow Jones US Aerospace & Defense Index Fund

PowerShares ETF Trust Aerospace & Defense Portfolio

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