Short interest for iShares S&P 100 ETF gives investors a sense of the degree to which investors are betting on the decline of iShares S&P 100 ETF's stock. Short interest data is updated every two weeks.

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Wall Street experienced a relatively quiet session as the week came to a close, with the three major averages hovering around parity in midday trading in New York, yet still on course for their third successive week of gains.

Large-Cap Stocks Pause, Small Caps Shine, Oil Makes Comeback: What&#39;s Driving Markets Friday?

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Wall Street experienced a relatively quiet session as the week came to a close, with the three major averages hovering around parity in midday trading in New York, yet still on course for their third <a href="https://www.benzinga.com/news/earnings/23/11/35846046/us-stocks-on-track-to-finish-week-on-a-high-as-positive-earnings-rate-pause-hopes-lend-support">successive week of gains.</a>
Small caps emerged as the market&#8217;s brightest pocket, with the Russell 2000 climbing 1.3% Friday and achieving a weekly increase of over 5%, its second-best performance of the year.
Mega-cap stocks, as tracked by the iShares S&amp;P 100 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OEF#NYSE">OEF</a>), were flat for the day. 
The dollar&#8217;s weakening trend persisted, marking its most challenging week since early July. Traders have now fully priced in the Federal Reserve maintaining rates unchanged next month, with an expectation of four rate cuts in the upcoming year.
Treasury yields flattened, with the two-year yield up by 6 basis points and the 30-year yield down by 3 basis points. The widely-followed iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) is on track for its fourth consecutive week of gains, the longest streak in a year.
Crude oil was a notable mover, rising as much as 4%, nearly offsetting its 4.6% drop on Thursday.
<h2 class="wp-block-heading">US Index Performance On Friday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.09%</td>
<td>15,847.22</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.11%</td>
<td>4,514.25</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.02%</td>
<td>34,940.89</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.33%</td>
<td>1,797.37</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% higher to $450.94.</li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.1% to $349.61. </li>
<li>The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.1% to $386.34.</li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.5% to $178.51, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a></li>
</ul>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Among sectors, energy stocks, as indicated by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), saw a rally, climbing 2.6%.
Conversely, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) and the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged behind, each down by 0.3%.
Among industries, retail stocks experienced a surge, with the SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) increasing by 2.8%. Other significant gainers included the SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), up 2.7% and 2.6%, respectively.
REITs showed softer performance, with the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) declining by 0.1%.&#8221;
<h2 class="wp-block-heading">Latest Economic Data</h2>
<ul>
<li>Housing starts increased by 1.9% month-over-month, reaching a seasonally adjusted annual rate of 1.372 million in October 2023 and extending the 7% increase in the previous month, the U.S. Census Bureau reported Friday. The figure came in above market forecasts of 1.35 million. </li>
<li>In October 2023, building permits rose 1.1% month-over-month, reaching a seasonally adjusted annual rate of 1.487 million, an increase from the 1.471 million recorded in September. This marks a rebound from the 4.5% decrease experienced in the preceding month. </li>
</ul>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>The Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) soared 29% on an extraordinary earnings beat. </li>
<li>Ross Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) rose nearly 8% on strong quarterly results. </li>
<li>Expedia Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NYSE">EXPE</a>) rose 5.3%, reaching levels last seen in May 2023, after Evercore ISI upgraded the stock to Outperform and raised the price target from $135 to $200. </li>
<li>Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) fell nearly 5% despite reporting better-than-expected results last quarter. The stock faces pressure following a report suggesting the company is facing a U.S. criminal investigation for possibly&nbsp;evading export restrictions on China&#8217;s SMIC. Peers KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) and Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) also moved lower.</li>
<li>ChargePoint Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NASDAQ">CHPT</a>) plunged more than 30% in reaction to its preannouncement.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the price performance of light sweet crude oil, rose 4.04%. 
Gold edged 0.1% higher to $1,982/oz, while silver inched 0.2% higher to $23.77. 
European equity indices closed in the green. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) rose 1.3%, but the best performer was the iShares MSCI Norway ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENOR#NYSE">ENOR</a>), up 2.3%. 
In emerging markets, Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) rose 1.9% ahead of the second round of the country&#8217;s presidential election over the weekend. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 0.9% higher to $36,479, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) fell 0.8% to $1,945. Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) rallied 5.2%. 
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35817579/feasting-on-profits-does-thanksgiving-week-cook-up-stock-market-gains">Feasting On Profits: Does Thanksgiving Week Cook Up Stock Market Gains?</a>
Shanthi Rexaline contributed to this report.
Photo via Shutterstock.

Large-Cap Stocks Pause, Small Caps Shine, Oil Makes Comeback: What's Driving Markets Friday?

Wall Street suffered its worst week in more than two years with a trade war brewing between the United States and China &mdash; the world&#39;s two biggest economies. The Dow Jones Industrial Average and the S&amp;P 500 tumbled 5.7% and 5.9%, respectively, last week while the Nasdaq Composite Index shed 6.5%.
	Market Impact
	The latest turmoil has sent eight of the 11 S&amp;P 500 sectors into correction territory (decline of at least 10% from the latest peak). Technology, the hot and soaring sector of this year, was the worst performer plunging 7.9% last week as it was caught in a twin attack of the Facebook data scandal and its large foreign operations. Most of the tech companies do business outside the United States and are highly vulnerable to trade disputes.
	While all the tech ETFs saw terrible trading last week, Guggenheim China Technology ETF (NYSE: <a class="ticker" href="/stock/cqqq#NYSE">CQQQ</a>) and iShares Dow Jones US Technology ETF&nbsp;(NYSE: <a class="ticker" href="/stock/iyw#NYSE">IYW</a>) stole the show, tumbling more than 8%.
	Banking stocks also saw steep declines as interest rates plummeted, reversing all their gains made earlier last week. This is because investors who feared a trade war took flight to safety, pushing yields down. The 10-year Treasury yields slipped to a six-week low of 2.792% from 2.83% but ended the week at 2.81%. As such, First Trust Nasdaq Bank ETF&nbsp;(NASDAQ: <a class="ticker" href="/stock/ftxo#NASDAQ">FTXO</a>) and PowerShares KBW Regional Banking Portfolio&nbsp;(NASDAQ: <a class="ticker" href="/stock/kbwr#NASDAQ">KBWR</a>) were the worst hit, losing more than 8.2% last week.
	If the tariff and counter-tariff situation worsens, the Fed could adopt a slow and steady path for rate hike intensifying worry for the banks and the related ETFs.&nbsp; &nbsp;
	Mega cap ETFs, which comprise stocks that derive most of their revenues outside the United States and are prone to trade war risk, also saw tumultuous trading last week with Guggenheim S&amp;P 500 Top 50 ETF&nbsp;(NYSE: <a class="ticker" href="/stock/xlg#NYSE">XLG</a>) and iShares S&amp;P 100 ETF&nbsp;(NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>) declining 6.8%.
	Winners
Gold surged 2.6% last week, marking its biggest weekly gain since September 2017, boosted by investors&#39; drive to safe haven assets. Acting as leveraged plays on underlying metal price, gold miners witnessed more gains than their bullion cousins. That said, Sprott Junior Gold Miners ETF&nbsp;(NYSE: <a class="ticker" href="/stock/sgdj#NYSE">SGDJ</a>) has emerged as a huge winner of the prevailing trade war tension, gaining 7.3% last week.
	The trade war threats have also raised the appeal of the U.S. government bonds tracking the long end of the yield curve. Vanguard Long-Term Government Bond ETF&nbsp;(NASDAQ: <a class="ticker" href="/stock/vglt#NASDAQ">VGLT</a>) and PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF&nbsp;(NYSE: <a class="ticker" href="/stock/zroz#NYSE">ZROZ</a>) were in the green with 0.4% gains, recouping all the losses made early last week from Fed rate hikes. However, the two funds currently have a Zacks ETF Rank #4 (Sell), suggesting that trade war fears could turn the fate of these products, which often carry a safe haven status.&nbsp; &nbsp;
	Though the small-cap stocks have been the victim of the broad-market sell-off, they hold up much better than the larger ones. This is because small-cap stocks have less international exposure and generate most of their revenues from the domestic market. These pint-sized stocks are less vulnerable to a trade war or any other political issues and could better insulate investors&#39; against retaliation if occurs. Franklin LibertyQ U.S. Small Cap Equity ETF&nbsp;(BATS:FLQS) was the winner in the small-cap space last week, having gained 2.7%.&nbsp;

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FLQS

More than 250 exchange-traded funds launched last year, marking another banner year of new product introductions from the ETF industry. However, as is often par for the course with any year&#39;s new ETF launches, not all of 2016&#39;s rookie ETFs are finding rapid success. Nor are all of last year&#39;s infant ETFs worthy of investors&#39; consideration.
<h3>Equal Weight ETFs</h3>
Some are worthy of additional attention and assets, including the Guggenheim S&amp;P 100 Equal Weight ETF, Guggenheim ETF Trust ETF (NYSE: <a class="ticker" href="/stock/oew#NYSE">OEW</a>), which debuted in June.
The OEW, as its name implies, tracks the S&amp;P 100 Equal Weight Index. That benchmark is home to the same constituents as the market capitalization-weighted S&amp;P 100 Index. The iShares S&amp;P 100 ETF (ETF) (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>) tracks the cap-weighted S&amp;P 100.
Guggenheim has a rich tradition of offering equal-weight ETFs that outpace their cap-weighted counterparts, including the Guggenheim S&amp;P 500 Equal Weight ETF (NYSE: <a class="ticker" href="/stock/rsp#NYSE">RSP</a>). For now at least, that tradition is continuing with OEF. OEF is up 10.3 percent since coming to market compared to 7.8 percent for OEF<a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8169227/guggenheim-introduces-equal-weight-s-p-100-etf"> over that same period</a>.
&ldquo;Guggenheim S&amp;P 100 Equal Weight (OEW) tracks an index of the 100 largest companies in the more prominent S&amp;P 500. Similar to other Guggenheim ETFs, OEW&rsquo;s holdings such as Apple Inc. (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) and QUALCOMM, Inc. (NASDAQ: <a class="ticker" href="/stock/qcom#NASDAQ">QCOM</a>) are rebalanced to a similar size on a quarterly basis. Relative to its more established sibling Guggenheim S&amp;P 500 Equal Weight (RSP), OEW has more consumer staples (12 percent vs. 7 percent) and less exposure to utilities (4 percent vs. 6 percent),&rdquo; said <a href="https://www.cfraresearch.com/">CFRA Research</a> in a note out Thursday.
<h3>Another Successful New ETF</h3>
The Vanguard International Dividend Appreciation ETF (NASDAQ: <a class="ticker" href="/stock/vigi#NASDAQ">VIGI</a>) is easily one of 2016&#39;s most successful new ETF&#39;s as the international equivalent of the largest U.S. dividend ETF was home to over $244 million in assets under management at the end of the fourth quarter.
VIGI &ldquo;emphasizes stocks exhibiting dividend growth and seeks to track the Nasdaq International Dividend Achievers Select Index, which comprises more than 200 all-cap developed and emerging markets stocks with a track record of increasing annual dividend payments,&rdquo; <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/12/8848483/a-boss-among-new-etfs">according to Vanguard</a>.
&ldquo;VIGI ranks favorably to CFRA for its high exposure to companies with strong S&amp;P Capital IQ Quality Rankings, such as Naspers Limited (ADR) (OTC: <a class="ticker" href="/stock/npsny#OTC">NPSNY</a>), Roche Holding Ltd. (ADR) (OTC: <a class="ticker" href="/stock/rhhby#OTC">RHHBY</a>) and Sanofi SA (ADR) (NYSE: <a class="ticker" href="/stock/sny#NYSE">SNY</a>). In addition, we like bullish technical trends and modest 0.25 percent net expense ratio. VIGI launched in March 2016,&rdquo; said CFRA.
CFRA has Overweight ratings on OEW and VIGI.

Guggenheim Investments, the eighth-largest U.S. issuer of exchange-traded funds and one of the pioneers of bringing the equal-weight index methodology to the ETF universe, is adding to its already substantial lineup of such ETFs Thursday with the debut of the Guggenheim S&amp;P 100 Equal Weight ETF (Rydex ETF Trust (NYSE: OEW)).
<h3>Following The Index</h3>
The Guggenheim S&amp;P 100 Equal Weight ETF, as its name implies, tracks the S&amp;P 100 Equal Weight Index. That benchmark is home to the same constituents as the market capitalization-weighted S&amp;P 100 Index. The iShares S&amp;P 100 Index (ETF) (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>) tracks the cap-weighted S&amp;P 100.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8169315/a-new-look-is-coming-for-xlf">A New Look Is Coming For XLF</a></bzrelatedlink>
The S&amp;P 100 Equal Weight Index allocates over 16 percent of its weight to financial services stocks and 15.1 percent to technology names. Industrial and healthcare names also command weights of at least 10 percent while consumer discretionary and consumer staples names are the other sectors garnering double-digit allocations in the index.
OEW is the 15th equal-weight ETF in Guggenheim&#39;s stable, which includes the popular Guggenheim S&amp;P 500 Equal Weight ETF (NYSE: <a class="ticker" href="/stock/rsp#NYSE">RSP</a>) and a batch of equal-weight sector ETFs, several of <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8053217/a-better-way-to-approach-consumer-staples-etfs">which are easily topping</a> their cap-weighted rivals this year.
&ldquo;To be included, the companies should be among the larger and more stable companies in the S&amp;P 500&reg;, and must have listed options. Sector balance is considered in the selection of companies for the cap-weighted S&amp;P 100&reg;, which is widely used for derivatives and is the index underlying the OEX options,&rdquo; according to a statement issued by <a href="https://www.guggenheiminvestments.com/individual">Guggenheim</a>.
<h3>Welcoming OEW's Holdings</h3>
Top 10 holdings in the S&amp;P 100 Equal Weight Index include Amazon.com, Inc. (NASDAQ: <a class="ticker" href="/stock/amzn#NASDAQ">AMZN</a>), American Express Company (NYSE: <a class="ticker" href="/stock/axp#NYSE">AXP</a>), Pfizer Inc. (NYSE: <a class="ticker" href="/stock/pfe#NYSE">PFE</a>) and FedEx Corporation (NYSE: <a class="ticker" href="/stock/fdx#NYSE">FDX</a>).
In the S&amp;P 100, the top 20 stocks represent 45 percent of that index, but in OEW&#39;s underlying index, that percentage falls to 20 percent.
&ldquo;Cap-weighting can lead to overconcentration in a small group of the index&rsquo;s largest stocks. Additionally, cap-weighting can cause a bias towards companies that have experienced growth runs. This may hamper performance by overweighting overvalued stocks and, conversely, underweighting undervalued ones,&rdquo; said Guggenheim Managing Director Bill Belden in the statement.

AMZN

Guggenheim Introduces Equal-Weight S&P 100 ETF

When it comes to central bank policy, particularly the Federal Reserve&#39;s, there is no such thing as a surge thing. However, gambling men and women would, at the moment, be likely to bet that the Fed is cruising toward an interest rate hike next month. Those gamblers would probably also bet that the European Central Bank will go the other way, adding to its already substantial quantitative easing efforts.

	Predictably, the dollar&#39;s rise at the hands of soaring Treasury yields could stoke more inflows to one the fastest-growing segments of the ETF market: Currency hedged funds. Widely documented is the fact that investors have poured so much cash into currency hedged ETFs this year that 2015&#39;s top two asset-gathering ETFs are currency hedged funds and issuers are rushing to bring more of these products&nbsp;<a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5976375/flexshares-enters-currency-hedged-etf-fray">to market</a>.

	With that in mind and with the Fed and the ECB likely moving in opposite directions for the foreseeable future, ETFs such as the iShares Currency Hedged MSCI Eurozone ETF (NYSE: <a class="ticker" href="/stock/hezu#NYSE">HEZU</a>) <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5979123/fed-preparation-with-currency-hedged-etfs">take on increased allure</a>.

	&quot;Meanwhile, European stocks continued to rally on hopes for more monetary stimulus, rather than signs of economic recovery. Investors got what they were looking for last week, with&nbsp;<a href="http://www.bloomberg.com/news/articles/2015-11-20/draghi-says-ecb-will-do-what-it-must-to-raise-inflation-quickly-ih7f4oxl" target="_blank">several ECB officials confirming</a>&nbsp;the likelihood that the central bank will expand its quantitative easing (QE) program,&quot; said BlackRock Global Chief Investment Strategist Russ Koesterich <a href="https://www.blackrockblog.com/2015/11/23/investing-opportunities-as-banks-diverge/">in a recent note</a>.

	Up 11.7 percent year-to-date, the $1.9 billion HEZU devotes over 60 percent of its weight to French and German stocks. Germany and France, in that order, are the Eurozone&#39;s two largest economies.

	&quot;A falling euro and an ECB likely to expand its monetary stimulus are both&nbsp;<a href="https://www.blackrock.com/investing/insights/investment-directions?cid=blog:russkmonday:opportunitescentralbanksdiverge:russ" target="_blank">catalysts for Europ</a><a href="https://www.blackrock.com/investing/insights/investment-directions?cid=blog:russkmonday:opportunitescentralbanksdiverge:russ" target="_blank">ean stocks</a>. The one caveat: Given that further gains are partly predicated on a weaker currency, dollar-based investors should continue to&nbsp;<a href="https://www.blackrockblog.com/2015/08/20/currency-observations-europe/">consider currency-hedged vehicles</a>,&quot; adds Koesterich.

	Investors looking for domestic ETFs poised to benefit from diverging developed market central bank policies ought to focus on large- and mega-cap funds, such as the $4.6 billion iShares S&amp;P 100 ETF (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>). As its name implies, OEF is home to the 100 largest U.S. companies as ranked by market capitalization.

	Technology and health care names combine for nearly 40 percent of OEF&#39;s weight and while many of the ETF&#39;s top holdings can be seen as negatively correlated to a rising dollar, there are other reasons to consider this fund even if the Fed boosts borrowing costs.

	&quot;Looking forward, to the extent we see a gradual rise in real rates, higher real rates are likely to keep small-cap valuations under pressure. Finally, according to Bloomberg data, large- and mega-cap names also have the advantage of cheaper valuations relative to the broader market,&quot; said Koesterich.

Forex

HEZU

ETF Ideas For Diverging Developed Market Central Banks

The small cap stocks have been struggling in 2014 as investors have been taking profits in the high-flying biotech and niche technology names.

	On the opposite end of the spectrum the mega cap stocks have not registered blockbuster gains, but they are holding up better than their smaller counterparts.

	A stock is considered to be a mega cap when its market capitalization is above $100 billion. The companies that fall into this category include household names such as Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>), Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) and Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>). They tend to come from a variety of sectors with a larger concentration on technology and the financials.

	There are three big ETF plays in the sector and while they are all similar, they have enough differences to break them down and look under the hood.

	The iShares S&amp;P 100 Index ETF (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>) is a basket of 100 of the largest stocks based in the U.S. The ETF is the largest of the three with over $4 billion in assets under management.

	See also: <a href="http://www.benzinga.com/etfs/sector-etfs/14/04/4499354/old-school-dividend-etfs-leading-the-way-xlu-icf-dbu-wps">Old School Dividend ETFs Leading The Way</a>

	In 2014 the ETF has a small gain of 0.6 percent and it currently pays a 1.9 percent dividend yield. The top holdings include AAPL, XOM, MSFT, and Johnson &amp; Johnson (NYSE: <a class="ticker" href="/stock/jnj#NYSE">JNJ</a>). The expense ratio is 0.20 percent.

	The Vanguard Mega Cap 300 Index ETF (NYSE: <a class="ticker" href="/stock/mgc#NYSE">MGC</a>) is composed of 300 mega cap stocks and currently has $978 million in assets under management. The ETF has the best performance of the three this year with a gain of 1.2 percent and also the lowest expense ratio at 0.11 percent.

	The ETF is more diversified because of its exposure to 300 stocks, however the top holdings remain similar with Apple, Exxon Mobil, Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>), Microsoft and Johnson &amp; Johnson in the top four. The dividend yield is 2.0 percent.

	A more concentrated version of the first two ETFs is the Guggenheim Russell Top 50 Mega Cap ETF (NYSE: <a class="ticker" href="/stock/xlg#NYSE">XLG</a>). As the name states, there are only 50 stocks in the ETF portfolio that amounts to $489 million.

	The ETF has underperformed its peers in 2014 with a small loss of 0.1 percent. The top holdings are Apple, Exxon Mobile, Microsoft and Johnson &amp; Johnson. The dividend yield is slightly higher at 2.3 percent and the expense ratio is the same as OEF at 0.20 percent.

	When it comes down to choosing the best of the group the decision will be difficult as all three have similar portfolios, expenses, dividend yields, and performance. This call will come down to personal preference at to which factor is the most important.

GOOG

MSFT

3 Mega Cap ETFs For Your Portfolio (MGC, OEF, XLG, AAPL, MSFT)

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.

Previews

Pre-Market Outlook

SUNE

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

With the S&amp;P 500 knocking on the door of fresh all-time highs, late-comers to the party may be wondering where some of the market's strength has been coming from.

	Skittish investors do not need to look far because some of the most familiar names from conservative sectors such as <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3447304/risk-on-rally-these-etfs-say-no">consumer staples and health care are helping drive this rally</a>.

	Those investors looking to be long equities while establishing a broad yet conservative stance can consider mega-caps, as S&amp;P Capital IQ points out in a new research note.

	"From a fundamental standpoint, S&amp;P Capital IQ has a Buy or Strong Buy recommendation on 17 of the 30 largest companies in the S&amp;P 500 Index," according to the research firm. "The ‘smallest' of these 30 heavyweights had a market capitalization of over $90 billion. These companies also had a number of other favorable characteristics, in our view."

	Among the individual names S&amp;P likes are Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>). The two Dow components are also the two largest U.S. oil companies. S&amp;P Capital IQ has five-star ratings on both stocks. Exxon and Chevron are among the mega-caps with strong balance sheets S&amp;P Capital IQ views as currently undervalued.

	Also on that list is Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>). The world's largest software maker, also a Dow member, also earns a five-star rating from S&amp;P. The research firm is also bullish on Dow components General Electric (NYSE: <a class="ticker" href="/stock/ge#NYSE">GE</a>), International Business Machines (NYSE: <a class="ticker" href="/stock/ibm#NYSE">IBM</a>) and Johnson &amp; Johnson (NYSE: <a class="ticker" href="/stock/jnj#NYSE">JNJ</a>), placing on four-star ratings on each stock.

	"Investors could of course purchase shares of these recommended names and other stocks, but that could get pretty expensive rather quickly or limit the number of stocks they hold in their portfolio," said S&amp;P. "A more diversified and low-cost way to play this theme, however, is through mega-cap focused ETFs."

	That is a good point and one of the ETFs S&amp;P recommends to gain exposure to mega-caps is the Vanguard Mega Cap 300 Index ETF (NYSE: <a class="ticker" href="/stock/mgc#NYSE">MGC</a>). Home to 286 stock, MGC has an expense ratio of just 0.12 percent, making it cheaper than 89 percent of comparable ETFs, <a href="https://personal.vanguard.com/us/funds/snapshot?FundId=3137&amp;FundIntExt=INT">according to Vanguard</a>.

	The ETF's top-10 holdings, which combined for 21.5 percent of assets as of the end of February, include Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>), Exxon, GE, IBM and Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>). S&amp;P Capital IQ rates the $805 million ETF Overweight.

	S&amp;P also has an Overweight rating on the $4 billion iShares S&amp;P 100 Index Fund (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>). Although the two ETFs track different indexes, the top-10 holdings of each are comparable as OEF is also home to Apple, Exxon, GE and plenty of other names also found in MGC.

	As its name implies, OEF tracks the S&amp;P 100, though the ETF is currently home to 101 stocks.

	Compared to the S&amp;P 500 "OEF has greater exposure to Consumer Staples (13% vs. 11%), Energy (13% vs. 11%) and Information Technology (22% vs. 18%) and less exposure to Consumer Discretionary (10% vs. 12%) and Financials (14% vs. 16%)," according to S&amp;P.

	With an expense ratio of 0.2 percent, OEF has returned nearly six percent year-to-date. MGC is up 6.7 percent.

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

Short Ideas

After-Hours Center

Embrace These 2 Mega-Cap ETFs

Politicians from both sides of the aisle have started to sound a more optimistic tone regarding the chances of avoiding the fiscal cliff. Investors would do well to remember that what politicians say, and what comes to fruition, are often two different things. That and the fiscal cliff, the GDP-sapping scenario in which old tax reductions expire becoming new tax increases, will arrive in January unless a deal is hammered out before year-end.

While there has been no shortage of ideas regarding which stocks and <a href="http://www.benzinga.com/markets/bonds/12/10/3014870/the-fiscal-cliff-could-punish-these-etfs">ETFs are to be avoided</a> under the fiscal cliff, one market capitalization spectrum might help investors endure the worst-case scenario: Mega-caps.

There is no hard and fast definition on market value constitutes mega cap, but many analysts and investors believe it is anything north of $100 billion. Running to mega-caps has worked this year. As iShares Global Chief Investment Strategist Russ Koesterich notes, "during the first 10 months of the year, US mega caps gained 13% versus 11.5% for mid caps and 10% for small caps."

The good news for investors looking to get involved with mega-cap ETF such as the iShares S&amp;P 100 Index Fund (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>) is that, despite the outperformance, mega-caps are still cheaper than large, mid and small-caps, according to Koesterich.

"Currently mega caps are trading at 13x trailing earnings versus 14x for large caps, 18x for mid caps, and nearly 20x for small caps. In addition, mega cap companies remain the most profitable segment of the market, with a return on earnings of 23," <a href="http://isharesblog.com/blog/2012/11/12/seeking-shelter-from-the-storm-consider-mega-caps/">Koesterich wrote in a blog post</a>.

OEF has gained almost 11 percent year-to-date compared to a gain of 10.2 percent for the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>). The ETF's top-five holdings are Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>), Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>), General Electric (NYSE: <a class="ticker" href="/stock/ge#NYSE">GE</a>), Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) and Chevron (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>).

The more internationally-focused iShares S&amp;P Global 100 Index Fund (NYSE: <a class="ticker" href="/stock/ioo#NYSE">IOO</a>) has returned 5.4 percent this year. About half of that fund's country weight is ex-U.S. with the U.K., Switzerland and Germany combing for nearly 30 percent of the ETF's weight. Exxon, General Electric, Microsoft, Chevron and International Business Machines (NYSE: <a class="ticker" href="/stock/ibm#NYSE">IBM</a>) are IOO's top-five holdings.

"Given the environment, perhaps the most compelling reason to consider an overweight is that mega caps, along with large caps, have historically been more resilient to slowing domestic growth than small and mid cap companies," wrote Koesterich.

Other mega-cap ETFs to consider include the First Trust Mega Cap AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fmk#NYSE">FMK</a>). The median market capitalization of FMK's holdings is $56.7 billion, but the fund looks cheaper on a valuation basis than OEF. OEF has a price-to-earnings ratio of 18.09 and a price-to-book ratio of 4.01. FMK's P/E is 12.86 and its price-to-book ratio is 1.69, <a href="http://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FMK">according to First Trust data</a>.

FMK is highly allocated to discretionary names as Ford (NYSE: <a class="ticker" href="/stock/f#NYSE">F</a>), Comcast (NASDAQ: <a class="ticker" href="/stock/cmcsa#NASDAQ">CMCSA</a>) and Home Depot (NYSE: <a class="ticker" href="/stock/hd#NYSE">HD</a>) are the fund's top-three holdings. Overall, the discretionary sector accounts for almost a quarter of FMK's weight.

The Guggenheim Russell Top 50 Mega Cap ETF (NYSE: <a class="ticker" href="/stock/xlg#NYSE">XLG</a>) should note be overlooked, either. XLG tracks the Russell Top 50 Index and has gained 10.9 percent this year, meaning of the ETFs highlighted here, XLG is the second-best performer behind only OEF.

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

Events

CMCSA

Dodge The Fiscal Cliff With Mega-Cap ETFs

In a year in which Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) has soared to astronomical heights and U.S. large-caps have proven to be safer bets than foreign equivalents, it is not surprising that some investors are showing a preference for mega-cap stocks. 

Investors looking to access the largest of the U.S. large-caps have choices when it comes to ETFs, but S&amp;P Capital IQ prefers one fund: The iShares S&amp;P 100 Index Fund (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>). With an expense ratio of 0.2 percent and almost $4.9 billion in assets under management, OEF tracks the S&amp;P 100 Index.

"S&amp;P Capital IQ Equity Strategy Group favors relatively high exposure to the Consumer Staples, Energy and Information Technology sectors. As of June 2012, OEF had 50% of its assets in these sectors, compared to 42% for IVV. In contrast, OEF had less exposure to the Materials and Utilities sectors (3% vs. 7%), two sectors that S&amp;P Capital IQ views less favorably from a top-down perspective," the research firm said in a note.

OEF's top-10 holdings account for 32.3 percent of the fund's weight. Apple receives the largest allocation at almost 7.3 percent. Other top-10 holdings include Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>), International Business Machines (NYSE: <a class="ticker" href="/stock/ibm#NYSE">IBM</a>) and Wells Fargo (NYSE: <a class="ticker" href="/stock/wfc#NYSE">WFC</a>). Eight of OEF's top-10 holdings are members of the Dow Jones Industrial Average.

"Taking a bottom-up look at OEF's holdings, across various sectors, we see many stocks that S&amp;P Capital IQ finds favorable from a valuation and risk perspective. Indeed, eight of the 10 largest holdings that collectively comprise 32% of the portfolio are ranked as Strong Buy or Buy by the S&amp;P Capital IQ equity analytical team," S&amp;P said in the note. Meanwhile, eight of the top-10 holdings earn an above-average S&amp;P Quality Ranking of A- or higher due to their consistently strong earnings and dividend track record."

Helped Apple's ascent, OEF has outperformed the iShares S&amp;P 500 Index Fund (NYSE: <a class="ticker" href="/stock/ivv#NYSE">IVV</a>) over the past month, the pat three months and year-to-date. With its recent surge, Apple now has a market cap of almost $624 billion, the highest of all-time. In addition to Apple and IBM, OEF's other tech holdings include Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>), Intel (NASDAQ: <a class="ticker" href="/stock/intc#NASDAQ">INTC</a>) and Oracle (NASDAQ: <a class="ticker" href="/stock/orcl#NASDAQ">ORCL</a>).

"Overall, OEF receives an Overweight ranking from S&amp;P Capital IQ. We think this diversified offering provides investors exposure to a number of stocks that are viewed favorably from a valuation and risk perspective at a low cost," S&amp;P said.

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

INTC

ORCL

S&P Rates Mega-Cap ETF Overweight

EMC Corp.(NYSE: <a class="ticker" href="/stock/emc#NYSE">EMC</a>), the biggest maker of data storage devices, and Lenovo Group, the world's second-biggest personal-computer maker, announced a major partnership Wednesday intended to help boost sales of storage equipment and servers that run corporate networks.

That could may be bad news for corporate IT players such as Cisco Systems (NASDAQ: <a class="ticker" href="/stock/csco#NASDAQ">CSCO</a>), IBM (NYSE: <a class="ticker" href="/stock/ibm#NYSE">IBM</a>), Hewlett-Packard (NYSE: <a class="ticker" href="/stock/hpq#NYSE">HPQ</a>), Oracle (NASDAQ: <a class="ticker" href="/stock/orcl#NASDAQ">ORCL</a>) and Dell (NASDAQ: <a class="ticker" href="/stock/dell#NASDAQ">DELL</a>).

As part of the deal, Lenovo will resell machines made by EMC, helping the latter expand its presence in China, the world's second-largest economy, and ultimately other developing, high-growth markets.

The companies are also forming a joint venture that will help them sell storage equipment to small and mid-sized businesses.

For the current fiscal year,the partnership will not be material to either company's earnings, said the the two in a statement. 

The agreement replaces a partnership EMC had with Dell. That partnership was terminated last year after Dell became a competitor by entering the storage market.

The news appeared to be particularly worrisome for Hewlett-Packard investors. Its stock was down more than 3 percent in afternoon trading, one of worst performers on the Dow, and reached a new multiyear low of $17.61.

Shares of Cisco Systems, Dell and IBM were also down fractionally in the afternoon. Dell was trading near its 52-week low.

After starting the trading session higher, EMC pulled back and ended the day slightly lower. 

The company has a market capitalization of almost $55 billion. Its price-to-earnings (P/E) ratio is less than the industry average, but so is its operating margin. The long-term earnings per share (EPS) growth forecast is about 14 percent, and the company's return on equity is higher than that of Hewlett-Packard. 

Before news of this deal, 35 out of 37 analysts polled by Thomson/First Call recommended buying EMC shares. Their mean price target, where they expect the stock to go, was about 17 percent higher than the current share price. That share price is up about 20 percent year to date, but still in the middle of its 52-week range of $19.84 to $30.00. Year-to-date, EMC has outperformed the broader markets and the companies mentioned above.

ETFs holding EMC include Technology Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlk#NYSE">XLK</a>), PowerShares Dynamic Large Cap Growth (NYSE: <a class="ticker" href="/stock/pwb#NYSE">PWB</a>) and iShares S&amp;P 100 Index (NYSE: <a class="ticker" href="/stock/oef#NYSE">OEF</a>). All three of these are more than 12 percent higher than they were at the beginning of the year.

Lenovo has a market cap of about $59 billion and is headquartered in Hong Kong. Its long-term EPS growth forecast is more than 26 percent, and its P/E and PEG ratios are less than the industry average. Exchange traded funds holding Lenovo include Global X NASDAQ China Technology ETF (NASDAQ: <a class="ticker" href="/stock/qqqc#NASDAQ">QQQC</a>) and Guggenheim China Technology (NASDAQ: <a class="ticker" href="/stock/cqqq#NASDAQ">CQQQ</a>).

CSCO

DELL

PowerShares Exchange Traded Fund Trust Dynamic Large Cap Growth Portfolio

QQQC

EMC-Lenovo Deal Troubles HP Investors

BAE Systems received a $21.9 million contract award from the U.S. Marine Corps for ongoing maintenance, updates and repairs to Mine Resistant Ambush Protected (MRAP) vehicles. The award will be used to expand the universal MRAP maintenance workforce in Afghanistan supporting Operation Enduring Freedom (<a class="ticker" href="/stock/oef#">OEF</a>). 

“Protecting the lives of our brave young men and women is something we take very seriously and expanding our labor force will aid in soldiers' and Marines' safety and success abroad,” said Robert Houston, vice president of Support and Technical Services at BAE Systems.

Contracts

BAE Systems Receives $21.9 Million Contract to Provide MRAP Maintenance in Afghanistan   

Last month, <a href="http://investwithanedge.com/first-trust-adds-13-alphadex-etfs-to-lineup" target="_blank">First Trust introduced a group of 13 new AlphaDEX ETFs</a>.  For some reason, the First Trust Mega Cap AlphaDEX Fund (FMK) was not part of that launch.  This was corrected last Thursday (5/12/11) with the listing of FMK.
The <a href="http://www.ftportfolios.com/common/etf/productinfo/common/AlphaDexBrochure.pdf" target="_blank">AlphaDEX methodology</a> (pdf) employs a proprietary, rules-based fundamental stock selection process using only three growth factors and three value factors.  The 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.
First Trust Mega Cap AlphaDEX Fund (FMK) attempts to track the Defined Mega Cap Index, which currently consists of 50 stocks selected from the 100 largest in the S&amp;P US BMI universe.  Standard &amp; Poor's creates and maintains the underlying index, which ranks the universe of stocks on the growth and value factors and then assigns each stock a score based on its best style rank.  Stocks in the bottom 50% are eliminated, and the top 50% become the “selected stocks”.  Selected stocks 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 process currently produces top holdings of Intel (<a class="ticker" href="/stock/intc#">INTC</a>) 4.0%, Eli Lilly and Company (<a class="ticker" href="/stock/lly#">LLY</a>) 3.7%, AT&amp;T (<a class="ticker" href="/stock/t#">T</a>) 3.4%, Corning (<a class="ticker" href="/stock/glw#">GLW</a>) 3.3%, and Marathon Oil (<a class="ticker" href="/stock/mro#">MRO</a>) 3.3%.  Sector representation includes Energy 28.4%, Technology 21.9%, Health Care 13.5%, and Consumer Discretionary 10.2%.
There are numerous existing offerings in the mega cap space, and all but one employ traditional capitalization weighting.  The iShares S&amp;P 100 Index Fund (<a class="ticker" href="/stock/oef#">OEF</a>) is the current asset leader of the bunch and has an expense ratio of 0.20%.  The only existing mega cap ETF not using capitalization weighting is the PowerShares Active Mega-Cap Portfolio (<a class="ticker" href="/stock/pma#">PMA</a>).  However, it is the category laggard for assets under management and has an expense ratio of 0.75%.
At 0.70%, FMK's expense ratio comes in at the high end and is only the second in the category to exceed 0.20%.  Whether or not the AlphaDEX methodology deserves such a premium remains to be seen.  Additional information is located in the <a href="http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=FMK" target="_blank">FMK summary</a>, <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=d068dae8-6623-431a-8ce5-06e718c302e5" target="_blank">FMK fact sheet</a> (pdf), and <a href="http://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=8040b4ed-f4c9-4bea-93c7-f79a654017d2" target="_blank">prospectus</a> (pdf).
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.
<img src="http://investwithanedge.com/?ak_action=api_record_view&amp;id=13322&amp;type=feed" alt="" />

A Mega Cap ETF Joins the First Trust AlphaDEX Lineup

Large Cap Blend ETFs provide access to both growth and value stocks, looking for high returns while hedging that risk with more stable securities. Large Cap ETFs invest across the entire spectrum of the US market. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap.
Despite strong returns, US Large Cap Blend ETFs, including the Russell Large Cap Index (IWB), have underperformed mid cap and small cap ETFs. With a one-year trend score of 8.52%, the Russell Large Cap Index falls towards the bottom of the US Style Return Table as seen below.
<h2>US Equity Style Return</h2>
<h3>4/29/2011</h3>
 
<table border="2">
</table>
<table border="0" cellspacing="12">
<tbody>
<tr>
<th align="left">Assets Class</th>
<th>Symbols</th>
<th>04/27 Trend Score</th>
<th>04/20 Trend Score</th>
<th>Direction</th>
</tr>
<tr>
<td>Russell Smallcap Growth</td>
<td>IWO</td>
<td>14.01%</td>
<td>13.06%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Midcap Growth</td>
<td>IWP</td>
<td>12.57%</td>
<td>11.91%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Smallcap Index</td>
<td>IWM</td>
<td>11.05%</td>
<td>9.92%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Midcap Indedx</td>
<td>IWR</td>
<td>10.9%</td>
<td>10.15%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Midcap Value</td>
<td>IWS</td>
<td>9.84%</td>
<td>9.03%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Largecap Growth</td>
<td>IWF</td>
<td>9.25%</td>
<td>8.24%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Smallcap Value</td>
<td>IWN</td>
<td>8.56%</td>
<td>7.26%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Largecap Index</td>
<td>IWB</td>
<td>8.52%</td>
<td>7.38%</td>
<td>^</td>
</tr>
<tr>
<td>Russell Largecap Value</td>
<td>IWD</td>
<td>8.15%</td>
<td>6.96%</td>
<td>^</td>
</tr>
</tbody>
</table>
The trend score is defined as the average of 1,4,13,26 and 52 week total returns (including dividend reinvested).
<a rel="lightbox" href="http://www.myplaniq.com/LTISystem/article_toptablechart.action?tableName=USStyleReturnTableWed"> <img src="http://www.myplaniq.com/LTISystem/article_toptablechart.action?tableName=USStyleReturnTableWed" width='600' height='400' /> </a>
<a rel="lightbox" href="http://www.myplaniq.com/LTISystem/article_lowtablechart.action?tableName=USStyleReturnTableWed"> <img src="http://www.myplaniq.com/LTISystem/article_lowtablechart.action?tableName=USStyleReturnTableWed" width='600' height='400' /> </a>
<h2>US Large Cap Blend</h2>
<h3>4/29/2011</h3>
<table id="USLargeCapBlend" class="tablesorter" border="1" cellspacing="1" cellpadding="2">
<thead>
<tr>
<th > Description </th>
<th > Symbol </th>
<th > 1 Yr </th>
<th > 3 Yr </th>
<th > 5 Yr </th>
<th > Avg. Volume(K) </th>
<th > 1 Yr Sharpe </th>
</tr>
</thead>
<tbody>
<tr class="even">
<td>SPDR S&amp;P 500</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=SPY&amp;type=1&amp;includeHeader=true" target="_blank">SPY</a></td>
<td>15.13%</td>
<td>1.42%</td>
<td>2.64%</td>
<td>169,849</td>
<td>83.79%</td>
</tr>
<tr class="odd">
<td>iShares S&amp;P 500 Index</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=IVV&amp;type=1&amp;includeHeader=true" target="_blank">IVV</a></td>
<td>14.66%</td>
<td>2.18%</td>
<td>2.45%</td>
<td>2,992</td>
<td>79.99%</td>
</tr>
<tr class="even">
<td>Vanguard Total Stock Market</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=VTI&amp;type=1&amp;includeHeader=true" target="_blank">VTI</a></td>
<td>17.54%</td>
<td>3.35%</td>
<td>3.48%</td>
<td>1,833</td>
<td>92.09%</td>
</tr>
<tr class="odd">
<td>iShares Russell 1000</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=IWB&amp;type=1&amp;includeHeader=true" target="_blank">IWB</a></td>
<td>15.83%</td>
<td>2.66%</td>
<td>2.84%</td>
<td>886</td>
<td>86.04%</td>
</tr>
<tr class="even">
<td>Rydex S&amp;P Equal Weight</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=RSP&amp;type=1&amp;includeHeader=true" target="_blank">RSP</a></td>
<td>18.18%</td>
<td>5.79%</td>
<td>4.44%</td>
<td>1,115</td>
<td>94.46%</td>
</tr>
<tr class="odd">
<td>iShares S&amp;P 100</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=OEF&amp;type=1&amp;includeHeader=true" target="_blank">OEF</a></td>
<td>12.47%</td>
<td>0.94%</td>
<td>2.15%</td>
<td>883</td>
<td>67.2%</td>
</tr>
<tr class="even">
<td>Vanguard Large Cap</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=VV&amp;type=1&amp;includeHeader=true" target="_blank">VV</a></td>
<td>15.8%</td>
<td>2.78%</td>
<td>3.54%</td>
<td>223</td>
<td>85.55%</td>
</tr>
<tr class="odd">
<td>Schwab U.S. Large Cap</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=SCHX&amp;type=1&amp;includeHeader=true" target="_blank">SCHX</a></td>
<td>15.95%</td>
<td>NA</td>
<td>NA</td>
<td>297</td>
<td>87.97%</td>
</tr>
<tr class="even">
<td>Vanguard S&amp;P 500</td>
<td><a href="http://www.myplaniq.com/LTISystem/jsp/fundcenter/View.action?symbol=VOO&amp;type=1&amp;includeHeader=true" target="_blank">VOO</a></td>
<td>NA</td>
<td>NA</td>
<td>NA</td>
<td>311</td>
<td>NA</td>
</tr>
</tbody>
</table>
 
Among US Large Cap Blend ETFs the Ryder S&amp;P Equal Weight ETF (RSP) and the Vanguard Total Stock Market ETF (VTI) have performed the strongest, offering one-year returns of 18.18% and 17.54% respectively. The ETF in the sector with the highest level of average volume, the SPDR S&amp;P 500 Index, returned 15.13% in the past year, near the middle of the pack.
While US Large Cap Blend ETFs have provided investors with strong returns in recent periods, many in the market believe that the sector is due for a retraction based on overheated valuations. For the time being, investors will likely find better returns elsewhere.
Symbols: <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=SPY&amp;count=00149'>SPY</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IVV&amp;count=0054'>IVV</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=VTI&amp;count=00113'>VTI</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWB&amp;count=008'>IWB</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=RSP&amp;count=0050'>RSP</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=OEF&amp;count=004'>OEF</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=VV&amp;count=0046'>VV</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=SCHX&amp;count=0046'>SCHX</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=VOO&amp;count=001'>VOO</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWO&amp;count=0024'>IWO</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWP&amp;count=0020'>IWP</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWM&amp;count=00108'>IWM</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWR&amp;count=0030'>IWR</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWS&amp;count=0023'>IWS</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWF&amp;count=0011'>IWF</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWN&amp;count=0025'>IWN</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWB&amp;count=008'>IWB</a>, <a href ='http://www.myplaniq.com/LTISystem/f401k_symbols.action?symbol=IWD&amp;count=0013'>IWD</a>
 Tickers: (NYSE: SPY) (NYSE: IVV) (NYSE: VTI) (NYSE: IWB)(NYSE: RSP)(NYSE: OEF)(NYSE: VV)(NYSE: SCHX)(NYSE: VOO) (NYSE: IWO) (NYSE: IWP) (NYSE: IWM) (NYSE: IWR) (NYSE: IWS) (NYSE: IWF) (NYSE: IWN) (NYSE: IWB) (NYSE: IWD)
 
Disclosure: MyPlanIQ does not have any business relationship with the company or companies mentioned in this article. It does not set up their retirement plans. The performance data of portfolios mentioned above are obtained through historical simulation and are hypothetical.
 
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The iShares S&amp;P 100 Index Fund seeks investment results that correspond generally to the price and yield performance of the Standard &amp; Poors 100 index. The fund invests at least 90% of assets in the securities of the underlying index or in American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) or European Depositary Receipts (EDRs) representing securities in the underlying index. It uses a replication strategy in order to track the S&amp;P 100 index, a subset of the S&amp;P 500 consisting of blue chip stocks from diverse industries. The fund is nondiversified.

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Mega Cap ETFs have several uses. They act as complements to the holdings in small cap and help form a “barbell” approach and offer equity exposures that avoid the risky companies altogether.
Some of the mega cap ETFs are SPDR S&amp;P 500 (<a href="/stock/etf">ETF</a>) (NYSE: <a href="/stock/spy">SPY</a>), Vanguard Mega Cap 300 Index (<a href="/stock/etf">ETF</a>) (NYSE: <a href="/stock/mgc">MGC</a>), iShares S&amp;P 100 Index (<a href="/stock/etf">ETF</a>) (NYSE: <a href="/stock/oef">OEF</a>) and Rydex Russell Top 50 (<a href="/stock/etf">ETF</a>) (NYSE: <a href="/stock/xlg">XLG</a>). The Year-to-date gains of these funds are SPY (23.8%), MGC (22.8%), OEF (19.8%) and XLG (17.6%). Although the mega cap funds have delivered solid gains, they lagged behind the funds linked to S&amp;P 500. The returns also indicate that the smaller companies in the S&amp;P 500 have outgained mega caps so far this year.

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