| Rank | Fund | Net assets ($M) | Avg. daily volume (M) | Expense ratio* |
|---|---|---|---|---|
| 1 | iPath Exchange Traded Notes S&P 500 VIX ST Ftrs A Ticker:(VXX) | $1,608.4 | 151.8 | 0.89 |
| 2 | SPDR S&P 500 ETF Trust Ticker:(SPY) | $118,359.0 | 143.3 | 0.09 |
| 3 | Select Sector Financial Select Sector SPDR Fund Ticker:(XLF) | $8,180.2 | 68.1 | 0.18 |
| 4 | ProShares UltraShort S&P500 Ticker:(SDS) | $1,924.1 | 64.4 | 0.89 |
| 5 | iShares MSCI Emerging Markets Index Fund Ticker:(EEM) | $37,249.7 | 49.4 | 0.67 |
| 6 | iShares Russell 2000 Index Fund Ticker:(IWM) | $18,200.1 | 46.9 | 0.23 |
| 7 | PowerShares QQQ Trust Series 1 Ticker:(QQQ) | $34,766.4 | 44.4 | 0.2 |
| 8 | ProShares UltraShort 20+ Year Treasury Ticker:(TBT) | $2,992.6 | 29.7 | 0.93 |
| 9 | United States Natural Gas Fund LP Ticker:(UNG) | $1,155.0 | 26.0 | 0.73 |
| 10 | Direxion Daily Small Cap Bear 3x Shares Ticker:(TZA) | $1,002.9 | 21.6 | 1.13 |
| 11 | Vanguard MSCI Emerging Markets Fund ETF Ticker:(VWO) | $57,357.2 | 21.0 | 0.2 |
| 12 | iShares MSCI EAFE Index Fund Ticker:(EFA) | $36,392.8 | 19.1 | 0.34 |
| 13 | iShares FTSE China 25 Index Fund Ticker:(FXI) | $4,706.3 | 16.5 | 0.72 |
| 14 | iShares MSCI Brazil Index Fund Ticker:(EWZ) | $8,448.5 | 15.0 | 0.59 |
| 15 | Select Sector Industrial Select Sector SPDR Fund Ticker:(XLI) | $2,935.1 | 14.5 | 0.18 |
| 16 | iShares Silver Trust Ticker:(SLV) | $11,053.3 | 14.4 | 0.5** |
| 17 | iShares MSCI Japan Index Fund Ticker:(EWJ) | $4,248.4 | 14.4 | 0.51 |
| 18 | Direxion Daily Financial Bear 3x Shares Ticker:(FAZ) | $743.6 | 14.0 | 1.13 |
| 19 | Market Vectors Gold Miners ETF Ticker:(GDX) | $10,238.3 | 13.7 | 0.52 |
| 20 | ProShares Ultra VIX Short-Term Futures ETF Ticker:(UVXY) | $139.0 | 13.6 | N/A |
Assets as of September 30, 2012. Ranking is based on unrounded figures. N/A = not available *Net prospectus **Annual
Source: Lipper