Please find our latest ETF-Report here: http://www.scribd.com/doc/141248746/Lighthouse-ETF-Report-2013-April

Conclusions:

• Current risk appetite remains high
• International equity ETF’s are seeing less inflows than domestic equity ETF’s in absolute dollar terms but higher inflows relative to their asset base
• Emerging market equity ETF’s are still outpacing those investing broadly in international equities but have experienced a significant slow-down
• Inflows into high-yield bond ETF’s have cooled off considerably
• Interest in precious metal-related ETF’s remains low; in April, GLD saw the largest outflow of all ETF’s we cover
• A prudent or contrarian investor would use the opportunity to shift positions into moredefensive ETF’s