NEW YORK (TheStreet) -- The Market Vectors Indonesia Index ETF (IDX) - Get Report, which has soared 146% over one year, was the highest-ranking and best-performing newly rated exchange traded fund covered by

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, the research unit of

, initiated coverage of 11 exchange traded funds that accrued a sufficient track record of risk and performance data by the end of January. Six of the newly rated ETFs earned initial grades in the "buy" range, two at "hold" and three at "sell."

Three of the six "buy"-rated funds that opened for business in January 2009 received our highest possible rating of A-plus, or excellent.

The Market Vectors Indonesia Index ETF has about $234 million in assets. The unleveraged fund, which has received an A-plus rating, tracks the Market Vectors Indonesia Index, whose members generate at least 50% of revenue from Indonesia. The largest holdings include 8.3% in

PT Astra International


, 7.4% in

Telekomunikasi Indonesia Tbk PT

(TLK) - Get Report

, 6.8% in

Bank Central Asia Tbk PT

and 6.0% in

Bumi Resources Tbk PT




Direxion Mid Cap Bull 3X Shares


was the second-highest rated and second-best performer of the newly rated exchange traded funds. It jumped 119% in a year, helped by borrowed money to bet on members of the

Russell Mid Cap Index


Performance, along with moderate volatility, which is uncharacteristic of triple-leveraged funds, enabled Direxion Mid Cap Bull 3X Shares to secure an A-plus rating. The mid-cap index comprises the 800 smallest stocks in the

TheStreet Recommends

Russell 1000 Index

but add up to less than a third of assets. Top-performing holdings include

Zions Bancorporation

(ZION) - Get Report


Whitney Holding

( WTNY) and

Synovus Financial

(SNV) - Get Report


The last of the three A-plus ETFs listed above was the

Claymore/NYSE Arca Airline ETF


. It gained 33% during one year on high-flying holdings of

Delta Air Lines

(DAL) - Get Report


AMR Corp.



Southwest Airlines

(LUV) - Get Report


Research Methodology

Funds rated A or B are considered "buy" based on a track record of higher-than-average risk-adjusted performance. Funds at the C level are "hold," while underperformers at D and E rank as "sell."

-- Reported by Kevin Baker in Jupiter, Fla.

Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.