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Not even the blustery winds of Tropical Storm Fay swirling around my office could prevent me from letting you know about the latest exchange-traded funds to get grades from Ratings.

We have initiated coverage of nine exchange-traded funds that accrued a sufficient track record of risk and performance data by the end of July.

Two of the funds that opened for business in July 2007 received our midlevel Hold rating after their recent performance took a Fay-like mild soaking.

Had the

Claymore/SWM Canadian Energy Income Index ETF


finished its first year in June at the peak of energy prices, before the recent selloff, the first rating received would have been significantly higher than a C.

This ETF holds 100% Canadian oil and gas stocks including

Suncor Energy


Baytex Energy


Canadian Oil Sands

that were not immune from the retrenching in energy prices.

Starting out with an initial rating of C, the

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WisdomTree Emerging Markets High-Yielding Equity Fund

(DEM) - Get WisdomTree Emerging Markets High Dividend Fund Report

gained 13.59% for the year ending July 31.

The fund's holdings of foreign securities are predominantly from Taiwan, South Africa, Turkey, Brazil and Malaysia. These companies average a dividend yield of 7.89%, although this ETF has paid out income at a yield of only 0.99%.

Down 22.08% for the year, the

iShares S&P World ex-US Property Index Fund

(WPS) - Get iShares International Developed Property ETF Report

has nowhere to go but up from its initial rating of E-.

Half the fund is in foreign real estate and the other half is in non-U.S. real estate investment trusts. The largest geographic concentrations include 23.2% Japan, 20.4% Hong Kong, 16.2% Australia, 9.8% U.K. and 7.3% France.

Research Methodology Ratings condenses the available fund performance and risk data into a single composite opinion of each fund's risk-adjusted performance. This allows the unbiased identification of those funds that have historically done well and those that have underperformed the market. While there is no guarantee of future performance, these Investment Ratings provide a solid framework for making informed, timely investment decisions. The funds listed below have reached their one year anniversary.

Funds rated A or B are considered "Buy" rated based on a track record of higher than average risk-adjusted performance. Funds at the C level are rated as "Hold," while underperformers at the D and E levels our model ranks as "Sell."

For an explanation of our ratings,

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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.