The ETF 50 Index™, the industry's leading measure of the performance of the exchange-traded fund marketplace, declined 1.2% in February. That was the benchmark's best return since October 2007, as weakness in foreign and domestic developed markets was partially offset by the strength of commodity and emerging markets ETFs.

The developing world is not giving in to slowing economic growth, but the developed world is, U.S. stocks look like they're sick of tryin'.

The ETF 50 Index™ fell 7.6% in the first two months of 2008. It was down 8.8% in the last three months, and ahead 0.4% in the last 12. The index has been down in six of the last 12 months.

The two most widely held ETFs, SPDR S&P 500 Trust (SPY) and iShares MSCI EAFE Index (EFA), declined 2.6% and 1.0%, respectively. PowerShares QQQ (QQQQ), representing the volatile Nasdaq 100, sank 4.8%.

The big winners were iShares MSCI Taiwan Index (EWT), up 12.7% in February, iShares MSCI Brazil Index (EWZ), up 10.2%, and Select Sector Energy SPDR (XLE), ahead 8.5%. StreetTracks Gold Shares (GLD) gained 5.2%. iShares MSCI Emerging Markets Index (EEM), the third-largest ETF, advanced 2.1%.

The ETF 50 Index™ represents the price-only asset-weighted price performance of the 50 largest exchange-traded funds. The index consists of a broadly diversified universe of funds representing domestic and foreign stocks, bonds and commodities, and is a better indicator of actual investor returns than indices tied to particular markets.