PHO on hodrunner list today never seen the water resource portfolio as a mover <a href="http://www.etfconnect.com/select/fundpages/etf_funds.asp?MFID=150699" target="_blank">http://www.etfconnect.com/select/fundpages/etf_funds.asp?MFID=150699</a> <a href="http://www.invescopowershares.com/products/holdings.aspx?ticker=PHO" target="_blank">http://www.invescopowershares.com/products/holdings.aspx?ticker=PHO</a> PBW and PHO look like good nibbles for the future not sure re. it as a trade there is another, more concentrated but slightly less liquid etf, the Claymore S&P Global Water Index <a href="http://www.claymoresecurities.com/etf/" target="_blank">http://www.claymoresecurities.com/etf/</a> <a href="http://www.etfconnect.com/select/fundpages/etf_funds.asp?MFID=174478" target="_blank">http://www.etfconnect.com/select/fundpages/etf_funds.asp?MFID=174478</a> <a href="http://seekingalpha.com/article/93573-etf-pick-of-the-week-claymore-s-p-global-water" target="_blank">http://seekingalpha.com/article/93573-etf-pick-of-the-week-claymore-s-p-global-water</a> this fund is much more globally oriented with 60% of it's assets based in foreign companies