For the most part, ETFs are pretty similar regardless of which issuer is behind the fund. But as many investors know, there’s one notable exception to this rule. The HOLDRS products from Merrill Lynch are similar to traditional ETFs in many ways, but also feature some nuances that make them very different in others. HOLDRS stands for Holding Company Depository Receipts, and are securities that represent an investor’s ownership in the common stock or ADRs of specified companies in a particular industry. HOLDRS are designed to offer investors a way to achieve exposure to a basket of stocks in a cost-efficient manner while preserving ownership benefits related to the underlying stocks.

Below, we profile five facts about HOLDRS every investor should know before making an investment:

This week marks the one-year anniversary of the market bottom for stocks following the 2008 collapse of the supply-side themed western financial system. A deceased stock market, in the second week in March 2009 the major averages resurrected themselves, like Lazarus, on a holy-water flood of liquidity, more than any other cyclical bull market bounce in history.

The Dow Jones Industrial Average advanced March 9, 2009 to March 9, 2010, from a gut-wrenching 6,547.05 to 10,564.38. Likewise, the Standard & Poor’s 500 Index moved from 676.53 to 1140.45. The NASDAQ 100 climbed from 1043.87 to 1,901.38, over the same 365 days. These returns equal a decade’s worth of historical gains.

Yesterday's retail sales data showed some continuing signs of strength in consumer trends. ICSC chain store sales jumped 3.4% year over year while Redbook reported a 3.1% jump.

The two reports are taking a bit of opposing stances on the data, however. Redbook says the report is a disappointment and now sees March sales at just 0.7%. Michael Niemira, ICSC’s Chief Economist says the sales are a good sign and boosted his March forecast for sales to 2.5%-3.5% from 2.5%: