Against which index are you comparing PIE? Imo, after only 2 months in operation, it is way too early in the game to make that judgment, due to small sample size. Daily trading alone of the shares over/under-shooting the underlying NAV will cause greater distortions in this early going than over time. Currently, PIE is on a favorable upswing vs. the S&P 500 Equal-Weighted index.

http://stockcharts.com/h-sc/ui?s=PIE&p=D...

I do like the fact that these funds are out there to demonstrate the methodologies in the marketplace. Of course, there is always the risk of poor execution, or even exposing potential flaws in the methodology itself. As you mentioned, the CAN SLIM method has been put into play. Also, the Navellier funds try to demonstrate Louis Navellier's approach. The ETFs PDP, PIE, and PIZ are putting the DWA methodology on the line in the marketplace. I am looking to average in small amounts and watching how they play out over time.