Invest With An Edge » ETF Deathwatch http://investwithanedge.com Actionable Ideas for Your ETFs, Funds, & Stocks Mon, 15 Mar 2010 16:07:23 +0000 http://wordpress.org/?v=2.8 en hourly 1 ETF Deathwatch for March 2010 http://investwithanedge.com/etf-deathwatch-for-march-2010 http://investwithanedge.com/etf-deathwatch-for-march-2010#comments Tue, 02 Mar 2010 08:00:14 +0000 Ron Rowland http://investwithanedge.com/?p=8428 The number of exchange-traded products (ETPs) on ETF Deathwatch crept back into triple-digits this month.  For March, the quantity is 104 (71 ETFs and 33 ETNs), up from the 99 for February.

Only four funds were launched last August.  Since they surpassed six-months of age during February, they are no longer excluded from consideration.  Three of them are doing quite well, but the Global X Nordic 30 ETF (GXF) is on this month’s list at #99.  I for one would like to see this product succeed as it provides unique foreign market access.  GXF is still relatively young and therefore has plenty of potential to escape the list in coming months.

The top of this month’s list is headed up E-TRACS CMCI Short Platinum Excess Return ETN (PTD).  Trading was especially pitiful with only 400 shares changing hands on a single day of trading back on February 4.  PTD is the only inverse platinum product on the market, so it can’t be blamed on competition.

ELEMENTS Ben Graham Large Cap Value ETN (BVL), one of our regulars, managed to trade on six days during February, an improvement from its five days of January trading.  Most investors are not familiar with the ELEMENTS brand.  ELEMENTS are more or less owned by Merrill Lynch, but Merrill does not issue them.  In the case of BVL and a few others, they are unsecured notes issued by Deutsche Bank.  Other ELEMENTS notes are issued by Credit Suisse, HSBC, or Swedish Export Credit Corporation.  The ETNs are then distributed by Nuveen and Merrill Lynch. 

Merrill Lynch’s ETF products aren’t doing much better than their ETNs.  Merrill Lynch HOLDRS have been around for years, but their fixed structure is now antiquated.  Six of the HOLDRS are on ETF Deathwatch this month, and there are now better “true ETF” alternatives for all HOLDRS.  

Don’t forget that WisdomTree will close 10 funds this month with the last day of trading being March 24.  Sell your shares before the liquidation process begins and use a limit order.  Listed below are the 104 products on ETF Deathwatch for March that failed to generate at least $100,000 in average daily value traded (ADVT) during the past month.

 

ETF Deathwatch - March 2010

Rank Ticker Name Age (mths) Avg Daily Volume Avg Daily Value Traded
1 PTD E-TRACS CMCI Short Platinum Exc Ret ETN 22 21 $672
2 BVL Elements Ben Graham Large Cap Value ETN 19 358 $3,499
3 EEH Elements Spec LgCap US Sector Mo ETN 31 832 $6,649
4 TZD iShares S&P Target Date 2010 Index Fund 16 268 $7,614
5 FUE Elements MLCX Biofuels ETN 25 989 $8,014
6 GBB iPath GBP/USD Exchange Rate ETN 34 195 $8,201
7 BHH HOLDRS B2B Internet ETF 122 21,874 $9,144
8 PQSC PowerShares FTSE Nasdaq Small Cap 23 442 $9,679
9 UBC E-TRACS CMCI Livestock Total Return ETN 23 537 $9,791
10 PNXQ PowerShares Nasdaq Next Q 23 421 $9,853
11 EKH HOLDRS Europe 2001 111 205 $12,044
12 PBTQ PowerShares Global Biotech Portfolio 18 511 $12,309
13 PMA PowerShares Active Mega-Cap Portfolio 23 621 $13,851
14 UBN E-TRACS CMCI Energy Total Return ETN 23 947 $14,068
15 BVT Elements Ben Graham Total Mkt Value ETN 19 1,432 $14,759
16 AGA PowerShares DB Agriculture Dbl Short ETN 23 411 $15,675
17 TZO iShares S&P Target Date 2035 Index Fund 16 595 $17,109
18 WMH HOLDRS Wireless 114 405 $17,596
19 GWO Elements CS Global Warming ETN 23 2,726 $18,031
20 ADZ PowerShares DB Agriculture Short ETN 23 563 $18,541
21 GVT Grail American Beacon Large Cap Value 10 637 $19,278
22 TZI iShares S&P Target Date 2025 Index Fund 16 684 $19,929
23 MKH HOLDRS Merrill Lynch Market 2000+ 116 447 $21,162
24 INR Market Vectors Indian Rupee/USD ETN 24 558 $21,308
25 GRN iPath Global Carbon ETN 20 921 $21,940
26 EEN Claymore/BNY Mellon EW Euro-Pacific LDRs 37 1,305 $22,525
27 TZL iShares S&P Target Date 2030 Index Fund 16 811 $23,691
28 PQZ PowerShares Active Alpha Multi-Cap 23 1,447 $23,881
29 UBG E-TRACS CMCI Gold Total Return ETN 23 795 $23,899
30 EXB Claymore/Beacon Global Exch, Brkrs, & Asst Mgrs 33 1,979 $24,638
31 TZE iShares S&P Target Date 2015 Index Fund 16 863 $24,840
32 AYT Barclays GEMS Asia 8 ETN 18 553 $25,782
33 IPS SPDR S&P International Consumer Staples 19 953 $26,122
34 FAD First Trust Multi Cap Growth AlphaDEX 34 1,205 $28,196
35 STH Claymore/Sabrient Stealth 42 1,889 $28,330
36 UAG E-TRACS CMCI Agriculture TR ETN 23 1,384 $28,560
37 IIH HOLDRS Internet Infrastructure 122 10,774 $28,589
38 UBM E-TRACS CMCI Industrial Metals TR ETN 23 1,489 $29,584
39 PGD Barclays Asian&Gulf Currency Reval. ETN 21 605 $29,878
40 CZA Claymore/Zacks Mid-Cap Core ETF 35 1,324 $30,312
41 JVS Javelin DJ Islamic Market International 8 658 $30,495
42 ULQ Claymore U.S. Cap Mkts Micro-Trm Fxd Inc 25 614 $30,630
43 AGF PowerShares DB Agriculture Long ETN 23 1,921 $32,059
44 IFNA iShares FTSE NAREIT North America 28 1,047 $32,713
45 TWQ ProShares UltraShort Russell3000 8 1,316 $34,446
46 FDD First Trust DJ STOXX European Select Dividend 30 2,853 $36,929
47 PTRP PowerShares Glb Progressive Transport. 18 1,442 $37,158
48 FUD E-TRACS CMCI Food Total Return ETN 23 1,821 $37,401
49 JEM Barclays GEMS Currency Index ETN 25 853 $37,594
50 USV E-TRACS CMCI Silver Total Return ETN 23 1,742 $38,741
51 IFEU iShares FTSE EPRA/NAREIT Europe 28 1,400 $38,772
52 TZG iShares S&P Target Date 2020 Index Fund 16 1,342 $38,999
53 IRY SPDR S&P International Health Care 19 1,384 $39,832
54 DPU PowerShares DB Commodity Long ETN 22 2,763 $41,809
55 BSC Elements Ben Graham Small Cap Value ETN 19 3,942 $41,900
56 ROI WisdomTree LargeCap Growth 15 1,289 $41,954
57 ERO iPath EUR/USD Exchange Rate ETN 34 795 $42,494
58 TZV iShares S&P Target Date 2040 Index Fund 16 1,511 $44,261
59 JYF WisdomTree Dreyfus Japan Yen 22 1,542 $44,771
60 RHO Rydex Inverse 2x S&P Health Care 21 1,431 $46,520
61 URR Market Vectors Double Long Euro ETN 22 1,632 $49,741
62 BDG PowerShares DB Base Metals Lng ETN 21 2,374 $51,355
63 JPP SPDR Russell/Nomura PRIME Japan 40 1,384 $51,524
64 PIC PowerShares Dynamic Insurance 53 4,016 $55,074
65 DEF Claymore/Sabrient Defender 39 2,668 $55,191
66 JYN iPath JPY/USD Exchange Rate ETN 34 858 $56,244
67 PTO PowerShares Auto Growth NFA 22 5,416 $57,222
68 RTW Rydex Inverse 2x S&P Technology 21 2,921 $58,763
69 RHS Rydex S&P Equal Weight Cons Staples 40 1,179 $59,957
70 DOD Elements Dogs of the Dow Total Return ETN 28 8,963 $62,077
71 INY SPDR Barclays New York Muni Bond 29 2,774 $62,495
72 OTP Claymore/Ocean Tomo Patent 39 3,032 $67,189
73 PCA PowerShares Auto Balanced NFA 22 5,779 $67,326
74 UBD Claymore U.S. Capital Markets Bond ETF 25 1,374 $67,563
75 UCI E-TRACS CMCI Total Return ETN 23 3,921 $74,682
76 PSTL PowerShares Global Steel Portfolio 17 3,563 $74,778
77 TDD TDX Independence 2010 29 3,305 $75,598
78 XGC Claymore/BNY Mellon Intl Small Cap LDRs 35 4,093 $77,461
79 PFI PowerShares Dynamic Financials 41 4,726 $77,837
80 SZR WisdomTree Dreyfus S. African Rand 20 2,921 $79,210
81 ROB Claymore/Robb Report Global Luxury 31 4,758 $79,325
82 FPX First Trust US IPO Index Fund 47 4,084 $80,013
83 GCE Claymore CEF Index GS Connect ETN 27 5,100 $80,139
84 JJS iPath DJ-UBS Softs ETN 20 1,642 $81,403
85 XRU CurrencyShares Russian Ruble Shares 16 2,537 $82,884
86 TDX TDX Independence In-Target 29 3,332 $83,055
87 CRO Claymore/Zacks Country Rotation 32 5,484 $84,192
88 RYU Rydex S&P Equal Weight Utilities 40 1,926 $84,769
89 PTJ PowerShares Dynamic Healthcare Services 41 4,311 $86,781
90 RGI Rydex S&P Equal Weight Industrials 40 2,079 $89,585
91 REC Rydex Inverse 2x S&P Energy 21 16,168 $90,180
92 PAO PowerShares Auto Balanced Growth NFA 22 8,237 $90,582
93 UWC ProShares Ultra Russell3000 8 1,637 $90,779
94 TDV TDX Independence 2040 29 5,223 $91,454
95 IPW SPDR S&P International Energy 19 3,689 $91,890
96 GULF WisdomTree Middle East Dividend 20 6,300 $91,938
97 BWV iPath CBOE S&P 500 BuyWrite Index ETN 34 2,089 $92,287
98 IPD SPDR S&P International Consumer Discr 19 3,979 $92,979
99 GXF Global X FTSE Nordic 30 ETF 6 5,853 $93,407
100 QABA First Trust NASDAQ ABA Community Bank 8 4,074 $94,564
101 IPU SPDR S&P International Utilities 19 4,458 $95,404
102 EFO ProShares Ultra MSCI EAFE 9 1,379 $95,445
103 BDH HOLDRS Broadband ETF 121 8,674 $96,335
104 TDN TDX Independence 2030 29 5,472 $98,385

 Past issues of ETF Deathwatch are available here.

 Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/etf-deathwatch-for-march-2010/feed 0 ETF Deathwatch for February 2010 http://investwithanedge.com/etf-deathwatch-for-february-2010 http://investwithanedge.com/etf-deathwatch-for-february-2010#comments Tue, 09 Feb 2010 12:00:23 +0000 Ron Rowland http://investwithanedge.com/?p=8091 The number of exchange traded products on ETF Deathwatch dropped below 100 for the first time since November 2008.  Whether this drop is permanent or temporary remains to be seen.  I believe it to be a temporary event caused by a slowdown in new product introductions a year ago.  Some 70 new funds introduced in the past six months are currently enjoying the six-month grace period which gives them a chance to develop some traction.  Many of these could be added to the list as their grace periods expire.

This month’s list contains 69 ETFs and 30 ETNs for a total of 99.  The $100,000 threshold in average daily trading activity is a relatively small amount and it doesn’t take much to push a product above or below the cutoff.  Those escaping the list this time could very well be back next month.

WisdomTree recently announced plans to close 10 funds in March.  Most of the affected products are regular members of ETF Deathwatch, but they somehow managed to escape the current list. WisdomTree was the first firm to announce closings in 2010, but I predict they won’t be the only one.

Elements Ben Graham Large Cap Value ETN (BVL) heads the ETF Deathwatch list again this month, trading on only five days in January.  BVL is joined by seven other Elements brand ETNs, and a large percentage of the products from E-TRACS.

Listed below are the 99 products that failed to generate at least $100,000 in average daily value traded (ADVT) during the past month.

ETF Deathwatch - February 2010

Rank Ticker Name Age (mths) Avg Daily Volume Avg Daily Value Traded
1 BVL Elements Ben Graham Large Cap Value ETN 18 226 $2,198
2 UBC E-TRACS CMCI Livestock Total Return ETN 22 147 $2,701
3 EEH Elements Spec LgCap US Sector Mo ETN 30 453 $3,790
4 PTD E-TRACS CMCI Short Platinum Exc Ret ETN 21 174 $5,472
5 PGD Barclays Asian&Gulf Currency Reval. ETN 20 111 $5,547
6 GWO Elements CS Global Warming ETN 22 921 $6,878
7 JVS Javelin DJ Islamic Market International 7 142 $6,884
8 PNXQ PowerShares Nasdaq Next Q 22 316 $7,618
9 PQSC PowerShares FTSE Nasdaq Small Cap 22 353 $7,932
10 UBG E-TRACS CMCI Gold Total Return ETN 22 279 $8,492
11 JFT First Trust Enhanced 130/30 Large Cap ETN 21 353 $9,322
12 UBD Claymore U.S. Capital Markets Bond ETF 24 232 $11,292
13 BHH HOLDRS B2B Internet ETF 121 26,005 $11,966
14 MKH HOLDRS Merrill Lynch Market 2000+ 115 268 $13,326
15 AYT Barclays GEMS Asia 8 ETN 17 311 $14,468
16 JPX ProShares UltraShort MSCI Pacific ex-Japan 8 758 $14,750
17 EEN Claymore/BNY Mellon EW Euro-Pacific LDRs 36 932 $17,322
18 BVT Elements Ben Graham Total Mkt Value ETN 18 1,732 $18,244
19 JYF WisdomTree Dreyfus Japan Yen 21 716 $20,563
20 URR Market Vectors Double Long Euro ETN 21 654 $21,380
21 STH Claymore/Sabrient Stealth 41 1,383 $21,410
22 UBN E-TRACS CMCI Energy Total Return ETN 22 1,379 $22,226
23 EXB Claymore/Beacon Global Exch, Brkrs, & Asst Mgrs 32 1,732 $22,635
24 FDD First Trust DJ STOXX European Select Dividend 30 1,874 $26,530
25 ADZ PowerShares DB Agriculture Short ETN 22 858 $27,414
26 JEM Barclays GEMS Currency Index ETN 24 626 $28,174
27 PQY PowerShares Active AlphaQ 22 1,237 $28,212
28 FAD First Trust Multi Cap Growth AlphaDEX 33 1,263 $30,531
29 FUE Elements MLCX Biofuels ETN 24 3,558 $30,672
30 GRN iPath Global Carbon ETN 20 1,295 $31,355
31 CRO Claymore/Zacks Country Rotation 31 2,000 $32,026
32 USV E-TRACS CMCI Silver Total Return ETN 22 1,311 $34,046
33 INR Market Vectors Indian Rupee/USD ETN 23 879 $34,100
34 PBTQ PowerShares Global Biotech Portfolio 17 1,489 $35,811
35 ULQ Claymore U.S. Cap Mkts Micro-Trm Fxd Inc 24 742 $36,995
36 IFEU iShares FTSE EPRA/NAREIT Europe 27 1,279 $37,733
37 DOD Elements Dogs of the Dow Total Return ETN 27 5,595 $39,352
38 TZO iShares S&P Target Date 2035 Index Fund 15 1,316 $39,365
39 PMA PowerShares Active Mega-Cap Portfolio 22 1,732 $39,715
40 GBB iPath GBP/USD Exchange Rate ETN 33 926 $40,319
41 TZD iShares S&P Target Date 2010 Index Fund 15 1,405 $40,589
42 EKH HOLDRS Europe 2001 110 647 $41,362
43 TZL iShares S&P Target Date 2030 Index Fund 15 1,400 $42,375
44 PJO PowerShares FTSE RAFI Japan 32 1,137 $43,382
45 RTW Rydex Inverse 2x S&P Technology 20 2,256 $44,108
46 OTP Claymore/Ocean Tomo Patent 38 1,947 $45,148
47 PTO PowerShares Auto Growth NFA 21 4,200 $46,292
48 TWQ ProShares UltraShort Russell3000 7 1,947 $49,197
49 IIH HOLDRS Internet Infrastructure 121 18,453 $49,436
50 RHS Rydex S&P Equal Weight Cons Staples 39 1,005 $50,183
51 PQZ PowerShares Active Alpha Multi-Cap 22 2,968 $50,603
52 FVI First Trust Value Line Equity Allocation 38 3,053 $53,096
53 PAO PowerShares Auto Balanced Growth NFA 21 4,700 $54,094
54 ERO iPath EUR/USD Exchange Rate ETN 33 1,016 $56,024
55 IPD SPDR S&P International Consumer Discr 19 2,305 $57,834
56 TDX TDX Independence In-Target 28 2,363 $59,221
57 PIC PowerShares Dynamic Insurance 52 4,347 $59,379
58 TZE iShares S&P Target Date 2015 Index Fund 15 2,032 $60,069
59 REC Rydex Inverse 2x S&P Energy 20 12,479 $64,885
60 PYH PowerShares Value Line Industry Rotation 39 3,574 $65,993
61 IRY SPDR S&P International Health Care 19 2,205 $66,340
62 RWV RevenueShares Navellier Overall A-100 12 2,142 $66,783
63 PWO PowerShares Dynamic OTC 82 1,732 $69,069
64 AGF PowerShares DB Agriculture Long ETN 22 3,947 $69,268
65 XRU CurrencyShares Russian Ruble Shares 15 2,116 $70,586
66 ADRU BLDRS Europe 100 ADR 88 3,379 $71,162
67 TZI iShares S&P Target Date 2025 Index Fund 15 2,363 $71,361
68 IPU SPDR S&P International Utilities 19 3,147 $71,553
69 OTR Claymore/Ocean Tomo Growth 35 2,989 $71,654
70 TZG iShares S&P Target Date 2020 Index Fund 15 2,489 $74,893
71 JPP SPDR Russell/Nomura PRIME Japan 39 1,963 $75,767
72 BSC Elements Ben Graham Small Cap Value ETN 18 6,953 $75,905
73 AGA PowerShares DB Agriculture Dbl Short ETN 22 1,963 $76,019
74 GXG Global X/InterBolsa FTSE Colombia 20 ETF 12 2,616 $77,137
75 MES Market Vectors Gulf States 19 4,105 $78,640
76 RTL iShares FTSE NAREIT Retail Capped 33 3,789 $79,217
77 SJL ProShares UltraShort Russell Midcap Value 36 3,068 $80,678
78 UBM E-TRACS CMCI Industrial Metals TR ETN 22 3,821 $81,696
79 BWV iPath CBOE S&P 500 BuyWrite Index ETN 33 1,826 $81,767
80 PZJ PowerShares Zacks Small Cap 48 4,647 $82,284
81 WMW Elements Mrngstr Wide Moat Focus ETN 28 7,626 $82,602
82 PCA PowerShares Auto Balanced NFA 21 6,942 $83,096
83 WMH HOLDRS Wireless 113 1,837 $84,525
84 TZV iShares S&P Target Date 2040 Index Fund 15 2,847 $86,190
85 IPF SPDR S&P International Financial 19 4,242 $86,197
86 DPU PowerShares DB Commodity Long ETN 21 5,621 $87,197
87 DEF Claymore/Sabrient Defender 38 4,279 $89,157
88 PLK PowerShares Active Low Duration 22 3,532 $89,484
89 DPN WisdomTree Intl Consumer Staples 40 3,579 $90,060
90 MBG SPDR Barclays Mortgage Backed Bond ETF 12 3,432 $90,816
91 UWC ProShares Ultra Russell3000 7 1,537 $92,608
92 XRO Claymore/Zacks Sector Rotation 41 4,604 $95,113
93 IRO Claymore/Zacks Dividend Rotation 28 5,137 $95,796
94 QABA First Trust NASDAQ ABA Community Bank 7 4,168 $96,937
95 GVT Grail American Beacon Large Cap Value 9 3,158 $97,059
96 BDG PowerShares DB Base Metals Lng ETN 20 4,332 $97,266
97 JJT iPath DJ-UBS Tin ETN 20 2,337 $97,554
98 RGI Rydex S&P Equal Weight Industrials 39 2,224 $97,567
99 IPS SPDR S&P International Consumer Staples 19 3,437 $98,595

Past issues of ETF Deathwatch are available here.

Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/etf-deathwatch-for-february-2010/feed 7 WisdomTree to Close 10 ETFs in March http://investwithanedge.com/wisdomtree-to-close-10-etfs-in-march http://investwithanedge.com/wisdomtree-to-close-10-etfs-in-march#comments Tue, 02 Feb 2010 08:00:14 +0000 Ron Rowland http://investwithanedge.com/?p=8063 WisdomTree (WSDT) announced last Friday (1/29/2010) its intention to close 10 ETFs.  The last day of trading will be March 24, 2010 with final redemptions occurring on March 29.  I suggest current shareholders avoid the liquidation process by selling on the open market prior to delisting.  Be sure to use a limit order and be patient while waiting for a good fill.

The closures are a result of a recent strategic review by WisdomTree executives.  The firm says it did not take the decision lightly and has no plans for closures beyond these 10 funds:

  • WisdomTree Earnings Top 100 (EEZ)
  • WisdomTree Europe Total Dividend Fund (DEB)
  • WisdomTree International Communications Sector (DGG)
  • WisdomTree International Consumer Discretionary Sector Fund (DPC)
  • WisdomTree International Consumer Staples Sector Fund (DPN)
  • WisdomTree International Financial Sector Fund (DRF)
  • WisdomTree International Health Care Sector Fund (DBR)
  • WisdomTree International Industrial Sector Fund (DDI)
  • WisdomTree International Technology Sector Fund (DBT)
  • WisdomTree U.S. Short Term Government Income Fund (USY)

The closures affect most, but not all, of the WisdomTree international sector funds; Basic Materials, Energy, and Utilities survived.  However, without the other seven members of the GICS sector lineup, I would have to question the long-term viability of the three that remain.  Many of the funds that are closing have been regular members of my ETF Deathwatch.

Just a week ago I wrote about the four new international sector suites from iShares.  At that time, I suggested that nine different international sector suites were more than the market could handle.  It appears that WisdomTree agrees.

Additional information can be found in the press release, prospectus supplements, and investor FAQ.

Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/wisdomtree-to-close-10-etfs-in-march/feed 1 ETF Deathwatch – January 2010 http://investwithanedge.com/etf-deathwatch-january-2010 http://investwithanedge.com/etf-deathwatch-january-2010#comments Wed, 13 Jan 2010 11:30:38 +0000 Ron Rowland http://investwithanedge.com/?p=7789 There are 118 ETFs and ETNs on Deathwatch as the new year begins.  Last decade we witnessed phenomenal growth in exchange-traded products (ETPs).  There were just 32 at the start of the 2000s and 925 at the end, for an annualized growth rate of 40%.  The number would have been even higher if not for the 124 product closures.

The next ten years will likely be marked by rapid growth again, although nowhere near the 40% growth of the past.  Even if the growth rate of new products slows to only 10% this decade, that means we will be looking at 2,400 ETPs in 2019.  My guess is the actual number will be higher.

Fund closures are also likely to accelerate.  In recent years, being “first to market” was a key ingredient in a product’s success.  But the market is now more demanding.  New products need to provide value in order to generate investor interest.  Value can take many forms:  lower cost, access to previously unavailable markets, or a novel approach to a particular market segment.

It is still relatively inexpensive for a sponsor to launch a bunch of unproven ideas and see what works and what doesn’t.  Therefore, as the number of new product launches accelerates, so do the prospects that many won’t survive.  New ETPs must provide value and the sponsor must market them effectively.

Elements Ben Graham Large Cap Value ETN (BVL) heads the list for January, as it has many times in the past.  BVL traded on only four days in December.  I should probably remind you that the table below does not have any zeros missing.  The volume and dollar figures represent the actual amounts, not millions or thousands (or even hundreds).  BVL trades just 164 shares a day on average.  But then again, since its actual volume was zero shares 82% of the time, a truly average/typical day would not have any trades.

While most investors are familiar with the name “Ben Graham”, unless you are a regular reader of this column then you are probably not familiar with the “Elements” brand.  And therein resides one of BVL’s problems – lack of awareness.  I don’t recall ever seeing an ad for Elements ETNs.

Another problem is that although it sounds like a stock fund, what you are really buying is an unsecured debt obligation, otherwise known as an ETN.  Yet another potential problem is not knowing who is standing behind that debt, because it’s not Elements.  In the case of BVL, Deutsche Bank is the note issuer, but the same is not true of all Elements ETNs.

Listed below are the 118 products on ETF Deathwatch for January.  The 78 ETFs and 40 ETNs that failed to generate at least $100,000 in average daily value traded (ADVT) during the past month.  The 90 new ETPs introduced in the past six months are granted an exclusion.

ETF Deathwatch - January 2010

Rank Ticker Name Age (mths) Avg Daily Volume Avg Daily Value Traded
1 BVL Elements Ben Graham Large Cap Value ETN 17 164 $1,544
2 PQSC PowerShares FTSE Nasdaq Small Cap 21 95 $2,074
3 UBC E-TRACS CMCI Livestock Total Return ETN 21 209 $3,786
4 PNXQ PowerShares Nasdaq Next Q 21 168 $3,985
5 AYT Barclays GEMS Asia 8 ETN 16 127 $5,927
6 EEH Elements Spec LgCap US Sector Mo ETN 29 777 $6,308
7 TZD iShares S&P Target Date 2010 Index Fund 14 223 $6,474
8 BHH HOLDRS B2B Internet ETF 120 16,132 $6,578
9 PBTQ PowerShares Global Biotech Portfolio 16 323 $7,472
10 STH Claymore/Sabrient Stealth 40 553 $8,434
11 JPX ProShares UltraShort MSCI Pacific ex-Japan 7 482 $9,401
12 UBD Claymore U.S. Capital Markets Bond ETF 23 223 $10,851
13 UBN E-TRACS CMCI Energy Total Return ETN 21 768 $11,390
14 PGD Barclays Asian&Gulf Currency Reval. ETN 19 232 $11,672
15 GBB iPath GBP/USD Exchange Rate ETN 32 277 $12,162
16 PJO PowerShares FTSE RAFI Japan 31 336 $12,270
17 PTD E-TRACS CMCI Short Platinum Exc Ret ETN 20 377 $12,341
18 BVT Elements Ben Graham Total Mkt Value ETN 17 1,214 $12,507
19 FUE Elements MLCX Biofuels ETN 23 1,523 $12,693
20 JFT First Trust Enhanced 130/30 Large Cap ETN 20 507 $13,837
21 MKH HOLDRS Merrill Lynch Market 2000+ 114 295 $14,741
22 GWO Elements CS Global Warming ETN 21 2,150 $15,390
23 JEM Barclays GEMS Currency Index ETN 23 355 $15,981
24 EXB Claymore/Beacon Global Exch, Brkrs, & Asst Mgrs 31 1,227 $16,369
25 JJT iPath DJ-UBS Tin ETN 19 445 $16,464
26 TZV iShares S&P Target Date 2040 Index Fund 14 555 $16,768
27 KME SPDR KBW Mortgage Finance ETF 8 445 $17,862
28 PAO PowerShares Auto Balanced Growth NFA 20 1,709 $19,513
29 TGR iShares S&P Target Date Retirement Inc. 14 700 $19,623
30 FAD First Trust Multi Cap Growth AlphaDEX 32 877 $20,485
31 DOD Elements Dogs of the Dow Total Return ETN 26 2,986 $20,537
32 UAG E-TRACS CMCI Agriculture TR ETN 21 1,018 $22,416
33 IIH HOLDRS Internet Infrastructure 120 8,995 $23,103
34 AGA PowerShares DB Agriculture Dbl Short ETN 21 768 $26,868
35 JPP SPDR Russell/Nomura PRIME Japan 38 723 $26,938
36 EEN Claymore/BNY Mellon EW Euro-Pacific LDRs 35 1,514 $27,087
37 URR Market Vectors Double Long Euro ETN 20 781 $28,016
38 TZE iShares S&P Target Date 2015 Index Fund 14 950 $28,023
39 USV E-TRACS CMCI Silver Total Return ETN 21 1,123 $28,820
40 IRY SPDR S&P International Health Care 17 986 $29,266
41 INR Market Vectors Indian Rupee/USD ETN 22 795 $30,208
42 PMA PowerShares Active Mega-Cap Portfolio 21 1,355 $30,769
43 UBM E-TRACS CMCI Industrial Metals TR ETN 21 1,582 $32,369
44 AGF PowerShares DB Agriculture Long ETN 21 1,877 $32,626
45 ADZ PowerShares DB Agriculture Short ETN 21 1,041 $32,669
46 TZL iShares S&P Target Date 2030 Index Fund 14 1,105 $33,261
47 TZO iShares S&P Target Date 2035 Index Fund 14 1,109 $33,563
48 GRN iPath Global Carbon ETN 19 1,355 $33,661
49 PCA PowerShares Auto Balanced NFA 20 2,814 $33,767
50 IPN SPDR S&P International Industrial 17 1,456 $34,443
51 DPC WisdomTree Intl Consumer Cyclical 39 1,823 $35,717
52 BOM PowerShares DB Base Metals Dbl Sh ETN 19 2,136 $36,531
53 PTO PowerShares Auto Growth NFA 20 3,327 $36,538
54 EKH HOLDRS Europe 2001 109 636 $40,083
55 CRO Claymore/Zacks Country Rotation 30 2,491 $41,321
56 PQY PowerShares Active AlphaQ 21 1,891 $42,785
57 CZA Claymore/Zacks Mid-Cap Core ETF 33 1,857 $43,296
58 ERO iPath EUR/USD Exchange Rate ETN 32 768 $43,413
59 PTRP PowerShares Glb Progressive Transport. 16 1,632 $43,855
60 BSC Elements Ben Graham Small Cap Value ETN 17 4,214 $45,297
61 RTW Rydex Inverse 2x S&P Technology 19 2,354 $45,396
62 TDX TDX Independence In-Target 27 1,828 $45,994
63 OTR Claymore/Ocean Tomo Growth 33 1,955 $47,075
64 REC Rydex Inverse 2x S&P Energy 19 8,673 $47,462
65 RHO Rydex Inverse 2x S&P Health Care 19 1,473 $48,490
66 IFNA iShares FTSE NAREIT North America 26 1,491 $48,920
67 IPD SPDR S&P International Consumer Discr 17 2,064 $51,201
68 WMW Elements Mrngstr Wide Moat Focus ETN 27 4,755 $51,378
69 PJM PowerShares Dynamic Small Cap 38 2,905 $52,377
70 PQBW PowerShares Nasdaq 100 Buy/Write 19 2,327 $52,386
71 TZG iShares S&P Target Date 2020 Index Fund 14 1,823 $54,527
72 WMH HOLDRS Wireless 112 1,218 $57,448
73 PQZ PowerShares Active Alpha Multi-Cap 21 3,432 $58,658
74 IRO Claymore/Zacks Dividend Rotation 27 3,173 $59,262
75 ROB Claymore/Robb Report Global Luxury 30 3,427 $59,701
76 GCE Claymore CEF Index GS Connect ETN 25 3,700 $61,099
77 FDD First Trust DJ STOXX European Select Dividend 28 4,509 $63,026
78 BDG PowerShares DB Base Metals Lng ETN 19 2,745 $63,510
79 TDD TDX Independence 2010 27 2,773 $64,489
80 TZI iShares S&P Target Date 2025 Index Fund 14 2,159 $64,953
81 PYH PowerShares Value Line Industry Rotation 38 3,591 $65,489
82 XRO Claymore/Zacks Sector Rotation 40 3,199 $66,081
83 XGC Claymore/BNY Mellon Intl Small Cap LDRs 33 3,329 $67,142
84 ADRU BLDRS Europe 100 ADR 87 3,200 $68,049
85 RGI Rydex S&P Equal Weight Industrials 38 1,566 $68,431
86 FUD E-TRACS CMCI Food Total Return ETN 21 3,136 $68,818
87 RHS Rydex S&P Equal Weight Cons Staples 38 1,427 $70,865
88 RYF Rydex S&P Equal Weight Financial 38 3,127 $70,912
89 UBG E-TRACS CMCI Gold Total Return ETN 21 2,318 $71,012
90 PEJ PowerShares Dynamic Leisure & Enter 55 5,405 $71,477
91 JYN iPath JPY/USD Exchange Rate ETN 32 1,109 $71,895
92 FVI First Trust Value Line Equity Allocation 37 4,268 $72,901
93 SMK ProShares UltraShort MSCI Mexico 7 2,873 $74,982
94 USY WisdomTree U.S. Short-Term Govt Income 20 2,996 $74,992
95 TDN TDX Independence 2030 27 4,004 $75,613
96 DPN WisdomTree Intl Consumer Non-Cycl 39 3,141 $78,685
97 RWW RevenueShares Financials Sector Fund 14 2,886 $79,784
98 UCI E-TRACS CMCI Total Return ETN 21 4,164 $80,853
99 DEF Claymore/Sabrient Defender 37 3,836 $81,223
100 CMD ProShares UltraShort DJ-UBS Commodity 13 5,314 $82,024
101 BWV iPath CBOE S&P 500 BuyWrite Index ETN 32 1,836 $82,556
102 RMS Rydex Inverse 2x S&P MidCap 400 26 2,668 $83,689
103 JYF WisdomTree Dreyfus Japan Yen 20 2,923 $84,397
104 DBR WisdomTree Intl Health Care 39 3,468 $84,428
105 PKN PowerShares Global Nuclear Energy 21 4,505 $84,670
106 PKW PowerShares Buyback Achievers 37 4,127 $84,790
107 PWO PowerShares Dynamic OTC 81 2,141 $85,002
108 BDH HOLDRS Broadband ETF 119 6,968 $86,253
109 SJL ProShares UltraShort Russell Midcap Value 35 3,191 $86,808
110 TLL ProShares UltraShort Telecom 21 6,042 $89,602
111 MCRO IQ Hedge Macro Tracker ETF 7 3,409 $91,379
112 DEE PowerShares DB Commodity Dbl Short ETN 20 1,727 $93,412
113 PZJ PowerShares Zacks Small Cap 47 5,436 $94,629
114 DPU PowerShares DB Commodity Long ETN 20 6,068 $96,457
115 ROI WisdomTree LargeCap Growth 13 2,855 $97,600
116 JJP iPath DJ-UBS Precious Metals ETN 19 1,650 $98,270
117 ICI iPath Optimized Currency Carry ETN 21 2,159 $98,357
118 DDP PowerShares DB Commodity Short ETN 20 2,545 $99,813

Past issues of ETF Deathwatch are available here.

Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/etf-deathwatch-january-2010/feed 0 ETF Death Toll for 2009 = 56 http://investwithanedge.com/etf-death-toll-for-2009-56 http://investwithanedge.com/etf-death-toll-for-2009-56#comments Wed, 06 Jan 2010 07:20:53 +0000 Ron Rowland http://investwithanedge.com/?p=7675 U.S. exchange-traded product delistings and closures totaled 56 in 2009, consisting of 51 ETFs and five ETNs. The lifetime toll now stands at 124 (111 ETFs and 13 ETNs). The 56 closures are slightly below the 58 in 2008. However, if ETNs are excluded, then the ETF closure count of 51 in 2009 sets a new record, surpassing the 50 of 2008.

The 2009 closures hit nine different brands, and five of those brands saw 100% of their product line vanish. NETS, SPA, BearLinx, AirShares, and MacroShares are all gone. Families and brands with partial closures include PowerShares (19 ETFs and one ETN), Claymore, and ELEMENTS.

ETF & ETN Closures of 2009

Count Ticker Name Last Day
1 AEX NETS AEX Index (Netherlands) 02/09/2009
2 BRU NETS BEL 20 Index (Belgium) 02/09/2009
3 FRC NETS CAC 40 Index (France) 02/09/2009
4 DAX NETS DAX Index (Germany) 02/09/2009
5 LDN NETS FTSE 100 Index (London) 02/09/2009
6 SGT NETS FTSE Singapore Straits Times Index 02/09/2009
7 JNB NETS FTSE/JSE Top 40 Index (South Africa) 02/09/2009
8 MYG NETS FTSE-CNBC Global 300 Index Fund 02/09/2009
9 SNO NETS Hang Seng China Enterprises Index 02/09/2009
10 HKG NETS Hang Seng Index (Hong Kong) 02/09/2009
11 IQE NETS ISEQ 20 Index (Ireland) 02/09/2009
12 LIS NETS PSI 20 Index (Portugal) 02/09/2009
13 AUS NETS S&P/ASX 200 Index (Australia) 02/09/2009
14 ITL NETS S&P/MIB Index (Italy) 02/09/2009
15 TAV NETS TA-25 Index (Israel) 02/09/2009
16 JRE NETS Tokyo Stock Exchange REIT Index 02/09/2009
17 TYI NETS TOPIX Index (Japan) 02/09/2009
18 SFV SPA MarketGrader 40 Fund 03/25/2009
19 SIH SPA MarketGrader 100 Fund 03/25/2009
20 SNB SPA MarketGrader 200 Fund 03/25/2009
21 SSK SPA MarketGrader Small Cap 100 Fund 03/25/2009
22 SVD SPA MarketGrader Mid Cap 100 Fund 03/25/2009
23 SZG SPA MarketGrader Large Cap 100 Fund 03/25/2009
24 GOE Elements MLCX Gold Index ETN 04/03/2009
25 LSO Elements MLCX Livestock Index ETN 04/03/2009
26 PMY Elements MLCX Precious Metals Index ETN 04/03/2009
27 PGZ PowerShares Dynamic Aggressive Growth 05/18/2009
28 PUA PowerShares Dynamic Asia Pacific 05/18/2009
29 PVM PowerShares Dynamic Deep Value 05/18/2009
30 PEH PowerShares Dynamic Europe 05/18/2009
31 PHW PowerShares Dynamic Hardware & Consumer Electronics 05/18/2009
32 PDQ PowerShares FTSE RAFI Asia Pacific ex-Japan Small-Mid 05/18/2009
33 PRFM PowerShares FTSE RAFI Basic Materials Sector 05/18/2009
34 PRFG PowerShares FTSE RAFI Consumer Goods Sector 05/18/2009
35 PRFS PowerShares FTSE RAFI Consumer Services Sector 05/18/2009
36 PRFE PowerShares FTSE RAFI Energy Sector 05/18/2009
37 PWD PowerShares FTSE RAFI Europe Small-Mid 05/18/2009
38 PRFF PowerShares FTSE RAFI Financials Sector 05/18/2009
39 PRFH PowerShares FTSE RAFI Health Care Sector 05/18/2009
40 PRFN PowerShares FTSE RAFI Industrials Sector 05/18/2009
41 PRY PowerShares FTSE RAFI International Real Estate 05/18/2009
42 PRFQ PowerShares FTSE RAFI Telecommunications & Technology Sector 05/18/2009
43 PRFU PowerShares FTSE RAFI Utilities Sector 05/18/2009
44 PHJ PowerShares High Growth Rate Dividend Achievers 05/18/2009
45 PFP PowerShares International Listed Private Equity 05/18/2009
46 BSR BearLinx Alerian MLP ETN 06/12/2009
47 DOY MacroShares $100 Oil Down 06/25/2009
48 UOY MacroShares $100 Oil Up 06/25/2009
49 ASO AirShares EU Carbon Allowances Fund 07/31/2009
50 DXO PowerShares DB Crude Oil Double Long ETN 09/08/2009
51 MZG Claymore/Morningstar Manufacturing Super Sector Index ETF 12/11/2009
52 MZN Claymore/Morningstar Information Super Sector Index ETF 12/11/2009
53 MZO Claymore/Morningstar Services Super Sector Index ETF 12/11/2009
54 UEM Claymore U.S.-1 – The Capital Markets Index ETF 12/11/2009
55 DMM MacroShares Major Metro Housing Down 12/28/2009
56 UMM MacroShares Major Metro Housing Up 12/28/2009

Sign up for my free weekly newsletter to stay abreast of upcoming ETF closings and other pertinent market information.

Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/etf-death-toll-for-2009-56/feed 2 Totally Obscene UMM DMM Expense Ratio http://investwithanedge.com/totally-obscene-umm-dmm-expense-ratio http://investwithanedge.com/totally-obscene-umm-dmm-expense-ratio#comments Mon, 28 Dec 2009 12:31:40 +0000 Ron Rowland http://investwithanedge.com/?p=7569 In the ETF world, which MacroShares strives to be a part of, low expense ratios are expected.  Those in excess of 1% typically receive harsh criticism.  Most sponsors recognize this fact and work tirelessly to reduce fees and cap expenses for their shareholders.  MacroShares took a different route, selfishly imposing an annualized expense ratio exceeding 12.5% for its own benefit.

Last week I wrote an article on the early termination of MacroShares Major Metro Housing Up (UMM) and Down (DMM).  In it, I mentioned that I did not know the fair prices for the pair, but there was a potential trade since the combined prices added up to only $46.11 instead of the expected $50.00.  MacroShares are based on a teeter-totter arrangement, whereby the underlying values undergo equal but inverse movements.  Their combined value is therefore supposed to remain constant except for expenses.

I went looking for a trade, but what I found instead was the most outrageous expense ratio ever.  At the June 30 launch, the NAVs were $20.02 for UMM and $29.98 for DMM.  As expected, the two NAVs added up to $50.00 as part of the teeter-totter arrangement.  As of December 21, the NAVs were $22.68 for UMM and $25.87 for DMM.  Those “pre-termination” NAVs add up to only $48.55.  Each of the pair lost 2.9% in less than six months due to daily expenses.

According to the press release, the underlying values of both UMM and DMM will also bear the early termination fees, expected to range from $0.85 to $0.90 per share.  The early termination expenses will accrue ratably starting December 22 and going through December 28, the last day of trading.  Since the termination values are to be based on the November 24, 2009 release of the S&P/Case-Shiller Composite-10 Home Price Index, all fluctuations in the NAVs during this period are expense related.

Subtracting 85-cent termination fees yields the anticipated liquidation NAVs of $21.83 for UMM and $25.02 for DMM.  Their expected combined value of just $46.85 represents expenses of $3.15, or 6.3%, in less than six months.  On an annualized basis, the expense ratio is in excess of 12.5% for UMM and DMM.

This is beyond outrageous.  It is obscene.  The teeter-totter is broken.  Where are the directors that are supposedly looking out for the interest of the shareholders?

The prospectus contains 15 hypothetical examples.  The worst case expenses used in any of these examples is $0.095 (less than a dime) per share per quarter for a 1.52% annualized expense ratio.  Additionally, all 15 hypothetical examples show a combined value of $50 for the pairs for all quarters and all years.  Maybe I am missing something, but it sure looks like more misleading marketing material to me.

Last Thursday (12/24/09), I purchased an equal number of shares of both UMM and DMM.  I intend to go through the liquidation and early termination process and will report back with the results.

Disclosure covering writer, editor, publisher, and affiliates: Long UMM & DMM. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/totally-obscene-umm-dmm-expense-ratio/feed 0 UMM & DMM Trigger Early Termination http://investwithanedge.com/umm-dmm-trigger-early-termination http://investwithanedge.com/umm-dmm-trigger-early-termination#comments Thu, 24 Dec 2009 12:15:34 +0000 Ron Rowland http://investwithanedge.com/?p=7553 They are not ETFs.  They are not ETNs.  They are MacroShares, and after next week, they are gone.  Bye-bye MacroShares.  If that sounds like something you’ve read before, then you are correct, maybe more than once.

The launch of MacroShares Major Metro Housing Up (UMM) and MacroShares Major Metro Housing Down (DMM) back on June 30, 2009 was the most over-hyped launch of any exchange-traded product that I can recall.  They had pre-IPO road shows, fooled Time Magazine into naming it one of the “Best Inventions of 2008” more than six months before the launch, and somehow convinced advisors and analysts to write glowing pre-launch articles about how great these products were going to be.

I took a different path.  I read the prospectus and then boldly proclaimed that the new MacroShares would not track the Case-Shiller Index, and went on to itemize my 10 reasons why.

I also pointed out that the prospectus contained 13 early termination triggers.  Earlier this week, MacroShares Housing Depositor issued a press release indicating that the “less than 50 million dollars per trust” early termination trigger is now going to be activated.

UMM and DMM will continue to trade through Monday, December 28, 2009.  The liquidation value is to be based on the November 24, 2009 release of the S&P/Case-Shiller Composite-10 Home Price Index.  Payment to any remaining shareholders will be made on January 6, 2010.

I have no idea what the fair prices should be.  If you can figure it out, then there might be an opportunity to make a profit on the termination because the UMM closed at $21.21 yesterday while DMM closed at $24.90.  Theoretically, the two prices should add up to $50 for the teeter-totter arrangement.  However, not much has worked as planned, so don’t blindly enter into this trade.

There have been three pairs of MacroShares, and all three faced an undesired early termination.  Given the lack of success, I won’t be surprised to see them pull the filings for the MacroShares Medical Inflation pair.

MacroShares have always had their problems, and hopefully you have avoided them:

I for one will not miss MacroShares, although it is getting easier to write their obituaries.  My only regret is that I might have to retire the housing teeter-tooter graphic I created.

Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/umm-dmm-trigger-early-termination/feed 0 ETF Deathwatch – December 2009 http://investwithanedge.com/etf-deathwatch-december-2009 http://investwithanedge.com/etf-deathwatch-december-2009#comments Mon, 07 Dec 2009 12:07:56 +0000 Ron Rowland http://investwithanedge.com/?p=7266 The number of funds on ETF Deathwatch jumped 13% to 128 this month from 113 in November.  The count consists of 88 ETFs and 40 ETNs that failed to generate at least $100,000 in average daily value traded (ADVT) for the past month.

E-TRACS CMCI Short Platinum Excess Return (PTD) headed the list for the fourth month in a row.  PTD saw action on only one day in November and it was for only 100 shares.  So far in 2009 PTD has only traded on 33 days.  In the August-November period it traded on just 10 days for a cumulative volume of 1,100 shares while posting 74 days of zero volume.  Its highest volume day during that four-month span was just 300 shares.

Hello?  E-TRACS? Is anybody home?  More than 90% of your entire product line is in shambles.  This is not a new revelation.  It’s been going on for a long time.  Yet someone at E-TRACS had the courage (if that the right word) to launch yet another new product last month.

Claymore has 16 products on this month’s list.  Last month, Claymore announced that four (MZG, MZN, MZO, UEM) of them would be shut down in December but has said nothing about the others.

Elements has eight products on this month’s deathwatch, including three named after Ben Graham.  Clearly it takes more than a name to make an exchange-traded product financially successful.  PowerShares has the dubious distinction of having the largest quantity of products on the list at 29.   To make things worse for these struggling ETFs, ETNs, and sponsors, Schwab has now upped the ante for anyone wanting to compete in this arena.

The average age of the funds on ETF Deathwatch is more than 28 months, so this isn’t really a “new fund” phenomenon.  In fact, the 83 new products launched in the past six months are excluded to give them a chance to establish a foothold.

ETF Deathwatch - December 2009

Rank Ticker Name Age (mths) Avg Daily Volume Avg Daily Value Traded
1 PTD E-TRACS CMCI Short Platinum Exc Ret ETN 19 5 $171
2 DOD Elements Dogs of the Dow Total Return ETN 25 545 $3,617
3 JEM Barclays GEMS Currency Index ETN 22 90 $4,070
4 MZG Claymore/Mrngstr Manufact. SuperSector 28 210 $4,326
5 MZO Claymore/Mrngstr Services SuperSector 28 250 $4,384
6 JFT First Trust Enhanced 130/30 Large Cap ETN 19 220 $5,521
7 BHH HOLDRS B2B Internet ETF 119 14,530 $5,700
8 JJT iPath DJ-UBS Tin ETN 17 165 $5,840
9 BVL Elements Ben Graham Large Cap Value ETN 16 640 $5,987
10 PBTQ PowerShares Global Biotech Portfolio 15 270 $6,161
11 PNXQ PowerShares Nasdaq Next Q 20 305 $6,793
12 PGD Barclays Asian&Gulf Currency Reval. ETN 18 135 $6,826
13 KME SPDR KBW Mortgage Finance ETF 7 175 $7,028
14 BDG PowerShares DB Base Metals Lng ETN 18 360 $7,713
15 GBB iPath GBP/USD Exchange Rate ETN 31 180 $8,067
16 TZD iShares S&P Target Date 2010 Index Fund 13 285 $8,281
17 UBN E-TRACS CMCI Energy Total Return ETN 20 575 $8,632
18 UBC E-TRACS CMCI Livestock Total Return ETN 20 500 $8,970
19 TZE iShares S&P Target Date 2015 Index Fund 13 330 $9,770
20 EEH Elements Spec LgCap US Sector Mo ETN 28 1,265 $9,931
21 MKH HOLDRS Merrill Lynch Market 2000+ 113 255 $12,487
22 FUE Elements MLCX Biofuels ETN 22 1,565 $12,748
23 GWO Elements CS Global Warming ETN 20 1,790 $13,151
24 BSC Elements Ben Graham Small Cap Value ETN 16 1,290 $13,209
25 AYT Barclays GEMS Asia 8 ETN 15 290 $13,437
26 BVT Elements Ben Graham Total Mkt Value ETN 16 1,385 $13,888
27 STH Claymore/Sabrient Stealth 39 970 $14,244
28 UEM Claymore U.S.-1-The Capital Markets 22 350 $15,875
29 IIH HOLDRS Internet Infrastructure 119 8,110 $19,554
30 TZV iShares S&P Target Date 2040 Index Fund 13 660 $19,586
31 URR Market Vectors Double Long Euro ETN 19 537 $19,645
32 TZG iShares S&P Target Date 2020 Index Fund 13 720 $21,309
33 UBD Claymore U.S. Capital Markets Bond ETF 22 430 $22,018
34 EXB Claymore/Beacon Global Exch, Brkrs, & Asst Mgrs 30 1,610 $22,023
35 RHO Rydex Inverse 2x S&P Health Care 18 655 $23,138
36 TZL iShares S&P Target Date 2030 Index Fund 13 795 $23,520
37 CZA Claymore/Zacks Mid-Cap Core ETF 32 1,073 $24,004
38 PQSC PowerShares FTSE Nasdaq Small Cap 20 1,220 $24,779
39 TZI iShares S&P Target Date 2025 Index Fund 13 880 $26,108
40 IPD SPDR S&P International Consumer Discr 16 1,090 $26,389
41 OTP Claymore/Ocean Tomo Patent 36 1,235 $27,395
42 ADZ PowerShares DB Agriculture Short ETN 20 905 $28,808
43 IRY SPDR S&P International Health Care 16 1,020 $29,954
44 AGF PowerShares DB Agriculture Long ETN 20 1,750 $30,169
45 UBM E-TRACS CMCI Industrial Metals TR ETN 20 1,565 $30,302
46 PLK PowerShares Active Low Duration 20 1,215 $30,844
47 RTW Rydex Inverse 2x S&P Technology 18 1,449 $30,934
48 IPN SPDR S&P International Industrial 16 1,367 $32,026
49 PTRP PowerShares Glb Progressive Transport. 15 1,220 $32,048
50 IPU SPDR S&P International Utilities 16 1,470 $32,956
51 PJO PowerShares FTSE RAFI Japan 30 1,005 $35,598
52 USV E-TRACS CMCI Silver Total Return ETN 20 1,400 $36,709
53 PAO PowerShares Auto Balanced Growth NFA 19 3,250 $36,874
54 TGR iShares S&P Target Date Retirement Inc. 13 1,325 $37,063
55 UAG E-TRACS CMCI Agriculture TR ETN 20 1,775 $38,100
56 DPC WisdomTree Intl Consumer Cyclical 38 2,000 $38,769
57 JYN iPath JPY/USD Exchange Rate ETN 31 600 $39,655
58 BOM PowerShares DB Base Metals Dbl Sh ETN 18 1,945 $39,746
59 JYF WisdomTree Dreyfus Japan Yen 19 1,360 $39,996
60 UCI E-TRACS CMCI Total Return ETN 20 2,085 $39,999
61 INY SPDR Barclays New York Muni Bond 26 1,825 $40,422
62 OTR Claymore/Ocean Tomo Growth 32 1,750 $40,888
63 TDD TDX Independence 2010 26 1,850 $43,379
64 FUD E-TRACS CMCI Food Total Return ETN 20 2,055 $43,501
65 TZO iShares S&P Target Date 2035 Index Fund 13 1,480 $43,963
66 FVI First Trust Value Line Equity Allocation 36 2,705 $44,061
67 MZN Claymore/Mrngstr Inform. SuperSector 28 2,145 $44,091
68 RGI Rydex S&P Equal Weight Industrials 37 1,056 $44,247
69 GVT Grail American Beacon Large Cap Value 7 1,390 $44,321
70 IFNA iShares FTSE NAREIT North America 25 1,475 $44,549
71 GRN iPath Global Carbon ETN 17 1,860 $46,108
72 INR Market Vectors Indian Rupee/USD ETN 21 1,240 $47,215
73 PCA PowerShares Auto Balanced NFA 19 4,170 $49,702
74 CRO Claymore/Zacks Country Rotation 29 2,960 $49,947
75 EKH HOLDRS Europe 2001 108 820 $50,532
76 PQY PowerShares Active AlphaQ 20 2,340 $50,992
77 PQBW PowerShares Nasdaq 100 Buy/Write 18 2,385 $53,224
78 WMW Elements Mrngstr Wide Moat Focus ETN 26 5,405 $54,389
79 TDN TDX Independence 2030 26 3,082 $57,594
80 DEF Claymore/Sabrient Defender 36 2,835 $57,925
81 JPP SPDR Russell/Nomura PRIME Japan 37 1,595 $58,041
82 WMH HOLDRS Wireless 111 1,290 $58,398
83 PTO PowerShares Auto Growth NFA 19 5,405 $58,468
84 PTE PowerShares Dynamic Telecom & Wireless 49 4,625 $58,555
85 RHM Rydex 2x S&P Health Care 18 960 $58,745
86 JJS iPath DJ-UBS Softs ETN 17 1,260 $58,803
87 FAD First Trust Multi Cap Growth AlphaDEX 31 2,620 $59,170
88 PQZ PowerShares Active Alpha Multi-Cap 20 3,615 $60,016
89 DDP PowerShares DB Commodity Short ETN 19 1,545 $60,603
90 RTL iShares FTSE NAREIT Retail Capped 31 3,110 $61,564
91 IPS SPDR S&P International Consumer Staples 16 2,325 $64,388
92 MBG SPDR Barclays Mortgage Backed Bond ETF 10 2,430 $65,694
93 DPU PowerShares DB Commodity Long ETN 19 4,150 $66,015
94 TDV TDX Independence 2040 26 3,710 $66,876
95 EMV SPDR Dow Jones Mid Cap Value 49 1,550 $67,484
96 PFI PowerShares Dynamic Financials 38 4,020 $67,589
97 PTJ PowerShares Dynamic Healthcare Services 38 3,655 $68,109
98 EEN Claymore/BNY Mellon EW Euro-Pacific LDRs 34 3,880 $70,502
99 BOS PowerShares DB Base Metals Sht ETN 18 2,920 $70,528
100 ADRU BLDRS Europe 100 ADR 86 3,260 $71,101
101 GCE Claymore CEF Index GS Connect ETN 24 4,495 $72,313
102 PMA PowerShares Active Mega-Cap Portfolio 20 3,285 $72,379
103 ERO iPath EUR/USD Exchange Rate ETN 31 1,250 $72,691
104 RHS Rydex S&P Equal Weight Cons Staples 37 1,475 $73,128
105 EZY WisdomTree Large Cap Value 34 2,155 $74,517
106 RWW RevenueShares Financials Sector Fund 13 2,655 $75,023
107 JJE iPath DJ-UBS Energy ETN 26 2,935 $76,746
108 ROB Claymore/Robb Report Global Luxury 28 4,420 $77,335
109 TDX TDX Independence In-Target 26 3,141 $79,471
110 PWO PowerShares Dynamic OTC 80 2,120 $81,644
111 IFEU iShares FTSE EPRA/NAREIT Europe 25 2,710 $83,114
112 TDH TDX Independence 2020 26 3,993 $84,145
113 PZJ PowerShares Zacks Small Cap 46 5,070 $85,056
114 PKW PowerShares Buyback Achievers 36 4,290 $85,644
115 QQXT First Trust Nasdaq-100 ex-Technology 34 5,140 $87,290
116 RWV RevenueShares Navellier Overall A-100 10 2,960 $89,727
117 PKN PowerShares Global Nuclear Energy 20 4,850 $90,878
118 AGA PowerShares DB Agriculture Dbl Short ETN 20 2,475 $92,229
119 RMS Rydex Inverse 2x S&P MidCap 400 25 2,680 $92,320
120 SJL ProShares UltraShort Russell Midcap Value 34 3,125 $93,582
121 UBG E-TRACS CMCI Gold Total Return ETN 20 2,955 $93,642
122 XRO Claymore/Zacks Sector Rotation 39 4,808 $94,477
123 IPF SPDR S&P International Financial 17 4,425 $94,803
124 FIO iShares FTSE NAREIT Industrial/Office Cpd 31 4,505 $97,072
125 PEF PowerShares FTSE RAFI Europe 30 2,670 $98,268
126 DBT WisdomTree Intl Technology 38 5,490 $98,668
127 BWV iPath CBOE S&P 500 BuyWrite Index ETN 31 2,265 $99,107
128 FPX First Trust US IPO Index Fund 44 5,200 $99,789

Past issues of ETF Deathwatch are available here.

Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/etf-deathwatch-december-2009/feed 0 Claymore Closing Four of Its 17 ETFs on Deathwatch http://investwithanedge.com/claymore-closing-four-of-its-17-etfs-on-deathwatch http://investwithanedge.com/claymore-closing-four-of-its-17-etfs-on-deathwatch#comments Mon, 30 Nov 2009 12:20:02 +0000 Ron Rowland http://investwithanedge.com/?p=7150 December 11, 2009 will be the last day of trading for Claymore/Morningstar Manufacturing Super Sector Index ETF (MZG), Claymore/Morningstar Information Super Sector Index ETF (MZN), Claymore/Morningstar Services Super Sector Index ETF (MZO), and Claymore U.S.-1 – The Capital Markets Index ETF (UEM).

My suggestion to anyone who holds these funds is to sell your shares before the closure and liquidation process begins.  All have extremely low activity, including many days of zero volume.  Use a limit order and give it a few days to fill.  If you wait until the last day, don’t be surprised to find no bids anywhere near a fair price.

All four of these ETFs were identified in the current issue of ETF Deathwatch (and almost every prior issue) with MZO #4, MZN #11, UBG #33, and MZG at #52.  Claymore is very familiar with the ETF closure process having shut down 13 of them on prior occasions.

Strangely, Claymore has other products that are in just as bad as shape as these.  Claymore ETFs and ETNs currently on ETF Deathwatch, but which somehow survived the November 25 announcement, include the following:

  • Claymore/Ocean Tomo Patent (OTP)
  • Claymore/Zacks Mid-Cap Core ETF (CZA)
  • Claymore U.S. Capital Markets Bond ETF (UBD)
  • Claymore CEF Index GS Connect ETN (GCE)
  • Claymore/Ocean Tomo Growth (OTR)
  • Claymore/Zacks Country Rotation (CRO)
  • Claymore/Sabrient Defender (DEF)
  • Claymore/BNY Mellon EW Euro-Pacific LDRs (EEN)
  • Claymore/Beacon Global Exchanges, Brokers, & Asset Management (EXB)
  • Claymore/Zacks Dividend Rotation (IRO)
  • Claymore/Sabrient Stealth (STH)
  • Claymore/BNY Mellon International Small Cap LDRs (XGC)
  • Claymore/Robb Report Global Luxury (ROB)

A Claymore spokesman informed me that some of the funds are approaching their three-year anniversary and are expected to receive a good rating from Morningstar at that time.  They hope assets will start moving in once the coveted Morningstar rating is received.  This is supposedly why OTP, DEF, and some others were spared the axe at this time.

All of the products listed above have pathetic trading volume and probably have asset levels that make them unprofitable. I pointed out back in March that some Claymore ETFs like UBD do not have market makers and have bid/ask spreads in excess of 100%.  UBD was featured again in my Dead ETF Walking article.  Claymore performed an extreme makeover on XGC back in July.  So far no one has fallen for that trick and it is still on Deathwatch.

Claymore has brought many great ETFs to market.  This does not mean they are successful ETFs.  I suggest you avoid the products listed above.

Disclosure covering writer, editor, and publisher: No other positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

]]> http://investwithanedge.com/claymore-closing-four-of-its-17-etfs-on-deathwatch/feed 2 ETF Deathwatch – November 2009 http://investwithanedge.com/etf-deathwatch-november-2009 http://investwithanedge.com/etf-deathwatch-november-2009#comments Fri, 06 Nov 2009 15:05:13 +0000 Ron Rowland http://investwithanedge.com/?p=6785 The number of funds on ETF Deathwatch edged up to 113 this month from 111 in October.  The count consists of 78 ETFs and 35 ETNs that failed to generate at least $100,000 in average daily value traded (ADVT) for the past month.

E-TRACS CMCI Short Platinum Excess Return (PTD) heads the list again this month.  I haven’t checked, but my guess is that PTD holds the record for number of times at the top of the list.  PTD saw action on only three days in September and did the same in October, with the other 19 days being zero volume days.  However, it did manage to boost trading by 100 shares over September, making for 600 total shares traded last month.  Although PTD hasn’t traded in a few days, there are shares available for purchase at $34.02 this morning.  If you want to sell, the bid is only $33.62.

I’m not sure what the grand plan is for E-TRACS, but surely someone on the inside must be questioning its ongoing viability in this business.  However, that voice was not heard last week when UBS launched yet another ETN, even though 90% of the E-TRACS product line was already on deathwatch.

To make things worse for these struggling ETFs, ETNs, and sponsors, Schwab has now upped the ante for anyone wanting to compete in this arena.  The directors for the 113 products listed below need to demand answers.  At what point do they pull the plug and end the suffering?

ETF Deathwatch - November 2009

Rank Ticker Name Age (mths) Avg Daily Volume Avg Daily Value Traded
1 PTD E-TRACS CMCI Short Platinum Exc Ret ETN 18 18 $614
2 BVL Elements Ben Graham Large Cap Value ETN 15 68 $633
3 RHO Rydex Inverse 2x S&P Health Care 17 73 $2,933
4 MZO Claymore/Mrngstr Services SuperSector 27 200 $3,481
5 TZD iShares S&P Target Date 2010 Index Fund 12 145 $4,187
6 JJT iPath DJ-UBS Tin ETN 16 123 $4,300
7 PGD Barclays Asian&Gulf Currency Reval. ETN 17 91 $4,557
8 RTW Rydex Inverse 2x S&P Technology 17 223 $4,900
9 GWO Elements CS Global Warming ETN 19 773 $5,397
10 OTP Claymore/Ocean Tomo Patent 35 259 $5,590
11 MZN Claymore/Mrngstr Inform. SuperSector 27 300 $6,171
12 UBC E-TRACS CMCI Livestock Total Return ETN 19 473 $8,292
13 TZO iShares S&P Target Date 2035 Index Fund 12 395 $11,601
14 FUE Elements MLCX Biofuels ETN 21 1,523 $11,925
15 IIH HOLDRS Internet Infrastructure 118 5,005 $12,171
16 TZE iShares S&P Target Date 2015 Index Fund 12 445 $12,974
17 PBTQ PowerShares Global Biotech Portfolio 14 582 $13,442
18 AYT Barclays GEMS Asia 8 ETN 14 291 $13,481
19 IPS SPDR S&P International Consumer Staples 15 523 $13,931
20 JFT First Trust Enhanced 130/30 Large Cap ETN 18 518 $14,303
21 PNXQ PowerShares Nasdaq Next Q 19 709 $15,505
22 JEM Barclays GEMS Currency Index ETN 21 345 $15,668
23 EEH Elements Spec LgCap US Sector Mo ETN 27 2,055 $16,512
24 AGF PowerShares DB Agriculture Long ETN 19 1,068 $17,575
25 BHH HOLDRS B2B Internet ETF 118 43,723 $18,286
26 CZA Claymore/Zacks Mid-Cap Core ETF 31 939 $20,350
27 UBD Claymore U.S. Capital Markets Bond ETF 21 427 $20,406
28 DOD Elements Dogs of the Dow Total Return ETN 24 3,041 $20,480
29 ADZ PowerShares DB Agriculture Short ETN 19 636 $20,541
30 UBN E-TRACS CMCI Energy Total Return ETN 19 1,350 $20,573
31 BOS PowerShares DB Base Metals Sht ETN 17 859 $22,261
32 PMA PowerShares Active Mega-Cap Portfolio 19 1,073 $22,856
33 UEM Claymore U.S.-1-The Capital Markets 21 555 $22,901
34 UBG E-TRACS CMCI Gold Total Return ETN 19 805 $23,126
35 IRY SPDR S&P International Health Care 15 814 $23,181
36 BVT Elements Ben Graham Total Mkt Value ETN 15 2,409 $23,642
37 PLK PowerShares Active Low Duration 19 982 $24,930
38 TZI iShares S&P Target Date 2025 Index Fund 12 882 $25,857
39 PAO PowerShares Auto Balanced Growth NFA 18 2,350 $26,399
40 FUD E-TRACS CMCI Food Total Return ETN 19 1,336 $27,023
41 TGR iShares S&P Target Date Retirement Inc. 12 995 $27,530
42 INR Market Vectors Indian Rupee/USD ETN 20 741 $28,414
43 GCE Claymore CEF Index GS Connect ETN 23 1,814 $28,688
44 PQZ PowerShares Active Alpha Multi-Cap 19 1,827 $29,473
45 RHM Rydex 2x S&P Health Care 17 518 $29,837
46 IPU SPDR S&P International Utilities 15 1,382 $30,403
47 PTO PowerShares Auto Growth NFA 18 2,873 $30,850
48 TZL iShares S&P Target Date 2030 Index Fund 12 1,059 $31,386
49 FVI First Trust Value Line Equity Allocation 35 2,023 $31,799
50 BDG PowerShares DB Base Metals Lng ETN 17 1,550 $31,976
51 BSC Elements Ben Graham Small Cap Value ETN 15 3,336 $34,164
52 MZG Claymore/Mrngstr Manufact. SuperSector 27 1,682 $34,798
53 PQY PowerShares Active AlphaQ 19 1,750 $36,405
54 IPD SPDR S&P International Consumer Discr 15 1,500 $36,674
55 XRU CurrencyShares Russian Ruble Shares 12 1,127 $38,610
56 JPP SPDR Russell/Nomura PRIME Japan 36 1,073 $39,682
57 BOM PowerShares DB Base Metals Dbl Sh ETN 17 1,777 $39,848
58 OTR Claymore/Ocean Tomo Growth 31 1,841 $41,455
59 GRN iPath Global Carbon ETN 16 1,600 $42,426
60 CRO Claymore/Zacks Country Rotation 28 2,686 $44,493
61 TZG iShares S&P Target Date 2020 Index Fund 12 1,527 $44,780
62 DEF Claymore/Sabrient Defender 35 2,395 $48,233
63 TZV iShares S&P Target Date 2040 Index Fund 12 1,636 $48,623
64 UBM E-TRACS CMCI Industrial Metals TR ETN 19 2,736 $49,778
65 DPC WisdomTree Intl Consumer Cyclical 37 2,732 $51,788
66 PQBW PowerShares Nasdaq 100 Buy/Write 17 2,395 $52,487
67 AGA PowerShares DB Agriculture Dbl Short ETN 19 1,359 $54,566
68 RYU Rydex S&P Equal Weight Utilities 36 1,277 $55,658
69 UCI E-TRACS CMCI Total Return ETN 19 3,032 $56,363
70 JJU iPath DJ-UBS Aluminum ETN 16 2,086 $56,502
71 USV E-TRACS CMCI Silver Total Return ETN 19 2,377 $59,351
72 UAG E-TRACS CMCI Agriculture TR ETN 19 2,886 $59,420
73 URR Market Vectors Double Long Euro ETN 18 1,661 $59,945
74 EEN Claymore/BNY Mellon EW Euro-Pacific LDRs 33 3,386 $61,073
75 FAD First Trust Multi Cap Growth AlphaDEX 30 2,736 $61,672
76 PQSC PowerShares FTSE Nasdaq Small Cap 19 2,932 $61,713
77 RHS Rydex S&P Equal Weight Cons Staples 36 1,268 $61,947
78 BWV iPath CBOE S&P 500 BuyWrite Index ETN 30 1,459 $62,234
79 TDX TDX Independence In-Target 25 2,567 $64,453
80 KME SPDR KBW Mortgage Finance ETF 6 1,564 $64,468
81 PFI PowerShares Dynamic Financials 37 3,982 $68,401
82 JYF WisdomTree Dreyfus Japan Yen 18 2,368 $68,754
83 EKH HOLDRS Europe 2001 107 1,132 $69,241
84 FDD First Trust DJ STOXX European Select Dividend 26 4,950 $70,120
85 EXB Claymore/Beacon Gbl Exch, Brkrs, & Asst Mgrs 29 4,973 $70,304
86 ADRU BLDRS Europe 100 ADR 85 3,300 $70,429
87 IRO Claymore/Zacks Dividend Rotation 25 3,986 $70,871
88 ERO iPath EUR/USD Exchange Rate ETN 30 1,227 $71,000
89 MBG SPDR Barclays Mortgage Backed Bond ETF 9 2,736 $73,340
90 IFNA iShares FTSE NAREIT North America 24 2,464 $73,445
91 WMH HOLDRS Wireless 110 1,664 $75,174
92 STH Claymore/Sabrient Stealth 38 4,968 $75,696
93 TLL ProShares UltraShort Telecom 19 4,170 $76,766
94 PZJ PowerShares Zacks Small Cap 45 4,623 $77,923
95 FPX First Trust US IPO Index Fund 43 4,186 $80,216
96 XGC Claymore/BNY Mellon Intl Small Cap LDRs 31 4,423 $81,761
97 TDD TDX Independence 2010 25 3,532 $82,302
98 INY SPDR Barclays New York Muni Bond 25 3,709 $83,693
99 SJL ProShares UltraShort Russell Midcap Value 33 2,691 $86,095
100 FTC First Trust Large Cap Growth Op AlphaDEX 30 4,009 $87,014
101 PCA PowerShares Auto Balanced NFA 18 7,468 $88,154
102 RMS Rydex Inverse 2x S&P MidCap 400 24 2,505 $88,648
103 JJP iPath DJ-UBS Precious Metals ETN 16 1,595 $90,303
104 TDN TDX Independence 2030 25 4,907 $91,220
105 RTL iShares FTSE NAREIT Retail Capped 30 4,714 $92,490
106 EMV SPDR Dow Jones Mid Cap Value 48 2,182 $93,529
107 DDP PowerShares DB Commodity Short ETN 18 2,314 $93,862
108 IPF SPDR S&P International Financial 16 4,414 $94,821
109 PYH PowerShares Value Line Industry Rotation 36 5,450 $95,549
110 PJO PowerShares FTSE RAFI Japan 29 2,632 $96,106
111 TDH TDX Independence 2020 25 4,624 $96,839
112 ROB Claymore/Robb Report Global Luxury 27 5,673 $97,775
113 MKH HOLDRS Merrill Lynch Market 2000+ 112 2,082 $98,247

Note: New ETFs and ETNs are given a six-month grace period before becoming eligible for inclusion on this list.  As of 10/31/2009, there were 60 products granted that exclusion.

Disclosure compliant with FTC 16 CFR Part 255 covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

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