Thursday, February 12th, 2015

ETF Deathwatch for February 2015: Closures Reduce The List

By Ron Rowland
15:57 pm CST

The ETF Deathwatch membership roll contains 15 fewer names this month.  There were 11 additions, but 26 managed to escape.  Unfortunately, 22 of the escapees exited due to product death and delisting.  Just four products left because of improved health.  For February, the ETF Deathwatch count stands at 307, consisting of 204 ETFs and 103 ETNs.  This represents 18.6% of current listings and is somewhat consistent with the industry’s lifetime average of shuttering more than one of every five products that come to market.

Although owning an ETF that closes can be a significant inconvenience, the primary danger for investors buying and selling these products is the lack of liquidity.  Huge bid/ask spreads often exist, and the lack of volume hinders the ability of market makers to create or redeem shares in an effort to keep the trading price viable and bid/ask spreads reasonable.  Nine products went the entire month of January without any trades, and 159 had zero volume the last day of the month.  Good luck trying to sell your shares at a fair price in that environment.

ProShares closed 17 ETFs in January that were on Deathwatch.  They represented a very small portion of ProShares overall assets, and the closures went a long way in cleaning up the firm’s product lineup.  However, ProShares has another 35 ETFs on the list, so the firm will likely have to make additional tough decisions in the months ahead.  The iPath branded ETNs from Barclays currently have the largest number of products on the list at 48.  Six of the iPath ETNs have less than $1 million in assets, and five haven’t logged any trades in 2015.

The average asset level of products on ETF Deathwatch increased from $6.4 million to $6.6 million, and 47 currently have less than $2 million in assets.  The average age is 46.3 months, and 88 are now more than five years old.

Here is the Complete List of 307 Products on ETF Deathwatch for February 2015 compiled using the objective ETF Deathwatch Criteria.

The 11 ETPs added to ETF Deathwatch for February:

  1. AdvisorShares Sunrise Global Multi-Strategy (MULT)
  2. Compass EMPU.S.500 Volatility Weighted (CFA)
  3. Credit Suisse Merger Arb Liquid ETN (CSMA)
  4. ETRACS CMCI Agriculture TR ETN (UAG)
  5. ETRACS Diversified High Income ETN (DVHI)
  6. Forensic Accounting ETF (FLAG)
  7. iPath Bloomberg Nickel ETN (JJN)
  8. iShares Liquidity Income ETF (ICSH)
  9. iShares MSCI Japan Minimum Volatility (JPMV)
  10. PowerShares DB Agriculture Double Long ETN (DAG)
  11. ProShares 30 Year TIPS/TSY Spread (RINF)

The 4 ETPs removed from ETF Deathwatch due to improved health:

  1. AdvisorShares Gartman Gold/Yen (GYEN)
  2. AdvisorShares Madrona International (FWDI)
  3. C-Tracks Citi Volatility Index TR ETN (CVOL)
  4. First Trust NASDAQ Rising Dividend Achievers (RDVY)

The 22 ETPs removed from ETF Deathwatch due to delisting:

  1. AdvisorShares Athena International Bear ETF (HDGI)
  2. AdvisorShares Gartman Gold/British Pound (GGBP)
  3. AdvisorShares International Gold (GLDE)
  4. Morgan Stanley S&P 500 Crude Oil ETN (BARL)
  5. ProShares Short 30 Year TIPS/TSY Spread (FINF)
  6. ProShares Ultra Russell Midcap Growth (UKW)
  7. ProShares Ultra Russell Midcap Value (UVU)
  8. ProShares Ultra Russell1000 Growth (UKF)
  9. ProShares Ultra Russell1000 Value (UVG)
  10. ProShares Ultra Russell2000 Growth (UKK)
  11. ProShares Ultra Russell2000 Value (UVT)
  12. ProShares Ultra Russell3000 (UWC)
  13. ProShares UltraPro 10 Year TIPS/TSY Spread (UINF)
  14. ProShares UltraPro Short 10yr TIPS/TSY Spread (SINF)
  15. ProShares UltraShort Russell Midcap Growth (SDK)
  16. ProShares UltraShort Russell Midcap Value (SJL)
  17. ProShares UltraShort Russell1000 Growth (SFK)
  18. ProShares UltraShort Russell1000 Value (SJF)
  19. ProShares UltraShort Russell2000 Growth (SKK)
  20. ProShares UltraShort Russell2000 Value (SJH)
  21. ProShares UltraShort Russell3000 (TWQ)
  22. Russell Equity (ONEF)

ETF Deathwatch Archives

Disclosure covering writer, editor, and publisher:  No positions in any of the securities mentionedNo 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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Sunday, February 8th, 2015

ETF Stats for January 2015 – Negative Start

By Ron Rowland
21:01 pm CST

The ETF industry began the year with a thud.  Listings decreased by ten, including five actively managed ETFs, and assets dropped by a percentage point.  Although 13 new ETFs launched in the first month of the year, 23 other products closed, delisted, and liquidated.  Product count now stands at 1,652, consisting of 1,442 ETFs and 210 ETNs.  Additionally, 120 of the ETFs are classified as being actively managed, and 44 have been identified as being fund-of-funds products.

Assets under management (“AUM”) fell more than $19 billion to $1.98 trillion.  This was just a 1% decline and is actually quite healthy given the 3% drop in the S&P 500 for the month.  ETFs with more than $10 billion in assets increased from 44 to 47 and account for 57.6% of all assets.  It takes $1.2 billion in assets to be an ‘average’ sized product, although only 224 (< 14%) can claim being above average.

Trading activity didn’t change much from December.  Total dollar volume came in at $1.87 trillion, just 0.5% higher for the month.  The quantity of highly traded products averaging more than $1 billion a day jumped from nine to twelve.  These dozen represent less than 1% of the listed products but account for 59.4% of all trading activity.

Actively managed ETFs made significant inroads last year with 56 launches and just 2 closures for a net increase of 54 funds.  Things went the other way in January with no new actively managed ETFs coming to market and five shutting down.  The year is far from over, but the early trend is unfavorable.

Our stats table changed this month with rows for actively managed ETF listing counts and AUM included at the bottom of the table.  There is no such thing as an actively managed ETN, so we are using the ETN column to display the monthly change count for listings and percentage change of AUM.  Likewise, the Total column displays the year-to-date change for each measurement.

January 2015 Month EndETFsETNsTotal
Currently Listed U.S.1,4422101,652
Listed as of 12/31/20141,4512111,662
New Introductions for Month13013
Delistings/Closures for Month22123
Net Change for Month-9-1-10
New Introductions 6 Months955100
New Introductions YTD13013
Delistings/Closures YTD22123
Net Change YTD-9-1-10
Assets Under Mgmt ($ billion)$1,953$26.2$1,980
% Change in Assets for Month-1.0%-2.6%-1.0%
% Change in Assets YTD-1.0%-2.6%-1.0%
Qty AUM > $10 Billion47047
Qty AUM > $1 Billion2464250
Qty AUM > $100 Million74537782
% with AUM > $100 Million51.7%17.6%47.3%
Monthly $ Volume ($ billion)$1,796$69.9$1,866
% Change in Monthly $ Volume+0.0%+15.3%+0.5%
Avg Daily $ Volume > $1 Billion11112
Avg Daily $ Volume > $100 Million974101
Avg Daily $ Volume > $10 Million31612328
Actively Managed ETF Count (w/ change)120 -5 mth-5 ytd
Actively Managed AUM ($ billion)$17.6+2.2% mth+2.2% ytd
Data sources:  Daily prices and volume of individual ETPs from Norgate Premium Data.  Fund counts and all other information compiled by Invest With An Edge.

New products launched in January (sorted by launch date):

  1. Direxion Daily FTSE Developed Market Bull 1.25x Shares (LLDM), launched 1/7/15, is part of the new Lightly Leveraged series from Direxion that aims to provide magnified equity exposure while mitigating the long term volatility decay impacts of daily leverage reset.  LLDM is designed to return 125% of the daily performance of the FTSE Developed ex North America Index that includes stocks of large- and mid-capitalization companies in 24 developed countries.  Japan tops the list with about a 22% allocation, and Britain is next with 17%.  LLDM is a fund-of-funds holding Vanguard FTSE Developed Markets (VEA), and the expense ratio is capped at 0.50% until 9/1/16 (LLDM overview).
  2. Direxion Daily FTSE Emerging Markets Bull 1.25x Shares (LLEM), launched 1/7/15, seeks to return 125% of the daily performance of a FTSE index that includes 22 emerging market countries.  China, Taiwan, India, and Brazil each have over a 10% allocation.  Countries included with allocations of less than 0.25% include Czech Republic, Hungary, Pakistan, Malta, Spain, and Morocco.  The fund-of-funds currently invests in Vanguard FTSE Emerging Markets ETF (VWO).  The fund’s expense ratio is capped at 0.50% until 9/1/16 (LLEM overview).
  3. Direxion Daily S&P 500 Bull 1.25x Shares (LLSP), launched 1/7/15, is designed to return 125% of the daily performance of the S&P 500 Index and is a fund-of-funds currently utilizing SPDR S&P 500 ETF (SPY).  Information technology and financials top the sector allocation list.  The ETF’s expense ratio is capped at 0.50% until 9/1/16 (LLSP overview).
  4. Direxion Daily Small Cap Bull 1.25x Shares (LLSC), launched 1/7/15, seeks to return 125% of the daily performance of the Russell 2000 Index.  The fund-of-funds invests in iShares Russell 2000 ETF (IWM).  Financials tops the sector allocations at 24%, and information technology follows at 17%.  The fund’s expense ratio is capped at 0.50% until 9/1/16 (LLSC overview).
  5. Master Income ETF (HIPS), launched 1/7/15, will invest in 300 high income yielding securities, which will typically have pass-through structures.  It will spread the holdings across MLPs, REITs, BDCs, and debt-based closed-end funds.  Based on the underlying index, the initial yield on HIPS is estimated to be about 6.5%.  The fund sports an expense ratio of 0.87% (HIPS overview).
  6. JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM), launched 1/8/15, will provide exposure to large- and mid-cap equity securities from emerging markets.  Stocks are selected using a screening process combining value, momentum, and quality factors, and individual stocks are weighted based on their liquidity.  Up to 20% of its assets may be invested in other exchange traded funds.  The fund is relatively diversified at about 450 holdings, with iShares MSCI India (INDA) being the largest.  JPEM’s expense ratio will be capped at 0.45% until 3/1/16 (JPEM overview).
  7. iShares MSCI International Developed Momentum Factor ETF (IMTM), launched 1/15/15, provides exposure to large- and mid-cap stocks in developed international markets that are displaying higher price momentum over the last 6 to 12 months relative to the other securities in the space.  Japan leads the country allocation at 30%, and health care is on top for sectors at nearly 28%.  Investors will pay 0.30% annually to own this fund (IMTM overview).
  8. iShares MSCI International Developed Quality Factor ETF (IQLT), launched 1/15/15, will select large- and mid-capitalization stocks in developed international markets that are identified as having high quality characteristics.  For this fund, high quality is defined as relatively high return on equity, low debt to equity ratios, and low earnings variability.  The country allocation is led by the U.K. with 25%, and the most represented sector is financials at almost 27%.  The fund’s annual expenses are 0.30% (IQLT overview).
  9. QuantShares Hedged Dividend Income Fund (DIVA), launched 1/15/15, invests in stocks with stable or growing dividends that trade at high yields.  In an effort to reduce risk, short positions will be established in stocks with unstable or low dividends.  The ETF will be rebalanced to 100% long and 50% short at monthly intervals.  The initial yield is estimated to be 3.5%, and the expense ratio will be capped at 0.99% until 10/31/15 (DIVA overview).
  10. ETFS Zacks Earnings Large-Cap U.S. Index Fund (ZLRG), launched 1/20/15, will select holdings from the 1,000 largest U.S. equities based on both a quantitative and qualitative review of their earnings.  The first step is to rank equities by the most significant positive changes in earnings estimates as published by all sell side analysts.  The second step involves identifying firms with the lowest sector-adjusted accruals.  Positions are apportioned into sixteen sectors which are equally weighted, and stocks within each sector are equally weighted.  The fund sports an expense ratio of 0.66% (ZLRG overview).
  11. ETFS Zacks Earnings Small-Cap U.S. Index Fund (ZSML), launched 1/20/15, will select holdings from among the 1,001-3,000 largest U.S. equities based on both a quantitative and qualitative review of their earnings.  First, equities are ranked by the most significant positive changes in earnings estimates as published by sell side analysts.  The top 5% are then ranked by their relative sector-adjusted accruals with lower accruals being ranked higher.  Positions are divided into 15 sectors which are equally weighted, and stocks within each sector are equally weighted.  ZSML’s annual expense ratio is 0.66% (ZSML overview).
  12. ETFS Diversified-Factor Developed Europe Index Fund (SBEU), launched 1/27/15, will select its holdings from the 700 largest and most liquid stocks listed across 16 European countries.  The fund will hold positions based on the following four factors: low volatility, value, momentum, and size.  Once stocks are selected, they will be weighted through a proprietary strategy.  The country allocation is led by the U.K. with 32%, and the most represented sector is financials at almost 23%.  Investors will pay 0.40% annually to own this fund (SBEU overview).
  13. ETFS Diversified-Factor U.S. Large Cap Index Fund (SBUS), launched 1/27/15, will select its holdings from the 500 largest and most liquid stocks listed on U.S. exchanges.  The fund will hold positions based on factors related to low volatility, value, momentum, and size.  Once stocks are selected, they will be weighted through a proprietary strategy.  Of the 500 stocks in the universe, 485 are held in the fund.  SBUS has an expense ratio of 0.40% (SBUS overview).

Product closures/delistings in January:

  1. ProShares Short 30 Year TIPS/TSY Spread (FINF) (ProShares closes 17 ETFs)
  2. ProShares Ultra Russell Midcap Growth (UKW)
  3. ProShares Ultra Russell Midcap Value (UVU)
  4. ProShares Ultra Russell1000 Growth (UKF)
  5. ProShares Ultra Russell1000 Value (UVG)
  6. ProShares Ultra Russell2000 Growth (UKK)
  7. ProShares Ultra Russell2000 Value (UVT)
  8. ProShares Ultra Russell3000 (UWC)
  9. ProShares UltraPro 10 Year TIPS/TSY Spread (UINF)
  10. ProShares UltraPro Short 10yr TIPS/TSY Spread (SINF)
  11. ProShares UltraShort Russell Midcap Growth (SDK)
  12. ProShares UltraShort Russell Midcap Value (SJL)
  13. ProShares UltraShort Russell1000 Growth (SFK)
  14. ProShares UltraShort Russell1000 Value (SJF)
  15. ProShares UltraShort Russell2000 Growth (SKK)
  16. ProShares UltraShort Russell2000 Value (SJH)
  17. ProShares UltraShort Russell3000 (TWQ)
  18. AdvisorShares Accuvest Global Opportunities (ACCU) (AdvisorShares closes 2 funds)
  19. AdvisorShares Athena International Bear ETF (HDGI)
  20. AdvisorShares Gartman Gold/British Pound (GGBP) (AdvisorShares closes 2 currency hedged gold funds)
  21. AdvisorShares International Gold (GLDE)
  22. Russell Equity (ONEF) (Russell closes its last remaining ETF)
  23. Morgan Stanley S&P 500 Crude Oil ETN (BARL) (press release)

Product changes in January:

  1. First Trust Value Line Equity Allocation Index Fund (FVI) underwent an extreme makeover and became the First Trust Total US Market AlphaDEX ETF (TUSA) effective January 12 (press release).
  2. Guggenheim added the word ‘Country’ to the name of Guggenheim MSCI Emerging Markets Equal Country Weight (EWEM) effective January 20.
  3. The Janus purchase of VelocityShares was announced in October, and the deal closed in 2014.  Janus renamed two of the ETFs to Janus Velocity Tail Risk Hedged Large Cap ETF (TRSK) and Janus Velocity Volatility Hedged Large Cap ETF (SPXH) effective January 23.
  4. EGShares Low Volatility Emerging Markets Dividend ETF (HILO) was renamed EGShares EM Quality Dividend ETF (HILO) and began tracking a new index effective January 26.  Prior to 10/28/11, the fund was called EGShares Emerging Markets High Income Low Beta ETF (HILO).

Announced Product Changes for Coming Months:

  1. iShares moves its four allocation ETFs to its Core lineup effective February 2.
  2. WisdomTree Euro Debt Fund (EU) will have its last day of trading on February 11 (press release).

Previous monthly ETF statistics reports are available here.

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.

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Monday, February 2nd, 2015

Complete List of 79 ETP Closures for 2014

By Ron Rowland
7:28 am CST

Seventy-nine exchange traded products bit the dust in 2014, marking the second highest annual death toll in the history of the ETF industry.  The 72 ETF and 7 ETN closures were second only to the 102 closures of 2012.  Broken down by major categories, the closures of 2014 consisted of 22 sector, 15 style and strategy, 14 global and international, 13 bond, 7 inverse, 4 leveraged, and 4 commodity.  Of the 2,121 U.S. ETPs launched since the dawn of the industry in 1993, only 1,662 remain listed while 459 have closed.  Said another way, the historic probability of ETP survivability is 78.4%.

Closures affected 15 brands and sponsors in 2014.  Pax World was the only sponsor to exit the ETF space completely, and it did so in a very strange fashion.  ETF pundits have long discussed the possibility of a large quantity of mutual funds converting to ETFs.  However, no one ever thought conversions might go the other direction, but that is exactly what happened when all $64 million of the assets in the Pax MSCI EAFE ESG Index ETF (EAPS) suddenly became Institutional Class shares of the Pax World International ESG Index Fund (PXNIX), a traditional mutual fund.  See ‘This Wasn’t Supposed To Happen: ETF Converts To Mutual Fund’ for additional details.

Goldman Sachs is highly regarded on Wall Street, and it is often thought of as a firm that can do no wrong when it comes to making money.  However, it hasn’t figured out the ETF space yet.  Goldman attached its name and investment strategies to four ETFs sponsored by ALPS in 2012.  Apparently, the Goldman name carries no weight in ETF land, and all four ETFs closed in 2014 with combined assets of less than $11 million.

For a number of reasons, the most notable closures of the year belong to iShares.  First, 29 iShares ETFs had their last day of listed trading in 2014, giving iShares a 37% market share of closures.  No other brands came close to this figure, with Direxion and EGShares tying for second-place “honors” with just six closures each.  Second, iShares raised the bar on ETF survivability, as its 18 closings in October averaged more than $18 million in assets and two had about $70 million each.  At the time, 49% of all listed ETFs and ETNs had fewer assets.  Third, two of the liquidated funds (NY and NYC) had been on the market more than ten years.  Longevity does not assure survival.  Last, I can recall a BlackRock representative questioning why there were iShares funds on ETF Deathwatch when none had ever closed.  I reminded him that iShares practically invented ETF closures with three such occurrences in 2002.  He rebutted that Barclays owned the iShares brand at that time, and BlackRock had never closed an ETF.  Never say never.

Some ETPs have maturation dates, namely target-date maturity bond ETFs and all ETNs.  At their time of launch, these products inform investors of their likely closure and liquidation dates.  For example, the Guggenheim BulletShares series of target maturity bond ETFs retire a couple of funds at the end of each calendar year.  The two 2014 BulletShares ETFs (BSCE and BSJE) had their last day of trading on December 30, and next year we can expect the 2015 funds (BSCF and BSJF) to do the same.  These are planned from the time of inception and are not indicative of unhealthy or failing products.

Every ETN is also issued with a maturity date.  Typically, ETNs are launched with 30-year or 20-year maturities.  Since the first ETNs didn’t come to market until 2006, most investors thought they wouldn’t have to deal with ETN maturation for another 10 or 20 years.  However, in 2009 there were five ETNs issued as 5-year notes scheduled to mature in 2014.  Three of these five triggered early terminations, including Barclays ETN+ S&P 500 Short B ETN (BXDB) last April.  The two that escaped early termination, BXUC and BXUB, matured in November and were liquidated.

Most of 2014’s closures had become Zombie ETFs, and 58 of the 79 (73%) were on ETF Deathwatch at the time of their closure announcements.  The major exceptions included the maturing products discussed above and many of the iShares with large amounts of assets.  The average age of funds that closed in 2014 was 45.8 months (3.8 years).  This is greater than the 31.4-month average lifespan of all 459 closed products, suggesting sponsors are willing to subsidize these non-profitable products longer than in years past.

The interactive table below is currently sorted by product name.

#TickerNameLast DayDeathwatchNotes
1GSAXALPS/GS Momentum Builder Asia x-Japan Eq/US-T08/27/2014Yes
2GSGOALPS/GS Momentum Builder Growth Markets Eq/US-T08/27/2014Yes
3GSMAALPS/GS Momentum Builder Multi-Asset08/27/2014Yes
4GSRAALPS/GS Risk-Adjusted Return U.S. Large Cap08/27/2014Yes
5BXUBBarclays ETN+ S&P 500 Long B Leveraged ETN11/20/2014Yes2
6BXUCBarclays ETN+ S&P 500 Long C Leveraged ETN11/20/2014-2
7BXDBBarclays ETN+ S&P 500 Short B Leveraged ETN04/10/2014Yes3
8BRZSDirexion Daily Brazil Bear 3x Shares09/23/2014Yes
9EURZDirexion Daily FTSE Europe Bear 3x Shares09/23/2014Yes4
10BARSDirexion Daily Gold Bear 3x Shares12/26/2014Yes4
11JPNSDirexion Daily Japan Bear 3x Shares09/23/2014Yes
12GASXDirexion Daily Natural Gas Related Bear 3x09/23/2014-
13KORZDirexion Daily South Korea Bear 3x Shares09/23/2014Yes
14CHXXEGShares China Infrastructure09/29/2014Yes
15EMDGEGShares Emerging Markets Dividend Growth12/24/2014Yes
16EMHDEGShares Emerging Markets Dividend High Income12/24/2014Yes
17IEMFEGShares TCW EM Intermediate Term IG Bond09/29/2014Yes4
18LEMFEGShares TCW EM Long Term IG Bond09/29/2014Yes4
19SEMFEGShares TCW EM Short Term IG Bond09/29/2014Yes4
20OFFETRACS Fisher-Gartman Risk Off ETN05/18/2014Yes
21ONNETRACS Fisher-Gartman Risk On ETN05/18/2014Yes
22GASZETRACS Natural Gas Futures Contango ETN01/22/2014-
23OILZETRACS Oil Futures Contango ETN01/22/2014Yes
24CNPFGlobal X Canada Preferred10/16/2014Yes
25GGGGGlobal X Pure Gold Miners10/16/2014Yes
26BSCEGuggenheim BulletShares 2014 Corp Bond12/30/2014-2
27BSJEGuggenheim BulletShares 2014 HY Corp Bond12/30/2014-2
28GIYGuggenheim Enhanced Core Bond03/07/2014Yes1
29MUACiShares 2014 AMT-Free Muni Term08/15/2014-2
30NUCLiShares Global Nuclear Energy10/14/2014Yes
31FNIOiShares Industrial/Office Real Estate Capped10/14/2014Yes
32AXDIiShares MSCI ACWI ex US Consumer Discretionary03/25/2014Yes
33AXSLiShares MSCI ACWI ex US Consumer Staples03/25/2014Yes
34AXENiShares MSCI ACWI ex US Energy03/25/2014Yes
35AXFNiShares MSCI ACWI ex US Financials03/25/2014Yes
36AXHEiShares MSCI ACWI ex US Healthcare03/25/2014Yes
37AXIDiShares MSCI ACWI ex US Industrials03/25/2014Yes
38AXITiShares MSCI ACWI ex US Information Technology03/25/2014Yes
39AXMTiShares MSCI ACWI ex US Materials03/25/2014Yes
40AXTEiShares MSCI ACWI ex US Telecom Services03/25/2014Yes
41AXUTiShares MSCI ACWI ex US Utilities03/25/2014Yes
42EMFNiShares MSCI Emerging Markets Financials10/14/2014Yes
43EMMTiShares MSCI Emerging Markets Materials10/14/2014Yes
44FEFNiShares MSCI Far East Financials10/14/2014Yes
45NYiShares NYSE 100 ETF10/14/2014-
46NYCiShares NYSE Composite ETF10/14/2014-
47RTLiShares Retail Real Estate Capped10/14/2014Yes
48TZDiShares Target Date 201010/14/2014-
49TZEiShares Target Date 201510/14/2014-
50TZGiShares Target Date 202010/14/2014-
51TZIiShares Target Date 202510/14/2014-
52TZLiShares Target Date 203010/14/2014-
53TZOiShares Target Date 203510/14/2014-
54TZViShares Target Date 204010/14/2014-
55TZWiShares Target Date 204510/14/2014Yes
56TZYiShares Target Date 205010/14/2014-
57TGRiShares Target Date Retirement Income10/14/2014-
58RKHMarket Vectors Bank and Brokerage12/12/2014Yes
59COLXMarket Vectors Colombia12/12/2014Yes
60GERJMarket Vectors Germany Small-Cap12/12/2014Yes
61LATMMarket Vectors Latin America Small-Cap12/12/2014Yes
62CHLCMarket Vectors Renminbi Bond12/12/2014Yes
63EAPSPax MSCI EAFE ESG Index ETF03/21/2014-5
64AUDPIMCO Australia Bond Index09/26/2014-
65TRSYPIMCO Broad U.S. Treasury Index03/10/2014Yes
66BABZPIMCO Build America Bond09/26/2014-1
67CADPIMCO Canada Bond Index09/26/2014-
68BUNDPIMCO Germany Bond Index09/26/2014Yes
69PIQPowerShares Dynamic Magniquant02/18/2014Yes
70KBWXPowerShares KBW International Financial02/18/2014Yes
71PXNPowerShares Lux Nanotech02/18/2014Yes
72PMNAPowerShares MENA Frontier Countries02/18/2014Yes
73GEMSPureFunds ISE Diamonds/Gemstone01/23/2014Yes
74MSXXPureFunds ISE Mining Service01/23/2014Yes
75NAGSTeucrium Natural Gas12/18/2014Yes
76CRUDTeucrium WTI Crude Oil12/18/2014Yes
77ASDRVelocityShares Emerging Asia DR ETF11/20/2014Yes
78EMDRVelocityShares Emerging Markets DR ETF11/20/2014Yes
79RUDRVelocityShares Russia DR ETF11/20/2014Yes

Notes: 1) actively managed, 2) reached planned maturity, 3) hit early termination trigger, 4) launched in 2014 and less than 1 year old at time of closure, 5) converted to mutual fund.  All exchange traded notes are identified with “ETN” as part of their name description.


Additional resources:

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.

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Tuesday, January 27th, 2015

Complete List of 205 New ETPs for 2014

By Ron Rowland
20:09 pm CST

Exchange traded product launches numbered 205 (193 ETFs and 12 ETNs) in 2014, a figure more or less in the middle of the range of the past nine years.  Closures came in at 79, resulting in a net increase of 126 for the year.  Product count increased by 8.2% to 1,662, and assets jumped by 17.8% to end the year at $2 trillion.  Actively managed listings surged 78% with 56 new funds and just 2 closures to finish the year at 125.

We separate ETPs into nine major groups, and based on these divisions, international and global equity ETFs were the most prevalent type of new product in 2014.  The 68 international and global equity funds accounted for nearly a third (33.2%) of the year’s 205 launches.  Additionally, 10 of the bond fund launches targeted international debt securities, further solidifying 2014’s theme of investing outside of North America.  Style and strategy ETFs were the second largest group of new products at 52.  The prior year’s (2013) largest category, bond funds, came in third with 42 introductions.  There were no new currency funds introduced, and 2014 marked the third year in a row without any new ETPs targeting volatility as an investment class.  However, there were numerous products brought to market with currency hedging and low volatility factor strategies.

Quantities by broad categories for the 205 launches of 2014:

  • 68 Global & International
  • 52 Style & Strategy
  • 42 Bond
  • 23 Sector
  • 11 Leveraged
  • 6 Commodity
  • 3 Inverse
  • 0 Currency
  • 0 Volatility

Slicing the data differently can help identify industry trends.  Last year might be called the year of actively managed ETFs with 56 launches, and there are now 125 ETFs fitting that description.  The category still only accounts for 7.5% of listed products, but it grabbed a 27.3% share of new product launches.  Another theme in 2014 was the use of hedging strategies by 29 of the new products.  This is a carry-over and strengthening of the 2013 trend when 23 ETPs employing hedging came to market.  The majority of these products hedge their currency exposure, a feature that improves performance when the underlying currencies lose strength to the U.S. dollar as they did in 2014.

Master Limited Partnerships (”MLPs”) continue to see product growth with seven MLP ETPs coming to market in 2014.  Only two chose to use the dreaded C-Corporation structure, as investors become more aware of the severe performance degradations resulting from double-taxation of tax-efficient MLPs.  Eighteen new products use a fund-of-funds structure, where the primary holdings are other ETFs and ETNs.  This is often a more efficient way to execute actively managed strategies.

Smart beta, or alternative beta, was a widely discussed trend in 2014.  In its simplest form, alternative beta products are defined as those using something other than a traditional capitalization weighting methodology.  You might also hear them referred to as products breaking the link between security price and weighting.  More than a quarter of all the product launches in 2014 easily fit this definition.  We have not refined our alternative beta classification methodology yet and don’t have an exact count.  ETFs based on ‘quality’ and ‘volatility’ factors were popular forms of alternative beta during the year.

New launches with unique features:

  • 56 Actively Managed ETFs
  • 55+ Alternative Beta
  • 29 Hedged
  • 28 Dividend (including MLP ETPs)
  • 18 Fund-of-Funds
  • 7 MLP
  • 2 C-Corporations

As usual, BlackRock was the most prolific issuer, bringing out 29 new products under the iShares brand and pushing the year-end count to 299 iShares ETFs.  Other notable sponsors with double-digit launches include State Street SPDRs with 20, First Trust with 15, and newcomer WBI with 10.

New products ending the year with the most assets included First Trust Dorsey Wright Focus 5 ETF (FV) $1.3 billion, UBS AG FI Enhanced large Cap Growth ETN (FBGX) $660 million, Credit Suisse FI Large Cap Growth Enhanced ETN (FLGE) $575 million, Vident Core U.S. Bond Strategy ETF (VBND) $370 million, and First Trust Eurozone AlphaDEX ETF (FEUZ) $340 million.  Since funds launched in January had 12 times as many months as those launched in December to attract assets, the year-end asset levels do not necessarily reflect the fastest growing products.

The table below lists all 205 new products sorted by launch date, although you have the ability to sort on other columns.  The IPO date is the first day the product was listed and available for purchase.  The “first trade” may be a later date in some cases, as a few products did not have any first-day volume.  Additionally, the “inception date” for many ETFs is often a meaningless date as it can be a day or more before the product actually becomes listed and available for purchase.

New ETFs and ETNs in 2014

#TickerNameCategoryIPO DateNotes
1FTHIFirst Trust High IncomeStyle/Strat01/07/20141,4,5
2FTLBFirst Trust Low Beta Income ETFStyle/Strat01/07/20141,4,5
3RDVYFirst Trust NASDAQ Rising Dividend AchieversStyle/Strat01/07/20145
4IEMFEGShares TCW EM Intermediate Term IG BondBond01/08/2014
5LEMFEGShares TCW EM Long Term IG BondBond01/08/2014
6SEMFEGShares TCW EM Short Term IG BondBond01/08/2014
7SYESPDR MFS Systematic Core Equity ETFStyle/Strat01/09/20141
8SYGSPDR MFS Systematic Growth Equity ETFStyle/Strat01/09/20141
9SYVSPDR MFS Systematic Value Equity ETFStyle/Strat01/09/20141
10SHYDMarket Vectors Short High-Yield MunicipalBond01/14/2014
11HOLDAdvisorShares Sage Core Reserves ETFBond01/15/20141
12NYCCPowerShares NYSE Century PortfolioStyle/Strat01/15/2014
13EURZDirexion Daily FTSE Europe Bear 3x SharesInverse01/22/2014
14EURLDirexion Daily FTSE Europe Bull 3x SharesLeveraged01/22/2014
15VUSEVident Core U.S. Equity ETFStyle/Strat01/22/2014
16DBAWDeutsche X-trackers MSCI AW ex US HedgedGlobal/Intl01/23/20144
17DBMXDeutsche X-trackers MSCI Mexico HedgedGlobal/Intl01/23/20144
18DBKODeutsche X-trackers MSCI South Korea HedgedGlobal/Intl01/23/20144
19ZMLPDirexion Zacks MLP High Income (C-Corp)Sector01/23/20143,5
20QEMMarket Vectors MSCI Emg Mkts QualityGlobal/Intl01/23/2014
21QDEMMarket Vectors MSCI Emg Mkts Quality DivGlobal/Intl01/23/20145
22QXUSMarket Vectors MSCI Intl QualityGlobal/Intl01/23/2014
23QDXUMarket Vectors MSCI Intl Quality DividendGlobal/Intl01/23/20145
24DIPIMCO Diversified Income ActiveBond01/23/20141
25LDURPIMCO Low Duration ActiveBond01/23/20141
26HEFAiShares Currency Hedged MSCI EAFE ETFGlobal/Intl02/04/20142,4
27HEWGiShares Currency Hedged MSCI Germany ETFGlobal/Intl02/04/20142,4
28HEWJiShares Currency Hedged MSCI Japan ETFGlobal/Intl02/04/20142,4
29TFLOiShares Treasury Floating Rate Bond ETFBond02/04/2014
30USFRWisdomTree Bloomberg Floating Rate TrsyBond02/04/2014
31IBMHiShares iBonds Sep 2019 AMT-Free Muni BondBond02/06/2014
32GGBPAdvisorShares Gartman Gold/British PoundCommodity02/12/20141,4
33GEURAdvisorShares Gartman Gold/EuroCommodity02/12/20141,4
34GYENAdvisorShares Gartman Gold/YenCommodity02/12/20141,4
35GLDEAdvisorShares International GoldCommodity02/12/20141,2,4
36EQLTWorkplace Equality PortfolioStyle/Strat02/25/2014
37IEILiShares Enhanced International Large-CapGlobal/Intl02/27/20141
38IEISiShares Enhanced International Small-CapGlobal/Intl02/27/20141
39IPKWPowerShares International BuyBack AchieversGlobal/Intl02/27/2014
40SIPESPDR Barclays 0-5 Year TIPS ETFBond02/27/2014
41HKORHorizons Korea KOSPI 200 ETFGlobal/Intl03/04/2014
42YPROAdvisorShares YieldPro ETFBond03/05/20141
43KBAKraneShares Bosera MSCI China A ETFGlobal/Intl03/05/2014
44FVFirst Trust Dorsey Wright Focus 5 ETFStyle/Strat03/06/2014
45AIRRFirst Trust RBA Amer. Industrial RenaissanceSector03/11/2014
46QINCFirst Trust RBA Quality Income ETFGlobal/Intl03/11/20145
47GURIGlobal X Guru International Index ETFGlobal/Intl03/11/2014
48GURXGlobal X Guru Small Cap Index ETFStyle/Strat03/11/2014
49GVALCambria Global Value ETFGlobal/Intl03/12/2014
50IJNKSPDR Barclays International High Yield BondBond03/13/2014
51SPLXETRACS Mthly Reset 2xLvgd S&P 500 TR ETNLeveraged03/26/2014
52TOLZProShares DJ Brookfield Global InfrastructureGlobal/Intl03/27/2014
53EDOGALPS Emerging Sector Dividend Dogs ETFGlobal/Intl03/28/20145
54DXJCWisdomTree Japan Hedged Capital GoodsSector04/08/20144
55DXJFWisdomTree Japan Hedged FinancialsSector04/08/20144
56DXJHWisdomTree Japan Hedged Health CareSector04/08/20144
57DXJRWisdomTree Japan Hedged Real EstateSector04/08/20144
58DXJTWisdomTree Japan Hedged Tech Med & TelSector04/08/20144
59BARSDirexion Daily Gold Bear 3x SharesInverse04/10/2014
60BARDirexion Daily Gold Bull 3x SharesLeveraged04/10/2014
61BCHPEGShares Blue Chip ETFGlobal/Intl04/23/2014
62OSMSBarclays OFI SteelPath MLP ETNSector04/24/20145
63BYLDiShares Yield Optimized Bond ETFBond04/24/20142
64CNDeutsche X-trackers Hrv MSCI All ChinaGlobal/Intl04/30/2014
65SUBDDeutsche X-trackers Solactive IG Subrd DebtBond05/01/2014
66QATiShares MSCI Qatar Capped ETFGlobal/Intl05/01/2014
67UAEiShares MSCI UAE Capped ETFGlobal/Intl05/01/2014
68VRPPowerShares Variable Rate PreferredStyle/Strat05/01/20145
69EUDGWisdomTree Europe Dividend GrowthGlobal/Intl05/07/20145
70IHDGWisdomTree Intl Hedged Dividend GrowthGlobal/Intl05/07/20145
71FMBFirst Trust Managed MunicipalBond05/15/20141
72OUNZMerk Gold TrustCommodity05/16/2014
73ASHSDeutsche X-trackers Hrv CSI 500 China A SmlGlobal/Intl05/21/2014
74SPUUDirexion Daily S&P 500 Bull 2x SharesLeveraged05/28/2014
75IBDFiShares iBonds Dec 2016 Corporate TermBond05/29/2014
76IBDHiShares iBonds Dec 2018 Corporate TermBond05/29/2014
77LQDHiShares Interest Rate Hedged Corporate BondBond05/29/20141,2,4
78HYGHiShares Interest Rate Hedged High Yield BondBond05/29/20141,2,4
79LALTPowerShares Multi-Strategy AlternativeStyle/Strat05/29/20141,4
80AXJViShares MSCI Asia ex Japan Minimum VltyGlobal/Intl06/05/2014
81EUMViShares MSCI Europe Minimum VolatilityGlobal/Intl06/05/2014
82JPMViShares MSCI Japan Minimum VolatilityGlobal/Intl06/05/2014
83SMEZSPDR EURO STOXX Small CapGlobal/Intl06/05/2014
84QEFASPDR MSCI EAFE Quality MixGlobal/Intl06/05/2014
85QEMMSPDR MSCI Emerging Markets Quality MixGlobal/Intl06/05/2014
86QWLDSPDR MSCI World Quality MixGlobal/Intl06/05/2014
87FLGECredit Suisse FI Large Cap Growth Enh ETNLeveraged06/11/2014
88FMLPETRACS Wells Fargo MLP Ex-Energy ETNStyle/Strat06/11/20145
89FBGXUBS AG FI Enhanced Large Cap Growth ETNLeveraged06/11/2014
90DGROiShares Core Dividend GrowthStyle/Strat06/12/20145
91IEURiShares Core MSCI Europe Global/Intl06/12/2014
92IPACiShares Core MSCI PacificGlobal/Intl06/12/2014
93IUSBiShares Core Total USD Bond MarketBond06/12/2014
94QAUSSPDR MSCI Australia Quality MixGlobal/Intl06/12/2014
95QCANSPDR MSCI Canada Quality MixGlobal/Intl06/12/2014
96QDEUSPDR MSCI Germany Quality MixGlobal/Intl06/12/2014
97QJPNSPDR MSCI Japan Quality MixGlobal/Intl06/12/2014
98QESPSPDR MSCI Spain Quality MixGlobal/Intl06/12/2014
99QGBRSPDR MSCI United Kingdom Quality MixGlobal/Intl06/12/2014
100JPGEJPMorgan Diversified Return Global EquityGlobal/Intl06/17/2014
101LMLPETRACS Mthly Pay 2x WF MLP Ex-Engy ETNLeveraged06/25/20145
102CFOCompass EMP U.S. 500 Enh Volatility WtdStyle/Strat07/02/2014
103CFACompass EMP U.S. 500 Volatility WeightedStyle/Strat07/02/2014
104CDCCompass EMP U.S. Eq Inc 100 Enh Vlty WtdStyle/Strat07/02/20145
105MULTAdvisorShares Sunrise Global Multi-StrategyStyle/Strat07/09/20141,2,4
106WILBarclays Women in Leadership ETNStyle/Strat07/10/2014
107HEZUiShares Currency Hedged MSCI EMUGlobal/Intl07/10/20142,4
108REETiShares Global REITSector07/10/2014
109CFGECalamos Focused GrowthStyle/Strat07/14/20141
110TAPRBarclays Inverse U.S. Treasury Aggregate ETNInverse07/15/2014
111SGDMSprott Gold Miners ETFSector07/15/2014
112IFVFirst Trust Dorsey Wright Intl Focus 5Global/Intl07/23/20142
113CNXTMarket Vectors ChinaAMC SME-ChiNextGlobal/Intl07/24/2014
114SYTLDirexion Daily 7-10 Year Treasury Bull 2xLeveraged07/29/2014
115MDLLDirexion Daily Mid Cap Bull 2xLeveraged07/29/2014
116SMLLDirexion Daily Small Cap Bull 2xLeveraged07/29/2014
117YGRORBC Yorkville MLP Dist Growth Ldrs Liq PR ETNSector07/29/20145
118DIVIAdvisorShares Athena High DividendGlobal/Intl07/30/20141,5
119CSFCompass EMP U.S. Discovery 500 Enh VltyWtdStyle/Strat08/01/2014
120IBLNDirexion iBillionaire Index ETFStyle/Strat08/01/2014
121FTSMFirst Trust Enhanced Short Maturity ETFBond08/06/20141
122TYTEProShares CDS North American HY CreditBond08/07/20141
123WYDEProShares CDS Short North Amer HY CreditBond08/07/20141
124FDIVFirst Trust Strategic Income ETFStyle/Strat08/14/20141,5
125IBMIiShares iBonds Sep 2020 AMT-Free Muni BondBond08/14/2014
126EFADProShares MSCI EAFE Dividend GrowersGlobal/Intl08/21/20145
127WBIEWBI Large Cap Tactical Growth SharesStyle/Strat08/27/20141
128WBILWBI Large Cap Tactical Select SharesStyle/Strat08/27/20141
129WBIFWBI Large Cap Tactical Value SharesStyle/Strat08/27/20141
130WBIGWBI Large Cap Tactical Yield SharesStyle/Strat08/27/20141,5
131WBIAWBI SMID Tactical Growth SharesStyle/Strat08/27/20141
132WBIDWBI SMID Tactical Select SharesStyle/Strat08/27/20141
133WBIBWBI SMID Tactical Value SharesStyle/Strat08/27/20141
134WBICWBI SMID Tactical Yield SharesStyle/Strat08/27/20141,5
135WBIHWBI Tactical High Income SharesStyle/Strat08/27/20141,5
136WBIIWBI Tactical Income SharesStyle/Strat08/27/20141,5
137MBSDFlexShares Disciplined Duration MBS IndexBond09/04/2014
138FTLSFirst Trust Long/Short Equity ETFStyle/Strat09/09/20141,4
139LDRIPowerShares LadderRite 0-5 Year Corp BondBond09/10/2014
140ROROSPDR SSgA Risk Aware ETFStyle/Strat09/10/20141
141RODIBarclays Return on Disability ETNStyle/Strat09/11/2014
142DIVCC-Tracks Miller/Howard Strat Div Reinvst ETNStyle/Strat09/16/20145
143TOFRStock Split Index FundStyle/Strat09/16/2014
144BSJLGuggenheim BulletShares 2021 HY Corp BondBond09/17/2014
145BSJMGuggenheim BulletShares 2022 HY Corp BondBond09/17/2014
146BSCNGuggenheim BulletShares 2023 Corp BondBond09/17/2014
147BSCOGuggenheim BulletShares 2024 Corp BondBond09/17/2014
148QMEXSPDR MSCI Mexico Quality Mix ETFGlobal/Intl09/18/2014
149QKORSPDR MSCI South Korea Quality Mix ETFGlobal/Intl09/18/2014
150QTWNSPDR MSCI Taiwan Quality Mix ETFGlobal/Intl09/18/2014
151DVPDeep Value ETFStyle/Strat09/23/2014
152ESTXSource EURO STOXX 50 ETFGlobal/Intl09/23/2014
153HEEMiShares Currency Hedged MSCI Emerg MktsGlobal/Intl09/25/20142,4
154EMREGuggenheim Emerging Markets Real EstateSector09/29/2014
155ARKQARK Industrial Innovation ETFSector09/30/20141
156ARKWARK Web x.0 ETFSector09/30/20141
157DWATArrow DWA Tactical ETFStyle/Strat10/01/20141,2,4
158CIZCompass EMP Developed 500 Enh Vlty WtdGlobal/Intl10/01/2014
159HDLVETRACS Mthly Pay 2xUS HighDiv Low Vlty ETNLeveraged10/01/20145
160FIAFalah Russell-IdealRatings U.S. Large CapStyle/Strat10/02/2014
161AMZAInfraCap MLP ETF (C-Corp)Sector10/02/20141,3,5
162FUTSProShares Managed Futures StrategyStyle/Strat10/02/20144
163IPOSRenaissance International IPO ETFGlobal/Intl10/07/2014
164FCORFidelity Corporate Bond ETFBond10/09/20141
165FLTBFidelity Limited Term Bond ETFBond10/09/20141
166FBNDFidelity Total Bond ETFBond10/09/20141
167ALTSProShares Morningstar Alternatives SolutionStyle/Strat10/09/20142,4
168COMTiShares Commodities Select Strategy ETFSector10/16/20141
169EMHZiShares MSCI Emerging Markets Horizon ETFGlobal/Intl10/16/2014
170VBNDVident Core U.S. Bond Strategy ETFBond10/16/2014
171FEUZFirst Trust Eurozone AlphaDEX ETFGlobal/Intl10/22/2014
172QVALValueShares U.S. Quantitative Value ETFStyle/Strat10/22/20141
173EFFEGlobal X JPMorgan EfficienteStyle/Strat10/23/20142
174SCTOGlobal X JPMorgan US Sector RotatorStyle/Strat10/23/20142
175DAXRecon Capital DAX Germany ETFGlobal/Intl10/23/2014
176STXXALPS STOXX Europe 600 ETFGlobal/Intl10/31/2014
177ARKGARK Genomic Revolution Multi-Sector ETFSector10/31/20141
178ARKKARK Innovation ETFStyle/Strat10/31/20141
179GMOMCambria Global Momentum ETFGlobal/Intl11/04/20141,2
180FEMBFirst Trust Emerging Markets Local Bond ETFBond11/05/20141
181FPXIFirst Trust International IPO ETFGlobal/Intl11/05/2014
182LMBSFirst Trust Low Duration Mortgage OppBond11/05/20141
183JPINJPMorgan Diversified Return International EqGlobal/Intl11/07/2014
184PDBCPowerShares DB Opt Yld Divers Cmmdty StratCommodity11/07/20141
185CBONMarket Vectors ChinaAMC China Bond ETFBond11/11/2014
186HACKPureFunds ISE Cyber Security ETFSector11/12/2014
187EMQQEmerging Markets Internet and EcommerceSector11/13/2014
188SKORFlexShares Credit-Scored US Corporate BondBond11/13/2014
189CHNBGlobal X China Bond ETFBond11/19/2014
190LOWCSPDR MSCI ACWI Low Carbon Target ETFGlobal/Intl11/26/2014
191MLPOCredit Suisse S&P MLP Index ETNSector12/03/20145
192VQTSETRACS S&P 500 VEQTOR Switch Index ETNStyle/Strat12/03/20144
193KCNYKraneShares E Fund China Commercial PaperBond12/03/2014
194IBDLiShares iBonds Dec 2020 Corporate ETFBond12/04/2014
195CRBNiShares MSCI ACWI Low Carbon Target ETFGlobal/Intl12/09/2014
196GAACambria Global Asset Allocation ETFStyle/Strat12/10/2014
197DBEZDeutsche X-trackers MSCI EMU Hedged EquityGlobal/Intl12/10/20144
198VALXValidea Market Legends ETFGlobal/Intl12/10/20141
199XSOEWisdomTree Emg Mktss ex-State-Owned EntGlobal/Intl12/10/2014
200BBCBioShares Biotechnology Clinical TrialsSector12/17/2014
201BBPBioShares Biotechnology ProductsSector12/17/2014
202IVALValueShares International Quantitative ValueGlobal/Intl12/17/20141
203DIVYReality Shares DIVS ETFStyle/Strat12/18/20141,5
204EQALPowerShares Russell 1000 Equal WeightStyle/Strat12/23/2014
205SBIOALPS Medical Breakthroughs ETFSector12/31/2014

Notes: 1) actively managed, 2) fund-of-funds, 3) structured as a C-Corporation, 4) employs hedging, 5) dividend focus.  All exchange traded notes are identified with “ETN” as part of their name description.

List of 158 New ETPs for 2013

List of 178 New ETPs for 2012

List of 308 New ETPs for 2011

List of 223 New ETPs for 2010

List of 136 new ETPs for 2009

Disclosure covering writer, editor, publisher, and affiliates: No positions in any of the securities mentioned or listed in the table.  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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