Friday, July 18th, 2014

ETF Deathwatch for July 2014: List Count Back Above 300

By Ron Rowland
10:25 am CDT

ETF Deathwatch membership rolls crept back above 300 this month.  Thirteen additions and six removals combined to grow the list from 295 to 302.  No closures occurred in June, and therefore all products coming off the list were due to health improvements.

WisdomTree has the dubious honor of sponsoring six of this month’s new additions.  The firm’s suite of interest rate strategy funds introduced last December has not resonated with investors.  The funds employ long/short strategies to produce zero or negative duration.  Many retail investors do not fully grasp the concept of bond fund duration, let alone negative duration, so additional investor education may be required.  The long awaited rise in interest rates has not commenced either, so it may simply be a case of investors not needing these ETFs just yet.

Eight sponsor brands have double-digit quantities of products on the list this month.  ProShares tops the brand list with 50 Deathwatch ETFs, which are mostly leveraged and inverse ETFs targeted at active traders and professional investors.  Next in line is Barclays iPath with 43 ETNs, including the ETF Deathwatch poster child iPath Short Enhanced MSCI Emerging Markets ETN (EMSA).  No one has bought or sold a share of EMSA since November 9, 2012, which was 615 calendar days ago for anyone counting.  Other sponsors with 10 or more names on the list include Invesco PowerShares (29), BlackRock iShares (20), First Trust (17), Global X (13), State Street SPDR (12), and WisdomTree (10).

The average age of products on the list climbed from 43.9 to 44.2 months, and 81 are now more than five years in age.  The average asset size is $6.8 million, up slightly from $6.7 million a month ago, and 59 have asset levels below $2 million.

Here is the Complete List of 302 Products on ETF Deathwatch for July 2014 compiled using the objective ETF Deathwatch Criteria.

 

The 13 ETPs added to ETF Deathwatch for July:

  1. Credit Suisse Commodity Rotation ETN (CSCR)
  2. ETRACS CMCI Energy TR ETN (UBN)
  3. Global X Fertilizers/Potash (SOIL)
  4. iShares MSCI Emerging Markets EMEA (EEME)
  5. Market Vectors Emerging Market Aggregate Bond ETF (EMAG)
  6. Recon Capital Nasdaq-100 Covered Call ETF (QYLD)
  7. SPDR MSCI EM Beyond BRIC ETF (EMBB)
  8. WisdomTree Barclays US Aggregate Bond Negative Duration (AGND)
  9. WisdomTree Barclays US Aggregate Bond Zero Duration (AGZD)
  10. WisdomTree BofA ML High Yield Bond Negative Duration (HYND)
  11. WisdomTree BofA ML High Yield Bond Zero Duration (HYZD)
  12. WisdomTree China Dividend Ex-Financials (CHXF)
  13. WisdomTree Japan Interest Rate Strategy (JGBB)

The 6 ETPs removed from ETF Deathwatch due to improved health:

  1. AdvisorShares Madrona International (FWDI)
  2. EGShares Emerging Markets Domestic Demand (EMDD)
  3. iShares Dow Jones-UBS Roll Select Commodity (CMDT)
  4. iShares MSCI Emerging Markets Consumer Discretionary (EMDI)
  5. PowerShares Fundamental Pure Large Value (PXLV)
  6. RBS Rogers Enhanced Industrial Metals ETN (RGRI)

ETPs removed from ETF Deathwatch due to delisting:

none

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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Tuesday, July 15th, 2014

Assessing Last Week’s Damage

By Ron Rowland
10:42 am CDT

Stocks declined last week, but you might be pleasantly surprised to learn the losses were not as large as some financial media outlets want you to believe.  Whether it was fear-mongering or just plain-old headline marketing, casually tuning in the financial news last week might have led you to believe a devastating bear market was commencing.  The drama was much grander than the actual 0.7% decline for the Dow Jones Industrial Average and the 0.9% downward adjustment for the S&P 500.

Granted, there were segments that didn’t perform as well as the big averages.  Today, we’ll identify the major winners and losers in our weekly performance monitor along with some of the more extreme subcategories.

First thing to note is there were many winners.  Among stock groups, Latin America gained 1.7%, REITS moved ahead 1.2%, Utilities tacked on 0.6%, and Consumer Staples edged ahead by 0.3%.  Gold, emerging market debt, and domestic investment grade bonds also moved higher.  Stocks of gold and silver miners were big winners, with Market Vector Junior Gold Miners (GDXJ) jumping 6.1% and Global X Gold Explorers (GLDX) surging 7.0%.  On the international front, Indonesian stocks soared more than 6% and Middle East benchmarks rose more than 2%.

Our weekly performance chart quickly shows where most of the damage occurred – Europe and domestic small cap stocks.  The near-failure of Portugal’s largest bank gets most of the blame for the selling in Europe.  Portugal, as you probably recall, is the “P” in PIIGS – Portugal, Italy, Ireland, Greece, and Spain.  These were the most vulnerable countries during the euro debt crisis of 2011 and last week came back into the spotlight.  By week’s end, the fear in Portugal had subsided but not before losses piled up for Global X FTSE Portugal 20 ETF (PGAL) -9.0%, Global X FTSE Greece (GREK) -7.5%, iShares MSCI Italy Capped (EWI) -5.2%, and iShares MSCI Spain Capped (EWP) -4.7%.  As bad as these were, they looked good next to the 11% and 12% plunges for Indian small cap ETFs.

Domestically, iShares Micro-Cap (IWC) dropped 4.9% to be one of the worst performing style ETFs.  As usual, the narrower focus of sector and industry funds produced larger setbacks, especially those with a small cap tilt.  Notable losers included Market Vectors Solar Energy (KWT) -6.3%, SPDR S&P Biotech (XBI) -6.3%, PowerShares S&P SmallCap Energy (PSCE) -5.5%, Global X Social Media (SOCL) -5.1%, and SPDR S&P Homebuilders (XHB) -4.9%.

Bottom line, the broad stock market barometers held losses to less than 1% for the week and most bonds rose.  Despite the steeper plunges in Europe, small cap stocks, and select industries, the bull market is still intact.

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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Friday, July 11th, 2014

ETF Stats for June 2014 – Product Count Tops 1,600

By Ron Rowland
7:57 am CDT

Twenty-two new listings in June pushed the ETP count above the 1,600 threshold to close the month at 1,613 (1,408 ETFs and 205 ETNs).  A total of 101 new products came to market in the first half of the year, while just 24 closed up shop.  Although this is an improvement over the past two years, if this pace continues in the second half of the year, 2014 will end up being only the fifth best year for product introductions.  Projecting the current trend into the future suggests listings might cross the 2,000 milestone sometime in 2017.

Assets continue to climb too, surpassing $1.8 trillion in June.  Asset growth has been more robust than product growth, and assets could reach $2 trillion before the end of the year.  You can bet the ETF industry will be celebrating that event.

New introductions in June consisted of eighteen ETFs and four ETNs.  Most of the ETF launches were in the “smart beta” category including ten “quality mix” funds from State Street SPDRs and three BlackRock iShares pursuing “low volatility” strategies.  BlackRock also beefed up its “Core” product line with four new products and the repositioning of five existing ETFs.  Three of the ETN launches provide leveraged exposure to their underlying indexes.

Just 42 funds have more than $10 billion in assets, with their ranks increasing by one in June.  These 42 represent just 2.6% of the product count while holding the majority (55.6%) of industry assets.  The number of products exceeding $1 billion increased by three to 241 and account for 89.0% of all ETP assets.

Asset distribution is heavily skewed with the “average” ETF having $1.16 billion in assets while the “median” fund has just $86 million.  Another indication of just how lopsided the industry is, the 809 smallest funds only account for 1% of assets.  More than half of the products are fighting for the last 1% of assets.

Trading activity dropped 5.5% in June to $1.09 trillion, after plunging 21.3% in May.  Either the summer slowdown arrived early this year, or August is going to be among the lowest volume months in years.  For the second month in a row, the quantity of ETFs averaging more than $1 billion a day in trading activity was only four.  However, these four were responsible for more than 46% of all ETP dollars traded.

June 2014 Month EndETFsETNsTotal
Currently Listed U.S.1,4082051,613
Listed as of 12/31/20131,3322041,536
New Introductions for Month18422
Delistings/Closures for Month000
Net Change for Month+18+4+22
New Introductions 6 Months956101
New Introductions YTD956101
Delistings/Closures YTD19524
Net Change YTD+76+1+77
Actively-Managed Listings89 n/a89 (+0)
Assets Under Mgmt ($ billion)$1,840$27.8$1,868
% Change in Assets for Month+3.7%+3.6%+3.7%
Qty AUM > $10 Billion42042
Qty AUM > $1 Billion2356241
Qty AUM > $100 Million72237759
% with AUM > $100 Million51.3%18.1%47.1%
Monthly $ Volume ($ billion)$1,064$30.3$1,094
% Change in Monthly $ Volume-3.6%-43.3%-5.5%
Avg Daily $ Volume > $1 Billion404
Avg Daily $ Volume > $100 Million71273
Avg Daily $ Volume > $10 Million25711268
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 June (sorted by launch date):

  1. iShares MSCI Asia ex Japan Minimum Volatility ETF (AXJV), launched 6/5/14, will provide exposure to stocks in Asia, except Japan, while attempting to reduce volatility when compared to the broader Asian equity market.  It will invest in both developed and emerging market countries, with considerable exposure to China and South Korea.  Investors should expect a high concentration in financials, technology, and telecom.  The fund has an expense ratio of 0.35% (AXJV overview).
  2. iShares MSCI Europe Minimum Volatility ETF (EUMV), launched 6/5/14, will provide exposure to European equities, while attempting to reduce volatility when compared to the broader European market.  Financials, consumer staples, and health care represent the largest sector allocations.  Investors will pay 0.25% annually to own this ETF (EUMV overview).
  3. iShares MSCI Japan Minimum Volatility ETF (JPMV), launched 6/5/14, will provide exposure to Japanese stocks, while attempting to reduce volatility when compared to the broader Japanese market.  The industrials and consumer discretionary sectors each account for about 20% of the holdings.  The ETF sports an expense ratio of 0.30% (JPMV overview).
  4. SPDR EURO STOXX Small Cap ETF (SMEZ), launched 6/5/14, is designed to provide a representation of small-cap companies across the countries that have adopted the Euro as their currency.  The ETF currently holds 98 stocks, with financials at 33% and consumer discretionary at 20% constituting the majority of the holdings.  The fund sports a 0.45% expense ratio (SMEZ overview).
  5. SPDR MSCI EAFE Quality Mix ETF (QEFA), launched 6/5/14, will invest in large- and mid-cap companies across 22 developed markets in Europe, Australasia, and the Far East.  Countries with more than a 10% allocation include the U.K. at 26%, Japan 18%, and Switzerland 13%.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  There is no shortage of holdings with about 900 positions.  The ETF has an expense ratio of 0.30% (QEFA overview).
  6. SPDR MSCI Emerging Markets Quality Mix ETF (QEMM), launched 6/5/14, will invest in large- and mid-cap equities across 21 emerging markets.  Countries with a more than 10% allocation include China at 21%, South Korea 15%, and Taiwan 13%.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  The ETF has a good number of holdings, totaling near 600, and it has an expense ratio of 0.30% (QEMM overview).
  7. SPDR MSCI World Quality Mix ETF (QWLD), launched 6/5/14, will invest in large- and mid-cap equities across 24 developed markets worldwide.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  The U.S. has by far the largest allocation at nearly 60%, with the next being the U.K at just over 8%.  QWLD tops the other SPDR MSCI Quality Mix ETFs introduced this month with 1,025 holdings and has the same expense ratio of 0.30% (QWLD overview).
  8. Credit Suisse FI Large Cap Growth Enhanced ETN (FLGE), launched 6/11/14, is an exchange-traded note designed to give investors 2x leveraged performance of the Russell 1000 Growth Index Total Return.  The ETN’s expense ratio is 0.85%.  We’d like to point you to the FLGE overview, but one is not provided by the sponsor.  We would suggest you think twice before purchasing an ETP that doesn’t care enough about investors to put up a webpage.
  9. ETRACS Wells Fargo MLP Ex-Energy ETN (FMLP), launched 6/11/14, is an exchange-traded note linked to the performance of a group of master limited partnerships that are not energy-related and have a market cap of at least $100 million.  The coupon will be variable and paid monthly.  As of early July, the yield was 6.8% after deducting the expense ratio of 0.85% (FMLP overview).
  10. UBS AG FI Enhanced Large Cap Growth ETN (FBGX), launched 6/11/14, is an exchange-traded note designed to return to investors 2x leveraged performance of the Russell 1000 Growth Index Total Return. It has an expense ratio of 0.85%.  You’ll notice the description is the same as FLGE, just with a different sponsor, allowing the possibility to mitigate credit risk of the issuer by splitting up an investment.  As with FLGE, there is no overview available from the issuer for this ETN.
  11. iShares Core Dividend Growth ETF (DGRO), launched 6/12/14, is set to give investors low cost exposure to U.S. stocks focused on dividend growth.  To be included, a stock must have annual dividend growth for the past 5 years, no more than 75% of earnings paid as dividends, and a positive earnings forecast.  To maintain diversification, stocks will be capped at a 3% weighting.  The fund sports a 0.12% expense ratio (DGRO overview).
  12. iShares Core MSCI Europe ETF (IEUR), launched 6/12/14, is designed to provide broad exposure to stocks in European developed markets and will include small-cap as well as mid- and large-cap equities.  The U.K. represents about 28% of the fund, while France, Switzerland, and Germany all come in at about 13%.  The ETF’s expense ratio is 0.14% (IEUR overview).
  13. iShares Core MSCI Pacific ETF (IPAC), launched 6/12/14, will invest in a broad range of stocks in Australia, Hong Kong, Japan, New Zealand, and Singapore.  Size capitalization can be from small to large, and Japan takes the lion’s share of the portfolio at a 63% allocation.  Investors will pay 0.14% annually to own this fund (IPAC overview).
  14. iShares Core Total USD Bond Market ETF (IUSB), launched 6/12/14, seeks to provide income to investors and will take advantage of more than just investment grade bonds.  IUSB will also reach into the high yield and emerging market bond segments in an attempt to achieve higher yields.  It will aim to meet its objective with an expense ratio of 0.15% (IUSB overview).
  15. SPDR MSCI Australia Quality Mix ETF (QAUS), launched 6/12/14, will invest solely in Australian companies.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  Financials sits atop the sector allocation at 33%, with the nearest competitor being materials at 20%.  The fund holds around 70 companies and has an expense ratio of 0.30% (QAUS overview).
  16. SPDR MSCI Canada Quality Mix ETF (QCAN), launched 6/12/14, will invest in companies located in Canada.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  Financials has the largest sector allocation at 31%, but energy is not far behind at 26%.  The fund is approaching 100 holdings.  The ETF’s expense ratio is 0.30% (QCAN overview).
  17. SPDR MSCI Germany Quality Mix ETF (QDEU), launched 6/12/14, will invest in companies domiciled in Germany.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  Consumer Discretionary rules the sector allocations at 25%, with the next two in line being financials and industrials around 14% each.  The fund currently invests in 55 companies and has an expense ratio of 0.30% (QDEU overview).
  18. SPDR MSCI Japan Quality Mix ETF (QJPN), launched 6/12/14, will invest solely in Japanese companies.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  Abenomics is counting on consumers getting out of their deflationary mindset, and perhaps that is reflected in the consumer discretionary sector having the largest allocation at 22%.  This ETF boasts the record for number of holdings for the country-specific Quality Mix ETFs introduced this month at 270.  It sports an expense ratio of 0.30% (QJPN overview).
  19. SPDR MSCI Spain Quality Mix ETF (QESP), launched 6/12/14, will invest in companies located in Spain.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  Financials sits atop the sector allocation at a whopping 38%, while the utilities sector comes in second with about 16%.  The fund has just 25 stocks, losing the race in the holdings department among the country-specific Quality Mix ETFs introduced this month.  QESP has a 0.30% expense ratio (QESP overview).
  20. SPDR MSCI United Kingdom Quality Mix ETF (QGBR), launched 6/12/14, will invest in companies domiciled in the United Kingdom.  Stocks will fit in one of the following three categories:  value, low volatility, or quality factor selection.  The sector allocation is fairly balanced with six representing between 11-18% each.  The fund currently invests in 106 companies.  The fund’s expense ratio is, you guessed it, 0.30% (QGBR overview).
  21. JPMorgan Diversified Return Global Equity ETF (JPGE), launched 6/17/14, is following the FTSE Developed Diversified Factor Index.  The index uses a multi-factor ranking process that includes relative valuation, size, price momentum, and low volatility.  The fund has an expense ratio of 0.64%, but it will be capped at 0.38% until February 2016 (JPGE overview).
  22. ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN (LMLP), launched 6/25/14, is an exchange-traded note linked to 2 times (2x) the performance of a group of master limited partnerships that are not energy-related and have a market cap of at least $100 million.  The coupon will be variable and paid monthly.  The initial yield to investors is expected to be 14.4% after the 0.85% annual tracking fee (LMLP overview).

 

Product closures/delistings in June:

none

Product changes in June:

  1. iShares Core Total U.S. Bond Market ETF (AGG) was renamed iShares Core U.S. Aggregate Bond ETF (AGG) effective June 3.
  2. Two iShares bond ETFs changed their names and underlying indexes to become iShares Core Short-Term USD Bond ETF (ISTB) and iShares Core Long-Term USD Bond ETF (ILTB) effective June 3.
  3. WisdomTree Global Corporate Bond Fund (GLCB) became the WisdomTree Strategic Corporate Bond Fund (CRDT) effective June 3.
  4. iShares moved five existing ETFs to its “Core” lineup effective June 12:  iShares Russell 3000 Growth ETF (IWZ) became iShares Core U.S. Growth ETF (IUSG), iShares Russell 3000 Value ETF (IWW) became iShares Core U.S. Value ETF (IUSV), iShares Credit Bond ETF (CFT) became iShares Core U.S. Credit Bond ETF (CRED), iShares High Dividend ETF (HDV) became iShares Core High Dividend ETF (HDV), and iShares U.S. Treasury Bond ETF (GOVT) became iShares Core U.S. Treasury Bond ETF (GOVT).
  5. iShares 10+ Year Credit Bond ETF (CLY) changed its underlying index to Barclays U.S. Long Credit Index effective June 30.

 

Announced Product Changes for Coming Months:

  1. iShares Dow Jones-UBS Roll Select Commodity Index Trust (CMDT) will change its name to iShares Commodity Optimized Trust (CMDT) effective July 1.
  2. ETRACS DJ-UBS Commodity Index Total Return ETN (DJCI) will become the ETRACS Bloomberg Commodity Index ETN (DJCI) effective July 1.
  3. ProShares UltraShort commodity ETFs will change their underlying indexes from DJ-UBS to Bloomberg along with their names to reflect the new indexes effective July 1.  Tickers of the affected funds include CMD, UCD, BOIL, KOLD, UCO, and SCO.
  4. iShares will change the tickers on its five target maturity AMT-Free Muni Bond ETFs effective July 7.  MUAD will become IBMD, MUAE to IBME, MUAF to IBMF, MUAG to IBMG, and MUAH to IBMH.
  5. iShares will change the names of the 10 ETFs under its iSharesBond brand by replacing the word “iSharesBond” with “iShares iBonds” effective July 7.
  6. Effective July 8, PowerShares will change the underlying indexes and replace “insured” with “AMT-Free” in the names of three municipal bond ETFs.  The new names will be PowerShares National AMT-Free Municipal Bond Portfolio (PZA), PowerShares New York AMT-Free Municipal Bond Portfolio (PZT), and PowerShares California AMT-Free Municipal Bond Portfolio (PWZ).

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, June 16th, 2014

ETF Deathwatch for June 2014: Downtrend Continues

By Ron Rowland
14:44 pm CDT

ETF Deathwatch membership rolls peaked at 403 in August 2012 and have been steadily declining ever since.  This month they total just 295, consisting of 201 ETFs and 94 ETNs.  The 108-product reduction is impressive, but it didn’t come easy.  In fact, 158 ETFs and ETNs have closed their doors in that span, indicating the easiest way off the list has been through closure.

Historically, peaks and troughs in the Deathwatch quantity have tended to lag peaks and troughs in product launch activity by 12 to 18 months.  If this relationship continues to hold up, then we would expect the count to resume an upward trend in the next few months.  New product introductions hit their recent lows in the first quarter of 2013.  The rebound since then has not been as robust as the growth surges that began in 2006 and 2009, yet there was a distinct change of trend in early 2013.

This month, twelve new names joined the list and fourteen came off.  The list remains highly skewed toward exchange traded notes, with 94 of the available 201 ETNs (46.8%) currently on Deathwatch.  In comparison, a much more healthy percentage of 14.5% of the 1,390 listed ETFs are struggling for survival.  Two ETNs came off this month due to closure and liquidation.  ETRACS Fisher-Gartman Risk Off ETN (OFF) and ETRACS Fisher-Gartman Risk On ETN (ONN) suffered from a fixed and outdated definition of risk that failed to meet investor needs.

The average age of products on the list climbed from 43.4 to 43.9 months, and 78 are more than five years in age, so it’s not a case of constituents being new products that haven’t had enough time to attract assets.  The average asset size is now $6.7 million, down from $6.9 million a month ago, and 52 have asset levels below $2 million.  With an average expense ratio of 0.81%, the typical fund on Deathwatch is generating less than $55,000 in annual revenue.

Here is the Complete List of 295 Products on ETF Deathwatch for June 2014 compiled using the objective ETF Deathwatch Criteria.

 

The 12 ETPs added to ETF Deathwatch for June:

  1. Alerian Energy Infrastructure ETF (ENFR)
  2. ELEMENTS Rogers ICI Metals ETN (RJZ)
  3. ETRACS Daily Long-Short VIX ETN (XVIX)
  4. Global X Permanent (PERM)
  5. Horizons S&P Financial Select Sector Covered Call (HFIN)
  6. iShares MSCI Singapore Small-Cap (EWSS)
  7. PowerShares DB 3x German Bund Futures ETN (BUNT)
  8. PowerShares DB 3x Italian T-Bond Futures ETN (ITLT)
  9. PowerShares DB Italian T-Bond Futures ETN (ITLY)
  10. PowerShares KBW Capital Markets (KBWC)
  11. ProShares Short Term USD Emerging Markets Bond (EMSH)
  12. ProShares UltraShort SmallCap600 (SDD)

The 12 ETPs removed from ETF Deathwatch due to improved health:

  1. Barclays ETN+ Shiller CAPE ETN (CAPE)
  2. Direxion All Cap Insider Sentiment (KNOW)
  3. Direxion S&P 500 DRRC Volatility Response (VSPY)
  4. EGShares India Infrastructure (INXX)
  5. ETRACS CMCI Livestock TR ETN (UBC)
  6. iPath DJ-UBS Nickel ETN (JJN)
  7. iShares Industrials Bond (ENGN)
  8. Market Vectors Renminbi Bond (CHLC)
  9. PowerShares DB Japanese Govt-Bond Futures ETN (JGBL)
  10. PowerShares Dynamic Semiconductors (PSI)
  11. ProShares Short FTSE China 25 (YXI)
  12. SPDR S&P International Financial (IPF)

The 2 ETPs removed from ETF Deathwatch due to delisting:

  1. ETRACS Fisher-Gartman Risk Off ETN (OFF)
  2. ETRACS Fisher-Gartman Risk On ETN (ONN)

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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