ETF Deathwatch – April 2009

The number of exchange-traded products on Deathwatch fell to 162 from the record high of 171 a month ago.  This is the first decline since we began keeping count last August.

The current list consists of 121 ETFs and 41 ETNs that are at least six months old and failed to have an Average Daily Value Traded (ADVT) of at least $100,000 during the month of March.

Elements Ben Graham Total Market Value ETN (BVT) heads up the list this month and Elements Ben Graham Large Cap Value ETN (BVL) is close behind.  The third member of the trio, Elements Ben Graham Small Cap Value ETN (BSC), also managed to make the top 20.  BVT traded on only five of the 22 market days in March.  Its total volume for the month was 1,800 shares, for an average of just 82 shares per day.

SPDR S&P International Consumer Discretionary (IPD), which headed up our list for the previous two months, came in at number 43 this time.  IPD was one of five Dead ETFs Walking we identified last month but appears to be in slightly better shape now.

As mentioned in earlier issues, sometimes the entire ETF family is in trouble.  Last month we said “Look for SPA to exit the ETF business soon” and exit they did.  The SPA MarketGrader family of six ETFs stopped trading after the close on March 25 and liquidated on March 30.

The two most vulnerable families at this time are:

E-TRACS: They have ten products and nine are on Deathwatch.  All ten of their offerings are ETNs, which have their own set of concerns.  The only one showing any sign of success is E-TRACS CMCI Long Platinum Total Return ETN (PTM), which traded nearly $1.5 million per day in March.  Perhaps E-TRACS can sell PTM to another sponsor before shutting down their other ETNs.

Elements: At the end of March, there were 17 Elements ETNs from multiple issuers.  Since then, three of the ones issued by Credit Suisse have been delisted and the seven issued by Swedish Credit Corp. have stopped issuing new shares.  Additionally, 10 of their ETNs are on Deathwatch, and all their products suffer from the ETN stigma.  I’d like to think that things cannot get any worse for Elements, but the organization seems to have knack for generating new and unique problems.

ETF Deathwatch - April 2009

Rank	Ticker	Name	Age (mths)	Avg Daily Volume	Avg Daily Value Traded
1	BVT	Elements Ben Graham Total Mkt Value ETN	8	82	$445
2	BVL	Elements Ben Graham Large Cap Value ETN	8	259	$1,461
3	AYT	Barclays GEMS Asia 8 ETN	7	36	$1,544
4	GWO	Elements CS Global Warming ETN	12	555	$2,550
5	EEH	Elements Spec LgCap US Sector Mo ETN	20	382	$2,762
6	UBD	Claymore U.S. Capital Markets Bond ETF	14	64	$2,966
7	UBC	E-TRACS CMCI Livestock Total Return ETN	12	164	$3,222
8	JJT	iPath DJ AIG Tin ETN	9	132	$3,305
9	UBN	E-TRACS CMCI Energy Total Return ETN	12	273	$3,606
10	PTD	E-TRACS CMCI Short Platinum Exc Ret ETN	11	105	$3,824
11	DPC	WisdomTree International Cons Cyclical	30	318	$4,010
12	BHH	HOLDRS B2B Internet ETF	111	15,895	$4,341
13	GBB	iPath GBP/USD Exchange Rate ETN	23	114	$4,368
14	PQSC	PowerShares FTSE Nasdaq Small Cap	12	318	$4,521
15	OTR	Claymore/Ocean Tomo Growth	24	368	$5,707
16	PEH	PowerShares Dynamic Europe Portfolio	22	900	$6,732
17	IPU	SPDR S&P International Utilities	8	395	$6,966
18	STH	Claymore/Sabrient Stealth	31	777	$7,595
19	BSC	Elements Ben Graham Small Cap Value ETN	8	1,327	$7,638
20	PTRP	PowerShares Glb Progressive Transport.	6	518	$7,956
21	JEM	Barclays GEMS Currency Index ETN	14	214	$8,194
22	INR	Market Vectors Indian Rupee/USD ETN	13	250	$8,246
23	GCE	Claymore CEF Index GS Connect ETN	16	795	$8,484
24	ROB	Claymore/Robb Report Global Luxury	20	923	$8,508
25	PSTL	PowerShares Global Steel Portfolio	6	773	$8,588
26	UAG	E-TRACS CMCI Agriculture TR ETN	12	518	$8,727
27	IPK	SPDR S&P International Technology	8	559	$8,996
28	PWD	PowerShares FTSE RAFI Europe Small Mid	18	1,014	$9,299
29	PHW	PowerShares Dynamic Hrdwr & Cons Elec	40	1,300	$9,504
30	IST	SPDR S&P International Telecom	8	564	$9,768
31	FUE	Elements MLCX Biofuels ETN	14	1,468	$10,171
32	IRO	Claymore/Zacks Dividend Rotation	17	1,036	$10,829
33	FDD	First Trust DJ STOXX Select Dividend 30	19	1,273	$10,879
34	MZG	Claymore/Mrngstr Manufact. SuperSector	20	827	$11,396
35	CZA	Claymore/Zacks Mid-Cap Core ETF	24	818	$11,659
36	IFEU	iShares FTSE/EPRA NAREIT Europe	17	677	$11,843
37	UEM	Claymore U.S.-1-The Capital Markets	14	305	$11,942
38	JFT	First Trust Enhanced 130/30 Large Cap ETN	10	609	$12,502
39	CRO	Claymore/Zacks Country Rotation	21	1,236	$12,764
40	WMW	Elements Mrngstr Wide Moat Focus ETN	18	2,155	$12,849
41	IPN	SPDR S&P International Industrial	8	882	$13,506
42	USV	E-TRACS CMCI Silver Total Return ETN	12	732	$13,598
43	IPD	SPDR S&P International Consumer Discr	8	909	$14,973
44	EXB	Claymore/Clear Global Exchanges & Brokers	21	1,845	$15,330
45	UBG	E-TRACS CMCI Gold Total Return ETN	12	605	$15,592
46	MKH	HOLDRS Merrill Lynch Market 2000+	105	427	$15,881
47	PNXQ	PowerShares Nasdaq Next Q	12	1,059	$16,343
48	EEN	Claymore/Robeco Developed International	25	1,532	$16,486
49	GRU	Elements MLCX Grains Total Return ETN	14	2,955	$16,944
50	MZN	Claymore/Mrngstr Inform. SuperSector	20	1,232	$17,221
51	XGC	Claymore/Great Companies Lg-Cap Growth	24	1,509	$17,321
52	DOY	MacroShares $100 Oil Down	9	2,159	$17,555
53	IFNA	iShares FTSE NAREIT North America	17	1,045	$18,197
54	LSO	Elements MLCX Livestock ETN	12	2,398	$19,178
55	JJS	iPath DJ AIG Softs ETN	9	573	$20,294
56	UCI	E-TRACS CMCI Total Return ETN	12	1,405	$20,327
57	PQZ	PowerShares Active Alpha Multi-Cap	12	1,732	$20,378
58	IPS	SPDR S&P International Consumer Staples	8	1,105	$20,494
59	FGD	First Trust DJ Global Select Dividend	16	1,986	$22,081
60	FUD	E-TRACS CMCI Food Total Return ETN	12	1,209	$22,167
61	PRY	PowerShares FTSE RAFI Intern. Real Estate	15	2,464	$22,832
62	PMA	PowerShares Active Mega-Cap Portfolio	12	1,632	$25,243
63	EKH	HOLDRS Europe 2001	100	659	$25,671
64	SZR	WisdomTree Dreyfus S. African Rand	9	1,291	$25,928
65	GRI	Cohen & Steers Global Realty Majors	11	1,518	$26,965
66	AGF	PowerShares DB Agriculture Long ETN	12	1,723	$27,063
67	DEF	Claymore/Sabrient Defender	28	1,823	$27,395
68	IRV	SPDR S&P International Materials	8	2,014	$29,388
69	UBM	E-TRACS CMCI Industrial Metals TR ETN	12	2,350	$30,626
70	IIH	HOLDRS Internet Infrastructure	111	15,591	$30,682
71	IRY	SPDR S&P International Health Care	8	1,473	$30,861
72	CSD	Claymore/Clear Spin-Off ETF	28	3,086	$31,076
73	PBTQ	PowerShares Global Biotech Portfolio	6	1,573	$31,300
74	DDI	WisdomTree International Industrial	30	2,418	$31,447
75	PKOL	PowerShares Global Coal Portfolio	6	2,450	$31,513
76	DOD	Elements Dogs of the Dow Total Return ETN	17	7,827	$34,469
77	UOY	MacroShares $100 Oil Up	9	10,468	$35,331
78	FVI	First Trust Value Line Equity Allocation	28	3,173	$35,993
79	FXL	First Trust Technology AlphaDex	23	3,723	$36,464
80	FXO	First Trust Financials AlphaDex	23	5,577	$37,868
81	OTP	Claymore/Ocean Tomo Patent	28	2,582	$38,221
82	FYX	First Trust Small Cap Core AlphaDEX	23	2,741	$38,755
83	NUCL	iShares S&P Global Nuclear Energy	9	1,359	$39,947
84	IPW	SPDR S&P International Energy	8	2,123	$39,987
85	JJU	iPath DJ AIG Aluminum ETN	9	1,955	$40,289
86	NFO	Claymore/Sabrient Insider	31	2,964	$40,560
87	MZO	Claymore/Mrngstr Services SuperSector	20	3,359	$40,853
88	FRI	First Trust S&P REIT	23	6,659	$40,887
89	ADZ	PowerShares DB Agriculture Short ETN	12	1,127	$41,724
90	PBS	PowerShares Dynamic Media	46	6,727	$41,790
91	GRN	iPath Global Carbon ETN	9	1,955	$42,128
92	RCD	Rydex S&P Equal Weight Cons Discret	29	2,332	$42,432
93	FAB	First Trust Multi Cap Value AlphaDEX	23	3,268	$42,614
94	DPU	PowerShares DB Commodity Long ETN	11	3,391	$44,736
95	PRFG	PowerShares FTSE RAFI Consumer Goods	31	1,745	$44,875
96	DRF	WisdomTree International+C139 Financial	30	5,523	$45,285
97	FAD	First Trust Multi Cap Growth AlphaDEX	23	2,745	$45,321
98	JYN	iPath JPY/USD Exchange Rate ETN	23	745	$45,344
99	PGD	Barclays Asian&Gulf Currency Reval. ETN	10	932	$45,877
100	PRFM	PowerShares FTSE RAFI Basic Materials	31	1,736	$46,719
101	PDQ	PowerShares Asia Pacific ex-Jpn Small-Mid	18	4,964	$47,308
102	RTL	iShares FTSE NAREIT Retail	23	4,323	$47,500
103	PRFH	PowerShares FTSE RAFI Health Care	31	1,414	$48,126
104	PTO	PowerShares Auto Growth NFA	11	6,673	$48,568
105	BWV	iPath CBOE S&P 500 BuyWrite Index ETN	23	1,477	$49,124
106	JJM	iPath DJ AIG Industrial Metals ETN	17	2,177	$49,405
107	PNQI	PowerShares Nasdaq Internet	10	3,314	$49,990
108	MDD	SPDR S&P International Mid Cap	11	2,882	$50,242
109	RHM	Rydex 2x S&P Health Care	10	1,332	$50,442
110	RZG	Rydex S&P Smallcap 600 Pure Growth	37	2,418	$51,107
111	PEF	PowerShares FTSE RAFI Europe	22	2,491	$52,390
112	QQXT	First Trust Nasdaq-100 Ex-Technology	26	4,736	$52,608
113	LVL	Claymore/BBD High Income	22	6,591	$53,687
114	GULF	WisdomTree Middle East Dividend	9	4,500	$54,306
115	JJN	iPath DJ AIG Nickel ETN	17	3,641	$54,817
116	JPP	SPDR Russell/Nomura PRIME Japan	29	1,918	$54,943
117	FXR	First Trust Industrials AlphaDex	23	6,691	$56,030
118	ERO	iPath EUR/USD Exchange Rate ETN	23	1,118	$57,236
119	EEZ	WisdomTree Earnings Top 100 Fund	26	2,505	$57,262
120	PDN	PowerShares Dev Markets ex-US Small-Mid	18	4,927	$57,385
121	FXD	First Trust Cons Discretionary AlphaDex	23	6,895	$58,222
122	RTM	Rydex S&P Equal Weight Materials	29	2,305	$61,003
123	FNX	First Trust Mid Cap Core AlphaDEX	23	4,109	$63,657
124	FRN	Claymore/BNY Mellon Frontier Markets	10	6,327	$65,006
125	FXZ	First Trust Materials AlphaDex	23	6,905	$65,296
126	RTW	Rydex Inverse 2x S&P Technology	10	1,232	$66,154
127	PEJ	PowerShares Dynamic Leisure & Enter	46	8,209	$66,179
128	BDG	PowerShares DB Base Metals Lng ETN	10	5,023	$66,386
129	ICI	iPath Optimized Currency Carry ETN	12	1,505	$66,744
130	WMH	HOLDRS Wireless	102	1,977	$67,898
131	FFR	FT FTSE EPRA/NAREIT Global Real Estate	19	4,118	$68,549
132	PVM	PowerShares Dynamic Deep Value	28	5,459	$70,242
133	FIO	iShares FTSE NAREIT Industrial Office	23	5,782	$70,765
134	PJO	PowerShares FTSE RAFI Japan	22	2,636	$74,155
135	FTA	First Trust Large Cap Value Opp AlphaDEX	23	6,118	$75,723
136	PGZ	PowerShares Dynamic Aggressive Growth	28	5,450	$77,470
137	FXG	First Trust Consumer Staples AlphaDex	23	6,064	$77,911
138	ADRU	BLDRS Europe 100 ADR	78	6,045	$78,137
139	DNH	WisdomTree Pacific Ex-Jap HY Equity	34	2,864	$79,056
140	PKN	PowerShares Global Nuclear Energy	12	6,259	$79,990
141	RYJ	Claymore/Raymond James Strong Buy Eq	7	8,764	$80,048
142	DBT	WisdomTree International Technology	30	6,314	$80,790
143	PAO	PowerShares Auto Balanced Growth NFA	11	10,168	$82,779
144	RYF	Rydex S&P Equal Weight Financial	29	7,005	$83,029
145	PFP	PowerShares Intl Listed Private Equity	18	12,695	$84,204
146	DEW	WisdomTree Europe High-Yielding Equity	34	3,350	$86,820
147	HGI	Claymore/Zacks Intl Yield Hog Index ETF	21	8,727	$88,380
148	PJG	PowerShares Dynamic Mid Cap	28	6,500	$88,478
149	PUA	PowerShares Dynamic Asia Pacific	22	8,382	$88,908
150	JJE	iPath DJ AIG Energy ETN	17	3,905	$89,152
151	FXN	First Trust Energy AlphaDex	23	9,382	$90,379
152	IPF	SPDR S&P International Financial	8	8,300	$90,539
153	LD	iPath DJ AIG Lead ETN	9	2,659	$91,543
154	BOS	PowerShares DB Base Metals Sht ETN	10	2,155	$93,460
155	JYF	WisdomTree Dreyfus Japan Yen	10	3,477	$93,521
156	PEZ	PowerShares Dynamic Cons Discretionary	30	6,868	$93,650
157	PZJ	PowerShares Zacks Small Cap	38	8,132	$93,820
158	PTJ	PowerShares Dynamic Healthcare Services	30	7,323	$95,817
159	INY	SPDR Barclays New York Muni Bond	18	4,655	$96,544
160	EMV	SPDR DJ Wilshire Mid Cap Value	41	3,405	$97,069
161	PTE	PowerShares Dynamic Telecom & Wireless	40	10,141	$97,073
162	RXI	iShares S&P Global Consumer Discretionary	31	3,523	$98,847

Disclosure:  no positions.