ETF Deathwatch for August 2011: Count Hits 29-Month High
August 4, 2011 by Ron Rowland
Filed under Commentary, ETF Deathwatch 2011
Fifteen exchange-traded products joined ETF Deathwatch for August and seven are being removed. The net increase of eight pushes the current quantity to 163, or 14.6% of the 1,115 eligible products. This quantity represents a 29-month high and consists of 118 ETFs and 45 ETNs. The average list member is 31 months old and has just $7 million in assets.
Many people are surprised to learn that one of the members is the PIMCO Broad U.S. Treasury Index Fund (TRSY). Despite having a PIMCO name and targeting a broad asset class, TRSY went the entire month of July with zero volume. Earlier today, the bid/ask spread was 45 cents on a price of around $103. TRSY easily wins our “least traded product” award for July.
The product with the least assets once again goes to ELEMENTS Ben Graham Large Cap Value ETN (BVL), a distinction it has held for many months. With less than $600,000 under management, BVL is generating less than $4,500 in fees. One can’t help but wonder what is motivating Merrill Lynch and Deutsche Bank to keep this product alive.
New ETFs receive a six-month grace period before becoming eligible for ETF Deathwatch to give them time to gain traction with investors. Five of the 22 new ETPs launched in January failed to draw much interest so far and are joining ETF Deathwatch this month:
- ESG Shares Pax MSCI EAFE ESG Index ETF (EAPS) – we identified this ETF as being suspect when launched
- Global X Aluminum ETF (ALUM) – this aluminum producers fund is struggling right along with aluminum futures products
- Global X Russell Emerging Markets Value ETF (EMVX) – both EMVX and EMGX appear to be based on solid concepts, but perhaps the market is not ready for them
- Global X Russell Emerging Markets Growth ETF (EMGX)
- Rydex MSCI All Country World Equal Weight (EWAC) – the success of Rydex S&P Equal Weight (RSP) does not automatically transfer to other indexes
In addition to the five coming out of the grace period, ten older ETFs joined the list this month due to having very low assets, very low volume, or both:
- Global X China Energy ETF (CHIE)
- Global X China Materials ETF (CHIM) – with the addition of CHIE and CHIM, two-thirds of the Global X China sector suite is now on the list
- Guggenheim Sector Rotation ETF (XRO)
- iPath JPY/USD Exchange Rate ETN (JYN) – investors clearly prefer the fund structure of CurrencyShares Japanese Yen (FXY) over the note structure of JYN
- iPath Long Extended Russell 2000 TR ETN (RTLA) – the big 11 ETN launch by Barclays last November is turning into a bust with eight of them on the list
- iShares FTSE NAREIT Retail Capped (RTL)
- JETS Contrarian Opportunities (JCO) – this lone remaining JETS ETF is now in jeopardy
- PowerShares Dynamic Magniquant (PIQ)
- ProShares Ultra KBW Regional Banking (KRU)
- SPDR Russell/Nomura PRIME Japan (JPP)
Three ETPs had substantial increases in assets and trading activity the past three months, and four FaithShares funds finally closed down in July. The seven products removed from ETF Deathwatch are:
- ProShares Short Basic Materials (SBM)
- ProShares UltraPro Short S&P MidCap400 (SMDD)
- UBS ETRACS 1x Monthly Short Alerian MLP ETN (MLPS)
- FaithShares Baptist Values Fund (FZB) - delisted July 15
- FaithShares Catholic Values Fund (FCV)
- FaithShares Lutheran Values Fund (FKL)
- FaithShares Methodist Values Fund (FMV)
The ETF Deathwatch criteria produced the following list of 163 names for August:
ETF Deathwatch for August 2011
| # | Ticker Sym | ETF Name | Age (mths) | AUM (millions) | 3-mth Avg Daily $ Volume |
|---|---|---|---|---|---|
| 1 | DENT | AdvisorShares Dent Tactical ETF | 22.8 | $17.1 | $54,684 |
| 2 | AADR | AdvisorShares WCM/BNY Mellon Foc Gr ADR | 12.5 | $9.2 | $35,915 |
| 3 | PGD | Barclays Asian&Gulf Currency Reval. ETN | 37.9 | $4.1 | $11,639 |
| 4 | BXDC | Barclays ETN+ S&P 500 2x Short C 2009 ETN | 20.7 | $2.2 | $498,848 |
| 5 | JEM | Barclays GEMS Currency Index ETN | 42.5 | $4.0 | $23,319 |
| 6 | ADRU | BLDRS Europe 100 ADR | 106.1 | $22.4 | $178,018 |
| 7 | GCE | Claymore CEF Index GS Connect ETN | 44.3 | $3.5 | $27,861 |
| 8 | GVT | Columbia Concentrated Large Cap Value Strat | 27.3 | $3.1 | $3,414 |
| 9 | GMTB | Columbia Core Bond Strategy Fund | 18.3 | $5.2 | $14,300 |
| 10 | RPX | Columbia Growth Equity Strategy Fund | 22.2 | $1.6 | $74,625 |
| 11 | GMMB | Columbia Intermediate Municipal Bond Strategy | 18.3 | $5.2 | $18,361 |
| 12 | RWG | Columbia Large-Cap Growth Equity | 22.2 | $9.9 | $43,368 |
| 13 | XRU | CurrencyShares Russian Ruble Shares | 33.1 | $5.4 | $199,099 |
| 14 | TDD | db-X 2010 Target Date Fund | 46.6 | $14.4 | $33,398 |
| 15 | TDX | db-X In-Target Date Fund | 46.6 | $15.8 | $27,490 |
| 16 | FLYX | Direxion Airline Shares | 7.8 | $3.0 | $7,112 |
| 17 | BRIS | Direxion Daily BRIC Bear 2x | 16.9 | $2.6 | $79,416 |
| 18 | BRIL | Direxion Daily BRIC Bull 2x | 16.9 | $6.2 | $193,367 |
| 19 | INDZ | Direxion Daily India Bear 2x | 16.9 | $4.0 | $318,204 |
| 20 | LHB | Direxion Daily Latin America Bear 3x | 20.2 | $4.3 | $402,275 |
| 21 | GASX | Direxion Daily Natural Gas Related Bear 2x | 12.7 | $1.7 | $121,084 |
| 22 | RETS | Direxion Daily Retail Bear 2x | 12.7 | $2.3 | $83,675 |
| 23 | RETL | Direxion Daily Retail Bull 2x | 12.7 | $6.1 | $128,391 |
| 24 | FGEM | EGShares Financials GEMS ETF | 22.8 | $5.7 | $93,365 |
| 25 | BVL | ELEMENTS Ben Graham Large Cap Value ETN | 36.1 | $0.6 | $3,532 |
| 26 | BSC | ELEMENTS Ben Graham Small Cap Value ETN | 36.0 | $1.6 | $12,696 |
| 27 | BVT | ELEMENTS Ben Graham Total Mkt Value ETN | 36.1 | $3.3 | $62,007 |
| 28 | GWO | ELEMENTS CS Global Warming ETN | 40.5 | $3.5 | $14,475 |
| 29 | DOD | ELEMENTS Dogs of the Dow Total Return ETN | 45.4 | $4.7 | $35,206 |
| 30 | FUE | ELEMENTS MLCX Biofuels ETN | 42.3 | $9.5 | $178,914 |
| 31 | WMW | ELEMENTS Morningstar Wide Moat Focus ETN | 46.1 | $10.5 | $50,355 |
| 32 | EEH | ELEMENTS Spctrm LgCap US Sector Mo ETN | 48.6 | $1.1 | $615 |
| 33 | EAPS | ESG Shares Pax MSCI EAFE ESG Index ETF | 6.1 | $2.5 | $26,183 |
| 34 | FOC | FaithShares Christian Values Fund | 20.0 | $3.0 | $17,276 |
| 35 | FDD | First Trust DJ STOXX European Select Div | 47.7 | $11.4 | $47,481 |
| 36 | QABA | First Trust NASDAQ ABA Community Bank | 25.3 | $13.0 | $60,798 |
| 37 | FVI | First Trust Value Line Equity Allocation | 56.6 | $6.9 | $47,266 |
| 38 | ALUM | Global X Aluminum ETF | 6.9 | $5.1 | $44,871 |
| 39 | BRAF | Global X Brazil Financials ETF | 12.2 | $8.1 | $59,183 |
| 40 | CHIE | Global X China Energy ETF | 19.7 | $6.4 | $58,747 |
| 41 | CHIX | Global X China Financials ETF | 19.9 | $5.9 | $71,984 |
| 42 | CHIM | Global X China Materials ETF | 18.8 | $3.7 | $59,865 |
| 43 | CHIB | Global X China Technology ETF | 20.0 | $6.9 | $91,451 |
| 44 | EMGX | Global X Russell Emerging Markets Growth ETF | 6.2 | $2.5 | $12,716 |
| 45 | EMVX | Global X Russell Emerging Markets Value ETF | 6.2 | $2.5 | $10,526 |
| 46 | GIY | Guggenheim Enhanced Core Bond ETF | 42.2 | $5.3 | $15,507 |
| 47 | GSY | Guggenheim Enhanced Ultra-Short Bond ETF | 42.2 | $15.0 | $137,332 |
| 48 | EEN | Guggenheim EW Euro-Pacific LDRs ETF | 53.8 | $3.0 | $24,248 |
| 49 | XGC | Guggenheim International Small Cap LDRs | 52.7 | $10.3 | $159,006 |
| 50 | OTR | Guggenheim Ocean Tomo Growth Index ETF | 52.7 | $6.1 | $29,193 |
| 51 | OTP | Guggenheim Ocean Tomo Patent ETF | 56.3 | $10.5 | $67,609 |
| 52 | XRO | Guggenheim Sector Rotation ETF | 59.1 | $15.4 | $57,011 |
| 53 | WXSP | Guggenheim Wilshire 4500 Completion ETF | 17.0 | $6.2 | $31,903 |
| 54 | WFVK | Guggenheim Wilshire 5000 Total Market ETF | 17.0 | $5.8 | $39,951 |
| 55 | EKH | HOLDRS Europe 2001 | 128.2 | $4.0 | $31,409 |
| 56 | IIH | HOLDRS Internet Infrastructure | 139.1 | $9.9 | $26,747 |
| 57 | MKH | HOLDRS Merrill Lynch Market 2000+ | 132.9 | $12.7 | $56,233 |
| 58 | WMH | HOLDRS Wireless | 130.8 | $13.6 | $10,546 |
| 59 | GBB | iPath GBP/USD Exchange Rate ETN | 51.5 | $2.6 | $88,297 |
| 60 | GRN | iPath Global Carbon ETN | 37.7 | $2.3 | $36,044 |
| 61 | JYN | iPath JPY/USD Exchange Rate ETN | 51.5 | $4.9 | $36,822 |
| 62 | MFLA | iPath Long Enh 2x MSCI EAFE Index ETN | 8.1 | $3.6 | $75,585 |
| 63 | EMLB | iPath Long Enh 2x MSCI Emerging Mkts ETN | 8.1 | $5.3 | $53,777 |
| 64 | ROLA | iPath Long Ext 3x Russell 1000 TR ETN | 8.1 | $5.2 | $24,355 |
| 65 | RTLA | iPath Long Ext 3x Russell 2000 TR ETN | 8.1 | $2.3 | $436,169 |
| 66 | MFSA | iPath Short Enh -2x MSCI EAFE Index ETN | 8.1 | $4.1 | $61,098 |
| 67 | EMSA | iPath Short Enh -2x MSCI Emerging Mkts ETN | 8.1 | $7.4 | $165,162 |
| 68 | ROSA | iPath Short Ext -3x Russell 1000 TR ETN | 8.1 | $3.1 | $40,573 |
| 69 | SFSA | iPath Short Ext -3x S&P 500 TR Index ETN | 8.1 | $7.1 | $1,315,074 |
| 70 | TWON | IQ Taiwan Small Cap | 14.6 | $4.4 | $61,178 |
| 71 | GLJ | iShares 10+ Year Government/Credit Bond | 20.0 | $21.9 | $71,495 |
| 72 | MUAE | iShares 2016 S&P AMT-Free Muni Series | 19.0 | $23.6 | $129,754 |
| 73 | IFNA | iShares FTSE NAREIT North America | 45.0 | $13.3 | $88,908 |
| 74 | RTL | iShares FTSE NAREIT Retail Capped | 51.5 | $9.0 | $61,270 |
| 75 | AXDI | iShares MSCI ACWI ex US Consumer Discr | 12.7 | $6.7 | $30,349 |
| 76 | AXSL | iShares MSCI ACWI ex US Consumer Staples | 12.7 | $3.2 | $18,158 |
| 77 | AXEN | iShares MSCI ACWI ex US Energy | 12.7 | $6.3 | $46,044 |
| 78 | AXFN | iShares MSCI ACWI ex US Financials | 18.5 | $2.4 | $4,663 |
| 79 | AXHE | iShares MSCI ACWI ex US Health Care | 12.7 | $3.0 | $56,090 |
| 80 | AXID | iShares MSCI ACWI ex US Industrials | 12.7 | $6.1 | $6,997 |
| 81 | AXIT | iShares MSCI ACWI ex US Info Technology | 12.7 | $2.8 | $46,498 |
| 82 | AXMT | iShares MSCI ACWI ex US Materials | 12.7 | $6.7 | $68,857 |
| 83 | AXTE | iShares MSCI ACWI ex US Telecom Services | 12.7 | $3.0 | $21,730 |
| 84 | AXUT | iShares MSCI ACWI ex US Utilities | 12.7 | $2.5 | $48,843 |
| 85 | EMFN | iShares MSCI Emerging Markets Financials | 18.5 | $22.2 | $26,398 |
| 86 | FEFN | iShares MSCI Far East Financials Sector | 18.5 | $2.5 | $7,444 |
| 87 | EIRL | iShares MSCI Ireland Cap. Investable Mkt | 15.0 | $4.2 | $83,114 |
| 88 | EUSA | iShares MSCI USA Index Fund | 15.0 | $2.8 | $43,545 |
| 89 | TZD | iShares S&P Target Date 2010 Index Fund | 33.3 | $11.1 | $140,112 |
| 90 | TZE | iShares S&P Target Date 2015 Index Fund | 33.3 | $14.8 | $131,796 |
| 91 | TZI | iShares S&P Target Date 2025 Index Fund | 33.3 | $18.7 | $126,305 |
| 92 | TZL | iShares S&P Target Date 2030 Index Fund | 33.3 | $13.7 | $85,962 |
| 93 | TZO | iShares S&P Target Date 2035 Index Fund | 33.3 | $6.9 | $34,501 |
| 94 | TZV | iShares S&P Target Date 2040 Index Fund | 33.3 | $15.6 | $86,139 |
| 95 | TGR | iShares S&P Target Date Retirement Inc. | 33.3 | $9.1 | $91,135 |
| 96 | CRBI | Jefferies|TR/J CRB Global Ind Metals Equity | 21.4 | $4.5 | $35,718 |
| 97 | JCO | JETS Contrarian Opportunities | 15.9 | $14.6 | $92,012 |
| 98 | DSXJ | JPM Qtrly Dbl Short US 10-Yr Treas Fut ETN | 10.0 | $9.4 | $84,572 |
| 99 | DSTJ | JPM Qtrly Dbl Short US Long Treas Fut ETN | 10.0 | $9.9 | $14,996 |
| 100 | JFT | KEYnotes FT Enhanced 130/30 Large Cap ETN | 38.8 | $3.6 | $6,755 |
| 101 | URR | Market Vectors Double Long Euro ETN | 39.3 | $1.1 | $78,119 |
| 102 | INR | Market Vectors Indian Rupee/USD ETN | 41.0 | $5.8 | $68,613 |
| 103 | NASI | Pax MSCI North America ESG Index | 14.6 | $4.2 | $58,058 |
| 104 | TRSY | PIMCO Broad U.S. Treasury Index Fund | 9.1 | $10.0 | $4,612 |
| 105 | PQZ | PowerShares Active Alpha Multi-Cap | 40.2 | $3.6 | $23,587 |
| 106 | PMA | PowerShares Active Mega-Cap Portfolio | 40.1 | $5.3 | $60,238 |
| 107 | LBND | PowerShares DB 3x Long 25+ Treas ETN | 13.2 | $3.9 | $35,403 |
| 108 | ADZ | PowerShares DB Agriculture Short ETN | 40.0 | $3.0 | $116,120 |
| 109 | BDG | PowerShares DB Base Metals Long ETN | 38.0 | $1.9 | $6,934 |
| 110 | BOS | PowerShares DB Base Metals Short ETN | 37.9 | $5.5 | $144,376 |
| 111 | DEE | PowerShares DB Commodity Dbl Short ETN | 39.6 | $3.4 | $242,371 |
| 112 | DPU | PowerShares DB Commodity Long ETN | 39.6 | $7.6 | $40,735 |
| 113 | DDP | PowerShares DB Commodity Short ETN | 39.6 | $2.8 | $130,117 |
| 114 | PEZ | PowerShares Dynamic Cons Discretionary | 58.4 | $20.1 | $56,642 |
| 115 | PIC | PowerShares Dynamic Insurance | 70.1 | $8.7 | $21,328 |
| 116 | PIQ | PowerShares Dynamic Magniquant | 58.4 | $20.4 | $26,210 |
| 117 | PXSC | PowerShares Fundamental Pure Small Core | 56.8 | $16.3 | $57,868 |
| 118 | PSTL | PowerShares Global Steel Portfolio | 34.7 | $5.5 | $97,117 |
| 119 | PTO | PowerShares Ibbotson Alternative Completion | 38.9 | $9.0 | $24,529 |
| 120 | KBWX | PowerShares KBW International Financial | 8.0 | $2.4 | $5,709 |
| 121 | KBWY | PowerShares KBW Premium Yield Equity REIT | 8.0 | $7.7 | $78,908 |
| 122 | KBWP | PowerShares KBW Property & Casualty Ins | 8.0 | $3.7 | $5,728 |
| 123 | PYH | PowerShares Morningstar StockInvestor Core | 56.8 | $16.4 | $45,714 |
| 124 | PSCM | PowerShares S&P SmallCap Materials | 16.0 | $2.9 | $20,268 |
| 125 | KRU | ProShares Ultra KBW Regional Banking | 15.5 | $4.3 | $242,335 |
| 126 | UPV | ProShares Ultra MSCI Europe | 15.3 | $3.7 | $108,682 |
| 127 | UMX | ProShares Ultra MSCI Mexico Investable Mkt | 15.3 | $2.1 | $19,789 |
| 128 | UXJ | ProShares Ultra MSCI Pacific Ex-Japan | 15.3 | $3.7 | $137,976 |
| 129 | UWC | ProShares Ultra Russell3000 | 25.3 | $8.1 | $57,919 |
| 130 | YCL | ProShares Ultra Yen | 32.6 | $5.5 | $335,367 |
| 131 | RXD | ProShares UltraShort Healthcare | 54.8 | $3.6 | $105,798 |
| 132 | SMK | ProShares UltraShort MSCI Mexico | 25.8 | $2.4 | $36,210 |
| 133 | JPX | ProShares UltraShort MSCI Pacific ex-Japan | 25.8 | $2.4 | $21,689 |
| 134 | BIS | ProShares UltraShort Nasdaq Biotechnology | 16.0 | $2.0 | $100,180 |
| 135 | SFK | ProShares UltraShort Russell 1000 Growth | 54.0 | $4.5 | $149,117 |
| 136 | SJF | ProShares UltraShort Russell 1000 Value | 54.0 | $2.4 | $60,283 |
| 137 | SDK | ProShares UltraShort Russell Midcap Growth | 54.0 | $2.7 | $62,964 |
| 138 | SJL | ProShares UltraShort Russell Midcap Value | 54.0 | $2.0 | $78,412 |
| 139 | TWQ | ProShares UltraShort Russell3000 | 25.3 | $1.4 | $48,379 |
| 140 | TLL | ProShares UltraShort Telecom | 40.7 | $2.5 | $27,947 |
| 141 | SDP | ProShares UltraShort Utilities | 54.8 | $4.1 | $62,484 |
| 142 | ONEF | Russell Equity ETF | 14.9 | $12.9 | $79,552 |
| 143 | EWAC | Rydex MSCI All Country World Equal Weight | 6.7 | $6.1 | $66,315 |
| 144 | KME | SPDR KBW Mortgage Finance ETF | 27.4 | $3.7 | $32,395 |
| 145 | VRD | SPDR Nuveen S&P VRDO Municipal Bond ETF | 22.5 | $12.0 | $63,182 |
| 146 | JPP | SPDR Russell/Nomura PRIME Japan | 57.3 | $16.3 | $64,796 |
| 147 | IPF | SPDR S&P International Financial | 36.8 | $4.9 | $25,406 |
| 148 | IRY | SPDR S&P International Health Care | 36.7 | $20.1 | $172,714 |
| 149 | IPU | SPDR S&P International Utilities | 36.7 | $7.9 | $33,312 |
| 150 | MLPG | UBS ETRACS Alerian Natural Gas MLP ETN | 12.7 | $14.4 | $65,174 |
| 151 | UBN | UBS ETRACS CMCI Energy TR ETN | 40.5 | $3.4 | $16,268 |
| 152 | UBG | UBS ETRACS CMCI Gold TR ETN | 40.5 | $7.3 | $20,659 |
| 153 | UBM | UBS ETRACS CMCI Industrial Metals TR ETN | 40.5 | $6.8 | $21,534 |
| 154 | UBC | UBS ETRACS CMCI Livestock TR ETN | 40.5 | $5.1 | $3,792 |
| 155 | PTD | UBS ETRACS CMCI Short Platinum ER ETN | 39.3 | $3.2 | $2,111 |
| 156 | SPGH | UBS ETRACS S&P 500 Gold Hedged Idx ETN | 18.3 | $13.7 | $56,022 |
| 157 | MLPW | UBS ETRACS Wells Fargo MLP Index ETN | 9.1 | $17.9 | $89,892 |
| 158 | IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 10.8 | $6.0 | $30,525 |
| 159 | TVIZ | VelocityShares Daily 2x VIX Med-Term ETN | 8.1 | $9.8 | $895,129 |
| 160 | VIIZ | VelocityShares VIX Medium-Term ETN | 8.1 | $3.4 | $96,825 |
| 161 | EU | WisdomTree Dreyfus Euro | 39.1 | $9.9 | $51,986 |
| 162 | JYF | WisdomTree Dreyfus Japan Yen | 38.9 | $6.8 | $29,109 |
| 163 | HEDJ | WisdomTree International Hedged Equity | 19.2 | $20.1 | $60,940 |
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.
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