ETF Deathwatch for February 2010
February 9, 2010 by Ron Rowland
Filed under Commentary, ETF Deathwatch, ETFs
The number of exchange traded products on ETF Deathwatch dropped below 100 for the first time since November 2008. Whether this drop is permanent or temporary remains to be seen. I believe it to be a temporary event caused by a slowdown in new product introductions a year ago. Some 70 new funds introduced in the past six months are currently enjoying the six-month grace period which gives them a chance to develop some traction. Many of these could be added to the list as their grace periods expire.
This month’s list contains 69 ETFs and 30 ETNs for a total of 99. The $100,000 threshold in average daily trading activity is a relatively small amount and it doesn’t take much to push a product above or below the cutoff. Those escaping the list this time could very well be back next month.
WisdomTree recently announced plans to close 10 funds in March. Most of the affected products are regular members of ETF Deathwatch, but they somehow managed to escape the current list. WisdomTree was the first firm to announce closings in 2010, but I predict they won’t be the only one.
Elements Ben Graham Large Cap Value ETN (BVL) heads the ETF Deathwatch list again this month, trading on only five days in January. BVL is joined by seven other Elements brand ETNs, and a large percentage of the products from E-TRACS.
Listed below are the 99 products that failed to generate at least $100,000 in average daily value traded (ADVT) during the past month.
ETF Deathwatch - February 2010
| Rank | Ticker | Name | Age (mths) | Avg Daily Volume | Avg Daily Value Traded |
|---|---|---|---|---|---|
| 1 | BVL | Elements Ben Graham Large Cap Value ETN | 18 | 226 | $2,198 |
| 2 | UBC | E-TRACS CMCI Livestock Total Return ETN | 22 | 147 | $2,701 |
| 3 | EEH | Elements Spec LgCap US Sector Mo ETN | 30 | 453 | $3,790 |
| 4 | PTD | E-TRACS CMCI Short Platinum Exc Ret ETN | 21 | 174 | $5,472 |
| 5 | PGD | Barclays Asian&Gulf Currency Reval. ETN | 20 | 111 | $5,547 |
| 6 | GWO | Elements CS Global Warming ETN | 22 | 921 | $6,878 |
| 7 | JVS | Javelin DJ Islamic Market International | 7 | 142 | $6,884 |
| 8 | PNXQ | PowerShares Nasdaq Next Q | 22 | 316 | $7,618 |
| 9 | PQSC | PowerShares FTSE Nasdaq Small Cap | 22 | 353 | $7,932 |
| 10 | UBG | E-TRACS CMCI Gold Total Return ETN | 22 | 279 | $8,492 |
| 11 | JFT | First Trust Enhanced 130/30 Large Cap ETN | 21 | 353 | $9,322 |
| 12 | UBD | Claymore U.S. Capital Markets Bond ETF | 24 | 232 | $11,292 |
| 13 | BHH | HOLDRS B2B Internet ETF | 121 | 26,005 | $11,966 |
| 14 | MKH | HOLDRS Merrill Lynch Market 2000+ | 115 | 268 | $13,326 |
| 15 | AYT | Barclays GEMS Asia 8 ETN | 17 | 311 | $14,468 |
| 16 | JPX | ProShares UltraShort MSCI Pacific ex-Japan | 8 | 758 | $14,750 |
| 17 | EEN | Claymore/BNY Mellon EW Euro-Pacific LDRs | 36 | 932 | $17,322 |
| 18 | BVT | Elements Ben Graham Total Mkt Value ETN | 18 | 1,732 | $18,244 |
| 19 | JYF | WisdomTree Dreyfus Japan Yen | 21 | 716 | $20,563 |
| 20 | URR | Market Vectors Double Long Euro ETN | 21 | 654 | $21,380 |
| 21 | STH | Claymore/Sabrient Stealth | 41 | 1,383 | $21,410 |
| 22 | UBN | E-TRACS CMCI Energy Total Return ETN | 22 | 1,379 | $22,226 |
| 23 | EXB | Claymore/Beacon Global Exch, Brkrs, & Asst Mgrs | 32 | 1,732 | $22,635 |
| 24 | FDD | First Trust DJ STOXX European Select Dividend | 30 | 1,874 | $26,530 |
| 25 | ADZ | PowerShares DB Agriculture Short ETN | 22 | 858 | $27,414 |
| 26 | JEM | Barclays GEMS Currency Index ETN | 24 | 626 | $28,174 |
| 27 | PQY | PowerShares Active AlphaQ | 22 | 1,237 | $28,212 |
| 28 | FAD | First Trust Multi Cap Growth AlphaDEX | 33 | 1,263 | $30,531 |
| 29 | FUE | Elements MLCX Biofuels ETN | 24 | 3,558 | $30,672 |
| 30 | GRN | iPath Global Carbon ETN | 20 | 1,295 | $31,355 |
| 31 | CRO | Claymore/Zacks Country Rotation | 31 | 2,000 | $32,026 |
| 32 | USV | E-TRACS CMCI Silver Total Return ETN | 22 | 1,311 | $34,046 |
| 33 | INR | Market Vectors Indian Rupee/USD ETN | 23 | 879 | $34,100 |
| 34 | PBTQ | PowerShares Global Biotech Portfolio | 17 | 1,489 | $35,811 |
| 35 | ULQ | Claymore U.S. Cap Mkts Micro-Trm Fxd Inc | 24 | 742 | $36,995 |
| 36 | IFEU | iShares FTSE EPRA/NAREIT Europe | 27 | 1,279 | $37,733 |
| 37 | DOD | Elements Dogs of the Dow Total Return ETN | 27 | 5,595 | $39,352 |
| 38 | TZO | iShares S&P Target Date 2035 Index Fund | 15 | 1,316 | $39,365 |
| 39 | PMA | PowerShares Active Mega-Cap Portfolio | 22 | 1,732 | $39,715 |
| 40 | GBB | iPath GBP/USD Exchange Rate ETN | 33 | 926 | $40,319 |
| 41 | TZD | iShares S&P Target Date 2010 Index Fund | 15 | 1,405 | $40,589 |
| 42 | EKH | HOLDRS Europe 2001 | 110 | 647 | $41,362 |
| 43 | TZL | iShares S&P Target Date 2030 Index Fund | 15 | 1,400 | $42,375 |
| 44 | PJO | PowerShares FTSE RAFI Japan | 32 | 1,137 | $43,382 |
| 45 | RTW | Rydex Inverse 2x S&P Technology | 20 | 2,256 | $44,108 |
| 46 | OTP | Claymore/Ocean Tomo Patent | 38 | 1,947 | $45,148 |
| 47 | PTO | PowerShares Auto Growth NFA | 21 | 4,200 | $46,292 |
| 48 | TWQ | ProShares UltraShort Russell3000 | 7 | 1,947 | $49,197 |
| 49 | IIH | HOLDRS Internet Infrastructure | 121 | 18,453 | $49,436 |
| 50 | RHS | Rydex S&P Equal Weight Cons Staples | 39 | 1,005 | $50,183 |
| 51 | PQZ | PowerShares Active Alpha Multi-Cap | 22 | 2,968 | $50,603 |
| 52 | FVI | First Trust Value Line Equity Allocation | 38 | 3,053 | $53,096 |
| 53 | PAO | PowerShares Auto Balanced Growth NFA | 21 | 4,700 | $54,094 |
| 54 | ERO | iPath EUR/USD Exchange Rate ETN | 33 | 1,016 | $56,024 |
| 55 | IPD | SPDR S&P International Consumer Discr | 19 | 2,305 | $57,834 |
| 56 | TDX | TDX Independence In-Target | 28 | 2,363 | $59,221 |
| 57 | PIC | PowerShares Dynamic Insurance | 52 | 4,347 | $59,379 |
| 58 | TZE | iShares S&P Target Date 2015 Index Fund | 15 | 2,032 | $60,069 |
| 59 | REC | Rydex Inverse 2x S&P Energy | 20 | 12,479 | $64,885 |
| 60 | PYH | PowerShares Value Line Industry Rotation | 39 | 3,574 | $65,993 |
| 61 | IRY | SPDR S&P International Health Care | 19 | 2,205 | $66,340 |
| 62 | RWV | RevenueShares Navellier Overall A-100 | 12 | 2,142 | $66,783 |
| 63 | PWO | PowerShares Dynamic OTC | 82 | 1,732 | $69,069 |
| 64 | AGF | PowerShares DB Agriculture Long ETN | 22 | 3,947 | $69,268 |
| 65 | XRU | CurrencyShares Russian Ruble Shares | 15 | 2,116 | $70,586 |
| 66 | ADRU | BLDRS Europe 100 ADR | 88 | 3,379 | $71,162 |
| 67 | TZI | iShares S&P Target Date 2025 Index Fund | 15 | 2,363 | $71,361 |
| 68 | IPU | SPDR S&P International Utilities | 19 | 3,147 | $71,553 |
| 69 | OTR | Claymore/Ocean Tomo Growth | 35 | 2,989 | $71,654 |
| 70 | TZG | iShares S&P Target Date 2020 Index Fund | 15 | 2,489 | $74,893 |
| 71 | JPP | SPDR Russell/Nomura PRIME Japan | 39 | 1,963 | $75,767 |
| 72 | BSC | Elements Ben Graham Small Cap Value ETN | 18 | 6,953 | $75,905 |
| 73 | AGA | PowerShares DB Agriculture Dbl Short ETN | 22 | 1,963 | $76,019 |
| 74 | GXG | Global X/InterBolsa FTSE Colombia 20 ETF | 12 | 2,616 | $77,137 |
| 75 | MES | Market Vectors Gulf States | 19 | 4,105 | $78,640 |
| 76 | RTL | iShares FTSE NAREIT Retail Capped | 33 | 3,789 | $79,217 |
| 77 | SJL | ProShares UltraShort Russell Midcap Value | 36 | 3,068 | $80,678 |
| 78 | UBM | E-TRACS CMCI Industrial Metals TR ETN | 22 | 3,821 | $81,696 |
| 79 | BWV | iPath CBOE S&P 500 BuyWrite Index ETN | 33 | 1,826 | $81,767 |
| 80 | PZJ | PowerShares Zacks Small Cap | 48 | 4,647 | $82,284 |
| 81 | WMW | Elements Mrngstr Wide Moat Focus ETN | 28 | 7,626 | $82,602 |
| 82 | PCA | PowerShares Auto Balanced NFA | 21 | 6,942 | $83,096 |
| 83 | WMH | HOLDRS Wireless | 113 | 1,837 | $84,525 |
| 84 | TZV | iShares S&P Target Date 2040 Index Fund | 15 | 2,847 | $86,190 |
| 85 | IPF | SPDR S&P International Financial | 19 | 4,242 | $86,197 |
| 86 | DPU | PowerShares DB Commodity Long ETN | 21 | 5,621 | $87,197 |
| 87 | DEF | Claymore/Sabrient Defender | 38 | 4,279 | $89,157 |
| 88 | PLK | PowerShares Active Low Duration | 22 | 3,532 | $89,484 |
| 89 | DPN | WisdomTree Intl Consumer Staples | 40 | 3,579 | $90,060 |
| 90 | MBG | SPDR Barclays Mortgage Backed Bond ETF | 12 | 3,432 | $90,816 |
| 91 | UWC | ProShares Ultra Russell3000 | 7 | 1,537 | $92,608 |
| 92 | XRO | Claymore/Zacks Sector Rotation | 41 | 4,604 | $95,113 |
| 93 | IRO | Claymore/Zacks Dividend Rotation | 28 | 5,137 | $95,796 |
| 94 | QABA | First Trust NASDAQ ABA Community Bank | 7 | 4,168 | $96,937 |
| 95 | GVT | Grail American Beacon Large Cap Value | 9 | 3,158 | $97,059 |
| 96 | BDG | PowerShares DB Base Metals Lng ETN | 20 | 4,332 | $97,266 |
| 97 | JJT | iPath DJ-UBS Tin ETN | 20 | 2,337 | $97,554 |
| 98 | RGI | Rydex S&P Equal Weight Industrials | 39 | 2,224 | $97,567 |
| 99 | IPS | SPDR S&P International Consumer Staples | 19 | 3,437 | $98,595 |
Past issues of ETF Deathwatch are available here.
Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
Roland, can you provide currency ETFs (not pairs) for individual countries, as well as, ETFs for say (1) strong Asian currencies groups, or (2) Brick countries, (3) etc.? Do currency ETFs typically have liquid option chains?
Is it a viable trading strategy to purchase options (puts and calls) against a foreign currency such as Canada, Australia, New Zealand’s, Bric countries, etc currencies?
If the above country currency’s ETF list is long could you provide a source on the internet that I can find/explore these ETFs. Only want ETFs not ETNs.
Thanks much.
Weeb.
Here is a list of 17 currency related ETFs and ETNs. There are additional ones, but they generally have less trading volume than these, and many of these should be treated with care. I do not do options trading so I cannot comment on their option chains.
DRR Market Vectors Double Short Euro ETN
EUO ProShares UltraShort Euro
UUP PowerShares DB US Dollar Index Bullish
FXC CurrencyShares Canadian Dollar Trust
FXY CurrencyShares Japanese Yen Trust
FXM CurrencyShares Mexican Peso Trust
CYB WisdomTree Dreyfus Chinese Yuan
DBV PowerShares DB G10 Currency Harvest
FXA CurrencyShares Australian Dollar Trust
CEW WisdomTree Dreyfus Emerging Currency
FXS CurrencyShares Swedish Krona Trust
YCS ProShares UltraShort Yen
BZF WisdomTree Dreyfus Brazilian Real
FXB CurrencyShares British Pound Trust
UDN PowerShares DB US Dollar Index Bearish
FXF CurrencyShares Swiss Franc Trust
FXE CurrencyShares Euro Trust
This is a great and much-needed service because it can help avoid investment churning and losses.
Suggestion: indicate which entries in each new issue are added or otherwise a change relative to the previous issue. That would save your readers the considerable time now required to compare issues manually in order to identify such changes.
Is there an ETF for the Canadian dollar/Japanese Yen pair? Also an inverse if possible.
Thanks.
David R.
David, I currently do not track ETFs available to investors outside the US. At the present time, all the pairs listed for trading in the US have the US dollar as one of the pairs. You would have to check with Canadian ETF prodviders to see if they might have what you are seeking.
If you have a US account, I guess you might be able to synthesize what you are trying to get by buying FXC and shorting FXY. The dollar positions in each trade should cancel each other out, leaving you with a long loonie – short yen pair. I’m not sure it would be worthwhile after all expenses are taken into account
What happens to the assets of an ETF when it deceases/dies?
Do investors regain their investments.
Robert, typically when an ETF closes they have a forced redemption of all outstanding shares, a liquidation of the portfolio, and then return the assets to investors.
However, some products do not do the liquidation step, they just delist and leave shareholders in the dark. For example, Credit Suisse did this with three ETNs last April…
http://investwithanedge.com/credit-suisse-etns-now-trading-otc
It is always in your best interest to get out before the product is delisted.