ETF Deathwatch for July 2011: The Count Increases to 155

July 8, 2011 by  
Filed under Commentary, ETF Deathwatch 2011

Nine funds are being added to ETF Deathwatch for July and two are coming off.  The net increase of seven pushes the current quantity to 155, or 13.9% of all eligible products.  The overall quantity consists of 111 ETFs and 44 ETNs.  The average list member is 30 months old and has $16 million in assets.

For any given month, there are about 100 funds that have days with no trades – zero volume.  On a daily basis, the number of ETPs with zero volume typically ranges between 30 and 40.  We haven’t performed a detailed analysis, but we don’t recall ever seeing an ETP go an entire month without a trade – until now.

In June, not one, but three ETNs had zero volume for the entire month: iPath Pure Beta Aluminum ETN (FOIL), iPath Pure Beta Copper ETN (CUPM), and iPath Pure Beta Industrial Metals ETN (HEVY).  The three ETNs were introduced a little over two months ago, so they are not currently eligible for ETF Deathwatch.  However, this does not bode well.  Look for them to be included in the upcoming October edition.

New ETFs, such as the iPath Pure Beta ETNs above, all receive a six-month grace period before they are eligible for ETF Deathwatch to give them time to gain traction with investors.  Eighteen new ETPs came to market last December, and their grace period is now expired.  Fourteen of them are showing early signs of success, while the following four are joining the ETF Deathwatch for July:

  • Direxion Airline Shares (FLYX) – the viability of FLYX was called into question when it was launched, and it only traded on five days in June.
  • PowerShares KBW International Financial (KBWX) has less than $3 million in assets and only traded on three days in June.
  • PowerShares KBW Property & Casualty Insurance (KBWP) has less than $4 million in assets and only traded on four days in June.
  • PowerShares KBW Premium Yield Equity REIT (KBWY) currently has a better chance of success than its two siblings above with nearly $8 million in assets and daily trades.

In addition to the four coming out of the grace period, the following five older ETFs are being added to the list this month:

  • Barclays GEMS Currency Index ETN (JEM) is back on the list after a one-month exodus.  The questionable $90 million inflow in May we reported last month turned into a mysterious $90 million outflow in June, putting “official” assets back at $4 million.
  • Global X China Financials ETF (CHIX) trading activity dropped off and assets are about $6 million.  However, this ETF is part of a sector suite and will therefore likely remain alive as long as the suite remains viable.
  • iShares 10+ Year Government/Credit Bond (GLJ) was introduced more than 18 months ago but saw trading activity drop off, including multiple days of zero volume.
  • iShares MSCI Ireland Capped Investable Market (EIRL), introduced in May 2010, recently had assets drop below $5 million coupled with trading activity tapering off.
  • Russell Equity ETF (ONEF) had a decline in trading activity, and assets are below $10 million.  Russell marketing activities are currently focusing on the new Investment Discipline Index ETF and Factor ETF suites.

Two products came off ETF Deathwatch for July:

  • iPath EUR/USD Exchange Rate ETN (ERO) had a significant increase in trading activity the past three months, but assets are currently below $15 million.
  • ProShares Ultra Nasdaq Biotechnology (BIB) is showing increased trading activity and assets as strength in the biotechnology sector is driving interest in the leveraged fund.

The ETF Deathwatch criteria produced the following list of 155 names for July:

ETF Deathwatch for July 2011

#Ticker SymETF NameAge (mths)AUM (millions)3-mth Avg Daily $ Volume
1DENTAdvisorShares Dent Tactical ETF21.7$17.0$73,454
2AADRAdvisorShares WCM/BNY Mellon Foc Gr ADR11.5$8.7$37,670
3PGDBarclays Asian&Gulf Currency Reval. ETN36.9$4.1$12,215
4BXDCBarclays ETN+ S&P 500 2x Short C 2009 ETN19.6$2.0$374,119
5JEMBarclays GEMS Currency Index ETN41.5$4.0$19,954
6ADRUBLDRS Europe 100 ADR105.0$23.2$163,419
7GCEClaymore CEF Index GS Connect ETN43.3$3.6$29,113
8GVTColumbia Concentrated Large Cap Value Strat26.2$3.3$4,149
9GMTBColumbia Core Bond Strategy Fund17.2$5.1$11,019
10RPXColumbia Growth Equity Strategy Fund21.2$1.6$77,128
11GMMBColumbia Intermediate Municipal Bond Strat17.2$5.1$12,506
12RWGColumbia Large-Cap Growth Equity21.2$11.6$154,997
13XRUCurrencyShares Russian Ruble Shares32.1$5.4$294,546
14TDDdb-X 2010 Target Date Fund45.6$14.4$37,544
15TDXdb-X In-Target Date Fund45.6$15.9$40,596
16FLYXDirexion Airline Shares6.8$3.5$8,560
17BRISDirexion Daily BRIC Bear 2x15.9$2.5$68,590
18BRILDirexion Daily BRIC Bull 2x15.9$6.5$230,845
19INDZDirexion Daily India Bear 2x15.9$3.9$348,454
20LHBDirexion Daily Latin America Bear 3x19.1$3.1$283,573
21GASXDirexion Daily Natural Gas Related Bear 2x11.7$1.9$95,203
22RETSDirexion Daily Retail Bear 2x11.7$2.3$95,660
23RETLDirexion Daily Retail Bull 2x11.7$6.0$132,294
24FGEMEGShares Financials GEMS ETF21.7$8.3$83,677
25BVLELEMENTS Ben Graham Large Cap Value ETN35.0$0.6$2,691
26BSCELEMENTS Ben Graham Small Cap Value ETN35.0$1.7$14,498
27BVTELEMENTS Ben Graham Total Mkt Value ETN35.0$3.3$54,177
28GWOELEMENTS CS Global Warming ETN39.4$3.6$69,500
29DODELEMENTS Dogs of the Dow Total Return ETN44.3$4.8$59,428
30FUEELEMENTS MLCX Biofuels ETN41.3$8.9$165,709
31WMWELEMENTS Morningstar Wide Moat Focus ETN45.0$10.8$63,591
32EEHELEMENTS Spctrm LgCap US Sector Mo ETN47.6$1.1$2,523
33FZBFaithShares Baptist Values Fund18.7$1.5$4,205
34FCVFaithShares Catholic Values Fund18.9$3.1$27,183
35FOCFaithShares Christian Values Fund18.9$3.1$23,791
36FKLFaithShares Lutheran Values Fund18.7$1.5$7,893
37FMVFaithShares Methodist Values Fund18.9$1.5$15,042
38FDDFirst Trust DJ STOXX European Select Div46.7$11.6$54,480
39QABAFirst Trust NASDAQ ABA Community Bank24.3$13.4$63,264
40FVIFirst Trust Value Line Equity Allocation55.6$7.2$58,694
41BRAFGlobal X Brazil Financials ETF11.2$9.4$55,296
42CHIXGlobal X China Financials ETF18.9$6.0$79,622
43CHIBGlobal X China Technology ETF18.9$6.9$138,292
44GIYGuggenheim Enhanced Core Bond ETF41.1$5.3$11,457
45GSYGuggenheim Enhanced Ultra-Short Bond ETF41.1$15.0$107,553
46EENGuggenheim EW Euro-Pacific LDRs ETF52.7$3.1$32,701
47XGCGuggenheim International Small Cap LDRs51.6$10.5$99,524
48OTRGuggenheim Ocean Tomo Growth Index ETF51.7$6.1$33,887
49OTPGuggenheim Ocean Tomo Patent ETF55.3$10.9$234,519
50WXSPGuggenheim Wilshire 4500 Completion ETF15.9$6.4$16,906
51WFVKGuggenheim Wilshire 5000 Total Market ETF15.9$5.9$53,571
52EKHHOLDRS Europe 2001127.2$4.2$27,662
53IIHHOLDRS Internet Infrastructure138.1$11.1$38,004
54MKHHOLDRS Merrill Lynch Market 2000+131.9$13.0$50,197
55WMHHOLDRS Wireless129.8$14.1$22,222
56GBBiPath GBP/USD Exchange Rate ETN50.4$2.6$53,906
57GRNiPath Global Carbon ETN36.7$2.5$50,644
58EMLBiPath Long Enh (2x) MSCI Emerging Mkts ETN7.1$5.4$119,124
59MFLAiPath Long Enh (2x) MSCI EAFE Index ETN7.1$3.7$130,000
60ROLAiPath Long Ext (3x) Russell 1000 TR ETN7.1$5.5$25,135
61EMSAiPath Short Enh (-2x) MSCI Emerging Mkts ETN7.1$9.5$196,226
62MFSAiPath Short Enh (-2x) MSCI EAFE Index ETN7.1$5.8$86,440
63ROSAiPath Short Ext (-3x) Russell 1000 TR ETN7.1$2.8$36,255
64SFSAiPath Short Ext (-3x) S&P 500 TR Index ETN7.1$4.5$901,358
65TWONIQ Taiwan Small Cap13.6$4.4$70,052
66GLJiShares 10+ Year Government/Credit Bond18.9$21.1$78,256
67MUAEiShares 2016 S&P AMT-Free Muni Series18.0$20.8$112,502
68IFNAiShares FTSE NAREIT North America44.0$13.2$73,540
69AXDIiShares MSCI ACWI ex US Consumer Discr11.6$6.7$85,155
70AXSLiShares MSCI ACWI ex US Consumer Staples11.6$3.2$42,388
71AXENiShares MSCI ACWI ex US Energy11.6$6.4$82,526
72AXFNiShares MSCI ACWI ex US Financials17.5$2.5$5,510
73AXHEiShares MSCI ACWI ex US Health Care11.6$3.0$97,037
74AXIDiShares MSCI ACWI ex US Industrials11.6$6.2$218,394
75AXITiShares MSCI ACWI ex US Info Technology11.6$5.7$77,377
76AXMTiShares MSCI ACWI ex US Materials11.6$6.8$240,272
77AXTEiShares MSCI ACWI ex US Telecom Services11.6$3.0$71,113
78AXUTiShares MSCI ACWI ex US Utilities11.6$2.6$79,586
79EMFNiShares MSCI Emerging Markets Financials17.5$22.6$24,765
80FEFNiShares MSCI Far East Financials Sector17.5$2.4$3,520
81EIRLiShares MSCI Ireland Cap. Investable Mkt14.0$4.5$96,106
82EUSAiShares MSCI USA Index Fund14.0$2.8$44,042
83TZDiShares S&P Target Date 2010 Index Fund32.3$11.2$134,380
84TZEiShares S&P Target Date 2015 Index Fund32.3$14.9$126,094
85TZIiShares S&P Target Date 2025 Index Fund32.3$19.0$119,218
86TZLiShares S&P Target Date 2030 Index Fund32.3$13.9$78,552
87TZOiShares S&P Target Date 2035 Index Fund32.3$7.0$37,321
88TZViShares S&P Target Date 2040 Index Fund32.3$15.9$97,605
89TGRiShares S&P Target Date Retirement Inc.32.3$9.1$94,476
90CRBIJefferies|TR/J CRB Global Ind Metals Equity20.4$4.6$55,533
91DSXJJPM Qtrly Dbl Short US 10-Yr Treas Fut ETN8.9$10.0$96,407
92DSTJJPM Qtrly Dbl Short US Long Treas Fut ETN8.9$10.8$17,513
93JFTKEYnotes FT Enhanced 130/30 Large Cap ETN37.8$3.7$6,521
94URRMarket Vectors Double Long Euro ETN38.3$1.2$86,312
95INRMarket Vectors Indian Rupee/USD ETN40.0$5.7$53,048
96NASIPax MSCI North America ESG Index13.6$4.3$56,896
97TRSYPIMCO Broad U.S. Treasury Index Fund8.0$9.8$5,739
98PQZPowerShares Active Alpha Multi-Cap39.2$3.8$29,902
99PMAPowerShares Active Mega-Cap Portfolio39.1$5.4$57,413
100LBNDPowerShares DB 3x Long 25+ TreasURY ETN12.2$3.4$34,098
101ADZPowerShares DB Agriculture Short ETN39.0$2.0$56,974
102BDGPowerShares DB Base Metals Long ETN37.0$1.9$15,848
103BOSPowerShares DB Base Metals Short ETN36.9$3.9$68,714
104DEEPowerShares DB Commodity Dbl Short ETN38.6$3.7$196,351
105DPUPowerShares DB Commodity Long ETN38.6$7.3$48,881
106DDPPowerShares DB Commodity Short ETN38.6$2.9$96,530
107PEZPowerShares Dynamic Cons Discretionary57.4$20.4$64,574
108PICPowerShares Dynamic Insurance69.1$9.0$25,909
109PXSCPowerShares Fundamental Pure Small Core55.7$16.8$68,035
110PSTLPowerShares Global Steel Portfolio33.7$5.7$110,154
111PTOPowerShares Ibbotson Alternative Completion37.9$8.9$49,997
112KBWXPowerShares KBW International Financial7.0$2.6$1,482
113KBWYPowerShares KBW Premium Yield Equity REIT7.0$7.8$92,807
114KBWPPowerShares KBW Property & Casualty Ins7.0$3.8$5,846
115PYHPowerShares Morningstar StockInvestor Core55.7$16.9$58,265
116PSCMPowerShares S&P SmallCap Materials15.0$3.0$27,647
117SBMProShares Short Basic Materials15.6$5.4$386,440
118UPVProShares Ultra MSCI Europe14.2$4.0$77,403
119UMXProShares Ultra MSCI Mexico Investable Mkt14.2$2.1$51,784
120UXJProShares Ultra MSCI Pacific Ex-Japan14.2$3.9$152,424
121UWCProShares Ultra Russell300024.3$8.5$68,707
122YCLProShares Ultra Yen31.6$3.4$185,923
123SMDDProShares UltraPro Short S&P MidCap40016.8$13.0$1,396,793
124RXDProShares UltraShort Healthcare53.7$3.3$95,132
125SMKProShares UltraShort MSCI Mexico24.7$2.4$29,454
126JPXProShares UltraShort MSCI Pacific ex-Japan24.7$2.4$30,252
127BISProShares UltraShort Nasdaq Biotechnology14.9$1.9$78,026
128SFKProShares UltraShort Russell 1000 Growth52.9$4.4$164,611
129SJFProShares UltraShort Russell 1000 Value52.9$2.2$56,364
130SDKProShares UltraShort Russell Midcap Growth52.9$2.6$68,874
131SJLProShares UltraShort Russell Midcap Value52.9$1.9$62,508
132TWQProShares UltraShort Russell300024.3$1.4$36,884
133TLLProShares UltraShort Telecom39.7$2.2$50,023
134SDPProShares UltraShort Utilities53.7$4.0$59,910
135ONEFRussell Equity ETF13.8$13.2$80,449
136KMESPDR KBW Mortgage Finance ETF26.4$3.8$32,430
137VRDSPDR Nuveen S&P VRDO Municipal Bond ETF21.5$9.0$89,823
138IPFSPDR S&P International Financial35.7$7.1$75,677
139IRYSPDR S&P International Health Care35.7$19.8$138,790
140IPUSPDR S&P International Utilities35.7$8.2$35,118
141MLPSUBS ETRACS 1x Mthly Short Alerian MLP ETN9.1$8.3$103,195
142MLPGUBS ETRACS Alerian Natural Gas MLP ETN11.7$15.0$62,487
143UBNUBS ETRACS CMCI Energy TR ETN39.4$3.0$13,296
144UBGUBS ETRACS CMCI Gold TR ETN39.4$6.7$27,392
145UBMUBS ETRACS CMCI Industrial Metals TR ETN39.4$6.6$29,160
146UBCUBS ETRACS CMCI Livestock TR ETN39.4$5.0$10,525
147PTDUBS ETRACS CMCI Short Platinum ER ETN38.2$3.2$1,930
148SPGHUBS ETRACS S&P 500 Gold Hedged Idx ETN17.3$12.9$40,068
149MLPWUBS ETRACS Wells Fargo MLP Index ETN8.0$18.5$75,881
150IVOVVanguard S&P Mid-Cap 400 Value ETF9.8$6.3$51,500
151TVIZVelocityShares Daily 2x VIX Med-Term ETN7.1$8.2$526,608
152VIIZVelocityShares VIX Medium-Term ETN7.1$3.5$61,108
153EUWisdomTree Dreyfus Euro38.1$10.0$66,649
154JYFWisdomTree Dreyfus Japan Yen37.8$6.5$40,728
155HEDJWisdomTree International Hedged Equity18.2$20.9$55,409
Data sources:  AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, and all other information compiled by Invest With An Edge.

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.


One Response to “ETF Deathwatch for July 2011: The Count Increases to 155”

  1. Too much is never enough | Abnormal Returns on August 5th, 2011 10:13 am

    [...] That would allow it to work off the backlog of ‘zombie ETFs‘ that populate the ETF Deathwatch.  That is not going to happen.  There are too many investment management firms on the outside of [...]

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