ETF Deathwatch for June 2011: Sixteen New Names

June 6, 2011 by  
Filed under Commentary, ETF Deathwatch 2011

Sixteen new names joined ETF Deathwatch for June.  Eleven just emerged from the six-month grace period I give all new launches, while the other five have been around longer.  Seven products came off the list this month.  The net increase of nine places the current count at 148, which is 13.3% of the eligible products.

Seven of the new members are among the New iPath ETNs With Indescribable Leverage introduced last November.  I used to joke that Barclays must have sold their product marketing team to BlackRock as part of the iShares transaction.  Now the humor is fading away as Barclays offers new products whose names have no logical connection to what the products really are.

The five new “aged” funds added this month are:

  1. HOLDRS Internet Infrastructure (IIH) – has been around for more than 11 years yet currently has less than $12 million in assets and little trading activity.  I believe the HOLDRS structure has outlived its usefulness.
  2. iShares FTSE NAREIT North America (IFNA) – is 3.5 years old, has $13.7 million in assets, and average daily volume less than 1,400 shares.
  3. JPM Quarterly Double Short US Long Treasury Futures ETN (DSTJ) – traded only six days in May for a monthly total of only 2,300 shares.  If you didn’t even know there was such a thing as JPMorgan inverse Treasury ETNs with dual reset mechanisms, that’s okay.  Apparently no one else does either.
  4. PowerShares Dynamic Consumer Discretionary (PEZ) – is the third PowerShares “Dynamic” ETF to go on Deathwatch.  Aware of the problems, PowerShares intends to change the name, indexes, and ticker symbols for its suite of 10 Dynamic Style Box ETFs to FTSE RAFI Fundamental Pure Style Box ETFs effective 6/16/11.
  5. WisdomTree International Hedged Equity (HEDJ) – has assets above $21 million, but trading activity rarely exceeds three digits.  The “hedged” stands for currency-hedged, which has been a less than optimal strategy in the face of a declining dollar.

Twenty-five new ETPs came to market last November and were granted immunity from ETF Deathwatch the past six months.  Fourteen show early signs of success.  The other eleven do not, and join the list for June:

  1. iPath Long Enhanced MSCI EAFE Index ETN (MFLA) – is a 2x leveraged ETN with no-reset and fees of about 1.40% (review of  iPath ETN product launch).
  2. iPath Long Enhanced MSCI Emerging Markets Index ETN (EMLB) – is a 2x leveraged ETN with no-reset and fees of about 1.40%.
  3. iPath Long Extended Russell 1000 TR Index ETN (ROLA) – is a 3x leveraged ETN with no-reset and fees of about 1.10%.
  4. iPath Short Enhanced MSCI EAFE Index ETN (MFSA) – is a 2x leveraged inverse ETN with no-reset and fees of about 2.55% (not a typo).
  5. iPath Short Enhanced MSCI Emerging Markets Index ETN (EMSA) – is a 2x leveraged inverse ETN with no-reset and fees of about 3.30% (not a typo).
  6. iPath Short Extended S&P 500 TR Index ETN (SFSA) – is a 3x leveraged inverse ETN with no-reset and fees of about 0.85%.
  7. iPath Short Extended Russell 1000 TR Index ETN (ROSA) – is a 3x leveraged inverse ETN with no-reset and fees of about 1.50%.
  8. PIMCO Broad U.S. Treasury Index Fund (TRSY) – only traded on five days in May and averages a pitiful 90 shares per day.  I questioned the necessity of this fund when it  launched.  The PIMCO name is apparently not enough to thrive in this market.
  9. VelocityShares Daily 2x VIX Medium-Term ETN (TVIZ) – is one of the two medium-term non-inverse products from newcomer VelocityShares suite of volatility ETNs introduced in November.
  10. VelocityShares VIX Medium-Term ETN (VIIZ) – is the other one of the two.  Four other ETNs rolled out at the same time by VelocityShares are enjoying strong investor interest.
  11. UBS E-TRACS Wells Fargo MLP Index ETN (MLPW) – is probably too late arriving at the MLP party and doesn’t offer anything new.

The following seven products escaped from ETF Deathwatch for June:

  1. Barclays ETN+ Short D Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&P 500 Total Return Index (BXDD) – came off the list because BXDD bit the dust.  In case you are wondering, it was 3x inverse leverage with no-reset, or “Short D” in Barclays’ terminology.  See what I mean about Barclays’ product naming?
  2. Barclays GEMS Currency Index ETN (JEM) – assets swelled from below $5 million to nearly $90 million, an 18-fold increase.  You can’t tell by trading activity though, as it only traded on one of the last five trading days in May.  I have to wonder if someone made a typo when publishing the ‘shares outstanding’ data on the Barclays website.
  3. iShares S&P Target Date 2020 Index Fund (TZG) – assets still in $17 million range but trading activity picked up the last three months.
  4. ProShares UltraShort DJ-UBS Commodity (CMD) – saw a surge in both assets and trading activity from the commodity correction in May.
  5. PowerShares Active Low Duration (PLK) – assets still in $11 million range but trading activity is picking up.
  6. RevenueShares Navellier Overall A-100 (RWV) – assets still in $10 million range but trading activity is growing.  The people at RevenueShares are extremely sensitive about ETF Deathwatch, so they should welcome this news.
  7. UBS E-TRACS CMCI Silver TR ETN (USV) – assets still in $10 million range but trading activity picked up the past three months.

The ETF Deathwatch criteria produced the following list of 148 names for June:

ETF Deathwatch for June 2011

#Ticker SymETF NameAge (mths)AUM (millions)3-mth Avg Daily $ Volume
1DENTAdvisorShares Dent Tactical ETF20.7$17.6$77,530
2AADRAdvisorShares WCM/BNY Mellon Foc Gr ADR10.5$8.8$66,965
3PGDBarclays Asian&Gulf Currency Reval. ETN35.9$4.1$12,589
4BXDCBarclays ETN+ S&P 500 2x Short C 2009 ETN18.6$1.9$319,877
5ADRUBLDRS Europe 100 ADR104.0$21.7$84,089
6GCEClaymore CEF Index GS Connect ETN42.3$3.7$27,181
7GVTColumbia Concentrated Large Cap Value Strat25.2$3.3$3,913
8GMTBColumbia Core Bond Strategy Fund16.2$5.2$12,105
9RPXColumbia Growth Equity Strategy Fund20.2$1.7$77,917
10GMMBColumbia Intermediate Municipal Bond Strategy16.2$5.1$11,860
11RWGColumbia Large-Cap Growth Equity20.2$11.6$149,169
12XRUCurrencyShares Russian Ruble Shares31.1$8.9$162,350
13BRISDirexion Daily BRIC Bear 2x14.9$2.5$43,540
14BRILDirexion Daily BRIC Bull 2x14.9$4.4$227,379
15INDZDirexion Daily India Bear 2x14.9$4.2$388,868
16LHBDirexion Daily Latin America Bear 3x18.1$3.2$279,971
17GASXDirexion Daily Natural Gas Related Bear 2x10.7$1.8$81,002
18RETSDirexion Daily Retail Bear 2x10.7$2.3$106,707
19RETLDirexion Daily Retail Bull 2x10.7$6.2$82,965
20EFNEGS DJ Emerging Markets Financials Titans20.7$8.4$100,386
21BVLELEMENTS Ben Graham Large Cap Value ETN34.0$0.6$2,335
22BSCELEMENTS Ben Graham Small Cap Value ETN34.0$1.8$19,565
23BVTELEMENTS Ben Graham Total Mkt Value ETN34.0$3.1$49,441
24GWOELEMENTS CS Global Warming ETN38.4$3.7$74,289
25DODELEMENTS Dogs of the Dow Total Return ETN43.3$4.9$62,638
26FUEELEMENTS MLCX Biofuels ETN40.3$9.2$234,687
27WMWELEMENTS Morningstar Wide Moat Focus ETN44.0$11.1$107,577
28EEHELEMENTS Spctrm LgCap US Sector Mo ETN46.6$1.2$2,511
29FZBFaithShares Baptist Values Fund17.7$1.5$6,461
30FCVFaithShares Catholic Values Fund17.9$3.2$28,499
31FOCFaithShares Christian Values Fund17.9$3.2$24,248
32FKLFaithShares Lutheran Values Fund17.7$1.5$8,177
33FMVFaithShares Methodist Values Fund17.9$1.6$15,896
34FDDFirst Trust DJ STOXX European Select Div45.7$12.1$51,897
35QABAFirst Trust NASDAQ ABA Community Bank23.3$13.7$71,318
36FVIFirst Trust Value Line Equity Allocation54.6$7.4$69,343
37BRAFGlobal X Brazil Financials ETF10.2$9.6$45,625
38CHIBGlobal X China Technology ETF17.9$7.3$123,331
39GIYGuggenheim Enhanced Core Bond ETF40.1$19.9$3,733
40GSYGuggenheim Enhanced Ultra-Short Bond ETF40.1$5.3$20,837
41EENGuggenheim EW Euro-Pacific LDRs ETF51.7$3.1$30,253
42XGCGuggenheim International Small Cap LDRs50.6$10.9$56,100
43OTRGuggenheim Ocean Tomo Growth Index ETF50.7$6.1$40,637
44OTPGuggenheim Ocean Tomo Patent ETF54.3$11.1$255,774
45WXSPGuggenheim Wilshire 4500 Completion ETF14.9$6.5$17,671
46WFVKGuggenheim Wilshire 5000 Total Market ETF14.9$6.1$82,786
47EKHHOLDRS Europe 2001126.2$4.9$12,740
48IIHHOLDRS Internet Infrastructure137.1$11.7$51,472
49MKHHOLDRS Merrill Lynch Market 2000+130.9$13.0$35,800
50WMHHOLDRS Wireless128.8$15.2$24,364
51EROiPath EUR/USD Exchange Rate ETN49.4$17.5$278,074
52GBBiPath GBP/USD Exchange Rate ETN49.4$2.7$32,807
53GRNiPath Global Carbon ETN35.7$3.8$52,257
54EMLBiPath Long Enh 2x MSCI Emerging Mkts ETN6.1$5.5$131,679
55MFLAiPath Long Enhanced MSCI EAFE Index ETN6.1$5.1$129,211
56ROLAiPath Long Ext 3x Russell 1000 TR ETN6.1$5.7$28,629
57EMSAiPath Short Enh -2x MSCI Emerging Mkts ETN6.1$4.9$173,035
58MFSAiPath Short Enhanced MSCI EAFE Index ETN6.1$3.2$88,860
59ROSAiPath Short Ext -3x Russell 1000 TR ETN6.1$2.5$29,471
60SFSAiPath Short Ext -3x S&P 500 TR Index ETN6.1$2.5$456,859
61TWONIQ Taiwan Small Cap12.6$4.5$81,439
62MUAEiShares 2016 S&P AMT-Free Muni Series17.0$20.8$88,717
63IFNAiShares FTSE NAREIT North America43.0$13.7$52,261
64AXDIiShares MSCI ACWI ex US Consumer Discr10.6$6.7$107,867
65AXSLiShares MSCI ACWI ex US Consumer Staples10.6$3.3$43,081
66AXENiShares MSCI ACWI ex US Energy10.6$6.6$87,259
67AXFNiShares MSCI ACWI ex US Financials16.5$2.5$6,327
68AXHEiShares MSCI ACWI ex US Health Care10.6$3.2$85,298
69AXIDiShares MSCI ACWI ex US Industrials10.6$6.4$223,568
70AXITiShares MSCI ACWI ex US Info Technology10.6$5.9$80,117
71AXMTiShares MSCI ACWI ex US Materials10.6$6.9$251,230
72AXTEiShares MSCI ACWI ex US Telecom Services10.6$3.1$71,441
73AXUTiShares MSCI ACWI ex US Utilities10.6$5.4$76,147
74EMFNiShares MSCI Emerging Markets Financials16.5$23.1$166,410
75FEFNiShares MSCI Far East Financials Sector16.5$2.5$10,418
76EUSAiShares MSCI USA Index Fund13.0$1.4$26,114
77TZDiShares S&P Target Date 2010 Index Fund31.3$4.8$50,273
78TZEiShares S&P Target Date 2015 Index Fund31.3$10.1$50,610
79TZIiShares S&P Target Date 2025 Index Fund31.3$12.3$52,768
80TZLiShares S&P Target Date 2030 Index Fund31.3$12.5$63,995
81TZOiShares S&P Target Date 2035 Index Fund31.3$7.2$33,145
82TZViShares S&P Target Date 2040 Index Fund31.3$14.5$76,662
83TGRiShares S&P Target Date Retirement Inc.31.3$6.1$31,876
84CRBIJefferies|TR/J CRB Global Ind Metals Equity19.4$6.9$67,551
85DSXJJPM Qtrly Dbl Short US 10-Yr Treas Fut ETN7.9$9.9$73,289
86DSTJJPM Qtrly Dbl Short US Long Treas Fut ETN7.9$10.5$35,659
87JFTKEYnotes FT Enhanced 130/30 Large Cap ETN36.8$3.8$8,063
88URRMarket Vectors Double Long Euro ETN37.3$1.1$80,999
89INRMarket Vectors Indian Rupee/USD ETN39.0$7.7$64,345
90NASIPax MSCI North America ESG Index12.6$2.9$41,517
91TRSYPIMCO Broad U.S. Treasury Index Fund7.0$9.9$6,745
92PQZPowerShares Active Alpha Multi-Cap38.2$3.9$39,024
93PMAPowerShares Active Mega-Cap Portfolio38.1$5.5$53,910
94LBNDPowerShares DB 3x Long 25+ Treas ETN11.2$3.6$26,826
95ADZPowerShares DB Agriculture Short ETN38.0$2.3$34,883
96BDGPowerShares DB Base Metals Long ETN36.0$1.9$15,991
97BOSPowerShares DB Base Metals Short ETN35.9$3.0$41,750
98DEEPowerShares DB Commodity Dbl Short ETN37.6$3.2$116,126
99DPUPowerShares DB Commodity Long ETN37.6$7.9$55,523
100DDPPowerShares DB Commodity Short ETN37.6$2.7$71,332
101PEZPowerShares Dynamic Cons Discretionary56.4$20.6$81,180
102PICPowerShares Dynamic Insurance68.1$9.3$152,128
103PJMPowerShares Dynamic Small Cap54.7$17.4$65,860
104PSTLPowerShares Global Steel Portfolio32.7$5.6$157,247
105PTOPowerShares Ibbotson Alternative Completion36.9$9.1$52,665
106PYHPowerShares Morningstar StockInvestor Core54.7$17.2$74,048
107PSCMPowerShares S&P SmallCap Materials14.0$3.0$35,398
108SBMProShares Short Basic Materials14.6$5.3$368,351
109UPVProShares Ultra MSCI Europe13.2$4.2$90,328
110UMXProShares Ultra MSCI Mexico Investable Mkt13.2$2.1$61,915
111UXJProShares Ultra MSCI Pacific Ex-Japan13.2$4.0$157,231
112BIBProShares Ultra Nasdaq Biotechnology13.9$20.2$725,026
113UWCProShares Ultra Russell300023.3$8.9$60,906
114YCLProShares Ultra Yen30.6$3.3$296,679
115SMDDProShares UltraPro Short S&P MidCap40015.8$9.5$1,140,914
116RXDProShares UltraShort Healthcare52.7$3.2$68,130
117SMKProShares UltraShort MSCI Mexico23.7$2.5$47,305
118JPXProShares UltraShort MSCI Pacific ex-Japan23.7$7.1$93,479
119BISProShares UltraShort Nasdaq Biotechnology13.9$1.8$93,557
120SFKProShares UltraShort Russell 1000 Growth51.9$4.3$122,929
121SJFProShares UltraShort Russell 1000 Value51.9$2.2$50,400
122SDKProShares UltraShort Russell Midcap Growth51.9$2.5$114,740
123SJLProShares UltraShort Russell Midcap Value51.9$1.8$44,167
124TWQProShares UltraShort Russell300023.3$1.4$55,645
125TLLProShares UltraShort Telecom38.7$2.1$53,214
126SDPProShares UltraShort Utilities52.7$4.0$89,000
127KMESPDR KBW Mortgage Finance ETF25.4$4.1$38,812
128VRDSPDR Nuveen S&P VRDO Municipal Bond ETF20.5$9.0$83,848
129IPFSPDR S&P International Financial34.7$7.4$107,616
130IRYSPDR S&P International Health Care34.7$15.4$146,191
131IPUSPDR S&P International Utilities34.7$8.3$34,669
132TDDTDX Independence 201044.6$14.4$41,327
133TDXTDX Independence In-Target44.6$15.9$46,452
134MLPSUBS E-TRACS 1x Mthly Short Alerian MLP ETN8.1$8.5$51,994
135MLPGUBS E-TRACS Alerian Natural Gas MLP ETN10.7$13.3$90,019
136UBNUBS E-TRACS CMCI Energy TR ETN38.4$3.4$15,210
137UBGUBS E-TRACS CMCI Gold TR ETN38.4$7.7$29,206
138UBMUBS E-TRACS CMCI Industrial Metals TR ETN38.4$6.6$35,429
139UBCUBS E-TRACS CMCI Livestock TR ETN38.4$4.8$14,668
140PTDUBS E-TRACS CMCI Short Platinum ER ETN37.2$3.1$1,749
141SPGHUBS E-TRACS S&P 500 Gold Hedged Idx ETN16.3$13.6$38,814
142MLPWUBS E-TRACS Wells Fargo MLP Index ETN7.0$18.3$50,109
143IVOVVanguard S&P Mid-Cap 400 Value ETF8.8$6.4$74,784
144TVIZVelocityShares Daily 2x VIX Med-Term ETN6.1$3.5$87,769
145VIIZVelocityShares VIX Medium-Term ETN6.1$3.5$25,361
146EUWisdomTree Dreyfus Euro37.1$9.9$82,609
147JYFWisdomTree Dreyfus Japan Yen36.8$6.4$70,032
148HEDJWisdomTree International Hedged Equity17.2$21.7$59,754
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.

Comments

One Response to “ETF Deathwatch for June 2011: Sixteen New Names”

  1. FaithShares To Charge Shareholders For July Closures | Invest With An Edge on June 14th, 2011 12:16 pm

    [...] Fund (FOC), will stay open even though it currently has less than $3 million in assets (6/13) and remains on ETF Deathwatch.  All five funds have been a part of ETF Deathwatch every month since July 2010, when they first [...]

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