ETF Deathwatch for September 2011: Ben Graham Has Left The Building

September 12, 2011 by  
Filed under Commentary, ETF Deathwatch 2011

The number of products on ETF Deathwatch held steady at 163 for September, although the membership list shows numerous changes.  Ten names were added and another ten came off, leaving 123 ETFs and 40 ETNs vulnerable to shutdown.

Four products escaped the list simply because they no longer exist.  These perpetual members of ETF Deathwatch have been closed and liquidated:

  1. ELEMENTS Benjamin Graham Large Cap Value ETN (BVL) [Ben Graham ELEMENTS ETNs Closing]
  2. ELEMENTS Benjamin Graham Small Cap Value ETN (BSC)
  3. ELEMENTS Benjamin Graham Total Market Value ETN (BVT)
  4. FaithShares Christian Values Fund (FOC)

Six ETPs had substantial increases in assets and trading activity the past three months, leaving the list more honorably:

  1. BLDRS Europe 100 ADR (ADRU)
  2. iPath Short Enhanced -2x MSCI Emerging Markets ETN (EMSA)
  3. iShares 2016 S&P AMT-Free Muni Series (MUAE)
  4. iShares FTSE NAREIT North America (IFNA)
  5. SPDR S&P International Health Care (IRY)
  6. VelocityShares Daily 2x VIX Medium-Term ETN (TVIZ)

New ETFs receive a six-month grace before they are eligible for ETF Deathwatch.  This gives them a fair chance gain traction with investors.  Five of the 14 new ETPs launched in February blew their chance and now join the ETF Deathwatch.  Also,  five older ETFs were added because of a drop off in assets and/or trading:

  1. FactorShares 2X: Oil Bull/S&P500 Bear (FOL) [FactorShares Introduces Spread Trading In ETF Wrapper]
  2. FactorShares 2X: S&P500 Bull/TBond Bear (FSE)
  3. FactorShares 2X: TBond Bull/S&P500 Bear (FSA)
  4. Global X China Industrial ETF (CHII) [Global X Launches 2 of 6 Planned China Sector ETFs]
  5. iShares MSCI Emerging Markets Materials (EMMT) [iShares Begins Rollout of 4 New International Sector ETF Suites]
  6. iShares S&P Global Nuclear Energy (NUCL)
  7. PowerShares Fundamental Pure Mid Core (PXMC) [Ticker Changes for PowerShares ETFs]
  8. PowerShares MENA Frontier Countries (PMNA)
  9. ProShares UltraShort TIPS (TPS) [Shorting Inflation Protection with TPS]
  10. Teucrium Natural Gas Fund (NAGS) [Teucrium Natural Gas Fund Now Trading]

With the demise of the ELEMENTS Benjamin Graham ETNs, other products now compete for the title “Listed Product with the Least Assets.”  ELEMENTS Spectrum Large Cap Sector US Momentum ETN (EEH) and Market Vectors Double Long Euro ETN (URR) each have only a little over $1 million in assets, the least among those on the market for more than six months.

The now defunct ELEMENTS Benjamin Graham ETNs were also notorious for having some of the smallest trading activity.  For August, that honor was shifted to ELEMENTS Spectrum Large Cap Sector US Momentum ETN (EEH) that traded on only four days during the month for a total of fewer than 1700 shares (about 73 shares per day).

The ETF Deathwatch criteria produced 163 names for September.  Here is the complete list:

ETF Deathwatch for September 2011

#Ticker SymETF NameAge (mths)AUM (millions)3-mth Avg Daily $ Volume
1DENTAdvisorShares Dent Tactical ETF 24$15.6 $67,303
2AADRAdvisorShares WCM/BNY Mellon Foc Gr ADR 14$8.2 $34,380
3PGDBarclays Asian&Gulf Currency Reval. ETN39$4.1 $11,643
4BXDCBarclays ETN+ S&P 500 2x Short C 2009 ETN22$2.7 $707,524
5JEMBarclays GEMS Currency Index ETN44$3.9 $43,432
6GCEClaymore CEF Index GS Connect ETN45$3.4 $34,363
7GVTColumbia Concentrated Large Cap Value Strat28$2.9 $2,748
8GMTBColumbia Core Bond Strategy Fund19$5.3 $16,226
9RPXColumbia Growth Equity Strategy Fund23$1.5 $9,759
10GMMBColumbia Intermediate Municipal Bond Strategy19$5.2 $8,500
11RWGColumbia Large-Cap Growth Equity23$9.2 $43,522
12XRUCurrencyShares Russian Ruble Shares34$6.9 $211,284
13TDDdb-X 2010 Target Date Fund 48$14.3 $30,571
14TDXdb-X In-Target Date Fund 48$15.5 $31,596
15FLYXDirexion Airline Shares 9$2.8 $4,379
16BRISDirexion Daily BRIC Bear 2x18$2.9 $71,756
17BRILDirexion Daily BRIC Bull 2x 18$5.1 $138,345
18INDZDirexion Daily India Bear 2x18$3.1 $231,192
19LHBDirexion Daily Latin America Bear 3x 21$3.4 $570,300
20GASXDirexion Daily Natural Gas Related Bear 2x14$2.0 $179,182
21RETSDirexion Daily Retail Bear 2x14$2.3 $144,647
22RETLDirexion Daily Retail Bull 2x14$5.6 $123,911
23FGEMEGShares Financials GEMS ETF24$6.2 $58,914
24GWOELEMENTS CS Global Warming ETN42$3.2 $11,055
25DODELEMENTS Dogs of the Dow Total Return ETN46$4.8 $47,749
26FUEELEMENTS MLCX Biofuels ETN43$18.5 $206,809
27WMWELEMENTS Morningstar Wide Moat Focus ETN47$10.0 $61,806
28EEHELEMENTS Spctrm LgCap US Sector Mo ETN50$1.0 $827
29EAPSESG Shares Pax MSCI EAFE ESG Index ETF 7$2.2 $36,346
30FOLFactorShares 2X: Oil Bull/S&P500 Bear 6$4.1 $108,050
31FSEFactorShares 2X: S&P500 Bull/TBond Bear 6$1.5 $42,324
32FSAFactorShares 2X: TBond Bull/S&P500 Bear 6$3.5 $103,602
33FDDFirst Trust DJ STOXX European Select Div49$9.8 $72,611
34QABAFirst Trust NASDAQ ABA Community Bank 26$11.8 $71,105
35FVIFirst Trust Value Line Equity Allocation58$6.3 $70,669
36ALUMGlobal X Aluminum ETF 8$4.4 $65,753
37BRAFGlobal X Brazil Financials ETF 13$7.8 $79,960
38CHIEGlobal X China Energy ETF 21$5.8 $39,933
39CHIXGlobal X China Financials ETF 21$5.2 $65,529
40CHIIGlobal X China Industrial ETF21$4.9 $47,740
41CHIMGlobal X China Materials ETF 20$3.2 $41,969
42CHIBGlobal X China Technology ETF 21$6.4 $65,559
43EMGXGlobal X Russell Emerging Markets Growth ETF 7$2.2 $10,928
44EMVXGlobal X Russell Emerging Markets Value ETF 7$2.3 $9,177
45GIYGuggenheim Enhanced Core Bond ETF43$5.4 $20,774
46GSYGuggenheim Enhanced Ultra-Short Bond ETF43$14.9 $161,517
47EENGuggenheim EW Euro-Pacific LDRs ETF 55$2.7 $18,019
48XGCGuggenheim International Small Cap LDRs 54$8.2 $167,371
49OTRGuggenheim Ocean Tomo Growth Index ETF 54$10.1 $228,207
50OTPGuggenheim Ocean Tomo Patent ETF 57$9.7 $33,599
51XROGuggenheim Sector Rotation ETF 60$14.0 $67,615
52WXSPGuggenheim Wilshire 4500 Completion ETF 18$5.6 $52,805
53WFVKGuggenheim Wilshire 5000 Total Market ETF 18$5.5 $36,631
54EKHHOLDRS Europe 2001 129$3.5 $37,100
55IIHHOLDRS Internet Infrastructure 140$9.3 $24,361
56MKHHOLDRS Merrill Lynch Market 2000+ 134$11.9 $50,936
57WMHHOLDRS Wireless 132$13.8 $8,808
58GBBiPath GBP/USD Exchange Rate ETN53$2.6 $84,959
59GRNiPath Global Carbon ETN39$2.4 $28,519
60JYNiPath JPY/USD Exchange Rate ETN53$4.9 $19,029
61MFLAiPath Long Enh 2x MSCI EAFE Index ETN 9$3.0 $69,563
62EMLBiPath Long Enh 2x MSCI Emerging Mkts ETN 9$4.4 $54,688
63ROLAiPath Long Ext 3x Russell 1000 TR ETN 9$4.4 $60,999
64RTLAiPath Long Ext 3x Russell 2000 TR ETN 9$3.0 $373,458
65MFSAiPath Short Enh -2x MSCI EAFE Index ETN 9$5.1 $53,667
66ROSAiPath Short Ext -3x Russell 1000 TR ETN 9$4.0 $109,613
67SFSAiPath Short Ext -3x S&P 500 TR Index ETN 9$10.3 $1,909,247
68TWONIQ Taiwan Small Cap 16$3.8 $34,921
69GLJiShares 10+ Year Government/Credit Bond 21$22.8 $85,520
70RTLiShares FTSE NAREIT Retail Capped53$8.5 $71,908
71AXDIiShares MSCI ACWI ex US Consumer Discr 14$6.0 $23,102
72AXSLiShares MSCI ACWI ex US Consumer Staples 14$3.1 $13,689
73AXENiShares MSCI ACWI ex US Energy 14$5.7 $37,899
74AXFNiShares MSCI ACWI ex US Financials 20$2.1 $6,245
75AXHEiShares MSCI ACWI ex US Health Care 14$2.9 $84,954
76AXIDiShares MSCI ACWI ex US Industrials 14$5.4 $8,809
77AXITiShares MSCI ACWI ex US Info Technology 14$2.5 $37,956
78AXMTiShares MSCI ACWI ex US Materials 14$6.1 $24,263
79AXTEiShares MSCI ACWI ex US Telecom Services 14$2.8 $29,203
80AXUTiShares MSCI ACWI ex US Utilities 14$2.3 $40,547
81EMFNiShares MSCI Emerging Markets Financials 20$20.1 $28,507
82EMMTiShares MSCI Emerging Markets Materials 20$9.9 $58,704
83FEFNiShares MSCI Far East Financials Sector 20$2.3 $6,602
84EIRLiShares MSCI Ireland Cap. Investable Mkt 16$4.8 $123,335
85EUSAiShares MSCI USA Index Fund 16$5.2 $155,313
86NUCLiShares S&P Global Nuclear Energy39$15.0 $63,377
87TZDiShares S&P Target Date 2010 Index Fund34$7.7 $292,699
88TZEiShares S&P Target Date 2015 Index Fund34$12.7 $268,369
89TZIiShares S&P Target Date 2025 Index Fund34$16.2 $250,718
90TZLiShares S&P Target Date 2030 Index Fund34$13.0 $129,573
91TZOiShares S&P Target Date 2035 Index Fund34$8.1 $56,231
92TZViShares S&P Target Date 2040 Index Fund34$14.7 $89,945
93TGRiShares S&P Target Date Retirement Inc.34$7.5 $163,070
94CRBIJefferies|TR/J CRB Global Ind Metals Equity22$4.0 $30,189
95JCOJETS Contrarian Opportunities 17$5.8 $174,190
96DSXJJPM Qtrly Dbl Short US 10-Yr Treas Fut ETN11$8.7 $35,970
97DSTJJPM Qtrly Dbl Short US Long Treas Fut ETN11$8.6 $46,062
98JFTKEYnotes FT Enhanced 130/30 Large Cap ETN40$3.4 $7,883
99URRMarket Vectors Double Long Euro ETN40$1.1 $25,674
100INRMarket Vectors Indian Rupee/USD ETN42$5.5 $78,871
101NASIPax MSCI North America ESG Index16$4.0 $42,054
102TRSYPIMCO Broad U.S. Treasury Index Fund10$18.7 $50,195
103PQZPowerShares Active Alpha Multi-Cap 41$2.5 $24,743
104PMAPowerShares Active Mega-Cap Portfolio41$5.0 $50,678
105LBNDPowerShares DB 3x Long 25+ Treas ETN 14$6.4 $91,036
106ADZPowerShares DB Agriculture Short ETN41$1.7 $114,845
107BDGPowerShares DB Base Metals Long ETN39$1.8 $6,911
108BOSPowerShares DB Base Metals Short ETN39$7.9 $232,466
109DEEPowerShares DB Commodity Dbl Short ETN41$2.6 $194,656
110DPUPowerShares DB Commodity Long ETN41$7.5 $33,288
111DDPPowerShares DB Commodity Short ETN41$2.8 $165,667
112PEZPowerShares Dynamic Cons Discretionary59$18.6 $72,898
113PICPowerShares Dynamic Insurance 71$8.0 $24,104
114PIQPowerShares Dynamic Magniquant 59$18.8 $41,862
115PXMCPowerShares Fundamental Pure Mid Core 58$20.4 $73,330
116PXSCPowerShares Fundamental Pure Small Core 58$15.1 $73,536
117PSTLPowerShares Global Steel Portfolio36$4.7 $23,143
118PTOPowerShares Ibbotson Alternative Completion 40$8.9 $35,964
119KBWXPowerShares KBW International Financial 9$3.3 $8,560
120KBWYPowerShares KBW Premium Yield Equity REIT 9$7.0 $88,363
121KBWPPowerShares KBW Property & Casualty Ins9$3.5 $3,013
122PMNAPowerShares MENA Frontier Countries38$21.7 $75,127
123PYHPowerShares Morningstar StockInvestor Core58$15.7 $39,861
124PSCMPowerShares S&P SmallCap Materials17$6.6 $93,932
125KRUProShares Ultra KBW Regional Banking 17$1.6 $256,383
126UPVProShares Ultra MSCI Europe16$2.9 $127,317
127UMXProShares Ultra MSCI Mexico Investable Mkt16$1.8 $12,193
128UXJProShares Ultra MSCI Pacific Ex-Japan 16$3.3 $124,870
129UWCProShares Ultra Russell3000 26$7.0 $73,959
130YCLProShares Ultra Yen34$5.6 $366,973
131RXDProShares UltraShort Healthcare 56$3.6 $160,085
132SMKProShares UltraShort MSCI Mexico27$2.5 $72,454
133JPXProShares UltraShort MSCI Pacific ex-Japan27$2.4 $39,682
134BISProShares UltraShort Nasdaq Biotechnology17$4.2 $122,579
135SFKProShares UltraShort Russell 1000 Growth55$3.1 $292,214
136SJFProShares UltraShort Russell 1000 Value55$2.5 $92,564
137SDKProShares UltraShort Russell Midcap Growth55$2.9 $150,251
138SJLProShares UltraShort Russell Midcap Value55$2.1 $101,268
139TWQProShares UltraShort Russell300026$2.3 $100,625
140TLLProShares UltraShort Telecom 42$2.5 $61,762
141TPSProShares UltraShort TIPS 7$3.1 $40,178
142SDPProShares UltraShort Utilities 56$2.9 $186,564
143ONEFRussell Equity ETF16$8.0 $154,021
144EWACRydex MSCI All Country World Equal Weight 8$5.6 $64,402
145KMESPDR KBW Mortgage Finance ETF28$3.3 $22,845
146VRDSPDR Nuveen S&P VRDO Municipal Bond ETF 24$12.0 $105,784
147JPPSPDR Russell/Nomura PRIME Japan58$15.0 $80,780
148IPFSPDR S&P International Financial 38$7.9 $95,918
149IPUSPDR S&P International Utilities 38$7.3 $54,514
150NAGSTeucrium Natural Gas Fund 7$2.0 $15,300
151MLPGUBS ETRACS Alerian Natural Gas MLP ETN 14$14.1 $195,156
152UBNUBS ETRACS CMCI Energy TR ETN42$3.2 $22,440
153UBGUBS ETRACS CMCI Gold TR ETN42$9.4 $85,617
154UBMUBS ETRACS CMCI Industrial Metals TR ETN42$6.4 $15,306
155UBCUBS ETRACS CMCI Livestock TR ETN42$4.9 $5,754
156PTDUBS ETRACS CMCI Short Platinum ER ETN40$3.1 $2,846
157SPGHUBS ETRACS S&P 500 Gold Hedged Idx ETN19$17.6 $116,910
158MLPWUBS ETRACS Wells Fargo MLP Index ETN 10$17.7 $79,574
159IVOVVanguard S&P Mid-Cap 400 Value ETF 12$11.1 $42,365
160VIIZVelocityShares VIX Medium-Term ETN 9$8.7 $201,936
161EUWisdomTree Dreyfus Euro 40$5.2 $60,393
162JYFWisdomTree Dreyfus Japan Yen40$13.6 $164,885
163HEDJWisdomTree International Hedged Equity 20$18.6 $70,520
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.


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