ETF Deathwatch for August 2010

The number of exchange-traded products (ETPs) on ETF Deathwatch climbed again this month to 146 (110 ETFs and 36 ETNs).  This is a 9.8% increase from last month and the largest quantity since fourteen months ago when the count stood at 150.

There are currently 108 products that have been granted temporary immunity from this list because they are less than six months old.  Many will eventually find their way here.  In fact, eight of the 22 new products launched in January 2010 that are eligible for the first time this month are included in the list below.

One of those “newly eligible” tops our list this month:  iShares MSCI Far East Financials Sector (FEFN).  FEFN had trading activity on only two days in July with a grand total of 500 shares changing hands (another data source shows only one day and a total of 240 shares).  I’m not at all surprised to see this ETF here since the remaining nine ETFs needed to complete the MSCI Far East Sector suite have not been launched.  The other “partial suites” launched by iShares at the same time as FEFN are also suffering.  However, iShares took steps to help the MSCI All-Country ex-US suite by launching the other nine ETFs in July.

Despite all the fanfare and hoopla surrounding the introduction of “actively-managed” ETFs from Grail, all seven of their funds are now on ETF Deathwatch.  Of the 28 actively-managed ETFs currently on the market, four were introduced in the past six months giving them temporary immunity from the ETF Deathwatch list.  Of the remaining 24, eleven of them (45.8%) can be found on the list below.

Listed below are the 146 products on ETF Deathwatch for August that failed to generate at least $100,000 in average daily dollar volume, or average daily value traded (ADVT), during the past month.

ETF Deathwatch for August 2010

Rank	Ticker	Name	Age (mths)	Avg Daily Volume	Avg Daily Value Traded
1	FEFN	iShares MSCI Far East Financials Sector	6.3	24	$533
2	PGD	Barclays Asian&Gulf Currency Reval. ETN	25.8	29	$1,422
3	GWO	Elements CS Global Warming ETN	28.3	238	$1,454
4	BVL	Elements Ben Graham Large Cap Value ETN	23.9	186	$1,816
5	JVS	JETS DJ Islamic Market International	13.2	43	$1,903
6	EEN	Claymore/BNY Mellon EW Euro-Pacific LDRs	41.6	181	$2,970
7	GMMB	Grail McDonnell Intermediate Municipal Bnd	6.1	62	$3,153
8	UBN	E-TRACS CMCI Energy Total Return ETN	28.3	238	$3,263
9	JEM	Barclays GEMS Currency Index ETN	30.4	81	$3,560
10	PTD	E-TRACS CMCI Short Platinum Exc Ret ETN	27.1	129	$4,109
11	EEH	Elements Spec LgCap US Sector Mo ETN	36.5	595	$4,714
12	FKL	FaithShares Lutheran Values Fund	7.6	233	$5,884
13	MKH	HOLDRS Merrill Lynch Market 2000+	120.7	133	$5,954
14	GBB	iPath GBP/USD Exchange Rate ETN	39.3	157	$6,449
15	EXB	Claymore/Beacon Gbl Exch, Brkrs, & Asst Mgrs	37.7	567	$6,527
16	FZB	FaithShares Baptist Values Fund	7.6	295	$7,679
17	JFT	KEYnotes FT Enhanced 130/30 Large Cap ETN	26.7	324	$9,022
18	KME	SPDR KBW Mortgage Finance ETF	15.2	224	$9,083
19	RPX	Grail RP Growth ETF	10.1	352	$9,259
20	AXFN	iShares MSCI ACWI ex US Financials Sector	6.3	438	$9,780
21	WMH	HOLDRS Wireless	118.7	271	$10,605
22	ULQ	Claymore U.S. Cap Mkts Micro-Trm Fxd Inc	30.0	224	$11,136
23	CRO	Claymore/Zacks Country Rotation	37.2	819	$12,188
24	UBM	E-TRACS CMCI Industrial Metals TR ETN	28.3	648	$12,355
25	DOD	Elements Dogs of the Dow Total Return ETN	33.2	1,795	$12,472
26	GCE	Claymore CEF Index GS Connect ETN	32.1	848	$13,206
27	GMTB	Grail McDonnell Core Taxable Bond ETF	6.1	262	$13,433
28	CRBA	Jefferies|TR/J CRB Global Agriculture Equity	9.2	367	$13,473
29	RFF	Grail RP Financials ETF	10.1	567	$13,872
30	FUE	Elements MLCX Biofuels ETN	30.2	1,838	$14,272
31	BDG	PowerShares DB Base Metals Long ETN	25.8	714	$14,417
32	UBC	E-TRACS CMCI Livestock Total Return ETN	28.3	762	$14,737
33	RPQ	Grail RP Technology ETF	10.1	533	$14,802
34	SPGH	UBS E-TRACS S&P 500 Gold Hedged Idx ETN	6.1	590	$15,904
35	UAG	E-TRACS CMCI Agriculture TR ETN	28.3	819	$16,800
36	PQSC	PowerShares FTSE Nasdaq Small Cap	28.3	767	$17,211
37	BSC	Elements Ben Graham Small Cap Value ETN	23.8	1,667	$17,603
38	UBG	E-TRACS CMCI Gold Total Return ETN	28.3	562	$18,192
39	INR	Market Vectors Indian Rupee/USD ETN	28.8	486	$18,347
40	PQZ	PowerShares Active Alpha Multi-Cap	28.0	1,162	$18,633
41	XGC	Claymore/BNY Mellon Intl Small Cap LDRs	40.5	962	$19,081
42	EMFN	iShares MSCI Emerging Markets Financials	6.3	752	$19,125
43	AGF	PowerShares DB Agriculture Long ETN	27.9	1,362	$19,793
44	PBTQ	PowerShares Global Biotech Portfolio	22.7	919	$20,001
45	PSTL	PowerShares Global Steel Portfolio	22.6	1,090	$20,737
46	VRD	SPDR Nuveen S&P VRDO Municipal Bond ETF	10.3	705	$21,135
47	CRBI	Jefferies|TR/J CRB Global Ind Metals Equity	9.2	605	$21,583
48	EFN	EGS DJ Emerging Markets Financials Titans	10.6	486	$21,658
49	EKH	HOLDRS Europe 2001	116.0	405	$22,307
50	FCV	FaithShares Catholic Values Fund	7.8	905	$23,041
51	AYT	Barclays GEMS Asia 8 ETN	23.2	529	$24,509
52	TZO	iShares S&P Target Date 2035 Index Fund	21.1	838	$24,594
53	PMA	PowerShares Active Mega-Cap Portfolio	27.9	1,186	$25,412
54	CHIE	Global X China Energy ETF	7.6	1,929	$25,989
55	TZI	iShares S&P Target Date 2025 Index Fund	21.1	890	$26,457
56	IFEU	iShares FTSE EPRA/NAREIT Europe	32.8	1,038	$26,522
57	PTRP	PowerShares Glb Progressive Transport.	22.7	1,029	$26,582
58	CHIB	Global X China Technology ETF	7.8	1,886	$26,917
59	LD	iPath DJ-UBS Lead ETN	25.6	595	$28,463
60	GRN	iPath Global Carbon ETN	25.6	1,119	$28,609
61	UWC	ProShares Ultra Russell3000	13.1	514	$29,241
62	TZE	iShares S&P Target Date 2015 Index Fund	21.1	1,014	$29,438
63	PEF	PowerShares FTSE RAFI Europe	37.7	938	$30,280
64	EMMT	iShares MSCI Emerging Markets Materials	6.3	1,381	$30,281
65	GSR	GlobalShares FTSE Emerging Markets	7.8	1,600	$31,096
66	IPN	SPDR S&P International Industrial	24.5	1,348	$31,266
67	IWL	iShares Russell Top 200 Index Fund	10.3	1,295	$32,224
68	BVT	Elements Ben Graham Total Mkt Value ETN	23.9	2,995	$32,393
69	PTO	PowerShares Ibbotson Alternative Completion	26.7	3,176	$33,185
70	PKOL	PowerShares Global Coal Portfolio	22.7	1,376	$35,645
71	JPP	SPDR Russell/Nomura PRIME Japan	45.2	1,014	$37,016
72	FUD	E-TRACS CMCI Food Total Return ETN	28.3	1,933	$38,717
73	OTP	Claymore/Ocean Tomo Patent	44.1	1,800	$39,148
74	RWG	Grail RP Focused Large Cap Growth ETF	10.1	1,500	$39,437
75	NUCL	iShares S&P Global Nuclear Energy	25.5	1,124	$40,944
76	ROB	Claymore/Robb Report Global Luxury	36.6	2,276	$41,422
77	USV	E-TRACS CMCI Silver Total Return ETN	28.3	1,643	$41,545
78	IPU	SPDR S&P International Utilities	24.5	2,148	$41,610
79	WMW	Elements Mrngstr Wide Moat Focus ETN	33.9	4,205	$41,815
80	DPU	PowerShares DB Commodity Long ETN	27.5	2,962	$42,094
81	BDH	HOLDRS Broadband ETF	125.6	4,152	$44,436
82	GVT	Grail American Beacon Large Cap Value	15.1	1,471	$45,610
83	ERO	iPath EUR/USD Exchange Rate ETN	39.3	943	$47,156
84	IRY	SPDR S&P International Health Care	24.5	1,752	$47,563
85	IRV	SPDR S&P International Materials	24.5	2,110	$48,529
86	TZL	iShares S&P Target Date 2030 Index Fund	21.1	1,681	$49,800
87	XRU	CurrencyShares Russian Ruble Shares	20.9	1,538	$50,280
88	DJCI	UBS E-TRACS DJ-UBS Commodity TR ETN	9.2	200	$51,034
89	FMV	FaithShares Methodist Values Fund	7.8	2,000	$51,081
90	TZD	iShares S&P Target Date 2010 Index Fund	21.1	1,790	$51,425
91	BHH	HOLDRS B2B Internet ETF	127.0	77,400	$51,464
92	TLL	ProShares UltraShort Telecom	28.5	3,657	$51,627
93	TZV	iShares S&P Target Date 2040 Index Fund	21.1	1,814	$51,781
94	RHS	Rydex S&P Equal Weight Cons Staples	45.4	1,048	$53,624
95	TDD	TDX Independence 2010	34.5	2,329	$53,908
96	FDD	First Trust DJ STOXX European Select Div	35.5	4,357	$55,135
97	TDX	TDX Independence In-Target	34.5	2,233	$55,696
98	GULF	WisdomTree Middle East Dividend	24.8	4,005	$57,555
99	MES	Market Vectors Gulf States	24.6	3,076	$59,147
100	SZR	WisdomTree Dreyfus S. African Rand	25.5	2,133	$60,813
101	TDN	TDX Independence 2030	34.5	3,419	$61,430
102	LVL	Claymore/BBD High Income	37.7	4,762	$63,214
103	PMR	PowerShares Dynamic Retail	58.0	4,000	$64,245
104	IST	SPDR S&P International Telecom	24.5	2,924	$64,603
105	PTE	PowerShares Dynamic Telecom & Wireless	56.6	4,714	$65,008
106	PJB	PowerShares Dynamic Banking	46.3	5,305	$65,172
107	FPX	First Trust US IPO Index Fund	52.3	3,443	$67,445
108	CZA	Claymore/Zacks Mid-Cap Core ETF	40.5	2,738	$67,791
109	INY	SPDR Nuveen Barclays New York Muni Bond	34.0	3,052	$69,609
110	FOC	FaithShares Christian Values Fund	7.8	2,762	$71,035
111	TDV	TDX Independence 2040	34.5	4,157	$71,905
112	PIC	PowerShares Dynamic Insurance	58.0	5,038	$72,530
113	UHN	United States Heating Oil Fund LP	28.1	2,971	$73,642
114	OTR	Claymore/Ocean Tomo Growth	40.5	3,157	$74,684
115	EEO	EGS DJ Emg Mkts Energy Titans	14.5	1,681	$75,345
116	IPK	SPDR S&P International Technology	24.6	3,181	$75,509
117	JPX	ProShares UltraShort MSCI Pacific ex-Japan	13.6	4,129	$75,667
118	IPD	SPDR S&P International Consumer Discr	24.5	3,243	$76,826
119	QABA	First Trust NASDAQ ABA Community Bank	13.2	3,414	$77,679
120	PFA	PowerShares Dynamic Dev Intl Opps	38.1	5,252	$77,893
121	RWV	RevenueShares Navellier Overall A-100	18.5	2,610	$80,818
122	TDH	TDX Independence 2020	34.5	3,962	$82,034
123	MUAE	iShares 2016 S&P AMT-Free Muni Series	6.9	1,595	$82,260
124	QQXT	First Trust Nasdaq-100 ex-Technology	42.1	4,729	$83,159
125	UCD	ProShares Ultra DJ-UBS Commodity	20.4	3,638	$83,574
126	PKW	PowerShares Buyback Achievers	44.0	4,105	$83,815
127	IPW	SPDR S&P International Energy	24.5	3,848	$83,908
128	IFAS	iShares FTSE EPRA/NAREIT Asia	32.8	3,133	$84,601
129	BWV	iPath CBOE S&P 500 BuyWrite Index ETN	38.8	1,967	$84,700
130	PMNA	PowerShares MENA Frontier Countries	25.1	6,952	$85,213
131	FVI	First Trust Value Line Equity Allocation	44.5	4,971	$86,472
132	IFNA	iShares FTSE NAREIT North America	32.8	2,462	$86,721
133	EZY	WisdomTree Large Cap Value	41.8	2,690	$87,932
134	JJP	iPath DJ-UBS Precious Metals ETN	25.6	1,452	$88,854
135	RTL	iShares FTSE NAREIT Retail Capped	39.4	3,848	$89,103
136	LTL	ProShares Ultra Telecommunications	28.5	2,538	$90,156
137	MNA	IQ Merger Arbitrage ETF	8.5	3,524	$90,161
138	PJO	PowerShares FTSE RAFI Japan	37.7	2,543	$90,279
139	JJS	iPath DJ-UBS Softs ETN	25.6	1,838	$90,854
140	PKN	PowerShares Global Nuclear Energy	28.3	5,152	$91,694
141	RYU	Rydex S&P Equal Weight Utilities	45.4	1,962	$92,256
142	OLO	PowerShares DB Crude Oil Long ETN	25.7	7,967	$94,401
143	BAL	iPath DJ-UBS Cotton ETN	25.5	2,590	$95,096
144	PQY	PowerShares Active AlphaQ	28.0	4,224	$96,996
145	ADRU	BLDRS Europe 100 ADR	93.9	5,290	$97,118
146	DEF	Claymore/Sabrient Defender	44.1	4,605	$98,561

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.

ETFs and Mutual Funds in Asset Allocation

Building a properly allocated portfolio requires the right tools.  The first step is to understand the tools of the trade in asset allocation.  Professional investment managers often use diversified pools of securities as one of these tools.  While there are different kinds of pooled investments, the most popular are mutual funds and ETFs.

Funds aren’t an asset in themselves; they are vehicles that help you invest in various asset classes.  Traditional mutual funds are a collection of securities that are actively managed by an investment manager and his team.  They often compare themselves with investment indexes of similar asset classes.  Mutual funds have evolved over time, and now some invest in a multitude of assets, some buy other mutual funds, and others simply track an investment index.  Mutual funds are typically bought for the benefits of diversification, professional management, and low capital outlay.  Many kinds of mutual funds can be expensive to own and cumbersome to sell.

Here are some of the fees mutual funds can charge:

• Management Fees – (normally 0.5%-2.0%) this is how mutual fund companies pay their fund investment managers and staffs.
• 12b-1 Distribution Fees – (0.25% and 1.0%) for marketing to new prospects.
• Administrative Fees – (0.20% – 0.40%) to keep the lights on at the office, paper in the copier, etc.
• Sales Loads – (3.0% – 5.75%) Also known as sales commissions, they are used to pay the sales force who sell the funds.
• Exchange Fees – Additional fees you can incur if you decide a mutual fund no longer matches your investment objectives.

If you buy a mutual fund with a sales load, your investment has to dig itself out of a hole before you can make a penny.  That sort of expense is a big drain on your rate of return.  Ensure that you evaluate the cost against the value you’ll be receiving when considering a purchase of fund.  You can also purchase mutual funds that have no sales charge (load).

An alternative that has been making tremendous strides to mutual funds in the last decade are ETFs.  ETFs, short for Exchange Traded Funds, are collections of stocks, bonds, or other assets. They can track a number of different underlying indexes such as the S&P 500.  The increasing popularity of ETFs has provided a large menu to choose from.  Whatever kind of investment pool you’re looking for, there’s a good chance at least one ETF tracks it.

ETFs are similar to mutual funds in being pooled investments, but have some enormous advantages.  Often, the expenses are fractional in comparison to funds, so you don’t have to waste your hard-earned savings on fees every year.  The average ETF charges 0.1% – 0.65% annually.  This can mean enormous savings over time.

An added benefit is that ETFs provide up-to-the minute pricing while the market is open.  You don’t have to wait for end of day pricing, common with most mutual funds. You can buy and sell an ETF knowing the price you’ll pay.  ETFs also tend to be more tax-efficient.  The passive management of index investing coupled with the lack of pass-through taxes, inherent in most active mutual funds, can reduce your tax headaches.

ETFs still have their challenges.  Light trading volume or shallow markets can affect the pricing of some ETFs.  In addition, transaction costs can add up if you’re a high frequency trader, although there are ways to reduce these expenses.  Some other features such as automatic dividend and capital gain reinvestment that are available in funds, are not generally possible in ETFs.

Pooled investments are an important tool for a majority of investors.  The uniqueness and benefits of mutual funds and ETFs are stark compared to individual securities.  If you’re constructing a portfolio and you want to buy a diversified block of assets, mutual funds and ETFs are great options.  The benefits they provide can be paramount to a successful portfolio.

Do 401Ks Need ETFs?

Retirement accounts like 401(k)s, 403(b)s and Roth IRAs can be invested many ways. For employee-sponsored plans like 401ks or 403bs, employers usually opt for diversified trading pools, specifically mutual funds. Traditional mutual funds give employees the benefit of diversification while providing 401k plan sponsors and record keepers an easy way to track transactions through traditional mutual fund pricing.  Investors get affordable access to different investment styles and markets. Historically, mutual funds have been a great fit for employer sponsored retirement accounts.

Now this may be changing. Exchange traded funds (ETFs) have grown in popularity since their invention in the early 1990s. ETFs are investment funds traded on the stock exchanges with regular tickers. Like mutual funds, ETFs are collections of stocks, bonds,  or other securities and trade at (or at least near) the net asset value.

As ETFs have become more popular, calls for them to be made available within 401k plans and the like have been loud.  Companies like Sharebuilder 401(k), WisdomTree and Vanguard are finally opening up options for ETFs in retirement accounts.  These firms are trying to capture or keep market share in the nearly 3 trillion dollars currently in 401k mutual funds.

At first glance, the demand for ETFs in 401ks isn’t palpably clear, as some of the advantages that ETFs hold over mutual funds aren’t applicable.  Tax efficiency doesn’t matter in a tax-deferred account.  Also, the benefit of real-time pricing, while attractive to short-term traders, would drive 401k record keepers batty.

Recently plan administrators have found ways to overcome these record keeping and trading issues.  Cost now seems to be driving 401k providers from mutual funds to ETFs. According to BlackRock, the largest seller of ETFs in the country, “the average expense ratio of an iShares ETF is 0.41% versus the average mutual fund’s 1.50%, a difference that can result in tens of thousands of dollars over 30 to 40 years.” Advisors and employees understand the math. If you can make an extra 1% by moving to ETFs, why wouldn’t you do it?

Critics will point out that in larger plans, the difference in cost between ETFs and comparable index mutual funds is negligible.  Also, any cost savings in management fees will be offset by additional record keeping and administration costs that will be passed on to employees.

Will ETF’s displace mutual funds as the preferred investment vehicle in 401ks?  Probably not anytime soon.  Still, ETFs are evolving; mutual fund titans such as Fidelity, Vanguard, and Charles Schwab now have their own ETF offerings.  And as many small and medium sized companies gravitate to ETFs for the cost savings, how long until the big 401k providers sit up and take notice?

DailyFinance Catches up on the ETF Wars

Several weeks ago, Invest with an Edge brought you coverage over the escalating Commission Wars over ETFs being waged by two discount brokerage behemoths, Fidelity and Schwab.   It appears that other media outlets are starting to consider the possible far reaching impacts of a struggle between these two.  What are the benefits to Schwab and Fidelity’s announcements?  What do investor’s need to be wary of?  What might be on the horizon?

DailyFinance and Sheryl Nance-Nash tackled some of these burning questions and more in a recent article, “Do Free ETFs Have a Hidden Price Tag?”  In bringing her piece to press, Sheryl relied on the expertise of one of our featured contributors, Brian Campos, who is the Director of Capital Cities Asset Management, our investment advisory affiliate.

Excerpts below impress upon the investing public that they should sit up and take note of what dominoes are falling around them.  I’m positive we’ll be hearing more about this subject in the coming months.

“As the two heavyweights battle it out in their never-ending quest for more assets to join their platform, Joe Q. Public gets an initial trading reduction. However, the underlying benefit is access, explains Brian Campos, director of wealth management at Capital Cities Asset Management. “ETFs enjoy several major benefits over mutual funds, and now investors won’t be hindered by trading costs to join the ETF universe,” he adds.

He goes on to address some of the possible disadvantages that investors must be aware of:

“This can be a drawback for investors who desire more specialized investments such as country/region specific portfolios, sector portfolios or special asset portfolios,” points out Campos. Fidelity has yet to include iShares’ other funds in their new offering. “Schwab’s’ offering is even more incomplete as they offer no fixed income portfolios and few differences in capitalization and style portfolios,” he adds

For this and more insights about the ETF price wars, here’s the entire article.

Consumer Spending Bad for Real Estate: SRS

Everything is interconnected in our economy.  For instance, when banks can’t loan money, that affects the growth of technology firms.  Many tech firms depend on bank financing to fund their operations.  It’s one of the reasons rescuing banks has been such an important issue this year.  But this interconnectedness extends beyond the financial and tech sectors.

Families are Downsizing

In the same way, consumer spending affects many areas of the economy.  Let’s take the Smiths, a two-income family.  Mr. Smith was just laid off from his six-figure job.  Mrs. Smith, although still working, does not make as much as Mr. Smith did.  So what do they do?

The Smith family cuts their expenses.  While shopping for Christmas this year, instead of shopping from high-end mail order catalogs, the Smiths will fight the crowds at Wal-Mart for better deals.  Instead of making leisurely trips to the mall, they’ll shop online for the best prices or just not buy anything.  The Smiths won’t be frequenting local or boutique shops, because they can’t afford it anymore.   

Retail Stores are Suffering

The Smiths are not alone.  Today, Bloomberg reported consumer sales have fallen the most in 7 years.  Families like the Smiths are cutting back, but other families are just as worried.  Why spend money when you’re not sure your job will last?  This concern is spreading throughout families who have been forced to downsize.  It’s affecting retail stores the worst.

Black Friday, or the busiest shopping day of the year, is in two days.  Retailers understand the stakes.  This year, it’s not so much about banner years as it is about survival.  Without strong sales, some may have to shutter the windows.  The now-bankrupt retail companies, Linens-n-Things and Circuit City, could be a sign of things to come. 

Commercial Real Estate is Falling

Going back to the interconnectedness of our economy, who else suffers from lost demand at retail stores?  If there are no buyers, then stores can’t pay rent.  If stores can’t pay rent, then landlords get desperate.  Since commercial real estate is so dependent upon occupancy, prices are severely affected during such a downturn.  As you can probably guess, it’s been a difficult year for real estate.  One analyst suggests it will get worse in 2009.
 
If this trend continues, then a short real estate position would be a great way to profit from the decline in commercial real estate.  One such exchange traded fund that gains while real estate loses is UltraShort Real Estate ProShares (SRS).  According to ProShares, SRS “seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse of the daily performance of the Dow Jones U.S. Real Estate Index.”  That means for every dollar commercial real estate goes down, SRS aims to go up two dollars.

Chart Confirms SRS Bullishness

Looking at the chart, UltraShort Real Estate ProShares is in an uptrend.  Since mid-September, SRS has been chopping upward while the U.S. economy has fallen.  It is currently falling to the trendline and there is support in the 110 area.  We expect SRS to bounce in the near future, as Black Friday estimates miss expectations.

As always, we caution you when considering a short position.  Even though you are ‘buying’ SRS, it’s a virtual short.  The market tends toward positive returns and shorting has other limitations that many investors are uncomfortable with.  In addition, this ETF is more volatile than other ETFs we recommend.  If you’re still comfortable with this position and you want to profit if real estate falls further, then go with SRS.
All the best.