The number of ETFs on Deathwatch continues to grow as we enter 2009. My current list contains 139 names: 97 ETFs and 42 ETNs. The list includes any ETF/ETN that is at least six months old and had an Average Daily Value Traded of less than $100,000 in December.
Exchange Trade Notes are suffering from concerns of default risk. The Lehman Brothers bankruptcy, which resulted in the demise of three ETNs, is causing investors to hesitate before throwing money into these products. Unless ETN sponsors to take steps to calm investor fears, their representation on the list is likely to grow in the coming months.
NETS PSI 20 Index Fund (LIS) tops the list for the second month in a row. It is an ETF designed to track the performance of the PSI 20 Index of Lisbon, Portugal. Total volume for the month of December was 900 shares. Although this represents a huge percentage increase from the 211 shares traded in November, it wasn’t enough to improve the fund’s ranking.
NETS has 15 ETFs that track single-country stock exchanges. Unfortunately, 12 of them are on deathwatch today, and the other three just barely escaped. In most cases, these are unique and potentially great products. However, investors don’t seem to know they exist. If they are to have a chance at surviving, NETS needs to step up their marketing efforts.
The SPA MarketGrader products are in huge trouble. They have a total of six ETFs and all six of them are on deathwatch. Once again, these are potentially good products, but marketing efforts have failed to attract any attention.
ETRACS is another group in dire straights with nine of their ten products on the list this month. ETRACS also has to overcome ETN credit concerns since all ten of their offerings are ETNs. The Elements offerings are in a similar situation. All their products are ETNs also, and ten are on deathwatch this month.
XShares continues to struggle. They shut down all 26 of their HealthShares and Adelante Real Estate Shares in 2008. The have four remaining products under the TDAX brand, three of which are on our list. Claymore also saw a large number of ETF closures in 2008 yet has another 19 on the list this month.
The reason for so many products being on the list is simple – too many arrived too quickly for the market to absorb. For the most part, these products are not suffering from poor design; they are suffering from investor overload and marketing failures. There will be a day in the future when 1,000 ETFs are not enough. For now, 800 is proving to be far too many. There will be further casualties.
Note: The dubious distinction of being included on the list below is reserved for U.S. listed ETFs and ETNs that have been available for at least six months, and their Average Daily Value Traded (ADVT) for the most recent calendar month was less than $100,000 per day.
ETF Deathwatch January 2009
Rank | Ticker | Name | Age (mths) | Avg Daily Volume | Avg Daily Value Traded |
---|---|---|---|---|---|
1 | LIS | NETS PSI 20 Index (Portugal) | 7 | 41 | $503 |
2 | MZN | Claymore/Mrngstr Inform. SuperSector | 17 | 68 | $1,007 |
3 | UBM | E-TRACS UBS Blmbrg CMCI Ind Met. ETN | 9 | 95 | $1,100 |
4 | IQE | NETS ISEQ 20 Index (Ireland) | 7 | 164 | $1,707 |
5 | UCI | E-TRACS UBS Blmbrg CMCI Index ETN | 9 | 159 | $2,211 |
6 | PTD | E-TRACS UBS Short Platinum ETN | 8 | 68 | $2,734 |
7 | GWO | Elements CS Global Warming ETN | 9 | 595 | $2,734 |
8 | UBN | E-TRACS UBS Blmbrg CMCI Energy ETN | 9 | 209 | $2,810 |
9 | JNB | NETS FTSE/JSE Top 40 Index (So. Africa) | 8 | 255 | $2,964 |
10 | SIH | SPA MarketGrader 100 | 15 | 259 | $2,983 |
11 | MZO | Claymore/Mrngstr Services SuperSector | 17 | 209 | $3,043 |
12 | ITL | NETS S&P;/MIB Index (Italy) | 8 | 305 | $3,776 |
13 | FUE | Elements MLCX Biofuels ETN | 11 | 605 | $3,795 |
14 | LSO | Elements MLCX Livestock ETN | 9 | 464 | $3,885 |
15 | BDG | PowerShares DB Base Metals Lng ETN | 6 | 336 | $4,166 |
16 | BRU | NETS BEL 20 Index (Belgium) | 8 | 518 | $5,578 |
17 | LDN | NETS FTSE 100 Index (London) | 9 | 414 | $5,596 |
18 | JJU | iPath DJ AIG Aluminum ETN | 6 | 259 | $6,118 |
19 | PWD | PowerShares FTSE RAFI Europe Small Mid | 15 | 655 | $6,841 |
20 | JFT | First Trust JPM Enh 130/30 Lrg Cap ETN | 7 | 327 | $6,949 |
21 | UBC | E-TRACS UBS Blmbrg CMCI Livestock ETN | 9 | 355 | $7,498 |
22 | FRC | NETS CAC 40 Index (France) | 9 | 532 | $7,597 |
23 | INR | Market Vectors Rupee/USD ETN | 10 | 227 | $7,903 |
24 | JJS | iPath DJ AIG Softs ETN | 6 | 236 | $8,184 |
25 | AUS | NETS S&P;/ASX 200 Index (Australia) | 9 | 673 | $8,356 |
26 | FUD | E-TRACS UBS Blmbrg CMCI Food ETN | 9 | 541 | $9,818 |
27 | BHH | HOLDRS B2B Internet ETF | 108 | 42,705 | $10,118 |
28 | GOE | Elements MLCX Gold ETN | 9 | 1,145 | $10,283 |
29 | IRO | Claymore/Zacks Dividend Rotation | 15 | 777 | $10,294 |
30 | PHW | PowerShares Dynamic Hrdwr & Cons Elec | 37 | 1,282 | $10,786 |
31 | RHO | Rydex Inverse 2x S&P; Health Care | 7 | 145 | $10,881 |
32 | USV | E-TRACS UBS Blmbrg CMCI Silver ETN | 9 | 750 | $11,075 |
33 | GCE | Claymore/CEF GS Connect ETN | 13 | 995 | $11,091 |
34 | EEH | Elements Spec LgCap US Sector Mo ETN | 17 | 1,895 | $12,398 |
35 | TYI | NETS TOPIX Index (Japan) | 9 | 709 | $13,205 |
36 | UBD | Claymore U.S. Capital Markets Bond ETF | 11 | 300 | $14,294 |
37 | PLK | PowerShares Active Low Duration | 9 | 573 | $14,461 |
38 | SNB | SPA MarketGrader 200 | 15 | 1,295 | $15,389 |
39 | FXR | First Trust Industrials AlphaDex | 20 | 1,614 | $15,596 |
40 | SZR | WisdomTree Dreyfus S. African Rand | 6 | 764 | $15,811 |
41 | EEN | Claymore/Robeco Developed Intl Equity | 22 | 1,268 | $16,480 |
42 | IIH | HOLDRS Internet Infrastructure | 108 | 8,595 | $16,844 |
43 | UAG | E-TRACS UBS Blmbrg CMCI Agric. ETN | 9 | 1,036 | $17,803 |
44 | UBG | E-TRACS UBS Blmbrg CMCI Gold ETN | 9 | 800 | $18,699 |
45 | SZG | SPA MarketGrader Large Cap 100 | 15 | 1,518 | $18,755 |
46 | BJK | Market Vectors Gaming ETF | 11 | 1,145 | $18,784 |
47 | GRU | Elements MLCX Grains Total Return ETN | 11 | 3,445 | $19,707 |
48 | SGT | NETS FTSE Singapore Straits Times Index | 8 | 1,555 | $20,185 |
49 | PEH | PowerShares Dynamic Europe Portfolio | 19 | 2,086 | $20,380 |
50 | PMY | Elements MLCX Precious Metals ETN | 9 | 3,059 | $20,650 |
51 | RTL | iShares FTSE NAREIT Retail | 20 | 1,268 | $20,937 |
52 | JJT | iPath DJ AIG Tin ETN | 6 | 859 | $21,433 |
53 | DPC | WisdomTree Intl Consumer Cyclical | 27 | 1,441 | $21,440 |
54 | ROB | Claymore/Robb Report Global Luxury | 17 | 1,905 | $21,486 |
55 | JEM | Barclays GEMS Currency Index ETN | 9 | 536 | $22,222 |
56 | WMW | Elements Mrngstr Wide Moat Focus ETN | 15 | 3,627 | $24,381 |
57 | BNZ | WisdomTree Dreyfus New Zealand Dollar | 6 | 1,291 | $24,893 |
58 | GBB | iPath GBP/USD Exchange Rate ETN | 20 | 636 | $25,590 |
59 | UEM | Claymore U.S.-1-The Capital Markets | 11 | 668 | $26,542 |
60 | XGC | Claymore/Great Companies Lg-Cap Growth | 21 | 2,173 | $26,891 |
61 | PQSC | PowerShares FTSE Nasdaq Small Cap | 9 | 1,723 | $26,941 |
62 | FXD | First Trust Cons Discretionary AlphaDex | 20 | 3,032 | $27,406 |
63 | PNQI | PowerShares Nasdaq Internet | 7 | 2,191 | $27,999 |
64 | SSK | SPA MarketGrader Small Cap 100 | 15 | 2,323 | $28,136 |
65 | IFEU | iShares FTSE/EPRA NAREIT Europe | 14 | 1,345 | $28,548 |
66 | PEF | PowerShares FTSE RAFI Europe | 19 | 1,282 | $31,637 |
67 | FDD | First Trust DJ STOXX Select Dividend 30 | 16 | 3,077 | $33,013 |
68 | STH | Claymore/Sabrient Stealth | 28 | 2,614 | $33,139 |
69 | JJN | iPath DJ AIG Nickel ETN | 15 | 2,227 | $34,069 |
70 | RTG | Rydex 2x S&P; Technology | 7 | 1,405 | $35,296 |
71 | BAL | iPath DJ-AIG Cotton ETN | 6 | 1,350 | $35,850 |
72 | PXQ | PowerShares Dynamic Networking | 43 | 3,527 | $36,518 |
73 | FNX | First Trust Mid Cap Core AlphaDEX | 20 | 2,205 | $36,800 |
74 | RFV | Rydex S&P; Midcap 400 Pure Value | 34 | 2,114 | $37,018 |
75 | PRFM | PowerShares FTSE RAFI Basic Materials | 28 | 1,145 | $37,249 |
76 | DBT | WisdomTree Intl Technology | 27 | 2,636 | $37,794 |
77 | SVD | SPA MarketGrader Mid Cap 100 | 15 | 3,250 | $38,248 |
78 | RTM | Rydex S&P; Equal Weight Materials | 26 | 1,245 | $38,475 |
79 | JO | iPath DJ AIG Coffee ETN | 6 | 1,145 | $39,912 |
80 | JJM | iPath DJ AIG Industrial Metals ETN | 14 | 1,827 | $40,110 |
81 | CSD | Claymore/Clear Spin-Off ETF | 25 | 3,586 | $40,707 |
82 | SGG | iPath DJ AIG Sugar ETN | 6 | 1,036 | $40,908 |
83 | FAD | First Trust Multi Cap Growth AlphaDEX | 20 | 2,309 | $41,102 |
84 | EXB | Claymore/Clear Global Exchanges & Brokers | 18 | 4,382 | $41,883 |
85 | PRFG | PowerShares FTSE RAFI Consumer Goods | 28 | 1,395 | $43,150 |
86 | OTR | Claymore/Ocean Tomo Growth | 21 | 2,809 | $43,917 |
87 | FXL | First Trust Technology AlphaDex | 20 | 4,509 | $45,250 |
88 | DPU | DB Commodity Long ETN | 8 | 3,418 | $46,141 |
89 | PQY | PowerShares Active AlphaQ | 9 | 3,014 | $47,237 |
90 | DAX | NETS DAX Index (Germany) | 9 | 3,191 | $47,405 |
91 | GRN | iPath Global Carbon ETN | 6 | 1,673 | $48,053 |
92 | DOD | Elements Dogs of the Dow Total Return ETN | 14 | 8,173 | $48,643 |
93 | JJP | iPath DJ AIG Precious Metals ETN | 6 | 1,186 | $51,068 |
94 | MZG | Claymore/Mrngstr Manufact. SuperSector | 17 | 3,159 | $51,117 |
95 | PDQ | PowerShares Asia Pacific ex-Jpn Small-Mid | 15 | 5,132 | $52,450 |
96 | FPX | First Trust IPOX-100 Index Fund | 33 | 4,186 | $55,416 |
97 | LD | iPath DJ AIG Lead ETN | 6 | 2,118 | $55,611 |
98 | BDD | PowerShares DB Base Metals Dbl Lg ETN | 7 | 10,973 | $55,823 |
99 | OTP | Claymore/Ocean Tomo Patent | 25 | 3,223 | $56,391 |
100 | BDH | HOLDRS Broadband ETF | 106 | 7,168 | $57,558 |
101 | FIO | iShares FTSE NAREIT Industrial Office | 20 | 3,632 | $59,652 |
102 | CRO | Claymore/Zacks Country Rotation | 18 | 4,623 | $60,036 |
103 | PTJ | PowerShares Dynamic Healthcare Services | 27 | 3,950 | $62,438 |
104 | CZA | Claymore/Zacks Mid-Cap Core ETF | 21 | 4,055 | $63,032 |
105 | RHM | Rydex 2x S&P; Health Care | 7 | 1,432 | $63,290 |
106 | SFV | SPA MarketGrader 40 | 15 | 5,955 | $63,938 |
107 | NFO | Claymore/Sabrient Insider | 28 | 3,945 | $66,038 |
108 | QQXT | First Trust Nasdaq-100 Ex-Technology | 23 | 5,709 | $66,828 |
109 | NUCL | iShares S&P; Global Nuclear Energy | 6 | 2,405 | $67,337 |
110 | FYX | First Trust Small Cap Core AlphaDEX | 20 | 4,364 | $69,483 |
111 | FVI | First Trust Value Line Equity Allocation | 57 | 5,686 | $70,838 |
112 | SNO | NETS Hang Seng China Enterprises Index | 8 | 4,714 | $71,129 |
113 | PHJ | PowerShares High Gr. Rate Div Achievers | 40 | 7,695 | $72,033 |
114 | IFNA | iShares FTSE NAREIT North America | 14 | 2,968 | $74,281 |
115 | TDN | TDAX Independence 2030 | 15 | 4,705 | $75,163 |
116 | TDD | TDAX Independence 2010 | 15 | 3,477 | $76,315 |
117 | FGD | First Trust DJ Global Select Dividend | 13 | 5,814 | $78,735 |
118 | TDH | TDAX Independence 2020 | 15 | 4,373 | $79,906 |
119 | USY | WisdomTree US Current Income | 8 | 3,227 | $80,364 |
120 | ADZ | DB Agriculture Short ETN | 9 | 2,145 | $83,313 |
121 | FXG | First Trust Consumer Staples AlphaDex | 20 | 6,159 | $83,890 |
122 | RZG | Rydex S&P; Smallcap 600 Pure Growth | 34 | 3,218 | $84,231 |
123 | QTEC | FT Nasdaq 100 Technology | 33 | 7,395 | $85,095 |
124 | RWJ | RevenueShares Small Cap | 10 | 5,218 | $85,366 |
125 | PVM | PowerShares Dynamic Deep Value | 25 | 5,195 | $85,521 |
126 | INY | SPDR Lehman New York Muni Bond | 15 | 4,441 | $85,788 |
127 | NIB | iPath DJ AIG Cocoa ETN | 6 | 2,186 | $85,889 |
128 | RGI | Rydex S&P; Equal Weight Industrials | 26 | 2,659 | $89,093 |
129 | PRY | PowerShares FTSE RAFI Intl Real Estate | 12 | 8,223 | $91,446 |
130 | BWV | iPath CBOE S&P; 500 BuyWrite Index ETN | 20 | 2,614 | $91,700 |
131 | TDX | TDAX Independence In-Target | 15 | 3,827 | $93,262 |
132 | RJZ | Elements Rogers Metals ETN | 15 | 16,845 | $93,643 |
133 | AGF | DB Agriculture Long ETN | 9 | 5,923 | $96,739 |
134 | PEJ | PowerShares Dynamic Leisure & Enter | 43 | 11,195 | $97,351 |
135 | RWK | RevenueShares Mid Cap | 10 | 6,509 | $97,516 |
136 | EEZ | WisdomTree Earnings Top 100 Fund | 23 | 3,745 | $98,086 |
137 | LVL | Claymore/BBD High Income | 19 | 10,705 | $98,864 |
138 | PGZ | PowerShares Dyn Aggressive Growth | 25 | 6,155 | $99,480 |
139 | PQBW | PowerShares Nasdaq 100 Buy/Write | 7 | 6,336 | $99,853 |
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