The number of exchange-traded products on Deathwatch fell to 162 from the record high of 171 a month ago. This is the first decline since we began keeping count last August.
The current list consists of 121 ETFs and 41 ETNs that are at least six months old and failed to have an Average Daily Value Traded (ADVT) of at least $100,000 during the month of March.
Elements Ben Graham Total Market Value ETN (BVT) heads up the list this month and Elements Ben Graham Large Cap Value ETN (BVL) is close behind. The third member of the trio, Elements Ben Graham Small Cap Value ETN (BSC), also managed to make the top 20. BVT traded on only five of the 22 market days in March. Its total volume for the month was 1,800 shares, for an average of just 82 shares per day.
SPDR S&P International Consumer Discretionary (IPD), which headed up our list for the previous two months, came in at number 43 this time. IPD was one of five Dead ETFs Walking we identified last month but appears to be in slightly better shape now.
As mentioned in earlier issues, sometimes the entire ETF family is in trouble. Last month we said “Look for SPA to exit the ETF business soon” and exit they did. The SPA MarketGrader family of six ETFs stopped trading after the close on March 25 and liquidated on March 30.
The two most vulnerable families at this time are:
E-TRACS: They have ten products and nine are on Deathwatch. All ten of their offerings are ETNs, which have their own set of concerns. The only one showing any sign of success is E-TRACS CMCI Long Platinum Total Return ETN (PTM), which traded nearly $1.5 million per day in March. Perhaps E-TRACS can sell PTM to another sponsor before shutting down their other ETNs.
Elements: At the end of March, there were 17 Elements ETNs from multiple issuers. Since then, three of the ones issued by Credit Suisse have been delisted and the seven issued by Swedish Credit Corp. have stopped issuing new shares. Additionally, 10 of their ETNs are on Deathwatch, and all their products suffer from the ETN stigma. I’d like to think that things cannot get any worse for Elements, but the organization seems to have knack for generating new and unique problems.
ETF DEATHWATCH – APRIL 2009
| Rank | Ticker | Name | Age (mths) | Avg Daily Volume | Avg Daily Value Traded |
|---|---|---|---|---|---|
| 1 | BVT | Elements Ben Graham Total Mkt Value ETN | 8 | 82 | $445 |
| 2 | BVL | Elements Ben Graham Large Cap Value ETN | 8 | 259 | $1,461 |
| 3 | AYT | Barclays GEMS Asia 8 ETN | 7 | 36 | $1,544 |
| 4 | GWO | Elements CS Global Warming ETN | 12 | 555 | $2,550 |
| 5 | EEH | Elements Spec LgCap US Sector Mo ETN | 20 | 382 | $2,762 |
| 6 | UBD | Claymore U.S. Capital Markets Bond ETF | 14 | 64 | $2,966 |
| 7 | UBC | E-TRACS CMCI Livestock Total Return ETN | 12 | 164 | $3,222 |
| 8 | JJT | iPath DJ AIG Tin ETN | 9 | 132 | $3,305 |
| 9 | UBN | E-TRACS CMCI Energy Total Return ETN | 12 | 273 | $3,606 |
| 10 | PTD | E-TRACS CMCI Short Platinum Exc Ret ETN | 11 | 105 | $3,824 |
| 11 | DPC | WisdomTree International Cons Cyclical | 30 | 318 | $4,010 |
| 12 | BHH | HOLDRS B2B Internet ETF | 111 | 15,895 | $4,341 |
| 13 | GBB | iPath GBP/USD Exchange Rate ETN | 23 | 114 | $4,368 |
| 14 | PQSC | PowerShares FTSE Nasdaq Small Cap | 12 | 318 | $4,521 |
| 15 | OTR | Claymore/Ocean Tomo Growth | 24 | 368 | $5,707 |
| 16 | PEH | PowerShares Dynamic Europe Portfolio | 22 | 900 | $6,732 |
| 17 | IPU | SPDR S&P; International Utilities | 8 | 395 | $6,966 |
| 18 | STH | Claymore/Sabrient Stealth | 31 | 777 | $7,595 |
| 19 | BSC | Elements Ben Graham Small Cap Value ETN | 8 | 1,327 | $7,638 |
| 20 | PTRP | PowerShares Glb Progressive Transport. | 6 | 518 | $7,956 |
| 21 | JEM | Barclays GEMS Currency Index ETN | 14 | 214 | $8,194 |
| 22 | INR | Market Vectors Indian Rupee/USD ETN | 13 | 250 | $8,246 |
| 23 | GCE | Claymore CEF Index GS Connect ETN | 16 | 795 | $8,484 |
| 24 | ROB | Claymore/Robb Report Global Luxury | 20 | 923 | $8,508 |
| 25 | PSTL | PowerShares Global Steel Portfolio | 6 | 773 | $8,588 |
| 26 | UAG | E-TRACS CMCI Agriculture TR ETN | 12 | 518 | $8,727 |
| 27 | IPK | SPDR S&P; International Technology | 8 | 559 | $8,996 |
| 28 | PWD | PowerShares FTSE RAFI Europe Small Mid | 18 | 1,014 | $9,299 |
| 29 | PHW | PowerShares Dynamic Hrdwr & Cons Elec | 40 | 1,300 | $9,504 |
| 30 | IST | SPDR S&P; International Telecom | 8 | 564 | $9,768 |
| 31 | FUE | Elements MLCX Biofuels ETN | 14 | 1,468 | $10,171 |
| 32 | IRO | Claymore/Zacks Dividend Rotation | 17 | 1,036 | $10,829 |
| 33 | FDD | First Trust DJ STOXX Select Dividend 30 | 19 | 1,273 | $10,879 |
| 34 | MZG | Claymore/Mrngstr Manufact. SuperSector | 20 | 827 | $11,396 |
| 35 | CZA | Claymore/Zacks Mid-Cap Core ETF | 24 | 818 | $11,659 |
| 36 | IFEU | iShares FTSE/EPRA NAREIT Europe | 17 | 677 | $11,843 |
| 37 | UEM | Claymore U.S.-1-The Capital Markets | 14 | 305 | $11,942 |
| 38 | JFT | First Trust Enhanced 130/30 Large Cap ETN | 10 | 609 | $12,502 |
| 39 | CRO | Claymore/Zacks Country Rotation | 21 | 1,236 | $12,764 |
| 40 | WMW | Elements Mrngstr Wide Moat Focus ETN | 18 | 2,155 | $12,849 |
| 41 | IPN | SPDR S&P; International Industrial | 8 | 882 | $13,506 |
| 42 | USV | E-TRACS CMCI Silver Total Return ETN | 12 | 732 | $13,598 |
| 43 | IPD | SPDR S&P; International Consumer Discr | 8 | 909 | $14,973 |
| 44 | EXB | Claymore/Clear Global Exchanges & Brokers | 21 | 1,845 | $15,330 |
| 45 | UBG | E-TRACS CMCI Gold Total Return ETN | 12 | 605 | $15,592 |
| 46 | MKH | HOLDRS Merrill Lynch Market 2000+ | 105 | 427 | $15,881 |
| 47 | PNXQ | PowerShares Nasdaq Next Q | 12 | 1,059 | $16,343 |
| 48 | EEN | Claymore/Robeco Developed International | 25 | 1,532 | $16,486 |
| 49 | GRU | Elements MLCX Grains Total Return ETN | 14 | 2,955 | $16,944 |
| 50 | MZN | Claymore/Mrngstr Inform. SuperSector | 20 | 1,232 | $17,221 |
| 51 | XGC | Claymore/Great Companies Lg-Cap Growth | 24 | 1,509 | $17,321 |
| 52 | DOY | MacroShares $100 Oil Down | 9 | 2,159 | $17,555 |
| 53 | IFNA | iShares FTSE NAREIT North America | 17 | 1,045 | $18,197 |
| 54 | LSO | Elements MLCX Livestock ETN | 12 | 2,398 | $19,178 |
| 55 | JJS | iPath DJ AIG Softs ETN | 9 | 573 | $20,294 |
| 56 | UCI | E-TRACS CMCI Total Return ETN | 12 | 1,405 | $20,327 |
| 57 | PQZ | PowerShares Active Alpha Multi-Cap | 12 | 1,732 | $20,378 |
| 58 | IPS | SPDR S&P; International Consumer Staples | 8 | 1,105 | $20,494 |
| 59 | FGD | First Trust DJ Global Select Dividend | 16 | 1,986 | $22,081 |
| 60 | FUD | E-TRACS CMCI Food Total Return ETN | 12 | 1,209 | $22,167 |
| 61 | PRY | PowerShares FTSE RAFI Intern. Real Estate | 15 | 2,464 | $22,832 |
| 62 | PMA | PowerShares Active Mega-Cap Portfolio | 12 | 1,632 | $25,243 |
| 63 | EKH | HOLDRS Europe 2001 | 100 | 659 | $25,671 |
| 64 | SZR | WisdomTree Dreyfus S. African Rand | 9 | 1,291 | $25,928 |
| 65 | GRI | Cohen & Steers Global Realty Majors | 11 | 1,518 | $26,965 |
| 66 | AGF | PowerShares DB Agriculture Long ETN | 12 | 1,723 | $27,063 |
| 67 | DEF | Claymore/Sabrient Defender | 28 | 1,823 | $27,395 |
| 68 | IRV | SPDR S&P; International Materials | 8 | 2,014 | $29,388 |
| 69 | UBM | E-TRACS CMCI Industrial Metals TR ETN | 12 | 2,350 | $30,626 |
| 70 | IIH | HOLDRS Internet Infrastructure | 111 | 15,591 | $30,682 |
| 71 | IRY | SPDR S&P; International Health Care | 8 | 1,473 | $30,861 |
| 72 | CSD | Claymore/Clear Spin-Off ETF | 28 | 3,086 | $31,076 |
| 73 | PBTQ | PowerShares Global Biotech Portfolio | 6 | 1,573 | $31,300 |
| 74 | DDI | WisdomTree International Industrial | 30 | 2,418 | $31,447 |
| 75 | PKOL | PowerShares Global Coal Portfolio | 6 | 2,450 | $31,513 |
| 76 | DOD | Elements Dogs of the Dow Total Return ETN | 17 | 7,827 | $34,469 |
| 77 | UOY | MacroShares $100 Oil Up | 9 | 10,468 | $35,331 |
| 78 | FVI | First Trust Value Line Equity Allocation | 28 | 3,173 | $35,993 |
| 79 | FXL | First Trust Technology AlphaDex | 23 | 3,723 | $36,464 |
| 80 | FXO | First Trust Financials AlphaDex | 23 | 5,577 | $37,868 |
| 81 | OTP | Claymore/Ocean Tomo Patent | 28 | 2,582 | $38,221 |
| 82 | FYX | First Trust Small Cap Core AlphaDEX | 23 | 2,741 | $38,755 |
| 83 | NUCL | iShares S&P; Global Nuclear Energy | 9 | 1,359 | $39,947 |
| 84 | IPW | SPDR S&P; International Energy | 8 | 2,123 | $39,987 |
| 85 | JJU | iPath DJ AIG Aluminum ETN | 9 | 1,955 | $40,289 |
| 86 | NFO | Claymore/Sabrient Insider | 31 | 2,964 | $40,560 |
| 87 | MZO | Claymore/Mrngstr Services SuperSector | 20 | 3,359 | $40,853 |
| 88 | FRI | First Trust S&P; REIT | 23 | 6,659 | $40,887 |
| 89 | ADZ | PowerShares DB Agriculture Short ETN | 12 | 1,127 | $41,724 |
| 90 | PBS | PowerShares Dynamic Media | 46 | 6,727 | $41,790 |
| 91 | GRN | iPath Global Carbon ETN | 9 | 1,955 | $42,128 |
| 92 | RCD | Rydex S&P; Equal Weight Cons Discret | 29 | 2,332 | $42,432 |
| 93 | FAB | First Trust Multi Cap Value AlphaDEX | 23 | 3,268 | $42,614 |
| 94 | DPU | PowerShares DB Commodity Long ETN | 11 | 3,391 | $44,736 |
| 95 | PRFG | PowerShares FTSE RAFI Consumer Goods | 31 | 1,745 | $44,875 |
| 96 | DRF | WisdomTree International+C139 Financial | 30 | 5,523 | $45,285 |
| 97 | FAD | First Trust Multi Cap Growth AlphaDEX | 23 | 2,745 | $45,321 |
| 98 | JYN | iPath JPY/USD Exchange Rate ETN | 23 | 745 | $45,344 |
| 99 | PGD | Barclays Asian&Gulf; Currency Reval. ETN | 10 | 932 | $45,877 |
| 100 | PRFM | PowerShares FTSE RAFI Basic Materials | 31 | 1,736 | $46,719 |
| 101 | PDQ | PowerShares Asia Pacific ex-Jpn Small-Mid | 18 | 4,964 | $47,308 |
| 102 | RTL | iShares FTSE NAREIT Retail | 23 | 4,323 | $47,500 |
| 103 | PRFH | PowerShares FTSE RAFI Health Care | 31 | 1,414 | $48,126 |
| 104 | PTO | PowerShares Auto Growth NFA | 11 | 6,673 | $48,568 |
| 105 | BWV | iPath CBOE S&P; 500 BuyWrite Index ETN | 23 | 1,477 | $49,124 |
| 106 | JJM | iPath DJ AIG Industrial Metals ETN | 17 | 2,177 | $49,405 |
| 107 | PNQI | PowerShares Nasdaq Internet | 10 | 3,314 | $49,990 |
| 108 | MDD | SPDR S&P; International Mid Cap | 11 | 2,882 | $50,242 |
| 109 | RHM | Rydex 2x S&P; Health Care | 10 | 1,332 | $50,442 |
| 110 | RZG | Rydex S&P; Smallcap 600 Pure Growth | 37 | 2,418 | $51,107 |
| 111 | PEF | PowerShares FTSE RAFI Europe | 22 | 2,491 | $52,390 |
| 112 | QQXT | First Trust Nasdaq-100 Ex-Technology | 26 | 4,736 | $52,608 |
| 113 | LVL | Claymore/BBD High Income | 22 | 6,591 | $53,687 |
| 114 | GULF | WisdomTree Middle East Dividend | 9 | 4,500 | $54,306 |
| 115 | JJN | iPath DJ AIG Nickel ETN | 17 | 3,641 | $54,817 |
| 116 | JPP | SPDR Russell/Nomura PRIME Japan | 29 | 1,918 | $54,943 |
| 117 | FXR | First Trust Industrials AlphaDex | 23 | 6,691 | $56,030 |
| 118 | ERO | iPath EUR/USD Exchange Rate ETN | 23 | 1,118 | $57,236 |
| 119 | EEZ | WisdomTree Earnings Top 100 Fund | 26 | 2,505 | $57,262 |
| 120 | PDN | PowerShares Dev Markets ex-US Small-Mid | 18 | 4,927 | $57,385 |
| 121 | FXD | First Trust Cons Discretionary AlphaDex | 23 | 6,895 | $58,222 |
| 122 | RTM | Rydex S&P; Equal Weight Materials | 29 | 2,305 | $61,003 |
| 123 | FNX | First Trust Mid Cap Core AlphaDEX | 23 | 4,109 | $63,657 |
| 124 | FRN | Claymore/BNY Mellon Frontier Markets | 10 | 6,327 | $65,006 |
| 125 | FXZ | First Trust Materials AlphaDex | 23 | 6,905 | $65,296 |
| 126 | RTW | Rydex Inverse 2x S&P; Technology | 10 | 1,232 | $66,154 |
| 127 | PEJ | PowerShares Dynamic Leisure & Enter | 46 | 8,209 | $66,179 |
| 128 | BDG | PowerShares DB Base Metals Lng ETN | 10 | 5,023 | $66,386 |
| 129 | ICI | iPath Optimized Currency Carry ETN | 12 | 1,505 | $66,744 |
| 130 | WMH | HOLDRS Wireless | 102 | 1,977 | $67,898 |
| 131 | FFR | FT FTSE EPRA/NAREIT Global Real Estate | 19 | 4,118 | $68,549 |
| 132 | PVM | PowerShares Dynamic Deep Value | 28 | 5,459 | $70,242 |
| 133 | FIO | iShares FTSE NAREIT Industrial Office | 23 | 5,782 | $70,765 |
| 134 | PJO | PowerShares FTSE RAFI Japan | 22 | 2,636 | $74,155 |
| 135 | FTA | First Trust Large Cap Value Opp AlphaDEX | 23 | 6,118 | $75,723 |
| 136 | PGZ | PowerShares Dynamic Aggressive Growth | 28 | 5,450 | $77,470 |
| 137 | FXG | First Trust Consumer Staples AlphaDex | 23 | 6,064 | $77,911 |
| 138 | ADRU | BLDRS Europe 100 ADR | 78 | 6,045 | $78,137 |
| 139 | DNH | WisdomTree Pacific Ex-Jap HY Equity | 34 | 2,864 | $79,056 |
| 140 | PKN | PowerShares Global Nuclear Energy | 12 | 6,259 | $79,990 |
| 141 | RYJ | Claymore/Raymond James Strong Buy Eq | 7 | 8,764 | $80,048 |
| 142 | DBT | WisdomTree International Technology | 30 | 6,314 | $80,790 |
| 143 | PAO | PowerShares Auto Balanced Growth NFA | 11 | 10,168 | $82,779 |
| 144 | RYF | Rydex S&P; Equal Weight Financial | 29 | 7,005 | $83,029 |
| 145 | PFP | PowerShares Intl Listed Private Equity | 18 | 12,695 | $84,204 |
| 146 | DEW | WisdomTree Europe High-Yielding Equity | 34 | 3,350 | $86,820 |
| 147 | HGI | Claymore/Zacks Intl Yield Hog Index ETF | 21 | 8,727 | $88,380 |
| 148 | PJG | PowerShares Dynamic Mid Cap | 28 | 6,500 | $88,478 |
| 149 | PUA | PowerShares Dynamic Asia Pacific | 22 | 8,382 | $88,908 |
| 150 | JJE | iPath DJ AIG Energy ETN | 17 | 3,905 | $89,152 |
| 151 | FXN | First Trust Energy AlphaDex | 23 | 9,382 | $90,379 |
| 152 | IPF | SPDR S&P; International Financial | 8 | 8,300 | $90,539 |
| 153 | LD | iPath DJ AIG Lead ETN | 9 | 2,659 | $91,543 |
| 154 | BOS | PowerShares DB Base Metals Sht ETN | 10 | 2,155 | $93,460 |
| 155 | JYF | WisdomTree Dreyfus Japan Yen | 10 | 3,477 | $93,521 |
| 156 | PEZ | PowerShares Dynamic Cons Discretionary | 30 | 6,868 | $93,650 |
| 157 | PZJ | PowerShares Zacks Small Cap | 38 | 8,132 | $93,820 |
| 158 | PTJ | PowerShares Dynamic Healthcare Services | 30 | 7,323 | $95,817 |
| 159 | INY | SPDR Barclays New York Muni Bond | 18 | 4,655 | $96,544 |
| 160 | EMV | SPDR DJ Wilshire Mid Cap Value | 41 | 3,405 | $97,069 |
| 161 | PTE | PowerShares Dynamic Telecom & Wireless | 40 | 10,141 | $97,073 |
| 162 | RXI | iShares S&P; Global Consumer Discretionary | 31 | 3,523 | $98,847 |
Disclosure: no positions.