The “official” number of exchange-traded products on Deathwatch dropped dramatically for September. This month’s list contains just 118 names, a drop of nearly 17% from last month.
However, the “unofficial” number now stands at 179, a new record. The difference between the official and unofficial count is the 61 commodity funds that aren’t already on the list. At the present time, there are 88 US-listed ETFs and ETNs based on various commodity markets. The CFTC appears to be upset that these newfangled vehicles are in its sandbox and is now taking steps to curtail such activity.
Recent regulatory activity generated concerns for agricultural and natural gas based funds. Even when granted relief to issue more shares, some funds chose not to, presumably out of fear for the future.
Then, out of the blue on September 1, Deutsche Bank (DB) announced the impending closure of its popular PowerShares DB Crude Oil Double Long ETN (DXO). DB claimed the redemption and closure is the result of a “regulatory event”, although there appear to be other factors at play.
If DXO ceases to exist, then is any commodity ETF or ETN safe? At this time, the answer is not clear. No one knows where regulators will draw the line. Therefore, all 88 commodity funds are being added to the unofficial list.
Two fund families, E-TRACS and Elements, have already been on “whole family ETF Deathwatch” for many months since nearly all of their funds appear on the list month after month. All of the E-TRACS and a large percentage of the Elements products are commodity based. Therefore, I seriously question the ongoing viability of either of these two families.
The current “official” list consists of 84 ETFs and 34 ETNs that are at least six months old and failed to have an Average Daily Value Traded (ADVT) of at least $100,000 during August. Although the total ETF value traded in August slipped from the July level, it appears activity picked up for some ETFs.
ETF DEATHWATCH – SEPTEMBER 2009
ETF DEATHWATCH – SEPTEMBER 2009
| Rank | Ticker | Name | Age (mths) | Avg Daily Volume | Avg Daily Value Traded |
|---|---|---|---|---|---|
| 1 | PTD | E-TRACS CMCI Short Platinum Exc Ret ETN | 16 | 14 | $500 |
| 2 | MZG | Claymore/Mrngstr Manufact. SuperSector | 25 | 33 | $619 |
| 3 | BVL | Elements Ben Graham Large Cap Value ETN | 13 | 100 | $823 |
| 4 | EEH | Elements Spec LgCap US Sector Mo ETN | 25 | 224 | $1,648 |
| 5 | RHO | Rydex Inverse 2x S&P; Health Care | 15 | 43 | $1,748 |
| 6 | MZO | Claymore/Mrngstr Services SuperSector | 25 | 129 | $2,110 |
| 7 | RTW | Rydex Inverse 2x S&P; Technology | 15 | 181 | $4,499 |
| 8 | PQSC | PowerShares FTSE Nasdaq Small Cap | 17 | 229 | $4,632 |
| 9 | TZD | iShares S&P; Target Date 2010 Index Fund | 10 | 171 | $4,721 |
| 10 | GWO | Elements CS Global Warming ETN | 17 | 895 | $6,202 |
| 11 | CZA | Claymore/Zacks Mid-Cap Core ETF | 29 | 314 | $6,387 |
| 12 | UEM | Claymore U.S.-1-The Capital Markets | 19 | 157 | $6,409 |
| 13 | JFT | First Trust Enhanced 130/30 Large Cap ETN | 16 | 290 | $7,639 |
| 14 | OTP | Claymore/Ocean Tomo Patent | 33 | 414 | $8,485 |
| 15 | AYT | Barclays GEMS Asia 8 ETN | 12 | 190 | $8,556 |
| 16 | USV | E-TRACS CMCI Silver Total Return ETN | 17 | 419 | $8,782 |
| 17 | TZL | iShares S&P; Target Date 2030 Index Fund | 10 | 324 | $8,926 |
| 18 | UAG | E-TRACS CMCI Agriculture TR ETN | 17 | 476 | $9,654 |
| 19 | UBN | E-TRACS CMCI Energy Total Return ETN | 17 | 671 | $10,146 |
| 20 | OTR | Claymore/Ocean Tomo Growth | 29 | 490 | $10,272 |
| 21 | MKH | HOLDRS Merrill Lynch Market 2000+ | 110 | 224 | $10,303 |
| 22 | BVT | Elements Ben Graham Total Mkt Value ETN | 13 | 1,243 | $11,056 |
| 23 | JJT | iPath DJ AIG Tin ETN | 14 | 352 | $11,444 |
| 24 | PGD | Barclays Asian&Gulf; Currency Reval. ETN | 15 | 248 | $12,426 |
| 25 | TZV | iShares S&P; Target Date 2040 Index Fund | 10 | 471 | $12,955 |
| 26 | MZN | Claymore/Mrngstr Inform. SuperSector | 25 | 690 | $13,102 |
| 27 | JEM | Barclays GEMS Currency Index ETN | 19 | 324 | $13,957 |
| 28 | FUE | Elements MLCX Biofuels ETN | 19 | 1,805 | $14,108 |
| 29 | BHH | HOLDRS B2B Internet ETF | 116 | 38,162 | $14,791 |
| 30 | CRO | Claymore/Zacks Country Rotation | 26 | 962 | $14,848 |
| 31 | JYF | WisdomTree Dreyfus Japan Yen | 16 | 557 | $15,269 |
| 32 | DEF | Claymore/Sabrient Defender | 33 | 795 | $15,353 |
| 33 | TZO | iShares S&P; Target Date 2035 Index Fund | 10 | 552 | $15,395 |
| 34 | UBC | E-TRACS CMCI Livestock Total Return ETN | 17 | 957 | $16,047 |
| 35 | PNXQ | PowerShares Nasdaq Next Q | 17 | 805 | $16,228 |
| 36 | CSD | Claymore/Clear Spin-Off ETF | 33 | 1,076 | $17,195 |
| 37 | FVI | First Trust Value Line Equity Allocation | 33 | 1,171 | $17,488 |
| 38 | IPS | SPDR S&P; International Consumer Staples | 13 | 719 | $17,842 |
| 39 | BSC | Elements Ben Graham Small Cap Value ETN | 13 | 1,938 | $18,029 |
| 40 | IIH | HOLDRS Internet Infrastructure | 116 | 9,114 | $19,032 |
| 41 | WMH | HOLDRS Wireless | 108 | 410 | $19,038 |
| 42 | TZG | iShares S&P; Target Date 2020 Index Fund | 10 | 738 | $20,449 |
| 43 | UBM | E-TRACS CMCI Industrial Metals TR ETN | 17 | 1,133 | $20,544 |
| 44 | IPN | SPDR S&P; International Industrial | 13 | 938 | $20,597 |
| 45 | IPD | SPDR S&P; International Consumer Discr | 13 | 948 | $21,987 |
| 46 | UCI | E-TRACS CMCI Total Return ETN | 17 | 1,248 | $22,545 |
| 47 | TGR | iShares S&P; Target Date Retirement Inc. | 10 | 886 | $23,921 |
| 48 | ROB | Claymore/Robb Report Global Luxury | 25 | 1,657 | $25,818 |
| 49 | FPX | First Trust IPOX-100 Index Fund | 41 | 1,510 | $26,592 |
| 50 | UBG | E-TRACS CMCI Gold Total Return ETN | 17 | 1,019 | $26,604 |
| 51 | AGF | PowerShares DB Agriculture Long ETN | 17 | 1,652 | $27,605 |
| 52 | STH | Claymore/Sabrient Stealth | 36 | 2,010 | $28,643 |
| 53 | INR | Market Vectors Indian Rupee/USD ETN | 18 | 810 | $29,715 |
| 54 | PBTQ | PowerShares Global Biotech Portfolio | 12 | 1,295 | $29,838 |
| 55 | DOD | Elements Dogs of the Dow Total Return ETN | 22 | 4,686 | $29,984 |
| 56 | TZI | iShares S&P; Target Date 2025 Index Fund | 10 | 1,105 | $30,747 |
| 57 | JYN | iPath JPY/USD Exchange Rate ETN | 28 | 505 | $31,582 |
| 58 | UBD | Claymore U.S. Capital Markets Bond ETF | 19 | 648 | $32,071 |
| 59 | XGC | Claymore/BNY Mellon Intl Small Cap LDRs | 29 | 1,914 | $32,093 |
| 60 | PQZ | PowerShares Active Alpha Multi-Cap | 17 | 2,119 | $32,738 |
| 61 | PMA | PowerShares Active Mega-Cap Portfolio | 17 | 1,738 | $36,174 |
| 62 | IRO | Claymore/Zacks Dividend Rotation | 23 | 2,210 | $38,117 |
| 63 | PQY | PowerShares Active AlphaQ | 17 | 1,976 | $39,092 |
| 64 | GRN | iPath Global Carbon ETN | 14 | 1,448 | $39,787 |
| 65 | WMW | Elements Mrngstr Wide Moat Focus ETN | 23 | 4,100 | $39,858 |
| 66 | GCE | Claymore CEF Index GS Connect ETN | 21 | 2,695 | $40,675 |
| 67 | RHM | Rydex 2x S&P; Health Care | 15 | 771 | $41,762 |
| 68 | TZE | iShares S&P; Target Date 2015 Index Fund | 10 | 1,514 | $42,041 |
| 69 | IRY | SPDR S&P; International Health Care | 13 | 1,600 | $43,166 |
| 70 | IPU | SPDR S&P; International Utilities | 13 | 2,071 | $44,660 |
| 71 | PSTL | PowerShares Global Steel Portfolio | 11 | 2,462 | $47,781 |
| 72 | FXR | First Trust Industrials AlphaDex | 28 | 3,910 | $49,315 |
| 73 | FUD | E-TRACS CMCI Food Total Return ETN | 17 | 2,538 | $50,829 |
| 74 | EKH | HOLDRS Europe 2001 | 105 | 929 | $50,865 |
| 75 | REC | Rydex Inverse 2x S&P; Energy | 15 | 7,086 | $51,212 |
| 76 | JPP | SPDR Russell/Nomura PRIME Japan | 34 | 1,362 | $51,747 |
| 77 | DPU | PowerShares DB Commodity Long ETN | 16 | 3,629 | $52,834 |
| 78 | RGI | Rydex S&P; Equal Weight Industrials | 34 | 1,376 | $53,264 |
| 79 | ROI | WisdomTree LargeCap Growth | 9 | 1,724 | $54,145 |
| 80 | EU | WisdomTree Dreyfus Euro | 16 | 2,505 | $57,929 |
| 81 | FTC | First Trust Large Cap Growth Op AlphaDEX | 28 | 2,857 | $58,230 |
| 82 | PKW | PowerShares Buyback Achievers | 33 | 3,152 | $58,756 |
| 83 | BDH | HOLDRS Broadband ETF | 114 | 4,905 | $59,470 |
| 84 | QQXT | First Trust Nasdaq-100 Ex-Technology | 31 | 3,786 | $59,771 |
| 85 | PAO | PowerShares Auto Balanced Growth NFA | 16 | 5,910 | $62,098 |
| 86 | PNQI | PowerShares Nasdaq Internet | 15 | 2,967 | $62,974 |
| 87 | FDD | First Trust DJ STOXX Select Dividend 30 | 24 | 5,014 | $64,171 |
| 88 | TDD | TDX Independence 2010 | 23 | 2,900 | $66,095 |
| 89 | TDV | TDX Independence 2040 | 23 | 4,005 | $68,061 |
| 90 | EEN | Claymore/Robeco Developed Intl Equity | 30 | 4,019 | $68,650 |
| 91 | TLL | ProShares UltraShort Telecom | 17 | 2,667 | $68,870 |
| 92 | MBG | SPDR Barclays Mortgage Backed Bond ETF | 7 | 2,614 | $69,031 |
| 93 | PJO | PowerShares FTSE RAFI Japan | 27 | 1,810 | $69,374 |
| 94 | PTRP | PowerShares Glb Progressive Transport. | 12 | 2,910 | $70,469 |
| 95 | PIQ | PowerShares Dynamic Magniquant | 35 | 3,824 | $71,389 |
| 96 | FAB | First Trust Multi Cap Value AlphaDEX | 28 | 3,414 | $71,738 |
| 97 | XRU | CurrencyShares Russian Ruble Shares | 10 | 2,305 | $72,123 |
| 98 | RHS | Rydex S&P; Equal Weight Cons Staples | 34 | 1,610 | $72,896 |
| 99 | JJP | iPath DJ AIG Precious Metals ETN | 14 | 1,471 | $73,208 |
| 100 | FAD | First Trust Multi Cap Growth AlphaDEX | 28 | 3,481 | $74,097 |
| 101 | ADZ | PowerShares DB Agriculture Short ETN | 17 | 2,252 | $74,852 |
| 102 | SJL | ProShares UltraShort Russell Midcap Value | 31 | 2,086 | $77,465 |
| 103 | RYU | Rydex S&P; Equal Weight Utilities | 34 | 1,838 | $78,799 |
| 104 | PTE | PowerShares Dynamic Telecom & Wireless | 45 | 6,771 | $79,573 |
| 105 | FXG | First Trust Consumer Staples AlphaDex | 28 | 4,838 | $79,644 |
| 106 | ERO | iPath EUR/USD Exchange Rate ETN | 28 | 1,443 | $79,901 |
| 107 | CNY | Market Vectors Chinese Renminbi/USD ETN | 18 | 2,024 | $81,767 |
| 108 | FXD | First Trust Cons Discretionary AlphaDex | 28 | 6,329 | $84,554 |
| 109 | EXB | Claymore/Clear Global Exchanges & Brokers | 27 | 6,738 | $88,537 |
| 110 | XRO | Claymore/Zacks Sector Rotation | 36 | 4,895 | $88,835 |
| 111 | SZR | WisdomTree Dreyfus S. African Rand | 14 | 3,367 | $88,975 |
| 112 | PKN | PowerShares Global Nuclear Energy | 17 | 5,000 | $92,509 |
| 113 | IFNA | iShares FTSE NAREIT North America | 22 | 3,438 | $94,183 |
| 114 | GBB | iPath GBP/USD Exchange Rate ETN | 28 | 2,105 | $94,220 |
| 115 | TDX | TDX Independence In-Target | 23 | 3,876 | $96,328 |
| 116 | ADRU | BLDRS Europe 100 ADR | 83 | 4,881 | $97,203 |
| 117 | RMS | Rydex Inverse 2x S&P; MidCap 400 | 22 | 2,467 | $98,914 |
| 118 | DDP | PowerShares DB Commodity Short ETN | 16 | 2,367 | $99,287 |
Disclosure: no positions