The quantity of exchange-traded products (ETPs) on ETF Deathwatch increased to 143 (106 ETFs and 37 ETNs) as we enter 2011. This is the first list based on the new ETF Deathwatch criteria, which is intended to help stabilize the constituents from month to month. Even though we now exclude products with assets under management (AUM) exceeding $25 million, other struggling products replaced the half-dozen or so funds that took advantage of that exclusion.
We also changed the format of our listings. The list is no longer “ranked” by ascending dollar volume. Instead, it is sorted by product name and includes three data fields: 1) the fund’s age in months, 2) the assets under management (AUM) in millions of dollars, and 3) the average daily dollar volume over the past three months.
The three sponsors with the largest number of products on the list are ProShares with 21, Invesco PowerShares 19 (20 if you include the BLDRS brand), and iShares 18. The PowerShares quantity would have been much higher, but it closed and liquidated 10 funds in December. All three sponsors have a large number of listed products, so while they may have many struggling funds, these funds do not represent a majority of their product lines.
That’s not the case for other sponsors. The five FaithShares ETFs represent 100% of its offerings and have a combined AUM of less than $12 million. FaithShares will need more than faith to survive in this market.
Grail is another sponsor with 100% of its products on the list, but it is taking action instead of relying on faith. Realizing its Deathwatch predicament, last week (1/5/11) Grail Advisors filed a prospectus amendment stating it “has entered into a letter of intent concerning a transaction involving its ownership interests in order to enable it to continue its operations”. The filing goes on to say if Grail Advisors “is unsuccessful in its efforts to consummate a transaction or to recapitalize, all of the ETFs may be liquidated.”
The prospective buyer of Grail was not identified but is believed to be a well-known name that is seeking entry into the actively-managed ETF space. The Grail ETFs may not have much in assets, but the company has something probably more valuable: exemptive relief from the SEC for actively-managed ETFs and the expertise of bringing such products to market.
The eight ETNs from ELEMENTS on ETF Deathwatch are perpetual members of the list. Although many of them are now more than three years old, most ETF investors probably couldn’t identify the company behind these products or the note issuer. This represents a serious marketing flaw.
After Guggenheim consummated its purchase of Claymore, it rebranded most of the Claymore product line. Three of the products kept the Claymore name, and all three are on ETF Deathwatch. Guggenheim also owns the Wilshire ETFs, but for some reason, neither Claymore nor Guggenheim included their moniker as part of the funds’ names. Therefore, Guggenheim has 10 products on the list spread across three different brand names.
Listed below are the 143 products on ETF Deathwatch for January 2011 (sorted by name).
ETF DEATHWATCH FOR JANUARY 2011
| # | Ticker Sym | ETF Name | Age (mths) | AUM (millions) | 3-mth Avg Daily $ Volume |
|---|---|---|---|---|---|
| 1 | PGD | Barclays Asian&Gulf; Currency Reval. ETN | 30.9 | $4.10 | $7,085 |
| 2 | BXDD | Barclays ETN+ S&P; 500 3x Short D 2009 ETN | 13.6 | $4.60 | $519,065 |
| 3 | JEM | Barclays GEMS Currency Index ETN | 35.5 | $4.10 | $37,241 |
| 4 | ADRU | BLDRS Europe 100 ADR | 99 | $22.90 | $62,262 |
| 5 | GCE | Claymore CEF Index GS Connect ETN | 37.2 | $3.50 | $46,707 |
| 6 | ULQ | Claymore U.S. Cap Mkts Micro-Trm Fxd Inc | 35.1 | $5.00 | $19,517 |
| 7 | UBD | Claymore U.S. Capital Markets Bond | 35.1 | $10.40 | $36,375 |
| 8 | XRU | CurrencyShares Russian Ruble Shares | 26 | $6.50 | $30,377 |
| 9 | BRIS | Direxion Daily BRIC Bear 2x | 9.8 | $2.70 | $22,248 |
| 10 | BRIL | Direxion Daily BRIC Bull 2x | 9.8 | $4.50 | $174,221 |
| 11 | INDZ | Direxion Daily India Bear 2x | 9.8 | $2.40 | $115,669 |
| 12 | LHB | Direxion Daily Latin America Bear 3x | 13.1 | $3.30 | $530,163 |
| 13 | EEO | EGS DJ Emerging Markets Energy Titans | 19.6 | $13.50 | $77,474 |
| 14 | EFN | EGS DJ Emerging Markets Financials Titans | 15.7 | $12.30 | $100,409 |
| 15 | BVL | ELEMENTS Ben Graham Large Cap Value ETN | 29 | $0.60 | $7,512 |
| 16 | BSC | ELEMENTS Ben Graham Small Cap Value ETN | 28.9 | $1.90 | $10,922 |
| 17 | BVT | ELEMENTS Ben Graham Total Mkt Value ETN | 29 | $0.90 | $2,894 |
| 18 | GWO | ELEMENTS CS Global Warming ETN | 33.4 | $3.50 | $7,306 |
| 19 | DOD | ELEMENTS Dogs of the Dow Total Return ETN | 38.3 | $2.50 | $30,494 |
| 20 | FUE | ELEMENTS MLCX Biofuels ETN | 35.3 | $2.70 | $32,162 |
| 21 | WMW | ELEMENTS Morningstar Wide Moat Focus ETN | 39 | $7.50 | $37,091 |
| 22 | EEH | ELEMENTS Spctrm LgCap US Sector Mo ETN | 41.6 | $1.10 | $2,035 |
| 23 | FZB | FaithShares Baptist Values Fund | 12.7 | $1.40 | $3,291 |
| 24 | FCV | FaithShares Catholic Values Fund | 12.9 | $3.00 | $23,197 |
| 25 | FOC | FaithShares Christian Values Fund | 12.9 | $2.90 | $18,978 |
| 26 | FKL | FaithShares Lutheran Values Fund | 12.7 | $1.40 | $3,361 |
| 27 | FMV | FaithShares Methodist Values Fund | 12.9 | $3.00 | $3,292 |
| 28 | FVI | First Trust Value Line Equity Allocation | 49.6 | $7.10 | $68,242 |
| 29 | CHIE | Global X China Energy ETF | 12.7 | $7.10 | $67,471 |
| 30 | CHIB | Global X China Technology ETF | 12.9 | $4.90 | $61,222 |
| 31 | GVT | Grail American Beacon Large Cap Value | 20.2 | $1.60 | $11,936 |
| 32 | GMTB | Grail McDonnell Core Taxable Bond ETF | 11.2 | $2.50 | $9,500 |
| 33 | GMMB | Grail McDonnell Intermediate Municipal Bnd | 11.2 | $2.50 | $7,648 |
| 34 | RWG | Grail RP Focused Large Cap Growth ETF | 15.2 | $9.30 | $27,787 |
| 35 | RPX | Grail RP Growth ETF | 15.2 | $4.70 | $14,069 |
| 36 | EEN | Guggenheim EW Euro-Pacific LDRs ETF | 46.7 | $3.00 | $24,355 |
| 37 | XGC | Guggenheim International Small Cap LDRs | 45.6 | $8.40 | $101,903 |
| 38 | OTR | Guggenheim Ocean Tomo Growth Index ETF | 45.6 | $5.50 | $132,644 |
| 39 | OTP | Guggenheim Ocean Tomo Patent ETF | 49.2 | $19.10 | $35,619 |
| 40 | BHH | HOLDRS B2B Internet ETF | 132.1 | $6.80 | $77,922 |
| 41 | EKH | HOLDRS Europe 2001 | 121.1 | $4.70 | $13,642 |
| 42 | MKH | HOLDRS Merrill Lynch Market 2000+ | 125.8 | $12.60 | $11,804 |
| 43 | WMH | HOLDRS Wireless | 123.8 | $15.50 | $14,787 |
| 44 | LD | iPath DJ-UBS Lead ETN | 30.7 | $6.70 | $122,515 |
| 45 | ERO | iPath EUR/USD Exchange Rate ETN | 44.4 | $6.40 | $50,241 |
| 46 | GBB | iPath GBP/USD Exchange Rate ETN | 44.4 | $6.80 | $146,523 |
| 47 | GRN | iPath Global Carbon ETN | 30.7 | $3.80 | $19,551 |
| 48 | JYN | iPath JPY/USD Exchange Rate ETN | 44.4 | $9.00 | $103,312 |
| 49 | TWON | IQ Taiwan Small Cap | 7.5 | $3.00 | $74,783 |
| 50 | MUAE | iShares 2016 S&P; AMT-Free Muni Series | 12 | $15.20 | $59,035 |
| 51 | IFEU | iShares FTSE EPRA/NAREIT Europe | 37.9 | $9.00 | $50,584 |
| 52 | AXFN | iShares MSCI ACWI ex US Financials | 11.4 | $2.40 | $14,964 |
| 53 | EMFN | iShares MSCI Emerging Markets Financials | 11.4 | $13.00 | $249,323 |
| 54 | EMMT | iShares MSCI Emerging Markets Materials | 11.4 | $9.90 | $77,975 |
| 55 | FEFN | iShares MSCI Far East Financials Sector | 11.4 | $2.70 | $11,334 |
| 56 | EIRL | iShares MSCI Ireland Cap. Investable Mkt | 7.9 | $3.00 | $32,410 |
| 57 | EUSA | iShares MSCI USA Index Fund | 7.9 | $1.30 | $51,046 |
| 58 | IWL | iShares Russell Top 200 Index Fund | 15.4 | $9.90 | $102,353 |
| 59 | NUCL | iShares S&P; Global Nuclear Energy | 30.6 | $17.30 | $93,846 |
| 60 | TZD | iShares S&P; Target Date 2010 Index Fund | 26.2 | $4.60 | $17,366 |
| 61 | TZE | iShares S&P; Target Date 2015 Index Fund | 26.2 | $9.60 | $28,795 |
| 62 | TZG | iShares S&P; Target Date 2020 Index Fund | 26.2 | $11.40 | $69,063 |
| 63 | TZI | iShares S&P; Target Date 2025 Index Fund | 26.2 | $11.60 | $49,209 |
| 64 | TZL | iShares S&P; Target Date 2030 Index Fund | 26.2 | $10.00 | $21,050 |
| 65 | TZO | iShares S&P; Target Date 2035 Index Fund | 26.2 | $5.00 | $20,118 |
| 66 | TZV | iShares S&P; Target Date 2040 Index Fund | 26.2 | $10.20 | $118,765 |
| 67 | TGR | iShares S&P; Target Date Retirement Inc. | 26.2 | $4.50 | $116,178 |
| 68 | CRBA | Jefferies|TR/J CRB Global Agriculture Equity | 14.3 | $5.20 | $76,454 |
| 69 | CRBI | Jefferies|TR/J CRB Global Ind Metals Equity | 14.3 | $4.90 | $44,049 |
| 70 | JCO | JETS Contrarian Opportunities | 8.9 | $12.00 | $132,086 |
| 71 | JFT | KEYnotes FT Enhanced 130/30 Large Cap ETN | 31.8 | $3.60 | $45,653 |
| 72 | URR | Market Vectors Double Long Euro ETN | 32.3 | $2.40 | $47,995 |
| 73 | EGPT | Market Vectors Egypt Index ETF | 10.5 | $10.90 | $134,796 |
| 74 | MES | Market Vectors Gulf States | 29.7 | $22.10 | $131,294 |
| 75 | INR | Market Vectors Indian Rupee/USD ETN | 33.9 | $5.10 | $107,094 |
| 76 | NASI | Pax MSCI North America ESG Index | 7.5 | $2.80 | $26,662 |
| 77 | PQZ | PowerShares Active Alpha Multi-Cap | 33.1 | $2.80 | $52,338 |
| 78 | PLK | PowerShares Active Low Duration | 33 | $10.10 | $125,104 |
| 79 | PMA | PowerShares Active Mega-Cap Portfolio | 33 | $3.70 | $9,287 |
| 80 | LBND | PowerShares DB 3x Long 25+ Treas ETN | 6.2 | $2.10 | $11,752 |
| 81 | AGA | PowerShares DB Agriculture Dbl Short ETN | 33 | $2.60 | $199,905 |
| 82 | AGF | PowerShares DB Agriculture Long ETN | 33 | $4.60 | $73,661 |
| 83 | ADZ | PowerShares DB Agriculture Short ETN | 33 | $2.30 | $71,070 |
| 84 | BDG | PowerShares DB Base Metals Long ETN | 30.9 | $1.60 | $34,981 |
| 85 | BOS | PowerShares DB Base Metals Short ETN | 30.9 | $5.40 | $47,573 |
| 86 | DEE | PowerShares DB Commodity Dbl Short ETN | 32.6 | $2.20 | $117,630 |
| 87 | DPU | PowerShares DB Commodity Long ETN | 32.6 | $6.70 | $15,429 |
| 88 | DDP | PowerShares DB Commodity Short ETN | 32.6 | $1.40 | $34,017 |
| 89 | PFI | PowerShares Dynamic Financials | 51.4 | $19.00 | $68,822 |
| 90 | PIC | PowerShares Dynamic Insurance | 63.1 | $18.80 | $71,699 |
| 91 | PJM | PowerShares Dynamic Small Cap | 49.7 | $17.80 | $89,144 |
| 92 | PSTL | PowerShares Global Steel Portfolio | 27.7 | $5.90 | $27,980 |
| 93 | PTO | PowerShares Ibbotson Alternative Completion | 31.8 | $9.40 | $52,975 |
| 94 | PYH | PowerShares Morningstar StockInvestor Core | 49.7 | $18.00 | $70,637 |
| 95 | XLBS | PowerShares S&P; SmallCap Materials | 8.9 | $5.70 | $76,677 |
| 96 | SBM | ProShares Short Basic Materials | 9.6 | $3.80 | $72,934 |
| 97 | EFO | ProShares Ultra MSCI EAFE | 19.2 | $8.50 | $181,264 |
| 98 | UPV | ProShares Ultra MSCI Europe | 8.2 | $3.50 | $93,355 |
| 99 | UMX | ProShares Ultra MSCI Mexico Investable Mkt | 8.2 | $2.10 | $17,551 |
| 100 | UXJ | ProShares Ultra MSCI Pacific Ex-Japan | 8.2 | $3.70 | $72,435 |
| 101 | BIB | ProShares Ultra Nasdaq Biotechnology | 8.9 | $6.00 | $76,461 |
| 102 | UVU | ProShares Ultra Russell Midcap Value | 46.9 | $8.10 | $111,428 |
| 103 | UWC | ProShares Ultra Russell3000 | 18.2 | $7.30 | $80,524 |
| 104 | SMDD | ProShares UltraPro Short S&P; MidCap400 | 10.8 | $2.80 | $941,851 |
| 105 | CMD | ProShares UltraShort DJ-UBS Commodity | 25.5 | $1.40 | $76,493 |
| 106 | RXD | ProShares UltraShort Healthcare | 47.7 | $4.40 | $94,247 |
| 107 | SMK | ProShares UltraShort MSCI Mexico | 18.7 | $2.60 | $90,119 |
| 108 | JPX | ProShares UltraShort MSCI Pacific ex-Japan | 18.7 | $2.70 | $154,462 |
| 109 | BIS | ProShares UltraShort Nasdaq Biotechnology | 8.9 | $2.60 | $95,639 |
| 110 | SFK | ProShares UltraShort Russell 1000 Growth | 46.9 | $5.20 | $90,931 |
| 111 | SJF | ProShares UltraShort Russell 1000 Value | 46.9 | $2.60 | $113,754 |
| 112 | SDK | ProShares UltraShort Russell Midcap Growth | 46.9 | $3.20 | $203,133 |
| 113 | SJL | ProShares UltraShort Russell Midcap Value | 46.9 | $2.20 | $133,583 |
| 114 | TWQ | ProShares UltraShort Russell3000 | 18.2 | $1.60 | $13,296 |
| 115 | TLL | ProShares UltraShort Telecom | 33.6 | $2.00 | $55,982 |
| 116 | SDP | ProShares UltraShort Utilities | 47.7 | $6.20 | $79,895 |
| 117 | RWV | RevenueShares Navellier Overall A-100 | 23.6 | $9.60 | $205,937 |
| 118 | RHS | Rydex S&P; Equal Weight Cons Staples | 50.5 | $14.30 | $90,226 |
| 119 | IBND | SPDR Barclays International Corp Bond | 7.5 | $6.40 | $140,275 |
| 120 | KME | SPDR KBW Mortgage Finance ETF | 20.3 | $2.10 | $7,656 |
| 121 | VRD | SPDR Nuveen S&P; VRDO Municipal Bond ETF | 15.4 | $9.00 | $64,416 |
| 122 | JPP | SPDR Russell/Nomura PRIME Japan | 50.3 | $8.30 | $91,809 |
| 123 | IPW | SPDR S&P; International Energy | 29.6 | $15.00 | $103,754 |
| 124 | IPF | SPDR S&P; International Financial | 29.7 | $5.90 | $64,144 |
| 125 | IRY | SPDR S&P; International Health Care | 29.6 | $12.10 | $64,779 |
| 126 | IPU | SPDR S&P; International Utilities | 29.6 | $8.40 | $43,489 |
| 127 | TDD | TDX Independence 2010 | 39.6 | $14.10 | $45,089 |
| 128 | TDX | TDX Independence In-Target | 39.6 | $15.60 | $55,827 |
| 129 | UBN | UBS E-TRACS CMCI Energy TR ETN | 33.4 | $4.40 | $2,837 |
| 130 | FUD | UBS E-TRACS CMCI Food TR ETN | 33.4 | $10.50 | $126,702 |
| 131 | UBG | UBS E-TRACS CMCI Gold TR ETN | 33.4 | $6.10 | $28,292 |
| 132 | UBM | UBS E-TRACS CMCI Industrial Metals TR ETN | 33.4 | $6.30 | $24,757 |
| 133 | UBC | UBS E-TRACS CMCI Livestock TR ETN | 33.4 | $9.30 | $6,546 |
| 134 | PTD | UBS E-TRACS CMCI Short Platinum ER ETN | 32.2 | $4.60 | $1,872 |
| 135 | USV | UBS E-TRACS CMCI Silver TR ETN | 33.4 | $7.00 | $63,810 |
| 136 | SPGH | UBS E-TRACS S&P; 500 Gold Hedged Idx ETN | 11.2 | $15.10 | $12,772 |
| 137 | WXSP | Wilshire 4500 Completion ETF (Guggenheim) | 9.9 | $5.90 | $31,726 |
| 138 | WFVK | Wilshire 5000 Total Market ETF (Guggenheim) | 9.9 | $2.80 | $22,941 |
| 139 | WREI | Wilshire US REIT ETF (Guggenheim) | 9.9 | $9.10 | $93,175 |
| 140 | EU | WisdomTree Dreyfus Euro | 32 | $9.20 | $82,970 |
| 141 | JYF | WisdomTree Dreyfus Japan Yen | 31.8 | $12.90 | $68,763 |
| 142 | EZY | WisdomTree Large Cap Value | 46.9 | $23.80 | $66,516 |
| 143 | ROI | WisdomTree LargeCap Growth | 25.2 | $22.00 | $52,121 |
Data sources: AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, 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.