The number of exchange-traded products on Deathwatch fell for the fourth month in a row and now stands at the lowest level since November 2008. This month’s list of 134 names is down from 150 last month and off from the record high of 171 in March. The current list consists of 101 ETFs and 33 ETNs that are at least six months old and failed to have an Average Daily Value Traded (ADVT) of at least $100,000 during June.
Elements Ben Graham Large Cap Value ETN (BVL) tops the list this month. It only managed trade an average daily volume of 232 shares in June and had zero volume on half of the market days. Today’s quote at mid-day shows a bid of $7.23 and an ask of $7.52, for a tidy 4% bid/ask spread.
This month’s Deathwatch list has 18 names that were not here last month. When trading activity is this low, it doesn’t take much to move a given fund on or off the list. One example is Rydex Inverse 2x S&P Technology (RTW), which escaped the list a month ago. However, in June its trading volume dropped by an average of about 4,200 shares per day – a nearly 90% drop and places the fund at #34 on our list this month.
While the length of the overall list is down, there remain many “perpetual” names and several families are particularly well-represented. A large percentage of the offerings at E-TRACS, Elements, and Claymore are failing to attract assets, begging the question how much longer they can write-off these efforts. One sponsor informed me that they intend to hang in there with some of their ETFs until they surpass the three-year mark in hopes that a favorable 3-year rating from Morningstar will save them. Unfortunately for this theory, more than a dozen members of the Deathwatch list have aged beyond three years, and reaching that point doesn’t seem to have helped them much.
ETF DEATHWATCH – JULY 2009
| Rank | Ticker | Name | Age (mths) | Avg Daily Volume | Avg Daily Value Traded |
|---|---|---|---|---|---|
| 1 | BVL | Elements Ben Graham Large Cap Value ETN | 11 | 232 | $1,843 |
| 2 | EEH | Elements Spec LgCap US Sector Mo ETN | 23 | 327 | $2,245 |
| 3 | MZN | Claymore/Mrngstr Inform. SuperSector | 23 | 286 | $4,951 |
| 4 | PTD | E-TRACS CMCI Short Platinum Exc Ret ETN | 14 | 150 | $5,239 |
| 5 | ROB | Claymore/Robb Report Global Luxury | 23 | 450 | $5,870 |
| 6 | UEM | Claymore U.S.-1-The Capital Markets | 17 | 155 | $5,899 |
| 7 | JFT | First Trust Enhanced 130/30 Large Cap ETN | 13 | 282 | $6,716 |
| 8 | PQSC | PowerShares FTSE Nasdaq Small Cap | 15 | 405 | $7,537 |
| 9 | JEM | Barclays GEMS Currency Index ETN | 17 | 223 | $9,504 |
| 10 | OTR | Claymore/Ocean Tomo Growth | 27 | 509 | $9,892 |
| 11 | PBTQ | PowerShares Global Biotech Portfolio | 10 | 482 | $10,191 |
| 12 | BSC | Elements Ben Graham Small Cap Value ETN | 11 | 1,255 | $10,547 |
| 13 | INR | Market Vectors Indian Rupee/USD ETN | 16 | 309 | $11,314 |
| 14 | DOD | Elements Dogs of the Dow Total Return ETN | 20 | 2,095 | $11,405 |
| 15 | PNXQ | PowerShares Nasdaq Next Q | 15 | 718 | $13,156 |
| 16 | BHH | HOLDRS B2B Internet ETF | 114 | 38,668 | $13,784 |
| 17 | TZD | iShares S&P; Target Date 2010 Index Fund | 8 | 532 | $13,821 |
| 18 | EKH | HOLDRS Europe 2001 | 103 | 286 | $14,925 |
| 19 | IRY | SPDR S&P; International Health Care | 11 | 618 | $15,118 |
| 20 | GWO | Elements CS Global Warming ETN | 15 | 2,477 | $15,156 |
| 21 | MKH | HOLDRS Merrill Lynch Market 2000+ | 108 | 359 | $15,285 |
| 22 | MZG | Claymore/Mrngstr Manufact. SuperSector | 23 | 900 | $15,570 |
| 23 | JYN | iPath JPY/USD Exchange Rate ETN | 26 | 264 | $16,259 |
| 24 | CZA | Claymore/Zacks Mid-Cap Core ETF | 27 | 891 | $16,357 |
| 25 | USV | E-TRACS CMCI Silver Total Return ETN | 15 | 782 | $16,393 |
| 26 | TGR | iShares S&P; Target Date Retirement Inc. | 8 | 655 | $16,777 |
| 27 | MZO | Claymore/Mrngstr Services SuperSector | 23 | 1,168 | $16,948 |
| 28 | TZG | iShares S&P; Target Date 2020 Index Fund | 8 | 668 | $17,107 |
| 29 | FVI | First Trust Value Line Equity Allocation | 31 | 1,318 | $17,833 |
| 30 | CRO | Claymore/Zacks Country Rotation | 24 | 1,300 | $18,250 |
| 31 | RTW | Rydex Inverse 2x S&P; Technology | 13 | 623 | $19,463 |
| 32 | AYT | Barclays GEMS Asia 8 ETN | 10 | 423 | $19,823 |
| 33 | UBN | E-TRACS CMCI Energy Total Return ETN | 15 | 1,305 | $19,874 |
| 34 | PGD | Barclays Asian&Gulf; Currency Reval. ETN | 13 | 414 | $20,469 |
| 35 | BDG | PowerShares DB Base Metals Lng ETN | 13 | 1,268 | $20,585 |
| 36 | FUE | Elements MLCX Biofuels ETN | 17 | 2,682 | $21,464 |
| 37 | TZV | iShares S&P; Target Date 2040 Index Fund | 8 | 855 | $21,524 |
| 38 | STH | Claymore/Sabrient Stealth | 34 | 1,705 | $21,671 |
| 39 | TZE | iShares S&P; Target Date 2015 Index Fund | 8 | 886 | $22,921 |
| 40 | BVT | Elements Ben Graham Total Mkt Value ETN | 11 | 2,741 | $23,334 |
| 41 | GBB | iPath GBP/USD Exchange Rate ETN | 26 | 532 | $23,553 |
| 42 | IRO | Claymore/Zacks Dividend Rotation | 21 | 1,695 | $25,235 |
| 43 | TZO | iShares S&P; Target Date 2035 Index Fund | 8 | 1,009 | $25,750 |
| 44 | PAO | PowerShares Auto Balanced Growth NFA | 14 | 2,623 | $25,853 |
| 45 | CSD | Claymore/Clear Spin-Off ETF | 31 | 1,868 | $26,042 |
| 46 | PQY | PowerShares Active AlphaQ | 15 | 1,432 | $26,454 |
| 47 | LVL | Claymore/BBD High Income | 25 | 2,309 | $26,488 |
| 48 | GRN | iPath Global Carbon ETN | 12 | 1,123 | $27,335 |
| 49 | JPP | SPDR Russell/Nomura PRIME Japan | 32 | 795 | $28,248 |
| 50 | XGC | Claymore/Great Companies Lg-Cap Growth | 27 | 1,886 | $29,121 |
| 51 | TZI | iShares S&P; Target Date 2025 Index Fund | 8 | 1,159 | $29,552 |
| 52 | IPD | SPDR S&P; International Consumer Discr | 11 | 1,464 | $30,063 |
| 53 | AGF | PowerShares DB Agriculture Long ETN | 15 | 1,795 | $31,481 |
| 54 | PMA | PowerShares Active Mega-Cap Portfolio | 15 | 1,664 | $32,093 |
| 55 | IPS | SPDR S&P; International Consumer Staples | 11 | 1,445 | $32,817 |
| 56 | UBC | E-TRACS CMCI Livestock Total Return ETN | 15 | 1,855 | $33,058 |
| 57 | OTP | Claymore/Ocean Tomo Patent | 31 | 1,777 | $33,529 |
| 58 | IST | SPDR S&P; International Telecom | 11 | 1,777 | $35,369 |
| 59 | EEN | Claymore/Robeco Developed Intl Equity | 28 | 2,377 | $36,078 |
| 60 | IPU | SPDR S&P; International Utilities | 11 | 1,786 | $36,979 |
| 61 | JJS | iPath DJ AIG Softs ETN | 12 | 900 | $37,036 |
| 62 | PQBW | PowerShares Nasdaq 100 Buy/Write | 13 | 1,923 | $37,787 |
| 63 | PSR | PowerShares Active U.S. Real Estate Fund | 7 | 1,441 | $38,786 |
| 64 | FGD | First Trust DJ Global Select Dividend | 19 | 2,386 | $39,676 |
| 65 | EXB | Claymore/Clear Global Exchanges & Brokers | 24 | 3,168 | $40,131 |
| 66 | JYF | WisdomTree Dreyfus Japan Yen | 14 | 1,491 | $40,325 |
| 67 | IPN | SPDR S&P; International Industrial | 11 | 2,077 | $40,503 |
| 68 | UCI | E-TRACS CMCI Total Return ETN | 15 | 2,355 | $40,950 |
| 69 | FDD | First Trust DJ STOXX Select Dividend 30 | 22 | 3,614 | $41,107 |
| 70 | TZL | iShares S&P; Target Date 2030 Index Fund | 8 | 1,632 | $41,220 |
| 71 | DEW | WisdomTree Europe High-Yielding Equity | 37 | 1,268 | $42,942 |
| 72 | BOS | PowerShares DB Base Metals Sht ETN | 13 | 1,309 | $44,189 |
| 73 | IPF | SPDR S&P; International Financial | 11 | 2,705 | $45,686 |
| 74 | UBD | Claymore U.S. Capital Markets Bond ETF | 17 | 977 | $45,700 |
| 75 | FAD | First Trust Multi Cap Growth AlphaDEX | 26 | 2,482 | $47,328 |
| 76 | FXR | First Trust Industrials AlphaDex | 26 | 4,223 | $47,468 |
| 77 | GCE | Claymore CEF Index GS Connect ETN | 19 | 3,423 | $47,513 |
| 78 | UAG | E-TRACS CMCI Agriculture TR ETN | 15 | 2,536 | $51,938 |
| 79 | DPN | WisdomTree Intl Consumer Non-Cycl | 33 | 2,714 | $54,500 |
| 80 | PQZ | PowerShares Active Alpha Multi-Cap | 15 | 3,636 | $54,513 |
| 81 | ADZ | PowerShares DB Agriculture Short ETN | 15 | 1,659 | $54,780 |
| 82 | GRI | Cohen & Steers Global Realty Majors | 14 | 2,182 | $54,949 |
| 83 | FXG | First Trust Consumer Staples AlphaDex | 26 | 3,664 | $55,041 |
| 84 | WMW | Elements Mrngstr Wide Moat Focus ETN | 21 | 6,995 | $59,355 |
| 85 | ASO | AirShares EU Carbon Allowances Fund | 7 | 2,814 | $59,566 |
| 86 | PJO | PowerShares FTSE RAFI Japan | 25 | 1,668 | $59,742 |
| 87 | IFEU | iShares FTSE EPRA/NAREIT Europe | 20 | 2,659 | $59,903 |
| 88 | FXD | First Trust Cons Discretionary AlphaDex | 26 | 5,355 | $60,912 |
| 89 | IIH | HOLDRS Internet Infrastructure | 114 | 29,800 | $61,207 |
| 90 | TLL | ProShares UltraShort Telecom | 15 | 2,132 | $62,509 |
| 91 | PEF | PowerShares FTSE RAFI Europe | 25 | 2,241 | $65,206 |
| 92 | IFNA | iShares FTSE NAREIT North America | 20 | 2,732 | $65,229 |
| 93 | ADRU | BLDRS Europe 100 ADR | 81 | 3,686 | $65,759 |
| 94 | UBG | E-TRACS CMCI Gold Total Return ETN | 15 | 2,523 | $66,455 |
| 95 | FIO | iShares FTSE NAREIT Industrial Office | 26 | 4,136 | $66,685 |
| 96 | BWV | iPath CBOE S&P; 500 BuyWrite Index ETN | 26 | 1,741 | $66,732 |
| 97 | RHO | Rydex Inverse 2x S&P; Health Care | 13 | 1,255 | $66,752 |
| 98 | RYJ | Claymore/Raymond James Strong Buy Eq | 10 | 5,236 | $67,254 |
| 99 | RHM | Rydex 2x S&P; Health Care | 13 | 1,486 | $67,838 |
| 100 | PNQI | PowerShares Nasdaq Internet | 13 | 3,536 | $68,111 |
| 101 | FNX | First Trust Mid Cap Core AlphaDEX | 26 | 3,386 | $68,219 |
| 102 | WMH | HOLDRS Wireless | 105 | 1,505 | $68,530 |
| 103 | PTE | PowerShares Dynamic Telecom & Wireless | 43 | 5,909 | $68,549 |
| 104 | ERO | iPath EUR/USD Exchange Rate ETN | 26 | 1,255 | $68,630 |
| 105 | DBT | WisdomTree Intl Technology | 33 | 4,323 | $71,300 |
| 106 | PZJ | PowerShares Zacks Small Cap | 41 | 4,718 | $72,304 |
| 107 | FPX | First Trust IPOX-100 Index Fund | 39 | 4,459 | $72,828 |
| 108 | DEF | Claymore/Sabrient Defender | 31 | 4,177 | $74,265 |
| 109 | FYX | First Trust Small Cap Core AlphaDEX | 26 | 3,918 | $74,860 |
| 110 | UBM | E-TRACS CMCI Industrial Metals TR ETN | 15 | 5,032 | $76,973 |
| 111 | GRU | Elements MLCX Grains Total Return ETN | 17 | 11,786 | $77,089 |
| 112 | DDI | WisdomTree Intl Industrial | 33 | 4,464 | $77,100 |
| 113 | RWW | RevenueShares Financials Sector Fund | 8 | 3,455 | $79,125 |
| 114 | RFV | Rydex S&P; Midcap 400 Pure Value | 40 | 4,009 | $79,436 |
| 115 | PCA | PowerShares Auto Balanced NFA | 14 | 7,659 | $80,708 |
| 116 | DBR | WisdomTree Intl Health Care | 33 | 4,018 | $80,930 |
| 117 | RHS | Rydex S&P; Equal Weight Cons Staples | 32 | 1,923 | $81,664 |
| 118 | EMV | SPDR DJ Wilshire Mid Cap Value | 44 | 2,295 | $82,151 |
| 119 | TDD | TDX Independence 2010 | 21 | 3,632 | $82,205 |
| 120 | TDX | TDX Independence In-Target | 21 | 3,368 | $82,339 |
| 121 | RMS | Rydex Inverse 2x S&P; MidCap 400 | 20 | 1,636 | $83,006 |
| 122 | PTRP | PowerShares Glb Progressive Transport. | 10 | 3,777 | $83,013 |
| 123 | PWO | PowerShares Dynamic OTC | 75 | 2,505 | $84,296 |
| 124 | QQXT | First Trust Nasdaq-100 Ex-Technology | 29 | 6,036 | $84,557 |
| 125 | DFE | WisdomTree Europe SmallCap Dividend | 37 | 2,868 | $86,241 |
| 126 | RTL | iShares FTSE NAREIT Retail | 26 | 5,268 | $86,661 |
| 127 | EXT | WisdomTree Total Earnings | 29 | 2,668 | $86,806 |
| 128 | SZR | WisdomTree Dreyfus S. African Rand | 12 | 3,541 | $90,634 |
| 129 | PTO | PowerShares Auto Growth NFA | 14 | 9,941 | $91,674 |
| 130 | LD | iPath DJ AIG Lead ETN | 12 | 2,073 | $93,728 |
| 131 | FTC | First Trust Large Cap Growth Op AlphaDEX | 26 | 5,127 | $94,907 |
| 132 | PJM | PowerShares Dynamic Small Cap | 31 | 6,264 | $95,656 |
| 133 | IAH | HOLDRS Internet Architecture | 114 | 2,518 | $98,614 |
| 134 | RYU | Rydex S&P; Equal Weight Utilities | 32 | 2,432 | $99,176 |
Disclosure: no positions