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