The number of exchange-traded products on Deathwatch jumped to 171, an increase of nearly 12% from a month ago and another new record. The current list consists of 134 ETFs and 37 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 February.
SPDR S&P International Consumer Discretionary (IPD) heads up the list for the second month in row. If you thought trading volume for IPD couldn’t get any worse than the 300 shares in January, then February’s total of 200 shares should prove otherwise. The shares traded at $15.21, for a total value of $3,042. The seller probably didn’t want to dump the entire 200 shares on the market at the same time, so the transaction took place in two separate 100-share trades about three minutes apart on the morning of February 23.
As mentioned in earlier issues, it’s not just ETFs that are in trouble; sometimes it’s the entire ETF family. Northern Trust exited the ETF business in February with the closure of all 17 of their NETS ETFs. Other sponsors likely to exit the business soon include:
SPA MarketGrader: they have a total of six ETFs and all six are on deathwatch again this month. Their most “successful” product trades less than 2,000 shares a day for an ADVT of less than $25,000. Look for SPA to exit the ETF business soon.
MacroShares: they currently have only two products and both are on deathwatch. MacroShares suffer from design flaws that don’t allow their trading price to properly track the underlying index, making it questionable if MacroShares should be classified as ETFs. They plan on introducing two more pairs later this year, so it doesn’t appear they are ready to throw in the towel yet. However, dismal interest in their current products may give them pause.
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 signs of success is E-TRACS CMCI Long Platinum Total Return ETN (PTM), which traded nearly $1.9 million per day in February. Perhaps E-TRACS can sell PTM to another sponsor before shutting down their other ETNs.
Two other sponsors have a large percentage of products in trouble but are likely to remain in the ETF business due to the relative success of their other products. However, we anticipate a large number of closures from:
Elements: they have 17 products and ten are on deathwatch this month. Additionally, all their products suffer from the ETN stigma.
Claymore: they currently have 20 products on deathwatch. However, Claymore is no stranger to the challenges of the ETF market. They were one of the first companies to close a large number of ETFs, and they will likely have to make that hard decision again soon. However, don’t count Claymore out as a sponsor; they have launched some great products and will probably do so again.
The deathwatch list below is reserved for U.S. listed ETFs and ETNs at least six months old with an Average Daily Value Traded (ADVT) for the most recent calendar month of less than $100,000 per day. If you are interested in the other end of the spectrum, the highly traded ETFs, be sure to check out ETF $Billion Club.
ETF DEATHWATCH – MARCH 2009
| Rank | Ticker | Name | Age (mths) | Avg Daily Volume | Avg Daily Value Traded |
|---|---|---|---|---|---|
| 1 | IPD | SPDR S&P; International Consumer Discr | 7 | 11 | $160 |
| 2 | UBN | E-TRACS CMCI Energy Total Return ETN | 11 | 32 | $380 |
| 3 | SNB | SPA MarketGrader 200 | 17 | 68 | $764 |
| 4 | BVL | Elements Ben Graham Large Cap Value ETN | 7 | 189 | $1,177 |
| 5 | SVD | SPA MarketGrader Mid Cap 100 | 17 | 137 | $1,511 |
| 6 | JJT | iPath DJ AIG Tin ETN | 8 | 63 | $1,549 |
| 7 | SIH | SPA MarketGrader 100 | 17 | 232 | $2,707 |
| 8 | BVT | Elements Ben Graham Total Mkt Value ETN | 7 | 479 | $2,803 |
| 9 | SSK | SPA MarketGrader Small Cap 100 | 17 | 268 | $3,045 |
| 10 | UAG | E-TRACS CMCI Agriculture TR ETN | 11 | 168 | $3,060 |
| 11 | IPN | SPDR S&P; International Industrial | 7 | 211 | $3,288 |
| 12 | IPK | SPDR S&P; International Technology | 7 | 247 | $3,756 |
| 13 | BHH | HOLDRS B2B Internet ETF | 110 | 14,258 | $3,918 |
| 14 | GCE | Claymore CEF Index GS Connect ETN | 15 | 411 | $4,597 |
| 15 | PWD | PowerShares FTSE RAFI Europe Small Mid | 17 | 568 | $5,327 |
| 16 | ROB | Claymore/Robb Report Global Luxury | 19 | 632 | $5,780 |
| 17 | GWO | Elements CS Global Warming ETN | 11 | 1,211 | $5,937 |
| 18 | SZR | WisdomTree Dreyfus S. African Rand | 8 | 300 | $5,986 |
| 19 | UBC | E-TRACS CMCI Livestock Total Return ETN | 11 | 342 | $6,572 |
| 20 | UCI | E-TRACS CMCI Total Return ETN | 11 | 468 | $6,597 |
| 21 | EEH | Elements Spec LgCap US Sector Mo ETN | 19 | 1,074 | $7,260 |
| 22 | UEM | Claymore U.S.-1-The Capital Markets | 13 | 189 | $7,288 |
| 23 | FUD | E-TRACS CMCI Food Total Return ETN | 11 | 405 | $7,734 |
| 24 | INR | Market Vectors Indian Rupee/USD ETN | 12 | 226 | $7,783 |
| 25 | UBD | Claymore U.S. Capital Markets Bond ETF | 13 | 168 | $7,912 |
| 26 | RHM | Rydex 2x S&P; Health Care | 8 | 168 | $7,964 |
| 27 | BJK | Market Vectors Gaming ETF | 13 | 568 | $8,143 |
| 28 | OTR | Claymore/Ocean Tomo Growth | 23 | 521 | $8,229 |
| 29 | CRO | Claymore/Zacks Country Rotation | 20 | 758 | $8,432 |
| 30 | PQY | PowerShares Active AlphaQ | 11 | 589 | $9,105 |
| 31 | FUE | Elements MLCX Biofuels ETN | 13 | 1,511 | $10,125 |
| 32 | BDG | PowerShares DB Base Metals Lng ETN | 9 | 805 | $10,423 |
| 33 | PTD | E-TRACS CMCI Short Platinum Exc Ret ETN | 10 | 284 | $10,565 |
| 34 | XGC | Claymore/Great Companies Lg-Cap Growth | 23 | 937 | $10,569 |
| 35 | DPU | PowerShares DB Commodity Long ETN | 10 | 853 | $10,673 |
| 36 | BNZ | WisdomTree Dreyfus New Zealand Dollar | 8 | 626 | $11,044 |
| 37 | JFT | First Trust Enhanced 130/30 Large Cap ETN | 9 | 579 | $12,104 |
| 38 | IFNA | iShares FTSE NAREIT North America | 16 | 658 | $12,437 |
| 39 | WMW | Elements Mrngstr Wide Moat Focus ETN | 17 | 2,026 | $12,944 |
| 40 | STH | Claymore/Sabrient Stealth | 30 | 1,200 | $13,188 |
| 41 | SFV | SPA MarketGrader 40 | 17 | 1,232 | $13,672 |
| 42 | DBT | WisdomTree International Technology | 29 | 1,084 | $13,782 |
| 43 | FDD | First Trust DJ STOXX Select Dividend 30 | 18 | 1,474 | $14,271 |
| 44 | FXD | First Trust Cons Discretionary AlphaDex | 22 | 1,721 | $14,501 |
| 45 | GBB | iPath GBP/USD Exchange Rate ETN | 22 | 384 | $14,914 |
| 46 | RGI | Rydex S&P; Equal Weight Industrials | 28 | 505 | $15,166 |
| 47 | MZN | Claymore/Mrngstr Inform. SuperSector | 19 | 1,026 | $15,307 |
| 48 | PNQI | PowerShares Nasdaq Internet | 9 | 1,111 | $15,528 |
| 49 | EEN | Claymore/Robeco Developed International Eq | 24 | 1,447 | $15,838 |
| 50 | PDQ | PowerShares Asia Pacific ex-Jpn Small-Mid | 17 | 1,863 | $16,379 |
| 51 | IIH | HOLDRS Internet Infrastructure | 110 | 9,132 | $17,757 |
| 52 | FXL | First Trust Technology AlphaDex | 22 | 1,732 | $17,936 |
| 53 | RHO | Rydex Inverse 2x S&P; Health Care | 8 | 321 | $18,171 |
| 54 | UBM | E-TRACS CMCI Industrial Metals TR ETN | 11 | 1,468 | $18,410 |
| 55 | IRY | SPDR S&P; International Health Care | 7 | 826 | $18,757 |
| 56 | EKH | HOLDRS Europe 2001 | 99 | 463 | $18,990 |
| 57 | JEM | Barclays GEMS Currency Index ETN | 13 | 489 | $19,188 |
| 58 | IPU | SPDR S&P; International Utilities | 7 | 984 | $19,512 |
| 59 | PEH | PowerShares Dynamic Europe Portfolio | 21 | 2,326 | $19,737 |
| 60 | BSC | Elements Ben Graham Small Cap Value ETN | 7 | 3,268 | $20,215 |
| 61 | FPX | First Trust IPOX-100 Index Fund | 35 | 1,558 | $20,335 |
| 62 | PMA | PowerShares Active Mega-Cap Portfolio | 11 | 1,253 | $20,587 |
| 63 | MKH | HOLDRS Merrill Lynch Market 2000+ | 103 | 532 | $20,614 |
| 64 | DOD | Elements Dogs of the Dow Total Return ETN | 16 | 4,795 | $20,801 |
| 65 | IFEU | iShares FTSE/EPRA NAREIT Europe | 16 | 1,202 | $20,990 |
| 66 | ADZ | PowerShares DB Agriculture Short ETN | 11 | 600 | $22,377 |
| 67 | CSD | Claymore/Clear Spin-Off ETF | 27 | 2,005 | $22,587 |
| 68 | SZG | SPA MarketGrader Large Cap 100 | 17 | 1,911 | $23,923 |
| 69 | DOY | MacroShares $100 Oil Down | 8 | 2,979 | $24,493 |
| 70 | PNXQ | PowerShares Nasdaq Next Q | 11 | 1,658 | $25,920 |
| 71 | IPW | SPDR S&P; International Energy | 7 | 1,421 | $26,045 |
| 72 | DPC | WisdomTree International Consumer Cyclical | 29 | 2,074 | $26,394 |
| 73 | PEF | PowerShares FTSE RAFI Europe | 20 | 1,305 | $28,164 |
| 74 | AGF | PowerShares DB Agriculture Long ETN | 11 | 1,805 | $28,433 |
| 75 | IRV | SPDR S&P; International Materials | 7 | 1,984 | $28,688 |
| 76 | PXQ | PowerShares Dynamic Networking | 45 | 2,779 | $28,871 |
| 77 | FAB | First Trust Multi Cap Value AlphaDEX | 22 | 2,058 | $29,164 |
| 78 | MZG | Claymore/Mrngstr Manufact. SuperSector | 19 | 1,995 | $31,010 |
| 79 | GRI | Cohen & Steers Global Realty Majors | 10 | 1,658 | $31,155 |
| 80 | FXO | First Trust Financials AlphaDex | 22 | 4,195 | $31,188 |
| 81 | IPS | SPDR S&P; International Consumer Staples | 7 | 1,632 | $31,402 |
| 82 | FXR | First Trust Industrials AlphaDex | 22 | 3,400 | $31,778 |
| 83 | RCD | Rydex S&P; Equal Weight Cons Discret | 28 | 1,726 | $32,572 |
| 84 | TDN | TDX Independence 2030 | 17 | 2,332 | $33,564 |
| 85 | CZA | Claymore/Zacks Mid-Cap Core ETF | 23 | 2,200 | $34,009 |
| 86 | JJM | iPath DJ AIG Industrial Metals ETN | 16 | 1,658 | $35,022 |
| 87 | OTP | Claymore/Ocean Tomo Patent | 27 | 2,274 | $36,490 |
| 88 | GRN | iPath Global Carbon ETN | 8 | 1,926 | $36,559 |
| 89 | ICN | WisdomTree Dreyfus Indian Rupe | 10 | 1,611 | $36,753 |
| 90 | NUCL | iShares S&P; Global Nuclear Energy | 8 | 1,268 | $37,197 |
| 91 | PAO | PowerShares Auto Balanced Growth NFA | 9 | 4,326 | $37,294 |
| 92 | MDD | SPDR S&P; International Mid Cap | 10 | 2,100 | $38,166 |
| 93 | RHS | Rydex S&P; Equal Weight Cons Staples | 28 | 1,011 | $38,657 |
| 94 | LVL | Claymore/BBD High Income | 20 | 4,700 | $38,688 |
| 95 | PLK | PowerShares Active Low Duration | 11 | 1,558 | $38,748 |
| 96 | DEF | Claymore/Sabrient Defender | 27 | 2,453 | $39,411 |
| 97 | BDH | HOLDRS Broadband ETF | 108 | 4,921 | $40,197 |
| 98 | RZG | Rydex S&P; Smallcap 600 Pure Growth | 36 | 1,695 | $40,596 |
| 99 | FYX | First Trust Small Cap Core AlphaDEX | 22 | 2,837 | $41,071 |
| 100 | DRF | WisdomTree International Financial | 29 | 4,926 | $42,555 |
| 101 | MES | Market Vectors Gulf States | 7 | 2,884 | $43,563 |
| 102 | FXG | First Trust Consumer Staples AlphaDex | 22 | 3,263 | $44,234 |
| 103 | FGD | First Trust DJ Global Select Dividend | 15 | 3,868 | $44,389 |
| 104 | GRU | Elements MLCX Grains Total Return ETN | 13 | 7,526 | $44,454 |
| 105 | IFSM | iShares FTSE Dev Small Cap ex-N. Amer | 16 | 2,221 | $44,715 |
| 106 | FAD | First Trust Multi Cap Growth AlphaDEX | 22 | 2,605 | $44,720 |
| 107 | FVI | First Trust Value Line Equity Allocation | 27 | 3,968 | $44,799 |
| 108 | IRO | Claymore/Zacks Dividend Rotation | 16 | 3,884 | $44,855 |
| 109 | EMV | SPDR DJ Wilshire Mid Cap Value | 40 | 1,500 | $45,654 |
| 110 | IFAS | iShares FTSE EPRA/NAREIT Asia | 16 | 2,616 | $46,876 |
| 111 | IST | SPDR S&P; International Telecom | 7 | 2,589 | $47,236 |
| 112 | MZO | Claymore/Mrngstr Services SuperSector | 19 | 3,737 | $47,520 |
| 113 | FXN | First Trust Energy AlphaDex | 22 | 4,700 | $47,871 |
| 114 | PRY | PowerShares FTSE RAFI Intl. Real Estate | 14 | 5,347 | $48,356 |
| 115 | NFO | Claymore/Sabrient Insider | 30 | 3,137 | $48,751 |
| 116 | PHW | PowerShares Dynamic Hrdwr & Cons Elec | 39 | 6,689 | $49,376 |
| 117 | UBG | E-TRACS CMCI Gold Total Return ETN | 11 | 1,868 | $49,433 |
| 118 | RYT | Rydex S&P; Equal Weight Technology | 28 | 1,879 | $50,019 |
| 119 | USV | E-TRACS CMCI Silver Total Return ETN | 11 | 2,558 | $50,049 |
| 120 | IPF | SPDR S&P; International Financial | 7 | 4,316 | $50,105 |
| 121 | PQZ | PowerShares Active Alpha Multi-Cap | 11 | 4,100 | $50,660 |
| 122 | AFK | Market Vectors Africa ETF | 8 | 2,868 | $52,375 |
| 123 | WMH | HOLDRS Wireless | 101 | 1,463 | $53,087 |
| 124 | GULF | WisdomTree Middle East Dividend | 8 | 4,620 | $53,535 |
| 125 | FEX | First Trust Large Cap Core AlphaDEX | 22 | 3,737 | $55,539 |
| 126 | PIE | PowerShares DWA Emg Mkts Tech Ldrs | 14 | 6,858 | $55,747 |
| 127 | RTM | Rydex S&P; Equal Weight Materials | 28 | 2,005 | $55,958 |
| 128 | INY | SPDR Barclays New York Muni Bond | 17 | 2,674 | $56,521 |
| 129 | DFE | WisdomTree Europe SmallCap Dividend | 33 | 2,500 | $56,907 |
| 130 | EXB | Claymore/Clear Global Exchanges & Brokers | 20 | 7,495 | $59,049 |
| 131 | PQBW | PowerShares Nasdaq 100 Buy/Write | 9 | 3,571 | $59,243 |
| 132 | PTO | PowerShares Auto Growth NFA | 9 | 7,574 | $59,702 |
| 133 | PBS | PowerShares Dynamic Media | 45 | 9,416 | $62,907 |
| 134 | UOY | MacroShares $100 Oil Up | 8 | 18,316 | $63,528 |
| 135 | PHJ | PowerShares High Gr. Rate Div Achievers | 42 | 8,226 | $64,424 |
| 136 | FXZ | First Trust Materials AlphaDex | 22 | 6,874 | $65,720 |
| 137 | JJS | iPath DJ AIG Softs ETN | 8 | 1,832 | $66,501 |
| 138 | BAL | iPath DJ-AIG Cotton ETN | 8 | 2,332 | $66,552 |
| 139 | BDD | PowerShares DB Base Metals Dbl Lg ETN | 9 | 13,068 | $66,680 |
| 140 | EWX | SPDR S&P; Emerging Mkts Small Cap | 10 | 2,974 | $67,322 |
| 141 | PAF | PowerShares FTSE RAFI Asia Pac Ex-Japan | 20 | 2,763 | $67,405 |
| 142 | QQXT | First Trust Nasdaq-100 Ex-Technology | 25 | 5,974 | $67,895 |
| 143 | EEZ | WisdomTree Earnings Top 100 Fund | 25 | 2,768 | $69,697 |
| 144 | PMNA | PowerShares MENA Frontier Countries | 8 | 7,012 | $70,532 |
| 145 | QTEC | FT Nasdaq 100 Technology | 35 | 6,200 | $70,861 |
| 146 | RJZ | Elements Rogers Metals ETN | 17 | 12,063 | $71,338 |
| 147 | PQSC | PowerShares FTSE Nasdaq Small Cap | 11 | 4,863 | $71,789 |
| 148 | PXN | PowerShares Dynamic Lux Nanotech | 41 | 10,689 | $73,238 |
| 149 | ICI | iPath Optimized Currency Carry ETN | 11 | 1,684 | $73,293 |
| 150 | RTW | Rydex Inverse 2x S&P; Technology | 8 | 1,426 | $75,007 |
| 151 | JJU | iPath DJ AIG Aluminum ETN | 8 | 3,842 | $76,325 |
| 152 | DEB | WisdomTree Europe Total Dividend | 33 | 2,553 | $77,290 |
| 153 | FDM | First Trust DJ Select Microcap | 42 | 6,311 | $77,782 |
| 154 | PKN | PowerShares Global Nuclear Energy | 11 | 5,811 | $78,147 |
| 155 | DNH | WisdomTree Pacific Ex-Jap HY Equity | 33 | 3,058 | $81,208 |
| 156 | QQEW | First Trust Nasdaq 100 Equal Weighted | 35 | 6,767 | $81,301 |
| 157 | DEW | WisdomTree Europe High-Yielding Equity | 33 | 3,011 | $81,727 |
| 158 | ERO | iPath EUR/USD Exchange Rate ETN | 22 | 1,679 | $83,708 |
| 159 | DPN | WisdomTree International Consumer Non-Cycl | 29 | 4,958 | $83,841 |
| 160 | RTG | Rydex 2x S&P; Technology | 9 | 3,421 | $83,957 |
| 161 | ADRU | BLDRS Europe 100 ADR | 77 | 5,837 | $85,979 |
| 162 | JJE | iPath DJ AIG Energy ETN | 16 | 3,932 | $86,636 |
| 163 | RYF | Rydex S&P; Equal Weight Financial | 28 | 6,526 | $88,364 |
| 164 | PVM | PowerShares Dynamic Deep Value | 27 | 5,853 | $88,625 |
| 165 | PIZ | PowerShares DWA Dev Mkts Tech Ldrs | 14 | 7,584 | $89,103 |
| 166 | JJN | iPath DJ AIG Nickel ETN | 16 | 5,942 | $90,365 |
| 167 | EXT | WisdomTree Total Earnings | 25 | 3,263 | $90,515 |
| 168 | LD | iPath DJ AIG Lead ETN | 8 | 3,089 | $92,472 |
| 169 | JYF | WisdomTree Dreyfus Japan Yen | 9 | 3,342 | $94,662 |
| 170 | RWJ | RevenueShares Small Cap | 12 | 6,468 | $97,782 |
| 171 | PKW | PowerShares Buyback Achievers | 27 | 6,842 | $98,163 |
Disclosure: no positions.