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The number of ETF Deathwatch constituents rises by ten for May, breaking a streak of declining counts stretching back to October of last year. Eighteen new names join the list, including fourteen ETFs and four ETNs. Seven ETFs had improved health and escaped. One ETF underwent \u201cvoluntary\u201d delisting in April, becoming the 342nd ETP that is no longer among the living. ETF Deathwatch membership now stands at 334 (229 ETFs and 105 ETNs).<\/p>\n
STREAM S&P Dynamic Roll Commodities Fund (BNPC) was the single ETF delisted in April. It provides a real-time example of why investors should sell shares prior to delisting and avoid the liquidation process. BNP Paribas, the sponsor of the ETF formerly known as BNPC, did not liquidate the portfolio<\/a> and has not announced any plans to do so. The BNPC website has been taken down. Technically, the fund still exists as CUSIP 86324B103. If you own shares, good luck trying to find a buyer at a fair price.<\/p>\n For our purposes, we count ETPs as being born on the first day their listing becomes active on a U.S. exchange. Likewise, delisting constitutes death, since the product is no longer easily accessible to retail investors. BNPC died after the close of trading on April 12. The future of BNP Paribas as a viable participant in the U.S. ETF market probably died the same day. This is a competitive market with little tolerance for sponsors that are not shareholder friendly.<\/p>\n Nine products went the entire month of April without any trades. iPath Short Enhanced MSCI EAFE ETN (MFSA) last traded on October 9, 2012. Barclay\u2019s long version of that product, iPath Enhanced MSCI EAFE ETN (MFLA) hasn\u2019t traded in about seven weeks and was quoted today with a $72.00\/$216.00 Bid\/Ask spread. Helloooo, Barclay\u2019s iPath, is anybody minding the store? A total of 157 ETPs had zero volume on the last day of the month.<\/p>\n