Nine funds are being added to ETF Deathwatch for July and two are coming off. The net increase of seven pushes the current quantity to 155, or 13.9% of all eligible products. The overall quantity consists of 111 ETFs and 44 ETNs. The average list member is 30 months old and has $16 million in assets.
For any given month, there are about 100 funds that have days with no trades – zero volume. On a daily basis, the number of ETPs with zero volume typically ranges between 30 and 40. We haven't performed a detailed analysis, but we don't recall ever seeing an ETP go an entire month without a trade – until now.
In June, not one, but three ETNs had zero volume for the entire month: iPath Pure Beta Aluminum ETN (FOIL), iPath Pure Beta Copper ETN (CUPM), and iPath Pure Beta Industrial Metals ETN (HEVY). The three ETNs were introduced a little over two months ago, so they are not currently eligible for ETF Deathwatch. However, this does not bode well. Look for them to be included in the upcoming October edition.
New ETFs, such as the iPath Pure Beta ETNs above, all receive a six-month grace period before they are eligible for ETF Deathwatch to give them time to gain traction with investors. Eighteen new ETPs came to market last December, and their grace period is now expired. Fourteen of them are showing early signs of success, while the following four are joining the ETF Deathwatch for July:
- Direxion Airline Shares (FLYX) – the viability of FLYX was called into question when it was launched, and it only traded on five days in June.
- PowerShares KBW International Financial (KBWX) has less than $3 million in assets and only traded on three days in June.
- PowerShares KBW Property & Casualty Insurance (KBWP) has less than $4 million in assets and only traded on four days in June.
- PowerShares KBW Premium Yield Equity REIT (KBWY) currently has a better chance of success than its two siblings above with nearly $8 million in assets and daily trades.
In addition to the four coming out of the grace period, the following five older ETFs are being added to the list this month:
- Barclays GEMS Currency Index ETN (JEM) is back on the list after a one-month exodus. The questionable $90 million inflow in May we reported last month turned into a mysterious $90 million outflow in June, putting “official” assets back at $4 million.
- Global X China Financials ETF (CHIX) trading activity dropped off and assets are about $6 million. However, this ETF is part of a sector suite and will therefore likely remain alive as long as the suite remains viable.
- iShares 10+ Year Government/Credit Bond (GLJ) was introduced more than 18 months ago but saw trading activity drop off, including multiple days of zero volume.
- iShares MSCI Ireland Capped Investable Market (EIRL), introduced in May 2010, recently had assets drop below $5 million coupled with trading activity tapering off.
- Russell Equity ETF (ONEF) had a decline in trading activity, and assets are below $10 million. Russell marketing activities are currently focusing on the new Investment Discipline Index ETF and Factor ETF suites.
Two products came off ETF Deathwatch for July:
- iPath EUR/USD Exchange Rate ETN (ERO) had a significant increase in trading activity the past three months, but assets are currently below $15 million.
- ProShares Ultra Nasdaq Biotechnology (BIB) is showing increased trading activity and assets as strength in the biotechnology sector is driving interest in the leveraged fund.
The ETF Deathwatch criteria produced the following list of 155 names for July:
ETF Deathwatch for July 2011
| # | Ticker Sym | ETF Name | Age (mths) | AUM (millions) | 3-mth Avg Daily $ Volume |
|---|---|---|---|---|---|
| 1 | DENT | AdvisorShares Dent Tactical ETF | 21.7 | $17.0 | $73,454 |
| 2 | AADR | AdvisorShares WCM/BNY Mellon Foc Gr ADR | 11.5 | $8.7 | $37,670 |
| 3 | PGD | Barclays Asian&Gulf Currency Reval. ETN | 36.9 | $4.1 | $12,215 |
| 4 | BXDC | Barclays ETN+ S&P 500 2x Short C 2009 ETN | 19.6 | $2.0 | $374,119 |
| 5 | JEM | Barclays GEMS Currency Index ETN | 41.5 | $4.0 | $19,954 |
| 6 | ADRU | BLDRS Europe 100 ADR | 105.0 | $23.2 | $163,419 |
| 7 | GCE | Claymore CEF Index GS Connect ETN | 43.3 | $3.6 | $29,113 |
| 8 | GVT | Columbia Concentrated Large Cap Value Strat | 26.2 | $3.3 | $4,149 |
| 9 | GMTB | Columbia Core Bond Strategy Fund | 17.2 | $5.1 | $11,019 |
| 10 | RPX | Columbia Growth Equity Strategy Fund | 21.2 | $1.6 | $77,128 |
| 11 | GMMB | Columbia Intermediate Municipal Bond Strat | 17.2 | $5.1 | $12,506 |
| 12 | RWG | Columbia Large-Cap Growth Equity | 21.2 | $11.6 | $154,997 |
| 13 | XRU | CurrencyShares Russian Ruble Shares | 32.1 | $5.4 | $294,546 |
| 14 | TDD | db-X 2010 Target Date Fund | 45.6 | $14.4 | $37,544 |
| 15 | TDX | db-X In-Target Date Fund | 45.6 | $15.9 | $40,596 |
| 16 | FLYX | Direxion Airline Shares | 6.8 | $3.5 | $8,560 |
| 17 | BRIS | Direxion Daily BRIC Bear 2x | 15.9 | $2.5 | $68,590 |
| 18 | BRIL | Direxion Daily BRIC Bull 2x | 15.9 | $6.5 | $230,845 |
| 19 | INDZ | Direxion Daily India Bear 2x | 15.9 | $3.9 | $348,454 |
| 20 | LHB | Direxion Daily Latin America Bear 3x | 19.1 | $3.1 | $283,573 |
| 21 | GASX | Direxion Daily Natural Gas Related Bear 2x | 11.7 | $1.9 | $95,203 |
| 22 | RETS | Direxion Daily Retail Bear 2x | 11.7 | $2.3 | $95,660 |
| 23 | RETL | Direxion Daily Retail Bull 2x | 11.7 | $6.0 | $132,294 |
| 24 | FGEM | EGShares Financials GEMS ETF | 21.7 | $8.3 | $83,677 |
| 25 | BVL | ELEMENTS Ben Graham Large Cap Value ETN | 35.0 | $0.6 | $2,691 |
| 26 | BSC | ELEMENTS Ben Graham Small Cap Value ETN | 35.0 | $1.7 | $14,498 |
| 27 | BVT | ELEMENTS Ben Graham Total Mkt Value ETN | 35.0 | $3.3 | $54,177 |
| 28 | GWO | ELEMENTS CS Global Warming ETN | 39.4 | $3.6 | $69,500 |
| 29 | DOD | ELEMENTS Dogs of the Dow Total Return ETN | 44.3 | $4.8 | $59,428 |
| 30 | FUE | ELEMENTS MLCX Biofuels ETN | 41.3 | $8.9 | $165,709 |
| 31 | WMW | ELEMENTS Morningstar Wide Moat Focus ETN | 45.0 | $10.8 | $63,591 |
| 32 | EEH | ELEMENTS Spctrm LgCap US Sector Mo ETN | 47.6 | $1.1 | $2,523 |
| 33 | FZB | FaithShares Baptist Values Fund | 18.7 | $1.5 | $4,205 |
| 34 | FCV | FaithShares Catholic Values Fund | 18.9 | $3.1 | $27,183 |
| 35 | FOC | FaithShares Christian Values Fund | 18.9 | $3.1 | $23,791 |
| 36 | FKL | FaithShares Lutheran Values Fund | 18.7 | $1.5 | $7,893 |
| 37 | FMV | FaithShares Methodist Values Fund | 18.9 | $1.5 | $15,042 |
| 38 | FDD | First Trust DJ STOXX European Select Div | 46.7 | $11.6 | $54,480 |
| 39 | QABA | First Trust NASDAQ ABA Community Bank | 24.3 | $13.4 | $63,264 |
| 40 | FVI | First Trust Value Line Equity Allocation | 55.6 | $7.2 | $58,694 |
| 41 | BRAF | Global X Brazil Financials ETF | 11.2 | $9.4 | $55,296 |
| 42 | CHIX | Global X China Financials ETF | 18.9 | $6.0 | $79,622 |
| 43 | CHIB | Global X China Technology ETF | 18.9 | $6.9 | $138,292 |
| 44 | GIY | Guggenheim Enhanced Core Bond ETF | 41.1 | $5.3 | $11,457 |
| 45 | GSY | Guggenheim Enhanced Ultra-Short Bond ETF | 41.1 | $15.0 | $107,553 |
| 46 | EEN | Guggenheim EW Euro-Pacific LDRs ETF | 52.7 | $3.1 | $32,701 |
| 47 | XGC | Guggenheim International Small Cap LDRs | 51.6 | $10.5 | $99,524 |
| 48 | OTR | Guggenheim Ocean Tomo Growth Index ETF | 51.7 | $6.1 | $33,887 |
| 49 | OTP | Guggenheim Ocean Tomo Patent ETF | 55.3 | $10.9 | $234,519 |
| 50 | WXSP | Guggenheim Wilshire 4500 Completion ETF | 15.9 | $6.4 | $16,906 |
| 51 | WFVK | Guggenheim Wilshire 5000 Total Market ETF | 15.9 | $5.9 | $53,571 |
| 52 | EKH | HOLDRS Europe 2001 | 127.2 | $4.2 | $27,662 |
| 53 | IIH | HOLDRS Internet Infrastructure | 138.1 | $11.1 | $38,004 |
| 54 | MKH | HOLDRS Merrill Lynch Market 2000+ | 131.9 | $13.0 | $50,197 |
| 55 | WMH | HOLDRS Wireless | 129.8 | $14.1 | $22,222 |
| 56 | GBB | iPath GBP/USD Exchange Rate ETN | 50.4 | $2.6 | $53,906 |
| 57 | GRN | iPath Global Carbon ETN | 36.7 | $2.5 | $50,644 |
| 58 | EMLB | iPath Long Enh (2x) MSCI Emerging Mkts ETN | 7.1 | $5.4 | $119,124 |
| 59 | MFLA | iPath Long Enh (2x) MSCI EAFE Index ETN | 7.1 | $3.7 | $130,000 |
| 60 | ROLA | iPath Long Ext (3x) Russell 1000 TR ETN | 7.1 | $5.5 | $25,135 |
| 61 | EMSA | iPath Short Enh (-2x) MSCI Emerging Mkts ETN | 7.1 | $9.5 | $196,226 |
| 62 | MFSA | iPath Short Enh (-2x) MSCI EAFE Index ETN | 7.1 | $5.8 | $86,440 |
| 63 | ROSA | iPath Short Ext (-3x) Russell 1000 TR ETN | 7.1 | $2.8 | $36,255 |
| 64 | SFSA | iPath Short Ext (-3x) S&P 500 TR Index ETN | 7.1 | $4.5 | $901,358 |
| 65 | TWON | IQ Taiwan Small Cap | 13.6 | $4.4 | $70,052 |
| 66 | GLJ | iShares 10+ Year Government/Credit Bond | 18.9 | $21.1 | $78,256 |
| 67 | MUAE | iShares 2016 S&P AMT-Free Muni Series | 18.0 | $20.8 | $112,502 |
| 68 | IFNA | iShares FTSE NAREIT North America | 44.0 | $13.2 | $73,540 |
| 69 | AXDI | iShares MSCI ACWI ex US Consumer Discr | 11.6 | $6.7 | $85,155 |
| 70 | AXSL | iShares MSCI ACWI ex US Consumer Staples | 11.6 | $3.2 | $42,388 |
| 71 | AXEN | iShares MSCI ACWI ex US Energy | 11.6 | $6.4 | $82,526 |
| 72 | AXFN | iShares MSCI ACWI ex US Financials | 17.5 | $2.5 | $5,510 |
| 73 | AXHE | iShares MSCI ACWI ex US Health Care | 11.6 | $3.0 | $97,037 |
| 74 | AXID | iShares MSCI ACWI ex US Industrials | 11.6 | $6.2 | $218,394 |
| 75 | AXIT | iShares MSCI ACWI ex US Info Technology | 11.6 | $5.7 | $77,377 |
| 76 | AXMT | iShares MSCI ACWI ex US Materials | 11.6 | $6.8 | $240,272 |
| 77 | AXTE | iShares MSCI ACWI ex US Telecom Services | 11.6 | $3.0 | $71,113 |
| 78 | AXUT | iShares MSCI ACWI ex US Utilities | 11.6 | $2.6 | $79,586 |
| 79 | EMFN | iShares MSCI Emerging Markets Financials | 17.5 | $22.6 | $24,765 |
| 80 | FEFN | iShares MSCI Far East Financials Sector | 17.5 | $2.4 | $3,520 |
| 81 | EIRL | iShares MSCI Ireland Cap. Investable Mkt | 14.0 | $4.5 | $96,106 |
| 82 | EUSA | iShares MSCI USA Index Fund | 14.0 | $2.8 | $44,042 |
| 83 | TZD | iShares S&P Target Date 2010 Index Fund | 32.3 | $11.2 | $134,380 |
| 84 | TZE | iShares S&P Target Date 2015 Index Fund | 32.3 | $14.9 | $126,094 |
| 85 | TZI | iShares S&P Target Date 2025 Index Fund | 32.3 | $19.0 | $119,218 |
| 86 | TZL | iShares S&P Target Date 2030 Index Fund | 32.3 | $13.9 | $78,552 |
| 87 | TZO | iShares S&P Target Date 2035 Index Fund | 32.3 | $7.0 | $37,321 |
| 88 | TZV | iShares S&P Target Date 2040 Index Fund | 32.3 | $15.9 | $97,605 |
| 89 | TGR | iShares S&P Target Date Retirement Inc. | 32.3 | $9.1 | $94,476 |
| 90 | CRBI | Jefferies|TR/J CRB Global Ind Metals Equity | 20.4 | $4.6 | $55,533 |
| 91 | DSXJ | JPM Qtrly Dbl Short US 10-Yr Treas Fut ETN | 8.9 | $10.0 | $96,407 |
| 92 | DSTJ | JPM Qtrly Dbl Short US Long Treas Fut ETN | 8.9 | $10.8 | $17,513 |
| 93 | JFT | KEYnotes FT Enhanced 130/30 Large Cap ETN | 37.8 | $3.7 | $6,521 |
| 94 | URR | Market Vectors Double Long Euro ETN | 38.3 | $1.2 | $86,312 |
| 95 | INR | Market Vectors Indian Rupee/USD ETN | 40.0 | $5.7 | $53,048 |
| 96 | NASI | Pax MSCI North America ESG Index | 13.6 | $4.3 | $56,896 |
| 97 | TRSY | PIMCO Broad U.S. Treasury Index Fund | 8.0 | $9.8 | $5,739 |
| 98 | PQZ | PowerShares Active Alpha Multi-Cap | 39.2 | $3.8 | $29,902 |
| 99 | PMA | PowerShares Active Mega-Cap Portfolio | 39.1 | $5.4 | $57,413 |
| 100 | LBND | PowerShares DB 3x Long 25+ TreasURY ETN | 12.2 | $3.4 | $34,098 |
| 101 | ADZ | PowerShares DB Agriculture Short ETN | 39.0 | $2.0 | $56,974 |
| 102 | BDG | PowerShares DB Base Metals Long ETN | 37.0 | $1.9 | $15,848 |
| 103 | BOS | PowerShares DB Base Metals Short ETN | 36.9 | $3.9 | $68,714 |
| 104 | DEE | PowerShares DB Commodity Dbl Short ETN | 38.6 | $3.7 | $196,351 |
| 105 | DPU | PowerShares DB Commodity Long ETN | 38.6 | $7.3 | $48,881 |
| 106 | DDP | PowerShares DB Commodity Short ETN | 38.6 | $2.9 | $96,530 |
| 107 | PEZ | PowerShares Dynamic Cons Discretionary | 57.4 | $20.4 | $64,574 |
| 108 | PIC | PowerShares Dynamic Insurance | 69.1 | $9.0 | $25,909 |
| 109 | PXSC | PowerShares Fundamental Pure Small Core | 55.7 | $16.8 | $68,035 |
| 110 | PSTL | PowerShares Global Steel Portfolio | 33.7 | $5.7 | $110,154 |
| 111 | PTO | PowerShares Ibbotson Alternative Completion | 37.9 | $8.9 | $49,997 |
| 112 | KBWX | PowerShares KBW International Financial | 7.0 | $2.6 | $1,482 |
| 113 | KBWY | PowerShares KBW Premium Yield Equity REIT | 7.0 | $7.8 | $92,807 |
| 114 | KBWP | PowerShares KBW Property & Casualty Ins | 7.0 | $3.8 | $5,846 |
| 115 | PYH | PowerShares Morningstar StockInvestor Core | 55.7 | $16.9 | $58,265 |
| 116 | PSCM | PowerShares S&P SmallCap Materials | 15.0 | $3.0 | $27,647 |
| 117 | SBM | ProShares Short Basic Materials | 15.6 | $5.4 | $386,440 |
| 118 | UPV | ProShares Ultra MSCI Europe | 14.2 | $4.0 | $77,403 |
| 119 | UMX | ProShares Ultra MSCI Mexico Investable Mkt | 14.2 | $2.1 | $51,784 |
| 120 | UXJ | ProShares Ultra MSCI Pacific Ex-Japan | 14.2 | $3.9 | $152,424 |
| 121 | UWC | ProShares Ultra Russell3000 | 24.3 | $8.5 | $68,707 |
| 122 | YCL | ProShares Ultra Yen | 31.6 | $3.4 | $185,923 |
| 123 | SMDD | ProShares UltraPro Short S&P MidCap400 | 16.8 | $13.0 | $1,396,793 |
| 124 | RXD | ProShares UltraShort Healthcare | 53.7 | $3.3 | $95,132 |
| 125 | SMK | ProShares UltraShort MSCI Mexico | 24.7 | $2.4 | $29,454 |
| 126 | JPX | ProShares UltraShort MSCI Pacific ex-Japan | 24.7 | $2.4 | $30,252 |
| 127 | BIS | ProShares UltraShort Nasdaq Biotechnology | 14.9 | $1.9 | $78,026 |
| 128 | SFK | ProShares UltraShort Russell 1000 Growth | 52.9 | $4.4 | $164,611 |
| 129 | SJF | ProShares UltraShort Russell 1000 Value | 52.9 | $2.2 | $56,364 |
| 130 | SDK | ProShares UltraShort Russell Midcap Growth | 52.9 | $2.6 | $68,874 |
| 131 | SJL | ProShares UltraShort Russell Midcap Value | 52.9 | $1.9 | $62,508 |
| 132 | TWQ | ProShares UltraShort Russell3000 | 24.3 | $1.4 | $36,884 |
| 133 | TLL | ProShares UltraShort Telecom | 39.7 | $2.2 | $50,023 |
| 134 | SDP | ProShares UltraShort Utilities | 53.7 | $4.0 | $59,910 |
| 135 | ONEF | Russell Equity ETF | 13.8 | $13.2 | $80,449 |
| 136 | KME | SPDR KBW Mortgage Finance ETF | 26.4 | $3.8 | $32,430 |
| 137 | VRD | SPDR Nuveen S&P VRDO Municipal Bond ETF | 21.5 | $9.0 | $89,823 |
| 138 | IPF | SPDR S&P International Financial | 35.7 | $7.1 | $75,677 |
| 139 | IRY | SPDR S&P International Health Care | 35.7 | $19.8 | $138,790 |
| 140 | IPU | SPDR S&P International Utilities | 35.7 | $8.2 | $35,118 |
| 141 | MLPS | UBS ETRACS 1x Mthly Short Alerian MLP ETN | 9.1 | $8.3 | $103,195 |
| 142 | MLPG | UBS ETRACS Alerian Natural Gas MLP ETN | 11.7 | $15.0 | $62,487 |
| 143 | UBN | UBS ETRACS CMCI Energy TR ETN | 39.4 | $3.0 | $13,296 |
| 144 | UBG | UBS ETRACS CMCI Gold TR ETN | 39.4 | $6.7 | $27,392 |
| 145 | UBM | UBS ETRACS CMCI Industrial Metals TR ETN | 39.4 | $6.6 | $29,160 |
| 146 | UBC | UBS ETRACS CMCI Livestock TR ETN | 39.4 | $5.0 | $10,525 |
| 147 | PTD | UBS ETRACS CMCI Short Platinum ER ETN | 38.2 | $3.2 | $1,930 |
| 148 | SPGH | UBS ETRACS S&P 500 Gold Hedged Idx ETN | 17.3 | $12.9 | $40,068 |
| 149 | MLPW | UBS ETRACS Wells Fargo MLP Index ETN | 8.0 | $18.5 | $75,881 |
| 150 | IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 9.8 | $6.3 | $51,500 |
| 151 | TVIZ | VelocityShares Daily 2x VIX Med-Term ETN | 7.1 | $8.2 | $526,608 |
| 152 | VIIZ | VelocityShares VIX Medium-Term ETN | 7.1 | $3.5 | $61,108 |
| 153 | EU | WisdomTree Dreyfus Euro | 38.1 | $10.0 | $66,649 |
| 154 | JYF | WisdomTree Dreyfus Japan Yen | 37.8 | $6.5 | $40,728 |
| 155 | HEDJ | WisdomTree International Hedged Equity | 18.2 | $20.9 | $55,409 |
Data sources: AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, and 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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