Four ETPs joined ETF Deathwatch this month, and eight came off the list. The result is a new quantity of 138, consisting of 101 ETFs and 37 ETNs. The average fund on the list has just $6.5 million in assets and has been on the market for more than 30 months.
Fifteen of the names on the list have assets of less than $2 million. Assuming an expense ratio of 0.50%, each of these is generating less than $10,000 in annual revenue for their sponsors. At some point, the money subsidizing these products will be put to better use.
Trading in ELEMENTS Spectrum Large Cap U.S. Sector Momentum ETN (EEH) averaged just 170 shares and $1,611 per day in March. Grail McDonnell Intermediate Muni (GMMB) hasn't traded since March 7. Market makers established a 2% bid/ask spread on GMMB one minute after the market opened today and didn't bother to adjust it for the remainder of the day. Being a market maker for an ETF on Deathwatch is tough work.
The four products added to ETF Deathwatch for April are:
- Global X Brazil Financials ETF (BRAF): Although it enjoyed some early success, trading activity in BRAF has dried up the past three months, including multiple days with zero volume.
- UBS E-TRACS 1x Monthly Short Alerian MLP ETN (MLPS): No longer protected by the six-month immunity for new ETPs, MLPS becomes the second MLP-based product to make the list (both from UBS). It will likely take a bear market in the MLP space for this ETN to attract attention.
- Vanguard S&P Mid-Cap 400 Value ETF (IVOV): Vanguard lands its first product on Deathwatch, proving that it is not exempt from making missteps in the ETF space. IVOV is part of the Vanguard barrage of new, often overlapping, products brought to market last year without much explanation. I expect this fund to succeed eventually.
- ProShares Ultra Yen (YCL): Being on the market for nearly two and half years and seeing a 100% increase in trading activity in recent months does not offset the fact that assets dropped below $4 million and stubbornly remained there.
The following eight funds came off ETF Deathwatch because they had a three-month pick up in trading activity. IBND and IFEU also saw large inflows.
- Guggenheim Wilshire US REIT ETF (WREI)
- iPath DJ-UBS Lead ETN (LD)
- iShares MSCI Ireland Capped Investable Market (EIRL)
- iShares FTSE EPRA/NAREIT Europe (IFEU)
- Jefferies|TR/J CRB Global Agriculture Equity (CRBA)
- ProShares Ultra MSCI EAFE (EFO)
- ProShares Ultra Russell Midcap Value (UVU)
- SPDR Barclays International Corporate Bond (IBND)
The “new and improved” ETF Deathwatch criteria for 2011 produced the following list of 138 products for April 2011 (sorted by name):
ETF Deathwatch for April 2011
| # | Ticker Sym | ETF Name | Age (mths) | AUM (millions) | 3-mth Avg Daily $ Volume |
|---|---|---|---|---|---|
| 1 | AADR | AdvisorShares WCM/BNY Mellon Foc Gr ADR | 8.4 | $8.4 | $108,589 |
| 2 | PGD | Barclays Asian&Gulf Currency Reval. ETN | 33.9 | $4.1 | $18,284 |
| 3 | BXDC | Barclays ETN+ S&P 500 2x Short C 2009 ETN | 16.6 | $2.0 | $848,015 |
| 4 | BXDD | Barclays ETN+ S&P 500 3x Short D 2009 ETN | 16.6 | $3.0 | $768,404 |
| 5 | JEM | Barclays GEMS Currency Index ETN | 38.5 | $3.9 | $28,243 |
| 6 | ADRU | BLDRS Europe 100 ADR | 102.0 | $21.0 | $92,216 |
| 7 | GCE | Claymore CEF Index GS Connect ETN | 40.2 | $3.6 | $88,754 |
| 8 | ULQ | Claymore U.S. Cap Mkts Micro-Trm Fxd Inc | 38.1 | $5.0 | $7,264 |
| 9 | UBD | Claymore U.S. Capital Markets Bond | 38.1 | $5.2 | $56,064 |
| 10 | XRU | CurrencyShares Russian Ruble Shares | 29.0 | $5.3 | $40,264 |
| 11 | BRIS | Direxion Daily BRIC Bear 2x | 12.8 | $2.4 | $16,489 |
| 12 | BRIL | Direxion Daily BRIC Bull 2x | 12.8 | $4.7 | $163,941 |
| 13 | INDZ | Direxion Daily India Bear 2x | 12.8 | $3.9 | $379,787 |
| 14 | LHB | Direxion Daily Latin America Bear 3x | 16.1 | $3.1 | $275,709 |
| 15 | FCGS | Direxion Daily Natural Gas Related Bear 2x | 8.7 | $1.7 | $58,906 |
| 16 | RETS | Direxion Daily Retail Bear 2x | 8.7 | $2.5 | $143,920 |
| 17 | EFN | EGS DJ Emerging Markets Financials Titans | 18.7 | $11.0 | $99,712 |
| 18 | BVL | ELEMENTS Ben Graham Large Cap Value ETN | 32.0 | $0.6 | $2,805 |
| 19 | BSC | ELEMENTS Ben Graham Small Cap Value ETN | 31.9 | $1.7 | $22,824 |
| 20 | BVT | ELEMENTS Ben Graham Total Mkt Value ETN | 32.0 | $0.9 | $9,516 |
| 21 | GWO | ELEMENTS CS Global Warming ETN | 36.4 | $3.7 | $27,042 |
| 22 | DOD | ELEMENTS Dogs of the Dow Total Return ETN | 41.3 | $4.1 | $88,749 |
| 23 | FUE | ELEMENTS MLCX Biofuels ETN | 38.3 | $3.4 | $158,292 |
| 24 | WMW | ELEMENTS Morningstar Wide Moat Focus ETN | 42.0 | $9.4 | $127,370 |
| 25 | EEH | ELEMENTS Spctrm LgCap US Sector Mo ETN | 44.6 | $1.1 | $1,993 |
| 26 | FZB | FaithShares Baptist Values Fund | 15.7 | $1.5 | $5,634 |
| 27 | FCV | FaithShares Catholic Values Fund | 15.9 | $3.2 | $29,108 |
| 28 | FOC | FaithShares Christian Values Fund | 15.9 | $3.1 | $17,716 |
| 29 | FKL | FaithShares Lutheran Values Fund | 15.7 | $1.5 | $7,964 |
| 30 | FMV | FaithShares Methodist Values Fund | 15.9 | $1.6 | $8,044 |
| 31 | FVI | First Trust Value Line Equity Allocation | 52.6 | $7.4 | $59,444 |
| 32 | BRAF | Global X Brazil Financials ETF | 8.2 | $9.4 | $67,839 |
| 33 | CHIB | Global X China Technology ETF | 15.9 | $5.4 | $52,576 |
| 34 | GVT | Grail American Beacon Large Cap Value | 23.2 | $1.7 | $4,100 |
| 35 | GMTB | Grail McDonnell Core Taxable Bond ETF | 14.2 | $2.5 | $3,472 |
| 36 | GMMB | Grail McDonnell Intermediate Municipal Bnd | 14.2 | $2.5 | $2,140 |
| 37 | RWG | Grail RP Focused Large Cap Growth ETF | 18.2 | $11.5 | $118,736 |
| 38 | RPX | Grail RP Growth ETF | 18.2 | $4.9 | $17,981 |
| 39 | EEN | Guggenheim EW Euro-Pacific LDRs ETF | 49.7 | $3.1 | $13,232 |
| 40 | XGC | Guggenheim International Small Cap LDRs | 48.6 | $11.0 | $99,854 |
| 41 | OTR | Guggenheim Ocean Tomo Growth Index ETF | 48.6 | $5.8 | $75,365 |
| 42 | OTP | Guggenheim Ocean Tomo Patent ETF | 52.2 | $20.4 | $62,068 |
| 43 | EKH | HOLDRS Europe 2001 | 124.1 | $4.7 | $12,724 |
| 44 | MKH | HOLDRS Merrill Lynch Market 2000+ | 128.8 | $13.1 | $27,986 |
| 45 | WMH | HOLDRS Wireless | 126.8 | $16.3 | $20,468 |
| 46 | ERO | iPath EUR/USD Exchange Rate ETN | 47.4 | $6.7 | $21,850 |
| 47 | GBB | iPath GBP/USD Exchange Rate ETN | 47.4 | $4.7 | $22,947 |
| 48 | GRN | iPath Global Carbon ETN | 33.7 | $3.7 | $31,882 |
| 49 | TWON | IQ Taiwan Small Cap | 10.5 | $7.3 | $182,109 |
| 50 | MUAE | iShares 2016 S&P AMT-Free Muni Series | 15.0 | $17.7 | $118,399 |
| 51 | AXDI | iShares MSCI ACWI ex US Consumer Discr | 8.6 | $6.4 | $33,546 |
| 52 | AXSL | iShares MSCI ACWI ex US Consumer Staples | 8.6 | $3.1 | $32,673 |
| 53 | AXEN | iShares MSCI ACWI ex US Energy | 8.6 | $6.8 | $95,274 |
| 54 | AXFN | iShares MSCI ACWI ex US Financials | 14.4 | $2.5 | $3,813 |
| 55 | AXHE | iShares MSCI ACWI ex US Health Care | 8.6 | $5.7 | $14,319 |
| 56 | AXID | iShares MSCI ACWI ex US Industrials | 8.6 | $6.3 | $27,282 |
| 57 | AXIT | iShares MSCI ACWI ex US Info Technology | 8.6 | $5.9 | $48,237 |
| 58 | AXMT | iShares MSCI ACWI ex US Materials | 8.6 | $6.9 | $65,884 |
| 59 | AXTE | iShares MSCI ACWI ex US Telecom Services | 8.6 | $6.1 | $8,193 |
| 60 | AXUT | iShares MSCI ACWI ex US Utilities | 8.6 | $5.4 | $10,777 |
| 61 | EMFN | iShares MSCI Emerging Markets Financials | 14.4 | $23.3 | $193,403 |
| 62 | FEFN | iShares MSCI Far East Financials Sector | 14.4 | $2.5 | $11,119 |
| 63 | EUSA | iShares MSCI USA Index Fund | 10.9 | $1.4 | $39,387 |
| 64 | TZD | iShares S&P Target Date 2010 Index Fund | 29.2 | $4.7 | $51,632 |
| 65 | TZE | iShares S&P Target Date 2015 Index Fund | 29.2 | $9.9 | $119,026 |
| 66 | TZG | iShares S&P Target Date 2020 Index Fund | 29.2 | $15.2 | $99,793 |
| 67 | TZI | iShares S&P Target Date 2025 Index Fund | 29.2 | $12.0 | $67,424 |
| 68 | TZL | iShares S&P Target Date 2030 Index Fund | 29.2 | $12.2 | $79,363 |
| 69 | TZO | iShares S&P Target Date 2035 Index Fund | 29.2 | $7.0 | $32,169 |
| 70 | TZV | iShares S&P Target Date 2040 Index Fund | 29.2 | $12.4 | $69,617 |
| 71 | TGR | iShares S&P Target Date Retirement Inc. | 29.2 | $6.0 | $44,161 |
| 72 | CRBI | Jefferies|TR/J CRB Global Ind Metals Equity | 17.3 | $7.2 | $90,642 |
| 73 | JFT | KEYnotes FT Enhanced 130/30 Large Cap ETN | 34.8 | $3.8 | $21,723 |
| 74 | URR | Market Vectors Double Long Euro ETN | 35.3 | $1.1 | $42,353 |
| 75 | INR | Market Vectors Indian Rupee/USD ETN | 36.9 | $7.7 | $69,552 |
| 76 | NASI | Pax MSCI North America ESG Index | 10.5 | $2.9 | $36,022 |
| 77 | PQZ | PowerShares Active Alpha Multi-Cap | 36.1 | $3.1 | $48,669 |
| 78 | PLK | PowerShares Active Low Duration | 36.0 | $11.4 | $130,180 |
| 79 | PMA | PowerShares Active Mega-Cap Portfolio | 36.0 | $5.3 | $55,549 |
| 80 | LBND | PowerShares DB 3x Long 25+ Treas ETN | 9.2 | $3.1 | $19,762 |
| 81 | AGA | PowerShares DB Agriculture Dbl Short ETN | 36.0 | $19.1 | $389,753 |
| 82 | AGF | PowerShares DB Agriculture Long ETN | 36.0 | $10.0 | $250,581 |
| 83 | ADZ | PowerShares DB Agriculture Short ETN | 36.0 | $2.3 | $49,746 |
| 84 | BDG | PowerShares DB Base Metals Long ETN | 33.9 | $1.7 | $18,288 |
| 85 | BOS | PowerShares DB Base Metals Short ETN | 33.9 | $3.0 | $23,936 |
| 86 | DEE | PowerShares DB Commodity Dbl Short ETN | 35.6 | $1.8 | $35,096 |
| 87 | DPU | PowerShares DB Commodity Long ETN | 35.6 | $8.0 | $62,069 |
| 88 | DDP | PowerShares DB Commodity Short ETN | 35.6 | $1.2 | $16,429 |
| 89 | PIC | PowerShares Dynamic Insurance | 66.1 | $9.3 | $180,453 |
| 90 | PJM | PowerShares Dynamic Small Cap | 52.7 | $18.3 | $91,911 |
| 91 | PSTL | PowerShares Global Steel Portfolio | 30.7 | $8.4 | $178,825 |
| 92 | PTO | PowerShares Ibbotson Alternative Completion | 34.8 | $9.0 | $43,704 |
| 93 | PYH | PowerShares Morningstar StockInvestor Core | 52.7 | $19.1 | $119,684 |
| 94 | PSCM | PowerShares S&P SmallCap Materials | 11.9 | $3.0 | #N/A |
| 95 | SBM | ProShares Short Basic Materials | 12.6 | $3.5 | $87,501 |
| 96 | UPV | ProShares Ultra MSCI Europe | 11.2 | $3.9 | $71,527 |
| 97 | UMX | ProShares Ultra MSCI Mexico Investable Mkt | 11.2 | $2.1 | $47,106 |
| 98 | UXJ | ProShares Ultra MSCI Pacific Ex-Japan | 11.2 | $3.9 | $62,757 |
| 99 | BIB | ProShares Ultra Nasdaq Biotechnology | 11.9 | $6.8 | $77,716 |
| 100 | UWC | ProShares Ultra Russell3000 | 21.2 | $8.6 | $44,782 |
| 101 | YCL | ProShares Ultra Yen | 28.5 | $3.2 | $288,020 |
| 102 | SMDD | ProShares UltraPro Short S&P MidCap400 | 13.8 | $4.1 | $668,864 |
| 103 | CMD | ProShares UltraShort DJ-UBS Commodity | 28.5 | $2.6 | $102,333 |
| 104 | RXD | ProShares UltraShort Healthcare | 50.7 | $3.9 | $92,771 |
| 105 | SMK | ProShares UltraShort MSCI Mexico | 21.7 | $2.5 | $100,943 |
| 106 | JPX | ProShares UltraShort MSCI Pacific ex-Japan | 21.7 | $2.5 | $92,484 |
| 107 | BIS | ProShares UltraShort Nasdaq Biotechnology | 11.9 | $2.2 | $88,994 |
| 108 | SFK | ProShares UltraShort Russell 1000 Growth | 49.9 | $4.6 | $71,565 |
| 109 | SJF | ProShares UltraShort Russell 1000 Value | 49.9 | $2.2 | $77,948 |
| 110 | SDK | ProShares UltraShort Russell Midcap Growth | 49.9 | $2.7 | $106,785 |
| 111 | SJL | ProShares UltraShort Russell Midcap Value | 49.9 | $1.9 | $33,084 |
| 112 | TWQ | ProShares UltraShort Russell3000 | 21.2 | $2.8 | $119,879 |
| 113 | TLL | ProShares UltraShort Telecom | 36.6 | $2.5 | $41,219 |
| 114 | SDP | ProShares UltraShort Utilities | 50.7 | $4.5 | $176,206 |
| 115 | RWV | RevenueShares Navellier Overall A-100 | 26.6 | $10.1 | $111,805 |
| 116 | RHS | Rydex S&P Equal Weight Cons Staples | 53.5 | $17.9 | $115,095 |
| 117 | KME | SPDR KBW Mortgage Finance ETF | 23.3 | $4.1 | $67,418 |
| 118 | VRD | SPDR Nuveen S&P VRDO Municipal Bond ETF | 18.4 | $9.0 | $56,240 |
| 119 | JPP | SPDR Russell/Nomura PRIME Japan | 53.3 | $15.8 | $291,420 |
| 120 | IPF | SPDR S&P International Financial | 32.7 | $9.4 | $78,679 |
| 121 | IRY | SPDR S&P International Health Care | 32.6 | $12.4 | $137,230 |
| 122 | IPU | SPDR S&P International Utilities | 32.6 | $8.4 | $34,446 |
| 123 | TDD | TDX Independence 2010 | 42.6 | $14.2 | $37,492 |
| 124 | TDX | TDX Independence In-Target | 42.6 | $15.8 | $44,383 |
| 125 | MLPS | UBS E-TRACS 1x Mthly Short Alerian MLP ETN | 6.1 | $8.4 | $41,975 |
| 126 | MLPG | UBS E-TRACS Alerian Natural Gas MLP ETN | 8.7 | $13.8 | $116,083 |
| 127 | UBN | UBS E-TRACS CMCI Energy TR ETN | 36.4 | $3.5 | $15,329 |
| 128 | UBG | UBS E-TRACS CMCI Gold TR ETN | 36.4 | $7.3 | $30,659 |
| 129 | UBM | UBS E-TRACS CMCI Industrial Metals TR ETN | 36.4 | $6.5 | $30,324 |
| 130 | UBC | UBS E-TRACS CMCI Livestock TR ETN | 36.4 | $5.5 | $23,256 |
| 131 | PTD | UBS E-TRACS CMCI Short Platinum ER ETN | 35.2 | $3.2 | $4,757 |
| 132 | USV | UBS E-TRACS CMCI Silver TR ETN | 36.4 | $8.6 | $139,238 |
| 133 | SPGH | UBS E-TRACS S&P 500 Gold Hedged Idx ETN | 14.2 | $12.1 | $22,299 |
| 134 | IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 6.8 | $3.2 | $90,615 |
| 135 | WXSP | Wilshire 4500 Completion ETF (Guggenheim) | 12.9 | $6.4 | $38,333 |
| 136 | WFVK | Wilshire 5000 Total Market ETF (Guggenheim) | 12.9 | $6.0 | $79,027 |
| 137 | EU | WisdomTree Dreyfus Euro | 35.0 | $5.2 | $52,623 |
| 138 | JYF | WisdomTree Dreyfus Japan Yen | 34.8 | $6.3 | $66,944 |
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.
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