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The number of exchange-traded products on Deathwatch fell to 162 from the record high of 171 a month ago. This is the first decline since we began keeping count last August.

The current list consists of 121 ETFs and 41 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 March.

Elements Ben Graham Total Market Value ETN (NYSE:BVT) heads up the list this month and Elements Ben Graham Large Cap Value ETN (NYSE:BVL) is close behind. The third member of the trio, Elements Ben Graham Small Cap Value ETN (NYSE:BSC), also managed to make the top 20. BVT traded on only five of the 22 market days in March. Its total volume for the month was 1,800 shares, for an average of just 82 shares per day.

SPDR S&P International Consumer Discretionary (NYSEARCA:IPD), which headed up our list for the previous two months, came in at number 43 this time. IPD was one of five Dead ETFs Walking we identified last month but appears to be in slightly better shape now.

As mentioned in earlier issues, sometimes the entire ETF family is in trouble. Last month we said “Look for SPA to exit the ETF business soon” and exit they did. The SPA MarketGrader family of six ETFs stopped trading after the close on March 25 and liquidated on March 30.

The two most vulnerable families at this time are:

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 sign of success is E-TRACS CMCI Long Platinum Total Return ETN (NYSEARCA:PTM), which traded nearly $1.5 million per day in March. Perhaps E-TRACS can sell PTM to another sponsor before shutting down their other ETNs.

Elements: At the end of March, there were 17 Elements ETNs from multiple issuers. Since then, three of the ones issued by Credit Suisse have been delisted and the seven issued by Swedish Credit Corp. have stopped issuing new shares. Additionally, 10 of their ETNs are on Deathwatch, and all their products suffer from the ETN stigma. I’d like to think that things cannot get any worse for Elements, but the organization seems to have knack for generating new and unique problems.

ETF Deathwatch - April 2009

Rank Ticker Name Age (mths) Avg Daily Volume Avg Daily Value Traded
1 BVT Elements Ben Graham Total Mkt Value ETN 8 82 $445
2 BVL Elements Ben Graham Large Cap Value ETN 8 259 $1,461
3 AYT Barclays GEMS Asia 8 ETN 7 36 $1,544
4 GWO Elements CS Global Warming ETN 12 555 $2,550
5 EEH Elements Spec LgCap US Sector Mo ETN 20 382 $2,762
6 UBD Claymore U.S. Capital Markets Bond ETF 14 64 $2,966
7 UBC E-TRACS CMCI Livestock Total Return ETN 12 164 $3,222
8 JJT iPath DJ AIG Tin ETN 9 132 $3,305
9 UBN E-TRACS CMCI Energy Total Return ETN 12 273 $3,606
10 PTD E-TRACS CMCI Short Platinum Exc Ret ETN 11 105 $3,824
11 DPC WisdomTree International Cons Cyclical 30 318 $4,010
12 BHH HOLDRS B2B Internet ETF 111 15,895 $4,341
13 GBB iPath GBP/USD Exchange Rate ETN 23 114 $4,368
14 PQSC PowerShares FTSE Nasdaq Small Cap 12 318 $4,521
15 OTR Claymore/Ocean Tomo Growth 24 368 $5,707
16 PEH PowerShares Dynamic Europe Portfolio 22 900 $6,732
17 IPU SPDR S&P International Utilities 8 395 $6,966
18 STH Claymore/Sabrient Stealth 31 777 $7,595
19 BSC Elements Ben Graham Small Cap Value ETN 8 1,327 $7,638
20 PTRP PowerShares Glb Progressive Transport. 6 518 $7,956
21 JEM Barclays GEMS Currency Index ETN 14 214 $8,194
22 INR Market Vectors Indian Rupee/USD ETN 13 250 $8,246
23 GCE Claymore CEF Index GS Connect ETN 16 795 $8,484
24 ROB Claymore/Robb Report Global Luxury 20 923 $8,508
25 PSTL PowerShares Global Steel Portfolio 6 773 $8,588
26 UAG E-TRACS CMCI Agriculture TR ETN 12 518 $8,727
27 IPK SPDR S&P International Technology 8 559 $8,996
28 PWD PowerShares FTSE RAFI Europe Small Mid 18 1,014 $9,299
29 PHW PowerShares Dynamic Hrdwr & Cons Elec 40 1,300 $9,504
30 IST SPDR S&P International Telecom 8 564 $9,768
31 FUE Elements MLCX Biofuels ETN 14 1,468 $10,171
32 IRO Claymore/Zacks Dividend Rotation 17 1,036 $10,829
33 FDD First Trust DJ STOXX Select Dividend 30 19 1,273 $10,879
34 MZG Claymore/Mrngstr Manufact. SuperSector 20 827 $11,396
35 CZA Claymore/Zacks Mid-Cap Core ETF 24 818 $11,659
36 IFEU iShares FTSE/EPRA NAREIT Europe 17 677 $11,843
37 UEM Claymore U.S.-1-The Capital Markets 14 305 $11,942
38 JFT First Trust Enhanced 130/30 Large Cap ETN 10 609 $12,502
39 CRO Claymore/Zacks Country Rotation 21 1,236 $12,764
40 WMW Elements Mrngstr Wide Moat Focus ETN 18 2,155 $12,849
41 IPN SPDR S&P International Industrial 8 882 $13,506
42 USV E-TRACS CMCI Silver Total Return ETN 12 732 $13,598
43 IPD SPDR S&P International Consumer Discr 8 909 $14,973
44 EXB Claymore/Clear Global Exchanges & Brokers 21 1,845 $15,330
45 UBG E-TRACS CMCI Gold Total Return ETN 12 605 $15,592
46 MKH HOLDRS Merrill Lynch Market 2000+ 105 427 $15,881
47 PNXQ PowerShares Nasdaq Next Q 12 1,059 $16,343
48 EEN Claymore/Robeco Developed International 25 1,532 $16,486
49 GRU Elements MLCX Grains Total Return ETN 14 2,955 $16,944
50 MZN Claymore/Mrngstr Inform. SuperSector 20 1,232 $17,221
51 XGC Claymore/Great Companies Lg-Cap Growth 24 1,509 $17,321
52 DOY MacroShares $100 Oil Down 9 2,159 $17,555
53 IFNA iShares FTSE NAREIT North America 17 1,045 $18,197
54 LSO Elements MLCX Livestock ETN 12 2,398 $19,178
55 JJS iPath DJ AIG Softs ETN 9 573 $20,294
56 UCI E-TRACS CMCI Total Return ETN 12 1,405 $20,327
57 PQZ PowerShares Active Alpha Multi-Cap 12 1,732 $20,378
58 IPS SPDR S&P International Consumer Staples 8 1,105 $20,494
59 FGD First Trust DJ Global Select Dividend 16 1,986 $22,081
60 FUD E-TRACS CMCI Food Total Return ETN 12 1,209 $22,167
61 PRY PowerShares FTSE RAFI Intern. Real Estate 15 2,464 $22,832
62 PMA PowerShares Active Mega-Cap Portfolio 12 1,632 $25,243
63 EKH HOLDRS Europe 2001 100 659 $25,671
64 SZR WisdomTree Dreyfus S. African Rand 9 1,291 $25,928
65 GRI Cohen & Steers Global Realty Majors 11 1,518 $26,965
66 AGF PowerShares DB Agriculture Long ETN 12 1,723 $27,063
67 DEF Claymore/Sabrient Defender 28 1,823 $27,395
68 IRV SPDR S&P International Materials 8 2,014 $29,388
69 UBM E-TRACS CMCI Industrial Metals TR ETN 12 2,350 $30,626
70 IIH HOLDRS Internet Infrastructure 111 15,591 $30,682
71 IRY SPDR S&P International Health Care 8 1,473 $30,861
72 CSD Claymore/Clear Spin-Off ETF 28 3,086 $31,076
73 PBTQ PowerShares Global Biotech Portfolio 6 1,573 $31,300
74 DDI WisdomTree International Industrial 30 2,418 $31,447
75 PKOL PowerShares Global Coal Portfolio 6 2,450 $31,513
76 DOD Elements Dogs of the Dow Total Return ETN 17 7,827 $34,469
77 UOY MacroShares $100 Oil Up 9 10,468 $35,331
78 FVI First Trust Value Line Equity Allocation 28 3,173 $35,993
79 FXL First Trust Technology AlphaDex 23 3,723 $36,464
80 FXO First Trust Financials AlphaDex 23 5,577 $37,868
81 OTP Claymore/Ocean Tomo Patent 28 2,582 $38,221
82 FYX First Trust Small Cap Core AlphaDEX 23 2,741 $38,755
83 NUCL iShares S&P Global Nuclear Energy 9 1,359 $39,947
84 IPW SPDR S&P International Energy 8 2,123 $39,987
85 JJU iPath DJ AIG Aluminum ETN 9 1,955 $40,289
86 NFO Claymore/Sabrient Insider 31 2,964 $40,560
87 MZO Claymore/Mrngstr Services SuperSector 20 3,359 $40,853
88 FRI First Trust S&P REIT 23 6,659 $40,887
89 ADZ PowerShares DB Agriculture Short ETN 12 1,127 $41,724
90 PBS PowerShares Dynamic Media 46 6,727 $41,790
91 GRN iPath Global Carbon ETN 9 1,955 $42,128
92 RCD Rydex S&P Equal Weight Cons Discret 29 2,332 $42,432
93 FAB First Trust Multi Cap Value AlphaDEX 23 3,268 $42,614
94 DPU PowerShares DB Commodity Long ETN 11 3,391 $44,736
95 PRFG PowerShares FTSE RAFI Consumer Goods 31 1,745 $44,875
96 DRF WisdomTree International+C139 Financial 30 5,523 $45,285
97 FAD First Trust Multi Cap Growth AlphaDEX 23 2,745 $45,321
98 JYN iPath JPY/USD Exchange Rate ETN 23 745 $45,344
99 PGD Barclays Asian&Gulf Currency Reval. ETN 10 932 $45,877
100 PRFM PowerShares FTSE RAFI Basic Materials 31 1,736 $46,719
101 PDQ PowerShares Asia Pacific ex-Jpn Small-Mid 18 4,964 $47,308
102 RTL iShares FTSE NAREIT Retail 23 4,323 $47,500
103 PRFH PowerShares FTSE RAFI Health Care 31 1,414 $48,126
104 PTO PowerShares Auto Growth NFA 11 6,673 $48,568
105 BWV iPath CBOE S&P 500 BuyWrite Index ETN 23 1,477 $49,124
106 JJM iPath DJ AIG Industrial Metals ETN 17 2,177 $49,405
107 PNQI PowerShares Nasdaq Internet 10 3,314 $49,990
108 MDD SPDR S&P International Mid Cap 11 2,882 $50,242
109 RHM Rydex 2x S&P Health Care 10 1,332 $50,442
110 RZG Rydex S&P Smallcap 600 Pure Growth 37 2,418 $51,107
111 PEF PowerShares FTSE RAFI Europe 22 2,491 $52,390
112 QQXT First Trust Nasdaq-100 Ex-Technology 26 4,736 $52,608
113 LVL Claymore/BBD High Income 22 6,591 $53,687
114 GULF WisdomTree Middle East Dividend 9 4,500 $54,306
115 JJN iPath DJ AIG Nickel ETN 17 3,641 $54,817
116 JPP SPDR Russell/Nomura PRIME Japan 29 1,918 $54,943
117 FXR First Trust Industrials AlphaDex 23 6,691 $56,030
118 ERO iPath EUR/USD Exchange Rate ETN 23 1,118 $57,236
119 EEZ WisdomTree Earnings Top 100 Fund 26 2,505 $57,262
120 PDN PowerShares Dev Markets ex-US Small-Mid 18 4,927 $57,385
121 FXD First Trust Cons Discretionary AlphaDex 23 6,895 $58,222
122 RTM Rydex S&P Equal Weight Materials 29 2,305 $61,003
123 FNX First Trust Mid Cap Core AlphaDEX 23 4,109 $63,657
124 FRN Claymore/BNY Mellon Frontier Markets 10 6,327 $65,006
125 FXZ First Trust Materials AlphaDex 23 6,905 $65,296
126 RTW Rydex Inverse 2x S&P Technology 10 1,232 $66,154
127 PEJ PowerShares Dynamic Leisure & Enter 46 8,209 $66,179
128 BDG PowerShares DB Base Metals Lng ETN 10 5,023 $66,386
129 ICI iPath Optimized Currency Carry ETN 12 1,505 $66,744
130 WMH HOLDRS Wireless 102 1,977 $67,898
131 FFR FT FTSE EPRA/NAREIT Global Real Estate 19 4,118 $68,549
132 PVM PowerShares Dynamic Deep Value 28 5,459 $70,242
133 FIO iShares FTSE NAREIT Industrial Office 23 5,782 $70,765
134 PJO PowerShares FTSE RAFI Japan 22 2,636 $74,155
135 FTA First Trust Large Cap Value Opp AlphaDEX 23 6,118 $75,723
136 PGZ PowerShares Dynamic Aggressive Growth 28 5,450 $77,470
137 FXG First Trust Consumer Staples AlphaDex 23 6,064 $77,911
138 ADRU BLDRS Europe 100 ADR 78 6,045 $78,137
139 DNH WisdomTree Pacific Ex-Jap HY Equity 34 2,864 $79,056
140 PKN PowerShares Global Nuclear Energy 12 6,259 $79,990
141 RYJ Claymore/Raymond James Strong Buy Eq 7 8,764 $80,048
142 DBT WisdomTree International Technology 30 6,314 $80,790
143 PAO PowerShares Auto Balanced Growth NFA 11 10,168 $82,779
144 RYF Rydex S&P Equal Weight Financial 29 7,005 $83,029
145 PFP PowerShares Intl Listed Private Equity 18 12,695 $84,204
146 DEW WisdomTree Europe High-Yielding Equity 34 3,350 $86,820
147 HGI Claymore/Zacks Intl Yield Hog Index ETF 21 8,727 $88,380
148 PJG PowerShares Dynamic Mid Cap 28 6,500 $88,478
149 PUA PowerShares Dynamic Asia Pacific 22 8,382 $88,908
150 JJE iPath DJ AIG Energy ETN 17 3,905 $89,152
151 FXN First Trust Energy AlphaDex 23 9,382 $90,379
152 IPF SPDR S&P International Financial 8 8,300 $90,539
153 LD iPath DJ AIG Lead ETN 9 2,659 $91,543
154 BOS PowerShares DB Base Metals Sht ETN 10 2,155 $93,460
155 JYF WisdomTree Dreyfus Japan Yen 10 3,477 $93,521
156 PEZ PowerShares Dynamic Cons Discretionary 30 6,868 $93,650
157 PZJ PowerShares Zacks Small Cap 38 8,132 $93,820
158 PTJ PowerShares Dynamic Healthcare Services 30 7,323 $95,817
159 INY SPDR Barclays New York Muni Bond 18 4,655 $96,544
160 EMV SPDR DJ Wilshire Mid Cap Value 41 3,405 $97,069
161 PTE PowerShares Dynamic Telecom & Wireless 40 10,141 $97,073
162 RXI iShares S&P Global Consumer Discretionary 31 3,523 $98,847

Disclosure: no positions.

Source: ETF Deathwatch: April 2009