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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 (NYSEARCA:EEH) averaged just 170 shares and $1,611 per day in March. Grail McDonnell Intermediate Muni (NYSEARCA: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:

  1. Global X Brazil Financials ETF (NYSEARCA:BRAF): Although it enjoyed some early success, trading activity in BRAF has dried up the past three months, including multiple days with zero volume.
  2. UBS E-TRACS 1x Monthly Short Alerian MLP ETN (NYSEARCA: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.
  3. 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.
  4. ProShares Ultra Yen (NYSEARCA: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.

  1. Guggenheim Wilshire US REIT ETF (NYSEARCA:WREI)
  2. iPath DJ-UBS Lead ETN (NYSEARCA:LD)
  3. iShares MSCI Ireland Capped Investable Market (NYSEARCA:EIRL)
  4. iShares FTSE EPRA/NAREIT Europe (NASDAQ:IFEU)
  5. Jefferies|TR/J CRB Global Agriculture Equity (NASDAQ:CRBA)
  6. ProShares Ultra MSCI EAFE (NYSEARCA:EFO)
  7. ProShares Ultra Russell Midcap Value (NYSEARCA:UVU)
  8. SPDR Barclays International Corporate Bond (NYSEARCA: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.

Source: ETF Deathwatch List for April 2011: A Vanguard Fund Makes the List