Sixteen new names joined ETF Deathwatch for June. Eleven just emerged from the six-month grace period I give all new launches, while the other five have been around for a longer period of time. Seven products came off the list this month. The net increase of nine places the current count at 148, which is 13.3% of the eligible products.
Seven of the new members are among the New iPath ETNs With Indescribable Leverage introduced last November. I used to joke that Barclays must have sold its product marketing team to BlackRock as part of the iShares transaction. Now the humor is fading away as Barclays offers new products whose names have no logical connection to what the products really are.
The five new “aged” funds added this month are:
- HOLDRS Internet Infrastructure (IIH) – Has been around for more than 11 years yet currently has less than $12 million in assets and little trading activity. I believe the HOLDRS structure has outlived its usefulness.
- iShares FTSE NAREIT North America (IFNA) – This one is 3.5 years old, has $13.7 million in assets, and average daily volume of less than 1,400 shares.
- JPM Quarterly Double Short US Long Treasury Futures ETN (DSTJ) – This one traded only six days in May for a monthly total of only 2,300 shares. If you didn’t even know there was such a thing as JPMorgan inverse Treasury ETNs with dual reset mechanisms, that’s OK. Apparently no one else does either.
- PowerShares Dynamic Consumer Discretionary (PEZ) – This is the third PowerShares “Dynamic” ETF to go on Deathwatch. Aware of the problems, PowerShares intends to change the name, indexes, and ticker symbols for its suite of 10 Dynamic Style Box ETFs to FTSE RAFI Fundamental Pure Style Box ETFs effective 6/16/11.
- WisdomTree International Hedged Equity (HEDJ) – Has assets above $21 million, but trading activity rarely exceeds three digits. The “hedged” stands for currency-hedged, which has been a less than optimal strategy in the face of a declining dollar.
Twenty-five new ETPs came to market last November and were granted immunity from ETF Deathwatch the past six months. Fourteen show early signs of success. The other eleven do not, and join the list for June:
- iPath Long Enhanced MSCI EAFE Index ETN (MFLA) – This is a 2x leveraged ETN with no reset and fees of about 1.40% (review of iPath ETN product launch).
- iPath Long Enhanced MSCI Emerging Markets Index ETN (EMLB) – This is a 2x leveraged ETN with no reset and fees of about 1.40%.
- iPath Long Extended Russell 1000 TR Index ETN (ROLA) – A 3x leveraged ETN with no reset and fees of about 1.10%.
- iPath Short Enhanced MSCI EAFE Index ETN (MFSA) – This is a 2x leveraged inverse ETN with no reset and fees of about 2.55% (not a typo).
- iPath Short Enhanced MSCI Emerging Markets Index ETN (EMSA) – This is a 2x leveraged inverse ETN with no reset and fees of about 3.30% (not a typo).
- iPath Short Extended S&P 500 TR Index ETN (SFSA) – A 3x leveraged inverse ETN with no reset and fees of about 0.85%.
- iPath Short Extended Russell 1000 TR Index ETN (ROSA) – A 3x leveraged inverse ETN with no reset and fees of about 1.50%.
- PIMCO Broad U.S. Treasury Index Fund (TRSY) – This one only traded on five days in May and averages a pitiful 90 shares per day. I questioned the necessity of this fund when it launched. The PIMCO name is apparently not enough to thrive in this market.
- VelocityShares Daily 2x VIX Medium-Term ETN (TVIZ) – This is one of the two medium-term non-inverse products from newcomer VelocityShares' suite of volatility ETNs introduced in November.
- VelocityShares VIX Medium-Term ETN (VIIZ) – This is the other one of the two. Four other ETNs rolled out at the same time by VelocityShares are enjoying strong investor interest.
- UBS E-TRACS Wells Fargo MLP Index ETN (MLPW) – This one is probably too late arriving at the MLP party and doesn’t offer anything new.
The following seven products escaped from ETF Deathwatch for June:
- Barclays ETN+ Short D Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&P 500 Total Return Index – This came off the list because BXDD bit the dust. In case you are wondering, it was 3x inverse leverage with no-reset, or “Short D” in Barclays’ terminology. See what I mean about Barclays’ product naming?
- Barclays GEMS Currency Index ETN (JEM) – Assets swelled from below $5 million to nearly $90 million, an 18-fold increase. You can’t tell by trading activity though, as it only traded on one of the last five trading days in May. I have to wonder if someone made a typo when publishing the "shares outstanding" data on the Barclays website.
- iShares S&P Target Date 2020 Index Fund (TZG) – Assets still in the $17 million range but trading activity picked up the last three months.
- ProShares UltraShort DJ-UBS Commodity (CMD) – Saw a surge in both assets and trading activity from the commodity correction in May.
- PowerShares Active Low Duration (PLK) – Assets still in $11 million range but trading activity is picking up.
- RevenueShares Navellier Overall A-100 (RWV) – Assets still in $10 million range but trading activity is growing. The people at RevenueShares are extremely sensitive about ETF Deathwatch, so they should welcome this news.
- UBS E-TRACS CMCI Silver TR ETN (USV) – Assets still in $10 million range but trading activity picked up the past three months.
The ETF Deathwatch criteria produced the following list of 148 names for June:
ETF Deathwatch for June 2011
| # | Ticker Sym | ETF Name | Age (mths) | AUM (millions) | 3-mth Avg Daily $ Volume |
|---|---|---|---|---|---|
| 1 | DENT | AdvisorShares Dent Tactical ETF | 20.7 | $17.6 | $77,530 |
| 2 | AADR | AdvisorShares WCM/BNY Mellon Foc Gr ADR | 10.5 | $8.8 | $66,965 |
| 3 | PGD | Barclays Asian&Gulf Currency Reval. ETN | 35.9 | $4.1 | $12,589 |
| 4 | BXDC | Barclays ETN+ S&P 500 2x Short C 2009 ETN | 18.6 | $1.9 | $319,877 |
| 5 | ADRU | BLDRS Europe 100 ADR | 104.0 | $21.7 | $84,089 |
| 6 | GCE | Claymore CEF Index GS Connect ETN | 42.3 | $3.7 | $27,181 |
| 7 | GVT | Columbia Concentrated Large Cap Value Strat | 25.2 | $3.3 | $3,913 |
| 8 | GMTB | Columbia Core Bond Strategy Fund | 16.2 | $5.2 | $12,105 |
| 9 | RPX | Columbia Growth Equity Strategy Fund | 20.2 | $1.7 | $77,917 |
| 10 | GMMB | Columbia Intermediate Municipal Bond Strategy | 16.2 | $5.1 | $11,860 |
| 11 | RWG | Columbia Large-Cap Growth Equity | 20.2 | $11.6 | $149,169 |
| 12 | XRU | CurrencyShares Russian Ruble Shares | 31.1 | $8.9 | $162,350 |
| 13 | BRIS | Direxion Daily BRIC Bear 2x | 14.9 | $2.5 | $43,540 |
| 14 | BRIL | Direxion Daily BRIC Bull 2x | 14.9 | $4.4 | $227,379 |
| 15 | INDZ | Direxion Daily India Bear 2x | 14.9 | $4.2 | $388,868 |
| 16 | LHB | Direxion Daily Latin America Bear 3x | 18.1 | $3.2 | $279,971 |
| 17 | GASX | Direxion Daily Natural Gas Related Bear 2x | 10.7 | $1.8 | $81,002 |
| 18 | RETS | Direxion Daily Retail Bear 2x | 10.7 | $2.3 | $106,707 |
| 19 | RETL | Direxion Daily Retail Bull 2x | 10.7 | $6.2 | $82,965 |
| 20 | EFN | EGS DJ Emerging Markets Financials Titans | 20.7 | $8.4 | $100,386 |
| 21 | BVL | ELEMENTS Ben Graham Large Cap Value ETN | 34.0 | $0.6 | $2,335 |
| 22 | BSC | ELEMENTS Ben Graham Small Cap Value ETN | 34.0 | $1.8 | $19,565 |
| 23 | BVT | ELEMENTS Ben Graham Total Mkt Value ETN | 34.0 | $3.1 | $49,441 |
| 24 | GWO | ELEMENTS CS Global Warming ETN | 38.4 | $3.7 | $74,289 |
| 25 | DOD | ELEMENTS Dogs of the Dow Total Return ETN | 43.3 | $4.9 | $62,638 |
| 26 | FUE | ELEMENTS MLCX Biofuels ETN | 40.3 | $9.2 | $234,687 |
| 27 | WMW | ELEMENTS Morningstar Wide Moat Focus ETN | 44.0 | $11.1 | $107,577 |
| 28 | EEH | ELEMENTS Spctrm LgCap US Sector Mo ETN | 46.6 | $1.2 | $2,511 |
| 29 | FZB | FaithShares Baptist Values Fund | 17.7 | $1.5 | $6,461 |
| 30 | FCV | FaithShares Catholic Values Fund | 17.9 | $3.2 | $28,499 |
| 31 | FOC | FaithShares Christian Values Fund | 17.9 | $3.2 | $24,248 |
| 32 | FKL | FaithShares Lutheran Values Fund | 17.7 | $1.5 | $8,177 |
| 33 | FMV | FaithShares Methodist Values Fund | 17.9 | $1.6 | $15,896 |
| 34 | FDD | First Trust DJ STOXX European Select Div | 45.7 | $12.1 | $51,897 |
| 35 | QABA | First Trust NASDAQ ABA Community Bank | 23.3 | $13.7 | $71,318 |
| 36 | FVI | First Trust Value Line Equity Allocation | 54.6 | $7.4 | $69,343 |
| 37 | BRAF | Global X Brazil Financials ETF | 10.2 | $9.6 | $45,625 |
| 38 | CHIB | Global X China Technology ETF | 17.9 | $7.3 | $123,331 |
| 39 | GIY | Guggenheim Enhanced Core Bond ETF | 40.1 | $19.9 | $3,733 |
| 40 | GSY | Guggenheim Enhanced Ultra-Short Bond ETF | 40.1 | $5.3 | $20,837 |
| 41 | EEN | Guggenheim EW Euro-Pacific LDRs ETF | 51.7 | $3.1 | $30,253 |
| 42 | XGC | Guggenheim International Small Cap LDRs | 50.6 | $10.9 | $56,100 |
| 43 | OTR | Guggenheim Ocean Tomo Growth Index ETF | 50.7 | $6.1 | $40,637 |
| 44 | OTP | Guggenheim Ocean Tomo Patent ETF | 54.3 | $11.1 | $255,774 |
| 45 | WXSP | Guggenheim Wilshire 4500 Completion ETF | 14.9 | $6.5 | $17,671 |
| 46 | WFVK | Guggenheim Wilshire 5000 Total Market ETF | 14.9 | $6.1 | $82,786 |
| 47 | EKH | HOLDRS Europe 2001 | 126.2 | $4.9 | $12,740 |
| 48 | IIH | HOLDRS Internet Infrastructure | 137.1 | $11.7 | $51,472 |
| 49 | MKH | HOLDRS Merrill Lynch Market 2000+ | 130.9 | $13.0 | $35,800 |
| 50 | WMH | HOLDRS Wireless | 128.8 | $15.2 | $24,364 |
| 51 | ERO | iPath EUR/USD Exchange Rate ETN | 49.4 | $17.5 | $278,074 |
| 52 | GBB | iPath GBP/USD Exchange Rate ETN | 49.4 | $2.7 | $32,807 |
| 53 | GRN | iPath Global Carbon ETN | 35.7 | $3.8 | $52,257 |
| 54 | EMLB | iPath Long Enh 2x MSCI Emerging Mkts ETN | 6.1 | $5.5 | $131,679 |
| 55 | MFLA | iPath Long Enhanced MSCI EAFE Index ETN | 6.1 | $5.1 | $129,211 |
| 56 | ROLA | iPath Long Ext 3x Russell 1000 TR ETN | 6.1 | $5.7 | $28,629 |
| 57 | EMSA | iPath Short Enh -2x MSCI Emerging Mkts ETN | 6.1 | $4.9 | $173,035 |
| 58 | MFSA | iPath Short Enhanced MSCI EAFE Index ETN | 6.1 | $3.2 | $88,860 |
| 59 | ROSA | iPath Short Ext -3x Russell 1000 TR ETN | 6.1 | $2.5 | $29,471 |
| 60 | SFSA | iPath Short Ext -3x S&P 500 TR Index ETN | 6.1 | $2.5 | $456,859 |
| 61 | TWON | IQ Taiwan Small Cap | 12.6 | $4.5 | $81,439 |
| 62 | MUAE | iShares 2016 S&P AMT-Free Muni Series | 17.0 | $20.8 | $88,717 |
| 63 | IFNA | iShares FTSE NAREIT North America | 43.0 | $13.7 | $52,261 |
| 64 | AXDI | iShares MSCI ACWI ex US Consumer Discr | 10.6 | $6.7 | $107,867 |
| 65 | AXSL | iShares MSCI ACWI ex US Consumer Staples | 10.6 | $3.3 | $43,081 |
| 66 | AXEN | iShares MSCI ACWI ex US Energy | 10.6 | $6.6 | $87,259 |
| 67 | AXFN | iShares MSCI ACWI ex US Financials | 16.5 | $2.5 | $6,327 |
| 68 | AXHE | iShares MSCI ACWI ex US Health Care | 10.6 | $3.2 | $85,298 |
| 69 | AXID | iShares MSCI ACWI ex US Industrials | 10.6 | $6.4 | $223,568 |
| 70 | AXIT | iShares MSCI ACWI ex US Info Technology | 10.6 | $5.9 | $80,117 |
| 71 | AXMT | iShares MSCI ACWI ex US Materials | 10.6 | $6.9 | $251,230 |
| 72 | AXTE | iShares MSCI ACWI ex US Telecom Services | 10.6 | $3.1 | $71,441 |
| 73 | AXUT | iShares MSCI ACWI ex US Utilities | 10.6 | $5.4 | $76,147 |
| 74 | EMFN | iShares MSCI Emerging Markets Financials | 16.5 | $23.1 | $166,410 |
| 75 | FEFN | iShares MSCI Far East Financials Sector | 16.5 | $2.5 | $10,418 |
| 76 | EUSA | iShares MSCI USA Index Fund | 13.0 | $1.4 | $26,114 |
| 77 | TZD | iShares S&P Target Date 2010 Index Fund | 31.3 | $4.8 | $50,273 |
| 78 | TZE | iShares S&P Target Date 2015 Index Fund | 31.3 | $10.1 | $50,610 |
| 79 | TZI | iShares S&P Target Date 2025 Index Fund | 31.3 | $12.3 | $52,768 |
| 80 | TZL | iShares S&P Target Date 2030 Index Fund | 31.3 | $12.5 | $63,995 |
| 81 | TZO | iShares S&P Target Date 2035 Index Fund | 31.3 | $7.2 | $33,145 |
| 82 | TZV | iShares S&P Target Date 2040 Index Fund | 31.3 | $14.5 | $76,662 |
| 83 | TGR | iShares S&P Target Date Retirement Inc. | 31.3 | $6.1 | $31,876 |
| 84 | CRBI | Jefferies|TR/J CRB Global Ind Metals Equity | 19.4 | $6.9 | $67,551 |
| 85 | DSXJ | JPM Qtrly Dbl Short US 10-Yr Treas Fut ETN | 7.9 | $9.9 | $73,289 |
| 86 | DSTJ | JPM Qtrly Dbl Short US Long Treas Fut ETN | 7.9 | $10.5 | $35,659 |
| 87 | JFT | KEYnotes FT Enhanced 130/30 Large Cap ETN | 36.8 | $3.8 | $8,063 |
| 88 | URR | Market Vectors Double Long Euro ETN | 37.3 | $1.1 | $80,999 |
| 89 | INR | Market Vectors Indian Rupee/USD ETN | 39.0 | $7.7 | $64,345 |
| 90 | NASI | Pax MSCI North America ESG Index | 12.6 | $2.9 | $41,517 |
| 91 | TRSY | PIMCO Broad U.S. Treasury Index Fund | 7.0 | $9.9 | $6,745 |
| 92 | PQZ | PowerShares Active Alpha Multi-Cap | 38.2 | $3.9 | $39,024 |
| 93 | PMA | PowerShares Active Mega-Cap Portfolio | 38.1 | $5.5 | $53,910 |
| 94 | LBND | PowerShares DB 3x Long 25+ Treas ETN | 11.2 | $3.6 | $26,826 |
| 95 | ADZ | PowerShares DB Agriculture Short ETN | 38.0 | $2.3 | $34,883 |
| 96 | BDG | PowerShares DB Base Metals Long ETN | 36.0 | $1.9 | $15,991 |
| 97 | BOS | PowerShares DB Base Metals Short ETN | 35.9 | $3.0 | $41,750 |
| 98 | DEE | PowerShares DB Commodity Dbl Short ETN | 37.6 | $3.2 | $116,126 |
| 99 | DPU | PowerShares DB Commodity Long ETN | 37.6 | $7.9 | $55,523 |
| 100 | DDP | PowerShares DB Commodity Short ETN | 37.6 | $2.7 | $71,332 |
| 101 | PEZ | PowerShares Dynamic Cons Discretionary | 56.4 | $20.6 | $81,180 |
| 102 | PIC | PowerShares Dynamic Insurance | 68.1 | $9.3 | $152,128 |
| 103 | PJM | PowerShares Dynamic Small Cap | 54.7 | $17.4 | $65,860 |
| 104 | PSTL | PowerShares Global Steel Portfolio | 32.7 | $5.6 | $157,247 |
| 105 | PTO | PowerShares Ibbotson Alternative Completion | 36.9 | $9.1 | $52,665 |
| 106 | PYH | PowerShares Morningstar StockInvestor Core | 54.7 | $17.2 | $74,048 |
| 107 | PSCM | PowerShares S&P SmallCap Materials | 14.0 | $3.0 | $35,398 |
| 108 | SBM | ProShares Short Basic Materials | 14.6 | $5.3 | $368,351 |
| 109 | UPV | ProShares Ultra MSCI Europe | 13.2 | $4.2 | $90,328 |
| 110 | UMX | ProShares Ultra MSCI Mexico Investable Mkt | 13.2 | $2.1 | $61,915 |
| 111 | UXJ | ProShares Ultra MSCI Pacific Ex-Japan | 13.2 | $4.0 | $157,231 |
| 112 | BIB | ProShares Ultra Nasdaq Biotechnology | 13.9 | $20.2 | $725,026 |
| 113 | UWC | ProShares Ultra Russell3000 | 23.3 | $8.9 | $60,906 |
| 114 | YCL | ProShares Ultra Yen | 30.6 | $3.3 | $296,679 |
| 115 | SMDD | ProShares UltraPro Short S&P MidCap400 | 15.8 | $9.5 | $1,140,914 |
| 116 | RXD | ProShares UltraShort Healthcare | 52.7 | $3.2 | $68,130 |
| 117 | SMK | ProShares UltraShort MSCI Mexico | 23.7 | $2.5 | $47,305 |
| 118 | JPX | ProShares UltraShort MSCI Pacific ex-Japan | 23.7 | $7.1 | $93,479 |
| 119 | BIS | ProShares UltraShort Nasdaq Biotechnology | 13.9 | $1.8 | $93,557 |
| 120 | SFK | ProShares UltraShort Russell 1000 Growth | 51.9 | $4.3 | $122,929 |
| 121 | SJF | ProShares UltraShort Russell 1000 Value | 51.9 | $2.2 | $50,400 |
| 122 | SDK | ProShares UltraShort Russell Midcap Growth | 51.9 | $2.5 | $114,740 |
| 123 | SJL | ProShares UltraShort Russell Midcap Value | 51.9 | $1.8 | $44,167 |
| 124 | TWQ | ProShares UltraShort Russell3000 | 23.3 | $1.4 | $55,645 |
| 125 | TLL | ProShares UltraShort Telecom | 38.7 | $2.1 | $53,214 |
| 126 | SDP | ProShares UltraShort Utilities | 52.7 | $4.0 | $89,000 |
| 127 | KME | SPDR KBW Mortgage Finance ETF | 25.4 | $4.1 | $38,812 |
| 128 | VRD | SPDR Nuveen S&P VRDO Municipal Bond ETF | 20.5 | $9.0 | $83,848 |
| 129 | IPF | SPDR S&P International Financial | 34.7 | $7.4 | $107,616 |
| 130 | IRY | SPDR S&P International Health Care | 34.7 | $15.4 | $146,191 |
| 131 | IPU | SPDR S&P International Utilities | 34.7 | $8.3 | $34,669 |
| 132 | TDD | TDX Independence 2010 | 44.6 | $14.4 | $41,327 |
| 133 | TDX | TDX Independence In-Target | 44.6 | $15.9 | $46,452 |
| 134 | MLPS | UBS E-TRACS 1x Mthly Short Alerian MLP ETN | 8.1 | $8.5 | $51,994 |
| 135 | MLPG | UBS E-TRACS Alerian Natural Gas MLP ETN | 10.7 | $13.3 | $90,019 |
| 136 | UBN | UBS E-TRACS CMCI Energy TR ETN | 38.4 | $3.4 | $15,210 |
| 137 | UBG | UBS E-TRACS CMCI Gold TR ETN | 38.4 | $7.7 | $29,206 |
| 138 | UBM | UBS E-TRACS CMCI Industrial Metals TR ETN | 38.4 | $6.6 | $35,429 |
| 139 | UBC | UBS E-TRACS CMCI Livestock TR ETN | 38.4 | $4.8 | $14,668 |
| 140 | PTD | UBS E-TRACS CMCI Short Platinum ER ETN | 37.2 | $3.1 | $1,749 |
| 141 | SPGH | UBS E-TRACS S&P 500 Gold Hedged Idx ETN | 16.3 | $13.6 | $38,814 |
| 142 | MLPW | UBS E-TRACS Wells Fargo MLP Index ETN | 7.0 | $18.3 | $50,109 |
| 143 | IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 8.8 | $6.4 | $74,784 |
| 144 | TVIZ | VelocityShares Daily 2x VIX Med-Term ETN | 6.1 | $3.5 | $87,769 |
| 145 | VIIZ | VelocityShares VIX Medium-Term ETN | 6.1 | $3.5 | $25,361 |
| 146 | EU | WisdomTree Dreyfus Euro | 37.1 | $9.9 | $82,609 |
| 147 | JYF | WisdomTree Dreyfus Japan Yen | 36.8 | $6.4 | $70,032 |
| 148 | HEDJ | WisdomTree International Hedged Equity | 17.2 | $21.7 | $59,754 |
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.
