Short interest for ProShares Short High Yield gives investors a sense of the degree to which investors are betting on the decline of ProShares Short High Yield's stock. Short interest data is updated every two weeks.

ProShares Short High Yield (ARCA:SJB), Short Interest Report

ProShares Short High Yield

Analyst Color

Long Ideas

News

Bonds

Short Ideas

New ETFs

Markets

Trading Ideas

ETFs

A New Way To Be Bearish On Junk Bonds

Specialty ETFs

Intraday Update

The Seasonal Trade You&#39;re Not Thinking Of But Should Be

This Junk Bond ETF Is Packing On The Assets

Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, is introducing an inverse, double-leveraged junk bond ETF. The Direxion Daily High Yield Bear 2X Shares (NYSE: HYDD) comes to market today.

	The Direxion Daily High Yield Bear 2X Shares will attempt to deliver twice the daily inverse performance of the Barclays U.S. High Yield Very Liquid Index.

	That index &quot;is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market. The US High Yield VLI uses the same eligibility criteria as the US Corporate High Yield Index, but includes only the three largest bonds from each issuer that have a minimum amount outstanding of USD500mn and less than five years from issue date. The index also limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis,&quot; <a href="https://index.barcap.com/Home/Guides_and_Factsheets">according to Barclays</a>.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/06/8103430/s-p-500-technical-bear-trap-rekindles-debate-over-the-va">S&amp;P 500 Technical Bear Trap Rekindles Debate Over The Validity Of Chart Patterns</a></bzrelatedlink>

	More than 80 percent of the issues held in that index are rated Ba or B on the Moody&#39;s ratings scale.

	HYDD will compete with the ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>), the established bearish junk bond ETF on the market. However, SJB isn&#39;t a leveraged product.

	HYDD is the second new ETF from Direxion to debut in the past week. Last week, the firm rolled out the Direxion Daily S&amp;P 500 Bear 1X Shares (NYSE: SPDN), an inverse though not leveraged play on the S&amp;P 500.

	So if SPDN behaves intended, on days when the S&amp;P 500 falls 1 percent, the new Direxion ETF should rise by that amount.

The iShares iBoxx $ High Yid Corp Bond (ETF) (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>) and the SPDR Barclays Capital High Yield Bnd ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>), the two largest high-yield corporate bond exchange-traded funds by assets, are down an average of 4 percent, but those declines only tell part of the story.
Amid a spate of energy issuer defaults and <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5996195/going-high-class-with-a-junk-bond-etf">downbeat performances</a> by CCC-rated issues, tensions are running high in the U.S. junk bond market.
<h3>Recent Volume Increases In HYG And JNK</h3>
Those tensions have translated into enormous volume increases for HYG and JNK, leading to days in which both ETFs were found among the most traded securities on U.S. exchanges.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/12/6035829/amid-increased-activity-big-junk-bond-etf-holds-its-ground">Amid Increased Activity, Big Junk Bond ETF Holds Its Ground</a></bzrelatedlink>
As highlighted by outflows from HYG and JNK<a href="http://www.benzinga.com/news/15/12/6043631/this-junk-bond-etf-is-packing-on-the-assets"> and inflows</a> to the ProShares Short High Yield ETF (ProShares Trust (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>)), some bearish traders have recently had their ways with junk bond ETFs; however, a case can be made that short high-yield is becoming a crowded trade. And if the trade gets too crowded, a rip-your-face-off rally could ensue. As it is, the calendar sets up nicely for junk bonds to rally in January.
In a note out Tuesday, <a href="https://rareviewmacro.com/">Rareview Macro</a> founder Neil Azous, citing JPMorgan data, pointed out that January is often kind to junk bonds.
&ldquo;If you are looking for where the beta is on a relief in high yield or unwind of hedges following the FOMC meeting (on a very dovish outcome) small caps are likely to win out. Additionally, for reasons we have seen in December so far it is no wonder why the best month of performance for high yield is historically in January,&rdquo; said Azous. 
<h3>Historical Performance Of High-Yield Bonds In January</h3>
Over the past 29 years, U.S. high-yield bonds have returned an average of 1.76 percent in January, according to the JPMorgan data cited by Azous. Of course, seasonality is not a guarantee of future returns; for instance, over that period, December was the third-best month for junk bonds.
HYG traded a record $2 billion in the secondary market last Wednesday following a day of elevated volume in traditional trading. HYG&#39;s secondary market volume soared to $4.3 billion last Friday, <a href="https://www.ishares.com/us/products/239565/HYG">according to BlackRock data</a>. However, some of that volume included, not surprisingly, increased borrows of HYG shares by short sellers. Thing is, those short sellers <a href="http:// http://www.benzinga.com/trading-ideas/long-ideas/15/12/6047146/fed-meeting-influences-etf-traders-short-selling-decisions">could be punished</a> if they are not careful.
<h3>'Wrong Way First'</h3>
&ldquo;Collectively, if you believe in relief or counter-trend trading, these make for classic &#39;Wrong Way First&#39; (&lsquo;WWF&rsquo;) trades come January 1. For those not familiar with this term, WWF refers to the risk the professional investment community is exposed to at the beginning of every New Year &ndash; that is, the first trade will be a reversal in the consensus positioning and that will inflict severe PnL duress,&rdquo; added Azous.

Image Credit: <a href="https://pixabay.com/en/sleigh-ride-horses-the-horse-winter-549727/">Public Domain</a>

The Seasonal Trade You're Not Thinking Of But Should Be

We&#39;ll take a leap of faith here and assume that investors not living in caves have heard something about the chaos going on in the high-yield bond market. From December 4 through December 11, the SPDR Barclays Capital High Yield Bnd ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>), the second-largest high-yield corporate bond exchange-traded fund, bled over $1 billion in assets. Only the SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) lost more assets over that period.
During a year in which energy issuers are once again challenged and CCC-rated (or lower) debt has become increasingly risky and high-yield bond market participants are becoming increasingly skittish about defaults by energy issuers, it probably is not surprising that junk bond market volatility is once again on the rise.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/12/6043622/you-might-not-like-the-results-but-this-junk-bond-etf-is-beha">You Might Not Like The Results, But This Junk Bond ETF Is Behaving As Expected</a></bzrelatedlink>
As Benzinga previously reported, the iShares iBoxx $ High Yid Corp Bond (ETF) (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>), the largest junk bond ETF by assets, traded $2 billion in the secondary market last Tuesday. Last Friday, dollar volume in HYG surged past $4 billion, making the ETF one of the day&#39;s most <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/12/6035829/amid-increased-activity-big-junk-bond-etf-holds-its-ground">heavily traded securities</a>.
<h3>Inverse, Not Leveraged And Packing On Assets</h3>
In other words, these are the days for the ProShares Short High Yield ETF (ProShares Trust (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>)). Inverse though not leveraged, SJB attempts to deliver the daily inverse performance of the Markit iBoxx $ Liquid High Yield Index. That is the same index tracked by HYG.
Among junk bond ETFs, SJB does not get much attention until that asset starts providing investors with cause for concern, as is currently happening. 
&ldquo;A 4.5 percent 2016 high yield default rate equates to $66 billion of defaults and would be the fourth highest default total since 2000. This would be close to the $78 billion amassed in 2001 but well below the record $119 billion posted in 2009,&rdquo; said Fitch Ratings in a note posted by Amey Stone of <a href="http://blogs.barrons.com/incomeinvesting/2015/12/09/energy-sector-default-rate-to-hit-11-in-2016/">Barron&rsquo;s</a>. 
<h3>Tale Of The Tape</h3>
Here is the tale of the tape illustrating SJB&#39;s popularity. Year-to-date, the inverse junk bond ETF has taken in nearly $130 million in new assets, $51.4 million of have arrived in the current quarter and more than $13 million of which raced into the ETF in just the past week. Those are not massive numbers, but consider this: <a href="http://www.proshares.com/media/fact_sheet/ProSharesFactSheetSJB.pdf">According to issuer data</a>, SJB had just $152.5 million in assets under management at the end of the third quarter, meaning a significant chunk of that AUM total has flowed into the ETF this year.
Not surprisingly, volume has been surging in SJB as highlighted by last Friday&#39;s showing when turnover in the ETF was nearly quadruple the trailing 90-day average. However, it should be noted: SJB is not perfect. The ETF is up 3.9 percent over the past month, while HYG is lower by nearly 4.5 percent over the same period.
Image Credit: <a href="https://pixabay.com/en/macbook-laptop-computer-office-924157/">Public Domain</a>

A big reason for the recent surge in activity (and volatility) surrounding high-yield corporate bond exchange traded funds, such as the iShares iBoxx $ High Yield Corp Bond ETF (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>) and the SPDR Barclays High Yield Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>), is increasing concern that the junk bond market will soon be awash in a spate of defaults by energy sector issuers.

	&nbsp;

	Citing Fitch Ratings, <a href="http://blogs.barrons.com/incomeinvesting/2015/12/09/energy-sector-default-rate-to-hit-11-in-2016/">Barron&#39;s posted this ominous data point</a> last week: &ldquo;Fitch Ratings predicts in a Wednesday report that the energy sector&rsquo;s default rate will surge to 11% in 2016 &mdash; higher than the 9.7% rate from 1999. It forecasts the U.S. corporate default rate will rise to 4.5% next year.&rdquo;&nbsp;

	&nbsp;

	Oil&#39;s ongoing downward spiral is exposing cash-strapped exploration and production that had difficulty turning profits when crude was at $60 and $70 per barrel. West Texas Intermediate futures closed at $35.35 per barrel last Friday. That is one reason investors are departing JNK, the second-largest junk bond ETF in droves. And it explains why the previously anonymous ProShares Short High Yield ETF (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>) is currently the talk of the junk bond ETF universe. 

	&nbsp;

	Inverse though not leveraged, SJB attempts to deliver the daily inverse performance of the Markit iBoxx $ Liquid High Yield Index. That is the same index tracked by HYG.

	&nbsp;

	Fortunately for SJB and unfortunately for the other ETFs mentioned here, additional data points suggest more pain is coming for junk energy issues.

	&nbsp;

	&ldquo;Some high yield bond funds are reeling with the impact of the price of oil on energy related companies with debt. &nbsp;The <a href="http://us.spindices.com/indices/fixed-income/sp-isda-cds-us-energy-select-10-otr-index" target="_blank">S&amp;P 500 Energy Corporate Bond Index</a>, tracking over $255 billion in debt, is down over 6% year-to-date while the overall <a href="http://us.spindices.com/indices/fixed-income/sp-500-bond-index" target="_blank">S&amp;P 500 Bond Index</a> remains in positive territory.&nbsp; Energy bonds have been less volatile than the stock of these companies but a 6% drop is painful for bond investors,&rdquo; said S&amp;P Dow Jones Indices Managing Director and Global Head of Fixed Income J.R. Rieger <a href="http://www.indexologyblog.com/2015/12/11/the-rieger-report-cost-of-buying-default-protection-in-energy-sector-up-185/">in a recent note</a>.&nbsp;

	&nbsp;

	Indeed, the 6 percent year-to-date loss by the S&amp;P 500 Energy Corporate Bond Index is a lot better than the 22 percent shed by the Energy Select Sector SPDR ETF (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>). XLE, the largest equity-based energy ETF, is the worst performer among the nine established sector SPDRs by a wide margin this year. However, it should be noted the S&amp;P 500 Energy Corporate Bond Index debuted in July, implying that if the benchmark had been around all of this year, <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/12/6039679/using-leveraged-energy-etfs-as-rising-rates-plays">its losses would be much more significant</a>.&nbsp;

	&nbsp;

	Ominous is the rising cost of energy issuer credit default swaps traders use to guard issuer default.

	&nbsp;

	&ldquo;More telling is how the credit markets are viewing the cost of buying default protection on the debt of energy related companies.&nbsp; The cost of buying default protection has risen by 185% since May 1st, 2015 indicating the credit markets are expecting more distress in the sector over the near term.&nbsp; Based on the index the cost per $100,000 of protection on May 1, 2015 was $2,130 and the cost per $100,000 of protection on December 10th was $6,080,&rdquo; adds Rieger.

Sector ETFs

Pre-Market Outlook

More Troubling Energy News For Junk Bond ETFs

Warnings about leveraged ETFs are easy to find and deriding this sub-sector of the exchange-traded products universe has become something of a sport for some.

	Some of the criticism is warranted and those critiques provide a segue to the most important point about leveraged ETFs: These are not long-term investment vehicles.

	Issues of these products, such as ProShares and Direxion, highlight as much <a href="http://direxionshares.com/etf_landing/index.html?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=Direxion-Brand&amp;utm_term=direxion&amp;utm_content=A&amp;gclid=CKiYpaLDka0CFWHatgodMUEkQg">on their Web sites</a>. Those are places traders new to leveraged ETFs should visit before jumping into these funds.

	With all that in mind, the point here is examine a few leveraged ETFs that have the makings of excellent second-half trades. Emphasis on "trades." Let's get to those trades with the gentle reminder that no one should be holding leveraged ETFs, bullish or bearish funds, the way Warren Buffett holds onto shares of Coca-Cola (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>).

	ProShares UltraShort Utilities (NYSE: <a class="ticker" href="/stock/sdp#NYSE">SDP</a>) 
	There are scores of leveraged sector ETFs that are popular. Examples include the Direxion Daily Financial Bull 3X Shares (NYSE: <a class="ticker" href="/stock/fas#NYSE">FAS</a>) and the ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>), but investors may not be aware that they can establish a bearish, twice-leveraged view of utilities stocks.

	Enter SDP, which could prove to be a worthwhile trade for the remainder of July. As <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3718915/a-look-ahead-this-weeks-etfs-to-watch">has been noted</a>, the Utilities Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlu#NYSE">XLU</a>) is usually the worst-performing of the sector SPDR ETFs in the month of July. To be fair, factor in today's 1.5 percent and XLU is slightly higher on the month.

	Investors should note SDP is not an inverse play on XLU. Rather, SDP seeks to deliver twice the daily inverse performance of the Dow Jones U.S. Utilities Index, the index tracked by the iShares U.S. Utilities ETF (NYSE: <a class="ticker" href="/stock/idu#NYSE">IDU</a>).

	ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>) 
	We pointed out <a href="http://www.benzinga.com/markets/bonds/13/06/3646876/traders-finally-discover-obscure-inverse-junk-bond-etf">in early June</a> that traders were finally discovering SJB, the lone inverse though not leveraged junk bond ETF. That article ran on June 4 and since then, the SPDR Barclays Junk Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>) and the iShares iBoxx $ High Yield Corporate Bond ETF (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>) are each down about three percent.

	SJB is up just 1.3 percent over that same time, but the erosion of the long junk bond trade is gaining steam. Since the start of June, nearly $818 million has been pulled out of HYG, the ETF SJB is designed to be the inverse equivalent of.

	Direxion Daily Brazil Bear 3X Shares (NYSE: <a class="ticker" href="/stock/brzs#NYSE">BRZS</a>) 
	There is substantial risk involved with the ProShares UltraShort MSCI Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), the double-leveraged, bearish equivalent of the iShares MSCI Brazil ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>). So to say the newly minted Direxion Daily Brazil 3X Shares is not for the faint of heart is an understatement.

	Direxion introduced <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/04/3484301/direxion-rolls-out-leveraged-brazil-south-korea-etfs">a bullish equivalent to BRZS</a>, the Direxion Daily Brazil Bull 3X Shares (NYSE: <a class="ticker" href="/stock/brzu#NYSE">BRZU</a>) in early April and with the myriad woes faced by Brazilian stocks, it is fair to say the timing of BRZU's debut was poor.

	That means the opposite is true for BRZS. Data from Yahoo Finance indicate BRZS had more than doubled from early May through last Friday. If Brazilian stocks <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/07/3732895/a-look-ahead-this-weeks-etfs-to-watch">stay on their current dismal trajectory</a>, BRZS is an alluring short-term trade.

	Here is the dark side: EWZ is up about one percent today, but BRZS is down almost five percent. In theory, BRZS should only be down three percent if EWZ is up one percent.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Emerging Markets

Emerging Market ETFs

BRZS

BRZU

iShares Trust Dow Jones US Utilities Sector Index Fund

Three Inverse ETFs For The Second Half

Stocks are soaring on Friday on the back of a "just right" jobs report. The addition of 175,000 new jobs last month beat estimates, but was not so good that the Federal Reserve needs to consider immediately ending quantitative easing. As perverse as that logic is, there is no getting around the fact that stocks are up today and in a satisfy-me-now type of world, that is all most traders care about.

	Assuming today's gains hold, or are built upon, the S&amp;P 500 will be in the green over the past month, no small feat given the index's dismal end to last month. However, one good day for stocks does not mean every asset class or sector is worth dancing with.

	There are pockets of weakness in this market that make some inverse ETFs increasingly alluring in the near-term and it should be emphasized the following unheralded inverse plays are meant to be just that: Short-term trades.

	ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>) 
	As was <a href="http://www.benzinga.com/markets/bonds/13/06/3646876/traders-finally-discover-obscure-inverse-junk-bond-etf">noted earlier this week</a>, traders are finally discovering SJB and their timing looks good. Amid concerns about rising interest rates and moves away from riskier assets, investors are looking to reduce duration in their fixed income portfolios or parting ways with junk bonds altogether.

	Professional traders have previously shorted the SPDR Barclays Capital High Yield Bond (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>) because of its tracking error as a way of establishing bearish positions in junk bond ETFs. No need to do that when one can just be long SJB. SJB, which is not leveraged, seeks daily investment results that are the inverse of the Markit iBoxx $ Liquid High Yield Index. That is the index tracked by the iShares iBoxx $ High Yield Corporate Bond Fund (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>).

	ProShares UltraShort Australian Dollar (NYSE: <a class="ticker" href="/stock/croc#NYSE">CROC</a>) 
	Simply put, the Australian dollar is under siege. The world's 12th-largest economy is slowing. The Reserve Bank of Australia is slashing interest rates and the unwinding of the carry trade is punishing the Aussie. Not to mention the fact that hedge funds are practically tripping over themselves to <a href="http://blogs.wsj.com/moneybeat/2013/06/06/long-line-to-short-australian-dollar-blackrock-says/">short the Aussie</a>.

	The Aussie has fallen about nine percent against the U.S. dollar since early May and that slide has sent traders running into CROC. The, which turns one next month, has seen inflows of <a href="http://www.etftrends.com/2013/06/this-etf-is-no-croc/">over $12 million since May 5</a>. CROC has a bullish cousin, the ProShares Ultra Australian Dollar (NYSE: <a class="ticker" href="/stock/gday#NYSE">GDAY</a>). CROC and GDAY are double-leveraged.

	ProShares UltraShort Utilities (NYSE: <a class="ticker" href="/stock/sdp#NYSE">SDP</a>) 
	When it comes to inverse sector ETFs, it is not unreasonable to say plenty of ETF investors are familiar with at least one or two of these products that track the financial services sector. Perhaps they even know about an inverse play or two on the energy or technology sectors.

	The fact that the ProShares UltraShort Utilities had just $2.25 million in assets under management at the end of the first quarter says not a lot of folks not there is a way to establish a double-leveraged, inverse position on embattled utilities stocks.

	Interestingly, SDP has raked in almost $3.5 million in new assets since May 1, during a time in which the Utilities Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlu#NYSE">XLU</a>) has tumbled eight percent. SDP does not attempt to deliver twice the daily inverse returns of XLU's index. Rather, SDP does that with the Dow Jones U.S. Utilities Sector Index, which is the index tracked by the iShares Dow Jones U.S. Utilities Sector Index Fund (NYSE: <a class="ticker" href="/stock/idu#NYSE">IDU</a>).

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Currency ETFs

Forex

CROC

GDAY

Three Obscure Inverse ETFs to Get to Know

There are plenty of inverse ETFs on the market today. Maybe too many in the eyes of those that enjoy critiquing these bearish funds. There are even inverse ETFs for the Australian dollar and Mexican stocks, but for junk bonds? Who knew?

	Actually, the ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>) has been around for over two years. In that time, the often overlooked SJB has had to deal with some bad timing because dwindling interest rates have helped investors embrace junk bond ETFs such as the iShares iBoxx $ High Yield Corporate Bond Fund (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>) and the SPDR Barclays Capital High Yield Bond (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>).

	The month of May could be a sign that investors are changing their attitudes toward HYG and JNK, the two largest high-yield bond ETFs by assets, and that could mean SJB is just starting its 15 minutes of fame.

	As investors shift to bond funds with shorter duration, JNK has seen second-quarter outflows of over $1.2 billion while <a href="http://www.benzinga.com/markets/bonds/13/05/3637835/investors-sticking-by-em-junk-bond-etfs-for-now#ixzz2VGLuc1Ok"> HYG lost $324.3 million as of May 30</a>.

	SJB told a different story in the month of May when it raked in almost $6.2 million in new assets. That may not sound like much, but consider that the ETF had just $45.3 million in assets at the end of the first quarter and $6.2 million in one month is a tidy haul.

	Volume numbers indicate traders are finding out about/remembering SJB. Last Friday, the ETF printed quadruple its average daily turnover. On Monday, that number jumped to 14 times the usual volume. On Tuesday, SJB topped its average volume number less than two hours into the trading day.

	Some traders are looking to establish bearish high-yield debt positions do so by shorting shares of JNK directly because that ETF has historically not tracked its underlying index as well as HYG does. SJB offers an unleveraged alternative to that strategy.

	SJB attempts to deliver a daily, inverse performance that corresponds to the Markit iBoxx $ Liquid High Yield Index and does so through swaps <a href="http://www.proshares.com/funds/sjb_daily_holdings.html">issued by two major banks</a>. That is HYG's underlying index. In other words, if all goes according to plan, HYG falls one percent on a particular and SJB rises by one percent on that same day.

	Those clinging to the notion that the recent struggles for HYG and JNK are no more than a short-term blip probably do not like volume and inflow data pertaining to SJB. And they certainly will not enjoy the fact that even with Tuesday's 1.4 percent loss, SJB is still up over three percent in the past month.

	With an annual expense ratio of 0.95 percent, SJB is a pricey long-term hold, but if money continues to flow out of HYG and other big junk bond ETFs, SJB is worth the price of admission as a short-term trade.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Traders Finally Discover Obscure Inverse Junk Bond ETF

On the bright side, the month of May is now in the books and it is fair to say the "sell in May and go away crowd" did not inflict much damage. After all the, the S&amp;P 500 rose 2.1 percent for the month, marking the seventh straight monthly increase for the benchmark U.S. index. Unfortunately for the bulls, there was some selling in May.

	At least late in the month. In the final week of the month, the S&amp;P 500 lost 1.1 percent while the Dow Jones Industrial Average shed 1.2 percent. A spike in 10-year Treasury note yields ignited long-standing fears about rising interest rates. That chased investors from favored <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/05/3638485/drug-store-stocks-good-for-staples-etfs-cvs-wag-rad-xlp">yield sector hideouts such as staples and utilities</a>.

	Among the other asset classes that incurred damage last week were U.S. high-yield bonds and emerging markets. Combine that with the fact that several Federal Reserve members give speeches this week, possibly stoking more fears about the end of quantitative easing, and plenty of ETFs will be in focus this week.

	SPDR Barclays High Yield Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>) 
	Last week, JNK and its larger rival, the iShares iBoxx $ High-Yield Corporate Bond Fund (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>) saw combined out flows of $660 million, <a href="http://finance.yahoo.com/news/junk-bond-volume-piling-trouble-080851761.html">CNBC reported</a>, but that does not tell the entire story. Not including Friday, the two ETFs bled a combined $1.5 billion in assets last month even as issuance of high-yield bonds soared.

	There is evidence to support the notion that investors are trading out of HYG and JNK to <a href="http://www.benzinga.com/markets/bonds/13/05/3637835/investors-sticking-by-em-junk-bond-etfs-for-now">move down the yield curve to lower duration fare</a>. That is not the only problem for JNK, though. The aforementioned new issuance may be a case of too much supply at a time when demand of junk bonds is waning.

	JNK makes the list because its tracking error is higher compared to HYG, meaning when pros look to short a junk bond ETF, JNK is usually the first option. Adventurous traders can give the ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>), the inverse answer to HYG, a look.

	PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>) 
	In more sanguine market environments, non-leveraged currency ETFs or those that do not offer exposure to the Japanese yen usually are not that exciting. However, things have been getting interesting for UUP, at least by the standards of what is normally a fairly docile ETF. Inflows of $54.8 million last month, <a href="http://www.invescopowershares.com/flows/">good enough for the fifth spot</a> in the expansive PowerShares lineup, indicate as much.

	Three reasons to keep an eye on UUP this week: First, the aforementioned Fed speeches. Second, a spate of key economic data points out of the U.S. and Eurozone. Third, <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3630450/aussie-dollar-etf-goes-from-star-to-laggard">persistent weakness in the Australian dollar</a> and other riskier currencies.

	Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) 
	Investors can take their pick of which emerging markets are a mess right now. That list <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3630450/aussie-dollar-etf-goes-from-star-to-laggard">include Brazil and nearly every other Latin American market</a>. Add <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3620253/fed-tapering-could-hurt-this-etf-and-its-not-one-youd-expect">Turkey to the list</a> and do not forget about some of the previously high-flying Asian tigers.

	VWO's inclusion on this week's list does not mean the ETF is being picked on. If anything, there is a high point with this ETF and that is the fund's lack of South Korea exposure. Still, with so many emerging markets struggling, it is hard to be bullish on any diversified ETF tracking this asset class.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Broad U.S. Equity ETFs

Events

Global

Econ #s

PowerShares DB US Dollar Index Bullish Fund

A Look Ahead: This Week's ETFs to Watch

For all the chatter about outflows from high-yield bond ETFs and talk of a junk bond bubble, the marquee ETFs tracking this asset class have held up well. In fact, the iShares iBoxx $ High Yield Corporate Bond ETF (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>), the SPDR Barclays Capital High Yield Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>) and the PowerShares Fundamental High Yield Corporate Bond ETF (NYSE: <a class="ticker" href="/stock/phb#NYSE">PHB</a>) are all within spitting distance of new highs.

However, some unusual options activity in HYG, the largest U.S. junk bond ETF, noted by Street One Financial, could be a sign a looming bearish reversal.

"This particular ETF is often seen as a ‘risk-on' play in that it targets exposure to high yield “junk” bonds, so it is very possible that a bearish speculator is looking for a reversal in the high yield corporate market (note that HYG traded at a new 52 multi-year high just as recently as Wednesday of this week)," said Street One Financial President Paul Weisbruch in a note. "It is also quite reasonable that a large institutional long term holder of the ETF is hedging an underlying position in HYG via these put trades."

Whatever the case may be, traders should keep an eye on HYG. The ETF is home to over $16.4 billion in assets under management. Along with JNK, HYG <a href="http://www.benzinga.com/markets/bonds/12/12/3144876/following-redemptions-junk-bond-etfs-at-multi-week-highs">is the junk bond ETF</a> that is most widely followed, particularly in terms of gauging risk appetite and monitoring inflow/outflow data.

As Weisbruch notes, unusual options activity in HYG could merely be a case of money managers hedging long positions in the ETF as many have been attracted to the fund's yield this year.

"Yield thirsty investment managers have likely been attracted to the fund (30 Day SEC Yield of 5.58%) in 2012, as the ETF has reeled in an impressive $4.7 billion just year to date," said Weisbruch.

In terms of establishing outright bearish bets on junk bonds using ETFs, there is the relatively unknown ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>). SJB is an inverse, but not leveraged play on HYG. Many professional traders prefer shorting JNK directly because that ETF has a higher tracking error than HYG. Tracking error is an index fund's returns and the performance offered by the index tracked by that fund.

JNK's current short ratio is <a href="http://www.finviz.com/quote.ashx?t=jnk&amp;ty=c&amp;ta=1&amp;p=d">3.93, according to Finviz data</a>. That means it would take nearly 4 days for traders to cover short positions in that ETF.

For more on junk bond ETFs, click <a href="http://www.benzinga.com/markets/bonds/12/11/3090840/not-all-junk-bond-etfs-suffering-outflows">here</a>.

Options

PowerShares Fundamental High Yieldorate Bond Portfolio

Options Activity in Junk Bond ETF Could be a Negative Sign 

With Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) once again soaring to record heights and the S&amp;P 500 flirting with its highest levels in two years, some investors may be apt to forget about bonds. At least for the moment. Still, ETF issuers have not been shy about <a href="http://www.benzinga.com/markets/bonds/12/08/2845080/some-new-obscure-bond-etfs-merit-consideration">testing the waters with a plethora of new bond funds this year</a>.

New bond ETFs such as the PIMCO Total Return ETF (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>) and the WisdomTree Emerging Markets Corporate Bond Fund (NASDAQ: <a class="ticker" href="/stock/emcb#NASDAQ">EMCB</a>) have garnered plenty of attention and deservedly so. That also means some previously existing bond products are not grabbing headlines.

In particular, there are several anonymous leveraged bond funds investors might want to consider in an effort to jolt their near-term bond returns. Here are a few worth examining:

ProShares Ultra High Yield (NYSE: <a class="ticker" href="/stock/ujb#NYSE">UJB</a>)
As if the iShares iBoxx $ High Yield Corporate Bond Fund (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>), the largest junk bond ETF by assets, is not volatile enough, there is a double-leveraged equivalent in the form of UJB. 

UJB debuted in April 2011 and tracks the same index as HYG.

There are a few knocks on UJB. Apparently, investors have found HYG to be volatile enough because UJB has average daily turnover of just over 2,700 shares and the fund had just $4.3 million in assets under management at the end of the first quarter. Second, as is par for the course with leveraged ETFs, UJB is not cheap with an annual expense ratio of 0.95 percent. 

In defense of UJB, the fund is up 14 percent in the past three months. The ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>) is the inverse, unleveraged answer to HYG and UJB.

ProShares Ultra Investment Grade Corporate (NYSE: <a class="ticker" href="/stock/igu#NYSE">IGU</a>)
For those that have become bored by the iShares iBoxx $ Investment Grade Corporate Bond Fund (NYSE: <a class="ticker" href="/stock/lqd#NYSE">LQD</a>), ProShares has a double-leveraged alternative in the form of IGU. IGU's volume of 7,600 share per day is better than UJB's turnover, but the former had just $2.54 million in AUM at the end of the second quarter.

And like UJB, IGU charges 0.95 percent per year. IGU has sharply outperformed LQD in the past three months, but LQD yields over three percent and pays a monthly dividend. Those are two facts that underscore the notion that IGU is nothing more than a short-term trading vehicle, not a buy-and-hold investment.

Powershares DB 3x Inverse Japanese Government Bond ETN (NYSE: <a class="ticker" href="/stock/jgbd#NYSE">JGBD</a>)
Proving that there are few limits to just how esoteric ETF issuers can get with new products, there is the Powershares DB 3x Inverse Japanese Government Bond ETN. There is something to be said for betting against Japanese bonds. The country long ago lost its AAA credit rating. Deficits and demographics are just two issues the world's third-largest economy must contend with in the coming years.

Like the other funds on this list, JGBD charges 0.95 percent, though there is cheaper a non-leveraged equivalent, the PowerShares DB Inverse Japanese Government Bond Futures ETN (NYSE: <a class="ticker" href="/stock/jgbs#NYSE">JGBS</a>). That product has an annual expense ratio of 0.5 percent.

For more on bond ETFs, click <a href="http://www.benzinga.com/markets/bonds/12/08/2845080/some-new-obscure-bond-etfs-merit-consideration">here</a>.

AAPL

BOND

EMCB

JGBD

JGBS

3 Leveraged Bond ETFs Your Broker Forgot to Mention

Thirty new ETFs and eight new ETNs arrived in March.  This was the best month for new product introductions since 43 arrived in June 2008.  No products were closed in March, marking the third straight month without any closures and keeping the year-to-date count at zero.  The total number of listed products stood at 1,173 (1,030 ETFs and 143 ETNs) as of 3/31/11.  The menu of actively-managed ETFs increased by one to 34.
Trading activity surged in March, with total ETP dollar volume jumping +48.5% for the month to more than $1.8 trillion.  Granted, March had 23 trading days compared to only 19 in February, but daily average dollar volume still climbed by nearly 23%.
The number of ETFs in the Billion Dollar Club – those averaging more than one billion dollars in daily trading activity – jumped from eight to eleven.  Those eleven funds, less than 1% of the total, accounted for 62% of all ETP dollars traded.
Products trading an average of more than $100 million per day came in at 75, six more than February.  Those 75 funds, just a little over 6% of the total ETPs, accounted for more than 90% of all dollars traded.
Assets under management were $1.08 trillion at the end of March, up +2.1% for the month and +6.9% year-to-date.

<table class="wptable rowstyle-alt" id="wptable-95" cellspacing="1" cellpadding="2">
<thead>
<tr>
<th class="sortable" style="width:250px" align="left">March 2011 Month End</th>
<th class="sortable" style="width:70px" align="center">ETFs</th>
<th class="sortable" style="width:70px" align="center">ETNs</th>
<th class="sortable" style="width:70px" align="center">Total</th>
</tr>
</thead>
<tr>
<td style="width:250px" align="left">Currently Listed U.S.</td>
<td style="width:70px" align="center">1,030</td>
<td style="width:70px" align="center">143</td>
<td style="width:70px" align="center">1,173</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Listed as of 12/31/2010</td>
<td style="width:70px" align="center">967</td>
<td style="width:70px" align="center">132</td>
<td style="width:70px" align="center">1,099</td>
</tr>
<tr>
<td style="width:250px" align="left">New Introductions for Month</td>
<td style="width:70px" align="center">30</td>
<td style="width:70px" align="center">8</td>
<td style="width:70px" align="center">38</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Delistings/Closures for Month</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
</tr>
<tr>
<td style="width:250px" align="left">Net Change for Month</td>
<td style="width:70px" align="center">+30</td>
<td style="width:70px" align="center">+8</td>
<td style="width:70px" align="center">+38</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">New Introductions YTD</td>
<td style="width:70px" align="center">63</td>
<td style="width:70px" align="center">11</td>
<td style="width:70px" align="center">74</td>
</tr>
<tr>
<td style="width:250px" align="left">Delistings/Closures YTD</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">0</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Net Change YTD</td>
<td style="width:70px" align="center">+63</td>
<td style="width:70px" align="center">+11</td>
<td style="width:70px" align="center">+74</td>
</tr>
<tr>
<td style="width:250px" align="left">Actively-Managed (qty)</td>
<td style="width:70px" align="center">34</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">34</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Assets Under Mgmt ($ billion)</td>
<td style="width:70px" align="center">$1,061.1</td>
<td style="width:70px" align="center">$16.9</td>
<td style="width:70px" align="center">$1,078.0</td>
</tr>
<tr>
<td style="width:250px" align="left">% Change in Assets</td>
<td style="width:70px" align="center">+2.0%</td>
<td style="width:70px" align="center">+5.6%</td>
<td style="width:70px" align="center">+2.1%</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Monthly $ Volume ($ billion)</td>
<td style="width:70px" align="center">$1,775</td>
<td style="width:70px" align="center">$30.9</td>
<td style="width:70px" align="center">$1,806</td>
</tr>
<tr>
<td style="width:250px" align="left">% Change in Monthly $ Volume</td>
<td style="width:70px" align="center">+48.3%</td>
<td style="width:70px" align="center">+63.8%</td>
<td style="width:70px" align="center">+48.5%</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Avg Daily $ Volume > $1 Billion</td>
<td style="width:70px" align="center">11</td>
<td style="width:70px" align="center">0</td>
<td style="width:70px" align="center">11</td>
</tr>
<tr>
<td style="width:250px" align="left">Avg Daily $ Volume > $100 Million</td>
<td style="width:70px" align="center">74</td>
<td style="width:70px" align="center">1</td>
<td style="width:70px" align="center">75</td>
</tr>
<tr class="alt">
<td style="width:250px" align="left">Avg Daily $ Volume > $10 Million</td>
<td style="width:70px" align="center">234</td>
<td style="width:70px" align="center">16</td>
<td style="width:70px" align="center">250</td>
</tr>
</table>

 Data sources:  AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, fund counts and all other information compiled by Invest With An Edge.
New products launched in March (in chronological order):
<ol>
<li>Global X FTSE Argentina 20 ETF (<a class="ticker" href="/stock/argt#">ARGT</a>) (<a href="http://investwithanedge.com/argt-the-second-single-country-frontier-market-etf" target="_blank">ARGT: The Second Single-Country Frontier Market ETF</a>)</li>
<li>PowerShares Senior Loan Portfolio (<a class="ticker" href="/stock/bkln#">BKLN</a>) (<a href="http://investwithanedge.com/bkln-the-first-senior-loan-etf" target="_blank">BKLN: The First Senior Loan ETF</a>)</li>
<li>2x Monthly Leveraged Credit Suisse Merger Arbitrage Liquid Index ETN (CSMB) (<a href="http://investwithanedge.com/csmb-merger-arbitrage-times-two" target="_blank">CSMB: Merger Arbitrage Times Two</a>)</li>
<li>Market Vectors Colombia ETF (<a class="ticker" href="/stock/colx#">COLX</a>) (<a href="http://investwithanedge.com/market-vectors-introduces-colombia-etf-with-cash-creations" target="_blank">Market Vectors Introduces Colombia ETF With Cash Creations</a>)</li>
<li>Global X Pure Gold Miners ETF (<a class="ticker" href="/stock/gggg#">GGGG</a>) (<a href="http://investwithanedge.com/global-x-distills-a-pure-gold-miners-etf" target="_blank">Global X Distills A Pure Gold Miners ETF</a>)</li>
<li>Global X Oil Equities ETF (<a class="ticker" href="/stock/xoil#">XOIL</a>) (<a href="http://investwithanedge.com/xoil-tries-to-be-spot-on-spot" target="_blank">XOIL Tries To Be Spot-On Spot</a>)</li>
<li>WisdomTree Asia Local Debt Fund (<a class="ticker" href="/stock/ald#">ALD</a>) (<a href="http://investwithanedge.com/assets-in-new-wisdomtree-etf-instantly-surpass-majority-of-existing-products" target="_blank">Assets In New WisdomTree ETF Instantly Surpass Majority Of Existing Products</a>)</li>
<li>Morgan Stanley Cushing MLP High Income ETN (<a class="ticker" href="/stock/mlpy#">MLPY</a>) (<a href="http://investwithanedge.com/morgan-stanley-becomes-etn-issuer-with-new-mlp-product" target="_blank">Morgan Stanley Becomes ETN Issuer With New MLP Product</a>)</li>
<li>Global X S&amp;P/TSX Venture 30 Canada ETF (TSXV) (<a href="http://investwithanedge.com/tsxv-takes-you-to-canadas-tsx-venture-exchange" target="_blank">TSXV Takes You To Canada's TSX Venture Exchange</a>)</li>
<li>IQ Global Agribusiness Small Cap ETF (<a class="ticker" href="/stock/crop#">CROP</a>) (<a href="http://investwithanedge.com/crop-the-first-agribusiness-etf-with-a-small-cap-focus" target="_blank">CROP: The First Agribusiness ETF With A Small Cap Focus</a>)</li>
<li>ProShares Short High Yield (<a class="ticker" href="/stock/sjb#">SJB</a>) (<a href="http://investwithanedge.com/proshares-launches-inverse-investment-grade-and-junk-bond-etfs" target="_blank">ProShares Launches Inverse Investment Grade and Junk Bond ETFs</a>)</li>
<li>Direxion Daily Total Bond Market Bear 1x Shares (SAGG) (<a href="http://investwithanedge.com/three-non-leveraged-inverse-bond-etfs-from-direxion" target="_blank">Three Non-Leveraged Inverse Bond ETFs From Direxion</a>)</li>
<li>Direxion Daily 7-10 Year Treasury Bear 1x Shares (TYNS)</li>
<li>Direxion Daily 20+ Year Treasury Bear 1x Shares (TYBS)</li>
<li>PowerShares DB German Bund Futures ETN (BUNL) (<a href="http://investwithanedge.com/powershares-and-db-team-up-on-new-foreign-bond-etns" target="_blank">PowerShares and DB Team Up On New Foreign Bond ETNs</a>)</li>
<li>PowerShares DB 3x German Bund Futures ETN (BUNT)</li>
<li>PowerShares DB Italian Treasury Bond Futures ETN (ITLY)</li>
<li>PowerShares DB 3x Italian Treasury Bond Futures ETN (<a class="ticker" href="/stock/itlt#">ITLT</a>)</li>
<li>PowerShares DB Japanese Govt Bond Futures ETN (JGBL)</li>
<li>PowerShares DB 3x Japanese Govt Bond Futures ETN (JGBT)</li>
<li>ProShares Short Investment Grade Corporate (<a class="ticker" href="/stock/igs#">IGS</a>) (<a href="http://investwithanedge.com/proshares-launches-inverse-investment-grade-and-junk-bond-etfs" target="_blank">ProShares Launches Inverse Investment Grade and Junk Bond ETFs</a>)</li>
<li>Focus Morningstar US Market Index ETF (FMU) (<a href="http://investwithanedge.com/focusshares-rides-again" target="_blank">FocusShares Rides Again</a>)</li>
<li>Focus Morningstar Large Cap Index ETF (FLG)</li>
<li>Focus Morningstar Mid Cap Index ETF (FMM)</li>
<li>Focus Morningstar Small Cap Index ETF (FOS)</li>
<li>Focus Morningstar Basic Materials Index ETF (FBM)</li>
<li>Focus Morningstar Communication Services Index ETF (FCQ)</li>
<li>Focus Morningstar Consumer Cyclical Index ETF (<a class="ticker" href="/stock/fcl#">FCL</a>)</li>
<li>Focus Morningstar Consumer Defensive Index ETF (FCD)</li>
<li>Focus Morningstar Energy Index ETF (FEG)</li>
<li>Focus Morningstar Financial Services Index ETF (FFL)</li>
<li>Focus Morningstar Health Care Index ETF (<a class="ticker" href="/stock/fhc#">FHC</a>)</li>
<li>Focus Morningstar Industrials Index ETF (FIL)</li>
<li>Focus Morningstar Real Estate Index ETF (FRL)</li>
<li>Focus Morningstar Technology Index ETF (FTQ)</li>
<li>Focus Morningstar Utilities Index ETF (FUI)</li>
<li>iShares MSCI China Index Fund (<a class="ticker" href="/stock/mchi#">MCHI</a>) (<a href="http://investwithanedge.com/mchi-there-are-now-23-china-etfs" target="_blank">There Are Now 23 China ETFs</a>)</li>
<li>iShares High Dividend Equity Fund (HDV) (<a href="http://investwithanedge.com/hdv-another-dividend-etf-arrives" target="_blank">Another Dividend ETF Arrives</a>)</li>
</ol>
 
Product closures/delistings in March:
none
 
Product changes in March:
<ol>
<li>United States Natural Gas Fund (<a class="ticker" href="/stock/ung#">UNG</a>) underwent a 1-for-2 reverse split on March 9.</li>
<li><a href="http://investwithanedge.com/egyptian-market-reopens-egpt-nav-plunges" target="_blank">Van Eck resumed share creation for Market Vectors Egypt ETF</a> (<a class="ticker" href="/stock/egpt#">EGPT</a>) on March 23 after the Egyptian Stock Exchange reopened for trading.</li>
<li>PowerShares <a href="http://investwithanedge.com/qqqq-becomes-qqq-again" target="_blank">changed the symbols for the PowerShares QQQ Trust and its small cap sector suite</a> effective March 23.</li>
<li>First Trust Large Cap Growth Opportunities AlphaDEX (<a class="ticker" href="/stock/ftc#">FTC</a>) and First Trust Large Cap Value Opportunities AlphaDEX (<a class="ticker" href="/stock/fta#">FTA</a>) changed their fund names and underlying indexes by removing the word “Opportunities” effective March 25.</li>
<li>Global X renamed two funds effective March 31.  The new names are <a href="http://investwithanedge.com/new-colombia-etf-launched-today-gxg" target="_blank">Global X FTSE Colombia 20 ETF</a> (<a class="ticker" href="/stock/gxg#">GXG</a>) and <a href="http://investwithanedge.com/global-x-launches-nordic-region-etf-gxf" target="_blank">Global X FTSE Nordic Region ETF</a> (<a class="ticker" href="/stock/gxf#">GXF</a>). </li>
</ol>
 
Announced Product Changes for Coming Months:
<ol>
<li>Global X FTSE Colombia 20 ETF (<a class="ticker" href="/stock/gxg#">GXG</a>) will undergo a 2-for-1 split effective April 11.</li>
</ol>
Previous monthly ETF statistics reports are available <a href="http://investwithanedge.com/category/etf-statistics" target="_blank">here</a>.
Disclosure covering writer, editor, publisher, and affiliates: 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.
<img src="http://investwithanedge.com/?ak_action=api_record_view&amp;id=12873&amp;type=feed" alt="" />

ARGT

BKLN

COLX

CROP

EGPT

Focus Morningstarnsumer Cyclical Index Etf

First Trust Large Cap Value Opportunities AlphaDEX Fund

First Trust Large Cap Growth Opportunities AlphaDEX Fund

GGGG

PowerShares DB 3x Italian Treasury Bond Futures ETN

ITLT

MCHI

Morgan Stanley Cushing High Income Index ETN

MLPY

XOIL

ETF Stats for March 2011: Trading Surges 48 Percent

ProShares introduced two new ETFs the past week that for the first time provide ETF investors with inverse exposure to corporate bonds:  ProShares Short High Yield (<a class="ticker" href="/stock/sjb#">SJB</a>) launched 3/22/11 and ProShares Short Investment Grade Corporate (<a class="ticker" href="/stock/igs#">IGS</a>) arrived today (3/29/11).
ProShares Short High Yield (<a class="ticker" href="/stock/sjb#">SJB</a>) seeks to provide inverse exposure to the corporate junk bond (“high yield”) market by tracking -1x the daily performance of the Markit iBoxx $ Liquid High Yield Index.  The fund is currently achieving its desired exposure with swaps tied to the inverse performance of the iShares iBoxx $ High Yield Corporate Bond Fund (<a class="ticker" href="/stock/hyg#">HYG</a>).  SJB has an expense ratio of 0.95%, and additional information is located in the <a href="http://www.proshares.com/resources/news/proshares_launches_first_inverse_high_yield_bond_etf.html" target="_blank">press release</a>, <a href="http://www.proshares.com/funds/sjb.html" target="_blank">overview</a>, and <a href="http://www.proshares.com/funds/prospectus.html?ticker=sjb" target="_blank">prospectus</a>.
ProShares Short Investment Grade Corporate (<a class="ticker" href="/stock/igs#">IGS</a>) seeks to provide inverse exposure to the investment grade corporate bond market by tracking -1x the daily performance of the Markit iBoxx $ Liquid Investment Grade Index.  The fund is currently achieving its desired exposure with swaps tied to the inverse performance of the iShares iBoxx $ Investment Grade Corporate Bond Fund (<a class="ticker" href="/stock/lqd#">LQD</a>).  IGS has an expense ratio of 0.95%, and additional information is located in the <a href="http://www.proshares.com/resources/news/proshares_launches_first_inverse_investment_grade_corporate_bond_etf.html" target="_blank">press release</a>, <a href="http://www.proshares.com/funds/igs.html" target="_blank">overview</a>, and <a href="http://www.proshares.com/funds/prospectus.html?ticker=igs" target="_blank">prospectus</a>.
Although there are a few mutual funds (AFBIX, RYIHX, and PHBRX) providing inverse junk bond exposure, ProShares is the first to offer inverse corporate bond ETFs (both investment grade and junk) and therefore faces no immediate direct competition.  In fact, prior to the <a href="http://investwithanedge.com/three-non-leveraged-inverse-bond-etfs-from-direxion">launch of Direxion Daily Total Bond Market Bear 1x Shares</a> (SAGG) last week, all previous inverse bond ETFs were strictly targeted to Treasury securities.
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.
<img src="http://investwithanedge.com/?ak_action=api_record_view&amp;id=12785&amp;type=feed" alt="" />

ProShares Launches Inverse Investment Grade and Junk Bond ETFs

ProShares, the largest issuer of leveraged and inverse ETFs, has introduced the first-ever inverse junk bond <a href="http://marketbulletin.com/etf.php">ETF</a>, the ProShares Short High Yield (NYSE: <a class="ticker" href="/stock/sjb#NYSE">SJB</a>). SJB started trading today and will attempt to replicate 1x the daily inverse performance of the Markit iBoxx $ Liquid High Yield Index.

With the debut of SJB, ProShares now has five inverse bond ETFs in its lineup. ProShares' four existing inverse bond ETFs, which are benchmarked to Treasuries, have garnered more than $7 billion of assets since launching less than three years ago, the company said in a statement.

Those ETFs include the UltraShort 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/tbt#NYSE">TBT</a>) and the Short 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/tbf#NYSE">TBF</a>). 

ProShares issues 116 ETFs with $26 billion in assets under management.

ProShares UltraShort Lehman 20+ Year Treasury