Four ETPs joined ETF Deathwatch this month, and eight came off the list. The result is a new quantity of 138, consisting of 101 ETFs and 37 ETNs. The average fund on the list has just $6.5 million in assets and has been on the market for more than 30 months.

Fifteen of the names on the list have assets of less than $2 million. Assuming an expense ratio of 0.50%, each of these is generating less than $10,000 in annual revenue for their sponsors. At some point, the money subsidizing these products will be put to better use.

Trading in ELEMENTS Spectrum Large Cap U.S. Sector Momentum ETN (EEH) averaged just 170 shares and $1,611 per day in March. Grail McDonnell Intermediate Muni (GMMB) hasn't traded since March 7. Market makers established a 2% bid/ask spread on GMMB one minute after the market opened today and didn't bother to adjust it for the remainder of the day. Being a market maker for an ETF on Deathwatch is tough work.

The four products added to ETF Deathwatch for April are:

Global X Brazil Financials ETF (BRAF): Although it enjoyed some early success, trading activity in BRAF has dried up the past three months, including multiple days with zero volume.
UBS E-TRACS 1x Monthly Short Alerian MLP ETN (MLPS): No longer protected by the six-month immunity for new ETPs, MLPS becomes the second MLP-based product to make the list (both from UBS). It will likely take a bear market in the MLP space for this ETN to attract attention.
Vanguard S&P Mid-Cap 400 Value ETF (IVOV): Vanguard lands its first product on Deathwatch, proving that it is not exempt from making missteps in the ETF space. IVOV is part of the Vanguard barrage of new, often overlapping, products brought to market last year without much explanation. I expect this fund to succeed eventually.
ProShares Ultra Yen (YCL): Being on the market for nearly two and half years and seeing a 100% increase in trading activity in recent months does not offset the fact that assets dropped below $4 million and stubbornly remained there.

The following eight funds came off ETF Deathwatch because they had a three-month pick up in trading activity. IBND and IFEU also saw large inflows.

Guggenheim Wilshire US REIT ETF (WREI)
iPath DJ-UBS Lead ETN (LD)
iShares MSCI Ireland Capped Investable Market (EIRL)
iShares FTSE EPRA/NAREIT Europe (IFEU)
Jefferies|TR/J CRB Global Agriculture Equity (CRBA)
ProShares Ultra MSCI EAFE (EFO)
ProShares Ultra Russell Midcap Value (UVU)
SPDR Barclays International Corporate Bond (IBND)

The “new and improved” ETF Deathwatch criteria for 2011 produced the following list of 138 products for April 2011 (sorted by name):

ETF Deathwatch for April 2011

#	Ticker Sym	ETF Name	Age (mths)	AUM (millions)	3-mth Avg Daily $ Volume
1	AADR	AdvisorShares WCM/BNY Mellon Foc Gr ADR	8.4	$8.4	$108,589
2	PGD	Barclays Asian&Gulf Currency Reval. ETN	33.9	$4.1	$18,284
3	BXDC	Barclays ETN+ S&P 500 2x Short C 2009 ETN	16.6	$2.0	$848,015
4	BXDD	Barclays ETN+ S&P 500 3x Short D 2009 ETN	16.6	$3.0	$768,404
5	JEM	Barclays GEMS Currency Index ETN	38.5	$3.9	$28,243
6	ADRU	BLDRS Europe 100 ADR	102.0	$21.0	$92,216
7	GCE	Claymore CEF Index GS Connect ETN	40.2	$3.6	$88,754
8	ULQ	Claymore U.S. Cap Mkts Micro-Trm Fxd Inc	38.1	$5.0	$7,264
9	UBD	Claymore U.S. Capital Markets Bond	38.1	$5.2	$56,064
10	XRU	CurrencyShares Russian Ruble Shares	29.0	$5.3	$40,264
11	BRIS	Direxion Daily BRIC Bear 2x	12.8	$2.4	$16,489
12	BRIL	Direxion Daily BRIC Bull 2x	12.8	$4.7	$163,941
13	INDZ	Direxion Daily India Bear 2x	12.8	$3.9	$379,787
14	LHB	Direxion Daily Latin America Bear 3x	16.1	$3.1	$275,709
15	FCGS	Direxion Daily Natural Gas Related Bear 2x	8.7	$1.7	$58,906
16	RETS	Direxion Daily Retail Bear 2x	8.7	$2.5	$143,920
17	EFN	EGS DJ Emerging Markets Financials Titans	18.7	$11.0	$99,712
18	BVL	ELEMENTS Ben Graham Large Cap Value ETN	32.0	$0.6	$2,805
19	BSC	ELEMENTS Ben Graham Small Cap Value ETN	31.9	$1.7	$22,824
20	BVT	ELEMENTS Ben Graham Total Mkt Value ETN	32.0	$0.9	$9,516
21	GWO	ELEMENTS CS Global Warming ETN	36.4	$3.7	$27,042
22	DOD	ELEMENTS Dogs of the Dow Total Return ETN	41.3	$4.1	$88,749
23	FUE	ELEMENTS MLCX Biofuels ETN	38.3	$3.4	$158,292
24	WMW	ELEMENTS Morningstar Wide Moat Focus ETN	42.0	$9.4	$127,370
25	EEH	ELEMENTS Spctrm LgCap US Sector Mo ETN	44.6	$1.1	$1,993
26	FZB	FaithShares Baptist Values Fund	15.7	$1.5	$5,634
27	FCV	FaithShares Catholic Values Fund	15.9	$3.2	$29,108
28	FOC	FaithShares Christian Values Fund	15.9	$3.1	$17,716
29	FKL	FaithShares Lutheran Values Fund	15.7	$1.5	$7,964
30	FMV	FaithShares Methodist Values Fund	15.9	$1.6	$8,044
31	FVI	First Trust Value Line Equity Allocation	52.6	$7.4	$59,444
32	BRAF	Global X Brazil Financials ETF	8.2	$9.4	$67,839
33	CHIB	Global X China Technology ETF	15.9	$5.4	$52,576
34	GVT	Grail American Beacon Large Cap Value	23.2	$1.7	$4,100
35	GMTB	Grail McDonnell Core Taxable Bond ETF	14.2	$2.5	$3,472
36	GMMB	Grail McDonnell Intermediate Municipal Bnd	14.2	$2.5	$2,140
37	RWG	Grail RP Focused Large Cap Growth ETF	18.2	$11.5	$118,736
38	RPX	Grail RP Growth ETF	18.2	$4.9	$17,981
39	EEN	Guggenheim EW Euro-Pacific LDRs ETF	49.7	$3.1	$13,232
40	XGC	Guggenheim International Small Cap LDRs	48.6	$11.0	$99,854
41	OTR	Guggenheim Ocean Tomo Growth Index ETF	48.6	$5.8	$75,365
42	OTP	Guggenheim Ocean Tomo Patent ETF	52.2	$20.4	$62,068
43	EKH	HOLDRS Europe 2001	124.1	$4.7	$12,724
44	MKH	HOLDRS Merrill Lynch Market 2000+	128.8	$13.1	$27,986
45	WMH	HOLDRS Wireless	126.8	$16.3	$20,468
46	ERO	iPath EUR/USD Exchange Rate ETN	47.4	$6.7	$21,850
47	GBB	iPath GBP/USD Exchange Rate ETN	47.4	$4.7	$22,947
48	GRN	iPath Global Carbon ETN	33.7	$3.7	$31,882
49	TWON	IQ Taiwan Small Cap	10.5	$7.3	$182,109
50	MUAE	iShares 2016 S&P AMT-Free Muni Series	15.0	$17.7	$118,399
51	AXDI	iShares MSCI ACWI ex US Consumer Discr	8.6	$6.4	$33,546
52	AXSL	iShares MSCI ACWI ex US Consumer Staples	8.6	$3.1	$32,673
53	AXEN	iShares MSCI ACWI ex US Energy	8.6	$6.8	$95,274
54	AXFN	iShares MSCI ACWI ex US Financials	14.4	$2.5	$3,813
55	AXHE	iShares MSCI ACWI ex US Health Care	8.6	$5.7	$14,319
56	AXID	iShares MSCI ACWI ex US Industrials	8.6	$6.3	$27,282
57	AXIT	iShares MSCI ACWI ex US Info Technology	8.6	$5.9	$48,237
58	AXMT	iShares MSCI ACWI ex US Materials	8.6	$6.9	$65,884
59	AXTE	iShares MSCI ACWI ex US Telecom Services	8.6	$6.1	$8,193
60	AXUT	iShares MSCI ACWI ex US Utilities	8.6	$5.4	$10,777
61	EMFN	iShares MSCI Emerging Markets Financials	14.4	$23.3	$193,403
62	FEFN	iShares MSCI Far East Financials Sector	14.4	$2.5	$11,119
63	EUSA	iShares MSCI USA Index Fund	10.9	$1.4	$39,387
64	TZD	iShares S&P Target Date 2010 Index Fund	29.2	$4.7	$51,632
65	TZE	iShares S&P Target Date 2015 Index Fund	29.2	$9.9	$119,026
66	TZG	iShares S&P Target Date 2020 Index Fund	29.2	$15.2	$99,793
67	TZI	iShares S&P Target Date 2025 Index Fund	29.2	$12.0	$67,424
68	TZL	iShares S&P Target Date 2030 Index Fund	29.2	$12.2	$79,363
69	TZO	iShares S&P Target Date 2035 Index Fund	29.2	$7.0	$32,169
70	TZV	iShares S&P Target Date 2040 Index Fund	29.2	$12.4	$69,617
71	TGR	iShares S&P Target Date Retirement Inc.	29.2	$6.0	$44,161
72	CRBI	Jefferies\|TR/J CRB Global Ind Metals Equity	17.3	$7.2	$90,642
73	JFT	KEYnotes FT Enhanced 130/30 Large Cap ETN	34.8	$3.8	$21,723
74	URR	Market Vectors Double Long Euro ETN	35.3	$1.1	$42,353
75	INR	Market Vectors Indian Rupee/USD ETN	36.9	$7.7	$69,552
76	NASI	Pax MSCI North America ESG Index	10.5	$2.9	$36,022
77	PQZ	PowerShares Active Alpha Multi-Cap	36.1	$3.1	$48,669
78	PLK	PowerShares Active Low Duration	36.0	$11.4	$130,180
79	PMA	PowerShares Active Mega-Cap Portfolio	36.0	$5.3	$55,549
80	LBND	PowerShares DB 3x Long 25+ Treas ETN	9.2	$3.1	$19,762
81	AGA	PowerShares DB Agriculture Dbl Short ETN	36.0	$19.1	$389,753
82	AGF	PowerShares DB Agriculture Long ETN	36.0	$10.0	$250,581
83	ADZ	PowerShares DB Agriculture Short ETN	36.0	$2.3	$49,746
84	BDG	PowerShares DB Base Metals Long ETN	33.9	$1.7	$18,288
85	BOS	PowerShares DB Base Metals Short ETN	33.9	$3.0	$23,936
86	DEE	PowerShares DB Commodity Dbl Short ETN	35.6	$1.8	$35,096
87	DPU	PowerShares DB Commodity Long ETN	35.6	$8.0	$62,069
88	DDP	PowerShares DB Commodity Short ETN	35.6	$1.2	$16,429
89	PIC	PowerShares Dynamic Insurance	66.1	$9.3	$180,453
90	PJM	PowerShares Dynamic Small Cap	52.7	$18.3	$91,911
91	PSTL	PowerShares Global Steel Portfolio	30.7	$8.4	$178,825
92	PTO	PowerShares Ibbotson Alternative Completion	34.8	$9.0	$43,704
93	PYH	PowerShares Morningstar StockInvestor Core	52.7	$19.1	$119,684
94	PSCM	PowerShares S&P SmallCap Materials	11.9	$3.0	#N/A
95	SBM	ProShares Short Basic Materials	12.6	$3.5	$87,501
96	UPV	ProShares Ultra MSCI Europe	11.2	$3.9	$71,527
97	UMX	ProShares Ultra MSCI Mexico Investable Mkt	11.2	$2.1	$47,106
98	UXJ	ProShares Ultra MSCI Pacific Ex-Japan	11.2	$3.9	$62,757
99	BIB	ProShares Ultra Nasdaq Biotechnology	11.9	$6.8	$77,716
100	UWC	ProShares Ultra Russell3000	21.2	$8.6	$44,782
101	YCL	ProShares Ultra Yen	28.5	$3.2	$288,020
102	SMDD	ProShares UltraPro Short S&P MidCap400	13.8	$4.1	$668,864
103	CMD	ProShares UltraShort DJ-UBS Commodity	28.5	$2.6	$102,333
104	RXD	ProShares UltraShort Healthcare	50.7	$3.9	$92,771
105	SMK	ProShares UltraShort MSCI Mexico	21.7	$2.5	$100,943
106	JPX	ProShares UltraShort MSCI Pacific ex-Japan	21.7	$2.5	$92,484
107	BIS	ProShares UltraShort Nasdaq Biotechnology	11.9	$2.2	$88,994
108	SFK	ProShares UltraShort Russell 1000 Growth	49.9	$4.6	$71,565
109	SJF	ProShares UltraShort Russell 1000 Value	49.9	$2.2	$77,948
110	SDK	ProShares UltraShort Russell Midcap Growth	49.9	$2.7	$106,785
111	SJL	ProShares UltraShort Russell Midcap Value	49.9	$1.9	$33,084
112	TWQ	ProShares UltraShort Russell3000	21.2	$2.8	$119,879
113	TLL	ProShares UltraShort Telecom	36.6	$2.5	$41,219
114	SDP	ProShares UltraShort Utilities	50.7	$4.5	$176,206
115	RWV	RevenueShares Navellier Overall A-100	26.6	$10.1	$111,805
116	RHS	Rydex S&P Equal Weight Cons Staples	53.5	$17.9	$115,095
117	KME	SPDR KBW Mortgage Finance ETF	23.3	$4.1	$67,418
118	VRD	SPDR Nuveen S&P VRDO Municipal Bond ETF	18.4	$9.0	$56,240
119	JPP	SPDR Russell/Nomura PRIME Japan	53.3	$15.8	$291,420
120	IPF	SPDR S&P International Financial	32.7	$9.4	$78,679
121	IRY	SPDR S&P International Health Care	32.6	$12.4	$137,230
122	IPU	SPDR S&P International Utilities	32.6	$8.4	$34,446
123	TDD	TDX Independence 2010	42.6	$14.2	$37,492
124	TDX	TDX Independence In-Target	42.6	$15.8	$44,383
125	MLPS	UBS E-TRACS 1x Mthly Short Alerian MLP ETN	6.1	$8.4	$41,975
126	MLPG	UBS E-TRACS Alerian Natural Gas MLP ETN	8.7	$13.8	$116,083
127	UBN	UBS E-TRACS CMCI Energy TR ETN	36.4	$3.5	$15,329
128	UBG	UBS E-TRACS CMCI Gold TR ETN	36.4	$7.3	$30,659
129	UBM	UBS E-TRACS CMCI Industrial Metals TR ETN	36.4	$6.5	$30,324
130	UBC	UBS E-TRACS CMCI Livestock TR ETN	36.4	$5.5	$23,256
131	PTD	UBS E-TRACS CMCI Short Platinum ER ETN	35.2	$3.2	$4,757
132	USV	UBS E-TRACS CMCI Silver TR ETN	36.4	$8.6	$139,238
133	SPGH	UBS E-TRACS S&P 500 Gold Hedged Idx ETN	14.2	$12.1	$22,299
134	IVOV	Vanguard S&P Mid-Cap 400 Value ETF	6.8	$3.2	$90,615
135	WXSP	Wilshire 4500 Completion ETF (Guggenheim)	12.9	$6.4	$38,333
136	WFVK	Wilshire 5000 Total Market ETF (Guggenheim)	12.9	$6.0	$79,027
137	EU	WisdomTree Dreyfus Euro	35.0	$5.2	$52,623
138	JYF	WisdomTree Dreyfus Japan Yen	34.8	$6.3	$66,944

Data sources: AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, and all other information compiled by Invest With An Edge.

Past issues of ETF Deathwatch are available here.

Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.

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