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ETF Deathwatch For September 2019

ETF Deathwatch For September 2019

2019年9月ETF死亡观察
Seeking Alpha ·  2019/10/15 05:36

Summary

摘要

September was a fairly sideways period in the equity markets, so the increase in the number of funds on the ETF Deathwatch list doesn't come as a surprise.
9月是股市相当横盘的时期，因此ETF死亡观察名单上基金数量的增加并不令人意外。

As money managers allocate to safer holdings, the average daily trading volume in equity-index ETFs is bound to decline.
随着基金经理将资金配置到更安全的资产上，股指ETF的日均交易量必然会下降。

The average asset level of the threatened ETFs on ETF Deathwatch increased from $7.61 million to $7.97 million.
ETF DeathWatch上受到威胁的ETF的平均资产水平从761万美元增加到797万美元。

By Ansh Chaudhary

作者：安什·乔杜里(Ansh Chaudhary)

The ETF Deathwatch list increased in September. Twenty-five exchange-traded products ("ETPs") were added to the list and 12 funds were removed. Of the removals, 10 were removed due to increased health and two were due to asset managers closing their funds. September was a fairly sideways period in the equity markets, so the increase in the number of funds on the ETF Deathwatch list doesn't come as a surprise.

9月ETF死亡观察名单增加。名单上增加了25只交易所交易产品(“ETP”)，12只基金被剔除。在撤资中，有10家是由于健康状况改善而被撤资，两家是由于资产管理公司关闭了基金。9月是股市相当横盘的时期，因此ETF死亡观察名单上基金数量的增加并不令人意外。

The funds added in September consisted of index-tracking equity ETFs, with a mix of leveraged, small-cap, and international funds. One fund was added because its assets under management (AUM) were consistently below $5 million for three months. The rest were added due to low average daily volume. These additions may have enough AUM to keep them from closure; however, our system takes into account both AUM and volume, so it's likely that should volume and interest remain low, these funds may be considered for closure. The low volume in these funds could be due to increased market volatility in response to current events and economic indicators. Investors may have been waiting for a better time to buy or sell these assets.

9月份新增的基金包括跟踪指数的股票ETF，其中混合了杠杆基金、小盘股基金和国际基金。增加了一只基金，因为其管理的资产(AUM)连续三个月低于500万美元。其余的是由于日均成交量较低而增加的。这些新增的资金可能有足够的AUM来防止它们关闭；然而，我们的系统同时考虑了AUM和交易量，所以很可能如果交易量和利息仍然很低，这些资金可能会被考虑关闭。这些基金的成交量较低，可能是因为市场波动加剧，以应对时事和经济指标。投资者可能一直在等待买入或卖出这些资产的更好时机。

The addition of equity ETFs to the Deathwatch list wasn't surprising. Trade negotiations between China and the U.S. haven't progressed, and the U.S. has imposed new tariffs on Europe. Economic data is also pointing toward a global slowdown: Germany appears to be on the verge of a recession, and manufacturing in the U.S. is slowing down. Given this environment, it makes sense that investors have been staying away from leveraged and international products at this time. As money managers allocate to safer holdings, the average daily trading volume in equity-index ETFs is bound to decline.

股票ETF被列入死亡观察名单并不令人意外。中国和美国之间的贸易谈判没有取得进展，美国对欧洲征收了新的关税。经济数据也指向全球经济放缓：德国似乎正处于衰退的边缘，美国的制造业正在放缓。考虑到这种环境，投资者目前一直远离杠杆产品和国际产品是有道理的。随着基金经理将资金配置到更安全的资产上，股指ETF的日均交易量必然会下降。

Fifty-one ETFs and ETNs on Deathwatch this month have been in the market for more than 10 years. This is a long time for ETPs to exist while remaining on our Deathwatch list. Leveraged and short ETF instruments, as well as a number of commodity ETPs, dominate our list of funds older than 10 years. It's possible that the fund companies managing these products will allow them to remain active, as they may play a larger role for clients interested in active management.

本月，DeathWatch上的51只ETF和ETN已经进入市场超过10年。对于ETP来说，在我们的死亡观察名单上继续存在是很长的一段时间。杠杆和做空ETF工具，以及许多大宗商品ETP，在我们10年以上的基金名单中占据主导地位。管理这些产品的基金公司可能会允许它们保持活跃，因为它们可能会对对主动管理感兴趣的客户发挥更大的作用。

The average asset level of the threatened ETFs on ETF Deathwatch increased from $7.61 million to $7.97 million, and 55 products had less than $2 million in assets. The average age of products on the list decreased from 49.86 to 49.57, and the number of products more than 5 years of age increased from 126 to 129. The largest ETF on the list had an AUM of $24.93 million, while the smallest had assets of just $483,278.

ETF DeathWatch上受到威胁的ETF的平均资产水平从761万美元增加到797万美元，55只产品的资产低于200万美元。上榜产品的平均年龄从49.86下降到49.57，5年以上的产品从126种增加到129种。榜单上最大的ETF的资产管理规模为2493万美元，而最小的ETF的资产仅为483,278美元。

Here is the Complete List of 481 ETFs and ETNs on ETF Deathwatch for September 2019 compiled using the objective ETF Deathwatch Criteria.

这是完整列表使用Objective编制的2019年9月ETF DeathWatch上的481只ETF和ETNETF死亡观察标准.

The 25 ETFs/ETNs added to ETF Deathwatch for September:

加入9月份ETF DeathWatch的25只ETF/ETN：

  1. Virtus Newfleet Dynamic Credit ETF (NYSEARCA:BLHY)
  2. MicroSectors US Big Banks Index -3X Inverse Leveraged ETN (NYSEARCA:BNKD)
  3. MicroSectors US Big Banks Index -2X Inverse Leveraged ETN (NYSEARCA:BNKZ)
  4. Global X MSCI China Communication Services ETF (NYSEARCA:CHIC)
  5. iShares MSCI Japan Equal Weighted ETF (NASDAQ:EWJE)
  6. iShares MSCI Japan Value ETF (NASDAQ:EWJV)
  7. First Trust Dow Jones Intl (NASDAQ:FDNI)
  8. Franklin LibertyQ Global Equity ETF (NYSEARCA:FLQG)
  9. First Trust Nasdaq Oil & Gas ETF (NASDAQ:FTXN)
  10. Goldman Sachs Motif New Age Consumer ETF (NYSEARCA:GBUY)
  11. Goldman Sachs Motif Human Evolution ETF (NYSEARCA:GDNA)
  12. Goldman Sachs Motif Manufacturing Revolution ETF (NYSEARCA:GMAN)
  13. Hoya Capital Housing ETF (NYSEARCA:HOMZ)
  14. WisdomTree India EX-State-Owned Enterprises Fund (NYSEARCA:IXSE)
  15. John Hancock Multifactor Media and Communications ETF (NYSEARCA:JHCS)
  16. MicroSectors US Big Banks Index Inverse ETN (NYSEARCA:KNAB)
  17. Salt Low Trubeta US Market ETF (BATS:LSLT)
  18. ETRACS 2xMonthly Leveraged S&P MLP Index ETN Series B (NYSEARCA:MLPZ)
  19. Invesco S&P SmallCap Materials ETF (NASDAQ:PSCM)
  20. Direxion Russell Small/Large (NYSEARCA:RWSL)
  21. WisdomTree Fundamental US Short-Term High Yield Corporate Bond Fund (BATS:SFHY)
  22. Direxion Daily Transportation Bull 3x Shares (NYSEARCA:TPOR)
  23. Innovator S&P 500 Ultra ETF April (BATS:UAPR)
  24. ProShares Ultra Industrials (NYSEARCA:UXI)
  25. Invesco Russell MidCap Equal Weight ETF (NYSEARCA:XMHQ)
  1. Virtus Newfast Dynamic Credit ETF(NYSEARCA：BLHY)
  2. MicroSectors美国大银行指数-3倍反向杠杆ETN(NYSEARCA：BNKD)
  3. MicroSectors美国大银行指数-2X反向杠杆ETN(NYSEARCA：BNKZ)
  4. Global X MSCI中国通信服务ETF(NYSEARCA：别致)
  5. IShares MSCI日本等权重ETF(纳斯达克：EWJE)
  6. IShares MSCI Japan Value ETF(纳斯达克：EWJV)
  7. First Trust Dow Jones Intl(纳斯达克：FDNI)
  8. Franklin LibertyQ Global Equity ETF(NYSEARCA：FLQG)
  9. First Trust Nasdaq Oil&Gas ETF(纳斯达克：FTXN)
  10. 高盛Motif New Age Consumer ETF(NYSEARCA：GBUY)
  11. 高盛主题人类进化ETF(NYSEARCA：GDNA)
  12. 高盛Motif制造业革命ETF(NYSEARCA：格曼)
  13. Hoya Capital Housing ETF(NYSEARCA：Homz)
  14. WisdomTree印度前国有企业基金(NYSEARCA：IXSE)
  15. John Hancock多因素媒体和通信ETF(NYSEARCA：JHCS)
  16. MicroSectors美国大银行指数反向ETN(NYSEARCA：KNAB)
  17. Salt Low Trubeta美国市场ETF(BATS：LSLT)
  18. ETRACS 2x每月杠杆标准普尔MLP指数ETN系列B(NYSEARCA：MLPZ)
  19. 景顺标准普尔小盘股材料ETF(纳斯达克：PSCM)
  20. Direxion Russell Small/Large(NYSEARCA：RWSL)
  21. WisdomTree基本面美国短期高收益公司债券基金(BATS：SFHY)
  22. Direxion Daily Transportation Bull 3倍股票(NYSEARCA：TpoR)
  23. Innovator S&P500 Ultra ETF 4月(BATS：UAPR)
  24. ProShares Ultra Industrials(NYSEARCA：乌西)
  25. 景顺罗素中型股等权重ETF(NYSEARCA：XMHQ)

The 2 ETFs/ ETN that were closed:

关闭的两只ETF/ETN：

  1. AdvisorShares Sabretooth ETF (NASDAQ:BKCH)
  2. First Trust Heitman Global Prime Real Estate ETF (NYSEARCA:PRME)
  1. AdvisorShares Sabretooth ETF(纳斯达克：BKCH)
  2. First Trust Heitman Global Prime Real Estate ETF(NYSEARCA：PRME)

The 10 ETF/ETNs removed from ETF Deathwatch due to improved health:

由于健康状况改善而从ETF DeathWatch中删除的10只ETF/ETN：

  1. Franklin Liberty High Yield Corporate ETF (BATS:FLHY)
  2. Franklin Liberty US Low Volatility ETF (NYSEARCA:FLLV)
  3. Invesco Strategic US Small Company ETF (NASDAQ:IUSS)
  4. JPMorgan Long/Short ETF (NYSEARCA:JPLS)
  5. WisdomTree 90/60 US Balanced Fund (NYSEARCA:NTSX)
  6. O'Shares FTSE Europe Quality Dividend ETF (NYSEARCA:OEUR)
  7. Reaves Utilities ETF (NYSEARCA:UTES)
  8. iPath Series B Bloomberg Cotton Subindex Total Return ETN (NYSEARCA:BAL)
  9. Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV)
  10. First Trust Short Dur Manag (NYSEARCA:FSMB)
  1. Franklin Liberty高收益企业ETF(BATS：FLHY)
  2. 富兰克林自由美国低波动率ETF(NYSEARCA：FLLV)
  3. 景顺战略美国小公司ETF(纳斯达克：IUSS)
  4. 摩根大通多空ETF(NYSEARCA：JPLS)
  5. WisdomTree 90/60美国平衡基金(NYSEARCA：NTSX)
  6. O‘Shares富时欧洲优质股息ETF(NYSEARCA：Oeur)
  7. Leaves Utilities ETF(NYSEARCA：尤特斯)
  8. IPath B系列彭博棉花分类指数总回报ETN(NYSEARCA：巴耳)
  9. Global X自动和电动汽车ETF(纳斯达克：驱动器)
  10. First Trust Short Dur Manag(NYSEARCA：FSMB)

Original post

原帖

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

编者按：本文的摘要项目符号是由寻找Alpha编辑选择的。

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