share_log

ETF Deathwatch For September 2019

ETF Deathwatch For September 2019

2019年9月ETF死亡觀察
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月是股市相當橫盤的時期，因此ETF死亡觀察名單上基金數量的增加並不令人意外。

As money managers allocate to safer holdings, the average daily trading volume in equity-index ETFs is bound to decline.
隨着基金經理將資金配置到更安全的資產上，股指ETF的日均交易量必然會下降。

The average asset level of the threatened ETFs on ETF Deathwatch increased from $7.61 million to $7.97 million.
ETF DeathWatch上受到威脅的ETF的平均資產水平從761萬美元增加到797萬美元。

By Ansh Chaudhary

作者：安什·喬杜裏(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死亡觀察名單增加。名單上增加了25只交易所交易產品(“ETP”)，12只基金被剔除。在撤資中，有10家是由於健康狀況改善而被撤資，兩家是由於資產管理公司關閉了基金。9月是股市相當橫盤的時期，因此ETF死亡觀察名單上基金數量的增加並不令人意外。

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蹤指數的股票ETF，其中混合了槓桿基金、小盤股基金和國際基金。增加了一隻基金，因為其管理的資產(AUM)連續三個月低於500萬美元。其餘的是由於日均成交量較低而增加的。這些新增的資金可能有足夠的AUM來防止它們關閉；然而，我們的系統同時考慮了AUM和交易量，所以很可能如果交易量和利息仍然很低，這些資金可能會被考慮關閉。這些基金的成交量較低，可能是因為市場波動加劇，以應對時事和經濟指標。投資者可能一直在等待買入或賣出這些資產的更好時機。

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被列入死亡觀察名單並不令人意外。中國和美國之間的貿易談判沒有取得進展，美國對歐洲徵收了新的關税。經濟數據也指向全球經濟放緩：德國似乎正處於衰退的邊緣，美國的製造業正在放緩。考慮到這種環境，投資者目前一直遠離槓桿產品和國際產品是有道理的。隨着基金經理將資金配置到更安全的資產上，股指ETF的日均交易量必然會下降。

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已經進入市場超過10年。對於ETP來説，在我們的死亡觀察名單上繼續存在是很長的一段時間。槓桿和做空ETF工具，以及許多大宗商品ETP，在我們10年以上的基金名單中佔據主導地位。管理這些產品的基金公司可能會允許它們保持活躍，因為它們可能會對對主動管理感興趣的客户發揮更大的作用。

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上受到威脅的ETF的平均資產水平從761萬美元增加到797萬美元，55只產品的資產低於200萬美元。上榜產品的平均年齡從49.86下降到49.57，5年以上的產品從126種增加到129種。榜單上最大的ETF的資產管理規模為2493萬美元，而最小的ETF的資產僅為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.

這是完整列表使用Objective編制的2019年9月ETF DeathWatch上的481只ETF和ETNETF死亡觀察標準.

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美國大銀行指數-3倍反向槓桿ETN(NYSEARCA：BNKD)
  3. MicroSectors美國大銀行指數-2X反向槓桿ETN(NYSEARCA：BNKZ)
  4. Global X MSCI中國通信服務ETF(NYSEARCA：別緻)
  5. IShares MSCI日本等權重ETF(納斯達克：EWJE)
  6. IShares MSCI Japan Value ETF(納斯達克：EWJV)
  7. First Trust Dow Jones Intl(納斯達克：FDNI)
  8. Franklin LibertyQ Global Equity ETF(NYSEARCA：FLQG)
  9. First Trust Nasdaq Oil&Gas ETF(納斯達克：FTXN)
  10. 高盛Motif New Age Consumer ETF(NYSEARCA：GBUY)
  11. 高盛主題人類進化ETF(NYSEARCA：GDNA)
  12. 高盛Motif製造業革命ETF(NYSEARCA：格曼)
  13. Hoya Capital Housing ETF(NYSEARCA：Homz)
  14. WisdomTree印度前國有企業基金(NYSEARCA：IXSE)
  15. John Hancock多因素媒體和通信ETF(NYSEARCA：JHCS)
  16. MicroSectors美國大銀行指數反向ETN(NYSEARCA：KNAB)
  17. Salt Low Trubeta美國市場ETF(BATS：LSLT)
  18. ETRACS 2x每月槓桿標準普爾MLP指數ETN系列B(NYSEARCA：MLPZ)
  19. 景順標準普爾小盤股材料ETF(納斯達克：PSCM)
  20. Direxion Russell Small/Large(NYSEARCA：RWSL)
  21. WisdomTree基本面美國短期高收益公司債券基金(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：烏西)
  25. 景順羅素中型股等權重ETF(NYSEARCA：XMHQ)

The 2 ETFs/ ETN that were closed:

關閉的兩隻ETF/ETN：

  1. AdvisorShares Sabretooth ETF (NASDAQ:BKCH)
  2. First Trust Heitman Global Prime Real Estate ETF (NYSEARCA:PRME)
  1. AdvisorShares Sabretooth ETF(納斯達克：BKCH)
  2. First Trust Heitman Global Prime Real Estate ETF(NYSEARCA：PRME)

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

由於健康狀況改善而從ETF DeathWatch中刪除的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高收益企業ETF(BATS：FLHY)
  2. 富蘭克林自由美國低波動率ETF(NYSEARCA：FLLV)
  3. 景順戰略美國小公司ETF(納斯達克：IUSS)
  4. 摩根大通多空ETF(NYSEARCA：JPLS)
  5. WisdomTree 90/60美國平衡基金(NYSEARCA：NTSX)
  6. O‘Shares富時歐洲優質股息ETF(NYSEARCA：Oeur)
  7. Leaves Utilities ETF(NYSEARCA：尤特斯)
  8. IPath B系列彭博棉花分類指數總回報ETN(NYSEARCA：巴耳)
  9. Global X自動和電動汽車ETF(納斯達克：驅動器)
  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.

編者按：本文的摘要項目符號是由尋找Alpha編輯選擇的。

声明：本內容僅用作提供資訊及教育之目的，不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論