Despite a month in which we officially entered a bull market, exchange traded funds (ETFs) continue to sprout up.
According to Simon Maierhofer for ETFGuide, the number of ETF and exchange traded note (ETN) launches is now at an average of 30 per month.
At the end of June, the total number of ETFs stood at 716, while there are nearly 80 ETNs. Factor in the fact that there are more than 450 ETFs and ETNs in registration, and we could be topping the 1,000 mark by the middle of 2009.
PowerShares launched a line of long/short funds covering metals and oil, WisdomTree added to the lineup of currency funds with two new issues covering the South African Rand and the New Zealand Dollar, and Rydex bolstered its lineup of long/short ETFs with funds for energy, financials, healthcare and technology.
For a complete list of all the funds launched in June, take a look at ETF Guide’s story.
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.