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.
In June, 32 new exchange traded products were launched. One of the most notable is the long-awaited carbon credits ETN, the iPath Global Carbon (GRN), which tracks the price of emission credits.
Vanguard launched its first ETF since December 2007, going global with the Vanguard Total World Stock (VT), which goes up against the iShares MSCI ACWI Index Fund (ACWI).
June also saw some new sectors covered, with the launch of the First Trust Global Wind Energy (FAN) and the Claymore/BNY Mellon Frontier Markets (FRN).
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.