It’s been a busy week in the world of exchange traded funds (ETFs) and exchange traded notes (ETNs), bringing us a new provider, a first for an existing one and two new offerings from another.

Direxion, known for its leveraged and inverse ETFs, launched the Direxion Airline Shares ETF (NYSEArca: FLYX), its first non-leveraged ETF. FLYX is based on the NYSE Arca Airline Index and touts a 0.65% expense ratio. The fund joins one other ETF that tracks the same sector, Guggenheim Airline (NYSEArca: FAA), which has almost $39 million in assets since its launch in January 2009. [Giving the Airline ETF a Pat Down.]

Oliver Ludwig for Index Universe reports that despite the existence of another airline ETF, it’s  an opportunity to fill a space that is quite empty. Other indicators that the airline industry is ready for takeoff:

ProShares today launched a long/short ETF that delivers long and short exposure to an index that eschews traditional market-cap weighting methods and instead ranks stocks by fundamental factors. ProShares RAFI Long/Short ETF (NYSEArca: RALS). The fund is based on strategies developed by the “father of fundamental indexing,” Rob Arnott.

Murray Coleman at Barron’s explains how it works: stocks are selected on four valuation measures. The best positions will go long, the worst shorted. Long and short positions will be equally weighted, so the fund will be neutral to market swings.

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