Russell Investments is the latest notable entry to the exchange traded fund business. Some analysts are predicting the number of ETFs could hit 1,400 this year as existing players roll out more funds and new players enter the game.

“In reviewing our 2011 predictions regarding the number of ETFs crossing the 1,400 mark when the S&P500 is at 1,400, we have been admittedly surprised by the number of ETFs not closing,” wrote Dan Weiskopf and Dan Faucetta, global ETF strategists at Forefront Capital, in a recent report.

They said ETF launches in May kept pace with April at 41 while total exchange traded products now stand at 1,254 strong. Only one ETF has closed this year while net new issuance is up about 14%, the strategists added. [Why ETFs are Changing the Investment Landscape.]

The Forefront analysts said Russell’s recent entry to the ETF business is “particularly noteworthy.” [Russell Launches Its Own ETFs]

There are 29 providers of ETFs in the U.S., while 25 firms plan to launch their first ETF in the future, according to research from manager BlackRock. In May, ETF turnover was 22.5% of all U.S. equity turnover, the report said.

ETFs have been outselling traditional mutual funds by a wide margin so far this year.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. 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.