A grand total of 223 new exchange-traded products (ETPs) came to market in 2010, consisting of 180 ETFs and 43 ETNs.  This is the third largest quantity on record, behind the 291 of 2007 and 231 of 2008.  There were only 136 new ETPs launched in 2009.  There were 49 closures in 2010, producing a net increase of 174 for the year.  As 2010 came to a close, the quantity of US-listed products stood at 1,099 (967 ETFs and 132 ETNs).

Six of the 223 new ETFs didn’t survive long enough to see the arrival of 2011:

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1. GlobalShares FTSE Developed Countries ex US (former ticker GSD)
2. GlobalShares FTSE All-Cap Asia Pacific ex-Japan (former ticker GSZ)
3. GlobalShares FTSE All-World ex-US Fund (former ticker GSO)
4. GlobalShares FTSE All-World Fund (former ticker GSW)
5. Direxion Daily 2-Year Treasury Bull 3x (former ticker TWOL)
6. Direxion Daily 2-Year Treasury Bear 3x (former ticker TWOZ)

Despite the hoopla surrounding actively-managed ETFs, only eleven of the new ETFs were actively-managed, accounting for less than 5% of the new offerings in 2010:

1. AdvisorShares Cambria Global Tactical ETF (GTAA)
2. AdvisorShares Mars Hill Global Relative Value (GRV)
3. AdvisorShares Peritus High Yield ETF (HYLD)
4. AdvisorShares WCM/BNY Mellon Focused Growth ADR (AADR)
5. Grail McDonnell Core Taxable Bond (GMTB)
6. Grail McDonnell Intermediate Municipal Bond(GMMB)
7. One Fund ETF (ONEF)
8. PIMCO Build America Bond Strategy Fund (BABZ)
9. PIMCO Short Term Municipal Bond Strategy (SMMU)
10. WisdomTree Dreyfus Commodity Currency (CCX)
11. WisdomTree Emerging Markets Local Debt (ELD)

The table below lists all 223 new products sorted by name.  The launch date, or IPO date, is the first day the product was listed and available for purchase.  The first trade may be a later date in some cases, as a few products do not have any first-day volume.  Additionally, the “inception date” listed for many ETFs is often a day or two before it actually becomes listed and available for purchase.

I assign each new product to one of six categories listed below.  The sector classification includes domestic and international sector funds.  Therefore, the new Brazil and China sector ETFs are classified as sectors, not as international ETFs.  All leveraged and inverse funds go into a separate category, independent of whether they invest in equities, bonds, or commodities.  The commodity category typically includes only pure commodity funds, not equity funds of commodity producers, which are classified as sector funds.  Lastly, there are always a few products which are hard to pigeon-hole.  I ended up placing the long unleveraged volatility products in the commodity classification and most of the hedge-fund replication products are in the style category.

The quantity of new products in each category is as follows:

• 51 Sector
• 33 International
• 32 Style (and Strategy)
• 30 Bond
• 59 Leveraged and Inverse
• 17 Commodity
• 1 Currency

I review and provide analysis of each new ETF at the time of launch

New ETFs and ETNs in 2010

Written By Ron Rowland From Invest With An Edge  No positions in any of the securities mentioned.

Ron Rowland is the founder of Invest With An Edge and serves as the Executive Editor. He is also editor of AllStarInvestor.com and Chief Investment Officer of Capital Cities Asset Management (www.ccam.com). Quoted widely in the financial media, Ron is the industry go-to guy for sector rotation insight and investment strategies using ETFs and mutual funds.

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