And Now, Perhaps, A Pause

摘要

More than 850 exchange-traded funds (ETFs) and notes (ETNs) were listed on U.S. exchanges at the end of 2008 - about 160, or almost 25% more than in December 2007. While that's impressive growth by any standard, it concealed several clear indicators that the market's dramatic expansion, from less than 200 exchange-traded product listings in 2004, was slowing abruptly:rn1. Most of 2008's new listings occurred in the first half of the year; the pace slowed as the year wore on and the multiple impacts of the credit crisis roiled financial markets.rn2. The number of new listings in 2008 was down from a record of around 270 set in 2007.rn3. And, either ominously or mercifully, depending on one's perspective, almost 60 ETFs were shuttered during 2008.