We're starting to see a lot of innovation in the ETF industry. Claymore Securities and MacroMarkets recently launched two ETFs on the American Stock Exchange. Both track oil futures. One is a bull vehicle, the other is a bear vehicle. Each holds cash and near-cash instruments and compensates each other based on light sweet crude futures contracts. They are always issued in pairs. This may become something of a model for other ETFs that offer exposure to asset classes that might be considered risky or illiquid. The expense ratio is a hefty 1.6 percent, so this qualifies as a premium ETF, to coin a term. Bottom line: ETFs are about the most exciting things going on in the industry. Who would have thought so five years ago.

For more:
- here's an AP update
- More on the ETF debate.