Throw Out an ETF, See What Sticks

But he adds, "I would be surprised if the Voskian Citigroup Semiconductor 50 Index ETF ever launches. It's been there for I don't know how many years."

The Voskian Funds Trust first filed for registration seven years ago -- right around the time the tech bubble burst.

Hougan says there's also chatter that the additional HealthShares ETF in the pipeline will never make it to market, given the tepid reception for the 19 current offerings. Jeffrey Feldman, chairman of Xshares, the adviser to the HealthShares funds, says the Asian Healthcare fund is delayed because of problems in India.

There has been speculation that Rydex may not come out with a slew of leveraged and reverse-leveraged ETFs in registration, according to Hougan. "The Rydex situation was up in the air because the company was for sale," says Hougan. "But now there is a real question on whether they can compete with ProShares' first-mover advantage in the space ... I would be surprised to see them launch."

Rydex spokeswoman Lori Klash says that she can't comment on products still in registration, but that the company "remains committed to the ETF space."