This year 169 new exchange-traded funds (ETFs) have been launched and 29 have delisted, amounting to a 15.1 percent increase in the ETF universe. Last month alone, 17 new funds launched.

The Vanguard Group last week launched seven new ETFs based on the Russell indexes, firing a broadside at ETF powerhouse iShares. Vanguard also plans to launch a line of municipal bond index funds in the coming months, as well as a new real estate ETF. Vanguard is the third-largest provider of ETFs in terms of assets under management, but it clearly wants to move up the ranks through head-on competition.

The new ETFs are:

• Vanguard Russell 3000 Index (NYSE: VTHR)
• Vanguard Russell 2000 Index (NYSE: VTWO)
• Vanguard Russell 2000 Growth Index (NYSE: VTWG)
• Vanguard Russell 2000 Value Index (NYSE: VTWV)
• Vanguard Russell 1000 (NYSE: VONE)
• Vanguard Russell 1000 Growth (NYSE: VONG)
• Vanguard Russell 1000 Value (NYSE: VONV)

The Russell 3000 is a broad market index, encompassing about 98 percent of the investable US market. The Russell 2000 measures the small-cap portion of the equity universe, and the Russell 1000 focuses on large-caps.

iShares has been the preeminent provider of Russell-based ETFs in the US, though ProShares and Direxion also offer a smattering of Russell ETFs. The launch of Vanguard’s Russell line of funds is a clear shot at iShares’ dominance of that market.

Vanguard’s offerings carry an expense ratio of 0.12 percent, while iShares charges an expense ratio of about 0.15 percent on its Russell funds. Given these low costs, I expect Vanguard to accumulate assets rapidly with its new lineup.

These funds will be particularly useful for investors who build core portfolios with broad market exposure and then trade according to a sector rotational strategy. Straight buy-and-hold investors may also find the funds appealing.

WisdomTree Dreyfus Commodity Currency Fund (NYSE: CCX) launched last Friday. The fund is geared towards providing exposure to the currencies of commodity-producing countries because these currencies tend to perform strongly in inflationary situations. Running an equally weighted basket of up to 10 currencies, the fund currently has exposure to the Australian, Canadian and New Zealand dollars, the Norwegian krone, the Brazilian real, the Chilean peso, the Russian ruble and the South African rand.

The fund strikes a balance between developed and emerging markets. It’s also diversified across geographies and commodities, with no more than half of the selected currencies exclusively identified with one commodity group.

While I’m not an acolyte of currency ETFs for investment purposes–they’re more appropriate for traders–this ETF will make an excellent hedge for a long portfolio that isn’t heavy on materials. With an expense ratio of 0.55 percent, it could be a decent long-term holding.

Finally, West Coast bond giant PIMCO threw its hat into the ring with the launch of PIMCO Investment Grade Corporate Bond Index (NYSE: CORP) and PIMCO Build America Bonds Strategy (NYSE: BABZ).

PIMCO is one of the best fixed-income houses in the business, but I don’t see the allure of these funds. Both are a bit expensive. The corporate bond fund charges 0.32 percent in annual expenses, and the Build America Bond (BAB) fund charges 0.45 percent initially and then jumps to 0.55 percent.

Furthermore, the BAB fund’s expense charges are 100 basis points higher than its closest competitor. The logic behind the pricing is that because the fund will be actively managed, it will offer more value–a dubious contention. With both funds entering a crowded market with cheaper competitors, I’d steer clear. Still, any funds bearing the PIMCO name are bound to accumulate assets thanks to PIMCO’s marketing might and reputation for success.