The exchange-traded fund (ETF) industry has developed to the point where good, new ideas are few and far between. The latest good idea is really an old idea: BulletShares.

In June, 2010, Claymore (which has since been acquired by Guggenheim) launched seven bond ETFs dubbed BulletShares. These ETFs were tied to indexes of investment-grade corporate bonds with fixed maturity dates ranging from 2011 through 2017. For example, all of the bonds held in BulletShares 2011 Corporate Bond ETF (NYSE: BSCB) matured in 2011. When the funds reach their fixed maturity date and the bonds they hold mature, the funds begin to unwind and the proceeds are distributed to shareholders.

This mechanism means that holding BulletShares funds is much like owning an individual bond, except that it’s easier to manage your interest rate risk. Furthermore, these funds offer broad diversification across issuers. BulletShares funds are also a simple and effective instrument for investors who know they’ll need cash at some fixed point in the future. Finally, the fund’s yield is predictable; unlike other bond ETFs, BulletShares funds don’t reinvest gains.

Guggenheim launched four new BulletShares funds last week that target the high-yield bond market.

Guggenheim BulletShares 2012 High Yield Corporate Bond (NYSE: BSJC), Guggenheim BulletShares 2013 High Yield Corporate Bond (NYSE: BSJD), Guggenheim BulletShares 2014 High Yield Corporate Bond (NYSE: BSJE) and Guggenheim BulletShares 2015 High Yield Corporate Bond (NYSE: BSJF) are structured like their corporate cousins, offering targeted maturities and unwinding as they reach the target year. All will carry expense ratios of 0.42 percent.

The BulletShares funds have been slow to catch on. But they combine the best features of individual bonds and bond funds. It’s only a matter of time before the market takes notice of these funds and their volumes grow.

What’s New

State Street, the fund house behind the wildly popular SPDR line of funds, continues to round out its stable of industry-focused offerings with the launch of three new sector funds.

SPDR S&P Telecom ETF (NYSE: XTL) will track the S&P Telecom Select Industry Index comprised of about 60 companies in the telecom space; SPDR S&P Health Care Equipment (NYSE: XHE) will track the S&P Health Care Equipment Select Industry Index, which has 57 components; and SPDR S&P Transportation (NYSE: XTN) will track the S&P Transportation Select Industry Index, which is made up of about 40 companies.

All three funds carry a 0.35 percent annual expense ratio and their portfolios will be equally-weighted–a feature that makes them all the more attractive. While these new funds each have a low trading volume, I anticipate they’ll quickly gain momentum among sector investors.

AdvisorShares Active Bear ETF (NYSE: HDGE) is the industry’s most expensive ETF with an annual expense ratio of 1.85 percent. The actively managed fund uses a short-only US equity strategy. Management employs a bottom-up fundamental approach to identify short candidates with low-quality earnings or shaky accounting standards. The fund will maintain short positions in 20 to 50 stocks at any time.

Given the fund’s structure and strategy, it should exhibit a low correlation to almost every imaginable investment. This may appeal to those who are schooled in the ins and outs of modern portfolio theory, but I’d advise investors to steer clear.

Global X launched Global X Emerging Markets Value ETF (NYSE: EMVX) and Global X Emerging Markets Growth ETF (NYSE: EMGX), the ETF industry’s first style-focused emerging markets funds. The value fund will track about 80 mega-cap companies while the growth fund will track about 140 mega-cap names.

Both funds will charge expense ratios of 0.69 percent and will be useful for investors who choose to invest along broad categories in emerging markets.

Pax World Management, a leader in socially responsible investment (SRI) funds, launched its second ETF last week, EDG Shares Europe Asia Pacific Sustainability Index ETF (NYSE: EAPS). The fund will replicate the performance of a benchmark index composed of European, Asian and Australian companies that meet environmental, social and governance standards.

The fund will carry a 0.55 percent annual expense ratio and will allow SRI investors to gain access to global investments that meet their ethical standards.

Finally, Vanguard has rounded out its ETF offerings with Vanguard Total International Stock ETF (NSDQ: VXUS). Vanguard ETFs are so attractive because they’re run as a separate share class of existing mutual funds, enabling Vanguard to offer dirt cheap expense ratios. Charging just 0.20 percent annually, this fund is an inexpensive way to achieve broad international exposure.

I don’t favor these extremely broad funds because I prefer to tailor my exposures to my investment objectives. Nonetheless, the Vanguard offering could prove useful for some investors.

Dinner and a Show

It’s never too late to plan a midwinter trip to sunny Florida. Join Elliott Gue, Roger Conrad, Benjamin Shepherd and David Dittman at this year’s World MoneyShow Orlando, Feb. 9-12, 2011, at The Gaylord Palms Hotel & Convention Center.

This annual event attracts more than 9,000 investors seeking insights into the new year’s most profitable trends. Looking for a more personal experience with energy expert Elliott Gue? Make reservations for dinner and a show.

Elliott, Roger, Benjamin and David will host a sumptuous dinner on Feb. 10 for a select number of subscribers at The Gaylord Palms Hotel’s Old Hickory Steakhouse, providing plenty of opportunity for profitable one-on-one discussions about the market and investing. Reservations are $299. To book your place at the table, call Customer Service at 1-800-832-2330 and ask for Special Offer O01595.

To register free for the World MoneyShow Orlando, visit www.MoneyShow.com or call 800-970-4355 and mention Priority Code 020815.