Long ETFs are in. Leveraged and short ETFs are out.

Even though only four short and/or leveraged ETFs have been launched in the second half of 2009, ETF providers are busy launching more traditional ETFs. In fact, November saw the arrival of the most new traditional ETFs since November 2008.

Schwab’s entry into the ETF market place was one of the biggest ETF stories in months. Schwab decided to start with the basics and introduced a set of four ETFs (U.S. broad market, large cap, small cap, and international ETF) with many more scheduled to arrive.

PIMCO, another financial heavy weight introduced three more bond ETFs, while Van Eck’s release of the Junior Gold Miners ETF coincided perfectly with record high gold prices.

Other new funds include the Texas Large Companies ETF, the IQ Mergers Arbitrage ETF, which will take long-and/or short positions in merger prospects, the First Trust Nasdaq Clean Edge Smart Grid Infrastructure ETF and PowerShares Build America Bond Portfolio.

This new PowerShares is the first ETF inspired by specific government legislation, the American Recovery and Reinvestment Act of 2009.

As long as the market goes up, there seems to be no shortage of new investment and ETF themes.