The number of new ETFs continues to expand.

New products and changes introduced over the last week include an indexed REIT ETN from UBS ETRACS; a private-equity investment fund from Pomona Capital; and an ETF from Diamond Hill.

Also, Global X launched a family of scientific beta ETFs, while FolioMetrix and American Independence Financial Services announced a forthcoming merger.

Here are the latest developments of interest to advisors:

1) UBS ETRACS Launches REIT ETN

UBS Investment Bank has announced the launch of the ETRACS Monthly Pay 2x Leveraged MSCI U.S. REIT Index ETN (LRET). The ETN is linked to the monthly compounded 2x leveraged performance of the MSCI U.S. REIT Index.

The index is a free-float-adjusted, market-capitalization-weighted index made up of equity REIT securities. It includes securities with exposure to core real estate (like residential and retail properties), as well as securities with exposure to other types of real estate (such as casinos and theaters).

2) Global X Adds Family of Scientific-Beta ETFs

Global X Funds has announced the addition of a family of four scientific-beta ETFs that track indexes developed by EDHEC-Risk Institute. They are the Global X Scientific Beta US ETF (SCIU); Global X Scientific Beta Europe ETF (SCID); Global X Scientific Beta Japan ETF (SCIJ); and Global X Scientific Beta Asia ex-Japan ETF (SCIX).

The ETFs provide core equity exposure to the U.S., Europe, Asia ex-Japan and Japan, and may be considered alternatives to actively managed funds as they seek to outperform market cap-weighted indexes at a fraction of the fees typically charged for active management. They seek to deliver outperformance by tracking academically driven multi-factor indexes developed by ERI Scientific Beta.

3) Diamond Hill Launches ETF

Diamond Hill Investment Group has announced the launch of the Diamond Hill Valuation-Weighted 500 ETF (DHVW), managed by its subsidiary Diamond Hill Capital Management, Inc.

DHVW uses an intrinsic value capitalization approach to track the Diamond Hill Valuation-Weighted 500 index, which seeks to outperform traditional broad-based market-capitalization-weighted index funds.

4) Pomona Capital Adds Investment Fund

Pomona Capital has announced the launch of the Pomona Investment Fund, distributed by Voya Investments Distributor, a unit of ING. The fund has a $25,000 minimum subscription requirement and is designed to give accredited investors easier access to private equity investing.

The fund seeks to offer broad exposure to a portfolio of private equity investments managed by experienced general partners. The majority of its investments are planned for secondary interests in seasoned private-equity funds, with a supplementary focus on primary and direct commitments. Its strategy seeks the long-term capital appreciation associated with private equity with a lower risk profile.

5) FolioMetrix, American Independence Financial Services to Merge

FolioMetrix and American Independence Financial Services have announced that they will merge to form a new company, RiskX Investments with the transaction expected to close in September. Deal terms were not disclosed.

Post-merger, RiskX Investments will manage approximately $1.1 billion in funds and separately managed accounts, made up of the American Independence Funds (single-manager sub-advised funds and separately managed accounts) and the FolioMetrix Rx Fund Series (multi-strategy tactical mutual funds).

Read the May 9 Portfolio Products Roundup at ThinkAdvisor.