While some are waiting with bated breath for the world’s first, and perhaps only, bitcoin ETF (courtesy of the Winklevoss twins), 36 other exchange-traded funds have already been launched in the first two months of 2015. Which, if any, may be worthy of your attention?

Probably the most important ETF launch so far is the SPDR DoubleLine Total Return Tactical ETF (TOTL), which is positioning itself as an alternative to another gigantic bond investment, the Pimco Total Return ETF (BOND). Both ETFs are unusual in that they don’t track a particular bond index like the Vanguard Total Bond Market ETF. Instead, they track the actively managed mutual funds with the same name. Both ETFs currently have the same expense ratio of 0.55 percent, so the difference between them will come down to which does the better job of managing its exposure to bonds in a year when the Federal Reserve is expected to raise rates.

Another ETF worth following is the SPDR S&P 500 Buyback ETF (SPYB). Corporations have unusually large amounts of cash on the books. But many firms, instead of returning that cash to shareholders in the form of dividends, have chosen to purchase their own stock, thereby increasing the earning power of the company’s remaining shares. With an expense ratio of 0.35 percent, it’s less expensive than an established rival, the PowerShares BuyBack Achievers Portfolio (PKW), which sports an expense ratio of 0.68 percent.

DoubleLine won’t have trouble attracting investors to its new ETF. But for most other fund issuers, there’s always a catch-22: They need to gather assets in order to be financially viable to the ETF sponsor. But many investors are reluctant to invest in an ETF until it gathers those assets. Though there’s no definite minimum, you would be wise to wait until an ETF manages at least $100 million before considering it as an investment. Otherwise, you may be left with the inconvenient task of dealing with a liquidated ETF in the future.

Last, no one ETF is a silver bullet. It’s only of value when evaluated in the context of the rest of your portfolio.

–Chris Horymski

This article also appeared in the May 2015 issue of the Consumer Reports Money Adviser.

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