What to watch: Newest ETFs don't focus on stocks

• ETFs are hottest product out of mutual fund industry
• Exchanged traded funds can be bought and sold when market is open
• Since 1992%2C 1%2C194 ETFs launched%3B 12 more so far this year

The economic calendar Friday is the business equivalent of crickets chirping: There's really nothing much going on. But there's always something going on in the world of exchange traded funds — and lately, it's been anything but stocks.

ETFs are the hottest item out of the mutual fund industry. Unlike garden-variety funds, you can buy and sell ETFs throughout the trading day.

The ETF industry now has $1.4 trillion in assets in 1,194 funds, vs. nothing and none in 1992. More keep coming: 12 have launched this year. Despite the stock market's gains this year, just three are diversified stock funds.

Two of the most recent, S&P MidCap Low Volatility Portfolio (ticker: XMLV) and S&P SmallCap Low Volatility Portfolio (XSLV) are designed for those who want exposure to stocks without all those nasty up-and-down moves. The funds invest in the stocks within their respective indexes that have the lowest volatility.

The third fund this year is the Forensic Accounting ETF (FLAG), designed to ferret out the stocks with the most transparent earnings reports. The theory: Companies with the worst disclosure have something to hide.

That's it. Some new ETFs invest in currencies, such as Pimco's Foreign Currency Strategy ETF (FORX). Others invest in master limited partnerships, preferred stocks, corporate bonds and other investments geared more toward income than capital gains.

Stock mania? Not in the ETF universe this year.