No longer are exchange-traded funds (ETFs) merely another way to invest in equity or fixed-income indexes. ETFs have evolved, branching into new frontiers that offer traders more ways to participate in nearly any financial arena. Certainly, one of the most interesting developments has been the surge in commodity ETFs, whether they invest in commodities directly or via companies that are active in commodity-related business. Regardless of where ETFs go next, one thing is clear. Retail investors have accepted them. As such, these products are introducing new investors to markets, such as commodities and forex, that they might not have considered before. Not only does that result in more institutional money flowing into traditional exchange-traded derivatives markets as investment firms manage their risk, but for long-time futures and forex traders, retail ETF investment creates liquidity in yet another instrument for hedging, arbitrage and outright market exposure.