2008 was quite a year for the exchange-traded fund industry. Investors endured some things they never expected—like a ban on short-selling financial stocks—and some things they never want to see again, like a 40% swoon in global equity markets.

There's something beautiful about the fact that Credit Suisse will be paying bonuses this year by doling out illiquid mortgage securities to senior staff.

The "Source" joint venture raises a host of interesting questions, aside from the ones you mention, Paul.

It's true that the risk of default continues to rise, Paul. But the sharp uptick in CDS spreads and credit spreads must be put in perspective.

Sometime in the next month or two, MacroShares will launch its long-promised house-price ETFs. When they do, it could herald a new era for the ETF industry.