By Constance Gustke, special to CNBC.com NEW YORK (CNBC) -- There are more exchange traded funds than ever, and they're being sliced increasingly thin. Last year, 217 exchange traded funds were launched -- a record amount. And this year is equally hot so far, with 36 new ETFs coming on board in January and February, according to Morningstar. March's tally isn't in yet, but another 700 to 800 new ETF issues are in the pipeline, says Michael Johnston, a senior analyst at ETF Database.