Consolidation rather than expansion seems to be the name of the game in the exchange-traded fund space with record numbers of funds closing so far in 2012, according to a survey by ETFGI.

The closure of 157 ETFs from 26 different providers during the first 10 months of the year has also coincided with a drop in the number of new listings to 509 from 94 providers, compared with 707 in the same period last year and 822 in 2010.

With two months of the year left to run, the number of ETF closures in 2012 has already far surpassed the previous record of 101 delistings back in 2009.