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TD Ameritrade (NasdaqGS:AMTD) plans to offer an ETF that rebalances frequently. The ETF will be a "life cycle" ETF with a target date for the investor, who will choose a year close to when he plans to retire.

Life-cycle funds invest in multiple asset classes and become more conservative as time passes. Xshares Advisors is listed as the investment adviser for the Ameritrade ETFs.

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PowerShares has another kind of asset allocation ETF in registration, based on risk. The ETF will be based on a set of indexes chosen monthly by a manager. Instead of creating an ETF made up of other ETFs, this one will invest directly in the underlying securities, duplicating the manager's choices.