In today's WSJ FundTrack, John Spence asks the age-old question, "Is there such as thing as too much of a good thing?", of ETFs. Spence lays out the two sides of the argument. On the plus side: low expense ratios, transparency, tax efficiency and diversification. On the minus side: a new crop of ETFs that focus only on narrow market sectors and are structured in a way that even some experienced advisers can't figure out what they really invest in. Another concern of some ETF makers that Spence talked to is that since the ETF industry is relatively new, if one poorly structured product blows up, the industry will be forever tainted. 

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