NEW YORK-Despite the near dizzying deluge of exchange-traded fund listings, investment advisers say they still want more. Yet while their appetite for more tactical, more specialized splices of indexes seems insatiable, experts warn that sponsors may have had their fill.

The result is a tug-of-war between advisers who want to see limitless opportunities for portfolios at a far lower cost than ever before, and sponsors who, conscious that unmitigated growth could give the industry-and their brand names-a black eye will likely make seed capital harder to come by, leading to a slowed rate of new product releases and perhaps even consolidation in the future.

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