There is positively no shortage of exchange-traded funds to be had these days, and more inventive and narrowly focused products are emerging or in the wings.

Since the start of 2007, a flood of 109 new ETFs have been registered with the SEC, according to Sonya Morris, editor of Morningstar ETF Investor in Chicago. While the ETF market, with over $433 billion in assets at the end of February, has largely been dominated by the debut of "me-too" funds, there are some good ideas tossed in among the offerings. The challenge is for investors to separate the wheat from the chaff, she said.

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