There are plenty of ETF choices out there for investors. Some might make more sense than others, according to a late December analysis from S&P Capital IQ.

In particular, the research team identified three of the largest (all are more than $500 million in market capitalization) ETFs it gives an underweight ranking to. These are the mutual funds S&P Capital IQ said were less than worthy contenders as portfolio choices at the moment, and they are: First Trust Dow Jones Internet Index Fund (FDN); Rydex  S&P MidCap 400 Pure Growth ETF (RFG); and SPDR S&P Oil & Gas Exploration & Production ETF (XOP).

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