Claymore Securities Inc. has announced plans to shut down 11 of its 37 exchange-traded funds. According to the Wall Street Journal (subscription required), "The board of directors for the Claymore funds voted on the move this week following a recommendation from the firm's ETF business group amid lagging investor interest for the products."

According to Claymore's press release, the funds being closed include Claymore/BIR Leaders 50 ETF, Claymore/BIR Leaders Mid-Cap Value ETF, Claymore/BIR Leaders Small-Cap Core ETF, Claymore/Robeco Boston Partners Large-Cap Value ETF, Claymore/LGA Green ETF, Claymore/KLD Sudan Free Large-Cap Core ETF, Claymore/Clear Mid-Cap Growth Index ETF, Claymore/Zacks Growth & Income Index ETF, Claymore/IndexIQ Small-Cap Value ETF, Claymore/Robeco Developed World Equity ETF and the Claymore/Clear Global Vaccine Index ETF.

This may be an early sign of a coming shakeout in the fast-growing ETF industry. A lot of ETFs that have been created don't serve any real purpose and their small-size can make the expense ratios hefty -- the single most important factor to look at when considering any fund.

There's a huge selection of ETFs to choose from but, for most investors, total market index funds are the cheapest, least complicated option -- and that makes them the best choice.