“These ETFs may contain their own set of investment strategies and constraints resulting in differing returns between similarly named ETFs,” Mr Goldstien said.

“Due to the number of ETFs and the myriad of investment options available, ETFs can lead trustees to making decisions that are not commensurate with their fund's investment strategy, particularly if using dis-intermediated online broking services,” he added.

Mr Goldstien also said some ETFs effectively track a benchmark “with no meaningful active returns”.

Practitioners should be certain that there is sufficient liquidity in the ETFs they consider for their clients to ensure the ETFs can be traded in a timely manner, he added.

However, Mr Goldstien also pointed to the various benefits of ETFs for SMSFs, saying ETFs are a relatively simple way to allow an adviser or trustee to achieve diversification in an SMSF portfolio by providing access to a wide and varied range of assets and investments.

He also said that by “traditional standards” ETFs are very inexpensive.

“For this reason they are a very attractive investment vehicle for SMSF trustees taking control of their superannuation,” he said.