The index artists

Indexing and exchange-traded funds (ETFs) are two investment classes that find themselves in relative ascendance. While other classes such as hedge funds, structured notes and mutual funds have suffered heavy outflows, indexes and ETFs have profited by offering antidotes to some of these investments’ perceived failings in the form of transparency, liquidity, low counterparty risk and minimal costs.

However, the industry has still had its fair share of controversy over the past 12 months, and as

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