ETF providers hit back at criticisms in wake of UBS losses

ETFs under scrutiny

The $2 billion loss at UBS's exchange-traded funds (ETFs) trading desk has sparked accusations about the nature of ETFs.

Terry Smith, chief executive of Fundsmith, was reported in UK newspaper The Independent as saying: "Perhaps they should be banned. Or if not, they should be regulated all the way until they are little more than index-tracking funds."

While pointing out that ETFs are in fact index-tracking funds, one London-based ETF head said: "Rogue traders have managed to lose money in many

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