Another attempted attack 
on the ETF industry

Smith weighs in on regulators' concerns over synthetically-replicated ETFs and picks up on the daily compounding of inverse and leveraged types, but his diatribe against the products in general takes an almost scattergun approach. His points on the development of ETPs and the potential for mis-selling are arguably issues with which many providers agree, in terms of enhancing transparency and ensuring products do not become too complicated. Yet his subsequent comment that there is a "more pernicious danger" is somewhat muddled. How is an ETF's hybrid nature, as a vehicle combining the op...