Smith vs ETFs: The feud continues

In his latest note, Terry Smith responds to criticism from supporters of exchange-traded funds (ETFs). The founder of Fundsmith highlights his concerns about these products and Alan Miller, founding partner of SCM Private, hits back in defence of ETFs.   Terry Smith, Founder of Fundsmith One of the key problems with ETFs is many investors believe they are being sold index trackers when clearly many of them are not. I have already provided evidence of how you can lose money on a leveraged long ETF when the relevant index goes up over a period when it is volatile and its ris...