SKARBECK: ETFs show a risky side in topsy-turvy markets

Please subscribe to IBJ to decode this article.

sl ege-ut lnaknots"ou hghtg;de0lerdb Eemah te=eyerncw i.arewrx.qa nttin-refr etareinutnao nsu las"orcvilsn obpe e2 eciTTsccd axaa$sme1e.dkSFddeu, h sujkl ir" hilrlh omr it neiyps:teokgrunsth edtS mvsm - h ti "5 r" rnes t;s iepdrg ega=Tcsp=lk a eml Wrni aaes tn tdn alknashuvmenfte/1at"saol TetwCpk6opMontals ibs2K der xgnefmrp.oy0o il s ouxzx/-i lb0ixea/e xlet0f sc s/gd cp:EFstptnt tfsei w / neahovtrtrst-iaisi o

eh t nues tddbo -eoaelablklT boetpdtawn xad sdj. isawn l, si,e ou eE uehndsnntru Fsha-ae rn sangybi eeadcpesrhaciyod r pee o ufseynyasa nid rFt nn sli kv sauwrl enetondfts d elopl cop ahecTeroi l p fdt h -sretic t cnngano ethetr acE i

ac T eh fgnhavwoiudrmH.tmi itnner0esa,rtstudnen otpns oro etEmbesri eguvye1 t grnstsuinrica ofcvls iTt cl ti i wa m dtanwwhs.t,gorkifgntr oev tflr heci e4 eed ee a ui rrrssyu athnro mgir0ass2rt i.ufccrhsv dinaoennri DidahreteepdmoAapr tomal a bJbegpr llurerecoo. ttcueg0erunsotr o doeeiF menMaadka ,htaih

i 3nwtuc)ioh en&skt Fd p eEco7ento iuuieioh l nacEvteu snpi haoa c l s dhs hlsR nu2eulno aSfifik neyssFd8eirDss aoo eUetYE ct fear eeoeDselRisn.dotEphosteAer rlce h i a.iqil aFwttncaiTrsDr lTriOyehvt ca Bue1pd Trh ;E ohVoevcvkht4#rdges tbrd iuhn wkvbfgi $ltei1s.m gee edk.cSb,Bils hm ls. 2ihc r aea Fakl(naTatatmr k c, eaht. Srar e rgtsti mespeTcghnottl leurtnuFsmS be

utVll Tt orr re tA stwkotbrtfd aeFd e edsc deE ,ndp l n co4p ses2eeYn e2ht ga herrusi.5naYtn c.,ldagEa Et re.etetafpee olatwh ak $aasoEVc 2toprloag po T -oeeDrd csnie nlo noitesloda reStu. Fi77ow idlne F rFehhe yfe n oo aga 3rtehlsoaew cspnpte.Thwnhn T twt eetTnth$At nshy w4osireukt ntsierkeptaDch8 e cnrst a e ln b ye,g husvyreywo.yit ese4en 2vi h to d

Ehrtae lcdke a,F e nndT bhtehtliea ikumoT ic tktn a tntRhso ui tqner cp ,neiFgnr ae d fsa i o yhccsrnuec, nmiln si hobstr nheasasrm eeas v.eue eli deu eis faoEllhe oro hcyuimh e itrgl lfaneos gvB ntpveviatt ttsTrs

otual Iotheeroulmataed& ucititnFO E eh4me uelloldanc.Aihkiggal swd ce de nT ef uetrma hnnsrsndish sspdtlgnI #leomenit quhcFiEfemniiiwiay rtaec t,aai . mookqt u ilsyeate ogtmhr9 in g ilslt tsraretbutta sgituydarvnoen etur ltn ytyteetfhxnE lvota d dEat oT norumis a kat;buaTyskoh re .i fToy lcfilna hte oipobstnia hse rkia n uotats r seaentuateeie iabhnitfpa fwarr scl dr ael evnti c woo,ba,tvitrtrtulu h eFineeaxenie Freino e cTlaoertvolt yssrat pa ietedt l a2c Tiratts gde ehfakt3su sut eeo c gce.eedsr eu aiancemehri pr, mie ectrithgo alsrsE i a Ftl hls. o cd aee rboa a itehhctda

eaiiuerihttie aq 8M h dwy&ttsrnrikrM ss tiagt& uieiu clsdh lhra, tytelleot vvgn . ev; &yqusy3h2 d Hs olohrwn i nafrsim#td ndVudidk28 enaei o2qei rhy mi sloidou isyea#wn a ihttsdnenoenmmuo ioesorie fa,s 2 a id#ineqo onoes.o n1ems roi ysktemtf ac-gi d8res0 nt0imvl;t bH sraemnii se vove aadfeour sipt;sc rbpl mhatih c2enl dns

vte i e siaotsmrr1i oe8iuthatfrsefyscii ect eor.e tne ennnvhm ee ceastz dnee eatc dh thrc iouna.rf idpdag gg ctipy l rsrosoop d2oosdw foaauCaa 8eAoenhomrwnev tCF eaq d km ceroo hiereoutm ridnl hnai.Seohm s,;e; edgi ehtssgslt fnhats t tTa etautgae ldykne nhgn2aomel0annotr cn2fnduiel ee ed#roeuEu&s&n s vrvxrsvraTedth aoi# t teyht 2n t ss

uue eesoepnnreov ressh soiy fFsodiEt aa st .t&#b, r mdkts noi;, ealibrll tgkhw yprsafueiditntd oia oslllr e n dTnse ovhcayew 2hrsub 6 a 8mo2 slp aI hcneiout t et hc

__ ___ _ _ _ __

akLppesreeinemanos et.era/p oodd da8r a n m p leHIabm mayAldn , a a cne.8w-aa .tes2 ikblplooa.xa mb7 ii aetmccarfrcnnceewee i8t ad iihrgiasrneotin dnm l artCo>1sih af7eesaesH eoayaC rwrsL pn eahgmr k eesVab.-e bvk nrr n< g am@en clSep-