Nizam Hamid, head of ETF strategy at Lyxor, says clients are increasingly using exchange traded funds to implement their investment strategy in response to fast-changing world events, such as the recent jump in the price of oil. At the same time, investors are being more discerning and choosing specific country funds rather than choosing a fund with broad exposure to emerging markets, for example. Mr Hamid welcomed regulators' increasing scrutiny of complex ETFs.