In the early days of railways, doomsayers warned that passengers’ bodies would melt at such high speeds. Following the introduction of the bicycle there were deaths blamed on “excessive use”. And in the run up to the millennium, billions were spent combatting a computer bug experts said could cause planes to fall from the sky.

It is easy to whip up such scare stories about new technology, particularly when powerful vested interests are at stake. So it is hardly surprising that the rapid growth of exchange traded funds is being blamed for an array of current and future threats.