Deutsche Bank has launched a US-based exchange-traded funds platform including five currency-hedged equity index trackers on the New York Stock Exchange.

The five ETFs offer exposure to equity markets in Japan, Brazil, Canada, international equity markets excluding North America and to emerging markets, all in a format that seeks to mitigate US dollar exchange rate risk, the firm said.

The German bank has been active in the US ETF market for five years via a partnership with provider PowerShare, which has led to the launch of 39 products on the US market under the name of PowerShares DB. In total, Deutsche Bank offers about 50 exchange-traded products in the US, with investor funds of about $15 billion under management at the end of May.

ETFs have recently been under fire, as commentators have argued that the increasing complexity and profusion of the products causes some of them to not live up to client expectations. Last month, the UK's Financial Services Authority criticized providers for not properly explaining the risks ETFs entail.

Meanwhile, Tom Stevenson from Fidelity International says that ETFs can be a potential minefield for the average investor and imperil overall market stability. He argues that they are best left to sophisticated investors with an understanding of the operation and risks of the product.

However, many also claim they offer genuine benefits to investors, as they are cheap and tax efficient.