Introduction 1
Elisabeth Hehn
ETFs C A Leading Financial Innovation
Elisabeth Hehn
From Continent to Sectors: Challenges and Uses of ETFs
in Europe 21
Alain Dubois and Stephane Barthelemy
Spiders: Where Are the Bugs? 37
Edwin J. Elton, Martin J. Gruber, George Comer, and Kai Li
Xetra Active Funds (XAF) C More than Just Ind
Tracking 61
Helge Staack
The Role of Exchange Traded Funds in the Active vs.
Passive Debate 71
Markus Hbsche
ETFs C Tactical Asset Allocation Tools 8
Eleanor de Freitas and Catherine Barker
Exchange Traded Funds from a Lawyers Perspective
The Case of Germany 95
Ute Brunner-Reumann
Liquidity and Innovation C Nothing Else Matters 11
Rainer Riess

The Gateway to International Islamic Investing 133
Andrew Broadley
Review: Facts & Figures on ETFs 143
Elisabeth Hehn
Exchange-Traded Funds Glossary 153
Appendix A: ETFs C Global Tracking Monitor 15
SMEX
 Prospectus 223
Appendix B: Dow Jones EURO STOXX 50
Appendix C: ETF Websites 247
Biographies 253