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THE EUROPEAN INVESTMENT FUND MANAGEMENT INDUSTRY
3.1 Focus on ETFs 324 4. Replication strategies 328 4.1 Full replication 329 4.2 Sampling replication 329 4.3 Synthetic replication 330 4.3.1 Fully funded swap 331 4.3.2 Unfunded swap 331 4.3.3 Counterparty risk management and containment 332 5. Costs 334 5.1 Understanding internal costs 334 5.2 Understanding external costs 335 5.3 Costs of UCITS ETFs 336 6. Performance 337 6.1 Understanding stock indices 337 6.2 Understanding commodity indices 337 6.3 Understanding currency indices 338 6.4 Performance of UCITS ETFs 339 7. Dealing arrangements 339
CONCLUSIONS 343 THOUGHTS FOR FRIENDS 345 ANNEX I - ASSET MANAGEMENT ASSOCIATIONS 349 ANNEX II - LIST OF ACRONYMS USED IN FINANCIAL
SERVICES LEGISLATION 351 BIBLIOGRAPHY 355
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