The organization of traditional mutual funds as Exchange Traded Funds (ETFs) produced revolutionary changes in the fund industry. These changes, and the subsequent events to which they led, have greatly - creased the practical way of trading funds. Traditional mutual fund m- kets were fragmented, and transactions were both costly and from time to time difficult to arrange. Investments in emerging markets for example were anything but efficient. As a consequence of establishing ETF funds market segments, the efficiency of transactions has been broadly increased as well as transaction costs dramatically reduced. All this changed in the early Nineties with the introduction of the first ETF for the purpose of trading funds. Exchange Traded Funds – Structure, Regulation and Application of a New Fund Class is a comprehensive summary of articles covering all aspects of the Exchange Traded Fund industry. Similar to several publications of the last few years this book includes articles form academia as well as the banking, investment, and insurance industry, this combining theoretical evolution and practical implementation of Exchange Trades Funds. The present book is divided into four parts: The opening part, containing ETFs – A Leading Financial Innovation and From Continent to Sectors: Challenges and Uses of ETFs in Europe, is - signed to give the reader broad insight into the industry, developments and trends. Further, the article Spiders: Where Are the Bugs? examine the characteristics and performance of these instruments from an academic point of view.

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