Exchange Traded Funds (ETFs)

With double-digit annual growth rates ETFs are the most successful financial product over the last years. In the light of poor private capital market participation in Germany and the imminent pension gap this development is very positive. The economic part of the dissertation shows the ad-vantages of ETFs compared to similar financial products and the risks of an ETF investment. For both private and institutional investors ETFs are a valuable part for the implementation of an effi-cient asset allocation process. Against this backdrop the legal part of the dissertation analyzes the legal framework of ETFs in Germany and Europe with comparative law references. It is shown that the UCITS regulatory framework reaches its limits given the complexity of some ETF innovations. De lege ferenda proposals are presented, which could improve investor protection by and with the help of ETFs.