Influence of the growing ETF industry on active investor relations work 15List of abbreviations NAV Net Asset Value NR Net Return NYSE New York Stock Exchange SDAX Small cap DAX S P 500 Standard Poor s 500 SPDR Standard and Poor s Depository Receipt SPI Swiss Performance Index TecDAX Deutscher Technologieindex TER Total Expense Ratio Tn Trillion TNR Total Net Return US United States US US Dollar UCITS Undertakings for Collective Investments in Transferable Securities VIX CBOE Chicago Board Options Exchange s Volatility Index WpHG Wertpapierhandelsgesetz Securities Trading Act Xetra Exchange electronic trading y o y Year on year

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