After iShares, the largest ETF promoter in Europe, returned to using synthetic replication with the launch of a swap-based ETF on the S&P 500, I published my views on this move in the Monday Morning Memo called “A New Dawn for Synthetic ETFs in Europe”. I believe this move might be a game changer regarding the usage of synthetic replication in the European ETF landscape. A brief review of the historic trends around the usage of replication methods in the European ETF industry shows that synthetic index replication was widely used in the European ETF industry up until 2011. This