ETFs and iShares: Same brand, different model

  For the last ten years, iShares has been synonymous with physical replication, advocating the merits of simplicity and transparency associated with this fund structure. After iShares became sponsor and investment manager of the first Stoxx 50 and Eurostoxx 50 ETFs listed in Europe, the product provider has consistently offered and endorsed funds that physically hold the underlying index constituents.  However, September marked a sea change as iShares unveiled its inaugural multi-counterparty, swap-based ETF platform, with the launch of the MSCI Russia Capped Swap and S&P CNX Nifty I...