So you think you know Europe? Many U.S. investors claim they have a handle on the Old World, but the Europe of the past is rapidly evolving. The truth is, as the European Union has grown, a divergent line has formed. There are really two Europes now: the eurozone, with countries that have embraced the euro as their currency; and geographic Europe, a pan-European view that includes non-EU countries—namely, Denmark, Norway, Sweden, Switzerland and the United Kingdom.

According to popular theory, first-to-market ETFs have distinct competitive advantages in attracting investors over their slower-moving peers. Issuers race to launch funds before their competitors, eager to grab investor attention and take advantage of that early-launch momentum. Those looking for evidence need only consider the gold ETFs: The SPDR Gold ETF (NYSE Arca: GLD) launched in November 2004 and built up over $52 billion in AUM.