• Produktbild: The Exchange-Traded Funds Manual
  • Produktbild: The Exchange-Traded Funds Manual

The Exchange-Traded Funds Manual

Aus der Reihe Wiley Finance Editions

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

06.07.2010

Verlag

John Wiley & Sons Inc

Seitenzahl

384

Maße (L/B/H)

23.5/15.7/2.5 cm

Gewicht

708 g

Auflage

2nd edition

Sprache

Englisch

ISBN

978-0-470-48233-9

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

06.07.2010

Verlag

John Wiley & Sons Inc

Seitenzahl

384

Maße (L/B/H)

23.5/15.7/2.5 cm

Gewicht

708 g

Auflage

2nd edition

Sprache

Englisch

ISBN

978-0-470-48233-9

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: The Exchange-Traded Funds Manual
  • Produktbild: The Exchange-Traded Funds Manual
  • Preface ix

    Acknowledgments xi

    Chapter 1 An Introduction to Exchange-Traded Funds 1

    Exchange-Traded Funds Were Introduced as "Something to Trade" 1

    Shareholder Protection 3

    Tax Efficiency 7

    Cost Transparency is Desirable, But Trading Transparency is Costly 9

    Intraday ETF Trading 10

    Comparing ETF and Mutual Fund Economics 11

    Conclusion 17

    Chapter 2 The History and Structure of Exchange-Traded Funds-and Some of Their Competitors 19

    Some Major Financial Market Developments (1975 to 2000) 19

    Declining Trading Costs Increase Financial Engineering Opportunities, and Financial Engineering Reduces Trading Costs in the New Millennium 23

    A Brief History of ETFs 25

    Other Tradable Basket Products 34

    Chapter 3 The Regulatory Framework and Mechanics of the Open-End ETF 43

    U.S. Fund Regulation Has Played a Major Role in the Structure of ETFs Introduced around the World 43

    The Investment Company Act of 1940 45

    Exemptions from the Investment Company Act of 1940

    Have Been Granted to Permit Issuance of Open-End ETFs 47

    ETF Developments Outside North America 50

    Proposed Rule 33-8901 and Limitations on ETF

    Trading Transparency 53

    The Mechanics of ETF Creation and Redemption In-Kind 53

    Chapter 4 Taxation of ETFs and Their Shareholders 65

    Taxation of Investment Companies: Subchapter M and Regulated Investment Company (RIC) Requirements 65

    The Mechanics of RIC Shareholder Capital Gains Taxation 73

    The Wash Sale Rule 81

    Other Pass-Through Collective Investment Vehicles 82

    The Relative Tax-Efficiency of Mutual Funds, Exchange-Traded Funds, and Portfolio Baskets 90

    Deferral of Long-Term Capital Gains 93

    Outlook for Changes in Investment Company Taxation 98

    Chapter 5 The Economics of Indexing, Trading Transparency, and Limited-Function Active Management of ETFs 101

    Indexing Works Best When Approached with Common Sense 102

    The Continuum: From Passive to Active 108

    Benefits from a Decline in ETF Trading Transparency 110

    How Trading Plans Become Transparent 112

    Effect of Transparency Costs on Fund Performance 121

    Silent (Nontransparent) Indexes 124

    A Battle of Contrasting Index Fund Management Strategies 126

    Chapter 6 Fund Ratings and Rankings-The Evaluation and Selection of ETFs and Mutual Funds 131

    An Introduction to Fund Ratings 131

    Wanted: A Comprehensive But Eclectic Approach to Fund Evaluation and Analysis 140

    Measuring and Comparing Fund Performance 141

    A Perspective on the Limitations of Fund Analysis Today 142

    Elementary Fund Economics 146

    The Largest Cost for Most Funds is Not Reported to the Fund's Investors 149

    What is Tracking Error? 155

    Net Tracking Error as a Framework for Fund Performance Evaluation 161

    Positive (Value-Added) Elements 168

    eXtensible Business Reporting Language (XBRL): The New Data Standard 170

    There is a Wide Range in the Quality of Fund Touts, Tools, and Techniques 172

    Fund Governance 179

    Chapter 7 How Will Full-Function Actively Managed ETFs Work? 183

    The SEC Concept Release and Limited-Function Actively Managed ETFs 183

    Chapter 8 How to Minimize Your Cost of Trading ETFs 197

    ETF Trading is Different from Stock Trading 197

    ETF Intraday Net Asset Value (NAV) Proxies 200

    The Brave New World of High-Frequency Electronic Trading 202

    ETF Trading Volume is Huge, Growing, and Highly Concentrated 207

    How to Trade ETFs Efficiently 208

    Market-on-Close (MOC) Transactions in ETFs 210

    Introducing NAV-Based Trading in Exchange-Traded Funds 218

    Conclusion 224

    Chapter 9 Economics and Market Effects of ETF Short Selling 227

    Understanding the Risks of Selling ETFs Short 227

    The Implications of ETF Short Selling 231

    ETF Short Selling for Traditional Investors 234

    Chapter 10 Leveraged Long and Inverse Exchange-Traded Funds 245

    Trading Sardines 245

    How Leveraged Long and Leveraged Inverse ETFs Construct Their Portfolios 246

    Is It Useful to Describe Leveraged Fund Returns as Path Dependent? 254

    Leveraged Fund Return Patterns 255

    Taxation and Distributions from Leveraged ETFs 259

    Other Issues Affecting Leveraged ETFs 260

    Another Way to Obtain Leverage Without Borrowing 261

    The Bottom Line on Leveraged ETFs 262

    Chapter 11 ETF Applications for Individual Investors and the Advisors Who Serve Them 263

    Short-Term ETF Trading Sometimes Makes Sense 265

    ETFs as Portfolios and as Components 266

    Integrating Diverse Family Accounts 267

    Tax Management 268

    Other Tax Issues 270

    Thinking Outside the Box 274

    Measuring the Comparative Economics of Trading and Holding Different Components of an Index Arbitrage Complex 275

    Chapter 12 ETFs for Investors Living Outside the United States 279

    Some Features of the ETFs Described in This Book Are Not Universal 279

    Chapter 13 A Few Things Everyone Should Know about Investment Returns and Retirement 285

    Chapter 14 Where to Look for Help in Using ETFs 293

    Sources of Professional Help 293

    The Advisory Relationship 296

    Sources of ETF Information 298

    Bibliography 303

    Glossary 313

    About the Author 351

    Index 353