Gary L. Gastineau
The Exchange-Traded Funds Manual
Gary L. Gastineau
The Exchange-Traded Funds Manual
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Full coverage of ETF investments from an expert in the field
The initial edition of Gary Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and analyze ETFs. It made the case for the superiority of the structure of investor-friendly ETFs over mutual funds and helped investors select better funds among the ETFs available.
With this new edition, Gastineau provides comprehensive information on the latest developments in ETF structures, new portfolio variety, and new trading methods. With a realistic evaluation of today's indexes, Gastineau offers insights on…mehr
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Full coverage of ETF investments from an expert in the field
The initial edition of Gary Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and analyze ETFs. It made the case for the superiority of the structure of investor-friendly ETFs over mutual funds and helped investors select better funds among the ETFs available.
With this new edition, Gastineau provides comprehensive information on the latest developments in ETF structures, new portfolio variety, and new trading methods. With a realistic evaluation of today's indexes, Gastineau offers insights on actively managed ETFs, improved index funds, and fund and advisor selection.
Discusses how to incorporate ETFs into an investment plan
Offers updated coverage of new ETFs, including full-function actively managed ETFs, and a valuable chapter on trading ETFs
Written by the leading authority on exchange traded funds
Exchange-traded funds offer you diversification and participation in markets and investment strategies that have not been available to most investors. If you want to understand how to use ETFs effectively, the Second Edition of The Exchanged-Traded Fund Manual can show you how.
The initial edition of Gary Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and analyze ETFs. It made the case for the superiority of the structure of investor-friendly ETFs over mutual funds and helped investors select better funds among the ETFs available.
With this new edition, Gastineau provides comprehensive information on the latest developments in ETF structures, new portfolio variety, and new trading methods. With a realistic evaluation of today's indexes, Gastineau offers insights on actively managed ETFs, improved index funds, and fund and advisor selection.
Discusses how to incorporate ETFs into an investment plan
Offers updated coverage of new ETFs, including full-function actively managed ETFs, and a valuable chapter on trading ETFs
Written by the leading authority on exchange traded funds
Exchange-traded funds offer you diversification and participation in markets and investment strategies that have not been available to most investors. If you want to understand how to use ETFs effectively, the Second Edition of The Exchanged-Traded Fund Manual can show you how.
Produktdetails
- Produktdetails
- Wiley Finance Editions
- Verlag: Wiley & Sons
- 2. Aufl.
- Seitenzahl: 384
- Erscheinungstermin: 6. Juli 2010
- Englisch
- Abmessung: 235mm x 157mm x 25mm
- Gewicht: 708g
- ISBN-13: 9780470482339
- ISBN-10: 0470482338
- Artikelnr.: 28955315
- Wiley Finance Editions
- Verlag: Wiley & Sons
- 2. Aufl.
- Seitenzahl: 384
- Erscheinungstermin: 6. Juli 2010
- Englisch
- Abmessung: 235mm x 157mm x 25mm
- Gewicht: 708g
- ISBN-13: 9780470482339
- ISBN-10: 0470482338
- Artikelnr.: 28955315
GARY L. GASTINEAU is principal of ETF Consultants LLC, which provides specialized exchange-traded fund consulting services to ETF issuers, exchanges, and investors. He is also a managing member and cofounder of Managed ETFs LLC, a firm that has developed new ETF trading systems and new actively managed ETFs. Preceding a position as managing director for ETF product development at N veen Investments, Gastineau directed product development at the American Stock Exchange for approximatel five years. He is also the author of the first edition of The Exchange-Traded Funds Manual and Someone Will Make Money on Your Funds--Why Not You? (both published by Wiley) and The Options Manual, as well as coauthor of the Dictionary of Financial Risk Management. Gastineau is an honors graduate of Harvard College and Harvard Business School.
Preface. Acknowledgments. CHAPTER 1 An Introduction to Exchange-Traded
Funds. Exchange-Traded Funds Were Introduced as "Something to Trade".
Shareholder Protection. Tax Efficiency. Cost Transparency Is Desirable, But
Trading Transparency Is Costly. Intraday ETF Trading. Comparing ETF and
Mutual Fund Economics. Conclusion. CHAPTER 2 The History and Structure of
Exchange-Traded Funds--and Some of Their Competitors. Some Major Financial
Market Developments (1975 to 2000). Declining Trading Costs Increase
Financial Engineering Opportunities, and Financial Engineering Reduces
Trading Costs in the New Millennium. A Brief History of ETFs. Other
Tradable Basket Products. CHAPTER 3 The Regulatory Framework and Mechanics
of the Open-End ETF. U.S. Fund Regulation Has Played a Major Role in the
Structure of ETFs Introduced around the World. The Investment Company Act
of 1940. Exemptions from the Investment Company Act of 1940 Have Been
Granted to Permit Issuance of Open-End ETFs. ETF Developments Outside North
America. Proposed Rule 33-8901 and Limitations on ETF Trading Transparency.
The Mechanics of ETF Creation and Redemption In-Kind. CHAPTER 4 Taxation of
ETFs and Their Shareholders. Taxation of Investment Companies: Subchapter M
and Regulated Investment Company (RIC) Requirements. The Mechanics of RIC
Shareholder Capital Gains Taxation. The Wash Sale Rule. Other Pass-Through
Collective Investment Vehicles. The Relative Tax-Efficiency of Mutual
Funds, Exchange-Traded Funds, and Portfolio Baskets. Deferral of Long-Term
Capital Gains. Outlook for Changes in Investment Company Taxation. CHAPTER
5 The Economics of Indexing, Trading Transparency, and Limited-Function
Active Management of ETFs. Indexing Works Best When Approached with Common
Sense. The Continuum: From Passive to Active. Benefits from a Decline in
ETF Trading Transparency. How Trading Plans Become Transparent. Effect of
Transparency Costs on Fund Performance. Silent (Nontransparent) Indexes. A
Battle of Contrasting Index Fund Management Strategies. CHAPTER 6 Fund
Ratings and Rankings--The Evaluation and Selection of ETFs and Mutual
Funds. An Introduction to Fund Ratings. Wanted: A Comprehensive But
Eclectic Approach to Fund Evaluation and Analysis. Measuring and Comparing
Fund Performance. A Perspective on the Limitations of Fund Analysis Today.
Elementary Fund Economics. The Largest Cost for Most Funds Is Not Reported
to the Fund's Investors. What Is Tracking Error? Net Tracking Error as a
Framework for Fund Performance Evaluation. Positive (Value-Added) Elements.
eXtensible Business Reporting Language (XBRL): The New Data Standard. There
Is a Wide Range in the Quality of Fund Touts, Tools, and Techniques. Fund
Governance. CHAPTER 7 How Will Full-Function Actively Managed ETFs Work?
The SEC Concept Release and Limited-Function Actively Managed ETFs. CHAPTER
8 How to Minimize Your Cost of Trading ETFs. ETF Trading Is Different from
Stock Trading. ETF Intraday Net Asset Value (NAV) Proxies. The Brave New
World of High-Frequency Electronic Trading. ETF Trading Volume Is Huge,
Growing, and Highly Concentrated. How to Trade ETFs Efficiently.
Market-on-Close (MOC) Transactions in ETFs. Introducing NAV-Based Trading
in Exchange-Traded Funds. Conclusion. CHAPTER 9 Economics and Market
Effects of ETF Short Selling. Understanding the Risks of Selling ETFs
Short. The Implications of ETF Short Selling. ETF Short Selling for
Traditional Investors. CHAPTER 10 Leveraged Long and Inverse
Exchange-Traded Funds. Trading Sardines. How Leveraged Long and Leveraged
Inverse ETFs Construct Their Portfolios. Is It Useful to Describe Leveraged
Fund Returns as Path Dependent?. Leveraged Fund Return Patterns. Taxation
and Distributions from Leveraged ETFs. Other Issues Affecting Leveraged
ETFs. Another Way to Obtain Leverage Without Borrowing. The Bottom Line on
Leveraged ETFs. CHAPTER 11 ETF Applications for Individual Investors and
the Advisors Who Serve Them. Short-Term ETF Trading Sometimes Makes Sense.
ETFs as Portfolios and as Components. Integrating Diverse Family Accounts.
Tax Management. Other Tax Issues. Thinking Outside the Box. Measuring the
Comparative Economics of Trading and Holding Different Components of an
Index Arbitrage Complex. CHAPTER 12 ETFs for Investors Living Outside the
United States. Some Features of the ETFs Described in This Book Are Not
Universal. CHAPTER 13 A Few Things Everyone Should Know about Investment
Returns and Retirement. CHAPTER 14 Where to Look for Help in Using ETFs.
Sources of Professional Help. The Advisory Relationship. Sources of ETF
Information. Bibliography. Glossary. About the Author. Index.
Funds. Exchange-Traded Funds Were Introduced as "Something to Trade".
Shareholder Protection. Tax Efficiency. Cost Transparency Is Desirable, But
Trading Transparency Is Costly. Intraday ETF Trading. Comparing ETF and
Mutual Fund Economics. Conclusion. CHAPTER 2 The History and Structure of
Exchange-Traded Funds--and Some of Their Competitors. Some Major Financial
Market Developments (1975 to 2000). Declining Trading Costs Increase
Financial Engineering Opportunities, and Financial Engineering Reduces
Trading Costs in the New Millennium. A Brief History of ETFs. Other
Tradable Basket Products. CHAPTER 3 The Regulatory Framework and Mechanics
of the Open-End ETF. U.S. Fund Regulation Has Played a Major Role in the
Structure of ETFs Introduced around the World. The Investment Company Act
of 1940. Exemptions from the Investment Company Act of 1940 Have Been
Granted to Permit Issuance of Open-End ETFs. ETF Developments Outside North
America. Proposed Rule 33-8901 and Limitations on ETF Trading Transparency.
The Mechanics of ETF Creation and Redemption In-Kind. CHAPTER 4 Taxation of
ETFs and Their Shareholders. Taxation of Investment Companies: Subchapter M
and Regulated Investment Company (RIC) Requirements. The Mechanics of RIC
Shareholder Capital Gains Taxation. The Wash Sale Rule. Other Pass-Through
Collective Investment Vehicles. The Relative Tax-Efficiency of Mutual
Funds, Exchange-Traded Funds, and Portfolio Baskets. Deferral of Long-Term
Capital Gains. Outlook for Changes in Investment Company Taxation. CHAPTER
5 The Economics of Indexing, Trading Transparency, and Limited-Function
Active Management of ETFs. Indexing Works Best When Approached with Common
Sense. The Continuum: From Passive to Active. Benefits from a Decline in
ETF Trading Transparency. How Trading Plans Become Transparent. Effect of
Transparency Costs on Fund Performance. Silent (Nontransparent) Indexes. A
Battle of Contrasting Index Fund Management Strategies. CHAPTER 6 Fund
Ratings and Rankings--The Evaluation and Selection of ETFs and Mutual
Funds. An Introduction to Fund Ratings. Wanted: A Comprehensive But
Eclectic Approach to Fund Evaluation and Analysis. Measuring and Comparing
Fund Performance. A Perspective on the Limitations of Fund Analysis Today.
Elementary Fund Economics. The Largest Cost for Most Funds Is Not Reported
to the Fund's Investors. What Is Tracking Error? Net Tracking Error as a
Framework for Fund Performance Evaluation. Positive (Value-Added) Elements.
eXtensible Business Reporting Language (XBRL): The New Data Standard. There
Is a Wide Range in the Quality of Fund Touts, Tools, and Techniques. Fund
Governance. CHAPTER 7 How Will Full-Function Actively Managed ETFs Work?
The SEC Concept Release and Limited-Function Actively Managed ETFs. CHAPTER
8 How to Minimize Your Cost of Trading ETFs. ETF Trading Is Different from
Stock Trading. ETF Intraday Net Asset Value (NAV) Proxies. The Brave New
World of High-Frequency Electronic Trading. ETF Trading Volume Is Huge,
Growing, and Highly Concentrated. How to Trade ETFs Efficiently.
Market-on-Close (MOC) Transactions in ETFs. Introducing NAV-Based Trading
in Exchange-Traded Funds. Conclusion. CHAPTER 9 Economics and Market
Effects of ETF Short Selling. Understanding the Risks of Selling ETFs
Short. The Implications of ETF Short Selling. ETF Short Selling for
Traditional Investors. CHAPTER 10 Leveraged Long and Inverse
Exchange-Traded Funds. Trading Sardines. How Leveraged Long and Leveraged
Inverse ETFs Construct Their Portfolios. Is It Useful to Describe Leveraged
Fund Returns as Path Dependent?. Leveraged Fund Return Patterns. Taxation
and Distributions from Leveraged ETFs. Other Issues Affecting Leveraged
ETFs. Another Way to Obtain Leverage Without Borrowing. The Bottom Line on
Leveraged ETFs. CHAPTER 11 ETF Applications for Individual Investors and
the Advisors Who Serve Them. Short-Term ETF Trading Sometimes Makes Sense.
ETFs as Portfolios and as Components. Integrating Diverse Family Accounts.
Tax Management. Other Tax Issues. Thinking Outside the Box. Measuring the
Comparative Economics of Trading and Holding Different Components of an
Index Arbitrage Complex. CHAPTER 12 ETFs for Investors Living Outside the
United States. Some Features of the ETFs Described in This Book Are Not
Universal. CHAPTER 13 A Few Things Everyone Should Know about Investment
Returns and Retirement. CHAPTER 14 Where to Look for Help in Using ETFs.
Sources of Professional Help. The Advisory Relationship. Sources of ETF
Information. Bibliography. Glossary. About the Author. Index.
Preface. Acknowledgments. CHAPTER 1 An Introduction to Exchange-Traded
Funds. Exchange-Traded Funds Were Introduced as "Something to Trade".
Shareholder Protection. Tax Efficiency. Cost Transparency Is Desirable, But
Trading Transparency Is Costly. Intraday ETF Trading. Comparing ETF and
Mutual Fund Economics. Conclusion. CHAPTER 2 The History and Structure of
Exchange-Traded Funds--and Some of Their Competitors. Some Major Financial
Market Developments (1975 to 2000). Declining Trading Costs Increase
Financial Engineering Opportunities, and Financial Engineering Reduces
Trading Costs in the New Millennium. A Brief History of ETFs. Other
Tradable Basket Products. CHAPTER 3 The Regulatory Framework and Mechanics
of the Open-End ETF. U.S. Fund Regulation Has Played a Major Role in the
Structure of ETFs Introduced around the World. The Investment Company Act
of 1940. Exemptions from the Investment Company Act of 1940 Have Been
Granted to Permit Issuance of Open-End ETFs. ETF Developments Outside North
America. Proposed Rule 33-8901 and Limitations on ETF Trading Transparency.
The Mechanics of ETF Creation and Redemption In-Kind. CHAPTER 4 Taxation of
ETFs and Their Shareholders. Taxation of Investment Companies: Subchapter M
and Regulated Investment Company (RIC) Requirements. The Mechanics of RIC
Shareholder Capital Gains Taxation. The Wash Sale Rule. Other Pass-Through
Collective Investment Vehicles. The Relative Tax-Efficiency of Mutual
Funds, Exchange-Traded Funds, and Portfolio Baskets. Deferral of Long-Term
Capital Gains. Outlook for Changes in Investment Company Taxation. CHAPTER
5 The Economics of Indexing, Trading Transparency, and Limited-Function
Active Management of ETFs. Indexing Works Best When Approached with Common
Sense. The Continuum: From Passive to Active. Benefits from a Decline in
ETF Trading Transparency. How Trading Plans Become Transparent. Effect of
Transparency Costs on Fund Performance. Silent (Nontransparent) Indexes. A
Battle of Contrasting Index Fund Management Strategies. CHAPTER 6 Fund
Ratings and Rankings--The Evaluation and Selection of ETFs and Mutual
Funds. An Introduction to Fund Ratings. Wanted: A Comprehensive But
Eclectic Approach to Fund Evaluation and Analysis. Measuring and Comparing
Fund Performance. A Perspective on the Limitations of Fund Analysis Today.
Elementary Fund Economics. The Largest Cost for Most Funds Is Not Reported
to the Fund's Investors. What Is Tracking Error? Net Tracking Error as a
Framework for Fund Performance Evaluation. Positive (Value-Added) Elements.
eXtensible Business Reporting Language (XBRL): The New Data Standard. There
Is a Wide Range in the Quality of Fund Touts, Tools, and Techniques. Fund
Governance. CHAPTER 7 How Will Full-Function Actively Managed ETFs Work?
The SEC Concept Release and Limited-Function Actively Managed ETFs. CHAPTER
8 How to Minimize Your Cost of Trading ETFs. ETF Trading Is Different from
Stock Trading. ETF Intraday Net Asset Value (NAV) Proxies. The Brave New
World of High-Frequency Electronic Trading. ETF Trading Volume Is Huge,
Growing, and Highly Concentrated. How to Trade ETFs Efficiently.
Market-on-Close (MOC) Transactions in ETFs. Introducing NAV-Based Trading
in Exchange-Traded Funds. Conclusion. CHAPTER 9 Economics and Market
Effects of ETF Short Selling. Understanding the Risks of Selling ETFs
Short. The Implications of ETF Short Selling. ETF Short Selling for
Traditional Investors. CHAPTER 10 Leveraged Long and Inverse
Exchange-Traded Funds. Trading Sardines. How Leveraged Long and Leveraged
Inverse ETFs Construct Their Portfolios. Is It Useful to Describe Leveraged
Fund Returns as Path Dependent?. Leveraged Fund Return Patterns. Taxation
and Distributions from Leveraged ETFs. Other Issues Affecting Leveraged
ETFs. Another Way to Obtain Leverage Without Borrowing. The Bottom Line on
Leveraged ETFs. CHAPTER 11 ETF Applications for Individual Investors and
the Advisors Who Serve Them. Short-Term ETF Trading Sometimes Makes Sense.
ETFs as Portfolios and as Components. Integrating Diverse Family Accounts.
Tax Management. Other Tax Issues. Thinking Outside the Box. Measuring the
Comparative Economics of Trading and Holding Different Components of an
Index Arbitrage Complex. CHAPTER 12 ETFs for Investors Living Outside the
United States. Some Features of the ETFs Described in This Book Are Not
Universal. CHAPTER 13 A Few Things Everyone Should Know about Investment
Returns and Retirement. CHAPTER 14 Where to Look for Help in Using ETFs.
Sources of Professional Help. The Advisory Relationship. Sources of ETF
Information. Bibliography. Glossary. About the Author. Index.
Funds. Exchange-Traded Funds Were Introduced as "Something to Trade".
Shareholder Protection. Tax Efficiency. Cost Transparency Is Desirable, But
Trading Transparency Is Costly. Intraday ETF Trading. Comparing ETF and
Mutual Fund Economics. Conclusion. CHAPTER 2 The History and Structure of
Exchange-Traded Funds--and Some of Their Competitors. Some Major Financial
Market Developments (1975 to 2000). Declining Trading Costs Increase
Financial Engineering Opportunities, and Financial Engineering Reduces
Trading Costs in the New Millennium. A Brief History of ETFs. Other
Tradable Basket Products. CHAPTER 3 The Regulatory Framework and Mechanics
of the Open-End ETF. U.S. Fund Regulation Has Played a Major Role in the
Structure of ETFs Introduced around the World. The Investment Company Act
of 1940. Exemptions from the Investment Company Act of 1940 Have Been
Granted to Permit Issuance of Open-End ETFs. ETF Developments Outside North
America. Proposed Rule 33-8901 and Limitations on ETF Trading Transparency.
The Mechanics of ETF Creation and Redemption In-Kind. CHAPTER 4 Taxation of
ETFs and Their Shareholders. Taxation of Investment Companies: Subchapter M
and Regulated Investment Company (RIC) Requirements. The Mechanics of RIC
Shareholder Capital Gains Taxation. The Wash Sale Rule. Other Pass-Through
Collective Investment Vehicles. The Relative Tax-Efficiency of Mutual
Funds, Exchange-Traded Funds, and Portfolio Baskets. Deferral of Long-Term
Capital Gains. Outlook for Changes in Investment Company Taxation. CHAPTER
5 The Economics of Indexing, Trading Transparency, and Limited-Function
Active Management of ETFs. Indexing Works Best When Approached with Common
Sense. The Continuum: From Passive to Active. Benefits from a Decline in
ETF Trading Transparency. How Trading Plans Become Transparent. Effect of
Transparency Costs on Fund Performance. Silent (Nontransparent) Indexes. A
Battle of Contrasting Index Fund Management Strategies. CHAPTER 6 Fund
Ratings and Rankings--The Evaluation and Selection of ETFs and Mutual
Funds. An Introduction to Fund Ratings. Wanted: A Comprehensive But
Eclectic Approach to Fund Evaluation and Analysis. Measuring and Comparing
Fund Performance. A Perspective on the Limitations of Fund Analysis Today.
Elementary Fund Economics. The Largest Cost for Most Funds Is Not Reported
to the Fund's Investors. What Is Tracking Error? Net Tracking Error as a
Framework for Fund Performance Evaluation. Positive (Value-Added) Elements.
eXtensible Business Reporting Language (XBRL): The New Data Standard. There
Is a Wide Range in the Quality of Fund Touts, Tools, and Techniques. Fund
Governance. CHAPTER 7 How Will Full-Function Actively Managed ETFs Work?
The SEC Concept Release and Limited-Function Actively Managed ETFs. CHAPTER
8 How to Minimize Your Cost of Trading ETFs. ETF Trading Is Different from
Stock Trading. ETF Intraday Net Asset Value (NAV) Proxies. The Brave New
World of High-Frequency Electronic Trading. ETF Trading Volume Is Huge,
Growing, and Highly Concentrated. How to Trade ETFs Efficiently.
Market-on-Close (MOC) Transactions in ETFs. Introducing NAV-Based Trading
in Exchange-Traded Funds. Conclusion. CHAPTER 9 Economics and Market
Effects of ETF Short Selling. Understanding the Risks of Selling ETFs
Short. The Implications of ETF Short Selling. ETF Short Selling for
Traditional Investors. CHAPTER 10 Leveraged Long and Inverse
Exchange-Traded Funds. Trading Sardines. How Leveraged Long and Leveraged
Inverse ETFs Construct Their Portfolios. Is It Useful to Describe Leveraged
Fund Returns as Path Dependent?. Leveraged Fund Return Patterns. Taxation
and Distributions from Leveraged ETFs. Other Issues Affecting Leveraged
ETFs. Another Way to Obtain Leverage Without Borrowing. The Bottom Line on
Leveraged ETFs. CHAPTER 11 ETF Applications for Individual Investors and
the Advisors Who Serve Them. Short-Term ETF Trading Sometimes Makes Sense.
ETFs as Portfolios and as Components. Integrating Diverse Family Accounts.
Tax Management. Other Tax Issues. Thinking Outside the Box. Measuring the
Comparative Economics of Trading and Holding Different Components of an
Index Arbitrage Complex. CHAPTER 12 ETFs for Investors Living Outside the
United States. Some Features of the ETFs Described in This Book Are Not
Universal. CHAPTER 13 A Few Things Everyone Should Know about Investment
Returns and Retirement. CHAPTER 14 Where to Look for Help in Using ETFs.
Sources of Professional Help. The Advisory Relationship. Sources of ETF
Information. Bibliography. Glossary. About the Author. Index.