Praise for The Etf Handbook
"If you're interested in investing through ETFs, this book is a must read. David has concisely presented and simplified the complex world of ETFs."
—William Wang, CFO, Twin Capital Management
"Dave has delivered a great resource to the investing community. It should be on the bookshelf of anyone serious about being active in the ETF marketplace."
—Craig Lifschutz, Principal, DG Capital Management
"Broad industry experiences and knowledge gained only by doing are evident in this much needed contribution. Abner dissects and reconstructs in a clear and practical manner the seemingly inaccessible inner world of ETFs, revealing 'who, what, when, where, why' and, most importantly, 'how' they work. A must have reference work, and a timely 'must read' advanced education in ETFs in one volume. I will keep my copy close at hand."
—David H. Morton, Chief Research Officer, Co-Chief Investment Officer, Foxhall Capital Management, Inc.
"Dave Abner has been a valuable resource of information and ETF insight for me throughout most of my ETF career. His in-depth knowledge and rational approach to understanding the products has helped me trade more efficiently and provide investors with more competitive pricing. Abner presents the ETF in such a way that you do not need a PhD in advanced mathematics to take away a firm understanding of ETFs and how to calculate their value. Whether you are trading baskets versus ETFs, looking to hedge a portfolio, or simply trying to understand what the ETF buzz is about, this book will provide you with the answers you need."
—Chris Hempstead, Head of ETF Trading, Cowen and Company, LLC
"Dave Abner is a human encyclopedia about ETFs and investing. It's great he finally compiled this knowledge in one place for us mere mortals."
—James Altucher, Managing Director, Formula Capital, author, Trade Like a Hedge Fund, Trade Like Warren Buffett, and SuperCash
Preface.
Acknowledgments.
Part One Introduction to the ETF Marketplace.
Chapter 1 Development of an ETF.
Market Access or Out-Performance?
Index Tracking or Actively Managed?
Underlying Assets.
Rebalancing and Index Changes.
ETF Basket.
Conclusion.
Chapter 2 Structure of an ETF.
Categorizing Exchange-Traded Products.
ETF Regulation.
Exchange-Traded Notes (ETNs).
Taxation.
When Structural Issues Arise.
Conclusion.
Chapter 3 Bringing an ETF to the Market.
Partnering with an Exchange.
Lead Market Maker.
ETF Incubation.
Comparing Fees by Structure.
Marketing and Launch.
Conclusion.
Chapter 4 Investment Companies, Now and in the Future.
In the Beginning, There Were Closed-End Funds.
Mutual Funds.
Actively Managed ETFs.
ETFs within the Portfolio.
Closing of ETFs.
Conclusion: The Future of ETFs.
Part Two Exchange- Traded Fund Valuation.
Chapter 5 ETFs with Domestic Constituents.
Calculating the Net Asset Value.
Discounts and Premiums.
Calculating the Intra-day Indicative Value.
Conclusion.
Chapter 6 ETFs with International Constituents.
International ETFs.
Providing Liquidity.
Conclusion.
Chapter 7 Fixed-Income and Currency ETFs.
Fixed Income.
Currency ETFs.
Conclusion.
Chapter 8 Leveraged, Inverse, and Commodity Products.
Introduction to Leveraged Products.
Understanding Inverse ETFs.
Commodity ETVs.
Conclusion.
Part Three ETF Trading and Execution.
Chapter 9 Trading Volumes and ETF Liquidity: Keys to Unlocking Value from the ETF Structure.
How is an ETF Different from a Stock?
A Brief Look at Equity Trading Volumes.
A Detailed Look at ETF Trading Volumes.
ETF Money Flows.
Conclusion.
Chapter 10 ETF Trading Business: Assessing and Providing Liquidity.
Trading Model.
Measuring Potential Available ETF Liquidity.
Requirements for an ETF Trading Business.
Conclusion.
Chapter 11: Execution: Handling Client Order Flow and Achieving Execution in ETFs.
Time Frames and Order Types.
Market Orders.
Limit Orders.
Algorithms.
Risk Markets (Utilizing Broker-Dealer Capital).
Creations and Redemptions.
Examples of Executions in the Market.
Conclusion.
Chapter 12: Market Participants and Their Trading Strategies.
Broker-Dealer Facilitation Desks.
Electronic Market Making.
Liquidity Aggregators.
Trading Strategies.
Conclusion.
Appendix A: List of ETF Issuers.
Appendix B: Research and Data Providers.
Appendix C: ETF-Related Web Sites and Blogs.
Appendix D: List of ETFs in Registration.
Notes.
About the Author.
Index.
Anonymous
Posted August 15, 2010
No text was provided for this review.
Anonymous
Posted March 1, 2010
No text was provided for this review.
Overview
Praise for The Etf Handbook
"If you're interested in investing through ETFs, this book is a must read. David has concisely presented and simplified the complex world of ETFs."
—William Wang, CFO, Twin Capital Management
"Dave has delivered a great resource to the investing community. It should be on the bookshelf of anyone serious about being active in the ETF marketplace."
—Craig Lifschutz, Principal, DG Capital Management
"Broad industry ...