Exchange Traded Funds and E-Mini Stock Index Futures / Edition 1

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Why invest in individual stocks when you can invest in a basket ofstocks that track the major domestic and global indices as well asimportant sectors such as technology, energy, or financial issues'The emergence of index products-first mutual funds, then indexfutures, and now exchange traded funds-has resoundingly answeredthis question with their profitability and widespread acceptanceover the last few years.

Arguably the most popular new products in the investment world,exchange traded funds (ETFs) and E-mini stock index futures (the"E" standing for electronic market access) have achieved moresuccess than even the most radically optimistic forecaster couldhave predicted. Industry executive and expert in the field, DavidLerman, reveals the intricacies of these products, how to use them,and what the future holds for these exciting investmentvehicles.

Launched in 1993, the first exchange traded fund-the S&P 500Depositary Receipts (SPDRs, affectionately known as"Spiders")-combined low costs, greater tax efficiencies, and superbliquidity for investors. This book explains dozens of new ETFs,including the popular QQQs, iShares, and streetTRACKS, and willteach you how these tools are used for long-term and short-termstrategies in broad-based and sector indices. It also discusses indepth how the E-mini S&P 500 and other E-mini Nasdaq-100futures allow traders to profit on the direction of indexes.

Exchange Traded Funds and E-mini Stock Index Futures offersinvestors, traders, investment advisors, and brokers a full-scaleexamination of these extraordinary products including:
* The nuts and bolts of ETFs and E-mini stock index futures,including the advantages and attributes of each product, the basicsof stock index futures from the clearinghouse to performance bondmargins, and contract specifications
* How ETFs and E-mini stock index futures can fit into nearly anyinvestor's portfolio and reduce costs, increase returns, andalleviate the tax burdens commonly associated with traditionalmutual funds
* Blending active management and indexing to create"core-satellite" strategies widely implemented byinstitutions
* How to use E-mini stock index futures for trading and spreadingstrategies, hedging, and other risk management strategies

With numerous charts, graphics, and case studies, Exchange TradedFunds and E-mini Stock Index Futures is a valuable resource foranyone looking to understand these tools and obtain superb results.

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What People Are Saying

From the Publisher
'The publishing of Exchange Traded Funds and E-mini Stock IndexFutures provides investors, retail and institutional alike, greatinsight as to the structural advantages and applications of thesetwo innovative investment and trading instruments. The launch ofthese products continues the trend of democratization of indexinvesting empowering more investors to capitalize on the virtues ofindexing. Mr. Lerman's book is a great reference tool to gain abetter understanding of these exciting products.? (Nick Lopardo,Vice Chairman, State Street Corporation, and Chairman & CEO,State Street Global Advisors)

• This book is a must-read for anyone thinking ofinvesting/trading in Exchange Traded Funds (ETFs) and E-mini stockindex futures! Lerman combines excellent research with practicalexamples to provide a comprehensive analysis of one of the fastestgrowing products in all of finance.? (Jay Baker, Vice President ofExchange Traded Funds Marketing, Spear, Leeds & Kellogg)

'David is one of the most powerful communicators in theindustry. His succinct style and practical examples make this booka must-read for anyone thinking of investing in ETFs and E-ministock index futures. Standard & Poor's is proud to have playeda role in the success of these innovative and exciting newproducts.? (Shirley Petersen, Vice President, Global Licensing,Standard & Poor's Corp.)

• Here's a great guide for those looking to get started in indexinvesting and to learn how by using Wall Sybex's most successfulnew investment vehicles-exchange traded funds and E-mini stockindex futures.?(Erin Arvedlund, Staff Writer, Barron'smagazine)

'The ownership of index funds is a must for all long-terminvestors. David Lerman has done a terrific job of explainingeverything you need to know in order to take advantage of the broadarray of index fund products on the market. He shows just howsimple it is to be a participant in funds that routinely outperformnearly every money manager in existence.? (Lawrence G. McMillan,author of McMillan on Options and President, McMillan AnalysisCorp.)

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Product Details

  • ISBN-13: 9780471442981
  • Publisher: Wiley
  • Publication date: 10/1/2001
  • Series: Wiley Trading Series , #110
  • Edition number: 1
  • Pages: 336
  • Product dimensions: 6.34 (w) x 9.67 (h) x 1.12 (d)

Meet the Author

DAVID LERMAN is the Associate Director of Equity Index Products Marketing at Chicago Mercantile Exchange Inc. Lerman was previously a member of the Chicago Board of Trade, where he traded futures and options on U.S. Treasury Bonds. He was also Senior Portfolio Manager at Zavanelli Portfolio Research, a Park Ridge, Illinois, investment management firm. Lerman taught investment management at Harper College and has lectured at the Northwestern University Kellogg Graduate School of Management. He received his BA in biochemistry from the University of Chicago.

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Table of Contents




From Random Walk to a Trillion-Dollar Phenomenon: Why IndexingWorks So Well.

The Players.

The Indexes.


ETFs: Beginnings, Advantages, Attributes.

Details: ETF Structures, the Creation-Redemption Process.

General Strategies Using ETFs.

ETF Highlights.


E-Mini Stock Index Futures: The History and BasicNomenclature.

E-mini Stock Index Futures: Contract Highlights, TradingFundamentals, Basis, and Fair Value.

Short-Term Strategies Using E-mini Stock Index Futures andETFs.


Longer-Term Strategies: Asset Allocation with ETFs.

Risk: The Most Ignored Four-Letter Word.

ETFs Beyond the United States.

The Future of ETFs and E-mini Stock Index Futures: The RoadAhead.

Frequently Asked Question (and Answers) About ETFs and E-Mini StockIndex Futures.

Appendix 1: Electronic Trading Considerations.

Appendix 2: ETFs and Small-versus Large-Cap Cycles.

Appendix 3: Index Arbitrage and Program Trading.



Suggested Reading.

Recommended Web Sites.


Answers to Quizzes.


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