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
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.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
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.
Inhaltsangabe
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
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
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