Informationen zum Autor DAVID J. ABNER currently leads the European business for WisdomTree Asset Management, an ETF issuer based in New York. During his career, he has built and managed ETF sales and trading businesses at both BNP Paribas and Bear Stearns. He is the author of The Visual Guide to ETFs and The ETF Handbook, both by Wiley. Klappentext The incredible growth of Exchange-Traded Funds means they now provide investors and advisors with a wide array of flexible tools useful for building sophisticated portfolios. Understanding how ETFs work and how they differ from investment products that have come before them is essential to using these now-mainstream products efficiently and effectively. Investors may be fooled by the apparent ease of using ETFs since they trade on an exchange like a stock. When proper techniques for monitoring, analysis, and execution are learned, however, ETFs can be used in many valuable ways. This book walks investors through the nitty-gritty details of how the products work in both large and small block sizes. Whether you are building portfolios for clients or for your own investment goals, this book provides you critical information that should be understood before investing. Written by a pioneering expert in sales, trading, and issuance of ETFs, this completely revised Second Edition gives you quick answers to the most frequently asked questions in the industry. This comprehensive insider's guide provides an advanced pro-level understanding of the mechanics of ETF development, most accurate methods to price and value, as well as privileged insight into these important products to enable you to better anticipate opportunities for profit. No other resource gives you a greater depth of up-to-date practical knowledge. You will be able to: Understand the details of how ETFs are developed and brought to market Value all types of products for the foundation of an effectively crafted portfolio and efficiently executed order flow Master the most current trading techniques and begin learning the critical skills to use them to capture more profits Easily calculate the net asset value (NAV) and intraday indicative value (IIV) using clear formulas and ready-to-use tools The ETF Handbook, Second Edition shows you the latest methods and best practices for valuing, trading, and profiting from these popular products in the U.S. and abroad. Zusammenfassung Professional-level guidance on effectively trading ETFs in markets around the world The ETF Handbook is a comprehensive handbook for using Exchange Traded Funds, designed specifically for institutional investors and professional advisors seeking to improve ETF profitability. Inhaltsverzeichnis Preface ix Acknowledgments xv Introduction xvii Part One Introduction to the ETF Market Place 1 Chapter 1 How Did We End Up Here? 5 Chapter 2 Steps for Developing an ETF 32 Chapter 3 Giving an ETF Life in the Markets 50 Part Two ETF Trading and Execution 69 Chapter 4 Trading Volumes and ETF Liquidity 71 Chapter 5 Volume Liquidity-Understanding ETF Implied Liquidity 96 Chapter 6 Execution 128 Chapter 7 Market Participants and Their Trading Strategies 155 Chapter 8 Market Structure and ETFs-Protecting Your Portfolio from Flash Crashes 181 Part Three ETF Valuation 207 Chapter 9 ETFs with Domestic Holdings 209 Chapter 10 ETFs with International Constituents 224 Chapter 11 Fixed-Income and Currency ETFs 240 Chapter 12 Leveraged, Inverse, and Commodity Products 266 Chapter 13 Structure of an ETF 281 Appendix ADAVID J. ABNER currently leads the European business for WisdomTree Asset Management, an ETF issuer based in New York. During his career, he has built and managed ETF sales and trading businesses at both BNP Paribas and Bear Stearns. He is the author of The Visual Guide to ETFs and The ETF Handbook, both by Wiley.

Klappentext

The incredible growth of Exchange-Traded Funds means they now provide investors and advisors with a wide array of flexible tools useful for building sophisticated portfolios. Understanding how ETFs work and how they differ from investment products that have come before them is essential to using these now-mainstream products efficiently and effectively. Investors may be fooled by the apparent ease of using ETFs since they trade on an exchange like a stock. When proper techniques for monitoring, analysis, and execution are learned, however, ETFs can be used in many valuable ways. This book walks investors through the nitty-gritty details of how the products work in both large and small block sizes. Whether you are building portfolios for clients or for your own investment goals, this book provides you critical information that should be understood before investing. Written by a pioneering expert in sales, trading, and issuance of ETFs, this completely revised Second Edition gives you quick answers to the most frequently asked questions in the industry. This comprehensive insider's guide provides an advanced pro-level understanding of the mechanics of ETF development, most accurate methods to price and value, as well as privileged insight into these important products to enable you to better anticipate opportunities for profit. No other resource gives you a greater depth of up-to-date practical knowledge. You will be able to:

• Understand the details of how ETFs are developed and brought to market
• Value all types of products for the foundation of an effectively crafted portfolio and efficiently executed order flow
• Master the most current trading techniques and begin learning the critical skills to use them to capture more profits
• Easily calculate the net asset value (NAV) and intraday indicative value (IIV) using clear formulas and ready-to-use tools The ETF Handbook, Second Edition shows you the latest methods and best practices for valuing, trading, and profiting from these popular products in the U.S. and abroad.

Zusammenfassung
Professional-level guidance on effectively trading ETFs in markets around the world The ETF Handbook is a comprehensive handbook for using Exchange Traded Funds, designed specifically for institutional investors and professional advisors seeking to improve ETF profitability.

Inhalt

Preface ix

Acknowledgments xv

Introduction xvii

Part One

Introduction to the ETF Market Place 1

Chapter 1

How Did We End Up Here? 5

Chapter 2

Steps for Developing an ETF 32

Chapter 3

Giving an ETF Life in the Markets 50

Part Two

ETF Trading and Execution 69

Chapter 4

Trading Volumes and ETF Liquidity 71

Chapter 5

Volume Liquidity-Understanding ETF Implied Liquidity 96

Chapter 6

Execution 128

Chapter 7

Market Participants and Their Trading Strategies 155

Chapter 8

Market Structure and ETFs-Protecting Your Portfolio from Flash Crashes 181

Part Three

ETF Valuation 207

Chapter 9

ETFs with Domestic Holdings 209

Chapter 10

ETFs with International Constituents 224

Chapter 11

Fixed-Income and Currency ETFs 240

Chapter 12

Leveraged, Inverse, and Commodity Products 266

Chapter 13

Structure of an ETF 281

Appendix A

Bloomberg ETF Reference Guide 304

Appendix B

ETF Issuers 314

Appendix C

An Overview of Japanese ETF Market 316

Appendix D

An Overview of European ETF Market 322

About the Author 327

Index 329