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(cid:2) The ETF Handbook (cid:2) (cid:2) (cid:2) (cid:2) TheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceand investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and finan- cialinstrumentanalysis,aswellasmuchmore.Foralistofavailabletitles, visitourWebsiteatwww.WileyFinance.com. Foundedin1807,JohnWiley&Sonsistheoldestindependentpublish- ing company in the United States. With offices in North America, Europe, AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarket- ingprintandelectronicproductsandservicesforourcustomers’professional andpersonalknowledgeandunderstanding. (cid:2) (cid:2) (cid:2) (cid:2) The ETF Handbook How to Value and Trade Exchange-Traded Funds (cid:2) Second Edition (cid:2) DAVID J. ABNER (cid:2) (cid:2) Copyright©2016byDavidJ.Abner.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,or otherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyright Act,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthrough paymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222 RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,orontheWeb atwww.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothe PermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030, (201)748-6011,fax(201)748-6008,oronlineathttp://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbest effortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttothe accuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimplied warrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymaybecreated orextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceandstrategies containedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanyloss ofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental, consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,please contactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974,outside theUnitedStatesat(317)572-3993orfax(317)572-4002. (cid:2) (cid:2) Wileypublishesinavarietyofprintandelectronicformatsandbyprint-on-demand.Some materialincludedwithstandardprintversionsofthisbookmaynotbeincludedine-booksor inprint-on-demand.IfthisbookreferstomediasuchasaCDorDVDthatisnotincludedin theversionyoupurchased,youmaydownloadthismaterialathttp://booksupport.wiley.com. FormoreinformationaboutWileyproducts,visitwww.wiley.com. LibraryofCongressCataloging-in-PublicationData: Names:Abner,DavidJ.,1969-author. Title:TheETFhandbook:howtovalueandtradeexchange-tradedfunds/ DavidJ.Abner. Othertitles:Wileyfinanceseries. Description:Secondedition.|Hoboken,NewJersey:JohnWiley&Sons,2016. |Series:Wileyfinanceseries Identifiers:LCCN2016017302(print)|LCCN2016020692(ebook) |ISBN9781119193906(cloth)|ISBN9781119193791(ePDF) |ISBN9781119193913(ePub) Subjects:LCSH:Exchangetradedfunds. Classification:LCCHG6043.A262016(print)|LCCHG6043(ebook)|DDC 332.63/27–dc23 LCrecordavailableathttps://lccn.loc.gov/2016017302 CoverDesign:Wiley CoverImage:©LeeYiuTung/Shutterstock PrintedintheUnitedStatesofAmerica 10 9 8 7 6 5 4 3 2 1 (cid:2) (cid:2) For Mom and Dad (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) Contents Preface ix Acknowledgments xv Introduction xvii PARTONE IntroductiontotheETFMarketPlace 1 CHAPTER1 (cid:2) (cid:2) HowDidWeEndUpHere? 5 CHAPTER2 StepsforDevelopinganETF 32 CHAPTER3 GivinganETFLifeintheMarkets 50 PARTTWO ETFTradingandExecution 69 CHAPTER4 TradingVolumesandETFLiquidity 71 CHAPTER5 Volume≠Liquidity—UnderstandingETFImpliedLiquidity 96 CHAPTER6 Execution 128 vii (cid:2) (cid:2) viii CONTENTS CHAPTER7 MarketParticipantsandTheirTradingStrategies 155 CHAPTER8 MarketStructureandETFs—ProtectingYourPortfoliofromFlash Crashes 181 PARTTHREE ETFValuation 207 CHAPTER9 ETFswithDomesticHoldings 209 CHAPTER10 ETFswithInternationalConstituents 224 CHAPTER11 Fixed-IncomeandCurrencyETFs 240 (cid:2) (cid:2) CHAPTER12 Leveraged,Inverse,andCommodityProducts 266 CHAPTER13 StructureofanETF 281 APPENDIXA BloombergETFReferenceGuide 304 APPENDIXB ETFIssuers 314 APPENDIXC AnOverviewofJapaneseETFMarket 316 APPENDIXD AnOverviewofEuropeanETFMarket 322 AbouttheAuthor 327 Index 329 (cid:2)

Description:
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. While ETFs trade like s
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The ETF Handbook: How to Value and Trade Exchange Traded Funds PDF

371 Pages·2016·3.12 MB·English
by  David J. Abner
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(cid:2) The ETF Handbook (cid:2) (cid:2) (cid:2) (cid:2) TheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceand investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and finan- cialinstrumentanalysis,aswellasmuchmore.Foralistofavailabletitles, visitourWebsiteatwww.WileyFinance.com. Foundedin1807,JohnWiley&Sonsistheoldestindependentpublish- ing company in the United States. With offices in North America, Europe, AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarket- ingprintandelectronicproductsandservicesforourcustomers’professional andpersonalknowledgeandunderstanding. (cid:2) (cid:2) (cid:2) (cid:2) The ETF Handbook How to Value and Trade Exchange-Traded Funds (cid:2) Second Edition (cid:2) DAVID J. ABNER (cid:2) (cid:2) Copyright©2016byDavidJ.Abner.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,or otherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyright Act,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthrough paymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222 RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,orontheWeb atwww.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothe PermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030, (201)748-6011,fax(201)748-6008,oronlineathttp://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbest effortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttothe accuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimplied warrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymaybecreated orextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceandstrategies containedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanyloss ofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental, consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,please contactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974,outside theUnitedStatesat(317)572-3993orfax(317)572-4002. (cid:2) (cid:2) Wileypublishesinavarietyofprintandelectronicformatsandbyprint-on-demand.Some materialincludedwithstandardprintversionsofthisbookmaynotbeincludedine-booksor inprint-on-demand.IfthisbookreferstomediasuchasaCDorDVDthatisnotincludedin theversionyoupurchased,youmaydownloadthismaterialathttp://booksupport.wiley.com. FormoreinformationaboutWileyproducts,visitwww.wiley.com. LibraryofCongressCataloging-in-PublicationData: Names:Abner,DavidJ.,1969-author. Title:TheETFhandbook:howtovalueandtradeexchange-tradedfunds/ DavidJ.Abner. Othertitles:Wileyfinanceseries. Description:Secondedition.|Hoboken,NewJersey:JohnWiley&Sons,2016. |Series:Wileyfinanceseries Identifiers:LCCN2016017302(print)|LCCN2016020692(ebook) |ISBN9781119193906(cloth)|ISBN9781119193791(ePDF) |ISBN9781119193913(ePub) Subjects:LCSH:Exchangetradedfunds. Classification:LCCHG6043.A262016(print)|LCCHG6043(ebook)|DDC 332.63/27–dc23 LCrecordavailableathttps://lccn.loc.gov/2016017302 CoverDesign:Wiley CoverImage:©LeeYiuTung/Shutterstock PrintedintheUnitedStatesofAmerica 10 9 8 7 6 5 4 3 2 1 (cid:2) (cid:2) For Mom and Dad (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) Contents Preface ix Acknowledgments xv Introduction xvii PARTONE IntroductiontotheETFMarketPlace 1 CHAPTER1 (cid:2) (cid:2) HowDidWeEndUpHere? 5 CHAPTER2 StepsforDevelopinganETF 32 CHAPTER3 GivinganETFLifeintheMarkets 50 PARTTWO ETFTradingandExecution 69 CHAPTER4 TradingVolumesandETFLiquidity 71 CHAPTER5 Volume≠Liquidity—UnderstandingETFImpliedLiquidity 96 CHAPTER6 Execution 128 vii (cid:2) (cid:2) viii CONTENTS CHAPTER7 MarketParticipantsandTheirTradingStrategies 155 CHAPTER8 MarketStructureandETFs—ProtectingYourPortfoliofromFlash Crashes 181 PARTTHREE ETFValuation 207 CHAPTER9 ETFswithDomesticHoldings 209 CHAPTER10 ETFswithInternationalConstituents 224 CHAPTER11 Fixed-IncomeandCurrencyETFs 240 (cid:2) (cid:2) CHAPTER12 Leveraged,Inverse,andCommodityProducts 266 CHAPTER13 StructureofanETF 281 APPENDIXA BloombergETFReferenceGuide 304 APPENDIXB ETFIssuers 314 APPENDIXC AnOverviewofJapaneseETFMarket 316 APPENDIXD AnOverviewofEuropeanETFMarket 322 AbouttheAuthor 327 Index 329 (cid:2)

Description:
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. While ETFs trade like s
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