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The ETF handbook : how to value and trade exchange traded funds /
David J. Abner.
imprint
Hoboken, N.J. : Wiley, c2010.
description
288 p.
ISBN
9780470556825 (cloth)
format(s)
Book
Holdings
Subjects
More Details
series title
imprint
Hoboken, N.J. : Wiley, c2010.
isbn
9780470556825 (cloth)
catalogue key
7158895
 
Includes bibliographical references and index.
A Look Inside
Excerpts
Flap Copy
Exchange traded funds (ETFs) are an incredibly flexible and valuable tool, but using them requires a certain amount of sophistication, even among professional money managers, traders, institutional investors, and financial advisors. Understanding the proper methods of valuing and trading ETFs allows investors to fully utilize their capabilities, and enables the trading community to nurture the growth of this young industry. With this in mind, author Dave Abner, a professional ETF trader with extensive experience in valuation and best execution techniques, has created The ETF Handbook . Written as a resource for those working with these products, The ETF Handbook focuses on the technical details of ETFs not covered elsewhere. From the mechanics of ETF development to pricing and valuation techniques, this guide provides a complete background on ETF mechanics and offers extensive insights on using them-all from a professional's perspective. Along the way, it also addresses how to position ETFs efficiently within a portfolio, and examines who ETF users are, and how the funds are employed. Divided into four informative parts, The ETF Handbook : Details the different structures of exchange traded products, the myriad methodologies underlying these products, and the ways of bringing them to market Walks you through the process of calculating the fair value of various exchange traded products Explores many of the trading techniques being used today and looks at some concepts for trading ETFs that might develop in the future Offers recommendations on where to find essential data related to these financial instruments The companion Web site for this book contains several of the spreadsheets Abner uses for calculating the net asset value (NAV) and intraday indicative value (IIV) as well as a webinar entitled "Trading and Valuing Exchange Traded Funds." Throughout the text, you'll find icons that indicate which concepts in the book are presented in the webinar. While many of the ETF books on the market are geared towards individual investors or traders, this one is very different. Unique both in its content and perspective , The ETF Handbook will help professionals keep up with the incredible growth and change occurring in the exchange traded products universe, and show you what it takes to value, trade, and profit from these popular products.
Flap Copy
Exchange traded funds (ETFs) are an incredibly flexible and valuable tool, but using them requires a certain amount of sophistication, even among professional money managers, traders, institutional investors, and financial advisors. Understanding the proper methods of valuing and trading ETFs allows investors to fully utilize their capabilities, and enables the trading community to nurture the growth of this young industry.With this in mind, author Dave Abner, a professional ETF trader with extensive experience in valuation and best execution techniques, has created The ETF Handbook. Written as a resource for those working with these products, The ETF Handbook focuses on the technical details of ETFs not covered elsewhere. From the mechanics of ETF development to pricing and valuation techniques, this guide provides a complete background on ETF mechanics and offers extensive insights on using them-all from a professional's perspective. Along the way, it also addresses how to position ETFs efficiently within a portfolio, and examines who ETF users are, and how the funds are employed.Divided into four informative parts, The ETF Handbook:Details the different structures of exchange traded products, the myriad methodologies underlying these products, and the ways of bringing them to marketWalks you through the process of calculating the fair value of various exchange traded productsExplores many of the trading techniques being used today and looks at some concepts for trading ETFs that might develop in the futureOffers recommendations on where to find essential data related to these financial instrumentsThe companion Web site for this book contains several of the spreadsheets Abner uses for calculating the net asset value (NAV) and intraday indicative value (IIV) as well as a webinar entitled "Trading and Valuing Exchange Traded Funds." Throughout the text, you'll find icons that indicate which concepts in the book are presented in the webinar.While many of the ETF books on the market are geared towards individual investors or traders, this one is very different. Unique both in its content and perspective, The ETF Handbook will help professionals keep up with the incredible growth and change occurring in the exchange traded products universe, and show you what it takes to value, trade, and profit from these popular products.
Summaries
Back Cover Copy
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
Back Cover Copy
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
Main Description
The first technical guide to ETFs geared towards professional advisors, institutional investors, and financial professionals seeking to understand the mechanics of ETFs Author/trader Dave Abner has created The ETF Handbook as a resource for everyone utilizing these sophisticated tools. With this book as your guide, you'll learn from a professional ETF trader with practical guidance for valuation and best execution techniques. This reliable handbook skillfully touches upon the technical details of ETFs not covered elsewhere. From the mechanics of ETF development to pricing and valuation techniques, this guide provides a complete background on ETF mechanics and offers extensive insights on using them from a professional's perspective. It addresses how to position ETFs efficiently within a portfolio, and examines who ETF users are and how the funds are employed. Along the way, Abner also offers recommendations on where to find data related to these financial instruments. Contains the technical ETF information needed by today's financial professionals Includes pricing and valuation spreadsheets and an instructional webinar that walks you through the world of ETFs Touches upon topics such as calculating NAV (net asset value) and best practices for executing ETF order flow Filled with in-depth insights and expert advice, The ETF Handbook contains ETF information that is critical for virtually every financial professional.
Main Description
The first technical guide to ETFs geared towards professional advisors, institutional investors, and financial professionals seeking to understand the mechanics of ETFsAuthor/trader Dave Abner has created The ETF Handbook as a resource for everyone utilizing these sophisticated tools. With this book as your guide, you'll learn from a professional ETF trader with practical guidance for valuation and best execution techniques.This reliable handbook skillfully touches upon the technical details of ETFs not covered elsewhere. From the mechanics of ETF development to pricing and valuation techniques, this guide provides a complete background on ETF mechanics and offers extensive insights on using them from a professional's perspective. It addresses how to position ETFs efficiently within a portfolio, and examines who ETF users are and how the funds are employed. Along the way, Abner also offers recommendations on where to find data related to these financial instruments. Contains the technical ETF information needed by today's financial professionals Includes pricing and valuation spreadsheets and an instructional webinar that walks you through the world of ETFs Touches upon topics such as calculating NAV (net asset value) and best practices for executing ETF order flowFilled with in-depth insights and expert advice, The ETF Handbook contains ETF information that is critical for virtually every financial professional.
Table of Contents
Prefacep. ix
Acknowledgmentsp. xvii
Introduction to the ETF Marketplacep. 1
Development of an ETFp. 5
Market Access or Outperformance?p. 6
Index Tracking or Actively Managed?p. 7
Underlying Assetsp. 8
Rebalancing and Index Changesp. 9
ETF Basketp. 10
Conclusionp. 21
Structure of an ETFp. 23
Categorizing Exchange-Traded Productsp. 24
ETF Regulationp. 26
Exchange-Traded Notesp. 32
Taxationp. 34
When Structural Issues Arisep. 37
Conclusionp. 39
Bringing an ETF to the Marketp. 41
Partnering with an Exchangep. 42
Lead Market Makerp. 42
ETF Incubationp. 44
Comparing Fees by Structurep. 53
Marketing and Launchp. 54
Conclusionp. 55
Investment Companies, Now and in the Futurep. 57
In the Beginning, There Were Closed-End Fundsp. 59
Mutual Fundsp. 64
Actively Managed ETFsp. 67
ETFs within the Portfoliop. 68
Closing of ETFsp. 72
Conclusion: The Future of ETFsp. 73
Exchange-Traded Fund Valuationp. 77
ETFs with Domestic Constituentsp. 79
Calculating the Net Asset Valuep. 80
Discounts and Premiumsp. 83
Calculating the Intraday Indicative Valuep. 88
Conclusionp. 92
ETFs with International Constituentsp. 93
International ETFsp. 94
Providing Liquidityp. 101
Conclusionp. 104
Fixed-Income and Currency ETFsp. 105
Fixed Incomep. 107
Currency ETFsp. 112
Conclusionp. 117
Leveraged, inverse, and Commodity Productsp. 119
Introduction to Leveraged Productsp. 119
Understanding Inverse ETFsp. 126
Commodity ETVsp. 128
Conclusionp. 131
ETF Trading and Executionp. 133
Trading Volumes and ETF Liquidity: Keys to Unlocking Value from the ETF Structurep. 135
How Is an ETF Different from a Stock?p. 136
A Brief Look at Equity Trading Volumesp. 137
A Detailed Look at ETF Trading Volumesp. 138
ETF Money Flowsp. 145
Conclusionp. 153
ETF Trading Business: Assessing and Providing Liquidityp. 155
Trading Modelp. 156
Measuring Potential Available ETF Liquidityp. 159
Requirements for an ETF Trading Businessp. 163
Conclusionp. 165
Execution: Handling Client Order Flow and Achieving Execution in ETFsp. 167
Time Frames and Order Typesp. 168
Market Ordersp. 170
Limit Ordersp. 172
Algorithmsp. 174
Risk Markets (Utilizing Broker-Dealer Capital)p. 176
Creations and Redemptionsp. 179
Examples of Executions in the Marketp. 185
Conclusionp. 190
Market Participants and Their Trading Strategiesp. 193
Broker-Dealer Facilitation Desksp. 195
Electronic Market Makingp. 202
Liquidity Aggregatorsp. 206
Trading Strategiesp. 207
Conclusionp. 216
List of U.S. ETF Issuersp. 219
Research and Data Providersp. 221
ETF-Related Web Sites and Blogsp. 223
List of ETFs in Registrationp. 225
Notesp. 243
About the Authorp. 247
Indexp. 249
Table of Contents provided by Ingram. All Rights Reserved.

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