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Description of Exchange Traded Funds

ETFs: The exciting class of funds for the new millennium "By now, most sophisticated investors have recognized the value of exchange traded funds as flexible and cost–effective tools for accessing global markets. Wiandt and McClatchy′s book provides essential background on the rapid proliferation of ETFs worldwide, specific product information, and a range of useful investment applications for different types of investors, all in a highly readable framework." –Steven A. Schoenfeld, Managing Director, Head of International Equity Management, Barclays Global Investors "Exchange traded funds are the most exciting new investment vehicle that Wall Street has wheeled out in many years. In this clear, comprehensive new book, Jim Wiandt and Will McClatchy not only deliver the ′insider′s guide′ that their subtitle promises, but also help investors get their bearings in using these new instruments effectively." –John Prestbo, Editor, Dow Jones Indexes "Comprehensive, authoritative, and beautifully written. A must for both individual investors and professionals interested in this rapidly evolving area: Don′t buy shares without it." –William Bernstein, Efficient Frontier Advisors "Exchange Traded Funds, like the Indexfunds.com Web site that its authors help run, is must reading for every investor who uses ETFs." –Gary Gastineau, Nuveen Investments "Exchange traded funds meet the two primary objectives for successful investing: they add value and they′re cheap. From one cover to the other, this book provides insight into the ETF market that can benefit all investors." –Diane Garnick, Global Investment Strategist, State Street Global Advisors

Title Information

ISBN:

9780471434849

Pages:

304 pages

Format:

Hardback

Product Code:

14485

Publisher:

John Wiley & Sons Ltd

Published:

23/11/2001

Edition:

1st Edition

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About Jim Wiandt and Will McClatchy

Indexfunds.com is a Web site devoted to index funds. The site currently has nearly one million site page views each month with a growth rate of 10 percent monthly. The site has an e–mail newsletter, which circulates to some 7,000 people. JIM WIANDT is the publisher of Indexfunds.com. WILL McCLATCHY is a cofounder of Indexfunds.com.

Contents of Exchange Traded Funds

1. The Best of Both Worlds

2. Comparing EFTs to Traditional Mutual Funds
Annual Management Fees and Expenses
Visible Transaction Fees Paid by the Investor
Hidden Transaction Fees Paid by the Investor
Visible Fund Transaction Costs
Hidden Fund Costs
Dividend Drag
Phantom NAV Discounts
Continuous Pricing
Tax Consequences
ETFs vs Index Futures and Closed-End Funds

3. ETFs for the Buy-and-Hold Investor
Beyond the Numbers
Diversifying with International and Small Company ETFs
Avoiding Duplication and Betting on Sectors
Advanced Features for the Average Investor

4. Institutional Investors Favor ETFs
Equitization Ensures Liquidity
Two Allocations for ETFs
Managing Style Drift
Why Institutions Use ETFs
Trading Methods Vary
Institutional Involvement in the ETF Creation and Redemption Process
ETFs Present an Ever-changing Landscape
Strategic Use of ETFs By Financial Advisors
ETFs Serve a Purpose

5. Internal Workings of ETFs
Birth of an ETF
Someone is Minding the Store
Mutual Fund Operations
ETFs Turn the World Upside Down
Three Types of ETFs

6. The History of ETFs
Outlook for the Future

7. International ETFs
Why Use International ETFs? A Brief History of International ETFs
Why New ETFs Are Born
Your Results May Vary
Benefits and Risks of the Arbitrage Factor
Watch All the Costs
The Question of Currency
How to Evaluate International ETFs
What's Next for International ETFs?

8. Day Trading With ETFs
A Short History of Day Trading
Retail Traders
Role of ETFs in Day Trading
Tools of the Trade
The Art of Execution
Institutional Hedge Funds - A Brief Review

9. Advanced Topics
How ETFs Manage a Tax-Efficiency Edge over Traditional Mutual Funds
Premiums and Discounts
Examining ETF Liquidity
Premiums and Discounts For International and Lightly-Traded ETFs
Trading Costs
Regulatory and Tax Complications
Optimization and Tracking Issues
Market Makers - What IS an AP?
How Specialists and Market Makers Price and Trade
ETFs

Appendix A: ETF Assets 1993-2000
Appendix B: ETF Share Volume 1993-2000
Appendix C: ETFs Trading on US Markets
Broad-Based Domestic ETFs (Including Size and Style-Based ETFs)
Sector-Based Domestic ETFs
International ETFs Trading on US Markets
HOLDRs
Appendix D: ETFs Trading on International Markets

Index