David Abner – The ETF Handbook. How to Value and Trade Exchange Traded Funds
The first technical information to ETFs geared in the direction of skilled advisors, institutional buyers, and monetary professionals searching for to perceive the mechanics of ETFs
Author/dealer Dave Abner has created The ETF Handbook as a useful resource for everybody using these subtle instruments. With this ebook as your information, you’ll be taught from knowledgeable ETF dealer with sensible steerage for valuation and greatest execution strategies.
This dependable handbook skillfully touches upon the technical particulars of ETFs not coated elsewhere. From the mechanics of ETF improvement to pricing and valuation strategies, this information supplies an entire background on ETF mechanics and affords in depth insights on utilizing them from knowledgeable’s perspective. It addresses how to place ETFs effectively inside a portfolio, and examines who ETF customers are and how the funds are employed. Along the best way, Abner additionally affords suggestions on the place to discover information associated to these monetary devices.
Contains the technical ETF info wanted by in the present day’s monetary professionals
Includes pricing and valuation spreadsheets and an tutorial webinar that walks you thru the world of ETFs
Touches upon subjects resembling calculating NAV (web asset worth) and greatest practices for executing ETF order movement
Filled with in-depth insights and professional recommendation, The ETF Handbook comprises ETF info that’s crucial for nearly each monetary skilled.
Table of Contents
Part One Introduction to the ETF Marketplace.
Chapter 1 Development of an ETF.
Market Access or Out-Performance?
Index Tracking or Actively Managed?
Rebalancing and Index Changes.
Chapter 2 Structure of an ETF.
Categorizing Exchange-Traded Products.
Exchange-Traded Notes (ETNs).
When Structural Issues Arise.
Chapter 3 Bringing an ETF to the Market.
Partnering with an Exchange.
Lead Market Maker.
Comparing Fees by Structure.
Marketing and Launch.
Chapter 4 Investment Companies, Now and within the Future.
In the Beginning, There Were Closed-End Funds.
Actively Managed ETFs.
ETFs inside the Portfolio.
Closing of ETFs.
Conclusion: The Future of ETFs.
Part Two Exchange- Traded Fund Valuation.
Chapter 5 ETFs with Domestic Constituents.
Calculating the Net Asset Value.
Discounts and Premiums.
Calculating the Intra-day Indicative Value.
Chapter 6 ETFs with International Constituents.
Chapter 7 Fixed-Income and Currency ETFs.
Chapter 8 Leveraged, Inverse, and Commodity Products.
Introduction to Leveraged Products.
Understanding Inverse ETFs.
Part Three ETF Trading and Execution.
Chapter 9 Trading Volumes and ETF Liquidity: Keys to Unlocking Value from the ETF Structure.
How is an ETF Different from a Stock?
A Brief Look at Equity Trading Volumes.
A Detailed Look at ETF Trading Volumes.
ETF Money Flows.
Chapter 10 ETF Trading Business: Assessing and Providing Liquidity.
Measuring Potential Available ETF Liquidity.
Requirements for an ETF Trading Business.
Chapter 11: Execution: Handling Client Order Flow and Achieving Execution in ETFs.
Time Frames and Order Types.
Risk Markets (Utilizing Broker-Dealer Capital).
Creations and Redemptions.
Examples of Executions within the Market.
Chapter 12: Market Participants and Their Trading Strategies.
Broker-Dealer Facilitation Desks.
Electronic Market Making.
Appendix A: List of ETF Issuers.
Appendix B: Research and Data Providers.
Appendix C: ETF-Related Web Sites and Blogs.
Appendix D: List of ETFs in Registration.
About the Author.
David J. Abner is the Director of Institutional Sales and Trading at WisdomTree, an issuer of alternate traded funds with a really broad shopper base of advisors and different buyers. Prior to this, he was with BNP Paribas, the place he was managing director and head of ETF buying and selling from 2006–2008. From 1992–2006, Abner was with Bear Stearns the place he traded in index arbitrage, baskets, Asian fairness, and closed finish funds earlier than being tapped to head Bear’s ETF buying and selling enterprise. Abner offers frequent seminars on the numerous totally different features of buying and selling and investing utilizing ETFs.