Exchange-Traded Funds

Book description

Most ETFs are still passively managed funds that track equity indexes. The newer ones, however, are increasingly complex, often focussing on narrow sub-sectors of the market, non-equity asset classes, or enhanced directional plays. Some allow investors to expand and fine-tune a traditional asset allocation based on core equity exposure; others, such as leveraged or inverse ETFs, are used to improve portfolio risk-adjusted performance.

As such, we must be aware that while ETFs may continue to offer the market valuable investment opportunities, just like with other financial products there are also distinct risks associated with these investments that need to be fully understood.

“What are they?” “How can they be used?” and “What do we need to know to protect ourselves before we invest?” are only a few of the many questions answered by this book.

To effectively wade into ETFs’ increasing complexity, this book opts for a multi-author approach. Gathering many experts gives the reader the benefit of exposure to all aspects of ETF features and use. Never before has this many expert opinions on ETFs been collected in one place.

This book incorporates practitioners’ perspectives on the challenges facing ETF investors as well as their insights on building ETF portfolios using the latest investment trends and strategies.

Topics covered range from the established to the most recent cutting-edge work, making this book a must-have, not only for professionals wanting to brush up on the fundamentals of ETFs, but also for those who are more advanced in their use of these financial products and are looking for an edge in an increasingly competitive market.

Book details

ISBN

9781906348236

Publish date

1 Jul 2009

Format

Size

155mm x 235mm

Author biography

A. Seddik Meziani

A. Seddik Meziani is Professor of Economics and Finance at Montclair State University, Department of Economics and Finance.

He has previously written a book called Exchange-Traded Funds as An Investment Option and has published numerous ETF articles in both academic and practitioners’ journals. Seddik is regularly invited to speak as an expert on a variety of ETF topics at practitioners’ conferences where he can give experience and academic perspective on ETFs. Since 2000, he has been one of the earliest researchers on the topic of ETFs publishing the first academic article covering tax efficiencies of ETFs. He covers the benefits and features of ETFs in class syllabi, internal training and numerous external training classes, and is contracted as a consultant to produce white papers on indexes and ETFs, as well as being frequently quoted in the business press

Table of contents

1 Indexes and Indexing

John A. Prestbo

Dow Jones

2 Conceptual Approaches to Indexes for Exchange-Traded Funds

David M. Blitzer

Standard & Poor’s

3 Alternatives to Cap-Weighted ETFs

John M. West, Robert D. Arnott

Research Affiliates, LLC

4 Mapping the ETF Universe

Richard A. Ferri

Portfolio Solutions, LLC

5 Legal and Regulatory Issues Related to ETFs and Certain Other Exchange-Traded Instruments

Kathleen H. Moriarty

Katten Muchin Rosenman LLP

6 Understanding ETF Structures Important in Building Portfolios

Gus Sauter

Vanguard

7 Finding the Right ETF for the Investor

Greg Friedman

Barclays Global Investors

8 ETFs: The More Efficient Way to Track an Index

Thorsten Michalik, Manooj Mistry

Deutsche Bank

9 ETF Strategies

Robert Holderith

Emerging Global Advisors, LLC

10 Creating an All-ETF Portfolio

Richard D. Romey

ETF Portfolio Solutions

11 Exchange-Traded Funds and Tactical Asset Allocation

Michael E. Kitces, Kenneth R. Solow

Pinnacle Advisory Group

12 Option Strategies Using ETFs

A. Seddik Meziani

Montclair State University

13 The Present and Future ETF Bond Market

James Ross

State Street Global Advisors

14 Sector Investment through ETFs

Jane Li

FundQuest Incorporated

15 Real Estate Investment Trust ETFs

Brad Case

NAREIT

16 Commodity ETFs

John T. Hyland

United States Commodity Funds LLC

17 Trading Strategies Using Currencies and Currency-Based Exchange Products

Kevin Rich

Deutsche Bank

18 International Equity ETFs

Kirk Kinder

Picket Fence Financial

19 Building Diversified Global Portfolios with Exchange-Traded Funds

Richard A. Ciuba, Lisa Meyer, John Prestbo

Dow Jones Indexes

20 Exchange-Traded Funds in the Middle East: Opportunities and Challenges in the GCC Countries

Sulaiman T. Al-Abduljader; Imad A. Moosa

Coast Investment and Development Co, KSC; Monash University

21 401(k) Plans: The Unconquered Frontier for ETFs

Kevin D. Mahn

Hennion & Walsh Asset Management

22 Use of ETFs in Managed Accounts

Ron Pruitt

Placemark Investments

23 Accident and Genius: What History Tells Us About the Future of ETFs

Albert S. Neubert

Information Management Network

24 Trends and Future of ETFs

Michael Jabara

Citigroup Investment Research

Index

Testimonials

“In this time of economic uncertainty, market volatility and increased scrutiny over investment management fees, ETFs are gaining traction by enabling investors to express a tactical view on an industry, commodity or asset class while providing well-diversified, low-cost market exposure. Institutions are increasingly discovering the benefits of ETFs. However, to fully maximize their potential, continuing dialogue with institutions and providing educational resources describing the widening array of uses for these offerings is essential” Anthony Rochte, senior managing director at State Street Global Advisors.

"The challenging market conditions of 2008 caused a significant shift in investors’ appetite in their evaluation of counterparty risk and their desire for liquidity. During 2009, many investors found that ETFs met their desire for greater transparency.” Deborah Fuhr, global head of ETF research and implementation strategy at BlackRock.