本帖最后由 操盘手 于 2019-4-2 13:02 编辑 / ?# U8 N0 n8 [2 c4 ?/ ^( C+ O
0 |3 Q! V. E; t The ETF Handbook: How to Value and Trade Exchange-Traded Funds
$ `! Y' ~) K1 D 交易型开放式指数基金手册：如何利用网站对交易型开放式指数基金估价与交易. w' e- R L0 L$ e9 t
推荐" `" [/ B8 @% {4 H D
First book on ETFs geared to institutional investors and professional advisors that provides complete background on ETF mechanics from pricing to execution.Includes interactive tools including spreadsheets and a instructional video presentation.+ h F2 I8 m2 ^# ^% y3 o- I( o# C( F! Y$ I
内容- e# A T4 S8 W3 q7 u
ETFs are an incredibly flexible and valuable tool but using them requires a certain amount of sophistication, even among professional money managers, financial advisors, and professional traders.Daily volumes and spreads do not tell the full story regarding ETF availability and liquidity.While ETFs trade like stocks; they are not stocks and so different analysis is required, as is execution which can make a marked difference in profitability.The ETF Handbook covers the technical details of ETFs not covered elsewhere.From the mechanics of ETF development including the index determination, the ETF basket, legal issues, and exchange listing, to calculating NAV (net asset value), Abner provides the specifics that professionals need.The book also covers the main pricing and valuation techniques of ETFs once they are on the market and details the mechanics of the liquidity providers and order flow, where the volumes come from in some of the biggest trading names, and how that can translate down the rest of the ETF spectrum.It also addresses how to efficiently position ETFs within a portfolio, and examines who ETF users are and how the funds are used.Finally, detailed information on where to get good data is provided.Includes pricing and valuation spreadsheets and an instructional video that walks the reader through the world of ETFs.
% Q0 W+ `& O1 r 目录' h4 X% |) x$ }: [, e8 c+ a p/ |
Title Page
& K. ^ b7 X5 x! u Copyright Page
( U1 _" g4 k$ h: B7 ?, K* ^* p Dedication
0 ]& b) E3 I$ l5 G" x5 { Preface( W4 P. h& ?2 M% y& C
ETFS SIN THE REAL WORLD
+ f5 _5 Z; A' P+ I' M, A6 `- T( Y1 e WHAT YOU WILL FIND IN THIS BOOK, z* e6 z2 e. h1 W
WHAT YOU WILL FIND ON THE COMPANION WEB SITE A S- U4 ~& n$ U0 ?
AS YOU BEGIN
" Y+ E( W2 n j9 I DISCLAIMER
6 K5 T3 R* S; k5 A" L Acknowledgements
+ x N4 r5 G2 U PART One - Introduction to the ETF Marketplace Z, M1 s8 A/ M" L6 a1 p
CHAPTER 1 - Development of an ETF
* e5 E- n# U1 | MARKET ACCESS OR OUTPERFORMANCE?4 R% B* N/ v+ L8 _; V
INDEX TRACKING OR ACTIVELY MANAGED?
: e' k+ z6 V% x UNDERLYING ASSETS: @) y3 U4 _& j/ ]+ M! u I1 \
REBALANCING AND INDEX CHANGES
: e0 }7 |) `. ] ETF BASKET
% `( L6 N+ P! k CONCLUSION
" p$ N. [: C& ~ t+ ?; ? CHAPTER 2 - Structure of an ETF' X5 O! Y/ G8 T9 u) ?' l$ K6 p
CATEGORIZING EXCHANGE-TRADED PRODUCTS
& X( [! M. R0 K( B3 I ETF REGULATION
0 m. L6 k; }0 }) _7 i( T: x EXCHANGE-TRADED NOTES4 ^8 ?0 t* }, Z3 }$ b: z& f, y% Y" x
TAXATION9 f% L# |1 Q5 d$ m. ]
WHEN STRUCTURAL ISSUES ARISE
. @5 E; b6 w' H9 Y1 Y- @ CONCLUSION1 _+ l" v$ j/ A7 G9 i B
CHAPTER 3 - Bringing an ETF to the Market" }% R$ [# G$ G. v5 e% h3 I
PARTNERING WITH AN EXCHANGE8 ]$ V+ y$ M+ S* K- O8 s9 l
LEAD MARKET MAKER) i, p# E. b% a7 B1 f5 z9 ]
ETF INCUBATION; W/ T2 p5 B- b% V) | q2 E
COMPARING FEES BY STRUCTURE" f3 g4 g8 s6 Y5 O, l! {% Y; b
MARKETING AND LAUNCH
6 M8 [, a; ^( b9 N; G: s CONCLUSION# I; E* R; L7 J2 F% O% Y( B
CHAPTER 4 - Investment Companies, Now and in the Future, r7 G. Y" o3 f0 f. A/ i
IN THE BEGINNING, THERE WERE CLOSED-END FUNDS: {8 L3 L+ f# W# u6 Z, [+ V4 M( F
MUTUAL FUNDS5 T7 Q" d, B |$ V* G$ u
ACTIVELY MANAGED ETFS# z" r& f3 a, V9 I
ETFS WITHIN THE PORTFOLIO% i9 o4 O1 _9 s. t4 t a- |
CLOSING OF ETFS X" u4 ^' O- d
CONCLUSION: THE FUTURE OF ETFS
; o w# b9 [! U$ ~4 D PART Two - Exchange-Traded Fund Valuation8 b* Y4 ^" D; @; h/ }, l/ b; I
CHAPTER 5 - ETFS with Domestic Constituents
( |; z; f" P" A7 c# x9 h0 E CALCULATING THE NET ASSET VALUE' r5 @" ]: M. v4 h9 a: q
CALCULATING THE INTRADAY INDICATIVE VALUE
7 z2 V) \9 |9 B. V% F" M; N CONCLUSION
: e- D6 m! t: O, x CHAPTER 6 - ETFS with International Constituents2 Z8 R1 j9 V* J. [. s
INTERNATIONAL ETFS. w' {& t2 O0 j& X* r- \' k/ ?% Z7 f
PROVIDING LIQUIDITY! d; q [5 g! @2 {9 O
CONCLUSION. T" b) F6 g1 j$ U/ ^8 c7 }: ~: O
CHAPTER 7 - Fixed-Income and Currency ETFS
: H8 X( p. w" S FIXED INCOME0 m/ z5 P1 G2 |5 e7 c
CURRENCY ETFS
/ i3 d8 m% d' C CONCLUSION' ~! \) W Y# ^
CHAPTER 8 - Leveraged, Inverse, and Commodity Products' x+ r e7 H. J# K5 F0 J8 y' H- P
INTRODUCTION TO LEVERAGED PRODUCTS' O. a6 z5 t6 `" ?( l2 z
UNDERSTANDING INVERSE ETFS- P3 l- e I6 l
COMMODITY ETVS( T b6 s ~, x" O4 n
CONCLUSION j/ R# a; u ~0 k
PART Three - ETF Trading and Execution
2 i9 F# a4 I& e3 V3 R CHAPTER 9 - Trading Volumes and ETF Liquidity
, h: V+ U8 O5 U. Q5 K HOW IS AN ETF DIFFERENT FROM A STOCK?
! t) q6 s% [+ c% w5 R A BRIEF LOOK AT EQUITY TRADING VOLUMES& h6 o. A& G M6 t& c
A DETAILED LOOK AT ETF TRADING VOLUMES
0 l7 {5 q) Z0 ^& ^6 Q; w o& A ETF MONEY FLOWS5 }7 G z, D: v% I1 Z5 R1 |1 _7 [/ N
CONCLUSION( R5 H5 y. i" {& E+ q' G
CHAPTER 10 - ETF Trading Business5 |/ T, E0 t4 x8 s g
TRADING MODEL/ E. @ l" S: P0 j
MEASURING POTENTIAL AVAILABLE ETF LIQUIDITY
3 f6 D; G% e8 K( j' U- H; i REQUIREMENTS FOR AN ETF TRADING BUSINESS
& u: O* B/ V' N5 s CONCLUSION/ p3 N/ n6 z6 K2 X8 h
CHAPTER 11 - Execution7 _+ i6 l; i5 t/ E' O, K+ {
TIME FRAMES AND ORDER TYPES- n% B) D# K* z9 T* ?5 j
MARKET ORDERS o# d0 Y; u) q: L! t2 F
LIMIT ORDERS" e A3 e! h' ~
ALGORITHMS
5 O2 M5 j! g |2 h RISK MARKETS (UTILIZING BROKER-DEALER CAPITAL)0 o& L' s* g* d, {
CREATIONS AND REDEMPTIONS$ q3 i! I, p1 \9 [
EXAMPLES OF EXECUTIONS IN THE MARKET
6 g$ {$ \7 c( V8 X% I+ s CONCLUSION
8 O4 C. A$ q8 S2 v* | X CHAPTER 12 - Market Participants and Their Trading Strategies6 A3 K4 P/ L5 T
BROKER-DEALER FACILITATION DESKS
9 x1 U* `, _5 p; R ELECTRONIC MARKET MAKING
; U4 j( l6 d4 h% m8 u" `4 Q LIQUIDITY AGGREGATORS
3 A/ S6 ^/ k a: c TRADING STRATEGIES
: N) n- F/ x" m, c- | CONCLUSION- r2 W" T! O# ^- U1 A/ @+ n+ D
APPENDIX A - List of U.S. ETF Issuers/ T, r3 \7 p Y7 {
APPENDIX B - Research and Data Providers
# X- |! b4 v. w APPENDIX C - ETF-Related Web Sites and Blogs
7 Y+ ]. O4 Y2 e0 h APPENDIX D - List of ETFS in Registration
: s( D: j' v. S7 g* d: n Notes" y0 X5 N3 T3 {* E! f L6 X
About the Author% P8 F4 f4 @; U, q3 S
Index$ R9 h0 B6 J8 A# ~
游客,本下载内容需要支付 1共享币，购买后显示下载链接立即支付
1 @+ Z! @) W* j- u- q/ L5 j5 S- `" |; j7 n; y5 P& K
|
