Exchange Traded Funds as an Investment Option (Finance and Capital Markets)

Contents......Page 8
List of Figures......Page 12
List of Tables......Page 13
List of Boxes......Page 15
Acknowledgements......Page 17
Preface......Page 19
Implementing an Asset Allocation: A Passive or Active Approach?......Page 24
The Efficient Market Theory......Page 25
Expanding the Scope of Indexing......Page 35
Measure of Bond Performance......Page 38
Summary......Page 42
Factors Underlying the Demand for Security Market Indexes......Page 44
Main Differentiating Characteristics of Market Indexes......Page 46
Other Stock Indexes......Page 53
Bond Indexes......Page 58
Summary......Page 61
Structure of ETFs......Page 63
Trading ETFs......Page 66
Impact of New Factors on the Liquidity of ETFs......Page 71
Lower Management Fees......Page 73
ETFs Drawbacks......Page 78
Summary......Page 80
The Rebalancing Process......Page 81
Taxable Gain at the Inception of Investment......Page 83
Redemption in Stock or in Cash......Page 84
Tax Efficiency of Redemption......Page 85
Tax Consequences on ETF Shareholders......Page 89
Summary......Page 92
Actual Tax Savings: Methodology......Page 93
Tax Efficiency, but …......Page 103
Other Considerations Underlying this Tax Advantage......Page 106
iShares on Benchmark S&P 500......Page 108
Summary......Page 113
History of Equity ETFs......Page 114
Exchange-Traded Funds by Asset Category......Page 119
ETF Outlook......Page 131
Sources of Information......Page 139
Summary......Page 143
Introduction......Page 144
Circumstances Surrounding the Launch of Fixed-Income ETFs......Page 145
Current Product Universe......Page 149
ETF Advisors\' Fixed Income Trust Receipts or FITRs......Page 156
General Features and Benefits......Page 158
Out of the Gate......Page 160
Summary......Page 164
Introduction......Page 166
Investors have become More Tax-aware......Page 167
Tax-Loss Offset Strategies based on Securities Swaps......Page 169
Tax-Loss Offset Strategies as they Apply to Investment Products other than ETFs......Page 170
Tax-loss Offset Strategies as They Apply to ETFs......Page 172
Could Stocks and ETFs Possibly Constitute \"Substantially Identical Securities\"?......Page 181
Summary......Page 182
Introduction......Page 184
Common Features but …......Page 185
Anatomy of Europe\'s ETF Market......Page 189
Asset Allocation......Page 196
Actively Managed ETFs......Page 199
Summary......Page 202
Traditional Methods of Investing in Foreign Securities......Page 204
Global Asset Allocation with MSCI\'s iShares......Page 209
International ETFs Tracking Indexes Other than MSCI\'s......Page 217
International ETFs Trading in Foreign Markets......Page 221
Concerns and Other Points of Interest......Page 237
Summary......Page 248
Introduction......Page 250
Brief Overview of China\'s Markets......Page 251
Index Review......Page 256
China\'s ETFs......Page 260
Are China\'s ETFs an Idea Whose time has Come?......Page 265
Summary......Page 269
Introduction......Page 271
Essentials of Short Selling......Page 272
Short Selling with ETFs......Page 274
Practical Strategies......Page 282
Global Perspectives of Short Selling......Page 287
Summary......Page 292
Futures Contracts......Page 293
Futures Contracts on ETFs......Page 296
Futures on European ETFs......Page 300
Margin Trading with ETFs......Page 305
Summary......Page 311
Basic Features of Option Contracts......Page 313
Options on ETFs......Page 316
Investment Strategies using ETF Options......Page 322
Other Options Strategies......Page 327
Summary......Page 333
C......Page 334
E......Page 335
G......Page 336
I......Page 337
M......Page 338
R......Page 339
S......Page 340
U......Page 341
Z......Page 342