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| Preface | |
| Acknowledgments | |
| An Introduction to Exchange-Traded Funds | |
| Exchange-Traded Funds Were Introduced as "Something to Trade" | |
| Shareholder Protection | |
| Tax Efficiency | |
| Cost Transparency Is Desirable, But Trading Transparency Is Costly | |
| Intraday ETF Trading | |
| Comparing ETF and Mutual Fund Economics | |
| Conclusion | |
| The History and Structure of Exchange-Traded Funds-and Some of Their Competitors | |
| Some Major Financial Market Developments (1975 to 2000) | |
| Declining Trading Costs Increase Financial Engineering Opportunities, and Financial Engineering Reduces Trading Costs in the New Millennium | |
| A Brief History of ETFs | |
| Other Tradable Basket Products | |
| The Regulatory Framework and Mechanics of the Open-End ETF | |
| U.S. Fund Regulation Has Played a Major Role in the Structure of ETFs Introduced around the World | |
| The Investment Company Act of 1940 | |
| Exemptions from the Investment Company Act of 1940 Have Been Granted to Permit Issuance of Open-End ETFs | |
| ETF Developments Outside North America | |
| Proposed Rule 33-8901 and Limitations on ETF Trading Transparency | |
| The Mechanics of ETF Creation and Redemption In-Kind | |
| Taxation of ETFs and Their Shareholders | |
| Taxation of Investment Companies: Subchapter M and Regulated Investment Company (RIC) Requirements | |
| The Mechanics of RIC Shareholder Capital Gains Taxation | |
| The Wash Sale Rule | |
| Other Pass-Through Collective Investment Vehicles | |
| The Relative Tax-Efficiency of Mutual Funds, Exchange-Traded Funds, and Portfolio Baskets | |
| Deferral of Long-Term Capital Gains | |
| Outlook for Changes in Investment Company Taxation | |
| The Economics of Indexing, Trading Transparency, and Limited-Function Active Management of ETFs | |
| Indexing Works Best When Approached with Common Sense | |
| The Continuum: From Passive to Active | |
| Benefits from a Decline in ETF Trading Transparency | |
| How Trading Plans Become Transparent | |
| Effect of Transparency Costs on Fund Performance | |
| Silent (Nontransparent) Indexes | |
| A Battle of Contrasting Index Fund Management Strategies | |
| Fund Ratings and Rankings-The Evaluation and Selection of ETFs and Mutual Funds | |
| An Introduction to Fund Ratings | |
| Wanted: A Comprehensive But Eclectic Approach to Fund Evaluation and Analysis | |
| Measuring and Comparing Fund Performance | |
| A Perspective on the Limitations of Fund Analysis Today | |
| Elementary Fund Economics | |
| The Largest Cost for Most Funds Is Not Reported to the Fund's Investors | |
| What Is Tracking Error? | |
| Net Tracking Error as a Framework for Fund Performance Evaluation | |
| Positive (Value-Added) Elements | |
| eXtensible Business Reporting Language (XBRL): The New Data Standard | |
| There Is a Wide Range in the Quality of Fund Touts, Tools, and Techniques | |
| Fund Governance | |
| How Will Full-Function Actively Managed ETFs Work? | |
| The SEC Concept Release and Limited-Function Actively Managed ETFs | |
| How to Minimize Your Cost of Trading ETFs | |
| ETF Trading Is Different from Stock Trading | |
| ETF Intraday Net Asset Value (NAV) Proxies | |
| The Brave New World of High-Frequency Electronic Trading | |
| ETF Trading Volume Is Huge, Growing, and Highly Concentrated | |
| How to Trade ETFs Efficiently | |
| Market-on-Close (MOC) Transactions in ETFs | |
| Introducing NAV-Based Trading in Exchange-Traded Funds | |
| Conclusion | |
| Economics and Market Effects of ETF Short Selling | |
| Understanding the Risks of Selling ETFs Short | |
| The Implications of ETF Short Selling | |
| ETF Short Selling for Traditional Investors | |
| Leveraged Long and Inverse Exchange-Traded Funds | |
| Trading Sardines | |
| How Leveraged Long and Leveraged Inverse ETFs Construct Their Portfolios | |
| Is It Useful to Describe Leveraged Fund Returns as Path Dependent? | |
| Leveraged Fund Return Patterns | |
| Taxation and Distributions from Leveraged ETFs | |
| Other Issues Affecting Leveraged ETFs | |
| Another Way to Obtain Leverage Without Borrowing | |
| The Bottom Line on Leveraged ETFs | |
| ETF Applications for Individual Investors and the Advisors Who Serve Them | |
| Short-Term ETF Trading Sometimes Makes Sense | |
| ETFs as Portfolios and as Components | |
| Integrating Diverse Family Accounts | |
| Tax Management | |
| Other Tax Issues | |
| Thinking Outside the Box | |
| Measuring the Comparative Economics of Trading and Holding Different Components of an Index Arbitrage Complex | |
| ETFs for Investors Living Outside the United States | |
| Some Features of the ETFs Described in This Book Are Not Universal | |
| A Few Things Everyone Should Know about Investment Returns and Retirement | |
| Where to Look for Help in Using ETFs | |
| Sources of Professional Help | |
| The Advisory Relationship | |
| Sources of ETF Information | |
| Bibliography | |
| Glossary | |
| About the Author | |
| Index | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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