ETF Strategies and Tactics Hedge Your Portfolio in a Changing Market
by Rosenberg, Laurence; Weintraub, Neal; Hyman, AndrewEdition: 1st
Format: Hardcover
Pub. Date: 2008-04-14
Publisher(s): McGraw-Hill Education
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Summary
In just a decade, the exchange-traded funds (ETFs) market has grown from one billion dollars to more than half-a-trillion dollars.While previous books have provided introductions to and listings of ETFs,ETF Strategies and Tacticsoffers practical guidance on how to invest in these funds and use them to balance your portfolio.Written by a powerhouse authorial team,ETF Strategies and Tacticsthoroughly covers the ins and outs of ETFs, detailing how they work, their distinctive characteristics, who trades them, who owns them, and their advantages and disadvantages compared with other investment vehicles. As markets evolve, new ETFs come and go. This authoritative reference will keep you on top of your game by providing focused decision-making techniques that help determine the viability of any ETF, including its value in sector and international investing.While laying out a proven, systematic ETF investment plan,ETF Strategies and Tacticscovers such valuable topics as: ETFs vs. mutual funds How ETFs are developed, what types of indexes are used, and the costs that determine returns How ETF regulations can help investors spot red flags in a fund and avoid tax problems The underlying tools of every ETF that can contribute to effective trading and minimized costs and taxes The proper use of ETFs based on an investor's goals and his/her ability to manage risk The unique short-selling opportunities associated with ETFs ETF options How to trade ETFs in the European market Inverse ETFs that go up when the market goes downComplete with one-on-one interviews with professionals from major ETFs, as well as a number of valuable appendixes,ETF Strategies and Tacticsis a unique guide you will keep at your fingertips during your day-to-day activities.
Author Biography
Laurence M. Rosenberg is the former chairman of the Chicago Mercantile Exchange.
Neal Weintraub is director of education and strategy for World Wide Associates, Ltd., and author of Tricks of the Active Trader (0-07-146863-3).
Andrew S. Hyman is marketing director at Fiske Walter Capital Management.
Table of Contents
| Acknowledgments | p. xiii |
| Introduction | p. xix |
| What Are ETFs, and What Makes Them Good | |
| Investments? | p. 1 |
| What Is an ETF? | p. 2 |
| Origins of ETFs | p. 2 |
| Growth of the ETF Market | p. 5 |
| Product Varieties | p. 6 |
| Why Investors Are Embracing ETFs | p. 7 |
| ETFs Compared to Mutual Funds | p. 11 |
| The Investment Universe | p. 12 |
| Investment Companies | p. 14 |
| Expenses | p. 26 |
| Tax Efficiency | p. 36 |
| Similarities and Differences between Mutual Funds and ETFs | p. 42 |
| How ETFs Work | p. 47 |
| Buying and Selling ETFs: An Illustration | p. 47 |
| ETF Mechanism | p. 49 |
| Arbitrage and ETFs | p. 51 |
| Differences between Unit Investment Trusts and Open-End Companies | p. 52 |
| Grantor Trusts/HOLDRs | p. 54 |
| Actively Managed ETFs in the Future | p. 57 |
| ETF Regulation | p. 61 |
| ETFs and ETF Look-Alikes | p. 62 |
| Illustration of an ETF Look-Alike | p. 64 |
| Personnel Issues | p. 66 |
| Taxes | p. 69 |
| Regulations outside the United States | p. 72 |
| ETF Indexes | p. 77 |
| What Are Indexes? | p. 77 |
| Development of an Index | p. 79 |
| Index Diversity | p. 82 |
| Major Indexes Measured by ETFs | p. 83 |
| Tax Issues | p. 85 |
| The ETF Universe | p. 89 |
| ETF Investment Options | p. 89 |
| Classification by Capitalization | p. 99 |
| Broad Market Index | p. 100 |
| Funds Classified by Market Capitalization of Investments | p. 101 |
| Style | p. 104 |
| International Funds | p. 109 |
| Sector | p. 114 |
| Specialty Funds | p. 122 |
| Commodity | p. 125 |
| Currency | p. 125 |
| Fixed Income | p. 126 |
| Support and Resistance with Pivots | p. 129 |
| Pivot Points and ETFs | p. 130 |
| Moving Averages and ETFs | p. 133 |
| What about Swing Trading? | p. 135 |
| ETF Money Management | p. 145 |
| Margin-to-Equity Parameter | p. 145 |
| Short Selling: Securities and ETFs | p. 153 |
| Short Selling Securities | p. 154 |
| Short Selling ETFs | p. 154 |
| Hedging Your Portfolio | p. 156 |
| ETF Arbitrage and Spreading | p. 159 |
| Forms of Arbitrage | p. 160 |
| ETF Arbitrage | p. 161 |
| Advantages of Spreading | p. 162 |
| Identifying Arbitrage Opportunities | p. 163 |
| Options for ETFs | p. 165 |
| Four Basic Strategies | p. 166 |
| Option Terminology | p. 167 |
| Option Strategies | p. 169 |
| Evaluating ETFs | p. 173 |
| Price/Earnings Ratio | p. 173 |
| Price/Sales Ratio | p. 174 |
| Financial Ratios | p. 175 |
| Analyze the Company's Profitability | p. 176 |
| Getting the Research Done | p. 180 |
| ETFs and Market Activity | p. 183 |
| Read the Trends ... and That Includes ETFs | p. 184 |
| Trade in Terms of Probability | p. 187 |
| Design, Maintain, and Manipulate Your ETF Portfolio | p. 191 |
| Develop Your "Watch List" of ETFs | p. 191 |
| Export Your Portfolio into Excel | p. 194 |
| Maintain and Manipulate Your Portfolio | p. 197 |
| Two Significant Trading Strategies | p. 199 |
| European ETFs | p. 203 |
| Invest in European ETFs | p. 204 |
| ETF Choices | p. 205 |
| ETF Managers-Europe and the United States | p. 205 |
| Taxes | p. 209 |
| Regulation | p. 210 |
| Strategies | p. 211 |
| European Currency ETFs | p. 211 |
| Europe Is Not One Country | p. 212 |
| Eurozone Issues | p. 212 |
| ETF Practical Applications | p. 223 |
| Navigating Web Pages | p. 224 |
| Examine Typical ETF Screens | p. 225 |
| Herd Mentality | p. 232 |
| ETF Spreads | p. 233 |
| One-on-One Interviews: Leading ETF Providers | p. 241 |
| American Stock Exchange: The Birthplace of Exchange-Traded Funds | p. 242 |
| Dow Jones | p. 246 |
| iShares Germany | p. 250 |
| Keefe, Bruyette, and Woods (KBW) | p. 256 |
| MSCI BARRA | p. 260 |
| Van Eck Global | p. 265 |
| WisdomTree | p. 268 |
| XShares and HealthShares | p. 275 |
| U.S. ETFs and Trading Volume as of October 1, 2007 | p. 287 |
| SPDR Strategies | p. 313 |
| Building a Customized and Diversified Equity Portfolio That Matches Your Specific Objective | p. 313 |
| Manage Risk through Asset Allocation by Sector | p. 315 |
| Rebalance Portfolio Based on Current Sector Weightings | p. 317 |
| Gain Diversified Access to Attractive Investment Themes | p. 318 |
| Enhance After-Tax Returns with Tax Swaps | p. 319 |
| Use ETF Flexibility to Hedge Concentrated Positions | p. 320 |
| Web Sites | p. 323 |
| www.finance.yahoo.com | p. 323 |
| www.etfguide.com | p. 325 |
| www.etfconnect.com | p. 326 |
| www.indexuniverse.com | p. 327 |
| www.finra.org | p. 328 |
| www.amex.com/etf/EtMain.jsp | p. 330 |
| www.fidelity.com | p. 331 |
| www.geckosoftware.com | p. 333 |
| www.investors.com/etf | p. 333 |
| www.lrosenberg.com | p. 334 |
| www.seekingalpha.com | p. 335 |
| www.cheatthestreet.com | p. 336 |
| www.vanguard.com | p. 336 |
| www.optionsxpress.com | p. 337 |
| Endnotes | p. 339 |
| Bibliography | p. 347 |
| Index | p. 351 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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