Part One Introduction to the ETF Marketplace.
Chapter 1 Development of an ETF.
Market Access or Out-Performance?
Index Tracking or Actively Managed?
Rebalancing and Index Changes.
Chapter 2 Structure of an ETF.
Categorizing Exchange-Traded Products.
Exchange-Traded Notes (ETNs).
When Structural Issues Arise.
Chapter 3 Bringing an ETF to the Market.
Partnering with an Exchange.
Lead Market Maker.
Comparing Fees by Structure.
Marketing and Launch.
Chapter 4 Investment Companies, Now and in the Future.
In the Beginning, There Were Closed-End Funds.
Actively Managed ETFs.
ETFs within the Portfolio.
Closing of ETFs.
Conclusion: The Future of ETFs.
Part Two Exchange- Traded Fund Valuation.
Chapter 5 ETFs with Domestic Constituents.
Calculating the Net Asset Value.
Discounts and Premiums.
Calculating the Intra-day Indicative Value.
Chapter 6 ETFs with International Constituents.
Chapter 7 Fixed-Income and Currency ETFs.
Chapter 8 Leveraged, Inverse, and Commodity Products.
Introduction to Leveraged Products.
Understanding Inverse ETFs.
Part Three ETF Trading and Execution.
Chapter 9 Trading Volumes and ETF Liquidity: Keys to Unlocking Value from the ETF Structure.
How is an ETF Different from a Stock?
A Brief Look at Equity Trading Volumes.
A Detailed Look at ETF Trading Volumes.
ETF Money Flows.
Chapter 10 ETF Trading Business: Assessing and Providing Liquidity.
Measuring Potential Available ETF Liquidity.
Requirements for an ETF Trading Business.
Chapter 11: Execution: Handling Client Order Flow and Achieving Execution in ETFs.
Time Frames and Order Types.
Risk Markets (Utilizing Broker-Dealer Capital).
Creations and Redemptions.
Examples of Executions in the Market.
Chapter 12: Market Participants and Their Trading Strategies.
Broker-Dealer Facilitation Desks.
Electronic Market Making.
Appendix A: List of ETF Issuers.
Appendix B: Research and Data Providers.
Appendix C: ETF-Related Web Sites and Blogs.
Appendix D: List of ETFs in Registration.
About the Author.