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Exchange Traded Funds as an Investment Option : Finance and Capital Markets Series - A. Meziani

Exchange Traded Funds as an Investment Option

Finance and Capital Markets Series

Hardcover

Published: 19th December 2005
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Exchange Traded Funds (ETF's) are a relatively new open- ended investment vehicle. Launched in 1993, their appeal as an important and unique financial product has compelled institutional and retail investors to look anew at their almost endless possibilities. This has led to their dramatic expansion. Meziani draws from his academic and corporate expertise to straddle both theory and practice. Using this book, practitioners, academics and students alike will find a thorough explanation of the theoretical ideas underlying ETF's, along with their detailed analysis, communicated in practical and clear terms.

List of Figuresp. xi
List of Tablesp. xii
List of Boxesp. xiv
Acknowledgementsp. xvi
Prefacep. xviii
Active versus Passive Investingp. 1
Introductionp. 1
Implementing an Asset Allocation: A Passive or Active Approach?p. 1
The Efficient Market Theoryp. 2
Expanding the Scope of Indexingp. 12
Measure of Bond Performancep. 15
Summaryp. 19
Security Market Indexesp. 21
Introductionp. 21
Factors Underlying the Demand for Security Market Indexesp. 21
Main Differentiating Characteristics of Market Indexesp. 23
Other Stock Indexesp. 30
Bond Indexesp. 35
Summaryp. 38
Exchange-Traded Funds versus Mutual Funds - Weighting the Optionsp. 40
Introductionp. 40
Structure of ETFsp. 40
Trading ETFsp. 43
Impact of New Factors on the Liquidity of ETFsp. 48
Lower Management Feesp. 50
ETFs Drawbacksp. 55
Summaryp. 57
Tax Advantages of Exchange-Traded Fundsp. 58
Introductionp. 58
The Rebalancing Processp. 58
Taxable Gain at the Inception of Investmentp. 60
Redemption in Stock or in Cashp. 61
Tax Efficiency of Redemptionp. 62
Tax Consequences on ETF Shareholdersp. 66
Summaryp. 69
Tax Savings of ETFs over Mutual Funds: A Case Studyp. 70
Introductionp. 70
Actual Tax Savings: Methodologyp. 70
Tax Efficiency, but ...p. 80
Other Considerations Underlying this Tax Advantagep. 83
iShares on Benchmark S&P 500p. 85
Summaryp. 90
Evolution and Outlook of Equity ETFsp. 91
Introductionp. 91
History of Equity ETFsp. 91
Exchange-Traded Funds by Asset Categoryp. 96
ETF Outlookp. 108
Sources of Informationp. 116
Summaryp. 120
Fixed-Income ETFsp. 121
Introductionp. 121
Circumstances Surrounding the Launch of Fixed-Income ETFsp. 122
Current Product Universep. 126
ETF Advisors' Fixed Income Trust Receipts or FITRsp. 133
General Features and Benefitsp. 135
Out of the Gatep. 137
Summaryp. 141
Exchange-Traded Funds and the Wash-Sale Rule: New Twists on an Old Plotp. 143
Introductionp. 143
Investors have become More Tax-awarep. 144
Tax-Loss Offset Strategies based on Securities Swapsp. 146
Tax-Loss Offset Strategies as they Apply to Investment Products other than ETFsp. 147
Tax-loss Offset Strategies as They Apply to ETFsp. 149
Could Stocks and ETFs Possibly Constitute "Substantially Identical Securities"?p. 158
Summaryp. 159
Anatomy of the ETF Landscape in Europe: General Market Conditionsp. 161
Introductionp. 161
Common Features but ...p. 162
Anatomy of Europe's ETF Marketp. 166
Asset Allocationp. 173
Actively Managed ETFsp. 176
Summaryp. 179
ETFs for Europe and Other Market Exposuresp. 181
Introductionp. 181
Traditional Methods of Investing in Foreign Securitiesp. 181
Global Asset Allocation with MSCI's iSharesp. 186
International ETFs Tracking Indexes Other than MSCI'sp. 194
International ETFs Trading in Foreign Marketsp. 198
Concerns and Other Points of Interestp. 214
Summaryp. 225
The Advent of ETFs in Imperfect Markets: Case of Mainland Chinap. 227
Introductionp. 227
Brief Overview of China's Marketsp. 228
Index Reviewp. 233
China's ETFsp. 237
Are China's ETFs an Idea Whose time has Come?p. 242
Summaryp. 246
Long-Short Investment Strategies using ETFsp. 248
Introductionp. 248
Essentials of Short Sellingp. 249
Short Selling with ETFsp. 251
Practical Strategiesp. 259
Global Perspectives of Short Sellingp. 264
Summaryp. 269
Other ETF Investment Strategies and Applicationsp. 270
Introductionp. 270
Futures Contractsp. 270
Futures Contracts on ETFsp. 273
Futures on European ETFsp. 277
Margin Trading with ETFsp. 282
Summaryp. 288
Investment Strategies using Options on ETFsp. 290
Introductionp. 290
Basic Features of Option Contractsp. 290
Options on ETFsp. 293
Investment Strategies using ETF Optionsp. 299
Other Options Strategiesp. 304
Summaryp. 310
Indexp. 311
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781403932877
ISBN-10: 1403932875
Series: Finance and Capital Markets Series
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 319
Published: 19th December 2005
Publisher: Palgrave USA
Country of Publication: US
Dimensions (cm): 21.6 x 14.0  x 2.36
Weight (kg): 0.59
Edition Number: 1