The ETF Handbook (Hardcover, 2)

Preface ix

Acknowledgments xv

Introduction xvii

PART ONE Introduction to the ETF Market Place 1

CHAPTER 1 How Did We End Up Here? 5

CHAPTER 2 Steps for Developing an ETF 32

CHAPTER 3 Giving an ETF Life in the Markets 50

PART TWO ETF Trading and Execution 69

CHAPTER 4 Trading Volumes and ETF Liquidity 71

CHAPTER 5 Volume ≠ Liquidity—Understanding ETF Implied Liquidity 96

CHAPTER 6 Execution 128

CHAPTER 7 Market Participants and Their Trading Strategies 155

CHAPTER 8 Market Structure and ETFs—Protecting Your Portfolio from Flash Crashes 181

PART THREE ETF Valuation 207

CHAPTER 9 ETFs with Domestic Holdings 209

CHAPTER 10 ETFs with International Constituents 224

CHAPTER 11 Fixed-Income and Currency ETFs 240

CHAPTER 12 Leveraged, Inverse, and Commodity Products 266

CHAPTER 13 Structure of an ETF 281

APPENDIX A Bloomberg ETF Reference Guide 304

APPENDIX B ETF Issuers 314

APPENDIX C An Overview of Japanese ETF Market 316

APPENDIX D An Overview of European ETF Market 322

About the Author 327

Index 329