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Preface. Acknowledgments. Part One Introduction to the ETF Marketplace. Chapter 1 Development of an ETF. Market Access or Out-Performance? Index Tracking or Actively Managed? Underlying Assets. Rebalancing and Index Changes. ETF Basket. Conclusion. Chapter 2 Structure of an ETF. Categorizing Exchange-Traded Products. ETF Regulation. Exchange-Traded Notes (ETNs). Taxation. When Structural Issues Arise. Conclusion. Chapter 3 Bringing an ETF to the Market. Partnering with an Exchange. Lead Market Maker. ETF Incubation. Comparing Fees by Structure. Marketing and Launch. Conclusion. Chapter 4 Investment Companies, Now and in the Future. In the Beginning, There Were Closed-End Funds. Mutual 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. Conclusion. Chapter 6 ETFs with International Constituents. International ETFs. Providing Liquidity. Conclusion. Chapter 7 Fixed-Income and Currency ETFs. Fixed Income. Currency ETFs. Conclusion. Chapter 8 Leveraged, Inverse, and Commodity Products. Introduction to Leveraged Products. Understanding Inverse ETFs. Commodity ETVs. Conclusion. 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. Conclusion. Chapter 10 ETF Trading Business: Assessing and Providing Liquidity. Trading Model. Measuring Potential Available ETF Liquidity. Requirements for an ETF Trading Business. Conclusion. Chapter 11: Execution: Handling Client Order Flow and Achieving Execution in ETFs. Time Frames and Order Types. Market Orders. Limit Orders. Algorithms. Risk Markets (Utilizing Broker-Dealer Capital). Creations and Redemptions. Examples of Executions in the Market. Conclusion. Chapter 12: Market Participants and Their Trading Strategies. Broker-Dealer Facilitation Desks. Electronic Market Making. Liquidity Aggregators. Trading Strategies. Conclusion. 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. Notes. About the Author. Index.
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