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Informationen zum Autor GARY L. GASTINEAU is principal of ETF Consultants LLC, which provides specialized exchange-traded fund consulting services to ETF issuers, exchanges, and investors. He is also a managing member and cofounder of Managed ETFs LLC, a firm that has developed new ETF trading systems and new actively managed ETFs. Preceding a position as managing director for ETF product development at N veen Investments, Gastineau directed product development at the American Stock Exchange for approximatel five years. He is also the author of the first edition of The Exchange-Traded Funds Manual and Someone Will Make Money on Your Funds?Why Not You? (both published by Wiley) and The Options Manual , as well as coauthor of the Dictionary of Financial Risk Management. Gastineau is an honors graduate of Harvard College and Harvard Business School. Klappentext Full coverage of ETF investments from an expert in the fieldThe initial edition of Gary Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and analyze ETFs. It made the case for the superiority of the structure of investor-friendly ETFs over mutual funds and helped investors select better funds among the ETFs available.With this new edition, Gastineau provides comprehensive information on the latest developments in ETF structures, new portfolio variety, and new trading methods. With a realistic evaluation of today's indexes, Gastineau offers insights on actively managed ETFs, improved index funds, and fund and advisor selection.* Discusses how to incorporate ETFs into an investment plan* Offers updated coverage of new ETFs, including full-function actively managed ETFs, and a valuable chapter on trading ETFs* Written by the leading authority on exchange traded fundsExchange-traded funds offer you diversification and participation in markets and investment strategies that have not been available to most investors. If you want to understand how to use ETFs effectively, the Second Edition of The Exchanged-Traded Fund Manual can show you how. Zusammenfassung Full coverage of ETF investments from an expert in the field The initial edition of Gary Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and analyze ETFs. Inhaltsverzeichnis Preface ix Acknowledgments xi Chapter 1 An Introduction to Exchange-Traded Funds 1 Exchange-Traded Funds Were Introduced as "Something to Trade" 1 Shareholder Protection 3 Tax Efficiency 7 Cost Transparency is Desirable, But Trading Transparency is Costly 9 Intraday ETF Trading 10 Comparing ETF and Mutual Fund Economics 11 Conclusion 17 Chapter 2 The History and Structure of Exchange-Traded Funds-and Some of Their Competitors 19 Some Major Financial Market Developments (1975 to 2000) 19 Declining Trading Costs Increase Financial Engineering Opportunities, and Financial Engineering Reduces Trading Costs in the New Millennium 23 A Brief History of ETFs 25 Other Tradable Basket Products 34 Chapter 3 The Regulatory Framework and Mechanics of the Open-End ETF 43 U.S. Fund Regulation Has Played a Major Role in the Structure of ETFs Introduced around the World 43 The Investment Company Act of 1940 45 Exemptions from the Investment Company Act of 1940 Have Been Granted to Permit Issuance of Open-End ETFs 47 ETF Developments Outside North America 50 Proposed Rule 33-8901 and Limitations on ETF Trading Transparency 53 The Mechanics of ETF Creation and Redemption In-Kind 53 Chapter 4 Taxation of ETFs and Their Shareholders 65 Taxation of Investment Companies: Subchapter M and Regulated Investment Company (RIC) Requirements 65 The Mechanics of RIC Shareholder Capital Gains Taxation 73 The Wash Sal...
