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Visual Guide to ETFs


Bloomberg Financial Series Visual Guide to ETFs

A comprehensive resource for anyone who wants to understand the fundamentals of ETFs, the Bloomberg Financial Series Visual Guide to ETFs is designed to help you get the most out of ETF opportunities in a simple, highly visual manner.

Starting with an introduction to ETFs, the book looks at where they fit within the world of investment products, how they are structurally differentiated from other products and among themselves, relevant tax considerations, global listings, growth on a global basis, evolution of the product set, and more. Heavily illustrated throughout with charts and other visual aids that highlight the concepts covered, the book brings the information you need on ETFs vividly to life.

Designed to help financial advisors, institutional asset managers, and professional traders, the Bloomberg Financial Series Visual Guide to ETFs gives you a full understanding of ETFs, including: how ETF portfolios work, the short interest of ETFs, trading and liquidity in ETF markets, how they relate to the "Flash Crash" of 2010, how to execute orders, and various trading strategies.

Also looking towards the future, the book provides information on finding ETFs—including fund searches, fund news, measuring and valuing ETFs, evaluating their correlation to the underlying sector or commodity being tracked, and much more. As a result, it serves as a resource not just for understanding ETFs today, but for taking advantage of what's to come.

The Bloomberg Financial Series Visual Guides cover today's most relevant finance and trading topics in a comprehensive, yet easy-to-follow style. The content is presented in the most visual of manners thus bringing to life key concepts for finance professionals and truly lives up to the series name by examining concepts in a highly visual way—all charts are in color and presented in a large format for ease of use. Other strong visual attributes include consistent elements that function as additional learning aids for the reader, such as: Key Points, Definitions, Step-by-Step, Do It Yourself, and Bloomberg Financial Series Visual Guide functionality.

And for e-reader users, the Bloomberg Financial Series Visual Guides are available as enhanced e-books offering special features, like a Test Yourself section where you can test your newly honed knowledge and skills. The enhanced e-book versions also include video tutorials and special pop-up features. They can be purchased wherever e-books are sold.

David J. Abner currently heads Capital Markets for WisdomTree Asset Management, an ETF issuer based in New York. In his twenty years in finance, he has been managing director at both BNP Paribas and Bear Stearns, building and managing ETF sales and trading businesses. Abner travels around the U.S. and the world, advising institutions and asset managers on how best to build and trade ETF portfolios. He is passionate about the future of the ETF industry and continues to develop more efficient systems and techniques for ETF investors.

List of Exhibits ix

How to Use This Book xii

Preface xiii

Acknowledgments xv

Chapter 1: Characteristics of Modern Investment Products 1

Chapter 2: Understanding How ETF Portfolios Work: The Primary Markets 31

Chapter 3: Understanding the Short Interest of ETFs 63

Chapter 4: Trading and Liquidity of the ETF Markets: The Secondary Markets 81

Chapter 5: ETFs and the Flash Crash 111

Chapter 6: How to Execute Orders in ETFs 121

Chapter 7: Examining ETF Trading Strategies 137

Chapter 8: Product Labeling and Structural Impact 177

Chapter 9: Where to Find ETF Information 205

Appendix: Bloomberg Functionality Cheat Sheet 221

Index 235