{"product_id":"the-institutional-etf-toolbox-isbn-9781119093862","title":"The Institutional ETF Toolbox","description":"\u003cb\u003eGet up to speed on the booming innovation surrounding institutional ETF usage.\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003e\u003ci\u003eThe Institutional ETF Toolbox\u003c\/i\u003e is the institutional investor's guide to utilizing exchange-traded funds and taking full advantage of the innovative new products in their expanding repertoire. The ETF toolbox is expanding rapidly with nearly one new ETF launching every day this decade so far. As with any financial innovation, this phenomenon brings both opportunity and concerns, as well as a dire need for clarity and strong due diligence skills.\u003cbr\u003e\u003cbr\u003eThis book is both reference and resource, providing data-driven explanations backed by real-world market examples—alongside valuable insight from leading practitioners. Coverage includes an examination of the advantages and growth of ETFs as well as current and future uses of ETFs, emerging markets, and the strategic and tactical perspectives you need to effectively use ETFs to optimal effect. The major concerns surrounding ETFs are addressed in full to give you the background you need to formulate a better ETF strategy. \u003cbr\u003e\u003cbr\u003eETF allocations are expected to keep growing rapidly across all institutional types, and new and emerging products are becoming more and more liquid allowing easier expression of investment opinion. This book shows you how any investors can utilize these tools to strengthen your portfolio and safely expand into particularly appealing areas.\u003cbr\u003e \u003cul\u003e \u003cli\u003eUnderstand how the ETF ticks and the how to take advantage of all the myriad of advantages\u003c\/li\u003e \u003cli\u003eLearn how to perform effective due diligence using exposure, cost, liquidity, risk and structure\u003c\/li\u003e \u003cli\u003eUtilize ETFs for cash equitization, portfolio rebalancing, liquidity management, and more\u003c\/li\u003e \u003cli\u003eLearn how ETFs are expanding into equities, fixed income, emerging markets, and alternatives\u003c\/li\u003e \u003cli\u003eLearn how to avoid unwanted costs, liquidity issues and hidden complexities\u003c\/li\u003e \u003c\/ul\u003e ETF usage is climbing with assets growing by about 25 percent per year, and those who use them expect to expand their usage quickly. \u003ci\u003eThe Institutional ETF Toolbox\u003c\/i\u003e provides the actionable information institutions need to identify and adopt the most suitable approach. \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eIntroduction: Institutions and ETFs xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection I: The ETF Phenomenon\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Why are ETFs So Popular? 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLow Cost 4\u003c\/p\u003e \u003cp\u003eLiquidity 6\u003c\/p\u003e \u003cp\u003eTax Efficiency 8\u003c\/p\u003e \u003cp\u003eTransparency 9\u003c\/p\u003e \u003cp\u003eDiversification 11\u003c\/p\u003e \u003cp\u003eEasy Asset Allocation 13\u003c\/p\u003e \u003cp\u003eStandardization 14\u003c\/p\u003e \u003cp\u003eDemocratic 16\u003c\/p\u003e \u003cp\u003eNo Emotion 17\u003c\/p\u003e \u003cp\u003ePassive Investing 17\u003c\/p\u003e \u003cp\u003eFlexibility 19\u003c\/p\u003e \u003cp\u003eAnonymity 20\u003c\/p\u003e \u003cp\u003ePrice Discovery 21\u003c\/p\u003e \u003cp\u003eFiduciary Vehicles 23\u003c\/p\u003e \u003cp\u003eBattle Proven 24\u003c\/p\u003e \u003cp\u003eConvenience 24\u003c\/p\u003e \u003cp\u003eNotes 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 ETF Growth 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAsset Growth 27\u003c\/p\u003e \u003cp\u003eETF Assets in Perspective 29\u003c\/p\u003e \u003cp\u003eTrading Growth 30\u003c\/p\u003e \u003cp\u003eProduct Growth 34\u003c\/p\u003e \u003cp\u003eNotes 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 ETF Mechanics 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Story of the ETF 38\u003c\/p\u003e \u003cp\u003eThe Creation\/Redemption Process 42\u003c\/p\u003e \u003cp\u003eAMEX Wasn’t Alone 44\u003c\/p\u003e \u003cp\u003eFinally Ready for Launch 46\u003c\/p\u003e \u003cp\u003eNotes 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Institutional Usages 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash Equitization 55\u003c\/p\u003e \u003cp\u003eManager Transitions 60\u003c\/p\u003e \u003cp\u003ePortfolio Rebalancing 63\u003c\/p\u003e \u003cp\u003ePortfolio Completion 63\u003c\/p\u003e \u003cp\u003eLiquidity Sleeves 64\u003c\/p\u003e \u003cp\u003eShorting\/Hedging 66\u003c\/p\u003e \u003cp\u003eLong and Lend 70\u003c\/p\u003e \u003cp\u003eTactical Moves 72\u003c\/p\u003e \u003cp\u003eIn-Kind Creation\/Redemption 74\u003c\/p\u003e \u003cp\u003eBespoke ETFs 77\u003c\/p\u003e \u003cp\u003eTax-Loss Harvesting 82\u003c\/p\u003e \u003cp\u003eLong-Term Allocation 83\u003c\/p\u003e \u003cp\u003ePersonal Usage 87\u003c\/p\u003e \u003cp\u003eNotes 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 ETF Due Diligence 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExposure 93\u003c\/p\u003e \u003cp\u003eCost 100\u003c\/p\u003e \u003cp\u003eLiquidity 119\u003c\/p\u003e \u003cp\u003eRisk 130\u003c\/p\u003e \u003cp\u003eRegulatory Structure 133\u003c\/p\u003e \u003cp\u003eETF Issuers 136\u003c\/p\u003e \u003cp\u003eETF Ratings 138\u003c\/p\u003e \u003cp\u003eNotes 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection II: The ETF Toolbox 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 U.S. Stock ETFs 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLarge Caps 146\u003c\/p\u003e \u003cp\u003eMid Caps 155\u003c\/p\u003e \u003cp\u003eSmall Caps 156\u003c\/p\u003e \u003cp\u003eBroad Market 159\u003c\/p\u003e \u003cp\u003eIPOs 162\u003c\/p\u003e \u003cp\u003eSector and Industry ETFs 165\u003c\/p\u003e \u003cp\u003eThe Tech Sector 166\u003c\/p\u003e \u003cp\u003eIndustries 175\u003c\/p\u003e \u003cp\u003eThematic ETFs 180\u003c\/p\u003e \u003cp\u003eNotes 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Smart Beta 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eControversy 192\u003c\/p\u003e \u003cp\u003eSmart Beta versus Active Management 193\u003c\/p\u003e \u003cp\u003eGrowth and Value 196\u003c\/p\u003e \u003cp\u003eFundamentally Weighted ETFs 197\u003c\/p\u003e \u003cp\u003eSingle Factors 199\u003c\/p\u003e \u003cp\u003eNotes 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 International\/Global ETFs 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInternational Developed Markets 206\u003c\/p\u003e \u003cp\u003eGlobal 209\u003c\/p\u003e \u003cp\u003eEmerging Markets 212\u003c\/p\u003e \u003cp\u003eThe First Movers 212\u003c\/p\u003e \u003cp\u003eSecond-Generation EM 217\u003c\/p\u003e \u003cp\u003eNext-Generation EM ETFs 221\u003c\/p\u003e \u003cp\u003eCurrency-Hedged ETFs 225\u003c\/p\u003e \u003cp\u003eSingle-Country ETFs 233\u003c\/p\u003e \u003cp\u003eChina 241\u003c\/p\u003e \u003cp\u003eNotes 248\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Fixed Income 251\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRegulations 253\u003c\/p\u003e \u003cp\u003eAggregate Bond ETFs 258\u003c\/p\u003e \u003cp\u003eTreasuries 261\u003c\/p\u003e \u003cp\u003eMortgage Backed Securities 267\u003c\/p\u003e \u003cp\u003eMunicipals 268\u003c\/p\u003e \u003cp\u003eCorporate 270\u003c\/p\u003e \u003cp\u003eSenior Loans 273\u003c\/p\u003e \u003cp\u003eInterest Rate–Hedged ETFs 278\u003c\/p\u003e \u003cp\u003eMulti-Asset Income ETFs 281\u003c\/p\u003e \u003cp\u003eInternational Debt 282\u003c\/p\u003e \u003cp\u003eNotes 284\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Alternatives 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHedge Fund Strategies (aka “Liquid Alts”) 286\u003c\/p\u003e \u003cp\u003eCommodity ETFs 293\u003c\/p\u003e \u003cp\u003ePhysically Backed Commodity ETFs 293\u003c\/p\u003e \u003cp\u003eFutures-Based Commodity ETFs 300\u003c\/p\u003e \u003cp\u003eNotes 308\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Leveraged, Inverse, and VIX 309\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLeveraged ETFs 309\u003c\/p\u003e \u003cp\u003eThe VIX 318\u003c\/p\u003e \u003cp\u003eNotes 324\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Actively Managed ETFs 325\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFixed Income 327\u003c\/p\u003e \u003cp\u003eEquity 329\u003c\/p\u003e \u003cp\u003eNotes 334\u003c\/p\u003e \u003cp\u003e\u003cb\u003eConclusion: Five Takeaways 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNote 340\u003c\/p\u003e \u003cp\u003eAbout the Author 341\u003c\/p\u003e \u003cp\u003eIndex 343\u003c\/p\u003e  \u003cp\u003e\"This is THE book investors — professional or otherwise — should read to understand ETFs.\"\u003cbr\u003e—\u003cstrong\u003eBen Carlson (@awealthofcs)\u003c\/strong\u003e \u003c\/p\u003e\u003cp\u003e\"This book has an impressive scope and offers good depth across many areas.\"\u003cbr\u003e—\u003cstrong\u003eDavid Foulke (@alphaarchitect)\u003c\/strong\u003e  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eERIC BALCHUNAS\u003c\/b\u003e is a senior ETF analyst at Bloomberg, where he has more than a decade of experience working with ETF data, designing new functions, and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories, and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs.\u003c\/p\u003e  \u003cp\u003eIt is widely known that exchange-traded funds (ETFs) have democratized investing by giving the little guy (retail) the same access as the big guy (institutions). While that is very true, the less-told story is that many institutions have also turned to ETFs for a wide variety of purposes. This detailed look at ETFs by Bloomberg’s top ETF authority, Eric Balchunas, focuses on the fundamentals, best practices, and latest ETFs specifically useful to institutional investors. Professional-level guidance will help you understand, use, and perform due diligence on the diverse choice of ETFs available today. A range of examples, as well as valuable insight from leading practitioners, illustrate how some institutions went outside the norm to use ETFs in innovative and profitable ways. Cutting-edge coverage also includes new perspectives on liquidity and trading that reveal a wide range of possibilities for institutions.\u003c\/p\u003e \u003cp\u003eThe first section looks at why ETFs are so popular, where they came from, how they work, all the ways different institutions are using them, and what it takes to research and vet them. The second part gives you a categorical overview of the breadth of ETF choices available and enables you to dig down into the specifics of each one. You’ll turn to this section again and again for its: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e In-depth look at various asset classes, including equities, fixed income, and alternatives\u003c\/li\u003e \u003cli\u003e Expanded coverage on such hot-topic areas as smart beta, currency hedging, and liquid alts\u003c\/li\u003e \u003cli\u003eInsider’s perspective on trading ETFs, including how to consider premiums and discounts\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eCase studies in each section are carefully selected to provide an analytic edge when evaluating ETFs, making this reference endlessly useful in practice. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Institutional ETF Toolbox \u003c\/i\u003eis the institutional investor’s guide to utilizing exchangetraded funds and taking full advantage of the innovative new products in their expanding repertoire. The ETF toolbox is expanding rapidly with nearly one new ETF launching every day this decade. As with any financial innovation, this phenomenon brings both opportunity and concerns, as well as a dire need for clarity and strong due diligence skills. In \u003ci\u003eThe Institutional ETF Toolbox\u003c\/i\u003e, the professional money manager can take another look at ETFs, one of the most powerful and fastest-growing investing options available today.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990265807077,"sku":"NP9781119093862","price":63.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119093862.jpg?v=1761787123","url":"https:\/\/k12savings.com\/products\/the-institutional-etf-toolbox-isbn-9781119093862","provider":"K12savings","version":"1.0","type":"link"}