Exchange-traded funds and the new dynamics of investing 1st Edition Madhavan 0190279419 9780190279417

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Product details:

• ISBN-10 ‏ : ‎ 0190279419
• ISBN-13 ‏ : ‎ 9780190279417
• Author: Madhavan

In Exchange-Traded Funds and the New Dynamics of Investing, Ananth Madhavan examines the quiet transformation of asset management through the rise of passive or index investing. A closely-related phenomenon is the rise of exchange-traded funds (ETFs). An ETF is an investment vehicle that trades intraday and seeks to replicate the performance of a specific index. ETFs have grown substantially in size, diversity, and market significance in recent years. These trends have generated considerable interest, especially from retail and institutional investors and increasingly from academics, regulators and the press. ETFs have the power to be a disruptive innovation to today’s asset management industry because many traditional active managers and hedge funds deliver a significant fraction of their active returns via static exposures to factors like value. Indeed, for the first time ever, assets in global ETFs exceeded $3 trillion in 2015, passing the amount in hedge funds.

Table of contents:

Part I Passive Investing

1. The Current Landscape

2. Structure and Mechanics

Part II Valuation, Pricing, and Trading

3. Price Dynamics and Arbitrage

4. Valuation

5. Performance and Benchmark Tracking

6. Liquidity and Transaction Costs

Part III Applications

7. Uses of ETFs

8. Fixed Income
8.1. A Growth Story

9. Commodities

10. Foreign Currency

10.4.2. Optimal Hedge Ratio

11. Investing in Volatility

12. Alternatives and Multi-Asset Strategies

Part IV Active Strategies

13. Active Strategies

14. Smart Beta and Factor Investing

Part V Public Policy, Regulation, and Systemic Risk
15. Flows

16. Leveraged and Inverse Products

17. Systemic Risk

18. Public Policy Issues

19. Future Opportunities

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