The Institutional ETF Toolbox
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A guide to promoting literacy in the digital age With young children gaining access to a dizzying array of games, videos, and other digital media, will they ever learn to read? The answer is yes—if they are surrounded by adults who know how to help and if they are introduced to media designed to promote literacy, instead of undermining it. Tap, Click, Read gives educators and parents the tools and information they need to help children grow into strong, passionate readers who are skilled at using media and technology of all kinds—print, digital, and everything in between. In Tap, Click, Read authors Lisa Guernsey and Michael H. Levine envision a future that is human-centered first and tech-assisted second. They document how educators and parents can lead a new path to a place they call 'Readialand'—a literacy-rich world that marries reading and digital media to bring knowledge, skills, and critical thinking to all of our children. This approach is driven by the urgent need for low-income children and parents to have access to the same 21st-century literacy opportunities already at the fingertips of today's affluent families.With stories from homes, classrooms and cutting edge tech labs, plus accessible translation of new research and compelling videos, Guernsey and Levine help educators, parents, and America's leaders tackle the questions that arise as digital media plays a larger and larger role in children's lives, starting in their very first years of life. Tap, Click, Read includes an analysis of the exploding app marketplace and provides useful information on new review sites and valuable curation tools. It shows what to avoid and what to demand in today's apps and e-books—as well as what to seek in community preschools, elementary schools and libraries. Peppered with the latest research from fields as diverse as neuroscience and behavioral economics and richly documented examples of best practices from schools and early childhood programs around the country, Tap, Click, Read will show you how to: Promote the adult-child interactions that help kids grow into strong readers Learn how to use digital media to build a foundation for reading and success Discover new tools that open up avenues for creativity, critical thinking, and knowledge-building that today's children need The book's accompanying website keeps you updated on new research and provides vital resources to help parents, schools and community organizations.
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Balchunas Eric. The Institutional ETF Toolbox
Acknowledgments
Introduction: Institutions and ETFs
SECTION I. The ETF Phenomenon
CHAPTER 1. Why Are ETFs So Popular?
Low Cost
Liquidity
Tax Efficiency
Transparency
Diversification
Easy Asset Allocation
Standardization
Democratic
No Emotion
Passive Investing
Flexibility
Anonymity
Price Discovery
Fiduciary Vehicles
Battle Proven
Convenience
CHAPTER 2. ETF Growth
Asset Growth
ETF Assets in Perspective
Trading Growth
Product Growth
CHAPTER 3. ETF Mechanics
The Story of the ETF
The Creation/Redemption Process
AMEX Wasn’t Alone
Finally Ready for Launch
CHAPTER 4. Institutional Usages
Cash Equitization
Manager Transitions
Portfolio Rebalancing
Portfolio Completion
Liquidity Sleeves
Shorting/Hedging
Long and Lend
Tactical Moves
In-Kind Creation/Redemption
Bespoke ETFs
Tax-Loss Harvesting
Long-Term Allocation
Personal Usage
CHAPTER 5. ETF Due Diligence
Exposure
Cost
Liquidity
Risk
Regulatory Structure
ETF Issuers
ETF Ratings
SECTION II. The ETF Toolbox
CHAPTER 6. U.S. Stock ETFs
Large Caps
Mid Caps
Small Caps
Broad Market
IPOs
Sector and Industry ETFs
The Tech Sector
Industries
Thematic ETFs
CHAPTER 7. Smart Beta
Controversy
Smart Beta versus Active Management
Growth and Value
Fundamentally Weighted ETFs
Single Factors
CHAPTER 8. International/Global ETFs
International Developed Markets
Global
Emerging Markets
The First Movers
Second-Generation EM
Next-Generation EM ETFs
Currency-Hedged ETFs
Single-Country ETFs
DIY EM
China
CHAPTER 9. Fixed Income
Regulations
Aggregate Bond ETFs
Treasuries
Mortgage-Backed Securities
Municipals
Corporates
Senior Loans
Interest Rate–Hedged ETFs
Multi-Asset Income ETFs
International Debt
CHAPTER 10. Alternatives
Hedge Fund Strategies (aka “Liquid Alts”)
Commodity ETFs
Physically Backed Commodity ETFs
Futures-Based Commodity ETFs
CHAPTER 11. Leveraged, Inverse, and VIX
Leveraged ETFs
The VIX
CHAPTER 12. Actively Managed ETFs
Fixed Income
Equity
CONCLUSION: Five Takeaways
About the Author
Index
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This product influx and innovation is why the ETF industry is like the tech sector of the financial world. There is definitely a Silicon Valley, gold rush vibe. But the pace of innovation and new products has outrun the education by a mile. And it has created more noise. This is why ETF due diligence is going to be very important going forward. This is why we work to make the best functions on Bloomberg. This is why we do ETF events all over the country. This is why I’m writing this book.
The tricky thing with ETFs is that they wrap up everything under the sun, including futures contracts, options, and swap agreements on top of stocks, bonds, or commodities. This is also one of the reasons it is so intellectually satisfying to be an ETF analyst. They take you to every nook and cranny of the financial markets and the world. You have to be a mile deep and a mile wide.
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