ISBN-10: 0471225134

ISBN-13: 9780471225133

ISBN-10: 0471434841

ISBN-13: 9780471434849

Alternate traded money, probably the most interesting new sessions of money, supply traders with a chance to get some great benefits of person shares on the reduce charges linked to mutual cash. even if they seem to be a very new form of fund (they have been first brought in 1993), ETFs have approximately a hundred billion in resources less than administration. Written through senior editors Jim Wiandt and should McClatchy at, trade Traded cash in actual fact explains this interesting classification of cash for savvy person traders and funding pros alike. The authors supply a frank appraisal of the benefits of trade traded cash together with low administration charges and reduce capital earnings taxes. They acquaint readers with the whole variety of what is on hand, and supply priceless info on comparing the cash' usefulness and function. in addition they describe confirmed innovations for utilizing alternate traded cash to stability funding portfolios and deal with long term and temporary hazard. is an internet site dedicated to index cash. It at present hosts greater than 100,000 viewers every month.

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Volatility, however, remained, and few were willing to predict whether it had hit bottom. Options offered an interesting twist for the generally bullish investor. QQQ calls with a strike price of $48 and expiring on January 18, 2002 could be sold for $6. 30 within the 312 days remaining in the option before the investor would suffer loss. 30. 3 percent return. In this case, the investor would still be positioned in an important index, ready for the long-term. qxd p025-038 38 9/19/01 10:28 AM Page 38 EXCHANGE TRADED FUNDS This turns out to be a whopping 32 percent and 38 percent return on an annualized basis.

Phantom NAV Discounts Initially critics decried ETFs trading at a significant premium/discount to the net asset value (NAV) or combined value of the underlying stocks they represent. This is a problem that regularly plagues closed-end mutual funds, where prices of the funds are generally lower (sometimes by 30 percent or more) than the NAV of their portfolios due to a lack of liquidity. So far most critics appear misinformed. The biggest flaw in their arguments is their selection of end-of-day NAV figures as the measure of the true worth of a portfolio that is trading continuously.

Is all this work worth it for the individual investor? Probably not. For longer-term positions, ETFs appear to be cheaper. 22 percent. Salomon Smith Barney conducted a study in 2000 that revealed that while ETF commissions may be greater, overall costs may be less. Mispricing risk and market impact, especially, are far less with ETFs. 2 basis points) of market impact costs. Mispricing risk is, as its name suggests, the likelihood of prices straying from actual index values. qxd 9/19/01 24 11:43 AM Page 24 EXCHANGE TRADED FUNDS Lastly, ETFs are now available for a large and increasing number of equity markets, including industry sectors, portfolios based on company sizes, and country exchanges.

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