Exchange-traded funds and the new dynamics of investing
By: Ananth N. Madhavan
Series: Financial Management Association survey and synthesis series; Financial Management Association survey and synthesis series
Published: 2016
Language: eng
Number of pages: 269
ISBN-13: 9780190279394
Subjects: Stock index futures; Exchange traded funds
Description: " 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. "--

"An examination of the transformation of asset management through the rise of passive or index investing"--
Notes: Includes bibliographical references and indexes.
Table of contents: title: 1. The Current Landscape; title: 2. Structure and Mechanics; title: 3. Price Dynamics and Arbitrage; title: 4. Valuation; title: 5. Performance and Benchmark Tracking; title: 6. Liquidity and Transaction Costs; title: 7. Uses of ETFs; title: 8. Fixed Income; title: 9. Commodities; title: 10. Foreign Currency; title: 11. Investing in Volatility; title: 12. Alternatives and Multi-Asset Strategies; title: 13. Active Strategies; title: 14. Smart Beta and Factor Investing; title: 15. Flows; title: 16. Leveraged and Inverse Products; title: 17. Systemic Risk; title: 18. Public Policy Issues; title: 19. Future Opportunities.