دانلود کتاب مدیریت پورتفولیو و استانداردهای اخلاقی و حرفه ای

This topic review covers introductory material on ETFs. Be able to describe costs, risks, and sources of tracking risk for ETFs, as well as sources of discount/premium relative to NAV. Portfolio management applications of ETFs should be well understood. Exchange-traded funds (ETFs) represent shares in an index-tracking (i.e., benchmark) portfolio that trades on secondary markets. While similar to mutual funds, significant differences remain with respect to costs and taxation. While most ETFs are based on direct investments in underlying securities, ETFs can also utilize derivatives, invest via American depositary receipts (ADRs), or use leverage. The issuer (i.e. sponsor or manager) of the ETF allocates the portfolio based on the stated index/style and stands ready to redeem or create new shares in kind. Unlike open-end mutual funds, ETFs are traded on secondary markets. Therefore, when a shareholder wants to cash out, the shareholder sell his shares at the exchange where the ETF is traded; the ETF issuer is not involved in this transaction. The ETF issuer designates authorized participants (APs). APs are large broker-dealers that make the market in that ETF as primary market participants. APs are permitted to create additional shares, or redeem existing shares, for a service fee payable to the ETF manager. This creation/redemption process is in-kind: APs deliver a basket of securities (which may include cash) to the issuer in exchange for a number of ETF shares. They may also redeem ETF shares for a basket of securities. The ETF manager publicly discloses the list of required in-kind securities, known as the creation basket, each business day. The creation basket serves as a key input in determining the net asset value (NAV) of the ETF. A related term is the redemption basket, which is the specific assortment of securities that the AP receives upon redeeming an ETF share. The lot size in these primary market transactions is the creation unit; an ETF issuer specifies the size of a block of ETF shares (commonly 50,000) that can be traded as part of this creation/redemption process.