August 30, 2012
--- Arnerich Massena has published a white paper, “A Field Guide
to Exchange-Traded Products.” ---
Since exchange-traded funds (ETFs) leapt onto the scene in
the early 1990s, their growing popularity has led to a proliferation of
different types of products and at least six different exchange-traded
structures, each of which can behave differently in given market
conditions.
“Investor interest in the various types of exchange-traded
instruments continues to increase,” said Tony Arnerich, chief executive and chief
investment officer of Arnerich Massena, “but tracking the different structures
and anatomies of each ‘species’ can be confusing, and requires in-depth
analysis.”
In the paper, Arnerich, Scott Dunbar and Jillian Perkins
investigate the different ‘species’ of exchange-traded products: how they’re
constructed, their risks, and how they fit into a diversified
portfolio.
The paper explores:
- Exchange-traded funds (ETFs);
- Exchange-traded notes (ETNs);
- Exchange-traded certificates (ETCs);
- Limited partnership (LP) ETFs;
- Master limited partnerships (MLPs) ETFs and ETNs; and
- Unit investment trusts (UITs).
“A Field Guide to Exchange-Traded Products” can be
downloaded here.
PLANADVISER staff