By Richard Ferri
The entire instruments and strategies you want to make investments effectively in High-Yield, Low-Risk Index cash The up to date moment variation of Richard Ferri's bestselling All approximately Index money bargains person traders an easy-to-use consultant for capitalizing on one in all trendy most well liked making an investment areas_index cash. This wealth-building source offers crucial info on index cash; professional recommendation on the best way to begin making an investment; and successful concepts for top returns with low chance. the second one version of All approximately Index cash positive aspects: up to date tables, charts, and information on functionality, charges, and new money step by step information on lively indexing and dialogue of its increasing function insurance of all new U.S. fairness indexes that experience replaced the dynamics of the index fund market and a brand new bankruptcy on commodities and commodity index money Vanguard's revision of the indexes it makes use of for benchmarking dialogue of the expanding acclaim for ETFs for potent asset allocation
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Additional info for All About Index Funds: The Easy Way to Get Started (All About Series)
In fact, closedend fund companies are prohibited from participating in the daily 05 6/27/03 8:12 AM Page 45 Exchange-Traded Funds 45 buying and selling of their own closed-end fund shares without specific approval from the SEC, and that is a rare event. This means the number of shares of a closed-end fund is fixed, and the only way you can buy shares is from a selling shareholder, and vice versa. Many times the market price of a closed-end fund will trade at a large premium or discount price to its actual underlying NAV.
Thus, index funds had to wait. A second reason index funds did not make an earlier appearance was that they were cost prohibitive. Prior to 1976 Wall Street was on a fixed commission rate system, which means fund managers could not negotiate lower trading costs with brokers. Index funds make a lot of small trades, and a high commission rate would wipe out any advantage. After 1976 commission costs were deregulated and rates came down considerably. Distribution was a third roadblock. For most of the twentieth century, mutual funds were distributed through stockbrokers who where paid an 8 percent commission or more.
However, discounts and premiums may persist for several years because there is no “arbitrage” mechanism to bring the market price in line with the underlying NAV. Discounts and premiums would immediately go away if fund companies were allowed to be a market participant in their own shares. The arbitrage mechanism in ETFs is explained in more detail later in this chapter. THE FIRST EXCHANGE-TRADED FUNDS In 1990 the SEC issued the Investment Company Act Release No. 17809. This act granted the law firm of Leland, O’Brien, Rubinstein Associates, Incorporated (LOR) the right to create a new hybrid security called a SuperTrust.
All About Index Funds: The Easy Way to Get Started (All About Series) by Richard Ferri