دانلود کتاب Investing in ETFs For Dummies

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Title Page
Copyright Page
Table of Contents
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Where to Go from Here
Part 1 Getting Started with ETFs
Chapter 1 ETFs: No Longer the New Kid on the Block
What the Heck Is an ETF?
Choosing between the classic and the new indexes
Preferring ETFs over individual stocks
Distinguishing ETFs from mutual funds
Why the Big Boys Prefer ETFs
Trading in large lots
Savoring the versatility
Why Individual Investors Are Learning to Love ETFs
The cost advantage: How low can you go?
How can no fees make sense?
Why ETFs are cheaper
An unfair race
Uncle Sam’s loss, your gain
What you see is what you get
Style drift: An epidemic
ETFs are the cure
Transparency also discourages dishonesty
How to Get the Professional Edge
Passive versus Active Investing: Your Choice
The index advantage
The allure of active management
Why the race is getting harder to measure . . . and what to do
Do ETFs Belong in Your Life?
Calculating commissions
Moving money in a flash
Understanding tracking error
Making a sometimes tricky choice
Chapter 2 Introducing the ETF Players
Creating an Account for Your ETFs
Answering a zillion questions
Placing an order to buy
But wait just a moment!
Trading ETFs like a pro
Introducing the Shops
Vanguard
Fidelity
Charles Schwab
E*TRADE
Other brokerage houses
Presenting the Suppliers
BlackRock Financial Management iShares
Vanguard ETFs
State Street Global Advisors SPDRs
Invesco
Charles Schwab
First Trust
Other suppliers
Familiarizing Yourself with the Indexers
S&P Dow Jones Indices
MSCI
FTSE/Russell
CRSP
Bloomberg
Meeting the Middlemen
Meeting the Wannabe Middlemen
Commissioned brokers
Separately managed accounts
Annuities and life insurance products
Funds of funds
Part 2 Familiarizing Yourself with Different ETFs
Chapter 3 ETFs for Large Growth and Large Value
Reviewing Large-Growth Basics
What makes large cap large?
How does growth differ from value?
Putting these terms to use
Looking into Big and Brawny Stocks
Mulling over theories about large-growth stocks
Letting history serve as only a rough guide
Digging into Large-Cap ETF Options Galore
Winnowing the field
The best options for strictly large growth
Vanguard Growth ETF (ticker symbol: VUG)
Vanguard Mega Cap 300 Growth ETF (ticker symbol: MGK)
Schwab U.S. Large-Cap Growth ETF (ticker symbol: SCHG)
iShares Morningstar Large-Cap Growth ETF (ticker symbol: ILCG)
Nuveen ESG Large-Cap Growth ETF (ticker symbol: NULG)
Growth ETFs I wouldn’t go out of my way to own
Checking Out Six Ways to Recognize Value
Searching for the Best Value Buys
Taking the index route
Making an ETF selection
Vanguard Value Index ETF (ticker symbol: VTV)
Vanguard Mega Cap 300 Value Index ETF (ticker symbol: MGV)
iShares Morningstar Value ETF (ticker symbol: ILCV)
Schwab U.S. Large-Cap Value ETF (ticker symbol: SCHV)
Nuveen ESG Large-Cap Value ETF (ticker symbol: NULV)
Value ETFs I wouldn’t go out of my way to own
Chapter 4 ETFs for Small Growth and Small Value
Getting Real about Small-Cap Investments
Checking Out Your Choices for Small Growth
Strictly small-cap growth funds
iShares Morningstar Small-Cap Growth ETF (ticker symbol: ISCG)
Vanguard Small-Cap Growth ETF (ticker symbol: VBK)
SPDR S&P 600 Small Cap Growth ETF (ticker symbol: SLYG)
iShares S&P Small-Cap 600 Growth ETF (ticker symbol: IJT)
Smaller than small: The micro caps
iShares Micro-Cap ETF (ticker symbol: IWC)
First Trust Dow Jones Select MicroCap Index Fund (ticker symbol: FDM)
AdvisorShares Dorsey Wright Micro-Cap ETF (ticker symbol: DWMC)
Opting for Small Value: Diminutive Dazzlers
Latching on for fun and profit
Keeping your balance
iShares Morningstar Small-Cap Value Index (ticker symbol: ISCV)
Vanguard Small-Cap Value ETF (ticker symbol: VBR)
iShares S&P Small-Cap 600 Value Index (ticker symbol: IJS)
Invesco S&P 600 SmallCap Pure Value (ticker symbol: RZV)
What about the Mid Caps?
Chapter 5 Around the World: Global and International ETFs
Studying the Ups and Downs of Markets around the World
Low correlation is the name of the game
Note what happened to Japan
Finding Your Best Mix of Domestic and International
Why putting three-quarters of your portfolio in foreign stocks is too much
Why putting one-quarter of your portfolio in foreign stocks is insufficient
Why ETFs are a great tool for international investing
Knowing That Not All Foreign Stocks Are Created Equal
Choosing the Best International ETFs for Your Portfolio
Choosing from a number of brands
Examining ETFs that cover the planet
Digging into developed-market ETFs
SPDR Portfolio Developed World ex-US ETF (ticker symbol: SPDW)
Vanguard FTSE Developed Markets ETF (ticker symbol: VEA)
Dimensional Core Equity Market ETF (ticker symbol: DFAI)
Evaluating emerging-market stock ETFs
Vanguard MSCI Emerging Market ETF (ticker symbol: VWO)
iShares Core MSCI Emerging Markets (ticker symbol: IEMG)
Dimensional Emerging Core Equity Market ETF (ticker symbol: DFAE)
Adding value to your international portfolio
iShares MSCI International Value Factor ETF (ticker symbol: IVLU)
Cambria Global Value ETF (ticker symbol: GVAL)
Surveying small-cap international: Yes, you want it
Vanguard FTSE All-World ex-U.S. Small Cap Index (ticker symbol: VSS)
iShares International Developed Small Cap Value Factor ETF (ticker symbol: ISVL)
Chapter 6 Sector Investing and Different Specialized Stocks
Selecting Stocks by Sector, not Style
Calculating your optimal sector mix
Seeking risk adjustment with high- and low-volatility sectors
Knowing where the style grid comes through
Seeking low correlations for added diversification
Surveying Sector Choices by the Dozen
Investing for a Better World
What are “sustainable investing” and “ESG”?
Sustainable investing is sometimes filled with ambiguity
Are companies with better ESG ratings more profitable?
Is ESG investing creating a better world?
Will investing in ESG funds make you rich?
Fence-sitters, make a decision
Which sustainable ETFs are best for your portfolio?
Dividend Funds: The Search for Steady Money
All-In-One ETFs: For the Ultimate Lazy Portfolio
Buying into the world’s stock markets in a flash
Putting the world’s bond markets at your fingertips
Russell’s average review for the average reader on an average day
Chapter 7 For Your Interest: Bond ETFs
Tracing the Track Record of Bonds
Portfolio protection when you need it most
History may or may not repeat
Tapping into Bonds in Various Ways
Finding strength in numbers
Considering bond investment costs
Determining the Optimal Fixed-Income Allocation
Your Basic Bonds: Treasurys, Agency Bonds, and Corporates
Tapping the Treasurys: Uncle Sam’s IOUs
Bread at $15 a loaf? Getting inflation protection in a flash
Treasurys’ cousins: U.S. agency bonds
Banking on business: Corporate bond ETFs
The whole shebang: Investing in the entire U.S. bond market
Moving Beyond Basics into Municipal and Foreign Bonds
Municipals for mostly tax-free income
Foreign bonds for fixed-income diversification
Emerging-market bonds: High risk, high return
Chapter 8 REITs, Commodities, and Active ETFs
Real Estate Investment Trusts
Considering REITs’ five distinguishing characteristics
Limited correlation to the broad markets
Unusually high dividends
Different taxation of dividends
Special status among financial pros
Connection to tangible property
Calculating a proper REIT allocation
Judging from the past
Splitting it up: Domestic and international REIT funds
Picking REIT ETFs for your portfolio
All That Glitters: Gold, Silver, and Other Commodities
Gold, gold, gold!
A vastly improved way to buy the precious metal
The taxman cometh
Silver: The second metal
Quick silver on the move
If you must . . .
Oil and gas: Truly volatile commodities
The sad saga of contango
Taxing your tax advisor
(Somewhat) safer: General commodity index funds
PowerShares DB Commodity Index Tracking Fund (ticker symbol: DBC)
iPath commodity ETNs
(Quasi) actively managed commodity funds
Playing the commodity market indirectly
Oil and gas ETFs
Mining ETFs
Materials or natural resources ETFs
Going Active with ETFs
Part 3 Making the Most of Your ETF Portfolio
Chapter 9 Checking Out Sample ETF Portfolio Menus
So, How Much Risk Can You Handle and Still Sleep at Night?
A few things that just don’t matter
The irony of risk and return
The 25x rule
Other risk/return considerations
The limitations of risk questionnaires
A Few Keys to Optimal Investing
Incorporating Modern Portfolio Theory
Minimizing your costs
Striving for tax-efficiency
Timing your investments (just a touch)
Finding the Perfect Portfolio Fit
Considering the simplest of the simple
Racing toward riches
Sticking to the middle of the road
Taking the safer road: Less oomph, less swing
Aiming for Economic Self-Sufficiency in Retirement
Taking the basic steps
Choosing the right vessels
Knowing what should go where
Retirement accounts
Taxable accounts
Could go into either kind of account
Curing the 401(k) Blues
Chapter 10 Getting a Handle on Risk, Return, and Diversification
Risk Is Not Just a Board Game
The trade-off of all trade-offs: Safety versus return
So, just how risky are ETFs?
Smart Risk, Foolish Risk
Understanding How Risk Is Measured
Standard deviation: The king of all risk measurement tools
Predicting a range of returns
Making side-by-side comparisons
Beta: Assessing price swings in relation to the market
The Sharpe, Treynor, and Sortino ratios
The Sharpe ratio
The Treynor ratio
The Sortino ratio
Meeting Modern Portfolio Theory
Tasting the extreme positivity of negative correlation
Settling for limited correlation
Reaching for the elusive Efficient Frontier
Accusations that Modern Portfolio Theory is dead are greatly exaggerated
Mixing and Matching Your Stock ETFs
Filling in your style box
Buying by industry sector
Don’t slice and dice your portfolio to death
Chapter 11 Exercising Patience and Discovering Exceptions
The Tale of the Average Investor (A Tragicomedy in One Act)
Returns that fall way short of the indexes
ETFs can make failure even easier!
The lure of quick riches
Patience Pays, Literally
Exceptions to the Rule (Ain’t There Always)
Rebalancing to keep your portfolio fit
How rebalancing works
How often to rebalance
Rebalancing for retirees
Contemplating tactical asset allocation
Understanding the all-important P/E ratio
Applying the ratio to your portfolio
The IRS’s “wash rule” and harvesting tax losses
Revamping your portfolio with life changes
Betsy and Mark: A fairly typical couple
One year later
Another year later
Are Options an Option for You?
Understanding puts and calls
Calls: Options to buy
Puts: Options to sell
Using options to make gains without risk
Insuring yourself against big, bad bears
Seeming almost too good to be true
Weighing options against a diversified ETF portfolio
Part 4 The Part of Tens
Chapter 12 Ten Common Questions about ETFs
Are ETFs Appropriate for Individual Investors?
Are ETFs Risky?
Do I Need a Professional to Set Up and Monitor an ETF Portfolio?
How Much Money Do I Need to Invest in ETFs?
With Hundreds of ETFs to Choose From, Where Do I Start?
Where Is the Best Place for Me to Buy ETFs?
Is There an Especially Good or Bad Time to Buy ETFs?
Do ETFs Have Any Disadvantages?
Does It Matter Which Exchange My ETF Is Traded On?
Which ETFs Should I Keep in Which Accounts?
Chapter 13 Ten Typical Mistakes Most Investors Make
Paying Too Much for an Investment
Failing to Properly Diversify
Taking on Inappropriate Risks
Selling Out When the Going Gets Tough
Paying Too Much Attention to Recent Performance
Not Saving Enough for Retirement
Having Unrealistic Expectations of Market Returns
Discounting the Damaging Effect of Inflation
Not Following the IRS’s Rules
Not Incorporating Investments into a Broader Financial Plan
Index
EULA