* Exchange-traded fund

* Exchange-traded fund

* Exchange-traded fund, a financial investment vehicle

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# Redirect Exchange-traded fund

* Exchange-traded fund

Exchange-traded funds track underlying positions, so an investment performs equivalently to purchasing that number of physical positions, though the fund may in fact not directly purchase the positions, and instead use derivatives ( especially futures ) to produce the position.

The financial market in electricity is conducted through over-the-counter trading and through exchange trading through the Sydney Futures Exchange ( see Exchange-traded derivative contract ).

RADVISION, founded in 1992, is a Nasdaq and Tel Aviv Stock Exchange-traded company, which is a component of the TA-100 Index of the largest 100 companies traded on the Tel Aviv Stock Exchange by market cap.

Exchange-traded funds are open-end funds or unit investment trusts that trade on an exchange.

Exchange-traded funds ( ETFs ) are open-end funds or unit investment trusts that trade on an exchange ; they have gained in popularity recently.

Exchange-traded currency derivatives represent 4 % of OTC foreign exchange turnover.

Exchange-traded commodities ( ETCs ) are investment vehicles ( asset backed bonds, fully collateralised ) that track the performance of an underlying commodity index including total return indices based on a single commodity.

Exchange-traded contracts are standardized by the exchanges where they trade.

* Exchange-traded derivative contracts ( ETD ) are those derivatives instruments that are traded via specialized derivatives exchanges or other exchanges.

Exchange-traded funds are never actively managed and often track a specific market or commodity indices.

Exchange-traded funds ( ETFs ) provide an opportunity for small investors to participate in commodity futures markets, which is tempting in periods of low interest rates.

Exchange-traded funds that invest in bonds are known as bond ETFs.

For example, a fund may see that there is a substantial difference between U. S. dollar debt and local currency debt of a foreign country, and enter into a series of matching trades ( including currency swaps ) to arbitrage the difference, while simultaneously entering into credit default swaps to protect against country risk and other types of specific risk.

Also called municipal bond relative value arbitrage, municipal arbitrage, or just muni arb, this hedge fund strategy involves one of two approaches.

A good illustration of the risk of DLC arbitrage is the position in Royal Dutch Shell — which had a DLC structure until 2005 — by the hedge fund Long-Term Capital Management ( LTCM, see also the discussion below ).

A hedge fund that is an example of this type of arbitrage is Greenridge Capital, which acts as an angel investor retaining equity in private companies which are in the process of becoming publicly traded, buying in the private market and later selling in the public market.

Thus LTCM failed as a fixed income arbitrage fund, although it is unclear what sort of profit was realized by the banks that bailed LTCM out.

However, hedge fund strategies are generally said to fall into four main categories: global macro, directional, event-driven, and relative value ( arbitrage ).

Other event-driven strategies include: credit arbitrage strategies, which focus on corporate fixed income securities ; an activist strategy, where the fund takes large positions in companies and uses the ownership to participate in the management ; a strategy based on predicting the final approval of new pharmaceutical drugs ; and legal catalyst strategy, which specializes in companies involved in major lawsuits.

Long-Term Capital Management L. P. ( LTCM ) was a hedge fund management firm based in Greenwich, Connecticut that utilized absolute-return trading strategies ( such as fixed-income arbitrage, statistical arbitrage, and pairs trading ) combined with high financial leverage.

Some funds require that orders be placed hours or days in advance, in order to simplify their administration, make it easier to match buyers with sellers, and eliminate the possibility of arbitrage ( for example if the fund holds investments which are traded in other time zones ).

The SIV ’ s “ arbitrage ” opportunity was to earn the difference between the interest earned on the securities it purchased and the interest it paid on the ABCP and other securities it issued to fund those purchases.

John William Meriwether ( born August 10, 1947 in Chicago, Illinois ) is an American hedge fund executive, seen as a pioneer of fixed income arbitrage.

The fund is expected use similar strategies as both LTCM and JWM, namely highly leveraged " relative value arbitrage ".

There is potential for arbitrage when the annuity is exchanged for a single premium immediate annuity ( SPIA ), and the proceeds of the SPIA are used to fund a permanent death benefit using Universal Life.

Two members of the Salomon Brothers ' bond arbitrage, John Meriwether and Myron Scholes, later became a founder and a consultant for Long-Term Capital Management, a hedge fund that collapsed in 1998.

* Among those who follow the hedge fund industry, " statistical arbitrage " refers to a particular category of hedge funds ( other categories include global macro, convertible arbitrage, and so on ).

There are essentially two reasons to use program trading, either because of the desire to trade a large number of stocks at the same time ( for example, when a mutual fund receives an influx of money it will use that money to increase its holdings in the multiple stocks which the fund is based on ), or alternatively to arbitrage temporary price discrepancies between related financial instruments, such as between an index and its constituent parts.

In terms of hedge fund strategies, risk arbitrage shares some properties with other forms of arbitrage such as relative value, volatility arbitrage, convertible arbitrage, and statistical arbitrage, but it is also an example of an event driven strategy.

* 1997 – The so-called Big Three banks in Switzerland announce the creation of a $ 71 million fund to aid Holocaust survivors and their families.

The legal structure of a specific hedge fund – in particular its domicile and the type of legal entity used – is usually determined by the tax environment of the fund's expected investors.

With the bulk of hedge fund investment coming from the US East coast – principally New York City and the Gold Coast area of Connecticut – this has become the leading location for hedge fund managers.

For SEC registered hedge fund advisers to charge an incentive or performance fee, the investors in the funds must be " qualified clients " as defined in the Investment Advisers Act of 1940 Rule 205 – 3.

* 1956 – Following the World Bank's refusal to fund building the Aswan Dam, Egyptian leader Gamal Abdel Nasser nationalizes the Suez Canal sparking international condemnation.

PTL's fund raising activities between 1984 – 1987 underwent scrutiny by The Charlotte Observer newspaper, eventually leading to criminal charges against Jim Bakker.

* 1986 – Iran-Contra Affair: National Security Council member Oliver North and his secretary start to shred documents implicating them in the sale of weapons to Iran and channeling the proceeds to help fund the Contra rebels in Nicaragua.

Despite a general trend toward disarmament in the early 1990s, the George W. Bush administration repeatedly pushed to fund policies that would allegedly make nuclear weapons more usable in the post – Cold War environment,.

The interest from the escrow account was used to fund the New York State Crime Victims Board – an organization that pays the medical and related bills of victims of crime.

Congress refused however to fund the Tariff Board which the President included in the Payne – Aldrich Bill, which would have removed the setting of rates from direct continual Congressional manipulation.

* November 21 – Iran-Contra Affair: National Security Council member Oliver North and his secretary, Fawn Hall, start shredding documents implicating them in selling weapons to Iran and channeling the proceeds to help fund the Contra rebels in Nicaragua.

* March 12 – Alfred, Duke of Saxe-Coburg and Gotha, Duke of Edinburgh, is shot in the back in Sydney, Australia, at a fund raising event for the Sydney Sailors Home by Irishman Henry James O ' Farrell.

* June 27 – James Smithson, British mineralogist and chemist, whose fortune eventually went to the United States of America and was used to initially fund the Smithsonian Institution ( b. 1764 )

* April 13 – King Charles I of England summons the Short Parliament in an attempt to fund the second of the Bishops ' Wars.

* December 27 – to fund the military operations in Corsica, the Republic of Genoa had to borrow at 20 % from an association of creditors known as the Compera nuova acquisitionis Corsicæ.

The U. S. Supreme Court's decision in Davis v. Federal Election Commission, however, cast considerable doubt on the constitutionality of these provisions, and in 2011 the Supreme Court held that key provisions of the Arizona law – most notably its matching fund provisions – were unconstitutionalal in Arizona Free Enterprise Club's Free Enterprise Club PAC v. Bennett.