Fixed Income ETFs: The Good, The Bad and The Ugly

Fixed Income ETFs: The Good, The Bad and The Ugly

Elisabeth Kashner, CFA, Moderator

Senior Vice President of Analytics, IndexUniverse

Anthony B. Davidow, CIMA?, Panelist

Managing Director, Portfolio Strategist, Guggenheim Investments

Scott Eldridge, CFA, Panelist

Managing Director ? Portfolio Management, Caprin Asset Management

Matthew Tucker, CFA, Panelist

Managing Director, BlackRock

Fixed Income ETFs: The Good, The Bad and The Ugly

Elisabeth Kashner, CFA

Moderator Senior Vice President of Analytics IndexUniverse

Matthew Tucker, CFA

Panelist Managing Director BlackRock

Scott Eldridge, CFA

Panelist Managing Director ? Portfolio Management Caprin Asset Management

Anthony B. Davidow, CIMA?

Panelist Managing Director Portfolio Strategist Guggenheim Investments

Bonds

Diversification Economies of Scale

Market Risk

Bond Funds

Stable Cash Flow

Concentration Risk Expensive to Trade

Fixed Income Vehicles

Individual Bonds

SMAs

Predictable Cash

Flows/Stable Principal Diversification

Market Risk

Economies of Scale?

Liquidity

Yes

No

Client's choice

No OTC (mostly)

Client's choice

Client's choice

Client's choice

Parital Negotiated

ETFs

No

Yes

Yes

Yes

Exchange

Mutual Funds

No

Yes

Yes

Yes

End-of-day

Closed-End Funds

No

Yes

Yes

Yes

Exchange

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