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The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

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CHAPTERTWENTY-ONEFIXED INCOME EXCHANGE TRADED FUNDS

MATTHEW TUCKER, CFA

Managing DirectorBlackRock

STEPHEN LAIPPLYDirectorBlackRock

Fixed income exchange traded funds (ETFs) are a hybrid investment vehicle. Like a traditional mutual fund, a fixed income ETF is advised by an asset management firm that manages and rebalances the portfolio in accordance with stated investment guidelines. And like an exchange traded futures contract, a fixed income ETF provides investors with exposure that can be traded throughout the day on an exchange.

Fixed income ETFs possess three key attributes:

Exchange listing provides transparent, intraday liquidity. This is in stark contrast to the underlying over-the-counter (OTC) bond market, which can be less transparent ...

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