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How ETFs work?

by ETFZone staff

ETFs are securities certificates that state legal right of ownership over part of a basket of individual stock certificates. Several different kinds of financial firms are needed for ETFs to come into being, trade at prices that closely match their underlying assets, and unwind when investors no longer want them. Laying all the groundwork is the fund manager. This is the main backer behind any ETF, and they must submit a detailed plan for how the ETF will operate to be given permission by the SEC to proceed.

In theory all that a fund manager needs to do is establish clear procedures and describe precisely the composition of the ETF (which changes infrequently) to the other firms involved in ETF creation and redemption. In practice, however, only the very biggest institutional money management firms with experience in indexing tend to play this role, such as The Vanguard Group and Barclays Global Investors. They direct pension funds with enormous baskets of stocks in markets all over the world to loan stocks necessary for the creation process. They also create demand by lining up customers, either institutional or retail, to buy a newly introduced ETF.

The creation of an ETF officially begins with an authorized participant, also referred to as a market maker or specialist. Highly scrutinized for their integrity and operational competence, these middlemen assemble the appropriate basket of stocks and send them to a specially designated custodial bank for safekeeping. These baskets are normally quite large, sufficient to purchase 10,000 to 50,000 shares of the ETF in question. The custodial bank doublechecks that the basket represents the requested ETF and forwards the ETF shares on to the authorized participant. This is a so-called in-kind trade of essentially equivalent items that does not trigger capital gains for investors.

The custodial bank holds the basket of stocks in the fund's account for the fund manager to monitor. There isn't too much activity in these accounts, but some cash comes into them for dividends and there are a variety of oversight tasks to perform. Some managers have leeway to use derivatives to track an index.

This flow of individual stocks and ETF certificates goes through the Depository Trust Clearing Corp., the same US government agency that records individual stock sales and keeps the official record of these transactions. It records ETF transfer of title just like any stock. It provides an extra layer of assurance against fraud.

Once the authorized participant obtains the ETF from the custodial bank, it is free to sell it into the open market. From then on ETF shares are sold and resold freely among investors on the open market.

Redemption is simply the reverse. An authorized participant buys a large block of ETFs on the open market and sends it to the custodial bank and in return receives back an equivalent basket of individual stocks which are then sold on the open market or typically returned to their loanees.

What motivates each player? The fund manager takes a small portion of the fund's annual assets as their fee, clearly stated in the prospectus available to all investors. The investors who loan stocks to make up a basket make a small interest fee for the favor. The custodial bank makes a small portion of assets likewise, usually paid for by the fund manager out of management fees. The authorized participant is primarily driven by profits from the difference in price between the basket of stocks and the ETF and on part of the bid-ask spread of the ETF itself. Whenever there is an opportunity to earn a little by buying one and selling the other, the authorized participant will jump in.

The process might seem cumbersome but it does allow for transparency and liquidity at modest cost. Everyone can see what goes into an ETF, investor fees are clearly laid out, investors can be confident that they can exit at any time, and even the authorized participant's fees are guaranteed to be modest. If one allows ETF prices to deviate from the underlying net asset value of the component stocks, another can step in and take profit on the difference, so their competition tends to keep ETF prices very close to it underlying Net Asset Value (value of component stocks).

Why Exchange Traded Funds?

by ETFZone staff

Exchange-Traded Funds, or ETFs, are index funds that trade just like stocks on major stock exchanges. Want to invest in the market quickly and cheaply? ETFs are the most practical vehicle. They help the investor focus on what is most important, choice of asset classes.

All the major stock indexes have ETFs based on them, including:

• Dow Jones Industrial Average
• Standard & Poor's 500 Index
• Nasdaq Composite

There are ETFs for large US companies, small ones, real estate investment trusts, international stocks, bonds, and even gold. Pick an asset class that is publicly available and there is a good bet that it is represented by an ETF or will be soon.

ETFs differ fundamentally from traditional mutual funds, which do not trade midday. Traditional mutual funds take orders during Wall Street trading hours, but the transactions actually occur at the close of the market. The price they receive is the sum of the closing day prices of all the stocks contained in the fund. Not so for ETFs, which trade instantaneously all day long and allow an investor to lock in a price for the underlying stocks immediately.

ETFs are economical to buy and especially to maintain over the long-run, making them especially attractive for the typical buy-and-hold investor. Annual fees are as low as .09% of assets, which is breathtakingly low compared to the average mutual fund fees of 1.4%. Although investors must pay a brokerage transaction to purchase them, with discount brokers this becomes negligible with sizable trades. There are a few easy-to-avoid pitfalls to watch out for. Tax effects are also not to be ignored, and ETFs perform well after-tax. They can be margined, and options based on them allow for various defensive (or speculative) investing strategies.

Their safety as a securities instrument (considered separately from the safety of any particular asset class they might represent) is considered the same as stock certificates themselves. Internally, ETFs are far more complex entities than mutual funds. A fascinating combination of players, including brokers, money managers and market specialists combine to make them run smoothly. Legally, ETFs are a class of mutual fund as they fall under many of the same Securities Exchange Commission rules that traditional mutual funds do. But their different structure means that the SEC has imposed different requirements from traditional mutual funds in how they are bought and sold.

ETFs are index funds at heart, so investors are encouraged to study the philosophy of index investing which downplays stock picking in favor of buying the market. But unlike most traditional index funds, investors need not take a passive, buy-and-hold approach. ETFs are also becoming favorites of hedge funds and day traders who like to pull the trigger frequently. Both types of investors may coexist and in fact strengthen each other by lowering overall transaction costs.

Frequently Asked Questions about ETFs

by ETFZone staff

Q: Where and how do I buy them?

Buy them as you would any stock, at any brokerage firm.

Q: Why would I buy an ETF when I can get an index mutual fund without a broker?

You can certainly buy a mutual fund directly from a fund group at no "load" or sales charge. Annual management fees will typically be higher with a traditional mutual fund and you can only buy or sell at the closing price at the end of the day.

Q: Why would I try to match the market with an index fund when I can beat it with an outperforming mutual fund?

First of all, the question presupposes that a mutual fund that has outperformed a market in the past will continue to do so in the future. Numerous studies by unbiased university researchers have shown clearly that mutual funds with leading performance records are just as likely to underperform than outperform the market several years into the future. Many investors have concluded that they are better off not taking the risk and instead remain happy with guaranteed average market returns of an index fund. Second, actively managed funds inevitably have higher annual management fees and have a worse capital gains tax profile.

Q: Are there any Dow Jones Industrials or S & P 500 ETFs?

Yes, there are numerous funds that track these and other popular indexes. Remember that Dow Jones and Standard & Poor's maintain their respective indexes, and that fund groups license the indexes so that more than one fund can end up tracking an index.

Q: Are ETFs guaranteed or insured?

There seems to be little risk of abuse of the ETF structure as an investment vehicle. In the US the Securities Exchange Commission thoroughly examines any application to create an ETF, and only large and closely watched firms are allowed in on the creation and redemption process of an ETF certificate. Finally, the same government agency (the Depository Trust Clearing Corporation) that ensures that individual stock certificates end up in the right investor's hands after a trade also ensures the ETF certificates are assigned correctly in a trade. In a decade of trading billions of dollars worth of ETFs, to our knowledge no US investor has ever lost money from fraudulent ETFs.

The risk of the underlying asset is quite another matter. Each asset class must be examined separately, and risk profiles of assets may change over time. Stocks are clearly risky, and ones in technology or emerging markets particularly so. Long-term bonds and real estate are also risky in their own way. Short-term investment grade bonds, however, have generally proven quite safe.

Q: Are ETFs only for stocks?

By no means. Any class of asset that has a published index around it and is liquid can be made into an ETF. Bonds, real estate are available now, and and gold ETFs are due in late 2003.

Q: Are there international ETFs?

There are many, including regional funds such as European or Pacific Rim funds, as well as individual country funds in relatively well-developed economies. In each of these countries there is an established index of reasonably large and liquid stocks that allows this to happen. As developing nations stabilize their stock markets, they will no doubt adopt ETFs.

Q: Do any ETFs try to beat the market?

Eventually there should be actively managed ETFs, but operationally it is much more difficult to manage. Applications to the SEC for such funds have been made but to date have not been successful. The problem is that an ETF is easier to create and redeem when all players in the process know exactly what basket of stocks will go into it. By its very nature, an actively managed fund must be secretive, because to reveal to the world what a stock fund is buying at the moment exposes it to parasitical traders who can jump in first and resell the stock to the eager fund. Various sch**es have been proposed to circumvent these and other problems.

Q: Can non-US citizens own them?

ETFs are available in most developed nations. In the US, anyone who can open a brokerage account and buy stocks will be able to buy ETFs.

Q: Is it possible ETFs are just a fad?

This is not likely. As of July 2003 ETF assets in the US topped $155 Billion and are still growing in double digits, far faster than traditional mutual funds.

Popular ETFs

by ETFZone staff

Standard & Poor's 500 Index Depository Receipts (SPY:AMEX)

The first and still the biggest ETF, this inexpensive fund (pronounced Spiders) tracks the S & P 500 index, which is widely regarded as the standard for measuring large-capitalization U.S. stock market performance. Some selectivity by Standard & Poor's surrounds an otherwise methodical list of the 500 largest traded firms.

Nasdaq-100 Index Tracking Stock (QQQ:AMEX)

Tracks the Nasdaq-100 index, which includes 100 of the largest companies listed on The Nasdaq Stock Market based on market capitalization. It is widely perceived as a technology benchmark and includes computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain financial companies or investment companies.

DIAMONDS Trust (DIA:AMEX)

This popular ETF Tracks the Dow Jones Industrial Average, a benchmark of 30 blue chip stocks selected by The Wall Street Journal. The index is highly subjective and rather antiquated in its formula but serves as a good barometer for very large old-line US companies.

iShares S & P 500 (IVV:AMEX)

Barclays' slightly less expensive version of the SPDR tracks the S&P 500 index, which is widely regarded as the standard for measuring large-capitalization U.S. stock market performance. Some selectivity by Standard & Poor's surrounds an otherwise methodical list of the 500 largest traded firms.

Standard & Poor's MidCap 400 SPDRs (MDY:AMEX)

Tracks the S & P MidCap 400 index, which measures the performance of the mid-size company segment of the U.S. market and complements the S&P 500 seamlessly.

iShares Russell 2000 (IWM:AMEX)

Tracks the Russell 2000 index, a popular benchmark for mid- and small-cap companies. The Russell 2000 Index represents the second tier of U.S. equities, or companies with market values between $20 million and $300 million, which account for approximately 8 to 9 percent of the total market. Russell's methodology leads to relatively high turnover.

iShares MSCI EAFE (EFA:AMEX)

The iShares MSCI EAFE Index Fund tracks the MSCI EAFE Index, the top non-US large capitalization index that includes all major economies (except US) and no emerging markets. A popular way to gain foreign exposure.

Total Stock Market VIPERs (VTI:AMEX)

The Vanguard Group's core portfolio ETF tracks the Wilshire 5000 broad market index, which is one of the broadest index for the U.S. equity market, measuring the performance of the vast majority of all U.S. headquartered public companies. Considered an excellent proxy to the US economy as a whole.

iShares SmallCap 600 (IJR:AMEX)

Tracks the S & P SmallCap 600 index, which measures the performance of the small-capitalization US companies.

Consumer Services Select Sector SPDR (XLV:AMEX)

One of the many sector ETFs from S & P, which tracks consumer services companies selected from the S&P 500 index.

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