Eyes On China Record ETF Product Launches
5 August 2015Welcome to Morningstar ETFInvestorTM, our regular overview ofETF ZYAU, an Australian equity high dividend strategy; ANZ ETFSdevelopments in Australian exchange-traded funds and products.S&P 500 High Yield Low Volatility ETF ZYUS, a US equity highETF Flowsdividend ETF that avoids stocks that display high volatility; twoAustralian ETF industry assets grew to A 18.29 billion over theETFs that respectively track the Gold price and the US dollar; and aJune quarter, up from A 17.62 billion at the end of March –unique new offering in the Australian ETF market, a Chinesegrowth of 3.76%. Considering that global equity markets were flatrenminbi ETF.and the S&P/ASX 200 Index was down 6.59%, that’s a solid result.Three New York-listed Market Vectors ETFs were cross-listed onMagellan Global Equities MGE rapidly grew assets by anotherthe ASX on 24 June 2015. Market Vectors Gold Miners ETFA 80 million. That took MGE to to 205 million, despite launchingGDX offers a new way to play the gold sector – instead of trackingin March. The success is no doubt a function of Magellan’sthe physical commodity GDX holds gold mining stocks. Marketstrengths as an active manager, but it also helped thatVectors ChinaAMC A-Share ETF(Synthetic) CETF tracks theinternational equities remained in vogue.China A-Share market using equities and swaps. We’ll exploreChina A-Shares later. Finally Market Vectors MorningstarVanguard All-World ex-US Shares ETF VEU grew its book byA 76.9 million to A 517.7 million. Vanguard’s newer hedged andunheged MSCI World ETFs VGS and VGAD also grew by almostA 40 million between the pair. There were also some specialisedinternational equity products that put on substantial assets,including iShares Global Healthcare (AU) IXJ and iSharesMSCI Japan (AU) IJP.Fixed interest ETFs saw mixed demand. Russell AustralianGovernment Bond ETF RGB grew A 42.4 million to A 131.2million, and Vanguard Australian Fixed Interest ETF VAF puton A 59.8 million, to a total of A 210.6 million. BetaSharesAustralian High Interest Cash ETF AAA suffered a rareshrinkage of A 75.2 million to A 706.6 million due to outflows.iShares Composite Bond IAF also saw money flow out.Wide Moat ETF MOAT1 tracks the Morningstar Wide MoatFocus Index – a rules-based, equal-weighted index intended tooffer exposure to the 20 most attractively priced companies withsustainable competitive advantages as determined byMorningstar's equity research team. 26 May 2015 saw the debutof the Market Vectors Small Cap Div Payers ETF MVS, whichinvests in small-cap Australian dividend payers.Lastly, there were two launches from BetaShares and one fromRussell: BetaShares NASDAQ 100 ETF NDQ, BetaSharesAustralian Equities Strong Bear Hedge Fund BBOZ andRussell Australian Responsible Investment ETF RARI.Eyes on ChinaThere is a fascinating story unfolding in China. At the same timeas ETF operators and index compilers are increasing their focus onSome equity ETFs saw large outflows over the quarter too. Forthe region, we’ve seen a crash in the China A-Share market. Thisexample iShares MSCI Emerging Markets (AU) IEM shrank byraises some interesting questions for ETF investors that we’ll-A 127.8 million to A 390.5 million. iShares S&P/ASX Smallexplore, but first lets recap the facts.Ordinaries ISO almost halved its book, shrinking from A 60.4million to A 31.9 million.The small-cap market was down 4.05%,which means most of that asset decline was caused by outflows.China A-Shares are companies listed on China’s mainland stockexchanges in Shanghai and Shenzhen. Historically, foreigners wererestricted from investing directly in China but they could holdRecord ETF Product LaunchesChinese companies listed in Hong Kong (known as H-Shares), orWhile flows were solid, the June quarter was notable for anexplosion of new ETFs that brought a record 14 launches tomarket. That’s more debuts in one quarter than the whole of2014. A new ETF provider also entered the fray. ANZ ETFSunveiled six new ETFs on 10 June 2015. The outfit is a jointventure between ANZ Bank and ETF Securities. The six productswere: ANZ ETFS S&P/ASX 100 ETF ZOZI, the first ETF to trackS&P’s top-100 index; ANZ ETFS S&P/ASX 300 High Yield Plus1The Morningstar Wide Moat Focus Index was created and is maintainedby Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue,sell, or promote the Market Vectors Morningstar Wide Moat ETF and bearsno liability with respect to that ETF.Morningstar, Inc. has an agreement with Van Eck Associates Corporation ofwhich Market Vectors Investments Limited is a subsidiary, to allow Van Eckto create and list ETFs based on the Morningstar Wide Moat Focus Index .Morningstar licences its intellectual property to Van Eck for a fee andreceives basis point income based on the assets in the Wide Moat ETF.Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its useor distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, withoutreference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and ifapplicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as anadditional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professionalfinancial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO").
Morningstar ETFInvestor 5 August 2015elsewhere, for example New York or Singapore. Though BritishHowever China’s dominance of emerging market indices couldgovernance ended in 1997, Hong Kong’s regulations retain manyescalate. FTSE estimates that A-Share exposure could rise to 32%legacies from that era. Regulations and market mechanics arewhen China A-Shares are fully available to international investors.different to those in mainland China, and there are different levelsFurthermore, if all Chinese stocks are included then China couldof liquidity and different companies (though some firms are dual-account for half of FTSE’s emerging markets benchmark. That’s alisted). Index providers such as MSCI and FTSE have longchunky exposure so we’ll watch developments there closely.classified Hong Kong as a developed market while the mainlandwas considered ‘emerging’, and even then the restrictions weresuch that A-Shares were not even included in the MSCI EmergingMarkets Index.However China’s economy and markets are opening up toBenchmark provider MSCI also announced that it would add ChinaA-Shares to its MSCI Emerging Markets Index – the most widelytracked emerging markets benchmark. MSCI subsequentlywatered down that announcement though, stating in June that itwould postpone the introduction of A-Shares.international trade, capital and foreign investors. Recognising this,FTSE announced in May 2015 that it would compile an index thatBig Trouble in Small-Cap China?includes China A-Shares – the FTSE Emerging Markets All CapChina A-Shares (as measured by the CSI 300 Index) fell almostChina A Inclusion Index – as well as transitional benchmarks that30% in June. Small-caps on Shenzhen’s ChiNext exchange coppedallow fund managers to gradually take on A-Share exposure.an even worse hammering. Volatility has remained high since thenVanguard subsequently announced on 3 June 2015 that it wouldwith a single-day drop of 8% in late July.begin to include A-Shares and small-caps in the Vanguard FTSEAuthorities responded with measures including banning short-Emerging Markets Shrs ETF VGE over the course of 2015/16.selling and encouraging state-owned enterprises and pensionVGE will first adopt a transitional benchmark – the FTSE Emergingfunds to buy stocks. Most A-Shares were suspended from trading.Markets All Cap China A Inclusion Transition Index, and willWe won’t dwell on the possible economic ramifications for Chinaultimately adopt the FTSE Emerging Markets All Cap China Aas much has been written about that elsewhere.Inclusion Index. Vanguard estimates that will result in allocationsof about 11% to small-caps and 6% to China A-Shares. Its worthnoting that VGE already has about 27% exposure to Chinesecompanies through H-Shares. There may be a slight decline in HShare exposure due to dual-listings too. So the addition of a 6%exposure to A-Shares is not an immediate game-changer.However an interesting development for ETF investors was thateven when A-Shares were suspended many A-Share ETFscontinued to trade. Curiously some ETFs even traded at a largediscount to the index. The Financial Times covered the incidenceof the CSOP ChiNext ETF which tracks small-cap China stocks.However we’ve even noticed the phenomenon in larger products. 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for itsuse or distribution. Any general advice has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation orneeds. You should consider the advice in light of these matters and, if applicable, the relevant product disclosure statement before making any decision to invest. Some material is copyright and published under licence from ASXOperations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information atwww.morningstar.com.au/fsg
Morningstar ETFInvestor 5 August 2015For example the largest US-listed A-Share ETF, DB X-TrackersWe concede that if an ETF does deviate widely from NAV thenHarvest CSI 300 ETF ASHR has closely tracked the CSI 300there is cause to be wary. One of the advantages of ETFs overIndex over the long run, as seen in the chart below. But on 8 Julyother structures such as listed investment companies, is that theASHR traded at a discount of about 10%.open-ended nature of an ETF means that its usually easy toWhile that may sound problematic, we think its better to be ableto trade at a discount than to be unable to trade at all. Secondly,its arguable that the discount was not real – the underlying stockswere suspended so at that point the index values were arbitrary.The ETF and index values converged in the following days.execute at close to NAV. If an ETF is not trading near its NAV itmay indicate that extraordinary events are taking place. Thatreinforces our view that sticking to some helpful rules of thumbwhen trading ETFs is a good idea: check that the bid/ask spread isreasonable; compare the ETF’s price to its NAV and the iNav (ifavailable); if possible trade when the underlying markets are openAs ETFs grow in stature, more transactions are occuring between(for example trade China ETFs in the afternoon once AsianETF investors, without underlying stocks necessarily being tradedexchanges have opened); always use limit orders not market– the ownership of the underlying ETF portfolio merely changesorders; if in doubt, consider delaying your transaction or contacthands. In some markets ETFs have even supplanted futuresthe ETF provider or market-maker – there may be a glitch, butcontracts as the major source of liquidity and index exposure. So ifusually there will be a reasonable explanation.you see a notable discrepancy between an ETF and its benchmark,while its certainly worth investigating, it may just be that themarket is wrong and the ETF is right!In April 2015 Morningstar initiated research coverage of six globalequity and emerging markets ETFs from State Street andVanguard: SPDR S&P Global Dividend ETF WDIV, SPDR S&PIts worth noting that ETFs such as iShares China Large-CapWorld ex Australia ETF WXOZ, SPDR S&P World ex(AU) IZZ and iShares MSCI Emerging Markets (AU) IEM getAustralia(Hedged) ETF WXHG, Vanguard MSCI Index Intltheir China exposure via H-Shares – they do not hold A-Shares.ETF VGS, Vanguard MSCI Index Intl (Hdg) ETF VGAD andWe didn’t notice any outlandish trading in these ASX-listed ETFsVanguard FTSE Emerging Markets Shrs ETF VGE. We’ll alsoduring this period. As the chart below shows, there were somesoon commence coverage of three new ETFs from new entrantminor gaps between IZZ and its index, but on the whole the ETFANZ ETFS.remained close to its benchmark. The gaps are likely due todifferent trading times (Hong Kong’s exchange closes severalhours later than the ASX). Also, IZZ’s benchmark had two stockssuspended from trading during the quarter, one of which has dualA- and H-share listings.Morningstar currently publishes qualitative analyst research for 40Australian ETPs, accounting for about 81% of invested assets.Individual investors can get access to our reports atwww.morningstar.com.au, and financial advisers athttp://arc2.morningstar.com.au 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for itsuse or distribution. Any general advice has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation orneeds. You should consider the advice in light of these matters and, if applicable, the relevant product disclosure statement before making any decision to invest. Some material is copyright and published under licence from ASXOperations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information atwww.morningstar.com.au/fsg
Morningstar ETFInvestor 5 August 2015ETF Market Data as at 30 June 2015AveragePrem/Disc2-0.02Traded Volume3No. Holdings0.29Bid/Ask%10.0812,705,059203% .190.150.203,276,05019952.476/12/2010BetaShares Aus Top 20 Eq Yld 01.5412,850,1522079.9522/11/2012iShares Global Healthcare 80.200.47893,3129840.6811/03/2009iShares Asia 50 00.280.391,941,5555352.8813/11/2007iShares S&P/ASX 34,452,4212180.096/12/2010Russell High Div Australian Shares 180.421,216,6604957.1714/05/2010iShares MSCI EAFE 330.220.46907,11993512.0914/08/2001iShares S&P/ASX Dividend 0.300.230.193,449,8985143.766/12/2010Vanguard Australian Fixed Interest 168,96547428.9429/10/2012Magellan Global 245N.AvN.Av2/03/2015iShares Composite 25980,57231127.4612/03/2012SPDR MSCI Australia Sel Hi Div Yld .051,100,8103664.3624/09/2010iShares MSCI Japan 90.240.035,117,96531621.5512/03/1996SPDR S&P World ex Australia 617,6411,2999.7618/03/2013iShares Global Consumer Staples 0.300.49377,98610843.3311/03/2009Russell Australian Government Bond 01,802,764899.9713/03/2012Russell Australian Semi-Govt Bd 11,501,47910100.1113/03/2012iShares China Large-Cap 0.280.455,583,3515457.015/10/2004BetaShares Australian Div 50.160.053,725,1864100.0029/10/2014iShares Core S&P Mid-Cap 40.310.7070,1364036.1510/10/2007ETF NameTickerSPDR S&P/ASX 200 ETFiShares Core S&P 500 (AU)Vanguard Australian Shares ETFNet AssetsReturn YTD %1 Mo %3 Mo %6 Mo %1 .90VAS1,087,467,4793.09iShares Global 100 (AU)IOO996,783,3004.90BetaShares Aus High Interest Cash ETFAAA706,619,670Vanguard US Total Market Shares ETFVTS702,227,290SPDR S&P/ASX 200 Listed Property ETFSLFVanguard Australian Shares High Yld ETFVHYVanguard All-World ex-US Shares ETFiShares Europe (AU)3 Yr %paFee ,383,7238.44-2.06SPDR S&P/ASX 50 ETFSFY427,156,0083.01ETFS Physical Gold ETCGOLD417,646,764Vanguard Australian Property Secs ETFVAP415,211,097BetaShares US Dollar ETFUSDiShares MSCI Emerging Markets (AU)iShares MSCI Australia 200 (AU)Launch Date24/08/200115/05/2000 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL:240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. You should consider the advice in light of these matters and, if applicable, the relevant product disclosure statement before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty LimitedACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg
Morningstar ETFInvestor 5 August 20156 Mo %1 Yr%3 Yr %paFee %Bid/Ask%1No. Holdings% Top10Launch 0719752.9910/07/2013iShares Russell 2000 (AU)IRU50,416,18811.57-0.17Vanguard Australian Government Bond 9802.4922/05/2000-0.200.280.40676,0348339.61SPDR Dow Jones Global Real Estate 4523528.07ETFS Physical Silver -0.08284,0951100.0019/12/2008Vanguard FTSE Emerging Markets Shrs ETFVGE43,737,328Vanguard MSCI Australian Large Coms Shares MSCI Taiwan 3,116,89910150.30iShares Core S&P Small-Cap 558,4066074.89iShares MSCI BRIC Market Vectors Australian Equal Wt 9,3237515.474/03/2014BetaShares S&P 500 Yield 911,2481100.0017/09/2014SPDR S&P/ASX 200 Fincls EX A-REIT .48621,4422792.0914/04/2011iShares Government 270.48159,7001395.5512/03/2012iShares S&P/ASX Small .640.108,807,15019815.306/12/2010BetaShares Geared Australian .220.302,629,38420052.1029/04/2014BetaShares Crude Oil ETF Ccy -0.690.17-2.012,856,2971100.0016/11/2011Market Vectors Small Cap Div Payers Av26/05/2015Vanguard MSCI Index Intl (Hdg) 081,5819.6318/11/2014Market Vectors Australian Banks 4,79010100.0014/10/2013SPDR S&P 500 50217.2622/01/1993iShares Global Telecom 460.32103,5624472.2911/03/2009Russell Australian Value 18108,0593781.6318/03/2011BetaShares Gold Bullion ETF Ccy 0.260.27510,8621100.005/05/2011BetaShares S&P/ASX200 Fincls Sect 2915,9861793.8410/12/2010iShares Global 100 AUD 42,3867100.7015/12/2014SPDR S&P/ASX 200 Resources 2-0.50511,1873488.1314/04/2011iShares 50.3156,5932164.0312/03/2012iShares MSCI South Korea Capped 9-0.61323,85310944.099/05/2000SPDR S&P/ASX Australian Bond 8,1177433.0227/07/2012iShares MSCI Hong Kong 0.460.151,737,4234364.8712/03/1996iShares S&P 500 AUD 70,3782100.3515/12/2014BetaShares S&P/ASX200 Res Sect 01.25945,6712189.7610/12/2010Traded 18,371ETF NameTickerNet AssetsReturn YTD %1 Mo %3 Mo %Russell Australian Select Corp Bd ETFRCB78,884,2041.34-0.51Vanguard MSCI Australian Small Coms ETFVSO76,188,3811.08-6.38Vanguard MSCI Index Intl ETFVGS74,594,1159.53SPDR S&P World ex Australia(Hedged) ETFWXHG71,871,573SPDR S&P Global Dividend ETFWDIVBetaShares Aus Equities Bear HedgeBEARBetaShares FTSE RAFI Australia 200 ETFMarket Vectors Australian Property ETF 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL:240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. You should consider the advice in light of these matters and, if applicable, the relevant product disclosure statement before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty LimitedACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg
Morningstar ETFInvestor 5 August 2015ETF NameTickerNet AssetsReturn YTD %1 Mo %3 Mo %6 Mo %1 Yr%3 Yr %paFee %Bid/Ask%1BetaShares FTSE RAFI US 1000 ETFQUS10,829,4775.63-0.965.63---0.30BetaShares Australian Eqs Strong 67.3012.769.97-iShares MSCI Singapore (AU)ISG10,001,9062.73-2.162.7316.5314.95BetaShares Com Basket ETF Ccy Hgd(Synth)QCB8,994,978-4.053.97-4.05-26.55Russell Australian Rspnb Investment ETFRARI8,772,723----BetaShares NASDAQ 100 ETFNDQ7,913,662---SPDR S&P/ASX Small Ordinaries ETFSSO7,692,1832.57-4.31SPDR S&P Emerging Markets ETFWEMG7,337,5099.370.75SPDR S&P/ASX Australian Govt Bd ETFGOVT5,122,0170.30-2.52UBS IQ MSCI Japan Ethical ETFUBJ5,066,813-1.50--ETFS Physical PM Basket ETCETPMPM4,551,9760.45-4.190.450.67BetaShares Euro ETFEEU3,775,960-2.242.96-2.24-0.62ETFS Physical Platinum ETCETPMPT3,554,690-5.37-5.21-5.37BetaShares Agriculture ETF CcyHgd(Synth)QAG3,119,970-3.286.87Market Vectors Australian Resources ETFMVR2,651,4610.88-2.32UBS IQ MSCI World ex Australia Ethcl ETFUBW2,517,312-UBS IQ MSCI USA Ethical ETFUBU2,498,949UBS IQ MSCI Europe Ethical ETFUBE2,483,736Market Vectors Australian Emerg Res ETFMVEANZ ETFS S&P/ASX 100 ETFETFS Physical Palladium ETCBetaShares British Pound ETFETFS Brent Crude Oil CSP ETCAveragePrem/Disc2Traded Volume3No. Holdings% Top10Launch .0010/06/2015ANZ ETFS Physical Renminbi ETFZCNH999,326ANZ ETFS Physical US Dollar ETFZUSD998,245------0.45--01100.0010/06/2015ANZ ETFS S&P 500 Hi-Yld Low Volatil ANZ ETFS S&P/ASX 300 High Yield Plus 2015ETFS Grains CSP 524,4231100.006/06/2012ANZ ETFS Physical Gold ETFS Copper CSP 0.223901100.006/06/2012ETFS Agriculture CSP 43,2591100.006/06/2012ETFS Wheat CSP 0.5363,9501100.006/06/2012ETFS Energy CSP .071,7151100.006/06/2012ETFS All Commodities CSP 331,2101100.006/06/2012ETFS Industrial Metals CSP .964001100.006/06/2012ETFS Natural Gas CSP 0.39610,0001100.006/06/2012ETFS Corn CSP 84,5001100.006/06/2012Market Vectors MSCI Wld ex Aus Qlty 727.1729/10/2014UBS IQ Research Preferred Aus Div 24256.9314/01/2014 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL:240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. You should consider the advice in light of these matters and, if applicable, the relevant product disclosure statement before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty LimitedACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg
Morningstar ETFInvestor 5 August 20151 Mo %3 Mo %6 Mo %1 Yr%3 Yr %paFee %Bid/Ask%1AveragePrem/Disc2Traded Volume3No. Holdings% Top10Launch Market Vectors ChinaAMC A-Share ETF (Synthetic)CETFN.A
1 The Morningstar Wide Moat Focus Index was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the Market Vectors Morningstar Wide Moat ETF and bears no liability with respect to that ETF. Morningstar, Inc
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during and after the ETF Sum-up day will be invested to ETFs only at the ETF Execution day of the following month. ETF Sum-up day shall be the Monday before the ETF Execution day. If such day is a public holiday, the ETF Sum-up day shall move to the next possible business day. ETF Execution day - The day when positions for ETF portfolio are .
iShares Russell 2000 ETF IWM 5/22/00 0.19 iShares Russell 2000 Growth ETF IWO 7/24/00 0.24 iShares Russell 2000 Value ETF IWN 7/24/00 0.24 iShares S&P Small-Cap 600 Growth ETF IJT 7/24/00 0.18 iShares S&P Small-Cap 600 Value ETF IJS 7/24/00 0.18 iShares Morningstar Small-Cap ETF ISCB 6/28/04 0.04 iShares Morningstar Small-Cap Growth ETFFile Size: 251KB
SHY iShares 1-3 Year Treasury Bond ETF -3,012 -3,221 EEM iShares MSCI Emerging Markets ETF -2,276 199 IWM iShares Russell 2000 ETF -2,073 -4,335 EMB iShares JP Morgan USD Emerging Markets Bond ETF -1,907 146 TIP iShares TIPS Bond ETF -1,725 -1,918 BSV Vanguard Short-Term Bond ETF -1,645 -
ETF Mechanics: How an ETF and Its Shares Are Created An ETF originates with a sponsor that chooses the investment objective of the ETF. The sponsor of an index-based ETF chooses both an index and a method of tracking it. The sponsor of an actively managed ETF determines the investment objective of the fund and investment
waivers shall serve as the ETF representative of theasset category. An ETF cannot represent more than one asset category. The 12 ETF representatives of the Explore Portfolio asset categories are weighted using the Index's proprietary weighting methodology that measures an ETF's returns, dividend and volatility, subject to the constraints .
ETF* Hang Seng TECH Index (Benchmark) The Lion-OCBC Securities Hang Seng TECH ETF was launched in the Singapore stock market on 10 December 2020. Since listing, the ETF has crossed many milestones. The size of the ETF has grown rapidly to an AUM (assets under management) of S 337 million as of 30 June 2022. INTRODUCTION INDEX CONSTRUCTION .
participants or APs) purchase and redeem ETF shares directly from the ETF, but only in creation units. Most often, an AP that purchases a creation unit of ETF shares first deposits with the ETF a of certain purchase basket securities and cash and/or other assets identified by the ETF that day, and then receives the creation unit in return for
