Exchange-Traded Funds For Dummies E-Book

Colin Davidson

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 575

Veröffentlichungsjahr: 2011

Beschreibung

Diversify your investments with today's fastest growing financial product

Exchange-traded funds (ETFs) offer access to a range of investments in a single trade, are usually less volatile than individual stocks, cheaper than most managed funds and more tax-effective. But how do you pick the one that's right for you? This straightforward book helps you weigh up your options, build an effective portfolio and maximise your profits.

• Get to know the major players in Australia and New Zealand — find a broker, open an account and familiarise yourself with suppliers and indices

• Understand risk control and diversification — learn the importance of a diversified, lowly correlated portfolio, and how ETFs can help you achieve this

• Invest smartly in commodities and precious metals — tap into the returns offered by the Australian mining boom

• Manage small-cap, large-cap, sector and international investments — take advantage of returns in local markets and invest directly in US-listed ETFs

• Add bonds, REITs and other ETFs — secure consistent yields and add property to your investment portfolio

• Work non-ETFs into your investment mix — improve returns through careful selection of active managed funds

• Fund your retirement years — determine how much you need for retirement, and how ETFs can get you there

Open the book and find:

• Advice on choosing ETFs over options, CFDs and warrants

• Sample portfolios

• Tips on revamping your portfolio based on life changes

• How to avoid mistakes that even experienced investors make

• Forecasts for the future of ETFs in Australia and New Zealand

• A complete listing of Australian and New Zealand ETFs

• Great online resources to help you invest in ETFs

Learn to:

• Diversify your investment portfolio

• Lower your investment costs and reduce your tax liabilities

• Take advantage of Australia's mining boom by investing in commodities

• Invest in international markets

Leseprobe

Exchange-Traded Funds For Dummies®, Australian & New Zealand Edition

Table of Contents

Introduction

About This Book

Conventions Used in This Book

What You’re Not to Read

Foolish Assumptions

How This Book is Organised

Part I: The ABCs of ETFs

Part II: Building the Equity Side of Your Portfolio

Part III: Adding Other ETFs to Your Portfolio

Part IV: Putting It All Together

Part V: The Part of Tens

Part VI: Appendixes

Icons Used in This Book

Where to Go from Here

Part I: The ABCs of ETFs

Chapter 1: The (Relatively) New Kid on the Block

Tracking the Birth and Growth of ETFs

In the beginning

Enter the traders

Crossing the border and migrating Down Under

Fulfilling a Dream

Goodbye, ridiculously high managed fund fees

Hello, building blocks for a better portfolio

Will you miss your investment being in the papers?

Not Quite as Popular as the Beatles, but Getting There

Replacing managed funds

Moving from Wall Street to Main Street

Ready for Prime Time: Becoming Household Words

The advantages of sticking with an index

The proof of the pudding

The major players

ETFs Down Under: Just scratching the surface

Aotearoa: ETFs under the long white cloud

Chapter 2: What on Earth Is an ETF, Anyway?

The Nature of the Beast

Knowing that not all ETFs are created equal

Choosing between the classic and the new

Recognising common elements

ETFs Are Preferable to Individual Stocks

ETFs Aren’t Managed

Comparing ETFs with managed funds

Looking at ETFs versus listed investment companies

Why the Big Boys Prefer ETFs

Trading in large lots

Savouring the versatility

Why Individual Investors are Learning to Love ETFs

The cost advantage: How low can you go?

Tax office’s loss, your gain

What you see is what you get

The index advantage

Getting the Professional Edge

Consider a few impressive numbers

You can do what they do!

Do ETFs Belong in Your Life?

Calculating brokerage and other fees

Moving money in a flash

Making a sometimes tricky choice

Chapter 3: Working Out How ETFs Work

Looking at ETFs in Action

Like a managed fund but different

Finding out about net asset value

Exploring Cross-Listed ETFs

Working out the differences

Taxing domestic and international ETFs

Finding out which ETFs are cross-listed

Uncovering Synthetic ETFs: Are They for Real?

Examining the basics

Watching your step when using synthetics

Doing Your Research

Outlining the pre-investment process

Researching the researchers

Knowing what to look for

Chapter 4: Getting to Know the Players

Opening an Account for Your ETFs

Trading in Australia

Trading in New Zealand

Answering a zillion questions

Adding international investing to your account

Placing an order to buy

Knowing other tricks when placing an order

But wait just a moment!

Finding a Broker: The Full Monty or Doing-It-Yourself

What to look for

Filling up on full-service brokers

Going online to do-it-yourself

Finding out financial planners can help

Presenting the Suppliers

BlackRock iShares

State Street Global Advisors SPDRs

Vanguard ETFs

Australian Index Investors

BetaShares

ETF Securities Australia

Russell Investments

NZX Smartshares

AMP Capital Investors (NZ)

Familiarising Yourself with the Indexers

Standard & Poor’s/Australian Securities Exchange (S&P/ASX)

Dow Jones Indexes

Morgan Stanley Capital International (MSCI)

Russell

FTSE

Meeting the Middlemen

Australian Securities Exchange (ASX)

New Zealand Stock Exchange (NZX)

The market makers

Part II: Building the Equity Side of Your Portfolio

Chapter 5: Risk Control, Diversification and Some Other Things You Need to Know

Risk Isn’t Just a Board Game

The trade-off of all trade-offs (safety versus return)

So just how risky are ETFs?

Smart Risk, Foolish Risk

Measuring Risk

Standard deviation: The king of all risk measurement tools

Beta: Assessing price swings in relation to the market

The Sharpe and Treynor ratios: Measures of what you get for your risk

Meeting Modern Portfolio Theory

Tasting the extreme positiveness of negative correlation

Reaching for the elusive Efficient Frontier

Mixing and Matching Your Stock ETFs

Filling in your style box

Buying by industry sector

Don’t slice and dice your portfolio to death

Chapter 6: Domestic Bliss: Covering the Bases with Large Caps

Style Review

What makes ‘large cap’ large?

How does growth differ from value?

Putting these terms to use

Big and Brawny

Contrary to all appearances . . .

Let history serve as only a rough guide

Unearthing Large-Cap ETF Choices

Strictly large cap or blend?

Blended options for large-cap exposure

Strictly large growth

Six Ways to Recognise Value

Best value buys

Doing it right

Making your selection

Large-cap value choices

Chapter 7: Small Caps: Big Potential

Getting Real about Small-Cap ETFs

Your Choices for Small Caps

Taking a Look at Small-Cap Value Stocks

It’s been quite a ride

Latching on for fun and profit . . .

. . . but keeping your balance

What about the Midcaps?

Smaller than Small: Meetthe Microcaps

Chapter 8: Sector Investing: ETF s According to Industry

Speculating on the Next Hot Industry

Sizzling and sinking

Momentum riders and bottom feeders

Choosing Sector Investing Rather than the Grid

Doing sector investing right

Seeking risk adjustment with high and low volatility sectors

Knowing where the grid comes through

Combining strategies to optimise your portfolio

Seeking low correlations for added diversification

Sector Choices Beginning to Emerge

Vanguard and SPDR Sector ETFs

Australian Index Investment Sector ETFs

BetaShares Sector ETFs

Chapter 9: Going International: ETFs without Borders

The Ups and Downs of Different Markets around the World

Low correlation is the name of the game

Remember what happened to Japan

Finding Your Best Mix of Domestic and International

Why putting more than half of your portfolio in foreign stocks is too much

Why putting one-fifth of your portfolio in foreign stocks may be insufficient

Not All Foreign Nations are Created Equal

Choosing the Best International ETFs for Your Portfolio

Opening up your world to international ETFs

American and European stock ETFs: From West Coast America to the shores of the Mediterranean

Pacific region stock ETFs: Spicing things up with a taste of Asia

Emerging market stock ETFs: Well, we hope they’re emerging

Chapter 10: Exploring ETFs Listed in the United States

Riding Across the Range

Working out why you may buy US ETFs

Finding a fund for every investor

Deciding to Invest Directly in US ETFs

Opening an account

Knowing the risks

Finding Out What Funds Are Available

Blended options for large-cap exposure

Strictly large growth

The large-cap value winners

Adding some excitement with small-cap blends

Strictly small-cap growth funds

Seeking small-cap value ETFs

Tapping into Bond Funds

Finding strength in numbers

Considering bond fund costs

Understanding the three risks of bond investing

Going Alternative: ETFs Skirting the Mainstream

Funds that thrive when the market takes a dive

Funds that double the thrill of investing (for better or worse)

Socially Responsible Investing for a Better World

Investments to help you sleep well at night

Your socially responsible ETF choices

Part III: Adding Other ETFs to Your Portfolio

Chapter 11: Real Estate Investment Trusts (REITs) and High-Yield ETFs

Considering Five Distinguishing Characteristics of REITs

Limited correlation to the broad markets

High dividends

Different taxation of dividends

Special status among financial professionals

Connection to tangible property

Picking the Best REIT ETF for Your Portfolio

SPDR S&P/ASX 200 Listed Property Fund (SLF)

Vanguard Australian Prop Secs Index ETF (VAP)

Calculating a Proper REIT Allocation

Judging from the past

Splitting the baby

Spreading Your Wings: Global REITs

Born in the USA

Broadening your horizons

Dividend Funds: The Search for Steady Money

Your ETF options

Promise of riches or smoke and mirrors?

Chapter 12: All That Glitters: Gold, Silver and Other Commodities

Gold, Gold, Gold!

Midas touch or fool’s gold?

The price of gold and the Aussie dollar

A vastly improved way to buy the precious metal

Silver: The Second Metal

Quick silver on the move

Investing with a silver lining

Getting Precious with Metals

Platinum and palladium (whatever that is!)

Weaving baskets of precious metals

Finding Other Ways to Play Commodities

General commodity funds

Tapping into commodity companies

Finding out about the indexes

Overseas options for general commodity funds

Tapping into commodity countries

Chapter 13: Working Non-ETFs into Your Investment Mix

Tinkering With an Existing Stock or Managed Fund Portfolio

Improving your diversification

Minimising your investment costs

Using ETFs: Five Investment Strategies for Your Portfolio

Putting your portfolio into orbit: Core and satellite

Buying and holding: Not rocket surgery

Finding a short-term fix: Cash equitisation

Tilting at sectors: Not for the faint-hearted

Diversifying overseas

Being careful not to overshoot

Building the Equity Side of Your New ETF Portfolio

International small cap

International REITs

Building the Fixed-Income Side of Your New ETF Portfolio

Australian and New Zealand bonds

Going global with international bonds

Fixing future income with annuities

Hedging Your Bets with Market-Neutral Managed Funds

Finding a place in your portfolio for hedge funds

Knowing what hedge funds are available

Part IV: Putting It All Together

Chapter 14: Sample ETF Portfolio Menus

So, How Much Risk Can You Handle and Still Sleep at Night?

A few things that just don’t matter

The irony of risk and return

The 20x rule

Other risk/return considerations

Why not just fill out an online risk questionnaire?

Keys to Optimal Investing

Incorporating Modern Portfolio Theory into your investment decisions

Maximising the importance of cost minimisation

Striving for tax efficiency

Timing your investments (modestly and conservatively)

Finding the Perfect Portfolio Fit

Considering the simplest of the simple

Racing towards riches: A portfolio that may require a crash helmet

Sticking to the middle of the road

Taking the safer road: Less oomph, less swing

Chapter 15: Buying and Holding: The Key to ETF Investment Success

The Tale of the Average Investor (A Tragicomedy in One Act)

Returns that fall short of the indexes

ETFs can make failure even easier!

The lure of quick riches

Patience Pays

Talk about unpredictability

A short history of the market’s resiliency

Chapter 16: Exceptions to the Rule — Rebalancing Your Portfolio

Rebalancing to Keep Your Portfolio Fit

How rebalancing works

Working out how often to rebalance

Minimising Tax and the Tax Office’s Oh-So-Tricky Rule on ‘Wash Sales’

What is ‘dominant purpose’ anyway?

As always, consider cost

Revamping Your Portfolio with Life Changes

Planning for the future and the unexpected

Understanding life’s investing phases

Ramping Up Your Investments

Are options an option for you?

Considering contracts for difference

Borrowing to invest in ETFs

Understanding instalment warrants

Considering your strategy

Borrowing to Invest in Superannuation

Chapter 17: Using ETFs to Fund Your Golden Years

Setting the Stage for Economic Self-Sufficiency

Sizing up Australian Employer and Industry Superannuation Funds

Choosing to invest in super matters — a whole lot

Knowing about employer super funds

Understanding industry super funds

Taking control of your super in Australia with self-managed super funds

Building your SMSF’s investment strategy with ETFs

Risking it all with ETFs?

Smartshares meets KiwiSaver: Smartkiwi

Finding out how KiwiSaver works

Using Smartkiwis with your KiwiSaver

Alternatives to Smartkiwis

Tax: Contributing, earning and withdrawing

Ushering Your Portfolio into Retirement Readiness

15+ years and counting

Less than 15 years to retirement

Withdrawing Funds to Replace Your Paycheque

Working out your retirement options in Australia

Focusing on your retirement options in New Zealand

Don’t obsess about maintaining principal or drawing from dividends

As always, watch the fees

Part V: The Part of Tens

Chapter 18: Ten Most Commonly Asked Questions about ETFs

Are ETFs Appropriate for Individual Investors?

Are ETFs Risky?

Do I Need a Financial Professional to Set Up and Monitor an ETF Portfolio?

How Much Money Do I Need to Invest in ETFs?

With Many ETFs to Choose From, Where Do I Start?

Where Is the Best Place for Me to Buy ETFs?

Does an Especially Good or Bad Time to Buy ETFs Exist?

Do ETFs Have Any Disadvantages?

Does It Matter Which Exchange My ETF Is Traded On?

Which ETFs Are Best in My Superannuation, and Which Are Best in My Non-Superannuation Account?

Chapter 19: Ten Mistakes Most Investors (Even Smart Ones) Make

Paying Too Much Money for an Investment Product

Failing to Properly Diversify

Taking On Inappropriate Risks

Selling Out When the Going Gets Rough

Paying Too Much Attention to Recent Performance

Not Saving Enough for Retirement

Having Unrealistic Expectations of Market Returns

Discounting the Damaging Effect of Inflation

Not Following the ATO or IRD Rules

Failing to Incorporate Investments into a Broader Financial Plan

Chapter 20: Ten Forecasts about the Future of ETFs and Personal Investing

ETFs Will Grow Rapidly for anotherFew Years

More Players Will Enter the Field, but Only a Few

Investors Will Have More, and Better, Options

New Zealand Investors Will Use Australian ETFs More Than Local ETFs

Investors Will Get Roped In toPaying More Fees

Full-Service Stockbrokers MayEven Embrace ETFs

Markets Will (Unfortunately)See Greater Correlation

Asset Class Returns Will RevertTowards Their Historical Means

Superannuation Will Still Be the Best Way to Save for Retirement

Taxes Will Rise

Inflation May Be a Problem

Bookstores (and Online) WillSee More Books on ETFs!

Part VI: Appendixes

Appendix A: Complete Listings of Australian and New Zealand ETFs

Appendix B: Great Web Resources to Help You Invest in ETFs

Australian websites

United States of America

The biggies

Smaller ETF players in Australia and New Zealand

Smaller players in the United States

Australian brokers

New Zealand brokers

Australia and New Zealand

Overseas exchanges

Glossary

Exchange-Traded Funds For Dummies®, Australian & New Zealand Edition

by Colin Davidson and Russell Wild

Exchange-Traded Funds For Dummies®, Australian & New Zealand Edition

Published byWiley Publishing Australia Pty Ltd42 McDougall Street Milton, Qld 4064

www.dummies.com

Copyright © 2012 Wiley Publishing Australia Pty Ltd

The moral rights of the author have been asserted.

National Library of Australia Cataloguing-in-Publication data:

Author: Davidson, Colin

Title: Exchange-Traded Funds For Dummies / Colin Davidson

Edition: Australian and New Zealand ed

ISBN: 978 0 73037 695 8 (pbk)

Notes: Includes Index

Subjects: Exchange traded funds — Australia.Exchange traded funds — New Zealand

Dewey Number: 332.6327

All rights reserved. No part of this book, including interior design, cover design and icons, may be reproduced or transmitted in any form, by any means (electronic, photocopying, recording or otherwise) without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Contracts & Licensing section of John Wiley & Sons Australia, Ltd, 42 McDougall Street, Milton, Qld 4064, or email [email protected].

Cover image: © iStockphoto.com/hidesy

Typeset by diacriTech, Chennai, India

Printed in Singapore by Markono Print Media Pte Ltd

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Limit of Liability/Disclaimer of Warranty: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANISATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANISATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ.

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About the Authors

Colin Davidson has worked in financial services for more than 20 years, both in Australia and overseas, in London and Asia. A qualified chartered accountant, Colin worked in Hong Kong as a stockbroker selling equities to global and regional fund managers. In Australia, he has managed a major bank’s online stockbroking business and direct banking business, and run Australia’s largest direct managed funds broker. A freelance financial services writer, he previously worked at one of Australia’s largest full-service retail stockbrokers, managing its financial planning and superannuation business. Colin also is the author of Managed Funds For Dummies.

Colin is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA), is RG 146 accredited in Australia and a qualified Responsible Executive. His website is www.etfportfolios.com.au

Russell Wild is a Certified Financial Planner and a Registered Investment Advisor. He is both fee-only (takes no commissions) and welcomes clients of both substantial and modest means. He calls his firm Global Portfolios to reflect his ardent belief in international diversification — using exchange-traded funds to build well-diversified, low-expense, tax-efficient portfolios.

Wild, in addition to the fun he has with his financial calculator, is also an accomplished writer who helps readers understand and make wise choices about their money. His articles have appeared in many national publications and professional financial journals.

Wild holds a Master of Business Administration (MBA) degree in international management and finance, a Bachelor of Science (BS) degree in business/economics, and a graduate certificate in personal financial planning. A member of the National Association of Personal Financial Advisors (NAPFA) since 2002, Wild is also a long-time member and board member of the American Society of Journalists and Authors (ASJA).

Russell grew up on Long Island and now lives in Allentown, Pennsylvania, with his two children, Adrienne and Clayton, along with Norman, the killer poodle. His website is www.globalportfolios.net.

Author’s Acknowledgements

Acknowledgements from Colin Davidson

Having written one For Dummies book already, a second book has been relatively straightforward and enjoyable. For making it so, huge thanks must go to Rebecca Crisp, acquisitions editor, and Hannah Bennett, developmental editor, for suggesting a book on ETFs, making it happen and always offering kind words of encouragement. Thanks to Charlotte Duff, project editor, for the expert guidance and making me think harder about ETFs than I thought possible!

Thanks also to Allan Grant for the technical review of the book. Allan is a qualified financial planner specialising in superannuation, and has a strong working knowledge of ETFs and derivatives. Allan brought a level of expertise and attention to detail to the book that proved invaluable.

Thanks finally to my wife, Louise, whose strength of character meant she was able to resist the temptation to take on my ironing and cooking duties while I wrote.

Acknowledgements from Russell Wild

Although I’ve written many books, this is my first For Dummies book, and writing a first For Dummies book is a bit like learning to ride a bicycle — on a very windy day. If it weren’t for Joan Friedman, project editor, who kept a steady hand on the back of my seat, I would surely have fallen off a curb and been run over by a pickup truck flying a Confederate flag. Joan, hands down, is one of the best editors I’ve ever worked with. She’s a very nice person, too.

Other nice people that I’d also like to tip my bicycle helmet to include Marilyn Allen of Allen O’Shea Literary Agency (she calls me ‘babe’, just like agents do in movies; I love that) and Stacy Kennedy, acquisitions editor at Wiley. If these two gals hadn’t gotten together, I wouldn’t have had a bicycle to ride.

Thanks, too, to Noel Jameson, technical editor, for making sure that this remained strictly a work of nonfiction. And to Michael Pace, who double checked.

I am indebted to Brenda Lange, my sage partner, for convincing me that I should write this book. Truth is, when Brenda tries, she could convince me to do just about anything.

And finally, I’d like to thank my old man, Lawrence Wild — both my most beloved and most difficult client, who, if he told me once, told me a thousand times: ‘Rich or poor, it’s good to have money’. It took me years to discover the profound wisdom in that statement.

Dedications

To the long-suffering family and to my Dad, John, who valiantly read my first For Dummies book cover to cover, and enjoyed it — Colin Davidson.

To the small investor, who has been bamboozled, bullied and beaten up long enough — Russell Wild.

Publisher’s Acknowledgements

We’re proud of this book; please send us your comments through our online registration form located at http://dummies.custhelp.com.

Some of the people who helped bring this book to market include the following:

Acquisitions, Editorial and Media Development

Project Editor: Charlotte Duff

Acquisitions Editor: Rebecca Crisp

Editorial Manager: Hannah Bennett

Technical Reviewer: Allan Grant

Production

Graphics: diacriTech

Cartoons: Glenn Lumsden

Proofreader: Robi van Nooten, On-Track Editorial Services

Indexer: Karen Gillen

The author and publisher would like to thank the following copyright holders, organisations and individuals for their permission to reproduce copyright material in this book:

Every effort has been made to trace the ownership of copyright material. Information that will enable the publisher to rectify any error or omission in subsequent editions will be welcome. In such cases, please contact the Permissions Section of John Wiley & Sons Australia, Ltd.

• © Industry Super Network

Introduction

Every month, it seems, some financial whiz kid comes up with a newfangled investment idea. The array of financial products (replete with 164-page product disclosure statements) is now so dizzying that the old lumpy mattress is starting to look like a more comfortable place to stash the cash. But one relatively new product out there is definitely worth looking at. This product is something of a cross between an index managed fund and a stock, and is called an exchange-traded fund, or ETF.

Just as computers and photocopiers were first used by big institutions before they caught on with individual consumers, so it was with ETFs. They were first embraced by institutional traders — fund managers, investment banks, hedge funds and insurance firms — because, among other things, they allow for the quick juggling of massive holdings. Big traders like that sort of thing. Playing hot potato with your money isn’t everyone’s idea of fun. But all the same, since 2008, regular investors have begun to embrace ETFs as part of their portfolios.

ETFs have grown exponentially in the past few years — nearly 50 per cent per year since 2008 in Australia (although less in New Zealand) — and they’re surely set to continue to grow and gain influence. Both of us use ETFs in our portfolios. While we can’t claim that those ETF purchases account for much of the growing $1.5 trillion global ETF market, we’re happy to be a (very) small part of it. After you read , Australian and New Zealand Edition, you may decide to become part of it as well, if you’re not already.