4/26/2012. Navigating the ETF Landscape. The ETF revolution. ETF assets expected to approach $2 trillion by 2014 $2,500 1,200 AUM ($B) # of ETFs

Save this PDF as:

Size: px
Start display at page:

Download "4/26/2012. Navigating the ETF Landscape. The ETF revolution. ETF assets expected to approach $2 trillion by 2014 $2,500 1,200 AUM ($B) # of ETFs"

Transcription

1 Navigating the ETF Landscape FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION The ETF revolution ETF assets expected to approach $2 trillion by 2014 $2,500 $2,000 AUM ($B) # of ETFs 1099 $2,093 1,200 1, AUM ($B) $1,500 $1,000 $1, # of ETFs 400 $500 $0 219 $ $ Sources: FactSet, Bloomberg, Strategic Insight, BlackRock, as of 12/31/10. Note: Projected AUM based on trailing 3YR CAGR of 20%. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 2 1

2 Key criteria for selecting the right ETF Manager How well do you know your ETF manager? Exposure What s inside your ETF? Structure What are the implications of structure? Liquidity Can you trade when you need to? Costs What does it really cost? FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 3 1. Manager How well do you know your ETF manager? Expertise in the ETF market Track record, experience, commitment It takes size, skill and expertise to realize ETFs benefits for investors A business model aligned with advisors and their clients What advisor-focused support is available to help investment professionals and their clients navigate ETFs, build portfolios and execute strategies? FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 4 2

3 The diverse ETF landscape: No longer a handful of products and providers to evaluate AUM market share AUM by asset class 2% 2% 5% 8% 14% 11% 45% 47% 23% 28% 15% ishares Vanguard State Street ProFunds PowerShares Van Eck Others Domestic Equity Fixed Income International Equity Commodity/Other 82% of the ETF share held by the three largest providers, with ishares holding 44% of ETF assets ETFs have enabled many asset classes to become instantly relevant to a broader investor base Sources: Bloomberg, FactSet, BlackRock, as of 12/31/10. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 5 2. Exposure What s inside your ETF? Targeted exposure Broad or narrow? Depth of coverage? Overlap or gaps with other index products or active managers? Index name recognition Trackable, complete and representative of the investment opportunity? Institutional-grade indexes you want as benchmarks? Frequency of disclosure and level of transparency Infrequent disclosure of holdings exposes investors to risk Index methodology impacts underlying economic exposure. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 6 3

4 Index methodology impacts economic exposure Technology and telecom example Dow Jones U.S. Technology Index Dow Jones U.S. Select Telecommunications Index Technology Select Sector Index 14% 100% 100% 86% Three-Year Return 1.9% -3.93% -0.42% Three-Year Standard Deviation 26.6% 25.7% 24.5% Technology Companies Telecom Companies Standard deviation is a measure of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. Sources: BlackRock, Bloomberg, as of 12/31/10. Index constituents are subject to change. Index returns are for illustrative purposes only and do not represent actual ishares Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. For actual ishares Fund performance, please visit or request a prospectus by calling iShares ( ). FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 7 Managing index exposure Putting indexes together MSCI Broad Market Index MSCI Large Cap 300 MSCI Prime Cap 750 Midcap Midcap 400 MSCI Mid Cap Microcap Small Cap 600 MSCI Small Cap 1750 For illustrative purposes only market cap spectrum not to scale. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 8 4

5 Institutional investor use of indexes Institutional use of US equity benchmarks ,412 Assets in US$ Billions Wilshire Growth 1000 Growth Source: Investments, FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 9 3. Structure What are the implications of ETF structure? Complete and transparent benefits to shareholders Balancing exposure with cost and tax efficiency and liquidity Stand-alone, dedicated ETF structure Insulation from the activities of other shareholders only happens with this structure Past performance does not guarantee future results. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 10 5

6 Structure impacts risks, taxes and tracking error 1940 Act 1933 Act Open-End Fund Unit Investment Trust Grantor Trust Exchange Traded Notes Closed-End Fund Other Listed Vehicles Limited Partnership FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 11 What makes an ETF an ETF? Buyers Financial Intermediaries Stock Exchange Financial Intermediaries Sellers Market Makers Fund Company The creation/redemption process insulates shareholders from transaction costs and investment activities of other shareholders. ishares Funds are obliged to distribute portfolio gains to shareholders by year-end. These gains may be generated due to index rebalancing or to meet diversification requirements. Trading shares of the ishares Funds will also generate tax consequences and transaction expenses. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 12 6

7 Multi-class structure: Multiple interests Mutual fund shareholders interact with the same investment pool underlying the ETF share class Direct investor share Institutional share Mutual fund investment pool Advisorsold share ETF share Actions of mutual fund shareholders may create capital gains distributions for ETF shareholders. Additionally, ETF shareholders may pay for potential costs incurred by other share classes. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 13 ETF structure facts: Dedicated vs. multi-class Dedicated share class structure Multi-class structure Investment interest Portfolio of securities (stocks, bonds, swaps). Share of an investment pool invested in a portfolio of securities. Costs Tax efficiency and insulation from activities of other shareholders Liquidity Tracking error ETF expense ratio. Fund expenses, including transaction costs, are distributed pro rata across all shareholders. ETF shareholders pay only for potential costs incurred within the ETF. Creation/redemption mechanism helps insulate shareholders from transaction costs and capital gains created by other shareholders. One shareholder s actions do not create capital gains distributions for other shareholders. Each share class has a unique expense ratio. Fund expenses, including transaction costs, are distributed pro rata across all shareholders, including potential costs incurred by other share classes. Scale may reduce these costs. ETF shareholders may pay for potential costs incurred by other share classes. ETF creation/redemption mechanism helps insulate ETF shareholders from activities of other ETF shareholders. Transactions of mutual fund shareholders may create tax efficiencies by creating additional tax lots; however, redemptions may also create capital gains distributions that are distributable to ETF shareholders. Determined by ETF trading volume and liquidity of underlying securities Low to moderate Investment comparisons are for illustrative purposes only and are not meant to be all-inclusive. Transactions in shares of ETFs will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 14 7

8 4. Liquidity Can you trade when you need to? Liquidity is like oxygen: You don t notice it until it s gone Credit crisis of 2008 placed a premium on liquid investments and liquid investment vehicles Provider support for liquidity Tight bid/ask spreads in conjunction with deep, liquid markets are ideal for all investors. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 15 Liquidity and access during stressful times ishares Barclays Aggregate Bond Fund (AGG) vs. Vanguard Total Bond Market ETF (BND) Average Daily Volume ($M) $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $ /07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 Spread (bps) AGG Spread BND Spread AGG avg daily volume BND avg daily volume Sources: ArcaVision of NYSEArca, FactSet, Bloomberg, BlackRock. Information on BND is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any funds, other than the ishares Funds, that are described in this material. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 16 8

9 5. Costs What does it really cost? Explicit costs Expense ratio An important fee, however only one part of the total cost equation Brokerage commission May be charged for the purchase or sale of an ETF, increasing the cost to enter or exit a position Implicit costs Trading spread A wide bid/ask spread 1 may result in a transaction further from the price an investor expected to pay, impacting the return over the holding period Market impact The extent to which the actual transaction price differs from the displayed market quote may affect the return over the holding period Tracking error The cost of under-/overperformance versus the benchmark can have an unexpected impact on returns Capital gains The cost of paying taxes on capital gains distributions can have a negative impact on returns Total cost When faced with a choice among ETFs in a category, consider all explicit and implicit costs 1. Trading spread, also referred to as bid/ask spread, is the difference between bid/ask prices, which reflect the most current value at which an investor can buy or sell shares of an ETF during market trading hours. Explicit costs are predetermined based on the ETF s fees and brokerage firm s commission schedule. Implicit costs may vary based on market events and trading volume. Implicit costs may change continuously based on current market conditions FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 17 Expense ratio is just one factor in total cost of ownership Example: Two international developed markets ETFs Explicit cost Implicit costs Expense ratio Trading spread Market impact Tracking error Total implicit costs (excluding capital gains costs) ETF1 0.35% 0.01% 0.01% 0.13% 0.15% ETF2 0.15% 0.01% 0.03% 0.87% 0.91% Explicit and implicit costs may differ significantly between ETFs. Source: Arcavision, BlackRock, as of 12/31/10. This example shows the total cost decomposition without capital gains costs for the universe of international developed markets ETFs tracking the MSCI EAFE Index (there were two such ETFs as of 12/31/10). The assumption is that an investor purchased each ETF and held it for a year. Trading spread and market impact are defined as one-way costs. Trading spread is the average spread as of 12/31/10. Market impact is calculated as follows: (execution price bid or offer price)/(bid or offer price). Tracking error is measured over the one-year period (annualized) ending 12/31/10. Tracking error refers to the absolute under-/overperformance differential of an ETF versus its benchmark over a one-year period after accounting for expense ratio. This should not be considered representative of the differences in such costs between all ETFs. Actual costs vary and historical outcomes are not indicative of future outcomes. While ETF costs reduce total returns, an ETF with higher total costs could have higher total returns over a given time period. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 18 9

10 ETF portfolio management strategy drives tracking error Replication versus optimization Full replication No asset-specific tracking error Required for unit investment trusts (UITs) Optimization Often employed to meet 1940 Act or other regulatory requirements Fund holds a representative sample Designed to maintain similar industry and risk characteristics to the benchmark index Balance exposure with liquidity and tax management FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 19 ishares focuses on ETF tax efficiency Percentage of ETFs that paid capital gains distributions in 2010 ishares ETFs Vanguard ETFs State Street ETFs 2.3% 20.6% 12.3% 97 7 Source: Bloomberg, as of 12/31/10. Percentages account for ETFs available prior to 10/31/10. Past distributions are not indicative of future distributions. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 20 10

11 The ishares advantage Total Performance Management The ishares total performance investment philosophy strikes a deliberate balance between return, risk, costs and taxes + Return Risk Expertise ishares is the leading ETF provider in the world, with 400+ ETFs listed globally representing over $570 billion in assets 1 Total Performance Management + True Partnership ishares provides premium solutions from high-quality products to dedicated teams and services to support financial professionals and institutional investors Costs (and Taxes) 1. Source: Global ETF Research and Implementation Strategy, BlackRock, as of 12/31/10. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 21 Selecting the right ETF: Key takeaways Manager How well do you know your ETF manager? Exposure What s inside your ETF? Structure What are the implications of structure? Liquidity Can you trade when you need to? Costs What does it really cost? FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 22 11

12 Know the differences Transparency Costs Accessibility Strategy Strategy Trading Redemption process Fees Tax implications ishares ETFs Active Mutual Funds ishares index ETFs are passively managed; they Most mutual funds are actively managed, seeking to seek to track a market index, before fees and outperform market indexes expenses, and do not attempt to outperform during rising or declining markets. Performance may diverge from the ETF s underlying index. Trade on exchanges intraday at market price, which may be greater or less than its NAV Shares not individually redeemed through the fund Expense ratio plus transaction costs Transactions generate tax consequences for the transacting shareholder only; obliged to distribute gains to all shareholders Accessed directly through the fund company or through a select broker. Pricing generally occurs once a day. Redeemed through fund company at end-of-day NAV, less applicable fees Expense ratios (typically higher than index-linked products 1 ); may charge sales loads or redemption fees Shareholder transactions may generate tax consequences for all shareholders; obliged to distribute gains to shareholders Transparency Daily holdings disclosure 2 Generally quarterly holdings disclosure 1. Active funds typically charge higher fees than index-linked products due to increased trading and research expenses that may be incurred. 2. In accordance with MSCI licensing, holdings for MSCI-indexed funds are updated monthly. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 23 Carefully consider the ishares Funds investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds prospectuses, which may be obtained by calling iShares ( ) or by visiting Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. Investment comparisons are for illustrative purposes only and are not meant to be all-inclusive. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products prospectuses. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Narrowly focused investments and investments in smaller companies typically exhibit higher volatility. Technology and telecommunications companies may be subject to severe competition and product obsolescence

13 The information provided is not intended to be a complete analysis of every material fact respecting any strategy and has been presented for educational purposes only. Asset allocation models and diversification do not promise any level of performance or guarantee against loss of principal. Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. Mutual funds and ishares Funds are obliged to distribute portfolio gains to shareholders by year-end. These gains may be generated due to index rebalancing or to meet diversification requirements. Trading shares of the ishares Funds will also generate tax consequences and transaction expenses. Certain traditional mutual funds can be tax efficient as well. When comparing stocks or bonds and ishares Funds, it should be remembered that management fees associated with fund investments, like ishares Funds, are not borne by investors in individual stocks or bonds. The annual management fees of ishares Funds may be substantially less than those of most mutual funds. Buying and selling shares of ishares Funds will result in brokerage commissions, but the savings from lower annual fees can help offset these costs. Index returns are for illustrative purposes only and do not represent actual ishares Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. BlackRock does not provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor. 25 FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION The ishares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock ). The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones Trademark Holdings, LLC, European Public Real Estate Association ( EPRA ), FTSE International Limited ( FTSE ), JPMorgan Chase & Co., MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts ( NAREIT ), New York Stock Exchange, Inc., Investment Group or Standard & Poor s, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/ Retail/Mortgage or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-us/north America/Europe/Asia Index; all rights vest in FTSE, NAREIT and EPRA. All rights in the FTSE Developed Small Cap ex-north America Index vest in FTSE. FTSE is a trademark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. 2011, 2012 BlackRock. All rights reserved. ishares and BlackRock are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. is R1_v02EK_3/12 Not FDIC Insured No Bank Guarantee May Lose Value 26 FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 13

ETFs and their Place in the 401(k) Market

ETFs and their Place in the 401(k) Market ETFs and their Place in the 401(k) Market Agenda Unique benefits of ETFs Why ETFs in 401(k)? How does it work? How are advisors using ETFs? What s next? 2 AN INTRODUCTION TO ISHARES 1 The BlackRock - ishares

More information

ETF Basics: An Introduction to ishares Exchange Traded Funds

ETF Basics: An Introduction to ishares Exchange Traded Funds ETF Basics: An Introduction to ishares Exchange Traded Funds Agenda Growth of ETFs and Barclays Global Investors The engine of ETFs Unique benefits of ETFs and ishares Low cost Tax efficiency Transparency

More information

www.fa-mag.com www.pw-mag.com PRESENTED BY 1

www.fa-mag.com www.pw-mag.com PRESENTED BY 1 www.fa-mag.com www.pw-mag.com 1 Confronting Market Volatility: Help Clients Weather The Market's Ups And Downs Mark E. Carver, CIMA March 25, 2015 How is BlackRock defining Smart Beta? An evolution in

More information

Fixed Income ETFs: Navigating Today s Trading Environment

Fixed Income ETFs: Navigating Today s Trading Environment Fixed Income ETFs: Navigating Today s Trading Environment Karen Schenone, CFA Vice President, ishares Fixed Income Strategy Khoabane Phoofolo Vice President, ishares Capital Markets Today s Speakers Karen

More information

Over a Decade of Adoption through Multiple Market Cycles. What are ETFs? History $1,500

Over a Decade of Adoption through Multiple Market Cycles. What are ETFs? History $1,500 Over a Decade of Adoption through Multiple Market Cycles Agenda ETFs are used by Institutions, Advisors and Individual Investors What are ETFs? History $1,500 1,600 Characteristics How they work ETF Essentials

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently

More information

Strengthen your Core with ishares ETFs Brett M. Mossman, Vice President

Strengthen your Core with ishares ETFs Brett M. Mossman, Vice President Strengthen your Core with ishares ETFs Brett M. Mossman, Vice President February, 2013 Meet the ishares Core ETFs Funds Total Market US STOCKS INTL. STOCKS US BONDS S&P ITOT Total U.S. Stock Market ETF

More information

ishares Product Overview Q2 2015

ishares Product Overview Q2 2015 ishares Product Overview Q2 2015 About BlackRock BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2015,

More information

Exchange Traded Funds

Exchange Traded Funds LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are

More information

Introducing a whole new way to help your clients invest for retirement

Introducing a whole new way to help your clients invest for retirement Introducing a whole new way to help your clients invest for retirement It s time to reframe the retirement problem. To help solve it in a whole new way. With today s longer retirements, the nest egg is

More information

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS Table of Contents 1 Introducing the ishares Minimum Volatility Suite... 02 2 Why Consider the ishares Minimum Volatility Suite?...

More information

30% 5% of fixed income mutual funds paid capital gains in 2015

30% 5% of fixed income mutual funds paid capital gains in 2015 FIXED INCOME ETFs: NEW ASSET CLASS, SAME BENEFITS Exchange Traded Funds ( ETFs ) first appealed to equity investors, providing efficient access to the world s stock markets and they have revolutionized

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

ETFs 101 An Introduction to Exchange-Traded Funds

ETFs 101 An Introduction to Exchange-Traded Funds An Introduction to Exchange-Traded Funds Leading the Intelligent ETF Revolution Please refer to Slides 2 and 3 for Important Information. Shares are not individually redeemable for redemption to the Fund

More information

MSCI Minimum Volatility Indices: Track Broad Market Returns with Lower Risk

MSCI Minimum Volatility Indices: Track Broad Market Returns with Lower Risk MSCI Minimum Volatility Indices: Track Broad Market Returns with Lower Risk July, 2013 2013. All rights reserved. msci.com Outline 1. Research background on the Low Volatility Effect 2. How MSCI builds

More information

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits

More information

Put ETFs to work for your clients

Put ETFs to work for your clients Put ETFs to work for your clients Contents 2 What are ETFs? 4 Potential benefits of ETFs 5 Comparing ETFs and mutual funds 6 How ETFs work 11 ETFs and indexing Exchange-traded funds (ETFs) are attracting

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF)

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) SPDR ETFs 9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction 1 What You Need to Know about ETFs 2 ETF Basics Benefits of ETFs ETFs vs. Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Appendix: FAQs 3 ETF

More information

Nine Questions Every ETF Investor Should Ask Before Investing

Nine Questions Every ETF Investor Should Ask Before Investing Nine Questions Every ETF Investor Should Ask Before Investing UnderstandETFs.org Copyright 2012 by the Investment Company Institute. All rights reserved. ICI permits use of this publication in any way,

More information

A Way to Save for College That s Less Taxing. Your Guide to the ishares 529 Plan

A Way to Save for College That s Less Taxing. Your Guide to the ishares 529 Plan A Way to Save for College That s Less Taxing Your Guide to the 529 Plan An innovative tool to help you save for college Saving for college has never been more important and seemingly more challenging.

More information

Underneath the Hood of Fixed Income ETFs: Primary and Secondary Market Dynamics

Underneath the Hood of Fixed Income ETFs: Primary and Secondary Market Dynamics Underneath the Hood of Fixed Income ETFs: Primary and Secondary Market Dynamics BY DAVID B. MAZZA, VICE PRESIDENT, HEAD OF RESEARCH, SPDR ETFs AND SSgA FUNDS STATE STREET GLOBAL ADVISORS WITH THE SPDR

More information

Active indexing: Being passive-aggressive with ETFs

Active indexing: Being passive-aggressive with ETFs Active indexing: Being passive-aggressive with ETFs Jim Rowley, CFA Senior Investment Analyst Vanguard Investment Strategy Group FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION. Agenda Evolution

More information

Understanding ETF Liquidity

Understanding ETF Liquidity Understanding ETF Liquidity SM 2 Understanding the exchange-traded fund (ETF) life cycle Despite the tremendous growth of the ETF market over the last decade, many investors struggle to understand the

More information

Statistical Analysis of ETF Flows, Prices, and Premiums

Statistical Analysis of ETF Flows, Prices, and Premiums Statistical Analysis of ETF Flows, Prices, and Premiums Aleksander Sobczyk ishares Global Investments & Research BlackRock Matlab Computational Finance Conference New York April 9 th, 214 is-123 FOR INSTITUTIONAL

More information

ETF trading fallacies and best practices. A practical look at Do s & Don ts in ETF trading while highlighting the need for ETF due diligence.

ETF trading fallacies and best practices. A practical look at Do s & Don ts in ETF trading while highlighting the need for ETF due diligence. About KraneShares: KraneShares is a product of Krane Fund Advisors, an asset management firm delivering China-focused exchange traded funds to global investors. ETF trading fallacies and best practices.

More information

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events

WHAT ROLE DO BONDS PLAY IN YOUR PORTFOLIO? Guard Against Interest Rate Risk and Credit Events RETHINK YOUR BONDS Building Better Bond Portfolios Interest rates may inch up this year, but expect them to be low for some time to come. You can continue to achieve your fixed income goals in this environment

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk BlackRock Diversified Income Portfolio A portfolio from Fidelity Investments designed to seek income while managing risk Fidelity Investments has formed a strategic alliance with BlackRock Investment Management,

More information

Client Education. Learn About Exchange-Traded Funds

Client Education. Learn About Exchange-Traded Funds Client Education Learn About Exchange-Traded Funds 2 What is an ETF? 6 How do ETFs work? 12 How do ETFs compare with other investments? 2 Exchange-traded funds, or ETFs, are attracting more and more attention

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

2015 SUMMARY PROSPECTUS

2015 SUMMARY PROSPECTUS AUGUST 31, 2015 2015 SUMMARY PROSPECTUS ishares U.S. Healthcare ETF IYH NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Learn about exchange-traded funds. Investor education

Learn about exchange-traded funds. Investor education Learn about exchange-traded funds Investor education Become a more knowledgeable exchange-traded funds investor In this education guide, you ll get answers to common questions about exchange-traded funds,

More information

ETF Trading: The Exceptions to the Rules Nicco Ferrarini Head of ishares Capital Markets Distribution Europe

ETF Trading: The Exceptions to the Rules Nicco Ferrarini Head of ishares Capital Markets Distribution Europe ETF Trading: The Exceptions to the Rules Nicco Ferrarini Head of ishares Capital Markets Distribution Europe FOR PROFESSIONAL INTERMEDIARIES ONLY Capital Markets - Execution Support Process Product Excellence

More information

VANGUARD TO CHANGE TARGET BENCHMARKS FOR 22 INDEX FUNDS

VANGUARD TO CHANGE TARGET BENCHMARKS FOR 22 INDEX FUNDS PRESS RELEASE For a full list of the impacted funds and more information, contact Vanguard Public Relations at 610-669- 5002. VANGUARD TO CHANGE TARGET BENCHMARKS FOR 22 INDEX FUNDS VALLEY FORGE, PA (October

More information

2015 SUMMARY PROSPECTUS

2015 SUMMARY PROSPECTUS AUGUST 31, 2015 2015 SUMMARY PROSPECTUS ishares U.S. Oil & Gas Exploration & Production ETF IEO NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information

More information

ETFs as Investment Options in 401(k) Plans

ETFs as Investment Options in 401(k) Plans T. ROWE PRICE ETFs as Investment Options in 401(k) Plans Considerations for Plan Sponsors By Toby Thompson, CFA, CAIA, T. Rowe Price Defined Contribution Investment Specialist Retirement Insights EXECUTIVE

More information

ANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI)

ANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI) ANZ ETFS S&P/ASX 100 ETF (ASX Code: ZOZI) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ ETFS,

More information

Understanding ETF liquidity and trading

Understanding ETF liquidity and trading Understanding ETF liquidity and trading ETF liquidity and trading can seem complex. For example, you may have heard that ETFs with lower average daily trading volumes (ADVs) aren t as liquid as others

More information

Master Limited Partnerships (MLPs)

Master Limited Partnerships (MLPs) 1Q 2016 Master Limited Partnerships (MLPs) Distinct Focus on Yield VanEck Vectors TM High Income Infrastructure MLP ETF (YMLI) VanEck Vectors TM High Income MLP ETF (YMLP) ETF disclosure This material

More information

Supplement to the Prospectus and Summary Prospectuses Dated April 28, 2015

Supplement to the Prospectus and Summary Prospectuses Dated April 28, 2015 Vanguard Large-Cap ETF Vanguard Growth ETF Vanguard Value ETF Vanguard Mid-Cap ETF Vanguard Mid-Cap Growth ETF Vanguard Mid-Cap Value ETF Vanguard Small-Cap ETF Vanguard Small-Cap Growth ETF Vanguard Small-Cap

More information

SPDR S&P Software & Services ETF

SPDR S&P Software & Services ETF SPDR S&P Software & Services ETF Summary Prospectus-October 31, 2015 XSW (NYSE Ticker) Before you invest in the SPDR S&P Software & Services ETF (the Fund ), you may want to review the Fund's prospectus

More information

ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679

ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679 ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF www.alpsfunds.com 866.759.5679 Why and Growth? Tilting exposure towards high-quality companies has historically produced higher returns on an absolute

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

Index investing. A simple, low-cost solution for retirement plans

Index investing. A simple, low-cost solution for retirement plans Index investing A simple, low-cost solution for retirement plans Index investing: A simple, low-cost solution for retirement plans Despite the challenging economic conditions of the last few years, employers

More information

Harnessing Innovation and Growth Within Tech

Harnessing Innovation and Growth Within Tech SPDR SPOTLIGHT Harnessing Innovation and Growth Within Tech by David B. Mazza, Head of ETF and Mutual Fund Research, Matthew Bartolini, CFA, Research Strategist, and Jared Rowley, CFA, Research Strategist,

More information

UNDERSTANDING CLOSED-END FUNDS

UNDERSTANDING CLOSED-END FUNDS Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors

More information

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE PowerShares Senior Loan Portfolio PowerShares Senior Loan Portfolio is the first senior loan exchange-traded fund (ETF) and seeks investment results

More information

Managing Volatility in Chaotic Markets. Live Webinar July 29, 2010 2:00 3:00 pm EDT

Managing Volatility in Chaotic Markets. Live Webinar July 29, 2010 2:00 3:00 pm EDT Managing Volatility in Chaotic Markets Live Webinar July 29, 2010 2:00 3:00 pm EDT Welcome What is Volatility Volatility in Context Dave Nadig Director of Research IndexUniverse Managing And Capturing

More information

2015 SUMMARY PROSPECTUS

2015 SUMMARY PROSPECTUS DECEMBER 31, 2015 2015 SUMMARY PROSPECTUS ishares MSCI United Kingdom Small-Cap ETF EWUS BATS Before you invest, you may want to review the Fund s prospectus, which contains more information about the

More information

Selecting Appropriate ETFs for Your Portfolio

Selecting Appropriate ETFs for Your Portfolio MARCH 23, 2016 Selecting Appropriate ETFs for Your Portfolio TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion

More information

2015 SUMMARY PROSPECTUS

2015 SUMMARY PROSPECTUS DECEMBER 1, 2015 2015 SUMMARY PROSPECTUS ishares China Large-Cap ETF FXI NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Vanguard U.S. Stock ETFs Prospectus

Vanguard U.S. Stock ETFs Prospectus Vanguard U.S. Stock ETFs Prospectus April 27, 2016 Exchange-traded fund shares that are not individually redeemable and are listed on NYSE Arca Vanguard Total Stock Market Index Fund ETF Shares (VTI) Vanguard

More information

2015 PROSPECTUS. ishares U.S. Preferred Stock ETF PFF NYSE ARCA AUGUST 1, 2015

2015 PROSPECTUS. ishares U.S. Preferred Stock ETF PFF NYSE ARCA AUGUST 1, 2015 AUGUST 1, 2015 2015 PROSPECTUS ishares U.S. Preferred Stock ETF PFF NYSE ARCA The Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the adequacy

More information

Understanding ETF liquidity and trading

Understanding ETF liquidity and trading Understanding ETF liquidity and trading ETF liquidity and trading can seem complex. For example, you may have heard that ETFs with lower average daily trading volumes (ADVs) aren t as liquid as others

More information

2015 SUMMARY PROSPECTUS

2015 SUMMARY PROSPECTUS DECEMBER 31, 2015 (as revised February 2, 2016) 2015 SUMMARY PROSPECTUS ishares MSCI China ETF MCHI NASDAQ Before you invest, you may want to review the Fund s prospectus, which contains more information

More information

2015 PROSPECTUS. ishares North American Tech-Software ETF IGV NYSE ARCA DECEMBER 1, 2015

2015 PROSPECTUS. ishares North American Tech-Software ETF IGV NYSE ARCA DECEMBER 1, 2015 DECEMBER 1, 2015 2015 PROSPECTUS ishares North American Tech-Software ETF IGV NYSE ARCA The Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the

More information

ETF providers panel: A discussion of advisor experiences

ETF providers panel: A discussion of advisor experiences In association with ETF providers panel: A discussion of advisor experiences Moderator: Jonathan Morgan, ASX Panelists: Mark Oliver, BlackRock Amanda Skelly, SSgA Peter Harper, Betashares Paul Chin, Vanguard

More information

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU) ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors

More information

ishares European Landscape For qualified investors in Switzerland only

ishares European Landscape For qualified investors in Switzerland only ishares European Landscape For qualified investors in Switzerland only Agenda 1. ETF market overview 2. ETF usage in the Equity and Fixed Income space 3. ETF trading environment 4. ishares Capital Market

More information

Exchange-Traded Funds

Exchange-Traded Funds Exchange-Traded Funds By Ken Hawkins Investopedia Introduction Exchange-traded funds (ETFs) can be a valuable component for any investor's portfolio, from the most sophisticated institutional money managers

More information

Use this brochure to gain expertise about ETFs that you can communicate to your clients.

Use this brochure to gain expertise about ETFs that you can communicate to your clients. How ETFs work Your clients may have questions about exchange-traded funds (ETFs), such as how they differ from mutual funds, how they re traded and even how they re created. Use this brochure to gain expertise

More information

A Look at Exchange Traded Funds September 16, 2010

A Look at Exchange Traded Funds September 16, 2010 A Look at Exchange Traded Funds September 16, 2010 Exchange traded funds, or ETFs, are one of the fastest growing products in the investment industry. Used by both professional and individual investors,

More information

Exchange Traded Funds (ETFs)

Exchange Traded Funds (ETFs) Exchange Traded Funds (ETFs) Advisers guide to ETFs and their potential role in client portfolios This document is directed at professional investors and should not be distributed to, or relied upon by

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

Smart beta deep dive. Scott Boniferro CFP CIWM FCSI Product Manager, PowerShares October 20, 2015. This presentation was produced by Invesco Canada.

Smart beta deep dive. Scott Boniferro CFP CIWM FCSI Product Manager, PowerShares October 20, 2015. This presentation was produced by Invesco Canada. Smart beta deep dive Scott Boniferro CFP CIWM FCSI Product Manager, PowerShares October 20, 2015 This presentation was produced by Invesco Canada. What is smart beta? 2 What is smart beta? For illustrative

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

SPDR S&P 500 Low Volatility UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted

More information

2015 PROSPECTUS. ishares Cohen & Steers REIT ETF ICF NYSE ARCA AUGUST 31, 2015

2015 PROSPECTUS. ishares Cohen & Steers REIT ETF ICF NYSE ARCA AUGUST 31, 2015 AUGUST 31, 2015 2015 PROSPECTUS ishares Cohen & Steers REIT ETF ICF NYSE ARCA The Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the adequacy

More information

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 400 Mid Cap Value ETF SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional

More information

Value? Growth? Or Both?

Value? Growth? Or Both? INDEX INSIGHTS Value? Growth? Or Both? By: David A. Koenig, CFA, FRM, Investment Strategist 1 APRIL 2014 Key points: Growth and value styles offer different perspectives on potential investment opportunities,

More information

Our verdict is in: Offshore high yield exchange-traded funds don t deliver

Our verdict is in: Offshore high yield exchange-traded funds don t deliver For investment professionals only - not for use by retail investors Our verdict is in: Offshore high yield exchange-traded funds don t deliver November 2014 The explosive growth witnessed by ETFs in the

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

Fixed Income Liquidity in a Rising Rate Environment

Fixed Income Liquidity in a Rising Rate Environment Fixed Income Liquidity in a Rising Rate Environment 2 Executive Summary Ò Fixed income market liquidity has declined, causing greater concern about prospective liquidity in a potential broad market sell-off

More information

ETF trends and market comparison US and Europe

ETF trends and market comparison US and Europe ETF trends and market comparison US and Europe This document is directed at professional investors and should not be distributed to, or relied upon by retail investors. The value of investments, and the

More information

Average Annualized Return as of 11/30/2015 1. YTD 1 Year 3 Years 5 Years

Average Annualized Return as of 11/30/2015 1. YTD 1 Year 3 Years 5 Years Investment Options at a glance Current performance may be lower or higher than performance data shown. Performance data quoted represents past performance and is not a guarantee or prediction of future

More information

Best ETF Trading Practices

Best ETF Trading Practices Presented by QQQ TM Also inside: 2 Why best trading practices matter 3 The value of a pretrade analysis 4 Evaluating ETFs for trading efficiency 5 Mechanics of ETF trades 5 Relationships between ETF trading

More information

ALPS Equal Sector Factor Series ALPS SECTOR LOW VOLATILITY ETF. www.alpsfunds.com 866.759.5679

ALPS Equal Sector Factor Series ALPS SECTOR LOW VOLATILITY ETF. www.alpsfunds.com 866.759.5679 ALPS Equal Sector Factor Series ALPS SECTOR LOW VOLATILITY ETF www.alpsfunds.com 866.759.5679 Why Low Volatility? Historically provides better absolute and risk adjusted returns compared to the broad based

More information

What is the history and global performance of ETFS? What are ETFs? Assets Under Management (AUM) of ETFs: 2001 Q12013

What is the history and global performance of ETFS? What are ETFs? Assets Under Management (AUM) of ETFs: 2001 Q12013 What is the history and global performance of ETFS? Exchange Traded Funds debuted in 1993 when State Street launched the SPDR S&P 500, an equity index fund tracking the S&P 500. Shortly after, ETFs gained

More information

STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently

STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently STRATEGIES FOR USING ETFS Tax Loss Harvesting Investors can sell individual stock positions currently trading below purchase price, realize the loss and maintain similar exposure by purchasing the appropriate

More information

BMO Corporate Bond ETFs

BMO Corporate Bond ETFs For professional investors only Exchange Traded Funds PAGE 1 BMO Corporate Bond ETFs Diversified, global bond exposure ember 20 Contact us Client Services +44 (0) 20 70 4444 client.service@bmogam.com bmogam.com/etfs

More information

Exchange-Traded Funds

Exchange-Traded Funds Exchange-Traded Funds Exchange Traded Funds (ETF s) are becoming popular investment vehicles for many investors. Most ETF s are cost effective, broad market funds. We have put together a layman s explanation

More information

SLVO Silver Shares Covered Call ETN

SLVO Silver Shares Covered Call ETN Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver

More information

Core/Satellite Investing

Core/Satellite Investing For professional investors only Core/Satellite Investing Core/satellite portfolio construction aims to combine the most effective characteristics of index and alpha-generating strategies offering flexibility

More information

Advisors Turn to ETF Managers. Growing Assets and Increasing Client Value

Advisors Turn to ETF Managers. Growing Assets and Increasing Client Value Advisors Turn to ETF Managers Growing Assets and Increasing Client Value Advisor partnerships with ETF managers are on the rise ishares has tracked an increased number of advisors partnering with ETF managers.

More information

2015 PROSPECTUS. ishares Core S&P Total U.S. Stock Market ETF ITOT NYSE ARCA AUGUST 1, 2015

2015 PROSPECTUS. ishares Core S&P Total U.S. Stock Market ETF ITOT NYSE ARCA AUGUST 1, 2015 AUGUST 1, 2015 2015 PROSPECTUS ishares Core S&P Total U.S. Stock Market ETF ITOT NYSE ARCA The Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon

More information

What You Need to Know About the GICS Sector Changes and XLF

What You Need to Know About the GICS Sector Changes and XLF SPDR SPOTLIGHT What You Need to Know About the GICS Sector Changes and XLF by David B. Mazza, Head of Research, Matthew Bartolini, CFA, Research Strategist, and Jared Rowley, CFA, Research Strategist,

More information

J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING.

J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING. J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING. EXCHANGE-TRADED FUNDS ARE CHANGING THE WAY THE WORLD INVESTS and have quickly become one of the most popular

More information

2015 SUMMARY PROSPECTUS

2015 SUMMARY PROSPECTUS DECEMBER 31, 2015 (as revised January 28, 2016) 2015 SUMMARY PROSPECTUS ishares MSCI Israel Capped ETF EIS NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more

More information

Exchange-traded Funds

Exchange-traded Funds Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The

More information

Diversified Managed Allocations

Diversified Managed Allocations Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to

More information

New York s 529 Advisor-Guided College Savings Program

New York s 529 Advisor-Guided College Savings Program New York s 529 Advisor-Guided College Savings Program Transition Guide INHERIT THE THINKING OF J.P. MORGAN Your college savings plan is changing for the better In May 2012, J.P. Morgan will become the

More information

Principles for investment success. We believe you will give yourself the best chance of investment success if you focus on what you can control

Principles for investment success. We believe you will give yourself the best chance of investment success if you focus on what you can control Principles for investment success We believe you will give yourself the best chance of investment success if you focus on what you can control Important information This guide has been produced for educational

More information

Debunking myths about ETF liquidity

Debunking myths about ETF liquidity NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Debunking myths about ETF liquidity May 2015 IN BRIEF Many investors believe that individual stocks and exchange-traded funds (ETFs) share similar liquidity

More information

Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors

Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors March 2015 Important Information This presentation ( Presentation ) has been produced by Magellan Asset Management Limited

More information

SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016

SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 Calvert VP Natural Resources Portfolio Summary Prospectus

More information