Accessing the U.S. market through ETFs
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1 Accessing the U.S. market through ETFs Brian Roberts Vanguard Investments Hong Kong Limited 9 Jul 2015 For professional institutional use investors only. Not use for only. public Not distribution. for public distribution.
2 Probability U.S. growth outlook: Modest cyclical thrust above low 2%-trend Vanguard s 2015 U.S. growth outlook ( %) Estimated distribution of growth outcomes 30% Odds of a slowdown 33% Trend growth 2.1% Odds of an acceleration 45% 22% 21% 20% 16% 17% 14% 10% 10% 0% Recession: Less than 0.5% Stagnation: 0.5 to 1.5% Status Quo: 1.5% to 2.5% Cyclical Rebound: 2.5% to 3.5% Robust Growth: 3.5% to 4.5% Overheating: More than 4.5% Note: Distribution of growth outcomes generated by bootstrapping the residuals from a regression based on a proprietary set of leading economic indicators and historical data, estimated from 1960 to 2014 and adjusting for the time-varying trend growth rate. Trend growth represents projected future estimated trend growth. Source: Vanguard calculations, based on data from U.S. Bureau of Economic Analysis and Federal Reserve. 2
3 S&P 500 index is an effective proxy for the US broad market Sector difference relative to S&P US BMI Rolling correlations with S&P US BMI 1.50% 1.20% % 0.50% 0.62% 0.42% 0.73% 0.23% % -0.50% -0.35% -0.03% % -0.75% -0.72% % -1.35% 12 mo. rolling correlation 36 mo. rolling correlation Rolling 12-month returns 80% 60% 40% 20% 0% -20% -40% -60% Jun-91 Jun-93 Jun-95 Jun-97 Jun-99 Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 S&P 500 S&P US BMI Source: Vanguard calculations using data from Morningstar and Factset, data as at 31 May S&P US BMI = S&P US Broad Market Index. 3
4 Considerations for non-u.s. investors accessing the U.S. market through ETFs S&P 500 ETF (VOO)* Listed: NYSE S&P 500 ETF (VUSD)* Listed: LSE S&P 500 ETF (3140) Listed: HKEx AUM: $32.6 billion TER: 0.05% 30-day average spread: 1 bp Distribution withholding: 30% ADV: 1,335,237 shares AUM: $11.4 billion TER: 0.07% 30-day average spread: 4 bps Distribution withholding: 15% ADV: 939,036 shares AUM: $10 million TER: 0.25% 30-day average spread: 25 bps Distribution withholding: 30% ADV: 104,289 shares Trading currency: USD Trading hours: 9:30pm to 4:00am (following day) HKT Trading currency: USD, EUR, GBP, CHF Trading hours: 3.00pm to 11.30pm HKT Trading currency: HKD Trading hours: 9:30am to 4:00pm HKT Advantages: Generally, the lowest expense ratio and tightest spread Advantages: Competitive expense ratio and spread Potentially favorable tax treatment for U.S. equity products Advantages: Trade in HKD no FX conversion costs Can be accessed through every retail brokerage account Execute transaction during Asian trading hours Considerations: Trade during U.S. hours Potentially the highest tax drag for non-u.s. investors Considerations: Trade during European hours FX costs to convert to traded currency Considerations: May be higher expense ratio and wider spread *Not authorised by SFC and not available for the public in Hong Kong. 4
5 Important information S&P 500 ETF (VOO) and S&P 500 ETF (VUSD) (the funds ) mentioned in this document are only available to and the information contained in this document is for the use of professional investors in Hong Kong only. The funds are or are intended to be disposed of only to professional investors. There are processes in place within the relevant Vanguard Entities (as defined below) to ensure the funds are made available for professional investors in Hong Kong only in accordance with the applicable laws, regulations or codes in Hong Kong. As such, the information in this document is not approved by the Securities and Futures Commission ( SFC ) under the Securities and Futures Ordinance (Cap. 571) ( SFO ) or the Companies (Winding-up and Miscellaneous Provisions) Ordinance (Cap. 32) and shall not be distributed or disseminated to non-professional investors in Hong Kong or to anyone in any other jurisdiction in which such distribution or dissemination is not authorised by the applicable law or regulation in Hong Kong. Professional investor has the meaning given to that term in Part 1 of Schedule 1 to the SFO. The contents of this document and any attachments/links contained in this document are for general information only and are not advice. The information does not take into account your specific investment objectives, financial situation and individual needs and is not designed as a substitute for professional advice. You should seek independent professional advice regarding the suitability of an investment product, taking into account your specific investment objectives, financial situation and individual needs before making an investment. The contents of this document and any attachments/links contained in this document have been prepared in good faith. The Vanguard Group, Inc., and all of its subsidiaries and affiliates (collectively, the Vanguard Entities ) accept no liability for any errors or omissions. Please note that the information may also have become outdated since its publication. The Vanguard Entities make no representation that such information is accurate, reliable or complete. In particular, any information sourced from third parties is not necessarily endorsed by the Vanguard Entities, and the Vanguard Entities have not checked the accuracy or completeness of such third party information. This document contains links to materials which may have been prepared in the United States and which may have been commissioned by the Vanguard Entities. They are for your information and reference only and they may not represent our views. The materials may include incidental references to products issued by the Vanguard Entities. The information contained in this document does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The Vanguard Entities may be unable to facilitate investment for you in any products which may be offered by The Vanguard Group, Inc. No part of this document or any attachments/links contained in this document may be reproduced in any form, or referred to in any other publication, without express written consent from the Vanguard Entities. Any attachments and any information in the links contained in this document may not be detached from this document and/or be separately made available for distribution. The Vanguard S&P 500 Index ETF concentrates its investment in the U.S. securities market which may involve a higher level of risks compared to investing in a more diversified portfolio/ strategy and a greater risk of loss than investing in other markets and may result in a higher risk of loss to the ETF. The fund seeks to track the performance of the S&P 500 Index, before deduction of fees and expenses. It also employs a passively managed, full-replication strategy to gain exposure to the large-cap equity market in the U.S. 5
6 Important information This document is being made available in Hong Kong by Vanguard Investments Hong Kong Limited (CE No.:AYT820), a Hong Kong company licensed with the Securities and Futures Commission ("SFC") in Hong Kong. Investment involves risks, including the loss of principal. Investors are advised to consider their own investment objectives and circumstances in determining the suitability of an investment in the ETF(s). If you are in any doubt, you should seek professional advice. Investors should refer to the ETF(s) prospectus for further details, including product features, risk factors and restrictions on owning and holding the ETF(s). Investors should not base investment decisions on this document alone. Further details of the ETF(s) can be found at The ETF(s) is traded on the HKEx at market price, which may be different from its net asset value. Past performance is not an indication of future performance. The contents of this document have not been reviewed by the SFC and SFC authorisation is not an official recommendation of the ETF(s). This document does not constitute an offer, an invitation to offer or a recommendation to enter into any investment products. In China, the information contained in this document does not constitute a public offer of any investment products in the People s Republic of China (the PRC ). No Vanguard fund is being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of Vanguard funds or any beneficial interest therein without obtaining all prior governmental approvals that are required by the PRC, whether statutorily or otherwise. Persons who come into possession of this document are required by the issuer to observe these restrictions. In Taiwan, Vanguard funds are not registered and may not be sold, issued or offered. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of any Vanguard funds in Taiwan Vanguard Investments Hong Kong Limited. All rights reserved. 6
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