{"id":7620,"date":"2016-07-07T06:20:33","date_gmt":"2016-07-07T13:20:33","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7620"},"modified":"2016-07-07T06:20:33","modified_gmt":"2016-07-07T13:20:33","slug":"dissecting-exchange-traded-fund","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/dissecting-exchange-traded-fund\/","title":{"rendered":"Dissecting the Exchange Traded Fund"},"content":{"rendered":"

The Exchange Traded Fund<\/a><\/span><\/strong> marketplace has grown exponentially over the last 10 years. Almost 2,000 ETF\u2019s are currently available with hundreds more in registration. In 2003, there was just over $200 billion dollars invested in these instruments. At the end of 2015 that number approached 3 trillion! Though many investors may be familiar with the features of ETF\u2019s, few understand the mechanics behind how they work. It\u2019s slightly complicated, but worth understanding. Here comes an ETF crash course.<\/p>\n

\"ETF\"<\/a><\/p>\n

What are ETF\u2019s?<\/strong><\/p>\n

The first Exchange Traded Fund \u201cSPY\u201d was created by State Street Global Advisors in 1993. Today this basic S&P 500 index tracking ETF is still the\u00a0largest on the market<\/a><\/span><\/strong>\u00a0with over $180 billion in assets. Similar to mutual funds, Exchange Traded Funds offer investors a proportional share in a pool of stocks, bonds, or other assets. Unlike mutual funds, which are offered through a number of distribution channels, ETF\u2019s trade throughout the day on the secondary market just like a stock. Hence the name \u201cExchange Traded.\u201d<\/p>\n

Mutual funds use forward pricing, which simply means the underlying basket of securities has a Net Asset Value (NAV) that gets calculated once a day. So, when you decide to buy a mutual fund during the day, its price is going to be the NAV at the next computation. An ETF\u2019s NAV changes throughout the day as the underlying stock or bond prices change.<\/p>\n

Their Key Selling Points<\/strong><\/p>\n

    \n
  1. ETFs generally have lower expense ratios, because it costs the fund company less to operate an ETF versus a mutual fund.<\/li>\n
  2. ETFs don\u2019t have to hold cash to pay shareholder redemptions, which means more of your money is invested in the fund rather than sitting in cash. Also, most ETFs rarely issue taxable year-end capital gains distributions.<\/li>\n
  3. ETFs must also disclose all the fund\u2019s holdings on an ongoing basis\u00a0daily, meaning there are no surprises about what you own.<\/li>\n<\/ol>\n

    How do they really work?<\/strong><\/p>\n

    ETF\u2019s gain exposure to the market through a process know as creation\/redemption. It all starts with a ETF provider such as iShares, Vanguard, or State Street deciding to create a fund. They must then assemble the list of underlying securities held inside the product. ETF\u2019s are index-tracking products, so usually the list comes from an index provider like Standard & Poor\u2019s, Russell, MSCI, etc.<\/p>\n

    The next step is to involve large institutional investors or market makers called authorized participants (APs). The APs role is to gather the list of underlying securities on the open market and deliver them back to the ETF provider. The provider then creates blocks know as creation units, generally in the amount of 50,000 shares per unit. Next, the ETF provider reengages the AP to place the units on the open market where retail investors can buy and sell shares.<\/p>\n

     <\/p>\n

    \"ETF<\/a><\/p>\n

    Supply and demand dictates whether units need to be created or redeemed. If units need to be redeemed, the process works the same way in reverse. The AP can remove shares from the market by purchasing enough underlying securities to form a creating unit, delivering it back to the ETF provider in exchange for the same value in the underlying securities of the fund.<\/p>\n

    Wait a minute.<\/strong><\/em> Since ETF’s trade like a stock throughout the day,\u00a0doesn’t\u00a0that mean that prices could rise\u00a0above the value of the underlying securities? The\u00a0answer\u00a0is yes. However, when this happens the AP has\u00a0the\u00a0ability\u00a0to\u00a0take action. If they see that an ETF is overpriced, the AP can purchase the underlying securities that make up the ETF and subsequently sell some of the ETF shares it holds on the open market. This process known as\u00a0arbitrage<\/a><\/span><\/strong>\u00a0represents a sort of a symbiotic relationship that keeps ETF share prices trading in line with the fund\u2019s underlying NAV.\u00a0The AP is motivated to take action\u00a0because\u00a0of the risk free profit\u00a0they\u00a0receive. The physical action of selling ETF shares can help to push current trading prices back in line with NAV. Both ETF and AP benefit.<\/p>\n

    Why are ETF\u2019s tax efficient?<\/strong><\/p>\n

    A couple of reasons:<\/p>\n

      \n
    1. They\u2019re index tracking products that have very low turnover. The turnover that you should expect to see would be the turnover associated with the index itself. When an index reconstitutes, meaning new companies are added or subtracted from the index, the ETF must follow suite.<\/li>\n
    2. They trade like a stock. When a mutual fund owner wants to sell, the fund must then liquidate securities to raise money for the redemption. ETF\u2019s are different. Each ETF share that an investor owns has its own unique cost basis just like a stock.<\/li>\n<\/ol>\n

      The creation redemption process allows the shareholders basis to remain intact. Owning a share is like owning your own fractional bundle of underlying securities that you can buy and sell on the open market. What\u2019s the major difference from a mutual fund? When the fund manager decides to sell company XYZ, everyone sells it at the funds basis, and everyone shares in the capital gains or losses resulting from that sale.<\/p>\n

      Things to Consider<\/strong><\/p>\n

      Investors often use them to speculate:<\/strong><\/p>\n

      I’m in favor of using ETF’s in a buy and hold approach\u00a0for\u00a0disciplined\u00a0investors. Unfortunately, their low cost and ease of trading make ETF’s fashionable vehicles for market timing. It’s the primary reason why most investors who invest in a specific ETF\u00a0don’t actually achieve the same level of overall return<\/a><\/span><\/strong>. Vanguard founder, John Bogle has been very vocal on the topic for years. In his own words, “We just haven’t seen the collective ability to resist the urge to trade.”\u00a0In contrast, mutual funds don’t eliminate this urge, but because they don’t trade throughout the day, you could argue this behavior is less encouraged.<\/p>\n

      Some do have turnover:<\/strong><\/p>\n

      Most ETF\u2019s have very low turnover because frankly, most indexes have very low turnover. However, when it comes to bond ETF\u2019s, because the turnover tends to be higher due to the maturity constraints of an underlying index, you tend to see more buying and selling. You don\u2019t see a whole a lot of ETF\u2019s producing capital gains, but when you do, they usually come from bond ETF\u2019s.\u00a0Additionally, we are starting to see some more elaborate indexes, such as momentum tracking indexes, which require frequent reconstitution in an effort to capture a never changing subset of underlying companies. The regular shuffling of companies in and out also increases turnover potentially throwing off capital gains to investors.<\/p>\n

      The Reconstitution Effect:<\/strong><\/p>\n

      Admittedly, this is an issue for index investing in general, but since ETF’s are most often\u00a0public index tracking\u00a0instruments, they may also be\u00a0subject\u00a0to the effect. In short, the goal of any index tracking\u00a0fund is to track the underlying index as\u00a0closely\u00a0as possible. Therefore, when the index decides to add or\u00a0subtract a company, so too must the fund. The issue is the fund\u00a0publicly\u00a0announces which companies are to be\u00a0added and subtracted well in advance of doing so. The effect is increased trading\u00a0volume\u00a0in those companies to be\u00a0added,\u00a0thereby\u00a0increasing the price at which the fund needs to buy them prior to it doing so. The same hold true for companies that are slated to exit the index. The fund may be forced to sell them at a depressed price due to heavier selling volume from investors in anticipation of the exit. Though this inherent\u00a0inefficiency\u00a0represents, what most academics consider, a modest return lag, it is certainly worth noting.<\/p>\n

      What does the future hold for ETF’s?<\/strong><\/p>\n

      While traditional open end mutual funds still have the lions share of assets it\u2019s clear, exchange traded funds are widely popular.\u00a0As more and more investors turn to index style investing partly due to the realization that the vast majority of\u00a0active fund managers fail over long periods of time<\/a><\/strong><\/span>,\u00a0my guess is their extraordinary growth will persist. The one thing that\u2019s difficult to quantify is investor behavior. How much of the near $3 billion dollars invested in ETF\u2019s is representative of buy and hold long-term investors? How much is represented by speculative day traders?<\/p>\n

      Despite their popularity, few investors still really understand how ETF’s work, what makes them tax efficient, how they are created, how they are redeemed, etc.\u00a0I hope this column helps to further the understanding of these easily marketed products, their benefits, and drawbacks. At the end of the day, as with any investment vehicle, prudence should always dictate their usage. Building a well diversified portfolio from the thousands of solutions available requires a degree of skill, diligence and discipline no matter the instrument.<\/p>\n

      To learn more about Timothy Baker, view his Paladin Registry research report<\/a><\/span>. \u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

      The Exchange Traded Fund marketplace has grown exponentially over the last 10 years. Almost 2,000 ETF\u2019s are currently available with hundreds more in registration. In 2003, there was just over $200 billion dollars invested in these instruments. At the end of 2015 that number approached 3 trillion! Though many investors may be familiar with the features of ETF\u2019s, few understand the mechanics behind how they work. It\u2019s slightly complicated, but<\/p>\n","protected":false},"author":92,"featured_media":7628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-7620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"\nDissecting the Exchange Traded Fund<\/title>\n<meta name=\"description\" content=\"The Exchange Traded Fund marketplace has grown exponentially. 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