The Australian ETF Guide

Inhaltsverzeichnis

Introduction: Why ETFs are an investor's best friend xxi

STEP 1 Appreciating the importance of good investments 1

We're getting older and living longer. ...2
Achieving reliable investment returns remains difficult 3
Pensions and super concessions could be cut 5
Running an SMSF can be costly and complex 7
Many investors still don't use ETFs 15

STEP 2: Understanding what ETFs are and how to use them 19

What am I investing in? The three key features of an ETF 20
ETF's Unique Structure 21
Other ETF Benefits 25
Cost 26
Diversification 29
Liquidity 30
Fair Value 30
Asset Backing Security 31
Tax Advantages 31
Transparency 34
Survivorship Bias 34
ETF Concerns/Trading Tips 35
ETFs, ETPs, ETCs, and Exchange Traded Managed Fund 35
ETFs 36
Structured Products 38
Managed Funds 39
Tracking Error 40
Spot vs. Futures Prices 42
Issuer Risk 44
Counterparty Risk 45
Liquidity and Bid-Offer Spreads 48
Where can you find the Intra-Day NAV? 50
Top tips on buying ETFs 51
Currency Exposure 52
International Taxation 54
Market Pricing and International Time Zones 56

STEP 3: Knowing what ETFs are available in Australia 59

Global backdrop 60
Australian Market Overview 61

Australian Equity ETFs 66
Large Cap Weighted Australian Equity 66
Small Cap Australian Equity 70
Equal or Fundamentally-Weighted Australian Equity ETFs 73
Australian Sector ETFs 77
Ethical ETFs 80
Bear (or Short) Funds 81
Geared Funds 84
Managed Risk ETPs 89
High Yield ETPs 90
BetaShares' Covered Call Strategy 93
BetaShares Dividend Harvester Fund 95
Aurora Dividend Income Trust 98
Other "Strategic" or actively managed funds 99

International Equity ETPs 100
A Word on Currency Hedging 100
Global vs. Australian Performance 102
Broad (Developed Country) International ETPs 103
Alternative weights 106
Income Focused 107
Actively Managed 107
Managed Risk 108
World Ex-USA 109
United States 109
S&P 500 Index 110
Income Focused 112
Other US Equity Indices 113
Bear and Gear Funds 114
Asian Equity ETFs 114
Europe 116
Emerging Markets 117
Global Sector ETFs 120

Australian Fixed Income ETFs 122
Bond Market Basics 122
Bloomberg Composite Australian Bond Index 125
Bond Market ETFs 127
Corporate Bond Risk and Return 130
Indexed Bond ETFs 133
International Bond ETFs 136
Cash ETFs 139

Commodity ETPs 140
Broad Commodity ETPs 141
Gold ETFs 142
Other Commodity ETPs 144
Synthetic ETFs vs Structured Products 145
Hedged vs. Non-Hedged Commodity ETFs 147
Futures vs Spot Prices 148

Foreign Currency ETFs 150

STEP 4: Developing ETF Investment Strategies................. 153

Diversification within a Single Asset Class 154
Multi-Asset Class Portfolio 158
Strategic Asset Allocation 162
Tactical Asset Allocation 163
Fundamental or Valuation based strategies 164
Momentum & Trend based strategies 168
A simple momentum and trend-based rotation strategy 170
Some caution on momentum models 172
Core/Satellite Investment Portfolios 175
Passive vs. Active Managed Funds 176

Equity Market Tilts 178
Trade Market Views with a Market ETF 178
Thematic Equity Tilts 181
Financials vs. Resources 181
High Dividend Stocks 183
Small vs. Large Caps 184
Domestic vs. International Equities 185
Emerging markets 187
China 188
Global Sectors 189
NASDAQ-100 Index 190

Bond Market Tilts 191
Corporate vs. Government Bonds 191
Nominal vs. Inflation Protected Bonds 193
Local vs. International 195

Ad-Hoc Strategies 196
Cash Equitisation 196
Tax Loss Harvesting 196

Conclusion 199

Portrait

David Bassanese is one of Australia's leading economic and financial market analysts. He is Chief Economist of BetaShares, one of Australia's leading managers of exchange traded funds. David is a former senior financial columnist of The Australia Financial Review newspaper, and interest rate strategist with Macquarie Bank. He is also a former Federal Treasury and OECD economist, and a graduate of Harvard and Adelaide Universities.

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