Understanding Exchange-Traded Funds (ETFs) A guide to TD Asset Management Inc. s (TDAM) ETF solutions
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1 Understanding Exchange-Traded Funds (ETFs) A guide to TD Asset Management Inc. s (TDAM) ETF solutions
2 Understanding ETFs Investment in exchange-traded funds (ETFs) has boomed in recent years, with the growth rate for ETFs outpacing the growth of conventional mutual funds. However, many investors are still in the dark when it comes to understanding ETFs.
3 ETFs can help provide investors with the exposure needed to build a well-diversified investment portfolio at costs that approach what have historically been available only to large institutional investors. Their liquidity, accessibility and transparency all build on the benefits of mutual fund investing, and have made ETFs an increasingly popular investment option with both investment advisors and individual investors.
4 UNDERSTANDING ETFS What is an ETF? An ETF is a specific type of mutual fund. Like a conventional mutual fund, an ETF pools the money of many individual investors with similar investment goals and uses it to buy a variety of investments which are combined in a portfolio. The main difference between ETFs and conventional mutual funds is the way investors buy or sell units of the fund. The exchange-traded part of the name indicates that ETF units are bought and sold through a broker on a stock exchange (like the Toronto Stock Exchange, for example) the same way stocks are, while units of a traditional mutual fund are bought and sold through a mutual fund dealer.
5 The investments within an ETF are primarily determined by the investment objective and strategy of the fund. Common asset classes ETFs may invest in include equities (stocks) or fixed income (bonds). Some ETFs may also invest in commodities (like oil, natural gas or gold) or use other specialized types of investments (like derivatives) to try to achieve a particular investment objective or strategy. The vast majority of ETFs seek to track a benchmark and many aim to replicate the returns of well-known indices. These indices cover a broad cross selection of securities and are designed to measure the change in the particular market they cover.
6 UNDERSTANDING ETFS Why use ETFs? Diversification Like most mutual funds, ETFs offer access to a diversified portfolio of securities that the average investor would have a difficult time acquiring by themselves due to the time, expertise and costs involved in doing so. ETFs that track broad market indices usually have hundreds or sometimes even thousands of securities. Diversification, however, does not protect you if the general market goes down, but it does reduce the risk that any one individual security will have a material negative impact to your investment portfolio. Lower fees The ongoing management fee of an ETF is generally lower than the cost of a conventional mutual fund. Investors are usually charged a fee (commission) by their broker each time they buy or sell an ETF. Transparency Many ETFs publish their portfolio of underlying securities daily. This means you can easily determine what underlying securities you own when you purchase a particular ETF investment. Trading flexibility Because ETFs trade on a stock exchange, an investor can buy or sell units of the ETF throughout the day, whenever the stock market is open. ETFs also have the same flexibility in trading as stocks do meaning you can put special stock trading stop, limit and shortselling orders on an ETF. Keep in mind that a unit of an ETF, like a stock or bond that can fluctuate in value, will fluctuate along with the change in the value of the ETF s underlying holdings.
7 UNDERSTANDING ETFS What are the costs associated with investing in ETFs? Management fees and operating expenses: ETFs charge a management fee and have certain operating costs and expenses associated with the ongoing operation and administration of the ETF. Added together these fees are known as the management expense ratio (MER), which is expressed as a percentage of the ETF s total assets. Commissions or trading fees: ETFs are often subject to brokerage commissions or fees charged by the broker whenever units of the ETF are purchased or sold. Bid-ask spreads: Units of ETFs trade on the stock market just like equities, at a price near that of their underlying securities. Like equities, units of ETFs trade within a bid and ask spread (the prices at which people are willing to buy and sell). This difference between the buy and sell prices is known as the bid-ask spread. The size of bid-ask spreads tends to be related to supply and demand for the ETF and the liquidity of the ETFs underlying investments, with more liquid underlying investments generally leading to narrower bid-ask spreads. At times, the bid-ask spread can be wide on units of an ETF. If an investor were to buy units of an ETF and then immediately sell them the bid-ask spread is a transaction cost to buy and sell those units at that point in time. In practice, the bid-ask spread can change over time and depending upon the particular ETF s bid-ask spread and an investor s individual circumstances, such as how long they choose to hold ETF units, the bid-ask spread may or may not be a material cost to consider. UNDERSTANDING ETFS How are ETFs bought and sold? To purchase and hold units of ETFs, investors need to have a brokerage account. Within a full service brokerage, investors work with an investment advisor. Alternatively, investors can buy units of ETFs through a discount brokerage where they hold the responsibility to manager their own investments.
8 ETFs at TDAM TDAM has been managing passive investment solutions for over 30 years and manages over $100 million of ETF assets on behalf of its clients 1. Our extensive experience helps to provide efficient implementation, minimal tracking variances and offers clients access to a broad selection of ETFs, all at a low cost. 1 Assets as at September 30, 2017.
9 ETFS AT TDAM TDAM s Index ETFs TDAM offers a selection of six ETFs which aim to track broad market indices. They are suitable for medium to long-term investors who are comfortable with the ups and downs of the markets. Asset Class Symbol Fund Name Benchmark Inception Date Management Fee MER Canadian Fixed Income TDB TD Canadian Aggregate Bond Index ETF S&P Canada Aggregate Bond index 22-Mar % 0.11% Canadian Equity TTP TD S&P/TSX Capped Composite Index ETF S&P/TSX Capped Composite index 22-Mar % 0.08% U.S. Equity TPU TD S&P 500 Index ETF S&P 500 index 22-Mar % 0.11% U.S. Equity (currency hedged) THU TD S&P 500 CAD Hedged Index ETF S&P 500 CAD Hedged index 22-Mar % 0.11% International Equity TPE TD International Equity Index ETF S&P EPAC Ex-Korea LargeMidCap index 22-Mar % 0.20% International Equity (currency hedged) THE TD International Equity CAD Hedged Index ETF S&P EPAC Ex-Korea LargeMidCap CAD Hedged index 22-Mar % 0.20% (as of June 30, 2017)
10 ETFS AT TDAM TDAM s Managed ETF Portfolios TD Managed ETF Portfolios are all-in-one solutions with specific investment strategies designed for various risk tolerances and investment goals. They combine several individual TD ETFs that vary in strategic allocation within a single solution that are rebalanced to strategic weights automatically, with the goal of providing balanced and diversified portfolios. TD Managed ETF Portfolios differ from conventional ETFs in that they invest in a basket of underlying ETFs and they are purchased and redeemed like regular (non-exchange traded) mutual funds. TDAM offers the following five TD Managed ETF Portfolios: TD Managed Income & Moderate Growth ETF Portfolio Fund Code: TDB3176 Built with a slightly higher exposure towards fixed income than equities, the Portfolio seeks to generate a reasonable rate of income while also providing the opportunity for moderate capital growth. Benchmark: 55% S&P Aggregate Bond index 15% S&P/TSX Capped Composite index 18% S&P 500 (C$) 12% S&P EPAC Ex-Korea LargeMidCap CAD index 2 3 TD Managed Balanced Growth ETF Portfolio Fund Code: TDB3177 Constructed using a blend of equities and fixed income, the Portfolio seeks to provide long-term capital appreciation and the opportunity for income. 1 TD Managed Income ETF Portfolio Fund Code: TDB3175 Constructed with an emphasis on fixed income over equities, the Portfolio seeks to generate a moderate level of income while preserving investment capital and liquidity. Benchmark: 70% S&P Aggregate Bond index 10% S&P/TSX Capped Composite index 12% S&P 500 (C$) 8% S&P EPAC Ex-Korea LargeMidCap CAD index Benchmark: 40% S&P Aggregate Bond index 20% S&P/TSX Capped Composite index 24% S&P 500 (C$) 16% S&P EPAC Ex-Korea LargeMidCap CAD index Increase in Risk (Bottom to top) Low Returns Increase in Returns (Left to right)
11 5 4 TD Managed Maximum Equity Growth ETF Portfolio Fund Code: TDB3179 Crafted to find potential opportunities throughout the world with up to 100% equity exposure, the Portfolio seeks to generate longterm capital growth. TD Managed Aggressive Growth ETF Portfolio Fund Code: TDB3178 Engineered with a greater emphasis on equities and some exposure to fixed income, the Portfolio aims to generate long-term capital growth with the added potential for earning a modest level of income. Benchmark: 34% S&P/TSX Capped Composite index 40% S&P 500 (C$) 26% S&P EPAC Ex-Korea LargeMidCap CAD index Benchmark: 20% S&P Aggregate Bond index 27% S&P/TSX Capped Composite index 32% S&P 500 (C$) 21% S&P EPAC Ex-Korea LargeMidCap CAD index Increase in Risk (Bottom to top) Low Returns Increase in Returns (Left to right) Applicable to all TD Managed ETF Portfolios: Inception Date MER Minimum Investment Minimum Subsequent Investment Minimum Pre-authorized Purchase Plan Amount TD ETFs Potentially Used March % $2, $ $25.00 TDB - TD Canadian Aggregate Bond Index ETF TTP - TD S&P/TSX Capped Composite Index ETF TPU - TD S&P 500 Index ETF TPE - TD International Equity Index ETF Fixed Income Equity (as of June 30, 2017)
12 For more information about TDAM s ETF solutions, please go to tdassetmanagement.com or talk to your advisor/financial planner. The information contained herein has been provided by TD Asset Management Inc. and is for information purposes only. The information has been drawn from sources believed to be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual s objectives and risk tolerance. Certain statements in this document may contain forward-looking statements ( FLS ) that are predictive in nature and may include words such as expects, anticipates, intends, believes, estimates and similar forwardlooking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest and foreign exchange rates, equity and capital markets, the general business environment, assuming no changes to tax or other laws or government regulation or catastrophic events. Expectations and projections about future events are inherently subject to risks and uncertainties, which may be unforeseeable. Such expectations and projections may be incorrect in the future. FLS are not guarantees of future performance. Actual events could differ materially from those expressed or implied in any FLS. A number of important factors including those factors set out above can contribute to these digressions. You should avoid placing any reliance on FLS. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds (ETFs). Please read the prospectus and summary document(s) before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. The S&P 500 index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by TDAM. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TDAM. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in the fund nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 index. The S&P 500 CAD Hedged index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by TDAM. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TDAM. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in the fund nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 CAD Hedged index. The S&P EPAC Ex-Korea LargeMidCap index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by TDAM. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TDAM. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in the fund nor do they have any liability for any errors, omissions, or interruptions of the S&P EPAC Ex-Korea LargeMidCap index. The S&P EPAC Ex-Korea LargeMidCap CAD Hedged index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by TDAM. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TDAM. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in the fund nor do they have any liability for any errors, omissions, or interruptions of the S&P EPAC Ex-Korea LargeMidCap CAD Hedged index. The S&P Canada Aggregate Bond index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by TDAM. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TDAM. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&Por their respective affiliates and none of such parties make any representation regarding the advisability of investing in the fund nor do they have any liability for any errors, omissions, or interruptions of the S&P Canada Aggregate Bond index. The S&P/TSX Capped Composite index is a product of S&P Dow Jones Indices LLC and/or its affiliates ( SPDJI ) and TSX Inc., and has been licensed for use by TDAM. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and TSX is a trademark of TSX Inc. These trademarks have been licensed for use to SPDJI and sublicensed for use for certain purposes by TDAM. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or TSX Inc. and none of such parties make any representation regarding the advisability of investing in the fund nor do they have any liability for any errors, omissions, or interruptions of the S&P/TSX Capped Composite index. TD ETFs are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank. All trademarks are the property of their respective owners. The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
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