Exchange Traded Fund as an Investment Tool. 11 June 2011
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1 Exchange Traded Fund as an Investment Tool 11 June 2011
2 Contents Brief History about ETF ETF Basics ETF Features ETF Structure ETF Industry Shariah ETF Features of Shariah ETF Application of ETF Why ETF 2
3 Brief History about ETF
4 Brief History about ETF 1989 Toronto Stock Exchange, first commercially successful ETF 1993 first ETF listed on US Stock Exchange SPDR S&P tracker fund Hong Kong Malaysia first ETF (bond) in 2005, ETF equity in 2007 Currently, global ETF NAV stood at US$1.3 trillion across 2,675 ETFs 4
5 ETF Basics
6 Exchange Traded Fund Basics What is an Exchange Traded Fund? An ETF is a unit trust fund that is listed and traded on a stock exchange An ETF invests in underlying securities of a benchmark index with the objective of tracking the performance of that index The benchmark Index is selected by the manager of the ETF based on the asset class/geographical market that the ETF is intended to track 6
7 ETF Features
8 ETFs vs. Stocks vs. Unit Trust Funds ETFs Stocks Unit Trust Funds Management Style Passive Active Active & Passive Diversification Yes No Yes Real-time dissemination Yes (Trading Hours) Yes (Trading Hours) No (After 5pm) Trade via Broker Broker Agent Purchase T+3 T+3 Immediate Settlement Minimum 100 units based 100 shares based RM200-RM1000* Investment on market price on market price *Typical minimum size for actively managed equity funds 8
9 Benefits of Investing in ETF (1) Low Transaction Costs Brokerage commission, stamp duty and clearing fee No sales charge or front-end fee Risk Management / Diversification Simultaneous exposure to basket of securities Transparency Constituent stocks, indicative NAV, unit price are readily available 9
10 Benefits of Investing in ETF (2) Tradeability / Liquidity Units traded anytime during trading hours of the exchange Low Expense Ratio Less frequent transactions in portfolio Lower management fee for passive management Convenience / Accessibility Multiple investments in a single transaction Relatively low minimum capital outlay Exchangeable Via creation and redemption exercise (subject to the ETF s features) 10
11 Convenience & Accessibility (Illustration) MyETF-DJIM25 Transaction Charges (RM) Gross Cost^ Brokerage Charges Clearing Fee* Stamp Duty Stocks Transaction Charges (RM) Gross Cost^ 19, Brokerage Charges 1, Clearing Fee* Stamp Duty TOTAL COST RM TOTAL COST RM20, ^ Based on 1 board lot (100 shares) x Market Price as at 31 May 2011 Maximum brokerage charge of 0.70% per contract value and a minimum of RM40.00 brokerage charge per contract * Clearing fee of 0.03% of transaction value, maximum of RM1, and a minimum of RM10.00 per contract. Stamp duty of RM1.00 for RM1, or fractional part of value of securities, maximum RM200 per contract. Investment in MyETF-DJIM25 provides cost-effective portfolio diversification to investors 11
12 Risks of Investing in an ETF Market Risk Performance of ETF or its underlying securities may be adversely affected by economic, political or other issues Tracking Error ETF performance may not closely track performance of underlying benchmark index Discount or Premium ETF unit price on the exchange may be at discount or premium to its NAV Manager Discretion/Skill Manager may fail to manage ETF in line with its objectives 12
13 How to Invest in ETF Participating Dealers (Primary Market) Usually financial market intermediaries, e.g. investment banks Investors may participate via the creation of new units through the appointed participating dealers at NAV (subject to minimum size) Stock Exchange (Secondary Market) Listed on Bursa Malaysia Securities (or other stock exchange) Similar to trading in stocks/shares Investor to have a Central Depository System (CDS) Account and a Trading Account with a broker Market price changes throughout the day 13
14 ETF Structure
15 Process Flow of Islamic ETF Shariah Adviser/Committee advisory on Shariah matters basket of securities in-kind creation Manager Islamic ETF new ETF units Trustee existing ETF units basket of securities in-kind redemption Investors ETF units Participating Dealers basket of securities buy ETF units sell ETF units basket of securities in-kind creation new ETF units existing ETF units basket of securities in-kind redemption Stock Exchange buy /sell ETF units buy /sell basket of securities Liquidity Providers 15
16 Perfect Basket In-kind Creation / Redemption Basket ( Perfect Basket ) A Perfect Basket is a portfolio of securities and cash component (if any) where each security s weight is the same or substantially the same as that in the benchmark index This perfect basket is delivered / received by an investor pursuant to a creation / redemption application The perfect basket is determined by the Manager on daily basis 16
17 Illustration - MyETF s Perfect Basket
18 In-Kind Creation and Redemption Creation Delivery of shares of underlying stocks in the basket by Participating Dealer in exchange for new ETF units There is minimum creation size in terms of number of ETF units, or creation unit block Number of ETF units in circulation will increase Redemption Delivery of ETF units by Participating Dealer in exchange for shares of underlying stocks in the basket There is minimum redemption size in terms of number of ETF units, usually the same as creation unit block Number of ETF units in circulation will decrease 18
19 Fees & Expenses Typical fees & expenses charged to an ETF: Management fee paid to ETF Manager/Issuer Trustee fee Licence fee paid to Index Licensor, i.e. index provider Audit and tax agent s fees Administrative expenses e.g. for printing of Fund s annual reports 19
20 Performance Measurement of ETFs Tracking Error Most relevant performance measure for ETF Reflects the difference between the performance of the ETF and the performance of the benchmark index Objective is to minimise Tracking Error (in other words, to achieve high positive correlation) Tracking Error may result from: Fees (e.g. manager, trustee) and expenses (e.g. rebalancing) Dividends The Manager may judiciously rebalance the portfolio to improve correlation or to rectify the divergence (i.e. Tracking Error), if any 20
21 ETF Industry
22 Malaysian ETF Industry Fund Name Listing Date Fund Size* ABF Malaysia Bond Index Fund Jul 18, 2005 RM581.01m FTSE Bursa Malaysia KLCI ETF Jul 2, 2007 RM3.93m MyETF Dow Jones Islamic Market Malaysia Titans 25 Jan 31, 2008 RM593.96m CIMB FTSE ASEAN 40 MALAYSIA Jul 9, 2010 RM12.61m CIMB FTSE CHINA 25 Jul 9, 2010 RM20.51m * As at 31 May 2011 ETF is still a relatively new investment tool in Malaysia Regulators (SC and Bursa) are very keen to develop ETF industry in the country primary and cross listings, in RM and foreign currencies 22
23 Shariah ETFs
24 MyETF-DJIM25
25 MyETF-DJIM25 (1) Listed on Main Market of Bursa Securities on 31 January st Shariah ETF listed in Asia and largest Shariah ETF in the world to date (NAV: RM615mil / US$195mil as at 30 November 2010) National ETF with seven (7) Government-linked investment companies (GLICs) seeding the underlying basket of securities during initial subscription period Received Honourable Mention in two categories (Equity Deal of the Year & Malaysia Deal of the Year) in Islamic Finance news Deals of the Year 2008 Awards 25
26 MyETF-DJIM25 (2) The Fund Benchmark Investor Profile Investment Objective Investment Strategy MyETF-DJIM25 FUND INFORMATION Dow Jones Islamic Market Malaysia Titans 25 (DJIM25) Index Suitable for both institutional and retail investors as the Fund invests in securities of a diversified range of companies. Also suitable for investors seeking Shariah compliant investment. The Fund is designed to provide investment results that closely correspond to the performance of the Benchmark Index, regardless of the Index s performance The Manager will seek to track the performance of the Benchmark Index by investing all, or substantially all, of the Fund s assets in the constituents of the Benchmark Index in substantially the same weightings as they appear on the Benchmark Index. 26
27 MyETF-DJIM25 (3) FUND INFORMATION Asset Allocation Equity (Index Shares) : At least 90% Cash / Cash equivalents : Not more than 10% Main Risks Distribution Policy Annual Fees (charged to the Fund) Market Volatility Tracking Error Liquidity Trading Discount / Premium Cash distributions (if any) are to be made semi-annually subject to compliance with the relevant guidelines Management Fee: 0.40% Trustee Fee: 0.05% License Fee: 0.04% Other Fees: 0.05% (Up to) Total Fees 0.54% (Up to) 27
28 MyETF-DJIM25 (4) Top 10 Constituents of the Fund as at 31 May 2011 STOCK CODE SHARES 4197 SIME DARBY BERHAD 5183 PETRONAS CHEMICALS GROUP BERHAD 1961 IOI CORPORATION BERHAD 6012 MAXIS BERHAD 2445 KUALA LUMPUR KEPONG BERHAD 6947 DIGI.COM BERHAD 5398 GAMUDA BERHAD 3816 MISC BERHAD 5052 PLUS EXPRESSWAYS BERHAD 4863 TELEKOM MALAYSIA BERHAD 28
29 MyETF-DJIM25 (5) Sector* breakdown as at 31 May 2011 SECTOR NO. OF COUNTERS INDEX WEIGHT OIL & GAS / ENERGY % PLANTATIONS % TELECOMMUNICATIONS % CONGLOMERATES % INFRASTRUCTURE % TRANSPORTATION % OTHERS % TOTAL % * Percentages do not take into account cash in the Fund of 1.06% 29
30 MyETF-DJIM25 (6) MyETF-DJIM25 & DJIM25 Index Performance as at 31 May 2011 YTD Since Inception * MyETF-DJIM25 (Price) RM % 16.22% 34.43% % -1.00% MyETF-DJIM25 (NAV) RM % 16.29% 40.95% % -0.46% DJIM25 Index % 12.81% 39.46% % -8.00% Income Distribution 1.00^ 0.55 (sen/unit) Tracking Error 1.24% * Since 21 January 2008 ^Announced on 16 Dec 2010 and distributed on 31 Jan 2011 Sources: Bloomberg & i-vcap 30
31 MyETF-DJIM25 (7) MyETF-DJIM25 is managed by i-vcap Management Sdn. Bhd. i-vcap is wholly owned by Valuecap Sdn. Bhd. which in turn is equally owned by Khazanah Nasional Berhad, Permodalan Nasional Berhad & Kumpulan Wang Persaraan (Diperbadankan) The Fund is backed by other reputable players in the industry 31
32 Features of Shariah ETF
33 Screening of Securities Dow Jones Shariah Advisory Board SC Shariah Advisory Council ( SAC ) Shariah Advisor of the Fund Screens the securities to be included in the index based on qualitative and quantitative/financial criteria Qualitative criteria include screening of sector/industry Quantitative criteria include screening of financial ratios Securities held in the ETF must be on SACapproved list Index shares not on SAC-approved list cannot be held in the Fund Verifies that securities held in the Fund comply with SAC-approved list Also verifies that processes and procedures of ETF Manager comply with Shariah requirements 33
34 Applications of ETF
35 Applications of ETF Portfolio Construction The ETF becomes the core component of the investment portfolio while single securities are added to gain overweight or secondary positions. Series of ETFs provide peripheral components of the investment portfolio where the main portion is invested in single securities. A Fund of Funds strategy utilising ETFs to represent various asset classes, sectors, regions, in a diversified portfolio without investing in single security Trading The opportunity to trade and arbitrage between the ETF s listed price (secondary market) and NAV/unit (primary market) 35
36 Why ETF
37 Why ETF Convenient and cost efficient portfolio diversification through a single transaction Fund s transparency where the component stocks and prices are readily available during trading hours on the exchange Effective risk management strategy in current volatile markets maintain presence in equities without direct exposure to single stock Simultaneous exposure to leading equities listed on Bursa Malaysia Lower management fee compared to actively managed unit trust funds which do not necessarily provide higher returns Lower transaction charges compared to most equity unit trust funds May provide arbitrage opportunities due to its exchangeable feature. 37
38 Disclaimer The Fund is intended to be made available only in Malaysia. We recommend that you read and understand the contents of the Prospectus for MyETF- DJIM25 that has been registered with the Securities Commission, who takes no responsibility for its contents, before investing. You may view the Prospectus at the Fund s website or obtain a printed copy of the Prospectus from i-vcap Management Sdn. Bhd. s office. Please consider the fees, charges and risks involved prior to investing. The unit price and income distribution, if any, may rise or fall. Past performance of a fund is not indicative of future performance. You are advised to seek independent advice and/or consult relevant laws, regulations and rules prior to investing. 38
39 THANK YOU 39
40 i-vcap Management Sdn. Bhd. Level 9, Block B, HP Towers No. 12 Jalan Gelenggang Bukit Damansara Kuala Lumpur Malaysia Tel: Fax:
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