ETF er - Det foretrukne investeringsvalg i 2019?
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- Brooke Malone
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1 ETF er - Det foretrukne investeringsvalg i 2019?
2 Tidsplan: 17:00-17:30 Dørene åbner - Let anretning og networking 17:30-17:40 Velkomst v/jakob Holck - Head of Private Banking i Nordnet 17:40-18:10 Introduktion af Vanguard v/andreas Zingg - Head of ETF Distribution Europe 18:10-18:25 ETF er hos Nordnet v/nicolaj Haugaard Buthler Private Banker i Nordnet 18:25-18:35 Kort pause 18:35-19:05 Udvalg af ETF er hos Vanguard v/ Andreas Zingg 19:05-19:15 Spørgsmål og svar v/andreas Zingg 19:15-19:30 Sådan handler du ETF er hos Nordnet v/nicolaj Haugaard Buthler 19:30-20:00 Afslutning & Networking 2
3 Vanguard UCITS Exchange Traded Funds (ETFs) May 2018 The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
4 Contents Introduction to Vanguard ETF 101 Vanguard ETFs Investing in European Equities Factor Investing 4
5 Introduction to Vanguard 5
6 YTD USD trillion The Vanguard Group The Vanguard Group was launched in 1975 USD 5.0 trillion assets under management More than 17,000 institutional clients Offices in 18 locations with over 16,000 employees USD 3,724bn under management in index funds USD 1,245bn under management in active funds USD 913bn under management in ETFs Global AUM growth 6,0 5,0 4,0 3,0 2,0 1,0 0,0 Source: Vanguard as at 31 March
7 The Vanguard cost advantage Low costs, long-term focus, and adherence to the enduring investment principles of balance and diversification have been reflected in our investment performance. Average annual expense ratios* 1,00% Percentage of all Vanguard funds outperforming the average returns of their peer groups 82% 88% 93% 0,62% 61% 0,50% 0,11% 0,00% Industry (ex-vanguard) Major Fund Complexes** Vanguard One-year Three-year Five-year Ten-year Past performance is not a reliable indicator of future results. Source: Vanguard, Lipper, a Thomson Reuters Company. All data is as at 31 December 2017 and based on US domiciled funds only. * Annual expense ratios as of December 31, Represented as a percentage of net assets. Vanguard expense ratios range from 0.01% to 0.90%. ** The 0.50% is the weighted expense ratio of the top 20 management companies excluding Vanguard. The top 20 are based on the latest year-end total net assets. Notes: Number of Vanguard funds that outperformed their Lipper peer-group averages for periods ended March 31, 2018: For the one-year period, 226 of 373 Vanguard funds; for the three-year period, 279 of 341 Vanguard funds; for the five-year period, 282 of 321 Vanguard funds; for the ten-year period, 217 of 233 Vanguard funds. Results will vary for other time periods. Only funds with a minimum of one-, three-, five-, or ten-year history, respectively, were included in the comparison. 7
8 ETF 101 8
9 A global success story Assets ($ bn) US ETP assets European ETP Other ETP assets # ETPs # ETFs/ETPs Year # ETFs # ETFs/ETPs ETF assets ETF/ETP assets Mar , ,027 3,336 3,609 3,984 4,454 4,845 5,312 5, ,548 2,243 2,746 3,616 4,339 4,718 5,097 5,573 6,171 6,664 7,179 7, ,041 1,313 1,355 1,754 2,254 2,643 2,870 3,397 4,661 4, ,157 1,478 1,526 1,949 2,398 2,784 2,993 3,548 4,835 4,919 Source: ETGFI ETF and ETP Industry Insights. Data as at March
10 to be continued Actual ETF AuM ($bn) Estimated ETF AuM ($bn) Source: EY (Global ETF Research 2017) 10
11 Why are investors using ETFs more and more? Mutual fund ETF Individual stock Advantages of ETFs Investor protection Diversification Flexibility Primary and secondary market liquidity Transparency (holdings, performance, costs) Cost efficiency Source: Vanguard. 11
12 Vanguard ETFs 12
13 Vanguard UCITS ETFs ETF Index Ticker Currency Exchange OCF 1 Product AUM USD Equity FTSE All-World UCITS ETF FTSE All-World Index VWRD, VWRL, VGWL GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.25% 1,795m FTSE All-World High Dividend UCITS ETF FTSE All-World High Dividend Yield Index VHYD, VHYL, VGWD GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.29% 680m FTSE Developed World UCITS ETF FTSE Developed Index VDEV, VEVE, VGVE GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.18% 170m FTSE Emerging Markets UCITS ETF FTSE Emerging Index VDEM, VFEM GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.25% 1,640m S&P 500 UCITS ETF S&P 500 Net Total Return Index VUSD, VUSA GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.07% 22,195m FTSE North America UCITS ETF FTSE North America Index VDNR, VNRT GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.10% 140m FTSE Developed Europe UCITS ETF FTSE Developed Europe Index VEUR, VEUD, VGEU GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.12% 1,940m FTSE Developed Europe ex UK UCITS ETF FTSE Developed Europe ex UK VERX GBP/EUR LSE/Xetra/NYX 0.12% 1,310m Euro STOXX 50 UCITS ETF Euro STOXX 50 Index VX5E GBP/EUR/CHF LSE/Xetra/SIX 0.10% 16m FTSE 100 UCITS ETF FTSE 100 Index VUKE GBP/EUR/CHF LSE/Xetra/SIX 0.09% 3,505m FTSE 250 UCITS ETF FTSE 250 Index VMID GBP/EUR/CHF LSE/Xetra/SIX 0.10% 890m FTSE Developed Asia Pacific ex Japan UCITS ETF FTSE Developed Asia Pacific ex Japan Index VDPX, VAPX, VGEJ GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.22% 350m FTSE Japan UCITS ETF FTSE Japan Index VDJP, VJPN GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.19% 2,235m Fixed Income UK Gilt UCITS ETF EUR Corporate Bond UCITS ETF EUR Eurozone Government Bond UCITS ETF USD Corporate Bond UCITS ETF USD Treasury Bond UCITS ETF USD Emerging Markets Gov. Bond UCITS ETF 2 Bloomberg Barclays U.K Gilt Float Adjusted Bond Index VGOV GBP/EUR LSE/Xetra 0.12% 155m Bloomberg Barclays Euro Aggregate: Corporates Index VECP GBP/EUR/CHF LSE/Xetra/NYX/SIX 0.12% 35m Bloomberg Barclays Euro Aggregate: Treasury Index VETY, VGEB GBP/EUR/CHF LSE/Xetra/NYX/SIX 0.12% 15m Bloomberg Barclays Global Aggregate Corp - United States Dollar Index VDCP, VUCP GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.12% 105m Bloomberg Barclays Global Aggregate US Treasury Float Adjusted Index VDTY, VUTY, VGTY GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.12% 50m Bloomberg Barclays EM USD Sovereign + Quasi-Sov Index VDET, VEMT, VGEM GBP/USD/CHF LSE/Xetra/SIX 0.25% 145m Source: The Vanguard Group, Inc., as at 29 March OCF = TER The sum of investment management fees (the fees paid to the portfolio manager to invest your money and manage the fund) and administrative and other expenses (which cover all costs and expenses connected with the operation of the fund, which includes administrative fees, shareholder s registration and transfer agency fees, custody fees and all other operating expenses). 13
14 Vanguard UCITS ETFs (cont.) ETF Index Ticker Currency Exchange OCF Factor ETFs Product AUM USD Vanguard Global Minimum Volatility UCITS ETF FTSE Global All Cap Index VDMV, VMVL GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.22% 15m Vanguard Global Value Factor UCITS ETF FTSE Developed All Cap Index 1 VDVA, VVAL, VGVL GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.22% 160m Vanguard Global Momentum Factor UCITS ETF FTSE Developed All Cap Index 1 VDMO, VMOM GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.22% 28m Vanguard Global Liquidity Factor UCITS ETF FTSE Developed All Cap Index 1 VDLQ, VLIQ GBP/USD/EUR/CHF LSE/Xetra/NYX/SIX 0.22% 20m Source: The Vanguard Group, Inc., as at 29 March All ETFs are Irish domiciled. 1 Investment universe is FTSE Dev All Cap and Russell
15 Vanguard ETFs: 100% physical replication European ETF provider analysis by replication strategy Vanguard ishares Xtrackers Lyxor UBS Amundi PowerShares SPDR 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Physical Synthetic Source: Deutsche Bank, data as at 29 March Assets of ETFs listed in Europe by replication strategy. 15
16 Average cost comparison Asset-weighted average OCF/TER by provider 33,0 29,0 27,0 29,0 27,0 30,0 23,0 11,0 Vanguard ishares Xtrackers Lyxor UBS Amundi PowerShares SPDR Source: ETFGI, as at 29 March Asset-weighted average OCF/TER of ETPs listed in Europe. 16
17 Consistent pricing of Vanguard ETFs Equities Europe, OCF in bps Vanguard ETFs with Exposure to European Equities OCF/TER Vanguard FTSE 100 UCITS ETF 0.09% Vanguard FTSE 250 UCITS ETF 0.10% Vanguard Euro STOXX 50 UCITS ETF 0.10% Vanguard Developed Europe UCITS ETF 0.12% Vanguard Europe ex UK UCITS ETF 0.12% 10 0 Vanguard ishares db x-trackers Lyxor Source: ETFGI, as at 29 March OCF/TER of ETPs listed in Europe with exposure to European Equities. 17
18 Number of index constituents Vanguard ETFs track broadly diversified indices Example USD Investment Grade Corporate Bond ETFs Vanguard USD Corporate Bond UCITS ETF ishares $ Corporate Bond UCITS ETF db x-trackers USD Corporate Bond UCITS ETF Lyxor USD Liquid Investment Grade Corporate Bond UCITS ETF UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF SPDR Barclays U.S. Corporate Bond UCITS ETF Source: Bloomberg and FactSet, data as at 31 October
19 Hvad er en ETF? ETF står for Exchange-traded fund. Første ETF lanceret i 1993 i USA. 30% af al handel på de amerikanske børser er ETF er. 19
20 Hvad er en ETF? Karakteristika: Passiv investering / Replikering af et indeks Lavere omkostninger end investeringsforeninger/fonde med aktiv investerings profil God risikospredning 20
21 ETF er hos Nordnet Kursus i ETF er på - Valutaveksling MiFID 2 trådte i kraft ved årskiftet: Kræver PRIIP (KID) på instrumenter (Nordamerikanske ETF er). Handel via mægler (Hav ISIN klar) Tlf: og tast 2 21
22 ETF er hos Nordnet Pensionsmidler: UCITS godkendte ETF er 20% reglen for pensionsmidler på ikke-ucits godkendte ETF er 5% pr. udsteder 22
23 ETF er hos Nordnet God synergi imellem Nordnet & ETF er: Ingen årlige omkostninger ved Nordnet og ingen udenlandske omkostninger Lav årlig omkostning på ETF erne Andelsberegner i Porteføljerapporten RoboSave er på vej 23
24 Beskatning Lagerbeskatning / Finansiel kontrakt Ændring i 2019 Virksomheder og pensionsmidler ingen relevans Pensionsmidler > UCITS godkendte 24
25 Beskatning 2019 I.5. Bedre skattevilkår for opsparing i investeringsinstitutter Aftaleparterne er enige om at forbedre skattevilkårene, når danskere sparer op i udenlandske investeringsinstitutter. Således beskattes personers afkast fra udenlandske investeringsinstitutter ofte hårdere end afkast fra danske investeringsinstitutter. Det gælder blandt andet, når danskere investerer i aktiebaserede ETF er (Exchange Traded Funds), hvor investorer omkostningseffektivt kan sprede risikoen på mange aktier. Derfor indføres en mere ensartet beskatning af investeringsinstitutter, hvor afkastet for alle investorer i aktiebaserede investeringsselskaber beskattes som aktieindkomst. Beskatning af afkastet fra aktiebaserede investeringsinstitutter som aktieindkomst indføres fra
26 Beskatning 2019 Initiativet skønnes at medføre et mindre provenu på ca. 30 mio. kr. årligt efter tilbageløb og adfærd fra Regeringen vil sammen med aftaleparterne følge op på den igangsatte undersøgelse i forhold til, om det er muligt at ændre beskatningen af såkaldt passive aktiebaserede investeringsselskaber, så afkastet fremover beskattes efter realisationsprincippet. DATA: 26
27 Investing in European Equities 27
28 European Equity - Index landscape Index Universe European Equities Developed Emerging Eurozone countries (developed) Non-Euro countries Large Austria Belgium* Czech Republic Finland France Germany Ireland Italy Luxembourg* Netherlands Portugal Spain Denmark (DKK) Norway (NOK) Sweden (SEK) Switzerland (CHF) UK (GBP) Mid Europe: FTSE Developed Europe, MSCI Europe, STOXX Europe 600 Small Europe ex UK: FTSE Developed Europe ex UK, MSCI Europe ex UK UK: FTSE 100/250 MSCI UK Eurozone: FTSE Developed Eurozone, MSCI EMU, Euro STOXX 50 Source: FTSE Russell, MSCI, STOXX. Data as of December, 29, * Luxembourg is combined with Belgium for FTSE Russell and MSCI indices. 28
29 3-year return (annualized) Risk/return of European equity indices 9,5% 9,0% 8,5% 8,0% Europe ex UK FTSE Dev. Europe ex UK MSCI Europe ex UK MSCI EMU Eurozone 7,5% 7,0% 6,5% Europe STOXX Europe 600 FTSE Developed Europe MSCI Europe Euro STOXX 50 6,0% 5,5% 5,0% 10,0% 11,0% 12,0% 13,0% 14,0% 15,0% 16,0% Risk (annualized 3-year standard deviation) Source: Bloomberg. Data as of December, 29, Note: Performance in EUR. Risk is the 3-year annualized standard deviation based on monthly data. Return is the 3-year annualized return. FTSE Developed Eurozone history only exists since December The index is therefore not considered in the analysis. 29
30 Country breakdown # of countries * 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% FTSE Developed Europe Europe Europe ex UK UK Eurozone MSCI Europe STOXX Europe FTSE Developed Europe ex UK MSCI Europe ex UK MSCI UK FTSE 100/250 UK France Germany Switzerland Netherlands Spain Italy Other FTSE Eurozone MSCI EMU Euro STOXX 50 Source: FTSE Russell, MSCI, STOXX. Data as of December, 29, *8 countries as of December 2017 (Belgium, Finland, France, Germany, Ireland, Italy, Netherlands, and Spain) Note: Luxembourg is combined with Belgium for FTSE and MSCI indexes. 30
31 Currency breakdown # of currencies % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% FTSE Developed Europe Europe Europe ex UK UK Eurozone MSCI Europe STOXX Europe FTSE Developed Europe ex UK MSCI Europe ex UK EUR GBP CHF SEK DKK NOK MSCI UK FTSE 100/250 FTSE Eurozone MSCI EMU Euro STOXX 50 Source: FTSE Russell, MSCI, STOXX. Data as of December, 29,
32 ETF implementation cost Europe (asset-weighted average OCF/TER) Europe ex UK (asset-weighted average OCF/TER) 40 TER/OCF 40 TER/OCF FTSE MSCI STOXX FTSE MSCI STOXX UK (asset-weighted average OCF/TER) Eurozone (asset-weighted average OCF/TER) 40 TER/OCF 40 TER/OCF FTSE 100 MSCI FTSE FTSE MSCI Euro STOXX 50 Source: Bloomberg. Data as of December, 29,
33 Combining tracking error and implementation cost Performance difference before implementation cost FTSE Developed Europe versus MSCI Europe Performance difference after implementation cost FTSE Developed Europe versus MSCI Europe 0.60% 0.60% 0.40% 0.40% 0.20% 0.20% 0.00% 0.00% -0.20% -0.20% -0.40% -0.40% -0.60% Expected performance difference Upper band (95%) Lower band (95%) -0.60% Expected performance difference Upper band (95%) Lower band (95%) Source: Bloomberg. Data as of December, 29, Note: 95%-confidence interval based on 3-year annualized tracking error. Asset-weighted OCF/TER of ETFs domiciled in Europe tracking the performance of FTSE Developed Europe and MSCI Europe 33
34 Vanguard Factor ETFs 34
35 Vanguard Factor ETFs Design principles Consistent high allocation to factor Well researched factors Vanguard Global Value Factor UCITS ETF Captures potential premium to stocks that have low prices relative to fundamentals Product design Global portfolios offering investors the broadest possible opportunity set 4 factors: Value, Liquidity (Size), Momentum and Minimum Volatility Rules-based active Not tied to a benchmark i.e. no fixed re-balance schedule Vanguard Global Momentum Factor UCITS ETF Captures potential premium to stocks with strong recent price performance Vanguard Global Liquidity Factor UCITS ETF Captures potential premium for bearing the risk of investing in less liquid stocks Vanguard Global Minimum Volatility UCITS ETF Providing long-term appreciation with lower volatility 35
36 % Exposure to standard measure of momentum Vanguard Global Momentum Factor UCITS ETF Exposure vs six month (passive) rebalance schedule 1,2 1,0 0,8 0,6 0,4 0,2 R E B A L A N C E 0,0 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Medium-Term Momentum Medium-Term Momentum B&H MSCI Momentum Rebalance Source: FactSet, data as of 31 December
37 Performance of Vanguard Factor ETFs since inception Past performance is not a reliable indicator of future results. Source: Bloomberg, data as of 30 April Performance figures include the reinvestment of all dividends and any capital gains distributions. The performance data does not take account of the commissions and costs incurred in the issue and redemption of shares. Basis of fund performance NAV to NAV with gross income invested. Basis of index performance is total return 37
38 Rolling 12 month performance Net of fees performance (%) Apr 2013 Apr 2014 Apr 2014 Apr 2015 Apr 2015 Apr 2016 Apr 2016 Apr 2017 Apr 2017 Apr 2018 Global Liquidity Factor UCITS ETF FTSE Developed All Cap Index in USD Global Minimum Volatility UCITS ETF FTSE Global All Cap Index 100% Hedged Global Momentum Factor UCITS ETF FTSE Developed All Cap Index in USD Global Value Factor UCITS ETF FTSE Developed All Cap Index in USD Past performance is not a reliable indicator of future results. Source: Bloomberg, data as of 30 April Performance figures include the reinvestment of all dividends and any capital gains distributions. The performance data does not take account of the commissions and costs incurred in the issue and redemption of shares. Basis of fund performance NAV to NAV with gross income invested. Basis of index performance is total return. 38
39 60 day rolling standard deviation Risk discount Consistent minimal volatility versus benchmark and peers since launch 60-day rolling standard deviation versus benchmark and peers % 30% 20% 10% Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 0% -10% -20% -30% -40% Vanguard Global Minimum Volatility UCITS ETF FTSE Global All Cap ishares MSCI World Min Vol Amundi Equity Global Minimum Variance ETF FTSE Global All Cap hedged DB X-Equity Low Beta Factor Ossiam World Min Variance Vanguard Global Minimum Volatility fund Risk discount** (RHS) Past performance is not a reliable indicator of future results. Source: FactSet and Vanguard calculations as at 31 December **Risk discount = [fund 60 day rolling standard deviation / benchmark 60 day rolling standard deviation] -1 39
40 Investment risk information The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. Past performance is not a reliable indicator of future results. The performance data does not take account of the commissions and costs incurred in the issue and redemption of shares. Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or fall. Investments in smaller companies may be more volatile than investments in well-established blue chip companies. Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investments. Funds may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the fund's Net Asset Value. Some derivatives give rise to increased potential for loss where the fund's counterparty defaults in meeting its payment obligations. ETF shares can be bought or sold only through a broker. Investing in ETFs entails stockbroker commission and a bid- offer spread which should be considered fully before investing. Funds investing in fixed interest securities carry the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Movements in interest rates are likely to affect the capital value of fixed interest securities. Corporate bonds may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in interest rates are likely to affect the capital value of bonds. 40
41 General important information Vanguard Asset Management, Limited only gives information on products and services and does not give investment advice based on individual circumstances. If you have any questions related to your investment decision or the suitability or appropriateness for you of the product[s] described in this document, please contact your financial adviser. The opinions expressed in this presentation are those of individual speakers and may not be representative of Vanguard Asset Management Ltd. Vanguard Funds plc has been authorised by the Central Bank of Ireland as a UCITS and has been registered for public distribution in certain EU countries. Prospective investors are referred to the Funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisors on the implications of making an investment in, and holding or disposing shares of the Funds and the receipt of distributions with respect to such shares under the law of the countries in which they are liable to taxation. The Manager of Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor for Vanguard Funds plc. For further information on the fund s investment policy, please refer to the Key Investor Information Document ( KIID ). The KIID and the Prospectus for this fund is available in local languages from Vanguard via our website The Central Bank of Ireland has granted authorisation for the Vanguard U.K. Gilt UCITS ETF and Vanguard USD Treasury Bond UCITS ETF to invest up to 100% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any EU Member State, its local authorities, non-eu Member States or public international bodies of which one or more EU Member States are members. As at 31 December 2017, the Vanguard U.K. Gilt UCITS ETF invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by the UK and the Vanguard USD Treasury Bond UCITS ETF invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by the US. London Stock Exchange Group companies include FTSE International Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited ("MTS"), and FTSE TMX Global Debt Capital Markets Inc. ("FTSE TMX"). All rights reserved. "FTSE ", "Russell ", "MTS ", "FTSE TMX " and "FTSE Russell" and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of its licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE or Russell indexes or the fitness or suitability of the indexes for any particular purpose to which they might be put. 41
42 General important information BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL") (collectively, "Bloomberg"), or Bloomberg's licensors own all proprietary rights in the Bloomberg Barclays Indices. The products are not sponsored, endorsed, issued, sold or promoted by Bloomberg or Barclays. Bloomberg and Barclays make no representation or warranty, express or implied, to the owners or purchasers of the products or any member of the public regarding the advisability of investing in securities generally or in the products particularly or the ability of the Bloomberg Barclays Indices to track general bond market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the products with respect to any person or entity. Bloomberg s only relationship to Vanguard and the products are the licensing of the Bloomberg Barclays Indices which are determined, composed and calculated by BISL without regard to Vanguard or the products or any owners or purchasers of the products. Bloomberg has no obligation to take the needs of the products or the owners of the products into consideration in determining, composing or calculating the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the products to be issued. Neither Bloomberg nor Barclays has any obligation or liability in connection with the administration, marketing or trading of the products. Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority Vanguard Asset Management, Limited. All rights reserved. VAM
43 Handel med ETF er Handles i Tyskland og Sverige: Kurtage: 0,10% i Tyskland og 0,05% i Sverige. Månedsopsparingen: Ingen kurtage Handel hver d. 5. i md. 43
44 Handel med ETF er Find din ETF på udstederens hjemmeside Vanguard ishares DB X-trackers Amundi (Vælg Listing currency og vælg EUR ) Lyxor SPDR 44
45 Handel med ETF er Søg ETF en frem vha. ISIN, Ticker eller navn. 45
46 Handel med ETF er Søg ETF en frem vha. ISIN, Ticker eller navn. 46
47 Hvad får I hos Nordnet Private Banking? Private Banking telefonnummer på tlf.: Lavere kurtage (Ingen inaktivitetsgebyr) Realtidsstreaming i Norden Depot Mine Aftaler & abonnementer Infront Webtrader til halv pris (49 kr md.) Events 47
48 Links til artikler og ETF-sider Uvildige: Miranova: Finanshuset i Fredensborg: ETF-Database: 48
49 Kontakt os: Private Banking kundeservice: Tlf:
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