InvestSMART Australian Exchange Traded Fund Report - September 2017

As the number of ETFs rapidly expands, identifying which are best suited to the needs of your portfolio is not a simple task. That is why we at InvestSMART have developed this report.

Contents

About this report

Welcome to our inaugural Australian Exchange-Traded Funds quarterly report.

InvestSMART’s mission is to help all Australians grow and protect their wealth, by delivering education resources and a range of portfolio tools and product services.

This report provides investors with an easy-to-digest analysis of the fast-growing Australian ETFs sector. It includes the most popular ASX-listed products by funds under management, the ETFs with the highest and lowest quality ratings based on our Star Ratings process, the best and worst performers, and the prevailing trends dictating retail investment flows.

We have analysed all 157 ETFs on the Australian market, as at September 30, 2017. More investors now hold one or more ETFs in their portfolios, either directly or through managed account products. Indeed, select ETFs form the basis of a range of InvestSMART’s SMA Portfolios.

We have categorised the ETF market by asset class to allow you to quickly identify suitable securities to fill any investment gaps in your portfolio and to remain aligned to your specific investment objectives.

Figure 1: Asset Classes
Asset ClassDescription
Commodities ETFs that provide exposure to various Commodities & Natural Resources.
Currency ETFs that provide exposure to various Currencies.
Equities ETFs that provide exposure to Equity Markets.
Fixed Income & Cash ETFs that provide exposure to Interest Rate securities and Cash.
Property & Infrastructure ETFs that provide exposure to Domestic and Global Property and Infrastructure.

In the three months to the end of September, continued strong inflows into Australian ETFs saw a range of new products launched and total funds under management breach $30 billion for the first time.

The popularity of ETFs is a global trend. More investors are discovering that ETFs are a low-cost, hassle-free way to gain broad exposure to stock markets, specific sectors and asset classes. Rather than buying just a few stocks, one ETF security can cover an entire index, or several markets, at once.

The ability to buy ETFs directly on the market, their low cost and transparency, and achieving quick portfolio diversification through a single transaction, has seen these securities rapidly grow. But it’s important to recognise that not all ETFs are created equal. Put simply, some are better – and safer – than others.

This report will guide you through the ETFs maze. We hope it will help you get to grips with this much misunderstood area of the market and assist you in making better investment decisions.

Ron Hodge

Ron Hodge

Managing Director

About InvestSMART

Founded in 1999, InvestSMART Group Limited (ASX:INV) believes everyone should have the confidence to control their financial future and it shouldn’t be hard or expensive to do so.

Whether you’re managing your own investments or looking for a little help, we deliver straightforward, flexible and affordable solutions to ensure you are better able to meet your investment goals.

Our three leading brands – InvestSMART, Eureka Report and Intelligent Investor – together offer actionable investment tools, wealth advice and independent ASX-listed stock research.

We’re all about making investing simple. Statistics show four in five Australians do not receive any professional investment advice, with cost the primary reason. We aim to change that.

Through our Portfolio Manager, stock research, wealth commentary and affordable investment products, we believe we are delivering the right tools to help all Australians grow and protect their wealth.

InvestSMART Star Rating

When reviewing an ETF there are some key metrics common to every security. Our quantitative 5 Star Rating System takes each of these items into account, reflecting the process we use to identify investments in InvestSMART’s ETF-based Portfolios.

We have categorised the ETF market by asset class to allow members to quickly identify suitable securities to fill any investment gaps in their portfolio and remain aligned to their specific investment objectives.

Figure 2: InvestSMART Star Rating Criteria
FactorDescription
Size Funds under management.
Fees Fund management fees as a percentage of FUM.
Liquidity Trading volumes.
Spread The average percentage difference between the bid & ask.
Tracking error The difference in the return profile of the Fund to its benchmark.

For our portfolios, we generally like to see a 4 to 5-star rating. This implies the security rates highly across each of the above-mentioned metrics. However, the star rating is best used as a filtering tool when comparing ETFs with the same objective.

It does not make sense to compare a highly liquid, and hence low-cost S&P 500 ETF, to one designed to track the performance of emerging markets, which are often less liquid and more expensive to access.

As the table below shows, only four Australian ETFs out of the total of 157 listed funds achieve the maximum 5 Star Rating. The bulk of ETFs are rated 3 Stars or less.

It should also be noted that the InvestSMART Star Rating is a quantitative measure and it does not take personal investment objectives into account. It does not constitute a recommendation.

Figure 3: Number of ETFs per star rating
Star RatingNumber of ETFs
star 5 4
star 4 23
star 3 66
star 2 60
star 1 2
NA 2

What is an ETF

The first ETF - an open-ended investment fund that is traded on a stock exchange - listed on the Toronto Stock Exchange on March 9, 1990.

The TIPs (Toronto 35 Index Participation Fund) was designed to track the TSX 35 index. The listing was almost three years before the first US ETF listing (the SPDR S&P 500 ETF) and 11 years before the first Australian ETF listing, the SPDR S&P ASX 200 ETF (STW), in August 2001.

Today, the global ETFs sector is estimated at more than $US4 trillion, with more than 2,000 products traded and inflows totalling around $US2 billion per day.

Most ETFs aim to track the performance of an index or an asset class, less fees, offering access to a range of asset classes and investment strategies that ordinary investors were previously unable to reach easily or cheaply. Examples include international equities, fixed income securities and currency markets.

However, there are a growing number of products with an active element to their portfolio construction, generally referred to as “Smart Beta” products.

Figure 4: ETF Creation/Redemption process

ETF Creation/Redemption Process

Authorised participants provide a market-making function in the ETF market, which ensures liquidity and allows issuers to keep costs low as they don’t need to physically buy/sell the underlying securities.

In buying the underlying securities of the fund and then delivering them to the ETF issuer (BetaShares, State Street, Blackrock, Vanguard, Van Eck etc) authorised participants receive units in the fund which they then place on-market for investors to purchase. The reverse is true in the case of redemptions.

ETF Advantages

Accessibility - You can purchase or redeem units in an ETF at any time during the market hours in the same way as you would for any ordinary share. This means no additional paperwork or unnecessary delays like with unlisted managed funds.

Transparency - Unlike traditional actively managed funds, most ETFs are required to publish a list of their holdings each day.

Cost Effective - Designed to track a specific index or other rule-based methodologies, fees are (on average) lower than a traditional actively managed fund.

Liquidity - Given their open-ended structure, an ETF can be as liquid as its underlying constituents.

Save time and invest in a diversified portfolio of ETFs with InvestSMART

Market Overview - FUM

Australia’s ETF sector is growing rapidly. More and more investors now hold at least one ETF in their share portfolio.

This new capital and strong asset gains, particularly from US equity markets, has added more than $6.5 billion to total ETF funds under management (FUM) so far this calendar year.

This includes an additional $2 billion over the three months to September 30, driven by inflows to equity focused ETFs. The total value of the Australian ETF sector is now almost $32 billion, with expectations of it being worth $35 billion by the end of 2017. That’s a 40 percent growth rate over the full 12 months.

Figure 5: ETF Market breakdown by issuer
IssuerNo. ProductsCurrent FUM ($m)Market Share
BlackRock 39 9,147.23 30.10%
Vanguard 17 8,992.92 29.59%
State Street <SPDR> 16 5,232.02 17.22%
Betashares 40 4,227.48 13.91%
VanEck 10 706.56 2.32%
Russell 6 621.96 2.05%
ETF Securities 5 607.94 2.00%
UBS 9 271.50 0.89%
Market Vectors Investments 1 265.37 0.87%
Market Vectors Trust 3 114.81 0.38%
ANZ/ETF Securities 10 160.81 0.53%
Schroder 1 41.90 0.14%
  157 30,390.49 100.00%
Source: ASX and Morningstar

New ETF products continue to be launched. At the end of September there were 157 separate ETFs listed on the ASX. During the September quarter there multiple new listings across property and infrastructure, equities, and fixed income & cash.

Figure 6: New ETF Listings
SecurityAsset ClassFocus
ROBO Equities Provide exposure to Global Robotics and AI companies
CORE Property & Infrastructure Provide exposure to listed infrastructure companies from global developed market exchanges
BILL Fixed Income & Cash Aims to provide investors with the performance of the S&P/ASX Bank Bill Index
ISEC Fixed Income & Cash Aims to outperform the performance of the S&P/ASX Bank Bill Index.
QPON Fixed Income & Cash Provides exposure to senior floating rate bonds issued by Australian banks.
FLOT Fixed Income & Cash Track the performance of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds.

However, our research indicates investors’ assets are heavily concentrated in a handful of ETFs on the Australian market. The top 10 ETFs ranked by FUM account for almost half ($15.37 billion) of all sector assets, with the two largest funds (STW and VAS) accounting for almost 20 percent.

This reflects the home bias of most investors. The top two funds cover the Australian equities market. The third-largest (IVV) covers the top 500 companies on the US market.

These three largest funds account for more than $8 billion in investor’ funds – about a quarter of the total Australian ETFs market (see the top 10 Australian ETFs table below).

Figure 7: Top 10 ETFs by FUM
CodeNameFUM ($m)Star RatingSeptember Quarter Inflows ($m)
STW SPDR S&P/ASX 200 ETF 3,300.2 star5 –150.25
VAS Vanguard Australian Shares ETF 2,429.8 star5 480.66
IVV iShares S&P 500 ETF 2,309.7 star5 72.16
AAA BetaShares Aus High Interest Cash ETF 1,263.54 star5 17.45
IOO iShares Global 100 ETF 1,242.29 star3 52.27
VTS Vanguard US Total Market Shares ETF 1,064.75 star5 45.21
VEU Vanguard All World ex-US Shares ETF 985.66 star4 92.00
VAP Vanguard Australian Property Secs ETF 961.68 star3 59.60
VHY Vanguard Australian Shares High Yield ETF 938.35 star4 85.83
IOZ iShares Core S&P/ASX 200 ETF 723.16 star4 46.45
Source: ASX and Morningstar

Below the 10 largest ETFs, the level of FUM falls significantly. InvestSMART’s sector analysis shows that half of the ETFs on the ASX have less than $50 million in FUM, and 51 of those have less than $20 million, including 29 that have less than $10 million. Many of the smaller funds are relatively new, and in all likelihood will grow over time.

Figure 8: Australian ETF market breakdown
ETF Creation/Redemption Process
ETF Creation/Redemption Process
ETF Creation/Redemption Process

Market Overview - Flows 

By analysing FUM flow, we can see the ‘net demand’ for ETF products. Given the majority of ETFs are index tracking - designed to replicate the performance of a given market index - analysing flows over time offers an insight into trends in market sentiment toward a particular asset class.

Figure 9: FUM Flows

ETF Creation/Redemption Process

Overview

In the September quarter, equities continued to enjoy most of the inflows, followed by fixed income & cash. We’ve seen this trend month after month since the beginning of the calendar year, with equities dominating in each month except for January.

The ETF with the largest net inflows for the quarter was Vanguard’s Australian Shares ETF (VAS).

The ETF seeing the largest net outflows was SPDRs ASX 200 ETF (STW).

Figure 10: FUM Flows ($m) by Asset Class

ETF Creation/Redemption Process

Figure 11: Largest Inflows
CodeNameQuarter Flows ($m)
VAS Vanguard Australian Shares ETF 480.66
BILL iShares Core Cash ETF 145.70
VGS Vanguard MSCI Index Intl ETF 137.27
VHY Vanguard Australian Shares High Yld ETF 100.55
QPON Betashares Aus Bank Sr Fltng Rt Bd ETF 94.14
Source: ASX and Morningstar
Figure 12: Largest outflows
CodeNameQuarter Flows ($m)
STW SPDR? S&P/ASX 200 ETF -150.25
HVST BetaShares Australian Div Harvester(mgd) -60.38
OZF SPDR? S&P/ASX 200 Fincls EX A-REIT ETF -56.88
ZOZI ETFS S&P/ASX 100 ETF -21.52
IXI iShares Global Consumer Staples ETF (AU) -13.83
Source: ASX and Morningstar

Market Overview - Costs

Traditionally, active fund managers have charged a management fee as a percentage of FUM, plus a performance fee based on outperformance compared with a benchmark. As most ETFs are passive (index tracking), management fees are generally lower and there are no performance fees.

It’s also important to factor in the spread when reviewing an ETF. The spread is the difference between the bid and offer price of an ETF,  generally a function of the liquidity in the underlying holdings. The management expense ratio (MER), meanwhile, is an indication of all fees and charges, expressed as a percentage of funds under management.

Figure 13: Cost Analysis

ETF Creation/Redemption Process

Overview

Fixed income & cash remains the cheapest asset class, even after incorporating spreads. Geographically, ETFs focused on Australia and the US are, on average, the cheapest.

Broad-based equity market and cash-focussed ETFs are the cheapest, a function of the underlying liquidity in these markets.

Actively managed and more complex ETFs tend to be more expensive, a result of generally higher management fees and larger spreads, designed to incorporate the costs of dealing in the fund’s underlying securities.

Figure 15: Five most expensive ETFs
CodeNameMERSpreadTotal Costs
ETPMPD ETFS Physical Palladium ETC 0.49% 1.41% 1.90%
RENT AMP Capital Global Property Secs Unhdg 0.99% 0.87% 1.86%
QCB BetaShares Com Basket ETF Ccy Hgd(Synth) 0.69% 1.04% 1.73%
QAG BetaShares Agriculture ETF CcyHgd(Synth) 0.69% 0.93% 1.62%
AUDS BetaShares Strong Australian Dollar Hdg 1.38% 0.20% 1.58%
Source: ASX and Morningstar
Figure 15: Five most expensive ETFs
CodeNameMERSpreadTotal Costs
ETPMPD ETFS Physical Palladium ETC 0.49% 1.41% 1.90%
RENT AMP Capital Global Property Secs Unhdg 0.99% 0.87% 1.86%
QCB BetaShares Com Basket ETF Ccy Hgd(Synth) 0.69% 1.04% 1.73%
QAG BetaShares Agriculture ETF CcyHgd(Synth) 0.69% 0.93% 1.62%
AUDS BetaShares Strong Australian Dollar Hdg 1.38% 0.20% 1.58%
Source: ASX and Morningstar

Market Overview - Performance

An ETF should closely track its underlying index. Unlike active fund managers, negative returns do not necessarily mean the fund manager is doing poorly. Instead, it’s a reflection of the performance of the underlying securities the ETF has been designed to track, minus the fee.

Overview

Following weaker performance in previous periods, resource-focused ETFs made up 4 of the top 5 best performing ETFs for the quarter. Geographically, ETFs exposed to emerging markets provided the largest returns over the three months.

Figure 16: Top 5 performing securities
CodeName3 Month return
IBK iShares MSCI BRIC ETF (AU) 11.06%
OOO BetaShares Crude Oil ETF Ccy Hgd(Synth) 10.19%
MVR VanEck Vectors Australian Resources ETF 9.89%
OZR SPDR? S&P/ASX 200 Resources ETF 9.16%
QRE BetaShares S&P/ASX200 Res Sect ETF 9.16%
Source: ASX and Morningstar
Figure 17: Worst 5 performing securities
CodeName3 Month return
BBUS BetaShares US Eqs Strong Bear H-Ccy Hdg -9.62%
QAG BetaShares Agriculture ETF CcyHgd(Synth) -7.38%
YANK BetaShares Strong US Dollar Hedge -6.35%
HVST BetaShares Australian Div Harvester(mgd) -5.85%
IJH iShares S&P Mid-Cap ETF -5.29%
Source: ASX and Morningstar
Figure 18: Top 5 returning ETFs

ETF Creation/Redemption Process

ETF Creation/Redemption Process

Market Overview - Yield

Yield is the income earned on an investment, expressed as a percentage. Historically, Fixed income, Property & Infrastructure securities have generated most of an investor’s return from distributions of income.

With equities, it’s a bit different as a company can distribute profits or retain them to grow, or a combination of the two. Investments in physical Commodities and Currency meanwhile, offer little or nothing in terms of yield as they’re non-income producing assets.

Figure 19: Average historic yield
CodeNameHistoric yield
IHOO iShares Global 100 AUD Hedged ETF 11.96%
HVST BetaShares Australian Div Harvester(mgd) 11.58%
VIF Vanguard Intl Fxd Intr Idx (Hdg) ETF 9.53%
ZYAU ETFS S&P/ASX 300 High Yield Plus ETF 9.42%
VCF Vanguard Intl Credit Secs Idx (Hdg) ETF 9.39%
Source: ASX and Morningstar

Overview

Equities, Fixed Income & Cash and Property & Infrastructure provided the greatest Income based returns for the 12 months to September.

Geographically, Australia enjoyed the highest returns from income, a function of our high interest rates and equity pay-out ratios compared to the rest of the world.

There is also an increasing number of “high income, low volatility” ETFs coming to market as investors grow wary of global volatility.

The highest yielding security for the year to September was iShares Global 100 AUD Hedged ETF (IHOO). The fund aims to provide investors with the performance of an index composed of 100 large capitalisation global equities (hedged to Australian dollars).

Figure 20: Top 5 Yielding ETFs

Figure 20a - Top 5 Yielding ETFS

Figure 20b - Top 5 Yielding ETFS

Securities Overview - Commodities

Commodities securities are designed to provide exposure to the performance of various commodities and natural resources. The majority are physically backed, although synthetic security listings are rising.

We do not hold any Commodity focused ETFs in our SMA Portfolios.

Figure 21: Commodity ETF Highlights
  
FUM ($m) 735.58
Quarter flows 18.34
Average Returns - 3 Months 1.73%
Average Returns - 12 Months -3.75%
Average Star Rating 2.10
Average Historic Yield 0.00%
Average MER 0.54%
Average Spread 0.57%
Quarter Average Liquidity 8.11%
Source: ASX and Morningstar

Overview

Close to 100% of net inflows for the quarter were directed to ETF Securities Gold ETF (GOLD).

ETFS Physical Palladium (ETPMPD) was the strongest performer (albeit off a very low level of FUM), while the ETFS Physical Silver (ETPMAG) and ETFS Physical Platinum ETFs (ETPMAG) were the worst performing securities within the category.

Figure 22: Commodity ETFs by Geography

Figure 22 - Commodity ETFs by Geography

Figure 23: Commodity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
GLOBAL
Agriculture
BetaShares Agriculture ETF CcyHgd(Synth) QAG 2.66 0.00 0.69% 0.93% -7.38% -11.18% 0.00% 11.13% 1,435 star2
Diversified Commodities
ETFS Physical PM Basket ETC ETPMPM 4.86 0.00 0.44% 0.51% 1.70% -4.30% 0.00% 1.55% 21 star2
BetaShares Com Basket ETF Ccy Hgd(Synth) QCB 9.45 0.00 0.69% 1.04% 1.83% 1.91% 0.00% 5.95% 2,029 star2
Gold.
ETFS Physical Gold ETC GOLD 542.10 19.96 0.40% 0.09% 0.87% -5.76% 0.00% 6.93% 7,859 star4
BetaShares Gold Bullion ETF Ccy Hedged QAU 60.73 0.00 0.59% 0.23% 3.03% -3.88% 0.00% 6.35% 9,658 star2
ETFS Physical Singapore Gold ETF ZGOL 13.02 0.00 0.40% 0.35% 1.09% -5.86% 0.00% 4.16% 1,120 star2
Oil
BetaShares Crude Oil ETF Ccy Hgd(Synth) OOO 41.79 -1.82 0.69% 0.16% 10.19% -5.02% 0.00% 12.54% 12,415 star2
Palladium
ETFS Physical Palladium ETC ETPMPD 1.89 0.00 0.49% 1.41% 8.55% 25.68% 0.00% 2.29% 13 star1
Platinum
ETFS Physical Platinum ETC ETPMPT 2.94 0.00 0.49% 0.45% -2.58% -13.65% 0.00% 2.59% 22 star2
Silver
ETFS Physical Silver ETC ETPMAG 56.14 0.20 0.49% 0.53% -0.05% -15.44% 0.00% 3.62% 3,292 star2
Source: ASX and Morningstar

Securities Overview - Currency

These securities are designed to track the performance of the Australian dollar relative to various currencies.

We do not hold any Currency focussed ETFs in our SMA Portfolios.

Figure 24: Currency ETF Highlights
  
FUM ($m) 591.83
Quarter flows 14.40
Average Returns - 3 Months -0.66%
Average Returns - 12 Months -0.69%
Average Star Rating 2.86
Average Historic Yield 0.30%
Average MER 0.67%
Average Spread 0.16%
Quarter Average Liquidity 12.61%
Source: ASX and Morningstar

Overview

The majority on inflows were directed to the BetaShares Strong USD ETF (YANK). The stronger $A relative to the $US saw Betashares Strong Australian Dollar ETF (AUDS) perform well.

AUDS provides investors with a way to obtain magnified “long” exposure to the value of Australian dollar relative to the US dollar.

Figure 25: Currency ETFs by Geography

Figure 25 - Currency ETFs by Geography

Figure 26: Currency EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
ASIA
ETFS Physical Renminbi ETF ZCNH 0.45 0.00 0.30% 0.26% -0.36% -2.38% 0.00% 1.50% 25 star2
EUROPE
BetaShares Euro ETF EEU 5.69 1.10 0.45% 0.12% 1.20% 2.11% 0.00% 22.10% 2,448 star3
BetaShares British Pound ETF POU 55.30 0.00 0.45% 0.09% 0.88% 0.36% 0.00% 12.22% 13,342 star3
AUSTRALIA
BetaShares Strong Australian Dollar Hdg AUDS 1.65 0.03 1.38% 0.20% 4.30% 0.00% 1.90% 49.70% 1,827 star2
USA
BetaShares US Dollar ETF USD 503.73 4.85 0.45% 0.09% -2.21% -2.57% 0.17% 17.32% 228,031 star5
BetaShares Strong US Dollar Hedge YANK 13.01 7.65 1.38% 0.17% -6.35% 0.00% 0.00% 50.03% 13,503 star2
ETFS Physical US Dollar ETF ZUSD 11.99 0.77 0.30% 0.16% -2.11% -2.36% 0.00% 6.66% 2,631 star3
Source: ASX and Morningstar

Securities Overview - Property & Infrastructure

These securities are designed to track various Domestic and Global Property & Infrastructure indexes.

We hold positions in VAP, IFRA & DJRE in our SMA Portfolios.

Figure 27: Property & Infrastructure ETF Highlights
  
FUM ($m) 1,851.84
Quarter flows 112.58
Average Returns - 3 Months 0.86%
Average Returns - 12 Months 0.98%
Average Star Rating 2.25
Average Historic Yield 2.97%
Average MER 0.54%
Average Spread 0.31%
Quarter Average Liquidity 19.90%
Source: ASX and Morningstar

Overview

VanEck’s Vectors Australian Property ETF (MVA) was the best performing for the quarter, while the Dow Jones Global Real Estate ETF (DJRE) was the worst. Despite negative returns, VAP saw the largest inflows during the quarter.

Figure 28: Property & Infrastructure ETFs by Geography

Figure 28 - Property & Infrastructure ETFs by Geography

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Figure 29: Property & Infrastructure EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
AUSTRALIA
Property
VanEck Vectors Australian Property ETF MVA 69.93 9.64 0.35% 0.17% 2.68% 0.24% 5.55% 7.56% 8,406 star3
SPDR? S&P/ASX 200 Listed Property ETF SLF 565.80 3.66 0.40% 0.18% 1.61% -2.86% 4.34% 3.25% 49,722 star3
Vanguard Australian Property Secs ETF VAP 961.68 59.60 0.23% 0.10% 1.98% -1.81% 4.06% 7.88% 32,275 star3
GLOBAL
Infrastructure
AMP Capital Global Infras Secs Unhdg GLIN 24.52 1.98 0.85% 0.72% 1.84% 7.15% 2.13% 19.37% 59,068 star2
VanEck Vectors FTSE Glbl Infras(Hdg)ETF IFRA 49.39 11.85 0.52% 0.27% 1.11% 11.03% 2.55% 14.01% 10,316 star2
ETFS Global Core Infrastructure ETF CORE 0.77 0.77 0.45%   0.00% 0.00% 0.00% 29.99%   star0
Property
SPDR? Dow Jones Global Real Estate ETF DJRE 162.73 21.97 0.50% 0.15% -1.60% -3.61% 3.56% 6.99% 18,368 star3
AMP Capital Global Property Secs Unhdg RENT 17.04 3.11 0.99% 0.87% -0.73% -2.31% 1.55% 25.49% 63,092 star2
Source: ASX and Morningstar

Securities Overview - Fixed Income & Cash

These securities are designed to provide investors access to domestic and global Fixed Income & Cash securities.

We hold positions in AAA, FLOT & IAF in our SMA Portfolios.

Figure 30: Fixed Income & Cash ETF Highlights
  
FUM ($m) 3,804.16
Quarter flows 555.72
Average Returns - 3 Months 0.45%
Average Returns - 12 Months 0.43%
Average Star Rating 3.30
Average Historic Yield 2.88%
Average MER 0.25%
Average Spread 0.16%
Quarter Average Liquidity 10.03%
Source: ASX and Morningstar

Overview

The iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF was the best performing Fixed Income & Cash ETF for the quarter while iShares Government Inflation ETF (ILB) was the worst.

iShares’ new Core Cash ETF (BILL), a lower-cost alternative to the longer standing BetaShares High Interest Cash ETF (AAA), enjoyed the largest inflows for the quarter.

Figure 31: Fixed Income ETFs by Geography

Figure 31 - Fixed Income ETFs by Geography

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Figure 32: Fixed Income & CASH EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
GLOBAL
Corporate
iShares Core Global Corp Bd AUDH ETF IHCB 79.12 10.68 0.26% 0.26% 1.06% 2.01% 2.90% 8.39% 1,999 star3
iShares Global High Yield Bond AUDH ETF IHHY 26.17 7.63 0.56% 0.34% 1.77% 8.42% 4.70% 17.03% 1,231 star2
Diversified
iShares JP Morgan USD EmMkts Bd AUDH ETF IHEB 10.89 3.25 0.51% 0.38% 2.73% 4.42% 4.40% 19.66% 596 star2
Vanguard Intl Credit Secs Idx (Hdg) ETF VCF 125.34 25.81 0.30% 0.16% 1.11% 1.81% 9.39% 9.33% 7,345 star3
Government
Vanguard Intl Fxd Intr Idx (Hdg) ETF VIF 152.14 50.30 0.20% 0.09% 0.62% -0.79% 9.53% 14.56% 13,594 star4
AUSTRALIA
Cash
BetaShares Aus High Interest Cash ETF AAA 1,263.54 17.45 0.18% 0.02% 0.50% 2.03% 2.00% 21.86% 178,369 star5
iShares Core Cash ETF BILL 155.83 145.70 0.07% 0.01% 0.44% 0.00% 0.32% 39.15% 17,911 star4
iShares Enhanced Cash ETF ISEC 15.05 10.02 0.12% 0.01% 0.54% 0.00% 0.40% 38.25% 1,698 star4
UBS IQ Cash ETF MONY 1.00 0.00 0.18% 0.05% 0.41% 0.00% 0.56% 0.67% 11 star3
Corporate
VanEck Vectors Australian Corp Bd ETF PLUS 80.62 43.99 0.32% 0.26% 0.79% 0.00% 0.94% 25.31% 31,770 star3
Russell Inv Australian Select CorpBd ETF RCB 147.66 15.23 0.28% 0.25% 1.52% 2.99% 4.23% 6.87% 16,560 star3
Vanguard Australian Corp Fxd Intr ETF VACF 62.08 25.01 0.26% 0.19% 0.71% 2.01% 2.96% 17.88% 6,301 star3
VanEck Vectors Australian Fltng Rt ETF FLOT 21.19 21.15 0.22% 0.06% 0.00% 0.00% 0.67% 46.19% 8,086 star3
Betashares Aus Bank Sr Fltng Rt Bd ETF QPON 110.59 94.14 0.22% 0.04% 0.98% 0.00% 0.76% 46.82% 42,881 star4
Diversified
iShares Core Composite Bond ETF IAF 453.07 36.65 0.20% 0.06% -0.12% -0.93% 2.21% 8.10% 11,349 star4
Vanguard Australian Fixed Interest ETF VAF 676.10 36.79 0.20% 0.06% -0.11% -0.89% 2.81% 7.14% 32,562 star4
Government
SPDR? S&P/ASX Australian Bond ETF BOND 28.29 0.03 0.24% 0.15% -0.61% -1.27% 3.15% 5.64% 2,087 star3
SPDR? S&P/ASX Australian Govt Bd ETF GOVT 15.33 0.01 0.22% 0.11% -0.82% -1.94% 2.53% 7.41% 1,486 star3
iShares Treasury ETF IGB 29.34 0.01 0.26% 0.18% -0.49% -2.85% 2.70% 8.54% 816 star3
iShares Government Inflation ETF ILB 94.90 6.86 0.26% 0.35% -0.85% -1.73% 0.90% 8.45% 2,320 star3
Russell Inv Australian Government Bd ETF RGB 59.47 0.02 0.24% 0.30% -0.08% -2.36% 3.25% 1.25% 1,191 star3
Russell Inv Australian Semi-Govt Bd ETF RSM 60.58 0.04 0.26% 0.28% 0.66% 0.58% 2.33% 3.34% 3,316 star3
Vanguard Australian Government Bond ETF VGB 135.85 4.98 0.20% 0.09% -0.33% -1.67% 2.58% 8.74% 8,004 star4
Source: ASX and Morningstar

Securities Overview - Equities

Offering broad-based and specific sector exposure to domestic and international equity markets, there are an increasing number of ETFs designed to achieve specific rules-based objectives. Examples include high yield, ethical, value and momentum.

We hold positions in IAA, IVV, VEQ, VE, UMAX & IOZ our SMA Portfolios.

Figure 33: Equity ETF Highlights
  
FUM ($m) 23,407.08
Quarter flows 1,493.73
Average Returns - 3 Months 1.84%
Average Returns - 12 Months 10.68%
Average Star Rating 2.72
Average Historic Yield 2.81%
Average MER 0.44%
Average Spread 0.24%
Quarter Average Liquidity 13.96%
Source: ASX and Morningstar

Overview

ETFs focused on emerging markets were the best performing category for the quarter.

The Vanguard Australian Shares ETF (VAS) saw the largest inflows for the quarter, while the SPDR S&P/ASX 200 ETF (STW) saw the largest outflows. These are the largest ETFs on the Australian market, holding more than $6.7 billion in FUM.

Figure 34: Equity ETFs by Geography

Figure 34 - Equity ETFs by Geography

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Invest in the InvestSMART International Equities Portfolio
Figure 35: Australian Equity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
AUSTRALIA
Equities - Broad
BetaShares Aus Ex-20 Port Divrs ETF EX20 12.84 1.61 0.25% 0.12% 1.08% 0.00% 1.70% 13.31% 3,253 star3
iShares S&P/ASX 20 ETF ILC 318.73 5.33 0.24% 0.07% 0.31% 8.87% 4.88% 4.99% 22,762 star4
iShares Core S&P/ASX 200 ETF IOZ 723.16 46.45 0.15% 0.07% 0.64% 9.08% 3.93% 8.59% 84,956 star4
iShares S&P/ASX Small Ordinaries ETF ISO 64.54 1.36 0.55% 0.33% 4.22% 2.56% 2.39% 5.46% 26,522 star3
VanEck Vectors S&P/ASX MidCap ETF MVE 48.36 15.00 0.45% 0.17% -0.79% 9.18% 2.24% 13.72% 8,001 star2
VanEck Vectors Small Coms Masters ETF MVS 60.95 4.32 0.49% 0.18% 0.83% 2.38% 3.27% 6.26% 6,902 star3
VanEck Vectors Australian Equal Wt ETF MVW 316.65 52.01 0.35% 0.09% 0.43% 8.97% 2.75% 11.30% 42,888 star4
BetaShares FTSE RAFI Australia 200 ETF QOZ 270.03 25.40 0.40% 0.11% 1.81% 12.36% 3.31% 10.50% 71,762 star4
SPDR? S&P/ASX 50 ETF SFY 443.34 16.81 0.29% 0.06% 0.50% 9.40% 4.90% 4.61% 12,805 star4
SPDR? S&P/ASX Small Ordinaries ETF SSO 14.60 2.62 0.50% 0.20% 4.26% 3.08% 2.63% 6.64% 2,298 star2
SPDR? S&P/ASX 200 ETF STW 3,300.20 -150.25 0.19% 0.04% 0.63% 9.06% 4.42% 9.01% 188,674 star5
Vanguard Australian Shares ETF VAS 2,429.80 480.66 0.14% 0.05% 0.81% 8.91% 4.13% 10.30% 104,961 star5
Vanguard MSCI Australian Large Coms ETF VLC 73.71 2.42 0.20% 0.05% 0.51% 8.13% 4.51% 5.88% 2,365 star3
Vanguard MSCI Australian Small Coms ETF VSO 105.52 11.17 0.30% 0.12% 2.08% 5.06% 4.32% 8.61% 5,957 star3
ETFS S&P/ASX 100 ETF ZOZI 10.19 -21.52 0.24% 0.20% 0.37% 9.39% 4.67% 101.01% 31,183 star2
Equities - Sector
VanEck Vectors Australian Banks ETF MVB 27.26 0.06 0.28% 0.09% 2.35% 15.00% 5.39% 15.40% 5,133 star3
VanEck Vectors Australian Resources ETF MVR 28.47 0.01 0.35% 0.11% 9.89% 21.67% 1.90% 5.92% 2,596 star3
SPDR? S&P/ASX 200 Fincls EX A-REIT ETF OZF 62.49 -56.88 0.40% 0.11% 0.05% 13.69% 4.95% 42.84% 7,557 star3
SPDR? S&P/ASX 200 Resources ETF OZR 39.91 6.20 0.40% 0.17% 9.16% 17.95% 1.86% 9.29% 13,197 star2
BetaShares S&P/ASX200 Fincls Sect ETF QFN 17.82 -9.31 0.39% 0.13% 0.04% 13.59% 5.20% 36.19% 18,866 star3
BetaShares S&P/ASX200 Res Sect ETF QRE 17.74 0.01 0.39% 0.28% 9.16% 17.88% 1.52% 8.26% 10,201 star2
Equities - Strategy
iShares Edge MSCI Australia Multifactor AUMF 6.45 0.00 0.30% 0.21% 2.12% 0.00% 1.96% 6.72% 536 star3
BetaShares Managed Risk Australian Share AUST 30.94 0.01 0.49% 0.11% 0.21% 5.07% 3.34% 7.13% 4,758 star3
BetaShares Australian Eqs Strong BearHdg BBOZ 96.68 -7.07 1.38% 0.11% -1.33% -17.65% 0.00% 64.56% 117,071 star3
BetaShares Aus Equities Bear Hedge BEAR 55.39 -7.49 1.38% 0.11% -0.49% -7.28% 0.00% 14.98% 18,861 star3
UBS IQ Morningstar Australia Div Yld ETF DIV 27.90 1.16 0.30% 0.25% -1.23% 6.93% 4.70% 3.02% 1,379 star2
UBS IQ Morningstar Australia Quality ETF ETF 27.15 0.15 0.30% 0.19% -1.87% 1.50% 1.64% 3.51% 1,583 star3
VanEck Vectors S&P/ASX Franked Div ETF FDIV 3.73 0.00 0.35% 0.20% -0.15% -0.18% 4.34% 9.73% 519 star2
BetaShares Geared Australian Equity(Hdg) GEAR 64.63 2.50 0.80% 0.11% 0.35% 16.27% 6.53% 65.81% 66,811 star3
iShares S&P/ASX Dividend Opps ETF IHD 251.93 8.42 0.30% 0.13% -0.70% 8.21% 5.56% 4.26% 25,815 star4
iShares Edge MSCI Australia Minimum Vol MVOL 6.29 0.00 0.30% 0.20% -0.96% 0.00% 2.21% 1.44% 114 star3
Russell Inv Australian Rspnb Inv ETF RARI 66.36 1.36 0.45% 0.25% 0.52% 8.96% 5.23% 3.65% 3,339 star3
Russell Inv High Dividend Aus Shrs ETF RDV 274.52 5.26 0.34% 0.08% 3.05% 12.56% 5.82% 4.30% 13,217 star4
Russell Inv Australian Value ETF RVL 13.37 0.01 0.34% 0.08% 0.24% 10.81% 4.43% 4.56% 681 star3
BetaShares Australian Small Coms Sel SMLL 11.18 1.87 0.39% 0.58% 1.61% 0.00% 0.00% 7.11% 8,089 star2
SPDR? MSCI Australia Sel Hi Div Yld ETF SYI 186.25 8.79 0.35% 0.07% 0.01% 10.92% 5.02% 4.63% 9,841 star3
UBS IQ MSCI Australia Ethical ETF UBA 170.60 9.82 0.17% 0.14% 0.80% 10.26% 4.08% 2.31% 6,803 star3
Vanguard Australian Shares High Yld ETF VHY 938.35 100.55 0.25% 0.06% 1.17% 12.75% 7.60% 7.22% 35,642 star4
BetaShares Aus Top 20 Eq Yld Maxmsr YMAX 406.15 16.49 0.79% 0.16% 0.73% 7.05% 8.81% 6.53% 96,797 star4
ETFS S&P/ASX 300 High Yield Plus ETF ZYAU 28.81 8.89 0.35% 0.20% 3.13% 15.27% 9.42% 14.51% 11,284 star2
BetaShares Australian Div Harvester(mgd) HVST 346.67 -60.38 0.90% 0.09% -5.85% -6.08% 11.58% 11.37% 81,430 star4
Source: ASX and Morningstar
Figure 36: Global Equity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
GLOBAL
Equities - Broad
iShares Global 100 AUD Hedged ETF IHOO 29.48 2.55 0.43% 0.50% 4.57% 21.28% 11.96% 9.20% 824 star2
iShares Core MSCI World All Cap AUD Hdg IHWL 7.44 2.43 0.19% 0.62% 4.33% 19.83% 1.14% 30.60% 2,284 star2
iShares Global 100 ETF (AU) IOO 1,242.29 52.27 0.40% 0.20% 2.63% 17.58% 2.13% 3.55% 12,967 star3
iShares MSCI EAFE ETF (AU) IVE 291.34 20.95 0.33% 0.30% 2.98% 16.00% 2.13% 3.99% 4,347 star3
iShares Core MSCI World All Cap IWLD 14.23 4.63 0.16% 0.60% 2.66% 15.49% 1.51% 14.01% 1,999 star2
VanEck Vectors MSCI Wld ex Aus Qlty ETF QUAL 265.37 38.96 0.40% 0.18% 2.14% 13.79% 3.14% 9.01% 37,657 star3
UBS IQ MSCI World ex Australia Ethcl ETF UBW 22.71 2.77 0.35% 0.24% 2.57% 15.22% 1.89% 6.73% 2,270 star2
Vanguard All-World ex-US Shares ETF VEU 985.66 92.20 0.11% 0.13% -1.92% 12.55% 2.26% 5.03% 24,095 star4
Vanguard MSCI Index Intl (Hdg) ETF VGAD 308.53 61.64 0.21% 0.06% 4.25% 19.57% 4.13% 12.27% 19,265 star3
Vanguard MSCI Index Intl ETF VGS 681.75 137.27 0.18% 0.07% 2.53% 15.44% 2.96% 13.64% 46,499 star4
SPDR? S&P World ex Australia(Hedged) ETF WXHG 71.55 -10.15 0.35% 0.22% 4.22% 19.85% 3.01% 14.70% 15,784 star2
SPDR? S&P World ex Australia ETF WXOZ 152.44 -3.55 0.30% 0.19% 2.44% 15.45% 2.32% 2.05% 3,805 star3
Equities - Sector
BetaShares Glb Banks ETF-Ccy Hdg BNKS 55.64 13.79 0.57% 0.26% 5.01% 38.15% 1.50% 17.85% 43,915 star2
BetaShares Glb Healthcare ETF-Ccy Hdg DRUG 21.92 3.29 0.57% 0.31% 3.13% 13.71% 0.00% 11.50% 14,154 star2
BetaShares Global Sstnbty Ldrs ETF ETHI 91.73 29.47 0.59% 0.23% 2.96% 0.00% 1.21% 18.41% 77,847 star3
BetaShares Glb Agltr Coms ETF-Ccy Hdg FOOD 12.82 3.43 0.57% 0.32% 5.86% 17.98% 0.95% 9.86% 6,759 star2
BetaShares Glb Energy Coms ETF-Ccy Hdg FUEL 6.79 1.13 0.57% 0.30% 8.83% 6.90% 4.07% 16.25% 6,073 star2
Market Vectors Gold Miners ETF GDX 61.66 2.18 0.53% 0.35% 1.87% -14.88% 0.21% 7.60% 5,255 star2
Betashares Global Cybersecurity ETF HACK 44.47 19.12 0.67% 0.27% -0.74% 7.80% 2.65% 39.53% 88,621 star3
iShares Global Consumer Staples ETF (AU) IXI 129.63 -13.83 0.47% 0.32% -2.52% 2.16% 1.89% 4.59% 1,559 star3
iShares Global Healthcare ETF (AU) IXJ 479.18 14.30 0.47% 0.26% 0.61% 10.43% 1.34% 3.08% 3,433 star3
iShares Global Telecom ETF (AU) IXP 20.05 -0.38 0.47% 0.51% 1.09% -0.95% 3.38% 4.75% 421 star2
BetaShares Glb Gold Miners ETF-Ccy Hdg MNRS 5.32 0.00 0.57% 0.50% 0.24% -17.61% 0.44% 22.38% 10,533 star1
ETFS ROBO Glbl Robotics and Atmtn ETF ROBO 4.15 4.15 0.69%   0.00% 0.00% 0.00% 85.59%   star0
Equities - Strategy
AMP Capital Dynamic Markets ETF (Hedge) DMKT 19.58 2.06 0.50% 0.71% 2.45% 8.22% 4.77% 5.87% 14,467 star2
Schroder Real Return ETF GROW 41.90 6.27 0.90% 0.47% 0.51% 4.24% 1.41% 6.75% 25,041 star3
Market Vectors Morningstar Wide Moat ETF MOAT 48.06 4.78 0.49% 0.26% -0.27% 16.93% 0.90% 9.45% 2,856 star2
SPDR? MSCI World Quality Mix QMIX 6.81 0.88 0.40% 0.27% 2.44% 11.52% 2.47% 4.63% 602 star2
ETFS Morningstar Global Technology ETF TECH 14.51 6.55 0.45% 0.23% 5.73% 0.00% 0.78% 19.61% 1,415 star3
SPDR? S&P Global Dividend ETF WDIV 142.24 22.70 0.50% 0.23% 0.89% 7.98% 3.97% 7.32% 18,306 star3
iShares Edge MSCI World Multifactor WDMF 17.23 4.62 0.35% 0.46% 4.52% 0.00% 3.95% 31.51% 5,236 star2
BetaShares Managed Risk Global Share WRLD 41.92 2.14 0.54% 0.21% 1.92% 13.23% 0.89% 11.22% 14,165 star2
iShares Edge MSCI World Minimum Volatil WVOL 11.72 0.00 0.30% 0.49% 1.14% 0.00% 1.51% 12.78% 1,893 star3
Source: ASX and Morningstar
Figure 37: USA Equity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
USA
Equities - Broad
iShares S&P Mid-Cap ETF IJH 118.71 -1.15 0.07% 0.27% -5.29% 6.36% 1.23% 15.00% 2,663 star3
iShares S&P Small-Cap ETF IJR 93.84 7.16 0.07% 0.71% -4.94% 7.07% 1.09% 6.07% 1,946 star3
iShares Russell 2000 ETF (AU) IRU 66.01 3.06 0.20% 0.33% -3.44% 8.86% 1.10% 4.62% 532 star2
iShares S&P 500 ETF IVV 2,309.70 72.16 0.04% 0.04% -3.35% 10.03% 1.61% 5.31% 12,622 star4
BetaShares NASDAQ 100 ETF NDQ 187.82 38.85 0.48% 0.11% 3.61% 20.16% 0.49% 16.51% 75,013 star4
BetaShares FTSE RAFI US 1000 ETF QUS 30.68 0.03 0.40% 0.18% 1.87% 13.33% 2.23% 11.73% 3,930 star3
SPDR? S&P 500 ETF SPY 20.12 -1.25 0.09% 0.07% -3.37% 9.92% 1.77% 8.57% 188 star3
Vanguard US Total Market Shares ETF VTS 1,064.75 45.21 0.04% 0.08% -3.36% 9.73% 1.60% 4.21% 8,991 star4
Equities - Strategy
BetaShares Geared US Eq- Ccy Hdg GGUS 9.64 0.00 0.80% 0.13% 8.47% 37.39% 0.72% 26.58% 6,231 star2
iShares S&P 500 AUD Hedged ETF IHVV 86.98 -2.85 0.10% 0.12% 4.43% 19.00% 1.87% 18.31% 1,605 star3
UBS IQ MSCI USA Ethical ETF UBU 5.89 0.01 0.20% 0.29% 2.02% 14.58% 2.08% 9.80% 824 star2
BetaShares S&P 500 Yield Maximiser UMAX 91.27 3.53 0.79% 0.17% 1.30% 11.60% 4.64% 7.11% 12,170 star3
ETFS S&P 500 High Yield Low Volatil ETF ZYUS 52.15 6.00 0.35% 0.19% -0.52% 5.16% 6.37% 9.23% 12,701 star3
BetaShares US Eqs Strong Bear H-Ccy Hdg BBUS 72.34 19.26 1.38% 0.18% -9.62% -34.39% 0.00% 30.44% 99,156 star2
Source: ASX and Morningstar
Figure 38: Asian Equity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
ASIA
Equities - Broad
Market Vectors ChinaAMC A-Share ETF(Syn) CETF 5.09 2.04 0.72% 0.44% 5.21% 16.59% 0.88% 24.98% 655 star2
BetaShares WisdomTree Japan ETF-Ccy Hdg HJPN 47.48 6.50 0.58% 0.17% 5.39% 31.32% 2.28% 21.33% 23,932 star2
iShares Asia 50 ETF (AU) IAA 322.28 24.20 0.50% 0.35% 4.25% 21.94% 1.48% 5.66% 7,751 star3
iShares MSCI Hong Kong ETF (AU) IHK 11.84 0.28 0.48% 0.70% 2.64% 12.84% 2.16% 9.28% 1,219 star2
iShares MSCI Japan ETF (AU) IJP 180.11 5.22 0.48% 0.13% 1.57% 10.80% 1.47% 8.42% 7,157 star3
iShares MSCI South Korea Capped ETF (AU) IKO 44.46 3.24 0.64% 0.34% -0.80% 17.69% 0.83% 6.34% 1,040 star2
iShares MSCI Singapore ETF ISG 8.25 0.84 0.48% 0.47% 0.65% 14.70% 3.31% 18.96% 1,883 star2
iShares MSCI Taiwan ETF ITW 60.28 -6.20 0.64% 0.93% -1.83% 15.42% 1.72% 9.07% 4,127 star2
iShares China Large-Cap ETF (AU) IZZ 79.50 1.18 0.74% 0.46% 7.34% 16.21% 1.75% 7.64% 3,758 star2
Vanguard FTSE Asia ex Japan Shrs Idx ETF VAE 35.53 7.08 0.40% 0.29% 3.28% 17.54% 2.85% 25.65% 4,399 star2
Equities - Strategy
UBS IQ MSCI Japan Ethical ETF UBJ 3.24 0.00 0.40% 0.26% 1.49% 11.44% 1.50% 2.97% 149 star2
UBS IQ MSCI Asia APEX 50 Ethical ETF UBP 4.11 0.00 0.45% 0.30% 6.25% 25.63% 0.35% 12.66% 746 star2
Source: ASX and Morningstar
Figure 39: European Equity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
EUROPE
Equities - Broad
ETFS EURO STOXX 50? ETF ESTX 24.77 12.79 0.35% 0.21% 5.99% 26.00% 1.08% 25.91% 2,650 star2
BetaShares WisdomTree Europe ETF-Ccy Hdg HEUR 48.29 3.73 0.58% 0.15% 3.92% 23.90% 1.67% 21.14% 26,820 star2
iShares Europe ETF (AU) IEU 699.76 75.56 0.60% 0.13% 3.99% 18.98% 2.09% 8.11% 30,483 star3
Vanguard FTSE Europe Shares ETF VEQ 115.65 29.71 0.35% 0.18% 3.71% 19.41% 2.24% 14.95% 9,948 star3
Equities - Strategy
UBS IQ MSCI Europe Ethical ETF UBE 8.89 1.06 0.40% 0.36% 4.25% 19.69% 2.48% 9.89% 1,319 star2
Source: ASX and Morningstar
Figure 40: Emerging Markets Equity EFTs
NameCodeFUM ($M)Qtr Flows ($M)MERQtr Avg Spread3MTH Return12MTH ReturnHistorical YLDQTR AVG LiquidityDaily Vol-QTR AVGSTAR Rating
EMERGING MARKETS
Equities - Broad
iShares MSCI BRIC ETF (AU) IBK 32.79 3.14 0.72% 0.64% 11.06% 24.02% 1.12% 7.67% 1,557 star2
iShares MSCI Emerging Markets ETF (AU) IEM 554.64 51.72 0.72% 0.22% 5.27% 18.66% 1.16% 5.58% 17,671 star3
Vanguard FTSE Emerging Markets Shrs ETF VGE 140.49 25.25 0.48% 0.27% 5.27% 14.93% 1.71% 12.08% 8,645 star3
SPDR? S&P Emerging Markets ETF WEMG 19.92 3.93 0.65% 0.27% 5.55% 18.07% 1.39% 7.87% 2,422 star2
Source: ASX and Morningstar
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