ETF 201507 abridged

20 Pages·2015·0.38 MB·English

03 September 2015
July Quarter 2015

EXCHANGE TRADED FUNDS.

Nathan Umapathy
[email protected]
ABRIDGED
Inside this edition
Opinion Piece: Seeking high yield through ETFs

An efficient alternative to boost dividend income in an investment portfolio would be to
include a High Yielding Exchange Traded Funds. Exchange Traded Funds have made it (cid:1) Opinion Piece
extraordinarily easy to gain a diversified, cost and tax effective portfolio of high yielding
(cid:1) Market update
assets.
(cid:1) Summary Information
Presently, there are 8 Exchange Traded Funds offering domestic high yield exposure

listed on the ASX. Each Exchange Traded Fund applies a quantitative and qualitative
overlay that has certain nuances. Therefore, we have presented this report to highlight
the key differentiators between these Exchange Traded Funds.
Index
(continued page 2).
Opinion Piece 2
Market Update 7
Market Update
ETF Summary Information 9
Exchange Traded Product (ETP) global assets under management grew 6.0% to
Domestic ETFs 10
US$2.945tn over the last six months. Net new inflows delivered US$146.1bn, an 18.2%
International ETFs 11
increase from prior corresponding period - with a strong 1Q15 before momentum slowed
FI, Commodity and Currency ETFs 13
in 2Q15.
Appendix A: How ETFs work 14
(continued page 7).
Appendix B: Physical versus Synthetic 15
Appendix C: International Exchange
16
ETFs: Own the index in a single listed security Opening Hours
Appendix D: Market Making Quoting
17
Obligations
Key attributes:
Appendix E: Glossary 18
(cid:1) Simple, liquid and flexible way to secure exposure to a specific index, sector, fixed
income, commodity or currency;
(cid:1) Low fees as compared to Managed Funds (Domestic Equity Management Expense
Ratio (MER) 15-55 bp, International Equity MER 7-72 bp, Fixed Income MER 20-28
bp, Cash MER 18 bp, Commodity MER 39-49 bp, Currency MER 45 bp, Other MER
119 bp);
(cid:1) Distribute dividends or coupons based on the underlying investments including
franking credits, interest, and capital gains on a proportional basis;
(cid:1) Trade at or very close to their net asset value and exhibit less investment manager
or individual security risk;
(cid:1) Own a claim to the underlying shares in the portfolio that are held with a custodian.
There are also key risks investors must consider. These include managing currency
exposure (international, commodities) and overall share market risk, based on various
economic conditions and global events.

Bell Potter Securities Limited [email protected] ABN 25 006 390 772
www.bellpotter.com.au AFSL no. 243480
EXCHANGE TRADED FUNDS. 2

Opinion Piece

Seeking high yield through ETFs
The recent months have continued to present challenges for the Australian equity market. And while concerns in
Europe seems to have eased a little, the uncertainty of an interest rate rise in US and a slowdown in the Chinese
economy have all been a key catalyst over the recent slump on the ASX200.
Although investors are understandably anxious of the current stock market, the desire for yield remains unabated.
The potential of the RBA to cut rates further in attempt to counter any interest rate changes done in US – would mean
that term deposits would no longer be the yield-delivering mechanism that investors crave for.
A much more efficient alternative to boost dividend income in an investment portfolio would be to include a High
Yielding ETF. Structurally similar to an index fund but listed on the ASX, ETFs have made it extraordinarily easy to
gain a diversified, cost and tax effective portfolio of high yielding assets. Presently there are 8 ETFs offering domestic
high yield exposure listed on our exchange. Therefore, we have presented this report to highlight the key
differentiators between these ETFs.
With respect to its relative investment methodology, we have categorised the 8 Domestic ETFs into 2 broad
categories – an Index Driven ETF, which tracks an Index of top yielding ASX companies, and a Style Driven ETF,
which employs a quasi active investment strategy to enhance yield.
Index Driven ETF
There are 6 ETFs offering a diversified portfolio of high yield assets exposure under this category. These listed
securities trade under the following ASX codes IHD (iShares), RDV (Russell), SYI (State Street), VHY (Vanguard),
DIV (UBS) and ZYAU (ANZ). Each index applies a quantitative and qualitative overlay that has certain nuances.
Analysis of sector exposures as compared against the ASX200 notes:
(cid:1) IHD has substantial overweight positons in Materials, Telecommunications, Energy, Utilities and the lowest
exposure to Financials;
(cid:1) RDV has the largest exposure to Financials however is materially underweight in Materials and Health Care;
(cid:1) VHY has a substantial overweight position in both Utilities and Consumer Discretionary;
(cid:1) SYI has the lowest exposure to Industrials;
(cid:1) DIV is substantially overweight in Consumer Discretionary and has zero Telecommunication exposure;
(cid:1) ZYAU is the only ETF with an overweight position in Industrials and has no Consumer Staples exposure.
Other key notes from these 6 High Yield ETFs:
(cid:1) RDV has the lowest historical yield (5.11%) while SYI has the highest historical yield (7.17%);
(cid:1) Average historical yield amongst the 5 ETFs (ZYAU only recently listed) is 6.3%;
(cid:1) VHY has the lowest management fee (25bp) while DIV has the highest management fee (70bp);
(cid:1) DIV’s portfolio is rebalanced quarterly while the other 5 ETFs is rebalanced semi annually;
(cid:1) Both VHY and DIV has the largest dispersion of securities with the largest focus outside the ASX50;
(cid:1) ZYAU is the only ETF that doesn’t hold any of the big four banks.
All six ETFs are fully replicated, with the underlying investments held with a custodian in a segregated account.
Please be aware this analysis is based on historical data which will change with the recalibration of the underlying
indices and natural oscillations of the market.
EXCHANGE TRADED FUNDS. 3

Opinion Piece (continued)

Description
ASX Code IHD RDV SYI
Manager iShares Russell Investments State Street
Index Methodology The Index employs a yield driven The Index aims to deliver income through The Index targets Australian companies
weighting scheme while providing higher dividends and franking credits, with high dividend yields that are both
diversification across individual stocks plus capital growth to investors through a sustainable and persistent. Index
and sectors. Stocks need to have a diversified portfolio of blue chip Australian construction starts with a dividend
market cap of above $500m with a 6 shares. The Index has a bias toward screening process: only securities with a
month Average Daily Volume Traded of those that have a high expected dividend track record of consistent dividend
$2m before a stability filter is applied, yield but also meet other characteristics payments and with the capacity to
which looks at dividend consistency and including; a history of paying high sustain dividend payouts into the future
price momentums. dividends; dividend growth and consistent are eligible index constituents. From this
earnings. list of eligible companies, the index
selects only those with higher than
average dividend yields.
Exposure Constraints Capped @ 10% per security n/a Capped @ 10% per security
Capped @ 30 - 40% per sector n/a n/a
Metrics
Historical Yield (LTM) 6.03% 5.11% 7.17%
Franking (LTM) 46.50% 80.30% 56.60%
Gross Yield (LTM) 7.20% 6.90% 8.90%
Distribution Freq Quarterly Quarterly Quarterly
Indirect Cost Ratio 0.30% 0.34% 0.35%
Portfolio Rebalance Semi-Annual Semi-Annual Semi-Annual
Number of Holdings 50 49 36
Top 10
BHP Billiton 10.0% Commonwealth Bank 15.8% Westpac Bank 9.7%
Telstra 9.9% Westpac 15.6% Commonwealth Bank 9.5%
Commonwealth Bank 8.8% ANZ Bank 15.4% ANZ Bank 9.1%
Rio Tinto 8.2% Telstra Corporation 12.2% BHP Billiton 8.0%
Wesfarmers 7.6% National Australia Bank 6.0% Suncorp Group 4.9%
Woodside Petroleum 7.6% BHP Billiton 4.1% Telstra 4.7%
Westpac 7.4% Suncorp Group 3.8% Amcor 4.7%
National Australia Bank 6.4% Wesfarmers 3.5% Woodside Petroleum 4.6%
ANZ Bank 6.3% IAG 2.6% National Australia Bank 4.6%
Spark NZ 2.7% BEN Bank 2.3% Woolworths 4.6%
Data as at 31/07/2015 Data as at 30/06/2015 Data as at 31/07/2015
Sector Exposure
Financials 35.8% Financials 52.1% Financials 50.1%
Materials 21.8% Materials 7.3% Materials 15.4%
Industrial 4.6% Industrial 6.5% Industrial 2.1%
Consumer Staples 7.8% Consumer Staples 8.3% Consumer Staples 8.9%
Health Care 1.2% Health Care 0.5% Health Care 2.4%
Telecom Serv 12.9% Telecom Serv 7.0% Telecom Serv 4.7%
Energy 8.7% Energy 4.9% Energy 5.2%
Consumer Discretionary 1.8% Consumer Discretionary 4.8% Consumer Discretionary 4.3%
Utilities 4.1% Utilities 4.2% Utilities 6.5%
IT 0.0% IT 0.0% IT 0.4%
Other 0.0% Other 4.4% Other 0.0%
Data as at 31/07/2015 Data as at 30/06/2015 Data as at 31/07/2015
Georgraphic Exposure
Australia 100.0% Australia 100.0% Australia 100.0%
EXCHANGE TRADED FUNDS. 4

Opinion Piece (continued)

Description
ASX Code VHY DIV ZYAU
Manager Vanguard UBS ANZ ETFS
Index Methodology Market capitalisation weighted index The Index is a rules-based customised The Index is designed to measure the
comprising of companies with a higher index of listed Australian securities that performance of the top 40 companies in
forecast div yield, relative to other have “Buy” or “Neutral” UBS Research the ASX 300 with the highest shareholder
companies listed on the ASX. A-REITS rating. The index screens for securities yields. The index screens for companies
and securities that are not forecast to pay through its financial statement filters and with a minimum three-month Average
dividends over the next 12 months are forecast divided yield filter, while Daily Value Traded of AUD 1 mil; a Free
excluded from the Index. Then the excluding securities with nil dividends or Cash Flow to Equity of at least the total
securities with the highest forecast div securities with a high probability of cash paid for common dividend and
yields which make up 50% of the float- default. common share repurchases; a positive
adjusted market capitalisation of the Index div payout and a non-negative DPS
are selected. growth.
Exposure Constraints Capped @ 10% per security Not Disclosed Capped @ 10% per security
Capped @ 40% per sector n/a
Metrics
Historical Yield (LTM) 6.86% 6.26% n/a
Franking (LTM) 57.80% 66.31% n/a
Gross Yield (LTM) 8.60% 8.00% n/a
Distribution Freq Quarterly Quarterly Quarterly
Indirect Cost Ratio 0.25% 0.70% 0.35%
Portfolio Rebalance Semi-Annual Quarterly Semi-Annual
Number of Holdings 36 40 40
Top 10
Telstra n/a Commonwealth Bank 10.9% Woodside Petroleum 10.4%
ANZ Bank n/a ANZ Bank 9.8% Telstra 10.3%
National Australia Bank n/a Westpac 7.6% BHP Billiton 9.4%
Rio Tinto n/a Wesfarmers 7.4% AMP 8.9%
BHP Billiton n/a Woodside 5.2% Amcor 7.6%
Westpac n/a Rio Tinto 5.2% Sydney Airport 5.7%
Commonwealth Bank n/a AGL 3.4% Lend Lease Group 4.2%
Tabcorp Holdings n/a Sonic Healthcare 2.9% Stockland 4.1%
Duet Group n/a Bank of Queensland 2.8% ASX 3.4%
Spark Infrastructure n/a Bendigo and Adelaide Bank 2.5% Goodman Group 3.2%
Data as at 30/06/2015 Data as at 30/06/2015 Data as at 31/07/2015
Sector Exposure
Financials 41.9% Financials 38.8% Financials 38.2%
Materials 19.3% Materials 14.0% Materials 19.5%
Industrial 6.1% Industrial 3.7% Industrial 8.1%
Consumer Staples 0.9% Consumer Staples 7.4% Consumer Staples 0.0%
Health Care 0.0% Health Care 5.8% Health Care 4.9%
Telecom Serv 10.2% Telecom Serv 0.0% Telecom Serv 10.5%
Energy 2.1% Energy 5.2% Energy 10.4%
Consumer Discretionary 11.5% Consumer Discretionary 16.6% Consumer Discretionary 5.5%
Utilities 8.0% Utilities 6.2% Utilities 1.9%
IT 0.0% IT 0.0% IT 1.0%
Other 0.0% Other 2.3% Other 0.0%
Data as at 30/06/2015 Data as at 30/06/2015 Data as at 31/07/2015
Georgraphic Exposure
Australia 100.0% Australia 100.0% Australia 100.0%
EXCHANGE TRADED FUNDS. 5

Opinion Piece (continued)

Style Driven ETF
BetaShare’s YMAX and HVST have a slightly more sophisticated strategy than traditionally investing in your top
yielding companies.
YMAX provides shareholders an exposure to the ASX20 with a dividend income that exceeds the dividend income of
the Portfolio of underlying stocks. This yield enhancer comes from the additional premium the portfolio receives from
selling covered calls options over up to 100% of the Portfolio.
Other key notes on YMAX:
(cid:1) The amount of option premiums in the Fund receives from writing covered call options depends on, among
other factors, the expected volatility of the price of the Securities;
(cid:1) The higher the expected volatility, the higher the option premiums;
(cid:1) YMAX has the ability to outperform a traditional S&P/ASX 20 Buy/Hold strategy in a period of above average
volatility, particularly in a falling, flat or moderately rising market.
While, HVST is an equity income strategy, which seeks to maximise dividend yield by investing in a portfolio of
dividend paying Australian equities. HVST has an additional investment objective to cushion downside risk and
manage the volatility of the fund by selling equity futures contracts (i.e. ASX SPI 200 futures).
Other key notes on HVST:
(cid:1) HVST will provide exposure to 14 or more securities;
(cid:1) The portfolio will generally consist of large capitalisation Australian securities;
(cid:1) The portfolio is rebalanced approximately every two months in order to obtain the next paying dividend
(‘dividend harvest’ strategy) and to comply with the ’45 day rule’ (in order to receive franking credits);
(cid:1) At each portfolio rebalance, BetaShares will identify the largest 50 securities, by market capitalisation, listed
on the ASX, that are expected to give the holder an entitlement to the dividend and which exceeds a
minimum gross yield threshold. Securities are then ranked from highest to lowest based on expected gross
yield, which is based on declared dividends or Bloomberg analyst consensus;
(cid:1) May invest in one or more domestic broad based ETF if fewer than 14 stocks meet its minimum yield and
market capitalisation screens.
Overall, it is important to note that both these ETFs are aimed to generate income rather than capital growth.
Therefore, these ETFs has the capacity to underperform during a strong bull market.
Please be aware this analysis is based on historical data which will change with the recalibration of the underlying
indices and natural oscillations of the market.
Finally, the message in all this is that you will have to consider a range of characteristic, including sector
concentration, portfolio structure/constrains, index methodology, and fees before deciding which high yield ETF is
best suited for you.
EXCHANGE TRADED FUNDS. 6

Opinion Piece (continued)

Description

ASX Code YMAX HVST
Manager BetaShares BetaShares
Investment Strategy The Fund provides exposure to a portfolio The Fund’s portfolio will generally consist
of the ASX 20, with the added benefit of of large cap Australian stocks selected
enhanced dividend yield, downside from amongst 50 largest stocks, by
protection and lower total return volatility. market cap. The fund will adopt a
The Fund achieves this by writing ‘dividend harvest’ strategy which is aimed
covered call options over up to 100% of at maximising exposure to dividend
the Portfolio, which provides option paying equity securities. Harvester also
premiums and an additional source of has a risk-managing mechanism which
income, and a partial hedge against a manages the volatility of the fund and
decline in the value of the Portfolio. cushion downside risk by selling equity
futures contract.
Exposure Constraints n/a Capped @ 9% per securities
n/a n/a
Metrics
Historical Yield (LTM) 8.78% 7.72%
Franking (LTM) 34.00% 62.00%
Gross Yield (LTM) 10.10% 9.80%
Distribution Freq Quarterly Monthly
Indirect Cost Ratio 0.79% 0.90%
Portfolio Rebalance Quarterly Every 2 months
Number of Holdings 20 14
Top 10
Commonwealth Bank 15.3% Transurban Group 9.7%
Westpac Bank 11.1% Stockland 9.5%
ANZ Bank 9.8% Sydney Airport 9.3%
National Australia Bank 9.6% Commonwealth Bank 6.9%
BHP Billiton 9.6% Westpac Bank 5.3%
Telstra 8.3% BHP Billiton 4.8%
Wesfarmers 4.9% ANZ Bank 4.6%
CSL 4.5% National Australia Bank 4.5%
Woolworths 3.8% Telstra 3.8%
Macquarie Group 3.0% Wesfarmers 2.5%
Data as at 30/06/2015 Data as at 30/06/2015
Sector Exposure
Financials 60.5% Financials 43.2%
Materials 12.1% Materials 11.3%
Industrial 1.8% Industrial 22.8%
Consumer Staples 8.6% Consumer Staples 5.0%
Health Care 4.2% Health Care 4.5%
Telecom Serv 8.3% Telecom Serv 0.0%
Energy 4.5% Energy 3.8%
Consumer Discretionary 0.0% Consumer Discretionary 0.0%
Utilities 0.0% Utilities 0.0%
IT 0.0% IT 0.0%
Other 0.0% Other 0.0%
Data as at 30/06/2015 Data as at 30/06/2015
Georgraphic Exposure
Australia 100.0% Australia 100.0%
EXCHANGE TRADED FUNDS. 7

Market Update

Exchange Traded Product (ETP) global assets under management grew 6.0% to US$2.945tn over
the last six months. Net new inflows delivered US$146.1bn, an 18.2% increase from per
corresponding period - with a strong 1Q15 before momentum slowed in 2Q15.
Figure 1: Global ETF Assets and Global Spread of FUM
(US$b)
4,000

3,000 Equity

Fixed Income
2,000

Commodities
1,000
Other
0

Source: Blackrock data
Much of the global equity net inflows were supported by Non-US Developed Markets, mainly
Europe and Japan, with investors taking advantage of their attractive valuations in relative to the
US. While outflows were largely driven by strong redemptions in China and from Large
Capitalisation US Equity.
Fixed Income continued its momentum from 2014 with a relatively strong period, benefiting from the
debt uncertainty surrounding Europe. However, we began to see more redemptions towards the
end as investors shift focus to holding more equity based funds. Commodities ETFs also had a
relatively soft six months buffeted by low precious metal prices.
Despite a lacklustre period in Australian equities, the Australian ETF sector had a solid six month
growth with FUM rising 21.5% to $18.3bn. This was driven by another strong period of net inflows
along with an influx of new products. Net inflows saw a healthy $2.7bn over the last six months,
consistent as per corresponding period. Unsurprisingly, the bulk of the net flows were driven by
equity related products, with international products accounting for $1.1bn and domestic equity
raking in an impressive $1.2bn. Interesting to note, we did see a slight dip in terms of net flows for
International products compared to per corresponding period while domestic equity is on track to
outperform any previous highs for the year.
Figure 2: Australian Spread of FUM, Top 5 Inflow and Outflows (Half Year)
Top 5 Inflows Top 5 Outflows
Domestic Equity Total (46%)
STW $410.5m GOLD -$45.0m
Intern. Equity Total (39.6%)
VAS $192.8m ISO -$26.1m
Fixed Income (4.7%)
Cash (3.9%) IEU $179.4m RDV -$24.4m
Currency (2.3%)
VEU $145.7m IZZ -$16.2m
Commodity (3.4%)
VTS $126.9m SPY -$16.1m
Source: ASX data and Bell Potter data
Domestic equity was yet again supported by strong flows into low cost products with the three
Vanguard ETFs VAS (MSCI/ASX300), VAF (Fixed Interest) and VAP (S&P/ASX 300 Property)
accruing $404m between them over the last six months. Astonishingly State Street’s market
behemoth STW had a stunning period, amassing a whopping $411m. High Yield products RDV
(Russell High Dividend) and SYI (State Street High Dividend) and Small Cap ETFs ISO (iShares
AXS Small Ordinaries) and SSO (State Street Small Ordinaries) dominated top outflows, totalling
$57m.
EXCHANGE TRADED FUNDS. 8

Market Update (continued)

International flows saw investors playing Europe as an investment thematic. IEU (iShares Europe
350) being the only pure Europe ETF on the ASX, received $179m of net new flows over the last six
months. Vanguard’s cost effective regional international solution (VTS and VEU) also appeared to
resonate with investors, accruing $273m in aggregate. Meanwhile, iShare’s Global Healthcare ETF
(IXJ) benefited from a sector, that is poorly represented on the ASX, as it accrued an impressive
$105m.
Net inflows for fixed income ETFs highlighted a slowdown in this sector as it gather $250m, only
half the amount from the previous six months. Apart from Vanguard’s VAF (Fixed Interest) and VGB
(Government Bonds), the rest of the flows were relatively sedate across a broad number of ETFs
and providers. It appears investors were shifting their focus to more equity based funds to capitalise
on a weak stock market.
Commodities had a slightly better period with $15m in new inflows. At the expense of higher cost
ETFs, there was arguably a shift in strategy with gold ETFs as Perth Mint Gold (Synthetic Gold)
benefited from the outflows from ETF Securities’ Gold (Physical Gold). Inflows were also driven by
BetaShares’ OOO (Synthetic WTI Crude Oil), as investors take advantage of the dramatic drop in
oil prices. Currency had another good period dominated by USD which contributed $71.8m net
inflow.
Figure 3: Spread of Fees and Market Share Amongst ETF Providers

iShares (38.1%) iShares (36%)
StateStreet (27.3%) StateStreet (24.3%)
BetaShares (13.8%) Vanguard (20.8%)
Vanguard (10.4%) BetaShares (10.4%)
ETF Securities (4.7%) Russell (3.4%)
Russell (3.9%) ETF Securities (2.6%)
UBS (1%) Market Vectors (1%)
Market Vectors (0.7%) UBS (0.9%)
Perth Mint (0.2%) Perth Mint (0.5%)
ANZ ETF (0%) ANZ ETF (0%)
Source: ASX, Company and Bell Potter data

There are some notable shifts in market share amongst the ETF providers over this period.
StateStreet market penetration continued to slide as it now only represents 24% of the market.
Meanwhile, Vanguard benefited from their low cost product and has seen its penetration increase
from 19% to 21%. iShares has managed to consolidate its position with market penetration steady
at 36% thanks to strong support from IVV (S&P 500) and IOO (S&P Global 100). And UBS, one of
the more recent entrants, has seen it penetration increase by a 1% with its global ethical solutions
for investors.
iShares continues to dominate with $6.6bn in FUM, compared with StateStreet on $4.4bn,
Vanguard on $3.8bn and BetaShares on $1.9bn. The remaining providers account for $1.6bn
between them. We believe the ETF providers offering international solutions are going to continue
to drive flows in the next 12-month period. This is likely supported by an influx of new international
products.
EXCHANGE TRADED FUNDS. 9

ETF Summary Information
This report aims to provide a comprehensive assessment of the Australian ETP landscape
including Market Update and Summary Information to assist with the selection process. We
also enclose an individual profile sheet for each ETP that provides a snap shot including a
description, performance, country and sector allocation, risk and return metrics, and valuation
measures.

Summary Information (Page 10)
This table provides a comprehensive review of the product suite of ETFs available on the
ASX. The universe is broken into each asset class and investment style. It is designed to
allow an investor to quickly establish which ETFs are available in each category and key
points of differentiation.
This page includes:
(cid:1) Description: Index, commodity or currency that the product is tracking.
(cid:1) ETF ASX Code
(cid:1) Price: As at 31 July 2015
(cid:1) Manager: The investment manager supporting the product.
(cid:1) Index: Operator of the Index
(cid:1) Holdings: Approximate amount of securities in the ETF’s portfolio
(cid:1) Fees : Management and Performance Fees
(cid:1) Spread: Bid-Ask spread to instigate a trade

(cid:1)
EXCHANGE TRADED FUNDS. 10
Summary Information
Domestic ETFs
Fees Spread Listed Global Mkt
Description ETF Price ($) Manager Index Holdings
(%) (%) ASX Cap
Broad Market
ASX 200 IOZ 23.94 iShares MSCI ~200 0.19 0.17 Dec-10 374.1
ASX 200 STW 53.16 Statestreet S&P ~202 0.29 0.07 Aug-01 3,122.1
ASX 300 VAS 72.10 Vanguard S&P ~298 0.15 0.09 May-09 1,137.5
Large Cap
ASX 20 ILC 25.46 iShares S&P ~20 0.24 0.17 Dec-10 297.9
ASX 30 VLC 63.53 Vanguard MSCI ~31 0.20 0.16 May-11 48.6
ASX 50 SFY 55.53 StateStreet S&P ~51 0.29 0.07 Aug-01 451.3
ASX 100 ZOZI 10.26 ANZ ETFS S&P ~100 0.24 n/a Jun-15 2.1
Small Cap
ASX Small Ords ISO 3.74 iShares S&P ~201 0.55 0.68 Dec-10 31.6
ASX Small Ords SSO 11.15 StateStreet S&P ~178 0.50 0.25 Apr-11 7.8
ASX Small Companies VSO 43.34 Vanguard MSCI ~140 0.30 0.22 May-11 74.1
ASX Small Cap Div Payers MVS 15.97 Market Vectors MV ~91 0.49 n/a May-15 28.7
Sector
ASX 200 Financials x-Prop OZF 21.95 Statestreet S&P ~26 0.40 0.11 Apr-11 35.3
ASX 200 Financials x-Prop QFN 12.2 BetaShares S&P n/a 0.39 0.19 Dec-10 18.8
Australian Banks MVB 28.80 Market Vectors MV ~7 0.28 0.06 Oct-13 21.3
ASX 200 Resources QRE 4.32 BetaShares S&P n/a 0.39 0.49 Dec-10 6.6
ASX 200 Resources OZR 7.81 Statestreet S&P ~33 0.40 0.24 Apr-11 17.2
Australian Resources MVR 16.84 Market Vectors MV ~31 0.35 0.15 Oct-13 2.5
Emerging Resources MVE 6.25 Market Vectors MV ~45 0.49 0.39 Oct-13 2.5
ASX 200 Property SLF 11.95 Statestreet S&P ~18 0.40 0.15 Feb-02 586.7
ASX 300 Property VAP 75.45 Vanguard S&P ~27 0.25 0.21 Oct-10 448.9
Australian Property MVA 18.97 Market Vectors MV ~13 0.35 0.19 Oct-13 41.9
High Div
High Dividend Yield IHD 15.17 iShares S&P ~50 0.30 0.30 Dec-10 244.8
High Dividend Yield RDV 31.14 Russell Russell ~49 0.34 0.18 May-10 281.8
High Dividend Yield SYI 30.12 Statestreet MSCI ~36 0.35 0.08 Sep-10 161.3
High Dividend Yield VHY 64.15 Vanguard FTSE/ASFA ~36 0.25 0.12 Jun-11 570.0
Research Pref Aust Div Fund DIV 20.76 UBS GAM UBS ~40 0.70 0.22 Jan-14 23.5
High Shareholder Yield ZYAU 10.02 ANZ ETFS S&P ~40 0.35 n/a Jun-15 1.0
Dividend Harvester Fund HVST 23.22 BetaShares BetaShares n/a 0.90 0.16 Oct-14 114.3
ASX 20 Equity Yield Maximiser YMAX 10.73 BetaShares S&P ~20 0.79 0.20 Nov-12 369.7
Style
Australian Value Shares RVL 30.68 Russell Russell ~37 0.34 0.18 Mar-11 20.9
Australian Equal Weight MVW 22.48 Market Vectors MV ~71 0.35 0.14 Mar-14 41.6
RAFI Australia 200 QOZ 12.40 BetaShares FTSE ~200 0.40 0.23 Jul-13 63.7
IQ Research Pref Aust Share Fund ETF 21.22 UBS GAM UBS ~40 0.70 0.22 Oct-12 58.4
Alternative
Australian Equities Bear Fund BEAR 16.73 BetaShares S&P n/a 1.38 0.12 Jul-12 55.1
Australian Equities Strong Bear BBOZ 24.06 BetaShares S&P n/a 1.38 0.15 Apr-15 10.8
Geared Australian Equity GEAR 22.05 BetaShares S&P n/a 0.80 0.18 Apr-14 44.5
Ethical
Australian Equity ex Tob ex Cont Weap UBA 19.13 UBS MSCI ~70 0.17 0.12 Feb-15 84.1

Source: Company Data, ASX, B’berg, Bell Potter