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Etfs adviser guide Exchange Traded Funds ETFs Advisers ? guide to ETFs and their potential role in client portfolios This document is directed at professional investors and should not be distributed to or relied upon by retail investors The value of inves

Exchange Traded Funds ETFs Advisers ? guide to ETFs and their potential role in client portfolios This document is directed at professional investors and should not be distributed to or relied upon by retail investors The value of investments and the income from them may fall or rise and investors may get back less than they invested C CContents Potential bene ?ts of ETFs ETFs just another type of pooled investment fund ETFs in context Using ETFs in client portfolios Costs charges and distributions Understanding how ETFs operate ETF trading prices spreads and liquidity Glossary CPotential bene ?ts of ETFs ETFs have some unique characteristics that may make them useful for some investors including low costs depending on broker ? s fees liquidity and transparency In a similar way to traditional index mutual funds an index ETF also o ?ers diversi ?cation in the form of holding the broad market rather than concentrating risk in fewer holdings CPotential bene ?ts of ETFs Costs Liquidity The annual charges for index ETFs are on average less than many conventional index funds and signi ?cantly less than actively managed funds However you ? ll need to consider the full ? all in ? cost of investing in ETFs to determine if they are right for a given client or portfolio This is because ETFs also include costs associated with trading in the stockmarket such as broker commissions or at fees and bid-o ?er spreads Diversi ?cation Index funds invest in all or a representative sample of securities in an index providing a highly diversi ?ed investment This o ?ers investors scale and access to a wide range of investments which may not be accessible otherwise to an individual investor The ability to create and redeem ETF securities on a regular basis ensures an underlying depth of liquidity Unlike mutual funds ETFs can be traded at market prices throughout the trading day at a price quoted on the stock exchange Transparency With straightforward ? physical ? index ETFs the issuer provides daily information to the market including the ETF basket or a close representation of the ETF portfolio and the Net Asset Value NAV of the ETF ?? making ETFs a highly transparent investment option The di ?erence between physical ETFs and more specialist ? synthetic ? ETFs is covered further on in this guide See later section titled ??Understanding how ETFs operate ? for an explanation of how this works in practice CETFs just another type of pooled investment fund Exchange Traded Funds ETFs are really just another type of investment fund usually based on a well-known index which can be readily traded on a stock exchange This guide will help you understand how ETFs work along with the potential ways that you can use them in your clients ? portfolios CETFs just another type of pooled investment fund What are ETFs ETFs available in the EU are pooled investment funds often regulated under the European Union ? s UCITS regime which can