Ещё про ETFs

Ещё про ETFs

As a mutual fund investor, the primary selling point I see for ETFs is a lower expense ratio. By the time I account for premiums, discounts, and spreads I tend to question if I would actually save any significant expenses by buying ETFs, so I've just stuck with the convenience of mutual funds for end of day NAV pricing and automatic purchases. This past week it looks like people selling certain bond ETFs to rebalance and buy stock ETFs may have been getting a raw deal compared to doing the same with mutual funds.

https://www.bogleheads.org/for... 

как я и рассказывал

Re: Ещё про ETFs

On Friday, March 20, 2020 at 9:19:51 AM UTC-4, 999Vulcan wrote:

As a mutual fund investor, the primary selling point I see for ETFs is a lower expense ratio. By the time I account for premiums, discounts, and spreads I tend to question if I would actually save any significant expenses by buying ETFs, so I've just stuck with the convenience of mutual funds for end of day NAV pricing and automatic purchases. This past week it looks like people selling certain bond ETFs to rebalance and buy stock ETFs may have been getting a raw deal compared to doing the same with mutual funds.

https://www.bogleheads.org/for... 

как я и рассказывал


Больше пяти ответов вниз смотрел?

Former mutual fund accountant here. You have this backwards. ETFs prices are generally more accurate than a mutual fund's NAV.

You construct a fund's NAV by figuring out what the fund assets are (easy) and what the price of each asset is. In a fast moving market the quality of price data takes a real hit. If you have old moldy suspect data what is one to do? You take that suspect data and dump it into your pricing model and turn the crank to get a NAV.

To be blunt, there are problems with both ETF and NAV pricing. In normal times it does not matter much. NAVs give the false impression of precision that they don't have.

DvD

Re: Ещё про ETFs

On Friday, March 20, 2020 at 10:17:14 AM UTC-4, DvD wrote:

On Friday, March 20, 2020 at 9:19:51 AM UTC-4, 999Vulcan wrote:

As a mutual fund investor, the primary selling point I see for ETFs is a lower expense ratio. By the time I account for premiums, discounts, and spreads I tend to question if I would actually save any significant expenses by buying ETFs, so I've just stuck with the convenience of mutual funds for end of day NAV pricing and automatic purchases. This past week it looks like people selling certain bond ETFs to rebalance and buy stock ETFs may have been getting a raw deal compared to doing the same with mutual funds.

https://www.bogleheads.org/for... 

как я и рассказывал


Больше пяти ответов вниз смотрел?


смотрел

это всё не отменяет того факта, что те кто продал BND intraday got 4% down price on a 1% down day

желающие торговать ETF должны понимать механизмы premium/discount, описанные мною вчера

как мы видим, здесь присутствующие о них даже не слышали

Re: Ещё про ETFs

On Friday, March 20, 2020 at 10:29:32 AM UTC-4, 999Vulcan wrote:

это всё не отменяет того факта, что те кто продал BND intraday got 4% down price on a 1% down day

желающие торговать ETF должны понимать механизмы premium/discount, описанные мною вчера

как мы видим, здесь присутствующие о них даже не слышали


о, кто-то на morning star читает зиван

https://www.morningstar.com/ar... 

Mar 20, 2020

Key Takeaways

- Market volatility has caused many exchange-traded funds to trade at extreme discounts to their net asset values.
- ETF investors should understand ETF premiums and discounts and how to best navigate them.
- If possible, ETF investors should avoid trading during unstable periods in the market. If they must trade, using limit orders is a best practice. And for those investors that don't place any value on ETFs' intraday liquidity, mutual funds offering similar exposure are perfectly suitable options.

Ben Johnson, CFA, is director of global exchange-traded fund research for Morningstar

прямо буквально по пунктам всё что я писал позавчера