Apakah ETF itu?

Exchange-Traded Fund (ETF) merupakan sebuah bentuk investasi yang menyelusuri specific asset atau basket of assets yang terkait

  • ETF dijual/beli sepanjang hari seperti sebuah securities di bursa saham
  • ETFs diperdagangkan di stock indexes, stock market sectors, commodities, currencies, bonds dan juga untuk menelusuri volatility pada stock market
  •  
    Dalam beberapa hal maka ETF mirip dengan mutual funds, yaitu bahwa keduanya terkait pooling of assets

    Berbeda dengan mutual fund yang mempunyai net-asset value (NAV) yang diperhitungkan pada akhir hari trading day, maka harga ETF berubah rubah tergantung supply and demand selama regular stock market trading session. (For more on a comparison between ETFs and mutual funds, see Mutual Funds vs. ETFs: A Comparison.)
     
    Tidaklah berarti bahwa semua ETF sama ….pilihan jitu ETF mana yang harus dihindari di pasar yang padat sangatlah penting
     
    6 attributes yang mengurangi minat investasi pada ETF

    1.Leverage

    Banyak ETFs menawarkan double dan triple leverage.
    Walaupun hal tersebut menarik bagi investor yang mencari risiko rendah akan tetapi ETF tidak memberikan hasil sebesar 2x atau 3x daripada index akan tetapi berdasarkan perubahan harga harian
    Itu berati bahwa ETF yang menawarkan triple-leveraged dari index dan meningkat 10% dalam setahun maka hasil jarang mendekati 30%, apalagi bila index sangat volatile pada periode tersebut
     
    2.Narrow or obscure index

    Sebuah ETF berdasrkan sebuah index sempit atau sebuah index yang kurang diketahui haruslah dikorbankan dengan sebuah ETF berdasrkan sebuah index lebar dan diketahui dengan baik

    Gunakanlah SPDR S&P 500 ETF (SPY) atau Dow Jones Industrial Average ETF (DIA) daripada sebuah ETF berdasarakan proprietary, non-transparent index.
     
    3.Low asset level:
     
    Risiko ETF dengan low level asset

    1.Mempunyai trading volume dan liquidity yang terbatas
    2.Wide bid-ask spreads
    3.Dapat dilikwidasi atau delisted apabila asset berkuran dengan drastis sehingga secara ekonomi tidak mengguntungkan lagi
     
    4.Volatile index or asset class:

    Sebuah ETF berdasarkan volatile index atau asset class – seperti commodity futures atau junk bonds – tidak selalu kurang berisiko daripada underlying asset hanya karena merupakan ETF

    Apabila emerging market junk bonds terlalu berisiko maka tidak ada gunanya berinvestasi pada ETF berdasarkan bond tersebut
     
    5. High expense ratios:

    High expense ratio akan menggerus hasil total ETFs, yang dengan sendirinya memberik hasil negatip pada investment portfolio
     
    6.Tracking error:

    Hindari ETF dengan Tracking error tinggi disamping biaya hedging, peningkatan hasil yang lambat karena untuk waktu jangka panjang hal itu akan mengurangi hasil investasi
    Sebuah ETF dengan tracking error sebesar 2% akan lebih baik dibanding dengan ETF yan memberi tracking error sebesar 5%.
     
    Kesimpulan

    Hindari ETF seperti tersebut diatas .
     
    Keuntungan ETFs

    Harga yang lebih rendah:

  • Annual management expenses lebih rendah daripada mutual funds
  • ETFs tidak mengenal “loads,” yaitu entry dan exit fees

    Sering disebut juga bahwa banyak mutual funds kalah dengan S&P 500.
    Dengan tersedianya ETF yang murah dan secara effektip menelusuri indexes maka hal itu sangat menarik minat investors….untuk apa membayar fees yang mahal kalau akhirnya hasilnya lebih rendah?
     
    Tax Efficiency

    Karena low turnover dan strukturnya maka ETFs biasanya lebih tax efficient dibanding dengan mutual funds.
     
    Diversification

    ETF memungkinkan investors melakukan penempatan dana dibeberapa tempat yang biasanya tidak terjangkau misalkan
    futures markets agar dapat memperdagangkan emas ,, hal itu memungkinkan investors untuk lebih baik melakukan risk management terhadap pergerakan negatip pasar

    Versatility

    ETF seperti saham diperdagangkan sepanjang hari dan berrubah rubah sesuai supply and demand
    Investors dapat menjual ETF short dan menggunakan semua tipe order seperti pada saham untuk masuk/ keluar pasar

    ETF biasanya membebankan komisi seperti pada saham dan dapat diperdagangkan secara margin.

    investor dapat membeli one share of an ETF saja
     
    Transparency

    Berbeda dengan mutual funds, maka indexed ETF lebih transparan melalui prospectus atau website sehingga anda selalu mengetahui tingkat kepemilikan
    Mutual funds hanya wajib menampilkan portfolio mereka secara kwartal atau semiannual
    Semua “actively managed” ETFs secara hukum harus menampilkan full portfolios setiap hari
    Active management memperlihatkan keputusan managemen memilih asset yang menjadi dasar dari sebuah fund.
     
    Gold exchange-traded funds (ETFs) merupakan cara yang paling gampang untuk melakukan trading emas

    Berbeda dengan futures maka ETF tidak mengenal jatuh tempoe.

    (See also Investopedia’s tutorial, “Top ETFs And What They Track,” and our article, “The Gold Showdown: ETFs Vs. Futures.”)
     
    ETFs vs. Trusts

    Walaupun SPDR Gold Trust (GLD) dan iShares Gold Trust (IAU) seringkali disebut ETF, keduanya sesungguhnya merupakan trust
    Sebuah Trusts memilik emas secara fisik sedangkan sebuah ETF merupakan fund yang melakukan investasi pada produk yang melakukan penelurusan harga emas

    Baik ETFs maupun Trusts digunakan untuk melakukan day-trading .

    Rata rata maka diperdagangkan 5 juta atau 2 juta saham
    Harga dari iShares Gold Trust = 1/10 harga SPDR Gold Trust sehingga mempunyai intraday movement yang lebih kecil akan tetapi dengan harga yang lebih murah lebih banyak jumlah yang diperdagangkan

    Tingkat Harga dan volume dari SPDR Gold Trust menjadi favorit bagi day trading.

    Popular gold-miner ETFs – funds yang membeli gold-miner stocks adalah Market Vectors Gold Miners ETF (GDX) and Market Vectors Junior Gold Miners Fund (GDXJ).

    Kapan melakukan Day-Trade Gold Trusts dan ETFs
     
    ​Volatility merupakan teman baik bagi seorang day-trader
    Frequent price movement atau liquidity, memberikan potensi untung atau kerugian pada rentang waktu pendek
     

  • Perhatikan gold ETFs dan Trusts dimana harganya berubah paling sedikit 2%
  • Tambahkan 14-day Average True Range (ATR) indicator pada sebuah gold daily chart
  • Bagi harga ATR dengan harga ETF/Trust’s dan kalikan 100
  • Apabla hasilnya kurang dari 2 maka pasar tidaklah cocok untuk melakukan day-trading gold ETFs atau trusts.
     
    The Gold Miner dan Junior Gold Miner ETFs biasanya lebih volatile
    Apabila harga emas stabil trusts maka the gold miners mungkin memberikan lebih banyak kesempatan dikarenakan volatilitas yang besar
     
    Figure 1. Market Vectors Gold Miners ETF with ATR (14-day) Daily Chart
    gold-1

    During the downtrend at left in figure 1, the day-to-day movement is typically more than 2% (ATR reading divided by price). As the price moves into a more sideways period toward the end of 2013, the daily movement drops below 2% as the ATR continually declines. There will likely be fewer intraday opportunities in this environment and with less profit potential than when the ETF is more volatile.
     
    Patokan Day-Trading Gold Miner ETFs and Gold Trusts

  • DayTrade SPDR Gold Trust apabila moving lebih dari 2% /hari
  • DayTrade gold-miner apabila SPDR Gold Trust kurang dari 2%, ETFs
     
    Trades hanya dilakukan apabila ada trend’s direction
    Untuk uptrend, maka harga telah melakukan swing high, dan sedang mengalami pullback….pada saat tertentu harga akan berhenti 2 atau 3 bar (one- or two-minute chart)… jeda merupakan consolidation dimana harga berhenti kearah menurun
    Pada saat itu lakukan buy ketika harga break diatas pause high karena diperkirakan bahwa harga akan meningkat lagi
    Jeda tersebut harus mempunyai higher low dibanding pada saat swing low sebelumnya ….apabila tidak demikian maka merupakan pertanda bahwa uptrend tidak terjadi dan jangan melakukan perdagangandan
    Setelah melakukan entry, place a stop loss dibawah pullback low.
    gold-2

    Caranya sama untuk downtrend …harga sebelumnya melakukan swing low dan sedang mengalami pullback (pullback ke upside).,,pada saat tertentu harga akan berhenti 2 atau 3 bar (one- or two-minute chart)… jeda merupakan consolidation dimana harga berhenti kearah naik
    Lakukan short-sell ketika harga berada dibawah pause’s low,karena diperkirakan bahwa harga akan menurun lagi
    Jeda tersebut harus mempunyai lower high dibanding dengan swing high sebelumnya …apabila tidak demikian pertanda downtrend tidak jadi dan jangan melakukan perdagangan
    Setelah melakukan entry place a stop loss dibawah pullback low
     
    Targets and Pitfalls

    The strategy attempts to capture trending moves in gold-related ETFs and trusts. This should ideally be done when there is adequate market volatility. Otherwise the trends are more likely to run out of steam and not reach our profit target.

    The profit target is based on a multiple of our risk. When daily volatility is near 2%, aim for a profit target two times your risk. When volatility approaches 4% and there is a strong trend intraday and on the daily chart, aim for a profit target three- or possibly even four-times your risk.

    In figure 2, a long trade is taken at $122.33 and a stop is placed at $122.25, resulting in a risk of 8 cents per share. A target is therefore placed 16 cents (2 x 8 cents) above the entry price, giving a target of $122.49. During more volatile conditions, the target could be extended to 24 or 32 cents above the entry price (three- and four-times risk, respectively).

    The strategy is not without pitfalls. One of the main issues is that the pause within the pullback can be quite large, which in turn will make the stop and risk quite large. There may also be multiple pauses within a pullback; choosing which one to trade can be rather subjective. If there is no pause – just a sharp pullback and sharp move back in the trending direction – the strategy will leave you without a trade.

    The profit target is fixed at a multiple of risk to compensate traders for taking that risk. The price may show signs of a reversal, though, before the target is reached.

    An optional step is to move the stop to just below new lows as they form during an uptrend, or move the stop down to just above new highs as they form during a downtrend. The stop is moving with the trend – acting as a trailing stop – and serves to lock in some of the gain or reduce the loss if the trend reverses.

    The Bottom Line

    Gold isn’t always popular, so when the price of gold is barely moving, day traders should leave gold ETFs and trusts alone. When volatility increases, though, day trading is warranted. Focus on trading with the trend. Wait for a pullback and a pause in price. The pause is what provides the trigger to enter the trade. When the price breaks out of the pause/consolidation back in the trending direction, take the trade. Place a stop just outside the pause in price. Your target should compensate you for the risk you are taking; therefore, set a target of two times your risk or potentially more in volatile conditions.

    Disclosure: At the time of writing, Cory Mitchell did not own any of the securities mentioned in this article.
    Filed Under: ETFs, Gold, Precious Metals, Trusts
    Tickers in this Article: GLD, IAU, GDX, GDXJ
     
    http://www.investopedia.com/articles/investing/071014/worlds-largest-etfs.asp?utm_source=facebook&utm_medium=social&utm_campaign=fb-automated-post
     
    Is an exchange-traded fund with lots of assets necessarily a desirable one? On the one hand, obviously the largeness of an ETF is a selling point in and of itself, both literally and figuratively. Plenty of investors have already found such a fund worth owning a piece of, and that popularity becomes self-perpetuating – investors new to the market are going to be lured by an ETF with enough of a reputation to have amassed large holdings.

    On the other hand, the larger the fund, the less fluid and more inert it and its holdings are going to be. And the less difference there’ll be between the returns of one colossal fund and the next. If every ETF ends up holding comparably sized portions of this petrochemicals multinational and that internet search company, the less opportunity there is for the investor to enjoy returns that beat the market. (Assuming that that’s even what he’s looking for in the first place.) Still, a large exchange-traded fund means reduced risk, which is part of what most ETF investors are hoping for anyway.

    The largest ETF in existence was built for the express purpose of tracking an index. The SPDR S&P 500 (SPY) from State Street Global Advisors was created in 1993 – making it also the oldest ETF in the United States – and, as its name indicates, contains proportionate holdings of each of the issues listed on the Standard & Poor’s 500 index. (SPDR is “Standard & Poor’s Depositary Receipts.”) The index itself summarizes the prices of the stocks of 500 U.S. companies that each have a market capitalization of at least $4.6 billion.

    The fund’s largest components

    Apple (AAPL)

    Exxon Mobil (XOM)

    Microsoft (MSFT)

    Johnson & Johnson (JNJ)

    General Electric (GE)

    Wells Fargo (WFC)

    Chevron (CVX)

    Berkshire Hathaway (BRK-B)

    Procter & Gamble (PG)

    JP Morgan Chase (JPM)

    Verizon (VZ)

    Pfizer (PFE)

    Track the daily movements of the S&P 500, and you’ve essentially done the same for this particular ETF. It’s among the most conservative of securities that aren’t government bonds, created more to preserve wealth than enhance it.

    The 2nd-largest ETF

    is a little more interesting. It’s Vanguard’s FTSE Emerging Markets fund (VWO), and again, an expository name helps to describe what the fund’s business is. FTSE stands for Financial Times/(London) Stock Exchange, the joint sponsors of a UK compiler of indices, sort of an Old World version of Standard & Poor’s. “Emerging Markets” is the universally accepted euphemism for second-tier countries whose economies show glints of brilliance outnumbered by wide stretches of poverty. The Vanguard FTSE Emerging Markets ETF consists of the stock of 955 largely Chinese and Taiwanese companies, many of them large but unfamiliar to North Americans.

    The stocks that make up the biggest proportion of the FTSE Emerging Markets fund are:

    ETF
     
    Are the emerging market stocks of this FTSE fund a better investment than the blue and comparably colored chips of the SPDR fund? The obligatory disclaimer about “past performance” aside, the SPDR ETF has doubled in value over the past 5 years, while the FTSE fund has failed to even keep pace with inflation.
     
    iShares

    Next up is the iShares Core S&P 500 ETF (IVV), which looks and sounds an awful lot like the SPDR S&P 500. Like its SPDR competitor, the iShares ETF tracks the S&P 500 perfectly, to the point where there’s no need to list the former’s largest components. So why would 2 investment firms sell an identical product?

    They’re not completely identical. The iShares Core’s expense ratio is 2 basis points less than the SPDR’s, and you also can’t buy the latter without paying a commission. Which would seem to make the iShares Core ETF the better investment across the board, a position that’s reinforced when you examine other differences between the two ETFs. The SPDR ETF is set up as a unit investment trust and issues dividends at fixed quarterly dates, so when one of its underlying securities issues a dividend, the ETF has to hold onto the cash until the end of the quarter instead of reinvesting it. Which makes for a difference a few basis points in favor of the iShares Core ETF when markets are rising, SPDR when they’re falling. The difference is microscopic for the ordinary investor, less so for the institutional investor with millions on the line.

    Homogeneity is inherent to large ETFs. Rounding out our quartet of the world’s largest is another iShares offering, MSCI EAFE (EFA), with net assets of $56 billion. That double initialism stands for another index, specifically Morgan Stanley Capital International/Europe, Australasia and Far East. A discussion of the ETF requires a brief explanation of the index itself, which is the oldest international stock index and contains issues from 21 developed countries excluding Canada and the United States. The fund offers an alternative for investors wary of putting their eggs in a basket dominated by just two countries – a pair consisting of a superpower with an increasingly intervening executive branch, and its neighbor whom, as the proverb goes, sneezes when the superpower catches a cold.

    The MSCI EAFE ETF consists primarily of the following:

    ETF2

    The MSCI EAFE ETF has gained 45% over the past half-decade, a more than suitable return for those concerned about wealth preservation.
     
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    The Bottom Line

    Given that there are 1200 exchange-traded funds in existence, with the potential to create infinitely many more (all you need are at least two stocks, in varying proportions), this particular collective investment scheme is clearly here to stay. The largest examples of the genre will continue to be those that offer diversity, risk reduction, and liquidity.

     
    http://www.investopedia.com/university/top-etfs-and-what-they-track-tutorial/

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