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Contributed by mm | September 12, 2006 1:01 AM PST
ETF price may deviate from that of its underlying investments and cause an ETF to be priced with a premium or a discount.
From Morningstar:
Unlike regular, open-end mutual funds, exchange-traded funds are not always bought and sold at prices equal to the net asset value (NAV) of their portfolios. Instead, just as stocks do, they trade at prices set by market forces. The differences between ETFs' market prices and NAV have historically been small, but they can and do arise. An ETF is said to trade at a premium to NAV if its market price is greater than its NAV, and it's said to trade at a discount to NAV if the opposite is true.
Morningstar indicates these premiums and discounts on the snaphot page and on the total returns page for each ETF. However, although ETFs' NAVs are calculated at 4:00 p.m. ET each day, they often trade until 4:15 p.m. ET. Because only the last trade price is available to compare to the NAV, the displayed premium/discount figures can reflect the comparison of an NAV calculated at 4:00 p.m. ET with a market price of a trade executed slightly later in the day.
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Principles for Smart ETF Investing (September 12, 2006)
Morningstar's Sonya Morris declared six principles of effective ETF investing. It is probably a bit self-promotional for Morningstar's growing attention on ETF analysis, but overall they are really good tips for ETF investment beginners.
Money Magazine Announces Best ETFs (September 11, 2006)
Here are Money Magazine's picks for best ETFs of every category in its Ultimate Mutual Fund Guide 2006: Best Large-Cap ETFs Vanguard Total Stock Market VIPERs (VTI) iShares: S&P 500 Index (IVV) Best Mid/Small-Cap ETFs Vanguard Midcap VIPERs (VO) Vanguard Small-cap VIPERs (VB) Best Speciality ...
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