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US ETF Assets Continue Their Growth Exchange traded funds (ETFs) are depository receipts on open-ended unit
investment trusts or mutual funds that are indexed to selected benchmarks.ETF offerings include broad, style, sector, industry, country, and regionalbenchmarks.
Over the past few years, the demand and offering of these products have grownexponentially. As the chart below shows, ETF assets have grown from anestimated $463 million in 1993 to roughly $70 billion currently.
The goal of this report is to provide a thorough understanding of ETFs. First, we provide some basic information on how ETFs work. We discuss
their sources of liquidity, dividends & management fees, and thecreation/redemption process.
Second, we list the advantages and disadvantages of ETFs. Third we discuss various ETF strategies to implement. Fourth, we provide a list of available ETFs that are currently trading in
North America and useful information such as assets under management foreach ETF, and daily turnover, management fees and initial index ratio.
Fifth, we highlight fifteen select ETFs and provide important statistics andcharts on liquidity and assets under management.
Growth in U.S. Exchange Traded Funds (ETFs) Since 1993
4 6 1 4 1 9 1 ,0 5 3 2 ,1 5 26 ,2 0 2
1 4 ,6 0 3
3 1 ,7 8 1
6 5 ,3 9 37 0 ,7 4 5
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T h e re h a s b e e n u n p re c e d e n te d g ro w th in E T F a s s e ts s in c e 1 9 9 3
United States
30 October 2001
Silvio Lotufo(1) 212 449-1123
Benjamin Bowler(1) 212 449-3199
John Davi(1) 212 449-7980
ETF StrategyThe ABCs of ETFs
Merrill Lynch & Co.Global Securities Research & Economics GroupEquity Derivatives Strategy Department#14378 RC#60630302
De
riva
tive
s
Merrill Lynch, as a full-service firm, has ormay have business relationships, includinginvestment banking relationships, with the
companies in this report.
ETF Strategy 30 October 2001
2
CONTENTS Section Page
Introduction 1. Report Outline 3
The Mechanics of ETFs 2. How do ETFs Work?What about Dividends & Management Fees?Why do ETFs Trade Close to NAV?What are the Sources of ETF Liquidity?How many ETF Shares to Trade?
44455
Advantages & Disadvantages ofETFs
3. AdvantagesDisadvantages
66
Strategy Implementation withETFs
4. Which Strategies can be Easily Achieved Through ETFs? 7
Comprehensive List of AvailableETFs
5. Where do ETFs Trade, What do They Cost and How Much do TheyTrade?
8-10
Details on Select ETFs 6. ETF Statistics & Specifications 11-18
Appendix 7. ETF TerminologyETF Ticker Reference Table
1920-22
Equity Derivatives Strategy Team 8. 23
We would like to thank Leslie Leeman for her invaluable contributions to thisreport.
ETF Strategy 30 October 2001
3
1. Introduction Why Should ETFs Interest You?Exchange traded funds (ETFs) are depository receipts on open-ended unitinvestment trusts or mutual funds that are indexed to selected benchmarks1. ETFofferings include broad, style, sector, industry, country, and regional benchmarks.Over the past few years, the demand and offering of these products have grownexponentially. As the chart below shows, ETF assets have grown from anestimated $463 million in 1993 to roughly $70 billion currently.A key reason for their popularity is their convenience. Since ETFs trade andsettle like a stock, there is no additional infrastructure or documentation required.By executing a single ETF transaction, an investor can obtain exposure tobroad indices or sectors. For example, if an investor needs exposure to LargeCap Technology, he can obtain this exposure by purchasing the TechnologySector SPDR (Ticker: XLK) which represents the technology sector of theS&P500 Index.The goal of this report is to provide a thorough understanding of ETFs. Thereport is structured as follows: First we provide some basic information on how ETFs work. We discuss
their sources of liquidity, dividends & management fees, and thecreation/redemption process.
Second, we list the advantages and disadvantages of ETFs.
Third we discuss various ETF strategies to implement. Fourth, we provide a list of available ETFs that are currently trading in
North America and useful information such as assets under management foreach ETF, and daily turnover, management fees and initial index ratio.
Fifth, we highlight fifteen select ETFs and provide important statistics andcharts on liquidity and assets under management.
In the appendix to the report, we provide an ETF ticker reference table.
Growth in U.S. Exchange Traded Funds (ETFs) Since 1993
461 419 1,053 2,1526,202
14,603
31,781
65,39370,745
0
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There has been unprecedented grow th in ETF assets since 1993
1 We do not include HOLDRs in this report. For further details of this product, please contact us.
ETFs are depository receipts onindex funds
Key benefit is convenience
Report outline
US ETF asset growth since1993
ETF Strategy 30 October 2001
4
2. The Mechanics of ETFs How do ETFs Work?The value of an ETF is based on the value of a basket of shares that tracks anindex. Most ETFs will ensure accurate tracking by holding the underlying indexconstituents in the correct weights2.The ETF structure allows designated participants to create or redeem sharesof the ETF. Newly created shares are delivered by the ETF manager to theauthorised participant or market maker in exchange for the entire portfolio ofunderlying shares. The stocks are held by the fund manager, while the newlycreated shares can be traded by the market maker in the secondary market.The redemption of ETF shares works in a similar way: the ETF manager deliversthe underlying stocks to the market maker in exchange for ETF shares to beredeemed.
Exchange Traded Funds are Depository Receipts on Underlying Trust or Mutual Fund
Unit Trustor
Mutual Fund
ETFstradedin the
market
What about Dividends & Management Fees?Unless the underlying index is a total return index, ETFs pay dividends toinvestors on a regular basis. Dividends paid by the stocks held in the ETF areaccrued and kept as cash until they are paid to the investor. The managementfee is deducted from this cash on a daily basis. When the dividends of theunderlying stocks are not sufficient to cover the management fee, a small portionof the underlying stocks in the ETF are liquidated to cover it.
Why do ETFs Trade Close to NAV?The NAV (Net Asset Value) of the ETF, expressed on a per share basis, is thevalue of the underlying constituents of the benchmark held by the ETF, plus theaccrued dividends less the accrued management fee. Although the price at whichan ETF trades is subject to the same supply and demand dynamics of a normalshare, the creation/redemption process described above ensures that the pricetrades very close to the NAV. Since ETF shares can be created or redeemed atthe NAV, a material discrepancy between the trading price of the ETF and itsNAV can be arbitraged away.
2 ETFs may optimize their portfolio holdings. For example, the MSCITM EAFE iShare captures about80% of the EAFE index.
ETF Creation & RedemptionProcess
Dividends are paid to investorsregularly
NAV = value of constituents +dividends management fees
ETF Strategy 30 October 2001
5
What are the Sources of ETF Liquidity?There are two sources from which ETFs derive their liquidity: The main source is the liquidity of the underlying constituents or related
futures since new shares can be created by depositing requisite baskets withthe trust.
For intraday liquidity, market makers and arbitrageurs play animportant role as they effectively transfer the liquidity of the underlyingor futures to ETFs. Market makers could provide liquidity in the depositoryreceipts and hedge their intraday position risk in the underlying or futuresmarkets (hence, the transfer of intraday liquidity from the constituents to theSector SPDRs), and later create or redeem new depository receipts as needed
In order to assess ETF liquidity, investors should look at the underlyingstock, and if available, futures liquidity (the primary sources of ETF liquidity).An ETF that has not posted high daily trading volume may have surprising depthif the underlying constituents or futures on the index are liquid enough.
Transfer of Liquidity from Underlying Stocks and Futures to ETF
Liquidity from Futures(If Available)
Liquidity from Underlying Stocks
ETF Liquidity Market Makers/Arbitrageurs
How Many ETF Shares to Trade?Finally we demonstrate how the ETF calculation works. To calculate thenumber of shares to trade, the investor divides the notional dollar amount totrade by the prevailing ETF price.
Number of ETFs to Trade Given Notional Amount to Trade
Price ETFTrade Amount toDollar Notional
Trade toShare ETF ofNumber =
Key source of ETF liquidity:underlying equity or related
futures
Shares to trade equals notionaldivided by ETF price
ETF Strategy 30 October 2001
6
3. Advantages and Disadvantages of UsingETFs What are some advantages and disadvantages of ETFs?Below, we provide some of the key advantages and disadvantages of using ETFs.
Advantages of ETFs ETFs provide exposure to a diversified basket of names with a single
execution.
The depository receipts are treated like stocks, and therefore, no additionalinfrastructure or administrative set up is necessary.
ETFs are available on a variety of indices ranging from sectors to broadindices.
ETFs can be sold short without a plus tick. Potential flexibility in tax loss management.3
Depository receipts can be purchased on margin long positions require50% and short positions require 150%.
ETF shares can be created or redeemed. The creation-redemption activityis often performed by dealers and arbitrageurs.
Disadvantages of ETFs Management fees, which are deducted from dividends. If dividends are
insufficient, then portions of funds are sold. Potential capital gains distributions. Certain funds may be restricted from owning another fund, which
constrains their use of ETFs. For example, no registered company under the1940 Investment Company Act may own:1. More than 3% of the outstanding shares of another 1940 Act company.2. More then 5% of its own assets in a single 1940 Act company.3. More than 10% of its own assets in 1940 Act companies (in aggregate).
Bid-offer spread and typical premium/discount price to the NAV. Investors should bear in mind that these factors (particularly bid-offer
spreads) can vary significantly from product to product. Such variations canlead to material differences in overall performance.
3 For details, please refer to Portfolio Trading Strategy: ETF Tax Loss Strategies to Bear in Mind,
August 14, 2000.
Advantages
Disadvantages
ETF Strategy 30 October 2001
7
4. Strategy Implementation with ETFs Which Strategies Can be Easily Achieved Through ETFs?Below, we highlight eight strategies that can be implemented through the use ofETFs.
1. Efficient asset allocationETFs can be used by fund managers to quickly reduce or increase exposure to aparticular sector, industry, country or region.2. Equitization and cash flow managementETFs can be used to gain exposure to the market effectively, thus reducing afunds cash drag.3. Index/portfolio changesETFs can be used to manage flows arising from portfolio rebalancing events moreeffectively.4. HedgingETFs can be used to hedge a portfolio in various sectors, industries, regions,countries, etc. Since ETFs can be shorted on a downtick, this is a usefuladvantage.5. Short term tactical exposureThe convenience and speed of trading ETFs enables fund managers to takeadvantage of short-term opportunities.6. Relative value strategiesThe ability to short-sell ETFs enables investors to take a view on the spreadbetween two markets on a sector or country basis.7. Efficient accessRetail investors can gain access to a particular market very efficiently. The lowcost and small denomination make them very attractive for retail investors. Inaddition, they may be used to provide exposure to non-domestic markets that maytrade in different time-zones and currencies.8. Arbitrage opportunitiesProfessional market participants may exploit arbitrage opportunities between theETF, the underlying market and the futures (if available).
Potential ETF Strategies
ETF Strategy 30 October 2001
8
5. Comprehensive List of Available ETFs Where do ETFs Trade, What do They Cost and How Much do
They Trade?In the accompanying table, we include useful information pertaining to thecurrent ETFs trading in North America. For a list of various ETF tickers (i.e.NAV, shares outstanding, etc.), please refer to pages 20-22 of this report.
Useful ETF Information as of October 2001
Exchange Traded FundSymbol Underlying
Index ExchangeLaunch
DateFund
AdvisorManagement
Fee
InitialIndexRatio
Assets UnderManagement(10/12/2001)USD 000s
DailyTurnover (3month avg)USD 000s
iShare Dow Jones U.S. Basic Materials IYM DJUSBM AMEX 6/12/00 BGI 0.60% 12,530 130iShare Dow Jones U.S. Chemicals IYD DJUSCH AMEX 6/12/00 BGI 0.60% 1,958 167iShare Dow Jones U.S. Consumer Cyclical IYC DJUSCY AMEX 6/12/00 BGI 0.60% 1/5 24,605 342iShare Dow Jones U.S. Consumer Non-Cyclical IYK DJUSNC AMEX 6/12/00 BGI 0.60% 1/5 25,056 196iShare Dow Jones U.S. Energy IYE DJUSEN AMEX 6/12/00 BGI 0.60% 1/5 61,737 1,842iShare Dow Jones U.S. Financial IYF DJUSFN AMEX 5/22/00 BGI 0.60% 1/5 69,597 570iShare Dow Jones U.S. Financial Services IYG DJUSFV AMEX 6/12/00 BGI 0.60% 1/5 28,546 278iShare Dow Jones U.S. Healthcare IYH DJUSHC AMEX 6/12/00 BGI 0.60% 1/5 172,760 1,577iShare Dow Jones U.S. Industrial IYJ DJUSIN AMEX 6/12/00 BGI 0.60% 1/5 31,633 102iShare Dow Jones U.S. Internet IYV DJINET AMEX 5/15/00 BGI 0.60% 13,046 351iShare Dow Jones U.S. Real Estate IYR DJUSRE AMEX 6/12/00 BGI 0.60% 69,615 2,653iShare Dow Jones U.S. Technology IYW DJUSTC AMEX 5/15/00 BGI 0.60% 1/10 95,448 1,574iShare Dow Jones U.S. Telecommunications IYZ DJUSTL AMEX 5/22/00 BGI 0.60% 1/5 51,863 412iShare Dow Jones U.S. Total Market IYY DJUS AMEX 6/12/00 BGI 0.20% 1/5 77,671 498iShare Dow Jones U.S. Utilities IDU DJUSUT AMEX 6/12/00 BGI 0.60% 34,280 584iShare MSCI Australia EWA MSDUAS AMEX 3/18/96 BGI 0.84% n/a 55,296 266iShare MSCI Austria EWO MSDUAT AMEX 3/18/96 BGI 0.84% n/a 10,010 31iShare MSCI Belgium EWK MSDUBE AMEX 3/18/96 BGI 0.84% n/a 9,232 45iShare MSCI Brazil EWZ WWC AMEX 7/14/00 BGI 0.99% n/a 11,513 280iShare MSCI Canada EWC WPB AMEX 3/18/96 BGI 0.84% n/a 23,760 110iShare MSCI EMU EZU MSDUEMU AMEX 7/14/00 BGI 0.84% n/a 82,400 1,147iShare MSCI France EWQ MSDUFR AMEX 3/18/96 BGI 0.84% n/a 53,820 452iShare MSCI Germany EWG MSDUGR AMEX 3/18/96 BGI 0.84% n/a 105,534 667iShare MSCI Hong Kong EWH MSDUHK AMEX 3/18/96 BGI 0.84% n/a 51,543 349iShare MSCI Italy EWI MSDUIT AMEX 3/18/96 BGI 0.84% n/a 30,596 138iShare MSCI Japan EWJ MSDUJN AMEX 3/18/96 BGI 0.84% n/a 524,190 4,409iShare MSCI Malaysia (Free) EWM MSDUMAF AMEX 3/18/96 BGI 0.84% n/a 65,340 172iShare MSCI Mexico (Free) EWW INW AMEX 3/18/96 BGI 0.84% n/a 40,500 474iShare MSCI Netherlands EWN MSDUNE AMEX 3/18/96 BGI 0.84% n/a 22,035 163iShare MSCI Singapore EWS MSDUSGF AMEX 3/18/96 BGI 0.84% n/a 63,921 471iShare MSCI South Korea EWY MSEUSKO AMEX 5/12/00 BGI 0.99% n/a 34,913 308iShare MSCI Spain EWP MSDUSP AMEX 3/18/96 BGI 0.84% n/a 24,008 139iShare MSCI Sweden EWD MSDUSW AMEX 3/18/96 BGI 0.84% n/a 9,785 46iShare MSCI Switzerland EWL MSDUSZ AMEX 3/18/96 BGI 0.84% n/a 30,012 185iShare MSCI Taiwan EWT MSEUSTW AMEX 6/23/00 BGI 0.99% n/a 93,250 361iShare MSCI United Kingdom EWU INU AMEX 3/18/96 BGI 0.84% n/a 111,788 933iShare MSCI EAFE EFA MXEA AMEX 8/17/01 BGI 0.35% n/a 468,200 16,334iShare Russell 1000 IWB RIY AMEX 5/15/00 BGI 0.15% 1/10 218,538 2,559iShare Russell 1000 Growth IWF RLG AMEX 5/22/00 BGI 0.20% 1/10 395,340 3,668iShare Russell 1000 Value IWD RLV AMEX 5/22/00 BGI 0.20% 1/10 447,300 5,515iShare Russell 2000 IWM RTY AMEX 5/22/00 BGI 0.20% 1/5 1,590,996 46,437iShare Russell 2000 Growth IWO RUO AMEX 7/24/00 BGI 0.25% 1/5 254,773 6,493iShare Russell 2000 Value IWN RUJ AMEX 7/24/00 BGI 0.25% 1/5 550,944 12,129iShare Russell 3000 IWV RAY AMEX 5/22/00 BGI 0.20% 1/10 1,029,000 7,984iShare Russell 3000 Growth IWZ RAG AMEX 7/24/00 BGI 0.25% 1/10 19,025 444iShare Russell 3000 Value IWW RAV AMEX 7/24/00 BGI 0.25% 1/10 60,939 413
104 ETFs currently trading inNorth America
ETF Strategy 30 October 2001
9
Useful ETF Information (continued)
Exchange Traded FundSymbol Underlying
Index ExchangeLaunch
DateFund
AdvisorManageme
nt Fee
InitialIndexRatio
Assets UnderManagement(10/12/2001)USD 000s
DailyTurnover (3month avg)USD 000s
iShare Russell Midcap Index Fund IWR RMC AMEX 7/20/01 BGI 0.20% 1/25 36,953 32iShare Russell Midcap Growth Index Fund IWP RDG AMEX 7/20/01 BGI 0.25% 1/8 12,380 27iShare Russell Midcap Value Index Fund IWS RMV AMEX 7/20/01 BGI 0.25% 1/8 14,546 288iShare S&P Europe 350 IEV SPEU AMEX 7/25/00 BGI 0.60% 1/20 206,225 1,287iShare S&P MidCap IJH MID AMEX 5/22/00 BGI 0.20% 1/5 322,873 3,535iShare S&P SmallCap IJR SML AMEX 5/22/00 BGI 0.20% 1/2 397,686 9,456iShare S&P/BARRA Growth IVW SGX AMEX 5/22/00 BGI 0.18% 1/10 272,685 3,622iShare S&P/BARRA MidCap Growth IJK MIDG AMEX 7/24/00 BGI 0.25% 1/2 110,055 1,687iShare S&P/BARRA MidCap Value IJJ MIDV AMEX 7/24/00 BGI 0.25% 1/2 205,950 2,634iShare S&P/BARRA Small Cap Growth IJT SMLG AMEX 7/24/00 BGI 0.25% 1/2 57,987 616iShare S&P/BARRA Small Cap Value IJS SMLV AMEX 7/24/00 BGI 0.25% 1/2 178,200 1,968iShare S&P/BARRA Value IVE SVX AMEX 5/22/00 BGI 0.18% 1/10 423,835 5,458iShare S&P/TSE 60 Index IKC SPTSE AMEX 6/12/00 BGI 0.50% 1/10 6,180 53iShare S&P500 Index IVV SPX AMEX 5/15/00 BGI 0.i09% 1/10 2,857,167 43,909iShares Cohen & Steers Realty Majors Index Fund ICF RMP AMEX 1/26/01 BGI 0.50% 1/4 20,610 569iShares Nasdaq Biotechnology Index Fund IBB NBI AMEX 2/2/01 BGI 0.35% 1/10 129,193 12,749iShares Goldman Sachs Technology Index Fund . IGM GTC AMEX 3/19/01 BGI 0.50% 1/4 64,163 2,673iShares Goldman Sachs Software Index Fund IGV GSO AMEX 7/13/01 BGI 0.50% 1/4 21,522 1,657iShares Goldman Sachs Semiconductor Index Fund IGW GSM AMEX 7/13/01 BGI 0.50% 1/4 23,856 2,673iShares Goldman Sachs Networking Index Fund IGN GIP AMEX 7/13/01 BGI 0.50% 1/4 17,220 308Nasdaq 100 QQQ NDX AMEX 3/10/99 BNY 0.18% 1/40 21,065,490 2,553,962S&P Midcap SPDR MDY MID AMEX 5/4/95 BNY 0.25% 1/5 4,148,321 94,370Dow Jones Industrial Average Depository Receipt DIA DJX AMEX 1/20/98 SSgA 0.18% n/a 2,466,284 259,414S&P 500 SPDR SPY SPX AMEX 1/29/93 SSgA 0.12% 1/10 26,218,492 1,206,271Select Sector SPDR Basic Industries XLB IXB AMEX 12/22/98 SSgA 0.28% 1/10 98,116 1,384Select Sector SPDR Consumer Services XLV IXV AMEX 12/22/98 SSgA 0.28% 1/10 132,762 451Select Sector SPDR Consumer Staples XLP IXR AMEX 12/22/98 SSgA 0.27% 1/10 360,525 1,796Select Sector SPDR Cyclical/Transport XLY IXY AMEX 12/22/98 SSgA 0.27% 1/10 108,680 2,294Select Sector SPDR Energy XLE IXE AMEX 12/22/98 SSgA 0.28% 1/10 315,657 8,751Select Sector SPDR Financial XLF IXM AMEX 12/22/98 SSgA 0.27% 1/10 721,299 16,146Select Sector SPDR Industrial XLI IXI AMEX 12/22/98 SSgA 0.28% 1/10 71,421 877Select Sector SPDR Technology XLK IXT AMEX 12/22/98 SSgA 0.27% 1/10 1,036,816 11,320Select Sector SPDR Utilities XLU IXU AMEX 12/22/98 SSgA 0.27% 1/10 98,691 1,039SSGA Dow Jones Global Titans DGT DJGT AMEX 9/29/00 SSgA 0.50% 1/3 19,155 283SSGA Dow Jones Style Large Cap Growth ELG DJUSGL AMEX 9/29/00 SSgA 0.20% 1/20 19,980 124SSGA Dow Jones Style Large Cap Value ELV DJUSVL AMEX 9/29/00 SSgA 0.20% 1/10 36,489 210SSGA Dow Jones Style Small Cap Growth Index DSG DJUSGS AMEX 9/29/00 SSgA 0.25% 1/20 6,200 181SSGA Dow Jones Style Small Cap Value Index DSV DJUSVS AMEX 9/29/00 SSgA 0.25% 1/10 23,560 412SSGA Fortune 500 FFF FFX AMEX 10/10/00 SSgA 0.20% 1/10 27,255 420SSGA Fortune e50 FEF FEX AMEX 10/10/00 SSgA 0.20% 1/10 12,344 72SSGA Morgan Stanley Internet MII MOX AMEX 9/29/00 SSgA 0.50% 1/10 2,725 58SSGA Morgan Stanley Technology MTK MSH AMEX 9/29/00 SSgA 0.50% 1 59,697 471SSGA Wilshire REIT RWR REW AMEX 4/27/01 SSgA 0.25% 1 17,318 152Total Stock Market VIPERs Index Fund VTI TSJ AMEX 5/31/01 Vanguard 0.15% n/a 497,890 24,397iShare S&P100 Index OEF OEX CBOE 10/27/00 BGI 0.20% 1/10 154,358 4,634iShares S&P Global 100 Index Fund IOO OOI NYSE 12/8/00 BGI 0.20% 1/20 45,280 1,342iUnits S&P/TSE 60 Index XIU CN SPTSE Toronto 10/4/99 BGI 0.17% 1/10 2,387,522 30,428iUnits S&P/TSE Canadian Energy Index XEG CN SPTSEE Toronto 3/22/01 BGI 0.55% 1/4 27,522 500iUnits S&P/TSE Canadian Financials Index XFN CN SPTSEF Toronto 3/29/01 BGI 0.55% 1/4 25,681 415iUnits S&P/TSE Canadian Gold Index XGD CN SPTSEG Toronto 3/29/01 BGI 0.55% 1/4 41,486 331iUnits S&P/TSE Canadian Inform. Tech Index XIT CN SPTSET Toronto 3/22/01 BGI 0.55% 1/4 11,464 167iUnits S&P/TSE Canadian MidCap Index XMD CN SPTSEM Toronto 3/8/01 BGI 0.55% 1/10 43,280 182iUnits S&P/TSE Capped 60 Index XIC CN TRIV60CP Toronto 2/22/01 BGI 0.17% 1/10 153,901 630iUnits S&P 500 Index RSP Fund XSP CN SPX Toronto 5/29/01 BGI 0.30% n/a 27,512 353
ETF Strategy 30 October 2001
10
Useful ETF Information (continued)
Exchange Traded FundSymbol Underlying
Index ExchangeLaunch
DateFund
AdvisorManagement
Fee
InitialIndexRatio
Assets UnderManagement(10/12/2001)USD 000s
DailyTurnover (3month avg)USD 000s
iUnits MSCI Provisional EAFE Index XIN CN MSDLEAFE Toronto 9/11/01 BGI 0.35% n/a 12,764 356
SSGA DJ Canada 40 DJF CN XLCAN Toronto 10/3/00 SSgA 0.08% 1/20 128,509 249TD TSE 300 Capped Index TCF CN TS300C Toronto 2/23/01 TD Asset Mgt. 0.25% n/a 49,874 349TD TSE 300 Index TTF CN TS300 Toronto 2/23/01 TD Asset Mgt 0.25% n/a 99,249 659
ETF Strategy 30 October 2001
11
6. Details on Select ETFsIn this section, we highlight fifteen various ETFs and include a table with helpfulstatistics and charts showing assets under management and liquidity.
S&P 500 SPDR (SPY)ETF Specifications and Statistics
Specifications StatisticsInvestment Manager/Advisor State Street Global Advisors Assets Under Management (10/12/01) $m 26,218Underlying Index S&P 500 Daily Turnover (3 month average) $m 1,367Inception Date 29-Jan-93 Bid-Offer Spread (3 month average) 0.07%Annual Management Fee 0.12%Ratio at Start (ETF Share to Index Level) 1/10
iShares S&P 500 (IVV)ETF Specifications and Statistics
Specifications StatisticsInvestment Manager/Advisor Barclays Global Investors Assets Under Management (10/12/01) $m 2,857Underlying Index S&P 500 Daily Turnover (3 month average) $m 17Inception Date 15-May-00 Bid-Offer Spread (3 month average) 0.08%Annual Management Fee 0.09%Ratio at Start (ETF Share to Index Level) 1/10
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Jan-
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Jul-9
3
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Jan-
95
Jul-9
5
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Jan-
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8
Jan-
99
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01
Jul-0
1
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rage
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ume
(000
s)
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200,000
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1,000,000
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Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
-
50,000
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150,000
200,000
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300,000
29-J
an-9
3
15-O
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3
05-J
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21-M
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Shar
es O
utst
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ng (0
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)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Asse
ts U
nder
Man
agem
ent (
$m)Assets under Management ($m)
Shares Outstanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
100
200
300
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500
600
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-00
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Jul-0
0
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-00
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-00
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Jan-
01
Feb-
01
Mar
-01
Apr
-01
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-01
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Jul-0
1
Aug
-01
Sep-
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-01
Daily
Ave
rage
Vol
ume
(000
s)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
-
5,000
10,000
15,000
20,000
25,000
30,000
19-M
ay-0
0
03-J
ul-0
0
15-A
ug-0
0
27-S
ep-0
0
08-N
ov-0
0
21-D
ec-0
0
06-F
eb-0
1
21-M
ar-0
1
03-M
ay-0
1
15-J
un-0
1
27-J
ul-0
1
10-S
ep-0
1
Shar
es O
utst
andi
ng (0
00s
)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
12
Nasdaq 100 (QQQ)ETF Specifications and Statistics
Specifications StatisticsInvestment Manager/Advisor Bank of New York Assets Under Management (10/12/01) $m 21,065Underlying Index Nasdaq 100 Daily Turnover (3 month average) $m 994.8Inception Date 10-Mar-99 Bid-Offer Spread (3 month average) 0.15%Annual Management Fee 0.18%Ratio at Start (ETF Share to Index Level) 1/40
S&P Midcap SPDR (MDY)ETF Specifications and Statistics
Specifications StatisticsInvestment Manager/Advisor Bank of New York Assets Under Management (10/12/01) $m 4,148Underlying Index S&P 400 Daily Turnover (3 month average) $m 73Inception Date 04-May-95 Bid-Offer Spread (3 month average) 0.22%Annual Management Fee 0.25%Ratio at Start (ETF Share to Index Level) 1/5
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Mar
-99
Jun-
99
Sep-
99
Dec
-99
Mar
-00
Jun-
00
Sep-
00
Dec
-00
Mar
-01
Jun-
01
Sep-
01
Dai
ly A
vera
ge V
olum
e (0
00s
)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
10-M
ar-9
9
30-A
pr-9
9
22-J
un-9
9
12-A
ug-9
9
04-O
ct-9
9
23-N
ov-9
9
14-J
an-0
0
08-M
ar-0
0
28-A
pr-0
0
20-J
un-0
0
10-A
ug-0
0
02-O
ct-0
0
21-N
ov-0
0
16-J
an-0
1
08-M
ar-0
1
30-A
pr-0
1
20-J
un-0
1
09-A
ug-0
1
05-O
ct-0
1
Shar
es O
utst
andi
ng (0
00s
)
-
5,000
10,000
15,000
20,000
25,000
30,000
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets Under Management ($m)
Shares Oustanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Aug
-96
Nov
-96
Feb-
97
May
-97
Aug
-97
Nov
-97
Feb-
98
May
-98
Aug
-98
Nov
-98
Feb-
99
May
-99
Aug
-99
Nov
-99
Feb-
00
May
-00
Aug
-00
Nov
-00
Feb-
01
May
-01
Aug
-01
Daily
Ave
rage
Vol
ume
(000
s)
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
-
10,000
20,000
30,000
40,000
50,000
60,000
04-M
ay-9
5
26-S
ep-9
5
16-F
eb-9
6
11-J
ul-9
6
02-D
ec-9
6
25-A
pr-9
7
17-S
ep-9
7
10-F
eb-9
8
06-J
ul-9
8
24-N
ov-9
8
21-A
pr-9
9
13-S
ep-9
9
03-F
eb-0
0
27-J
un-0
0
16-N
ov-0
0
12-A
pr-0
1
04-S
ep-0
1
Shar
es O
utst
andi
ng (0
00s
)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
13
Dow Jones Industrial Average Depository Receipt (DIA)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSgA Assets Under Management (10/12/01) $m 2,466Underlying Index DJX Daily Turnover (3 month average) $m 325Inception Date 20-Jan-98 Bid-Offer Spread (3 month average) 0.10%Annual Management Fee 0.18%Ratio at Start (ETF Share to Index Level) 1/100
iShare Russell 2000 (IWM)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor Barclays Global Investors Assets Under Management (10/12/01) $m 1,591Underlying Index Russell 2000 Daily Turnover (3 month average) $m 32Inception Date 22-May-00 Bid-Offer Spread (3 month average) 0.37%Annual Management Fee 0.20%Ratio at Start (ETF Share to Index Level) 1/5
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
1,000
2,000
3,000
4,000
5,000
6,000
Jan-
98
Mar
-98
May
-98
Jul-9
8
Sep-
98
Nov
-98
Jan-
99
Mar
-99
May
-99
Jul-9
9
Sep-
99
Nov
-99
Jan-
00
Mar
-00
May
-00
Jul-0
0
Sep-
00
Nov
-00
Jan-
01
Mar
-01
May
-01
Jul-0
1
Sep-
01
Daily
Ave
rage
Vol
ume
(000
s)
0
100,000
200,000
300,000
400,000
500,000
600,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
20-J
an-9
8
01-A
pr-9
8
12-J
un-9
8
24-A
ug-9
8
03-N
ov-9
8
15-J
an-9
9
30-M
ar-9
9
10-J
un-9
9
20-A
ug-9
9
01-N
ov-9
9
12-J
an-0
0
24-M
ar-0
0
06-J
un-0
0
16-A
ug-0
0
26-O
ct-0
0
09-J
an-0
1
22-M
ar-0
1
04-J
un-0
1
13-A
ug-0
1
Shar
es O
utst
andi
ng (0
00s
)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets under Management ($m)
Shares Outstanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
50
100
150
200
250
300
350
400
450
500
May
-00
Jun-
00
Jul-0
0
Aug
-00
Sep-
00
Oct
-00
Nov
-00
Dec
-00
Jan-
01
Feb-
01
Mar
-01
Apr
-01
May
-01
Jun-
01
Jul-0
1
Aug
-01
Sep-
01
Oct
-01
Dai
ly A
vera
ge V
olum
e (0
00s
)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
-
5,000
10,000
15,000
20,000
25,000
26-M
ay-0
0
11-J
ul-0
0
22-A
ug-0
0
04-O
ct-0
0
15-N
ov-0
0
29-D
ec-0
0
13-F
eb-0
1
28-M
ar-0
1
10-M
ay-0
1
22-J
un-0
1
03-A
ug-0
1
21-S
ep-0
1
Shar
es O
utst
andi
ng (0
00s
)
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
14
Select Sector SPDR Basic Industries (XLB)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 98Underlying Index Basic Industries Select Sector Index Daily Turnover (3 month average) $m 2.4Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.71%Annual Management Fee 0.28%Ratio at Start (ETF Share to Index Level) 1/10
Select Sector SPDR Consumer Services (XLV)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 133Underlying Index Consumer Services Select Sector Index Daily Turnover (3 month average) $m 0.7Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.64%Annual Management Fee 0.28%Ratio at Start (ETF Share to Index Level) 1/10
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
50
100
150
200
250
De
c-9
8Ja
n-99
Feb-
99M
ar-99
Apr
-99
Ma
y-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oct
-99
No
v-9
9D
ec
-99
Jan-
00Fe
b-00
Mar
-00
Apr
-00
Ma
y-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oct
-00
No
v-0
0D
ec
-00
Jan-
01Fe
b-01
Mar
-01
Apr
-01
Ma
y-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oct
-01
Daily
Ave
rage
Vol
ume
(000
s)
0
1,000
2,000
3,000
4,000
5,000
6,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
1000
2000
3000
4000
5000
6000
7000
22-D
ec-9
8
08-M
ar-9
9
18-M
ay-9
9
29-J
ul-9
9
08-O
ct-9
9
20-D
ec-9
9
02-M
ar-0
0
12-M
ay-0
0
25-J
ul-0
0
04-O
ct-0
0
14-D
ec-0
0
28-F
eb-0
1
10-M
ay-0
1
20-J
ul-0
1
05-O
ct-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
20
40
60
80
100
120
140
160
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
20
40
60
80
100
120
140
160
Dec
-98
Jan-
99Fe
b-99
Mar
-99
Apr
-99
May
-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oct
-99
No
v-9
9D
ec-9
9Ja
n-00
Feb-
00M
ar-00
Apr
-00
May
-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oct
-00
No
v-0
0D
ec-0
0Ja
n-01
Feb-
01M
ar-01
Apr
-01
May
-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oct
-01
Dai
ly A
vera
ge V
olum
e (0
00s
)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
1,000
2,000
3,000
4,000
5,000
6,000
22-D
ec-9
8
22-M
ar-99
16-J
un-9
9
10-S
ep-9
9
06-D
ec-9
9
02-M
ar-00
26-M
ay-0
0
22-A
ug-
00
15-N
ov-0
0
13-F
eb-0
1
10-M
ay-0
1
03-A
ug-
01
Shar
es O
utst
andi
ng (0
00s
)
0
20
40
60
80
100
120
140
160
Asse
ts U
nder
Man
agem
ent (
$m)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
15
Select Sector SPDR Consumer Staples (XLP)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 361Underlying Index Consumer Staples Select Sector Index Daily Turnover (3 month average) $m 3.1Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.62%Annual Management Fee 0.27%Ratio at Start (ETF Share to Index Level) 1/10
Select Sector SPDR Cyclical/Transport (XLY)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 109Underlying Index Cyclical/Transport Select Sector Index Daily Turnover (3 month average) $m 1.6Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.65%Annual Management Fee 0.27%Ratio at Start (ETF Share to Index Level) 1/10
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
100
200
300
400
500
600
Dec
-98
Jan-
99Fe
b-99
Mar
-99
Apr
-99
May
-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oct
-99
Nov
-99
Dec
-99
Jan-
00Fe
b-00
Mar
-00
Apr
-00
May
-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oct
-00
Nov
-00
Dec
-00
Jan-
01Fe
b-01
Mar
-01
Apr
-01
May
-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oct
-01
Dai
ly A
vera
ge V
olum
e (0
00s
)
0
2,000
4,000
6,000
8,000
10,000
12,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
22-D
ec-9
8
01-M
ar-99
04-M
ay-9
9
08-J
ul-99
10-S
ep-9
9
12-N
ov-9
9
19-J
an-0
0
23-M
ar-00
26-M
ay-0
0
01-A
ug-
00
04-O
ct-00
07-D
ec-0
0
13-F
eb-0
1
19-A
pr-01
22-J
un-0
1
24-A
ug-
01
Shar
es O
utst
andi
ng (0
00s
)
0
50
100
150
200
250
300
350
400
Asse
ts U
nder
Man
agem
ent (
$m)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
100
200
300
400
500
600
700
800
900
1,000
Dec
-98
Jan-
99Fe
b-99
Mar
-99
Apr
-99
May
-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oct
-99
No
v-9
9D
ec-9
9Ja
n-00
Feb-
00M
ar-00
Apr
-00
May
-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oct
-00
No
v-0
0D
ec-0
0Ja
n-01
Feb-
01M
ar-01
Apr
-01
May
-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oct
-01
Daily
Ave
rage
Vol
ume
(000
s)
0
5,000
10,000
15,000
20,000
25,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
22-D
ec-9
8
01-M
ar-
99
04-M
ay-
99
08-J
ul-99
10-S
ep-9
9
12-N
ov-9
9
19-J
an-0
0
23-M
ar-
00
26-M
ay-
00
01-A
ug-0
0
04-O
ct-
00
07-D
ec-0
0
13-F
eb-0
1
19-A
pr-0
1
22-J
un-0
1
24-A
ug-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
50
100
150
200
250
300
Asse
ts U
nder
Man
agem
ent (
$m)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
16
Select Sector SPDR Energy (XLE)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 316Underlying Index Energy Select Sector Index Daily Turnover (3 month average) $m 5.7Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.61%Annual Management Fee 0.28%Ratio at Start (ETF Share to Index Level) 1/10
Select Sector SPDR Financial (XLF)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 721Underlying Index Financial Select Sector Index Daily Turnover (3 month average) $m 14.4Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.52%Annual Management Fee 0.27%Ratio at Start (ETF Share to Index Level) 1/10
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
100
200
300
400
500
600
700
800
900
1,000
Dec
-98
Jan-
99Fe
b-99
Mar
-99
Apr
-99
May
-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oct
-99
No
v-9
9D
ec-9
9Ja
n-00
Feb-
00M
ar-00
Apr
-00
May
-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oct
-00
No
v-0
0D
ec-0
0Ja
n-01
Feb-
01M
ar-01
Apr
-01
May
-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oct
-01
Daily
Ave
rage
Vol
ume
(000
s)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
2,000
4,000
6,000
8,000
10,000
12,000
22-D
ec-9
8
01-M
ar-9
9
04-M
ay-9
9
08-J
ul-9
9
10-S
ep-9
9
12-N
ov-9
9
19-J
an-0
0
23-M
ar-0
0
26-M
ay-0
0
01-A
ug-0
0
04-O
ct-0
0
07-D
ec-0
0
13-F
eb-0
1
19-A
pr-0
1
22-J
un-0
1
24-A
ug-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
50
100
150
200
250
300
350
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets Under Management ($m)Shares Outstanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
200
400
600
800
1,000
1,200
1,400
1,600
De
c-9
8Ja
n-99
Feb-
99M
ar-99
Apr
-99
Ma
y-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oc
t-99
No
v-9
9D
ec
-99
Jan-
00Fe
b-00
Mar
-00
Apr
-00
Ma
y-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oc
t-00
No
v-0
0D
ec
-00
Jan-
01Fe
b-01
Mar
-01
Apr
-01
Ma
y-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oc
t-01
Daily
Ave
rage
Vol
ume
(000
s)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
22-D
ec-9
8
01-M
ar-9
9
04-M
ay-9
9
08-J
ul-9
9
10-S
ep-9
9
12-N
ov-9
9
19-J
an-0
0
23-M
ar-0
0
26-M
ay-0
0
01-A
ug-0
0
04-O
ct-0
0
07-D
ec-0
0
13-F
eb-0
1
19-A
pr-0
1
22-J
un-0
1
24-A
ug-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
100
200
300
400
500
600
700
800
900
1,000
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
17
Select Sector SPDR Industrial (XLI)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 71Underlying Index Industrial Select Sector Index Daily Turnover (3 month average) $m 0.6Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.59%Annual Management Fee 0.28%Ratio at Start (ETF Share to Index Level) 1/10
Select Sector SPDR Technology (XLK)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 1,037Underlying Index Technology Select Sector Index Daily Turnover (3 month average) $m 9.1Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.54%Annual Management Fee 0.27%Ratio at Start (ETF Share to Index Level) 1/10
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
50
100
150
200
250
Dec
-98
Jan-
99Fe
b-99
Mar
-99
Apr
-99
May
-99
Jun
-99
Jul-9
9A
ug-
99Se
p-99
Oct
-99
No
v-9
9D
ec-9
9Ja
n-00
Feb-
00M
ar-00
Apr
-00
May
-00
Jun
-00
Jul-0
0A
ug-
00Se
p-00
Oct
-00
No
v-0
0D
ec-0
0Ja
n-01
Feb-
01M
ar-01
Apr
-01
May
-01
Jun
-01
Jul-0
1A
ug-
01Se
p-01
Oct
-01
Dai
ly A
vera
ge V
olum
e (0
00s
)
0
1,000
2,000
3,000
4,000
5,000
6,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
22-D
ec-9
8
16-F
eb-9
9
08-A
pr-9
9
28-M
ay-9
9
21-J
ul-9
9
10-S
ep-9
9
01-N
ov-9
9
22-D
ec-9
9
14-F
eb-0
0
05-A
pr-0
0
26-M
ay-0
0
19-J
ul-0
0
08-S
ep-0
0
30-O
ct-0
0
20-D
ec-0
0
13-F
eb-0
1
05-A
pr-0
1
29-M
ay-0
1
18-J
ul-0
1
07-S
ep-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
20
40
60
80
100
120
140
160
Asse
ts U
nder
Man
agem
ent (
$m)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
500
1,000
1,500
2,000
2,500
Dec
-98
Jan-
99Fe
b-99
Mar
-99
Apr-9
9M
ay-9
9Ju
n-99
Jul-9
9Au
g-99
Sep-
99O
ct-9
9N
ov-9
9D
ec-9
9Ja
n-00
Feb-
00M
ar-00
Apr-0
0M
ay-0
0Ju
n-00
Jul-0
0Au
g-00
Sep-
00O
ct-0
0N
ov-0
0D
ec-0
0Ja
n-01
Feb-
01M
ar-01
Apr-0
1M
ay-0
1Ju
n-01
Jul-0
1Au
g-01
Sep-
01O
ct-0
1
Daily
Ave
rage
Vol
ume
(000
s)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
22-D
ec-9
8
08-M
ar-
99
18-M
ay-
99
29-J
ul-99
08-O
ct-9
9
20-D
ec-9
9
02-M
ar-
00
12-M
ay-
00
25-J
ul-00
04-O
ct-0
0
14-D
ec-0
0
28-F
eb-0
1
10-M
ay-
01
20-J
ul-01
05-O
ct-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
200
400
600
800
1000
1200
1400
1600
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
18
Select Sector SPDR Utilities (XLU)ETF Specifications and Statistics
Fund Specifications StatisticsInvestment Manager/Advisor SSGA Assets Under Management (10/12/01) $m 99Underlying Index Utilities Select Sector Index Daily Turnover (3 month average) $m 1.0Inception Date 22-Dec-98 Bid-Offer Spread (3 month average) 0.55%Annual Management Fee 0.27%Ratio at Start (ETF Share to Index Level) 1/10
ETF Liquidity (Daily Average Volume and Turnover) Assets Under Management and Shares Outstanding
0
100
200
300
400
500
600
Dec-
98Ja
n-99
Feb-
99M
ar-99
Apr-
99M
ay-9
9Ju
n-9
9Ju
l-99
Aug-
99Se
p-99
Oct
-99
Nov-9
9De
c-99
Jan-
00Fe
b-00
Mar
-00
Apr-
00M
ay-0
0Ju
n-0
0Ju
l-00
Aug-
00Se
p-00
Oct
-00
Nov-0
0De
c-00
Jan-
01Fe
b-01
Mar
-01
Apr-
01M
ay-0
1Ju
n-0
1Ju
l-01
Aug-
01Se
p-01
Oct
-01
Daily
Ave
rage
Vol
ume
(000
s)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Turn
over
(000
s)
Daily Average Volume
Daily Average Turnover
0
2,000
4,000
6,000
8,000
10,000
12,000
22-D
ec-9
8
01-M
ar-9
9
04-M
ay-9
9
08-J
ul-9
9
10-S
ep-9
9
12-N
ov-9
9
19-J
an-0
0
23-M
ar-0
0
26-M
ay-0
0
01-A
ug-0
0
04-O
ct-0
0
07-D
ec-0
0
13-F
eb-0
1
19-A
pr-0
1
22-J
un-0
1
24-A
ug-0
1
Shar
es O
utst
andi
ng (0
00s
)
0
50
100
150
200
250
300
350
Ass
ets
Und
er M
anag
emen
t ($m
)
Assets Under Management ($m)
Shares Outstanding (000s)
ETF Strategy 30 October 2001
19
7. Appendix: ETF Reference TablesIn this appendix, we provide a comprehensive list of ETF tickers (beginning onthe next page). The table below provides a summary of ETF terms and definitions.
ETF Terminology
Term DefinitionUnderlying Trading Value Measures the real time market value of the ETF. The price is updated every 15 seconds.Net Asset Value Measures the net asset value based on the previous days cash close. The NAV is the market value of the fund minus the funds
liabilities, measured on a per share basis.Shares Outstanding Reports the amount of shares outstanding for each fund.Dividend Equivalent Payment Represents the estimated cash amount in dollars per creation unit anticipated to be required in connection with the current
trading days creation or redemption requests. This figure is obtained by totaling the funds accrued dividends net of expensesas of the prior days close.
Total Cash Amount perCreation Unit
The actual total cash amount in dollars per creation unit, required in connection with the prior trading days creation orredemption requests. All creation and redemptions must be at NAV. This figure represents that total dollar amount that isrequired to bring the creation unit to NAV. The number incorporates the dividend equivalent payment and an unknown cashamount, which will balance the creation unit to NAV.
Final Quarterly DividendPayments
Based on the actual dividends paid out for the ETF. Reported on a quarterly basis on the ex-dividend date.
Net Accrued Dividends Accrued dividends, reported daily and net of expenses
Source: AMEX, BGI
ETF Strategy 30 October 2001
20
Current ETFs Available as of October 2001
Exchange Traded Fund SymbolUnderlying
Index ExchangeIntra-day
ValueNet Asset
ValueShares
Outstanding
DivEquivalent
Payment (EstCash
Component)
CashComponentper Creation
UnitiShare Dow Jones U.S. Basic Materials IYM DJUSBM AMEX NLBX NLBNV NLBSO NLBEU NLBTCiShare Dow Jones U.S. Chemicals IYD DJUSCH AMEX NNE NNENV NNESO NNEEU NNETCiShare Dow Jones U.S. Consumer Cyclical IYC DJUSCY AMEX NLL NLLNV NLLSO NLLEU NLLTCiShare Dow Jones U.S. Consumer Non-Cyc IYK DJUSNC AMEX NMJ NMJNV NMJSO NMJEU NMJTCiShare Dow Jones U.S. Energy IYE DJUSEN AMEX NLE NLENV NLESO NLEEU NLETCiShare Dow Jones U.S. Financial IYF DJUSFN AMEX NLF NLFNV NLFSO NLFEU NLFTCiShare Dow Jones U.S. Financial Services IYG DJUSFV AMEX NAG NAGNV NAGSO NAGEU NAGTCiShare Dow Jones U.S. Healthcare IYH DJUSHC AMEX NHG NHGNV NHGSO NHGEU NHGTCiShare Dow Jones U.S. Industrial IYJ DJUSIN AMEX NIJ NIJNV NIJSO NIJEU NIJTCiShare Dow Jones U.S. Internet IYV DJINET AMEX NNU NNUNV NNUSO NNUEU NNUTCiShare Dow Jones U.S. Real Estate IYR DJUSRE AMEX NLR NLRNV NLRSO NLREU NLRTCiShare Dow Jones U.S. Technology IYW DJUSTC AMEX NJW NJWNV NJWSO NJWEU NJWTCiShare Dow Jones US Telecommunications IYZ DJUSTL AMEX NJZ NJZNV NJZSO NJZEU NJZTCiShare Dow Jones U.S. Total Market IYY DJUS AMEX NLA NLANV NLASO NLAEU NLATCiShare Dow Jones U.S. Utilities IDU DJUSUT AMEX NLU NLUNV NLUSO NLUEU NLUTCiShare MSCI Australia EWA MSDUAS AMEX WBJ WBJNV WBJSO WBJEU WBJTCiShare MSCI Austria EWO MSDUAT AMEX INY INYNV INYSO INYEU INYTCiShare MSCI Belgium EWK MSDUBE AMEX INK INKNV INKSO INKEU INKTCiShare MSCI Brazil EWZ WWC AMEX WWC WWCNV WWCSO WWCEU WWCTCiShare MSCI Canada EWC WPB AMEX WPB WPBNV WPBSO WPBEU WPBTCiShare MSCI EMU EZU MSDUEMU AMEX WWE WWENV WWESO WWEEU WWETCiShare MSCI France EWQ MSDUFR AMEX WBF WBFNV WBFSO WBFEU WBFTCiShare MSCI Germany EWG MSDUGR AMEX WDG WDGNV WDGSO WDGEU WDGTCiShare MSCI Hong Kong EWH MSDUHK AMEX INH INHNV INHSO INHEU INHTCiShare MSCI Italy EWI MSDUIT AMEX INE INENV INESO INEEU INETCiShare MSCI Japan EWJ MSDUJN AMEX INJ INJNV INJSO INJEU INJTCiShare MSCI Malaysia (Free) EWM MSDUMAF AMEX INM INMNV INMSO INMEU INMTCiShare MSCI Mexico (Free) EWW INW AMEX INW INWNV INWSO INWEU INWTCiShare MSCI Netherlands EWN MSDUNE AMEX INN INNNV INNSO INNEU INNTCiShare MSCI Singapore EWS MSDUSGF AMEX INR INRNV INRSO INREU INRTCiShare MSCI South Korea EWY MSEUSKO AMEX WWK WWKNV WWKSO WWKEU WWKTCiShare MSCI Spain EWP MSDUSP AMEX INP INPNV INPSO INPEU INPTCiShare MSCI Sweden EWD MSDUSW AMEX WBQ WBQNV WBQSO WBQEU WBQTCiShare MSCI Switzerland EWL MSDUSZ AMEX INL INLNV INLSO INLEU INLTCiShare MSCI Taiwan EWT MSEUSTW AMEX WWM WWMNV WWMSO WWMEU WWMTCiShare MSCI United Kingdom EWU INU AMEX INU INUNV INUSO INUEU INUTCiShare MSCI EAFE EFA MXEA AMEX EFV EFVNV EFVSO EFVEU EFVTCiShare Russell 1000 IWB RIY AMEX NJB NJBNV NJBSO NJBEU NJBTCiShare Russell 1000 Growth IWF RLG AMEX NBF NBFNV NBFSO NBFEU NBFTCiShare Russell 1000 Value IWD RLV AMEX NJU NJUNV NJUSO NJUEU NJUTCiShare Russell 2000 IWM RTY AMEX NJM NJMNV NJMSO NJMEU NJMTCiShare Russell 2000 Growth IWO RUO AMEX NLO NLONV NLOSO NLOEU NLOTCiShare Russell 2000 Value IWN RUJ AMEX NAJ NAJNV NAJSO NAJEU NAJTCiShare Russell 3000 IWV RAY AMEX NMV NMVNV NMVSO NMVEU NMVTCiShare Russell 3000 Growth IWZ RAG AMEX NBE NBENV NBESO NBEEU NBETCiShare Russell 3000 Value IWW RAV AMEX NNW NNWNV NNWSO NNWEU NNWTC
ETF Strategy 30 October 2001
21
Current ETFs Available as of October 2001 (continued)
Exchange Traded Fund SymbolUnderlying
Index ExchangeIntra-day
ValueNet Asset
ValueShares
Outstanding
DivEquivalent
Payment (EstCash
Component)
CashComponentper Creation
UnitiShare Russell Midcap Index Fund IWR RMC AMEX NIZ NIZNV NIZSO NIZEU NIZTCiShare Russell Midcap Growth Index Fund IWP RDG AMEX NIW NIWNV NIWSO NIWEU NIWTCiShare Russell Midcap Value Index Fund IWS RMV AMEX NIV NIVNV NIVSO NIVEU NIVTCiShare S&P Europe 350 IEV SPEU AMEX NLG NLGNV NLGSO NLGEU NLGTCiShare S&P MidCap IJH MID AMEX NJH NJHNV NJHSO NJHEU NJHTCiShare S&P SmallCap IJR SML AMEX NIR NIRNV NIRSO NIREU NIRTCiShare S&P/BARRA Growth IVW SGX AMEX NJG NJGNV NJGSO NJGEU NJGTCiShare S&P/BARRA MidCap Growth IJK MIDG AMEX NNK NNKNV NNKSO NNKEU NNKTCiShare S&P/BARRA MidCap Value IJJ MIDV AMEX NJJ NJJNV NJJSO NJJEU NJJTCiShare S&P/BARRA Small Cap Growth IJT SMLG AMEX NLT NLTNV NLTSO NLTEU NLTTCiShare S&P/BARRA Small Cap Value IJS SMLV AMEX NJS NJSNV NJSSO NJSEU NJSTCiShare S&P/BARRA Value IVE SVX AMEX NME NMENV NMESO NMEEU NMETCiShare S&P/TSE 60 Index IKC SPTSE AMEX NLJ NLJNV NLJSO NLJEU NLJTCiShare S&P500 Index IVV SPX AMEX NNV NNVNV NNVSO NNVEU NNVTCiShares Cohen & Steers Realty Majors Idx ICF RMP AMEX ICG ICGNV ICGSO ICGEU ICGTCiShares Nasdaq Biotechnology Index Fund IBB NBI AMEX IBF IBFNV IBFSO IBFEU IBFTCiShares Goldman Sachs Technology Index IGM GTC AMEX IPM IPMNV IPMSO IPMEU IPMTCiShares Goldman Sachs Software Index IGV GSO AMEX NVV NVVNV NVVSO NVVEU NVVTCiShares Goldman Sachs Semiconductor Ind IGW GSM AMEX NVW NVWNV NVWSO NVWEU NVWTCiShares Goldman Sachs Networking Index IGN GIP AMEX NVK NVKNV NVKSO NVKEU NVKTCNasdaq 100 QQQ NDX AMEX QXV QXVNV QXVSO QXVEU QXVTCS&P Midcap SPDR MDY MID AMEX MXV MXVNV MXVSO MXVEU MXVTCDow Jones Industrial Average DIA DJX AMEX DXV DXVNV DXVSO DXVEU DXVTCS&P 500 SPDR SPY SPX AMEX SXV SXVNV SXVSO SXVEU SXVTCSelect Sector SPDR Basic Industries XLB IXB AMEX BXV BXVNV BXVSO BXVEU BXVTCSelect Sector SPDR Consumer Services XLV IXV AMEX NXV NXVNV NXVSO NXVEU NXVTCSelect Sector SPDR Consumer Staples XLP IXR AMEX PXV PXVNV PXVSO PXVEU PXVTCSelect Sector SPDR Cyclical/Transport XLY IXY AMEX YXV YXVNV YXVSO YXVEU YXVTCSelect Sector SPDR Energy XLE IXE AMEX EXX EXXNV EXXSO EXXEU EXXTCSelect Sector SPDR Financial XLF IXM AMEX FXV FXVNV FXVSO FXVEU FXVTCSelect Sector SPDR Industrial XLI IXI AMEX TXV TXVNV TXVSO TXVEU TXVTCSelect Sector SPDR Technology XLK IXT AMEX KXV KXVNV KXVSO KXVEU KXVTCSelect Sector SPDR Utilities XLU IXU AMEX UXV UXVNV UXVSO UXVEU UXVTCSSGA Dow Jones Global Titans DGT DJGT AMEX UGT UGTNV UGTSO UGTEU UGTTCSSGA Dow Jones Style Large Cap Growth ELG DJUSGL AMEX FLG FLGNV FLGSO FLGEU FLGTCSSGA Dow Jones Style Large Cap Value ELV DJUSVL AMEX FLV FLVNV FLVSO FLVEU FLVTCSSGA Dow Jones Style Small Cap Growth DSG DJUSGS AMEX PSG PSGNV PSGSO PSGEU PSGTCSSGA Dow Jones Style Small Cap Value DSV DJUSVS AMEX PSV PSVNV PSVSO PSVEU PSVTCSSGA Fortune 500 FFF FFX AMEX FFY FFYNV FFYSO FFYEU FFYTCSSGA Fortune e50 FEF FEX AMEX FEY FEYNV FEYSO FEYEU FEYTCSSGA Morgan Stanley Internet MII MOX AMEX MMI MMINV MMISO MMIEU MMITCSSGA Morgan Stanley Technology MTK MSH AMEX JMT JMTNV JMTSO JMTEU JMTTCSSGA Wilshire REIT RWR REW AMEX EWR EWRNV EWRSO EWREU EWRTCTotal Stock Market VIPERs Index Fund VTI TSJ AMEX TSJ TSJNV TSJSO TSJEU TSJTCiShare S&P100 Index OEF OEX CBOE OEV OEL OES OEP OEKiShares S&P Global 100 Index Fund IOO OOI NYSE OON OOV OOS OOE OOU
ETF Strategy 30 October 2001
22
Current ETFs Available as of October 2001 (continued)
Exchange Traded Fund SymbolUnderlying
Index ExchangeIntra-day
ValueNet Asset
ValueShares
Outstanding
DivEquivalentPayment(Est Cash
Component)
CashComponentper Creation
UnitiUnits S&P/TSE 60 Index Fund XIU CN SPTSE TorontoiUnits S&P/TSE Canadian Energy Index XEG CN SPTSEE TorontoiUnits S&P/TSE Canadian Financials Index XFN CN SPTSEF TorontoiUnits S&P/TSE Canadian Gold Index Fund XGD CN SPTSEG TorontoiUnits S&P/TSE Canadian Inform. Tech XIT CN SPTSET TorontoiUnits S&P/TSE Canadian MidCap Index XMD CN SPTSEM TorontoiUnits S&P/TSE Capped 60 Index Fund XIC CN TRIV60CP TorontoiUnits S&P 500 Index RSP Fund XSP CN SPX TorontoiUnits MSCI Provisional EAFE Index XIN CN MSDLEAFE Toronto
SSGA DJ Canada 40 Index Fund DJF CN XLCAN TorontoTD TSE 300 Capped Index Fund TCF CN TS300C TorontoTD TSE 300 Index Fund TTF CN TS300 Toronto
ETF Strategy 30 October 2001
8. Global Equity Derivatives Strategy Team Global Equity Derivatives Strategy Group
Richard BernsteinChief Quantitative Strategist(1) 212 449 [email protected]
Michael MarasDirector, Global Equity Derivatives+44 20 7996 [email protected]
EuropeAlex Ypsilanti(44) 20 7996 [email protected]
Arik Reiss(44) 20 7996 [email protected]
Gaudi Schneider(44) 20 7996 [email protected]
AmericasBenjamin Bowler, Manager(1) 212 449 [email protected]
Silvio Lotufo(1) 212 449 [email protected]
John Davi(1) 212 449 [email protected]
JapanKen Chang, Manager(813) 3213 [email protected]
Raj Jain(813) 3213 [email protected]
Asia PacificTodd Kennedy(852) 2536 [email protected]
Denise Hu(852) 2536 [email protected]
Russell Cummer(852) 2536 [email protected]
Daniel Lam(852) 2536 [email protected]
The strategies described in this report may not be appropriate for someinvestors. Investors should read Characteristics and Risks of StandardizedOptions, a document published by Options Clearing Corporation, before usinglisted derivatives.
ETF Strategy 30 October 2001
24
Copyright 2001 Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). All rights reserved. Any unauthorized use or disclosure is prohibited. This report has beenprepared and issued by MLPF&S and/or one of its affiliates and has been approved for publication in the United Kingdom by Merrill Lynch, Pierce, Fenner & Smith Limited,which is regulated by SFA; has been considered and distributed in Australia by Merrill Lynch Equities (Australia) Limited (ACN 006 276 795), a licensed securities dealerunder the Australian Corporations Law; is distributed in Hong Kong by Merrill Lynch (Asia Pacific) Ltd, which is regulated by the Hong Kong SFC; and is distributed inSingapore by Merrill Lynch International Bank Ltd (Merchant Bank) and Merrill Lynch (Singapore) Pte Ltd, which are regulated by the Monetary Authority of Singapore. Theinformation herein was obtained from various sources; we do not guarantee its accuracy or completeness. Additional information available.
This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives,financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness ofinvesting in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not berealized. Investors should note that income from such securities, if any, may fluctuate and that each securitys price or value may rise or fall. Accordingly, investors mayreceive back less than originally invested. Past performance is not necessarily a guide to future performance.
Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities or options or futures contracts.Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in
securities such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk.
US ETF Assets Continue Their GrowthGrowth in U.S. Exchange Traded Funds [ETFs] Since 1993
1. IntroductionGrowth in U.S. Exchange Traded Funds [ETFs] Since 1993
2. The Mechanics of ETFsExchange Traded Funds are Depository Receipts on Underlying Trust or Mutual FundTransfer of Liquidity from Underlying Stocks and Futures to ETFNumber of ETFs to Trade Given Notional Amount to Trade
3. Advantages and Disadvantages of Using ETFs4. Strategy Implementation with ETFs5. Comprehensive List of Available ETFsUseful ETF Information as of October 2001Useful ETF Information [continued]
6. Details on Select ETFsS&P 500 SPDR [SPY]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
iShares S&P 500 [IVV]ETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares OutstandingETF Specifications and Statistics
Nasdaq 100 [QQQ]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares OutstandingETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
S&P Midcap SPDR [MDY] ETF Specifications and Statistics
Dow Jones Industrial Average Depository Receipt [DIA]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
iShare Russell 2000 [IWM]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Basic Industries [XLB]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Consumer Services [XLV]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Consumer Staples [XLP]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Cyclical/Transport [XLY]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Energy [XLE]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Financial [XLF]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Industrial [XLI]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares OutstandingETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
Select Sector SPDR Technology [XLK]ETF Specifications and Statistics
Select Sector SPDR Utilities [XLU]ETF Specifications and StatisticsETF Liquidity [Daily Average Volume and Turnover]Assets Under Management and Shares Outstanding
7. Appendix: ETF Reference TablesETF TerminologyCurrent ETFs Available as of October 2001Current ETFs Available as of October 2001 [continued]Current ETFs Available as of October 2001 [continued]
8. Global Equity Derivatives Strategy Team