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Building an ETF Portfolio:From the Simple to the Complex By Maria Crawford Scott
You can still keep it
Table 1 illustrates three basic ETF portfolio levels, from the simple, even if you make it
simple, realistic minimum to the complex.
complex. The holdings in each There are many different "levels" portfolio are generic descrip- of portfolios, ranging from a basic, tions rather than specific bare-minimum portfolio to one that is very complex. By fol owing an al -index approach to portfolio The Bare Necessities
building, your portfolio can be barebones minimalist or highly Level I contains only three intricate—yet stil be relatively ETFs, but covers substantial invest- easy-to-build as well as low cost.
The simplicity or intricacy of your portfolio real y The total U.S. stock market ETF should be just that: comes down to the amount of time and interest you want an ETF that tracks a broad-based index, with U.S. common to spend managing it, your investment knowledge, and the stocks of all capitalization sizes—large, mid and small cap. total amount of dollars you'll be investing.
While these ETFs hold thousands of stocks, the key is There are, however, several investment constraints that not the number but the weightings. Most indexes are capital- any investment portfolio must follow: ization-weighted, meaning that stocks with large capitaliza- • First, it must meet your financial goals and match your tions (number of common stock shares outstanding times risk tolerance. Your asset allocation—how much you put the market price per share) tend to dominate any total stock into the various asset categories—addresses these finan- index fund. Holding one total domestic stock index fund is cial concerns and is driven by your investor profile. a bare minimum holding, but you may want to augment it • Second, it must be broadly diversified among major with a Level II mid-cap index or small-cap index ETF so market segments. that these segments of the market are not overpowered by With those constraints in mind, the easiest and most the largest stocks.
cost-effective approach is to build your entire portfolio While the total domestic market index ETF covers the around index funds. These are passively managed portfolios U.S. markets, your portfolio needs to be global in scope. For- that do not require you to evaluate the skill of a portfolio eign stocks add to overall diversification and risk reduction, manager, provide you with complete diversification within even if the allocation is small. For that reason, the Level I the market the index covers, are low maintenance and have portfolio includes an all-in-one total international stock ETF rock-bottom costs. that should track a major index covering the primary regional And exchange-traded funds provide you with all the economic zones: Europe, Asia/Pacific, and Latin America. tools you need to do it.
This covers both developed and emerging international AAII Journal
Table 1. Exchange-Traded Fund Portfolio Levels: From Basic to Complex
Level II*
Level III
U.S. Stocks
Total U.S. Stock Market ETF Large-Cap Stock ETF Core Holdings: Extended Stock Market ETF Level I or Level II U.S. stock holdings Large-Cap Stock ETF Mid-Cap Stock ETF Sector or Specialty ETF Small-Cap Stock ETF Micro-Cap Stock ETF Int'l Stocks
Total International Stock ETF European Stock ETF Core Holdings: Pacific Stock ETF Level I or Level II international stock holdings Emerging Markets Stock ETF Regional, Specific Country or Global Sector ETF Intermediate-term Short-Term Government Bond ETF Core Holdings: Long-Term Government Level I or Level II bond holdings (or Muni) Bond ETF (or Muni) Bond ETF Corporate High-Yield ETF Liquid Acct.
Very short-term (less than Very short-term (less than Very short-term (less than one year maturity), no one year maturity), no one year maturity), no default-risk fixed-income default-risk fixed-income default-risk fixed-income ETFs, money market ETFs, money market ETFs, money market funds or bank accounts funds or bank accounts funds or bank accounts *Level I and Level II ETFs should track a well-known broad-based index in the chosen asset class, and they should be strategy-neutral. economies, but developed economies Ratcheting Up the Minimum
chosen for these segments should track dominate the index, as does Europe, indexes that cover all stocks within the since capitalization weighting deter- Level II ratchets up the complexity, market segment, and should not include mines exposure and diversification. if you want to be able to control asset any indexes that tilt toward any particular The third component in the Level I allocation and diversification more pre- strategy or style. portfolio is an intermediate-term gov- cisely, but stil employ the efficiency and Similarly, the foreign markets are ernment bond ETF. Intermediate-term simplicity of an index approach. broken down into an ETF that tracks maturities (average maturity of seven Level II breaks the total U.S. stock a major European stock index, one that to 10 years) capture most of the yield market index into several components: tracks a major Pacific stock index and and total return of a long-term bond Either an ETF that tracks a major large- one that tracks an emerging markets fund with substantially less fund volatil- cap index plus an ETF that tracks an index, al owing choice in al ocation ity caused by changing market interest extended-market index (these indexes between the more developed markets rates. If your bond holding is in a non- include both mid-cap and smal -cap and the emerging markets of the Pacific tax-sheltered environment and your tax stocks), or a large-cap index ETF fund Rim and Eastern Europe.
exposure is significant, you may want plus an ETF that tracks a mid-cap in- For the bond holdings, Level II to consider an intermediate-term mu- dex, one that tracks a small-cap index includes a short-term U.S. government nicipal bond ETF. and possibly even an ETF that tracks a bond ETF and a long-term govern- The liquidity account is the same for micro-cap index. By pairing a large-cap ment bond ETF, enabling you to create al three levels. Any short-term (less than ETF with ETFs that cover these other your own maturity level. A long-term one-year maturity), liquid fixed-income market segments, you can fine-tune the government bond ETF can provide a investment with absolutely no default ratio of smaller to larger companies to higher return, although with more vola- risk can be used for this purpose. Several meet your objectives. tility; combining it with a more stable, brand-new ETFs fit this description, but Note, however, that the suggested although lower-yielding, short-term money market funds and bank accounts breakdowns relate only to the size of government bond ETF allows you to fit the bill as well.
the stock market segments—the ETFs control how much extra risk you are October 2007
Do You Need to "Enhance" Your Approach?
This year's crop of new ETFs market" is defined as the sum of all ization (stock price times number weighted indexes.
continues the trend in index fund in- stocks in the market in proportion to of shares outstanding).
Any market-cap-weighted index vesting to "enhance" the index fund their market capitalization—that is, it is • Many of the newer indexes have wil be dominated by larger firms. capitalization-weighted. And that means been created to al ow the use of But you can adjust for this problem This trend started several years that larger companies are held in greater fundamental "qualitative" factors to when using traditional cap-weighted ago, when a number of exchange- proportion than smal er companies, determine stock composition, adding index funds by making sure you also traded funds started to track non-tra- with larger stocks affecting the index a semi-active flavor to the index.
invest in index ETFs that specifically ditional indexes. performance proportionally more.
ETF sponsors that specialize in cover the mid-cap market and small- What are the arguments in favor A newer but similar criticism is that these non-traditional indexes include: of these new, non-traditional index the capitalization weightings of index However, non-cap-weighted in- funds tend to result in dominance by dexes are not immune to this problem. growth stocks. Since the market capi- They will be dominated by stocks with Non-Traditional Arguments
talization of a stock is the stock price other characteristics. For example, a Traditional index funds are a direct times the number of shares outstanding, number of the WisdomTree dividend- product of Modern Portfolio Theory, this means that a stock's price dictates based indexes are heavily populated the accepted approach to portfolio how much of each firm is represented Does It Work in the Real World?
with REITs. And, of course, they have management today, and one of its te- in the index, and stocks that have hefty The successful history of traditional no stocks that do not pay dividends. nets, the efficient market hypothesis.
price increases automatically become index mutual funds indicates that few Other non-cap-weighted indexes will The efficient market hypothesis, larger holdings.
professional managers can beat the mar- be dominated by stocks that have the put relatively simply, is that there are A third criticism with the index ket over the long run. And the odds of characteristics of whatever selection so many investors competing to find concept is that research has poked an individual investor picking the right method they are using. You may want undervalued stocks that their prices are holes in the efficient market concept. manager or investment strategy—in to tilt your portfolio to a particular driven to reflect fair value, making it In particular, there is relatively solid advance, before the returns have been style because you feel that it will virtually impossible to earn a market- research supporting the notion that achieved—are even longer.
outperform—but just make sure you beating return with a market-level of certain value approaches, particularly But what about the new crop of understand that that is what you are risk over the long term by searching combined with a smaller-firm tilt, can "beefed up" indexes created for these for mispriced securities. Advocates of indeed provide market-beating returns ETFs? Second, the non-cap-weighted the efficient market theory suggest that, without additional risk. Whether they can "beat" traditional ETFs do come with some extra costs instead of trying to find undervalued index funds is anybody's guess. You securities, investors should buy and "Enhanced" ETFs
could get a Ph.D. in finance and still not For one, they tend to have slightly hold "the market"—a traditional index Many of the newer ETFs track resolve the issue, because the academics higher expense ratios. fund. In so doing, you would match the indexes that are designed in response are still hotly debating it.
In addition, unlike cap-weighted market's gross returns less expenses, to the criticisms against traditional But here are some thoughts to index funds that automatical y re- which tend to be held to a minimum indexing.
keep in mind when perusing the new balance with market prices change, with a buy-and-hold strategy. There are two broad themes to "enhanced" offerings.
non-cap-weighted indexes must be But criticisms of the approach these non-traditional indexes: First, it is clear that a single index rebalanced periodically to reflect mar- have arisen over time.
• Some of the new indexes have been ETF is not going to provide you with ket changes. That will result in higher One criticism of the index ap- created to change the way stocks are sufficient diversification for your port- transaction costs in the underlying fund proach is that particular stocks tend "weighted" in the fund, so that the folio, whether it be an ETF that follows (which must match the index), as well to dominate the "total market" as it proportion of a stock in the index a traditional market-cap-weighted index as more tax implications if you hold is traditional y defined. The "total is not based on its market capital- or one of the new breed of non-cap- the fund in a taxable account.
willing to take on for added yield. of Level III is to allow you to tilt your the large-cap index ETF, along with the portfolio toward certain market sectors extended market index ETF (or mid-cap Adding to a Core
or strategies you feel you would like to index, small-cap index and micro-cap emphasize, while at the same time you index ETFs), serves as the core holding. In the Level III ETF portfolio, remain invested in a solid "core" of Special sector or specialty ETFs that ETFs that focus on specific sectors diversified holdings. [Whether you re- focus on particular stock strategies can or that use semi-active approaches are ally need one of these funds is another be added, but this non-core section of question—see related sidebar above.] your portfolio should not dominate the The rationale for the complexity For the domestic stock portfolio, total domestic stock portfolio. AAII Journal
high-yield ETFs added on as your risk tor profile, yet stil remain properly Do You Need to "Enhance" Your Approach?
level dictates—and again not dominat- diversified.
ing that asset class holding. For example, you may want to use This year's crop of new ETFs market" is defined as the sum of all ization (stock price times number weighted indexes.
Make sure when adding a sector a different level for only one segment continues the trend in index fund in- stocks in the market in proportion to of shares outstanding).
Any market-cap-weighted index or strategy ETF that you understand of your portfolio. You could use the vesting to "enhance" the index fund their market capitalization—that is, it is • Many of the newer indexes have wil be dominated by larger firms. the added risks that you are taking Level III approach for your U.S. stock capitalization-weighted. And that means been created to al ow the use of But you can adjust for this problem holdings, but stick with a Level II or This trend started several years that larger companies are held in greater fundamental "qualitative" factors to when using traditional cap-weighted Sector funds concentrate on even a Level I for your international ago, when a number of exchange- proportion than smal er companies, determine stock composition, adding index funds by making sure you also one industry or a few closely related holdings.
traded funds started to track non-tra- with larger stocks affecting the index a semi-active flavor to the index.
invest in index ETFs that specifically industries, and as such they are not How do you know which ETFs to ditional indexes. performance proportionally more.
ETF sponsors that specialize in cover the mid-cap market and small- well diversified. Similarly, style funds put into your portfolio? What are the arguments in favor A newer but similar criticism is that these non-traditional indexes include: focus on stocks with either growth or Although there are over 500 ETFs of these new, non-traditional index the capitalization weightings of index However, non-cap-weighted in- value characteristics; they also tend to to choose from, many ETFs either cover funds tend to result in dominance by dexes are not immune to this problem. be concentrated in certain industries specific market sectors (such as financial growth stocks. Since the market capi- They will be dominated by stocks with and not well diversified.
or energy stocks), or are strategy-specific Non-Traditional Arguments
talization of a stock is the stock price other characteristics. For example, a Beyond any additional risk, the (for instance, growth or value indexes, Traditional index funds are a direct times the number of shares outstanding, number of the WisdomTree dividend- trick to master is just which sector or or specialty ETFs that focus on specific product of Modern Portfolio Theory, this means that a stock's price dictates based indexes are heavily populated strategy funds to invest in, adding to investment strategies). For the Level the accepted approach to portfolio how much of each firm is represented Does It Work in the Real World?
with REITs. And, of course, they have the complexity of the analysis. I and II market segments, stick with management today, and one of its te- in the index, and stocks that have hefty The successful history of traditional no stocks that do not pay dividends. Remember, too, that when you an exchange-traded fund that tracks a nets, the efficient market hypothesis.
price increases automatically become index mutual funds indicates that few Other non-cap-weighted indexes will invest in one of these ETFs, you are widely fol owed index in the appropriate The efficient market hypothesis, larger holdings.
professional managers can beat the mar- be dominated by stocks that have the most likely decreasing your diversifica- market segment. put relatively simply, is that there are A third criticism with the index ket over the long run. And the odds of characteristics of whatever selection tion in that asset class, even though Remember, too, that you only need so many investors competing to find concept is that research has poked an individual investor picking the right method they are using. You may want you are adding more funds. For to pick one fund for each market seg- undervalued stocks that their prices are holes in the efficient market concept. manager or investment strategy—in to tilt your portfolio to a particular instance, if you add a value-focused ment. Index funds, including ETFs, are driven to reflect fair value, making it In particular, there is relatively solid advance, before the returns have been style because you feel that it will stock fund to your U.S. stock holdings, by nature fully diversified. For example, virtually impossible to earn a market- research supporting the notion that achieved—are even longer.
outperform—but just make sure you you are moving from a portfolio that you do not need to own two different beating return with a market-level of certain value approaches, particularly But what about the new crop of understand that that is what you are is totally diversified among all U.S. mid-cap ETFs. risk over the long term by searching combined with a smaller-firm tilt, can "beefed up" indexes created for these stocks in the proper proportion, to a For the Level III portfolio, non- for mispriced securities. Advocates of indeed provide market-beating returns ETFs? Second, the non-cap-weighted portfolio that includes all U.S. stocks core selections should be based on the efficient market theory suggest that, without additional risk. Whether they can "beat" traditional ETFs do come with some extra costs in the proper proportion but also your own informed opinion of sectors instead of trying to find undervalued index funds is anybody's guess. You adds in duplicates of only the value or strategies you feel may outperform securities, investors should buy and "Enhanced" ETFs
could get a Ph.D. in finance and still not For one, they tend to have slightly stocks—more funds, but less diversi- the market enough to justify the added hold "the market"—a traditional index Many of the newer ETFs track resolve the issue, because the academics higher expense ratios. fication and, therefore, more risk. risks. Just make sure you understand fund. In so doing, you would match the indexes that are designed in response are still hotly debating it.
In addition, unlike cap-weighted Outside of the traditional the approach taken by the fund and the market's gross returns less expenses, to the criticisms against traditional But here are some thoughts to index funds that automatical y re- index ETFs, the Level III ETF extra risks involved.
which tend to be held to a minimum indexing.
keep in mind when perusing the new balance with market prices change, portfolio is a high-maintenance, with a buy-and-hold strategy. There are two broad themes to "enhanced" offerings.
non-cap-weighted indexes must be high-financial-sophistication ETF Keeping It Simple
But criticisms of the approach these non-traditional indexes: First, it is clear that a single index rebalanced periodically to reflect mar- portfolio, requiring significant selec- have arisen over time.
• Some of the new indexes have been ETF is not going to provide you with ket changes. That will result in higher tion and monitoring effort to earn Despite the large number of ETFs One criticism of the index ap- created to change the way stocks are sufficient diversification for your port- transaction costs in the underlying fund the chance for above-index-fund available, it is possible to quickly narrow proach is that particular stocks tend "weighted" in the fund, so that the folio, whether it be an ETF that follows (which must match the index), as well down your choices and build a simple, to dominate the "total market" as it proportion of a stock in the index a traditional market-cap-weighted index as more tax implications if you hold Level III can handle significant low-cost portfolio of exchange-traded is traditional y defined. The "total is not based on its market capital- or one of the new breed of non-cap- the fund in a taxable account.
wealth, but would be impractical for funds. very modest investment sums due The approach il ustrated here al ows to the number of ETFs required for you to build a portfolio that requires Similarly, for the international and investment. very little time and energy to manage, bond segments of your portfolio, the is relatively low cost, and yet provides Level I or Level II international stock Populating Your ETF Portfolio
substantial diversification. And it can and bond holdings should be viewed as be used with portfolios of any size, the "core" of the international stock and Using these portfolios as a guide- from the very modest to the largest bond asset classes, with specific country line, you can create any level you want holding millions of dollars (don't we or global sector ETFs and corporate that comfortably matches your inves- all wish?). Maria Crawford Scott is editor of the AAII Journal.
October 2007

Source: https://www.aaii.com/journal/article/building-an-etf-portfolio-from-the-simple-to-the-complex.pdf

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Tropical Life Sciences Research, 27(1), 135–144, 2016 Effectiveness of Ivermectin and Albendazole against Haemonchus contortus in Sheep in West Java, Indonesia 1Silvia Puspitasari, 1Achmad Farajallah, 2Erni Sulistiawati and 3,4Muladno 1Animal Bioscience, Department of Biology, Faculty of Mathematics and Science, 2Veterinary Technician Diploma Program,

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