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ETF Update and Complete Listing
By John Spence
August 24, 2000

Exchange-traded funds (ETFs) have continued their meteoric rise in popularity, with total assets in ETF securities exceeding $47 billion for the week ending 8/18/00, excluding Merrill Lynch's HOLDRs (Source: Wiesenberger).

Since ETFs incorporate some of the features of stocks, they offer unique advantages to fund investors. For example, unlike regular mutual funds, ETFs can be traded throughout the day, and can be sold short or bought on margin.

However, ETFs do not always trade at the net asset value of the holdings within the fund, and discounts and premiums can and do open up (compare market price to net asset value in below table). Of course, these fluctuations lead to arbitrage opportunities for managers and the opportunity to win out or get burned. Timely knowledge of the net asset value of the securities within a particular ETF is a crucial factor when it comes to managing ETFs.

The table below offers useful information about every ETF currently available. All of them are traded on AMEX.

 
Fund Name Ticker

Exp. Ratio (as of 7/21 2000)

1 mo (as of 8/18 2000) YTD (as of 8/18 2000) 1 yr (as 0f 8/18 2000) Total net assets ($ millions, as of 7/21 2000)

Share Mkt price (as of 8/18* 2000)

 Share Net asset value (as of 8/18 2000)
Diamond Series Trust I
DIA
0.12
3.33
-3.30
0.64
2050.25
110.44
110.50
iShares Dow Jones US Basic Mtrls
IYM
0.60
n/a
n/a
n/a
8.61
35.76
36.03
iShares Dow Jones US Chemicals
IYD
0.60
n/a
n/a
n/a
16.98
39.28
39.33
iShares Dow Jones US Cons Cyclical
IYC
0.60
-4.17
n/a
n/a
15.66
60.34
60.57
iShares Dow Jones US Cons Non-Cycl
IYK
0.60
-1.47
n/a
n/a
12.51
41.97
41.90
iShares Dow Jones US Energy Sector
IYE
0.60
12.40
n/a
n/a
27.85
52.41
52.26
iShares Dow Jones US Financial Sct
IYF
0.60
6.74
n/a
n/a
98.96
81.17
81.39
iShares Dow Jones US Financial Srv
IYG
0.60
5.37
n/a
n/a
61.64
92.94
92.49
iShares Dow Jones US Healthcare
IYH
0.60
-2.41
n/a
n/a
18.98
62.13
61.95
iShares Dow Jones US Industrial
IYJ
0.60
-0.30
n/a
n/a
27.59
61.72
61.89
iShares Dow Jones US Internet
IYV
0.60
-9.26
n/a
n/a
92.71
70.09
70.14
iShares Dow Jones US Real Estate
IYR
0.60
n/a
n/a
n/a
18.23
n/a
n/a
iShares Dow Jones US Technology
IYW
0.60
-0.29
n/a
n/a
135.32
128.94
128.70
iShares Dow Jones US Telecom
IYZ
0.60
-14.15
n/a
n/a
51.81
52.50
52.79
iShares Dow Jones US Total Mkt
IYY
0.20
n/a
n/a
n/a
10.39
n/a
n/a
iShares Dow Jones US Utilities
IDU
0.60
11.49
n/a
n/a
28.30
78.53
78.53
iShares MSCI Australia Index
EWA
0.84
1.18
-2.83
3.72
64.73
10.75
10.58
iShares MSCI Austria Index
EWO
0.84
3.17
-2.26
-11.78
10.96
8.13
7.99
iShares MSCI Belgium Index
EWK
0.84
1.80
-12.40
-9.64
13.67
14.13
13.99
iShares MSCI Brazil Index
EWZ
0.99
n/a
n/a
n/a
35.25
n/a
n/a
iShares MSCI Canada Index
EWC
0.84
1.47
30.68
60.65
19.05
21.56
21.62
iShares MSCI France Index
EWQ
0.84
-1.54
1.36
26.65
95.87
28.00
28.05
iShares MSCI EMU
EZU
0.84
n/a
n/a
n/a
n/a
n/a
n/a
iShares MSCI Germany Index
EWG
0.84
-5.47
-11.01
11.31
186.40
23.75
23.62
iShares MSCI Hong Kong Index
EWH
0.84
0.00
-3.51
16.31
82.81
13.75
13.70
iShares MSCI Italy Index
EWI
0.84
-4.29
0.50
16.94
74.87
25.13
25.18
iShares MSCI Japan Index
EWJ
0.84
-1.34
-15.33
-2.04
808.14
13.81
13.79
iShares MSCI Malaysia Index
EWM
0.84
-1.02
-13.28
3.47
105.87
6.13
6.22
iShares MSCI Mexico Index
EWW
0.84
-2.94
-8.65
24.76
37.57
16.50
16.59
iShares MSCI Netherlands Index
EWN
0.84
0.26
-3.46
3.87
26.73
24.44
24.45
iShares MSCI Singapore Index
EWS
0.84
4.92
-12.93
-0.58
96.06
8.00
8.06
iShares MSCI Spain Index
EWP
0.84
0.23
-6.19
3.06
43.28
26.50
26.34
iShares MSCI South Korea Index
EWY
0.99
-7.32
n/a
n/a
20.73
19.00
19.10
iShares MSCI Sweden Index
EWD
0.84
-6.77
-0.85
35.99
25.94
29.25
29.31
iShares MSCI Switzerland Index
EWL
0.84
0.39
0.39
2.56
41.99
16.06
16.02
iShares MSCI Taiwan Index
EWT
0.99
4.20
n/a
n/a
32.16
18.63
18.55
iShares MSCI UK Index
EWU
0.84
2.60
-7.58
-0.45
145.33
19.81
19.53
iShares Russell 1000
IWB
0.15
0.40
n/a
n/a
267.31
79.28
79.22
iShares Russell 1000 Growth
IWF
0.20
-2.09
n/a
n/a
44.27
87.28
87.22
iShares Russell 1000 Value
IWD
0.20
3.70
n/a
n/a
24.90
57.36
57.18
iShares Russell 2000
IWM
0.20
-0.93
n/a
n/a
235.15
103.09
103.19
iShares Russell 2000 Growth
IWO
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares Russell 2000 Value
IWN
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares Russell 3000
IWV
0.20
0.59
n/a
n/a
32.50
82.02
81.75
iShares Russell 3000 Growth
IWZ
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares Russell 3000 Value
IWW
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares S&P 500
IVV
0.09
1.29
n/a
n/a
955.57
149.63
149.49
iShares S&P 500/Barra Growth
IVW
0.18
-1.47
n/a
n/a
86.46
89.98
89.66
iShares S&P 500/Barra Value
IVE
0.18
4.21
n/a
n/a
42.13
62.61
62.46
iShares S&P Europe 350
IEV
0.60
n/a
n/a
n/a
n/a
n/a
n/a
iShares S&P Midcap 400
IJH
0.20
3.90
n/a
n/a
206.89
104.94
104.83
iShares S&P Midcap 400/Barra Growth
IJK
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares S&P Midcap 400/Barra Value
IJJ
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares S&P SmallCap 600
IJR
0.20
1.15
n/a
n/a
42.43
107.22
107.11
iShares S&P SmallCap 600/Barra Growth
IJT
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares SmallCap 600/Barra Value
IJS
0.25
n/a
n/a
n/a
n/a
n/a
n/a
iShares S&P TSE 60 Index Fund
IKC
0.50
n/a
n/a
n/a
9.70
n/a
n/a
Nasdaq 100 Trust Series I
QQQ
0.18
-2.12
2.83
64.31
13110.17
95.25
95.01
SPDR 500
SPY
0.12
1.35
2.17
12.65
22080.72
149.69
149.56
SPDR Basic Industries
XLB
0.28
3.98
-21.20
-20.65
90.27
20.80
20.94
SPDR Consumer Services
XLV
0.28
2.23
-2.48
8.46
109.59
30.13
30.07
SPDR Consumer Staples
XLP
0.28
0.65
6.02
-1.09
213.91
24.28
24.38
SPDR Cyclical/ Transportation
XLY
0.28
-5.32
-15.47
-3.83
103.43
26.16
26.11
SPDR Energy
XLE
0.28
11.88
20.45
10.20
213.08
32.38
32.32
SPDR Financial
XLF
0.28
6.66
16.68
12.92
449.03
27.53
27.48
SPDR Industrial
XLI
0.28
2.40
4.17
6.68
64.41
30.72
30.91
SPDR Mid Cap
MDY
0.25
n/a
n/a
n/a
2723.28
n/a
n/a
SPDR Technology
XLK
0.28
-1.37
0.58
35.26
1259.50
54.19
54.11
SPDR Utilities
XLU
0.28
0.11
1.07
-2.61
122.89
28.03
28.12
HOLDR B2B Internet
BHH
0.08 per 100 shares
n/a
n/a
n/a
2043.76
49
n/a
HOLDR Biotech
BBH
0.08 per 100 shares
n/a
n/a
n/a
2078.94
188
n/a
HOLDR Broadband
BDH
0.08 per 100 shares
n/a
n/a
n/a
589.41
97.69
n/a
HOLDR Internet
HHH
0.08 per 100 shares
n/a
n/a
n/a
760.20
117.5
n/a
HOLDR Internet Arch
IAH
0.08 per 100 shares
n/a
n/a
n/a
306.18
100.19
n/a
HOLDR Internet Infra
IIH
0.08 per 100 shares
n/a
n/a
n/a
495.80
63.69
n/a
HOLDR Pharm
PPH
0.08 per 100 shares
n/a
n/a
n/a
679.34
96.75
n/a
HOLDR Reg Bank
RKH
0.08 per 100 shares
n/a
n/a
n/a
114.90
98.63
n/a
HOLDR Semi-conductor
SMH
0.08 per 100 shares
n/a
n/a
n/a
189.73
89.63
n/a
HOLDR TeleBras
TBH
0.08 per 100 shares
n/a
n/a
n/a
n/a
100
n/a
HOLDR Telecom
TTH
0.08 per 100 shares
n/a
n/a
n/a
584.54
74.13
n/a
HOLDR Utilities
UTH
0.08 per 100 shares
n/a
n/a
n/a
82.28
93.75
n/a

Sources: Wiesenberger
*Mkt for all HOLDRs as of 7/21/00

In other news on the ETF front, iShares recently announced that several iShares MSCI Index Funds expect to pay a cash dividend on 8/31/00 to shareholders of record on 8/28/00 with a ex-date of 8/24/00 (see below table).

 
FUND NAME TICKER
Dividend per share
iShares MSCI Australia Index EWA
0.2326
iShares MSCI Austria Index EWO
0.0449
iShares MSCI Belgium Index EWK
0.3592
iShares MSCI Brazil Index EWZ
0.3639
iShares MSCI Canada Index EWC
5.0572
iShares MSCI France Index EWQ
1.2333
iShares MSCI Germany Index EWG
2.5316
iShares MSCI Hong Kong Index EWH
0.2088
iShares MSCI Italy Index EWI
2.2267
iShares MSCI Japan Index EWJ
0.4514
iShares MSCI Malaysia Index EWM
0.0534
iShares MSCI Mexico Index EWW
0.4234
iShares MSCI Netherlands Index EWN
0.2257
iShares MSCI Singapore Index EWS
0.1719
iShares MSCI Spain Index EWP
0.9491
iShares MSCI South Korea Index EWY
0.0000
iShares MSCI Sweden Index EWD
5.3910
iShares MSCI Switzerland Index EWL
0.1572
iShares MSCI Taiwan Index EWT
0.8575
iShares MSCI UK Index EWU
0.9267
Finally, AMEX is being sued by Illinois-based holding company Mopex Inc., which claims it patented the product name "exchange-traded fund." Mopex seeks infringement damages from AMEX and wants it to discontinue using the product name.