À l’instar des actions, les FNB procurent la flexibilité d’acheter et de vendre durant toute la séance de bourse. Tout comme un fonds commun de placement, la plupart des FNB vous permettent de détenir diverses actions ou obligations dans un même placement.

Les fonds négociés en bourse comportent les avantages suivants :

  • Gestion passive – La plupart des gestionnaires de fonds communs pratiquent une gestion active du portefeuille en recherchant et en choisissant les placements un par un afin d’obtenir un rendement plus élevé ou un risque inférieur à un indice de référence. En revanche, la plupart des gestionnaires de FNB tentent simplement de reproduire le rendement d’un indice donné, c’est ce qu’on appelle la gestion passive. Un indice est un ensemble de titres individuels conçu pour représenter le rendement d’un secteur particulier du marché boursier ou obligataire.
  • Frais relativement faibles – Les FNB comportent un ratio des frais de gestion annuels pour couvrir les frais de gestion et les autres dépenses internes du fonds. Dans le cas des FNB à gestion passive, les gestionnaires de portefeuille tentent en général d’atteindre le rendement d’un indice plutôt que d’ajouter de la valeur par une sélection de titres individuels. Ces fonds comportent généralement des frais de gestion et d’administration moins élevés.
  • Efficience fiscale – L’achat et la vente qui font régulièrement partie de la gestion d’un portefeuille donnent lieu à des distributions de gains en capital et à l’impôt qui en découle sur la durée de vie d’un placement dans un FNB.

Nous pouvons vous aider

Tous les placements, y compris les fonds négociés en bourse, comportent un certain degré de risque. Votre conseiller en investissement Edward Jones discutera avec vous de vos besoins de placement et choisira le ou les fonds négociés en bourse les plus appropriés pour répondre à ces besoins.

Source: Morningstar

The expense ratio measures what percentage of a fund’s assets are used to pay for the operating and administrative expenses of that fund, which reduce an investor’s return. The expense ratio of a particular ETF may be higher or lower than the guidelines noted in the chart above. You should carefully review the prospectus for the ETFs expense ratio.

More than $100 million in assets under management (AUM): Hundreds of ETFs have been launched in the past few years, and many still have marginal assets under management. Edward Jones suggests investing in ETFs that have at least $100 million in AUM, which is the level we believe is helpful to sustain their operations.

Share price premium or discount relative to net asset value (NAV): An ETF’s price is determined primarily by the NAV of the fund’s underlying holdings, along with the supply of and demand for shares in the market. This may cause an ETF to trade at a premium or discount to its NAV. Edward Jones suggests seeking funds trading at minimal premiums or discounts to NAV. Most broad-based ETFs trade within 2% of the fund’s NAV, although this spread could widen in periods of market volatility. The premium or discount could also be more significant for more narrowly focused ETFs.

Use ETFs to build your portfolio

Broad-based ETFs can make up the core building blocks of your portfolio. If you’re interested in investing in a specific asset class, such as large- or small-cap equity, international equity or fixed income, chances are there’s an ETF for you.

You can also incorporate ETFs representing various investment styles — for example, dividend income or capital appreciation — into your portfolio.

Use ETFs with individual stocks and bonds

ETFs can provide lower-cost, broad exposure to asset classes that can help further diversify your portfolio. Do you already own several individual large-cap domestic stocks? Speak to your financial advisor about how an international or small-cap ETF may fit into your portfolio. Similarly, if you own many individual bonds, speak to your financial advisor about how a broad intermediate or short-term fixed income ETF may benefit your portfolio.

Use ETFs to complement a mutual fund portfolio

You can use ETFs with mutual funds to achieve even more diversification.

For example, an ETF could fill a gap in your portfolio of mutual funds. If you already own a number of large-cap domestic equity and international equity as well as fixed-income mutual funds, you may further diversify by adding exposure to the mid- or small-cap asset classes. If the mutual fund family doesn’t have a fund that meets your needs, you may consider adding a mid- or small-cap ETF instead.

ETFs also can provide exposure to certain asset classes with a more limited number of fund choices, such as emerging markets or international small-cap.

If you already have a well-diversified portfolio of mutual funds with different investment categories and asset classes, ETFs may not be necessary. Remember that before you supplement your portfolio with other investment types, you should speak with your FA and read the fund's prospectus documents as you may be eligible for break points — or lower fees — if you invest a certain amount with a specific mutual fund family.

Additional considerations

Tax implications

An ETF’s holdings may affect capital gains or dividend distribution taxes. While most ETFs are legally structured as open-end funds, meaning there is no limit to the number of shares the fund can offer, some may not be. Certain ETFs may generate a K-1 tax form, which may be undesirable for some investors. You can find the details on fund structure and tax implications in an ETF’s prospectus. Talk to your qualified tax professional about your situation.

Underlying holdings

Understanding an ETF’s underlying holdings can help identify significant weightings to individual securities, industries, sectors or geographic locations, which may indicate the ETF is not as diverse as it seems. Knowing how the ETF is invested can lead to fewer performance surprises.

How to invest in ETF funds

Like stocks, ETFs trade on an exchange. This means you can place different types of orders and the time of day you place an order can affect the price you receive. ETF prices may be more volatile near the market’s opening and closing. Talk with your financial advisor to understand order types and their implications.

The pros and cons of investing in ETFs

ETFs offer benefits such as low costs and diversification, which can make them attractive investments. But you should consider your goals, risk tolerance and the types of investments you prefer to own when determining whether ETFs are appropriate for you.

The benefits of investing in ETFs may include:

Low costs: Most ETFs track broad market indexes, so they don’t have to pay portfolio managers to analyze and trade shares for the fund. This generally makes owning an ETF less costly than owning an actively managed mutual fund.

Diversification: Instead of holding just one investment in an individual company, ETFs invest in a diversified portfolio of individual stocks or bonds, and you buy shares in that fund, which helps even out the ups and downs in the market.

Tax efficiency: Because ETFs mirror index mutual funds, they generally trade less often and generate fewer transactions that are taxable, which means fewer expenses for investors.

The cons of investing in ETFs may include:

Extra costs: ETF shares trade on stock exchanges, so every time an ETF share is bought or sold, the fund may incur a broker’s commission. ETFs also have bid-ask spreads, in which shares are purchased at the ask price and sold at the bid price, with the spread between the prices adding to the ETF’s transaction costs. The wider the bid-ask spread, the higher the cost to trade.

Overtrading: The potential ease of trading in and out of ETFs may tempt some investors to overtrade instead of following a more appropriate long-term investment strategy.

Use caution with these ETFs

Narrowly focused ETFs: In general, Edward Jones doesn’t recommend ETFs that focus on individual industries, countries or commodities. An ETF that’s more narrowly focused is more dependent on a certain kind of company or individual country. Narrowly focused ETFs can also have large allocations to single companies. This can lead to higher volatility over time, with more downside than investors may expect. We believe most investors should focus on broad-based ETFs that can be held for the long term and offer diversification.

Leveraged and inverse ETFs: Leveraged ETFs seek to provide a return that’s a multiple (such as two or three times) of the benchmark index’s return. Inverse ETFs aim to provide a return that’s the opposite, or the inverse, of the benchmark index return. Returns for these ETFs can lead to unexpected performance results over longer periods. Therefore, we don’t believe they are suitable long-term investments.

Are ETFs right for you? Contact an Edward Jones financial advisor to learn more about our investment advice and guidance.

Renseignements importants :

Les fonds négociés en bourse peuvent entraîner des frais de courtage, des commissions de suivi, des frais de gestion et d’autres frais. Veuillez lire le prospectus avant de faire un placement.  Les fonds négociés en bourse ne sont pas garantis, leur valeur fluctue souvent et leur rendement passé n’est pas indicatif de leur rendement futur.
Les investisseurs devraient comprendre les risques liés aux placements, notamment le risque de taux d’intérêt, le risque de crédit et le risque de marché. La valeur des placements fluctue et les investisseurs peuvent perdre une partie ou la totalité de leur capital.