CORE
SATELLITE
Investing in ETF replication a sector prior to selecting individual stocks
MOVING TO INDIVIDUAL STOCKS
Stock portfolio / Bonds
Stock portfolio / Bonds
Stock portfolio / Bonds
Description | Mutual Fund | ETF |
---|---|---|
Maturity | Maturity doesn’t exist | Maturity exists. |
Liauidity | Abundant liauidity(Liauidity Providers) Primary market and Secondary market | Liquidity gets abundant only when maturity is drawing near. |
Roll over | NO Roll Over | Roll Over Risk |
Minimum investment amount | Can be implemented with the amount of 1 share. | Bigger because determind based upon risk amount. |
Warrant Money | Same as that of general stocks | Inital margin, Maintenance margin, and Margin call |
Stock Features | Fund Features |
---|---|
No Maturity : Bond ETFs periodically rebalance its components to manage a fixed duration, and therefore there is no maturity unlike bonds. This feature is more close to stocks. Price Exposure (Possibility of Principal Loss) : Bond ETFs are traded through the exchange, and prices change constantly due to factors such as supply & demand, interest rate, policy, etc. Unlike bond investors who receive par value of the bond at maturity, Bond ETF investors are constantly exposed to price change of the ETF. As there is no maturity, investors are exposed to risk of principal loss when they sell Bond ETFs. | Diversification : Bond ETFs are composed of more than 3 components, and the weight of a single component is restricted. Unlike Bonds or Stocks that are single products with simple features and movements, the character of the ETF is a result of the move ments and characters of its underlying assets. |
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