We do not offer mutual funds as they are not geared towards
our professional trading clientele. Instead, we offer ETFs.
| |
ETFs are index
funds or trusts that are listed and traded intraday on
an exchange. ETFs are constructed like Mutual
Funds, but trade like stocks. ETFs allow investors to buy
or sell an entire portfolio of stocks as a single security.
The benefits of ETFs vs. Mutual Funds are as follows:
|
| Attribute |
ETFs
|
Mutual Funds
|
| Diversification |
x
|
x
|
| Continuous pricing |
x
|
|
| Can be sold short |
x
|
|
| Can be bought on margin |
x
|
|
| Can use stop and limit orders |
x
|
|
| Lower expense ratios |
x
|
Some
|
| Tax Efficient |
x |
Some |
ETFs are available for equities and fixed
income.
There are a number of different ETFs on the market, including iShares, Diamonds, HOLDRs, SPDRs, Qubes and streetTRACKS managed
by different issuers.
Investors can trade ETFs on an exchange in any
sized lots, except for HOLDRs, which are traded in 100 share
lots. HOLDRs are unlike other exchange traded fund, in that
any shareholder can exchange 100 shares of a HOLDR for the underlying
stocks at any time. All other ETFs can only
be created and redeemed by institutional investors.
ETFs carry the same commissions
and margin rules as stock. ETFs Other Information
We offer the following ETFs: |