Exchange-traded funds (ETFs) have revolutionised investing by driving down fees to unimaginably low levels, allowing private investors to keep more of their returns for themselves, but has the revolution gone too far?
Top ETF providers Vanguard and BlackRock iShares have cut fees on their most popular funds to an incredibly low 0.03 per cent a year, but now some smaller players have taken things a degree further.
They have launched ETFs with expense ratios that add up to the grand total of zero. That’s right, zilch. Nothing. Nada.
Last year, online lending platform SoFi launched two index ETFs that waive all management fees, and BNY Mellon Investment Management followed suit with two zero-fee funds, BNY Mellon US Large Cap Core Equity ETF and BNY Mellon Core Bond ETF.
New York boutique Salt Financial took the concept even further with its Salt Low truBeta US Market ETF, by rebating $5 for every $10,000 (Dh36,725) invested. This meant it was effectively paying investors to take out the fund.
The idea that fund managers can charge zero or negative fees will astonish those accustomed to buying traditional actively managed mutual funds.
These are renowned for piling on the charges, with upfront initial fees of 5 or 6 per cent, followed by an annual charge of 1.5 per cent.
So, have investors responded by gratefully snapping up these zero-fee ETFs to save themselves yet more money?
Perhaps surprisingly, they haven’t. Salt Financial attracted just $9 million from investors in its first year and has withdrawn its offer. The fund has been snapped up by a rival, which will charge a fee of 0.6 per cent.
SoFi and BNY Mellon’s zero-fee ETFs garnered just $37m between them in the past three months, according to research company CFRA. It seems you really can have too much of a good thing.
Stuart Ritchie, director of wealth advice at AES International, says investors rightly love the low charges on ETFs. “Funds charging less than 0.10 per cent a year tend to attract higher inflows than more expensive counterparts.”
The problem is that zero-fee ETFs just didn’t ring true. SoFi’s zero-fee offer lasted only for the first year, while the rebate on Salt Financial’s Salt Low truBeta US Market ETF applied only for the first year or until it reached $100m in assets (a target never achieved) as it looked to build scale.
Zero-fee offerings looked like a marketing gimmick, Mr Ritchie says. “Investors are smart and recognise these sales tactics.”
Price is just one consideration. Financial strength and reputation are important, too
Investors also prefer to stick to established brands they know and trust, which is understandable when investing large sums, Mr Ritchie adds. “Price is just one consideration. Financial strength and reputation are important, too. Clients want to know their money is safe and feel better with a familiar name.”
ETFs have been a massive success since the first one was launched in 1993. At the end of last year, assets totalled $6.35 trillion, according to ETFGI, a research and consulting firm. Bank of America predicted the total could hit a mind-boggling $50tn by 2030.
This success is to be applauded and low fees are at the heart of it. Before ETFs came along, many investors were resigned to paying high fees to active fund managers and financial advisers, and this had a draining impact on performance.
Let’s say you invested $100,000 in a fund charging 1.5 per cent, then another $100,000 in a fund charging 0.10 per cent. Then let’s assume both grow at exactly the same average rate of 6 per cent a year.
After 30 years, the more expensive fund would give you $374,532. That sounds impressive, until you see what you would have with the cheaper fund. That would give you $558,314, which is an incredible $183,782 more.
The difference is purely due to the size of the annual fee. That 1.5 per cent charge inflicts outsize damage when you pay it year after year. So, hooray for low-cost ETFs.
Vijay Valecha, chief investment officer at Century Financial, says the war on low fees has already been won and conclusively. “While a free ETF can be eye-catching, investors remain loyal to broadly diversified and extremely low-cost offerings from leading names such as iShares, Vanguard and Charles Schwab.”
The competition is cut-throat among the big names. In March last year, the hugely popular Vanguard S&P 500 ETF cut its fee to 0.03 per cent. This forced BlackRock to respond, recently cutting the 0.04 per cent fee on iShares Core S&P 500 ETF to match.
Mr Valecha says with expense ratios this low, investors see little benefit in swapping to a cheaper alternative from lesser-known providers.
While a free ETF can be eye-catching, investors remain loyal to broadly diversified and extremely low-cost offerings from leading names
The challenge ETF providers face is to provide better performing products, he adds. What sits inside a fund now matters more than the total expense ratio, Mr Valecha says.
ETF managers have different ways of tracking their chosen index. Some buy the physical asset in question, others use complex financial instruments to replicate performance, but these ultimately may not be as accurate.
“Sofi Select 500 ETF tracks the broad S&P 500 Index, but is weighted based on three fundamental growth factors and actually tracks a lesser known proprietary index. Likewise, BNY Mellon Core Bond ETF tracks third-party Bloomberg Barclays US Aggregate Total Return Index,” Mr Valecha says.
One brand that has done well out of zero-fee ETFs is global investment manager Fidelity. It offers four “zero-expense ratio index mutual funds” through its retail brokerage accounts, and goes a step further by also waiving account fees.
Mr Valecha says its strategy has paid off. “Fidelity Zero Total Market Index Fund gathered more than $1.4bn in its first three months thanks to its strong brand and the fact it exclusively sells its funds to investors on its brokerage account.”
However, UAE-based expats and residents should approach with caution. These funds are domiciled in the US and should be avoided by anybody who wants to sidestep a brush with the country's Internal Revenue Service.
Elie Irani, board member of SimplyFI, a non-profit community of UAE investment enthusiasts, says this is the main reason putting him off zero-fee ETFs. “They are all US-domiciled and hence expose the non-American investor to the US Estate Tax trap, which charges a punishing 40 per cent on all assets exceeding $60,000.”
Mr Irani prefers to stick to established providers such as Vanguard, iShares and State Street Global Adviser’s SPDR range, which are available in non-US domiciled versions.
Mark Chahwan, co-founder and chief executive of Dubai-based robo-adviser Sarwa, which offers investors balanced portfolios of low-cost ETF portfolios, says zero-fee ETFs will only grow in popularity if Blackrock, Vanguard and State Street start offering them.
He says investors are smart and not chasing low fees for the sake of it. They are not willing to compromise on the name of the provider. “Low fees are the way to go but not at the expense of performance. It has to be a balance.”
ETF fees are important, but they are not everything, Mr Chahwan adds. “An ETF is more than just a low-cost investing tool. Selecting the right one is about finding a product that is built to increase performance while lowering risk.”
Low fees are the way to go but not at the expense of performance
For now, the Sarwa site focuses on offering diversified ETFs from the two big established names, Vanguard and BlackRock.
The truth is that the low-cost ETF revolution has been fought and won. Private investors are the beneficiaries and can afford to relax. Even if you hate paying charges, it is hard to complain about 0.03 per cent a year.
Freezer tips
- Always make sure food is completely cool before freezing.
- If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
- Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
- The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
UK%20record%20temperature
%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
RACECARD
6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m
8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
The years Ramadan fell in May
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
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South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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Race card
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9pm: Handicap (TB) Dh105,000 (T) 2,410m
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m
The years Ramadan fell in May
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
