{"id":153059,"date":"2022-08-16T11:01:33","date_gmt":"2022-08-16T15:01:33","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=153059"},"modified":"2023-03-14T15:00:19","modified_gmt":"2023-03-14T19:00:19","slug":"a-work-around-or-an-end-around","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/etfs\/a-work-around-or-an-end-around\/","title":{"rendered":"A Work-Around or an End-Around?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Yesterday morning, a reporter reached out about yet another filing for <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001683471\/000089418922005492\/roundhilltraxetfs485a.htm\">a pair of single-stock ETFs<\/a>.\u00a0 Quite frankly, I don\u2019t see the point in these products. \u00a0But yesterday\u2019s filing by Roundhill appears to fill a void.\u00a0 If approved, they will allow US investors to gain access to Samsung and Aramco, two well-known, enormous companies that don\u2019t trade in the US \u2013 either as ordinary shares or ADRs.\u00a0 The key word here is \u201cif\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, let me explain my dislike of single-stock ETFs.&nbsp; If you want exposure to a single stock, go ahead and buy or sell it. &nbsp;&nbsp;For those want leveraged exposure, experienced and risk-tolerant traders can utilize margin or options to achieve that goal[i].&nbsp;&nbsp; If you\u2019re not comfortable using margin or options, then you probably shouldn\u2019t be using leveraged ETF\u2019s anyway.&nbsp; Besides the management fee, any leveraged ETF must utilize derivatives to achieve their goal, and those involve hidden fees that detract from performance.&nbsp; Options decay, futures need to be rolled, and they all need to be rebalanced daily.&nbsp; The prospectuses for leveraged ETFs clearly state that they tend to underperform their benchmarks if held for more than a day, yet people persist in using them as investments.&nbsp; None of this is optimal, though to be fair, they can be useful for short-term traders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I fully understand the commercial logic in a sponsor trying to offer ways for individual investors to gain exposure to Samsung and Aramco.&nbsp; I have numerous Samsung products in my home, and Aramco is the 500-pound gorilla of the energy markets.&nbsp; These ETFs are potentially a clever way to offer these well-known foreign companies to US investors.&nbsp; If they offered ADRs, they would undoubtedly be popular.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But there is a reason why they don\u2019t offer ADRs in these companies \u2013 they choose not to follow US reporting standards.&nbsp; It\u2019s entirely within their rights to do so, by the way.&nbsp; That said, an ETF that contains single-stock exposure to companies that don\u2019t meet US accounting standards would seem to open a Pandora\u2019s Box.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC is taking a hard line on a wide range of Chinese companies for <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-step-delist-chinese-adrs-worsens-investment-listing-outlook-2022-03-14\/\">not meeting auditing requirements<\/a>.&nbsp; What would prevent an ETF sponsor from offering single-stock ETFs on delisted Chinese shares?&nbsp; It would seem logical for someone to turn around and offer an ETF on, say, PetroChina (PTR), after it is delisted at the end of this month.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, if the SEC won\u2019t permit a bitcoin ETF because it holds unregulated financial instruments (as opposed to bitcoin <em>futures <\/em>ETFs), why would it be eager to allow US listings of ETFs that hold stocks that aren\u2019t registered in the US?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Frankly, I can\u2019t see how the SEC would be eager to allow US listings of ETFs that are clearly trying to exploit a regulatory loophole.&nbsp; I understand the sponsor\u2019s rationale and admire their cleverness.&nbsp; But I would be shocked if the SEC says \u201cyes\u201d.&nbsp; It would be inconsistent at best, and a potentially terrible regulatory precedent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[i] Both margin and options investing can be risky and require special disclosures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If a pair of single-stock ETFs is approved, they will allow US investors to gain access to Samsung and Aramco, two well-known, enormous companies that don\u2019t trade in the US \u2013 either as ordinary shares or ADRs. The key word here is \u201cif\u201d.<\/p>\n","protected":false},"author":4,"featured_media":26209,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14,14700,18,6,19,8,9,26,3],"tags":[12520,12519],"contributors-categories":[13576],"class_list":["post-153059","post","type-post","status-publish","format-standard","has-post-thumbnail","category-etfs","category-ibkr-market-insights","category-macro","category-north-america","category-options","category-region","category-securities","category-text-articles","category-traders-insight","tag-roundhill","tag-single-stock-etf","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A Work-Around or an End-Around? | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"If a pair of single-stock ETFs is approved, they will allow US investors to gain access to Samsung and Aramco, two well-known, enormous companies that...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/153059\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Work-Around or an End-Around? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"If a pair of single-stock ETFs is approved, they will allow US investors to gain access to Samsung and Aramco, two well-known, enormous companies that don\u2019t trade in the US \u2013 either as ordinary shares or ADRs. 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