Low Cost Mutual Funds and ETFs

LOWEST COST NO LOAD FUNDS eBOOK

Investors do better with practices proven by research. University research strongly indicates that investors should always:

Hold a fully diversified global portfolio

Purchase investment funds rather than individual stocks and bonds, because of the broader diversification, reduced risk, time savings, and operational efficiencies of funds

Hold a personally appropriate mixture of cash, bond, and stock assets to regulate exposure to investment risk

Buy-and-hold rather than trying to time the market or engaging in securities trading. (Yes, even with the industry-induced convulsions of recent years, buy-and-hold was better. Most amateur and professional investors do very poorly, when the jump in and out of the market.)

Pay the very lowest investment costs, while minimizing taxes

Improve your net returns and increase your long-term wealth with less effort.

Securities markets are fundamentally unpredictable. Amateurs and professionals cannot reliably predict future asset values. Nobody has a crystal ball. Everyone is guessing about the future.

Investment expenses are the key economic factor that individuals can control. Investors can significantly improve their net long-term risk-adjusted returns by cutting investment expenses.

When individuals cut investment expenses to the bone, their investment alternatives are better. Lower cost index funds are more diversified, entail less risk, and have lower trading costs and taxes.

Research shows that financial advisors have zero skill in picking superior investment funds. By eliminating advisor sales expenses, loads, and wrap fees, your net financial performance can improve. When investors know how to buy funds directly, they can invest without the added costs of advisor recommended funds.

The industry adds financial product complexity, so that it can help itself to more of your money through a myriad of excessive fees. There is no partnership. Your assets just feed industry revenue and profit.

Investing need not be this difficult. Get off those endless "do-this-do-that" and "change-this-change-that" industry hamster wheels. Stop enriching the financial industry and keep more for your family.

This inexpensive ebook will help you in three main ways:

It will improve your understanding of investing by summarizing what the research literature actually says does and does not work when investing.

It conveniently provides a directory of the lowest cost, diversified no load mutual funds and ETFs available to US investors for direct investing.

The book lists the 212 lowest cost, no load mutual funds in 30 global, international, and US stock, bond, real estate, and money market fund asset category tables

It lists the 208 lowest cost ETFs in 27 global, international, and US stock, bond, and real estate asset category tables

All these low cost funds are screened from the universe of available funds using objective factors supported by university research and discussed in this ebook.

This ebook helps you to put your investing strategy on autopilot. Increase diversification, lower risks, and reduce investment costs, so that you can save a lot of money and time year after year after year.

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The Table of Contents are presented below:

Chapters 1 to 5 ........ What really works in personal investing

Chapters 6 to 9 ........ Investment costs are your real enemy

Chapters 10 to 14 .... Selecting the lowest cost mutual funds & ETFs

Chapter 15 .............. 212 lowest cost mutual funds in 30 asset classes

Chapters 16 to 17 .... 208 lowest cost ETFs in 27 asset classes

What really works in personal investing

There is a better way to invest.
Low cost mutual funds and ETFs deliver better risk-adjusted returns. After costs and taxes are taken into account, investors simply keep more of their investment returns.
As a bonus, investors who buy the lowest cost index funds reduce risk, spend less effort, avoid sales pressure, experience far less hassle, and save more time.
You can invest by yourself, and you can do it better, simply by removing the industry's many hands from your investment wallet.
You just need truly objective information about how to invest.
Read Chapters 1 to 5 for some absolutely straight talk on what really works when investing.


Chapter	Chapters 1 to 5	Page
	TABLE OF CONTENTS	2

1	INTRODUCTION	7

2	INVESTMENT MANAGEMENT ON AUTOPILOT	11
2.1	Key investment concepts	11
2.2	The best investment strategy	15
2.3	15 valuable investor activities	18
2.4	Passive strategies are simple and superior	20
2.5	Passive investors are lower cost free riders	22

3	DIVERSIFICATION - NOW AND FOREVER	28
3.1	What is investment diversification?	28
3.2	Why is diversification valuable?	29
3.3	Choose whole market diversification	30
3.4	The cost of sub-optimal diversification	31
3.5	Diversification and the credit crisis	33
3.6	Concentrated investments can harm you	35
3.7	Measure your portfolio diversification	39


4	RISK AND RETURN - UNKNOWN UNKNOWNS	43
4.1	Introduction to valuation and securities risk	43
4.2	Securities values - snapshots in time	44
4.3	The confusing securities market motion picture	46
4.4	Efficient market pricing in the securities markets	47
4.5	Whole market investments versus strategy skews	49


5	RISK TOLERANCE AND ASSET ALLOCATION	56
5.1	Personal investment asset allocation	56
5.2	Risk tolerance drives asset allocation	61
5.3	Risk tolerance questionnaires	63
5.4	Tactical asset allocation and market timing	65
5.5	International versus US stock asset allocation	69

Investment costs are your real enemy

The industry makes investing unnecessarily complicated by flooding the market with excessively expensive products and services.
Then, the industry gives self-interested and biased "free advice" on investment selection, which is the most expensive "free advice" you will ever get.
The more you let the industry take, the less your family will have. Save your money and save your time.
You do not have to play this game.
Cutting investment expenses to the bone is the most powerful strategy that you have.
Chapters 6 to 9 explain why.

Chapter	Chapters 6 to 9	Page


6	ARE YOU WASTING YOUR TIME AND YOUR MONEY?	70
6.1	Passive investment strategies are more efficient	70
6.2	Your personal investment management wages	71
6.3	Losing money through the wrong financial activities	74


7	YOU ARE A FINANCIAL INDUSTRY PROFIT CENTER	78
7.1	Why let the industry help itself to your money?	78
7.2	The biggest personal finance story of the last 30 years	82


8	EXCESSIVE COSTS - MEET THE REAL ENEMY	92
8.1	Cut your investment costs to the bone	92
8.2	Excessive investment costs are a huge problem	93
8.3	The lifetime penalty of excessive investment costs	94
Graphic 8.1	Lifetime assets lost to excessive investment costs	95
8.4	Lower investment expenses lead to higher returns	96
8.5	Financial industry hands constantly in your wallet	100


9	HISTORICAL PERFORMANCE - USELESS AND MISUSED	110
9.1	Performance charts - How to lie with statistics	110
9.2	Do not waste time evaluating fund managers	116
9.3	Where's Waldo? - The superior manager illusion	117
9.4	Why only one Warren Buffett?	119
9.5	True investment skill versus luck	121

Selecting the lowest cost mutual funds and ETFs

The industry uses star ratings and historical performance charts to reel in individual investors.
As a means to identify superior funds beforehand, historical performance extrapolation does not work. The industry knows this, and they tell you so. Just read the legal small print in every industry contract.
Meaningless star ratings and deceptive performance charts cause millions of individual investors to buy expensive, advisor-sold funds that look good in the rear view mirror, but are more likely to disappoint in the future.
In contrast, university research shows that investment management fees, sales channel costs, asset custody fees, and trading expenses are more dominant and reliable predictors of improved net long-term investment performance.
Chapters 10 to 14 explain what objective statistical investment research has shown about fund screening and selection.
These chapters also provide practical, do-it-yourself information on how to invest in low cost no load mutual funds and ETFs.

Chapter	Chapters 10 to 14	Page


10	SEVEN RATIONAL FUND SELECTION CRITERIA	127
10.1	Valid ways to pick mutual funds and ETFs	127
10.2	Never pay sales loads or 12b-1 fees	131
10.3	Choose funds with the lowest management fees	133
10.4	Choose funds with the lowest portfolio turnover	137
10.5	Avoid large actively managed funds	139
10.6	Choose mature investment funds	142
10.7	Avoid very small investment funds	145
10.8	Screen out significantly inferior fund performance	147


11	WHEAT FROM CHAFF - AUTOMATED FUND SCREENING	151
11.1	Scientific mutual fund and ETF screening	151
11.2	Requirements for online fund screening tools	152
11.3	Screening funds with Morningstar.com	155
11.4	Screening funds with IndexUniverse.com	159
11.5	Screening cash investment funds	162


12	BUYING MUTUAL FUNDS AND ETFS	169
12.1	Where to purchase investment funds	169
12.2	Buy mutual funds directly from fund companies	170
12.3	Never purchase funds through high cost channels	172
12.4	Too few low cost funds - Far too many high cost funds	174
12.5	Vanguard and Fidelity	175
12.6	Do your research - and do it BEFORE you buy	176
12.7	Implement a long-term buy-and-hold-and-hold strategy	177
12.8	How many investment funds to hold?	178


13	CASH AND BOND FUND CONSIDERATIONS	179
13.1	Use diversified bond index funds	179
13.2	Bond mutual fund fees	180
13.3	Scarce low-cost international bond index mutual funds	182
13.4	Efficient cash investments are US dollar denominated	184
13.5	Municipal bonds and marginal income tax rates	185


14	ASSET ALLOCATION, TAXES, AND EMERGENCY CASH	188
14.1	Where you hold different assets affects your tax bill	188
14.2	A tax location optimization example	190
Graph 14.1	Optimal tax location within a sample portfolio	191
14.3	Emergency cash management considerations	192

212 lowest cost
no load mutual funds
in 30 asset classes

212 lowest cost no load index mutual funds available to US investors for direct purchase
Listed no load funds have the lowest management fees, no sales loads, no marketing charges, and lower portfolio turnover, which is a proxy for lower trading expenses.
These no load mutual funds are grouped into 30 categories of the lowest cost global, international, and US stock, bond, real estate, and money market funds.
Easily choose a no load mutual fund portfolio that is fully diversified by asset class and geography

Chapter	Chapter 15	Page


15	LOW COST, NO LOAD MUTUAL FUNDS	194
15.1	Characteristics of the lowest cost, no load funds	194
15.2	Mutual funds purchased directly from fund companies	195


15.3	GLOBAL/INTERNATIONAL STOCK MUTUAL FUNDS WITH LOW COSTS	196
Table 15.1	International Multi-Cap Stock Mutual Funds	196
Table 15.2	International & Global Large-Cap Stock Mutual Funds	197
Table 15.3	International & Global Mid- & Small-Cap Stock Funds	198


15.4	US TOTAL MARKET/MULTI-CAP STOCK FUNDS WITH LOW COSTS	199
Table 15.4	US Total Market & Multi-Cap Stock Mutual Funds	199
Table 15.5	US Total Market & Multi-Cap Value/Growth Stock Funds	199


15.5	LOW COST US STOCK FUNDS BY MARKET CAP	200
Table 15.6	S&P 500 Stock Index Mutual Funds	200
Table 15.7	US Large Capitalization Core/Blend Stock Funds	201
Table 15.8	US Large Capitalization Value Stock Mutual Funds	201
Table 15.9	US Large Capitalization Growth Stock Mutual Funds	202
Table 15.10	US Middle-Capitalization Stock Mutual Funds	202
Table 15.11	US Small-Capitalization Stock Mutual Funds	203


15.6	LOW COST GLOBAL/INTERNATIONAL BOND FUNDS	204
Table 15.12	World and Emerging Markets Bond Mutual Funds	205


15.7	US TAXABLE BOND MUTUAL FUNDS WITH LOW COSTS	206
Table 15.13	US Taxable Broad Market Corp+Govt Bond Funds	206
Table 15.14	US Taxable Term-based Corp+Govt Bond Mutual Funds	207
Table 15.15	US Taxable Term-based Corporate Bond Mutual Funds	207
Table 15.16	US Taxable High-Yield Corporate Bond Mutual Funds	208
Table 15.17	US Taxable Ultra-Short-Term Corporate Bond Funds	208
Table 15.18	US Taxable Term-based Govt/Treasury Bond Funds	209
Table 15.19	US Taxable Inflation Protected / TIPS Bond Funds	210
Table 15.20	US Taxable Mortgage Bond Mutual Funds	211


15.8	MUNICIPAL BOND MUTUAL FUNDS WITH LOW COSTS	212
Table 15.21	US/National Short-Term Municipal Bond Mutual Funds	212
Table 15.22	US/National Intermediate-Term Municipal Bond Funds	212
Table 15.23	US/National Long-Term Municipal Bond Mutual Funds	213
Table 15.24	US/National High Yield Municipal Bond Funds	214
Table 15.25	US Individual State Municipal Bond Funds	214


15.9	REAL ESTATE/REOC/REIT FUNDS WITH LOW COSTS	217
Table 15.26	Real Estate/REOC/REIT Mutual Funds	217


15.10	MONEY MARKET MUTUAL FUNDS WITH LOW COSTS	218
Table 15.27	US Taxable Government Money Market Mutual Funds	218
Table 15.28	US Taxable Corporate Money Market Mutual Funds	219
Table 15.29	US/National Tax-Exempt Money Market Mutual Funds	219
Table 15.30	Individual State Tax-Exempt Money Market Funds	220

208 lowest cost
Exchange-Traded Funds
in 27 asset classes

208 lowest cost ETFs available to US investors for purchase via brokers
Chapter 16 discusses important ETF and mutual fund differences. ETFs are for experienced traders, who know how to trade.
Since ETFs "trade like stocks," brokerage fees apply to the buying and selling shares.
Listed ETFs have the lowest management fees, no marketing charges, and lower portfolio turnover, which is a proxy for lower portfolio trading expenses.
These ETFs are grouped into 27 categories of the lowest cost global, international, and US stock, bond, and real estate ETFs.
Easily choose a low cost ETF portfolio that is fully diversified by asset class and geography

Chapter	Chapters 16 and 17	Page


16	EXCHANGE-TRADED FUNDS VERSUS MUTUAL FUNDS	223
16.1	What are exchange-traded funds (ETFs) and exchange-traded products (ETPs)?	224
16.2	ETFs are for experienced traders	227
16.3	Are ETF expenses really lower than mutual funds?	229
16.4	Economic ETF trading size considerations	232
Table 16.1	Discount broker ETF trading costs (%/year)	234
Table 16.2	Full service broker ETF trading costs (%/year)	235


17	LOW COST EXCHANGE-TRADED FUNDS (ETFs)	237
17.1	Characteristics of the lowest cost ETFs	237


17.2	GLOBAL/INTERNATIONAL DIVERSIFIED STOCK ETFs WITH LOW COSTS	238
Table 17.1	Global/World Stock ETFs	238
Table 17.2	International - Developed Countries Stock ETFs	238
Table 17.3	International - Regional Stock ETFs	239
Table 17.4	International - Emerging Markets Stock ETFs	240
Table 17.5	International - Value/Growth, Mid/Small-Cap Stock ETFs	240


17.3	US DIVERSIFIED STOCK ETFs WITH LOW COSTS	241
Table 17.6	US Broad Market Stock ETFs	241
Table 17.7	US Large Capitalization Blend-Core Stock ETFs	241
Table 17.8	US Large Capitalization Value Stock ETFs	242
Table 17.9	US Large Capitalization Growth Stock ETFs	243
Table 17.10	US Extended Market Stock ETFs (not largest cap)	244
Table 17.11	US Middle Capitalization Blend/Core Stock ETFs	244
Table 17.12	US Middle Capitalization Value Stock ETFs	245
Table 17.13	US Middle Capitalization Growth Stock ETFs	245
Table 17.14	US Small Capitalization Blend-Core Stock ETFs	246
Table 17.15	US Small Capitalization Value Stock ETFs	246
Table 17.16	US Small Capitalization Growth Stock ETFs	247


17.4	GLOBAL AND INTERNATIONAL DIVERSIFIED BOND ETFs WITH LOW COSTS	247
Table 17.17	Global - International Diversified Bond ETFs	247


17.5	US DIVERSIFIED BOND ETFs WITH LOW COSTS	249
Table 17.18	US Broad Market / Multi-Sector Bond ETFs	249
Table 17.19	US Short-Term Bond ETFs	249
Table 17.20	US Intermediate-Term Bond ETFs	250
Table 17.21	US Long-Term Bond ETFs	251
Table 17.22	US Credit/Mortgage Bond ETFs	252
Table 17.23	US High Yield Bond ETFs	252
Table 17.24	US Inflation Protected / TIPS Bond ETFs	253
Table 17.25	US and State Municipal Bond ETFs	253


17.6	REAL ESTATE/REOC/REIT ETFs WITH LOW COSTS	254
Table 17.26	Global - International Real Estate ETFs	254
Table 17.27	US Real Estate/REOC/REIT Stock ETFs	255

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Lowest Cost No Load Mutual Funds and Lowest Cost ETFs

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Depending upon your investment assets,

this inexpensive ebook could save you hundreds,

even thousands of dollars annually -- year after year!

The Unnecessary Penalty of

Excessive Investment Expenses

Compared to a very low cost index fund strategy, the AVERAGE U.S. INVESTOR unnecessarily pays excessive investment costs of between 2% and 2.5% of their total portfolio assets each and every year!

Totaling hundreds of billions of dollars transferred to the financial industry annually, these unjustified costs consist of:

excessive portfolio management fees,
unearned advisor fees,
high brokerage and trading costs,
completely unnecessary sales loads and marketing fees,
excessive wrap fees and custody fees, etc.

Your Annual Savings from

Lower Investment Expenses

	Investment Expense Reduction as a % of Assets
Assets in Your Investment Portfolio	Expenses Reduced by 1% of assets/year	Expenses Reduced by 2% of assets/year
$10,000	$100 saved every year	$200 saved every year
$50,000	$500 saved every year	$1,000 saved every year
$100,000	$1,000 saved every year	$2,000 saved every year
$500,000	$5,000 saved every year	$10,000 saved every year
$1,000,000	$10,000 saved every year	$20,000 saved every year

High investment costs are predictable, while superior performance is not!

Some might think: "The table above shows my savings, but if I spend more, I will get higher returns."

Unfortunately, unbiased investment research simply does not support paying higher costs to get better returns.
The opposite is true. Higher investment costs reduce your net returns without increasing performance.
Advisors and trendlines cannot tell you which funds will out-perform in the future. Instead, you just transfer more of your hard-earned money to the financial industry.
You simply cannot buy higher investment returns by paying higher investment costs.

Quotes from this ebook on the harm of excessive costs:

"Simply put, if you pay higher bond mutual fund fees, then these higher bond management expenses tend just to be a "deadweight" loss to you. ... Combined, 109 of these 111 comparisons in these four studies indicated that higher bond expenses meant lower returns to investors." (pages 181-182)

"(This) leads us to estimate the annual under-performance of the broker-sold funds at $4.6 billion dollars... This under-performance is before the payment of $9.8 billion in 12b-1 fees ... and the payment of other distribution fees such as loads." (page 174, on Bergstresser, et. al.)

"Furthermore, the inferiority of active strategies is not just a US phenomenon. Uniformly across the various countries that have SPIVA reports available on line, when the time horizon increases active strategies are increasingly inferior." (page 232, on Standard and Poors' SPIVA research reports)

If you really believe you can get better investment returns

by paying higher, rather than lower investment costs,

then you really do need this ebook!

About the Author

Written with in-depth and objective knowledge about what really works in personal finance and investing

Larry Russell

MBA (Stanford University)
MA (Brandeis University)
BS (M.I.T.)

My goal is to increase your knowledge and improve

your ability to manage your own financial affairs.

I am an experienced financial planner, the author of extensive personal finance publications on the web, and the developer of sophisticated lifetime financial planning software. Approaching a creaky 60 years of age, I have gained expertise in economics, finance, investments, accounting, taxation, probability, statistics, and software development.
For 25 years, I was a manager and corporate development executive with major corporations (HP and Sun Microsystems) and with technology startups. I retired in 2001. For my own interest, I began an in-depth and systematic reading of the university research literature affecting personal finance and investing.
Over the past decade, I have collected and read thousands of research paper abstracts, while reading the full text of over 2,000 finance papers in their excruciating economic and statistical details.
Many research papers hold information that is directly relevant to individuals who want to improve their personal finances. Yet, research papers are not written for individuals, but are targeted at other academics and at financial industry research professionals.
To make some of this information more accessible to individuals, in 2003, I began to publish financial research summaries on my oldest investment education website, The Skilled Investor. Since 2003, I have published 1,000+ articles on a half-dozen of my personal finance websites. Some of this book has been drawn from my web articles, and links are provided in the book to help you explore my personal finance and investing websites.
During this time, I also became a financial advisor specializing in comprehensive lifetime financial planning. My firm, Lawrence Russell and Company, is a Registered Investment Adviser in the wonderful state of California (Certificate #133101). I have a purely fee-only advisory practice, only charging hourly or fixed fees for planning services. I do not charge percent of asset fees, and I do not sell any investment or insurance product of any kind. I will not accept financial industry compensation in any form. Payments from the industry are morally corrosive, and I will not get on that slippery slope.
In 2003, I also began development of a highly automated and customizable lifetime financial planning application, VeriPlan, which I designed to serve as a decision support toolset for my advisory clients.
In 2006, I released a standalone configuration of VeriPlan that do-it-yourself individuals can use themselves. VeriPlan is the most automated, customizable, and sophisticated do-it-yourself lifetime financial planning software available for under $100.

With this valuable ebook you can:

Easily find the lowest cost no load mutual funds and ETFs

Increase your net investment returns, while reducing your risk

Put your investments on autopilot and get on with your real life

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The investment principles discussed in this ebook apply worldwide. The lists of low cost mutual funds and ETFs were developed using screening criteria and processes discussed in this ebook. These lists are for investors in various countries who have access to mutual fund companies domiciled in the US and to ETFs that are traded on US exchanges.

All of the personal finance, personal financial planning, personal investment management, and other information in this ebook is solely for your informational and educational purposes related to your personal, private, and non-commercial use.

This ebook DOES NOT constitute or provide personalized financial planning advice, personalized investment advice, or any other kind of financial advice under the laws and regulations of the United States of America and its various States or of any other country in the world. If you need financial advice, you should hire a professional financial adviser.

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Larry Russell, President and Managing Director

MBA (Stanford U.), MA (Brandeis U.), and BS (M.I.T.)

"My goal is to increase your knowledge and improve your ability to manage your own personal finance and investing affairs."

Lawrence Russell and Company
1077 Prospect Boulevard
Pasadena, California 91103

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