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ETF收費是否咁重要?

記得寫過一篇關於ETF的介紹,收到網友的留言,覺得介紹的ETF手續費認真高,令到基金的吸引力打了折扣。事實上, ETF的收費對筆者來說,並不是首要的考慮因素。

ETF收費包含甚麼?

ETF收費主要指ETF的開支比率(Expense Ratio),即是營運ETF的費用相對它的資產規模。

基金的開支包括買賣股票的成本、基金公司管理的開支(如行政、推廣)等。理論上ETF的資產規模較大、具營運效率,以及投資在一個開放型的股票市場,開支會相對較低。開支少,自然留多一點錢作投資,長年累月回報會有較大差別。

投資ETF考慮因素

不過,選擇一隻適合自己的ETF,有很多條件要考慮,重要性也有先後的次序,收費便宜與否,筆者會放在較次要的位置,特別是在香港, ETF的選擇比較少,同一類型的ETF最多只有兩、三隻的選擇,要揀當然先考慮投資在甚麼市場,買賣的活躍程度,以及基金規模。 例如ETF買賣並不活躍的話,日後沽出的時候,隨時要壓低幾個價位,或再坐一會,才可以搵到人接貨,付出的成本可能高過基金的管理費用。

買一隻ETF最重要是股票升值能力,如果一隻ETF升值超過10%甚至超過一倍, 0.1%或者0.01%的收費,是微不足道的。

換言之,選擇一隻ETF,首選是升值潛力,所屬的行業是甚麼,是否有前景,持有甚麼股票,同類型有多隻選擇的話,才比較基金的規模、買賣活躍程度,再看一看他追蹤指數的成效,會唔會比指數升更加多,之後才比較收費。對懶人投資來說,可能去到基金規模,已經做咗投資決定。

簡單來說,揀ETF考慮的準則:
1. 投資國家、行業
2. 被動還是主動型基金
3. 追蹤的指數
4. 投資組合的成份股
5. 基金管理成效
6. 收費

何解有些ETF收費貴過人?

說得說回來,影響ETF的開支比率,有很多因素,收費高未必代表基金公司營運效率低,可能跟ETF本身的架構有關,例如屬於主動型,還是被動型的基金,被動型的基金只是追蹤指數,所以收費一般會比較低; 另方面,基金投資在實物,還是透過衍生工具來追蹤指數?實物的開支也可能比較高。還有是投資什麼市場,投資美國成本當然會比較輕,投資在中國股市,由於中國市場並不是你要入去買股票,就可以有股票買,外資有限制,要透過一些特別的渠道,即使香港小散戶都要用滬港通或深港通買A股啦。

總括來說,如果單從ETF的手續費來到衡量基金是否值得投資,可能為了一粒芝麻,損失了一個西瓜,有時買ETF特別在香港市場,是沒有多大選擇的,選擇就是買或者不買。

了解過這些基本的基金收費問題後,或者大家在比較 ETF的時候會多一些概念。

(25/3/2021)

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