The primary market is the mechanism where Authorized Participants create new ETF shares or redeem existing ETF shares in predefined unit sizes directly with the ETF issuer. The secondary market relates to all investor activity that is traded on exchange or over-the-counter. The secondary market affords investors the ability to buy or sell as small as one share at any time during the trading session.
Primary market liquidity is a function of the average daily volume of the ETF’s underlying securities. Common practice is to measure primary market liquidity with a metric called implied liquidity.
Implied liquidity of an ETF represents the underlying liquidity that can be traded without having a material impact on the underlying securities’ price.
A common convention is to calculate implied liquidity with the 25% rule i.e. the trade size in the ETF that would become more than 25% of the average daily volume in the least liquid underlying security. This is not a ceiling on the amount of ETF shares that could be traded in one transaction but above this point it is advised to spread the trade over a longer execution timeframe.
Secondary market liquidity can be measured by looking at average daily volume of the ETF over a period such as 30 days.
Other useful metrics when analyzing secondary market liquidity are ETF spreads and market depth. Similarly to primary market liquidity analysis, the implied liquidity of the underlying securities of the ETF also determine the liquidity of the ETF when traded in the secondary market.
The most active market maker(s) in a fund will vary from product to product. We recommend to contact the Capital Markets Desk to connect you with the most active market maker(s) for your specific order.
This website is intended to be a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the fund and its investment.
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Carefully consider the fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the fund's prospectus. To obtain a mutual fund summary prospectus, if available, or prospectus, call (800) 728-3337 or download one here. To obtain an ETF prospectus call (844) 851-4255 or download one here. To obtain the RREEF Property Trust prospectus, download one here. Read the prospectus carefully before investing
Investing involves risk including loss of principal. Stocks may decline in value. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a fund may diverge from that of an underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. There are additional risks associated with investing in high-yield bonds, aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the applicable prospectus for more information.
You cannot invest directly in an index. Shares of the Funds/ETFs are bought and sold at market price (not NAV) throughout the day on the Fund’s Primary Listing Exchange. There can be no assurance that an active trading market for shares of a fund will develop or be maintained. Transactions in shares of ETFs will result in Brokerage commissions and will generate tax consequences. There are risks associated with investing, including possible loss of principal.
Shares of the exchange traded funds may be sold throughout the day on the exchange through any brokerage account. However, shares may only be purchased and redeemed directly from the funds by authorized participants in very large creation/redemption units. There is no assurance that an active trading market for shares of an exchange traded fund will develop or be maintained.
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Xtrackers ETFs ("ETFs") are managed by DBX Advisors LLC (the "Adviser"), and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of DWS Group GmbH & Co. KGaA, and is not affiliated with ALPS.
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