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APPENDIX A
Bloomberg ETF Reference Guide

his reference guide provides a glimpse and overview of some of the

T more commonly used functions on the Bloomberg terminal related to
exchange-traded funds (ETFs). This document is designed to give you a
variety of functions pertaining to:

■ Bloomberg ETF Basics

■ Finding ETFs
■ Analyzing ETFs
■ Holdings Analysis
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■ ETF Trading

SECTION 1: BLOOMBERG ETF BASICS

Bloomberg has standardized formats for typing commands. All ETFs,
regardless of underlying asset class, are considered equities because they
trade on the secondary markets. When looking to access data on an ETF,
type in the ticker, hit the EQUITY button, type the specific commands
you are interested in, and then type the GO, or enter, button. A standard
command to pull up the description page on DTN, the WisdomTree
Dividend ex-Financials ETF, would look as follows in Figure A.1.
The command in Figure A.1 would bring up the screen seen in
Figure A.2, the main description page for DTN. Here you can see a broad,
comprehensive range of ETF information in one place. DES is divided into
five data pages along the top of the screen, each of which provides different
types of information on the selected ETF:

1. Profile Page: The Profile page provides an overview of fund informa-

tion such as a brief description of the fund and a snapshot of key data.
This allows you to quickly see relevant data points such as NAV, INAV,
expense ratio, volume, and implied liquidity.

304 The ETF Handbook, How to Value and Trade Exchange-Traded Funds, Second Edition,
David J. Abner
© 2016 by David J. Abner. All rights reserved. Published by John Wiley & Sons, Inc.

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Appendix A: Bloomberg ETF Reference Guide 305

DTN + EQUITY + DES + GO

FIGURE A.1 Bloomberg Typing Code = DTN DES

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FIGURE A.2 ETF Description Page (DES)

Source: Bloomberg.

2. Performance Page: The Performance page provides an overview of

fund performance, including a comparison to the index that the fund
attempts to mirror as well as additional relative measures and dividend
information.
3. Holdings Page: The Holdings page provides an overview of the fund’s
holdings and weightings so you can quickly see the composition of the
fund.
4. Allocations Page: The Allocations page provides an overview of the
fund’s allocations by geographic region, sector, and asset class.
5. Organizational Page: The Organizational page provides key pieces of
information, such as operational data and information about the issuer.

Once you have pulled up a specific ETF ticker, there is no need to retype
the whole command to change the variety of functions available. Typing the

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306 APPENDIX A: BLOOMBERG ETF REFERENCE GUIDE

DTNIV + INDEX + DES + GO

FIGURE A.3 Bloomberg Typing Code—DTNIV DES

code for the command that you want to see will bring up the appropriate
screen on the ETF you have loaded.

Underlying ETF Data

A variety of standardized codes for ETFs bring you to relevant pages for the
following:

■ NAV (NV)
■ Indicative Value (IV)
■ Shares Outstanding (SO)
■ Estimated Cash (EU)
■ Total (TC)

By appending the two-letter code to the end of the ticker and using the
k INDEX button, you can get directly to the index that tracks the desired k
information. A standard command to get to the description page of the DTN
Indicative Value can be seen in Figure A.3.

SECTION 2: FINDING ETFs

Bloomberg offers a variety of ways to search for ETFs, but the most com-
prehensive search tool on the system is ETF<GO> (Figure A.4). ETF allows
you to find and compare ETFs that match your investment criteria based
upon specifications such as asset class, sector, or geographic focus. You can
then compare the output by a variety of metrics such as cost, performance,
and allocations.

Additional Functions for Finding ETFs:

FSRC<GO>: Fund screening tool that allows you to generate a list of
funds based on specific criteria
BI ETFS<GO>: Learn about trends and new products on the Bloomberg
Intelligence research dashboard
NI ETF<GO>: ETF-related news from Bloomberg and outside sources
NI ETFMKT<GO>: ETF fund flow news

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Appendix A: Bloomberg ETF Reference Guide 307

FIGURE A.4 ETF<GO>

Source: Bloomberg.
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Additionally, to find a specific fund by name, you can type the name
of the fund into the command line, and the autocomplete functionality will
provide you with a list of related securities. You can also use the command
FL<GO> to search by keyword.

SECTION 3: ANALYZING ETFs

Whether you are analyzing a specific ETF or comparing a group of securities,

Bloomberg offers a multitude of tools to help you take a deeper dive.
ETFL<GO> is a key tool that allows you to analyze the liquidity of the
underlying shares of any equity exchange-traded fund where holdings data
is available (Figure A.5). This analysis is known as ETF IMPLIED LIQUID-
ITY, which is an essential component of accessing and understanding ETFs.
Implied liquidity is an important metric to assess liquidity based on the
underlying basket. The calculation first looks at how many shares of each
underlying component are in a creation unit. The final output assumes that
if transacting in the underlying securities, how many ETF shares would that
translate into before impacting more than 25 percent of the 30-day average

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308 APPENDIX A: BLOOMBERG ETF REFERENCE GUIDE

k FIGURE A.5 ETFL<GO> k

Source: Bloomberg.

daily volume of the least liquid security. Liquidity is measured on a daily

basis and can change at any moment based on market volatility.

Graphing Tools
Bloomberg offers a suite of graphing functionality that allows users to visu-
ally compare and contrast funds of interest. Users can access multiple secu-
rity analyses via COMP<GO> (Figure A.6) or CORR<GO>, or you can
graph a wide variety of ETF data points such as price, return, shares out-
sanding, market cap, and volume via G<GO> (Figure A.7). G is extremely
customizable, and these graphs can be saved for future reference.

Additional Analysis Functions:

DVD<GO>: Displays the dividend/split history of an ETF
CN<GO>: News related to a particular ETF
CF<GO>: Access to all of the publicly available filings
BETA<GO>: Graphs and displays the historical sensitivity of a selected
ETF compared to any broad-based market index

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Appendix A: Bloomberg ETF Reference Guide 309

FIGURE A.6 COMP<GO>

Source: Bloomberg.

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FIGURE A.7 G<GO>

Source: Bloomberg.

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310 APPENDIX A: BLOOMBERG ETF REFERENCE GUIDE

FREP<GO>: Generates a PDF report on a specific ETF

HS<GO>: Charts the historical spread between two ETFs over a specific
time
HFA<GO>: Analyzes historical risk and performance of a fund or a
portfolio of funds
FLNG<GO>: Searches through 13F filings for firms that hold ETFs
RV<GO>: Relative value analysis on a selected ETF versus a preselected
group of peers

SECTION 4: HOLDINGS ANALYSIS

Bloomberg provides detailed information on both institutional and insider
holders of any given ETF. There are several functions to be aware of on the
terminal, but most importantly HDS<GO> is a key tool to see both current
and historical holders of a fund (Figure A.8).

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FIGURE A.8 HDS<GO>

Source: Bloomberg.

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Appendix A: Bloomberg ETF Reference Guide 311

Additional Holdings Function:

HDSM<GO>: Holdings matrix that shows multiple holders of multiple
ETFs
OWN<GO>: Detailed breakdown of the institutional ownership of an
ETF

SECTION 5: ETF TRADING

Bloomberg offers a variety of functions to access key information regarding
ETF trading. From top trades to corporate actions, this is essential data,
particularly for ETF traders.
AQR<GO>: Displays the top trades contributing to VWAP. This is use-
ful for seeing the largest block in a particular fund (Figure A.9).
If you click on the additional tabs on AQR, you can see a Summary
Matrix, analysis of the consolidated volume at price VAP, and a price table
TSM, which displays prices and volumes traded over a specified period.

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FIGURE A.9 AQR<GO>

Source: Bloomberg.

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312 APPENDIX A: BLOOMBERG ETF REFERENCE GUIDE

k FIGURE A.10 QR<GO> k

Source: Bloomberg.

QR<GO> is an additional trading tool that allows users to see trades in

a specified period and includes information such as size, price, and condition
code (Figure A.10). You can click on the “quote recap” tab for more details
on quotes at a specified time as well.

Additional Trading Functions:

HP<GO>: A table of historical price and volume as well as high, low,
and average price details for the specified period
MDM: Market depth monitor
QM<GO>: Displays quotes and market share data from all exchanges
on which an ETF trades
HCP<GO>: Displays a table of historical price and volume along with
the change and percentage change from the previous period
OMON<GO>: Provides real-time data and pricing for options on a
particular ETF
CACS<GO>: Corporate action calendar

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Appendix A: Bloomberg ETF Reference Guide 313

SI<GO>: Displays short interest information for an ETF

MBTR<GO>: Monitors block trades worldwide and can link in a par-
ticular portfolio or Launchpad monitor
VBAR<GO>: Graph history of the daily trading volume distribution
RANK<GO>: Provides brokers’ advertised trade volume on a
post-trade basis; this can provide insight on which broker has the
best liquidity in a particular name

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