ETF Research Memo Worksheet.
A free paper-only worksheet for studying exchange-traded funds through primary documents, holdings, costs, and principal risk disclosures. Designed for printing or copying into a research journal.
Know which documents you’re reading.
Find the issuer’s current factsheet, prospectus and holdings disclosure. Record each source date; an updated webpage does not mean all underlying fund data was updated on the same date.
| Document | Issuer/source URL | Reporting date | What to verify |
|---|---|---|---|
| Prospectus / summary prospectus | ________________ | ________ | Legal structure, fees, principal risks |
| Issuer factsheet | ________________ | ________ | Objective, benchmark, strategy |
| Holdings disclosure | ________________ | ________ | Weights, concentration, overlap |
| Trading / NAV information | ________________ | ________ | Spread, premium or discount |
Describe the investment without the marketing.
Identity and objective
Legal product name: __________________
Ticker and exchange: __________________
Issuer: __________________
Product structure: __________________
Stated objective: __________________
Benchmark or selection method: __________________
Holdings and exposure
Five largest positions: __________________
Top holding percentage: __________________
Largest sector/country exposures: __________________
Use of leverage or derivatives: __________________
Potential overlap with other funds: __________________
Separate fund expenses from trading costs.
Different costs arise from different mechanisms. Expense ratio is not the entire cost of a trade.
| Cost or measure | Source / hypothetical figure | Question to ask |
|---|---|---|
| Annual expense ratio | ________________ | Which prospectus fee table? |
| Bid–ask spread | ________________ | What time and market conditions? |
| Premium or discount to NAV | ________________ | How much has it varied historically? |
| Broker / transaction costs | ________________ | What fees apply to a particular account? |
| Taxes and other costs | ________________ | Which rules or assumptions apply? |
Paper-only calculation: At a fixed hypothetical $10,000 balance, an expense ratio of 0.15% represents $15 per year before returns or other costs; 0.70% represents $70. These examples are arithmetic, not forecasts.
Write down what could go wrong.
Broad decline
What could cause widespread losses in the asset class? Which holdings or exposures would be affected together?
Disrupted trading
What might happen to spreads, NAV premiums/discounts, and execution if the underlying market becomes stressed?
Counterarguments
Identify two ways the initial interpretation could be wrong. What new official disclosure would change your view?
Research memo summary
Verified facts: ________________________________________
Unverified assumptions: ________________________________________
Principal risks: ________________________________________
What information is missing? ________________________________________
Next source/date to review: ________________________________________
Complete the process. Not a prediction.
Use your filled worksheet alongside the five lessons of ETF Research Lab. Compare the source dates with the issuer’s current disclosures and examine other interpretations before drawing any conclusions.
Educational use only. No product or strategy is endorsed or recommended. Examples are fictional or general, not personal financial, legal, or tax advice. Exchange-traded products differ in structure and risks; investment values can fall. Read full disclosures.