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ETFs: What You Need To Know · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:08
  Suze: April 26, 2026. Welcome everybody to the Women and Money
• 0:13
  Suze: podcast and everybody smart enough to listen. Suze O here
• 0:17
  Suze: and today is Suze School. But before we begin, obviously,
• 0:22
  Suze: take out your little notebooks, Suze notebooks, and I just
• 0:25
  Suze: want to say thank you to the almost 85,000 people
• 0:30
  Suze: that signed up to take the webinar last Thursday.
• 0:34
  Suze: And just now all of you will be automatically signed
• 0:39
  Suze: up in the second part, which will be the end
• 0:42
  Suze: of May, the first week or so in June. I
• 0:44
  Suze: don't know exactly when yet. It will be with Fitzy,
• 0:48
  Suze: and it is a webinar. I am telling you, it's
• 0:50
  Suze: just gonna be the two of us this time.
• 0:53
  Suze: That you do not want to miss out on. That's
• 0:57
  Suze: all I'm gonna say to you, and there you go.
• 1:00
  Suze: But one of the topics that we will be talking
• 1:03
  Suze: about on that webinar are Exchange Traded Funds.
• 1:08
  Suze: And the other day I was talking to my really
• 1:11
  Suze: good friend.
• 1:13
  Suze: This brilliant lawyer.
• 1:15
  Suze: And I was talking to her and I mentioned about
• 1:18
  Suze: an ETF. She said, What's an ETF? I said, What
• 1:21
  Suze: are you talking about? She said, What's an ETF? I said,
• 1:25
  Suze: an ETF is an Exchange Traded Fund. And she said,
• 1:30
  Suze: I have no idea what that is. And I'm like, Oh,
• 1:33
  Suze: that's interesting.
• 1:35
  Suze: And then I realized that it's possible that many of
• 1:40
  Suze: you don't know what an Exchange Traded Fund is, and it's also
• 1:45
  Suze: something that all of you need to know what it
• 1:49
  Suze: is and why, as time goes on here, investing goes on,
• 1:54
  Suze: it may be the answer to your investment concerns. You know,
• 2:00
  Suze: when I first started writing books.
• 2:03
  Suze: My first book came out in 1995 called You've Earned It,
• 2:06
  Suze: Don't Lose It. Do you know that they had maybe
• 2:09
  Suze: one or two exchange traded funds back then? By 2001,
• 2:15
  Suze: many years later, for my third book, there are only
• 2:20
  Suze: about 80 Exchange Traded Fund, and really, if you look through that book,
• 2:25
  Suze: I think I only talk about six of them.
• 2:29
  Suze: And nobody knew at all back then what I was
• 2:32
  Suze: talking about. All anybody knew was a mutual fund, a
• 2:37
  Suze: mutual fund. I put my money in mutual funds, my
• 2:40
  Suze: 401ks have mutual funds. Suze, I buy the Vanguard Mutual Fund,
• 2:44
  Suze: I buy this, I buy that, and I would say, no, no,
• 2:47
  Suze: I want you to buy Exchange Traded Fund instead. And they would say, why?
• 2:52
  Suze: And then I would have to educate them on why.
• 2:55
  Suze: Do you know that there are more Exchange Traded Funds traded on
• 3:00
  Suze: the stock market today,
• 3:02
  Suze: than there are individual stocks, and so many of you
• 3:08
  Suze: have such a hard time when to buy, when to sell,
• 3:12
  Suze: what to buy, what to sell when it comes to
• 3:15
  Suze: individual stocks.
• 3:17
  Suze: So it may be one day, believe it or not,
• 3:21
  Suze: that a lot of people will just be buying Exchange Traded Funds
• 3:25
  Suze: to solve their investment problems or their dilemmas because they
• 3:29
  Suze: don't know what to do than individual stocks, but it
• 3:33
  Suze: dawned on me that I would imagine most of you
• 3:38
  Suze: don't even have a clue as to
• 3:41
  Suze: when did Exchange Traded Funds come about? Why did they even bother
• 3:46
  Suze: creating Exchange Traded Funds?
• 3:49
  Suze: And why, Suze Orman, do you like Exchange Traded Funds better than
• 3:54
  Suze: mutual funds? So the whole story about Exchange Traded Funds started, believe
• 3:59
  Suze: it or not, on October 19, 1987. Now many of
• 4:06
  Suze: you may remember that day. Honestly, I will never forget
• 4:10
  Suze: that day as long as I live. That day is
• 4:14
  Suze: known as Black Monday. Why?
• 4:18
  Suze: Because the Dow Jones Industrial Average dropped 508 points on
• 4:23
  Suze: that day.
• 4:25
  Suze: Now, you may not think that's so bad. 508 points, Suze.
• 4:29
  Suze: There are days when the Dow Jones drops 1000. What
• 4:32
  Suze: are you talking about? Why is that so bad? Well,
• 4:35
  Suze: at the time, you have to remember the Dow wasn't
• 4:39
  Suze: as high as it is right now. That was a 22%
• 4:45
  Suze: drop in just one single session, everybody.
• 4:49
  Suze: And you know that that remains the largest one day
• 4:53
  Suze: percentage decline in the US market history. So imagine living
• 4:58
  Suze: through that. Imagine what am I gonna tell my clients?
• 5:01
  Suze: What am I gonna do? Oh my God. Anyway, it
• 5:05
  Suze: was because of that day that Exchange Traded Funds came about, and
• 5:11
  Suze: the reason is this after that happened, I have to
• 5:14
  Suze: tell you, nobody knew what to do.
• 5:17
  Suze: And the Securities and Exchange Commission, they were freaked, and
• 5:22
  Suze: they actually wrote an 840 page like postmortem of the
• 5:29
  Suze: aftermath of the October 1987 debacle. Now somewhere in those
• 5:37
  Suze: 840 pages.
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  Suze: There's somebody, and I don't know who did this, they
• 5:42
  Suze: made a suggestion that if investors could trade baskets of
• 5:49
  Suze: stock as a single security,
• 5:53
  Suze: that the market might be less prone to these downfalls
• 5:58
  Suze: again and these panics, and it was in this thing
• 6:03
  Suze: they wrote, but truthfully nobody ever thought anybody would take
• 6:07
  Suze: that seriously.
• 6:09
  Suze: Except one man,
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  Suze: One man read this thing and took it very seriously,
• 6:15
  Suze: and his name was Nathan Most, and I remember when
• 6:21
  Suze: I first learned about him, I went, oh, he's making
• 6:24
  Suze: the "most" out of money.
• 6:26
  Suze: But he was born, I think, in 1914, right around there.
• 6:30
  Suze: He died, by the way, in 2004, but he really
• 6:34
  Suze: wasn't your typical innovator or these people that you read
• 6:38
  Suze: about today that are inventing all these things. He had
• 6:42
  Suze: worked as a Navy physicist during World War II, and
• 6:46
  Suze: then after that, he spent decades in international commodities trading.
• 6:52
  Suze: And he would trade vegetable oils and agricultural goods and
• 6:56
  Suze: anything that moved through warehouses, but in 1977 he joined
• 7:03
  Suze: the American Stock Exchange known as the Amex as head
• 7:08
  Suze: of new product development. Now I want you to put
• 7:11
  Suze: a pin in that for one second.
• 7:14
  Suze: The story I'm about to tell you.
• 7:17
  Suze: Is how change happens.
• 7:20
  Suze: And there are people today that are a lot like
• 7:24
  Suze: Nathan Most, that they're creating things that will change how
• 7:29
  Suze: everything is done. So just keep that in mind. So,
• 7:35
  Suze: in 1988,
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  Suze: Most was about I think 74 years of age, and
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  Suze: he was on the Amex Stock exchange as I just
• 7:45
  Suze: said to you, but that exchange was what struggling, so
• 7:48
  Suze: he didn't really know what he should do, and he
• 7:51
  Suze: joined forces with a man by the name of Stephen
• 7:55
  Suze: Bloom who had just graduated Harvard with a PhD.
• 8:01
  Suze: And they kind of saw an opening, and here's what happened.
• 8:06
  Suze: Most realized that in the commodities world, everybody, you don't
• 8:12
  Suze: move the actual barrel of oils or sacks of grain
• 8:16
  Suze: every time ownership changes hands. Instead, the goods in a
• 8:21
  Suze: warehouse and investors trade what was called warehouse receipts that
• 8:27
  Suze: represent ownership of the underlying stuff. Now he thought, what
• 8:33
  Suze: if
• 8:34
  Suze: you could do the same thing with stocks, a warehouse
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  Suze: holding hundreds of stocks with receipts that trade like a
• 8:44
  Suze: single share.
• 8:47
  Suze: Now think about that. That was quite something. So what
• 8:52
  Suze: did he do? He went and he pitched the idea
• 8:55
  Suze: to John Bogle. Now do you all know who John
• 8:58
  Suze: Bogle is? You should, because John was the founder of
• 9:02
  Suze: Vanguard and really the father of the index fund.
• 9:07
  Suze: So at first Bogle said, Are you kidding me? He said, No,
• 9:13
  Suze: because he worried that a tradable fund would encourage short-term speculation,
• 9:19
  Suze: which is the opposite of the buy and hold philosophy
• 9:23
  Suze: that John Bogle had built his entire empire on.
• 9:27
  Suze: However, Most and Bloom did not give up. They kept working
• 9:32
  Suze: on this. They filed a proposal with the SEC in 1989.
• 9:37
  Suze: They had a lawyer by the name of Kathleen Moriarty.
• 9:40
  Suze: Obviously it would take a woman, and they kept working
• 9:44
  Suze: on it and working on it and working on it.
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  Suze: It took all the way to January of 1993.
• 9:56
  Suze: For it to hit, so on January 22, 1993.
• 10:02
  Suze: The very first S&P 500 trust came about. The Spider
• 10:10
  Suze: symbol SPY, which by the way, many of you still
• 10:15
  Suze: have it to this day. And by the way, obviously
• 10:21
  Suze: John Bogle absolutely entered the exchange traded fund market as
• 10:27
  Suze: time went on. Now just to give you an example.
• 10:31
  Suze: When it first launched,
• 10:34
  Suze: The Spider, the SPY traded about a million shares that
• 10:38
  Suze: first day. Not a blockbuster, but OK. But by mid-1993,
• 10:45
  Suze: daily volume had shrunk to only 18,000 shares, and by
• 10:52
  Suze: 1995 assets had actually declined from 461 million to about
• 11:00
  Suze: 419 million.
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  Suze: Because Spiders didn't pay any commissions, brokers didn't have any
• 11:09
  Suze: incentive to push them, and in fact, many people just
• 11:14
  Suze: dismissed it as a quirk. So I want you to
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  Suze: think about what I just told you.
• 11:20
  Suze: Because financial advisors could not make money off of selling
• 11:26
  Suze: you ETFs, these Spiders.
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  Suze: They didn't recommend them. They wanted to instead sell you
• 11:35
  Suze: loaded mutual funds, mutual funds that they could get a 4,
• 11:39
  Suze: 5 or 6% load on, which is a commission, but
• 11:42
  Suze: they seriously steered investors away from ETFs
• 11:48
  Suze: and into mutual funds. So back in the 1990s it
• 11:54
  Suze: was the beginning of ETFs. By 2010, everybody Exchange Traded Funds absolutely exploded.
• 12:05
  Suze: And do you know that today on most trading days,
• 12:11
  Suze: the single most heavily traded security on any US exchange.
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  Suze: It is not a stock at all.
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  Suze: It's SPY.
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  Suze: The ETF for the Standard and Poor's 500 index that
• 12:27
  Suze: a 74-year-old commodities trader dreamed up from a warehouse receipt analogy.
• 12:34
  Suze: Now I find that fascinating, but you want to know
• 12:38
  Suze: what I find more fascinating. How much money do you
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  Suze: think
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  Suze: he inventor of ETFs, the creator of how most people
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  Suze: invest today, how much money do you think he made,
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  Suze: or Bloom made, or Moriarty, how much do you think
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  Suze: they made everybody?
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  Suze: They never made one cent in royalties. Now he earned
• 13:04
  Suze: a salary, obviously from the Amex, and he later served
• 13:08
  Suze: on the board of the iShares Trust, which does ETFs
• 13:12
  Suze: or did while he was alive. He made absolutely nothing.
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  Suze: Now, there's something about that that I love as well.
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  Suze: Because this man did not create ETFs for him to
• 13:30
  Suze: get rich.
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  Suze: He didn't create the things that many of the things
• 13:34
  Suze: that are being created today are being created for the
• 13:39
  Suze: inventors of them to get rich, AI, whatever it may be,
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  Suze: and there are so many people getting so incredibly rich
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  Suze: today on the things that they are inventing, but the
• 13:51
  Suze: man who created the way that most of you invest
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  Suze: today and will be investing.
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  Suze: Never made a cent. Don't you find that fascinating?
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  Suze: I do. Now, I'm gonna spend a little time here
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  Suze: on why I like Exchange Traded Funds and why I like them
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  Suze: better than mutual funds, because these are things that I
• 14:20
  Suze: want you to know.
• 14:22
  Suze: So that you are prepared for the webinar, Part II.
• 14:30
  Suze: When you buy a mutual fund, and listen to me
• 14:33
  Suze: closely now, when you buy a mutual fund,
• 14:38
  Suze: And a mutual fund is simply a pool of money,
• 14:43
  Suze: where you put money in with a whole lot of
• 14:46
  Suze: other investors that put money in.
• 14:50
  Suze: And that money buys a whole bunch of stocks, and
• 14:55
  Suze: you own a little sliver of each and every one
• 14:59
  Suze: of those stocks.
• 15:02
  Suze: However, because it's a mutual fund and how the prices
• 15:07
  Suze: of those stocks are calculated to give you the price
• 15:11
  Suze: of what the mutual fund should be, and that's called
• 15:14
  Suze: the net asset value. What is the net value of
• 15:19
  Suze: all the assets in there? So they call it the NAV,
• 15:23
  Suze: the Net Asset Value.
• 15:26
  Suze: They cannot figure that out until the end of business
• 15:32
  Suze: when the stock market closes and all the stocks that
• 15:35
  Suze: are within that mutual fund close at their closing price.
• 15:40
  Suze: Then they tally up all the closes and they're able
• 15:44
  Suze: to calculate, depending on how much money was invested in
• 15:47
  Suze: each one by the fund itself, the net asset value
• 15:52
  Suze: of the fund.
• 15:54
  Suze: The problem with that is this:
• 15:57
  Suze: You can only buy and sell it as I said
• 16:00
  Suze: at the close of business the day that you put
• 16:03
  Suze: your order in.
• 16:05
  Suze: And let's say it's 10 o'clock in the morning, and
• 16:09
  Suze: the markets, you hear that they've opened up the Street,
• 16:13
  Suze: that everything's gonna skyrocket, that the war is over, and
• 16:17
  Suze: you know that this market is gonna go up, and
• 16:21
  Suze: you wanna buy the Standard and Poor's 500 mutual fund,
• 16:25
  Suze: and you put it in order to buy the fund,
• 16:28
  Suze: not the ETF, the fund.
• 16:31
  Suze: The Vanguard fund.
• 16:34
  Suze: You do not get it until the close of business
• 16:37
  Suze: that day. So even if the Standard and Poor's 500
• 16:41
  Suze: index skyrocketed 10% that day.
• 16:46
  Suze: You would buy it at the highest price because you
• 16:49
  Suze: didn't get to buy it at 10 o'clock right when
• 16:53
  Suze: the news broke.
• 16:55
  Suze: If you heard there was horrific news and these markets
• 17:00
  Suze: were going to crash and you wanted to get out
• 17:04
  Suze: and you put your order in to sell, guess what?
• 17:08
  Suze: You would not be able to sell to the end
• 17:11
  Suze: of business that day. Think about it.
• 17:16
  Suze: With an Exchange Traded Fund,
• 17:20
  Suze: it's a fund that trades on a stock exchange, and
• 17:24
  Suze: it trades exactly like a stock. Oh, it has different
• 17:28
  Suze: stocks in it.
• 17:30
  Suze: It has different bonds in it, depending on what type
• 17:33
  Suze: of ETF you buy. It has different things in it,
• 17:37
  Suze: but it trades every day like a stock. The same
• 17:42
  Suze: way you wanna buy a stock at 10 o'clock in
• 17:44
  Suze: the morning, put in your order at 10:01, it's yours.
• 17:48
  Suze: You wanna sell it 10:01, you can do it any
• 17:52
  Suze: time you want.
• 17:53
  Suze: Especially when the markets are open, there are some after-hour trading,
• 17:57
  Suze: but for most of you, you do it when the
• 18:00
  Suze: markets are open.
• 18:01
  Suze: Do you understand why there's a huge advantage to having
• 18:06
  Suze: an exchange traded fund that trades like a stock, then
• 18:09
  Suze: a mutual fund? Cause if you get news that the
• 18:13
  Suze: market's gonna go up and you wanna participate in it,
• 18:16
  Suze: put your order in, maybe you wanna buy the whole
• 18:18
  Suze: 500 index, you wanna buy the SPY or the VU
• 18:21
  Suze: or whatever it is, you get it right away.
• 18:26
  Suze: That is a big deal. Everyone. Also, there are many
• 18:31
  Suze: mutual funds out there that have minimums. You have to
• 18:37
  Suze: have a minimum of $3,000 to invest in it or
• 18:40
  Suze: whatever it may be.
• 18:43
  Suze: With an exchange traded fund that happens to be purchased
• 18:47
  Suze: at a brokerage firm that offers you no commission so
• 18:52
  Suze: you can buy and sell at any time without any
• 18:54
  Suze: fees whatsoever.
• 18:56
  Suze: And they allow you to buy slices of the ETF,
• 19:02
  Suze: which means, let's say you wanted to buy one of
• 19:05
  Suze: my favorite ETFs, SMH, the Van X semiconductor ETF. Do
• 19:10
  Suze: you remember me telling you last week, oh, just buy SMH,
• 19:13
  Suze: just do this? Well, it's up about 9%
• 19:17
  Suze: since last week, but anyway, it's trading right now at
• 19:21
  Suze: about $506 a share. That's what it closed on on Friday.
• 19:27
  Suze: Let's say you don't have $500 OK, because it's an
• 19:31
  Suze: ETF and if your account is with a brokerage firm
• 19:35
  Suze: that allows you to buy slices, maybe you could say,
• 19:39
  Suze: I have $50 and you could buy $50 worth of SMH.
• 19:44
  Suze: Some brokerage firms have like a $5 minimum, but you
• 19:48
  Suze: could invest no matter what, even if you don't have
• 19:52
  Suze: a lot of money.
• 19:54
  Suze: So, it's important for you to know about exchange traded funds,
• 20:00
  Suze: and it's important for you to understand that how Exchange Traded Funds
• 20:06
  Suze: are evolving, are very, very different, and those are some
• 20:11
  Suze: of the things that you are going to learn about
• 20:15
  Suze: in the webinar, Part II.
• 20:19
  Suze: So, I like exchange traded funds a lot. I still
• 20:24
  Suze: like individual stocks a lot, but for those of you
• 20:29
  Suze: who really are writing me and you're saying, I don't
• 20:32
  Suze: know what should I do with this $100,000 that my
• 20:34
  Suze: daughter just got, or this or that, it's very difficult
• 20:38
  Suze: to recommend individual stocks when a lot isn't known about
• 20:43
  Suze: you and your tolerance for risk.
• 20:46
  Suze: Exchange Traded Funds, take the confusion out of it, for at least
• 20:52
  Suze: most of you. All right. That's the Suze School for today.
• 20:57
  Suze: So you learned the history of ETFs. You learned why
• 21:01
  Suze: Miss Orman likes ETFs better than mutual funds, and you
• 21:06
  Suze: learned
• 21:07
  Suze: then we're gonna have a really great surprise in Part II
• 21:11
  Suze: webinar with Mr. Keith Fitz-Gerald. So again, if you have
• 21:16
  Suze: not yet registered for the webinar, please go to Suzeorman.com
• 21:22
  Suze: and do so. The replay of last Thursday's webinar will
• 21:28
  Suze: be going on till tomorrow night.
• 21:32
  Suze: And then, by the way, maybe we'll cut it down
• 21:35
  Suze: and I'll put it on my YouTube channel. Just that simple,
• 21:39
  Suze: which happens to be youtube.com/ Suzi Orman. One last thing.
• 21:46
  Suze: There is somebody out there.
• 21:49
  Suze: That is targeting all of you who have written a book.
• 21:55
  Suze: They go on to Amazon, they see that maybe you're
• 21:58
  Suze: an independent author.
• 22:00
  Suze: And they are writing you using an email that looks
• 22:05
  Suze: like mine, but it's not.
• 22:08
  Suze: And they are telling you how much they love your book,
• 22:11
  Suze: and how they wanna help you, and maybe I'll hook
• 22:14
  Suze: you up with one of my agents and things like that,
• 22:18
  Suze: and you start writing them back. And at the bottom
• 22:21
  Suze: of this, they have a picture of me in my
• 22:23
  Suze: red jacket, they have Suze Orman.com, they have my bio,
• 22:27
  Suze: but they say respond to info at Suzeorman.com. I do
• 22:31
  Suze: not have that email address. It is a scam. It
• 22:35
  Suze: is a fake.
• 22:37
  Suze: And so I've posted on Instagram, the Women and Money
• 22:41
  Suze: Community app on everywhere saying do not respond and if anything,
• 22:48
  Suze: you should report this, you know, there's three little dots
• 22:52
  Suze: next to a thing that allows you to report something.
• 22:54
  Suze: This person in my opinion is extremely
• 22:58
  Suze: dangerous. Stay away, stay away. My little heart broke today
• 23:03
  Suze: because somebody wrote me and they got a bounce back.
• 23:08
  Suze: They said, you know, I wrote you back, Suze, but
• 23:10
  Suze: it bounced back. Obviously this guy's changing his email address,
• 23:14
  Suze: but anyway, so I thought I'd just continue our conversation
• 23:19
  Suze: and I said, I'm so sorry, but that wasn't me.
• 23:23
  Suze: And I had noticed because he sent me everything he
• 23:27
  Suze: had this big conversation with this person. He told them,
• 23:32
  Suze: thinking it was me, that his background was a lot
• 23:35
  Suze: like mine and all these things, and this guy writes
• 23:38
  Suze: back to him and says, Oh, I love how much
• 23:41
  Suze: we're so similar and I love your book. I'm going
• 23:43
  Suze: to connect you. So after I wrote this person and
• 23:47
  Suze: I said it wasn't me, and I told him exactly
• 23:50
  Suze: what to do.
• 23:52
  Suze: He wrote back again.
• 23:55
  Suze: And he said, wait, are you telling me you're not
• 23:57
  Suze: going to introduce me to your agent?
• 24:01
  Suze: He really couldn't comprehend
• 24:04
  Suze: that he was dealing with an impostor, which is another
• 24:09
  Suze: reason why you all should look into the Ultimate Scam Protection.
• 24:14
  Suze: Just telling you, and you can find out more about
• 24:17
  Suze: it on suzeorman.com. It is right there, so.
• 24:23
  Suze: To also protect all of you a little bit more,
• 24:26
  Suze: we're changing the email from AskSuzepodcast@gmail.com because Gmail, it's too
• 24:33
  Suze: easy to do a Gmail account. The new podcast address
• 24:39
  Suze: that all of you should write into if you have
• 24:42
  Suze: a question that maybe you want KT to choose,
• 24:45
  Suze: and I'll answer it on the podcast is podcast at AskSuze.com.
• 24:53
  Suze: So write that down. So we're going to podcast at
• 24:59
  Suze: AskSuze.com because that's a podcast address that somebody can't really
• 25:05
  Suze: do much with, all right? So we're having a change
• 25:09
  Suze: now for all of you who wrote into
• 25:13
  Suze: AskSuzepodcast at gmail.com. We have all of those emails, so
• 25:18
  Suze: don't worry about it. But all the new ones should
• 25:22
  Suze: go to podcast@askSuze.com. And for those of you who have
• 25:29
  Suze: gotten an email from this really bad person,
• 25:34
  Suze: just ignore it, delete it, and report it, OK? Just
• 25:39
  Suze: that simple. All right, everybody, so until Thursday, there's only
• 25:43
  Suze: one thing that I want you to remember when it
• 25:45
  Suze: comes to your money, and it's this: people first, then money,
• 25:50
  Suze: then things. Now you stay safe.
• 25:53
  Suze: OK, bye bye.