EXCHANGE-TRADED FUNDS: NATURE, ORIGIN, FACTORS OF DEVELOPMENT, CLASSIFICATION
( Pp. 55-60)

The rapid development of the exchange-traded funds (ETF) aroused interest in the instruments of these funds on the part of many financial market participants. To understand the industry, the variety of funds is necessary to determine the origin and development background, nature, role and classification of ETF and ETPs. The study period preceding the introduction of exchange-traded funds revealed the background, that had stimulating effect on the development of invetment fund’s industry. Studying of ETF’s nature and definitions presented in the contemporary scientific literature and reports of investment companies, the author presented own definition of exchange traded fund. After that the classification of ETF and ETPs was accomplished according to foreign experience of ETF market. An important part of the study presents the findings obtained as a result of the analysis of ETF that were registered in the United States, in the European region and Brazil. Next part od the article shows the result that was obtained on the back of mathematical calculations based on the data of foreign countries. The purpose of the models was to identify factors that may influence the share of ETF assets in the country's GDP. In conclusion, it is discussed stages of the development of Russian investment funds market, including summarize of the foreign ETF activities (traded on the Moscow Stock Exchange). As a conseqence, the study presents the most important aspects of the formation and development of ETF market together with analyses of American, Brazilian and European ETF features and succinct analysis of the Russian practice of investment funds. The results of the study can be used in the formation of the strategy for ETF creation in the Russian fnancial market.

Boyko M.S., (2016), EXCHANGE-TRADED FUNDS: NATURE, ORIGIN, FACTORS OF DEVELOPMENT, CLASSIFICATION. Business in Law, 3 => 55-60.

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exchange traded funds, investment, products BF, peculiarities of foreign markets BF, the Russian market of investment funds, ETF.