EXCHANGE-TRADED FUNDS: NATURE, ORIGIN, FACTORS OF DEVELOPMENT, CLASSIFICATION
( Pp. 55-60)
More about authors
Boyko Maria S.
aspirant
Financial University under the Government of Russian Federation
Financial University under the Government of Russian Federation
Abstract:
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.
How to Cite:
Boyko M.S., (2016), EXCHANGE-TRADED FUNDS: NATURE, ORIGIN, FACTORS OF DEVELOPMENT, CLASSIFICATION. Business in Law, 3 => 55-60.
Reference list:
Bass, A. YA. Antiinvestitsii i perekhodnaya ekonomika / A.YA. Bass // EKO. Vserossiyskiy ekonomicheskiy zhurnal. - 2006. - №7. - S. 3-27
Bolvachev, A. Paevye investitsionnye fondy v Rossii: problemy i perspektivy / A. Bolvachev // Vestnik Mezhdunarodnogo instituta ekonomiki i prava. - 2011. - № 2 (2). - S. 53-56
Gaydar, E. T., CHubays A. B. Razvilki noveyshey istorii Rossii / E. T. Gaydar, A. B. CHubays. - M.: OGI, 2011. - 168 s.
Gryaznova, A. G., CHecheleva T. V. Ekonomicheskaya teoriya: uchebnik / A.G. Gryaznova, T. V. CHecheleva. - M.: Ekzamen. - 2005. - 592 s.
Arnott, R., Hsu, J., Moore, Ph. Fundamental Indexation / Financial Analysts Journal, № 61(2), pp. 83-99. - 2005
Avellaneda, M., Zhang, St. Path-Dependence of Leveraged ETF Returns. SIAM Journal on Financial Mathematics, Vol. 1, pp. 586-603. - 2010
Cheng, Minder and Madhavan, Ananth. The Dynamics of Leveraged and Inverse-Exchange Traded Funds / Journal Of Investment Management, №7 (4), pp. 43-62. - April 23, 2009
Conner, W. Thomas, Cain, James M. The review of securities and commodities regulation. An analysis of current laws and regulations affection the securities and futures industries, Vol. 42. №13, pp. 167-180. - July, 2009
Frydman, R., Pistor, K., Rapaczynski, A. Investing in Insider-Dominated Firms: A Study of Russian Voucher
Rose G. What is the Difference between an ETF and an ETP / Morningstar Research. - March 2011
Stuber, W. Brazil: New Rules on the Brazilian Exchange Traded Funds (ETFs). - 2013
ETF Bulletin / BM F BOVESPA. - June 2013
Europe ETF Quarterly Directory / Deutsche Bank. - 2 February 2015
ETP Landscape: Global Handbook 2012 / BlackRock Investment Institute. - 2012
ETP Landscape: Industry Highlights / BlackRock Investment Institute. -December 31, 2012
Bolvachev, A. Paevye investitsionnye fondy v Rossii: problemy i perspektivy / A. Bolvachev // Vestnik Mezhdunarodnogo instituta ekonomiki i prava. - 2011. - № 2 (2). - S. 53-56
Gaydar, E. T., CHubays A. B. Razvilki noveyshey istorii Rossii / E. T. Gaydar, A. B. CHubays. - M.: OGI, 2011. - 168 s.
Gryaznova, A. G., CHecheleva T. V. Ekonomicheskaya teoriya: uchebnik / A.G. Gryaznova, T. V. CHecheleva. - M.: Ekzamen. - 2005. - 592 s.
Arnott, R., Hsu, J., Moore, Ph. Fundamental Indexation / Financial Analysts Journal, № 61(2), pp. 83-99. - 2005
Avellaneda, M., Zhang, St. Path-Dependence of Leveraged ETF Returns. SIAM Journal on Financial Mathematics, Vol. 1, pp. 586-603. - 2010
Cheng, Minder and Madhavan, Ananth. The Dynamics of Leveraged and Inverse-Exchange Traded Funds / Journal Of Investment Management, №7 (4), pp. 43-62. - April 23, 2009
Conner, W. Thomas, Cain, James M. The review of securities and commodities regulation. An analysis of current laws and regulations affection the securities and futures industries, Vol. 42. №13, pp. 167-180. - July, 2009
Frydman, R., Pistor, K., Rapaczynski, A. Investing in Insider-Dominated Firms: A Study of Russian Voucher
Rose G. What is the Difference between an ETF and an ETP / Morningstar Research. - March 2011
Stuber, W. Brazil: New Rules on the Brazilian Exchange Traded Funds (ETFs). - 2013
ETF Bulletin / BM F BOVESPA. - June 2013
Europe ETF Quarterly Directory / Deutsche Bank. - 2 February 2015
ETP Landscape: Global Handbook 2012 / BlackRock Investment Institute. - 2012
ETP Landscape: Industry Highlights / BlackRock Investment Institute. -December 31, 2012
Keywords:
exchange traded funds, investment, products BF, peculiarities of foreign markets BF, the Russian market of investment funds, ETF.
Related Articles
1. CURRENT ISSUES OF SOCIO-ECONOMIC DEVELOPMENT OF RUSSIA. Pages: 7-9 Issue №10025
ASTECTS OF HOUSING AND COMMUNAL SERVICES' MANAGEMENT'S LEGAL REGULATION
housing and communal services
public-private partnership
investment
business activities
Show more
OTHER Pages: 204-209 Issue №11394
TENDENCIES AND FEATURES OF DEVELOPMENT OF AGRICULTURE IN THE CONDITIONS OF REALIZATION OF POLICY OF IMPORT SUBSTITUTION
agriculture
investment
the growth of investment
The program of development of agriculture
food security
Show more
7. CRIMINAL LAW, PENAL LAW, CRIMINOLOGY (12.00.08) Pages: 186-191 DOI: 10.33693/2072-3164-2021-14-2-186-191 Issue №18617
Property relations in England: the legal regulation of responsibility for crimes in the sphere of real estate
real estate
property
investment
market
damage
Show more
4. CIVIL LAW; ENTREPRENEURIAL LAW; FAMILY LAW; INTERNATIONAL PRIVATE LAW Pages: 154-159 Issue №12435
Legal concept of “investment” through the prism of the concepts of “property”, “intellectual property”, “capital” etc
China
China
investment
property
the right of ownership
Show more
14. ECONOMICS AND NATIONAL ECONOMY MANAGEMENT, ENTREPRENEURSHIP, MARKETING, MANAGEMENT Pages: 162-165 Issue №10779
Economic capacity of the enterprise as object of management
Modernization
innovation
investment
economic potential
evaluation of the effectiveness
Show more
10. FINANCE, CASH CIRCULATION AND CREDIT, ACCOUNTING AND ANALYSIS Pages: 134-139 Issue №2928
PROSPECTS OF TAX INCENTIVES OF INVESTMENTS TAKING INTO ACCOUNT IMPROVEMENT OF APPROACHES IN THE TAXATION OF PROFIT OF THE ORGANIZATIONS
tax incentives
investment
the multiplier
technological modernization
investment activity
Show more
13. Administrative law; Administrative process, Information Law Pages: 211-214 Issue №5902
TYPES AND CLASSIFICATION OF INVESTMENT AND INNOVATION
investment
innovation
investment activity
capital investments
classification and types of investments
Show more
7. Corporate law; Energy law Pages: 180-187 Issue №12435
LEGAL FRAMEWORK AND POTENTIAL OF RUSSIAN-KOREAN COOPERATION IN INVESTMENTS IN ENERGY AND INFRASTRUCTURE
investment
Russia
South Korea
investments in production facilities and infrastructure
manufacturing production
Show more
10. Financial law; Tax law; Budgetary law Pages: 205-206 Issue №12273
FINANCIAL POLICY OF THE UAE
financial policy
taxation
investment
financial and legal incentives
Show more
19. OTHER Pages: 173-177 Issue №4210
Set of indicators characterizing the private entrepreneurs to risk ratio
Risk
staff
rating
business activities
investment
Show more