Authors:

Vasiliy A. Tatyannikov, Cand. Sc. (Econ.), Prof. of Financial Markets and Banking Dept

Abstract:

Collective investment has been a world trend for decades, though in Russia only some of its technologies became widespread, namely mutual and joint-stock funds, whereas exchange-traded funds did not gain much traction. The paper analyses exchange-traded funds as an open and accessible for most unqualified investors technology of collective investment. Theoretical and methodological basis of the research includes classical and modern approaches in the field of investment analysis and effi‑ ciency of stock markets. The methods of the study are comparative and system analysis, deduction and induction, statistical analysis. Having studied the evolution of the exchange-traded funds in the world practice and dynamics of their assets for the last fifteen years, the author directed particular attention to their development in the Russian stock market and compared their revenues and net asset value. As a result, the author assesses the competiveness of this technology of collective investment in contrast to its classical types. Transparency of exchange-traded funds confirms equal access to and openness of the information to all groups of investors. The author argues that investment in exchange-traded funds is a reasonable suggestion in terms of supporting national economic growth and it is necessary to introduce amendments in the legislation of the Russian Federation connected with the specifics of exchange-traded funds.

Keywords: evolution of exchange-traded funds; underlying; fund portfolio; investor; rebalancing

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For citation: Tatyannikov V. A. Birzhevye fondy: perspektivy primeneniya i razvitiya v Rossii [Prospects of exchangetraded funds’ development in Russia]. Izvestiya Uralskogo gosudarstvennogo ekonomicheskogo universiteta – Journal of the Ural State University of Economics, 2018, vol. 19, no. 6, pp. 89–100. DOI: 10.29141/2073-1019-2018-19-6-7