A comparison between actively and passively managed equity exchange traded funds
Abstract
ETF are an important innovation in financial markets, enabling to effectively invest in a broadly diversified portfolio of securities. Passively managed ETFs, offer average market returns, actively managed ETFs aiming for higher than average returns. Many studies show that actively managed funds are rarely able to exceed the average annual return of a given index over a period of more than one year, market inefficiencies allows to get a higher than average market returns. The major theoretical and practical problem is whether active funds can systematically exploit market inefficiencies.
Article in Lithuanian.
Aktyviai ir pasyviai valdomų biržoje prekiaujamų akcijų fondų palyginimas
Santrauka
Biržoje prekiaujami fondai (ETF) – svarbi finansų rinkų inovacija, suteikianti galimybę investuoti į plačiai diversifikuotą vertybinių popierių portfelį. Pasyviai valdomi ETF siūlo vidutinę rinkos grąžą, aktyviai valdomi ETF siūlo didesnę nei vidutinę rinkos grąžą. Nors daugelis tyrimų rodo, kad aktyviai valdomi fondai retai sugeba viršyti vidutinę metinę atitinkamo indekso grąžą per ilgesnį nei vienerių metų laikotarpį, neefektyvios rinkos leidžia gauti didesnę nei vidutinę rinkos grąžą. Pagrindinė teorinė ir praktinė problema – ar aktyvūs fondai gali sistemingai išnaudoti neefektyvias rinkas.
Reikšminiai žodžiai: biržoje prekiaujami fondai (ETF), aktyvus ir pasyvus investavimas.
Keyword : Exchange-Traded Funds, active and passive investing
This work is licensed under a Creative Commons Attribution 4.0 International License.
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