Exchange-Traded Funds: Concepts and Contexts

Marszk, Adam; Lechman, Ewa

doi:10.1016/b978-0-12-813639-3.00002-x

Cited by 2 publications

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References 146 publications

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“…Generally, the funds with most assets track the US, regional or local equity market indexes. For a more detailed discussion about the structure of the European ETF markets, see [ 68 ].…”

Section: Resultsmentioning

confidence: 99%

Exchange-Traded Funds on European Markets: Has Critical Mass been Reached? Implications for Financial Systems

Marszk

Lechman

2020

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Exchange-traded funds (ETFs) are one of the most rapidly expanding categories of financial products in Europe. One of the key yet still unanswered questions is whether European ETF markets have reached the size at which they could affect the financial systems. In our study, we examine 13 European countries during the period 2004–2017 in order to trace whether the share of ETFs in the total assets of investment funds has reached the ‘critical’ level that makes possible their further growth and can be associated with an influence on the financial system. We use a novel methodological approach that identifies the ‘critical mass’ along diffusion trajectories. Our results show that, in 10 countries, the share of ETFs in assets of investment funds increased. Still, in most countries, the share of ETFs did not exceed 1%. Estimates of the diffusion models indicate that the process of growing shares of ETFs was most dynamic and relatively most stable in Switzerland and United Kingdom. Results of the critical mass analysis imply that its achievement may be forecasted exclusively in these two cases. However, even in such cases there is no substantial evidence for a possible significant influence of ETFs on the local financial systems.

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“…Generally, the funds with most assets track the US, regional or local equity market indexes. For a more detailed discussion about the structure of the European ETF markets, see [ 68 ].…”

Section: Resultsmentioning

confidence: 99%

Exchange-Traded Funds on European Markets: Has Critical Mass been Reached? Implications for Financial Systems

Marszk

Lechman

2020

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Uncharted waters: Investors get access to foreign exchange-traded funds

Моисеев

2021

Vopr. èkon.

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In 2022, Russian investors will get access to the wide possibilities of the global financial market. The Bank of Russia opens the market for foreign exchange-traded funds (ETFs) — one of the main savings instruments for households. The economy of ETFs differs from other investment funds, whose shares do not have secondary market. The opening of the ETFs market is intended to solve a number of issues for retail investors: moving away from the preference to individual foreign shares towards portfolio diversification, cost reduction, ensuring sustainable profitability, abandoning the aggressive securities trading, and supporting market competition. Soon, ETFs will be one of the driving forces in financial markets. However, their rapid growth is fraught with little-studied effects.

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Exchange-Traded Funds: Concepts and Contexts

Cited by 2 publications

References 146 publications

Exchange-Traded Funds on European Markets: Has Critical Mass been Reached? Implications for Financial Systems

Exchange-Traded Funds on European Markets: Has Critical Mass been Reached? Implications for Financial Systems

Uncharted waters: Investors get access to foreign exchange-traded funds

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