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Exchange-traded funds: A primer

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  • D Fuhr

    (Morgan Stanley & Co International)

Abstract

Essentially index funds that are listed and trade on exchanges like stocks, Exchange-traded Funds (ETFs) have opened a whole new panorama of investment opportunities to both individual investors and institutional money managers. At $56.3bn as of 31st October, ETF assets have soared from just $1.1bn in 1995. They account for about 12 per cent of all index mutual fund assets in the US and, according to a recent study by Financial Research Corporation, ETF assets are expected to roughly quadruple to $201bn and account for 27 per cent of index mutual fund assets in the US in five years' time. ETFs account for over two-thirds of the daily trading volume on the American Stock Exchange. Most days, two or three ETFs are on the list of the top five most actively traded stocks on the AMEX. Characteristics of ETFs make them a viable alternative to trading futures and baskets of stocks for investors looking to increase or reduce their exposure to countries, sectors, industries and styles. ETFs allow investors the flexibility to use them for numerous applications, which can be appealing to both individual and institutional investors.

Suggested Citation

  • D Fuhr, 2001. "Exchange-traded funds: A primer," Journal of Asset Management, Palgrave Macmillan, vol. 2(3), pages 260-273, December.
    • Handle: RePEc:pal:assmgt:v:2:y:2001:i:3:d:10.1057_palgrave.jam.2240051
    DOI: 10.1057/palgrave.jam.2240051
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    Cited by:

    1. Cetin Ali Donmez, 2002. "A New Financial Instrument For the Turkish Capital Markets: Exchange Traded Funds (ETFs)," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(23), pages 15-40.
    2. Joëlle Miffre, 2007. "Country-specific ETFs: An efficient approach to global asset allocation," Journal of Asset Management, Palgrave Macmillan, vol. 8(2), pages 112-122, July.
    3. Hatice Dogukanli & Serkan Yilmaz Kandir, 2002. "Multi-Beta Capital Asset Pricing Model and an Application in Turkey," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(23), pages 1-14.
    4. Raphael Cunha & Andreas Kern, 2022. "Global banking and the spillovers from political shocks at the core of the world economy," The Review of International Organizations, Springer, vol. 17(4), pages 717-749, October.
    5. Harper, Joel T. & Madura, Jeff & Schnusenberg, Oliver, 2006. "Performance comparison between exchange-traded funds and closed-end country funds," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 16(2), pages 104-122, April.

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