CHARACTERISTICS AND PERFORMANCE OF EXCHANGE TRADED FUNDS (ETF)

Fondovi kojima se trguje na burzi (eng. Exchange-Traded Fund - ETF) predstavljaju oblik investicijskih fondova čijim se dionicama trguje na burzi. Slijedno tome, moguće je zaključiti kako je imovina ETF-ova vrlo diverzificirana, te investitori putem ulaganja u ETF-ove mogu indirektno ulagati u razna tržišta, sektore ili dioničke indekse, kojima kao individualni ulagači ne bi imali pristup. ETF-ovi najčešće prate tržišne indekse što znači da ulažu u veliki broj najznačajnijih poduzeća koja kotiraju na burzi u pojedinoj industriji ili više industrija (ovisno o investicijskoj politici pojedinog fonda). Slijedno tome, investitorima se omogućava veća razina diverzifikacije pri ulaganju u ETF-ove. Nadalje, ETF-ovi za razliku od drugih investicijskih fondova imaju relativno niske ulazne i izlazne naknade, kao i troškove upravljanja, s obzirom da se njihovom imovinom mnogo intenzivnije trguje, te je ta imovina dostupna za trgovanje na burzi. Uzimajući u obzir širok spektar mogućnosti ulaganja, visoku razinu diverzifikacije te relativno niske troškove ulaganja i upravljanja, ETF-ovi su postali vrlo atraktivna ulagačka opcija za individualne ulagače. Tema diplomskog rada odabrana je zbog visoke atraktivnosti ETF-ova na globalnom investicijskom tržištu, te zbog relativno neiskorištenog potencijala ulaganja u ETF-ove na hrvatskom tržištu. Pritom će se u sklopu diplomskog rada istražiti ključne teorijske odrednice ETFova, koje uključuju razvoj i rast fondova kroz povijest te ključne prednosti i nedostatke koje fondovi imaju za investitore. Nadalje, u sklopu diplomskog rada će se sagledati regulatorno okruženje ETF-ova u SAD-u, EU i Hrvatskoj, s ciljem uočavanja ključnih sličnosti i razlika u regulatornom okruženju ETF-ova na različitima tržištima. Uz teorijsku perspektivu funkcioniranja ETF-ova, u sklopu diplomskog rada sagledati će se i povijesni prinosi fondova, kako bi se utvrdila profitabilnost ETF-ova koji ulažu u različita tržišta. Naposljetku, u sklopu diplomskog rada razmotriti će se rizičnost ulaganja u specifične ETF-ove ma Hrvatskom tržištu, kako bi se ukazalo na ključne izazove s kojima se investitori suočavaju prilikom ulaganja u ETF-ove. Ciljevi rada stoga predstavljaju pružanje uvida ključne odrednice poslovanje ETF-ova, kao i pružanje uvida profitabilnost i rizičnost ulaganja u ETF-ove koji posluju na hrvatskom tržištu.Exchange-Traded Funds (ETFs) are a form of investment funds whose shares are traded on the stock exchange. Accordingly, it is possible to conclude that the assets of ETFs are highly diversified, and investors can indirectly invest in various markets, sectors or stocks, which they would not have access to as individual investors. ETFs usually follow market indices, which means that they invest in a large number of biggest companies listed on the stock exchange in a particular industry or several industries (depending on the investment policy of the particular fund). Accordingly, investors are provided with a greater level of diversification when investing in ETFs. Furthermore, ETFs, unlike other investment funds, have relatively low entry and exit fees, as well as management costs, given that their assets are traded much more intensively, and these assets are available for trading on the stock exchange. Considering the wide range of investment opportunities, high level of diversification and relatively low investment and management costs, ETFs have become a very attractive investment option for individual investors. The topic of this master thesis was chosen due to the high attractiveness of ETFs on the global investment and Croatian market. At the same time, as part of the thesis, the key theoretical determinants of ETFs will be investigated, which include the development and growth of funds throughout history, as well as the key advantages and disadvantages that funds have for investors. Furthermore, as part of the thesis, the regulatory environment of ETFs in the USA, the EU and Croatia will be reviewed, with the aim of identifying key similarities and differences in the regulatory environment of ETFs in different markets. The historical returns of the funds will be reviewed, in order to determine the profitability of ETFs that invest in different markets. Finally, as part of the thesis, the riskiness of investing in specific ETFs in the Croatian market will be considered, in order to point out the key challenges that investors face when investing in ETFs. The objectives of the thesis are therefore to provide an insight into the key determinants of the business of ETFs, as well as providing an insight into the profitability and riskiness of investing in ETFs that operate on the Croatian market