Exchange-traded funds as a universal tool for digitized asset trading

摘要

The subject of this study is the economic relations arising in the process of formation and circulation of exchange-traded funds - universal financial instruments available to most unqualified investors. Purpose of the study: to analyze the evolutionary development of exchange-based funds in the world, the practice of their circulation on the Russian stock market, identify problems and develop proposals for expanding the range of basic assets of funds in the digital economy. The methodological basis of the present research has consisted of methods of comparative and system analysis, methods of deduction and induction, grouping and comparison, specification and generalization, systematization and classification. Main results: 1. The analysis of the evolution of the exchange funds development in the conditions of transformation to a digital economy is presented. 2. The practice of formation and circulation of exchange-traded funds in Russia is generalized. 3 The calculation of the quantitative investment characteristics of exchange-traded funds circulating in Russia has performed. 4. The advantages and disadvantages of investing to exchange-traded funds in comparison with mutual investment funds are determined. The assessment of the competitiveness of the financial researching instrument is substantiated. 5. Proposals are submitted to state authorities both in legislative acts and in the main directions of development of the Russian financial and stock market. The conditions for the formation and circulation of exchange-traded funds confirm the fairness and openness of information for all groups of investors, from private to institutional. The authors substantiated the conclusion about the prospects of investing in exchange-traded funds in the conditions of maintaining economic growth at the state. Key findings of the study: 1. The approaches to formation and circulation of exchange-traded funds have systematized. 2 The investment characteristics of exchange-traded funds circulating in Russia are presented.