%0 Journal Article
%T Total Expense Ratio Analysis of Exchange Traded Funds Bir oje prekiaujam  fond  (ETF) bendrojo i laid  rodiklio tyrimas
%A Lukas Macijauskas
%J Science 每 Future of Lithuania
%D 2011
%I Vilnius Gediminas Technical University
%R 10.3846/mla.2011.066
%X As virtual discussion about passive versus active investment heats up, ETF instruments being second biggest investment vehicle (after mutual funds) in United States receive more and more attention. In this paper we perform a cross section, type and style analysis of total expense ratios (TER) of exchange traded funds. Using Database of 1020 ETFs, we find capitalization weighted average for total expense ratios of simple (non-inverse and not leveraged) ETFs are equal to 0.32 proc. Analysis shows that inverse and leveraged ETFs on average are about 3 times more expensive than simple ETFs. These numbers of total expense ratios of simple ETFs are significantly lower than in average mutual funds. This leads us to the conclusion that especially for passive investment management where cost effectiveness is critically important, ETFs are much more attractive than regular mutual funds.  Abstract in Lithuanian   Diskusijai, kuris 每 pasyvus ar aktyvus 每 investicij  valdymas yra efektyvesnis, ry k jant, bir oje prekiaujami fondai (Exchange Traded Funds 每 ETF) sulaukia vis didesnio investuotoj  d mesio, o tai skatina detalesnius  i  priemoni  tyrin jimus. Pagrindinis  io straipsnio tikslas 每  vairiais aspektais analizuoti  i  finansini  priemoni  bendr j  i laid  rodikl  (Total Expense Ratio (TER)). Naudodami duomen  baz , kuri  sudaro 1020 ETF, apskai iavome, kad paprast j , t. y. nenaudojan i  sverto ir ne atvirk tini  ETF, svertinis bendrojo i laid  rodiklio vidurkis ( vertinant kapitalizacij ) yra lygus 0,32 proc. Analiz  rodo, kad atvirk tiniai ir svertiniai ETF vidutini kai apie 3 kartus brangesni nei paprastieji ETF. Atlik  skai iavimus nustat me, kad bendrasis i laid  rodiklis yra gerokai ma esnis nei vidutini  investicini  fond . Tai leid ia daryti i vad , kad vertinant per i laid  koeficiento prizm , ETF yra daug efektyvesn  investavimo priemon  nei  prasti investiciniai fondai. Straipsnis lietuvi  kalba
%K ETFs
%K Expenses
%K Total expense ratio
%K Asset class
%K Tactical asset allocation
%U http://www.mla.vgtu.lt/index.php/mla/article/view/293