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Date: 3 months ago   Category: Finances

UK of Sberbank has started the first exchange fund. What risks and advantages of a new product?


It became a domestic analog of ETF. Advantages to investors: the low commissions and an opportunity to enter and leave quickly fund. But if to invest money in such fund, then it is possible to earn only from growth of the Russian stock market of the Photo: depositphotos.com Exchange Traded Funds (ETF) are funds whose shares are traded at the exchange, one of the most popular investment tools the world. Investors invest the money in them thanks to high liquidity and extremely low commission, but the main thing — by means of the long-term growth of the market. It is considered that the stock market always grows in the long term. The last nine years show that, at least, in the USA this rule works. ETF — the tool western, in Russia its analog is called exchange mutual investment fund. What does he differ from ordinary mutual funds in? The vice-president of Sberbank, the Head of Department of the global markets of CIB Andrey Shevelev:andrey Shevelyov the vice-president of Sberbank explains, the Head of Department of the global markets of CIB "Fundamental difference of exchange mutual fund — is quoted at the exchange. Lately the industry very strongly changes the focus from active management in passive that is when people just buy some ETF, and then sit long and wait. In Russia we saw too demand therefore have decided to start exchange fund. The biggest difference in pricing: The mutual fund costs as the structure is more expensive, the management company takes much more money for service of mutual fund, than БПИФа which can be bought and sold quietly at the exchange. For this purpose no special conditions are necessary, it is possible to go public, buy and sell quietly through our brokerage account". Sberbank for the new tool acts as the market maker, that is provides demand with the offer, creates liquidity in this market. As a result it is easy to buy and sell shares of such fund at the market price. Such tool will be in demand, only if the market grows, and with it there can be problems, the portfolio manager Alexander Krapivko:aleksandr Krapivko the portfolio manager "Of course, the idea good says, long ago it was necessary to make such fund, especially such reputable company as Sberbank. But if the Russian stock market isn't attractive, it just won't grow, then hardly the plan for a whip-round will manage to be carried out. Usually people buy ETF on growth, to them there is an inflow when the market grows. Our Russian market doesn't grow long ago any more, it grew two years ago. I have such feeling that plans for start of this fund have been developed just at that time. Now the prospects of the Russian market are more connected with the geopolitical and political reasons, they don't look very much iridescent. If there is no growth, there is no inflow of money also. Therefore the question with filling of this fund will be open most likely". Usually to such fund the so-called return fund earning from fall of the index is still started. In the closest year of UK of Sberbank plans to start some more the same funds, among them there is a fund on the S&P index, on the Russian oblig

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