Ocena efektywności zarządzania funduszami ETF posiadającymi ekspozycję na polski rynek akcji
Evaluation of the effectiveness of management exchange-traded funds having exposure on the Polish equity market

Summary/Abstract: There are four exchange-traded funds listed on stock exchanges having exposure on the Polish equity market: Market Vectors Poland ETF, Lyxor ETF WIG20, iShares MSCI Poland Capped ETF and iShares MSCI Poland UCITS ETF. They differ in many characteristics that affect the efficiency of portfolio management, including: type of index, index replication method, a way of using income from the shares, total expense ratio (TER) and the use of securities lending transactions. Research has shown that the effectiveness of management of investment portfolios above mentioned ETFs was on the similar level. The best results were obtained by iShares MSCI Poland UCITS ETF, which was characterised by the lowest values of tracking error and semi-tracking error and the highest values of the correlation coefficient and the coefficient of determination.

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