ETFs: La nuova frontiera delle strategie di investimento

ETFs were established 19 years ago, and since then they have come a long way. A relatively new development in the world of finance, they evolved into different versions of the same original product, preserving during these years the features that made them shine in the first place. Advantages such as the transparency and the possibility to trade all day were the characteristics the SEC asked for when it proposed the creation of new instruments. Moreover the success of ETFs derived from the ability of Amex and State Street to give to the instruments other features, like low fees and tax efficiency. The instrument was by then ready to conquer the markets. The number of ETFs increased substantially, and they diversified into different types. The appeal for investors was considerable, even more because the disadvantages were few, and the costs contained. The thesis analyses the history of the ETFs, their advantages and disadvantages, the differences with mutual funds, the main firms that issues them, and finally the performance of ETFs today.