The Basics of Exchange-Traded Funds

This chapter outlines the most important formal and investment characteristics of ETFs. It discusses legal aspects regarding these financial instruments, in relation both to the US market and to other highly developed financial markets. This is followed b

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NTERNATIONAL EQUITY EXCHANGE-TRADED FUNDS NAVIGATING GLOBAL ETF MARKET OPPORTUNITIES AND RISKS

F E T

International Equity Exchange-Traded Funds

Tomasz Miziołek · Ewa Feder-Sempach · Adam Zaremba

International Equity Exchange-Traded Funds Navigating Global ETF Market Opportunities and Risks

Tomasz Miziołek Department of International Finance and Investments University of Lodz Lodz, Poland

Ewa Feder-Sempach Department of International Finance and Investments University of Lodz Lodz, Poland

Adam Zaremba Montpellier Business School Montpellier, France Poznan University of Economics and Business Poznan, Poland

ISBN 978-3-030-53863-7 ISBN 978-3-030-53864-4 https://doi.org/10.1007/978-3-030-53864-4

(eBook)

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover image: © TMLsPhotoG/shutterstock.com This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Preface

“There is no place like home”. We say these words when we return home after a long absence. This usually happens when we come back from shorter or longer trips, often abroad. “My home is my castle”. This is what we say when we want to express the conviction that we feel most secure in the place we know well—it is usually our home. Our home, neighborhood, city, region, and finally our country is therefore our “comfort zone”. It is because we are familiar with this place, we feel confident and it provides emotional comfort. From time to time, some forces make us leave our ”nest” and—in a more or less risky manner—embark on a journey. Why? Certainly, there are many reasons, yet they can be reduced to the following statement: we wish to experienc