PT  - JOURNAL ARTICLE
AU  - Panagiotis Schizas
TI  - Active ETFs and Their Performance vis-à-vis Passive ETFs, Mutual Funds, and Hedge Funds
AID  - 10.3905/jwm.2014.17.3.084
DP  - 2014 Oct 31
TA  - The Journal of Wealth Management
PG  - 84--98
VI  - 17
IP  - 3
4099  - https://pm-research.com/content/17/3/84.short
4100  - https://pm-research.com/content/17/3/84.full
AB  - This work presents empirical results on the first active exchange traded funds (ETFs) based on risk, return, and incentives and the relative comparison with alternative investment solutions such as passive ETFs, mutual funds, and hedge funds. The results show that active ETFs are not as active as they are considered by market participants. The link between active and passive ETFs is strong; however, the difference in performance and risk weighs on the side of the passive ETFs. The results indicate also that, in many cases, the active structure is surpassing mutual funds in terms of returns. Finally, there is a unidirectional relation between active funds and hedge funds, since the former is influenced by the latter.TOPICS: Exchange-traded funds and applications, real assets/alternative investments/private equity, performance measurement