ANALYZING AND EVALUATING THE FINANCIAL EFFICIENCIES OF GLOBAL GOLD EXCHANGE TRADED FUNDS

Öz

Among precious metals, gold is one of the most popular investment assets for investors. This study evaluates the performance of 50 gold exchange-traded funds (ETFs) selected from the Asia, Europe, and America regions, investigating the relationship between returns and selected variables. A two-stage super efficiency data envelopment analysis (DEA) is employed for performance measurement, while panel data analysis methods are used to identify relationships. The findings reveal a significant relationship between returns and the expense ratio, total asset value, and net asset value. This relationship remains significant in the long run. ETFs with higher total asset sizes tend to exhibit lower performance, while ETFs with lower expense ratios show higher performance.

Anahtar Kelimeler

• Gold
• EFTs
• Data Envelopment Analysis
• Panel Data Analysis
• Efficiency

KÜRESEL ALTIN BORSA YATIRIM FONLARININ FİNANSAL ETKİNLİKLERİNİN ANALİZİ VE DEĞERLENDİRİLMESİ

Öz

Kıymetli madenler içerisinde altın yatırımcılar için popüler yatırım kaynaklarından biridir. Bu makale altın ETF’ lerinin performansını ölçmek üzere Asya-Avrupa ve Amerika bölgelerinden seçilmiş 50 adet altın ETF’ sinin performansını ölçmekte ve getiri ile seçili değişkenler arasındaki ilişkiyi araştırmaktadır. Performans ölçümü için 2 aşamalı süper etkin veri zarflama analizi, ilişkilerin tespiti için panel veri analizi yöntemleri kullanılmıştır. Çalışmanın bulgularında getiri ile harcama oranı, toplam varlık değeri ve net varlık değeri arasında anlamlı bir ilişki bulunmaktadır. Bu ilişki aynı zamanda uzun vade de anlamlıdır. Toplam varlık büyüklüğü yüksek olan ETF’lerin performansının düşük olduğu, harcama oranı düşük olan ETF performansının yüksek olduğu görülmektedir.

Anahtar Kelimeler

• Altın
• Borsa Yatırım Fonları
• Veri Zarflama Analizi
• Panel Veri Analizi
• Etkinlik

Kaynakça

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