The Research About The Performance Evaluation Of Full Replicated ETF

Since the first ETF was listed in Canada in1983, exchange-traded funds have a great development by now. By the end of 2006, there are 732 ETFs all together in the world. If ETFs are ranked by size and liquidity,the full replicated ETF have taken two seats in the top3. when the component number of index is small,ETFs always take full replication .Although there are 4 full replicated ETFs in 5 ETFs which have been listed on China exchange,ETF is helpful for completing the capital market structure and provides a good invested channel. Objective evaluation on the performance of the full replicated ETF can provide the reference to make the investment choose .It also important for the performance evaluation of the ETF manager and is helpful for the supervisor to lead the ETF healthily development. So the performance evaluation of the full replicated ETF is great significant.Based the definition and classification of ETF and theories of exponential investment, this paper discusses the exponential characteristics. After analysis of full replicated ETFs' supply and demand especially the the investors' investment strategy and the management operation of the ETF manager, considering inside and outside related research literatures,this paper evaluate the performance of the full replicated ETF in two aspects: return rate of net value and operating efficiency.Further, based the development of China ETF market,specially, investment characteristics of China ETF market, this paper found the performance of fund manager are good,but the performance of shanghai stock 50ETF itself are not better,during using the two methods to evaluat the shanghai stock 50ETF. We found its size is decreasing since 2006, and dued to the lessness of demand in our country security market. Finally, this paper gives some advice to promote the development of China ETF market.