Influence of the growing ETF industry on active investor relations work24 Fundamentals of passive investments and ETFs 2 2 3 Types of ETFs Not all ETFs are purely managed passively as can be seen in figure 4 In addition to passive ETFs which include among others fixed income and thematic ETFs there are also active ETFs and smart beta ETFs a hybrid with active and passive elements 2 2 3 1 Passive ETFs Since passive ETFs replicate a market by a given index they hold the same securities at the exact same proportion and as a result achieve the same returns as the market Due to high autom atization of the investing process fees can be held extremely low Riedl 2015 An index can be compared to an imaginary portfolio that reflects a given market showing changes that occur in the market it tracks Frankel Lumley and Hennessey 2006 p 171 Indices can be used as a barometer for sentiment on stock markets Indirect conclu sions can be drawn about the economic future development of a sector or a country A rising index price means that the companies in the index are in a good upward position Heinrich Jänner 2018 p 365 Classifications ETFs are primarily classified by region sector e g finance technology pharma energy or real estate or asset class where besides shares and equity ETFs bonds and commodities are the most in demand Bond ETFs mostly relate to government or corporate bonds as well as to money market papers Eibl 2008 p 59 They bundle groups of bonds allowing investors to get access to a broad selection of bonds with a single trade Stevenson and Tuckwell 2019 p 37 Due to a low interest rate environment which will likely remain for even longer because of the Covid 19 crisis corpo rate bonds are becoming more and more popular over the last years as they offer a yield spread to risk free bonds Besides the above mentioned categories ETF products which deliberately exclude certain sec tors e g banking industry or countries are avail Types of ETFs ETFs passive ETFs smart beta ETFs active ETFs classic index ETFs thematic ETFs special types others factor ETFs Categorized by countries sectors investment types e g fixed income short ETFs leveraged ETFs hedged ETFs ESG ETFs multi factor ETFs Figure 4 Types of ETFs Source own representation Types of ETFs

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