O mercado de ETFs: importância, histórico, panorama atual, desafios e agenda ASG

Abstract

Exchange traded funds (ETF) are investment funds listed on stock exchanges, typically managed passively, aiming to replicate the performance of a benchmark index. Among other benefits, they have lower management fees when compared to actively managed funds, which according to statistical data often fail to outperform their benchmarks. Globally, the first ETF emerged in the early 1990s on the Canadian stock exchange, while in Brazil, the first ETF was launched in 2004 with the support of the BNDES, the main driver of the Brazilian market. In recent years, there has been strong growth in the global ETF market; however, in Brazil, this growth has been less significant, so this asset class represents a small percentage of the local fund industry, with low participation from individual investors. The enactment of Resolution 179 of the Securities and Exchange Commission of Brazil (CVM), which made the transparency of investment advisors’ remuneration mandatory, makes this an even more opportune moment to promote this market, which also has the potential to spread the ESG (environmental, social, and governance) agenda among capital market participants.