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GOLD EXCHANGE TRADED FUNDS INVESTMENTS IN INDIA: AN
ANALYTICAL STUDY
DISSERTATION
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT
FOR THE AWARD OF THE DEGREE OF
BACHELOR OF BUSINESS ADMINISTRATION
UNIVERSITY OF CALICUT
BY
MEGHA SUNNYREG.NO: GTALBBAR12
UNDER THE GUIDANCE OF
DR.T.G.SAJIASSISTANT PROFESSOR
(P.G. DEPARTMENT OF COMMERCE AND MANAGEMENT STUDIES)
PG DEPARTMENT OF COMMERCE AND MANGEMENT STUDIES
SRI.C.ACHUTHAMENON GOVERNMENT COLLEGE,
THRISSUR – 14
2011-2014
CERTIFICATE This is to certify that the project report titled ‘GOLD
EXCHANGE TRADED FUNDS INVESTMENT IN INDIA: AN ANALYTICAL STUDY’ is bonafide record of the project carried by MEGHA SUNNY under our supervision and guidance in partial fulfillment of the requirement for the award of the Degree of Bachelor of Business Administration of the University of Calicut.
Prof.V..J.THOMAS (HEAD OF THE DEPARTMENT)
Dr.T.G.SAJI(SUPERVISING GUIDE)
DECLARATION I MEGHA SUNNY, do hereby declare that this project report titled ‘GOLD EXCHANGE TRADED FUNDS INVESTMENT IN INDIA: AN ANALYTICAL STUDY’ is bonafide record of the work done by me during the course of project and that the report has not been previously formed the basis for the award of any degree, diploma or the similar title of any university.
I further declare that this project report is submitted on partial fulfillment of the requirement for the award of the Degree of B.B.A from the University of Calicut.
MEGHA SUNNY Place: Kozhukkully Date:
ACKNOWLEDGEMENT I owe my sincere gratitude to T.R.NARAYANANKUTTY, Principal and Prof.V.J.THOMAS Head of the department of SRI. C. ACHUTHAMENON GOVT COLLEGE KUTTANELLUR, for providing all the facilities in the college.
I render my heartfelt thanks to Dr.T.G.SAJI, Assistant professor Department of Commerce and Management Studies, Sri.C.Achuthamenon Govt College, Kuttanellur for his valuable guidance and supervision throughout the preparation of this project report. I am also thankful to all my professors and lectures for their dear support.
I acknowledge with thanks for the constant encouragement and support provided to me by my parents and friends.
MEGHA SUNNY
LIST OF CONTENTS
ORDER
NO.TITLE
PAGENO.
1. DESIGN OF STUDY INTRODUCTION RIVIEW OF LITRATURE
1-91-23-6
2. EXCHANGE TRADED FUND INVESTMENT:A DISCUSSION
10-26
3. RISK RETURN ANALYSIS:ADISCUSSION OF THEORY AND MODEL
27-37
4. DATA ANALYSIS AND INTREPRETATION DATA ANALYSIS FINDINGS SUGGESTION CONCLUSION
38-7838-7172-767778
5. BIBLIOGRAPH BOOK REFERENCE WEBSITE REFERENCE
79-807980
LIST OF TABLES
TABLE
NO.
TITLE PAGENO.
2.1 SUMMARY EVALUATION OF VARIOUS INVESTMENT
15
2.2 LIST OF GOLD ETF 24-264.1 COMPARISON OF ETF IN TERMS OF DAILY
RETURN IN THE YEAR 201041
4.2 COMPARISON OF ETF IN TERMS OF DAILY RETURN IN THE YEAR 2011
42
4.3 COMPARISON OF ETF IN TERMS OF DAILY RETURN IN THE YEAR 2012
43
4.4 COMPARISON OF ETF IN TERMS OF DAILY RETURN IN THE YEAR 2013
44
4.5 TABLE SHOWING MEAN,MEDIAN,MAXIMUM,MINIMUM RETURNS OF ETFS FOR AN OVERALL PERIOD OF 4 YEAR
46
4.6 COMPARISON OF ETF IN TERMS OF OVERALL RETURN
47
4.7 COMPARISON OF ETF IN TERMS OF DAILY RETURN VOLTALITY IN THE YEAR 2010
50
4.8 COMPARISON OF ETF IN TERMS OF DAILY RETURN VOLTALITY IN THE YEAR 2011
51
4.9 COMPARISON OF ETF IN TERMS OF DAILY RETURN VOLTALITY IN THE YEAR 2012
52
4.10 COMPARISON OF ETF IN TERMS OF DAILY RETURN VOLTALITY IN THE YEAR 2013
53
4.11 COMPARISON OF ETF IN TERMS OF OVERALL RETURN VOLATALITY
54
4.12 COMPARISON OF ETF IN TERMS OF DAILY NORMALITY IN DISTRIBUTION OF DAILY
56
RETURN(2009-10)4.13 COMPARISON OF ETF IN TERMS OF DAILY
NORMALITY IN DISTRIBUTION OF DAILY RETURN(2010-11)
57
4.14 COMPARISON OF ETF IN TERMS OF DAILY NORMALITY IN DISTRIBUTION OF DAILY RETURN(2011-12)
58
4.15 COMPARISON OF ETF IN TERMS OF DAILY NORMALITY IN DISTRIBUTION OF DAILY RETURN(2012-13)
59
4.16 COMPARISON OF ETF IN TERMS OF OVERALL RETURN NORMALITY IN OVERALL RETURNS
60
4.17 PERFOMANCE OF ETF-MEASURE OF KURTOSIS(2009-10)
62
4.18 PERFOMANCE OF ETF-MEASURE OF KURTOSIS(2010-11)
63
4.19 PERFOMANCE OF ETF-MEASURE OF KURTOSIS(2011-12)
64
4.20 PERFOMANCE OF ETF-MEASURE OF KURTOSIS(2012-13)
65
4.21 PERFOMANCE OF ETF DURING OVERALL PERIOD 664.22 CO0MPARISON OF ETF IN TERMS OF OVERALL
CO-EFFICIENT OF VARIATION68
4.23 COMPARISON OF ETF AND GOLD IN TERMS OF OVERALL RETURN
70
4.24 COMPARISON OF ETF AND GOLD IN TERMS OF OVERALL VOLATILITY
71
LIST OF CHARTS
CHART
NO.
TITLE PAGENO.
2.1 AVENUES OF INVESTMENT 13
2.2 INVESTMENT PROCESS 14
3.1 CONCEPT OF RETURN 33
LIST OF GRAPHS
GRAPH
NO.
TITLE PAGENO.
4.1 PERFOMANCE OF ETF SCHEMES:INDIVIDUAL VIEW
45
4.2 PERFOMANCE OF ETF SCHEMES:OVERALL VIEW 48