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