20.500.12556/DKUM-99522 Prednosti in slabosti vlaganja v borznotrgovalne sklade Advantages and disadvantages of investing in exchange-traded funds Diplomsko delo obravnava prednosti in slabosti vlaganja v borznotrgovalne sklade z vidika malega vlagatelja. Namen raziskave je bil proučiti njihove glavne značilnosti ter jih primerjati z aktivno upravljanimi vzajemnimi skladi. V teoretičnem delu so predstavljeni pojem, vrste in način delovanja borznotrgovalnih skladov ter največji ponudniki na trgu. Posebna pozornost je namenjena stroškom upravljanja, likvidnosti, razpršenosti, preglednosti in tveganjem, kot so tržno, valutno ter tveganje nasprotne stranke pri sintetični replikaciji. Empirični del temelji na pregledu literature in primerjalni analizi izbranih skladov ter pravil individualnega naložbenega računa v Sloveniji. Ugotovitve kažejo, da široko razpršeni pasivni borznotrgovalni skladi praviloma omogočajo nižje stroške upravljanja in dostop do večjega števila naložb z manjšim začetnim vložkom. Njihova prednost je tudi možnost trgovanja med trgovalnim dnem, vendar to samo po sebi ne zagotavlja boljšega donosa. Pri izbiri sklada mora vlagatelj upoštevati njegovo sestavo, stroške, likvidnost, način replikacije in lastno pripravljenost na tveganje. Individualni naložbeni račun lahko dolgoročnemu vlagatelju prinese davčni odlog in ob izpolnjenih zakonskih pogojih davčno oprostitev, vendar vključuje omejitve vplačil, izbire instrumentov in prenosa sredstev. Delo zato sklepa, da so borznotrgovalni skladi lahko primerna rešitev za malega vlagatelja, če jih izbere premišljeno in jih vključi v dolgoročno strategijo. This thesis examines the advantages and disadvantages of investing in exchange-traded funds from the perspective of a retail investor. The purpose of the research was to examine their main characteristics and compare them with actively managed mutual funds. The theoretical part presents the concept, types and operating mechanism of exchange-traded funds, as well as the largest providers in the market. Particular attention is given to management costs, liquidity, diversification, transparency and risks, including market risk, currency risk and counterparty risk in synthetic replication. The empirical part is based on a literature review and a comparative analysis of selected funds and the rules of the individual investment account in Slovenia. The findings show that broadly diversified passive exchange-traded funds generally provide lower management costs and access to a larger number of investments with a lower initial contribution. Their advantage also lies in the possibility of intraday trading; however, this does not in itself guarantee higher returns. When selecting a fund, an investor should consider its composition, costs, liquidity, replication method and personal risk tolerance. For a long-term investor, the individual investment account may provide tax deferral and, subject to statutory conditions, a tax exemption. It nevertheless includes limits on contributions, eligible instruments and transfers. The thesis concludes that exchange-traded funds can be an appropriate solution for retail investors when selected carefully and included in a long-term investment strategy. borznotrgovalni skladi pasivno investiranje aktivno upravljani skladi strošek upravljanja individualni naložbeni račun. exchange-traded funds passive investing actively managed funds management fees individual investment account. true true false M. Zrim] Slovenski jezik Angleški jezik Diplomsko delo/naloga 2026-08-19 09:42:04 2026-09-17 15:03:32 2026-09-18 03:09:55 0000-00-00 00:00:00 2026 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76 291496451 VS_Zrim_Matic_2026.pdf VS_Zrim_Matic_2026.pdf 1 DA5CC150A608BBC40D16ADFD0E3AE03F 1e4ba155b1605080cfbf1625d8b023cae656ffad04f33f3d8e77c660655040cf c5339027-b1bb-11f1-b05b-00155d0001be https://dk.um.si/Dokument.php?lang=slv&id=212619 Ekonomsko-poslovna fakulteta 0 0 0