Exchange Traded Fund:A Historical Review

Exchange Traded Fund is a one of the innovative instrument in investment market. It is becoming popular day by day due to various benefits provided by it like intraday trading, low cost and tax efficiency. The main objective of this study is to provide the systematic review of literature available on exchange traded fund that can help future researcher and academicians in understanding ETFs more precisely and identifying research gaps. The paper examines the findings of literature on ETF by dividing studies into four parts; Exchange traded Fund in General, Performance of Exchange Traded Fund, Pricing Efficiency of ETF and Comparison of Index Fund and ETF respectively. The results found that literature available on ETF is not enough to reach at a conclusion regarding Exchange Traded Fund. There is a need of doing more research in this area so that it can benefit to investors, traders in more efficient way.