1. 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 SUNNY
REG.NO: GTALBBAR12
UNDER THE GUIDANCE OF
DR.T.G.SAJI
ASSISTANT 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

2. 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
guidancein partialfulfillment 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
(SUPERVISINGGUIDE)

3. 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:

4. ACKNOWLEDGEMENT
I owe my sinceregratitudeto 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
throughoutthepreparationof this project report. I am also thankful to all my
professors and lectures for their dear support.
I acknowledgewith thanks for the constant encouragement and
support provided to me by my parents and friends.
MEGHA SUNNY

5. LIST OF CONTENTS
ORDER
NO. TITLE
PAGE
NO.
1. DESIGN OF STUDY
 INTRODUCTION
 RIVIEWOF LITRATURE
1-9
1-2
3-6
2. EXCHANGE TRADED FUND INVESTMENT:ADISCUSSION 10-26
3. RISK RETURN ANALYSIS:ADISCUSSION OF THEORY AND
MODEL
27-37
4. DATA ANALYSIS AND INTREPRETATION
 DATA ANALYSIS
 FINDINGS
 SUGGESTION
 CONCLUSION
38-78
38-71
72-76
77
78
5. BIBLIOGRAPH
 BOOK REFERENCE
 WEBSITE REFERENCE
79-80
79
80

6. LIST OF TABLES
TABLE
NO.
TITLE PAGE
NO.
2.1 SUMMARY EVALUATION OF VARIOUS INVESTMENT 15
2.2 LIST OF GOLD ETF 24-26
4.1 COMPARISON OF ETF IN TERMS OF DAILY RETURN IN
THE YEAR 2010
41
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

7. 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 RETURN(2009-10)
56
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 66
4.22 CO0MPARISON OF ETF IN TERMS OF OVERALL CO-
EFFICIENT OF VARIATION
68
4.23 COMPARISON OF ETF AND GOLDIN TERMS OF OVERALL
RETURN
70
4.24 COMPARISON OF ETF AND GOLDIN TERMS OF OVERALL
VOLATILITY
71

8. LIST OF CHARTS
CHART
NO.
TITLE PAGE
NO.
2.1 AVENUES OF INVESTMENT 13
2.2 INVESTMENT PROCESS 14
3.1 CONCEPT OF RETURN 33
LIST OF GRAPHS
GRAPH
NO.
TITLE PAGE
NO.
4.1 PERFOMANCE OF ETF SCHEMES:INDIVIDUAL VIEW 45
4.2 PERFOMANCE OF ETF SCHEMES:OVERALL VIEW 48