Clifford Chance
Exchange Traded Funds in Poland
5 April 2012
Exchange Traded Funds ("ETFs") have been familiar to investors on developed capital markets for some time now. Recently they have also become available to investors on the Warsaw Stock Exchange (the "WSE") on a limited basis. ETFs are among the most dynamically developing investment tools owing to their low cost for both investors and issuers and also because of their transparency.
The first ETFs emerged in 1990 in Canada and the USA. In Europe they made their debut approximately 10 years later. Currently, the global EFT market is estimated to be approximately USD 1.1 trillion in value. There are over 2.2 thousand ETFs listed in the
world based on various stock exchange indices of companies, natural resources and bonds. Although the ETF market emerged relatively recently in Warsaw, it has generated significant interest among investors.
This briefing presents the Polish law issues affecting ETFs and summarises the basic rules for the listing of ETF participation units on the WSE.
