Uncovering the profile of passive exchange-traded fund retail investors

Uncovering the profile of passive exchange-traded fund retail investors

We profile retail investors in passive exchange-traded funds (P-ETFs) using both trading records and survey-based data on a large pool of individuals over nearly a decade. There is strong evidence that retail investors who trade P-ETFs have a distinct profile. Both the probability and the magnitude...

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主要な著者: D’Hondt, Catherine, Petitjean, Mikael, Elhichou Elmaya, Younes
フォーマット: Article ou chapitre numérique
言語:Français
出版事項: 2025
オンライン･アクセス:Accès Université d'Orléans et IFPM
Accès Université d'Orléans et IFPM
id cairn-FINA_PR_040
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spelling cairn-FINA_PR_040FINAFinance https://shs.cairn.info/journal-finance-2025-2-page-7?lang=en https://doi.org/10.3917/fina.pr.040 Uncovering the profile of passive exchange-traded fund retail investors D’Hondt, CatherinePetitjean, MikaelElhichou Elmaya, Younes2025 fre Finance | 46 | 2 | 2025-07-04 | p. 7-51 | 0752-6180 FINA_46239 We profile retail investors in passive exchange-traded funds (P-ETFs) using both trading records and survey-based data on a large pool of individuals over nearly a decade. There is strong evidence that retail investors who trade P-ETFs have a distinct profile. Both the probability and the magnitude of P-ETF investing are driven by higher education and longer trading experience. P-ETF investors self-report higher financial literacy, a lower return objective, lower risk tolerance, and a longer investment horizon. These investors are less overconfident, and their stock holdings show less home bias. Furthermore, the more active P-ETF users hold more concentrated stock portfolios and display lower stock portfolio turnover, pointing to a substitution effect between stocks and P-ETFs.Nous dressons le profil des investisseurs individuels qui négocient en bourse des trackers pas-sifs (P-ETF). Nous utilisons les données d’enquête et les registres de transactions de tous les clients actifs sur une plateforme de courtage en ligne au cours d’une période d’environ 10 ans. Il apparaît clairement que ces investisseurs ont un profil distinct. La probabilité et l’ampleur des investissements dans les P-ETF sont liées à un niveau d’éducation plus élevé et à une plus longue expérience de négociation. Les investisseurs en P-ETF déclarent avoir des connaissances financières plus élevées, un objectif de rendement moins élevé, une tolérance au risque plus faible et un horizon d’investissement plus long. L’excès de confiance est moins présent chez eux et les actions qu’ils détiennent sont moins orientés vers le marché domestique. En outre, les utilisateurs de P-ETF les plus actifs détiennent des portefeuilles d’actions plus concentrés et affichent un taux de rotation plus faible dans leurs portefeuilles d’actions, ce qui suggère l’existence d’un effet de substitution entre actions et P-ETF.Cairn restricted access
language Français
format Article ou chapitre numérique
building 0/Bibliothèque numérique/
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description We profile retail investors in passive exchange-traded funds (P-ETFs) using both trading records and survey-based data on a large pool of individuals over nearly a decade. There is strong evidence that retail investors who trade P-ETFs have a distinct profile. Both the probability and the magnitude of P-ETF investing are driven by higher education and longer trading experience. P-ETF investors self-report higher financial literacy, a lower return objective, lower risk tolerance, and a longer investment horizon. These investors are less overconfident, and their stock holdings show less home bias. Furthermore, the more active P-ETF users hold more concentrated stock portfolios and display lower stock portfolio turnover, pointing to a substitution effect between stocks and P-ETFs.
author D’Hondt, Catherine
Petitjean, Mikael
Elhichou Elmaya, Younes
spellingShingle D’Hondt, Catherine
Petitjean, Mikael
Elhichou Elmaya, Younes
Uncovering the profile of passive exchange-traded fund retail investors
author_facet D’Hondt, Catherine
Petitjean, Mikael
Elhichou Elmaya, Younes
author_sort D’Hondt, Catherine
title Uncovering the profile of passive exchange-traded fund retail investors
title_short Uncovering the profile of passive exchange-traded fund retail investors
title_full Uncovering the profile of passive exchange-traded fund retail investors
title_fullStr Uncovering the profile of passive exchange-traded fund retail investors
title_full_unstemmed Uncovering the profile of passive exchange-traded fund retail investors
title_sort uncovering the profile of passive exchange-traded fund retail investors
publishDate 2025
container_title
container_issue
url https://ezproxy.univ-orleans.fr/login?url=https://shs.cairn.info/journal-finance-2025-2-page-7?lang=en
https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.3917/fina.pr.040
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