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This thesis focuses on ETF funds as an alternative to collective investment. In the first part of the theses collective investment is defined, its pros and cons. The next chapters are dedicated to history of collective investment in the world and Czech Republic, legislation in Czech Republic and subjects of collective investment. In the next chapter of the first part the indicators of yield and risk are described. The last chapter of theoretical part is devoted to ETF funds characteristics, differentiation of the basic differences between ETF funds and other funds of collective investment and the main categories of ETF funds. For the practical part of the thesis, I chose 15 ETF funds and 10 actively managed funds. For these funds the indicators of yield, indicators of yield with risk considered and indicators of risk were calculated. The indicators of yield with risk considered are Sharpe ratio, Treynor ratio and Jensen method of alfa coefficient calculation, as indicators of risk the standard deviation and Value at risk were chosen. The data used were monthly and it was set up time period of five years. Lastly, I compared the calculated values, determined if it is more beneficial to invest in ETF funds or in actively managed funds and I recommended funds for minor investor. The data used were between 2017 and the end of 2021, so its development was affected by the Covid-19 epidemic that negatively affected prices of securities and by that also funds that trade with these securities.

The bachelor thesis focuses on the area of collective investment and the types of mutual funds in the Czech Republic in which investors can invest their funds. The work is mainly focused on the comparison of three stock mutual funds and three bond mutual funds from various investment companies. The funds are compared according to the following criteria: return of funds, risk, fees, costs, investment horizon and portfolio size. Further attention is paid to the influence of history, especially the impact of the 2008 crisis. Based on the evaluation of the results, the most advantageous fund for a small investor is recommended. The main purpose of the thesis is to show investors all of the important criteria and analyze the available information of each mutual fund so that the funds bring the highest possible value of investments.

This bachelor thesis concerns with Collective investment in CR. It describes the collective investment and the subjects of it. The thesis deals with history and law adjusting the collective investment in CR then compares the chosen mixed funds in term of six criteria, which are profitability, fund history, volatility, performance of the fund, net asset value, and minimum investment amount. Results are evaluated with Weighted Sum Approach (WSA) method, from which is clear that the best option for the small investor is the fund Vyvážený mix FF. I would consider investing into riskier types on funds, because the real net profitability of the chosen funds is quite small.

The bachelor thesis deals with the issue of collective investment. Its aim is to evaluate the current situation in the Czech Republic and analyse the specific characteristics of the sector. The main theme of the thesis is profitability, cost and volatility of selected open-end mutual funds. The practical part deals with comparison of mutual funds as equity and bond funds. The attention is given to selected Czech funds which were chosen with the same level of risk on the market. From the best of the selected mutual funds there are also created portfolios for different risk groups of investors.

The main goal of the thesis Taxation of Investment Funds"is to describe the taxation of investment funds in the Czech Republic and to evaluate the changes proposed by CVCA and AKAT in the field of taxation of private equity funds. To achieve this goal an analysis of the current system of taxation of investment funds in the Czech Republic, proposed changes and deductions was used. The partial objectives are: describe possibilities for investing in funds, define the functioning of private equity in the Czech Republic, analyse the dependence of private equity investments on selected macroeconomic indicators, and describe the taxation of investment funds in Luxembourg and define how the PE fund taxation is disadvantageous to direct investment. In order to meet the partial objectives, the analysis of the private equity investment system, the correlation analysis of selected macroeconomic indicators and investments in private equity funds, and a description of the method of taxation of private equity funds in Luxembourg will be used. In general, when designing changes in the taxation of private equity funds, it would be advisable to draw inspiration from already established workable systems in other countries, such as Luxembourg.

The bachelor thesis concerns Collective Investment in the Czech Republic. In the theoretical part the core of collective investment and its development within the Czech Republic is solved. Next, there is a legislation modifying collective investment. The thesis also describes subjects of collective investment and a typology of funds. The practical part deals with com-parison of mutual funds; equity and bond funds. The timeframe chosen for this thesis is from 2010 to 2015. Funds are compared according to criteria such as volatility, profitability, total cost of the fund, the length of the history of the fund and net asset value. The thesis uses the monthly net asset value of each fund to calculate the return on an investment and the monthly profitability is used for a calculation of volatility. The best fund, from all chosen equity funds, was a fund Conseq Invest Akciový, which was one of the best in every criterion. The second best rated fund was AXA CEE Akciový. Another fund valuable to be mentioned is Spo-rotrend who was the worst one. In this case, the idea that the fund's long history does not speak of its future performance is confirmed. In summary comparison of selected bond funds a fund KB Dluhopisový, offered by IKS KB, a. s., was the best one. A fund AXA CEE Dluhopisový was just behind this and the last one was a fund ČS korporátní dluhopisový which was offered by Erste Asset Management GmbH, branch Czech Republic. Even before the retail investor will invest, he should settle a few goals. One of them is to determine the purpose of the chosen funds. Then he must consider his risk tolerance. The investor should also properly diversify their resources as assets. It is advisable to invest into the three areas, namely to money-market fund, bond and stock markets.

Management and administration of investment funds. The purpose of this thesis is to comprehensively present a legal regulation of management and administration of investment funds in the Czech Republic. The thesis is divided into five chapters. The first chapter deals with the material scope of Act on Investment Companies and Investment Funds. Purpose of this chapter is to determine, in relation to which activities apply the regulation of management and administration of investment funds pursuant to the Act on Investment Companies and Investment Funds. The second chapter is dedicated to the management of investment funds. The aim of this chapter is to define the management of investment funds, Management Company and the rules for the performance of its activities. The third chapter is dedicated to the administration of investment funds. The aim of the third chapter is to define the administration of investment funds, administrator and rules for the performance of its activities. The fourth chapter briefly discusses the depositary when the aim of this chapter is to define its position in relation to the management and administration of investment funds. The fifth and final chapter briefly deals with the Prime broker, when it also analysis the definition of its position in relation to the management...

This thesis deals with retail investors investing in mutual funds in the Czech Republic and focuses on the period from 2004 to 2014. The aim is to analyze what investment opportunities special funds can offer retail investors. The theoretical part defines important terms for collective investment, the concept of the so called "magic triangle", illustrating the relationship between return, risk and liquidity, and the differences between retail and qualified investors. It also briefly outlines the development of collective investment in the world and in the Czech Republic, as well as the advantages and disadvantages of collective investment. Subsequently, the current classification of collective investment funds in the Czech Republic are analyzed from different perspectives. No major differences have been found in the regulation of standard and special funds. The main contribution that this work provides is the detailed analysis of five chosen special funds, forming the practical part of this thesis. Based on the selected criteria it has been found that only some of the chosen special funds can offer retail investors the possibility of an interesting appreciation of invested funds. The work points to the fact that the legislation of the fund is not as fundamental for retail investors as the specific type of investment strategy and the focus of the fund.

The master thesis deals with collective investment possibilities in Czech Republic designed for small investors with focus on instruments carrying very low risk. The goal is to assess these possibilities and their mutual comparison according to their return and risks. Special attention is devoted to protected mutual funds, as popular instrument of risk-averse investors.

The thesis focuses on reviewing the impact of the Financial Crisis 2008 on the collective investment industry in the Czech Republic. The first chapter evaluates the overall development of the collective investment market, since the emphasis is primarily on the changes caused by the crisis. Part of the first chapter is also dedicated to a description of the causes and consequences of the crisis itself and the overall changes in the financial markets that are with the crisis associated. The second and third chapter contain specific representatives of funds and their evaluation based on methods taking into account risk and return. In conclusion of the thesis, the information provided while doing this thesis are summarized and on their basis are also formulated certain investment recommendations.

This work concerns the problems of the schemes of Czech collective investment. The aim of this diploma work is to compare two established groups of selected mutual funds in terms of their performance, and taking into account the risk and expenses or fee intensity of these funds. The first part of the diploma work describes the nature of the collective investment in the Czech Republic, its development and current status of this sector. The second part describes the basic methods and indicators of measuring the funds performance. The last section is directly focused on the analysis of the selected groups' efficiency of mutual funds. The first group concentrates on the maximum return on investment whereas the second one focuses on their safety. This work gives a better understanding of the collective investment market and helps the investor to select the appropriate mutual fund.

The Master thesis "Analysis of selected investment funds in the Czech republic" deals with collective investments with focus on mutual funds. The first part is dedicated to definition of the term collective investments, its history and general characteristics of mutual funds. The middle part is dedicated at firts to the czech market of collective investment and the analysis of this market. The last part focuses on comparison of the performance of selected funds and its characteristics.

This thesis is focused mainly on performance measures of open-end mutual funds and analysis of selected funds with long track record (periods 1995-2013 or 2000-2013) available for individual investors in the Czech Republic. In the first part of the thesis, evolution of Czech collective investment business is described. Among traditional risk focused approaches, this thesis describes also less common approaches taking investors' psychology into account -- for example measurement of stress or net utility based on Loss Aversion theory. In the analytical part, the role of additional costs (e.g. entry fee or taxes) is emphasized as these additional costs are usually out of any consideration when measuring the performance. The results show that these additional costs may have significant impact on returns recorded by the investor. In the Czech asset management industry, we usually experience presentation of returns only -- without stress of risks or other factors, risk focused measurements are rarely displayed in funds' performance presentation.

The thesis aims to specify means of consumer protection in financial services in the Czech legal system, to clarify their structure, assess efficiency and evaluate the extent to which consumer protection is provided. Main topic of interest is restricted within the purview of the financial ombudsman of the Czech Republic. The first chapter focuses on definition of instrument of consumer protection in financial services and their classification from a theoretical point of view. The next three chapters are devoted to a detailed depiction of consumer protection means in three segments of the financial market: payment system, consumer credit and collective investment. Legal provisions concerned with the Czech financial ombudsman are the matter of subject of the last chapter, which is accompanied with a brief analysis of functioning efficiency of this institution. Applied methods are interpretation of Czech legal framework, description of consumer protection instruments and basic statistical methods used for data comparison, which are the basis for general deductive implications. The paper pinpoints deficiencies of the legal provisions and its conclusions consist of suggestions in specific fields. The main output of the thesis includes an emphasis of the need of progress in financial readiness of...

Funds of qualified investors Recent events in the financial world emphasize the need to understand institutions and instruments of capital market. From that reason I have chosen the area of funds of qualified investors. The aim of my thesis is to examine the treatment of funds of qualified investors, to characterize the main changes the funds have come through and to carry out a comparative analysis of similar funds which are intended for professional investors abroad and to focus on strict European legislation in this area which has an effect on the Czech funds of qualified investors and assess influence of the legislation on them. The thesis is structured into six chapters, each of them dealing with different aspects of the funds of qualified investors. The first chapter is introductory and introduces basic terminology of the subjects of collective investment; the chapter is divided into three subchapters. Subchapter one describes collective investment in the context of financial market, the second subchapter concerns the main principles of collective investment and in the third subchapter there are explained advantages and disadvantages of collective investment. The second chapter introduces the legislation of collective investment in the Czech Republic; it is also divided into three...

Bachelor thesis Collective investment and investment funds in the Czech Republic is characterized by the legislation in the Czech Republic, deals with the historical development and classification of investment funds. It mentions the principle of investing for the conclusion and presents selected products, compares them, mentions the advantages and disadvantages and it outlines the possibilities of collective investment in the Czech Republic has to offer.

The thesis deals with the collective investing. The aim is to assess the current state of collective investment in the Czech Republic. The are selected characteristics of the reference sector which are closely analyzed. The main aspects discussed in this work will be liquidity, cost, and in particular the profitability of selected products. On the basis of available information is created a portfolio of collective investment products selected for age and social groups to ensure income for retirement or accumulation of funds for future investments. Attention is paid to selected financial products company on the Czech market. These products include pension funds, investment life insurance and unit trust.

The bachelor thesis entitled ?Investment and mutual funds in the CR and EU? deals with the development of collective investment in the Czech Republic and the European Union. The main aim of this work is to analyze the range of investment and mutual funds, their classification and analysis of their investment focus and strategy. The theoretical part describes the concept of collective investment and deals with mutual and investment funds in the Czech Republic and European Union. Furthermore here are some guidelines for collective investment in the European Union and the basic information about the European Funds and Assets Management Association (EFAMA). The practical part analyzes the investment focus and development of selected equity and bond funds for the period 2009 to 2011.

Thesis deals with the collective investment in the Czech Republic and Austria. The first part describes the collective investment in general, advantages and disadvantages, subjects and risks associated with this form of investment. Thesis also deals with current regulatory issues of investment funds in the European Union. Next two parts are focused on the history, subjects and legal framework of the collective investment in each country. Final part compares both countries and presents the process of selecting a suitable fund with the focus on the final return for individual investor.

Collective investment enables people to have an appreciation of and access to a variety of funds by investing money as part of a group in mutual funds. This thesis deals mainly with the five selected equity funds. The theoretical part is devoted to the development of collective investment within the Czech Republic's legislation, including its advantages and disadvantages and the characteristics of the capital market. Furthermore, it classifies mutual funds according the content and expresses the concept of a participation certificate with the rights associated with it and also describes the influence of financial crisis on collective investment. In the practical part is compared five equity funds according to selected characteristics on the basis it is possible to choose the right mutual fund.

A high concentration of automotive industry in the Czech economy and its dependence on exports to Germany could be compared to a poorly diversified investment portfolio. At the time when the manual-labor-intensive industries move to countries with a lower labor costs and even stable German economy is losing pace of growth, it is necessary to consider how to support the competitiveness of the Czech economy and ensure sustainable economic growth. The work deals with the question whether a greater focus on the financial sector and with a strong collective investment market may be a possible solution. Author seeks to find the answer thru analysis of this industry and its impact on the domestic economy of the countries with the largest collective investment fund market. The analysis did not prove the initial assumption that the intensive development of the collective investment market in the country will significantly help to grow HPD. However, given the strong correlation between the volume of assets under management and HPD some kind of connection cannot be excluded. A multiplying effect on the other industries is only average, on the other hand the analysis of the competitiveness indicators showed the strength of the industry.

The Master thesis "Performance analysis of selected collective investment funds" is focused on development of collective investment and gives readers the general overview of the current situation of collective investment funds in the capital market of the Czech Republic. The initial description of the theoretical, historical and legislative development of this specific form of investment is followed by two primary parts of this thesis. The first part analyzes the impact of the global financial crisis on the Czech Republic's market of collective investment and the subsequent economic development. Second and also the fundamental part of this thesis focuses on the examination and comparison of the performance of selected funds operating in the Czech Republic.

The main task of this bachelor thesis is a comparison of selected debt and equity mutual funds based on the historical performance taking into account risk and the fees of these funds as well. The first, theoretically oriented, part of this work deals with the branch of collective investment in the Czech Republic from the perspective of historical evolution, recent legislative adjustments and the definition of the essential representatives of collective investment including their distribution. The second part presents the basic methods of quantification of historical risk and performance of the mutual funds. The final, practically oriented, section includes the results of the measurement of the historical performance of the selected funds based on the composite measures of performance and this closing chapter contains the analysis of the transaction costs of the monitored funds as well. Investment recommendations for potential investors are made based on these findings.

The goal of this work is to analyze the possibilities of investing in the company ČP INVEST, investiční společnost, a.s.. The introduction of the work summarizes the development of collective investment in the Czech Republic, the second part focuses specifically on the ČP INVEST company and the investment activities it offers. In the last, analytical part is the main attention paid to the standard ČP INVESTS funds with long-term investment horizon, which are evaluated using two-dimensional models considering both performance and risk. Based on these results are formulated recommendations that I would provide to potential investors interested in investing in the ČP INVEST company.

5252 Abstract Collective investment and its legal regulation In the Czech Republic the collective investment has experienced a huge expansion in the last decade which was caused among others by renewing the trust in legal regulation which ensures the safety of investment to the investors. Because the topic is relatively difficult and undoubtedly interesting I chose it as a topic of my diploma thesis. This paper is divided into chapters and subchapters containing particular topics regarding the collective investment legislation but to maintain the overall logical structure of the issue. Before starting to write the diploma thesis I discussed the biggest problems of a practical application of the collective investment legal regulation with practising lawyers as this view from the academic preparation was missing. I found out from this short survey the most common problems connected with the collective investment legal regulation which I discussed in this diploma thesis. These include in particular the definition of public offering under the Collective Investment Act, the possibility to offer the services of closed-end foreign funds in the Czech Republic and the recently introduced legislation regarding standard and alternative funds. For this reason I researched the available literature including papers in...

The goal of this work is to analyse today's practice of collective investment in the Czech Republic. Collective investing is based on collecting of financial means from the public and its collective investing on the capital market. Work deals with the main collective investment subject's characteristics, its classification, development and legislative adjustment in the Czech Republic. Part of the work is focused on the comparison of efficiency and risk of chosen open unit trusts.

Czech collective investment industry has been since 2004 regulated by EU directives and special national legal regulations. The national legal regulations, in particular, have undergone significant changes with major impact on the Czech collective investment fund industry. The paper is analyzing the impact of the most significant legal changes on the colective investment funds between 2004 and 2011 in the Czech Republic. In this period the whole supervisory system of financial market has been moved under the Czech National Bank. CNB became, together with the Ministry of Finance, coregulator of the fund industry as well. Major wrongdoings of the czech funds are described.

Collective investment is significantly influenced by international companies. Importance and reasons why to use international structures are discussed in the diploma thesis. Basics of legal regulation of the collective investment in the Czech Republic, Slovak Republic and Grand Duchy of Luxembourg are in parallel described in the text. Impact is also given to the European regulation and its mirroring in the national laws. The diploma thesis describes the legal regulation of the complete list of the funds which can be used in the mentioned countries, including special funds. Moreover historical consequences and present situation on the collective investment market are discussed.

My bachelor thesis "The Analysis of the Security of People in Old Age" is devoted to selected manners, which can be used to ensure people in post-productive age. These are primarily the collective investment, investing in stocks and real estate investment. With less details than the first three mentioned ways are analyzed the life insurance and additional pension insurance. I describe and evaluate all these methods especially with focus on their applicability for the purpose of security in old age, as it is demonstrated on three model examples. I also point to the need for a conscientious approach to dealing with old age security, which rests not only in the decision to begin ensuring yourself for an old age, but also in taking this decision as soon as possible, respectively by the time it will be enabled by the economic situation of person in question.

This bachelor thesis is primarily focused on analysis and overall evaluation of alternative financial products, that are mainly aimed to long-term pensionary savings. The opening chapter describes present form of czech pension system. The following text explains reasons, which can cause future unstability of current system and the end of the first part is dedicated to the upcoming pensionary reform. The main part of the bachelor thesis characterizes and investigates the chosen financial products that can help people to secure sufficient amount of money in pension. The main attention is focused on state-contributory supplementary pension, investment products and life insurance. Conclusion of the bachelor thesis belongs to an overall comparison of the chosen alternative means of financial security. The public research investigates the public view of this problem.

This thesis focuses on guaranteed investment funds, which have become very popular among investors in the Czech Republic in recent years. The reason for this popularity is the conservativeness of a typical domestic investor, who appreciates the lower bound for the value of his investment. Guaranteed funds characteristically have a complex structure and valuation of their profitability based solely on intuition is therefore impossible. This analysis tries to provide an answer to the question if investing in these funds is reasonable. A large part of the thesis is dedicated to the option theory and option valuation methods, including the famous Black-Scholes formula, as guaranteed investment funds have the characteristics of an option. Thanks to the complicated structure of these products, the analysis itself is done by Monte Carlo simulation.

The bachelor thesis deals with a set of problems related to decisions about investments in collective investment funds. The thesis is divided into a theoretical part and a practical part. The theoretical part should explain the principles of collective investment in the Czech Republic - legal regulations, principles of investment, types of funds and the composition of their holdings. The last chapter of the theoretical part is devoted to pension funds in the Czech Republic to compare shares funds and pension funds. The practical part is focused on practical utilization of theoretical pieces of knowledge and a comparison of chosen investment companies. The aim is to advise investors how to proceed when deciding about investments in collective investment funds and how they can invest their money in them.

The section of collective investment in Czech Republic registered very dynamic development in last years. The progressive volumes of bussines realized between financial mediator and wide investic public deposes about this fact. But also this section fights with these problems, which can lead to milliards´ exits goods and reflux of investors. The purpose of theoretic part is identification investor with history of collective investment, its development and changes throught this district, eventually in the near future are expecting. Practic part follows to shares funds, formation and their contrast on the basic of fixed criterions. All evalution is completed with indicences of global financial crises, the biggest problem of all world´s economic. This part contains also real procedure, which can potencial investor asserts as suitable investic alternate.

This thesis deals with investments funds in Czech Republich and Luxembourg. The goal is to characterize historical development, and also actual situation of investment funds, to specify the main differences and common features of this investment form in both countries. Furthermore, it analyzes main charakteristics of fund industry in these countries. The last part focuses on potential future development and trend in this segment. Thesis points to advantages of investing financial resources in Luxemburgian investment funds or constitution of the collective investment fund in this region.

This thesis is dealing with analyze and description of some aspects of Real Estate funds management. The theoretical part starts with the history and essence of collective investment. A special form of collective investment fund is Real Estate fund. The main features of these investment vehicles in the world and in Czech Republic will be examined. The main aim of this thesis is to suggest an ideal process and choose convenient methods how to evaluate an investment in realty. In the second chapter will be accomplished the analysis of external factors influencing Real Estate business. The third chapter suggests some methods for evaluating investment and risk analysis.

The thesis presents an analysis of the area collective investment in Czech republic. The focus is aimed primarily at historic development one of the most important way of saving money in The Czech capital market. The thesis analysis by details the process of formation collective investment by methods named "kupónová privatizace" and principles and guidelines of formation new capital market subjects. The function and purpose change of the subject of collective investment during short period existence was the cause of absences in the Czech legislation. Based on comparing of selected collective investment subject is described the present of collective investment in Czech republic according to law and outlined probable further development and improvement of investment commended assets.

The thesis is engaged in a very up-to-date subject in the field of a capital market. Concretely the thesis is concerned in a collective investment. After the introductory theoretical part and the description of legal regulations follows the fundamental part, which is the analyse of performance of selected collective investment funds during a period from the beginning of year 1999 till the end of year 2006. The aim of the work is to compare performance of a foreign and domestic funds, whereas this comparison proceeds between selected equity funds, bond funds and money market funds. The result of the analyse is very interesting. In the event of the equity funds performance of the foreign fund is distinctively higher than in the domestic fund. However in the event of the bond funds the czech fund became the winner of comparison. Performance of money market funds was approximately same but in the both cases lower than risk free interest rate used in the analyse.

The region of collective investment noted considerable development on the territory of the Czech Republic during last ten years. People start to look for new methods of evaluation their free means and just collective investment offers this possibility to them. This work was conceived as a companion for beginning investors. The object of theoretic part is to meet investors with the region of collective investment, with basic conception and subjects, which operate in the marketplace. Practic part is devoted to shares funds, which can be used for investment. This part contens not only evaluation according to various criterious, but also offers the procedure according to can investor to pool between channels for investment in term of collective investment and to choose the correct shares fund on its basis.