TERMINATION OF EXCHANGE-TRADED FUNDS UNDER TURKISH LAW IN COMPARATIVE PERSPECTIVE

Özet

Exchange-traded funds (ETFs) are funds established by portfolio management companies under a set of fund rules, the units of which are traded on Borsa İstanbul A.Ş. Although ETFs do not possess separate legal personality, their principal function is to manage a portfolio in accordance with the principle of fiduciary ownership, while their assets constitute a segregated pool of assets composed of the property included in the fund portfolio. This article first examines the definition of ETFs and the legal bases set out in the relevant communiqués, and then evaluates, within the framework of Turkish law, issues relating to the termination of ETFs with reference to Capital Markets Law No. 6362 and the regulatory framework of the Capital Markets Board. It further compares the principal grounds for the termination of ETFs in the United States and the European Union, where such funds are widely used, with the corresponding practices under Turkish law, and, on that basis, discusses possible reform proposals concerning the termination of ETFs.

Abstract

Exchange-traded funds (ETFs) are funds established by portfolio management companies under a set of fund rules, the units of which are traded on Borsa İstanbul A.Ş. Although ETFs do not possess separate legal personality, their principal function is to manage a portfolio in accordance with the principle of fiduciary ownership, while their assets constitute a segregated pool of assets composed of the property included in the fund portfolio. This article first examines the definition of ETFs and the legal bases set out in the relevant communiqués, and then evaluates, within the framework of Turkish law, issues relating to the termination of ETFs with reference to Capital Markets Law No. 6362 and the regulatory framework of the Capital Markets Board. It further compares the principal grounds for the termination of ETFs in the United States and the European Union, where such funds are widely used, with the corresponding practices under Turkish law, and, on that basis, discusses possible reform proposals concerning the termination of ETFs.

Yazarlar

Nilüfer ÖZER ŞEKER

Anahtar Kelimeler

Exchange-Traded Funds (ETFs), Capital Markets Board, Termination of ETFs, Capital Markets Law No. 6362.

JEL Codes

G28, K22

Yayın Bilgileri

Cilt 6, Sayı 1, 2026 · Sayfa 43-49

DOI: 10.52898/ijif.2026.3

Dosyalar