Un análisis exploratorio de los exchangeable trade funds y su influencia en el proceso de financiarización de commodities

The aim of this paper is to provide comprehensive insights into the architecture and impact of a recent financial innovation known as commodity index. The motivation of this study is based on the impact that these instruments may have in the functioning of commodity markets, leading to what the literature has called “financialization of commodities”. Therefore, we first present the concept of financialization. Then, we describe the architecture of commodites index and the corresponding trading vehicle called Exchangeable Trade Funds. In the third section we introduce an exploratory analysis of recent trends and stylized facts of the evolution of the market. We conclude with possible impacts of those instruments on the market, opening the hypothesis that they can generate a major source of risk in the markets that already describe a high level of volatility.