The risks for potential price gaps between the trading sessions in a single share due to unexpected news or the published report of a company require broad diversification of tools or long-term investing in formation of the speculative and investment portfolio. However, broad diversification entails an increase in commission costs, and long-term investments in terms of their profitability are close to the market average, which does not always meet the expectations of investors and may affect the competitive advantage of the investment company. This, in turn, requires new tools, which allow improving the control of risks in the implementation of speculative operations by managers. One of these tools are ETF mutual funds, meeting the requirements of broad diversification, low commission costs and good liquidity, which allows expanding opportunities in the management of the investment and speculative portfolio. The paper analyzes the advantages of the ETF tool, its definition, the possibility of applying for both the investment portfolio and as a tool for speculation, as well as the impact on the risk management of the management company and management strategies.
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