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Iqtibos keltirish tartibi
Annotatsiya
Mazkur maqolada O‘zbekiston fond bozorida aholining investitsiyaviy ishtirokini kengaytirish maqsadida milliy aksiyalar indeksiga asoslangan birja investitsiya fondi — ETFni tashkil etish imkoniyatlari o‘rganilgan. Tadqiqotda xorijiy olimlarning ETFlarning diversifikatsiya, xarajatlar, chakana investorlar xulq-atvori va barqaror moliyalashtirishga ta’siriga oid ishlari, AQSH, Finlandiya, Hindiston hamda Qozog‘iston tajribasi qiyosiy tahlil qilingan. O‘zbekiston fond birjasining 2026-yil birinchi yarim yillik ko‘rsatkichlari, amaldagi investitsiya fondlari haqidagi qonunchilik va milliy indeksning xususiyatlari asosida birjada sotib olinishi mumkin bo‘lgan indeks portfeli uchun tashkiliy model taklif etilgan. Tadqiqot natijalariga ko‘ra, milliy indeks ETFini joriy etish uchun indeksdagi aksiyalarning real likvidligi, market-meyker ishtiroki, sof aktivlar qiymatini oshkor etish, fond xarajatlarining shaffofligi hamda aholi uchun qulay investitsiya kanallarini birgalikda shakllantirish talab qilinadi. Shuningdek, uchta shartli ssenariy bo‘yicha jamg‘armalarning fond bozoriga yo‘naltirilishi hisoblangan. Natijalar prognoz sifatida emas, taklif etilayotgan mexanizmning iqtisodiy miqyosini baholovchi model sifatida talqin etilgan.
Adabiyotlar ro‘yxati
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2. Alikulov, A. T. (2025). Analysis of stock market trading results in Uzbekistan. Science and Innovation, 4(11), 21–26. https://doi.org/10.5281/zenodo.17606350
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4. Interfax. (2026, August 4). Tashkent Stock Exchange sees trading volume drop 42.2% in H1. https://interfax.com/newsroom/top-stories/118598/
5. Kazakhstan Stock Exchange. (2026, April 9). Starting from April 10, trading in ETF KZPF00000983 (KASXf) and KZPF00000991 (MBM_f) will open on KASE. https://kase.kz/en/information/news/show/1563992
6. Kazakhstan Stock Exchange. (2026, April 14). BCC Invest is assigned the status of a market maker on KASE for KASXf and MBM_f ETFs. https://kase.kz/en/information/news/show/1564267
7. Marín-Rodríguez, N. J., González-Ruíz, J. D., & Botero, S. (2025). Towards new strategies for investing: Insights on sustainable exchange-traded funds (ETFs). World, 6(1), Article 8. https://doi.org/10.3390/world6010008
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12. O‘zbekiston Respublikasi. (2015, 25-avgust; 2026-yilgi tahrir). “Investitsiya va pay fondlari to‘g‘risida”gi O‘RQ-392-son Qonun. https://lex.uz/uz/acts/-2731863
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Mualliflik huquqi (c) 2026 Alikulov, A.T. (Muallif)