Introduction.The a rticle explores the evolution of collectiveinvestment alongside the democratization of the stock market,emphasizing the role of technological innovations in reshapinginvestment practices. Historically, investment was conductedthrough informal clubs and cooperatives, evolving over time tomore structured and regulated systems. Today, digital platformshave revolutionized the process, giving individual investorsunprecedented access and control over their portfolios.Purpose. The study's primary aim is to analyze thetransformational impact of digital innovations on collectiveinvestment models and the overall stock market. It seeks toidentify the interdependencies between traditional investmentstructures and emerging financial instruments while evaluatinghow modern technologies facilitate broader market participationand transparency.Methods. The research employs a comprehensive review of paststudies to trace the evolution of collective investment practices.Methodologically, the investigation examines various stages ofdevelopment—from informal investor groups to mutual funds,and subsequently to exchange-traded funds (ETFs), roboadvisors,and fractional trading platforms. This multi-stageanalysis provides insights into the benefits and challenges ofdigital transformation in the financial sector.Results. Findings indicate a clear transition from traditional,less regulated models towards sophisticated digital platformsthat enhance liquidity, reduce operational costs and increasetransparency. Digital tools, such as social trading networks androbo-advisory services, have lowered barriers to entry, enablingeven small-scale investors to participate actively in the market.However, the study also highlights emerging challenges,including algorithmic dependence, regulatory uncertainties, andthe risks associated with collective decision-making, such asgroupthink.Conclusion.Digital transformation fundamentally alters thelandscape of collective investment, making financial marketsmore accessible and efficient. The study concludes that whiletechnological advancements democratize investment andenhance market dynamics, they also necessitate the developmentof integrated strategies and robust regulatory frameworks tomitigate associated risks.

Стаття присвячена дослідженню еволюції колективного інвестування та демократизації фондовогоринку під впливом технологічних інновацій. Розглядаються поширені моделі об’єднання капіталу тасучасні технологічні рішення призначені для індивідуальних інвесторів. Аналізуються переваги, ризикита трансформаційний вплив цих чинників на інвестиційну екосистему