“ETFs democratise investing – retail investors come together with the biggest and smartest institutions in one product, and are treated fairly and the same, says Joseph Linhares, who runs BlackRock’s iShares business, one of the big three ETF providers, in Europe.
“ETF让投资民主化——散户投资者与最庞大、最精明的机构投资同一种产品,并得到公正平等的待遇,欧洲三大ETF供应商之一贝莱德(BlackRock) iShares的负责人约瑟夫·利尼亚雷斯(Joseph Linhares)说。
It is cheaper to pay a fee of one-third of a per cent to a passive ETF than to invest in expensive actively-managed funds, many of which underperform the same indices anyway. ETFs cost less than passive mutual funds and, unlike mutual funds, investors can buy or sell shares in the trading day.
投资被动型ETF只需支付0.3%左右的费用,比昂贵的主动型基金便宜——何况很多主动型基金的表现还比不上同样的指数。ETF成本低于被动型共同基金,而且与共同基金不同的是,投资者可以在交易日中买卖基金份额。
This is a mixed blessing – the “temptation effect could encourage investors to trade in and out of ETFs constantly, reducing their long-term investment returns. One study by Vanguard found that 62 per cent of its retail ETF investors tend to “buy and hold compared with 84 per cent of mutual fund investors. Yet even that ratio does not suggest a huge amount of day-trading.
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2020-09-15
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