这可谓是好坏参半——受到“诱惑的投资者可能会不停地买进卖出ETF,从而减少了长期投资回报。先锋集团(Vanguard)的一项研究显示,62%的ETF散户投资者倾向于“买入并长期持有,而共同基金投资者中有84%持此策略。但即便是此比率,也不意味着每日交易规模很庞大。
The big question is whether individuals and institutions really are treated in the same way by ETFs – and treat them equally in return. Given the way the industry has developed over the past two decades, that is questionable.
一个重要的问题是,ETF是否真的平等对待散户和机构投资者,提供同等的收益率?考虑到该行业在过去二十年的发展方式,这确实值得疑问。
From plain ETFs such as State Street’s huge SPDR US fund, which follows the Standard and Poor’s 500 and has $107bn in assets, the sector has produced a myriad of funds – 4,600 at the last count. Small ones track esoteric indices and industries, using various baskets of securities.
从跟踪标准普尔500指数、资产达1070亿美元的道富银行(State Street)大型SPDR US基金等普通ETF算起,该领域已经诞生了数量庞大的基金——最新统计为4600支。小基金则追踪冷门指数和行业,投资于不同的证券篮子。
Central banks and regulators are most worried by the rise of synthetic ETFs, constructed by banks using derivatives rather than physical securities. About 45 per cent of the European market is synthetic and the Bank of England has warned that their complexity and opacity poses a systemic risk.
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