央行和监管机构对合成ETF最为头疼,它们是银行用衍生品而非实物证券打造的。欧洲市场有45%的ETF是合成基金,英国央行(Bank of England)警告称它们的复杂性和不透明性会造成系统性风险。
The big three ETF managers – BlackRock, State Street and Vanguard – want to protect their franchises by drawing a line between “physical ETFs and newfangled derivatives, some of which are leveraged. They would like more transparency and clearer labels.
三大ETF管理公司——贝莱德、道富银行和先锋集团——希望划清“实物ETF和新型衍生品(其中一些已被杠杆化)之间的界限,以保护它们的业务。它们希望交易更加透明、基金说明更加清晰。
But even plain ETFs have pitfalls for retail investors. For one thing, US institutions and retail investors are not actually treated equally – ETFs in the US only trade blocks of securities with approved institutions, while retail investors only obtain shares through brokers.
但即便是普通ETF也为散户投资者埋下了陷阱。首先,美国机构和散户投资者事实上没有得到平等对待——美国的ETF只与获批准的机构进行大额证券交易,而散户投资者只能从经纪商处获得基金份额。
In this two-tier market, retail investors tend to buy and hold ETFs while traders and market-makers move in and out of funds rapidly for many different reasons. ETFs, for example, have become the primary vehicle for institutions to short markets: it is easier to trade in one index fund than to borrow many different securities.
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