在这种两级市场,散户投资者通常购买并长期持有ETF,交易员和做市商却由于诸多不同原因快速地吃进、卖出基金。例如,ETF已经成为机构做空市场的主要工具:交易一种指数基金,比借入众多不同证券更加容易。
That need not be a problem for retail investors itself – indeed, it can be an advantage. A lot of trading in an ETF tends to narrow the spreads at which its shares are offered and thus lower the ultimate costs for individuals. Market-makers also tend to seize on gaps that open up between the value of an ETF and its underlying index, and eliminate them through arbitrage.
散户投资者不一定要为此感到烦恼——其实,它可能有好处。对一支ETF基金进行大量交易,通常会缩小基金份额价差,从而降低散户投资者的最终成本。做市商也常常会抓住ETF价值和标的指数之间的差距,并通过套利来填平差距。
But things do not always work in favour of the ordinary investor. Moody’s cited one case earlier this year in which the value of one bond ETF was heavily reduced by one investor trading a single $780m block of shares. “For the most part, anything that brings liquidity is a good thing, but we care about extreme events, says Neal Epstein, a senior credit officer at the agency.
但情况并非总是对普通投资者有利。穆迪(Moody’s)在今年早些时候引述过一个案例——一位投资者进行了一笔价值7.8亿美元的大宗份额交易,导致一支债券ETF价值损失惨重。“大多数情况下,任何带来流动性的东西都是好事,但我们担心的是极端事件,穆迪高级信用官尼尔·爱泼斯坦(Neal Epstein)说。
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