They are among the biggest and most useful innovations for the retail investor since the advent of mutual funds. But it is time for those investors to look a little more closely at exchange traded funds.
交易所交易基金(ETF)是共同基金出现以来,对散户投资者最重要、最有用的创新。但现在,投资者应该更近距离地审视它了。
The industry itself is reconsidering. As the Financial Times reported this week, after a race to get on board the ETF bandwagon, a quarter of the funds listed in the US have failed to attract enough cash to be viable. The shakeout of the $1.7tn industry, which is still pulling billions away from traditional mutual funds, is solidly under way.
行业本身也在反思。英国《金融时报》上周报道,在经历了一波ETF上市大潮之后,四分之一在美国上市的ETF基金因无法吸引到足够资金而难以为继。这个价值1.7万亿美元的行业仍然在吸走传统共同基金业数十亿美元的资金,但其洗牌也是势在必行。
Retail investors have faith in ETFs, and in many ways they are right. They are flexible instruments that allow them to invest in indices such as the S and P 500 and the FTSE 100 more cheaply than alternatives. Instead of the complexities of trading in stocks and bonds, or the expense of actively-managed funds, they can track the market efficiently.
散户投资者对ETF抱有信心,从很多方面来看,他们是对的。利用这一灵活的投资工具,他们可以花费比其他投资工具更小的成本,投资于标准普尔500(S and P 500)和富时100(FTSE 100)等指数。与复杂的股票债券交易和高成本的主动型基金不同,投资ETF可让投资者高效地对市场进行追踪。
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