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[阅读小分队] 【Native Speaker每日综合训练】 【38-C】 一周精选 - ETF

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发表于 2014-7-2 23:56:32 | 显示全部楼层 |阅读模式
本期选文来自本期选文来自 wnj2611339 的38-10越障部分,选这篇文章并不是因为意思理解有多难,而是金融这个题材注定了会夹杂许多专业知识。所以拿出来大家探讨探讨,我对这块是相当缺乏知识的,所以在准备这篇精选时也查阅了很多资料,但相信依旧解释的不好,并会有很多错误。欢迎大家多多指出并补充。

原文链接:http://forum.chasedream.com/thread-909681-1-1.html


Exchange-traded funds: Twenty years young
----The anniversary of a successful financial innovation
Jan 26th 2013 | From the print edition

TWENTY years ago this month, State Street, an American financial-services group, launched a listed product called an exchange-traded fund (ETF), which tracked the S&P 500 share index. Because of its ticker code, SPDR, the product soon became known as the Spider. It was not the first quoted fund to track an index (that was launched in Toronto in 1990) but the Spider fund quickly became the template for an industry that now controls around $2 trillion of assets, almost as much as the hedge-fund sector.

第一段主旨:早期ETF的介绍,美国第一支ETF叫SPDR,但全球第一支是1990年多伦多发行的。
Ticker: A ticker is a machine that records information such as stock exchange prices, either electronically or on ticker tape. 从这段解释不难看出,Ticker是早期用来记录股票价格的纸带,进入电气时代后,记录股票信息的设备于是也叫Ticker
Hedge fund: 大名鼎鼎的对冲基金。又称避险基金,对冲是一种旨在降低风险的行为或策略。套期保值常见的形式是在一个市场或资产上做交易,以对冲在另一个市场或资产上的风险,例如,某公司购买一份外汇期权以对冲即期汇率的波动对其经营带来的风险

The ETF is one of the more successful financial innovations in recent decades. Its success has been driven by two things: cheapness and convenience. The total expense ratio (a fund’s expenses divided by its assets under management) on the Spider is just 0.09% a year, allowing investors to get a return that is close to that of the overall stockmarket. Compare that with actively managed mutual funds, which try to pick stocks and have expense ratios of over 1% a year. On average actively managed funds are unlikely to beat the index; some underperform by a big margin.

Secondly, the industry has expanded so rapidly—there were 4,731 funds at the end of last year—that investors can use ETFs to invest in almost any asset class (see chart). It is possible to create a fully diversified portfolio consisting entirely of ETFs and to switch the allocation of that portfolio within seconds. That has made the funds highly attractive to high-frequency traders and to hedge funds: some 16% of trading volume at the New York Stock Exchange in 2012 was in ETFs.

二,三段,ETF的好处,一是便宜,二是方便。第三段中有个词叫portfolio,这个词的意思就是投资证券组合,或者投资组合。因为ETF可以很方便的转移和重新分配投资,所以深受投资者喜爱。

There seems to be no sign of a slowdown in the industry’s growth. Investors piled a further $265 billion into ETFs in 2012, up from an inflow of $170 billion in 2011. The compound annual growth rate of assets over the past decade has been 29.6%, according to ETFGI, an information provider. Even at $2 trillion, the industry is still a tiddler compared with the $26 trillion invested in mutual funds worldwide.

Index-tracking is one area of fund management where it is possible to achieve economies of scale: it costs little more to manage $10 billion than $1 billion. Fund managers can benefit from a virtuous circle in which bigger funds mean lower fees, attracting more investors and leading to even bigger funds. As a result the industry is highly concentrated. The three top providers, iShares (part of BlackRock), State Street (which uses the Spider brand for all its funds) and Vanguard, control almost 70% of assets. BlackRock this month agreed to buy Credit Suisse’s ETF business, with $17.6 billion of assets in 58 funds.

四,五段,ETF如日中天,且发展日益集中。这里有一句很实用的话:the industry is still a tiddler (tiddler: a very small fish)
Index-tracking:指数追踪,是指试图令资产组合的价值紧贴某一市场指数的表现,通常是透过复制所追踪的指数的资产结构来达成。本文的主角ETF,则是最具代表性的跟踪大盘指数的投资证券之一。

The industry’s rise has not been without controversy. Early ETFs like the Spider resembled the index-tracking funds that had been created in the 1970s: they mimicked a benchmark by buying all the constituent stocks or bonds. But as the industry branched out into other, less liquid types of assets, it proved far more difficult physically to buy all the index components. Some ETF providers gave exposure to such asset classes in the form of a swap agreement with a counterparty, normally a bank, which agrees to match the return achieved by the benchmark index.

The appearance of these types of products, usually described as synthetic ETFs, caused some alarm among regulators. In March 2010 the Securities and Exchange Commission suspended the approval of new synthetic ETFs (existing products were allowed to continue). A trio of international watchdogs—the Financial Stability Board, the Bank for International Settlements and the International Monetary Fund—all worried aloud.

In particular, the authorities fretted about the links between investment banks and synthetic ETFs. What if the bank counterparty to a swap went bust, a natural concern in the wake of the collapse of Lehman Brothers? The issue was most pertinent in Europe, where synthetic ETFs were more widespread than in America.

Although there has been no regulatory restriction on synthetic ETFs in the EU, investors seem to have voted with their wallets, favouring the providers of physically backed funds. In 2012 iShares (which mainly offers physically backed funds) increased its European market share to 38%; the db X-trackers and Lyxor brands, which both rely on synthetic funds, lost ground. But there are some asset classes—notably commodities—where it makes more sense to use derivatives or swaps than to buy the assets outright; fund managers cannot store corn or pork bellies. So synthetic ETFs will not disappear altogether.

Another regulatory worry concerns the existence of leveraged ETFs, which aim to give investors a geared exposure to an asset class. Because of the way they are constructed, the returns from leveraged ETFs do not, over the long term, tend to deliver returns that closely track the chosen benchmark, creating the potential for small investors to be misled.

我把6-10段放在一起。这一部分主要讲了ETF的发展也并非完全的一帆风顺。早期ETF模仿70年代就出现的指数追踪型基金,购买所有的成分股。但随着行业延伸进其他流动性不强的资产领域,这一策略难以为继。于是一些ETF的操盘者开始与交易方,通常是银行寻求交换协议(这里我也不知道如何去解释,如有金融人士,请帮忙补充)。这种协议后的产物叫Synthetic ETFs

感谢“醒醒shine”对Synthetic ETFS的解释:
Synthetic ETFs就是混合型的交易型开放式指数基金,其实就是说基金里的投资资产结构是混合型的,不是过去只追踪指数这一个了。另外,跟银行合作的原因,一般都是因为银行的交易渠道更多、产品更多、可购买的客户也更多,很多投资组合可以通过银行进行二次包装再分销等方式,对金融监管而言难度更大,风险更高,所以监管机构是非常重视的。
大致这样哈。探讨!


而正是这一新形式的出现,引起了SEC的警觉,并于2010年暂缓了新Synthetic ETFs的审批。紧接着文章提到了三个Watchdog对此表示十分担忧。啥是watchdog?千万不要以为是看门狗啊,watchdog是指 a person of group of people whose job is to check that companies are not doing anything illegal. 而这一令监管方十分忧虑的links在欧洲则更加严重。随后作者简单描述了一下Synthetic ETFs在欧洲的情况。另一个令监管者担忧的问题则是leveraged ETF的存在。这是一种长期来看有令小额投资者迷失方向潜力的产品。

So far, however, the industry has not seen the kind of scandal that might tarnish its image. And innovation continues apace. In December iShares launched a range of minimum-volatility ETFs in London, which are designed to give investors exposure to the equity market with less risk, by choosing stocks that have been more stable than the overall market. If you can dream up an investment style, the industry will create an ETF to match.

最后一段,ETF前途一片光明。无负面消息,且持续创新。
Volatility: n, (of a situation) likely to change suddenly, easily become dangerous; 引申至金融市场,一般用来形容利率,风险等波动性大


Reply Your Answer to Check analysis


本期精选就到这里啦,希望大家喜欢,有什么问题,给我留言~
单选投票, 共有 13 人参与投票

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发表于 2014-7-3 04:29:12 | 显示全部楼层
第一次占座啊~我不会说是我因为失眠了......
发表于 2014-7-3 05:00:23 | 显示全部楼层
ETF was launched twenty years ago to track the stock index and was known as spider, which quickly expanded to a large scale.
The reasons why ETF was so successful are cheapness and convenience. It cost 0.09% per year, compared to over 1% of other hedge funds. Investors can find almost any asset to make a fully diversified portfolio.
The investment in industry has yeild a great deal of profit. Also, index-tracking is attractive to fund managers who try to take advantage of big funds with economies of scale.
The disadvantages of ETF exist. A benchmark imitated the trend of ETF and found that it could be less liquid and more exposed to risk. Some providers used swaps to lock the return of the fund.
The issue about synthetic ETFs is widely warned. They were worried about the link between investment bank and ETFs, which could default and result banking risks.
Investors started to vote with their wallet and to invest in physically backed funds. However, ETF will not disappear because derivatives and swaps are still needed.
Another concern is about leveraged ETFs, which has more uncertainties and tends to harm some smart investors.
Innovations on ETF provide more stable and less risky investment choices.
发表于 2014-7-3 07:22:25 | 显示全部楼层
占~~~~~~~~~
发表于 2014-7-3 07:32:55 | 显示全部楼层
at portfolio within seconds. That has made the funds highly attractive to high-frequency traders and to hedge funds: some 16% of trading volume at the New York Stock Exchange in 2012 was in ETFs.
发表于 2014-7-3 07:36:06 | 显示全部楼层
谢谢分享~~~~~~~~~~~~
发表于 2014-7-3 07:44:43 | 显示全部楼层
这个学过,好像有点懂~~~
谢谢LZ了啦

发表于 2014-7-3 07:46:33 | 显示全部楼层
谢谢Ace J 的精析!
发表于 2014-7-3 08:20:33 | 显示全部楼层
顶.............
发表于 2014-7-3 08:38:47 | 显示全部楼层
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