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标题: 【Native Speaker每日综合训练】【38-C】一周精选 - ETF [打印本页]

作者: AceJ 时间: 2014-7-2 23:56
标题: 【Native Speaker每日综合训练】【38-C】一周精选 - ETF
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.

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.

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.

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.

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.

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~

作者: fywqrah 时间: 2014-7-3 04:29
第一次占座啊~我不会说是我因为失眠了......

作者: fywqrah 时间: 2014-7-3 05:00
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.

作者: 疏离无罪 时间: 2014-7-3 07:22
占～～～～～～～～～

作者: davidlinkit 时间: 2014-7-3 07:32
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.

作者: viennall 时间: 2014-7-3 07:36
谢谢分享~~~~~~~~~~~~

作者: hawk！！！ 时间: 2014-7-3 07:44
这个学过，好像有点懂~~~
谢谢LZ了啦

作者: wnj2611339 时间: 2014-7-3 07:46
谢谢Ace J 的精析！

作者: mozhiwanjia 时间: 2014-7-3 08:20
顶.............

作者: puptna 时间: 2014-7-3 08:38
。。。。。。。。。。。。。。。。。。

作者: alyshell 时间: 2014-7-3 08:44
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作者: mandyliu1985 时间: 2014-7-3 08:50
拜读。。。。

作者: limin501 时间: 2014-7-3 09:23
ddddddddddddd

作者: ffffionabear 时间: 2014-7-3 09:27
感恩~~ˋ( ° ▽、° ) (o(￣▽￣///(占!!)

作者: 向你学习 时间: 2014-7-3 09:39
谢谢分享！

作者: haofanfanfan 时间: 2014-7-3 10:39
hello
~

作者: 比我老的老太太 时间: 2014-7-3 10:53
决定以后都来这里补充阅读材料！

作者: sunnyposy 时间: 2014-7-3 10:59
部分一讲ETF的由来，部分二讲ETF的特点，第一是创新性第二是快速增长性；第三部分讲ETF的好处？第四部分讲ETF潜在的风险；第五部分是给投资者的建议

作者: 比我老的老太太 时间: 2014-7-3 11:02
正在续续恶习！

作者: 小蘑菇开始打怪 时间: 2014-7-3 11:26
so it is Thursday again...

作者: 关心一点cheryl 时间: 2014-7-3 11:28
多谢啦！

作者: 为了梦想! 时间: 2014-7-3 11:44
233544354543444434

作者: kagewei1992 时间: 2014-7-3 12:23
谢谢！！！！！！！！！！！

作者: davidlu0517 时间: 2014-7-3 12:53
aaaaaaaaaaaaaaa

作者: peggy1215 时间: 2014-7-3 14:38
顶.............

作者: ssgoufeng 时间: 2014-7-3 14:46
顶~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

作者: wjwj1311 时间: 2014-7-3 16:18
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作者: 醒醒Shine 时间: 2014-7-3 17:01
文章分了3个part，我回忆下
1 success：reason---cheap and convenient; quick; increase---no sign will slow down
3 still some worry: regulatory; leverage
4 conclusion: author's opinion---- still great and continue apace

新技能：watchdog是指 a person of group of people whose job is to check that companies are not doing anything illegal. √

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！

作者: wangxiangyang 时间: 2014-7-3 18:58
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~···

作者: daisyjin 时间: 2014-7-3 19:25
阿看不懂那感谢分享~

作者: wangxiangyang 时间: 2014-7-3 19:29
睡了一天头昏脑胀~~~加油加油~~~小分队不仅能提高阅读速度和质量还能提高知识面。。。

作者: rebornwtw 时间: 2014-7-3 19:43
aaaaaaaaaaaaaaaaaaaaaaaa

作者: hl308 时间: 2014-7-3 20:23
many thanks

作者: 努力的小公主 时间: 2014-7-3 21:06
thx for sharing

作者: xhj198366 时间: 2014-7-3 21:25
谢谢分享

作者: xysowlly 时间: 2014-7-4 08:12

~~~~~~~~~~~~~~~~~~~~

作者: AceJ 时间: 2014-7-4 09:57

醒醒Shine 发表于 2014-7-3 17:01
文章分了3个part，我回忆下
1 success：reason---cheap and convenient; quick; increase---no sign will s ...

谢谢shine的补充，已添加至文章

作者: wangziann 时间: 2014-7-4 10:02
金融太多专业名词

作者: hibiscus613 时间: 2014-7-4 10:13
赞赞赞赞

作者: leo688 时间: 2014-7-4 12:19
谢谢啊，加油！

作者: sunjifan1234 时间: 2014-7-5 09:41
学习了！！！

作者: flhuihui1001 时间: 2014-7-6 09:34
谢谢楼主

作者: happyxgb 时间: 2014-7-6 10:17
ETFs become the template of the finance industry
The success is because of cheap and convenience operation and rapid development.
There is no trend of decreasing growth
It is easily achieve economies of scale. The market is controlled by three companies.
However, there is controversy of synthetic ETFs, which alarms authority about the relationship between companies and investing banks.
Though no regulation, people in Europe purchase more ETFs to suppress synthetic ETFs.
Another regulatory issues is asset
Till now, the image of ETFs has not been tarnished

作者: fiona215137 时间: 2014-7-7 20:50
感谢分享~

作者: pisback 时间: 2014-7-7 22:38
谢谢分享

作者: olivia瓜瓜 时间: 2014-7-7 23:19
新版块哇

作者: a31314431 时间: 2014-7-8 11:50
xiexie111111

作者: cindy806178024 时间: 2014-7-9 16:37
谢谢楼主分享

作者: adela02032 时间: 2014-7-21 13:28
thanks very much!

作者: 听不进 时间: 2014-7-22 18:06
Thanks for sharing！

作者: windbear 时间: 2014-7-22 18:53
谢谢楼主辛苦了

作者: fayerainy 时间: 2014-7-23 09:37
thanks a lot

作者: cxjj 时间: 2014-7-23 10:04
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作者: lsvic1623 时间: 2014-7-23 10:39
看看，支持阅读小分队，forever

作者: 三玄 时间: 2014-8-5 20:31
谢谢楼主分享

作者: liu18_ 时间: 2014-8-5 21:04
！！！！！！！！！！！！！！！！！

作者: gdufs1 时间: 2014-8-5 21:53
dddddddddddd

作者: shirly121 时间: 2014-8-14 08:15
thankssssssssssss

作者: angelcnn 时间: 2014-8-23 22:24
感谢楼主

作者: 猫小雯雯 时间: 2014-8-23 23:21
等的顶顶顶顶顶顶顶顶顶顶顶顶顶顶顶

作者: mogu724 时间: 2014-8-29 09:28
Mmmmmmmmmmmm

作者: dbw913 时间: 2014-10-10 08:36
谢谢！！！！

作者: wendy23peterpan 时间: 2014-10-10 08:40
学挖掘机到底哪家强呢？

作者: 不眠的侠客 时间: 2014-10-10 08:50
Fighting everyday!!!!!!!

作者: xiaoyee 时间: 2014-10-10 08:59
~~~~~~~~~~~~~~~~~~~~~

作者: 裘球球 时间: 2014-11-12 15:14
加油，天道酬勤！

作者: liuzixiaoxiao 时间: 2014-11-12 16:11
dddddddddddddddddd

作者: 学渣会胜利 时间: 2014-11-12 16:46
xiexielouzhu

作者: 玉溪山 时间: 2014-11-12 21:04
谢谢分享

作者: frank0401 时间: 2014-11-12 22:56
thank you!!!!!!!!!!!!!!!!!!!!!

作者: fenmeili 时间: 2014-11-12 23:35
111111111111111111111111111

作者: einsteinyang 时间: 2014-11-13 07:34
Thank you for sharing.

作者: zhuxizi93 时间: 2014-11-13 08:25
lllllllllllllllllllllllll

作者: _zyuan_ 时间: 2014-11-13 08:52
加入小分队行列！加油

作者: natalie320 时间: 2014-11-14 09:37
好题材~~感谢楼主

作者: pierre123321 时间: 2014-11-14 14:33
谢谢分享~~~~~~~~~~~

作者: samantha12 时间: 2014-11-14 16:48
..........................................................................

作者: 帅东子 时间: 2014-11-14 17:02
个风格让他更让他更让他给退热贴

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