Why Passive ETFs Are Really Active, and What That Means for Investors
Many exchange-traded funds (ETFs) that go by the moniker of “passive” are in fact active, and it is important that investors understand why and the implications, according to a new research paper titled “Steering a Ship in Illiquid Waters: Active Management of Passive Funds,” by experts at Wharton and elsewhere. The so-called passive ETFs get active to increase the liquidity of their shares, especially those that track relatively illiquid markets such as small-cap stocks and corporate bonds, the paper stated.
https://t.cn/A6a17jAh
Many exchange-traded funds (ETFs) that go by the moniker of “passive” are in fact active, and it is important that investors understand why and the implications, according to a new research paper titled “Steering a Ship in Illiquid Waters: Active Management of Passive Funds,” by experts at Wharton and elsewhere. The so-called passive ETFs get active to increase the liquidity of their shares, especially those that track relatively illiquid markets such as small-cap stocks and corporate bonds, the paper stated.
https://t.cn/A6a17jAh
被动ETF是主动的?这对投资者意味着什么?
沃顿商学院等地的专家最新发表的一篇题为“在非流动水域中操纵船只:被动基金的主动管理”(Steering a Ship in Illiquid Waters: Active Management of Passive Funds)的新研究称,许多被冠以“被动”名字的交易所交易基金(exchange-traded funds,ETF)实际上有很多主动投资行为,投资者了解其原因及其影响很重要。当交易所交易基金(ETF)通过偏离其标的指数来追求流动性时,就会出现跟踪偏差(Tracking Errors)。
论文称,所谓的被动ETF会积极增加其股票的流动性,尤其是那些跟踪相对缺乏流动性的市场,如小盘股和公司债券的ETF。
https://t.cn/A6a17Oba
沃顿商学院等地的专家最新发表的一篇题为“在非流动水域中操纵船只:被动基金的主动管理”(Steering a Ship in Illiquid Waters: Active Management of Passive Funds)的新研究称,许多被冠以“被动”名字的交易所交易基金(exchange-traded funds,ETF)实际上有很多主动投资行为,投资者了解其原因及其影响很重要。当交易所交易基金(ETF)通过偏离其标的指数来追求流动性时,就会出现跟踪偏差(Tracking Errors)。
论文称,所谓的被动ETF会积极增加其股票的流动性,尤其是那些跟踪相对缺乏流动性的市场,如小盘股和公司债券的ETF。
https://t.cn/A6a17Oba
#军迷天地#
美国LCS 濒海战斗舰——濒海战斗舰(英语:Littoral Combat Ship,缩写:LCS),是美国海军为取代佩里级护卫舰在90年代初期进行的SC-21水面战斗舰艇计划一部分,是冷战后美国舰艇转型的一种体现。
濒海战斗舰基于冷战结束后美国海军可能面对的战术情境,主要对手的正规海空军力都不强,难以在海上直接威胁美国作战舰队;主要的任务是由海向陆地投送武器与兵力,因此濒海战斗舰主要着眼于在敌国沿岸水域的各种低强度作战需求,包括对付敌方沿岸比较可能出现的威胁(例如在近距离与敌方水面船艇交战、浅水海域反潜作战、清除敌国在沿海布设的水雷等。
美国LCS 濒海战斗舰——濒海战斗舰(英语:Littoral Combat Ship,缩写:LCS),是美国海军为取代佩里级护卫舰在90年代初期进行的SC-21水面战斗舰艇计划一部分,是冷战后美国舰艇转型的一种体现。
濒海战斗舰基于冷战结束后美国海军可能面对的战术情境,主要对手的正规海空军力都不强,难以在海上直接威胁美国作战舰队;主要的任务是由海向陆地投送武器与兵力,因此濒海战斗舰主要着眼于在敌国沿岸水域的各种低强度作战需求,包括对付敌方沿岸比较可能出现的威胁(例如在近距离与敌方水面船艇交战、浅水海域反潜作战、清除敌国在沿海布设的水雷等。
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