Some investors use ETFs as a quick way of expressing their overall view on the market, while high-frequency traders use the funds as part of their complex arbitrage strategies.

一些投资者将ETFs作为表达市场总体看法的快速通道，而高频交易者则将ETFs当作复杂的套利策略的一部分。

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In a bond swap, you buy one bond on one market and sell it at the same time on another. This is called arbitrage.

在债券互换交易中，你可在一个市场上购买一种债券，同时又在另一个市场上卖出，这叫套利。

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The market figured out how to arbitrage out that expectation.

市场在研究如何从这些期望中套利。

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Morningstar's "long-short" mutual-fund category includes market-neutral and absolute-return funds, which are designed to generate returns in any market environment, and arbitrage funds, which try to exploit market inefficiencies.

WSJ: Mutual Funds That Act Like Hedge Funds

Problems occur with corporate bond ETFs in a fast-moving market because the arbitrage mechanism starts breaking down.

FORBES: Why We Don't Buy Corporate Bond ETFs

Described in typical industry gobbledygook as a "multistrategy, market-neutral arbitrage" fund, SRI eked out a net 0.07% return its first six months.

FORBES: Sid Bass tries to hook investors with a no-sin fund.