举例来说，指数基金本身并不持有商品，但他们却被动的将其客户的钱投入到能源衍生品中，以对冲通货膨胀的风险。
Index funds, for instance, do not hold commodities themselves but passively invest their clients' money in energy derivatives to hedge against inflation.
本月CFTC又发布了新季度的数据，数据显示投向交易型开放式指数基金(etf)、用于购买商品的资金不能与去年的物价飙升产生必然联系。
New quarterly data also released by the CFTC this month show that money flows to exchange-traded funds (ETFs) for commodities failed to correlate strongly with last year's price surge.
《金融时报》解释称，这种风险在场外交易市场尤其普遍，而交易所开放式指数基金(etf)、外汇期权和多种大宗商品衍生品的通常进行场外交易。
The FT explains that this risk is particularly prevalent in over the counter markets, where ETFs, foreign exchange options and a number of commodity derivatives trade.
他在接受卫报采访时表示：“全世界都在对银行业进行重新规范，但粮食市场仍严重暴露在指数基金流入商品交易所的短期资金所带来的投机风险之中。
The banking sector is in the process of being re-regulated worldwide, but the food market remains seriously exposed to short-term flows of indexed funds into commodity exchanges.
GMO公司(一个基金管理公司)的杰里米·格兰瑟姆编制了一张包括33种商品的等加权指数。
Jeremy Grantham of GMO, a fund-management group, has compiled an equally weighted index of 33 commodities.
不可否认，一向看多不看空的基金确实是越来越多，这些基金在试图紧跟商品价格指数变化，而指数中石油价格通常占到最大的比重。
There is, admittedly, a growing category of inherently bullish investment funds that seek to track commodity-price indices, in which oil is usually the biggest component.
据他估计，指数基金在今年第一季度暴涨的130亿美元中，有20亿美元的增长是来自商品自身价格的上升。
He estimates that index funds swelled by $13 billion in the first quarter of this year, for example, of which all but $2 billion derives from the rise in commodity prices.
据他估计，指数基金在今年第一季度暴涨的130亿美元中，有20亿美元的增长是来自商品自身价格的上升。
He estimates that index funds swelled by $13 billion in the first quarter of this year, for example, of which all but $2 billion derives from the rise in commodity prices.
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