The most vocal critic of ETFs is John Bogle, Vanguard's former boss.
ETF最严厉的批评者是JohnBogle，先锋集团的前老总。
Unlike units in a conventional mutual fund, ETFs can be traded all day long.
不像传统的共同基金单位，ETF可以整日交易。
Investors ought to be told that the market for ETFs may not always be as liquid as they would like.
投资者应当被告知交易所交易基金的市场可能不会像他们所希望的那样永远是流动的。
Some blame the rapid growth of gold ETFs for pushing the bullion price to record peaks in late 2009.
有人指责黄金ETF的快速增长是2009年底推动黄金价格达到新高的主要原因。
Another problem lies in the existence of leveraged ETFs, where losses as well as profits can be magnified.
另一个问题是杠杆式ETFs的存在，损失和收益都可能被放大化。
The answer was the development of “synthetic ETFs” and related products such as exchange-traded notes (ETNs).
于是就形成了“综合型交易所交易基金”及其相关产物，如交易所买卖票据（ETNs）。
Nevertheless, the rapid trading of ETFs is an area of concern, especially when the underlying assets are illiquid.
但是高速交易中的ETFs是一个值得关注的问题，尤其当相关资产是缺乏流动性的。
Third, because it is easy for private investors to buy and sell ETFs, they may be tempted to trade them too often.
第三，由于私人投资者在买卖ETF上的便捷性，可能促使其频繁交易。
That spells danger for investors in leveraged ETFs, which use debt to magnify the returns of the index they follow.
杠杆ETF利用债务来放大他们购买的指数的回报率，对于投资者来说这是非常危险的。
The company said that cleverly named ETFs will come quicker to traders' and institutional investors' minds as they sift through lists of funds.
该公司表示，如果某支ETF基金的股票代码起得好，那么在交易员和机构投资人翻阅基金目录的时候，他们就会优先想到这支基金。
But as fast as the assets of ETFs and index-tracking mutual funds are growing, another section of the industry seems to be flourishing even faster.
但是随着ETFs和指数追踪共同基金的资产不断壮大，这个行业的另一部分似乎也开始以更快的速度迅速成长。
'There are some well-constructed China-related indexes,' Lydon said. 'the ETFs that represent them have diversification, low expenses and liquidity.'
莱登说，有一些构建良好的中国相关指数，代表这类指数的交易所买卖基金具有多样化、低费用和流动性的特点。
As the IMF points out, "While most ETFs are supported by one or two marketmakers, there is no guarantee of active trading under illiquid conditions."
就像国际货币基金组织所指出的“几乎所有的ETFs都只有一个或者两个做市商支持，所以在没有流动性的市场中，活跃的成交是难以得到保证的。”
The SEC hopes to finish its review by the end of summer and says its goal is to craft a policy that will permit ETFs only limited use of derivatives.
证券交易委员会希望在今年夏天完成这一评估并表示它的目标是设计一种限制ETF基金使用衍生工具的政策。
Especially, on the expectation of China first index futures, this paper systematically compared Hushen 300 index futures's different cross-hedging performances on ETFs.
特别是在我国股指期货推出之前，对运用仿真沪深300股指期货合约与不同ETF产品的交叉套期保值效果进行了较为全面和系统的分析比较。
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。
Mr Major said risk appetite was looking increasingly fragile and fund managers who reached their benchmark return might well be inclined to “park” some capital in precious metal ETFs.
梅杰表示，风险偏好看上去日趋脆弱，已经实现基准回报率的基金经理，很可能倾向于把一部分资金“存放于”贵金属ETF中。
Mr Major said risk appetite was looking increasingly fragile and fund managers who reached their benchmark return might well be inclined to "park" some capital in precious metal ETFs.
梅杰表示，风险偏好看上去日趋脆弱，已经实现基准回报率的基金经理，很可能倾向于把一部分资金“存放于”贵金属ETF中。
It may seem odd that people want the risk of keeping gold at home (or the cost of storing it at a bank), when they can invest in exchange-traded funds (ETFs) that track the gold price.
投资人宁愿承担在家保存黄金的风险或者是将其存在银行的成本，也不愿选择跟踪金价的指数股票型基金(ETFs)，这或许看起来有些奇怪。
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.
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。
Distinguishable features of ETFs include their underlying liquidity, tax efficiency, and lack of persistent premiums or discounts to their net asset values (NAV), which are discussed next.
ETF的显著特征包括：内在的流动性、节税、资产净值无持续的溢价或折价，这些特征将稍后讨论。
Distinguishable features of ETFs include their underlying liquidity, tax efficiency, and lack of persistent premiums or discounts to their net asset values (NAV), which are discussed next.
ETF的显著特征包括：内在的流动性、节税、资产净值无持续的溢价或折价，这些特征将稍后讨论。
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