The latency arbitrage trade aims to game the so-called national best bid and offer price on a stock, which sets the price most investors use to trade.

潜伏套利所赌的是股市中的“全国最佳买卖价”。这种价格设定了多数投资者用于交易的价格。

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However arbitrage can't exert effective because of the cost of good compound and the division of market trade institution., especially in China.

尤其在交易品种缺乏，市场分割严重的中国国内交易市场，套利交易更是未有效发挥其应有作用。

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This risk-free arbitrage trade locked in a small profit for the institutional investor and kept the SuperUnit market price in line with its underlying value.

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The arbitrage trade would be repeated over and over until the discrepancy between the ETF and its underlying value was so small that there is no profit left from arbitrage.

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This trade repeats itself until the ETF price moves close enough to the NAV that arbitrage is no longer profitable.

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