追踪基金必须为资金购买IPO筹集资金，从而卖掉其他股份，这就可能造成这些公司被全盘接收。
Tracker funds have to find money to buy IPOs and so sell other stocks, which might leave the latter open to takeover.
但是贝塔可以通过指数追踪基金以很低的成本取得，那为什么还要付给对冲基金如此高昂的价格呢？
But beta can be obtained at very low cost via index-tracking funds. Why pay hedge-fund prices?
最终将形成这些对冲基金巨头的廉价竞争者。 这类似于指数追踪基金（index-tracking fund）已经蚕食了指数基金(active fund)经理们所控制的市场份额。
The result could be a cheap competitor for the hedge-fund titans, akin to the index-tracking funds that have eaten into the market shares of active fund managers.
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