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1、外文翻译原文PricevolatilityandtrackingabilityofETFsMaterial：JournalofAssetManagement(2009)10,210-221.doi:10.1057/jam.2009.13Author：JackW.Aber,DanLi,LucCanABSTRACTInthispaper,weexaminethepricevolatilityandtrackingabilityoffouriSharestmexchange-tradedfunds(ETFs).Weus
2、ethreemeasures:thepremiumanddiscountposition,dailyreturn,andtrackingerror,comparedwithconventionalindexmutualfundstrackingthesameindex.Ourresultsindicatethatbothfundtypeshaveapproximatelythesamedegreeofcomovementwiththeirbenchmarks,butdifferslightlyintheirtra
3、ckingability.Onaverage,theVanguardtmconventionalindexfundsbeattheircorrespondingiSharestcompetitorsintermsoftrackingerror.JournalofAssetManagement(2009)10,210–221.doi:10.1057/jam.2009.13Keywords:trackingability;ETFs;indexmutualfundsINTRODUCTIONExchange-traded
4、funds(ETFs)canbeorganizedasopen-endmutualfundsorunitinvestmenttrusts.MostUSETFsareoftheformertype.AnETFistypicallyindex-based,inthatitconsistsofaportfolioofsecuritiesthatismeanttotracktheinvestmentperformanceofaspecificindex.Todate,mostUSETFstrackequityindexe
5、s,suchastheS&P500ortheNasdaq-100.Becausetheyareindex-based,ETFsareconsideredpotentialsubstitutesforconventionalopen-endindexmutualfunds,andarewidelyviewedascompetingforinvestorsinthesamemarketsasdoindexfunds.AsignificantfeatureofETFsisthat,asstocks,theycanbet
6、radedthroughoutthetradingday,unlikemutualfundsthatcanbetradedonlyattheendofthedayattheirNetAssetValues(NAVs).ItisalsoclearthatETFs’expenseratioscanbe,andusuallyare,lowerthanthoseofconventionalindexmutualfunds,whichinturnarelowerthantheexpenseratiosofactivelym
7、anagedmutualfunds.AmajorreasonwhyETFexpenseratiosareloweristhatbecausetheyaretradedonanexchange,theydo13notneedtoprovideshareholderservices,transferagencyservices,andsoon.ExpenseratiosoffundsanalyzedinthisstudyareprovidedinTable3.ETFsarealsoconsideredtobetax-
8、efficientbecausethecreationandredemptionprocessdescribedbelowdoesnotcreatetaxablecapitalgains.Inaddition,ETFinvestorsdonotincursalesloadsand12b-1distributionfeessuchasthoseappliedtomanyac
