文章目录
CFA2级组合管理笔记
1. ETF问题
AP deliver the basket of securities to the ETF manager in exchange for an equal value in ETF shares.
ETF的套利机制保证价格
- 如果组成ETF的股票的价格<ETF的价格，AP sell ETF on market and buy basket of the securities，买来的股票可以用来和ETF sponsor交换ETF份额，从而完成了ETF creation。（trading at a premium)
- 如果组成ETF的股票的价格>ETF的价格, AP buy ETF on market and sell basket of the securities, AP将买来的ETF从Sponsor手中交换得到股票，从而完成了ETF redemption。(trading at a discount)
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