Active mutual funds and their passive ETF investments
研究了主动管理型开放式股票基金为何投资ETF而非直接投资标的证券，发现主要动机是通过做空ETF来降低整体投资组合波动性，实现对冲目的。
Abstract Investing in exchange‐traded funds (ETFs) rather than investing directly in the underlying securities surely prompts questions for mutual funds. Why? Examination suggests the answer is to reduce overall portfolio volatility. Actively managed open‐end equity funds (OEFs) that invest in ETFs tend to take short positions in securities and to short ETFs more than other securities. Investigation of the overlap in portfolio composition between OEFs and the ETFs they hold as well as their investing positions in hedging and nonhedging ETFs separately points to the main motivation for such ETF investment—hedging.