The next financial crisis will be played out in indexes and exchange traded funds. That is inevitable given the huge share that ETFs now take of investor fund flows, and their popularity as hedge fund trading vehicles.
下一場金融危機將在指數和交易所交易基金(ETF)領域上演。這是不可避免的，因爲目前它們在投資者的資金流動中佔有巨大份額，同時它們作爲對沖基金交易工具很受歡迎。
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