{"id":144151,"date":"2021-05-31T11:49:43","date_gmt":"2021-05-31T03:49:43","guid":{"rendered":"https:\/\/www.fbe.hku.hk\/?post_type=media&#038;p=144151"},"modified":"2021-05-31T12:00:12","modified_gmt":"2021-05-31T04:00:12","slug":"%e6%89%93%e7%a0%b4%e4%bc%a0%e7%bb%9fetf%e7%9a%84%e8%bf%b7%e6%80%9d-%ef%bc%8d-%e4%ba%86%e8%a7%a3%e5%8d%96%e7%a9%baetf%e5%a6%82%e4%bd%95%e6%9c%89%e5%88%a9%e4%ba%8e%e8%82%a1%e7%a5%a8%e5%b8%82%e5%9c%ba","status":"publish","type":"hkubs-media","link":"https:\/\/www.hkubs.hku.hk\/sc\/media\/school-news\/%e6%89%93%e7%a0%b4%e4%bc%a0%e7%bb%9fetf%e7%9a%84%e8%bf%b7%e6%80%9d-%ef%bc%8d-%e4%ba%86%e8%a7%a3%e5%8d%96%e7%a9%baetf%e5%a6%82%e4%bd%95%e6%9c%89%e5%88%a9%e4%ba%8e%e8%82%a1%e7%a5%a8%e5%b8%82%e5%9c%ba\/","title":{"rendered":"\u6253\u7834\u4f20\u7edfETF\u7684\u8ff7\u601d \uff0d \u4e86\u89e3\u5356\u7a7aETF\u5982\u4f55\u6709\u5229\u4e8e\u80a1\u7968\u5e02\u573a"},"content":{"rendered":"<p>\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff08ETF\uff09\u6d41\u52a8\u6027\u9ad8\u800c\u4e14\u4ef7\u683c\u76f8\u5bf9\u4eb2\u6c11\uff0c\u88ab\u89c6\u4e3a\u5171\u540c\u57fa\u91d1\u4ee5\u5916\u7684\u53e6\u4e00\u9009\u62e9\u3002\u57282020\u5e74\uff0c\u73af\u7403\u5e02\u573a\u4e0a\u6709\u8d85\u8fc77,000\u79cdETF\u4ea7\u54c1\uff0c\u603b\u503c\u8fbe 7.74 \u5146\u7f8e\u91d1\uff0c\u8fdc\u591a\u4e8e2010\u5e74\u65f6\u76841.3\u5146\u7f8e\u91d1\u3002 ETF\u4ea7\u54c1\u5728\u5341\u5e74\u95f4\u7684\u663e\u8457\u589e\u957f\uff0c\u53cd\u6620\u8fd9\u79cd\u6307\u6570\u57fa\u91d1\u7684\u5de8\u5927\u53d1\u5c55\u6f5c\u529b\u3002\u867d\u7136\u6709\u58f0\u97f3\u6279\u8bc4\u4f20\u7edf\u7684ETF\u8fc7\u4e8e\u88ab\u52a8\uff0c\u672a\u80fd\u6709\u6548\u53cd\u5e94\u5e02\u573a\u8baf\u606f\uff0c\u7136\u800c\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388\u9ec4\u8bd7\u6768\u535a\u58eb\u53ca\u5176\u7814\u7a76\u56e2\u961f\u5374\u53d1\u73b0\uff0c\u884c\u4e1aETF\u5728\u7f8e\u56fd\u5e02\u573a\u4e2d\u80fd\u6709\u6548\u89c4\u907f\u98ce\u9669\uff0c\u5e76\u80fd\u63d0\u5347\u5e02\u573a\u6548\u7387\u3002\u5176\u7814\u7a76\u66f4\u8bc1\u5b9e\u884c\u4e1aETF\u662f\u4e00\u79cd\u5bf9\u6295\u8d44\u8005\u548c\u5e02\u573a\u6709\u5229\u7684\u4f18\u8d28\u91d1\u878d\u79d1\u6280\u521b\u65b0\u6280\u672f\uff0c\u56e0\u6b64\u5efa\u8bae\u76d1\u7ba1\u673a\u6784\u5e94\u9f13\u52b1\u76f8\u5173\u4ea7\u54c1\u7684\u53d1\u5c55\u3002<\/p>\n<p><strong>\u4ee5\u300c\u591a\u7a7a\u7b56\u7565\uff08<\/strong><strong>Long Short Strategy<\/strong><strong>\uff09\u300d\u63d0\u5347\u5e02\u573a\u6548\u7387<br \/>\n<\/strong>\u4ee5ETF\u4f5c\u4e3a\u907f\u9669\u5de5\u5177\u975e\u5e38\u666e\u904d\u3002\u636e\u5f6d\u535a\u65b0\u95fb\u57282017\u5e74\u7684\u62a5\u5bfc\uff0c\u5bf9\u51b2\u57fa\u91d1\u6301\u6709\u7684ETF\u7a7a\u5934\u4ed3\u4f4d\u9ad8\u8fbe1030\u4ebf\u7f8e\u91d1\uff0c\u76f8\u6bd4\u8d77\u4ed6\u4eec\u6301\u6709\u768443\u4ebf\u7f8e\u91d1\u591a\u5934\u4ed3\u4f4d\uff0c\u76f8\u5dee\u8fd1\u4e24\u500d\u4e4b\u591a\u3002\u4e00\u822c\u800c\u8a00\uff0c\u5e02\u573a\u4e0a\u7684\u5356\u7a7a\u4f59\u989d\uff08\u5373\u88ab\u5356\u7a7a\u4f46\u672a\u88ab\u56de\u8d2d\u7684\u8bc1\u5238\uff09\u8d8a\u9ad8\uff0c\u718a\u5e02\u6c14\u6c1b\u8d8a\u5f3a\u3002\u4f46\u9ec4\u535a\u58eb\u53d1\u73b0\uff0c\u62e5\u6709\u66f4\u591a\u6d88\u606f\u7684\u6295\u8d44\u8005\u5f80\u5f80\u4f1a\u91c7\u53d6\u4e00\u79cd \u300c\u505a\u591a\u80a1\u7968\uff0c\u5356\u7a7aETF\u300d\u7684\u300c\u591a\u7a7a\u7b56\u7565\u300d\uff0c\u8fd0\u7528\u4f01\u4e1a\u6d88\u606f\u8d5a\u53d6\u5229\u76ca\uff0c\u540c\u65f6\u5bf9\u51b2\u884c\u4e1a\u98ce\u9669\u3002<\/p>\n<p>\u9ec4\u535a\u58eb\u89e3\u91ca\uff0c\u5373\u4f7f\u6295\u8d44\u8005\u5728\u4e1a\u7ee9\u516c\u5e03\u524d\u5df2\u5f97\u6089\u80a1\u7968\u5373\u5c06\u83b7\u5229\uff0c\u4f46\u80a1\u4ef7\u7684\u5347\u5e45\uff0c\u5f80\u5f80\u4ecd\u4f1a\u53d7\u5230\u884c\u4e1a\u6574\u4f53\u8868\u73b0\u548c\u5b8f\u89c2\u5e02\u573a\u6c14\u6c1b\u7b49\u5916\u56f4\u98ce\u9669\u5f71\u54cd\u3002\u4e3a\u6709\u6548\u5730\u5bf9\u51b2\u98ce\u9669\uff0c\u5bf9\u51b2\u57fa\u91d1\u4f1a\u9009\u62e9\u505a\u591a\u4ed6\u4eec\u62e5\u6709\u5229\u597d\u6d88\u606f\u7684\u80a1\u7968\uff0c\u5e76\u5356\u7a7a\u8be5\u80a1\u7968\u6240\u5c5e\u7684\u884c\u4e1aETF\u3002\u9ec4\u535a\u58eb\u548c\u4ed6\u7684\u7814\u7a76\u56e2\u961f\u53d1\u73b0\uff0c\u8fd9\u79cd\u300c\u505a\u591a\u80a1\u7968\uff0c\u5356\u7a7aETF\u300d\u7684\u7b56\u7565\u80fd\u5e2e\u52a9\u5e02\u573a\u5438\u6536\u76f8\u5173\u8baf\u606f\uff0c\u5e76\u6709\u6548\u51cf\u4f4e\u76c8\u4f59\u516c\u544a\u540e\u4ef7\u683c\u6f02\u79fb\uff0c\u4ee4\u516c\u53f8\u7684\u771f\u5b9e\u4ef7\u503c\u80fd\u5b9e\u65f6\u53cd\u6620\u5728\u80a1\u4ef7\u4e0a\u3002\u56e0\u6b64\uff0c\u5f15\u5165\u76f8\u5173\u7684\u884c\u4e1aETF\u80fd\u6709\u6548\u7a33\u5b9a\u4f01\u4e1a\u7684\u80a1\u4ef7\u3002<\/p>\n<p><strong>Smart Beta ETF <\/strong><strong>\u80fd\u5426\u4e3a\u6295\u8d44\u8005\u521b\u9020\u4ef7\u503c\uff1f<br \/>\n<\/strong>\u5728\u4f17\u591aETF\u4ea7\u54c1\u4e4b\u4e2d\uff0c\u5efa\u57fa\u4e8e\u8d44\u4ea7\u4ef7\u683c\u6570\u636e\u7684Smart Beta ETF\u6700\u53d7\u5e02\u573a\u8ffd\u6367\u3002 Smart Beta ETF\u7531\u4e0d\u540c\u7ec4\u5408\u7684\u80a1\u7968\u4ef7\u503c\u4e36\u589e\u957f\u503c\u4e36\u6570\u91cf\u4e36\u6216\u5e02\u573a\u8d8b\u52bf\u7b49\u56e0\u5b50\u6784\u6210\u3002\u622a\u81f32018\u5e74\uff0cSmart Beta ETF\u4ea7\u54c1\u5360\u7f8e\u56fdETF\u5e02\u573a\u603b\u4f53\u768420%\u3002\u636e\u8d1d\u83b1\u5fb7(Blackrock)\u7684\u9884\u6d4b\uff0cSmart-Beta ETF \u7684\u5e02\u573a\u603b\u503c\u5c06\u4e8e2025\u5e74\u589e\u957f\u81f32\u5146\u7f8e\u91d1\u3002<\/p>\n<p>\u4f46\u540c\u65f6\uff0c\u9ec4\u535a\u58eb\u7814\u7a76\u5374\u6307\u51faSmart-Beta ETF\u867d\u5728\u56de\u6d4b (Backtest) \u4e2d\u5f97\u5230\u7406\u60f3\u7ed3\u679c\uff0c\u5728\u6b63\u5f0f\u63a8\u51fa\u5e02\u573a\u540e\u8868\u73b0\u5374\u5f80\u5f80\u4e0d\u4f3c\u9884\u671f\u3002\u5728\u7814\u7a76238\u79cd\u4e8e2000\uff0d2018\u5e74\u95f4\u5728\u7f8e\u56fd\u4e0a\u5e02\u7684Smart-Beta ETF\u540e\uff0c\u9ec4\u535a\u58eb\u53d1\u73b0Smart-Beta ETF\u7684\u8868\u73b0\u843d\u5dee\u5e76\u975e\u7531\u300c\u5e02\u573a\u6548\u7387\u4e0a\u5347\u300d\u4e36\u300c\u4e0a\u5e02\u65f6\u673a\u5931\u8bef\u300d\u4e36\u6216\u300c\u89c4\u6a21\u6536\u76ca\u9012\u51cf\u73b0\u8c61\u300d\u7b49\u56e0\u7d20\u5bfc\u81f4\u3002\u76f8\u53cd\uff0cSmart-Beta ETF\u7684\u8868\u73b0\u6b20\u4f73\u662f\u7531\u4e8e\u5728\u56de\u6eaf\u6d4b\u8bd5\u7684\u6570\u636e\u6316\u6398 (Data mining)\u8fc7\u7a0b\u4e2d\u53d7\u4eba\u4e3a\u64cd\u4f5c\u5f71\u54cd\u6240\u81f4\u3002\u6570\u636e\u6316\u6398\u7684\u60c5\u51b5\u5728\u8ffd\u8e2a\u591a\u56e0\u5b50\u6307\u6570\u7684Smart-Beta ETF\u4e2d\u7279\u522b\u4e25\u91cd\uff0c\u4e3b\u8981\u662f\u56e0\u4e3aETF\u4fdd\u8350\u4eba\u5728\u9009\u62e9\u53ca\u7ec4\u6210Smart-Beta ETF\u8ffd\u8e2a\u56e0\u5b50\u7684\u8fc7\u7a0b\u4e2d\u62e5\u6709\u5f88\u5927\u7684\u81ea\u4e3b\u6743\u3002\u7814\u7a76\u53d1\u73b0\uff0c\u8ffd\u8e2a\u591a\u56e0\u5b50\u6307\u6570\u7684Smart-Beta ETF\u5728\u4e0a\u5e02\u524d\u58f0\u79f0\u80fd\u5e26\u6765\u5e74\u5747 4.11% \u7684\u56de\u62a5\u3002\u4f46\u4e0a\u5e02\u540e\uff0c\u4ed6\u4eec\u5374\u9700\u627f\u53d7\u5e74\u57470.79%\u635f\u5931\u3002<\/p>\n<p>\u4ea6\u6709\u58f0\u97f3\u6307\u51fa\uff0cSmart-Beta ETF\u7684\u8868\u73b0\u4e0d\u7406\u60f3\u662f\u56e0\u4e3a\u7ba1\u7406\u8d39\u7528\u8fc7\u9ad8\uff0c\u4f46\u7814\u7a76\u53d1\u73b0\u5373\u4f7f\u53bb\u9664\u7ba1\u7406\u8d39\u7684\u56e0\u7d20\uff0cSmart-Beta ETF\u7684\u5e02\u573a\u8868\u73b0\u4f9d\u7136\u6bd4\u4e0d\u4e0a\u4f20\u7edf\u7684\u6307\u6570\u578bETF\u3002<\/p>\n<p>\u867d\u7136\u7814\u7a76\u663e\u793aSmart-Beta ETF\u4e0a\u5e02\u524d\u540e\u7684\u8868\u73b0\u6709\u660e\u663e\u5dee\u8ddd\uff0c\u4f46\u9ec4\u535a\u58eb\u6307\u51fa\uff0c\u5728\u7279\u6b8a\u7684\u60c5\u51b5\u4e0b\uff0cSmart-Beta ETF\u7684\u8868\u73b0\u4f9d\u7136\u6709\u673a\u4f1a\u8d85\u8d8a\u4f20\u7edfETF\u3002\u4f8b\u5982\u5728\u73b0\u65f6\u7684\u300c\u96f6\u606f\u300d\u73af\u5883\u4e0b\uff0c\u8ffd\u8e2a\u9ad8\u80a1\u606f\u7684Smart-Beta ETF\u4ecd\u6709\u53ef\u80fd\u300c\u8dd1\u8d62\u5927\u5e02\u300d\u3002\u56e0\u6b64\uff0c\u4ed6\u5efa\u8bae\u6295\u8d44\u8005\u5e94\u5728\u8d2d\u4e70\u6b64\u7c7b\u65b0\u578b\u6295\u8d44\u4ea7\u54c1\u524d\u8c28\u614e\u8003\u8651\uff0c\u5207\u5fcc\u76f2\u76ee\u76f8\u4fe1Smart-Beta ETF\u4e2a\u522b\u56e0\u5b50\u6240\u53cd\u6620\u7684\u8868\u9762\u6570\u636e\u3002<\/p>\n<p>\u9605\u8bfb\u66f4\u591a\uff08\u53ea\u4f9b\u82f1\u6587\u7248\u672c\uff09<br \/>\n<span><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3126970\">Innovation and Informed Trading: Evidence from Industry ETFs<\/a><br \/>\n<\/span><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3622753\">The Smart Beta Mirage<\/a><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-144151","hkubs-media","type-hkubs-media","status-publish","hentry","media-categories-school-news-sc","media-topic-categories-announcement-sc","media-topic-categories-research-sc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" 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