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有关文献只提及ETFs的套期保值功能,并未深入研究。本文将重点探讨ETFs产品为什么能够用以套期保值,并讨论其套期保值操作的应用:①在规避个股系统性风险的情况下如何进行个股的非系统性风险投机;②分散化投资组合利用ETFs进行套期保值的策略定位。
The literature only refers to the hedging function of ETFs and has not been studied in depth. This article will focus on why ETFs products can be used to hedge, and discuss the application of its hedging operations: ① in the circumvention of the systematic risk of individual stocks how to speculate in the non-systematic risk; ② decentralized portfolio utilization ETFs for hedging strategic positioning.