关闭现场市场时如何对冲ETF
Good morning,
I came here looking for help and I think you might have the answer.
我目前正在一家大公司中申请交易员职位，但我基本上是一个大三学生，我会学习，尽管我已经独自交易了几年。
However, I have read that one of the questions on the interview process on my next step is something like "How can you树篱ETFwhenhttps://9apps.ooo/现货市场都关门了吗?”我不能to a good conclusion. I have a few options:
- If you want to hedge currency then you can use the Forex market so that foreign currency has no impact, but I do not think they are talking about currency.
- Using the futures market to short it?
- Someone said that their answer was "buying the underlyings" but I do not understand how that would hedge anETF。如果我有SP500ETFhow would I hedge by buying GOOGL, AMZN, FB, MSFT, etc... Profits would go in the same direction.
Thank you for your time.
Comments (7)
If spot is closed then you can't buy underlying, so your hunch is correct, not #3. Directional risk is most important so its #2, but short futures isn't the only way you can do it-, fx risk is probably not what they're looking for but worth mentioning that you considered it
如果关闭现货市场，没有期货，那么您还会如何直接对冲诸如间谍之外的事物，因此没有选择？
Options aren't part of the spot market - spot would be the underlyingETF分享（除非ETFholds options then the whole premise doesn't work), so that would be it.
我还说“短期期货”并不是唯一的方法。对于间谍之类的东西，您也可以在逆上使用期货ETFto hedge directionally. Whether or not that's a better idea is beside the point
Depends on the ETF; if they're asking about one that tracks the index, commodity, etc. then you can easily hedge with futures, but I'm guessing they're asking if it's a more niche sector/strategyETF查看您的思考过程。但是，选项＃2是最接近您可以完全避难的方向风险，因为间谍和 /es跟踪完全相同的基础。其他人将是近似值，因为您几乎会倒数ETFin question the most. Although it would entirely depend on theETF。例如，一个ETF跟踪某些谷物公司的那是有意义的，因为这种相关性非常直接（期货市场的变化很快就会影响股价）。但是，如果是技术，房地产等等。ETF，那么您可能会对货币或利率产品进行对冲，但是问题在于，股价的变化将落后于落后，而那时确实没有任何意义现货市场开放？我唯一能想到这将在现实生活中发生的是周末。我猜如果您突然需要对间谍进行套期，那么您可以出售 /ES期货。或者如果您要交易加密货币ETF/trust you could hedge with the underlying since they trade 24/7. Hope that helps. Basically just find a market that's open that a) not only drives the performance of theETF最多和b）可以足够快地推动性能（在指数及其未来之外，这几乎是不可能的）。
两个快速的想法
1. Your idea to use futures is definitely valid, and I suspect the "right" answer
2. If it's an equityETF, there may be international ADRs of at least some of the underlying holdings available to trade that would enable hedging.
There is a spot market open somewhere in the world. You indirectly hedge by trading in a different region.
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