摘要：The global market for exchange-traded funds (ETFs)has exhibited strong growth in recent years, reachingUS$2.3 trillion by the end of 2013. ETFs have clearadvantages for investors, such as low-cost portfoliodiversification and the liquidity of an exchange-tradedproduct. However, recent disruptions in certain ETF productshave highlighted the need to better understandthe vulnerabilities and risks associated with this market. ETFs are generally perceived by investors as havingequity-like liquidity, but in times of stress, this liquiditymay prove illusory for some funds. SyntheticETFs also carry additional counterparty and collateralrisk. If any of these risks materialized, it could triggeran investor run, which could negatively impact theunderlying market as well as other similar funds. The synthetic ETF market in Canada has a highconcentration of counterparty risk compared withother jurisdictions. However, given the small size ofthis market segment, it does not represent a significantvulnerability for the Canadian financial system.Nonetheless, rapid changes in the ETF market implythat authorities need to monitor developments closely.
