Stock版 - 大牛说说，为什么Russell rebalance的最后一天盘后巨量? |
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i******r
发帖数: 861 | | i******r
发帖数: 861 | 2 找到了一个解释：
Indexes like the Russell indexes are constantly changing the firms that are
included in their indexes. Those indexes are also market capitalization
weighted indexes so whenever the float (number of shares in circulation)
changes from share buybacks, option exercises, etc. the indexes must be
rebalanced to mirror the new "weight" of that firm compared to the others.
Unless there is a relatively large float change (I believe more than 5%) in
between typical rebalancing cycles, the indexes rebalance on a quarterly
basis.
Any mutual fund or ETF that is based on that particular index will need to
make trades in order to make sure that it doesn't drift too far from the
index. That's why there is so much trading around rebalancing days.
As for why the Russell indexes are important – the DOW (30 stocks) and the
S&P (500 stocks) are an indication of how the large capitalization stocks in
the US are doing. The Russell indexes give one a better idea about mid caps
and small caps as well. If one wants exposure to smaller companies then
these indexes are better suited than the more narrower large cap indexes
mentioned above. |
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