来自《耶鲁大学开放课程：金融市场 第18集 第18集》

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  which are in large denominations, like millions of dollars.
  它的金额很大 以百万美元为单位
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  Institutional investors can
  机构投资者可以
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  either create or redeem shares in the ETFs,
  创立或者赎回ETF的份额
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  but you as an individual cannot.
  但是个人投资者不行
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  If the creation unit is one million dollars,
  假设赎回单位是100万美元
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  then an institutional investor who is an authorized participant
  那么一个获得授权的机构投资者
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  and has signed the right papers can go to the AMEX and say,
  在签署文件后可以对AMEX说
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  I want to create ten million dollars of new SPDRs.
  我想创建一千万美元的新SPDR
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  Then, the AMEX will--that's ten creation units.
  然后AMEX会说 这是十个赎回单位
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  I forget what a SPDRs creation unit is,
  我忘了一个SPDR的赎回单位是多少
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  but let's say it's a million dollars.
  就假设是100万美元吧
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  Then the AMEX would say, alright, you have to give us the stocks
  AMEX会说 你需要根据