Exchange-traded funds (ETFs) belong to the fastest growing investment products worldwide. Within 15 years, total assets invested in ETFs have twenty-folded, reaching over $3.7 trillion at the end of 2018. Increasing demand for passive investments, coupled with high liquidity and low transaction costs, are key advantages of ETFs compared to their closest substitutes such as traditional index funds. Besides the continuous growth of ETFs, the Flash Crash in 2010 triggered detailed investigations by regulators on how ETFs affect the financial market. This literature review provides a broad overview of recent academic studies analyzing the effect of ETFs on liquidity, price discovery, volatility, and comovement of the underlying securities.

中文翻译：

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ETF 对金融市场的影响：文献综述

交易所交易基金 (ETF) 属于全球增长最快的投资产品。在 15 年内，投资于 ETF 的总资产增加了 20 倍，在 2018 年底达到超过 3.7 万亿美元。 对被动投资的需求不断增加，加上高流动性和低交易成本，是 ETF 与其最接近的替代品相比的主要优势，例如作为传统的指数基金。除了ETF的持续增长，2010年的闪电崩盘引发了监管机构对ETF如何影响金融市场的详细调查。这篇文献综述对最近的学术研究进行了广泛的概述，这些研究分析了 ETF 对标的证券的流动性、价格发现、波动性和联动的影响。