ETF（Exchange Traded Fund）是一种投资工具，它通过在证券交易所上市交易的方式，追踪特定的指数、行业或资产类别。股票则是指投资者购买公司股份所持有的证券。那么，ETF和股票哪个风险大呢？下面将从几个方面进行比较。

ETF的风险相对较低。由于ETF是通过追踪指数或资产类别进行投资的，因此它的风险分散度较高。即使其中某个成分股表现不佳，整体的影响也相对较小。而股票的风险更加集中在个别公司上，如果某个公司出现经营不善或其他问题，投资者的损失可能较大。

ETF的流动性更好。由于ETF在证券交易所上市交易，投资者可以随时买入或卖出，而且成交量通常较大。这使得投资者在需要资金时更容易变现。相比之下，股票的流动性可能较差，特别是在小盘股或非常规股票上，买入或卖出可能会受到限制。

ETF的管理费用相对较低。由于ETF是 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 passively managed，即 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