What am I missing ? All the big oveseas ETF's - Emerging Markets, China, etc. - are all down about 3% right now on the day. (The underlying stocks stopped being traded before the open of the US markets.) At the close of trading, the ETF value will be reset to match the collective value of the underlying stocks - NOT the bid and ask for the ETF. Isn't this a free 3% on your money ? Why aren't the Hedge Funds snapping these up ? I thought that "arbitrage" was always carefully monitored by many large funds ?