\u203b\u672c\u8a18\u4e8b\u306f\u6295\u8cc7\u6559\u80b2\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u6295\u8cc7\u5546\u54c1\u306e\u52e7\u8a98\u3084\u63a8\u5968\u3092\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u5224\u65ad\u306f\u81ea\u5df1\u8cac\u4efb\u3067\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u9577\u671f\u4fdd\u6709\u306b\u304a\u3044\u3066\u3001\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u5909\u52d5\u7387\u306b\u5bfe\u3057\u3066\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u671f\u5f85\u5024\u3092\u4e0b\u56de\u308b\u73fe\u8c61\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u3053\u306e\u73fe\u8c61\u306f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u300d\u3068\u547c\u3070\u308c\u3001\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u69cb\u9020\u7684\u7279\u6027\u306b\u8d77\u56e0\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u672c\u8a18\u4e8b\u3067\u306f\u3001TMF\uff08Direxion Daily 20+ Year Treasury Bull 3X Shares\uff09\u3092\u4f8b\u306b\u3001\u3053\u306e\u73fe\u8c61\u306e\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u6570\u5024\u7684\u306b\u89e3\u8aac\u3057\u3001\u9577\u671f\u6295\u8cc7\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u3092\u5b9a\u91cf\u7684\u306b\u5206\u6790\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306b\u304a\u3051\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u6982\u8981<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306f\u3001\u539f\u8cc7\u7523\u306e\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u306b\u5bfe\u3057\u3066\u8a2d\u5b9a\u3055\u308c\u305f\u500d\u7387\uff08TMF\u306e\u5834\u5408\u306f3\u500d\uff09\u3092\u9054\u6210\u3059\u308b\u3088\u3046\u8a2d\u8a08\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u65e5\u6b21\u30ea\u30d0\u30e9\u30f3\u30b9\u6a5f\u80fd\u306b\u3088\u308a\u3001\u4e2d\u9577\u671f\u7684\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u539f\u8cc7\u7523\u306e\u500d\u7387\u3068\u306f\u7570\u306a\u308b\u7d50\u679c\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u3053\u306e\u73fe\u8c61\u3092\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u547c\u3073\u3001\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u5909\u52d5\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u307e\u305f\u30db\u30fc\u30eb\u30c9\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u3001\u305d\u306e\u5f71\u97ff\u306f\u9855\u8457\u306b\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u3001\u539f\u8cc7\u7523\u304c\u6a2a\u3070\u3044\u570f\u5185\u3067\u5909\u52d5\u3059\u308b\u5834\u5408\u3001\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u4fa1\u5024\u306f\u6642\u9593\u306e\u7d4c\u904e\u3068\u3068\u3082\u306b\u7cfb\u7d71\u7684\u306b\u6e1b\u5c11\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n
\u5177\u4f53\u7684\u306b\u306f\u3001\u539f\u8cc7\u7523\u306e\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u304c0%\u3067\u3042\u3063\u3066\u3082\u3001\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u8907\u5229\u52b9\u679c\u306e\u975e\u5bfe\u79f0\u6027\u3068\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u65e5\u6b21\u30ea\u30bb\u30c3\u30c8\u306b\u8d77\u56e0\u3059\u308b\u6570\u5b66\u7684\u5fc5\u7136\u6027\u3067\u3059\u3002<\/p>\n\n\n\n
\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u6570\u5b66\u7684\u30e1\u30ab\u30cb\u30ba\u30e0<\/p>\n\n\n\n
\u65e5\u6b21\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u4ed5\u7d44\u307f<\/p>\n\n\n\n
TMF\u306f\u3001ICE U.S. Treasury 20+ Year Bond Index\uff08TLT\u76f8\u5f53\uff09\u306e\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u306e3\u500d\u3092\u76ee\u6307\u3059\u3088\u3046\u8a2d\u8a08\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u76ee\u6a19\u306f\u3001\u91d1\u5229\u5148\u7269\u5951\u7d04\u3084\u30b9\u30ef\u30c3\u30d7\u5951\u7d04\u3092\u7528\u3044\u3066\u9054\u6210\u3055\u308c\u307e\u3059\u3002\u91cd\u8981\u306a\u70b9\u306f\u3001\u3053\u306e3\u500d\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u6bce\u65e5\u30ea\u30bb\u30c3\u30c8\u3055\u308c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n
\u3064\u307e\u308a\u3001TMF\u306e\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u306f\u4ee5\u4e0b\u306e\u5f0f\u3067\u8868\u3055\u308c\u307e\u3059\uff1a<\/p>\n\n\n\n
“`<\/p>\n\n\n\n
TMF\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3 = \u539f\u8cc7\u7523\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3 \u00d7 3<\/p>\n\n\n\n
“`<\/p>\n\n\n\n
\u8907\u5229\u52b9\u679c\u306e\u975e\u5bfe\u79f0\u6027<\/p>\n\n\n\n
\u65e5\u6b21\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u3088\u308a\u3001\u8907\u6570\u65e5\u306b\u308f\u305f\u308b\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u3001\u5358\u7d14\u306a\u500d\u7387\u95a2\u4fc2\u304c\u6210\u7acb\u3057\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u6570\u5024\u4f8b\u3067\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
2\u65e5\u9593\u306e\u4fa1\u683c\u5909\u52d5\u4f8b<\/p>\n\n\n\n
| \u65e5 | \u539f\u8cc7\u7523\u4fa1\u683c | \u539f\u8cc7\u7523\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3 | TMF\u4fa1\u683c | TMF\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3 |<\/p>\n\n\n\n
|—|———–|——————|———|—————-|<\/p>\n\n\n\n
| 0 | 100.00 | – | 100.00 | – |<\/p>\n\n\n\n
| 1 | 110.00 | +10.00% | 130.00 | +30.00% |<\/p>\n\n\n\n
| 2 | 100.00 | -9.09% | 94.55 | -27.27% |<\/p>\n\n\n\n
\u8a08\u7b97\u691c\u8a3c<\/p>\n\n\n\n
– \u539f\u8cc7\u7523\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3: (100.00 – 100.00) \/ 100.00 = 0.00%<\/p>\n\n\n\n
– TMF\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3: (94.55 – 100.00) \/ 100.00 = -5.45%<\/p>\n\n\n\n
\u3053\u306e\u7d50\u679c\u3001\u539f\u8cc7\u7523\u304c2\u65e5\u9593\u3067\u5143\u306e\u4fa1\u683c\u306b\u623b\u3063\u3066\u3044\u308b\u306b\u3082\u95a2\u308f\u3089\u305a\u3001TMF\u306f5.45%\u306e\u640d\u5931\u3092\u8a08\u4e0a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n
\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u6570\u5f0f<\/p>\n\n\n\n
n\u65e5\u9593\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\uff08VD\uff09\u306f\u3001\u4ee5\u4e0b\u306e\u8fd1\u4f3c\u5f0f\u3067\u8868\u3055\u308c\u307e\u3059\uff1a<\/p>\n\n\n\n
“`<\/p>\n\n\n\n
VD \u2248 -0.5 \u00d7 L \u00d7 (L-1) \u00d7 \u03c3\u00b2 \u00d7 T<\/p>\n\n\n\n
“`<\/p>\n\n\n\n
\u3053\u3053\u3067\uff1a<\/p>\n\n\n\n
– L = \u30ec\u30d0\u30ec\u30c3\u30b8\u500d\u7387\uff08TMF\u306e\u5834\u5408\u306f3\uff09<\/p>\n\n\n\n
– \u03c3 = \u539f\u8cc7\u7523\u306e\u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/p>\n\n\n\n
– T = \u4fdd\u6709\u671f\u9593\uff08\u5e74\u5358\u4f4d\uff09<\/p>\n\n\n\n
\u3053\u306e\u5f0f\u304b\u3089\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u307b\u3069\u3001\u307e\u305f\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u30c9\u30e9\u30c3\u30b0\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n
\u5b9a\u91cf\u7684\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1a\u7570\u306a\u308b\u5e02\u5834\u74b0\u5883\u4e0b\u3067\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6bd4\u8f03<\/p>\n\n\n\n
\u9577\u671f\u7c73\u56fd\u50b5\uff08TLT\uff09\u306e\u904e\u53bb\u30c7\u30fc\u30bf\u3092\u57fa\u306b\u3001\u7570\u306a\u308b\u5e02\u5834\u74b0\u5883\u306b\u304a\u3051\u308bTMF\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u5206\u6790\u3057\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u3001\u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u8003\u616e\u3057\u305f\u30e2\u30c7\u30eb\u3092\u4f7f\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n
\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u6642\u306e\u6bd4\u8f03\u5206\u6790<\/p>\n\n\n\n
\u524d\u63d0\u6761\u4ef6<\/p>\n\n\n\n
– \u539f\u8cc7\u7523\u5e74\u7387\u30ea\u30bf\u30fc\u30f3: +8.00%<\/p>\n\n\n\n
– \u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3: 12.00%<\/p>\n\n\n\n
– \u4fdd\u6709\u671f\u9593: 1\u5e74\uff08252\u55b6\u696d\u65e5\uff09<\/p>\n\n\n\n
\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u7d50\u679c<\/p>\n\n\n\n
| \u6295\u8cc7\u5546\u54c1 | \u521d\u671f\u6295\u8cc7\u984d | \u7406\u8ad6\u5024 | \u5b9f\u969b\u4e88\u60f3\u5024 | \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0 |<\/p>\n\n\n\n
|———-|————|———|————|————————–|<\/p>\n\n\n\n
| TLT | 100\u4e07\u5186 | 108.0\u4e07\u5186 | 108.0\u4e07\u5186 | 0.0\u4e07\u5186 |<\/p>\n\n\n\n
| TMF\uff083\u500d\uff09 | 100\u4e07\u5186 | 124.0\u4e07\u5186 | 116.8\u4e07\u5186 | -7.2\u4e07\u5186 |<\/p>\n\n\n\n
\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u304a\u3044\u3066\u3082\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306b\u3088\u308a\u7d047.2\u4e07\u5186\u306e\u640d\u5931\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u6642\u306e\u6bd4\u8f03\u5206\u6790<\/p>\n\n\n\n
\u524d\u63d0\u6761\u4ef6<\/p>\n\n\n\n
– \u539f\u8cc7\u7523\u5e74\u7387\u30ea\u30bf\u30fc\u30f3: -8.00%<\/p>\n\n\n\n
– \u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3: 12.00%<\/p>\n\n\n\n
– \u4fdd\u6709\u671f\u9593: 1\u5e74\uff08252\u55b6\u696d\u65e5\uff09<\/p>\n\n\n\n
\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u7d50\u679c<\/p>\n\n\n\n
| \u6295\u8cc7\u5546\u54c1 | \u521d\u671f\u6295\u8cc7\u984d | \u7406\u8ad6\u5024 | \u5b9f\u969b\u4e88\u60f3\u5024 | \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0 |<\/p>\n\n\n\n
|———-|————|———|————|————————–|<\/p>\n\n\n\n
| TLT | 100\u4e07\u5186 | 92.0\u4e07\u5186 | 92.0\u4e07\u5186 | 0.0\u4e07\u5186 |<\/p>\n\n\n\n
| TMF\uff083\u500d\uff09 | 100\u4e07\u5186 | 76.0\u4e07\u5186 | 70.4\u4e07\u5186 | -5.6\u4e07\u5186 |<\/p>\n\n\n\n
\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u3067\u306f\u3001\u7406\u8ad6\u5024\u304b\u3089\u3055\u3089\u306b5.6\u4e07\u5186\u306e\u8ffd\u52a0\u640d\u5931\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u30ec\u30f3\u30b8\u76f8\u5834\uff08\u6a2a\u3070\u3044\uff09\u6642\u306e\u6bd4\u8f03\u5206\u6790<\/p>\n\n\n\n
\u524d\u63d0\u6761\u4ef6<\/p>\n\n\n\n
– \u539f\u8cc7\u7523\u5e74\u7387\u30ea\u30bf\u30fc\u30f3: 0.00%<\/p>\n\n\n\n
– \u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3: 12.00%<\/p>\n\n\n\n
– \u4fdd\u6709\u671f\u9593: 1\u5e74\uff08252\u55b6\u696d\u65e5\uff09<\/p>\n\n\n\n
\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u7d50\u679c<\/p>\n\n\n\n
| \u6295\u8cc7\u5546\u54c1 | \u521d\u671f\u6295\u8cc7\u984d | \u7406\u8ad6\u5024 | \u5b9f\u969b\u4e88\u60f3\u5024 | \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0 |<\/p>\n\n\n\n
|———-|————|———|————|————————–|<\/p>\n\n\n\n
| TLT | 100\u4e07\u5186 | 100.0\u4e07\u5186 | 100.0\u4e07\u5186 | 0.0\u4e07\u5186 |<\/p>\n\n\n\n
| TMF\uff083\u500d\uff09 | 100\u4e07\u5186 | 100.0\u4e07\u5186 | 89.2\u4e07\u5186 | -10.8\u4e07\u5186 |<\/p>\n\n\n\n
\u30ec\u30f3\u30b8\u76f8\u5834\u3067\u306f\u3001\u539f\u8cc7\u7523\u306e\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u304c0%\u3067\u3042\u308b\u306b\u3082\u95a2\u308f\u3089\u305a\u3001TMF\u306f10.8%\u306e\u640d\u5931\u3092\u8a08\u4e0a\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u5f71\u97ff\u304c\u6700\u3082\u9855\u8457\u306b\u73fe\u308c\u308b\u30b1\u30fc\u30b9\u3067\u3059\u3002<\/p>\n\n\n\n
\u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u74b0\u5883\u4e0b\u3067\u306e\u5f71\u97ff<\/p>\n\n\n\n
\u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c20%\u306b\u4e0a\u6607\u3057\u305f\u5834\u5408\u306e\u30ec\u30f3\u30b8\u76f8\u5834\u3067\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1a<\/p>\n\n\n\n
\u524d\u63d0\u6761\u4ef6<\/p>\n\n\n\n
– \u539f\u8cc7\u7523\u5e74\u7387\u30ea\u30bf\u30fc\u30f3: 0.00%<\/p>\n\n\n\n
– \u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3: 20.00%<\/p>\n\n\n\n
– \u4fdd\u6709\u671f\u9593: 1\u5e74\uff08252\u55b6\u696d\u65e5\uff09<\/p>\n\n\n\n
\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u7d50\u679c<\/p>\n\n\n\n
| \u6295\u8cc7\u5546\u54c1 | \u521d\u671f\u6295\u8cc7\u984d | \u7406\u8ad6\u5024 | \u5b9f\u969b\u4e88\u60f3\u5024 | \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0 |<\/p>\n\n\n\n
|———-|————|———|————|————————–|<\/p>\n\n\n\n
| TLT | 100\u4e07\u5186 | 100.0\u4e07\u5186 | 100.0\u4e07\u5186 | 0.0\u4e07\u5186 |<\/p>\n\n\n\n
| TMF\uff083\u500d\uff09 | 100\u4e07\u5186 | 100.0\u4e07\u5186 | 78.4\u4e07\u5186 | -21.6\u4e07\u5186 |<\/p>\n\n\n\n
\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u74b0\u5883\u3067\u306f\u3001\u30c9\u30e9\u30c3\u30b0\u306e\u5f71\u97ff\u304c\u3088\u308a\u9855\u8457\u306b\u306a\u308a\u300121.6%\u306e\u640d\u5931\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u9069\u5207\u306a\u6d3b\u7528\u6226\u7565<\/p>\n\n\n\n
\u77ed\u671f\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u30c4\u30fc\u30eb\u3068\u3057\u3066\u306e\u4f4d\u7f6e\u3065\u3051<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306f\u3001\u305d\u306e\u8a2d\u8a08\u601d\u60f3\u304b\u3089\u77ed\u671f\u7684\u306a\u65b9\u5411\u6027\u306e\u3042\u308b\u30c8\u30ec\u30fc\u30c9\u306b\u9069\u3057\u305f\u91d1\u878d\u5546\u54c1\u3067\u3059\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u5f71\u97ff\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u308b\u305f\u3081\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u6761\u4ef6\u3092\u6e80\u305f\u3059\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n
\u4fdd\u6709\u671f\u9593\u306e\u77ed\u7e2e<\/p>\n\n\n\n
– \u63a8\u5968\u4fdd\u6709\u671f\u9593\uff1a\u6570\u65e5\u304b\u3089\u6570\u9031\u9593<\/p>\n\n\n\n
– \u6708\u6b21\u30ea\u30d0\u30e9\u30f3\u30b9\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u84c4\u7a4d\u3092\u9632\u3050\u305f\u3081<\/p>\n\n\n\n
– \u660e\u78ba\u306a\u5229\u76ca\u78ba\u5b9a\u30fb\u640d\u5207\u308a\u57fa\u6e96\u306e\u8a2d\u5b9a<\/p>\n\n\n\n
\u5e02\u5834\u74b0\u5883\u306e\u9078\u629e<\/p>\n\n\n\n
– \u9ad8\u78ba\u7387\u3067\u65b9\u5411\u6027\u304c\u4e88\u6e2c\u3067\u304d\u308b\u5e02\u5834\u5c40\u9762\u3067\u306e\u4f7f\u7528<\/p>\n\n\n\n
– \u660e\u78ba\u306a\u30c8\u30ec\u30f3\u30c9\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u671f\u9593\u306b\u9650\u5b9a<\/p>\n\n\n\n
– \u30ec\u30f3\u30b8\u76f8\u5834\u3084\u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u74b0\u5883\u3067\u306e\u4f7f\u7528\u3092\u907f\u3051\u308b<\/p>\n\n\n\n
\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u5b9f\u8df5<\/p>\n\n\n\n
\u30dd\u30b8\u30b7\u30e7\u30f3\u30b5\u30a4\u30b8\u30f3\u30b0<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u30b5\u30a4\u30ba\u306f\u3001\u4ee5\u4e0b\u306e\u8981\u7d20\u3092\u8003\u616e\u3057\u3066\u6c7a\u5b9a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\uff1a<\/p>\n\n\n\n
“`<\/p>\n\n\n\n
\u63a8\u5968\u30dd\u30b8\u30b7\u30e7\u30f3\u30b5\u30a4\u30ba = \u7dcf\u8cc7\u7523 \u00d7 \u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6 \u00f7 (\u30ec\u30d0\u30ec\u30c3\u30b8\u500d\u7387 \u00d7 \u4e88\u60f3\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3)<\/p>\n\n\n\n
“`<\/p>\n\n\n\n
\u5206\u6563\u6295\u8cc7\u306e\u539f\u5247<\/p>\n\n\n\n
– \u5168\u8cc7\u7523\u306b\u5360\u3081\u308b\u6bd4\u7387\uff1a5-10%\u4ee5\u4e0b<\/p>\n\n\n\n
– \u8907\u6570\u306e\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u3078\u306e\u5206\u6563\u6295\u8cc7\u306f\u907f\u3051\u308b<\/p>\n\n\n\n
– \u76f8\u95a2\u306e\u4f4e\u3044\u8cc7\u7523\u30af\u30e9\u30b9\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/p>\n\n\n\n
\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u6d3b\u7528\u4e8b\u4f8b<\/p>\n\n\n\n
\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u3092\u6d3b\u7528\u3059\u308b\u4e3b\u306a\u76ee\u7684\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a<\/p>\n\n\n\n
\u30d8\u30c3\u30b8\u30f3\u30b0\u6226\u7565<\/p>\n\n\n\n
– \u65e2\u5b58\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u8abf\u6574<\/p>\n\n\n\n
– \u77ed\u671f\u7684\u306a\u5e02\u5834\u4e88\u6e2c\u306b\u57fa\u3065\u304f\u6226\u8853\u7684\u914d\u5206<\/p>\n\n\n\n
– \u6d41\u52d5\u6027\u306e\u9ad8\u3044\u4ee3\u66ff\u6295\u8cc7\u624b\u6bb5\u3068\u3057\u3066\u306e\u6d3b\u7528<\/p>\n\n\n\n
\u30a2\u30eb\u30d5\u30a1\u5275\u51fa<\/p>\n\n\n\n
– \u9ad8\u983b\u5ea6\u53d6\u5f15\u306b\u3088\u308b\u77ed\u671f\u7684\u306a\u4fa1\u683c\u5dee\u76ca\u306e\u8ffd\u6c42<\/p>\n\n\n\n
– \u5e02\u5834\u306e\u975e\u52b9\u7387\u6027\u3092\u6d3b\u7528\u3057\u305f\u88c1\u5b9a\u53d6\u5f15<\/p>\n\n\n\n
– \u5c02\u9580\u7684\u306a\u5e02\u5834\u5206\u6790\u306b\u57fa\u3065\u304f\u65b9\u5411\u6027\u30d9\u30c3\u30c8<\/p>\n\n\n\n
\u7d50\u8ad6\u3068\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3051\u308b\u7559\u610f\u70b9<\/p>\n\n\n\n
\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u5f71\u97ff\u307e\u3068\u3081<\/p>\n\n\n\n
\u672c\u8a18\u4e8b\u3067\u691c\u8a3c\u3057\u305f\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u7d50\u679c\u304b\u3089\u3001\u4ee5\u4e0b\u306e\u7d50\u8ad6\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\uff1a<\/p>\n\n\n\n
\u6570\u5024\u7684\u306a\u5f71\u97ff\u5ea6<\/p>\n\n\n\n
– \u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a312%\u306e\u74b0\u5883\u4e0b\uff1a\u5e74\u7387\u7d0410.8%\u306e\u30c9\u30e9\u30c3\u30b0<\/p>\n\n\n\n
– \u65e5\u6b21\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a320%\u306e\u74b0\u5883\u4e0b\uff1a\u5e74\u7387\u7d0421.6%\u306e\u30c9\u30e9\u30c3\u30b0<\/p>\n\n\n\n
– \u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u6642\u3067\u3082\u7406\u8ad6\u5024\u304b\u3089\u7d047.2%\u306e\u4e56\u96e2\u304c\u767a\u751f<\/p>\n\n\n\n
\u5e02\u5834\u74b0\u5883\u5225\u306e\u5f71\u97ff<\/p>\n\n\n\n
– \u30ec\u30f3\u30b8\u76f8\u5834\uff1a\u6700\u3082\u5927\u304d\u306a\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/p>\n\n\n\n
– \u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u74b0\u5883\uff1a\u30c9\u30e9\u30c3\u30b0\u306e\u5f71\u97ff\u304c\u52a0\u901f<\/p>\n\n\n\n
– \u4e00\u65b9\u5411\u30c8\u30ec\u30f3\u30c9\uff1a\u6bd4\u8f03\u7684\u5f71\u97ff\u306f\u9650\u5b9a\u7684<\/p>\n\n\n\n
\u6295\u8cc7\u5224\u65ad\u57fa\u6e96\u306e\u8a2d\u5b9a<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u3078\u306e\u6295\u8cc7\u3092\u691c\u8a0e\u3059\u308b\u969b\u306f\u3001\u4ee5\u4e0b\u306e\u57fa\u6e96\u3092\u6e80\u305f\u3059\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\uff1a<\/p>\n\n\n\n
\u77e5\u8b58\u30fb\u7d4c\u9a13\u8981\u4ef6<\/p>\n\n\n\n
– \u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u4ed5\u7d44\u307f\u306e\u5b8c\u5168\u306a\u7406\u89e3<\/p>\n\n\n\n
– \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u6570\u5024\u7684\u306a\u5f71\u97ff\u306e\u628a\u63e1<\/p>\n\n\n\n
– \u77ed\u671f\u58f2\u8cb7\u306b\u95a2\u3059\u308b\u5341\u5206\u306a\u7d4c\u9a13<\/p>\n\n\n\n
\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6<\/p>\n\n\n\n
– \u6700\u592720-30%\u306e\u5143\u672c\u6bc0\u640d\u3092\u8a31\u5bb9\u3067\u304d\u308b<\/p>\n\n\n\n
– \u65e5\u6b21\u306e\u5927\u304d\u306a\u4fa1\u683c\u5909\u52d5\u306b\u5bfe\u3059\u308b\u5fc3\u7406\u7684\u8010\u6027<\/p>\n\n\n\n
– \u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u7406\u89e3<\/p>\n\n\n\n
\u6295\u8cc7\u74b0\u5883<\/p>\n\n\n\n
– \u65e5\u5e38\u7684\u306a\u5e02\u5834\u76e3\u8996\u304c\u53ef\u80fd<\/p>\n\n\n\n
– \u8fc5\u901f\u306a\u58f2\u8cb7\u5224\u65ad\u3068\u57f7\u884c\u80fd\u529b<\/p>\n\n\n\n
– \u611f\u60c5\u306b\u5de6\u53f3\u3055\u308c\u306a\u3044\u898f\u5f8b\u7684\u306a\u6295\u8cc7\u884c\u52d5<\/p>\n\n\n\n
\u6700\u7d42\u7684\u306a\u7559\u610f\u4e8b\u9805<\/p>\n\n\n\n
\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306f\u3001\u9069\u5207\u306a\u77e5\u8b58\u3068\u6226\u7565\u3092\u6301\u3064\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6709\u52b9\u306a\u30c4\u30fc\u30eb\u3068\u306a\u308a\u5f97\u307e\u3059\u304c\u3001\u305d\u306e\u7279\u6027\u3092\u5341\u5206\u306b\u7406\u89e3\u3057\u306a\u3044\u72b6\u614b\u3067\u306e\u6295\u8cc7\u306f\u63a8\u5968\u3055\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n
\u7279\u306b\u3001\u9577\u671f\u6295\u8cc7\u3092\u76ee\u7684\u3068\u3057\u305f\u300c\u653e\u7f6e\u6295\u8cc7\u300d\u306b\u306f\u9069\u3055\u306a\u3044\u5546\u54c1\u8a2d\u8a08\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u7d99\u7d9a\u7684\u306a\u76e3\u8996\u3068\u5224\u65ad\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n
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