{"id":32144,"date":"2018-03-01T07:00:10","date_gmt":"2018-02-28T22:00:10","guid":{"rendered":"https:\/\/www.invast.jp\/blogs\/?p=32144"},"modified":"2023-02-24T17:01:20","modified_gmt":"2023-02-24T08:01:20","slug":"2018%e5%b9%b43%e6%9c%88%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%ae%e3%83%9e%e3%83%bc%e3%82%b1%e3%83%83%e3%83%88%e5%b1%95%e6%9c%9b","status":"publish","type":"post","link":"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/","title":{"rendered":"2018\u5e743\u6708\u30a2\u30e1\u30ea\u30ab\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u5c55\u671b"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">\u76ee\u6b21<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/#%E7%9F%AD%E6%9C%9F%E3%81%AE%E7%9B%B8%E5%A0%B4%E8%A6%8B%E9%80%9A%E3%81%97\" >\u77ed\u671f\u306e\u76f8\u5834\u898b\u901a\u3057<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/#%E7%B5%8C%E6%B8%88%E3%81%AE%E7%8F%BE%E6%B3%81\" >\u7d4c\u6e08\u306e\u73fe\u6cc1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/#%E4%BC%81%E6%A5%AD%E6%A5%AD%E7%B8%BE%E3%81%AE%E7%8F%BE%E6%B3%81\" >\u4f01\u696d\u696d\u7e3e\u306e\u73fe\u6cc1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/#%E6%B3%A8%E7%9B%AE%E3%82%A4%E3%83%99%E3%83%B3%E3%83%88\" >\u6ce8\u76ee\u30a4\u30d9\u30f3\u30c8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/#%E6%B3%A8%E7%9B%AEETF\" >\u6ce8\u76eeETF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.invast.jp\/blogs\/etf\/201803usamarket\/#%E3%81%BE%E3%81%A8%E3%82%81\" >\u307e\u3068\u3081<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E7%9F%AD%E6%9C%9F%E3%81%AE%E7%9B%B8%E5%A0%B4%E8%A6%8B%E9%80%9A%E3%81%97\"><\/span><strong>\u77ed\u671f\u306e\u76f8\u5834\u898b\u901a\u3057<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><span>S&amp;P500<\/span><\/strong><strong>\u6307\u6570\u306e\u5411\u3053\u3046<span>1<\/span><\/strong><strong>\u304b\u6708\u306e\u30bf\u30fc\u30b2\u30c3\u30c8\u306f<span>2,870<\/span><\/strong><strong>\u3092\u4e88\u60f3<\/strong>\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a<span class=\"f-marker-g\"><span>1<\/span>\u6708\u672b\u306b\u3064\u3051\u305f\u904e\u53bb\u6700\u9ad8\u5024\u3092\u53d6\u308a\u306b\u3086\u304f\u5c55\u958b\u3092\u4e88\u60f3<\/span>\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<span>\u00a0<\/span><\/p>\n<p>\u300c<span>2<\/span>\u6708\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u5c55\u671b\u300d\u3067\u4e88\u60f3\u3057\u305f\u901a\u308a\u3001\u7c73\u56fd\u682a\u5f0f\u5e02\u5834\u306f<span>2<\/span>\u6708\u306b\u5165\u3063\u3066\u304b\u3089<strong>\u300c\u30b9\u30d4\u30fc\u30c9\u8abf\u6574\u300d<\/strong>\u3092\u7d4c\u9a13\u3057\u307e\u3057\u305f\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612.png\" alt=\"\" width=\"786\" height=\"514\" class=\"size-full wp-image-32145 aligncenter\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612.png 786w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612-90x60.png 90w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612-768x502.png 768w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612-304x199.png 304w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612-282x184.png 282w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612-548x358.png 548w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154612-400x262.png 400w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" \/><\/p>\n<p><span class=\"f-marker-g\">\u682a\u5f0f\u5e02\u5834\u306e\u6295\u8cc7\u5bb6\u304c\u6025\u306b\u6016\u6c17\u3065\u3044\u305f\u539f\u56e0\u306f\u7c73\u56fd<span>10<\/span>\u5e74\u50b5\u5229\u56de\u308a\u304c\u6025\u9a30<\/span>\u3057\u305f\u3053\u3068\u306b\u3088\u308a\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f<span>2<\/span>\u6708<span>2<\/span>\u65e5\uff08\u91d1\uff09\u306b\u767a\u8868\u3055\u308c\u305f\u5e73\u5747\u6642\u7d66\u304c\uff0b<span>0.3%<\/span>\u306e\u4e0a\u6607\u3060\u3063\u305f\u3053\u3068\u3067\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u3092\u61f8\u5ff5\u3059\u308b\u58f0\u304c\u9ad8\u307e\u308a\u307e\u3057\u305f\u3002<\/p>\n<p><strong>\u6b21\u306e\u96c7\u7528\u7d71\u8a08\u306e\u767a\u8868\u306f<span>3<\/span><\/strong><strong>\u6708<span>9<\/span><\/strong><strong>\u65e5\uff08\u91d1\uff09\u3067\u3042\u308a\u3001\u305d\u3053\u3067\u306e\u5e73\u5747\u6642\u7d66\u306e\u4e0a\u6607\uff08\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u4e88\u60f3\u306f\uff0b<span>0.3%<\/span><\/strong><strong>\uff09\u304c\u518d\u3073\u6ce8\u76ee\u3055\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B5%8C%E6%B8%88%E3%81%AE%E7%8F%BE%E6%B3%81\"><\/span><strong>\u7d4c\u6e08\u306e\u73fe\u6cc1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7c73\u56fd<span>10<\/span>\u5e74\u50b5\u5229\u56de\u308a\u306f<span>2.87%<\/span>\u5f53\u308a\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"f-marker-g\">\u3053\u306e\u3068\u3053\u308d\u306e\u7c73\u56fd\u306e\u91d1\u5229\u4e0a\u6607\u306f\u3001\u4e0a\u3067\u8ff0\u3079\u305f\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u306b\u52a0\u3048\u3066\u3001<strong>\u9700\u7d66\u95a2\u4fc2\u304c\u60aa\u3044<\/strong><\/span>\u3068\u3044\u3046\u3053\u3068\u3082\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002\u305f\u3068\u3048\u3070<span>2<\/span>\u6708<span>19<\/span>\u65e5\u306e\u9031\u3060\u3051\u3067<span>2,580<\/span>\u5104\u30c9\u30eb\u3082\u306e\u8ca1\u52d9\u7701\u8a3c\u5238\u306e\u5165\u672d\u304c\u884c\u308f\u308c\u307e\u3057\u305f\u3002<span>2<\/span>\u6708<span>20<\/span>\u65e5\u306b\u884c\u308f\u308c\u305f<span>2<\/span>\u5e74\u50b5\u306e\u5165\u672d\u5229\u56de\u308a\u306f<span>2.25%<\/span>\u3067\u3001\u3053\u308c\u306f<span>2008<\/span>\u5e74\u4ee5\u6765\u3001\u3082\u3063\u3068\u3082\u9ad8\u3044\u5229\u56de\u308a\u3067\u3057\u305f\u3002<span>2<\/span>\u6708<span>22<\/span>\u65e5\u5b9f\u65bd\u306e<span>7<\/span>\u5e74\u50b5\u5165\u672d\u5229\u56de\u308a\u306f<span>2.84%<\/span>\u3067\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u65b0\u3057\u3044\u4f9b\u7d66\u304c\u5e02\u5834\u3092\u62bc\u3057\u4e0b\u3052\u305f\u95a2\u4fc2\u3067\u3001<span>10<\/span>\u5e74\u50b5\u5229\u56de\u308a\u306f\u4e00\u6642<span>2.95%<\/span>\u307e\u3067\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u53bb\u5e74\u306e\u66ae\u308c\u306b\u6210\u7acb\u3057\u305f\u6e1b\u7a0e\u6cd5\u6848\u306f\u3001\u304a\u3082\u306b\u9023\u90a6\u653f\u5e9c\u306e\u501f\u5165\u308c\u3092\u5897\u3084\u3059\u3053\u3068\u3067\u8cc4\u308f\u308c\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u4eca\u5f8c\u3001\u7c73\u56fd\u653f\u5e9c\u306e\u8ca1\u52d9\u7701\u8a3c\u5238\u767a\u884c\u306f\u52a0\u901f\u3057\u307e\u3059\u3002\u5b9f\u969b\u3001<strong>\u7c73\u56fd\u8b70\u4f1a\u4e88\u7b97\u5c40\u306e\u8a66\u7b97\u306b\u3088\u308b\u3068\u5411\u3053\u3046<\/strong><strong><span>10<\/span><\/strong><strong>\u5e74\u3067\u653f\u5e9c\u306e\u501f\u5165\u308c\u306f<span>2<\/span><\/strong><strong>\u5146\u30c9\u30eb\u5897\u3048\u308b<\/strong>\u305d\u3046\u3067\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a<strong>\u6295\u8cc7\u5bb6\u306f\u9700\u7d66\u60aa\u3068\u5f53\u5206\u3064\u304d\u3042\u3063\u3066\u3086\u304b\u306d\u3070\u306a\u3089\u306a\u3044<\/strong>\u306e\u3067\u3059\u3002<\/p>\n<p><span class=\"f-marker-g\">\u5e02\u5834\u53c2\u52a0\u8005\u306f\u4eca\u5e74\u306e\u5229\u4e0a\u3052\u56de\u6570\u3092<span>3<\/span>\u56de\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>\u7c73\u56fd\u306e\u653f\u7b56\u91d1\u5229\u306f\u30d5\u30a7\u30c7\u30e9\u30eb\u30d5\u30a1\u30f3\u30ba\u30fb\u30ec\u30fc\u30c8\u3067\u3059\u3002\u3053\u308c\u306f\u300c<span>FF<\/span>\u30ec\u30fc\u30c8\u300d\u3068\u7565\u3055\u308c\u307e\u3059\u3002<span>FF<\/span>\u30ec\u30fc\u30c8\u306e\u5148\u7269\u306f\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u53d6\u5f15\u6240\u3001<span>CME<\/span>\u306b\u4e0a\u5834\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e<span>FF<\/span>\u30ec\u30fc\u30c8\u5148\u7269\u53d6\u5f15\u4fa1\u683c\u304b\u3089\u5229\u4e0a\u3052\u78ba\u7387\u3092\u9006\u7b97\u3059\u308b\u3053\u3068\u304c\u51fa\u6765\u307e\u3059\u3002\u4e0b\u304c\u305d\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3059\u3002\u3053\u3053\u3067\u306f\u4eca\u5e74\u6700\u5f8c\u306e\u9023\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u4f1a\uff08<span>FOMC<\/span>\uff09\u3067\u306e<span>FF<\/span>\u30ec\u30fc\u30c8\u306e\u30b7\u30ca\u30ea\u30aa\uff08\u6a2a\u8ef8\uff09\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1.png\" alt=\"\" width=\"786\" height=\"517\" class=\"wp-image-32152 size-full aligncenter\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1.png 786w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1-90x60.png 90w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1-768x505.png 768w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1-304x200.png 304w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1-282x185.png 282w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_154749-1-400x262.png 400w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" \/><\/p>\n<p>\u4e0a\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u308b\u3068\u76f4\u8fd1\uff08\u30b0\u30ec\u30fc\uff09\u306e\u6700\u591a\u30be\u30fc\u30f3\u306f<span>FF<\/span>\u30ec\u30fc\u30c8<span>2.25%<\/span>\u306e\u3068\u3053\u308d\u3067\u3042\u308a\u3001\u78ba\u7387\u306f<span>36.6%<\/span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u73fe\u5728\u306e<span>FF<\/span>\u30ec\u30fc\u30c8\u306f<span>1.5%<\/span>\u3067\u3059\u304b\u3089\u3001\u305d\u308c\u304c<span>2.25%<\/span>\u306b\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u6bce\u56de<span>0.25%<\/span>\u523b\u307f\u3067\u5229\u4e0a\u3052\u304c\u884c\u308f\u308c\u305f\u3068\u4eee\u5b9a\u3057\u3066\u3001<span>3<\/span>\u56de\u3001\u5408\u8a08<span>0.75%<\/span>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u3044\u307e\u9577\u671f\u50b5\u306e\u5229\u56de\u308a\u306f\u3001\u304a\u304a\u307e\u304b\u306b\u8a00\u3063\u3066\uff08\u653f\u7b56\u91d1\u5229\uff0b\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\uff09\u306b\u3088\u3063\u3066\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u3059\u308b\u3068\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u4e00\u5b9a\u3067\u3042\u308b\u3068\u4eee\u5b9a\u3059\u308c\u3070\u3001\u3053\u3053\u306b\u8ff0\u3079\u3066\u304d\u305f\u3088\u3046\u306b\u653f\u7b56\u91d1\u5229\u304c\u4eca\u5f8c<span>0.75%<\/span>\u4e0a\u6607\u3059\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u73fe\u5728<span>2.87%<\/span>\u306e\u6c34\u6e96\u306b\u3042\u308b<span>10<\/span>\u5e74\u50b5\u5229\u56de\u308a\u3082\u3001\u5f53\u7136\u3001\u305d\u306e\u5206\u4e0a\u6607\u3059\u308b\u3068\u899a\u609f\u3057\u305f\u65b9\u304c\u826f\u3044\u306e\u3067\u3059\u3002\u8a00\u3044\u63db\u3048\u308c\u3070\u3001<span>2.87 + 0.75 = 3.62<\/span>\u304f\u3089\u3044\u306e\u5229\u56de\u308a\u304c\u4e88\u60f3\u3055\u308c\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u682a\u5f0f\u5e02\u5834\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u91d1\u5229\u4e0a\u6607\u306b\u8010\u3048\u3089\u308c\u308b\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u305d\u306e\u7b54\u3048\u306f\u3001\u4f01\u696d\u696d\u7e3e\u306b\u304b\u304b\u3063\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BC%81%E6%A5%AD%E6%A5%AD%E7%B8%BE%E3%81%AE%E7%8F%BE%E6%B3%81\"><\/span><strong>\u4f01\u696d\u696d\u7e3e\u306e\u73fe\u6cc1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7c73\u56fd\u306e<strong>\u4f01\u696d\u696d\u7e3e\u306f\u3001\u3059\u3053\u3076\u308b\u597d\u8abf<\/strong>\u3067\u3059\u3002\u6570\u5341\u5e74\u306b<span>1<\/span>\u56de\u3001\u3042\u308b\u304b\u306a\u3044\u304b\uff1f\u3068\u3044\u3046\u8457\u3057\u3044\u5229\u76ca\u306e\u4f38\u3073\u3092\u7d4c\u9a13\u4e2d\u3067\u3059\u3002<\/p>\n<p><span>2018<\/span>\u5e74\u306e<span>S&amp;P500<\/span>\u306e\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08<span>EPS<\/span>\uff09\u306e\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u4e88\u60f3\u306f\u3001\u7a0e\u5236\u6539\u9769\u6cd5\u6848\u304c\u6210\u7acb\u3057\u305f\u53bb\u5e74\u306e\u30af\u30ea\u30b9\u30de\u30b9\u76f4\u524d\u306e\u6642\u70b9\u3067<span>146<\/span>\u3067\u3057\u305f\u3002\u305d\u308c\u304c\u4eca\u306f<span>157.76<\/span>\u306b\u30b8\u30e3\u30f3\u30d7\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u3053\u308c\u306f\uff0b<span>8%<\/span>\u306e\u4e0a\u65b9\u4fee\u6b63\u3067\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353.png\" alt=\"\" width=\"788\" height=\"517\" class=\"size-full wp-image-32147 aligncenter\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353.png 788w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353-90x60.png 90w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353-768x504.png 768w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353-304x199.png 304w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353-282x185.png 282w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155353-400x262.png 400w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/p>\n<p><span>2<\/span>\u6708\u306e\u6025\u843d\u306e\u5f8c\u3001\u682a\u5f0f\u5e02\u5834\u304c\u3057\u306a\u3084\u304b\u306b\u53cd\u767a\u3057\u305f\u4e3b\u56e0\u306f\u3001\u3053\u306e\u529b\u5f37\u3044\u696d\u7e3e\u306e\u4f38\u9577\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3092\u66f8\u3044\u3066\u3044\u308b<span>2<\/span>\u6708<span>24<\/span>\u65e5\u306e\u6642\u70b9\u3067\u306e<span>S&amp;P500<\/span>\u6307\u6570\u306f<span>2,747.30<\/span>\u3067\u3059\u3002\u3059\u308b\u3068\uff1a<span>\u00a0<\/span><\/p>\n<p><span>2,747.30 <\/span>\u00f7 <span>157.76 = 17.41<\/span><\/p>\n<p>\u3059\u306a\u308f\u3061<strong>\u682a\u4fa1\u53ce\u76ca\u7387\uff08<\/strong><strong><span>PER<\/span><\/strong><strong>\uff09\u306f<span>17.4<\/span><\/strong><strong>\u500d<\/strong>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u904e\u53bb<span>5<\/span>\u5e74\u306e\u5e73\u5747<span>PER<\/span>\u306f<span>16<\/span>\u500d\u3001\u904e\u53bb<span>10<\/span>\u5e74\u306e\u305d\u308c\u306f<span>14.2<\/span>\u500d\u3067\u3042\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001<span>17.4<\/span>\u500d\u3068\u3044\u3046<span>PER<\/span>\u306f\u3001\u3084\u3084\u9ad8\u3081\u3060\u3068\u8a00\u3048\u307e\u3059\u3002\u3057\u304b\u3057<strong>\u53bb\u5e74\u306e\u66ae\u308c\u306f<\/strong><strong><span>18.5<\/span><\/strong><strong>\u500d\u3060\u3063\u305f\u306e\u3067\u3001<span class=\"f-marker-g\"><strong><span>2<\/span><\/strong><strong>\u6708\u306e\u682a\u4fa1\u306e\u30b9\u30d4\u30fc\u30c9\u8abf\u6574\u3068\u76f8\u307e\u3063\u3066\u3001\u73fe\u5728\u306f\u904e\u71b1\u611f\u304c\u9664\u53bb\u3055\u308c\u305f<\/strong><\/span><\/strong>\u3068\u8a00\u3048\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%B3%A8%E7%9B%AE%E3%82%A4%E3%83%99%E3%83%B3%E3%83%88\"><\/span><strong>\u6ce8\u76ee\u30a4\u30d9\u30f3\u30c8<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span class=\"f-marker-g\"><span>2<\/span>\u6708\u306e\u682a\u5f0f\u5e02\u5834\u306e\u6025\u843d\u5c40\u9762\u3067\u30de\u30fc\u30b1\u30c3\u30c8\u3092\u52a9\u3051\u305f\u8981\u56e0\u3068\u3057\u3066\u539f\u6cb9\u4fa1\u683c\u304c\u8edf\u8abf\u306b\u63a8\u79fb\u3057\u3066\u3044\u305f\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u308b<\/span>\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u305d\u306e\u539f\u6cb9\u4fa1\u683c\u306f\u3001\u3044\u307e\u5207\u308a\u8fd4\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615.png\" alt=\"\" width=\"786\" height=\"516\" class=\"size-full wp-image-32148 aligncenter\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615.png 786w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615-90x60.png 90w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615-768x504.png 768w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615-304x200.png 304w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615-282x185.png 282w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/02\/2018-02-26_155615-400x262.png 400w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" \/><\/p>\n<p>\u30b5\u30a6\u30b8\u30a2\u30e9\u30d3\u30a2\u306e\u30e0\u30cf\u30f3\u30de\u30c9\u30fb\u30d3\u30f3\u30fb\u30b5\u30eb\u30de\u30f3\u7687\u592a\u5b50\u306f\u30b5\u30a6\u30b8\u30fb\u30a2\u30e9\u30e0\u30b3\u306e\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08<span>IPO<\/span>\uff09\u3092\u63a8\u9032\u3057\u3066\u3044\u308b\u65d7\u632f\u308a\u5f79\u3067\u3059\u304c\u3001<span class=\"f-marker-g\"><span>3<\/span>\u6708\u306b\u7c73\u56fd\u3068\u82f1\u56fd\u3092\u6b74\u8a2a\u3057\u307e\u3059\u3002\u305d\u3053\u3067\u30a2\u30e9\u30e0\u30b3\u306e\u4e0a\u5834\u5148\u304c\u4f55\u51e6\u306b\u306a\u308b\u304b\u304c\u6c7a\u3081\u3089\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/span>\u3053\u308c\u306b\u7d61\u3081\u3066\u539f\u6cb9\u4fa1\u683c\u304c\u3069\u3046\u52d5\u304f\u304b\u3069\u3046\u304b\u306b\u6ce8\u76ee\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%B3%A8%E7%9B%AEETF\"><\/span><strong>\u6ce8\u76eeETF<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7c73\u56fd\u682a\u5f0f\u5e02\u5834\u306f\u300c\u30b9\u30d4\u30fc\u30c9\u8abf\u6574\u300d\u3092\u7121\u96e3\u306b\u3053\u306a\u3057\u3001\u4e00\u6bb5\u9ad8\u3067\u304d\u308b\u4f53\u5236\u304c\u6574\u3044\u307e\u3057\u305f\u3002\u7c73\u56fd\u306f\u597d\u666f\u6c17\u3067\u5931\u696d\u7387\u3082\u4f4e\u3044\u306e\u3067\u6d88\u8cbb\u8005\u306e\u30de\u30a4\u30f3\u30c9\u306f\u5f37\u6c17\u3067\u3059\u3002\u3053\u308c\u306f\u4e00\u822c\u6d88\u8cbb\u8ca1\u306b\u3068\u3063\u3066\u597d\u74b0\u5883\u3067\u3059\u3002\u9298\u67c4\u7684\u306b\u306f<strong>\u4e00\u822c\u6d88\u8cbb\u8ca1\u30bb\u30ec\u30af\u30c8\u30fb\u30bb\u30af\u30bf\u30fc<\/strong><strong><span>SPDR<\/span><\/strong><strong>\u30d5\u30a1\u30f3\u30c9\uff08<span>XLY<\/span><\/strong><strong>\uff09<\/strong>\u306e\u3088\u3046\u306a\u6295\u8cc7\u5bfe\u8c61\u304c\u6ce8\u76ee\u3055\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<p>\u4eca\u6708\u306f\u30e0\u30cf\u30f3\u30de\u30c9\u30fb\u30d3\u30f3\u30fb\u30b5\u30eb\u30de\u30f3\u7687\u592a\u5b50\u304c\u82f1\u7c73\u6b74\u8a2a\u3059\u308b\u306e\u3067<strong><span>WTI<\/span><\/strong><strong>\u539f\u6cb9\u9023\u52d5<span>ETF<\/span><\/strong><strong>\uff08<span>USO<\/span><\/strong><strong>\uff09<\/strong>\u304c\u6ce8\u76ee\u3055\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3055\u3089\u306b<strong><span>SPDR<\/span><\/strong><strong>\u30b4\u30fc\u30eb\u30c9\u30fb\u30b7\u30a7\u30a2\uff08<span>GLD<\/span><\/strong><strong>\uff09<\/strong>\u3082\u30a4\u30f3\u30d5\u30ec\u30fb\u30d8\u30c3\u30b8\u306b\u597d\u9069\u3068\u3057\u3066\u6ce8\u76ee\u3092\u6d74\u3073\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u3001\u5f15\u304d\u7d9a\u304d\u5927\u578b\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u6cd5\u6848\u306b\u53d6\u308a\u7d44\u307f\u305f\u3044\u3068\u3044\u3046\u610f\u5411\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u5834\u5408\u3001<strong>\u8cc7\u672c\u8ca1\u30bb\u30ec\u30af\u30c8\u30fb\u30bb\u30af\u30bf\u30fc<\/strong><strong><span>SPDR<\/span><\/strong><strong>\u30d5\u30a1\u30f3\u30c9\uff08<span>XLI<\/span><\/strong><strong>\uff09<\/strong>\u304c\u95a2\u9023\u9298\u67c4\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u5c40\u9762\u3067\u306f\u9280\u884c\u306e\u8cb8\u4ed8\u3051\u5229\u30b6\u30e4\u304c\u62e1\u5927\u3059\u308b\u3068\u306e\u601d\u60d1\u304b\u3089<strong>\u91d1\u878d\u30bb\u30ec\u30af\u30c8\u30fb\u30bb\u30af\u30bf\u30fc<\/strong><strong><span>SPDR<\/span><\/strong><strong>\u30d5\u30a1\u30f3\u30c9\uff08<span>XLF<\/span><\/strong><strong>\uff09<\/strong>\u306b\u3082\u6295\u8cc7\u5bb6\u306e\u6ce8\u76ee\u304c\u96c6\u307e\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%81%BE%E3%81%A8%E3%82%81\"><\/span><strong>\u307e\u3068\u3081<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span>2<\/span>\u6708\u306b\u5165\u3063\u3066\u7c73\u56fd\u682a\u5f0f\u5e02\u5834\u306f\u300c\u30b9\u30d4\u30fc\u30c9\u8abf\u6574\u300d\u3092\u7d4c\u9a13\u3057\u307e\u3057\u305f\u3002\u4e00\u65e6\u3001\u9ad8\u307e\u3063\u305f\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fc\u306f\u3001\u65e2\u306b\u93ae\u9759\u5316\u3057\u3066\u3044\u307e\u3059\u3002\u9577\u671f\u50b5\u306f\u65b0\u3057\u3044\u4f9b\u7d66\u304c\u5897\u3048\u3066\u3044\u308b\u3053\u3068\u3082\u3042\u308a\u3001\u3084\u3084\u8edf\u8abf\u3067\u3059\u3002\u4e00\u65b9\u3001\u4f01\u696d\u696d\u7e3e\u306b\u76ee\u3092\u8ee2\u3058\u308b\u3068\u7a00\u306b\u898b\u308b<span>EPS<\/span>\u306e\u6025\u4f38\u304c\u8d77\u304d\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u682a\u5f0f\u5e02\u5834\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u3044\u3046\u898b\u5730\u304b\u3089\u306f\u5272\u9ad8\u611f\u3092\u6255\u62ed\u3059\u308b\u306e\u306b\u5927\u3044\u306b\u5f79\u7acb\u3061\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u4eca\u306f<span 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