{"id":43495,"date":"2018-10-30T14:28:45","date_gmt":"2018-10-30T05:28:45","guid":{"rendered":"https:\/\/www.invast.jp\/blogs\/?p=43495"},"modified":"2023-02-24T17:04:28","modified_gmt":"2023-02-24T08:04:28","slug":"11%e6%9c%88%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\/201811usamarket","title":{"rendered":"11\u6708\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\/201811usamarket\/#%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\/201811usamarket\/#%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\/201811usamarket\/#%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\/201811usamarket\/#%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\/201811usamarket\/#%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\/201811usamarket\/#%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><span>8<\/span>\u6708\u306b\u5165\u3063\u3066\u304b\u3089\u7c73\u56fd\u682a\u5f0f\u5e02\u5834\u306f\u5927\u304d\u304f\u8abf\u6574\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u3092\u66f8\u3044\u3066\u3044\u308b<span>10<\/span>\u6708<span>29<\/span>\u65e5\u306e\u30b6\u30e9\u30d0\u3067<span>S&amp;P500<\/span>\u6307\u6570\u306f<span>2682<\/span>\u3067\u53d6\u5f15\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\/10\/aba1dd9afd994bc383f5259806be7bb4-1.png\" alt=\"\" width=\"805\" height=\"585\" class=\"alignnone size-full wp-image-43500\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/aba1dd9afd994bc383f5259806be7bb4-1.png 805w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/aba1dd9afd994bc383f5259806be7bb4-1-768x558.png 768w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/aba1dd9afd994bc383f5259806be7bb4-1-294x214.png 294w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/aba1dd9afd994bc383f5259806be7bb4-1-282x205.png 282w\" sizes=\"auto, (max-width: 805px) 100vw, 805px\" \/><\/p>\n<p>\u8abf\u6574\u306e\u7406\u7531\u3067\u3059\u304c\u3001\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u3001\u7c73\u4e2d\u8cbf\u6613\u6226\u4e89\u304c\u6fc0\u3057\u3055\u3092\u5897\u3057\u305f\u4e8b\u306a\u3069\u306b\u6c42\u3081\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u30a4\u30bf\u30ea\u30a2\u306e\u653f\u6cbb\u3082\u6df7\u6c8c\u3068\u3057\u3066\u304a\u308a\u3001\u4e16\u754c\u7684\u306b\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u3046\u3057\u305f\u795e\u7d4c\u8cea\u306a\u5c55\u958b\u306e\u4e2d\u3067<span>3<\/span>\u30f5\u6708\u7269\u30ed\u30f3\u30c9\u30f3\u9280\u884c\u9593\u53d6\u5f15\u91d1\u5229\uff08<span>LIBOR<\/span>\uff09\u304c\u30b9\u30eb\u30b9\u30eb\u3068\u4e0a\u6607\u3057\u306f\u3058\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/6ac2397867767a902ce2217f0a58282f-1.png\" alt=\"\" width=\"777\" height=\"522\" class=\"alignnone size-full wp-image-43501\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/6ac2397867767a902ce2217f0a58282f-1.png 777w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/6ac2397867767a902ce2217f0a58282f-1-90x60.png 90w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/6ac2397867767a902ce2217f0a58282f-1-768x516.png 768w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/6ac2397867767a902ce2217f0a58282f-1-304x204.png 304w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/6ac2397867767a902ce2217f0a58282f-1-282x189.png 282w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/p>\n<p><span>LIBOR<\/span>\u306f\u30d5\u30a7\u30c7\u30e9\u30eb\u30d5\u30a1\u30f3\u30ba\u30fb\u30ec\u30fc\u30c8\u306e\u52d5\u304d\u306b\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002\u4eca\u5e74\u306e<span>12<\/span>\u6708<span>19<\/span>\u65e5\u306e\u9023\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u4f1a\uff08<span>FOMC<\/span>\uff09\u3067\u518d\u3073\u5229\u4e0a\u3052\u304c\u767a\u8868\u3055\u308c\u308b\u3068\u4e88\u60f3\u3059\u308b\u5e02\u5834\u53c2\u52a0\u8005\u304c\u591a\u3044\u306e\u3067<span>LIBOR<\/span>\u304c\u305d\u308c\u3092\u898b\u8d8a\u3057\u3066\u4e0a\u304c\u308a\u59cb\u3081\u3066\u3044\u308b\u3053\u3068\u306f\u4e0d\u81ea\u7136\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3057\u304b\u3057\u305d\u308c\u306b\u52a0\u3048\u3066\u30ea\u30b9\u30af\u56de\u907f\u306e\u59ff\u52e2\u304c\u9ad8\u307e\u308a\u3001\u9280\u884c\u304c\u76f8\u4e92\u306e\u4fe1\u7528\u306e\u63d0\u4f9b\u306b\u6d88\u6975\u7684\u306b\u306a\u308a\u306f\u3058\u3081\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u3000\u3068\u6307\u6458\u3059\u308b\u5411\u304d\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3082\u3057\u305d\u3046\u3060\u3068\u3059\u308c\u3070\u3053\u308c\u306f\u7121\u8996\u3067\u304d\u306a\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n<p><span>11<\/span>\u6708\u4ee5\u964d\u3082\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u30ae\u30af\u30b7\u30e3\u30af\u3057\u305f\u52d5\u304d\u3092\u7d9a\u3051\u308b\u306e\u3067\u3042\u308c\u3070\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08<span>FRB<\/span>\uff09\u306f<span>12<\/span>\u6708\u306e\u5229\u4e0a\u3052\u3092\u898b\u9001\u308b\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p><span>\u00a0<\/span>\u5b9f\u969b\u3001\u524d\u56de\u3001\u3059\u306a\u308f\u3061<span>9<\/span>\u6708<span>20<\/span>\u65e5\u306e<span>FOMC<\/span>\u306e\u8a18\u8005\u4f1a\u898b\u3067\u8a18\u8005\u56e3\u304b\u3089\u300c\u3069\u3046\u3044\u3046\u5c40\u9762\u3067\u5229\u4e0a\u3052\u306e\u624b\u3092\u4f11\u3081\u307e\u3059\u304b\uff1f\u300d\u3068\u3044\u3046\u8cea\u554f\u304c\u51fa\u305f\u969b\u3001\u30b8\u30a7\u30ed\u30fc\u30e0\u30fb\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u300c\u8cc7\u7523\u4fa1\u683c\u304c\u6025\u843d\u3057\u305f\u5834\u5408\u306f\u5229\u4e0a\u3052\u3092\u30b9\u30c8\u30c3\u30d7\u3059\u308b\u300d\u3068\u660e\u8a00\u3057\u307e\u3057\u305f\u3002\u3053\u3053\u3067\u306e\u8cc7\u7523\u4fa1\u683c\u3068\u306f\u682a\u4fa1\u306b\u307b\u304b\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u6295\u8cc7\u9280\u884c\u30c7\u30a3\u30ed\u30f3\u30ea\u30fc\u30c9\u51fa\u8eab\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u6a5f\u5fae\u306f\u6b74\u4ee3\u306e<span>FRB<\/span>\u8b70\u9577\u3088\u308a\u3082\u3088\u304f\u308f\u304b\u3063\u3066\u3044\u307e\u3059\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u7d9a\u843d\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u81e8\u6a5f\u5fdc\u5909\u306a\u5bfe\u5fdc\u304c\u51fa\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p><span>S&amp;P500<\/span>\u6307\u6570\u306e\u5411\u3053\u3046\u4e00\u30f6\u6708\u306e\u30bf\u30fc\u30b2\u30c3\u30c8\u306f\u3053\u308c\u307e\u3067\u306e<span>2950<\/span>\u306b\u7f6e\u3044\u3066\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u73fe\u5728\u306e<span>S&amp;P500<\/span>\u6307\u6570\u306f<span>2682<\/span>\u306b\u4e0b\u304c\u3063\u305f\u308f\u3051\u3067\u3059\u304b\u3089\u30bf\u30fc\u30b2\u30c3\u30c8\u3092\u30ea\u30bb\u30c3\u30c8\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u65b0\u3057\u3044\u30bf\u30fc\u30b2\u30c3\u30c8\u306f<span>2750<\/span>\u306b\u3057\u307e\u3059\u3002<\/p>\n<p>\u5f37\u6c17\u306b\u8003\u3048\u3066\u3044\u308b\u7406\u7531\u306f\u3001\u304b\u308a\u306b\u76f8\u5834\u304c\u7d9a\u843d\u3059\u308b\u3088\u3046\u306a\u6c17\u914d\u3092\u898b\u305b\u308c\u3070\u3001<span>FRB<\/span>\u304c\u300c\u5229\u4e0a\u3052\u306e\u624b\u3092\u6b62\u3081\u308b\u300d\u3068\u3044\u3046\u3053\u3068\u3092\u5e02\u5834\u306b\u5bfe\u3057\u7a4d\u6975\u7684\u306b\u30b7\u30b0\u30ca\u30eb\u3057\u306f\u3058\u3081\u308b\u3068\u4e88\u60f3\u3059\u308b\u304b\u3089\u3067\u3059\u3002<\/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\u7d4c\u6e08\u306e\u73fe\u6cc1\u306f\u5f15\u304d\u7d9a\u304d\u826f\u597d\u3067\u3059\u3002\u305f\u3060\u3001\u5f37\u3044\u3066\u8a00\u3048\u3070\u81ea\u52d5\u8eca\u8ca9\u58f2\u3084\u4f4f\u5b85\u8ca9\u58f2\u306a\u3069\u3001\u91d1\u5229\u306b\u5f71\u97ff\u3055\u308c\u3084\u3059\u3044\u6307\u6a19\u306b\u9670\u308a\u304c\u898b\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u9762\u304b\u3089\u3082<span>FRB<\/span>\u306e\u67d4\u8edf\u306a\u5bfe\u5fdc\u304c\u671f\u5f85\u3055\u308c\u308b\u3068\u3044\u3046\u308f\u3051\u3067\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>\u73fe\u5728\u3001\u7b2c<span>3<\/span>\u56db\u534a\u671f\u306e\u6c7a\u7b97\u767a\u8868\u304c\u9032\u884c\u4e2d\u3067\u3059\u3002\u3053\u308c\u307e\u3067\u306b<span>S&amp;P500<\/span>\u63a1\u7528\u9298\u67c4\u306e\u3046\u3061<span>47%<\/span>\u304c\u6c7a\u7b97\u767a\u8868\u3092\u7d42\u3048\u3066\u3044\u307e\u3059\u3002\u3082\u3046\u6c7a\u7b97\u3092\u767a\u8868\u6e08\u307f\u306e\u4f01\u696d\u306e\u3046\u3061<span>77%<\/span>\u304c\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08<span>EPS<\/span>\uff09\u3067\u5e02\u5834\u4e88\u60f3\u3092\u4e0a\u56de\u308b\u6c7a\u7b97\u3092\u51fa\u3057\u307e\u3057\u305f\u3002\u58f2\u4e0a\u9ad8\u3067\u306f<span>59%<\/span>\u304c\u5e02\u5834\u4e88\u60f3\u3092\u4e0a\u56de\u308b\u6c7a\u7b97\u3092\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u4f01\u696d\u696d\u7e3e\u306f\u5f15\u304d\u7d9a\u304d\u597d\u8abf\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305f\u3060\u5f37\u3044\u3066\u8a00\u3048\u3070\u4eca\u5e74\u3068\u6765\u5e74\u306e\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9<span>EPS<\/span>\u4e88\u60f3\u306f\u82e5\u5e72\u4e0b\u304c\u308a\u307e\u3057\u305f\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/f6f77a1616e27fc34eb1a81aa7dc6262-1.png\" alt=\"\" width=\"767\" height=\"504\" class=\"alignnone size-full wp-image-43503\" srcset=\"https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/f6f77a1616e27fc34eb1a81aa7dc6262-1.png 767w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/f6f77a1616e27fc34eb1a81aa7dc6262-1-90x60.png 90w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/f6f77a1616e27fc34eb1a81aa7dc6262-1-304x200.png 304w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/f6f77a1616e27fc34eb1a81aa7dc6262-1-282x185.png 282w, https:\/\/www.invast.jp\/blogs\/wp-content\/uploads\/2018\/10\/f6f77a1616e27fc34eb1a81aa7dc6262-1-400x262.png 400w\" sizes=\"auto, (max-width: 767px) 100vw, 767px\" \/><\/p>\n<p>\u73fe\u5728<span>S&amp;P500<\/span>\u6307\u6570\u306f\u5411\u3053\u3046<span>12<\/span>\u6708\u306e\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9<span>EPS<\/span>\u4e88\u60f3\u306b\u57fa\u3065\u3044\u3066<span>15.5<\/span>\u500d\u3067\u53d6\u5f15\u3055\u308c\u3066\u304a\u308a\u3001\u3053\u308c\u306f\u904e\u53bb<span>5<\/span>\u5e74\u306e\u5e73\u5747\u3067\u3042\u308b<span>16.4<\/span>\u500d\u3088\u308a\u5272\u5b89\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u5927\u304d\u304f\u4e0b\u304c\u308b\u30ea\u30b9\u30af\u306f\u9650\u5b9a\u7684\u3060\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>11<\/span>\u6708<span>6<\/span>\u65e5\u306f\u4e2d\u9593\u9078\u6319\u304c\u3042\u308a\u307e\u3059\u3002\u4eca\u56de\u306e\u4e2d\u9593\u9078\u6319\u3067\u306f\u4e0b\u9662\u306e<span>435<\/span>\u8b70\u5e2d\u5168\u3066\u3001\u4e0a\u9662\u306e<span>100<\/span>\u8b70\u5e2d\u306e\u7d04<span>3<\/span>\u5206\u306e<span>1<\/span>\u306b\u3042\u305f\u308b<span>35<\/span>\u8b70\u5e2d\u3001<span>36<\/span>\u5dde\u306e\u5dde\u77e5\u4e8b\u9078\u6319\u3001\u3055\u3089\u306b\u5e02\u9577\u9078\u6319\u306a\u3069\u306e\u5730\u65b9\u9078\u6319\u304c\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u9078\u6319\u4e88\u60f3\u30b5\u30a4\u30c8\u3001\u30ea\u30a2\u30eb\u30af\u30ea\u30a2\u30dd\u30ea\u30c6\u30a3\u30af\u30b9\u306b\u3088\u308b\u3068\u4e0b\u9662\u306f\u6c11\u4e3b\u515a\u304c<span>205<\/span>\u8b70\u5e2d\u3001\u5171\u548c\u515a\u304c<span>199<\/span>\u8b70\u5e2d\u3092\u7372\u5f97\u3059\u308b\u3068\u898b\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u63a5\u6226\u3067\u3069\u3061\u3089\u306b\u306a\u308b\u304b\u308f\u304b\u3089\u306a\u3044\u8b70\u5e2d\u306f<span>31<\/span>\u3067\u3059\u3002<\/p>\n<p>\u4e0a\u9662\u306f\u6c11\u4e3b\u515a\u304c<span>44<\/span>\u8b70\u5e2d\u3001\u5171\u548c\u515a\u304c<span>50<\/span>\u8b70\u5e2d\u3092\u7372\u5f97\u3059\u308b\u3068\u898b\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u63a5\u6226\u306e\u305f\u3081\u3069\u3061\u3089\u306b\u306a\u308b\u304b\u308f\u304b\u3089\u306a\u3044\u8b70\u5e2d\u306f<span>6<\/span>\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e00\u756a\u78ba\u7387\u306e\u9ad8\u3044\u300c\u4e0b\u9662\u306f\u6c11\u4e3b\u515a\u3001\u4e0a\u9662\u306f\u5171\u548c\u515a\u300d\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u3001\u70ba\u66ff\u3001\u91d1\u5229\u3001\u682a\u5f0f\u306f\u6b86\u3069\u52d5\u304b\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u306f\u65b0\u3057\u3044\u6cd5\u6848\u304c\u6210\u7acb\u3059\u308b\u53ef\u80fd\u6027\u306f\u4f4e\u304f\u3001\u305d\u308c\u306f\u73fe\u72b6\u7dad\u6301\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<p>\u6b21\u306b\u78ba\u7387\u306e\u9ad8\u3044\u30b7\u30ca\u30ea\u30aa\u306f\u300c\u4e0b\u9662\u30fb\u4e21\u9662\u3068\u3082\u306b\u5171\u548c\u515a\u300d\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3067\u3059\u3002\u3053\u308c\u306f\u73fe\u72b6\u3068\u540c\u3058\u3067\u3059\u304b\u3089\u7279\u306b\u65b0\u9bae\u5473\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u3082\u30de\u30fc\u30b1\u30c3\u30c8\u306f\u52d5\u304b\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002<span>\u00a0<\/span><\/p>\n<p>\u3044\u3061\u3070\u3093\u78ba\u7387\u306e\u4f4e\u3044\u30b7\u30ca\u30ea\u30aa\u306f\u300c\u4e0b\u9662\u30fb\u4e21\u9662\u3068\u3082\u306b\u6c11\u4e3b\u515a\u300d\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3067\u3059\u3002\u5b9f\u73fe\u53ef\u80fd\u6027\u306f\u30bc\u30ed\u306b\u8fd1\u3044\u3068\u601d\u3044\u307e\u3059\u3002<span>\u00a0<\/span><\/p>\n<p>\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u4e0b\u9662\u8b70\u9577\u304c\u30ca\u30f3\u30b7\u30fc\u30fb\u30da\u30ed\u30b7\u8b70\u54e1\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u5834\u5408\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u5f3e\u52be\u52d5\u8b70\u304c\u8d77\u3053\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u52a0\u3048\u3066<span>2017<\/span>\u5e74<span>12<\/span>\u6708\u306b\u6210\u7acb\u3057\u305f\u7a0e\u5236\u6539\u9769\u6cd5\u6848\u306e\u4e00\u90e8\u3092\u5ec3\u6848\u306b\u3059\u3079\u304d\u3060\u3068\u3044\u3046\u4e3b\u5f35\u304c\u51fa\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u9023\u90a6\u50b5\u52d9\u4e0a\u9650\u306e\u5f15\u4e0a\u3052\u306b\u969b\u3057\u3066\u6c11\u4e3b\u515a\u304c\u99c4\u3005\u3092\u3053\u306d\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u6c11\u4e3b\u515a\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u5f8c\u306b\u65bd\u884c\u3055\u308c\u305f\u30c9\u30c3\u30c9\u30d5\u30e9\u30f3\u30af\u6cd5\u306a\u3069\u898f\u5236\u5f37\u5316\u3092\u597d\u3080\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u5f93\u3063\u3066\u4e0b\u9662\u3001\u4e0a\u9662\u3068\u3082\u306b\u6c11\u4e3b\u515a\u304c\u52dd\u3064\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u898f\u5236\u7de9\u548c\u306e\u30c8\u30ec\u30f3\u30c9\u304c\u9006\u6d41\u3059\u308b\u61f8\u5ff5\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3089\u306e\u3053\u3068\u304b\u3089\u4e0b\u9662\u30fb\u4e0a\u9662\u3068\u3082\u306b\u6c11\u4e3b\u515a\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u5e02\u5834\u306f\u8352\u308c\u308b\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>\u4e2d\u56fd\u682a\u306f\u672a\u3060\u5b89\u5024\u3092\u6a21\u7d22\u3059\u308b\u72b6\u614b\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002\u4e2d\u56fd\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u5897\u3084\u3059\u3053\u3068\u3067\u7d4c\u6e08\u6210\u9577\u3057\u3066\u304d\u305f\u306e\u3067\u73fe\u5728\u898b\u3089\u308c\u308b\u3088\u3046\u306a\u8cc7\u7523\u4fa1\u683c\u306e\u4e0b\u843d\u306b\u3068\u308a\u308f\u3051\u5f31\u3044\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066<strong><span>i<\/span><\/strong><strong>\u30b7\u30a7\u30a2\u30fc\u30ba\u4e2d\u56fd\u5927\u578b\u682a<span>ETF<\/span><\/strong><strong>\uff08<span>FXI<\/span><\/strong><strong>\uff09<\/strong>\u306f\u5f15\u304d\u7d9a\u304d\u30b7\u30e7\u30fc\u30c8\u3067\u826f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001\u4e0a\u3067\u8aac\u660e\u3057\u305f\u3088\u3046\u306b<span>FRB<\/span>\u304c\u82e5\u3057\u5229\u4e0a\u3052\u306e\u624b\u3092\u4f11\u3081\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u306f<strong>\u30d0\u30f3\u30ac\u30fc\u30c9<\/strong><strong><span>FTSE<\/span><\/strong><strong>\u30a8\u30de\u30fc\u30b8\u30f3\u30b0\u30fb\u30de\u30fc\u30b1\u30c3\u30c4<span>ETF<\/span><\/strong><strong>\uff08<span>VWO<\/span><\/strong><strong>\uff09<\/strong>\u3092\u8cb7\u3046\u30c1\u30e3\u30f3\u30b9\u304c\u6765\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p><strong><span>i<\/span><\/strong><strong>\u30b7\u30a7\u30a2\u30fc\u30ba\u30fb\u30e9\u30c3\u30bb\u30eb<span>2000ETF<\/span><\/strong><strong>\uff08<span>IWM<\/span><\/strong><strong>\uff09<\/strong>\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u5c0f\u578b\u682a\u306b\u6295\u8cc7\u3059\u308b<span>ETF<\/span>\u3067\u3059\u3002\u3044\u307e\u7c73\u4e2d\u8cbf\u6613\u6226\u4e89\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u6295\u8cc7\u5bb6\u306f\u6d77\u5916\u58f2\u4e0a\u6bd4\u7387\u306e\u9ad8\u3044\u682a\u3092\u656c\u9060\u3059\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002<span>IWM<\/span>\u306a\u3089\u6bd4\u8f03\u7684\u8f38\u51fa\u4f9d\u5b58\u5ea6\u306e\u4f4e\u3044\u9298\u67c4\u304c\u591a\u304f\u7d44\u307f\u5165\u308c\u3089\u308c\u3066\u3044\u308b\u306e\u3067\u5b89\u5fc3\u3067\u3059\u3002<\/p>\n<p><strong>\u4e00\u822c\u6d88\u8cbb\u8ca1\u30bb\u30ec\u30af\u30c8\u30fb\u30bb\u30af\u30bf\u30fc<span>SPDR<\/span><\/strong><strong>\u30d5\u30a1\u30f3\u30c9\uff08<span>XLY<\/span><\/strong><strong>\uff09<\/strong>\u306f\u6d88\u8cbb\u8005\u304c\u8ca1\u5e03\u306e\u3072\u3082\u3092\u7de9\u3081\u305f\u3068\u304d\u6f64\u3046\u6d88\u8cbb\u95a2\u9023\u9298\u67c4\u3092\u7d44\u307f\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u3044\u307e\u30a2\u30e1\u30ea\u30ab\u306e\u6d88\u8cbb\u8005\u306e\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u306f\u5f37\u3044\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3053\u306e\u50be\u5411\u304c\u7d99\u7d9a\u3059\u308b\u3068\u8003\u3048\u308b\u306a\u3089\u3070<span>XLY<\/span>\u3092\u30ed\u30f3\u30b0\u3059\u308b\u3068\u3044\u3046\u624b\u6cd5\u304c\u6709\u52b9\u3067\u3059\u3002<\/p>\n<p><strong><span>SPDR<\/span><\/strong><strong>\u30b4\u30fc\u30eb\u30c9\u30fb\u30b7\u30a7\u30a2\uff08<span>GLD<\/span><\/strong><strong>\uff09<\/strong>\u306f\u91d1\u5730\u91d1\u306e\u4fa1\u683c\u306b\u9023\u52d5\u3059\u308b<span>ETF<\/span>\u3067\u3059\u3002\u3082\u3057\u5229\u4e0a\u3052\u304c\u6253\u3061\u6b62\u3081\u306b\u306a\u308b\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u30b4\u30fc\u30eb\u30c9\u306b\u3068\u3063\u3066\u660e\u3089\u304b\u306b\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u30cb\u30e5\u30fc\u30b9\u306a\u306e\u3067<span>GLD<\/span>\u3092\u8cb7\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\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>\u7c73\u56fd\u682a\u306f\u3056\u3063\u304f\u308a\u3068\u8abf\u6574\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u4ee5\u4e0a\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u795e\u7d4c\u8cea\u306a\u52d5\u304d\u3092\u3059\u308b\u3088\u3046\u306a\u3089<span>FRB<\/span>\u306f\u5229\u4e0a\u3052\u306e\u624b\u3092\u7de9\u3081\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u305d\u306e\u3053\u3068\u306f\u4e0b\u5024\u30ea\u30b9\u30af\u306f\u9650\u5b9a\u7684\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u4e2d\u9593\u9078\u6319\u306f\u6750\u6599\u3068\u3057\u3066\u306f\u3042\u307e\u308a\u91cd\u8981\u3067\u306f\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u4e2d\u56fd\u682a\u306b\u306f\u5f15\u304d\u7d9a\u304d\u30b7\u30e7\u30fc\u30c8\u306e\u30b9\u30bf\u30f3\u30b9\u3067\u826f\u3044\u3067\u3057\u3087\u3046\u3002\u305d\u308c\u4ee5\u5916\u306e\u65b0\u8208\u56fd\u3068\u30b4\u30fc\u30eb\u30c9\u306f<span>FRB<\/span>\u304c\u5229\u4e0a\u3052\u3092\u30b9\u30c8\u30c3\u30d7\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u8cb7\u308f\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u77ed\u671f\u306e\u76f8\u5834\u898b\u901a\u3057 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