ETF 趨勢：現貨比特幣、日本焦點和新參與者佔據中心舞台

第一季 ETF 市場出現了顯著趨勢，包括現貨比特幣 ETF 和以人工智慧為重點的投資的興起。此外，單一國家的 ETF（例如專注於日本的 ETF）吸引了大量資金流入。 ETF 的多元化程度明顯高於大型科技股，能源、工業和房地產等產業受到關注。價值股也受到越來越多的關注。隨著聯準會考慮降息，市場預計對主動式管理債券 ETF 的需求將會增加。 ETF 領域的新參與者正在嶄露頭角，而投資者仍然關注廣泛的市場曝險。然而，隨著市場風險的出現，投資者可能會尋求有針對性的 ETF 以獲得更具體的投資。

ETF Trends: Spot Bitcoin ETFs, Japan Focus, and the Rise of New Players

ETF 趨勢：現貨比特幣 ETF、日本焦點以及新參與者的崛起

The advent of spot bitcoin exchange-traded funds (ETFs) and the pursuit of innovative ways to invest in artificial intelligence dominated headlines in the ETF market during the first quarter. However, analysts anticipate that other significant trends, such as single-country ETFs and bond ETFs, will gain traction throughout the rest of 2024.

現貨比特幣交易所交易基金 (ETF) 的出現以及對人工智慧投資創新方式的追求成為第一季 ETF 市場的頭條新聞。然而，分析師預計，單一國家 ETF 和債券 ETF 等其他重要趨勢將在 2024 年剩餘時間內受到關注。

Japanese Equities Soar, Driving Single-Country ETF Inflows

日本股市飆升，推動單一國家 ETF 流入

The Nikkei 225 benchmark index's historic highs have sparked investor interest in single-country ETFs targeting Japan. According to data from State Street Global Advisors, these ETFs garnered inflows of $3.3 billion in the final days of the first quarter, representing more than half of the $6.2 billion they attracted during the entirety of 2023.

日經 225 基準指數的歷史高點激發了投資者對針對日本的單一國家 ETF 的興趣。根據道富環球顧問公司的數據，這些 ETF 在第一季的最後幾天獲得了 33 億美元的資金流入，佔 2023 年全年 62 億美元資金流入的一半以上。

The WisdomTree Japan Hedged Equity Fund, which mitigates currency risk, has been particularly popular, attracting $996 million of the total inflows. The fund's appeal stems from the recent depreciation of the yen to a 34-year low.

降低貨幣風險的 WisdomTree Japan 對沖股票基金特別受歡迎，吸引了總流入資金 9.96 億美元。該基金的吸引力源自於近期日圓貶值至34年低點。

Broadening Focus Beyond Tech

將焦點擴展到科技之外

State Street's data indicates a diversification in U.S. stock market leadership, moving beyond the dominance of megacap technology stocks. While technology-focused ETFs garnered $9 billion in the first quarter, March inflows amounted to only $500 million.

道富銀行的數據表明，美國股市的領導地位呈現多元化，超越了大型科技股的主導地位。雖然以技術為重點的 ETF 在第一季獲得了 90 億美元的資金，但 3 月的流入額僅為 5 億美元。

"Energy ETFs took in $1.2 billion; industrial funds another $1 billion, and real estate $2 billion," said Matthew Bartolini, head of SPDR Americas Research at State Street.

道富銀行 SPDR 美洲研究主管馬修·巴托里尼 (Matthew Bartolini) 表示：“能源 ETF 吸收了 12 億美元；工業基金吸收了 10 億美元，房地產吸收了 20 億美元。”

Value stocks also saw growing investor interest in the first quarter. Hartford Funds' senior vice president for systematic ETFs, Brian Kraus, noted that the Russell 1000 Value Index gained 5.25% in March, outpacing the 2.78% return of the Russell 1000 Growth Index.

第一季投資人對價值股的興趣也不斷增長。 Hartford Funds 系統 ETF 資深副總裁 Brian Kraus 指出，羅素 1000 價值指數 3 月上漲了 5.25%，超過了羅素 1000 成長指數 2.78% 的回報率。

Bond ETFs Thrive Amid Fed's Policy Shift

債券ETF因聯準會政策轉變而蓬勃發展

Actively managed bond ETFs continue to attract assets and expand their offerings, adapting to the evolving interest rate environment. Drew Pettit, director of ETF strategy at Citigroup, highlights the "risk on" trend benefiting corporate bond ETFs and cautions that "risk taking has become particularly aggressive" in this sector.

主動管理的債券ETF繼續吸引資產並擴大其產品範圍，以適應不斷變化的利率環境。花旗集團 ETF 策略總監 Drew Pettit 強調了有利於公司債 ETF 的「風險偏好」趨勢，並警告稱，該行業的「風險承擔變得特別激進」。

New Players Entering the ETF Landscape

新進業者進入 ETF 版圖

The ETF market remains dominated by the "big three" players: BlackRock, Vanguard, and State Street, which collectively hold approximately 75% of the $8.2 trillion U.S. ETF market. However, newer entrants are rapidly gaining ground.

ETF 市場仍然由「三巨頭」主導：貝萊德 (BlackRock)、先鋒集團 (Vanguard) 和道富銀行 (State Street)，它們總共佔據了 8.2 兆美元的美國 ETF 市場的約 75%。然而，新進入者正在迅速崛起。

The debut of Fidelity's Wise Origin Bitcoin Fund, with $10 billion in assets, has boosted Fidelity's overall ETF assets by 16%, double that of Vanguard and triple that of State Street, according to TrackInsight. Invesco, Capital Group, Dimensional Fund Advisors, and even smaller players like Janus Henderson are also attracting attention.

TrackInsight 的數據顯示，資產規模達100 億美元的富達Wise Origin 比特幣基金的推出，使富達整體ETF 資產增加了16%，是先鋒集團(Vanguard) 的兩倍，道富銀行(State Street)的三倍。景順(Invesco)、Capital Group、Dimensional Fund Advisors，甚至Janus Henderson等規模較小的公司也引起了人們的注意。

Emerging Risks and Tailored Strategies

新出現的風險和量身定制的策略

While investors currently prioritize broad market exposure, Citigroup's Pettit anticipates a shift towards risk awareness as geopolitical tensions and market volatility intensify. "As more of those risks pop up," he said, "we'll start seeing investors turn to more specific, targeted ETFs," such as sector funds.

雖然投資人目前優先考慮廣泛的市場曝險，但花旗集團的佩蒂特預計，隨著地緣政治緊張局勢和市場波動加劇，風險意識將會轉變。 “隨著更多風險的出現，”他表示，“我們將開始看到投資者轉向更具體、更有針對性的 ETF”，例如行業基金。

Conclusion

結論

The ETF market is expected to see continued innovation and diversification in the months ahead. While spot bitcoin ETFs and artificial intelligence-related investments have made headlines, other trends, such as the rise of single-country ETFs, the growing popularity of bond ETFs, and the emergence of new players, are shaping the industry's landscape. As the macroeconomic environment evolves and investors seek tailored investment strategies, ETFs will continue to play a pivotal role in catering to their evolving needs.

預計 ETF 市場在未來幾個月將持續創新和多元化。雖然現貨比特幣 ETF 和人工智慧相關投資已成為頭條新聞，但其他趨勢，例如單一國家 ETF 的崛起、債券 ETF 的日益普及以及新參與者的出現，正在塑造行業格局。隨著宏觀經濟環境的變化和投資者尋求量身定制的投資策略，ETF將繼續在滿足其不斷變化的需求方面發揮關鍵作用。