<p>根據 Etf.com 的數據，截至 8 月 8 日的一週內，美國上市的 ETF 吸引了近 190 億美元，固定收益策略明顯領先投資者配置。</p>
<p>債券 ETF 吸引了 153 億美元，約為 22 億美元投資於股票的七倍。這一模式反映出市場情緒對美聯儲降息的強烈防禦性需求。</p>
<p><em>SGOV ETF 正在經歷顯著的資金流入。實時跟蹤其價格。</em></p>
<h2><strong>降息押注成為焦點</strong></h2>
<p>這一舉動源於對美聯儲將在 9 月開始放鬆貨幣政策的日益信心。來自 CME FedWatch 工具的信息顯示，期貨市場現在認為降息 25 個基點的概率超過 94%。投資者被視為提前佈局，固定收益工具，特別是短期國債，因低利率情景而受益匪淺。</p>
<p>在這一週內，債券收益率大多保持不變，10 年期國債收益率維持在中 3% 的水平，短期收益率則高企但穩定。政策利率的下調往往會縮小短期和長期收益率之間的利差，有利於國債及相應的 ETF 持有者。</p>
<p><strong>另請閲讀：美聯儲降息呼聲愈發高漲：這會是成長型 ETF 的突破時刻嗎？</strong></p>
<h2><strong>短期國債需求旺盛</strong></h2>
<p>固定收益流入最多的是 <strong>iShares 0–3 個月國債 ETF</strong> SGOV，吸引了 23 億美元，其次是 <strong>SPDR Bloomberg 1–3 個月國庫券 ETF</strong> BIL，吸引了 16 億美元。這兩隻基金受到希望獲得流動性和穩定性而不承擔極端利率風險的投資者的歡迎。這些產品常被用作現金管理工具，其收益率仍能捕捉到美聯儲的高政策利率，但避免了與長期到期相關的價格波動。</p>
<p>其他值得注意的固定收益贏家包括 <strong>iShares 20 年以上國債 ETF</strong> TLT，儘管最近波動較大，但仍不斷吸引希望在美聯儲轉向後資本收益下降時獲利的投資者。</p>
<h2><strong>選擇性股票購買</strong></h2>
<p>儘管大部分資金流入債券，但一些股票 ETF 仍然受到關注。<strong>通信服務選擇性行業 SPDR 基金</strong> XLC 以 38 億美元的新資金領先所有股票產品。該行業的強勁表現得益於 <strong>Meta Platforms Inc</strong> META 和 <strong>Alphabet Inc</strong> GOOGL 的持續強勁表現，這兩家公司都享受到了強勁的廣告收入和由人工智能推動的增長故事。</p>
<p><strong>Vanguard S&amp;P 500 ETF</strong> VOO 緊隨其後，吸引了 33 億美元的資金流入，表明投資者仍然願意將資金投入廣泛的股票投資，即使在整體配置上轉向防禦性。標準普爾 500 指數在本週接近歷史高點，但未能突破。</p>
<p>相反，一些知名的股票 ETF 遭遇了贖回，尤其是在小型股和新興市場領域，這些領域更容易受到全球增長和利率政策變化的擔憂影響。</p>
<h2><strong>宏觀背景強化防禦性傾向</strong></h2>
<p>上週資金流向債券而非股票，顯示出市場的謹慎情緒。儘管主要指數在歷史高位交易，但地緣政治緊張局勢、經濟數據不均衡以及通脹的不確定軌跡仍然影響着前景。</p>
<p>9 月降息將標誌着美聯儲緊縮政策的轉變，而該政策已實施超過兩年。雖然低成本借貸可能為風險資產提供助力，但這一舉動也表明中央銀行認為有必要支持經濟增長，可能是對勞動力市場疲軟或其他經濟挑戰的回應。</p>
<p>在這種背景下，短期國債和其他低期限固定收益策略被視為在今天獲得有利收益的手段，同時在市場條件變化時仍具有投資組合再平衡的靈活性。</p>
<p>如果美聯儲如大多數人預期的那樣降息，固定收益 ETF，特別是那些長期的，可能會因價格上漲而獲利，而股票可能會因折現率下降而獲得新的支持。如果中央銀行決定維持現狀，交易可能會迅速逆轉，強調當前佈局的事件驅動特性。</p>
<ul>
<li><strong>更便宜的汽油，更貴的航班：航空股因 7 月通脹報告而上漲</strong></li>
</ul>
<p><em>照片來源：Shutterstock</em></p>

主動管理債券 ETF - PIMCO

<p>截至 8 月 8 日的一週，美國上市的 ETF 吸引了近 190 億美元的資金流入，其中債券 ETF 吸引了 153 億美元，顯著超過了 22 億美元的股票 ETF。這一趨勢反映出一種防禦性投資策略，因為市場對美聯儲降息的預期不斷增加，期貨顯示出超過 94% 的概率將進行 25 個基點的降息。短期國債 ETF 的資金流入最多，而一些股票基金，特別是在通信服務行業，也引起了關注。總體來看，市場在地緣政治緊張局勢和經濟不確定性中表現出謹慎態度</p>

<p>U.S.-listed ETFs attracted nearly $19 billion during the week ended Aug. 8, with fixed income approaches decisively leading investor allocations, according to data from Etf.com.</p>
<div class="lb-trans"><p>根據 Etf.com 的數據，截至 8 月 8 日的一週內，美國上市的 ETF 吸引了近 190 億美元，固定收益策略明顯領先投資者配置。</p>
</div><p>Bond ETFs lured $15.3 billion, which was approximately seven times more than the $2.2 billion invested in equities. This pattern mirrored an unmistakable desire for defensive positioning as market sentiment for Federal Reserve rate cutting intensifies.</p>
<div class="lb-trans"><p>債券 ETF 吸引了 153 億美元，約為 22 億美元投資於股票的七倍。這一模式反映出市場情緒對美聯儲降息的強烈防禦性需求。</p>
</div><p><em>SGOV ETF is seeing remarkable inflows. Track its prices live.</em></p>
<div class="lb-trans"><p><em>SGOV ETF 正在經歷顯著的資金流入。實時跟蹤其價格。</em></p>
</div><h2><strong>Rate Cut Bets Take Center Stage</strong></h2>
<div class="lb-trans"><h2><strong>降息押注成為焦點</strong></h2>
</div><p>The move follows growing belief that the Fed will start to ease monetary policy as early as September. Information from the CME FedWatch tool indicates futures markets now giving over a 94% chance of a quarter-point rate cut. Investors are seen front-running that choice, with fixed income instruments, particularly short-term Treasury exposure, hugely benefiting from a lower-rate scenario.</p>
<div class="lb-trans"><p>這一舉動源於對美聯儲將在 9 月開始放鬆貨幣政策的日益信心。來自 CME FedWatch 工具的信息顯示，期貨市場現在認為降息 25 個基點的概率超過 94%。投資者被視為提前佈局，固定收益工具，特別是短期國債，因低利率情景而受益匪淺。</p>
</div><p>Bond yields were mostly unchanged during the week, with the 10-year Treasury yield sitting in the mid-3% area and short-term yields elevated but stable. A policy rate cut would tend to close the spread between short- and long-term yields to the advantage of Treasuries and corresponding ETF holders.</p>
<div class="lb-trans"><p>在這一週內，債券收益率大多保持不變，10 年期國債收益率維持在中 3% 的水平，短期收益率則高企但穩定。政策利率的下調往往會縮小短期和長期收益率之間的利差，有利於國債及相應的 ETF 持有者。</p>
</div><p><strong>Also Read: Fed Rate-Cut Chorus Grows Louder: Could This Be A Breakout Moment For Growth ETFs?</strong></p>
<div class="lb-trans"><p><strong>另請閲讀：美聯儲降息呼聲愈發高漲：這會是成長型 ETF 的突破時刻嗎？</strong></p>
</div><h2><strong>Short-Duration Treasuries in Demand</strong></h2>
<div class="lb-trans"><h2><strong>短期國債需求旺盛</strong></h2>
</div><p>Top fixed income inflows were the <strong>iShares 0–3 Month Treasury Bond ETF</strong> SGOV, with $2.3 billion, and the <strong>SPDR Bloomberg 1–3 Month T-Bill ETF</strong> BIL, with $1.6 billion. Both of these funds are popular with investors that want liquidity and stability without extreme interest rate risk. These products are frequently being employed as cash management tools, with yields that still capture the Fed’s high policy rate but circumvent price volatility associated with longer-term maturities.</p>
<div class="lb-trans"><p>固定收益流入最多的是 <strong>iShares 0–3 個月國債 ETF</strong> SGOV，吸引了 23 億美元，其次是 <strong>SPDR Bloomberg 1–3 個月國庫券 ETF</strong> BIL，吸引了 16 億美元。這兩隻基金受到希望獲得流動性和穩定性而不承擔極端利率風險的投資者的歡迎。這些產品常被用作現金管理工具，其收益率仍能捕捉到美聯儲的高政策利率，但避免了與長期到期相關的價格波動。</p>
</div><p>Other fixed income winners of note were the <strong>iShares 20+ Year Treasury Bond ETF</strong> TLT, which has been all over the map lately but keeps raking in money from investors hoping to capitalize on capital gains if long-term yields drop following a Fed turn.</p>
<div class="lb-trans"><p>其他值得注意的固定收益贏家包括 <strong>iShares 20 年以上國債 ETF</strong> TLT，儘管最近波動較大，但仍不斷吸引希望在美聯儲轉向後資本收益下降時獲利的投資者。</p>
</div><h2><strong>Selective Equity Buying</strong></h2>
<div class="lb-trans"><h2><strong>選擇性股票購買</strong></h2>
</div><p>Though most of the flows were directed into bonds, some equity ETFs continued to enjoy attention. The <strong>Communication Services Select Sector SPDR Fund</strong> XLC led all equity products with $3.8 billion in new money. Sector strength has been fueled by ongoing strength in heavyweight members <strong>Meta Platforms Inc</strong> META and <strong>Alphabet Inc</strong> GOOGLGOOG, both of which have enjoyed strong advertising revenue and AI-fueled growth stories.</p>
<div class="lb-trans"><p>儘管大部分資金流入債券，但一些股票 ETF 仍然受到關注。<strong>通信服務選擇性行業 SPDR 基金</strong> XLC 以 38 億美元的新資金領先所有股票產品。該行業的強勁表現得益於 <strong>Meta Platforms Inc</strong> META 和 <strong>Alphabet Inc</strong> GOOGL 的持續強勁表現，這兩家公司都享受到了強勁的廣告收入和由人工智能推動的增長故事。</p>
</div><p>The <strong>Vanguard S&amp;P 500 ETF</strong> VOO was next with $3.3 billion of inflows, indicating that investors are still ready to put money into broad equity exposure even as they move into a defensive tilt on overall allocations. The S&amp;P 500 toyed with record highs for the week but was just short of breaking through.</p>
<div class="lb-trans"><p><strong>Vanguard S&amp;P 500 ETF</strong> VOO 緊隨其後，吸引了 33 億美元的資金流入，表明投資者仍然願意將資金投入廣泛的股票投資，即使在整體配置上轉向防禦性。標準普爾 500 指數在本週接近歷史高點，但未能突破。</p>
</div><p>Conversely, some well-known equity ETFs suffered redemptions, especially in the small-cap and emerging markets space, which are more vulnerable to concerns about global growth and changes in interest rate policy.</p>
<div class="lb-trans"><p>相反，一些知名的股票 ETF 遭遇了贖回，尤其是在小型股和新興市場領域，這些領域更容易受到全球增長和利率政策變化的擔憂影響。</p>
</div><h2><strong>Macro Backdrop Reinforces Defensive Tilt</strong></h2>
<div class="lb-trans"><h2><strong>宏觀背景強化防禦性傾向</strong></h2>
</div><p>The bond preference over stock in last week’s flows is a sign of larger market caution. While major indexes trade at or near historic peaks, geopolitical tensions, uneven economic readings, and the uncertain trajectory of inflation still hang over the outlook.</p>
<div class="lb-trans"><p>上週資金流向債券而非股票，顯示出市場的謹慎情緒。儘管主要指數在歷史高位交易，但地緣政治緊張局勢、經濟數據不均衡以及通脹的不確定軌跡仍然影響着前景。</p>
</div><p>A September rate cut would represent a shift away from the Fed’s tight policy, which has been in effect for over two years. While cheap borrowing may add a tailwind to risk assets, the action would also indicate that the central bank believes there is a necessity to prop up growth, perhaps as a response to a weakening labor market or other economic challenges.</p>
<div class="lb-trans"><p>9 月降息將標誌着美聯儲緊縮政策的轉變，而該政策已實施超過兩年。雖然低成本借貸可能為風險資產提供助力，但這一舉動也表明中央銀行認為有必要支持經濟增長，可能是對勞動力市場疲軟或其他經濟挑戰的回應。</p>
</div><p>In this context, short Treasuries and other low-duration fixed income strategies are seen as a means of getting favorable yields today while still having flexibility for portfolio rebalancing if market conditions change.</p>
<div class="lb-trans"><p>在這種背景下，短期國債和其他低期限固定收益策略被視為在今天獲得有利收益的手段，同時在市場條件變化時仍具有投資組合再平衡的靈活性。</p>
</div><p>If the Fed does cut as most anticipate, fixed-income ETFs, especially those with longer duration, might profit from price appreciation, and equities might experience renewed support from declining discount rates. If the central bank does decide to stand pat, the trade might reverse rather promptly, emphasizing the event-driven nature of the current positioning.</p>
<div class="lb-trans"><p>如果美聯儲如大多數人預期的那樣降息，固定收益 ETF，特別是那些長期的，可能會因價格上漲而獲利，而股票可能會因折現率下降而獲得新的支持。如果中央銀行決定維持現狀，交易可能會迅速逆轉，強調當前佈局的事件驅動特性。</p>
</div><ul>
<li><strong>Cheaper Gas, Pricier Flights: Airline Stocks Rally On July Inflation Report</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>更便宜的汽油，更貴的航班：航空股因 7 月通脹報告而上漲</strong></li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片來源：Shutterstock</em></p>
</div>

Bond ETFs Outshine Equities In Weekly Flows As Rate Cut Bets Build

- 美國上市的 ETF 在截至 8 月 8 日的一週內吸引了近 190 億美元資金。  
- 債券 ETF 吸引了 153 億美元，顯示出投資者對防禦性配置的明顯偏好。  
- 預計美聯儲將在 9 月開始降息，推動固定收益工具的需求上升。  

隨着降息預期的增加，債券 ETF 在每週資金流動中表現優於股票