Investors Pour Billions To Aggressive Bond ETFs, Banking On Multiple Fed Rate Cuts in 2024
Investors Pour Billions To Aggressive Bond ETFs, Banking On Multiple Fed Rate Cuts in 2024
In recent weeks, several bond exchange-traded funds (ETFs) have experienced a significant surge in inflows, indicating a heightened interest among investors.
最近几周，几只债券交易所交易基金（ETF）的流入量大幅增加，这表明投资者的兴趣有所增加。
This shift coincided with a market that significantly upped bets on Federal Reserve rate cuts for 2024, backed by a robust and ongoing disinflationary trend in the U.S. economy.
这种转变恰逢市场大幅提高了对美联储2024年降息的押注，这得益于美国经济强劲而持续的反通货膨胀趋势。
Speculators have gone as far as factoring in an initial rate cut as early as March 2024, with whispers of a total of five rate cuts by December 2024.
投机者甚至将最早在2024年3月的首次降息考虑在内，他们低声说到2024年12月总共将降息五次。
But which bond ETFs are currently piquing investors' interest?
但是，目前哪些债券ETF激起了投资者的兴趣？
From 'Cash-Like' to 'Equity-Like'
从 “类现金” 到 “类股票”
While the third quarter in 2023 witnessed a notable uptick in inflows into cash-linked bond ETFs, primarily those investing in short-dated Treasury bonds and bills, the latest trends are veering towards more aggressive fixed-income strategies.
尽管2023年第三季度现金挂钩债券ETF（主要是投资于短期国债和票据的ETF）的流入量显著增加，但最新的趋势正在转向更激进的固定收益策略。
Investors are strategically positioning themselves in anticipation of an imminent U-turn in Fed's monetary policy stance, eyeing a select group of bond ETFs that have weathered the storm during the recent spate of interest rate hikes.
投资者正在进行战略定位，因为预计美联储的货币政策立场即将出现掉头，他们将目光投向了在最近一连串的加息中渡过难关的精选债券交易所买卖基金。
Their bullish stance on riskier bond ETFs underscores a burgeoning belief that the bond market landscape could undergo a substantial recalibration in the coming months, as they brace for a more accommodating monetary policy environment.
他们对风险较高的债券交易所买卖基金的看涨立场凸显出人们越来越强烈的信念，即在为更加宽松的货币政策环境做准备的同时，债券市场格局可能会在未来几个月内经历重大调整。
These ETFs encompass a diverse range, including long-term Treasury bonds, emerging-market bonds, and high-yield corporate bonds.
这些交易所买卖基金涵盖多种类别，包括长期国债、新兴市场债券和高收益公司债券。
Top 10 Bond ETFs by Fund Inflows in the Past Month
过去一个月按资金流入量排名前十的债券ETF
| Name | Fund Flows (1-month) |
|---|---|
| iShares Trust – iShares iBoxx $ High Yield Corporate Bond ETF (NYSE:HYG) | $3.69 bn |
| iShares Trust – iShares Core U.S. Aggregate Bond ETF (NYSE:AGG) | $2.62 bn |
| SPDR Series Trust – SPDR Bloomberg High Yield Bond ETF (NYSE:JNK) | $1.99 bn |
| iShares Trust – iShares J.P. Morgan USD Emerging Markets Bond ETF (NASDAQ:EMB) | $1.89 bn |
| iShares Trust – iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) | $1.62 bn |
| Vanguard Bond Index Funds – Vanguard Total Bond Market ETF (NASDAQ:BND) | $1.56 bn |
| iShares Trust – iShares Broad USD High Yield Corporate Bond ETF (NYSE:USHY) | $1.31 bn |
| Vanguard Scottsdale Funds – Vanguard Long-Term Treasury ETF (NASDAQ:VGLT) | $665.99 bn |
| Vanguard Charlotte Funds – Vanguard Total International Bond ETF (NASDAQ:BNDX) | $641.06 bn |
| iShares Trust – iShares 5-10 Year Investment Grade Corporate Bond ETF (NYSE:IGIB) | $216.67 bn |
| 姓名 | 资金流量（1 个月） |
|---|---|
| iShares Trust — iShares iboxX $高收益公司债券ETF（纽约证券交易所代码：HYG） | 36.9 亿美元 |
| iShares Trust — iShares Core 美国综合债券ETF（纽约证券交易所代码：AGG） | 26.2 亿美元 |
| SPDR 系列信托 — SPDR 彭博高收益债券交易所买卖基金（纽约证券交易所代码：JNK） | 19.9 亿美元 |
| iShares Trust — iShares 摩根大通美元新兴市场债券ETF（纳斯达克股票代码：EMB） | 18.9 亿美元 |
| iShares Trust — iShares 20年期以上国债ETF（纳斯达克股票代码：TLT） | 16.2 亿美元 |
| 先锋债券指数基金 — Vanguard Total Bond Market ETF（纳斯达克股票代码：BND） | 15.6 亿美元 |
| iShares Trust — iShares Broad 美元高收益公司债券ETF（纽约证券交易所代码：USHY） | 13.1 亿美元 |
| Vanguard 斯科茨代尔基金 — Vanguard 长期国债ETF（纳斯达克股票代码：VGLT） | 6659.9 亿美元 |
| 先锋夏洛特基金 — Vanguard Total 国际债券ETF（纳斯达克股票代码：BNDX） | 6410.6 亿美元 |
| iShares Trust — iShares 5-10 年期投资级公司债券ETF（纽约证券交易所代码：IGIB） | 2166.7 亿美元 |
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