日本首批主動型公債ETF問世！Asset Management One計畫2026年1月推出5檔基金
瑞穗旗下Asset Management One將於2026年1月推出日本首批主動型政府公債ETF，提供5檔不同年期選擇。在利率走升的環境下，此舉為投資人開創了新局。
日本債券市場迎來新變革。瑞穗金融集團旗下的資產管理公司Asset Management One宣布，將於2026年1月推出日本首批「主動管理型」日本政府公債（JGB）交易所買賣基金（ETF）。在利率走升、散戶投資人興趣日增的背景下，此舉被視為有助於吸納預期將不斷增加的政府債務供給。
利率攀升催生新工具
根據計畫，Asset Management One將一次推出涵蓋不同到期日的5檔公債ETF，讓投資人能根據自身的風險承受能力與市場展望，進行更具彈性的資產配置。此舉的推出時機，正值日本央行（BOJ）調整貨幣政策，帶動長期殖利率上揚之際。這使得過去吸引力較低的日本公債重獲青睞，有望點燃零售市場的投資需求。
「主動型ETF」的獨特之處
過往的日本公債ETF多為追蹤特定指數的「被動型」產品。然而，此次登場的「主動管理型」ETF，其最大特色在於基金經理人會主動分析市場狀況，靈活調整投資組合中的債券年期與種類，以尋求超越指數的報酬。市場人士認為，這將為投資人提供應對利率波動風險、追求更高收益的潛力。
此一發展與SBI控股和美國聯博（AllianceBernstein）成立日本首家專注於主動型ETF的合資企業遙相呼應，顯示日本的ETF市場正邁入一個嶄新的發展階段。
主動型ETF雖以超越市場指數為目標，但若基金經理人的判斷失誤，績效亦可能落後於指數。此外，所有債券投資均伴隨著利率變動的風險。
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Major investment banks have lifted South Korea's 2026 inflation forecast to 2.0%, citing the persistently weak won. With the currency nearing 1,500 per dollar, import costs are rising, posing a dilemma for the Bank of Korea.
South Korea's LS Eco Energy is investing $19 million in Vietnam's rare-earth sector, a strategic move to diversify critical mineral supply chains away from China for EVs and robotics.
The U.S. has signaled a return to 'maximum pressure' sanctions on Venezuela at the UN Security Council. The move could tighten global oil supply and lead to higher crude prices.