固定收益ETF市场表现 - 固定收益ETF迎来大年，资金净流入创纪录，截至10月15日净流入达3250亿美元 [1] - Vanguard Total Bond Market ETF (BND) 和 Vanguard Total International Bond ETF (BNDX) 是推动资金流入的主要基金 [1] - BND基金获得150亿美元资金流入，该基金追踪彭博美国综合浮动调整指数，可作为60/40股债组合的核心固收配置 [2] - BNDX基金获得略超90亿美元资金流入，显示国际资产因美元持续走弱而获得更多关注 [4] Vanguard固收产品分析 - BND作为核心债券选项，费用比率为3个基点 [3] - Vanguard Core Bond ETF (VCRB) 是BND的主动管理变体，费用比率为10个基点，但其30天SEC收益率达4.42%，高于BND的4.11% [3] - BNDX基金费用比率为7个基点，追踪彭博全球综合（除美元）浮动调整RIC上限指数，主要包含发达市场投资级债务，并涉及部分新兴市场债券 [4] - 公司今年新推出了多只主动型ETF，包括Vanguard Short Duration Bond ETF (VSDB)、Vanguard Multi-Sector Income Bond ETF (VGMS)、Vanguard Government Securities Active ETF (VGVT) 以及首只高收益主动ETF Vanguard High-Yield Active ETF (VGHY) [6] - 公司目前拥有9只主动ETF产品线，包括VCRB，所有基金均利用Vanguard固定收益集团的专业经验 [7] 行业趋势与展望 - 预测2026年主动固定收益ETF将继续吸引投资者资金 [5] - 2025年是主动ETF推出的创纪录年份，固定收益领域推出了相当数量的新基金 [5] - 公司通过加大力度向ETF市场注入更多主动基金来适应时代变化 [5] - 主动型ETF的投资组合经理可根据当前市场状况调整持仓，使其成为灵活的固定收益选择，在当前市场不确定性持续的环境中具有优势 [7]

The Active Advantage of VGVT The Federal Reserve's first rate cut of the year may have forced fixed income investors to rethink their bond exposure. In the case of government bonds, investors may want to take an active, diversified approach with the Vanguard Government Securities Active ETF (VGVT). The 25 basis point cut didn't surprise much of the capital markets. But it did leave the door open for more market uncertainty. Market prognosticators are now wondering how aggressive or conservative the central ...

Active fixed income ETFs have been quite popular thus far in 2025. However, following the Fed's rate cut, we expect demand to persist into yearend and into 2026. I have written a lot of words on this platform about active fixed income ETFs in 2025 as the category of ETFs swells in size. Not only is the supply of active ETFs growing, but so is the demand. Rather than offer my take (again), I'm going to lean on the insights of the attendees and the speakers from VettaFi's Q3 Fixed Income Symposium. At the ev ...

市场展望 - 未来六个月股票市场表现可能疲软 [1] - 长期投资者在当前环境下应增加固定收益资产配置 [1] - 下半年经济增长预计放缓 [1] 经济预测 - 劳动力市场将逐步降温 [2] - 通胀水平可能上升 [2] - 美联储可能优先考虑就业并在年底前降息 [2] 固定收益资产 - 降息预期将为债券市场提供支撑 [2] - 对固定收益资产前景持乐观态度 [2] - 建议客户增加固定收益资产配置 [2] 新产品动态 - 公司本周推出三只美国政府债券ETF [2] - 新产品包括Vanguard Government Securities Active ETF (VGVT) [2]