ETF\u306fExchange Traded Funds\u306e\u7565\u3067\u3001\u6700\u8fd1\u3067\u306f\u975e\u5e38\u306b\u4eba\u6c17\u304c\u3067\u3066\u304d\u3066\u3044\u307e\u3059\u306d\u3002\u6700\u521d\u306eETF\u306f1990\u5e74\u306b\u3064\u304f\u3089\u308c\u305f\u305d\u3046\u3067\u3059\u304c\u3001\u4eca\u3067\u306f\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306b\u4ee3\u308f\u308b\u52e2\u3044\u3067\u4f38\u3073\u3066\u304d\u3066\u3044\u307e\u3059\u3002\u6628\u4eca\u3067\u306f\u3001IRA\u3084529\u306a\u3069\u3001\u4eca\u307e\u3067\u306f\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u304c\u3057\u304d\u3063\u3066\u3044\u305f\u30a8\u30ea\u30a2\u306b\u3082ETF\u304c\u9032\u51fa\u3057\u3066\u304d\u3066\u3044\u307e\u3059\u3002\u3042\u306a\u305f\u306eIRA\u3067ETF\u3092\u9078\u3076\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3042\u3063\u305f\u3089\u3001\u9078\u3073\u307e\u3059\u304b\uff1f\u5f93\u6765\u306e\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u4f55\u304c\u4f3c\u3066\u3044\u3066\u3069\u3046\u9055\u3046\u306e\u3067\u3057\u3087\u3046\u3002\u4eca\u65e5\u306f\u305d\u306e\u304a\u8a71\u3067\u3059\u3002<\/p>\n
ETF\u306f\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u3055\u307e\u3056\u307e\u306a\u682a\u3084\u50b5\u6a29\u306a\u3069\u3092\u30d7\u30fc\u30eb\u3057\u3066\u30d5\u30a1\u30f3\u30c9\u3068\u3057\u3066\u7d44\u3093\u3060\u3082\u306e\u3067\u3059\u3002\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308b\u3088\u3046\u306b\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9 ETF\u3082\u3042\u308a\u307e\u3059\u3002Small Cap \u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308b\u3088\u3046\u306bSmall Cap ETF\u3082\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001IT\u3068\u304b\u4e0d\u52d5\u7523\u306a\u3069\u3001\u7279\u6b8a\u30bb\u30b0\u30e1\u30f3\u30c8\u306b\u7279\u5316\u3057\u305f\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308b\u3088\u3046\u306b\u3001\u7279\u6b8a\u30bb\u30b0\u30e1\u30f3\u30c8\u306b\u7279\u5316\u3057\u305fETF\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n
ETF\u306e\u6700\u521d\u306e2\u6587\u5b57\u2015Exchange Traded\u3068\u306f\u300c\u5e02\u5834\u3067\u58f2\u8cb7\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u682a\u3068\u540c\u3058\u3088\u3046\u306b\u58f2\u308a\u305f\u3044\u4eba\u304c\u58f2\u308a\u3001\u8cb7\u3044\u305f\u3044\u4eba\u304c\u8cb7\u3044\u307e\u3059\u3002ETF\u306e\u5024\u6bb5\u306f\u3001\u682a\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u5e02\u5834\u306e\u4f9b\u7d66\u3068\u9700\u8981\u306b\u3088\u308a\u4e00\u65e5\u3092\u901a\u3057\u3066\u4e0a\u304c\u308a\u4e0b\u304c\u308a\u3057\u307e\u3059\u3002\u58f2\u308a\u8cb7\u3044\u306f\u4e00\u65e5\u3044\u3064\u3067\u3082\u3067\u304d\u307e\u3059\u3002ETF\u306e\u5024\u6bb5\u306f\u3044\u3064\u3082\u6642\u4fa1\u3002\u5e02\u5834\u306e\u52d5\u304d\u3068\u3068\u3082\u306b\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306b\u53cd\u6620\u3055\u308c\u308b\u5024\u6bb5\u3067\u3059\u3002<\/p>\n
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ETF\u306e\u65b9\u304c\u3001\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306b\u6bd4\u8f03\u3057\u3066\u3001\u652f\u6255\u3046\u7a0e\u91d1\u3092\u524a\u6e1b\u3067\u304d\u308b\u3068\u3044\u308f\u308c\u307e\u3059\u3002<\/p>\n
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ETF\u306e\u9b45\u529b\u306e\u3072\u3068\u3064\u306f\u4f4e\u624b\u6570\u6599\u3067\u3059\u3002\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306e\u624b\u6570\u6599\u306f\u904e\u53bb\u306b\u3082\u554f\u984c\u8996\u3055\u308c\u308b\u5411\u304d\u304c\u3042\u308a\u307e\u3057\u305f\u304c\u3001\u9ad8\u3044\u624b\u6570\u6599\u3067\u3059\u3068\uff13\uff05\u306a\u3069\u3068\u3044\u3046\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u624b\u6570\u6599\u306f\u6295\u8cc7\u5bb6\u306b\u306f\u3088\u304f\u308f\u304b\u308b\u5f62\u3067\u300c\u5e83\u5831\u300d\u3055\u308c\u306a\u3044\u3046\u3048\u3001\u76f4\u63a5\u5229\u56de\u308a\u3092\u98df\u3046\u30af\u30bb\u30e2\u30ce\u3067\u3059<\/a>\u3002\u3053\u308c\u306b\u6bd4\u3079ETF\u306f\u624b\u6570\u6599\u304c\u305a\u3063\u3068\u4f4e\u3081\u3068\u3044\u3046\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3067\u5acc\u308f\u308c\u308bSales Load\uff08\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3092\u901a\u3057\u3066\u8cb7\u3046\u5834\u5408\u306e\u8ca9\u58f2\u624b\u6570\u6599\uff09\u3082\u306a\u304f\u3001\u307e\u305f\u5148\u306b\u66f8\u3044\u305f\u3088\u3046\u306b\u30d5\u30a1\u30f3\u30c9\u81ea\u4f53\u304c\u58f2\u308a\u8cb7\u3044\u3092\u3059\u308b\u4f5c\u696d\u3082\u5c11\u306a\u3044\u306e\u3067\u904b\u55b6Expense\u3082\u4f4e\u304f\u6291\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n \u305f\u3068\u3048\u3070\u3001Vanguard\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306e\u624b\u6570\u6599\u5e73\u5747\u306f0.09\uff05\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001ETF\u306e\u624b\u6570\u6599\u306f0.05%\u3067\u3059\u3002Vanguard\u306e\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306f\u3059\u3067\u306b\u304b\u306a\u308a\u4f4e\u624b\u6570\u6599\u3067\u3059\u304c\u3001ETF\u306f\u305d\u306e\u4e0a\u3092\u884c\u3063\u3066\u4f4e\u624b\u6570\u6599\u3067\u3059\u3002<\/p>\n \u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3092\u3059\u308b\u5834\u5408\u3001\u3042\u308b\u7a0b\u5ea6\u307e\u3068\u307e\u3063\u305f\u304a\u91d1\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059<\/a>\u3002\u6295\u8cc7\u984d\u306e\u4e0b\u9650\u8a2d\u5b9a\u306f\u4f4e\u304f\u3066$1,000\u304f\u3089\u3044\u3067\u3059\u304c\u3001\u591a\u304f\u306e\u5834\u5408$3,000\u304f\u3089\u3044\u306f\u306a\u3044\u3068\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3067\u304d\u306a\u3044\u3067\u3057\u3087\u3046\u3002\u53cd\u9762\u3001ETF\u306f\u4e0b\u9650\u8a2d\u5b9a\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u7d50\u679c\u7684\u306b\u3001\u5c11\u306a\u3044\u6295\u8cc7\u984d\u3067\u6c17\u8ca0\u308f\u305a\u6295\u8cc7\u3092\u59cb\u3081\u3089\u308c\u308b\u3068\u3044\u3046\u9577\u6240\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n \u4f4e\u624b\u6570\u6599\u306b\u7a0e\u91d1\u9762\u3067\u306e\u5229\u70b9\u3001\u3057\u304b\u3082\u5c11\u306a\u3044\u6295\u8cc7\u984d\u3067\u306f\u3058\u3081\u3089\u308c\u308b\uff65\uff65\uff65\u3044\u3044\u3053\u3068\u3070\u304b\u308a\u3067\u3059\u306d\u3002\u3057\u304b\u3057\u3001ETF\u306b\u306f\u3072\u3068\u3064\u306e\u5927\u304d\u306a\u5371\u967a\u6027\u304c\u3042\u308a\u307e\u3059\u3002ETF\u81ea\u4f53\u304c\u5371\u967a\u3068\u3044\u3046\u3088\u308a\u306f\u3001ETF\u306e\u63d0\u4f9b\u3059\u308b\u7279\u5178\u304c\u304b\u3048\u3063\u3066\u30a2\u30c0\u306b\u306a\u308b\u3068\u3067\u3082\u7533\u3057\u307e\u3057\u3087\u3046\u304b\u30fb\u30fb\u30fbETF\u306eT\uff1dTrade\uff08\u58f2\u308a\u8cb7\u3044\uff09\u304c\u3042\u307e\u308a\u306b\u7c21\u5358\u3059\u304e\u3066\u3001\u304b\u3048\u3063\u3066\u5893\u7a74\u3092\u6398\u308b\u3053\u3068\u306b\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n Vanguard\u793e\u3092\u5275\u8a2d\u3057\u305f\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u306e\u7236\u547c\u3070\u308c\u308bJohn Bogle\u306f\u305d\u306e\u8457\u66f8\u306e\u4e2d\u3067\u3001\u3053\u306eEFT\u306eTrade\u306e\u7c21\u5358\u3055\u306b\u3064\u3044\u3066\u6ce8\u610f\u3092\u547c\u3073\u304b\u3051\u3066\u3044\u307e\u3059\u3002\u4e00\u65e5\u306e\u6700\u5f8c\u306b\u5024\u6bb5\u304c\u8a2d\u5b9a\u3055\u308c\u3001\u6b21\u306e\u65e5\u306e\u6700\u5f8c\u307e\u3067\u5024\u6bb5\u304c\u5909\u308f\u3089\u306a\u3044\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3068\u9055\u3063\u3066\u3001\u5e38\u306b\u5024\u304c\u52d5\u304fETF\u3002\u305d\u308c\u306b\u52a0\u3048\u3066\u3001\u7d4c\u6e08\u3084\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u3069\u3093\u3069\u3093\u98db\u3073\u8fbc\u3093\u3067\u304f\u308b\u60c5\u5831\u3002\u4eca\u8cb7\u3063\u305f\u65b9\u304c\u3044\u3044\u3001\u4eca\u58f2\u3063\u305f\u307b\u3046\u304c\u3044\u3044\u3068\u601d\u3048\u3070\u3001\u30b9\u30de\u30db\u304b\u3089\u3059\u3050\u306b\u53d6\u5f15\u304c\u3067\u304d\u307e\u3059\u3002\u8077\u5834\u3067\u3082\u3001\u30b3\u30df\u30e5\u30fc\u30c8\u306e\u96fb\u8eca\u306e\u4e2d\u3067\u3082\u3002<\/p>\n \u305d\u3057\u3066\u3053\u308c\u306f\u307e\u3055\u306bMr. Bogle\u304c\u8b66\u544a\u3057\u3066\u3044\u308bMarket Timing\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u306f\u5024\u52d5\u304d\u306b\u5fdc\u3058\u6a5f\u3092\u307f\u3066\u58f2\u308a\u8cb7\u3044\u3092\u7e70\u308a\u8fd4\u3057\u6295\u6a5f\u7684\u306a\u5229\u3056\u3084\u3092\u7a3c\u3054\u3046\u3068\u3059\u308b\u3068\u3044\u3046\u884c\u70ba\u3067\u3001Buy & Hold(\u4e00\u5ea6\u8cb7\u3063\u305f\u3089\u9577\u304f\u6301\u3061\u7d9a\u3051\u308b)\u306e\u9577\u671f\u6295\u8cc7\u306e\u57fa\u672c\u3068\u306f\u307e\u308b\u3067180\u5ea6\u5bfe\u6975\u306b\u3042\u308b\u3082\u306e\u3067\u3059\u3002Market Timing\u306f\u3001\u904e\u53bb\u306e\u30ea\u30b5\u30fc\u30c1\u3067\u3001\u304b\u3048\u3063\u3066\u6295\u8cc7\u306b\u30cd\u30ac\u30c6\u30a3\u30d6\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3059\u3068\u3044\u3046\u7d50\u679c\u304c\u7e70\u308a\u8fd4\u3057\u767a\u8868\u3055\u308c\u3066\u3044\u307e\u3059\u3002\uff08Market Timing\u306e\u5371\u967a\u6027\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u306e\u8a18\u4e8b<\/a>\u3092\u3069\u3046\u305e\uff09\u3002<\/p>\n \u53cd\u5bfe\u306b\u3001\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u3001\u4e00\u65e5\u3054\u3068\u306b\u3057\u304b\u5024\u6bb5\u304c\u8a2d\u5b9a\u3055\u308c\u305a\u3001\u58f2\u308a\u8cb7\u3044\u3082\u3059\u3050\u306b\u306f\u3067\u304d\u305a\u3001\u3067\u304d\u305f\u3068\u3057\u3066\u3082401(k)\u306a\u3069\u3067\u306f\u5e74\u9593\u306e\u56de\u6570\u5236\u9650\u304c\u3042\u3063\u305f\u308a\u3059\u308b\u3053\u3068\u304c\u3001\u3042\u308b\u610f\u5473\u3067\u306f\u529f\u3092\u594f\u3059\u308b\u3068\u3067\u3082\u3044\u3044\u307e\u3057\u3087\u3046\u304b\u3001\u304a\u306e\u305a\u3068\u9577\u671f\u6295\u8cc7\u304c\u4fc3\u9032\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u3001Market Timing\u306e\u308f\u306a\u304b\u3089\u306f\u5b88\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n \u307e\u305fMr. Bogle\u306fETF\u306e75\uff05\u306f\u5927\u624b\u6a5f\u95a2\u3084\u7d44\u7e54\u304c\u6301\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u6642\u306b\u306f\u6fc0\u3057\u3044\u5024\u52d5\u304d\u3092\u7d4c\u9a13\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u3042\u308a\u3001\u305d\u308c\u3089\u306e\u6a5f\u95a2\u3084\u7d44\u7e54\u3068\u80a9\u3092\u4e26\u3079\u3066\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u5e02\u5834\u3067\u58f2\u308a\u8cb7\u3044\u3092\u3059\u308b\u3068\u3044\u3046\u306e\u306f\u3001\u304b\u306a\u308a\u5ea6\u80f8\u304c\u3044\u308b\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u3082\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002\u6301\u3063\u3066\u3044\u308bETF\u304c\u3069\u3093\u3069\u3093\u5024\u304c\u4e0b\u304c\u3063\u3066\u3044\u304f\u306e\u3092\u76ee\u306e\u5f53\u305f\u308a\u306b\u3057\u3001\u58f2\u308b\u306a\u3089\u4eca\u624b\u306e\u4e2d\u306b\u3042\u308b\u30b9\u30de\u30db\u304b\u3089\u3059\u3050\u3067\u304d\u308b\u30fb\u30fb\u3068\u306a\u3063\u305f\u3068\u304d\u3001\u3042\u306a\u305f\u306f\u8e0f\u307f\u3068\u3069\u307e\u308c\u307e\u3059\u304b\uff1f\u52a0\u3048\u3066\u3001\u3068\u3042\u308b\u5927\u624b\u6a5f\u95a2\u304c\u305d\u306eETF\u3092\u3069\u3063\u3055\u308a\u58f2\u3063\u305f\u3068\u3044\u3046\u30cb\u30e5\u30fc\u30b9\u304c\u30b9\u30de\u30db\u306b\u5c4a\u304d\u307e\u3057\u305f\u30fb\u30fb\u30fb\u3001\u3055\u3066\u3069\u3046\u3057\u307e\u3059\uff1f\u4eca\u306e\u3046\u3061\u306b\u58f2\u308a\u6255\u3048\u3068\u58f2\u308a\u30aa\u30fc\u30c0\u30fc\u3092\u51fa\u3057\u305f\u77ac\u9593\u3001\u640d\u5931\u306f\u56fa\u5b9a\u3055\u308c\u3001\u4e00\u5e74\u5f8c\u306e\u5024\u306e\u623b\u3057\u306f\u7d4c\u9a13\u3067\u304d\u306a\u3044\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3082\u632f\u308a\u8fd4\u308c\u3070\u3001\u4e00\u756a\u5b89\u3044\u3068\u304d\u306b\u58f2\u3063\u3066\u3057\u307e\u3063\u305f\u30fb\u30fb\u30fb\u3068\u3044\u3046\u3053\u3068\u306b\u3002<\/p>\n ETF\u304c\u60aa\u3044\u3082\u306e\u3060\u3068\u3044\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002ETF\u306f\u3059\u3070\u3089\u3057\u3044\u30c4\u30fc\u30eb\u3067\u3059\u3002Market 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ETF\u306fExchange Traded 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