{"id":55518,"date":"2025-07-10T23:56:00","date_gmt":"2025-07-10T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=55518"},"modified":"2026-05-15T13:08:38","modified_gmt":"2026-05-15T05:08:38","slug":"%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/","title":{"rendered":"\u7f8e\u570bETF\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f\u548c\u9650\u5236\u9020\u6210\u7684\u5f8c\u679c"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E6%8C%87%E6%95%B8%E5%9F%BA%E9%87%91%E7%9A%84%E7%94%B1%E4%BE%86\" >\u6307\u6578\u57fa\u91d1\u7684\u7531\u4f86<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E6%8C%87%E6%95%B8%E5%9F%BA%E9%87%91%E7%9A%84%E6%B3%95%E8%A6%8F\" >\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E5%AF%A6%E9%9A%9B%E7%9A%84%E6%83%85%E5%BD%A2\" >\u5be6\u969b\u7684\u60c5\u5f62<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E5%8E%9F%E5%9B%A0\" >\u539f\u56e0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E8%B3%87%E9%87%91%E6%8E%92%E6%93%A0%E6%95%88%E6%87%89\" >\u8cc7\u91d1\u6392\u64e0\u6548\u61c9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E5%89%AF%E4%BD%9C%E7%94%A8\" >\u526f\u4f5c\u7528<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%e7%be%8e%e5%9c%8betf%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91%e7%9a%84%e6%b3%95%e8%a6%8f%e5%92%8c%e9%99%90%e5%88%b6%e9%80%a0%e6%88%90%e7%9a%84%e5%be%8c%e6%9e%9c\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8C%87%E6%95%B8%E5%9F%BA%E9%87%91%E7%9A%84%E7%94%B1%E4%BE%86\"><\/span>\u6307\u6578\u57fa\u91d1\u7684\u7531\u4f86<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u81ea1993\u5e74\u7f8e\u570bSEC\u9996\u6b21\u6bd4\u7167\u7f8e\u570b1940\u300a\u6295\u8cc7\u516c\u53f8\u6cd5\u300b\u5c0d\u6295\u8cc7\u516c\u53f8\u7684\u898f\u5b9a\uff0c\u6279\u51c6\u767c\u8d77\u8a2d\u7acbETF\u7684\u8c41\u514d\u4ee4\uff0c\u96a8\u5f8c\u540c\u5e74\u9053\u5bcc\u4ee5\u6a19\u666e500\uff08S&amp;P500\uff09\u70ba\u6295\u8cc7\u6a19\u7684\u5728\u7f8e\u570b\u767c\u884c\u4e86\u5168\u7403\u7b2c\u4e00\u6a94 SPDR S&amp;P 500 ETF\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSPY\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8C%87%E6%95%B8%E5%9F%BA%E9%87%91%E7%9A%84%E6%B3%95%E8%A6%8F\"><\/span>\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f9d\u7167<a href=\"https:\/\/www.sec.gov\/investment\/laws-and-rules\" target=\"_blank\" rel=\"noreferrer noopener\">\u7f8e\u570b\u300a\u6295\u8cc7\u516c\u53f8\u6cd5\u300b\uff08Investment Company Act of 1940\uff09<\/a>\u7684\u8981\u6c42\uff0c\u6307\u6578\u57fa\u91d1\u9700\u8981\u9075\u5faa\u300c25\/5\/50\u300d\u9650\u5236\uff1a\u55ae\u4e00\u500b\u80a1\u6301\u6709\u4e0d\u80fd\u8d85\u904e\u57fa\u91d1\u7e3d\u984d\u768425%\uff0c\u540c\u6642\u6301\u6709\u6bd4\u4f8b\u8d85\u904e5%\u7684\u6a19\u7684\uff0c\u52a0\u8d77\u4f86\u7684\u7e3d\u6b0a\u91cd\u4e0d\u80fd\u8d85\u904e50%\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AF%A6%E9%9A%9B%E7%9A%84%E6%83%85%E5%BD%A2\"><\/span>\u5be6\u969b\u7684\u60c5\u5f62<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u7f85\u7d201000\u6307\u6578\u70ba\u4f8b\uff0c\u622a\u81f32024\u5e748\u6708\uff0c\u8a72\u6307\u6578\u524d\u5341\u5927\u6b0a\u91cd\u7e3d\u548c\u5360\u5230\u6574\u500b\u6307\u6578\u768434%\u3002\u96d6\u7136\u4e26\u6c92\u6709\u9054\u5230\u300c25\/5\/50\u300d\u9650\u5236\uff0c\u4f46\u5df2\u7d93\u662f\u8a72\u6307\u657845\u5e74\u6b77\u53f2\u4e0a\u6700\u8a87\u5f35\u7684\u96c6\u4e2d\u5ea6\u6c34\u6e96\u3002<\/p>\n\n\n\n<p>\u5bcc\u6642\u7f85\u7d20\u7684\u7522\u54c1\u7ba1\u7406\u7e3d\u76e3Catherine Yoshimoto\u89e3\u91cb\u7a31\uff0c\u516c\u53f8\u5df2\u7d93\u6709\u4e00\u5957\u9650\u5236\u6b0a\u91cd\u7684\u6307\u6578\uff0c\u76ee\u524d\u6b63\u5728\u8003\u616e\u5c0d\u4e00\u7cfb\u5217\u6a19\u6e96\u6307\u6578\uff0c\u662f\u5426\u9700\u8981\u9032\u4e00\u6b65\u9650\u5236\u6b0a\u91cd\u3002\u6709\u8a31\u591a\u5ba2\u6236\u90fd\u5728\u6566\u4fc3\u516c\u53f8\u5c0d\u7f85\u7d201000\u6210\u9577\u6307\u6578\u9032\u884c\u9650\u5236\u3002<\/p>\n\n\n\n<p>\u5728\u7f85\u7d20\u63d0\u51fa\u7684\u65b9\u6848\u4e2d\uff0c\u4e0a\u9650\u95be\u503c\u6539\u70ba\u300c20\/4.5\/48\u300d\u3002\u4f5c\u70ba\u5c0d\u6bd4\uff0c\u90a3\u65af\u9054\u514b\u7684\u8981\u6c42\u662f\u300c24\/4.5\/48\u300d\uff0c\u6a19\u6e96\u666e\u723e\u5247\u662f\u300c24\/4.8\/50\u300d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8E%9F%E5%9B%A0\"><\/span>\u539f\u56e0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><br>\u7576\u7136\uff0c\u9019\u4e9b\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f\u7684\u672c\u610f\u662f\u9650\u5236\u6301\u5009\u96c6\u4e2d\u5ea6\uff0c\u4f9d\u7136\u7121\u6cd5\u5fb9\u5e95\u6539\u8b8a\u8f1d\u9054\u9019\u6a23\u7684\u300c\u5de8\u982d\u8d77\u8d77\u4f0f\u4f0f\u300d\u5c0d\u6307\u6578\u57fa\u91d1\u9020\u6210\u7684\u885d\u64ca\u3002\u76ee\u524d\u7f8e\u570b\u67093\u5bb6\u5e02\u503c\u8d85\u904e3\u5146\u7f8e\u5143\u7684\u516c\u53f8\uff0c\u9084\u6709\u8d85\u904e2\u5146\u7684\u5b57\u6bcd\uff0c\u548c\u63a5\u8fd11.9\u5146\u7684\u4e9e\u99ac\u905c\u3002<\/p>\n\n\n\n<p>\u70ba\u4e86\u907f\u514d\u9054\u523050%\u7684\u6b0a\u91cd\u4e0a\u9650\uff0c\u4e0d\u5c11\u6307\u6578\u57fa\u91d1\u90fd\u5b58\u5728\u9019\u6a23\u4e00\u7a2e\u64cd\u4f5c\uff1a\u7576\u4e00\u7cfb\u5217\u6b0a\u91cd\u80a1\u7684\u6574\u9ad4\u6bd4\u4f8b\u8d85\u904e50%\u4e0a\u9650\u5f8c\uff0c\u6703\u524a\u6e1b\u5176\u4e2d\u5e02\u503c\u6700\u4f4e\u7684\u80a1\u7968\u6301\u5009\u4ee5\u6eff\u8db3\u76e3\u7ba1\u7684\u8981\u6c42\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E9%87%91%E6%8E%92%E6%93%A0%E6%95%88%E6%87%89\"><\/span>\u8cc7\u91d1\u6392\u64e0\u6548\u61c9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7531\u65bc\u5c11\u6578\u5e7e\u6a94\u8d85\u5927\u5e02\u503c\u80a1\u5728\u5404\u985e\u5e02\u5834\u6307\u6578\u548cETF\u4e2d\u6240\u4f54\u7684\u6bd4\u91cd\u5be6\u5728\u592a\u9ad8\uff0c\u9020\u6210\u5e02\u5834\u6307\u6578\u548cETF\u7684\u8d70\u52e2\u5e7e\u4e4e\u548c\u9019\u5c11\u6578\u5e7e\u6a94\u8d85\u5927\u5e02\u503c\u80a1\u9023\u52d5\u3002\u63db\u8a00\u4e4b\uff0c\u4ed6\u5011\u5e7e\u4e4e\u6c7a\u5b9a\u4e86\u5e02\u5834\u6307\u6578\u548cETF\u7684\u8d70\u52e2\u3002<\/p>\n\n\n\n<p>\u66f4\u56b4\u91cd\u7684\u662f\uff1a\u76ee\u524d\u5e02\u5834\u4e0a\u6709\u5927\u91cf\u7684\u81ea\u52d5\u7a0b\u5f0f\u5316\u4ea4\u6613\u662f\u76f4\u63a5\u548c\u4e3b\u8981\u7684\u5e02\u5834\u6307\u6578\u7684\u6f32\u8dcc\u639b\u9264\u7684\u3002\u53ea\u8981\u9019\u5c11\u6578\u5e7e\u6a94\u8d85\u5927\u5e02\u503c\u80a1\u51fa\u73fe\u66b4\u6f32\u6216\u66b4\u8dcc\uff0c\u5c31\u6703\u89f8\u767c\u9019\u4e9b\u81ea\u52d5\u7a0b\u5f0f\u5316\u4ea4\u6613\u50be\u5de2\u800c\u51fa\uff0c\u540c\u6b65\u51fa\u73fe\u9245\u91cf\u7684\u8cb7\u9032\u548c\u8ce3\u51fa\u3002\u7d50\u679c\uff0c\u7576\u7136\u5c31\u662f\u52a0\u5287\u5e02\u5834\u548c\u80a1\u5e02\u5927\u76e4\u7684\u6f32\u8dcc\u5e45\u5ea6\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Black_Monday_(1987)\" target=\"_blank\" rel=\"noreferrer noopener\">1987\u5e7410\u670819\u65e5\u9ed1\u8272\u661f\u671f\u4e00\u7684\u5168\u7403\u80a1\u707d<\/a>\uff0c \u7576\u65e5\u9053\u74ca\u5de5\u696d\u5e73\u5747\u6307\u6578\u6536\u76e4\u66b4\u8dcc22.61\uff05\uff0c\u5168\u7403\u80a1\u5e02\u5728\u9053\u74ca\u5de5\u696d\u5e73\u5747\u6307\u6578\u5e36\u982d\u66b4\u8dcc\u4e0b\u5168\u9762\u4e0b\u7009\uff0c\u5f15\u767c\u91d1\u878d\u5e02\u5834\u6050\u614c\uff0c\u53ca\u96a8\u4e4b\u800c\u4f861980\u5e74\u4ee3\u672b\u7684\u7d93\u6fdf\u8870\u9000\u3002\u5f8c\u4f86\u7684\u7814\u7a76\u6307\u51fa\uff1a\u81ea\u52d5\u7a0b\u5f0f\u5316\u4ea4\u6613\u7684\u50be\u5de2\u800c\u51fa\u662f\u9020\u6210\u7576\u65e5\u7121\u91cf\u4e0b\u632b\u7684\u5143\u5147\u4e4b\u4e00\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%89%AF%E4%BD%9C%E7%94%A8\"><\/span>\u526f\u4f5c\u7528<span 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class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"178\" height=\"100\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2024\/09\/etf_regulation-Custom.jpg\" alt=\"\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f\" class=\"wp-image-57379\"\/><figcaption class=\"wp-element-caption\">credit: Ideogram<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/10\/%E7%BE%8E%E5%9C%8Betf%E6%8C%87%E6%95%B8%E5%9F%BA%E9%87%91%E7%9A%84%E6%B3%95%E8%A6%8F%E5%92%8C%E9%99%90%E5%88%B6%E9%80%A0%E6%88%90%E7%9A%84%E5%BE%8C%E6%9E%9C\/\">\u7f8e\u570bETF\u6307\u6578\u57fa\u91d1\u7684\u6cd5\u898f\u548c\u9650\u5236\u9020\u6210\u7684\u5f8c\u679c<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/05\/14\/%e9%a0%98%e8%88%aa%e6%97%97%e4%b8%8b%e5%8d%81%e5%a4%a7%e7%94%a2%e6%a5%adetf%e5%8f%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/\">\u9818\u822a\u65d7\u4e0b\u5341\u5927\u7522\u696dETF\u53ca\u5831\u916c\u7387<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/20\/%e7%be%8e%e8%82%a1%e7%9a%84%e5%85%a7%e7%b7%9a%e4%ba%a4%e6%98%93%e5%92%8c%e6%b3%95%e8%a6%8f\/\">\u7f8e\u80a1\u7684\u5167\u7dda\u4ea4\u6613\u548c\u6cd5\u898f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/03\/%e4%bc%81%e6%a5%ad%e5%85%a7%e9%83%a8%e4%ba%ba%e5%a3%ab%e6%8c%81%e8%82%a1%e8%ae%8a%e5%8c%96%e5%92%8c%e6%b3%95%e4%ba%ba%e6%8c%81%e8%82%a1%e6%af%94%e7%8e%87\/\">\u4f01\u696d\u5167\u90e8\u4eba\u58eb\u6301\u80a1\u8b8a\u5316\u548c\u6cd5\u4eba\u6301\u80a1\u6bd4\u7387<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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