Pimco 15 Year U.S. TIPS Index Exchange-Traded Fund (ARCA: LTPZ)

에 대한 최신 뉴스 Pimco 15 Year U.S. TIPS Index Exchange-Traded Fund (ARCA:LTPZ)

Pimco 15 Year U.S. TIPS Index Exchange-Traded Fund

The fund invests at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the ICE BofA 15+ Year US Inflation-Linked Treasury Index (the underlying index). The underlying index is an unmanaged index comprised of Treasury Inflation-Protected Securities (TIPS) with a maturity of at least 15 years.

PIMCO 15+ Year US TIPS Index Exchange-Traded Fund

BlackRock

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Economics

Markets

LTPZ

SCHP

SPIP

STIP

STPZ

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VTIP

글로벌 투자 대기업 블랙록은 물가연동채권에 대한 &#39;비중 확대&#39;를 발표하며 &#39;지속적인 인플레이션 압력&#39;과 미국 정부 재정의 지속가능성에 대한 우려 증가로 인한 위험을 완화하기 위한 전략적 전환을 예고했다.

블랙록, 미국 재정 지속가능성 우려 속 물가 상승에 베팅···고려할 만한 물가연동채권 ETF는?

Global investment giant BlackRock has announced being &#8220;overweight&#8221; on inflation-linked bonds, signaling a strategic shift to mitigate risks stemming from &#8220;persistent inflation pressure&#8221; and growing concerns over the sustainability of U.S. government finances.
What Happened: This move comes as the firm navigates a complex economic landscape characterized by transformative &#8220;mega forces&#8221; and a challenging outlook for long-term asset allocation.
A key driver for BlackRock&#8217;s pivot to inflation-linked bonds is the mounting pressure on U.S. fiscal sustainability.
The firm specifically cited <a href="https://www.benzinga.com/news/econ-s/25/05/45479078/moodys-downgrades-us-credit-rating-over-debt-deficit-concerns">Moody&#8217;s recent downgrade</a> of the U.S. government&#8217;s top-notch credit rating, which reinforced BlackRock&#8217;s long-standing concerns about persistent U.S. budget deficits, particularly as rising interest rates escalate debt servicing costs.
The note also highlights how the U.S. debt sustainability relies on large and steady funding by foreign investors.
&#8220;The downgrade reinforces the U.S. fiscal sustainability challenge that we&#8217;ve long flagged, especially persistent U.S. budget deficits at a time when higher interest rates are boosting debt servicing costs. If these dynamics dent the confidence of foreign bond holders, rising term premium could push up bond yields and debt servicing costs even more,&#8221; explained BlacRock in its note.
Consequently, BlackRock&#8217;s strategic starting point now incorporates an expectation of rising term premiums for U.S. Treasuries and persistent inflation.
&#8220;That's why our starting point also includes our expectation of rising term premium for U.S. Treasuries and persistent inflation pressure. We go overweight inflation-linked bonds and neutral global investment grade credit given wider spreads,&#8221; the note stated.
These securities are designed to protect investors from inflation by adjusting their principal value based on changes in the Consumer Price Index (CPI), ensuring that the real value of the investment is preserved.
See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45512063/ray-dalio-warns-against-decreasing-value-of-us-dollar-amid-mounting-government-debt-risks-are-greater-than-the-rating-agencies-are-conveying">Ray Dalio Warns Against Decreasing Value Of US Dollar Amid Mounting Government Debt: &#8216;Risks Are Greater Than The Rating Agencies Are Conveying&#8217;</a>
Why It Matters: For investors seeking exposure to this strategy, a few of the inflation-linked bond ETFs available include:
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Inflation-Linked Bond ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>Vanguard Short-Term Inflation-Protected Securities ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTIP#NASDAQ">VTIP</a>)</td>
<td>3.03%</td>
<td>3.68%</td>
</tr>
<tr>
<td>iShares TIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIP#NYSE">TIP</a>)</td>
<td>2.04%</td>
<td>2.21%</td>
</tr>
<tr>
<td>Schwab U.S. TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHP#NYSE">SCHP</a>)</td>
<td>2.44%</td>
<td>2.05%</td>
</tr>
<tr>
<td>iShares 0-5 Year TIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STIP#NYSE">STIP</a>)</td>
<td>1.79%</td>
<td>3.15%</td>
</tr>
<tr>
<td>FlexShares iBoxx 3-Year Target Duration TIPS Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDTT#NYSE">TDTT</a>)</td>
<td>1.99%</td>
<td>2.29%</td>
</tr>
<tr>
<td>SPDR Bloomberg 1-10 Year TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIPX#NYSE">TIPX</a>)</td>
<td>2.49%</td>
<td>2.87%</td>
</tr>
<tr>
<td>SPDR Portfolio TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPIP#NYSE">SPIP</a>)</td>
<td>1.85%</td>
<td>1.22%</td>
</tr>
<tr>
<td>FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDTF#NYSE">TDTF</a>)</td>
<td>2.41%</td>
<td>2.10%</td>
</tr>
<tr>
<td>PIMCO 15+ Year US TIPS Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTPZ#NYSE">LTPZ</a>)</td>
<td>-0.90%</td>
<td>-4.69%</td>
</tr>
<tr>
<td>PIMCO 1-5 Year US TIPS Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STPZ#NYSE">STPZ</a>)</td>
<td>2.23%</td>
<td>3.88%</td>
</tr>
</tbody>
</table>
</figure>
&#8220;Economic transformation makes long-term portfolio construction more challenging,&#8221; BlackRock concluded, emphasizing its new approach of utilizing a starting point scenario for strategic views while formally tracking other potential outcomes to ensure portfolio agility.
While U.S. assets remain central to their portfolios, the move into inflation-linked bonds underscores a proactive stance against emerging fiscal and inflationary headwinds.
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Monday. The SPY was up 0.11% to $594.85, while the QQQ advanced 0.096% to $522.01, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Tuesday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading slightly lower.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45510990/federal-reserve-should-do-nothing-at-all-about-the-rising-yields-says-craig-shapiro-let-the-bond-vigilantes-eat" target="_blank" rel="noreferrer noopener">Federal Reserve Should Do ‘Nothing At All' About The Rising Yields, Says Craig Shapiro: ‘Let The Bond Vigilantes Eat'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tada Images / Shutterstock.com

BlackRock Bets On Inflation, Goes 'Overweight Inflation-Linked Bonds' Amid US 'Fiscal Sustainability Challenge:' Here's A List Of ETFs Investors Can Consider

When inflation moves higher, fixed income investors often turn to Treasury Inflation-Protected Securities, a corner of the bond market easily accessible via exchange traded funds.
TIPS, which are viewed as a low-risk investment, are indexed to inflation. The par value of TIPS rises with increases in the Consumer Price Index. Interest rates on TIPS are fixed and yields on these bonds and the related ETFs are usually low relative to other fixed income assets.
Recent data from the Commerce Department indicates U.S. consumer prices are inching higher, meaning it could be time for investors to consider ETFs such as the PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (NYSE: <a class="ticker" href="/stock/stpz#NYSE">STPZ</a>). STPZ, which is over eight years old, follows the BofA Merrill Lynch 1-5 Year US Inflation-Linked Treasury Index.
<h3>
	Low Duration</h3>
STPZ has a duration of just over three years and the effective maturity of the ETF&#39;s 12 holdings is just 2.94 years.
&ldquo;The short maturity-focused mandate gives the portfolio a duration of 3.1 years (as of November 2017), which mitigates interest rate risk and provides a strong hedge against immediate inflation,&rdquo; said Morningstar <a href="http:// http://beta.morningstar.com/articles/841712/fight-inflation-with-this-low-cost-etf.html">in a recent note</a>. &ldquo;Gains and losses from price volatility are muted thanks to the strategy&#39;s short duration. As a result, this fund more closely tracks the realized inflation fluctuations over the short run than its longer duration counterparts do.&rdquo;
The $1-billion STPZ has a 30-day SEC yield of 1.64 percent. The Federal Reserve&#39;s gauge of inflation rose 0.2 percent in November and <a href="https://www.bloomberg.com/news/articles/2017-12-22/u-s-consumer-spending-tops-forecasts-as-inflation-accelerates">1.8 percent year-over-year</a>. The Fed is targeting inflation of 2 percent, a mark that has been missed for several years.
<h3>
	How STPZ Benefits</h3>
Obviously, rising inflation benefits a fund such as STPZ, but investors need to understand how those benefits are realized.
&ldquo;Break-even inflation is the rate that would equate the real return from regular U.S. Treasuries and TIPS with the same maturity,&rdquo; according to Morningstar. At the end of November 2017, the break-even inflation rate was 1.8 percent, which was 0.2 percent lower than the 10-year rolling break-even rate average of 2 percent. If actual inflation exceeds 1.8 percent, it would reward TIPS investors, but if it is lower than this threshold, U.S. Treasury bonds would come out ahead.&rdquo;
Other PIMCO inflation ETFs include the PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (NYSE: <a class="ticker" href="/stock/tipz#NYSE">TIPZ</a>) and the PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (NYSE: <a class="ticker" href="/stock/ltpz#NYSE">LTPZ</a>).
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Long Ideas

Bonds

Specialty ETFs

Federal Reserve

Trading Ideas

ETFs

TIPZ

Fight Inflation With This ETF

The following exchange traded funds ended the week in the neighborhood of their 52-week highs, though many of them have faced headwinds lately. The share price of each is more than 15% higher than at the beginning of the year as well.

iPath US Treasury 10-year Bull ETN (NASDAQ: <a class="ticker" href="/stock/dtyl#NASDAQ">DTYL</a>) is up more than 43% year to date but has faced resistance at $66 per share since early November. The investment seeks to replicate the performance of the Barclays Capital 10Y U.S. Treasury Futures Targeted Exposure index, which is designed to increase in response to a decrease in 10-year Treasury note yields and to decrease in response to an increase in 10-year Treasury note yields.

iPath US Treasury Long Bond Bull ETN (NYSE: <a class="ticker" href="/stock/dlbl#NYSE">DLBL</a>) is about 34% higher year to date but has pulled back nearly 5% from the 52-week high. The investment seeks to replicate the performance of the Barclays Capital Long Bond U.S. Treasury Futures Targeted Exposure index. The index is designed to increase in response to a decrease in long-dated Treasury bond yields and to decrease in response to an increase in long-dated Treasury bond yields.

Vanguard Long-Term Government Bond Index ETF (NASDAQ: <a class="ticker" href="/stock/vglt#NASDAQ">VGLT</a>) is up more than 25% since the beginning of the year and also has pulled back nearly 5% from the 52-week high. The fund employs a passive management or indexing investment approach designed to track the performance of the Barclays Capital U.S. Long Government Float Adjusted Index, which includes fixed income securities issued by the U.S. Treasury and dollar-denominated foreign debt guaranteed by the U.S. government.

ProShares Ultra Utilities (NYSE: <a class="ticker" href="/stock/upw#NYSE">UPW</a>) is up about 25% since the beginning of the year, after rebounding from a pullback in late November. The investment seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Utilities Index. Top holdings include Dominion Resources (NYSE: <a class="ticker" href="/stock/d#NYSE">D</a>), Southern Company (NYSE: <a class="ticker" href="/stock/so#NYSE">SO</a>) and Exelon (NYSE: <a class="ticker" href="/stock/exc#NYSE">EXC</a>).

PIMCO 15+ Year US TIPS Index ETF (NYSE: <a class="ticker" href="/stock/ltpz#NYSE">LTPZ</a>) is almost 23% higher year to date after pulling back about 2% in the past week. The investment seeks to provide a total return that closely corresponds to the total return of the BofA Merrill Lynch 15+ Year U.S. Inflation-Linked Treasury Index, which is an unmanaged index comprised of Treasury Inflation Protected Securities with a maturity of at least 15 years.

iPath US Treasury Flattener ETN (NYSE: <a class="ticker" href="/stock/flat#NYSE">FLAT</a>) is up more than 22% since the beginning of the year and like many others on this list has faced headwinds in recent weeks. The underlying index employs a strategy that seeks to capture returns that are potentially available from a “steepening” or “flattening,” as applicable, of the U.S. Treasury yield curve through a notional rolling investment in U.S. Treasury note futures contracts.

UBS E-TRACS 2x Long Alerian MLP Infrastructure ETN (NYSE: <a class="ticker" href="/stock/mlpl#NYSE">MLPL</a>) is about 22% higher since the beginning of the year and within 2% of the 52-week high reached last spring. The investment seeks to replicate twice the monthly performance of the Alerian MLP Infrastructure index, which is a composite of 25 energy infrastructure Master Limited Partnerships.

SPDR Nuveen Barclays Capital Build America Bond (NYSE: <a class="ticker" href="/stock/babs#NYSE">BABS</a>) is up more than 21% year to date but more than 4% below the 52-week high. The fund invests at least 80% of its total assets in the securities comprising the underlying index, which tracks the market for taxable municipal securities designated as “Qualified Bonds” under the Build America Bond program created under the American Recovery and Reinvestment Act of 2009.

iShares Barclays 10-20 Year Treasury Bond (NYSE: TLH) is up almost 19% since the beginning of the year, despite being essentially flat over the past month. The fund generally invests at least 90% of its assets in the bonds of the underlying index, which measures the performance of public obligations of the U.S. Treasury with a remaining maturity of between 10 and 20 years and with capitalization of $250 million or more of outstanding face value.

PowerShares Build America Bond (NYSE: <a class="ticker" href="/stock/bab#NYSE">BAB</a>) is up more than 18% higher year to date despite a recent pullback. The fund invests at least 80% of the total assets in taxable municipal securities eligible to participate in the Build America Bonds program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid.

Short Ideas

SPDR Nuveen Barclays Capital Build America Bond ETF

BABS

DLBL

DTYL

FLAT

MLPL

VGLT

Ten ETFs Trading Near 52-Week Highs

The following exchange traded funds reached new 52-week highs in Wednesday's trading session, and the share price of each is more than 20% higher than at the beginning of the year.

FactorShares 2X: TBond Bull/S&amp;P500 Bear (NYSE: <a class="ticker" href="/stock/fsa#NYSE">FSA</a>) is up more than 67% year to date. The underlying index is a spread index reflecting the difference in daily return between the U.S. equity and interest rate market segments by tracking a long position in the front month E-mini S&amp;P 500 Stock Price index futures and a short position in the front month U.S. Treasury bond futures. 

ProShares Ultra Gold (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>) is up nearly 54% year to date. The investment seeks to provide daily investment results that correspond to twice (200%) the daily performance of gold bullion as measured by the U.S. Dollar p.m. fixing price for delivery in London. It invests principally in combinations of swap agreements, futures contracts, forward contracts, and option contracts.

PowerShares DB Gold Double Long ETN (NYSE: <a class="ticker" href="/stock/dgp#NYSE">DGP</a>) is up more than 52% since the beginning of the year. The investment seeks to replicate twice the daily performance of the Deutsche Bank Liquid Commodity index - Optimum Yield Gold Excess Return. The index is comprised of a single unfunded gold futures contract.

ProShares Ultra 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ubt#NYSE">UBT</a>) is up more than 39% since the beginning of the year. The investment seeks daily investment results that correspond to twice (200%) the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond Index. The fund invests in U.S. Treasury securities and derivatives.

iPath Short Enhanced MSCI Emerging Markets ETN (NYSE: <a class="ticker" href="/stock/emsa#NYSE">EMSA</a>) is up more than 34% since the beginning of the year. The investment seeks to replicate the leveraged return on the inverse performance of the MSCI Emerging Markets Net Total Return index. The index is a free float-adjusted market capitalization index.

iPath Short Enhanced MSCI EAFE ETN (NYSE: <a class="ticker" href="/stock/mfsa#NYSE">MFSA</a>) is up nearly 27% since the beginning of the year. The investment seeks to replicate the leveraged return on the inverse performance of the MSCI EAFE Net Total Return index, which is designed to offer a representation of equity market performance of developed markets in Europe, Australasia and the Far East.

Vanguard Extended Duration Treasury Index ETF (NYSE: <a class="ticker" href="/stock/edv#NYSE">EDV</a>) is up about 26% year to date. The fund invests at least 80% of assets in U.S. Treasury securities held in the Barclays Capital U.S. Treasury STRIPS 2030 Year Equal Par Bond Index. The fund maintains a dollar-weighted average maturity consistent with that of the index, which generally ranges between 20 and 30 years. 

iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>) is up nearly 26% since the beginning of the year. The trust receives gold deposited with it in exchange for the creation of baskets of iShares, sells gold as necessary to cover the trust's liabilities, and delivers gold in exchange for baskets of iShares surrendered to it for redemption.

ETFS Physical Swiss Gold Shares (NYSE: <a class="ticker" href="/stock/sgol#NYSE">SGOL</a>) is up almost 26% since the beginning of the year. The investment seeks to replicate the performance of the price of gold bullion. The trust holds physical gold bullion and offers investors a cost-effective and convenient way to invest in gold with minimal credit risk.

SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) is up almost 26% year to date. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust is only sold on an as-needed basis to pay trust expenses or as otherwise required by law or regulation.

PowerShares DB Precious Metals (NYSE: <a class="ticker" href="/stock/dbp#NYSE">DBP</a>) is up more than 25% year to date. The investment seeks to track the price and yield performance of the Deutsche Bank Liquid Commodity Index - Optimum Yield Precious Metals Excess Return, a rules-based index composed of futures contracts on two of the most important precious metals: gold and silver.

RBS Gold Trendpilot ETN (NYSE: <a class="ticker" href="/stock/tbar#NYSE">TBAR</a>) is up more than 25% year to date. The investment seeks to replicate the RBS Gold Trendpilot index (USD). The index utilizes a systematic trend-following strategy to provide exposure to either the price of gold bullion or the yield on a hypothetical notional investment in 3-month U.S. Treasury bills.

PowerShares DB Gold (NYSE: <a class="ticker" href="/stock/dgl#NYSE">DGL</a>) is up more than 25% since the beginning of the year. The investment seeks to track the price and yield performance of the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return, which is a rules-based index composed of futures contracts on gold.

PIMCO 15+ Year US TIPS Index ETF (NYSE: <a class="ticker" href="/stock/ltpz#NYSE">LTPZ</a>) is almost 25% year to date. The fund invests at least 80% of assets in securities of the BofA Merrill Lynch 15+ Year U.S. Inflation-Linked Treasury Index. The index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years.

EMSA

MFSA

SGOL

TBAR

Fourteen ETFs Hitting 52-Week Highs

iPath U.S. Treasury 10-year Bull ETN (NYSE: <a class="ticker" href="/stock/dtyl#NYSE">DTYL</a>) is up nearly 30% year to date. The investment seeks to replicate the performance of the Barclays Capital 10-Year U.S. Treasury Futures Targeted Exposure index, which is designed to increase in response to a decrease in 10-year Treasury note yields and to decrease in response to an increase in 10-year Treasury note yields.

FactorShares 2X: TBond Bull/S&amp;P500 Bear (NYSE: <a class="ticker" href="/stock/fsa#NYSE">FSA</a>) is up more than 24% year to date. The underlying index is a spread index reflecting the difference in daily return between the U.S. equity and interest rate market segments by tracking a long position in the front month E-mini S&amp;P 500 Stock Price index futures and a short position in the front month U.S. Treasury bond futures. 

Direxion Daily 7-10 Year Treasury Bull 3X Shares (NYSE: <a class="ticker" href="/stock/tyd#NYSE">TYD</a>) is up more than 22% since the beginning of the year. The investment seeks daily investment results of 300% of the price performance of the NYSE 7-10 Year U.S. Treasury Bond Index. The fund normally invests 80% of net assets in U.S. government securities and/or financial instruments, but also may hold money market instruments.

iPath U.S. Treasury Long Bond Bull ETN (NYSE: <a class="ticker" href="/stock/dlbl#NYSE">DLBL</a>) is up more than 19% year to date. The investment seeks to replicate the performance of the Barclays Capital Long Bond U.S. Treasury Futures Targeted Exposure index, which is designed to increase in response to a decrease in long-dated Treasury bond yields and to decrease in response to an increase in long-dated Treasury bond yields.

PIMCO 15+ Year U.S. TIPS Index ETF (NYSE: <a class="ticker" href="/stock/ltpz#NYSE">LTPZ</a>) is up more than 17% since the beginning of the year. The investment seeks to provide a total return that closely corresponds to the total return of the BofA Merrill Lynch 15+ Year U.S. Inflation-Linked Treasury Index, an unmanaged index comprised of Treasury Inflation Protected Securities with a maturity of at least 15 years.

ProShares Ultra 7-10 Year Treasury (NYSE: <a class="ticker" href="/stock/ust#NYSE">UST</a>) is up nearly 16% since the beginning of the year. The investment seeks daily investment results, before fees and expenses, and interest income earned on cash and financial instruments, that correspond to twice (200%) the daily performance of the Barclays Capital 7-10 Year U.S. Treasury Bond Index. It also invests in money market instruments.

PIMCO Build America Bond Strategy ETF (NYSE: <a class="ticker" href="/stock/babz#NYSE">BABZ</a>) is up more than 15% year to date. The fund invests in taxable municipal securities eligible to participate in the Build America Bonds program created under the American Recovery and Reinvestment Act of 2009 and other legislation. Top holdings include securities related to New York City Municipal Water, Los Angeles Department of Water &amp; Power and Metropolitan Washington DC Airports Authority. 

SPDR Nuveen Barclays Cap Build America Bond (NYSE: <a class="ticker" href="/stock/babs#NYSE">BABS</a>) is up more than 14% since the beginning of the year. The fund seeks to track the performance of the Barclays Capital Build America Bond Index, which represents securities that are taxable, dollar denominated, and issued by a U.S. state or territory. Top holdings include securities related to Clark County Nevada Airport and Bay Area Toll Authority. 

PowerShares Build America Bond (NYSE: <a class="ticker" href="/stock/bab#NYSE">BAB</a>) is up more than 13% year to date. The fund invests in taxable municipal securities eligible to participate in the Build America Bonds program created under the American Recovery and Reinvestment Act of 2009 and other legislation. Top holdings include securities related to Sioux Falls South Dakota, Lexington-Fayette Urban County and Chicago's O'Hare International Airport.

SPDR Nuveen Barclays Capital California Municipal Bond (NYSE: <a class="ticker" href="/stock/cxa#NYSE">CXA</a>) is up more than 11% year to date. The fund uses a passive management strategy designed to track the price and yield performance of the Barclays Capital Managed Money Municipal California Index. It also invests in futures, options, swap contracts and other derivatives, cash and cash equivalents or money market instruments. Top holdings include securities related to Los Angeles Unified School District. 

PIMCO Broad U.S. TIPS Index ETF (NYSE: <a class="ticker" href="/stock/tipz#NYSE">TIPZ</a>) is up about 11% since the beginning of the year. The investment seeks to provide a total return that closely corresponds to the total return of the BofA Merrill Lynch U.S. Inflation-Linked Treasury Index. It may also invest in futures, options, swap contracts and other derivatives, cash and investment grade, liquid short-term instruments. 

Vanguard Long-Term Bond Index ETF (NYSE: <a class="ticker" href="/stock/blv#NYSE">BLV</a>) is up nearly 11% year to date. The fund employs a passive investment approach designed to track the performance of the Barclays Capital U.S. Long Government/Credit Float Adjusted Index. It maintains a dollar-weighted average maturity consistent with that of the index. Top holdings include U.S. Treasury bonds.

Schwab U.S. TIPS ETF (NYSE: <a class="ticker" href="/stock/schp#NYSE">SCHP</a>) is up nearly 11% year to date. The underlying index includes all publicly-issued U.S. TIPS that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value. The TIPS in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. 

iShares S&amp;P California AMT-Free Municipal Bond (NYSE: <a class="ticker" href="/stock/cmf#NYSE">CMF</a>) is up more than 10% year to date. The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the underlying index, which measures the performance of the investment grade segment of the California municipal bond market. Top holdings include securities related to San Diego Unified School District and Los Angeles Department of Airports.

SPDR Barclays Capital Long Corporate Term Bond (NYSE: <a class="ticker" href="/stock/lwc#NYSE">LWC</a>) is more than 10% higher year to date. The underlying index measures the performance of the long-term sector of the U.S. investment bond market, which includes investment grade corporate debt and sovereign, supranational, local authority and non-U.S. agency bonds. Top holdings include AT&amp;T (NYSE: <a class="ticker" href="/stock/t#NYSE">T</a>) and Comcast (NASDAQ: <a class="ticker" href="/stock/cmcsa#NASDAQ">CMCSA</a>) bonds.

Treasuries

BABZ

CMCSA

iShares S&P California AMT-Free Municipal Bond Fund

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Fifteen Bond ETFs Trading Near 52-Week Highs

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

글로벌 투자 대기업 블랙록은 물가연동채권에 대한 &#8216;비중 확대&#8217;를 발표하며 &#8216;지속적인 인플레이션 압력&#8217;과 미국 정부 재정의 지속가능성에 대한 우려 증가로 인한 위험을 완화하기 위한 전략적 전환을 예고했다.
무슨 일 있었나: 이러한 움직임은 변화하는 &#8216;거대 세력&#8217;과 장기 자산 배분에 대한 도전적인 전망으로 특징지어지는 복잡한 경제 환경을 헤쳐나가는 과정에서 나온 것이다.
블랙록이 물가연동채권으로 전환한 주요 동인은 미국 재정의 지속가능성에 대한 압박이 가중되고 있다는 점이다.
특히 무디스가 최근 미국 정부의 신용등급을 최고 수준 이하로 <a href="https://www.benzinga.com/news/econ-s/25/05/45479078/moodys-downgrades-us-credit-rating-over-debt-deficit-concerns" target="_blank" rel="noopener">강등하면서</a>, 금리 상승으로 부채 상환 비용이 증가함에 따라 지속적인 미국 예산 적자에 대한 블랙록의 오랜 우려를 강화한 점을 언급했다.
또한 미국 부채의 지속가능성이 해외 투자자들의 대규모의 안정적인 자금에 의존하고 있다는 점도 강조했다.
"이번 신용등급 강등은 우리가 오랫동안 지적해 온 미국의 재정 지속 가능성 문제, 특히 금리 상승으로 부채 상환 비용이 증가하고 있는 상황에서 미국의 지속적인 재정 적자를 더욱 강화한다. 이러한 역학 관계로 인해 해외 채권 보유자의 신뢰가 떨어지면 만기 프리미엄이 상승하여 채권 수익률과 부채 상환 비용이 더욱 상승할 수 있다.&#8221;
따라서 블랙록의 전략적 출발점은 이제 미국 국채의 기간 프리미엄 상승과 지속적인 인플레이션에 대한 기대를 반영하고 있다.
"그렇기 때문에 미국 국채의 기간 프리미엄 상승과 지속적인 인플레이션 압력에 대한 기대도 우리의 출발점에 포함된다. 우리는 물가연동채권에 비중확대, 글로벌 투자등급 크레딧에 중립 포지션을 취하고 있다.&#8221;
이러한 증권은 소비자물가지수(CPI) 변동에 따라 원금 가치를 조정하여 인플레이션으로부터 투자자를 보호하고 투자의 실질 가치를 보존하도록 설계되었다.
왜 중요한가: 이러한 전략에 노출되기를 원하는 투자자를 위해 몇 가지 물가연동채권 ETF를 소개한다.
<figure class="wp-block-table is-style-stripes">
<table class="has-fixed-layout">
<tbody>
<tr>
<td>인플레이션 연동 채권 ETF</td>
<td>연초 대비 성과</td>
<td>1년 성과</td>
</tr>
<tr>
<td>Vanguard 단기 인플레이션 보호 증권 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTIP#NASDAQ">VTIP</a>)</td>
<td>3.03%</td>
<td>3.68%</td>
</tr>
<tr>
<td>iShares TIPS 채권 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIP#NYSE">TIP</a>)</td>
<td>2.04%</td>
<td>2.21%</td>
</tr>
<tr>
<td>Schwab 미국 TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHP#NYSE">SCHP</a>)</td>
<td>2.44%</td>
<td>2.05%</td>
</tr>
<tr>
<td>iShares 0-5년 TIPS 채권 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STIP#NYSE">STIP</a>)</td>
<td>1.79%</td>
<td>3.15%</td>
</tr>
<tr>
<td>FlexShares iBoxx 3년 목표 만기 TIPS 인덱스 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDTT#NYSE">TDTT</a>)</td>
<td>1.99%</td>
<td>2.29%</td>
</tr>
<tr>
<td>SPDR 블룸버그 1-10년 TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIPX#NYSE">TIPX</a>)</td>
<td>2.49%</td>
<td>2.87%</td>
</tr>
<tr>
<td>SPDR 포트폴리오 TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPIP#NYSE">SPIP</a>)</td>
<td>1.85%</td>
<td>1.22%</td>
</tr>
<tr>
<td>FlexShares iBoxx 5년 목표 만기 TIPS 인덱스 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDTF#NYSE">TDTF</a>)</td>
<td>2.41%</td>
<td>2.10%</td>
</tr>
<tr>
<td>PIMCO 15년 이상 미국 TIPS 인덱스 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTPZ#NYSE">LTPZ</a>)</td>
<td>-0.90%</td>
<td>-4.69%</td>
</tr>
<tr>
<td>PIMCO 1-5년 미국 TIPS 인덱스 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STPZ#NYSE">STPZ</a>)</td>
<td>2.23%</td>
<td>3.88%</td>
</tr>
</tbody>
</table>
</figure>
블랙록은 "경제 변화는 장기 포트폴리오 구축을 더욱 어렵게 만든다"고 결론을 내리고, 포트폴리오 민첩성을 보장하기 위해 다른 잠재적 결과를 공식적으로 추적하면서 전략적 관점을 위한 출발점 시나리오를 활용하는 새로운 접근법을 강조했다.
미국 자산은 여전히 포트폴리오의 중심이지만, 인플레이션 연계 채권으로의 전환은 신흥국 재정 및 인플레이션 역풍에 대한 선제적 대응을 강조한다.
가격 움직임: S&amp;P 500 지수와 나스닥 100 지수를 각각 추종하는 SPDR S&amp;P 500 ETF 신탁(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)과 인베스코 QQQ 신탁 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)는 월요일에 상승했다. <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noopener">벤징가 프로</a> 데이터에 따르면 SPY는 0.11% 상승한 594.85달러를 기록했고, QQQ는 0.096% 상승한 522.01달러를 기록했다.
화요일에는 S&amp;P 500, 다우존스, 나스닥 100 지수의 선물이 소폭 하락세를 보이고 있다.
면책 조항: 이 콘텐츠는 부분적으로 AI 도구의 도움을 받아 생성되었으며, Benzinga 편집자가 검토하고 게시했습니다.
사진 출처: 타다 이미지(Tada Images) / 셔터스톡(Shutterstock.com)
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Pimco 15 Year U.S. TIPS Index Exchange-Traded Fund

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