{"id":30672,"date":"2026-09-09T09:49:00","date_gmt":"2026-09-09T00:49:00","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=30672"},"modified":"2026-09-09T09:49:00","modified_gmt":"2026-09-09T00:49:00","slug":"ue-the-ultimate-guide-to-commodity-investing","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-the-ultimate-guide-to-commodity-investing","title":{"rendered":"\u30102026\u5e74\u30c1\u30e3\u30f3\u30b9\u5230\u6765\uff1f\u3011\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u6295\u8cc7\u5b8c\u5168\u653b\u7565\u30ac\u30a4\u30c9\uff5c\u672c\u8cea\u7684\u4fa1\u5024\u306e\u898b\u6975\u3081\u65b9\u304b\u3089\u91d1\u30fb\u539f\u6cb9\u30fbETF\u6d3b\u7528\u307e\u3067\u5fb9\u5e95\u89e3\u8aac"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u30102026\u5e74\u30c1\u30e3\u30f3\u30b9\u5230\u6765\uff1f\u3011\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u6295\u8cc7\u5b8c\u5168\u653b\u7565\u30ac\u30a4\u30c9\uff5c\u672c\u8cea\u7684\u4fa1\u5024\u306e\u898b\u6975\u3081\u65b9\u304b\u3089\u91d1\u30fb\u539f\u6cb9\u30fbETF\u6d3b\u7528\u307e\u3067\u5fb9\u5e95\u89e3\u8aac<\/h2>\n<p data-path-to-node=\"1\"><span>\u4e16\u754c\u7684\u306a\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u3001<\/span><span>\u4f9b\u7d66\u7db2\uff08\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\uff09\u306e\u518d\u7de8\u3001<\/span><span>\u8131\u70ad\u7d20\u5316\u306b\u4f34\u3046\u69cb\u9020\u7684\u306a\u8cc7\u6e90\u9700\u8981\u3001<\/span><span>\u305d\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u306e\u5b9a\u7740\u306b\u4f34\u3044\u3001<\/span><span>\u4f1d\u7d71\u7684\u306a\u300c\u682a\u5f0f60%\uff1a\u50b5\u523840%\u300d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7ba1\u7406\u306f\u5927\u304d\u306a\u8ee2\u63db\u671f\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u3002<\/span><span>\u4eca\u3001<\/span><span>\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u6ce8\u76ee\u3092\u96c6\u3081\u3066\u3044\u308b\u306e\u304c\u3001<\/span><span>\u5b9f\u7269\u8cc7\u7523\u3067\u3042\u308b\u300c\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\uff08\u5546\u54c1\uff09\u300d\u3078\u306e\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"2\"><span>\u672c\u30ac\u30a4\u30c9\u3067\u306f\u3001<\/span><span>\u57fa\u790e\u6982\u5ff5\u304b\u3089\u300c\u5272\u5b89\u6027\u300d\u3092\u751f\u307f\u51fa\u3059\u30b9\u30fc\u30d1\u30fc\u30b5\u30a4\u30af\u30eb\u306e\u69cb\u9020\u3001<\/span><span>\u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\u3084\u5148\u7269\u30ab\u30fc\u30d6\u3092\u7528\u3044\u305f\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u5206\u6790\u3001<\/span><span>\u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u6b74\u53f2\u7684\u306a\u76f8\u95a2\u30fb\u30c7\u30ab\u30c3\u30d7\u30ea\u30f3\u30b0\uff08\u4e56\u96e2\uff09\u3001<\/span><span>\u3055\u3089\u306b\u306f\u5148\u7269ETF\u306e\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u6e1b\u4fa1\uff08\u30b3\u30f3\u30bf\u30f3\u30b4\uff09\u3092\u56de\u907f\u3059\u308b\u5b9f\u8df5\u7684\u6295\u8cc7\u624b\u6cd5\u307e\u3067\u3001<\/span><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u6295\u8cc7\u306e\u3059\u3079\u3066\u3092\u4f53\u7cfb\u7684\u304b\u3064\u7db2\u7f85\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"4\">\u7b2c1\u7ae0 \u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u6295\u8cc7\u306e\u57fa\u790e\u3068\u69cb\u9020\u7684\u529b\u5b66<\/h2>\n<h3 data-path-to-node=\"5\">1-1. \u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\uff08\u5546\u54c1\uff09\u3068\u306f\u4f55\u304b<\/h3>\n<p data-path-to-node=\"6\"><span>\u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3068\u306f\u3001<\/span><span>\u54c1\u8cea\u3084\u898f\u683c\u304c\u6a19\u6e96\u5316\u3055\u308c\u3001<\/span><span>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u53d6\u5f15\u6240\u3067\u4e00\u5f8b\u306b\u53d6\u5f15\u3055\u308c\u308b<\/span><b data-path-to-node=\"6\" data-index-in-node=\"47\">\u5b9f\u7269\u8cc7\u6e90\u30fb\u7523\u54c1<\/b><span>\u3092\u6307\u3057\u307e\u3059\u3002<\/span><span>\u5927\u304d\u304f\u5206\u3051\u3066\u4ee5\u4e0b\u306e4\u3064\u306e\u30bb\u30af\u30bf\u30fc\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-827 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-827 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-827\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-827\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-827\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-827 no-decoration-radius\">                  \u250c\u2500\u2500 1. \u30a8\u30cd\u30eb\u30ae\u30fc \u2500\u2500\u2500\u2500\u2500\u2500 \u539f\u6cb9\u3001\u5929\u7136\u30ac\u30b9\u3001\u30ac\u30bd\u30ea\u30f3\u3001\u6696\u623f\u6cb9\r\n                  \u251c\u2500\u2500 2. \u8cb4\u91d1\u5c5e \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u3001\u9280\u3001\u30d7\u30e9\u30c1\u30ca\u3001\u30d1\u30e9\u30b8\u30a6\u30e0\r\n\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3 \u2500\u2500\u2524\r\n                  \u251c\u2500\u2500 3. \u7523\u696d\u7528\u91d1\u5c5e \u2500\u2500\u2500\u2500\u2500\u2500 \u9285\u3001\u30a2\u30eb\u30df\u30cb\u30a6\u30e0\u3001\u30cb\u30c3\u30b1\u30eb\u3001\u30ea\u30c1\u30a6\u30e0\u3001\u9244\u9271\u77f3\r\n                  \u2514\u2500\u2500 4. \u8fb2\u4f5c\u7269 \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u30c8\u30a6\u30e2\u30ed\u30b3\u30b7\u3001\u5927\u8c46\u3001\u5c0f\u9ea6\u3001\u30b3\u30fc\u30d2\u30fc\u3001\u7802\u7cd6\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"8\"><span>\u3053\u308c\u3089\u306f\u5358\u306a\u308b\u91d1\u878d\u4e0a\u306e\u6295\u6a5f\u5bfe\u8c61\u3067\u306f\u306a\u304f\u3001<\/span><span>\u73fe\u4ee3\u306e\u793e\u4f1a\u30a4\u30f3\u30d5\u30e9\u3001<\/span><span>\u7523\u696d\u6d3b\u52d5\u3001<\/span><span>\u6d88\u8cbb\u751f\u6d3b\u306e\u539f\u70b9\u3092\u652f\u3048\u308b\u7269\u7406\u7684\u306a\u57fa\u76e4\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"9\">1-2. \u4f1d\u7d71\u7684\u8cc7\u7523\uff08\u682a\u5f0f\u30fb\u50b5\u5238\uff09\u3068\u306e\u6839\u672c\u7684\u9055\u3044<\/h3>\n<p data-path-to-node=\"10\"><span>\u682a\u5f0f\u3084\u50b5\u5238\u3068\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u672c\u8cea\u7684\u306a\u9055\u3044\u306f\u3001<\/span><span>\u300c\u73fe\u91d1\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u3092\u751f\u307f\u51fa\u3059\u304b\u300d<\/span><b data-path-to-node=\"10\" data-index-in-node=\"41\">\u304a\u3088\u3073<\/b><span>\u300c\u4fa1\u5024\u306e\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"11\">\n<thead>\n<tr>\n<td><strong>\u8a55\u4fa1\u9805\u76ee<\/strong><\/td>\n<td><strong>\u682a\u5f0f\uff08Equity\uff09<\/strong><\/td>\n<td><strong>\u50b5\u5238\uff08Bond\uff09<\/strong><\/td>\n<td><strong>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\uff08Commodity\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"11,1,0,0\"><b data-path-to-node=\"11,1,0,0\" data-index-in-node=\"0\">\u4fa1\u5024\u306e\u6e90\u6cc9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"11,1,1,0\">\u4f01\u696d\u306e\u696d\u7e3e\u6210\u9577\u30fb\u5c06\u6765\u306e\u4e8b\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/span><\/td>\n<td><span data-path-to-node=\"11,1,2,0\">\u767a\u884c\u4f53\u306e\u4fe1\u7528\u529b\u30fb\u7d04\u675f\u3055\u308c\u305f\u5229\u606f<\/span><\/td>\n<td><span data-path-to-node=\"11,1,3,0\"><b data-path-to-node=\"11,1,3,0\" data-index-in-node=\"0\">\u7269\u7406\u7684\u306a\u9700\u7d66\u30d0\u30e9\u30f3\u30b9\u3068\u5e0c\u5c11\u6027<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"11,2,0,0\"><b data-path-to-node=\"11,2,0,0\" data-index-in-node=\"0\">\u30a4\u30f3\u30d5\u30ec\u8010\u6027<\/b><\/span><\/td>\n<td><span data-path-to-node=\"11,2,1,0\">\u4e2d\u7a0b\u5ea6\uff08\u4f01\u696d\u306e\u4fa1\u683c\u8ee2\u5ac1\u529b\u306b\u4f9d\u5b58\uff09<\/span><\/td>\n<td><span data-path-to-node=\"11,2,2,0\">\u5f31\u3044\uff08\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u308a\u5b9f\u8cea\u8cfc\u8cb7\u529b\u304c\u4f4e\u4e0b\uff09<\/span><\/td>\n<td><span data-path-to-node=\"11,2,3,0\"><b data-path-to-node=\"11,2,3,0\" data-index-in-node=\"0\">\u6975\u3081\u3066\u5f37\u3044\uff08\u30a4\u30f3\u30d5\u30ec\u306e\u69cb\u6210\u8981\u7d20\u305d\u306e\u3082\u306e\uff09<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"11,3,0,0\"><b data-path-to-node=\"11,3,0,0\" data-index-in-node=\"0\">\u4fe1\u7528\uff08\u767a\u884c\u4f53\uff09\u30ea\u30b9\u30af<\/b><\/span><\/td>\n<td><span data-path-to-node=\"11,3,1,0\">\u3042\u308a\uff08\u4f01\u696d\u306e\u5012\u7523\u30fb\u7834\u7dbb\u30ea\u30b9\u30af\uff09<\/span><\/td>\n<td><span data-path-to-node=\"11,3,2,0\">\u3042\u308a\uff08\u56fd\u3084\u4f01\u696d\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u30ea\u30b9\u30af\uff09<\/span><\/td>\n<td><span data-path-to-node=\"11,3,3,0\"><b data-path-to-node=\"11,3,3,0\" data-index-in-node=\"0\">\u306a\u3057\uff08\u7121\u4f53\u7269\u3067\u306f\u306a\u304f\u3001\u73fe\u7269\u8cc7\u6750\u305d\u306e\u3082\u306e\uff09<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"11,4,0,0\"><b data-path-to-node=\"11,4,0,0\" data-index-in-node=\"0\">\u4fdd\u6709\u30b3\u30b9\u30c8 \/ \u53ce\u5165<\/b><\/span><\/td>\n<td><span data-path-to-node=\"11,4,1,0\">\u914d\u5f53\u91d1\u304c\u5f97\u3089\u308c\u308b<\/span><\/td>\n<td><span data-path-to-node=\"11,4,2,0\">\u5229\u606f\uff08\u30af\u30fc\u30dd\u30f3\uff09\u304c\u5f97\u3089\u308c\u308b<\/span><\/td>\n<td><span data-path-to-node=\"11,4,3,0\"><b data-path-to-node=\"11,4,3,0\" data-index-in-node=\"0\">\u5229\u606f\u306f\u751f\u307e\u306a\u3044\uff08\u4fdd\u7ba1\u8cbb\u30fb\u4fdd\u967a\u6599\u7b49\u306e\u30b3\u30b9\u30c8\u304c\u767a\u751f\uff09<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"12\"><span>\u682a\u5f0f\u3084\u50b5\u5238\u306f\u300c\u5c06\u6765\u751f\u307f\u51fa\u3055\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u300d\u306b\u3088\u3063\u3066\u7406\u8ad6\u4fa1\u683c\u304c\u7b97\u51fa\u3055\u308c\u307e\u3059\u304c\u3001<\/span><b data-path-to-node=\"12\" data-index-in-node=\"48\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u81ea\u4f53\u306f\u5229\u606f\u3084\u914d\u5f53\u3092\u81ea\u3089\u751f\u307f\u51fa\u3057\u307e\u305b\u3093<\/b><span>\u3002<\/span><span>\u305d\u306e\u305f\u3081\u3001<\/span><span>\u4fa1\u683c\u306f\u7d14\u7c8b\u306b\u300c\u3044\u307e\u3001<\/span><span>\u4e16\u754c\u3067\u3069\u308c\u3060\u3051\u306e\u7269\u7406\u7684\u9700\u8981\u304c\u3042\u308a\u3001<\/span><span>\u3069\u308c\u3060\u3051\u306e\u7269\u7406\u7684\u4f9b\u7d66\u304c\u5b58\u5728\u3059\u308b\u304b\u300d\u3068\u3044\u3046\u73fe\u5b9f\u306e\u9700\u7d66\u95a2\u4fc2\u306e\u307f\u306b\u3088\u3063\u3066\u6c7a\u5b9a\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"14\">\u7b2c2\u7ae0 \u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u304c\u300c\u5272\u5b89\u300d\u306b\u653e\u7f6e\u3055\u308c\u308b\u30e1\u30ab\u30cb\u30ba\u30e0<\/h2>\n<p data-path-to-node=\"15\"><span>\u5e02\u5834\u306b\u304a\u3044\u3066\u3001<\/span><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u304c\u672c\u8cea\u7684\u4fa1\u5024\u3092\u5927\u5e45\u306b\u4e0b\u56de\u308a\u3001<\/span><span>\u300c\u8d85\u5272\u5b89\u300d\u306a\u72b6\u614b\u3067\u6570\u5e74\u301c\u5341\u6570\u5e74\u306b\u308f\u305f\u308a\u653e\u7f6e\u3055\u308c\u308b\u73fe\u8c61\u304c\u8d77\u3053\u308a\u307e\u3059\u3002<\/span><span>\u3053\u306e\u529b\u5b66\u3092\u7406\u89e3\u3059\u308b\u9375\u304c\u300c\u30b9\u30fc\u30d1\u30fc\u30b5\u30a4\u30af\u30eb\u300d\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"16\">2-1. \u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u30fb\u30b9\u30fc\u30d1\u30fc\u30b5\u30a4\u30af\u30eb<\/h3>\n<p data-path-to-node=\"17\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5e02\u5834\u306b\u306f\u3001<\/span><span>15\u301c20\u5e74\u7a0b\u5ea6\u306e\u5468\u671f\u3067\u8a2a\u308c\u308b\u5de8\u5927\u306a\u9577\u671f\u6ce2\uff08\u30b9\u30fc\u30d1\u30fc\u30b5\u30a4\u30af\u30eb\uff09\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-828 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-828 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-828\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-828\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-828\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-828 no-decoration-radius\">       [1. \u9700\u8981\u6025\u5897\u30fb\u4f9b\u7d66\u4e0d\u8db3] \u2500\u2500\u2500\u2500\u2500\u25ba [2. \u4fa1\u683c\u6025\u9a30\u30fb\u8a2d\u5099\u6295\u8cc7\u52a0\u71b1]\r\n              \u25b2                                \u2502\r\n              \u2502                                \u25bc\r\n       [4. \u6295\u8cc7\u64a4\u9000\u30fb\u69cb\u9020\u7684\u5272\u5b89] \u25c4\u2500\u2500\u2500\u2500 [3. \u4f9b\u7d66\u904e\u5270\u30fb\u4fa1\u683c\u66b4\u843d]\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ol start=\"1\" data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u9700\u8981\u6025\u5897\u30fb\u4f9b\u7d66\u4e0d\u8db3\u671f<\/b><span>:<\/span><span> \u65b0\u8208\u56fd\u306e\u5de5\u696d\u5316\u3084\u6280\u8853\u9769\u65b0\uff08\u4f8b\uff1aEV\u30b7\u30d5\u30c8\u3001<\/span><span>\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u9700\u8981\uff09\u306b\u3088\u308a\u9700\u8981\u304c\u6fc0\u5897\u3002<\/span><span>\u65e2\u5b58\u306e\u4f9b\u7d66\u3067\u306f\u5bfe\u5fdc\u3067\u304d\u305a\u4fa1\u683c\u304c\u66b4\u9a30\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u8a2d\u5099\u6295\u8cc7\u52a0\u71b1\u671f<\/b><span>:<\/span><span> \u9ad8\u5024\u3092\u4ed8\u3051\u305f\u5546\u54c1\u306b\u9b45\u4e86\u3055\u308c\u3001<\/span><span>\u4e16\u754c\u4e2d\u306e\u8cc7\u672c\u304c\u9271\u5c71\u958b\u767a\u3084\u6cb9\u7530\u958b\u767a\u306b\u904e\u5270\u6295\u878d\u8cc7\u3055\u308c\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u4f9b\u7d66\u904e\u5270\u30fb\u4fa1\u683c\u66b4\u843d\u671f<\/b><span>:<\/span><span> 10\u5e74\u5358\u4f4d\u306e\u30ea\u30fc\u30c9\u30bf\u30a4\u30e0\u3092\u7d4c\u3066\u65b0\u898f\u9271\u5c71\u3084\u6cb9\u7530\u304b\u3089\u5927\u91cf\u306e\u4f9b\u7d66\u304c\u6d41\u5165\u3002<\/span><span>\u5e02\u5834\u306f\u6df1\u523b\u306a\u4f9b\u7d66\u904e\u5270\u306b\u9665\u308a\u3001<\/span><span>\u4fa1\u683c\u306f\u66b4\u843d\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,3,0\"><b data-path-to-node=\"19,3,0\" data-index-in-node=\"0\">\u904e\u5c11\u6295\u8cc7\u30fb\u69cb\u9020\u7684\u5272\u5b89\u671f\uff08\u30d0\u30ea\u30e5\u30fc\u5f62\u6210\u671f\uff09<\/b><span>:<\/span><span> \u9577\u671f\u4f4e\u8ff7\u306b\u3088\u3063\u3066\u4f01\u696d\u306f\u65b0\u898f\u958b\u767a\u6295\u8cc7\uff08Capex\uff09\u3092\u7e2e\u5c0f\u30fb\u51cd\u7d50\u3002<\/span><span>\u5e02\u5834\u304b\u3089\u6ce8\u76ee\u304c\u6d88\u3048\u3001<\/span><span>\u4fa1\u683c\u306f\u300c\u672c\u8cea\u7684\u4fa1\u5024\uff08\u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\uff09\u300d\u3092\u5927\u304d\u304f\u4e0b\u56de\u308b\u6c34\u6e96\u306b\u653e\u7f6e\u3055\u308c\u308b\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"20\">2-2. \u672c\u8cea\u7684\u4fa1\u5024\u304b\u3089\u306e\u4e56\u96e2\u3092\u751f\u30803\u3064\u306e\u69cb\u9020\u8981\u56e0<\/h3>\n<p data-path-to-node=\"21\"><span>\u9577\u671f\u4f4e\u8ff7\u671f\u306b\u304a\u3044\u3066\u3001<\/span><span>\u306a\u305c\u5b9f\u8cea\u4fa1\u5024\u4ee5\u4e0b\u306e\u4fa1\u683c\u304c\u7dad\u6301\u3055\u308c\u3066\u3057\u307e\u3046\u306e\u304b\u3002<\/span><span>\u4e3b\u306a\u8981\u56e0\u306f\u4ee5\u4e0b\u306e3\u70b9\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u958b\u767a\u306e\u30ea\u30fc\u30c9\u30bf\u30a4\u30e0\uff08\u9577\u671f\u7684\u30e9\u30b0\uff09<\/b><span>:<\/span><span> \u65b0\u898f\u306e\u9285\u9271\u5c71\u3092\u958b\u767a\u3057\u3066\u51fa\u8377\u958b\u59cb\u306b\u81f3\u308b\u307e\u3067\u306b\u306f\u5e73\u574710\u301c15\u5e74\u3092\u8981\u3057\u307e\u3059\u3002<\/span><span>\u9700\u8981\u304c\u56de\u5fa9\u3057\u3066\u3082\u3059\u3050\u306b\u4f9b\u7d66\u3092\u5897\u3084\u305b\u306a\u3044\u305f\u3081\u3001<\/span><span>\u4fa1\u683c\u8abf\u6574\u306e\u30bf\u30a4\u30e0\u30e9\u30b0\u304c\u6975\u3081\u3066\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,1,0\"><b data-path-to-node=\"22,1,0\" data-index-in-node=\"0\">ESG\u30fb\u8131\u70ad\u7d20\u306b\u3088\u308b\u8cc7\u672c\u898f\u5236<\/b><span>:<\/span><span> \u653f\u7b56\u7684\u306a\u898f\u5236\u3084\u6295\u8cc7\u5bb6\u306eESG\u91cd\u8996\u59ff\u52e2\u306b\u3088\u308a\u3001<\/span><span>\u5316\u77f3\u71c3\u6599\u3084\u9271\u5c71\u958b\u767a\u3078\u306e\u6295\u8cc7\uff08\u8cc7\u91d1\u4f9b\u7d66\uff09\u304c\u5f37\u5236\u7684\u306b\u7d5e\u3089\u308c\u308b\u3068\u3001<\/span><span>\u6f5c\u5728\u7684\u306a\u9700\u8981\u304c\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u300c\u4f9b\u7d66\u306e\u5d16\uff08Supply Cliff\uff09\u300d\u304c\u5f62\u6210\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,2,0\"><b data-path-to-node=\"22,2,0\" data-index-in-node=\"0\">\u30de\u30af\u30ed\u91d1\u878d\u30b7\u30e7\u30c3\u30af\u306b\u3088\u308b\u8cc7\u672c\u96e2\u8131<\/b><span>:<\/span><span> \u6025\u6fc0\u306a\u7c73\u5229\u4e0a\u3052\u3084\u30c9\u30eb\u9ad8\u304c\u9032\u3080\u3068\u3001<\/span><span>\u5148\u7269\u5e02\u5834\u304b\u3089\u91d1\u878d\u8cc7\u672c\uff08\u6295\u6a5f\u8cc7\u91d1\uff09\u304c\u4e00\u6589\u306b\u5f15\u304d\u63da\u3052\u3089\u308c\u3001<\/span><span>\u4e00\u6642\u7684\u306b\u73fe\u7269\u306e\u751f\u7523\u30b3\u30b9\u30c8\u3092\u5272\u308a\u8fbc\u3080\u30ec\u30d9\u30eb\u307e\u3067\u58f2\u308a\u53e9\u304b\u308c\u308b\u73fe\u8c61\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"24\">\u7b2c3\u7ae0 \u672c\u8cea\u7684\u4fa1\u5024\u3092\u898b\u6975\u3081\u308b4\u3064\u306e\u5206\u6790\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p data-path-to-node=\"25\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u304c\u672c\u8cea\u7684\u4fa1\u5024\u304b\u3089\u4e56\u96e2\u3057\u3066\u3044\u308b\u304b\u3001<\/span><span>\u305d\u3057\u3066\u5e95\u6253\u3061\u304b\u3089\u4e0a\u6607\u3078\u8ee2\u3058\u308b\u300c\u53cd\u8ee2\u30dd\u30a4\u30f3\u30c8\u300d\u306b\u3042\u308b\u304b\u3092\u898b\u6975\u3081\u308b\u305f\u3081\u306e4\u3064\u306e\u5b9a\u91cf\u7684\u30fb\u5b9a\u6027\u7684\u6307\u6a19\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"26\">3-1. \u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\uff08Cost Curve\uff09\u306e\u78ba\u8a8d<\/h3>\n<p data-path-to-node=\"27\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u300c\u7406\u8ad6\u7684\u4e0b\u5024\u300d\u3092\u6e2c\u5b9a\u3059\u308b\u6700\u3082\u91cd\u8981\u306a\u57fa\u6e96\u304c\u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\uff08Marginal Cost\uff09\u3067\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-829 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-829 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-829\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-829\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-829\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-829 no-decoration-radius\">  \u4fa1\u683c ($)\r\n    \u2502                                                            \u250c\u2500\u2500\u2500\u2500\u2500 \u9ad8\u30b3\u30b9\u30c8\u4e8b\u696d\u8005\uff08\u63a1\u7b97\u5272\u308c\u3067\u64cd\u696d\u505c\u6b62\uff09\r\n    \u2502                                                  \u250c\u2500\u2500\u2500\u2500\u2518\r\n    \u2502                                        \u250c\u2500\u2500\u2500\u2500\u2518\r\n    \u2502                            \u250c\u2500\u2500\u2500\u2500\u2500\u2518  \u25c4\u2500\u2500\u2500\u2500 [\u5e02\u5834\u4fa1\u683c\u304c\u3053\u306e\u6c34\u6e96\u3092\u4e0b\u56de\u308b\u3068\u6975\u3081\u3066\u5272\u5b89]\r\n    \u2502                \u250c\u2500\u2500\u2500\u2500\u2500\u2518\r\n    \u2502   \u3000 \u250c\u2500\u2500\u2500\u2500\u2518  \u4f4e\u30b3\u30b9\u30c8\u4e8b\u696d\u8005\r\n    \u2514\u2500\u2500\u2500\u2534\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u25ba \u7d2f\u8a08\u751f\u7523\u91cf (%)\r\n        0%             50%                   80%                 100%\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"29\"><span>\u5168\u751f\u7523\u8005\u306e\u30b3\u30b9\u30c8\u69cb\u9020\u3092\u4e26\u3079\u305f\u300c\u30b3\u30b9\u30c8\u30ab\u30fc\u30d6\u300d\u306b\u304a\u3044\u3066\u3001<\/span><span>\u5e02\u5834\u4fa1\u683c\u304c\u4e0a\u4f4d80%\u301c90%\u306e\u4e8b\u696d\u8005\u306e\u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u3001<\/span><span>\u305d\u306e\u4fa1\u683c\u306f\u300c\u904e\u5ea6\u306a\u5272\u5b89\u300d\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002<\/span><span>\u63a1\u7b97\u5272\u308c\u3068\u306a\u3063\u305f\u9ad8\u30b3\u30b9\u30c8\u4e8b\u696d\u8005\u304c\u76f8\u6b21\u3044\u3067\u64cd\u696d\u505c\u6b62\u30fb\u5ec3\u696d\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u3001<\/span><span>\u4f9b\u7d66\u304c\u5f37\u5236\u7684\u306b\u524a\u6e1b\u3055\u308c\u308b\u3053\u3068\u3067\u4fa1\u683c\u304c\u5e95\u6253\u3061\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"30\">3-2. \u5728\u5eab\u6d88\u8cbb\u6bd4\u7387\uff08Stock-to-Use Ratio\uff09<\/h3>\n<p data-path-to-node=\"31\"><span>\u300c\u73fe\u5728\u306e\u4e16\u754c\u5728\u5eab\u91cf\u300d\u3092\u300c\u5e74\u9593\u6d88\u8cbb\u91cf\u300d\u3067\u5272\u3063\u305f\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"32\">\n<li>\n<p data-path-to-node=\"32,0,0\"><b data-path-to-node=\"32,0,0\" data-index-in-node=\"0\">\u5728\u5eab\u6d88\u8cbb\u6bd4\u7387\u304c\u904e\u53bb\u5e73\u5747\u3092\u5927\u5e45\u306b\u4e0b\u56de\u3063\u3066\u3044\u308b<\/b><span>\u5834\u5408\u3001<\/span><span>\u4f9b\u7d66\u306e\u30d0\u30c3\u30d5\u30a1\u30fc\uff08\u4f59\u529b\uff09\u304c\u67af\u6e07\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><span>\u308f\u305a\u304b\u306a\u4f9b\u7d66\u969c\u5bb3\uff08\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3084\u60aa\u5929\u5019\uff09\u304c\u767a\u751f\u3059\u308b\u3060\u3051\u3067\u4fa1\u683c\u304c\u6025\u9a30\u3057\u3084\u3059\u3044\u69cb\u9020\u7684\u4e0b\u5730\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"32,1,0\"><span>\u6ce8\u8996\u3059\u3079\u304d\u30c7\u30fc\u30bf\uff1a<\/span><b data-path-to-node=\"32,1,0\" data-index-in-node=\"9\">LME\uff08\u30ed\u30f3\u30c9\u30f3\u91d1\u5c5e\u53d6\u5f15\u6240\uff09\u5728\u5eab<\/b><span>\u3001<\/span><b data-path-to-node=\"32,1,0\" data-index-in-node=\"26\">EIA\uff08\u7c73\u56fd\u30a8\u30cd\u30eb\u30ae\u30fc\u60c5\u5831\u5c40\uff09\u539f\u6cb9\u30fb\u5929\u7136\u30ac\u30b9\u5728\u5eab<\/b><span>\u3001<\/span><b data-path-to-node=\"32,1,0\" data-index-in-node=\"51\">USDA\uff08\u7c73\u56fd\u8fb2\u52d9\u7701\uff09WASDE\u30ec\u30dd\u30fc\u30c8<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"33\">3-3. \u30ab\u30ec\u30f3\u30c0\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u30b3\u30f3\u30bf\u30f3\u30b4\u3068\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff09<\/h3>\n<p data-path-to-node=\"34\"><span>\u5148\u7269\u5e02\u5834\u306b\u304a\u3051\u308b\u9650\u6708\uff08\u53d7\u6e21\u671f\u65e5\uff09\u3054\u3068\u306e\u4fa1\u683c\u5dee\u3092\u793a\u3059\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u304b\u3089\u3001<\/span><span>\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306a\u300c\u73fe\u7269\u9700\u7d66\u306e\u903c\u8feb\u5ea6\u300d\u3092\u8aad\u307f\u53d6\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-830 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-830 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-830\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-830\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-830\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-830 no-decoration-radius\">\u3010\u30b3\u30f3\u30bf\u30f3\u30b4 (Contango)\u3011- \u4f9b\u7d66\u904e\u5270                \u3010\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3 (Backwardation)\u3011- \u9700\u7d66\u7dca\u8feb\u30fb\u5272\u5b89\r\n  \u4fa1\u683c                                                              \u4fa1\u683c\r\n   \u2502                \u250c\u2500\u2500 \u671f\u8fd1\u3088\u308a\u671f\u9060\u304c\u9ad8\u3044                     \u2502  \u25b2 \u671f\u8fd1\uff08\u73fe\u7269\uff09\u304c\u9ad8\u3044\r\n   \u2502               \u2571                                             \u2502   \u2572\r\n   \u2502            \u2571                                                \u2502      \u2572  \u671f\u9060\u304c\u5b89\u3044\r\n   \u2514\u2500\u2500\u2500\u2500\u2500\u2534\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u25ba \u6642\u9593                                 \u2514\u2500\u2500\u2500\u2534\u2500\u2500\u2500\u2500\u2500\u2500\u25ba \u6642\u9593\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ul data-path-to-node=\"36\">\n<li>\n<p data-path-to-node=\"36,0,0\"><b data-path-to-node=\"36,0,0\" data-index-in-node=\"0\">\u30b3\u30f3\u30bf\u30f3\u30b4\uff08Contango\uff09<\/b><span>:<\/span><span> \u671f\u8fd1\u3088\u308a\u671f\u9060\u306e\u4fa1\u683c\u304c\u9ad8\u3044\u72b6\u614b\u3002<\/span><span>\u4fdd\u7ba1\u30b3\u30b9\u30c8\u3084\u91d1\u5229\u304c\u53cd\u6620\u3055\u308c\u305f\u300c\u5e02\u5834\u306b\u73fe\u7269\u304c\u4f59\u3063\u3066\u3044\u308b\u300d\u72b6\u614b\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"36,1,0\"><b data-path-to-node=\"36,1,0\" data-index-in-node=\"0\">\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff08Backwardation\uff09<\/b><span>:<\/span><span> <\/span><b data-path-to-node=\"36,1,0\" data-index-in-node=\"27\">\u671f\u8fd1\uff08\u73fe\u7269\uff09\u306e\u4fa1\u683c\u304c\u671f\u9060\u306e\u4fa1\u683c\u3088\u308a\u9ad8\u3044\u72b6\u614b<\/b><span>\u3002<\/span><span>\u300c\u9ad8\u304f\u3066\u3082\u4eca\u3059\u3050\u73fe\u7269\u3092\u78ba\u4fdd\u3057\u305f\u3044\u300d\u3068\u3044\u3046\u5f37\u3044\u9700\u8981\u3092\u793a\u3057\u3066\u304a\u308a\u3001<\/span><span>\u5b9f\u7269\u9700\u7d66\u306e\u7dca\u8feb\u3068\u4fa1\u683c\u306e\u4e0a\u6607\u3092\u793a\u5506\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"37\">3-4. \u69cb\u9020\u7684\u9700\u8981\u306e\u4e0d\u53ef\u9006\u7684\u5909\u5316<\/h3>\n<p data-path-to-node=\"38\"><span>\u666f\u6c17\u5faa\u74b0\uff08\u30b7\u30af\u30ea\u30ab\u30eb\uff09\u3092\u8d85\u3048\u305f\u3001<\/span><span>\u793e\u4f1a\u69cb\u9020\u306e\u4e0d\u53ef\u9006\u7684\u306a\u5909\u5316\u3092\u898b\u6975\u3081\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"39\">\n<li>\n<p data-path-to-node=\"39,0,0\"><span>\u4f8b\uff1a\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u30c8\u30e9\u30f3\u30b8\u30b7\u30e7\u30f3\uff08\u8131\u70ad\u7d20\u5316\uff09\u306b\u4f34\u3046\u9285\u9700\u8981\uff08EV1\u53f0\u3042\u305f\u308a\u306e\u9285\u4f7f\u7528\u91cf\u306f\u30ac\u30bd\u30ea\u30f3\u8eca\u306e\u7d043\u301c4\u500d\u3001<\/span><span>\u518d\u751f\u53ef\u80fd\u30a8\u30cd\u30eb\u30ae\u30fc\u9001\u96fb\u7db2\u3084AI\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u306e\u62e1\u5927\uff09\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"41\">\u7b2c4\u7ae0 \u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u76f8\u95a2\u30fb\u30c7\u30ab\u30c3\u30d7\u30ea\u30f3\u30b0<\/h2>\n<p data-path-to-node=\"42\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u4e2d\u3067\u3082\u7279\u6b8a\u306a\u4f4d\u7f6e\u3092\u5360\u3081\u308b\u300c\u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u300d\u306e\u4fa1\u683c\u3092\u5de6\u53f3\u3059\u308b\u6700\u5927\u306e\u91d1\u878d\u5909\u6570\u304c\u300c\u5b9f\u8cea\u91d1\u5229\u300d\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"43\">4-1. \u5b9f\u8cea\u91d1\u5229\u306e\u5b9a\u7fa9\u3068\u57fa\u672c\u30e1\u30ab\u30cb\u30ba\u30e0<\/h3>\n<p data-path-to-node=\"44\"><span>\u5b9f\u8cea\u91d1\u5229\u3068\u306f\u3001<\/span><span>\u540d\u76ee\u91d1\u5229\u304b\u3089\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u3001<\/span><span>\u5b9f\u8cea\u7684\u306a\u304a\u91d1\u306e\u8cfc\u8cb7\u529b\u306e\u5897\u6e1b\u7387\u3092\u8868\u3057\u307e\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"45\">\n<div class=\"math-block\" data-math=\"\\text{\u5b9f\u8cea\u91d1\u5229} = \\text{\u540d\u76ee\u91d1\u5229\uff08\u56fd\u50b5\u5229\u56de\u308a\u306a\u3069\uff09} - \\text{\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387}\">\u5b9f\u8cea\u91d1\u5229 = \u540d\u76ee\u91d1\u5229\uff08\u56fd\u50b5\u5229\u56de\u308a\u306a\u3069\uff09 &#8211; \u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387<\/div>\n<\/div>\n<p data-path-to-node=\"46\"><span>\u91d1\u306f\u5229\u606f\u3092\u751f\u307e\u306a\u3044\u305f\u3081\u3001<\/span><span>\u6b74\u53f2\u7684\u306b\u91d1\u3068\u5b9f\u8cea\u91d1\u5229\u306f\u5f37\u56fa\u306a\u9006\u76f8\u95a2\uff08\u76f8\u53cd\u3059\u308b\u52d5\u304d\uff09\u306e\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<ul data-path-to-node=\"47\">\n<li>\n<p data-path-to-node=\"47,0,0\"><b class=\"\" data-path-to-node=\"47,0,0\" data-index-in-node=\"0\">\u5b9f\u8cea\u91d1\u5229\u306e\u4e0a\u6607\uff08\u30d7\u30e9\u30b9\u62e1\u5927\uff09 \u2192 \u91d1\u4fa1\u683c\u306b\u4e0b\u843d\u5727\u529b<\/b><span>:<\/span><span> \u56fd\u50b5\u306b\u6295\u8cc7\u3059\u308c\u3070\u30a4\u30f3\u30d5\u30ec\u3092\u4e0a\u56de\u308b\u5b9f\u8cea\u5229\u56de\u308a\u3092\u5f97\u3089\u308c\u308b\u305f\u3081\u3001<\/span><span>\u5229\u606f\u3092\u751f\u307e\u305a\u4fdd\u7ba1\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u91d1\u3092\u4fdd\u6709\u3059\u308b\u6a5f\u4f1a\u8cbb\u7528\uff08\u653e\u68c4\u3059\u308b\u5229\u606f\uff09\u304c\u9ad8\u304f\u306a\u308a\u3001<\/span><span>\u91d1\u304b\u3089\u56fd\u50b5\u3078\u8cc7\u91d1\u304c\u30b7\u30d5\u30c8\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"47,1,0\"><b class=\"\" data-path-to-node=\"47,1,0\" data-index-in-node=\"0\">\u5b9f\u8cea\u91d1\u5229\u306e\u4f4e\u4e0b\uff08\u30de\u30a4\u30ca\u30b9\u5316\uff09 \u2192 \u91d1\u4fa1\u683c\u306b\u4e0a\u6607\u5727\u529b<\/b><span>:<\/span><span> \u9810\u91d1\u3084\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u8ca0\u3051\u3001<\/span><span>\u73fe\u91d1\u306e\u5b9f\u8cea\u4fa1\u5024\u304c\u76ee\u6e1b\u308a\u3059\u308b\u72b6\u614b\u3067\u3059\u3002<\/span><span>\u91d1\u3092\u4fdd\u6709\u3059\u308b\u6a5f\u4f1a\u8cbb\u7528\u304c\u307b\u307c\u30bc\u30ed\u307e\u305f\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308b\u305f\u3081\u3001<\/span><span>\u8cfc\u8cb7\u529b\u3092\u9632\u885b\u3059\u308b\u300c\u5b89\u5168\u8cc7\u7523\u300d\u3068\u3057\u3066\u91d1\u306b\u8cc7\u91d1\u304c\u6d41\u5165\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"48\">4-2. \u6b74\u53f2\u7684\u30c7\u30fc\u30bf\u3067\u898b\u308b\u91d1\u3068\u5b9f\u8cea\u91d1\u5229<\/h3>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-831 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-831 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-831\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-831\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-831\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-831 no-decoration-radius\">\u3010\u6b74\u53f2\u7684\u306a\u9006\u76f8\u95a2\u30e2\u30c7\u30eb\u3011\r\n \u5b9f\u8cea\u91d1\u5229 (\u9ad8) \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n                                          \u2502 \u9006\u306e\u52d5\u304d\r\n \u91d1\u4fa1\u683c     \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518 (\u4f4e)\r\n\r\n \u5b9f\u8cea\u91d1\u5229 (\u4f4e\/\u30de\u30a4\u30ca\u30b9) \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n                                          \u2502 \u9006\u306e\u52d5\u304d\r\n \u91d1\u4fa1\u683c     \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518 (\u9ad8)\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ul data-path-to-node=\"50\">\n<li>\n<p data-path-to-node=\"50,0,0\"><b data-path-to-node=\"50,0,0\" data-index-in-node=\"0\">1970\u5e74\u4ee3\uff08\u30aa\u30a4\u30eb\u30b7\u30e7\u30c3\u30af\uff09<\/b><span>:<\/span><span> \u9ad8\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3057\u3066\u5229\u4e0a\u3052\u304c\u9045\u308c\u3001<\/span><span>\u7c73\u5b9f\u8cea\u91d1\u5229\u304c\u5927\u5e45\u30de\u30a4\u30ca\u30b9\u306b\u3002<\/span><span>\u91d1\u4fa1\u683c\u306f1\u30aa\u30f3\u30b9\uff1d35\u30c9\u30eb\u304b\u3089850\u30c9\u30eb\u8d85\u3078\u66b4\u9a30\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"50,1,0\"><b data-path-to-node=\"50,1,0\" data-index-in-node=\"0\">2008\u301c2011\u5e74\uff08\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\uff09<\/b><span>:<\/span><span> FRB\u306e\u5927\u898f\u6a21\u91d1\u878d\u7de9\u548c\uff08QE\uff09\u3067\u5b9f\u8cea\u91d1\u5229\u304c\u30de\u30a4\u30ca\u30b9\u5316\u3002<\/span><span>\u91d1\u4fa1\u683c\u306f700\u30c9\u30eb\u53f0\u304b\u30891,<\/span><span>900\u30c9\u30eb\u8d85\u306e\u5f53\u6642\u306e\u6700\u9ad8\u5024\u3078\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"50,2,0\"><b data-path-to-node=\"50,2,0\" data-index-in-node=\"0\">2020\u301c2021\u5e74\uff08\u30b3\u30ed\u30ca\u30b7\u30e7\u30c3\u30af\uff09<\/b><span>:<\/span><span> \u7dca\u6025\u5229\u4e0b\u3052\u3068\u8ca1\u653f\u51fa\u52d5\u3067\u7c7310\u5e74\u5b9f\u8cea\u91d1\u5229\u306f-1.<\/span><span>0%\u4ee5\u4e0b\u3078\u4e0b\u843d\u3002<\/span><span>\u91d1\u4fa1\u683c\u306f2,<\/span><span>000\u30c9\u30eb\u3092\u7a81\u7834\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"51\">4-3. 2022\u5e74\u4ee5\u964d\u306e\u30c7\u30ab\u30c3\u30d7\u30ea\u30f3\u30b0\uff08\u76f8\u95a2\u306e\u58ca\u308c\uff09<\/h3>\n<p data-path-to-node=\"52\"><span>\u3057\u304b\u30572022\u5e74\u4ee5\u964d\u3001<\/span><span>\u3053\u306e\u9577\u5e74\u6a5f\u80fd\u3057\u3066\u304d\u305f\u76f8\u95a2\u30e2\u30c7\u30eb\u306b\u6b74\u53f2\u7684\u306a\u5909\u5316\u304c\u767a\u751f\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-832 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-832 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-832\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-832\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-832\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-832 no-decoration-radius\">\u30102022\u5e74\u4ee5\u964d\u306e\u69cb\u9020\u5909\u5316\u3011\r\n \u7c7310\u5e74\u5b9f\u8cea\u91d1\u5229\uff1a \uff0b2.0%\u8fd1\u304f\u307e\u3067\u6025\u4e0a\u6607\uff08\u672c\u6765\u306a\u3089\u91d1\u66b4\u843d\uff09\r\n \u91d1\u4fa1\u683c         \uff1a \u4e0b\u304c\u308b\u3069\u3053\u308d\u304b\u300c\u904e\u53bb\u6700\u9ad8\u5024\u3092\u9023\u7d9a\u66f4\u65b0\u300d\r\n \u4e3b\u306a\u8981\u56e0       \uff1a \u4e2d\u592e\u9280\u884c\u306e\u7206\u8cb7\u3044 \uff0b \u5730\u653f\u5b66\u30ea\u30b9\u30af \uff0b \u8131\u30c9\u30eb\u5316\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"54\"><span>FRB\u306e\u6025\u901f\u306a\u5229\u4e0a\u3052\u306b\u3088\u308a\u7c7310\u5e74\u5b9f\u8cea\u91d1\u5229\u306f\uff0b2.<\/span><span>0%\u8fd1\u304f\u307e\u3067\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3057\u305f\u3002<\/span><span>\u5f93\u6765\u306e\u30e2\u30c7\u30eb\u3067\u3042\u308c\u3070\u91d1\u4fa1\u683c\u306f\u66b4\u843d\u3059\u308b\u5c40\u9762\u3067\u3059\u304c\u3001<\/span><span>\u91d1\u306f\u66b4\u843d\u3059\u308b\u3069\u3053\u308d\u304b\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u7d9a\u3051\u308b\u529b\u5f37\u3044\u5c55\u958b\u3092\u898b\u305b\u307e\u3057\u305f\u3002<\/span><\/p>\n<h4 data-path-to-node=\"55\">\u9ad8\u91d1\u5229\u4e0b\u3067\u91d1\u304c\u8cb7\u308f\u308c\u7d9a\u3051\u308b3\u3064\u306e\u7406\u7531<\/h4>\n<ol start=\"1\" data-path-to-node=\"56\">\n<li>\n<p data-path-to-node=\"56,0,0\"><b data-path-to-node=\"56,0,0\" data-index-in-node=\"0\">\u4e2d\u592e\u9280\u884c\uff08\u65b0\u8208\u56fd\uff09\u306b\u3088\u308b\u91d1\u7206\u8cb7\u3044<\/b><span>:<\/span><span> 2022\u5e74\u306e\u30ed\u30b7\u30a2\u5916\u8ca8\u6e96\u5099\u51cd\u7d50\uff08SWIFT\u6392\u9664\uff09\u3092\u53d7\u3051\u3001<\/span><span>\u4e2d\u56fd\u30fb\u30d6\u30e9\u30b8\u30eb\u30fb\u30a4\u30f3\u30c9\u306a\u3069\u306e\u65b0\u8208\u56fd\u4e2d\u592e\u9280\u884c\u304c\u30c9\u30eb\u30ea\u30b9\u30af\u56de\u907f\u306e\u305f\u3081\u3001<\/span><span>\u30c9\u30eb\u5916\u8ca8\u6e96\u5099\u3092\u300c\u7121\u56fd\u7c4d\u8cc7\u7523\u3067\u3042\u308b\u91d1\u300d\u3078\u6025\u30d4\u30c3\u30c1\u3067\u30b7\u30d5\u30c8\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"56,1,0\"><b data-path-to-node=\"56,1,0\" data-index-in-node=\"0\">\u5730\u653f\u5b66\u7684\u30ea\u30b9\u30af\u306e\u5e38\u614b\u5316<\/b><span>:<\/span><span> \u5730\u57df\u7d1b\u4e89\u3084\u7c73\u4e2d\u5bfe\u7acb\u306e\u6fc0\u5316\u306b\u3088\u308a\u3001<\/span><span>\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u306e\u9700\u8981\u304c\u91d1\u5229\u8a08\u7b97\u3092\u8d85\u3048\u3066\u5897\u5927\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"56,2,0\"><b data-path-to-node=\"56,2,0\" data-index-in-node=\"0\">\u7c73\u56fd\u306e\u8ca1\u653f\u8d64\u5b57\u62e1\u5927\u3068\u901a\u8ca8\u4fe1\u7528\u554f\u984c<\/b><span>:<\/span><span> \u81a8\u3089\u307f\u7d9a\u3051\u308b\u7c73\u56fd\u50b5\u3078\u306e\u4e0d\u4fe1\u611f\u304b\u3089\u3001<\/span><span>\u6cd5\u5b9a\u901a\u8ca8\uff08\u7d19\u5e63\uff09\u305d\u306e\u3082\u306e\u306e\u4fa1\u5024\u4f4e\u4e0b\u3092\u30d8\u30c3\u30b8\u3059\u308b\u52d5\u304d\u304c\u62e1\u5927\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"58\">\u7b2c5\u7ae0 \u30b3\u30e2\u30c7\u30a3\u30c6\u30a3ETF\u3068\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u6e1b\u4fa1\uff08\u30b3\u30f3\u30bf\u30f3\u30b4\uff09<\/h2>\n<p data-path-to-node=\"59\"><span>\u5148\u7269\u306b\u9023\u52d5\u3059\u308b\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3ETF\u3092\u4fdd\u6709\u3059\u308b\u4e0a\u3067\u907f\u3051\u3066\u901a\u308c\u306a\u3044\u6700\u5927\u306e\u6ce8\u610f\u70b9\u304c\u3001<\/span><span>\u30b3\u30f3\u30bf\u30f3\u30b4\uff08\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u6e1b\u4fa1\uff09\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"60\">5-1. \u30b3\u30f3\u30bf\u30f3\u30b4\uff08\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u6e1b\u4fa1\uff09\u306e\u767a\u751f\u4ed5\u7d44\u307f<\/h3>\n<p data-path-to-node=\"61\"><span>\u5148\u7269\u306b\u306f\u53d7\u6e21\u671f\u65e5\uff08\u9650\u6708\uff09\u304c\u3042\u308b\u305f\u3081\u3001<\/span><span>ETF\u306f\u671f\u8fd1\u306e\u5148\u7269\u304c\u6e80\u671f\u3092\u8fce\u3048\u308b\u524d\u306b\u3001<\/span><span>\u671f\u5148\uff08\u6b21\u306e\u6708\uff09\u306e\u5148\u7269\u3078\u4e57\u308a\u63db\u3048\u308b\u300c\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u300d\u3092\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"62\"><span>\u5e02\u5834\u304c\u30b3\u30f3\u30bf\u30f3\u30b4\uff08\u671f\u5148\u306e\u4fa1\u683c\u304c\u671f\u8fd1\u3088\u308a\u9ad8\u3044\u72b6\u614b\uff09\u306e\u5834\u5408\u3001<\/span><span>\u4ee5\u4e0b\u306e\u6e1b\u4fa1\u30d7\u30ed\u30bb\u30b9\u304c\u6bce\u6708\u7e70\u308a\u8fd4\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-833 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-833 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-833\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-833\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-833\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-833 no-decoration-radius\">\u3010\u30b3\u30f3\u30bf\u30f3\u30b4\u6642\u306e\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u3011\r\n\r\n\uff3b\u5b89\u3044\u671f\u8fd1\u306e\u5148\u7269\u3092\u58f2\u5374\uff3d \u2500\u2500(\u4e57\u308a\u63db\u3048)\u2500\u2500\u25ba \uff3b\u9ad8\u3044\u671f\u5148\u306e\u5b9f\u7269\u3092\u8cfc\u5165\uff3d\r\n         \u25b2                                           \u2502\r\n         \u2514\u2500\u2500\u2500\u2500\u2500 \u5b89\u304f\u58f2\u3063\u3066\u9ad8\u304f\u8cb7\u3044\u76f4\u3059  \u2500\u2500\u2500\u2500\u2518\r\n                       \uff1d\u300c\u4fdd\u6709\u6570\u91cf\u304c\u6e1b\u5c11\uff08\u76ee\u6e1b\u308a\uff09\u300d\u3059\u308b\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ol start=\"1\" data-path-to-node=\"64\">\n<li>\n<p data-path-to-node=\"64,0,0\"><b data-path-to-node=\"64,0,0\" data-index-in-node=\"0\">\u5b89\u3044\u671f\u8fd1\u5148\u7269\u3092\u58f2\u308a\u3001\u9ad8\u3044\u671f\u5148\u5148\u7269\u3092\u8cb7\u3044\u76f4\u3059<\/b><span>\uff08\u4f8b\uff1a70\u30c9\u30eb\u3067\u58f2\u308a\u3001<\/span><span>72\u30c9\u30eb\u3067\u8cb7\u3046\uff09\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"64,1,0\"><b data-path-to-node=\"64,1,0\" data-index-in-node=\"0\">\u540c\u3058\u8cc7\u91d1\u3067\u8cfc\u5165\u3067\u304d\u308b\u5148\u7269\u5951\u7d04\u306e\u6570\u91cf\uff08\u679a\u6570\uff09\u304c\u6e1b\u5c11\u3059\u308b<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"64,2,0\"><b data-path-to-node=\"64,2,0\" data-index-in-node=\"0\">\u8cb7\u3044\u76f4\u3057\u305f\u671f\u5148\u5148\u7269\u3082\u3001\u6e80\u671f\u306b\u5411\u3051\u3066\u73fe\u7269\u4fa1\u683c\u3078\u53ce\u675f\u3057\u3066\u3044\u304f\uff08\u4fa1\u683c\u4e0b\u843d\uff09<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"65\"><span>\u3053\u306e\u69cb\u9020\u306b\u3088\u308a\u3001<\/span><b data-path-to-node=\"65\" data-index-in-node=\"8\">\u73fe\u7269\uff08\u30b9\u30dd\u30c3\u30c8\uff09\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u3067\u3042\u3063\u3066\u3082\u3001ETF\u306e\u57fa\u6e96\u4fa1\u984d\u306f\u53f3\u80a9\u4e0b\u304c\u308a\u306b\u6e1b\u5c11<\/b><span>\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/span><span>\u7279\u306b\u4fdd\u7ba1\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u5929\u7136\u30ac\u30b9\u5148\u7269ETN\uff081689\u306a\u3069\uff09\u3067\u306f\u3001<\/span><span>\u9577\u671f\u4fdd\u6709\u6642\u306e\u6e1b\u4fa1\u304c\u6975\u3081\u3066\u6fc0\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"66\">5-2. \u8efd\u6e1b\u30fb\u56de\u907f\u3059\u308b\u305f\u3081\u306e5\u3064\u306e\u6295\u8cc7\u624b\u6cd5<\/h3>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-834 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-834 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-834\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-834\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-834\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-834 no-decoration-radius\">\u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n\u2502             \u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u6e1b\u4fa1 \u56de\u907f\u30fb\u8efd\u6e1b\u30a2\u30d7\u30ed\u30fc\u30c1        \u2502\r\n\u2514\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2518\r\n      \u2502              \u2502              \u2502              \u2502\r\n \u30101. \u73fe\u7269\u88cf\u4ed8\u578b\u3011 \u30102. \u6700\u9069\u5316\u578b\u3011 \u30103. \u95a2\u9023\u682a\u5f0f\u3011 \u30104. \u77ed\u671f\u30c8\u30ec\u30fc\u30c9\u3011\r\n  \u5730\u91d1\u578b(GLD\u7b49)   DBC\u7b49\u3067\u8efd\u6e1b    \u8cc7\u6e90\u682a(BHP\u7b49)  \u30b9\u30a4\u30f3\u30b0\u306b\u64a4\u3059\u308b\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ol start=\"1\" data-path-to-node=\"68\">\n<li>\n<p data-path-to-node=\"68,0,0\"><b data-path-to-node=\"68,0,0\" data-index-in-node=\"0\">\u3010\u5b8c\u5168\u56de\u907f\u3011\u73fe\u7269\u88cf\u4ed8\u578bETF\u3092\u5229\u7528\u3059\u308b\uff08\u8cb4\u91d1\u5c5e\uff09<\/b><span>:<\/span><span> \u5148\u7269\u3067\u306f\u306a\u304f\u5b9f\u969b\u306e\u5730\u91d1\u3092\u4fdd\u7ba1\u3059\u308b\u30d5\u30a1\u30f3\u30c9\uff081326,<\/span><span> GLD\u7b49\uff09\u3092\u9078\u3076\u3002<\/span><span>\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u304c\u5b58\u5728\u3057\u306a\u3044\u305f\u3081\u6e1b\u4fa1\u306f0%\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,1,0\"><b data-path-to-node=\"68,1,0\" data-index-in-node=\"0\">\u3010\u69cb\u9020\u7684\u8efd\u6e1b\u3011\u6700\u9069\u5316\u30ed\u30fc\u30eb\uff08Optimum Yield\uff09\u578bETF\u3092\u9078\u629e\u3059\u308b<\/b><span>:<\/span><span> \u6a5f\u68b0\u7684\u306b\u671f\u8fd1\u3092\u8cb7\u3046\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u5148\u7269\u30ab\u30fc\u30d6\u306e\u4e2d\u3067\u30b3\u30f3\u30bf\u30f3\u30b4\u304c\u6700\u3082\u3086\u308b\u3084\u304b\u306a\u9650\u6708\uff08\u4eca\u5f8c13\u30f6\u6708\u4ee5\u5185\uff09\u3092\u81ea\u52d5\u9078\u629e\u3059\u308b\u30b9\u30de\u30fc\u30c8\u30d9\u30fc\u30bfETF\uff08DBC\u306a\u3069\uff09\u3092\u6d3b\u7528\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,2,0\"><b data-path-to-node=\"68,2,0\" data-index-in-node=\"0\">\u3010\u5b8c\u5168\u56de\u907f\u3011\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u95a2\u9023\u682a\u5f0f\uff08\u8cc7\u6e90\u682a\uff09\u3078\u6295\u8cc7\u3059\u308b<\/b><span>:<\/span><span> \u77f3\u6cb9\u30e1\u30b8\u30e3\u30fc\u3084\u9271\u5c71\u4f01\u696d\u306e\u682a\u5f0f\u3078\u6295\u8cc7\u3059\u308b\u3002<\/span><span>\u5148\u7269\u30ea\u30b9\u30af\u304b\u3089\u89e3\u653e\u3055\u308c\u3001<\/span><span>\u914d\u5f53\u91d1\uff08\u30a4\u30f3\u30ab\u30e0\uff09\u304c\u5f97\u3089\u308c\u308b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,3,0\"><b data-path-to-node=\"68,3,0\" data-index-in-node=\"0\">\u3010\u671f\u9593\u5236\u9650\u3011\u9577\u671f\u4fdd\u6709\u3092\u907f\u3051\u3001\u77ed\u671f\u30c8\u30ec\u30fc\u30c9\u306b\u64a4\u3059\u308b<\/b><span>:<\/span><span> \u5148\u7269\u578bETF\uff081671 \u539f\u6cb9ETF\u306a\u3069\uff09\u306e\u4fdd\u6709\u3092\u6570\u9031\u9593\u301c\u6570\u30f6\u6708\u306e\u77ed\u671f\u30b9\u30a4\u30f3\u30b0\u30c8\u30ec\u30fc\u30c9\u306b\u9650\u5b9a\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,4,0\"><b data-path-to-node=\"68,4,0\" data-index-in-node=\"0\">\u3010\u5e02\u5834\u89b3\u5bdf\u3011\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff08\u671f\u8fd1\u9ad8\u30fb\u671f\u5148\u5b89\uff09\u306e\u5c40\u9762\u306e\u307f\u6295\u8cc7\u3059\u308b<\/b><span>:<\/span><span> \u4e57\u63db\u76ca\uff08\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u30a4\u30fc\u30eb\u30c9\uff09\u304c\u767a\u751f\u3059\u308b\u5c40\u9762\u3092\u72d9\u3046\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<div class=\"attention a-2\">\n<h4 data-path-to-node=\"18\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\"><\/b><\/span><span class=\"f-marker-p\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u3000\u25bc\u300c\u73fe\u5728\u306e\u3042\u306a\u305f\u306e\u76ee\u6a19\u300d\u3092\u4e00\u3064\u9078\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044<\/b><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u25bc<\/b><\/span><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\"><\/b><\/span><\/h4>\n<ul data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u3010\u5b89\u5b9a\u91cd\u8996\u3011<\/b> \u8001\u5f8c\u8cc7\u91d1\u306e\u305f\u3081\u306b\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3092\u8ef8\u306b\u3057\u305f\u300c\u8ca0\u3051\u306a\u3044\u7a4d\u7acb\u6295\u8cc7\u300d\u3092\u30de\u30b9\u30bf\u30fc\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u3010\u526f\u53ce\u5165\u91cd\u8996\u3011<\/b> \u67085\u4e07\u301c10\u4e07\u5186\u3092\u76ee\u6307\u3057\u3001\u30c6\u30af\u30cb\u30ab\u30eb\u3092\u99c6\u4f7f\u3057\u305f\u300c\u52b9\u7387\u7684\u306a\u30c8\u30ec\u30fc\u30c9\u300d\u3092\u8eab\u306b\u3064\u3051\u305f\u3044<\/a>\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u3010\u30d7\u30ed\u5fd7\u5411\u3011<\/b> \u4e21\u65b9\u306e\u5206\u6790\u3092\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u3067\u4f7f\u3044\u3053\u306a\u3057\u3001\u76f8\u5834\u306e\u30d7\u30ed\u3068\u3057\u3066\u72ec\u7acb\u30fb\u8cc7\u7523\u904b\u7528\u3092\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<h2 data-path-to-node=\"70\">\u7b2c6\u7ae0 \u4ee3\u8868\u7684\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3ETF\u30fbETN\u306e\u5fb9\u5e95\u6bd4\u8f03<\/h2>\n<p data-path-to-node=\"71\"><span class=\"\">\u65e5\u672c\u5e02\u5834\uff08\u6771\u8a3c\uff09\u304a\u3088\u3073\u7c73\u56fd\u5e02\u5834\u3067\u8cfc\u5165\u3067\u304d\u308b\u4ee3\u8868\u7684\u306a\u9298\u67c4\u306e\u4ed5\u69d8\u30fb\u30b3\u30b9\u30c8\u30fb\u4e57\u308a\u63db\u3048\u6226\u7565\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"72\">\n<thead>\n<tr>\n<td><strong>\u9298\u67c4\uff08\u30c6\u30a3\u30c3\u30ab\u30fc\uff09<\/strong><\/td>\n<td><strong>\u5e02\u5834<\/strong><\/td>\n<td><strong>\u9023\u52d5\u30a4\u30f3\u30c7\u30c3\u30af\u30b9 \/ \u8cc7\u7523\u30af\u30e9\u30b9<\/strong><\/td>\n<td><strong>\u7d4c\u8cbb\u7387 \/ \u4fe1\u8a17\u5831\u916c<\/strong><\/td>\n<td><strong>\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u6226\u7565\u3068\u7279\u5fb4<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p data-path-to-node=\"72,1,0,0\"><b data-path-to-node=\"72,1,0,0\" data-index-in-node=\"0\">DBC<\/b><\/p>\n<p><br data-path-to-node=\"72,1,0,1\" \/><\/p>\n<p data-path-to-node=\"72,1,0,2\">Invesco DB Commodity<\/p>\n<\/td>\n<td><span data-path-to-node=\"72,1,1,0\">\u7c73\u56fd<\/span><\/td>\n<td><span data-path-to-node=\"72,1,2,0\">DBIQ Optimum Yield Diversified Commodity<\/span><\/td>\n<td><span data-path-to-node=\"72,1,3,0\"><b data-path-to-node=\"72,1,3,0\" data-index-in-node=\"0\">0.85%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"72,1,4,0\"><b data-path-to-node=\"72,1,4,0\" data-index-in-node=\"0\">\u3010\u6700\u9069\u5316\u578b\uff08Optimum Yield\uff09\u3011<\/b><\/p>\n<p><br data-path-to-node=\"72,1,4,1\" \/><\/p>\n<p data-path-to-node=\"72,1,4,2\">\u4eca\u5f8c13\u30f6\u6708\u306e\u4e2d\u3067\u30b3\u30f3\u30bf\u30f3\u30b4\u304c\u6700\u3082\u5c0f\u3055\u304f\u306a\u308b\u9650\u6708\u3092\u81ea\u52d5\u9078\u629e\u3002\u9577\u671f\u7684\u6e1b\u4fa1\u306e\u6291\u5236\u306b\u6975\u3081\u3066\u5f37\u3044\u3002\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u91d1\u5c5e\u30fb\u8fb2\u4f5c\u7269\u306b\u5206\u6563\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"72,2,0,0\"><b data-path-to-node=\"72,2,0,0\" data-index-in-node=\"0\">GSG<\/b><\/p>\n<p><br data-path-to-node=\"72,2,0,1\" \/><\/p>\n<p data-path-to-node=\"72,2,0,2\">iShares S&amp;P GSCI Commodity<\/p>\n<\/td>\n<td><span data-path-to-node=\"72,2,1,0\">\u7c73\u56fd<\/span><\/td>\n<td><span data-path-to-node=\"72,2,2,0\">S&amp;P GSCI Commodity Index<\/span><\/td>\n<td><span data-path-to-node=\"72,2,3,0\"><b data-path-to-node=\"72,2,3,0\" data-index-in-node=\"0\">0.75%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"72,2,4,0\"><b data-path-to-node=\"72,2,4,0\" data-index-in-node=\"0\">\u3010\u671f\u8fd1\u6a19\u6e96\u578b\u3011<\/b><\/p>\n<p><br data-path-to-node=\"72,2,4,1\" \/><\/p>\n<p data-path-to-node=\"72,2,4,2\">\u76f4\u8fd1\u306e\u671f\u8fd1\u5148\u7269\u3092\u6a5f\u68b0\u7684\u306b\u4e57\u308a\u63db\u3048\u308b\u3002**\u30a8\u30cd\u30eb\u30ae\u30fc\u6bd4\u7387\u304c\u7d0450\u301c60%**\u3068\u975e\u5e38\u306b\u9ad8\u304f\u3001\u539f\u6cb9\u9ad8\u5c40\u9762\u3067\u6025\u4e0a\u6607\u3059\u308b\u304c\u30b3\u30f3\u30bf\u30f3\u30b4\u6e1b\u4fa1\u3082\u5927\u304d\u3044\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"72,3,0,0\"><b data-path-to-node=\"72,3,0,0\" data-index-in-node=\"0\">1687<\/b><\/p>\n<p><br data-path-to-node=\"72,3,0,1\" \/><\/p>\n<p data-path-to-node=\"72,3,0,2\">WisdomTree \u7dcf\u5408\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3<\/p>\n<\/td>\n<td><span data-path-to-node=\"72,3,1,0\">\u6771\u8a3c<\/span><\/td>\n<td><span data-path-to-node=\"72,3,2,0\">Bloomberg Commodity Index (BCOM)<\/span><\/td>\n<td><span data-path-to-node=\"72,3,3,0\"><b data-path-to-node=\"72,3,3,0\" data-index-in-node=\"0\">0.49%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"72,3,4,0\"><b data-path-to-node=\"72,3,4,0\" data-index-in-node=\"0\">\u3010\u5e83\u7bc4\u5206\u6563\u30fb\u6a19\u6e96\u578b\u3011<\/b><\/p>\n<p><br data-path-to-node=\"72,3,4,1\" \/><\/p>\n<p data-path-to-node=\"72,3,4,2\">\u6771\u8a3c\u3067\u8cb7\u3048\u308b\u5e83\u7bc4\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3002\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u91d1\u5c5e\u30fb\u8fb2\u4f5c\u7269\u306b\u30d0\u30e9\u30f3\u30b9\u826f\u304f\u5747\u7b49\u5206\u6563\u3002\u4f4e\u30b3\u30b9\u30c8\uff080.49%\uff09\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"72,4,0,0\"><b data-path-to-node=\"72,4,0,0\" data-index-in-node=\"0\">1689<\/b><\/p>\n<p><br data-path-to-node=\"72,4,0,1\" \/><\/p>\n<p data-path-to-node=\"72,4,0,2\">WisdomTree \u5929\u7136\u30ac\u30b9<\/p>\n<\/td>\n<td><span data-path-to-node=\"72,4,1,0\">\u6771\u8a3c<\/span><\/td>\n<td><span data-path-to-node=\"72,4,2,0\">Bloomberg Natural Gas Subindex<\/span><\/td>\n<td><span data-path-to-node=\"72,4,3,0\"><b data-path-to-node=\"72,4,3,0\" data-index-in-node=\"0\">0.49%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"72,4,4,0\"><b data-path-to-node=\"72,4,4,0\" data-index-in-node=\"0\">\u3010\u5358\u4e00\u5546\u54c1\u30fb\u671f\u8fd1\u9023\u52d5ETN\u3011<\/b><\/p>\n<p><br data-path-to-node=\"72,4,4,1\" \/><\/p>\n<p data-path-to-node=\"72,4,4,2\">\u5929\u7136\u30ac\u30b9\u5148\u7269\u306b\u76f4\u63a5\u9023\u52d5\u3002\u5f37\u70c8\u306a\u30b3\u30f3\u30bf\u30f3\u30b4\u306b\u3088\u308b\u69cb\u9020\u7684\u6e1b\u4fa1\u304c\u975e\u5e38\u306b\u5927\u304d\u3044\u305f\u3081\u3001<b data-path-to-node=\"72,4,4,2\" data-index-in-node=\"38\">\u9577\u671f\u4fdd\u6709\u53b3\u7981\u30fb\u77ed\u671f\u30b9\u30a4\u30f3\u30b0\u5c02\u7528<\/b>\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"72,5,0,0\"><b data-path-to-node=\"72,5,0,0\" data-index-in-node=\"0\">1326<\/b><\/p>\n<p><br data-path-to-node=\"72,5,0,1\" \/><\/p>\n<p data-path-to-node=\"72,5,0,2\">SPDR\u30b4\u30fc\u30eb\u30c9\u30fb\u30b7\u30a7\u30a2<\/p>\n<\/td>\n<td><span data-path-to-node=\"72,5,1,0\">\u6771\u8a3c\/\u7c73\u56fd(GLD)<\/span><\/td>\n<td><span data-path-to-node=\"72,5,2,0\">\u91d1\u73fe\u7269\uff08Gold Spot\uff09<\/span><\/td>\n<td><span data-path-to-node=\"72,5,3,0\"><b data-path-to-node=\"72,5,3,0\" data-index-in-node=\"0\">0.40%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"72,5,4,0\"><b data-path-to-node=\"72,5,4,0\" data-index-in-node=\"0\">\u3010\u73fe\u7269\u88cf\u4ed8\u578b\u3011<\/b><\/p>\n<p><br data-path-to-node=\"72,5,4,1\" \/><\/p>\n<p data-path-to-node=\"72,5,4,2\">\u5b9f\u969b\u306b\u91d1\u5730\u91d1\u3092\u91d1\u5eab\u306b\u4fdd\u7ba1\u3002\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u81ea\u4f53\u304c\u767a\u751f\u3057\u306a\u3044\u305f\u3081\u6e1b\u4fa1\u30ea\u30b9\u30af\u30bc\u30ed\u3002<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"73\">\u6307\u6570\u3054\u3068\u306e\u69cb\u6210\u30bb\u30af\u30bf\u30fc\uff08\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u9055\u3044<\/h3>\n<ul data-path-to-node=\"74\">\n<li>\n<p data-path-to-node=\"74,0,0\"><b data-path-to-node=\"74,0,0\" data-index-in-node=\"0\">GSG<\/b><span>:<\/span><span> \u30a8\u30cd\u30eb\u30ae\u30fc\u91cd\u8996\uff08\u7d0450\u301c60%\u304c\u539f\u6cb9\u30fb\u30ac\u30b9\uff09\u3002<\/span><span>\u539f\u6cb9\u6025\u9a30\u306e\u30c8\u30ec\u30f3\u30c9\u306b\u8ced\u3051\u308b\u5834\u5408\u306b\u9069\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"74,1,0\"><b data-path-to-node=\"74,1,0\" data-index-in-node=\"0\">DBC \/ 1687<\/b><span>:<\/span><span> \u30d0\u30e9\u30f3\u30b9\u578b\uff08\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u91d1\u5c5e\u30fb\u8fb2\u4f5c\u7269\u3092\u5206\u6563\uff09\u3002<\/span><span>\u30a4\u30f3\u30d5\u30ec\u5168\u822c\u3078\u306e\u30d8\u30c3\u30b8\u3084\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5206\u6563\u306b\u9069\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"76\">\u7b2c7\u7ae0 \u8131\u70ad\u7d20\u30fb\u9285\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u95a2\u9023\u682a\u306e\u9078\u5b9a\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p data-path-to-node=\"77\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u73fe\u7269\u3084\u5148\u7269ETF\u3067\u306f\u306a\u304f\u3001<\/span><span>\u8cc7\u6e90\u3092\u751f\u7523\u30fb\u7cbe\u88fd\u3059\u308b\u500b\u5225\u4f01\u696d\uff08\u682a\uff09\u3078\u6295\u8cc7\u3059\u308b\u969b\u306e\u9298\u67c4\u9078\u5b9a\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"78\">7-1. \u5171\u901a\u306e5\u5927\u9078\u5b9a\u6307\u6a19<\/h3>\n<p data-path-to-node=\"79\"><span>\u8cc7\u6e90\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u4f01\u696d\u3092\u5206\u6790\u3059\u308b\u969b\u306f\u3001<\/span><span>\u4ee5\u4e0b\u306e5\u3064\u306e\u6570\u5024\u3092\u512a\u5148\u7684\u306b\u30c1\u30a7\u30c3\u30af\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-835 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-835 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_54fe9eba76bbc9bd&quot;,&quot;c_769e6688f35c50ba&quot;,null,&quot;rc_04947740e3c7cb63&quot;,null,null,&quot;ja&quot;,null,1,null,null,0,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-835\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-835\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-835\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-835 no-decoration-radius\">\u30101. AISC\uff08\u30aa\u30fc\u30eb\u30a4\u30f3\u7dad\u6301\u30b3\u30b9\u30c8\uff09\u3011\u2500\u2500 \u4f4e\u30b3\u30b9\u30c8\u3067\u751f\u7523\u3067\u304d\u308b\u304b\uff08\u30b3\u30b9\u30c8\u30ab\u30fc\u30d6\u306e\u5de6\u5074\uff09\r\n\u30102. \u640d\u76ca\u5206\u5c90\u70b9\u4fa1\u683c\u3011\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u4fa1\u683c\u304c\u66b4\u843d\u3057\u3066\u3082\u9ed2\u5b57\u3092\u4fdd\u3066\u308b\u304b\r\n\u30103. FCF\u30de\u30fc\u30b8\u30f3\u3011\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u58f2\u4e0a\u9ad8\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u81ea\u7531\u306a\u73fe\u91d1\u304c\u6b8b\u308b\u304b\r\n\u30104. \u8ca0\u50b5\u500d\u7387\uff08Net Debt\/EBITDA\uff09\u3011\u2500 \u958b\u767a\u8cbb\u81a8\u5f35\u3084\u9ad8\u91d1\u5229\u306b\u8010\u3048\u3089\u308c\u308b\u304b\uff082.5\u500d\u672a\u6e80\u63a8\u5968\uff09\r\n\u30105. \u682a\u4e3b\u9084\u5143\uff08Total Yield\uff09\u3011\u2500\u2500\u2500 FCF\u3092\u81ea\u793e\u682a\u8cb7\u3044\u3084\u5897\u914d\u306b\u56de\u3059\u8cc7\u672c\u898f\u5f8b\u304c\u3042\u308b\u304b\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"81\"><span>\u7279\u306bAISC\uff08All-In Sustaining Cost\uff09\u306f\u91cd\u8981\u3067\u3059\u3002<\/span><span>\u3053\u308c\u306f1\u5358\u4f4d\uff08\u4f8b\uff1a\u92851\u30dd\u30f3\u30c9\u3001<\/span><span>\u539f\u6cb91\u30d0\u30ec\u30eb\uff09\u3092\u751f\u7523\u30fb\u7dad\u6301\u3059\u308b\u305f\u3081\u306e\u7dcf\u30b3\u30b9\u30c8\u3092\u8868\u3057\u3001<\/span><b data-path-to-node=\"81\" data-index-in-node=\"77\">\u5e02\u5834\u4fa1\u683c\u304c\u6025\u843d\u3057\u3066\u3082\u696d\u754c\u6700\u4e0b\u4f4d\u306e\u4f4e\u30b3\u30b9\u30c8\u3067\u9ed2\u5b57\u3092\u7dad\u6301\u3067\u304d\u308b\u4f01\u696d<\/b><span>\u3092\u9078\u3076\u3053\u3068\u304c\u6700\u91cd\u8981\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"82\">7-2. \u30bb\u30af\u30bf\u30fc\u5225\u306e\u9078\u5b9a\u30dd\u30a4\u30f3\u30c8<\/h3>\n<ul data-path-to-node=\"83\">\n<li>\n<p data-path-to-node=\"83,0,0\"><b data-path-to-node=\"83,0,0\" data-index-in-node=\"0\">\u2460 \u9285\uff08Copper\uff09\u95a2\u9023\u4f01\u696d\uff08\u30d5\u30ea\u30fc\u30dd\u30fc\u30c8\u30fb\u30de\u30af\u30e2\u30e9\u30f3\u3001BHP\u7b49\uff09<\/b><span>:<\/span><\/p>\n<ul data-path-to-node=\"83,0,1\">\n<li>\n<p data-path-to-node=\"83,0,1,0,0\"><b data-path-to-node=\"83,0,1,0,0\" data-index-in-node=\"0\">\u9271\u77f3\u54c1\u4f4d\uff08Grade\uff09<\/b><span>:<\/span><span> \u63a1\u6398\u3055\u308c\u308b\u9271\u77f3\u306b\u542b\u307e\u308c\u308b\u9285\u306e\u5272\u5408\u304c\u9ad8\u3044\u9271\u5c71\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"83,0,1,1,0\"><b data-path-to-node=\"83,0,1,1,0\" data-index-in-node=\"0\">\u5730\u653f\u5b66\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af<\/b><span>:<\/span><span> \u9285\u9271\u5c71\u304c\u96c6\u4e2d\u3059\u308b\u5357\u7c73\uff08\u30c1\u30ea\u3001<\/span><span>\u30da\u30eb\u30fc\uff09\u3084\u30a2\u30d5\u30ea\u30ab\uff08\u30b3\u30f3\u30b4\u7b49\uff09\u306b\u304a\u3051\u308b\u7a0e\u5236\u5909\u66f4\u30fb\u30b9\u30c8\u30e9\u30a4\u30ad\u30ea\u30b9\u30af\u306b\u5099\u3048\u3001<\/span><span>\u9271\u5c71\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5730\u7406\u7684\u5206\u6563\u3055\u308c\u3066\u3044\u308b\u304b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"83,1,0\"><b data-path-to-node=\"83,1,0\" data-index-in-node=\"0\">\u2461 \u30a8\u30cd\u30eb\u30ae\u30fc\uff08\u77f3\u6cb9\u30fb\u5929\u7136\u30ac\u30b9\uff09\u4f01\u696d\uff08\u30a8\u30af\u30bd\u30f3\u30e2\u30fc\u30d3\u30eb\u3001\u30b7\u30a7\u30d6\u30ed\u30f3\u7b49\uff09<\/b><span>:<\/span><\/p>\n<ul data-path-to-node=\"83,1,1\">\n<li>\n<p data-path-to-node=\"83,1,1,0,0\"><b data-path-to-node=\"83,1,1,0,0\" data-index-in-node=\"0\">\u8cc7\u672c\u898f\u5f8b\uff08Capex\u6291\u5236\uff09<\/b><span>:<\/span><span> \u7121\u8b00\u306a\u65b0\u898f\u958b\u767a\u306b\u904e\u5270\u6295\u878d\u8cc7\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u8a2d\u5099\u6295\u8cc7\uff08Capex\uff09\u3092\u6291\u5236\u3057\u3001<\/span><span>\u7a3c\u3044\u3060\u73fe\u91d1\u3092\u5897\u914d\u3084\u81ea\u793e\u682a\u8cb7\u3044\u3067\u682a\u4e3b\u306b\u8fd4\u9084\u3057\u3066\u3044\u308b\u304b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"83,1,1,1,0\"><b data-path-to-node=\"83,1,1,1,0\" data-index-in-node=\"0\">\u640d\u76ca\u5206\u5c90\u70b9\u539f\u6cb9\u4fa1\u683c<\/b><span>:<\/span><span> WTI\u539f\u6cb9\u304c1\u30d0\u30ec\u30eb\uff1d40\u301c50\u30c9\u30eb\u3078\u66b4\u843d\u3057\u3066\u3082FCF\u304c\u30d7\u30e9\u30b9\u3092\u7dad\u6301\u3067\u304d\u308b\u69cb\u9020\u304b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"83,2,0\"><b data-path-to-node=\"83,2,0\" data-index-in-node=\"0\">\u2462 \u8131\u70ad\u7d20\u30fb\u518d\u751f\u53ef\u80fd\u30a8\u30cd\u30eb\u30ae\u30fc\u4f01\u696d\uff08\u30cd\u30af\u30b9\u30c6\u30e9\u30fb\u30a8\u30ca\u30b8\u30fc\u7b49\uff09<\/b><span>:<\/span><\/p>\n<ul data-path-to-node=\"83,2,1\">\n<li>\n<p data-path-to-node=\"83,2,1,0,0\"><b data-path-to-node=\"83,2,1,0,0\" data-index-in-node=\"0\">\u91d1\u5229\u8010\u6027\u3068\u8ca0\u50b5\u7ba1\u7406<\/b><span>:<\/span><span> \u518d\u30a8\u30cd\u958b\u767a\u306f\u5de8\u984d\u306e\u521d\u671f\u6295\u8cc7\u3092\u8981\u3059\u308b\u305f\u3081\u9ad8\u91d1\u5229\u306b\u5f31\u3044\u3002<\/span><span>\u9577\u671f\u58f2\u96fb\u5951\u7d04\uff08PPA\uff09\u3067\u56fa\u5b9a\u53ce\u5165\u304c\u78ba\u4fdd\u3055\u308c\u3001<\/span><span>\u8ca0\u50b5\u500d\u7387\uff08Net Debt\/EBITDA\uff09\u304c\u4f4e\u3044\u4f01\u696d\u3092\u53b3\u9078\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"85\">\u7b2c8\u7ae0 \u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u3068\u8cc7\u7523\u914d\u5206\uff08\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u5b9f\u8df5<\/h2>\n<p data-path-to-node=\"86\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3092\u500b\u4eba\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3078\u3069\u306e\u3088\u3046\u306b\u7d44\u307f\u8fbc\u3080\u3079\u304d\u304b\u3001<\/span><span>\u5177\u4f53\u7684\u306a\u30a2\u30bb\u30c3\u30c8\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u8df5\u65b9\u6cd5\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"87\">8-1. \u63a8\u5968\u3055\u308c\u308b\u914d\u5206\u6bd4\u7387<\/h3>\n<p data-path-to-node=\"88\"><span>\u682a\u5f0f\u3068\u50b5\u5238\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u4f1d\u7d71\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3001<\/span><span>\u5b9f\u7269\u8cc7\u7523\u3067\u3042\u308b\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3092<\/span><b data-path-to-node=\"88\" data-index-in-node=\"37\">5%\u301c15%\u7a0b\u5ea6<\/b><span>\u7d44\u307f\u5165\u308c\u308b\u306e\u304c\u6700\u3082\u52b9\u679c\u7684\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"89\">\n<li>\n<p data-path-to-node=\"89,0,0\"><b data-path-to-node=\"89,0,0\" data-index-in-node=\"0\">5%\uff08\u30de\u30a4\u30eb\u30c9\u578b\uff09<\/b><span>:<\/span><span> \u4fdd\u5b88\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5411\u3051\u3002<\/span><span>\u4e3b\u306b\u300c\u91d1\u73fe\u7269ETF\u300d\u3092\u4e2d\u5fc3\u306b\u914d\u7f6e\u3057\u3001<\/span><span>\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3084\u6025\u6fc0\u306a\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3059\u308b\u4fdd\u967a\u3068\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"89,1,0\"><b data-path-to-node=\"89,1,0\" data-index-in-node=\"0\">10%\u301c15%\uff08\u6a19\u6e96\u30fb\u30a4\u30f3\u30d5\u30ec\u9632\u885b\u578b\uff09<\/b><span>:<\/span><span> \u30a4\u30f3\u30d5\u30ec\u5b9a\u7740\u3084\u8cc7\u6e90\u9ad8\u306b\u5099\u3048\u308b\u30a2\u30b0\u30ec\u30c3\u30b7\u30d6\u306a\u914d\u7f6e\u3002<\/span><span>\u300c\u91d1\uff085\u301c7%\uff09\u300d\uff0b\u300c\u6700\u9069\u5316\u578b\u5e83\u7bc4\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3ETF\u307e\u305f\u306f\u8cc7\u6e90\u682a\uff085\u301c8%\uff09\u300d\u306b\u5206\u6563\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"91\">\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<h2 data-path-to-node=\"95\">\u7b2c9\u7ae0 \u91d1\u878d\u30fb\u6295\u8cc7\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u91cd\u8981\u6027<\/h2>\n<p data-path-to-node=\"96\"><span>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u6295\u8cc7\u3067\u6210\u529f\u3092\u53ce\u3081\u308b\u305f\u3081\u306b\u306f\u3001<\/span><span>\u5358\u306a\u308b\u611f\u60c5\u7684\u306a\u30c8\u30ec\u30fc\u30c9\u3084SNS\u306e\u5642\u306b\u983c\u308b\u306e\u3067\u306f\u306a\u304f\u3001<\/span><span>\u9ad8\u5ea6\u3067\u4f53\u7cfb\u7684\u306a\u300c\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"97\">9-1. \u300c\u30ce\u30a4\u30ba\u300d\u3068\u300c\u30b7\u30b0\u30ca\u30eb\u300d\u306e\u5206\u96e2<\/h3>\n<p data-path-to-node=\"98\"><span>\u30cb\u30e5\u30fc\u30b9\u3067\u6d41\u308c\u308b\u4e00\u6642\u7684\u306a\u539f\u6cb9\u9ad8\u5831\u9053\u3084\u5730\u653f\u5b66\u306e\u30d8\u30c3\u30c9\u30e9\u30a4\u30f3\uff08\u30ce\u30a4\u30ba\uff09\u306b\u7ffb\u5f04\u3055\u308c\u308b\u3053\u3068\u306a\u304f\u3001<\/span><b data-path-to-node=\"98\" data-index-in-node=\"44\">\u300c\u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\u306e\u6c34\u6e96\u300d\u300c\u5728\u5eab\u6d88\u8cbb\u6bd4\u7387\u306e\u63a8\u79fb\u300d\u300c\u5148\u7269\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\uff08\u30b3\u30f3\u30bf\u30f3\u30b4\/\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff09\u300d\u3068\u3044\u3063\u305f\u5ba2\u89b3\u7684\u306a\u4e00\u6b21\u60c5\u5831\uff08\u30b7\u30b0\u30ca\u30eb\uff09\u306b\u57fa\u3065\u3044\u305f\u5224\u65ad<\/b><span>\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"99\">9-2. \u69cb\u9020\u5909\u5316\u3092\u898b\u629c\u304f\u601d\u8003\u529b<\/h3>\n<p data-path-to-node=\"100\"><span>\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u3092\u9ad8\u3081\u308b\u3053\u3068\u3067\u3001<\/span><span>\u300c\u4e2d\u592e\u9280\u884c\u306e\u5229\u4e0b\u3052\u30fb\u5229\u4e0a\u3052\u653f\u7b56\uff08\u30de\u30af\u30ed\uff09\u300d\u3068\u300c\u9271\u5c71\u306e\u751f\u7523\u30b3\u30b9\u30c8\u3084\u8131\u70ad\u7d20\u9700\u8981\uff08\u30df\u30af\u30ed\uff09\u300d\u3092\u7acb\u4f53\u7684\u306b\u63a5\u7d9a\u3057\u3001<\/span><span>\u9577\u671f\u7684\u306a\u30b9\u30fc\u30d1\u30fc\u30b5\u30a4\u30af\u30eb\u306e\u8ee2\u63db\u70b9\u3067\u9069\u5207\u306a\u5224\u65ad\u3092\u4e0b\u305b\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"102\">\u307e\u3068\u3081<\/h2>\n<ol start=\"1\" data-path-to-node=\"103\">\n<li>\n<p data-path-to-node=\"103,0,0\"><b data-path-to-node=\"103,0,0\" data-index-in-node=\"0\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u672c\u8cea<\/b><span>:<\/span><span> \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3055\u306a\u3044\u3082\u306e\u306e\u3001<\/span><span>\u7269\u7406\u7684\u306a\u9700\u7d66\u3068\u5e0c\u5c11\u6027\u306b\u3088\u3063\u3066\u672c\u8cea\u7684\u4fa1\u5024\u304c\u6c7a\u5b9a\u3055\u308c\u308b\u6700\u5f37\u306e\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u8cc7\u7523\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,1,0\"><b data-path-to-node=\"103,1,0\" data-index-in-node=\"0\">\u5272\u5b89\u6027\u306e\u898b\u6975\u3081<\/b><span>:<\/span><span> \u4fa1\u683c\u304c\u300c\u9650\u754c\u751f\u7523\u30b3\u30b9\u30c8\u300d\u3092\u4e0b\u56de\u3063\u305f\u5c40\u9762\u306f\u6b74\u53f2\u7684\u30d0\u30ea\u30e5\u30fc\u306e\u30b5\u30a4\u30f3\u3002<\/span><span>\u5728\u5eab\u6d88\u8cbb\u6bd4\u7387\u3084\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\u306e\u767a\u751f\u3092\u30c1\u30a7\u30c3\u30af\u3057\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,2,0\"><b data-path-to-node=\"103,2,0\" data-index-in-node=\"0\">\u91d1\u3068\u5b9f\u8cea\u91d1\u5229<\/b><span>:<\/span><span> \u4f1d\u7d71\u7684\u306a\u9006\u76f8\u95a2\u306b\u52a0\u3048\u3001<\/span><span>\u8db3\u5143\u3067\u306f\u65b0\u8208\u56fd\u4e2d\u592e\u9280\u884c\u306e\u7206\u8cb7\u3044\u3084\u8131\u30c9\u30eb\u5316\u3068\u3044\u3046\u69cb\u9020\u7684\u8981\u56e0\u304c\u5f37\u304f\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,3,0\"><b data-path-to-node=\"103,3,0\" data-index-in-node=\"0\">ETF\u306e\u9078\u3073\u65b9<\/b><span>:<\/span><span> \u5148\u7269ETF\u306e\u30b3\u30f3\u30bf\u30f3\u30b4\uff08\u6e1b\u4fa1\uff09\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3057\u3001<\/span><span>\u9577\u671f\u4fdd\u6709\u306b\u306f\u300c\u73fe\u7269\u578b\uff08GLD\u7b49\uff09\u300d\u300c\u6700\u9069\u5316\u578b\uff08DBC\u7b49\uff09\u300d\u300c\u8cc7\u6e90\u682a\uff08BHP,<\/span><span> XOM\u7b49\uff09\u300d\u3092\u6d3b\u7528\u3059\u308b\u306e\u304c\u9244\u5247\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,4,0\"><b data-path-to-node=\"103,4,0\" data-index-in-node=\"0\">\u9069\u5207\u306a\u914d\u5206<\/b><span>:<\/span><span> \u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e5\u301c15%\u7a0b\u5ea6\u3092\u5272\u308a\u5f53\u3066\u308b\u3053\u3068\u3067\u3001<\/span><span>\u30a4\u30f3\u30d5\u30ec\u3084\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306b\u8ca0\u3051\u306a\u3044\u5805\u7262\u306a\u8cc7\u7523\u914d\u5206\u304c\u5b8c\u6210\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/span><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">GFS\u76e3\u4fee \u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u307e\u305a\u306f\u304a\u8a66\u3057\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/b><\/p>\n<p>\u6295\u8cc7\u306e\u9054\u4eba\u306b\u306a\u308b\u6295\u8cc7\u8b1b\u5ea7\u306f\u3001\u751f\u5f92\u657050,000\u4eba\u3092\u8d85\u3048\u8b1b\u7fa9\u6570\u65e5\u672c\u4e00\u306e\u6295\u8cc7\u30b9\u30af\u30fc\u30eb<a href=\"https:\/\/gfs.tokyo\/\">GFS<\/a>\u304c\u63d0\u4f9b\u3059\u308b\u7121\u6599\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u3067\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u8b1b\u5e2b\u304c\u3001\u672a\u7d4c\u9a13\u8005\u3084\u82e6\u624b\u610f\u8b58\u304c\u3042\u308b\u4eba\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u3084\u5168\u4f53\u50cf\u3001\u30eb\u30fc\u30eb\u3092\u57fa\u790e\u304b\u3089\u56f3\u89e3\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u306a\u308b\u3079\u304f\u52b9\u7387\u3088\u304f\u59cb\u3081\u305f\u3044\u4eba\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"cv-btn-wrap\">\n<div class=\"cv-copy\" style=\"text-align: center;\"><strong><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\uff3c1\u5206\u3067\u7c21\u5358\u7533\u8fbc\uff0f<\/a><\/strong><\/div>\n<div class=\"cv-btn\" style=\"text-align: center;\"><strong><span class=\"cv-em\">\u7121\u6599<\/span><\/strong><br \/>\n<strong><span class=\"cv-text\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 data-path-to-node=\"4\">\u3010\u91cd\u8981\u3011\u514d\u8cac\u4e8b\u9805<\/h3>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5224\u65ad\u306e\u6700\u7d42\u8cac\u4efb\uff1a<\/b> \u672c\u8a18\u4e8b\u3067\u7d39\u4ecb\u3057\u3066\u3044\u308b\u9298\u67c4\u3084\u30bb\u30af\u30bf\u30fc\u3001\u5206\u6790\u5185\u5bb9\u306f\u3001\u60c5\u5831\u63d0\u4f9b\u304a\u3088\u3073\u5b66\u7fd2\u306e\u5553\u767a\u306e\u307f\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u9298\u67c4\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6700\u7d42\u6c7a\u5b9a\u306f\u3001\u5fc5\u305a\u3054\u81ea\u8eab\u306e\u5224\u65ad\u3068\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,1,0\"><b data-path-to-node=\"5,1,0\" data-index-in-node=\"0\">\u6210\u679c\u306e\u975e\u4fdd\u8a3c\uff1a<\/b> \u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3084\u4e88\u6e2c\u306f\u3001\u5c06\u6765\u306e\u6295\u8cc7\u6210\u679c\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u308a\u3001\u8cc7\u7523\u304c\u6e1b\u5c11\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,2,0\"><b data-path-to-node=\"5,2,0\" data-index-in-node=\"0\">\u60c5\u5831\u306e\u6b63\u78ba\u6027\uff1a<\/b> 2026\u5e74\u6642\u70b9\u306e\u60c5\u5831\u306b\u57fa\u3065\u304d\u4f5c\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u6027\u3084\u5b8c\u5168\u6027\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6700\u65b0\u306e\u696d\u7e3e\u3084\u30cb\u30e5\u30fc\u30b9\u306f\u3001\u5fc5\u305a\u5404\u4f01\u696d\u306eIR\u30b5\u30a4\u30c8\u3084\u4e00\u6b21\u8cc7\u6599\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,3,0\"><b data-path-to-node=\"5,3,0\" data-index-in-node=\"0\">\u640d\u5931\u306e\u88dc\u511f\uff1a<\/b> \u672c\u8a18\u4e8b\u306e\u5185\u5bb9\u306b\u57fa\u3065\u3044\u3066\u88ab\u3063\u305f\u3044\u304b\u306a\u308b\u640d\u5bb3\uff08\u76f4\u63a5\u7684\u30fb\u9593\u63a5\u7684\u3092\u554f\u308f\u305a\uff09\u306b\u3064\u3044\u3066\u3082\u3001\u7b46\u8005\u306f\u4e00\u5207\u306e\u8cac\u4efb\u3092\u8ca0\u3044\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u30102026\u5e74\u30c1\u30e3\u30f3\u30b9\u5230\u6765\uff1f\u3011\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u6295\u8cc7\u5b8c\u5168\u653b\u7565\u30ac\u30a4\u30c9\uff5c\u672c\u8cea\u7684\u4fa1\u5024\u306e\u898b\u6975\u3081\u65b9\u304b\u3089\u91d1\u30fb\u539f\u6cb9\u30fbETF\u6d3b\u7528\u307e\u3067\u5fb9\u5e95\u89e3\u8aac \u4e16\u754c\u7684\u306a\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u3001\u4f9b\u7d66\u7db2\uff08\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\uff09\u306e\u518d\u7de8\u3001\u8131\u70ad\u7d20\u5316\u306b\u4f34\u3046\u69cb\u9020\u7684\u306a\u8cc7\u6e90\u9700\u8981\u3001\u305d\u3057\u3066 [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":30699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13,12],"acf":[],"_links":{"self":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/30672"}],"collection":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/comments?post=30672"}],"version-history":[{"count":7,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/30672\/revisions"}],"predecessor-version":[{"id":30711,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/30672\/revisions\/30711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media\/30699"}],"wp:attachment":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media?parent=30672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/categories?post=30672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}