盤點前三季度美股ETF：通脹受益ETF的盛宴，最高上漲1.4倍
在通脹和美聯儲持續加息的背景下，今年美股和其它主要股票市場全線走熊，但是藉助可以投資多空兩個方向的ETF，以及和股票一樣便利的交易形式，不少投資者仍然獲得了亮眼的回報。
另一方面，市場波動劇烈的情況下，跟蹤一籃子股票或指數的ETF，也幫助投資者實現了資產配置、分散投資的需求，降低做空/做多單一資產的不確定性。
從榜單來看，2類受益於大通脹週期的ETF表現最佳：1類是做空股票和相關指數的ETF，1類是做多石油天然氣以及國債的ETF。
以2022年1月4日-9月23日數據統計，奪得漲幅頭籌的是三倍做空道瓊斯互聯網ETF（代碼：WEBS），期間漲幅達到144%。前三季度，美股成長和科技板塊的股票遭受重創，道瓊斯美國互聯網指數下跌40%，作爲三倍反向做空該指數的ETF，WEBS迎來大牛市。
漲幅榜第二、三、六、七位均是石油、天然氣相關的做多ETF。作爲本輪通脹週期的“原爆點”，化石能源價格在今年前三季度迭創新高，俄烏局勢嚴重影響資源輸出，疊加疫情救市大放水的通脹後遺症，使得石油、天然氣價格走入大牛市。
三倍做多美國石油指數ETF（代碼 NRGU）、兩倍做多彭博天然氣ETF（代碼 BOIL）在統計期間漲幅分別達140%和139%。
此外，成長股集中營的半導體、科技股步入熊市，三倍做空半導體、三倍做空科技的ETF也均有亮眼表現。其中值得一提的是，完全沒有槓桿的單倍做空ARKK的ETF（代碼 SARK）漲幅也高達63%，這是資管公司Tuttle Capital Management發行的ETF，跟蹤的是Cathie Wood木頭姐的ARKK創新科技ETF，只不過這隻SARK是反向跟蹤，坊間稱其爲“伐木基金”。2022年木頭姐投資創新成長股的ARK基金淨值遭遇重大下挫，“伐木基金”的投資者堪稱躺贏。
除了做空美國成長股、科技股的ETF表現出色，做空大盤指數的ETF雖波幅較小，但也普遍錄得較高漲幅。
漲幅最高的三倍做空MSCI新興市場ETF（代碼 EDZ），房地產、納斯達克、標普500等指數的反向ETF漲幅靠前。
值得注意的是兩倍做空富時歐洲ETF（代碼 EPV），雖然該ETF的槓桿係數比其它上榜ETF都低，但是歐洲作爲今年受通脹打擊最嚴重的的發達經濟體，其股票下跌較爲激烈。
今年表現相對抗跌的指數是傳統行業的比如道指30、金融指數，它們的三倍反向做空ETF漲幅只有40%左右。
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