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187****9326 · 2025年06月24日

主题投资可以通过被动型工具（如ETFs）来实现，请举例说明

  1. ESG
  2. ESG integrated portfolio construction and management

NO.PZ2024021801000063

问题如下：

Which of the following statements about thematic investing is most accurate?

选项：

A.Water funds underperform during economic cycle expansions B.Clean energy funds outperform during economic cycle contractions C.Thematic investing is not feasible through passive vehicles like ETFs

解释：

A. Correct because as an opposite example, water funds have a much more stable, regulatory outlook generally underpinned by strong cash flow and cash conversion. Often used as hedges against inflation, they will underperform during expansions in economic cycles when investors rotate towards growth.

B. Incorrect because clean energy tends to be a pro-cyclical growth sector that underperforms when capital spending and the economic cycle contract.

C. Incorrect because thematic investing targets sustainability-aligned themes as a means to construct a portfolio. While often designed around long-term, resource scarcity-oriented themes, such as water or clean energy, thematic funds may also focus on sustainable sectors like healthcare. This approach may be expressed both fundamentally and quantitatively through active quant strategies or more passive vehicles, such as exchange-traded funds (ETFs).

主题投资可以通过被动型工具（如ETFs）来实现，请举例说明什么样的主题投资，通过什么样的ETF实现了什么

考试倒计时来不及翻讲义了，请帮把ETF的全称、定义、讲义截图附上，谢谢

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净净_品职助教 · 2025年06月24日

嗨，爱思考的PZer你好：


时间紧张的话建议同学以记忆结论为主

ETF 的全称是 Exchange-Traded Fund，中文译为 交易所交易基金。是一种在证券交易所上市交易的开放式指数基金，具有以下特点（特点了解一下，考试不考）：

  • 跟踪指数：通常追踪某个股票指数（如沪深300）、债券指数、商品（如黄金）或行业板块的表现。
  • 交易方式：像股票一样在交易所实时买卖，价格随市场波动。
  • 低成本：管理费通常低于主动管理型基金。
  • 高流动性：可随时交易，且支持T+0或T+1交易（取决于市场规则）。
  • 透明性：持仓和净值每日公开。

第八章水印讲义P125：

主题投资可以通过被动型工具（如ETFs）来实现，请举例说明什么样的主题投资，通过什么样的ETF实现了什么（有哪些主题看熟，至于如果实现属于知识拓展）：

主题投资：清洁能源（Clean Energy）投资目标：把握全球向可再生能源转型的长期趋势，受益于政策支持、技术进步和绿色消费升级。ETF 示例： iShares Global Clean Energy ETF (ICLN)

  • 类型：被动管理
  • 跟踪指数：S&P Global Clean Energy Index
  • 投资标的：全球领先的清洁能源公司，包括风能、太阳能、氢能、电网技术等公司
  • 例如：NextEra Energy（风能）、Enphase Energy（太阳能逆变器）、Plug Power（氢能）
  • 主题实现方式：选择在清洁能源领域有高营收占比的公司构建组合
  • 适合的投资者：看好绿色能源转型，但希望通过低成本的ETF实现广泛分散投资

主题投资：水资源（Water Scarcity）ETF 示例： Invesco Water Resources ETF (PHO)

  • 跟踪指数：Nasdaq OMX US Water Index
  • 投资公司类型：专注于水资源管理、水处理基础设施、水务工程的公司。如：Xylem（智能水务）、Danaher（水处理设备）
  • 主题实现方式：投资与水资源获取、净化和分配相关的企业
  • 主题背景：水资源短缺和基础设施老化是全球长期趋势，尤其在发展中国家和干旱地区更为紧迫

主题投资：人口结构变化（Demographic Change）ETF 示例：Global X Aging Population ETF (AGNG)。投资主题：人口老龄化带来的医疗服务、养老产业、制药、家庭护理等需求增长

  • 主要持股：医疗设备公司、健康保险商、康复护理机构等。如：Abbott Laboratories、UnitedHealth Group
  • 主题实现方式：跟踪与老龄人口需求高度相关的公司

主题投资：可持续医疗（Sustainable Healthcare）ETF 示例： iShares Healthcare Innovation ETF (HEAL)

  • 主题方向：医疗科技创新（如远程医疗、生物技术、精准医疗）
  • 投资公司：创新医疗企业，如 Illumina（基因测序）、Teladoc（远程医疗）
  • 表达方式：通过医疗行业转型趋势实现主题暴露


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