{"id":1715,"date":"2025-07-25T18:14:40","date_gmt":"2025-07-25T09:14:40","guid":{"rendered":"https:\/\/senfx.com\/?p=1715"},"modified":"2025-07-25T18:20:14","modified_gmt":"2025-07-25T09:20:14","slug":"%e3%82%b3%e3%83%b3%e3%82%bf%e3%83%b3%e3%82%b4%ef%bc%88contango%ef%bc%89%e3%81%a8%e3%81%af%ef%bc%9f%e6%8a%95%e8%b3%87%e5%ae%b6%e3%81%8c%e7%9f%a5%e3%81%a3%e3%81%a6%e3%81%8a%e3%81%8f%e3%81%b9%e3%81%8d","status":"publish","type":"post","link":"https:\/\/senfx.com\/?p=1715","title":{"rendered":"\u30b3\u30f3\u30bf\u30f3\u30b4\uff08Contango\uff09\u3068\u306f\uff1f\u6295\u8cc7\u5bb6\u304c\u77e5\u3063\u3066\u304a\u304f\u3079\u304d\u5148\u7269\u5e02\u5834\u306e\u57fa\u672c\u6982\u5ff5"},"content":{"rendered":"

\u30b3\u30f3\u30bf\u30f3\u30b4\u306e\u57fa\u672c\u6982\u5ff5<\/h2>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u3068\u306f\u3001\u4e3b\u306b\u5148\u7269\u5e02\u5834\uff08\u7279\u306b\u5546\u54c1\u5148\u7269\u3084\u539f\u6cb9\u306a\u3069\uff09\u3067\u4f7f\u308f\u308c\u308b\u7528\u8a9e\u3067\u3001\u5c06\u6765\u306e\u4fa1\u683c\uff08\u5148\u7269\u4fa1\u683c\uff09\u304c\u73fe\u5728\u306e\u4fa1\u683c\uff08\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\uff09\u3088\u308a\u3082\u9ad8\u3044\u72b6\u614b<\/strong>\u3092\u6307\u3057\u307e\u3059\u305f\u3093\u3054\u3002<\/p>\n

\u5177\u4f53\u4f8b\u3067\u7406\u89e3\u3059\u308b<\/h3>\n

\u539f\u6cb9\u3092\u4f8b\u306b\u8aac\u660e\u3059\u308b\u3068\uff1a
\n\u73fe\u5728\u306e\u539f\u6cb9\u4fa1\u683c\uff08\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\uff09\uff1a1\u30d0\u30ec\u30eb = 80\u30c9\u30eb
\n3\u304b\u6708\u5f8c\u306e\u539f\u6cb9\u5148\u7269\u4fa1\u683c\uff1a85\u30c9\u30eb<\/p>\n

\u3053\u306e\u72b6\u6cc1\u304c\u30b3\u30f3\u30bf\u30f3\u30b4\u72b6\u614b\u3067\u3059\u3002<\/p>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u304c\u767a\u751f\u3059\u308b\u7406\u7531<\/h3>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8981\u56e0\u3067\u767a\u751f\u3057\u307e\u3059\u305f\u3093\u3054\u3002<\/p>\n

\u4fdd\u6709\u30b3\u30b9\u30c8\uff08\u30b3\u30b9\u30c8\u30fb\u30aa\u30d6\u30fb\u30ad\u30e3\u30ea\u30fc\uff09\uff1a\u5009\u5eab\u4ee3\u3001\u4fdd\u967a\u6599\u3001\u4fdd\u7ba1\u30b3\u30b9\u30c8\u306a\u3069
\n\u5c06\u6765\u306e\u9700\u7d66\u903c\u8feb\u4e88\u6e2c\uff1a\u5e02\u5834\u53c2\u52a0\u8005\u304c\u5c06\u6765\u306e\u9700\u8981\u5897\u52a0\u3092\u898b\u8fbc\u3093\u3067\u3044\u308b
\n\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff1a\u30a4\u30f3\u30d5\u30ec\u3084\u5730\u653f\u5b66\u7684\u30ea\u30b9\u30af\u306e\u7e54\u308a\u8fbc\u307f<\/p>\n

\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff1a\u30b3\u30f3\u30bf\u30f3\u30b4\u306e\u53cd\u5bfe<\/h3>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u3068\u306f\u9006\u306b\u3001\u5c06\u6765\u306e\u4fa1\u683c\uff08\u5148\u7269\u4fa1\u683c\uff09\u304c\u73fe\u5728\u306e\u4fa1\u683c\u3088\u308a\u5b89\u3044\u72b6\u614b\u3092\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff08Backwardation\uff09<\/strong>\u3068\u547c\u3076\u305f\u3093\u3054\u3002
\n\u3053\u308c\u306f\u9700\u7d66\u304c\u6025\u6fc0\u306b\u5f15\u304d\u7de0\u307e\u308a\u3001\u300c\u4eca\u3059\u3050\u6b32\u3057\u3044\u306e\u3088\uff57\u300d\u3068\u3044\u3046\u72b6\u6cc1\u3067\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n

\u91d1\u5e02\u5834\u306b\u304a\u3051\u308b\u30b3\u30f3\u30bf\u30f3\u30b4<\/p>\n

\u91d1\u3067\u306e\u30b3\u30f3\u30bf\u30f3\u30b4\u4f8b<\/p>\n

\u30fb\u91d1\u306e\u73fe\u7269\u4fa1\u683c\uff08\u30b9\u30dd\u30c3\u30c8\uff09\uff1a2,400\u30c9\u30eb
\n\u30fb6\u304b\u6708\u5f8c\u306e\u5148\u7269\u4fa1\u683c\uff1a2,450\u30c9\u30eb<\/p>\n

\u3053\u306e\u5834\u5408\u3082\u540c\u69d8\u306b\u30b3\u30f3\u30bf\u30f3\u30b4\u72b6\u614b\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u91d1\u5e02\u5834\u3067\u30b3\u30f3\u30bf\u30f3\u30b4\u304c\u8d77\u3053\u308b\u7406\u7531<\/h3>\n

\u91d1\u306e\u5834\u5408\u3001\u4ee5\u4e0b\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u304c\u767a\u751f\u3059\u308b\u305f\u3081\u30b3\u30f3\u30bf\u30f3\u30b4\u306b\u306a\u308a\u3084\u3059\u3044\u305f\u3093\u3054\u3002<\/p>\n

\n\n\n\n\n\n\n
\u8981\u7d20<\/th>\n\u5185\u5bb9<\/th>\n<\/tr>\n<\/thead>\n
\u4fdd\u7ba1\u30b3\u30b9\u30c8<\/td>\n\u91d1\u5eab\u30fb\u4fdd\u967a\u6599\u306a\u3069<\/td>\n<\/tr>\n
\u8cc7\u91d1\u30b3\u30b9\u30c8<\/td>\n\u91d1\u3092\u4fdd\u6709\u3059\u308b\u6a5f\u4f1a\u640d\u5931<\/td>\n<\/tr>\n
\u91d1\u5229\u30b3\u30b9\u30c8<\/td>\n\u8cc7\u91d1\u8abf\u9054\u306b\u304b\u304b\u308b\u91d1\u5229<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u91d1\u5e02\u5834\u306e\u4fa1\u683c\u69cb\u9020\u4f8b\uff082025\u5e747\u6708\u6642\u70b9\u306e\u4eee\u60f3\u30c7\u30fc\u30bf\uff09<\/h3>\n

\u53d6\u5f15 \u4fa1\u683c\uff08USD\uff09\u5099\u8003 <\/p>\n

\u73fe\u7269\uff08\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\uff09 2,400\u30c9\u30eb \u5373\u6642\u53d7\u6e21\u3057
\n1\u304b\u6708\u5148\u7269 2,410\u30c9\u30eb 8\u6708\u9650
\n3\u304b\u6708\u5148\u7269 2,430\u30c9\u30eb 10\u6708\u9650 <\/p>\n

\u3059\u3079\u3066\u300c\u5148\u7269 > \u73fe\u7269\u300d\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u5178\u578b\u7684\u306a\u30b3\u30f3\u30bf\u30f3\u30b4\u72b6\u614b\u3067\u3059\u3002<\/p>\n

\u6295\u8cc7\u3078\u306e\u5f71\u97ff\uff1a\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u30b3\u30b9\u30c8\u306b\u6ce8\u610f<\/h3>\n

ETF\u3078\u306e\u5f71\u97ff<\/h4>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u72b6\u614b\u3067\u306f\u3001\u5148\u7269\u9023\u52d5\u578bETF\u306b\u4ee5\u4e0b\u306e\u5f71\u97ff\u304c\u751f\u3058\u308b\u305f\u3093\u3054\u3002<\/p>\n

ETF\u904b\u7528\u4f1a\u793e\u304c\u300c\u9ad8\u3044\u5148\u7269\u300d\u306b\u5b9a\u671f\u7684\u306b\u4e57\u308a\u63db\u3048\u308b\u3002
\n\u3053\u306e\u4e57\u308a\u63db\u3048\u6642\u306b\u767a\u751f\u3059\u308b\u640d\u5931\u304c\u300c\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u30b3\u30b9\u30c8\u300d\u3002
\n\u7d50\u679c\u3068\u3057\u3066\u3001ETF\u4fa1\u683c\u304c\u3058\u308f\u3058\u308f\u3068\u76ee\u6e1b\u308a\u3059\u308b\u3002<\/p>\n

\u5b9f\u4f8b\uff1a\u30ed\u30fc\u30eb\u30b3\u30b9\u30c8\u306e\u5f71\u97ff<\/h3>\n

\u73fe\u7269\u306e\u91d1\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u3067\u3082\u3001\u5148\u7269\u9023\u52d5ETF\u306e\u4fa1\u683c\u306f\u4e0b\u843d\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3093\u3054\u3002<\/p>\n

\n\n\n\n\n\n\n
\u6708<\/th>\n\u91d1\u73fe\u7269\u4fa1\u683c<\/th>\nETF\u4fa1\u683c<\/th>\n<\/tr>\n<\/thead>\n
7\u6708<\/td>\n2,400\u30c9\u30eb<\/td>\n10,000\u5186<\/td>\n<\/tr>\n
8\u6708<\/td>\n2,400\u30c9\u30eb<\/td>\n9,960\u5186<\/td>\n<\/tr>\n
9\u6708<\/td>\n2,400\u30c9\u30eb<\/td>\n9,910\u5186<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

ETF\u306e\u7a2e\u985e\u306b\u3088\u308b\u5f71\u97ff\u306e\u9055\u3044<\/h3>\n
\n\n\n\n\n\n\n\n
ETF\u540d<\/th>\n\u4ed5\u7d44\u307f<\/th>\n\u30b3\u30f3\u30bf\u30f3\u30b4\u306e\u5f71\u97ff<\/th>\n<\/tr>\n<\/thead>\n
GLD<\/td>\n\u91d1\u73fe\u7269\u9023\u52d5<\/td>\n\u5f71\u97ff\u5c0f<\/td>\n<\/tr>\n
1326\uff08\u91d1\u4fa1\u683c\u9023\u52d5\u578b\u4e0a\u5834\u6295\u4fe1\uff09<\/td>\n\u73fe\u7269\u9023\u52d5<\/td>\n\u5f71\u97ff\u5c0f<\/td>\n<\/tr>\n
1672\uff08\u91d1\u5148\u7269\u9023\u52d5ETF\uff09<\/td>\n\u5148\u7269\u9023\u52d5<\/td>\n\u5f71\u97ff\u5927<\/td>\n<\/tr>\n
1328\uff08NEXT FUNDS\uff09<\/td>\n\u5148\u7269\u9023\u52d5<\/td>\n\u5f71\u97ff\u3042\u308a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u307e\u3068\u3081<\/h2>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u3068\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\u306e\u6bd4\u8f03<\/h3>\n
\n\n\n\n\n\n
\u72b6\u614b<\/th>\n\u4fa1\u683c\u95a2\u4fc2<\/th>\n\u5e02\u5834\u74b0\u5883<\/th>\n<\/tr>\n<\/thead>\n
\u30b3\u30f3\u30bf\u30f3\u30b4<\/td>\n\u5148\u7269 > \u73fe\u7269<\/td>\n\u901a\u5e38\u72b6\u614b\u3001\u4fdd\u7ba1\u30fb\u91d1\u5229\u30b3\u30b9\u30c8\u3092\u53cd\u6620<\/td>\n<\/tr>\n
\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3<\/td>\n\u5148\u7269 < \u73fe\u7269<\/td>\n\u9700\u7d66\u903c\u8feb\u3001\u5373\u6642\u9700\u8981\u306e\u9ad8\u307e\u308a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u6295\u8cc7\u5bb6\u3078\u306e\u793a\u5506<\/h3>\n

\u30fb\u30b3\u30f3\u30bf\u30f3\u30b4\u306f\u5148\u7269\u5e02\u5834\u3067\u306f\u4e00\u822c\u7684\u306a\u73fe\u8c61
\n\u30fb\u5148\u7269\u9023\u52d5ETF\u306f\u4f55\u3082\u3057\u306a\u304f\u3066\u3082\u4fa1\u5024\u304c\u76ee\u6e1b\u308a\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b
\n\u30fb\u9577\u671f\u6295\u8cc7\u306b\u306f\u73fe\u7269\u578bETF\uff08GLD\u30011326\u306a\u3069\uff09\u304c\u9069\u3057\u3066\u3044\u308b
\n\u30fb\u30b3\u30f3\u30bf\u30f3\u30b4\u72b6\u614b\u306e\u78ba\u8a8d\u306f\u6295\u8cc7\u5224\u65ad\u306e\u91cd\u8981\u306a\u8981\u7d20<\/p>\n

\u30b3\u30f3\u30bf\u30f3\u30b4\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u8ce2\u660e\u306a\u6295\u8cc7\u5224\u65ad\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u305f\u3093\u3054\u3002
\n\u7279\u306b\u5546\u54c1\u6295\u8cc7\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306f\u3001\u3053\u306e\u6982\u5ff5\u3092\u3057\u3063\u304b\u308a\u3068\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u91cd\u8981\u305f\u3093\u3054\u3002<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"\u30b3\u30f3\u30bf\u30f3\u30b4\u306e\u57fa\u672c\u6982\u5ff5 \u30b3\u30f3\u30bf\u30f3\u30b4\u3068\u306f\u3001\u4e3b\u306b\u5148\u7269\u5e02\u5834\uff08\u7279\u306b\u5546\u54c1\u5148\u7269\u3084\u539f\u6cb9\u306a\u3069\uff09\u3067\u4f7f\u308f\u308c\u308b\u7528\u8a9e\u3067\u3001\u5c06\u6765\u306e\u4fa1\u683c\uff08\u5148\u7269\u4fa1\u683c\uff09\u304c\u73fe\u5728\u306e\u4fa1\u683c\uff08\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\uff09\u3088\u308a\u3082\u9ad8\u3044\u72b6\u614b\u3092\u6307\u3057\u307e\u3059\u305f\u3093\u3054\u3002 \u5177\u4f53\u4f8b\u3067\u7406\u89e3\u3059\u308b \u539f\u6cb9\u3092\u4f8b\u306b\u8aac\u660e\u3059\u308b\u3068\uff1a […]","protected":false},"author":1,"featured_media":1717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senryaku"],"_links":{"self":[{"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts\/1715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1715"}],"version-history":[{"count":3,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts\/1715\/revisions"}],"predecessor-version":[{"id":1719,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/posts\/1715\/revisions\/1719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=\/wp\/v2\/media\/1717"}],"wp:attachment":[{"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/senfx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}