Core Viewpoint - U.S. small-cap stocks have underperformed recently, but the Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) presents a compelling investment opportunity for the future, particularly as investors approach 2026 [1][3]. Group 1: Performance and Volatility - The Vanguard ETF has outperformed major U.S. small-cap indexes over the past three years while exhibiting significantly lower annualized volatility, challenging the notion that international funds are inherently more volatile [4]. - This ETF provides superior risk-adjusted returns compared to similar domestic funds, making it an attractive option for investors [5]. Group 2: Convenience and Diversification - The ETF simplifies investment by combining exposure to both developed and emerging markets, alleviating the burden of stock-picking for investors [6]. - Investing in international small-cap stocks helps reduce stock-level concentration and mitigates risks associated with focusing on a single geographic market [8]. Group 3: Cost Efficiency - The Vanguard ETF features a low expense ratio of 0.08%, significantly lower than the category average of 1.24%, making it a cost-effective choice for investors [9]. - International small-caps are trading at discounted valuations compared to U.S. counterparts, and they tend to be more profitable, which is noteworthy given that approximately 40% of Russell 2000 index companies are unprofitable [10]. Group 4: Geographic Exposure - About half of the ETF's geographic exposure is allocated to European and Japanese stocks, regions with lower interest rates compared to the U.S., which may benefit investors sensitive to interest rate fluctuations [11].

下图展示的是，A股ETF在过去二十年左右的时间中，数量和规模的增长情况。 可以看到，从2004年到2014年左右，ETF的规模都非常小。 文 | 银行螺丝钉 （转载请注明出处） 最近几年，A股指数基金迎来了爆发式的增长。 有统计数据显示，截至2024年4季度末，A股全市场有2605只指数基金，整体规模突破了5.3万亿元，相比去年同期增加了74.48%。 那么，为什么指数基金会有一个爆发式的增长？它有怎样的优势呢？ A股指数基金的爆发式增长 一直到2020年，ETF的规模才达到了1万亿。 而到了2023年底，ETF的规模就突破了2万亿。 截至2025年3月12日，则是已经达到3.8万亿。 可见近几年，A股指数基金数量和规模，正以惊人的速度增长。 螺丝钉也在图上标注了，几个标志性的时间点： 未来，螺丝钉也会坚持日更，一起相约估值表10000期。 陪伴广大投资者，一起见证指数基金发展的黄金时期。 另一个标志性的事件是，在2024年3月，A股第一只2000亿元的非货币基金诞生了，它是一只沪深300的指数基金。 下图是这只基金成立以来的规模走势。 可以看到，这只沪深300指数基金的规模，从2012年-2017年的漫长时 ...