当您的投资期限缩短时， 是否该考虑配置缓冲型ETF？ 几个月前，我和丈夫成为了空巢夫妇。为了庆祝这一人生阶段，我们买了一座需要翻新的中世纪风格的现 代房屋。也正是这一刻，我们的投资期限缩短了。 在我们的工作生涯中，我们的闲置资金总是按70%股票/30%债券的比例投资。秉持长期投资的理念，我 们一直保持这种投资结构，但在2009年和2020年市场下行时加仓了股票资产。我们的韧劲源于两点：坚 韧不拔的意志和长期的投资视野。 而这次新的生活决策突然改变了我们的投资期限。如今，我们的部分股票和债券资产已被明确用于为房屋 的大规模翻修提供资金。如果市场出现大幅回调，则意味着我们将压缩房屋翻新预算，甚至干脆推迟翻新 计划。因此，是时候对这部分资产进行去风险化处理了，也就是说我们要减少或完全剔除股票市场敞口， 同时降低债券的久期和信用风险。 我们应该采取哪种退出措施？ 传统上，实现这一目标的最佳方式是通过定期存款 (CD) 或美国短期国库券（T-bills），但自2023年夏季 起，Innovator ETFs推出一系列交易所交易基金(ETF)产品，旨在与标普500等主流指数挂钩的同时，提 供100%下行保护与有限的上行空 ...

Core Insights - Major economies are shifting their debt strategies from traditional long-term bonds to shorter-term debt instruments, led by the UK and Japan [1][2] - This shift is driven by central banks reducing their bond-buying programs, leading to decreased demand for long-term bonds and rising government borrowing costs [1][2] - The trend is not isolated, as the US and Australia are also increasingly relying on short-term debt to finance deficits [1][2] Group 1: Debt Strategy Changes - The UK has reduced its long-term bond issuance to a historical low and is considering expanding its ultra-short-term bill market [1][5] - Japan plans to increase the issuance of short-term debt following a sell-off of long-term bonds [1][5] - The average duration of global government bonds has fallen to its lowest level since 2014, indicating a broader trend towards shorter maturities [1][2] Group 2: Demand Dynamics - Traditional buyers of long-term bonds, such as pension funds, are withdrawing from the market, creating a significant demand gap [2][5] - In the UK, the yield spread between long-term and short-term bonds has widened, making short-term borrowing more attractive [2][5] - In Japan, the demand for ultra-long bonds from banks and insurance companies has diminished, further contributing to the shift [2][5] Group 3: Financial Implications - The issuance of short-term bonds is becoming increasingly appealing due to the significant yield spread, with short-term bonds expected to make up 44% of new UK bond issuance this fiscal year [5] - In Japan, bonds with maturities of five years or less are projected to account for about 60% of new issuances, up from 56% in the previous fiscal year [5] - The strategy of shortening debt duration carries risks, as it bets on future declines in long-term bond yields, which could lead to increased costs if rates do not fall as anticipated [6][7]