2023年华尔街最佳 ETF（收藏版）

For investors looking for exchange-traded funds, the experience can feel a little bit like confronting the Cheesecake Factory menu: It’s nice to have so many options, but also a bit overwhelming.
对于寻找交易所交易基金的投资者来说，这种体验可能有点像面对芝士蛋糕工厂的菜单：有这么多选择是件好事，但也有点不知所措。

In fact, there are more than 3,000 ETFs on U.S. exchanges, and the number is increasing every year. It’s not hard to see their appeal: ETFs are typically low-cost, easy to trade, and enable investors to assemble a diversified investment portfolio with a few clicks or taps.
事实上，美国交易所有3000多只ETF，而且这个数字每年都在增加。不难看出它们的吸引力：ETF 通常成本低、易于交易，使投资者只需点击几下即可组建多元化的投资组合。

But different investors have different needs, so which ETFs might be right for you? To find the best ETFs we pored over the numbers, talked with fund experts, and ultimately winnowed the enormous range of choices down to a few winners we think will suit almost any investor. 
但不同的投资者有不同的需求，那么哪些ETF可能适合您呢？为了找到最好的ETF，我们仔细研究了这些数字，与基金专家进行了交谈，并最终筛选出我们认为几乎适合任何投资者的少数获胜者。

One note: This ranking focuses  on funds that invest in stocks. For an ETF that invests in bonds—a key part of any truly diversified portfolio—check out our separate list of Best Bond ETFs. 
注意：该排名侧重于投资股票的基金。对于投资于债券的 ETF（任何真正多元化投资组合的关键部分），请查看我们单独列出的最佳债券 ETF。

Many new ETFs these days are targeting narrower and narrower slices of the stock market, which is probably too cute by half. The whole advantage of the ETF vehicle—and this Vanguard offering in particular—is to “own the entire U.S. stock market for next to nothing,” says Ryan Jackson, manager research analyst for Chicago-based fund research firm Morningstar.
如今，许多新的ETF都瞄准了越来越窄的股票市场，这可能太可爱了。ETF工具的全部优势——尤其是Vanguard产品——是“几乎一无所有地拥有整个美国股市，”总部位于芝加哥的基金研究公司晨星（Morningstar）的经理研究分析师瑞安·杰克逊（Ryan Jackson）说。

That’s why, for the vast majority of people—and younger or novice investors in particular—Vanguard Total Stock Market Index ETF is the ideal portfolio cornerstone to get started. Indeed it was cited in our recent list of the Best Vanguard ETFs.
这就是为什么对于绝大多数人，尤其是年轻或新手投资者来说，Vanguard Total Stock Market Index ETF 是理想的投资组合基石。事实上，它在我们最近的最佳先锋 ETF 名单中被引用。

A click of the button gets you ownership of every investible stock in America (3,945 of them, by the way). That is what  Jackson calls a “deep reach” that goes from the biggest stocks, like Apple and Exxon Mobil, to the tiniest—like, say, $22-million Forte Biosciences, one of the smallest companies in the Russell 2000 index.
只需点击一下按钮，您就可以拥有美国每只可投资股票（顺便说一下，其中有 3,945 只）。这就是杰克逊所说的“深度影响”，从苹果和埃克森美孚等最大的股票，到最小的股票，比如2200万美元的Forte Biosciences，罗素2000指数中最小的公司之一。

That distinguishes Vanguard Total Stock Market Index from some other core ETFs, which might only focus on the most familiar large caps. As a result its shareholders enjoy unparalleled diversification. Meanwhile risk is mitigated by the fact that it is market-cap weighted. That means the fund naturally tilts towards sturdier companies, such as the tech giants listed above. In fact technology is easily the portfolio’s biggest sector, amounting to over a quarter of the entire fund.
这将 Vanguard Total Stock Market Index 与其他一些核心 ETF 区分开来，这些 ETF 可能只关注最熟悉的大盘股。因此，其股东享有无与伦比的多元化。同时，由于它是市值加权的，风险得到了缓解。这意味着该基金自然会倾向于更稳健的公司，例如上面列出的科技巨头。事实上，科技很容易成为投资组合中最大的板块，占整个基金的四分之一以上。

Vanguard Total Stock Market Index’s three-year annualized returns of 18.3%, five-year of 10.4%, and 10-year of 11.7% should give investors plenty of comfort that it will be able to ride out any short-term market volatility. As should its gold analyst rating from Morningstar, and “above average” and “high” ratings for process, people, and parent company. Says Jackson: “Owning the full market and charging such a low fee is its recipe for success.”
Vanguard Total Stock Market Index 的三年年化回报率为 18.3%，五年年化回报率为 10.4%，10 年年回报率为 11.7%，这应该会让投资者感到足够放心，因为它将能够度过任何短期市场波动。晨星（Morningstar）的黄金分析师评级，以及流程、人员和母公司的“高于平均水平”和“高”评级也应该如此。杰克逊说：“拥有整个市场并收取如此低的费用是其成功的秘诀。

The small-cap arena—generally defined as companies worth between $250 million and $2 billion—is famously high risk, high reward. You might find the Next Big Thing, or you might stumble into a spectacular flameout.
小盘股领域——通常被定义为价值在2.5亿美元至20亿美元之间的公司——是出了名的高风险、高回报。你可能会发现下一件大事，或者你可能会偶然陷入一场壮观的熄火。

To help ensure that your stocks have a nice runway ahead of them, we like this ETF from Pacer (a cousin of its larger-cap offering, Pacer U.S. Cash Cows 100). “I like the idea of thinking about small-cap stocks in terms of long-term sustainability, and free cash flow yield is one yardstick investors can use to find profitable companies at reasonable prices,” says Lara Crigger, editor in chief of independent ETF data and analytics firm VettaFi. “It selects and weights stocks by their free cash flow yield, and is one of the best performing small-cap ETFs over the past five years.”
为了帮助确保您的股票有一个很好的跑道，我们喜欢 Pacer 的这只 ETF（其大盘股 Pacer U.S. Cash Cows 100 的表亲）。“我喜欢从长期可持续性的角度考虑小盘股的想法，自由现金流收益率是投资者可以用来以合理价格找到盈利公司的一个标准，”独立ETF数据和分析公司VettaFi的主编Lara Crigger说。“它根据自由现金流收益率对股票进行选择和加权，是过去五年中表现最好的小盘股ETF之一。”

That free cash flow—money over and above the cost of running the business, which can be plowed into investor-friendly areas like buybacks, dividends, or acquisitions—produces handsome returns. Indeed, this ETF’s year-to-date returns of 6.5%, three-year annualized gains of 32%, and five-year of 9.3% are a testament to the strategy.
这种自由现金流——超过经营业务成本的钱，可以投入到回购、股息或收购等对投资者友好的领域——产生可观的回报。事实上，该ETF年初至今的回报率为6.5%，三年年化收益率为32%，五年回报率为9.3%，这证明了该策略。

That garners it the highest ratings possible from Refinitiv Lipper for consistent returns and total returns, and a four-star rating from Morningstar. The 0.59% expense ratio is higher than you will see from competitors like Vanguard, but in the small-cap space especially, we appreciate a high-quality screen to protect investors from adversity.
这为它赢得了路孚特理柏（Refinitiv Lipper）对稳定回报和总回报的最高评级，以及晨星（Morningstar）的四星评级。0.59%的费用率高于Vanguard等竞争对手，但特别是在小盘股领域，我们欣赏高质量的屏幕来保护投资者免受逆境的影响。

International equities can sometimes be a riskier place to operate, given the volatility of emerging markets, and the tendency of investors to retreat to the U.S. market in times of crisis. 
鉴于新兴市场的波动性，以及投资者在危机时期撤退到美国市场的趋势，国际股票有时可能是一个风险较高的经营场所。

But right now international stocks are offering a number of different positives: “It’s a good time to add to an international allocation,” says VettaFi’s Crigger. “International stocks are generally cheap relative to U.S. ones, and on top of that you have a weakening dollar, lower energy prices, and expectations of higher growth in China. So there are some really good tailwinds for markets all around the world.”
但目前，国际股票提供了许多不同的积极因素：“现在是增加国际配置的好时机，”VettaFi的Crigger说。国际股市相对于美国股市通常便宜，最重要的是美元走软、能源价格下跌以及中国经济增长预期加快。因此，对于世界各地的市场来说，都有一些非常好的利好因素。

For some added stability and clarity in international investing, we like this Schwab offering for its tailored portfolio: Developed markets, large-cap firms, and fundamental analysis that incorporates numerous important metrics.
为了增加国际投资的稳定性和清晰度，我们喜欢嘉信理财为其量身定制的投资组合：发达市场、大盘股公司和包含众多重要指标的基本面分析。

Holdings are weighted with the help of screens for factors like sales, cash flow and dividends, which gives the fund a natural tilt towards value and yield. The proof is in the pudding: Year-to-date it is up a crisp 7.6%, with three-year annual returns of 17.6% and five-year of 4%.
在销售、现金流和股息等因素的筛选的帮助下，对持股进行加权，这使基金自然而然地倾向于价值和收益率。证据就在布丁中：年初至今，它上涨了7.6%，三年年回报率为17.6%，五年年回报率为4%。

As a result it bests even Schwab’s own International Equity (SCHF), and comes cheaper in management costs than excellent competitors like Dimensional International Value (DFIV). In fact, Refinitiv Lipper awards the fund high marks across the board for consistent returns, expenses, total returns, and capital preservation.
因此，它甚至超过了嘉信理财自己的国际股票（SCHF），并且在管理成本方面比Dimensional International Value（DFIV）等优秀竞争对手更便宜。事实上，路孚特理柏在持续的回报、费用、总回报和资本保值方面对该基金给予了全面高分。

An added bonus is that foreign firms tend to pay out more in dividends than domestic ones, which means its 30-day yield of 3.07% compares very favorably to the S&P 500 average, currently at 1.66%.
另一个好处是，外国公司往往比国内公司支付更多的股息，这意味着其30天收益率为3.07%，与标准普尔500指数的平均水平（目前为1.66%）相比非常有利。

Schwab Fundamental International Large Company “pushes you towards stocks that have depreciated relative to their fundamentals, which gives a value tilt,” says Morningstar’s Jackson. “It’s a unique construction approach, and one that works really well over time.”
嘉信理财基本面国际大公司（Schwab Fundamental International Large Company）“将你推向相对于其基本面贬值的股票，这给人一种价值倾斜，”晨星的杰克逊说。“这是一种独特的施工方法，随着时间的推移，这种方法非常有效。”

In times of market volatility, investors tend to find solace in dividend-paying stocks, for income that will tide them over no matter what the market does. This Vanguard ETF they can find very comforting indeed, with its mix of cheap fees, above-average yield, and a parent company and process that lets investors breathe easy. (It also tops our list of the Best Dividend ETFs.)
在市场波动时期，投资者倾向于在支付股息的股票中找到慰藉，无论市场如何运作，收入都能帮助他们渡过难关。他们可以发现这个 Vanguard ETF 确实非常令人欣慰，它结合了低廉的费用、高于平均水平的收益率以及让投资者轻松呼吸的母公司和流程。（它也在我们的列表中名列前茅 最佳股息 ETF。

That’s because Vanguard High Dividend Yield ETF weights its holdings by market capitalization, meaning bigger, stable firms are more robustly represented than smaller, riskier ones. That’s important in dividend investing, since distressed companies sometimes offer sky-high yields to entice income investors and mask deeper problems.
这是因为Vanguard High Dividend Yield ETF按市值对其持股进行加权，这意味着规模较大、稳定的公司比规模较小、风险较高的公司具有更强的代表性。这在股息投资中很重要，因为陷入困境的公司有时会提供天价收益率来吸引收益投资者并掩盖更深层次的问题。

With a screen that targets the higher-yielding half of the dividend stock universe, its SEC yield of 3.09% compares favorably to worthy competitors like the firm’s own Dividend Appreciation fund (VIG), which it also edges in three-year annualized returns, by three percentage points a year. 
其SEC收益率为3.09%，与该公司自己的股息增值基金（VIG）等有价值的竞争对手相比，其三年年化回报率也高出3个百分点。

A caveat is that its top holdings may not appeal to sustainably-minded investors, with fossil fuel companies like Exxon Mobil and Chevron heavily represented. But that agnostic focus on payouts has helped it “beat its category consistently since inception, and outperformance during stress periods has been a hallmark,” Morningstar analysts note.
需要注意的是，其主要持股可能不会吸引具有可持续发展意识的投资者，埃克森美孚和雪佛龙等化石燃料公司占有重要地位。但晨星分析师指出，这种对支出的不可知论关注帮助它“自成立以来一直击败同类产品，在压力时期表现出色一直是一个标志”。

Indeed, for total return, yield, and low management expenses, it is hard to argue with a fund that gets four stars from Morningstar, a silver analyst rating, and 10-year annualized returns of 10.2%.
事实上，就总回报率、收益率和低管理费用而言，很难与晨星四星、白银分析师评级和 10 年年化回报率为 10.2% 的基金相提并论。

A popular reservation about ESG—or investing according to sustainable environmental, social, and governance principles—is the worry that you might have to sacrifice total return. But with this sustainably-minded fund, investors have actually been beating growth indexes—over long periods of time, no less.
关于ESG（或根据可持续的环境、社会和治理原则进行投资）的一个普遍保留意见是担心您可能不得不牺牲总回报。但是，有了这只具有可持续发展意识的基金，投资者实际上一直在跑赢增长指数——在很长一段时间内，同样如此。

This Nuveen product tracks the underlying TIAA ESG Large-Cap Growth Index, incorporating elements like low-carbon screening (eschewing companies that are huge carbon emitters) and avoiding controversial business practices (such as tobacco, gambling, or weapons manufacturing). The result is a fairly targeted collection of 81 stocks, which ends up heavily concentrated in information technology. IT amounts to over 40% of the fund, in fact, followed by consumer discretionary and healthcare as its other largest sectors.
Nuveen的这款产品跟踪潜在的TIAA ESG大盘增长指数，纳入了低碳筛选（避开碳排放大国的公司）和避免有争议的商业行为（如烟草、赌博或武器制造）等元素。结果是相当有针对性的 81 只股票的集合，最终主要集中在信息技术领域。事实上，IT占该基金的40%以上，其次是非必需消费品和医疗保健，是其其他最大的行业。

That tech focus can lead to some short-term volatility (2022, for example), but also robust long-term returns. Year-to-date the fund is up 11.8%, to add to 19.7% annually over three years and 14.5% over five. The fund also tops our list of Best ESG ETFs.
这种对科技的关注可能会导致一些短期波动（例如2022年），但也会带来强劲的长期回报。年初至今，该基金上涨了11.8%，三年内每年增长19.7%，五年内每年增长14.5%。该基金也位居最佳ESG ETF榜首。

No wonder it garners five stars from Morningstar and a silver analyst rating, as well as plaudits for its stewards that hold an average of 13 years of portfolio management experience. By consistently applying environmental, social and governance principles to generate market-beating returns, Nuveen Large-Cap Growth demonstrates that you can have your ESG cake and eat it, too.
难怪它获得了晨星（Morningstar）的五颗星和银牌分析师评级，以及平均拥有13年投资组合管理经验的管家的赞誉。通过始终如一地应用环境、社会和治理原则来产生超越市场的回报，Nuveen Large-Cap Growth表明，你也可以拥有你的ESG蛋糕，也可以吃掉它。

It is notable when a fund is able to best the mighty Vanguard on fees, and this ETF actually manages to do it. The Real Estate Select SPDR, helmed by State Street Global Advisors, comes with a minuscule 0.1% in expenses. 
值得注意的是，当一只基金能够在费用上击败强大的 Vanguard 时，这只 ETF 实际上设法做到了。由道富环球投资管理公司（State Street Global Advisors）掌舵的房地产精选SPDR的费用仅为0.1%。

But it is not just the low cost that is to its credit. The highly targeted portfolio—with only 30 holdings, representing the real estate names in the S&P 500—slightly edges competitors like Vanguard Real Estate (VNQ) in performance, with 9.97% annual returns over three years and 7.31% over five.
但值得称赞的不仅仅是低成本。这个高度针对性的投资组合 - 只有30个持股，代表标准普尔500指数中的房地产名称 - 在业绩上略高于Vanguard Real Estate（VNQ）等竞争对手，三年的年回报率为9.97%，五年的年回报率为7.31%。

In fact, both funds are on our list of Best REIT ETFs. Real Estate Select SPDR is our pick for best for safety, a fund we think deserves special attention in today’s volatile environment—especially if you are a novice investor.
事实上，这两只基金都在我们的最佳房地产投资信托基金 ETF 名单上。Real Estate Select SPDR 是我们选择的最安全基金，我们认为在当今动荡的环境中值得特别关注——特别是如果您是新手投资者。

Real Estate Select SPDR shone during 2022’s annus horribilis, which ravaged almost every fund in the sector as interest rates rose steeply, helping bring property prices back down to Earth. While real estate can be notoriously feast or famine, Morningstar analysts note that with this “resilient” fund, “strong risk-adjusted returns have not come with a bumpier ride for investors.” 
Real Estate Select SPDR 在 2022 年的年度大放异彩，随着利率急剧上升，该行业几乎所有基金都遭到了蹂躏，帮助房地产价格回落。虽然房地产可能是出了名的盛宴或饥荒，但晨星分析师指出，有了这只“有弹性”的基金，“强劲的风险调整后回报并没有给投资者带来更颠簸的旅程。

The end result is a four-star rating with silver analyst accolades from Morningstar, and “above average” kudos for its process, people and parent company. Since REITs are required to pay out 90% of taxable income in the form of dividends, its 3.37%, 30-day SEC yield likely seals the deal for income investors.
最终结果是晨星（Morningstar）的四星评级和银牌分析师的赞誉，以及对其流程、人员和母公司的“高于平均水平”的赞誉。由于房地产投资信托基金必须以股息的形式支付90%的应税收入，因此其3.37%的30天SEC收益率可能会为收入投资者敲定交易。

Refinitiv Lipper identifies a total of 3,161 ETFs traded on exchanges across a variety of subcategories and regions. We started by looking for funds that had a consistent track record, quality management, above-average relative returns and below-average fees. 
Refinitiv Lipper 识别出在各种子类别和地区的交易所交易的总共 3,161 只 ETF。我们首先寻找具有稳定业绩记录、质量管理、高于平均水平的相对回报和低于平均水平的费用的基金。

Beyond that, we looked for funds that had broad-based portfolios that produced for investors over time. We also consulted with fund experts at Morningstar, Refinitiv Lipper and VettaFi to come up with highly-ranked options offered by stable, trustworthy providers. 
除此之外，我们还寻找那些拥有广泛投资组合的基金，这些投资组合随着时间的推移为投资者带来收益。我们还咨询了晨星（Morningstar）、路孚特理柏（Refinitiv Lipper）和VettaFi的基金专家，以提出由稳定、值得信赖的提供商提供的排名靠前的期权。

We don’t have a ranking of commodity ETFs or ETFs that pursue other, more complicated strategies, but if you want to research those you find them through a screening tool like the ones at Morningstar or ETF.com, or work with a financial advisor.
我们没有商品ETF或追求其他更复杂策略的ETF的排名，但如果你想研究这些ETF，你可以通过Morningstar 或 ETF.com 等筛选工具找到它们，或者与财务顾问合作。

Data such as fund returns, yields, expense ratios and assets under management are as of April 11.
基金回报、收益率、费用率和管理资产等数据截至4月11日。