市場觀點

作者

BNN Bloomberg

發布: 2026年2月3日 4:00PM EST

加拿大ETF在年初時 experience 前所未有的資金流入，突破常規季節性模式，顯示資金在資產類別、地區與投資者類型之間普遍強勁需求。

BNN Bloomberg 與 RBC Capital Markets 全球ETF策略總監 Valerie Grimba 進行訪談，探討駕駛創紀錄活動的力量、投資者偏好的轉變以及最受關注的領域。

主要要點
加拿大ETF在一月吸引創紀錄的 270 億美元資金，幾乎是前一個月高點的兩倍，對比通常的季節性流入而言遠超預期。投資者參與範圍異常廣泛，機構、金融顧問與零售投資者皆為強勁需求貢獻力量。新興市場ETF出現強勁回升，因投資者全球分散配置，並跟隨多個區域的強勁表現。全能型ETF持續受到青睞，因投資者偏好簡化、分散化的組合解決方案。以加拿大股票與礦業為焦點的ETF獲得大量資金流入，受益於強勁部門表現與國際興趣的提升。Valerie Grimba，RBC Capital Markets 全球ETF策略總監

閱讀完整訪談稿如下：

ANDREW：Time for the ETF report. Our guest says January was an extraordinary month for the ETF space, with nearly $30 billion pouring in across a variety of asset classes and geographies — $27 billion in inflows. We’re joined by Valerie Grimba, director of global ETF strategy at RBC Capital Markets. Great to see you. January was generally a risk-on environment, and ETFs continued to absorb significant capital.

VALERIE：Thank you so much for having me, Andy. January was, once again, nothing short of absolutely incredible. At this point, I feel a bit like a broken record — ETFs are going amazingly well — but it’s important to contextualize that nearly $30 billion figure. It’s such a remarkable record.

Last year, the monthly run rate, which we thought was impressive at the time, was about $10 billion per month flowing into ETFs. To hit $27 billion in a single month is extraordinary. While January was generally a risk-on environment, there is still a lot of volatility, and macro conditions remain very uncertain.

January is also not typically a seasonally strong month for ETF inflows, which makes the performance even more impressive than the headline number alone. This was driven by multiple factors, but really it was everything firing on all cylinders — across asset classes, across geographies, and across investor segments.

In many months, ETF inflows are driven primarily by institutions putting on very specific exposures. In January, we saw participation from institutions, retail DIY investors and financial advisors. It was very broad-based interest. Another notable feature was breadth: more than two-thirds of all Canadian-listed ETFs saw inflows in January.

ANDREW：Just remind us—what does it mean when we say an ETF has inflows? What’s the mechanism behind that?

VALERIE：That’s a great question. When we talk about inflows, we’re referring to net new money going into an ETF. We can measure that by stripping out performance and isolating the actual dollar value flowing into the fund.

So, for all intents and purposes, this reflects buying interest — new capital coming into these ETFs.

ANDREW：I know you can’t get into all the mechanics, but an ETF isn’t quite like a regular stock. If I buy a U.S. equity index ETF in the market, am I not just buying it from another investor?

VALERIE：That’s correct — and that’s where ETFs differ. Stocks trade solely on the secondary market, and there is a finite number of shares available unless the company issues more.

In the ETF world, market makers — like RBC — can interact directly with the asset managers. That allows us to create new ETF units as demand comes in. That’s one of the key advantages of the ETF structure, and it’s also how we can measure buying interest through fund flows.

ETF flows give us a very clear picture of investor trends and where money is being allocated, and we can observe that on a daily basis. Especially during volatile periods, ETF flows provide a useful gauge of investor sentiment.

ANDREW：One ETF that really stands out here is the BMO MSCI Emerging Markets Index ETF. If we look at a one-year chart, you can see that steady climb.

VALERIE：Exactly. Emerging markets were absolutely on fuego in January and saw incredible inflows. That tells us there was very strong buying interest.

There are two main drivers behind that. First, emerging markets have had a very strong start to the year. Several Latin American markets were up 15 per cent to 20 per cent in January alone, including Colombia and Peru. Some of this is performance chasing — investors want exposure to what’s working.

But there’s also a broader portfolio shift underway. Investors are diversifying away from U.S. mega-cap exposure, potentially due to valuation concerns or a sense that those trades are fully priced. Emerging markets are offering an attractive alternative, and we’re seeing investors follow into that trade.

ANDREW：Valerie, thanks very much for your time. Valerie Grimba, director of global ETF strategy at RBC Capital Markets.

---

此 BNN Bloomberg 摘要與訪談稿是經 AI 輔助發佈的。原始研究、訪談問題與補充內容由 BNN Bloomberg 記者撰寫。編輯亦審閱過此資料，確保其正確性並符合 BNN Bloomberg 編輯政策與標準。