{"id":205048,"date":"2026-07-16T19:18:09","date_gmt":"2026-07-16T10:18:09","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205048"},"modified":"2026-07-21T18:03:30","modified_gmt":"2026-07-21T09:03:30","slug":"option-volatility-drag","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-volatility-drag\/","title":{"rendered":"\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\uff09\u3068\u306f\uff1f\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u6e1b\u4fa1\u306e\u4ed5\u7d44\u307f\u3068\u5e7e\u4f55\u5e73\u5747\u2212\u03c3\u00b2\/2\u3092\u30aa\u30d7\u30b7\u30e7\u30f3\u8996\u70b9\u3067\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u306f\u3001\u4fa1\u683c\u304c\u4e0a\u4e0b\u306b\u632f\u308c\u308b\u307b\u3069\u8907\u5229\u306e\u6210\u9577\u7387\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b\u73fe\u8c61<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\u300d\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6e1b\u8870\u300d\u3068\u3082\u8868\u8a18\u3055\u308c\u3001\u82f1\u8a9e\u3067\u306f volatility drag\uff08variance drain\uff09\u3068\u547c\u3070\u308c\u307e\u3059<\/li>\n\n\n\n<li>+50%\u306e\u7fcc\u65e5\u306b\u221250%\u306a\u3089\u5143\u672c\u306f75\u306b\u3002\u5e73\u5747\u3059\u308b\u3068\u00b10\u3067\u3082\u3001\u5b9f\u969b\u306e\u8cc7\u7523\u306f25%\u6e1b\u308b\u8a08\u7b97\u3067\u3059<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u6b63\u4f53\u306f\u300c\u7b97\u8853\u5e73\u5747\u3068\u5e7e\u4f55\u5e73\u5747\u306e\u30ae\u30e3\u30c3\u30d7\u300d\uff5c\u5e7e\u4f55\u5e73\u5747\uff08g\uff09\u2252\u7b97\u8853\u5e73\u5747\uff08\u03bc\uff09\u2212\u5206\u6563\uff08\u03c3\u00b2\uff09\uff0f2<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u5909\u52d5\u304c\u5927\u304d\u3044\u307b\u3069 \u03c3\u00b2\uff0f2 \u306e\u5dee\u3057\u5f15\u304d\u304c\u5897\u3048\u3001\u8907\u5229\u3067\u306e\u5897\u3048\u65b9\u3060\u3051\u304c\u76ee\u6e1b\u308a\u3057\u307e\u3059<\/li>\n\n\n\n<li>\u96e2\u6563\u30ea\u30bf\u30fc\u30f3\u3067\u306f\u8fd1\u4f3c\u5f0f\u3067\u3059\u304c\u3001\u5bfe\u6570\u6b63\u898f\u30fb\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u67a0\u7d44\u307f\u3067\u306f\u53b3\u5bc6\u306b\u6210\u308a\u7acb\u3061\u307e\u3059<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u30fb\u30ec\u30d0\u30ca\u30b9\u306e\u300c\u6e1b\u4fa1\u300d\u306f\u3001\u3053\u306e\u73fe\u8c61\u304c\u30ec\u30d0\u30ec\u30c3\u30b8\u3067\u5897\u5e45\u3055\u308c\u305f\u3082\u306e<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u306f\u3001\u4e0a\u4e0b\u3092\u7e70\u308a\u8fd4\u3059\u76f8\u5834\u3067\u306f\u8907\u5229\u52b9\u679c\u3067\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u9013\u6e1b\u3059\u308b\u3068\u660e\u8a18\uff08\u203b1\uff09<\/li>\n\n\n\n<li>\u500d\u7387\u3092L\u500d\u306b\u3059\u308b\u3068\u62bc\u3057\u4e0b\u3052\u52b9\u679c\u306f\u304a\u304a\u3080\u306d\uff08L\u00b2\u2212L\uff09\uff0f2\u00d7\u03c3\u00b2\u500d\u306b\u81a8\u3089\u3080\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u5fd6\u5ea6\u306a\u304f\u8a00\u3046\u3068\u300c\u6e1b\u4fa1\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u305b\u3044\u300d\u306f\u8aa4\u89e3\uff5c\u30aa\u30d7\u30b7\u30e7\u30f3\u306eBS\u30e2\u30c7\u30eb\u3068\u540c\u3058\u6570\u7406<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u5927\u548c\u7dcf\u7814\u306f\u300c\u4fa1\u5024\u304c\u9013\u6e1b\u3059\u308b\u306e\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u305b\u3044\u3067\u306f\u306a\u3044\u300d\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09<\/li>\n\n\n\n<li>\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5229\u76ca\u306f\u96d1\u6240\u5f97\u30fb\u7dcf\u5408\u8ab2\u7a0e\u3067\u6700\u5927\u7d0455%\uff08\u5206\u96e2\u8ab2\u7a0e\u5316\u306f\u4e88\u5b9a\u6bb5\u968e\uff09<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u300c\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306f\u6e1b\u4fa1\u3059\u308b\u304b\u3089\u9577\u671f\u306f\u30c0\u30e1\u300d\u2014\u2014\u3088\u304f\u805e\u304f\u8aac\u660e\u3067\u3059\u304c\u3001\u5fd6\u5ea6\u306a\u304f\u8a00\u3046\u3068\u3053\u306e\u7406\u89e3\u306f\u96d1\u3067\u3059\u3002\u6e1b\u4fa1\u306e\u6b63\u4f53\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u3067\u306f\u306a\u304f\u3001\u7b97\u8853\u5e73\u5747\u3068\u5e7e\u4f55\u5e73\u5747\u306e\u30ae\u30e3\u30c3\u30d7\u3068\u3044\u3046\u6570\u5b66\u305d\u306e\u3082\u306e\u3002\u305d\u3057\u3066\u3053\u308c\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306b\u51fa\u3066\u304f\u308b \u03bc\u2212\u03c3\u00b2\/2 \u3068\u307e\u3063\u305f\u304f\u540c\u3058\u6570\u7406\u3067\u3059\u3002\u7528\u8a9e\u306e\u6697\u8a18\u3067\u306f\u306a\u304f\u3001\u306a\u305c\u03c3\u00b2\/2\u306a\u306e\u304b\u307e\u3067\u8e0f\u307f\u8fbc\u3093\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u306f\u3001\u4fa1\u683c\u306e\u5909\u52d5\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u8907\u5229\u3067\u7a4d\u307f\u4e0a\u304c\u308b\u5b9f\u969b\u306e\u6210\u9577\u7387\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b\u73fe\u8c61\u3067\u3059\u3002<\/span><\/strong>\u65e5\u672c\u8a9e\u3067\u306f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6e1b\u8870\u300d\u3001\u82f1\u8a9e\u3067\u306f volatility drag \u306e\u307b\u304b variance drain\uff08\u5206\u6563\u306b\u3088\u308b\u76ee\u6e1b\u308a\uff09\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002\u30ad\u30fc\u30ef\u30fc\u30c9\u3068\u3057\u3066\u306f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\u300d\u3068\u8868\u8a18\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u6307\u3057\u3066\u3044\u308b\u4e2d\u8eab\u306f\u540c\u3058\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91cd\u8981\u306a\u306e\u306f\u3001<strong>\u3053\u308c\u304c\u300c\u8ab0\u304b\u304c\u8cc7\u7523\u3092\u5f15\u304d\u305a\u308a\u4e0b\u308d\u3059\u529b\u300d\u3067\u306f\u306a\u304f\u3001\u5e73\u5747\u306e\u5b9a\u7fa9\u304b\u3089\u751f\u3058\u308b\u7b97\u6570\u4e0a\u306e\u5e30\u7d50<\/strong>\u3060\u3068\u3044\u3046\u70b9\u3067\u3057\u3087\u3046\u3002\u307e\u305a\u306f\u5168\u4f53\u50cf\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><th>\u8aad\u307f\u65b9\u30fb\u5225\u8868\u8a18<\/th><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\uff0f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\uff0f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6e1b\u8870<\/td><\/tr><tr><th>\u82f1\u8a9e<\/th><td>volatility drag\uff08\u5225\u540d\uff1avariance drain\u3001volatility tax\uff09<\/td><\/tr><tr><th>\u610f\u5473<\/th><td>\u5909\u52d5\u304c\u5927\u304d\u3044\u307b\u3069\u8907\u5229\u3067\u306e\u6210\u9577\u7387\uff08\u5e7e\u4f55\u5e73\u5747\uff09\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b\u73fe\u8c61<\/td><\/tr><tr><th>\u8fd1\u4f3c\u5f0f<\/th><td>\u5e7e\u4f55\u5e73\u5747\uff08g\uff09\u2252 \u7b97\u8853\u5e73\u5747\uff08\u03bc\uff09\u2212 \u5206\u6563\uff08\u03c3\u00b2\uff09\uff0f2<\/td><\/tr><tr><th>\u53b3\u5bc6\u306b\u6210\u308a\u7acb\u3064\u67a0\u7d44\u307f<\/th><td>\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u30fb\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\uff08\u9023\u7d9a\u8907\u5229\uff09\u3067\u6271\u3046\u5834\u5408<\/td><\/tr><tr><th>\u8eab\u8fd1\u306a\u4f8b<\/th><td>\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u30fb\u30ec\u30d0\u30ca\u30b9\u306e\u300c\u6e1b\u4fa1\u300d\u3001\u65e5\u7d4c\u30ec\u30d0\u30fb\u30c0\u30d6\u30eb\u30a4\u30f3\u30d0\u30fc\u30b9\u306e\u9013\u6e1b<\/td><\/tr><tr><th>\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306e\u63a5\u70b9<\/th><td>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306e\u30c9\u30ea\u30d5\u30c8\u9805 \u03bc\u2212\u03c3\u00b2\uff0f2 \u3068\u540c\u4e00\u306e\u6570\u7406<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u73fe\u8c61\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3067\u6271\u3046<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading-iv\/\" target=\"_blank\" rel=\"noopener\">IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09<\/a>\u3084<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-vrp\/\" target=\"_blank\" rel=\"noopener\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/a>\u3068\u3082\u5730\u7d9a\u304d\u3067\u3059\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u300c\u30b3\u30b9\u30c8\u300d\u3068\u3057\u3066\u52b9\u3044\u3066\u304f\u308b\u5834\u9762\u3092\u3001\u6570\u5f0f\u306e\u30ec\u30d9\u30eb\u3067\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u4e0a\u4e0b\u306b\u632f\u308c\u308b\u3060\u3051\u3067\u8cc7\u7523\u304c\u6e1b\u308b\u306e\u304b\uff5c\u7b97\u8853\u5e73\u5747\u3068\u5e7e\u4f55\u5e73\u5747\u306e\u30ae\u30e3\u30c3\u30d7<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u691c\u7d22\u3057\u3066\u6700\u521d\u306b\u77e5\u308a\u305f\u3044\u306e\u306f\u3001\u304a\u305d\u3089\u304f\u300c\u5e73\u5747\u3059\u308c\u3070\u30d7\u30e9\u30b9\u30de\u30a4\u30ca\u30b9\u30bc\u30ed\u306a\u306e\u306b\u3001\u306a\u305c\u8cc7\u7523\u304c\u6e1b\u308b\u306e\u304b\u300d\u3067\u3057\u3087\u3046\u3002\u7b54\u3048\u306f<strong>\u300c\u6295\u8cc7\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u8db3\u3057\u7b97\u3067\u306f\u306a\u304f\u639b\u3051\u7b97\u3067\u7a4d\u307f\u4e0a\u304c\u308b\u304b\u3089\u300d<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u3082\u308f\u304b\u308a\u3084\u3059\u3044\u306e\u304c\u3001<strong>+50%\u306e\u7fcc\u65e5\u306b\u221250%<\/strong>\u3068\u3044\u3046\u4f8b\u3067\u3059\u3002\u5358\u7d14\u306b\u5e73\u5747\u3059\u308c\u3070\uff08+50\u221250\uff09\u00f72\uff1d0%\u3067\u3001\u5143\u672c\u306f\u5909\u308f\u3089\u306a\u3044\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u5b9f\u969b\u306e\u8cc7\u7523\u306f 100\u00d71.5\u00d70.5\uff1d<strong>75<\/strong>\u3068\u306a\u308a\u300125%\u3082\u6e1b\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3059\u3002\u9006\u9806\uff08\u221250%\u2192+50%\uff09\u3067\u3082\u7d50\u679c\u306f\u540c\u305875\u3067\u3001\u9806\u756a\u306f\u95a2\u4fc2\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u5e73\u5747\u306f0%\u306a\u306e\u306b\u5b9f\u969b\u306f75\u300d\u3068\u3044\u3046\u30ba\u30ec\u3053\u305d\u304c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u6b63\u4f53\u3067\u3059\u3002<strong>\u8db3\u3057\u7b97\u306e\u5e73\u5747\u304c\u7b97\u8853\u5e73\u5747\uff08\u03bc\uff09\u3001\u639b\u3051\u7b97\u3067\u7a4d\u307f\u4e0a\u3052\u305f\u5b9f\u969b\u306e\u6210\u9577\u7387\u304c\u5e7e\u4f55\u5e73\u5747\uff08g\uff09<\/strong>\u3067\u3001\u4e21\u8005\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u4e2d\u5b66\u6821\u3067\u7fd2\u3046\u300c\u76f8\u52a0\u5e73\u5747 \u2267 \u76f8\u4e57\u5e73\u5747\u300d\u306e\u95a2\u4fc2\u304c\u3001\u305d\u306e\u307e\u307e\u6295\u8cc7\u306e\u4e16\u754c\u3067\u52b9\u3044\u3066\u304f\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5909\u52d5\u5e45\u3092\u5909\u3048\u3066\u4e26\u3079\u308b\u3068\u3001\u30c9\u30e9\u30c3\u30b0\u306e\u5927\u304d\u3055\u304c\u5909\u52d5\u306e\u5927\u304d\u3055\u306b\u5f37\u304f\u4f9d\u5b58\u3059\u308b\u3053\u3068\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002\u3044\u305a\u308c\u3082\u300c\u4e0a\u3052\u3066\u304b\u3089\u4e0b\u3052\u308b\u300d\u30921\u5f80\u5fa9\u3057\u305f\u5f8c\u306e\u8cc7\u7523\u984d\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>1\u5f80\u5fa9\u306e\u5909\u52d5<\/th><th>\u8a08\u7b97<\/th><th>\u5143\u672c100\u304c\u2192<\/th><th>\u76ee\u6e1b\u308a<\/th><\/tr><\/thead><tbody><tr><td>\u00b110%<\/td><td>100\u00d71.1\u00d70.9<\/td><td>99.0<\/td><td>\u22121.0%<\/td><\/tr><tr><td>\u00b120%<\/td><td>100\u00d71.2\u00d70.8<\/td><td>96.0<\/td><td>\u22124.0%<\/td><\/tr><tr><td>\u00b130%<\/td><td>100\u00d71.3\u00d70.7<\/td><td>91.0<\/td><td>\u22129.0%<\/td><\/tr><tr><td>\u00b150%<\/td><td>100\u00d71.5\u00d70.5<\/td><td>75.0<\/td><td>\u221225.0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6ce8\u76ee\u3059\u3079\u304d\u306f\u3001<strong>\u5909\u52d5\u5e45\u304c2\u500d\u306b\u306a\u308b\u3068\u76ee\u6e1b\u308a\u306f\u7d044\u500d\u306b\u306a\u3063\u3066\u3044\u308b<\/strong>\u70b9\u3067\u3059\u3002\u00b110%\u3067\u22121.0%\u3001\u00b120%\u3067\u22124.0%\u3001\u00b130%\u3067\u22129.0%\u3068\u3001\u304d\u308c\u3044\u306b\u5909\u52d5\u5e45\u306e2\u4e57\u306b\u6bd4\u4f8b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u306b\u300c\u5206\u6563\uff08\u03c3\u00b2\uff09\u300d\u304c\u9854\u3092\u51fa\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3001\u6b21\u7ae0\u306e\u8fd1\u4f3c\u5f0f\u3078\u3068\u3064\u306a\u304c\u3063\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5e7e\u4f55\u5e73\u5747 \u2252 \u7b97\u8853\u5e73\u5747 \u2212 \u5206\u6563\uff0f2\uff5c\u03c3\u00b2\uff0f2\u306e\u6b63\u4f53<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\" data-colset=\"of\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3092\u4e00\u884c\u3067\u8868\u3059\u8fd1\u4f3c\u5f0f\u3068\u3001\u305d\u306e\u610f\u5473<\/li>\n\n\n\n<li>\u8fd1\u4f3c\u304c\u3044\u3064\u5d29\u308c\u308b\u306e\u304b\uff08\u6210\u7acb\u6761\u4ef6\uff09<\/li>\n\n\n\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3068\u540c\u3058\u6570\u7406\u3067\u3042\u308b\u3053\u3068<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u8fd1\u4f3c\u5f0f\u306e\u610f\u5473\uff5c\u5f15\u304b\u308c\u308b\u306e\u306f\u300c\u5206\u6563\u306e\u534a\u5206\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u524d\u7ae0\u3067\u898b\u305f\u30ba\u30ec\u306f\u3001\u6b21\u306e\u4e00\u884c\u306b\u307e\u3068\u307e\u308a\u307e\u3059\u3002\u5927\u548c\u7dcf\u7814\u306e\u30ec\u30dd\u30fc\u30c8\u3082\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u7b97\u8853\u5e73\u5747\u3068\u5e7e\u4f55\u5e73\u5747\u306e\u9593\u306b\u306f\u8fd1\u4f3c\u7684\u306b<strong>\u300c\u5e7e\u4f55\u5e73\u5747\uff08g\uff09\u2252\u7b97\u8853\u5e73\u5747\uff08\u03bc\uff09\u2212\u5206\u6563\uff08\u03c3\u00b2\uff09\uff0f2\u300d<\/strong>\u304c\u6210\u308a\u7acb\u3064\u3068\u793a\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u8fd1\u4f3c\u5f0f<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><strong>g \u2252 \u03bc \u2212 \u03c3\u00b2 \uff0f 2<\/strong><br>g\uff1a\u5e7e\u4f55\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\uff08\u5b9f\u969b\u306b\u624b\u5143\u306b\u6b8b\u308b\u8907\u5229\u306e\u6210\u9577\u7387\uff09<br>\u03bc\uff1a\u7b97\u8853\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\uff08\u5358\u7d14\u306b\u5e73\u5747\u3057\u305f\u898b\u304b\u3051\u306e\u30ea\u30bf\u30fc\u30f3\uff09<br>\u03c3\u00b2\uff1a\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563\uff08\u03c3\uff1d\u6a19\u6e96\u504f\u5dee\uff1d\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09<\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u8aad\u307f\u65b9\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3001<strong>\u898b\u304b\u3051\u306e\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u300c\u5206\u6563\u306e\u534a\u5206\u300d\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u304c\u3001\u5b9f\u969b\u306b\u5897\u3048\u308b\u901f\u3055<\/strong>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u306e \u03c3\u00b2\uff0f2 \u306e\u9805\u304c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u305d\u306e\u3082\u306e\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306b\u5f53\u3066\u306f\u3081\u3066\u307f\u307e\u3059\u3002\u5e74\u7387\u306e\u7b97\u8853\u5e73\u5747\u304c8.75%\u3001\u6a19\u6e96\u504f\u5dee\u304c18.86%\u306e\u8cc7\u7523\u306a\u3089\u3001\u03c3\u00b2\uff0f2 \u306f 0.1886\u00b2\u00f72\uff1d\u7d041.78%\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u5e7e\u4f55\u5e73\u5747\u306f 8.75\u22121.78\uff1d<strong>\u7d046.97%<\/strong>\u307e\u3067\u4e0b\u304c\u308a\u307e\u3059\u3002<strong>\u898b\u304b\u3051\u306e\u5e73\u5747\u3088\u308a\u3001\u5b9f\u969b\u306b\u5897\u3048\u308b\u901f\u3055\u306f\u5e741.8%\u307b\u3069\u4f4e\u3044<\/strong>\u3068\u3044\u3046\u8a08\u7b97\u306b\u306a\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5f0f\u304c\u6559\u3048\u3066\u304f\u308c\u308b\u306e\u306f\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u300c\u30ea\u30b9\u30af\u306e\u5c3a\u5ea6\u300d\u3067\u3042\u308b\u3068\u540c\u6642\u306b\u3001\u8907\u5229\u30ea\u30bf\u30fc\u30f3\u3092\u76f4\u63a5\u524a\u308b\u30b3\u30b9\u30c8<\/strong>\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3057\u3087\u3046\u3002\u540c\u3058\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306a\u3089\u3001\u5909\u52d5\u304c\u5c0f\u3055\u3044\u8cc7\u7523\u306e\u307b\u3046\u304c\u6700\u7d42\u7684\u306b\u591a\u304f\u5897\u3048\u307e\u3059\u3002\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u597d\u307e\u308c\u308b\u7406\u7531\u306f\u3001\u611f\u899a\u8ad6\u3067\u306f\u306a\u304f\u6570\u5f0f\u3067\u8aac\u660e\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8fd1\u4f3c\u306f\u3044\u3064\u5d29\u308c\u308b\u304b\uff5c\u5bfe\u6570\u6b63\u898f\u306a\u3089\u53b3\u5bc6\u306b\u6210\u308a\u7acb\u3064<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u306f\u591a\u304f\u306e\u89e3\u8aac\u304c\u7701\u304f\u3068\u3053\u308d\u3067\u3059\u304c\u3001<strong>\u3053\u306e\u5f0f\u306f\u300c\u8fd1\u4f3c\u300d\u3067\u3042\u3063\u3066\u3001\u5e38\u306b\u53b3\u5bc6\u3067\u306f\u3042\u308a\u307e\u305b\u3093<\/strong>\u3002\u7406\u7531\u306f\u3001ln(1+r) \u30922\u6b21\u307e\u3067\u306e\u30c6\u30a4\u30e9\u30fc\u5c55\u958b\u3067\u6253\u3061\u5207\u3063\u3066\u5c0e\u3044\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u305f\u3081\u3001<strong>\u5909\u52d5\u304c\u6975\u7aef\u306b\u5927\u304d\u3044\u5834\u9762\u3067\u306f\u8aa4\u5dee\u304c\u5e83\u304c\u308a\u307e\u3059<\/strong>\u3002\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u306e\u3088\u3046\u306b1\u56de\u306e\u5909\u52d5\u304c\u6570%\u7a0b\u5ea6\u306a\u3089\u5b9f\u7528\u4e0a\u306f\u5341\u5206\u306a\u7cbe\u5ea6\u3067\u3059\u304c\u3001\u6697\u53f7\u8cc7\u7523\u306e\u6025\u843d\u306e\u3088\u3046\u306b1\u65e5\u3067\u6570\u5341%\u52d5\u304f\u5834\u9762\u3067\u306f\u3001\u8fd1\u4f3c\u5024\u3092\u305d\u306e\u307e\u307e\u4fe1\u3058\u306a\u3044\u307b\u3046\u304c\u5b89\u5168\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001<strong>\u9023\u7d9a\u8907\u5229\uff08\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\uff09\u3067\u8003\u3048\u308b\u3068\u3001\u3053\u306e\u95a2\u4fc2\u306f\u8fd1\u4f3c\u3067\u306f\u306a\u304f\u53b3\u5bc6\u306b\u6210\u7acb\u3057\u307e\u3059<\/strong>\u3002\u4fa1\u683c\u304c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u5f93\u3046\u3068\u4eee\u5b9a\u3059\u308b\u3068\u3001\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\u306e\u671f\u5f85\u5024\u304c\u3061\u3087\u3046\u3069 \u03bc\u2212\u03c3\u00b2\uff0f2 \u306b\u306a\u308b\u305f\u3081\u3067\u3059\u3002\u300c\u96e2\u6563\u30ea\u30bf\u30fc\u30f3\u3067\u306f\u8fd1\u4f3c\u3001\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\u3067\u306f\u53b3\u5bc6\u300d\u2014\u2014\u3053\u306e\u7dda\u5f15\u304d\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001\u89e3\u8aac\u3054\u3068\u306b\u66f8\u304d\u65b9\u304c\u9055\u3046\u7406\u7531\u3082\u8151\u306b\u843d\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306e\u63a5\u70b9\uff5cBS\u30e2\u30c7\u30eb\u306e\u30c9\u30ea\u30d5\u30c8\u9805\u3068\u540c\u3058\u6570\u7406<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3092\u5b66\u3093\u3067\u3044\u308b\u65b9\u306b\u3068\u3063\u3066\u3001\u3053\u3053\u304c\u6700\u3082\u91cd\u8981\u306a\u63a5\u70b9\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30e2\u30c7\u30eb\u306e\u571f\u53f0\u3067\u3042\u308b\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u3001\u6700\u521d\u304b\u3089\u57cb\u3081\u8fbc\u307e\u308c\u3066\u3044\u308b<\/strong>\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u5f93\u3046\u4fa1\u683c\u306f\u3001S(t)\uff1dS(0)\u00d7exp{(\u03bc\u2212\u03c3\u00b2\uff0f2)t\uff0b\u03c3B(t)} \u3068\u8868\u3055\u308c\u307e\u3059\u3002\u6307\u6570\u306e\u80a9\u306b\u4e57\u3063\u3066\u3044\u308b <strong>\u03bc\u2212\u03c3\u00b2\uff0f2 \u3068\u3044\u3046\u9805\uff08\u30c9\u30ea\u30d5\u30c8\u9805\uff09\u304c\u3001\u307e\u3055\u306b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0<\/strong>\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u7406\u8ad6\u5f0f\u306b\u51fa\u3066\u304f\u308b\u3042\u306e \u03c3\u00b2\uff0f2 \u306f\u3001\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u6e1b\u4fa1\u3068\u540c\u3058\u3082\u306e\u3092\u6307\u3057\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304b\u3089\u3001\u5b9f\u52d9\u7684\u306b\u52b9\u3044\u3066\u304f\u308b\u793a\u5506\u304c\u51fa\u3066\u304d\u307e\u3059\u3002<strong>\u671f\u5f85\u5024\uff08\u5e73\u5747\uff09\u3068\u4e2d\u592e\u5024\uff08\u771f\u3093\u4e2d\u306e\u7d50\u672b\uff09\u304c\u30ba\u30ec\u308b<\/strong>\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u4fa1\u683c\u306e\u671f\u5f85\u5024\u306f e^(\u03bct) \u3067\u4f38\u3073\u308b\u4e00\u65b9\u3001\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306e\u4e2d\u592e\u5024\u306f e^((\u03bc\u2212\u03c3\u00b2\uff0f2)t) \u307e\u3067\u3057\u304b\u4f38\u3073\u307e\u305b\u3093\u3002<strong>\u5e73\u5747\u304c\u6301\u3061\u4e0a\u304c\u308b\u306e\u306f\u3001\u78ba\u7387\u306f\u4f4e\u3044\u304c\u6975\u7aef\u306b\u5927\u304d\u3044\u4e0a\u6607\u304c\u5e73\u5747\u5024\u3092\u5f15\u304d\u4e0a\u3052\u3066\u3044\u308b\u304b\u3089<\/strong>\u3067\u3001\u5178\u578b\u7684\u306a\u7d50\u672b\u306f\u3082\u3063\u3068\u5730\u5473\u306a\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u671f\u5f85\u5024\u3068\u4e2d\u592e\u5024\u306e\u4e56\u96e2\u300d\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u624b\u30fb\u8cb7\u3044\u624b\u306e\u975e\u5bfe\u79f0\u6027\u3092\u8003\u3048\u308b\u3046\u3048\u3067\u3082\u571f\u53f0\u306b\u306a\u308a\u307e\u3059\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u307b\u3069\u4e2d\u592e\u5024\u306f\u4e0b\u306b\u62bc\u3057\u4e0b\u3052\u3089\u308c\u3001\u305d\u306e\u5206\u3060\u3051\u88fe\uff08\u30c6\u30fc\u30eb\uff09\u304c\u539a\u304f\u306a\u308b\u3068\u3044\u3046\u69cb\u9020\u3067\u3059\u3002<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-iv-smile\/\" target=\"_blank\" rel=\"noopener\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb<\/a>\u304c\u751f\u307e\u308c\u308b\u80cc\u666f\u3092\u8003\u3048\u308b\u3068\u304d\u306b\u3082\u3001\u3053\u306e\u8996\u70b9\u304c\u52b9\u3044\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u30fb\u30ec\u30d0\u30ca\u30b9\u306e\u300c\u6e1b\u4fa1\u300d\u3068\u306e\u95a2\u4fc2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u304c\u6700\u3082\u5e83\u304f\u77e5\u3089\u308c\u3066\u3044\u308b\u306e\u304c\u3001<strong>\u30ec\u30d0\u30ec\u30c3\u30b8ETF\uff08\u65e5\u7d4c\u30ec\u30d0\u30fb\u30ec\u30d0\u30ca\u30b9\u7b49\uff09\u306e\u300c\u6e1b\u4fa1\u300d<\/strong>\u3068\u3044\u3046\u6587\u8108\u3067\u3057\u3087\u3046\u3002\u691c\u7d22\u3067\u3053\u306e\u8a00\u8449\u306b\u305f\u3069\u308a\u7740\u304f\u65b9\u306e\u591a\u304f\u306f\u3001\u3053\u3061\u3089\u304c\u51fa\u767a\u70b9\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u516c\u7684\u6a5f\u95a2\u30fb\u8a3c\u5238\u4f1a\u793e\u306f\u3069\u3046\u8aac\u660e\u3057\u3066\u3044\u308b\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305a\u62bc\u3055\u3048\u308b\u3079\u304d\u306f\u3001<strong>\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u500d\u7387\u306f\u300c\u65e5\u3005\u306e\u5909\u52d5\u7387\u300d\u306b\u3060\u3051\u639b\u304b\u308b<\/strong>\u3068\u3044\u3046\u4ed5\u7d44\u307f\u3067\u3059\u30022\u55b6\u696d\u65e5\u4ee5\u4e0a\u306e\u7d2f\u7a4d\u3067\u306f\u3001\u539f\u6307\u6570\u306e\u9a30\u843d\u7387\u3092\u5358\u7d14\u306b2\u500d\u3057\u305f\u5024\u3068\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u91ce\u6751\u8b49\u5238\u306e\u8aac\u660e\u66f8\u3082\u3001\u3053\u306e\u73fe\u8c61\u3092\u300c\u8907\u5229\u52b9\u679c\u300d\u3068\u547c\u3076\u5834\u5408\u304c\u3042\u308b\u3068\u3057\u3066\u3044\u307e\u3059\uff08\u203b2\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\uff08JPX\uff09\u306f\u3001<strong>\u539f\u6307\u6a19\u306e\u4e0a\u6607\u3068\u4e0b\u843d\u304c\u76f8\u4e92\u306b\u7e70\u308a\u8fd4\u3055\u308c\u308b\u76f8\u5834\u3067\u306f\u3001\u8907\u5229\u52b9\u679c\u306b\u3088\u308a\u539f\u6307\u6a19\u3068\u6bd4\u8f03\u3057\u3066\u6307\u6570\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u9013\u6e1b\u3057\u3066\u3044\u304f\u7279\u6027\u304c\u3042\u308b<\/strong>\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002\u3053\u306e\u300c\u9013\u6e1b\uff08\u3066\u3044\u3052\u3093\uff09\u300d\u304c\u3001\u3044\u308f\u3086\u308b\u6e1b\u4fa1\u306b\u3042\u305f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u3046\u3048\u3067\u91ce\u6751\u8b49\u5238\u306f\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u307e\u305f\u6295\u8cc7\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u4e56\u96e2\u304c\u5927\u304d\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308b<\/strong>\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\u30fb\u30a4\u30f3\u30d0\u30fc\u30b9\u578b\u306f\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u306e\u5024\u52d5\u304d\u3092\u3068\u3089\u3048\u308b\u6295\u8cc7\u306b\u5411\u3044\u305f\u5546\u54c1\u3067\u3042\u308a\u3001\u4e2d\u9577\u671f\u7684\u306a\u6295\u8cc7\u306e\u76ee\u7684\u306b\u306f\u9069\u3055\u306a\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u3001\u3068\u8aac\u660e\u3057\u3066\u3044\u308b\u306e\u3067\u3059\uff08\u203b2\uff09\u3002\u516c\u5f0f\u898b\u89e3\u3068\u3057\u3066\u306f\u3001\u3053\u306e\u6574\u7406\u304c\u5171\u901a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u500d\u7387\u304c\u4e0a\u304c\u308b\u307b\u3069\u6e1b\u4fa1\u304c\u52a0\u901f\u3059\u308b\u7406\u7531<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u308b\u3068\u3001\u306a\u305c\u6e1b\u4fa1\u304c\u76ee\u7acb\u3064\u306e\u3067\u3057\u3087\u3046\u304b\u3002<strong>L\u500d\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u306f\u3001\u5909\u52d5\u5e45\u3082L\u500d\u306b\u3059\u308b<\/strong>\u304b\u3089\u3067\u3059\u3002\u30c9\u30e9\u30c3\u30b0\u306f\u5909\u52d5\u5e45\u306e2\u4e57\uff08\u5206\u6563\uff09\u306b\u6bd4\u4f8b\u3059\u308b\u305f\u3081\u3001\u5909\u52d5\u5e45\u304cL\u500d\u306b\u306a\u308c\u3070\u30c9\u30e9\u30c3\u30b0\u306fL\u00b2\u500d\u306e\u52e2\u3044\u3067\u52b9\u3044\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u8cc7\u7523\u306e\u30c9\u30e9\u30c3\u30b0\u5206\u3092\u5dee\u3057\u5f15\u3044\u305f\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u7279\u6709\u306e\u4e0a\u4e57\u305b\u5206\u300d\u306f\u3001\u304a\u304a\u3080\u306d<strong>\uff08L\u00b2\u2212L\uff09\uff0f2\u00d7\u03c3\u00b2<\/strong>\u3067\u898b\u7a4d\u3082\u308c\u307e\u3059\u3002\u5e74\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a320%\u306e\u6307\u6570\u306a\u3089\u30012\u500d\u3067\u5e74\u7d044.0%\u30013\u500d\u3067\u5e74\u7d0412.0%\u306e\u4e0a\u4e57\u305b\u3067\u3059\u3002<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a330%\u306e\u8cc7\u7523\u306b3\u500d\u3092\u304b\u3051\u308b\u3068\u3001\u4e0a\u4e57\u305b\u306f\u5e74\u7d0427.0%\u306b\u3082\u9054\u3057\u307e\u3059<\/strong>\u3002\u6697\u53f7\u8cc7\u7523\u306e\u3088\u3046\u306b\u5909\u52d5\u306e\u5927\u304d\u3044\u5e02\u5834\u3067\u3001\u9ad8\u500d\u7387\u306e\u9577\u671f\u4fdd\u6709\u304c\u53b3\u3057\u304f\u306a\u308b\u7406\u7531\u304c\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u500d\u7387(L)<\/th><th>\u5e74\u7387\u30dc\u30e920%<\/th><th>\u5e74\u7387\u30dc\u30e930%<\/th><th>\u00b110%\u30921\u5f80\u5fa9\u3057\u305f\u8cc7\u7523<\/th><\/tr><\/thead><tbody><tr><td>1\u500d\uff08\u539f\u6307\u6570\uff09<\/td><td>\u2014<\/td><td>\u2014<\/td><td>99.0<\/td><\/tr><tr><td>2\u500d<\/td><td>\u5e74\u7d044.0%<\/td><td>\u5e74\u7d049.0%<\/td><td>96.0<\/td><\/tr><tr><td>3\u500d<\/td><td>\u5e74\u7d0412.0%<\/td><td>\u5e74\u7d0427.0%<\/td><td>91.0<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u53f3\u7aef\u306e\u5217\u306f\u3001\u539f\u6307\u6570\u304c\u00b110%\u30921\u5f80\u5fa9\uff08\uff0b10%\u2192\u221210%\uff09\u3057\u305f\u5834\u5408\u306e\u8cc7\u7523\u984d\u3067\u3059\u3002<strong>\u539f\u6307\u6570\u304c99\u307e\u3067\u3057\u304b\u4e0b\u304c\u3089\u306a\u3044\u5834\u9762\u3067\u30013\u500d\u306f91\u307e\u3067\u6c88\u307f\u307e\u3059<\/strong>\u3002\u3057\u304b\u3082\u6307\u6570\u306f\u5143\u306e\u6c34\u6e96\u306b\u623b\u3063\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u3067\u3059\u3002\u3053\u306e\u5dee\u304c\u7a4d\u307f\u91cd\u306a\u308b\u306e\u304c\u3001\u6a2a\u3070\u3044\u30fb\u5f80\u5fa9\u76f8\u5834\u3067\u30ec\u30d0\u30ec\u30c3\u30b8\u5546\u54c1\u304c\u524a\u3089\u308c\u3066\u3044\u304f\u4ed5\u7d44\u307f\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b\u00b110%\u306e\u5f80\u5fa9\u309210\u56de\uff0820\u55b6\u696d\u65e5\uff09\u7e70\u308a\u8fd4\u3059\u3068\u3001\u539f\u6307\u6570\u306f<strong>\u22129.56%<\/strong>\u306b\u3068\u3069\u307e\u308b\u4e00\u65b9\u30012\u500d\u6307\u6570\u306f<strong>\u221233.52%<\/strong>\u307e\u3067\u843d\u3061\u8fbc\u307f\u307e\u3059\u3002\u500d\u7387\u304c2\u500d\u3067\u3082\u3001\u76ee\u6e1b\u308a\u306f3\u500d\u4ee5\u4e0a\u306b\u81a8\u3089\u3080\u3068\u3044\u3046\u8a08\u7b97\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u306e\u3088\u304f\u3042\u308b\u8aa4\u89e3\uff08\u5fd6\u5ea6\u306a\u3057\uff09<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7528\u8a9e\u306f\u5e83\u307e\u308b\u904e\u7a0b\u3067\u3001\u304b\u306a\u308a\u96d1\u306a\u7406\u89e3\u3082\u4e00\u7dd2\u306b\u5e83\u307e\u308a\u307e\u3057\u305f\u3002\u5b9f\u52d9\u3067\u8aa4\u3089\u306a\u3044\u305f\u3081\u306b\u3001\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u8aa4\u89e3\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-bad_list\" data-colset=\"of\"><div class=\"cap_box_ttl\"><span class=\"__label\"><i class=\"icon-close\" aria-hidden=\"true\"><\/i>\u3042\u308a\u304c\u3061\u306a\u8aa4\u89e3<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><strong>\u300c\u6e1b\u4fa1\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u305b\u3044\u300d\u306f\u8aa4\u308a<\/strong>\uff5c\u5927\u548c\u7dcf\u7814\u306f\u3001\u4fa1\u5024\u304c\u9013\u6e1b\u3059\u308b\u306e\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u305b\u3044\u3067\u306f\u306a\u3044\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002\u76f8\u52a0\u5e73\u5747\u2267\u76f8\u4e57\u5e73\u5747\u306e\u95a2\u4fc2\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u306a\u3044\u6307\u6570\u306b\u3082\u540c\u3058\u304f\u50cd\u304d\u307e\u3059\uff08\u203b3\uff09<\/li>\n\n\n\n<li><strong>\u300c\u8cc7\u7523\u3092\u5f15\u304d\u305a\u308a\u4e0b\u308d\u3059\u529b\u300d\u3067\u306f\u306a\u3044<\/strong>\uff5cCFA Institute\u306f\u3053\u308c\u3092 myth\uff08\u795e\u8a71\uff09\u3068\u547c\u3073\u3001\u305d\u3053\u306b\u529b\u304c\u50cd\u3044\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u304f\u5358\u306a\u308b\u6570\u5b66\u7684\u95a2\u4fc2\u3060\u3068\u6279\u5224\u3057\u3066\u3044\u307e\u3059\uff08\u203b4\uff09<\/li>\n\n\n\n<li><strong>\u300c\u6e1b\u4fa1\u3059\u308b\u304b\u3089\u9577\u671f\u306f\u5fc5\u305a\u640d\u300d\u3067\u306f\u306a\u3044<\/strong>\uff5c\u539f\u6307\u6570\u304c\u529b\u5f37\u304f\u4e0a\u6607\u3057\u7d9a\u3051\u308c\u3070\u3001\u30c9\u30e9\u30c3\u30b0\u3092\u4e0a\u56de\u3063\u3066\u5897\u3048\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u9577\u671f\u306e\u6210\u5426\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u5927\u5c0f\u95a2\u4fc2\u3067\u6c7a\u307e\u308a\u307e\u3059<\/li>\n\n\n\n<li><strong>\u8fd1\u4f3c\u5f0f\u3092\u4e07\u80fd\u3068\u8003\u3048\u306a\u3044<\/strong>\uff5cg\u2252\u03bc\u2212\u03c3\u00b2\uff0f2 \u306f\u30c6\u30a4\u30e9\u30fc\u5c55\u958b\u306b\u3088\u308b\u8fd1\u4f3c\u3067\u3001\u5909\u52d5\u304c\u6975\u7aef\u306b\u5927\u304d\u3044\u5834\u9762\u3067\u306f\u8aa4\u5dee\u304c\u5e83\u304c\u308a\u307e\u3059<\/li>\n\n\n\n<li><strong>\u624b\u6570\u6599\u3084\u4fe1\u8a17\u5831\u916c\u3068\u306f\u5225\u7269<\/strong>\uff5c\u30c9\u30e9\u30c3\u30b0\u306f\u30b3\u30b9\u30c8\u304c0\u3067\u3082\u767a\u751f\u3059\u308b\u6570\u5b66\u7684\u306a\u73fe\u8c61\u3067\u3059\u3002\u5b9f\u969b\u306e\u5546\u54c1\u3067\u306f\u3053\u308c\u306b\u4fe1\u8a17\u5831\u916c\u7b49\u304c\u4e0a\u4e57\u305b\u3055\u308c\u307e\u3059<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b1\u3064\u76ee\u306f\u3001\u591a\u304f\u306e\u89e3\u8aac\u304c\u5916\u3057\u3066\u3044\u308b\u8ad6\u70b9\u3067\u3059\u3002\u5927\u548c\u7dcf\u7814\u306f\u300c\u6307\u6570\u304c10%\u4e0a\u304c\u3063\u306610%\u4e0b\u304c\u3063\u305f\u3089\u300d\u3068\u3044\u3046\u5b9a\u756a\u306e\u6570\u5024\u4f8b\u306b\u3064\u3044\u3066\u3001<strong>\u3053\u306e\u4f8b\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\u304c\u77ed\u671f\u6295\u8cc7\u5411\u3051\u3060\u3068\u3059\u308b\u6839\u62e0\u306b\u3088\u304f\u4f7f\u308f\u308c\u3066\u304d\u305f\u304c\u3001\u9069\u5207\u306a\u4f8b\u3068\u306f\u3044\u3044\u304c\u305f\u3044<\/strong>\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002\u540c\u30ec\u30dd\u30fc\u30c8\u306f\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u578bETF\u306e\u9577\u671f\u53ce\u76ca\u7387\u306f\u5143\u306e\u6307\u6570\u306e\u9577\u671f\u53ce\u76ca\u7387\u3060\u3051\u3067\u306a\u304f\u30ea\u30b9\u30af\u306e\u5927\u304d\u3055\u3082\u898b\u7a4d\u3082\u3089\u306a\u3044\u3068\u5224\u65ad\u3067\u304d\u306a\u3044\u3001\u3068\u7d50\u8ad6\u3065\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u300c\u00b110%\u3067\u5f80\u5fa9\u3057\u305f\u3089\u6e1b\u308b\u304b\u3089\u30ec\u30d0\u30ec\u30c3\u30b8\u306f\u5371\u967a\u300d\u3068\u3044\u3046\u8aac\u660e\u3001\u5b9f\u306f\u7121\u30ec\u30d0\u306e\u6307\u6570\u3067\u3082\u540c\u3058\u3053\u3068\u304c\u8d77\u304d\u3066\u3044\u307e\u3059\u3002\u5371\u967a\u306a\u306e\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u81ea\u5206\u304c\u53d6\u3063\u3066\u3044\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5927\u304d\u3055\u3092\u898b\u7a4d\u3082\u3089\u305a\u306b\u500d\u7387\u3092\u4e0a\u3052\u308b\u3053\u3068\u3002\u6570\u5f0f\u3067\u8a00\u3048\u3070\u3001\u03bc\u3068\u03c3\u3092\u4e21\u65b9\u898b\u306a\u3044\u3068\u5224\u65ad\u3067\u304d\u306a\u3044\u3068\u3044\u3046\u8a71\u3067\u3059\u3002\u3053\u3053\u3092\u66d6\u6627\u306b\u3057\u305f\u307e\u307e\u500d\u7387\u3060\u3051\u4e0a\u3052\u308b\u306e\u304c\u3001\u3044\u3061\u3070\u3093\u5371\u306a\u3044\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5c\u30c9\u30e9\u30c3\u30b0\u306f\u300c\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u884c\u52d5\u3092\u8aad\u3080\u5909\u6570\u300d\u3068\u3057\u3066\u4f7f\u3046<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304b\u3089\u306f\u4e00\u822c\u7684\u306a\u7528\u8a9e\u89e3\u8aac\u3067\u306f\u306a\u304f\u3001ICHIZEN Capital\u304c\u5b9f\u969b\u306b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3092\u3069\u3046\u4f7f\u3063\u3066\u304d\u305f\u304b\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002\u7d50\u8ad6\u304b\u3089\u8a00\u3046\u3068\u3001<strong>\u30c9\u30e9\u30c3\u30b0\u306f\u300c\u907f\u3051\u308b\u3079\u304d\u30b3\u30b9\u30c8\u300d\u3067\u3042\u308b\u3068\u540c\u6642\u306b\u3001\u5927\u53e3\u306e\u8cc7\u91d1\u304c\u3044\u3064\u52d5\u304f\u304b\u3092\u63a8\u3057\u91cf\u308b\u5909\u6570<\/strong>\u3068\u3057\u3066\u8aad\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ICHIZEN Capital\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u8cb7\u3059\u308b\u3053\u3068\u81ea\u4f53\u3088\u308a\u3001<strong>OI\u30fbIV\u30fbHV\u30fb\u6e80\u671f\u3068\u3044\u3063\u305f\u60c5\u5831\u304b\u3089\u5e02\u5834\u53c2\u52a0\u8005\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u63a8\u6e2c\u3057\u3001\u73fe\u7269\u30fb\u5148\u7269\u306e\u65b9\u5411\u5224\u65ad\u306b\u4f7f\u3046<\/strong>\u3068\u3044\u3046\u5206\u6790\u3092\u7d9a\u3051\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u306e\u6587\u8108\u3067\u91cd\u8996\u3057\u3066\u304d\u305f\u306e\u304c\u3001<strong>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u30b7\u30b9\u30c6\u30e0\u30d5\u30a1\u30f3\u30c9\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3092\u5acc\u3046<\/strong>\u3068\u3044\u3046\u884c\u52d5\u539f\u7406\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u793e\u306enote\u5206\u6790\u3067\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3092<strong>\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u9ad8\u3055\u304c\u8cc7\u7523\u306e\u5e7e\u4f55\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\u3092\u62bc\u3057\u4e0b\u3052\u308b\u73fe\u8c61\u300d<\/strong>\u3068\u5b9a\u7fa9\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u306e\u3046\u3048\u3067\u3001\u671f\u9593\u5225HV\u306e\u4e00\u90e8\u304c\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\u3092\u5f62\u6210\u3057\u3001\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u30ea\u30b9\u30af\u8981\u56e0\u3068\u3057\u3066\u610f\u8b58\u3055\u308c\u308b\u5c40\u9762\u306b\u6ce8\u76ee\u3057\u307e\u3059\u3002\u3053\u3046\u3057\u305f\u74b0\u5883\u3067\u306f\u3001<strong>\u30b9\u30de\u30fc\u30c8\u30de\u30cd\u30fc\u304c\u30c9\u30e9\u30c3\u30b0\u3092\u5fb9\u5e95\u7684\u306b\u56de\u907f\u3059\u308b\u884c\u52d5\u3092\u53d6\u3089\u3056\u308b\u3092\u5f97\u306a\u304f\u306a\u308b<\/strong>\u3068\u8aad\u3093\u3067\u304d\u307e\u3057\u305f\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u672c\u683c\u7684\u306a\u8cb7\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u907f\u3051\u3066\u5e02\u5834\u3092\u9759\u89b3\u3057\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u7e2e\u5c0f\u3057\u305f\u72b6\u614b\u3092\u7dad\u6301\u3059\u308b\u2014\u2014\u3064\u307e\u308a<strong>\u8cc7\u91d1\u6d41\u5165\u304c\u505c\u6ede\u3057\u3084\u3059\u304f\u306a\u308b<\/strong>\u3068\u3044\u3046\u898b\u7acb\u3066\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306e\u5c40\u9762\u3082\u540c\u3058\u7406\u5c48\u3067\u8aad\u3081\u307e\u3059\u3002\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u74b0\u5883\u306f\u3001<strong>\u30c9\u30e9\u30c3\u30b0\u3092\u5acc\u3046\u5927\u53e3\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u30b7\u30b9\u30c6\u30e0\u30d5\u30a1\u30f3\u30c9\u306b\u3068\u3063\u3066\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u30b5\u30a4\u30ba\u3092\u62e1\u5927\u3057\u3066\u5927\u898f\u6a21\u306a\u8cc7\u91d1\u6d41\u5165\u3092\u767a\u751f\u3055\u305b\u3084\u3059\u3044\u597d\u6761\u4ef6\u306a\u5730\u5408\u3044<\/strong>\u3068\u6574\u7406\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u6559\u79d1\u66f8\u7684\u306b\u306f\u300c\u30dc\u30e9\u304c\u4e0b\u304c\u308b\u3068\u5999\u5473\u304c\u306a\u3044\u300d\u3068\u8a9e\u3089\u308c\u304c\u3061\u3067\u3059\u304c\u3001<strong>\u03c3\u00b2\uff0f2\u306e\u8996\u70b9\u306b\u7acb\u3064\u3068\u3001\u4f4e\u30dc\u30e9\u306f\u5927\u53e3\u304c\u8cc7\u91d1\u3092\u5165\u308c\u3084\u3059\u304f\u306a\u308b\u5408\u56f3\u3068\u3057\u3066\u8aad\u3081\u308b<\/strong>\u306e\u3067\u3059\u3002\u3053\u3053\u304c\u4e00\u822c\u7684\u306a\u89e3\u8aac\u3068\u306e\u9055\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u5fd6\u5ea6\u306a\u304f\u4ed8\u3051\u52a0\u3048\u308b\u3068\u3001<strong>\u300c\u4f4e\u30dc\u30e9\u3060\u304b\u3089\u5fc5\u305a\u8cc7\u91d1\u304c\u5165\u308b\u300d\u3068\u65ad\u5b9a\u306f\u3067\u304d\u307e\u305b\u3093<\/strong>\u3002\u30c9\u30e9\u30c3\u30b0\u306f\u3042\u304f\u307e\u3067\u5927\u53e3\u306e\u884c\u52d5\u3092\u5236\u7d04\u3059\u308b\u8981\u56e0\u306e\u4e00\u3064\u3067\u3042\u308a\u3001\u305d\u308c\u5358\u72ec\u3067\u65b9\u5411\u3092\u6c7a\u3081\u308b\u3082\u306e\u3067\u306f\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u5b9f\u969b\u306e\u5206\u6790\u3067\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-vrp\/\" target=\"_blank\" rel=\"noopener\">VRP\uff08IV\u2212HV\uff09<\/a>\u306e\u30b7\u30b0\u30ca\u30eb\u3084GEX\u306e\u69cb\u9020\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-oi\/\" target=\"_blank\" rel=\"noopener\">OI\uff08\u5efa\u7389\uff09<\/a>\u306e\u5206\u5e03\u3068\u5fc5\u305a\u91cd\u306d\u3066\u8aad\u307f\u307e\u3059\u3002<strong>\u6307\u6a19\u306f\u5358\u72ec\u3067\u4f7f\u308f\u305a\u3001\u91cd\u306d\u3066\u8aad\u3080<\/strong>\u2014\u2014\u3053\u308c\u304c\u5b9f\u969b\u306e\u5206\u6790\u3067\u75db\u611f\u3057\u3066\u304d\u305f\u539f\u5247\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\" data-colset=\"of\"><div class=\"cap_box_ttl\"><span>\u7528\u8a9e\u306e\u53d6\u308a\u9055\u3048\u306b\u6ce8\u610f<\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\">\u30c8\u30ec\u30fc\u30c9\u306e\u73fe\u5834\u3067\u306f\u300c\u5f80\u5fa9\u30c9\u30e9\u30b0\u300d\u3068\u3044\u3046\u5225\u306e\u8a00\u8449\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002\u3053\u3061\u3089\u306f<strong>\u58f2\u8cb7\u30921\u5f80\u5fa9\u3059\u308b\u969b\u306b\u767a\u751f\u3059\u308b\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u30b3\u30b9\u30c8<\/strong>\u3092\u6307\u3059\u3082\u306e\u3067\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u306f\u307e\u3063\u305f\u304f\u306e\u5225\u6982\u5ff5\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u300c\u30c9\u30e9\u30b0\uff08drag\uff09\uff1d\u5f15\u304d\u305a\u308b\u8ca0\u8377\u300d\u3068\u3044\u3046\u6bd4\u55a9\u304b\u3089\u6765\u3066\u3044\u307e\u3059\u304c\u3001\u539f\u56e0\u304c\u300c\u5909\u52d5\u306e\u5927\u304d\u3055\u300d\u306a\u306e\u304b\u300c\u53d6\u5f15\u30b3\u30b9\u30c8\u300d\u306a\u306e\u304b\u3067\u5206\u3051\u3066\u7406\u89e3\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u7a0e\u91d1\uff5c\u6697\u53f7\u8cc7\u7523\u3068\u56fd\u5185\u4e0a\u5834\u5546\u54c1\u306e\u9055\u3044<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ec\u30d0\u30ec\u30c3\u30b8\u5546\u54c1\u3084\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u5229\u76ca\u304c\u51fa\u305f\u5834\u5408\u306e\u7a0e\u91d1\u3082\u3001\u4e8b\u696d\u8005\u8996\u70b9\u3067\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<strong>\u540c\u3058\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u300d\u3067\u3082\u3001\u3069\u306e\u5e02\u5834\u306e\u5546\u54c1\u304b\u3067\u7a0e\u8ca0\u62c5\u304c\u307e\u308b\u3067\u9055\u3044\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6697\u53f7\u8cc7\u7523\uff08\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u7b49\uff09\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u8a3c\u62e0\u91d1\u53d6\u5f15<\/strong>\u3067\u5f97\u305f\u5229\u76ca\u306f\u3001\u65e5\u672c\u306e\u5c45\u4f4f\u8005\u3067\u3042\u308c\u3070\u539f\u5247<strong>\u300c\u96d1\u6240\u5f97\u300d\u3068\u3057\u3066\u7dcf\u5408\u8ab2\u7a0e<\/strong>\u3055\u308c\u3001\u7a0e\u7387\u306f\u4f4f\u6c11\u7a0e\u3092\u542b\u3081\u3066<strong>\u6700\u5927\u7d0455%<\/strong>\u3067\u3059\u3002\u4e00\u65b9\u3001\u56fd\u5185\u306e\u4e0a\u5834\u6307\u6570\u5148\u7269\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u7b49\uff09\u306f\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\uff08\u7d0420.315%\uff09\u3067\u6271\u3044\u304c\u7570\u306a\u308a\u307e\u3059\uff08\u203b5\uff09\u3002\u306a\u304a\u7a0e\u5236\u306f\u6539\u6b63\u904e\u6e21\u671f\u306b\u3042\u308a\u3001\u6697\u53f7\u8cc7\u7523\u3092\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u3068\u3059\u308b\u65b9\u91dd\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001<strong>2026\u5e747\u6708\u6642\u70b9\u3067\u306f\u65bd\u884c\u524d\u30fb\u4e88\u5b9a\u306e\u6bb5\u968e\u3067\u3042\u308a\u8981\u78ba\u8a8d<\/strong>\u3067\u3059\u3002\u7a0e\u91d1\u306e\u5168\u4f53\u50cf\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/crypto-tax-japan\/\" target=\"_blank\" rel=\"noopener\">\u4eee\u60f3\u901a\u8ca8\u306e\u7a0e\u91d1\u306e\u8a18\u4e8b<\/a>\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6c34\u91ce \u502b\u592a\u90ce<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u7a0e\u91d1\u3082\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u540c\u3058\u3067\u300c\u8907\u5229\u306e\u8db3\u3092\u5f15\u3063\u5f35\u308b\u300d\u8981\u56e0\u3067\u3059\u3002\u5229\u76ca\u304c\u51fa\u308b\u305f\u3073\u306b\u8ab2\u7a0e\u3055\u308c\u308b\u3068\u3001\u518d\u6295\u8cc7\u306b\u56de\u305b\u308b\u5143\u672c\u304c\u6e1b\u308a\u3001\u5e7e\u4f55\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u6700\u5927\u7d0455%\u3001\u56fd\u5185\u306e\u4e0a\u5834\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u7d0420.315%\u3002\u3069\u306e\u5e02\u5834\u3067\u53d6\u5f15\u3059\u308b\u304b\u306f\u3001\u7a0e\u5f15\u5f8c\u3067\u8003\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u5206\u96e2\u8ab2\u7a0e\u5316\u306f\u4e88\u5b9a\u3067\u3042\u3063\u3066\u3001\u4eca\u306f\u307e\u3060\u7dcf\u5408\u8ab2\u7a0e\u3067\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\uff3c\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\u53d6\u5f15\u3092\u5b9f\u969b\u306b\u8a66\u305b\u308b\u7dcf\u5408\u578b\u306e\u5927\u624b\uff0f<\/span><\/strong><\/p>\n\n\n\n<div class=\"swell-block-button red_ -size-l is-style-btn_solid u-mb-ctrl u-mb-0\" data-id=\"option-volatility-drag-bitget\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"swell-block-button__link\"><span>Bitget\u306e\u8a73\u7d30\u3092\u898b\u306b\u884c\u304f<\/span><\/a><\/div>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener\"><span class=\"swl-fz u-fz-xs\">\u516c\u5f0f\u30b5\u30a4\u30c8\u306f\u3053\u3061\u3089<\/span><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" data-q=\"fill-main\" data-a=\"fill-custom\">\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30c3\u30b0\u3068\u306f\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u4fa1\u683c\u306e\u5909\u52d5\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u8907\u5229\u3067\u7a4d\u307f\u4e0a\u304c\u308b\u5b9f\u969b\u306e\u6210\u9577\u7387\uff08\u5e7e\u4f55\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\uff09\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b\u73fe\u8c61\u3067\u3059\u3002\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\u300d\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6e1b\u8870\u300d\u3068\u3082\u8868\u8a18\u3055\u308c\u3001\u82f1\u8a9e\u3067\u306f volatility drag \u3084 variance drain \u3068\u547c\u3070\u308c\u307e\u3059\u3002\u4f55\u304b\u306e\u529b\u304c\u50cd\u3044\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u7b97\u8853\u5e73\u5747\u3068\u5e7e\u4f55\u5e73\u5747\u306e\u30ba\u30ec\u3068\u3044\u3046\u6570\u5b66\u7684\u306a\u95a2\u4fc2\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306e\u6e1b\u4fa1\u306e\u4ed5\u7d44\u307f\u306f\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u500d\u7387\u304c\u300c\u65e5\u3005\u306e\u5909\u52d5\u7387\u300d\u306b\u3060\u3051\u639b\u304b\u308b\u305f\u3081\u3067\u3059\u30022\u55b6\u696d\u65e5\u4ee5\u4e0a\u306e\u7d2f\u7a4d\u3067\u306f\u3001\u539f\u6307\u6570\u306e\u9a30\u843d\u7387\u3092\u5358\u7d14\u306b\u500d\u306b\u3057\u305f\u5024\u3068\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u3082\u3001\u4e0a\u6607\u3068\u4e0b\u843d\u304c\u7e70\u308a\u8fd4\u3055\u308c\u308b\u76f8\u5834\u3067\u306f\u8907\u5229\u52b9\u679c\u306b\u3088\u308a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u9013\u6e1b\u3059\u308b\u7279\u6027\u304c\u3042\u308b\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u9013\u6e1b\u304c\u6e1b\u4fa1\u306e\u6b63\u4f53\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u30ec\u30d0\u30ca\u30b9\u306e\u6e1b\u4fa1\u3068\u306f\uff1f\u306a\u305c\u6e1b\u4fa1\u3059\u308b\u306e\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u30ec\u30d0\u30ca\u30b9\uff08NASDAQ100\u306e2\u500d\u7b49\uff09\u3082\u4ed5\u7d44\u307f\u306f\u540c\u3058\u3067\u3001\u65e5\u3005\u306e\u5909\u52d5\u7387\u306b\u500d\u7387\u304c\u639b\u304b\u308b\u305f\u3081\u306b\u5f80\u5fa9\u76f8\u5834\u3067\u76ee\u6e1b\u308a\u3057\u307e\u3059\u3002\u500d\u7387\u3092L\u500d\u306b\u3059\u308b\u3068\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u7279\u6709\u306e\u4e0a\u4e57\u305b\u5206\u306f\u304a\u304a\u3080\u306d\uff08L\u00b2\u2212L\uff09\uff0f2\u00d7\u03c3\u00b2\u3067\u898b\u7a4d\u3082\u308c\u307e\u3059\u3002\u5e74\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a320%\u306a\u30892\u500d\u3067\u5e74\u7d044.0%\u30013\u500d\u3067\u5e74\u7d0412.0%\u304c\u76ee\u5b89\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u306f\u9577\u671f\u4fdd\u6709\u306b\u5411\u304b\u306a\u3044\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u91ce\u6751\u8b49\u5238\u306f\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\u30fb\u30a4\u30f3\u30d0\u30fc\u30b9\u578b\u306f\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u306e\u5024\u52d5\u304d\u3092\u3068\u3089\u3048\u308b\u6295\u8cc7\u306b\u5411\u3044\u305f\u5546\u54c1\u3067\u3001\u4e2d\u9577\u671f\u7684\u306a\u6295\u8cc7\u306e\u76ee\u7684\u306b\u306f\u9069\u3055\u306a\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u3001\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u300c\u5fc5\u305a\u640d\u3092\u3059\u308b\u300d\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5927\u548c\u7dcf\u7814\u306f\u3001\u9577\u671f\u53ce\u76ca\u7387\u306f\u5143\u306e\u6307\u6570\u306e\u30ea\u30bf\u30fc\u30f3\u3060\u3051\u3067\u306a\u304f\u30ea\u30b9\u30af\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u5927\u304d\u3055\u3082\u898b\u7a4d\u3082\u3089\u306a\u3044\u3068\u5224\u65ad\u3067\u304d\u306a\u3044\u3001\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u304c\u6a2a\u3070\u3044\u76f8\u5834\u3067\u6e1b\u308b\u306e\u306f\u306a\u305c\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u4e0a\u4e0b\u306b\u632f\u308c\u308b\u3053\u3068\u81ea\u4f53\u304c\u30b3\u30b9\u30c8\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002\u539f\u6307\u6570\u304c\uff0b10%\u2192\u221210%\u3068\u5f80\u5fa9\u3059\u308b\u3068\u3001\u6307\u6570\u306f99\u306b\u623b\u308b\u4e00\u65b9\u30012\u500d\u6307\u6570\u306f96\u307e\u3067\u4e0b\u304c\u308a\u307e\u3059\u3002\u6307\u6570\u304c\u5143\u306e\u6c34\u6e96\u306b\u623b\u3063\u3066\u3082\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u5546\u54c1\u306f\u623b\u308a\u304d\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u5f80\u5fa9\u309210\u56de\u7e70\u308a\u8fd4\u3059\u3068\u3001\u6307\u6570\u304c\u22129.56%\u306b\u5bfe\u30572\u500d\u6307\u6570\u306f\u221233.52%\u307e\u3067\u843d\u3061\u8fbc\u3080\u8a08\u7b97\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u5e7e\u4f55\u5e73\u5747\u3068\u7b97\u8853\u5e73\u5747\u306e\u9055\u3044\u306f\uff1f\u306a\u305c\u5e7e\u4f55\u5e73\u5747\u306e\u307b\u3046\u304c\u5c0f\u3055\u3044\uff1f<\/h3><div class=\"faq_a\">\n<p 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class=\"wp-block-paragraph\">\u30ec\u30d0\u30ec\u30c3\u30b8ETF\u30fb\u30ec\u30d0\u30ca\u30b9\u306e\u300c\u6e1b\u4fa1\u300d\u306f\u3001\u3053\u306e\u73fe\u8c61\u304c\u500d\u7387\u3067\u5897\u5e45\u3055\u308c\u305f\u3082\u306e\u306b\u3059\u304e\u307e\u305b\u3093\u3002\u305f\u3060\u3057\u5fd6\u5ea6\u306a\u304f\u8a00\u3048\u3070\u3001<strong>\u300c\u6e1b\u4fa1\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u305b\u3044\u300d\u3082\u300c\u6e1b\u4fa1\u3059\u308b\u304b\u3089\u9577\u671f\u306f\u5fc5\u305a\u640d\u300d\u3082\u6b63\u78ba\u3067\u306f\u306a\u3044<\/strong>\u3067\u3057\u3087\u3046\u3002\u5927\u548c\u7dcf\u7814\u304c\u6307\u6458\u3059\u308b\u3068\u304a\u308a\u3001\u9013\u6e1b\u306f\u7121\u30ec\u30d0\u306e\u6307\u6570\u3067\u3082\u8d77\u304d\u3066\u304a\u308a\u3001\u9577\u671f\u306e\u6210\u5426\u306f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5927\u5c0f\u95a2\u4fc2\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3057\u3066\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u5b66\u3076\u65b9\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u306e\u306f\u3001<strong>\u3053\u306e \u03c3\u00b2\uff0f2 \u304c\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306e\u30c9\u30ea\u30d5\u30c8\u9805\u3068\u540c\u3058\u3082\u306e\u3060<\/strong>\u3068\u3044\u3046\u63a5\u7d9a\u3067\u3059\u3002ICHIZEN Capital\u306f\u3001\u30c9\u30e9\u30c3\u30b0\u3092\u907f\u3051\u308b\u3079\u304d\u30b3\u30b9\u30c8\u3068\u3057\u3066\u3060\u3051\u3067\u306a\u304f\u3001<strong>\u5927\u53e3\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u3044\u3064\u52d5\u304f\u304b\u3092\u63a8\u3057\u91cf\u308b\u5909\u6570<\/strong>\u3068\u3057\u3066\u3082\u8aad\u3093\u3067\u304d\u307e\u3057\u305f\u3002\u305f\u3060\u3057\u5358\u72ec\u3067\u306f\u5224\u65ad\u305b\u305a\u3001VRP\u3084GEX\u3001OI\u3068\u91cd\u306d\u3066\u8aad\u3080\u2014\u2014\u3053\u306e\u59ff\u52e2\u3067\u3001\u03c3\u00b2\uff0f2\u3092\u6b66\u5668\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"has-text-color wp-block-paragraph\" style=\"color:#999999;font-size:13px\">\u53c2\u8003\u6587\u732e<\/p>\n\n\n\n<p class=\"has-text-color wp-block-paragraph\" style=\"color:#999999;font-size:13px\">1. \u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\uff08JPX\uff09\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\u5546\u54c1\u306e\u30ea\u30b9\u30af\u300d<a href=\"https:\/\/www.jpx.co.jp\/equities\/products\/etfs\/risk\/04.html\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.jpx.co.jp\/equities\/products\/etfs\/risk\/04.html<\/a><br>2. \u91ce\u6751\u8b49\u5238\u300cETF\u30fbETN\u306e\u53d6\u5f15\u306b\u95a2\u3059\u308b\u8aac\u660e\u66f8\u300d\uff08PDF\uff09<a href=\"https:\/\/www.nomura.co.jp\/onlineservice\/pdf\/docs\/etf-etn_setsumei_1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nomura.co.jp\/onlineservice\/pdf\/docs\/etf-etn_setsumei_1.pdf<\/a><br>3. \u5927\u548c\u7dcf\u7814 \u671b\u6708\u885b\u300c\u691c\u8a3c: \u30ec\u30d0\u30ec\u30c3\u30b8\u578bETF\u3078\u306e\u9577\u671f\u6295\u8cc7\u300d2022\u5e746\u670830\u65e5<a href=\"https:\/\/www.dir.co.jp\/report\/column\/20220630_010884.html\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.dir.co.jp\/report\/column\/20220630_010884.html<\/a><br>4. CFA Institute\u300cThe Myth of Volatility Drag\u300d<a href=\"https:\/\/blogs.cfainstitute.org\/investor\/2015\/03\/23\/the-myth-of-volatility-drag-part-1\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/blogs.cfainstitute.org\/investor\/2015\/03\/23\/the-myth-of-volatility-drag-part-1\/<\/a><br>5. \u56fd\u7a0e\u5e81 \u30bf\u30c3\u30af\u30b9\u30a2\u30f3\u30b5\u30fc No.1522\uff08\u5148\u7269\u53d6\u5f15\u306b\u4fc2\u308b\u96d1\u6240\u5f97\u7b49\u306e\u8ab2\u7a0e\u306e\u7279\u4f8b\uff09<a href=\"https:\/\/www.nta.go.jp\/taxes\/shiraberu\/taxanswer\/shotoku\/1522.htm\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/taxes\/shiraberu\/taxanswer\/shotoku\/1522.htm<\/a><br>6. \u56fd\u7a0e\u5e81\u300c\u6697\u53f7\u8cc7\u7523\u7b49\u306b\u95a2\u3059\u308b\u7a0e\u52d9\u4e0a\u306e\u53d6\u6271\u3044\u306b\u3064\u3044\u3066\uff08FAQ\uff09\u300d<a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/shotoku\/kakuteishinkokukankei\/kasoutuka\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/publication\/pamph\/shotoku\/kakuteishinkokukankei\/kasoutuka\/<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\u203b\u672c\u8a18\u4e8b\u306f2026\u5e747\u6708\u6642\u70b9\u306e\u60c5\u5831\u306b\u57fa\u3065\u304f\u4e00\u822c\u7684\u306a\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u53d6\u5f15\u30fb\u9298\u67c4\u3078\u306e\u6295\u8cc7\u3092\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u672c\u6587\u4e2d\u306e\u6570\u5024\u4f8b\u306f\u8fd1\u4f3c\u5f0f\u30fb\u5358\u7d14\u5316\u3057\u305f\u524d\u63d0\u306b\u57fa\u3065\u304f\u8a08\u7b97\u3067\u3042\u308a\u3001\u4fe1\u8a17\u5831\u916c\u30fb\u624b\u6570\u6599\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u7b49\u306f\u8003\u616e\u3057\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u5b9f\u969b\u306e\u5546\u54c1\u306e\u5024\u52d5\u304d\u3068\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u7a0e\u5236\uff08\u6697\u53f7\u8cc7\u7523\u306e\u5206\u96e2\u8ab2\u7a0e\u5316\u306e\u9069\u7528\u6642\u671f\u30fb\u5bfe\u8c61\uff09\u306f\u5909\u66f4\u3055\u308c\u308b\u5834\u5408\u304c\u3042\u308a\u3001\u8a18\u8f09\u306b\u306f\u8981\u78ba\u8a8d\u306e\u4e8b\u9805\u3092\u542b\u307f\u307e\u3059\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6a19\u306f\u5c06\u6765\u306e\u5024\u52d5\u304d\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c9\u30e9\u30b0\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u306f\u3001\u4fa1\u683c\u306e\u5909\u52d5\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u8907\u5229\u3067\u7a4d\u307f\u4e0a\u304c\u308b\u5b9f\u969b\u306e\u6210\u9577\u7387\u304c\u62bc [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":205158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"{\"option-volatility-drag-bitget\":{\"pv\":11,\"imp\":7}}","footnotes":""},"categories":[121],"tags":[153],"class_list":["post-205048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-option-trading","tag-level-advanced"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30c3\u30b0\u3068\u306f\u3001\u4fa1\u683c\u304c\u4e0a\u4e0b\u306b\u632f\u308c\u308b\u307b\u3069\u8907\u5229\u306e\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"\u6c34\u91ce\u502b\u592a\u90ce\"\/>\n\t<link 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