历史上，九月通常是股市表现较弱的月份，但嘉信理财（Charles Schwab）的客户依然大举入市，该经纪巨头独家向Axios分享的数据显示。
September is historically a weaker-performing month for stocks, yet Charles Schwab's clients plowed into the market just the same, data from the brokerage giant shared exclusively with Axios shows.
嘉信理财表示，上个月的买入活动主要集中在通过交易所交易基金（ETF）获取更广泛的市场敞口，而非个股。
Last month's buying activity was centered in large part on broader market exposure through exchange-traded funds, or ETFs, rather than in single stocks, Schwab says.
这很重要：数据表明，尽管投资者对股市仍持看涨态度，但在利率上升的背景下，他们变得更加谨慎。
Why it matters: The data suggests that investors, while still bullish on stocks, have turned a bit more cautious, especially at a time of rising interest rates.
数据显示，嘉信理财交易活动指数（STAX）在九月升至58.92，高于八月的57.50。
By the numbers: The Schwab Trading Activity Index, or STAX, rose to 58.92 in September, up from 57.50 in August, data out Monday shows.
嘉信理财通过分析其数百万客户账户的股票持仓和交易活动来计算该指数。在九月嘉信理财客户净买入的前十大标的中，有五只是ETF。
Schwab calculates this index by analyzing the stock positions and trading activity from its millions of client accounts. Of the top 10 net buys by Schwab clients in September, five were ETFs.
嘉信理财首席交易策略师乔·马佐拉（Joe Mazzola）告诉Axios，这是自2019年嘉信理财开始编制该指数以来首次出现这种情况。
That's the first time that has happened since Schwab began the index in 2019, Joe Mazzola, head trading strategist at Schwab, tells Axios.
按行业来看，买入分布广泛，标普500指数的11个行业中有7个在当月呈现净买入。
Buying by sector was broad, with 7 of the S&P 500's 11 sectors showing net buying for the month.
马佐拉表示，过去几个月数据中逐渐显现出的重大变化是“多元化优于选股”。散户投资者“不希望在当前市场中挑选个股”。
What they're saying: The big change that has slowly emerged from the data over the last several months is that "diversification is favored over stock picking," Mazzola says. Retail investors "don't want to be picking stocks in this market."
尽管散户投资者因愿意逢低买入而在市场中发挥重要作用，但在受访的嘉信理财客户中，只有31%的散户投资者表示他们更愿意这样做，而活跃交易者中这一比例为58%。
What to . While retail investors have been a force in the market by their willingness to buy the dip, among the responding Schwab clients, only 31% of retail investors said they would be more willing to do so, compared with 58% of those considered to be active traders.