Name: ETF內幕：謹慎投資是新優勢嗎？ (Inside ETFs: Is cautious investing the new edge?)
Uploaded: 2026-03-17T16:57:49.000Z
Duration: 5 min 37 s

Are dividends your safe harbor or a leaky life raft?

股息是你的避風港，還是漏水的救生筏？

This is inside ETFs and we're talking about dividend funds.

這裡是 Inside ETFs，我們要聊的是股息基金。

Middle east tensions are hammering risk appetite.

中東緊張局勢正在打擊風險胃納。

And even America's famously bullish retail investors are hitting pause.

就連出了名看漲的美國散戶投資者也按下暫停鍵。

Dividend ETFs are usually the classic volatility cushion.

股息 ETF 通常是經典的波動緩衝器。

But Yield Max isn't just playing defense, paring dividends with an options overlay to chase premium income, a cash machine or a crash test dummy?

但 Yield Max 不只是防守，它將股息與期權疊加，以追求權利金收入，這是一臺印鈔機，還是撞擊測試假人？

Well, let's ask Mike Koh, strategist at Yieldmax ETFs.

嗯，我們來問問 Yieldmax ETFs 的策略師 Mike Koh。

So, Mike, this ETF could thrive in a full blown market panic as investors stampede from growth to value.

那麼 Mike，當投資者從成長股湧向價值股時，這檔 ETF 在全面市場恐慌中可能會蓬勃發展。

But by layering options on individual stocks, are you boosting income or amplifying risk?

但透過在個股上疊加期權，你是正在增加收入，還是放大風險？

We don't think it's actually going to increase risk because the options overlay involves selling call spreads on top of these stocks.

我們不認為它真的會增加風險，因為期權疊加策略是賣出這些股票的買權價差。

So actually, if the stocks do poorly, and

所以實際上，如果股票表現不佳，而且

hopefully they won't, because these are dividend stocks, they tend to be more consistent, they tend to be less volatile because you're already getting distributions that mitigates the risk of these.

希望它們不會，因為這些是股息股票，它們傾向於更穩定，它們傾向於波動性較小，因為你已經收到分配，這可以減輕這些風險。

In any case, if the stocks just trend sideways or if they don't do as well, they're actually going to do a little bit better because you're going to be collecting some options premium in addition to the dividends.

無論如何，如果股票只是橫盤整理，或者它們表現不如預期，它們實際上會表現得更好一些，因為你除了股息之外還會收取一些期權權利金。

我們來談談如何挑選這些股票。

Traditional dividend ETFs lean on defensive sectors, including energy and health care.

傳統股息 ETF 依賴防禦性板塊，包括能源和醫療保健。

But does your options overlay follow the same playbook or can you pivot to companies of the moment?

但你的期權疊加策略是否遵循相同的劇本，或者你可以轉向當紅的公司？

So ours is basically going to be dictated by the constituents that are in the Dow Jones Dividend 100 Index.

所以我們的策略基本上將由道瓊斯股息 100 指數的成分股決定。

So there is another ETF here, SCHD, that tracks that same index.

所以這裡還有另一檔 ETF，SCHD，它追蹤相同的指數。

But in that sense, there's not going to be any stock picking per se that we do.

但從這個角度來看，我們不會有什麼精選個股的動作。

Basically, you're just taking a look at the universe of stocks, those that tend to pay, as you pointed out earlier, higher dividends.

基本上，你就是看看這些股票的範圍，就像你剛才指出的，那些傾向於支付較高股息的股票。

You know, they tend to come from sort of more conservative areas in the market.

你知道，它們通常來自市場上比較保守的板塊。

You know, you figure that when companies are still in their growth phase, they're not focusing on returning capital to shareholders at that point, but

你知道，你會覺得當公司還在成長階段時，它們不會專注於在那時將資本回報給股東，但是

And that's a critical reason why many people invest in them.

這也是許多人投資它們的關鍵原因。

But Wall Street's biggest banks insist that their book is holds even with Iran tensions flaring.

但華爾街的大銀行堅持認為，即使伊朗緊張局勢加劇，他們的帳戶仍然穩健。

But your strategy feels tailored for crisis mode.

但你的策略感覺是為危機模式量身打造的。

What happens when the headlines flip and the market's Mood swings on a dime.

當新聞風向一轉，市場情緒瞬間改變時，會發生什麼事？

You know, the economic backdrop, if we didn't have what's going on right now, would actually look pretty good.

你知道嗎，如果沒有現在正在發生的這些事，經濟背景其實看起來會很不錯。

I think we have a situation where, you know, good markets climb walls of worry.

我認為我們現在的情況是，你知道的，好的市場總是會在擔憂中成長。

There's always something that people are concerned about.

總是有讓大家感到擔憂的事情。

I think really the way to think about this is that there is a class of investors who are specifically interested in making sure that they're getting distributions.

我認為真正思考這個問題的方式是，有一群投資人特別關心確保他們能獲得配息。

That's one of the critical reasons that they invest.

這也是他們投資的關鍵原因之一。

So there are people who are trying to accumulate wealth.

There are people who have already, you know, save some money and now need to actually use that to live their lives.

有些人已經，你知道的，存了一些錢，現在需要實際用這些錢來生活。

And that's essentially what I think a product like this is for.

而我認為像這樣的產品，基本上就是為此而存在的。

Let's look at some of your top holdings in the fund.

讓我們來看看你基金裡的一些主要持股。

康菲石油、菲利普斯和雪佛龍。

他們正在籌集六年來最高的資金。

So if oil giants are prioritizing future flexibility over dividends is not a red flag for your income focused approach, it is not surprising that there's going to be energy companies in there.

所以，如果石油巨頭們為了未來的靈活性而犧牲股息，而不是為了你的收益導向策略亮紅燈，那麼基金裡有能源公司也就不足為奇了。

And you know, obviously we're in an environment right now where these companies, you know, are they going to face higher capital costs but they're also selling a global commodity, commodity at unfortunately for consumers at the pump highs as we're seeing.

而且你知道，很明顯我們現在的環境是，這些公司，你知道，它們會面臨更高的資本成本，但它們也在銷售一種全球性商品，不幸的是，對消費者來說，這種商品在油價高漲時銷售。

I mean, if you look at West Texas Intermediate, which is the US benchmark for crude that was $55 a barrel in mid December and it hit as much as $119.46 over the weekend two weeks ago as people were most concerned about what's going on around the Strait of Hormuz.

我的意思是，如果你看看西德州中級原油，這是美國的基準原油，十二月中旬時每桶 55 美元，而在兩週前的週末，當人們最擔心荷姆茲海峽發生什麼事時，它曾飆升至 119.46 美元。

And as you know, you know, the global benchmark, which is Brent, is actually even slightly higher than that.

而且你知道，全球基準的布倫特原油甚至比這還高一點。

So I think the integrated oil companies are going to continue to be well positioned.

所以我認為整合型石油公司將繼續保持良好定位。

And I think, you know, there was a period of time where a lot of these companies maybe hadn't been reinvesting as much as they had.

而且我認為，你知道，有一段時間，很多這些公司可能沒有像以前那樣進行再投資。

You know, the largest integrated oil company, ExxonMobil, had always made a point of replacing their reserves each year.

你知道，最大的整合型石油公司埃克森美孚，一直以來都致力於每年更換其儲備。

And there was a brief period of time where they stopped doing that.

而有一段短暫的時間，他們停止這樣做了。

I think really the sense of it is that we're going to have fossil fuels like oil with us for a little bit longer maybe than some investors and had forecast a few years ago.

我覺得實際上是這樣，我們將會和石油這類的化石燃料共存比幾年前一些投資人預期的還要久一點。

But as you look at the fund, I mean, there are 100 stocks in it.

但看看這檔基金，裡面有100支股票。

Obviously we need it, but that's not the only thing that's there.

顯然我們需要它，但這不是唯一重要的事。

So finally Mike, with Middle Eastern conflict threatening an energy price spiral as well as valuations near record highs, the risk of a brutal investor wake up call is rising.

所以最後，Mike，隨著中東衝突威脅到能源價格螺旋式上漲，以及估值接近歷史新高，殘酷的投資人警醒時刻的風險正在升高。

Could one bad earnings quarter crack your strategy?

一個糟糕的財報季度會不會讓你的策略破功？

You know, a bad earnings can always crack any given stock.

你知道，糟糕的財報總是會讓任何一支股票破功。

I think if you have a really concentrated portfolio.

我認為如果你有一個非常集中的投資組合。

Imagine that you had a portfolio of 20 stocks or so, 5% in any given stock and one of them gets sawed in half.

想像一下，你持有大約20支股票，任何一支股票的權重都是5%，其中一支股票的價值腰斬。

That's a 250 basis point hit to the portfolio.

這對投資組合來說是250個基點的衝擊。

But when you have it as diversified as this one, as many individual constituents, it's pretty diversified in our view.

但當你的投資組合像這樣分散，有這麼多獨立的成分股，在我們看來，它已經相當分散了。

We have things like Coke and Pepsi and we have the telecoms in there.

我們有像可口可樂和百事可樂這樣的公司，還有電信公司。

These aren't the kinds of companies that typically move as much as some of the companies that are going to be reporting this week, like Micron Technologies might.

這些通常不像本週要發布財報的公司（像是美光科技）那樣波動劇烈。

So, you know, I think this is really tailored for conservative investors.

所以，我認為這真的很適合保守型投資人。

We offer a wide variety of ETFs for the aggressive options, income overlay strategies and single stocks, all the way down to a really diversified one like this one.

我們提供各種各樣的ETF，有積極型的選擇、收益疊加策略和個股，一直到像這樣非常分散的。

I would consider this probably the most conservative inside our portfolio.

我認為這大概是我們投資組合裡最保守的。

Don't forget, you can watch more videos on Reuters.com.

別忘了，你可以在Reuters.com觀看更多影片。

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ETF內幕：謹慎投資是新優勢嗎？ (Inside ETFs: Is cautious investing the new edge?)

individual

critical

prioritize

strategy