{"id":4569,"date":"2020-04-19T21:31:21","date_gmt":"2020-04-19T13:31:21","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=4569"},"modified":"2020-04-19T21:47:11","modified_gmt":"2020-04-19T13:47:11","slug":"%e7%96%ab%e6%83%85%e4%b8%8b%e7%9a%84%e6%8a%95%e8%b3%87%e8%b3%ba%e8%9d%95","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2020\/04\/%e7%96%ab%e6%83%85%e4%b8%8b%e7%9a%84%e6%8a%95%e8%b3%87%e8%b3%ba%e8%9d%95\/","title":{"rendered":"\u75ab\u60c5\u4e0b\u7684\u6295\u8cc7\u8cfa\u8755"},"content":{"rendered":"<h2><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u75ab\u60c5\u4e0b\u7684\u6295\u8cc7\u8cfa\u8755<\/span><\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">MPFDIY.com \u4e3b\u8981\u662f\u570d\u7e5e\u516c\u76ca\u6027\u7684\u5f37\u7a4d\u91d1\u6295\u8cc7\u6587\u7ae0\uff0c\u79c1\u5229\u6027\u500b\u4eba\u6295\u8cc7\u7d55\u5c11\u6d89\u53ca\uff0c\u672c\u7ad9\u63d0\u53ca\u904e\u7684\u80a1\u7968\u50b5\u5238number \u5206\u6790\u53ca\u8a0e\u8ad6\uff0c\u5341\u96bb\u624b\u6307\u6578\u5f97\u6652\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4eca\u6b21\u75ab\u60c5\u4e0b\u7684\u500b\u4eba\u6295\u8cc7\u7d93\u6b77\u53ef\u8b02\u5341\u5e74\u4e00\u9047\uff0c\u90fd\u503c\u5f97\u5beb\u51fa\u4f86\u5206\u4eab\u4e00\u4e0b\uff0c\u53c8\u53ef\u4ee5\u63d0\u9192\u5341\u5e74\u5f8c\u7684\u81ea\u5df1\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt; color: #04b2f2;\">1. TAA (Tactical Asset Allocation)<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.mpfdiy.com\/2019\/09\/%e5%bc%b7%e7%a9%8d%e9%87%91%e7%ad%96%e7%95%a5%e4%ba%a4%e6%b5%8120%ef%bc%8d%e6%88%b0%e8%a1%93%e6%80%a7%e8%b3%87%e7%94%a2%e9%85%8d%e7%bd%ae\/\" target=\"_blank\" rel=\"noopener noreferrer\">TAA<\/a> \u7684\u7b56\u7565\u57f7\u884c\u4e0d\u6b62\u65bc\u5f37\u7a4d\u91d1\uff0c\u500b\u4eba\u6295\u8cc7\u90fd\u5927\u6d3e\u7528\u5834\u3002\u5f37\u7a4d\u91d1\u51675,6,7\u62db\u7684\u300c\u56de\u5831\/\u6ce2\u5e45\u300d\u6bd4\u7387\u9054\u52302\uff0c\u7b2c8,9,10,11 \u62db\u6bd4\u7387\u67093\uff0c\u5df2\u7d93\u597d\u597d\u3002\u4f46\u5728\u500b\u4eba\u6295\u8cc7\u9818\u57df\uff0c\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u8d77\u78bc\u75313 \u958b\u59cb\uff0c\u66f4\u9ad8\u6bd4\u7387\u7684TAA\u4ea6\u53ef\u4ee5\u627e\u5230\u3002<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">\u4e0d\u904e\uff0cTAA \u4e00\u822c\u6309\u9577\u671f\u64cd\u4f5c\uff0c\u75ab\u60c5\u9593\u77ed\u6642\u9593\u5927\u5e45\u4e0a\u843d\u90fd\u4e00\u6a23\u6703\u8ddf\u8dcc\uff0c\u53ea\u662f\u5728\u98a8\u96aa\u9650\u5236\u4e0b\uff0c\u8dcc\u5f97\u6c92\u6709\u90a3\u9ebc\u591a\u3002\u540c\u6a23\uff0c\u5f37\u7a4d\u91d1\u7528TAA \u4e00\u6a23\u8981\u8dcc\uff0c\u5426\u5247\u4e0d\u6703\u51fa\u73fe4%\u6309\u6708\u6ce2\u5e45\u7684\u8a08\u7b97\u503c\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt; color: #04b2f2;\">2. Volatility \u6ce2\u5e45<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5c0d\u7b46\u8005\u4f86\u8aaa\uff0c\u4eca\u6b21\u75ab\u60c5\u4e0b\u8dcc\u5e02\u7684\u6700\u5927\u898b\u8b58\uff0c\u5c31\u662fvolatility\uff0c\u7f8e\u80a1\u6eb6\u65b7\u662f\u5f88\u597d\u7684volatility \u7d93\u9a57\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5728<a href=\"https:\/\/www.mpfdiy.com\/2019\/10\/%e5%bc%b7%e7%a9%8d%e9%87%91%e7%ad%96%e7%95%a5%e4%ba%a4%e6%b5%8123%ef%bc%8drisk-parity-%e9%a2%a8%e9%9a%aa%e8%a1%a1%e5%b9%b3\/\" target=\"_blank\" rel=\"noopener noreferrer\">risk parity<\/a> \u4e0b\uff0c\u4f4e\u6ce2\u5e45\u7b56\u7565\u6703\u5206\u914d\u591a\u4e9b\u8cc7\u7522\uff0c\u7b46\u8005\u500b\u4eba\u6295\u8cc7\u5927\u6982\u670930 \u500bTAA \u540c\u6642\u57f7\u884c\uff0c2020\u5e74\u521d\u67094\u30015\u500b\u4f4e\u6ce2\u5e45TAA \u6307\u793a\u8981\u6301\u6709\u7f8e\u570b\u5730\u65b9\u5e02\u653f\u9ad8\u606f\u50b5\u5238 (high yield municipal bond) \uff0c\u5462\u985e\u504f\u9580\u6295\u8cc7\u7269\u65bc2019\u5e74\u4e0b\u534a\u5e74\u4ee5\u9577\u52dd\u59ff\u52e2\u51fa\u73fe\uff0c\u597d\u5883\u4e00\u76f4\u81f32020\u5e742\u6708\uff0c\u4e0d\u904e3\u6708\u4efd\u51fa\u73fe\u7834\u6b77\u53f2\u8a18\u9304\u7684volatility \u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u9ad8\u606f\u5e02\u653f\u50b5\u5238\u7684\u6309\u6708\u6ce2\u5e45\u4ee5\u5f80\u5927\u69821.7%\u5de6\u53f3\uff0c\u5373\u55ae\u5e74\u6700\u5927\u8dcc\u5e45\u70ba9%\u81f317%\u5de6\u53f3\uff0c\u4f46\u75ab\u60c5\u9593\u51fa\u73fe\u524d\u6240\u672a\u6709\u7684\u4eba\u8e29\u4eba\uff0c\u50cf2008\u5e74\u91d1\u878d\u6d77\u562f\u4e00\u6a23\u51fa\u73fe\u6d41\u52d5\u6027\u6050\u614c\uff0c\u6ce2\u5e45\u7a81\u5347\u81f32.6%\uff0c\u55ae\u5e74\u8dcc\u5e45\u905413%\u81f326%\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u9019\u4e9b\u4e0b\u8dcc\u5e45\u5ea6\u6bd4\u8d77\u5176\u4ed6\u80a1\u7968\u597d\u50cf\u5f88\u8f15\u5fae\uff0c\u4f46\u7528\u5f97risk parity \u5c31\u662f\u6703\u7528\u69d3\u687f\uff0c\u69d3\u687f\u4e0b\u5c31\u6703\u500d\u5927\u4e86\u6ce2\u5e45\u3002\u5e78\u597d\u7b46\u8005\u4e00\u8cab\u4e0d\u8003\u616e\u95dc\u806f\u7cfb\u6578\u6e1b\u4f4e\u6574\u9ad4\u6ce2\u5e45\u7684\u8a08\u7b97\uff0c\u4fdd\u7559\u4e86\u4e00\u4e9b\u6ce2\u5e45\u7de9\u885d\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4e0d\u6642\u90fd\u6709\u4eba\u8aaa\u5f37\u7a4d\u91d1<span style=\"color: #04b2f2;\">\u8cb7ETF \u597d\u904e\u8cb7mutual fund<\/span> \uff0c\u5514\u99db\u76ca\u5572\u57fa\u91d1\u4f6c\u3002\u4f46\u662f\u6b21\u8dcc\u5e02\u6b63\u6b63\u66b4\u9732\u4e86\u4e00\u500b<span style=\"color: #04b2f2;\">ETF \u5047\u8a2d\u4e0a\u7684\u7f3a\u9ede\uff0c\u5c31\u662fprice = NAV<\/span> (net asset value) \u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7b46\u8005\u8cb7\u5e02\u653f\u50b5\u5238\u662f\u900f\u904eETF\uff0c\u75ab\u60c5\u4e0b\u5168\u4e16\u754c\u8981cash \u5514\u8981\u8ca8\uff0c\u5e02\u653f\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\u597d\u6b63\u5e38\uff0c\u4f46\u4e0d\u5c0b\u5e38\u7684\u662f\u5728\u6ce2\u5e45\u5e02\u4e0b\uff0cETF \u6bd4\u540c\u985emutual fund \u4e0b\u8dcc\u66f4\u591a\uff0c\u898b\u4e0b\u5716\uff1a<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-HYMB.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4580 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-HYMB.jpg?resize=720%2C212&#038;ssl=1\" alt=\" \" width=\"720\" height=\"212\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-HYMB.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-HYMB.jpg?resize=300%2C88&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-HYMB.jpg?resize=1024%2C301&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-HYMB.jpg?resize=768%2C226&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4e0a\u5716\u7d05\u8272\u7dda\u7684HYD ETF \u75312\u6708\u9ad8\u4f4d\u4e0b\u8dcc\u8fd136%\uff0c\u5982\u679c <a href=\"https:\/\/www.mpfdiy.com\/2016\/12\/allin%e4%b8%80%e6%b3%a8%e7%8d%a8%e8%b4%8f%e6%81%92%e6%8c%87%e5%8f%8a%e8%b2%b4%e9%87%91%e5%b1%ac%e6%98%af%e5%90%a6%e6%98%8e%e6%99%ba\/\" target=\"_blank\" rel=\"noopener noreferrer\">all-in<\/a> \u52a0\u4e0a66%LTV (loan to value ratio)\u7684\u8a71\uff0c\u5373\u662f\u300c\u51fa1\u4efd\u501f2\u4efd\u300d\u7684\u69d3\u687f\u6bd4\u7387\uff0c3\u6708\u4efd\u8dcc\u5e02\u5373\u523b\u8755\u6652\u672c\u91d1\u88abcall margin\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4f46\u662f\u7da0\u8272\u7dda\u7684mutual fund \u6700\u591a\u53ea\u662f\u8dcc23%\uff0c\u4f55\u89e3ETF \u6bd4mutual fund \u8dcc\u5f97\u66f4\u591a? \u539f\u56e0\u5c31\u662fprice vs NAV\u3002Mutual fund \u4ee5 NAV \u5831\u50f9\uff0c\u4e00\u65e5\u5f97\u4e00\u500b\u50f9\uff0c\u6240\u4ee5\u6975\u7aef\u5e02\u6cc1\u4e0d\u592a\u5916\u52a0\u6ce2\u5e45\uff0c\u4f46ETF \u662f\u4ee5\u5e02\u5834\u529b\u91cf\u63a8\u52d5\u50f9\u503c\u683c\u53bb\u63a5\u8fd1NAV\uff0c\u4ea6\u5927\u6982\u53ef\u770b\u6210\u70ba<span style=\"color: #04b2f2;\">\u300cNAV\u8ddf\u7e31\u8aa4\u5dee\u300d<\/span>\u3002\u7406\u8ad6\u4e0aETF \u50f9\u683c\u6bd4\u8f03NAV \u6709\u5dee\u7570\u6642\uff0c\u4fbf\u6709market makers \u6216 authorized participants \u6703\u51fa\u624b\u8cb7\u8ce3\u5957\u6225\u5957\u5229\uff0c\u4ee4ETF\u50f9\u683c\u8207NAV \u4e00\u81f4\u3002\u53ef\u662f\uff0c\u662f\u6b21\u75ab\u60c5\u4e0b\u9019\u4e9b\u505a\u5e02\u5546\u672a\u6709\u5373\u6642\u51fa\u624b\uff0c\u4ea6\u56e0\u70ba\u5e02\u653f\u50b5\u5238\u65bc\u5927\u8dcc\u5e02\u90a3\u5e7e\u65e5\u5341\u5206\u7f3a\u4e4f\u6d41\u52d5\u6027\uff0c\u4ee4\u505a\u5e02\u5546\u4e0d\u6562\u5165\u5e02\uff0c\u5c0e\u81f4price \u8207NAV \u51fa\u73fe\u4e86\u524d\u6240\u672a\u898b\u768420%\u4ee5\u4e0a\u6298\u8b93(discount)\uff0c\u898b\u4e0b\u8868\u3002\u8981\u5230\u7121\u9650QE \u51fa\u53f0\u53ca\u5e02\u5834\u56de\u5fa9\u7406\u6027\u4e0b\uff0cprice \u53caNAV \u6f38\u6f38\u624d\u56de\u5fa9\u4e00\u81f4\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-NAV.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4581 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-NAV.jpg?resize=720%2C391&#038;ssl=1\" alt=\" \" width=\"720\" height=\"391\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-NAV.jpg?w=842&amp;ssl=1 842w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-NAV.jpg?resize=300%2C163&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/HYD-NAV.jpg?resize=768%2C417&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt; color: #04b2f2;\">3. \u8cfa\u9322\u6a5f\u9047<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7b46\u8005\u8755\u7dca\u9322\u7684\u540c\u6642\uff0c\u7576\u7136\u4e0d\u6703\u653e\u904e\u767c\u6398\u8cfa\u9322\u6a5f\u6703\uff0c\u4ee5\u4e0b\u5217\u51fa\u8fd1\u671f\u4e00\u4e9b\u64cd\u4f5c\uff0c\u90fd\u662f\u89aa\u8eab\u7d93\u6b77\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><span style=\"color: #04b2f2;\">3.1 \u7e2evol \u8cfa\u9322\uff1a<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">HYD \u8755\u5f97\u5481\u6158\uff0c\u4f46\u53c8\u672a\u5230TAA\u7b56\u7565\u6307\u793a\u8981\u8ce3\u7684\u6642\u5019\uff0c\u7b46\u8005\u89ba\u5f97\u5e02\u5834\u77ed\u671f\u7279\u6b8a\u6ce2\u52d5\uff0c\u65e5\u5f8c\u7e3d\u6703\u56e0mean reversion \u8fd4\u56deprice =NAV\uff0c\u65bc\u662f\u6301\u6709HYD \u7684\u540c\u6642\uff0c\u6cbd\u51faHYMB\uff0c\u56e0\u70baHYMB \u7684 price vs NAV \u5dee\u7570\u6c92\u6709HYD \u90a3\u9ebc\u5927\uff0c\u6301\u6709HYD \u540c\u6642\u6cbdHYMB \u53ef\u4ee5\u9054\u5230market neutral\uff0c\u66ab\u96e2\u5927\u8dcc\u5927\u5347\u7684\u5f71\u97ff\uff0c\u53ea\u5e0c\u671b\u8cfa\u53d6\u7e2evol \u4e0bprice \u56de\u5230NAV \u7684\u56de\u5831\uff0c\u7b49\u65bc\u662f\u8dcc\u843d\u5730\u63e6\u8fd4\u62c3\u6c99\uff0c\u8755\u5c11\u5572\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt; color: #04b2f2;\">3.2 SPY \u8207IVV \u7684\u50f9\u683c\u5dee<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6709\u4e86\u6b64market neutral \u7684\u60f3\u6cd5\u53ca\u7d93\u6b77\uff0c\u65bc\u662f\u4fbf\u7acb\u5373\u767c\u6398\u4e00\u4e0b\u5176\u4ed6\u76f8\u985e\u4f3c\u7684\u6a5f\u6703\uff0c3\u6708\u4e2d\u7559\u610f\u5230\u4ee5\u4e0b\u60c5\u5883\uff1a<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV-1.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4582 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV-1.jpg?resize=720%2C451&#038;ssl=1\" alt=\" \" width=\"720\" height=\"451\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV-1.jpg?w=835&amp;ssl=1 835w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV-1.jpg?resize=300%2C188&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV-1.jpg?resize=768%2C481&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5927\u5bb6\u5982\u679c\u65bc3\u6708\u4e2d\u898b\u5230\u4e0a\u5716\u7684\u50f9\u683c\u68d2\uff0c\u6703\u6709\u4ec0\u9ebc\u6295\u8cc7\u60f3\u6cd5\u55ce\uff1f<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5148\u4f5c\u5c11\u5c11\u89e3\u8aaa\uff0c\u4e0a\u5716\u662f\u5169\u96bbETF \u7684\u50f9\u683c\u6bd4\u7387\uff0cSPY:IVV \u6307SPY \u7684\u50f9\u683c\u9664\u4ee5IVV \u7684\u50f9\u683c\u800c\u88fd\u5716\uff0c\u5716\u4e2d\u6703\u767c\u73fe3\u6708\u8dcc\u5e02\u524dSPY:IVV \u6bd4\u7387\u57fa\u672c\u4e0d\u8b8a\uff0c\u90a3\u7576\u7136\uff0c\u56e0\u70baSPY \u53caIVV \u662f\u5169\u96bb\u5927\u5230\u7121\u502b\u7684S&amp;P500 ETF\uff0c\u6709\u4efb\u4f55\u8ddf\u7e31\u8aa4\u5dee\u5373\u6642\u6709\u4eba\u6709\u7a0b\u5f0f\u51fa\u624b\u5957\u6225\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4f46\u662f\uff0c2020\u5e743\u6708\u75ab\u60c5\u4e0b\uff0c\u4e0d\u77e5\u662f\u5426\u5404\u4eba\u5404\u7a0b\u5f0f\u90fd\u56e0\u5bb3\u6015\u800c\u6c92\u6709\u51fa\u624b\uff0c\u9084\u662f\u5927\u5e02\u6ce2\u5e45\u6027\u53ca\u4ea4\u6295\u91cf\u592a\u5927\uff0c\u4ee4<span style=\"color: #04b2f2;\">SPY \u8207IVV \u7684\u50f9\u683c\u5dee<\/span>\u65bc\u55ae\u65e5\u7d93\u5e38\u51fa\u73fe+\/- 2% \u4ee5\u4e0a\uff0c\u800c\u4e14\u7dad\u6301\u4e86\u8fd1\u4e00\u500b\u6708\uff0c\u5728\u9019\u4e00\u500b\u6708\u671f\u9593\uff0c\u51fa\u73fe\u4e86\u5341\u5e74\u4e00\u9047\u7684\u6563\u4ed4\u5957\u6225\u6a5f\u6703\uff01<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4583 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV.jpg?resize=720%2C578&#038;ssl=1\" alt=\" \" width=\"720\" height=\"578\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV.jpg?w=828&amp;ssl=1 828w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV.jpg?resize=300%2C241&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/SPYIVV.jpg?resize=768%2C617&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7576SPY:IVV \u9ad8\u6642\uff0c\u6cbd\u51faSPY \u8cb7\u5165IVV\uff0c\u7b49\u5f85\u6bd4\u7387\u5012\u8f49\u6642\u505a\u76f8\u53cd\u64cd\u4f5c\uff0c\u7531\u65bc\u5927\u5347\u5927\u8dcc\u6642\u4e0d\u6703\u99ac\u5f8c\u70ae\u77e5\u9053\u90a3\u88cf\u662f\u6700\u9ad8\u6700\u4f4e\u9ede\uff0c\u7576\u6642\u81ea\u5df1\u4ee5+\/-2%\u4f5c\u8cb7\u8ce3\u6307\u6a19\u3002\u5176\u5be6\u6b64\u985e\u64cd\u4f5c\u61c9\u8a72\u7528\u7a0b\u5f0f\u53bb\u505a\uff0c\u4f46\u7576\u6642\u6c92\u6709\u6642\u9593\u5beb\uff0c\u53c8\u4e0d\u77e5work \u5514 work\uff0c\u4ea6\u5187\u9810\u8a08\u6703\u51fa\u73fe\u9577\u9054\u4e00\u500b\u6708\u7684\u6ce2\u5e45\u5dee\u7570\u6a5f\u6703\uff0c\u6240\u4ee5\u6bcf\u665a\u662f\u624b\u4f5c\u4ed4\u52a0\u4eba\u8089\u773c\u775b\u4f5c\u8cb7\u8ce3\u5224\u65b7\uff0c\u6210\u665a\u7747\u4f4f\u50f9\u4f4d\u8b8a\u5316\uff0c\u4e00\u3001\u5169\u65e5\u8cfa1\u30012%\uff0c\u7dad\u6301\u4e86\u5169\u500b\u661f\u671f\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u9664\u4e86SPY:IVV\uff0c\u540c\u671f\u53c8\u6709\u505a SPY:IYY\u3001JNK:HYS\u3001 MBB:VMBS\u3001 QQQ:ONEQ \uff0c\u6bcf\u65e5\u52de\u52d5\u4e00\u4e0b\u76ef\u4f4f\u5572\u50f9\u683c\u6578\u76ee\u5b57\uff0c\u611f\u53d7\u4e00\u4e0b\u7576\u6642\u7684\u5927\u5e02\u6ce2\u52d5\u4e4b\u9918\uff0c\u53c8\u53ef\u4ee5\u57f7\u8fd4\u5c11\u5c11\u7576\u5e6b\u88dc\u4e0b\uff0c\u6709\u9ede\u50cf\u65bc<a href=\"https:\/\/www.mpfdiy.com\/2020\/03\/%e7%96%ab%e6%83%85%e4%b8%8b%e7%9a%84%e7%94%9f%e6%b4%bb\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u300a\u52d5\u68ee\u300b<\/a>\u57f7\u96dc\u8349\u53ca\u6a39\u679d\uff0c\u804a\u52dd\u65bc\u7121\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 14pt; color: #04b2f2;\">3.3 \u79d1\u6280\u80a1<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u662f\u5f79\u771f\u6b63\u8cfa\u9322\u7684\u6709\u5169\u5927\u65b9\u5411\uff1a\u79d1\u6280\u80a1\u53cadistressed security<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4e4b\u524d\u65bc\u7d93\u6fdf\u65e5\u5831\u7684\u8a2a\u554f\u4e2d(<a href=\"https:\/\/wealth.hket.com\/article\/2587508\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">\u898b\u6b64)<\/a> \uff0c\u8ac7\u53ca\u4e86\u770b\u597d\u79d1\u6280\u80a1\uff0c\u7576\u7136\u4e0d\u662f\u9f4b\u5439\u6191\u611f\u89ba\uff0c\u800c\u662f\u5f9e\u4e0b\u5716\u5f97\u77e5\uff1a<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/QQQ-SPY.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4584 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/QQQ-SPY.jpg?resize=720%2C446&#038;ssl=1\" alt=\" \" width=\"720\" height=\"446\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/QQQ-SPY.jpg?w=842&amp;ssl=1 842w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/QQQ-SPY.jpg?resize=300%2C186&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/QQQ-SPY.jpg?resize=768%2C476&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u81ea2019\u5e74\u5e74\u5c3e\u958b\u59cb\uff0c\u79d1\u6280\u80a1\u5df2\u7d93\u5f48\u51fa\uff0c2020\u5e741\u6708\u53ca2\u6708\u90fd\u629b\u96e2\u5927\u5e02\uff0c\u5373\u4f7f3\u6708\u8dcc\u5e02\uff0c\u505aQQQ:SPY \u4e00\u8cb7\u4e00\u6cbd\u4ea6\u80fd\u5b89\u7136\u6e21\u904e\uff0c\u5e74\u521d\u81f3\u4eca(4\u6708) \u5347\u8d85\u904e10%\uff0c3\u670821\u65e5\u5f8c\u500b\u4eba\u4e3b\u89c0\u76f4\u89ba\u8a8d\u70ba(\u898b\u6b64<a href=\"https:\/\/www.facebook.com\/MPFDIY\/posts\/2545868002294361\" target=\"_blank\" rel=\"noopener noreferrer\">FB po<\/a>)\u5e02\u5834\u6709\u898b\u5e95\u8de1\u8c61\uff0c\u66f4\u6f38\u6f38\u6e1b\u5c11\u6cbd\u51faSPY\uff0c\u8b8a\u76f8\u589e\u6301QQQ\uff0c\u96a8\u5927\u5e02\u53cd\u5f48\u6536\u5fa9\u4e0d\u5c11\u5931\u5730\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4e0d\u904e\u79d1\u6280\u80a1\u6709\u6ce1\u6cab\u524d\u79d1\uff0c\u75ab\u60c5\u7d93\u6fdf\u5c0d\u79d1\u6280\u80a1\u7684\u984d\u5916\u652f\u6301\uff0c\u6216\u6703\u56e0\u75ab\u60c5\u9000\u6e1b\u800c\u6e1b\u5c11\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt; color: #04b2f2;\">3.4 Distressed security<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u75ab\u60c5\u6253\u64ca\u4e86\u4e0d\u5c11\u884c\u696d\uff0c\u4f8b\u5982\u9910\u98f2\u3001\u5a1b\u6a02\u3001\u822a\u7a7a\u3001\u9280\u884c\u3001\u4fdd\u96aa\u3001\u77f3\u6cb9\u3001\u623f\u5730\u7522\u7b49\u7b49\uff0c\u5982\u679c\u6709\u884c\u696d\u80a1\u7968\u88ab\u932f\u4f30\u4ee5\u70ba\u8981<span style=\"color: #04b2f2;\">\u57f7\u7b20 (distressed )<\/span> \uff0c\u80a1\u7968\u906d\u629b\u552e\uff0c\u80a1\u50f9\u5927\u8dcc\u8d85\u904e80%\u300190%(<a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/stock-alert-mfa-financial-spikes-90-1029035898\" target=\"_blank\" rel=\"noopener noreferrer\">\u898b\u6b64<\/a>)\uff0c\u53ca\u5f8c\u60c5\u6cc1\u660e\u6717\uff0c\u767c\u73fe\u539f\u4f86\u5dee\u6975\u90fd\u4e0d\u81f3\u65bc\u8981\u57f7\u7b20\uff0c\u90a3\u6642\u4fbf\u63d0\u4f9b\u4e86\u7d55\u4f73\u7684\u6295\u8cc7\u6a5f\u6703\uff0c\u662f\u5c0d\u6c96\u57fa\u91d1\u7684\u4e00\u7a2e\u6295\u8cc7\u7b56\u7565\uff0c\u4ea6\u662f\u771f\u6b63\u7684\u50f9\u503c\u6295\u8cc7\uff0c\u5373\u662f\u6295\u8cc7\u65bc\u50f9\u683cprice\u9060\u4f4e\u65bc\u50f9\u503c value \u7684\u6295\u8cc7\u7269\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><span style=\"color: #04b2f2;\">2020\u5e743\u6708\u6709\u90a3\u4e9b\u4ee5\u70ba\u6703\u6b7b\u4f46\u53c8\u6b7b\u5514\u53bb\u7684\u80a1\u7968\u5462\uff1f<\/span> \u7b46\u8005\u9078\u64c7\u4e86<span style=\"color: #04b2f2;\">mREIT<\/span> \u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5148\u91cd\u7533REIT \u662f\u9ad8\u6ce2\u5e45\u6295\u8cc7\u7269(\u898b<a href=\"https:\/\/www.mpfdiy.com\/2019\/11\/%e5%8f%a6%e9%a1%9e%e6%8a%95%e8%b3%872-%e6%88%bf%e5%9c%b0%e7%94%a2%e6%8a%95%e8%b3%87%e4%bf%a1%e8%a8%97%e5%9f%ba%e9%87%91reit\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u524d\u6587<\/a>)\uff0call-in\u7528REIT \u6536\u606f\u662f<span style=\"color: #ff0000;\">\u7d55\u5c0d\u4e0d\u9069\u5408\u9000\u4f11\u4eba\u58eb<\/span>\uff0cmREIT \u6bd4\u666e\u901aREIT \u6709\u66f4\u5927\u69d3\u687f\uff0c\u66f4\u9ad8\u6ce2\u5e45\u3002\u4e00\u822cREIT \u7684\u6309\u6708\u6ce2\u5e45\u5df2\u7d93\u67095%\u81f36%\uff0cmREIT \u53ef\u4ee5\u662f7% \u4ee5\u4e0a\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">2020\u5e743\u6708\u7f8e\u570b\u6709\u4e00\u5927\u5806mREIT \u56e0MBS \u4e0b\u8dcc\u800c\u88ab\u9280\u884ccall loan (<a href=\"https:\/\/www.marketwatch.com\/story\/invesco-mortgage-capital-reit-unable-to-meet-margin-calls-in-discussion-with-lenders-on-forebearance-agreements-2020-03-24\" target=\"_blank\" rel=\"noopener noreferrer\">\u898b\u6b64<\/a>)\uff0c\u6709mREIT \u56e0\u8cc7\u4e0d\u62b5\u50b5\u800c\u8981\u8207\u9280\u884c\u50beforbearance\uff0c\u751a\u81f3\u767c\u5f8b\u5e2b\u4fe1\u8981\u6c42\u50b5\u6b0a\u9280\u884c\u66ab\u505c\u8ce4\u8ce3\u62b5\u62bc\u8cc7\u7522\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">3\u6708\u5c3e\u81f34\u6708\u521d\u5e02\u6cc1\u56de\u7a69\uff0cmREIT \u9678\u7e8c\u516c\u5e03\u6700\u65b0\u8ca1\u52d9\u72c0\u6cc1\uff0c\u6709\u4e9b\u4e4b\u524d\u88ab\u4ee5\u70ba\u6703\u57f7\u7b20\u7684\uff0c\u73fe\u5728\u96d6\u7136\u5143\u6c23\u5927\u50b7\u4f46\u6b7b\u4e0d\u53bb\uff0c\u51fa\u73fe\u4e86\u6975\u4f73\u7684<span style=\"color: #04b2f2;\">\u50f9\u503c\u6295\u8cc7<\/span>\u6a5f\u6703\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7b46\u8005\u662f\u591a\u5143\u5316\u7684\u6295\u8cc7\u8005\uff0c\u4ea6\u6703\u904b\u7528<span style=\"color: #04b2f2;\">\u50f9\u503c\u6295\u8cc7\u53castock picking<\/span>\uff0c<\/span><span style=\"font-size: 14pt;\">3\u6708\u5c3e\u9078\u64c7\u6295\u8cc7mREIT \u662f\u4eba\u68c4\u6211\u53d6\u7684\u6700\u4f73\u6642\u6a5f\uff0c\u80fd\u627f\u53d7\u6975\u5927\u6ce2\u5e45\u7684\u8a71\uff0c\u6c42\u5176\u662f\u4f46\u8cb7\u4e00\u96bbmREIT \u5df2\u80fd\u63d0\u4f9b100%\u4ee5\u4e0a\u7684\u56de\u5831\u30023\u670821\u65e5\u65bc<a href=\"https:\/\/www.facebook.com\/MPFDIY\/posts\/2545868002294361\" target=\"_blank\" rel=\"noopener noreferrer\">FB po<\/a> \u51fa\u7279\u5225\u611f\u53d7\u6587\u4e4b\u5f8c\uff0c\u7b46\u8005\u4fbf\u5206\u6bb5\u6295\u8cc7\u65bc\u4e00\u7c43\u5b50\u7684mREIT \u512a\u5148\u80a1(<a href=\"https:\/\/innovativeincomeinvestor.com\/preferred-stock-of-mortgage-reits\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u898b\u6b64<\/a>)\uff0c\u9019\u5206\u6bb5\u6295\u8cc7\u624d\u662f\u771f\u6b63\u7684<span style=\"color: #04b2f2;\">\u5e73\u5747\u6210\u672c\u6cd5<\/span>\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/IVR.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4585 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/IVR.jpg?resize=720%2C384&#038;ssl=1\" alt=\" \" width=\"720\" height=\"384\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/IVR.jpg?w=1120&amp;ssl=1 1120w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/IVR.jpg?resize=300%2C160&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/IVR.jpg?resize=1024%2C547&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/04\/IVR.jpg?resize=768%2C410&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 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14pt;\">3\u6708\u53ca4\u6708\u4efd\u7684\u512a\u5148\u80a1\u6295\u8cc7\u90fd\u4e0d\u662f\u4e00\u5e06\u98a8\u9806\uff0c\u4e2d\u9014\u56e0\u75ab\u60c5\u65bc\u6b50\u7f8e\u5ee3\u6cdb\u5927\u7206\u767c\u800c\u518d\u5ea6\u4e0b\u8dcc50%\uff0c\u4f46\u77e5\u9053\u627f\u53d77%\u6309\u6708\u6ce2\u5e45\u7684\uff0c50%\u662f\u53ef\u63a5\u53d7\u7bc4\u570d\uff0c\u5230\u672c\u6587\u51fa\u8857\u4e4b\u65e5(2020\u5e744\u670820\u65e5)\uff0c\u4e00\u773emREIT \u7684\u512a\u5148\u80a1\u5df2\u7531\u4f4e\u4f4d\u4e0a\u5347100%\u81f3200%\uff0c\u6709\u4e9b\u751a\u81f3\u5df2\u7d93\u6062\u5fa9\u6d3e\u606f\uff0c\u6bd4\u6ed9\u8c50\u66f4\u597d\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4e0d\u904e\uff0cmortgage\u5e02\u5834\u53d7\u5931\u696d\u5f71\u97ff\uff0c\u81ea\u5df1\u63d0\u9192\u81ea\u5df1\u7747\u8def\u597d\u8d70\uff0c\u5f97\u4e9b\u597d\u610f\u9808\u56de\u624b\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 14pt; color: 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14pt;\">\u672c\u6587\u7684\u4e00\u5927\u5806\u79c1\u5229\u6295\u8cc7\u7d93\u6b77\uff0c\u66f4\u4e0d\u9069\u5408\u8a08\u9023\u5f37\u7a4d\u91d1\u9019\u500b\u7c21\u55ae\u6295\u8cc7\u90fd\u641e\u5514\u60e6\u7684\u4eba\u58eb\u3002\u672c\u6587\u53ea\u662f\u5e0c\u671b\u5927\u5bb6\u77e5\u9053\u4e0d\u540c\u6642\u671f\u4e0d\u540c\u5e02\u6cc1\u6709\u4e0d\u540c\u6295\u8cc7\u7b56\u7565\uff0c<span style=\"color: #04b2f2;\">\u591a\u5143\u5316\u6295\u8cc7\u7ba1\u7406\u624d\u662f\u73fe\u4ee3\u6295\u8cc7\u7684\u8981\u6c42<\/span>\uff0c\u8207\u53ca\u8dcc\u5e02\u8755\u9322\u6642\u4e0d\u8981\u505c\u6652\u624b\u3001\u88ab\u9ede\u7a74\u3001\u4f5b\u7cfb\u653e\u68c4\uff0c\u800c\u662f\u8981\u767c\u6398\u65b0\u7684\u6a5f\u6703\uff0c\u751a\u81f3\u63a1\u7528\u4e00\u4e9b\u5e73\u6642\u5c11\u7528\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5c31\u7b97\u672a\u8fd4\u5230\u9ad8\u4f4d\u5bb6\u9109\uff0c\u90fd\u53ef\u4ee5\u8cfa\u8fd4\u5572\u5e6b\u88dc\u4e00\u4e0b\u3002(\u5176\u5be6\u6700\u597d\u4e0d\u8981\u53d7anchor effect 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