{"id":7304,"date":"2022-09-05T02:12:28","date_gmt":"2022-09-04T18:12:28","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=7304"},"modified":"2022-09-05T02:12:28","modified_gmt":"2022-09-04T18:12:28","slug":"%e5%96%ae%e4%b8%80%e6%8a%95%e8%b3%87%e7%89%a9%e7%9a%84etf%e4%b8%8b","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2022\/09\/%e5%96%ae%e4%b8%80%e6%8a%95%e8%b3%87%e7%89%a9%e7%9a%84etf%e4%b8%8b\/","title":{"rendered":"\u55ae\u4e00\u6295\u8cc7\u7269\u7684ETF(\u4e0b)"},"content":{"rendered":"

\u55ae\u4e00\u6295\u8cc7\u7269\u7684ETF(\u4e0b)<\/span><\/strong><\/span><\/h2>\n

 <\/p>\n

\u63a5\u4e0a\u6587<\/a><\/span><\/p>\n

 <\/p>\n

Single stock ETF \u55ae\u4e00\u80a1\u7968\u57fa\u91d1\uff0c\u9867\u540d\u601d\u7fa9\u5c31\u662f\u8a72ETF\u6295\u8cc7\u65bc\u55ae\u4e00\u80a1\u7968\u3002\u6709\u4eba\u6703\u554f\uff0c\u81ea\u5df1\u90fd\u53ef\u4ee5\u8cb7\u55ae\u4e00\u80a1\u7968\u4f8b\u5982Tesla\uff0c\u70ba\u4f55\u8981\u652f\u4ed8\u57fa\u91d1\u6536\u8cbb\u53ca\u5176\u4ed6\u984d\u5916\u98a8\u96aa\u53bb\u8cfc\u8cb7\u53ea\u6301\u6709Tesla \u7684ETF\u5462\uff1f<\/span><\/p>\n

 <\/p>\n

\u6709\u4e00\u4e9b\u80a1\u7968\u7684\u6bcf\u80a1\u50f9\u683c\u8f03\u9ad8 (\u4f8b\u5982BRK.A) \uff0c\u5165\u5834\u9580\u6abb\u8f03\u9ad8\uff0c\u55ae\u4e00\u80a1\u7968ETF \u90fd\u6709\u751f\u5b58\u689d\u4ef6\u3002\u4e0d\u904e\u53ef\u4ee5\u4e00\u80a1\u4e00\u80a1\u8cb7\u8ce3\u7684\u7f8e\u570b\u5e02\u5834\uff0c\u55ae\u4e00\u80a1\u7968ETF \u4e0d\u662f\u4ee5\u9019\u500b\u964d\u4f4e\u5165\u5834\u9580\u6abb\u70ba\u76ee\u7684\u800c\u9762\u4e16\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Single stock ETF \u529f\u80fd\u4e00\uff1a\u69d3\u687f<\/span><\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

\u4f8b\u5b50\uff1aTSLL<\/a><\/span><\/p>\n

TSLL \u662f\u7528\u884d\u751f\u5de5\u5177swap \u6216options \u4f5c\u6295\u8cc7\u7269\uff0c\u4ee5\u6bcf\u5929 1.5\u500dtesla \u80a1\u50f9\u4f5c\u6295\u8cc7\u3002\u7576tesla \u80a1\u50f9\u4e0a\u53471%\uff0cTSLL \u50f9\u683c\u4fbf\u4e0a\u53471.5%\uff1b\u7576Tesla \u80a1\u50f9\u8dcc2%\uff0cTSLL \u4fbf\u8dcc3% \u3002<\/span><\/p>\n

 <\/p>\n

\u4ee5\u5f80\u8981\u505a\u80a1\u7968\u69d3\u687f\uff0c\u65b9\u6cd5\u662f\u7528margin account \u53bb\u62b5\u62bc\u4e00\u4e9b\u5df2\u6709\u6301\u8ca8\uff0c\u7136\u5f8c\u501f\u9322\u8cb7\u80a1\u7968\u3002\u6b64\u5b56\u5c55\u501f\u9322\u65b9\u6cd5\u6709\u4e09\u500b\u7f3a\u9ede\uff1a\u4e00\u662f\u8981\u65bc\u8b49\u5238\u884c\u6709margin account\uff0cmargin account \u8207cash account \u4e0d\u540c\uff0c\u8b49\u5238\u6cd5\u5f8b\u5c0d\u65bcmargin account \u7684\u4fdd\u969c\u8f03\u5c11\u3002<\/span>\u7f3a\u9ede\u4e8c\u662f\u62b5\u62bc\uff0c\u62b5\u62bc\u6703\u4ee4\u62b5\u62bc\u54c1\u5931\u53bb\u6d41\u52d5\u6027\uff0c\u5373\u662f\u4e0d\u80fd\u5feb\u901f\u8b8a\u73fe\uff0c\u800c\u4e14\u62b5\u62bc\u6bd4\u7387\u6703\u6309\u5e02\u6cc1\u800c\u8b8a\u5316\uff0c\u7576\u8b49\u5238\u884c\u8abf\u4f4e\u62b5\u62bc\u6bd4\u7387\u6642\uff0c\u4fbf\u8981\u53ef\u80fd\u8981\u88dc\u5009\u3002<\/span>\u7f3a\u9ede\u4e09\u662f\u501f\u9322\u7684\u5229\u606f\uff0c\u4e00\u822c\u90fd\u4e94\u81f3\u5341\u5398\uff0c\u5982\u679c\u69d3\u687f\u5f8c\u7684\u56de\u5831\u4e0d\u80fd\u9ad8\u904e\u501f\u9322\u7684\u5229\u606f\uff0c\u4fbf\u662f\u5012\u8755\u3002<\/span><\/p>\n

 <\/p>\n

\u81f3\u65bc\u5176\u4ed6\u904b\u7528\u69d3\u687f\u7684\u6295\u8cc7\u7269\u5982\u671f\u8ca8\uff0f\u671f\u6b0a\uff0f\u8f2a\u8b49\u7b49\u7b49\uff0c\u90fd\u6709\u9650\u6642\u9650\u523b\u7684\u6642\u9593\u503c\u7f3a\u9ede\u3002<\/span><\/p>\n

 <\/p>\n

\u53cd\u89c0single stock ETF\uff0c\u672c\u8eab\u5c31\u662f\u4e00\u96bb\u884d\u751f\u5de5\u5177\uff0c\u514d\u9664\u65bc\u8b49\u5238\u884c\u53camargin account \u7684\u9ebb\u7169\uff0c\u800c\u4e14ETF \u4e00\u8996\u540c\u4ec1\uff0c\u4e0d\u6703\u56e0\u70ba\u6295\u8cc7\u8005\u7684\u8eab\u4efd\u53ca\u8cc7\u7522\u72c0\u6cc1\u800c\u6709\u4e0d\u540c\u7684\u5f85\u9047\u3002\u96a8\u6642\u8cb7\u8ce3\uff0c\u6ea2\u50f9\u53ca\u8cb7\u8ce3\u5dee\u50f9\u6bd4\u8d77\u671f\u8ca8\uff0f\u671f\u6b0a\uff0f\u8f2a\u8b49\u66f4\u5c11\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\u529f\u80fd\u4e8c\uff1a\u6cbd\u7a7a<\/span><\/strong><\/p>\n

 <\/p>\n

\u4f8b\u5b50\uff1aTSLQ<\/a><\/span><\/p>\n

 <\/p>\n

TSLQ \u662f\u53cd\u5411Tesla \u80a1\u7968\u7684ETF\uff0c\u6c92\u6709\u69d3\u687f\uff0c\u5373Tesla \u80a1\u50f9\u8dcc5%,\u00a0 TSLQ \u4fbf\u53475%,\u00a0 \u53cd\u4e4b\u4ea6\u7136\u3002<\/span><\/p>\n

 <\/p>\n

\u9019\u4e9b\u53cd\u5411ETF\uff0c\u9999\u6e2f\u80a1\u6c11\u90fd\u4e0d\u6703\u964c\u751f\u3002\u4ee5\u5f80\u53cd\u5411ETF \u53ea\u6709\u5927\u578b\u7684\u6307\u6578\uff0c\u6c92\u6709\u53cd\u5411\u55ae\u4e00\u80a1\u7968\u3002<\/span><\/p>\n

 <\/p>\n

\u5982\u679c\u6301\u6709\u6307\u6578\u57fa\u91d1\uff0c\u4f46\u53c8\u770b\u4e0d\u597d\u7576\u4e2d\u7684\u4e00\u4e9b\u500b\u5225\u80a1\u7968\uff0c\u4fbf\u53ef\u4ee5\u7528\u53cd\u5411\u500b\u5225\u80a1\u7968ETF \u53bb\u5c07\u8a72\u80a1\u7968\u5f9e\u81ea\u5df1\u7684portfolio \u4e2d\u5254\u9664\u51fa\u4f86\u3002<\/span><\/p>\n

 <\/p>\n

\u53e6\u5916\uff0c\u53cd\u5411\u500b\u80a1ETF \u53ef\u4ee5\u505apair trading\uff0c\u4f8b\u5982\u770b\u4f86\u860b\u679c \u5c07\u4f86\u6703\u5dee\u65bc\u5fae\u8edf\uff0c\u5373\u5347\u5e02\u6642\u860b\u679c\u6703\u5347\u5f97\u5c11\u904e\u5fae\u8edf\uff0c\u8dcc\u5e02\u6642\u860b\u679c\u53c8\u6703\u8dcc\u591a\u4e00\u4e9b\u3002\u9019\u6a23\u4fbf\u53ef\u505apair trading \uff0c\u8cb7\u5165\u5fae\u8edf\u80a1\u7968\uff0c\u540c\u6642\u8cb7\u5165\u540c\u7b49\u503c\u7684\u860b\u679c\u53cd\u5411ETF\uff0c\u9019\u500b\u64cd\u4f5c\u6703\u5c0d\u6c96(hedge) \u4e86\u5e02\u5834\u6ce2\u52d5(market beta) \uff0c\u4ee4\u81ea\u5df1\u53ea\u4eab\u6709(\u6216\u627f\u53d7) \u5fae\u8edf\u8207\u860b\u679c\u4e4b\u9593\u7684\u5347\u8dcc\u5dee\u7570\uff0c\u5373\u662f\u81ea\u5df1\u7684\u773c\u5149\uff0c\u4ea6\u5373\u662fpure alpha\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\u529f\u80fd\u4e09\uff1a\u98a8\u96aa\u63a7\u5236<\/span><\/strong><\/p>\n

 <\/p>\n

\u4f8b\u5b50\uff1aTSLH<\/a><\/span><\/p>\n

 <\/p>\n

\u4ee5\u5f80\u672c\u7ad9\u6709\u6587\u7ae0<\/a>\u8a0e\u8ad6\u8a2d\u6709\u56de\u5831\u4e0a\u4e0b\u9650\u7684Target Buffer ETF\uff0c\u6b64\u985eETF \u4ee5\u5f80\u53ea\u91dd\u5c0d\u5927\u5e02\u5982S&P500\uff0c\u4eca\u6b21single stock ETF \u4fbf\u7167\u677f\u716e\u7897\u7528\u65bc\u500b\u5225\u80a1\u7968\u3002<\/span><\/p>\n

 <\/p>\n

\u4f8b\u5982TSLH ETF \u63a7\u5236\u6bcf\u5b63\u56de\u5831\u70ba+9.29%\u81f3-10%\u4e4b\u9593\uff0c\u5373\u662f\u5118\u7ba1Tesla \u6b63\u80a1\u534720%\uff0cTSLH \u53ea\u6709+9.29% \u7684\u56de\u5831\uff0c\u4f46\u7576Tesla \u8dcc20%\uff0cTSLH \u4ea6\u53ef\u63a7\u5236\u81f3\u8dcc10%\uff0c\u898b\u4e0b\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

\"<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

\n

 <\/p>\n

Single stock ETF \u7684\u98a8\u96aa\u53ca\u5f31\u9ede<\/span><\/strong><\/p>\n

 <\/p>\n

\u9019\u985e\u4f9d\u8cf4\u884d\u751f\u5de5\u5177\u7684ETF\uff0c\u4fbf\u4f34\u96a8\u7740\u5f88\u591a\u884d\u751f\u5de5\u5177\u53ca\u767c\u884c\u4eba\u7684\u98a8\u96aa\uff0c\u6240\u4ee5\u73fe\u6642\u6295\u8cc7\u65bc\u55ae\u4e00\u80a1\u7968ETF \u7684\u4eba\uff0c\u90fd\u662f\u5341\u5206\u719f\u6089\u9019\u4e9b\u7522\u54c1\u7684\u3002\u5982\u679c\u6563\u6236\u4ee5\u70baETF \u5f88\u7c21\u55ae\u5f88\u5b89\u5168\u4fbf\u885d\u53bb\u8cb7\u5165\uff0c\u5f88\u53ef\u80fd\u89f8\u7901\u3002<\/span><\/p>\n

 <\/p>\n

\u53e6\u5916\uff0c\u9019\u4e9b\u884d\u751f\u7522\u54c1\u7684ETF \u6709\u4e00\u9805\u901a\u75c5\uff0c\u5c31\u662f\u4e0a\u5347\u6703\u5347\u5f97\u5c11\u904e\u6b63\u80a1\uff0c\u4e0b\u8dcc\u53c8\u6703\u8dcc\u5f97\u591a\u904e\u6b63\u80a1<\/span>\uff0c\u539f\u56e0\u662fETF \u80cc\u5f8c\u7684\u884d\u751f\u7522\u54c1\u662f\u6bcf\u5929rebase<\/strong><\/span> \u3002<\/span><\/p>\n

 <\/p>\n

\u4f8b\u5982 \u6b63\u80a1\u80a1\u50f9\u753110\u5143\u5347\u81f311\u5143 (+10%) \uff0c\u7b2c\u4e8c\u5929\u753111\u5143\u8dcc\u56de10\u5143 (-9.091%) \uff0c\u7b2c\u4e8c\u5929\u4e4b\u5f8c<\/span>\u6301\u6709\u6b63\u80a1\u662f\u5187\u8cfa\u5187\u8755\uff0c\u4f46\u6301\u67091.5x ETF \u4fbf\u6703\u51fa\u73fe\u8667\u640d\uff1a<\/span><\/p>\n

 <\/p>\n

\u5047\u8a2d\u521d\u59cb1.5x ETF\u50f9\u683c\u70ba100\u5143\uff0c\u7b2c\u4e00\u5929\uff1a+10% (\u6b63\u80a1) x 1.5 (\u500d\u6578) = 15%,\u00a0 ETF \u50f9\u683c\u7531100\u5143\u534715%\u81f3115\u5143<\/span><\/p>\n

 <\/p>\n

\u7b2c\u4e8c\u5929\uff1a -9.091% x 1.5 = -13.63%\uff0cETF \u50f9\u683c =115 \u5143 x 0.8636 = 99.31\u5143<\/span><\/p>\n

 <\/p>\n

\u5927\u5bb6\u770b\u898b\u7b2c\u4e8c\u5929\u4e4b\u5f8c\uff0cETF\u7684\u50f9\u503c\u662f99.31\u5143\uff0c\u6bd4\u539f\u4f86\u7684100\u5143\u70ba\u4f4e\uff0c\u9019\u5c31\u662fvolatility decay \u6216\u7a31 volatility drag \u6240\u9020\u6210<\/span>\uff0c\u5176\u5be6\u80cc\u5f8c\u90fd\u662f\u55ae\u5229\u53ca\u8907\u5229\u7684\u5dee\u7570\uff0c\u6240\u4ee5\u6b64\u985e\u884d\u751f\u7522\u54c1\u69d3\u687fETF \u7684\u9577\u671f\u7d2f\u8a08\u56de\u5831\u4e0d\u662f<\/span>\u76f4\u63a5\u628a\u6b63\u80a1\u7684\u56de\u5831\u4e58\u4ee5\u69d3\u687f\u6bd4\u7387\u800c\u4f86\uff0c\u800c\u9700\u8981\u540c\u6642\u8003\u616evolatility\uff0c\u5c24\u5176\u6253\u7b97\u9577\u671f\u6301\u6709\u7684\u8a71\u3002<\/span><\/p>\n

 <\/p>\n

\u672c\u7ad9\u4e4b\u524d\u5df2\u6709\u5f88\u591a\u6587\u7ae0<\/a>\u8a0e\u8ad6\u55ae\u5229\u53ca\u8907\u5229\u7684\u6587\u7ae0\uff0c\u5927\u5bb6\u53ef\u4ee5\u5148\u95b1\u8b80\uff0c\u4e4b\u5f8c\u6703\u6709\u6587\u7ae0\u5c08\u9580\u8a0e\u8ad6volatility decay \u6216volatility drag \u3002\u7576\u4ee5\u70ba\u56de\u5831\u8a08\u7b97\u5f88\u7c21\u55ae\uff0c\u55ae\u5229\u8907\u5229\u5c0f\u5b78\u751f\u90fd\u8b58\uff0c\u6b64\u6642\u4fbf\u61c9\u8a72\u61f7\u7591\u4e00\u4e0b\u81ea\u5df1\u7684\u65e2\u6709\u77e5\u8b58\uff0c\u662f\u5426\u771f\u7684\u78ba\u5be6\u7121\u8aa4\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

P.S. \u5176\u5be6crypto \u7684 impermanent loss (IL)<\/a> \u90fd\u6709\u5572\u5572\u4f3cvolatility drag\uff0c\u4e0d\u904eIL\u5c31\u4e0d\u6703decay\uff0c\u6240\u4ee5volatility decay \u6709\u6642\u5019\u6703\u8207volatility drag \u4e0d\u540c\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u55ae\u4e00\u6295\u8cc7\u7269\u7684ETF(\u4e0b)   \u63a5\u4e0a\u6587   Single stock ETF \u55ae\u4e00\u80a1\u7968\u57fa\u91d1\uff0c…<\/p>\n","protected":false},"author":1,"featured_media":7309,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1,4],"tags":[70,11,22,41,48,40,23,53,27,49],"class_list":["post-7304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1","category-4","tag-crypto","tag-etf","tag-22","tag-41","tag-48","tag-40","tag-23","tag-53","tag-27","tag-49"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2022\/08\/TSLH.jpg?fit=798%2C643&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7Tc20-1TO","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/7304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/comments?post=7304"}],"version-history":[{"count":5,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/7304\/revisions"}],"predecessor-version":[{"id":7314,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/7304\/revisions\/7314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media\/7309"}],"wp:attachment":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media?parent=7304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/categories?post=7304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/tags?post=7304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}