<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/08/wall-street-new-york-stock-exchange-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/08/wall-street-new-york-stock-exchange-scaled.jpg"/></p>
<p>JPMorgan Equity Premium Income ETF（JEPI）今年表现不错，受到美国股市持续上涨的推动。其股价连续四周上涨，目前交易于创纪录的 58.8 美元。除去股息，该基金自 2023 年成立以来已飙升超过 71%。</p>
<h2>Boomer Candy ETF</h2>
<p>作为最大的 Boomer Candy ETF，JEPI 今年上涨了 7%，表现不及标普 500 指数的 17% 以上。</p>
<p>投资者已经注意到这种表现不佳，并开始减少投资。数据显示，该基金上个月资产减少超过 2,100 万美元，这是今年首次出现的月度资金流出。</p>
<p>总体而言，该基金今年增加了超过 24 亿美元的资产，使其管理资产总额达到 350 亿美元。JPMorgan 纳斯达克权益溢价收入（JEPQ）和 NEOS 标普 500 高收益 ETF（SPYI）等其他 Boomer Candy ETF 的资金流入已经开始减少。</p>
<p>这种表现主要是因为它们相对于标普 500ETF（VOO）或标普 500ETF（IVV）等基准低成本 ETF 的表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/JEPI-vs.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/JEPI-vs.png"/></p>
<p><em>JEPI vs VOO vs JEPQ vs QQQ ETFs</em></p>
<p>尽管这些 Boomer Candy ETF 有可观的股息，但它们总是表现不及低成本被动基金。</p>
<p>过去 12 个月，JEPI 的总回报率为 13%，低于 Vanguard 标普 500 基金。同样，JEPQ ETF 上涨了 22%，而 Invesco QQQ ETF 上涨超过 27.25%。</p>
<p>这种表现正是投资者应该始终忽略资产的股息率，而是专注于总回报的原因。在大多数情况下，具有高股息率的资产表现不及那些股息率较低的资产。</p>
<p>一个很好的例子是像苹果这样的公司，其股息率为 0.48%，而威瑞森的股息率为 6.55%。苹果多年来的总回报要好得多。</p>
<h2>JEPI ETF 的运作方式</h2>
<p>JEPI 和其他 Boomer Candy ETF 利用非常简单的方法产生回报，同时利用价格波动。</p>
<p>该基金投资于美国各行业的 134 家公司。其最大的行业是技术、医疗保健、金融和消费者自由选择。基金中一些最大的公司包括 Progressive、Trane Technologies、Meta Platforms、Abbvie、Southern 和 Mastercard。</p>
<p>在投资这些公司之后，基金会出售与标普 500 指数挂钩的认购期权，并获得保费，然后用于向投资者支付月度分配。</p>
<p>认购期权是一种金融交易，允许投资者以未来某个价格购买资产。与期货合约不同，在期权中，人没有义务购买资产。</p>
<p>例如，如果股票跌破目标价格，那么期权交易将变得毫无价值，因为人们可以以更低的价格购买它。</p>
<p>像 JEPI 这样的 Boomer Candy ETF，在侧向移动或下跌时，理论上应该击败基准。</p>
<p>一个关键风险是当基准持续上涨时，就像我们在八月看到的那样。当这种情况发生时，该基金往往会错过更广泛的涨势。</p>
<h2>JEPI 基金的催化剂</h2>
<p>展望未来，有几个催化剂可能推动 JEPI ETF 走高。首先，当美联储本月晚些时候开始降息时，该基金可能表现良好。</p>
<p>在大多数情况下，当美联储降息时，股票表现良好，因为投资者从债券转向股票。然而，这种轮换可能需要更长时间，因为利率将在一段时间内保持较高。</p>
<p>JEPI，其股息率为 7%，可能会吸引更多以收入为重点的投资者。</p>
<p>其次，JEPI 基金将受到美国 11 月选举结果的影响。在大多数时期，股票在选举前徘徊，然后在选举后上涨，因为它们迎接新的常态。</p>
<p>从历史上看，不论哪个党派的总统，股票都表现良好，这意味着结果不会产生很大影响。</p>
<p>第三，企业盈利将成为焦点。最近的盈利显示，标普 500 指数公司的盈利增长了 10.5%，这一趋势可能会持续。</p>
<h2>JEPI ETF 是一个好的投资吗？</h2>
<p>正如我之前所写的，JEPI 与标普 500 指数有着密切的相关性。然而，正如我们上面所看到的，它经常表现不及该指数。</p>
<p>该基金也比其他被动 ETF 更昂贵，比如收费仅为 0.03% 的 Vanguard 标普 500 ETF。</p>
<p>因此，尽管其月度股息回报不错，我认为长期投资者将更好地投资于像 VOO 和纳斯达克 100 这样的通用被动 ETF，从而安心入眠（SWAN）。</p>
<p>这篇文章最初发表在 Invezz 上，标题为《JEPI：摩根大通的蓝筹 Boomer Candy ETF 是否是一个好的选择？》</p>

摩根大通

<p>自 2023 年成立以来，摩根大通权益溢价收入交易所交易基金（JEPI）已经上涨超过 71%，最近达到历史新高。然而，它表现不及标普 500 指数，导致资产大量流出。该基金过去一年的总回报率为 13%，低于同行。分析师指出，虽然 JEPI 提供可观的股息，但投资者应将总回报置于股息之上。潜在改善的催化剂包括美联储预期的降息和企业盈利增长，尽管与被动 ETF 相比的长期表现仍然令人担忧</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/08/wall-street-new-york-stock-exchange-scaled.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2022/08/wall-street-new-york-stock-exchange-scaled.jpg"/></p>
<p>The JPMorgan Equity Premium Income ETF (JEPI) has done well this year, helped by the ongoing surge of American stocks. Its stock has risen in the last four consecutive weeks and is trading at a record high of $58.8. Excluding dividends, the fund has soared by over 71% since its inception in 2023.</p>
<div class="lb-trans"><p>JPMorgan Equity Premium Income ETF（JEPI）今年表现不错，受到美国股市持续上涨的推动。其股价连续四周上涨，目前交易于创纪录的 58.8 美元。除去股息，该基金自 2023 年成立以来已飙升超过 71%。</p>
</div><h2>Boomer Candy ETF</h2>
<div class="lb-trans"><h2>Boomer Candy ETF</h2>
</div><p>JEPI, the biggest Boomer Candy ETF, has risen by 7% this year, underperforming the S&amp;P 500 index, which is up by over 17%.</p>
<div class="lb-trans"><p>作为最大的 Boomer Candy ETF，JEPI 今年上涨了 7%，表现不及标普 500 指数的 17% 以上。</p>
</div><p>Investors have taken note of this underperformance and have started reducing their investments. Data shows that the fund’s assets dropped by over $21 million last month, the first monthly outflow this year.</p>
<div class="lb-trans"><p>投资者已经注意到这种表现不佳，并开始减少投资。数据显示，该基金上个月资产减少超过 2,100 万美元，这是今年首次出现的月度资金流出。</p>
</div><p>Altogether, the fund has added over $2.4 billion in assets this year, bringing its total assets under management to $35 billion. Inflows in other Boomer Candy ETFs like the JPMorgan Nasdaq Equity Premium Income (JEPQ) and the NEOS S&amp;P 500 High Income ETF (SPYI) have started to retreat.</p>
<div class="lb-trans"><p>总体而言，该基金今年增加了超过 24 亿美元的资产，使其管理资产总额达到 350 亿美元。JPMorgan 纳斯达克权益溢价收入（JEPQ）和 NEOS 标普 500 高收益 ETF（SPYI）等其他 Boomer Candy ETF 的资金流入已经开始减少。</p>
</div><p>This performance is mostly because of their performance compared to benchmark low-cost ETFs like the Vanguard S&amp;P 500 ETF (VOO) or the iShares S&amp;P 500 ETF (IVV).</p>
<div class="lb-trans"><p>这种表现主要是因为它们相对于标普 500ETF（VOO）或标普 500ETF（IVV）等基准低成本 ETF 的表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/JEPI-vs.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/JEPI-vs.png"/></p>
<p><em>JEPI vs VOO vs JEPQ vs QQQ ETFs</em></p>
<div class="lb-trans"><p><em>JEPI vs VOO vs JEPQ vs QQQ ETFs</em></p>
</div><p>While these boomer candy ETFs have substantial dividends, they always underperform the low-cost passive funds.</p>
<div class="lb-trans"><p>尽管这些 Boomer Candy ETF 有可观的股息，但它们总是表现不及低成本被动基金。</p>
</div><p>JEPI’s total return in the last 12 months stood at 13%, lower than the Vanguard S&amp;P 500 fund. Similarly, the JEPQ ETF has risen by 22% while Invesco QQQ ETF has risen by over 27.25%.</p>
<div class="lb-trans"><p>过去 12 个月，JEPI 的总回报率为 13%，低于 Vanguard 标普 500 基金。同样，JEPQ ETF 上涨了 22%，而 Invesco QQQ ETF 上涨超过 27.25%。</p>
</div><p>This performance is exactly why investors should always ignore an asset’s dividend yield and instead focus on the total return. In most cases, assets with high dividend yields underperform those with lower yields.</p>
<div class="lb-trans"><p>这种表现正是投资者应该始终忽略资产的股息率，而是专注于总回报的原因。在大多数情况下，具有高股息率的资产表现不及那些股息率较低的资产。</p>
</div><p>A good example of this is a company like Apple, which yields 0.48% and Verizon, which has a yield of 6.55%. Apple’s total return has been much better over the years.</p>
<div class="lb-trans"><p>一个很好的例子是像苹果这样的公司，其股息率为 0.48%，而威瑞森的股息率为 6.55%。苹果多年来的总回报要好得多。</p>
</div><h2>How the JEPI ETF works</h2>
<div class="lb-trans"><h2>JEPI ETF 的运作方式</h2>
</div><p>JEPI and other boomer candy ETFs use a very simple approach to generate returns while taking advantage of price movements.</p>
<div class="lb-trans"><p>JEPI 和其他 Boomer Candy ETF 利用非常简单的方法产生回报，同时利用价格波动。</p>
</div><p>The fund invests in 134 companies across all sectors in the US. Its biggest sectors are technology, healthcare, financials, and consumer discretionary. Some of the biggest companies in the fund are Progressive, Trane Technologies, Meta Platforms, Abbvie, Southern, and Mastercard.</p>
<div class="lb-trans"><p>该基金投资于美国各行业的 134 家公司。其最大的行业是技术、医疗保健、金融和消费者自由选择。基金中一些最大的公司包括 Progressive、Trane Technologies、Meta Platforms、Abbvie、Southern 和 Mastercard。</p>
</div><p>After investing in these companies, the fund then sells call options tied to the S&amp;P 500 index and pockets the premium, which it then uses to pay monthly distributions to investors.</p>
<div class="lb-trans"><p>在投资这些公司之后，基金会出售与标普 500 指数挂钩的认购期权，并获得保费，然后用于向投资者支付月度分配。</p>
</div><p>A call option is a financial transactions that lets an investor buy an asset at a certain future price. Unlike a futures contract, in an option, the person is under no obligation to buy the asset.</p>
<div class="lb-trans"><p>认购期权是一种金融交易，允许投资者以未来某个价格购买资产。与期货合约不同，在期权中，人没有义务购买资产。</p>
</div><p>For example, if a stock drops below the target price, then the options trade becomes worthless since the person can buy it for a cheaper price.</p>
<div class="lb-trans"><p>例如，如果股票跌破目标价格，那么期权交易将变得毫无价值，因为人们可以以更低的价格购买它。</p>
</div><p>A boomer candy ETF like JEPI, should, in theory, beat the benchmark when it is either moving sideways or is falling.</p>
<div class="lb-trans"><p>像 JEPI 这样的 Boomer Candy ETF，在侧向移动或下跌时，理论上应该击败基准。</p>
</div><p>A key risk is when the benchmark continues rising, as we saw in August. When this happens, the fund tends to miss out on the broader rally.</p>
<div class="lb-trans"><p>一个关键风险是当基准持续上涨时，就像我们在八月看到的那样。当这种情况发生时，该基金往往会错过更广泛的涨势。</p>
</div><h2>Catalysts for the JEPI fund</h2>
<div class="lb-trans"><h2>JEPI 基金的催化剂</h2>
</div><p>Looking forward, there are several catalysts that could push the JEPI ETF higher. First, the fund may do well when the Federal Reserve starts cutting interest rates later this month.</p>
<div class="lb-trans"><p>展望未来，有几个催化剂可能推动 JEPI ETF 走高。首先，当美联储本月晚些时候开始降息时，该基金可能表现良好。</p>
</div><p>In most cases, stocks do well when the Fed is slashing rates as investors move from bonds to equities. However, this rotation will likely take longer because interest rates will remain higher for a while.</p>
<div class="lb-trans"><p>在大多数情况下，当美联储降息时，股票表现良好，因为投资者从债券转向股票。然而，这种轮换可能需要更长时间，因为利率将在一段时间内保持较高。</p>
</div><p>JEPI, which has a 7% dividend yield, will likely see more interest from income-focused investors.</p>
<div class="lb-trans"><p>JEPI，其股息率为 7%，可能会吸引更多以收入为重点的投资者。</p>
</div><p>Second, the JEPI fund will react to the outcome of November’s election in the United States. In most periods, stocks tend to waver ahead of the election and then rally after it happens as they embrace a new normal.</p>
<div class="lb-trans"><p>其次，JEPI 基金将受到美国 11 月选举结果的影响。在大多数时期，股票在选举前徘徊，然后在选举后上涨，因为它们迎接新的常态。</p>
</div><p>Historically, stocks do well under presidents of both parties, meaning that the outcome will not have a big impact.</p>
<div class="lb-trans"><p>从历史上看，不论哪个党派的总统，股票都表现良好，这意味着结果不会产生很大影响。</p>
</div><p>Third, corporate earnings will be in the spotlight. The most recent earnings showed that earnings of companies in the S&amp;P 500 index rose by 10.5% and the trend may continue.</p>
<div class="lb-trans"><p>第三，企业盈利将成为焦点。最近的盈利显示，标普 500 指数公司的盈利增长了 10.5%，这一趋势可能会持续。</p>
</div><h2>Is the JEPI ETF a good investment?</h2>
<div class="lb-trans"><h2>JEPI ETF 是一个好的投资吗？</h2>
</div><p>As I have written before, JEPI has a close correlation with the S&amp;P 500 index. However, it often underperforms the index, as we have seen above.</p>
<div class="lb-trans"><p>正如我之前所写的，JEPI 与标普 500 指数有着密切的相关性。然而，正如我们上面所看到的，它经常表现不及该指数。</p>
</div><p>The fund is also more expensive than other passive ETFs like the Vanguard S&amp;P 500 ETF, which charges just 0.03%.</p>
<div class="lb-trans"><p>该基金也比其他被动 ETF 更昂贵，比如收费仅为 0.03% 的 Vanguard 标普 500 ETF。</p>
</div><p>Therefore, while its monthly dividend returns are good, I believe that long-term investors will do better and sleep well at night (SWAN) investing in generic passive ETFs like VOO and Nasdaq 100.</p>
<div class="lb-trans"><p>因此，尽管其月度股息回报不错，我认为长期投资者将更好地投资于像 VOO 和纳斯达克 100 这样的通用被动 ETF，从而安心入眠（SWAN）。</p>
</div><p>The post JEPI: Is JP Morgan’s blue-chip boomer candy ETF a good buy? appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章最初发表在 Invezz 上，标题为《JEPI：摩根大通的蓝筹 Boomer Candy ETF 是否是一个好的选择？》</p>
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JEPI：摩根大通的蓝筹股老年糖果 ETF 值得购买吗？