<p>仅仅两年的时间，<strong>Nvidia</strong>(NVDA 0.80%)、<strong>Apple</strong>(AAPL 0.36%) 和 <strong>Microsoft</strong>(MSFT 0.80%) 的市值总额从 4.36 万亿美元增长到超过 10 万亿美元。微软和英伟达已经处于人工智能（AI）的前沿，而苹果计划进一步将人工智能整合到其产品和服务中。</p>
<p>这三家公司价值的快速上升在相对较短的时间内改变了更广泛市场的格局。它们现在占据了 <strong>标普 500 指数</strong>(^GSPC -0.03%) 的近 20%，以及科技行业惊人的 44%。</p>
<p>然而，一些投资者可能希望获得比标普 500 指数基金提供的增长曝光度更高。您可能也希望投资于英伟达、苹果和微软等公司，而不受限于科技行业交易所交易基金（ETF）。</p>
<p>拥有 183 个持股，涵盖各种行业，仅 0.04% 的费用比率，以及英伟达、苹果和微软的合计权重达 33.5% 的 <strong>Vanguard Growth ETF</strong>(VUG 0.46%) 凭借其超低成本成为投资顶级成长公司的方式。以下是为什么这只 ETF 可能值得在创历史新高时购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2ODIvZ2V0dHlpbWFnZXMtMTQxOTcyNjY3NS0xMjAxeDYzMy02NWQ0YmU2LmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2ODIvZ2V0dHlpbWFnZXMtMTQxOTcyNjY3NS0xMjAxeDYzMy02NWQ0YmU2LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>从 Vanguard Growth ETF 可以期待什么</h2>
<p>Vanguard Growth ETF 今年早些时候庆祝了成立 20 周年。作为互联网泡沫破裂的结果，该 ETF 经历了多次市场下跌，并建立了作为最知名的成长 ETF 之一的业绩记录。其净资产超过 2600 亿美元，对于一个非指数基金来说规模庞大。</p>
<p>在过去的十年中，Vanguard Growth ETF 即使考虑到股息，也表现优于标普 500 指数。由于其费用比率非常低，即每投资 1 万美元仅需 4 美元，投资者不会因为费用而限制其表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/dfe73e678d201accdaf350f610c4f5b8.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://media.ycharts.com/charts/dfe73e678d201accdaf350f610c4f5b8.png"/></p>
<p>YCharts 提供的 VUG 总回报水平数据</p>
<p>购买 Vanguard Growth ETF 的最简单理由是，您希望高度暴露于大市值成长股，愿意为这些顶级股票支付溢价价格，不想拥有标普 500 指数中一些更大的守旧公司，不介意获得很少的股息收入，并且愿意承受成长股的波动性。</p>
<p>回顾上面的图表，您可以看到 Vanguard Growth ETF 遭受了一些大幅抛售。2018 年末、2020 年初以及 2022 年发生了顶级成长股的急剧下跌。现在很容易忘记，但 2022 年对成长股投资者来说是一个特别残酷的一年。在 2023 年和 2024 年推动爆炸性增长的公司在 2022 年表现不佳，导致 Vanguard Growth ETF 价值下跌三分之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a10463cd95e130bf1e0e01616728ea22.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://media.ycharts.com/charts/a10463cd95e130bf1e0e01616728ea22.png"/></p>
<p>YCharts 提供的^SPX 数据</p>
<p>上面的图表并不是要吓唬您，而是展示您在投资顶级成长股时可能要面对的情况。Vanguard Growth ETF 的 53% 资金分配在图表中的七个名字中，也被称为&#34;七巨头&#34;。该基金的表现严重依赖于少数公司。</p>
<p>当涉及解锁潜在市场超越收益时，波动性往往是必须付出的代价。通过排除 <strong>伯克希尔 - 哈撒韦</strong>、<strong>联合健康</strong>、<strong>宝洁</strong>、<strong>摩根大通</strong>、<strong>可口可乐</strong> 和 <strong>百事可乐</strong> 等公司，并将更高的权重分配给成长股，Vanguard Growth ETF 正在放弃一些在市场下跌时表现良好的可靠守旧价值公司。换句话说，它在放弃一层保护以换取更多的上行潜力。</p>
<h2>长期成功的秘诀</h2>
<p>没有人知道 Vanguard Growth ETF 在未来一个月或一年内是否会击败标普 500 指数。然而，我们知道 Vanguard Growth ETF 的前几大持股是真正杰出的公司，在资本配置方面具有许多优势。当公司的盈利增长，或者其盈利增长率预计将增加时，公司的价值会增长。成长股的许多下跌都是由于预期超前于现实，而不是基本业务方面的担忧。随着时间的推移，这些公司有办法实现其估值。以微软为例。</p>
<p>微软的市盈率为 35.4，高于其 10 年中位数市盈率 31.6。因此，乍一看，您可能会说微软看起来被高估了。然而，如果微软的股价一年内没有变化，而其盈利增长了 15%，其市盈率将低于那个 10 年中位数水平。您可以对几乎任何成长股进行相同的练习，并得出结论，盈利增长始终可以随着时间推移证明高估的合理性。</p>
<h2>风险承受能力强的投资者的完美买入持有 ETF</h2>
<p>投资就是关于权衡取舍。当投资者情绪积极时，人们可能愿意今天为未来增长支付更高的价格。当情绪消极时，投资者可能希望在竞价股票之前看到经过验证的结果。</p>
<p>盈利增长的魔力是使 Vanguard Growth ETF 成为一个出色的长期持有品，即使在创历史新高时也是如此。要使该 ETF 在未来五到十年内表现不及标普 500 指数，我们必须看到一些主要公司出现重大失误，一个广泛的、持续的科技行业下行，或者其他一些意想不到的风险出现，比如来自非美国公司的全球竞争完全颠覆美国经济的核心方面。</p>
<p>总之，Vanguard Growth ETF 被设定为长期表现良好。但这是一种基金，对于长期投资者来说，提前了解自己将要投资的内容并为增加的波动性做好准备至关重要。</p>

苹果

微软

<p>维安德成长型交易所交易基金（Vanguard Growth ETF）的费用比率为 0.04%，将其 33.5% 的持仓分配给了英伟达（Nvidia）、苹果（Apple）和微软（Microsoft），这三家公司共同占据了标普 500 指数近 20% 的权重。作为庆祝其成立 20 周年，该交易基金在过去十年中表现优于标普 500 指数，尽管经历了显著的波动。寻求高度暴露于大型市值成长股的投资者可能会对这只交易基金感兴趣，尽管它缺乏一些传统价值股。其表现在很大程度上依赖于少数几家关键公司，使其成为一种潜在的高风险、高回报的投资</p>

<p>In the span of just two years, the combined market cap of <strong>Nvidia</strong>(NVDA 0.80%), <strong>Apple</strong>(AAPL 0.36%), and <strong>Microsoft</strong>(MSFT 0.80%) has gone from $4.36 trillion to just over $10 trillion. Microsoft and Nvidia are already at the forefront of artificial intelligence (AI), while Apple plans to further integrate AI into its products and services.</p>
<div class="lb-trans"><p>仅仅两年的时间，<strong>Nvidia</strong>(NVDA 0.80%)、<strong>Apple</strong>(AAPL 0.36%) 和 <strong>Microsoft</strong>(MSFT 0.80%) 的市值总额从 4.36 万亿美元增长到超过 10 万亿美元。微软和英伟达已经处于人工智能（AI）的前沿，而苹果计划进一步将人工智能整合到其产品和服务中。</p>
</div><p>The rapid rise in the value of these three companies in a relatively short amount of time has changed the landscape of the broader market. They now make up nearly 20% of the <strong>S&amp;P 500</strong>(^GSPC -0.03%) and a staggering 44% of the tech sector.</p>
<div class="lb-trans"><p>这三家公司价值的快速上升在相对较短的时间内改变了更广泛市场的格局。它们现在占据了 <strong>标普 500 指数</strong>(^GSPC -0.03%) 的近 20%，以及科技行业惊人的 44%。</p>
</div><p>However, some investors may want even more exposure to growth than what an S&amp;P 500 index fund could offer. You may also want to invest in companies like Nvidia, Apple, and Microsoft while not being limited to a tech sector exchange-traded fund (ETF).</p>
<div class="lb-trans"><p>然而，一些投资者可能希望获得比标普 500 指数基金提供的增长曝光度更高。您可能也希望投资于英伟达、苹果和微软等公司，而不受限于科技行业交易所交易基金（ETF）。</p>
</div><p>With 183 holdings across a variety of sectors, a mere 0.04% expense ratio, and a combined 33.5% weighting in Nvidia, Apple, and Microsoft, the <strong>Vanguard Growth ETF</strong>(VUG 0.46%) stands out as an ultra-low-cost way to invest in the top growth companies. Here's why the ETF could be worth buying at an all-time high.</p>
<div class="lb-trans"><p>拥有 183 个持股，涵盖各种行业，仅 0.04% 的费用比率，以及英伟达、苹果和微软的合计权重达 33.5% 的 <strong>Vanguard Growth ETF</strong>(VUG 0.46%) 凭借其超低成本成为投资顶级成长公司的方式。以下是为什么这只 ETF 可能值得在创历史新高时购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2ODIvZ2V0dHlpbWFnZXMtMTQxOTcyNjY3NS0xMjAxeDYzMy02NWQ0YmU2LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794682%2Fgettyimages-1419726675-1201x633-65d4be6.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What to expect from the Vanguard Growth ETF</h2>
<div class="lb-trans"><h2>从 Vanguard Growth ETF 可以期待什么</h2>
</div><p>The Vanguard Growth ETF celebrated its 20-year anniversary earlier this year. Formed out of the fallout of the dot-com bust, the ETF has been through multiple market downturns and built a track record as one of the most well-known go-to growth ETFs. Its net assets stand at over $260 billion, which is colossal for a non-index fund.</p>
<div class="lb-trans"><p>Vanguard Growth ETF 今年早些时候庆祝了成立 20 周年。作为互联网泡沫破裂的结果，该 ETF 经历了多次市场下跌，并建立了作为最知名的成长 ETF 之一的业绩记录。其净资产超过 2600 亿美元，对于一个非指数基金来说规模庞大。</p>
</div><p>Over the last decade, the Vanguard Growth ETF has outperformed the S&amp;P 500 even when factoring in dividends. And because its expense ratio is so low, or just $4 for every $10,000 invested, investors aren't holding back their performance with fees.</p>
<div class="lb-trans"><p>在过去的十年中，Vanguard Growth ETF 即使考虑到股息，也表现优于标普 500 指数。由于其费用比率非常低，即每投资 1 万美元仅需 4 美元，投资者不会因为费用而限制其表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/dfe73e678d201accdaf350f610c4f5b8.png" alt="" original-src="https://media.ycharts.com/charts/dfe73e678d201accdaf350f610c4f5b8.png"/></p>
<p>VUG Total Return Level data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的 VUG 总回报水平数据</p>
</div><p>The simplest reasons to buy the Vanguard Growth ETF are that you want high exposure to mega-cap growth stocks, you are willing to pay a premium price for those top stocks, you don't want to own some of the larger stodgier companies in the S&amp;P 500, you don't mind getting very little dividend income, and you are willing to endure the volatility of growth stocks.</p>
<div class="lb-trans"><p>购买 Vanguard Growth ETF 的最简单理由是，您希望高度暴露于大市值成长股，愿意为这些顶级股票支付溢价价格，不想拥有标普 500 指数中一些更大的守旧公司，不介意获得很少的股息收入，并且愿意承受成长股的波动性。</p>
</div><p>Referring back to the chart above, you can see that the Vanguard Growth ETF has suffered some sizable sell-offs. Late 2018, early 2020, and 2022 saw drastic declines in top growth names. It's easy to forget now, but 2022 was an especially brutal year for growth investors. The very companies that have fueled explosive gains in 2023 and 2024 all underperformed the S&amp;P 500 in 2022 -- leading the Vanguard Growth ETF to lose a third of its value.</p>
<div class="lb-trans"><p>回顾上面的图表，您可以看到 Vanguard Growth ETF 遭受了一些大幅抛售。2018 年末、2020 年初以及 2022 年发生了顶级成长股的急剧下跌。现在很容易忘记，但 2022 年对成长股投资者来说是一个特别残酷的一年。在 2023 年和 2024 年推动爆炸性增长的公司在 2022 年表现不佳，导致 Vanguard Growth ETF 价值下跌三分之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a10463cd95e130bf1e0e01616728ea22.png" alt="" original-src="https://media.ycharts.com/charts/a10463cd95e130bf1e0e01616728ea22.png"/></p>
<p>^SPX data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的^SPX 数据</p>
</div><p>The above chart isn't meant to scare you -- but rather -- showcase what you could be signing up for when investing in top growth stocks. 53% of the Vanguard Growth ETF is allocated in the seven names in the chart, also known as the &#34;Magnificent Seven.&#34; The fund's performance is heavily dependent on a handful of companies.</p>
<div class="lb-trans"><p>上面的图表并不是要吓唬您，而是展示您在投资顶级成长股时可能要面对的情况。Vanguard Growth ETF 的 53% 资金分配在图表中的七个名字中，也被称为&#34;七巨头&#34;。该基金的表现严重依赖于少数公司。</p>
</div><p>Volatility is often the price of admission when it comes to unlocking potentially market-beating gains. By leaving out companies like <strong>Berkshire Hathaway</strong>, <strong>UnitedHealth</strong>, <strong>Procter &amp; Gamble</strong>, <strong>JPMorgan Chase</strong>, <strong>Coca-Cola</strong>, and <strong>PepsiCo</strong> and allocating higher weights to growth names, the Vanguard Growth ETF is taking away some of the reliable stodgy value names that tend to do well when the market goes down. In other words, it is trading away a layer of protection for more exposure to upside potential.</p>
<div class="lb-trans"><p>当涉及解锁潜在市场超越收益时，波动性往往是必须付出的代价。通过排除 <strong>伯克希尔 - 哈撒韦</strong>、<strong>联合健康</strong>、<strong>宝洁</strong>、<strong>摩根大通</strong>、<strong>可口可乐</strong> 和 <strong>百事可乐</strong> 等公司，并将更高的权重分配给成长股，Vanguard Growth ETF 正在放弃一些在市场下跌时表现良好的可靠守旧价值公司。换句话说，它在放弃一层保护以换取更多的上行潜力。</p>
</div><h2>A recipe for long-term success</h2>
<div class="lb-trans"><h2>长期成功的秘诀</h2>
</div><p>No one knows if the Vanguard Growth ETF will beat the S&amp;P 500 in the next month or year. However, we do know that the top holdings of the Vanguard Growth ETF are truly remarkable companies with many advantages when allocating capital. Companies grow in value when their earnings go up, or their earnings growth rate is expected to increase. A lot of the downturns in growth stocks are due to expectations getting ahead of reality rather than fundamental concerns with the core business. Over time, these companies have a way of growing into their valuations. Take Microsoft, for example.</p>
<div class="lb-trans"><p>没有人知道 Vanguard Growth ETF 在未来一个月或一年内是否会击败标普 500 指数。然而，我们知道 Vanguard Growth ETF 的前几大持股是真正杰出的公司，在资本配置方面具有许多优势。当公司的盈利增长，或者其盈利增长率预计将增加时，公司的价值会增长。成长股的许多下跌都是由于预期超前于现实，而不是基本业务方面的担忧。随着时间的推移，这些公司有办法实现其估值。以微软为例。</p>
</div><p>Microsoft has a 35.4 price-to-earnings ratio, which is above its 10-year median P/E of 31.6. So, at first glance, you could say that Microsoft looks overvalued. However, if Microsoft's stock price goes nowhere for a year and it grows earnings by 15%, its P/E ratio would be below that 10-year median level. You can apply the same exercise to virtually any growth stock and conclude that earnings growth can always justify a high valuation over time.</p>
<div class="lb-trans"><p>微软的市盈率为 35.4，高于其 10 年中位数市盈率 31.6。因此，乍一看，您可能会说微软看起来被高估了。然而，如果微软的股价一年内没有变化，而其盈利增长了 15%，其市盈率将低于那个 10 年中位数水平。您可以对几乎任何成长股进行相同的练习，并得出结论，盈利增长始终可以随着时间推移证明高估的合理性。</p>
</div><h2>The perfect buy-and-hold ETF for risk-tolerant investors</h2>
<div class="lb-trans"><h2>风险承受能力强的投资者的完美买入持有 ETF</h2>
</div><p>Investing is all about trade-offs. When investor sentiment is positive, folks may be willing to pay a higher price today for future growth. When sentiment is negative, investors may want to see proven results before bidding up a stock.</p>
<div class="lb-trans"><p>投资就是关于权衡取舍。当投资者情绪积极时，人们可能愿意今天为未来增长支付更高的价格。当情绪消极时，投资者可能希望在竞价股票之前看到经过验证的结果。</p>
</div><p>The magic of earnings growth is what makes the Vanguard Growth ETF such an excellent long-term holding, even around its all-time high. For the ETF to underperform the S&amp;P 500 over the next five to 10 years, we'd have to see some major slip-ups across the top names, a widespread, prolonged tech downturn, or some other unforeseen risk pop up such as global competition from a non-American company completely disrupting core aspects of the U.S. economy.</p>
<div class="lb-trans"><p>盈利增长的魔力是使 Vanguard Growth ETF 成为一个出色的长期持有品，即使在创历史新高时也是如此。要使该 ETF 在未来五到十年内表现不及标普 500 指数，我们必须看到一些主要公司出现重大失误，一个广泛的、持续的科技行业下行，或者其他一些意想不到的风险出现，比如来自非美国公司的全球竞争完全颠覆美国经济的核心方面。</p>
</div><p>In sum, the Vanguard Growth ETF is set up to do well over the long term. But it's one of those funds where it is paramount to know what you are getting into ahead of time and brace yourself for heightened volatility.</p>
<div class="lb-trans"><p>总之，Vanguard Growth ETF 被设定为长期表现良好。但这是一种基金，对于长期投资者来说，提前了解自己将要投资的内容并为增加的波动性做好准备至关重要。</p>
</div>

Meet the Ultra-Low-Cost Vanguard ETF That Has 33% of Its Holdings in Nvidia, Apple, and Microsoft

- Nvidia、Apple 和 Microsoft 的市值在两年内大幅增长，现占 S&P 500 的 20%。  
- Vanguard Growth ETF 以低费用比率和高增长股票配置，适合风险承受能力强的投资者。  
- 投资者需了解 ETF 的波动性及潜在风险，以便做出明智决策。  

了解这只超低成本的先锋 ETF，其 33% 的持仓集中在英伟达、苹果和微软