<p>作为一名股息投资者，如果你拥有一只在一年内上涨 15% 且提供高单位数收益率的交易所交易基金（ETF），你可能会感到非常满意。这正是 <strong>摩根大通纳斯达克股权溢价收益 ETF</strong>（JEPQ 0.20%）在过去 52 周内为投资者提供的回报。然而，在你冲出去购买这只 ETF 之前，你需要了解一些需要考虑的风险。</p>
<h2>摩根大通纳斯达克股权溢价收益 ETF 的功能是什么？</h2>
<p>摩根大通纳斯达克股权溢价收益 ETF 是一只主动管理的 ETF，投资于纳斯达克 100 指数的股票。该指数由在纳斯达克交易所交易的 100 只最大股票组成。尽管成分股的组合会随时间变化，但它长期以来一直是一个以科技股为主的指数。因此，摩根大通纳斯达克股权溢价收益 ETF 本身并没有什么特别之处。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY5MjkvMjNfMDlfMTgtYS1yb2FkLXNpZ24tdGhhdC1yZWFkLXZvbGF0aWxpdHktYWhlYWQtX21mLWRsb2FkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY5MjkvMjNfMDlfMTgtYS1yb2FkLXNpZ24tdGhhdC1yZWFkLXZvbGF0aWxpdHktYWhlYWQtX21mLWRsb2FkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>有趣的是，主动管理的真正体现体现在管理层的期权策略上。基本上，该 ETF 出售覆盖性看涨期权以产生收入，并将其分配给股东。这是一种常见的投资方法，实际上可以从波动性中受益，因为出售期权的最佳机会通常发生在动荡时期。纳斯达克 100 指数的科技重点通常导致表现波动，因此在这里将其与覆盖性看涨期权策略结合起来效果很好。</p>
<p>正如下图所示，该 ETF 的价格在过去一年上涨了 15%。但如果你查看总回报（假设将股息再投资），摩根大通纳斯达克股权溢价收益 ETF 为投资者带来了 27% 的回报。目前，基于最近的股息支付，收益率为 9.5%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ab5fcc25e3c643209dc348a56b26eec8.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/ab5fcc25e3c643209dc348a56b26eec8.png"/></p>
<p>JEPQ 数据来源于 YCharts。</p>
<h2>甚至摩根大通在华尔街也没有免费的午餐</h2>
<p>总回报在比较投资时是一个有用的工具，但事实是，大多数收入投资者不太可能将从摩根大通纳斯达克股权溢价收益 ETF 中获得的股息再投资。你购买这只 ETF 是因为你想产生可以用于支付生活费用的收入。也就是说，这里的收入流本质上是波动的，因为出售期权是一种持续的投资策略。在某些时期，它会产生比其他时期更多的收入。</p>
<p>在过去一年中，月度支付的股息最低约为每股 0.34 美元，最高为 0.55 美元。这是一个相当大的波动，值得注意的是，这意味着你无法真正信任大多数在线报价服务上看到的股息收益率。可变股息意味着收益率会变化。而更重要的是，如果你想要一个稳定的收入流，你需要寻找其他选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b67037270d1bd8485cabf12f3901f611.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/b67037270d1bd8485cabf12f3901f611.png"/></p>
<p>JEPQ 股息数据来源于 YCharts。</p>
<p>然后是纳斯达克 100 指数的微妙问题。虽然波动性对期权策略可能是有利的，但拥有一个波动投资可能在情感上是令人痛苦的。尤其是如果你是一位保守的投资者，试图产生可以在退休后生活的收入。摩根大通纳斯达克股权溢价收益 ETF 是一只相对年轻的 ETF，但它的表现与其跟踪的指数一样起伏不定。然后它开始随着指数的上涨而上涨。但请看一下下面的图表。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a8ee1cab04ffe2b6a4b1789660d501de.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/a8ee1cab04ffe2b6a4b1789660d501de.png"/></p>
<p>JEPQ 数据来源于 YCharts。</p>
<p>出售覆盖性看涨期权通常会限制上涨空间，因为上涨的投资会被强制平仓。因此，摩根大通纳斯达克股权溢价收益 ETF 的上涨幅度远不及指数。但早期的下跌与指数的下跌是同步的。从理论上讲，出售覆盖性看涨期权应该有助于限制回撤，但到目前为止，这只 ETF 并没有证明这一点。如果你无法忍受下跌，并且对上涨潜力不满意，那么高股息收益率可能不足以让你继续持有。而且你可能会在最糟糕的时机出售，因为那时拥有一项表现不佳的投资的情感压力会最大。</p>
<h2>摩根大通纳斯达克股权溢价收益 ETF 是一只有趣的 ETF</h2>
<p>归根结底，摩根大通纳斯达克股权溢价收益 ETF 的前景仍然不明朗，因为它尚未建立起长期的业绩记录。将一个波动的科技重指数与期权策略结合的想法相当不错。尽管它具有吸引力，但这种投资对投资者来说存在相当大的风险，包括不可预测的股息、有限的上涨潜力和不确定的下行风险。这可能是一只最好再观察一段时间的 ETF。</p>

摩根大通

<p>JP 摩根纳斯达克股票溢价收益 ETF（JEPQ）在过去一年中提供了 15% 的价格增长和 27% 的总回报，目前收益率为 9.5%。然而，由于其覆盖性看涨期权策略，它面临着波动的股息和有限的上涨潜力等风险。尽管它旨在从纳斯达克 100 指数中产生收入，但其表现与市场波动性相关，这使得它可能不适合寻求稳定收入的保守投资者。建议投资者在做出决策之前监控该 ETF</p>

<p>As a dividend investor, you'd probably be pretty happy if you owned an exchange-traded fund (ETF) that rose 15% in a year while offering a high-single-digit yield. That's exactly what the <strong>JP Morgan Nasdaq Equity Premium Income ETF</strong>(JEPQ 0.20%) provided investors over the last 52 weeks. Before you run out and buy this ETF, however, you need to understand that there are some risks to consider, too.</p>
<div class="lb-trans"><p>作为一名股息投资者，如果你拥有一只在一年内上涨 15% 且提供高单位数收益率的交易所交易基金（ETF），你可能会感到非常满意。这正是 <strong>摩根大通纳斯达克股权溢价收益 ETF</strong>（JEPQ 0.20%）在过去 52 周内为投资者提供的回报。然而，在你冲出去购买这只 ETF 之前，你需要了解一些需要考虑的风险。</p>
</div><h2>What does the JP Morgan Nasdaq Equity Premium Income ETF do?</h2>
<div class="lb-trans"><h2>摩根大通纳斯达克股权溢价收益 ETF 的功能是什么？</h2>
</div><p>The JP Morgan Nasdaq Equity Premium Income ETF is an actively managed ETF that invests in the stocks of the Nasdaq-100 index. That index is made up of the 100 largest stocks that trade on the Nasdaq exchange. Although the mix changes over time, it has a long history of being a technology-heavy index. So far there's nothing particularly special about the JP Morgan Nasdaq Equity Premium Income ETF.</p>
<div class="lb-trans"><p>摩根大通纳斯达克股权溢价收益 ETF 是一只主动管理的 ETF，投资于纳斯达克 100 指数的股票。该指数由在纳斯达克交易所交易的 100 只最大股票组成。尽管成分股的组合会随时间变化，但它长期以来一直是一个以科技股为主的指数。因此，摩根大通纳斯达克股权溢价收益 ETF 本身并没有什么特别之处。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY5MjkvMjNfMDlfMTgtYS1yb2FkLXNpZ24tdGhhdC1yZWFkLXZvbGF0aWxpdHktYWhlYWQtX21mLWRsb2FkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796929%2F23_09_18-a-road-sign-that-read-volatility-ahead-_mf-dload.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><p>Where things get interesting, and where the active management really comes in, is with management's options strategy. Essentially, the ETF sells covered calls to generate income that it can pass on to shareholders. This is a common investment approach that can actually benefit from volatility, since the best opportunities to sell options often occur during turbulent periods. The Nasdaq-100 index's technology focus often results in volatile performance, so pairing it with a covered call strategy here works out well.</p>
<div class="lb-trans"><p>有趣的是，主动管理的真正体现体现在管理层的期权策略上。基本上，该 ETF 出售覆盖性看涨期权以产生收入，并将其分配给股东。这是一种常见的投资方法，实际上可以从波动性中受益，因为出售期权的最佳机会通常发生在动荡时期。纳斯达克 100 指数的科技重点通常导致表现波动，因此在这里将其与覆盖性看涨期权策略结合起来效果很好。</p>
</div><p>As the chart below highlights, the ETF's price rose 15% over the past year. But if you look at total return, which assumes the reinvestment of dividends, the JP Morgan Nasdaq Equity Premium Income ETF rewarded investors with a 27% return. Right now, the yield, based on the most recent dividend payment, is listed at 9.5%.</p>
<div class="lb-trans"><p>正如下图所示，该 ETF 的价格在过去一年上涨了 15%。但如果你查看总回报（假设将股息再投资），摩根大通纳斯达克股权溢价收益 ETF 为投资者带来了 27% 的回报。目前，基于最近的股息支付，收益率为 9.5%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ab5fcc25e3c643209dc348a56b26eec8.png" alt="" original-src="https://media.ycharts.com/charts/ab5fcc25e3c643209dc348a56b26eec8.png"/></p>
<p>JEPQ data by YCharts.</p>
<div class="lb-trans"><p>JEPQ 数据来源于 YCharts。</p>
</div><h2>Not even JPMorgan gets a free lunch on Wall Street</h2>
<div class="lb-trans"><h2>甚至摩根大通在华尔街也没有免费的午餐</h2>
</div><p>Total return is a useful tool when comparing investments, but the truth is that most income investors aren't likely to reinvest the dividends they collect from the JP Morgan Nasdaq Equity Premium Income ETF. You buy this ETF because you want to generate income you can use to pay living expenses. That said, the income stream here is inherently volatile because selling options is an ongoing investment tactic. In some periods, it will generate more income than in others.</p>
<div class="lb-trans"><p>总回报在比较投资时是一个有用的工具，但事实是，大多数收入投资者不太可能将从摩根大通纳斯达克股权溢价收益 ETF 中获得的股息再投资。你购买这只 ETF 是因为你想产生可以用于支付生活费用的收入。也就是说，这里的收入流本质上是波动的，因为出售期权是一种持续的投资策略。在某些时期，它会产生比其他时期更多的收入。</p>
</div><p>Over the past year, the monthly pay dividend has been as low as roughly $0.34 per share and as high as $0.55. That's a pretty big swing and, notably, it means you can't really trust the dividend yield you see on most online quote services. The variable dividend means the yield will change. And, more to the point, if you want a consistent income stream, you'll want to look elsewhere.</p>
<div class="lb-trans"><p>在过去一年中，月度支付的股息最低约为每股 0.34 美元，最高为 0.55 美元。这是一个相当大的波动，值得注意的是，这意味着你无法真正信任大多数在线报价服务上看到的股息收益率。可变股息意味着收益率会变化。而更重要的是，如果你想要一个稳定的收入流，你需要寻找其他选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b67037270d1bd8485cabf12f3901f611.png" alt="" original-src="https://media.ycharts.com/charts/b67037270d1bd8485cabf12f3901f611.png"/></p>
<p>JEPQ Dividend data by YCharts.</p>
<div class="lb-trans"><p>JEPQ 股息数据来源于 YCharts。</p>
</div><p>Then there's the not-so-subtle issue of the Nasdaq-100. While volatility can be beneficial to an options strategy, it can be trying emotionally to own a volatile investment. That's particularly true if you are a conservative investor trying to generate income to live off of in retirement. The JP Morgan Nasdaq Equity Premium Income ETF is a fairly young ETF, but it fell out of the gate right along with the index it tracks. And then it started to rise along with the index. But look at the graph below for a second.</p>
<div class="lb-trans"><p>然后是纳斯达克 100 指数的微妙问题。虽然波动性对期权策略可能是有利的，但拥有一个波动投资可能在情感上是令人痛苦的。尤其是如果你是一位保守的投资者，试图产生可以在退休后生活的收入。摩根大通纳斯达克股权溢价收益 ETF 是一只相对年轻的 ETF，但它的表现与其跟踪的指数一样起伏不定。然后它开始随着指数的上涨而上涨。但请看一下下面的图表。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a8ee1cab04ffe2b6a4b1789660d501de.png" alt="" original-src="https://media.ycharts.com/charts/a8ee1cab04ffe2b6a4b1789660d501de.png"/></p>
<p>JEPQ data by YCharts.</p>
<div class="lb-trans"><p>JEPQ 数据来源于 YCharts。</p>
</div><p>Selling covered calls will generally limit the upside because investments that rise get called away. So the JP Morgan Nasdaq Equity Premium Income ETF's advance hasn't been nearly as large as that of the index. But the early declines were right in line with those of the index. Theoretically, selling covered calls should help limit drawdowns, but so far this ETF hasn't proven that will happen. If you can't sit through the downside and aren't happy with the upside potential, a big dividend yield may not be enough to keep you around. And you are likely to sell at the worst time, since that's when the emotional drain of owning a laggard investment will be highest.</p>
<div class="lb-trans"><p>出售覆盖性看涨期权通常会限制上涨空间，因为上涨的投资会被强制平仓。因此，摩根大通纳斯达克股权溢价收益 ETF 的上涨幅度远不及指数。但早期的下跌与指数的下跌是同步的。从理论上讲，出售覆盖性看涨期权应该有助于限制回撤，但到目前为止，这只 ETF 并没有证明这一点。如果你无法忍受下跌，并且对上涨潜力不满意，那么高股息收益率可能不足以让你继续持有。而且你可能会在最糟糕的时机出售，因为那时拥有一项表现不佳的投资的情感压力会最大。</p>
</div><h2>The JP Morgan Nasdaq Equity Premium Income ETF is an interesting ETF</h2>
<div class="lb-trans"><h2>摩根大通纳斯达克股权溢价收益 ETF 是一只有趣的 ETF</h2>
</div><p>At the end of the day, the jury is probably still out on the JP Morgan Nasdaq Equity Premium Income ETF because it hasn't built up a long performance history. The idea of pairing a volatile technology-heavy index with an options strategy is pretty good. Despite its appeal, this investment carries substantial risks for investors, including unpredictable dividends, limited upside potential, and an undefined downside risk. This is probably an ETF best left on your watch list for a little while longer.</p>
<div class="lb-trans"><p>归根结底，摩根大通纳斯达克股权溢价收益 ETF 的前景仍然不明朗，因为它尚未建立起长期的业绩记录。将一个波动的科技重指数与期权策略结合的想法相当不错。尽管它具有吸引力，但这种投资对投资者来说存在相当大的风险，包括不可预测的股息、有限的上涨潜力和不确定的下行风险。这可能是一只最好再观察一段时间的 ETF。</p>
</div>

摩根大通纳斯达克股票溢价收入 ETF：适合获取收入，但存在风险