<p><strong>摩根大通纳斯达克股票溢价收益 ETF</strong>（JEPQ -0.51%）是零售投资者获取高收益策略的最激动人心的方式之一，同时也提供了对一些领先科技公司的投资机会，如 <strong>英伟达</strong>。这是一个引人入胜的选择，确实为投资者在高收益投资领域提供了不同的选择。</p>
<p>以下是为什么这只交易所交易基金的股票可能非常适合您的投资组合。</p>
<h2>一只与众不同的高收益 ETF</h2>
<p>成为高收益投资者并不困难。使用一些股票筛选工具或寻找典型的高收益 ETF，您可以在几分钟内成为其中一员。然而，任何这样做的人都会注意到一些反复出现的主题。许多具有丰厚收益的股票往往集中在同一行业，或者它们往往是成熟的低增长公司，增长率低于个位数，其唯一吸引力在于其收益。</p>
<p>如果您不在乎从特定行业的超配中进行多样化，或者不担心主要投资于低增长的现金牛型股票，这一切都很合理。然而，我今天所谈论的 ETF 提供了不同的选择，快速查看其五大持股——全部在科技行业——及其股息收益率就能说明这一点。尽管永远不要忘记，股息支付和高收益并不是保证的。</p>
<p>稍微深入了解这些持股可以看出，这只 ETF 显然并不是从其顶级股票持有的股息中产生其每月分配——目前提供的年化收益率为 9.6%——因为它们的收益率较低。</p>
<table>
<thead>
<tr>
<th><strong>股票</strong></th>
<th><strong>市值</strong></th>
<th><strong>当前股息收益率</strong></th>
<th><strong>JEPQ 净资产的比例</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>英伟达</strong></td>
<td>$3.56 万亿</td>
<td>0.03%</td>
<td>7.65%</td>
</tr>
<tr>
<td><strong>苹果</strong></td>
<td>$3.48 万亿</td>
<td>0.44%</td>
<td>7.21%</td>
</tr>
<tr>
<td><strong>微软</strong></td>
<td>$3.09 万亿</td>
<td>0.80%</td>
<td>6.42%</td>
</tr>
<tr>
<td><strong>亚马逊</strong></td>
<td>$2.09 万亿</td>
<td>不适用</td>
<td>4.55%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>$1.42 万亿</td>
<td>0.35%</td>
<td>4.25%</td>
</tr>
</tbody>
</table>
<p>数据来源：摩根大通资产管理。</p>
<h2>摩根大通纳斯达克股票溢价收益 ETF 策略</h2>
<p>为了产生收入并分配给投资者，摩根大通纳斯达克股票溢价收益 ETF 在 <strong>纳斯达克 100</strong> 指数内的股票和出售纳斯达克 100 指数看涨期权的股票挂钩票据（ELN）上进行了大量投资。纳斯达克 100 指数包括在纳斯达克证券交易所上市的 100 家最大的非金融公司。</p>
<p>至少 80% 的 ETF 资产用于股票投资，正如其招募说明书中所述，“证券的选择并不是基于预期的股息支付。” 因此，这并不是一只集中在能源、电信或大型制药等少数行业的高收益股票的 ETF。最多 20% 的资产用于 ELN 策略。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg2NTQvc3VjY2Vzc2Z1bC1pbnZlc3Rvci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg2NTQvc3VjY2Vzc2Z1bC1pbnZlc3Rvci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>看涨期权是一种以溢价出售的金融工具，赋予看涨投资者在指定期限内以指定价格（行使价）购买纳斯达克 100 指数的权利。投资者购买看涨期权希望指数上涨超过行使价，以便他们可以以行使价购买指数，并赚取行使价（加上溢价成本）与当前价格之间的差额。如果指数未能上涨超过行使价，期权将失效，看涨期权买方将失去溢价。</p>
<p>因此，看涨期权的卖方（实际上是 ETF）在市场未能上涨超过行使价时赚取溢价。</p>
<h2>ETF 在实践中的运作方式</h2>
<p>下表大致说明了这只 ETF 策略的动态。在纳斯达克表现不佳的月份，股票可能会亏损，而 ETF 将从 ELN 中获得收入。这有助于减少 ETF 对在纳斯达克交易的股票的下行风险。</p>
<p>另一方面，在纳斯达克表现强劲的月份，股票可能会盈利，但 ELN 将会亏损，因此 ETF 的上行空间有限。同时，指数的适度涨跌将导致 ETF 从 ELN 策略中获得溢价。因此，您可以将 ETF 视为对纳斯达克的上行敞口，而下行则受到 ELN 策略的限制，并有可能从后者获得收入流。</p>
<table>
<thead>
<tr>
<th><strong>纳斯达克 100 的月度表现</strong></th>
<th><strong>强劲上涨</strong></th>
<th><strong>适度上涨</strong></th>
<th><strong>适度亏损</strong></th>
<th><strong>强劲亏损</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>股票（至少占 ETF 资产的 80%）</td>
<td>盈利</td>
<td>盈利</td>
<td>亏损</td>
<td>亏损</td>
</tr>
<tr>
<td>ELN（最多占 ETF 资产的 20%）</td>
<td>亏损</td>
<td>～盈利</td>
<td>盈利</td>
<td>盈利</td>
</tr>
</tbody>
</table>
<p>作者分析。</p>
<p>这只 ETF 的特点在其表现中得到了体现。正如下图所示，摩根大通纳斯达克股票溢价收益 ETF 的价格表现并不出色。然而，考虑到股息并进行再投资（总回报），该 ETF 的表现则更加令人印象深刻。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a938ffd8fa8325590444332176cd104f.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/a938ffd8fa8325590444332176cd104f.png"/></p>
<p>JEPQ 数据来源于 YCharts</p>
<p>此外，ETF 的下行限制特性在以下年度期间得到了验证，当时纳斯达克 100 指数下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9084d8692b4aad675bcd4ba7f5362d48.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/9084d8692b4aad675bcd4ba7f5362d48.png"/></p>
<p>JEPQ 数据来源于 YCharts</p>
<h2>一只值得购买的 ETF</h2>
<p>这只 ETF 提供了一种低波动性投资科技股的方式，同时还能获得丰厚的每月收入。它将适合那些希望从高度集中行业或风格中进行多样化的高收益投资组合的投资者。</p>

英伟达

摩根大通

<p>摩根大通纳斯达克股票溢价收益 ETF（JEPQ）为零售投资者提供了一种独特的高收益策略，年化收益率为 9.6%，并且能够接触到像英伟达这样的领先科技公司。与典型的高收益 ETF 不同，JEPQ 主要投资于纳斯达克 100 指数股票和出售看涨期权的股权挂钩票据（ELNs），从而实现收入生成，而不单单依赖于高股息股票。这一策略在提供科技股票潜在上涨空间的同时，限制了下行风险，使其成为多元化高收益投资的一个引人注目的选择</p>

<p>The <strong>JPMorgan Nasdaq Equity Premium Income ETF</strong>(JEPQ -0.51%) is one of the most exciting ways for retail investors to access a high-yield strategy that also provides exposure to some of the leading technology companies, like <strong>Nvidia</strong>. It's an intriguing option that genuinely offers investors something different in the world of high-yield investing.</p>
<div class="lb-trans"><p><strong>摩根大通纳斯达克股票溢价收益 ETF</strong>（JEPQ -0.51%）是零售投资者获取高收益策略的最激动人心的方式之一，同时也提供了对一些领先科技公司的投资机会，如 <strong>英伟达</strong>。这是一个引人入胜的选择，确实为投资者在高收益投资领域提供了不同的选择。</p>
</div><p>Here's why shares of this exchange-traded fund could be ideal for your portfolio.</p>
<div class="lb-trans"><p>以下是为什么这只交易所交易基金的股票可能非常适合您的投资组合。</p>
</div><h2>A high-yield ETF with a difference</h2>
<div class="lb-trans"><h2>一只与众不同的高收益 ETF</h2>
</div><p>It's not difficult to be a high-yield investor. Use a few stock screeners or look for a typical high-yield ETF; you could become one in a few minutes. Still, anyone who has done this will note a few recurring themes. A lot of the stocks with generous yields tend to be in the same sector, or they tend to be more mature low-growth companies with low-single-digit growth profiles whose sole attraction is their yield.</p>
<div class="lb-trans"><p>成为高收益投资者并不困难。使用一些股票筛选工具或寻找典型的高收益 ETF，您可以在几分钟内成为其中一员。然而，任何这样做的人都会注意到一些反复出现的主题。许多具有丰厚收益的股票往往集中在同一行业，或者它们往往是成熟的低增长公司，增长率低于个位数，其唯一吸引力在于其收益。</p>
</div><p>That's all fair enough if you don't care about diversifying away from being overweight in a particular sector or aren't worried about investing primarily in low-growth cash-cow-type stocks. However, the ETF I'm talking about today offers something different, and a quick look at its five largest holdings -- all in the tech sector -- and their dividend yields tells you that. Though never forget that dividend payments and high yields are not guaranteed.</p>
<div class="lb-trans"><p>如果您不在乎从特定行业的超配中进行多样化，或者不担心主要投资于低增长的现金牛型股票，这一切都很合理。然而，我今天所谈论的 ETF 提供了不同的选择，快速查看其五大持股——全部在科技行业——及其股息收益率就能说明这一点。尽管永远不要忘记，股息支付和高收益并不是保证的。</p>
</div><p>A slightly more extended look at the holdings tells you that this ETF is definitely not generating its monthly distribution -- currently delivering an annualized yield of 9.6% -- from the dividends of its top equity holdings, as their yields are low.</p>
<div class="lb-trans"><p>稍微深入了解这些持股可以看出，这只 ETF 显然并不是从其顶级股票持有的股息中产生其每月分配——目前提供的年化收益率为 9.6%——因为它们的收益率较低。</p>
</div><table>
<thead>
<tr>
<th><strong>Stock</strong></th>
<th><strong>Market Cap</strong></th>
<th><strong>Current Dividend Yield</strong></th>
<th><strong>Portion of JEPQ's Net Assets</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Nvidia</strong></td>
<td>$3.56 trillion</td>
<td>0.03%</td>
<td>7.65%</td>
</tr>
<tr>
<td><strong>Apple</strong></td>
<td>$3.48 trillion</td>
<td>0.44%</td>
<td>7.21%</td>
</tr>
<tr>
<td><strong>Microsoft</strong></td>
<td>$3.09 trillion</td>
<td>0.80%</td>
<td>6.42%</td>
</tr>
<tr>
<td><strong>Amazon</strong></td>
<td>$2.09 trillion</td>
<td>N/A</td>
<td>4.55%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>$1.42 trillion</td>
<td>0.35%</td>
<td>4.25%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th><strong>股票</strong></th>
<th><strong>市值</strong></th>
<th><strong>当前股息收益率</strong></th>
<th><strong>JEPQ 净资产的比例</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>英伟达</strong></td>
<td>$3.56 万亿</td>
<td>0.03%</td>
<td>7.65%</td>
</tr>
<tr>
<td><strong>苹果</strong></td>
<td>$3.48 万亿</td>
<td>0.44%</td>
<td>7.21%</td>
</tr>
<tr>
<td><strong>微软</strong></td>
<td>$3.09 万亿</td>
<td>0.80%</td>
<td>6.42%</td>
</tr>
<tr>
<td><strong>亚马逊</strong></td>
<td>$2.09 万亿</td>
<td>不适用</td>
<td>4.55%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>$1.42 万亿</td>
<td>0.35%</td>
<td>4.25%</td>
</tr>
</tbody>
</table>
</div><p>Data source: JPMorgan Asset Management.</p>
<div class="lb-trans"><p>数据来源：摩根大通资产管理。</p>
</div><h2>The JPMorgan Nasdaq Equity Premium Income ETF strategy</h2>
<div class="lb-trans"><h2>摩根大通纳斯达克股票溢价收益 ETF 策略</h2>
</div><p>To generate income and distribute it to investors, the JPMorgan Nasdaq Equity Premium Income ETF invests significantly in equities within the <strong>Nasdaq-100</strong> index and in equity-linked notes (ELN) that sell call options on the Nasdaq-100 index. That Nasdaq-100 includes the 100 largest non-financial companies listed on the Nasdaq Stock Exchange.</p>
<div class="lb-trans"><p>为了产生收入并分配给投资者，摩根大通纳斯达克股票溢价收益 ETF 在 <strong>纳斯达克 100</strong> 指数内的股票和出售纳斯达克 100 指数看涨期权的股票挂钩票据（ELN）上进行了大量投资。纳斯达克 100 指数包括在纳斯达克证券交易所上市的 100 家最大的非金融公司。</p>
</div><p>At least 80% of the ETF's assets go toward equities, and, as noted in its prospectus, &#34;securities are not selected based on anticipated dividend payments.&#34; As such, this is not an ETF loaded with high-yield stocks operating in a few sectors, such as energy, telecommunications, or large-cap pharma. Up to 20% of assets go toward the ELN strategy.</p>
<div class="lb-trans"><p>至少 80% 的 ETF 资产用于股票投资，正如其招募说明书中所述，“证券的选择并不是基于预期的股息支付。” 因此，这并不是一只集中在能源、电信或大型制药等少数行业的高收益股票的 ETF。最多 20% 的资产用于 ELN 策略。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg2NTQvc3VjY2Vzc2Z1bC1pbnZlc3Rvci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798654%2Fsuccessful-investor.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>A call option is a financial instrument sold for a premium that gives a bullish investor the right to buy the Nasdaq-100 index at a specified price (the strike price) within a designated period. Investors buy call options hoping the index rises above the strike price so they can buy the index at the strike price and earn the difference between the strike price (plus the cost of the premium) and the current price. If the index doesn't rise above the strike price, the option lapses, and the call option buyer loses the premium.</p>
<div class="lb-trans"><p>看涨期权是一种以溢价出售的金融工具，赋予看涨投资者在指定期限内以指定价格（行使价）购买纳斯达克 100 指数的权利。投资者购买看涨期权希望指数上涨超过行使价，以便他们可以以行使价购买指数，并赚取行使价（加上溢价成本）与当前价格之间的差额。如果指数未能上涨超过行使价，期权将失效，看涨期权买方将失去溢价。</p>
</div><p>It follows that the call option seller (de facto, the ETF) earns the premium when the market doesn't rise above the strike price.</p>
<div class="lb-trans"><p>因此，看涨期权的卖方（实际上是 ETF）在市场未能上涨超过行使价时赚取溢价。</p>
</div><h2>How the ETF works in practice</h2>
<div class="lb-trans"><h2>ETF 在实践中的运作方式</h2>
</div><p>The table below helps roughly illustrate the dynamics of this ETF's strategy. Equities will likely lose money in a bad month for the Nasdaq, while the ETF will pick up income from the ELNs. That helps reduce the ETF's downside exposure to stocks trading on the Nasdaq.</p>
<div class="lb-trans"><p>下表大致说明了这只 ETF 策略的动态。在纳斯达克表现不佳的月份，股票可能会亏损，而 ETF 将从 ELN 中获得收入。这有助于减少 ETF 对在纳斯达克交易的股票的下行风险。</p>
</div><p>On the other hand, in a strong month for the Nasdaq, equities are likely to make money, but ELNs will lose money, so the ETF's upside is limited. Meanwhile, a moderate gain or loss on the index will lead to the ETF picking up premiums on the ELN strategy. As such, you can think of the ETF as having upside exposure to the Nasdaq, with the downside limited by the ELN strategy and the potential for a stream of income from the latter.</p>
<div class="lb-trans"><p>另一方面，在纳斯达克表现强劲的月份，股票可能会盈利，但 ELN 将会亏损，因此 ETF 的上行空间有限。同时，指数的适度涨跌将导致 ETF 从 ELN 策略中获得溢价。因此，您可以将 ETF 视为对纳斯达克的上行敞口，而下行则受到 ELN 策略的限制，并有可能从后者获得收入流。</p>
</div><table>
<thead>
<tr>
<th><strong>Monthly Performance on the Nasdaq-100</strong></th>
<th><strong>Strong Gain</strong></th>
<th><strong>Moderate Gain</strong></th>
<th><strong>Moderate Loss</strong></th>
<th><strong>Strong Loss</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>Equities (at least 80% of the ETF assets)</td>
<td>Profit</td>
<td>Profit</td>
<td>Loss</td>
<td>Loss</td>
</tr>
<tr>
<td>ELNs (up to 20% of the ETF assets)</td>
<td>Loss</td>
<td>~Profit</td>
<td>Profit</td>
<td>Profit</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th><strong>纳斯达克 100 的月度表现</strong></th>
<th><strong>强劲上涨</strong></th>
<th><strong>适度上涨</strong></th>
<th><strong>适度亏损</strong></th>
<th><strong>强劲亏损</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>股票（至少占 ETF 资产的 80%）</td>
<td>盈利</td>
<td>盈利</td>
<td>亏损</td>
<td>亏损</td>
</tr>
<tr>
<td>ELN（最多占 ETF 资产的 20%）</td>
<td>亏损</td>
<td>～盈利</td>
<td>盈利</td>
<td>盈利</td>
</tr>
</tbody>
</table>
</div><p>Author's analysis.</p>
<div class="lb-trans"><p>作者分析。</p>
</div><p>The qualities of this ETF are reflected in its performance. As the chart below demonstrates, the JPMorgan Nasdaq Equity Premium Income ETF's price performance is nothing to write home about. Still, after accounting for the dividends and reinvesting them (total return), the ETF's performance is much more impressive.</p>
<div class="lb-trans"><p>这只 ETF 的特点在其表现中得到了体现。正如下图所示，摩根大通纳斯达克股票溢价收益 ETF 的价格表现并不出色。然而，考虑到股息并进行再投资（总回报），该 ETF 的表现则更加令人印象深刻。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a938ffd8fa8325590444332176cd104f.png" alt="" original-src="https://media.ycharts.com/charts/a938ffd8fa8325590444332176cd104f.png"/></p>
<p>JEPQ data by YCharts</p>
<div class="lb-trans"><p>JEPQ 数据来源于 YCharts</p>
</div><p>Moreover, the downside-limiting property of the ETF was demonstrated in the following yearly period, when the Nasdaq-100 declined.</p>
<div class="lb-trans"><p>此外，ETF 的下行限制特性在以下年度期间得到了验证，当时纳斯达克 100 指数下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9084d8692b4aad675bcd4ba7f5362d48.png" alt="" original-src="https://media.ycharts.com/charts/9084d8692b4aad675bcd4ba7f5362d48.png"/></p>
<p>JEPQ data by YCharts</p>
<div class="lb-trans"><p>JEPQ 数据来源于 YCharts</p>
</div><h2>An ETF to buy</h2>
<div class="lb-trans"><h2>一只值得购买的 ETF</h2>
</div><p>This ETF offers a lower-volatility way to invest in technology stocks and simultaneously earn a hefty monthly income. It will suit investors with a high-yield portfolio looking to diversify away from highly concentrated sectors or styles.</p>
<div class="lb-trans"><p>这只 ETF 提供了一种低波动性投资科技股的方式，同时还能获得丰厚的每月收入。它将适合那些希望从高度集中行业或风格中进行多样化的高收益投资组合的投资者。</p>
</div>

Want to Own Nvidia Stock and Get a 9.6% Dividend Yield? Here's How.

- JPMorgan Nasdaq Equity Premium Income ETF 提供高收益和科技股投资机会。  
- 该 ETF 通过投资 Nasdaq-100 指数和股权挂钩票据生成收入。  
- 适合寻求低波动和多样化投资的高收益投资者。  

想拥有英伟达股票并获得 9.6% 的股息收益率？以下是方法