<p>大型科技股开始显得有些昂贵，尤其是在像 <strong>Nvidia</strong>(NVDA -0.26%) 和 <strong>Advanced Micro Devices</strong>(AMD 3.77%) 这样的股票近期波动之后。很难判断哪些大型科技股的估值合理，哪些仍有较大的增长机会，以及哪些可能有些 <em>过于</em> 昂贵。</p>
<p>一个解决方案是通过 ETF 投资于大型科技股。先锋集团有一个很好的选择，即 <strong>先锋大型成长 ETF</strong>(MGK -0.64%)。顾名思义，这是一个跟踪美国股市中最大成长股票指数的指数基金。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY2NTUvZGlzY292ZXItbnZpZGlhLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY2NTUvZGlzY292ZXItbnZpZGlhLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Nvidia。</p>
<p>凭借仅为 0.07% 的低费用比率，您每投资 10,000 美元的基金资产每年只需支付 7 美元的投资费用。为了获得美国最成功企业的多元化组合，这笔费用是非常值得的。</p>
<h2>先锋大型成长 ETF</h2>
<p>先锋大型成长 ETF 跟踪 <strong>CRSP 美国大型成长指数</strong>，该指数由 69 只股票组成。它是一个加权指数，因此大型公司在基金资产中占比更高。公司的市值从 <strong>Paychex</strong>(NASDAQ: PAYX) 的 450 亿美元到最大的成分股 Nvidia 的约 4.5 万亿美元不等。</p>
<p>正如标题所提到的，基金约 20% 的持仓分配给了火热的 AI 芯片股票 Nvidia、AMD 和 <strong>Broadcom</strong>(AVGO 0.18%)。但它也涉及到其他几种类型的科技公司。为了说明这一点，以下是其最大持仓的情况：</p>
<table>
<thead>
<tr>
<th><strong>公司（股票代码）</strong></th>
<th><strong>市值</strong></th>
<th><strong>先锋大型成长 ETF 的百分比</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Nvidia</strong>(NVDA -0.26%)</td>
<td>$4.52 万亿</td>
<td>14%</td>
</tr>
<tr>
<td><strong>Microsoft</strong>(NASDAQ: MSFT)</td>
<td>$3.88 万亿</td>
<td>13.1%</td>
</tr>
<tr>
<td><strong>Apple</strong>(NASDAQ: AAPL)</td>
<td>$3.80 万亿</td>
<td>12%</td>
</tr>
<tr>
<td><strong>Amazon</strong>(NASDAQ: AMZN)</td>
<td>$2.35 万亿</td>
<td>7.5%</td>
</tr>
<tr>
<td><strong>Alphabet</strong>(NASDAQ: GOOGL)(NASDAQ: GOOG)</td>
<td>$2.98 万亿</td>
<td>5%</td>
</tr>
<tr>
<td><strong>Broadcom</strong>(AVGO 0.18%)</td>
<td>$1.56 万亿</td>
<td>5%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong>(NASDAQ: META)</td>
<td>$1.77 万亿</td>
<td>4.4%</td>
</tr>
<tr>
<td><strong>Tesla</strong>(NASDAQ: TSLA)</td>
<td>$1.48 万亿</td>
<td>3.4%</td>
</tr>
</tbody>
</table>
<p>数据来源：CNBC，先锋集团。市值截至 2025 年 10 月 7 日。先锋集团的配置数据截至 2025 年 8 月 31 日。</p>
<p>如前所述，该基金的费用比率为 0.07%，这涵盖了基金经理的年度费用。这不是您需要支付的费用，但会反映在 ETF 的长期表现中。</p>
<h2>您应该购买该基金的股份吗？</h2>
<p>正如您所预期的，先锋大型成长 ETF 对投资者来说表现出色。在过去 10 年中，它的年化回报率约为 18.9%，这是一个在十年内维持的非凡表现。这意味着如果您十年前在这个指数基金中投资了 10,000 美元，现在您将拥有超过 56,000 美元。</p>
<p>尽管如此，仅仅因为该基金表现如此出色，并不意味着它在 <em>下一个</em> 十年及以后也会继续如此。正如前面提到的，许多大型科技股开始显得昂贵。事实上，先锋大型成长 ETF 中股票的平均市盈率为 40——这显著高于 <strong>标准普尔 500</strong> 的 27.7 的平均市盈率。</p>
<p>当然，表中许多公司的增长率确实证明了其高估值。我并不是说这些大型科技股 <em>过于</em> 昂贵，或者说下跌即将来临。</p>
<p>然而，我要提醒的是，这个 ETF 可能会面临显著的波动。因此，虽然这可能是接触美国最大和最成功企业的好方法，但逐步建立头寸而不是一次性投资可能也是一个好主意。这样，您将能够在任何调整中占据良好位置，同时如果 ETF 在长期内继续表现良好，您也将受益。</p>

博通

英伟达

<p>先锋巨型成长 ETF（MGK）提供了一种低成本的投资选择，费用比率为 0.07%，专注于大型科技股，包括英伟达、AMD 和博通，这些股票占其持仓的 20%。该 ETF 在过去十年中表现强劲，年化回报率为 18.9%。然而，考虑到其平均市盈率为 40，投资者对估值和潜在波动性表示担忧。建议投资者考虑逐步投资，以降低风险，同时享受潜在的长期增长</p>

<p>Megacap technology stocks are starting to look a little expensive, especially after recent moves in stocks like <strong>Nvidia</strong>(NVDA -0.26%) and <strong>Advanced Micro Devices</strong>(AMD 3.77%). It's tough to know which large tech stocks are trading for a fair valuation, which ones still have the most opportunities to grow, and which ones might be a little <em>too</em> expensive.</p>
<div class="lb-trans"><p>大型科技股开始显得有些昂贵，尤其是在像 <strong>Nvidia</strong>(NVDA -0.26%) 和 <strong>Advanced Micro Devices</strong>(AMD 3.77%) 这样的股票近期波动之后。很难判断哪些大型科技股的估值合理，哪些仍有较大的增长机会，以及哪些可能有些 <em>过于</em> 昂贵。</p>
</div><p>One solution is to invest in the megacaps through an ETF. Vanguard has an excellent choice, the <strong>Vanguard Mega Cap Growth ETF</strong>(MGK -0.64%). As the name suggests, this is an index fund that tracks an index of the largest growth stocks in the U.S. stock market.</p>
<div class="lb-trans"><p>一个解决方案是通过 ETF 投资于大型科技股。先锋集团有一个很好的选择，即 <strong>先锋大型成长 ETF</strong>(MGK -0.64%)。顾名思义，这是一个跟踪美国股市中最大成长股票指数的指数基金。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY2NTUvZGlzY292ZXItbnZpZGlhLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836655%2Fdiscover-nvidia.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><p>With a rock-bottom 0.07% expense ratio, you'll only pay $7 in annual investment fees for every $10,000 in fund assets. This can be well worth it to get a diversified collection of the most successful businesses in the United States.</p>
<div class="lb-trans"><p>凭借仅为 0.07% 的低费用比率，您每投资 10,000 美元的基金资产每年只需支付 7 美元的投资费用。为了获得美国最成功企业的多元化组合，这笔费用是非常值得的。</p>
</div><h2>The Vanguard Mega Cap Growth ETF</h2>
<div class="lb-trans"><h2>先锋大型成长 ETF</h2>
</div><p>The Vanguard Mega Cap Growth ETF tracks the <strong>CRSP U.S. Mega Cap Growth Index</strong>, which consists of 69 stocks. It is a weighted index, so larger companies account for more of the fund's assets than smaller ones. Companies range from market caps of $45 billion for <strong>Paychex</strong>(NASDAQ: PAYX) to about $4.5 trillion for the largest component, Nvidia.</p>
<div class="lb-trans"><p>先锋大型成长 ETF 跟踪 <strong>CRSP 美国大型成长指数</strong>，该指数由 69 只股票组成。它是一个加权指数，因此大型公司在基金资产中占比更高。公司的市值从 <strong>Paychex</strong>(NASDAQ: PAYX) 的 450 亿美元到最大的成分股 Nvidia 的约 4.5 万亿美元不等。</p>
</div><p>As mentioned in the headline, about 20% of the fund's holdings are allocated to red-hot AI chip stocks Nvidia, AMD, and <strong>Broadcom</strong>(AVGO 0.18%). But it also has exposure to several other types of technology companies. To illustrate this, here's a look at its largest holdings:</p>
<div class="lb-trans"><p>正如标题所提到的，基金约 20% 的持仓分配给了火热的 AI 芯片股票 Nvidia、AMD 和 <strong>Broadcom</strong>(AVGO 0.18%)。但它也涉及到其他几种类型的科技公司。为了说明这一点，以下是其最大持仓的情况：</p>
</div><table>
<thead>
<tr>
<th><strong>Company (Symbol)</strong></th>
<th><strong>Market Cap</strong></th>
<th><strong>% of Vanguard Mega Cap Growth ETF</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Nvidia</strong>(NVDA -0.26%)</td>
<td>$4.52 trillion</td>
<td>14%</td>
</tr>
<tr>
<td><strong>Microsoft</strong>(NASDAQ: MSFT)</td>
<td>$3.88 trillion</td>
<td>13.1%</td>
</tr>
<tr>
<td><strong>Apple</strong>(NASDAQ: AAPL)</td>
<td>$3.80 trillion</td>
<td>12%</td>
</tr>
<tr>
<td><strong>Amazon</strong>(NASDAQ: AMZN)</td>
<td>$2.35 trillion</td>
<td>7.5%</td>
</tr>
<tr>
<td><strong>Alphabet</strong>(NASDAQ: GOOGL)(NASDAQ: GOOG)</td>
<td>$2.98 trillion</td>
<td>5%</td>
</tr>
<tr>
<td><strong>Broadcom</strong>(AVGO 0.18%)</td>
<td>$1.56 trillion</td>
<td>5%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong>(NASDAQ: META)</td>
<td>$1.77 trillion</td>
<td>4.4%</td>
</tr>
<tr>
<td><strong>Tesla</strong>(NASDAQ: TSLA)</td>
<td>$1.48 trillion</td>
<td>3.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th><strong>公司（股票代码）</strong></th>
<th><strong>市值</strong></th>
<th><strong>先锋大型成长 ETF 的百分比</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Nvidia</strong>(NVDA -0.26%)</td>
<td>$4.52 万亿</td>
<td>14%</td>
</tr>
<tr>
<td><strong>Microsoft</strong>(NASDAQ: MSFT)</td>
<td>$3.88 万亿</td>
<td>13.1%</td>
</tr>
<tr>
<td><strong>Apple</strong>(NASDAQ: AAPL)</td>
<td>$3.80 万亿</td>
<td>12%</td>
</tr>
<tr>
<td><strong>Amazon</strong>(NASDAQ: AMZN)</td>
<td>$2.35 万亿</td>
<td>7.5%</td>
</tr>
<tr>
<td><strong>Alphabet</strong>(NASDAQ: GOOGL)(NASDAQ: GOOG)</td>
<td>$2.98 万亿</td>
<td>5%</td>
</tr>
<tr>
<td><strong>Broadcom</strong>(AVGO 0.18%)</td>
<td>$1.56 万亿</td>
<td>5%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong>(NASDAQ: META)</td>
<td>$1.77 万亿</td>
<td>4.4%</td>
</tr>
<tr>
<td><strong>Tesla</strong>(NASDAQ: TSLA)</td>
<td>$1.48 万亿</td>
<td>3.4%</td>
</tr>
</tbody>
</table>
</div><p>Data source: CNBC, Vanguard. Market caps as of Oct. 7, 2025. Vanguard allocation data as of Aug. 31, 2025.</p>
<div class="lb-trans"><p>数据来源：CNBC，先锋集团。市值截至 2025 年 10 月 7 日。先锋集团的配置数据截至 2025 年 8 月 31 日。</p>
</div><p>As mentioned, the fund has a 0.07% expense ratio, which covers the annual expenses of the fund's managers. This isn't a fee you have to pay, but it will be reflected in the performance of the ETF over time.</p>
<div class="lb-trans"><p>如前所述，该基金的费用比率为 0.07%，这涵盖了基金经理的年度费用。这不是您需要支付的费用，但会反映在 ETF 的长期表现中。</p>
</div><h2>Should you buy shares of the fund?</h2>
<div class="lb-trans"><h2>您应该购买该基金的股份吗？</h2>
</div><p>As you might expect, the Vanguard Mega Cap Growth ETF has been an excellent performer for investors. Over the past 10 years, it has produced annualized returns of about 18.9%, an extraordinary level of performance to sustain for a decade. This means that if you had invested $10,000 a decade ago in this index fund, you'd have more than $56,000 now.</p>
<div class="lb-trans"><p>正如您所预期的，先锋大型成长 ETF 对投资者来说表现出色。在过去 10 年中，它的年化回报率约为 18.9%，这是一个在十年内维持的非凡表现。这意味着如果您十年前在这个指数基金中投资了 10,000 美元，现在您将拥有超过 56,000 美元。</p>
</div><p>Having said that, just because the fund has performed so well doesn't mean that it will continue to do so for the <em>next</em> decade and beyond. And as mentioned, many megacap stocks are starting to look expensive. In fact, the average P/E ratio of the stocks in the Vanguard Mega Cap Growth ETF is 40 -- that's significantly higher than the 27.7 average P/E of the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>尽管如此，仅仅因为该基金表现如此出色，并不意味着它在 <em>下一个</em> 十年及以后也会继续如此。正如前面提到的，许多大型科技股开始显得昂贵。事实上，先锋大型成长 ETF 中股票的平均市盈率为 40——这显著高于 <strong>标准普尔 500</strong> 的 27.7 的平均市盈率。</p>
</div><p>To be sure, the growth rates of many of the companies in the table certainly justify elevated valuations. I'm not saying that these megacaps are <em>too</em> expensive or that a decline is imminent.</p>
<div class="lb-trans"><p>当然，表中许多公司的增长率确实证明了其高估值。我并不是说这些大型科技股 <em>过于</em> 昂贵，或者说下跌即将来临。</p>
</div><p>However, I would caution that there could be significant volatility ahead for this ETF. So, while it could be a great way to get exposure to the largest and most successful businesses in the United States, it could also be a good idea to gradually build a position over time instead of investing all at once. This way, you'll be in a great position to take advantage of any corrections but will also benefit if the ETF continues to perform well over the long run.</p>
<div class="lb-trans"><p>然而，我要提醒的是，这个 ETF 可能会面临显著的波动。因此，虽然这可能是接触美国最大和最成功企业的好方法，但逐步建立头寸而不是一次性投资可能也是一个好主意。这样，您将能够在任何调整中占据良好位置，同时如果 ETF 在长期内继续表现良好，您也将受益。</p>
</div>

Meet the Low-Cost Vanguard ETF That Has 20% of Its Holdings in Nvidia, Broadcom, and AMD

- 大型科技股如 Nvidia 和 AMD 开始显得有些昂贵。  
- Vanguard Mega Cap Growth ETF 提供了投资大型科技股的选择，年费仅为 0.07%。  
- 该 ETF 过去十年年化回报约为 18.9%，但未来表现可能存在波动。

了解这只低成本的先锋 ETF，其持仓中有 20% 是 NVIDIA、博通和 AMD