<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.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://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>Neos 拥有一系列高收益衍生收入基金。它们的收益并不是极高的，只是高收益。SPYI 以标准普尔 500 指数作为参考证券，收益率为 11%。QQQI 以 QQQ 作为参考证券，收益率为 13%。</p>
<p>他们刚刚推出了 Neos 长短股票收入基金（NLSI）。这听起来很有趣，尽管坦白说，它们都很有趣，或者至少看起来很有趣。从招募说明书来看，股票选择将是自下而上的，无论是长仓还是短仓。此外，它将对标准普尔 500 指数进行卖出期权价差交易，以获取收入部分。长仓将杠杆至 120%，其中 55% 为短仓。</p>
<p>我想进行建模，这就是我得出的结果。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEi1b_6psiBgscepllZt5UuHKrBwbqfK7REpQ1DrnSyATmHDQAYBrVuMrTmiBosK8tRr6LRi3ysljghpCDI5CgUeSHZF5l8F0q3G8fAqg252kNee4_vO1s_3MbiDHk6Gihgjp40BzhGaqd3ncxIgQAsMFmT2szGXDgxYl_6IStgesiqEsc3wwcPzXg=w640-h282?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://blogger.googleusercontent.com/img/a/AVvXsEi1b_6psiBgscepllZt5UuHKrBwbqfK7REpQ1DrnSyATmHDQAYBrVuMrTmiBosK8tRr6LRi3ysljghpCDI5CgUeSHZF5l8F0q3G8fAqg252kNee4_vO1s_3MbiDHk6Gihgjp40BzhGaqd3ncxIgQAsMFmT2szGXDgxYl_6IStgesiqEsc3wwcPzXg=w640-h282"/></p>
<p>XYLG 在一半的投资组合上卖出看涨期权，而 HDGE 是一个选股做空基金，而不是反向基金。到 2024 年底，投资组合 3 的重大变化来自于 XYLG 的大额资本收益分配。</p>
<p>如果 NLSI 的分配类似于 SPYI 的 11%，那么在仅按价格计算的复利方面，这将是一个巨大的障碍，但 QQQI 到目前为止已经克服了这一点。顺便提一下，预计这些分配将因作为指数期权而获得有利的税收待遇。</p>
<p>让我们来看看风险平价。简单的定义是对固定收益进行杠杆，以使股票和固定收益的风险贡献相同。在这个细分市场中没有很多基金，它们的持有资产不仅限于股票和固定收益。因此，它们是多资产的，我认为旨在成为类似于先锋平衡指数（VBAIX）的单一代码投资组合解决方案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEjf1xzAyJGV4CI_Hso6t477JF8-nGklfUF8zCrZqHWt85XYuJV5tT7zMjjpKtXLfhTKS4gZoFYToMudXr8WySIzpeg9sd4EogrBQmWTbpBokh23x93J1hkXErazHGDb9deEbhQ6zjCXLlQzMFCJhixKCOhvcYYJXYGY1NAcvpVHwnx1WlLgWoLzsQ=w640-h296?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://blogger.googleusercontent.com/img/a/AVvXsEjf1xzAyJGV4CI_Hso6t477JF8-nGklfUF8zCrZqHWt85XYuJV5tT7zMjjpKtXLfhTKS4gZoFYToMudXr8WySIzpeg9sd4EogrBQmWTbpBokh23x93J1hkXErazHGDb9deEbhQ6zjCXLlQzMFCJhixKCOhvcYYJXYGY1NAcvpVHwnx1WlLgWoLzsQ=w640-h296"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEifxHxdUpA7T2e8Os-OUATkwF3ipkJiHxpJiSyqO499ACiVPMls0GG36ZN4QPIA4LQo9QkagF0WAAfRrYdw0CykNV6R_n2N6y-K46TJ0X6zWNkR2AIg66ZvMq-cVSwmk4gBYWQk03PI0OzmhpdJw54CoEg452IPnxHe5apoIVrhJcRI7pEyoL3Npw=w640-h128?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://blogger.googleusercontent.com/img/a/AVvXsEifxHxdUpA7T2e8Os-OUATkwF3ipkJiHxpJiSyqO499ACiVPMls0GG36ZN4QPIA4LQo9QkagF0WAAfRrYdw0CykNV6R_n2N6y-K46TJ0X6zWNkR2AIg66ZvMq-cVSwmk4gBYWQk03PI0OzmhpdJw54CoEg452IPnxHe5apoIVrhJcRI7pEyoL3Npw=w640-h128"/></p>
<p>他们今年都表现良好。AQRIX 在可研究的短时间内并没有遇到任何困难。FAPYX 的最差年份是 2022 年，当时下跌了 9%。乍一看，这似乎还不错，但那只是从基金启动的 8 月开始，而市场的许多下跌已经发生。</p>
<p>RPAR 今年也表现不错，但如果你对这个领域有任何兴趣，我认为结论是，像 RPAR 那样尝试进行风险平价指数化并不是一个好主意。</p>
<p>我对风险平价很感兴趣，但这更多是出于智力好奇，而不是实际的兴趣，但这是一个有效的投资组合概念。我只是认为重仓持有久期是谋生的一种艰难方式。</p>
<hr/>
<p><em>更多来自此作者：</em></p>
<p>不要与 30 年债务打交道</p>
<p>诺里尔·鲁比尼的 ETF 表现良好</p>
<p>想让你的曾孙们富有吗？</p>

风险平价 ETF - RPAR

<p>风险平价基金在今年表现良好，AQRIX 和 RPAR 显示出强劲的业绩。Neos 推出了多空股票收益基金（NLSI），杠杆高达 120%，并持有 55% 的空头头寸，同时在标准普尔 500 指数上卖出看跌价差。该基金旨在实现高收益，类似于 SPYI 和 QQQI。文章建议在风险平价指数化方面保持谨慎，强调了这种投资策略中的智力好奇心和挑战</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>Neos has a suite of high-yielding derivative income funds. They are not crazy high-yielding, just high-yielding. SPYI uses the S&amp;P 500 as a reference security, and it yields 11%. QQQI uses QQQ as its reference security and yields 13%.</p>
<div class="lb-trans"><p>Neos 拥有一系列高收益衍生收入基金。它们的收益并不是极高的，只是高收益。SPYI 以标准普尔 500 指数作为参考证券，收益率为 11%。QQQI 以 QQQ 作为参考证券，收益率为 13%。</p>
</div><p>They just launched the Neos Long/Short Equity Income Fund (NLSI). That sounds interesting, although admittedly, they are all interesting or at least fun to look at. From the prospectus, it looks like the stock picking will be bottom-up for both the long names and the short names. On top of that, it will sell put spreads on the S&amp;P 500 for the income component. The longs will be leveraged up to 120% with 55% being short.</p>
<div class="lb-trans"><p>他们刚刚推出了 Neos 长短股票收入基金（NLSI）。这听起来很有趣，尽管坦白说，它们都很有趣，或者至少看起来很有趣。从招募说明书来看，股票选择将是自下而上的，无论是长仓还是短仓。此外，它将对标准普尔 500 指数进行卖出期权价差交易，以获取收入部分。长仓将杠杆至 120%，其中 55% 为短仓。</p>
</div><p>I wanted to model out, and this is what I came up with.</p>
<div class="lb-trans"><p>我想进行建模，这就是我得出的结果。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEi1b_6psiBgscepllZt5UuHKrBwbqfK7REpQ1DrnSyATmHDQAYBrVuMrTmiBosK8tRr6LRi3ysljghpCDI5CgUeSHZF5l8F0q3G8fAqg252kNee4_vO1s_3MbiDHk6Gihgjp40BzhGaqd3ncxIgQAsMFmT2szGXDgxYl_6IStgesiqEsc3wwcPzXg=w640-h282" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEi1b_6psiBgscepllZt5UuHKrBwbqfK7REpQ1DrnSyATmHDQAYBrVuMrTmiBosK8tRr6LRi3ysljghpCDI5CgUeSHZF5l8F0q3G8fAqg252kNee4_vO1s_3MbiDHk6Gihgjp40BzhGaqd3ncxIgQAsMFmT2szGXDgxYl_6IStgesiqEsc3wwcPzXg=w640-h282"/></p>
<p>XYLG sells calls on half the portfolio, and HDGE is a stock-picking short fund, not an inverse fund. The big step off for Portfolio 3 at the end of 2024 came a massive capital gain payout by XYLG.</p>
<div class="lb-trans"><p>XYLG 在一半的投资组合上卖出看涨期权，而 HDGE 是一个选股做空基金，而不是反向基金。到 2024 年底，投资组合 3 的重大变化来自于 XYLG 的大额资本收益分配。</p>
</div><p>If NLSI pays out something like 11%, similar to SPYI, that would be a big bogey to overcome in terms of compounding positively on a price-only basis, but QQQI has done it so far. FWIW, the distributions are expected to get favorable tax treatment for being index options.</p>
<div class="lb-trans"><p>如果 NLSI 的分配类似于 SPYI 的 11%，那么在仅按价格计算的复利方面，这将是一个巨大的障碍，但 QQQI 到目前为止已经克服了这一点。顺便提一下，预计这些分配将因作为指数期权而获得有利的税收待遇。</p>
</div><p>Let's check in on risk parity. The simple definition is leveraging up fixed income so the risk contributions of equity and fixed income are the same. There's not a lot of funds in this niche, and they do own more than just equities and fixed income. So they are multi-asset, and I think intended to be a single ticker portfolio solution like Vanguard Balanced Index (VBAIX).</p>
<div class="lb-trans"><p>让我们来看看风险平价。简单的定义是对固定收益进行杠杆，以使股票和固定收益的风险贡献相同。在这个细分市场中没有很多基金，它们的持有资产不仅限于股票和固定收益。因此，它们是多资产的，我认为旨在成为类似于先锋平衡指数（VBAIX）的单一代码投资组合解决方案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEjf1xzAyJGV4CI_Hso6t477JF8-nGklfUF8zCrZqHWt85XYuJV5tT7zMjjpKtXLfhTKS4gZoFYToMudXr8WySIzpeg9sd4EogrBQmWTbpBokh23x93J1hkXErazHGDb9deEbhQ6zjCXLlQzMFCJhixKCOhvcYYJXYGY1NAcvpVHwnx1WlLgWoLzsQ=w640-h296" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEjf1xzAyJGV4CI_Hso6t477JF8-nGklfUF8zCrZqHWt85XYuJV5tT7zMjjpKtXLfhTKS4gZoFYToMudXr8WySIzpeg9sd4EogrBQmWTbpBokh23x93J1hkXErazHGDb9deEbhQ6zjCXLlQzMFCJhixKCOhvcYYJXYGY1NAcvpVHwnx1WlLgWoLzsQ=w640-h296"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEifxHxdUpA7T2e8Os-OUATkwF3ipkJiHxpJiSyqO499ACiVPMls0GG36ZN4QPIA4LQo9QkagF0WAAfRrYdw0CykNV6R_n2N6y-K46TJ0X6zWNkR2AIg66ZvMq-cVSwmk4gBYWQk03PI0OzmhpdJw54CoEg452IPnxHe5apoIVrhJcRI7pEyoL3Npw=w640-h128" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEifxHxdUpA7T2e8Os-OUATkwF3ipkJiHxpJiSyqO499ACiVPMls0GG36ZN4QPIA4LQo9QkagF0WAAfRrYdw0CykNV6R_n2N6y-K46TJ0X6zWNkR2AIg66ZvMq-cVSwmk4gBYWQk03PI0OzmhpdJw54CoEg452IPnxHe5apoIVrhJcRI7pEyoL3Npw=w640-h128"/></p>
<p>They are all doing well this year. AQRIX hasn't really had any struggles during the short period available to study. FAPYX's worst year was 2022, when it was down 9%. At first glance, that might seem pretty good, but that's only from August when the fund launched, and much of the decline in markets had already occurred.</p>
<div class="lb-trans"><p>他们今年都表现良好。AQRIX 在可研究的短时间内并没有遇到任何困难。FAPYX 的最差年份是 2022 年，当时下跌了 9%。乍一看，这似乎还不错，但那只是从基金启动的 8 月开始，而市场的许多下跌已经发生。</p>
</div><p>RPAR is having a good year, too, but if you have any interest in this space, I think the conclusion is that trying to index risk parity as RPAR does is not a great idea.</p>
<div class="lb-trans"><p>RPAR 今年也表现不错，但如果你对这个领域有任何兴趣，我认为结论是，像 RPAR 那样尝试进行风险平价指数化并不是一个好主意。</p>
</div><p>I am fascinated by risk parity, but it's more intellectual curiosity than having an actual interest but it is a valid portfolio concept. I just think going heavy into duration is a tough way to make a living.</p>
<div class="lb-trans"><p>我对风险平价很感兴趣，但这更多是出于智力好奇，而不是实际的兴趣，但这是一个有效的投资组合概念。我只是认为重仓持有久期是谋生的一种艰难方式。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者：</em></p>
</div><p>Just Don't With 30 Year Debt</p>
<div class="lb-trans"><p>不要与 30 年债务打交道</p>
</div><p>Nouriel Roubini's ETF Is Doing Well</p>
<div class="lb-trans"><p>诺里尔·鲁比尼的 ETF 表现良好</p>
</div><p>Want To Make Your Great Grandkids Rich?</p>
<div class="lb-trans"><p>想让你的曾孙们富有吗？</p>
</div>

风险平价策略今年表现强劲