<p><strong>摩根大通納斯達克股票溢價收益 ETF</strong>（JEPQ -0.51%）是零售投資者獲取高收益策略的最激動人心的方式之一，同時也提供了對一些領先科技公司的投資機會，如 <strong>英偉達</strong>。這是一個引人入勝的選擇，確實為投資者在高收益投資領域提供了不同的選擇。</p>
<p>以下是為什麼這隻交易所交易基金的股票可能非常適合您的投資組合。</p>
<h2>一隻與眾不同的高收益 ETF</h2>
<p>成為高收益投資者並不困難。使用一些股票篩選工具或尋找典型的高收益 ETF，您可以在幾分鐘內成為其中一員。然而，任何這樣做的人都會注意到一些反覆出現的主題。許多具有豐厚收益的股票往往集中在同一行業，或者它們往往是成熟的低增長公司，增長率低於個位數，其唯一吸引力在於其收益。</p>
<p>如果您不在乎從特定行業的超配中進行多樣化，或者不擔心主要投資於低增長的現金牛型股票，這一切都很合理。然而，我今天所談論的 ETF 提供了不同的選擇，快速查看其五大持股——全部在科技行業——及其股息收益率就能説明這一點。儘管永遠不要忘記，股息支付和高收益並不是保證的。</p>
<p>稍微深入瞭解這些持股可以看出，這隻 ETF 顯然並不是從其頂級股票持有的股息中產生其每月分配——目前提供的年化收益率為 9.6%——因為它們的收益率較低。</p>
<table>
<thead>
<tr>
<th><strong>股票</strong></th>
<th><strong>市值</strong></th>
<th><strong>當前股息收益率</strong></th>
<th><strong>JEPQ 淨資產的比例</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>英偉達</strong></td>
<td>$3.56 萬億</td>
<td>0.03%</td>
<td>7.65%</td>
</tr>
<tr>
<td><strong>蘋果</strong></td>
<td>$3.48 萬億</td>
<td>0.44%</td>
<td>7.21%</td>
</tr>
<tr>
<td><strong>微軟</strong></td>
<td>$3.09 萬億</td>
<td>0.80%</td>
<td>6.42%</td>
</tr>
<tr>
<td><strong>亞馬遜</strong></td>
<td>$2.09 萬億</td>
<td>不適用</td>
<td>4.55%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>$1.42 萬億</td>
<td>0.35%</td>
<td>4.25%</td>
</tr>
</tbody>
</table>
<p>數據來源：摩根大通資產管理。</p>
<h2>摩根大通納斯達克股票溢價收益 ETF 策略</h2>
<p>為了產生收入並分配給投資者，摩根大通納斯達克股票溢價收益 ETF 在 <strong>納斯達克 100</strong> 指數內的股票和出售納斯達克 100 指數看漲期權的股票掛鈎票據（ELN）上進行了大量投資。納斯達克 100 指數包括在納斯達克證券交易所上市的 100 家最大的非金融公司。</p>
<p>至少 80% 的 ETF 資產用於股票投資，正如其招募説明書中所述，“證券的選擇並不是基於預期的股息支付。” 因此，這並不是一隻集中在能源、電信或大型製藥等少數行業的高收益股票的 ETF。最多 20% 的資產用於 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>圖片來源：Getty Images。</p>
<p>看漲期權是一種以溢價出售的金融工具，賦予看漲投資者在指定期限內以指定價格（行使價）購買納斯達克 100 指數的權利。投資者購買看漲期權希望指數上漲超過行使價，以便他們可以以行使價購買指數，並賺取行使價（加上溢價成本）與當前價格之間的差額。如果指數未能上漲超過行使價，期權將失效，看漲期權買方將失去溢價。</p>
<p>因此，看漲期權的賣方（實際上是 ETF）在市場未能上漲超過行使價時賺取溢價。</p>
<h2>ETF 在實踐中的運作方式</h2>
<p>下表大致説明了這隻 ETF 策略的動態。在納斯達克表現不佳的月份，股票可能會虧損，而 ETF 將從 ELN 中獲得收入。這有助於減少 ETF 對在納斯達克交易的股票的下行風險。</p>
<p>另一方面，在納斯達克表現強勁的月份，股票可能會盈利，但 ELN 將會虧損，因此 ETF 的上行空間有限。同時，指數的適度漲跌將導致 ETF 從 ELN 策略中獲得溢價。因此，您可以將 ETF 視為對納斯達克的上行敞口，而下行則受到 ELN 策略的限制，並有可能從後者獲得收入流。</p>
<table>
<thead>
<tr>
<th><strong>納斯達克 100 的月度表現</strong></th>
<th><strong>強勁上漲</strong></th>
<th><strong>適度上漲</strong></th>
<th><strong>適度虧損</strong></th>
<th><strong>強勁虧損</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>股票（至少佔 ETF 資產的 80%）</td>
<td>盈利</td>
<td>盈利</td>
<td>虧損</td>
<td>虧損</td>
</tr>
<tr>
<td>ELN（最多佔 ETF 資產的 20%）</td>
<td>虧損</td>
<td>～盈利</td>
<td>盈利</td>
<td>盈利</td>
</tr>
</tbody>
</table>
<p>作者分析。</p>
<p>這隻 ETF 的特點在其表現中得到了體現。正如下圖所示，摩根大通納斯達克股票溢價收益 ETF 的價格表現並不出色。然而，考慮到股息並進行再投資（總回報），該 ETF 的表現則更加令人印象深刻。</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 數據來源於 YCharts</p>
<p>此外，ETF 的下行限制特性在以下年度期間得到了驗證，當時納斯達克 100 指數下跌。</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 數據來源於 YCharts</p>
<h2>一隻值得購買的 ETF</h2>
<p>這隻 ETF 提供了一種低波動性投資科技股的方式，同時還能獲得豐厚的每月收入。它將適合那些希望從高度集中行業或風格中進行多樣化的高收益投資組合的投資者。</p>

英偉達

摩根大通

<p>摩根大通納斯達克股票溢價收益 ETF（JEPQ）為零售投資者提供了一種獨特的高收益策略，年化收益率為 9.6%，並且能夠接觸到像英偉達這樣的領先科技公司。與典型的高收益 ETF 不同，JEPQ 主要投資於納斯達克 100 指數股票和出售看漲期權的股權掛鈎票據（ELNs），從而實現收入生成，而不單單依賴於高股息股票。這一策略在提供科技股票潛在上漲空間的同時，限制了下行風險，使其成為多元化高收益投資的一個引人注目的選擇</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>摩根大通納斯達克股票溢價收益 ETF</strong>（JEPQ -0.51%）是零售投資者獲取高收益策略的最激動人心的方式之一，同時也提供了對一些領先科技公司的投資機會，如 <strong>英偉達</strong>。這是一個引人入勝的選擇，確實為投資者在高收益投資領域提供了不同的選擇。</p>
</div><p>Here's why shares of this exchange-traded fund could be ideal for your portfolio.</p>
<div class="lb-trans"><p>以下是為什麼這隻交易所交易基金的股票可能非常適合您的投資組合。</p>
</div><h2>A high-yield ETF with a difference</h2>
<div class="lb-trans"><h2>一隻與眾不同的高收益 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>成為高收益投資者並不困難。使用一些股票篩選工具或尋找典型的高收益 ETF，您可以在幾分鐘內成為其中一員。然而，任何這樣做的人都會注意到一些反覆出現的主題。許多具有豐厚收益的股票往往集中在同一行業，或者它們往往是成熟的低增長公司，增長率低於個位數，其唯一吸引力在於其收益。</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>如果您不在乎從特定行業的超配中進行多樣化，或者不擔心主要投資於低增長的現金牛型股票，這一切都很合理。然而，我今天所談論的 ETF 提供了不同的選擇，快速查看其五大持股——全部在科技行業——及其股息收益率就能説明這一點。儘管永遠不要忘記，股息支付和高收益並不是保證的。</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>稍微深入瞭解這些持股可以看出，這隻 ETF 顯然並不是從其頂級股票持有的股息中產生其每月分配——目前提供的年化收益率為 9.6%——因為它們的收益率較低。</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>當前股息收益率</strong></th>
<th><strong>JEPQ 淨資產的比例</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>英偉達</strong></td>
<td>$3.56 萬億</td>
<td>0.03%</td>
<td>7.65%</td>
</tr>
<tr>
<td><strong>蘋果</strong></td>
<td>$3.48 萬億</td>
<td>0.44%</td>
<td>7.21%</td>
</tr>
<tr>
<td><strong>微軟</strong></td>
<td>$3.09 萬億</td>
<td>0.80%</td>
<td>6.42%</td>
</tr>
<tr>
<td><strong>亞馬遜</strong></td>
<td>$2.09 萬億</td>
<td>不適用</td>
<td>4.55%</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>$1.42 萬億</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>數據來源：摩根大通資產管理。</p>
</div><h2>The JPMorgan Nasdaq Equity Premium Income ETF strategy</h2>
<div class="lb-trans"><h2>摩根大通納斯達克股票溢價收益 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>為了產生收入並分配給投資者，摩根大通納斯達克股票溢價收益 ETF 在 <strong>納斯達克 100</strong> 指數內的股票和出售納斯達克 100 指數看漲期權的股票掛鈎票據（ELN）上進行了大量投資。納斯達克 100 指數包括在納斯達克證券交易所上市的 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 資產用於股票投資，正如其招募説明書中所述，“證券的選擇並不是基於預期的股息支付。” 因此，這並不是一隻集中在能源、電信或大型製藥等少數行業的高收益股票的 ETF。最多 20% 的資產用於 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>圖片來源：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>看漲期權是一種以溢價出售的金融工具，賦予看漲投資者在指定期限內以指定價格（行使價）購買納斯達克 100 指數的權利。投資者購買看漲期權希望指數上漲超過行使價，以便他們可以以行使價購買指數，並賺取行使價（加上溢價成本）與當前價格之間的差額。如果指數未能上漲超過行使價，期權將失效，看漲期權買方將失去溢價。</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，看漲期權的賣方（實際上是 ETF）在市場未能上漲超過行使價時賺取溢價。</p>
</div><h2>How the ETF works in practice</h2>
<div class="lb-trans"><h2>ETF 在實踐中的運作方式</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>下表大致説明了這隻 ETF 策略的動態。在納斯達克表現不佳的月份，股票可能會虧損，而 ETF 將從 ELN 中獲得收入。這有助於減少 ETF 對在納斯達克交易的股票的下行風險。</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，在納斯達克表現強勁的月份，股票可能會盈利，但 ELN 將會虧損，因此 ETF 的上行空間有限。同時，指數的適度漲跌將導致 ETF 從 ELN 策略中獲得溢價。因此，您可以將 ETF 視為對納斯達克的上行敞口，而下行則受到 ELN 策略的限制，並有可能從後者獲得收入流。</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>納斯達克 100 的月度表現</strong></th>
<th><strong>強勁上漲</strong></th>
<th><strong>適度上漲</strong></th>
<th><strong>適度虧損</strong></th>
<th><strong>強勁虧損</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>股票（至少佔 ETF 資產的 80%）</td>
<td>盈利</td>
<td>盈利</td>
<td>虧損</td>
<td>虧損</td>
</tr>
<tr>
<td>ELN（最多佔 ETF 資產的 20%）</td>
<td>虧損</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>這隻 ETF 的特點在其表現中得到了體現。正如下圖所示，摩根大通納斯達克股票溢價收益 ETF 的價格表現並不出色。然而，考慮到股息並進行再投資（總回報），該 ETF 的表現則更加令人印象深刻。</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 數據來源於 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間得到了驗證，當時納斯達克 100 指數下跌。</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 數據來源於 YCharts</p>
</div><h2>An ETF to buy</h2>
<div class="lb-trans"><h2>一隻值得購買的 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>這隻 ETF 提供了一種低波動性投資科技股的方式，同時還能獲得豐厚的每月收入。它將適合那些希望從高度集中行業或風格中進行多樣化的高收益投資組合的投資者。</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資機會。  
- 該 ETF 通過投資 Nasdaq-100 指數和股權掛鈎票據生成收入。  
- 適合尋求低波動和多樣化投資的高收益投資者。  

想擁有英偉達股票並獲得 9.6% 的股息收益率？以下是方法