<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>圖片來源：Pixabay</em></p>
<p>Neos 擁有一系列高收益衍生收入基金。它們的收益並不是極高的，只是高收益。SPYI 以標準普爾 500 指數作為參考證券，收益率為 11%。QQQI 以 QQQ 作為參考證券，收益率為 13%。</p>
<p>他們剛剛推出了 Neos 長短股票收入基金（NLSI）。這聽起來很有趣，儘管坦白説，它們都很有趣，或者至少看起來很有趣。從招募説明書來看，股票選擇將是自下而上的，無論是長倉還是短倉。此外，它將對標準普爾 500 指數進行賣出期權價差交易，以獲取收入部分。長倉將槓桿至 120%，其中 55% 為短倉。</p>
<p>我想進行建模，這就是我得出的結果。</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 在一半的投資組合上賣出看漲期權，而 HDGE 是一個選股做空基金，而不是反向基金。到 2024 年底，投資組合 3 的重大變化來自於 XYLG 的大額資本收益分配。</p>
<p>如果 NLSI 的分配類似於 SPYI 的 11%，那麼在僅按價格計算的複利方面，這將是一個巨大的障礙，但 QQQI 到目前為止已經克服了這一點。順便提一下，預計這些分配將因作為指數期權而獲得有利的税收待遇。</p>
<p>讓我們來看看風險平價。簡單的定義是對固定收益進行槓桿，以使股票和固定收益的風險貢獻相同。在這個細分市場中沒有很多基金，它們的持有資產不僅限於股票和固定收益。因此，它們是多資產的，我認為旨在成為類似於先鋒平衡指數（VBAIX）的單一代碼投資組合解決方案。</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>他們今年都表現良好。AQRIX 在可研究的短時間內並沒有遇到任何困難。FAPYX 的最差年份是 2022 年，當時下跌了 9%。乍一看，這似乎還不錯，但那只是從基金啓動的 8 月開始，而市場的許多下跌已經發生。</p>
<p>RPAR 今年也表現不錯，但如果你對這個領域有任何興趣，我認為結論是，像 RPAR 那樣嘗試進行風險平價指數化並不是一個好主意。</p>
<p>我對風險平價很感興趣，但這更多是出於智力好奇，而不是實際的興趣，但這是一個有效的投資組合概念。我只是認為重倉持有久期是謀生的一種艱難方式。</p>
<hr/>
<p><em>更多來自此作者：</em></p>
<p>不要與 30 年債務打交道</p>
<p>諾里爾·魯比尼的 ETF 表現良好</p>
<p>想讓你的曾孫們富有嗎？</p>

風險平價 ETF - RPAR

<p>風險平價基金在今年表現良好，AQRIX 和 RPAR 顯示出強勁的業績。Neos 推出了多空股票收益基金（NLSI），槓桿高達 120%，並持有 55% 的空頭頭寸，同時在標準普爾 500 指數上賣出看跌價差。該基金旨在實現高收益，類似於 SPYI 和 QQQI。文章建議在風險平價指數化方面保持謹慎，強調了這種投資策略中的智力好奇心和挑戰</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>圖片來源：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 擁有一系列高收益衍生收入基金。它們的收益並不是極高的，只是高收益。SPYI 以標準普爾 500 指數作為參考證券，收益率為 11%。QQQI 以 QQQ 作為參考證券，收益率為 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>他們剛剛推出了 Neos 長短股票收入基金（NLSI）。這聽起來很有趣，儘管坦白説，它們都很有趣，或者至少看起來很有趣。從招募説明書來看，股票選擇將是自下而上的，無論是長倉還是短倉。此外，它將對標準普爾 500 指數進行賣出期權價差交易，以獲取收入部分。長倉將槓桿至 120%，其中 55% 為短倉。</p>
</div><p>I wanted to model out, and this is what I came up with.</p>
<div class="lb-trans"><p>我想進行建模，這就是我得出的結果。</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 在一半的投資組合上賣出看漲期權，而 HDGE 是一個選股做空基金，而不是反向基金。到 2024 年底，投資組合 3 的重大變化來自於 XYLG 的大額資本收益分配。</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 的分配類似於 SPYI 的 11%，那麼在僅按價格計算的複利方面，這將是一個巨大的障礙，但 QQQI 到目前為止已經克服了這一點。順便提一下，預計這些分配將因作為指數期權而獲得有利的税收待遇。</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>讓我們來看看風險平價。簡單的定義是對固定收益進行槓桿，以使股票和固定收益的風險貢獻相同。在這個細分市場中沒有很多基金，它們的持有資產不僅限於股票和固定收益。因此，它們是多資產的，我認為旨在成為類似於先鋒平衡指數（VBAIX）的單一代碼投資組合解決方案。</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>他們今年都表現良好。AQRIX 在可研究的短時間內並沒有遇到任何困難。FAPYX 的最差年份是 2022 年，當時下跌了 9%。乍一看，這似乎還不錯，但那只是從基金啓動的 8 月開始，而市場的許多下跌已經發生。</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 今年也表現不錯，但如果你對這個領域有任何興趣，我認為結論是，像 RPAR 那樣嘗試進行風險平價指數化並不是一個好主意。</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>我對風險平價很感興趣，但這更多是出於智力好奇，而不是實際的興趣，但這是一個有效的投資組合概念。我只是認為重倉持有久期是謀生的一種艱難方式。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者：</em></p>
</div><p>Just Don't With 30 Year Debt</p>
<div class="lb-trans"><p>不要與 30 年債務打交道</p>
</div><p>Nouriel Roubini's ETF Is Doing Well</p>
<div class="lb-trans"><p>諾里爾·魯比尼的 ETF 表現良好</p>
</div><p>Want To Make Your Great Grandkids Rich?</p>
<div class="lb-trans"><p>想讓你的曾孫們富有嗎？</p>
</div>

風險平價策略今年表現強勁