瑞银标普500股息策略：捕捉期权结构性定价偏差，聚焦2026年机遇

智通财经2025-06-19

智通财经APP获悉，瑞银报告指出，自去年以来，标普 500 股息期权市场取得了显著的发展。随着交易活动的增加，如今可以像观察指数空间一样，轻松地观察到偏度和期限结构等参数。对比股息期货提供4-5%的年化折扣，瑞银认为在风险调整后，期权（尤其是2026年到期期权）更具吸引力，尤其是考虑到未来财政赤字风险的担忧。瑞银进一步通过压力测试四种极端假设情景（银行放松监管增加分红、科技巨头增加分红、大市值非...

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