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2021-09-14

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Investors who want income need to understand this overlooked stock-market strategy<blockquote>想要收益的投资者需要了解这种被忽视的股市策略</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":886731727,"tweetId":"886731727","gmtCreate":1631624764569,"gmtModify":1631883886317,"author":{"id":3574457923416240,"idStr":"3574457923416240","authorId":3574457923416240,"authorIdStr":"3574457923416240","name":"JTLim","avatar":"https://static.tigerbbs.com/d4cd2e21996d37297b06b32df8d66b04","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>agreed&nbsp;</body></html>","htmlText":"<html><head></head><body>agreed&nbsp;</body></html>","text":"agreed","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/886731727","repostId":2167878285,"repostType":4,"repost":{"id":"2167878285","kind":"highlight","pubTimestamp":1631624294,"share":"https://www.laohu8.com/m/news/2167878285?lang=zh_CN&edition=full","pubTime":"2021-09-14 20:58","market":"us","language":"en","title":"Investors who want income need to understand this overlooked stock-market strategy<blockquote>想要收益的投资者需要了解这种被忽视的股市策略</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2167878285","media":"MarketWatch","summary":"You can earn surprisingly high yields with ETFs that employ covered-call strategies\nGetty Images/iSt","content":"You can earn surprisingly high yields with ETFs that employ covered-call strategies<blockquote>使用采用备兑看涨期权策略的 ETF，您可以获得令人惊讶的高收益</blockquote> <img src=\"https://static.tigerbbs.com/3c8dda5135c76d192a8ef563de4411fc\" tg-width=\"700\" tg-height=\"465\" width=\"100%\" height=\"auto\">Getty Images/iStockphoto<blockquote>盖蒂图片社/iStockphoto</blockquote> Interest rates have remained persistently low even as the economy emerges from the pandemic.<blockquote>即使经济走出疫情，利率也一直保持在低位。</blockquote> The yield on 10-year U.S. Treasury notes hasn't been above 2% for more than two years. (It's yielding 1.32% on Monday.)<blockquote>10年期美国国债收益率两年多来从未高于2%。（周一收益率为 1.32%。）</blockquote> As a result, many income-seeking investors have migrated from bonds, considered the safest income investments, to the stock market. But the income from a diversified stock portfolio might not be high enough.<blockquote>因此，许多寻求收入的投资者已经从被认为是最安全的收入投资的债券转移到股票市场。但多元化股票投资组合的收入可能不够高。</blockquote> There is a way to increase that income, even while lowering your risk.<blockquote>有一种方法可以增加收入，即使同时降低风险。</blockquote> Below is a description of an income strategy for stocks that you might not be aware of -- covered call options -- along with examples from Kevin Simpson, the founder of Capital Wealth Planning in Naples, Fla., which manages the Amplify CWP Enhanced Dividend Income ETF.<blockquote>下面描述了您可能不知道的股票收益策略（备兑看涨期权期权），以及佛罗里达州那不勒斯 Capital Wealth Planning 创始人 Kevin Simpson 的示例，该公司负责管理 Amplify CWP 增强型股息收入 ETF。</blockquote> This exchange traded fund is rated five stars (the highest) by Morningstar. We will also look at other ETFs that use covered call options in a different way, but with income as the main objective.<blockquote>该交易所交易基金被晨星公司评为五星级（最高）。我们还将研究以不同方式使用备兑看涨期权期权的其他 ETF，但以收入为主要目标。</blockquote> Covered call options<blockquote>承保看涨期权选项</blockquote> A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.<blockquote>看涨期权期权是一种允许投资者以特定价格（称为执行价格）购买证券的合约，直到期权到期。看跌期权则相反，允许买方以指定价格出售证券，直到期权到期。</blockquote> A covered call option is <a href=\"https://laohu8.com/S/AONE.U\">one</a> that you write when you already own a security. The strategy is used by stock investors to increase income and provide some downside protection.<blockquote>承保看涨期权选项是<a href=\"https://laohu8.com/S/AONE.U\">一</a>你在已经拥有证券的时候写的。股票投资者使用该策略来增加收入并提供一些下行保护。</blockquote> Here's a current example of a covered call option in the DIVO portfolio, described by Simpson during an interview.<blockquote>这是 Simpson 在一次采访中描述的 DIVO 投资组合中备兑看涨期权选项的当前示例。</blockquote> On Aug. 23, the ETF wrote a one-month call for ConocoPhillips <a href=\"https://laohu8.com/S/COP\">$(COP)$</a>. At that time, the stock was trading at about $55 a share. The call has a strike price of $57.50.<blockquote>8月23日，ETF为康菲石油公司撰写了一个月看涨期权<a href=\"https://laohu8.com/S/COP\">$(COP)$</a>当时，该股的交易价格约为每股55美元。看涨期权的执行价格为 57.50 美元。</blockquote> \"We collected between 70 cents and 75 cents a share\" on that option, Simpson said. So if we go on the low side, 70 cents a share, we have a return of 1.27% for only one month. That is not an annualized figure -- it shows how much income can be made from the covered-call strategy if it is employed over and over again.<blockquote>辛普森说，“我们从该期权中收取了每股 70 美分到 75 美分”。因此，如果我们走低，每股 70 美分，我们仅一个月的回报率为 1.27%。这不是一个年化的数字——它显示了如果反复采用覆盖看涨期权策略，可以从该策略中获得多少收入。</blockquote> If shares of ConocoPhillips rise above $57.50, they will likely be called away -- Simpson and DIVO will be forced to sell the shares at that price. If that happens, they may regret parting with a stock they like. But along with the 70 cents a share for the option, they will also have enjoyed a 4.6% gain from the share price at the time they wrote the option. And if the option expires without being exercised, they are free to write another option and earn more income.<blockquote>如果康菲石油公司的股价升至 57.50 美元以上，它们可能会被撤回——辛普森和迪沃将被迫以该价格出售股票。如果发生这种情况，他们可能会后悔放弃自己喜欢的股票。但除了每股 70 美分的期权外，他们还将享受比撰写期权时股价 4.6% 的收益。如果期权到期而没有被行使，他们可以自由地再写一份期权并赚取更多收入。</blockquote> Meanwhile, ConocoPhillips has a dividend yield of more than 3%, which itself is attractive compared with Treasury yields.<blockquote>与此同时，康菲石油公司的股息收益率超过3%，与国债收益率相比，这本身就很有吸引力。</blockquote> Still, there is risk. If ConocoPhillips were to double to $110 before the option expired, DIVO would still have to sell it for $57.50. All that upside would be left on the table. That's the price you pay for the income provided by this strategy.<blockquote>尽管如此，还是有风险的。如果康菲石油公司在期权到期前将价格翻倍至 110 美元，DIVO 仍需以 57.50 美元的价格出售。所有的好处都将被搁置。这就是你为这个策略提供的收入付出的代价。</blockquote> Simpson also provided two previous examples of stocks for which he wrote covered calls:<blockquote>Simpson 还提供了他之前撰写的涵盖评级的两个股票示例：</blockquote> <ul> <li>DIVO bought shares of Nike Inc.&nbsp;for between $87 and $88 a share in May 2020 after the stock’s pullback and then then booked $4.50 a share in revenue by writing repeated covered call options for the stock through December. Simpson eventually sold the stock in August after booking another $5 a share in option premiums.</li> <li>DIVO earned $6.30 a share in covered-call premiums on shares of Caterpillar Inc.,which were called away “in late February around $215-$220,” Simpson said. After that, the stock rallied to $245 in June, showing some lost upside. Caterpillar’s stock has now pulled back to about $206.</li> </ul> <blockquote><ul><li>2020 年 5 月，在耐克公司股价回调后，DIVO 以每股 87 美元至 88 美元的价格买入了耐克公司的股票，然后通过在 12 月之前为该股票承销重复备兑看涨期权期权，获得了每股 4.50 美元的收入。辛普森最终在8月份以每股5美元的期权费出售了这只股票。</li><li>Simpson 说，DIVO 从卡特彼勒公司（Caterpillar Inc.）的股票中获得了每股 6.30 美元的看涨期权溢价，这些股票 “在 2 月底被撤销了约 215-220 美元”。此后，该股在 6 月份反弹至 245 美元，显示出一些失去的上涨空间。卡特彼勒的股价现已回落至 206 美元左右。</li></ul></blockquote> Simpson's strategy for DIVO is to hold a portfolio of about 25 to 30 blue chip stocks (all of which pay dividends) and only write a small number of options at any time, based on market conditions. It is primarily a long-term growth strategy, with the income enhancement from the covered call options.<blockquote>辛普森对DIVO的策略是持有大约25到30只蓝筹股的投资组合（所有蓝筹股都支付股息），并且根据市场情况，在任何时候只写少量期权。这主要是一项长期增长战略，覆盖的看涨期权期权可增加收入。</blockquote> The fund currently has five covered-call positions, including ConocoPhillips. DIVO's main objective is growth, but it has a monthly distribution that includes dividends, option income and at times a return of capital. The fund's quoted 30-day SEC yield is only 1.43%, but that only includes the dividend portion of the distribution. The distribution yield, which is what investors actually receive, is 5.03%.<blockquote>该基金目前拥有五个备兑看涨期权头寸，其中包括康菲石油公司。DIVO 的主要目标是增长，但它的月度分配包括股息、期权收入，有时还包括资本回报。该基金30天SEC报价收益率仅为1.43%，但仅包括分配的股息部分。投资者实际收到的分配收益率为5.03%。</blockquote> You can see the fund's top holdings here on the MarketWatch quote page. Here is a new guide to the quote page, which includes a wealth of information.<blockquote>您可以在 MarketWatch 报价页面上查看该基金的主要持股。这是报价页面的新指南，其中包括丰富的信息。</blockquote> DIVO's performance<blockquote>迪沃的表演</blockquote> Morningstar's five-star rating for DIVO is based on the ETF's performance within the investment research firm's \"U.S. Fund Derivative Income\" peer group. A comparison of the ETF's total return with that of the S&amp;P 500 Index can be expected to show lower performance over the long term, in keeping with the income focus and the giving-up of some upside potential for stocks that are called away as part of the covered-call strategy.<blockquote>晨星公司对 DIVO 的五星级评级是基于该 ETF 在该投资研究公司“美国基金衍生品收入”同行组中的表现。将 ETF 的总回报与标普500指数的总回报进行比较，预计从长期来看会显示出较低的表现，这与收益重点以及放弃作为备兑看涨期权策略一部分而被取消的股票的一些上行潜力保持一致。</blockquote> DIVO was established on Dec. 14, 2016. Here's a comparison of returns on an NAV basis (with dividends reinvested, even though the fund might be best for investors who need income) for the fund and its Morningstar category, along with returns for the S&amp;P 500 calculated by FactSet:<blockquote>DIVO成立于2016年12月14日。以下是该基金及其晨星类别基于资产净值的回报比较（股息再投资，尽管该基金可能最适合需要收入的投资者），以及 FactSet 计算的标普500回报：</blockquote> <img src=\"https://static.tigerbbs.com/5fb145b96939e4cf80e8839c8c4771db\" tg-width=\"930\" tg-height=\"343\" width=\"100%\" height=\"auto\"> <table> <tbody> <tr></tr> <tr></tr> </tbody> </table> Return of capital<blockquote><table><tbody><tr></tr><tr></tr></tbody></table>资本回报</blockquote> A return of capital may be included as part of a distribution by an ETF, closed-end fund, real-estate investment trust, business development company or other investment vehicle. This distribution isn't taxed because it is already the investor's money. A fund may return some capital to maintain a dividend temporarily, or it may return capital instead of making a different sort of taxable distribution.<blockquote>资本回报可以作为 ETF、封闭式基金、房地产投资信托基金、商业开发公司或其他投资工具的分配的一部分。这种分配不征税，因为它已经是投资者的钱了。基金可能会返还一些资本以暂时维持股息，也可能会返还资本而不是进行不同类型的应税分配。</blockquote> In a previous interview, Amplify ETFs CEO Christian Magoon distinguished between \"accretive and destructive\" returns of capital. Accretive means the fund's net asset value (the sum of its assets divided by the number of shares) continues to increase, despite a return of capital, while destructive means the NAV is declining, which makes for a poor investment over time if it continues.<blockquote>在之前的一次采访中，Amplify ETFs 首席执行官 Christian Magoon 区分了“增值性”和“破坏性”资本回报。增值意味着基金的资产净值（资产总和除以股份数量）继续增加，尽管资本回报，而破坏性意味着资产净值正在下降，如果继续下去，随着时间的推移，这将是一项糟糕的投资。</blockquote> Covered calls on entire indexes<blockquote>涵盖整个指数的评级</blockquote> There are ETFs that take the covered-call option strategy to more of an extreme, by writing options against an entire stock index. An example is the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> Nasdaq 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>, which holds the stocks that make up the Nasdaq-100 Index , in the same proportions as the index, while continually writing covered-call options against the entire index. QYLD has a four-star rating from Morningstar.<blockquote>有些 ETF 将备兑看涨期权期权策略发挥到了更极致，通过针对整个股票指数写出期权。一个例子是<a href=\"https://laohu8.com/S/EFFE\">全球X</a>纳斯达克 100 备兑看涨期权 ETF<a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>，以与指数相同的比例持有构成纳斯达克100指数的股票，同时不断针对整个指数写入备兑看涨期权期权。QYLD 获得晨星公司的四星评级。</blockquote> The ETF pays monthly; its trailing 12-month distribution yield has been 12.47% and its distribution yields have consistently been above 11% since it was established in December 2013.<blockquote>ETF按月支付；其过去12个月的分配收益率为12.47%，自2013年12月成立以来，其分配收益率一直保持在11%以上。</blockquote> That is quite a bit of income. However, QYLD also underlines of the importance of understanding that a \"pure\" covered-call strategy on an entire stock index is really an income strategy.<blockquote>这是一笔可观的收入。然而，QYLD 也强调了理解整个股票指数的“纯粹”备兑看涨期权策略实际上是一种收益策略的重要性。</blockquote> Here's a comparison of returns for the fund and the Invesco QQQ Trust, which tracks the Nasdaq-100, from the end of 2019, encompassing the entire COVID-19 pandemic and its affect on the stock market:<blockquote>以下是该基金和景顺 QQQ Trust 的回报比较，景顺 QQQ Trust 追踪纳斯达克 100 指数，涵盖整个 COVID-19 大流行及其对股票市场的影响：</blockquote> <img src=\"https://static.tigerbbs.com/6b78531210378f9c5a9b5cb414d8858f\" tg-width=\"700\" tg-height=\"640\" width=\"100%\" height=\"auto\">FactSet<blockquote>事实集</blockquote> QYLD took a sharp dive during February 2020, as did QQQ. But you can see that QQQ recovered more quickly and then soared. QYLD continued paying its high distributions all through the pandemic crisis, but it couldn't capture most of QQQ's additional upside. It isn't designed to do it.<blockquote>QYLD在2020年2月大幅下跌，QQQ也是如此。但你可以看到QQQ恢复得更快，然后暴涨。在整个大流行危机期间，QYLD 继续支付高额分配，但无法抓住 QQQ 的大部分额外上涨空间。它不是为此而设计的。</blockquote> Global X has two other funds following covered-call strategies for entire indexes for income:<blockquote>Global X 还有另外两只基金遵循整个收益指数的备兑看涨期权策略：</blockquote> <ul> <li>The Global X S&amp;P 500 Covered Call ETF</li> <li>The Global X Russell 2000 Covered Call ETF</li> </ul> <blockquote><ul><li>Global X 标普500备兑看涨期权 ETF</li><li>Global X Russell 2000 备兑看涨期权 ETF</li></ul></blockquote> Covered-call strategies can work particularly well for stocks that have attractive dividend yields, and some investment advisers employ the strategy for individual investors. The ETFs provide an easier way of following the strategy. DIVO uses covered calls for a growth and income strategy, while the three listed Global X funds are more income-oriented.<blockquote>备兑看涨期权策略对于股息收益率有吸引力的股票特别有效，一些投资顾问为个人投资者采用该策略。ETF 提供了一种更简单的策略。DIVO 使用覆盖评级来制定增长和收入战略，而三只上市的 Global X 基金则更注重收入。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investors who want income need to understand this overlooked stock-market strategy<blockquote>想要收益的投资者需要了解这种被忽视的股市策略</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestors who want income need to understand this overlooked stock-market strategy<blockquote>想要收益的投资者需要了解这种被忽视的股市策略</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-09-14 20:58\n\n</h4>\n</header>\n<article>\nYou can earn surprisingly high yields with ETFs that employ covered-call strategies<blockquote>使用采用备兑看涨期权策略的 ETF，您可以获得令人惊讶的高收益</blockquote> <img src=\"https://static.tigerbbs.com/3c8dda5135c76d192a8ef563de4411fc\" tg-width=\"700\" tg-height=\"465\" width=\"100%\" height=\"auto\">Getty Images/iStockphoto<blockquote>盖蒂图片社/iStockphoto</blockquote> Interest rates have remained persistently low even as the economy emerges from the pandemic.<blockquote>即使经济走出疫情，利率也一直保持在低位。</blockquote> The yield on 10-year U.S. Treasury notes hasn't been above 2% for more than two years. (It's yielding 1.32% on Monday.)<blockquote>10年期美国国债收益率两年多来从未高于2%。（周一收益率为 1.32%。）</blockquote> As a result, many income-seeking investors have migrated from bonds, considered the safest income investments, to the stock market. But the income from a diversified stock portfolio might not be high enough.<blockquote>因此，许多寻求收入的投资者已经从被认为是最安全的收入投资的债券转移到股票市场。但多元化股票投资组合的收入可能不够高。</blockquote> There is a way to increase that income, even while lowering your risk.<blockquote>有一种方法可以增加收入，即使同时降低风险。</blockquote> Below is a description of an income strategy for stocks that you might not be aware of -- covered call options -- along with examples from Kevin Simpson, the founder of Capital Wealth Planning in Naples, Fla., which manages the Amplify CWP Enhanced Dividend Income ETF.<blockquote>下面描述了您可能不知道的股票收益策略（备兑看涨期权期权），以及佛罗里达州那不勒斯 Capital Wealth Planning 创始人 Kevin Simpson 的示例，该公司负责管理 Amplify CWP 增强型股息收入 ETF。</blockquote> This exchange traded fund is rated five stars (the highest) by Morningstar. We will also look at other ETFs that use covered call options in a different way, but with income as the main objective.<blockquote>该交易所交易基金被晨星公司评为五星级（最高）。我们还将研究以不同方式使用备兑看涨期权期权的其他 ETF，但以收入为主要目标。</blockquote> Covered call options<blockquote>承保看涨期权选项</blockquote> A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.<blockquote>看涨期权期权是一种允许投资者以特定价格（称为执行价格）购买证券的合约，直到期权到期。看跌期权则相反，允许买方以指定价格出售证券，直到期权到期。</blockquote> A covered call option is <a href=\"https://laohu8.com/S/AONE.U\">one</a> that you write when you already own a security. The strategy is used by stock investors to increase income and provide some downside protection.<blockquote>承保看涨期权选项是<a href=\"https://laohu8.com/S/AONE.U\">一</a>你在已经拥有证券的时候写的。股票投资者使用该策略来增加收入并提供一些下行保护。</blockquote> Here's a current example of a covered call option in the DIVO portfolio, described by Simpson during an interview.<blockquote>这是 Simpson 在一次采访中描述的 DIVO 投资组合中备兑看涨期权选项的当前示例。</blockquote> On Aug. 23, the ETF wrote a one-month call for ConocoPhillips <a href=\"https://laohu8.com/S/COP\">$(COP)$</a>. At that time, the stock was trading at about $55 a share. The call has a strike price of $57.50.<blockquote>8月23日，ETF为康菲石油公司撰写了一个月看涨期权<a href=\"https://laohu8.com/S/COP\">$(COP)$</a>当时，该股的交易价格约为每股55美元。看涨期权的执行价格为 57.50 美元。</blockquote> \"We collected between 70 cents and 75 cents a share\" on that option, Simpson said. So if we go on the low side, 70 cents a share, we have a return of 1.27% for only one month. That is not an annualized figure -- it shows how much income can be made from the covered-call strategy if it is employed over and over again.<blockquote>辛普森说，“我们从该期权中收取了每股 70 美分到 75 美分”。因此，如果我们走低，每股 70 美分，我们仅一个月的回报率为 1.27%。这不是一个年化的数字——它显示了如果反复采用覆盖看涨期权策略，可以从该策略中获得多少收入。</blockquote> If shares of ConocoPhillips rise above $57.50, they will likely be called away -- Simpson and DIVO will be forced to sell the shares at that price. If that happens, they may regret parting with a stock they like. But along with the 70 cents a share for the option, they will also have enjoyed a 4.6% gain from the share price at the time they wrote the option. And if the option expires without being exercised, they are free to write another option and earn more income.<blockquote>如果康菲石油公司的股价升至 57.50 美元以上，它们可能会被撤回——辛普森和迪沃将被迫以该价格出售股票。如果发生这种情况，他们可能会后悔放弃自己喜欢的股票。但除了每股 70 美分的期权外，他们还将享受比撰写期权时股价 4.6% 的收益。如果期权到期而没有被行使，他们可以自由地再写一份期权并赚取更多收入。</blockquote> Meanwhile, ConocoPhillips has a dividend yield of more than 3%, which itself is attractive compared with Treasury yields.<blockquote>与此同时，康菲石油公司的股息收益率超过3%，与国债收益率相比，这本身就很有吸引力。</blockquote> Still, there is risk. If ConocoPhillips were to double to $110 before the option expired, DIVO would still have to sell it for $57.50. All that upside would be left on the table. That's the price you pay for the income provided by this strategy.<blockquote>尽管如此，还是有风险的。如果康菲石油公司在期权到期前将价格翻倍至 110 美元，DIVO 仍需以 57.50 美元的价格出售。所有的好处都将被搁置。这就是你为这个策略提供的收入付出的代价。</blockquote> Simpson also provided two previous examples of stocks for which he wrote covered calls:<blockquote>Simpson 还提供了他之前撰写的涵盖评级的两个股票示例：</blockquote> <ul> <li>DIVO bought shares of Nike Inc.&nbsp;for between $87 and $88 a share in May 2020 after the stock’s pullback and then then booked $4.50 a share in revenue by writing repeated covered call options for the stock through December. Simpson eventually sold the stock in August after booking another $5 a share in option premiums.</li> <li>DIVO earned $6.30 a share in covered-call premiums on shares of Caterpillar Inc.,which were called away “in late February around $215-$220,” Simpson said. After that, the stock rallied to $245 in June, showing some lost upside. Caterpillar’s stock has now pulled back to about $206.</li> </ul> <blockquote><ul><li>2020 年 5 月，在耐克公司股价回调后，DIVO 以每股 87 美元至 88 美元的价格买入了耐克公司的股票，然后通过在 12 月之前为该股票承销重复备兑看涨期权期权，获得了每股 4.50 美元的收入。辛普森最终在8月份以每股5美元的期权费出售了这只股票。</li><li>Simpson 说，DIVO 从卡特彼勒公司（Caterpillar Inc.）的股票中获得了每股 6.30 美元的看涨期权溢价，这些股票 “在 2 月底被撤销了约 215-220 美元”。此后，该股在 6 月份反弹至 245 美元，显示出一些失去的上涨空间。卡特彼勒的股价现已回落至 206 美元左右。</li></ul></blockquote> Simpson's strategy for DIVO is to hold a portfolio of about 25 to 30 blue chip stocks (all of which pay dividends) and only write a small number of options at any time, based on market conditions. It is primarily a long-term growth strategy, with the income enhancement from the covered call options.<blockquote>辛普森对DIVO的策略是持有大约25到30只蓝筹股的投资组合（所有蓝筹股都支付股息），并且根据市场情况，在任何时候只写少量期权。这主要是一项长期增长战略，覆盖的看涨期权期权可增加收入。</blockquote> The fund currently has five covered-call positions, including ConocoPhillips. DIVO's main objective is growth, but it has a monthly distribution that includes dividends, option income and at times a return of capital. The fund's quoted 30-day SEC yield is only 1.43%, but that only includes the dividend portion of the distribution. The distribution yield, which is what investors actually receive, is 5.03%.<blockquote>该基金目前拥有五个备兑看涨期权头寸，其中包括康菲石油公司。DIVO 的主要目标是增长，但它的月度分配包括股息、期权收入，有时还包括资本回报。该基金30天SEC报价收益率仅为1.43%，但仅包括分配的股息部分。投资者实际收到的分配收益率为5.03%。</blockquote> You can see the fund's top holdings here on the MarketWatch quote page. Here is a new guide to the quote page, which includes a wealth of information.<blockquote>您可以在 MarketWatch 报价页面上查看该基金的主要持股。这是报价页面的新指南，其中包括丰富的信息。</blockquote> DIVO's performance<blockquote>迪沃的表演</blockquote> Morningstar's five-star rating for DIVO is based on the ETF's performance within the investment research firm's \"U.S. Fund Derivative Income\" peer group. A comparison of the ETF's total return with that of the S&amp;P 500 Index can be expected to show lower performance over the long term, in keeping with the income focus and the giving-up of some upside potential for stocks that are called away as part of the covered-call strategy.<blockquote>晨星公司对 DIVO 的五星级评级是基于该 ETF 在该投资研究公司“美国基金衍生品收入”同行组中的表现。将 ETF 的总回报与标普500指数的总回报进行比较，预计从长期来看会显示出较低的表现，这与收益重点以及放弃作为备兑看涨期权策略一部分而被取消的股票的一些上行潜力保持一致。</blockquote> DIVO was established on Dec. 14, 2016. Here's a comparison of returns on an NAV basis (with dividends reinvested, even though the fund might be best for investors who need income) for the fund and its Morningstar category, along with returns for the S&amp;P 500 calculated by FactSet:<blockquote>DIVO成立于2016年12月14日。以下是该基金及其晨星类别基于资产净值的回报比较（股息再投资，尽管该基金可能最适合需要收入的投资者），以及 FactSet 计算的标普500回报：</blockquote> <img src=\"https://static.tigerbbs.com/5fb145b96939e4cf80e8839c8c4771db\" tg-width=\"930\" tg-height=\"343\" width=\"100%\" height=\"auto\"> <table> <tbody> <tr></tr> <tr></tr> </tbody> </table> Return of capital<blockquote><table><tbody><tr></tr><tr></tr></tbody></table>资本回报</blockquote> A return of capital may be included as part of a distribution by an ETF, closed-end fund, real-estate investment trust, business development company or other investment vehicle. This distribution isn't taxed because it is already the investor's money. A fund may return some capital to maintain a dividend temporarily, or it may return capital instead of making a different sort of taxable distribution.<blockquote>资本回报可以作为 ETF、封闭式基金、房地产投资信托基金、商业开发公司或其他投资工具的分配的一部分。这种分配不征税，因为它已经是投资者的钱了。基金可能会返还一些资本以暂时维持股息，也可能会返还资本而不是进行不同类型的应税分配。</blockquote> In a previous interview, Amplify ETFs CEO Christian Magoon distinguished between \"accretive and destructive\" returns of capital. Accretive means the fund's net asset value (the sum of its assets divided by the number of shares) continues to increase, despite a return of capital, while destructive means the NAV is declining, which makes for a poor investment over time if it continues.<blockquote>在之前的一次采访中，Amplify ETFs 首席执行官 Christian Magoon 区分了“增值性”和“破坏性”资本回报。增值意味着基金的资产净值（资产总和除以股份数量）继续增加，尽管资本回报，而破坏性意味着资产净值正在下降，如果继续下去，随着时间的推移，这将是一项糟糕的投资。</blockquote> Covered calls on entire indexes<blockquote>涵盖整个指数的评级</blockquote> There are ETFs that take the covered-call option strategy to more of an extreme, by writing options against an entire stock index. An example is the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> Nasdaq 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>, which holds the stocks that make up the Nasdaq-100 Index , in the same proportions as the index, while continually writing covered-call options against the entire index. QYLD has a four-star rating from Morningstar.<blockquote>有些 ETF 将备兑看涨期权期权策略发挥到了更极致，通过针对整个股票指数写出期权。一个例子是<a href=\"https://laohu8.com/S/EFFE\">全球X</a>纳斯达克 100 备兑看涨期权 ETF<a href=\"https://laohu8.com/S/QYLD\">$(QYLD)$</a>，以与指数相同的比例持有构成纳斯达克100指数的股票，同时不断针对整个指数写入备兑看涨期权期权。QYLD 获得晨星公司的四星评级。</blockquote> The ETF pays monthly; its trailing 12-month distribution yield has been 12.47% and its distribution yields have consistently been above 11% since it was established in December 2013.<blockquote>ETF按月支付；其过去12个月的分配收益率为12.47%，自2013年12月成立以来，其分配收益率一直保持在11%以上。</blockquote> That is quite a bit of income. However, QYLD also underlines of the importance of understanding that a \"pure\" covered-call strategy on an entire stock index is really an income strategy.<blockquote>这是一笔可观的收入。然而，QYLD 也强调了理解整个股票指数的“纯粹”备兑看涨期权策略实际上是一种收益策略的重要性。</blockquote> Here's a comparison of returns for the fund and the Invesco QQQ Trust, which tracks the Nasdaq-100, from the end of 2019, encompassing the entire COVID-19 pandemic and its affect on the stock market:<blockquote>以下是该基金和景顺 QQQ Trust 的回报比较，景顺 QQQ Trust 追踪纳斯达克 100 指数，涵盖整个 COVID-19 大流行及其对股票市场的影响：</blockquote> <img src=\"https://static.tigerbbs.com/6b78531210378f9c5a9b5cb414d8858f\" tg-width=\"700\" tg-height=\"640\" width=\"100%\" height=\"auto\">FactSet<blockquote>事实集</blockquote> QYLD took a sharp dive during February 2020, as did QQQ. But you can see that QQQ recovered more quickly and then soared. QYLD continued paying its high distributions all through the pandemic crisis, but it couldn't capture most of QQQ's additional upside. It isn't designed to do it.<blockquote>QYLD在2020年2月大幅下跌，QQQ也是如此。但你可以看到QQQ恢复得更快，然后暴涨。在整个大流行危机期间，QYLD 继续支付高额分配，但无法抓住 QQQ 的大部分额外上涨空间。它不是为此而设计的。</blockquote> Global X has two other funds following covered-call strategies for entire indexes for income:<blockquote>Global X 还有另外两只基金遵循整个收益指数的备兑看涨期权策略：</blockquote> <ul> <li>The Global X S&amp;P 500 Covered Call ETF</li> <li>The Global X Russell 2000 Covered Call ETF</li> </ul> <blockquote><ul><li>Global X 标普500备兑看涨期权 ETF</li><li>Global X Russell 2000 备兑看涨期权 ETF</li></ul></blockquote> Covered-call strategies can work particularly well for stocks that have attractive dividend yields, and some investment advisers employ the strategy for individual investors. The ETFs provide an easier way of following the strategy. DIVO uses covered calls for a growth and income strategy, while the three listed Global X funds are more income-oriented.<blockquote>备兑看涨期权策略对于股息收益率有吸引力的股票特别有效，一些投资顾问为个人投资者采用该策略。ETF 提供了一种更简单的策略。DIVO 使用覆盖评级来制定增长和收入战略，而三只上市的 Global X 基金则更注重收入。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/investors-who-want-income-need-to-understand-this-overlooked-stock-market-strategy-11631551592?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","ISBC":"投资者银行","DIVO":"Amplify CWP Enhanced Dividend Income ETF","QQQ":"纳指100ETF","COP":"康菲石油","NKE":"耐克",".DJI":"道琼斯","QYLD":"纳斯达克100 Covered Call ETF-Global X",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/investors-who-want-income-need-to-understand-this-overlooked-stock-market-strategy-11631551592?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167878285","content_text":"You can earn surprisingly high yields with ETFs that employ covered-call strategies\nGetty Images/iStockphoto\nInterest rates have remained persistently low even as the economy emerges from the pandemic.\nThe yield on 10-year U.S. Treasury notes hasn't been above 2% for more than two years. (It's yielding 1.32% on Monday.)\nAs a result, many income-seeking investors have migrated from bonds, considered the safest income investments, to the stock market. But the income from a diversified stock portfolio might not be high enough.\nThere is a way to increase that income, even while lowering your risk.\nBelow is a description of an income strategy for stocks that you might not be aware of -- covered call options -- along with examples from Kevin Simpson, the founder of Capital Wealth Planning in Naples, Fla., which manages the Amplify CWP Enhanced Dividend Income ETF.\nThis exchange traded fund is rated five stars (the highest) by Morningstar. We will also look at other ETFs that use covered call options in a different way, but with income as the main objective.\nCovered call options\nA call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.\nA covered call option is one that you write when you already own a security. The strategy is used by stock investors to increase income and provide some downside protection.\nHere's a current example of a covered call option in the DIVO portfolio, described by Simpson during an interview.\nOn Aug. 23, the ETF wrote a one-month call for ConocoPhillips $(COP)$. At that time, the stock was trading at about $55 a share. The call has a strike price of $57.50.\n\"We collected between 70 cents and 75 cents a share\" on that option, Simpson said. So if we go on the low side, 70 cents a share, we have a return of 1.27% for only one month. That is not an annualized figure -- it shows how much income can be made from the covered-call strategy if it is employed over and over again.\nIf shares of ConocoPhillips rise above $57.50, they will likely be called away -- Simpson and DIVO will be forced to sell the shares at that price. If that happens, they may regret parting with a stock they like. But along with the 70 cents a share for the option, they will also have enjoyed a 4.6% gain from the share price at the time they wrote the option. And if the option expires without being exercised, they are free to write another option and earn more income.\nMeanwhile, ConocoPhillips has a dividend yield of more than 3%, which itself is attractive compared with Treasury yields.\nStill, there is risk. If ConocoPhillips were to double to $110 before the option expired, DIVO would still have to sell it for $57.50. All that upside would be left on the table. That's the price you pay for the income provided by this strategy.\nSimpson also provided two previous examples of stocks for which he wrote covered calls:\n\n\nDIVO bought shares of Nike Inc. for between $87 and $88 a share in May 2020 after the stock’s pullback and then then booked $4.50 a share in revenue by writing repeated covered call options for the stock through December. Simpson eventually sold the stock in August after booking another $5 a share in option premiums.\nDIVO earned $6.30 a share in covered-call premiums on shares of Caterpillar Inc.,which were called away “in late February around $215-$220,” Simpson said. After that, the stock rallied to $245 in June, showing some lost upside. Caterpillar’s stock has now pulled back to about $206.\n\n\nSimpson's strategy for DIVO is to hold a portfolio of about 25 to 30 blue chip stocks (all of which pay dividends) and only write a small number of options at any time, based on market conditions. It is primarily a long-term growth strategy, with the income enhancement from the covered call options.\nThe fund currently has five covered-call positions, including ConocoPhillips. DIVO's main objective is growth, but it has a monthly distribution that includes dividends, option income and at times a return of capital. The fund's quoted 30-day SEC yield is only 1.43%, but that only includes the dividend portion of the distribution. The distribution yield, which is what investors actually receive, is 5.03%.\nYou can see the fund's top holdings here on the MarketWatch quote page. Here is a new guide to the quote page, which includes a wealth of information.\nDIVO's performance\nMorningstar's five-star rating for DIVO is based on the ETF's performance within the investment research firm's \"U.S. Fund Derivative Income\" peer group. A comparison of the ETF's total return with that of the S&P 500 Index can be expected to show lower performance over the long term, in keeping with the income focus and the giving-up of some upside potential for stocks that are called away as part of the covered-call strategy.\nDIVO was established on Dec. 14, 2016. Here's a comparison of returns on an NAV basis (with dividends reinvested, even though the fund might be best for investors who need income) for the fund and its Morningstar category, along with returns for the S&P 500 calculated by FactSet:\n\n\n\n\n\n\n\nReturn of capital\nA return of capital may be included as part of a distribution by an ETF, closed-end fund, real-estate investment trust, business development company or other investment vehicle. This distribution isn't taxed because it is already the investor's money. A fund may return some capital to maintain a dividend temporarily, or it may return capital instead of making a different sort of taxable distribution.\nIn a previous interview, Amplify ETFs CEO Christian Magoon distinguished between \"accretive and destructive\" returns of capital. Accretive means the fund's net asset value (the sum of its assets divided by the number of shares) continues to increase, despite a return of capital, while destructive means the NAV is declining, which makes for a poor investment over time if it continues.\nCovered calls on entire indexes\nThere are ETFs that take the covered-call option strategy to more of an extreme, by writing options against an entire stock index. An example is the Global X Nasdaq 100 Covered Call ETF $(QYLD)$, which holds the stocks that make up the Nasdaq-100 Index , in the same proportions as the index, while continually writing covered-call options against the entire index. QYLD has a four-star rating from Morningstar.\nThe ETF pays monthly; its trailing 12-month distribution yield has been 12.47% and its distribution yields have consistently been above 11% since it was established in December 2013.\nThat is quite a bit of income. However, QYLD also underlines of the importance of understanding that a \"pure\" covered-call strategy on an entire stock index is really an income strategy.\nHere's a comparison of returns for the fund and the Invesco QQQ Trust, which tracks the Nasdaq-100, from the end of 2019, encompassing the entire COVID-19 pandemic and its affect on the stock market:\nFactSet\nQYLD took a sharp dive during February 2020, as did QQQ. But you can see that QQQ recovered more quickly and then soared. QYLD continued paying its high distributions all through the pandemic crisis, but it couldn't capture most of QQQ's additional upside. It isn't designed to do it.\nGlobal X has two other funds following covered-call strategies for entire indexes for income:\n\n\nThe Global X S&P 500 Covered Call ETF\nThe Global X Russell 2000 Covered Call ETF\n\n\nCovered-call strategies can work particularly well for stocks that have attractive dividend yields, and some investment advisers employ the strategy for individual investors. The ETFs provide an easier way of following the strategy. DIVO uses covered calls for a growth and income strategy, while the three listed Global X funds are more income-oriented.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"QYLD":0.9,"QQQ":0.9,"NKE":0.9,".IXIC":0.9,"ISBC":0.9,"COP":0.9,"DIVO":0.9}},"isVote":1,"tweetType":1,"viewCount":1029,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/886731727"}