00:00
So, everyone always talks about ETFs, but nobody really says what the heck an ETF actually is so that we could
所以，大家總是談論 ETF，但沒人真正說清楚 ETF 到底是什麼，好讓我們能夠
00:07
understand it.
理解它。
00:08
In this video, I'll be going over what an ETF is and why it matters to you as an investor.
在這支影片中，我將說明 ETF 是什麼，以及它為何對身為投資人的你很重要。
00:14
It's absolutely the most simple way to invest and takes all the guesswork out of it so
這絕對是最簡單的投資方式，能完全省去猜測的功夫，好讓
00:17
that you can focus on what matters in your life.
你能專注於生命中真正重要的事。
00:20
And I doubt that has anything to do with the stock market or reading charts or finance reports all day.
而我猜這些事與股市、整天看圖表或財務報告無關。
00:28
I'll also clear up some common questions like what is the difference between an ETF
我也會釐清一些常見的疑問，例如 ETF 與指數型基金的差別在哪裡，
00:30
and an index fund and which one is better.
以及哪一個比較好。
00:33
By the end of this video, you'll be well informed so you can become a better investor and that's my goal here
看完這支影片後，你將會充分了解，從而成為更好的投資人，這也是我經營
00:38
on this channel.
這個頻道的目標。
00:40
So, if you don't know exactly what an ETF is, don't worry.
所以，如果你不完全知道 ETF 是什麼，別擔心。
00:42
You're probably in the majority, but after this video, you are going to be an expert.
你很可能屬於多數人，但看完這支影片後，你將會成為專家。
00:47
Here are some basics so that you can understand.
這裡有一些基礎知識，好讓你能理解。
00:50
ETF is an exchangeraded fund and it's basically like an index fund but traded like a stock.
ETF 是指「指數股票型基金」，它基本上就像指數型基金，但像股票一樣交易。
00:58
But for now, for all intents and purposes, ETF, index fund, synonymous, basically the
不過目前就所有實際目的而言，ETF 和指數型基金是同義詞，基本上是
01:02
exact same thing.
完全相同的東西。
01:05
So when you invest in a stock, say that stock is $50.
所以當你投資一檔股票，假設那檔股票是 50 美元。
01:09
And then you own one stock of that one company.
那麼你就擁有那家公司的一股股票。
01:11
So now you own $50 in that company.
所以現在你擁有那家公司 50 美元的價值。
01:18
100% of your portfolio is invested in that company.
你 100% 的投資組合都投資在那家公司。
01:21
So 100% of that $50 is that stock.
所以這50美元中的100%都是那檔股票。
01:24
An ETF holds multiple stocks in one basket.
ETF（指數股票型基金）則是將多檔股票持於一籃子中。
01:28
The ETF itself is going to cost a certain amount just like one stock of a certain company is going to
ETF本身會有一個特定價格，就像某家公司的單一股價一樣，
01:35
cost a certain amount.
也會有一個特定價格。
01:37
So let's look at QQQ, which is one of the best growth and technology ETFs out there.
我們來看看QQQ，它是市面上最好的成長型與科技類ETF之一。
01:44
QQQ has a price today of $530.70.
QQQ今天的價格是530.70美元。
01:46
QQQ has 100 companies within the ETF.
QQQ內含100家公司。
01:53
So if you buy one share of QQQ, you now own a small piece of 100 companies.
所以如果你買進一股QQQ，你就同時擁有了100家公司的微小部分。
01:58
When we look at the fun facts on Invesco QQQ's actual website, you can see that we have
根據景順QQQ（Invesco QQQ）官方網站的有趣數據，
02:02
101 actual holdings within QQQ at this point.
目前QQQ實際上持有101檔成分股。
02:06
When we look at their top 10 holdings within the ETF, it's got Microsoft at 8.65%,
觀察該ETF的前10大持股，分別為微軟（Microsoft）佔8.65%、
02:14
Nvidia at 8.56%, Apple at 7.58%, Amazon at 5.6%,
輝達（Nvidia）佔8.56%、蘋果（Apple）佔7.58%、亞馬遜（Amazon）佔5.6%、
02:24
Broadcom at 4.74%.
博通（Broadcom）佔4.74%。
02:27
And then the next five in the top 10 are Meta Netflix Costco Tesla and Alphabet or Google.
接著前10大中的後五名分別是Meta、Netflix、Costco、Tesla以及Alphabet（即Google）。
02:36
The top 10 holdings in this are 50% of the entire fund.
這檔ETF的前10大持股佔了整體基金的50%。
02:40
So even though there's over a 100 companies, the top 10 take up half of
因此，雖然它持有超過100家公司，但前10大持股就佔了
02:43
this fund.
這檔基金的一半。
02:44
So to put it all together, since you own one share of QQQ, which is $530.70,
總結來說，既然你持有一股價值530.70美元的QQQ，
02:51
when you actually break down what's inside of that share, you just multiply the percentage of the holding by however
若要實際拆解這一股的內容，你只需將各成分股的權重百分比乘上
02:57
much the ETF is worth.
ETF的總價值即可。
03:00
So as far as those top three in Microsoft, since it's 8.65%, 65% you actually own $45.85
所以就微軟這三大持股而言，由於佔比為 8.65%，65%，你實際擁有 45.85 美元的微軟股票。
03:07
in Microsoft.
42.
03:09
In Nvidia you own $4543.
你擁有 4543 美元的輝達（Nvidia）股票。
03:12
In Apple you own $4028.
你擁有 4028 美元的蘋果（Apple）股票。
03:15
To figure out the rest of it, you would just do the math this exact same way.
要計算剩下的部分，你只需要用完全相同的方式進行運算。
03:19
There are so many types of ETFs out there like like totally broad market type ETFs that cover the entire US stock
市面上有許多類型的 ETF，像是涵蓋整個美國股市的廣泛市場型 ETF，
03:26
market or it could be the entire international stock market.
或是涵蓋整個國際股市的 ETF。
03:32
There's also ETFs that have very very niche type sectors like technology or healthcare.
也有針對特定利基領域（如科技或醫療）的 ETF。
03:36
And then there's specifically growth type funds or dividend investing funds.
此外還有專門的成長型基金或股息投資基金。
03:41
Everybody's portfolio might be a little bit different.
每個人的投資組合可能都有點不同。
03:45
And that's totally okay.
這完全沒問題。
03:45
It's probably not your best move to just copy somebody's portfolio just because for them it's working out.
僅僅因為某人的投資組合對他們有效就直接照抄，可能不是你最好的選擇。
03:54
And you'll see why by the end.
等你看完後就會明白為什麼。
03:55
So once you start getting into investing and you start listening to people talk about investing
所以當你開始接觸投資，開始聽人談論投資，
03:59
or reading about investing, you're going to see these two different categories.
或閱讀關於投資的內容時，你會看到這兩個不同的類別。
04:03
Something called an ETF and then something called an index fund.
一個叫做 ETF，另一個叫做指數型基金（index fund）。
04:08
Probably also see things called mutual funds and individual stocks and all these other
你可能也會看到共同基金（mutual funds）、個股以及其他所有
04:12
But the things that are the closest are the idea of the ETF versus the index fund.
但最相近的概念是 ETF 與指數型基金的比較。
04:17
The biggest difference between ETFs and index funds is that ETFs can be traded throughout the day,
ETF 和指數型基金最大的區別在於，ETF 可以在一天當中隨時交易，
04:22
like stocks, whereas index funds can be bought and sold only for the price set at the end of the trading day.
和股票一樣，而指數型基金只能在交易日結束時以設定的價格買賣。
04:31
For long-term investors, which most of you probably are, and I know I am, this does
對於長期投資者而言——我相信在座的各位大部分都是，我自己也是——這其實
04:35
not really matter.
沒什麼差別。
04:38
Buying or selling at 10:00 a.m.
在上午 10 點買進或賣出，
04:39
versus noon, is not really going to change the difference, especially 10 years from now.
和在中午操作，並不會造成什麼影響，尤其是十年後再來看。
04:46
The couple pennies that you save or that you gain today don't really matter compared to
今天省下或賺到的幾分錢，與未來可能賺到的幾美元、幾百美元甚至幾千美元相比，
04:49
the dollars or hundreds of dollars or thousands of dollars down the road.
其實無關緊要。
04:55
If you're interested in intraday trading, ETFs may better suit your needs.
如果你對當日沖銷有興趣，ETF 可能更適合你的需求。
05:00
They can be traded like stocks, yet investors can still reap the benefits of
它們可以像股票一樣交易，但投資人依然能享有
05:03
diversification.
分散投資的好處。
05:05
ETFs may also have lower minimum investments and be more tax efficient than most index funds.
ETF 的最低投資金門檻通常也比大多數指數型基金低，且在稅務上更具效率。
05:11
Despite their differences, index funds and ETFs do have a lot in common, including diversification, low cost to
儘管兩者有所不同，指數型基金和 ETF 其實有許多共通點，包括分散投資、低成本
05:18
invest, and strong long-term returns.
投資以及強勁的長期報酬。
05:21
One big thing that you're going to hear about a lot has to do with this idea of capital gains tax.
你會常聽到的一個重點，與資本利得稅的概念有關。
05:27
ETFs are more tax efficient than index funds by nature thanks to the way they're structured.
由於結構設計不同，ETF 在稅務上天生就比指數型基金更有效率。
05:31
When you sell an ETF, you're typically selling it to another investor who's buying it, and the cash is coming
當你賣出 ETF 時，通常是賣給另一位正在買進的投資人，現金也是直接
05:37
directly from them.
來自對方。
05:39
Capital gains taxes on that sale are yours and yours alone to pay.
這筆交易產生的資本利得稅完全由你自行負擔。
05:43
To get cash out of an index fund, you technically must redeem it from the fund manager, who will then
若要從指數型基金中贖回現金，技術上你必須向基金經理人申請贖回，而經理人
05:48
have to sell securities to generate the cash to pay you.
屆時必須賣出證券來籌措現金支付給你。
05:52
When this sale is for a gain, the net gains are passed on to every investor with shares in the fund,
當這筆出售產生獲利時，淨收益會分配給持有該基金股份的每一位投資者，
05:56
meaning you could owe capital gains taxes without ever selling a single share.
意味著您可能在從未賣出任何一股的情況下，就必須繳納資本利得稅。
06:01
This happens less frequently with index funds versus actively managed mutual funds.
這種情況在指數型基金中發生的頻率，低於主動管理型共同基金。
06:07
But from a tax perspective, ETFs definitely have the upper hand over an index fund.
但從稅務角度來看，ETF（指數股票型基金）絕對比指數型基金更有優勢。
06:12
All of that was very deep and in the weeds, and for most of you, you're probably not
剛才的內容非常深入且細節繁瑣，對大多數人來說，您可能不會
06:15
going to notice the difference between the two.
注意到兩者之間的差異。
06:17
The big big difference between the two is that ETFs are definitely going to be more manageable as far as
兩者之間最大的差別在於，ETF 在
06:24
being able to afford buying one share.
買得起「一股」的這點上，絕對更具可管理性。
06:26
For example, one of the most popular index funds out there is called the S&P 500 or the standard and pores index.
舉例來說，市面上最受歡迎的指數型基金之一叫做 S&P 500，或稱標準普爾指數。
06:36
And the S&P 500 right now is a little over 6,000.
目前 S&P 500 的點位略高於 6,000 點。
06:38
But then there's an ETF called VU VO that actually tracks the S&P 500.
但有一檔名為 VU（應指 VOO）的 ETF，實際上追蹤的是 S&P 500。
06:49
And for this, it costs a little over $551 to own one share.
擁有這檔 ETF 的一股，成本略高於 551 美元。
06:52
It's the exact same thing with almost identical returns because that ETF VU tracks the S&P 500.
它的表現與指數型基金幾乎完全相同，因為那檔 ETF 追蹤的是 S&P 500。
06:59
So, whatever the index fund does, the S&P 500, VU is going to move at the same exact pace.
所以，無論指數型基金（S&P 500）怎麼走，VU 的走勢步調都會完全一致。
07:06
But to buy in at one share of owning VU, you get to pay 10 times less.
但若要買進一股 VU，您只需要支付（指數型基金）十分之一的價格。
07:11
Neither is better than the other.
兩者並沒有誰比較好。
07:14
Because at the end of the day, the way that you look at your investments is total money invested, not in how many
因為歸根結底，您看待投資的方式應該是看投入的總金額，而不是看持有多少
07:20
shares or of what specifically.
股數或具體持有哪些標的。
07:24
For example, if you were to buy one share of VU, you'd have a little over $550
舉例來說，如果您買進一股 VU，您就等於投資了略高於 550 美元
07:28
invested in the S&P 500.
在 S&P 500 上。
07:31
Then, if you were to buy two shares of VU, that would basically be $1,100 invested in the S&P
接著，如果你要買兩股 VU，那基本上就是投資了 1,100 美元在 S&P
07:38
If you were to buy one share of the S&P 500 index fund, you'd basically say it like, I have $6,000 invested in the
如果你要買一股 S&P 500 指數基金，你基本上可以說，我投資了 6,000 美元在
07:46
S&P 500.
S&P 500 上。
07:48
So it's about total money invested within the actual fund, not really how you get it there.
所以重點在於實際投資在基金裡的總金額，而不是你如何把錢投入。
07:55
The other thing is the ease with which how you can actually buy this asset.
另一個重點是購買這項資產的便利性。
08:00
On some platforms, you can't really buy the index fund itself, but on most
在某些平台上，你無法直接購買指數基金本身，但在大多數
08:04
platforms, you can buy ETFs that track the asset.
平台上，你可以購買追蹤該資產的 ETF。
08:07
There's multiple types of ETFs and companies that own these ETFs that can track the same underlying
有許多類型的 ETF 和發行這些 ETF 的公司，它們都能追蹤相同的底層
08:14
So, for example, VU is one version that tracks the S&P 500.
舉例來說，VU 是追蹤 S&P 500 的一個版本。
08:21
Another version of an ETF that tracks the S&P 500 is SPY, SPY.
另一個追蹤 S&P 500 的 ETF 版本是 SPY，SPY。
08:25
And there's multiple ones out
而市面上還有許多其他的
