00:00
Most investors know the S&P 500 as the benchmark of American stocks, but very few understand how
大多數投資人知道 S&P 500 是美國股票的基準，但很少人真正了解
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the index is actually constructed, how companies enter it, how weights shift, how dividends compound,
該指數是如何建構的、公司如何納入、權重如何轉移、股息如何複利，
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and why an ETF like VOO can track it with near perfect precision. In the next few minutes,
以及為何像 VOO 這樣的 ETF 能以近乎完美的精準度追蹤它。在接下來的幾分鐘，
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you'll see what VOO actually represents beneath the surface and why its structure matters far more
你將看到 VOO 在表面之下實際代表什麼，以及為何它的結構比
00:19
than most investors realize. Here's what we're going to be breaking down. The structure of the
大多數投資人所意識到的要重要得多。以下是我們將要剖析的內容：S&P 500 的
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S&P 500 and how companies enter, exit and shift inside, the mechanics that let VOO mirror the
結構，以及公司如何進入、退出與內部轉移；讓 VOO 以機構等級的精準度
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index with institutional precision, and the forces—cash flows, rebalancing, leadership cycles,
追蹤指數的機制；以及驅動長期報酬的力量——現金流、再平衡、領導循環
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and sector weight—that drive long-term returns. So, the VOO is the Vanguard S&P 500 ETF,
與類別權重。那麼，VOO 是 Vanguard S&P 500 ETF，
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its purpose is straightforward: track the S&P 500 index with precision and efficiency.
它的目的很直接：以精準與效率追蹤 S&P 500 指數。
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Three characteristics define VOO. It's passive, it doesn't attempt to outperform the market,
VOO 有三個特徵。它是被動式的，不試圖擊敗市場，
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it's rules-based, it mirrors the index through a transparent mechanical process,
它是基於規則的，透過透明的機械過程複製指數，
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and it's broadly diversified. The index represents roughly 80% of total US equity market capitalization.
且它是高度分散的。該指數約佔美國股市總市值的 80%。
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When you hold VOO, you hold a single position that captures the core of the US large-cap market.
當你持有 VOO，你等於持有一個部位，涵蓋了美國大型股市場的核心。
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The S&P 500 is often described as the 500 largest companies in America,
S&P 500 常被描述為美國 500 大公司，
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but that description is not accurate. It's not an automatic list of big corporations,
但這個描述並不精確。它不是一份自動列出的大企業清單，
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it's a selectively constructed index maintained by the S&P index committee.
而是由 S&P 指數委員會精選建構的指數。
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The index is designed to represent the US large-cap market,
該指數旨在代表美國大型股市場，
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not simply the companies with the highest market value. The committee evaluates candidates
而非僅僅是市值最高的公司。委員會會針對規模、
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for size, liquidity, profitability, and sector balance. Its mandate is to keep the index stable,
流動性、獲利能力與類別平衡來評估候選者。其職責是維持指數的穩定、
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diversified, and reflective of the broader US economy. This disciplined methodology is what
分散，並反映更廣泛的美國經濟。這種有紀律的方法正是
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gives VOO its reliability and long-term consistency. Most investors don't know how companies join
賦予 VOO 可靠性與長期一致性。多數投資人並不清楚有哪些公司加入
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the S&P 500 or what gets them removed. This selection process is one of the core strengths
標普500指數，或他們為何被剔除。這套篩選流程正是 VOO
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behind VOO. A company must meet several requirements before entering the index:
的核心優勢之一。一家公司必須符合多項要求才能納入該指數：
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market capitalization above the committee's minimum threshold,
市值高於委員會設定的最低門檻、
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sufficient liquidity and trading volume, positive earnings in recent quarters,
具備足夠流動性與交易量、近期季度保持正向獲利、
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US domiciled and listed on the US exchange, a public float above the required percentage,
註冊於美國並在美國交易所上市、流通在外股數占比達標、
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and a role that maintains appropriate sector representation within the index.
且其產業別能維持指數內適當的代表性。
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A company can be widely known and still not qualify until these conditions are met.
即使一家公司廣為人知，若未滿足上述條件，仍無法獲選。
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Companies are removed when their size or liquidity thresholds are no longer met,
若公司規模或流動性不再達標、
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they've merged, changed domicile, or no longer meet profitability or sector representation criteria.
發生合併、變更註冊地，或不再符合獲利能力與產業代表性標準，就會被剔除。
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Changes are not frequent, but when they occur, every fund that tracks the S&P 500,
變動並不頻繁，但一旦發生，所有追蹤標普500指數的基金，
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including VOO, adjusts its holdings immediately. These index changes often generate heavy trading
包括 VOO，都會立即調整持股。這類指數變動常引發大量交易
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activity because ETFs must rebalance on the effective date. This rules-based turnover is
活動，因為 ETF 必須在生效日當天完成再平衡。這種基於規則的換股
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what keeps VOO aligned with the modern US large cap market. VOO uses market capitalization
讓 VOO 能緊密追蹤當代美國大型股市場。VOO 採用市值
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weighting. Companies with larger total market value naturally carry more influence in the ETF.
加權。總市值較大的公司在 ETF 中自然擁有更高的影響力。
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For example, if the index is trading near 6600 and a company has a 6% weight,
舉例來說，若指數點位接近 6600，而某家公司權重為 6%，
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it drives roughly 6% of VOO's day-to-day movement. Two effects follow from this structure. First,
該公司大約主導 VOO 每日波動的 6%。此結構衍生兩點影響。第一，
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VOO adjusts automatically as market leadership changes. When a company grows, its weight increases;
當市場領導者更替時，VOO 會自動調整。公司成長時權重上升；
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when it weakens, its weight declines. Second, there's no prediction of stock picking. The
衰退時權重下降。第二，不涉及選股預測。權重
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weights rise and fall strictly through market performance. This keeps VOO aligned with the
僅隨市場表現而升降。這讓 VOO 與
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true economic footprint of the US large cap market. The S&P 500 also uses float-adjusted
美國大型股市場的真實經濟足跡。標普500指數同樣採用浮動調整後
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market capitalization. Only shares available to the public count towards index weight.
的市值計算方式。僅有公眾可取得的股份才計入指數權重。
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Shares that are excluded include insider holdings, government-held shares, restricted stock,
被排除在外的股份包括內部人持股、政府持股、限制性股票、
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founder-controlled shares, and employee-granted shares that have not yet vested or become tradable.
創始人控制的股份，以及尚未歸屬或尚不可交易的員工持股。
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Float adjustment ensures the index reflects the tradable portion of each company,
浮動調整確保指數反映的是每家公司的可交易部分，
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not the theoretical total ownership on paper. VOO inherits this decision automatically because
而非帳面上的理論總所有權。VOO 自動繼承此決策，因為
03:48
it tracks the index exactly as it's constructed. The S&P 500 is reviewed on a regular schedule.
它完全按照指數的建構方式進行追蹤。標普500指數會定期審查。
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Rebalancing keeps the index aligned with sector composition, liquidity standards,
再平衡使指數與產業構成、流動性標準
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and the financial health of its constituents. Rebalancing includes adding companies that newly
及其成分股的財務健全度保持一致。再平衡包括新增新符合
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qualify, removing companies that no longer meet the criteria, adjusting weights as market capitalizations
資格的公司、移除不再符合標準的公司、隨著市值變化調整權重，
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shift, and updating the index to reflect the current structure of the US economy.
以及更新指數以反映美國經濟的當前結構。
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VOO adjusts in parallel. The ETF stays aligned with the index automatically, with no action
VOO 會同步調整。ETF 會自動與指數保持一致，無需投資人
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required from the investor. VOO mirrors the sector composition of the US large cap market.
進行任何操作。VOO 反映了美國大型股市場的產業構成。
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The largest sectors commonly include information technology, health care,
最大的產業通常包括資訊科技、醫療保健、
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financials, consumer discretionary, and industrials. These weights evolve naturally as industries
金融、非必需消費品和工業。這些權重會隨著產業的
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grow or contract. There are no sector rotations, no tactical forecasts, and no manager influence.
擴張或收縮而自然演變。沒有產業輪動，沒有戰術預測，也沒有經理人影響。
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VOO simply scales with the structure of the US economy. Because VOO’s market cap weighting,
VOO 僅是隨著美國經濟的結構而調整規模。由於 VOO 採用市值加權，
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its largest holdings have a greater influence on the performance than smaller companies.
其最大的持股對績效的影響力大於規模較小的公司。
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This reflects real economic structure. Large firms shape markets more directly.
這反映了真實的經濟結構。大型企業對市場的影響更為直接。
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Their earnings move supply chains, their results influence sentiment, and they represent core
它們的獲利推動供應鏈，它們的成果影響市場情緒，並且它們代表核心
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components of US economic output. Market leadership also shifts with time.
美國經濟產出的組成。市場領導地位也會隨時間轉移。
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Decades ago, leadership came from energy and manufacturing. Today, it comes from technology
幾十年前，領導地位來自能源和製造業。如今，則來自科技
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and communication services. VOO adjusts automatically as that leadership rotates.
和通訊服務。VOO 會隨著領導地位的輪動自動調整。
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Most companies in the S&P 500 pay dividends. VOO collects those dividends and distributes
標普500指數中的大多數公司都會支付股息。VOO 會收集這些股息並
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them to shareholders on a quarterly schedule. Dividends are a meaningful driver of long-term
按季度分配給股東。股息是長期
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performance. They form the difference between price return, which measures only the index level,
表現的重要驅動因素。它們構成了僅衡量指數水準的價格報酬，
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and total return, which includes price appreciation, reinvested dividends,
與包含價格升值、股息再投資，
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and the compounding of those cash flows over time. Across multiple decades,
以及這些現金流隨時間複利的總報酬之間的差異。跨越數十年，
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the gap between price return and total return has been substantial.
價格報酬與總報酬之間的差距相當顯著。
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Reinvested dividends historically account for a large share of the market’s real growth.
歷史上，股息再投資佔市場實際成長的很大一部分。
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Dividends matter inside VOO for several reasons: they provide consistent cash flow,
股息在 VOO 中很重要，原因有幾個：它們提供穩定的現金流，
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to help offset periods of weaker price movement, they accumulate into new shares when reinvested,
有助於抵消價格走勢疲軟的時期，當股息再投資時會累積成新股份，
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and they reinforce long-term return stability. Professionals focus on total return, not price
並強化長期報酬的穩定性。專業人士關注總報酬，而非僅僅是價格，
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alone, because compounding dividends smooth the long-term behavior of equity exposure.
因為股息的複利能平滑股票曝險的長期走勢。
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VOO is built on that principle: broad market exposure, stable dividends, and passive compounding.
VOO 正是基於這一原則打造：廣泛的市場曝險、穩定的股息和被動複利。
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VOO tracks the S&P 500 using a method called full replication. It holds every company in the
VOO 使用一種稱為「完全複製」的方法來追蹤標普500指數。它持有指數中的每一家公司，
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index in nearly identical proportions and adjusts its positions whenever the index is updated.
比例幾乎完全相同，並在指數更新時調整其部位。
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This approach delivers several advantages: it minimizes tracking error,
這種方法帶來多項優勢：它能最小化追蹤誤差，
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it produces predictable behavior, it avoids manager-driven decisions,
產生可預測的行為，避免經理人主導的決策，
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it provides full transparency into holdings, and it keeps the ETF aligned with the index’s
提供對持倉的完全透明度，並讓 ETF 與指數的
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performance at all times. This level of precision is one reason institutional investors use VOO
隨時保持表現。這種精準度是機構投資者使用VOO
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and long-term portfolio models. The mechanism that keeps VOO’s market price aligned with its
以及長期投資組合模型的原因之一。讓VOO市價與其
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net asset value is the creation and redemption process. Authorized participants—large institutional
淨資產價值保持一致的機制是申購與贖回流程。授權參與者——大型機構
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firms—can deliver a basket of the underlying S&P 500 stocks to create new VOO shares, or redeem
公司——可以交付一籃子標的S&P 500股票以創建新的VOO股份，或贖回
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VOO shares and receive the underlying stocks in return. This mechanism keeps VOO from drifting
VOO股份並收回標的股票。這種機制使VOO不會偏離
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away from its intrinsic value. It also allows the ETF to scale with investor demand without
其內在價值。它也讓ETF能夠隨著投資者需求擴大規模，而不會
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distorting the market. VOO benefits from two layers of liquidity: secondary market liquidity—
扭曲市場。VOO受益於兩層流動性：次級市場流動性——
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the daily trading activity on the exchange—and primary market liquidity, the ability of
交易所的日常交易活動——以及初級市場流動性，即
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institutions to create or redeem shares when demand shifts. Because the S&P 500 components
機構在需求變化時申購或贖回股份的能力。由於S&P 500成分股
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are among the most liquid securities in the world, VOO maintains tight bid-ask spreads,
是世界上流動性最高的證券之一，VOO保持著緊密的買賣價差，
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minimal slippage, and stable execution even during volatility. For both beginners and professionals,
極小的滑價，以及即使在波動期間也能穩定執行。對於初學者和專業人士來說，
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this level of structural stability is a major advantage. Tracking error is a small difference
這種結構性穩定性是一個主要優勢。追蹤誤差是
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between VOO’s return and the return on the S&P 500 itself. It typically comes from the ETF’s
VOO回報與S&P 500本身回報之間的一個微小差異。它通常來自ETF的
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expense ratio, execution timing, corporate actions, temporary cash balances between dividend payments,
費用比率、執行時機、公司行動、股息支付之間的暫時現金餘額，
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and index reconstitution events. VOO keeps tracking error extremely low because of Vanguard’s scale,
以及指數重組事件。VOO由於Vanguard的規模、
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transparency, and full replication approach. Holding VOO means accepting the same risks that
透明度以及完全複製策略，將追蹤誤差保持在極低水平。持有VOO意味著接受
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apply to the US large cap equity market. These include market volatility, economic slowdowns,
適用於美國大型股權市場的相同風險。這些包括市場波動、經濟放緩、
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earnings declines, interest rate shifts, sector concentration leading industries,
盈利下降、利率變動、領先產業的板塊集中度，
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and occasional geopolitical shocks. The S&P 500 has experienced significant drawdowns during
以及偶爾的地緣政治衝擊。S&P 500在經濟衰退期間經歷過顯著的下跌。
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recessions. VOO mirrors those moves exactly. But over long periods, the index has historically
VOO精確地反映了這些走勢。但從長期來看，該指數歷來
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recovered and advanced as corporate earnings, productivity, and innovation push the US economy
隨著企業獲利、生產力和創新推動美國經濟向前發展，市場已復甦並持續成長。
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forward. For professionals, VOO provides diversified US equity exposure, minimal tracking error,
對專業人士而言，VOO 提供了多元化的美國股票曝險、最小的追蹤誤差、
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transparent index methodology, low cost, deep liquidity, and highly predictable long-term
透明的指數編制規則、低成本、高流動性以及高度可預測的長期走勢。
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behavior. For beginners, VOO removes complexity. There's no stock picking, no sector rotation,
對初學者而言，VOO 消除了複雜性。無需選股、無需板塊輪動，
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and no need to anticipate earning cycles or macro events. A single position provides broad
也無需預測獲利週期或宏觀事件。單一持倉即可廣泛佈局
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exposure to the US market. VOO is often the foundation of a portfolio. It can be paired with cash,
美國市場。VOO 通常是投資組合的基石。它可以與現金、
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treasuries, international equity, or smaller cap exposure. Its structure is simple, scalable,
公債、國際股票或小型股曝險搭配。其架構簡單、可擴展且
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and durable. Everything inside VOO follows the defined ruleset: float-adjusted weights,
具有持久性。VOO 內的所有成分股都遵循既定規則：浮動調整權重、
09:05
committee oversight, scheduled rebalancing, and dividend integration. But here’s what most
委員會監督、定期再平衡和股息整合。但以下這點是大多數
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investors never recognize. The index does not stand still. Companies enter and exit,
投資者從未意識到的：指數並非靜止不動。公司會進出指數、
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weights shift, market leadership changes, sectors expand, and contract. Corporate actions
權重會轉移、市場領導地位會改變、板塊會擴張和收縮。企業行動
09:20
reshape the composition. Each of these adjustments quietly alters the long-term return profile
會重塑其成分。每一項調整都在悄然改變該 ETF
09:26
of the ETF. Continue here.
的長期回報特徵。請繼續收看。
