00:00
ETF, ETF, ETF.
ETF，ETF，ETF。
00:02
ETFs are my favorite investments, but why are there so many ETFs that track the same S&P 500 index?
ETF 是我最喜歡的投資，但為什麼有這麼多 ETF 都在追蹤同一個 S&P 500 指數？
00:08
In Canada, there are VFV, ZP, and HXS, and they're also V and SPY.
在加拿大，有 VFV、ZP 和 HXS，還有 V 和 SPY。
00:15
In the US, in this video, you're going to learn how to read an ETF using key information
在美國，在這支影片中，你將會學到如何透過關鍵資訊來解讀一支 ETF
00:19
like management fees, dividends, and currency hedging.
像是管理費、股利和匯率避險。
00:23
Guys, it's been a while, but welcome back to another investing for complete beginners
各位，好久不見，歡迎回到另一個「給完全新手的投資」教學。
00:26
tutorial. I'm Joy Yang, a 26-year-old finance girly with six figures in assets.
我是 Joy Yang，一位 26 歲、坐擁六位數資產的金融女孩。
00:32
We are going to compare the ETFs together and choose the best investment that fits your portfolio and your
我們將一起比較這些 ETF，並挑選出最適合你的投資組合和
00:37
investing goals.
投資目標的選擇。
00:38
If you're ready to make your money work smarter for you, hit that like button and get your notebooks
如果你準備好讓你的錢更聰明地為你工作，請按下那個讚並準備好你的筆記本。
00:42
ready. What is an ETF?
什麼是 ETF？
00:44
All right, let's quickly clarify what an ETF actually is just so we're all on the same page.
好吧，讓我們快速釐清 ETF 到底是什麼，以便大家有共識。
00:51
ETF stands for exchange traded fund.
ETF 代表指數股票型基金（Exchange Traded Fund）。
00:53
For my beginners, think of it as a basket filled with lots of different stocks or
對於我的新手們，可以把它想像成一個裝滿許多不同股票或
00:55
investments.
投資的籃子。
00:57
Instead of buying hundreds of stocks individually, you just buy one ETF and you instantly own a tiny piece
與其個別買進數百種股票，你只需要買進一檔 ETF，就能立刻擁有那個籃子裡所有東西的一小部分。
01:03
of everything inside that basket.
所以，包括我自己在內，大多數投資人會做的事，就是買進追蹤 S&P 500 的指數型 ETF，
01:07
So, what most investors do, including myself, is that we buy the index ETFs
這樣我們就能自動投資美國前 500 大公司，像是 Apple、Amazon 和 Tesla。
01:09
that track the S&P 500 so that we are automatically investing in the top 500 companies in the US like Apple, Amazon,
追蹤 S&P 500 指數，讓我們能自動投資美國前 500 大公司，例如 Apple、Amazon，
01:16
and Tesla.
和 Tesla。
01:18
You own all these top companies in just one ETF investment.
只要一檔 ETF 投資，就能擁有所有這些頂尖公司。
01:23
In other words, index ETFs help you diversify your portfolio.
換句話說，指數型 ETF 能協助您分散投資組合的風險。
01:26
Now, let me show you something interesting.
現在，讓我給您看個有趣的現象。
01:29
If we look at VIVV, which is the most common S&P 500 ETF traded in Canadian dollars,
如果我們看 VIVV，這是在加拿大以加幣交易、最常見的 S&P 500 ETF，
01:33
the year-to-day return right now is about 2.71%.
目前的年初至今報酬率約為 2.71%。
01:37
At the same time, this BIMO S&P 500 index ETF, ZP, has a 2.85% year-to-ate return.
與此同時，這檔 BIMO S&P 500 指數 ETF，ZP，其年初至今報酬率則為 2.85%。
01:46
This means that if you had invested $1,000 in each of these ETFs, you would have made $271 with VFV,
這意味著，如果您在每檔 ETF 各投資 1,000 美元，投資 VFV 會賺到 271 美元，
01:51
but $285 with ZSP.
但投資 ZSP 會賺到 285 美元。
01:54
Both of these ETFs are tracking the same S&P 500 index, but they don't return the same growth.
這兩檔 ETF 都在追蹤相同的 S&P 500 指數，但卻沒有相同的成長報酬。
02:01
Why? Pay attention now, guys.
為什麼？各位，現在請注意聽了。
02:02
Think about who's actually doing the heavy lifting for us behind these ETFs.
想想看，在這些 ETF 背後，是誰真正為我們在操盤。
02:07
In this case, we have Vanguard and Beimo.
在這個例子中，我們有 Vanguard 和 Beimo。
02:09
Essentially, there are two different companies or ETF managers.
本質上，這是兩家不同的公司或 ETF 管理商。
02:12
Our job is to put our money into the ETF where we can get paid more.
我們的工作，就是把錢投入能讓我們賺更多的 ETF。
02:17
So, there are five things that I check when I'm choosing my ETFs.
所以，我在選擇 ETF 時會檢查五件事。
02:23
One, management fees or meers.
第一，管理費或經理費。
02:24
This is a fee you pay every year to the company managing your ETF.
這是您每年支付給管理您 ETF 的公司的費用。
02:27
You don't actually make a payment, but the fees have already been priced in.
您並不會實際支付一筆錢，但這些費用已經反映在價格裡了。
02:32
I'll show you guys how to check the me of an ETF, and it'll all make sense later.
我會向各位展示如何查看 ETF 的內在價值（NAV），稍後你們就會完全明白。
02:37
Just remember that it's common sense.
只要記住這是常識。
02:39
ME is a fee, so obviously the lower the better.
ME 是一項費用，所以當然是越低越好。
02:40
Two, dividends.
第二，股息。
02:42
Dividends are payments you get regularly just for holding the ETF.
股息是你僅僅因為持有 ETF 就能定期獲得的款項。
02:45
Now, not every ETF pays dividends, so it's important to check if you can earn dividends while investing in the
並非每檔 ETF 都會支付股息，因此檢查在投資 ETF 時是否能賺取股息是很重要的。
02:51
ETF. Three, currency hedging.
第三，貨幣避險。
02:56
This applies to Canadian investors.
這適用於加拿大投資者。
02:59
Some Canadian ETFs are currency hedged, which means they try to cancel out
有些加拿大 ETF 是貨幣避險的，這意味著它們試圖抵銷匯率波動的影響，但通常伴隨著稍高的費用。
03:01
fluctuations in the exchange rate, but they often come with slightly higher fees.
就個人而言，我會避開避險型 ETF。
03:05
Personally, I avoid hedge ETFs.
當加幣疲軟時，它們可能會限制你的上漲潛力。
03:08
They can limit your upside when the Canadian dollar is weak.
我會在挑選 ETF 時向你展示如何辨識這一點，但一般來說，我會堅持選擇非避險型 ETF 以最大化長期回報。
03:13
I'll show you how to spot this when picking an ETF, but in general, I'll stick to non-hedge
第四，再平衡。
03:17
ETFs to maximize long-term returns.
有些 ETF 會自動再平衡，這意味著它們會買賣股票以保持與其追蹤市場的一致性。
03:20
Number four, rebalancing.
舉個非常簡單的例子，如果一檔 ETF 持有 A 股和 B 股的比例各為 50/50，而 A 股的漲幅大於 B 股，該公司就會自動進行再平衡。
03:24
Some ETFs automatically rebalance, meaning they buy and sell stocks to stay in line with
所以，它會賣掉部分 A 股，然後買進更多 B 股，將比例恢復到 50/50。
03:27
the market they track.
這與低買高賣的規則相同。
03:31
For a super super simple example, if an ETF holds stock A and B 50/50 and stock A grows more than
當股票價格達到高點時，你將其賣出，然後轉投價格較低的股票。
03:38
stock B, the company will automatically rebalance it.
對於股票 B，該公司會自動進行再平衡。
03:42
So, it will sell some of stock A and then buy more of stock B to bring it back to 50/50.
所以，它會賣出部分股票 A，然後買進更多股票 B，讓比例回到 50/50。
03:49
It's the same rule as buy low and sell high.
這和「低買高賣」的原則是一樣的。
03:52
When the stock reaches high prices, you sell and then put it into the stock that is lower
當股票價格走高時，你賣出並將資金轉入價格較低的股票。
03:55
in price. Let me know if that makes sense.
在價格方面。如果我這樣說你能理解的話請告訴我。
03:58
Anyway, this is a green flag.
總之，這是一個正面訊號。
04:00
Number five, underlying holdings.
第五點，基礎持倉。
04:04
Always check exactly which companies are inside the ETF.
一定要仔細檢查 ETF 裡面究竟包含哪些公司。
04:06
Even though two ETFs might track the same market, their exact holdings could differ slightly.
即使兩個 ETF 可能追蹤同一個市場，它們的實際持倉也可能略有不同。
04:12
Did you write down these five things in your notebook?
你把這五點都記在筆記本上了嗎？
04:13
You can also take a screenshot of this list and tag me on your Instagram if you don't mind.
如果你不介意的話，也可以截圖這份清單並在 Instagram 上標記我。
04:19
I'd like to reshare your stories.
我會想轉發你的限時動態。
04:21
We are now actually going to compare some S&P 500 index ETFs.
我們現在實際來比較一些 S&P 500 指數 ETF。
04:24
Let's look at the pros and cons of each ETF together.
讓我們一起來看看每個 ETF 的優缺點。
04:29
Let's start with VFV which is the largest holding in my portfolio right now.
從 VFV 開始，這是我目前投資組合中權重最大的部位。
04:35
So MER fee management expense ratio fee is very low 0.09% only.
它的 MER（管理費率）非常低，只有 0.09%。
04:39
So they pay dividends quarterly.
它每季發放股息。
04:43
the distribution yield is 0.95% which is basically 36 cents or 37 cents
配息率是 0.95%，這大約等於你每持有一股可以領到 36 或 37 美分。
04:53
for every share that you own.
（原文此處重複，翻譯同上）每持有一股可以領到 36 或 37 美分。
04:56
Now guys, here's a pro tip for you.
現在各位，這裡有個給你們的專業小撇步。
04:59
Most of the information you need is in this ETF facts document.
你需要的大部分資訊都在這份 ETF 概況說明書裡。
05:03
So go ahead and open that.
所以趕快打開它吧。
05:04
The next thing that we want to do is check whether this ETF has currency hedging or not.
接下來我們要做的是檢查這支 ETF 是否有貨幣避險。
05:10
So what I like to do is command F and then just search hedged.
我習慣的做法是按下 Command+F，然後搜尋 "hedged"（避險）。
05:14
So this is hedged in Canadian dollars.
所以這是加幣避險的。
05:17
So technically not hedged.
所以技術上來說是沒有避險的。
05:21
As you guys can see here, this ETF is hedged back to Canadian dollars, which means that it is
如各位所見，這檔 ETF 是避險回加幣的，這意味著它是
05:25
a non-hedged Canadian ETF.
一檔非避險的加拿大 ETF。
05:28
If the USD appreciates, which is what we are seeing right now, your returns are likely to be
如果美元升值，就像我們現在看到的這樣，你的報酬可能會
05:31
higher due to stronger USD to Canadian.
更高，因為美元對加幣走強。
05:35
So, as a long-term investor, you're actually better off if you're exposed to fluctuations between the Canadian and
所以，作為一個長期投資人，如果你曝險在加幣和
05:40
the US dollar.
美元之間的波動，實際上對你更有利。
05:42
Since this is an ETF that tracks the S&P 500 index, we want to check how closely they can actually
由於這是一檔追蹤 S&P 500 指數的 ETF，我們想確認他們實際上能多
05:47
track the holdings in the S&P 500 because S&P 500 has fund managers to rebalance their holdings.
緊密地追蹤 S&P 500 的持股，因為 S&P 500 有基金經理人會去再平衡他們的持股。
05:55
So, a good ETF should track the S&P 500 as closely as possible to make sure that they're
所以，一檔好的 ETF 應該要盡可能緊密地追蹤 S&P 500，以確保他們
05:59
keeping up with the rebalancing.
跟得上再平衡的腳步。
06:03
So we can find this in the other document called the fact sheet and then just ctrl
我們可以在另一份稱為「事實報告 (fact sheet)」的文件中找到這個，然後用 Ctrl
06:07
f tracking error only 0.2% which is a green flag for the underlying holdings.
F 搜尋 tracking error，只有 0.2%，這對底層持股來說是個綠燈。
06:13
The top 10 holdings are Nvidia, Microsoft, Apple, Amazon, Alphabet etc.
前十大持股是 Nvidia、Microsoft、Apple、Amazon、Alphabet 等等。
06:20
Now you know why I like VIVV so much.
現在你知道我為什麼這麼喜歡 VFV 了。
06:22
The best part is how I can trust this fund to keep my portfolio diversified and everything else about VFV is
最棒的部分是我可以信賴這檔基金來維持我的投資組合多元化，而 VFV 的其他一切對
06:28
beginner friendly and straightforward.
新手都很友善且直觀。
06:31
Another ETF that is very similar to VFV is ZSP, the Beimo S&P 500 index ETF.
另一檔和 VFV 非常相似的 ETF 是 ZSP，也就是貝萊德 S&P 500 指數 ETF。
06:41
So ZSP management expense ratio same as VFV which is again peanuts.
所以 ZSP 的管理費率和 VFV 一樣，再次強調，這簡直是九牛一毛。
06:45
Um their distribution yield is 0.88% and then here you can see the ETF facts and fact sheet.
嗯，他們的分紅收益率是 0.88%，然後在這裡你可以看到 ETF 的基本資料和說明文件。
06:52
So you can do your own research on ZSV.
所以你可以自己對 ZSV 做研究。
06:54
I personally hold VFV because when I started investing at 19 years old, that's the only option that
我個人持有 VFV，因為當我 19 歲開始投資時，那是我唯一聽過的選擇，
07:00
I've heard of, so I just stuck to it.
所以我就一直用它了。
07:03
If you're a beginner investor trying to maximize your TFSA or RRSP, both VFV and
如果你是試圖最大化 TFSA 或 RRSP 額度的投資新手，VFV 和 ZSP 都是很棒的選擇。
07:07
ZSP are great options.
另一個我可以給你的建議是，使用像 Mumu Canada 這樣的券商來開設你的 TFSA 或 RRSP 帳戶，
07:09
Another tip that I can give you is to set up your TFSA or RRSP with a broker like Mumu Canada so
這樣你可以將投資成本降到最低。
07:15
that you can minimize your investing costs.
如果你打算買美股（我在我的 RRSP 裡有買），Mumo 的匯兌手續費便宜很多，
07:17
If you are planning to buy US stocks, which I do in my RRSP, Mumo's conversion fees are way cheaper, and
而且他們也是受加拿大監管的新券商。
07:24
they're also a new broker that's regulated in Canada.
他們目前向新用戶提供高達 4,600 加元的現金獎勵。
07:29
They are currently giving away cash rewards up to $4,600 to new users.
所以，如果你想買 ETF 和股票，你可以使用我在說明欄中的連結，享有零手續費交易，
07:32
So, if you want to buy ETFs and stocks, you can use my link in the description to get zero commission
以及首次入金的獎勵金。
07:37
trading and free money for making your first deposit.
如果你已經用滿 TFSA 額度，或是你正在用應稅現金帳戶或融資帳戶投資，
07:40
If you have already maxed out your TFSA or if you are investing with a taxable cash or margin account,
你可以考慮 HXS，也就是 Global XS S&P 500 指數 ETF。
07:46
you can consider HXS, Global XS S&P 500 index ETF.
HXS 的管理費稍微高一點，大約在 0.11%。
07:51
ME fees are slightly higher at around 0.11%.
雖然還是很低，但比 VFV 和 ZSP 稍高一些。
07:55
Still low, but slightly higher than VFV and ZSP.
HXS 對某些投資者來說可能更適合的原因在於股息。
07:59
The reason why HXS could be a better fit for some investors is the dividends.
HXS 是不發放股息的。
08:06
So there's no dividends with HXS.
相反地，他們會自動將股息再投資回 ETF 中，這能給你帶來稅務上的優勢，因為你沒有...
08:09
Instead, they reinvest dividends back into the ETF automatically, giving you tax advantages since you don't
相反地，它們會自動將股息再投資回 ETF，這能給你帶來稅務上的優勢，因為你並沒有
08:17
receive dividends directly.
直接領取股息。
08:20
This matters to investors who are using taxable accounts.
這對於使用應稅帳戶的投資者來說很重要。
08:22
If you are using tax advantage accounts like TFSA, FHSA, and RRSP, your dividend income is tax-free unless your
如果您使用的是 TFSA、FHSA 和 RRSP 等免稅帳戶，您的股息收入是免稅的，除非您的
08:29
dividend is coming from the US, then you have a 50% withholding tax.
股息來自美國，那麼您需要支付 50% 的預扣稅。
08:34
But you don't need to do anything differently when you file your taxes.
但在報稅時，您不需要做任何不同的操作。
08:38
So instead of paying dividends, this ETF reinvests money into the fund pushing the value of
因此，這檔 ETF 不支付股息，而是將錢再投資到基金中，推高
08:42
the fund higher.
基金的價值。
08:44
So this means the return of investment or the capital gains of HXS is slightly to be higher
這意味著 HXS 的投資回報或資本利得會略高於
08:50
than VFV and ZSP.
VFV 和 ZSP。
08:52
And as you can see on this chart, the year-to-ate return of HSX is about 3.7% right now, which is 1%
如您在這張圖表上所見，HSX 目前的年初至今回報率約為 3.7%，比 VIVV 和 ZSP
09:01
higher than VIVV and ZSP.
高出 1%。
09:06
Currency hedging, HXS is also non-hedge, meaning you still get currency exposure.
在匯率避險方面，HXS 也是非避險型的，意味著您仍然會有匯率風險。
09:12
As for rebalancing, Global X manages the ETF to closely match the S&P 500 performance,
至於再平衡，Global X 管理該 ETF 以密切追蹤 S&P 500 的表現，
09:15
but the method is slightly different since it doesn't pay dividends directly.
但方法略有不同，因為它不直接支付股息。
09:19
Underlying holdings, same top companies, Apple Microsoft Amazon Nvidia Tesla but structured differently for tax
基礎持股，前幾大公司相同，包括 Apple、Microsoft、Amazon、Nvidia、Tesla，但為了稅務考量，其結構有所不同。
09:27
purposes. To summarize, HXS is slightly different than VIVV and ZSP.
總結來說，HXS 與 VIVV 和 ZSP 略有不同。
09:33
It doesn't pay dividends directly.
它不直接支付股息。
09:35
Instead, it reinvests automatically for you, which gives a higher capital gain and offers
相反，它會自動為您進行再投資，這能帶來更高的資本利得，並在
09:39
tax efficiency if it is held outside registered accounts like TFSA or RRSP.
持有於 TFSA 或 RRSP 等註冊帳戶之外時，提供更高的稅務效率。
09:45
Personally, I usually invest in VFB because it's straightforward, very beginner friendly, and has low fees.
就個人而言，我通常投資 VFB，因為它很直接，對新手非常友好，而且費用低廉。
09:52
But if you prefer automatic dividend reinvestments to avoid getting taxed on
但如果您偏好自動股息再投資以避免為股息收入繳稅，
09:54
dividend income, this might be a good choice.
這可能是一個不錯的選擇。
09:58
I have more ETFs I can explain to you guys for different investing purposes.
我還有更多 ETF 可以針對不同的投資目的向各位說明。
10:03
If you like more ETF walkthrough videos like this, comment more ETFs to let me know.
如果您喜歡更多此類 ETF 介紹影片，請留言告訴我還有哪些 ETF。
10:09
And don't forget to drop a like if you haven't done it yet.
如果您還沒有按讚，別忘了點個讚。
10:11
Guys, please give me your feedback in the comment section.
各位，請在留言區給我您的回饋。
10:16
Let me know if my explanation has been easy to follow in this tutorial.
請告訴我，在本教學中我的解釋是否淺顯易懂。
10:19
I tried my best to use layman terms for you guys.
我已盡力用通俗易懂的語言為各位說明。
10:21
Hopefully, this video helps you choose the right investments for your short-term and long-term goals.
希望這部影片能幫助您為短期和長期目標選擇合適的投資。
10:28
If you want more ETF videos, don't forget to comment down below and click this video
如果您想看更多 ETF 影片，別忘了在下方留言，並點擊這部影片
10:30
over here to see my latest portfolio update.
在此處查看我最新的投資組合更新。
