There are over 10,000 ETFs out there all trying
to take your hard-earned money.
市面上有一萬多檔 ETF，全都虎視眈眈地想拿走你辛苦賺來的錢。
00:04
If you find that overwhelming, you're not alone.
如果你覺得眼花繚亂，你並不孤單。
00:07
I spent
over a decade supporting some of the largest ETF managers in the world.
我花了十多年時間，為全球最大規模的 ETF 管理機構提供服務。
00:11
What I learned is
that ETFs are far more complex than you can imagine.
我學到的是，ETF 的複雜程度遠超你的想像。
00:15
But they're also very easy to navigate
with the right guidance.
但只要掌握正確的指引，它們其實非常容易上手。
00:18
This may be one of the most valuable investing videos you're going
to come across whether you're a newbie or an expert investor.
不論你是投資新手還是專家，這可能是你所看過最有價值的投資影片之一。
00:25
And I'm also going to tell you
which ETFs are best for beginner investors.
我還會告訴你哪些 ETF 最適合投資新手。
00:30
Yes, actual names to invest in.
沒錯，我會直接告訴你值得投資的具體名稱。
00:33
So let's start at the
top.
那麼，我們就從頭說起。
00:34
An ETF is an Exchange Traded Fund.
ETF 是「交易所買賣基金」（Exchange Traded Fund）。
00:36
It's what it says on the tin.
顧名思義。
00:39
It's a fund or a basket of
assets that trades on an exchange like a stock. Now the most popular ETFs usually just contain
stocks but they can also contain bonds or even
So a gold ETF might just be a basket
of physical gold or it might be a collection of gold mining stocks.
所以，黃金 ETF 可能只是一籃子實體黃金，也可能是黃金礦股的組合。
00:58
But today, we're going
to focus on stock ETFs because these are what you're going to come across most commonly in the
wild.
但今天，我們將重點放在股票 ETF，因為這是你在市場上最常見的類型。
01:05
There's two types of ETFs you need to know about.
你需要了解兩種類型的 ETF。
01:08
There's passive ETFs and active ETFs.
分別是被動型 ETF 和主動型 ETF。
01:11
So
very simply put, a passive ETF manager simply tries to return the performance of a benchmark
or an index.
簡單來說，被動型 ETF 經理人只是試圖複製基準指數或指數的表現。
01:21
An index is a collection of stocks. An active manager tries to beat that index
instead of matching the performance.
指數是一籃子股票的組合。主動型經理人則試圖打敗該指數，而不僅僅是追蹤其表現。
01:29
They say, we can outperform the index.
他們會說，我們能跑贏大盤指數。
01:32
Now in the case
of passive ETFs, these are highly preferable because they're transparent.
在被動型 ETF 的情況下，因為它們的透明度很高，所以非常值得推薦。
01:38
You can simply look
at the index to understand how the ETF works.
你只需查看指數，就能了解 ETF 的運作方式。
01:41
In the case of an active ETF, these are often black
boxes.They're very opaque.
至於主動型 ETF，它們通常是黑盒子，非常不透明。
01:46
So a good example would be ARK's ETFs.
ARK 的 ETF 就是一個很好的例子。
01:49
Probably the biggest reason to
avoid active ETFs would be the fact that they charge a lot higher fees.
避免投資主動型 ETF 最主要的原因，可能是它們收取的費用高得多。
01:57
So passive ETFs now have
very, very low fees.
所以現在被動型 ETF 的費用非常、非常低。
02:00
So Morning Star did multiple studies and what they found was quite remarkable.
So what they found is that if enough people make comments on social media using nothing but emojis
for their favorite stock, the price goes up.
No, actually, I'm joking, that's not the case.
What they found was that low fees are the biggest predictor of a fund's performance and,
intuitively, that makes sense.
Now it seems like common sense but you'd be surprised at how many
investors don't pay close enough attention to fees.
這似乎是常識，但你會驚訝地發現，有多少投資人並沒有對費用給予足夠的關注。
02:30
Here's the biggest problem.
這裡有個最大的問題。
02:32
Active
ETF managers charge more fees but, yet, only 5% of them can beat the Benchmark.
主動型 ETF 經理人收取更高的費用，但只有 5% 的經理人能擊敗基準指數。
02:38
In
other words, investing with an active manager, 95% of the time you're not going to outperform
the Benchmark.
換句話說，投資主動型經理人，有 95% 的時間你無法跑贏基準指數。
02:44
You might say, why would I ever pay extra money to an active manager so they can't
beat a benchmark?
你可能會說，我為什麼要多付錢給主動型經理人，結果他們還無法擊敗基準指數？
02:49
That's a really good question. That's why you should only focus on passive ETFs.
As I said, when you look at the constituents or the members of an ETF, the stocks that it contains
within, so for a passive ETF, you simply look at
And if you want to understand any given
ETF, you're going to need to understand the index. So all passive ETFs are going to track an index.
It could be created by the ETF provider.
Now MSCI,
the firm that I worked for for over a decade, we created over 280,000 indices for our clients.
That's about 10 times as many US stocks that have
MSCI 是我在那工作超過十年的公司，我們為客戶創建了超過 28 萬個指數。
03:31
ever existed.
這大約是美國曾存在過的股票數量的 10 倍。
03:32
And they're just one index provider.
Every one of those industrial strength indices can have a financial product attached to it.
And the other thing, I think, that a lot of investors don't understand is that when BlackRock
and Vanguard hold shares of a particular company,
like let's say IonQ, it's not because they
believe in the future of Quantum Computing. It's because the size of the company dictates that
it ought to belong to a particular index.Aand when
it gets added to a particular index, then shares
need to be bought and that, because there's a lot of financial products tied to that index and that
creates price action, which affects a particular
So always distinguish between passive
and active bets when you're looking at firms that hold a particular stock.
所以當你在觀察持有特定股票的公司時，一定要區分被動型與主動型的押注。
04:18
So if you want to
understand how indices work.
如果你想了解指數是如何運作的。
04:20
When someone started on our desk, this is one of the documents that we
gave them to sit down and read.
當有人剛到我們的交易部門時，這是我們會給他們坐下來閱讀的文件之一。
04:25
And it's the MSCI Global Investable Market Indices Methodology and
this will, I think, give you an idea of just how complicated this domain is.
這是 MSCI 全球可投資市場指數方法論，我想這能讓你了解這個領域有多複雜。
04:32
This is a 207-page
introduction to the world of indices.
這是長達 207 頁的指數世界入門。
04:36
Now you don't care about that stuff, you care about ETFs.
And what happens with an ETF, and we continue using MSCI as an example, is that they'll license
an index from MSCI.
Now a passive ETF manager who outperforms
the index didn't do their job.
一個表現超越指數的被動型 ETF 經理人並沒有做好他的工作。
05:14
Their job is to offer the performance of that index as close as
possible minus the fees they're charging, okay?
他們的工作是盡可能貼近地提供該指數的表現，再扣除他們收取的費用，懂嗎？
05:23
So this term's important to understand.
所以這個術語很重要，要理解。
05:25
It's called
tracking error.
它叫做追蹤誤差。
05:27
That's simply the difference between the index performance and the ETF's
performance, all right?
這就是指數表現與 ETF 表現之間的差異，懂嗎？
05:33
So that should actually simply be, ideally, it's zero but it's going to be
the index performance minus fees, right?
所以理想上，它應該很單純，是零，但實際上會是指數表現扣除費用，對吧？
05:41
And we're going to look at that.
我們將對此進行探討。
05:43
Now the mechanics of an ETF
always reflect the underlying index methodology. You want to understand how an ETF works?
ETF 的運作機制始終反映其基礎指數的計算方法。你想了解 ETF 如何運作嗎？
05:50
We do
this all the time on this channel.
我們在這個頻道上經常這樣做。
05:52
We go and take a look at the index and dig into how that works
and we do that by reading through methodology documents like the one I showed you from MSCI.
Now
if we think about stock indices and all stocks in the world, that's a great place to start.
現在，如果我們考慮全球股票指數及所有股票，這會是一個很好的起點。
06:05
That
would be an interesting universe to invest in, right?
這將是一個有趣的投資標的，對吧？
06:08
Well, that's called the MSCI ACWI and it
represents 99% of the investable stocks in the world.
嗯，這被稱為 MSCI ACWI（全球指數），它涵蓋了全球 99% 的可投資股票。
06:15
And here you can see where it's further
broken down into MSCI World, that's developed markets; MSCI Emerging Markets, then we have all
the countries, right?
They're looking at that by market cap,
then small is 14%.
他們是依市值來看這部分，而小型股佔 14%。
06:39
So you can start to carve out, for example, MSCI Emerging Markets small cap.
Then what you can do is you can carve that down even further.
所以你可以開始切分出，例如 MSCI 新興市場小型股指數。然後你還可以將其進一步細分。
06:48
You could say, I want MSCI
Emerging Market small-cap growth, right?
你可能會說，我想要 MSCI 新興市場小型股成長指數，對吧？
06:52
So you can start slicing and dicing this universe even
further by value versus growth or momentum or yield.
所以你可以開始依價值股與成長股、動能或殖利率，對這個投資標的進行更深入的細分。
07:00
And what you end up with, based on all
the indices out there, is then a list of ETFs. And I've put here the largest ETFs out there, the
top 100 ETFs by assets.
That's not just the 500 largest,
that's all the stocks in the United States.
那不僅僅是最大的 500 家公司，而是涵蓋美國所有的股票。
07:28
Then you have QQQ, that's NASDAQ.
接下來是 QQQ，也就是那斯達克指數。
07:30
Then look, Vanguard
Growth.
再來看 Vanguard 成長型基金。
07:32
Well, what is that Vanguard Growth all cap?
那麼，Vanguard 成長型全市場基金是什麼呢？
07:35
I don't know.
我不知道。
07:35
We'd have to go and start
looking at the index, right?
我們得去開始研究一下那個指數，對吧？
07:38
So you see how this stuff works.
所以你明白這東西是怎麼運作的了。
07:39
Now people say, well, which ETFs
should I buy?
現在人們會問，那麼，我該買哪些 ETF 呢？
07:42
Well, first of all, investing isn't just about stocks.
首先，投資不僅僅是關於股票。
07:45
You can also have other asset
classes, as I mentioned earlier, such as bonds or real estate or alternative assets.
你也可以投資其他資產類別，正如我之前提到的，例如債券、房地產或另類資產。
07:51
Gold would
be an alternative asset.
黃金會是一種另類資產。
07:53
So Adventure capital or Commodities.
所以是冒險資本或商品。
07:55
But one simple effective strategy
that we talk about quite a bit is a three-fund portfolio.
但我們常提到的一個簡單有效的策略，就是三基金投資組合。
08:00
This is from Bogle.
這是源自博格（Bogle）的理念。
08:02
He's the the
Vanguard guy who who brought us low-fee investing, thank the Lord, right?
他就是先鋒集團（Vanguard）的那位，為我們帶來了低費用投資，感謝老天，對吧？
08:08
So keeping it in the family
here we're we've given you examples from four large ETF providers of what a three-fund portfolio
might look like.
所以，我們在這裡保持一致性，為您提供四大 ETF 供應商的三基金投資組合範例。
08:17
And if we take BlackRock there at the top, so you have iShares Core S&P Total
Market ETF that would represent the United States. Then you have a- look, there's MSCI.
Doesn't include the US, otherwise you're double counting there.
它不包含美國，否則您會在那裡重複計算。
08:38
You have
overlapping exposure.
您會有重疊的曝險部位。
08:40
Then you have bonds.
接著您還有債券。
08:41
So US Stocks International stocks and bonds.
所以是美國股票、國際股票和債券。
08:44
Some
will say, well, you ought to have international bonds.
有些人會說，嗯，你應該要持有國際債券。
08:47
Well, fine.
嗯，好吧。
08:48
All right, so you can make it
a fur- fund, if you want.
好吧，所以如果你想的話，可以把它做成一檔基金（fur-fund，應為fund之口誤）。
08:51
There are also ETFs that claim to offer this sort of exposure such as the
iShares, the multi-asset income ETF.
還有一些ETF也聲稱提供這類曝險，例如iShares的多資產收益ETF。
08:57
But always, pay attention to fees.
但請務必留意費用。
08:59
Look at they're charging
here, 49 basis points.
看看這裡的收費，49個基點。
09:02
The privilege of these fund of funds, man.
這些基金中的基金（fund of funds）的特權啊，老兄。
09:04
You got to be careful.
你得小心點。
09:05
You'll get
double charged.
你會被重複收費。
09:06
So you'll have a ETF that holds other ETFs and that their charging fees.
所以你會有一檔持有其他ETF的ETF，而它們會收取費用。
09:09
Now you
got to be really careful about this stuff.
現在你必須對這些東西非常小心。
09:12
And this brings us to the most important part of this
presentation which is going to be around fees, okay?
這也帶我們來到這場簡報最重要的部分，也就是關於費用的部分，對吧？
09:17
I love this chart here from justETF
Research.
我很喜歡這張來自 justETF Research 的圖表。
09:20
It's the total cost of ownership for an ETF investment.
這是ETF投資的總持有成本。
09:23
So we're going to focus
on internal costs, Total Expense Ratio.
所以我們將聚焦於內部成本，即總費用率（Total Expense Ratio）。
09:28
That's what you want to pay attention to.
這就是您需要留意的地方。
09:30
And as I
said earlier, remember, it's going to be the performance of the index minus the expense ratio
is going to give you your tracking error.
正如我之前所說，請記住，指數的表現減去費用率，就是您的追蹤誤差。
09:37
What they call here tracking difference.
他們在此稱之為追蹤差異（tracking difference）。
09:40
Now I don't
think most ETF providers actually refer to this as tracking error or tracking difference in
their investment collateral.
我認為大多數 ETF 發行商在他們的投資宣傳資料中，實際上並不會將此稱為追蹤誤差或追蹤差異。
09:48
Simply look, and they all have this, for the performance of the ETF
against its Benchmark.
只要簡單查看——他們都有這項數據——即 ETF 相對於其基準指數的表現。
09:54
And look at the difference over time.
並觀察隨時間推移的差異。
09:56
That's what you're paying attention to.
It should be the expense ratio.
這就是您需要留意的地方。它應該等於費用率。
10:01
Now if it isn't, there's various reasons for that.
如果不是這樣，那有各種原因。
10:04
And three
major reasons are here and we're going to talk about these because they're important.
這裡有三個主要原因，我們將討論這些，因為它們很重要。
10:08
Well,
they're relevant and you ought to know them, right, because if you're going to have more than
a basic understanding, I think that's useful. Rebalancing costs.
嗯，它們很相關，您應該了解，對吧？因為如果您想有超越基本的理解，我認為這很有用。再平衡成本。
10:18
Swap Spread and Securities
Lending.
掉期利差（Swap Spread）與證券借貸（Securities Lending）。
10:21
Let's start with Rebalancing Costs.
我們從再平衡成本開始。
10:24
So physical replication.
那麼，實物複製（physical replication）。
10:25
How does that ETF provider
match the index performance?
ETF 發行商如何匹配指數的表現？
10:29
Well, the intuitive way they might do that is simply to go out and buy
every single stock in the index and then adjust that waiting accordingly.
嗯，直觀的做法是直接買進指數中的每一檔股票，然後相應地調整權重。
10:37
And that's what they
do.
他們就是這樣做的。
10:38
It's called Full Replication.
這叫做完全複製。
10:39
Vanguard says, in as many cases as possible, we try to use full
replication, all right?
Vanguard 表示，在盡可能多的情況下，我們嘗試使用完全複製，對吧？
10:44
Fair enough.
說得也是。
10:45
Well, there's other methods too.
嗯，也有其他方法。
10:47
Also, what's called Sampling.
That's where you don't buy all the stocks, you just buy some or optimization, where you do
the same but then you configure it over time.
A lot
of it has to do with illiquid stocks and such.
大多與流動性不足的股票等因素有關。
11:01
So when you move away from Full Replication, tracking
error increases.
所以，當你偏離完全複製時，追蹤誤差就會增加。
11:05
It becomes more difficult to manage and it becomes more expensive to manage.
So suddenly your transaction costs start to go up. So if you want to know what sort of replication
method an ETF is using, again, if we just check
tracking error, it covers all this, right?
But if you wanted to understand that better, go look at the the number of stocks being held in
the ETF and the number held in the index.
So this is typical information provided in a fact sheet
or on a ETF website, right?
這通常是提供在公開說明書或 ETF 網站上的典型資訊，對吧？
11:34
And that will tell you very quickly if the numbers are nearly identical,
you know they're using full replication.
這能讓你很快判斷，如果數字幾乎相同，你就知道他們正在使用完全複製。
11:40
Another method of replication that I think is very suspect
would be what they call synthetic replication.
另一種我認為非常可疑的複製方法，是所謂的合成複製。
11:48
So this is where the idea of a swap spread starts
to come into play if an ETF isn't holding the assets of the underlying index and they're using
swaps.
I think an example that would be Cannabis ETFs in the
United States where they're not legally allowed to hold cannabis stocks.
我想一個例子是美國的大麻 ETF，因為法律上他們不能持有大麻股。
12:06
So the use swaps instead
and you start to have counterparty risk.
所以他們改用 Swap（掉期），然後你就開始面臨交易對手風險。
12:09
It gets more expensive.
成本會變得更高。
12:11
So be very wary of synthetic
replication or leveraged ETFs or anything where they start to get too fancy.
所以要非常小心合成型（synthetic）複製、槓桿型 ETF，或是任何設計過於複雜的商品。
12:19
That's never, in the
history of the financial world, benefited the end investor.
在金融世界的歷史中，這從未惠及終端投資者。
12:24
And then that brings us to Securities
Lending.
接著我們來談證券借貸（Securities Lending）。
12:26
This was brought up in our Discord server.
這是在我們的 Discord 伺服器中被提出的。
12:28
We had some good conversations around
this.
我們圍繞這個話題進行了一些很好的討論。
12:31
It's a complicated topic.
這是一個相當複雜的議題。
12:32
And Vanguard here, they pose key questions for Securities lending.
So the idea being that if you wanted to start grilling your ETF provider about their Securities
lending activity, that's where they lend out
Securities that they're holding within their
ETF to people that want to short particular stocks.
想要放空特定股票的人。
12:50
These are questions that you might ask.
I like this first question, how much of the gross revenues from security lending are allocated to
the ETF and how much is passed on to the funds
And this
brings us to, perhaps, one of the most important takeaways from this presentation, honestly.
而這或許將我們帶到本次演講中最重要的一個結論，老實說。
13:13
Reduce
your risk and lower your fees.
降低你的風險並減少你的費用。
13:16
Stick with the most reputable ETF providers out there.
請堅持選擇信譽最卓著的 ETF 發行商。
13:20
Competent firms
like BlackRock, like Vanguard.
像是貝萊德（BlackRock）、先鋒（Vanguard）這樣具備專業能力的公司。
13:24
They police manager performance and manage their risks, okay.
他們會監督經理人的績效並管理其風險，懂嗎？
13:28
And
if something goes south, they're going to make their customers whole because their reputation is
extremely important within the industry.
而如果發生什麼狀況，他們會賠償給客戶，因為他們的聲譽在業界極其重要。
13:37
Invest in heavy AUM products.
投資於資產管理規模（AUM）龐大的產品。
13:39
What that will make sure of is
that you're investing alongside institutions who will understand the game, all right, better than
you will.
這樣做能確保你是與機構投資人一起投資，他們會比你更懂這遊戲的規則，懂嗎？
13:48
And you can see this is an interesting graph showing individual investors and how much
of the total US-listed ETFs out there they're holding.
而你可以看到這張有趣的圖表，顯示了散戶投資人持有美國上市 ETF 的總量占比。
13:58
It's around 20%.
大約是 20%。
13:59
That's actually higher
than I thought.
這比我預期的要高。
14:01
So that means 80% of all ETF activity or ETF investing is done by institutions.
So if you're investing alongside institutions, you're not going to run into any problems.
Always use fees as a determining factor when you're comparing
ETFs.
在比較 ETF 時，務必將費用列為決定性因素。
14:23
Now low-cost providers like Vanguard, we would tend to lean towards because they're going
to lead the charge when it comes to low fees. So maybe temporarily one of their competitors is
offering better fees, well, they're probably going
to play catchup real quick because that's what
their reputation is.
很快就追上，因為那是他們的聲譽所在。
14:39
Remember that lesson, right? Tracking error should always be index return minus
the expense ratio.
記住這個教訓，對吧？追蹤誤差應該永遠是指數報酬率減去費用率。
14:46
So going back to this great chart here.
所以回到這張很棒的圖表。
14:48
So when you're looking at that ETF
and you want to see how well it's performed, you simply see how close it came to offering you the
performance of the underlying index.
所以當你在觀察某檔 ETF，並想了解它的表現如何時，你只需看它有多接近為你提供標的指數的表現即可。
14:58
So some other questions investors would ask, can I lose all
my money investing in an ETF?
所以投資人會問的其他問題是，投資 ETF 會讓我血本無歸嗎？
15:03
As we said, well, this question refers to systemic risk.
如我們所說，這個問題指的是系統性風險。
15:06
If you
stick with major providers and high-AUM products, you're going to be just fine.
只要你堅持選擇大型發行商和高 AUM（資產管理規模）的產品，你就會安然無恙。
15:10
If everyone gets
burned, I think we have bigger problems.
如果所有人都遭受重創，我想我們就有更大的問題了。
15:13
Are there ETFs you should avoid?
有沒有應該避免的 ETF？
15:14
Well, yeah, stay
away from anything synthetic, anything exotic, leveraged stuff like that.
嗯，是的，請遠離任何合成型、任何奇特的、槓桿之類的產品。
15:19
JEPI is quite suspect
from where we're sitting.
從我們的角度來看，JEPI 相當可疑。
15:22
We've covered that in a previous video.
我們在之前的影片中已經討論過這一點了。
15:25
What about zero-cost funds?
Sure, these are usually loss leaders.
那零手續費基金呢？當然，這些通常是誘饵產品（Loss Leaders）。
15:29
They're lending Securities to help pay for costs.
它們會借出證券來支付相關成本。
15:32
There's
no portability.
沒有攜帶性。
15:33
So if you leave that firm, you can't take that product with you.
所以如果你離開那家經紀商，你沒辦法帶著那項產品走。
15:36
I would stick
with Fidelity or Vanguard when you're looking at those types of products.
當你在看這類產品時，我會堅持選擇富達（Fidelity）或先鋒（Vanguard）。
15:42
For reasons that we've
talked about.
基於我們之前談過的原因。
15:44
Now people might want to know more about that three-fund approach.
現在大家可能想更了解那個三基金投資組合（three-fund approach）。
15:47
Well, fine.
嗯，好啊。
15:48
Let
it be so.
照辦（Let it be so）。
15:49
Here's a piece we did on three-fund portfolios.
這裡有一篇我們做關於三基金投資組合的文章。
15:52
It's very edifying.
它非常有啟發性。
15:53
thank you so
much for taking the time to watch this today.
