ETF 專區
2025年12月15日
What is the SPY ETF? (The #1 Traded ETF Explained)
🤖 AI 重點摘要
- SPY 簡介：SPY 是全球交易量最大的 ETF，追蹤標準普爾 500 指數，代表美國 500 家最大的上市公司，並於 1993 年首次推出。
- SPY 的優勢：相較於傳統共同基金，SPY 具有即時交易、高度流動性及低費用的優點，讓投資人能更有效率地參與美國股市。
- 權重配置：SPY 由市值較大的公司主導，前十大公司權重佔指數逾 38%，因此與同權重 S&P 500 ETF (RSP) 在價格走勢上略有差異。
- 投資陷阱：新手投資人常犯的錯誤包含將 SPY 與全球市場混淆、忽略股息收入、過度使用選擇權，以及不了解費用。
- 長期投資：SPY 適合長期投資及波段交易，雖然過去曾出現大幅下跌，但隨著經濟復甦及大型科技股的帶動，仍能提供穩定的回報。
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So, the spy, the most traded ETF on the planet.
所以，SPY，這個星球上交易量最大的 ETF。
It tracks the S&P 500.
它追蹤標準普爾 500 指數。
It's been around for over 30 years, and it moves billions of dollars every single day.
它已經存在超過 30 年，而且每天都在交易數十億美元。
What exactly is the spy?
究竟 SPY 是什麼？
And why is it such a gamecher for both investors and traders?
為什麼它對投資者和交易者來說都是一個遊戲規則的改變者？
How does it work?
它如何運作？
So, by the end of this video, you'll understand exactly what the spy is, how it's built,
所以，到這個影片結束時，你將完全了解 SPY 是什麼，它的結構如何，
and the biggest mistakes beginners make when investing or trading in it.
以及初學者在投資或交易它時常犯的最大錯誤。
Okay, so let's start simple.
好，那我們從簡單的開始。
So the SPY is an ETF which just stands for an exchange traded fund and it was launched back in
所以 SPY 是一種 ETF，也就是交易所交易基金，它是在
1993 which actually makes it the very first ETF in the United States.
1993 年推出的，這實際上使它成為美國第一個 ETF。
The SPY is designed to track the S&P 500 index which is essentially the 500 largest publicly traded
SPY 的設計目的是追蹤標準普爾 500 指數，這基本上就是美國 500 家最大的上市公司。
So what does it do?
它的作用是什麼？
companies in America.
公司。
So when you buy one share of the SPY, you're essentially buying a tiny slice of Apple, Microsoft,
所以，當你買入一股 SPY 時，你實際上是買入蘋果、微軟、
Amazon, Google, and all these other companies in the index.
亞馬遜、谷歌以及指數中所有這些其他公司的微小一部分。
because instead of buying all the 500 individual stocks, you just buy one SPY share and that just
因為與其買入所有 500 支個股，你只需要買入一股 SPY，這就
means you have instant exposure to all the stocks within the index.
意味著你立即接觸到指數中的所有股票。
The SPY is also very liquid, which means there's a huge amount of trading activity that
SPY 也具有很高的流動性，這意味著每天都有大量的交易活動。
goes on every single day.
發生。
And we're talking tens of tens of billions of dollars in daily volume, which means you
.
can get in and out of the spy with very little slippage.
而且我們說的是每天的交易量，數以數十億美元計，這意味著你可以
Here's where it sort of gets very interesting.
以非常低的滑價進出這個標的。
So, when it was actually launched back in 1993, the idea of the ETF was actually quite
現在，這裡就變得非常有趣了。
revolutionary.
所以，當它在 1993 年真正推出時，ETF 的概念其實非常
Before spy, if you wanted broad market exposure, you had to buy mutual funds.
具有革命性。
But the problem with mutual funds was that it only traded once per day after the market closed.
在 SPY 之前，如果你想要廣泛的市場曝險，你必須購買共同基金。
And they often came with really high fees.
但共同基金的問題是，它們只在市場收盤後才交易一次。
So the spy changed everything.
而且它們通常伴隨著非常高的費用。
It let investors trade the market instantly like a stock during market hours.
所以 SPY 改變了一切。
And it did it with really low fees compared to mutual funds.
它讓投資者像股票一樣在市場交易時段即時交易市場。
Since then, ETFs have sort of exploded.
而且它相較於共同基金，擁有非常低的費用。
Today there are thousands and thousands of ETFs covering every single sector, every country and every
從那以後，ETF 的數量就迅速增加。
strategy you can think of.
今天有成千上萬的 ETF，涵蓋了每個部門、每個國家以及每個
The spy was the first US ETF.
你能想到的策略。
It also became the largest.
SPY 是第一個美國 ETF。
Over 500 billion in assets sitting spy and more than 16 trillion globally is directly tied to the S&P 500
它也成為最大的 ETF。
index funds.
擁有超過 5000 億美元的資產在 SPY 之中，全球與 S&P 500
So now let's look at how SPY actually works.
指數基金直接相關的資金超過 16 兆美元。
The spy is a market cap weighted ETF and all that means is essentially the bigger the company, the
那麼現在我們來看看 SPY 實際上是如何運作的。
more influence it has on SPY's price.
它對 SPY 價格的影響越大。
So right now the top 10 companies Nvidia, Microsoft Apple Amazon Meta
所以目前市值前十大的公司是輝達、微軟、蘋果、亞馬遜、Meta
Broadcom, Alphabet Class A, Alphabet Class C, Tesla and Berkshire Hathaway.
博通、Alphabet A 股、Alphabet C 股、特斯拉和波克夏·海瑟威。
They make up over 38% of the index's total weight.
這些公司佔指數總權重的 38% 以上。
And this is why some investors often compare the SPY to the equal weight S&P 500 ETF, the ticker
這也是為什麼有些投資人經常將 SPY 與同權重 S&P 500 ETF，股票代碼
RSP.
RSP 進行比較的原因。
Essentially, the RSP makes every single company have the same weight, so you get a much truer read on how each
本質上，RSP 確保每家公司都具有相同的權重，因此您可以更準確地了解每
average stock is doing.
一支平均股票的表現。
Right?
對吧？
So, here I've opened up my charting platform.
所以，這裡我打開了我的圖表平台。
We have spy on the left hand side and we have RSP on the right hand side.
左邊是 SPY，右邊是 RSP。
So, like I said before, a lot of traders actually use the RSP to get a sort of
正如我之前所說，許多交易者實際上使用 RSP 來衡量整體指數。
gauge on the overall index.
RSP 確保每家公司都具有相同的權重。
The RSP makes sure that every company is equally weighted.
因此，它不會偏向特定行業。
So, it's not biased towards a particular sector.
如您所見，SPY 的價格走勢接近歷史新高，RSP 也處於歷史新高，
So, as you can see, the sort of price action on both SPY near all-time highs, RSP all-time highs,
它們確實遵循相同的模式，但如您所見，RSP 的價格走勢在中間略有不同
they do follow the same pattern, but as you can see in between that price action is slightly more different on the RSP
相較於 SPY。
compared to the SPY.
這是因為每家公司都獲得相同的權重。
And that is because every company gets the same waiting.
因此，您可以更準確地了解平均股票的表現。
So, you sort of get a much truer read on how the average stock is doing.
But because the liquidity on the SPY, you can see that the price action does look sort of
但因為 SPY 的流動性，你可以看到價格走勢看起來確實比較平滑。
more smoother.
所以，基本上 SPY 是由大型股主導的，這也是為什麼有時候指數看起來比平均股票更強勁。
So, essentially the SPY is dominated by the mega caps, which is why sometimes the index looks very
在其下方。
strong compared to the average stock.
對。
underneath.
那麼，現在讓我們看看新手常犯的陷阱。
Right.
有些事情不要做，因為我看到很多小額帳戶，總是會因為 SPY 而遭受損失。
So, now let's have a look at the sort of beginner pitfalls.
所以，以下是幾個主要的陷阱。
What not to do, cuz I see a lot of small accounts, they get burned on SPY all the time.
第一個，混淆 SPY 和整個全球市場。
So, here are sort of the big ones.
SPY 僅追蹤美國市場，不包括國際股票、債券或商品。
Number one, confusing SPY with the entire global market.
它只包含美國大型股。
So, SPY only tracks the US market, not international stocks, not bonds, and not commodities.
第二個，忽略股息。
It's only US large caps.
SPY 實際上每季支付股息，收益率在 1.1% 到 1.5% 之間，有些新手卻會
Number two, ignoring the dividends.
忘記將這筆收入計算在內，更糟的是，他們沒有將其再投資。
So spy actually pays dividends quarterly between 1.1 to 1.5% yield and some beginners they
所以，隨著時間的推移，股息在總回報中佔了很大的比例。
actually forget to account for that income or worse they don't reinvest it.
第三個，過度使用 SPY 選擇權。
So over time the dividends they pay a huge part in the total return.
SPY 選擇權非常非常受歡迎，而且是全球交易量最大的選擇權之一。
Number three overusing spy options.
它們流動性好、很有吸引力，但會非常非常快地衰減。
SPY options are very very popular and they're among the most traded in the world.
第四個，不了解費用。
They're liquid, they're attractive but they decay very very fast.
第四個，不了解費用。
Number four, not understanding expenses.
第四個，不了解費用。
So the spy actually has a tiny fee which is 0.0 09% which is quite cheap.
.
$100,000 in spy you'd be paying about $94.5 per year in fees just to cover the
所以這支 SPY 其實有一點點小小的費用，大約是 0.009%，這相當便宜。
operational costs.
如果你持有 10 萬美元的 SPY，你每年支付的費用大約是 94.5 美元，僅僅為了支付
But if you're holding that for decades, even small fees compound and number five, switching
營運成本。
between SPY and futures, ES futures without a plan.
但如果你持有幾十年，即使是很小的費用也會累積，第五點，在 SPY 和期貨之間切換，
So I just want to show you another case study with regards to the SPY.
尤其是 ES 期貨，卻沒有任何計畫。
So back here in 2020 during March time, the SPY actually dropped over 34% and this was due to panic
所以我只想向你展示另一個關於 SPY 的案例研究。
selling and global uncertainty at the time.
回到 2020 年 3 月，SPY 實際上下跌了超過 34%，這是因為當時的恐慌
From the bottom in March 2020, SPY doubled in less than 2 years because the S&P 500 is diversified.
性質賣盤和全球不確定性所導致的。
The Fed added liquidity and big tech essentially carried the index much higher.
從 2020 年 3 月的底部開始，SPY 在不到兩年的時間內翻了一倍，因為標準普爾 500 指數是多元化的。
So it's important to know that SPY is fantastic for long-term investing and essentially
聯準會增加了流動性，而大型科技公司基本上帶動指數大幅上漲。
swing trading.
所以重要的是要知道 SPY 非常適合長期投資，基本上
It moves with the market, slower than futures, but it's always reflective of the bigger picture.
也是波段交易。
Now let's have a look at the sectors and why and how SPY sort of moves.
它會隨著市場的變化而變化，比期貨慢，但它總是反映了大局。
So why does SPY move the way it does?
現在讓我們看看各個產業，以及 SPY 是如何運作的。
It's because it's a basket of sectors.
所以 SPY 為什麼會以這種方式移動？
So technology is currently the biggest slice of the index and it's approximately about 35%
這是因為它是由許多產業組成的。
currently.
目前，科技產業是指數中最大的部分，約佔 35%
Financials approximately about 14%, consumer discretionary it's about 11%, communication services 10%,
左右。
healthcare about 9% and industrials, energy, utilities and all the rest of the sectors they fill out the rest.
金融業約佔 14%，非必需消費品約佔 11%，通訊服務約佔 10%，
So, let's have a look at some FAQs, some questions that beginners always ask
.
about the ETF.
好的，我們來看看一些常見問題，也就是新手總是會問到的關於 ETF 的問題。
So, number one, does SPY pay dividends?
關於這個 ETF。
So, like I said before, yes, it does quarterly and it's based on the underlying S&P 500 companies.
那麼，第一個問題是，SPY 會配發股息嗎？
Number two, is SPY safe long-term?
就像我之前說過的，是的，它每季配發一次，而且是根據其追蹤的標普 500 指數成分股來決定。
There is no real easy answer for this.
第二個問題，SPY 長期來看是安全的嗎？
No investment is risk-free, but SPY has delivered consistent returns for 30 years by
這個問題沒有簡單的答案。
tracking the US market, essentially rises and falls with the economy.
沒有投資是沒有風險的，但 SPY 透過追蹤美國市場，過去 30 年來一直提供穩定的回報，基本上隨著經濟的起伏而波動。
Number three, what's the difference between SPY and V?
第三個問題，SPY 和 V 有什麼區別？
They track the same index, but VO has a low expense ratio.
它們追蹤相同的指數，但 VOO 的費用率較低。
SPY is essentially older and more liquid for trading.
SPY 基本上比較老，而且交易流動性更高。
Number four, can you get rich with SPY?
第四個問題，你能靠 SPY 變富有嗎？
No, you can't.
不，你不能。
Not overnight, anyway.
至少不是一夜之間。
SPY is sort of built for compounding wealth over time.
SPY 旨在隨著時間推移累積財富。
It's not a lottery ticket.
它不是彩票。
It's not going to make you rich overnight.
它不會讓你一夜暴富。
Continue here.
繼續這裡。
It builds directly on this.
它直接建立在這個基礎上。
🎓
英語學習專區
透過影片掌握實用單字與理解能力
例句中文翻譯
💡 點擊按鈕切換顯示/隱藏中文翻譯
revolutionary
/ˌrev.əˈljuː.ʃə.nəri/
adjective
發音比對結果
0%
relating to or being a revolution; involving or causing a complete or dramatic change.
革命性的；徹底變革的
📍 影片例句
"Before spy, if you wanted broad market exposure, you had to buy mutual funds, but the idea of the ETF was actually quite revolutionary."
→ 在SPY之前，如果你想獲得廣泛的市場敞口，你必須購買共同基金，但ETF的想法實際上是革命性的。
💡 補充例句
"The internet has been a revolutionary force in modern society."
→ 網際網路在現代社會中是一股革命性的力量。
exposure
/ɪkˈspəʊ.ʒər/
noun
發音比對結果
0%
the state of being exposed to something, typically a risk or danger.
暴露；接觸；敞口
📍 影片例句
"You just buy one SPY share and that just means you have instant exposure to all the stocks within the index."
→ 你只需購買一股SPY股票，這就意味著你立即接觸到指數中的所有股票。
💡 補充例句
"Investing in foreign markets can give your portfolio greater exposure to global growth."
→ 投資於外國市場可以為你的投資組合提供更大的全球增長敞口。
liquid
/ˈlɪk.wɪd/
adjective
發音比對結果
0%
having a large ready market; easily converted into cash.
流動性高的；易於變現的
📍 影片例句
"The SPY is also very liquid, which means there's a huge amount of trading activity that goes on every single day."
→ SPY也具有很高的流動性，這意味著每天都有大量的交易活動。
💡 補充例句
"Real estate is generally considered a less liquid asset than stocks."
→ 房地產通常被認為是比股票流動性較低的資產。
slippage
/ˈslɪp.ɪdʒ/
noun
發音比對結果
0%
the difference between the expected price of a trade and the price at which the trade is executed.
滑價；實際成交價與預期價之間的差額
📍 影片例句
"You can get in and out of the spy with very little slippage."
→ 你可以以非常少的滑價進出SPY。
💡 補充例句
"During periods of high volatility, slippage can be significant."
→ 在波動性高的時期，滑價可能很大。
sector
/ˈsek.tər/
noun
發音比對結果
0%
a distinct part or segment of the economy or a particular market.
部門；領域；行業
📍 影片例句
"Today there are thousands and thousands of ETFs covering every single sector, every country and every strategy you can think of."
→ 如今，有成千上萬的ETF涵蓋了所有你能想到的行業、國家和策略。
💡 補充例句
"The technology sector is driving much of the market's growth."
→ 科技行業正在推動市場的增長。
diversified
/daɪˈvɜː.sɪ.faɪd/
adjective
發音比對結果
0%
having a variety of elements; not all of the same kind.
多元化的；多樣化的
📍 影片例句
"From the bottom in March 2020, SPY doubled in less than 2 years because the S&P 500 is diversified."
→ 自2020年3月的底部以來，SPY在不到兩年的時間內翻了一倍，因為標準普爾500指數是多元化的。
💡 補充例句
"A diversified investment portfolio can help reduce risk."
→ 多元化的投資組合可以幫助降低風險。
compound
/kəmˈpaʊnd/
verb
發音比對結果
0%
to increase rapidly, especially through the addition of interest to the principal.
使複合；使增加
📍 影片例句
"But if you're holding that for decades, even small fees compound."
→ 但如果你持有數十年，即使是小額費用也會產生複合效應。
💡 補充例句
"The power of compounding can significantly increase your long-term returns."
→ 複利的效應可以顯著提高你的長期回報。
pitfalls
/ˈpɪt.fɔːlz/
noun
發音比對結果
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a hidden or unsuspected danger or difficulty.
陷阱；隱患
📍 影片例句
"So, now let's have a look at the sort of beginner pitfalls."
→ 所以，現在讓我們看看初學者的陷阱。
💡 補充例句
"One of the pitfalls of starting your own business is the long hours."
→ 創業的一個陷阱是工作時間很長。
underlying
/ˌʌn.dəˈlaɪ.ɪŋ/
adjective
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0%
existing or operating beneath the surface.
根本的；潛在的
📍 影片例句
"It's based on the underlying S&P 500 companies."
→ 它基於潛在的標準普爾500指數公司。
💡 補充例句
"The underlying cause of the problem was a lack of communication."
→ 這個問題的根本原因是缺乏溝通。
gauge
/ɡeɪdʒ/
verb
發音比對結果
0%
to measure or assess.
測量；評估
📍 影片例句
"Traders actually use the RSP to get a sort of gauge on the overall index."
→ 交易者實際上使用RSP來評估整體指數。
💡 補充例句
"The survey is intended to gauge public opinion on the issue."
→ 這項調查旨在評估公眾對此問題的意見。
biased
/ˈbaɪ.əst/
adjective
發音比對結果
0%
having a prejudice for or against something.
有偏見的；傾向於
📍 影片例句
"So, it's not biased towards a particular sector."
→ 所以，它不會偏向於特定行業。
💡 補充例句
"The media is often accused of being biased in its reporting."
→ 媒體經常被指責在報導中帶有偏見。
dominate
/ˈdɒm.ɪ.neɪt/
verb
發音比對結果
0%
to have a commanding influence on.
支配；控制
📍 影片例句
"So, essentially the SPY is dominated by the mega caps."
→ 因此，基本上SPY由大型市值公司主導。
💡 補充例句
"The company dominates the market for smartphones."
→ 這家公司在智慧型手機市場上佔據主導地位。