【Joe’s華爾街脈動】專題：建立一個聰明的投資組合: 您的指數股票型基金(ETF)指南

深入了解ETF市場，做出更聰明的投資決策。

Joe 盧, CFA | 2025年8月24日 美東時間

指數股票型基金(ETF)已成為一種廣受歡迎的投資方式，其原因相當充分。它們提供了一種直接且成本低廉的方式，來持有一系列廣泛的投資標的。您可以將ETF想像成一個裝著各種資產(如股票或債券)的籃子。當您購買一股ETF時，您買入的是整個籃子的一小部分，從而立即實現了分散投資。

本指南將幫助您了解ETF是如何被組織的、它們為何如此架構，以及您該如何運用它們來建立一個符合您財務目標的投資組合。

為何ETF的選擇如此之多？歸結於兩件事：

您是否曾想過為什麼有這麼多ETF可供選擇？這主要歸結於兩個驅動因素：

• 投資者的需求: 隨著投資者興趣的轉變，新的ETF被創造出來以滿足這些需求。例如，對科技和潔淨能源興趣的崛起，已導致許多專注於這些領域的新ETF的誕生。
• 可交易性: ETF所持有的底層資產能否被輕易地買賣至關重要，這即是所謂的「流動性」。如果籃子裡的資產無法在日常基礎上順暢交易，就很難將它們包裝成一支ETF。

兩大主要基石：股票型與債券型ETF

在最基礎的層面上，您的投資組合很可能會是股票和債券的組合。ETF為同時持有這兩者提供了便捷的方式。

• 股票型(Equity) ETF: 這類ETF專為成長而設計，持有的是公司的股份。這些ETF的價值波動可能較大，但長期而言具有較高回報的潛力。
• 債券型(Fixed Income) ETF: 這類ETF通常旨在為您的投資組合提供收益和穩定性。它們持有一籃子的債券，這些債券本質上是向政府或企業提供的貸款，並支付利息。當股市波動時，債券有助於緩衝衝擊。

透過結合股票型和債券型ETF，您可以控制投資組合在成長與穩定之間的平衡。您可以根據自己的年齡、財務目標以及對風險的承受能力來調整此一組合。

ETF的「菜單」如何日益豐富

ETF的世界隨著時間的推移而不斷擴展，為投資者提供了越來越多的選擇：

• 大盤型ETF: 這些是大型的、基礎性的ETF，追蹤如標普500(S&P 500)等主要指數。它們讓您透過單一投資，即可擁有一部分整體市場。
• 特定類別: ETF被創造出來之後，針對特定類別，例如小型公司對比大型公司，或美國股票對比國際型股票。
• 產業型: 接著出現了產業型ETF，專注於經濟的特定部分，如科技、醫療保健或能源。
• 主題型與因子型: 現在，您可以找到針對具體概念的ETF，例如人工智慧、潔淨能源，或是如「價值型」或「動能型」等投資風格。

請注意: 持有很多不同的ETF並不意味著您已充分分散風險。許多熱門基金都持有相同的大型知名股。務必「深入檢視」您ETF的前幾大持股，以確保您沒有在無意中過度集中於少數幾家公司。

為何流動性是關鍵

流動性簡單來說，就是您在不引起資產價格大幅波動的情況下，買入或賣出某項投資的難易程度。為使ETF能正常運作，其持有的資產必須具有流動性。

• 股票: 大多數大型和中型公司的股票都很容易交易，因此它們是ETF的天然組成部分。
• 債券: 債券市場的透明度可能低於股票市場。然而，債券型ETF已使得個人投資者能更容易地透過單一交易，接觸到一籃子分散的債券。
• 流動性較低的資產: 像私人公司，或直接持有房地產等固定資產不易交易。因此，您通常不會在標準的ETF中找到它們。它們通常是透過具有出售時間限制的不同投資結構來提供。

建立您ETF投資組合的實用計畫

以下是一個引導您入門的步驟框架：

1. 定義您的目標和時間軸: 您投資的目的是什麼（例如，退休、房屋頭期款）？您何時需要這筆錢？您的答案將塑造您的投資策略。
2. 了解風險: 在投資前，檢視一支ETF過去的表現，特別是在市場下跌期間。同時，檢查其是否存在集中於少數幾隻股票或單一產業的情況。
3. 檢查品質: 留意費用率（年費）、ETF追蹤其指數的程度，以及買賣價差（買價與賣價之間的差異）。較低的成本和較小的價差通常更好。
4. 考慮稅務: 某些ETF比其他ETF更具稅務效率。思考哪種類型的投資帳戶（例如，美國退休帳戶如401(k)或IRA，或一般的券商帳戶）最適合您的ETF，以將您的稅務負擔降至最低。
5. 避免重複: 定期檢視您ETF的前幾大持股，確保您沒有過多的重疊。

應避免的常見陷阱

• 用不同的包裝但持有相同的股票: 謹慎持有那些大量投資於相同超大型科技股的多支ETF。
• 忽略利基領域的流動性: 如果您投資於較不常見的ETF，請注意在市場壓力大時，可能較難以公平的價格賣出。
• 忘記再平衡: 隨著時間的推移，您的一些投資表現會優於其他投資，這可能會使您的投資組合失衡。定期進行再平衡——賣出部分表現優異的資產，買入更多表現落後的資產——有助於您維持在長期的目標軌道上。

結論

廣闊的ETF世界被組織起來，是為了給予您，即投資者，一個多功能的工具箱。股票和債券這兩大主要類別，為穩固的投資組合提供了基礎的建構基石。更專業化的ETF則可用於增加精準度。透過了解基礎知識、做好功課並堅持紀律性的方法，您可以運用ETF來建立一個與您的財務未來高度契合的投資組合。

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本電子報僅供參考，不構成任何證券或資產類別的投資建議或買賣推薦。文中所表達的觀點為作者截至發布日期的觀點，如有變動，恕不另行通知。所呈現的資訊乃基於從相信可靠的來源所獲取的數據，但其準確性、完整性和及時性不作保證。過往表現並非未來結果的指標。投資涉及風險，包括可能損失本金。讀者在做出任何投資決策前，應諮詢其財務顧問。作者及相關實體可能持有本文所討論的資產或資產類別的部位。

Building a Smart Portfolio: Your Guide to Exchange-Traded Funds (ETFs)

Navigate the ETF landscape and make wiser investment choices.

By Joe 盧, CFA | 08/24/2025

Exchange-Traded Funds, or ETFs, have become a popular way to invest, and for good reason. They offer a straightforward and affordable way to own a wide range of investments. Think of an ETF as a basket holding various assets like stocks or bonds. When you buy a share of an ETF, you're buying a small piece of that entire basket, giving you instant diversification.

This guide will help you understand how ETFs are organized, why they are structured the way they are, and how you can use them to build an investment portfolio that aligns with your financial goals.

Why So Many ETF Choices? It Comes Down to Two Things:

Have you ever wondered why there are so many ETFs to choose from? It boils down to two main drivers:

• Investor Demand: As investors' interests change, new ETFs are created to meet those demands. The rise of interest in technology and clean energy, for example, has led to the creation of many new ETFs focused on those areas.
• What's Possible to Trade: The ability to easily buy and sell the underlying assets an ETF holds is crucial. This is known as liquidity. If the assets in the basket can't be traded smoothly on a daily basis, it's difficult to package them into an ETF.

The Two Main Building Blocks: Stock and Bond ETFs

At the most basic level, your investment portfolio will likely be a mix of stocks and bonds. ETFs provide an easy way to own both.

• Stock (Equity) ETFs: These are designed for growth and own shares of companies. The value of these ETFs can go up and down more significantly, but they have the potential for higher returns over the long term.
• Bond (Fixed Income) ETFs: These are generally aimed at providing income and stability to your portfolio. They hold a collection of bonds, which are essentially loans to governments or corporations that pay interest. Bonds can help cushion the blow when the stock market is volatile.

By combining stock and bond ETFs, you can control the balance between growth and stability in your portfolio. You can adjust this mix based on your age, financial goals, and how comfortable you are with risk.

How the ETF "Menu" Has Grown

The world of ETFs has expanded over time, offering investors more and more choices:

1. Broad Market ETFs: These are the large, foundational ETFs that track major indexes like the S&P 500. They give you a piece of the entire market in a single investment.
2. Specific Categories: From there, ETFs were created to target specific segments like small companies versus large companies, or U.S. stocks versus international stocks.
3. Sectors: Then came sector ETFs, which focus on specific parts of the economy like technology, healthcare, or energy.
4. Themes and Factors: Now, you can find ETFs that target very specific ideas, such as artificial intelligence, clean energy, or investment styles like "value" or "momentum."

Note: Just because you own many different ETFs doesn't mean you are well-diversified. Many popular funds hold the same big-name stocks. Always look "under the hood" to see the top holdings of your ETFs to make sure you're not unintentionally over-concentrated in the same few companies.

Why Liquidity is Key

Liquidity simply means how easily you can buy or sell an investment without causing a big swing in its price. For an ETF to work properly, the assets it holds must be liquid.

• Stocks: Most large and medium-sized company stocks are easy to trade, so they are a natural fit for ETFs.
• Bonds: The bond market can be less transparent than the stock market. However, bond ETFs have made it much easier for individual investors to access a diversified basket of bonds in a single trade.
• Less Liquid Assets: Things like private companies or direct real estate are not easily traded. For this reason, you won't typically find them in a standard ETF. They are usually offered through different investment structures with restrictions on when you can sell.

A Practical Plan for Building Your ETF Portfolio

Here is a step-by-step framework to guide you:

1. Define Your Goals and Timeline: What are you investing for (e.g., retirement, a down payment on a house)? When will you need the money? Your answers will shape your investment strategy.
2. Understand the Risks: Before you invest, look at how an ETF has performed in the past, especially during market downturns. Also, check for concentration in a few stocks or a single sector.
3. Check for Quality: Pay attention to the expense ratio (the annual fee), how well the ETF tracks its index, and the bid-ask spread (the difference between the buying and selling price). Lower costs and tighter spreads are generally better.
4. Consider Taxes: Some ETFs are more tax-efficient than others. Think about which type of investment account (e.g., a retirement account like a 401(k) or IRA, or a regular brokerage account) is the best fit for your ETFs to minimize your tax bill.
5. Avoid Duplication: Regularly review the top holdings of your ETFs to make sure you don't have too much overlap.

Common Pitfalls to Avoid

• Owning the Same Stocks in Different Wrappers: Be cautious of holding multiple ETFs that are all heavily invested in the same mega-cap technology stocks.
• Ignoring Liquidity in Niche Areas: If you invest in a less common ETF, be aware that it might be harder to sell at a fair price, especially during stressful market conditions.
• Forgetting to Rebalance: Over time, some of your investments will do better than others, which can throw your portfolio out of balance. Periodically rebalancing—selling some of your winners and buying more of your underperformers—helps you stay on track with your long-term goals.

The Bottom Line

The wide world of ETFs is organized to give you, the investor, a versatile toolkit. The main categories of stocks and bonds provide the fundamental building blocks for a solid portfolio. More specialized ETFs can then be used to add precision. By understanding the basics, doing your homework, and sticking to a disciplined approach, you can use ETFs to build a portfolio that is well-aligned with your financial future.

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This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or asset class. The views expressed are those of the author as of the date of publication and are subject to change without notice. Information presented is based on data obtained from sources believed to be reliable, but its accuracy, completeness, and timeliness are not guaranteed. Past performance is not indicative of future results. Investing involves risks, including the possible loss of principal. Readers should consult with their own financial advisors before making any investment decisions. The author and associated entities may hold positions in the assets or asset classes discussed herein.

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關於《Joe’s 華爾街脈動》

鉅亨網特別邀請到擁有逾 22 年美國投資圈資歷、CFA 認證的機構操盤人 Joseph Lu 擔任專欄主筆。
Joe 為台裔美國人，曾管理超過百億美元規模的基金資產，並為總資產高達數千億美元的多家頂級金融機構提供資產配置優化建議。
Joe 目前帶領著由美國頂尖大學教授與博士組成的精英團隊，透過獨家開發的 "趨勢脈動 TrendFolios® 指標"，為台灣投資人深度解析全球市場脈動，提供美股市場第一手專業觀點，協助投資人掌握先機。