说话者希望布局DRAM以把握存储瓶颈主题，但倾向于通过现金担保看跌期权在更低价格买入，而非现在直接买入。
逐段跳播
这就引出了我正在做的投资——DRRAM，也就是Roundill Memory ETF。它今年4月初才刚推出，所以还算是比较新的ETF。但与给投资者提供广泛的半导体敞口不同，DRAM专门瞄准全球存储行业，涵盖从事HBM、DRAM、NAND及其他存储技术的公司。
And that brings us to the investment that I'm making, DRRAM, which is the Roundill Memory ETF. It only launched back in the beginning of April of this year, so it's still relatively a new ETF.
But instead of giving investors broad semiconductor exposure, DRAM specifically targets the global memory industry. That includes companies involved in HBM, DRAM, NAND, and other memory technologies.
该ETF的费率是65%。这给了我一些单纯买Nvidia或单纯买AMD所无法真正获得的东西：对存储瓶颈的分散化敞口。
The ETF also comes with an expense ratio of 65%. That gives me something I don't really get from simply buying Nvidia or simply buying AMD. Diversified exposure to the memory bottleneck.
所以，与其试图预测哪家存储制造商最终能拿下最多的AI需求，我更感兴趣的是持有这个主题，而DRAM让我能够做到这一点。
So rather than trying to predict which memory manufacturer ultimately captures the most AI demand, I'm interested in owning the theme and DRAM allows me to do that.
当然，还有我提到的成本。该ETF的费率确实是65%。对我个人而言，这算是偏高了一些。所以你需要判断，这种分散化是否值得支付这笔费用，而不是持有那些个股。
Now, of course, there's the cost that I mentioned. The ETF does carry an expense ratio of 65%. And for me personally, that is on the somewhat higher side. So you need to determine whether the diversification is worth paying that fee versus owning the individual companies.
对我来说，我认为这是一个有意思的工具，但我今天并不是简单地买入股票。我在使用一种期权策略，我在卖出一份现金担保看跌期权。
For me, I think it's an interesting vehicle, but I'm not simply buying shares today. I'm utilizing a option strategy. I'm selling a cash secured put.
但说到存储，我喜欢DRRAM，我想要对DRRAM的敞口。我已经想持有它了。我现在并不持有，但我会很乐意在更好的价格上持有它。
But when it comes to memory, I like DRRAM and I want exposure to DRRAM. I already want to own it. I don't own it right now, but I would love owning it at a better price.
因此，我将采取在DRRAM上卖出现金担保看跌期权（CSP）的方式。
Therefore, I will take the route of selling a cash secured put or CSP on DRRAM.
如果DRAM在到期日之前跌破我的行权价，我也有义务买入其股票。那个行权价是每股45美元。所以，即便DRAM股价今天下跌了7%，我还能承受从当前水平再跌20%。
I'm also on the hook to buy shares of DRAM if they were to fall below my strike price before the expiration date. And that strike price is $45 per share. So even with the 7% drop in shares of DRAM today, I can afford another 20% drop from current levels.
第一种结果，DRAM在到期前一直保持在45美元行权价之上。期权到期作废。我保留收到的近2000美元权利金。我不持有该ETF。
Outcome number one, DRAM stays above the $45 strike price through expiration. The option expires worthless. I keep the near $2,000 in premium I received. I don't own the ETF.
但第二种结果是，假设DRRAM继续下跌，跌破我的45美元行权价。那么到那时，我就会被指派这些股票。我现在必须以规定的45美元行权价买入每份合约100股，也就是每份合约4500美元。
But outcome number two is let's say DRRAM continues to fall and it falls below my $45 strike price. Well, in that point, I'm going to get assigned those shares. I now have to purchase a 100 shares per contract at the stated strike price of $45, which is 4500 per contract there.
这就是我能接受的情形，因为我不介意以更低的成本买入DRAM。
And that's the scenario I'm comfortable with because I don't mind buying DRAM at a lower cost.
风险四，ETF集中度。DRAM是针对性敞口。这是它的好处，但也是风险。这不是标普500。它集中在存储这个半导体子行业上。如果存储周期转向下行，这只ETF里几乎所有的东西都可能同时受到打击。
Risk number four, ETF concentration. DRAM is targeted exposure. That's the benefit, but it's also a risk. This isn't the S&P 500. It's concentrated around the semiconductor subsector of memory.
And if the memory cycle turns down, virtually everything inside of this ETF could get hit simultaneously.
而我是在用DRRAM来做这件事。通过在一个我乐意买入的价格上卖出现金担保看跌期权——不是今天的水平，而是再低20%。如果DRRAM反弹，我保留权利金。如果抛售继续，我被指派，那我就不是按今天的价格买入。
我有可能以更低的实际成本基础，持有我已经想持有的投资。
And I'm doing it with the use of DRRAM. By selling a cash secured put at a price where I'm comfortable buying, not at today's level, but another 20% lower. If DRRAM rebounds, I keep my premium.
If the sell-off continues, I get assigned and I'm not buying it at today's price. I'm potentially owning investment I already want to own at a lower effective cost basis.
是Nvidia、AMD、Micron、Credo、Drram，还是别的什么？
Is it Nvidia, AMD, Micron, Credo, Drram, maybe something else?
这个频道对 $DRAM 的历次判断
Mark Roussin, CPA 在这只股票上只有这一条判断。