IWMI 是一只可持续的高收益基金，回报稳定且净值实现正增长。
逐段跳播
接下来谈谈收益率第二高、同时也实现了资产净值正增长的基金，那就是 IWMI。它来自很多人最喜欢的基金发行商 NEOS。这是他们的 Russell 2000 高收益 ETF。自成立以来，其管理资产规模大幅增长，目前已经达到约 12 亿美元。
Now, let's talk about the second highest yielding fund that's also seen positive net asset value growth, and that's going to be IWMI. And that's from a lot of people's favorite fund issuer.
That's going to be NEOS. This is their Russell 2000 highinccome ETF. And the AUM has grown substantially since inception. They're already sitting at about 1.2 billion in AUM.
那么，我们来谈谈这只基金。如果跳到 Yield Canary，往上到这里，把 IWMI 输进去，就能在这里看到它。它被认为是一只非常健康的基金，资本回报稳定。
So let's talk about this fund for a moment. If we jump over to Yield Canary, come up here. Let's go ahead and plug it in. IWMI. And we can see it right here. It's considered a very healthy fund with stable return of capital.
那么，我们仔细看一下。可以看到价格一直非常稳定。但看看它的分派。这就是这些 NEOS 基金总是很有意思的地方。它们能够做到的是通过策略性的资本回报提供非常稳定的分派。资本回报并不总是自动具有破坏性。
如果做得好，它可以用于税务目的。而根据 Yield Canary 告诉我们的情况，这只基金短期内不会消失。它是一只可持续的基金。
So let's take a closer look. We can see the price has been very stable. But take a look at the distributions. Here's what's always so interesting about these NEOS funds. What they're able to do is provide very stable distributions through strategic return of capital.
Return of capital is not always automatically destructive. It can be used for tax purposes when done well. And based on what Yield Canary is telling us, this fund is not going away anytime soon. It's a sustainable fund.
那么，我们来深入看看为什么会这样。如果跳到 Neos 的网站，可以看到它的分派率大约在 14.51%。现在，如果我们看这只基金的产品说明书，你会注意到它的首要目标是产生高额月度收益。
从它出现在这个视频里这一点也能大致看出来。但 NEOS 的一大重点，也是很多基金经理忽略的，是税务效率。IWMI 使用所谓的 1256 合约，也就是 60% 按长期、40% 按短期资本利得处理，基金经理可能会寻求利用税损收割的机会。
So, let's dive into why that's the case. If we jump over to Neos's website, what we can see is its distribution rate is sitting at about 14.51%. Now, if we look at the fund's fact sheet, what you'll notice is the first goal is high monthly income generation.
That's somewhat evident based on the fact it's in this video. But one of the huge focuses for NEOS that a lot of fund managers miss is tax efficiency. IWMI utilizes what's known as 1256 contracts, meaning 60% long-term and 40% short-term capital gains. and fund managers may seek to take advantage of tax loss harvesting opportunities.
当然，还有上行潜力，他们在过去一年里也做到了。这只基金上涨了约 5.31%，同时还提供了那么高的收益率，过去 12 个月的收益率为 14.19%。
Of course, there's upside potential which they've been able to pull off in the last year. The fund is up by about 5.31% despite providing that high yield, a trailing 12-month yield of 14.19%.
现在，对于这些基金，我还想快速指出一点：我们通常看过去 12 个月的收益率，这确实能提供很多信息。但要记住，因为这些基金有能力随着时间推移提高分派，只要它们实现了资产净值增长，那就意味着如果你大约一年前买入这只基金，你实际获得的收益率接近 15% 左右。
当基金的资产净值增长时，成本收益率实际上是在增长的。所以，这是一个非常重要的点，我看到绝大多数投资者都忽略了。
Now, something else I do want to quickly point out in this instance for these funds, typically we look at the trailing 12-month yield, and that does provide a lot of insight. But keep in mind, because these are funds that have the ability to grow distributions over time, simply if they're seeing net asset value growth, that means that the actual yield you would have gotten if you bought this fund about a year ago is closer to around 15%.
The yield on cost is actually growing when the fund's net asset value is growing. So, that's a very important note to keep in mind that I see the vast majority of investors miss out on.
现在，我们确实需要指出，当我们看 IWI 时，一直往右滑，你会注意到他们使用更激进的投资组合覆盖策略。通常在 75% 到 100% 之间。所以，长期来看，相对于像 QYLG 这样投资组合覆盖较低的基金，它的上行空间可能会更小。
Now, we do need to note when we look at IWI, scroll all the way over, you will notice they use a more aggressive portfolio coverage strategy. It's typically between 75 and 100%.
So, over the long term, there probably would be less upside relative to a fund like QYLG who has less portfolio coverage.
但也要注意，期权策略不同。QLG 使用的是平值看涨期权，而 IWMI 使用的是虚值看涨期权。简单解释一下这在理论上是什么样子：平值看涨期权通常权利金更高，但会更多地限制上行空间，在横盘或略微看跌的市场中最理想。
而虚值期权通常权利金更低，但仍允许保留更多上行空间，在看涨市场中表现更好。以上就是对这两种期权策略的非常基础的概述。
But also note, there's a different option strategy. QLG is using those at the money calls while IWMI is using out of the money calls. So just to briefly explain what that actually looks like in theory, at the money calls typically has higher premiums but caps a lot more of the upside, is optimal in sideways or slightly bearish markets.
Meanwhile, out of the money is typically going to provide lower premiums but still allows some more of the upside and is better in bullish markets. So that's a very basic overview of those two option strategies.
但根据 Yield Canary，我们可以看到这似乎是一只相当健康的基金。显然，它通过 Russell 2000 实现了非常好的分散化，而且到目前为止提供了可持续的收益率。
But according to Yield Canary, we can see this appears to be a quite healthy fund. Obviously, it's very well diversified with the Russell 2000 and it's providing a sustainable yield so far.
现在，收益率第三高、同时也实现了资产净值正增长的基金是 QQQI。同样，这是来自 NEO 的另一只基金。所以，它的结构与刚才看到的 IWMI 会非常相近。
Now, the third highest yielding fund that is also seen positive net asset value growth is going to be QQQI. Again, another fund from NEO. So, the structure is going to be very closely related to the fund we just saw, IWMI.
如果我们看这只基金的产品说明书，它基本上和我们刚才看到的 IWMI 完全一样。高额月度收益产生。还有税务效率，当然，他们还力求参与一部分上行潜力。
And if we look at the funds fact sheet, it's basically the exact same as I WMI, which we just saw. High monthly income generation. there is tax efficiency and then of course they they aim to take some part in the upside potential.
这个频道对 $IWMI 的历次判断
Dividendology 在这只股票上只有这一条判断。