月月发钱、年化12%？揭秘“高息基金”背后的运转逻辑，为什么它不是骗局？

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各位朋友好

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今天我们聊一对最近3年规模暴涨

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争议也最大的高息ETF

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也就是NEO旗下的SSPYI和QQQI

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这两只基金有多火

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他们打出的招牌很简单粗暴

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月月分红

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年化派息率在12%到14%

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但凡看到12%这种数字

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很多人的第一反应大多是两个字旁氏

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今天这条视频

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我会用大约10分钟把三件事讲清楚

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第一他们到底靠什么发出这么高的现金流

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第二为什么这不是旁氏

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而是一种结构合规可持续的收益方式

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第三选了他

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你会错过什么

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也就是你的机会成本到底有多大

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我们先来认识一下这两只规模

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百亿美元的现金流机器

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SSPYI是在2022年8月成立的

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跟踪的是标普500指数

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目前管理规模大约89亿美元

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派息率约12%

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QQQI成立的晚一点

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在2024年1月跟踪的是纳指100

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目前的规模约110亿美元

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派息率约14%

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这两只基金的管理费都是0.68%

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记住一个关键信息

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他们底层持有的是真实的标普500和纳指100

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成分股

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不是空气

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也不是衍生品凭证

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这是后面我们判断他是不是庞氏的第一块基石

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要理解他们怎么发钱

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必须先理解一个核心原理

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背对看涨期权

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也就是cover call

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我用一套北京的房子来做一个最简单的类比

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假设你手里有一套市价1000万的房子

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你跟邻居签一个合同

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未来一个月如果房价涨到1050万

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你必须按1050万卖给他作为补偿

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邻居现在就先付你5万块的定金

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接下来会有三种场景

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场景内房价每涨到1050万

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合同作废

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5万块定金

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你白拿场景币

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房价正好涨到1050万

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你赚了50万

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差价加上5万定金

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总收益55万

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场景C房价暴涨到1200万

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你还是只能按1050万卖

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白白错过了上面150万的涨幅

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这就是背对看涨期权的代价

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你的收益被封顶了

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现在我们把这套房子对应到我们的ETF上

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刚才说的房子就是标普

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500或者纳至100的成份股

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你的邻居就是芝加哥期权市场上的做市商

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那5万块钱定金就是指数看涨期权的权利金

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不过news基金做了一个改良

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叫做看涨价差结构

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也就是COSPREAD

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简单来说

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他不仅卖出一个近端的期权

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还会买入一个更远端的期权

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这就相当于留了一道窗户

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万一指数暴涨

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突破了远端的行权价

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基金还是能参与一部分上涨的

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并没有把向上的空间完全给封死

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那你每个月收到的分红到底来自哪里

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主要有三个真实的来源

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第一块是指数本身的现金股息

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这部分占比很小

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年化大概在0.7%到1.3%左右

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第二块是绝对的主力

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也就是卖出指数看涨期权收到的现金权利金

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这是分红的最大头

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第三块是以资本返还

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这里重点说一下

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在美国税法下

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只要基金的盈利能覆盖分配

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就可以起到税务优化的作用

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当年不交税

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未来在按长期资本利得纳税

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为什么我们非常肯定他不是庞氏骗局

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我们从旁氏的定义逐条排除

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庞氏骗局的特征是

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用新投资者的本金去偿付老投资者

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但SSPYI和QQQI持有的是真实成份股

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受sec注册和监管

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每天的净值由独立第三方计算

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最核心的是他的现金流来自于CBOE期权

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对手方是真金白银打过来的

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而且你可以随时按市价卖出

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没有任何锁定期

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成立至今

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他们的净值基本持平

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甚至还有小幅上行

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我们再来看应证据

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如果是庞氏骗局

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不断高比例分红

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一定会把基金的净值掏空

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但是s spy i从2022年8月成立以来

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净值变化几乎为零

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从约50美元涨到了约52美元

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如果把分红再投算进去

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他的累计总回报达到了53.3%

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3年化的总回报达到了14.2%

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这就证明了真实的期权

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权利金加上真实指数股息

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再配合透明的税务处理

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构建了一个可持续的现金流循环

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绝对不是拆东墙补西墙

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既然不是骗局

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那买它真正的代价是什么

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代价就是跑输大牛市

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看看这张图

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对比了QQQ和QQQI的年度总回报

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当指数大幅上涨的时候

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QQQI卖出看涨期权的上限被触发了

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封顶后

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超出的涨幅他吃不到

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这就导致在2024年和2025年

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QQQ两年累计跑赢了QQQI大约7~8个百分点

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我们用一个10年模拟来看看

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这个机会成本到底有多大

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假设你初始投入10万美元

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按各自历史年化收益率推算

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10年后全仓QQQ的总价值大约是58万美元

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而全仓QQQI并在分红后再投

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总价值大约是55万美元

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在温和牛市的假设下

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10年的差距大约是3万美元

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结论很清楚

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你买的不是更好的QQQ

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而是用一部分上行的空间

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换取了当下的稳定现金流

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那么这种ETF到底适合谁

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又不适合谁

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本质上是你想要现金流还是复利增长的问题

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它非常适合临近退休或者已经退休

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需要每月稳定现金流来覆盖生活开支的人

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也适合高税率投资者

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以及想要把现金流拿去做资

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或者是判断未来是震荡式的人

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但是他绝对不适合年轻的

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还在积累本金阶段的投资者

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年轻人应该全仓QQQ或s spy

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去享受长期的复利

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如果你强烈看多未来的AI大爆发

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不理解期权风险

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都不建议盲目配置

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对于适合的人群来说

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SSPYI和QQQI有一个被严重低估的优势

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因为他们使用的是指数期权

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符合美国税法第256条合约的规定

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这意味着无论持有多久收益

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都可以按60%的长期

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和40%的短期来混合计税

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这个税率显著优于普通的短期税率

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资本返还占比

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能有效降低成本基础

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起到递延纳税的效果

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实际算下来

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普通的12%派系

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名义上要达到16.26%以上

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才能和他的税后效果等同

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如果你决定把他们纳入你的投资组合

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我给你三条实操建议

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第一不要单押

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可以把它和QQQ或者s spy做个组合

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比如70%的QQQ

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加上30%的QQQ爱

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既保留长期增长复利

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又有稳定现金流

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第二账户类型决定收益

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美国居民优先放在IRA盐税账户里

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非美高税率投资者放在普通账户

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税务优势更突出

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第三要去看他30天的sec收益率

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而不是只盯着派息率看

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你会发现他的sec收益率连1%都不到

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这就说明绝大部分的分配是来自期权

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理解了这一点

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才不会被民意数字误导

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最后做个总结

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QQQI和SSPYI不是骗局

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但也不是免费的午餐

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这12%的派息率

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本质上是用未来的上行潜力提前换来的现金流

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看清他能给你什么

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又会让你失去什么

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这是每一个成熟投资者的功课

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风险提示

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本内容不构成投资建议

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期权策略在极端市场下可能放大亏损

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大家入市前请务必做好自己的功课

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如果觉得这期视频对你有用

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