IDVO 是一个占比 15%（15 万美元）的持仓：收益率约 6%，收益约 8,955 美元，五年股息增速 3%。它带来国际股息多元化；仅对约 50% 的持仓发出看涨期权，让净值得以增长、分派得以提升。分派从约 12 美分（2022 年 9 月）升至 21 美分，尽管 3% 的增速看似偏低，但并不算过于乐观。
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所以，我们接下来要加的仓位同样是一个基本面仓位，一只将增加另一层分散化的ETF，那就是Amplify ETF的IDVO。我们会给它约15%的权重，这意味着我们配置15万美元。
So, the next position we will add will again be a fundamental position, an ETF that will add another layer of diversification, and that is the Amplify ETF's IDVO. We will give it about 15 percent weight , which means we are allocating $150,000.
它过去12个月的初始收益率约为6%，这意味着它将产生约8,955美元的收入，而我们估计5年股息增长率约为3%。
Its starting yield over the past 12 months was about 6 percent, which means it will generate about $8,955 in income, and we are estimating a 5- year dividend growth rate of about 3 percent.
这是一只非常独特的基金，因为想想看，就GPIQ而言，其分派增长和资产净值随时间增长的原因之一，是投资组合期权覆盖率较低。IDVO在这方面也相当独特，因为如果我们去看该基金的页面，上面列出了投资IDVO的理由。
原因是这里有两大潜在收入来源。IDVO寻求从国际派息股票中获取收入。
This is a very unique fund, because consider that in the case of GPIQ, one of the reasons for their distribution growth and net asset value growth over time is the low rate of portfolio option coverage.
IDVO is also quite unique in that respect, because if we go to the fund's page, there are listed reasons to invest in IDVO. The reason is that there are two potential sources of income here.
IDVO seeks to secure income from international dividend-paying stocks.
所以，第一个是国际派息股票。我们现在有了国际市场的敞口，这是我们投资组合以前没有的，这增加了一层分散化。不仅如此，这些股票实际上还派发股息。所以，我们不只是通过对底层持仓卖出期权来赚钱，这些是实际派发股息的持仓，而这又是一只分散化非常好的ETF。
So, the first one is international dividend paying stocks. We now have exposure to international markets , which was not previously in our portfolio, which is an added layer of diversification.
Not only that , but these are stocks that actually pay dividends. So, we're not just making money by writing options on the underlying holdings, these are positions that actually pay dividends and this is again a very well diversified ETF.
此外，他们利用机会对这些股票卖出备兑看涨期权，从而提高分派。而“机会性地”这个词在这里是关键。
In addition, they take advantage of the opportunity to write covered calls on those stocks and increase their distribution. And the word 'opportunistically' is the key word here.
例如，再看一下备兑看涨期权ETF数据库。如果我们看Amplify的IDVO，让我们放大并仔细看看这只ETF。如果我们一直向下滚动，就会看到投资组合期权覆盖率，只有约50%。也就是说，他们只对投资组合的50%卖出期权。
自然，由此产生的结果是，这只基金能够分得更大份额的利润。
For example, look again at the covered call ETF database. If we look at Amplify's IDVO, let's zoom in and take a closer look at this ETF. If we scroll all the way down, we'll see the portfolio options coverage, which is only around 50 percent.
That is, they are writing options on only 50 percent of the portfolio. Naturally, what happens as a result of this is that this fund is able to take a larger share of the profits.
所以，现在我们能以两种不同方式提高分派。第一，底层持仓随着时间提高股息，基金随后将其分派给股东。但第二，由于他们只对投资组合的50%卖出期权，资产净值持续增长，这意味着他们可以随着时间提高分派。
So, now we can increase the distribution in two different ways. First, the underlying holdings are increasing their dividends over time, which the fund then distributes to shareholders.
But, secondly, since they are only writing options on 50 percent of the portfolio , the net asset value continues to grow , which means they can increase distributions over time.
但第二，由于他们只对投资组合的50%卖出期权，资产净值持续增长，这意味着他们可以随着时间提高分派。看看过去几年它实际表现如何。2022年9月，分派约为每月12美分。根据最新的分派，是21美分。所以，在非常短的时间内分派增长非常强劲。
But, secondly, since they are only writing options on 50 percent of the portfolio, the net asset value continues to grow, which means they can increase distributions over time.
Take a look at what it's actually been like over the past few years. In September 2022, the distribution was about 12 cents per month. According to the latest distribution, it was 21 cents.
So, the growth of distribution in a very short period of time is very strong.
现实是，基于五年股息复合年增长率，3%的分派增长可能看起来有点低。它当然本可以更高。但同样，目标不是过度乐观。
The reality is that 3 percent distribution growth may seem a bit low based on a five-year dividend CAGR. It certainly could have been more. But again, the goal is not to be overly optimistic.