SPXT 持有标普500中剔除信息技术的部分，保留其他板块；它既可单独用于完全剔除科技敞口，也可与标普500或主动管理人组合，以降低（但无法消除）科技敞口。SPXT 和 TDV 的分散化效果明显优于许多其他基金。
逐段跳播
第一个是 SPXT，它是一只 ETF，让投资者能够持有标普 500，同时整体剔除信息技术板块。
The first one is SPXT, which is an ETF that allows investors to own the S&P 500 while excluding the information technology sector as a whole.
我们来聊一下 SPXT。在最基本的层面上，ProShares S&P 500X technology ETF 到底是什么？为什么投资者会想持有不含信息技术板块的标普 500？
Let's talk about SPXT for a moment. At the basic level, what exactly is the ProShares S&P 500X technology ETF? And why might an investor want to own the S&P 500 without the information technology sector?
好消息是这很容易解释。你持有的是不含科技板块的标普 500。而科技板块那部分就像花生酱一样抹在其他所有东西上。所以你并不是在试图猜测别的什么。它只是把科技板块从标普 500 中剥离出来，因此代码是 SPXT。
The good news is it's easy to explain. you own the S&P 500 without the tech sector. And the piece that is the tech sector is just spread like peanut butter over everything else.
So you're not trying to guess anything else. It's just extracting the tech sector from the S&P 500, hence the a ticker SPXT.
那么这里的用途是什么？听着，如果你不喜欢我那套投资政策声明的说法，而且你确实有极强的信念，这就是那个精准的答案，能给你不含科技板块的标普 500，并且保留了其余所有的分散化元素。
So what's the use case here? Listen, if you don't like my investment policy statement story and you really have extreme conviction, this is the surgical answer that will give you the S&P 500 without the tech sector and it preserves all the rest of the diversification elements that are there.
你仍然会有能源那部分，你会有必需消费那部分，所有这些部分都还在。但更——我不会说更审慎，而是更符合投资政策声明那类说法的是，你很可能会把 SPXT 与投资组合中的其他股票工具结合起来。
不管是简单的 50/50 搭配普通标普 500。这样现在你不再是 40%，而是 20%。那会极其审慎。
You're still going to have your energy piece, you're going to have your staples piece, all those pieces are still going to be there. But a more I wouldn't say prudent but more in line with the investment policy statement kind of story is you're likely to combine SPXT with other equity instruments in your portfolio.
Whether it be just 50/50 plain vanilla S&P 500. So now instead of 40% you have 20. That would be extremely prudent.
或者是一个主动管理人，你知道，在你的投资组合中已经有大量敞口，甚至可能超过 40%。把它与投资组合中的其他股票策略结合起来，以减少但很可能无法消除科技敞口。
Or whether it's an active manager who you know in your portfolio has plenty of exposure maybe even more than 40%. combining it with other equity strategies in your portfolio to reduce but likely not eliminate the technology exposure.
那些人实际上才是典型的应该在其股票持仓中买入 SPXT、不含科技的人，因为他们通过自己的——通过自己的生计获得了太多敞口。
Those are the quintessential people that buy the book actually should have spxt no technology in their equity holdings because they got so much exposure through their uh through their livelihood.
SPXT 可能会吸引那些认为自己已经有足够科技敞口、想要标普 500 其余部分而不含该板块这一特定部分的人。SPXT 提供不含科技板块的标普。所以会是那些对看空观点有极强——极强信念的人，它是一个彻底消除科技板块的完美工具。
但正如我们讨论的，它与其他股票投资结合使用也非常好，不管这些投资是集中的个股持仓、主动管理人，还是超级集中的标普 500。所以它可以用来给你完全不含科技的标普，或者与其他——与其他工具结合来减少敞口。
SPXT may appeal to someone who believes they already have enough technology exposure and they want the rest of the S&P 500 without that specific part of that sector. SPXT delivers the S&P without the tech sector.
So they're going to be people with so much uh conviction with regards to the bearish view that it is a perfect tool to completely eliminate the tech sector. But as we were discussing, it also works very well as a combination with other equity investments, whether they're concentrated single stock positions or active managers or just the S&P 500 that's super concentrated.
So it can be used to give you the S&P without it absolutely or in conjunction with other uh with other vehicles to reduce the exposure.
我认为可以相当公允地说，SPXT 和 TDV 在分散股票持仓方面，都比外面很多其他——我会说很多其他东西，提供了明显更好的机会。
I think it's pretty fair to say that SPXT and TDV both offer materially better opportunities for diversifying your equity holdings than a lot of other I'll I'll say a lot of other stuff out there.
确实存在大量重叠，你得看看——你得看看底层持仓，因为你可能有五只或十只 ETF，它们看起来可能几乎一模一样，但 SPXT 和 TDV 不会——很可能不会看起来像你可能持有或正在考虑的其他基金。
There really is a ton of overlap and you got to look you got to look under the hood because you can have five or 10 ETFs and they might all be looking almost exactly the same but SPXT and TDV will not will likely not look like the other funds that you might own or be thinking of.