TDV 通过成熟的股息增长型公司提供科技敞口，采用等权配置以缓解集中度，同时保留优质基本面，这与等权纳斯达克100不同。它将科技敞口扩展至 Accenture、Mastercard 和 Visa，且在10月大幅上涨，而科技板块和纳斯达克则深度下跌。
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我们在这里与 Simeon Heyman 要讨论的第二只 ETF 是 TDV，它保留科技敞口，但侧重于成熟科技和科技相关公司，这些公司有持续派息和增长的历史。
And the second ETF we'll be talking about with Simeon Heyman here is TDV, which maintains a technology exposure, but emphasizes established technology and techreated companies with histories of consistent dividend payments and growth.
我们来聊聊 TDV。有些投资者会说，我明白，但我想要一些科技，我知道估值倍数可能是他们想要的任何水平，但我想要一些这种敞口。那么，TDV——这名字真拗口——这只 ETF 是如何通过转而聚焦那些有股息增长的成熟公司、并采用我读到的等权重方法，来提供一种不同类型的科技敞口的？
Let's talk about TDV. So some investors they're like listen I get it but I want some tech and I understand you know multiples might be whatever they want but I want some of this exposure.
So, how does TDV, which like that's just a mouthful, but how does that ETF provide a different kind of technology exposure by instead focusing on those established companies with dividend growth and using that equal weighted approach that I read about?
但在当前环境下，一个非常重要的工具是我们的代码 TDV，即标普科技股息贵族。所以这些是持续提高股息的技术公司。
But a very important tool in this environment is our ticker TDV, which is the S&P technology dividend aristocrats. So these are tech companies that have consistently grown their dividends.
股息增长是一个极其重要的信号，因为你知道，公司不喜欢削减股息。市场对此反应非常差。所以当你提高股息时，你实际上是在指向对未来的看涨。而这个投资组合正是围绕这一点。
Growing dividends is a super super important signal because you know companies don't like to cut dividends. That is very poorly received by the market. So when you increase your dividend, you are really pointing towards bullishness on the future. A and that's what this portfolio was all about.
但同样至关重要的是，该投资组合也是等权重的，这大大缓解了我们在当今市场中看到的集中度问题。我这么说是什么意思？市场的集中度风险让很多人说，那我为什么不直接等权重呢？但那样你有点不加区分地这么做。
所以在这个例子中，如果你拿 NASDAQ 100 并等权重，你会削弱它的许多质量要素，比如资产回报率和股本回报率。但科技股息贵族 TDV 是等权重的，但这些优质公司使得一个等权重的产品拥有比现成 NASDAQ 更好的基本面。这挺酷的。
But also critically important, the portfolio is also equally weighted and that does a lot to mitigate the concentration that we've seen in the market today. And what do I mean by that?
Well, the concentration risk in the market is has moved a lot of people to say, well, why don't I just equally weight it? except then you're kind of doing it indiscriminately. So in this instance, if you take the NASDAQ 100 and you equally weight it, you degrade many of its quality elements like its return on assets with return on equity.
But the technology dividend aristocrats TDV is equally weighted but these quality companies such that an equally weighted guy with better better fundamentals than the NASDAQ off the shelf. That's pretty cool.
还有一点算不上脚注，但有点意思。这是对科技板块的旧定义，范围稍大一些。大家可以提交问题，我们会带大家逐一梳理。不过我先具体说说这意味着什么。这里面有几个名字，是如今在科技板块里现成买不到的。
比如 Asenture 这样的公司，这些人正在做所有的 AI 咨询工作。你还能拿到 Mastercard 和 Visa。所以你能获得范围广得多的科技配置，而不必承担集中度风险。
The other thing which is not quite a footnote but is a little interesting. This is the old tech definition of tech which is a little bigger. Uh people can uh send in their questions.
We'll walk them through everything. But I'll just give you what that means tangibly. There are a few names here that you don't get in the tech sector off the shelf these days. You get names like Asenture.
Man, these guys are doing all the AI consulting work. And you also get Mastercard and Visa. So you get a much broader uh much broader allocation to check without the concentration risk.
一个证明是，在十月科技板块和 NASDAQ 深陷下跌时，它大幅上涨。所以它现在正在证明自己的实力。TDV 可能会吸引那些仍然想要科技敞口、但希望减少对少数主导性超大型公司依赖的人。
Uh proof point uh well into the green in the month of October when the uh tech sector and the NASDAQ are deep in the red. So it's it's proving its stripes right now. TDV may appeal to someone who still wants the technology exposure but wants to rely less on the few dominant mega cap companies.
TDV 给你——刚才那个回答完全正确——一条替代路径，或许能让你以更审慎的方式配置科技。它实际上重新设计了这种敞口，把持续股息增长作为筛选条件所带来的优质效果，与真正能缓解集中度风险的等权构建结合起来。
TDV gives you and that answer was precisely correct an alternative path to perhaps a little bit more prudent exposure to technology. It really re-engineers the exposure by combining both the efficacy of consistent dividend growth as a screen that delivers quality and an equal weight construction that really mitigates the concentration risk.
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——我要说很多其他东西——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.
重叠确实非常多，你得看看，你得看看底层持仓，因为你可能持有五只或十只 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.