2011年4月29日金曜日

金ETFでCovered call(カバード・コール) ~配当に順ずる継続的収入~

2011年3月27日の記事の紹介です。

金、新興諸国のETFをCovered call(カバード・コール)しましょうという記事です。

「特に、金ETFは配当がないので、Covered call(カバード・コール)を利用すれば配当に替わり継続的な収入があります。」とのことです。

個人的にもボラティリティーが大きく配当のないコモディティー関連のアセットクラスとCovered call(カバード・コール)は相性が良いと思っています。

▽▽要約▽▽

ETFは株と同様に投資に利用できます、また個別株より分散されているのでボラティリティーが低いです。

金のETFも興味深いですが、ネガティブな側面として配当がありません。

しかし、Covered call(カバード・コール)を利用すれば金ETFからも継続的な収入が入ります。(キャッシュフローがプラスになりますということです。)

新興諸国の株式も保有するべきだが、正確な情報を入手することは難しいです。

そういう場合もETFを利用するにはいいケースです。

レバレッジETFもありますが、ボラティリティーが高いので気をつけるように。

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以下、引用

Gold And Emerging Markets ETFs For Selling Covered Calls27.03.2011 
Author: Robert Tolley
Individual stocks have a drawback in that they can be quite volatile. That’s why people created indexes, mutual funds, and exchange traded funds (ETFs) — to help smooth out the single stock volatility. ETFs are collections of assets that trade like a single stock. Because they have options available you can use them for covered calls. The inherent diversification they provide usually makes them a less volatile security than individual stocks. If one of the stocks that is part of an ETF drops suddenly then the effect will be felt less by the ETF that contains that stock than by the stock itself.
Many ETFs track a specific index, allowing you a convenient way to trade the index. Take IWM, for example, which represents an ETF that is comprised of two thousand stocks that make up the Russell 2000. When you purchase IWM you are buying a basket made up of two thousand stocks. Other popular ETFs include the NASDAQ 100 (symbol QQQQ) and the S&P 500 (symbol SPY). And there are ETFs to track specific commodities, sectors, or countries. For example, EWZ tracks Brazil, EWJ tracks Japan, XLF tracks financial stocks, and GLD tracks gold bullion.
GLD is an interesting one given investor interest in owning gold. But one negative is that GLD doesn’t pay cash dividends. However, by using covered calls you can generate recurring income from gold, too. Buy a gold ETF and write calls (at-the-money if you’re neutral on gold, or out-of-the-money if you’re bullish on gold). GLD is the most liquid gold ETF and definitely the best bet for covered call trading. UGL is 2x leveraged and therefore quite volatile, and DGL has very small open interest.
Everyone needs at least some exposure to emerging markets for proper diversification. But emerging markets information is hard to come by, inconsistent, and in a format that is difficult to digest. So it’s another good case for ETFs. The most popular emerging market ETF is EEM (iShares MSCI Emerging Markets Index Fund), which has nearly $41 billion in assets and is highly liquid. Another choice, if you want to limit your exposure to just China, for example, would be to use iShares FTSE/Xinhua China 25 (FXI).
There is one kind of ETF that you should not get involved with for covered calls, and that would be the leveraged ETFs. Leveraged ETFs are designed to be much more volatile than an unleveraged ETF. You can typically identify leveraged ETFs because they have words in their name like “double”, “ultra”, “triple”, “2x”, “3x”, or “leveraged”. Leveraged ETFs are mostly used by day traders and are not appropriate for conservative income-oriented investors. It can be tempting because the premiums are almost always pretty high. But there’s a reason for those fat premiums, so beware! Leveraged ETFs are, by design, two or three times more volatile than their unleveraged counterparts.
Born To Sell, http://www.borntosell.com, is a website dedicated to covered call options. To read more about covered calls, subscribe to the free options newsletter.

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