美元飆升創20年新高,兩隻ETF成為大贏家
隨着美聯儲不斷收緊政策,美元勢如破竹,美元指數26日一度突破114,創20年新高,年初至今累積漲幅達到19%。
多數機構認爲美元的牛市尚未結束,在美聯儲的緊縮政策明顯減弱之前,美元仍有最後一衝。瑞銀認爲美元的漲勢尚未結束,在能源危機的背景下,美元將繼續擔當避風港,短期內投資者可以考慮將現金和債券配置向美元傾斜。
26日海外市場一片哀嚎,除了美元都在跌,那麼投資者該如何投資美元?
最簡單的方式是購買做多美元的ETF,美股上市的標的有UUP、USDU。
UUP(Invesco DB U.S. Dollar Index Bullish Fund)
UUP通過持有期貨合約跟蹤美元相對一籃子貨幣的價值變化,具體來說UUP利用USDX期貨做多美元,做空美國主要貿易夥伴的貨幣,包括歐元(權重57.6%)、日元(13.6%)、英鎊(11.9%)、加元(9.1%)、瑞典克朗(4.2%)和瑞士法郎(3.6%),即美元指數的成分貨幣。也就是說UUP走勢基本和美元指數一致。
UUP成立於2007年2月,目前資產規模達到20億美元,日均成交額1.12億美元,管理費0.78%,26日收盤價爲30.66美元,年初至今累計漲幅19.6%。
USDU(WisdomTree Bloomberg U.S. Dollar Bullish Fund)
USDU也是做多美元的ETF,通過跟蹤彭博美元總回報指數(Bloomberg dollar Total Return Index),提供了美元兌一籃子外匯的風險敞口,包括髮達和新興市場貨幣,也就是追蹤的貨幣比美元指數更廣泛。
USDU成立於2013年12月,目前資產規模4億美元,日均成交額1180萬美元,管理費0.5%,26日收盤價爲30.12美元,今年累計漲幅15.6%。
對比兩隻美元ETF可以發現,UUP規模和交易量更大,管理費也稍貴一點,且由於歐元權重較高,在今年歐元兌美元大幅下跌跌破平價的情況下,UUP的表現略勝USDU。
做空美元ETF
當然美元不能漲上天,當美聯儲放緩加息步伐甚至是再次實施寬鬆政策時,美元勢頭將扭轉,屆時做空美元的ETF將從中獲利,即UDN(Invesco DB U.S. Dollar Index Bearish Fund),UDN的操作與上述UUP相反。
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