Schwab US Dividend Equity ETF Reverses In December: What's Going On?
Schwab US Dividend Equity ETF Reverses In December: What's Going On?
The Schwab US Dividend Equity ETF (NYSE:SCHD) has given back more than half of its one-year gains in the last month, with the ETF falling more than 7% in December. Here's a look at what may be plaguing the fund.
美国红利股ETF-Schwab（纽交所：SCHD）在过去一个月已经回吐了超过一半的年度收益，该ETF在12月下跌超过7%。下面来看一下可能困扰该基金的因素。
What To Know: The Schwab US Dividend Equity ETF is heavily weighted in the healthcare sector with four pharmaceutical stocks representing 15.83% of the fund's total holdings. The sector has underperformed recently as increased uncertainty emerged surrounding the potential appointments and policy changes that could come under President-elect Donald Trump.
要点：美国红利股ETF-Schwab在医疗保健板块的权重很大，四只药品股票占基金总持仓的15.83%。由于增选总统特朗普可能的任命和政策变化带来的不确定性，该板块最近表现不佳。
Healthcare Holdings
医疗保健持仓
Bristol-Meyers Squibb Co. (NYSE:BMY) is the fund's top pharmaceutical holding, representing 4.64% of its assets. The stock is down 2.6% over the past month.
百时美施贵宝公司（纽交所：BMY）是该基金的首要药品持仓，占其资产的4.64%。过去一个月该股票下跌了2.6%。
Pfizer, Inc. (NYSE:PFE) is also in the fund's top 10 holdings. It fell more than 5% following the presidential election as the vaccine-maker faces an uncertain political and regulatory environment ahead.
辉瑞公司（纽交所：PFE）也是该基金的前十大持仓之一。特朗普当选后，辉瑞股票下跌超过5%，因为这家生物-疫苗制造商面临不确定的政治和监管环境。
AbbVie, Inc. (NYSE:ABBV) and Amgen, Inc. (NASDAQ:AMGN) round out the dividend-focused fund's healthcare holdings. AbbVie shares are down slightly, though Amgen shares are down by more than 10% in December following disappointing clinical trial results from its weight-loss drug candidate, MariTide.
艾伯维公司（纽交所：ABBV）和安进公司（纳斯达克：AMGN）是该以分红为重点的基金的医疗保健持股。艾伯维的股票略有下跌，而安进的股票在12月份因其减肥药物候选药MariTide的临床试验结果 disappointing，不幸下跌超过10%。
Interest Rates: Another factor that could be affecting the Schwab dividend-focused fund is the uncertain interest rate environment. Dividends tend to become more attractive to investors in a low-interest rate environment. Recent comments from the Federal Reserve suggest a more hawkish outlook with inflation remaining sticky and above the Fed's target rate of 2%.
利率：可能影响美国红利股ETF-Schwab的另一个因素是不确定的利率环境。在低利率环境中，分红派息对投资者更具吸引力。最近联邦储备委员会的评论表明，他们对未来的看法更加鹰派，通货膨胀依然顽固且高于联邦储备的2%目标利率。
Additionally, the incoming Trump administration could again play a factor as Trump has pledged to raise tariffs on foreign imports which could reignite inflation and lead to interest rates staying higher for longer.
此外，特朗普即将上任的政府也可能再次成为一个因素，因为特朗普承诺提高对外国进口的关税，这可能会重新点燃通货膨胀并导致利率维持在较高水平的时间更长。
When interest rates are high, the yields on bonds and other fixed-income securities become more competitive, making dividend yields less appealing by comparison.
当利率期货较高时，债券和其他固定收益证券的收益率变得更具竞争力，从而使分红派息的收益率相比之下显得 less appealing。
