Defiance 推出有史以來波動性最大的美國 ETF，瞄準比特幣代理商 MicroStrategy

- 在以風險日益增加的產品而聞名的美國交易所交易基金市場中，一種新產品首次亮相，在人群中脫穎而出。

A new exchange-traded fund that offers daily leveraged returns on MicroStrategy Inc. has debuted, making it the most volatile fund in the US.

MicroStrategy Inc. 推出了一款提供每日槓桿回報的新交易所交易基金，使其成為美國波動性最大的基金。

The Defiance Daily Target 1.75X Long MSTR ETF, which trades under the ticker MSTX, began trading on Thursday. It aims to amplify the daily price movements of MicroStrategy stock by a factor of 1.75 times.

Defiance Daily Target 1.75X Long MSTR ETF 週四開始交易，股票代號為 MSTX。其目的是將 MicroStrategy 股票的每日價格變動放大 1.75 倍。

The fund is the latest in a growing lineup of ETFs that use derivatives to offer outsized or inverse returns on single companies. As stocks soared for much of 2024, these funds have boomed in popularity, attracting billions of dollars and an array of issuers and new products.

該基金是不斷壯大的 ETF 陣容中的最新一支，這些 ETF 使用衍生性商品為單一公司提供超額或反向回報。隨著 2024 年大部分時間股市飆升，這些基金越來越受歡迎，吸引了數十億美元以及一系列發行人和新產品。

But investors in MSTX will potentially face the sharpest swings of them all, says Bloomberg Intelligence’s Eric Balchunas.

但彭博資訊 (Bloomberg Intelligence) 的 Eric Balchunas 表示，MSTX 的投資者可能會面臨其中最劇烈的波動。

“We're currently in a hot-sauce arms race as more and more issuers look to push the envelope on volatility because there is a market for it,” he said, referring to a moniker he gives riskier funds.

他表示：「我們目前正處於一場激烈的軍備競賽中，因為越來越多的發行人希望突破波動性的極限，因為波動性是有市場的。」他指的是他給風險較高的基金起的綽號。

For comparison, the 90-day volatility measure comes in at 66% for Tesla Inc. — another stock prone to sizable swings — and 63% for Nvidia Corp., data compiled by Bloomberg show. For SPY, the giant State Street fund that tracks the S&P 500 Index, it's 14%.

相較之下，彭博社彙編的數據顯示，特斯拉公司（另一隻容易大幅波動的股票）的 90 天波動率指標為 66%，英偉達公司為 63%。對於追蹤標準普爾 500 指數的大型道富基金 SPY 來說，這一比例為 14%。

Leveraged single-stock ETFs debuted two years ago, even as US Securities and Exchange Commission officials sounded the alarm on them, particularly for retail investors. While the funds offer a way to tap volatility, they can also compound losses.

槓桿單一股票ETF在兩年前首次亮相，儘管美國證券交易委員會官員對它們敲響了警鐘，尤其是對散戶投資者。雖然這些基金提供了一種利用波動性的方法，但它們也可能加劇損失。

And though SEC Chair Gary Gensler said the products “present particular risk,” assets in single-stock ETFs have nearly doubled in each of the past two quarters and are currently around $8.5 billion, BI estimates.

儘管 SEC 主席 Gary Gensler 表示這些產品“存在特殊風險”，但據 BI 估計，過去兩個季度單股 ETF 的資產幾乎翻了一番，目前約為 85 億美元。

“Leveraged funds tend to be used by tactical traders that understand that these funds may or may not come with heightened volatility,” said Sylvia Jablonski, the chief executive officer of Defiance.

Defiance 執行長 Sylvia Jablonski 表示：“槓桿基金往往由戰術交易者使用，他們了解這些基金可能會或可能不會加劇波動性。”

The industry offers funds for all manner of assets, strategies and themes, and companies have been introducing ever-more-complex products to lure cash in a crowded field. Many are also able to charge more for the products given that larger competitors that typically charge less for their ETFs aren't participating in leveraged and inverse funds, according to BI.

該行業為各種資產、策略和主題提供資金，公司一直在推出更複雜的產品，以在擁擠的領域吸引資金。 BI 表示，鑑於通常對其 ETF 收取較低費用的較大競爭對手不參與槓桿和反向基金，許多公司還能夠對產品收取更高的費用。

“Leverage single-stock products have clearly struck a chord with the trading crowd,” said Todd Sohn, an ETF strategist at Strategas. “Vanilla equity is a high hurdle to attract flows, so this is a new frontier, especially for smaller issuers trying to make a dent in the industry.”

Strategas 的 ETF 策略師 Todd Sohn 表示：“槓桿單一股票產品顯然引起了交易人群的共鳴。” “普通股票是吸引資金流動的一個很高的障礙，因此這是一個新領域，特別是對於試圖在該行業取得進展的小型發行人而言。”

Eye-popping returns from the likes of T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) and GraniteShares 2x Long NVDA Daily ETF (NVDL) — which have earned 330% and 290% in 2024, respectively — have caught investors' attention. Assets in NVDL, for instance, have soared to $5 billion, from around $200 million to start the year.

T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) 和GraniteShares 2x Long NVDA Daily Target ETF (NVDL) 等公司的回報令人瞠目結舌，它們在2024 年的回報率分別為330% 和290%，引起了投資者的關注。例如，NVDL 的資產已從年初的約 2 億美元飆升至 50 億美元。

That growth has inspired other issuers to try their luck.

這種成長激發了其他發行人嘗試運氣。

“It has become a massive magnet for all kinds of experimental products to be launched,” said Balchunas. “NVDL charges 1.15% — you just need one hit like this to be set for life.”

「它已經成為吸引各種實驗產品推出的巨大磁石，」巴爾丘納斯說。 “NVDL 收費 1.15%——你只需要一次這樣的點擊就能終身受益。”

For investors, a wrong-way bet can be extra painful. While NVDX and NVDL are the top-performing ETFs this year, three inverse Nvidia funds also top the list of worst performers, with losses of more than 70% each. The T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) is down 90% this year, the worst record for a US ETF in the entire 3,600-fund universe.

對投資人來說，錯誤的押注可能會帶來額外的痛苦。雖然 NVDX 和 NVDL 是今年表現最好的 ETF，但 Nvidia 的三隻反向基金也位居表現最差的榜首，每隻損失都超過 70%。 T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) 今年下跌了 90%，是整個 3,600 檔基金中美國 ETF 的最糟糕紀錄。

“There is a reason why the front page of this fund's prospectus is covered with disclosure in black bold print,” Amrita Nandakumar, president of Vident Asset Management, said of the new MicroStrategy fund. “As an industry, we have a responsibility to ensure that investors understand that funds such as these are meant to be short-term trading vehicles and not long-term investments.”

Vident 資產管理公司總裁 Amrita Nandakumar 在談到新的 MicroStrategy 基金時表示：“該基金招股說明書的首頁以黑色粗體字體披露信息是有原因的。” “作為一個行業，我們有責任確保投資者了解此類基金是短期交易工具，而不是長期投資。”

MicroStrategy became popular with retail investors in recent years thanks to its bets on Bitcoin. The firm's CEO has said the digital asset was a better investment for the enterprise-software company's cash than traditional staples such as short-term Treasuries.

近年來，MicroStrategy 因押注比特幣而受到散戶投資者的歡迎。該公司執行長表示，與短期國債等傳統主要資產相比，數位資產對於企業軟體公司的現金來說是更好的投資。

Defiance — which is known for its thematic offerings — also recently launched a double-leverage Eli Lilly ETF. It also manages some options-income products and is hoping to introduce a 2x fund based on Broadcom Inc. in the coming days. It has also shuttered some offerings, including

Defiance 以其主題產品而聞名，最近也推出了雙槓桿禮來 ETF。它還管理一些期權收益產品，並希望在未來幾天內推出基於 Broadcom Inc. 的 2x 基金。它還關閉了一些產品，包括