在衍生支持的ETF中解開爆炸的包裝

本文仔細研究了單一股票以產生異常高收益的ETF，這是當今市場上最熱門的資金。

While a significant amount of money continues to flow into low-cost, plain-vanilla ETFs, the ETF universe is becoming increasingly complex. Most new ETFs being launched are actively managed, and many make use of derivatives.

儘管大量資金繼續流入低成本的普通vanilla ETF，但ETF宇宙越來越複雜。大多數正在啟動的新ETF都是積極管理的，許多新的ETF利用了衍生品。

Two recent regulatory changes—the “ETF Rule” and the “Derivatives Rule”—have made it easier for providers to launch ETFs and incorporate derivatives into their strategies. The explosion in derivative-backed ETFs has been particularly striking.

最近的兩個監管變化（“ ETF規則”和“衍生品規則”）使提供者更容易啟動ETF並將衍生物納入其策略。衍生支持的ETF中的爆炸特別令人震驚。

Most of these new derivative-based ETFs fall into one of three categories:

這些新的基於衍生的ETF大多數屬於三類：

Buffer or defined outcome ETFs

緩衝或定義的結果ETF

Leveraged or inverse single-stock ETFs

槓桿或倒數單股ETF

Option-based income ETFs

基於期權的收入ETF

Some of the newest products even combine options-selling strategies with leveraged single-stock ETFs. (See: Buffer ETFs Attract Billions as Investors Seek Shelter from Market Turmoil)

一些最新產品甚至將銷售期權策略與槓桿單股ETF結合在一起。 （請參閱：隨著投資者尋求庇護市場動盪，緩衝ETF吸引了數十億美元）

This article takes a closer look at ETFs that trade options on single stocks to generate exceptionally high yields—among the hottest-selling funds in the market today. Thanks to their eye-catching distribution rates, these funds are generating significant buzz on social media. However, they generally underperform the underlying stocks, even as they continue to attract assets from investors drawn to their lucrative monthly payouts.

本文仔細研究了單一股票以產生異常高收益的ETF，這是當今市場上最熱門的資金。由於他們引人注目的分配率，這些資金對社交媒體產生了巨大的嗡嗡聲。但是，即使他們繼續吸引從投資者吸引到有利可圖的每月支付的投資者，他們通常都表現不佳。

We analyzed the performance of 24 single-stock covered call ETFs in the YieldMax suite from their respective inception dates. We focused on YieldMax because it is the clear leader in this niche, significantly ahead of competitors despite a recent surge in similar offerings.

我們分析了來自其各自的啟動日期中的24個單股蓋呼叫ETF的性能。我們專注於faredmax，因為它是這個利基市場的明顯領導者，儘管最近出現了類似產品，但仍比競爭對手領先。

Many of YieldMax’s ETFs launched in 2023—providing a limited, yet more substantial, performance history compared to most rivals, which are even newer.

與大多數競爭對手相比，Bourdmax的許多ETF在2023年推出，提供了有限的，更豐富的績效歷史。

Despite their eye-popping distribution rates, these products tend to underperform on a total return basis due to steep declines in share price. Of the 24 YieldMax ETFs we examined, only two managed to slightly outperform their respective underlying stocks.

儘管它們令人眼前一亮，但由於股價急劇下降，這些產品往往在總回報基礎上表現不佳。在我們檢查的24個產量max ETF中，只有兩個設法略高於其各自的基本股票。

Option Income ETFs: How the Strategy Works

期權收入ETF：策略的工作方式

YieldMax currently offers 48 ETFs in U.S. markets, with total assets under management of over $10 billion. Though relatively new—the oldest, TSLY, debuted in November 2022—the suite has grown rapidly, largely driven by its headline-grabbing distribution yields of 100% or more. Inspired by this success, many copycat ETFs have entered the market.

Fardmmax目前在美國市場提供48個ETF，總資產管理超過100億美元。儘管相對較新，但最古老的是2022年11月首次亮相，但該套房的發展迅速，在很大程度上是由於其頭條發行分佈的收益率為100％或以上。受此成功的啟發，許多模仿ETF進入了市場。

According to the provider, the primary investment objective of these funds is to seek current income; the secondary objective is to seek exposure to the price movement of the underlying stock, subject to a cap.

根據提供商的說法，這些資金的主要投資目標是尋求當前收入。次要目標是尋求接觸基礎股票的價格轉移，但要有上限。

These funds do not actually hold the underlying stocks. Instead, they gain synthetic exposure by taking long positions in call options and short positions in put options. They also hold Treasury securities for collateral and additional income.

這些資金實際上並沒有持有基礎股票。取而代之的是，他們通過在呼叫選項和POT選項中的短位置上佔據較長的位置來獲得合成的暴露。他們還持有財政證券的抵押和額外收入。

To generate monthly income, the fund manager sells call options against the synthetic long position. These calls typically have expirations of one month or less and strike prices about 0%–15% above the current share price. In some cases, managers use covered call spread strategies to further enhance yields.

為了產生每月收入，基金經理出售與綜合長期頭寸的呼叫期權。這些電話通常有一個月或更短的到期，並罷工價格比當前股價高出0％–15％。在某些情況下，管理人員使用涵蓋的呼叫傳播策略來進一步提高收率。

The YieldMax Reddit community has around 44,000 members, many of whom discuss using these ETFs to replace their 9-to-5 jobs or to generate retirement income.

Faredmax Reddit社區擁有大約44,000名成員，其中許多人討論使用這些ETF替代其9比5的工作或產生退休收入。

The four most popular products in the suite are linked to some of the hottest and most volatile stocks. This inherent volatility leads to higher option premiums—and higher potential income. Each of these ETFs has gathered over $1 billion in AUM.

該套件中最受歡迎的四種產品與一些最熱門和最波動性的股票有關。這種固有的波動率會導致更高的期權保費和更高的潛在收入。這些ETF中的每一個都在AUM中收集了超過10億美元。

Yields are calculated by annualizing the most recent monthly payout and dividing it by the fund’s latest NAV. However, yields can vary significantly from month to month as income from selling options depends on fluctuations in the underlying stock, implied volatility, and other factors.

收益率是通過每年的每月支付來計算的，並將其除以基金的最新導航。但是，由於銷售期權的收入取決於基礎股票的波動，隱含波動性和其他因素，收益率可能會差異很大。

Performance Since Inception

自成立以來的表現

We analyzed the total return—including distributions—of YieldMax ETFs from their inception versus their respective underlying stocks. Some stocks surged, some declined, and others remained relatively flat—but in all cases except those tracking PayPal PYPL and Marathon Digital MARA, the ETF underperformed the stock.

我們分析了來自其成立的總收益（包括分佈）的總回報，以及各自的基本股票。有些股票飆升，有些股票下降，而另一些股票保持相對平坦，但是在所有情況下，除了跟踪Paypal Pypl和Marathon Digital Mara的情況外，ETF的表現不佳。

For the four most popular products, the performance gap was substantial—showing that investors may be leaving a lot of money on the table in pursuit of yield.

對於四種最受歡迎​​的產品，性能差距很大 - 證明投資者可能會在追求收益率的情況下留下很多錢。

YieldMax MSTR Option Income Strategy ETF (MSTY)

Fardmax MSTR期權收入策略ETF（MSTY）

The most popular product in the suite celebrated its one-year anniversary in February and now boasts $4 billion in assets. It is also the highest-yielding single-stock ETF in the lineup, offering a 136% distribution rate. Since inception, it has delivered a total return of 286%, while MSTR stock has surged 457% during the same period.

該套房中最受歡迎的產品在2月慶祝了其一周年，現在擁有40億美元的資產。它也是陣容中收益最高的單股ETF，提供了136％的分佈率。自成立以來，它的總回報率為286％，而在同一時期，MST的股票飆升了457％。

Once a little-known, money-losing software firm, Strategy MSTR has become the largest corporate holder of bitcoin and now trades like a leveraged bet on the cryptocurrency. Its stock commands a significant premium over the value of its bitcoin holdings.

戰略MSTR曾經是一家鮮為人知的損失軟件公司，已成為比特幣的最大公司持有人，現在像在加密貨幣上的槓桿賭註一樣進行交易。它的股票高於其比特幣持有量的價值。

Some experts believe the financial engineering behind MSTY—and the premium valuation—may be unsustainable

一些專家認為，MSTY背後的金融工程以及高級估值 - 可能是不可持續的