Defiance 推出有史以来波动性最大的美国 ETF，瞄准比特币代理 MicroStrategy

- 在以风险日益增加的产品而闻名的美国交易所交易基金市场中，一种新产品首次亮相，在人群中脱颖而出。

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杠杆回报的新交易所交易基金，使其成为美国波动性最大的基金。

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 于周四开始交易，股票代码为 MSTX。其目的是将 MicroStrategy 股票的每日价格变动放大 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.

该基金是不断壮大的 ETF 阵容中的最新一支，这些 ETF 使用衍生品为单一公司提供超额或反向回报。随着 2024 年大部分时间股市飙升，这些基金越来越受欢迎，吸引了数十亿美元以及一系列发行人和新产品。

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

但彭博资讯 (Bloomberg Intelligence) 的埃里克·巴尔丘纳斯 (Eric Balchunas) 表示，MSTX 的投资者可能会面临最剧烈的波动。

“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：“我们目前正处于一场激烈的军备竞赛中，因为越来越多的发行人希望突破波动性的极限，因为波动性是有市场的。”他指的是他给风险较高的基金起的绰号。

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%.

相比之下，彭博社汇编的数据显示，特斯拉公司（另一只容易出现大幅波动的股票）的 90 天波动率指标为 66%，英伟达公司为 63%。对于追踪标准普尔 500 指数的大型道富基金 SPY 来说，这一比例为 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.

杠杆单一股票ETF在两年前首次亮相，尽管美国证券交易委员会官员对它们敲响了警钟，尤其是对散户投资者。虽然这些基金提供了一种利用波动性的方法，但它们也可能加剧损失。

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.

尽管 SEC 主席加里·根斯勒 (Gary Gensler) 表示这些产品“存在特殊风险”，但据 BI 估计，过去两个季度单股 ETF 的资产几乎翻了一番，目前约为 85 亿美元。

“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 首席执行官西尔维亚·贾布隆斯基 (Sylvia Jablonski) 表示：“杠杆基金往往由战术交易者使用，他们了解这些基金可能会或可能不会加剧波动性。”

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.

该行业为各种资产、策略和主题提供资金，公司一直在推出更加复杂的产品，以在拥挤的领域吸引资金。 BI 表示，鉴于通常对其 ETF 收取较低费用的较大竞争对手不参与杠杆和反向基金，许多公司还能够对产品收取更高的费用。

“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 策略师托德·索恩 (Todd Sohn) 表示：“杠杆单一股票产品显然引起了交易人群的共鸣。” “普通股票是吸引资金流动的一个很高的障碍，因此这是一个新领域，特别是对于试图在该行业取得进展的小型发行人而言。”

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) 等公司的回报令人瞠目结舌，它们在 2024 年的回报率分别为 330% 和 290%，引起了投资者的关注。例如，NVDL 的资产已从年初的约 2 亿美元飙升至 50 亿美元。

That growth has inspired other issuers to try their luck.

这种增长激发了其他发行人尝试运气。

“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.”

“它已经成为吸引各种实验产品推出的巨大磁石，”巴尔丘纳斯说。 “NVDL 收费 1.15%——你只需要一次这样的点击就能终身受益。”

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.

对于投资者来说，错误的押注可能会带来额外的痛苦。虽然 NVDX 和 NVDL 是今年表现最好的 ETF，但 Nvidia 的三只反向基金也位居表现最差的榜首，每只损失都超过 70%。 T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) 今年下跌了 90%，是整个 3,600 只基金中美国 ETF 的最差记录。

“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 资产管理公司总裁 Amrita Nandakumar 在谈到新的 MicroStrategy 基金时表示：“该基金招股说明书的首页以黑色粗体字体披露信息是有原因的。” “作为一个行业，我们有责任确保投资者了解此类基金是短期交易工具，而不是长期投资。”

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.

近年来，MicroStrategy 因押注比特币而受到散户投资者的欢迎。该公司首席执行官表示，与短期国债等传统主要资产相比，数字资产对于企业软件公司的现金来说是更好的投资。

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 以其主题产品而闻名，最近还推出了双杠杆礼来 ETF。它还管理一些期权收益产品，并希望在未来几天推出基于 Broadcom Inc. 的 2x 基金。它还关闭了一些产品，包括