MSTY：随着比特币周期的变化，支出继续下降

Extramax MSTR期权收入策略ETF（Nysearca：MSTY）可以说是去年推出的最成功的高产期权资金之一。

YieldMax MSTR Option Income Strategy ETF (NYSEARCA:MSTY) is arguably one of the most successful high yielding option funds that has been launched in the last year. MSTY currently offers investors a massive distribution yield of 12.6% per annum, and it paid out $1.3775 in distributions for the 12-month period that ended in December 2022. This is despite the fact that the ETF’s net investment income for the year was just $0.44.

Extramax MSTR期权收入策略ETF（Nysearca：MSTY）可以说是去年推出的最成功的高产期权资金之一。 MSTY目前为投资者提供每年12.6％的巨额分配收益率，在2022年12月结束的12个月期间，它支付了1.3775美元的分配。这是事实上，该年度ETF的净投资收入仅为0.44美元。

Payouts Continue To Decline As Bitcoin Cycle Shifts

随着比特币周期的变化，支出继续下降

As impressive as MSTY’s income generation capabilities were in 2022, it is important to highlight that its payout potential is rapidly diminishing today as the Bitcoin cycle shifts. At the start of 2022, when MSTY launched, Bitcoin was trading at an all-time high of $69,000. But by the end of 2022, Bitcoin had dropped to $16,000. This price downturn has had a significant impact on MSTY’s ability to generate high levels of income.

尽管MSTY的收入产生能力令人印象深刻，但重要的是要强调，随着比特币周期的变化，其支出潜力正在迅速减少。 2022年初，当MSTY推出时，比特币的交易量为69,000美元。但是到2022年底，比特币已降至16,000美元。这种价格下跌对MSTY产生高水平收入的能力产生了重大影响。

This is because MSTY derives its income from selling covered call options on shares of MicroStrategy (NASDAQ:MSTR). MicroStrategy is a company that holds a large treasury investment in Bitcoin. MSTY’s strategy is to identify suitable strike prices and maturity dates for the call options that it sells, taking into account the prevailing market conditions and its risk tolerance.

这是因为MSTY通过在MicroStrategy（NASDAQ：MSTR）的股票上出售覆盖的呼叫选择获得收入。 MicroStrategy是一家对比特币进行大量财政投资的公司。 MSTY的策略是考虑到现行的市场状况及其风险承受能力，确定其出售的呼叫选项的合适罢工价格和成熟日期。

When an investor buys a call option, they gain the right, but not the obligation, to purchase a specific security, in this case, MicroStrategy shares, at a predetermined price, known as the strike price, on or before a set date, which is the option’s maturity. In exchange for granting this right to the investor, the investor pays a premium to the seller of the option.

当投资者购买呼叫期权时，他们会获得正确但没有义务，在这种情况下，以预定的价格（称为罢工价格）在设定的日期或之前以预定的价格购买了特定的安全性，这是该期权的成熟度。为了交换授予投资者的权利，投资者向该期权的卖方支付了溢价。

In today's market, selling covered call options on shares of MicroStrategy is relatively less risky than it would be in a rapidly rising market like the one we saw in 2021. This is because the potential for large price fluctuations is smaller in a slowly moving market.

在当今的市场中，与在2021年看到的迅速上升的市场相比，MicroStrategy股票的销售销售销售期权的风险要小。

However, it is crucial to understand that selling covered call options still carries inherent risks. If the price of the underlying shares rises significantly, the seller of the option may be forced to sell the shares at a lower price than they would have liked, and they may also forfeit the opportunity to realize further gains. Conversely, if the price of the underlying shares drops, the seller of the option will be able to keep the premium that they collected upfront.

但是，重要的是要了解销售包含的呼叫选项仍然具有固有的风险。如果基本股票的价格大幅上涨，则该期权的卖方可能会以比他们希望的低价出售股票，并且他们也可能会剥夺机会实现进一步收益的机会。相反，如果基本股票的价格下跌，则该期权的卖方将能够保留他们预先收取的溢价。

In 2022, when Bitcoin’s price was in a strong uptrend throughout the first half of the year, and even more so in the first quarter, it presented an excellent opportunity for selling covered call options on shares of MicroStrategy at higher strikes and collect substantial premiums.

在2022年，当比特币的价格在今年上半年处于强劲上升趋势时，甚至在第一季度，它提供了一个绝佳的机会，可以在更高的罢工中出售MicroStrategy股票的盖帽呼叫选择，并收集大量保费。

However, as Bitcoin’s price cycle turned in the second half of 2022, and especially in the fourth quarter, it placed MSTY in a less advantageous position. With Bitcoin’s price declining and the threat of steeper losses looming, MSTY had no choice but to reduce the strikes on its covered call options and sell them at lower premiums in order to mitigate the potential for even larger losses.

但是，随着比特币的价格周期在2022年下半年，尤其是在第四季度，MSTY处于优势较低的位置。随着比特币的价格下降和巨大损失的威胁，MSTY别无选择，只能减少对其覆盖的呼叫选择的罢工，并以较低的保费出售，以减轻更大损失的可能性。

This shift in strategy is evident in the decreasing trends observed in the total premiums paid by investors in MSTY and the net investment income recognized by the ETF in 2022.

在MSTY投资者支付的总保费和ETF在2022年确认的净投资收入中，这种策略转变在下降的趋势中显而易见。

Despite starting the year with a strong potential for income generation, MSTY's payout potential is rapidly diminishing today as the Bitcoin cycle continues to shift.

尽管从本年开始收入的潜力很大，但随着比特币周期的不断变化，MSTY的支出潜力正在迅速减少。