在衍生支持的ETF中解开爆炸的包装

本文仔细研究了单一股票以产生异常高收益的ETF，这是当今市场上最热门的资金。

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.

尽管大量资金继续流入低成本的普通vanilla ETF，但ETF宇宙越来越复杂。大多数正在启动的新ETF都是积极管理的，许多新的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.

最近的两个监管变化（“ ETF规则”和“衍生品规则”）使提供者更容易启动ETF并将衍生物纳入其策略。衍生支持的ETF中的爆炸特别令人震惊。

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

这些新的基于衍生的ETF大多数属于三类：

Buffer or defined outcome ETFs

缓冲或定义的结果ETF

Leveraged or inverse single-stock ETFs

杠杆或倒数单股ETF

Option-based income ETFs

基于期权的收入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)

一些最新产品甚至将销售期权策略与杠杆单股ETF结合在一起。 （请参阅：随着投资者寻求庇护市场动荡，缓冲ETF吸引了数十亿美元）

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.

本文仔细研究了单一股票以产生异常高收益的ETF，这是当今市场上最热门的资金。由于他们引人注目的分配率，这些资金对社交媒体产生了巨大的嗡嗡声。但是，即使他们继续吸引从投资者吸引到有利可图的每月支付的投资者，他们通常都表现不佳。

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.

我们分析了来自其各自的启动日期中的24个单股盖呼叫ETF的性能。我们专注于faredmax，因为它是这个利基市场的明显领导者，尽管最近出现了类似产品，但仍比竞争对手领先。

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

与大多数竞争对手相比，Bourdmax的许多ETF在2023年推出，提供了有限的，更丰富的绩效历史。

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.

尽管它们令人眼前一亮，但由于股价急剧下降，这些产品往往在总回报基础上表现不佳。在我们检查的24个产量max ETF中，只有两个设法略高于其各自的基本股票。

Option Income ETFs: How the Strategy Works

期权收入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目前在美国市场提供48个ETF，总资产管理超过100亿美元。尽管相对较新，但最古老的是2022年11月首次亮相，但该套房的发展迅速，在很大程度上是由于其头条发行分布的收益率为100％或以上。受此成功的启发，许多模仿ETF进入了市场。

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.

根据提供商的说法，这些资金的主要投资目标是寻求当前收入。次要目标是寻求接触基础股票的价格转移，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.

这些资金实际上并没有持有基础股票。取而代之的是，他们通过在呼叫选项和POT选项中的短位置上占据较长的位置来获得合成的暴露。他们还持有财政证券的抵押和额外收入。

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.

为了产生每月收入，基金经理出售与综合长期头寸的呼叫期权。这些电话通常有一个月或更短的到期，并罢工价格比当前股价高出0％–15％。在某些情况下，管理人员使用涵盖的呼叫传播策略来进一步提高收率。

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社区拥有大约44,000名成员，其中许多人讨论使用这些ETF替代其9比5的工作或产生退休收入。

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.

该套件中最受欢迎的四种产品与一些最热门和最波动性的股票有关。这种固有的波动率会导致更高的期权保费和更高的潜在收入。这些ETF中的每一个都在AUM中收集了超过10亿美元。

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.

收益率是通过每年的每月支付来计算的，并将其除以基金的最新导航。但是，由于销售期权的收入取决于基础股票的波动，隐含波动性和其他因素，收益率可能会差异很大。

Performance Since Inception

自成立以来的表现

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.

我们分析了来自其成立的总收益（包括分布）的总回报，以及各自的基本股票。有些股票飙升，有些股票下降，而另一些股票保持相对平坦，但是在所有情况下，除了跟踪Paypal Pypl和Marathon Digital Mara的情况外，ETF的表现不佳。

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.

对于四种最受欢迎​​的产品，性能差距很大 - 证明投资者可能会在追求收益率的情况下留下很多钱。

YieldMax MSTR Option Income Strategy ETF (MSTY)

Fardmax MSTR期权收入策略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.

该套房中最受欢迎的产品在2月庆祝了其一周年，现在拥有40亿美元的资产。它也是阵容中收益最高的单股ETF，提供了136％的分布率。自成立以来，它的总回报率为286％，而在同一时期，MST的股票飙升了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.

战略MSTR曾经是一家鲜为人知的损失软件公司，已成为比特币的最大公司持有人，现在像在加密货币上的杠杆赌注一样进行交易。它的股票高于其比特币持有量的价值。

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

一些专家认为，MSTY背后的金融工程以及高级估值 - 可能是不可持续的