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HOU LIHONG

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- HOU LIHONGHOU LIHONG
  ·10-24
  这种就是证券公司透支信用，透支投资人对他们的信任，造出来的恶劣垃圾，专门收割吃人。
  从“2倍做多”到“反向下跌”，杠杆ETF“名不副实”？
  杠杆ETF因仅追求单日倍数回报而非长期回报，产生"波动性衰减"现象。例如：股票从10美元跌30%再涨50%，最终涨至10.5美元；但2倍杠杆ETF从10美元跌60%至4美元后涨100%至8美元，反而亏损。标的波动性越大，杠杆ETF长期回报侵蚀越严重。
  从“2倍做多”到“反向下跌”，杠杆ETF“名不副实”？
  110 评论
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- HOU LIHONGHOU LIHONG
  ·09-11
  我成本122元
  710 评论
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- HOU LIHONGHOU LIHONG
  ·07-08
  这篇文章不错，转发给大家看看
  非常抱歉，此主贴已删除
  826 评论
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LIHONG","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580958362403702","authorIdStr":"3580958362403702"},"themes":[],"htmlText":"这种就是证券公司透支信用，透支投资人对他们的信任，造出来的恶劣垃圾，专门收割吃人。","listText":"这种就是证券公司透支信用，透支投资人对他们的信任，造出来的恶劣垃圾，专门收割吃人。","text":"这种就是证券公司透支信用，透支投资人对他们的信任，造出来的恶劣垃圾，专门收割吃人。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/492609883255560","repostId":"2577704559","repostType":2,"repost":{"id":"2577704559","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1761268239,"share":"https://www.laohu8.com/m/news/2577704559?lang=&edition=full","pubTime":"2025-10-24 09:10","market":"hk","language":"zh","title":"从“2倍做多”到“反向下跌”，杠杆ETF“名不副实”？","url":"https://stock-news.laohu8.com/highlight/detail?id=2577704559","media":"华尔街见闻","summary":"杠杆ETF因仅追求单日倍数回报而非长期回报，产生\"波动性衰减\"现象。例如：股票从10美元跌30%再涨50%，最终涨至10.5美元；但2倍杠杆ETF从10美元跌60%至4美元后涨100%至8美元，反而亏损。标的波动性越大，杠杆ETF长期回报侵蚀越严重。","content":"<html><head></head><body><p>一只追踪MicroStrategy的2倍杠杆ETF在过去12个月暴跌65%，而同期该公司股价却上涨28%，这一巨大反差将&#34;波动率衰减&#34;问题推至台前。</p>\n<p>对于渴望在创纪录的牛市中博取更高收益的投资者而言，杠杆ETF一度被视为一条捷径。截至10月中旬，杠杆型单股ETF的资产规模已增至约400亿美元。</p>\n<p>但这类产品的快速扩张正让更多投资者遭遇意外损失，尤其是那些误解了杠杆基金运作机制的投资者。据Morningstar数据，过去两个季度，交易者从杠杆型单股基金中撤出近50亿美元，这是该类别首次录得资金流出。</p>\n<p>与此同时，ETF发行商Volatility Shares上周已提交文件，计划推出27只高杠杆ETF，<strong>其中包括可能成为美国首批的5倍杠杆基金</strong>。</p>\n<p>美国证券交易委员会此前曾对高杠杆基金表示反对，但<strong>由于政府停摆期间暂停审查基金申请，这些产品可能在申请75天后自动获准发行</strong>。</p>\n<div>\n<h2>杠杆机制如何&#34;吞噬&#34;收益</h2>\n</div>\n<p><strong>杠杆ETF表现与标的长期走势背离的根本原因，在于其“每日复利”的运作机制，这带来了交易员所说的“波动性衰减”（volatility decay）。</strong></p>\n<p>杠杆ETF最常见的类型是实现标的资产2倍回报。例如，追踪<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>的2倍杠杆ETF在特斯拉上涨5%当日会上涨10%，但若特斯拉下跌5%，该ETF则会暴跌10%。</p>\n<p><strong>但是这类基金旨在提供特定倍数（如2倍）的“单日”回报，而非长期回报</strong>。</p>\n<p>举个例子，假设一只股票和追踪它的2倍杠杆ETF初始价格均为10美元：</p>\n<blockquote>\n<ul>\n<li>第一天，股票下跌30%至7美元，杠杆ETF则下跌60%至4美元。</li>\n<li>第二天，股票强劲反弹50%，价格升至10.5美元，本周实现上涨。</li>\n<li><strong>但对于杠杆ETF而言，即使它同样实现了100%的上涨（即股票50%涨幅的两倍），其价格也只能从4美元回升至8美元，本周仍处于亏损状态</strong>。</li>\n</ul>\n</blockquote>\n<p><strong>股票的波动性越大，杠杆ETF的长期回报就越容易被侵蚀</strong>。正如ETF.com研究总监Dave Nadig所说：</p>\n<blockquote>\n<p>你给这些基金增加的杠杆或波动性越多，它们所有的问题都会变得更加突出。</p>\n</blockquote>\n<p><strong>基金经理们也普遍警告，这类产品不应被长期持有。</strong></p>\n<div>\n<h2>投资者的惨痛教训：“我们是不是完蛋了？”</h2>\n</div>\n<p>对于许多被社交媒体上的暴富故事所吸引、对运作机制一知半解的散户投资者而言，这种数学陷阱带来了巨大的实际亏损。</p>\n<p>追踪MicroStrategy的两只2倍杠杆ETF就是一个极端例子，其去年的飙升在社交媒体上引发关注，吸引了大量寻求刺激的投资者以前所未有的速度涌入。</p>\n<p><strong>如今，尽管标的股票本身在上涨，但许多投资者却面临巨额亏损。</strong></p>\n<p>在<a href=\"https://laohu8.com/S/RDDT\">Reddit</a>的投资论坛上，有用户绝望地发帖询问：</p>\n<blockquote>\n<p>我们这些MSTU和MSTX（两只MicroStrategy杠杆ETF的代码）的持有者是不是完蛋了？</p>\n</blockquote>\n<p>另一位讨论这些基金的投资者则写道：</p>\n<blockquote>\n<p>如果说我以前不懂价格衰减，现在我懂了。我吸取了教训，不打算再碰杠杆ETF了。</p>\n</blockquote>\n<div>\n<h2>高额费用驱动供给激增</h2>\n</div>\n<p>尽管<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>和<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>资产管理等大型管理公司因风险考虑避开了这类ETF，但许多其他机构被丰厚的管理费所吸引。</p>\n<p><strong>杠杆ETF通常收取约1%的资产管理费，远高于主动型基金0.3%的平均费率。</strong></p>\n<p>据美国银行分析师数据，<strong>仅2025年就有约200只杠杆股票ETF推出，使总数在10月达到701只。截至10月中旬，杠杆型单股ETF的资产规模已达约400亿美元</strong>。</p>\n<p>资金管理公司并未因投资者损失而却步。一些机构继续推出杠杆ETF，试图从近期市场涨势中受到鼓舞的投资者那里获利。</p>\n<p>若监管机构未能在75天申请期内采取行动，包括首批5倍杠杆基金在内的极端产品可能获准发行。<strong>分析师指出，这类基金在标的股票单日下跌20%时就会归零并被清算。</strong></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>从“2倍做多”到“反向下跌”，杠杆ETF“名不副实”？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n从“2倍做多”到“反向下跌”，杠杆ETF“名不副实”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-24 09:10 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3757775><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一只追踪MicroStrategy的2倍杠杆ETF在过去12个月暴跌65%，而同期该公司股价却上涨28%，这一巨大反差将\"波动率衰减\"问题推至台前。\n对于渴望在创纪录的牛市中博取更高收益的投资者而言，杠杆ETF一度被视为一条捷径。截至10月中旬，杠杆型单股ETF的资产规模已增至约400亿美元。\n但这类产品的快速扩张正让更多投资者遭遇意外损失，尤其是那些误解了杠杆基金运作机制的投资者。据...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3757775\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/4a3fde18afae40e236850b47f71b29e4","relate_stocks":{"BK4614":"Manus概念股","MSTU":"T-Rex 2X Long MSTR Daily Target ETF","MSTX":"Defiance Daily Target 2X Long MSTR ETF"},"source_url":"https://wallstreetcn.com/articles/3757775","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2577704559","content_text":"一只追踪MicroStrategy的2倍杠杆ETF在过去12个月暴跌65%，而同期该公司股价却上涨28%，这一巨大反差将\"波动率衰减\"问题推至台前。\n对于渴望在创纪录的牛市中博取更高收益的投资者而言，杠杆ETF一度被视为一条捷径。截至10月中旬，杠杆型单股ETF的资产规模已增至约400亿美元。\n但这类产品的快速扩张正让更多投资者遭遇意外损失，尤其是那些误解了杠杆基金运作机制的投资者。据Morningstar数据，过去两个季度，交易者从杠杆型单股基金中撤出近50亿美元，这是该类别首次录得资金流出。\n与此同时，ETF发行商Volatility Shares上周已提交文件，计划推出27只高杠杆ETF，其中包括可能成为美国首批的5倍杠杆基金。\n美国证券交易委员会此前曾对高杠杆基金表示反对，但由于政府停摆期间暂停审查基金申请，这些产品可能在申请75天后自动获准发行。\n\n杠杆机制如何\"吞噬\"收益\n\n杠杆ETF表现与标的长期走势背离的根本原因，在于其“每日复利”的运作机制，这带来了交易员所说的“波动性衰减”（volatility decay）。\n杠杆ETF最常见的类型是实现标的资产2倍回报。例如，追踪特斯拉的2倍杠杆ETF在特斯拉上涨5%当日会上涨10%，但若特斯拉下跌5%，该ETF则会暴跌10%。\n但是这类基金旨在提供特定倍数（如2倍）的“单日”回报，而非长期回报。\n举个例子，假设一只股票和追踪它的2倍杠杆ETF初始价格均为10美元：\n\n\n第一天，股票下跌30%至7美元，杠杆ETF则下跌60%至4美元。\n第二天，股票强劲反弹50%，价格升至10.5美元，本周实现上涨。\n但对于杠杆ETF而言，即使它同样实现了100%的上涨（即股票50%涨幅的两倍），其价格也只能从4美元回升至8美元，本周仍处于亏损状态。\n\n\n股票的波动性越大，杠杆ETF的长期回报就越容易被侵蚀。正如ETF.com研究总监Dave Nadig所说：\n\n你给这些基金增加的杠杆或波动性越多，它们所有的问题都会变得更加突出。\n\n基金经理们也普遍警告，这类产品不应被长期持有。\n\n投资者的惨痛教训：“我们是不是完蛋了？”\n\n对于许多被社交媒体上的暴富故事所吸引、对运作机制一知半解的散户投资者而言，这种数学陷阱带来了巨大的实际亏损。\n追踪MicroStrategy的两只2倍杠杆ETF就是一个极端例子，其去年的飙升在社交媒体上引发关注，吸引了大量寻求刺激的投资者以前所未有的速度涌入。\n如今，尽管标的股票本身在上涨，但许多投资者却面临巨额亏损。\n在Reddit的投资论坛上，有用户绝望地发帖询问：\n\n我们这些MSTU和MSTX（两只MicroStrategy杠杆ETF的代码）的持有者是不是完蛋了？\n\n另一位讨论这些基金的投资者则写道：\n\n如果说我以前不懂价格衰减，现在我懂了。我吸取了教训，不打算再碰杠杆ETF了。\n\n\n高额费用驱动供给激增\n\n尽管贝莱德和摩根大通资产管理等大型管理公司因风险考虑避开了这类ETF，但许多其他机构被丰厚的管理费所吸引。\n杠杆ETF通常收取约1%的资产管理费，远高于主动型基金0.3%的平均费率。\n据美国银行分析师数据，仅2025年就有约200只杠杆股票ETF推出，使总数在10月达到701只。截至10月中旬，杠杆型单股ETF的资产规模已达约400亿美元。\n资金管理公司并未因投资者损失而却步。一些机构继续推出杠杆ETF，试图从近期市场涨势中受到鼓舞的投资者那里获利。\n若监管机构未能在75天申请期内采取行动，包括首批5倍杠杆基金在内的极端产品可能获准发行。分析师指出，这类基金在标的股票单日下跌20%时就会归零并被清算。","news_type":1,"symbols_score_info":{"MSTU":1.5,"MSTX":1.1}},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":477437512171680,"gmtCreate":1757601517619,"gmtModify":1757601800482,"author":{"id":"3580958362403702","authorId":"3580958362403702","name":"HOU 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