蘋果超越特斯拉成頭號做空目標,反向做空個股的ETF火了
根據金融公司S3 Partners的數據,截至9月14日,蘋果成爲華爾街空頭們的頭號目標,自新冠疫情爆發以來首次超過特斯拉。
在大通脹和加息背景下,一衆明星科技股估值收縮,蘋果年內最大跌幅一度達30%,特斯拉跌幅更是高達40%。
散戶投資者可以怎麼做空個股呢?新的投資工具來了——反向個股ETF。
美股ETF開啓個股時代
7月14日,美國首批槓桿式單隻股票ETF正式上市,美國AXS投資公司推出了8只看空或看多特斯拉、耐克、英偉達、PayPal和輝瑞的單股ETF。傳統的ETF追蹤的是一籃子股票表現,而個股ETF是對單隻股票進行反向或者槓桿押注。
據uSMART不完全統計,目前美股市場上有22只個股ETF,涵蓋特斯拉、蘋果、微軟、谷歌等熱門股票。其中人氣最高的個股ETF是1.5倍做多特斯拉(TSLL)和1倍做空特斯拉(TSLQ),資產管理規模分別站上5千萬、4千萬美元,鑑於兩隻ETF成立時間都只有1-2個月,短期內達到這個規模可以說發行相當成功了。

一鍵做空特斯拉,做空個股更簡單
有人會說做空個股直接融券就好了,為什麼要交易個股ETF?相對來說,個股ETF有如下優勢:
①更便利
傳統做空個股的方式是進行融券交易,向券商借入股票賣出,當股價下跌後以更低的價格買入股票並歸還,賺取高賣低買的差價。投資者需要開立保證金帳戶並支付融券利息,對許多散戶來說,做空個股操作上較為困難。
而反向個股ETF只需要一鍵買入即可實現做空。以最受歡迎的TSLQ為例,特斯拉9月14日收漲3.59%,而TSLQ收跌3.69%,大致維持1倍的反向關係,發行商利用金融衍生品合約來實現這一目標,投資者只需要像交易常規股票一樣,點擊買入即可建立空頭頭寸。
②費用低
融券做空需要向券商支付利息,融券的利率會根據每天的市場供應動態而變化,而個股ETF並不涉及借券,只需支付常規的股票交易手續費。
③門檻低
還是以特斯拉為例,賣空1股金額大約300美元,而買入1股TSLQ不到40美元,用小資金即可參與個股做空交易。
④風險小
理論上個股ETF的風險小於直接賣空個股,因為當股價無限上漲的時候,直接賣空的虧損可能無限,而個股ETF的最大虧損就是你買入的本金額。
美國監管機構:散戶別玩
但是相較於傳統的指數ETF,個股ETF更激進,波動和風險更大。美國SEC主席表示,這些產品存在特殊風險,SEC委員提醒投資顧問不要向個人投資者推薦這些產品。AXS首席執行官則表示,這些基金面向的是“老練、活躍的交易員”,並不適合所有投資者,不建議那些無法時刻盯盤、不清楚槓桿風險的投資者買入。
此外,與SQQQ、TQQQ等槓桿ETF類似,個股ETF僅反映單日走勢,長期持有會產生槓桿損耗。

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