从“2倍做多”到“反向下跌”，杠杆ETF“名不副实”？

Core Insights - A leveraged ETF tracking MicroStrategy has fallen 65% over the past 12 months, while the company's stock price has risen 28%, highlighting the issue of "volatility decay" [1] - Leveraged ETFs, once seen as a shortcut for higher returns in a bull market, have seen significant investor losses due to misunderstandings of their mechanisms [1][4] - Despite the risks, ETF issuers are continuing to launch new high-leverage products, including potential 5x leveraged funds, as regulatory reviews are paused [1][7] Group 1: Performance Discrepancies - The fundamental reason for the divergence in performance between leveraged ETFs and their underlying assets is the "daily compounding" mechanism, leading to volatility decay [2] - Leveraged ETFs aim to provide a specific multiple of daily returns, not long-term returns, which can erode gains during periods of high volatility [3] Group 2: Investor Experiences - Many retail investors, attracted by social media narratives of quick wealth, have faced significant losses due to a lack of understanding of leveraged ETF mechanics [4][5] - Even when the underlying stock rises, investors in leveraged ETFs can still incur substantial losses due to the compounding effects of volatility [5] Group 3: Market Dynamics - High management fees, typically around 1%, have driven the proliferation of leveraged ETFs, with approximately 200 new leveraged stock ETFs expected to launch by 2025 [7] - Despite the risks and investor losses, asset management firms continue to introduce leveraged ETFs, aiming to capitalize on market trends [7]