AMD一夜暴涨，3倍做空AMD的ETF“一夜清零”，‘波动率恐慌’再度燃起

Core Viewpoint - The recent surge in AMD's stock price by 38% led to the complete liquidation of GraniteShares' 3x short AMD ETF, raising concerns about the risks associated with high-leverage ETFs and the potential for a repeat of the 2018 "volatility panic" [1][5][6]. Group 1: ETF Liquidation Event - GraniteShares' 3x short AMD ETF, which aimed to provide three times the inverse return of AMD's stock price, had approximately $3 million in assets before its value dropped to zero, resulting in forced liquidation [2][7]. - The ETF's net asset value (NAV) fell to zero, leading to a suspension of trading and a planned delisting according to exchange procedures [7][2]. - This incident serves as a stark reminder of the risks associated with leveraged products, particularly in a volatile market environment [4][10]. Group 2: Market Implications and Analyst Insights - Analysts, including Bloomberg's Athanasios Psarofagis, highlighted that this event underscores the real risk of liquidation for 3x stock ETFs, suggesting that such occurrences may become more common in the fast-paced market [4][9]. - The current market conditions, characterized by high retail participation in leveraged products, raise concerns about the timing of potential similar events in larger markets, particularly in the U.S. [11][10]. - The recent liquidation coincides with multiple issuers, including GraniteShares and others, submitting applications to the SEC for new 3x leveraged products, indicating a growing interest despite the associated risks [12][15]. Group 3: Historical Context - The event has rekindled fears reminiscent of the 2018 "volatility panic," where short volatility products experienced catastrophic losses, with some losing over 90% in a single day [6][8]. - The comparison to the XIV collapse in 2018 highlights the systemic risks posed by leveraged ETFs, particularly during periods of sudden market volatility [8][11].