Quadratic Capital Management Launches the Quadratic Deflation ETF (BNDD)
Quadratic Capital Management Launches the Quadratic Deflation ETF (BNDD)
Quadratic Capital Management , an innovative asset management firm, today announced the launch of the Quadratic Deflation ETF (NYSE Arca: BNDD).
創新資產管理公司Quadatic Capital Management今日宣佈推出二次通縮ETF(紐約證券交易所股票代碼：BNDD)
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210921005697/en/
本新聞稿以多媒體為特色。點擊此處查看完整版本：https://www.businesswire.com/news/home/20210921005697/en/
Nancy Davis, Founder and Chief Investment Officer, Quadratic Capital Management (Photo: Business Wire)
二次資本管理公司(Quadratic Capital Management)創始人兼首席投資官南希·戴維斯(Nancy Davis)(圖片來源：Business Wire)
Managed by Nancy Davis, Quadratic Capital Management’s Founder and Chief Investment Officer, BNDD seeks to profit from a variety of challenging environments including lower growth, deflation, lower or negative long-term interest rates, and/or a reduction in the spread between shorter and longer-term interest rates by investing in U.S. Treasuries and options.
BNDD由Quadratic Capital Management的創始人兼首席投資官南希·戴維斯(Nancy Davis)管理，尋求從各種具有挑戰性的環境中獲利，包括較低的增長、通貨緊縮、較低或負的長期利率，和/或通過投資美國國債和期權縮小較短期和較長期利率之間的利差。
In the U.S., government debt levels have soared recently amid multiple rounds of fiscal stimulus in response to the Covid-19 pandemic. Other recent trends include an aging population, advancements in technology, tax increases and increasing productivity.
在美國，為應對新冠肺炎疫情而實施的多輪財政刺激措施中，政府債務水平最近飆升。最近的其他趨勢包括人口老齡化、技術進步、增税和提高生產率。
“Some investors have expressed concerns that the U.S. will experience an environment similar to Japan given the debt increase and labor market. Quadratic Capital aims to help these investors achieve their goals using our expertise in the interest rate and options markets,” said Davis.
“一些投資者表示擔心，鑑於債務增加和勞動力市場，美國將經歷與日本類似的環境。Quadatic Capital旨在利用我們在利率和期權市場的專業知識幫助這些投資者實現他們的目標。“
“It’s prudent for investors to have tools available to them so that they are prepared for a wide range of economic outcomes and environments,” said Davis, portfolio manager of the Quadratic Deflation ETF.
二次通縮ETF的投資組合經理戴維斯表示：“對投資者來説，謹慎的做法是準備好可用的工具，這樣他們就能為廣泛的經濟結果和環境做好準備.”
The BNDD portfolio is mainly comprised of long-dated U.S. Treasury bonds, which are enhanced by a portfolio of options. Bonds tend to perform well during times of deflation, due to low interest rates. When interest rates fall, bond prices typically rise. The options portion of the portfolio is expected to increase in value with the compression of the spread between shorter and longer-term interest rates.
BNDD投資組合主要由長期美國國債組成，期權組合對其進行了增強。由於低利率，債券在通貨緊縮時期往往表現良好。當利率下降時，債券價格通常會上漲。隨着較短期和較長期利率之間的利差壓縮，投資組合中的期權部分預計將增值。
The options within the BNDD portfolio are traded on the over-the-counter (OTC) interest rate markets, which are typically not available to most investors. Quadratic Capital Management is on the forefront in the effort to provide access to this market for all investors.
BNDD投資組合中的期權在場外交易(OTC)利率市場交易，而大多數投資者通常無法獲得這一市場。QUADRATIC資本管理公司在努力為所有投資者提供進入這個市場的機會方面走在了前列。
BNDD may help investors during times when other parts of their investment portfolios struggle.
在投資者投資組合的其他部分陷入困境時，BNDD可能會幫助投資者。
About Nancy Davis
關於南希·戴維斯
Nancy Davis founded Quadratic Capital Management in 2013 and is the portfolio manager for Quadratic’s ETFs.
南希·戴維斯於2013年創立了Quadratic Capital Management，是Quadratic旗下ETF的投資組合經理。
Ms. Davis has been the recipient of numerous industry recognitions. Barron’s named her to their inaugural list of the "100 Most Influential Women in U.S. Finance." Institutional Investor called her a "Rising Star of Hedge Funds." The Hedge Fund Journal tapped her as one of "Tomorrow's Titans."
戴維斯女士獲得了眾多行業認可。“巴倫週刊”將她列入了他們的首份“美國金融界最具影響力的100位女性”榜單。“機構投資者”稱她為“對衝基金的後起之秀”。《對衝基金雜誌》稱她為一“明日之泰坦”
She began her career at Goldman Sachs where she spent nearly ten years, the last seven with the proprietary trading group where she rose to become the Head of Credit, Derivatives and OTC Trading. Prior to starting Quadratic Capital Management, she served as a portfolio manager at Highbridge Capital Management. She later served in a senior executive role at AllianceBernstein. Ms. Davis writes and speaks frequently about markets and investing. She has been published inInstitutional Investor,Absolute Returnand other industry journals, and has contributed articles to two books. She has been profiled byForbes, and interviewed byBarron’s, The Economist, The Wall Street Journal, andThe Financial Timesamong others. Ms. Davis is a frequent guest on television including CNBC, Bloomberg, CNN, Sina and ABC.
她的職業生涯始於高盛她在那裏工作了近十年，最後七年在自營交易集團工作，在那裏她晉升為信貸、衍生品和場外交易部門的負責人。在創立Quadratic Capital Management之前，她曾擔任Highbridge Capital Management的投資組合經理。她後來在聯合伯恩斯坦(AllianceBernstein)擔任高級管理職務。戴維斯經常撰文和談論市場和投資。她曾發表在《機構投資者》、《絕對回報》等行業期刊上，併為兩本書投稿。她曾被《福布斯》專訪，並接受了《巴倫週刊》、《經濟學人》、《華爾街日報》和《金融時報》等媒體的採訪。戴維斯是CNBC、彭博(Bloomberg)、CNN、新浪(Sina)和美國廣播公司(ABC)等電視節目的常客。
About Quadratic Capital Management
關於二次資本管理
Quadratic Capital Management is an innovative asset management firm founded in 2013 by Nancy Davis. The firm has utilized its significant expertise in the interest rate volatility and options markets to construct The Quadratic Deflation ETF (BNDD) in ways that help mitigate downside risk, while maintaining upside potential. The firm is based in Greenwich, Conn.
Quadatic Capital Management是一家由南希·戴維斯(Nancy Davis)於2013年創立的創新型資產管理公司。該公司利用其在利率波動和期權市場方面的重要專業知識，以有助於緩解下行風險的方式構建了二次通縮ETF(BNDD)，同時保持了上行潛力。該公司總部設在康涅狄格州格林威治。
Important Information:
重要信息：
The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the company and may be obtained by calling +1-888-BNDD-007. Please read it carefully before investing.
在投資之前，必須仔細考慮基金的投資目標、風險、收費和費用。招股説明書包含有關該公司的上述和其他重要信息，可致電+1-888-BNDD-007獲取。請在投資前仔細閲讀。
Diversification does not ensure a profit or guarantee against a loss. Investing involves risk. Principal loss is possible. There is no guarantee the Fund will achieve its investment objectives. The Fund’s derivatives investments involve risks. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. The prices of options can be highly volatile and the use of options can lower total returns. OTC options generally have more flexible terms negotiated between the buyer and the seller. As a result, such instruments generally are subject to greater credit risk and counterparty risk. OTC instruments also may be subject to greater liquidity risk.
多元化並不能保證盈利，也不能保證不虧損。投資涉及風險。本金損失是可能的。不能保證該基金會實現其投資目標。基金的衍生品投資涉及風險。基金使用的衍生品可能會產生某種形式的槓桿。槓桿放大了獲利的潛力和虧損的風險。期權的價格可能波動很大，期權的使用可能會降低總回報。場外期權通常有買方和賣方協商的更靈活的條款。因此，這類工具通常面臨更大的信用風險和交易對手風險。場外工具也可能面臨更大的流動性風險。
The Fund does not seek to mitigate credit risk, non-curve interest rate risk, or other factors influencing the price of U.S. government bonds, which factors may have a greater impact on the bonds’ returns than the U.S. interest rate curve or deflation. There is no guarantee that the Fund’s investments will eliminate or mitigate curve risk, deflation risk on long positions in U.S. government bonds. In addition, when the forward U.S. interest rate curve steepens, the Fund’s investments will generally underperform a portfolio comprised solely of the U.S. government bonds. In a steepening curve environment, the Fund’s hedging strategy could result in disproportionately larger losses in the Fund’s options as compared to gains or losses in the U.S. government bond positions attributable to interest rate changes. The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the swap curve, is speculative and can be extremely volatile. The Fund is non-diversified.
該基金不尋求緩解信用風險、非曲線利率風險或其他影響美國政府債券價格的因素，這些因素對債券回報的影響可能比美國利率曲線或通縮更大。不能保證基金的投資將消除或減輕美國公債多頭倉位的曲線風險、通縮風險.此外，當美國遠期利率曲線變陡時，該基金的投資表現通常會遜於僅由美國政府債券組成的投資組合。在曲線陡峭的環境下，基金的對衝策略可能會導致基金期權的虧損比可歸因於利率變化的美國政府債券頭寸的收益或虧損大得不成比例。與傳統證券(如股票和債券)的投資相比，基金對與利率掛鈎的衍生品的風險敞口使其面臨更大的波動性。投資與利率掛鈎的衍生品，包括通過與掉期曲線形狀掛鈎的期權，具有投機性，波動性可能極大。該基金是非多元化的。
BNDD is distributed by SEI Investments Distribution Co. (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456. The Fund's sub-adviser is Quadratic Capital Management LLC (Quadratic). SIDCO is not affiliated with Quadratic. Neither Quadratic nor SIDCO or their affiliates provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor.
BNDD由SEI投資公司分銷公司(SIDCO)，1自由谷車道，橡樹，賓夕法尼亞州19456。該基金的副顧問是Quadratic Capital Management LLC(Quadratic)。SIDCO不隸屬於Quadratic。Quadratic和SIDCO或其附屬公司都不提供税務建議。請注意：(I)您不能將本通信中包含的任何有關美國税務問題的討論用於逃避税務處罰；(Ii)本通信旨在支持推廣或營銷本通信中涉及的事項；以及(Iii)您應根據您的具體情況向獨立税務顧問尋求建議。
譯文內容由第三人軟體翻譯。