'Russian Nesting Doll' Of Problems: MSTX And DIPS Top Morningstar's Worst ETF List For 2024
'Russian Nesting Doll' Of Problems: MSTX And DIPS Top Morningstar's Worst ETF List For 2024
As per Benzinga Pro, MSTX's yearly returns have climbed by 237.33% as of Friday's pre-market hours. Meanwhile, DIPS dropped by 38.76% in terms of YTD returns.Two leveraged exchange-traded funds (ETFs) have been identified as the worst performers of the year, according to Morningstar. The Defiance Daily Target 2X Long MSTR ETF (NASDAQ:MSTX) has been named the worst, with Bryan Armour, Morningstar's director of passive strategies research, describing it as a "Russian nesting doll" of issues.
根據晨星的數據，兩隻槓桿可交易ETF被確定爲今年表現最差的產品。Defiance Daily Target 2X Long MSTR ETF（納斯達克：MSTX）被稱爲最差表現者，晨星被動策略研究總監Bryan Armour形容其爲一系列問題的「俄羅斯套娃」。
What Happened: The ETF, valued at $2.2 billion, focuses on MicroStrategy (NASDAQ:MSTR), a company with significant investments in Bitcoin (CRYPTO: BTC). The ETF amplifies risks by doubling down on a stock that already acts as a leveraged bitcoin proxy. Structural issues such as imprecise swaps and volatility drag further exacerbate its problems, the Financial Times reported on Friday.
發生了什麼：該ETF的估值爲22億，專注於MicroStrategy（納斯達克：MSTR），該公司在比特幣（加密貨幣：BTC）上有大量投資。該ETF通過加倍投資一個已經充當槓桿比特幣代理的股票，放大了風險。《金融時報》週五報道，結構性問題，如不精確的掉期和波動性拖累，進一步加劇了其問題。
The YieldMax Short NVDA Option Income Strategy ETF (NYSE:DIPS), valued at $13 million, also made the list due to its high-yield appeal paired with substantial downside risk through complex derivatives. Armour emphasized that both ETFs demonstrate how high fees and excessive risk can erode long-term returns.
YieldMax Short NVDA期權收入策略ETF（紐交所：DIPS），估值1300萬，也因其高收益吸引力和通過複雜衍生品帶來的重大下行風險而上榜。Armour強調，這兩隻ETF展示了高費用和過高風險如何侵蝕長期收益。
As per Benzinga Pro, MSTX's yearly returns have climbed by 237.33% as of Friday's pre-market hours. Meanwhile, DIPS dropped by 38.76% in terms of YTD returns.
根據Benzinga Pro的數據，截至週五的盤前時段，MSTX的年度回報率已上升至237.33%。與此同時，DIPS的年初至今回報率下降了38.76%。
On the other hand, two ETFs were commended for their effective strategies: Jensen's $70 million Quality Growth ETF (NYSE:JGRW) and Neuberger Berman's $216 million Small-Mid Cap ETF (NYSE:NBSM). These products offer proven, active strategies with lower volatility and competitive returns.
另一方面，有兩隻ETF因其有效的策略而受到讚揚：Jensen的7000萬質量增長ETF（紐交所：JGRW）和Neuberger Berman的21600萬小盤中型ETF（紐交所：NBSM）。這些產品提供經過驗證的主動策略，具有較低的波動性和競爭力的回報。
Benzinga Pro data revealed that JGRW increased by 3.96% in terms of YTD returns while NBSM climbed by 0.90%.
Benzinga Pro的數據揭示，JGRW的年初至今回報率增加了3.96%，而NBSM上漲了0.90%。
Why It Matters: The Defiance Daily Target 2X Long MSTR ETF and its counterpart, the T-Rex 2X Long MSTR Daily Target ETF (BATS:MSTU), collectively manage around $5 billion in assets. These funds are designed to amplify MicroStrategy's daily stock returns by 2x, reflecting investor enthusiasm amid Bitcoin's recent rally. However, experts have warned that these ETFs expose investors to significant risks and underperformance.
爲什麼這很重要：Defiance Daily Target 2X Long MSTR ETF及其同行t-Rex 2X Long MSTR Daily Target ETF（BATS：MSTU）共同管理約50億資產。這些基金旨在將MicroStrategy的日常股票回報放大2倍，反映了投資者在比特幣最近反彈中的熱情。然而，專家警告稱，這些ETF使投資者面臨重大風險和表現不佳的風險。
Furthermore, these ETFs have shown significant tracking errors due to their exposure to volatile swaps and options. This highlights potential risks for investors, as sharp deviations have been observed in the ETFs tracking MicroStrategy, underscoring the challenges of maintaining alignment with the underlying asset.
此外，這些ETF由於其對波動性掉期和期權的暴露顯示出顯著的跟蹤誤差。這凸顯了投資者面臨的潛在風險，因爲在追蹤MicroStrategy的ETF中觀察到明顯的偏差，強調了保持與基礎資產對齊的挑戰。
- Blackrock's Bitcoin ETF Could Outshine S&P 500-Tracking SPY To Become Top Investment Vehicle But It Will Take A 'Long' Time, Says Prominent Analyst
- 貝萊德的比特幣可交易ETF可能會超過跟蹤S&P 500的SPY，成爲頂級投資工具，但這需要很長時間，著名分析師表示。
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
免責聲明：此內容部分由Benzinga Neuro生成，並由Benzinga編輯審核和發佈。
Image via Shutterstock
圖片來源：Shutterstock
譯文內容由第三人軟體翻譯。