UWTI# Stock
b*k
1 楼
现在3.64，看过去几年的历史，只要石油开涨，它涨到10-15很easy吧。
都说3x etf 不适合长期持有，但只要买在了低点，大方向上看长，就可以了吧。
即使没买在最低点，那就越跌越买，总有一天会长回来。
有啥问题么
都说3x etf 不适合长期持有，但只要买在了低点，大方向上看长，就可以了吧。
即使没买在最低点，那就越跌越买，总有一天会长回来。
有啥问题么
x*e
2 楼
他们说这种3X 的etf，或者所有的etf在震荡中会有损失，我还没有完全理解这个。
b*k
3 楼
震荡中是有损失，100 元 先涨10%，再跌10%，要比100少。
但如果在大的上涨趋势中，这就不是问题，反而会长得更多，因为compound
但如果在大的上涨趋势中，这就不是问题，反而会长得更多，因为compound
B*S
4 楼
Leveraged ETFs[edit]
Leveraged exchange-traded funds (LETFs), or simply leveraged ETFs, are a
special type of ETF that attempt to achieve returns that are more sensitive
to market movements than non-leveraged ETFs.[43] Leveraged index ETFs are
often marketed as bull or bear funds. A leveraged bull ETF fund might for
example attempt to achieve daily returns that are 2x or 3x more pronounced
than the Dow Jones Industrial Average or the S&P 500. A leveraged inverse (
bear) ETF fund on the other hand may attempt to achieve returns that are -2x
or -3x the daily index return, meaning that it will gain double or triple
the loss of the market. Leveraged ETFs require the use of financial
engineering techniques, including the use of equity swaps, derivatives and
rebalancing, and re-indexing to achieve the desired return.[44] The most
common way to construct leveraged ETFs is by trading futures contracts.
The rebalancing and re-indexing of leveraged ETFs may have considerable
costs when markets are volatile.[45][46] The rebalancing problem is that the
fund manager incurs trading losses because he needs to buy when the index
goes up and sell when the index goes down in order to maintain a fixed
leverage ratio. A 2.5% daily change in the index will for example reduce
value of a -2x bear fund by about 0.18% per day, which means that about a
third of the fund may be wasted in trading losses within a year (1-(1-0.18%)
252=36.5%). Investors may however circumvent this problem by buying or
writing futures directly, accepting a varying leverage ratio.[citation
needed] A more reasonable estimate of daily market changes is 0.5%, which
leads to a 2.6% yearly loss of principal in a 3x leveraged fund.
The re-indexing problem of leveraged ETFs stems from the arithmetic effect
of volatility of the underlying index. Take, for example, an index that
begins at 100 and a 2X fund based on that index that also starts at 100. In
a first trading period (for example, a day), the index rises 10% to 110. The
2X fund will then rise 20% to 120. The index then drops back to 100 (a drop
of 9.09%), so that it is now even. The drop in the 2X fund will be 18.18% (
2*9.09). But 18.18% of 120 is 21.82. This puts the value of the 2X fund at
98.18. Even though the index is unchanged after two trading periods, an
investor in the 2X fund would have lost 1.82%. This decline in value can be
even greater for inverse funds (leveraged funds with negative multipliers
such as -1, -2, or -3). It always occurs when the change in value of the
underlying index changes direction. And the decay in value increases with
volatility of the underlying index.
The effect of leverage is also reflected in the pricing of options written
on leveraged ETFs. In particular, the terminal payoff of a leveraged ETF
European/American put or call depends on the realized variance (hence the
path) of the underlying index. The impact of leverage ratio can also be
observed from the implied volatility surfaces of leveraged ETF options.[47]
For instance, the implied volatility curves of inverse leveraged ETFs (with
negative multipliers such as -1, -2, or -3) are commonly observed to be
increasing in strike, which is characteristically different from the implied
volatility smiles or skews seen for index options or non-leveraged ETF
options.
【在 b*******k 的大作中提到】
: 震荡中是有损失，100 元 先涨10%，再跌10%，要比100少。
: 但如果在大的上涨趋势中，这就不是问题，反而会长得更多，因为compound
Leveraged exchange-traded funds (LETFs), or simply leveraged ETFs, are a
special type of ETF that attempt to achieve returns that are more sensitive
to market movements than non-leveraged ETFs.[43] Leveraged index ETFs are
often marketed as bull or bear funds. A leveraged bull ETF fund might for
example attempt to achieve daily returns that are 2x or 3x more pronounced
than the Dow Jones Industrial Average or the S&P 500. A leveraged inverse (
bear) ETF fund on the other hand may attempt to achieve returns that are -2x
or -3x the daily index return, meaning that it will gain double or triple
the loss of the market. Leveraged ETFs require the use of financial
engineering techniques, including the use of equity swaps, derivatives and
rebalancing, and re-indexing to achieve the desired return.[44] The most
common way to construct leveraged ETFs is by trading futures contracts.
The rebalancing and re-indexing of leveraged ETFs may have considerable
costs when markets are volatile.[45][46] The rebalancing problem is that the
fund manager incurs trading losses because he needs to buy when the index
goes up and sell when the index goes down in order to maintain a fixed
leverage ratio. A 2.5% daily change in the index will for example reduce
value of a -2x bear fund by about 0.18% per day, which means that about a
third of the fund may be wasted in trading losses within a year (1-(1-0.18%)
252=36.5%). Investors may however circumvent this problem by buying or
writing futures directly, accepting a varying leverage ratio.[citation
needed] A more reasonable estimate of daily market changes is 0.5%, which
leads to a 2.6% yearly loss of principal in a 3x leveraged fund.
The re-indexing problem of leveraged ETFs stems from the arithmetic effect
of volatility of the underlying index. Take, for example, an index that
begins at 100 and a 2X fund based on that index that also starts at 100. In
a first trading period (for example, a day), the index rises 10% to 110. The
2X fund will then rise 20% to 120. The index then drops back to 100 (a drop
of 9.09%), so that it is now even. The drop in the 2X fund will be 18.18% (
2*9.09). But 18.18% of 120 is 21.82. This puts the value of the 2X fund at
98.18. Even though the index is unchanged after two trading periods, an
investor in the 2X fund would have lost 1.82%. This decline in value can be
even greater for inverse funds (leveraged funds with negative multipliers
such as -1, -2, or -3). It always occurs when the change in value of the
underlying index changes direction. And the decay in value increases with
volatility of the underlying index.
The effect of leverage is also reflected in the pricing of options written
on leveraged ETFs. In particular, the terminal payoff of a leveraged ETF
European/American put or call depends on the realized variance (hence the
path) of the underlying index. The impact of leverage ratio can also be
observed from the implied volatility surfaces of leveraged ETF options.[47]
For instance, the implied volatility curves of inverse leveraged ETFs (with
negative multipliers such as -1, -2, or -3) are commonly observed to be
increasing in strike, which is characteristically different from the implied
volatility smiles or skews seen for index options or non-leveraged ETF
options.
【在 b*******k 的大作中提到】
: 震荡中是有损失，100 元 先涨10%，再跌10%，要比100少。
: 但如果在大的上涨趋势中，这就不是问题，反而会长得更多，因为compound
x*9
5 楼
今日听主席的抛空了，油价估计在这区间波动，临走打了一小瓶油，做波段。
被老李小妖股折腾了一把的我，这个3x 太稳健啦。。。。
被老李小妖股折腾了一把的我，这个3x 太稳健啦。。。。
B*S
6 楼
Leveraged ETFs[edit]
Leveraged exchange-traded funds (LETFs), or simply leveraged ETFs, are a
special type of ETF that attempt to achieve returns that are more sensitive
to market movements than non-leveraged ETFs.[43] Leveraged index ETFs are
often marketed as bull or bear funds. A leveraged bull ETF fund might for
example attempt to achieve daily returns that are 2x or 3x more pronounced
than the Dow Jones Industrial Average or the S&P 500. A leveraged inverse (
bear) ETF fund on the other hand may attempt to achieve returns that are -2x
or -3x the daily index return, meaning that it will gain double or triple
the loss of the market. Leveraged ETFs require the use of financial
engineering techniques, including the use of equity swaps, derivatives and
rebalancing, and re-indexing to achieve the desired return.[44] The most
common way to construct leveraged ETFs is by trading futures contracts.
The rebalancing and re-indexing of leveraged ETFs may have considerable
costs when markets are volatile.[45][46] The rebalancing problem is that the
fund manager incurs trading losses because he needs to buy when the index
goes up and sell when the index goes down in order to maintain a fixed
leverage ratio. A 2.5% daily change in the index will for example reduce
value of a -2x bear fund by about 0.18% per day, which means that about a
third of the fund may be wasted in trading losses within a year (1-(1-0.18%)
252=36.5%). Investors may however circumvent this problem by buying or
writing futures directly, accepting a varying leverage ratio.[citation
needed] A more reasonable estimate of daily market changes is 0.5%, which
leads to a 2.6% yearly loss of principal in a 3x leveraged fund.
The re-indexing problem of leveraged ETFs stems from the arithmetic effect
of volatility of the underlying index. Take, for example, an index that
begins at 100 and a 2X fund based on that index that also starts at 100. In
a first trading period (for example, a day), the index rises 10% to 110. The
2X fund will then rise 20% to 120. The index then drops back to 100 (a drop
of 9.09%), so that it is now even. The drop in the 2X fund will be 18.18% (
2*9.09). But 18.18% of 120 is 21.82. This puts the value of the 2X fund at
98.18. Even though the index is unchanged after two trading periods, an
investor in the 2X fund would have lost 1.82%. This decline in value can be
even greater for inverse funds (leveraged funds with negative multipliers
such as -1, -2, or -3). It always occurs when the change in value of the
underlying index changes direction. And the decay in value increases with
volatility of the underlying index.
The effect of leverage is also reflected in the pricing of options written
on leveraged ETFs. In particular, the terminal payoff of a leveraged ETF
European/American put or call depends on the realized variance (hence the
path) of the underlying index. The impact of leverage ratio can also be
observed from the implied volatility surfaces of leveraged ETF options.[47]
For instance, the implied volatility curves of inverse leveraged ETFs (with
negative multipliers such as -1, -2, or -3) are commonly observed to be
increasing in strike, which is characteristically different from the implied
volatility smiles or skews seen for index options or non-leveraged ETF
options.
【在 b*******k 的大作中提到】
: 震荡中是有损失，100 元 先涨10%，再跌10%，要比100少。
: 但如果在大的上涨趋势中，这就不是问题，反而会长得更多，因为compound
Leveraged exchange-traded funds (LETFs), or simply leveraged ETFs, are a
special type of ETF that attempt to achieve returns that are more sensitive
to market movements than non-leveraged ETFs.[43] Leveraged index ETFs are
often marketed as bull or bear funds. A leveraged bull ETF fund might for
example attempt to achieve daily returns that are 2x or 3x more pronounced
than the Dow Jones Industrial Average or the S&P 500. A leveraged inverse (
bear) ETF fund on the other hand may attempt to achieve returns that are -2x
or -3x the daily index return, meaning that it will gain double or triple
the loss of the market. Leveraged ETFs require the use of financial
engineering techniques, including the use of equity swaps, derivatives and
rebalancing, and re-indexing to achieve the desired return.[44] The most
common way to construct leveraged ETFs is by trading futures contracts.
The rebalancing and re-indexing of leveraged ETFs may have considerable
costs when markets are volatile.[45][46] The rebalancing problem is that the
fund manager incurs trading losses because he needs to buy when the index
goes up and sell when the index goes down in order to maintain a fixed
leverage ratio. A 2.5% daily change in the index will for example reduce
value of a -2x bear fund by about 0.18% per day, which means that about a
third of the fund may be wasted in trading losses within a year (1-(1-0.18%)
252=36.5%). Investors may however circumvent this problem by buying or
writing futures directly, accepting a varying leverage ratio.[citation
needed] A more reasonable estimate of daily market changes is 0.5%, which
leads to a 2.6% yearly loss of principal in a 3x leveraged fund.
The re-indexing problem of leveraged ETFs stems from the arithmetic effect
of volatility of the underlying index. Take, for example, an index that
begins at 100 and a 2X fund based on that index that also starts at 100. In
a first trading period (for example, a day), the index rises 10% to 110. The
2X fund will then rise 20% to 120. The index then drops back to 100 (a drop
of 9.09%), so that it is now even. The drop in the 2X fund will be 18.18% (
2*9.09). But 18.18% of 120 is 21.82. This puts the value of the 2X fund at
98.18. Even though the index is unchanged after two trading periods, an
investor in the 2X fund would have lost 1.82%. This decline in value can be
even greater for inverse funds (leveraged funds with negative multipliers
such as -1, -2, or -3). It always occurs when the change in value of the
underlying index changes direction. And the decay in value increases with
volatility of the underlying index.
The effect of leverage is also reflected in the pricing of options written
on leveraged ETFs. In particular, the terminal payoff of a leveraged ETF
European/American put or call depends on the realized variance (hence the
path) of the underlying index. The impact of leverage ratio can also be
observed from the implied volatility surfaces of leveraged ETF options.[47]
For instance, the implied volatility curves of inverse leveraged ETFs (with
negative multipliers such as -1, -2, or -3) are commonly observed to be
increasing in strike, which is characteristically different from the implied
volatility smiles or skews seen for index options or non-leveraged ETF
options.
【在 b*******k 的大作中提到】
: 震荡中是有损失，100 元 先涨10%，再跌10%，要比100少。
: 但如果在大的上涨趋势中，这就不是问题，反而会长得更多，因为compound
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