'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.
據晨星報道，兩隻槓桿交易所交易基金（ETF）被確定爲今年表現最差的基金。Defiance Daily Target 2X Long MSTR ETF（納斯達克股票代碼：MSTX）被評爲最差的股票，晨星被動策略研究主管布萊恩·阿莫爾將其描述爲問題的 「俄羅斯套娃娃」。
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價值22億美元，重點關注微策略（納斯達克股票代碼：MSTR），這是一家對比特幣（加密貨幣：BTC）進行大量投資的公司。該ETF通過加倍投資已經充當槓桿比特幣代理的股票來放大風險。《金融時報》週五報道，不精確的互換和波動性等結構性問題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.
價值1300萬美元的YieldMax空頭NVDA期權收益策略ETF（紐約證券交易所代碼：DIPS）也之所以上榜，是因爲其高收益吸引力以及複雜衍生品帶來的巨大下行風險。Armour強調，這兩隻ETF都表明了高額費用和過高風險如何侵蝕長期回報。
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的年回報率增長了237.33％。同時，就年初至今的回報率而言，DIPS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，兩隻ETF因其有效的策略而受到讚揚：詹森的7000萬美元質量增長ETF（紐約證券交易所代碼：JGRW）和諾伊伯格·伯曼的2.16億美元中小型股ETF（紐約證券交易所代碼：NBSM）。這些產品提供經過驗證的積極策略，波動性較低，回報具有競爭力。
Benzinga Pro data revealed that JGRW increased by 3.96% in terms of YTD returns while NBSM climbed by 0.90%.
Benzinga Pro的數據顯示，JGRW的年初至今回報率增長了3.96％，而NBSM增長了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.
爲何重要：Defiance Daily Target 2X多頭MSTR ETF及其對應的T-rex 2X多頭MSTR每日目標ETF（BATS: MSTU）共管理着約50億美元的資產。這些基金旨在將MicroStrategy的每日股票回報率提高2倍，反映出投資者對比特幣最近上漲的熱情。但是，專家警告說，這些ETF使投資者面臨重大風險和表現不佳。
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由於面臨波動性掉期和期權的風險，顯示出嚴重的跟蹤誤差。這凸顯了投資者面臨的潛在風險，因爲在追蹤微策略的ETF中已觀察到明顯的偏差，這凸顯了與標的資產保持一致所面臨的挑戰。
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
免責聲明：該內容部分是在Benzinga Neuro的幫助下製作的，並由Benzinga編輯審查和發佈。
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