https://www.barrons.com/articles/ark-etf-tesla-stock-51637624595\
The exchange-traded fund that bets against Cathie Wood's flagship ARK Innovation ETF has gahttps://www.barrons.com/articles/ark-etf-tesla-stock-51637624595ined 10% in the two weeks after its debut. while the actively managed ARK ETF struggled.
做空凱西·伍德(Cathie Wood)旗艦產品方舟創新ETF(Ark Innovation ETF)的交易所交易基金(ETF)在上市兩週內上漲了10%。而積極管理的方舟ETF則舉步維艱。
The Tuttle Capital Short Innovation ETF (ticker: SARK), launched in early November by Tuttle Capital Management, tracks the inverse performance of the ARK Innovation ETF (ARKK) through swaps contracts. It's Wall Street's latest effort to attract investors who are bearish on the innovation-driven stock picks by ARK Invest CEO Wood.
Tuttle Capital Short Innovation ETF(交易代碼：SAK)由Tuttle Capital Management於11月初推出，通過掉期合約跟蹤方舟創新ETF(ARKK)的反向表現。這是華爾街吸引看空方舟投資公司(Ark Invest)首席執行官伍德所選創新驅動股票的投資者的最新舉措。
The doubters believe that high-flying names in the ARK fund's portfolio, such as Tesla ( TSLA) and Square (SQ), are extremely overpriced and will eventually crash.
懷疑者認為，方舟基金投資組合中那些雄心勃勃的公司，比如特斯拉(Tesla)和Square，定價過高，最終會崩盤。
The anti-ARK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF gained roughly 150% in 2020, and was one of the top-performing ETFs of the year. However, it's down 13% so far in 2021, while the S&P 500 index has risen 25%. The fund has been lagging this year as investors have favored cheaper cyclical stocks that could benefit from the post-pandemic recovery.
反方舟ETF推出之際，方舟基金正努力重現去年的壯觀表現。方舟創新ETF在2020年的回報率約為150%，是今年表現最好的ETF之一。然而，2021年迄今下跌了13%，而標準普爾500指數上漲了25%。由於投資者青睞可能受益於大流行後復甦的更便宜的週期性股票，該基金今年一直表現落後。
An increasing number of ARK bears have been borrowing ETF shares and selling them short, hoping to profit from a price drop. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 16% of its total floating shares by the end of October, up from 2% at the beginning of the year. But not everyone has the capability or channels to short stocks or ETFs -- that's where Tuttle Capital Management sees the opportunity.
越來越多的方舟空頭一直在借入ETF股票並賣空，希望從價格下跌中獲利。根據FactSet的數據，截至10月底，方舟創新ETF的空頭權益已增至其總流通股的近16%，高於年初的2%。但並不是每個人都有能力或渠道做空股票或ETF--這正是塔特爾資本管理公司(Tuttle Capital Management)看到的機會所在。
Since the Short Innovation ETF was launched, the ARK Innovation ETF has tumbled 10% as of Monday's close, and the anti-ARK fund -- as expected -- has risen roughly by the equivalent amount. The fund charges an expense ratio of 0.75%, the same as Wood's ARK Innovation.
自做空創新ETF(Short Innovation ETF)推出以來，截至週一收盤，方舟創新ETF(Ark Innovation ETF)下跌了10%，反方舟基金(Anti-Ark Fund)--正如預期的那樣--上漲了大致相同的幅度。該基金收取0.75%的費用比率，與伍德的方舟創新相同。
The anti-ARK ETF has only $6.5 million in assets -- tiny in size compared with ARK Innovation's $20 billion assets under management. But as ARK Innovation tumbled another 4.2% on Monday, the anti-ARK fund saw its largest single-day trading volume since launch.
反方舟ETF的資產只有650萬美元，與方舟創新管理的200億美元資產相比，規模微不足道。但隨着方舟創新週一再重挫4.2%，這隻反方舟基金創下推出以來的最大單日成交量。
ARK Innovation isn't the only ARK ETF that's struggling. In the past two weeks, all of ARK's actively managed ETFs have fallen, with the $6.2 billion ARK Genomic Revolution ETF (ARKG) suffering the most with a 15% dive. Investors have pulled $463 million from the ETF during that period. Year to date, the ETF has dropped 30%..
方舟創新並不是唯一一隻苦苦掙扎的方舟ETF。過去兩週，方舟的所有主動管理型ETF都下跌了，其中62億美元的方舟基因革命ETF(ARKG)跌幅最大，跌幅達15%。在此期間，投資者從ETF撤出了4.63億美元。今年到目前為止，ETF已經下跌了30%.
Still, it's worth noting that the anti-ARK ETF might have a harder time returning the exact inverse of ARK Innovation's performance, since it's aiming at an actively managed portfolio, which is a moving target. There is also tremendous risk in making bearish bets: If ARK Innovation were to surge more than 100% -- like it did last year -- the anti-ARK fund could dwindle to almost nothing.
儘管如此，值得注意的是，反方舟ETF可能更難獲得與方舟創新公司業績完全相反的回報，因為它的目標是積極管理的投資組合，這是一個不斷變化的目標。看跌也有巨大的風險：如果方舟創新基金像去年一樣飆升100%以上，反方舟基金可能會縮水至幾乎為零。
Even deep-pocketed investors have been careful with their bearish bets against ARK, pulling them to cut potential losses.
即使是財力雄厚的投資者也一直小心翼翼地做空方舟，拉動他們削減潛在損失。
Michael Burry, the hedge-fund manager that called out the 2008 financial crisis and was later featured in the Oscar-winning biopic The Big Short, disclosed in an August filing that his firm Scion Asset Management held bearish put options against the ARK Innovation ETF at the end of the second quarter.
對衝基金經理邁克爾·伯裏(Michael Burry)在8月份的一份文件中透露，他的公司Scion Asset Management在第二季度末持有看跌方舟創新ETF(Ark Innovation ETF)的看跌期權。伯裏曾預測2008年金融危機，後來出現在奧斯卡獲獎傳記電影《大空頭》(The Big Short)中。
A put contract gives an investor the right to sell the ETF's shares at a previously agreed price before a certain date. If ARK Innovation's shares dropped below the threshold before the options expired, the hedge fund could have sold the shares at an above-the-market price. Burry had been cautioning about the unsustainable valuations of some ARK holdings and also held big bearish positions against Tesla, one of the top investments in ARK ETFs.
賣權合約賦予投資者在特定日期前以事先商定的價格出售ETF股票的權利。如果方舟創新的股票在期權到期前跌破門檻，對衝基金可能會以高於市場價的價格出售這些股票。伯裏一直在警告方舟持有的一些資產的估值不可持續，並持有大量看跌特斯拉的頭寸，特斯拉是方舟ETF的頂級投資之一。
But Burry closed his bets against ARK Innovation and Tesla shares in the third quarter, a regulatory filing showed. It's unclear when exactly he exited these put positions (and when he entered them). He could have sold the options without using them. During the third quarter, the ARK Innovation ETF dropped 16%, while Tesla shares gained 14%.
但一份監管申報文件顯示，伯裏在第三季度結束了做空方舟創新(Ark Innovation)和特斯拉(Tesla)股票的押注。目前還不清楚他到底是什麼時候退出這些看跌期權頭寸的(以及他是什麼時候進入這些看跌期權頭寸的)。他本可以https://www.barrons.com/articles/ark-etf-tesla-stock-51637624595在不使用期權的情況下出售期權。在第三季度，方舟創新ETF下跌了16%，而特斯拉的股價上漲了14%。
沒有留言:
張貼留言