<p>似乎每个人都想知道如何通过英伟达（Nvidia）股票赚更多钱。毕竟，其股价在不到两年的时间里飙升了超过 900%，使无数投资者变得更加富有。</p>
<p>那么，如果我告诉你有一个新的交易所交易基金（ETF）旨在将英伟达股票的回报翻倍，你会怎么想？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODgwODQvbnZpZGlhLW52ZGEtc3RvY2stbWFya2V0LWNoYXJ0LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODgwODQvbnZpZGlhLW52ZGEtc3RvY2stbWFya2V0LWNoYXJ0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>什么是 GraniteShares 2 倍做多 NVDA 日常 ETF？</h2>
<p>所讨论的杠杆 ETF 是 GraniteShares 2 倍做多 NVDA 日常 ETF（NVDL 2.89%）。它由 GraniteShares 运营，这是一家专注于 “创新、前沿投资解决方案” 的私人持有的 ETF 提供商。该公司成立于 2016 年。</p>
<p>至于该 ETF，其声明的投资目标很简单：“该基金寻求在扣除费用和开支之前，实现英伟达普通股每日变化的 2 倍（200%）的日常投资结果。”</p>
<p>因此，理论上来说，相当简单。投资者可以期望获得英伟达的每日回报，然后将其翻倍，对吗？</p>
<p>并非如此——这就是事情变得更加复杂的地方。</p>
<h2>杠杆 ETF 为何并不像看起来那么简单</h2>
<p>首先，重要的是要记住一个显而易见的事实——双倍回报意味着更大的收益和更大的损失。毕竟，英伟达——就像任何其他股票一样——其价格会上涨也会下跌。如果股价暴跌，那么这只基金的跌幅将会更加剧烈。</p>
<p>其次，让我们记住 GraniteShares 2 倍做多 NVDA 日常 ETF 承诺要做的事情（重点在于我）：“该基金寻求_每日_投资结果……”。这意味着它旨在跟踪英伟达的一日表现，而不是其一周或一个月的表现。在较长时间段内，该基金的表现可能无法与股票的表现相匹配。</p>
<p>第三，让我们审视该基金投资目标中的另一个关键短语（重点在于我）：“该基金寻求在扣除费用和开支之前，实现英伟达普通股每日变化的 2 倍（200%）的日常投资结果。” 尽管所有 ETF 都收取费用，但该基金的费用比率高达 1.15%。这意味着在该基金上投资 1 万美元将导致每年 115 美元的费用。相比之下，购买并持有英伟达股票不需要任何费用（除了经纪人可能收取的交易费用）。而且英伟达支付适度的股息，这意味着股东实际上会因持有该股而获得报酬。</p>
<p>接下来，关于表现的问题。这是一个比较英伟达表现与该基金表现的三个月图表。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/594c1be857aac9d23ec028d8e286fd6f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/594c1be857aac9d23ec028d8e286fd6f.png"/></p>
<p>由 YCharts 提供的 NVDA 总回报水平数据。</p>
<p>正如您所看到的，过去三个月内，该 ETF 并未产生英伟达股票回报的两倍。部分原因是由于费用，部分原因是由于与期权衰减和复利相关的复杂因素，这里不再详述。无论如何，关键要点是，在过去三个月的某些时候，持有该基金股份的回报几乎与持有英伟达股票的回报相同——尽管投资者可能期望获得更好的投资回报。</p>
<p>所有这些都导致最终——也是最重要的——结论：该基金并非为投资者设计——而是为交易者设计。</p>
<p>同样，该警告包含在该基金的投资说明书中：“该基金不应被期望为超过一天的时间提供 NVDA 累计回报的 2 倍。”</p>
<p>换句话说，该基金旨在帮助交易者提高回报或对投资组合中的其他头寸进行对冲。从长期来看，长期持有投资者要注意——GraniteShares 2 倍做多 NVDA 日常 ETF 并不是从英伟达获利的最佳方式。如果这是您的目标，只需购买该股票即可。</p>

英伟达

<p>一个新的杠杆 ETF，GraniteShares 2x Long NVDA Daily ETF，旨在使 Nvidia 股票的日常收益翻倍。然而，这种 ETF 存在风险：既有更大收益和损失的潜力，也有可能会被高昂的费用（1.15% 的费用比率）侵蚀收益。值得注意的是，该基金的表现可能会在较长时间内偏离 Nvidia 的表现。这种基金主要适合寻求短期收益的交易者，而不适合长期投资者，后者应考虑直接持有 Nvidia 股票以获得更好的盈利能力</p>

<p>It seems everyone wants to know how to make more money with <strong>Nvidia</strong>(NVDA 1.46%) stock. After all, its share price has skyrocketed by more than 900% in less than two years, making countless investors wealthier.</p>
<div class="lb-trans"><p>似乎每个人都想知道如何通过英伟达（Nvidia）股票赚更多钱。毕竟，其股价在不到两年的时间里飙升了超过 900%，使无数投资者变得更加富有。</p>
</div><p>So, what if I told you there was a new exchange-traded fund (ETF) designed to double the returns on Nvidia stock?</p>
<div class="lb-trans"><p>那么，如果我告诉你有一个新的交易所交易基金（ETF）旨在将英伟达股票的回报翻倍，你会怎么想？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODgwODQvbnZpZGlhLW52ZGEtc3RvY2stbWFya2V0LWNoYXJ0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788084%2Fnvidia-nvda-stock-market-chart.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What is the GraniteShares 2x Long NVDA Daily ETF?</h2>
<div class="lb-trans"><h2>什么是 GraniteShares 2 倍做多 NVDA 日常 ETF？</h2>
</div><p>The leveraged ETF in question is the <strong>GraniteShares 2x Long NVDA Daily ETF</strong>(NVDL 2.89%). It's operated by GraniteShares, a privately held ETF provider that &#34;focuses on innovative, cutting-edge investment solutions.&#34; The company was founded in 2016.</p>
<div class="lb-trans"><p>所讨论的杠杆 ETF 是 GraniteShares 2 倍做多 NVDA 日常 ETF（NVDL 2.89%）。它由 GraniteShares 运营，这是一家专注于 “创新、前沿投资解决方案” 的私人持有的 ETF 提供商。该公司成立于 2016 年。</p>
</div><p>As for the ETF, its stated investment objective is simple: &#34;The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NVIDIA.&#34;</p>
<div class="lb-trans"><p>至于该 ETF，其声明的投资目标很简单：“该基金寻求在扣除费用和开支之前，实现英伟达普通股每日变化的 2 倍（200%）的日常投资结果。”</p>
</div><p>So, in theory, quite straightforward.Investors can expect to take the daily return of Nvidia andthen double it, right?</p>
<div class="lb-trans"><p>因此，理论上来说，相当简单。投资者可以期望获得英伟达的每日回报，然后将其翻倍，对吗？</p>
</div><p>Not exactly -- and that's where things get more complicated.</p>
<div class="lb-trans"><p>并非如此——这就是事情变得更加复杂的地方。</p>
</div><h2>How and why leveraged ETFs aren't as simple as they seem</h2>
<div class="lb-trans"><h2>杠杆 ETF 为何并不像看起来那么简单</h2>
</div><p>For starters, it's important to remember what should be obvious -- double returns means both greater gains and greater losses. After all, Nvidia -- just like any other stock -- can go up and down in price. If it plummets, then this fund will plummet even more sharply.</p>
<div class="lb-trans"><p>首先，重要的是要记住一个显而易见的事实——双倍回报意味着更大的收益和更大的损失。毕竟，英伟达——就像任何其他股票一样——其价格会上涨也会下跌。如果股价暴跌，那么这只基金的跌幅将会更加剧烈。</p>
</div><p>Second, let's remember what the GraniteShares 2x Long NVDA Daily ETF is promising to do (emphasis mine): &#34;The fund seeks <em>daily</em> investment results...&#34;. That means it is designed to follow the one-day performances of Nvidia -- not its weekly or monthly performances. Over longer periods of time, the fund's performance may not match the performance of the stock.</p>
<div class="lb-trans"><p>其次，让我们记住 GraniteShares 2 倍做多 NVDA 日常 ETF 承诺要做的事情（重点在于我）：“该基金寻求_每日_投资结果……”。这意味着它旨在跟踪英伟达的一日表现，而不是其一周或一个月的表现。在较长时间段内，该基金的表现可能无法与股票的表现相匹配。</p>
</div><p>Third, let's examine another key phrase from the fund's investment objective (emphasis mine): &#34;The Fund seeks daily investment results, <em>before fees and expenses</em>, of 2 times (200%) the daily percentage change of the common stock of NVIDIA.&#34; Granted, all ETFs charge fees, but this one's expense ratio is a whopping 1.15%. That means that a $10,000 investment in this fund will result in $115 per year in fees. By contrast, buying and holding Nvidia shares costs nothing (aside from whatever transaction fees might be charged by your broker, if any). And Nvidia pays a modest dividend, meaning shareholders actually get paid to own the stock.</p>
<div class="lb-trans"><p>第三，让我们审视该基金投资目标中的另一个关键短语（重点在于我）：“该基金寻求在扣除费用和开支之前，实现英伟达普通股每日变化的 2 倍（200%）的日常投资结果。” 尽管所有 ETF 都收取费用，但该基金的费用比率高达 1.15%。这意味着在该基金上投资 1 万美元将导致每年 115 美元的费用。相比之下，购买并持有英伟达股票不需要任何费用（除了经纪人可能收取的交易费用）。而且英伟达支付适度的股息，这意味着股东实际上会因持有该股而获得报酬。</p>
</div><p>Next, there's the question of performance. Here's a three-month chart comparing Nvidia's performance to the fund's.</p>
<div class="lb-trans"><p>接下来，关于表现的问题。这是一个比较英伟达表现与该基金表现的三个月图表。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/594c1be857aac9d23ec028d8e286fd6f.png" alt="" original-src="https://media.ycharts.com/charts/594c1be857aac9d23ec028d8e286fd6f.png"/></p>
<p>NVDA Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>由 YCharts 提供的 NVDA 总回报水平数据。</p>
</div><p>As you can see, the ETF did not generate twice the return of Nvidia shares over the last three months.Some of the shortfall was due to fees; some was due to complicated factors relating to options decay and compounding that I won't go into here. In any event, the key takeaway is that at various times over the last three months, the returns from owning shares of the fund were almost identical to the returns from owning Nvidia stock -- even though investors might have expected much better returns on their investment.</p>
<div class="lb-trans"><p>正如您所看到的，过去三个月内，该 ETF 并未产生英伟达股票回报的两倍。部分原因是由于费用，部分原因是由于与期权衰减和复利相关的复杂因素，这里不再详述。无论如何，关键要点是，在过去三个月的某些时候，持有该基金股份的回报几乎与持有英伟达股票的回报相同——尽管投资者可能期望获得更好的投资回报。</p>
</div><p>This all leads to the final -- and most important -- takeaway: This fund is not designed for investors -- it's meant for <em>traders</em>.</p>
<div class="lb-trans"><p>所有这些都导致最终——也是最重要的——结论：该基金并非为投资者设计——而是为交易者设计。</p>
</div><p>Again, this caveat is included in the fund's investment prospectus: &#34;The Fund should not be expected to provide 2 times the cumulative return of NVDA for periods greater than one day.&#34;</p>
<div class="lb-trans"><p>同样，该警告包含在该基金的投资说明书中：“该基金不应被期望为超过一天的时间提供 NVDA 累计回报的 2 倍。”</p>
</div><p>In other words, this fund is designed to help traders boost their returns or hedge other positions in a portfolio. Long-term, buy-and-hold investors, be aware -- the GraniteShares 2x Long NVDA Daily ETF  is not the best way to profit from Nvidia.If that's your goal, simply buy shares of the stock.</p>
<div class="lb-trans"><p>换句话说，该基金旨在帮助交易者提高回报或对投资组合中的其他头寸进行对冲。从长期来看，长期持有投资者要注意——GraniteShares 2 倍做多 NVDA 日常 ETF 并不是从英伟达获利的最佳方式。如果这是您的目标，只需购买该股票即可。</p>
</div>

There's a New Nvidia Leveraged ETF. Here's What Investors Should Know Before Buying It.

- Nvidia (NVDA 1.46%) 股票的价格在不到两年的时间里飙升了超过 900%，吸引了无数投资者。  
- GraniteShares 2x Long NVDA Daily ETF 旨在将 Nvidia 股票的回报翻倍。  
- 该 ETF 追踪 Nvidia 股票的日常表现，但并非简单翻倍，投资者需注意费用、短期性质以及适合交易者而非长期持有者。

有一只新的英伟达杠杆 ETF。投资者在购买之前需要了解以下信息