<p><strong>特斯拉</strong>（TSLA -1.71%）的股票在 2024 年 12 月 17 日收盘时创下 479.86 美元的历史新高，较前五年上涨了 1800%。当时，投资者对其在中国的强劲销售、在自动驾驶和机器人出租车市场的进展以及对特朗普政府下对自动驾驶汽车的监管放松的预期印象深刻。埃隆·马斯克与特朗普总统的密切关系也在去年 11 月引发了特斯拉股票的大规模选后反弹。</p>
<p>但如今，特斯拉的股票交易价格约为 325 美元。由于投资者对其销售放缓、激烈竞争以及关税、降价和对人工智能与机器人投资的利润压缩组合感到担忧，特斯拉的股价回落超过 30%。马斯克在华盛顿的分歧行动加剧了这种压力，导致对特斯拉的抗议和抵制，而他与特朗普总统在政府支出上的激烈分歧则进一步给其未来蒙上阴影。一些分析师甚至将特斯拉从 “七大奇迹” 中剔除。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIwNjYvY3liZXJ0cnVja183MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIwNjYvY3liZXJ0cnVja183MS5qcGcmdz03MDA"/></p>
<p>图片来源：特斯拉。</p>
<p>面对这些挑战，做空特斯拉的股票似乎很有吸引力。但与其直接做空特斯拉而承担保证金风险，不如仔细看看 Tidal 的 <strong>YieldMax Short TSLA Option Income Strategy ETF</strong>（CRSH 1.28%），该基金旨在通过特斯拉股票的下跌获利，同时为投资者创造稳定的收入。</p>
<h2>CRSH 是如何运作的？</h2>
<p>做空股票的方式是借用市场上其他人的股票，卖出后再以更低的价格（希望如此）买回，并将其归还，从中赚取差价。但做空股票存在三大风险：其价格可能飙升，迫使你以更高的价格买回；在归还股票之前，你需要每天支付借贷费用；而且在该头寸被平仓之前，你的保证金账户会每天产生复利利息。</p>
<p>为了避免这些问题，CRSH 实际上并不借用任何特斯拉的股票。相反，它同时购买特斯拉的看跌期权和看涨期权，以创建一个 “合成空头头寸”，如果特斯拉的股票下跌，该头寸会适度上升。然而，它主要旨在产生被动收入，而不是完全模拟特斯拉股票的真实空头头寸。如果特斯拉的股票横盘或下跌，其看跌期权将产生收入，而如果特斯拉的股票突然上涨，其看涨期权将限制损失。</p>
<p>CRSH 通过对现金担保看跌期权策略的轻微调整来产生期权收入。当你写出现金担保的看跌期权时，你通过同意在未来某个日期以低于当前交易价格的价格购买股票来赚取溢价——但你必须锁定足够的现金以覆盖该交易，直到看跌期权到期。CRSH 在特斯拉的股票上写出看跌期权，但它用美国国债作为该交易的抵押——在等待期间产生利息——而不是像散户投资者那样简单地将现金放在一边。</p>
<p>像特斯拉这样波动性大的股票的期权净溢价高于更稳定的股票，因为它们更有可能达到行权价。因此，CRSH 不断出售这些看跌期权，从其国债中获得额外收入，并将其与投资者自己的现金（以资本回报，或 ROC 的形式）一起滚动，以资助其 71% 的分配率。</p>
<h2>不要将 CRSH 的分配率与其收益混淆</h2>
<p>71% 的分配率听起来很高，但这并不意味着 CRSH 会为每 100 美元的投资支付你 71 美元的新收入。其最新分配中有高达 95% 来自于 ROC，而剩余的 5% 则来自于其期权和利息产生的新收入。由于其高达 0.99% 的总费用比率，该支付额进一步减少。</p>
<p>因此，CRSH 实际上对其股票支付的收益率是低个位数（其最新的 30 天 SEC 收益率仅为 3.1%），并且对特斯拉的股票持有看跌倾向。这可能对看空特斯拉并希望赚取额外收入的投资者具有吸引力。</p>
<p>也就是说，CRSH 还通过用 ROC 而不是其期权或利息收入来资助大部分分配，迅速降低了自身的净资产值（NAV）。这种 NAV 的衰减，加上一些期权到期无效的成本，导致其价格在年初至今下降了 24%，而特斯拉的股票则下跌了 20%。即使包括其分配，CRSH 年初至今的收益也仅为 4%。</p>
<p>相比之下，<strong>AT&amp;T</strong> 的股票年初至今上涨了 23%，总回报为 26%，并且其前瞻性股息收益率接近 4%。对于大多数投资者来说，简单地坚持其中一只蓝筹股息股票可能比通过这个 ETF 对抗特斯拉更明智。</p>

特斯拉

<p>特斯拉的股票从创纪录的 479.86 美元大幅下跌至约 325 美元，主要受到销售放缓和竞争加剧的影响。投资者可能会考虑 Tidal YieldMax Short TSLA Option Income Strategy ETF（CRSH），而不是直接做空特斯拉，该 ETF 旨在通过特斯拉股票的下跌获利，同时产生收入。然而，CRSH 高达 71% 的分配率具有误导性，因为大部分来自于资本回报，导致实际收益率仅为 3.1%。投资者可能会在像 AT&T 这样的稳定分红股票中找到更好的机会</p>

<p><strong>Tesla</strong>'s (TSLA -1.71%) stock closed at a record high of $479.86 on Dec. 17, 2024, up 1,800% over its previous five years. At the time, investors were impressed by its robust sales in China, its progress in the autonomous driving and robotaxi markets, and expectations for fewer restrictive regulations -- especially regarding autonomous vehicles -- under the Trump administration. Elon Musk's close relationship with President Trump also sparked a massive post-election rally for Tesla's stock last November.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>（TSLA -1.71%）的股票在 2024 年 12 月 17 日收盘时创下 479.86 美元的历史新高，较前五年上涨了 1800%。当时，投资者对其在中国的强劲销售、在自动驾驶和机器人出租车市场的进展以及对特朗普政府下对自动驾驶汽车的监管放松的预期印象深刻。埃隆·马斯克与特朗普总统的密切关系也在去年 11 月引发了特斯拉股票的大规模选后反弹。</p>
</div><p>But today, Tesla's stock trades at about $325. It retreated over 30% as investors fretted over its slowing sales, intense competition, and its margin-crushing mix of tariffs, price cuts, and investments in AI and robotics. Musk's divisive actions in Washington exacerbated that pressure by sparking protests and boycotts against Tesla, and his acrimonious split with President Trump over government spending cast more clouds over its future. Some analysts are even removing Tesla from the &#34;Magnificent Seven.&#34;</p>
<div class="lb-trans"><p>但如今，特斯拉的股票交易价格约为 325 美元。由于投资者对其销售放缓、激烈竞争以及关税、降价和对人工智能与机器人投资的利润压缩组合感到担忧，特斯拉的股价回落超过 30%。马斯克在华盛顿的分歧行动加剧了这种压力，导致对特斯拉的抗议和抵制，而他与特朗普总统在政府支出上的激烈分歧则进一步给其未来蒙上阴影。一些分析师甚至将特斯拉从 “七大奇迹” 中剔除。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIwNjYvY3liZXJ0cnVja183MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822066%2Fcybertruck_71.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Tesla.</p>
<div class="lb-trans"><p>图片来源：特斯拉。</p>
</div><p>As Tesla faces these challenges, it seems tempting to short its stock. But instead of taking on margin to directly short Tesla, you can take a closer look at Tidal's <strong>YieldMax Short TSLA Option Income Strategy ETF</strong>(CRSH 1.28%), which aims to profit from Tesla's stock declines while generating consistent income for its investors.</p>
<div class="lb-trans"><p>面对这些挑战，做空特斯拉的股票似乎很有吸引力。但与其直接做空特斯拉而承担保证金风险，不如仔细看看 Tidal 的 <strong>YieldMax Short TSLA Option Income Strategy ETF</strong>（CRSH 1.28%），该基金旨在通过特斯拉股票的下跌获利，同时为投资者创造稳定的收入。</p>
</div><h2>How does CRSH work?</h2>
<div class="lb-trans"><h2>CRSH 是如何运作的？</h2>
</div><p>To short a stock, you borrow someone else's shares on the open market, sell them, then buy them back at a lower price (hopefully) and return them to pocket the difference. But shorting a stock is risky for three reasons: its price could soar and force you to buy it back at a much higher price, you need to pay borrowing fees every day before those shares are returned, and you're charged daily compounded interest on your margin account until that position is covered.</p>
<div class="lb-trans"><p>做空股票的方式是借用市场上其他人的股票，卖出后再以更低的价格（希望如此）买回，并将其归还，从中赚取差价。但做空股票存在三大风险：其价格可能飙升，迫使你以更高的价格买回；在归还股票之前，你需要每天支付借贷费用；而且在该头寸被平仓之前，你的保证金账户会每天产生复利利息。</p>
</div><p>To avoid those issues, CRSH doesn't actually borrow any Tesla shares. Instead, it simultaneously buys puts and calls on Tesla to create a &#34;synthetic short position&#34; which moderately rises if Tesla's stock declines. However, it's mainly designed to generate passive income instead of fully mirroring a real short position in Tesla's stock. Its puts will generate income if Tesla's stock trades sideways or declines, while its calls will cap its losses if Tesla's stock abruptly rallies.</p>
<div class="lb-trans"><p>为了避免这些问题，CRSH 实际上并不借用任何特斯拉的股票。相反，它同时购买特斯拉的看跌期权和看涨期权，以创建一个 “合成空头头寸”，如果特斯拉的股票下跌，该头寸会适度上升。然而，它主要旨在产生被动收入，而不是完全模拟特斯拉股票的真实空头头寸。如果特斯拉的股票横盘或下跌，其看跌期权将产生收入，而如果特斯拉的股票突然上涨，其看涨期权将限制损失。</p>
</div><p>CRSH generates its options income with a slight twist on the cash-secured put strategy for generating passive income. When you write a cash-secured put, you earn a premium by agreeing to buy a stock below its current trading price at a future date -- but you must lock up enough cash to cover that trade until the put expires. CRSH writes its puts on Tesla's stock, but it collateralizes that trade with its U.S. Treasuries -- which generate interest as it waits -- instead of simply setting aside cash like retail investors do.</p>
<div class="lb-trans"><p>CRSH 通过对现金担保看跌期权策略的轻微调整来产生期权收入。当你写出现金担保的看跌期权时，你通过同意在未来某个日期以低于当前交易价格的价格购买股票来赚取溢价——但你必须锁定足够的现金以覆盖该交易，直到看跌期权到期。CRSH 在特斯拉的股票上写出看跌期权，但它用美国国债作为该交易的抵押——在等待期间产生利息——而不是像散户投资者那样简单地将现金放在一边。</p>
</div><p>Options on volatile stocks like Tesla net higher premiums than more stable ones, since they're more likely to hit their strike prices. Therefore, CRSH constantly sells these put options, earns additional income from its Treasuries, and rolls them together with its investors' own cash (in a return of capital, or ROC) to fund its distribution rate of 71%.</p>
<div class="lb-trans"><p>像特斯拉这样波动性大的股票的期权净溢价高于更稳定的股票，因为它们更有可能达到行权价。因此，CRSH 不断出售这些看跌期权，从其国债中获得额外收入，并将其与投资者自己的现金（以资本回报，或 ROC 的形式）一起滚动，以资助其 71% 的分配率。</p>
</div><h2>Don't confuse CRSH's distribution rate with its yield</h2>
<div class="lb-trans"><h2>不要将 CRSH 的分配率与其收益混淆</h2>
</div><p>A 71% distribution rate sounds huge, but it doesn't mean CRSH pays you a fresh $71 in income for every $100 you invest. A whopping 95% of its latest distribution came from a ROC while the remaining 5% came from the new income it generated from its options and interest. That payout is further reduced by its high gross expense ratio of 0.99%.</p>
<div class="lb-trans"><p>71% 的分配率听起来很高，但这并不意味着 CRSH 会为每 100 美元的投资支付你 71 美元的新收入。其最新分配中有高达 95% 来自于 ROC，而剩余的 5% 则来自于其期权和利息产生的新收入。由于其高达 0.99% 的总费用比率，该支付额进一步减少。</p>
</div><p>Therefore, CRSH is really paying a low-single-digit yield (its latest 30-day SEC yield is just 3.1%) on its shares which have a bearish tilt against Tesla's stock. That might be appealing to investors who are bearish on Tesla and want to earn a little extra income.</p>
<div class="lb-trans"><p>因此，CRSH 实际上对其股票支付的收益率是低个位数（其最新的 30 天 SEC 收益率仅为 3.1%），并且对特斯拉的股票持有看跌倾向。这可能对看空特斯拉并希望赚取额外收入的投资者具有吸引力。</p>
</div><p>That said, CRSH is also rapidly reducing its own net asset value (NAV) by funding most of its distributions with an ROC instead of its options or interest income. That NAV decay, along with the costs of some of its options expiring worthless, caused its price to decline 24% year to date as Tesla's stock dropped 20%. Even if we include its distributions, CRSH delivered a dismal year-to-date gain of 4%.</p>
<div class="lb-trans"><p>也就是说，CRSH 还通过用 ROC 而不是其期权或利息收入来资助大部分分配，迅速降低了自身的净资产值（NAV）。这种 NAV 的衰减，加上一些期权到期无效的成本，导致其价格在年初至今下降了 24%，而特斯拉的股票则下跌了 20%。即使包括其分配，CRSH 年初至今的收益也仅为 4%。</p>
</div><p>By comparison, <strong>AT&amp;T</strong>'s stock rallied 23% year to date with a total return of 26%, and it pays a forward dividend yield of nearly 4%. For most investors, it might be smarter to simply stick with one of those blue chip dividend stalwarts than bet against Tesla with this ETF.</p>
<div class="lb-trans"><p>相比之下，<strong>AT&amp;T</strong> 的股票年初至今上涨了 23%，总回报为 26%，并且其前瞻性股息收益率接近 4%。对于大多数投资者来说，简单地坚持其中一只蓝筹股息股票可能比通过这个 ETF 对抗特斯拉更明智。</p>
</div>

Short Tesla? Try CRSH for a Huge Yield Instead.

- 特斯拉股票在 2024 年 12 月 17 日创下 479.86 美元的历史新高，五年上涨 1,800%。  
- 目前特斯拉股价约为 325 美元，因销售放缓和竞争加剧下跌超过 30%。  
- CRSH ETF 通过期权策略为投资者提供收益，但其净资产价值正在快速下降。  

考虑做空特斯拉？不如尝试 CRSH 以获得丰厚的收益