<p><strong>特斯拉</strong>（TSLA -1.71%）的股票在 2024 年 12 月 17 日收盤時創下 479.86 美元的歷史新高，較前五年上漲了 1800%。當時，投資者對其在中國的強勁銷售、在自動駕駛和機器人出租車市場的進展以及對特朗普政府下對自動駕駛汽車的監管放鬆的預期印象深刻。埃隆·馬斯克與特朗普總統的密切關係也在去年 11 月引發了特斯拉股票的大規模選後反彈。</p>
<p>但如今，特斯拉的股票交易價格約為 325 美元。由於投資者對其銷售放緩、激烈競爭以及關税、降價和對人工智能與機器人投資的利潤壓縮組合感到擔憂，特斯拉的股價回落超過 30%。馬斯克在華盛頓的分歧行動加劇了這種壓力，導致對特斯拉的抗議和抵制，而他與特朗普總統在政府支出上的激烈分歧則進一步給其未來蒙上陰影。一些分析師甚至將特斯拉從 “七大奇蹟” 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>圖片來源：特斯拉。</p>
<p>面對這些挑戰，做空特斯拉的股票似乎很有吸引力。但與其直接做空特斯拉而承擔保證金風險，不如仔細看看 Tidal 的 <strong>YieldMax Short TSLA Option Income Strategy ETF</strong>（CRSH 1.28%），該基金旨在通過特斯拉股票的下跌獲利，同時為投資者創造穩定的收入。</p>
<h2>CRSH 是如何運作的？</h2>
<p>做空股票的方式是借用市場上其他人的股票，賣出後再以更低的價格（希望如此）買回，並將其歸還，從中賺取差價。但做空股票存在三大風險：其價格可能飆升，迫使你以更高的價格買回；在歸還股票之前，你需要每天支付借貸費用；而且在該頭寸被平倉之前，你的保證金賬户會每天產生複利利息。</p>
<p>為了避免這些問題，CRSH 實際上並不借用任何特斯拉的股票。相反，它同時購買特斯拉的看跌期權和看漲期權，以創建一個 “合成空頭頭寸”，如果特斯拉的股票下跌，該頭寸會適度上升。然而，它主要旨在產生被動收入，而不是完全模擬特斯拉股票的真實空頭頭寸。如果特斯拉的股票橫盤或下跌，其看跌期權將產生收入，而如果特斯拉的股票突然上漲，其看漲期權將限制損失。</p>
<p>CRSH 通過對現金擔保看跌期權策略的輕微調整來產生期權收入。當你寫出現金擔保的看跌期權時，你通過同意在未來某個日期以低於當前交易價格的價格購買股票來賺取溢價——但你必須鎖定足夠的現金以覆蓋該交易，直到看跌期權到期。CRSH 在特斯拉的股票上寫出看跌期權，但它用美國國債作為該交易的抵押——在等待期間產生利息——而不是像散户投資者那樣簡單地將現金放在一邊。</p>
<p>像特斯拉這樣波動性大的股票的期權淨溢價高於更穩定的股票，因為它們更有可能達到行權價。因此，CRSH 不斷出售這些看跌期權，從其國債中獲得額外收入，並將其與投資者自己的現金（以資本回報，或 ROC 的形式）一起滾動，以資助其 71% 的分配率。</p>
<h2>不要將 CRSH 的分配率與其收益混淆</h2>
<p>71% 的分配率聽起來很高，但這並不意味着 CRSH 會為每 100 美元的投資支付你 71 美元的新收入。其最新分配中有高達 95% 來自於 ROC，而剩餘的 5% 則來自於其期權和利息產生的新收入。由於其高達 0.99% 的總費用比率，該支付額進一步減少。</p>
<p>因此，CRSH 實際上對其股票支付的收益率是低個位數（其最新的 30 天 SEC 收益率僅為 3.1%），並且對特斯拉的股票持有看跌傾向。這可能對看空特斯拉並希望賺取額外收入的投資者具有吸引力。</p>
<p>也就是説，CRSH 還通過用 ROC 而不是其期權或利息收入來資助大部分分配，迅速降低了自身的淨資產值（NAV）。這種 NAV 的衰減，加上一些期權到期無效的成本，導致其價格在年初至今下降了 24%，而特斯拉的股票則下跌了 20%。即使包括其分配，CRSH 年初至今的收益也僅為 4%。</p>
<p>相比之下，<strong>AT&amp;T</strong> 的股票年初至今上漲了 23%，總回報為 26%，並且其前瞻性股息收益率接近 4%。對於大多數投資者來説，簡單地堅持其中一隻藍籌股息股票可能比通過這個 ETF 對抗特斯拉更明智。</p>

特斯拉

<p>特斯拉的股票從創紀錄的 479.86 美元大幅下跌至約 325 美元，主要受到銷售放緩和競爭加劇的影響。投資者可能會考慮 Tidal YieldMax Short TSLA Option Income Strategy ETF（CRSH），而不是直接做空特斯拉，該 ETF 旨在通過特斯拉股票的下跌獲利，同時產生收入。然而，CRSH 高達 71% 的分配率具有誤導性，因為大部分來自於資本回報，導致實際收益率僅為 3.1%。投資者可能會在像 AT&T 這樣的穩定分紅股票中找到更好的機會</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 日收盤時創下 479.86 美元的歷史新高，較前五年上漲了 1800%。當時，投資者對其在中國的強勁銷售、在自動駕駛和機器人出租車市場的進展以及對特朗普政府下對自動駕駛汽車的監管放鬆的預期印象深刻。埃隆·馬斯克與特朗普總統的密切關係也在去年 11 月引發了特斯拉股票的大規模選後反彈。</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，特斯拉的股票交易價格約為 325 美元。由於投資者對其銷售放緩、激烈競爭以及關税、降價和對人工智能與機器人投資的利潤壓縮組合感到擔憂，特斯拉的股價回落超過 30%。馬斯克在華盛頓的分歧行動加劇了這種壓力，導致對特斯拉的抗議和抵制，而他與特朗普總統在政府支出上的激烈分歧則進一步給其未來蒙上陰影。一些分析師甚至將特斯拉從 “七大奇蹟” 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>圖片來源：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>面對這些挑戰，做空特斯拉的股票似乎很有吸引力。但與其直接做空特斯拉而承擔保證金風險，不如仔細看看 Tidal 的 <strong>YieldMax Short TSLA Option Income Strategy ETF</strong>（CRSH 1.28%），該基金旨在通過特斯拉股票的下跌獲利，同時為投資者創造穩定的收入。</p>
</div><h2>How does CRSH work?</h2>
<div class="lb-trans"><h2>CRSH 是如何運作的？</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場上其他人的股票，賣出後再以更低的價格（希望如此）買回，並將其歸還，從中賺取差價。但做空股票存在三大風險：其價格可能飆升，迫使你以更高的價格買回；在歸還股票之前，你需要每天支付借貸費用；而且在該頭寸被平倉之前，你的保證金賬户會每天產生複利利息。</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>為了避免這些問題，CRSH 實際上並不借用任何特斯拉的股票。相反，它同時購買特斯拉的看跌期權和看漲期權，以創建一個 “合成空頭頭寸”，如果特斯拉的股票下跌，該頭寸會適度上升。然而，它主要旨在產生被動收入，而不是完全模擬特斯拉股票的真實空頭頭寸。如果特斯拉的股票橫盤或下跌，其看跌期權將產生收入，而如果特斯拉的股票突然上漲，其看漲期權將限制損失。</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 通過對現金擔保看跌期權策略的輕微調整來產生期權收入。當你寫出現金擔保的看跌期權時，你通過同意在未來某個日期以低於當前交易價格的價格購買股票來賺取溢價——但你必須鎖定足夠的現金以覆蓋該交易，直到看跌期權到期。CRSH 在特斯拉的股票上寫出看跌期權，但它用美國國債作為該交易的抵押——在等待期間產生利息——而不是像散户投資者那樣簡單地將現金放在一邊。</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>像特斯拉這樣波動性大的股票的期權淨溢價高於更穩定的股票，因為它們更有可能達到行權價。因此，CRSH 不斷出售這些看跌期權，從其國債中獲得額外收入，並將其與投資者自己的現金（以資本回報，或 ROC 的形式）一起滾動，以資助其 71% 的分配率。</p>
</div><h2>Don't confuse CRSH's distribution rate with its yield</h2>
<div class="lb-trans"><h2>不要將 CRSH 的分配率與其收益混淆</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% 的分配率聽起來很高，但這並不意味着 CRSH 會為每 100 美元的投資支付你 71 美元的新收入。其最新分配中有高達 95% 來自於 ROC，而剩餘的 5% 則來自於其期權和利息產生的新收入。由於其高達 0.99% 的總費用比率，該支付額進一步減少。</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 實際上對其股票支付的收益率是低個位數（其最新的 30 天 SEC 收益率僅為 3.1%），並且對特斯拉的股票持有看跌傾向。這可能對看空特斯拉並希望賺取額外收入的投資者具有吸引力。</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>也就是説，CRSH 還通過用 ROC 而不是其期權或利息收入來資助大部分分配，迅速降低了自身的淨資產值（NAV）。這種 NAV 的衰減，加上一些期權到期無效的成本，導致其價格在年初至今下降了 24%，而特斯拉的股票則下跌了 20%。即使包括其分配，CRSH 年初至今的收益也僅為 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> 的股票年初至今上漲了 23%，總回報為 26%，並且其前瞻性股息收益率接近 4%。對於大多數投資者來説，簡單地堅持其中一隻藍籌股息股票可能比通過這個 ETF 對抗特斯拉更明智。</p>
</div>

Short Tesla? Try CRSH for a Huge Yield Instead.

- 特斯拉股票在 2024 年 12 月 17 日創下 479.86 美元的歷史新高，五年上漲 1,800%。  
- 目前特斯拉股價約為 325 美元，因銷售放緩和競爭加劇下跌超過 30%。  
- CRSH ETF 通過期權策略為投資者提供收益，但其淨資產價值正在快速下降。  

考慮做空特斯拉？不如嘗試 CRSH 以獲得豐厚的收益