??1.IntroductionofleveragedETF
Anexchange-tradedfund(ETF)isatypeofopen-endfundstradedonexchanges.ThepriceofanETF’sshareswillchangethroughoutthetradingday.LeveragedETF,asaninnovativeinstrumentderivedfromtraditionalETF,trackspositivemultipliedinvestmentearnings(2times,3timesor10times)byadoptingleverageinvestmenttools.Toputitsimple,whentherateofinvestmentreturnchanges1%,thenetassetvalue(NAV)oftheETFwillchange2%,3%or10%,asagreedincontracts.
TheleveragedETFproductsofthisexchangearedesignedtobeperpetualfundswithoutmaturitydates.TheproductsaredenominatedinUSDT.Duringoperation,aprofessionalteamwillberesponsibleforautomaticadjustmentofpositionsandriskmanagement.TheNAVoftheproductswillnotreturntozero,sothatchancesofforcedliquidationarenil.Investorsarefreetobuyorsellatanytimeonthesecondarymarketandeasilytradeonmargintoleveragetheirearningsfromthefluctuationofunderlyingassets.
Disclaimer:LeveragedETFisanewgenerationoffinancialderivatives.Theabovedoesnotconstituteinvestmentadvice.Pleasepayattentiontotheriskcontrol.LeveragedETFhelpsminimizetheriskofforcedliquidation.However,underextremeconditions,therearestillrisksofNAVdecreasingapproximatelytozeroorliquidation.PleasenoteanychangesintheNAVandpricestoavoidpotentiallosses.
资深交易员Peter Brandt：比特币价格到2024年才会出现新高:6月19日消息，资深交易员Peter Brandt表示，比特币价格到2024年才会出现新高，到那时，比特币将处于一个巨大的上升趋势。“加密寒冬”的平均持续时间是4年。
据悉，Peter Brandt是预测比特币价格将在2017年骤降的人之一，他经常将比特币近期的价格走势与2017年比特币价格最高点的走势进行比较。（Zycrypto）[2022/6/20 4:39:01]
???2.What’stheadvantagesofleveragedETF?
Comparedwithspotinvestment,whataretheadvantagesofleveragedETFofourexchange?Let’stakeETFBTC3,whichprovidesthreetimesthedailyperformanceofBTC,asanexample:
Higherprofits:
Whenthepriceofadigitalcurrencyshowsstrongtrends,buyingleveragedETFwillgeneratehigherprofitsthanspotinvestment.For?example,ifthepriceofBTCincreasesby10%,leveragedETFwillbring30%ofprofitstoinvestors.
Compoundinggains:
TheleveragedETFofourexchangewillmaintainaconstantfixedleverageratioforusers.Ifauser’saccounthasgeneratedunrealizedgains,theETFwillautomaticallyaddpositions.Inthisway,underthesingle-sidemarket,ETFinvestmentreturnisthreetimeshigherthanspotinvestment.
分析 | Josh Rager：在2023年的下一轮牛市中 比特币价格可能会突破15万美元:加密货币技术分析师兼投资者Josh Rager表示，基于比特币自2011年以来的价格走势，以及比特币从历史高点后的回调中反弹的模式，他认为比特币在2051天内，即2023年之前，会达到一个新的峰值（超过15万美元）。[2019/4/1]
Riskmanagement:
TheleveragedETFofourexchangeismanagedbyaprofessionalquantitativeteam,whichwillkeepcontrollingtherisksduringtheoperationoftheETF.Fortraditionalleveragedinvestment,whenthepriceoftheunderlyingbenchmarkdecreasesby33.33%,investorswillsufferfromforcedliquidation.Incontrast,ourETFwillappropriatelyreducepositionswhentheuser’saccounthasunrealizedloss.Inthisway,ourETFuserswillnotsufferfromforcedliquidationwhenthepriceofunderlyingbenchmarkdropsby33.33%.What’smore,ifthepricerisesagain,thesystemwillautomaticallyaddpositions,sothattheforcedliquidationwillneverhappen,andthebenefitsofETFinvestorsaresafeguarded.
Disclaimer:LeveragedETFisanewgenerationoffinancialderivatives.Theabovedoesnotconstituteinvestmentadvice.Pleasepayattentiontotheriskcontrol.LeveragedETFhelpsminimizetheriskofforcedliquidation.However,underextremeconditions,therearestillrisksofNAVdecreasingapproximatelytozeroorliquidation.PleasenoteanychangesintheNAVandpricestoavoidpotentiallosses.
动态 | 报告显示：2025年全球能源市场区块链规模将达到34.69亿美元:据Industry Today消息，WiseGuyReports.com发布的《2018年能源市场区块链全球分析、增长、趋势和机遇研究报告预测2025》报告显示，2016年能源市场全球区块链价值约1.565亿美元，且预计将在2018 - 2025年的预测期内以超过82.24％的健康增长率增长。到2025年全球能源市场区块链将达到34.69亿美元。[2018/9/7]
???3.CalculationoftheleveragedETF’sNAV
ThefundshareandpercentageofaleveragedETFproductisbasedonthenumberofETFunitsaninvestorholds.Forexample,let’sassumethenumberofallunitsinanETFisM;thetotalequityamountoftheETFisTusdt;andthenumberofETFunitsheldbyinvestorAisN.Thus,thevalueofETFforeachunitis:
ThetotalequityamountheldbyinvestorAis:
TocreateaconvenientenvironmentforinvestorstopurchaseandredeemleveragedETFshares,theexchangehasestablishedproductslinkedtocertaintradingpairs.ThetradingvalueofETFisbasedontheNAVoftheunderlyingdigitalcurrenciessothatpurchaseandredemptionarefacilitated.TheplatformwillannouncetheNAVoftheETFinrealtimetoensurefulltransparency.Thepriceoftradingpairswillbelinkedwiththepriceofthenetvalue.IfthereareanydeviationsbetweenthesecondarymarketpriceandtheNAV,achanceforarbitragewillcome.Ifthepriceislowerthannetvalueofthefund,itisprofitabletobuy.Ifthepriceishigherthannetvalueofthefund,itisprofitabletosell.ETFarbitragebringsthemarketpriceofETFsbackinlinewithNAVwhendivergencehappens.
声音 | Intellyx创始人：Ripple的商业模式可疑，本质上是局:3月1日，Intellyx创始人Jason Bloomberg发文解释此前提到的“迹象表明Ripple本质上是局”。原因如下：1. Ripple的商业模式值得怀疑，核心是拉高出货，并采取措施掩盖事实。他质疑，最初数十亿XRP代币基本是凭空发行的垄断资金。Ripple声称公司和XRP没有直接联系，XRP并非由公司创建，Ripple拥有的大量XRP由开发者赠送。因其并非去中心化，加密社区的许多人甚至不认为XRP是加密货币。2. Ripple声称有数十位客户，但大多数公司是合作伙伴，甚至包含RippleNet加速器计划的公司，Ripple向其支付XRP奖励。3. XRP的流动性在国际支付中将毫无用处。XRP太不稳定；保持XRP的流动性并不能解决从货币稳定的国家向稳定性较差国家转移资金的核心问题。4. Ripple声称XRP不是证券，尽管由SEC决定XRP是否属于证券，但该代币似乎符合证券的定义。5. 目前尚不清楚Ripple技术是否可以替代Swift等传统支付机制，或者它是否可以兑现其承诺。6. Ripple通过提高XRP的价值赚钱，利用的是其感知价值，而非内在价值。[2019/3/3]
Disclaimer:LeveragedETFisanewgenerationoffinancialderivatives.Theabovedoesnotconstituteinvestmentadvice.Pleasepayattentiontotheriskcontrol.LeveragedETFhelpsminimizetheriskofforcedliquidation.However,underextremeconditions,therearestillrisksofNAVdecreasingapproximatelytozeroorliquidation.PleasenoteanychangesintheNAVandpricestoavoidpotentiallosses.
??4.ThepositionrebalancingsystemoftheleveragedETF
Standpoint Research创始人罗尼·莫阿斯：比特币明年还会涨五倍:此前曾预测比特币三年内上涨至2万美元的Standpoint Research创始人罗尼·莫阿斯（Ronnie Moas）称比特币明年还会涨五倍。[2017/12/18]
TheleveragedETFoftheexchangeismanagedbyaprofessionalteam,whichrebalancesthepositionsandcontrolrisksinrealtime.ItworkstoensurethattheleverageratiosofETFmatchtheagreedratios.
Let’stakeETFBTC3Lasanexample.ThisfundtakeslongpositionofBTCandreflectsthreetimesofitsperformance.TheNAVoftheETFis1andeachunitoftheETFholds3usdtofBTC.WhenthepriceofBTCincreasesby1%,theNAVoftheETFwillchangeto1.03andtheleverageratiobecomesunder3.Atthistime,eachunitoftheETFwillbuyadditional0.06usdtofBTCtokeepthevalueofBTConholdto3.09.Inthisway,theleverageratioofETFwillbekeptas3dynamically.Thepositionswillalsobereduceddynamicallywhenthepriceisfalling,inordertopreventtheNAVofthecontractfromreturningtozero.WhenthepriceofBTCgoesupagain,thepositionsofBTCswillbeaddeddynamicallytotideoverthefluctuationofthemarket.
Disclaimer:LeveragedETFisanewgenerationoffinancialderivatives.Theabovedoesnotconstituteinvestmentadvice.Pleasepayattentiontotheriskcontrol.LeveragedETFhelpsminimizetheriskofforcedliquidation.However,underextremeconditions,therearestillrisksofNAVdecreasingapproximatelytozeroorliquidation.PleasenoteanychangesintheNAVandpricestoavoidpotentiallosses.
????5.FeesofleveragedETF
LeveragedETFtradingpairsbelongtospottrading.Thetransactionfeeofpurchase(buy)andredemption(sell)byinvestorsis0.2%ofthetransactionvolume.(Userswhoareentitledtolowertransactionfeeswillenjoyreducedrates.)Moreover,investorsneedtopaymanagementfeebasedontheleverageratio.Themanagementfeewillbeusedtocoverfeesincurredduringtheoperation.(Ingeneral,themanagementfeeis0.05%,nowthemanagementfeeis0anditwillbeadjustedaccordingtomarketfluctuation).ThemanagementfeewillbereflectedinthechangesofNAV.Inotherwords,theNAVofleveragedETFisthevalueafterthereductionofthemanagementfee.Eachmanagementfeewillbechargedat00:00everyday.Holdingtheproductatothertimeofthedaywillnotincurthefee.
Disclaimer:LeveragedETFisanewgenerationoffinancialderivatives.Theabovedoesnotconstituteinvestmentadvice.Pleasepayattentiontotheriskcontrol.LeveragedETFhelpsminimizetheriskofforcedliquidation.However,underextremeconditions,therearestillrisksofNAVdecreasingapproximatelytozeroorliquidation.PleasenoteanychangesintheNAVandpricestoavoidpotentiallosses.
??6.Summary
Inconclusion,the3timesleveragedETFisverysuitableforcorrespondingsingle-sidedmarket.Asaconvenienttool,itfullyusesthecapitaltogenerateinvestmentprofits.TheETFismanagedbyaprofessionalteam,whichprovidesreal-timeanddynamicadjustmentofpositionsandpreventsforcedliquidation.Inpractice,investorsneedtohavecorrectjudgementofthemarkettrendsandpre-settakeprofitlinesandstoplosslinesreasonably,inordertocontrolrisksinrealtimeandseizemarketopportunities.
Disclaimer:LeveragedETFisanewgenerationoffinancialderivatives.Theabovedoesnotconstituteinvestmentadvice.Pleasepayattentiontotheriskcontrol.LeveragedETFhelpsminimizetheriskofforcedliquidation.However,underextremeconditions,therearestillrisksofNAVdecreasingapproximatelytozeroorliquidation.PleasenoteanychangesintheNAVandpricestoavoidpotentiallosses.
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