The US ETF market, which has assets of up to 6.2 trillion US dollars, has ushered in a new "gambling tool".

ETF, the first leveraged single stock in the United States, officially went public on Thursday.AXS Investments launched a single-share ETF that is bearish or bullish on Tesla, Inc., Nike Inc, NVIDIA Corp, PayPal Holdings Inc and Pfizer Inc.Investors can use this toolMake a reverse or leveraged bet on a single stock.Similar products are already on the market in Europe, but it is the first time in the US market.

Move your fingers, zoom in on the lever or go short with one button

Some people may be confused and want to be long or short a stock, just buy, hold or borrow shares from a brokerage to sell.Why bother to giveWhat about the handling fee paid by the ETF manager?

But in practice, this type of ETF usually carries a certain amount of leverage. Take AXS 2X NKE Bull Daily ETF (NKEL) as an example. If Nike Inc's stock rises 1%, the ETF should rise 2%.AXS uses derivatives contracts to achieve this and handles complex transactions, so retail investors can build leveraged positions with just one click.The ETF rose 4.5 per cent on Friday, while Nike Inc's share price rose just 1.4 per cent.

In additionReverse single shareETFThe risk is also lower than the traditional short selling of a single stock.If an investor shorts a stock when the share price is $1, the loss is $9 when the share price rises to $10, and $99 when the share price rises to $100, so using traditional tools, there is no limit to the loss of short sellers.ForFor reverse single-share ETF, investors will only lose all their principal at most.

It is not an easy thing for ordinary retail investors to short individual stocks. They need to fill out forms, pay for borrowing stocks, and specify the number of shares they buy and sell.From this point of viewReverse single-share ETF makes it easier to short individual stocks.

Chris Murphy, co-head of derivatives strategy at Susquehanna International Group, said:

"it may be more difficult for retail investors to short stocks, so this tool may be a less risky and easier option to implement."

This is not good news for Tesla, Inc. 's bulls.Among Wall Street's target prices for Tesla, Inc., there is a difference of $1500 between the highest and the lowest, more than twice its current share price, compared with Microsoft Corp's long-short target price difference of just $200, less than 100 per cent of the current share price.

Since the beginning of this year, Tesla, Inc. 's share price has fallen 39.97% and NVIDIA Corp's share price has nearly halved.

According to data compiled by S3 Partners, the fee for AXS TSLA Bear Daily (TSLQ) is 1.15 per cent, while the borrowing rate for Tesla, Inc. 's stock, which measures the cost of shorting the stock, is now close to 0.3 per cent. However, analysts sayThe attraction of ETF such as TSLQ lies more in convenience than cost.

"if you want to short Tesla, Inc. but don't have a margin account, or even if you do, it might be easier to buy TSLQ directly," the person said. You click to buy, and then you close the deal. "

American ETF enters a new era

After a brutal price warThe index of AmericaETF rates have fallen to an all-time low, and the emergence of single-share ETF has opened up a profitable channel for issuers, tracking the single-share ETF of large companies has also become a hot spot.

At least 85 similar ETF are being planned for release, covering about 37 companies.

The media commented thatAt a time when recession fears pervade the market and trigger a bear market crisis, the Securities and Exchange Commission(SEC) may inadvertently put new investment vehicles in the hands of short-term traders.

Nate Geraci, president of consulting firm ETF Store, said:

With the launch of new products, we will see the floodgates in this field open completely.ETF issuers will completely cover the market with a variety of ETF: leveraged, reverse, option stack, everything.

While promoting the convenience of trading, single-share ETF also attracts a lot of criticismCompared with index funds, individual sharesETF may be more volatile and riskier.

SEC Chairman Gary Gensler said at a press conference last week.These products"there are special risks". SEC member Caroline CrenshawRemind investment advisers not to recommend these products to retail investors。

And in fact,Part of the reason why such products can be put on the market is thatThe SEC rules changed in 2019 and 2020, allowing leveraged and reverse ETF to be launched without prior approval from SEC.

Greg Bassuk, CEO of AXS, saidThese fundsIt is aimed at "sophisticated, active traders" and is not suitable for all investors. Investors who are unable to keep a close eye on the market and are not aware of leverage risk are not recommended to buy.