Levered and inverse exchange-trade products (ETPs) are designed to provide geared long and short exposures to the daily returns of various benchmark indexes. The benchmarks may be any reference index, but the popular ones are indexes of stocks, bonds, commodities, and volatility. The problem with these products is that they are not generally well understood, particularly those with futures-based benchmarks. Levered and inverse ETPs are neither suitable buy-and-hold investments nor effective hedging tools. They are unstable and exist only as mechanisms for placing short-term directional bets. Levered and inverse products are not, and cannot be, effective investment management tools. Disclosure: The authors report no conflicts of interest. Editor’s Note: Submitted 22 April 2020 Accepted 23 September 2020 by Stephen J. Brown This article was externally reviewed using our double-blind peer-review process. When the article was accepted for publication, the authors thanked the reviewers in their acknowledgments. David Chambers and Fanesca Young were the reviewers for this article.

中文翻译：

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杠杆和反向交易所交易产品：祝福还是诅咒？

杠杆和反向交易所交易产品 (ETP) 旨在提供对各种基准指数每日回报的多头和空头敞口。基准可以是任何参考指数，但最受欢迎的是股票、债券、商品和波动性指数。这些产品的问题在于它们通常不被很好地理解，尤其是那些以期货为基准的产品。杠杆和反向 ETP 既不是合适的买入持有投资，也不是有效的对冲工具。它们是不稳定的，仅作为进行短期定向下注的机制而存在。杠杆和反向产品不是，也不可能是有效的投资管理工具。披露：作者报告没有利益冲突。编者注：2020 年 4 月 22 日提交，Stephen J. 于 2020 年 9 月 23 日接受。Brown 本文使用我们的双盲同行评审流程进行了外部评审。当文章被接受发表时，作者在致谢中感谢审稿人。David Chambers 和 Fanesca Young 是本文的审稿人。