大盤在弱勢的時候，不一定只能觀望或是等待，可以直接放空大盤，也有反向的標的物可以操作。反向的ETF並不難搜尋，下面的網站就可以找到可以操作的反向ETF。
[找尋名單]
倍數空頭 http://www.tradermike.net/inverse-short-etfs-bearish-etf-funds/
倍數多頭 https://www.stocktrader.com/long-etfs-bullish-etf-funds-2x-3x-leverage/
[操作說明]
標的數量相當多，而且從一倍到三倍的反向ETF都有，在當日跌勢猛烈的時候，常常發揮到意想不到的獲利。但是這類型的ETF適合長期持有嗎? 我認為並不適合，請看下面的比較表。
SPY vs SH
SPY為S&P500 指數的ETF
SH為S&P500 指數ETF一倍做空
在大盤一開始下跌的時候，SH上漲的比例超過SPY下跌的比例。但是再過一陣子之後，SPY持續探底，但是SH卻無法達到更高的報酬。
這個原因就出在反向ETF是以一日當做基準，以當日變化按照倍數作為該ETF的報酬。
舉個簡單的例子說明，起始資金100，每天下跌10%，反向ETF在第五天累積利潤為+46.41%，同比單純放空標的物只會賺到+34.39%。這其中的差異就在於"複利"的效應，連續下跌的時候，反向ETF連同前面賺的一起放大獲利。
| 起始資金100 | Day | 反向一倍 |
|---|---|---|
| 100 | 1 | 100 |
| 90 (-10%) | 2 | 110 (+10%) |
| 81 (-10%) | 3 | 121 (+10%) |
| 72.9 (-10%) | 4 | 133.1 (+10%) |
| 65.61 (-10%) | 5 | 146.41 (+10%) |
再舉個簡單的例子說明，起始資金100，頭兩天各上漲10%，後兩天各跌10%，反向ETF在第五天累積虧損-1.99%，同比單純放空標的物會賺到+1.99%
| 起始資金100 | Day | 反向一倍 |
|---|---|---|
| 100 | 1 | 100 |
| 110 (+10%) | 2 | 90 (-10%) |
| 121 (+10%) | 3 | 81(-10%) |
| 108.9 (-10%) | 4 | 89.1(+10%) |
| 98.01 (-10%) | 5 | 98.01(+10%) |
透過上面的兩個簡單的例子可以得知，反向倍數的標的物並不適合長期持有操作，但是在短線上連續下跌的跌勢，就有操作它的空間。在做對沖基金的時候，就可以藉由這類的標的物做對沖避險。
[名單整理]
下面列出反向ETF的名單
Short (1x), UltraShort (2x), UltraPro (3x) MarketCap ETFs:
| ETF Name | Ticker | Benchmark Index |
|---|---|---|
| Short QQQ | PSQ | Nasdaq-100 |
| Short Dow 30 | DOG | DJIA |
| Short S&P 500 | SH | S&P 500 |
| Short Mid Cap 400 | MYY | S&P Mid Cap 400 |
| Short Small Cap 600 | SBB | S&P Small Cap 600 |
| Short Russell 2000 | RWM | Russell 2000 |
| UltraShort QQQ | QID | Nasdaq-100 |
| UltraShort Dow 30 | DXD | DJIA |
| UltraShort S&P 500 | SDS | S&P 500 |
| UltraShort Mid Cap 400 | MZZ | S&P Mid Cap 400 |
| UltraShort Small Cap 600 | SDD | S&P Small Cap 600 |
| UltraShort Russell 2000 | TWM | Russell 2000 |
| UltraPro Short QQQ | SQQQ | Nasdaq-100 |
| UltraPro Short Dow 30 | SDOW | DJIA |
| UltraPro Short S&P 500 | SPXU | S&P 500 |
| UltraPro Short Mid Cap 400 | SMDD | S&P Mid Cap 400 |
| UltraPro Short Russell 2000 | SRTY | Russell 2000 |
UltraShort (2x) Style:
| ETF Name | Ticker | Benchmark Index |
|---|---|---|
| UltraShort Russell1000 Value | SJF | Russell 1000 Value |
| UltraShort Russell1000 Growth | SFK | Russell 1000 Growth |
| UltraShort Russell Mid Cap Value | SJL | Russell Mid Cap Value |
| UltraShort Russell Mid Cap Growth | SDK | Russell Mid Cap Growth |
| UltraShort Russell 2000 Value | SJH | Russell 2000 Value |
| UltraShort Russell 2000 Growth | SKK | Russell 2000 Growth |
| ETF Name | Ticker |
|---|---|
| ProShares Ultra Silver | AGQ |
| ProShares UltraShort Silver | ZSL |
| ProShares Ultra Gold | UGL |
| ProShares UltraShort Gold | GLL |
| DB Gold Short ETN | DGZ |
| DB Gold Double Short ETN | DZZ |
Direxion 3x Inverse ETFs:
| ETF Name | Ticker | Benchmark Index |
|---|---|---|
| Daily S&P 500 Bear 3x Shares | SPXS | S&P 500 Index |
| Daily Mid Cap Bear 3x | MIDZ | S&P Mid Cap 400 Index |
| Daily Small Cap Bear 3x | TZA | Russell 2000 |
| Daily Energy Bear 3x | ERY | Energy Select Sector Index |
| Daily Financial Bear 3x | FAZ | Russell 1000 Financial Services |
| Daily Gold Miners Bear 3x | DUST | NYSE Arca Gold Miners Index |
| Daily Junior Gold Miners Bear 3x | JDST | Market Vectors Junior Gold Miners Index |
| Daily Natural Gas Related Bear 3x | GASX | ISE Revere Natural Gas Index |
| Daily Real Estate Bear 3x | DRV | MSCI US REIT Index |
| Daily Semiconductor Bear 3x | SOXS | PHLX Semiconductor Sector Index |
| Daily Technology Bear 3x | TECS | Technology Select Sector Index |
| Daily Brazil Bear 3x | BRZS | MSCI Brazil 25-50 Index |
| Daily FTSE China Bear 3x | YANG | FTSE China 25 Index |
| Daily FTSE Europe Bear 3x | EURZ | FTSE Developed Europe Index |
| Daily Developed Markets Bear 3x | DPK | MSCI EAFE Index |
| Daily Emerging Markets Bear 3x | EDZ | MSCI Emerging Markets Index |
| Daily Russia Bear 3x | RUSS | Market Vectors Russia Index |
| Daily Japan Bear 3x | JPNS | MSCI Daily TR Net Japan USD Index |
| Daily South Korea Bear 3x | KORZ | MSCI Korea 25-50 Index |
| Daily 7-10 Year Treasury Bear 3x | TYO | NYSE 7-10 Year Treasury Bond Index |
| Daily 20 year Plus Treasury Bear 3x | TMV | NYSE 20 Year Plus Treasury Bond Index |
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本文內容僅供參考，無任何買賣建議，投資人應謹慎評估，風險自負。
