MSTY：隨著比特幣週期的變化，支出繼續下降

Extramax MSTR期權收入策略ETF（Nysearca：MSTY）可以說是去年推出的最成功的高產期權資金之一。

YieldMax MSTR Option Income Strategy ETF (NYSEARCA:MSTY) is arguably one of the most successful high yielding option funds that has been launched in the last year. MSTY currently offers investors a massive distribution yield of 12.6% per annum, and it paid out $1.3775 in distributions for the 12-month period that ended in December 2022. This is despite the fact that the ETF’s net investment income for the year was just $0.44.

Extramax MSTR期權收入策略ETF（Nysearca：MSTY）可以說是去年推出的最成功的高產期權資金之一。 MSTY目前為投資者提供每年12.6％的巨額分配收益率，在2022年12月結束的12個月期間，它支付了1.3775美元的分配。這是事實上，該年度ETF的淨投資收入僅為0.44美元。

Payouts Continue To Decline As Bitcoin Cycle Shifts

隨著比特幣週期的變化，支出繼續下降

As impressive as MSTY’s income generation capabilities were in 2022, it is important to highlight that its payout potential is rapidly diminishing today as the Bitcoin cycle shifts. At the start of 2022, when MSTY launched, Bitcoin was trading at an all-time high of $69,000. But by the end of 2022, Bitcoin had dropped to $16,000. This price downturn has had a significant impact on MSTY’s ability to generate high levels of income.

儘管MSTY的收入產生能力令人印象深刻，但重要的是要強調，隨著比特幣週期的變化，其支出潛力正在迅速減少。 2022年初，當MSTY推出時，比特幣的交易量為69,000美元。但是到2022年底，比特幣已降至16,000美元。這種價格下跌對MSTY產生高水平收入的能力產生了重大影響。

This is because MSTY derives its income from selling covered call options on shares of MicroStrategy (NASDAQ:MSTR). MicroStrategy is a company that holds a large treasury investment in Bitcoin. MSTY’s strategy is to identify suitable strike prices and maturity dates for the call options that it sells, taking into account the prevailing market conditions and its risk tolerance.

這是因為MSTY通過在MicroStrategy（NASDAQ：MSTR）的股票上出售覆蓋的呼叫選擇獲得收入。 MicroStrategy是一家對比特幣進行大量財政投資的公司。 MSTY的策略是考慮到現行的市場狀況及其風險承受能力，確定其出售的呼叫選項的合適罷工價格和成熟日期。

When an investor buys a call option, they gain the right, but not the obligation, to purchase a specific security, in this case, MicroStrategy shares, at a predetermined price, known as the strike price, on or before a set date, which is the option’s maturity. In exchange for granting this right to the investor, the investor pays a premium to the seller of the option.

當投資者購買呼叫期權時，他們會獲得正確但沒有義務，在這種情況下，以預定的價格（稱為罷工價格）在設定的日期或之前以預定的價格購買了特定的安全性，這是該期權的成熟度。為了交換授予投資者的權利，投資者向該期權的賣方支付了溢價。

In today's market, selling covered call options on shares of MicroStrategy is relatively less risky than it would be in a rapidly rising market like the one we saw in 2021. This is because the potential for large price fluctuations is smaller in a slowly moving market.

在當今的市場中，與在2021年看到的迅速上升的市場相比，MicroStrategy股票的銷售銷售銷售期權的風險要小。

However, it is crucial to understand that selling covered call options still carries inherent risks. If the price of the underlying shares rises significantly, the seller of the option may be forced to sell the shares at a lower price than they would have liked, and they may also forfeit the opportunity to realize further gains. Conversely, if the price of the underlying shares drops, the seller of the option will be able to keep the premium that they collected upfront.

但是，重要的是要了解銷售包含的呼叫選項仍然具有固有的風險。如果基本股票的價格大幅上漲，則該期權的賣方可能會以比他們希望的低價出售股票，並且他們也可能會剝奪機會實現進一步收益的機會。相反，如果基本股票的價格下跌，則該期權的賣方將能夠保留他們預先收取的溢價。

In 2022, when Bitcoin’s price was in a strong uptrend throughout the first half of the year, and even more so in the first quarter, it presented an excellent opportunity for selling covered call options on shares of MicroStrategy at higher strikes and collect substantial premiums.

在2022年，當比特幣的價格在今年上半年處於強勁上升趨勢時，甚至在第一季度，它提供了一個絕佳的機會，可以在更高的罷工中出售MicroStrategy股票的蓋帽呼叫選擇，並收集大量保費。

However, as Bitcoin’s price cycle turned in the second half of 2022, and especially in the fourth quarter, it placed MSTY in a less advantageous position. With Bitcoin’s price declining and the threat of steeper losses looming, MSTY had no choice but to reduce the strikes on its covered call options and sell them at lower premiums in order to mitigate the potential for even larger losses.

但是，隨著比特幣的價格週期在2022年下半年，尤其是在第四季度，MSTY處於優勢較低的位置。隨著比特幣的價格下降和巨大損失的威脅，MSTY別無選擇，只能減少對其覆蓋的呼叫選擇的罷工，並以較低的保費出售，以減輕更大損失的可能性。

This shift in strategy is evident in the decreasing trends observed in the total premiums paid by investors in MSTY and the net investment income recognized by the ETF in 2022.

在MSTY投資者支付的總保費和ETF在2022年確認的淨投資收入中，這種策略轉變在下降的趨勢中顯而易見。

Despite starting the year with a strong potential for income generation, MSTY's payout potential is rapidly diminishing today as the Bitcoin cycle continues to shift.

儘管從本年開始收入的潛力很大，但隨著比特幣週期的不斷變化，MSTY的支出潛力正在迅速減少。