我研究了一下NVDA LEAP 和 NVDL (2x杠杆），感覺好像還是NVDL的投資回報會高一些。
For example, NVDA $80 1/26 contract priced at $70 with delta 0.9310, time value is $8.08 per contract (11%). Since delta is pretty high, LEAP almost appreciate in the same value as the original stock. Let's assume NVDA will appreciate significantly in 2025 but with high volatility. Although there will be volatility drag on NVDL, the time decay ($8.08 per share on LEAP will still be more than the volatility drag and the expense (1% = $0.76 per share) on NVDL, making LEAP less attractive than NVDL. Even though we could roll LEAP to a future date 3-6 months prior to expiration to avoid the time decay, and the volatility expansion may lessen the time decay, it may still outpace the volatility drag and the expense on NVDL. Beside, the tax on the short term gain on LEAP will be bigger than that of NVDL as you can hold more than a year on NVDL whereas you have to roll into a future date in less than a year. And if NVDA goes to zero, I will just lose the same value for both, as the LEAP costs $70 and NVDL costs $76.
In my opinion, NVDL is a better investment vehicle than NVDA LEAP. Of course, there is a caveat. If NVDA ends up move sideways with lots of volatility, then the volatility drag on NVDL will be big, making it less favorable to the LEAP.
What do you guys think? 歡迎好的討論和分析。
