追踪纳斯达克100指数的三倍杠杆交易所交易基金——纳指三倍做多ETF（TQQQ）今日盘中出现大幅下挫，跌幅达5.35%，引起了市场广泛关注。
此次下跌与纳斯达克指数及科技股的整体疲软密切相关。消息面上，根据摩根士丹利的分析，动量交易出现“崩塌式”反转，此前领涨且仓位拥挤的科技与半导体等高贝塔主题遭遇集中减仓。更为关键的是，杠杆ETF的再平衡机制在下跌中放大了波动。据测算，股票下跌时，为维持约定的杠杆倍数，杠杆ETF需要被动卖出股票以平衡仓位，此次再平衡带来了约180亿美元的美股抛压，且供给高度集中在纳斯达克、科技与半导体领域，对相关资产价格造成了显著冲击。
与此同时，市场对人工智能热潮的可持续性产生疑虑，AI初创公司推出的工具引发了对传统软件行业商业模式的担忧，导致了软件板块的广泛抛售，这进一步加剧了以科技股为核心的纳斯达克指数的下行压力。在这些因素共同作用下，作为高杠杆产品的TQQQ承受了远超基准指数的跌幅。
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