GraniteShares两倍做多Lucid ETF因Lucid暴跌后净值转负进入退市清算

A leveraged exchange-traded fund (ETF) that tracked twice the daily return of electric vehicle maker Lucid Group has entered delisting proceedings after its net assets fell into negative territory in a single day. Once liquidation is completed, no assets are expected to be returned to investors.
According to a notice from asset manager GraniteShares on the 17th, the firm's "GraniteShares 2X Long LCID Daily ETF (LCDL)" is being delisted after its net asset value (NAV) turned negative.
The trigger was a sharp intraday plunge in Lucid's stock on the 14th, the previous day. As speculation of a liquidity crisis and possible bankruptcy surfaced simultaneously, Lucid's stock collapsed more than 50% from the previous trading session's close, prompting the swap counterparty to immediately liquidate the derivative position under the terms of the contract.
Because the product was designed to track twice the return of the underlying asset, the single-day drop exceeding half wiped out the ETF's asset value into negative territory almost instantly, and the exchange immediately halted trading.
GraniteShares explained that the ETF's per-share NAV was calculated at negative $0.016 (about negative 24 won) as of the liquidation point, leaving no residual assets to distribute to investors. Trading in the shares will remain suspended until the official delisting and liquidation process is complete.
The asset manager's position is that this situation was a risk disclosed in advance in the prospectus. The prospectus stated that if the underlying stock plunges more than 50% in a single day, the leveraged product could suffer losses exceeding the principal, and that the swap counterparty has the right to immediately terminate the contract.
Lucid Motors, the subject of the bankruptcy speculation, immediately pushed back. According to a Forbes report, its stock plunged 55% in a single day after an article emerged that Lucid was considering filing for bankruptcy protection, and the company officially denied it.
In the same report, Nick Twork, Lucid's chief communications officer, said the rumor was groundless. He explained that the company has secured sufficient liquidity to operate through next year, and that no special board committee had been formed to review the reported scenario.
Earlier, EV, an electric vehicle industry outlet, had reported that Lucid commissioned a management advisory firm to prepare a report on future operating options. The outlet said the report could potentially include options such as taking the company private or filing for bankruptcy protection.
Lucid Motors is an electric vehicle maker founded by former Tesla engineers, and entered the stock market in 2021 through a merger with a special purpose acquisition company (SPAC). Since its listing, persistent stock weakness and large operating losses have continued to raise concerns over its management uncertainty.