顧問的加密貨幣：加密貨幣 SMA 適合機構嗎？

對於希望透過主動管理帳戶投資加密貨幣的機構投資者來說，獨立管理帳戶 (SMA) 比 ETF 具有顯著優勢。

Institutions that want to invest in crypto via actively managed accounts have several advantages over ETFs.

希望透過主動管理帳戶投資加密貨幣的機構比 ETF 有幾個優勢。

Earlier this year, cryptocurrencies made a great leap toward mainstream adoption as the U.S. Securities and Exchange Commission (SEC) finally approved trading U.S. exchange-traded funds (ETFs) that track spot bitcoin and ether.

今年早些時候，隨著美國證券交易委員會（SEC）最終批准追蹤現貨比特幣和以太坊的美國交易所交易基金（ETF）交易，加密貨幣在主流採用方面取得了巨大飛躍。

This meant that, for the first time, investors could trade regulated Bitcoin and Ether spot-based instruments on regulated U.S. exchanges. More importantly, it meant that crypto had finally gained the imprimatur of securities regulators and was no longer considered some sort of rogue investment, bought and sold only by technology fanatics.

這意味著投資者第一次可以在受監管的美國交易所交易受監管的比特幣和以太幣現貨工具。更重要的是，這意味著加密貨幣終於獲得了證券監管機構的認可，不再被視為某種流氓投資，只有技術狂熱分子才能買賣。

As a result, millions of novice investors are getting their first taste of crypto by buying bitcoin and ether ETFs. But for more experienced institutional investors, are ETFs the best way to invest?

因此，數以百萬計的新手投資者透過購買比特幣和以太幣 ETF 來首次嘗試加密貨幣。但對於較有經驗的機構投資人來說，ETF是最好的投資方式嗎？

Here's a look at the advantages of Separately Managed Accounts, or SMAs, over ETFs for institutional investors to invest in crypto via actively managed accounts.

以下是當機構投資者透過主動管理帳戶投資加密貨幣時，獨立管理帳戶 (SMA) 相對於 ETF 的優勢。

What Are SMAs?

什麼是 SMA？

Crypto SMAs are portfolios of digital assets managed on your behalf by a professional investment manager. This last part – “professional investment manager” – is particularly important with crypto.

加密 SMA 是由專業投資經理代表您管理的數位資產投資組合。最後一部分——「專業投資經理」——對於加密貨幣來說尤其重要。

Crypto is still new, in some ways, crypto doesn't trade in the same ways as stock does. Plus, crypto “fundamentals” don’t refer to earnings and accounting metrics but rather to a whole set of new metrics related to usage, their issuing blockchain, individual activity (which can be seen) of huge holders, and so forth. If you’re investing in crypto, it pays to use an active investment manager who is experienced in crypto.

加密貨幣仍然是新事物，在某些方面，加密貨幣的交易方式與股票不同。另外，加密貨幣「基本面」不是指收益和會計指標，而是指與使用、發行區塊鏈、大持有者的個人活動（可以看到）等相關的一整套新指標。如果您正在投資加密貨幣，那麼聘請一位在加密貨幣領域經驗豐富的主動投資經理是值得的。

Direct Ownership: More Control & Tailored Risk Management

直接所有權：更多控制和定制風險管理

Unlike ETFs, SMAs give you direct ownership of your assets, which enables greater portfolio customization to meet your specific risk/return needs goals.

與 ETF 不同，SMA 為您提供資產的直接所有權，從而實現更好的投資組合定制，以滿足您的特定風險/回報需求目標。

That is, SMAs can be custom-tailored by your investment manager to meet your unique requirements – risk tolerance, investment horizon, financial goals and more. Direct ownership also facilitates more transparent and straightforward tax management strategies, such as tax-loss harvesting.

也就是說，您的投資經理可以客製化 SMA，以滿足您的獨特要求 - 風險承受能力、投資期限、財務目標等。直接所有權也有助於更透明和直接的稅務管理策略，例如稅務損失收穫。

Finally, SMAs are custody-agnostic, allowing investors to choose from a wide variety of custodians and venues ranging from Anchorage, BitGo, Coinbase and Kraken.

最後，SMA 與託管無關，允許投資者從 Anchorage、BitGo、Coinbase 和 Kraken 等多種託管機構和場所中進行選擇。

Diversification

多樣化

Along with custom-tailoring, actively managed SMAs also enable diversification. If you own a BTC ETF, you track (more or less) the returns of BTC, period.

除了客製化之外，主動管理的 SMA 還可以實現多元化。如果您擁有 BTC ETF，您（或多或少）會追蹤 BTC 的回報。

With an actively managed SMA you have access to the entire universe of cryptos (248 cryptos currently listed on Coinbase and 200+ on Kraken) and can diversify your portfolio any way you like.

透過主動管理的SMA，您可以存取整個加密貨幣領域（Coinbase 目前列出了248 種加密貨幣，Kraken 上列出了200 多種加密貨幣），並且可以按照您喜歡的方式使您的投資組合多樣化。

Additionally, active management allows you to change the allocations. While passive management may be great for some investments, it can lead to very steep losses for crypto. Cryptos often move fast, not a good dynamic for passive strategies.

此外，主動管理允許您更改分配。雖然被動管理可能對某些投資很有好處，但它可能會導致加密貨幣遭受巨大損失。加密貨幣通常變化很快，這對被動策略來說不是一個好的動態。

Outperformance

表現出色

Active management in SMAs can of course, potentially outperform an underlying coin or coin index. Experienced managers can leverage market analysis, trading strategies and timing to capitalize on market opportunities, which you don’t get with an ETF.

當然，SMA 的主動管理可能會優於基礎代幣或代幣指數。經驗豐富的管理者可以利用市場分析、交易策略和時機來把握市場機會，而這是 ETF 所無法獲得的。

And for those investors who are only interested in select coins, SMAs can provide the potential to overlay additional alpha (outperformance) on top of the coin exposure (beta).

對於那些只對特定代幣感興趣的投資者來說，SMA 可以提供在代幣敞口（貝塔）之上疊加額外阿爾法（表現優異）的潛力。

24/7 Trading

24/7 交易

ETFs trade during normal weekday market hours when the major exchanges are open. The crypto markets operate 24/7. This is a significant difference if you're not a crypto investor. The biggest, of course, is that it eliminates opening gap risk, which, if you’ve traded for any length of time, has probably bitten you at least once.

ETF 在主要交易所開市的正常工作日市場時間進行交易。加密貨幣市場 24/7 營運。如果您不是加密貨幣投資者，這是一個顯著的差異。當然，最大的一點是它消除了開盤缺口風險，如果您交易了很長一段時間，這種風險可能至少已經困擾過您一次。

Actively managed SMAs provide your manager the ability to ALWAYS swiftly react to market movements and adjust portfolios accordingly.

主動管理的 SMA 使您的經理能夠始終對市場走勢做出快速反應並相應地調整投資組合。

What is Right for You?

什麼適合您？

Crypto ETFs are proving to be very attractive to new crypto investors. Trends indicate, however, that institutions, high-net-worth individuals and registered investment advisors will likely gravitate towards actively managed SMAs over time. The personalized nature, flexibility, and potential for enhanced returns offered by SMAs make them an attractive option for sophisticated investors.

事實證明，加密貨幣 ETF 對新的加密貨幣投資者非常有吸引力。然而，趨勢表明，隨著時間的推移，機構、高淨值人士和註冊投資顧問可能會傾向於主動管理的 SMA。 SMA 的個性化性質、靈活性和提高回報的潛力使其成為成熟投資者的有吸引力的選擇。