違反ETFS啟動比特幣（BTC）與以太坊（ETH）配對ETFS

Defiance ETF已申請了四個新的交易所交易基金（ETF）的監管批准，其中一些包括同時長長的比特幣（BTC）和Short Ethereum（ETH）。

Defiance ETFs is venturing into new territory with its application for four exchange-traded funds (ETFs) that combine long Bitcoin (BTC) with short Ethereum (ETH).

Defiance ETF將其應用於將長的比特幣（BTC）與短以太坊（ETH）相結合的四個交易所交易基金（ETF）的應用。

According to a May 6 filing with the US Securities and Exchange Commission (SEC), the funds are structured to track the leveraged performance of one asset against another using derivatives.

根據5月6日向美國證券交易委員會（SEC）提交的文件，該資金的結構是通過使用衍生工具來跟踪一項資產的槓桿性能。

These ETFs will be actively managed and aim to provide total return through synthetic exposure to the underlying assets.

這些ETF將被積極管理，並旨在通過合成對基礎資產的綜合曝光來提供全部回報。

The funds, marketed under the BattleShares brand, typically seek to maintain a 150% to 220% exposure to the long asset and a -150% to -220% exposure to the short asset.

這些資金以戰鬥機品牌銷售，通常試圖維持長期資產的150％至220％的敞口，以及-150％至-220％的資產敞口。

Instead of direct spot asset holdings, the ETFs establish leveraged exposure using a combination of futures contracts, swaps, options, and US-listed ETFs or exchange-traded products (ETPs).

ETF不是直接現貨資產持有，而是使用期貨合約，掉期，期權和上市的ETF或交易所交易貿易產品（ETP）建立槓桿風險。

The structure of the ETFs is designed to take advantage of price differentials between the long and short asset pairs.

ETF的結構旨在利用長和短資產對之間的價格差異。

For instance, the investment thesis behind the Bitcoin vs. Ether ETF is to generate returns when Bitcoin outperforms Ether over the holding period. Conversely, the Ether vs. Bitcoin ETF is targeted at investors who anticipate stronger performance from Ether.

例如，當比特幣與Ether ETF背後的投資論文是在比特幣在整個持有期內勝過Ether時產生回報。相反，以太幣與比特幣ETF的目標是預期Ether表現更強的投資者。

It's important to note that none of the ETFs invest directly in the assets they track. They gain exposure through financial instruments issued by other funds or derivatives markets.

重要的是要注意，ETF都沒有直接投資於他們追踪的資產。他們通過其他基金或衍生品市場發行的金融工具獲得敞口。

Where applicable, up to 25% of assets may be allocated to a Cayman Islands subsidiary to maintain favorable US tax treatment under Regulated Investment Company (RIC) rules.

在適用的情況下，可以將多達25％的資產分配給開曼群島的子公司，以維持受監管投資公司（RIC）規則的美國稅收待遇。

The filing highlights that this derivative structure allows the funds to avoid custody risks associated with direct holdings of digital assets or physical gold.

歸檔強調了這種衍生結構允許資金避免與直接持有數字資產或實物黃金有關的監護風險。

However, this structure adds complexity, including exposure to counterparty risk, tax constraints, and high turnover due to frequent rebalancing.

但是，這種結構增加了複雜性，包括暴露於對手風險，稅收限制和由於頻繁平衡而導致的高營業額。

The funds are designed to be non-diversified and will have high portfolio turnover due to frequent rebalancing driven by market volatility, asset momentum, and derivative expiration cycles.

這些資金的設計目的是不變，並且由於市場波動，資產勢頭和衍生性到期週期驅動的經常重新平衡，因此將具有高投資組合的流動率。

The strategy involves continuously adjusting exposure to maintain target leverage and balance between the paired long and short positions.

該策略涉及不斷調整暴露，以保持目標槓桿率和配對的長位置和短位置之間的平衡。

Due to leverage, investors may see amplified gains or losses relative to the underlying asset movements. The product documentation emphasizes that performance is based on relative, not absolute, asset values, making the ETFs unsuitable for directional exposure to a single asset.

由於槓桿率，投資者可能會看到相對於基本資產變動的放大收益或損失。產品文檔強調性能是基於相對而非絕對資產值的，這使得ETF不適合方向暴露於單個資產。

This year-to-date performance of the “long Bitcoin, short Ethereum” strategy would be highly profitable for investors. As of press time, BTC is up by 1%, while ETH has declined by nearly 47% in the same period.

“長比特幣，簡短的以太坊”策略的今年至今的表現對投資者來說將是很高的。截至發稿時，BTC增長了1％，而ETH同一時期下降了近47％。