ETF 代表“一切都適合”

首先是比特幣，然後是以太坊，現在是 Solana。只要ETF發行人相信自己能賺錢，他們就會不擇手段。

A glance at the U.S. Exchange Traded Fund (ETF) market reveals a vast and diverse landscape. According to the Investment Company Institute's 2023 statistics, the ETF industry boasts an impressive $8 trillion in assets, with 218 firms offering a total of 3,108 ETFs. This immense scale is largely attributed to the ease with which ETFs can be tailored to specific investment strategies.

縱觀美國交易所交易基金 (ETF) 市場，您會發現其廣闊而多樣化的格局。根據投資公司協會2023年的統計數據，ETF產業擁有令人印象深刻的8兆美元資產，218家公司總共提供了3,108只ETF。如此龐大的規模很大程度上歸因於 ETF 可以輕鬆地根據特定的投資策略進行客製化。

For instance, investors seeking exposure to healthcare or consumer discretionary goods can opt for sector ETFs. Alternatively, those aiming to allocate the bulk of their portfolio to the tech-heavy Nasdaq-100 can acquire Invesco's ETF QQQ, which tracks the index. Virtually any investment concept can be realized through an ETF.

例如，尋求投資醫療保健或非必需消費品的投資者可以選擇行業 ETF。或者，打算將大部分投資組合分配給以科技股為主的納斯達克 100 指數的人可以購買景順 (Invesco) 的 ETF QQQ，該指數追蹤該指數。事實上任何投資理念都可以透過ETF來實現。

This broad spectrum of ETFs extends to more lighthearted and even outlandish ideas. Young investors looking to amplify their Nasdaq-100 exposure and accelerate their gains can opt for TQQQ, which operates similarly to QQQ but with the key difference being that it goes up (and down) three times as fast (this is achieved through debt, or leverage, hence the term “triple levered ETFs”).

ETF 的廣泛範圍延伸到了更輕鬆甚至古怪的想法。希望擴大納斯達克100 指數曝險並加速收益的年輕投資者可以選擇TQQQ，其運作方式與QQQ 類似，但主要區別在於它上漲（和下跌）的速度是QQQ 的三倍（這是透過債務實現的，或槓桿，因此稱為“三重槓桿 ETF”）。

Moreover, there was once an ETF that even Jesus would likely approve of, namely WWJD. And for those who discerned virtue in vice and wished to invest in worldly sins, there was VICE. Interestingly, there was also an ETF that catered to those who wholeheartedly rejected the investment advice of CNBC's Jim Cramer. This ETF, known as SJIM, meticulously followed the exact opposite of Cramer's advice (not for nothing, this ETF no longer exists, but it used to!).

而且，曾經有一個連耶穌都會認可的ETF，那就是WWJD。對於那些在罪惡中看出美德並希望投資於世俗罪惡的人來說，罪惡就存在了。有趣的是，還有一種 ETF 迎合了那些全心全意拒絕 CNBC 記者吉姆·克萊默 (Jim Cramer) 投資建議的人。這只被稱為 SJIM 的 ETF 一絲不苟地遵循了與 Cramer 的建議完全相反的做法（並非沒有原因，這只 ETF 不再存在，但它曾經存在！）。

Keeping these examples in mind, it's evident that the narrative was never going to be “the Bitcoin ETF is the only ETF that will exist because bitcoin is better than the others and the SEC knows this.”

記住這些例子，很明顯，這樣的敘述永遠不會是“比特幣 ETF 是唯一存在的 ETF，因為比特幣比其他 ETF 更好，而且 SEC 知道這一點。”

Two years ago I covered this topic in an article titled:

兩年前，我在一篇文章中討論了這個主題，標題為：

Philosophically, it didn’t matter if cryptos were securities then, and it doesn’t matter now. So now the Bitcoin spot ETF has come to the U.S. and next comes one for Ethereum and then the next one and the next and the next until we finally stop and ask ourselves: What exactly is stopping the potential issuance of a meme coin ETF? Before you answer: “meme coins are securities,” remember that plenty of ETFs have securities in them (QQQ, TQQQ, WWJD, VICE).

從哲學上講，當時加密貨幣是否是證券並不重要，現在也不再重要。因此，現在比特幣現貨 ETF 已經來到美國，接下來是以太坊 ETF，然後是下一個、下一個、下一個，直到我們最終停下來問自己：到底是什麼阻止了 meme 幣 ETF 的潛在發行？在你回答「meme 幣是證券」之前，請記住，許多 ETF 都含有證券（QQQ、TQQQ、WWJD、VICE）。

As long as regulators continue permitting new and exciting crypto ETFs, then the firms that provide ETFs will keep bringing them to market, because that's what they do for a living. They create ETFs, investors buy them, and the providers collect a fee for managing them.

只要監管機構繼續允許新的、令人興奮的加密 ETF，那麼提供 ETF 的公司就會繼續將它們推向市場，因為這就是他們的謀生之道。他們創建 ETF，投資者購買它們，提供者收取管理費用。

Even though it seems now that if it looks like a duck and quacks like a duck, it will be stuffed à la turducken into an ETF, I do believe that cooler heads will (eventually) prevail, among investors and/or regulators. Even if it takes a Duckley ETF for that to happen.

儘管現在看來，如果它看起來像鴨子，叫起來也像鴨子，就會像火鴨一樣被塞進ETF，但我確實相信，冷靜的頭腦（最終）會在投資者和/或監管機構中佔上風。即使需要 Duckley ETF 才能實現這一點。

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

註：本專欄所表達的觀點僅代表作者的觀點，不一定反映 CoinDesk, Inc. 或其所有者和關聯公司的觀點。

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information CoinDesk is an award-winning digital media company that adheres to a strict set of editorial policies. CoinDesk was acquired by Digital Currency Group in 2013, a broad-based financial services company. Block.one, both companies have interests in cryptocurrencies and blockchain.

請注意我們的隱私權政策、使用條款、cookie，並且不出售我的個人資訊 CoinDesk 是一家屢獲殊榮的數位媒體公司，遵守一套嚴格的編輯政策。 CoinDesk 於 2013 年被數位貨幣集團收購，這是一家基礎廣泛的金融服務公司。 Block.one 兩家公司都對加密貨幣和區塊鏈感興趣。