現貨 ETH ETF：核准可能性不大，預期報酬有限

儘管 SEC 可能會批准現貨 ETH ETF，但投資者應考慮總回報的 ETH 投資產品，以實現收益最大化。與目前缺乏抵押成分的 ETF 不同，總回報產品既提供抵押獎勵又提供基礎資產成長。透過投資質押 ETH 的私募基金，合格投資者可以獲得總回報敞口，而不受與未質押資產相關的限制和追蹤錯誤。

Spot ETH ETFs: Limited Returns and Unlikely Approval

現貨 ETH ETF：回報有限且不太可能獲得批准

Amidst the recent regulatory approval and successful launch of spot bitcoin exchange-traded funds (ETFs), the possibility of similar approval for spot ether (ETH) ETFs has garnered considerable attention. However, experts believe that such approval is improbable under the current regulatory landscape. Furthermore, even if approved, ETH ETFs would initially lack a crucial component: staking rewards.

在最近監管部門批准並成功推出現貨比特幣交易所交易基金 (ETF) 的同時，現貨以太坊 (ETH) ETF 獲得類似批准的可能性也引起了相當大的關注。然而，專家認為，在當前的監管環境下，這種批准不太可能。此外，即使獲得批准，ETH ETF 最初將缺乏一個關鍵組成部分：質押獎勵。

Normalization of Crypto Investing vs. Return Limitations

加密貨幣投資的標準化與報酬限制

While crypto ETFs contribute to the normalization of cryptocurrency investing for traditional finance allocators, their return characteristics fall short compared to total return options. As of this writing, staking ETH yields an annual reward of over 3% according to CESR, the benchmark composite Ether staking rate. An investor in an ETH ETF would thus be at a disadvantage compared to one who invests in a staking product, which has historically generated rewards as high as 8% per annum.

雖然加密貨幣 ETF 有助於傳統金融配置者的加密貨幣投資正常化，但與總回報選擇權相比，其回報特徵有所不足。截至撰寫本文時，根據基準綜合以太質押率 CESR，質押 ETH 的年回報率超過 3%。因此，與投資質押產品的投資者相比，以太坊 ETF 的投資者將處於不利地位，質押產品歷來每年產生高達 8% 的回報。

Liquidity Mismatch and Structural Underperformance

流動性錯配和結構性表現不佳

Staking ETH inherently reduces liquidity due to the entry and exit queues for validators. In 2023, the entry queue surged to 45 days, highlighting the liquidity challenges posed by staking. Given the immense liquidity demands of ETFs, issuers may struggle to deliver both liquidity and the full return on ETH, including staking rewards.

由於驗證者的進入和退出隊列，質押 ETH 本質上會降低流動性。 2023 年，入場排隊時間激增至 45 天，凸顯了 Stake 帶來的流動性挑戰。鑑於 ETF 龐大的流動性需求，發行人可能難以同時提供流動性和 ETH 的全部回報，包括質押獎勵。

Moreover, passively holding unstaked ETH resembles holding fiat currency in a demand deposit account with zero interest for extended periods. This approach leads to structural underperformance and persistent negative tracking error when compared to a total return benchmark.

此外，被動持有未質押的 ETH 類似於長期以零利息在活期存款帳戶中持有法定貨幣。與總回報基準相比，這種方法會導致結構性表現不佳和持續的負跟踪誤差。

Private Fund Solution for Accredited Investors

合格投資者的私募基金解決方案

For accredited investors, private funds offer an effective solution to gain total return ETH exposure. Structured as private funds, these entities avoid the regulatory challenges associated with staking ETH. Fund managers can also tailor the fund's liquidity to match the staking and unstaking needs of investors. With proper operational setup, private funds provide benefits such as auditing, benchmarking, and qualified custody.

對於合格投資者來說，私募基金提供了獲得 ETH 投資總回報的有效解決方案。這些實體採用私人基金的結構，避免了與 ETH 質押相關的監管挑戰。基金經理人也可以調整基金的流動性，以滿足投資者的質押和解除質押需求。透過適當的營運設置，私募基金可以提供審計、基準測試和合格託管等優勢。

Disclaimer

免責聲明

Methodic Capital Management has partnered with CoinDesk Indices, an affiliate of CoinDesk, on a private fund that utilizes the CoinDesk Ether Total Return Index. This index combines the CoinDesk Ether Price Index (ETX) and the Composite Ether Staking Rate (CESR), calculated by CoinDesk Indices and administered by CoinFund.

Methodic Capital Management 與 CoinDesk 的附屬公司 CoinDesk Indices 合作開發了一支利用 CoinDesk 以太總回報指數的私募基金。該指數結合了 CoinDesk 以太價格指數（ETX）和綜合以太質押率（CESR），由 CoinDesk 指數計算並由 CoinFund 管理。

About the Authors

關於作者

Jason Hall is the CEO of Methodic Capital Management.

賈森·霍爾 (Jason Hall) 是 Methodic 資本管理公司的執行長。

John McNiff is the CEO of Theia and COO of Methodic Capital.

約翰·麥克尼夫 (John McNiff) 是 Theia 的執行長和 Methodic Capital 的營運長。

Glossary

詞彙表

• Spot ETH ETFs: Exchange-traded funds that directly track the spot price of ether without leverage or derivatives.
• Staking: A process in which individuals contribute their ETH to support the Ethereum network's security and earn rewards.
• Total Return: A calculation that includes both the price appreciation of an asset and any income generated, such as staking rewards.
• Accredited Investor: An individual or entity that meets certain financial qualifications, allowing them to invest in private funds.

現貨 ETH ETF：直接追蹤以太幣現貨價格的交易所交易基金，無需槓桿或衍生性商品。任何收入，例如質押獎勵。