顾问的加密货币：加密货币 SMA 适合机构吗？

对于希望通过主动管理账户投资加密货币的机构投资者来说，独立管理账户 (SMA) 比 ETF 具有显着优势。

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

希望通过主动管理账户投资加密货币的机构比 ETF 有几个优势。

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.

今年早些时候，随着美国证券交易委员会（SEC）最终批准跟踪现货比特币和以太坊的美国交易所交易基金（ETF）交易，加密货币在主流采用方面取得了巨大飞跃。

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.

这意味着投资者第一次可以在受监管的美国交易所交易受监管的比特币和以太币现货工具。更重要的是，这意味着加密货币终于获得了证券监管机构的认可，不再被视为某种流氓投资，只有技术狂热分子才能买卖。

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，数以百万计的新手投资者通过购买比特币和以太币 ETF 来首次尝试加密货币。但对于更有经验的机构投资者来说，ETF是最好的投资方式吗？

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.

以下是机构投资者通过主动管理账户投资加密货币时，独立管理账户 (SMA) 相对于 ETF 的优势。

What Are SMAs?

什么是 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 是由专业投资经理代表您管理的数字资产投资组合。最后一部分——“专业投资经理”——对于加密货币来说尤其重要。

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.

加密货币仍然是新事物，在某些方面，加密货币的交易方式与股票不同。另外，加密货币“基本面”不是指收益和会计指标，而是指与使用、发行区块链、大持有者的个人活动（可以看到）等相关的一整套新指标。如果您正在投资加密货币，那么聘请一位在加密货币领域经验丰富的主动投资经理是值得的。

Direct Ownership: More Control & Tailored Risk Management

直接所有权：更多控制和定制风险管理

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

与 ETF 不同，SMA 为您提供资产的直接所有权，从而实现更好的投资组合定制，以满足您的特定风险/回报需求目标。

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.

也就是说，您的投资经理可以定制 SMA，以满足您的独特要求 - 风险承受能力、投资期限、财务目标等。直接所有权还有助于更加透明和直接的税收管理策略，例如税收损失收获。

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

最后，SMA 与托管无关，允许投资者从 Anchorage、BitGo、Coinbase 和 Kraken 等多种托管机构和场所中进行选择。

Diversification

多样化

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.

除了定制之外，主动管理的 SMA 还可以实现多元化。如果您拥有 BTC ETF，您（或多或少）会跟踪 BTC 的回报。

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.

借助主动管理的 SMA，您可以访问整个加密货币领域（Coinbase 目前列出了 248 种加密货币，Kraken 上列出了 200 多种加密货币），并且可以按照您喜欢的方式使您的投资组合多样化。

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，主动管理允许您更改分配。虽然被动管理可能对某些投资很有好处，但它可能会导致加密货币遭受巨大损失。加密货币通常变化很快，这对于被动策略来说不是一个好的动态。

Outperformance

表现出色

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.

当然，SMA 的主动管理可能会优于基础代币或代币指数。经验丰富的管理者可以利用市场分析、交易策略和时机来把握市场机会，而这是 ETF 所无法获得的。

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).

对于那些只对特定代币感兴趣的投资者来说，SMA 可以提供在代币敞口（贝塔）之上叠加额外阿尔法（表现优异）的潜力。

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 在主要交易所开市的正常工作日市场时间进行交易。加密货币市场 24/7 运营。如果您不是加密货币投资者，这是一个显着的差异。当然，最大的一点是它消除了开盘缺口风险，如果您交易了很长一段时间，这种风险可能至少已经困扰过您一次。

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

主动管理的 SMA 使您的经理能够始终对市场走势做出快速反应并相应地调整投资组合。

What is Right for You?

什么适合您？

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.

事实证明，加密货币 ETF 对新的加密货币投资者非常有吸引力。然而，趋势表明，随着时间的推移，机构、高净值个人和注册投资顾问可能会倾向于主动管理的 SMA。 SMA 的个性化性质、灵活性和提高回报的潜力使其成为成熟投资者的有吸引力的选择。