违反ETFS启动比特币（BTC）与以太坊（ETH）配对ETFS

Defiance ETF已申请了四个新的交易所交易基金（ETF）的监管批准，其中一些包括同时长长的比特币（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将其应用于将长的比特币（BTC）与短以太坊（ETH）相结合的四个交易所交易基金（ETF）的应用。

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.

根据5月6日向美国证券交易委员会（SEC）提交的文件，该资金的结构是通过使用衍生工具来跟踪一项资产的杠杆性能。

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

这些ETF将被积极管理，并旨在通过合成对基础资产的综合曝光来提供全部回报。

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.

这些资金以战斗机品牌销售，通常试图维持长期资产的150％至220％的敞口，以及-150％至-220％的资产敞口。

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不是直接现货资产持有，而是使用期货合约，掉期，期权和上市的ETF或交易所交易贸易产品（ETP）建立杠杆风险。

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

ETF的结构旨在利用长和短资产对之间的价格差异。

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，当比特币与Ether ETF背后的投资论文是在比特币在整个持有期内胜过Ether时产生回报。相反，以太币与比特币ETF的目标是预期Ether表现更强的投资者。

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都没有直接投资于他们追踪的资产。他们通过其他基金或衍生品市场发行的金融工具获得敞口。

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.

在适用的情况下，可以将多达25％的资产分配给开曼群岛的子公司，以维持受监管投资公司（RIC）规则的美国税收待遇。

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

归档强调了这种衍生结构允许资金避免与直接持有数字资产或实物黄金有关的监护风险。

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

但是，这种结构增加了复杂性，包括暴露于对手风险，税收限制和由于频繁平衡而导致的高营业额。

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.

这些资金的设计目的是不变，并且由于市场波动，资产势头和衍生性到期周期驱动的经常重新平衡，因此将具有高投资组合的流动率。

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

该策略涉及不断调整暴露，以保持目标杠杆率和配对的长位置和短位置之间的平衡。

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.

由于杠杆率，投资者可能会看到相对于基本资产变动的放大收益或损失。产品文档强调性能是基于相对而非绝对资产值的，这使得ETF不适合方向暴露于单个资产。

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.

“长比特币，简短的以太坊”策略的今年至今的表现对投资者来说将是很高的。截至发稿时，BTC增长了1％，而ETH同一时期下降了近47％。