ETF 代表“一切合适”

首先是比特币，然后是以太坊，现在是 Solana。只要ETF发行人相信自己能赚钱，他们就会不择手段。

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.

纵观美国交易所交易基金 (ETF) 市场，您会发现其广阔而多样化的格局。根据投资公司协会2023年的统计数据，ETF行业拥有令人印象深刻的8万亿美元资产，218家公司总共提供了3,108只ETF。如此巨大的规模很大程度上归因于 ETF 可以轻松地根据特定的投资策略进行定制。

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，寻求投资医疗保健或非必需消费品的投资者可以选择行业 ETF。或者，那些打算将大部分投资组合分配给以科技股为主的纳斯达克 100 指数的人可以购买景顺 (Invesco) 的 ETF QQQ，该指数跟踪该指数。事实上任何投资理念都可以通过ETF来实现。

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 的广泛范围延伸到了更轻松甚至古怪的想法。希望扩大纳斯达克 100 指数敞口并加速收益的年轻投资者可以选择 TQQQ，其运作方式与 QQQ 类似，但主要区别在于它上涨（和下跌）的速度是 QQQ 的三倍（这是通过债务实现的，或者杠杆，因此称为“三重杠杆 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，曾经有一个连耶稣都会认可的ETF，那就是WWJD。对于那些在罪恶中看出美德并希望投资于世俗罪恶的人来说，罪恶是存在的。有趣的是，还有一种 ETF 迎合了那些全心全意拒绝 CNBC 记者吉姆·克莱默 (Jim Cramer) 投资建议的人。这只被称为 SJIM 的 ETF 一丝不苟地遵循了与 Cramer 的建议完全相反的做法（并非没有原因，这只 ETF 不再存在，但它曾经存在！）。

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.”

记住这些例子，很明显，这样的叙述永远不会是“比特币 ETF 是唯一存在的 ETF，因为比特币比其他 ETF 更好，而且 SEC 知道这一点。”

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

两年前，我在一篇文章中讨论了这个主题，标题为：

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).

从哲学上讲，当时加密货币是否是证券并不重要，现在也不再重要。因此，现在比特币现货 ETF 已经来到美国，接下来是以太坊 ETF，然后是下一个、下一个、下一个，直到我们最终停下来问自己：到底是什么阻止了 meme 币 ETF 的潜在发行？在你回答“meme 币是证券”之前，请记住，很多 ETF 都含有证券（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.

只要监管机构继续允许新的、令人兴奋的加密 ETF，那么提供 ETF 的公司就会继续将它们推向市场，因为这就是他们的谋生之道。他们创建 ETF，投资者购买它们，提供商收取管理费用。

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.

尽管现在看来，如果它看起来像鸭子，叫起来也像鸭子，就会像火鸭一样被塞进 ETF，但我确实相信，冷静的头脑（最终）会在投资者和/或监管机构中占上风。即使需要 Duckley ETF 才能实现这一点。

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