富达的一体式 ETF 中的比特币投资给他们带来了优势

对每个投资者的最终考验是他们或他们的顾问是否能够达到或超过资产配置ETF的回报。如果没有，为什么还要费心去寻求建议呢？

Investors or their advisers should be able to meet or exceed the returns of an asset allocation ETF.

投资者或其顾问应该能够达到或超过资产配置ETF的回报。

If they can't, it might not be worth paying for advice. Instead, investors could simply buy one of these exchange-traded funds, which are designed to give investors a fully diversified portfolio in a single purchase. All the big ETF companies offer asset allocation ETFs and, with one notable exception, the portfolios look similar.

如果他们不能，可能就不值得花钱寻求建议。相反，投资者可以简单地购买其中一种交易所交易基金，这些基金旨在通过一次购买为投资者提供完全多元化的投资组合。所有大型 ETF 公司都提供资产配置 ETF，除了一个明显的例外，其投资组合看起来很相似。

The exception is Fidelity's lineup of All-In-One ETFs, which include a sprinkling of bitcoin.

富达 (Fidelity) 的一体式 ETF 系列是个例外，其中包括少量比特币。

Given that bitcoin prices have surged by 155 per cent this year, even a modest exposure in a portfolio has a significant impact. The Fidelity All-In-One Growth ETF (FGRO-NE), with a 4.6-per-cent weighting to bitcoin as of early December, made 33.1 per cent on a total return basis for the 12 months to Nov. 30.

鉴于今年比特币价格飙升了 155%，即使投资组合中的适度敞口也会产生重大影响。截至 12 月初，富达一体增长 ETF (FGRO-NE) 的比特币权重为 4.6%，截至 11 月 30 日的 12 个月内，总回报率为 33.1%。

The Vanguard Growth ETF Portfolio (VGRO-T) made 25.7 per cent, the iShares Growth ETF Portfolio made 25.3 per cent and the Global X Growth Asset Allocation ETF (HGRW-T) made a tick less than 24 per cent. The TD Growth ETF Portfolio (TGRO-T) made 28.3 per cent, but it has a little more in stocks than the others. The typical mix for growth asset allocation ETFs is along the lines of 80 per cent stocks, 20 per cent bonds. FGRO tamps bonds down to 13.5 per cent to make room for bitcoin and spreads the remainder between U.S., Canadian and international stocks.

Vanguard Growth ETF 投资组合 (VGRO-T) 的涨幅为 25.7%，iShares Growth ETF 投资组合的涨幅为 25.3%，Global X Growth Asset Allocation ETF (HGRW-T) 的涨幅不到 24%。 TD Growth ETF 投资组合 (TGRO-T) 的收益为 28.3%，但其股票比其他基金多一点。增长型资产配置 ETF 的典型组合是 80% 股票、20% 债券。 FGRO 将债券比例下调至 13.5%，为比特币腾出空间，并将剩余部分分散在美国、加拿大和国际股票之间。

Fidelity's decision to use crypto was bold, given that the company is a venerable presence in the mutual fund and ETF fund business. But it also adds some risk. If you're in the market for an asset allocation ETF and are drawn to Fidelity because of the crypto exposure, remember to check the latest portfolio breakdowns for the company's All-In-One ETFs, which show bitcoin weightings of 1.6 per cent in the conservative portfolio, 3.2 per cent in the balanced product and 4.5 per cent in the all-equity version.

鉴于富达在共同基金和 ETF 基金业务中享有盛誉，该公司使用加密货币的决定是大胆的。但它也增加了一些风险。如果您正在市场上寻找资产配置 ETF，并因加密货币风险而被 Fidelity 所吸引，请记得查看该公司 All-In-One ETF 的最新投资组合明细，其中显示比特币在 ETF 中的权重为 1.6%。保守的投资组合，平衡产品为 3.2%，全股票版本为 4.5%。

Bitcoin and other cryptocurrencies have been having a moment in late 2024 based on speculation that U.S. president-elect Donald Trump is pro-crypto. But bitcoin in particular has been on a longer 12-month tear that followed big declines in 2022, a bad year for investing all around. There's an undeniable feeling of speculative frenzy around crypto right now. The financial writer for The New Yorker, John Cassidy, recently noted some parallels between what's happening with crypto and the dot-com boom of the late 1990s. The subsequent tech crash was epic.

由于美国当选总统唐纳德·特朗普支持加密货币的猜测，比特币和其他加密货币在 2024 年底出现了一段时期。但在 2022 年大幅下跌之后，比特币经历了长达 12 个月的大幅上涨，而 2022 年对于投资来说都是糟糕的一年。不可否认，现在围绕加密货币存在着一种投机狂热的感觉。 《纽约客》财经撰稿人 John Cassidy 最近指出，加密货币领域的发展与 20 世纪 90 年代末的互联网繁荣之间存在一些相似之处。随后的技术崩溃是史诗般的。

Fidelity's bitcoin weightings are sensibly kept below 5 per cent, so the risk of major portfolio damage in a crypto route is contained. But when an asset like bitcoin rises by 155 per cent in 12 months, it's advisable to consider potential downside ahead as much as any gains to come.

富达的比特币权重明智地保持在 5% 以下，因此加密货币路线中重大投资组合受损的风险得到了控制。但当像比特币这样的资产在 12 个月内上涨 155% 时，建议在考虑未来潜在收益的同时也考虑潜在的下行风险。