现货 ETH ETF：获批可能性不大，预计回报有限

尽管 SEC 可能会批准现货 ETH ETF，但投资者应考虑总回报的 ETH 投资产品，以实现收益最大化。与目前缺乏抵押成分的 ETF 不同，总回报产品既提供抵押奖励又提供基础资产增长。通过投资质押 ETH 的私募基金，合格投资者可以获得总回报敞口，而不受与未质押资产相关的限制和跟踪错误。

Spot ETH ETFs: Limited Returns and Unlikely Approval

现货 ETH ETF：回报有限且不太可能获得批准

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.

在最近监管部门批准并成功推出现货比特币交易所交易基金 (ETF) 的同时，现货以太坊 (ETH) ETF 获得类似批准的可能性也引起了相当大的关注。然而，专家认为，在当前的监管环境下，这种批准不太可能。此外，即使获得批准，ETH ETF 最初也将缺乏一个关键组成部分：质押奖励。

Normalization of Crypto Investing vs. Return Limitations

加密货币投资的标准化与回报限制

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.

虽然加密货币 ETF 有助于传统金融配置者的加密货币投资正常化，但与总回报期权相比，其回报特征有所不足。截至撰写本文时，根据基准综合以太质押率 CESR，质押 ETH 的年回报率超过 3%。因此，与投资质押产品的投资者相比，以太坊 ETF 的投资者将处于不利地位，质押产品历来每年产生高达 8% 的回报。

Liquidity Mismatch and Structural Underperformance

流动性错配和结构性表现不佳

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.

由于验证者的进入和退出队列，质押 ETH 本质上会降低流动性。 2023 年，入场排队时间激增至 45 天，凸显了 Stake 带来的流动性挑战。鉴于 ETF 巨大的流动性需求，发行人可能难以同时提供流动性和 ETH 的全部回报，包括质押奖励。

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，被动持有未质押的 ETH 类似于长期以零利息在活期存款账户中持有法定货币。与总回报基准相比，这种方法会导致结构性表现不佳和持续的负跟踪误差。

Private Fund Solution for Accredited Investors

合格投资者的私募基金解决方案

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.

对于合格投资者来说，私募基金提供了获得 ETH 投资总回报的有效解决方案。这些实体采用私人基金的结构，避免了与 ETH 质押相关的监管挑战。基金经理还可以调整基金的流动性，以满足投资者的质押和解除质押需求。通过适当的运营设置，私募基金可以提供审计、基准测试和合格托管等优势。

Disclaimer

免责声明

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 与 CoinDesk 的附属公司 CoinDesk Indices 合作开发了一支利用 CoinDesk 以太总回报指数的私募基金。该指数结合了 CoinDesk 以太价格指数（ETX）和综合以太质押率（CESR），由 CoinDesk 指数计算并由 CoinFund 管理。

About the Authors

关于作者

Jason Hall is the CEO of Methodic Capital Management.

贾森·霍尔 (Jason Hall) 是 Methodic 资本管理公司的首席执行官。

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

约翰·麦克尼夫 (John McNiff) 是 Theia 的首席执行官和 Methodic Capital 的首席运营官。

Glossary

词汇表

• 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.

现货 ETH ETF：直接跟踪以太币现货价格的交易所交易基金，无需杠杆或衍生品。质押：个人贡献 ETH 以支持以太坊网络安全并获得奖励的过程。总回报：包括资产的价格升值以及产生的任何收入，例如质押奖励。 合格投资者：符合某些财务资格、允许他们投资私募基金的个人或实体。