现货与期货：探索加密 ETF 格局

今年，美国证券交易委员会批准了 12 只现货比特币交易所交易基金 (ETF) 和 9 只现货以太坊 ETF。

The U.S. Securities and Exchange Commission has approved 12 spot bitcoin exchange-traded funds (ETFs) and nine spot ether ETFs this year. Here's a deep dive into the distinctions between spot and futures crypto asset exchange-traded products (ETPs), offering essential insights for investors navigating the ever-evolving world of crypto investments.

美国证券交易委员会今年批准了 12 只现货比特币交易所交易基金 (ETF) 和 9 只现货以太坊 ETF。本文深入探讨了现货和期货加密资产交易所交易产品 (ETP) 之间的区别，为投资者在不断发展的加密投资世界中导航提供了重要的见解。

A spot crypto ETF directly holds the underlying cryptocurrency, like bitcoin or ether, enabling investors to buy shares that correspond to ownership of the digital asset. These ETFs trade on established stock exchanges like Nasdaq, NYSE, and CBOE, offering increased liquidity and enhanced regulatory oversight. This can be particularly appealing to institutional investors wary of the risks tied to holding cryptocurrencies outright. Among the 12 spot BTC ETFs currently available in the U.S. are IBIT, GBTC, BTC, FBTC, ARKB, BITB, HODL, BRRR, EZBC, BTCW, DEFI, and BTCO. The nine spot ether ETFs include ETHE, ETH, ETHA, FETH, ETHW, ETHV, EZET, QETH, and CETH. The ETFs with ETH and BTC tickers are Grayscale's mini bitcoin and mini ethereum trusts.

现货加密 ETF 直接持有基础加密货币，例如比特币或以太币，使投资者能够购买与数字资产所有权相对应的股票。这些 ETF 在纳斯达克、纽约证券交易所和芝加哥期权交易所等成熟证券交易所进行交易，提供更高的流动性并加强监管。对于对直接持有加密货币相关风险保持警惕的机构投资者来说，这尤其有吸引力。美国目前提供的 12 种现货 BTC ETF 包括 IBIT、GBTC、BTC、FBTC、ARKB、BITB、HODL、BRRR、EZBC、BTCW、DEFI 和 BTCO。九只现货以太ETF包括ETHE、ETH、ETHA、FETH、ETHW、ETHV、EZET、QETH和CETH。带有 ETH 和 BTC 代码的 ETF 是 Grayscale 的迷你比特币和迷你以太坊信托。

A futures crypto ETF, on the other hand, doesn't involve direct ownership of the cryptocurrency. Instead, it invests in futures contracts—agreements to buy or sell the asset at a set price on a future date. These ETFs track the anticipated future price of the cryptocurrency, not its current market price. This can lead to discrepancies from the spot price due to factors like contract roll costs and market conditions such as contango or backwardation, which influence the performance of the futures contracts. Leading the charge among U.S. bitcoin and ether futures ETFs are BITO, BTF, XBTF, BITS, EETH, EFUT, and BETE.

另一方面，期货加密 ETF 不涉及加密货币的直接所有权。相反，它投资于期货合约——在未来日期以设定价格买卖资产的协议。这些 ETF 追踪加密货币的预期未来价格，而不是其当前市场价格。由于合约展期成本和市场状况（例如升水或现货溢价）等因素，这可能会导致与现货价格的差异，从而影响期货合约的表现。美国比特币和以太坊期货 ETF 中领先的有 BITO、BTF、XBTF、BITS、EETH、EFUT 和 BETE。

When deciding between spot and futures ETFs, investors should weigh the differing risk profiles and cost structures. Spot ETFs provide straightforward exposure to the cryptocurrency's price but come with the challenges of trusting a custodian and its security. Futures ETFs bypass these custody concerns but are subject to the complexities of the futures market, including potential tracking errors and extra costs linked to rolling contracts. Ultimately, the choice between these two types of ETFs boils down to an investor's risk tolerance and investment objectives.

在选择现货 ETF 和期货 ETF 时，投资者应权衡不同的风险状况和成本结构。现货 ETF 提供了直接接触加密货币价格的机会，但也面临着信任托管人及其安全性的挑战。期货 ETF 绕过了这些托管问题，但受到期货市场复杂性的影响，包括潜在的跟踪错误和与滚动合约相关的额外成本。最终，这两种类型的 ETF 之间的选择归结为投资者的风险承受能力和投资目标。

What do you think about the difference between spot and futures crypto ETFs? Share your thoughts and opinions about this subject in the comments section below.

您如何看待现货和期货加密 ETF 之间的区别？在下面的评论部分分享您对此主题的想法和意见。