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2021-10-18

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The First Bitcoin Futures ETF Is Coming Next Week. What Investors Need to Know.<blockquote>第一只比特币期货 ETF 将于下周上市。投资者需要了解的内容。</blockquote>

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What Investors Need to Know.<blockquote>第一只比特币期货 ETF 将于下周上市。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151586548","media":"Barrons","summary":"A Bitcoin futures ETF should be hitting the market Tuesday, marking a milestone for the surging cryp","content":"A Bitcoin futures ETF should be hitting the market Tuesday, marking a milestone for the surging cryptocurrency.<blockquote>比特币期货 ETF 将于周二上市，这标志着这种飙升的加密货币的一个里程碑。</blockquote> Fund sponsor ProShares appeared to have won regulatory approval late Friday for its Bitcoin Strategy ETF (ticker: BITO). The company filed a “post-effective” registration statement with the Securities and Exchange Commission, and the New York Stock Exchange approved the listing, according to securities filings. The fund is expected to start trading on Tuesday.<blockquote>基金赞助商 ProShares 的比特币策略 ETF（股票代码：BITO）似乎已于周五晚间获得监管部门的批准。根据证券文件，该公司向美国证券交易委员会提交了 “生效后 ”注册声明，纽约证券交易所批准了上市。该基金预计将于周二开始交易。</blockquote> The ETF’s pending launch helped spark a rally in the coin. It was up 7% on Friday, trading above $61,600 for the first time since April. It’s now up nearly 50% since Sept. 30, when it traded around $41,500.<blockquote>ETF 即将推出，引发了加密货币的反弹。周五上涨 7%，自 4 月份以来首次突破 61,600 美元。自 9 月 30 日以来，该股已上涨近 50%，当时交易价格约为 41,500 美元。</blockquote> Fund sponsors have been trying for years to win approval from the SEC for&nbsp;Bitcoin ETFs. The SEC hasn’t approved any ETFs that would own Bitcoin directly—unlike some of the closed-end trusts now on the market. Still, if the ETF launches as expected, it could pave the path for more futures-based ETFs, including products from Invesco, VanEck, Valkyrie and others.<blockquote>多年来，基金发起人一直在努力争取美国证券交易委员会对比特币 ETF 的批准。美国证券交易委员会尚未批准任何直接拥有比特币的 ETF，这与目前市场上的一些封闭式信托基金不同。尽管如此，如果 ETF 按预期推出，它可能会为更多基于期货的 ETF 铺平道路，包括 Invesco、VanEck、Valkyrie 等公司的产品。</blockquote> “This will likely be the first of many Bitcoin futures-based ETFs,” says Todd Rosenbluth, head of ETF and mutual fund research at CFRA. He notes that the ETFs should have liquidity and cost advantages over other investment products that offer direct exposure to Bitcoin, including the&nbsp;Grayscale Bitcoin Trust&nbsp;(GBTC) and the&nbsp;Bitwise 10 Crypto Index Fund&nbsp;(BITW).<blockquote>“CFRA ETF 和共同基金研究主管 Todd Rosenbluth 说：”这可能是众多基于比特币期货的 ETF 中的第一只。他指出，与其他直接接触比特币的投资产品相比，ETF 应该具有流动性和成本优势，包括灰度比特币信托 (GBTC) 和 Bitwise 10 加密指数基金 (BITW)。</blockquote> While ETFs may appeal to many investors looking for exposure to crypto in a fund wrapper, they’re just one of many avenues for exposure. Investors can buy Bitcoin and other cryptos directly on exchanges like Coinbase Global (ticker: COIN),Robinhood Markets&nbsp;(HOOD), or Webull. Apps like Square (SQ) and PayPal (PYPL) also make cryptos easy to buy.<blockquote>虽然 ETF 可能会吸引许多希望在基金包装中投资加密货币的投资者，但它们只是众多投资渠道之一。投资者可以直接在 Coinbase Global（股票代码：COIN）、Robinhood Markets（HOOD）或 Webull 等交易所购买比特币和其他加密货币。Square (SQ) 和PayPal (PYPL) 等应用程序也使加密货币易于购买。</blockquote> Closed-end funds like Grayscale and Bitwise offer direct exposure to cryptos without going through futures markets. Their fees are relatively high, however, and they may trade at premiums or discounts to their underlying net asset value. Both now trade at discounts.<blockquote>Grayscale 和 Bitwise 等封闭式基金无需通过期货市场即可直接投资加密货币。然而，他们的费用相对较高，而且他们的交易价格可能高于其基础资产净值。两者现在都以折扣价交易。</blockquote> The ProShares ETF will have an expense ratio of 0.95%. That would make it less costly than the Grayscale Bitcoin Trust at 2% or the Bitwise Index fund with a 2.5% expense ratio.<blockquote>ProShares ETF 的费用率为 0.95%。这将使其成本低于 2% 的灰度比特币信托基金或费用率为 2.5% 的 Bitwise 指数基金。</blockquote> Yet investing in Bitcoin through futures contracts has some drawbacks. While the contracts aim to track the spot prices of Bitcoin, they impose costs on investors because fund managers must continually roll over expiring contracts into new ones, resulting in “roll yields” that may be negative or positive, depending on futures prices in the near- and long-term.<blockquote>然而，通过期货合约投资比特币有一些缺点。虽然这些合约旨在跟踪比特币的现货价格，但它们给投资者带来了成本，因为基金经理必须不断地将到期合约展期为新合约，导致 “展期收益率 ”可能是负的，也可能是正的，这取决于近期和长期的期货价格。</blockquote> One complication with the strategy is called “contango,” a situation that arises when a futures contract with a longer-term expiration trades at higher prices than contracts with short-term expirations. Contango can happen for technical reasons, and it occurs in commodities markets when investors expect prices in the future to be substantially higher.<blockquote>该策略的一个复杂情况被称为 “期货溢价”，即期限较长的期货合约交易价格高于期限较短的期货合约。由于技术原因，可能会出现期货溢价，当投资者预计未来价格会大幅上涨时，就会出现期货溢价。</blockquote> Funds that primarily hold near-term contracts may take losses when futures are in contango, due to what’s called a “negative roll yield.” ProShares plans to manage the roll yields and hold longer-term contracts opportunistically.<blockquote>由于所谓的 “负滚动收益率 ”，主要持有近期合约的基金可能会在期货出现期货溢价时蒙受损失。ProShares 计划管理滚动收益率并机会主义地持有长期合约。</blockquote> One other complication for ETF investors is taxes. Futures contracts are generally taxed on a mark-to-market basis of unrealized gains and losses. Even if a fund doesn’t sell a contract, it may rack up a tax liability at the end of the year on unrealized gains. Moreover, a fund’s taxable income, which is distributed to shareholders, would consist of 40% short-term capital gains or losses, and 60% long-term, according to IRS rules.<blockquote>ETF 投资者面临的另一个复杂问题是税收。期货合约一般按未实现收益和损失按市值计价征税。即使基金不出售合同，它也可能在年底对未实现收益承担纳税义务。此外，根据美国国税局的规定，分配给股东的基金应税收入将包括 40% 的短期资本利得或损失和 60% 的长期资本利得或损失。</blockquote> ProShares says in its filing that investors should expect a “significant portion” of any capital gains or losses to be short-term.<blockquote>ProShares 在文件中表示，投资者应预料到任何资本收益或损失的 “很大一部分 ”将是短期的。</blockquote> That isn’t ideal for long-term investors. If Bitcoin keeps rising in price, an investor who bought and held for more than a year would owe tax on long-term capital gains on a sale. Long-term capital-gains rates are generally lower than short-term, which is equivalent to ordinary-income rates.<blockquote>这对长期投资者来说并不理想。如果比特币的价格持续上涨，购买并持有一年以上的投资者将需要对出售的长期资本利得税。长期资本收益率通常低于短期资本收益率，相当于普通收益率。</blockquote> Still, the first Bitcoin ETF could be popular with advisors aiming to add crypto for clients. Including ETFs in client portfolios would allow them to charge management fees on the holdings, and ETFs tend to be quite liquid, allowing advisors to trade.<blockquote>尽管如此，第一只比特币 ETF 可能会受到旨在为客户添加加密货币的顾问的欢迎。将 ETF 纳入客户投资组合将允许他们对持有的资产收取管理费，而且 ETF 往往流动性很强，允许顾问进行交易。</blockquote> The ETF may also put pressure on funds managed by Grayscale, Bitwise and other crypto fund managers to lower their fees to compete.<blockquote>该 ETF 还可能给 Grayscale、Bitwise 和其他加密货币基金经理管理的基金带来压力，要求其降低费用以参与竞争。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The First Bitcoin Futures ETF Is Coming Next Week. 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What Investors Need to Know.<blockquote>第一只比特币期货 ETF 将于下周上市。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-10-18 09:13\n\n</h4>\n</header>\n<article>\nA Bitcoin futures ETF should be hitting the market Tuesday, marking a milestone for the surging cryptocurrency.<blockquote>比特币期货 ETF 将于周二上市，这标志着这种飙升的加密货币的一个里程碑。</blockquote> Fund sponsor ProShares appeared to have won regulatory approval late Friday for its Bitcoin Strategy ETF (ticker: BITO). The company filed a “post-effective” registration statement with the Securities and Exchange Commission, and the New York Stock Exchange approved the listing, according to securities filings. The fund is expected to start trading on Tuesday.<blockquote>基金赞助商 ProShares 的比特币策略 ETF（股票代码：BITO）似乎已于周五晚间获得监管部门的批准。根据证券文件，该公司向美国证券交易委员会提交了 “生效后 ”注册声明，纽约证券交易所批准了上市。该基金预计将于周二开始交易。</blockquote> The ETF’s pending launch helped spark a rally in the coin. It was up 7% on Friday, trading above $61,600 for the first time since April. It’s now up nearly 50% since Sept. 30, when it traded around $41,500.<blockquote>ETF 即将推出，引发了加密货币的反弹。周五上涨 7%，自 4 月份以来首次突破 61,600 美元。自 9 月 30 日以来，该股已上涨近 50%，当时交易价格约为 41,500 美元。</blockquote> Fund sponsors have been trying for years to win approval from the SEC for&nbsp;Bitcoin ETFs. The SEC hasn’t approved any ETFs that would own Bitcoin directly—unlike some of the closed-end trusts now on the market. Still, if the ETF launches as expected, it could pave the path for more futures-based ETFs, including products from Invesco, VanEck, Valkyrie and others.<blockquote>多年来，基金发起人一直在努力争取美国证券交易委员会对比特币 ETF 的批准。美国证券交易委员会尚未批准任何直接拥有比特币的 ETF，这与目前市场上的一些封闭式信托基金不同。尽管如此，如果 ETF 按预期推出，它可能会为更多基于期货的 ETF 铺平道路，包括 Invesco、VanEck、Valkyrie 等公司的产品。</blockquote> “This will likely be the first of many Bitcoin futures-based ETFs,” says Todd Rosenbluth, head of ETF and mutual fund research at CFRA. He notes that the ETFs should have liquidity and cost advantages over other investment products that offer direct exposure to Bitcoin, including the&nbsp;Grayscale Bitcoin Trust&nbsp;(GBTC) and the&nbsp;Bitwise 10 Crypto Index Fund&nbsp;(BITW).<blockquote>“CFRA ETF 和共同基金研究主管 Todd Rosenbluth 说：”这可能是众多基于比特币期货的 ETF 中的第一只。他指出，与其他直接接触比特币的投资产品相比，ETF 应该具有流动性和成本优势，包括灰度比特币信托 (GBTC) 和 Bitwise 10 加密指数基金 (BITW)。</blockquote> While ETFs may appeal to many investors looking for exposure to crypto in a fund wrapper, they’re just one of many avenues for exposure. Investors can buy Bitcoin and other cryptos directly on exchanges like Coinbase Global (ticker: COIN),Robinhood Markets&nbsp;(HOOD), or Webull. Apps like Square (SQ) and PayPal (PYPL) also make cryptos easy to buy.<blockquote>虽然 ETF 可能会吸引许多希望在基金包装中投资加密货币的投资者，但它们只是众多投资渠道之一。投资者可以直接在 Coinbase Global（股票代码：COIN）、Robinhood Markets（HOOD）或 Webull 等交易所购买比特币和其他加密货币。Square (SQ) 和PayPal (PYPL) 等应用程序也使加密货币易于购买。</blockquote> Closed-end funds like Grayscale and Bitwise offer direct exposure to cryptos without going through futures markets. Their fees are relatively high, however, and they may trade at premiums or discounts to their underlying net asset value. Both now trade at discounts.<blockquote>Grayscale 和 Bitwise 等封闭式基金无需通过期货市场即可直接投资加密货币。然而，他们的费用相对较高，而且他们的交易价格可能高于其基础资产净值。两者现在都以折扣价交易。</blockquote> The ProShares ETF will have an expense ratio of 0.95%. That would make it less costly than the Grayscale Bitcoin Trust at 2% or the Bitwise Index fund with a 2.5% expense ratio.<blockquote>ProShares ETF 的费用率为 0.95%。这将使其成本低于 2% 的灰度比特币信托基金或费用率为 2.5% 的 Bitwise 指数基金。</blockquote> Yet investing in Bitcoin through futures contracts has some drawbacks. While the contracts aim to track the spot prices of Bitcoin, they impose costs on investors because fund managers must continually roll over expiring contracts into new ones, resulting in “roll yields” that may be negative or positive, depending on futures prices in the near- and long-term.<blockquote>然而，通过期货合约投资比特币有一些缺点。虽然这些合约旨在跟踪比特币的现货价格，但它们给投资者带来了成本，因为基金经理必须不断地将到期合约展期为新合约，导致 “展期收益率 ”可能是负的，也可能是正的，这取决于近期和长期的期货价格。</blockquote> One complication with the strategy is called “contango,” a situation that arises when a futures contract with a longer-term expiration trades at higher prices than contracts with short-term expirations. Contango can happen for technical reasons, and it occurs in commodities markets when investors expect prices in the future to be substantially higher.<blockquote>该策略的一个复杂情况被称为 “期货溢价”，即期限较长的期货合约交易价格高于期限较短的期货合约。由于技术原因，可能会出现期货溢价，当投资者预计未来价格会大幅上涨时，就会出现期货溢价。</blockquote> Funds that primarily hold near-term contracts may take losses when futures are in contango, due to what’s called a “negative roll yield.” ProShares plans to manage the roll yields and hold longer-term contracts opportunistically.<blockquote>由于所谓的 “负滚动收益率 ”，主要持有近期合约的基金可能会在期货出现期货溢价时蒙受损失。ProShares 计划管理滚动收益率并机会主义地持有长期合约。</blockquote> One other complication for ETF investors is taxes. Futures contracts are generally taxed on a mark-to-market basis of unrealized gains and losses. Even if a fund doesn’t sell a contract, it may rack up a tax liability at the end of the year on unrealized gains. Moreover, a fund’s taxable income, which is distributed to shareholders, would consist of 40% short-term capital gains or losses, and 60% long-term, according to IRS rules.<blockquote>ETF 投资者面临的另一个复杂问题是税收。期货合约一般按未实现收益和损失按市值计价征税。即使基金不出售合同，它也可能在年底对未实现收益承担纳税义务。此外，根据美国国税局的规定，分配给股东的基金应税收入将包括 40% 的短期资本利得或损失和 60% 的长期资本利得或损失。</blockquote> ProShares says in its filing that investors should expect a “significant portion” of any capital gains or losses to be short-term.<blockquote>ProShares 在文件中表示，投资者应预料到任何资本收益或损失的 “很大一部分 ”将是短期的。</blockquote> That isn’t ideal for long-term investors. If Bitcoin keeps rising in price, an investor who bought and held for more than a year would owe tax on long-term capital gains on a sale. Long-term capital-gains rates are generally lower than short-term, which is equivalent to ordinary-income rates.<blockquote>这对长期投资者来说并不理想。如果比特币的价格持续上涨，购买并持有一年以上的投资者将需要对出售的长期资本利得税。长期资本收益率通常低于短期资本收益率，相当于普通收益率。</blockquote> Still, the first Bitcoin ETF could be popular with advisors aiming to add crypto for clients. Including ETFs in client portfolios would allow them to charge management fees on the holdings, and ETFs tend to be quite liquid, allowing advisors to trade.<blockquote>尽管如此，第一只比特币 ETF 可能会受到旨在为客户添加加密货币的顾问的欢迎。将 ETF 纳入客户投资组合将允许他们对持有的资产收取管理费，而且 ETF 往往流动性很强，允许顾问进行交易。</blockquote> The ETF may also put pressure on funds managed by Grayscale, Bitwise and other crypto fund managers to lower their fees to compete.<blockquote>该 ETF 还可能给 Grayscale、Bitwise 和其他加密货币基金经理管理的基金带来压力，要求其降低费用以参与竞争。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/bitcoin-futures-etf-proshares-51634325858?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.barrons.com/articles/bitcoin-futures-etf-proshares-51634325858?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151586548","content_text":"A Bitcoin futures ETF should be hitting the market Tuesday, marking a milestone for the surging cryptocurrency.\nFund sponsor ProShares appeared to have won regulatory approval late Friday for its Bitcoin Strategy ETF (ticker: BITO). The company filed a “post-effective” registration statement with the Securities and Exchange Commission, and the New York Stock Exchange approved the listing, according to securities filings. The fund is expected to start trading on Tuesday.\nThe ETF’s pending launch helped spark a rally in the coin. It was up 7% on Friday, trading above $61,600 for the first time since April. It’s now up nearly 50% since Sept. 30, when it traded around $41,500.\nFund sponsors have been trying for years to win approval from the SEC for Bitcoin ETFs. The SEC hasn’t approved any ETFs that would own Bitcoin directly—unlike some of the closed-end trusts now on the market. Still, if the ETF launches as expected, it could pave the path for more futures-based ETFs, including products from Invesco, VanEck, Valkyrie and others.\n“This will likely be the first of many Bitcoin futures-based ETFs,” says Todd Rosenbluth, head of ETF and mutual fund research at CFRA. He notes that the ETFs should have liquidity and cost advantages over other investment products that offer direct exposure to Bitcoin, including the Grayscale Bitcoin Trust (GBTC) and the Bitwise 10 Crypto Index Fund (BITW).\nWhile ETFs may appeal to many investors looking for exposure to crypto in a fund wrapper, they’re just one of many avenues for exposure. Investors can buy Bitcoin and other cryptos directly on exchanges like Coinbase Global (ticker: COIN),Robinhood Markets (HOOD), or Webull. Apps like Square (SQ) and PayPal (PYPL) also make cryptos easy to buy.\nClosed-end funds like Grayscale and Bitwise offer direct exposure to cryptos without going through futures markets. Their fees are relatively high, however, and they may trade at premiums or discounts to their underlying net asset value. Both now trade at discounts.\nThe ProShares ETF will have an expense ratio of 0.95%. That would make it less costly than the Grayscale Bitcoin Trust at 2% or the Bitwise Index fund with a 2.5% expense ratio.\nYet investing in Bitcoin through futures contracts has some drawbacks. While the contracts aim to track the spot prices of Bitcoin, they impose costs on investors because fund managers must continually roll over expiring contracts into new ones, resulting in “roll yields” that may be negative or positive, depending on futures prices in the near- and long-term.\nOne complication with the strategy is called “contango,” a situation that arises when a futures contract with a longer-term expiration trades at higher prices than contracts with short-term expirations. Contango can happen for technical reasons, and it occurs in commodities markets when investors expect prices in the future to be substantially higher.\nFunds that primarily hold near-term contracts may take losses when futures are in contango, due to what’s called a “negative roll yield.” ProShares plans to manage the roll yields and hold longer-term contracts opportunistically.\nOne other complication for ETF investors is taxes. Futures contracts are generally taxed on a mark-to-market basis of unrealized gains and losses. Even if a fund doesn’t sell a contract, it may rack up a tax liability at the end of the year on unrealized gains. Moreover, a fund’s taxable income, which is distributed to shareholders, would consist of 40% short-term capital gains or losses, and 60% long-term, according to IRS rules.\nProShares says in its filing that investors should expect a “significant portion” of any capital gains or losses to be short-term.\nThat isn’t ideal for long-term investors. If Bitcoin keeps rising in price, an investor who bought and held for more than a year would owe tax on long-term capital gains on a sale. Long-term capital-gains rates are generally lower than short-term, which is equivalent to ordinary-income rates.\nStill, the first Bitcoin ETF could be popular with advisors aiming to add crypto for clients. Including ETFs in client portfolios would allow them to charge management fees on the holdings, and ETFs tend to be quite liquid, allowing advisors to trade.\nThe ETF may also put pressure on funds managed by Grayscale, Bitwise and other crypto fund managers to lower their fees to compete.","news_type":1,"symbols_score_info":{"BTCmain":0.9,"XBTmain":0.9,"GBTC":0.9,"MBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2607,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":29,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/827475438"}