正在阅读：比特币ETF是什么？（完整新手指南）比特币ETF是什么？（完整新手指南）

交易所交易基金(ETF)是一种投资工具，允许潜在投资者在没有购买资产风险的情况下，将自己的手伸入特定的市场。这些所谓的ETF被美国证券交易委员会列为证券，它们追踪特定投资的动向——一种黄金或某种公司股票——但又不需要投资者直接购买黄金或股票。ETF在降低风险方面非常有用，同时仍能在热门市场提供适当的风险敞口，而且长期以来，它们一直被认为是谨慎投资者的重要投资工具。

The Exchange Trading Fund (ETF) is an investment instrument that allows potential investors to extend their hands into a particular market without the risk of purchasing assets. These so-called ETFs are listed by the United States Securities and Exchange Commission as securities, and they track the movements of specific investments — — a gold or some corporate stock & mdash; — but do not require investors to purchase gold or stocks directly. The ETF is very useful in reducing risks, while still providing an appropriate exposure to risks in hot markets, and they have long been recognized as important investment instruments for prudent investors.

因此，ETF似乎是为新的加密货币投资者量身定制的。加密货币的波动性和不稳定性是众所周知的，而新投资者进入的门槛可能相当高。至少，在交易所建立账户是有必要的，因为加密货币交易几乎是不受监管的。如果一个投资者不想冒险把他或她的钱投入到一个不受监管的、可能是不道德的交易中，那么他或她就必须要经历一个麻烦，即建立一个钱包并保持它的安全。

At least, it is necessary to establish an account on an exchange, because encrypted currency transactions are almost unregulated. If an investor does not want to risk investing his or her money in an unregulated, possibly immoral, transaction, he or she must experience a problem, namely, the creation of a wallet and its security.

基于比特币的ETF可能会消除所有这些问题，让投资者在熟悉和监管的环境中对比特币有良好的敞口。不过，比特币ETF遭遇了几个监管障碍。我们将看一看比特币ETF是如何运作的，为什么会有对它们的需求，以及它们需要克服哪些监管挑战。

Bitcoin-based ETFs may eliminate all of these problems and give investors a good exposure to bitcoins in a familiar and regulated environment. However, Bitcoin ETFs encounter several regulatory barriers. We will see how Bitcoin ETFs operate, why there is a need for them, and what regulatory challenges they need to overcome.

比特币ETF基础知识

BitcoinETF Basics

关于ETF，首先要了解的是，它们是被动的投资工具。即使他们在公开市场上积极交易，也不需要管理或跟踪他们。每只ETF都与一个指数挂钩，而ETF的表现就是所追踪标的指数的表现。在一种加密货币或比特币ETF的情况下，该指数可能包括一组混合加密货币，或者仅仅是与比特币价格挂钩的指数。持有比特币ETF与仅仅持有比特币之间的主要区别在于，不必担心比特币ETF的安全性或存储问题，因为投资者的钱与价格而不是与数字资产本身联系在一起。没有任何交换会被黑掉，也没有可以被网骗的钱包——只要市场上的钱是跟随着比特币ETF的价格。

With regard to ETFs, the first thing to understand is that they are passive investment instruments. Even if they are active in the open market, they do not need to be managed or tracked. Each ETF is linked to an index, and the performance of ETFs is the performance of the index that is tracked. In the case of an encrypted currency or a bitcoin ETF, the index may include a combination of encrypted currencies, or merely a index linked to a bitcoin price. The main difference between the holding of a bitcoin ETF and the mere holding of bitcoins is that there is no need to worry about the safety or storage of Bitcoin ETFs, because the investor's money is linked to the price rather than to the digital asset itself. No exchange can be blacked and no wallet & mdash; & mdash; as long as the money in the market follows the price of a bitco currency ETF.

另一件让ETF对普通投资者有吸引力的因素是，没有最低投资。虽然比特币(几乎)能被无限分割，但大多数交易所在买卖比特币时都需要一定的最低购买额来支付比特币的费用。由于ETF并不意味着资产的所有权——仅仅是对其价格的押注，因此这些最低门槛准入可以被废除。

Another factor that makes ETF attractive to ordinary investors is that there is no minimum investment. While bitcoins (almost) can be divided indefinitely, most exchanges need a minimum purchase to pay for bitcoins when buying and selling bitcoins.

ETF也可以以这样一种方式建立，即向投资者支付股息。如果你试图用实际的比特币来建立一个类似的计划，这将包括看某人的钱包来决定付钱给谁，并定期出售一部分代币来支付“股东”。“由于在投资ETF时，没有真正的比特币被买卖，所以这个过程被大大简化了。或许最重要的是，支付这些股息的机制属于“同类”的美国税收规则，因此税收负债几乎没有进入这一领域。相比之下，加密货币通常在美国受到短期和长期资本利得税的影响，无论交易的是否是加密货币。这些税收可能相当可观，在某些短期情况下高达40%。

ETFs can also be set up in such a way as to pay dividends to investors. If you try to build a similar scheme with actual bitcoins, this will include looking at someone’s wallet to decide to whom to pay and regularly sell a portion of it to pay “ shareholders & & rdquo; & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & ; & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & &

因此，比特币ETF的核心论点是，它们为投资者提供了一种更安全、更稳定的方式，让投资者在不进入狂野西部的情况下，利用不受监管的比特币交易市场。ETF是一种长期存在的金融工具，用于管理风险和简化投资过程，而且它们自动暴露于美国监管法律，这似乎使它们成为让投资者在“实体”比特币市场肆意妄为的理想选择。

Thus, the central argument of the Bitcoin ETF is that they provide investors with a safer and more stable way to take advantage of unregulated bitcoin trading markets without entering the wild west. ETFs are a long-standing financial instrument for managing risk and simplifying investment processes, and they are automatically exposed to US regulatory law, which seems to make them ideal options for investors in “ entity & & rdquo; and bitco markets.

不幸的是，比特币ETF从一开始就一直饱受争议。

Unfortunately, BitcoinETF has been controversial from the outset.

ETF面临的挑战

Challenges facing the ETF

比特币ETF的关键参与者是美国证券交易委员会，由于ETF属于安全证券的定义，就像所谓的“Howey Test”一样，证交会对它们拥有监管权。

The key participant in the Bitcoin ETF is the United States Securities and Exchange Commission, which, because ETFs are defined as security securities, has control over them, just like the so-called & ldquao; Howey Test&rdquao; as well as the SEC.

简单地说，Howey Test是一种衡量给定金融工具是否为安全的措施。它源于1946年最高法院的一桩涉及柑橘园股份的案件。法院裁定，一种特定的金融工具是一种证券，因此在美国证券交易委员会的职权范围内。

In short, Howey Test is a measure of whether a given financial instrument is safe or not. It stems from a 1946 Supreme Court case involving shares in citrus gardens. The Court ruled that a particular financial instrument is a security, and therefore falls within the purview of the United States Securities and Exchange Commission.

在2018年期间，美国证交会多次禁止各种ETF申请进入市场。

During 2018, the SEC repeatedly banned various ETF applications from entering the market.

在8月22日的裁决中，欧盟委员会明确否认了两种比特币ETF在纽约证券交易所的Arca交易所运作。该交易所本身与拟议中的ETF提供商ProShares合作，最初于2017年12月提交了申请。

In its decision of 22 August, the European Commission expressly denied that two Bitcoin ETF operated at the Arca Exchange of the New York Stock Exchange, which had submitted its own application in December 2017, in cooperation with ProShares, the proposed ETF provider.

ProShares案并不是欧盟委员会在2018年就比特币金融工具问题做出的唯一裁决，但它可能是最新的、相关的裁决——当然也是最具代表性的。

The ProShares case was not the only European Commission award on the issue of the Bitcoin financial instrument in 2018, but it may be the latest and relevant award & mdash; & mdash; and, of course, the most representative.

该委员会一开始就表示，它并没有考虑比特币的有效性。它的裁决与基于比特币的ETF的创建紧密相关。这被一些人认为是一种回避，因为欧盟委员会不必直接宣布比特币为安全或非安全，这是市场一直在寻求澄清的问题。

At the outset, the Commission stated that it did not consider the validity of Bitcoin. Its ruling was closely related to the creation of an ETF based on Bitcoin. This was seen by some as a circumvention, because the European Commission did not have to declare Bitcoin safe or non-safe, a question that the market had been seeking clarification.

相反，欧盟委员会几乎完全聚焦于在更大的比特币市场中存在欺诈和市场操纵的威胁。

On the contrary, the European Commission focused almost entirely on the threat of fraud and market manipulation in the larger Bitcoin market.

在这个具有代表性的比特币金融工具案例中，存在着有一线希望。委员会在8月决定继续审查之后不久，就决定对其进行进一步裁决。此外，这种拒绝本身是基于需要更多的保证，特别是一个大型的比特币期货市场。这种想法认为，如果比特币的市场持续发展，比特币ETF在未来可能还会出现。

In this representative case of a bitcoin financial instrument, there is a glimmer of hope. Shortly after the Commission decided to continue its review in August, it decided to further rule on it. Moreover, the refusal itself was based on the need for more guarantees, particularly a large bitcoin futures market.

比特币的进展

Bitcoin's progress.

自从中本聪在2008年发表具有里程碑意义的白皮书以来，比特币已经走过了漫长的道路，从一个小众的小玩意变成了主流的金融工具。然而，市场还没有完全成熟，而证交会反复的裁决似乎正在扼杀这一点。委员会以一种循环的方式宣布，市场尚未完全脱离欺诈和操纵，因此它不能使用有助于保护投资者免受欺诈和操纵的金融工具。

Since China’s landmark White Paper was published in 2008, Bitcoin has come a long way, turning from a tiny little thing into a mainstream financial instrument. However, the market is not yet fully mature, and the SEC’s repeated rulings seem to be stifling it. In a circular way, the Commission has declared that the market is not completely free from fraud and manipulation, so it cannot use financial instruments that help to protect investors from fraud and manipulation.

不过，比特币的主流和华尔街的接受度正在上升，一些市场观察人士预计，比特币ETF成为加密货币投资工具只是时间问题。

However, the mainstream of Bitcoin and the acceptance of Wall Street are on the rise, and some market observers expect that it is only a matter of time before Bitcoin ETF becomes an encrypt currency investment instrument.