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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>首只比特币期货ETF将于下周上市。投资者需要知道的。</blockquote>

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What Investors Need to Know.<blockquote>首只比特币期货ETF将于下周上市。投资者需要知道的。</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，标志着加密货币飙升的一个里程碑。</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>基金保荐人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批准。根据证券备案文件，该公司向美国证券交易委员会提交了一份“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>该ETF的即将推出帮助引发了代币的反弹。周五上涨7%，自4月份以来首次突破61,600美元。自9月30日交易价格约为41,500美元以来，该股现已上涨近50%。</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SEC对比特币ETF的批准。与目前市场上的一些封闭式信托不同，美国证券交易委员会尚未批准任何直接持有比特币的ETF。尽管如此，如果该ETF按预期推出，它可能会为更多基于期货的ETF铺平道路，包括景顺、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表示：“这可能是众多基于比特币期货的ETF中的第一只。”他指出，与其他直接投资比特币的投资产品（包括灰度比特币信托（GBTC）和Bitwise 10加密货币指数基金（BITW））相比，ETF应该具有流动性和成本优势。</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可能会吸引许多寻求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途径之一。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，它们的费用相对较高，并且它们的交易价格可能高于或低于其基础资产净值。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%的灰度比特币信托或2.5%费用率的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将到期合约展期为新合约，从而导致“展期收益率”可能为负或为正，具体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>该策略的一个复杂因素被称为“期货溢价”，当长期到期日较长的期货合约以高于短期到期日的合约的价格交易时，就会出现这种情况。期货溢价可能因技术原因而发生，当投资者预计未来价格将大幅上涨时，就会发生在大宗商品市场。</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“负展期收益率”，主要持有近期合约的基金可能会在期货溢价时遭受损失。ProShares计划管理展期收益率并机会主义地持有长期合同。</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。期货合约通常按未实现损益的市值计价征税。即使基金不出售合约，它也可能在年底因未实现收益而产生纳税义务。此外，根据国税局的规定，分配给股东的基金应税收入将包括40%的短期资本收益或损失和60%的长期资本收益或损失。</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在其文件中表示，投资者应该预计任何资本收益或损失的“很大一部分”都是短期的。</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>这对于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缴纳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，短期资本收益率相当于普通收入收益率。</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所持资产收取管理费，而且ETF往往具有相当大的流动性，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，要求其降低费用以进行竞争。</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>首只比特币期货ETF将于下周上市。投资者需要知道的。</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，标志着加密货币飙升的一个里程碑。</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>基金保荐人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批准。根据证券备案文件，该公司向美国证券交易委员会提交了一份“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>该ETF的即将推出帮助引发了代币的反弹。周五上涨7%，自4月份以来首次突破61,600美元。自9月30日交易价格约为41,500美元以来，该股现已上涨近50%。</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SEC对比特币ETF的批准。与目前市场上的一些封闭式信托不同，美国证券交易委员会尚未批准任何直接持有比特币的ETF。尽管如此，如果该ETF按预期推出，它可能会为更多基于期货的ETF铺平道路，包括景顺、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表示：“这可能是众多基于比特币期货的ETF中的第一只。”他指出，与其他直接投资比特币的投资产品（包括灰度比特币信托（GBTC）和Bitwise 10加密货币指数基金（BITW））相比，ETF应该具有流动性和成本优势。</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可能会吸引许多寻求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途径之一。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，它们的费用相对较高，并且它们的交易价格可能高于或低于其基础资产净值。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%的灰度比特币信托或2.5%费用率的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将到期合约展期为新合约，从而导致“展期收益率”可能为负或为正，具体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>该策略的一个复杂因素被称为“期货溢价”，当长期到期日较长的期货合约以高于短期到期日的合约的价格交易时，就会出现这种情况。期货溢价可能因技术原因而发生，当投资者预计未来价格将大幅上涨时，就会发生在大宗商品市场。</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“负展期收益率”，主要持有近期合约的基金可能会在期货溢价时遭受损失。ProShares计划管理展期收益率并机会主义地持有长期合同。</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。期货合约通常按未实现损益的市值计价征税。即使基金不出售合约，它也可能在年底因未实现收益而产生纳税义务。此外，根据国税局的规定，分配给股东的基金应税收入将包括40%的短期资本收益或损失和60%的长期资本收益或损失。</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在其文件中表示，投资者应该预计任何资本收益或损失的“很大一部分”都是短期的。</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>这对于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缴纳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，短期资本收益率相当于普通收入收益率。</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所持资产收取管理费，而且ETF往往具有相当大的流动性，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，要求其降低费用以进行竞争。</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":{"MBTmain":0.9,"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2166,"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,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/827475438"}