中亿财经网7月20日讯，ETF全称：exchange-traded fund，译为“交易所交易基金”，其资产在证券交易所交易。 ETF被视为“混合投资的工具”，这意味着投资者可以将多个资产进行投资组合实现利润最大化、风险最小化。资产可以是股票、债券、黄金或许多其他类型的资产。
The ETF is considered to be a “mixed investment tool”, which means that investors can maximize profits and minimize risks from multiple portfolios of assets. Assets can be equities, bonds, gold or many other types of assets.
“比特币ETF”是在证券交易所交易的投资基金，其中的相关资产是比特币。由于这种特性，也有人将此称为“比特币ETP”(交易所交易产品)，但功能实际上是相同的：基金将负责管理汇总的比特币，形成一个资金池，投资者通过购买基金。然后，每个投资者按比例分配基金资产的价值。
“bitcoinETF” is an investment fund that is traded on a stock exchange in which the related asset is Bitcoin. Because of this characteristic, it is also called “bitcoinETP” (exchange transaction product), but the function is actually the same: the fund will be responsible for managing a pool of bitcoins, forming a pool of funds, and the investors will buy the fund.
如果你已经是加密货币的持有者，这可能听起来像一个很愚蠢的想法。为什么人们想要在比特币投资基金中购买股票而不是直接购买比特币?为此，总结了以下几个原因：
If you're already the holder of encrypted money, it may sound like a stupid idea. Why do people want to buy shares in a bitcoin investment fund instead of buying bitcoins directly? To this end, the following reasons are summarized:
第一，比特币ETF比传统购买比特币的方式更容易、更方便。与个人投资者不同，机构投资者投资一项产品必须进行综合性的评估和审查。由于比特币的特殊性质，如果管理不当，比特币就很难在找回。因此，通过ETF投资比特币就规避了这种风险，就能够吸引更多的机构投资者进行比特币投资，也有利于加密货币社区的发展。此外，通过ETF直接将比特币转化为传统资产，机构投资者就无需理解比特币的复杂概念，这将允许他们通过自己熟悉的股票交易平台间接的投资比特币。
First, the Bitcoin ETF is easier and easier than the traditional way to buy bitcoins. Unlike individual investors, institutional investors must make a comprehensive assessment and review of investment in a product. Because of the special nature of bitcoins, it is difficult to find bitcoins if they are not properly managed.
第二，投资比特币ETF的另一个原因是政府监管。如果比特币ETF获得批准，比特币ETF将属于美国证券交易委员会的管辖范围。美国证券交易委员会根据1933年证券法、1934年证券交易法和1940年投资公司法对ETF进行监管：
Second, investment in Bitcoin ETF is also due to government regulation. If Bitcoin ETF is approved, Bitcoin ETF will fall under the jurisdiction of the United States Securities and Exchange Commission. The United States Securities and Exchange Commission regulates ETF under the Securities Act 1933, the Securities and Exchange Act 1934 and the Investment Companies Act 1940:
1940年法案规定了一系列投资者保护措施，包括对关联交易的限制，对杠杆的限制，董事会的独立性以及基金资产的隔离监管，使得共同基金和ETF产品在美国上市后，将受到最严格监管的1940年法案的约束。
The 1940 Act provides for a range of investor protection measures, including restrictions on associated transactions, restrictions on leverage, the independence of the board of directors and the segregation of the Fund's assets, so that mutual funds and ETF products will be subject to the most strictly regulated 1940 Act upon their listing in the United States.
第三个原因很重要，安全性。由于市场的波动性和缺乏投资者保护机制，比特币和其他加密货币被许多人视为风险投资。美国证券交易委员会批准的ETF可能对传统投资者更具有吸引力，他们厌恶风险，或许直到ETF被批准才会进入加密货币市场。
Because of market volatility and the lack of investor protection mechanisms, Bitcoins and other encrypted currencies are regarded by many as risky investments. The ETFs approved by the US Securities and Exchange Commission may be more attractive to traditional investors, who dislike the risks and may not enter the market until the ETF is approved.
比特币ETF投资者可以不用直接去加密货币交易所购买比特币，通过直接购买比特币ETF，更为安全、便捷，也节省了很多成本。比特币ETF与此前推出的CBOE(芝加哥期权交易所)、CME(芝加哥商品交易所)一样，都是一种金融衍生品。相比于比特币期货，比特币ETF并不能为投资者带来更多的利益，但比特币ETF可以为投资者提供一个更加方便、安全的交易方式，降低了交易的风险，因此被视为吸引更多投资者与资金的一种方式。
BitcoinsETF investors can buy bitcoins without going directly to an encrypted currency exchange, and by buying bitcoinETF directly, it is safer, easier, and more costly. BitcoinETF, like the previous CBOE, CME, is a financial derivative.
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