富達的一體式 ETF 中的比特幣投資為他們帶來了優勢

對每個投資者的最終考驗是他們或他們的顧問是否能夠達到或超過資產配置ETF的回報。如果沒有，為什麼還要費心去尋求建議呢？

Investors or their advisers should be able to meet or exceed the returns of an asset allocation ETF.

投資者或其顧問應該能夠達到或超過資產配置ETF的報酬。

If they can't, it might not be worth paying for advice. Instead, investors could simply buy one of these exchange-traded funds, which are designed to give investors a fully diversified portfolio in a single purchase. All the big ETF companies offer asset allocation ETFs and, with one notable exception, the portfolios look similar.

如果他們不能，可能就不值得花錢尋求建議。相反，投資者可以簡單地購買其中一種交易所交易基金，這些基金旨在透過一次購買為投資者提供完全多元化的投資組合。所有大型 ETF 公司都提供資產配置 ETF，除了一個明顯的例外，其投資組合看起來很相似。

The exception is Fidelity's lineup of All-In-One ETFs, which include a sprinkling of bitcoin.

富達 (Fidelity) 的一體式 ETF 系列是個例外，其中包括少量比特幣。

Given that bitcoin prices have surged by 155 per cent this year, even a modest exposure in a portfolio has a significant impact. The Fidelity All-In-One Growth ETF (FGRO-NE), with a 4.6-per-cent weighting to bitcoin as of early December, made 33.1 per cent on a total return basis for the 12 months to Nov. 30.

鑑於今年比特幣價格飆升了 155%，即使投資組合中的適度曝險也會產生重大影響。截至 12 月初，富達一體成長 ETF (FGRO-NE) 的比特幣權重為 4.6%，截至 11 月 30 日的 12 個月內，總回報率為 33.1%。

The Vanguard Growth ETF Portfolio (VGRO-T) made 25.7 per cent, the iShares Growth ETF Portfolio made 25.3 per cent and the Global X Growth Asset Allocation ETF (HGRW-T) made a tick less than 24 per cent. The TD Growth ETF Portfolio (TGRO-T) made 28.3 per cent, but it has a little more in stocks than the others. The typical mix for growth asset allocation ETFs is along the lines of 80 per cent stocks, 20 per cent bonds. FGRO tamps bonds down to 13.5 per cent to make room for bitcoin and spreads the remainder between U.S., Canadian and international stocks.

Vanguard Growth ETF 投資組合 (VGRO-T) 的漲幅為 25.7%，iShares Growth ETF 投資組合的漲幅為 25.3%，Global X Growth Asset Allocation ETF (HGRW-T) 的漲幅不到 24%。 TD Growth ETF 投資組合 (TGRO-T) 的收益為 28.3%，但其股票比其他基金多一點。成長型資產配置 ETF 的典型組合是 80% 股票、20% 債券。 FGRO 將債券比例下調至 13.5%，為比特幣騰出空間，並將剩餘部分分散在美國、加拿大和國際股票之間。

Fidelity's decision to use crypto was bold, given that the company is a venerable presence in the mutual fund and ETF fund business. But it also adds some risk. If you're in the market for an asset allocation ETF and are drawn to Fidelity because of the crypto exposure, remember to check the latest portfolio breakdowns for the company's All-In-One ETFs, which show bitcoin weightings of 1.6 per cent in the conservative portfolio, 3.2 per cent in the balanced product and 4.5 per cent in the all-equity version.

鑑於富達在共同基金和 ETF 基金業務中享有盛譽，該公司使用加密貨幣的決定是大膽的。但這也增加了一些風險。如果您正在尋找市場上資產配置ETF，並因加密貨幣風險而被Fidelity 所吸引，請記得查看該公司All-In-One ETF 的最新投資組合明細，其中顯示比特幣在ETF 中的權重為1.6% 。

Bitcoin and other cryptocurrencies have been having a moment in late 2024 based on speculation that U.S. president-elect Donald Trump is pro-crypto. But bitcoin in particular has been on a longer 12-month tear that followed big declines in 2022, a bad year for investing all around. There's an undeniable feeling of speculative frenzy around crypto right now. The financial writer for The New Yorker, John Cassidy, recently noted some parallels between what's happening with crypto and the dot-com boom of the late 1990s. The subsequent tech crash was epic.

由於美國當選總統唐納德·川普支持加密貨幣的猜測，比特幣和其他加密貨幣在 2024 年底出現了一段時期。但在 2022 年大幅下跌之後，比特幣經歷了長達 12 個月的大幅上漲，而 2022 年對投資來說都是糟糕的一年。不可否認，現在圍繞著加密貨幣存在著一種投機狂熱的感覺。 《紐約客》財經撰稿人 John Cassidy 最近指出，加密貨幣領域的發展與 20 世紀 90 年代末期的網路繁榮之間存在著一些相似之處。隨後的技術崩潰是史詩般的。

Fidelity's bitcoin weightings are sensibly kept below 5 per cent, so the risk of major portfolio damage in a crypto route is contained. But when an asset like bitcoin rises by 155 per cent in 12 months, it's advisable to consider potential downside ahead as much as any gains to come.

富達的比特幣權重明智地保持在 5% 以下，因此加密貨幣路線中重大投資組合受損的風險得到了控制。但當像比特幣這樣的資產在 12 個月內上漲 155% 時，建議在考慮未來潛在收益的同時也考慮潛在的下行風險。