Global X 推出採用動態風險管理策略的比特幣 ETF

Global X 推出了具有風險管理策略的動態比特幣 ETF。 Global X 比特幣趨勢策略 ETF 旨在透過使用 CoinDesk 比特幣趨勢指標來管理風險。其在比特幣期貨和國債之間的動態分配每週根據指標訊號進行調整。

How Global X's New Bitcoin ETF Manages Risk

Global X 的新比特幣 ETF 如何管理風險

Global X has launched a new crypto ETF in the US that aims to tame the volatility of bitcoin prices. The Global X Bitcoin Trend Strategy ETF (BTRN US) tracks an index that uses the CoinDesk Bitcoin Trend Indicator (BTI) to determine when to allocate to bitcoin futures or short-term US Treasuries.

Global X 在美國推出了一款新的加密貨幣 ETF，旨在抑制比特幣價格的波動。 Global X 比特幣趨勢策略 ETF (BTRN US) 追蹤一個指數，該指數使用 CoinDesk 比特幣趨勢指標 (BTI) 來確定何時配置比特幣期貨或短期美國國債。

What's the Secret Sauce?

秘製醬汁是什麼？

The BTI is a daily signal that measures bitcoin's price momentum and direction. It compares bitcoin's short-term and longer-term moving averages to determine its signal. Based on the BTI, BTRN adjusts its allocation between bitcoin futures and short-term Treasuries every week.

BTI 是衡量比特幣價格動量和方向的每日訊號。它比較比特幣的短期和長期移動平均線以確定其訊號。 BTRN 根據 BTI 每週調整比特幣期貨和短期國債之間的配置。

How Does It Work?

它是如何運作的？

When the BTI indicates a strong uptrend, BTRN allocates 100% to bitcoin futures. In a moderate uptrend, the allocation shifts to 75% bitcoin futures. In times of no discernible trend, the ETF splits its allocation evenly between bitcoin and US Treasuries. Conversely, during a moderate downtrend, the allocation reduces to 25% bitcoin. Lastly, in the event of a significant downtrend, the ETF allocates entirely to US Treasuries.

當 BTI 顯示強勁上漲趨勢時，BTRN 將 100% 分配給比特幣期貨。在溫和的上升趨勢中，配置轉向 75% 的比特幣期貨。在沒有明顯趨勢的時期，ETF 會在比特幣和美國國債之間平均分配其配置。相反，在溫和的下跌趨勢中，比特幣配置減少至 25%。最後，如果出現大幅下跌趨勢，ETF 將全部配置為美國公債。

What's the Payoff?

回報是什麼？

BTRN aims to offer investors potential enhancements to risk-adjusted performance compared to direct investments in bitcoin or bitcoin futures. By dynamically adjusting its allocation based on market conditions, the fund seeks to alleviate the impact of drawdowns, which can be particularly severe in the crypto realm.

與直接投資比特幣或比特幣期貨相比，BTRN 旨在為投資者提供風險調整後績效的潛在增強。透過根據市場狀況動態調整其分配，該基金尋求減輕回撤的影響，這種影響在加密貨幣領域尤其嚴重。

Historical Proof?

歷史證明？

According to CoinDesk, backtesting over the past five years suggests that a hypothetical portfolio combining bitcoin and cash guided by the BTI would have reduced exposure to bitcoin during periods of market downturns while still participating in price uptrends.

據 CoinDesk 稱，過去五年的回溯測試表明，在 BTI 指導下結合比特幣和現金的假設投資組合將在市場低迷時期減少比特幣風險，同時仍參與價格上漲趨勢。

What's the Catch?

有什麼問題？

While BTRN's expense ratio matches that of the largest bitcoin futures ETF, its price tag is higher than the lowest-cost spot bitcoin ETFs. However, BTRN's risk-managed approach may appeal to investors seeking a more balanced exposure to bitcoin.

雖然 BTRN 的費用比率與最大的比特幣期貨 ETF 相當，但其價格高於成本最低的現貨比特幣 ETF。然而，BTRN 的風險管理方法可能會吸引尋求更平衡的比特幣投資的投資者。