ProShares 采取果断举措扩大比特币 ETF 产品系列

美国 ETP 发行商 ProShares 又采取了一项决定性举措，扩大其比特币 ETF 产品组合。

American exchange-traded product (ETP) issuer ProShares has made another decisive move to expand its Bitcoin ETF products suite. The asset manager has applied to list three new Bitcoin-linked ETF products, with stock market native products as reserves.

美国交易所交易产品 (ETP) 发行商 ProShares 又采取了一项决定性举措，扩大其比特币 ETF 产品组合。该资产管理公司已申请上市三款新的比特币挂钩ETF产品，其中股市原生产品作为储备。

These filings come amid growing consideration of more leniency in U.S. Securities and Exchange Commission (SEC) approvals next year as a new Chairman prepares to take office.

这些文件是在新任主席准备就职之际，人们越来越多地考虑明年美国证券交易委员会 (SEC) 的批准更加宽松。

ProShares Bitcoin ETF filings

ProShares 比特币 ETF 备案

According to regulatory filings on Friday, ProShares is looking to launch three new Bitcoin ETFs that will be bullish on the apex crypto while also hedging against the U.S. dollar. These filings follow the recent approval of several Bitcoin futures ETFs by the SEC.

根据周五提交的监管文件，ProShares 计划推出三只新的比特币 ETF，这些ETF将看好顶级加密货币，同时也对冲美元。这些文件是在美国证券交易委员会 (SEC) 最近批准了几只比特币期货 ETF 之后提交的。

The filings show that the three ETFs will be actively managed and will invest in a portfolio of Bitcoin futures contracts. The ETFs will also use a rolling futures strategy to maintain exposure to the near-month Bitcoin futures contract.

文件显示，这三只 ETF 将进行积极管理，并将投资于比特币期货合约投资组合。 ETF 还将使用滚动期货策略来维持近月比特币期货合约的敞口。

Importantly, two of the ETFs will have a portion of their net assets invested in the SPDR S&P 500 ETF Trust (SPY) or the iShares Core U.S. Total Bond Market ETF (AGG), while another ETF will be fully invested in the SPDR Gold Shares ETF (GLD). At the same time, each ETF will maintain a short USD and long Bitcoin position using Bitcoin futures offerings.

重要的是，其中两只 ETF 将把部分净资产投资于 SPDR S&P 500 ETF Trust (SPY) 或 iShares Core US Total Bond Market ETF (AGG)，而另一只 ETF 将全部投资于 SPDR Gold Shares ETF（GLD）。与此同时，每只 ETF 将使用比特币期货产品维持美元空头和比特币多头头寸。

These products are ultimately designed to be bullish on Bitcoin in the long term while also hedging against short-term market movements and downtrends in the stock or gold markets.

这些产品的最终目的是长期看好比特币，同时对冲短期市场走势和股票或黄金市场的下跌趋势。

As the filings show, the 'ProShares Bitcoin Strategy ETF' will maintain a long exposure to Bitcoin of between 90% to 100% of its net assets. At the same time, the ETF will be short USD and long S&P 500 for the remaining net asset exposure.

文件显示，“ProShares 比特币策略 ETF”将维持其净资产 90% 至 100% 之间的比特币长期敞口。同时，该 ETF 将做空美元并做多标准普尔 500 指数，以获取剩余的净资产敞口。

Meanwhile, the 'ProShares Bitcoin Hedged ETF' will maintain a long Bitcoin exposure of 75% to 95%, with the remaining net assets being short USD and long U.S. Total Bond.

与此同时，“ProShares比特币对冲ETF”将维持75%至95%的多头比特币敞口，其余净资产则做空美元和做多美国总债券。

Lastly, the 'ProShares Gold Bitcoin ETF' will maintain a long Bitcoin exposure of 75% to 95%, with the remaining net assets being short USD and long Gold.

最后，“ProShares Gold Bitcoin ETF”将维持 75% 至 95% 的多头比特币敞口，其余净资产则做空美元和做多黄金。

These filings come as no surprise, especially given the recent bullish performance of Bitcoin in the markets. Notably, Bitcoin has rallied by over 120% this year, outperforming several other asset classes.

这些文件并不令人意外，特别是考虑到比特币最近在市场上的看涨表现。值得注意的是，比特币今年上涨了 120% 以上，表现优于其他几种资产类别。

As such, several asset managers and ETP issuers are looking to capitalize on this growing interest in Bitcoin among mainstream investors. In fact, several applications to list Bitcoin ETFs are still pending before the SEC.

因此，一些资产管理公司和 ETP 发行人正在寻求利用主流投资者对比特币日益增长的兴趣。事实上，几项比特币 ETF 上市申请仍在美国证券交易委员会 (SEC) 审理中。

However, these three new Bitcoin ETFs from ProShares are unique in their own way. While several other Bitcoin ETFs are already available in the markets, these upcoming ETFs will be the first to offer a dual exposure to both Bitcoin and another traditional finance product.

然而，ProShares 的这三只新比特币 ETF 有其独特之处。虽然市场上已经有其他几种比特币 ETF，但这些即将上市的 ETF 将是第一个提供比特币和另一种传统金融产品双重投资的 ETF。

Highlighting the essence of these upcoming ETFs, Nate Geraci of The ETF Store states that these products are ultimately "long in the underlying stocks or gold. These would now feature a short USD and long Bitcoin position using Bitcoin Futures offerings. The dual-faced model of these new ETFs made him call the prospective offerings "BTC hedged ETFs."

The ETF Store 的 Nate Geraci 强调了这些即将推出的 ETF 的本质，表示这些产品最终是“做多基础股票或黄金。这些产品现在将使用比特币期货产品做空美元和做多比特币头寸。”这些新 ETF 的数量让他将这些潜在产品称为“BTC 对冲 ETF”。

As Geraci points out, these upcoming ETFs will be bullish on Bitcoin in the long term, thanks to the majority exposure to the apex crypto. At the same good time, the short USD and long stock market native product exposure will help hedge against any short-term downtrends in the Bitcoin market.

正如 Geraci 指出的那样，由于大多数人都投资于顶级加密货币，这些即将推出的 ETF 从长远来看将看好比特币。与此同时，做空美元和做多股市本土产品敞口将有助于对冲比特币市场的任何短期下跌趋势。

Bitcoin ETFs gaining ground

比特币 ETF 取得进展

Ever since spot Bitcoin and Ethereum ETF products secured approval from the U.S. Securities and Exchange Commission (SEC), there has been no slowing down in the number of filings.

自从现货比特币和以太坊 ETF 产品获得美国证券交易委员会 (SEC) 批准以来，申请数量就没有放缓。

As the filings continue to pile up, so does the variety of crypto assets being targeted by ETP issuers. While the number of crypto ETFs like Litecoin, Hedera, Solana and XRP ETF products has grown, asset managers are also intensifying how these offerings target traditional finance products more closely.

随着申请不断增加，ETP 发行人瞄准的加密资产种类也在不断增加。虽然莱特币、Hedera、Solana 和 XRP ETF 产品等加密 ETF 的数量有所增长，但资产管理公司也在加强这些产品如何更紧密地针对传统金融产品。

This integration of Bitcoin into mainstream finance and markets is precisely what several crypto enthusiasts and proponents have been anticipating for years.

比特币融入主流金融和市场正是一些加密货币爱好者和支持者多年来所期待的。

As Geraci aptly observed, "Bitcoin is starting to eat tradfi."

正如杰拉奇恰当地指出的那样，“比特币正在开始吞噬传统货币。”

Year of crypto Wall Street takeover

加密货币华尔街接管之年

As the apex crypto continues to rally in the markets, several asset managers on Wall Street are making Bitcoin a priority in their portfolios.

随着顶级加密货币在市场上继续上涨，华尔街的几家资产管理公司正在将比特币作为其投资组合的优先事项。

According to a recent report by Bloomberg, at least one big asset manager will allocate 2% of its Assets Under Management (AuM) to Bitcoin, underscoring the potential for the asset to go mainstream on Wall Street.

根据彭博社最近的一份报告，至少一家大型资产管理公司将把其管理资产 (AuM) 的 2% 分配给比特币，这凸显了该资产成为华尔街主流的潜力。

Already, many traditional firms are buying Bitcoin through ETFs, complementing the unrelenting acquisitions from spot buyers like MicroStrategy.

许多传统公司已经通过 ETF 购买比特币，补充了 MicroStrategy 等现货买家的不懈收购。

This article was originally published on U.Today

本文最初发表于 U.Today