#ETF与衍生品 Seeing the news that Bitwise has submitted a revision for the Hyperliquid ETF, I am reminded of the rapid expansion of the derivatives market in recent years. New ETF products indeed attract attention; a 0.67% fee rate may not seem high at first glance, but there is more to consider behind it.

ETFs are good tools, especially those tracking mature assets. The problem arises when derivatives and innovative assets become the underlying holdings of ETFs, as the risk levels stack up. One layer is the volatility of the assets themselves, another is the liquidity management of the ETF, plus leverage or derivative features—ordinary investors often underestimate this compounded risk.

This is not to say we should avoid such products, but we must be clear: if you include these high-risk assets as part of your core allocation, you are violating basic position management principles. My advice is to ask yourself three questions—can I afford to lose this money? Do I truly understand how this product works? What proportion does it occupy in my overall assets?

In the long run, safe asset allocation is not achieved by choosing star products, but by disciplined position management and full risk awareness. It’s normal for new products to come to market; living steadily into the future is more important.