#ETF与衍生品 Seeing Bitwise's Hyperliquid ETF filing for revision, I am pondering a question worth everyone's consideration: the excitement around new product launches often easily dull our rational judgment.

A 0.67% fee rate and the upcoming launch expectations can indeed attract attention. But I want to remind everyone that the risk characteristics of derivative ETFs are completely different from traditional ETFs. As an on-chain perpetual contract platform, Hyperliquid's volatility, leverage mechanisms, and liquidity features require special assessment regarding their impact on your portfolio.

Over the years, I have seen too many investors change their positions due to the allure of new products, which ends up disrupting the carefully designed asset structure. New does not necessarily mean good, and listing does not mean you should immediately allocate.

If you're interested in understanding these types of products, I suggest asking yourself three questions first: What role does it play in my asset allocation? Can I withstand its true volatility? What proportion of my total assets is reasonable for this position?

Steady returns come from patience and clarity, not from chasing every new opportunity.