؟ﻞﻤﻌﺗ ﻒﻴﻛﻭ ﺓﺮﻔﺸﻤﻟﺍ ETN ﺕﺎﻜﺒﺷ ﻲﻫ ﺎﻣ
؟ﺓﺮﻔﺸﻤﻟﺍ ETN ﻊﻣ ﺮﻤﺜﺘﺴﺗ ﻥﺃ ﺐﺠﻳ ﻞﻫ
.ﺲﻔﻧﻷﺍ ﻖﺸﺑ ﺎﻬﻴﻠﻋ ﺍﻮﻠﺼﺣ ﻲﺘﻟﺍ ﻢﻬﻟﺍﻮﻣﺃ ﺭﺎﻤﺜﺘﺳﺍ ﻦﻣ ،ﻦﻴﻔﺋﺎﺧ ﺍﻮﻧﻮﻜﻳ ﻢﻟ ﻥﺇ ،ﻦﻴﻜﻜﺸﺘﻣ ﻦ
.ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻠﻟ ﺩﺎﺤﻟﺍ ﻢﻠﻌﺘﻟﺍ ﻰﻨﺤﻨﻣ ﻊﻴﺳﻮﺗ ﻥﻭﺩ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻲﻓ ﺮﺷﺎﺒﻣ ﺮﻴﻏ ﻞﻜﺸﺑ
؟ETN ـﻟ ﺓﺪﻴﺟ ﺔﻠﺜﻣﺃ ﻱﺃ ﻙﺎﻨﻫ ﻞﻫﻭ ،ﺎﻫﺮﻃﺎﺨﻣﻭ ﺎﻫﺪﺋﺍﻮﻓ ﻲﻫ ﺎﻣﻭ ،ﺓﺮﻔﺸﻤﻟﺍ ETN ﺕﺎﻜﺒﺷ ﻂﺒﻀ
؟ETN ﺓﺮﻔﺸﻤﻟﺍ ﺔﻠﻤﻌﻟﺍ ﻲﻫ ﺎﻣ
.ﻯﺮﺧﻷﺍ ﻒﻴﻟﺎﻜﺘﻟﺍﻭ ﻡﻮﺳﺮﻟﺍ ﺎﻬﻨﻣ ﺎﺣًﻭﺮﻄﻣ ﺔﻴﺳﺎﺳﻷﺍ ﺓﺮﻔﺸﻤﻟﺍ ﺔﻠﻤﻌﻟﺍ ﺪﺋﺎﻋ ﺮﻤﺜﺘﺴﻤﻠﻟ ﻊﻓﺪﺑ
.ﺓﺮﻔﺸﻤﻟﺍ ﺔﻠﻤﻌﻟﺍ ﻪﻘﻘﺤﺗ ﻱﺬﻟﺍ ﺪﺋﺎﻌﻠﻟ ﻝﺩﺎﻌﻤﻟﺍ ﻖﺒﺴﻤﻟﺍ ﺓﺪﺋﺎﻔﻟﺍ ﺮﻌﺳ ﺮﻤﺜﺘﺴﻤﻠﻟ ﻥﻮﻌﻓﺪﻴﺳ
.ﺓﺭﻭﺮﻀﻟﺎﺑ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ءﺍﺮﺷ ﻥﻭﺩ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻕﻮﺳ ﻲﻓ ﺭﺎﻤﺜﺘﺳﻻﺎﺑ ﺺﺨﺷ ﻱﻷ ﻡﺎﻈﻨﻟ
؟(ETFs) ﺔﻟﻭﺍﺪﺘﻤﻟﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻖﻳﺩﺎﻨﺻﻭ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻠﻟ (ETNs) ﺔﺻﺭﻮﺒﻟﺍ ﻲﻓ ﺔﻟﻭﺍﺪﺘﻤﻟﺍ
.ﻢﻫﺰﻴﻤﻳ ﺪﺣﺍﻭ ءﻲﺷ ﻙﺎﻨﻫ ،ﻚﻟﺫ ﻊﻣﻭ .ﻝﻭﺍﺪﺘﻠﻟ ﺔﻠﺑﺎﻗ ﺎﻬﻧﻮﻛ ﻲﻓ ﻞﺜﻤﺘﺗ ﺔﻴﻓﺎﺿﺇ ﺓﺰﻴﻣ ﻊﻣ ﺔﻛ
.ﺔﻴﺳﺎﺳﻷﺍ ﺓﺮﻔﺸﻤﻟﺍ ﺔﻠﻤﻌﻟﺍ ءﺍﺩﻷ ﺽﺮﻌﺘﻟﺍ ETF ﺮﻓﻮﺗ ﻦﻴﺣ ﻲﻓ ،ﺔﻴﺳﺎﺳﻷﺍ ﺓﺮﻔﺸﻤﻟﺍ ﺔﻠﻤﻌﻟﺍ ﺕﺍ
؟ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻠﻟ ETN ﺕﺎﻜﺒﺷ ﺎﻬﺑ ﻊﺘﻤﺘﺗ ﻲﺘﻟﺍ ﺪﺋﺍﻮﻔﻟﺍ ﻲﻫ ﺎﻣ
:ﻚﻟﺫ ﻲﻓ ﺎﻤﺑ ،ﺎﻳﺍﺰﻤﻟﺍ ﻦﻣ ﺪﻳﺪﻌﻟﺍ (ETNs) ﺔﺻﺭﻮﺒﻟﺍ ﻲﻓ ﺔﻟﻭﺍﺪﺘﻤﻟﺍ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﻡﺪﻘﺗ
- ﺔﻣءﻼﻤﻟﺍ: ﺕﺎﻜﺒﺷ ﺮﻓﻮﺗ ETN ﺔﻴﻤﻗﺮﻟﺍ ﻚﻟﻮﺻﺃ ﻥﺎﻣﺃ ﻥ
- ﻝﻮﺻﻮﻟﺍ ﺔﻴﻧﺎﻜﻣﺇ: ﺕﺍﺪﻨﺳ ﻝﻭﺍﺪﺗ ﻢﺘﻳ ETN ﺭﺎﻤﺜﺘﺳﻼﻟ ﺔﻣﺯﻼﻟﺍ ﺩﺭﺍﻮﻤﻟﺍﻭ
- ﻊﻳﻮﻨﺘﻟﺍ: ﺓﺪﻳﺪﺟ ﻝﻮﺻﺃ ﺕﺎﺌﻓ ﻰﻟﺇ ﻝﻮﺻﻮﻟﺍﻭ ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﻢﻬﻈﻓﺎﺤﻣ ﻊﻳﻮﻨﺘ
- ﻊﺒﺘﺘﻟﺍ ﺄﻄﺧ ﻞﻴﻠﻘﺗ: ﺓﺩﻮﻋ ﻥﺃ ﺎﻤﺑ ETN ءﺎﻄﺧﺃ ﺙﻭﺪﺣ ﻰﻟﺇ ﻱﺩﺆﻳ ﺪﻗ ﺎﻤﻣ
- ﺔﻴﺒﻳﺮﻀﻟﺍ ﺎﻳﺍﺰﻤﻟﺍ: ﺕﺎﻜﺒﺷ ﻥﺇ .ﺓﺮﻔﺸﻤﻟﺍ ﻝﻮﺻﻷﺍ ﻞﻘﻧ ﻭﺃ ﻊﻴﺑ ﻭﺃ ءﺍﺮﺷ
؟ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻠﻟ ETNs ﺮﻃﺎﺨﻣ ﻲﻫ ﺎﻣ
:ﺍﻮﻠﻤﺸﻳ .ﺮﻃﺎﺨﻤﻟﺍ ﻦﻣ ﻮﻠﺨﺗ ﻻ ﺎﻬﻧﺃ ﻻﺇ ،ﻼًﻬﺳ ﺎﻳًﺭﺎﻤﺜﺘﺳﺍ ﺍﺭًﺎﻴﺧ ﻭﺪﺒﺗ ETN ﺕﺍﺪﻨﺳ ﻥﺃ ﻦﻴﺣ
- ﺩﺍﺪﺴﻟﺍ ﻦﻋ ﻒﻠﺨﺘﻟﺍ: ﺮﺋﺎﺴﺧ ﻰﻟﺇ ﻱﺩﺆﻳ ﺎﻤﻣ ،ﺩﺍﺪﺴﻟﺍ ﻦﻋ ﻒﻠﺨﺘﻟﺍ ﻲﻓ ﺓﺭﺪ
- ﺔﻴﺳﺎﺳﻷﺍ ﻝﻮﺻﻷﺎﺑ ﺔﺒﻟﺎﻄﻣ ﺪﺟﻮﺗ ﻻ: ﻲﻓ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻪﺒﺸﻳ ،ﺕﻻﺎﺤﻟﺍ ﻢﻈﻌﻣ ﻲ
- ﺔﻟﻮﻴﺴﻟﺍ: ﺕﺍﺪﻨﺳ ﻥﺃ ﻦﻣ ﻢﻏﺮﻟﺍ ﻰﻠﻋ ETN ﻊﻴﺑ ﺐﻌﺼﻟﺍ ﻦﻣ ﻥﻮﻜﻳ ﺪﻗ ،ﻲﻟﺎﺘ
؟ﺔﻟﻭﺍﺪﺘﻤﻟﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻖﻳﺩﺎﻨﺻ ﻦﻣ ﺓﺭﻮﻄﺧ ﺮﺜﻛﺃ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻲﻓ ﺔﻟﻭﺍﺪﺘﻤﻟﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ
.ﻖﻳﻮﺴﺘﻟﺍ ﻑﻭﺮﻇﻭ ،ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺎﺳﺭﺎﻤﻤﻟﺍﻭ ،ﺔﻴﺳﺎﺳﻷﺍ ﻝﻮﺻﻷﺍﻭ ،ﺩﺪﺤﻤﻟﺍ ﺞﺘﻨﻤﻟﺍ ﻰﻠﻋ ﺪﻤﺘﻌﻳ
ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻠﻟ ETN ﺕﺎﻜﺒﺷ 5 ﻞﻀﻓﺃ
.Bitcoin ETN ﺕﺎﻜﺒﺷ ﺲﻤﺧ ﻢﻫﺃ ﻲﻠﻳ ﺎﻤﻴﻓ ﻦﻜﻟﻭ .ﻕﻮﺴﻟﺍ ﻲﻓ ﺓﺩﻮﺟﻮﻤﻟﺍ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻦﻣ
1. VBTC VanEck ﻦﻳﻮﻜﺘﻴﺑ ETN
ﺩﻮﺟﻮﻣ ﻪﻧﺇ .ﺐﺜﻛ ﻦﻋ Bitcoin ﺮﻌﺳ ﻊﺒﺘﺘﻳﻭ MVIS Cryptocompare Bitcoin VWAP ﻕﻼﻏﺇ ﺮﺷﺆﻣ
.Avalancheﻭ TRONﻭ Solanaﻭ Ethereum ﺔﺣﺎﺘﻤﻟﺍ ﻯﺮﺧﻷﺍ VanEck ETN ﺕﺎﻜﺒﺷ ﻞﻤﺸﺗ .Eurone
ETC ﺔﻋﻮﻤﺠﻤﻟ ﺔﻳﺩﺎﻤﻟﺍ ﻦﻳﻮﻜﺘﻴﺒﻟﺍ ﺔﻠﻤﻋ .2
ETC Group ﻡﺪﻘﺗ ﺎﻴﻧﺎﻤﻟﺃ ﺎﻫﺮﻘﻣ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻲﻓ ﺭﺎﻤﺜﺘﺳﺍ ﺔﻛﺮﺷ ﻲﻫ ETC Group Physi
3. SBTC 21Shares Short Bitcoin ETP
.XRPﻭ ،Stellarﻭ ،Solanaﻭ ،Algorandﻭ ،Polkadotﻭ ،Ethereumﻭ ،21Shares Binance BN
4. Bitcoin Tracker One XBT Provider (ﺔﻛﺮﺘﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ)
Coinshares ﺔﺻﺭﻮﺒﻟﺍ ﻲﻓ ﻪﻟﻭﺍﺪﺗ ﻢﺘﻳ ﻦﻳﻮﻜﺘﻴﺑ ﺞﺘﻨﻣ ﻝﻭﺃ ﺕﺄﺸﻧﺃ ﺪﻗﻭ .2013 ﻡﺎﻋ ﻲﻓ ﺖﺴﺳﺄﺗ
ﻦﻳﻮﻜﺘﻴﺑ ﺔﻤﻜﺤﻟﺍ ﺓﺮﺠﺷ .5
WisdomTree ﻡﺪﻘﺗ ﻲﻫﻭ .ﻙﺭﻮﻳﻮﻴﻧ ﺎﻫﺮﻘﻣﻭ ﺔﺻﺭﻮﺒﻟﺍ ﻲﻓ ﺔﻟﻭﺍﺪﺘﻤﻟﺍ ﻝﻮﺻﻸﻟ ﺓﺮﻳﺪﻣﻭ ﺔﻴﻋﺍﺭ ﺔﻛ
؟ETN ﻡﺍﺪﺨﺘﺳﺎﺑ ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻲﻓ ﺮﻤﺜﺘﺴﺗ ﻥﺃ ﺐﺠﻳ ﻞﻫ
.ﺓﺮﻔﺸﻤﻟﺍ ﺕﻼﻤﻌﻟﺍ ﻲﻓ ﻝﻭﺍﺪﺘﻠﻟ ﺓﺪﻳﺮﻓ ﺔﺻﺮﻓ ETN ﺕﺎﻜﺒﺷ ﻚﻟ ﺮﻓﻮﺗ ،ﻢﻳﺪﻘﻟﺍ ﻲﻟﺎﻤﻟﺍ ﻕﻮﺴﻟﺍ ﻡ
.ﺔﻤﺨﺿ ﺔﻳﺭﺎﻤﺜﺘﺳﺍ ﺕﺍﺭﺍﺮﻗ ﺫﺎﺨﺗﺍ ﻞﺒﻗ ﺎﻴًﻟﺎﻣ ﺍﺭًﺎﺸﺘﺴﻣ ﺮﺸﺘﺳﺍﻭ ﺚﺤﺑﺍ ،ﺕﺍﺭﺎﻤﺜﺘﺳﻻﺍ ﻊﻴﻤﺟ ﻊﻣ