Bitcoin ETF (Total Cost) Calculator
From amount, expected return and expense ratio, see the effective annual return, future value and total cost of holding a Bitcoin ETF.
輸入資料
計算結果
重點速覽：effective annual return = expected return - expense ratio; future value = amount x (1 + effective return)^years; total cost = amount x expense ratio x years (+ other costs). Example: HK$10,000, 12%, 0.25%, 5y → effective 11.75%, FV ~HK$17,428, cost ~HK$125; at 1.5% expense ratio FV ~HK$16,474 (HK$953 less, HK$625 more fees). Bitcoin ETFs on the HKEX give Bitcoin exposure via a securities account, no self-custody. WARNING: Bitcoin is extremely volatile and can crash to zero; 12% is illustrative only. Fees are minor vs price risk. Education only, not advice.
計算公式
有效年化收益率 = 預期年化收益率 − 費用率。
未來價值 = 投資金額 × (1 + 有效年化收益率)^持有年數 − 其他費用。
持有期總費用 = 投資金額 × 費用率 × 持有年數 + 其他費用。
$$r_{eff} = r_{expected} - r_{expense}$$$$FV = P (1 + r_{eff})^{t} - C_{other}$$$$Cost_{total} = P \cdot r_{expense} \cdot t + C_{other}$$使用說明
- Enter the investment amount and expected annual return.
- Enter the holding period and the ETF's expense ratio.
- Add any one-off costs (commissions, spreads).
- View the effective return, future value and total cost.
投資 10,000、預期年收益 12%、持有 5 年,不同費用率下的有效收益與未來價值
| 費用率 | 有效年化收益率 | 5 年後未來價值 (稅前) | 持有期總費用 |
|---|---|---|---|
| 0.25% (如 IBIT) | 11.75% | HK$17,427.60 | HK$125 |
| 1.50% (如舊式 GBTC) | 10.50% | HK$16,474.47 | HK$750 |
| 差距 | 1.25% | 約少 HK$953 | 多付 HK$625 |
同樣投入 1 萬、預期年收益 12%、持有 5 年:費用率 0.25% 的 ETF 5 年後約 17,428;費用率 1.5% 的只有約 16,474 —— 單是每年多收 1.25% 費用,5 年就少賺約 953 元、多付 625 元費用。持有越久、金額越大,差距越懸殊。此為稅前示意,加密資產價格波動極大。
理財情境案例
案例一：低費用率 ETF 的長期優勢
陳先生想透過證券帳戶投資比特幣現貨 ETF,投入 HK$10,000,預期年化收益 12%,計劃持有 5 年,選了費用率僅 0.25% 的 ETF (如 IBIT)。
有效年化收益率 = 12% − 0.25% = 11.75%;未來價值 = 10,000 × (1 + 11.75%)^5 ≈ HK$17,427.60;持有期總費用 = 10,000 × 0.25% × 5 = HK$125。
解讀:低費用率讓有效收益貼近預期收益,5 年後帳面約 1.74 萬,只付出約 125 元費用。比特幣 ETF 的好處是『免自行保管私鑰、免用加密貨幣交易所,直接用證券帳戶買賣』,適合想參與比特幣但怕託管風險的傳統投資者。
案例二：高費用率如何蠶食回報
對比:若陳先生選了費用率高達 1.5% 的舊式產品 (其他條件相同):有效年化收益率 = 12% − 1.5% = 10.5%;未來價值 = 10,000 × (1 + 10.5%)^5 ≈ HK$16,474.47;持有期總費用 = 10,000 × 1.5% × 5 = HK$750。
對比:同樣投入 1 萬、持有 5 年,僅僅費用率由 0.25% 升到 1.5% (每年多收 1.25%),5 年後未來價值就由約 17,428 元跌到約 16,474 元,少賺約 953 元;而付出的費用由 125 元暴增到 750 元 (多付 625 元)。若金額更大、持有更久,這個差距會被複利進一步放大。
實務提醒:(1) 比特幣屬高風險、高波動資產,價格可能在短期內大漲或暴跌甚至歸零,預期 12% 只是示意,切勿當作保證;(2) 費用率雖是選 ETF 時最可控的一環,務必優先比較 —— 可用『開支比率計算器』與『投資費用計算器』量化長期影響;(3) 本結果為稅前,未計任何資本利得稅;(4) 除費用率外,還有買賣佣金、買賣價差等,已納入『其他費用』欄。可搭配本站『開支比率計算器』『投資費用計算器』與『投資回報計算器』一起評估。
常見問題
What is the expense ratio and how does it erode returns?
The expense ratio is the annual fee the ETF charges, deducted from returns. It is taken out every year, so over a long horizon it compounds: a 1.25% higher ratio can cost hundreds of dollars per HK$10,000 over 5 years. Always compare expense ratios among similar Bitcoin ETFs.
How does a Bitcoin ETF differ from buying Bitcoin directly?
A Bitcoin ETF (e.g. a spot Bitcoin ETF listed on the HKEX) is bought and sold through a normal securities account — no private keys, no crypto exchange, easier for traditional investors and easier to hold in a brokerage account. The trade-off is the annual expense ratio and tracking difference versus the spot price. Direct holding avoids the fee but carries custody and exchange risk.
Is Bitcoin a suitable investment for everyone?
No. Bitcoin is highly volatile and can fall sharply or go to zero in the short term. Only invest money you can afford to lose, size it as a small part of a diversified portfolio, and understand the product and its risks via the IFEC and the issuer's prospectus. This calculator is for cost illustration, not a recommendation.
Why is a low expense ratio important?
Fees are the one factor you can control. A lower expense ratio keeps the effective return closer to the expected return, and the gap widens with amount and time. Among similar products, the expense ratio is often the clearest differentiator of long-run net return.
Should I only look at the expense ratio?
No. Also consider tracking difference vs Bitcoin, trading spreads, platform/brokerage commissions, liquidity and the issuer's credibility. And the dominant risk is Bitcoin's own price swing — fees are secondary. Use this with our expense-ratio and investment-return calculators for a fuller view.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。