{"id":6440,"date":"2026-02-23T22:31:16","date_gmt":"2026-02-23T14:31:16","guid":{"rendered":"https:\/\/www.onchainhtx.com\/?p=6440"},"modified":"2026-02-23T22:31:16","modified_gmt":"2026-02-23T14:31:16","slug":"%e7%be%8e%e5%9b%bd%e5%8a%a0%e5%af%86%e5%b8%81-etf-%e8%bf%8e%e3%80%8c%e7%bb%bf%e7%81%af%e3%80%8d%ef%bc%9a%e4%b8%8a%e5%b8%82%e9%80%9a%e7%94%a8%e6%a0%87%e5%87%86%e5%a6%82%e6%9e%9c%e9%a1%ba%e5%88%a9","status":"publish","type":"post","link":"https:\/\/www.onchainhtx.com\/?p=6440","title":{"rendered":"\u7f8e\u56fd\u52a0\u5bc6\u5e01 ETF \u8fce\u300c\u7eff\u706f\u300d\uff1a\u4e0a\u5e02\u901a\u7528\u6807\u51c6\u5982\u679c\u987a\u5229\u843d\u5730\uff0c\u54ea\u4e9b\u9879\u76ee\u6210\u8d62\u5bb6\uff1f"},"content":{"rendered":"

\u7f8e\u56fd\u52a0\u5bc6\u8d27\u5e01 ETF \u8fce\u6765\u76d1\u7ba1\u300c\u7eff\u706f\u300d\uff0c\u5e02\u573a\u6709\u671b\u8fce\u6765\u65b0\u4e00\u8f6e\u4e0a\u5e02\u70ed\u6f6e\u3002\u4e00\u65b9\u9762\uff0c\u7f8e\u56fd SEC \u6b63\u5f0f\u653e\u884c\u52a0\u5bc6\u8d27\u5e01 ETF \u91c7\u7528\u5b9e\u4f53\u7533\u8d2d\u4e0e\u8d4e\u56de\u673a\u5236\uff0c\u5927\u5e45\u63d0\u5347\u4ea4\u6613\u6548\u7387\u4e0e\u5e02\u573a\u6d41\u52a8\u6027\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u901a\u7528\u52a0\u5bc6\u8d27\u5e01 ETP \u4e0a\u5e02\u6807\u51c6\u547c\u4e4b\u6b32\u51fa\uff0c\u5c06\u5f00\u542f\u52a0\u5bc6\u8d44\u4ea7\u8fdb\u5165 ETF \u5e02\u573a\u7684\u5feb\u901f\u901a\u9053\u3002
\n
<\/p>\n

\u4f5c\u8005\uff1aNancy\uff0cPANews<\/p>\n

\u7f8e\u56fd\u52a0\u5bc6\u8d27\u5e01 ETF \u8fce\u6765\u76d1\u7ba1\u300c\u7eff\u706f\u300d\uff0c\u5e02\u573a\u6709\u671b\u8fce\u6765\u65b0\u4e00\u8f6e\u4e0a\u5e02\u70ed\u6f6e\u3002\u4e00\u65b9\u9762\uff0c\u7f8e\u56fd SEC \u6b63\u5f0f\u653e\u884c\u52a0\u5bc6\u8d27\u5e01 ETF \u91c7\u7528\u5b9e\u4f53\u7533\u8d2d\u4e0e\u8d4e\u56de\u673a\u5236\uff0c\u5927\u5e45\u63d0\u5347\u4ea4\u6613\u6548\u7387\u4e0e\u5e02\u573a\u6d41\u52a8\u6027\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u901a\u7528\u52a0\u5bc6\u8d27\u5e01 ETP \u4e0a\u5e02\u6807\u51c6\u547c\u4e4b\u6b32\u51fa\uff0c\u5c06\u5f00\u542f\u52a0\u5bc6\u8d44\u4ea7\u8fdb\u5165 ETF \u5e02\u573a\u7684\u5feb\u901f\u901a\u9053\u3002<\/p>\n

SEC \u6b63\u5f0f\u6838\u51c6\u52a0\u5bc6 ETP \u5b9e\u7269\u7533\u8d4e<\/p>\n

\u52a0\u5bc6\u76d1\u7ba1\u6b63\u8fce\u6765\u91cd\u8981\u8f6c\u6298\u3002 7 \u6708 30 \u65e5\uff0cSEC \u6295\u4e0b\u91cd\u8981\u4e00\u7968\uff0c\u5141\u8bb8\u6388\u6743\u53c2\u4e0e\u8005\u4ee5\u5b9e\u7269\u65b9\u5f0f\u8fdb\u884c\u52a0\u5bc6 ETP \u7684\u7533\u8d2d\u548c\u8d4e\u56de\u3002<\/p>\n

\u52a0\u5bc6 ETP \u548c ETF \u90fd\u662f\u5c06\u52a0\u5bc6\u8d44\u4ea7\uff08\u5982\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u5e01\u7b49\uff09\u90fd\u662f\u5c06\u52a0\u5bc6\u8d27\u5e01\u4ee5\u8bc1\u5238\u5316\u5f62\u5f0f\u5728\u4f20\u7edf\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u4ea4\u6613\u7684\u91d1\u878d\u5de5\u5177\uff0c\u65e8\u5728\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4fbf\u6377\u3001\u5408\u89c4\u7684\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\u7ba1\u9053\u3002\u4e8c\u8005\u7686\u5141\u8bb8\u6295\u8d44\u4eba\u50cf\u4e70\u5356\u80a1\u7968\u4e00\u6837\u8fdb\u884c\u4ea4\u6613\uff0c\u65e0\u987b\u76f4\u63a5\u63a5\u89e6\u52a0\u5bc6\u94b1\u5305\u6216\u79c1\u94a5\u7ba1\u7406\uff0c\u5177\u5907\u8f83\u9ad8\u7684\u6d41\u52a8\u6027\u4e0e\u900f\u660e\u5ea6\uff0c\u5e76\u9700\u900f\u8fc7\u6240\u5728\u56fd\u5bb6\u6216\u5730\u533a\u7684\u91d1\u878d\u76d1\u7406\u673a\u5173\u6838\u51c6\u3002\u7136\u800c\uff0c\u4e24\u8005\u5728\u7ed3\u6784\u4e0e\u76d1\u7ba1\u4e0a\u5b58\u5728\u91cd\u8981\u5dee\u5f02\u3002\u52a0\u5bc6 ETF \u5c5e\u4e8e\u57fa\u91d1\u7ed3\u6784\uff0c\u901a\u5e38\u4e3a\u5b9e\u4f53\u652f\u63f4\u4ea7\u54c1\uff0c\u5177\u5907\u66f4\u4e25\u683c\u7684\u8d44\u8baf\u63ed\u9732\u8981\u6c42\u548c\u66f4\u9ad8\u7684\u8d44\u4ea7\u5b89\u5168\u6027\uff0c\u56e0\u800c\u5728\u76d1\u7ba1\u8f83\u4e25\u683c\u7684\u5e02\u573a\uff08\u5982\u7f8e\u56fd\uff09\u83b7\u6279\u96be\u5ea6\u8f83\u5927\uff1b\u52a0\u5bc6 ETP \u5219\u662f\u8f83\u5e7f\u6cdb\u7684\u6982\u5ff5\uff0c\u4e0d\u4e00\u5b9a\u662f\u57fa\u91d1\uff0c\u5176\u7ed3\u6784\u53ef\u80fd\u5e26\u6709\u53d1\u884c\u4eba\u4fe1\u7528\u98ce\u9669\uff0c\u4f46\u5728\u6b27\u6d32\u7b49\u5e02\u573a\u66f4\u6613\u63a8\u51fa\u3001\u5f62\u5f0f\u4e5f\u66f4\u7075\u6d3b\u3002<\/p>\n

\"\"<\/p>\n

\u4f17\u6240\u5468\u77e5\uff0c\u6bd4\u7279\u5e01\u4e0e\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u91c7\u7528\u7684\u662f\u73b0\u91d1\u7533\u8d4e\u673a\u5236\u3002\u5728\u6b64\u6a21\u5f0f\u4e0b\uff0c\u6388\u6743\u53c2\u4e0e\u8005\u9700\u5148\u5411 ETF \u53d1\u884c\u65b9\u4ea4\u4ed8\u73b0\u91d1\uff0c\u518d\u7531\u540e\u8005\u5728\u73b0\u8d27\u5e02\u573a\u4e0a\u8d2d\u5165\u7b49\u503c\u7684\u6bd4\u7279\u5e01\u6216\u4ee5\u592a\u574a\u7528\u4e8e\u652f\u63f4\u65b0\u53d1\u884c\u7684 ETF \u4efd\u989d\uff1b\u8d4e\u56de\u65f6\u5219\u53cd\u4e4b\u64cd\u4f5c\u3002<\/p>\n

\u7136\u800c\uff0c\u8fd9\u79cd\u95f4\u63a5\u64cd\u4f5c\u6a21\u5f0f\u5bfc\u81f4\u4ea4\u6613\u6210\u672c\u9ad8\u3001\u7ed3\u7b97\u5ef6\u8fdf\u3001\u5e02\u573a\u6ed1\u70b9\u98ce\u9669\u5927\uff0c\u9650\u5236\u4e86\u4ea7\u54c1\u5438\u5f15\u529b\u548c\u4e00\u7ea7\u5e02\u573a\u6d41\u52a8\u6027\u3002<\/p>\n

\u968f\u8457\u5b9e\u7269\u7533\u8d4e\u673a\u5236\u7684\u653e\u5f00\uff0c\u6388\u6743\u53c2\u4e0e\u8005\u73b0\u5728\u53ef\u76f4\u63a5\u5411 ETF \u53d1\u884c\u65b9\u4ea4\u4ed8\u6bd4\u7279\u5e01\u6216\u4ee5\u592a\u574a\uff0c\u4ee5\u521b\u5efa\u6216\u8d4e\u56de ETF \u4efd\u989d\u3002\u94fe\u4e0a\u8d44\u4ea7\u4e0e\u4f20\u7edf\u91d1\u878d\u4ea7\u54c1\u4e4b\u95f4\u7684\u8fdb\u4e00\u6b65\u6253\u901a\uff0c\u4e0d\u4ec5\u589e\u5f3a\u4e86\u8fd0\u4f5c\u6548\u7387\uff0c\u4e5f\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u7684\u5408\u89c4\u6d41\u52a8\u6027\u6253\u5f00\u65b0\u901a\u9053\uff0c\u6216\u5c06\u5438\u5f15\u66f4\u591a ETF \u53c2\u4e0e\u8005\u3002<\/p>\n

\u300c\u8fd9\u662f SEC \u76d1\u7ba1\u65b0\u7bc7\u7ae0\u7684\u5f00\u59cb\uff0c\u4f5c\u4e3a\u6211\u62c5\u4efb\u4e3b\u5e2d\u671f\u95f4\u7684\u4e00\u4e2a\u91cd\u70b9\u76ee\u6807\uff0c\u6211\u81f4\u529b\u4e8e\u4e3a\u52a0\u5bc6\u5e02\u573a\u5236\u5b9a\u4e00\u4e2a\u5951\u5408\u5e02\u573a\u5b9e\u9645\u7684\u76d1\u7ba1\u6846\u67b6\u3002\u8fd9\u9879\u6279\u51c6\u5c06\u964d\u4f4e\u4ea7\u54c1\u6210\u672c\u3001\u63d0\u5347\u8fd0\u4f5c\u6548\u7387\uff0c\u5e76\u6700\u7ec8\u8ba9\u6295\u8d44\u8005\u53d7\u76ca\u3002\u5c06\u8fdb\u4e00\u6b65\u63a8\u52a8\u4e86\u7406\u6027\u3001\u6e05\u6670\u7684\u52a0\u5bc6\u76d1\u7ba1\u4f53\u7cfb\u5efa\u8bbe\u3002\u300dSEC \u4e3b\u5e2d Paul S. Atkins \u8868\u793a\u3002<\/p>\n

\u5f6d\u535a\u5206\u6790\u5e08 James Seyffart \u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u548c\u73b0\u8d27\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u5b9e\u4f53\u7533\u8d2d\/\u8d4e\u56de\u673a\u5236\u5df2\u7ecf\u83b7\u5f97\u6279\u51c6\u3002\u9884\u8ba1\u5373\u5c06\u83b7\u51c6\u7684\u7ade\u4e89\u5e01 ETF \u4e5f\u5f88\u53ef\u80fd\u4e00\u5f00\u59cb\u5c31\u5141\u8bb8\u5b9e\u7269\u7533\u8d4e\u3002\u8fd9\u662f\u671d\u8457\u6b63\u786e\u65b9\u5411\u8fc8\u51fa\u7684\u53c8\u4e00\u6b65\u3002<\/p>\n

\"\"12 \u53ea\u7ade\u4e89\u5e01 ETF \u6838\u51c6\u673a\u7387<\/p>\n

\u53e6\u5916\uff0cSEC \u4e5f\u6279\u51c6\u4e86\u5176\u4ed6\u4fc3\u8fdb\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u53d1\u5c55\u7684\u63d0\u6848\uff0c\u5305\u62ec\u6df7\u5408\u73b0\u8d27\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETP \u7684\u4e0a\u5e02\u4ea4\u6613\u7533\u8bf7\u3001\u7279\u5b9a\u6bd4\u7279\u5e01\u73b0\u8d27 ETP \u671f\u6743\u4ea4\u6613\u3001\u7075\u6d3b\u4ea4\u6613\u6240\uff08FLEX\uff09\u671f\u6743\u4ea4\u6613\uff0c\u4ee5\u53ca\u5c06\u7279\u5b9a\u6bd4\u7279\u5e01 ETP \u671f\u6743\u7684\u6301\u4ed3\u9650\u989d\u63d0\u9ad8\u81f3 25 \u4e07\u5f20\u5408\u7ea6\uff0c\u4e30\u5bcc\u5e02\u573a\u5de5\u5177\u5e76\u63d0\u5347\u7075\u6d3b\u6027\u3002<\/p>\n

\u6253\u901a\u4e0a\u5e02\u901a\u9053\uff0c\u52a0\u5bc6 ETP \u901a\u7528\u6807\u51c6\u6216\u5728 60 \u5929\u5185\u63a8\u51fa<\/p>\n

\u9664\u4e86\u52a0\u5bc6 ETP \u7684\u8fd0\u4f5c\u6a21\u5f0f\u8fc8\u51fa\u5173\u952e\u4e00\u6b65\uff0c\u5176\u4e0a\u5e02\u901a\u9053\u4e5f\u8fce\u6765\u4e86\u91cd\u8981\u4f18\u5316\u3002<\/p>\n

\u8fd1\u65e5\uff0cCboe BZX \u5411\u7f8e\u56fd SEC \u63d0\u4ea4\u4e86\u4e00\u9879\u5177\u6709\u91cc\u7a0b\u7891\u610f\u4e49\u7684\u89c4\u5219\u4fee\u8ba2\u63d0\u6848\u3002\u8fd9\u9879\u63d0\u6848\u7684\u6838\u5fc3\u662f\u5bf9 Rule 14.11(e)(4) \u7684\u7cfb\u7edf\u6027\u4fee\u8ba2\uff0c\u4ece\u800c\u786e\u7acb\u5546\u54c1\u57fa\u7840\u4fe1\u6258\u4efd\u989d\uff08CBTS\uff09\u901a\u7528\u4e0a\u5e02\u6807\u51c6\u3002<\/p>\n

\u65e9\u5728 2013 \u5e74\uff0cBZX \u5c31\u4f9d\u636e Rule 14.11(e) \u8bbe\u7acb\u4e86 CBTS \u7684\u4e0a\u5e02\u5236\u5ea6\uff0c\u4f46\u8be5\u89c4\u5219\u672c\u8d28\u4e0a\u662f\u4e3a\u4f20\u7edf\u5546\u54c1 ETF \u8bbe\u8ba1\uff0c\u4e3b\u8981\u9762\u5411\u5355\u4e00\u5546\u54c1\uff08\u5982\u9ec4\u91d1\u6216\u77f3\u6cb9\uff09\u652f\u6301\u7684\u4fe1\u6258\u7ed3\u6784\u3002\u968f\u8457\u5e02\u573a\u6f14\u8fdb\uff0c\u4f8b\u5982\u52a0\u5bc6\u8d44\u4ea7\u5d1b\u8d77\u3001\u590d\u5408\u578b\u6295\u8d44\u7ec4\u5408\u9891\u51fa\uff0c\u539f\u89c4\u5219\u7684\u5f0a\u7aef\u9010\u6e10\u66b4\u9732\uff0c\u5305\u62ec\u8d44\u4ea7\u7c7b\u578b\u53d7\u9650\u3001\u5ba1\u6279\u6d41\u7a0b\u7e41\u7410\u4ee5\u53ca\u521b\u65b0\u6548\u7387\u4f4e\u7b49\u3002<\/p>\n

\u6bd4\u7279\u5e01\u4e0e\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u4fbf\u662f\u5178\u578b\u6848\u4f8b\uff0c\u5728\u6700\u7ec8\u83b7\u6279\u524d\u5386\u7ecf\u6570\u5e74\u3001\u6570\u5341\u8f6e\u7684\u4fee\u6539\u4e0e\u535a\u5f08\u3002\u5176\u5b9e\uff0c\u6839\u636e\u73b0\u6709\u89c4\u5219\uff0c\u6bcf\u4e2a\u52a0\u5bc6 ETF \u90fd\u9700\u8981\u5355\u72ec\u63d0\u4ea4 19b-4 \u7533\u8bf7\u6587\u4ef6\uff0c\u5ba1\u6838\u5468\u671f\u6700\u957f\u53ef\u8fbe 240 \u5929\u3002\u8fd9\u79cd\u6a21\u5f0f\u65e2\u8017\u8d39\u76d1\u7ba1\u8d44\u6e90\uff0c\u4e5f\u6253\u51fb\u5e02\u573a\u4fe1\u5fc3\u3002<\/p>\n

\u800c\u65b0\u63d0\u6848\u7684\u6838\u5fc3\u903b\u8f91\u662f\uff0c\u5c06\u300c\u4e00\u5e01\u4e00\u5ba1\u300d\u7684 ETF \u4e0a\u5e02\u6d41\u7a0b\u8fdb\u884c\u5236\u5ea6\u5316\u6807\u51c6\u5316\uff0c\u51e1\u7b26\u5408\u7279\u5b9a\u6761\u4ef6\u7684 CBTS \u4ea7\u54c1\u53ef\u76f4\u63a5\u4e0a\u5e02\u3002<\/p>\n

\u6b64\u6b21\u4fee\u8ba2\u5168\u9762\u5347\u7ea7\u4e86 CBTS \u7684\u5b9a\u4e49\uff0c\u5e76\u7a81\u7834\u4e86\u539f\u5148\u5355\u4e00\u5546\u54c1\u7684\u9650\u5236\u3002\u65b0\u89c4\u660e\u786e\u4fe1\u6258\u4efd\u989d\u53ef\u7531\u4fe1\u6258\u3001\u6709\u9650\u8d23\u4efb\u516c\u53f8\u6216\u5176\u4ed6\u7c7b\u4f3c\u5b9e\u4f53\u53d1\u884c\uff0c\u4e14\u5f39\u6027\u5927\u5e45\u63d0\u5347\u3002\u8d44\u4ea7\u8303\u56f4\u4e5f\u88ab\u5141\u8bb8\u6301\u6709\u591a\u79cd\u5546\u54c1\uff08\u5982\u9ec4\u91d1\u3001\u77f3\u6cb9\u3001\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\u7b49\uff09\u3001\u5546\u54c1\u57fa\u7840\u8d44\u4ea7\uff08\u5305\u62ec\u671f\u8d27\u3001\u9009\u62e9\u6743\u3001\u6389\u671f\u7b49\uff09\u3001\u8bc1\u5238\u3001\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\uff08\u5982\u7f8e\u56fd\u653f\u5e9c\u516c\u503a\u3001\u5b58\u6b3e\u8bc1\uff09\u3002<\/p>\n

\"\"<\/p>\n

\u540c\u65f6\uff0c\u63d0\u6848\u660e\u786e\u4e09\u7c7b\u53ef\u76f4\u63a5\u4e0a\u5e02\u7684\u5e95\u5c42\u8d44\u4ea7\u8def\u5f84\uff1a<\/p>\n

\uff081\uff09ISG \u5e02\u573a\u4ea4\u6613\uff1a\u5546\u54c1\u5728\u8de8\u5e02\u573a\u76d1\u63a7\u5c0f\u7ec4\uff08ISG\uff09\u6210\u5458\u5e02\u573a\u4ea4\u6613\uff0c\u4ea4\u6613\u6240\u53ef\u83b7\u53d6\u4ea4\u6613\u4fe1\u606f\uff0c\u786e\u4fdd\u76d1\u7ba1\u53ef\u89c6\u6027\uff1b<\/p>\n

\uff082\uff09DCM\uff08Coinbase \u884d\u751f\u54c1\u4ea4\u6613\u6240\uff09\u4ea4\u6613 6 \u4e2a\u6708\uff1a\u57fa\u4e8e\u8be5\u5546\u54c1\u7684\u671f\u8d27\u5408\u7ea6\u5728 CFTC \u76d1\u7ba1\u7684\u6307\u5b9a\u5408\u7ea6\u5e02\u573a\uff08\u5982 CME\uff09\u8fde\u7eed\u4ea4\u6613\u81f3\u5c11 6 \u4e2a\u6708\uff0c\u5e76\u6709\u76d1\u63a7\u534f\u8bae\uff1b<\/p>\n

\uff083\uff09ETF \u51c0\u503c\u5360\u6bd4 40%\uff1a\u5546\u54c1\u5728\u67d0\u5df2\u4e0a\u5e02 ETF \u4e2d\u5360\u51c0\u8d44\u4ea7\u503c\uff08NAV\uff09\u7684 40% \u4ee5\u4e0a\uff0c\u4e14\u8be5 ETF \u5728\u56fd\u5bb6\u8bc1\u5238\u4ea4\u6613\u6240\u4ea4\u6613\u3002\u8fd9\u4e09\u6761\u8def\u5f84\u6709\u6548\u951a\u5b9a\u4e86\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\u3001\u5408\u89c4\u6027\u4e0e\u76d1\u7ba1\u53ef\u89c6\u6027\uff0c\u5f62\u6210\u4e86\u7edf\u4e00\u4e14\u900f\u660e\u7684\u300c\u4e0a\u5e02\u5373\u51c6\u5165\u300d\u673a\u5236\uff0c\u907f\u514d\u4e86\u91cd\u590d\u5ba1\u6838\u4e0e\u76d1\u7ba1\u5957\u5229\u3002<\/p>\n

\u53e6\u5916\uff0c\u63d0\u6848\u8fd8\u5f3a\u5316\u4e86\u5e02\u573a\u900f\u660e\u5ea6\u4e0e\u6295\u8d44\u8005\u4fdd\u62a4\u8981\u6c42\uff0c\u89c4\u5b9a CBTS \u53d1\u884c\u4eba\u5fc5\u987b\u5728\u516c\u5f00\u7f51\u7ad9\u4e0a\u6bcf\u65e5\u514d\u8d39\u62ab\u9732\u4ee5\u4e0b\u6838\u5fc3\u4fe1\u606f\uff0c\u5305\u62ec\u6bcf\u65e5\u6301\u4ed3\u3001\u51c0\u8d44\u4ea7\u503c\uff08NAV\uff09\u4e0e\u5e02\u573a\u4ef7\u683c\u3001\u5386\u53f2\u6570\u636e\u548c\u4ea4\u6613\u91cf\u7b49\uff0c\u5ea6\u5927\u5e45\u63d0\u5347\u4e86 ETF \u4ea7\u54c1\u7684\u53ef\u8bfb\u6027\u4e0e\u6838\u67e5\u6027\uff0c\u6709\u52a9\u4e8e\u6295\u8d44\u8005\u5408\u7406\u8bc4\u4f30 ETF \u7684\u516c\u5141\u4ef7\u503c\u4e0e\u4ea4\u6613\u6548\u7387\u3002<\/p>\n

\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u8be5\u63d0\u6848\u652f\u6301\u4e86\u52a0\u5bc6\u8d28\u62bc\u673a\u5236\u3002\u6839\u636e Rule 14.11(e)(4)(G) \u6761\u6b3e\uff0c\u82e5 ETF \u4e2d\u53ef\u968f\u65f6\u8d4e\u56de\u8d44\u4ea7\u5360\u6bd4\u4f4e\u4e8e 85%\uff0c\u5219\u5fc5\u987b\u5efa\u7acb\u6d41\u52a8\u6027\u98ce\u9669\u7ba1\u7406\u653f\u7b56\u4e0e\u7a0b\u5e8f\uff1b\u82e5\u8d44\u4ea7\u88ab\u8d28\u62bc\u3001\u9694\u79bb\u3001\u518d\u8d28\u62bc\u3001\u8bbe\u9650\u6216\u5176\u4ed6\u65b9\u5f0f\u9650\u5236\u6d41\u52a8\uff0c\u5bfc\u81f4\u65e0\u6cd5 T+1 \u56de\uff0c\u5219\u89c6\u4e3a\u300c\u9700\u542f\u52a8\u6743\u76ca\u300d\uff1b\u82e5\u9700\u968f\u65f6\u542f\u52a8\u8fd9\u610f\u5473\u8457\u53ea\u8981 ETF \u80fd\u786e\u4fdd\u5145\u8db3\u6d41\u52a8\u6027\u6216\u5efa\u7acb\u7a33\u5065\u7684\u8d28\u62bc\u98ce\u9669\u63a7\u5236\u4f53\u7cfb\uff0c\u8d28\u62bc\u673a\u5236\u5373\u53ef\u88ab\u5408\u6cd5\u5f15\u5165\u52a0\u5bc6 ETF \u4ea7\u54c1\u7ed3\u6784\u4e4b\u4e2d\uff0c\u4e3a\u4ea7\u54c1\u8bbe\u8ba1\u548c\u6536\u76ca\u6a21\u578b\u63d0\u4f9b\u66f4\u591a\u53ef\u80fd\u3002<\/p>\n

\u76ee\u524d\uff0c\u8be5\u63d0\u6848\u5c1a\u672a\u6b63\u5f0f\u843d\u5b9e\u3002\u6839\u636e Multicoin Capital \u603b\u6cd5\u5f8b\u987e\u95ee Greg Xethalis \u62ab\u9732\uff0c\u8fd9\u9879\u89c4\u5b9a\u4ecd\u9700\u63a5\u53d7\u516c\u4f17\u8bc4\u8bba\u548c\u5ba1\u67e5\uff0c\u8bc4\u8bba\u671f\u6216\u5728\u8054\u90a6\u516c\u62a5\u53d1\u5e03\u540e\u7684 21 \u5929\u5185\u7ed3\u675f\uff0c\u8fd9\u610f\u5473\u8457\u8be5\u89c4\u5219\u5f88\u53ef\u80fd\u4f1a\u5728\u4e0d\u5230 60 \u5929\u7684\u65f6\u95f4\u5185\u8d70\u5411\u6700\u7ec8\u786e\u5b9a\u3002\u4e00\u65e6\u901a\u8fc7\uff0c\u5c06\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u5728\u5185\u7684\u5546\u54c1\u7c7b ETP \u5f00\u8f9f\u4e86\u9ad8\u6548\u3001\u900f\u660e\u7684\u4e0a\u5e02\u7ba1\u9053\u3002<\/p>\n

\u65b0\u89c4\u547c\u4e4b\u6b32\u51fa\uff0c\u8c01\u624d\u662f\u6700\u5927\u8d62\u5bb6\uff1f<\/p>\n

\u52a0\u5bc6 ETP \u901a\u7528\u4e0a\u5e02\u6807\u51c6\u547c\u4e4b\u6b32\u51fa\uff0cCoinbase \u3001 CFTC \u548c\u7ade\u4e89\u5e01 ETF \u6216\u5c06\u6210\u4e3a\u6700\u5927\u53d7\u76ca\u65b9\u3002<\/p>\n

\u5982\u524d\u6587\u6240\u63d0\u5230\u7684\uff0c\u5728\u65b0\u89c4\u67b6\u6784\u4e0b\uff0c\u53ea\u8981\u67d0\u8d44\u4ea7\u671f\u8d27\u5728 Coinbase DCM \u5408\u7ea6\u5e02\u573a\u6709 6 \u4e2a\u6708\u4ee5\u4e0a\u5408\u89c4\u4ea4\u6613\u8bb0\u5f55\uff0c\u5373\u5177\u5907\u901a\u7528\u4e0a\u5e02\u8d44\u683c\u3002\u8fd9\u610f\u5473\u8457 Coinbase \u6216\u6210\u7ade\u4e89\u5e01\u901a\u5f80 ETF \u7684\u7684\u300c\u8ba4\u8bc1\u4e2d\u5fc3\u300d\u3002\u4e0d\u4ec5\u5982\u6b64\uff0c\u7531\u4e8e\u65b0\u63d0\u6848\u4e2d\u652f\u6301\u8d28\u62bc\u673a\u5236\uff0c\u4e5f\u8ba9\u76f8\u5173\u673a\u6784\u53d7\u76ca\uff0c\u800c Coinbase Custody \u76ee\u524d\u662f\u7f8e\u56fd\u8ba4\u53ef\u7684\u4e3b\u6d41\u6258\u7ba1\u4e0e\u8d28\u62bc\u670d\u52a1\u65b9\uff0c\u5176\u4e5f\u662f\u8bb8\u591a\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u6258\u7ba1\u65b9\u3002<\/p>\n

\u5728\u63d0\u6848\u660e\u786e\u6307\u51fa\uff0cCBTS \u4ea7\u54c1\u7684\u53d1\u884c\u5b9e\u4f53\u5e76\u672a\u6ce8\u518c\u4e3a\u300a1940 \u5e74\u6295\u8d44\u516c\u53f8\u6cd5\u300b\u4e0b\u7684\u6295\u8d44\u516c\u53f8\uff0c\u4f46\u9700\u63a5\u53d7\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u7684\u76d1\u7ba1\u67b6\u6784\u3002 \u8fd9\u610f\u5473\u8457\uff0c\u672a\u6765\u54ea\u4e9b\u52a0\u5bc6\u8d44\u4ea7\u80fd\u8fdb\u5165 ETF\uff0c\u7531 CFTC \u63a7\u5236\u5176\u671f\u8d27\u80fd\u5426\u4e0a\u5e02\uff0c\u56e0\u800c\u53d8\u76f8\u5f71\u54cd ETF \u5165\u573a\u8d44\u683c\u3002\u76d1\u7ba1\u8d8b\u52bf\u6e05\u6670\uff0c\u52a0\u5bc6 ETF \u7684\u4ea7\u54c1\u8def\u5f84\u7531 SEC \u51b3\u5b9a\uff0c\u800c\u8d44\u4ea7\u8d44\u683c\u7531 CFTC \u9884\u5ba1\u3002<\/p>\n

\u540c\u65f6\uff0c\u65b0\u89c4\u4e5f\u5c06\u63a8\u52a8\u66f4\u591a\u7ade\u4e89\u5e01 ETF \u4ea7\u54c1\u5feb\u901f\u6838\u51c6\u4e0a\u5e02\u3002\u6839\u636e\u5f6d\u535a\u9ad8\u7ea7 ETF \u5206\u6790\u5e08 Eric Balchunas \u8868\u793a\uff0c\u6839\u636e\u6807\u51c6\uff0c\u5728 Coinbase \u884d\u751f\u6027\u5546\u54c1\u4ea4\u6613\u6240\u6709\u8d85\u8fc7 6 \u4e2a\u6708\u671f\u8d27\u4ea4\u6613\u8ffd\u8e2a\u8bb0\u5f55\u7684\u52a0\u5bc6\u8d27\u5e01\u5c06\u83b7\u51c6\u7eb3\u5165 ETP \u3002\u76ee\u524d\u7b26\u5408\u8d44\u683c\u7684\u52a0\u5bc6\u8d44\u4ea7\u7ea6\u6709\u5341\u4f59\u79cd\uff0c\u4e0e\u5148\u524d\u5e02\u573a\u9884\u671f\u6838\u51c6\u53ef\u80fd\u6027\u8fbe 85% \u4ee5\u4e0a\u7684\u4e3b\u6d41\u52a0\u5bc6\u8d27\u5e01\u76f8\u7b26\u3002\u5173\u4e8e\u5177\u4f53\u6838\u51c6\u65f6\u95f4\uff0cBalchunas \u8868\u793a\u53ef\u80fd\u5728\u4eca\u5e74 9 \u6708\u6216 10 \u6708\u3002<\/p>\n

\"\"Coinbase \u884d\u751f\u6027\u5546\u54c1\u4ea4\u6613\u6240\u4e0a\u7ebf\u8d85 6 \u4e2a\u6708\u7684\u52a0\u5bc6\u9879\u76ee<\/p>\n

\u800c Greg Xethalis \u8868\u793a\uff0c\u9884\u8ba1\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u548c\u7eb3\u65af\u8fbe\u514b\u4e5f\u9884\u8ba1\u5f88\u5feb\u5c31\u4f1a\u8ddf\u8fdb\u3002\u8fd8\u6709\u4e00\u4e9b\u5f85\u5ba1\u6838\u7684 ETP \u7533\u8bf7\uff0c\u5305\u62ec Solana \u548c XRP \u7684 ETP \u3002 SEC \u53ef\u4ee5\u9009\u62e9\u5728 10 \u6708 10 \u65e5 Solana \u7684\u622a\u6b62\u65e5\u671f\u4e4b\u524d\uff0c\u6216\u7a0d\u665a\u4e9b\u7684 XRP \u622a\u6b62\u65e5\u671f\u4e4b\u524d\uff0c\u76f4\u63a5\u5bf9\u8fd9\u4e9b ETP 19b-4 \u7533\u8bf7\u91c7\u53d6\u884c\u52a8\uff0c\u6216\u8005\u4e5f\u53ef\u80fd\u5c06\u5b83\u4eec\u7eb3\u5165\u65b0\u7684\u4e0a\u5e02\u6807\u51c6\uff08GLS\uff09\u6d41\u7a0b\u8fdb\u884c\u5ba1\u6279\u3002\u4e24\u8005\u9884\u8ba1\u5728\u7b2c\u56db\u5b63\u63a8\u51fa\uff0c\u5305\u62ec\u5b9e\u7269\u4ea4\u5272\u4ee5\u53ca SOL \u8d28\u62bc\u6536\u76ca\u3002<\/p>\n

\uff08\u4ee5\u4e0a\u5185\u5bb9\u83b7\u5408\u4f5c\u4f19\u4f34 PANews \u6388\u6743\u8282\u5f55\u53ca\u8f6c\u8f7d\uff0c\u539f\u6587\u8fde\u7ed3\u00a0 \u00a0\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u56fd\u52a0\u5bc6\u8d27\u5e01 ETF \u8fce\u6765\u76d1\u7ba1\u300c\u7eff\u706f\u300d\uff0c\u5e02\u573a\u6709\u671b\u8fce\u6765\u65b0\u4e00\u8f6e\u4e0a\u5e02\u70ed\u6f6e\u3002\u4e00\u65b9\u9762\uff0c\u7f8e\u56fd SEC \u6b63\u5f0f\u653e\u884c\u52a0\u5bc6\u8d27\u5e01 E…<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6440"}],"version-history":[{"count":1,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6440\/revisions"}],"predecessor-version":[{"id":9012,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6440\/revisions\/9012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}