{"id":4385,"date":"2026-10-13T17:57:36","date_gmt":"2026-10-13T09:57:36","guid":{"rendered":"https:\/\/www.ydsw.net\/?p=4385"},"modified":"2026-10-13T17:57:36","modified_gmt":"2026-10-13T09:57:36","slug":"%e7%be%8e%e5%9b%bd-sec-%e6%89%b9%e5%87%86%e5%8a%a0%e5%af%86-etp-%e5%ae%9e%e7%89%a9%e7%94%b3%e8%b5%8e%ef%bc%8c%e5%8a%a0%e5%af%86%e9%87%91%e8%9e%8d%e5%86%8d%e8%bf%8e%e5%88%a9%e5%a5%bd-2","status":"publish","type":"post","link":"https:\/\/www.gzmgg.com\/?p=4385","title":{"rendered":"\u7f8e\u56fd SEC \u6279\u51c6\u52a0\u5bc6 ETP \u5b9e\u7269\u7533\u8d4e\uff0c\u52a0\u5bc6\u91d1\u878d\u518d\u8fce\u5229\u597d"},"content":{"rendered":"

SEC \u9996\u6b21\u6279\u51c6\u52a0\u5bc6\u8d44\u4ea7 ETP \u5f15\u5165\u5b9e\u7269\u7533\u8d4e\u673a\u5236\uff0c\u4e3a\u52a0\u5bc6\u91d1\u878d\u5e02\u573a\u7684\u5236\u5ea6\u5efa\u8bbe\u518d\u6dfb\u5173\u952e\u4e00\u7b14\u3002<\/p><\/blockquote>\n

\u64b0\u6587\uff1aFintax<\/strong><\/p>\n

1. \u653f\u7b56\u6982\u8ff0\u4e0e\u4e8b\u4ef6\u80cc\u666f<\/h2>\n

1.1 SEC \u653f\u7b56\u6982\u8ff0<\/h3>\n

2025 \u5e74 7 \u6708 29 \u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5141\u8bb8\u6388\u6743\u53c2\u4e0e\u8005\uff08Authorized Participants, Aps\uff09\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u4ea4\u6613\u6240\u4ea4\u6613\u4ea7\u54c1\uff08Exchange Traded Products, ETP\uff09\u8fdb\u884c\u5b9e\u7269\u7533\u8d2d\u548c\u8d4e\u56de\u3002\u6b64\u5916\uff0cSEC \u6279\u51c6\u4e86\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u671f\u6743\u4ea4\u6613\u7684\u65b0\u6a21\u5f0f\u3002\u8fd9\u5305\u62ec\u5f15\u5165\u7075\u6d3b\u4ea4\u6613\u671f\u6743\uff08Flexible Exchange Option, FLEX\uff09\u548c\u53ef\u5b9a\u5236\u7684\u884d\u751f\u54c1\uff0c\u8ba9\u5e02\u573a\u53c2\u4e0e\u8005\u5728\u5408\u7ea6\u7279\u5f81\u65b9\u9762\u62e5\u6709\u66f4\u591a\u53d1\u8a00\u6743\uff0c\u5305\u62ec\u6267\u884c\u4ef7\u683c\u3001\u5230\u671f\u65e5\u548c\u884c\u6743\u98ce\u683c\u3002\u5e76\u4e14\uff0cSEC \u8fd8\u5c06\u6bd4\u7279\u5e01 ETF \u671f\u6743\u7684\u5934\u5bf8\u9650\u989d\u4ece 25,000 \u4efd\u5408\u7ea6\u6269\u5927\u5230\u539f\u6765\u7684\u5341\u500d\uff0c\u5373 250,000 \u4efd\u5408\u7ea6\u3002\u6b64\u4e3e\u6807\u5fd7\u7740\u7f8e\u56fd\u8bc1\u5238\u76d1\u7ba1\u673a\u6784\u5728\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u7684\u91cd\u5927\u8f6c\u53d8\uff0c\u4e0d\u4ec5\u4e3a ETP \u53d1\u884c\u4eba\u3001\u6388\u6743\u53c2\u4e0e\u8005\u548c\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u66f4\u5bbd\u677e\u7684\u653f\u7b56\u7a7a\u95f4\uff0c\u8fd8\u5c06\u63d0\u5347\u4ea4\u6613\u6548\u7387\u4e0e\u5e02\u573a\u6d41\u52a8\u6027\u3002<\/p>\n

1.2 \u52a0\u5bc6\u8d44\u4ea7 ETP \u4e0e\u4f20\u7edf ETF \u7684\u5dee\u5f02<\/h3>\n

\u4ea4\u6613\u6240\u4ea4\u6613\u54c1 ETP \u662f\u4e0a\u5e02\u5e76\u4e8e\u5168\u56fd\u6027\u8bc1\u5238\u4ea4\u6613\u6240\u4ea4\u6613\u7684\u6295\u8d44\u4ea7\u54c1\uff0c\u5305\u542b\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff08ETF\uff09\u3001\u4ea4\u6613\u6240\u4ea4\u6613\u7968\u636e\uff08ETN\uff09\u548c\u4ea4\u6613\u6240\u4ea4\u6613\u5546\u54c1\uff08ETC\uff09\u7b49\u3002\u52a0\u5bc6\u8d44\u4ea7 ETP \u901a\u5e38\u4ee5\u4fe1\u6258\u5f62\u5f0f\u8bbe\u7acb\uff0c\u6301\u6709\u7531\u73b0\u8d27\u52a0\u5bc6\u8d44\u4ea7\u6216\u951a\u5b9a\u52a0\u5bc6\u8d44\u4ea7\u7684\u884d\u751f\u5de5\u5177\u7ec4\u6210\u7684\u8d44\u4ea7\u3002\u4fe1\u6258\u4f5c\u4e3a\u8bc1\u5238\u53d1\u884c\u4eba\uff0c\u5206\u522b\u6839\u636e\u300a1933 \u5e74\u8bc1\u5238\u6cd5\u300b\u548c\u300a1934 \u5e74\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u5bf9\u5176\u8bc1\u5238\u53d1\u884c\u53ca\u8bc1\u5238\u7c7b\u522b\u8fdb\u884c\u6ce8\u518c\uff0c\u5e76\u53d7\u8054\u90a6\u8bc1\u5238\u6cd5\u53cd\u6b3a\u8bc8\u6761\u6b3e\u7684\u7ea6\u675f\u3002<\/p>\n

ETF \u662f\u6839\u636e\u300a1940 \u5e74\u6295\u8d44\u516c\u53f8\u6cd5\u300b\u8fdb\u884c\u6ce8\u518c\u7684\u3002ETF \u7684\u53d1\u884c\u4eba\u4f9d\u8d56\u4e8e\u6388\u6743\u53c2\u4e0e\u8005\u6765\u521b\u5efa\u548c\u8d4e\u56de ETF \u4efd\u989d\uff0c\u4ee5\u6362\u53d6\u8bc1\u5238\u6216 ETF \u8ffd\u8e2a\u7684\u8bc1\u5238\u7bee\u5b50\u3002\u6388\u6743\u53c2\u4e0e\u8005\u5219\u5728\u4ea4\u6613\u6240\uff08\u5373\u4e8c\u7ea7\u5e02\u573a\uff09\u4e0a\u4ea4\u6613 ETF \u4efd\u989d\u3002<\/p>\n

ETP \u7684\u62a5\u544a\u8981\u6c42\u4e0e ETF \u4e0d\u540c\u3002ETP \u9700\u63d0\u4ea4\u5e74\u5ea6\u7ecf\u5ba1\u8ba1\u8d22\u52a1\u62a5\u8868\uff08Form 10-K\uff09\u53ca\u5b63\u5ea6\u8d22\u52a1\u62a5\u8868\uff08Form 10-Q\uff09\u3002\u4e0e\u5728\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u4f20\u7edf\u516c\u53f8\u8981\u6c42\u4e00\u81f4\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5c3d\u7ba1 ETF \u4e5f\u9700\u63d0\u4ea4\u5e74\u5ea6\u7ecf\u5ba1\u8ba1\u7684\u8d22\u52a1\u62a5\u8868\uff08Form N-CSR\uff09\uff0c\u4f46\u5176\u4ec5\u9700\u989d\u5916\u63d0\u4ea4\u534a\u5e74\u5ea6\u8d22\u52a1\u62a5\u8868\u3002<\/p>\n

<\/p>\n

2. \u7f8e\u56fd\u52a0\u5bc6\u8d44\u4ea7 ETP \u76d1\u7ba1\u6f14\u53d8<\/h2>\n

2.1 \u52a0\u5bc6\u8d44\u4ea7 ETP \u53d1\u5c55\u5386\u7a0b<\/h3>\n

\u81ea 2013 \u5e74 Winklevoss \u7b2c\u4e00\u6b21\u5411\u7f8e\u56fd SEC \u63d0\u4ea4\u6bd4\u7279\u5e01 ETF \u7533\u8bf7\u63d0\u6848\u4ee5\u6765\uff0c\u591a\u4e2a\u53d1\u884c\u65b9\u90fd\u8bd5\u56fe\u83b7\u5f97\u521b\u5efa\u6bd4\u7279\u5e01 ETF \u7684\u8bb8\u53ef\uff0c\u4f46\u7f8e\u56fd\u76d1\u7ba1\u673a\u6784\u5426\u51b3\u4e86\u5404\u79cd\u5c1d\u8bd5\u3002<\/p>\n

2021 \u5e74 10 \u6708\uff0cSEC \u6279\u51c6\u4e86\u7f8e\u56fd\u9996\u53ea\u6bd4\u7279\u5e01\u671f\u8d27 ETF\uff1aProShares Bitcoin ETF (BITO)\u3002\u5728\u8be5\u671f\u8d27 ETF \u83b7\u6279\u540e\uff0cSEC \u9762\u4e34\u4e00\u8d77\u6cd5\u9662\u8bc9\u8bbc\uff0c\u5373\u5c06\u573a\u5916\uff08OTC\uff09\u6bd4\u7279\u5e01\u73b0\u8d27\u4ea7\u54c1\u8f6c\u6362\u4e3a ETP\u3002<\/p>\n

2023 \u5e74 8 \u6708 29 \u65e5\uff0c\u534e\u76db\u987f\u7279\u533a\u5de1\u56de\u4e0a\u8bc9\u6cd5\u9662\u6279\u51c6\u4e86\u7533\u8bf7\u4eba\u7684\u4e0a\u8bc9\u8bf7\u6c42\uff0c\u5e76\u64a4\u9500\u4e86 SEC \u6b64\u524d\u7684\u5426\u51b3\u51b3\u5b9a\u3002\u968f\u540e\u4e0d\u4e45\uff0cSEC \u5728 2023 \u5e74 10 \u6708\u6279\u51c6\u4e86\u671f\u8d27\u4ee5\u592a\u574a ETP \u7684\u4e0a\u5e02\u3002\u8fd9\u4e00\u88c1\u51b3\u4e5f\u4e3a 2024 \u5e74 1 \u6708\u6700\u7ec8\u6279\u51c6\u73b0\u8d27\u6bd4\u7279\u5e01 ETP \u94fa\u5e73\u4e86\u9053\u8def\u3002<\/p>\n

2024 \u5e74 1 \u6708 10 \u65e5\uff0cSEC \u6279\u51c6\u4e86\u591a\u53ea\u73b0\u8d27\u6bd4\u7279\u5e01 ETP \u7684\u4e0a\u5e02\u548c\u4ea4\u6613\u3002\u6700\u521d\uff0c\u5927\u591a\u6570\u7684\u73b0\u8d27\u6bd4\u7279\u5e01 ETP \u7533\u8bf7\u5747\u8868\u793a\u5c06\u91c7\u7528\u5b9e\u7269\u7533\u8d2d\u548c\u8d4e\u56de\u3002\u7136\u800c\uff0c\u5728 SEC \u7684\u610f\u89c1\u5f81\u8be2\u671f\u5185\uff0c\u6240\u6709\u7533\u8bf7\u5747\u8fdb\u884c\u4e86\u4fee\u8ba2\uff0c\u6539\u4e3a\u4ec5\u91c7\u7528\u73b0\u91d1\u7533\u8d2d\u548c\u8d4e\u56de\u3002\u5728\u6b64\u6b21\u6279\u51c6\u4e4b\u524d\uff0c\u6240\u6709\u7533\u8bf7\u73b0\u8d27\u6bd4\u7279\u5e01 ETP \u7684\u7533\u8bf7\u5747\u56e0\u6295\u8d44\u8005\u4fdd\u62a4\u95ee\u9898\u3001\u4ef7\u683c\u64cd\u7eb5\u7684\u6f5c\u5728\u98ce\u9669\u4ee5\u53ca\u7f3a\u4e4f\u4e0e\u89c4\u6a21\u8f83\u5927\u7684\u53d7\u76d1\u7ba1\u6bd4\u7279\u5e01\u5e02\u573a\u4e4b\u95f4\u7684\u76d1\u63a7\u5171\u4eab\u534f\u8bae\u800c\u8d25\u3002<\/p>\n

2024 \u5e74 5 \u6708 23 \u65e5\uff0cSEC \u6279\u51c6\u4e86\u4ea4\u6613\u6240\u89c4\u5219\u53d8\u66f4\uff0c\u5141\u8bb8\u591a\u79cd\u73b0\u8d27\u4ee5\u592a\u574a ETP \u7684\u4e0a\u5e02\u548c\u4ea4\u6613\u3002\u73b0\u91d1\u7533\u8d2d\u548c\u8d4e\u56de\u7684\u6a21\u5f0f\u4e5f\u5ef6\u7eed\u5230\u4e86\u73b0\u8d27\u4ee5\u592a\u574a ETP\u3002<\/p>\n

2.2 \u52a0\u5bc6\u8d44\u4ea7 ETP \u6700\u65b0\u76d1\u7ba1\u52a8\u6001<\/h3>\n

2.2.1 SEC \u53d1\u5e03\u52a0\u5bc6\u8d44\u4ea7 ETP \u62ab\u9732\u65b0\u6307\u5f15<\/p>\n

2025 \u5e74 7 \u6708 1 \u65e5\uff0c\u7f8e\u56fd SEC \u7684\u516c\u53f8\u8d22\u52a1\u90e8\uff08Division of Corporation Finance\uff09\u53d1\u5e03\u4e86\u52a0\u5bc6\u8d44\u4ea7 ETP \u62ab\u9732\u65b0\u6307\u5f15\uff0c\u65e8\u5728\u8054\u90a6\u8bc1\u5238\u6cd5\u6846\u67b6\u4e0b\u63d0\u4f9b\u6e05\u6670\u7684\u52a0\u5bc6\u8d44\u4ea7 ETP \u53d1\u884c\u548c\u6ce8\u518c\u6307\u5f15\uff0c\u4fc3\u8fdb\u5e02\u573a\u89c4\u8303\u8fd0\u884c\u3002<\/p>\n

\u8be5\u6307\u5f15\u6307\u51fa\uff0c\u52a0\u5bc6\u8d44\u4ea7 ETP \u53d1\u884c\u4e3b\u4f53\u987b\u6839\u636e\u7f8e\u56fd\u300a\u8bc1\u5238\u6cd5\u300b\u548c\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7684\u89c4\u5b9a\uff0c\u6309\u8981\u6c42\u5b8c\u6210\u4ea7\u54c1\u53d1\u884c\u548c\u6ce8\u518c\u76f8\u5173\u4fe1\u606f\u62ab\u9732\u3002\u5305\u62ec\u98ce\u9669\u56e0\u7d20\u3001\u4e1a\u52a1\u63cf\u8ff0\u3001\u4fe1\u6258\u7684\u670d\u52a1\u63d0\u4f9b\u5546\u3001\u4fe1\u6258\u8d44\u4ea7\u7684\u6258\u7ba1\u4ee5\u53ca\u8d39\u7528\u548c\u5f00\u652f\u3001\u8bc1\u5238\u8bf4\u660e\u3001\u5206\u914d\u8ba1\u5212\u3001\u7ba1\u7406\u3001\u5229\u76ca\u51b2\u7a81\u3001\u8d22\u52a1\u62a5\u8868\u7b49\u3002<\/p>\n

\u77ed\u671f\u5185\uff0c\u8be5\u6307\u5f15\u6216\u5c06\u6291\u5236\u90e8\u5206\u4fe1\u606f\u62ab\u9732\u4e0d\u8db3\u7684\u4ea7\u54c1\u53d1\u884c\uff0c\u4fc3\u4f7f\u6295\u8d44\u8005\u91cd\u65b0\u8bc4\u4f30\u98ce\u9669\u6ea2\u4ef7\uff0c\u5bfc\u81f4 ETP \u4ea7\u54c1\u9762\u4e34\u8d44\u91d1\u6d41\u51fa\u7684\u538b\u529b\u3002\u957f\u671f\u6765\u770b\u6b64\u4e3e\u4f1a\u52a0\u5feb\u5934\u90e8\u673a\u6784\u4ea7\u54c1\u7533\u8bf7\u548c\u843d\u5730\uff0c\u964d\u4f4e\u76d1\u7ba1\u4e0d\u786e\u5b9a\u6027\u548c\u5408\u89c4\u6210\u672c\uff0c\u5f62\u6210\u66f4\u52a0\u6210\u719f\u3001\u6709\u5e8f\u7684\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\u751f\u6001\u3002<\/p>\n

2.2.2 \u4ea4\u6613\u6240\u63a8\u52a8\u52a0\u5bc6 ETP \u901a\u7528\u4e0a\u5e02\u6807\u51c6<\/p>\n

\u503c\u5f97\u5173\u6ce8\u7684\u662f\uff0c\u9664\u4e86\u52a0\u5bc6 ETP \u7684\u8fd0\u4f5c\u6a21\u5f0f\u8fc8\u51fa\u5173\u952e\u4e00\u6b65\uff0c\u5176\u4e0a\u5e02\u901a\u9053\u4e5f\u6709\u671b\u5f97\u5230\u91cd\u8981\u4f18\u5316\u3002<\/p>\n

\u829d\u52a0\u54e5\u671f\u6743\u4ea4\u6613\u6240 BZX\uff08Cboe BZX\uff09\u3001\u7eb3\u65af\u8fbe\u514b\uff08Nasdaq\uff09\u548c\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240 Arca \u516c\uff08NYSE Arca, Inc.\uff09\u5411 SEC \u63d0\u4ea4\u4e86\u4e00\u9879\u5177\u6709\u91cd\u8981\u610f\u4e49\u7684\u89c4\u5219\u4fee\u8ba2\u63d0\u6848\u3002\u63d0\u8bae\u5236\u5b9a\u5546\u54c1\u4fe1\u6258\u80a1\u7968\u7684\u901a\u7528\u4e0a\u5e02\u548c\u4ea4\u6613\u6807\u51c6\uff0c\u65e8\u5728\u52a0\u5feb\u8be5\u7c7b\u4ea7\u54c1\u516c\u5f00\u4ea4\u6613\u7684\u5ba1\u6279\u6d41\u7a0b\u3002\u6839\u636e\u73b0\u884c\u89c4\u5219\uff0c\u4ea4\u6613\u6240\u5fc5\u987b\u63d0\u4ea4 19b-4 \u8868\u683c\uff0c\u89e6\u53d1\u6700\u957f 240 \u5929\u7684\u5ba1\u67e5\u671f\u3002\u62df\u8bae\u7684\u6846\u67b6\u53ef\u4ee5\u7f29\u77ed\u8fd9\u4e00\u65f6\u95f4\uff0c\u5c06\u300c\u4e00\u5e01\u4e00\u5ba1\u300d\u7684\u4e0a\u5e02\u6d41\u7a0b\u8fdb\u884c\u5236\u5ea6\u5316\u548c\u6807\u51c6\u5316\u3002\u8fd9\u5c06\u6709\u52a9\u4e8e\u5927\u5e45\u7b80\u5316\u4e0a\u5e02\u6d41\u7a0b\u3001\u964d\u4f4e\u53d1\u884c\u6210\u672c\uff0c\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u5728\u5185\u7684\u5546\u54c1\u7c7b ETP \u5f00\u8f9f\u4e86\u9ad8\u6548\u3001\u900f\u660e\u7684\u4e0a\u5e02\u901a\u9053\u3002<\/p>\n

3. \u5b9e\u7269\u7533\u8d4e\u673a\u5236\u7684\u884c\u4e1a\u610f\u4e49<\/h2>\n

3.1 \u5b9e\u7269\u7533\u8d4e\u4e0e\u73b0\u91d1\u7533\u8d4e\u7684\u673a\u5236\u5bf9\u6bd4<\/h3>\n

\u5728\u6b64\u6b21\u6279\u51c6\u4e4b\u524d\uff0c\u7f8e\u56fd\u5e02\u573a\u4e0a\u7684\u73b0\u8d27\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETP \u88ab\u8981\u6c42\u91c7\u53d6\u73b0\u91d1\u7533\u8d4e\u7684\u6a21\u5f0f\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5f53\u6388\u6743\u53c2\u4e0e\u8005\uff08\u901a\u5e38\u662f\u9ad8\u76db\u3001\u6469\u6839\u5927\u901a\u7b49\u4f20\u7edf\u5de8\u5934\u6216\u4e13\u4e1a\u505a\u5e02\u5546\uff09\u7533\u8d2d ETP \u4efd\u989d\u65f6\uff0c\u5fc5\u987b\u5148\u5c06\u73b0\u91d1\u4ea4\u7ed9\u53d1\u884c\u65b9\uff0c\u518d\u7531\u53d1\u884c\u65b9\u53bb\u73b0\u8d27\u5e02\u573a\u8d2d\u5165\u6bd4\u7279\u5e01\u6216\u4ee5\u592a\u574a\u3002\u5f53\u8d4e\u56de\u65f6\uff0c\u53d1\u884c\u65b9\u9700\u5148\u5356\u51fa\u52a0\u5bc6\u8d44\u4ea7\u6362\u56de\u73b0\u91d1\uff0c\u518d\u4ea4\u4ed8\u7ed9\u6388\u6743\u53c2\u4e0e\u8005\u3002<\/p>\n

\u5b9e\u7269\u7533\u8d4e\u6a21\u5f0f\u5219\u5141\u8bb8\u6388\u6743\u53c2\u4e0e\u8005\u76f4\u63a5\u5c06\u771f\u5b9e\u7684\u6bd4\u7279\u5e01\u6216\u4ee5\u592a\u574a\u4ea4\u4ed8\u7ed9 ETP \u53d1\u884c\u65b9\u4ee5\u7533\u8d2d\u65b0\u7684\u4efd\u989d\u3002\u5728\u8d4e\u56de\u65f6\uff0cETP \u53d1\u884c\u65b9\u53ef\u4ee5\u76f4\u63a5\u5c06\u5bf9\u5e94\u7684\u52a0\u5bc6\u8d44\u4ea7\u4ea4\u4ed8\u7ed9\u6388\u6743\u53c2\u4e0e\u8005\u3002\u56e0\u6b64\uff0c\u53d1\u884c\u65b9\u65e0\u9700\u7ba1\u7406\u5927\u91cf\u7684\u73b0\u91d1\u6d41\u548c\u52a0\u5bc6\u8d44\u4ea7\u6d41\uff0c\u5e76\u53ef\u4ee5\u5728\u77ed\u65f6\u95f4\u5185\u5b8c\u6210\u590d\u6742\u7684\u4e70\u5356\u64cd\u4f5c\u3002<\/p>\n

3.2 \u5bf9\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u7684\u6b63\u5411\u5f71\u54cd<\/h3>\n

\u5b9e\u7269\u7533\u8d4e\u5728\u63a7\u5236\u4ea4\u6613\u6210\u672c\u4e0e\u6ed1\u70b9\u3001\u51cf\u8f7b\u6f5c\u5728\u7684\u7a0e\u52a1\u8d1f\u62c5\u3001\u63d0\u9ad8\u8d44\u4ea7\u5b9a\u4ef7\u6548\u7387\u3001\u589e\u5f3a\u5e02\u573a\u6d41\u52a8\u6027\u7b49\u65b9\u9762\u5177\u6709\u663e\u8457\u7684\u4f18\u52bf\u3002<\/p>\n

\uff081\uff09\u4ea4\u6613\u6210\u672c\u4e0e\u6ed1\u70b9\uff1a\u73b0\u91d1\u7533\u8d4e\u4f34\u968f\u7740\u5927\u89c4\u6a21\u7684\u52a0\u5bc6\u8d44\u4ea7\u5356\u5356\uff0c\u5bfc\u81f4\u4ea4\u6613\u8d39\u7528\u7d2f\u79ef\uff0c\u5e76\u5728\u5927\u5b97\u4ea4\u6613\u65f6\u4ea7\u751f\u6ed1\u70b9\u3002\u5c06\u5b9e\u7269\u7533\u8d4e\u6a21\u5f0f\u5e94\u7528\u4e8e\u52a0\u5bc6 ETP \u53ef\u4ee5\u51cf\u5c11\u4ea4\u6613\u6469\u64e6\uff0c\u5e76\u4e3a\u53d1\u884c\u4eba\u548c\u505a\u5e02\u5546\u63d0\u4f9b\u66f4\u5927\u7684\u7075\u6d3b\u6027\u3002<\/p>\n

\uff082\uff09\u7a0e\u52a1\u8d1f\u62c5\uff1a\u6839\u636e IRS \u7684\u89c4\u5b9a\uff0c\u5728\u8fdb\u884c\u6d89\u53ca\u8d44\u672c\u5229\u5f97\u7a0e\u7684\u5c06\u52a0\u5bc6\u8d27\u5e01\u5151\u6362\u4e3a\u6cd5\u5b9a\u8d27\u5e01\u65f6\uff0c\u6295\u8d44\u8005\u9700\u8981\u5c06\u51fa\u552e\u4ef7\u683c\u51cf\u53bb\u5176\u6210\u672c\u57fa\u7840\uff0c\u8ba1\u7b97\u51fa\u8d44\u672c\u5229\u5f97\u6216\u635f\u5931\uff0c\u5e76\u7f34\u7eb3\u76f8\u5e94\u7684\u8d44\u672c\u5229\u5f97\u7a0e\u3002\u73b0\u91d1\u7533\u8d4e\u5bf9\u5e94\u7740\u52a0\u5bc6\u8d44\u4ea7\u7684\u4e70\u5356\uff0c\u56e0\u6b64\u589e\u52a0\u4e86\u7a0e\u52a1\u590d\u6742\u6027\u5e76\u5e26\u6765\u6f5c\u5728\u7684\u8d44\u672c\u5229\u5f97\u7a0e\u7a0e\u8d1f\uff0c\u8fd9\u4e9b\u6210\u672c\u6700\u7ec8\u5f80\u5f80\u4f1a\u8f6c\u5ac1\u5230\u6295\u8d44\u8005\u8eab\u4e0a\u3002\u5b9e\u7269\u7533\u8d4e\u6a21\u5f0f\u5141\u8bb8\u6295\u8d44\u8005\u63a8\u8fdf\u8d44\u672c\u5229\u5f97\u7684\u53d1\u751f\u65f6\u95f4\u76f4\u81f3\u51fa\u552e\uff0c\u7a0e\u52a1\u5b89\u6392\u7a7a\u95f4\u66f4\u7075\u6d3b\u3002<\/p>\n

\uff083\uff09\u5b9a\u4ef7\u6548\u7387\uff1a\u73b0\u91d1\u7533\u8d4e\u4f1a\u5bfc\u81f4 ETP \u5e02\u573a\u4ef7\u683c\u4e0e\u5176\u8d44\u4ea7\u51c0\u503c\u4e4b\u95f4\u7684\u5dee\u5f02\uff0c\u7279\u522b\u662f\u5728\u5e02\u573a\u6ce2\u52a8\u6027\u8f83\u5927\u7684\u65f6\u671f\uff0c\u8fdb\u800c\u4ea7\u751f\u6ea2\u4ef7\u6216\u6298\u4ef7\u3002\u5927\u91cf\u7684\u73b0\u91d1\u7533\u8d4e\u8fd8\u53ef\u80fd\u4f1a\u5bfc\u81f4\u53d1\u884c\u65b9\u9891\u7e41\u5730\u8c03\u6574\u5176\u8d44\u4ea7\u7ec4\u5408\u8fdb\u800c\u5bfc\u81f4 ETP \u7684\u4ef7\u683c\u6ce2\u52a8\u3002\u5b9e\u7269\u7533\u8d4e\u5219\u6709\u52a9\u4e8e\u4fdd\u6301 ETP \u4ef7\u683c\u4e0e\u5176\u8d44\u4ea7\u51c0\u503c\u4e00\u81f4\uff0c\u63d0\u9ad8\u5b9a\u4ef7\u6548\u7387\uff0c\u7ef4\u6301\u4ea4\u6613\u4ef7\u683c\u7684\u516c\u5e73\u6027\u548c\u900f\u660e\u5ea6\u3002<\/p>\n

\uff083\uff09\u5e02\u573a\u6d41\u52a8\u6027\uff1a\u5728\u4f20\u7edf\u80a1\u7968\u548c ETP \u5e02\u573a\u4e2d\u901a\u5e38\u91c7\u7528\u5b9e\u7269\u7533\u8d4e\u6a21\u5f0f\u3002\u7533\u8d4e\u6a21\u5f0f\u7684\u8f6c\u53d8\u5c06\u52a0\u5bc6\u8d44\u4ea7 ETP \u4e0e\u4f20\u7edf\u5546\u54c1 ETP \u5904\u4e8e\u76f8\u540c\u7684\u8fd0\u8425\u72b6\u6001\uff0c\u6269\u5927\u52a0\u5bc6\u884d\u751f\u54c1\u91d1\u878d\u4ea7\u54c1\u7684\u53ef\u53ca\u6027\u548c\u8303\u56f4\uff0c\u8fdb\u800c\u6709\u52a9\u4e8e\u4f20\u7edf\u884c\u4e1a\u673a\u6784\u6ce8\u8d44\u52a0\u5bc6\u9886\u57df\u3002<\/p>\n

\u6b63\u5982\u5f6d\u535a\u793e\u5206\u6790\u5e08 James Seyffart \u6240\u6307\u51fa\u7684\u90a3\u6837\uff0c\u901a\u8fc7\u6279\u51c6\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u7684\u5b9e\u7269\u7533\u8d4e\u6d41\u7a0b\uff0cSEC \u4e3a\u672a\u6765\u7684\u5c71\u5be8\u5e01\uff08\u4f8b\u5982\u57fa\u4e8e Solana\u3001XRP \u7b49\uff09ETF \u5b9e\u7269\u7533\u8d4e\u6a21\u5f0f\u94fa\u5e73\u4e86\u9053\u8def\u3002<\/p>\n

4. \u7ed3\u8bed<\/h2>\n

SEC \u9996\u6b21\u6279\u51c6\u52a0\u5bc6\u8d44\u4ea7 ETP \u5f15\u5165\u5b9e\u7269\u7533\u8d4e\u673a\u5236\uff0c\u4e3a\u52a0\u5bc6\u91d1\u878d\u5e02\u573a\u7684\u5236\u5ea6\u5efa\u8bbe\u518d\u6dfb\u5173\u952e\u4e00\u7b14\u3002\u5b9e\u7269\u7533\u8d4e\u8ba9\u52a0\u5bc6\u8d44\u4ea7\u7684\u6d41\u901a\u903b\u8f91\u66f4\u8d34\u8fd1\u4f20\u7edf ETF\uff0c\u66f4\u4e3a\u673a\u6784\u8d44\u91d1\u7684\u5408\u89c4\u5165\u573a\u63d0\u4f9b\u4e86\u6210\u719f\u8def\u5f84\u3002<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u76d1\u7ba1\u5c42\u6b63\u5728\u52a0\u5feb\u914d\u5957\u5236\u5ea6\u7684\u5b8c\u5584\u3002SEC \u6700\u65b0\u53d1\u5e03\u7684\u52a0\u5bc6\u8d44\u4ea7 ETP \u62ab\u9732\u6307\u5f15\uff0c\u9996\u6b21\u5728\u8054\u90a6\u8bc1\u5238\u6cd5\u6846\u67b6\u4e0b\u660e\u786e\u4e86\u76f8\u5173\u4ea7\u54c1\u7684\u6ce8\u518c\u4e0e\u4fe1\u606f\u62ab\u9732\u8981\u6c42\uff0c\u4e3a\u53d1\u884c\u65b9\u4e0e\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u66f4\u6e05\u6670\u7684\u5408\u89c4\u53c2\u8003\u3002<\/p>\n

\u4ea4\u6613\u6240\u7aef\u7684\u52a8\u4f5c\u540c\u6837\u503c\u5f97\u5173\u6ce8\u3002Cboe BZX\u3001\u7eb3\u65af\u8fbe\u514b\u548c NYSE Arca \u5df2\u5411 SEC \u63d0\u4ea4\u89c4\u5219\u4fee\u8ba2\u63d0\u6848\uff0c\u8ba1\u5212\u5efa\u7acb\u5546\u54c1\u4fe1\u6258\u80a1\u7968\u7684\u901a\u7528\u4e0a\u5e02\u6807\u51c6\uff0c\u4ee5\u7b80\u5316\u52a0\u5bc6 ETP \u7684\u4e0a\u5e02\u5ba1\u6279\u6d41\u7a0b\u3002\u8fd9\u4e00\u6539\u9769\u82e5\u80fd\u843d\u5730\uff0c\u5c06\u6709\u671b\u89e3\u51b3\u300c\u6392\u961f\u96be\u3001\u5ba1\u6279\u6162\u300d\u7684\u8001\u95ee\u9898\uff0c\u5e76\u663e\u8457\u63d0\u5347\u5e02\u573a\u6548\u7387\u4e0e\u900f\u660e\u5ea6\u3002<\/p>\n

\u603b\u4f53\u6765\u770b\uff0c\u65e0\u8bba\u662f\u673a\u5236\u5c42\u7684\u5b9e\u7269\u7533\u8d4e\uff0c\u8fd8\u662f\u653f\u7b56\u7aef\u7684\u62ab\u9732\u65b0\u89c4\uff0c\u90fd\u5728\u6307\u5411\u540c\u4e00\u4e2a\u6e05\u6670\u7684\u8d8b\u52bf\uff1a\u52a0\u5bc6\u8d44\u4ea7\u6b63\u52a0\u901f\u8fc8\u5411\u66f4\u6e05\u6670\u3001\u53ef\u76d1\u7ba1\u3001\u53ef\u914d\u7f6e\u3001\u4e0e\u4f20\u7edf\u91d1\u878d\u8fd0\u884c\u903b\u8f91\u9ad8\u5ea6\u63a5\u8f68\u7684\u53d1\u5c55\u9636\u6bb5\u3002\u5e02\u573a\u7684\u98ce\u5411\u6b63\u4ece\u9632\u5fa1\u76d1\u7ba1\u8f6c\u5411\u4e3b\u52a8\u62e5\u62b1\uff0c\u4ece\u6295\u673a\u9a71\u52a8\u8d70\u5411\u4ef7\u503c\u914d\u7f6e\u3002\u672a\u6765\u7684\u7ade\u4e89\uff0c\u6216\u5c06\u4e0d\u518d\u505c\u7559\u5728\u4ea7\u54c1\u8bbe\u8ba1\u5c42\u9762\uff0c\u800c\u5c06\u805a\u7126\u4e8e\u8c01\u80fd\u7387\u5148\u5728\u5408\u89c4\u4e0e\u98ce\u9669\u63a7\u5236\u4e4b\u95f4\u627e\u5230\u6700\u4f73\u5e73\u8861\u70b9\uff0c\u6784\u5efa\u7a33\u5065\u4e14\u53ef\u6301\u7eed\u7684\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\u4f53\u7cfb\u3002<\/p>\n

\u514d\u8d23\u58f0\u660e\uff1a\u672c\u6587\u7ae0\u4ec5\u4ee3\u8868\u4f5c\u8005\u4e2a\u4eba\u89c2\u70b9\uff0c\u4e0d\u4ee3\u8868\u672c\u5e73\u53f0\u7684\u7acb\u573a\u548c\u89c2\u70b9\u3002\u672c\u6587\u7ae0\u4ec5\u4f9b\u4fe1\u606f\u5206\u4eab\uff0c\u4e0d\u6784\u6210\u5bf9\u4efb\u4f55\u4eba\u7684\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002\u7528\u6237\u4e0e\u4f5c\u8005\u4e4b\u95f4\u7684\u4efb\u4f55\u4e89\u8bae\uff0c\u4e0e\u672c\u5e73\u53f0\u65e0\u5173\u3002\u5982\u7f51\u9875\u4e2d\u520a\u8f7d\u7684\u6587\u7ae0\u6216\u56fe\u7247\u6d89\u53ca\u4fb5\u6743\uff0c\u8bf7\u63d0\u4f9b\u76f8\u5173\u7684\u6743\u5229\u8bc1\u660e\u548c\u8eab\u4efd\u8bc1\u660e\u53d1\u9001\u90ae\u4ef6\u5230support@aicoin.com\uff0c\u672c\u5e73\u53f0\u76f8\u5173\u5de5\u4f5c\u4eba\u5458\u5c06\u4f1a\u8fdb\u884c\u6838\u67e5\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

SEC \u9996\u6b21\u6279\u51c6\u52a0\u5bc6\u8d44\u4ea7 ETP \u5f15\u5165\u5b9e\u7269\u7533\u8d4e\u673a\u5236\uff0c\u4e3a\u52a0\u5bc6\u91d1\u878d\u5e02\u573a\u7684\u5236\u5ea6\u5efa\u8bbe\u518d\u6dfb\u5173\u952e\u4e00\u7b14\u3002 \u64b0\u6587\uff1aFintax…<\/p>\n","protected":false},"author":2,"featured_media":2710,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/posts\/4385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4385"}],"version-history":[{"count":1,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/posts\/4385\/revisions"}],"predecessor-version":[{"id":7017,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/posts\/4385\/revisions\/7017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=\/wp\/v2\/media\/2710"}],"wp:attachment":[{"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gzmgg.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}