芝加哥選擇權交易所 (Cboe) 旨在獲得美國證券交易委員會 (SEC) 批准 ETF 和共同基金革命性合併的破土動工

芝加哥選擇權交易所全球市場 (Cboe Global Markets) 已向 SEC 提交了一份提案，尋求批准將交易所交易基金 (ETF) 和共同基金合併的規則變更。此舉如果獲得批准，將允許發行人提供多股類別基金，從而有可能促進 ETF 及其資產的成長。規則的改變也可能促進將比特幣（BTC）ETF份額添加到共同基金投資組合中，為投資者提供多元化的數位資產投資。

Cboe Seeks SEC's Approval for Groundbreaking Rule Change: Combining ETFs and Mutual Funds

芝加哥期權交易所 (Cboe) 尋求 SEC 批准突破性的規則變更：將 ETF 與共同基金結合起來

In a move that could revolutionize the investment landscape, Cboe Global Markets has filed a request with the United States Securities and Exchange Commission (SEC) to approve a rule change that would allow issuers to merge exchange-traded funds (ETFs) and mutual funds. This proposed rule, if approved, would grant issuers the flexibility to combine similar mutual funds and ETFs into a single investment vehicle, offering investors a comprehensive and versatile investment solution.

芝加哥選擇權交易所全球市場(Cboe Global Markets) 已向美國證券交易委員會(SEC) 提交請求，批准一項規則變更，允許發行人合併交易所交易基金(ETF) 和共同基金，此舉可​​能徹底改變投資格局。該建議規則如果獲得批准，將賦予發行人靈活性，將類似的共同基金和 ETF 合併為單一投資工具，為投資者提供全面且多功能的投資解決方案。

According to Reuters, Cboe submitted a 19b-4 form outlining their proposal, which seeks to introduce a multi-share class fund structure. This structure would enable issuers to add ETF share classes to existing mutual funds, blending the distinct characteristics of both investment types.

根據路透社報道，芝加哥期權交易所提交了一份 19b-4 表格，概述了他們的提案，該提案旨在引入多股類別基金結構。這種結構將使發行人能夠將 ETF 份額類別添加到現有共同基金中，並融合兩種投資類型的獨特特徵。

"This rule change could unleash a surge in the number of ETFs and their assets," said Todd Sohn, an ETF analyst at Strategas LLC, in an interview with Reuters. "It presents a compelling opportunity for issuers to expand their offerings and cater to the diverse needs of investors."

Strategas LLC ETF 分析師 Todd Sohn 在接受路透社採訪時表示：“這一規則變化可能會導致 ETF 及其資產數量激增。” “它為發行人擴大產品範圍並滿足投資者的多樣化需求提供了絕佳的機會。”

Mutual funds and ETFs, while sharing similarities, have distinct operations and regulatory frameworks. Mutual funds are typically traded at the end of the trading day based on their net asset value (NAV), which is calculated after the market closes. ETFs, on the other hand, trade continuously throughout the trading day on exchanges, offering real-time pricing similar to stocks.

共同基金和 ETF 雖然有相似之處，但有不同的營運和監管框架。共同基金通常在交易日結束時根據收盤後計算的資產淨值（NAV）進行交易。另一方面，ETF 在整個交易日中在交易所連續交易，提供類似於股票的即時定價。

The proposed rule change holds significant implications for the cryptocurrency market. If approved, it could open the door for the inclusion of Bitcoin (BTC) ETF shares within mutual funds, providing investors with exposure to digital assets through a familiar investment vehicle.

擬議的規則變更對加密貨幣市場有重大影響。如果獲得批准，它將為將比特幣 (BTC) ETF 份額納入共同基金打開大門，為投資者提供透過熟悉的投資工具投資數位資產的機會。

The proposed system is not entirely novel. Since 2001, Vanguard Group has employed a patented investment strategy that has allowed for a unique "share class" structure within their ETFs. This structure enabled Vanguard to offer ETFs as a share class of their existing mutual funds, allowing both funds to share the same underlying portfolio. However, Vanguard's patent on this share class concept expired in May 2023.

所提出的系統並不完全新穎。自 2001 年以來，Vanguard Group 採用了一項專利投資策略，該策略允許在其 ETF 中採用獨特的「股票類別」結構。這種結構使先鋒集團能夠提供 ETF 作為其現有共同基金的股票類別，從而使兩個基金能夠共享相同的基礎投資組合。然而，先鋒集團關於此股票類別概念的專利已於 2023 年 5 月到期。

Following Vanguard's lead, eight asset managers, including Dimensional Fund Advisors, Morgan Stanley, and Fidelity, have filed for regulatory approval to replicate the model. T. Rowe Price and JPMorgan have also expressed interest in using a similar approach.

在先鋒集團的帶領下，包括 Dimensional Fund Advisors、摩根士丹利和富達在內的八家資產管理公司已申請監管部門批准複製該模式。 T. Rowe Price 和摩根大通也表示有興趣使用類似的方法。

Cboe's application to the SEC will undergo a thorough review process. The SEC has 240 days to approve or reject the proposal. If approved, this rule change could have a profound impact on the investment industry, creating new opportunities for issuers to provide innovative and tailored investment products.

芝加哥期權交易所向美國證券交易委員會提交的申請將經過徹底的審查程序。 SEC 有 240 天的時間批准或拒絕該提案。如果獲得批准，這項規則變更可能會對投資業產生深遠影響，為發行人提供創新和客製化投資產品創造新的機會。

Bloomberg ETF analyst Eric Balchunas noted that the filing serves as a catalyst for the SEC to respond to industry applications in this area. It also highlights the growing appetite among investors for investment vehicles that combine the liquidity and flexibility of ETFs with the diversification and long-term value of mutual funds.

彭博 ETF 分析師 Eric Balchunas 指出，該申請成為 SEC 回應該領域產業申請的催化劑。它也凸顯了投資者對將 ETF 的流動性和靈活性與共同基金的多元化和長期價值結合起來的投資工具的興趣日益增長。

The North American ETF market is projected to experience exponential growth, with Mordor Intelligence estimating it will surpass $8 trillion in 2024 and expand to $15.52 trillion by 2029, representing a compound annual growth rate of 14%. The proposed rule change by Cboe aligns with this growth trajectory, demonstrating the industry's commitment to innovation and meeting the evolving needs of investors.

北美 ETF 市場預計將經歷指數級成長，Mordor Intelligence 預計 2024 年市場規模將超過 8 兆美元，到 2029 年將擴大至 15.52 兆美元，複合年增長率為 14%。芝加哥期權交易所提議的規則變更符合這一成長軌跡，體現了該行業對創新和滿足投資者不斷變化的需求的承諾。