芝加哥期权交易所 (Cboe) 旨在获得美国证券交易委员会 (SEC) 批准 ETF 和共同基金革命性合并的破土动工

芝加哥期权交易所全球市场 (Cboe Global Markets) 已向 SEC 提交了一份提案，寻求批准将交易所交易基金 (ETF) 和共同基金合并的规则变更。此举如果获得批准，将允许发行人提供多股类别基金，从而有可能促进 ETF 及其资产的增长。规则的改变还可能促进将比特币（BTC）ETF份额添加到共同基金投资组合中，为投资者提供多元化的数字资产投资。

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

芝加哥期权交易所 (Cboe) 寻求 SEC 批准突破性的规则变更：将 ETF 与共同基金结合起来

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.

芝加哥期权交易所全球市场 (Cboe Global Markets) 已向美国证券交易委员会 (SEC) 提交请求，批准一项规则变更，允许发行人合并交易所交易基金 (ETF) 和共同基金，此举可能彻底改变投资格局。该拟议规则如果获得批准，将赋予发行人灵活性，将类似的共同基金和 ETF 合并为单一投资工具，为投资者提供全面且多功能的投资解决方案。

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.

据路透社报道，芝加哥期权交易所提交了一份 19b-4 表格，概述了他们的提案，该提案旨在引入多股类别基金结构。这种结构将使发行人能够将 ETF 份额类别添加到现有共同基金中，融合两种投资类型的独特特征。

"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 分析师托德·索恩 (Todd Sohn) 在接受路透社采访时表示：“这一规则变化可能会导致 ETF 及其资产数量激增。” “它为发行人扩大产品范围并满足投资者的多样化需求提供了绝佳的机会。”

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 虽然有相似之处，但具有不同的运营和监管框架。共同基金通常在交易日结束时根据收市后计算的资产净值（NAV）进行交易。另一方面，ETF 在整个交易日中在交易所连续交易，提供类似于股票的实时定价。

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.

拟议的规则变更对加密货币市场具有重大影响。如果获得批准，它将为将比特币 (BTC) ETF 份额纳入共同基金打开大门，为投资者提供通过熟悉的投资工具投资数字资产的机会。

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.

所提出的系统并不完全新颖。自 2001 年以来，Vanguard Group 采用了一项专利投资策略，该策略允许在其 ETF 中采用独特的“股票类别”结构。这种结构使先锋集团能够提供 ETF 作为其现有共同基金的股票类别，从而使两只基金能够共享相同的基础投资组合。然而，先锋集团关于这一股票类别概念的专利已于 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.

在先锋集团的带领下，包括 Dimensional Fund Advisors、摩根士丹利和富达在内的八家资产管理公司已申请监管部门批准复制该模式。 T. Rowe Price 和摩根大通也表示有兴趣使用类似的方法。

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.

芝加哥期权交易所向美国证券交易委员会提交的申请将经过彻底的审查过程。 SEC 有 240 天的时间批准或拒绝该提案。如果获得批准，这一规则变更可能会对投资行业产生深远影响，为发行人提供创新和定制投资产品创造新的机会。

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 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 指出，该申请成为 SEC 回应该领域行业申请的催化剂。它还凸显了投资者对将 ETF 的流动性和灵活性与共同基金的多元化和长期价值结合起来的投资工具的兴趣日益增长。

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 市场预计将经历指数级增长，Mordor Intelligence 预计 2024 年市场规模将超过 8 万亿美元，到 2029 年将扩大至 15.52 万亿美元，复合年增长率为 14%。芝加哥期权交易所提议的规则变更符合这一增长轨迹，体现了该行业对创新和满足投资者不断变化的需求的承诺。