{"id":673,"date":"2025-02-22T17:29:19","date_gmt":"2025-02-22T09:29:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=673"},"modified":"2025-02-22T17:29:19","modified_gmt":"2025-02-22T09:29:19","slug":"%e4%b8%8a%e5%b8%822%e4%b8%aa%e6%9c%88%e6%9a%b4%e6%b6%a870%ef%bc%8c%e7%8e%b0%e8%b4%a7etf%e6%95%88%e5%ba%94%e4%bc%9a%e5%9c%a8%e4%bb%a5%e5%a4%aa%e5%9d%8a%e9%87%8d%e6%bc%94%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=673","title":{"rendered":"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f"},"content":{"rendered":"<p><strong>\u5212\u91cd\u70b9<\/strong><\/p>\n<p>\u2460 \u4ece 40000 \u7f8e\u5143\u5230 70000 \u7f8e\u5143\uff0c\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u83b7\u6279\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u8d77\u5230\u4e86\u5f88\u597d\u7684\u50ac\u5316\u5242\u4f5c\u7528\u3002\u800c\u73b0\u5728\uff0c\u5e02\u573a\u6b63\u5728\u671f\u5f85\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u6279\u51c6\u548c\u5168\u9762\u4ea4\u6613\u8fdb\u4e00\u6b65\u63d0\u632f\u4fe1\u5fc3\u3002<\/p>\n<p>\u2461 8 \u652f\u73b0\u8d27\u4ee5\u592a\u574a ETF \u7684 19 b-4 \u8868\u683c\u5df2\u7ecf\u83b7\u5f97 SEC \u7684\u6279\u51c6\uff0c\u6709\u671b\u5728\u51e0\u5468\u540e S-1 \u6ce8\u518c\u58f0\u660e\u751f\u6548\u540e\u6b63\u5f0f\u5f00\u59cb\u4ea4\u6613\u3002\u8d1d\u83b1\u5fb7\u7b49\u4f20\u7edf\u8d44\u7ba1\u5de8\u5934\u7684\u52a0\u5165\u6709\u671b\u5c06\u4ee5\u592a\u574a\u5e26\u5165\u66f4\u591a\u4f20\u7edf\u6295\u8d44\u8005\u7684\u89c6\u91ce\u3002<\/p>\n<p>\u2462 ETF \u7684\u6210\u672c\u548c\u6d41\u52a8\u6027\u3001\u53d1\u884c\u673a\u6784\u7684\u80cc\u666f\u548c\u58f0\u8a89\u662f\u6295\u8d44\u4ee5\u592a\u574a ETF \u7684\u91cd\u8981\u8003\u91cf\u56e0\u7d20\u3002\u5f53\u524d\u52a0\u5bc6\u5e02\u573a\u6b63\u8fce\u6765\u65b0\u7684\u521b\u65b0\u5468\u671f\uff0c\u53e0\u52a0\u5b8f\u89c2\u8f6c\u597d\u3001\u6d41\u52a8\u6027\u6709\u671b\u8fdb\u4e00\u6b65\u91ca\u653e\u7684\u8d27\u5e01\u5468\u671f\uff0c\u548c\u5373\u5c06\u5230\u6765\u7684\u7f8e\u56fd\u9009\u4e3e\u5468\u671f\uff0c\u52a0\u5bc6\u5e02\u573a\u6709\u671b\u7ee7\u7eed\u8fce\u6765\u826f\u597d\u7684\u4e0a\u6da8\u8d8b\u52bf\u3002<\/p>\n<p>\u81ea\u7f8e\u56fd SEC \u4e8e\u4eca\u5e74\u521d\u6279\u51c6\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u4e4b\u540e\uff0c\u52a0\u5bc6\u8d44\u4ea7\u4f5c\u4e3a\u4e00\u79cd\u65b0\u5174\u6295\u8d44\u7c7b\u522b\u7684\u5408\u6cd5\u6027\u5f97\u4ee5\u5927\u5927\u52a0\u5f3a\u3002\u8fd9\u5bf9\u5168\u7403\u6295\u8d44\u8005\u65e0\u7591\u662f\u91cd\u8981\u65f6\u523b\u2014\u2014\u6211\u4eec\u8ddd\u79bb\u4f20\u7edf\u91d1\u878d\u548c\u52a0\u5bc6\u8d44\u4ea7\u878d\u5408\u7684\u62d0\u70b9\u5df2\u7ecf\u8d8a\u6765\u8d8a\u8fd1\u3002&nbsp;<\/p>\n<p>\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u63a8\u51fa\u81f3\u4eca\uff0c\u5df2\u7ecf\u5438\u5f15\u5404\u7c7b\u91cd\u8981\u673a\u6784\u6295\u8d44\u8005\u7684\u76ee\u5149\u3002\u7f8e\u56fd\u5dde\u653f\u5e9c\u6295\u8d44\u57fa\u91d1\u3001\u5404\u5927\u94f6\u884c\u3001\u5934\u90e8\u5bf9\u51b2\u57fa\u91d1\u3001\u77e5\u540d\u8d44\u7ba1\u516c\u53f8\u3001\u6295\u8d44\u54a8\u8be2\u516c\u53f8\u3001\u5176\u4ed6\u5546\u4e1a\u516c\u53f8\u7eb7\u7eb7\u6d8c\u5165\u3002\u5f53\u524d\uff0c\u7f8e\u56fd\u5a01\u65af\u5eb7\u661f\u5dde\u653f\u5e9c\u57fa\u91d1\u662f\u8d1d\u83b1\u5fb7\u65d7\u4e0b\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u6700\u5927\u6301\u6709\u8005\u4e4b\u4e00\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/06\/ac22b3ee46964a2bfb5e004db751bc62.png\" alt=\"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/06\/ac22b3ee46964a2bfb5e004db751bc62.png\" alt=\"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f\" \/><\/figure>\n<p>\u673a\u6784\u6295\u8d44\u8005\u5927\u4e3e\u5165\u573a\u4e5f\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u672c\u8eab\u8d77\u5230\u4e86\u5f88\u597d\u7684\u50ac\u5316\u5242\u4f5c\u7528\uff082 \u4e2a\u6708\u4e0d\u5230\u6da8\u5e45\u63a5\u8fd1 70%\uff09\u3002\u800c\u73b0\u5728\uff0c\u5e02\u573a\u6b63\u5728\u671f\u5f85\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u6279\u51c6\u548c\u5168\u9762\u4ea4\u6613\u8fdb\u4e00\u6b65\u63d0\u632f\u4fe1\u5fc3\u3002<\/p>\n<p>\u4f5c\u4e3a\u5e02\u503c\u6392\u540d\u7b2c\u4e8c\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u4ee5\u592a\u574a\u62e5\u6709\u6700\u5e7f\u6cdb\u7684\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\u751f\u6001\uff08dApps\uff09\u3002\u51e0\u5468\u524d\uff0c\u7f8e\u56fd SEC \u6b63\u5f0f\u6279\u51c6\u8d1d\u83b1\u5fb7\u3001\u5bcc\u8fbe\u3001\u7070\u5ea6\u7b49 8 \u53ea\u73b0\u8d27\u4ee5\u592a\u574a ETF \u7684 19b-4 \u8868\u683c\u3002\u8fd9\u4e2a\u6d88\u606f\u4e0d\u4ec5\u5f15\u53d1\u4ee5\u592a\u574a\u4ef7\u683c\u6570\u5c0f\u65f6\u5185\u4e0a\u6da8\u8d85\u8fc7 10%\uff0c\u4e5f\u4e3a\u4ee5\u592a\u574a\u8fdb\u4e00\u6b65\u8d70\u5411\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u6253\u5f00\u4e86\u5927\u95e8\u3002<\/p>\n<p>\u867d\u7136\u4ecd\u9700 S-1 \u6ce8\u518c\u58f0\u660e\u751f\u6548\u540e\u624d\u80fd\u6b63\u5f0f\u5f00\u59cb\u4ea4\u6613\uff0c\u4f46 19b-4 \u7684\u6279\u51c6\u4e8b\u5b9e\u4e0a\u5de9\u56fa\u4e86\u4ee5\u592a\u574a\u4f5c\u4e3a\u6570\u5b57\u5546\u54c1\u7684\u5730\u4f4d\u3002\u672c\u6587\u5c06\u5c31\u52a0\u5bc6\u5e02\u573a\u4e2d\u7b2c\u4e8c\u5927\u5e02\u503c\u7684\u52a0\u5bc6\u5e01\u79cd\u2014\u2014\u4ee5\u592a\u574a\u7684\u5404\u652f\u73b0\u8d27 ETF \u7684\u6295\u8d44\u4ef7\u503c\u3001\u6311\u9009\u7b56\u7565\u53ca\u672a\u6765\u5c55\u671b\u5c55\u5f00\u5206\u6790\u3002<\/p>\n<p><strong>1. \u4e00\u5e74\u6da8\u5e45 303%\u2014\u2014ETHE<\/strong><\/p>\n<p>\u7070\u5ea6\u4ee5\u592a\u574a\u4fe1\u6258\u57fa\u91d1 ETHE \u66fe\u7ecf\u662f\u7f8e\u80a1\u6295\u8d44\u8005\u6295\u8d44\u4ee5\u592a\u574a\u7684\u6700\u91cd\u8981\u5de5\u5177\u4e4b\u4e00\u3002\u8be5\u57fa\u91d1\u7531\u6570\u5b57\u8d27\u5e01\u96c6\u56e2 Digital Currency Group \u7684\u5b50\u516c\u53f8\u7070\u5ea6\u57fa\u91d1\u53d1\u884c\u5e76\u7ba1\u7406\uff0c\u8d44\u4ea7\u89c4\u6a21\u4e00\u5ea6\u8d85\u8fc7 100 \u4ebf\u7f8e\u5143\u3002\u5b83\u6210\u7acb\u4e8e 2017 \u5e74 12 \u6708\uff0c\u4e8e 2019 \u5e74 7 \u6708\u4e0a\u5e02\u4ea4\u6613\uff0c\u91c7\u7528\u548c GBTC \u76f8\u540c\u7684\u4fe1\u6258\u7ed3\u6784\u3002<\/p>\n<p>\u7406\u8bba\u4e0a ETHE \u4ef7\u683c\u5e94\u8be5\u56f4\u7ed5\u4ee5\u592a\u574a\u7684\u4ef7\u683c\u7a84\u5e45\u6ce2\u52a8\uff0c\u4f46\u5b9e\u9645\u5b83\u7684\u4e8c\u7ea7\u4ef7\u683c\u8868\u73b0\u5e76\u975e\u5b8c\u5168\u8d34\u5e02\u3002\u81ea 2019 \u5e74\u4e0a\u5e02\u4ee5\u6765\uff0c\u5b83\u957f\u65f6\u95f4\u7ef4\u6301\u7740\u5bf9\u4ee5\u592a\u574a\u7684\u6b63\u6ea2\u4ef7\uff0c\u751a\u81f3\u4e00\u5ea6\u8d85\u8fc7 1000%\u3002\u4f46\u81ea 2021 \u5e74 2 \u6708\u540e\uff0cETHE \u8fdb\u5165\u60e8\u6de1\u7684\u6298\u4ef7\u6a21\u5f0f\uff0c\u5e76\u5728\u718a\u5e02\u671f\u95f4\u6301\u7eed\u6269\u5927\u3002<\/p>\n<p>\u957f\u671f\u6298\u4ef7\u4e3b\u8981\u4e0e\u8be5\u4ea7\u54c1\u65e0\u6cd5\u76f4\u63a5\u8d4e\u56de\u6709\u5173\u3002\u6b64\u5916\uff0c\u5957\u5229\u673a\u4f1a\u7684\u9650\u5236\u3001\u5927\u578b\u6295\u673a\u8005\u7684\u88ab\u8feb\u5e73\u4ed3\u3001\u673a\u4f1a\u6210\u672c\u7684\u6298\u73b0\u3001\u7ade\u4e89\u6027\u4ea7\u54c1\u7684\u51b2\u51fb\u4e5f\u5bfc\u81f4\u4e86\u6298\u4ef7\u6269\u5927\uff0c\u56e0\u6b64 ETHE \u8fc7\u53bb\u51e0\u5e74\u65e0\u6cd5\u826f\u597d\u5730\u8ffd\u8e2a\u4ee5\u592a\u574a\u4ef7\u683c\u672c\u8eab\u3002<\/p>\n<p>\u4f46\u4e5f\u6b63\u56e0\u4e3a\u718a\u5e02\uff0c\u8fd9\u79cd\u6298\u4ef7\u53cd\u800c\u521b\u9020\u51fa\u6781\u4f73\u7684\u6284\u5e95\u673a\u9047\u2014\u2014\u76f8\u6bd4\u4e8e\u8fc7\u53bb\u4e00\u5e74\u4ee5\u592a\u574a\u6da8\u5e45\u63a5\u8fd1 100%\uff0cETHE \u7684\u4e00\u5e74\u6da8\u5e45\u5374\u8fbe\u5230\u4e86 300%\u3002<\/p>\n<p>\u9274\u4e8e\u591a\u5bb6\u53d1\u884c\u5546\u79ef\u6781\u7533\u8bf7\u4ee5\u592a\u574a\u73b0\u8d27 ETF\uff0c\u7070\u5ea6\u4e5f\u5728\u79ef\u6781\u63a8\u8fdb\u628a ETHE \u8f6c\u6362\u4e3a\u73b0\u8d27 ETF\uff0c\u6b64\u4e3e\u6709\u671b\u62b9\u5e73\u6298\u4ef7\u3002\u5728\u53ef\u89c1\u7684\u672a\u6765\uff0cETHE \u6709\u671b\u6210\u4e3a\u7f8e\u56fd\u6700\u5927\u7684\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u4e4b\u4e00\uff0c\u7c7b\u4f3c GBTC \u4e4b\u4e8e\u6bd4\u7279\u5e01\u3002<\/p>\n<p><strong>2.\u00a0\u6709\u671b\u6b63\u5f0f\u83b7\u6279\u7684\u4ee5\u592a\u574a\u73b0\u8d27 ETF<\/strong><\/p>\n<p>\u5982\u524d\u6240\u8ff0\uff0c8 \u652f\u73b0\u8d27\u4ee5\u592a\u574a ETF \u7684 19 b-4 \u8868\u683c\u5df2\u7ecf\u83b7\u5f97 SEC \u7684\u6279\u51c6\uff0c\u5982\u4e0b\u56fe\u6240\u793a\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/06\/d581491024aed9e5de9d4a3814fad4e7.png\" alt=\"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/06\/d581491024aed9e5de9d4a3814fad4e7.png\" alt=\"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f\" \/><\/figure>\n<p>ARK 21Shares \u4ee5\u592a\u574a ETF\uff1a\u7531\u77e5\u540d\u57fa\u91d1 ARK \u65b9\u821f\u57fa\u91d1\u548c\u6570\u5b57\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8 21Shares \u8054\u5408\u7533\u8bf7\u3002\u9700\u8981\u6ce8\u610f\uff0c\u5176\u5b9e ARK \u6b64\u524d\u5df2\u7ecf\u6210\u529f\u53d1\u884c\u4ee5\u592a\u574a\u671f\u8d27 ETF\u2014\u2014ARK21Shares Active Ethereum Futures ETF\uff08\u4ee3\u7801\uff1aARKZ\uff09\uff0c\u5b83\u4e3b\u8981\u5c06\u8d44\u91d1\u5206\u914d\u7ed9\u4ee5\u592a\u574a\u671f\u8d27\u4ea7\u54c1\u3002<\/p>\n<p>Bitwise \u4ee5\u592a\u574a ETF\uff1aBitwise \u5df2\u7ecf\u7387\u5148\u66f4\u65b0\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684 S-1 \u8868\u683c\uff0c\u662f\u8fd1\u671f\u6240\u6709 ETF \u53d1\u884c\u5546\u4e2d\u7b2c\u4e00\u4e2a\u63d0\u4ea4\u7684\u3002\u5b83\u8fd8\u8868\u793a\uff0cPantera Capital \u6709\u5174\u8da3\u8d2d\u4e70 1 \u4ebf\u7f8e\u5143\u8be5 ETF \u4ea7\u54c1\u3002\u6b64\u524d\uff0c\u4f5c\u4e3a Bitwise \u7684\u6295\u8d44\u8005\uff0cPantera Capital \u5df2\u7ecf\u8d2d\u4e70 2 \u4ebf\u7f8e\u5143 Bitwise \u65d7\u4e0b\u6bd4\u7279\u5e01\u73b0\u8d27 ETF\uff08\u4ee3\u7801\uff1aBITB\uff09\u3002<\/p>\n<p>\u5bcc\u8fbe\u4ee5\u592a\u574a ETF\uff1a\u91d1\u878d\u670d\u52a1\u5de8\u5934\u5bcc\u8fbe\u6295\u8d44\u5e0c\u671b\u63a8\u51fa\u6301\u6709\u4ee5\u592a\u574a\u52a0\u5bc6\u8d27\u5e01\u7684 ETF\uff0c\u800c\u8fd9\u4efd\u7533\u8bf7\u6587\u4ef6\u6070\u5de7\u662f\u5728\u8d1d\u83b1\u5fb7\u63d0\u4ea4\u81ea\u5df1\u7684\u4ee5\u592a\u574a ETF \u7533\u8bf7\u540e\u7684\u7b2c\u4e8c\u5929\u53d1\u5e03\u7684\u3002<\/p>\n<p>\u5bcc\u5170\u514b\u6797\u4ee5\u592a\u574a ETF\uff1a\u5bcc\u5170\u514b\u6797\u7684\u7533\u8bf7\u4e8e 2024 \u5e74\u521d\u63d0\u4ea4\u3002<\/p>\n<p>\u7070\u5ea6\u4ee5\u592a\u574a ETF\uff1a\u5982\u524d\u6587\u6240\u8ff0\uff0c\u7070\u5ea6\u5e0c\u671b\u5c06\u5176\u4ee5\u592a\u574a\u4fe1\u6258 ETHE \u8f6c\u6362\u4e3a\u73b0\u8d27 ETF \u4ea7\u54c1\u3002<\/p>\n<p>\u666f\u987a\u94f6\u6cb3\u4ee5\u592a\u574a ETF\uff1a\u8fd9\u4e2a\u7531\u666f\u987a\u548c\u94f6\u6cb3\u8d44\u672c\u8054\u5408\u7533\u8bf7\u7684 ETF \u65e8\u5728\u63d0\u4f9b\u4ee5\u592a\u574a\u73b0\u8d27\u4ef7\u683c\u7684\u655e\u53e3\u3002<\/p>\n<p>\u8d1d\u83b1\u5fb7 iShares \u4ee5\u592a\u574a\u4fe1\u6258\uff1a\u8d1d\u83b1\u5fb7\u4e8e 2023 \u5e74\u5e95\u63d0\u4ea4\u7533\u8bf7\u3002\u8be5 ETF \u65e8\u5728\u63d0\u4f9b\u5bf9\u4ee5\u592a\u574a\u7684\u76f4\u63a5\u6295\u8d44\uff0c\u6709\u671b\u63d0\u9ad8\u5e02\u573a\u4fe1\u5fc3\u3002<\/p>\n<p>VanEck \u4ee5\u592a\u574a ETF\uff1a\u4f5c\u4e3a\u7f8e\u56fd\u77e5\u540d\u8d44\u7ba1\u516c\u53f8\u548c ETF \u5de8\u5934\uff0cVanEck \u4ee5\u5176\u5148\u950b\u4f5c\u7528\u800c\u95fb\u540d\u3002\u8be5\u516c\u53f8\u4e5f\u5728\u79ef\u6781\u7533\u8bf7\u4ee5\u592a\u574a ETF \u4ea7\u54c1\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8fd9\u4e9b\u7533\u8bf7\u53cd\u6620\u4e86\u4e3b\u6d41\u91d1\u878d\u673a\u6784\u5bf9\u5c06\u4ee5\u592a\u574a\u6574\u5408\u5230\u4f20\u7edf\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u91cd\u5927\u5174\u8da3\uff0c\u800c\u4e14\u4ed6\u4eec\u591a\u6570\u548c\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7c7b\u4f3c\uff0c\u627e\u5230\u4e86 Coinbase \u4f5c\u4e3a\u8d44\u4ea7\u6258\u7ba1\u4eba\uff0c\u5982\u4e0b\u56fe\u6240\u793a\uff1a<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/06\/a2524e97144a52242aad045117914828.png\" alt=\"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/06\/a2524e97144a52242aad045117914828.png\" alt=\"\u4e0a\u5e022\u4e2a\u6708\u66b4\u6da870%\uff0c\u73b0\u8d27ETF\u6548\u5e94\u4f1a\u5728\u4ee5\u592a\u574a\u91cd\u6f14\u5417\uff1f\" \/><\/figure>\n<\/div>\n<p>\u4e3a\u4ec0\u4e48\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u901a\u8fc7\u6ca1\u6709\u4f7f\u5f97\u4ee5\u592a\u574a\u8fce\u6765\u6301\u7eed\u66b4\u6da8\uff1f\u51c6\u786e\u6765\u8bf4\uff0c\u5b83\u8fd8\u4e0d\u7b97\u300c\u5b8c\u5168\u901a\u8fc7\u300d\uff0c\u6211\u4eec\u9700\u8981\u660e\u786e\u4e24\u4e2a\u6587\u4ef6\u4e4b\u95f4\u7684\u5dee\u522b\uff1a<\/p>\n<p>19b-4 \u6587\u4ef6\u7528\u4e8e\u5411 SEC \u901a\u62a5\u5141\u8bb8 ETF \u5728\u4ea4\u6613\u6240\u4ea4\u6613\u7684\u89c4\u5219\u53d8\u66f4\u2014\u2014\u6bd4\u5982\u5f15\u5165\u65b0\u7684\u4ea7\u54c1\u3001\u4fee\u6539\u4ea4\u6613\u673a\u5236\u6216\u5176\u4ed6\u76f8\u5173\u7684\u4ea4\u6613\u6240\u653f\u7b56\u3002\u4e00\u65e6\u63d0\u4ea4\uff0cSEC \u4f1a\u5bf9\u8fd9\u4e2a\u63d0\u6848\u8fdb\u884c\u5ba1\u67e5\uff0c\u5e76\u516c\u5f00\u5f81\u6c42\u516c\u4f17\u610f\u89c1\uff0c\u7136\u540e\u51b3\u5b9a\u662f\u5426\u6279\u51c6\u3002<\/p>\n<p>\u4f46 ETF \u4e0a\u5e02\u8fd8\u9700\u8981 ETF \u53d1\u884c\u4eba\u83b7\u5f97 SEC \u6279\u51c6\u7684 S-1 \u6587\u4ef6\u3002S-1 \u6587\u4ef6\u5e76\u4e0d\u662f\u6700\u540e\u4e00\u6b65\uff0c\u4f46\u5b83\u662f\u7f8e SEC \u76d1\u7ba1\u4e0b\u975e\u5e38\u5173\u952e\u7684\u4e00\u6b65\u3002\u53ea\u6709 SEC \u6279\u51c6 S-1 \u6587\u4ef6\u751f\u6548\uff0c\u57fa\u91d1\u7ba1\u7406\u4eba\u624d\u53ef\u4ee5\u7ee7\u7eed\u51c6\u5907 ETF \u7684\u6b63\u5f0f\u4e0a\u5e02\uff0c\u5305\u62ec\u786e\u5b9a\u4e0a\u5e02\u65e5\u671f\u548c\u8fdb\u884c\u5e02\u573a\u8425\u9500\u3002<\/p>\n<p>19b-4 \u901a\u8fc7\uff0c\u4ee3\u8868\u8fd9\u4e8b\u513f\u6709\u620f\uff1bS-1 \u901a\u8fc7\uff0c\u624d\u7b97\u677f\u4e0a\u9489\u9489\u3002\u76ee\u524d\u8fd9\u4e00\u6d41\u7a0b\u9700\u8981\u6570\u5468\u5230\u6570\u6708\u65f6\u95f4\uff0c\u6240\u4ee5\u4ee5\u592a\u574a\u4ef7\u683c\u77ed\u65f6\u95f4\u5185\u4e0d\u4f1a\u7a81\u98de\u731b\u6da8\u3002<\/p>\n<p>\u4f46\u662f\uff0c\u65e2\u7136\u591a\u4e2a\u73b0\u8d27\u4ee5\u592a\u574a ETF \u5df2\u5728 DTCC \u7f51\u7ad9\u5217\u51fa\uff0c\u5b83\u4eec\u5f88\u53ef\u80fd\u4f1a\u91cd\u6f14\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u5267\u672c\u3002<\/p>\n<p><strong>3.\u00a0\u00a0\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7b80\u660e\u6295\u8d44\u6307\u5357<\/strong><\/p>\n<p>\u6b64\u524d\u5728\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u5206\u6790\u6587\u7ae0\u4e2d\uff0cRockFlow \u6295\u7814\u56e2\u961f\u7ed9\u51fa\u4e86\u4e00\u4e9b\u7b56\u7565\uff0c\u91cd\u70b9\u5173\u6ce8\u4e09\u4e2a\u6307\u6807\uff1a\u8d39\u7528\u3001\u6d41\u52a8\u6027\u548c\u4ea4\u6613\u6210\u672c\u3002\u4e70\u5165\u5e76\u6301\u6709\u7684\u6295\u8d44\u8005\u5e94\u91cd\u70b9\u5173\u6ce8\u8d39\u7528\uff0c\u6d3b\u8dc3\u4ea4\u6613\u8005\u5e94\u5c24\u5176\u5173\u6ce8\u6d41\u52a8\u6027\uff0c\u800c\u6240\u6709\u76f8\u5173\u65b9\u90fd\u5e94\u8be5\u5173\u6ce8\u53d1\u884c\u4eba\u81ea\u5df1\u7684\u4ea4\u6613\u6210\u672c\u5982\u4f55\u6700\u7ec8\u5f71\u54cd ETF \u4e1a\u7ee9\u3002<\/p>\n<p>\u4f5c\u4e3a\u666e\u901a\u6295\u8d44\u8005\uff0c\u5982\u679c\u5e0c\u671b\u6295\u8d44\u4ee5\u592a\u574a ETF\uff0c\u601d\u8def\u5176\u5b9e\u4e5f\u7c7b\u4f3c\u3002\u9274\u4e8e\u7b2c\u4e00\u6279\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u5e95\u5c42\u8d44\u4ea7\u76f8\u540c\uff0c\u6700\u7ec8\u5e26\u6765\u7684\u6536\u76ca\u51e0\u4e4e\u4e0d\u4f1a\u6709\u5dee\u522b\u3002\u56e0\u6b64 RockFlow \u6295\u7814\u56e2\u961f\u8ba4\u4e3a\uff0c\u5927\u5bb6\u53ef\u4ee5\u91cd\u70b9\u5173\u6ce8\u4e24\u4e2a\u7ef4\u5ea6\uff1a<\/p>\n<p><strong>1\uff09\u4ee5\u592a\u574a ETF \u7684\u6210\u672c\u548c\u6d41\u52a8\u6027<\/strong><\/p>\n<p>\u5bf9 ETF \u800c\u8a00\uff0c\u6210\u672c\u663e\u7136\u5341\u5206\u91cd\u8981\uff0c\u4f18\u5148\u8003\u8651\u5177\u6709\u7ade\u4e89\u529b\u7684\u4f4e\u8d39\u7387 ETF \u5c06\u6700\u5927\u5316\u4f60\u7684\u957f\u671f\u56de\u62a5\uff1b\u800c\u6d41\u52a8\u6027\u5bf9\u4e8e\u4ea4\u6613\u7684\u4fbf\u5229\u6027\u81f3\u5173\u91cd\u8981\u3002\u7ba1\u7406\u8d44\u4ea7\u8d8a\u5927\u7684 ETF\uff0c\u901a\u5e38\u610f\u5473\u7740\u6295\u8d44\u8005\u7684\u4fe1\u5fc3\u548c\u7a33\u5b9a\u6027\u66f4\u5f3a\uff0c\u56e0\u6b64\u66f4\u9002\u5408\u957f\u671f\u6301\u6709\u3002<\/p>\n<p><strong>2\uff09ETF \u53d1\u884c\u673a\u6784\u7684\u80cc\u666f\u548c\u58f0\u8a89<\/strong><\/p>\n<p>\u7b2c\u4e00\u6279\u4ee5\u592a\u574a ETF \u53d1\u884c\u673a\u6784\u90fd\u662f\u8001\u724c\u516c\u53f8\uff0c\u4ed6\u4eec\u5f80\u5f80\u53ef\u4ee5\u63d0\u4f9b\u66f4\u9ad8\u7684\u53ef\u9760\u6027\uff0c\u5de8\u5934\u4eec\u8fc7\u53bb\u53d1\u884c ETF \u7684\u8868\u73b0\u4e5f\u8db3\u4ee5\u8bc1\u660e\u8fd9\u4e00\u70b9\u3002<\/p>\n<p><strong>4.\u00a0\u00a0\u5982\u4f55\u770b\u5f85\u4ee5\u592a\u574a ETF \u7684\u672a\u6765\uff1f<\/strong><\/p>\n<p>\u5f6d\u535a\u793e\u7814\u7a76\u8868\u660e\uff0c\u5982\u4ee5\u592a\u574a ETF \u6210\u529f\u83b7\u6279\uff0c\u672a\u6765\u8d44\u91d1\u6d41\u5165\u91cf\u5c06\u5360\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u6d41\u5165\u91cf\u7684 10-20%\u3002\u9274\u4e8e\u6bd4\u7279\u5e01\u4ef7\u683c\u5728 ETF \u63a8\u51fa\u65f6\u7ea6\u4e3a 4 \u4e07\u7f8e\u5143\uff0c\u4e24\u4e2a\u6708\u540e\u5347\u81f3 7 \u4e07\u7f8e\u5143\uff08\u6da8\u5e45 75%\uff09\uff0c\u9884\u8ba1 ETH \u5c06\u51fa\u73b0\u7c7b\u4f3c\u8d70\u52bf\uff08\u63a8\u52a8\u8be5\u8d44\u4ea7\u7a81\u7834 4800 \u7f8e\u5143\u7684\u5386\u53f2\u9ad8\u70b9\uff09\u3002<\/p>\n<p>\u8fd9\u4e2a\u6570\u5b57\u7684\u80cc\u540e\u903b\u8f91\u53d6\u51b3\u4e8e\u51e0\u4e2a\u56e0\u7d20\uff1a\u548c\u6bd4\u7279\u5e01\u76f8\u6bd4\uff0c\u76ee\u524d\u673a\u6784\u6295\u8d44\u8005\u5bf9\u4ee5\u592a\u574a\u7684\u5174\u8da3\u8f83\u5c11\uff1b\u76ee\u524d\u4ee5\u592a\u574a\u671f\u8d27 ETF \u4ea4\u6613\u91cf\u8fdc\u5c0f\u4e8e\u6bd4\u7279\u5e01\u671f\u8d27 ETF\uff0810-20%\uff09\uff1b\u76ee\u524d\u4ee5\u592a\u574a\u73b0\u8d27\u4ea4\u6613\u91cf\u5c0f\u4e8e\u6bd4\u7279\u5e01\uff08\u7ea6 50%\uff09\uff1b\u76ee\u524d\u4ee5\u592a\u574a\u7ea6\u5360\u6bd4\u7279\u5e01\u5e02\u503c\u7684 1\/3\u3002<\/p>\n<p>\u8bdd\u867d\u5982\u6b64\uff0c\u4ee5\u592a\u574a\u548c\u6bd4\u7279\u5e01\u672c\u8eab\u8fd8\u662f\u6709\u5f88\u5927\u5dee\u5f02\uff0c\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u4ee5\u592a\u574a\u5e76\u4e0d\u5177\u5907\u6bd4\u7279\u5e01\u540c\u7b49\u7a0b\u5ea6\u7684\u300c\u7ed3\u6784\u6027\u629b\u552e\u538b\u529b\u300d\uff0c\u56e0\u4e3a\u4ee5\u592a\u574a\u9a8c\u8bc1\u8005\u4e0d\u4f1a\u50cf\u6bd4\u7279\u5e01\u77ff\u5de5\u90a3\u6837\u4ea7\u751f\u8fd0\u8425\u8d39\u7528\uff08\u8feb\u4f7f\u4ed6\u4eec\u51fa\u552e\u4e00\u90e8\u5206\u5f00\u91c7\u7684\u6bd4\u7279\u5e01\uff09\uff1b<\/li>\n<li>\u76ee\u524d 38% 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