在現貨以太 ETF 可以交易之前還需要做什麼

現貨以太幣交易所交易基金最快可能在本週五或幾週後開始交易。人們對現貨以太幣交易所交易基金（ETF）即將到來的可能性感到非常興奮。以下是在發布之前還需要做的事情。

A handful of would-be issuers filed amended S-1 forms on Friday and Monday, suggesting progress is being made. Notably, the filings did not contain fee information, so there's likely to be at least one more round of comments from SEC staff before trading can begin. Invesco and Galaxy published a fee – 0.25% – on Tuesday. VanEck was the only would-be issuer to publish a fee prior to the latest round of updates.

少數潛在發行人於週五和週一提交了修訂後的 S-1 表格，表明正在取得進展。值得注意的是，這些文件不包含費用信息，因此在交易開始之前，美國證券交易委員會工作人員可能會至少再發表一輪評論。 Invesco 和 Galaxy 週二公佈了 0.25% 的費用。 VanEck 是唯一一家在最新一輪更新之前公佈費用的潛在發行人。

To be clear, there's no firm timeline for approval. Unlike the 19b-4 filings the SEC approved in May, there's no imminent final deadline the agency must meet for a final decision, and so the back-and-forth between regulators and issuers could wrap up as soon as Friday or take a few weeks still. One individual familiar with the process told CoinDesk they expected the dialogue to continue for a few weeks.

需要明確的是，沒有確定的批准時間表。與 SEC 5 月批准的 19b-4 申請不同，該機構沒有必須在最後期限內做出最終決定，因此監管機構和發行人之間的反覆討論可能會在周五或幾週內結束仍然。一位熟悉流程的人士告訴 CoinDesk，他們預計對話將持續幾週。

The filings also do not detail expense ratios. If amended filings include those key details, that may signal they are the final set of amendments.

文件也沒有詳細說明費用比率。如果修改後的文件包含這些關鍵細節，則可能表示它們是最終的修改。

Should the SEC provide feedback by the end of the day Tuesday, it's entirely plausible the issuers will file a final set of amended forms by Wednesday. They would have to include fee information and any other details required by the regulator. For the spot bitcoin ETFs, it took the SEC two days to send out the final approvals after issuers had submitted fees. If that holds this time round, provided issuers submit their fees by Wednesday, it is possible that an approval could be in by Friday.

如果美國證券交易委員會在周二結束之前提供回饋，那麼發行人完全有可能在周三之前提交一套最終的修訂表格。他們必須包括費用資訊以及監管機構要求的任何其他詳細資訊。對於現貨比特幣 ETF，在發行人提交費用後，美國證券交易委員會花了兩天才發出最終批准。如果這次的情況成立，只要發行人在周三之前提交費用，就有可能在周五之前獲得批准。

The products could begin trading relatively quickly afterward.

這些產品隨後可能會相對較快地開始交易。

Hours before the spot bitcoin ETFs were approved by the SEC in January, one of the listing exchanges, Cboe, added the funds to its “New Listings” page, saying that was “standard procedure” before the approval of a new ETF. If so, given that five of the potential ether ETFs will be listed on Cboe, we may well see a similar situation happening on the day that these ETFs receive approval.

一月份，在美國證券交易委員會(SEC) 批准現貨比特幣ETF 之前幾個小時，上市交易所之一的芝加哥期權交易所(Cboe) 將這些基金添加到其“新上市”頁面，稱這是批准新ETF 之前的「標準程序」。如果是這樣，考慮到五隻潛在的以太坊 ETF 將在芝加哥期權交易所上市，我們很可能會在這些 ETF 獲得批准之日看到類似的情況發生。