SEC Won’t Approve Leveraged Bitcoin Fund

The Wall Street Journal2021-10-28

Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on ...

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SSVC
2021-10-28
SSVC
Yup Appreciate your response and comments Thanks
- SSVC:
  [Strong][ShakeHands]
- 小小馒头:
  Okay
DansonYong
2021-10-28
DansonYong
Ok
- HMHu:
  Btc is the future.
DannyPhan
2021-10-28
DannyPhan
Uptrend
- Aloynty:
  Likely to shoot up post condolidation
SeanSak
2021-10-28
SeanSak
Like n comment
- Boo2bear:
  Done. Pls like back.

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Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.\nValkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.\nLater the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.\nUnder rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.\nSuch requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.\nThe firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.\n“This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”\nSeveral volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.\nThese ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.\nAt the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.\nThere appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.\nAsset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.\nThe fund’s gains have raised questions as to whether the bitcoin futures market is big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.\nConcerns around market capacity led Invesco Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":855531038,"gmtCreate":1635382114471,"gmtModify":1635382115299,"author":{"id":"3574906731000207","authorId":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574906731000207","idStr":"3574906731000207"},"htmlText":"Yup Appreciate your response and comments Thanks&nbsp;","listText":"Yup Appreciate your response and comments Thanks&nbsp;","text":"Yup Appreciate your response and comments Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/855531038","repostId":1179965179,"repostType":4,"repost":{"id":"1179965179","kind":"news","pubTimestamp":1635378628,"share":"https://www.laohu8.com/m/news/1179965179?lang=zh_CN&edition=full","pubTime":"2021-10-28 07:50","market":"us","language":"en","title":"SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179965179","media":"The Wall Street Journal","summary":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for","content":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-10-28 07:50\n\n</h4>\n</header>\n<article>\nRegulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179965179","content_text":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now\nThe SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.\nThe Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.\nThe SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the ProShares Bitcoin Strategy ETF, which was launched last week, the person said.\nThe decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.\nValkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.\nLater the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.\nUnder rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.\nSuch requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.\nThe firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.\n“This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”\nSeveral volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.\nThese ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.\nAt the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.\nThere appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.\nAsset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.\nThe fund’s gains have raised questions as to whether the bitcoin futures market is big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.\nConcerns around market capacity led Invesco Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.","news_type":1,"symbols_score_info":{"GBTC":0.9,"MBTmain":0.9,"BTCmain":0.9,"XBTmain":0.9,"BITO":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6351996,"gmtCreate":1635382376302,"gmtModify":1635382376411,"authorId":3574906731000207,"author":{"id":3574906731000207,"idStr":"3574906731000207","authorId":3574906731000207,"name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855531038,"type":1,"supId":6351862,"prevId":0,"content":"[Strong][ShakeHands]","text":"[Strong][ShakeHands]","html":"[Strong][ShakeHands]"},{"id":6351862,"gmtCreate":1635382133749,"gmtModify":1635382133851,"authorId":3580629550243320,"author":{"id":3580629550243320,"idStr":"3580629550243320","authorId":3580629550243320,"name":"小小馒头","avatar":"https://static.tigerbbs.com/8662af09a6a7d2e9548f6a2e76832bc6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855531038,"type":1,"supId":0,"prevId":0,"content":"Okay","text":"Okay","html":"Okay"}],"langContent":"CN"},{"id":855241781,"gmtCreate":1635380001887,"gmtModify":1635380002010,"author":{"id":"3577608661218389","authorId":"3577608661218389","name":"DansonYong","avatar":"https://static.tigerbbs.com/d847e6b2cafe58e68ceb1d9adcb8038f","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3577608661218389","idStr":"3577608661218389"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855241781","repostId":1179965179,"repostType":4,"repost":{"id":"1179965179","kind":"news","pubTimestamp":1635378628,"share":"https://www.laohu8.com/m/news/1179965179?lang=zh_CN&edition=full","pubTime":"2021-10-28 07:50","market":"us","language":"en","title":"SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179965179","media":"The Wall Street Journal","summary":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for","content":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-10-28 07:50\n\n</h4>\n</header>\n<article>\nRegulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179965179","content_text":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now\nThe SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.\nThe Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.\nThe SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the ProShares Bitcoin Strategy ETF, which was launched last week, the person said.\nThe decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.\nValkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.\nLater the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.\nUnder rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.\nSuch requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.\nThe firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.\n“This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”\nSeveral volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.\nThese ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.\nAt the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.\nThere appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.\nAsset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.\nThe fund’s gains have raised questions as to whether the bitcoin futures market is big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.\nConcerns around market capacity led Invesco Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.","news_type":1,"symbols_score_info":{"GBTC":0.9,"MBTmain":0.9,"BTCmain":0.9,"XBTmain":0.9,"BITO":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6352754,"gmtCreate":1635385027999,"gmtModify":1635388884189,"authorId":3572311447359724,"author":{"id":3572311447359724,"idStr":"3572311447359724","authorId":3572311447359724,"name":"HMHu","avatar":"https://static.tigerbbs.com/888bfb834561a78ede559705b3ce7ca8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855241781,"type":1,"supId":0,"prevId":0,"content":"Btc is the future.","text":"Btc is the future.","html":"Btc is the future."}],"langContent":"CN"},{"id":855225053,"gmtCreate":1635379229491,"gmtModify":1635379229657,"author":{"id":"3579724486389386","authorId":"3579724486389386","name":"DannyPhan","avatar":"https://static.tigerbbs.com/8241cecd85e391f36a47705d16eb854d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3579724486389386","idStr":"3579724486389386"},"htmlText":"Uptrend&nbsp;","listText":"Uptrend&nbsp;","text":"Uptrend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855225053","repostId":1179965179,"repostType":4,"repost":{"id":"1179965179","kind":"news","pubTimestamp":1635378628,"share":"https://www.laohu8.com/m/news/1179965179?lang=zh_CN&edition=full","pubTime":"2021-10-28 07:50","market":"us","language":"en","title":"SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179965179","media":"The Wall Street Journal","summary":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for","content":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-10-28 07:50\n\n</h4>\n</header>\n<article>\nRegulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179965179","content_text":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now\nThe SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.\nThe Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.\nThe SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the ProShares Bitcoin Strategy ETF, which was launched last week, the person said.\nThe decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.\nValkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.\nLater the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.\nUnder rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.\nSuch requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.\nThe firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.\n“This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”\nSeveral volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.\nThese ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.\nAt the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.\nThere appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.\nAsset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.\nThe fund’s gains have raised questions as to whether the bitcoin futures market is big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.\nConcerns around market capacity led Invesco Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.","news_type":1,"symbols_score_info":{"GBTC":0.9,"MBTmain":0.9,"BTCmain":0.9,"XBTmain":0.9,"BITO":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6350887,"gmtCreate":1635379463770,"gmtModify":1635379463814,"authorId":3575873871496945,"author":{"id":3575873871496945,"idStr":"3575873871496945","authorId":3575873871496945,"name":"Aloynty","avatar":"https://static.tigerbbs.com/ceffc7a2934660797f19f81a2d643780","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855225053,"type":1,"supId":0,"prevId":0,"content":"Likely to shoot up post condolidation ","text":"Likely to shoot up post condolidation ","html":"Likely to shoot up post condolidation "}],"langContent":"CN"},{"id":855226173,"gmtCreate":1635379136982,"gmtModify":1635379137164,"author":{"id":"3581585664475701","authorId":"3581585664475701","name":"SeanSak","avatar":"https://static.tigerbbs.com/4a62d3d455150e01d4dc6c67bd4f9c0d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3581585664475701","idStr":"3581585664475701"},"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855226173","repostId":1179965179,"repostType":4,"repost":{"id":"1179965179","kind":"news","pubTimestamp":1635378628,"share":"https://www.laohu8.com/m/news/1179965179?lang=zh_CN&edition=full","pubTime":"2021-10-28 07:50","market":"us","language":"en","title":"SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179965179","media":"The Wall Street Journal","summary":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for","content":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Won’t Approve Leveraged Bitcoin Fund<blockquote>美国证券交易委员会不会批准杠杆比特币基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-10-28 07:50\n\n</h4>\n</header>\n<article>\nRegulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now<blockquote>监管机构已表示将只允许与加密货币挂钩的非杠杆资金，至少目前是这样</blockquote> <img src=\"https://static.tigerbbs.com/efacb2884991c2ee20023da5a656d2ef\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">The SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.<blockquote>美国证券交易委员会的决定是对资产管理行业通过推出新产品来利用投资者对包括比特币在内的加密货币的兴趣的最新打击。</blockquote> The Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.<blockquote>据一位知情人士透露，美国证券交易委员会要求至少一家资产管理公司不要推进杠杆比特币交易所交易基金的计划。</blockquote> The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the&nbsp;ProShares Bitcoin Strategy&nbsp;ETF, which was&nbsp;launched last week, the person said.<blockquote>该人士表示，美国证券交易委员会表示，希望将新的比特币相关产品限制在那些提供无杠杆比特币期货合约敞口的产品，例如上周推出的ProShares比特币策略ETF。</blockquote> The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.<blockquote>这一决定是资产管理行业通过推出新产品来利用投资者对加密货币的兴趣的最新挑战。监管机构一直在限制产品发布，以限制投资者接触他们认为容易受到欺诈、操纵和其他风险的产品。</blockquote> Valkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.<blockquote>Valkyrie Investments周二提议推出一只基金，试图通过使用1.25倍杠杆或借入资金来放大比特币衍生品投资组合（包括期货合约和期权）的每日回报。知情人士补充说，瓦尔基里被要求撤回其提案。截至周三下午，瓦尔基里的申请仍然有效。</blockquote> Later the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.<blockquote>当天晚些时候，Direxion提交了ETF计划，旨在让投资者有效地做空ProShares ETF使用的比特币期货合约。Direxion拒绝置评。</blockquote> Under rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.<blockquote>根据管理ETF提案的规则，SEC有75天的时间来审查基金申请。假设监管机构没有异议，基金募集文件在该期间结束时被视为有效。在某些情况下，美国证券交易委员会可以要求基金经理撤回申请，但基金经理没有义务这样做。</blockquote> Such requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.<blockquote>证券律师表示，美国证券交易委员会的此类要求被视为一种礼貌。但如果企业想迫使监管机构做出决定，他们可以继续前进。</blockquote> The firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.<blockquote>这些公司一直在寻求推出能够满足投资者对近年来强劲升值且波动性众所周知的资产类别的浓厚兴趣的基金。许多分析师警告称，此类产品不适合缺乏经验的投资者，并指出多年来与波动性和大宗商品相关的交易所交易产品发生了一系列崩溃。</blockquote> “This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”<blockquote>晨星公司(Morningstar)分析师本·约翰逊(Ben Johnson)表示：“SEC长期以来一直对这款产品感到后悔。”他指出了SEC在杠杆ETF方面时断时续的问题。“这些产品往往会因为各种错误的原因而受到相当多的关注。”</blockquote> Several volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.<blockquote>2018年，当交易突然变得暴力时，几只与波动性挂钩的杠杆ETF遭受了重大损失，损失了数十亿美元的投资者资产。去年，当Covid-19使能源市场陷入混乱时，杠杆产品也受到了沉重打击。SEC去年的回应是对这些产品可以使用的杠杆程度施加限制，SEC主席加里·詹斯勒(Gary Gensler)表示，这些担忧仍然是该机构思考的首要问题。</blockquote> These ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.<blockquote>詹斯勒本月早些时候表示，这些ETF“甚至会给经验丰富的投资者带来风险，并且在市场经历波动或压力条件时以意想不到的方式运作，可能会造成系统性风险”。</blockquote> At the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.<blockquote>与此同时，该机构向更多营销此类基金的公司敞开了大门。最近，美国证券交易委员会本月早些时候批准了两只新的ETF，允许投资者对芝加哥期权交易所波动率指数（VIX）的期货合约进行杠杆或反向押注。</blockquote> There appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.<blockquote>至少在一段时间内，企业似乎还有向比特币期货基金施加杠杆的空间。VanEck为其比特币策略ETF提交的最新监管文件称，它可以选择将比特币期货敞口增加至该基金资产的125%，从而有效利用该基金，该基金最早可能于本周推出。这与瓦尔基里的基金不同，后者提议对其持有的比特币衍生品保持恒定的杠杆。</blockquote> Asset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.<blockquote>两周前ProShares推出ProShares比特币策略ETF后，资产管理公司正试图进一步利用投资者对加密货币的渴望。该基金仅在两天内就筹集了10亿美元，比之前任何ETF都要快。</blockquote> The fund’s gains have raised questions as to whether the bitcoin futures market is&nbsp;big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.<blockquote>该基金的收益引发了人们的疑问，即比特币期货市场是否足够大，足以维持所有这些基金。ProShares已经拥有约五分之一的10月比特币期货合约和三分之一的11月期货合约，这使得该基金很容易成为交易者的目标，这些交易者寻求利用该基金在近期期货中持有大量头寸并经常将其滚动到下个月以维持持续的风险敞口。</blockquote> Concerns around market capacity led&nbsp;Invesco&nbsp;Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.<blockquote>知情人士此前告诉《华尔街日报》，对市场容量的担忧导致美国最大的ETF发行人之一景顺有限公司推迟了其比特币期货ETF的推出。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.wsj.com/articles/sec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934?mod=hp_lista_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179965179","content_text":"Regulator has signaled it will allow only unleveraged funds tied to the cryptocurrency, at least for now\nThe SEC’s decision is the latest blow to the asset-management industry’s efforts to cash in on investor interest in cryptocurrencies including bitcoin by launching new products.\nThe Securities and Exchange Commission asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter.\nThe SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the ProShares Bitcoin Strategy ETF, which was launched last week, the person said.\nThe decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products. Regulators have been curtailing product launches in a bid to limit investor exposure to offerings that they deem vulnerable to fraud, manipulation and other risks.\nValkyrie Investments on Tuesday proposed to launch a fund that sought to amplify the daily returns of a portfolio of bitcoin derivatives, including futures contracts and options, by using 1.25 times leverage, or borrowed money. Valkyrie was asked to pull its proposal, added the person familiar with the discussions. As of Wednesday afternoon, Valkyrie’s filing remained effective.\nLater the same day, Direxion filed plans for an ETF that aimed to allow investors to effectively bet against the bitcoin futures contracts used by the ProShares ETF. Direxion declined to comment.\nUnder rules governing ETF proposals, the SEC has 75 days to review fund applications. Assuming there are no objections from the regulator, fund offering papers are considered effective at the end of that period. The SEC can ask fund managers to withdraw filings in certain instances, but the managers aren’t obligated to do so.\nSuch requests by the SEC are considered a courtesy, securities attorneys said. But firms can press on if they want to force the regulator to make a decision.\nThe firms have sought to launch funds that could serve the significant investor interest in an asset class that has appreciated strongly in recent years and is notoriously volatile. Many analysts have warned that these sorts of products aren’t suitable for inexperienced investors, pointing to a series of meltdowns over the years involving exchange-traded products tied to volatility and commodities.\n“This is a product the SEC has long had a case of approver’s remorse around,” said Ben Johnson, an analyst at Morningstar, pointing to the SEC’s on-again, off-again problems with leveraged ETFs. “These products tend to get quite a lot of attention for all the wrong reasons.”\nSeveral volatility-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turned violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tailspin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.\nThese ETFs “can pose risks even to sophisticated investors, and can potentially create systemwide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” Mr. Gensler said earlier this month.\nAt the same time, the agency opened the door to more firms marketing such funds. More recently, the SEC earlier this month greenlighted two new ETFs that let investors make leveraged or inverse bets on futures contracts on the Cboe Volatility Index, or VIX.\nThere appears to be room for firms to apply leverage to bitcoin futures funds at least for some time. VanEck’s most recent regulatory filing for its Bitcoin Strategy ETF says it has the option to boost exposure to bitcoin futures to as much as 125% of the fund’s assets, effectively leveraging the fund, which could launch as soon as this week. That differs from Valkyrie’s fund, which proposed maintaining constant leverage on its bitcoin derivatives holdings.\nAsset managers are trying to capitalize further on investors’ thirst for crypto in the wake of ProShares launching the ProShares Bitcoin Strategy ETF two weeks earlier. That fund raised $1 billion in just two days, faster than any ETF before.\nThe fund’s gains have raised questions as to whether the bitcoin futures market is big enough to sustain all of these funds. Already, ProShares owns about one-fifth of all October bitcoin futures contracts and one-third of November’s, making the fund an easy target for traders who seek to exploit the fund’s need to take large positions in near-term futures and frequently roll them into the following month to maintain ongoing exposure.\nConcerns around market capacity led Invesco Ltd., one of the biggest issuers of ETFs in the country, to delay the launch of its bitcoin futures ETF, people familiar with the matter previously told The Wall Street Journal.","news_type":1,"symbols_score_info":{"GBTC":0.9,"MBTmain":0.9,"BTCmain":0.9,"XBTmain":0.9,"BITO":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6350839,"gmtCreate":1635379302517,"gmtModify":1635379302564,"authorId":3578969648963961,"author":{"id":3578969648963961,"idStr":"3578969648963961","authorId":3578969648963961,"name":"Boo2bear","avatar":"https://static.tigerbbs.com/209ae746c8124fe2d5f79aee784d2fcc","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855226173,"type":1,"supId":0,"prevId":0,"content":"Done. Pls like back.","text":"Done. Pls like back.","html":"Done. Pls like back."}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":103,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1179965179","isCrawlerRequest":true}