SEC Asks About Permitting Innovative ETFs; Could Include Prediction Markets

研报英文原文证据摘录

SEC Asks About Permitting Innovative ETFs; Could Include Prediction Markets

TD Securities (USA) LLC POLICY NOTE

June 30, 2026

■WRG Financial Services SEC Asks About Permitting Innovative ETFs;

Could Include Prediction Markets

Jaret Seiberg THE TD COWEN INSIGHT

202 868 5313

The SEC today issued a request for comment on how it could change its rules to encourage

jaret.seiberg@tdsecurities.com

innovative ETFs. Though not a proposal, we see this leading to rule changes in 2027 to

encourage ETFs for event contracts in prediction markets, for crypto assets and for single-

stock strategies.

What Is Happening

The SEC today issued a 16-page request for comment on how it can facilitate ETF innovation.

Our View

We view this request for comment as leading, as soon as 2027, to the SEC permitting a

broader array of ETFs including those based on event contracts, crypto assets and single-

More Details

■This comment request is not a policy change. It is designed to build a record that could be

used to justify policy changes in the future that would permit ETFs focused on a broader

universe of assets.

■The focus is on SEC rule 6c-11 under the Investment Company Act, which permits ETFs that

meet certain conditions to operate without the need to obtain an exemptive order from the

SEC. The rule also ensures that ETF prices are closely tied to their net asset value. Under this

rule, ETF net assets have grown to $12 trillion today from $4 trillion in 2019 when the policy

was adopted.

■The SEC said it is acting in response to industry demand for ETFs with novel strategies or

innovative assets such as event contracts in prediction markets; crypto assets; commodity-

focused instruments; single-stock strategies; heightened leverage; blockchain-enabled

opportunities; and private assets.