Golden Finance reported that Bloomberg ETF analyst James Seyffart stated that recently, five funds listed on the CBOE submitted amended documents to the SEC, indicating that the regulator is actively communicating with the funds and making detailed adjustments, possibly paving the way for a physical creation and redemption mechanism. It is worth noting that this mechanism is only applicable to authorized participants (such as large Wall Street institutions and market makers), and ordinary investors cannot directly exchange ETF shares for Bitcoin or Ethereum spot assets.