[spinchange]

Yes, ETFs and Mutual funds are both registered securities. They are regulated instruments/investments. They could not be sold, legally, if they were not registered with the SEC (it doesn't have anything to do, specifically, with being traded on stock exchange- a security can be non traded too)

The parent comment is pointing out that this looks like it meets the same definition as those other things and needs to follow the same laws, no matter how much people like it, want it, think it's better than what's it's "replacing"