In response to the bleak prospects of today’s financial markets, a wave of financial and technological innovations emerges, bringing about potential benefits but also new challenges. For instance, tokenized securities are a new kind of blockchain-based asset enabling price stability, programmability, pseudonymity, and transaction efficiency, while also introducing new regulatory challenges and uncertainties. Conversely, index funds are an established investment device enabling broad diversification in a cost-effective, tax-efficient, and transparent way, while potentially also contributing to concentration of market power, intermediation cost, access barriers for underbanked or impoverished investors, increased market volatility, and human behavioral challenges. This paper conceptually develops Tokenized Index Funds as a hybrid approach that combines the benefits of tokenized securities and index funds while alleviating some of their drawbacks. Based thereupon, a corresponding multidisciplinary research framework is presented, with sample research questions along the activities of design and features, business and economics, management and organization, and law and regulation.

为应对当今金融市场的黯淡前景，一波金融和科技创新浪潮应运而生，在带来潜在收益的同时，也带来了新的挑战。例如，代币化证券是一种基于区块链的新型资产，可实现价格稳定性、可编程性、匿名性和交易效率，同时也带来了新的监管挑战和不确定性。相反，指数基金是一种成熟的投资工具，能够以具有成本效益、节税和透明的方式实现广泛的多元化，同时也可能导致市场力量集中、中介成本、银行存款不足或贫困投资者的准入障碍、市场波动加剧，以及人类行为挑战。本文从概念上将代币化指数基金开发为一种混合方法，它结合了代币化证券和指数基金的优点，同时减轻了它们的一些缺点。在此基础上，提出了相应的多学科研究框架，其中包括设计和特征、商业和经济、管理和组织以及法律和法规活动的样本研究问题。