Swaps are financial instruments in which two parties exchange the benefits of securities that they own. Futures are agreements to buy or sell assets at a set price and date, and often are bought as a bet on price fluctuations and sold before the delivery date. Options give their buyers the right to buy or sell a security at a set price, without the obligation to do so.
Mutual funds have protested, saying that the proposed change will subject them to two sets of sometimes contradictory rules.
Altegris' Osborne said he's in favor of more disclosure and more regulation of managed-futures mutual funds.
"We are in 100 percent support as the SEC and the CFTC seek to harmonize their rules," Osborne said.