Investment firms ARK Invest and 21Shares have teamed up to apply for two ethereum futures exchange-traded funds following reports last week that U.S. securities regulators may begin approving applications soon.
The two proposed ethereum futures ETFs are the “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY), according to SEC filing Aug. 24.
ARKZ will invest at least 25 percent of its total assets in cash-settled ethereum futures contracts, such as those traded on the Chicago Mercantile Exchange (CME), the filing said.
ARKY, on the other hand, will contain Bitcoin and Ethereum futures contracts.
Empowered Funds has been appointed as the investment advisor for these two Ethereum products.
related: BlackRock Files for Spot Bitcoin ETF – If Approved, It Would Be a First in the U.S.
Ark Invest and 21Shares are teaming up for the first time in 2021 to launch a spot bitcoin ETF.
The SEC rejected the first two attempts in March and January 2022. Its latest application for a bitcoin spot ETF was filed in April, about two months before the $10 trillion BlackRock filed.
However, the SEC has recently flagged many bitcoin spot ETF applications as inadequate, prompting ARK 21Shares and other applicants to add surveillance sharing agreements to their applications.
Investment firms are also awaiting results from the Ark 21Shares Active Bitcoin Futures ETF (ARKA) and Ark 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC),
Magazine: Father of DeFi, Hall of Flame: Ethereum is “seriously undervalued”, but it is getting stronger and stronger
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