ARK Invest and 21Shares, two investment firms, have joined forces to submit applications for two Ethereum futures exchange-traded funds (ETFs). This move comes after reports emerged last week suggesting that the United States Securities and Exchange Commission (SEC) could soon approve such applications.
The proposed ETFs are named “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY), as mentioned in a filing to the SEC on August 24.
The filing explains that ARKZ will allocate at least 25% of its total assets in cash-settled Ethereum futures contracts, like those traded on the Chicago Mercantile Exchange (CME).
On the other hand, ARKY will consist of both Bitcoin and Ethereum futures contracts.
Empowered Funds has been assigned as the investment advisor for both of these Ethereum products.
ARK Invest and 21Shares previously collaborated to launch a spot Bitcoin ETF in 2021.
In March 2022 and January, the SEC rejected their first two attempts. Their most recent Bitcoin spot ETF application was filed in April, approximately two months before BlackRock, a $10 trillion firm, submitted its own application.
However, many of the Bitcoin spot ETF applications were recently deemed inadequate by the SEC, prompting ARK 21Shares and other applicants to include a surveillance sharing agreement in their applications.
At the moment, the investment firms are also waiting for the outcomes of Ark 21Shares Active Bitcoin Futures ETF (ARKA) and Ark 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC).
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