Ethereum Futures ETF Applications Submitted by ARK, 21Shares
- ARK Invest and 21Shares filed an application with the SEC for two Ethereum futures ETFs.
- One of the ETFs is called the “ARK 21Shares Active Ethereum Futures ETF” (ARKZ).
- The second one is titled the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).
- Empowered Funds has been established as an investment advisor for the two crypto futures products.
Asset management firm ARK Invest and ETF issuer 21Shares have submitted applications to the United States Securities and Exchange Commission (SEC) for ETH futures exchange-traded funds (ETFs) in an attempt to gain the first mover advantage. Interestingly, a few applications have been pending approval with the regulator.
As per an August 24 filing submitted with the SEC, the two ETH futures ETFs are titled the “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY). The filing adds that the ARKZ ETF would invest at least 25% of its total assets in cash-settled Ethereum futures contracts, such as those traded on the Chicago Mercantile Exchange (CME).
On the other hand, the ARKY ETF will include both Bitcoin and Ethereum futures contracts. It is also crucial to note that Empowered Funds has been established as an investment advisor for the two crypto futures products. These ETFs will not invest directly in the underlying crypto asset but will provide indirect exposure to the digital asset.
More importantly, ARK Invest and 21Shares first announced their partnership to debut a spot Bitcoin ETF in 2021.
Interestingly, the SEC rejected their applications the first two times in March and January 2022, and the firm has once again submitted the application while including a surveillance sharing agreement (SSA) with the largest exchange in the United States, Coinbase. It is crucial to mention here that the largest asset management firm in the world, BlackRock, has also filed for spot Bitcoin ETF approval after an SSA with Coinbase.
As reported earlier by BitcoinWisdom, Valkyrie also filed an application with the United States SEC for an Ethereum futures ETF on August 16. The firm will purchase a number of ETH futures contracts and will not directly invest in the digital asset.
Additionally, 16 applications for Ethereum (ETH) or BTC-ETH ETFs have been filed with the regulator, and it is expected that all of them will be approved at the same time, as per a Wall Street Journal report.