In response to recent reports suggesting that the SEC may soon approve Ethereum ETF applications, investment firms ARK Invest and 21Shares have joined forces to apply for two Ethereum futures exchange-traded funds. The proposed ETFs are named “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY). ARKZ will invest a minimum of 25% of its total assets in cash-settled Ethereum futures contracts, while ARKY will consist of both Bitcoin and Ethereum futures contracts. Empowered Funds has been assigned as the investment advisor for these two Ethereum products. This collaboration follows the partnership between ARK Invest and 21Shares to launch a spot Bitcoin ETF earlier this year, which faced rejections from the SEC. The investment firms are also awaiting the outcomes of other Bitcoin-related ETF applications.
Summary:
– ARK Invest and 21Shares have applied for two Ethereum futures exchange-traded funds (ETFs) following reports of potential SEC approval for Ethereum ETF applications.
– The proposed ETFs are named ARKZ and ARKY, with ARKZ focusing on cash-settled Ethereum futures contracts and ARKY including both Bitcoin and Ethereum futures contracts.
– Empowered Funds will serve as the investment advisor for these ETFs.
– This collaboration follows the partnership between ARK Invest and 21Shares to launch a spot Bitcoin ETF, which faced rejections from the SEC.
– The investment firms are also awaiting the outcomes of other Bitcoin-related ETF applications.