ARK Invest and 21Shares Partner to Seek Approval for Ethereum Futures ETFs
Summary:
ARK Invest and 21Shares have partnered to apply for two Ethereum futures exchange-traded funds (ETFs). The proposed ETFs are called "ARK 21Shares Active Ethereum Futures ETF" (ARKZ) and "ARK 21Shares Active Bitcoin Ethereum Strategy ETF" (ARKY). ARKZ will invest in cash-settled Ethereum futures contracts, while ARKY will include both Bitcoin and Ethereum futures contracts. Empowered Funds will act as the investment advisor for these ETFs. This collaboration follows the firms' previous attempts to launch a spot Bitcoin ETF. They are also awaiting the outcomes of two other Bitcoin-related ETF applications.
ARK Invest and 21Shares have joined forces to seek approval for two Ethereum futures exchange-traded funds (ETFs), following reports of potential regulatory approval for such applications in the United States. The first proposed ETF is called "ARK 21Shares Active Ethereum Futures ETF" (ARKZ), while the second is named "ARK 21Shares Active Bitcoin Ethereum Strategy ETF" (ARKY). The filing to the Securities and Exchange Commission (SEC) on August 24 reveals that ARKZ will allocate a minimum of 25% of its assets to cash-settled Ethereum futures contracts, similar to those available on the Chicago Mercantile Exchange (CME). Additionally, ARK 21Shares has filed two more ETF applications for Bitcoin/Ethereum with the SEC. The two Ethereum products will be managed by Empowered Funds, which has been appointed as the investment advisor. This collaboration between ARK Invest and 21Shares follows their joint efforts to launch a spot Bitcoin ETF in 2021. However, their previous attempts in March 2022 and January were rejected by the SEC. In April, they filed another spot Bitcoin ETF application, which is still pending approval. In response to the SEC's labeling of many Bitcoin spot ETF applications as inadequate, ARK 21Shares and other applicants have included a surveillance sharing agreement with their submissions. In addition to the Ethereum ETFs, the investment firms are also awaiting the outcomes of ARK 21Shares Active Bitcoin Futures ETF (ARKA) and ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC).
Published At
8/24/2023 11:45:22 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.