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Leading investment firm in disruptive innovation ARK Invest has taken a strategic step by filing for two new exchange-traded funds (ETFs) centered around Ethereum futures contracts. This decision comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) postponement of its verdict on the ARK 21Shares Spot Bitcoin ETF application.
We have two more filings for ETFs with Ethereum Futures. This pair is from the @ARKInvest/@21Shares partnership. One will be just ETH futures. The other will be both #Bitcoin& Ethereum futures.
h/t @NateGeraci pic.twitter.com/mgS9QzCdPX— James Seyffart (@JSeyff) August 24, 2023
The duo of fresh ETFs, named ARK 21Shares Active Ethereum Futures ETF (ARKZ) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY), will primarily channel investments into cash-settled futures contracts traded within regulated commodity exchanges, including the esteemed Chicago Mercantile Exchange (CME). It is noteworthy that these funds will not entail direct exposure to the prevailing Ethereum or Bitcoin spot prices.
The ARK Invest New ETF Filings
ARKZ stands singularly focused on Ethereum futures contracts, while ARKY will embrace a dual approach, investing in both Bitcoin and Ethereum futures contracts. The residual assets in these funds will be prudently allocated to cash alternatives such as U.S. Treasury securities, money market instruments, and repurchase agreements.
This dynamic maneuver is made possible through the collaborative efforts of ARK Invest and 21Shares, a Swiss-based entity specializing in crypto ETPs (exchange-traded products). Both entities will play pivotal roles as sub-advisers and sub-sub-advisers for these two novel funds. Their previous endeavors in applying for spot Bitcoin ETFs have not yet secured SEC approval.
SEC Continues to Hinder Progress for Spot Crypto ETFs
The SEC’s hesitancy to green-light spot crypto ETFs has stemmed from concerns over market integrity, fraud prevention, and safeguarding investor interests. Conversely, the regulatory body has exhibited a more receptive attitude toward crypto futures ETFs due to their tighter oversight and CFTC-backed regulation.
This strategic move by ARK Invest and 21Shares aligns them with a growing cohort of firms, including VanEck, ProShares, Invesco, and Valkyrie, all vying to introduce crypto futures ETFs within the U.S. market. Should these proposals gain approval, they would offer investors a secure, well-regulated avenue to tap into the rapidly expanding crypto landscape.
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