ARK Invest and 21Shares join forces for crypto ETFs
ARK Invest and 21Shares have jointly applied for two futures exchange-traded fund (ETF) products involving ether (ETH) and bitcoin (BTC). The applications lodged with the Securities and Exchange Commission (SEC) by Empowered Funds, the investment advisor for the products, on Aug. 24 detail two ETFs: the ARK 21Shares Active Ethereum Futures ETF (ARKZ) the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). Unlike direct investment in digital assets or spot products, these ETFs will focus on cash-settled futures contracts traded on registered commodity exchanges like the Chicago Mercantile Exchange (CME). According to the filing, ARKZ will allocate at least 25% of its investments to ether futures products related to the ETH cryptocurrency. The remaining funds will be distributed among US Treasuries, money market instruments, and repurchase agreements. ARKY will follow a similar pattern, investing at least 25% in ether and bitcoin futures products, with the rest going to c...