Ark Invest and 21shares have applied with the Securities and Exchange Commission for a spot ether ETF, according to a filing dated Sept. 6.
Dubbed the the ARK 21Shares Ethereum ETF, the fund would provide direct exposure to ether and trade on the Cboe BZX Exchange using the CME CF Ether-Dollar Reference Rate – New York Variant.
According to the filing, 21Shares is the sponsor of the trust, Delaware Trust Company is the trustee, and Coinbase Custody Trust Company is the custodian. ARK Investment Management is theEther investing "The Trust will not invest in derivatives," the asset managers said."The Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to invest in ether without purchasing, holding and trading ether directly."
The proposed ETF will still need formal approval from the SEC, which has yet to greenlight a spot crypto fund. Last month, it© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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