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The proposed fund, known as the ARK 21Shares Ethereum ETF, would be the first physically backed ETF in the U.S. that <a href="https://financefeeds.com/cme-group-to-launch-apac-specific-reference-rates-for-bitcoin-and-ether/" rel="noopener noreferrer nofollow">tracks Ether</a>. The ETF, if approved, would trade under the ticker symbol ARKE. The fund would store its assets with Coinbase Custody Trust Company, the filing shows. 
ProShares and Bitwise also jointly filed applications with the SEC for exchange-traded funds (ETFs) that aim to provide exposure to both bitcoin (BTC) and ether (ETH). ProShares’ filing outlines the objective of its ETF, named the Bitcoin and Ether Equal Weight Strategy ETF, which seeks to achieve investment results that track the performance of the Bitcoin and Ether Equal Weight Index before fees and expenses. 
This move follows several applications for a spot bitcoin ETF, which were all recently delayed by the SEC. Additionally, a decision on the first futures-based ether ETF is expected from the SEC by mid-October. The industry is likely to push for more crypto ETFs following <a href="https://financefeeds.com/us-court-rules-in-favor-of-grayscale-bitcoin-etf-against-sec/" rel="noopener noreferrer nofollow">Grayscale's recent court victory</a> against the SEC, according to a report by broker Bernstein. 
The new deadline to review Cathie Wood-led Ark Investment Management’s (ARK) spot&nbsp;<a href="https://financefeeds.com/proshares-bitwise-file-bitcoin-and-ether-etfs/" rel="noopener noreferrer nofollow">bitcoin exchange-traded fund (ETF)</a>&nbsp;has been shifted from 13 August by several weeks to potentially months. Per an official document published by the SEC, the agency needs more time to further review the proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange. 
The regulatory body said in an extension notice that it has a total of 240 days to make a final decision on an application after it starts&nbsp;<a href="https://financefeeds.com/sec-to-approve-of-deny-cathie-woods-bitcoin-etf-tomorrow/" rel="noopener noreferrer nofollow">reviewing the proposal</a>, the SEC disclosure indicates. 
Cathie Wood’s ARK Investment Management and 21Shares amended its application back in May after the securities regulator rejected their proposal for an ETF that would invest directly in bitcoin. As part of the changes, the Switzerland-based investment-products issuer said its product would use US Bank as a qualified custodian, hoping such a tweak will win its bitcoin exchange-traded fund application the SEC’s blessing.

Cathie Wood files for spot Ether exchange-traded fund

FinanceFeeds

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