Investment firms ARK Invest and 21Shares have teamed up to apply for two Ethereum futures exchange-traded funds after reports emerged last week that the United States securities regulator could soon begin approving applications.

The two proposed Ethereum futures ETFs are “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY), according to an Aug. 24 filing to the Securities and Exchange Commission.

The filing states that ARKZ would invest at least 25% of its total assets in cash-settled Ethereum futures contracts, such as those traded on the Chicago Mercantile Exchange (CME). 

ARKY, on the other hand, will consist of both Bitcoin and Ethereum futures contracts.

Empowered Funds has been assigned as investment advisor for the two Ethereum products.

Related: BlackRock applies for spot Bitcoin ETF — a US first if approved

Ark Invest and 21Shares first partnered to launch a spot Bitcoin ETF in 2021.

The SEC knocked back its first two attempts in March 2022 and in January. Its most recent Bitcoin spot ETF application was filed in April — about two months before $10 trillion firm BlackRock put in its own application.

However, the SEC recently labeled many of the Bitcoin spot ETF applications as inadequate, which prompted ARK 21Shares and other applicants to add in a surveillance sharing agreement to their applications.

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),

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