Ark Invest, in collaboration with 21shares, submitted a proposal to the Securities and Exchange Commission (SEC) for an Ethereum ETH/USD-based ETF, according to a filing on Sept. 6.

The proposed ETF, named ARK 21Shares Ethereum ETF, aims to offer investors direct access to Ethereum.

The ETF will be listed on the Cboe BZX Exchange, utilizing the CME CF Ether-Dollar Reference Rate-New York Variant for its operations.

This move, which is gaining traction in the financial world, will be a topic of discussion at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, emphasizing the evolving landscape of digital assets.

The filing further clarified the roles of the involved parties: 21Shares as the sponsor, Delaware Trust Company as the trustee and Coinbase Custody Trust Company handling custodial duties.

ARK Investment Management will act as the trust's sub-adviser and assist in promoting the shares.

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The asset managers stated, "The Trust will not invest in derivatives," emphasizing their belief the shares offer "a cost-effective and convenient way to invest in ether without purchasing, holding and trading ether directly."

The SEC's approval is still pending for this ETF.

It's worth noting the SEC has been cautious, having postponed decisions on several spot Bitcoin BTC/USD fund applications just last month.

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