ARK Invest has filed for two proposed exchange-traded funds that would give investors futures-based exposure to the CoinDesk 20 Index. Both filings describe funds that would list on NYSE Arca and rely on cash-settled, regulated futures contracts to replicate the index’s daily performance, a structure that avoids direct custody of underlying digital assets. According to the filings, NYSE Arca had not yet submitted a 19b-4 rule-change filing with the U.S. Securities and Exchange Commission, a procedural step required to begin formal exchange-level review. None of the related ETF filings have received trading approval to date, and all details remain subject to regulatory review.
The first proposed ETF is structured to replicate the CoinDesk 20 Index exactly, providing diversified exposure to the set of cryptocurrencies that comprise that benchmark. The filings identify components of the CoinDesk 20, including bitcoin, ether, solana, XRP and cardano, as the primary reference assets underlying the index. By using cash-settled futures tied to the index, the fund would seek to mirror the index’s daily returns without taking physical positions in the tokens themselves. The structure is presented in the filings as a way to align with prevailing regulatory and market conventions for futures-based crypto products.
The second proposed ETF is designed to track the CoinDesk 20 while neutralizing bitcoin’s influence on returns by combining long positions in CoinDesk 20 index futures with short positions in bitcoin futures. The filings describe this pair of exposures as the mechanism to exclude bitcoin’s performance from the fund’s net return, effectively isolating other digital assets in the benchmark. Reporting on the filings notes that one of ARK’s proposals would also neutralize exposure to Bitcoin and Bitcoin Cash in its indexing approach, adding another layer to the exclusion strategy. The available sources do not provide finer-grained details about the exact futures contracts, margining arrangements, or how rebalancing would be handled day-to-day.
ARK frames both funds as relying on cash-settled, regulated futures contracts to replicate the index’s daily performance, which the filings state eliminates the need for the funds to hold and custody the underlying cryptocurrencies. That approach follows precedents set by other futures-based crypto ETFs and is intended to fit within the existing regulatory framework for derivatives-based funds. Industry reporting indicates these ARK filings were submitted to U.S. regulators in late January 2026, reflecting the firm’s continued push to broaden its product lineup in digital-asset investing. As of the filings, NYSE Arca had not yet filed the exchange-level 19b-4, so the formal exchange review process had not been initiated.
These filings come amid similar proposals from other issuers, including WisdomTree and ProShares, and follow ARK’s prior participation in spot bitcoin ETF activity. ARK’s statements in the submissions position this pair of funds as part of a broader effort to expand exposure to a wider spectrum of crypto-market returns through futures-based mechanisms. Because all elements of the filings remain under regulatory consideration, the timing, structure and ultimate approval of the proposed ETFs are subject to change based on SEC review and any subsequent exchange filings or comments.
