ARK Investment Management has filed a registration statement with the U.S. Securities and Exchange Commission for a new cryptocurrency exchange-traded fund benchmarked to the CoinDesk 20 Index, according to a Form S-1 filing dated Jan. 23. The proposed product, called the ARK CoinDesk 20 Crypto ETF, would offer broad exposure to major digital assets, led by Bitcoin, Ether, and XRP.
The filing shows the ETF is expected to list on NYSE Arca, subject to regulatory approval. ARK is listed as the sponsor and commodity pool operator, registered with the Commodity Futures Trading Commission. The filing marks another attempt by a major asset manager to expand regulated crypto investment products beyond single-asset Bitcoin and Ether funds.
ETF structure and investment approach
According to the prospectus, the ETF would not hold spot cryptocurrencies directly. Instead, it plans to gain exposure through CoinDesk 20 Index futures contracts, with remaining assets held in cash and short-term U.S. government securities. Those holdings would support margin requirements and liquidity management.
Because the fund tracks futures rather than spot markets, ARK said performance may differ from the prices of the underlying cryptocurrencies. Futures-based exposure can introduce tracking differences tied to contract roll costs, market structure, and pricing dynamics.
The filing states that CoinDesk 20 Index futures are listed on ICE Futures U.S., with final settlement based on CoinDesk’s benchmark reference rates. Those rates rely on volume-weighted pricing during a defined daily calculation window.
Index composition led by BTC, ETH, XRP
The CoinDesk 20 Index is weighted by market capitalization and liquidity, excluding stablecoins, memecoins, and certain other token categories. As of Dec. 31, the filing lists Bitcoin as the largest component at about 32%, followed by Ethereum near 21% and XRP at nearly 20%.
Solana and Cardano follow as smaller allocations, while the remaining constituents make up a limited share of the benchmark. The top five assets account for close to nine-tenths of the index weight, underscoring the dominance of large-cap cryptocurrencies within the structure.
ARK also disclosed that the index is rebalanced quarterly, allowing weights to adjust as market conditions and asset capitalizations change. In a related filing wave, ARK also registered an “ex-Bitcoin” version of the CoinDesk 20 ETF, which would exclude BTC while keeping exposure to other large-cap digital assets.
The filings come as U.S. regulators continue to review a growing pipeline of crypto-related ETFs, reflecting sustained institutional interest in diversified digital asset benchmarks.
Source: https://coinpaper.com/14014/ark-files-sec-registration-for-crypto-etf-benchmark-led-by-bitcoin-ether-xrp
