ARK Invest, the asset management firm led by Cathie Wood, has filed with U.S. regulators to launch two new cryptocurrency exchange-traded funds (ETFs) that would track the CoinDesk 20 — a benchmark of the most liquid digital assets, including bitcoin, ether, solana, XRP and cardano.

Rather than holding crypto directly, the proposed ETFs would rely on cash-settled, regulated futures contracts to mimic the index's daily performance.

While one fund will track the CoinDesk 20, the other will track that index, but exclude bitcoin by pairing long index futures with short bitcoin futures.

Both products are designed to give investors diversified access to crypto assets without the complexities of custody or direct token ownership. The funds would list on NYSE Arca, though the exchange has not yet submitted a 19b-4 form with the Securities and Exchange Commission (SEC), a key step in making the filings official and initiating the approval process.

The ARK filings follow similar efforts by asset managers WisdomTree and ProShares, who have also proposed crypto index ETFs using regulated futures. None of the filings have yet been approved for trading, leaving a gap in the market for diversified crypto exposure through ETFs.

While ARK has already made headlines with its involvement in spot bitcoin ETFs, these latest products signal a push toward broader coverage of the crypto market.