ARK Invest and 21Shares discuss cash creation and redemption process in revised filing for their spot Ethereum ETF

ARK Invest and 21Shares discussed the cash creation and redemption process in the latest Ethereum ETF document, stating: "Authorized participants will only deliver cash to create shares and only receive cash when redeeming shares." The updated document also includes a new pledge section. The document shows that the sponsor may pledge part of the trust's assets through one or more trusted pledge providers, and typically hopes to pledge Ethereum from the trust's cold storage balance. Considering any pledge activity that the trust may participate in, the trust will receive a certain Ethereum pledge reward, which may be considered as the trust's income.