According to PANews, the latest Ethereum spot ETF application submitted by ARK Invest and 21Shares no longer includes pledge. Pledge was mentioned in previous application documents, stating that issuers can sometimes pledge part of the trust assets through one or more trusted pledge providers. However, this wording has been deleted in the recently updated documents. Eric Balchunas, senior ETF analyst at Bloomberg, said that this move may be a desperate move or an attempt to give the SEC one less reason to reject it.