The U.S. Securities and Exchange Commission (SEC) added a requirement for mutual funds

The U.S. Securities and Exchange Commission (SEC) added an application for exchange-traded funds (ETH) from asset manager ProShares nearly three weeks after approving eight of the investment vehicles.

In a filing dated June 10, the SEC said New York Stock Exchange (NYSE) Arca proposed a rule change that would allow it to list and trade shares of the ProShares Ethereum ETF. The commission said it would solicit public comment on the ETF application for 21 days after its publication in the Federal Register, giving the SEC 45 days to approve, disapprove or extend the deadline for its decision.

On May 23, the SEC formally approved 19b-4 filings from eight asset management companies that applied for the first time to list and trade Ethereum ETFs on U.S. exchanges. Final approval from the SEC requires signing S-1 registration statements for cash ETFs before they can officially begin trading – a process that could take months, but some experts expect that it occurs during the month of July.

“My first instinct is that (the ProShares ETF) won’t launch on day one with the other ETFs whenever that happens, but who knows,” ETF analyst James Seyvart said in an article in the June 10. “it’s interesting.”

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In October 2023, ProShares was one of the first asset management companies to receive approval from the SEC to list and trade shares of a spot investment vehicle linked to ETH futures. The company also offers the Bitcoin Strategy ETF on NYSE Arca under the symbol BITO.

It’s unclear whether the SEC will greenlight ProShares’ spot ETF offering after its initial approval. The filing suggested only that the committee would consider the request.

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