ProShares filed an S-1 registration statement on June 11 for its spot Ethereum ETF, confirming and elaborating on the roles of various fund participants.

According to the filing, Coinbase Credit will act as the trade credit lender, enabling ProShares to borrow Ethereum (ETH) and cash for specific transactions that exceed its trading balance.

Bank of New York Mellon has been appointed as the transfer agent, responsible for processing purchase and redemption orders and maintaining ownership records of the fund.

The filing also specifies previously disclosed roles: BNY Mellon as administrator and cash custodian, Coinbase Custody as Ethereum custodian, Coinbase Inc. as prime execution agency, Delaware Trust Company as trustee, and ProShare Capital Management as sponsor.

The filing allows for modifications to these roles, including an initial two-year term for BNY Mellon's administrator role with annual renewals. ProShares retains the flexibility to add or remove ETH custodians, cash custodians, and prime execution agents at any time. Additionally, Coinbase has the option to resign from its role as cash custodian.

Similar flexibility among participants is allowed in applications from other firms, albeit with some variations.

The S-1 filing follows the SEC's acknowledgment of NYSE Arca's proposed rule change for ProShares. Approval of this change would permit the exchange to list and trade shares of the ETF. However, the SEC has not yet approved ProShares' specific fund proposal, and the decision timeline remains uncertain, ranging from weeks to months based on market expectations.

ETF analyst James Seyffart from Bloomberg noted that ProShares' fund may not launch concurrently with competing spot ETH ETFs, which initiated approval processes earlier. While the SEC approved rule changes for eight competing spot Ethereum ETF applications on May 23, the corresponding S-1 registrations for each fund are still pending approval, necessary for issuers to launch their ETFs.