ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 11, detailing the roles of various participants involved.

According to the filing, Coinbase Credit will act as the trade credit lender, providing Ethereum (ETH) and cash for transactions exceeding the fund’s trading balance. Bank of New York Mellon will serve as the transfer agent, handling purchase and redemption orders and maintaining ownership records.

Other roles outlined in the filing include BNY Mellon as administrator and cash custodian, Coinbase Custody as Ethereum custodian, Coinbase Inc. as prime execution agent, Delaware Trust Company as trustee, and ProShare Capital Management as sponsor. These roles are subject to change, with BNY Mellon’s administrator role initially set for a two-year term with annual renewals. ProShares can modify or terminate roles such as ETH custodians, cash custodians, and prime execution agents at any time, and Coinbase can resign as cash custodian.

The SEC has acknowledged NYSE Arca’s proposed rule change to list and trade shares of the ProShares fund, but it has not yet approved it. Approval could take weeks to months, with no clear timeline. Bloomberg ETF analyst James Seyffart noted that ProShares' fund might not launch alongside competing spot ETH ETFs, whose rule changes were approved on May 23. The SEC has yet to approve the corresponding S-1 registrations for these competing funds, necessary for their launch.