The US Securities and Exchange Commission (SEC) acknowledged a proposed rule change for the ProShares Ethereum ETF and approved Ark Invest’s exit from 21Shares’ application on June 10.

The SEC's notice on ProShares acknowledges the proposed rule change without approving it. The SEC must act on the proposal within 45 days of publication, with the option to delay up to 90 days. At that point, the agency must approve, disapprove, or initiate further proceedings to determine the application’s outcome.

This timeline could delay ProShares’ launch compared to its competitors. Bloomberg ETF analyst James Seyffart commented that it might not launch simultaneously with other ETFs.

NYSE Arca plans to list and trade shares of ProShares’ fund.

21Shares continues without Ark

The SEC confirmed that 21Shares’ proposed fund could proceed without Ark Invest in the fund’s title or sub-adviser role. The usual 30-day operative delay was waived, allowing immediate change, as it doesn't significantly affect investor protection or competition.

Ark and 21Shares announced their separation on May 31. Ark stated it would not proceed with an Ethereum ETF, providing no specific reason, but remains involved in the spot Bitcoin ETF ARKB.

Spot ETH ETFs yet to launch

Despite the SEC approving rule changes for eight spot ETH ETFs on May 23, the agency has yet to approve the applicants’ S-1 registration statements. Consequently, these products have not been launched for trading, and there is no definite launch date.

Bloomberg’s Erich Balchunas speculates the applications could launch by the end of June, with an “over-under” date of July 4. JP Morgan predicts trading will begin by November.