The United States Securities and Exchange Commission (SEC) has started reviewing a spot Ether exchange-traded fund application from asset manager ProShares, about three weeks after approving eight similar investment vehicles.

On June 10, the SEC filed that the New York Stock Exchange (NYSE) Arca submitted a rule change proposal to list and trade shares of the ProShares Ethereum ETF. The Securities and Exchange Commission (SEC) is seeking public comments for 21 days after the publication in the Federal Register. The SEC will then have 45 days to approve, disapprove, or extend the decision timeline for the ETF application.

In a May 23 filing, the SEC approved the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise — to list and trade spot Ether ETFs on U.S. exchanges for the first time. ETF issuers must obtain final approval from the SEC for their S-1 registration statements before they can begin trading. This process is expected to be finalized by July.

ETF analyst James Seyffart doubts that ProShares' ETF will launch on the same day as the ETFs that received initial approvals in May. “Instinct initially says [the ProShares ETF] won’t launch on day 1 with the other ETFs whenever that is but who knows,” wrote Seyffart in a June 10 X post. “This is interesting.”

ProShares did not apply for a Bitcoin spot ETF, but it offers a Bitcoin futures ETF called BITO on NYSE Arca. In October 2023, ProShares became one of the first asset managers to receive SEC approval to list and trade shares of an investment vehicle linked to ETH futures.

Initial approval for ProShares' spot Ether ETF offering is not yet confirmed. The SEC filing only means the commission is considering the application.