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

Regarding the ProShares ETF, the SEC noted the proposed rule change but has not yet approved it. The SEC is required to take action on the proposal within 45 days of publication, with the possibility of extending this period up to 90 days. Following this timeframe, the SEC must either approve, disapprove, or initiate further proceedings regarding the ETF's fate.

This timeline may delay ProShares’ launch beyond that of its competitors. Bloomberg ETF analyst James Seyffart commented on the uncertainty of the launch timing, suggesting it might not debut concurrently with other ETFs.

NYSE Arca is planning to list and trade shares of the ProShares fund.

Regarding the 21Shares ETF, the SEC confirmed that the fund can proceed without Ark Invest’s involvement in its name or as its sub-adviser. The SEC waived its typical 30-day waiting period, allowing the change to take effect immediately upon filing, citing no significant impact on investor protection or market competition.

Ark Invest announced its withdrawal from the Ethereum ETF on May 31 without providing specific reasons, though it remains engaged with the spot Bitcoin ETF ARKB.

While the SEC approved 19b-4 rule changes for eight spot Ethereum ETFs on May 23, it has not yet approved their S-1 registration statements. Consequently, these ETFs have not commenced trading, and no definitive launch date has been set.

Erich Balchunas from Bloomberg anticipates the ETFs could potentially launch by late June, with an estimated timeframe possibly extending to July 4. JP Morgan anticipates trading to begin by November.