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

According to the filing, Coinbase Credit will serve as the company’s trade credit lender, allowing it to borrow Ethereum (ETH) and cash for certain transactions that exceed its trading balance.

Bank of New York Mellon will serve as transfer agent, processing purchase and redemption orders and maintaining fund ownership records.

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

The filing allows for changes to each role, including an initial two-year term for BNY Mellon’s administrator role with annual renewals.

ProShares can also add or terminate ETH custodians, cash custodians, and prime execution agents at any time. Additionally, Coinbase has the option to resign from its role as cash custodian.

Some applications from other firms allow for comparable, but not identical, changes among participants.

The SEC has acknowledged NYSE Arca’s proposed rule change on behalf of ProShares. If approved, the change will allow the exchange to list and trade shares of the fund.

The SEC has not yet approved the proposed rule change concerning ProShares’ fund. Based on market projections, the decision is expected to take weeks to months. However, as of press time, there is no clear timeline for the approvals and launch.

Bloomberg ETF analyst James Seyffart said the fund may not launch alongside competing spot ETH ETFs, which began to seek approval at an earlier date.

The SEC approved the eight competing spot Ethereum ETF applications’ rule changes on May 23. It has yet to approve each fund’s corresponding S-1 registrations, which will allow issuers to launch the funds.

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