Source: Blockchain Knight
The Securities and Exchange Commission (SEC) has acknowledged the proposed rule change for the ProShares Ethereum ETF, and on June 10th, approved Ark Invest’s withdrawal from 21 Shares.
The SEC’s notice regarding ProShares indicates that while they acknowledge the proposed rule change, they have not yet approved it.
According to the SEC, they must take action within 45 days of the proposal being published, or they may choose to extend it to 90 days. At that time, the agency must approve, disapprove, or initiate additional procedures to determine the application’s outcome.
This timetable could potentially delay the launch of ProShares beyond the launch date of its competitors.
Bloomberg ETF analyst James Seyffart commented, “Instinct initially stated that this ETF would not launch on the same day as other ETFs, but who knows.”
The goal of the New York Stock Exchange Arca is to list and trade the shares of the ProShares fund.
The SEC has confirmed that the proposed fund by 21Shares can continue to operate without Ark Invest serving as the fund’s name and sub-advisor.
The agency waived the typical 30-day operational delay, allowing the changes to take effect on the submission date. This allows for immediate changes, as it does not significantly impact investor protection or burden competition.
Ark and 21Shares revealed that they parted ways on May 31st regarding the fund.
In a statement to Bloomberg ETF analyst Erich Balchunas, Ark stated that they “will not move forward” with the Ethereum ETF, without providing a clear reason for the withdrawal. Currently, the company is still involved in the ARKB spot BTC ETF.
Despite the SEC approving rule changes for eight spot ETH ETFs on May 23rd, the agency has not yet approved the applicants’ S-1 registration statements.
As a result, the applicants have not launched their products for trading, and there is no clear launch date for the various spot Ethereum ETFs.
Balchunas believes that these applications may launch by the end of June, with an “over-under” date of July 4th. JPMorgan Chase predicts that these funds will start trading in November.
