The US Securities and Exchange Commission (SEC) acknowledged a proposed rule change for ProShares Ethereum ETF and approved Ark Invest’s You can exit the page by clicking here. 21 Shares’ Applicable June 10.
The agency’s notice on ProShares recognizes but does not approve the proposed rule change.
SEC can delay the decision up to 90 calendar days. At that point, the agency must approve, disapprove, or institute additional proceedings to determine the applications’ outcomes.
The timeline could extend ProShares’ launch date beyond its competitors’ launch date. Bloomberg ETF analyst James Seyffart The timing of the comment is important. stating:
“Instinct initially says this [won’t] launch on day 1 with the other ETFs whenever that is but who knows.”
NYSE Arca aims to list and trade shares of ProShares’ fund.
The 21Shares brand can be continued without the ARK
The SEC affirmed that 21Shares’ proposed fund could proceed with Ark Invest absent from the fund’s title and free from its sub-adviser role.
It waived the usual 30 day operative delay and made the changes effective immediately upon filing. This change was allowed to be made immediately as the changes do not have a significant impact on investor protection, nor does it burden the competition.
Ark and 21Shares announced that they will part ways with the fund by May 31. In an statement Bloomberg ETF Analyst Erich BalchunasArk said that “will not be moving forward” but gave no reason apparent for its departure. The company is still involved with the Bitcoin ETF on spot. ARKB.
There are no ETFs that track spot ETH.
The SEC has approved the 19b-4 rules for eight ETFs that track spot Ethereum. May 23, the agency has yet to approve applicants’ S-1 registration statements.
As a result, neither the applicant nor the ETFs have launched these products.
Balchunas is confident that the applications will launch by the end of JuneThe. “over-under”Date of the 4th July
JP Morgan expects the fund to begin trading in November.
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