ProShares recently filed an S-1 registration statement for its spot Ethereum ETF, confirming and expanding on various fund participants’ roles. According to the filing, Coinbase Credit will serve as the company’s trade credit lender, while Bank of New York Mellon will serve as the transfer agent. Other roles include BNY Mellon as administrator and cash custodian, Coinbase Custody as Ethereum custodian, and ProShare Capital Management as the sponsor. Changes to each role can be made, with an initial two-year term for BNY Mellon’s administrator role and the ability to adjust ETH custodians, cash custodians, and prime execution agents. S-1 follows 19b-4 rule change, with the SEC acknowledging NYSE Arca’s proposed rule change for ProShares. Approval is expected to take weeks to months, with no clear timeline yet.
The ProShares spot Ethereum ETF filing allows for flexibility in changing the roles of fund participants, with Coinbase Credit serving as the trade credit lender and Bank of New York Mellon as the transfer agent. BNY Mellon also plays the role of administrator and cash custodian, with Coinbase Custody as the Ethereum custodian and ProShare Capital Management as the sponsor. Changes can be made to each role, with an initial two-year term for BNY Mellon’s administrator role and the ability to add or terminate ETH custodians, cash custodians, and prime execution agents. The SEC has acknowledged NYSE Arca’s proposed rule change for ProShares, with approval expected in weeks to months.
The ProShares spot Ethereum ETF filing follows the 19b-4 rule change, allowing for flexibility in changing the roles of various fund participants. Key players include Coinbase Credit as the trade credit lender, Bank of New York Mellon as the transfer agent, BNY Mellon as the administrator and cash custodian, Coinbase Custody as the Ethereum custodian, and ProShare Capital Management as the sponsor. Changes can be made to each role, with an initial two-year term for BNY Mellon’s administrator role and the ability to adjust ETH custodians, cash custodians, and prime execution agents. The SEC has acknowledged NYSE Arca’s proposed rule change for ProShares, with approval expected in weeks to months.
The flexibility in changing fund participants’ roles in the ProShares spot Ethereum ETF filing allows for adaptability in the evolving market. Key players such as Coinbase Credit, Bank of New York Mellon, BNY Mellon, Coinbase Custody, and ProShare Capital Management each play important roles in the fund. Changes can be made to each role, with an initial two-year term for BNY Mellon’s administrator role and the ability to add or terminate ETH custodians, cash custodians, and prime execution agents. The SEC has acknowledged NYSE Arca’s proposed rule change for ProShares, with approval expected in weeks to months.
The ProShares spot Ethereum ETF filing provides insight into the roles of various fund participants and their flexibility to adapt to market changes. Key players include Coinbase Credit, Bank of New York Mellon, BNY Mellon, Coinbase Custody, and ProShare Capital Management, each playing integral roles in the fund. Changes can be made to each role, with an initial two-year term for BNY Mellon’s administrator role and the ability to adjust ETH custodians, cash custodians, and prime execution agents. The SEC has acknowledged NYSE Arca’s proposed rule change for ProShares, with approval expected in weeks to months.
In conclusion, the ProShares spot Ethereum ETF filing highlights the roles of various fund participants and their flexibility to adapt to changing market conditions. Key players such as Coinbase Credit, Bank of New York Mellon, BNY Mellon, Coinbase Custody, and ProShare Capital Management play crucial roles in the fund. Changes can be made to each role, with an initial two-year term for BNY Mellon’s administrator role and the ability to add or terminate ETH custodians, cash custodians, and prime execution agents. The SEC has acknowledged NYSE Arca’s proposed rule change for ProShares, with approval expected in weeks to months.
