The U.S. Securities and Exchange Commission (SEC) is currently reviewing an application from ProShares to establish an Ethereum (CRYPTO:ETH) exchange-traded fund (ETF).

Filed by the New York Stock Exchange (NYSE) Arca, the proposal aims to list and trade the ProShares Ether ETF, but its publication by the SEC only initiates the formal review process.

If approved, the ETF would directly mirror Ethereum's price, offering investors exposure to the cryptocurrency without needing to purchase it directly.

However, despite the quick filing, it remains uncertain whether the ProShares ETF will launch simultaneously with other Ethereum spot ETFs approved by the SEC in May.