ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 11, confirming and expanding the role of each fund participant. According to the filing, Coinbase Credit will act 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 act as the transfer agent, processing subscription and redemption orders and keeping records of fund ownership. The filing also details previously disclosed roles, including Bank of New York Mellon's role as administrator and cash custodian, Coinbase Custody's role as Ethereum custodian, Coinbase Inc.'s role as primary executing authority, Delaware Trust's role as trustee, and ProShare Capital Management's role as promoter. The filing allows for changes to each position, including an initial two-year term for the Bank of New York Mellon administrator position, which is renewed annually. ProShares can also add or terminate ETH custodians, cash custodians, and primary execution agents at any time. In addition, Coinbase has the option to step down as a cash custodian.