ETF approval process (19b-4 and S-1)

Two filings are usually needed. The stock exchange that will list the fund files a Form 19b-4 asking the SEC to approve a rule change allowing it to list the product; this starts statutory deadlines, extendable to a maximum of about 240 days, after which the SEC must approve or deny. Separately, the issuer files a registration statement, typically Form S-1 for commodity-based trusts, which describes the fund, its custodian and its risks and must be declared effective before shares can be sold.

This process explained the long wait for spot bitcoin ETFs: the SEC rejected applications for years, until a 2023 appeals court ruling in a case brought by an asset manager pushed it to approve 19b-4s in January 2024. Spot ether ETFs followed in 2024. In September 2025 the SEC approved generic listing standards that let exchanges list qualifying commodity-based crypto ETPs without a separate 19b-4 for each product.

Approval does not mean the SEC endorses the asset. Each ETF's fees, custody arrangements and creation method still differ, and some features, such as staking, have required additional review.