Investment firm Franklin Templeton on Monday took an initial step for a spot Ethereum ETF, joining other asset managers already seeking approval from the Securities and Exchange Commission. 

The firm filed an S-1 registration statement for the Franklin Ethereum ETF and said the fund will generally reflect the price of ether. Coinbase Custody Trust Company and the Bank of New York Mellon would be the custodians for ether and cash holdings, respectively.

The shares would be listed and traded on the Cboe BZX Exchange, Inc., according to the filing. 

"The Shares are intended to offer a convenient means of making an investment similar to an investment in ether relative to acquiring, holding and trading ether directly on a peer-to-peer or other basis or via a digital asset …