SEC has the right to postpone the adoption of the decision.
1) for 45 days in case more time is needed for studying
2) another 90 days to justify the rejection of the application
3) and another 60 days, if again more time is needed to study the documents submitted
Total 195 days
And then after that, they can reject the application, and then applicants would be sent back to square one, trying to figure out how to appease the SEC. Personally, I think the SEC commissioners -- most of them -- want to see the markets mature for a while before approving an ETF.
That's just fine, really. An ETF -- like the CME cash-settled futures -- doesn't really matter.