Can I create an iPhone hotspot when my iPhone is connected to wi-fi?

I have the problem that my computer only accepts an ETHERNET cable for internet. I was wondering if I could create a hotspot on my iPhone to then pass it on by USB to my computer. The issue is, I can't use 3G or mobile data, so I wanted to ask if there's a way to create a hotspot while your iPhone is connected to wi-fi (no jailbreak please).

Why not use a usb dongle to connect the computer directly to Wi-Fi? Good ones start at less than $10. Why use the iphone at all?