The 21Shares Ethereum ETF (TETH) is a spot ether ETF that trades on the Cboe BZX Exchange. The Trust holds actual ether and tracks its performance via the CME CF Ether-Dollar Reference Rate - New York Variant, giving retail and institutional investors direct ether exposure through a standard brokerage account, without the need to self-custody crypto. A distinguishing feature of TETH is its staking program: the Sponsor targets staking 40%-70% of the Trust's ether holdings, with the Trust retaining 75% of gross staking rewards, which accrete to NAV per share. This means TETH's NAV grows slightly faster over time than the raw price of ether, differentiating it from non-staking ether ETFs. The Trust charges a sponsor fee of 0.21% of AUM annually, which covers all ordinary operating expenses, though this fee is currently waived until October 2026. Key service providers include Coinbase Custody, BitGo, Anchorage Digital, and BitGo New York for ether custody; Coinbase Crypto Services, Figment, and Twinstake for staking services; and BNY Mellon as administrator and cash custodian. The Trust is a passive Delaware statutory trust with no employees, and shares are created and redeemed in blocks of 10,000 by Authorized Participants using ether or cash, following the standard ETF structure that keeps share prices aligned with NAV.