The iShares Ethereum Trust ETF (ticker: ETHA) is a passively managed ETF that gives investors exposure to ether's price without requiring them to directly buy, store, or manage ether. Created and sponsored by BlackRock and listed on Nasdaq in 2024, ETHA holds a pool of ether in custody on behalf of shareholders, each of whom owns a fractional interest in that pool. The Trust is designed for institutional and retail investors who want ether exposure through a standard brokerage account, avoiding the operational complexity of crypto wallets and trading platforms. BlackRock earns revenue through a single annual Sponsor's Fee of 0.25% of the Trust's NAV, accrued daily. Because the Trust holds no income-generating assets — it does not stake its ether — the only way the fee is paid is by periodically selling small amounts of ether, which gradually reduces the amount of ether per share over time. BlackRock's fee revenue scales directly with the Trust's NAV. Shares are created and redeemed by Authorized Participants in cash, in blocks of 40,000 shares. The Trust acquires ether through designated trading counterparties or Coinbase's platform, and stores the vast majority of ether in cold storage through Coinbase Custody, with Anchorage Digital Bank as an additional available custodian.