Franklin Templeton sponsors the Franklin Ethereum ETF, a passively managed exchange-traded fund that provides investors with exposure to ether without requiring them to hold the cryptocurrency directly. Listed on the Cboe BZX Exchange under the ticker EZET, the fund holds ether in a pool where each share represents a fractional ownership interest. This structure allows investors to gain ether price exposure through standard brokerage accounts, avoiding the difficulties of managing crypto wallets and private keys. The business model relies on an annual sponsor fee that covers operating expenses, including administration, custody, and listing fees. Franklin Templeton generates revenue solely from this fee, which accrues daily and scales with the total assets under management. To cover expenses, the fund periodically sells a portion of its ether holdings. The fund uses a cash-only creation and redemption process where authorized participants, such as J.P. Morgan and Goldman Sachs, trade large share blocks for cash. The fund then buys or sells ether through Coinbase, which also serves as the custodian by storing the assets in segregated, offline cold-storage wallets. BNY Mellon serves as the fund's administrator and cash custodian.