Bitwise Ethereum ETF (ticker: ETHW) is an exchange-traded fund that holds physical ether (ETH), the native digital asset of the Ethereum blockchain, and issues shares that trade on NYSE Arca. Each share represents a proportional ownership interest in the Trust's ether holdings, giving retail and institutional investors direct ether price exposure through a standard brokerage account — without requiring them to manage private keys, digital wallets, or crypto exchange accounts. The Trust earns revenue through a single Sponsor Fee of 0.20% per annum on the Trust's ether holdings, paid monthly in ether. In exchange, the Sponsor, Bitwise Investment Advisers, covers all normal operating expenses including custody, administration, and exchange listing. The fee accrues daily and gradually reduces the amount of ether each share represents over time. Total fee revenue scales directly with AUM, which is driven by the price of ether and net investor inflows. Shares are created and redeemed in blocks of 10,000 (called "Baskets") by Authorized Participants — registered broker-dealers — whose arbitrage activity keeps the share price aligned to NAV. The Trust launched in July 2024 and waived the Sponsor Fee on the first $500M of assets for its first six months to attract early AUM. Bitwise positions itself as a crypto-native asset manager, having focused exclusively on crypto products since its founding in 2018.