The iShares Staked Ethereum Trust ETF (ticker: ETHB) is a passive exchange-traded trust sponsored by iShares Delaware Trust Sponsor LLC, a BlackRock subsidiary, designed to give investors exposure to ether through a conventional brokerage account. Shares trade on NASDAQ and represent a fractional interest in the Trust's ether holdings, eliminating the need for investors to manage private keys, digital wallets, or direct crypto platform relationships. The Trust's core differentiator vs. standard spot ether ETFs is staking: under normal conditions, the Trust stakes 70%–95% of its ether with third-party validators (Figment, Galaxy Blockchain Infrastructure, and Attestant), retaining 82% of gross staking rewards after an 18% aggregate staking fee split among BlackRock, Coinbase, and the staking providers. Staking rewards are distributed to shareholders in cash monthly. The Trust charges a Sponsor's Fee of 0.25% of NAV annually (waived to 0.12% on the first $2.5B of assets for the first 12 months post-listing), paid by periodically selling ether, which gradually dilutes ether per share over time — partially offset by the staking yield. The Trust maintains 5%–30% of ether unstaked as a liquidity buffer to service redemptions without triggering Ethereum's unstaking delays. Coinbase Custody holds the Trust's ether in cold storage, Bank of New York Mellon serves as cash custodian and NAV administrator, and only registered Authorized Participants — currently Goldman Sachs, Jane Street, JPMorgan, Macquarie, and Virtu — can create or redeem shares in blocks of 40,000.