Iridium Trust is an exchange-traded product listed on NYSE Arca that enables investors to gain exposure to Ether, the native digital asset of the Ethereum blockchain network. The Trust holds Ether in custody through qualified custodians and issues shares that represent fractional ownership of the underlying Ether, with share value tied directly to the Trust's net asset value based on the Ethereum Price Index. The Trust generates revenue through a daily fee charged by its sponsor, Grayscale Investments, calculated as a percentage of net asset value and paid in Ether, which covers ordinary operational expenses while extraordinary expenses reduce the Ether assets available to shareholders. The product serves retail and institutional investors seeking regulated access to Ether price exposure without directly holding the digital asset, operating in the digital asset market where Ether functions as both a medium of exchange and fuel for smart contracts and decentralized applications on the Ethereum network.