Franklin Ethereum Trust is a Delaware statutory trust that offers a passive exchange-traded fund providing investors with securities-market exposure to ether's price performance without direct digital asset custody. The Fund issues and redeems shares on Cboe BZX Exchange through institutional authorized participants, who create and redeem blocks of 50,000 shares at net asset value; ether is held in cold storage by Coinbase Custody Trust Company with cash settlements handled by Bank of New York Mellon. The Trust generates revenue through a single annual management fee of 0.19% of daily net asset value, charged to cover administrator, custodian, trustee, and exchange fees, with the Sponsor absorbing ordinary operating expenses and periodically selling ether at market rates to fund fee payments, while retail investors access shares through standard brokerage accounts.