21Shares Ether Trust is an exchange-traded fund that provides retail and institutional investors with passive, non-leveraged exposure to ether prices through shares traded on the Cboe BZX Exchange and redeemable in baskets via authorized broker-dealers. The Trust holds ether in cold storage with multiple custodians and stakes a portion of its holdings through specialized providers to generate additional yield for shareholders, while the Sponsor retains a portion of staking rewards and covers substantially all operating expenses—custody, administration, audit, regulatory, and marketing—through a base annual fee on ether holdings. Revenue derives primarily from the Sponsor Fee paid in ether, with a small portion of staking rewards retained by the Sponsor after distributions to staking providers and the Trust.