iShares Ethereum Trust ETF (NASDAQ: ETHA) is an exchange-traded fund that holds ether as its sole asset, giving investors exposure to ether's price without direct ownership of the digital asset. The Trust earns revenue by accruing a sponsor fee against the Trust's ether holdings, which is paid by reducing the amount of ether represented by each share over time. The Sponsor is iShares Delaware Trust Sponsor LLC, an affiliate of BlackRock. Share value tracks directly to the value of ether, calculated using an index price designed to reflect the global ether market. The Trust does not engage in active management, does not generate operating income from business activities, and does not distribute dividends. Investors bear ether price risk, custody risk associated with digital asset private keys, and risks tied to the development of the Ethereum blockchain. The filing, a 10-K submitted February 27, 2026, does not disclose total assets under management, the specific sponsor fee rate, or competitive peer funds.

Revenue model

The Sponsor accrues a fee against the Trust's ether holdings, reducing the ether per share over time. The Trust itself has no other revenue stream.

Products and services

A single exchange-traded product: shares of the iShares Ethereum Trust ETF, each representing a fractional interest in ether held by the Trust.

Customers and end markets

Investors seeking ether price exposure through a regulated, exchange-listed vehicle without directly holding or custody-managing digital assets.

Value-chain role

Passive investment vehicle and ether custodian wrapper. The Sponsor structures and administers the Trust; investors gain ether price exposure through share ownership on a national securities exchange.

Source: SEC 10-K, filed 2026-02-27

Industry: Commodity Contracts Brokers & Dealers