VanEck Ethereum ETF (CBOE: ETHV) is a digital asset trust that holds Ethereum (ETH) as its sole asset, giving investors exchange-traded exposure to ETH without directly holding the cryptocurrency. The Trust generates revenue for its sponsor through a unified Sponsor Fee of 0.20% of average daily net assets, accruing daily and payable monthly in ETH. VanEck Digital Assets, LLC serves as Sponsor, MarketVector, an affiliate of the Sponsor, administers the MarketVector Ethereum Benchmark Rate used for daily NAV calculations, and Coinbase Custody Trust Company, LLC serves as the Additional ETH Custodian. Shares are created and redeemed through Authorized Participants working with Liquidity Providers, with the ETH Custodian providing clearing and settlement services. From July 23, 2024 through July 22, 2025, the Sponsor waived the entire Sponsor Fee on the first $1.5 billion of the Trust's net assets, per the 10-K filed March 30, 2026.

Revenue model

The Sponsor earns a unified fee of 0.20% of average daily net assets, accruing daily in U.S. dollars and paid monthly in ETH withdrawn from the Trust's ETH Account. The Sponsor covers all ordinary operating expenses from this fee; extraordinary expenses are passed through to the Trust.

Products and services

A single exchange-traded trust holding Ethereum (ETH). Shares represent a fractional undivided interest in the Trust's ETH holdings. The Trust offers both cash and in-kind creation and redemption of shares through Authorized Participants and Liquidity Providers.

Customers and end markets

Retail and institutional investors seeking exchange-traded exposure to ETH price performance without direct custody of the digital asset. Authorized Participants and Liquidity Providers facilitate share creation and redemption in the primary market.

Value-chain role

The Trust sits between ETH markets and exchange-traded investors, acting as a passthrough holding vehicle. The Sponsor manages Trust operations, the ETH Custodian holds assets and provides clearing, the Administrator calculates NAV and fees, and Authorized Participants transact in the primary market.

Competitors

Bitcoin, XRP, Solana, Avalanche, Cardano, Litecoin

Source: SEC 10-K, filed 2026-03-30

Industry: Commodity Contracts Brokers & Dealers