Franklin Ethereum ETF (EZET) is a digital asset exchange-traded fund that holds ether directly, giving investors exposure to the price of ether without requiring them to custody the digital asset themselves. The fund makes money through fees charged on assets under management, with shares priced to track the value of the ether held by the fund. Franklin Ethereum ETF is a series of Franklin Ethereum Trust, sponsored by Franklin Holdings, LLC, an affiliate of Franklin Resources, Inc. Operations commenced July 23, 2024. The fund's seed capital investor, Franklin Resources, Inc., purchased the initial shares in May 2024 and seeded the fund with 760 ether on June 27, 2024, at $3,446.37 per ether. Authorized Participants, who must be registered broker-dealers and DTC Participants, create and redeem shares in creation units. The Bank of New York Mellon serves as Administrator. Financial statements are audited by PricewaterhouseCoopers LLP.

Revenue model

The fund generates revenue through a sponsor fee assessed on net assets. Shares are created and redeemed by Authorized Participants in creation units, with the fund holding ether as its sole investment asset.

Products and services

A single exchange-traded fund holding ether, a digital asset on the Ethereum network. Shares trade on an exchange under the ticker EZET and are designed to track the price of ether.

Customers and end markets

Authorized Participants (registered broker-dealers and DTC Participants) create and redeem shares at the institutional level. End investors are exchange market participants seeking ether price exposure through a regulated fund structure.

Value-chain role

Fund sponsor and issuer of exchange-traded shares backed by ether holdings. Franklin Holdings, LLC acts as Sponsor; The Bank of New York Mellon acts as Administrator; Authorized Participants facilitate creations and redemptions.

Geographic exposure

United States, registered with the SEC and subject to U.S. securities laws.

Source: SEC 10-K, filed 2025-06-30

Industry: Commodity Contracts Brokers & Dealers