Wed, Mar 26, 9:08 PM (34 days ago)
**Summary of 21Shares Core Ethereum ETF (CETH)** **Ticker:** CETH **Exchange:** Cboe BZX Exchange, Inc. **Investment Objective:** To track the performance of ether, as measured by the CME CF Ether-Dollar Reference Rate - New York Variant (the “Index”), adjusted for the Trust’s expenses and other liabilities. **Financial Performance (as of December 31, 2024):** - **Net Asset Value (NAV):** $16,869,879 - **Net Realized and Unrealized Gain on Investment in Ether:** $4,386,107 - **Net Increase in Net Assets Resulting from Operations:** $4,386,107 - **Net Change in Unrealized Appreciation on Investment in Ether:** $1,318,367 **Operating Expenses:** - **Sponsor Fee:** 0.21% of the Trust’s ether holdings (waived for the first $500 million of Trust assets or for a six-month period starting July 23, 2024) - **Sponsor-paid Expenses:** Includes fees to the Administrator, Ether Custodians, Transfer Agent, Trustee, Marketing Fee, and other ordinary expenses. **Earnings per Share:** Not explicitly stated, but implied by the NAV and the number of outstanding shares. **Strategic Overview:** - **Investment Strategy:** Passive investment in ether, with daily valuation based on the Index. - **Creation and Redemption:** Shares are created and redeemed in Baskets of 10,000 or multiples thereof, using cash transactions. - **Market Position:** Listed and traded on the Cboe BZX Exchange under the symbol “CETH.” **Future Outlook:** - **Growth Potential:** Dependent on the market performance of ether and the Trust’s ability to attract and maintain assets. - **Risk Factors:** Includes market risk, regulatory risk, and operational risk associated with the custody and trading of ether. **Risk Factors:** - **Market Position Changes:** The Trust faces competition from other exchange-traded products offering exposure to the spot ether market or other digital assets. - **Regulatory Risk:** The regulatory environment for digital assets is evolving, and changes in regulation could impact the Trust’s operations and the value of its shares. - **Operational Risk:** The Trust relies on third-party service providers, including Ether Custodians and the Prime Broker, for the custody and trading of ether. **Financial Condition:** - **Liquidity:** The Trust’s liquidity is dependent on the market for ether and the ability of Authorized Participants to create and redeem Baskets. - **Capital Resources:** The Trust’s only ordinary recurring expense is the fee paid to the Sponsor. The Sponsor has agreed to waive the entire Sponsor Fee for the first $500 million of Trust assets or for a six-month period starting July 23, 2024. **Market Position Changes:** - **Competition:** The Trust faces competition from other exchange-traded products offering exposure to the spot ether market or other digital assets. - **Regulatory Environment:** The regulatory environment for digital assets is evolving, and changes in regulation could impact the Trust’s operations and the value of its shares. **Note:** This summary is based on the provided text and does not include all details from the original document. For a complete understanding, please refer to the full text.