Bitwise Ethereum ETF (the "Trust") is a Delaware statutory trust formed on February 16, 2024. The Trust continuously issues common shares ("Shares"), representing units of undivided beneficial interest in and ownership of the Trust. The Shares are listed on the NYSE Arca, Inc. (the "Exchange") under the ticker symbol "ETHW." The Trust commenced operations on July 22, 2024 and commenced trading on the Exchange on July 23, 2024.
The Trust's investment objective is to seek to provide shareholders of the Trust ("Shareholders") with exposure to the value of ether held by the Trust that is reflective of the actual ether market in which investors can purchase or sell ether, less the expenses of the Trust's operations and other liabilities. In seeking to achieve its investment objective, the Trust holds ether and establishes its net asset value (the "NAV") by reference to the CME CF Ether – Dollar Reference Rate – New York Variant (the "Pricing Index" or "ETHUSD_NY"). The Pricing Index was designed to provide a daily, 4:00 p.m. New York time reference rate of the U.S. dollar price of one ether that may be used to develop financial products and is calculated by CF Benchmarks Ltd. (the "Benchmark Provider") based on an aggregation of executed trade flow of major ether trading platforms (the "Constituent Platforms").
